BRING BACK UBUNTU

CFO South Africa, in partnership with Workday, brought some of the country’s leading finance professionals together around the dinner table to discuss the qualities they will need as they lead their organisations into the future. Their ability to learn, teach and collaborate came under the spotlight.

Positivity was in the summer air as some of South Africa’s top CFOs gathered around the dinner table at the Saxon in Johannesburg on 26 October to enjoy a delectable four-star meal. The evening, which was hosted in partnership with Workday, prompted an existential question for all South Africans: Where has our spirit of Ubuntu gone?

“Our spirit of Ubuntu has always been our most exportable quality,” they said. “But negativity is creeping into our conversations and we’re losing our spirit of positivity and sense of brotherhood.”

Guests agreed that the positive nature of South Africans has been dwindling over the last 10 years as the country faces macro-economic, political, unemployment, poverty and power issues, which have only been exacerbated by Covid-19.

“The last three years have brought South Africans very close to their breaking point, and this recent terrorist warning is threatening to push the country over the edge,” one guest said.

“South Africans have always been known worldwide for their resilience, but we’re losing our momentum,” another CFO echoed. “The last few years have made people scared, and you can’t have a growth mindset if you’re afraid.”

The only way to change this negative narrative is to change the mindset of the country’s citizens, guests explained. “South Africans have this expectation that someone else will do it, but we can’t rely on the government or international investors to solve our problems anymore.”

They all agreed that it’s time for the private sector, and leaders like themselves, to step up and come together to encourage a new mindset of ownership. “We have to roll up our sleeves and do tangible things to provide new hope, even if it affects our bottom lines.”

The CFOs suggested that the change should start with partnerships and education. “It’s important to enter into partnerships with experts who are able to teach people the skills they need to solve their own problems on a sustainable basis.”

Guests having dinner at Tryn restaurant in Cape Town on 7 December acknowledged that there will be new challenges in 2023, but that these would not define the CFO role. “It’s how you navigate the challenges, and how you support your team during the hard times that will define you as a leader.”

They agreed that the time for balancing books and being a strategy leader was over, and that it was time for finance leaders to start making a difference. “As a CFO, the impact you can have on someone is unmeasurable, and that impact needs to be good.”

The CFOs emphasised how important it was for finance leaders to be authentic and caring. “You need to treat everyone the same, whether they’re a factory worker or in the C-suite. You need to be able to extract performance from teams through culture instead of fear.”

They further explained that being able to engage with people and inspire them is one of the rarest skills to possess, but also the most valuable. “You have to get down and dirty with the customers and your teams in order to get the best out of them.”

To inspire your team, you have to be an enabler, guests shared. They shared thoughts about disruptive entrepreneur Elon Musk, and agreed that despite the complexities around his Twitter takeover, it's important to be inspired by the "mad scientists” who have big ambitions for the future. “The roles and responsibilities we have now won’t exist in the future. You need to be forward-thinking and invest in the talent that will take you there.”

They all said that CFOs need to embrace the youth who are moving into the workforce. “They will be the ones that are open to technological changes and developments, because they will be the ones creating and driving those technologies.”

One guest suggested that CFOs need to start looking at gamers, who are able to see patterns and apply their thinking to a bigger picture.

THOSE ATTENDING THE DINNER AT THE SAXON WERE:

• Abigail Mukhuba, FD at Sanlam

• Aneshree Naidoo, CFO at Webber Wentzel

• Caylynne Fourie, managing editor at CFO South Africa

• CJ Kujenga, group CFO and interim CEO at Ascendis Health

• Deepa Sita, CFO at Tiger Brands

• Georgina Guedes, executive community director at CFO South Africa

• Kiv Moodley, country managing director at Workday South Africa

• Leslie Marie, regional financial lead at Workday South Africa

• Martin van der Walt, group CFO at Sibanye Gold

• Risto Ketola, group FD at Momentum Metropolitan Holdings

• Simon Adams, CFO at Nando’s

• Siya Mnyanda, senior account executive of enterprise at Workday South Africa

THOSE ATTENDING THE DINNER AT TRYN WERE:

• Burtie September, CFO at Curro Holdings

• Caylynne Fourie, managing editor at CFO South Africa

• Cobus Loubser, CEO at Curro Holdings

• Graham Fehrsen, founder of NOVO (former CFO South Africa MD)

• Jurgens Myburgh, CFO at Mediclinic

• Laila Razack, CFO at Equites Property Fund

• Leslie Marie, regional financial lead at Workday

• Michael Fleming, CFO at Clicks Group

• Rob Williamson, business development leader at Workday

“We also need to start looking into blockchain and the metaverse, as there are already workers who are looking to be paid in crypto currencies and want to work in the metaverse,” another said.

“You have to allocate capital to new innovations and opportunities, even if they seem impossible. Ten years ago, we wouldn’t have believed that we could create a civilisation on Mars. But with the technological advancements happening today, combined with forward-thinking skills, it seems possible.”

However, they agreed the CFO still has a role to play in coaching the youth through these changes by leveraging the experience and wisdom they’ve gathered over the years.

In fact, both dinners concluded that the most important qualities CFOs need to display in the new year will be their ability to learn, teach and collaborate. “You need to have a level of maturity to share and collaborate, not just with new partners, but with competitors too, in order to help the economy grow.” l