top stories

Inaugural event is a success

20 Oct 2008

Over 100 senior CFOs from Poland and the wider Central and Eastern Europe (CEE) region attended a prestigious and extremely successful conference hosted by ACCA Poland in Warsaw on 17 October 2008.

The inaugural CFO European Summit brought together CFOs in a wide variety of industry sectors from across the CEE region to discuss best practice, to network and share ideas on the role of the CFO in today's challenging business environment. Panel sessions covered areas such as investor relations, human capital issues (the 'soft skills' required by the modern CFO) and the strategic liquidity and investment management issues made particularly topical by the global credit crisis.

Guest speakers included Ludwik Sobolewski, president of the Warsaw Stock Exchange, who told delegates that the credit crunch requires CFOs to continue to act responsibly, which is the key to avoiding future crises. But he said that Poland is in relatively good condition, with no major structural problems and that it is a good time for Polish businesses to consider expansion, given the cheaper assets that may be available, in addition to continuing to manage their businesses with due regard to effective financial and cost management.

Helen Brand, ACCA's chief executive, also addressed delegates and told them that with 71,000 members across Europe, ACCA is well placed to represent the profession and shape policy throughout the region. She also made reference to recent research undertaken by ACCA and CFO Europe Research Services which showed that 78% of European CFOs agreed that global standards had been good for business. Brand praised the earlier decision made by the International Accounting Standards Board to adjust, rather than suspend, the use of fair value accounting in response to pressures caused by the credit crunch.

'For all the current woes, ACCA firmly believes that the increased transparency of IFRS and the principles behind fair value makes it still the best model available,' she said.

The panel sessions, all including five business experts and moderated by senior Polish business journalists, provoked lively discussions and question and answer sessions. In the first panel, delegates were warned against cutting investment in an attempt to reduce costs, as this was not the right way to enhance shareholder value or rebuild the value of a company. The importance of increasing communication with investors in troubled times was also emphasised.

In a further discussion, it was agreed that building successful teams was crucial to the roles of the CFO, including investing in developing people with high potential, with an eye to succession planning. Soft skills were increasing in importance, as CFOs take on wider roles within business. There was a lively debate as to whether senior finance professionals were best developed from within the organisation or recruited externally. While merits were seen in both approaches, it was felt that the ultimate decision depended on the organisation's circumstances, including the challenges it faces, and what skills mix is required to deliver the objectives of the organisation.

The final panel examined a range of ideas to increase liquidity and reduce costs, in which Ernst & Young partner Dr Krzysztof Rybinski, the former vice president of the National Bank of Poland, took a leading role in answering a series of questions on Poland's economic future.     

The ACCA event was supported by sponsors Fortis bank, ECS International Polska and Randstad Financial Staffing. Media partners were TVN CNBC, Radio Pin and Rzeczpospolita.