Bahrain's chief financial officers (CFOs) are placing increased importance on team motivation as the best way to boost growth, according to Institute of Chartered Accountants in England and Wales (ICAEW).

Twenty-one CFOs gathered for ICAEW's CFO Club in Bahrain, to discuss the changing role of key finance professionals, said a report in the Gulf Daily News (GDN), our sister publication.

Sponsored by Standard Chartered Bahrain, the event took place at the Capital Club, Bahrain.

The keynote speech was given by British Ambassador Iain Lindsay who spoke on the greatest challenges, main priorities and drivers of change for finance professionals over the next two years.

The discussion focused on strategies for motivating and inspiring finance teams, the challenges team leaders face and the importance of developing trust and confidence.

Delegates discussed issues like mentoring and coaching, and differences between the two, as well as the importance of good succession planning, and how proper incentives and genuine respect for employees and their development were vital to developing trust.

"The modern CFO is now expected to go beyond the finance function and be a strategic business leader, and a part of this is developing the qualities that make for successful leadership," ICAEW Middle East regional director Peter Beynon said.

"Being able to inspire and motivate your team is one of the most fundamental abilities a leader needs.

"As Bahrain's CFOs are working to ensure sustainable business growth in the future, these are exactly the strategies they need to be integrating into their businesses."

The CFO Club in Bahrain was launched last year and now holds regular events in the country.

"CFOs need opportunities to share knowledge and talk to their peers about the challenges they face on a daily basis and how to meet them head-on," Standard Chartered Bank in Bahrain chief executive Hassan Jarrar said.

"Forums like the ICAEW CFO Club, which facilitate this sort of interaction, are a vital part of the modern business environment, and are helping to support Bahrain's economic growth.

"As a financial institution that's been in the country for more than 90 years and in light of the economic environment, we feel this is the right platform in which key ideas can be exchanged," Jarrar said. ICAEW has more than 140,000 members globally, more than 900 of whom are based in the Middle East. - TradeArabia News Service