CFOs must demonstrate diversity

 

SHARED FROM:

     CEO AND BEYOND

     BY PATRICIA FRANCIS

     ACCOUNTANTS TODAY, JULY/AUGUST 2013

Most CFOs see their role as career destination and not as a staging post to the job of CEO and beyond.  Non-executive board roles across the spectrum have increased for CFOs.  Those eyeing directorships should demonstrate competencies beyond technical and financial skills.

It is typical for a person with financial and accounting expertise to be asked to sit on the audit committee.  CFOs must demonstrate diversity which includes:

·         International exposure

·         Work experience abroad

·         Technology skills

·         Knowledge of new tools

·         Analytics

·         Communications

CFOs must also be exposed to broad issues that directly or indirectly significant to the business.  They should not be merely micro-managing their own confined domain.  CFOs must try to have a good grasp of best practices, governance framework and legislative requirement beyond their usual technical and finance competency.

It’s good to be curious and raise challenging queries with civility.  A ‘culture of enquiry’should be inculcated in board deliberations to encourage wholesome participation.

The best advice is to manage even 1 second of our time.  Self-management is the key, setting priorities for what is significant is of much importance, and use your time to manage them effectively.