CFOs to be recognized at the 3rd edition of the ACCA CFO awards

ACCA Uganda and Deloitte last week launched the third edition of the Chief Finance Officer (CFO) Awards 2019 under the theme “ethics and trust, the competitive advantage for business sustainability” with the aim of raising the profile of Chief Finance Officers and the role they have to play in developing good business and finance practices, both within the companies they operate and the finance sector in general.

This year, the awards categories have increased to seven; CFO of the year, Young CFO Award, Strategy Execution Award, Finance Transformation Award, Public Sector Award, SME sector Award and Not for Profit sector Award.

While speaking at the launch event held at the Golden Tulip Canaan Kampala, Beatrice Isagayite, Head of ACCA in Uganda said, “CFOs and professional accountants that hold the ACCA qualification have leading edge knowledge in ethical issues, combined with a wider view of business success that covers financial, ethical, digital and sustainability issues. So the aim of the awards this year is to raise the profile of the CFOs and the role they play in developing good business and finance practices embedding environmental and broader social issues into strategic decision making.”

Speaking at the same event, Mable Ndawula, Director Deloitte said, “What’s required of a CFO today is very dynamic in comparison to what we had back in the day. CFOs are expected to be very versatile that this individual not only focuses on your controls and ethics but also looks to the future and should be able to anticipate and be visionary and at the same time have emotional intelligence considering the fact that things are continuously changing.”

Last year’s winner of the CFO of the year award and CFO of Stanbic Bank Uganda, Samuel Mwogeza noted that, “Good business practices include things like effective financial book keeping. This is one of the reasons why some SMEs never make it past their 2nd anniversary. It’s because they have bad business practices.”

The CFO Awards were started as a way of recognising the role that CFOs and finance functions play within organisations, highlighting the good business and finance practices while raising the profile of this strategic role.

They 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 create more sustainable outcomes for their organisations.

Nomination Process;

• The nomination is open today and will close on Friday, 13 September 2019. Its done online via this link; https://www.accaglobal.com/africa/en/member/member-networks/uganda-cfo-awards.html
• Anyone is encouraged to nominate a CFO/Finance Director that meets the criteria which is; One must be a professional accountant, have been a CFO, Head of Finance or Finance Director (title may differ) for a minimum of three years and be a resident of Uganda.
• Self-nomination is also allowed.
• All winners shall have to demonstrate proficiency in the seven vital qualities of a professional accountant. Also referred to as the seven quotients in the ACCA report of Professional Accountants – The Future, or the seven skills for success in the ACCA competency framework, these quotients are intelligence, creativity, digital knowledge, emotional intelligence, experience, vision, technical and ethical skills. Details of the skills can be found on https://www.accaglobal.com/gb/en/qualifications/why-acca/competency-framework/quotients.html
• Once the nominations are closed, an eminent panel of judges shortlists and interviews the top contenders for all the awards.
• Its important that nominations include statements and evidence of what the nominee has achieved to deserve winning the award.              

Below is a list of past winners and details on the award category.

CFO  awards 2018 themed Finance in a Digital World

• CFO of the Year – Winner was Samuel Mwogeza – Stanbic Bank
  • Public Sector – Winner was Edward Iruura – ERA
  • Not for profit – Winner was Susan Shereni Lamunu – IDI
  • SME Award – Winner was Cerinah Nalwoga  – Milima Technologies Ltd -The Innovation Village Bureau Technologies
  • Young CFO –Winner was Allan Kyambadde – UAP Old Mutual Group
  • Strategy Execution –Winner was Samuel Mwogeza – Stanbic Bank
  • Finance and Technology –Winner was Michael Segwaya  – Barclays Bank
  • Finance Transformation –Winner was Godfrey Centenary Bank Bank

CFO awards 2017, themed The Inaugural CFO Awards

• CFO of the Year Award –Winner was Alvin Mbugua – UBL)
• 1^st Runner up for CFO of the Year Award Winner was Patrick Ayota – former CFO NSSF
• Public Sector CFO Award –Winner was Edith Kakuba – NMS
• Young CFO Award –Winner was Bruno Muhindi – KCB Bank
• Strategy Execution Award – Winner was Alvin Mbugua – UBL
• Finance Transformation Award –Winner was Samuel Mwogeza – Stanbic Bank

The CFO Award 2019 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 vital qualities of professional accountants.

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 vital qualities of professional accountants.

Not-for-Profit Award

This 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 7 vital qualities of professional accountants.

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 proprietorship 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 35 years and has demonstrated the 7 vital qualities 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.