ACCA Uganda and Deloitte Uganda have announced the renewal of their strategic partnership, aimed at advancing capacity building and recognizing excellence among Chief Financial Officers (CFOs) in Uganda.
This renewed collaboration will span the next three years, reinforcing the commitment of both organizations to foster professional development and acknowledge outstanding financial leadership in the country.
The first deliverable of this partnership will be the prestigious CFO Awards, set to take place on Thursday, 17th October 2024, under the theme Pushing Boundaries, Exploring the Growth Mindset.
Nominations open Monday, 29th July, 2024 and close 6th September, 2024 via https://bit.ly/3WE1543. The deadline or closing date is Friday 6th September, 2024. Winners will be announced at the gala dinner on Thursday 17th October 2024.
Speaking at the launch event, Charlotte Kukunda, Country Manager ACCA Uganda said, “This extension is to explore opportunities for collaboration for our mutual benefit. So, in addition to activities we’ve been doing under the CFO agenda in Uganda, like the annual awards, surveys, and quarterly CFO forums – a platform that facilitates discussion of topical issues and nurturing of the next generation of finance leaders; CFOs and CEOs, we are adding the CFO lab which will focus on three important resources that CFOs should manage during times of significant change.
The lab will be a training ground for CFOs and an addition to the benefits of those who emerge winners.
She mentioned that the core focus areas for a CFO in transition which the lab seeks to engage participants include personal and organizational time management, talent in the finance organization and critical stakeholder management.
Addressing the media at the same event, Joseph Ssekabira, FCCA, Associate Director, Risk Advisory at Deloitte Uganda reaffirmed the company’s commitment to continued collaboration with ACCA Uganda to uplift the profession.
“Our goal is to continue promoting the finance profession, working closely with ACCA Uganda to recognize finance leaders and to steer their roles with distinction. We are committed to the MoU that we have signed today, and we look forward to working with ACCA, but also importantly working with the different CFOs and accountants across the spectrum in this partnership to propel the CFO agenda to greater heights in Uganda.”
As the 1st Runner Up and Leadership Award winner of the 7th edition of the CFO Awards 2023, Peter Ssenyange FCCA, CFO of PostBank Uganda urged CFOs and Heads of Finance to nominate themselves for this year’s awards in consideration of the immense learning and networking opportunities and recognition for their hard work.
“The award allows you to self-reflect about where you are as a CFO because ACCA is a global leader in how we deliver value as accountants. The advantage with ACCA is it not only talks to a global scale but is very in touch with the local context. As a CFO, my motivation to nominate myself was to benchmark myself against the best but as I did so, I learned a couple of things, as a CFO for PostBank and as the leadership of PostBank, are so invested in emerging talent to grow an institution. At the time I nominated myself, I looked at the criteria and one of the things that have, in the last 12 months, are the 7 capabilities of an accountant. Together with HR, we have now developed and marked our own finance talent against these capabilities and this has changed how we train our accountants, how we assess ourselves as finance leadership and how we promote and it’s done so well that it’s now so clear on what we’re going to invest in and so on. It’s still a journey but it’s a starting place.”
2024 CFO Awards category details
Not-for-Profit Award: This award will go to an outstanding CFO or Head of Finance currently making a vital contribution to the financial leadership of a not-for-profit organization, who has a track record of ensuring that the donor funds are appropriately spent and accounted for in accordance with the relevant and applicable reporting framework of the entity and donors and has exhibited value creation and impact in the implementation of donor projects. The winner will also have demonstrated the seven vital capabilities of professional accountants.
SME Award: This award will recognize a CFO or Head of Finance in a Small and Medium-sized Enterprise (SME), who has demonstrated outstanding financial management, contributed to the growth of the enterprise and have demonstrated the seven vital capabilities of professional accountants.
Small and Medium-sized Enterprises (SMEs) include all types of formal enterprises irrespective of their legal form (such as family enterprises, sole proprietorships, or cooperatives), employing between 5 – 100 employees and total assets not exceeding UGX 360 million.
Young CFO Award: This award will recognize an accounting professional who quickly rose to the position of CFO/Head of Finance, is 40 years and below and has a proven track record of good financial performance with the added advantage of having turned around an entity from loss-making to a profit-making enterprise.
The Young CFO will have shown attributes of innovation, and exceptional professional competence and made an impact on their organization in addition to demonstrating the seven vital qualities of professional accountants.
Compliance & Governance Award: The Compliance and Governance Award will recognize the CFO/ Head of Finance who is a champion in helping the business achieve its goals in a way that is open, honest, ethical and principled, and should have demonstrated extensive contribution to building and implementing policies, procedures and systems designed to detect and prevent compliance breaches. He or she should have led the development of a value-driven strong compliance culture and best practices that secure buy-in from executives, managers, employees, contractors and business partners all at levels. This award also recognizes individuals, who have gone above and beyond to raise awareness, encourage and facilitate good governance. Individuals who have built strong and influential relationships and partnerships with a variety of stakeholders or taken on a high-profile project that had a positive impact or demonstrated effective leadership in the achievement of departmental and organizational objectives and demonstrated the seven vital qualities of professional accountants.
Strategy Execution Award: This award recognizes a CFO or Head of Finance who has shown agility and resilience in dealing with significant disruptions and changes in the business environment, enabling the business to successfully adapt to new demands and challenges. This CFO or Head of Finance will have shown great leadership and innovativeness in creating the right (financial) conditions to execute the organization’s strategy as well as actively contributed/participated in the implementation of the organizational strategy. The awardee will have demonstrated how their contribution to strategy increased the value of their organization and demonstrated the seven vital qualities of professional accountants.
Finance Transformation and Technology Award: This award recognizes a CFO or Head of Finance who has championed transformative solutions in their finance function and has been successful in redefining the role of finance within their organization. It also seeks to recognize CFOs who have invested in and unlocked technologies that had the power to transform the business and will have played a crucial role in crafting and executing a successful business-aligned IT strategy to provide businesses with value delivery. The winner will have demonstrated revolutionary results in digital agility, leadership and execution to enhance the structure of the finance function and value creation in their organization and demonstrate the seven vital qualities of professional accountants.
Sustainability Award: This award will recognize a CFO or Head of Finance who has demonstrated leadership in creating long-term value by integrating sustainability measures into strategies, standard processes and procedures as well as reporting on Environmental, Social, and Governance (ESG) impacts in their annual reports. The CFO will have demonstrated exceptional management of natural environmental and social resources through a clear strategy (including risk management), procedures and suitable governance structures. The awardee will have demonstrated how the sustainability programs that they championed increased the value of their organization. and demonstrated the seven vital qualities of professional accountants.
Leadership Award
This award will recognize a CFO or Head of Finance who has demonstrated excellence and foresight in leadership for themselves, team members and their organization through technical mastery and assertive flexibility, fostering cohesion with other departments, proactive contribution to organizational strategic decision-making, building influence and trust with team members steering the next generation of finance leaders. The awardee will have given an account of how their leadership has transformed their teams, enhanced collaboration and human capital development in the organization and demonstrated the seven vital qualities of professional accountants.
CFO of the Year Award: The Judges will determine the winner from the submissions and interview process.
Public Sector Award: This award will go to an outstanding Head of Finance, Assistant Commissioner, Principal Accountant or Senior Accountant in a government ministry, parastatal, agency or department who has demonstrated outstanding financial management, value creation and the seven vital capabilities of professional accountants.
