Opening Remarks by Mr Chng Lay Chew Chairman, Singapore CFO ...

Opening Remarks by Mr Chng Lay ChewChairman, Singapore CFO Institute Advisory Council4 th Annual CFO Innovation Asia Forum“Retooling finance for post-crisis recovery”---------------------------------------------------------------------------------Mr Cesar Bacani, Editor-in-Chief, CFO Innovation,My fellow CFOs,Ladies and gentlemen:1. Good morning to you all. It’s good to see so many familiarfaces here today.2. It is my pleasure to be invited to deliver the openingaddress for the 4 th Annual CFO Innovation Asia Forum. Thetheme for the next two days is “Retooling finance for postcrisisrecovery,” a timely subject that I am sure we have allgiven much thought to.The current economic climate3. As you know, since the global financial crisis, manyeconomies have been labouring under a cloud of uncertainty.Given the challenging operating environment, it has beendifficult for companies to achieve solid growth.4. The global markets have not mended fully. Europe’seconomy continues to face difficulties. This month, China’smanufacturing activity shrank again, hitting a nine-month low

and adding concerns about the slowing down of the world’ssecond biggest economy.5. On a slightly brighter note, we have seen a slowturnaround of the Japanese economy, with its efforts to endyears of deflation. Our Singapore economy posted modestgrowth of 0.2 percent in Quarter 1. There is also someevidence of growth in the US.6. Although the global economy may not be very clear now,there are early signs of things turning around. This is the besttime for CFOs and companies to start preparing for theeventual upturn in the global economy.The Singapore CFO Institute7. As a CFO myself, let me share with you my thoughts on ourrole as CFOs.8. During the crisis, we have been mainly focused on riskmanagement and preserving liquidity to ride out the crisis.Post crisis, we have to change our mindset and re-toolourselves. We have to partner our CEOs and the businessunits to strategize and execute opportunities to grow.Planning an optimal capital structure and raising capital ordebt to support the growth will become increasinglyimportant. Strong communication with internal and externalstakeholders will continue to be a critical attribute of CFOs.We have to be nimble to navigate through the transition

from days of government economic stimulus to the reality ofthe tapering of quantitative easing.8. At the Singapore CFO Institute, or SCFOI, we have takenthis into consideration in determining the focus areas for lastyear and this year.9. The SCFOI is a platform for CFOs and aspiring CFOs toconnect, learn and celebrate the CFO function in businessand the community. To ensure the relevance of our activities,our operating philosophy is to be an institute “forpractitioners, by practitioners.”How the Singapore CFO Institute is retooling CFOs10. Let me just share with you some of the initiatives that theSCFOI has undertaken to help CFOs retool themselves.11. Since 2012, we have initiated a series of research reportswith key stakeholders and partners on issues that CFOs areactively grappling with in their work. Among these are ‘TheValue of the Modern CFO: From a Board Director’s and CEO’sPerspectives,’ (both with ACCA).12. Both reports focus on the competencies, actions anddeliverables expected of CFOs by various stakeholders, andhow we can go beyond our traditional functions to a broaderrole of managing risks, and being a key value driver.13. Another timely report is ‘Building the CFO Function: Rolesand Responsibilities’ (with Singapore Management

University). This answers a fundamental question – what doCFOs actually do? Several facets to this question wereexamined: the key responsibilities of CFOs; how these arestructured; what roles occupy most of CFOs’ attention; andwhat impacts the effectiveness of CFOs.14. Finally, this year we released ‘State of Play: CFO &Enterprise Risk Management’ (with PwC). This study focuseson the role that CFOs play when it comes to Enterprise RiskManagement. For example, should CFOs be the CRO as well?This was just one of the subjects that over 120 CFOs, C-suiteexecutives and aspiring CFOs discussed at our CFO ConnectLunch last month.16. For the second half of 2013, the SCFOI will be focusing onthree research studies: Stakeholder Communications;Technology and the CFO which covers topics of data analyticsand data security; and Capital related topics such as CapitalStructure and Capital Raising. All three are close to the heartsof CFOs and will help us to perform our jobs better post crisis.17. The studies will be presented at the annual CFO ConnectSymposium on 7 November. As our signature annualnetworking platform, the Symposium will allow CFOs toconnect with regional peers while having the chance to listento presentation on original research studies. I look forward toseeing all of you there!

The Singapore Accountancy Commission18. I have shared with you how SCFOI acts as a platform forCFOs and aspiring CFOs. Now let me take a moment to sharewith you some details about the Singapore AccountancyCommission, which oversees the SCFOI.19. Established in April 2013 as a statutory body of theSingapore government, the SAC collaborates with local andinternational communities to drive accountancy excellence inSingapore through talent development, professionalqualification, research and thought leadership.20. SAC’s goal is to transform Singapore into a leading globalaccountancy hub for the Asia-Pacific region by 2020. Toachieve this goal, SAC has embarked on various initiatives,one of which is the development and launch of the SingaporeQualification Programme (Singapore QP).21. The Singapore QP serves as a premier pathway for thetraining, qualification and recognition of candidates, whoaspire to become Chartered Accountants of Singapore. Byoffering a career pathway to graduates who hold eitheraccountancy or non-accountancy degrees (as well as otherqualified candidates), the Singapore QP aims to add diversityand depth to the talent pool for the accountancy profession.

22. I am proud to highlight that the Singapore QPincorporates the most stringent international professionalaccountancy requirements and international educationstandards.23. With the launch of the Singapore QP early this month andthe debut of the Chartered Accountants of Singaporedesignation in July, this is an exciting moment of change forfinance and accountancy in Singapore.24. As an integral part of the accountancy and financecommunities, CFOs are uniquely able to contribute to anddrive this change. So I urge you to take the lead in lendingyour experience and guidance, whether as members of SACcommittees or in other capacities.Closing remarks25. I am heartened that SCFOI and CFO Innovation share thesame goals of assisting CFOs to better perform in their rolesand up their game as the world transitions to a post-crisisenvironment. I look forward to future collaboration with CFOInnovation and I also urge all CFOs present today toparticipate actively in our programmes.26. In closing, I would like to thank our tireless host, Mr CesarBacani, for inviting me to speak this morning.27. I wish you all a most fruitful forum. Thank you.