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Median pay for CFOs of JSE-listed companies is R3.2 million – PwC

A PwC report into executive remunerations trends in South Africa says median pay for CEOs of JSE-listed companies was R5.2 million in 2020 and R3.2 million for CFOs. The median pay for CEOs of large-cap companies was R13.3m. For CFOs of large-cap companies, the median pay was R7.6m and for executive directors R5.6m. The median TGP for CEOs of medium-cap companies was R7.9m. The median TGP for CFOs of medium-cap companies was R4.8m and for executive directors R4.0m. For the ...
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4 ways to slash overhead costs in the new normal

From CFO Daily News: Your team has clear insight into the financials that can help your company uncover new ways to save. Take overhead costs, for example. Finance staffers see all the bills that come in for things like rents and leases, electricity costs, office supplies and maintenance. And as their role transforms from a back-office function to a strategic business partner, staffers can better use that insight to lower overhead costs. Check out four tips, inspired by the finance ...
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Companies find it’s a good time to push pension obligations off balance sheets

From WSJ: Finance chiefs are stepping up their efforts to move pension obligations off company balance sheets through annuity purchases and other financial tools, taking advantage of well-funded plans and a respite from the scramble over the past year to deal with the Covid-19 pandemic. For years, sponsors of single-employer pension plans have purchased annuities from an insurer for all or some of their employees with vested benefits, thus shrinking a plan’s assets and liabilities and simultaneously strengthening a company’s balance ...
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OECD: Nominal corporate income tax rates continue to fall

The OECD has announced that on average, global nominal corporate income tax rates have continued the downwards trend, down 8 points on average from the year 2000 (28.3%) to year 2021 (20%). Across 111 jurisdictions, 94 had lower corporate income tax rates in 2021 compared with 2000, while 13 jurisdictions had the same tax rate, and only 4 had higher tax rates. In addition, data confirms that corporate income tax continues to be an important source of government revenue for developing countries and ...
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6 CFO tips for finding gold in online ratings

From CFO Dive:
  • Businesses aiming to increase sales and customer satisfaction should consider shifting more investment and staff toward improving the online ratings and reviews of their products, a McKinsey study found.
  • Amid pandemic-induced growth in e-commerce, the volume of online ratings and reviews surged 87% from Dec. 2019 until Dec. 2020, McKinsey said. While online customer “feedback has been available for years, the boost in e-commerce has taken its volume to new heights, giving it greater weight and credibility.”
  • “Insights ...
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130 countries sign historic agreement on international tax reform

From Tax Advisers Europe: In July, 130 countries signed the global agreement on international tax reform, based on a two-pillar solution which allows multinational companies to pay more tax in the countries where they operate as well as a global minimum tax rate. As estimated by the OECD, a total amount of USD 100 billion of profits per year will be reallocated to the market jurisdictions, under the rules agreed in Pillar One. Companies within scope include the largest MNEs with global turnover ...
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Is a ‘Massive Wave Of Bankruptcies’ just around the corner?

From Benziga: The surge in corporate debt has created a ticking time bomb in the market, says one analyst. The U.S. economy is steadily recovering from the pandemic, and more than $6 trillion in government stimulus appears to have prevented a worst-case economic catastrophe. The SPDR S&P 500 ETF has even nearly doubled from its pandemic lows in March 2020. However, Stansberry Research editor Mike DiBiase recently wrote that the massive amount of corporate debt that companies accumulated in the past year-and-a-half is ...
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Why CFOs speak to the press (and whether they should)

From Cfodive.com: Finance chiefs’ credibility, diligence and deep knowledge of the numbers make them ideal candidates for press interviews and company spokespeople, PR specialists say. When Twitter permanently banned former President Donald Trump from its platform, company CFO Ned Segal broke the news in a CNBC interview about the micro-blogging platform’s first quarter earnings. “If anybody [violates our anti-hate speech guidelines], we have to remove them from the service,” Segal said at the time. “Our policies don’t allow people to ...
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A small business CFO’s practical approach to new technologies

From Cfo.com: CFOs can add discipline to the technology selection process and set the “tone at the top’” by demonstrating a willingness to upskill. Large companies are firmly embracing robotic process automation (RPA), leveraging sophisticated data analytics and visualization tools, and exploring the use of blockchain and other new technologies. The media say small and medium-sized enterprises (SMEs) must also proactively embrace these new technologies or risk being competitively disadvantaged. However, for small organizations, enduring the challenges and uncertainties of COVID-19 for ...
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OECD: Nominal corporate income tax rates continue to fall

From Tax Advisers Europe: The OECD has announced that on average, global nominal corporate income tax rates have continued the downwards trend, down 8 points on average from the year 2000 (28.3%) to year 2021 (20%). Across 111 jurisdictions, 94 had lower corporate income tax rates in 2021 compared with 2000, while 13 jurisdictions had the same tax rate, and only 4 had higher tax rates. In addition, data confirms that corporate income tax continues to be an important source ...
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Weak oversight plagues audits of billions in private assets

From WSJ: Self-regulatory audit system fails to safeguard charities, pension funds and private companies, a WSJ analysis finds. Six months before Los Angeles-based Shepherd University collapsed into bankruptcy in 2017, accounting firm BW CPA Group Inc. gave the school’s finances a clean bill of health. State regulators called the audit “grossly deficient,” saying it missed red flags for potential fraud and left numerous errors in the financial statements uncorrected. The year before, BW CPA Group failed its second every-three-year peer review ...
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From defense to offense: CFOs look to drive growth in a digital economy

From PwC: The pandemic has significantly impacted many aspects of finance — from closing the books remotely to near-constant scenario planning and shoring up supply chains. Faced with the need to be more agile and decision-ready, finance organizations are evaluating their processes and prioritizing key areas to deliver the outcomes they seek. Comprehensive and continuous planning is driving deeper collaboration among functional business partners, providing greater visibility across the organization. According to our March 2021 CFO US Pulse Survey, CFOs’ top priority ...
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CFOs more optimistic about economic recovery – Deloitte

From Deloitte: What are the economic prospects for 2021? Is the economy in recovery? Can we expect economic growth in 2021? And what’s next for European businesses? What are the economic prospects for 2021? Is the economy in recovery? Can we expect economic growth in 2021? And what’s next for European businesses? With strict lockdown measures still in place across many European countries, lingering high levels of COVID-19 infections and a relatively slow pace of vaccinations, it would be easy ...
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IRS’s 2021 ‘Dirty Dozen’ details top scams

From CFO Daily News: It’s that time again. IRS is warning business leaders and individuals about the top scams to look out for right now. This year, though, the Service did things a little differently. It separated the typical “Dirty Dozen” into four categories:
  1. pandemic-related scams
  2. personal information cons
  3. ruses focusing on unsuspecting victims, and
  4. schemes that persuade taxpayers into unscrupulous actions.
Here’s a look at some of the top scams that could impact Finance, so your team can stay ...
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CFOs: Higher input costs will persist

From CFO.com: Some companies are taking aggressive action to pass on at least some of the abnormal cost increases to customers. While the White House and the Federal Reserve describe U.S. inflation risks as “transitory,” data from the CFO Survey by Duke University and the Federal Reserve Bank of Richmond paints a different picture. Finance chiefs expect the large increases to their input costs that they are suffering to last 8 to 12 months or longer. And some of those increases will ...
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