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 short courses dealing with the role and function of the CVO aimed specifically at accountants.
CVO COURSE #2: CORPORATE GOVERNANCE IN SOUTH AFRICA
King-IV deals with an inclusive approach to corporate governance based on a set of fundamental principles, including corporate citizenship, stakeholder inclusivity, the organisation as an integral part of society and integrated thinking. King-IV represents an effort to move away from a compliance-focused approach to corporate governance and reporting to an action-orientated model designed to promote positive organisational change.
Wits University is pleased to launch the second short course in the CVO programme entitled “Corporate Governance in South Africa”. The course examines outcomes-based governance and its application to emerging issues such as COVID and climate change. The course considers the drivers and consequences of good governance and how an outcomes-based approach to governance is essential for effective multi-capital management, stakeholder engagement and long-term value creation. On completion of the course, participants will have a detailed understanding of the importance of corporate governance for contemporary business. This understanding will further contribute to the skillset of Chief Value Officer aimed at bolstering economic, environmental and social performance for organisations.