The modern CFO has progressed well beyond the outdated image of a bean-counter, poring over papers in a company basement. And although their core functions – financial reporting and accounting, budgeting and forecasting, tax compliance and planning – have not been subtracted from their job functions, today’s CFOs have added “critical C-suite member” to their job description.
The 2016 BC CFO Awards reflect the reality of the CFO’s crucial role in modern business.
“These awards recognize the importance of strong CFOs in business who bring value to the organizations they work for, in creative ways, in complex industries,” said John Crawford, chief financial officer and senior vice-president of Pacific Blue Cross, and one of this year’s judges.
A 2011 study conducted by the Canadian Financial Executives Research Foundation demonstrated that CFOs are expected by the boards they serve to drive growth and possess razor-sharp decision-making skills.
CFOs themselves realize this, the study showed. They see their most important role as their ability to interpret trends and implications of financials and use that knowledge to support executive decision-making.
To that end, this year’s winners not only exemplify excellence in traditional CFO realms, but also participate and sometimes spearhead their companies’ strategic planning, help make cross-divisional key business decisions, work to spot market opportunities and predict changes in the business environment.
“We look at their role on the senior management team, their role in the decision-making that takes place in the company,” said Hugh Notman, managing director of CCC Investment Banking, who is in his sixth year as a judge.
“You’ll see in almost all the winners, these are all executives that are instrumental in leading growth initiatives; they’re extremely active in the business above the traditional accounting role.”
Judges likewise looked beyond the numbers to activities that demonstrated candidates’ commitment to giving back to their communities. “It was a determining factor in a couple of the winners in the sense that they had long and extensive involvement in one or more charitable organizations,” Notman said.
Another of this year’s judges, Darren Turchansky, MNP LLP’s executive vice-president for B.C. and managing partner for Edmonton, agreed.
“[The awards also] acknowledge the efforts and accomplishments of CFOs in their role in giving back to the community,” Turchansky said.
This year’s winners not only boast impressive business acumen and bankable results, but are also generous, community-minded and compassionate – attributes that shone through as the judges reviewed the candidates.
Join us June 2 when Business in Vancouver celebrates the 2016 BC CFO Awards at the Four Seasons Vancouver. For further information or to register for the event visit the events page at www.biv.com/cfo.
