Annual Review and Financial Summary Statements 2004 / 2005

In 26 years as a member of the ACT, I cannot recall it being more relevant, or in better health. It is playing an increasingly important role in Europe, particularly through our new membership of the European Associations of Corporate Treasurers, and on the global stage, in cooperation with other national treasury associations and through the International Group of Treasury Associations. The strength and depth of our education programmes are unparalleled, and fast developing.We have an outstanding event programme and event management capability, together with a highly regarded publication in The Treasurer.

Two important trends today present us with significant opportunities. First is the increasing breadth of many treasurers’ responsibilities, encompassing not only corporate finance and financial risk management, but also subjects such as pensions and aspects of investor relations and
governance. Second is the increasing recognition of treasury management as a globally relevant discipline, and the need for treasurers and treasury
associations to work together for the benefit of all to ensure efficient markets and that regulation, where justified, is appropriate.

Education remains our most important activity. We are developing our education programme to distinguish better between subject matter of global
relevance and local issues such as regulation, tax and other legal issues.We are making it easier for suitably qualified or experienced people in any
country to benefit from our AMCT and MCT education programmes.We are seeking to work with fellow treasury associations to ensure that appropriate high quality treasury education programmes are as widely available as possible.

Finally, on behalf of your Council I thank the executive team, led by Richard Raeburn and the ACT’s committees for all they have achieved in 2004/05. The executive team’s dedication, enthusiasm and professionalism are increasingly widely recognised, and remain crucial to our ability to achieve our challenging goals. The work of committee members is critical to the success of the ACT, and the committees’ hard work and input is immensely appreciated by Council. Both the executive team and the committees richly deserve our thanks.

Stephen Crompton
President