INTHEBLACK June 2022 - Magazine - Page 46
MEMBER PROFILE
// M E E T T H E C F O
LESSONS LEARNED
AND BEST ADVICE
me how to understand the business drivers
at an operational level, to view the business
from the bottom up and to build relationships
and connect finance to what’s happening
“on the floor”.
One on one is important, as is being
empathetic in our style. I picked that up
from my current CEO, Di Mantell. It is a
“hard heads, but soft hearts” approach.
Another game changer and pivotal point in
my career was being involved in refinancing
the Celsus debt facility with a sustainability
loan, Australia’s first sustainability loan and
the first in the healthcare area globally.
Celsus was committed to it. We wanted
to do it for ourselves, the Royal Adelaide
Hospital and for South Australia. Having the
support of our securityholders and banking
group was very beneficial. As more firms
recognise and commit to ESG principles,
CFOs have a key role in making it happen.
MY CHALLENGES
GOING BACK TO BASICS
I started my role at Celsus in early 2020, at
the beginning of the COVID-19 crisis. One of
the big challenges was starting a new role
46 ITB June 2022
remotely. I was based in Melbourne at that
time and trying to construct – or reconstruct
– the operational reporting side of the
business, having not worked in a hospital
before.
Understanding the operational drivers for
a hospital was one thing, but not having
been in it and meeting the people there was
a challenge of human dynamics! I had to go
back to basics. I needed to reach out to my
mentors for guidance.
It is always hard to meet KPIs associated
with public-private partnerships because, in
some cases, project agreements were written
years before and things have since moved
on. With many infrastructure assets, it is not
the case that you can walk in and turn on the
lights on day one.
People need to appreciate the enormous
challenges of an 800-bed hospital, which is
the size of three city blocks. When things
don’t function properly, relationships also get
strained. It has its own circular effect. I, and
many others, had to build relationships with
key customers as well. This was as much
about getting people on board as it was
getting the hospital operating.
Be on top of the fundamentals of the
role: reporting, tax, compliance, risk
management. You do not get a “gold
star” for having them right, but you will
get a “black mark” for getting them
wrong.
Be able to transition from “working in
the business” to “working on the
business”. To do this, one must
understand the financial and operating
sides of the business and how they
impact each other.
Make sure you know how external factors
such as technology and change impact
both operational and financial sides. You
cannot impart commercial or strategic
advice without knowing the business
from end to end.
I never overstate the importance of
people skills and leadership. There is a
shift in mindset from simply leading the
finance team to leading the business.
One’s own personal values come into
play and how one lives them within the
business. People want CFOs they can
both trust and respect.