Naspers, Africa’s largest company by market value, has named Akash Bhatia as the new CFO of its Showmax video streaming business. Bhatia is currently vice president of finance at Naspers’s classifieds business. He previously held positions at Time Warner’s HBO and Comcast’s NBCUniversal. Bhatia has been quoted in the media as saying:

CFO South Africa chose to honour Simon Ridley (pictured), recently retired FD of Standard Bank and CFO of the Year 2014, as well as esteemed member of this year’s judging panel, by presenting him with a Lifetime Achievement Award at this year’s CFO Awards. Unfortunately, Simon was unable to accept the award in person and spend the evening celebrating with his peers, as he was touring Namibia on a motorbike at the time of the event. Simon’s colleague, Luvuyo Masinda, CFO Corporate and Investment Banking (CIB), accepted the award on his behalf. Masinda said:

MTN has appointed Stephen van Coller (pictured) as vice president of strategy and mergers & acquisitions, effective 1 October 2016. Van Coller’s appointment comes amid various executive changes at MTN, including the recent appointment of Rob Shuter as CEO and the resignation of Brett Goschen as CFO.

"We will ensure that attendees leave with a more nuanced understanding of SAIPA so that they can become our partner in our goal of growing and transforming the accounting profession," says Zobuzwe Ngobese, marketing and communications executive at the South African Institute of Professional Accountants (SAIPA), a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

Brett Goschen (pictured), MTN Group CFO, will be leaving the company effective 30 September 2016 to “pursue other interests”. Goschen will simultaneously be stepping down from the MTN board of directors.

Most CFOs dream of saving a company with sheer accounting brilliance, fantasise about lining shareholders’ pockets through a spectacular M&A deal, and secretly yearn for fame. Cobus Grove achieved all that before he turned 34 years old. In a series of interviews with CFO South Africa, Cobus shares how he saved JSE-listed company DigiCore and sold it to US firm Novatel Wireless. He talks about his compulsion to keep succeeding and gives candid insight into the personal toll of managing such high-stake corporate manoeuvres.

Peter Matlare (pictured) has been appointed deputy CEO of Barclays Africa, effective 1 August 2016.

A recently released KPMG survey has revealed that 56% of CEOs believe that the next three years will be more critical for their industries than the previous 50; with South African CEOs among those surveyed. Trevor Hoole (pictured), KPMG CEO in Southern Africa, said:

The top six teams have been selected to advance to the next stage of The CFO Case Study Competition. To recap just how far these six teams have come, 320 teams representing 1,278 aspirants from 53 universities in 25 countries across five continents entered to take part in this maiden edition of the competition, so achieving a place in the top six is no mean feat.

Govinder Sateesh Kamath has been appointed the new Safaricom CFO, effective 1 August, following the recalling of CFO John Tombleson earlier this week.

Successful venture capitalist, celebrated businessman and popular international speaker, Vusi Thembekwayo’s impressive CV would make any professional proud. It’s hard to believe that Vusi, who grew up in Wattville township near Benoni, is only 31 years old.

MTN has appointed Adekunle Awobodu (pictured) as its new MTN Nigeria (MTNN) CFO. Awobodu, the first Nigerian to occupy this position, takes over from Ferdi Moolman, who became CEO of the company in December last year. Moolman was quoted in the media as saying:

Do you have what it takes to be the new chief financial officer at The University of Witwatersrand (Wits)? CFO South Africa helps companies and organisations find the right finance executive! See the full advert below.

The ink is dry. The deal is done. You have just successfully completed an M&A transaction. The question is: what now? At our CFO event on 21 July 2016 at the African Pride Melrose Arch Hotel we will unpack how to go about integration or separation after a deal under the theme ‘Where the rubber meets the road’. An incredible lineup of top five CFOs will help us unpack what needs to happen after a merger, acquisition or sale.

“I was not prepared to make a speech but thank you for the kind words and thank you for the award. I retired [from Remgro] at the end of March so it’s also for me a cherry on the cake at the end of my career,” said Leon Crouse, on receiving a Lifetime Achievement Award at the CFO Awards 2016, held on 12 May at the beautiful Summer Place. Professor Wiseman Nkuhlu, chancellor of the University of Pretoria, South Africa’s first black chartered accountant and role model for many finance professionals, presented Leon with his award.

Following the unexpected resignation of Jimi Matthews on 28 June, the SABC has appointed its CFO, Ugandan accountant and auditor James Aguma (pictured), as acting CEO.

"We want to show the accounting world and finance professionals is that QuickBooks as a brand and a product has the range available to satisfy the financial needs of start-ups, SMEs and growing businesses," says Nick Braxton, national sales manager of QuickBooks SA, a silver partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

The British withdrawal from the European Union (Brexit) would very possibly have an effect on South African businesses, although some industries will be harder hit than others – and some might see opportunities. “Personally I don’t think Brexit is a good thing,” says Robert Katz, CFO of wealth and asset management firm Peregrine Group. “South Africa is a risk-on economy. That means that when there are global jitters, South African stocks get sold off and the rand comes under pressure.”

Acting CEO Jimi Matthews (pictured) has resigned from the South African Broadcasting Corporation (SABC), calling recent changes at the broadcaster “wrong” and saying that he has compromised his values under the current leadership. Matthews posted a picture of his resignation letter on Twitter yesterday morning (below). It read in part:

“For me, being a successful CFO is not even technical; it’s about being humble. The role can go to your head and that creates drama,” says Lauren Van Zyl, Divisional CFO of Eqstra Fleet Management and Logistics. “Being humble makes you approachable, and the more approachable you are the more likely staff will be to come to you if there’s a problem, and that’s important.” Lauren, who pursued a career in finance after convincing herself she would never be interested in the industry, heads up a team of 45 staff members, and says the people aspect of the job is as rewarding as it is challenging. “That’s what nobody prepares you for. As a finance person, you’re very comfortable with the numbers, with the technical, but you aren’t comfortable with having so many people report to you, trust you and rely on you.” How did you first get into finance and how did you come to be a CFO? “At school, one of my main subjects was speech and drama. I was convinced I was never going to go into finance. When choosing my studies, I first registered for industrial psychology, but I didn’t even make it through one lecture and realised that wasn’t going to work. I changed my degree and went into Informatics. I was doing really well but realised I didn’t have a passion for it – it didn’t gel with me. I found my way to finance and thought I’d pursue general finance, believing there was no chance I’d do a CA. But at that moment I realised I would be stopping just before the finish line, so I decided to go the whole hog and completed my B.Com (Accounting) Honours, and then my articles through Deloitte. After my articles I stayed on for a short period, but I decided I wasn’t audit manager material. I was battling with the concept of siting across the table from a CFO and telling him how to run his business when I didn’t know what it was like to be in his position. I wanted to be able to give a CFO advice based on my own experiences. I felt like I needed that foundation.”

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.

Naspers has reported in its recently release full-year results that its core headline earnings were up 21% to $1.2 billion. The company said that it regards core headline earnings as its best indicator of sustainable earnings. Interestingly, some 77% of its revenues were generated outside South Africa.

“Taking advantage of opportunities requires more creative thinking than simple analysis of data,” says risk actuary Stefan Swanepoel, the principal consultant for Directrix Risk Services, an actuarial and corporate risk management consultancy specialising in the pricing, financing and control of risks. Swanepoel has more than 13 years of experience in this field and currently consults to many of the largest South African companies, as well as many large international corporates. A fellow of the Institute of Risk Management and the Actuarial Society of South Africa, Swanepoel followed his father, a state actuary, into the profession after serving time in the military. He spoke to us about the impact of Big Data, risk management, the changing climate in South Africa and how it compares to foreign nations.

It is becoming increasingly common for shareholders, employees, customers and members of the public to want to know that an entity’s tax affairs are compliant and that they meet a standard which is beyond reproach. As such, boards of companies are having to think harder about how they can discharge their responsibilities to govern their entities’ tax affairs.

John Tombleson (pictured), Kenyan operator Safaricom's CFO, is due to exit the company after a five-year stint.

The Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA), will be joining forces to create a new association which will represent the breadth of the accounting profession and 600,000 current and next-generation professionals. Andrew Miskin (pictured), CIMA’s President said:

How can FinTech companies help millions of Africans get access to financial services? And what should FinTech entrepreneurs do to build viable, money-making businesses out of this? Those were some of the key questions during a spectacular FinTech Africa event at 23 June 2016, hosted at the beautiful Woodmead offices of Deloitte South Africa and co-sponsored by WeChat, the company that invented the increasingly popular social communications app.

What is your favourite FinTech company? Head to www.fintech-africa.com and cast your vote for the African FinTech Awards 2016! Help Africa prosper and support the development of new and innovative financial services and boost financial inclusion. This is your chance to be part of the process and determine which company is the hottest prospect in the FinTech scene in 2016.

CFO South Africa MD Graham Fehrsen was recently invited to sit in on a monthly meeting of the senior finance leaders from one of South Africa’s largest financial services providers. In this monthly meeting, arranged by the CFO, the senior team gets insight from an expert or leader from outside the business - on this occasion Zaf Mahomed (pictured), CFO of McDonald’s South Africa, who shared some of his experience and insights from his time as the CFO of Ellerines.

“It is important to understand that the wellness component and the health component are not the same thing and it’s not just a tick the box exercise,” said Jo Pohl, chief financial officer at Telesure Group. Jo was speaking at the event on 22 June 2016, where CFOs discussed effective workforce health and wellness strategies to drive the bottom line.

“Just being recognised as CFOs is great, along with the fact that we are making an impact in the business community. I would like to thank CFO South Africa and the sponsors for this event," said Christine Ramon, CFO of AngloGold Ashanti, on receiving this year’s Finance and Technology Award at the CFO Awards 2016, held on 12 May at the stunning Summer Place. Pictured right: Christine Ramon with Kholiwe Makhohliso (Oracle) Christine was joined at the awards by her three CA siblings: Justine Mazzocco (exco member Deloitte), Veran Kathan (CFO Vodacom Business Africa) and Mark Kathan (CFO AECI), the latter a nominee of the CFO Awards in both 2015 and 2016.

“Businesses and specifically financial professionals need to understand their own business processes enough to evaluate systems and their ability replace or integrate with existing processes, and we are able to assist them with this,” says Marius Fabian, the CEO of SAP ERP solutions provider 4most, a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

“Sometimes we change just for the sake of changing, without understanding the drivers bringing about that change. But in order to deal with any change situation, you need to understand the reasons behind the change,” said Dumisani Ntombela, Academic Director at Worldsview Academy and an independent organisational development and strategic human resources management professional.

MTN has announced that Rob Shuter (pictured), headhunted from Vodacom’s UK parent, Vodafone, has been appointed new CEO. Shuter will also be MTN’s group president.

CFOs are business partners across multiple business functions – an attribute of the role that has evolved the most in the last decade or so, opines Udayan Sen, CFO of BP Southern Africa. He says: “The once maligned bean counters are now businessmen and women, who by the way also happen to be the head of the finance function. Almost to say, if there was a tag line to describe CFOs, it would say: ‘We also have Finance accountability’. In BP, the CFO is the co-pilot, and supports the CEO to run the business."

Allianz Risk Transfer AG (ART) and Nephila Capital Limited (Nephila) have successfully piloted the use of blockchain smart contract technology for transacting a natural catastrophe swap. The test demonstrates that transactional processing and settlement between insurers and investors can be significantly accelerated and simplified by blockchain-based contracts. It also points to other benefits such as increased tradability of cat bonds and wider opportunities to apply this technology in other insurance transactions. Richard Boyd, Bermuda-based Chief Underwriting Officer of ART, said:

How do you really view your employees, asks Derek Brown of Abaco Consulting? As a problematic high and fixed cost to the business or as the business’s biggest and most competitive asset? The dichotomy, he says, is that they are of course both at the same time. By Derek Brown, Abaco Consulting On the one hand, your employees represent one of your single largest fixed costs, and there is continual pressure to reduce that cost by reducing head counts, increasing productivity, the deployment of automation, robotising, process re-engineering, Lean, Six Sigma and Agile initiatives, and if all else fails, the outsourcing of operating functions. Yet, we often proclaim that our people are the differentiator for our company in the marketplace and that they are the company’s greatest single asset in our competition for business. So how do we reconcile these two potentially conflicting viewpoints?

Vodacom, SA’s largest mobile services provider, recently published its annual report. And in that report were details of its executives’ remuneration. According to the document, CEO Shameel Joosub (pictured) earned just shy of R21.8 million in the 12 months through March 2016. His base salary was listed as R7.82 million, with the balance of R13.98 million attributed to a short-term incentive bonus, itself linked to revenue, cash flows, earnings before interest, tax, depreciation, and amortisation. This is double what the CEO was paid in the last financial year (R10.9 million, comprised of a base salary of R7.2 million and a bonus of R3.7 million), and also excludes benefits and long-term incentives.

Kenya's privately owned Plum LLP has announced plans to buy a 23.34% stake in Britam, a diversified financial group listed on the Nairobi Securities Exchange. The transaction will raise Plum's shareholding in the company to 38.54%. According to Plum, the acquisition is aimed at driving Britam's future growth. Britam currently has operations in Malawi, Mozambique, Rwanda, South Sudan Tanzania, and Uganda, and offers a wide range of financial products and services in insurance, asset management, banking and property. According to Reuters, the government of Mauritius seized Britam from a disgraced businessman, Dawood Rawat, in April last year, after accusing him of running a Ponzi-like scheme through a Mauritian insurer. Rawat has since filed a case against the government of Mauritius, before the International Court of Arbitration, asking for $1 billion in compensation. His claim is on the basis of illegal appropriation of Britam by the state.

What started as a simple idea to extend the learning and networking of the CFO South Africa community has reached a real tipping point with the recent addition of Oracle and SAP to the list of exceptional exhibitors that will be present at the Finance Indaba Africa, which will be held on 13 and 14 October 2016 at the Sandton Convention Centre, Gauteng.

No matter what the question is, in Sneha Shah’s world, the answer always starts with the same two words: the customer. In an exclusive interview with CFO South Africa, the charismatic Africa MD of Thomson Reuters speaks about her time in New York, the challenges facing modern CFOs and about her drive to help transform Africa’s aid-based economies into knowledge-based economies. Most of the successful projects Sneha has run, delivered because of a firm focus on customers. “For me, the customer is a passion,” Kenyan-born Sneha Sanghrajka Shah reflects. “Too many companies start with their products and ideas, risking irrelevance when the customer needs change. You cannot afford to lose sight of the customer, so my team starts with the customer every day. Even HR, which many organisations would see as a back-office role, has customer-facing targets to meet.” The same rules apply for CFOs, says Sneha, as “they have had to become more customer focused in order to be able to manage the increasing burden of regulation and risk. But overall, there is a trend globally where CFOs are becoming much more market-aware and client-facing. CEOs are becoming less of the singular face to the market and more like coaches to a strong business focused leadership team, and this has led to CFOs and other C-Level roles evolving accordingly.” Reuters has had news reporters in South Africa since the 1860s, and the finance business here started in the 1980s. The name has become synonymous with FX trading across the continent, but Thomson Reuters actually does much more, across a variety of industries and customer segments. “For a global information company with strong roots on the continent, we definitely need to do a better job of sharing who we are and what we do,” says Sneha, as she lists the range of Thomson Reuters services that can benefit businesses and their CFOs. The firm brands itself as ‘the answer company’ and combines news, broad and deep content and industry expertise with innovative technology to provide information to decision-makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets.

According to the World Bank, investment and capital inflows into Sub-Saharan Africa will continue to slow down as European banks begin looking to Asia for lending activities.This will be further compounded by low commodity prices and worsening economic conditions, as well as currency depreciation in key markets and increasing political tension. The World Bank, in its Global Economic Prospects: Divergences and Risks June 2016 report, said:

“I’m speechless,” said Olam International CFO Bikash Prasad when presented with the award for Moving into Africa at this year’s CFO Awards 2016, held on 12 May at the beautifully bedecked Summer Place.

The 14th of June 2016 marked a first for CFO South Africa as MD Graham Fehrsen hosted a lively dinner with finance leaders in Durban at the impeccable Oyster Box Hotel in Umhlanga. Although the bright lights of KwaZulu-Natal may not be quite those of Gauteng, the province is home to a number of significant multinationals and leading corporates. This dinner attracted finance professionals from Olam, Tiger Brands, Mondi, Illovo Sugar and ARB Holdings.

Nico Bezuidenhout (pictured), currently CEO of Mango, South African Airways' low-cost subsidiary, has been appointed CEO and executive director of fastjet, effective 1 August 2016. Colin Child, fastjet chair, welcomes Bezuidenhout’s appointment. He was quoted in the media as saying:

"Clients will need to be preparing for increased tax reporting obligations as well as gathering information to be able to comply with new and revised accounting standards in 2016,” says Gary Kartsounis, a partner at financial services firm Crowe Horwath, a silver partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

Graham Fehrsen, CFO South Africa MD, has spent the last few weeks visiting several of this year’s CFO Awards winners to deliver personalised CFO Awards. He shares the experience with us.

“I ask a lot of questions; even those I feel I don’t need to understand. We have all travelled different journeys, so everyone I meet, I try to understand what helped them get to where they are and, given the opportunity hypothetically, how I could help them,” says Thabiso Hermanus, CFO of the LSC Group, a subsidiary of Imperial Logistics.

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.

Nigeria's budget minister Udoma Udo Udoma has said that the government will soon be pumping much of the $1.76 billion earmarked for capital projects this quarter into Africa's biggest economy in a bid to encourage growth.

"What has Integrated Business Management delivered for Lamb Weston / Meijer (LWM)?" asks CFO Peter van Wouwe - LWM being one of the world's largest companies in frozen potato products, appetizers and dehydrated potato flakes. "Peace of mind, that’s what." In this article, Marco van Alfen, business planning and control expert at consultancy firm EyeOn, unpacks and demonstrates the concept of Integrated Business Management. Integrated Business Management, Integrated Business Planning (IBP), Sales & Operations Planning (S&OP), Sales Inventory & Operations Planning (SIOP): these are all terms used to indicate the multidisciplinary process by which demand and supply are tuned in an organisation. This is the most basic point at which they agree. During the eighties, the term S&OP marked this reconciliation process. TF Wallace had the key elements of a good S&OP process as: “… a set of decision-making processes to balance demand and supply, to integrate financial planning and operational planning, and to link high-level strategic plans with day-to-day operations.” In many organisations, however, S&OP became a short-term planning process where the past was more often looked at than the future, and the link with strategy was often missing.

South Africa’s GDP growth rate was -1.2% in the first quarter of 2016, according to Statistics SA. Furthermore, expenditure on real GDP fell by 0.7% in the first quarter of 2016. The main contributors to the negative growth rate included the mining and quarrying industry (down 18.1%) and the transport, storage and communication industry (down 2.7%). Moreover, the agriculture, forestry and fishing sector, and the electricity, gas and water sector also contracted significantly (-6.5% for the former and -2.8% for the latter). Conversely, finance, real estate and business services was the strongest performer in value added in the first quarter, increasing by 1.9%, primarily due to growth in finance and real estate services.

Tiger Brands recently announced that it has sold its 51-percent stake in an Ethiopian business, EATBI, to the other shareholder in the venture, East Afric Group (EAG). The sum of the transaction has not yet been disclosed.

Richard Farber (pictured), current CFO and group FD of Discovery Limited, will be stepping down as of 31 December 2016.

“If you are not active and reasonably fit, you cannot perform to the level that is expected of you as a top executive” says KPMG partner Gavin Maile. In this exclusive interview, Gavin reveals why he become an accountant, the challenges KPMG South Africa faced with the acquisition of the assets of Arthur Andersen in 2001, and what qualities a good CFO should have. Gavin heads the teams that services the automotive and construction industries in South Africa and candidly discussed the challenges they face in 2016. It might be an exaggeration to say that Gavin eats Comrades marathons for breakfast, but it is not far off the truth. He gets up at 5:15am most mornings to run or cycle, and has, over the years, completed 27 Two Oceans Ultra marathons, 11 Comrades marathons and 15 Cape Town cycle tours – among many other sporting exploits.

CFO South Africa Newsletter | Thursday 9 June Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles Kuben Naidoo new registrar of banks The Reserve Bank recently appointed Kuben Naidoo (pictured), one of its three deputy governors, as registrar of banks. Naidoo will fill both the deputy governor and registrar roles, effective 1 June, following Rene van Wyk’s recent retirement at end May. Finance is the backbone of business says Fabian Cazares, Philips He... A CFO should have a clear view of the potential risk areas and their mitigation actions, says Fabian Cazares, CFO/Head of Finance Southern Africa for Philips Healthtech. "Risk management is a key area, especially in volatile and emerging markets. The CFO needs to ensure that there is a proper risk management strategy in place and closely drive this, as well as to develop both short and long-term mitigation actions to guarantee business continuity." Fabian sees change as a journey, and believes that communication and transparency are important in effecting change, as they allow all stakeholders to see both the impact and benefits of such undertakings. SA equity market moves to 3-day settlement cycle The Johannesburg Stock Exchange (JSE) has announced that the final market testing phase of the project which will see its equity market move to a shorter, T+3 settlement cycle has been successfully completed. Read more exclusive articles on CFO.co.za - Finance Indaba 2016: Purple Group opens markets up for everyone - Local bank notes for Zimbabwe - Finance flash: the TOP-10 articles of week 22 Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 June 22 Johannesburg | The CFO as business partner July 21 Johannesburg | M&A Series part 2 Public sector events in 2016 June 21 Johannesburg | Are you an Inspiration? July 27 Johannesburg | Are you a Stakeholder Manager? 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. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [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"

Dineo Molefe became the new CFO of T-Systems, effective 1 May, taking over from Aneshree Naidoo. We caught up with Dineo for a few minutes to talk about her new role, for which she expressed great excitement. She said:

“Yeehaw!” said a clearly elated Walter Leonhardt, financial director of ABI, when accepting the Compliance & Governance Award from SizweNtsalubaGobodo CEO, Victor Sekese. Becoming serious again, Walter continued: “Thank you very much for the recognition. The words Prof Nkuhlu said earlier about how seriously we all need to take governance and compliance got me thinking. I work for an organisation where fast and furious is sometimes quite sexy. There’s lots of things happening all the time and we take compliance and governance seriously. I thank you very much for this recognition.”

The Johannesburg Stock Exchange (JSE) has announced that the final market testing phase of the project which will see its equity market move to a shorter, T+3 settlement cycle has been successfully completed. The JSE currently settles on a five day (T+5) settlement cycle. The transition, scheduled to take place on 11 July this year, will align South Africa to international best practice settlement standards. Dr Leila Fourie (pictured), JSE Executive Director, said:

“It’s time for financial services firms to realise that they need to provide opportunities for all South Africans to access the stock market,” says Charles Savage, the CEO of Purple Group, a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

In October this year, Zimbabwe’s central bank will start circulating local bank notes, although the country will not be returning to a domestic currency abandoned in 2009, and will continue to use the dollar and other foreign currencies. John Mangudya, Reserve Bank of Zimbabwe governor, described the local notes as vouchers intended to boost exports and generate foreign exchange. Mangudya said in a statement:

A CFO should have a clear view of the potential risk areas and their mitigation actions, says Fabian Cazares, CFO/Head of Finance Southern Africa for Philips Healthtech. "Risk management is a key area, especially in volatile and emerging markets. The CFO needs to ensure that there is a proper risk management strategy in place and closely drive this, as well as to develop both short and long-term mitigation actions to guarantee business continuity." Fabian sees change as a journey, and believes that communication and transparency are important in effecting change, as they allow all stakeholders to see both the impact and benefits of such undertakings. The majority of your career seems to have been with Philips, albeit in different capacities and divisions. What keeps you here? "Something I really like about Philips as a company is that they take seriously the development of their employees. Philips use to be well known in electronics, but its focus in the healthcare arena is making a greater impact in people lives. This echoes the vision, mission and values of the company, and that motivates me to stay here." In which post that you've held over the years did you learn the most? "I've been with Philips for 10 years, seven of which I've worked in emerging markets. I would say that in this position I've learnt the most because I've had the opportunity to build the business all across the African continent, for example." What key learnings have you taken away from your assignments in emerging markets? "I'm originally from Mexico, so I feel familiar with emerging markets. My main takeaways, especially in South Africa and Africa, are about the passion, entrepreneurship and desire of people to improve their lives. These values are reflected in both the social and the business environments." You've been in your current role since July 2015. What have you achieved during this time and what more do you still want to achieve? "As Philips Healthtech focuses on the development of new business in the healthcare arena, I have been setting the roadmap for the enablers required. But this isn't enough just yet. I want to keep achieving; keep making a difference and ensure I am the agile business partner required for this market and my organisation."

The Reserve Bank recently appointed Kuben Naidoo (pictured), one of its three deputy governors, as registrar of banks. Naidoo will fill both the deputy governor and registrar roles, effective 1 June, following Rene van Wyk’s recent retirement at end May. This comes ahead of the establishment of a new Prudential Authority that will regulate banks and insurers in terms of the new Twin Peaks model of regulation. The Twin Peaks legislation, which requires that the CE of the Prudential Authority be a deputy governor of the Reserve Bank, is in line with developments in financial sector regulation globally. It will see responsibility for banks, insurers and others in the sector split between a Prudential regulator, in the Reserve Bank, and a Market Conduct regulator, which will sit in the Financial Services Board. According to Naidoo, the Bank hopes the legislation, currently still with parliament, will be passed later this year so that it can come into effect on 1 January 2017.

CFO South Africa Newsletter | Monday 6 June Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles SA avoids ratings downgrade Ratings agency Standard & Poor’s (S&P) has given South Africa a stay of execution regarding a ratings downgrade, to the collective relief of many. It did, however, express concern over the country’s low growth and increasing political instability. It also revised its growth forecast for this year to 0.6%, down from 0.8%. Reserve Bank fines Capitec and Deutsche Bank R25 million The Reserve Bank said in its recently released Bank Supervision Department annual report that it fined Capitec and the local branch of Deutsche Bank a combined R25 million in 2015 for shortcomings in the systems they have in place to combat money laundering. Brimstone sells its stake in Taste Holdings 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. Read more exclusive articles on CFO.co.za - 5 things you should know about the future of insurance - Compleo Business Solutions and Compleo Print choose SAP Business One - Absa enables customers to transact over Twitter - CFO Case Study Competition announces top 12 teams - Finance Indaba 2016: Futuresense aids future-focused CFOs Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 June 22 Johannesburg | The CFO as business partner July 21 Johannesburg | M&A Series part 2 Public sector events in 2016 June 21 Johannesburg | Are you an Inspiration? July 27 Johannesburg | Are you a Stakeholder Manager? 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. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [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"

Fintech has become a big buzzword lately, although the inter-linkage of finance and technology is not a new concept. We exist in a world where mobile phones are used more than physical branches for banking, and where you can get a loan from a stranger through a peer-to-peer lending model, such as Lendico or RocMyPeer in South Africa. You can even authenticate mobile payments by scanning your face with a smartphone, using the ‘Smile to pay’ service launched by Chinese e-commerce giant, Alibaba.

Brimstone Investment Corporation, an empowerment investment company which has its biggest investments in Life Healthcare and fishing conglomerate, Oceana, has sold its 15% stake in Taste Holdings, a franchise specialist which holds the local rights for Domino’s Pizza and Starbucks. The value of Brimstone’s stake in Taste was about R150 million. Brimstone bought 12.4% of Taste in 2012 at 154c per share. It is unclear whether Brimstone exited with a meaningful profit.

Ratings agency Standard & Poor’s (S&P) has given South Africa a stay of execution regarding a ratings downgrade, to the collective relief of many. It did, however, express concern over the country’s low growth and increasing political instability. It also revised its growth forecast for this year to 0.6%, down from 0.8%. The Treasury welcomed S&P’s decision, saying:

The Reserve Bank said in its recently released Bank Supervision Department annual report that it fined Capitec and the local branch of Deutsche Bank a combined R25 million in 2015 for shortcomings in the systems they have in place to combat money laundering. Capitec was fined R5 million for failing to report cash transactions above R24,999 to the Financial Intelligence Centre in line with legislation, and was advised to take remedial action.

Having originally implemented SAP Business One in 2006 within Compleo Print, it became clear that the remaining businesses in the group were not enjoying as rich a functionality, which led to concerns over data integrity and reporting capability, as well as a distinct lack of integration. An almost fatal server crash in 2011 prompted the business as a whole to review its ERP technology infrastructure in order to ensure business continuity long into the future. Founded in 1999 as a strategic Xerox partner, Prodoc Business Solutions, recently renamed Compleo Business Solutions, has played a key role in positioning Xerox as a leading brand and supplier of quality printing equipment and related consumables in South Africa. A growing market, together with the opportunity to expand to a more holistic offering, saw the launch of Prodoc Business Systems, embracing a more service focused approach. In 2006, Compleo Print, a digital print company, was also launched. Operating in a B2B environment, the group works with a wide range of companies across multiple business sectors including agriculture, healthcare and government, to name but a few.

Absa Bank recently launched its innovative Absa ChatBanking option, allowing social media-savvy customers to conduct certain banking transactions via Twitter.

“Sometimes you feel unloved in the accounting profession. You cover the backside of the CEO and no one says thank you. It’s nice to be acknowledged,” said Osman Arbee, CFO of Imperial Holdings, when accepting the Strategy Execution Award, presented to him by Colin Brown of Supergroup – ironically his biggest competitor (pictured).

Out of the 320 teams representing 1,278 aspirants from 53 universities in 25 countries across five continents, the Project Board of the CFO Case Study Competition has announced the top 12 teams. Valentine Nti (pictured), the CFO Case Study Competition project executive director, said:

“We help CFOs make better decisions that create a better future for their companies,” says Simon Jackson, a director of enterprise performance management system provider Futuresense, a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

The latest economic update from the International Monetary Fund (IMF) has revealed that South Africa is now the third biggest economy in Africa, with Nigeria taking first place and Egypt second. According to the IMF, the weak rand, which worked against South Africa in the conversion to dollars in the IMF report, is the reason for the country’s drop to third place.

“Transformation won’t happen by osmosis or natural selection because at its core and at its foundation, it is a people thing. It comes down to behaviour and is a decision that people make,” says Seithati Bolipombo, CFO of Chancellor House Holdings (CHH), a privately held investment holding company founded in 2003. Seithati is extremely passionate about the subject of transformation and opines that while we’ve made good strides, there is still plenty of room for improvement. She also thinks we need to be prouder of our African heritage: “We need to elevate the pride of the African identity. The more globalised and Westernised we become, the more anything that was founded or established in Africa seems to have less of a reputation than the equivalent founded outside the continent. In business and in civil society, the African identity has to be prioritised and celebrated.” How did you get into finance? “This wasn’t always the plan! When I was in high school I actually wanted to work with young people. I had a chat to one of my teachers, who was like a mentor to me at the time. She said to me, ‘The world needs more people with strong values in critical pillars of society than it does within social services. You need people with the right heart and mind to be making those decisions in terms of where resources go’. She encouraged me to look into finance.” What do you most enjoy about the industry? “You get to shape the economy. Your area of financial excellence contributes to a bigger economic landscape, which really determines the growth of the country and therefore how it benefits its people.” In your opinion, what are the most important elements or considerations when devising a business strategy? "Every business exists for its customers or its clients. That’s first and foremost the thing you’ve got to preoccupy yourself with; being obsessed about understanding the people for whom you exist as a business, their needs, their demographics, and what keeps them awake at night. Then you have to consider what solution you are providing and how you meet their needs. My philosophy is that business concepts don’t fail due to a lack of either resources or the right people or staff. I believe that business concepts fail due to an inability to bring value to the table of exchange. I believe that people are willing to spend money as long as the solution that is being provided is a valid and valuable one. That’s the biggest element of business strategy for me.” What role do you think the CFO plays in the strategic vision of a company? “As CFO you may be the ’bean counter’ but you should also able to add value to strategy and decision-making based on numbers, so that business decisions are not made on gut feel or emotion. The strategy has to be based on strong strategic and financial fundamentals.” “In formulating strategy, management undertakes a critical assessment of the industry the business is in, as well as its competitors. It is crucial that this assessment is also based on financial evidence too. If it comes down to a choice of two paths the company could take, it’s a question of what do the numbers say. I’m particular about the numbers because I feel they’re objective to a certain extent – as long as we’re not cooking them.”

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.

According to its audited results for the year ending 31 March 2016, Tongaat Hulett Ltd saw a rise of 3.2% in revenue, to R16,676 billion (compared to R16,155 billion for the previous year), with operating profit down 13.5% to R1,808 billion (compared to R2,089 billion the previous year.) Furthermore, headline earnings are down 17.1% to R783 million, and headline earnings per share are down 17.9% to 678,1 cents. The company said in its SENS announcement:

The prevalence of cyber threats is forcing companies to make tough decisions and quickly, otherwise they stand to lose direct control of data security, says Nathan Desfontaines, a Cyber Security Manager at KPMG South Africa. From coherent mobile information security policies to comprehensive cyber security strategies, the list of what is required from businesses to adequately protect ever-increasing volumes of data is growing. This is because the number of threats, including mobile malware and hacking, is also increasing. Mobile attacks, custom-designed malware and the threat of wearable technology, such as smartwatches, are examples of what businesses need to be aware of these days. Why do organisations need to treat cyber security as a key IT element rather than ‘another’ business risk? Businesses need to move away from believing that cyber security is a point-in-time exercise – a fad that is “hyped up”, or that the threats of cyber-attacks will go away. Once businesses can do this, then we can start to embrace the benefits technology has enabled within the business while dealing effectively with the very real threat of cyber-crime. When it comes to protecting businesses’ information from potential cyber-attacks, businesses need to understand what their “Crown Jewels” are. By knowing what the business has and what it is worth – both to the business and to outsiders – only then will the business gain a better understanding of what information needs to be protected. Trying to achieve 100% security across all facets of the IT estate is a challenge and is bound to dilute the focus on where it really should be – the critical information assets of the business. What are the toughest security challenges for businesses today? A constant challenge that businesses face is having an effective threat intelligence capability assessment, plan and response in place. Most companies would not know if they were being attacked and in most cases, for those who do, they are unable to detect and effectively respond to a breach. The reality is that technology in isolation is not going to ensure a business’s readiness to respond to a breach. Businesses need to have a balanced model of full business IT security including skilled people, embedded practical processes and, a “fit-for-purpose” technology that enhances the ability to detect and respond to a possible breach. What is considered a comprehensive cybersecurity strategy? A comprehensive cybersecurity strategy should start with a detailed classification of the business’s data – as you can’t protect what you don’t know you have. This classification should be followed by an all-inclusive threat intelligence capability assessment so that an effective post-breach response plan can be developed – and continuously updated, as necessary – as without these, the business is essentially “flying blind in an invisible war”. What could be the consequences to not defending your company from threat intelligence processes? Aside from a possible legislative or regulatory financial impact on a business as a result of a cyber-attack, businesses are becoming increasingly concerned around both the financial and reputational impact to their operations and their environment.

Anglo American has appointed Bruce Cleaver (pictured) as CEO of De Beers Group, with effect from 1 July. Cleaver replaces Philippe Mellier, who will be stepping down after a five-year tenure. Mark Cutifani, CEO of Anglo American and chairperson of De Beers, said in a statement:

Moody’s Investors Service announced yesterday in a report that it has revised its outlook for the South African banking system from stable to negative. It believes that the creditworthiness of these institutions will take strain over the next year to 18 months.

Following the great success of this year’s CFO Awards, held on 12 May at Summer Place, where Woolworths’ Reeza Isaacs walked away with the coveted CFO of the Year Award, we are calling for nominations for the CFO Awards 2017.

With personal computers and the internet mere precursors to the real digital revolution, CFOs need to change gears and get ready for radically different roles, says Xero executive Gary Turner. Few firms are riding the waves of digital change so confidently as Xero, the accounting software cloud-solution for small- and medium-sized enterprises. After swooping the UK market, Gary has now set his sights on South Africa.

CFO South Africa Newsletter | Thursday 26 May Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles Shoprite to invest $572 million in Angola Shoprite International, Africa’s largest food retailer, intends to invest $572 million in Angola, opening up new supermarkets and business units. It will also upgrade its existing chain of Angolan stores. This according to a recent statement published in the government gazette. Nigeria suspends talks on MTN fine According to reports, Nigeria has indefinitely suspended talks with the MTN Group regarding the $3.9 billion fine the telecoms company received in October last year, while the country’s House of Representatives undertakes an investigation into the size and delivery of the penalty. http://static.financieel-management.nl/img_simple.php?src=img/pictu..." /> AAT graduates easily turn theory into practice “Our local government and public sector qualifications are based on competency frameworks of municipalities and the National Treasury. They are designed to fit the purpose exactly,” says Nadine Kater, GM of the South African chapter of the Association of Accounting Technicians (AAT), a silver partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg. Read more exclusive articles on CFO.co.za - Nomanini records massive growth in transactions as platform scales - Understand how the economic puzzle fits together, says Allianz CFO ... - Finance flash: the TOP-10 articles of week 20 - Prof Wiseman Nkuhlu joins panel of judges for 2017 CFO Awards - INOVO's Thinus Janse van Rensburg: Four ways customers should drive... Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 June 22 Johannesburg | The CFO as business partner July 21 Johannesburg | M&A Series part 2 Public sector events in 2016 June 21 Johannesburg | Are you an Inspiration? July 27 Johannesburg | Are you a Stakeholder Manager? 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. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [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"

Hedge fund manager Nautilus, a subsidiary of the JSE, has received approval from the Financial Services Board (FSB) to offer a set of hedge fund products to the public. Nautilus is one of only a few managers to have received approval to date, in terms of the revised legislations published last year. Alexia Kobusch (pictured), MD of Nautilus, said:

“To god be the glory. I don’t even have a speech, this is so unexpected,” said Dumisani Dlamini, CFO of the National Arts Council (NAC) of South Africa, and winner of two awards at the recent CFO Awards 2016, Young CFO of the Year (for finance leaders aged 40 or below) and Public Sector CFO of the Year. “This is to say to every black child, girl or boy, you can make it! This goes to all CFOS in government who are under political pressure or who are in a difficult environment – this is for you!"

Payments platform provider Nomanini has achieved a 1,500-percent growth in transactions as the company successfully scaled its mobile point-of-sale (PoS) platform for informal markets.

“Our local government and public sector qualifications are based on competency frameworks of municipalities and the National Treasury. They are designed to fit the purpose exactly,” says Nadine Kater, GM of the South African chapter of the Association of Accounting Technicians (AAT), a silver partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

According to reports, Nigeria has indefinitely suspended talks with the MTN Group regarding the $3.9 billion fine the telecoms company received in October last year, while the country’s House of Representatives undertakes an investigation into the size and delivery of the penalty.

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.

Prof Wiseman Nkuhlu (pictured), South Africa’s first black chartered accountant, current chancellor of the University of Pretoria and an often-cited inspiration for members of the CFO community, has accepted CFO South Africa’s invitation to join the panel of judges for the 2017 CFO Awards.

CFOs have traditionally not had to engage with IT. The CIO or other IT execs would simply recommend that the company adopt certain technologies without explaining how those technologies benefit the company. Buzzwords about technology and business processes can be impressive or baffling, depending on the level of communication between departments. It has become increasingly apparent that CFOs can benefit from engaging with IT, and that this engagement has a direct impact on profitability.

Lesetja Kganyago (pictured), South African Reserve Bank (Sarb) governor, has announced that there will be no change in the interest rate. Thus, the repo rate will remains at 7%, while the cost of borrowing will stay at 10.5%. A statement of the Monetary Policy Committee (MPC), issued by Kganyago, said that although headline CIP inflation has moderated since February, the respite is expected to be temporary, as petrol and food price pressures continue to intensify. The statement said:

Shoprite International, Africa’s largest food retailer, intends to invest $572 million in Angola, opening up new supermarkets and business units. It will also upgrade its existing chain of Angolan stores. This according to a recent statement published in the government gazette.

CFO South Africa Newsletter | Friday 20 May Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles CFO Awards 2016: glitz, glam & winners at Oscars of SA's financ... Woolworths Group FD Reeza Isaacs was named CFO of the Year 2016 during a spectacular CFO Awards Conference and Gala Dinner at the Summer Place in Hyde Park, Johannesburg. Our senior editor Toni Muir jotted down quotes throughout the evening and we have used the best ones to recap the amazing event, dubbed the Oscars of South Africa's finance profession by many CFOs. CFOs must be ready for change – keynote Deon Viljoen, Acting CEO of... Deon Viljoen, Acting CEO of Alexander Forbes, won the CFO of the Year Award at the CFO Awards 2015. This year, Deon presented a keynote speech, which he began by thanking the CFO team and the CFO community of South Africa. After congratulating this year’s nominees and winners, Deon spoke about change: “No matter what industry you are in, you will be faced with these challenges. The trick is to be aware of it and get out of the trenches every now and then to look, because the world is changing around you.” http://static.financieel-management.nl/img_simple.php?src=img/pictu..." /> Finance flash: the TOP-10 articles of week 19 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. Read more exclusive articles on CFO.co.za - DA proposes big changes to finance minister’s budget - IFRS 15 and its impact explained - by KPMG's Pierre Conradie - Oracle: Closer alignment between CFO and CIO crucial to finance tra... - Finance Indaba 2016: SAIBA builds a community of committed professi... - Famous Brands buys 51% stake in Salsa Mexican Grill Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 June 22 Johannesburg | The CFO as business partner July 21 Johannesburg | M&A Series part 2 Public sector events in 2016 June 21 Johannesburg | Are you an Inspiration? July 27 Johannesburg | Are you a Stakeholder Manager? 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. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [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"

In a statement released this week, the Democratic Alliance (DA) said that it will next week propose a R9.52 billion adjustment to South African finance minister Pravin Gordhan's 2016/17 budget. The DA noted in its statement that it will propose 399 amendments to fund six proposals, aimed at improving the lives of South Africans. According to the political party, the proposals are aimed at “creating jobs, fighting crime, supporting poor students, fighting corruption, providing relief to poor households and of course, providing drought relief”. Among the amendments and proposal are the allocation of an additional R1.2 billion to fund several new employment opportunities in the Expanded Public Works Programme (some 180 000 oppportunities, and a “hiring freeze” in certain departments, which the DA alleged will amount to a saving of R538.84 million. Other suggested amendments include discretionary cuts to VIP Protection and the much-talked-about presidential jet.

“We are at the beginning of a huge shift; a digital transformation washing across ever country as the power of computers and network computing takes hold,” said Gary Turner MD EMEA of Xero. Turner was speaking during the Johannesburg leg of the company’s South African roadshow. The MD added that, with 350-plus eager finance professionals in the audience before him, the South African market was one of the most exciting for the company to move into. It is little secret that South Africa is a nation of small businesses. In fact, there are more small businesses in the country than there are big. According to recently undertaken research, the contribution of small businesses to GDP in South Africa is 52%. Interestingly, as many as 40% of these small businesses don’t use accounting software. “South African businesses don’t help themselves. 23% don’t sell online; 58% work 10 plus hours a day; 40% don’t use any technology,” said Turner. Xero hope to change this, and rewire the small business economy, he added.

In May 2014, the accounting standards setting authorities released a new standard on revenue recognition effective for periods beginning on or after 1 January 2018: IFRS 15 Revenue from Contracts with Customers (IFRS 15). IFRS 15 brings together in one standard the core principles for revenue recognition across all sectors. Pierre Conradie, Director at KPMG Advisory Services, explains the impact of IFRS 15, especially as far as the property sector is concerned. While publishing a new standard on revenue recognition is a major achievement, for many companies, the real work is just beginning. The new requirements will affect companies in different ways and those engaged in major projects in South Africa – such as telecoms, public utilities, engineering, construction and real estate industries – could see significant changes to the timing of revenue. Although earlier concerns that revenue may be delayed until practical completion of a contract or that a single contract may be broken down into many small accounting units have been largely addressed, the devil is nevertheless in the detail.

“Setting a target, being clear about it and measuring it is key to success,” says Reeza Isaacs, group finance director of retailer Woolworths Holdings, and winner of this year’s CFO of the Year Award. The Award was presented at the spectacular CFO Awards 2016 ceremony, held on 12 May at Summer Place, and attended by over 250 elegantly dressed and excited guests.

According to a recent Oracle study, 73% of finance leaders agree that closer CIO/CFO alignment has become more important to achieving finance transformation goals.

"We see ourselves the gateway to the accounting profession," says Nicolaas van Wyk, CEO of the Southern African Institute for Business Accountants (SAIBA), a silver partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

Famous Brands, South Africa's largest fast-food restaurant chain and which runs Steers, Debonairs and Wimpy, has announced that it will take a 51% stake in the recently launched local firm, Salsa Mexican Grill. Although the financial details of the deal have not yet been disclosed the company said the decision comes as part of its drive to extend its presence in the casual dining sector. Darren Hele (pictured), Famous Brands chief executive, said in a statement that the company had identified a gap in the market for casual and “fast” Mexican food, and that the acquisition fitted in with Famous Brands’ strategy in terms of its bouquet of brands. Hele said:

Rob Davies (pictured), Trade and Industry Minister, speaking at a recent Cape Town launch of the latest Industrial policy action plan (Ipap), said there is a pressing need for South Africa to break away from a commodity-dependent economy, and that economic growth should not be based on unsustainable models. Davies further noted that there should be a move to a more diversified base in which employment creation and export-intensity, among other things, define South Africa’s growth trajectory. Davies said:

In the majority of organisations, planning, budgeting and forecasting (PBF) processes are flawed. KMPG’s Charl du Toit suggests that a fully integrated planning process is essential to deliver full benefit and value from the planning process – and help your organisation achieve its goals.

Rand Merchant Bank (RMB) and Standard Bank will compete for top honours in the 2016 African Banker Awards, the most prestigious event in Africa’s banking sector, held under the patronage of the African Development Bank.

Petrus Jurgens Myburgh (pictured) has been appointed executive director and group CFO of Mediclinic International, effective 1 August.

Deon Viljoen, Acting CEO of Alexander Forbes, won the CFO of the Year Award at the CFO Awards 2015. This year, Deon presented a keynote speech, which he began by thanking the CFO team and the CFO community of South Africa. After congratulating this year’s nominees and winners, Deon spoke about change: “No matter what industry you are in, you will be faced with these challenges. The trick is to be aware of it and get out of the trenches every now and then to look, because the world is changing around you.”

Woolworths Group FD Reeza Isaacs was named CFO of the Year 2016 during a spectacular CFO Awards Conference and Gala Dinner at the Summer Place in Hyde Park, Johannesburg. Our senior editor Toni Muir jotted down quotes throughout the evening and we have used the best ones to recap the amazing event, dubbed the Oscars of South Africa's finance profession by many CFOs.

“It’s not what you see it’s how you interpret what you are seeing,” American-born baseball player and coach turned business performance coach, Brian Farley, told the assembled audience at a master class session held on 12 May at Summer Place, ahead of the hugely successful annual CFO Awards dinner.

"The CFO and his or her team should be a respected centre of excellence that is trusted for intellectual honesty, sound processes and transparency," said Prof Lumkile Wiseman Nkuhlu, Chancellor of the University of Pretoria, during a keynote speech at the CFO Awards on 12 May 2016 at Summer Place in Johannesburg. South Africa's first-ever black chartered accountant called on the attending CFOs to show courage "in times of persistent market volatility and rapid technological change".

Reeza Isaacs, group finance director of retailer Woolworths Holdings, has been named South Africa’s CFO of the Year at the 2016 CFO Awards. The award was announced on Thursday 12 May 2016 at the end of an inspirational conference and gala event at Summer Place in Hyde Park, Johannesburg. Dumisani Dlamini (National Arts Council) was named Young CFO of the Year and Public CFO of the Year, while Osman Arbee (Imperial) and Walter Leonhardt (ABI) also took home two awards each.

CFO South Africa Newsletter | Thursday 12 May Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles Mastering change and integrity in the public sector - Umar Banda. C... Working in the public sector "isn't everybody's cup of tea", says Umar Banda, Acting CFO of the City of Tshwane Metropolitan Municipality, because the environment – which can be quite politically driven at times – is sometimes difficult to navigate. CFO Awards 2016: Why being acknowledged is tough The most difficult thing about being acknowledged is that you open yourself to scrutiny, writes CFO South Africa MD Graham Fehrsen, three days before the annual highlight on the CFO's calendar - the CFO Awards." http://static.financieel-management.nl/img_simple.php?src=img/pictu..." /> New CFO for Wescoal: Bothwell Mazarura South African coal mining company, Wescoal, has appointed Bothwell Mazarura (pictured) as Group FD and CFO, effective 1 July. Izak van der Walt, the company's Acting CFO, will take on the role of GM Finance for Operations as of 1 July, providing support to the group and board financial roles. Read more exclusive articles on CFO.co.za - Finance Indaba 2016: ACCA graduates mean business - Nedbank's income rises - SABMiller and Coca-Cola create Africa's largest soft drinks bottler - ArcelorMittal benefits from better steel prices - New CFO, Clarinda Simpson, appointed at Sentech CFO Awards 2016 - 12 May Sandton Tonight we host the prestigious 2016 CFO Awards The annual CFO Awards recognizes CFOs of listed companies, large corporations, parastatals and government institutions and awards them for outstanding performance and leadership. Over 250 top CFOs and business partners will attend the event and enjoy roundtable discussions, networking, entertainment and a VIP dinner. It will be an afternoon of exceptional round table conversations with nominees and excellent networking opportunities in the first part of our event. During the evening, our guests will enjoy great food and drinks during the CFO dinner and CFO Awards show.?? Entertainment by Swing City Modern Day Swing Music, inspired by the likes of the Rat Pack, Michael Buble en Robbie Williams. Swing City was borne of the love of swing music from three of South Africa’s most loved artists Nathan Ro, Graeme Watkins and Loyiso Bale. Our guests will be inspired by thought provoking speakers Professor Wiseman Nkuhlu, professor Mervyn King and Vusi Thembekwayo will be among the most eminent of guests at this year’s CFO Awards. Also we have leading experts Keith Coats and Brian Farley, international leadership experts, Trevor Hoole, CEO KPMG Southern Africa, Clement Chinaka, CEO Corporate Segment Old Mutual and Victor Sekese, CEO SizweNtsalubaGobodo joining us, together with some of the very best CFOs and CEOs sharing their insights and experience. For more information have a look at CFOAwards.co.za. Become a member and buy your ticket here. Partners CFO Awards 2016 Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 22 Johannesburg | The CFO as business partner July 21 Johannesburg | M&A Series part 2 Public sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 21 Johannesburg | Are you an Inspirator? July 27 Johannesburg | Are you a Stakeholder Manager? 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. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [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"

Ivan Dittrich (pictured), former Datatec CFO, will be returning to this post as of end May. Dittrich left the JSE-listed IT group in 2012 for the CFO job at telecoms giant, Vodacom. Jens Montanana, Datatec CEO, said in a statement: “I am delighted to welcome Ivan back as our CFO. He has a very strong track record with us and has benefited from his recent experience outside the group.” Dittrich worked in a number of roles across Datatec, including CFO, from March 2008 to May 2012, at which time he left to take up the Vodacom CFO post. Dittrich spent three years at the telecoms company, resigning in mid-2015. Returning to this role at Datatec Dittrich replaces outgoing CFO Jurgens Myburgh, who will be moving into a CFO post at Mediclinic International from August.

The judges have submitted their votes, the scores have been tallied and the auditors from SizweNtsalubaGobodo have sealed the envelopes. Tonight will be revealed who will follow in the footsteps of now-retired Standard Bank FD Simon Ridley and Alexander Forbes acting CEO Deon Viljoen (pictured together below) - and will be crowned CFO of the Year 2016.

President Jacob Zuma, speaking at a recent press briefing at the Union Buildings, said government will reduce policy uncertainty to boost economic growth. The President said:

"There is an undeniable need to introduce young people to entrepreneurship at an early stage and further ensure that they are equipped with the right skills from an education front," says Patience Semenya, head of the South African chapter of the Association of Chartered Certified Accountants (ACCA), a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

According to Nedbank Group, its first-quarter net interest income has expanded at least 10%; boosted, the entity says, by the country’s highest interest rates in six years. According to Mike Brown, Nedbank CEO, performance was in line with management’s expectations for the first three months of the year.