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Some Asia-Pac CFOs not helping enough with business challenges: KPMG study
MORE than 70 per cent of chief executive officers (CEOs) in Asia-Pacific see a "powerful future" for their chief financial officers (CFOs), a KPMG study said. But a third said their CFOs are not helping enough with the challenges they face running their organisations.
The study surveyed 178 CEOs, managing directors, business owners and chairmen of large companies based in Asia-Pacific. Close to 40 per cent of respondents are from the Asean region, out of which 16 per cent are based in Singapore.
"The good news is that CEOs believe the CFO's role will increase in importance over the next three years, compared to other C-suite roles," said Martyn van Wensveen, global leader of financial management at KPMG in Singapore.
"The bad news is that almost a third of the surveyed CEOs don't believe their CFOs understand or assist enough with the business challenges they are facing."
More than half - 58 per cent - of CEOs also said they see performance and growth as the CFO's greatest opportunity to contribute to the organisation.
"CEOs want their CFOs to focus on growth but the current typical CFO is too mired in costs and compliance issues, wading through the numbers," added Mr van Wensveen.