The CFO Awards provide a platform for recognising CFOs’ contribution to the growth and sustainability of their enterprises.
The South African Institute of Chartered Accountants (SAICA) and EY announced today the launch of an annual CFO Awards to recognise exceptional leaders in finance. The CFO Awards is a platform where top CFOs will be recognised and celebrated for excellence in financial leadership, innovation and corporate governance. Winners will be honoured at an awards ceremony to be held on 22 May 2014 in Johannesburg after a robust evaluation process.
The awards are a joint initiative by SAICA and EY, who are a founding sponsor of the awards and a strategic partner to SAICA. SAICA and EY introduced this initiative to provide a platform to recognise the contribution of CFOs to the growth and sustainability of their enterprises.
“While it is widely accepted that the increasing complexity and globalisation of business has transformed the role of finance professionals worldwide, recent economic challenges have intensified pressure further. CFOs operate in a more discerning business universe analysing information in complex and volatile financial markets to provide real-time business insights that would give their enterprises a competitive advantage”, states Kelly Masete, Project Director of Members in Business at SAICA.
The objectives of the CFO Awards are to recognise CFOs who play an important supporting and advocacy role by promoting good corporate governance, disclosure and transparency, providing insight, developing and funding organisational strategy, and stakeholder engagement; finance projects and teams that create long-term shareholder value through leadership in innovation; and individuals who have made a significant contribution to finance and business in general.
For those who aspire to perform a more strategic financial role, the opportunity is yet to be seized as recent global studies indicate that CFOs still spend most of their time in transactional activities. Langa Mconi, Senior Executive of Member Services at SAICA cites, “A recent CFO survey undertaken by SAICA, in collaboration with the Duke University and CFO Magazine indicate that the CFOs surveyed spent 84% of their time on reporting, cost reduction and administrative roles.”
Ajen Sita, CEO for EY Africa says, “EY is excited to be associated with such an esteemed award. As part of our commitment to building a better working world we are making significant investments in recognising, developing and working with CFOs across the world.”
Sita further adds, “Our CFO thought leadership series is sought after globally, and is aimed at shaping the current and future role of the CFO. Working with SAICA, we will use this Awards programme to recognise outstanding CFOs who play a role in building their organisations, inspiring their people and improving communities.”
Masete explains that the CFO Awards is not the only initiative that SAICA has embarked on to support and recognise South African finance leaders. “SAICA recognises the fact that CFOs of leading companies around the world play a key role in driving innovation, business model optimisation, strategic leadership, and proactive stakeholder engagement. Accordingly, the institute continually creates an environment that enables these strategic functions to succeed for its members through CFO conferences, forums, round-table discussions as well as networking sessions.”
The awards will be expanded in future to ensure that all sectors, including private, NGO and public sector CFOs are recognised. “With these awards we aim to enhance and promote the role that CFOs play in business and the public sector”, concludes Mconi.
NOTES TO THE EDITORS:
Award categories for 2014 are as follows:
CFO of the Year Award: The CFO of the Year category is open to individuals in a chief financial officer position. The entrant must be a South African resident and hold full-time employment at the time the entries close.
Finance Project of the Year award: The Financial Innovation Project of the Year award is open to finance projects/initiatives completed over the past year in South Africa prior to the time the entries close.
Lifetime Contribution to Finance and Business: The Outstanding Contribution to Finance and Business Award is given to a high profile business person (including, but not necessarily a current or former CFO) from the public or private sector whose contribution has significantly and uniquely impacted the greater South African or global business community in a financial sense over the course of his or her career. He or she may live in South Africa or abroad, but must be a South African citizen.
Assessment will be based on the role of the CFO through areas of execution, enablement and development, as detailed below:
Source: EY Global CFO Programme
The South African Institute of Chartered Accountants (SAICA), South Africa's pre-eminent accountancy body, is widely recognised as one of the world's leading accounting institutes. The Institute provides a wide range of support services to more than 35 000 members who are Chartered Accountants and hold positions as CEOs, MDs, board directors, business owners, chief financial officers, auditors and leaders in their spheres of business operation. Most of these members operate in commerce and industry, and play a significant role in the nation's highly dynamic business sector and economic development.
SAICA serves the interests not only of the Chartered Accountancy profession, but also of society in general through its key objective of upholding professional standards and integrity. The pre-eminence of South African Chartered Accountants [CAs(SA)] nationally and internationally attests to the successes achieved by SAICA on a broad global canvas. SAICA's members enjoy the privilege of using the highly regarded and prestigious CA(SA) designation. Members of SAICA are subjected to a Code of Professional Conduct, which provides guidelines for ethical and professional behaviour. Fundamental ethical principles to which CAs(SA) are expected to achieve include:
- Professional Competence and Due Care;
- Confidentiality; and
- Professional Behaviour
SAICA members serve on international accounting bodies including; the Trustees of the International Financial Reporting (IFRS) Foundation, the International Accounting Standards Board (IASB), the IFRS Interpretations Committee, the IFRS Advisory Council and the Council of the International Federation of Accountants (IFAC). SAICA is also a member of The Global Accounting Alliance (GAA).
For more information visit www.saica.co.za
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