The Role of the CFO on the Board 

In today’s complex business landscape, the role of the CFO goes far beyond managing the finance function. CFOs are expected to act as strategic partners to the Board, contributing to significant decisions that influence the future of their organisations. A recent Criticaleye Virtual Roundtable explored the nuances of this evolving relationship, highlighting the skills and mindset CFOs need to succeed on the Board.  

Establishing and maintaining a strong and successful relationship with the Board starts with having a great partnership with the CEO. More than ever, CFOs are called upon to be key advisors to the CEO, helping guide them and the organisation through complex processes like M&A, financing strategies, and risk management. The ability to think strategically, coupled with strong emotional intelligence, is now essential for fostering a successful CEO-CFO partnership and supporting the CEO in navigating the organisation through periods of volatility and uncertainty.   

The evolving CFO role also brings a heightened focus on building resilience within the organisation. In today’s unpredictable environment, CFOs must lead scenario planning and contingency strategies, ensuring the company can adapt quickly to market shifts or external challenges. At the same time, the CFO's relationship with the Audit Committee Chair has taken on a new level of importance. Effective governance, transparency, and early communication of potential issues help to build trust, especially as non-financial reporting and sustainability concerns take centre stage.  

As responsibilities of the CFO continue to grow, so does the need for continuous learning and peer support. At Criticaleye, we provide CFOs with the opportunity to connect with peers, exchange knowledge, and sharpen the skills necessary to become high performing in your role.  

Here are some of the core capabilities highlighted at our Virtual Roundtable that new CFOs need to think about when forging a relationship with their Boards:  

• Prepare: Understand the company’s financial drivers and key metrics. Familiarise yourself with the board dynamics and SLT relationships.  

• Build Relationships: Take the time to get to know your Board members. Engage with them beforehand to understand their perspectives and establish rapport. Build trust by understanding each member’s motivations and drivers.  

• Communicate: Provide visibility into potential challenges ahead of time. Addressing issues proactively rather than chasing numbers after the fact is more productive. 

• Mindset: Approach the Board with the belief that their advice is intended to support the company’s success. Don’t create a “them versus us” mentality. View the board as a crucial team that can offer significant value and support 

Through events like our upcoming CFO Retreat, we help finance leaders to stay ahead of the curve, equipping them with the right capabilities to thrive as strategic advisors on their Boards.  

Click here to see how we work with finance leaders and get in touch with us to find out how we can support you.