Christchurch City Holdings Limited Chief Financial
Transcript of Christchurch City Holdings Limited Chief Financial
The information contained in the Candidate Brief is to assist candidates in their evaluation of the suitability of the advertised role. Decipher Group Limited accepts no liability for information provided, on behalf of the client, in good faith.
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Candidate Brief
Christchurch City Holdings Limited – Chief Financial
Officer
6 April 2021
The information contained in the Candidate Brief is to assist candidates in their evaluation of the suitability of the advertised role. Decipher Group Limited accepts no liability for information provided, on behalf of the client, in good faith.
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About the company
Christchurch City Holdings Limited (CCHL) is the wholly owned investment arm of the Christchurch City Council
and currently holds shares in six trading companies. These trading companies own and run some of the key
infrastructure of Christchurch, including electricity and broadband delivery, the port, the airport, facilities and
infrastructure maintenance, water management, waste processing and recycling facilities – all of which are
critical to the regional economy.
It is the role of CCHL to oversee the performance of these trading entities from a governance perspective and
to ensure that these entities are fulfilling the financial, sustainability, people focused and social/cultural
objectives agreed with the Council and in alignment with the strategic framework of CCHL. In turn, this will
allow CCHL to pay dividends to the Council as the shareholder.
With such diversity and complexity of investments, varied debt management, NZX compliance and stakeholder
relationships; CCHL needs a talented and broadly skilled CFO to join the team. Keen for this challenge?
About the opportunity
Reporting to the Chief Executive Officer and leading a small yet highly capable team, the CFO takes a broad
focus than spans investment performance reporting and monitoring together with managing a range of
stakeholder relationships. In doing this, the CFO:
Supports the CEO and the Board on development and execution of the strategy for CCHL including
providing financial insight, advice and research that supports decision making;
Works collaboratively with all members of the CCHL team – no matter what is required; roll your
sleeves up!
Works closely with all subsidiary CFOs to ensure performance measures developed align with the
requirements of Council and that performance itself meets objectives;
Reviews and consolidates all subsidiary reporting for presentation to the CCHL Board and Council in
accordance with regulatory requirements;
Develops and actively manages relationships with all subsidiary CFOs and CEOs together with key
stakeholders within Council to ensure ease of communication and to facilitate conversations on risks,
opportunities and performance;
Manages all NZX reporting and compliance including actively managing the relationships with key
contacts within the NZX;
Works alongside the CEO to determine and manage debt options including on the preparation of bond
issues and in managing the relationships with key funding partners;
Attends meetings and events at Council and with the subsidiaries as required; presents reports and
provides insights and updates.
This role needs a confident, energetic and smart CFO with initiative, a talent for numbers and passion for
leading and supporting business performance which spans a range of metrics including financial, cultural,
sustainability and safety. Sound like you?
The information contained in the Candidate Brief is to assist candidates in their evaluation of the suitability of the advertised role. Decipher Group Limited accepts no liability for information provided, on behalf of the client, in good faith.
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About you
To be successful in this role, you will be an experienced and proven CFO or finance leader and you would have
developed your capability across a range of industries and technical disciplines. While corporate finance
experience is not a necessity, exposure to this would be useful, as would an appreciation of local government
in operation. A Chartered Accountant (or similar); you will have a passion for reporting and performance
measurement while balancing this with a commercial approach. A deep interest in broader metrics for
determining performance including a commitment to sustainability; you will enjoy taking a leadership role in
enhancing the reporting approach that will support Council values.
As a leader, people will describe you as collaborative, prepared to get stuck in and deliver and as enjoying
developing strong working relationships. As an executive, you will demonstrate your confidence and capability
in working with a CEO and a Board on matters of strategic significance while providing them with absolute
confidence in the numbers.
In return, you will be rewarded with the opportunity to be a part of this impactful Christchurch organisation
which provides flexibility and a high performing, supportive environment for its people - and to contribute to
the commercial and social success of the region. Interested?
How to apply
To discover more about CCHL, visit www.cchl.co.nz
For a confidential discussion about the role; contact Leanne Crozier, Director by email to
Applications close: Friday 30th April 2021
CFO Position Description 2021
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CHIEF FINANCIAL OFFICER POSITION DESCRIPTION March 2021
Title: Chief Financial Officer (CFO)
Reporting to: Chief Executive Officer (CEO)
Direct Reports: Financial Analyst
Treasurer
PURPOSE OF POSITION
The Chief Financial Officer is a senior member of Christchurch City Holdings Limited (CCHL) and is a
key advisor to the Chief Executive Officer and the Board of directors. The objective of the role of
Chief Financial Officer is to lead the finance function of CCHL, provide strategic review and support
to its subsidiaries and associated companies together with providing valuable advice and strategic
support to the Chief Executive Officer and the Board. In doing this, the CFO:
• Supports the CEO and the Board on development and execution of the strategy for CCHL
including providing financial insight, advice and research that supports decision making;
• Works closely with all subsidiary CFOs to ensure performance measures developed align
with the requirements of Council and that performance itself meets objectives;
• Reviews and consolidates all subsidiary reporting for presentation to the CCHL Board and
Council in accordance with regulatory requirements;
• Develops and actively manages relationships with all subsidiary CFOs and CEOs together
with key stakeholders within Council to ensure ease of communication and to facilitate
conversations on risks, opportunities and performance;
• Manages all NZX reporting and compliance including actively managing the relationships
with key contacts within the NZX;
• Works alongside the CEO to determine and manage debt options including on the
preparation of bond issues and in managing the relationships with key funding partners;
• Attends meetings and events at Council and with the subsidiaries as required; presents
reports and provides insights and updates.
POSITION VALUES
This is a significant position within the organisation with responsibilities to the Chief Executive
Officer and the Board. It is expected that the Chief Financial Officer maintains a high level of
professionalism and integrity, displays a positive attitude and a team focus and be enquiring and
articulate.
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THE POSITION DESCRIPTION
This position description establishes the objectives, responsibilities and performance measures of
the role of the Chief Financial Officer. The Chief Financial Officer will undertake any other tasks or
responsibilities as reasonably requested by the Chief Executive Officer.
KEY RELATIONSHIPS – INTERNAL AND EXTERNAL
• Chief Executive Officer
• Other CCHL employees
• CCHL Board of Directors, in particular the Chair of the Audit & Risk Management Committee
(ARMC)
• Christchurch City Council
• Subsidiary and Associated Companies, in particular the CFOs of the CCHL subsidiaries.
• Professional consultants/advisers (including without limitation legal advisers, tax advisers,
corporate finance/valuation advisers, technical accounting advisers etc.)
• External Auditors
• Regulatory bodies and professional associations
• Suppliers (including without limitation NZX, major trading banks, etc)
ACCOUNTABILITIES RESPONSIBILITIES AND PERFORMANCE MEASURE
Planning and implementation –
Strategy and Operations
Supports the CEO in the
development of annual and long
term plans together with the
Statement of Intent as required by
the shareholder.
Provides advice and makes
recommendations to the CEO and
the Board on matters of strategic
financial importance.
• Supports the CEO to ensure all strategic and
operational plans, business plans and budgets
together with the annual Statement of Intent are
complete, align with the objectives of the
organisation, adhere to regulatory requirements
and are delivered on time.
• Reviews Statements of Intent prepared by
Subsidiary Companies; highlighting areas of concern
to CEO and the Board.
• Supports the CEO in the establishment and
implementation of performance measures to
ensure delivery of plans can be measured.
• Supports the implementation of all plans as agreed
and meets performance measures.
• Where required by the CEO, leads projects agreed
and delivers project outcomes according to
timeframes and performance measures.
• Actively seeks relevant information from local and
global sources on plans and activities undertaken by
similar organisations. Makes recommendations to
the CEO and Board on the basis of this information.
• Provides advice to the CEO and Board on relevant
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statutory and legal compliance issues and assures
the CEO Board annually of compliance.
• Supports the CEO in reporting periodically as agreed
to the Board providing details of performance on
matters of importance including achievement of
objectives.
Reporting
Supports the CEO in reporting to
the Board of Directors, the
Shareholder and the NZX as
directed and required by
regulation, policy or other
requirements.
• Assists the CEO with preparation of all Board, Board
Committee and Shareholder reports as directed;
ensuring appropriate information is shared, aligned
with the objectives of the organisation and meets
any regulatory or policy requirements.
• Participates fully in all meetings with the CEO,
Board, Board Committees and the Shareholder as
appropriate, contributing ideas and reporting as
required.
• Actively supports the subsidiaries in the preparation
and submission of their individual reports, including
the Statements of Intent to the Board and the
Shareholder; ensuring appropriateness of
information, including meeting the shareholder
letter of expectation requirements, and complying
with all legal requirements, relevant policies and
regulations.
• Actively manages the CCHL NZX reporting
requirements ensuring compliance with all periodic
reporting and continuous disclosure obligations.
Subsidiary Reporting and
consolidations.
Supports the subsidiary companies
in the preparation of strategic
performance updates, quarterly
dashboards, six monthly and
annual reporting.
Consolidates all subsidiary
reporting and forecasts into Group
reporting.
• Manages the relationships with all CCHL subsidiary
company CFOs.
• Reviews all reporting prepared by CCHL subsidiary
companies; identifying variations to forecasting or
expectations. Discusses and resolves variations with
subsidiaries.
• Reviews all forecasts prepared by the subsidiaries;
identifies issues and inconsistencies with
Statements of Intent. Discusses and resolves issues
and inconsistencies with subsidiaries.
• Where requested, provides subsidiary companies
with reporting and forecasting support and
guidance.
• Consolidates all reports and forecasts from
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subsidiary companies to present to the CEO, Board
and Shareholder as required.
Leadership of Finance Function
Leads and manages a highly
effective team that is focused on
achieving excellence and meeting
or exceeding individual and
organisation performance targets.
• Ensures that the Finance Function is fully and
effectively staffed through robust recruitment and
retention processes.
• Establishes and implements Key Performance
Indicators (KPI’s) for all direct reports individually
and the organisation.
• Monitors and manages staff performance in
accordance with established processes and policies.
• Ensures individuals within the Finance Function are
regularly and appropriately communicated with so
that they understand the direction and
performance of the functions and business and kept
informed of all relevant matters and events.
• Reviews staff performance in accordance with KPI’s
providing coaching, performance management and
leadership as necessary to ensure the organisation
and the individuals are meeting objectives and
KPI’s.
• In consultation with the CEO and Chair of the
ARMC, manages the ARMC annual work
programme.
Financial Management
Provides Financial Leadership to
the CCHL by ensuring the provision
of relevant, accurate and timely
financial reporting. Manages
cashflow and treasury matters in
accordance with policy.
• Establishes and regularly reviews financial and
management reporting models and templates to
ensure reporting is relevant and concisely
presented.
• Ensures all monthly management and financial
reports are prepared in an accurate and timely
manner in accordance with agreed timeframes and
are accompanied by appropriate commentary or
notes.
• All ad hoc reporting requested by the CEO is
completed within agreed timeframes.
• Accounting standards are adhered to within the
preparation of all reports.
• Is the liaison with the external accounting and
taxation advisors and auditors in respect of the
preparation and audit of all financial reporting.
• All external audits completed meet expectations of
compliance and issues agreed with the CEO. All
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issues arising from an external audit are remedied
without unreasonable delay.
• Recommends for Board Approval key parameters of
Group cashflow management (including any
treasury policies) and ensures cashflow managed in
accordance with agreed parameters.
• Ensures cashflow forecasts are kept current and
reports to the CEO monthly and as requested.
• Actively oversees and takes responsibility for the
management of all treasury functions in accordance
with the treasury policies.
• Actively oversees the management of the portfolio
of CCHL debt funding (including without limitation
borrowing from Council, LGFA, domestic bond
holders, wholesale Commercial Paper (CP),
wholesale Floating Rate Notes (FRNs) etc)
• Actively manages the day to day relationship with
CCHL banks, financial institutions and other funders.
• Actively manages compliance with CCHL banking
covenants and related debt funding requirements
linked to the CCHL banking facilities, bond
programmes, wholesale borrowing etc.
• Regularly reviews all banking and financial services
facilities to ensure interest and fees are reasonable
and that the facilities provide the level of service
and cover required by CCHL at any time.
Budget Management
Is responsible for management of
the CCHL budget. Reports on
performance against budget
accordingly.
• Establishes and regularly reviews budgeting and
forecasting models and templates to ensure
relevant and required information is reported on
and is clearly presented.
• Manages the budgeting process ensuring key time
milestones are met. Presents draft budget to the
CEO and Board for consideration.
• Reports monthly on variances to budget providing
commentary and making recommendations to
mitigate performance issues as appropriate.
• Ensure all relevant finance function policies are
complied with and all expenditure is approved as
required, in accordance with relevant policy.
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Investment and Divestment
Analyses and makes
recommendations to the CEO on
investment and divestment
opportunities.
• In accordance with the objectives and plans of the
organisation, analyses the financial aspects of
potential investment and divestment opportunities
identified by the CEO / Board and makes
recommendations to the CEO on the financial
aspects of these opportunities.
• Supports the CEO in the management of any
investment or divestment process as a
representative of the organisation; ensuring
regulatory and statutory compliance and alignment
with organisation objectives.
Corporate Structures and
Investment
Provides advice and support to the
CEO and the Board on company
structures, equity and investment
matters to support achievement of
the Group’s strategic objectives.
Undertakes all regulatory
requirements to ensure all
structure, equity and investment
matters are compliant.
• Provides support and advice to the CEO and the
Board on matters of corporate structure, ownership
and investment to ensure objectives can be
achieved.
• Executes all actions required by the Board of
Directors in reference to ownership, company
structure and investment.
• Undertakes all company administration including
filing of returns and provision of financial and
company information required to ensure company
is compliant with legislation and regulatory
requirements.
• Reports to the CEO as appropriate around actions
and risks.
Risk Management
Understands and actively manages
the financial, commercial and
investment risk of CCHL in
accordance with policy.
• Ensures the risk registers (corporate risk and
investment risk) and risk management policy of the
organisation are relevant and regularly reviewed.
• Ensures a comprehensive understanding and record
of risks to the organisation in accordance with the
risk management policy.
• Ensures the organisation has an effective disaster
recovery programme.
• Reports to the CEO and the Board/Board
Committee on financial, commercial and
investment risks in accordance with the policy.
Commercial Analysis
Critically examines the business
through analysis and reports to the
CEO on areas requiring attention.
Provides ad hoc reporting as
• Establishes and regularly review analysis models
and templates for relevancy and ease of use.
• Anticipates the need for and is proactive in pursuing
financial and commercial analysis to support the
objectives of the business.
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required.
• Undertakes financial and commercial analysis as
requested by the CEO
Statutory compliance
Is responsible for ensuring Group
compliance with all statutory
company administration, financial
and taxation requirements.
• Ensures all statutory or regulatory returns, reports
and disclosures are completed and filed within
required time frames.
• Ensures all payments resulting from the above are
made on time and in full unless directed by the
Board.
• Subject to any penalties arising from a Board
directive, ensures that CCHL is not required to pay
or undergo any penalty due to non-compliance with
any legislative requirements.
Company Administration
Ensures all general company
administration tasks are
undertaken.
• Actively manages the CCHL insurance programme
and ensures all insurances are up to date and that
premiums are paid so that CCHL is appropriately
protected as approved by the Board.
• Ensures all CCHL owned/leased assets are properly
registered, maintained and insured and that all
warrants of fitness and required industry
certifications are obtained so that no relevant
penalties or fines are received by CCHL.
• Ensures all property and equipment leases are
reviewed and complied with so that CCHL is
adequately provisioned and does not face any
liabilities for non-compliance.
• Ensures all statutory and regulatory obligations
relevant to CCHL property are complied with.
• Ensures all other company administrative tasks and
obligations are undertaken and discharged.
Process and System Improvement
Takes a continuous process
improvement focus when
reviewing processes and
procedures.
• Ensures that there are documented standard
processes and procedures and appropriate controls
in place for all activities that are undertaken within
the Finance Function.
• Regularly reviews all Finance Function procedures
and processes to ensure the Finance Function is
operating effectively and optimally.
• In consultation with the CEO, leads reviews of the
effectiveness of CCHL operational systems and
processes to ensure a coordinated approach to all
systems and process enhancements.
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• In consultation with affected parties, considers and
implements changes to processes and procedures
that enhance efficiencies.
• Ensures all implemented changes are properly
documented and provides all affected parties with
sufficient and timely training.
• Where the cost of making changes to systems,
processes and procedures exceeds an agreed level,
presents a business case to the CEO for
consideration proposing the change.
Professional Development
Ensures that professional and
personal capability is continually
developed so that the Chief
Financial Officer can competently
undertake all responsibilities of the
role and add value to CCHL.
• Develops and keeps current a professional and
personal development plan that aligns with the
strategic and operational objectives of CCHL for
review and approval of the CEO.
• Attends agreed training, coaching and mentoring as
planned
Senior Executive
Works with the CEO on matters of
strategic importance to the
business.
• Ensures that the CEO is kept informed of all
pertinent developments and information within
functions managed by Chief Financial Officer.
• Participates fully in all meetings with the CEO,
Board and Board Committees as appropriate,
contributing ideas and reporting as required.
• Undertakes any other duties reasonably requested.
COMPETENCIES – ATTRIBUTES AND BEHAVIOURS
In order to be effective in the position, the Chief Financial Officer shall have and be able to
consistently demonstrate the attributes and behaviours described below.
• Actively demonstrates professionalism throughout the organisation and the industry and is a
credible and trustworthy person who holds the respect and loyalty of all stakeholders.
• Strongly leads by example, provides clear expectations and direction. Causes people to
believe what they do makes a difference and uses different leadership styles to achieve
objectives.
• Is proactive, energetic, enthusiastic and positive in all dealings with colleagues and customers.
• Has tenacity in pursuing goals, showing focus in the face of opposition and ensures personal
goals are aligned with the company objectives.
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• Demonstrates a strong understanding and commitment to the goals and objectives of the
organisation, regularly contributes to formulating goals. Actively works to support the goals
and objectives of others in the executive team and the wider business.
• Strategically plans direction for areas of responsibility. Captures the strategic intent of key
stakeholders or influencers to identify future directions and plans the changes necessary.
• Makes the insightful, timely decisions in difficult, high complex situations that have broad
impact across the company.
• Champions the ‘quality cause’, sets directions, defines standards and values and embeds
continuous improvement inside and outside areas of responsibility.
• Displays strong commercial acumen. Analyses key drivers, opportunities and competitive
advantages to develop strategies to benefit the business.
• Strives to keep a constant “eye” on the market through building rapport with key contacts,
networking and keeping up to date with market information through research in various
media.
• Regularly updates knowledge and skill through effective training and education.
• Understands and models behaviours consistent with the organisation’s wider environmental,
social, cultural and ethical responsibilities; encouraging good standards of environmental
performance and social responsibility on part of the subsidiaries.
• Is transparent in the approach to public reporting and reflects excellent standards of
environmental performance and ethical behaviour in this reporting.
• Is capable of championing commercial standards in a quasi-political environment.
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COMPETENCIES – SKILLS AND EXPERIENCE
In order to be effective in the position the Chief Financial Officer shall have and be able to
demonstrate the following skills and experience:
• Supporting strategic planning and implementation experience in a commercial organisation.
• Extensive experience from company secretarial, governance and regulatory perspective.
• Experience advising senior executives and the Board of Directors on commercial, financing and
business structures.
• Experience managing and reviewing the performance of investments; ideally in the nature of
commercial enterprises.
• Experience and capability to build trusted and respectful relationships across teams, partners
and stakeholder groups.
• Exposure to regulatory and compliance requirements around reporting within the Public Sector,
and reporting/disclosure requirements of the NZX (for listed issuers).
• Extensive experience providing critical business advice to a Board of Directors and/or CEO.
• Is a Chartered Accountant with the Chartered Accountants of Australia and New Zealand (or
similar).
Delegated Authority
• Act as CEO in his/her absence, with all CEO powers;
• Incur operational expenditure within budget up to $20,000 for any one item, subject to the
proviso that expense claims are approved by the CEO.
The information contained in the Candidate Brief is to assist candidates in their evaluation of the suitability of the advertised role. Decipher Group Limited accepts no liability for information provided, on behalf of the client, in good faith.
[email protected] | www.deciphergroup.co.nz 5