Participants at the Second C-Suite Forum have emphasized how strategic alignment and mutual support between the Board, the Chief Executive Officers (CEOs) and the Chief Financial Officers (CFO) drives the success and growth of any organisation.
This was revealed during the Second C-Suite Forum organised by the Institute of Certified Public Accountants of Uganda (ICPAU) on Wednesday at the Sheraton Hotel in Kampala.
The forum is a platform to elevate the status and contributions of the CFO and Finance function in driving business growth and sustainability.
In his welcoming remarks, ICPAU CEO CPA Derick Nkajja, emphasized the importance of hiring qualified and regulated accountants to drive brand growth.
CPA Ronald Mutumba, Vice President of ICPAU Council, said the C-Suite Forum was envisioned as a platform for senior executives to discuss topical issues, exchange innovative ideas, and explore strategies to enhance organizational performance and governance.
“It’s an opportunity to engage with thought leaders and peers committed to advancing leadership and management standards.”
This year’s C-Suite Forum is themed, “The Collaborative Role of the Board, CEO, and CFO in Fostering Organisational Performance”.
“We emphasize how strategic alignment and mutual support among these key roles drive success and growth. Let’s explore best practices and innovative approaches to strengthen this vital synergy,” said Mutumba.
According to him, CFOs develop and implement financial strategies aligned with the entity’s strategic goals because they provide critical insights, inform decisions, communicate financial health, monitor metrics, and integrate advanced technologies.
“Through these actions, CFOs drive sustainable growth. If your accountant is not a member of ICPAU, they are avoiding regulations, and that can’t be a good sign in one of the most sensitive pillars of any organisation.”
Former CEO of the New Vision Group, Robert Kabushenga, urged accountants to extend their services beyond the corporate world to include farmers like himself, emphasizing that farming also needs accountancy services.
He highlighted that his success in the corporate world was largely due to working with a strong CFO and finance function.
“One of the reasons why ICPAU conducts this forum is to provide accountants (CFOs) with a broad perspective on what they can bring to the table in the C-Suite & Board Advisory,” he noted.
Proscovia Nabanjja, the CEO of Uganda National Oil Company (UNOC), shared insights on how the CFO and CEO can collaborate to build better organisations.
On the need for strategic alignment, she said aligning performance metrics with the strategy brings success to the CEO, CFO, Board, and the entire organization.
CPA Joshua Karamagi, the Chief Executive Officer/Managing Director of Uganda Electricity Transmission Company Limited (UETCL), emphasised the collaborative role of the Board, CEO and CFO in fostering Organizational Performance.
On setting strategic direction and goals, he said the Board plays a pivotal role in setting the long-term strategic direction and goals of the organization, ensuring alignment with its vision.
On overseeing risk management, he noted that board members oversee risk management processes, ensuring that the organization identifies and addresses potential risks effectively.
“When it comes to monitoring organizational performance, the Board should be able to monitor the overall performance of the organization, holding management accountable for achieving strategic objectives,” he said.
He added: “It’s prudent for management to organise and train its leadership on the board, to get them equipped with skills they might be inadequate as a means to aid easier transaction between the CEO and the Board.”
The forum also included a dialogue moderated by Robert Kabushenga and attended by CPA Joshua Karamagi, CFA, and Ms. Proscovia Nabanjja.
At the end of the forum, ICPAU Council VP CPA Mutumba and ICPAU CEO CPA Nkajja handed over tokens of appreciation to the presenters and the moderator.
The forum was also attended by Owek. Prof. Dr CPA Twaha Kaawaase, Deputy Katikkiro & Minister of Education, CPA David Bunya Sereba, the chair of the events management committee, Charles Magezi Mbire, a businessman, entrepreneur, and industrialist and the Commissioner Domestic Taxes at Uganda Revenue Authority (URA), CPA Sarah Muzungyo Chelangat.
