The "money men and women" of business, chief financial officers, are pivotal in today's increasingly multi-dimensional business world, notes Richard Rees, CEO of the Institute of Chartered Accountants of BC (ICABC).
As global forces rocked the corporate world over the past decade, top CFOs not only earned greater respect, they also proved their mettle in an arena suddenly buzzing with mergers and acquisitions, debt control and unprecedented risk and government regulations, he said. Rees cited such recent changes as detailed filings under the Financial Transactions Reports Analysis Centre of Canada, meant in part to track potential terrorist funding, as part of the dramatic new dynamic. "The financial world is so much more complex," he said.
"Everything – from environmental assessments to technical spending and regulatory filings – ultimately is the bailiwick of the CFO," Rees explained. "After all, if your business is not financially sound and successful, what are you?"
As a recent Deloitte poll of 1,300 business executives showed, more than 60% believe recent market volatility has increased collaboration across the C-suite. Spotlighting this recognition, Business in Vancouver, with the ICABC, is presenting the second annual CFO of the Year Awards, the only such program in the province. Winners will be celebrated May 15 at the CFO of the Year Awards 2012 dinner in Vancouver.
CFOs provide much more than accounting, agreed awards judge Hugh Notman, partner with Stirling Mecantile Corporation of Vancouver.
"CFOs provide direction and execution at all levels as they affect the balance sheet," Notman said.
Calling this year's nominees for the CFO of the Year Awards "exceptional," Notman added, "The candidates all show very strong leadership in their position, and all seem deeply involved in the strategic operations of their companies. There are many areas in addition to accounting that the CFOs provide direction and execution in, such as operations, human resources, information technology and systems, regulatory and financing at all levels on the balance sheet. Many are involved with multi-jurisdictional issues and major transformational changes in their organization. Most of the candidates also find time outside the job to be involved with community initiatives, charitable organizations, and mentoring of employees and youth."
The other judges this year are: Lawson Lundell LLP partner Valerie Mann, Deloitte managing partner Olin Anton, and CIBC Commercial Banking vice-president Phil Lehn.
"The response to the awards has been tremendous," said Rees, who has been fielding calls and emails from company officials and staff expressing their delight in their CFO being recognized.
BIV and ICABC will present awards to the winners in six separate categories: large public company; large publicly accountable company; large private company; small private company; transformation agents; and, for the first time, not-for-profit company.
"We are so proud that our CFO Tarunjeet Bhatia is among the award winners," said Mamie Hutt-Temoana, CEO of the Association of Neighbourhood Houses of BC. "Bhatia has been our CFO for 10 years and he is certainly deserving of the award." Mamie said Tarunjeet has "kept us and our eight neighbourhood houses right on track financially," and he often also volunteers "many hours" of his time to help other not-for-profit groups.
The CFO of the Year Awards dinner is held Tuesday, May 15, at the Fairmont Waterfront Hotel, Vancouver. Tickets available at www.biv.com. •
