Electricity Supply Corporation of Malawi (ESCOM)
The Electricity Supply Corporation of Malawi (ESCOM) is a limited liability company established under the Companies Act of 1984.
Our Mission is to supply electricity to the nation for sustainable development.
Our strategic goals are as follows:
o To achieve network reliability.
o To achieve operational effectiveness and efficiency.
o To achieve financial viability.
o To accelerate electricity; and
o To achieve good corporate governance and compliance with legal and regulatory frameworks.
GENERAL PURPOSE OF THE JOB
The Director of Finance shall be responsible to the Chief Executive Officer in the performance of his/her duties and responsibilities in providing strategic financial guidance effectively and efficiently to fully realize the corporation’s potential. Overseeing policies and procedures to ensure sound financial management and statutory compliance. To plan, lead, control and report on the performance of the Department toward the delivery of the following objectives:
(i) Improved financial performance towards the delivery of financial viability targets of ESCOM; and
(ii) Improved financial governance towards the delivery of statutory requirements, as well as requirements of the Board and Controlling Officer.
KEY RESPONSIBILITIES OF THE POSITION
The Director of Finance shall be responsible, but not limited, for the following:
1. Advising the Chief Executive Officer, in his/her capacity as ESCOM Controlling Officer.
2. Providing strategic financial leadership to the Board and Executive managers through financial analysis and guidance.
3. Guiding and overseeing the overall finance function in line with the Corporation’s set goals and adherence to organizational and individual performance management system (PMS) requirements within all the operating areas of the finance division.
4. Ensuring timely production of:
(i) annual budgets and budget revision, in accordance with relevant and applicable
Government Laws; Policies; and Integrated Strategic Plan.
(ii) audited financial statements, in accordance with IFRS and compliance with relevant legislation; and
(iii) other financial reports to aid strategic planning, resource mobilisation, and engagements with partners and stakeholders.
5. Ensuring compliance with the Public Finance Management Act, Public Audit Act, Public
Procurement and Disposal of Assets Act of the Laws of Malawi, as well as other relevant financial management requirements, namely statutes, regulations, procedures, and policies.
6. Liaising and supporting the work of external auditors and all other authorized oversight and evaluation processes, with respect to financial performance
and financial governance of ESCOM.
7. Overseeing financial policies and procedures to ensure effective financial management.
8. Advising on the financial relationships between ESCOM and its Directorates.
9. Providing business cases including the preparation & maintenance of Excel models that allow for multiple variables.
10. Monitoring financial performance against financial targets and managing the company’s accounting function.
11. Project accounting, including the tracking of WIP against budget & measurement of benefits (financial, environmental & social).
(i) Ensuring financial, tax, and statutory regulations are complied with.
(ii) Cashflow, liquidity, and debt management.
(iii) Working with budget holders.
12. Supporting the organisation through an exciting period of growth by ensuring the appropriate transition of processes and the implementation of appropriate internal controls.
13. Attending board meetings and presenting management reports.
14. Overseeing the timely and accurate preparation of the Corporations’ accounts and presenting the Annual Accounts to the Shareholder.
15. Establishing working relationships with external parties and acting as a representative of ESCOM Limited.
16. Supporting commercial negotiations and sourcing capital.
17. Liaising with other Departments to ensure that resourcing, procurement; and stock holding of materials are compatible with good financial management practices.
18. Advise and determine viable electricity tariffs in liaison with relevant departments within the Corporation and the relevant regulator in the energy sector.
19. Minimizing risks impacting financial performance and financial governance by taking appropriate measures and options, relating but not limited to the following: –
(iv) Internal controls aimed at safeguarding ESCOM resources and delivering accurate and timely financial reporting.
(v) Cost-benefit analysis.
(vi) Credit control.
(vii) Budgetary and treasury control.
(viii) Expenditure and grants commitments; and
(ix) Advising on value for money, financial viability, and other financial compliance with
requirements.
20. Representing, directing, and guiding the finance division in the Corporation’s strategic planning process; and
21. Carrying out any other duties as assigned by the Chief Executive Officer/ Controlling Officer.
QUALIFICATIONS AND EXPERIENCE
Applicant should have full professional qualification such as ACCA, CPA, CIMA and ACA; and Master’s Degree in either of the following fields; – Accounting, Finance, Business Administration or any related field. Applicant must also be a registered member of the Institute of Chartered Accountants in Malawi (ICAM), or other relevant and recognized professional body plus at least ten (10) years’ experience of which five (5) years should
be in Senior Management level. Those with experience in the energy/power industry will have an added advantage.
KEY COMPETENCIES
The ideal candidate for the position must:
1. Be of high integrity.
2. Have competencies in ensuring statutory reports comply with Financial Reporting Standards (IFRS).
3. Have a sound understanding of the Public Finance Management Act, Public Audit Act, and Public Procurement and Disposal of Assets Act.
4. Have excellent communication, presentation, and interpersonal skills.
5. Be self-motivated, a team player, and results oriented.
6. Entrepreneurial mindset and business acumen.
7. Negotiation, persuasion, advocacy, networking, relationship building, and stakeholder management skills.
8. Organisational skills (planning, budgeting, work prioritisation, time management).
9. Strong IT skills including knowledge in Microsoft Dynamics and/or Microsoft 365.
10. Research, analytical, and problem-solving skills.
11. Good strategic thinking and critical decision-making skills.
12. High integrity and motivation to ensure good governance.
13. A commitment to national development and community benefit principles.
14. An energetic and enquiring mind.
15. Knowledge of the National Energy sector or a curiosity to learn about it.
APPOINTMENT AND REMUNERATION
The successful candidate shall be offered a negotiable performance-related contract for a period of three (3) years subject to renewal on satisfactory performance.
Method Of Application
Interested persons should submit applications, enclosing copies of certificates, and detailed Curriculum Vitae (CV) with names and contact details of three (3) traceable referees by 27th November, 2023 to:
Comptroller of Statutory Corporations
Department of Statutory Corporations
PO Box 30061
Capital City
LILONGWE 3
Only shortlisted applicants will be acknowledged and invited for interviews. Please note that ESCOM is an equal-opportunity employer.
NOTE: Those who submitted applications in response to the initial advertisement are kindly requested to reapply.