Annual Report 1999 / 2000
On 15th March the Association celebrated its coming of age at 21 years.The Treasury profession and the Association have come a long way since the early days of naïve financial markets as UK exchange controls were abolished and the euro markets became part of life. Many companies then established treasury functions for the first time and treasurers came together at Association events, sharing experiences and helping to further the collective knowledge base which culminated in the first examination sitting in 1985.
As an indication of our maturity the Association recently launched its Continuing Professional Development Programme. It is impressive and the Association’s thanks go to all those involved in producing this pioneering internet-based programme. If you have not yet visited the site I would strongly encourage you to do so at www.treasurers.org joining the thousands who visit each week. In complete privacy you can follow the competency tests and hone your skills. We are all individually responsible for maintaining our personal skills base so that it is relevant and up-to-date. In the dynamic field of our chosen careers, this can be difficult. The Association is here, through its member services, education and conference activities, to help you.
The surplus of £247,000 is lower than the record level of £305,000 as indicated in my statement for 1998/1999. This reflects the investment made in member services and the Association’s support activities, notably the new computer system and database and the upgraded website.We have also taken the opportunity to invest in our staff. Our thanks go to those who have moved on for the contribution they have made. Our welcome goes to the newcomers, with a special appreciation to the individual managers ably lead by Kate Hoyle and David Creed, for their continuing loyalty to and support of the Association. For this, the Council and members are grateful, as we are to all those who contribute their time so generously to the furtherance of the Association’s values and vision. I would give particular thanks also to those companies which directly sponsor the Association or which allow time for their senior personnel to assist us – I should, of course, include spouses and partners too.
The development of strategic alliances is a key aim of the Association.This helps spread the word of treasury and the effectiveness of a qualified treasurer in contributing to the overall performance of a company. As the Turnbull recommendations are implemented in companies, this becomes more pertinent as treasurers lead or assist in the risk assessment process. Risk assessment has always been a major platform for us and the current syllabus review has re-looked at the content of this in our examination process. The review will be completed by the end of the year. In the meantime the debate continues as to the nature of treasury, the role of the treasurer and the future. This is a timeless debate which I’m sure will run and run, just as centralisation versus decentralisation has, and now whether to outsource or not. Whatever is the case for an individual company, it is a truism to say that in matters treasury, one size does not fit all.
There are common components such as policies and controls, but not common approaches as those policies will differ from one company to the next depending on the nature of its business. It has been an honour to serve as the Association’s President. I have greatly appreciated the personal opportunity it has given me in meeting people and being able to represent treasurers to a wider audience. I have much enjoyed working first with David Cromwell and now Mike Northeast as Chairman, both of whom have demonstrated their dedication and consumate ability in managing Council.The President’s mantle is, I am pleased to report, to be taken up by Anthony Stern of Bass PLC, who, with the new Vice- Presidents of Christopher Bunton, Philip Gillett and Brian Welch, will lead the Association forward in its next stage of development and the 21st century.
Philippa Foster Back
President
