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10 November 2016 Governor Lesetja Kganyago has said that SA’s central bank will not react to the sharp sell-off in the rand following Donald Trump’s election victory as this was a one-off event. 10 November 2016 As the oldest bank in the country, Standard Bank has a lot of challenges to overcome in terms of legacy systems. During her pitch at the African FinTech Awards at the Finance Indaba Africa 2016 in October, the bank’s manager of innovation capability Danielle Laity explained what her organisation was doing to better serve its customers in an era marked by fear in the banking sector amid the threat of being unbundled and attacked. 10 November 2016 Financial services provider FedGroup is disrupting traditional approaches to wealth creation with the launch of its direct ownership network, which involves the ownership of a physical asset to generate income, instead of investment. 09 November 2016 The historical victory of Donald Trump in the US elections has taken the world by surprise. In the next few days, weeks, months and years there will be countless analysis, debates and studies to explain why hardly anyone saw it coming. CFO South Africa Editor in Chief Joël Roerig doesn't want to wait that long and has listed six important lessons South African CFOs should learn from the property baron, tv-star and president-elect. 09 November 2016 Richemont, a company founded in 1988 by Johann Rupert (pictured) and his father Anton, has announced that 64-year-old Richard Lepeu, its CEO, and 56-year-old Gary Saage, its CFO, will retire in 2017. 09 November 2016 Omnia Holdings CFO Wayne Koonin has once again been nominated for the CFO Awards, after being put forward in 2016 as well. The annual 'Oscars for South African CFOs', to be held on 11 May, recognises CFOs of listed companies, large corporations, state-owned entities and government institutions and awards them for outstanding performance and leadership. 08 November 2016 Graeme Stephens (pictured), the CEO of South African hotels and casinos operator Sun International, will be stepping down from his role at the end of April 2017 to take up the role of CEO at SkyCity Entertainment Group. He will be replaced by Anthony Leeming, the company’s current CFO. Leeming has been with the group for 17 years, having joined as group financial manager in 1999. He held various group finance roles prior to his appointment as CFO in March 2013. He will take over the CEO role effective 1 May 2017. Stephens has been with the group for more than five years. As yet, no announcement has been made regarding the replacement CFO. 08 November 2016 As Group CFO of Peregrine Group, Robert Katz says he has learnt valuable leadership lessons from his two favourite hobbies - boxing and long-distance running. In this exclusive interview Rob discusses the need for finance leaders to be both ruthless and human, and shares what he has learned in the ring, on the road and beyond. 07 November 2016 Do you want to keep up to date with the latest developments in finance, but you are short of time? Don’t worry. CFO South Africa weekly collects 10 of the most important articles from international media for your convenience. 07 November 2016 Last week, Cabinet discussed various recommendations from the Inter-Ministerial Committee on State-owned Enterprises (SOEs) as it moves to make these entities more efficient and financially viable. In recent months, international ratings agencies have pegged South African SOEs as a source of concern over their financial management and governance instability. 07 November 2016 “It seems that many executives continue to make decisions not only based on the past but even in the interest of the past or in its defence,” writes Dr Morne Mostert, Director of the Institute for Futures Research at Stellenbosch University. According to him, “the intellectual agility to engage simultaneously with multiple possible futures is highly likely to increase as a prerequisite for a chair in the boardroom of the future”. 06 November 2016 In 2016, a very large portion of our population still live on the outskirts of society. Unilever’s 2014 Survivor report spoke of about 70% of SA’s population living off less than R6,000 per month. For these people it is therefore crucial to save where possible on obvious expenses such as water, electricity and even items such as food and toiletries. 05 November 2016 JSE-listed exploration and development company Kumba Iron Ore has announced the appointments of Nonkululeko Dlamini and Seamus French as non-executive directors to the Board, effective 1 November 2016. 04 November 2016 London’s Financial Times recognised Investec Private Banking and Wealth & Investment as the best private bank and wealth manager in South Africa (for the fourth consecutive year) at the Global Private Banking Awards. 04 November 2016 Two vibrant women, Jo Pohl and Mary Vilakazi, whose dynamism and energy radiates throughout the room, sat down with Roy Clark from Clarkhouse Human Capital and discussed their views on women and success. To say it was inspiring is an understatement – these two women shared such powerful messages that even the most astute and experienced business person would walk away with a burning passion to succeed. 03 November 2016 Pieter Engelbrecht (pictured), Shoprite chief operating officer, who has been with the Shoprite group for some 20 years, will take over from Whitey Basson as Shoprite CEO as of 1 January 2017. 03 November 2016 MMI Holdings group CFO Mary Vilakazi has been nominated for the 2017 edition of the CFO Awards.The annual 'Oscars for South African CFOs', to be held on 11 May, recognises CFOs of listed companies, large corporations, state-owned entities and government institutions and awards them for outstanding performance and leadership. 02 November 2016 Telecoms giant MTN has named Ralph Mupita (pictured), Old Mutual Emerging Markets chief, as its new group chief financial officer, effective April 2017. Gunter Engling, acting group CFO, will assume the position of deputy CFO, MTN said in a statement. 02 November 2016 Growing up poor motivated Sihle Ndlovu to pursue a career in finance. In 2016, this now 35-year-old SAIPA member is on track to complete his PhD in Business Administration and recently received an #Agristars recognition award worth R50,000 from the Department of Agriculture, Forestry and Fisheries, sponsored by the MTN Foundation. 02 November 2016 What does it take to be successful in the rest of Africa? We asked four CFOs who were nominated for the 2016 CFO Awards to share some tips. Here’s what Bikash Prasad from Olam International, Johan Geel from Afgri, Mohammed Abdool-Samad from Illovo, and Osman Arbee from Imperial Group had to say on the matter. Bikash Prasad (right): look at the long term Bikash Prasad has quickly moved through the ranks and last year became CFO for Africa and the Middle-East at Olam International, a global agri-business operating from seed to shelf. Bikash has been a long-standing supporter of CFO South Africa and the panel of judges voted him as winner or the 2016 Moving into Africa Award, which he received out of the hands of Standard Bank’s CIB CFO Luvuyo Masinda on 12 May 2016. We asked him what it takes to be successful in Africa. “Look at the long term. You might have challenges in the short term, with the global economic slowdown and the slowdown in China impacting the continent, but the long term is looking very bullish and positive.” “To operate in Africa, you have to be a noble corporate citizen. You cannot be non-compliant. You need to really believe in sustainability and get a license from the community you want to work in, not just an official license from the government you are dealing with. We hardly ever run into any trouble because of that approach. Recruiting and developing talent is also crucial.” 02 November 2016 Purple Group has become the first gold partner to join Finance Indaba 2017, after a successful showing at this year’s event. Headed by CEO Charles Savage, the group offers accessible investing and trading solutions for the man on the street, from fully managed investment solutions to DIY trading and investment platforms. 01 November 2016 AB InBev has reported a drop in third-quarter profit. According to the Belgian brewer, adjusted earnings before interest, taxes, depreciation and amortisation fell 2%. The shares fell by close on 6% in Brussels. The company has also cut its revenue forecast due to Brazil, its second-largest market, having a difficult year. It previously cut its forecast for Brazilian revenue in July, predicting unchanged sales. Furthermore, it said sales growth is unlikely to beat inflation this year because of declining volumes in the South American country. In numbers, its Ebitda in Brazil declined by 33%. Moreover, the company announced a decrease in SABMiller's beer volume as a result of weakness in Africa. SABMiller’s lager volume dropped 2% in the three months through September. A transport strike in Colombia, which became Europe’s largest company by market value after the acquisition, contributed to this decrease. Interestingly, the SABMiller results were not consolidated in AB InBev’s figures, and excluded joint ventures as well as assets that were sold or which are up for sale. 01 November 2016 Far from slowing down now that retirement age is looming, Osman Arbee is about to enjoy a serious promotion. The CFO of Imperial Holdings will become CEO of Imperial Motors in January, and will hold both posts simultaneously for three months while he grooms the next CFO to replace him. “It’s not a bad way to finish off your career, running a big business for three to four years then retiring,” he says. “It’s a nice change at the right time of my life, working with people I enjoy working with in a business I know and enjoy. It’s an opportunity to use my brain in another way.” 01 November 2016 An incredible lineup of top CFOs will shine their light on the topic that can make or break a modern business: risk. Inspired by Facebook founder Mark Zuckerberg's quote 'The biggest risk is not taking any risk', finance executives Sandile Ntsele, (MTN South Africa), Luvuyo Masinda (Standard Bank CIB) and Charl Keyter (Sibanye Gold) will discuss risk and results, not as a threat but as an opportunity. 31 October 2016 31 October 2016 ABSA Capital, Rand Merchant Bank (RMB) and Nedbank took home big awards at the 15th annual Spire awards, hosted by the JSE. ABSA Capital, RMB and Nedbank were crowned winners of the Best Bonds House, Best Fixed Income and Currencies House, Best FX House and Best Research House and Best Interest Derivative House respectively. RMB alone took home a total of 11 awards on the evening. Bernard Claassens (pictured), Manager: Fixed Income at the JSE, said: 31 October 2016 So you want to sign up for SA's new blockbuster training, but how do you convince your boss to approve it? Here you will find 10 reasons why your boss should send you to this training: 31 October 2016 30 October 2016 By 2020, companies will have shifted the majority of their research and development (R&D) spend away from product-based offerings to software and service offerings, according to the 2016 Global Innovation 1000 Study from Strategy&, PwC’s strategy consulting business. The need to stay competitive is the top reason why companies cited this shift in their R&D budgets. Liesbeth Botha (pictured), Strategic Digital Transformation Leader, PwC Africa, said: 29 October 2016 The latest research from Kaspersky Lab, a global cybersecurity company, shows that half of the mobile devices around the globe are at risk from cybercrime and malicious threats, due to inadequate protection. The research suggests that users are unaware of the need to protect their mobile devices with a security solution – while 69% think that their desktops and laptops definitely need IT security software, only 56% think the same about smartphones and tablets. Victor Yablokov (pictured) Head of Mobile Product Line at Kaspersky Lab, said: 28 October 2016 The Registrar of Banks this week gave Discovery permission to establish a banking presence in the country, so helping the entity take its first steps to starting its own bank in South Africa. 28 October 2016 The biggest failure in business is that failure itself is not accepted and it is something to be shunned upon said Easy Equities CEO Charles Savage. Teach your staff to accept failure, said Charles during an inspirational session at the Finance Indaba Africa on 13 October 2016. 27 October 2016 27 October 2016 South African gold producer Gold Fields, which has mines from Australia to South Africa to Peru, will invest $1.4 billion to extend by eight years the life of its Damang operation in Ghana. The investment, which will be paid over the eight-year period, will keep the mine in operation until 2024. 27 October 2016 Standard Bank treasurer Paul Burgoyne brought together a strong panel at the Finance Indaba Africa on 13 October 2016, to discuss accessing liquidity in Africa. The speakers included CFO and VP of Olam International, Bikash Prasad, as well as three Standard Bank team members: head of institutional sales Africa, Mark Kalil, VP for power and infrastructure finance, George Kotsovos, and global head: client solutions & distribution, global markets Steve Barnes. 26 October 2016 Most of us are surely well aware of the recent protests around the #FeesMustFall movement, which has seen thousands of students demonstrate against fee increases and appeal for free higher education. In a recent presentation to MPs, the Parliamentary Budget Office projected that fee-free education at universities would cost South Africa around R250 billion over a three-year period. 26 October 2016 What is the cost of not knowing? Perhaps that is the most important question in business today. 26 October 2016 Dr Martyn Davies explains why South Africa is struggling to regain growth levels, and what is needed to make us economically relevant again. 25 October 2016 Servest Group CFO Peter Walsh earned as many laughs as he landed “blows” in a challenging talk on transformation presented at the Finance Indaba Africa in Johannesburg on 13 October 2016. Walsh’s talk was called “Embracing transformation: Head, heart and hands”, and he kicked off by “owning that white male problem” – being a white man talking about transformation in South Africa. Still, he persevered, winning over his audience with his frank and self-deprecating address, and posing some extremely tough questions to his audience. 25 October 2016 In a Volatile Uncertain Complex and Ambiguous (VUCA) world, management accountants are expected to provide better support for decision-making, performance management and ongoing ‘insight’, in the form of financial and non-financial data. According to a latest CGMA research, ‘Business analytics and decision making – The human dimension’, analytics has little to do with technology. It is people, not technology, who give data meaning. While there may be technical issues to address, such as getting access to data, combining data sets or integrating financial data with data generated from social media or ‘connected things’, no analytical tool can do more than augment or complement what is a cognitive and sometimes social process. Generating insight is an inherently human trait. Thus, business intelligence resides not in the data warehouse but in the minds of people. 25 October 2016 Growing up in a rural village in Mokopane, Limpopo, Irene Mathatho, current CFO of the Companies Tribunal, didn’t have a role model. But she liked to read and loved to learn. “I even found it interesting going to the bank, watching the tellers. I used to think, one day I want to be somewhere in these offices,” she recalls. Discovering she had a natural aptitude for accounting, Irene chose to embrace this, though she laughs when she says she wasn’t aware of all the hard work a career in finance would entail. The Companies Tribunal is an agency of the Department of Trade and Industry (dti). It was established in terms of the Companies Act No. 71 of 2008 to adjudicate applications made in terms of Section 195 of the Act and resolve disputes through mediation, conciliation and arbitration. As CFO, Irene oversees the full finance function. Given the relative newness of the entity – it was established in 2012 – her job is not without plentiful challenges. We chatted to Irene about what she’s achieved since taking up the position and how she’s finding life in the public sector. Tell us about your current role and your team. “I am the first CFO at the Companies Tribunal. When it was established, many of the functions were outsourced to KPMG, including some of the CFO functions. I had to begin by reviewing some policies that KPMG developed and devise my own. I also had to align policies to processes. I’m responsible for the overall management of the finances and the preparation of financial reports, supply chain management, risk management, payroll management, asset management and strategic planning. I also need to ensure compliance with the Public Finance Management Act, as well as that everything complies with generally recognised accounting practices.” 24 October 2016 24 October 2016 Discovery Life has been issued with a R2.5 million administrative penalty by the Financial Services Board (FSB) for contravening section 3A of the General Code of Conduct for Financial Service Providers. The contravention pertains to Discovery’s recruitment of several financial advisers and the inclusion of sign-on bonuses. According to reports, the group finalised employment offers one day after amendments to section 3A of the code came into effect. According to the amendment, a Category I financial services provider authorised or appointed to give advice may not receive a sign-on bonus, and no person may offer or provide a sign-on bonus to any person as an incentive to becoming a Category I provider. A Discovery spokesperson has been quoted in the media as saying that while the paperwork in respect of the appointments was concluded post the publication of the regulations, the negotiations and process were done ahead of the deadline. Discovery has, however, reversed the payments made to the advisers as per the agreement with the FSB. 24 October 2016 “We have no idea where and who our competitors are anymore,” .said business expert Terry Moore in a workshop at the Finance Indaba Africa facilitated by the South African Institute of Chartered Accountants (SAICA). In his talk, titled Surviving In An Age of Radical Uncertainty he explored the challenges and opportunities facing chartered accountants and businesses in general. 24 October 2016 Integrated reporting improves firm value, cash flows, and analyst forecast accuracy. It also leads to more dedicated long-term investors. That is the conclusion of four academics in this guest article written exclusively for CFO South Africa, based on research they conducted with financial support of the Chartered Institute of Management Accountants (CIMA). Using mostly South African data, they argue that CFOs should care deeply about integrated reporting. By Mary E. Barth, Steven F. Cahan, Li Chen, and Elmar R. Venter* Since the financial crisis, several questions have been raised about the appropriateness of the traditional corporate reporting model. Key statistics highlight some of these concerns about corporate reporting. In 1975, around 83 percent of the market value of S&P 500 firms could be explained by physical and financial assets; by 2009, that number dropped to 19 percent. The remaining 81 percent consist of intangibles; most of which are currently not communicated to investors. Bob Laux, senior director financial accounting and reporting at Microsoft, argues that “the value-drivers of a company are increasingly intangible and include items such as intellectual and human capital as well as environmental, social and governance issues”. In his view, such changes in the ways in which company value is created are not matched by developments in corporate reporting. In line with this concern about unreported value drivers, EY points out that, on average, the number of pages devoted to noting disclosure in financial statements and in management discussion and analysis quadrupled from 1972 to 2012. Former United States vice president, Al Gore, and David Blood warn that “despite the volume and frequency of information made available by companies, access to more data for public equity investors has not necessarily translated into more comprehensive insight on companies”. Adding to the disclosure burden may therefore not necessarily be the solution to the unreported value drivers. The proponents of integrated reporting see it as the solution to this vexatious issue. In this article, we briefly discuss what integrated reporting is (and what it is not), together with some of the academic evidence emerging on the benefits of integrated reporting. What is integrated reporting? 23 October 2016 With the introduction of the new accounting software, Blackline, organisations can manage the entire accounting and finance lifecycle and gain a global view into tasks and processes, all in one centralised, secure and reliable system. These were the words of Josh May, the Senior Solutions Consultant and Product Manager at Blackline, who gave a presentation on how the software works during Finance Indaba Africa held at Sandton Convention Centre on 13 and 14 October 2016. By Tiisetso Tlelima 23 October 2016 Lewis announced on 21 October that the National Credit Regulator's (NCR) affordability assessment guidelines, along with the currently tough economic times, have led to the retailer’s profit dropping by up to 45% in half-year trading. The company said in a statement: 22 October 2016 Zimbabwe has cleared its 15-year-old financial arrears with the IMF, making itself current on all its financial obligations to the institution. 22 October 2016 Two case studies show how Cognos Disclosure management saves CFOs a significant amount of time when generating reports. 21 October 2016 It is estimated that 330 million adult Africans lack access to basic financial services. In the face of an outstanding opportunity, an ecosystem of FinTech startups providing payments and money transfer solutions have grown to transform a cash-heavy payments industry on the continent. 21 October 2016 UK-based investment group Vasari has finalised its acquisition of the operational assets of KWV for a sum of R1.15 billion. Vasari sees the South African wine and spirits producer as a “strategic asset” that will enable it to capitalise on growth opportunities in the wine and brandy sector. KWV was sold to Vasari by Niveus Holdings, the listed investment holding company majority controlled by HCI. John Copelyn, HCI CEO, writing in the company’s latest annual report, said that the exit from KWV was “very lucrative”, and that “the price achieved effectively doubled the value of Niveus’s investment over five years”. Boyce Lloyd (pictured), an SABMiller executive with more than 20 years of experience in the beverage industry, will become the new KWV CEO from November. Until recently Lloyd was the integration director for the AB InBev-SABMiller merger. Vasari has investments in various areas, such as alcoholic beverages, confectionary, soft drinks, and foods, across various markets, including Europe, Africa and Asia. Among its brands are independent Scotch whisky producer Whyte & Mackay, and Ethiopian brewer, Dashen Brewery. 21 October 2016 Are you looking for a great job in an international fast growing company? You found it. A fantastic chance for an experienced media sales manager. A great challenge for a skilled professional that wants to make a real contribution to Africa and to the company: CFO South Africa PTY Ltd, your future employer. 21 October 2016 What could Shakespeare’s life possibly teach us about finance today? Standard Bank’s Sean Doherty has some ideas… 20 October 2016 Old Mutual experts explained how insurers can help companies to exchange the uncertainty of a long-term liability for the certainty of an insurance premium. 20 October 2016 Lafarge Africa has announced the appointment of a new CFO, Bruno Bayet (pictured), effective 1 October 2016. Prior to becoming CFO of Lafarge Africa Bayet was the Strategy Director; a position he held since April this year. Bayet, a Belgian, was Manager, Corporate Finance, with PwC from 1998 to 2005, and Senior Analyst in the Investments team of Groupe Bruxelles Lambert from 2005 to 2011. Before joining Lafarge, Bayet was an executive committee member of Enterprise Generale Malta Forrest (RDC) from 2011 to 2013, having gained over 15 years of experience in the construction and materials industry. He was appointed Director of Ashakacem Plc in later 2013, combining the role of CFO in September 2014. Bayet holds a Business Engineering degree from Universite Catholique de Louvain-la-Neuve in Belgium, and completed his Master’s in Business Administration at Georgetown University, specialising in Financial Risks Management. 20 October 2016 Team Athena from the Copperbelt University in Zambia were crowned the winners of the first edition of the CharterQuest CFO Case Study Competition at the rock-star conclusion of the Finance Indaba Africa at the Sandton Convention Centre in Johannesburg on 14 October 2016. 19 October 2016 FNB has been named the ‘Most Innovative Bank’ of 2016. At the African FinTech Awards (#afta16), a heavyweight panel of judges chose the popular bank over fellow finalists Absa and Standard Bank in the ‘Incumbent Bank’ category. FNB also received the most online votes, taking home the ‘Public Award’ in the same category. 19 October 2016 Thomson Reuters has launched its newest Data and Innovation Lab, located in Cape Town. The lab will see Thomson Reuters engage with the region’s vibrant innovation ecosystem and dynamic start-up community. The Labs have two primary objectives: innovation and partnership. Innovation will come through driving creative conversations with customers and partners through open events and rapid prototyping, while partnership involves collaboration and co-creation with startups and other partners to put new technology and business models into practice. Mona Vernon (pictured), vice president of Thomson Reuters Labs, said: 19 October 2016 Most CFOs think that good budgeting means cutting costs instead of looking at ways to stop wasteful spending, said Accenture’s Madeleine Joubert during Finance Indaba Africa, which was held at the Sandton Convention Centre on 13 and 14 October 2016. But zero-based budgeting means focusing on both top and bottom line, she explained. "It’s not about cutting costs, but redirecting the money.” 18 October 2016 CFOs in the public sector have to be as skilled in the art of strategic relationship-building and diplomacy as they are with working with numbers, finance executives agreed in a breakaway session at the Finance Indaba Africa at Sandton Convention Centre in Johannesburg on 14 October 2016. 18 October 2016 Standard Chartered has appointed Mohamed Abdel Bary (pictured) as Regional CFO, Africa & Middle East (AME), with immediate effect. Sunil Kaushal, Regional CEO for Africa & the Middle East, said following the announcement: 18 October 2016 We’ll never again have economic growth like we have known before, says Martijn Aslander. And that’s okay... 17 October 2016 “We weren’t expecting so many people,” explained entrepreneur and Beerhouse founder Randolf Jorberg, as he put out the crate of craft beer at the front of the room, inviting the audience to help themselves. Still, the promise of beer brought the crowd in, and the resulting fascinating case study in crowdfunding kept them. 17 October 2016 MTN has agreed to make a €20-million investment in support of Iran’s first taxi-hailing smartphone application, Snapp. This as the telecoms company tries to repatriate R15.4 billion from the country, following the lifting of US-led economic sanctions, and strengthen its ties with the Middle Eastern nation. According to Shahram Shahkar, Snapp founder and CEO (pictured), the money will be used by the app’s owner, Iran Internet Group, which operates and invests in start-up and e-commerce companies, to expand the company’s service offering to other cities. 17 October 2016 In his presentation titled The Inconvenient Truth About Cybersecurity at CFO South Africa’s Finance Indaba Africa, which took place on 14 October 2016, KPMG Cyber Security Manager Nathan Desfontaines called on CFOs to be more involved in finding solutions to dealing with cyber attacks in their organisations. 16 October 2016 Diversity in the workplace is both constitutionally mandated and fundamentally good for business. This was the message from award-winning Discovery Health CFO Brett Tromp, in a discussion moderated by Talent Africa’s Auguste Coetzer, at the Finance Indaba held at the Sandton Convention Centre on 14 October 2016. 15 October 2016 The “Africa rising” narrative that dominated headlines ten years ago has taken an anecdotal beating, affected by the downturn in commodities, and several of the continent’s biggest economies being plagued with poor growth, both private and public corruption, and political bad news. But, investment wise, does that mean Africa is no longer a strong growth space? Do investors consider this bubble burst? 14 October 2016 Political upheaval, King IV and ethical leadership were all on the agenda as some of KPMG’s leading minds applied themselves to the question of regulatory change and its impact on business at the Finance Indaba Africa at the Sandton Convention Centre in Johannesburg on 14 October in an entertaining session hosted by the multinational auditor. 14 October 2016 “Students of the future are often students of history,” Futurist Graeme Codrington told attendants of the inaugural Finance Indaba Africa 2016, during his presentation on 14 October 2016. They study moments of change and disruption in history to understand what underlies huge disruption in our present age. Graeme – an international speaker, consultant, and best-selling author who has built a career out of preparing companies for change – believes that the echoes of the past, the ones that were present at the last major social renaissance, are present in the world today, and companies fail to heed them at their peril. 14 October 2016 Mervyn King told the Finance Indaba Africa that business has shifted from thinking about short-term profit to focusing on sustainable capitalism, but that there is much still to be done. 14 October 2016 During CFO South Africa’s Finance Indaba Africa held at the Sandton Convention Centre on 13 and 14 October 2016, Head of the Advisory IT at Grant Thornton, Oupa Mbokodo warned internal auditors about playing a policing role in an organisation and encouraged them to employ a more integrated thinking approach to their audits. 14 October 2016 “One ERP is not about creating a utopia, but using technology to create an illusion of a single interface for things like cash and shared service centre management. Robotics is fantastic – we have a lab in Germany dedicated to playing around with – but most robots today only fix things that are broken.” 14 October 2016 Finance industry giant Professor Mervyn King has motivated for a “rebranding” or repositioning of chief financial officers (CFO) into chief value officers (CVO). Professor King made a strong case for this during a public discussion with Johannesburg Stock Exchange CFO Aarti Takoordeen, at the second day of the Finance Indaba Africa 2016. 14 October 2016 How should smart leaders position their organisations for change? That was the central question in a through-provoking keynote from KPMG chairman Ahmed Jaffer at the firm's cocktail function on 13 October 2016 at the Finance Indaba Africa. The event was one of the highlights of #findaba16, with the who's who of CFOs and corporate South Africa enjoying the entertainment, food & drinks and networking. 14 October 2016 "Let's take the lessons and the inspiration from the Finance Indaba Africa with us and use it in our daily jobs," said SAICA CEO Terence Nombembe at the opening of day 2 of #findaba16. In an impassioned plea, he called on finance professionals to start contributing more to the future of South Africa, listing several practical steps for CA(SA)s and other finance professionals. "All of us need to be courageous enough." 14 October 2016 Well over 3000 finance professionals came to the Sandton Convention Centre on 13 October for the first day of the very first Finance Indaba Africa, an expo and conference that has announced itself as the annual highlight on the calendar of South Africa's finance professionals. With 75 exhibitors, 120 speakers and incredible energy levels, the success of the event was firmly established - attendees and partner organisations alike enjoying massive value from the interactions, learning and sharing of knowledge. 13 October 2016 Easy Equities is the overall winner of the 2016 African FinTech Awards at the Finance Indaba Africa at the Sandton Convention Centre in Johannesburg on 13 October 2016. 13 October 2016 Two women share their views on what women need to do to achieve success in the finance industry, and how they can uplift other women along the way. 13 October 2016 Keeping track of what happens in the business and measuring everything is what makes McDonald’s flourish as a business, conference attendees heard during Finance Indaba Africa which took place at the Sandton Convention Centre on 13 and 14 October 2016. 13 October 2016 A presentation by South African Auditor-General, Thembekile Makwetu was one of the hottest tickets at the inaugural Finance Indaba Africa – which opened at the Sandton Convention Centre in Johannesburg on 13 October 2016. The Auditor-General’s speech kicked off the 'Finance for Africa' track programme at the Indaba. 13 October 2016 Two CFOs who have developed their careers by working in different locations around the world share their views on whether international experience is essential on your CV. 13 October 2016 Cube Bucks, The Sun Exchange and Bankymoon went head to head in the hotly contested Blockchain & Bitcoin category of the 2016 African FinTech Awards at the Finance Indaba Africa at Sandton Convention Centre in Johannesburg on 13 October 2016. 13 October 2016 We define productivity as achieving what you want to achieve with the least effort, or having the ability to achieve what you want to achieve with the least effort,” Marcel van den Berg says. 13 October 2016 “The culture of an organisation, our mindset and how we do things can constrain the growth of a company,” said Deloitte’s Global Research Director Dr Ajit Kambil during a talk titled Leading with Insight: Are you a strategic CFO? at Finance Indaba Africa 2016 on 13 October 2016 at the Sandton Convention Centre. 13 October 2016 Servicing the millions of unbanked citizens of Africa and bringing them into the mainstream economy through FinTech innovations – the mission of many startups – can thwart poverty and other social ills, as well as enable the continent to compete on a level footing with the rest of the world. This was the core message coming out of the opening discussion of the African FinTech Awards at the 2016 Finance Indaba Africa at the Sandton Convention Centre in Johannesburg on 13 October 2016. 13 October 2016 13 October 2016 Can you unlearn what you know and learn what you not yet understand? That is what maverick investor, disruptor and global speaker Vusi Thembekwayo asked finance professionals during the energetic and thought-provoking speech that officially opened Finance Indaba Africa 2016 in the morning of 13 October 2016.. "Are you able to innovate and build a business for the future?" 13 October 2016 The day that finance professionals have been looking forward to for many months has finally arrived - it is time for Finance Indaba Africa! With two days of learning, inspiration and unparalleled networking, the inaugural event has already established itself as the biggest conference and expo for African finance teams in the world. The numbers are impressive: 13 & 14 October 2016, Sandton Convention Centre, 5000 attendees, 120 sessions with speakers and discussions and 75 exhibitors. 12 October 2016 "We understand the world of fintech through our mobile expertise and having launched a financial services product in a regulated environment," says Ahmed Cassim, Chief Commercial Officer of Hello Group, a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg. 12 October 2016 The Finance Indaba Africa 2016 is almost upon us and it is time to start looking at what exactly lies ahead at the Sandton Convention Centre on 13 and 14 October 2016. Every day until the event, we will shine a light on the parts of the amazing programme. Today: Entrepreneurship, risk and return, an awesome programme on 14 October 2016. 12 October 2016 "FinTech is completely revolutionising the speed, the scale and the cost of getting services to the people. This is transformational for Africa – and it is this transformation that drives Cellulant to continue realising this for millions of consumers and thousands of businesses," says Ken Njoroge, Group CEO of Cellulant, a silver partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg. 11 October 2016 "A single platform can become the main source of information for all digital channels, not only enabling banks and other financial institutions to offer their clients an engaging experience, but also solving simple problems related to the integration of data and reducing infrastructure costs," says Jakub Piotrowski, CRO and Head of Customer Engagement at Meniga, a silver partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg. 11 October 2016 To close the Finance Indaba Africa in style, CFOs and FDs are invited to an exclusive CFO South Africa cocktail function, in collaboration with global credit insurance company Euler Hermes. One of Europe's most revered analysts, chief economist Ludovic Subran, will give a insightful talk about the biggest risks that (South) African CFOs are facing and the best ways to deal with it. To warm up for the main event, we asked Ludovic a few questions. 11 October 2016 The Finance Indaba Africa 2016 is almost upon us and it is time to start looking at what exactly lies ahead at the Sandton Convention Centre on 13 and 14 October 2016. Every day until the event, we will shine a light on the parts of the amazing programme. Today: The Future of FinTech, an exhilarating programme on 13 October 2016. 11 October 2016 Introduction of mandatory audit firm rotation will “dilute the oversight role of audit committees and of shareholder rights”, says Christine Ramon, award-winning CFO of AngloGold Ashanti and chairperson of the CFO Forum, a lobby group of finance executives for large listed companies and state-owned entities. 10 October 2016 The Finance Indaba Africa is the annual one-stop-shop for everything finance professionals need to know to grow their careers and help the country and continent prosper. It is only fitting that some of South Africa's most exciting home-grown artists will be on stage to provide the entertainment during the event Their performances are kindly sponsored by the National Arts Council of South Africa, with Young CFO of the Year Dumisani Dlamini as its driving forces. 10 October 2016 "Zero-Based Budgeting is a new way of budgeting annually to allow business to prioritise and investing in activities that will drive competitive advantage and revenue growth," says Dr Madeleine Joubert, Finance and Enterprise Performance Lead at Accenture. "Companies should consider removing waste and freeing up capital that can then be turned to more lucrative activities. At the Indaba, we’ll provide them with the insights and expertise on how to achieve exactly that." 09 October 2016 The Finance Indaba Africa 2016 is almost upon us and it is time to start looking at what exactly lies ahead at the Sandton Convention Centre on 13 and 14 October 2016. Every day until the event, we will shine a light on the parts of the amazing programme. Today: Finance leading with data and insight, a two-day programme opening up the world of analytics and technology. 09 October 2016 Which three forex developments will be most significant for SA businesses between now and 2020? And Which import and export trends should CFOs be aware of? Those are some of the questions we are asking Herman Bezuidenhout, CEO at trade and forex company BeztForex, a silver partner at the Finance Indaba Africa 2016. 08 October 2016 "Cryptocurrency and 'click once' authenticated payments will be prominent in the future," says Thomas Pays, CEO of iPay, a simple, real-time EFT payment solution, that allows consumers to make secure, instant payments directly into a merchant’s bank account. 08 October 2016 The Finance Indaba Africa 2016 is almost upon us and it is time to start looking at what exactly lies ahead at the Sandton Convention Centre on 13 and 14 October 2016. Every day until the event, we will shine a light on the parts of the amazing programme. Today: Finance in Control, a two-day programme for all finance professionals. 07 October 2016 Oracle is a platinum partner at the Finance Indaba Africa on 13 and 14 October 2016. Why should you come listen to what they have to say? Read this excellent piece by Dee Houchen and find out! 07 October 2016 The Finance Indaba Africa 2016 is almost upon us and it is time to start looking at what exactly lies ahead at the Sandton Convention Centre on 13 and 14 October 2016. Every day until the event, we will shine a light on the parts of the amazing programme. Today: Public Finance Leadership, a programme tailor-made for people with an interest in helping the country forward in the public sector. 07 October 2016 “Not only is SAP Business One key to the smooth running of daily operations and the business at large, but I personally have found it invaluable in the execution of my role as finance manager,” says Annemarie Haywood, finance manager at staffing solutions company CallForce. Annemarie will be part of a panel, hosted by 4most, at the Finance Indaba Africa on 14 October 2016 (see details below). We spoke to her ahead of the landmark event. 07 October 2016 “The Association of Accounting Technicians South Africa [AAT (SA)] adds value where CFOs and strategic people need to make decisions. If you get the work right at support staff level there are less errors, the quality of financial statements should be better, you should see shorter month-end periods and cleaner audits,” says Nadine Kater, General Manager of the organisation. We had a chat to Nadine about the organisation and where it fits into the industry, as well as what value it adds to finance professionals. 07 October 2016 "CFOs have to have a deep understanding of these models and be creative around the understanding of the financial implications of the benefits and the risks to their businesses going forward," says Lenore Kerrigan, Country Sales Director for Sub-Saharan Africa at OpenText, a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg. 06 October 2016 Mandatory audit firm rotation (MAFR) is often a "solution looking for a problem", says Fayez Choudhury, CEO of International Federation of Accountants (IFAC), the global organisation for the accountancy profession. "This is all the more critical in light of the costs of regulation to businesses trying to operate in a global environment, and possible unforeseen consequences," he writes in this opinion piece, in which he is critical about the South African Independent Regulatory Board for Auditors (IRBA) and its timeline to introduce MAFR. 06 October 2016 The Finance Indaba Africa is THE place where finance professionals can get to grips with the latest and greatest technologies around. Besides well-established brands like SAP, Oracle and IBM, there is also space for a number of exciting, highly specialised companies. One of those is silver partner Larc AI. We spoke to Jannie Strydom, CEO of Larc AI about his message for finance teams. 06 October 2016 There was an electric discussion even before guests had sat down at last night’s CFO South Africa dinner. That’s to be expected when you bring exceptional finance leaders together from across multiple industries. When you add a futurist and fantastic know-how of executives from partner Old Mutual Corporate, the learning is palpable. 06 October 2016 The Finance Indaba Africa 2016 is almost upon us and it is time to start looking at what exactly lies ahead at the Sandton Convention Centre on 13 and 14 October 2016. Every day until the event, we will shine a light on the parts of the amazing programme. Today: Skills and knowhow for finance, which will take place on 13 October 2016 and features one the the world's most inspiring accountants! 05 October 2016 You already know that your business can help move transformation forward through job creation and human capacity development. But do you realise that transformation can also help your business move forward? We talk to Bongani Coka, CEO of the South African Institute of Professional Accountants (SAIPA), who will be presenting the amazing results of Project Achiever at the Finance Indaba Africa on 14 October 2016 at 14h30. 05 October 2016 The Finance Indaba Africa 2016 is almost upon us and it is time to start looking at what exactly lies ahead at the Sandton Convention Centre on 13 and 14 October 2016. Every day until the event, we will shine a light on the parts of the amazing programme. Today: Smart Finance, Smart Business a two-day programme about the power of technology. 05 October 2016 The mandatory audit firm rotation (MAFR) that will be introduced in South Africa next year might include incentives for Big 4 firms to partner with smaller, black-owned competitors. The Independent Regulatory Board for Auditors (IRBA) is considering to allow auditors to stay with the same client for a longer period, provided they enter into joint audits when their mandatory tenure comes to an end, says IRBACEO Bernard Agulhas. In this exclusive interview with CFO South Africa he also notes his disappointment about the negative response from CFOs to mandatory firm rotation. 05 October 2016 The CFO Case Study Competition’s Round 2: Public Votes has ended with Team Snipers from Ghana taking the lead with over 900 votes. They are now the official winners of this round and take with them 2 points to their credit as they proceed into Round 3: Semi-finals to be held at the JSE Limited on 13 October 2016. Over 2,500 votes were casted in total for the teams in this round. 04 October 2016 Following continued expansion into Africa and the introduction of new business models built around digital offerings, SilverBridge has reported strong financial results for the year ending 30 June 2016. Its net profit increased by 21 percent to R10.1 million and its cash balance improved to R27 million, up from the R18.2 million of the comparative period last year. 04 October 2016 "The Finance Indaba is an ideal platform for Linxus to engage with key decision makers by demonstrating the value we can add to any business through our software products," says Russell Glover, managing director at Linxus, a a gold partner at the Finance Indaba next week. We spoke to him exclusively. Why is Linxus present at the Indaba? "Linxus is a Software Solutions business that specialises in the building and implementing solutions that drive operational efficiencies, reduce cost and mitigate risk. Our focus is on delivering appropriate and responsible solutions that are developed and implemented rapidly thereby addressing current business needs in a time frame that enables businesses to grow and or reduce cost, ultimately driving profitability in your business." 04 October 2016 Connect Africa Payments is a B2B technology solution, connecting various payment networks. Members of the hub are able to facilitate cross-network transfers. The Kenya-based FinTech company is a silver partner at the Finance Indaba Africa. We asked Caroline Cherotich to tell us a bit more. 04 October 2016 "Key to the CFO’s success is having a reliable “wingman” in the form of the Corporate Treasurer, who provides support in not only managing financial variable risks, ensuring access to and supplying liquidity to business operations, but also in identifying, assessing and preparing for potential threats to business liquidity which may not be patently obvious and are difficult to identify when part of the myriad of issues the CFO is contending with," says Nigel Grey, chairman of the Association of Corporate Treasurers of Southern Africa (ACTSA), a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg. 03 October 2016 “We’ve always defined our service offering as audit and state of the nation type reports, but over the past five years, we’ve engaged with CFOs and accounting officers very proactively, especially around the basics of internal control that we believe can move them in the right direction," says Jan van Schalkwyk, corporate executive at the Auditor-General of SA, a silver partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg. 03 October 2016Rands struggles after Trump's win
Banks must reconsider core competency: WATCH Standard Bank's Danielle Laity at #afta16 #findaba16
FedGroup harnesses solar power for wealth creation
Donald Trump becomes US president: six lessons for CFOs
CFO and CEO to leave Rupert-owned Swiss company Richemont
Omnia CFO Wayne Koonin nominated for CFO Awards 2017
Anthony Leeming, Sun International CFO, becomes CEO
CFOs need to be ruthless and human: Peregrine Group CFO Rob Katz
Finance flash: the TOP-10 articles of week 44
Cabinet to implement a central policy governing SOEs
Executives should be ready for multiple possible futures, says Dr Morne Mostert
Save lives and the environment: join the Clean Cooking Revolution
IDC CFO Nonkululeko Dlamini joins Kumba Iron Ore as director
Investec wins international recognition at Global Private Banking Awards
Women and success: Roy Clark chats to top CFOs Mary Vilakazi and Jo Pohl - #findaba16
Pieter Engelbrecht new Shoprite CEO
Mary Vilakazi (MMI) nominated for 2017 CFO Awards
Ralph Mupita new MTN CFO
Sihle Ndlovu - Number cruncher and Young Farmer Award winner
Four top finance bosses reveal the reasons for their success on the continent
Purple Group signs up for Finance Indaba 2017
AB InBev reports drop in earnings
Osman Arbee, double winner at CFO Awards 2016, ready for new challenge at Imperial
Top CFOs discuss their appetite for risk during November's CFO breakfast
Finance flash: the TOP-10 articles of week 43
ABSA Capital, RMB and Nedbank big winners at JSE Spire awards
10 reasons your boss should send you to the training `Work smarter not harder`
Fighting for survival: Post Office CEO and CFO reveal all at public sector event
2016 Global Innovation 1000 Study reveals shift in R&D spend to software and services
Kaspersky Lab: Only 50% of mobile devices are protected from cybercrime
Discovery on its way to establishing own bank
Accept failure, says Charles Savage of award-winning Easy Equities - #findaba16
CFO South Africa is hiring an experienced media sales manager
Gold Fields to invest $1.4 billion in Ghanaian gold mine
Local currency and DFIs: an opportunity for African financing - Standard Bank at #findaba16
No fees will cost SA fiscus R250 billion over three years
CFOs weigh the cost of not knowing at CFO dinner with IBM
Structural reform needed to boost SA's economy - Deloitte's Martyn Davies at #findaba16
White privilege and white guilt: Servest CFO Peter Walsh talks tough on transformation - #findaba16
People, not technology, give data meaning, says CGMA study
Public sector CFOs must adapt quickly to change, says Irene Mathatho, CFO of the Companies Tribunal
Finance flash: the TOP-10 articles of week 42
FSB imposes R2.5 million fine on Discovery
Surviving In An Age of Radical Uncertainty - SAICA session with Terry Moore at #findaba16
CFOs, take note: integrated reporting improves value, cash and forecasts - #science
Welcome to the new accounting - Blackline at #findaba16
Retailer Lewis anticipates 45% profit drop
Zimbabwe settles its IMF debt
Freeing up time to focus on reporting - IBM explains cognitive analytics at #findaba16
2016 African FinTech Awards: Powering up payments in Africa - #afta16 #findaba16
Global investment firm buys KWV for R1.15 billion
CFO South Africa is hiring an experienced media sales manager
Three lessons from Shakespeare - Standard Bank IB CFO Sean Doherty at #findaba16
How insurance companies can support the capitals of integrated reporting - Old Mutual at #findaba16
Bruno Bayet new CFO for Lafarge Africa
Zambian team reigns supreme in CFO Case Study Competition - #findaba16
FNB named 'Most Innovative Bank' at the African FinTech Awards 2016 - #afta16 #findaba16
Newest Thomson Reuters Data and Innovation Lab Launches in CT
Zero-based budgeting: Accenture's Madeleine Joubert explains it all - #findaba16
Boardroom skills as important as the numbers, say public sector CFOs - #findaba16
Mohamed Abdel Bary appointed new Regional CFO for Standard Chartered
Mavericks, freaks and geeks: Martijn Aslander about attitudes for a changing world - #findaba16
This round is on me: crowdfunding and Beerhouse - #findaba16
MTN invests millions in Iran's taxi-hailing app, 'Snapp'
CFOs need to be more hands-on in curbing cyber attacks - KPMG at #findaba16
Diversity makes business sense: Gusti Coetzer chats to Brett Tromp - #findaba16
Riding the tides of African volatility: Standard Bank discusses the continent - #findaba16
Regulatory change: Strategic friend or compliance foe? KPMG rocks #findaba16
Let's get personal: Graeme Codrington on the renaissance of business in a digital age - #findaba16
Integrated reporting underpins sustainable capitalism - Mervyn King wows #findaba16
Grant Thornton's Oupa Mbokodo: Internal auditors must stop policing organisations
One ERP to rule them all - SAP making waves at #findaba16
From finance to value: Mervyn King rethinking the role of the CFO - #findaba16
Cocktail function: KPMG chairman Ahmed Jaffer talks change and business - #findaba16
Take lessons and inspiration #findaba16 back to work: SAICA CEO Terence Nombembe
Finance Indaba Africa 2016 - Day 1 Roundup - #findaba16
Easy Equities wins 2016 African FinTech Awards - #afta16 #findaba16
Careers on the couch: women need to put themselves forward - #findaba16
How McDonald's stays ahead - #findaba16 chat with CFO Zafar Mahomed
Oversight and accountability: Auditor-General captivates Finance Indaba - #findaba16
Careers on the couch: international experience expands your career - #findaba16
2016 African FinTech Awards: insane in the blockchain - #afta16 #findaba16
RSVP for the 2 day course `Work smarter not harder` to make your life and business a lot happier
Deloitte's Ajit Kambil: Changing culture is key to being a successful CFO - #findaba16
2016 African FinTech Awards: Towards a financially inclusive continent - #afta16 #findaba16
Careers on the couch: government CFOs make a difference - #findaba16
Vusi Thembekwayo opens Finance Indaba with thought-provoking innovation talk - #findaba16
It's time! Finance professionals flock to Finance Indaba Africa - #findaba16
Finance Indaba 2016: Champions of financial inclusion
Finance Indaba programme: Entrepreneurship, risk and return - #findaba16
Finance Indaba 2016: Cellulant is all about transforming Africa
Finance Indaba 2016: Meniga brings banks and clients closer together
CFO cocktail event closes Finance Indaba - exclusive insights from Euler Hermes
Finance Indaba programme: The Future of FinTech - #findaba16
CFOs reject mandatory audit rotation: CFO Forum chair Christine Ramon
Entertainment galore at Finance Indaba Africa, thanks to National Arts Council
Accenture at the Finance Indaba: crucial insights into Zero-Based budgeting
Finance Indaba programme: Leading with data and insight - #findaba16
Finance Indaba: BeztForex makes you more competitive
Finance Indaba: i-Pay leading the way in instant easy payments
Finance Indaba programme: Finance in Control - #findaba16
Finance Indaba Afica: Oracle's Dee Houchen reflects on agile finance
Finance Indaba programme: Public Finance Leadership - #findaba16
SAP Business One invaluable, says CallForce's Annemarie Haywood
AAT (SA): The professional home for accounting technicians
Finance Indaba 2016: The leader in enterprise information management
IFAC CEO Fayez Choudhury criticises mandatory audit firm rotation
Finance Indaba: chat to Larc AI about Robotic Process Automation
Navigate tomorrow's unknown: CFOs dine with a futurist
Finance Indaba programme: Skills and knowhow for finance - #findaba16
How transformation can help your business: a chat with SAIPA CEO Bongani Coka
Finance Indaba programme: Smart Finance, Smart Business - #findaba16
Longer tenure mulled for joint-audits: IRBA CEO Bernard Agulhas
CFO Case Study Competition: Team Snipers from Ghana takes lead
African growth boosts SilverBridge annual results
5 questions for Russell Glover about Finance Indaba partner Linxus
Finance Indaba: meet silver partner Connect Africa Payments
Finance Indaba 2016: ACTSA champions treasury management
Finance Indaba 2016: Clean up your audits with the Auditor-General of SA
Finance flash: the TOP-10 articles of week 39
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