Misplaced Pages

#880119

43-473: Michael Davis ( CFO ) Mfundo Nkuhlu ( COO ) David Crewe-Brown ( CRO ) Nedbank Group is a financial services group in South Africa offering wholesale and retail banking services as well as insurance , asset management , and wealth management . Nedbank Limited is a wholly owned subsidiary of Nedbank Group. Nedbank's primary market is South Africa. Nedbank also operates in five other countries in

86-403: A big-picture thinker, rather than detail-oriented, outspoken rather than reserved, prefer to delegate rather than be hands-on, emphasize what gets done rather than how things are done, and make collaborative rather than unilateral decisions. The CFO must serve as the financial authority in the organization, ensuring the integrity of fiscal data and modeling transparency and accountability. The CFO

129-490: A seat on the board. The CFO directly assists the chief operating officer (COO) on all business matters relating to budget management, cost–benefit analysis, forecasting needs, and securing of new funding. Some CFOs have the title CFOO for chief financial and operating officer . In the majority of countries, finance directors ( FD ) typically report into the CFO, and FD is the level before reaching CFO. The chief financial officer

172-520: Is as much a part of governance and oversight as the Chief Executive Officer (CEO), playing a fundamental role in the development and critique of strategic choices. The CFO is now expected to be a key player in stockholder education and communication and is clearly seen as a leader and team builder who sets the financial agenda for the organization, supports the CEO directly and provides timely advice to

215-571: Is specifically charged with overseeing financial management matters, establishing financial management policies and requirements, and monitoring the establishment and operation of federal financial management systems. OFFM is led by a controller . The CFO Act also established the CFO Council, chair by the OMB Deputy Director for Management and including the CFOs and Deputy CFOs of 23 federal agencies,

258-713: Is specified given that responsibilities extend to tax and financial reporting . Similarly, financial managers are often qualified accountants . In large companies, CFOs and FDs may hold additional postgraduate qualifications, such as a Master of Business Administration , or Master of Science in Finance ; the Chartered Financial Analyst is also common. These complement the accounting perspective with more general strategic , leadership and financial market considerations, and give exposure to broader financial and operational issues. The federal government of

301-428: Is well underway, is best-evidenced by the "CEO-in-Waiting" status that many CFOs now hold. Additionally, many CFOs have made the realization that an operating environment that values cash, profit margins, and risk mitigation is one that plays to the primary skills and capabilities of a procurement organization; CFO's have been encouraged to appoint a chief procurement officer (CPO) where this post does not exist, ensure

344-575: The Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika (NBvZA) merged with Amsterdamnsche Goederen Bank becoming Nederlandse Overzee Bank (NOB). In a NBSA shares issue in 1957, NOB maintained its shareholding at 75% but in December 1961, a new share issue by NBSA was not taken up by NOB and so the latter's shareholding dropped to 49 percent. On 1 July 1964, NOB sold some of its shareholding in NBSA to

387-821: The Southern African Development Community (SADC), through subsidiaries and banks in Eswatini , Lesotho , Mozambique , Namibia and Zimbabwe , as well as offices in Ghana and Kenya . Outside Africa, Nedbank provide international financial services in the Isle of Man , Jersey , Guernsey , the United Kingdom and the United Arab Emirates . Nedbank is headquartered in Sandton , north of Johannesburg . The bank

430-516: The United Kingdom . ETI is a large financial services provider with offices in 36 countries around the world, and presence in 35 sub-Saharan countries. As of December 2012 , ETI's customer base was estimated at 32 million. ETI's branch network numbered 1,305, with 1,981 networked ATMs . As of June 2014 , Ecobank Transnational had banking operations in 36 African countries, with representative offices in Angola, Beijing, Dubai, Ethiopia, South Africa and

473-473: The Act, the CFO, regardless of their status as a Key Management Personnel (KMP), is required to sign the financial statements as they are responsible for overseeing the financial operations of the entire company. Their responsibilities include financial planning and monitoring cash flow. In some companies, the CFO and Finance Director positions may be held by the same individual interchangeably. As an internal member of

SECTION 10

#1732870005881

516-688: The CFO in 2014 after she alleged: "... Mrs. Do Rego sent a letter to the SEC alleging that the Chairman, Mr. Lawson and GCEO Mr.Tanoh were attempting to sell non-core assets at values below market, that both individuals ‘attempted’ to manipulate the 2012 results to enable the Group (ETI) to show a much better 2013 growth, and she questioned procedures around the approval of a substantial increase in Mr.Tanoh’s 2012 bonus (which he subsequently opted not to receive). She also alleged that she

559-520: The ECOWAS Fund for Cooperation, Compensation and Development (ECOWAS Fund), now called the ECOWAS Bank for Investment and Development (EBID), the development finance arm of ECOWAS. A Headquarters’ Agreement was signed with the government of Togo in 1985 which granted ETI the status of an international organisation with the rights and privileges necessary for it to operate as a regional institution, including

602-530: The Key Managerial Personnel (KMP). The Act does not impose any specific regulations regarding the compensation of a Chief Financial Officer (CFO), unless they serve on the Board of Directors or hold additional managerial responsibilities alongside their role as CFO. Additionally, the Act does not outline any specific qualifications required for the appointment of a CFO. However, according to Section 134(1) of

645-578: The Mees en Hope Groep NV received payment for its remaining shares between August 1969 and 1 June 1970. The South African counterpart was completely independent. The Dutch counterpart of the bank no longer exists. Syfrets SA and Boland Bank listed on the Johannesburg Stock Exchange in 1969. In 1971, NBSA changed its name to Nedbank. Nedbank Group formed from the merger of Syfrets SA, Union Acceptances and Nedbank in 1973. In 1986, Old Mutual became

688-685: The OFFM controller, and the Fiscal Assistant Secretary, the head of the Office of Fiscal Service of the Department of the Treasury . Its mandate is to work collaboratively to improve financial management in the U.S. government and "advise and coordinate the activities of the agencies of its members" in the areas of financial management and accountability. OMB Circular A-123 (issued 21 December 2004) defines

731-576: The South African government appoint a controller to run the bank until 1945. Its share of the South African banking market in 1945 stood between 2 and 3 percent. The banks split on 15 January 1951, renaming its South African counterpart as Nederlandse Bank in Suid-Afrika/Netherlands Bank of South Africa (NBSA) with the Dutch bank (NBvZA) holding a 75% share in the new company. On 1 October 1954,

774-400: The South African public which saw its holding of the latter drop to 25 percent. NOB merged with Bankierscompagnie NV in 1968 and by the 1971 was called Bank Mees and Hope . After a further share issue in 1968, the Mees en Hope's share in NBSA dropped to 20 percent. In July 1969, a decision to sell the remaining 20 percent was agreed too and the company became 100% South African-owned after

817-605: The United Kingdom: Ecobank Transnational has operational bank subsidiaries in the following countries, as of July 2013: ETI, a public limited liability company, was established as a bank holding company in 1985 under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry, with the support of the Economic Community of West African States (ECOWAS). In

860-458: The United States has incorporated more elements of business-sector practices in its management approaches, including the use of the CFO position alongside, for example, an increased use of the chief information officer post, within public agencies. The Chief Financial Officers Act , enacted in 1990, created a chief financial officer in each of 23 federal agencies. This was intended to improve

903-682: The bank expanded and an office in London was opened. In 1925, NBvZA merged with the Transvaalsche Handelsbank . In May 1940, Germany invaded and occupied the Netherlands, and this impacted the management of the South African agency from latter country. The South African head office and its branch in London had sufficient assets in sterling, dollars and gold to cover its liabilities. As it was an agency and with its Dutch head office no longer in control,

SECTION 20

#1732870005881

946-437: The board of directors." The uneven pace of recovery worldwide has made it more challenging for many companies. CFOs play a more critical role in shaping their company's strategies today, especially in light of the highly uncertain macroeconomic environments, where managing financial volatilities is a centerpiece for many companies' strategies, based on a survey held by Clariden Global. CFOs are increasingly being relied upon as

989-437: The company's strategy. The 1990s saw the rise of the strategic CFO, and many companies have created a chief strategy officer (CSO) position. CFOs have become more focused on financial reporting, although 52% still spend much of their time in traditional accounting tasks such as transaction reporting. The rise of digital technologies and focus on data analytics to support decision-making places more pressure on CFOs to meet

1032-555: The early 1980s the banking industry in West Africa was dominated by foreign and state-owned banks. There were hardly any commercial banks in West Africa owned and managed by the African private sector. ETI was founded with the objective of filling this vacuum. The Federation of West African Chambers of Commerce promoted and initiated a project for the creation of a private regional banking institution in West Africa. In 1984, Ecopromotions S.A.

1075-661: The expectations of their C-Suite colleagues. Many organizations have created a finance function based on four pillars: the accounting organization as a shared service; an FP&A organization responsible for driving financial planning processes as well as increased insight into financial and non financial KPIs to boost business performance; a finance business partnering organization based on leadership of divisions, regions and performance improvement; and expertise centers specializing in Tax, Treasury, Internal Audit, Investor Relations, etc. According to one source, "The CFO of tomorrow should be

1118-632: The federal government began preparing consolidated financial statements, the Government Accountability Office (GAO) reported that "major impediments continue to prevent [GAO] from rendering an opinion." In December 2006, the GAO announced that for the 10th consecutive year, the GAO was prevented from expressing an opinion on the consolidated financial statements of the government due to a number of material weaknesses related to financial systems, fundamental recordkeeping, and financial reporting. At

1161-635: The following: With more than 1,500 branches in 35 countries, the Ecobank - Nedbank Alliance is the largest banking network in Africa. The alliance was formed in 2008 between the Ecobank Group and the Nedbank Group, one of South Africa 's four largest financial services providers, with a growing footprint of operations across the Southern African Development Community . The shares of Ecobank Transnational Inc.,

1204-549: The following: Nedbank shares are traded on the JSE under the share code NED and on the Namibian Stock Exchange under the share code NBK. As at 18 January 2019, the shareholding in the group's stock consisting of 497,053,536 issued shares rounded to the nearest digit was: (%) Chief Financial Officer The CFO typically reports to the chief executive officer (CEO) and the board of directors and may additionally have

1247-586: The government's financial management and develop standards of financial performance and disclosure. The Office of Management and Budget (OMB) holds primary responsibility for financial management standardization and improvement. Within OMB, the Deputy Director for Management, a position established by the CFO Act, is the chief official responsible for financial management. The Office of Federal Financial Management (OFFM)

1290-452: The illegality of presenting these accounts to the shareholders without making full disclosure of the facts. This letter was delivered to board members on the 26th June 2014 (See Appendix 1). Unfortunately the letter was ignored by the Board of ETI and this obvious dereliction of duty continues to date" Ecobank then settled the matter with the chairman and absolved him of any wrongdoing. The Specialized subsidiary companies of Ecobank include

1333-503: The major shareholder (53%) of Nedbank. In 1992, Syfrets, UAL Merchant Bank, and Nedbank Investment Bank Division merged to become Nedcor Investment Bank (NIB). Old Mutual, Nedcor's holding company , was demutualised and listed on the London Stock Exchange in 1999. The new Nedcor Group was formed on 1 January 2003, combining Nedcor, BoE, Nedcor Investment Bank, and Cape of Good Hope Bank into one legal entity. The Nedcor Group

Nedbank - Misplaced Pages Continue

1376-542: The management responsibilities for internal financial controls in federal agencies and addressed to all federal CFOs, CIOs and Program Managers. The circular is a re-examination of the existing internal control requirements for federal agencies and was initiated in light of the new internal control requirements for publicly traded companies contained in the Sarbanes–Oxley Act of 2002. While significant progress in improving federal financial management has been made since

1419-860: The organization, the CFO is accountable for presenting accurate and fair financial statements, which are subsequently audited by the company's statutory auditors. Ecobank BRVM : ETIT Ecobank , whose official name is Ecobank Transnational Inc. (ETI), is a pan-African banking conglomerate , with banking operations in 33 African countries. It is the leading independent regional banking group in West Africa and Central Africa , serving wholesale and retail customers. It also maintains subsidiaries in Eastern and Southern Africa . ETI has an affiliate in France , and representative offices in China , Dubai , South Africa , and

1462-522: The owners of business information, reporting and financial data within organizations and assisting in decision support operations to enable the company to operate more effectively and efficiently. The duties of a modern CFO now straddle the traditional areas of financial stewardship and the more progressive areas of strategic and business leadership with direct responsibility and oversight of operations (which often includes procurement ) expanding exponentially. This significant role-based transformation, which

1505-603: The post-holder is accountable for procurement success, and to become increasingly involved (directly via oversight or indirectly through improved collaboration) with the procurement function according to several research reports which have looked at the CFO's relationship with the procurement function and the CPO. CFOs and FDs often hold a professional accounting qualification - the CPA , CA , CMA , or CIMA - along with its requisite bachelors and/or masters in accounting . The certification

1548-508: The same time, in calendar year 2007, the CFOC announced that for the second consecutive year, every major federal agency completed its Performance and Accountability Report just 25 days after the end of the fiscal year (2006). As per the provisions of Section 203 of Companies Act 2013 every publicly listed firm having a paid up share capital of Rs. 10 Crores or more is mandated to have a whole time chief financial officer, who must also serve as one of

1591-433: The status of a non-resident financial institution. ETI has two specialised subsidiaries: Ecobank Development Corporation (EDC) and eProcess International (eProcess). EDC was incorporated with a broad mandate to develop Ecobank’s investment banking and advisory businesses throughout the countries where Ecobank operates. EDC operates brokerage houses on all 3 stock exchanges in West Africa and has obtained licences to operate on

1634-783: The two stock exchanges in Central Africa: the Douala Stock Exchange in Cameroon and the Libreville Exchange in Gabon. The mandate of eProcess is to manage the Group’s information technology function with a view to ultimately centralising the Group’s middle and back office operations to improve efficiency, service standards and reduce costs. Ecobank has been marred by several well publicized governance lapses: The sacking and reinstatement of

1677-463: Was asked to write off debts owed by a real estate company Mr. Lawson chairs..." The Chairman resigned but later sued Ecobank to force them to investigate the allegations backed by an confidential E&Y audit report on serious allegations of Fraud. " As the Chairman of the Board at the time the EY investigation was commissioned, I instructed my lawyers to write a letter to the Board expressly warning them of

1720-549: Was founded in 1888, in Amsterdam as the Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika ("Dutch Bank and Credit Union for South Africa"). In August that year, the bank opened an agency in Church Street, Pretoria , South Africa with its mission being to provide credit and banking in and with South Africa. In 1903, the company was renamed to Nederlandsche Bank voor Zuid-Afrika ("Dutch Bank for South Africa"). In 1906,

1763-402: Was incorporated. Its founding shareholders raised the seed capital for the feasibility studies and the promotional activities leading to the creation of ETI. In October 1985, ETI was incorporated with an authorised capital of US$ 100 million. The initial paid up capital of US$ 32 million was raised from over 1,500 individuals and institutions from West African countries. The largest shareholder was

Nedbank - Misplaced Pages Continue

1806-593: Was renamed the Nedbank Group on 6 May 2005. In August 2009, Nedbank acquired the 49.9% of Imperial Bank South Africa that it did not own, so Imperial Bank South Africa is wholly owned by Nedbank. In October 2014, Nedbank acquired a 20% stake in Ecobank, converting its $ 285 million claim in Ecobank into equity. Nedbank Group is the holding company of all Nedbank's businesses, subsidiaries, associates and affiliates. The Nedbank Group's major subsidiary and associate companies include

1849-405: Was traditionally viewed as a financial gatekeeper. Over time, the position has become one of an advisor and strategic partner to the CEO. In a 2016 report released by McKinsey & Company , 88 percent of 164 CFOs surveyed reported that CEOs expect them to be more active participants in shaping the strategy of their organizations. Half of them also indicated that CEOs counted on them to challenge

#880119