ACCA Uganda and Deloitte have officially unveiled the 5th edition of the most coveted Chief Financial Officer (CFO) Awards to be held on Thursday 9 December 2021 at the Kampala Serena Hotel under the theme “Finance leaders as drivers of sustainability”. The launch of the awards strategically coincides with the Global Ethics day themed “Ethics Empowered.”
Speaking at the launch ceremony held at the Kampala Serena Hotel, Charlotte Kukunda, Interim Head of ACCA Uganda said, “Sustainability has become one of the central corporate success factors for the future and the future finance departments are not yet well equipped to address the main challenges of our generation. As a professional body of accountants, we uphold the highest professional and ethical values so these two; the Global Ethics Day and the CFO awards happening simultaneously amplifies our purpose of being a force for good.”
The CFO Awards aim at recognizing the role that CFOs and finance functions play within organizations, highlighting the good business and finance practices while raising the profile of this strategic role.
The awards are part of the bigger CFO agenda which presents a platform to share best practice, drive awareness, inspire action and develop a community of finance leaders committed to creating more sustainable outcomes for their organisations.
Addressing the media at the same event, Nobert Kagoro, Partner at Deloitte Uganda said; “In the past, finance leaders were known as number crunchers but that has changed. Finance leaders are now part of the team that drives strategy and performance. They are becoming more of strategists than number crunchers,” adding that,
“Finance leaders are becoming catalysts because their role is to catalyze the behaviors that enable strategy execution. Finance leaders are still playing their stewardship role which is really safe guarding of assets through control but again, the numbers are what we live for, the numbers are where we get all the information we need so finance leaders are still continuing to provide management; manage talent and various capabilities. There’s no way finance leaders can exist without ethics because ethics and integrity is at the heart of every financial profession.”
A survey recently done by the Institute of Certified Public Accountants (ICPAU) revealed that 95% of respondents indicated that they had encountered a situation where they were faced with an ethical dilemma, 84% said they discovered the ethical dilemmas during the course of their work and 12% revealed that the dilemmas were reported to them during the course of their work.
Constant Mayende FCCA, President of Governing Council, ICPAU reiterated the need for finance professionals to adhere to ethical values to strengthen relationships with both clients and employers and grow their businesses. “Whatever you do, do not discredit the profession”.
This year, the awards categories include the most coveted CFO of the year Award, Young CFO Award, Strategy Execution Award, Finance Transformation Award, Public Sector Award, SME Sector Award, Not for Profit Sector Award and the Sustainability Award.
Godfrey Byekwaso, General Manager Finance at Centenary Bank and winner of the 2020 CFO of the Year Award noted that, “Prior to winning the CFO of the Year award last year, I got the Transformation award, then the strategy execution award so I’m delighted to be part of this engagement because it has impacted my life and my career. It has not only helped me but also supported a lot of finance leaders out there to better themselves, adopt best practice and also support the organization.”
Eligibility;
To qualify: –
- One must be a professional accountant in good standing with their professional body, have been a CFO, Head of Finance or Finance Director (title may differ) for a minimum of three years and must be working and resident in Uganda.
- Self-nomination is also allowed.
- Past winners aren’t eligible to compete for the categories they previously won.
Nomination Process;
- Nominations start 20 October 2021 and will close Sunday 21 November 2021 via https://www.accaglobal.com/UgandaCFOawards
- The general public is encouraged to nominate a CFO/Finance Director that meets the set criteria and requirements of a specific category.
- It’s important that nominations include statements and evidence of what the nominee has achieved to deserve winning the award.
- All winners shall have to demonstrate the seven core (must-have) capabilities required of finance professionals that meet the future needs and demands and play a leading role in sustainable businesses. Refer to the ACCA Report Professional accountants at the heart of sustainable organization and the Career Navigator Tool via https://careernavigator.accaglobal.com/gb/en.html
- Once the nominations are closed, an eminent panel of judges will shortlist and interview the top contenders for all the awards.
The Categories
CFO of the Year
The CFO of the Year will have shown financial leadership, outstanding performance over a number of years and is the driving force behind the growth and profitability of their organization, striving for excellence in all aspects of the finance profession. The CFO/ Head of Finance should lead by example, demonstrating leadership through their future-focus and proficiency in the seven core capabilities required of finance professionals that drive sustainable businesses. The skills are expertise, insight, ethics, sustainability, digital, collaboration and drive.
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Public Sector Award
This should be a CFO or Head of Finance in a government ministry, agency or department demonstrating outstanding financial management and has demonstrated the seven core capabilities identified by ACCA research Professional accountants at the heart of sustainable organization (September 2021) and the career navigator tool .
Not-for-Profit Award
Irene Mwoyogwona: Beyond the Numbers – How Pride Bank's Award-Winning CFO Combines Profitability and Social ImpactThis award will go to an outstanding CFO or Head of Finance, currently making a vital contribution to the financial leadership of a not-for-profit organisation and has demonstrated the seven core capabilities of finance professionals for sustainable business.
SME Award
This award will recognize a CFO or Head of Finance in a small and medium enterprise, who has demonstrated outstanding financial management and has contributed to the growth of the enterprise. Small and medium enterprises include all types of formal enterprises irrespective of their legal form (such as family enterprises, sole proprietorships or cooperatives), employing between 5 – 100 employees and total assets not exceeding UGX 360 million.
Young CFO Award
This award will recognise a rising star in the accounting profession, aged no more than 40 years and has demonstrated the seven core capabilities of professional accountants.
Finance Transformation
This award recognises a CFO or Head of Finance who has championed transformative solutions in their finance function and has been successful in redefining the role of finance within the organisation.
Strategy Execution Award
This award recognises a CFO or Head of Finance who has shown agility and resilience in dealing with serious and intense changes in the business environment, enabling the business to successfully adapt to new demands and challenges. This CFO or Head of Finance will have shown great leadership in creating the right (financial) conditions to execute the organisation’s strategy.
Sustainability Award
This award will recognize a CFO or Head of Finance who has demonstrated leadership in creating long-term value by integrating sustainability measures into standard processes as well as reporting on Environmental, Social, and Governance (ESG) impacts in their annual reports.
Winners of the 2020 CFO awards
CFO award of the year – Godfrey Byekwaso CENTENARY BANK
ME/SOCIAL impact award – Moses Kargbo TUGENDE LTD
Not-for-Profit Award – Edith Nalwadda RIGHT TO PLAY
Public Sector Award – Augustine Tamale NEW VISION
Young CFO Award – Ivan Mandela SHONA GROUP
Finance Transformation award – Stevens Mwanje NSSF
Strategy Execution award – Simon Peter Kavuma CITI BANK
