FINEX'S 1ST VIRTUAL CHRISTMAS PARTY LOCKDOWN DIARIES: …

OFFICIAL MONTHLY NEWSLETTER OF THE FINANCIAL EXECUTIVES INSTITUTE OF THE PHILIPPINES

WWW.FINEX.ORG.PH VOL. 15 NO. 11 | NOVEMBER 2020

FINEX General Membership Meeting Wednesday, November 18, 2020 Webinar via Zoom

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FINANCE IN THE TIME OF PANDEMIC

SAVE THE

DATE! Monday Dec. 7, 2020

FINEX FOCUSFINEX'S 1ST VIRTUAL CHRISTMAS PARTY

SEARCHING FOR THE 14TH

CFO OF THE YEAR AMID

COVID-19 CHALLENGES

THE GAME-CHANGING CFO

LOCKDOWN DIARIES: IN THIS ISSUE



PRESIDENT'S CORNER By Jose Jerome "Jeng" Pascual III We empathize with our suffering and displaced countrymen in Bicol, Metro Manila and other areas devastated and inundated by the recent string of typhoons. I received appeals for FINEX to once again demonstrate solidarity and support by providing financial aid for our Filipino brothers and sisters in need. I hope that the world-class spirit FINEX members demonstrated in responding to earlier calamities and the ongoing pandemic this year alone will once again come forth once we get our counterpart donation program under way. After all, ’tis the season for giving… The Board of Judges and CFO of the Year Search and Selection Committee are so excited to present this years awardee. All the shortlisted candidates were worthy of being named CFO of the Year. And it was the Board of Judges’ difficult task to select the one winner, the Game-Changing CFO of 2020 … and that we did! I wish to thank the CFO of the Year Awards Committee headed by Jet Pampolina for pulling through these unprecedented times with a robust search and selection process and innovative staging of the awards event. We hope to see you all during the formal awarding on 18 November 2020. We successfully carried out the election process for the 2021 Boards of the Institute and Foundation. Many thanks to Past President Ebot Tan, the Elections Committee and the FINEX Secretariat. And I wish to congratulate the incoming Boards of the Institute and Foundation for 2021, especially Atty. Francis Lim our 2021 FINEX President! Our organization continued to be active this past month: • Last 16 October, we held an exclusive FINEX member-only webinar on “Closing is Never an

Option: Now is the Time to Turn Your Business Around” an event sponsored by the Special Projects Committee under Eddie Yap in collaboration with Wong & Bernstein Advisory Group and Icon Executive Asia.

• On 27 October, we held the 5th installment of the Network and Chill virtual fellowship cocktails with the new members of 2020, organized by the Membership Committee headed by Caloy Cervantes.

• FINEX signed a Memorandum of Agreement with the Securities and Exchange Commission (SEC) on 9 November 2020 to collaborate on the SEC’s Communication, Advocacy and Network (SEC-CAN!) campaign. The signing kicked off SEC’s Investor Protection Week

• Upon recommendation of the National Affairs Committee chaired by Eddie Yap, FINEX also co-signed a letter initiated by The Arangkada Philippines Project of AmCham expressing concern on additional non-working holidays being proposed in counterpart bills in both the Senate and the House. The letter was co-signed by various business groups and foreign chambers and transmitted to Senate President Sotto on 9 November.

• On 10 November, FINEX, represented by yours truly, hosted and moderated in a global webinar on Artificial Intelligence: A Practical Guide to Finance and the Future, sponsored by the Digital Economy Working Group of IAFEI.

During my inaugural speech as 2020 FINEX President, I said that, as we entered this new decade, it would be opportune for FINEX to embark on its own journey towards world-class. Following a meeting of minds among the outgoing and incoming heads of the FINEX Institute, Foundation and Academy, and agreement with the FINEX Institute Board, I set up a special committee to revisit and realign the mandates of the three branches of FINEX. I thank the FINEX 2.0 Committee chaired by Past President Ebot Tan and composed of other past presidents, young officers and new members, for completing this extraordinary task that was subsequently approved by the Boards of the three FINEX organizations and now subject for member ratification and approval during the 18 November 2020 Special Membership Meeting. The work of the FINEX 2.0 Committee will be the springboard for establishing an aspired future and multi-year strategy, consistent with our harmonized purpose, vision and mission. Their work is embedded in the proposed amendments to the Articles and By-Laws of the FINEX Institute, Foundation and Academy, that are designed to: • comply with the Revised Corporation Code; • qualify for BIR tax exemption and PCNC accreditation as a donee institution; • harmonize and align the purpose clauses of the three FINEX organizations in order to bring

clarity to the primary objectives/missions of each organization while maintaining proper coordination/collaboration across all organizations;

• establish a Strategic Planning Committee that reports to and assists the Board in developing and refining a long-term roadmap that sets the overall strategic direction of FINEX;

• expand the membership base to attract and develop young, high-potential Finance professionals through involvement as Associate Members;

• formalize the rules on Honorary Members; • rationalize the eligibility criteria for Life Members; and • define and delimit the entitlements of inactive members. I do hope you all see the strategic importance and future value of these proposed amendments to our organization. Voting Yes will enhance our organizational resilience and agility, making FINEX Fit-for-the-Future. Please continue to take care of yourselves, and each other.

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FINEX FOCUSEditorial Board

PUBLISHER

Media Affairs Committee

2020 EDITORIAL BOARD

President

Jose Jerome R. Pascual III

Liaison Director

Hilaria E. Concepcion

Chair

Wilma I. Miranda

Advisers

George S. Chua

Santiago F. Dumlao Jr.

Ronald Luis S. Goseco

Editor-in-Chief

Joseph Albert A. Gamboa

Staff Coordinators

Lyn D. Vizcaya

Chona R. Vergel

Rafael V. Ailes

Alexis Rai M. Canon



14TH CFO OF THE YEAR AWARD NOVEMBER 2020 GENERAL MEMBERSHIP MEETING The Game-Changing CFO

FINEX IN ACTION THE POWER OF DIGITAL MEDIA | OCTOBER 14, 2020

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The Media Affairs Committee hosted the October GMM via Zoom with the theme “The Power of Digital Media.”

Guest speakers were Dennis Augusto “Dingdong” L. Caharian, President & COO of GMA New Media, and Prep Palacios, Industry Head of Google Philippines.

The event was likewise broadcast live via Facebook.



LOCKDOWN DIARIES By Mignon Ramos

SEARCHING FOR THE 14TH CFO OF THE YEAR

From among hundreds of CFOs in the country, to a number of nominees, how does one select THE CFO of the year? The ING-FINEX CFO of the Year Search is the longest running and only search that honors outstanding chief financial officers. A Joint and perpetual partnership between ING Bank N.V.(Manila) and FINEX, the search intends to herald a legacy for future generations of Philippine Financial Leaders. From the nomination forms to the final judging, the criterial for the search today are as set out in a study made by the Ateneo Graduate School of Business and FINEX, and developed based on Deloitte’s Four Faces of a CFO. The

model recognizes the complexity of the CFO’s role and how these requirements shape their contribution to their organization. The Search and Selection Committee of the ING-Finex CFO of the Year Awards typically receives around a dozen nominations. These nominations undergo a preliminary vetting on several points relative to their CFO position and determining their eligibility to the competition. From this point on, the nominations are kept confidential within the very small circle of the Search and Selection Committee.

The Search Panel then invites Finex members to become Champions to the nominees. These champions perform a dual role. Each champion represents the Search to the nominee, validating the claims in their nomination forms, framing their competencies and achievements according to the model, and being the point of communications between the candidate and the search panel. At the same time, the Champion also presents the nominee to the Search, probing and framing, offering different perspectives, pushing the nominee to refine the presentation to the panel. At the end of the day, it is the champions’ presentations to the search panel, and their executive summaries, that are evaluated by the panel and by the board of judges. The formal proceedings then begin. After having studied the often kilometric nomination submissions, the Search panel interviews the nominees and introduces their champions to each of them. In this time of the pandemic and quarantines, the only adjustment made to the process was that all meetings and interviews were conducted online instead of face to face. AAAAND, a

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beautiful and delicious lunch was sent to the Board of Judges and other participants on the day of interviews and deliberations. The logistical arrangements for these were new to us all, but went almost flawlessly. The Champions are given a period of time within which to interview each candidate’s Chief Executive Officer, one of their direct reports, a peer, and the Head of Human Resources of the organization. Each Champion then prepares and submits the executive summary for his nominee, and is interviewed by the Search Panel on their findings. The Search panel then deliberates on the candidates and rates them according to the model. The panel then decides on a short list of candidates to present to the Board of Judges, rating and ranking these short-listed candidates. The materials for the short-listed candidate are examined by the members of the Board of Judges, and a final interview gives the candidates a chance to present themselves to the Board of Judges. Deliberations follow, and the Search Panel presents their own ratings and rankings to the Board of Judges. They then all agree on the winner. And THAT is the process by which the CFO of the year is selected! But is that really HOW the CFO of the year is selected? The process, arduous as it may already seem, hardly tells the story of what some candidates/nominees have already called, ‘… a very strict and stringent process that taught me many things about what a CFO should be…’ and ‘a whole framework that treats the CFO with so much respect…’. First, the Board of Judges are selected not only for their stature and impartiality (which they inevitably have; and should strictly be). They have invariably been men and women of deep intellect and insight who are able to read through the copious material and probe and question with relevance and fairness. Second, the Search Panel and the Champions themselves have always been selected to be diligent and to have the ability to frame thoughts and insights and present these effectively. These people have the ultimate competencies of asking the right questions in the right way, and of listening to and probing for the answers. Third, the above process and the characters of the personalities in the Search are supported by a system of coaching each other and of being unafraid to ask questions and request for proof and clarification. Finally, the entire Search community is enveloped in a culture of excellence and pride (though confidential) in the Search, the role of the CFO, and the manner in which the search has shone light on the stature and importance of the CFO in the business organization. That is the REAL HOW of the selection of the ING-Finex CFO of the Year.

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FINEX'S 1ST VIRTUAL CHRISTMAS PARTY LOCKDOWN DIARIES: …

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