Interim Head of Finance About the role The Head of Finance has a broad remit extending beyond the traditional finance responsibilities. This role provides extensive support to the Executive Team (principally the CEO & FD) for both managing & delivering to the Board (comprising Telefonica & Vodafone Directors) and for translating the Company's strategy into delivery for the Shareholder organisations. It also plays a critical part in managing & influencing the UK Finance communities in Telefonica & Vodafone, the main stakeholders. Cornerstone is material to both stakeholders in terms of importance to their business in operating the network infrastructure on which they rely, but also in financial scale. Telefonica & Vodafone are highly competitive global businesses in a fast-moving industry but are required to collaborate to achieve the optimal UK passive network which requires Cornerstone adopt equivalent / fair treatment of both and be transparent in decision making. It is also responsible for the effective operation of all core finance functions, statutory compliance and all matters of taxation, the control environment, aiding the business to maximise value (through both supporting and challenging operational delivery), ensuring funding is available, all budgeting and forecasting and managing the finance aspects of the outsourced service providers (principally Cluttons & Colliers) & PwC auditors. The Head of Finance will lead a finance team of 18 people to achieve high performance through quality of work, efficiency of processes and to encourage the business to deliver value Responsibilities To work with members of the Leadership Team and other stakeholders to deliver functional and company objectives in line with the company scorecard Contribute and regularly review each element of the functional scorecard to ensure that it remains relevant to the business plan and on target Structure, lead, manage, develop and motivate the team to ensure that personal and functional objectives are met in line with the company scorecard
• Provide support to the Cornerstone Senior Leadership Team (SLT) to translate strategy and objectives into rigorous operational plans which can be delivered. Work closely with peers in business to identify business performance risks and address as necessary.
• Support quarterly Board Meetings attended by Cornerstone CEO & FD through preparation of Board Papers, providing detailed analysis and briefing prior to Boards and managing the Shareholder finance teams in advance to achieve the objective of an orderly Board meeting.
• Establish and maintain key relationships within Cornerstone at SLT and below and through the business and to provide the "visible face" of the Finance function to Cornerstone employees & contractors Establish and maintain key relationships with key Telefonica & Vodafone Finance stakeholders. Ensure that Cornerstone delivers to or exceeds their expectations but also challenges them to underpin delivery of the Company's objectives. Establish and maintain key relationships with key Telefonica & Vodafone Finance stakeholders. Ensure that Cornerstone delivers to or exceeds their expectations but also challenges them to underpin delivery of the Company's objectives.
• Overall responsibility for timely month end close, internal reporting (management accounts, shareholder financial reporting for consolidation and analysis). Provide monthly measurement of financial results and commentary against budget / re-forecasts.
• Correct application of Financial Accounting policy for Cornerstone plus Telefonica & Vodafone policies; maintenance of effective control environment and efficient processes (including balance sheet reconciliations) and compliance with Cornerstone Delegated Authorities.
• Post implementation review of IFRS16 (Leases) transition and development of automated accounting alongside new business lease management system; IFRS16 is material to Cornerstone, Telefonica & Vodafone.
• Integrity of Finance System (Agresso), plus development strategy and ongoing finance support to all users across the business
• Ensuring clean external audit process with PwC (Telefonica year end - December and Vodafone / Cornerstone year end - March) and agreeing internal audit review scope and delivering positive conclusions.
• Ensure effective & efficient operation of Accounts Payable and Accounts Receivable functions to ensure all suppliers paid in line with CTIL payment policy and receivables collected promptly.
• Manage the performance of Cluttons & Colliers in delivering the outsourced payment of Rents & Rates to third parties. Deliver accounting, reporting and data to enable control of the key area of Opex spend for the business (c. £0.25bn annually) and support robust month and year end close(s).
• Approval of monthly funding process based on rigorous medium-term cash flow forecasting to ensure Cornerstone remains fully funded.
• Overall responsibility for all financial compliance matters including audited annual Financial Statements, Corporation Tax return, quarterly VAT return, SAO signoff, company insurances (negotiation, approval and renewal of all policies and dealing with claims and all other statutory reporting (eg. Payment Policy Regulation reporting, Tax Strategy).
• Managing & delivering the annual Budget setting process and LTP (Long term plan) collaboratively with Telefonica & Vodafone Finance based on the expected activities of the Company (partly informed by the shareholders). Includes also cash flow, balance sheet and funding requirements.
• Optimising cash flow and working capital to meet Shareholder funding targets and manage expectation and requests in this area. Cash management is an increasingly important area of focus for both shareholders About You Experience working within a Joint Venture or experience of complex/changing shareholder relationships Telco experience Significant PQE experience, operating as a Head of Finance or Finance Director in a business of similar complexity and size Experience of managing large and complex programmes in an ambiguous and complex organisation and delivery environment Accounting qualification (ACMA or higher) Significant PQE Ability to work from first principles, cut through complexity to get to the heart of issues. Communicate issues simply and create realistic solutions