The need for continuous adaptation and innovation to effectively navigate the challenges of the modern economic landscape was emphasized by Chief Financial Officers (CFOs) during a series of high-level meetings held in Cyprus. The discussions were organized by the Institute of Certified Public Accountants of Cyprus (ICPAC) and the Institute of Chartered Accountants in England and Wales (ICAEW).

According to an announcement by ICPAC, the meetings provided a valuable platform for the exchange of insights and experiences, focusing on the evolving role of CFOs and their broader impact on businesses.

The meetings were led by Peter van Veen, Director of Corporate Governance and Stewardship at ICAEW, with the primary objective of analyzing modern financial leadership challenges and the critical role CFOs play in ensuring long-term business sustainability.

This initiative follows a series of similar discussions held in the United Kingdom, the findings of which are summarized in the report "What Does the CFO’s Changing Role Mean for You?".

During the discussions, senior executives from various industries—including shipping, banking, technology, real estate, and retail—shared their experiences and explored the trends shaping today’s business environment.

A key focus was the transformation of the CFO role, which has expanded beyond traditional financial management to include strategic responsibilities related to sustainability, risk management, and stakeholder engagement.

The discussions underscored cybersecurity and artificial intelligence as critical issues, with CFOs stressing the need for enhanced data protection and team training in these fields. Additionally, the increasing significance of Environmental, Social, and Governance (ESG) compliance and the integration of sustainability practices into financial decision-making were central topics.

According to ICPAC, large enterprises appear better prepared to meet these new requirements, while small and medium-sized businesses (SMEs) face challenges, particularly due to the high cost of compliance and limited resources.

The discussions also examined the impact of geopolitical developments, particularly the conflicts in Ukraine and the Middle East, on business operations. Additionally, participants explored opportunities arising from attracting global talent to Cyprus.

Another key takeaway was the changing dynamic between CFOs and corporate boards. The increasing importance of reporting and presentations to audit committees was highlighted, reflecting a more strategic approach to financial oversight.

The financial crisis and rising cost of living were also noted as key factors influencing talent acquisition and retention. CFOs discussed the challenges of maintaining competitive compensation while exploring alternative solutions such as workplace flexibility and targeted incentives to enhance employee satisfaction.

The CFO roundtable series reaffirmed the strategic role of CFOs in shaping modern business strategy.

According to the announcement, Stavros Kattamis, Chair of the CFO Committee at ICPAC, stated: "The role of the CFO is constantly evolving. Today’s financial leaders require a broad set of skills and expertise to meet the demands of this challenging role."

ICPAC also emphasized that its partnership with ICAEW in organizing this initiative reflects their commitment to strengthening the strategic role of CFOs, contributing to the growth and competitiveness of businesses in Cyprus.