The Children s Investment Fund Foundation (UK) Finance Director

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1 Position Specification The Children s Investment Fund Foundation (UK) Finance Director October Korn Ferry. All Rights Reserved.

2 POSITION SPECIFICATION Position Company Location Reporting Relationship Website Finance Director The Children s Investment Fund Foundation (UK) London Chief Operating Officer, Hunada Nouss COMPANY BACKGROUND The Children s Investment Fund Foundation (CIFF) is one of the largest private philanthropic organisations in the UK and was founded in CIFF is headquartered in London with offices in Nairobi and New Delhi, and employs approximately 90 professionals. CIFF works with a wide range of partners seeking to transform the lives of poor and vulnerable children in developing countries. This involves supporting bold ideas to solve seemingly intractable challenges for children. The returns on smart investments in children s early development are very high, so CIFF aims to play a catalytic role as a funder and influencer to deliver urgent and lasting change at scale. Areas of work include children and mothers health and nutrition, children s education, deworming and welfare, and smart ways to slow down and stop climate change. CIFF places significant emphasis on quality data and evidence. For most grants, CIFF works with partners to measure and evaluate progress to achieve large scale and sustainable impact. CIFF is committed to sharing as much information as possible about what we and our partners are learning. CIFF strives to couple business acumen and principles with development experience and best practices to transform the landscape for children. It seeks to be the gold standard in grant making and foundation operations. The Foundation is managed through a Board, with the support of various subcommittees including a Finance Committee responsible for the investments, finance and audit. CONTEXT The Finance Director will join CIFF at a particularly exciting stage in its organisational evolution and development. The mission of the foundation as an independent philanthropic group continues to thrive; underpinned by the careful management of a US$4bn endowment CIFF is able to grant circa US$200m to international development causes on a truly global basis. The endowment was provided by the co-founders and is managed by a single investment manager. The last 24 months have seen notable leadership appointments, both of a new Chief Executive Officer and a Chief Operating Officer, in addition to a number of specialist CIFF Finance Director Page 2 of 6

3 leaders. Together, this enables greater expertise, governance, rigor and best practice in the ongoing management of an increasingly high profile international development organisation, and in the selection and justification of chosen investment causes. The CIFF culture is synonymous with highly educated, ambitious, energetic individuals at every level, who are passionate about and dedicated to an exciting agenda. And, building on the foundation s family origins, the new leadership is now taking CIFF into a data driven and highly analytical next phase, which can be further enhanced by the role of finance. Whilst the contribution of the finance function has gone from strength to strength under the current incumbent, the appointment of a new Finance Director at this time should support the increased emphasis on strategic business planning, the desire for greater reporting granularity and the opportunity for investment innovation. As a smart, sophisticated and rounded individual, with a natural flair for relationships and communication, the successful candidate should be at ease amongst a high intellect leadership and stakeholder group and must be confident, credible and agile to contribute to and ignite high quality debate. THE ROLE The Finance Director is responsible for the financial wellbeing and integrity of CIFF UK and its subsidiary companies: CIFF Trading, TCIFS, CIFF NewCo, Talos Capital, CIFF Nutrition and TPHL. These are special purpose vehicles that require technical management to ensure they fulfill their purpose and that the tax and reserves position is properly managed. Working with a team (currently 9 staff) and some outsource capability, the Finance Director will manage the complex financial arrangements for the business which includes: oversight of the financial systems of accounting and control; provide assurance on the selection of grantees, planning and payment of grants and management of future commitments; cash management and the operation of the endowment and individual investments; and the operation of three corporate offices in the UK, India and Kenya. The role is also responsible for ensuring that the technology infrastructure for the organization is fit for purpose and assuring the day-to-day delivery of IT, telephony etc. The brainchild of the former FD, CIFF is in the process of implementing a new grant management system and workflow for the organization (Fluxx). It is critical that the use of the system is embedded across the organization. In addition, through a recently appointed IT manager, CIFF is looking to strengthen and integrate technology platforms to improve functionality and user accessibility The position is based in the CIFF office in Clifford Street, W1S, but will require some (c.10%) travel to the overseas offices and potentially to CIFF grantee sites. KEY RESPONSIBILITIES Advising the COO, CEO, Executive Team and Board on financial matters. Developing and agreeing financial strategies and frameworks for preserving the assets of the Foundation and delivering stable long-term operating environment for the Foundation. Developing medium-term financial planning, annual Business Plan, and financial budgets. CIFF Finance Director Page 3 of 6

4 Directing and overseeing financial management and control of the Foundation, in all locations including operation of policies, taxation, analysis of performance, and management of costs. The functional currency of the Foundation is in US$ reflecting the international nature of the business. Ensuring effective cash management to ensure the Foundation is able to meet its commitments to grantees. Advising on the structure of grants; securing an effective framework of assurance around the award and payment of funds to grantees. Securing a robust internal control environment; providing quality financial statements and ensuring an unqualified audit opinion. Having recently re-tendered its external audit, CIFF is now seeking to address an approach to internal audit that is appropriate to the organisation. Assuring the effective management of the endowment. Whilst the investment activity sits within the hands of a single investment manager, certain investments are held directly. The FD will be required to build a strong working relationship with TCI (the fund manager) particularly on the management of cashflows. Advising on complex financial and operational matters as they arise. Overseeing the work of the Financial Controller and two Finance Business Partners. Organising the work of the interim IT manager and outsource service providers. MEASURES OF SUCCESS In the first 6 to 8 months, the successful candidate will have: Established him/herself as a leader of the finance team. Worked with Finance Business Partners and peers across the business to ensure that Fluxx is embedded, such that data quality is sufficient to facilitate operational planning and cash management. Refreshed the organisations approach to management reporting (quarterly scorecard). Guided the organization to deliver the FY16 financial and operational targets (year ended 31August 2016). Prepare the FY17 Business Plan on a multi-year basis. Looking ahead, CIFF would like the FD to provide leadership on improving performance management in the business, and provide insight as to how CIFF might better assess and articulate the organisation s impact to key stakeholders. Given the long-term nature of the development agenda, planning remains a key priority. The FD needs to provide strong focus on enhancing CIFF s visibility of medium-term commitments, the degrees of flexibility and the management of risk within a Board approved spend framework. With a growing appetite for financial innovation in grant making, the FD will bring her/his expertise to shaping new approaches and opportunities e.g. providing guarantees, loans or making equity investments to leverage the foundation s balance sheet. CIFF Finance Director Page 4 of 6

5 KEY RELATIONSHIPS Internal Stakeholders include the Chief Operating Officer, Chief Executive Officer, Chair of Finance Committee and Trustees The FD will work very closely with General Counsel and HR Director who form the corporate leadership, and work closely with all directors, as key counterparts for the operational planning of the business. The FD will also work directly with grantees and development partners in the shaping and negotiating financial matters associated with new and existing grants, oversee and on occasion undertake, financial due diligence. The FD will also manage the relationships with the external auditors and financial advisors in the various jurisdictions in which CIFF operates. PROFESSIONAL EXPERIENCE / QUALIFICATIONS A high performing finance professional with demonstrable relevant post qualification experience, and experience gained in a commercial setting, including financial services Bring suitable experience of leading a comparable size finance function The candidate will have excellent core technical finance disciplines and a strong attention to detail, with excellent quantitative and qualitative analytical skills. However, he/she must also understand the big picture and possess the ability to present financial and business information in compelling ways that will engage stakeholders. He/she will bring pragmatism, commerciality and creativity to ensure the business operates well and delivers its mission for children. The successful candidate must be flexible to adapt to changing priorities and show a degree of creativity. He/ she must have led, developed and motivated a high performing finance team; the ability to delegate, whilst retaining a finger on the pulse is important. He/she should have an empathy with emerging technology and how it can be utilised to deliver value, not only within the finance function but also across the business as a whole. The candidate should also have an empathy with the mission of the Foundation, demonstrating an appreciation of the potential impact of CIFF s work The candidate will be a high impact, energetic individual with excellent interpersonal skills and who will enjoy being visible across the business. He/she will be able to build trust and respect amongst colleagues at all levels throughout the organization and will be comfortable and credible to engage with a range of internal and external stakeholders. He/she should possess excellent English written and oral communication skills He/she should possess significant experience of working in complex, multi-site and multi- geography organisations Whilst not essential, prior exposure to the non-profit sector with an NGO client base would be beneficial. Similarly, an understanding of the financial risk environment within the international development sector would be valuable EDUCATION Bachelor s degree 2:1 or above Qualified accountant (ACA preferred) CIFF Finance Director Page 5 of 6

6 COMPETENCIES Transformational Leadership Provides intellectual thought leadership Promotes innovation and creativity; encourages new ideas Combines vision and evidence to shape distinctive propositions Challenges the status quo Uses knowledge, experience and personal impact to advocate for change Value Driver Applies technical skills and evidence-based approach to build credible proposals Plans work effectively, delivers against plans, works at pace Understands and articulates what success looks like Measures results; assesses performance; reflects, adapts and course corrects where necessary Uses the Foundation s resources wisely; prioritises and makes effective choices Looks for opportunities to leverage outcomes Good Partnership Builds relationships based on integrity, mutual trust and respect Recognises and understands differences in organisational culture, approach and perspective Engages effectively with partners, both listening and sharing knowledge, and insights Negotiates, influences and motivates partners towards delivering against shared goals Works with partners to address problems and to find solutions Teamwork Understands the contribution they and others can make to a team Collaborates and supports others to realise their potential Motivates others to achieve organisational goals Works across boundaries to find solutions BOARDS AND COMMITTEES Attends Finance Committee Attends Board on finance and performance matters KORN FERRY CONTACTS Rebecca Morland Senior Client Partner Korn Ferry 14 Ryder Street, London, SW1Y 6QB +44 (0) (0) Kate Bridges Principal Korn Ferry 14 Ryder Street, London, SW1Y 6QB +44 (0) (0) CIFF Finance Director Page 6 of 6

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