03. AUTHENTICITY

The Auditor-General of South Africa, and 2021 CFO of the Year, Bongi Ngoma urged CFOs to always choose ethics over any pressure from government, politics or executives. "When you are a leader, you need to be able to push back when you are asked to do anything that doesn't resonate with your ethics and values,” she said. “Push back. Let ethics be your licence to trade.”

Averen Deonanan of Flight Centre Travel Group SA added that leaders must be self-aware of both strengths and weaknesses. He urged financial leaders to lead with empathy and show vulnerability to their team members. “Leaders need to show compassion, and lead with both the heart and the mind, because your team is going through whatever you are also going through,” he said, adding that leaders must be accessible, and build connections.

For Brad Wentzel, CFO at Frey’s Food Brands, improving yourself through attaining knowledge puts a leader in a positive position. “You need to read and improve yourself in your field, get as much information and learn more about yourself, because if you don’t invest in yourself, you will have no direction,” he said.

“Consequences of corruption threaten the functioning of the market economy, hindering much-needed capital investment into companies,” said Eddie Fivaz, FD of TWK Agriculture. “This investment decline is devastating to both business and the country as a whole.”

Regardless of the sector in which we work, said BDO business restructuring COO Buhle Hanise (former BAIC SA CFO), we need to go back to basics. “We must be ethical, genuine and authentic in all we do, always asking what the price of making a quick buck really is.”

This is especially true of those who work in the finance industry and can be susceptible to fraudulent activity. “The CA profession is still credible, yet a few bad apples bring it into disrepute. We can’t make decisions based on bad apples: this is still a very lucrative profession and there is a future. If you don’t want to be ethical, don’t join the profession,” she added.

Yusuf Bodiat, CFO of the Federated Employers Mutual Assurance Company (FEM), agreed, but stressed the broader challenges at play. “If society consistently sees that there are no consequences for corruption, they slowly become desensitised to such behaviour, sometimes following suit.”

“We need to instil ethical behaviour by building trust and developing an ethical culture,” suggested Eddie.

Abdullah Verachia, CEO of The Strategists, stressed the need to create a space for young people to grow.

It’s all about putting yourself out there and trying again if you’re unsuccessful, said panellist Etienne le Roux, CFO of Metropolitan Retail, speaking about how to climb the corporate ladder at an early age. Indeed, Etienne was rejected when he first applied for his current role. “I had to deal with that setback and disappointment,” he said, “but then a year later the opportunity became available again and I was successful.”

Part of learning also means saying yes to every opportunity, added Julian Palliam, president and CEO of phosphates and phosphoric acid producer, Foskor. Initially unsure of where he wanted his career path to lead, Julian grabbed each chance that came along, working all around the world and even training in Switzerland. “As a young CFO, having the ability to say yes, to go into uncertainty and to know you can make a difference is key,” he said.

Becoming an effective leader, no matter how old you are, is ultimately about understanding and believing in yourself. “It’s important to understand what you’re good at and to be the best at that,” said Julian. Then hire people who are good at things that may not be your area of expertise. “Own who you are and surround yourself with excellence,” he concluded.