Personal Opportunity or Societal Duty?

This special issue of CFO India explores different views and opinions on the CFo’s role on the Board. in times to come,the conversations beginning here, will shape the future journey of the CFo, and with some luck, nudge them in a direction that benefits individuals and society in equal measure.

- Anuradha Das Mathur 

The Annual CFO Conclave organised by CFO India, without fail, delivers serious food-for-thought on several fronts every year. The future of the CFO’s role is often a matter of contemplation as is his or her next worthy aspiration. Over the years, the conversation has shifted from ‘how to become a CEO’ to what must the CFO’s aspiration be, what roles are best suited to their skills, and finally, what might they ‘feel’ like doing as they approach the last leg of their rather successful careers.

Even as I have watched, ‘giving back to society’ and ‘making a difference’ have become a common desire. What are some of the roles that might help fulfil this objective? Is taking on Board positions the most obvious next step?

Conversations with senior individuals of the finance community, experts, policymakers, auditors, regulators and independent directors in companies, seem to suggest that one of the most important roles for CFOs to assume, increasingly, is that of an effective Board member. It also has the potential to fulfil several aspirations that CFOs have today. However, it is equally true that given the draconian nature of laws and increasing penalties for independent directors and Board members, several members of the finance community would rather shy away from this role, than embrace it.

We seem to have two big questions to answer. What could tilt the balance in favour of CFOs aiming for Board positions as opposed to rejecting them? And if they were to aspire to these positions, would it benefit their personal journeys? Also, are they skilled to do a fitting job, or are there areas of development that they must focus on?