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1、CFO2010IFACFinancial and Management Accounting CommitteeJanuary 2002The Role of the Chief Financial Officer in 2010Issued by the InternationalFederation of AccountantsThe mission of the International Federation of Accountants (IFAC) is the worldwide development and enhancement of an accountancy prof
2、ession with harmonized standards, able to provide services of consistently high quality in the public interest. This booklet was prepared by the Financial Management Accounting Committee (FMAC) of IFAC. The mission of FMAC is: To encourage, amplify and supplement programs that focus on the financial
3、 and management accountant, as conducted by IFAC Member Bodies to: Provide for the development and support of such professionals; and Build public awareness, understanding and demand for their services; To provide an international forum for exchange of information regarding current development and e
4、merging issues that shape the management accounting profession.The FMAC welcomes any comments you have on this booklet. Comments should be sent to:Technical DirectorInternational Federation of Accountants535 Fifth Avenue, 26th FloorNew York, New York 10017-3610 USAFax: +1 212-286-9570E-mail: edcomme
5、ntsifac.orgCopies of this paper may be downloaded free of charge from the IFAC website at www.ifac.org.Copyright January 2002 by the International Federation of Accountants. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form o
6、r by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the International Federation of Accountants.ISBN: 1-887464-77-8FOREWORDThe Financial and Management Accounting Committee (FMAC) of the International Federation of Accountants (IFAC)
7、 explores emerging trends and seeks to represent contemporary best practice in the domain of accounting work concerned with the management of organizations. This is done primarily through a range of publications: annual theme booklets, an annual collection of articles of merit, research studies, Int
8、ernational Management Accounting Practice Statements (IMAPS) and guides for practitioners. These publications are available through the IFAC website at www.ifac.org.Past theme booklets have covered topics like Management Accountancy in the Year 2004 and The Senior Financial Officer in the Year 2005.
9、 Such has been the speed of change that these documents describe practice today. A recent study (No. 11) examined A Profession Transforming: From Accounting to Management. This explored emerging trends from the view of 12 member bodies of IFAC representing six countries. Four of the bodies are speci
10、alist associations looking at the field of management accounting; the remaining eight are professional bodies seeking to be more responsive, and more representative, of their members working in management-related roles, in business and public practice. The study explored the 12 professional associat
11、ions in varying stages and states of transition to the future and each told their own story to date. The insights and changes they were pursuing individually were collectively indicative of an underlying or imminent transformation in the profession.This is best summarized by stating that the finding
12、s identified that the finance function in organizations was transforming in terms of a value added managerial focus, its area of organizational involvement, the capabilities expected from it and its leadership (the Chief Financial Officer), the consolidation, elimination or outsourcing of much of it
13、s work responsibilities, and the radical reduction of its headcount. It seemed sensible, therefore, to canvas the views of 10 leading chief financial officers to get them to tell their stories. This theme booklet is the result of that exercise. Once again, the members of FMAC identified leaders in t
14、heir field across many countries, businesses and public sectors. They agreed that this story would be best described through the facilitation of a leading author, and enrolled the help of Robert Bruce, Accountancy Editor of The Times.The Chief Financial Officers are all from companies with easily re
15、cognizable names and with views from North America and Europe, together with countries like Argentina and Hong Kong. We thank them for the time they gave to the interviews, but especially for their candid comments and for sharing their insights. It was encouraging, from an FMAC viewpoint, to note th
16、at all of them address the role of the CFO in the strategic direction of their companies.Other notable topics covered included investor relations, acquisitions and the CFO role in corporate governance and risk management.This theme booklet, The Role of the Chief Financial Officer in 2010, tells the
17、story from the individual viewpoints of these CFOs which can be seen in the themes chosen: Developing a Vision for the FutureManaging the Information FlowMoving Away from TransactionsTreasury Will Take PriorityBecoming the Process OwnerPart of the Team But ApartChief Planning OfficerStrategic Change
18、s to the Finance RoleConcern About Global MarketsThe Importance of CommunicationThis rich vein of insights, together with our study of a profession transforming from accounting to management, will fuel the work of FMAC in the coming years. The strategy of FMAC addresses: Thought leadership in expand
19、ing the field of practice known as management accounting; Sharing of best practice in this field globally; and Assisting developing countries as they explore the benefits of management accounting.Finally, my thanks to those members of FMAC who organized this project to bring these leading interviews
20、 to our attention. This group consisted of:Bill Connell, Director of Risk Management, BOC Group plc;Chris Jackson, Head of the Faculty of Finance and Management, Institute of Chartered Accountants in England and Wales;Gary Luoma, Professor, University of South Carolina;Richard Mallett, Technical Dir
21、ector, Chartered Institute of Management Accountants;Frank Moers, University of Maastricht; andJohn Morrow, Vice President, The New Finance, American Institute of Certified Public Accountants.BILL CONNELLChairmanMembers of the Financial & Management Committee:William Connell, Chair, United KingdomSa
22、ntiago C. Lazzati, ArgentinaDavid Jeffries, AustraliaGerhard Prachner, AustriaDr. Khalid A. Ateeq, BahrainRaymond G. Darke, CanadaPascal Giraud, FrancePeter A.M. Sampers, NetherlandsMuhammad Aslam, PakistanMarco Antonio Zaldivar, PeruZein El Abdin El Boraie Ahmed, SudanGary Luoma, United States of A
23、mericaCONTENTSINTRODUCTIONAn Overview by Robert Bruce, Accountancy Editor of The Times.1INTERVIEWSThe following interviews were conducted by Robert Bruce:Carlos Olivieri:Developing a Vision for the FutureQuilmes Industrial, Argentina3John Schmoll:Managing the Information FlowColes Myer, Australia 7A
24、ngela Holtham:Moving Away from TransactionsNabisco, Canada 11Heinz-Joachim Neubrger:Treasury Will Take PrioritySiemens, Germany15Jan Hommen:Becoming the Process OwnerPhilips, Holland19Norman Lyle:Part of the Team But ApartJardine Matheson, Hong Kong 23Sten Fornell:Chief Planning OfficerEricsson, Swe
25、den27Tony Isaac:Strategic Changes to the Finance RoleBOC Group, United Kingdom31Iain Lumsden: Concern About Global MarketsStandard Life, United Kingdom35John Connors:The Importance of CommunicationMicrosoft, United States39CFO2010The CFO and the Role of InformationOverview by Robert BruceA couple of
26、 insights from two of the Chief Financial Officers interviewed during this project sum up the scale of the change they expect across the next decade. John Connors is CFO of Microsoft. “People will have access to information in a way that they never had in the past,” he said, “which means the premium
27、 on communicating financial information will be enormous.” Jan Hommen is global CFO of the electronic giant, Philips. His message was simpler but no less apocalyptic. “The speed at which you will have to do things will be mind-boggling,” he said. The interviews with 10 of the greatest CFOs of our er
28、a around the world covered a wide range of issues. But it was always information, its uses and power, which lay at the heart of what they were saying. They also thought that the role of the CFO would move towards one where acting as guardian of that information and acting as a steward and compliance
29、 officer was the central responsibility. They thought that the position of the CFO as a pivotal role within a corporate structure would continue and the relationship with the CEO, whether as restraining influence, guardian of the corporate conscience, or as the real strategist behind the boards plan
30、s, would be at the heart of that.They felt that the changes within the role of the CFO would reflect the way the finance function would become a process system, with much of it outsourced or achieved through joint ventures. They felt that the finance function had to remain the bedrock but had to bec
31、ome more strategy-oriented. This would change the nature of the people who became CFOs. Out would go the figures-based CFO and in would come leaders with strong personalities and a wide understanding of markets and cultural issues. The essence of the changes predicted was that the role of the CFO in
32、 the year 2010 would be shaped by their position on a global corporate stage.Norman Lyle, Group Finance Director of Jardine Matheson in Hong Kong, summed up the way CFOs would change. “The CFO,” he said, “needs to guard the information. The CFO is now often seen as the automatic deputy CEO and is th
33、e person who deals with the outside world. John Schmoll, CFO of Coles Myer, Australias largest retail group, thought the CFOs of the year 2010 “will have to be experts at interpreting the information and communicating it to the organization.” Sten Fornell, CFO of telecommunications giant Ericsson, s
34、uggested that, as already happens in technology companies, “you are pretty deep in the operational side and you dont work very much with pure finance.”“In the future,” said Tony Isaac, who progressed from CFO to CEO at BOC, the industrial gases giant based in the UK, “much of the CFOs role will incl
35、ude strategic planning, financial planning and risk management.” Iain Lumsden, currently Finance Director of Standard Life, the giant Edinburgh-based financial services group, is another who is about to become CEO. But he provides a note of skepticism about the growth of information. “I havent seen
36、a corresponding increase in useful information,” he said. “There has been a huge increase in useless information.”But it is the global which dominates. Angela Holtham, who recently stepped down as CFO of Nabisco in Canada, was clear on that. “It is all going to be global,” she said. “Everything abou
37、t a business needs to be global and less and less specific to any given country.”These changes will, in their turn, change the responsibilities of the CFO. “The CFO will need the conviction and courage to stand up to their business colleagues,” said Norman Lyle. “For example, when a proposed acquisi
38、tion just doesnt make sense, the CFO will need to be able to articulate why this is the case and hold his corner.” And that will mean a very different type of person. “We are looking for people who are happy not to work in the back room but happy to work on the front foot,” said John Schmoll. “Peopl
39、e who enjoy communicating and working in teams.” And that means that many more CFOs in the year 2010 will have arrived at their role via line-management responsibilities rather than the traditional route via the finance function. “People have to understand the business and have a strong financial ba
40、ckground,” said John Connors. “But CFOs who did not serve in the finance function will become much more common.”The overall impression given by these 10 CFOs from around the world is one of confidence. The role of the CFO is a strong one and its growth, as the predictions of the year 2010 make clear
41、, is assured. That growth will be based on complex information and its fast delivery but also based firmly on the strengthening of the CFO as the pivotal and increasingly powerful role within the corporate entity of the future.CFO2010Developing a Vision for the FutureAn interview with Carlos Olivier
42、iCarlos Olivieri is Chief Financial Officer of Quilmes Industrial S.A. In addition, he teaches finance at two Argentine universities and is a visiting professor at Michigan University, US. He is former CFO of YPF (the largest company in Argentina). Quilmes Industrial is a large beverage company base
43、d in Buenos Aires, with a 60% share of the beer market in the southern cone. It has been listed on the New York Stock Exchange since 1996.For a CFO, Latin America is a very different environment to that of Europe. The sheer volatility of the various economies makes CFOs look upon Europe as a haven o
44、f comparatively well ordered finances. And it also means that the work of a CFO is subtly different. All this is exemplified in the thoughts of Carlos Olivieri, CFO of Quilmes Industrial which, based in Buenos Aires, is one of the largest beer and soft drinks companies in the region.“In emerging mar
45、kets,” he said, “the CFO has to pay attention to the economies of all the countries involved, like Brazil and Argentina for example.” With inflation or interest rates traditionally running high and erratically there is a very different focus. “It is very different to the US or Europe,” said Olivieri
46、, “where you can predict changes in the economy. Here the changes are so dramatic and the impact of those changes is very important to us.” And a CFO in this environment has to answer very different questions from analysts around the world. “The analysts are very interested in the consequences of go
47、vernment action,” he points out.That is the background to the world within which Olivieri, as a CFO, has to operate. The nature of the company is different, too. Quilmes Industrial is, in Olivieris words, “one company with three different partners.” It is in a certain way a family-owned company (the
48、 Bemberg family controls the company), its shares are trading on the New York Stock Exchange and Heineken holds a 15% stake.So for Olivieri there are three crucial strands to his role as CFO. First, there is strategy and mergers and acquisition work. “In the last few years the company has moved from producing only beer,” he said. “We have bought several subsidiaries in connection with Pepsi-