India’s business leaders unveiled their successors at the Yes Bank-BW Businessworld Most Promising Future CFO Awards on 16 September 2016 at a glittering ceremony in Mumbai. Over 400 organisations participated in the inaugural edition, and the award was instrumental in recognising 45 future Financial Leaders of India Inc.
Speaking at the event Rana Kapoor, MD & CEO, Yes Bank, mentioned: “The Yes Bank National CFO Forum, our flagship community for CFOs across the country, has steadily evolved as the largest platform for CFOs in the country with more than 1,000 CFOs. It is extremely satisfying that over 22 top CFOs from the largest and most reputed organisations partnered with this unique initiative to identify the future CFOs and talent pool amongst the finance professionals. I am also certain that the number of women future leaders in top finance positions will grow from the current eight, in due course of time, and the Yes Bank National CFO Forum will work consciously towards the same.”
This year under the aegis of Yes Bank National CFO Forum, Yes Bank-BW Businessworld Most Promising Future CFO Awards was introduced to recognise and encourage the emerging next in-line financial leaders, who are poised to assume leadership roles in future.
The efforts of the associated partners, TNS Global (knowledge partner), BSE (exchange partner) and Indian School of Management and Entrepreneurship (ISME) were commendable and well appreciated by the jury. “The winners were decided on the basis of a robust two-stage methodology, which evaluated the nominations on technical and behavioural parameters for their role in their organisation success, and their peer and social engagement.”
A panel discussion at the event saw eminent panel members shedding lights on the role of the future CFO. Panel moderator Shubadha Rao, chief economist, Yes Bank, succinctly outlined the role of a new age CFO: “Managing costs, garnering revenues, ensuring control were all traditionally defined roles. Low and behold, after the Lehman crisis, the world has changed. To that you have active regulations. We also have IFRS migration and financial re-statements, and the CFO role has just got more exciting.”
Speaking on the occasion, Indu Sahani, dean, Indian School of Management and Entrepreneurship (ISME), lauded the efforts of upcoming financial leaders and highlighted the challenges and role of education in the country. “We realise that much more than the finances, managing, educating and nurturing young students are one of the biggest challenges.” She noted that one of the top risk parameters in most companies is not finding the right talent.
As a part of the process, in first phase, finance heads of organisations nominated promising young talent from their teams for the award. Entries were received across three categories based on organisation size: large corporates with a turnover of Rs 500 crore and above, emerging corporates (Rs 100-500 crore) and mid-and small corporates (Rs 100 crore). Besides, there were three special categories introduced — Indian Financial Institutions, Multi-National Corporations and Women Financial Leaders.
In the second phase, business analytics organisation TNS Global evaluated and assigned weights for parameters such as organisational success, assessment by CFOs, individual accomplishments and social and peer engagement. The process also covered parameters like strategy, merger and acquisition, capital restructuring, budgeting and planning, besides work experience, among others.
Comprehensive scores were assigned for each category like large, mid- and small-cap companies. In each category the top 30 nominees were shortlisted.
On 25 August 2016, a panel of 22 eminent jury members met at the Indian School of Management and Entrepreneurship to decide the winners. It meticulously combed through each entry, and arrived at the final list of 45 Most Promising Future CFO Award winners. The jury members had great praise for the event. Rashmi Joshi, CFO, Castrol India, said: “This initiative is a great way of identifying and recognising talent in finance function. It provides Indian corporates with a pool of finance professionals, who are capable of assuming the CFO role in the near future.”
Added Nitin Nadkarni, CFO, Sony Pictures Networks: “The entire process of identifying the promising next CFO has been such a wonderful experience for me as part of the jury. Overall, it’s been great, and I am so happy to note that there are loads of talent in our next CFOs.”
