KPMG MSLP

KPMG MSLP

April 27, 2011 08:00 ET

Canadian CFOs and Finance Function Failing to Gain "A Seat at the Table"

KPMG Survey Reveals Only 7 Percent of Business Executives "Very Willing" to Invest in Future Transformation.

TORONTO, ONTARIO--(Marketwire - April 27, 2011) - Canadian financial executives are frustrated with not being included as strategic players at the corporate table, according to KPMG's survey A Seat at the Table: Transforming the Finance function.

The most critical challenge for finance executives is gaining company-wide support for their initiatives. Only 7 percent consider their company "very willing" to help transform their current role into a strategic priority for the business.

"Despite their critical role in the organization, finance executives are finding a great deal of management resistance in their push for change. They want to be seen as truly strategic outward-facing players rather than just traditional number crunchers," says Dan Zbacnik, national leader of KPMG's Financial Management Advisory practice.

"Given all the changes faced by today's executives, we can really help CFOs transform their business's strategy and support business growth by leveraging their company strengths, offering recommendations to streamline their internal resource allocations, and improving their overall budgets," says Zbacnik.

The survey tackles the growing need for CFOs to be welcomed at the early stages of a strategic discussion. This will help the organization make better business decisions, which can increase the company's share price.

Survey Quick Facts:
  • 42 percent of Canadian finance executives expect a dramatic change in their processes for planning, budgeting and forecasting over the next 2 years.

  • 48 percent of CFOs and finance executives say a shortage of time and attention to improving capabilities is the most serious issue they face, compared to 40 percent of their global counterparts.

  • 45 percent of respondents believe dated IT systems are a significant barrier to success. This compares with 48 percent who share a similar view globally.

For a copy of our survey, please link to KPMG's press room: http://www.kpmg.com/Ca/en/Pages/pressroom.aspx.

About KPMG

KPMG LLP, the audit, tax and advisory firm (kpmg.ca), a Canadian limited liability partnership established under the laws of Ontario, is the Canadian member firm of KPMG International Cooperative ("KPMG International"). KPMG International's member firms have 140,000 professionals, including more than 7,900 partners, in 146 countries.

Contact Information

  • To arrange a media interview, please contact:
    KPMG, Julie Bannerjea
    Head of Media Relations/PR
    416-777-3243
    jbannerjea@kpmg.ca