It’s an age old debate… Accountancy Age has published a survey that suggests FD’s don’t have what it takes to guide businesses forward post-recession. It says they lack the entreprenearial and visionary skills.http://www.accountancyage.com/accountancyage/news/2256115/finance-directors-day-sun
“The need for financial skills to steer companies forward were key in the recession, topping executives’ wants, but the survey of 100 of the top directors across FTSE and Fortune businesses shows that these skills rank just fifth going forward. “The message for executives looking to succeed in the top boardrooms, particularly those with specialist skills such as finance and marketing, is that once again it is personal skills around seeing and shaping the big picture that matter to other executives – not your ability in functional areas,” said McKinney Rogers partner Chris Hart. He predicts that a lower proportion of finance experts will be appointed to lead companies in the near future. “We would expect a reduction in [their appointments] in the recovery phase. There will now be a focus on leadership,” added Hart.”
In recent years, finance directors have played a pivotal role in the boardroom frequently ‘owning’ organisational wide information and having a big hand in the strategic direction and decision making process. Finance directors that focus on historical performance and do not look forward have largely been replaced these days and would not stay afloat in any ambitious, successful company.