iafei e journal
  June 2015
2015 Transition Issue no. 1

Comments from the Executive Committee members on their meeting in St. Petersburg, Russia, 27 April 2015


Click here for more photos courtesy of Juan Alfredo Ortega, Area President for the Americas

The IAFEI Executive Committee held its face-to-face meeting in St. Petersburg, Russia on 27 April 2015. The meeting was hosted by the Russian Institute, the All-Russian Public Organization Russian Club of Financial Directors (RCFD). Here are comments/impressions from some of the members of the Executive Committee:

-- HIROAKI ENDO, Area President for Asia

The visit to St. Petersburg, Russia was a very pleasant one as it was my first time to be in Russia and our host, the Russian Institute, was kind enough to arrange a tour of the city. It was beautiful and we learned a lot about the culture of the city and its connection to Europe as a lot of its cultural heritage came from Europe.

The Russian Institute was very enthusiastic in the Executive Committee meeting, offering a lot of ideas regarding how IAFEI can be better revitalized. The ideas they shared were totally new, thinking out of the box and with a new perspective. We felt very excited about future developments if these ideas are implemented.

We were also encouraged by how the ExCom meeting proceeded, with professionalism, mutual respect and with a common goal to revitalize IAFEI.

ANDAF did a good job in presenting the next World Congress to the ExCom members, and the expectation of a large international participation is very high.

-- GABRIELE FONTANESI, Member, Advisory Council and Chairman of the 45th IAFEI World Congress Organizing Committee

45th IAFEI World Congress “Location and Program” approved by the Executive Committee in St. Petersburg, Russia

On 27 April 2015, the IAFEI Executive Committee met in St. Petersburg, Russia to discuss the reports of the members of the Executive Committee and the various items still pending after the previous meeting in Manila (Philippines). I was very glad to be there both as a Member of the Advisory Council and also, in this instance, the Chairman of the Organizing Committee for the 45th IAFEI World Congress scheduled for 14-16 October 2015 in Milano (Italy). read more}


Romano Guelmani

By Fausto Cosi, IAFEI Vice Chairman and ANDAF President

Goodbye Romano, we will miss you.

Romano Guelmani passed away on December 27 last year, after a short and unforgiving illness.

His great personality has left us a memory of an excellent professional and dear friend. Those who had the pleasure to meet him, remember a proper gentleman, educated, and open , a “Milanese”, proud of his roots.

He was 74, still very active and always seeking new challenges…

A few months ago, we lost Romano Guelmani, a dear friend and ANDAF’s guiding hand. We profoundly miss him. We are sure that his example and the values that he advocated will serve as a continuing guidepost for the future of our Association. Several national and international initiatives have paid tribute to him. read more}


SAVE THE DATE: 14-16 October 2015

45th IAFEI World Congress

Palazzo Mezzanotte, Milan, Italy

Note: Delegates who may require letters of invitation for visa purposes are encouraged to inform their respective institutes or the IAFEI Secretariat.


China: An Upside Down Investment Bank

From the International Treasury Committee
Contributor: Dominique Chesneau

The capital account of China is amazing. Simply put, China has extremely surplus capital account, linked to its export success. It holds assets abroad for an amount of almost $6 Trillion in 2013 (trillion, not billion! is three times the French GDP) while its liabilities, i.e. assets held by a foreigner on China are $4 Trillion. read more}


CFO as Technology Evangelist

by Reynaldo C. Lugtu Jr

As the new platform for business enablement – social media, big data, cloud, and mobility – proliferates and becomes mainstream among the different LOBs, there is a need to manage various investments in these areas to make sure that the enterprise maximizes the opportunities and benefits they bring. The CFO’s role becomes critical and as important as ever in shepherding the business when evaluating, investing into, and adopting these new technologies. read more}

New Thought Paper Released by IFAC Tears Down the Risk Management Silo
7 May 2015, IFAC Press Releases/News Alerts

With the increased volatility in the modern business environment and continuing effects of the financial and economic crises, effective management of risk in organizations—including good internal control—has taken on even greater importance. Effective management of risk helps organizations achieve their objectives, while complying with legal, regulatory, and societal expectations, and enables them to better respond and adapt to surprises and disruptions.

With these key issues in mind, the International Federation of Accountants® (IFAC®) today published a thought paper, From Bolt-on to Built-in, on managing risk as an integral part of managing an organization. read more}

Creating Value through Governance: Channelling Corporate Culture and Ethics in Boards

6 May 2015, Association of Chartered Certified Accountants (ACCA)

We have reached the limit of what we can deliver through regulation - we need to restore trust in business and to create value by giving more emphasis to corporate culture - Corporate culture is indeed rising up the agenda but we need the right tools to better understand it, and embed it at each level of the company

These were the main conclusions of a conference recently hosted by Cora van Nieuwenhuizen, MEP, jointly organised by ACCA (the Association of Chartered Certified Accountants) and ecoDa (the European Confederation of Directors’ Associations) at the European Parliament in Brussels read more}

  What's in this Issue  


  • Hiroaki Endo
  • Gabriele Fonatanesi



  • 45th IAFEI World Congress in Milan, Italy


  • China: An Upside Down Investment Bank


  • CFO as Technology Evangelist
  • New Thought Paper Released by IFAC Tears Down the Risk Management Silo
  • Creating Value through Governance: Channelling Corporate Culture and Ethics in Boards
  International Events of Interest  

CFO Summit

Africa Banking Forum 2015

SSOW China

13th Annual Retail Banking


For more details about events in Europe & Africa, contact Armand Angeli at email address: armand.angeli@orange.fr or telephone no.:
+33 (0)6 0984 39 69.

For events in Asia, contact Hiroaki Endo at email address: akiendo3@gmail.com or telephone no.: +81-3-3504-185

IAFEI Secretariat:

Lynn Angeles
Head of Secretariat
+632 728 0315

Abby Buenaventura
Secretariat Assistant

+632 728 0315



IAFEI Secretariat Unit 1003, 10th Floor Cityland Pasong Tamo Tower 2210 Don Chino Roces Ave., Makati City 1231, Philippines
Tel: +632 728 0315| iafeiheadofsecretariat@gmail.com | www.iafei.org