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04 November 2013

Shahied Daniels, Chief Executive SAIPA: IFRS and tax form the base

“The base for any Professional Accountant’s career is knowledge of International Financial Reporting Standards (IFRS) and Taxation,” says Shahied Daniels, Chief Executive at the South African Institute of Professional Accountants (SAIPA). The organisation that Daniels leads , with more than 10,000 members, most of them Professional Accountants, tax specialists and other finance experts that service small and medium-sized enterprises (SMEs).

29 October 2013

Simone Fraquelli, Head: Network Executive: Offering a 'friends of friends' network

“CFOs and other executives are not the people that are actively participating in the job market, they are too busy for that,” says Simone Fraquelli, the head of Network Executive – a new initiative by Network Recruitment, which itself is a division of the JSE-listed company ADvTECH Limited. “They usually move jobs when a friend of a friend asks them to consider a position. With my 8 years of experience as recruiter of executives I am able to offer clients a ‘friends of friends’ network.”

28 October 2013

Eugene Hangwani Lufhugu, CFO at Rand Mutual Assurance: Thinking about growth

While most CFOs spend their days maximizing profit and fighting competitors, Eugene Lufhugu’s primary role is “to make sure our beneficiaries are taken care of and focusing on the long term sustainability of the Group”. However, just like his peers, the CFO of Rand Mutual Assurance sees cost management as one of his most important briefs. “I worked for FNB and Toyota Tsutso Africa, but I would not say I miss profit driven commercial business. I joined Rand Mutual when the company just started to think about growth and there are lots of exciting things happening.”

24 October 2013

CFO South Africa Newsletter; Strategic CFO: Are you a catalyst for change? | Claudelle von Eck CEO IIA | Deon Rossouw, CEO of EthicsSA | New Articles | CFO Events 2014

CFO South Africa Newsletter | Thursday 24th of October Dear CFO South Africa member, Read Exclusive CFO South Africa Articles Claudelle von Eck, CEO of IIA SA: Internal auditors more than watchdogs Just like CFOs, internal auditors have been widening their scope over the last few years, says Claudelle von Eck, CEO of the Institute of Internal Auditors South Africa (IIA SA). “Internal auditors are moving beyond compliance, beyond being seen as the watchdog. Professor Deon Rossouw, CEO of Ethics Institute SA: Ethical culture still lacking Although awareness about ethical business practices has increased tremendously over the last few years, most South African companies, departments and organizations are still struggling to translate that into an ethical culture. “CFOs need to be aware that this needs to change,” says Professor Deon Rossouw, CEO of The Ethics Institute of South Africa (EthicsSA). “Because the financial cost of unethical behaviour is enormous.” Natalie Zimmelman, General manager of AAT SA: Plugging the skills gap “We have identified a skills gap and we believe we can plug it,” says Natalie Zimmelman, general manager at AAT(SA), the Association of Accounting Technicians, South Africa, which operates from the offices of the South African Institute of Chartered Accountants (SAICA). AAT(SA) was formed in October 2008 after SAICA and the international professional body, AAT, realized their collaboration should stand on its own feet. More interesting CFO South Africa Articles Steven Waugh, Group CFO TBWA": "The virtues of discipline" Lucas Ramagaga, CFO Total Client Services: "Affecting people’s lives" Natasha Bell & Chantelle Booysen, Cassel & Co: "EQ and culture matter Koosh Panday, Business Development Manager Sappi: "The case for Readsoft" Strategic CFO: Are you a catalyst for change? Compare yourself to your peers Showcase your work on CFO South Africa's Website! Showcase your work and that of your company to 3500 members of CFO South Africa. If you are interested send an email to Jurrien Morsch at [email protected] Register now for the first CFO South Africa Event of 2014 Capital & Finance, April 10th in Sandton On Thursday April 10th the first CFO South Africa Event of 2014 titled 'Capital & Finance' will take place in Sandton. An influential group of financial leaders from prominent international and South African companies from both the private and public sector will be present. CFOs of Olam, Standard Bank, African Bank, ABC Holdings, Servest, Novartis, Jasco are among others who have already registered. Are you a CFO or a finance manager, register now. Continuous Professional Development Points Did you know all events of CFO South Africa are eligible for SAICA CPD points? Most CFO's in South Africa are CA's and have to remain compliant. By attending CFO South Africa's events and training courses they will stay compliant. Upcoming CFO South Africa Events We have planned new CFO Events with inspiring hosts and experts that with share their insights and experiences with you. Register now for these events and improve your company, network, career and knowledge. CFO South Africa Events 2014 - Johannesburg April 10 | Capital & Finance May 15 | CFO Day & Awards 2014 July 10 | Corporate Growth Sep 11 | Digital Transformation Nov 13 | Risk, Compliance & Control Register now for one of the upcoming CFO South Africa Events. Please note that all our CFO South Africa events are for senior financial executives working in companies with revenues exceeding 100 million rand. In the future CFO South Africa will offer memberships for all audiences to have the opportunity to attend our upcoming events. If you are not part of the target audience but would like to participate in the event, please contact Jurrien Morsch at [email protected] Stay connected with CFO South Africa Follow CFO South Africa on Twitter and LinkedIn Stay up to date and in the loop on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica and LinkedIn. Also to keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Do you have any requests, please let us know. Any suggestions or comments are welcome. Kind Regards, Melle Eijckelhoff Director CFO South Africa | [email protected]

22 October 2013

Professor Deon Rossouw, CEO of EthicsSA: Ethical culture still lacking

Although awareness about ethical business practices has increased tremendously over the last few years, most South African companies, departments and organizations are still struggling to translate that into an ethical culture. “CFOs need to be aware that this needs to change,” says Professor Deon Rossouw, CEO of The Ethics Institute of South Africa (EthicsSA). “Because the financial cost of unethical behaviour is enormous.”

21 October 2013

Claudelle von Eck, CEO of IIA SA: Internal auditors more than watchdogs

Just like CFOs, internal auditors have been widening their scope over the last few years, says Claudelle von Eck, CEO of the Institute of Internal Auditors South Africa (IIA SA). “Internal auditors are moving beyond compliance, beyond being seen as the watchdog. These days they need to be the right hand to audit committees and a best practice advisor to the organisation as a whole.” That role is not limited to a financial one, Von Eck emphasizes. “Often, when it gets to the financial reports, it is already too late to do something.”

18 October 2013

Natalie Zimmelman, General manager AAT(SA): Plugging the skills gap

“We have identified a skills gap and we believe we can plug it,” says Natalie Zimmelman, general manager at AAT(SA), the Association of Accounting Technicians, South Africa, which operates from the offices of the South African Institute of Chartered Accountants (SAICA). AAT(SA) was formed in October 2008 after SAICA and the international professional body, AAT, realized their collaboration should stand on its own feet.

16 October 2013

Natasha Bell and Chantelle Booysen, Cassel & Company: EQ and culture matter

“Our focus is to look beyond the technical aspect of positions,” says Natasha Bell, General Manager at Cassel & Company. “How do you ensure that you retain your employees? That is one of the biggest issues at the moment. At Cassel we focus strongly on both sides of the hiring process – the business and the candidates. We focus on the EQ, the emotional intelligence, of a person and zoom in on a cultural match.”

14 October 2013

Steven Waugh, Group CFO TBWA: The virtues of discipline

“Managing growth is a lot of fun, but also a lot of work,” says Steven Waugh, Group CFO at Johannesburg-based advertising group TBWA. The Scottish trained Chartered Accountant worked in London for most of his career and is therefore in an excellent position to assess where South Africa is currently at. So what about B-BBEE, minority shareholders and cost cutting? And are our accountants really as brilliant as they think they are? Waugh started his career in the music and film industry at Time Warner and BMG Music. “That gave me a very good grounding, because a record company has everything: production, marketing, publishing and challenging people.” However, salaries for finance professionals in the industry were “terrible”, according to the Scotsman. “So it was time to grow up and move on.” For eight years Waugh was the CFO of a group of digital and marketing technology agencies within the advertising and marketing holding company Omnicom. “We were at the forefront of the digital revolution with growth of crazy – 30 to 40 percent per year.” It was a lot of fun and a lot of work, Waugh recalls. “In our industry it is all about staff target levels. If you hire to far behind the curve, you make good margins but it’s not sustainable. If you hire ahead of revenues, it’s too expensive. So do you hire permanently? Do you use freelancers? You have to continuously balance the quality of your staff – and its skills set –with the type of contracts you have. The hire/fire routine is definitely one of the most difficult things to get right.” Although it’s common knowledge these days that great CFOs and Finance Directors do much more than crunching numbers, this is particularly true in the advertising and marketing world, says Waugh. “The accounting itself is not too challenging, but you have to get far more involved in the operations of the agency,– legal, IT, building administration and HR. You are a generalist, tapped into the commercial side of the business. Often finance people run the sales meetings, which sounds bizarre. We make sure the meetings happen, actions are followed up, send out a warning if revenues are dropping off, and release funds if additional staff is required on new wins. We make sure the business ticks. We’re the discipline in the company.” Waugh resigned and came to South Africa in 2011, when his wife was offered a job at Old Mutual. “It was a huge risk for me,” he says. After a short stint at Omnicom affiliate Interbrand Sampson South Africa and a voluntary project with an enterprise development fund for young black entrepreneurs, Waugh found his feet at TBWA. “It’s been great and similar to some extent to my previous time with Omnicom, but there are more regional aspects. We deal with affiliates in the rest of Africa and South Africa itself is much more regionalised than the UK. My senior team is more spread out and I travel more, which I had to get used to.” Obviously Waugh has noticed some marked differences with London, like South Africa’s onerous labour laws, the challenges of dealing with SARS and the amount of paperwork required to bring on new clients and suppliers. “I found all the red tape and administration quite frustrating. There is so much paperwork and in the early days of working in South Africa, little things like every page on every agreement requiring a signature drove me quite mad. I was definitely worth avoiding some days” The Scotsman was also hired to “bring a more commercial dynamic to the finance team”, he explains. “The quality of accountants is very good, but they often just provide numbers for the senior management to interpret. It is my focus to get them to be more commercial and I strongly believe that this increases job satisfaction and performance.” Procurement personnel now play a much bigger role in the marketing divisions of large clients than in the last few years and it has a bearing on agencies like TBWA. ”Sometimes the role procurement plays is a positive one, especially where they ensure that marketing departments operate in accordance with processes that we have agreed, but the time it takes to negotiate the contract can slows things down considerably. It can take many months to get fees finalised and the initial excitement on the client win can be dampened during the elongated process. Procurement has also required agencies to be focused on cost cutting. “It is the name of the game in South Africa, like it became in London, says Waugh. “Procurement personnel come to me and say they want 10 percent more work output for 30 percent less cost. And that has actually happened three times to me already this year. A huge part of what I do is to find cost savings, ensure that we buy efficiently for our clients, and pass on cost savings whenever possible. Every cost is under the spotlight and we are constantly monitoring our productivity and effectiveness.” Waugh says he has helped the company to slow down at the right moments. “I am working closely with senior management to ensure that we don’t make fast decisions that look good initially but don’t fit in the medium to long term plans.” Waugh is enjoying the entrepreneurial spirit of South Africans (and of course the weather). He’s been intrigued by ownership structures in the country, often involving minority shares for founders or B-BBEE trusts. “Black empowerment is absolutely key for business, but often very challenging and complicated. The challenge in the marketing industry is that there is a small pool of black talent, which leads to issues of affordability and the loss of talent that you have trained.” It has helped Waugh to come in as an outsider, he says. “Being a foreigner can be positive, especially when it comes to implementing transformation. I have no axe to grind and look neutrally at the process. I am actively working towards a black finance professional to take over from me as Group CFO and I have brought in new software to track every month our B-BEEE score and how key decisions, especially hiring decisions affect our score. We have tough targets to improve our scorecard ahead of the change in the codes and are embedding them into all areas of the organisation. This is one of the projects that I am most proud of.”

11 October 2013

Koosh Panday, Business Development Manager at Sappi: The case for Readsoft

What can a CFO gain from implementing automated document processing software like Readsoft? The South African pulp and paper giant Sappi took a strategic decision and recently implemented Readsoft and Sappi’s Business Development Manager, Koosh Panday (MBA), reports positively. “I am convinced that many CFOs would benefit from such automation, deliver more value and become leaner. This is an investment that earns pay-back within a short time.”

10 October 2013

Lucas Ramagaga, CFO Total Client Services: Affecting people's lives

“What we do as finance directors and chief financial officers affects people’s lives,” says Lucas Orapeleng Ramagaga, 32-year old CFO at Total Client Services. “We deal with shareholders, but also clients, suppliers and our own employees – it is a big responsibility.” Having made short work of the corporate ladder, Ramagaga does not shy away from the task. “I have a high appetite for growth, so a future role as CEO, chairman doesn’t scare me – it will just be an opportunity to affect even more lives.”

10 October 2013

CFO South Africa Newsletter | The 5th CFO South Africa Event | Download the Presentations | New Articles | Steven Cohen Sage Pastel | Dalu Majeke National Treasury

CFO South Africa Newsletter | Thursday 10th of October Dear CFO South Africa member, The 5th CFO South Africa Event Focus on Growth and Innovation Building social platforms and strengthening relationships amongst top professionals has been one of the key elements during the first year of CFO South Africa’s existence. Thursday’s event was the biggest, boldest and best event so far, providing network opportunities and a host of parallel breakaway sessions where the country’s CFOs and top finance professionals could discuss the challenges and opportunities of the present and future. Download the Presentations Ross Hampton, Divisional Director of CQS, "Tomorrow's CFO" Fred Axsel and Robert Brine, IQ Business, "Managing risk for growth" Victor Sekese, Chief Executive of SizweNtsalubaGobodo, "Never underestimate people" Upcoming CFO South Africa Event On April 3rd, our next CFO South Africa Event will take place, titled, "Capital & Finance". Take a look at our upcoming events and register now. Don't miss out on any CFO South Africa events as seating is limited. Read Exclusive CFO South Africa Articles Steven Cohen, Sage Pastel: “It is time for the CFO to realize that he or she needs to embrace the power of technology” “I can see that the role of the CFO is changing to go beyond accounting. The CFO is in a position to invest in technology and deliver new value to the company. To benefit from technology they need to wake up and smell the coffee." Cohen is passionate about the way digital technology changes the role of CFOs and finance professionals. Dalu Majeke, National Treasury Republic of South Africa: “Having a common goal for this country – is crucial” As the finance man of the country’s finance department, he knows what it’s like to work under pressure. “We don’t value popularity in the department, but we want to be able to present a stable financial framework in trying times.” More CFO South Africa Articles Brett Parker, MD Southern Africa of SAP, "Don't overcustomize" Steve Killick, Partner at PwC, "Boards want more than spreadsheets" Kuda Makoni, Manager of Deloitte Consulting, "Innovation key for South African banks" Shahied Daniels, Chief Executive SAIPA, "Growth in the corporate world" Lance Tomlinson, Assurance Leader Africa EY, "Responsibility at the top of the food chain" Natasha Bell and Chantelle Booysen, Cassel & Company, "How to retain talent" Natalie Zimmelman, AAT South Africa, "Vocational training crucial for finance teams" Grant Robson and Richard Angus, The Finance Team, "Finding the click" Claudelle von Eck, CEO of the Institute of Internal Auditors South Africa, "Partner with CFOs Showcase your work on CFO South Africa’s Website! Showcase your work and that of your company to 3500 members of CFO South Africa. If you are interested send an email to Jurrien Morsch at [email protected] Stay connected with CFO South Africa Become a member of CFO South Africa Stay on top of current updates in the world of finance and keep track of newly published interviews with CFOs and CEOs by becoming a member on the CFO South Africa Website. Follow CFO South Africa on Twitter Stay up to date and in the loop on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica. Also to keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Do you have any requests, please let us know. Any suggestions or comments are welcome. Kind Regards, Melle Eijckelhoff Director CFO South Africa | [email protected]

09 October 2013

Victor Sekese, CEO of SizweNtsalubaGobodo: Never underestimate people

Anybody who has spent more than half a minute in the company of Victor Sekese, can testify that the CEO of SizweNtsalubaGobodo (SNG) is one of the most passionate business leaders in South Africa. On Thursday 3 October 2013 he delivered a powerful presentation on corporate growth, as part of the 5th CFO South Africa event at the Saxon Boutique Hotel in Johannesburg. He enthralled everyone with his insight, intelligence and sense of humour - leaving his audience inspired and optimistic about doing business in this country.

08 October 2013

Steven Cohen, Managing Director Sage Pastel South Africa: CFOs should shed inertia when it comes to the cloud

CFOs provide us with some very good ideas for our product development, says Steven Cohen, the charismatic co-founder and Managing Director of SAGE Pastel South Africa. Sage specializes in accounting and business management software for small and medium sized businesses and is the market leader in South Africa. “It is time for the CFO to realise that he or she needs to embrace the power of technology. CFOs need to get rid of the inertia they show towards cloud computing, big data and mobile devices,” says Cohen.

04 October 2013

Focus on growth and innovation at successful 5th CFO South Africa Event

“We are not living in the information age anymore, but we have moved into the communication age, where social media and relationships are becoming crucial elements of our daily work.” Those were the words of Aarti Takoordeen, CFO of the JSE Limited, who gave a snappy, thought-provoking presentation during the 5th CFO South Africa event, which took place in the Saxon Boutique Hotel in Johannesburg on Thursday 3 October.

03 October 2013

Brett Parker, MD Southern Africa at SAP: don't overcustomize

“We spend a lot of time trying to convince CFOs that they should not customize ERP and other software solutions too much,” says Brett Parker, Managing Director Southern Africa at software and solutions firm SAP. “The old style is to customize, so you can run your current business processes on SAP. Nowadays, we urge companies to stay close to the vanilla version of our products and in doing so adopt best practices.”

03 October 2013

Steve Killick, Partner at PwC: Boards want more than spreadsheets

Many CFOs need to realize that they need to make a technological leap, because they are expected to present up to date and complex information to the boards of their companies. “We still see a huge amount of spreadsheets being used,” said Steve Killick, partner at the Johannesburg-office of PwC. “Even the firms with ERP systems often use a junior controller to put the information back into a spreadsheet to manipulate it before a presentation.”

02 October 2013

Kuda Makoni, Manager at Deloitte Consulting: Innovation key for South African banks

Most challenges that CFOs of South African banks and financial institutions face are the same as elsewhere in the world, but there are a number of specific issues that plague finance leaders in the developing world and South Africa specifically. That is the message of Kuda Makoni, strategy and innovation manager at Deloitte Consulting. “The South African sector is world class, so it faces global problems,” said Makoni.

02 October 2013

Shahied Daniels, Chief Executive SAIPA: Growth in the corporate world

“Our growth opportunities are in corporate South Africa,” says Shahied Daniels, Chief Executive at the South African Institute of Professional Accountants (SAIPA). The 30 year old organisation currently has about 7,500 members, most of them accountants, tax specialists and other finance experts that service small and medium-sized enterprises (SMEs). “But our offering is also interesting for professionals in big businesses, because not everyone is a Chartered Accountant.”

01 October 2013

Lance Tomlinson, Assurance Leader Africa EY: Responsibility at the top of the food chain

“Graduates often ask me how it is to be on top of the food chain,” says Lance Tomlinson, Assurance Leader Africa at EY, formerly known as Ernst & Young. “Then I answer it is themselves who are on top of the food chain; there are only 30,000 chartered accountants in South Africa and we have a population of 53 million people. Becoming a CA is one of the most fantastic career designations. It opens up a host of opportunities.”

01 October 2013

Natalie Zimmelman, General manager AAT(SA): Vocational training crucial for finance teams

“Our country will fail if vocational training doesn’t take off,” says Natalie Zimmelman, general manager at AAT(SA), the Association of Accounting Technicians in South Africa that operates under the umbrella of the South African Institute of Chartered Accountants (SAICA). According to Zimmelman it is crucial that young South Africans acquire skills through technical training. “Otherwise the only options are university or unemployment.”

01 October 2013

Natasha Bell and Chantelle Booysen, Cassel & Company: How to retain talent

"Retaining talent is one of the most important issues on the agenda of CFOs,” said Natasha Bell, General Manager at Cassel & Company. On Tuesday CFO South Africa met with Bell and Marketing Manager Chantelle Booysen of the Johannesburg-based recruitment agency, which focusses exclusively on financial and accounting vacancies. “We do things a little differently and focus a lot on emotional intelligence and the culture of a job candidate,” explained Bell.

30 September 2013

Claudelle von Eck, CEO Institute of Internal Auditors SA: Partner with CFOs

“Instead of having an adversarial relationship with CFOs, internal auditors should be seen as a welcome pair of extra eyes and ears,” says Claudelle von Eck, CEO of the Institute of Internal Auditors South Africa (IIA SA). Traditionally internal auditors are seen as compliance watchdogs, but that role is changing, says Von Eck. “In successful organisations we see the relationship between CFOs and internal auditors growing into partnerships.”

30 September 2013

CFO South Africa Newsletter | Interview with CFO of Metorex | Finance Director of Waltons | CPD Points | Agenda 2014

CFO South Africa Newsletter | Monday 30th of September Dear CFO South Africa member, Read Exclusive CFO South Africa Articles Mike Benfield, Metorex: You can not walk away, after giving your advice “CFOs are actually salespeople,” says Mike Benfield, CFO for mining group Metorex.“We sell our business to financers and shareholders, but also sell it to our own staff and to the outside world. We have to be attractive employers, so we’re also selling the future to current and prospective employees.” Francois Reyneke, Waltons: We must ensure that we remain ahead of the pack “There should always be a challenge in life. Because of the continuous changes at my company, I have always been able to find those challenges internally,” says Francois Reyneke. The Group Financial Director at office products supplier, Waltons, is not a typical CFO type, who changes jobs every few years. Working for the same firm since 1995, he is currently in the middle of one of his greatest challenges to date. Showcase your work on CFO South Africa’s Website! Showcase your work and that of your company to 3500 members of CFO South Africa. Melle Eijckelhoff, Director of CFO South Africa will be in Johannesburg this week and will be conducting personal interviews. If you are interested send an email to Jurrien Morsch at [email protected] The 5th CFO South Africa Event Managing Corporate Growth The 5th CFO South Africa Event is right around the corner. On Thursday October 3rd, An influential group of financial leaders from prominent international and South African companies from both the private and public sector will be present. The 5th CFO South Africa Event will take place on October 3rd 2013, titled 'Managing Corporate Growth.' CFO South Africa, in collaboration with Oracle, CQS, Transparent, IQ Business and ReadSoft, is organizing this event at one of the top-rated hotels in the world, the Saxon Boutique Hotel in Sandton. Continuous Professional Development Points Did you know all events of CFO South Africa are eligible for SAICA CPD points? Most CFO's in South Africa are CA's and have to remain compliant. By attending CFO South Africa's events and training courses they will stay compliant. Upcoming CFO South Africa Events CFO South Africa is proud to announce the 2014 Agenda. We have planned new CFO Events with inspiring hosts and experts that with share their insights and experiences with you. Register now for these events and improve your company, network, career and knowledge. CFO South Africa Events 2014 - Johannesburg April 3 | Capital & Finance May 15 | CFO Day & Awards 2014 July 10 | Corporate Growth Sep 11 | Digital Transformation Nov 13 | Risk, Control & Compliance Registration Open! Register now for one of the upcoming CFO South Africa Events. Please note that all our CFO South Africa events are for senior financial executives working in companies with revenues exceeding 100 million rand. In the future CFO South Africa will offer memberships for all audiences to have the opportunity to attend our upcoming events. If you are not part of the target audience but would like to participate in the event, please contact Jurrien Morsch at [email protected] and download our Partner Proposal. Stay connected with CFO South Africa Get the latest updates from CFO South Africa's trip to Johannesburg CFO South Africa is in Johannesburg preparing for the 5th CFO South Africa Event on October 3rd which is taking place at the Saxon Boutique Hotel. Learn about who they are meeting and which top tier CFOs they are interviewing by becoming a member on cfo.co.za. Follow CFO South Africa on Twitter Stay up to date and in the loop on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica. Also to keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Do you have any requests, please let us know. Any suggestions or comments are welcome. Kind Regards, Melle Eijckelhoff Director CFO South Africa | [email protected]

26 September 2013

Barry Doran, CFO G4S Africa: Believing in human capital

“For a CFO, working in Africa is almost like a Rubik’s cube, it is a challenge but it’s very rewarding,” says Barry Doran, Finance Director for Africa at security firm G4S, the largest private employer on the continent. “The development opportunities are very rewarding professionally and it’s great to see cities changing. The last time I was in Lagos I suddenly saw traffic lights where there were never any.”

19 September 2013

Francois Reyneke, Financial Director Waltons: The challenge of moving into the cloud

“There should always be a challenge in life. Because of the continuous changes at my company, I have always been able to find those challenges internally,” says Francois Reyneke. The Group Financial Director at office products supplier, Waltons, is not a typical CFO type, who changes jobs every few years. Working for the same firm since 1995, he is currently in the middle of one of his greatest challenges to date: the switch from a distributive replicated ERP system with servers at all 80 branches to a centralized ERP system through a Waltons private cloud.

11 September 2013

CFO South Africa Newsletter | Nel: You can not walk away, after giving your advice | Mocke: Don't give me numbers, tell me what they mean | Two CFO Round Tables October 3rd

CFO South Africa Newsletter | Wednesday 11 September 2013 Dear CFO South Africa member, Read Exclusive CFO South Africa Articles Hennie Nel, Santam: You can not walk away, after giving your advice Hennie Nel did not choose the easiest moment to move to a short term insurance firm, but he says that doing good work in a rough economic climate is actually one of the things he has valued the most so far. Kirsten Mocke, EMC: Don’t give me numbers, tell me what they mean Being able to predict and steer the near and mid-term future is one of the crucial mandates for a CFO or finance director – in Mocke’s experience there is often a lot of room for improvement. Do you want to be interviewed by CFO South Africa? Showcase your work and that of your company to 3500 members of CFO South Africa. Melle Eijckelhoff, Director of CFO South Africa will be in Johannesburg in October and will be conducting personal interviews. If you are interested, send an email to Jurrien Morsch at [email protected] The 5th CFO South Africa Event At the two CFO Round Tables on October 3rd at the Saxon Boutique Hotel, CFOs from top tier South African companies, such as JSE, Lonmin, Discovery Health, TigerBrands, Telkom, Sentula Minings, Eskom, Postbank, SARS, HSRC, Absa, AGSA, Standard Chartered Bank, Dell, FNB, Comair, Nedbank, City of Johannesburg, and many more will be sharing and exploring new ideas about ‘Managing Corporate Growth’. First CFO Round Table What does your agenda look like when it comes to managing corporate growth? For a CFO, there are many aspects to consider when facilitating growth.For example, the numerous strategic options for funding and investing.The need for financial insight to make the right decisions. The risk involved in Mergers and Acquisitions or the entrée of new markets. On top of that, there is a supplier site to manage and economies of scale to benefit from. How do you deal with these challenges today and how could a Finance Modernization look like to streamline systems and processes? Together with 12 of your peers we will discuss these aspects of managing corporate growth and share our experiences and knowledge. Second CFO Round Table Managing Corporate Growth CFOs and finance directors working in South Africa will share their vision and knowledge on Managing Corporate Growth with us at the CFO Round Table. During the Round Table we will share ideas and experiences with the challenges to fund, manage and stimulate corporate growth. For example, How do you get the most out of your working capital and are there opportunities in your company to free up cash for growth? The CFO Round Table will include 12 carefully selected CFOs who will have the privilege to converse in an intimate setting. Stay connected with CFO South Africa Become a member of CFO South Africa Stay on top of current updates in the world of finance and keep track of newly published interviews with CFOs and CEOs by becoming a member on the CFO South Africa Website. Join CFO South Africa on LinkedIn Take advantage right away: Share knowledge, exchange interests and open up business opportunities with other finance professionals through the LinkedIn group:CFO South Africa | Finance Professionals South Africa. Feel free to contact us Do you have any requests, please let us know. Any suggestions or comments are welcome. Kind Regards, Melle Eijckelhoff Director CFO South Africa | [email protected] (c) 2013 | CFO South Africa is published by Alex van Groningen BV To control which emails you receive from CFO South Africa, please change your email preferences at cfo.co.za by selecting under settings "I do not want to receive emails from CFO South Africa | Finance Professionals South Africa"

03 September 2013

Kirsten Mocke, Finance Director EMC: what do the numbers mean?

With nearly 18 years of experience as a finance expert in the IT world, Kirsten Mocke has acquired a good grasp of the strengths and weaknesses in the management of South African IT firms. Days Sales Outstanding (DSO) “is often very high”, sales processes “could be more refined and defined” and forecasting is not taken seriously enough. “Many people can generate numbers.- I always say to my staff: don’t give me numbers, but tell me what the numbers mean.”

28 August 2013

Aarti Takoordeen, CFO JSE Limited: A holistic approach to growth

"I feel there is untapped innovation in the finance world,” says Aarti Takoordeen, who became the CFO of Africa’s leading stock exchange, JSE Limited, in February this year. While Takoordeen may only be 32 year’s old, she has gained extensive experience financial management. “I studied to be a Chartered Accountant as I wanted to manage a business but could not afford to start my own. My career goal is to become a CEO of a business one day,” she says.

28 August 2013

The 5th CFO South Africa Event Registration Closed | Brooks: If we don't do it - some foreign country will | Zimmelman: Trained technicians are hard to come by in South Africa

CFO South Africa Newsletter | Wednesday 28th of August Dear CFO South Africa member, Read Exclusive CFO South Africa Articles Abigail Brooks, Trustco: If we don’t do it – some foreign company will The Namibian firm, Trustco, has recently moved into South Africa and has ambitions to roll out its innovative microfinance and insurance products into the rest of the continent as well. Natalie Zimmelman, AAT(SA): Trained technicians are hard to come by in South Africa HR departments are conservative and bosses are reluctant to let people attend class during working hours, even though they know it will benefit the company eventually. Read more Jan van den Handel, Business Connexion: Balancing risk in Africa Farid Vania, SMEC SA: Patience to develop people Philip Nottingham, CFO a.b.e. Construction Chemicals:Business processes before ERP Showcase your work on CFO South Africa’s Website! Showcase your work and that of your company to 3500 members of CFO South Africa. Melle Eijckelhoff, Director of CFO South Africa will be in Johannesburg in October and will be conducting personal interviews. If you are interested send an email to Jurrien Morsch at [email protected] The 5th CFO South Africa Event Get to know Aarti Takoordeen, CFO of JSE and Speaker of the 5th CFO South Africa Event Aarti Takoordeen will give a brief talk on managing corporate growth during the CFO Café at The Saxon Boutique Hotel in Sandton that takes place on 3 October 2013. In the lead-up to this excellent opportunity to get to know this bright young South African she spoke to CFO.co.za to explain a few things about who Aarti Takoordeen is and how she views her job as Chief Financial Officer. Update! The 5th CFO South Africa Event Registration is Full The 5th CFO South Africa Event has reached its participant limit and has closed the registration process. We are excited to welcome 150 CFOs and financial professionals of the South African Business World from companies such as, Standard Chartered Bank, Shanduka, Discovery Health, Winhold, Nedbank, Dell, Servest, Mondeléz, Olam, Jasco, AGSA, Metmar, SAMSA, Postbank, Liberty, City of Johannesburg and J Walter Thompson. For more information click here or contact Kleo Nikolaidis at [email protected] New Partners for the 5th CFO South Africa Event CFO South Africa welcomes Transparent and Wipro as partners for the 5th CFO South Africa Event. Together with CQS, Oracle and Readsoft and CFO South Africa members we are looking forward to having a successful event with our CFO South Africa partners and members. For more information about the 5th CFO South Africa Event click here. CFO South Africa Partners for the 5th CFO South Africa Event: Stay connected with CFO South Africa Join CFO South Africa on LinkedIn Take advantage right away: Share knowledge, exchange interests and open up business opportunities with other finance professionals through the LinkedIn group: CFO South Africa | Finance Professionals South Africa. Follow CFO South Africa on Twitter Stay up to date and in the loop on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica. Also to keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Do you have any requests, please let us know. Any suggestions or comments are welcome. Kind Regards, Melle Eijckelhoff Director CFO South Africa | [email protected] (c) 2013 | CFO South Africa is published by Alex van Groningen BV To control which emails you receive from CFO South Africa, please change your email preferences at cfo.co.za by selecting under settings "I do not want to receive emails from CFO South Africa | Finance Professionals South Africa"

27 August 2013

Abigail Brooks, Trustco: the importance of soft skills and confidence

“I needed a bigger challenge,” says Abigail Brooks, Financial Controller at Trustco Financial Services since May 2013. The Namibian firm has recently moved into South Africa and has ambitions to roll out its innovative microfinance and insurance products into the rest of the continent as well. Brooks is based in Johannesburg and will be overseeing the financial department. “What is crucial for this position is soft skills and confidence,” she says.

23 August 2013

Farid Vania, Group Finance Manager SMEC SA: patience to develop people

Personality, many CFOs nowadays proclaim, is just as important as accounting acumen. But don’t make the mistake of sending everyone who makes a flat impression in a first job interview packing, implores Farid Vania, Group Finance Manager at SMEC SA. “I interview a lot of finance people with a thousand degrees, who – despite this but because of their background – initially don’t come across as very dynamic,” he says. “But if you let them go and they end up at small enterprises they might not develop at all – and developing people is one of the things I enjoy the most.”

23 August 2013

Jan van den Handel, Group Finance Manager Business Connexion: balancing risk in Africa

Exposure to political uncertainty and ever changing exchange rates make it tricky to run – let alone start – a sustainable business in Africa. But, although the African market is difficult to get into, it’s the next destination, even though the risks are considerable. “If we want to grow, that is where we have to go,” says Jan van den Handel, Group Finance Manager: International Operations at Business Connexion.

20 August 2013

Philip Nottingham, CFO a.b.e. Construction Chemicals: Business processes before ERP

“First you have to make sure that your business processes are robust and world class, only after that does it make sense to invest in a brand new, upgraded or different ERP system,” says Philip Nottingham. Half a year ago the experienced finance expert was hired as CFO by a.b.e. Construction Chemicals and one of his main tasks was to roll out more efficient automation. “There was a general idea that our systems were old, but there was generally more information available than we realised. That is why I have delayed the investment in a new ERP for now.”

16 August 2013

Natalie Zimmelman, AAT(SA): vocational training crucial for number crunchers

“CFOs often use Chartered Accountants to do work where they really don’t need them, as they cannot always rely on their junior staff,” says Natalie Zimmelman. She has made it her mission to convince South Africa that number crunchers – from cashiers and meter readers to bookkeepers and accountants – need to receive vocational training. “In many jobs people don’t need the ability to manage, but the ability to do.”

14 August 2013

CFO South Africa Newsletter | Guest Speaker Aarti Takoordeen | 140 Participants for the 5th CFO South Africa Event

Dear CFO South Africa member, Guest Speaker of the 5th CFO South Africa Event We are honored to announce that the CFO Café guest speaker at the 5th CFO South Africa Event will be Aarti Takoordeen, Chief Financial Officer of the Johannesburg Stock Exchange. Aarti Takoordeen will speak at the CFO Café which will take place at 18.00, after the CFO Round Tables and CFO Master Classes. Participants of the 5th CFO South Africa Event will benefit not only from Aarti’s business expertise but also from the expert knowledge of specialists from CQS, Oracle and ReadSoft who will share their insights at the CFO Round Tables and CFO Master Classes. 140 Participants Registered for the 5th CFO South Africa Event! The 5th CFO South Africa Event will be buzzing with conversation as distinguished CFOs will be present at the CFO Round Tables from Standard Chartered Bank, Shanduka, Discovery Health, Winhold, Nedbank, Dell, Servest, Mondeléz, Olam, Jasco, AGSA, Metmar, SAMSA, Postbank, Liberty, City of Johannesburg and J Walter Thompson to share ideas, experiences and business cards. At the CFO Master Classes even more influential financial professionals will be present from companies such as Tiger Brands, Aveng Group, Philips South Africa, Heineken, McCormick, Sanlam, Telkom, FOX International Channel, SNG, Graftech, Kellogg’s, ABSA, Comair, SARS, Bentel Associates International, The Jupiter Drawing Room, TBWA South Africa WWF South Africa, SABS, Nissan South Africa, G4S, Johnson and Johnson Medical, Eskom and many more… Free of charge CFO South Africa is here to help you with gaining knowledge, boosting your network and finding career opportunities. Join our events, free of charge, and be part of the leading growing network for financial professionals in South Africa. Not registered yet? The 5th CFO South Africa Event has reached its participant limit and has closed the registration process. If you are still interested in attending, please send an email to Kleo Nikolaidis at [email protected] Aarti Takoordeen, CFO of JSE Enjoying a sundown at the CFO South Africa Café in May CFO South Africa News Read Exclusive CFO South Africa Interviews Alwyn Smith, Group Financial Manager of FPT: What you want to achieve will come in time Werner Barnard, Mondeléz International: People skills make the difference Chris Povall, CFO of Accéntuate Doing more with less CFO South Africa Welcomes New Partner CFO South Africa would like to welcome ReadSoft as the new partner of CFO South Africa. We are looking forward to working with ReadSoft and building a prosperous relationship that will benefit all our CFO South Africa members. You will have the opportunity to meet some of ReadSoft's experts at the 5th CFO South Africa Event on October 3rd at the Saxon Boutique Hotel. Would you like to become a partner of CFO South Africa? We would like to think with you about how we can best match your objectives with those of CFO South Africa. On that basis, we will provide you with a tailor made proposal. Find out general information about opportunities on our Partner Proposal and contact Jurrien Morsch at [email protected] CFO South Africa Partners for the 5th CFO South Africa Event: Do you have any requests, please let us know. Any suggestions or comments are welcome. Kind Regards, Melle Eijckelhoff Director CFO South Africa | [email protected] PS 1. Join the 5th CFO South Africa Event now. Please register here. 2. Follow CFO South Africa on Twitter 3. Your company profile viewed by 3500 finance professionals? Let us interview you! Please contact Jurriën Morsch at [email protected] To control which emails you receive from CFO South Africa, please change your email preferences at cfo.co.za by selecting under settings "I do not want to receive emails from CFO South Africa | Finance Professionals South Africa"

02 August 2013

Alwyn Smith, Group Financial Manager, FPT: "What you want to achieve will come in time."

Alwyn Smith is an Excel man through and through. No fancy informatics programmes for him; this CA prefers to do things manually. “I love Excel so I try to automate as much as possible to pull numbers from other sources. I’ve done courses in Visual Basic (the back end of Excel) and in writing macros, and so have extensive training of Excel.” New Technology This does not mean Alwyn is not interested in new technology. On the contrary, the Group Financial Manager looks forward to how innovations can impact at the coalface. “Driving technology forward and evolving business, especially through mobile technology is also part of the Group Financial Manager’s role. For example, salesmen can go to customers and do sales orders at premises and upload to ERP. Using tablets, they could get sign-off right there with the customer.”

30 July 2013

Jonathan Lang, Head Bowman Gilfillan Africa Group: The challenges of investing in Africa

“It is amazing how many South African and foreign companies are entering the rest of Africa at the moment, some without taking legal advice prior to, or after, their arrival. Some investors invest millions, buying a diamond mine in the DRC for example, but are unfortunately often then hit with unforeseen problems and need to come to us for legal help ,” says Jonathan Lang, head of the Bowman Gilfillan Africa Group (BGAG), one of the leading law firms in South Africa. “You have to be careful when doing business in Africa as it runs on a timeframe, language and way of its own and it makes all the difference to have expert legal advice at the outset, as litigating in the courts of some African countries is very challenging.

29 July 2013

Werner Barnard, Mondel?z International: People skills make the difference

“People skills are what set good and bad leaders apart,” says Werner Barnard, Finance Business Lead: Integrated Supply Chain at Mondel?z International. Barnard is an ambitious man, a business leader of the type that believes a strong finance background is a stepping stone to even greater things. Barnard has just landed at snack company Mondel?z, formerly known as Kraft Foods, after a career that saw him fulfil roles in the chicken processing industry and telecoms. Mondel?z is an international firm with 62 brands under its wings, including Cadbury’s chocolate, Jacobs, Tuc and Stimorol. The company has five factories in Africa: one in Port Elizabeth (chocolate), Namibia (‘seasonal’ chocolate), Swaziland (bubblegum, Halls and Eclairs), Botswana (chewing gum) and Kenya (drinking chocolate). “There is massive growth potential in Africa, so that makes it very exciting.”

19 July 2013

Chris Povall, CFO Accéntuate: Doing more with less

“The role of CFOs in organisations has not changed as much as some people like to think it has,” says Chris Povall, Chief Financial Officer at Accéntuate Limited, a listed South African company that specializes in vinyl, laminate and wooden floors, chemicals for the flooring industry and a broad range of cleaning chemicals. Povall is a highly experienced finance leader, having held influential positions at Impala Platinum, Times Media, Chemical Services and Protea Chemicals. “What has changed is the technical and compliance side of the job: rules, regulations, IFRS… there are more and more regulations and standards to comply with. Each day we have to do more with less.”

19 July 2013

Michael van Straten, Financial Director Servest Marine: "Treat one with respect and you will get it back."

Michael van Straten begins our interview with a walking tour of Servest Marine’s operations at Cape Town harbour. Seeing him greet dock workers by name and check on the boats of “the competition”, I’m reminded of my first feeling when I met Michael at the CFO Café some months previous – here was someone who knows his place in the world and makes one feel instantly at ease. Not bad for a man who until last year was working for one of the largest multi-nationals in the world….

18 July 2013

CFO South Africa Newsletter July 18th 2013: Upcoming Event October 3rd 2013 | CFO South Africa Welcomes New Partner

Dear CFO South Africa member, Don’t miss CFO South Africa’s Upcoming Event The time to register for the next CFO South Africa Event has come. On Thursday October 3rd 2013 at the Saxon Boutique Hotel, prominent financial professionals and directors will represent Johannesburg’s finest companies at the exclusive 5th CFO South Africa Event. CFO Master Class 16.00-18.00 The 5th CFO South Africa Event, titled “Managing Corporate Growth” will take place on Thursday, October 3rd at the Saxon Boutique Hotel in Sandton, Johannesburg. During this event two Master Classes will take place in which 50 financial professionals will take advantage of an expert speaker providing insight on how you can improve your processes, ICT and skills to enable Corporate Growth. CFO Round Table 16.00-18.00* CFO South Africa is also organising a unique series of exclusive CFO Round Tables from 16.00 to 18.00 on October 3rd at the Saxon Boutique Hotel. You will be able to enjoy an in-depth conversation with an exclusive group of financial executives. During the Round Table we will share ideas and experiences with the challenges to fund, manage and stimulate corporate growth. The CFO Round Table will include 15 carefully selected CFOs who will have the privilege to converse in an intimate setting. If you are a CFO of a top tier company than let us invite you. Please send an email to [email protected] CFO Café 18.00-20.00 Afterwards the CFO Café will commence, in which 100 other financial professionals, including CFOs and Finance Directors, will be able to network and meet new financial professionals while enjoying an environment that stimulates inspiration and networking. This unique reception, offers you the chance to meet your peers and discuss the latest insights on the role of the CFO. Also you can enjoy a speech by our special guest from the South African Business World, Raj Mahabeer, CFO of Auditor General South Africa. For more information click here or contact Steffie Bosman at [email protected] CFO South Africa News Read Exclusive CFO South Africa Interviews and Articles · Humphrey Borkum, Chairman JSE Limited: Extraordinary accomplishments since democracy · Alex van der Watt, University of Johannesburg & SAICA: Grooming the CFOs of the future · CFOs discuss their challenges during successful Executive Dinner in Johannesburg. Read more. CFO South Africa Welcomes New Partner CFO South Africa would like to welcome CQS Technology Holdings as the new partner of CFO South Africa. We are looking forward to working with CQS and building a prosperous relationship that will benefit all our CFO South Africa members. Do you have any requests, please let us know. Any suggestions or comments are welcome. Kind Regards, Melle Eijckelhoff Director CFO South Africa | [email protected] PS 1. Join the 5th CFO South Africa Event now. Please register here. 2. Follow CFO South Africa on Twitter 3. Your company profile viewed by 3500 finance professionals? Let us interview you! Please contact Jurriën Morsch at [email protected] * The CFO Round Table is for senior financial executives working in companies with revenues exceeding 100 million rand. If you are not part of the target audience but would like to participate in the event, please contact [email protected] or download our Partner Proposal.

12 July 2013

Humphrey Borkum, Chairman JSE Limited: Extraordinary accomplishments since democracy

“A listing at the stock exchange is still the best way to raise capital,” says Humphrey Borkum. It’s something you would expect the chairman of JSE Limited, the largest stock exchange in Africa, to say, but not a lot of CFOs have felt like taking their business public lately. “When companies get bigger though, these considerations become inevitable,” says Borkum. “I believe there will be a number of new big JSE listings in the future.”

09 July 2013

Alex van der Watt, University of Johannesburg & SAICA: Grooming the CFOs of the future

“It is very exciting to work with the new generation,” says Alex van der Watt, auditing lecturer, Head of the Department of Accountancy at the University of Johannesburg (UJ) and education specialist on the board of the South African Institute of Chartered Accountants (SAICA). “When I studied we more or less just accepted what professors said. There is a new generation now, which is challenging the way things are. They are the CFOs of the future.”

09 July 2013

CFOs discuss their challenges during successful Executive Dinner in Johannesburg

Every day, margins are being squeezed, skilled staff members need to be found and growth needs to be funded. The challenges that CFOs and Finance Directors face are multiple and they all come at the same time. What better way to recharge their batteries than bouncing some ideas off fellow finance leaders in the industry? Or shedding some frustrations during a delicious dinner in a top restaurant, surrounded by colleagues who share them?

25 June 2013

Eric van Marle, Vice President Transparent: South African CFOs are the drivers of great change

“You don’t want to know how many CFOs and banks we have helped with matchmaking,” says Eric van Marle. A networker at heart, Transparent’s Vice President likes to bring together business people who can help each other forward – something that aligns neatly with CFO South Africa’s approach. Van Marle is excited about Transparent’s presence in the South African market and he is not planning to curb his enthusiasm. “This market is very hot at the moment. South Africa has clearly made great leaps in economic development and everyone’s focussing on keeping that trend going. That’s where we can help.”

19 June 2013

Alan Winde visits Holland | CFO Awards 2014 | CFO Round Table in the Saxon | Interview CEO EOH | CFO South Africa Newsletter June 19th 2013

(In the picture from left to right: Alan Winde, Western Cape Minister of Finance, Kent Karro, Senior Partner Horwath Zeller Karro, Asher Bohbot, CEO EOH, Craig Thompson, Managing director Michael Page) Dear CFO South Africa member, Good day! Hope you had a great start to your week. Thank you for participating with us online with CFO South Africa - here is this week’s update. Interviews with thought leaders Last month our director Melle Eijckelhoff had an exciting visit to Cape Town and Johannesburg and met with several prominent South African thought leaders. Read their interviews here: • Asher Bohbot, CEO EOH: Appropriate expectations in Africa; • Craig Thompson, Managing director Michael Page: Help build a country; • Kent Karro, Senior Partner Horwath Zeller Karro: Dealing with tax morality; Read new interesting articles and interviews on CFO.co.za We had the honour to meet with Minister Alan Winde during our CFO day in The Netherlands and we met with leading CFOs in the Saxon Boutique Hotel. • Alan Winde, Western Cape Minister of Finance, Economic Development and Tourism; In Search of Excellence in Holland; • CFO Round Table in Johannesburg: CFOs exchange notes on IT and automating processes; Your company profile viewed by 3500 finance professionals? Let us interview you! If you also would like to share your ideas with the CFO community, please get in touch with us to arrange an interview. Please contact Jurriën Morsch at [email protected] CFO South Africa announces CFO Awards 2014 We are proud to announce the establishment of a new prestigious yearly award to honour the best performing CFOs in the country. The CFO Awards will take place to honour the best performing CFOs in the country and is preparing to celebrate the success of many others. We are now in the process of composing the jury for the CFO Awards. Victor Sekese, CEO of South Africa’s largest black audit and accounting firm SizweNtsalubaGobodo and Alex van der Watt, Academic and Head of Department of Accountancy - University of Johannesburg and also SAICA board member are the first to commit to be in the jury for the prestigious yearly CFO award ceremony. Are you interested in joining our jury please send an email to [email protected] Read more on the CFO Awards here. Meet CFO South Africa in 2013 & 2014 • CFO Master Classes and Cafés September 2013 in Cape Town & Sandton • CFO Master Classes and Cafés October 2013 in Cape Town & Sandton • CFO Master Classes and Cafés November 2013 in Cape Town & Sandton • CFO Day & CFO Awards March 2014: cfoday.co.za We are at the stage of planning the definitive dates and topics of our CFO South Africa Fall program as we speak. Please check our website and our bi-weekly newsletter regularly to stay updated on the confirmed dates and topics of these events. Would you like to suggest a speaker, a location or a topic for our next events? Please share your ideas with us and send a mail to [email protected] Become a partner of CFO South Africa Meet top CFOs, claim thought leadership, create value and develop business. Various Global companies like Accenture, Oracle and Tranparent are partners with CFO South Africa. Just like us, they believe we can contribute to the growth of their business and network in South Africa. As a partner of CFO South Africa you find yourself in a network in which you can contribute to sharing knowledge, seizing opportunities and growing your business. Are you interested in a partnership or do you require more information? Please contact [email protected] or visit http://www.cfoafrica.net Are you enthusiastic about CFO South Africa? Please invite your friends and colleagues to join by sending them this link: http://cfo.co.za Do you have any requests, please let us know. Any suggestions or comments are welcome. Kind Regards, Jurriën Morsch Community Manager CFO South Africa | [email protected] PS • Join CFO South Africa on LinkedIn Take advantage right away: Share knowledge, exchange interests and open up business opportunities with other finance professionals. • Follow CFO South Africa on Twitter Stay connected, up to date and in the loop on what is happening in the world of finance by following us on Twitter. Also to keep track of newly published interviews with CFOs and CEOs.

18 June 2013

Asher Bohbot, CEO EOH: Appropriate expectations in Africa

“It is important to understand that the markets in the rest of Africa are very different from South Africa,” says Asher Bohbot, founder and CEO of the South African IT company EOH. There is a bit of hype around investing in Africa lately and Bohbot warns that expectations of returns need to be realistic. At the same time the experienced entrepreneur acknowledges the opportunities are enormous. “Africa’s growth is greater than ours in South Africa, so there is no question that the continent is a destination for growth for South African enterprises.”

22 May 2013

Robin Beetge, Managing Director ReadSoft Southern Africa: Improving the yield from the green fields of Southern Africa's business

If I had to use one word to sum up the Southern African region right now it would be optimism. It is incredibly encouraging to see the growth in the region, driven by an expanding economy, and this is translating into a market with strong international reach and growing opportunities within corporates and governments alike. As a leading global provider of software for back office process automation, ReadSoft already has a presence in more than seventy countries, on six continents with seventeen subsidiaries, but it too has turned its attention to Southern Africa as a key market for development. It has worked with partners for more than eight years in the region, but in 2012 ReadSoft Southern Africa was officially incorporated with new offices located in Johannesburg.

17 May 2013

Lesley-Anne Wilkinson and Wilfred Ascott (IBM): talking about Globally Integrated Enterprises

“The journey that we have made as IBM to become a Globally Integrated Enterprise is something we like to talk about,” explained Lesley-Anne Wilkinson, who heads up the IBM Institute for Business Value in the Middle East and Africa. Together with her marketing colleague Wilfred Ascott, Wilkinson on Friday met with director Melle Eijckelhoff of CFO South Africa to discuss IBM’s Africa expansion, the role of CFOs and the Smarter Planet philosophy that is driving IBM.

16 May 2013

CFO Round Table: 'Transforming a day in the life of a CFO'

From left to right: Juan Mostert (Dell South and Central Africa), Grant Scrutton (Winhold), Ranga Mabgwe (Stewart Scott International Mafuri), Melle Eijckelhoff (CFO South Africa), Philip Nottingham (abe Construction Chemicals), Alain Ozan (Oracle), Craig Coltman (De Beers) and Sandeep Gandhi (Village Reef Gold Mining Company). Other participants were: Anbann Chetti (Nedbank Corporate Banking), Ian Graham (General Electric Oil & Gas & General Electric Southern Africa), Nichola Dewar (Postbank), Werner Barnard (Kraft Foods) and Pieter Bensch (Oracle).

15 May 2013

Top CFOs discuss challenges during Executive Dinner

From left to right in the picture: Steffie Bosman (CFO SA), Peter Walsh (Servest), Melle Eijckelhoff (CFO SA), Kudakwashe Chipanda (Johnson & Johnson Medical), Eric van Marle (Transparent), Morrison Smit (Ardor SA), Ranga Mabgwe (Stewart Scott International ), Jobo Moshesh (SITA), Errol Campbell (Edenred South Africa), Amanda Albäck (Tongaat Hulett Starch), Mariette Ebersohn (Mango Airlines) and Carolina van der Ark (Transparent).

15 May 2013

Victor Sekese, CEO SizweNtsalubaGobodo: CFOs struggle with sustainability

“I have pity for CFOs,” says Victor Sekese and for the first time in the interview his characteristic thundering laugh is lacking. The Chief Executive Officer of accounting firm SizweNtsalubaGobodo has an intimate understanding of the tricky position many South African financial bosses find themselves in these days. “They are in a very difficult position, because the economy is down but they have to look at the long term business. If they don’t invest, they lose out.”

14 May 2013

Jonathan Lang, Head Bowman Gilfillan Africa Group: Expanding into Africa

“Our vision is to build a group network of offices in eight to twelve African countries,” said Jonathan Lang, head of the law firm Bowman Gilfillan Africa Group. On Tuesday Lang met with Melle Eijckelhoff of CFO South Africa, the fast growing CFO-platform for networking and knowledge sharing in the country. They discussed the legal and financial challenges of South African finance professionals especially those venturing further into Africa.

13 May 2013

Kent Karro, Senior Partner Horwath Zeller Karro: Keeping up with the taxes

“In my field we have to run faster and faster to stay in the same place,” says Kent Karro, partner and chairman of the Cape Town based consulting firm Horwath Zeller Karro. On Monday Karro met with Melle Eijckelhoff and Steffie Bosman of CFO South Africa, the leading networking platform for CFOs and finance professionals in South Africa. He provided a great number of fascinating and eloquent insights into the ever-changing tax landcape in South Africa.

13 May 2013

IMF Sees Positive Outlook for Sub-Saharan Africa

The near-term outlook for Sub-Saharan Africa (SSA) remains broadly positive, with growth projected to accelerate modestly to around 5½ percent in 2013–14, following a year of strong growth in 2012, the International Monetary Fund (IMF) said today. In its May 2013 Regional Economic Outlook, Building Momentum in a Multi-Speed World, the IMF said that these favourable prospects partly reflect the gradually improving outlook for the global economy, while locally, investment in export-oriented sectors is an important driver of growth going forward.

25 April 2013

Rolam Ait Si Birouk, CFO Ropetec: African challenges are cash, skills and tax

“NETWORKING is very, very important for finance professionals who are working in Africa,” says Rolam Ait Si Birouk. As CFO of Cape Town-based company Ropetec, which does maintenance and inspection work in the oil and gas industry, Rolam has a lot of experience working in countries like Angola, Ghana and Congo. “We are all facing the same challenges in these markets and it will be great to hear how other people find solutions to these challenges.”

23 April 2013

Bright Amisi, Group Finance Manager at SABS: `Risk management is going to become a key part of the CFO portfolio`

Bright Amisi (37) has been the Group Finance Manager of the SABS, a leading conformity assessment industry player, since 2008. SABS is the largest conformity assessment body in Africa and is the official publisher of South African National Standards (SANS) used across all sectors of the economy. He thinks the most challenging about his position are that the non-finance issues demand a lot of his time. He doesn’t always sit in his office worrying about the numbers; He is frequently out there trying to enable the business to be successful. Everybody wants advice before making decisions. Before joining SABS Bright was employed by the Development Bank of South Africa as the GM: Finance and Administration - NEPAD for three years. Bright has also previously served as the Finance Director of Africare Zimbabwe, Head of Finance and Administration for the Red Cross in Zimbabwe and as an Auditor. He holds an MCom (Accounting), BSc (Hons) and is an Associate member of ACCA, CIMA and CIS. Bright is married to Diana with four kids and is a Formula One fanatic! Which skills do you think a finance professional should master to be successful in his/her work? A finance professional needs knowledge of accounting standards (IFRS), tax, ICT systems and systems integration, as well as risk management.

19 April 2013

Ian Graham, CFO of GE Oil & Gas Africa & GE Southern Africa: "South Africa can be a launch pad for the continent"

“South Africa has the unique opportunity to be a launch pad for the whole of Southern Africa and the rest of the continent,” says Ian Graham, CFO of GE Oil & Gas Africa & GE Southern Africa. As part of the huge American multinational company General Electric, GE is quickly growing its operations in Africa. There are huge opportunities in countries like Angola, Mozambique and Zambia,” says Ian. “If South Africa can leverage this, they can also minimize their exposure to slower economies like Europe.”

14 April 2013

Callen Hodgskiss, HPCA: opportunities for finance talents at NGOs

“FOLLOW what you value,” is the advice of Callen Hodgskiss. As CFO of the Hospice Palliative Care Association of South Africa (HPCA) he knows what he is talking about. “I hope young financial professionals realize there are a lot of opportunities in the NGO sector. It is a dynamic environment and there is a lot that you can contribute. There is growing need for qualified people at NGOs and the salaries are becoming more and more market related.”

11 April 2013

Brett Tromp, CFO at Discovery Health: the softer side of a CFO

“FIRSTLY, always do more than your job description tells you to, so people will recognize your value.” The advice could sound gratuitous coming from anyone else, but if anybody can shed a light on a successful career for young finance professionals it must be Brett Tromp. “Secondly,” he says, “create a market for yourself in your organisation. Find executives to talk to and establish a brand of knowledge and trust. Those two things can be the big secret to a successful career and quickly moving up the ladder.”

09 April 2013

Grant Scrutton, Finance Director Winhold Limited; `It is never boring, never the same, never "done"`

Grant Scrutton is Finance director of Winhold Limited which is a JSE-listed holding company with its main investments being in its subsidiaries, Gundle Limited and Inmins Limited. Gundle manufactures polyethylene bags, construction sheeting, consumer and industrial packaging, agricultural film and dam linings and distributes to the agricultural, chemical, construction, food processing, industrial and consumer markets, as well as installing dam linings in sub-Sahara Africa. Inmins comprises 19 strategically located operations servicing the mining and industrial sectors with a wide range of consumable and maintenance products, and includes divisions specialising in hose, mining pipe systems, chain and sprocket systems and conveyor belting.

05 April 2013

Jonas Schöfer (The Hackett Group): Freeing up cash from working capital

(On the picture from left to right: Melle Eijckelhoff (CFO South Africa) & Jonas Schöfer (The Hackett Group) The Hackett Group is a stalwart name in the international business world and has now come to South Africa “to free up working capital”, says Jonas Schöfer. He believes that many large South African companies can free up between 10 and 30 percent of their working capital, just by improving the quality of their processes. “That is where The Hackett Group can help you,” says Schöfer, representing the firm together with Hackett's performance partner "IQBusiness Group", South Africa's largest independent consultancy and a Level 5 BBBEE accredited entity. In an interview with CFO South Africa Schöfer says he has met with “around 100 South African CFOs” so far to discuss the proven, hands-on approach of Hackett, a global working capital consulting firm dedicated to delivering sustainable cash flow improvement across business operations. The company, which is headquartered in Miami but operates and deploys globally out of 10 offices including Johannesburg, claims to have delivered more than $25 billion in cash to its clients in the last decade only, “creating the liquidity to fund acquisitions, product development, debt reduction and share buy-back programs.”. The South African client reference sheet already covers companies from Retail, Chemicals, FMCG, Construction and Packaging.

26 March 2013

DJ Kumbula, CEO InnoVent: "Better rates than the bank or own cash"

(On the right picture starting from the left Melle Eijckelhoff, Director CFO South Africa and DJ Kumbula, CEO InnoVent) “We can prove to any bank or corporation that InnoVent can give them a better rate than they can fund themselves at.” At the end of the remarkable story of InnoVent, DJ Kumbula does not hold back. He is convinced that his asset leasing and management company provides a service that beats purchasing equipment by borrowing money at the bank or any other form of funding including internal funding. Looking at InnoVent’s portfolio of blue chip and JSE listed clients, it appears there is something here. “Our philosophy is: deliver what you promise and you have got customers for life.” CFO South Africa recently met with InnoVent Group CEO DJ Kumbula and Business Development Manager Willem Venter to discuss InnoVent’s unique approach to asset finance and management which is celebrating its 10th anniversary this year. The company employs about 50 people in the Johannesburg office and the Qrent division, and has recently opened offices in London and Scotland. “Our Qrent division is doing well in Zimbabwe and Zambia has opened its doors,” Venter announces. The story of InnoVent began when the Zimbabwean-born Kumbula and his South African friend Zakhe Khuzwayo, both Chartered Accountants started their small office with two telephones and a shared desk. “We worked in the industry prior to us going on our own” The duo was not impressed with the approach of lease providers towards customers and the negative connotations associated with the leasing industry due to the small print and onerous terms on clients especially at the end of the lease period.. “Leasing can be a nightmare for a client if it is provided by an unscrupulous lessor.. There are things lessors can do which may be legal, but totally unethical and immoral which costs the client more money in the long run than they had budgeted for. We saw that lessors were making massive short term profits at the expense of their clients, ultimately resulting in a short relationship with the clients. So we decided to start our own company focused on the long term – low profits throughout, but long term sustainable client relationships”. What InnoVent basically does is “subsidised asset finance, because we want your asset back when you no longer want to use it. We have created a massive and active secondary market for your otherwise redundant assets – we give you back some of the value we realise in the secondary market by subsidising your finance costs right at the beginning when you source the assets”, Kumbula explains. If those assets are laptops, for example, InnoVent takes them back after the lease period which the client determines and remarkets them through Qrent in a different secondary market. “Our mission is to keep finding secondary markets that yield good value for used assets so we can pass on higher subsidies to our primary clients when they finance through us . We never want to look at our primary clients for profits, but rather as a reliable source of high volumes of used assets.” “For our primary customers we look at all blue chip companies and organisations with sophisticated and astute CFOs that understand our product and are willing to engage with an open mind.” The move to London and Scotland also fits in that model: “In the UK there is no real second hand market for used assets. Now we offer companies in the UK the subsidised financing as well as help them with their CSI initiatives and Green disposal as we recondition their assets at end of lease and redeploy them on the African continent in small businesses, schools, government institutions and with teachers at highly affordable prices.” The list of raving testimonials about InnoVent is impressive and includes a recommendation by Discovery, South Africa’s largest health insurer. InnoVent Rental and Asset Management Solutions (Pty) Ltd, the full name of the company, does not only lease out ICT hardware, but also motor vehicles, yellow metal equipment, telecoms equipment, medical equipment and other moveable assets. “Leasing through us helps you manage your cash flow. We do asset management, you don’t have to worry about green disposal of redundant stuff, you keep up to date with the latest technologies and we offer you the best rate.! Our biggest challenge is not our business model, it’s traditional mind sets of decision makers and the negative connotations associated with the leasing industry especially with people that had a bad leasing experience in the past.” According to Kumbula some leasing companies have “traumatised” some South African finance professionals that have vowed to never lease equipment again. The main difference at InnoVent, Kumbula says, is the end of contract service and transparency. “We help you understand the contract up front, educate you during the process, assist with asset managements and give you notice about the end of the contract – instead of leaving you to manage on your own. We have a moral obligation beyond the contract to assist our clients in achieving the results they set out to achieve when leasing through us. In an effort to enhance this value for our clients and support a positive long term client relationship, we are the only leasing company in our segment who have a dedicated in-house remarketing division, Qrent. We are also the only ones with an in-house logistics team that helps clients return assets at the end of the lease period hassle free and avoiding any nasty so called damages bills ” About 30-40 percent of our clients have come to us from competitorsdue to our reputation as an ethical lease provider”. According to Kumbula, CFOs have a natural tendency to be conservative and he calls on them to keep an open mind for solutions like InnoVent which can improve their business. “As an individual I also like to own my assets. If I have an old phone, I keep it as a backup or give it to a family member,” Kumbula said. “But for a business that uses laptops or desktops it makes good financial sense to get a good leasing deal that enhances your financial and asset management. We now lease equipment to maybe 40 of the top 150 organisations in South Africa. We generally have a good success rate if we get in front of a CFO.”

20 March 2013

It is time for CFO South Africa

Since its launch in September 2011 CFO South Africa has become the leading networking platform for CFOs and finance professionals. The fast-growing online and offline community is moulded on a successful formula in The Netherlands, where the platform has become as essential for finance professionals as adding and subtracting. We spoke to Alex van Groningen, founder of the Dutch CFO and South African platforms about the opportunities in South Africa, his business model and the ambitious plans of CFO SA.

15 March 2013

Delphine Maidou, Allianz: "There is no way back"

“We’re investing in Africa, because we believe in the continent.” CFO SA encountered a lot of positivity about the growth of the African economy in the last week, but no testimony has been as outspoken as that of Delphine Maidou, CEO of Allianz Global Corporate & Specialty (AGCS) in South Africa. And no testimony has been so significant – who else but a professional risk insurer with a worldwide footprint is better qualified to judge the economic prospects of Africa?

15 March 2013

Jo-Ann Pohl, CFO Standard Chartered Bank: Creating a CFO buddy system

A buddy system in which young CFOs get paired with experienced counterparts could greatly benefit the South African financial world. It is one of the many ideas that occupy the mind of Jo-Ann Pohl, the energetic and enthusiastic CFO of Standard Chartered Bank. On Friday Pohl met with Alex van Groningen and Melle Eijckelhoff of networking platform CFO SA to discuss the need and opportunities for more interaction between top financial professionals.

14 March 2013

Jonas Schofer, The Hackett Group: assisting CFOs

Many large South African companies can free up between 10 and 20 percent of their working capital, just by improving the quality of their processes. That is what Jonas Schofer of The Hackett Group said on Thursday when he met with CFO SA’s Melle Eijckelhoff. Over the last months Schofer has met with around 100 South African CFOs to discuss the proven, hands-on approach of Hackett, a global working capital consulting firm dedicated to delivering sustainable working capital improvement across business operations.

13 March 2013

FD Centre meets CFO SA: how to escape the whirlwind

Companies and CFOs of big firms find themselves increasingly caught in a whirlwind, where urgent matters get priority and other important issues get shelved, Rowan de Klerk on Wednesday explained to the founders of the networking platform CFO South Africa. De Klerk is the CEO of FD Centre, an innovative company that places respected, experienced Finance Directors with smaller organisations and in the CFO offices of larger companies.

13 March 2013

Karen Elstob, IQ Business: "Learning from other industries"

“There is a lot of value in making connections cross-industry,” said Karen Elstob, who is responsible for Business Development at IQ Business. On Wednesday Elstob met with the founders of CFO South Africa, the leading networking platform for financial professionals in South Africa. They discussed the challenges and opportunities in the financial sector. “Professionals can learn a lot from colleagues in other industries,” Elstobs said, emphasizing the significance of the CFO SA initiative.

13 March 2013

DJ Kumbula of Innovent welcomes opportunities CFO SA

“Give us 15 minutes in front of a CFO of a big corporation and we will convince them of our rental and asset management solutions,” said DJ Kumbula, CEO of Innovent. The Johannesburg-based company offers innovative alternatives to company-purchased capital equipment, saving money for clients and keeping their equipment up to date. The list of raving testimonials is impressive and includes a recommendation by Discovery, South Africa’s largest health insurer.

12 March 2013

CFO SA announces CFO awards 2014

CFO South Africa on Tuesday announced the establishment of a new prestigious yearly award to honour the best performing CFOs in the country. The fast-growing networking platform for financial professionals is embarking on a process to elect the best Chief Financial Officer of South Africa, culminating in a festive award ceremony in March next year. One of the first influential people who has committed to be on the jury is Victor Sekese, CEO of accounting firm SizweNtsalubaGobodo.

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