This article draws out the strategic nature of the CFO role. In the financial services sector, and life insurance in particular, which is a very complex to explain financially, the ability of the CFO to relate the strategy of the business to analysts and market stakeholders through the numbers is critical to competitive success and indeed the share price! The CFO’s influence in determining the business’ strategic direction is increasingly vital. CEO’s and Boards look to their CFOs not just to protect the financial assets of the business, but to play their full part in shaping direction. It’s not really surprising that a natural next step for the CFO is often into the CEO role.
Board, CFO, Consumer Financial Services, Insurance
The conclusion not to introduce quotas alongside the targets set for female representation on Boards is interesting. FTSE 100 companies have until 2015 to get to 25% female Board representation. This is very likely to be fulfilled through an increase in female NED appointments. Because the report highlights the crux of the issue in a great diagram on page 16, which every woman should have pinned by their bathroom mirror – the dearth of women in senior management and executive grades. Wise Boards will not need a quota to reach the 2015 target and crucially will also get on with addressing and fixing the lack of female talent in the executive cadre.
You can read the full report by clicking here.