September 2019

September 2019

 

Notes from the editor

CFO’s are under increased pressure and taking on more responsibilities. More than just accounting, senior financial executives often serve as the innovator and disruptor in their organisations, using data and new technologies to create value.

Our member companies are at the vanguard in their fields, driving economies and making G100 the leading Australian business association for CFO’s. We represent those that are redefining the future of finance, and our activity is designed to meet the needs of strategic CFO’s and senior finance executives.

Today, G100’s role is more relevant to the profession than ever before.

 

Notes from the Chair of the Board

I want to thank all those that participated in our Political Engagement Day in Canberra earlier this month. Our trip to Canberra to engage with politicians is now an annual event and is a highlight of the G100 calendar.

The G100 is not only a business association and a membership organisation it is also an advocacy group representing the views of CFO’s and senior finance executives.

The reason we engage with politicians, their staff and senior bureaucrats, and the reason that they have been keen to engage with us is that we have a slightly different perspective on the market, market participants and the political environment impacting the way we, as CFO’s, work and change our organisations. We work with them behind the headlines, so to speak, striving for efficiency and improved headlines in a non-partisan way.

Issues we focus on at the present include:

The way listed and unlisted organisations report;
The way business deals with an increasing number of class actions launched by litigation funders over purported breaches of continuous disclosure and the increasingly expensive D&O Insurance;
The interactions (or lack of them) that we have with proxy advisers;
The harmonisation of state legislation so it is easier for companies to work across state boundaries;
Simplifying taxation, particularly in the area of FBT;
Tax cuts for companies working in Australia;
Ensuring that our current and future staff are prepared for the finance function of the future, working with disruption and the increasing use of artificial intelligence;
The inquiry into the regulation of auditing held by the Parliamentary Joint Committee; and
The pressures that are coming from overseas jurisdictions.

This year, the Political Engagement Day included briefings from Ministers, Shadow Ministers and key backbenchers who head up parliamentary committees. Not only did we hear about their areas of concern and the issues they are working on, but we also had the chance to engage and discuss how those issues impact the way our organisations do business. The politicians that we met with are, without exception, keen to continue to meet with us and to hear from us. Many contacts were reaffirmed and new ones made in what I think was a beneficial exercise for all those that participated.

I look forward to seeing many of you at the “CFO Live” event on 7th November. This will be an excellent occasion to interact with your peers and to engage your team.

Until next time,

 

Andrew Porter
Chair of G100