Step 1 : Shortlisting of Candidates
Candidates will first be shortlisted through the following sources:

1. The candidate’s company score on relevant items in the “accountability and audit” and “communications with shareholders” sections of the Singapore Corporate Governance Award scorecard;
2. Rankings of the CFO candidates’ companies in the Business Times Corporate Transparency Index¹
3. Average increase in total shareholder returns (TSR) of the CFO candidates’ companies over the last three years and increase in TSR in the last year;
4. Improvement in return on equity (ROE) and cash flow from operations in the last year;
5. Rankings of the CFO candidates’ companies in the Singapore Corporate Awards - Annual Report Awards;

As an additional screen, search will be done on media reports and with SGX to document if there are any regulatory action or material financial restatements that have transpired during the CFO tenure at their current or past organisation(s). Any findings will be disclosed to the judging panel for consideration.

Step 2 : Obtaining Additional Inputs
Additional inputs on shortlisted CFOs will then be obtained through the following:

6. A questionnaire survey of the CEO and Audit Committee Chairman of the CFO candidate based on the attributes and the qualitative characteristics of the candidates; and

Step 3 : Final Selection by the Judging Panel
A Judging Panel will review and evaluate the shortlisted candidates using information from the questionnaire. The judging panel will also be provided additional information about each of the CFO’s companies, including nature of business and financial profile. If considered necessary, the final shortlisted candidates will be interviewed by the Chair and two other members of the judging panel. The decision of the Judging Panel will be final.

¹ From 2010 onwards, the relevant sections of the Governance and Transparency Index will be used.
² TSR is computed as the [(Closing Share Price + Dividends Per Share)/Opening Share Price – 1] * 100%.

Personal Qualities

• Integrity: The CFO's integrity must be of the highest standard. He/She must exhibit the highest ethical behaviour and inculcate the same corporate culture top-down, across all levels within the organisation.
• Transparency: The CFO is someone who champions the need for greater accountability and transparency in corporate governance.
• Soft People Skills: The CFO must have the skills to and abilities to address and manage the concerns of the various corporate constituents -- the CEO, directors, unit managers, analysts, bankers, investors and the media - in an impartial manner.
• Confidence: The CFO must have the confidence to provide meaningful information about the company's accounts and finances at board meetings and with shareholders, investors and the media.
• Vision and Leadership: The CFO must possess sound business acumen, astute foresight and the ability to lead, inspire and guide his or her organisation to greater heights of growth, financial achievement and recognition.
• Innovation: The CFO is characterised as an innovator who has the ability to transform and shape the successful financial performance of his or her organisation while exercising sound business judgement and demonstrating excellence in his or her field.

Knowledge and Experience

• Knowledge Base: The CFO must have a sound understanding of all matters relating to the corporate regulatory compliance and reporting requirements of the company.
• Experience: While age is not the sole decisive factor, the CFO should ideally have spent at least three years in the finance function and one full year in his current company. Preferably the CFO should not be a newcomer to the industry in which he or she is currently working in.
• Professional Training: Possessing the necessary professional qualifications in accountancy or finance will be a plus. Some accountancy and finance designations include the Certified Public Accountant (CPA), Chartered Accountant (CA) designations and and Chartered Financial Analyst (CFA). Other finance-related tertiary qualifications will also be considered.
• Continuous Learning: The CFO should possess a desire for continuous learning and professional development.

Track Record and Accomplishments

• Personal Achievements: The CFO’s track record and accomplishments will be a key factor. The judges will consider the corporate deals, including M&As, rights issues etc, handled by the CFO during the year under review. The degree of difficulty of each corporate deal will also be taken into account. The ability of the CFO to create long-term shareholder value for the company is an important consideration.
• Corporate Reporting and Performance: The financial performance of an organisation is indicative of success or failure. Full and fair disclosure, sound financial management, integrity and a commitment to ethical business conduct are key indicators of a good CFO.
• Social Responsibility: In addition to a commitment to integrity and a passion for the future of business, a highly distinguished CFO uses his or her influence, skill and creativity to make significant contributions to the finance and accounting profession, industry and to the community.
• Global Competitiveness: Companies compete in a global marketplace. A successful CFO demonstrates global initiatives and regional drives that foster potential new markets abroad, enhance operations, aid in the establishment of foreign ventures or the expansion of foreign corporate affairs on an international scale. The CFO is a key pre-requisite for the success of the company competing in the global marketplace.

• Candidates must be Chief Financial Officers or Heads of Finance
• The minimum period of service for the CFO in his or her current role is one financial year in the same company
• The candidates should have been in the same industry for at least three years
• The corporate context in which the CFO functions will be considered in assessing potential nominees, including: transparency of financial reporting; high standards of corporate behaviour; sound accounting practices; and commitment to good corporate governance consistent with current standards and evolving guidelines
• There must be a completed questionnaire survey from either the CEO or Audit Committee Chairman
• Candidates from sponsoring organisations can be considered for the Award, but any representative from these organizations on the judging panel must not participate in discussions and decision-making about the candidate
• There will be a two-year grace before a CFO can win the award for the second time. If a CFO attains an award a second time, the grace period shall be five years before he or she can be considered for the Award again. After winning the Award for a third time, the CFO can be named as Distinguished CFO if they are subsequently selected again

Checks of the above criteria will be conducted should the candidate be shortlisted for the Award. The shortlist is for the purposes of the Judging Panel and will not be circulated or communicated externally.