G.T.(Tom) Gunn, CFA, ICD.D Chair, Ridgewood Capital Advisory Board

Presentation to the Vancouver Chapter

Financial Executives International March 8 2012

What is a great CFO? Who decides what great means What the Judges thought important Balancing various interests Career management: where are they now? Real world issues

1. The Chief Accountant 2. The Cash Manager 3. The Finance Specialist 4. The Capital Markets Specialist 5. The General Manager to whom the

Chief Accountant reports

Where do you fit: inside the box or outside?

What did you think the job was about when you took it?

More than just numbers but what?

What is your relationship with... 1. The CEO 2. The Board 3. The bank 4. The shareholder(s)

Initially members of the Toronto Chapter

Subsequently included Sponsor reps – they brought different perspective Diversity: only a minority of judges had been/currently were a CFO

How long does it take to produce a Great CFO? Is a CFO a financial officer or something else? Do great CFOs come from a finance or accounting track? Is there a real difference between a large and small company experience?

Is a great CFO more than a senior professional?

How much of a general Manager?

Can a parachute CFO be a great CFO?

How much growing on the job?

..

Career achievements? Creativity and innovation? Has there been internal recognition? Does the staff do all the work?

Are there blots on the record? a) Have past results been restated?

b) Have past results at a previous company been restated?

Professional standards and corporate interest

Professional standards and the CEO objectives

Balancing shareholder interests

Caesar’s Wife or Caesar’s Henchman?

CEO and CFO relationship

Regulated company issues: is the regulator the boss?

Your investment banker and you

Job tenure and the CFO

The hidden secret: the professional unemployment rate

What’s next: up or up and out?

Peter Currie – CFO RBC First winner. Retired Peter Rubenovitch CFO Manulife Retired Claude Mongeau CFO CN Promoted to President Karen Maidment CFO BMO Retired

Professionalism and integrity Changemaker skill The Strategic leader

New rivals in the executive suite

Caesar’s wife issues

More visibility means more scrutiny if something goes wrong

The CFO with integrity

The internal reorganization

The international reorganization

The technology change

The great CFOs are also great general managers

Great CFOs are great tightrope walkers

Promotable CFOs have more than financial skills

Nothing is worse than great ideas carried to extremes

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