Overview of Membership Criteria
The ICFOA’s membership application process, as outlined in this section, is designed to ensure that every member contributes positively and significantly to the world of finance. The ICFOA, a global network of CFO associations, is committed to advancing the finance profession. Applicants must adhere to the ICFOA’s Statements of Membership Obligations, promoting integrity and sustainability.
Objective and approval
This section outlines the criteria and process for full membership in the ICFOA. It covers standards, the admission process, sponsor responsibilities, and required documentation.
The ICFOA Board sets admission criteria and approves membership. The Executive Committee oversees the membership application process, led by the Vice-President for Membership Growth, ensuring transparency and adherence to ICFOA values.
Membership is open to CFO associations meeting specific criteria, including legal recognition, support of ICFOA’s mission, compliance with Statements of Member Obligations (SMO)s, financial viability, governance structure, member support, financial contributions, and adherence to founding documents.
Rights, Responsibilities, and Admission Process
Members in good standing with the ICFOA have the right to attend, participate in, and vote at Board meetings, nominate individuals to the Board and committees, access ICFOA publications, and enjoy other entitlements set by the Board.
Financially members are required to make annual contributions, the amount of which is determined based on the World Bank’s country development classification and approved by the Board.
The admission process has specific deadlines: applications, along with sponsorship materials, must be received by January 1st, May 1st, or September 1st each year.
Late or incomplete applications are either considered in the next quarter or may be closed if lacking requested information.
Notably, there is no application fee.
Sponsors, Review Process and Documentation
In the ICFOA Membership process, applicants must be supported by a ICFOA member in good standing, particularly from their own country if available. The sponsorship role is significant, requiring a formal Attestation of Support and a detailed report on the applicant, which the Vice-President and EXCO heavily rely on for thorough evaluation. Sponsors must ensure their assessment is objective; if unable to do so, they should decline sponsorship. The review process, conducted first by the Vice-President and then by the Executive Committee, culminates in Board consideration and can take between three to six months. The Board convenes thrice annually (April, August, November) to review applications.
Applicants need to submit comprehensive documents, including regulatory overviews, role and influence assessments, stakeholder engagement descriptions, advocacy efforts, sustainability and ethical standards, an SMO action plan, general information, a declaration of intent, audited financial statements, and membership statistics.
The application process demands complete and accurate documentation in English, and submissions should be made in Word format via email.
The ICFOA Membership Criteria focus on upholding governance, ethical conduct, and an investigation and discipline system, serving a wide array of stakeholders such as the public, investors, organizational management, suppliers, customers, and government authorities, thereby fostering an efficient economy and delivering societal value.
Statements of Member Obligations
The ICFOA’s Statement of Membership Obligations (SMO) outlines standards for member associations to uphold the finance profession’s integrity and public trust.
These include maintaining a quality management system, providing continuous professional development, enforcing ethical standards, and implementing procedures for professional conduct.
Additionally, members must support international standards, act in the public interest with transparent and accountable practices, and possess the necessary institutional capacity.
Member associations are also expected to contribute to ICFOA activities, share knowledge, and regularly report on compliance with these obligations, thereby fostering global finance community advancement.