Title
| Chief Financial Officer & Company Secretary |
Location
| Pakistan |
Programme
| Social Development - Microfinance |
Agency
| Aga Khan Agency For Microfinance |
Deadline
| 15 Feb 2013 |
Aga Khan Agency for Microfinance: The Aga Khan Development Network (AKDN) now operates microfinance programmes and institutions in over 20 countries throughout the developing world. These programmes, which were previously distributed among the Aga Khan Fund for Economic Development (AKFED), the Aga Khan Foundation (AKF) and the Aga Khan Trust for Culture (AKTC), are now overseen by the Aga Khan Agency for Microfinance (AKAM). Operating in both rural and urban settings, the programmes have helped poor people from a variety of cultures to expand their incomes, improve their quality of life and become self-reliant.
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The Position
The First Microfinance Bank Pakistan is a part of the Aga Khan Agency for Microfinance (AKAM). The underlying objectives of AKAM are to reduce poverty, diminish the vulnerability of poor populations and alleviate economic and social exclusion. AKAM's ultimate aim is to improve the quality of life by helping people increase incomes, become self-reliant and gain the skills needed to graduate into the mainstream financial markets.
CHIEF FINANCIAL OFFICER (CFO) AND COMPANY SECRETARY
JOB SUMMARY
The position leads the process of execution of financial operations and implementation of financial plans, accounting frameworks, and strategic information systems to support the Bank's business. The position is responsible to oversee regulatory affairs of the Bank as well as implementation of internal controls for effective and efficient execution of business plans approved by the board of directors and treasury operations. The position is also responsible to oversee the administrative functions and also act as the company secretary.
Key Result Areas/Principal Accountabilities
Responsible for adequate banking arrangements in line with the First Micro Finance Bank (FMFB) requirements.
Ensure that bank surplus funds are optimally invested in approved securities within the required time frame.
Responsible for strategic planning including preparation of annual budget.
Compliance with all regulatory requirements including operating policy guidelines.
Responsible for all tax related matters and ensuring optimization of tax.
Act as a company secretary and responsible for all board related matters.
Oversee the administrative functions of the bank.
MAIN DUTIES & RESPONSIBILITIES:
Offer comments relating to financial and regulatory implications on proposed initiations and operational strategies for consideration by the Chief Executive Officer (CEO) &/or Board of Directors (BOD).
Responsible to prepare comments on the bank's financial performance for presentation to the CEO and/ or BOD.
Monitor the bank's budgetary performance, analyze significant trends, and recommend to the President/ CEO and or the BOD ways and means for improvements.
Company Secretary ' Act as company secretary and adhere to all corporate regulations including maintenance of appropriate records and filing of corporate returns with the Security Exchange Commission of Pakistan (SECP).
Responsible for arrangements of the board meetings in consultation with CEO, write and distribute the minutes of the meetings.
Communicate the decisions of the board to heads of departments and obtain feedback from them for onward communication to the board.
Responsible to arrange the shareholders meeting.
System Controls ' Provide continuous feedback in order to strengthen systems for financial management and control.
Develop and oversee resource budgeting and expenditure accounting at the bank.
Ensure all Management Information System (MIS) requirements for finance and treasury are met as per the bank requirements.
Facilitate the bank's internal Audit plan related to finance, treasury and administration.
Regulatory Affairs ' Keep abreast of changes in legislation, rules and regulations, including impending modifications, dilate on their implications for the Bank, and recommend strategies to CEO &/or BOD in the best interest of the bank.
Treasury Management ' Supervise the treasury activity of the bank and ensure the timely and secure investment at optimal level as per the treasury policy or the procedures and as per the best practices.
Negotiate cost effective banking arrangements in line with FMFB requirements.
Financial Accounting ' Supervise/ Direct the operations of financial accounting systems at the Bank, review periodic financial statements, and present comments on financial results to the CEO/ Board of Directors.
Supervise the recording of financial transactions in the books of account based on generally accepted accounting principles conforming to International Accounting Standards and Prudential Regulations for Micro Finance Institutions (MFIs).
Coordinate the conduct of the external annual and special audits of the Bank.
Ensure timely preparation and submission of periodic reports required by the State Bank of Pakistan.
Ensure adequate provisioning of loans and other assets in accordance with the Prudential Regulations for MFIs to reflect the true state of receivables in the books of accounts.
Budgetary Controls - Review monthly performance vis-à-vis budget reports highlight adverse trends in spending and liaison with heads of department for soliciting reasons for adverse trends, and steps taken to remain within annual budgeted levels.
Secure value for money in all expenditures through curtailment of avoidable out lays at the commitment stage, and restriction of payments for value actually received.
Taxation ' Minimize the bank's exposure to taxation through efficient tax planning, liaison with tax consultants, and compliance within reporting obligations.
Responsible for all tax related matter, ensuring timely payments of taxes as per the regulations.
Credit Rating ' Liaise with the credit rating agency for timely provision of information required for the credit rating of the bank.
Branch Set-up ' Plan and execute the administrative functions of branch opening in coordination with Chief Operations Officer (COO).
Responsible for branch set up, including complete furnishing and procurement in close coordination with the COO.
General ' Assist in hiring of finance staff for the Bank.
Responsible to maintain effective employee relations and facilitate in the training and development of the staff.
Remain updated on developments related to finance and treasury
Responsible for obtaining funding under approved grant programmes from International and Multinational agencies.
Supervise and motivate the employee on periodic basis.
GENERAL/ PERIODIC DUTIES & RESPONSIBILITIES:
Budgetary Control ' Lead and coordinate the annual planning and budgeting exercises for the Bank.
Taxation ' Ensure timely payment of all tax dues and filing of tax returns as per the requirements of the tax regulations.
Reporting ' Supervise the preparation, internal review and timely submission of regulatory returns to the State Bank of Pakistan (SBP), SECP, Registrar Joint Stock Companies and the tax authorities.
Prepares performance evaluation of direct reports.
Recommends salary increases and promotions for the direct reports and indirect staff.
Review the finance manual and policy guidelines periodically.
The Requirements
JOB SPECIFICATION
Minimum Qualification: MBA (Finance)/CA, FCA
Experience: 10 to 12 years related work experience preferably with Financial Institution
Knowledge / Skills:
Must have excellent interpersonal and communication skills, capable of relating to individual at all levels.
Must possess strong analytical skills, critical & creative thinking and problem solving skills.
Ability to work under stress and tight deadlines.
Ability to function independently in a multitask environment, as well as part of a team.
Strong planning and organization skills.
Thorough knowledge of International Accounting Standards.
Salary & International Package
Salary and package to attract the best candidate
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