Maltese listed entity CFOs and their role in business development

Abstract

This study investigates the evolving role of Chief Financial Officers (CFOs) within Maltese listed companies, with a focus on two key objectives: Examining CFOs’ involvement in business development and their collaboration with other senior managers, and evaluating the relative importance they assign to business development compared to their traditional financial responsibilities. Through a qualitative mixed-methods approach involving twenty-two semi-structured interviews with CFOs, the research provides nuanced insights into the expanding scope of their roles. Findings reveal a clear transformation: CFOs are no longer confined to financial oversight but are increasingly involved in shaping business development strategies. Their contribution to cross functional initiatives demonstrates a growing need for collaboration with senior executives across departments, positioning CFOs as central figures in strategic decision-making. Many CFOs indicated that business development now commands more of their time than traditional financial duties, reflecting a shift in priorities that enhances their influence and status within the organisational hierarchy. This increased strategic engagement is not only reshaping the perception of the CFO role but also endowing CFOs with a more diverse skill set, extending beyond finance to include leadership, innovation, and cross-departmental communication. While prior literature has explored the broader evolution of the CFO position, this study makes a unique contribution by narrowing its lens specifically to CFOs' roles in business development within the Maltese context. It highlights how their expanding responsibilities in this domain are crucial for driving organisational growth and adaptability in a dynamic business environment. As a result, CFOs are emerging as integral members of executive teams, with their strategic input influencing core aspects of company direction. This redefined role underscores the importance of recognising CFOs not just as financial stewards, but as key architects of business strategy and development, equipped with the vision and capability to lead beyond traditional finance functions.