Speakers at the event included high-calibre finance professionals from the public and private sectors, who discussed the evolving role and new challenges facing the modern CFO, and the far-reaching changes in the world of finance in 2020 and beyond.
Representing EY, Stavros Pantzaris, Chairman of EY Cyprus, discussed the mandate of the strategic CFO, and Christophe Kasolowsky, EMEIA Financial Services CFO Consulting Leader from EY UK, talked about the finance function of the future and how the CFO will become the Chief Value Officer. Other issues discussed by the local and international speakers included the role of the CFO in the COVID-19 era, dilemmas of a modern CFO, the reinvention of the finance function through digital transformation, and the impact of sustainability on the CFO’s role.
Stelios Demetriou, Partner and Head of Strategy and Transaction Services of EY Cyprus, who was the Chairman and moderator of the Forum, commented: “The CFO role is rapidly evolving, at a time when companies are becoming increasingly connected and heavily scrutinized, with investors and society expecting greater transparency and enhanced corporate governance. The adverse economic impact of COVID-19 has further amplified the need to reengineer financial management, as well as reconsider investor fundamentals. CFOs are also becoming more heavily involved in strategy development and driving growth of their organisations. They are required to design integrated and all-inclusive financial strategies, addressing different angles and dealing with the challenges of the new normal. Digital transformation has become a cornerstone and is evolving at an ever-faster pace. All the above create the need for a completely new skillset to stay relevant and resilient, as well as the ability to offer prompt and innovative solutions to key business issues and developments.”
On the occasion of the Forum, the 4th CFO Awards were presented to distinguished professionals from the Cypriot world of finance, in recognition of their contribution, achievements and professional excellence in the field of financial management.
The recipients of this year’s Awards are:
1. CFO of the year Award: Eliza Livadiotou, Finance Director at Bank of Cyprus
2. Corporate Finance, Restructuring and M&As Award: Demos Demou, CFO at Holy Archbishopric of Cyprus
3. Finance & Technology Award: Marios Ioannou, CFO at Louis PLC
4. Public Sector Finance Award: Anna Zavou-Christoforou, Commissioner of Internal Audit of the Republic of Cyprus
5. Young CFO Award: Nearchos Petrides, CEO/CFO at Ellinas Finance PCL