Women held CFO place in lower than 5% of the Nifty 250 corporations: IFMR-D&B research
Women held CFO place in lower than 5% of the Nifty 250 corporations: IFMR-D&B research
In monetary yr 2022, there was no girls CFO within the listing of corporations comprising inventory index Nifty 50. Also, girls held the place of chief monetary officer (CFO) in lower than 5% of the Nifty 250 corporations, in line with a research by the IFMR Graduate School of Business at Krea University and Dun & Bradstreet (D&B). The research quoted S. Mahalingam, Fomer CFO of Tata Consultancy Services as saying, “ We usually do not see women in many top positions, and this is a major problem. It is not that women lag in finance. Companies have not done a great job in creating women CFOs but it should happen in the future with greater emphasis on diversity and inclusion.”
Titled “The Future CFO: Changing Roles, Changing Goals”, the research relies on quantitative and qualitative insights from dozens of Indian CFOs and descriptions the altering function of CFOs, key capabilities and competencies wanted for CFOs of the long run, and their shifting priorities and newer obligations.
To seize the demographic modifications, D&B analysed the Nifty 250 corporations—Nifty 50, Nifty Next 50 and Nifty Midcap 150 index corporations for FY16 and FY22 to see how the needle had moved over this era throughout totally different aspects and to mine insights. D&B selected the Nifty 250 set because it represents greater than 70% of gross sales for FY22 of India Inc. and represent about 86% of market capitalisation of the listed NSE universe.
The research additionally identified that finance executives with an MBA diploma skilled quicker profession progress. In Nifty 250, 47% of CFOs with an MBA are below 50 years as in contrast with 35% with non-MBA qualification for FY22.
“Today’s CFOs play multiple roles — they are trusted partners to CEOs on not just financial but also strategic matters, conscience-keepers of Boards in enhancing stakeholder trust, storytellers deriving hindsights, insights and foresights from financial data, and PE-minded investors strengthening core businesses with investments in next-gen start-ups,” Ramkumar Ramamoorthy, professional vice-chancellor for Professional Learning at Krea University.
According to the research, 86% of CFOs gave excessive significance to digital applied sciences. CFOs wish to transition from ‘systems of record’ to ‘systems of engagement and intelligence’. Also from accounting, auditing, monetary planning, CFOs at the moment are deeply concerned in company technique, organizational transformation, digitisation and ESG implementation.
“The relationship between a CEO and a CFO is critical for any business. Our study found that the ability to envision the business growth is the most important trait for a CFO. To be a trusted partner to the CEO, CFOs need newer skills to address newer demands of the market,” Preeta Misra, senior director, Dun & Bradstreet India, stated. “The finance team now needs to become a multidisciplinary team to champion organisational transformation, to manage existing challenges and capitalise on newer opportunities,” she added.
Source: www.thehindu.com
