FINC3600 Finance in Practice

FINC3600 Finance in Practice S1 2023

Project 1: Corporate Finance Brief

Project Learning Objectives

By completing this assignment you will:

Learn to apply corporate finance concepts and techniques from past finance courses in a

realistic business setting.

Communicate complex financial reasoning to a diverse audience, both in writing and in

person.

Gain insight into how corporate finance teams work and the effective operation of

collaboration and peer review in a team environment.

Gain insight into synthesising corporate finance theory and analysis of market data into

corporate finance advice.

Work effectively in an online environment.

Project Learning Activities

By completing this project, you will:

Integrate corporate finance theory with corporate finance practice.

Work in a project setting with team members in a cooperative and collaborative fashion.

Develop and peer review financial models. Develop and peer review executive briefing reports.

Develop and peer review board level written presentations.

Present and communicate in senior executive and board settings.

Unit Learning Outcomes

At the completion of this unit you should be able to:

LO1. demonstrate and integrate finance knowledge, concepts, and principles in a range of

business contexts.

LO2. identify, analyse, and solve business challenges reaching conclusions using

fundamental concepts, principles and knowledge from the finance arena.

LO3. communicate effectively and professionally using a range of communication modes in

business contexts.

LO4. recognise the need for, locate, evaluate and use information effectively.

LO5. use different strategies to explore opportunities and construct new ideas, solutions, or

products.

LO6. evaluate issues relating to business ethics, sustainability and social responsibility in

addressing business challenges.

LO7. make a positive contribution to a team-based structure.

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Groups

This assignment is a group activity. Students will be asked to form teams through Canvas (see Canvas

announcements for details and updates). These teams will be confirmed during the Week 3

workshop. You will work in this group for the remainder of the semester (Weeks 3 through 12).

Role

You are performing the role of an independent external corporate finance advisory team whose

client is the CFO of the company that you have selected to be the subject of this project.

Task

Your task is to provide corporate finance advice to a public company board. You will be applying your

judgement and knowledge of corporate finance theory to live market data to provide the board with

insights and recommendations.

It is recognised that you do not have the hands-on experience of corporate finance advice, but you

should use the case study to explore the experience of developing such advice. Please remember that

the corporate board deals with substantial issues and that your analysis and communication should

reflect this.

Your task has been broken down into the following steps:

Steps When Assessment

1 You will begin researching an assigned publicly listed

company. Review and complete the Preliminary Research

Checklist document available on Canvas. You will find the

resources on the Researching Companies and related

Canvas pages helpful. This allows for effective participation

in a "brain storming" session with your team as assigned /

confirmed in the Week 3 workshop.

Week 2

2 Review the project brief and the Persuasive Communication

Handout. Complete / finalize the Preliminary Research

Checklist document available on Canvas to allow effective

participation in "brain storming" in the workshops in Weeks

3 and 4. Be sure that you have thoroughly reviewed the

Canvas support materials and videos for each brief topic.

Weeks 2,3,4

3 Team assignments are finalized. Select comparable

companies as a team. Allocate topics / issues covered by the

brief to team members.

Weeks 3,4 Individual

4 Develop and maintain a project plan. Weeks 3-7 Individual

5 Analyse and evaluate the areas discussed in the project brief. Weeks 4,5 Individual

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6 Prepare team and individual CFO briefing papers in line with

suggested formats. Depending on team size you will each

individually cover one of the five specific areas where advice

has been requested as well as collectively cover the

requested advice on the group collective topic.

? Group collective task: The group must undertake a team

analysis of the scope of the company’s operations (Topic

1). This team topic report is submitted by the group.

? Individual member task: Each group member selects just

one of the remaining topic issues and takes primary

responsibility for that CFO brief. This individual topic

report is submitted individually.

? Group involvement: Participate in the initial

brainstorming meeting and peer review of all CFO briefing

content prior to submission. The scope of operations

review is done (and submitted) as a team.

Due Monday

09:00 am

27/03/2023

(Week 6)

Individual

and Group

7 Based on your group’s six CFO briefs and revisiting your

analysis using the feedback you received, identify your most

important findings and recommendations to be presented to

the board. To the extent that recommendations are made,

the broader corporate finance implications should be

explained (for example if a divestment were recommended,

how would the realised funds be used and what are the

implications for capital structure, payout and debt policy?)

Week 7 Individual

8 Prepare the slides and appendices for the board

presentation which summarises the most important findings

of your work including recommendations for future action.

Due 09:00 am

Monday

17/04/2023

(Week 8)

Group

9 Present to the Board a summary of the most important

findings of your work including recommendations for future

action. Details of presentation times are provided on Canvas.

Week 8 Group and

Individual

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Task Assessment

Your task will be assessed as follows (given as a percent of the total unit marks):

Participation CFO Briefing

Paper

Slides for Board

Presentation

Oral Board

Presentation

Total

Individual 5.0% 5.0% 5.0% 15.0%

Group 5.0% 3.0% 7.0% 15.0%

Total 5.0% 10.0% 3.0% 12.0% 30.0%

Participation (team contributions) is 5% per project and will be reviewed and assessed by facilitators

during project workshops using the following scale:

Did not contribute

at all – absent or no

interaction (camera

off during online

facilitation)

Quiet

contributor –

limited

interaction

Active contributor –

contributed but did not draw

other team members into

discussions

Effective interaction –

contributed and drew

other team members

to contribute

0 1 2 3

Based on the categories above you are allocated 0, 1, 2, or 3 points in the relevant meetings. These

are then summed over the relevant weeks and scaled to an overall mark out of 5 points for project

participation.

For those teams working online, it is very important that you keep your video on and your

microphone live (mute only as needed). This makes it easier to engage effectively with your team

members. It also means that the facilitators are aware of your engagement and contribution. Failure

to have your camera turned on may mean that the facilitator is unable to recognize fully your

contribution to the class session.

Some things you can do to benefit your team and aid in your assessment when working with

facilitators are:

? Ensuring that you are an active contributor

? Asking insightful questions

? Encouraging participation by others

? Summing up key discussion points as appropriate

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Task Timeline

Week (USYD Number and

Commencement date)1,2

Activities Updates / Assessments

2 27/02/23 ? Please sign up for your team

ensuring all members are

registered in the same stream.

? Project brief made available to

students.

? Tentative company assignments

are made.

? Begin work on research checklist in

class session.

3 06/03/23 ? Teams are formally allocated and

confirmed.

? Team building exercise.

? Communications skills review.

? Initial brainstorming session.

4 13/03/23 ? Focus on Project 1.

? Individual

(participation).

5 20/03/23 ? Focus on Project 1.

? Individual

(participation).

6 27/03/23 ? Completion and submission of CFO

briefs, both individual and group

reports.

? Reflection and review of key

insights into company.

? Individual and group

(CFO brief).

7 03/04/23 ? Focus on key insights from analysis

in Project 1. Build upon the group

component of the CFO brief.

? Reflect on feedback from the

facilitators.

? Develop presentation materials.

? Individual

(participation).

MID SEMESTER BREAK

8 17/04/23 ? Submit presentation slides.

Present findings to board.

Individual and group

(presentation and

slides).

1 In S1 2023 most of the workshops/streams will be delivered strictly in “on campus” (CC) mode while arrangements will

exist to facilitate eligible offshore students to participate in remote/online (RE) mode. For those workshops/streams

that delivered in RE mode, students will meet online through Zoom at the regular, scheduled times. Once formed,

teams will be working in Zoom using breakout rooms. You will be moved to your breakout room at the start of each

Zoom session as required.

2 You might want to download the University’s Student Wall Calendar to help manage these dates.

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List of Companies

The following companies will be used for the case study in this semester.

ASX Code Company Name GICS Sector Broker Research*

STO Santos Energy MQG; Barrenjoey**

EDV Endeavour Group Consumer Staples MQG; Barrenjoey**

ALL Aristocrat Consumer Discretionary MQG; Barrenjoey**

REH Reece Industrials MQG; Barrenjoey**

SHL Sonic Healthcare Health Care MQG; Barrenjoey**

In Week 2 you will be tentatively allocated a company to begin to study and to complete the

Preliminary Research Checklist.

In Week 3 your selected team allocation will be confirmed before the class meeting. In anticipation

of this team meeting all team members should ensure that (before the Week 3 workshop) they have

reviewed and completed the Preliminary Research Checklist document available on Canvas so that

they can participate fully in initial brainstorming. You will also be working with your team on assigning

responsibility for topic sections of the CFO brief.

*We are grateful to Macquarie Group (MQG) and Barrenjoey Markets for providing research regarding the

companies listed above. Please note that these research reports have been provided for the requested

educational purpose only. They are ‘historical’ in nature and should not in any way be viewed as entailing the

provision of advice and ‘current’ research that students may look to trade on. Please refer to important

disclosures at the end of the reports. All copying, redistribution, retransmission, republication and any

other unauthorized dissemination or use of the contents of the report are prohibited.

** Please note the following specific disclaimer underscored by Barrenjoey: “These research reports have

been produced by Barrenjoey Markets Pty Limited, ABN 66 636 976 059 (“Barrenjoey Markets”) and is

provided to the University of Sydney for educational use only and specifically for use by students enrolled in

FINC3600. Content of the reports is not to be shared in whole or in part by any student or University of

Sydney representative outside of the unit of study. Representatives of Barrenjoey Markets are not to be

contacted in relation to these research reports.”

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Project Brief

Introduction

It is 1 March 2023. Your team was approached by the CFO of the selected ASX listed company to

provide corporate finance advice. The advice is sought ahead of the company’s annual strategy

meeting where a range of initiatives will be discussed by senior management and the board.

The CFO has emphasized the importance of this advice being independent and hence your team was

chosen in preference to a number of full-service investment banks who have traditionally provided

transaction and debt related services to the company. The CFO has also explicitly noted that your

analysis must be of material and consequential issues. While you are not expected to perform

detailed capital budgeting analysis you are expected to provide some initial, prospective estimates

of the costs and benefits of your recommendations.

It is anticipated that the strategy meeting will review the current scope of the company’s operations

and, in particular, consider the potential for divestments and/or acquisitions. However, the CFO

realises that there are a number of strategic issues facing the company at this time. Hence, the CFO

is concerned that any future restructuring be considered in the context of a rigorous framework and

hence has requested your team provide detailed advice on several key corporate finance topics:

1. Scope of company’s operations (potential divestments and acquisitions) – team analysis

2. WACC for the main business activity

3. Environmental, social and governance (ESG)

4. Capital structure

5. Leverage and Liquidity

6. Payout policy

Following submission of the CFO briefs and receiving feedback on the CFO briefs, you should

develop a presentation for the Board. The objective of the presentation is to make specific corporate

finance recommendation(s) for future action that will be accepted by the board of directors.

The recommendation(s) need to address the most important matters identified by your review of

the six Corporate finance topics.

The justification of the recommendation(s) need(s) to incorporate:

? the most important findings of your work and why you have developed this view.

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? the main financial implications of your recommendation(s), including some initial, prospective

estimates of cost and benefit as needed.

The CFO will not provide any internal financial information and - at this stage of the advice - has

requested that you base your work solely on publicly available information up to 1 March 2023.

You have had detailed discussions with the CFO and have received the following brief for the advice.

Deliverables

The CFO has requested that your team provide three types of deliverables for this project:

? CFO briefing papers – Recognising that the board presentation may not cover all components

of the advice brief, the CFO has requested that succinct CFO briefing papers be prepared in

relation to the specific areas covered by the advice. The scope of company’s operations topic

(Corporate finance topic 1) should be undertaken collectively by the group. Each team

member will select one of the other five issues and take primary responsibility for analysis,

preparation, and submission of the advice.3 Hence, each team will produce and submit (up

to) 5 individual topic reports, as well as a combined group report. These (up to) 5 individual

reports and one group report are to be submitted electronically by 9:00 am Monday

27/03/2023 (Week 6).

? Board presentation slides – Presents a summary in the form of succinct slide pack of your

recommendation(s) for future action and your justification for these recommendation(s). The

slide pack will be circulated to board members before the presentation and needs to be

submitted electronically by 09:00 am Monday 17/04/2023 (Week 8). You must use the slides

as submitted in your presentation.

? Presentation to the board - Ten (10) minute stand-up board presentation followed by a ten

(10) minute question and answer session. The presentation will summarise the most

important findings of your work including recommendations for future action. Presented in

the regular Week 8 workshops (i.e. on 18/04/2023, 19/04/2023, 20/04/2023 and

21/04/2023). Assessment will be done on both an individual and a team basis.

In addition to the above deliverables, you should retain all working papers used to prepare the advice

so that you are able to respond to any detailed queries by the CFO.

Corporate finance topic 1 - Scope of company’s operations (team brief)

3 If your team has fewer than 5 members, then your individual briefs will cover a subset of these 5 topic areas. I.e. each

member is responsible for managing one topic area for the individual report. Every team is responsible for providing a

Scope of company’s operations group report).

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Ahead of the strategy meeting, the company needs a very preliminary review of the company’s

operations to consider how to increase the company’s long-term value to stakeholders potentially

through divestments, acquisitions or other changes to its current activities.

Addressing possible divestment/s of a current business activity / investment, you should consider any

activities showing the following characteristics:

? Absence of alignment with the core business – i.e. lack of strategic or operating synergies with

the core business.

? Relatively weak positioning or performance. Perhaps to free up capital for other investment

opportunities.

? Scope for sale to another strategic buyer to realise a significant premium over the current

value to the company.

Make a clear recommendation to the company on whether a divestment/s should be considered (and

summarise your reasoning and supporting analysis). If a divestment is recommended, estimate the

dollar amount of proceeds, and briefly identify the relevant division or activity.

Addressing possible new activities or extension of existing activities, you should:

? Consider the logical sector for an acquisition or extension of activities.

? Consider most effective method of achieving any suggested extension of current activities

(e.g. acquisition, capital expenditure, joint venture, licensing or other method).

? Within that sector consider potential acquisition targets drawn from either of the following

groups – Australian listed companies and overseas listed companies.

? For one potential target identified, briefly outline the logic and risks of a possible acquisition

of that target.

Make a clear recommendation to the company on whether a new activity or an extension to current

activities should be considered. Outline your reasoning if you recommend such a new activity or an

extension, describe how you consider this should be achieved, and estimate the dollar amount of

investment required. If an acquisition is recommended, briefly identify a potential target company

or business.

Be sure that your analysis addresses substantial issues and that you:

? Provide a high-level financial analysis of the impact of your recommendation on the company

(a detailed DCF analysis is not expected).

? Consider risks and implications.

? Use publicly available information to conduct your analysis. Therefore, only listed companies

– either Australian or overseas listed - may be considered. If referring to a company, ensure

you name the relevant stock exchange and ticker code (company listing code).

Corporate finance topic 2 - WACC for the main business activity (individual brief)

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The company requires a robust, documented analysis of the weighted average cost of capital for its

main business activity (based on your assessment) expressed in its functional currency. The analysis

should use the CAPM framework and should specifically address:

? The estimated WACC at 1 March 2023, based on analysis of the company and comparable

companies in its sector and typical gearing levels across the sector. Data for three to five

comparable companies should be referenced for key inputs.

? Whether – in the current interest rate environment – the spot ten-year government bond

yield is an appropriate measure of risk-free rate in applying CAPM?

? Estimates of market risk premium, beta and the cost of debt. Beta measures should be

sourced from information providers and do not need to be calculated from underlying share

price data.

? How your estimate compares to other estimates of WACC for the company identified in

broker reports? Comment briefly on possible reasons for variances between your estimate

and those other estimates.

The CFO briefing on WACC is to be in the form of a summary calculation with key supporting analysis.

The CFO is familiar with the format used in calculations of WACC set out in independent expert

reports and has suggested using a summarised version of that format. Based on your analysis,

comment on the approximate terminal growth rate that would be consistent with your WACC

estimate in preparing a discounted cash flow (DCF) valuation of the company.

Corporate finance topic 3 - Environmental, social and governance (individual brief)

The CFO is acutely aware that ESG is increasingly an area of scrutiny among major investors.

Based on the current activities of the company, provide a summary of up to three ESG risks which

could materially affect the company’s performance. Focus on material ESG issues; the three issues

need not come from each of E, S, or G.

For each current risk identified, provide recommendations for how the company could look to

manage the risk over the short, medium and long term.

Review how the company currently reports these risks and consider any potential improvements in

the way these risks are communicated to external stakeholders.

Be sure that your analysis addresses substantial issues and that you provide some preliminary cost

and benefit estimates (a detailed DCF analysis is not expected).

Corporate finance topic 4 - Capital structure (individual brief)

To consider capital structure going forward, the company needs summarised advice in relation to the

following points:

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? Based on academic theory and the specific characteristics of the company, what are the key

factors or commercial issues that should be considered in determining a capital structure for

the company?

? How does the gearing of the company as reported in its most recent annual or interim report

compare to its peer companies? Analysis should cover three to five comparable companies

and the following metrics:

o Net debt as a percentage of net debt plus equity (based on balance sheet values)

o Net debt as a percentage of net debt plus equity (based on market values)

o The ratio of net debt to EBITDA

? To the extent that gearing varies across the peer group, what major factors appear to lead

the companies to adopt different capital structures? What insights does this comparison

provide to the company in considering capital structure policy?

? Based on the above analysis, your brief recommendation in relation to the capital structure

of the company.

Corporate finance topic 5 - Leverage and Liquidity (individual brief)

Develop a summarised analysis of the company’s leverage and liquidity position and relate it to

your primary strategic recommendation identified in Topic 1. In doing so, make sure that you

identify:

? The firm’s net debt (or cash) position

? The existing term structure of debt

? The sources of existing debt – including the mix of bank and bond debt (if applicable).

? The current level of credit facilities (detailing both drawn and undrawn amounts)

? Relevant credit ratios / metrics that help to inform your analysis of leverage and liquidity

Compare and contrast to three-to-five comparable companies where appropriate.

You should discuss your company’s leverage and liquidity position in the following context:

? You should relate all elements of this analysis to the primary strategic recommendation(s)

for your company.

? Is the current term structure of debt and the quantum of debt appropriate given your

company’s operations?

? Based on the primary strategic recommendation(s) for your company, how will the debt

structure of your company change?

? Will any additional funding be required to execute your primary recommendation? If so,

how and where would you complete this funding? How much would be required?

? How will proceeds from any disposals be used?

? Will excess liquidity be distributed to shareholders? If so, how?

Corporate finance topic 6 – Payout policy (individual brief)

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To consider future payout policy (i.e. the distribution of post-tax profits by way of dividends or

buybacks), the company wants you to provide summarised advice in relation to the following points:

? Based on academic theory and the specific characteristics of the company, what are the key

factors that should be considered in setting future payout policy (and the mix of dividends

and buybacks)?

? How does the historical dividend and buyback policy of the company compare to its peer

companies? Using three to five comparable companies provide analysis of:

? Dividend as a percentage of post-tax profit

? Buybacks as a percentage post-tax profit

? Broad factors other than post tax-profit, which appear to have driven share buybacks (e.g.

distribution of asset sale proceeds)

? Extent of franking of dividends (Australian comparables only)

? What major insights does the above comparable analysis provide in relation to the future

payout policy of the company?

? Based on the above analysis, what is your brief recommendation in relation to the future

payout policy of the company?

Rules and Guidelines

You may assume the current date is 1 March 2023. Advice should be based on financial statements

as based on the most recent annual or interim report and publicly available information – including

ASX announcements – up to 1 Marcgh 2023.

Kick-starting your project

Prior to the first workshop, it is essential that every team member performs preliminary research on

their selected company, so they can contribute fully to the group brainstorming sessions in Weeks 3

and 4. Please review and follow the Preliminary Research Checklist document available on Canvas.

CFO briefing paper

In preparing for each of the CFO briefing paper, please be aware of the following:

? The CFO briefing papers should be in portrait PDF format.

? The CFO briefing papers must be at most two pages. No more than one page of text (e.g.

bullet points) and at most one page of clearly presented supporting charts and tables,

including references. Do not provide any appendices. The report should have a minimum font

size of 12 with standard spacing as has been used in this project brief.

? All CFO briefing papers need to be submitted through Canvas by 9:00 am Monday 27/03/2023

(Week 6). The individual topic reports are to be submitted on an individual basis. The group

summary document is to be submitted by the nominated group contact person on behalf of

the entire team. Hence, there will be 6 documents submitted from a team of 5 persons.

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Prior to uploading your .pdf file to Canvas ensure that the file is of a reasonable size.

If your file is large please use the “reduce file size” feature of Acrobat before submitting.

The following additional guidance is provided for the CFO Briefing Papers (other than that in relation

to WACC):

CFO brief guidance

Contents

Page 1

1. Corporate topic - One line

2. Advice / recommendations - Maximum three bullet points (ie. dot points) briefly

setting out the key advice to the company (which may be retaining the status quo).

Focus on the key message not the detail

3. Key implications - Maximum five bullet points setting out how the recommendation

would be implemented and the broad implications for the financial structure and

performance of the company.

4. Key findings / evidence - Maximum of five bullet points summarising the analysis

performed that led to the recommendation (this is likely to link to analysis presented

in section 5).

Page 2

5. Analysis performed – Provide tables, graphs or other summarised information that

was critical to your findings and supports the advice being provided to the company.

6. Academic / professional guidance referenced – At least two.

The CFO briefing on WACC topic section is to be in the form of a summary calculation with key

supporting analysis. It is suggested you refer to the format used in calculations of WACC set out in

independent expert reports (available on Canvas) and apply a summarised version of that format.

The maximum length for the WACC CFO briefing is also two pages ( i.e no more than one page of text

and at most one page of clearly presented supporting charts and tables, including references).

Board presentation

In preparing for the Board presentation, please be aware of the following:

? An electronic copy of your presentation needs to be submitted through Canvas by 09:00 am

Monday 17/04/2023 (Week 8). Your presentation must use the slides as submitted.

? On Campus (CC) workshops:

- Presentations will be stand-up presentations with slides projected onto a large screen

- Presentations need to be saved on a USB stick for operation of the presentation.

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- Please arrive to the specified location of the presentation 5 minutes prior to your

team’s allocated start time. You will not be able to enter the specified location after

the allocated time

? Online/Remote (RE) workshops

- Presentations slides need to be shared while in Zoom as appropriate

- Please arrive to the specified Zoom breakout room / boardroom 5 minutes prior to

your team’s allocated start time.

- Presentations should be an online version of what would be a stand-up presentation

(a setting where slides would typically be projected onto a large screen).

? Presentations must be no more than 10 minutes in length. The Board has the option to

disregard any overruns. There will be an additional 10 minutes of Q&A. Please ensure that all

team members participate in the Q&A portion of the presentation.

? Presentation slides should be in PowerPoint format and must not be longer than 15 slides in

length (excluding title page, introduction page and appendices). Any additional materials

and/or supporting analysis should be contained in Appendices.

? The introduction page is one slide introducing your team members, including photos and

names. This is typical of a corporate finance presentation.

? State your main message/request at the start of your presentation. This is also known as

Bottom Line Up Front (BLUF). Be sure to review the Persuasive Communication Guide (PCG)

and relevant videos on Canvas for detailed recommendations on creating presentations.

? Your presentation should primarily be focused on your recommendations, conclusions, and

higher-level insights. Be wary of presenting detailed information to a senior audience. Please

remember that the corporate board deals with substantial management issues and that your

analysis and communication should reflect this.

? As a corporate finance advisory team, the objective of the presentation is to convince the

Board that your recommendations are sound and are based on strong logic, facts, and

analysis. Remember to justify and communicate clearly your recommendations.

? Wear suitable business attire to your presentation. You are playing the role of your company’s

finance advisory team and are expected to dress appropriately.

Project management

Here are some guidelines as to how to manage the project with your colleagues:

? Working methods must facilitate a high level of collaboration to use fully the skill mix across

your team. We recommend having one person chair each meeting, as well as another taking

notes on action items.

? The team will work collectively in preparing the assessment of the scope of company’s

operations issue (Corporate finance topic 1).

? In addition, each team member is responsible for preparing the topic section for just one of

the Corporate finance topics.

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? While individual responsibilities are assigned for different topic sections, CFO briefing papers

can only be released after peer review of draft papers by all members of the team and

discussion at a team meeting. This is to assure consistent quality and integration of the

sections within the report. To the extent that additional ideas or worthwhile changes are

suggested in a particular topic section, it is at the discretion of the team member(s) preparing

the topic section whether to make adjustments to incorporate changes ahead of submission.

? Peer review is the key quality control in a professional environment and hence it is essential

that teams apply a review process to all CFO briefs. As an output of this process, each team

member must document one instance where they provided constructive input to a CFO brief

topic section prepared by another member of their team and one instance where they

received constructive input in preparing their own topic section of the CFO brief. Students will

be asked about the peer review process by practitioners in the Week 7 workshop and

student's experience of the peer review process is potentially an exam topic.

? All team members should be involved in determining the content of the board presentation,

the drafting of presentation material and the verbal delivery of the presentation.

? A suggested schedule of group meetings across the projects is provided below. Each team

member is to chair formally at least one meeting. At each meeting another team member

should note briefly action points from the discussion.

? Additional insights into team meetings are provided in the Meetings and Workshops

document which is available in the Week 2 Canvas materials.

Suggested meetings

Meetings When

1. Allocation of the Company – you will be randomly assigned the company that will be

the subject of this project.

Week 2

2. Initial Brainstorming - Following individual reading and preliminary analysis of

company and industry.

Weeks 3,4

3. Project Planning – Develop project plan – table showing allocation of tasks and

outputs (who, what, when).

Weeks 3,4

4. Project Management – Monitor and report project progress against project plan Weeks 3,4

5. Peer Review – Review key outputs and findings included in the CFO Brief. Weeks 5,7

6. Project Management – Monitor and report project progress against project plan Week 7

7. Peer Review – Review work regarding corporate advice. Week 7

8. Initial Meeting for Final Board Presentation – Agree on key presentation messages,

presentation format (written and verbal), responsibilities for drafting components of

final presentation etc.

Week 7

Effective meetings are crucial to performing the case study. It is suggested that - at the start of the

case study - each group agree how they wish to structure discussions. For example:

? should team members take responsibility for formally chairing sessions on a rotating basis?

? should key actions and responsibilities established at meetings be briefly documented?

? should timetables for actions be documented?

? how do you monitor progress on agreed actions?

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