FEATURES / IWFM’S CHAIRS
COMMON CAUSE N While 2021 signifies a change at the top for the IWFM, it’s in the work instigated by outgoing chair Martin Bell, and to be continued by Mark Whittaker, that a wider story of change is to be found. Martin Read reports
aturally, the pandemic looms large in this story. It has profoundly affected the agenda of IWFM chair Martin Bell and will surely influence that of his successor Mark Whittaker. But the link between the two men’s tenures goes far beyond pandemic response, as they are in full agreement about the institute’s priorities up to 2023.
Tackling 2020 and turning adversity into opportunity For Martin Bell, how the IWFM adapted to the pandemic is something of which he is immensely proud. “We had no playbooks, no reference guides; no idea which direction to go in. But it was important to understand what it was we could actually do. We knew we had great adversity, but what were the opportunities?” The first job was to balance cost-cutting with an investment in a necessarily altered service offering for members. IWFM’s output evolved quickly as new content formats – the Turbulent Times webinar series key among them – were introduced to fill the void
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in the absence of physical meetings. Meanwhile, engagement with the government also increased as FMs and their teams became suddenly crucial – and visible – to the economy. “What we did, within weeks, was establish the necessary governance able to support the executive,” Martin says about the creation of an Extraordinary Finance Committee (EFC) to support the executive. “The EFC was about supporting the financial governance of the organisation; to remain a sustainable business, but also to benefit and prosper in the environment. “We were in the fortunate position that one of our co-opted non-executive directors was Paul Ash [now chair of The Chartered Institute of Management Accountants]. It made sense for him to chair the EFC and that I would provide support as a committee member.” At the pandemic’s height, the EFC met weekly with the executive to run through cash flow forecasts and evaluate potential new activities or missed opportunities – “and all of this was highly complex in order to work through”, Martin adds. The EFC still sits, with meetings currently monthly rather than weekly. “At the moment it
FAC I L I TAT E S EP T EM B ER- O C TO B ER 2021
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