History, Advocacies, Role

The Charter group or Founders of FINEX called for the development of Financial Management in the country. There was a need to have a forum to discuss about the financial executive’s functions and to learn about the financial concepts that were fast accumulating and spreading around in many publications.

• The Charter group thus called for the establishment of an association for financial executives to promote the professional interest of “finance professionals” as distinguished from accountants.

• Hence, on January 15, 1968, FINEX was registered with the SEC as a non-stock, non-profit organization with 12 incorporators. The selection of members was based on strict criteria and must have the rank of a CFO or a chief executive. It is for financial executives who matter and can make a difference.

Founders:

• In 1970, the International Association of Financial Executive Institutes (IAFEI) was established with FINEX as one of the founding organizations. Members are the different finance institutes from different countries.

• One of the roles that FINEX assumed starting 1973 was to act as a communication link between the government and private business. Hence, FINEX held various fora and symposia to explain to the businessmen and the public the financial implications of the laws enacted during that time. Thus, the creation of a Government Affairs Committee to perform this liaising function. This committee continued to perform its function to this day under the revised name of National Affairs Committee.

• In 1974, FINEX hosted for the first time the World Congress conference of the IAFEI with delegates coming from Europe, Australia, Thailand, Malaysia and Indonesia. FINEX further hosted the World congress in 1988, 2005 and 2014. In 2020, FINEX had responded to the challenge posed by the pandemic and hosted a purely online World Congress.

• FINEX has likewise provided a steady stream of public and private sector officials e.g. Secretary of Finance, Undersecretaries, National Treasurer, BSP Governor, Government Officials, Heads of Government Financial Institutions and GOCCs, CEOs of large domestic and multinational corporations.

ADVOCACIES OF FINEX

• Professional Excellence: Continuing education to gain greater knowledge and enhance previous knowledge, to understand better the multitude of financial concepts learned and to seek more effective ways to use the know–how in one’s own work. Through meetings, fora, symposia, dialogues, workshops, seminars and conferences, the FINEX member not only acquires ideas but is able to test his or her thinking against those of others.

• Social Involvement: This has taken many forms, e.g. community outreach programs, direct material assistance, livelihood projects, skills enhancement and basic financial literacy seminars, cooperative organization and development.

• National Issues: In matters of national concern, especially on financial issues with great national impact, FINEX has taken an active role while being apolitical. Regularly through the National Affairs Committee, Tax & Legal Committee and through other committees, FINEX has participated in enriching public debate with analyses and logic, through formal studies, published opinions, position papers and memorandums to legislators. FINEX has likewise been involved in capital market development through the Capital Market Development Council which it co–chairs with the Department of Finance. This Council has institutionalized the cooperation of private sector and government in discussing and supporting public policies that promote the raising of capital in financial markets, so important to encouraging
much–needed investments in the economy.

• Initiative and Leadership: FINEX takes the initiative to assist in the spirit of public service if there is an opportunity to do something good that requires the particular knowledge, skills and experience of the financial executive.

• Good Governance, Public Sector Accountability and Business Ethics: FINEX has created a Good Governance Committee to advocate for good corporate governance and public sector accountability. Its Ethics Committee is involved in promoting ethical behavior and values formation amongst FINEX members and has reached out to students of various universities via fora and case studies.

The FINEX advocacies are being carried out by the following Committees:

➢ Standing Committees – Professional Development, Membership, Elections and Ethics.

➢ Special Committees – Affiliates & Partnerships, Audit, Arts & Culture, Capital Markets Development, CFO of the Year Award, (Search & Selection), Finance, Financial Inclusion, FINEX Week, Good Governance, Information & Communications Technology, International Relations, Media Affairs, Membership, National Affairs, Programs & Meeting, Special Projects, Sports & Wellness, Tax & Legal, Ways & Means, Women in Finance and Young Finance Officers.

➢ FINEX Foundation – Business Education, Environment, Junior FINEX, Research and Social Involvement.

➢ FINEX Academy – Capital Markets Professional Program, CFO Competency Program, Digital Transformation and IT Governance Program and Ways and Means.

• FINEX now has a total of more than 700 members mainly CEOs, CFOs of top corporations, those in senior management positions holding finance functions, entrepreneurs, those in the academe, and professionals (lawyers, CPAs/auditors, consultants, etc.).

FINEX’S ROLE AND ITS MAJOR ACCOMPLISHMENTS

FINEX can best be described as a seedbed of financial leadership and a platform of national advocacy for financial issues. FINEX is a seasoning place for financial executives. The Monthly General Membership Meetings, the Professional Development Seminars, the Capital Market Development Advocacies, the Annual Conference, the Tax and Legal Affairs Symposia, the Ethics and Good Governance enforcements, the National Affairs initiatives, the Social Involvement and Outreach Programs, the International Conferences (through the IAFEI), and even the Fellowship programs are all intended to generate a healthy mutual respect among professionals and their peers in a spirit of camaraderie. 

A few years in FINEX and a member become more disciplined in his/her own organizational commitments, which overflow to his professional commitments. FINEX helps its members to be well–rounded financial executives, responsive to the changing needs of the profession and the financial services industry, conscious of good governance principles and high ethical conduct.

The impact of FINEX is therefore first on the individual member, then to his or her company, followed by the business community, and eventually and hopefully, the country. The ING–FINEX CFO of the Year Awards encourage this development of the financial executives.

FINEX likewise extends its financial advocacies to the academe, through the Junior FINEX Committee and the Business Education Committee, as well as to the SMEs. The Junior FINEX Committee has two major programs: Intercollegiate Finance Competition (ICFC) and Campus Tour Talks. The Business Education Committee provides training to the finance educators and awards the outstanding finance educator through the Outstanding Finance Educator Awards.

The Social Involvement Committee undertakes initiatives to help alleviate the state of affairs of our underprivileged members of the society (the youth, women, elderly and unemployed) through the Basic Financial Literacy program, in partnership with reliable NGOs and related organizations.