ACT Governance

Council is the governing body of The Association of Corporate Treasurers (‘ACT’). It is ultimately responsible for the stewardship and strategic direction of the ACT and accountable to the members. Day-to-day management is delegated to the Chief Executive and, through the Chief Executive to the Executive team.

Council consists of four Officers: President, Deputy President, Vice President and Immediate Past President and up to five other elected members, the Chief Executive and up to four co-opted members. i.e. A maximum of 14 Council members. In any year, the term for Officers and elected members commences on 1 May.

Further information about Council, committees, panels and other groups is set out in the council terms of reference.

Chief Executive

Caroline_for council pagesCaroline Stockmann, Chief Executive

Please provide a brief description of your career

Prior to joining the ACT, I held the position of Chief Financial Officer at The British Council, the UK’s largest charity (turnover £1bn), and before that at Save the Children International (t/o $1bn). I have 25 years’ experience in senior finance, commercial and strategic posts at a number of commercial and charitable organisations including Granada plc, Unilever/ Bestfoods, Southbank Centre and Novartis Pharmaceuticals (Switzerland). Much of my working life has been spent overseas.

I initially trained with KPMG and am a Fellow (FCA) of the Institute of Chartered Accountants of England and Wales (ICAEW). I hold the ICAEW Diploma in Charity Accounting and have filled numerous roles as trustee over the years. I am currently Treasurer of the Open University, a lay trustee of Southwark RC Archdiocese and a member of the Finance and Investment Committee of the Elton John AIDS Foundation.

What do you like about working in treasury?

Time and time again I am struck by how engaged our members are – engaged in their profession, in raising the standards of those who work in this area and in their commitment to what we, the ACT, do. Treasury can really make a difference in terms of stability of organisations and economies, and I really like the forward- and external-facing nature of the profession. So, in summary, it’s the people I work with, be they ACT staff, our members, or other stakeholders.

Why should members get involved with the ACT?

We cannot do anything without input from our membership and we love to hear from you! What is worrying you? What do you need us to help you with? How do you see treasury evolving over the next 3, 5 or 10 years? We are actively encouraging members to get involved with what we do – whether you have a few hours to spare or can dedicate a significant amount of time we would love to hear from you and I encourage you to visit www.treasurers.org/getinvolved

What 3 words best describe you?

Energetic. Passionate. (Having great) Integrity.

What is the best piece of advice you have ever been given?

Make sure you get enough sleep.

Please tell us something interesting about yourself.

I am a linguist, musician (flute/piccolo), and passionate bell ringer. I received ‘Civil wings’ from the Royal Thai Air Force, for support I gave during the 2004 Tsunami.

Council members for the term commencing 1 May 2019

We have asked our council members to provide some information on their career history, why they have become involved with the ACT and what they do in their spare time. Read their profiles below.

Paul Wilde_for council pagePaul Wilde FCT, Group Treasurer, Shawbrook Bank
President

Please provide a brief description of your career

I have worked in treasury-related areas of financial services throughout my career, but that has given a lot of scope for variety. It has included being part of the restructuring negotiations for Lloyds of London in the mid-90s and restructuring ABN Treasury for RBS in the late 00’s; working in Group Risk at Abbey; securitisation for Egg; leading an investment banking team at Bank of America; and being European Treasurer for both the global derivatives broker Newedge and the Brazilian bank Itau BBA. I am now Group Treasurer for Shawbrook.

What do you like about working in treasury?

There are a lot of things that I like about working in treasury, but I will name just a couple. The Board set the aspirations and vision of a company, but treasury is where dreams meet the hard reality of the external market, where the rubber hits the road. I love working in the area where you need to make theory and facts mesh together into something that works, where there is no room for pretence. I also like that fact that the people in treasury are smart and rewarding to work with.

What would you like to achieve during your tenure on Council?

The ACT is a great organisation. It really sets the standard for treasury education. I want to do my bit to ensure that those standards are maintained. I also believe that for the ACT to thrive it has to ensure that employers recognise the value of recruiting treasury-qualified staff. I will add my voice on Council to try to make sure that is high on the agenda.

Why should members get involved with the ACT?

It is your association, why would you not want to be involved? The ACT has an important voice on lots of topics, but it is only as strong as the collective voices of its members. The Policy & Technical team draws on the support of members to deliver its twin objectives of influencing decision makers and informing treasurers.

What 3 words best describe you.

Intelligent, determined, good-humoured.

What is the best piece of advice you have ever been given?

If you want a job for life, make sure that you have skills that people need.

Tell us something interesting about yourself.

I am a second Dan black belt in Karate. All bankers have to learn self-defence these days!

Agnes F_for council websiteAgnes Favillier AMCT, Assistant Treasurer, Equiniti
Deputy President

Please provide a brief description of your career

I started my career at British American Tobacco as a Finance trainee within their graduate programme. I discovered Treasury during my traineeship, and joined their Treasury Front Office team after the programme. I then spent several years in Risk Management / Front Office roles within several multinational companies, as well as a few years within PwC's Finance Consulting team.

What do you like about working in treasury?

Having worked primarily in risk management roles, I obviously enjoy understanding financial market dynamics and assessing their impact on the organisation now and in the future. But the business partnering aspect of my roles is the most rewarding, as I can effectively support the business achieve its strategic objectives through advice and guidance on how to best manage its risk. Last but not least, I greatly enjoy the variety in stakeholder interaction, within the business and externally.

Why should members get involved with the ACT?

Being involved with the ACT - volunteering to support ACT initiatives or just attending events - is a great way to network and find out what your peers are doing, how they may be approaching similar challenges within their organisation. The world of treasury changes constantly - organisations themselves, technology, products, regulations - and having a good network within the ACT's varied membership is an excellent way to stay on top of these changes.

What three words describe you?

Dedicated, dependable, optimistic.

What is the best piece of advice you have ever been given.

I received this piece of advice during my consulting days, but I think it also greatly applies to the world of a corporate treasurer (and anyone within the workplace for that matter). "Tell your audience a story. When you have a message to convey (work presentation, pitch, report etc), make sure to check that your objectives are clear, and your arguments are concise and well-articulated, so that your audience comes on a journey with you."

Please tell us something interesting about yourself.

Instead of committing to New Year’s Resolutions, I give myself a few challenges every year, with the mantra “do more of what makes you happy”. I have been a keen runner for about 10 years now, and to keep myself motivated, I have set myself the challenge to run 1,000 miles before the end of this year.

Dino_final_webpageConstantinos (Dino) Nicolaides AMCT, Managing Director, Head of Treasury Advisory Uk & Ireland, Redbridge Debt & Treasury Advisory
Vice President

Please provide a brief description of your career

Having completed my degree in Economics from Cambridge University, I qualified as a Chartered Accountant in Financial Services Audit of Deloitte in London. I then moved to Cyprus as an Audit and Advisory partner in a local firm. Most of my advisory work was in Finance and Treasury so in 2004 I qualified with the ACT which has broadened my horizons. In 2007 I returned to London and have since been advising FTSE 350 and global corporates in key areas of treasury as well as performing numerous secondments in senior treasury roles.

What do you like about working with treasurers?

Improving the efficiency and effectiveness of a treasury function which in my view is the life-blood of the organisation.

What would you like to achieve during your tenure on Council?

Provide a fresh perspective in promoting and supporting our profession and the ACT to the recognition they deserve.

Why should members get involved with the ACT?

To become an integral part of a community of likeminded individuals who can support each other in developing their careers and promoting the profession.

What 3 words best describe you.

Personable, principled and driven.

What is the best piece of advice you have ever been given?

Sleep well at night so that you glow during the day.

Tell us something interesting about yourself.

I am a professionally trained coffee barista and roaster!

Ian Chisholm for council pages on websiteIan Chisholm FCT, Group Treasurer, Grosvenor Group
Immediate Past President

Please provide a brief description of your career

After 26 years of finance and treasury roles in Shell, I moved to BHP and expanded my portfolio of commodities to cover iron ore, copper and coal. My current role is VP Corporate Finance, looking after the financial strategy and all of the debt for the company.

What do you like about working in treasury?

Treasury is the best bit of finance by far – it’s forward looking and externally focussed.

Why should members get involved with the ACT?

Getting involved with the ACT helps you with your skills, your career and your network.

What three words describe you?

Professional, approachable and pragmatic.

What is the best piece of advice you have ever been given.

"Enjoy the job you are doing, and the rewards will come with it."

Please tell us something interesting about yourself.

I once skied with only a red nose on to raise money for Red Nose Day.

Elected members for the term May 2019 - April 2020

Kerry AT_for council pagesKerry Attwell Thomas FCT

Please provide a brief description of your career

I started my career as a Chartered Accountant at Price Waterhouse in the early 80s before moving into the corporate world. Several planning and financial control roles later I arrived in treasury at Unipart and completed the MCT Diploma in 1993, fully intending to get back into a mainstream finance role within two years. You should always have a plan, but never expect to carry it out! As Eisenhower said, “Plans are useless, but planning is indispensable.”

My treasury experience is almost entirely in the LBO sector. I was the CFO at Ineos, the petrochemical conglomerate, where I arranged the initial buyout finance and subsequently worked on several major acquisitions including Lucite International, the European Vinyls Corporation and Degussa’s (now Evonik) Phenolchemie business.

I hold a Postgraduate Certificate of Education – I flirted with the idea of teaching mathematics - and have been involved with the MCT Diploma for over 10 years, authoring some of the material and delivering all the classroom sessions.

What do you like about working in treasury?

I like to be at the heart of things. Strategic planning, M&A and treasury are all great places to work.

What would you like to achieve during your tenure on Council?

I would like the ACT to promote treasurers as potential CFOs, rather than to focus on treasury as a career in its own right. As an MCT tutor for over 10 years, I know there is some great talent within our membership. Sadly those responsible for filling CFO positions – both boards and recruitment consultants – haven’t really recognised this.

Why should members get involved with the ACT?

For the same reason you should be involved in all aspects of life. It is not enough to be a spectator and talk about them as if they are not part of what you can influence. One of my favourite quotations is, “All that is necessary for the triumph of evil is that good men do nothing.”

What 3 words best describe you.

I always think this question is a little trite, but I quite like Illegitimi non carborundum.

What is the best piece of advice you have ever been given?

“Always plan for 30% free time.” Tony Mourgue, the Group Finance Director at Unipart, advising me that was the best way to get on. If you’re indispensable, you can’t work on anything else.

Tell us something interesting about yourself.

I love mountain trekking – ideally anywhere you can only walk, climb or fly. The views, the air, the isolation are to die for. A few years ago I walked the GR20 (16 stages/180km) along Corsica’s watershed and more recently schlepped around the Picos de Europa in Northern Spain. At one point we had to climb down a waterfall to avoid some ice, and my son memorably advised me, “Don’t come down this way. It’s a bit dodge.” Risk management at its most basic. I’m hoping to have a crack at the AV1 in the Italian Dolomites next year.

KHKatherine Horrell FCT

Please provide a brief description of your career

I started my career as a finance graduate at The BOC Group plc, gaining my CIMA qualification and then moving into Treasury. From there, I went on to very different Treasury functions in some different organisations. I joined Centrica plc in 2008, just in time to work on funding a major investment program through the financial crisis period, and in 2012 was promoted to Group Treasurer where I got to manage a number of new financings as well as liquidity and credit ratings during challenging periods of commodity price volatility and government interventions

What do you like about working in treasury?

I love the combination of technical challenge and applying the expertise to the business and financial environment you’re working in.

What would you like to achieve during your tenure on Council?

We can face a huge variety of change and challenge in Treasury and I have seen that in my career. I want to ensure that the ACT can help provide all its members with the tools and expertise they may need for any sort of financial requirement their organisation may face.

Why should members get involved with the ACT?

As Treasurers, we’re a relatively small community and we occupy a specialist position in our organisations so there is a huge amount to be gained from sharing experiences with each other. If we do it right, supporting the ACT means supporting our own professional performance and careers.

What three words describe you?

Determined, intelligent, direct

What is the best piece of advice you have ever been given.

Don’t let yourself get upset by the things you can’t do anything about. At the time, I was a graduate struggling with a printer that wouldn’t work, but I often have to remind myself of this when I want to change the world!

Please tell us something interesting about yourself.

I used to be a tennis official. I’ve been a line judge at 16 Wimbledon tournaments including 5 singles finals.

Courtney Huggins for Council ProfileCourtney Huggins AMCT, Group Treasurer, Logicor

Please provide a brief description of your career.

I started my Treasury career when I moved to London from Washington, DC in summer 2009 and began working at a consulting firm as a Tax & Treasury Analyst. Following this, I joined a privately owned international industrial commodities group as a Treasury Manager. In 2015, keen to get experience in a larger, public company, I joined Capita’s Treasury team as the Treasury Integration Manager and co-head of Middle Office. However, when the opportunity was presented to join Logicor as Assistant Treasurer in 2016, I accepted the offer knowing it would be an extremely challenging but rewarding role to build the function from the ground up, and in 2018, I was promoted to Group Treasurer.

What do you like about working in treasury?

Treasury provides a dynamic, stimulating and fast paced environment which suits my personality well. With constantly changing markets, regulations and technology, Treasurers have the opportunity to continually acquire new knowledge for their Treasury arsenal, making each day interesting. We also have the benefit of working with various internal and external stakeholders which brings a commercial and human element to the job – it’s not all about the numbers.

What would you like to achieve during your tenure on Council?

Throughout my involvement with the ACT and the Future Leaders in Treasury working group, I’ve always enjoyed creating and implementing events and programmes for members and students. With my new role on Council, I would like to take a more strategic role and work together to shape the future of the ACT. The strategies that are implemented now will affect how the organisation functions and how our members are supported in years to come. During my tenure on council I would like to help the ACT achieve significantly increased engagement across all levels of our membership.

Why should members get involved with the ACT?

It’s important to get involved with the ACT as you truly get out what you put in. The more involvement we have from Treasury professionals, the stronger the organisation will be in all facets. Our collective knowledge and collaboration of our members enables positive change within the profession. As members of the Association we all benefit from the ACT’s strength and continued development.

What 3 words best describe you?

Dedicated, Adaptable, Fun.

What is the best piece of advice you have ever been given.

Don’t give up what you want most in your career for what you want now. Work hard, play the long game and focus on your ultimate goal.

Please tell us something interesting about yourself.

Before I entered the world of Treasury, I was an Archaeologist and Classicist!

Charlotte Morgan_for council websiteCharlotte Morgan AMCT, Non-Executive Director, Sumitomo Mitsui Banking Corporation Europe

Please provide a brief description of your career

Like many ACT members my first professional qualification was as a Chartered Accountant. I trained and qualified at Price Waterhouse (as it was then) in London, and after a few years post-qualification experience at PW, decided to become more closely involved in the practical side of running a business. I held several finance roles in banking and financial services and was then fortunate enough to be appointed to run a combined tax and treasury team at Standard Chartered. I now have a portfolio career, my main role being as non-executive director and Audit Committee chair at Sumitomo Mitsui Banking Corporation Europe.

What do you like about working in treasury?

In my experience, treasury involves the most complex and interesting aspects of finance, and it’s also central to the health of the business.

What would you like to achieve during your tenure on Council?

I am keen to promote more dialogue with members on current economic challenges, and help the ACT develop its existing global links and its recognition as a leading professional body.

Why should members get involved with the ACT?

To enjoy the camaraderie of a professional body where many of the members work in corporates, so you can share ideas and solutions to the challenges faced by your business.

What 3 words best describe you.

I try to be professional, conscientious and considerate to others – you would have to ask them whether I succeed!

What is the best piece of advice you have ever been given?

Well I’ve had lots of good advice, but the advice of a highly valued colleague to get more involved in the ACT has worked out very well for me!

Tell us something interesting about yourself.

I work with young musicians, chairing an experimental opera company called Second Movement.

Karlien 3Karlien Porré FCT, Partner, Deloitte

Please provide a brief description of your career.

After my studies in Belgium, I joined BT Plc on their finance graduate management scheme. After a short stint in management accounting, and qualifying with CIMA, I rotated to their treasury function where I carried out various roles as cash manager, FX dealer and European treasury manager. I then joined Deloitte’s treasury advisory practice which I now lead in the UK, and co-lead for our European practice

What do you like about working in treasury?

Many factors. To name just a few: being the forward looking arm of finance, intellectually stimulating topics with a healthy amount of financial modelling, matching your companies’ internal requirements with external solutions offered by the markets, and the fact that treasury never stands still.

What would you like to achieve during your tenure on Council?

Generally support the international growth of the ACT and specifically add new perspectives on how to engage members in our activities.

Why should members get involved with the ACT?

Because it’s the best forum to learn and network, and therefore benefit both your organisation and your career.

What 3 words best describe you.

Pragmatic, direct, dedicated.

What is the best piece of advice you have ever been given?

When upset or concerned about something, avoid an over-reaction and sleep on it instead.

Please tell us something interesting about yourself.

I was a synchronised swimmer in my younger and more flexible days.

Co-opted members

Rob Alexander_for council websiteRob Alexander, Partner, Headland Communications

Please provide a brief description of your career

I was a Partner at Brunswick, the critical issues and communications firm, until July 2018. I led the global Campaign Planning offer; building long term reputation campaigns for companies across markets and sectors.

Before joining Brunswick, I worked for over 20 years in advertising as a Planner, responsible for creating brand and communications strategies. I have worked at TBWA/ London, part of Omnicom, on brands such as Apple, Mars, News International, Strongbow, and Thomas Cook as well as on the 2001 General Election campaign for the Labour party.

I joined WPP’s J Walter Thompson in 2004, working as the lead global planner on a series of WPP’s multinational corporate clients: Vodafone, Nokia, Shell and HSBC.

I was co-opted to Council in 2015, to provide a different perspective and skills-set, most notably in branding and communication.

What do you like about working in treasury or with treasurers?

I don’t work with treasurers or treasury – but find that I can provide a different viewpoint and set of skills to Council and the ACT.

Why should members get involved with the ACT?

The ACT is run by committed, expert staff for the benefit of treasurers and treasury. As an underappreciated but increasingly important profession, treasurers can benefit themselves and their profession by getting involved.

What 3 words best describe you?

Impatient. Creative. Foody.

What is the best piece of advice you have ever been given?

Try to do the things that only you can do, not what everyone else can do.

Tell us something interesting about yourself.

Before advertising I worked as a lighting designer in theatre and contemporary dance – and acquired a scaffolding safety qualification along the way.

David Brent_for council pagesDavid Brent FCT

Please provide a brief description of your career

I started my business life as an accountant in practice. I had a long career with BAe Systems and predecessor companies, the last 20 years as Group Treasurer until I retired in March 2015. Subsequently NED and Chairman of the Green Deal Finance Company, ultimately overseeing the sale of the company to a private sector consortium. Currently a Trustee of a small charity.

What do you like about working in treasury?

Working in treasury you are at the sharp end of the majority of key aspects of a business whether it is ensuring the business is financed appropriately, managing risk in its widest sense or financing sales. Very rarely is one day the same as another.

Why should members get involved with the ACT?

Members should get involved with the ACT as it is their chance to shape the future direction of the Association, it represents an excellent networking opportunity and allows for ideas and problems to be discussed with like minded individuals in confidence.

What three words describe you?

Unassuming, commercial and an achiever.

What is the best piece of advice you have ever been given.

Before embarking on a course of action, think it through one more time, bounce it off a trusted “ friend “ and consider how it is likely to be received by the counter-party(s).

Please tell us something interesting about yourself.

Interested in most sports throughout my life but on retiring decided to relearn and compete as a Bridge player having not played the game since school days! Early days but can now play at a reasonable club level.

Panels and other groups

The ACT has a number of panels and other groups that support our activities. Further information is available here.

Appointments, Remuneration and Audit Committee (ARAC)

ARAC is a committee with a number of delegated powers from Council. It is chaired by the Immediate Past President and membership includes all Officers and may include one other Council member and up to four non-Council members, who need not be members of the ACT.

The current members of ARAC are:

  • Peter Goshawk FCT (Chair)
  • Ian Chisholm FCT, Vice President, Corporate Finance, Group Treasury, BHP
  • Agnes Favillier AMCT, Assistant Treasurer, Equiniti
  • Stevan Rolls, Partner, Global Talent, Deloitte
  • David Swann FCT
  • Yann Umbricht FCT, Partner, PwC
  • Paul Wilde FCT, Group Treasurer, Shawbrook Bank
  • Laura Worboyes AMCT, Head of Investment Operations, Amlin Investment Management Ltd

You can download the ARAC Terms of Reference and the ARAC Annual Forward Agenda (Appendix A).

ACT Advisory Panel

The ACT Advisory Panel adds value to the ACT by giving its experience and insight to enhance the strategic thinking of the organisation. Formed of a cross-section of individuals from treasury, stakeholder-type organisations (regulatory, banks, etc), government and professional (eg finance, education, digital), the Panel gives an external perspective in its advice and challenge to management, generating new ideas and some blue sky thinking.

The Terms of Reference of the ACT Advisory Panel are set out here

The current members of the Advisory Panel are:

  • Philippa Foster Back CBE, Director, Institute of Business Ethics
  • Paul Boyle OBE
  • Thomas Davies, Founder and Chief Executive Officer, Temporall
  • James Douglas, Vice Chairman, Deloitte LLP
  • Richard Gillingwater CBE, Chairman, SSE plc & Henderson Group plc
  • Julia Hoggett, Director of Market Oversight, FCA
  • Scarlett MccGwire
  • Mark Morris, Chief Financial Officer, Seadrill Limited
  • Ian Plenderleith CBE, Chairman, BH Macro & Morgan Stanley Bank International Ltd

For further information about our Advisory Panel members click here

The Senior Leadership Team

  • Caroline Stockmann, Chief Executive
  • Sarah Boyce, Associate Policy & Technical Director
  • Melissa Brittain, Head of HR & Facilities
  • Dean Cassar, Chief Financial Officer
  • Natalie Eggins, Director of Learning and Member Support
  • Vicki Greenwood, Director of Global Events
  • Anne Hogarth, Director of Marketing & Communications
  • Janet Legge, Director of Awarding Body
  • Denis Murphy, Commercial Director
  • Michelle Price, Associate Policy & Technical Director
  • Ria Robinson, Director of Membership & Governance

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