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SAO PAULO, BRAZIL - South Africa, Brazil, Argentina and Morocco Launch Global CFO Designation

Allegations and revelations of corruption involving State Owned Entities and Large Private Companies have made recent headlines.

The so called “Guptagate” has thrown the spotlight on the role of CFOs in fighting and preventing corruption.

The CFOs of ESKOM, NEOTEL and SAP are all facing allegations of wrongdoing. The IRBA has stepped in and are conducting investigations into the role of KPMG.

In an effort to restore the credibility and professionalism of the finance function the CFO communities in South Africa, Brazil, Argentina and Morocco have signed a multilateral agreement to redefine the role of the CFO.

The agreement signed yesterday in Sao Paulo, Brazil establishes:

  1. A new global designation for finance executives
  2. A global competency framework for finance executives
  3. A learning pathway to qualify as a global CFO
  4. A diagnostic tool to help employers verify the skills and ability of an applicant prior to appointment as CFO.

In addition, CFOs in South Africa, Brazil, Argentina and Morocco will be recognised in all countries accepting the new global designation.

The first four countries adopting this new designation are:

Country Designation Custodian Contact person
South Africa CFO(SA) SAIBA Nicolaas van Wyk
Brazil CFO(BR) VP IBEF Luiz Roberto Calado
Morocco CFO (MA)    
Argentina CFO (AR)    

These countries are all members of the global body for CFOs - International Association of Finance Executives (IAFEI). IAFEI has 22 member countries and more that 22000 CFOs.

"We hope that through this initiative we will be able to increase the mobility of CFOs to allow them to pursue their careers in any country they wish, but more importantly we want to strengthen the role of the CFO to help drive company performance but at the same time act in the public interest” says Nicolaas van Wyk, Regional President: Africa of IAFEI and CEO of SAIBA, the custodian and issuer of the CFO designation.

Van Wyk continues "Establishing a global competency and ethical standard for CFOs will aid law makers and regulators in the fight against corruption that is threatening to destabilise the world economy".

ENDS