Programme

Thursday, 15 th October 2009

Welcome address by Helen Brand, CEO, ACCA

Guest of honour: Wiesław Rozłucki,
the Chairman of the Programming Council of the Polish Institute of Directors, founder of the Warsaw Stock Exchange, former President of the Warsaw Stock Exchange

All discussion panels will be moderated by Adam Jasser, Director of programmes and board member, demosEUROPA – Centre for European Strategy

Panel 1 Is the worst over?

Panellists:

Wiesław Rozłucki
Zbigniew Bąk, Deputy President of the Management Board, Agora S.A.
Adam Czyżewski, Chief Economist, PKN ORLEN S.A.
Stéphane Hild, Country/General Manager, Société Générale Poland

The economic downturn has made existing global economic imbalances worse. The global economy has changed – stock markets, commodity and property prices have plummeted, businesses are lacking in cash and the role of governments and international organisations has increased.

The IMF now says that the US economy will recover more strongly and more quickly than it previously thought, predicting growth of 0.75% in 2010, rather than the 0% it forecast earlier this year. At the June 13 meeting in Italy , G8 countries also agreed that they saw signs of economic stabilisation. However, as inflation across the EU hits record lows in 2009, interest rates are falling with the possibility of a scenario similar to that of Japan , with deflation, negative interest rates, and zero growth.

Poland is not quite as badly affected as other countries in Europe ( Eurozone GDP is predicted to shrink 5% in 2009) , with fairly healthy public finances, low debt-to-GDP ratio and an expected growth of 1% in 2009. And there have been changes in the job market, with the employer largely dictating the market and a high demand for qualified finance professionals expected in the future. It is essential that CFOs use macroeconomic forecasts in order to build company strategy and take advantage of innovations, including the global move to a ‘green collar' economy.

Panel 2 CFO as a company strategist.

Panellists:

Andrzej Dąbrowski, President of the Management Board, Philip Morris Polska S.A.
Andrii Droniuk, CFO,  CDMA Ukraine
Mariusz Kolwas, Vice - president of the Management Board, Europejski Fundusz Leasingowy SA
Robert T. Nowakowski, Consultant, Spencer Stuart

Already, if CFOs are purely reactive to a strategy developed by a board or CEO, they are not doing their job properly. While the CEO may have an intuitive feel for the best direction for a company, the CFO, with the figures to hand, has to ask the hard questions and provide fact-based advice. The role of CFOs and finance professionals is evolving. Accountants are taking over new complex roles, and will more and more be expected to have skills in enterprise, risk management and strategic scenario planning. In the future, CFO's will increasingly play the role of Chief Economic Officer and will be responsible for setting economic strategy and putting it into action.

In uncertain times especially, strategic planning can be challenging. CFOs, with their fingers on the pulse, have the opportunity to emerge as leaders, helping to shape operational decisions and strategic direction.

12:00 – 12:45

Lunch

12:45 – 13:30

Panel 3 Risk management in crisis. Strategies that work.

Panellists:

Tadeusz Kozaczyński, Vice President and Director of Finance, Trakcja Polska S.A.
Zbigniew Nasiłowski, CFO, Telewizja Polska S.A.
Tomasz Starus, Head of Risk Department, Euler Hermes
Florina Voevod, Finance Director, Grey Worldwide Romania
Ilona Weiss, CFO, Sage Sp. z o.o.  

Risk management forms the backbone of effective business management. It is not surprising, therefore, that many point to poor or lax risk management at financial institutions as being a major contributor to the current issues, and that improved risk management is the amongst CFOs' top priorities in reaction to the current financial crisis. However, in today's challenging economic climate, firms must balance risk with caution and the long-term interests of and returns to shareholders. Having an effective strategy, especially in terms of interest rate and currency risk management, and ensuring that it is implemented successfully is key.

There are many types of risk, including competitive, regulatory, political and financial risk. The CFO shares the responsibility for managing all of them. A CFO's judgment is crucial to a company's management of opportunities and the costs, benefits, and risks of pursuing them. There are also many ways to handle these risks, which involve strategies covering flexibility, diversification and forecasting, amongst others. What remains fundamental however, is that short-term profitability measures (such as tighter controls on spending) should not undermine long-term goals. To stay ahead of the game, companies have to employ forward thinking, anticipating risks and identifying opportunities in business.

13:30 – 14:15

Q & A session with all the panelists

14:15 – 14:30

Summary of CFO European Summit

14:30 – 17:30

Business Mixer