INTRODUCTION TO THE WITS ONLINE CVO PROGRAMME:
At a time when we are faced with the challenges of social inequality, resource constraints, climate change and, most recently, the effects of COVID-19, what the world needs is an urgent shift from short-term finance centric business models to stakeholder inclusivity, environmental responsibility and long-term sustainability. It is with this in mind that Professor Mervyn King, widely regarded as one of the fathers of corporate governance, is calling for the role of the Chief Financial Officer to become the Chief Value Officer (CVO) instead.
According to Professor King: “The CVO role will ensure that all relevant aspects of value creation and destruction are accounted for and communicated to boards, management, and external stakeholders”.
However, this is easier said than done.
Accountants and financiers all well versed in the debits and credits of profit making. But understanding, internalising and applying the principles of integrated thinking and sustainable development are more challenging.
It is with this context that Wits University, in partnership with SAICA, decided to create a series of shortcourses dealing with the role and function of the CVO aimed specifically at accountants.
CVO COURSE #1: INTEGRATED THINKING AND VALUE CREATION
The first short course in the CVO programme is entitled “Integrated Thinking and Value Creation”. The course examines integrated thinking and value creation in a practical context with a focus on how the CVO, either in a dedicated role or in some other executive capacity, could be expected to oversee the management of multiple types of capital.
Organisations are seeking to obtain a deeper understanding of the resources they use and manage as part of a multi-capital perspective on value-creation over the short-, medium- and long-term. This multi-capital management approach is known as integrated thinking.
On completion of the first course, participants will therefore have a detailed understating of the importance of integrated thinking for contemporary business. They will be able to function as CVOs at their respective organisations with an aim to bolstering economic, environmental and social performance.