Back in early 2020, Gina Mastantuono had only recently stepped into the CFO role at ServiceNow when the subject of intangible assets surfaced during a company board meeting. For months, growing numbers of the company’s investors had been signaling their advocacy for the company to amplify its collective conscientiousness when it came to social and environmental concerns.
Traditionally, the company had relied on its marketing and communications teams to project its corporate mind-set when it came to such issues, but a number of events during the previous 12 months had led investors and board members—as well as company CEO Bill McDermott—to conclude that a more codified approach had now become necessary.
“This was a pretty significant change for both me and the organization,” explains Mastantuono, who notes that her list of priorities for her first 12 months as CFO suddenly began to shift in real time as the magnitude of adopting ESG (Environmental, Social, and Governance) principles became increasingly evident.
“It enabled me to make necessary changes not only within finance but also across the enterprise and externally,” comments Mastantuono, who relates that the impact that she could have as a leader became clear to her when the company’s vice president of treasury pitched to her the idea of ServiceNow forming a racial equity fund to help underserved communities.
Recalls Mastantuono: “I was really able to drive this throughout the organization, and now we have put a $100 million fund that was fully funded into the communities that need it most.”
However, what’s perhaps more revealing when it comes to Mastantuono’s finance leadership has been the addition of an outward-facing pitch that she regularly makes to ServiceNow customers—and particularly to those attracted to similar ESG-oriented opportunities.
“Our products can help our customers in their ESG journeys in a way that those of many other companies just can’t. We have the ability to differentiate from a product perspective and from an ecosystem,” says Mastantuono, who seldom ignores an opening to amplify ESG’s growing influence.
“It is just this incredible opportunity that has allowed us to really punch quite a bit above our weight class,” adds Mastantuono, who leaves us wondering whether she’s speaking on behalf of the company or for CFOs at large. –Jack Sweeney
