Karachi, March 12, 2013 (PPI-OT): The annual CFO Conference by the Institute of Chartered Accountants of Pakistan (ICAP) was held at a local hotel, in Karachi, on March 12th, 2013. The conference themed as ‘CFO-Meeting Future Challenges’ was attended by more than 650 professionals from the fraternity of finance and business including dignitaries and de la crème of the industry.
The President ICAP Mr. Ahmad Saeed in his opening remarks welcomed all the worthy participants who made it possible to make the CFO conference a regular feature of the ICAP’s calendar of events. He stated that ICAP’s professionals constitute an integral part of the industry and it is incumbent for the Institute to cater to their needs and expectations.
The CFO Conference over the years has emerged as a strong platform where professionals in business and industry meet to explore, confront and thrash out solutions to meet the challenges and issues. He further spoke of the multifaceted dimensions of the emerging CFO and its four faces’- steward, operator, strategist and catalyst, citing the challenge to balance and achieve excellence in all the roles. He accentuated the need for evolving with changing times and challenges. Further, he hailed the efforts of the ICAP PAIB Committee for their commitment and holding of the Third Professional Excellence awards.
Mian Usman A. Ghani -Chairman ConfluentC, Professor of Strategy, University of Texas, USA and Senior Vice President, Harvard Business School Club took the stage speaking on ‘Financial Leaders – Meeting Future Challenges’. He emphasized on building of an emergent world, moving from spreadsheets to simulations as to create memories of the future.
In today’s organizational challenges CFO’s role is transformational- leadership of change that is creating synergy and building teams. He stressed the need to move from the myopic view as the health of society is more important than the wealth creation of a nation.
Syed Masoud Ali Naqvi – Senior Partner, KPMG Taseer Hadi Co and past president of ICAP delivered the second keynote of the day. He on the outset congratulated the ICAP and PAIB team for organizing the seventh successful conference, which has become the most, looked upon professional gathering. In his session ‘Critical Analysis on Economy and how it Affects the Performance of Business’, Mr. Naqvi highlighted how the Pakistani economy is the most analysed and resilient economy which has absorbed multi-dimensional shocks over the years.
The economy today is facing multiple challenges with the total debt standing at 68% of GDP, investment 11% percent of GDP, taxes 9% of GDP and consumption growth at 20%. Need of the time is to have a national economic agenda to steer the country out of the crisis, for which a robust political will and commitment is needed. Politicians supported by expert groups can counter the crisis with redefining institutions, increase investment in health and education, reduce the bleeding of the Public sector entities and introduce a more aggressive investment policy.
Mr. Yacoob Suttarthanked the ICAP team and Terrabiz for managing the conference through the inevitable challenges. He thanked the eminent thought leaders and especially the international representation from the International Federation of Accountants (IFAC) Mr. Vincent Tophoff. Mr Suttar then recognized the services of the silent army of finance through the Professional Excellence awards.
The Third Professionals Excellence awards – a gesture from the institute to recognize and felicitate the professionals who provided intelligent, innovative solutions in their organizations. AKD Securities Limited was declared as the 1st Award Winner for the “Issuance of Participation Term Certificate” the scope of the project was to raise funds through Participation Term Certificate in order to clear a substantial amount of debt component from the client’s balance sheet, while the Pakistan State Oil Company Limited was declared as the 2nd Award Winneron “Partial Settlement of Circular Debt”.
The scope of the project was to bail out a large portion of the energy sector from huge balances of circular debt using an innovative accounting and finance solution. The Winners of this year’s Awards were selected by an independent three member Jury comprising of Mr. Zafar Iqbal Sobani , Mr. Feroze J. Cawasji and Mr. Ruhail Muhammed.
IFAC Senior Technical Manager -Mr. Vincent TopHoff spoke on ‘Strategic Risk Management in the Face of Uncertainty and Unexpected Risks’, in his highly interactive presentation Vincent listed out the crucial factors for strategic management.
He spoke about achieving the objectives taking into account risk management, internal control and SWOT analysis. CFOs need to champion the importance of good risk management and line management. He emphasized the need to set the tone at the top.
Another feature of the conference was the presentation by Dr. Sunil Gupta – Lifetime Master Trainer, deBono Thinking Systems “Unleashing Creativity to Deliver Strategic Excellence”. The session was thoroughly enjoyed by the participants as the speaker opened new avenues to innovative solutions. In addition the Managing Director/CEO, Lahore Stock Exchange Mr. Aftab Ahmad Chaudhry apprised the participants of the scope and the status of the public private partnership on ‘How are Public Private Partnerships Faring in Today’s Tough Environment’.
A highly patriotic tone was set by the charged session ‘Pakistan as a Land of Opportunity – Role of CFO in Bringing Investments’ of Mr. Kimihide Ando – MD, Mitsubishi Pakistan and President, OICCI , he outlined the key roles the CFO can play effectively to garner investments in the country.
He spoke about perception and reality and the excellence achieved by the youth of Pakistan breaking world records. Pakistan is a land of opportunity strategically located, gifted with natural beauty and resources and a large young population with high potential to take Pakistan to a far better position. He emphasized on spending less time on the past and spending more time on the future. Feel the market and customers and look beyond the wishes of the CEO and believe in Pakistan, more importantly.
Mr. Nauman Asif Mian CFO, Bayt.com in his session ‘Regional Challenges and Opportunities for Finance Professionals in the Middle East’outlined the picture of the region. In addition to the sessions the conference also had two highly interactive panel discussions on ‘CFO asController or Business Partner’ and‘Is there any Expectation Gap between Auditors and CFOs’.
The Moderators Mr. Rafi Basheer – and Mr, Mujahid Eshai of both sessions respectively held the flow of the discussions and spoke about the CFO’s evolving role in shaping the business strategy and handling multiple responsibilities and changing dynamics of the business.the first panel discussion included Ms. Naz Khan, Mr. Abdul Malik, Mr. Kamran Hafeez, Mr.Imran Hussain and Ms. Shagufta S. Hassanwhile the second discussion was participated by Mr. Rasheed Jafar, Mr. Nadeem Yousuf Adil, Mr. Murtaza Abbas and Mr. Asif Sindhu respectively.
The conference concluded on an appreciative note with the participants looking forward to the next CFO conference to enrich their experience. The conference was organized in collaboration with Terrabiz.
For more information, contact:
Institute of Chartered Accountants of Pakistan (ICAP)
Chartered Accountants Avenue, Clifton
Phone: +9221 111-000-422
Fax: +9221 99251626
Cell: 0300 2128185