The Association of Corporate Treasurers is committed to the promotion of diversity, equity and inclusion across all participants in financial markets. This applies to our own teams, to the treasury teams of our corporate members, and to teams in the financial institutions they work with. We believe that, over time, increasingly diverse teams across the market will provide better advice. This leads to better outcomes for our members – and by extension the UK economy.
Our members who represent corporates, including some of the UK’s largest companies, join hundreds of bank meetings every year. They observe an industry-wide disconnect between the diversity aspirations of banks, and the reality of the coverage teams that represent them. Our members, whilst recognising that developing diverse teams also applies in the corporate setting, tell us they want to work together with their banking partners, and the ACT, to help close that gap.
In September 2023, we held a consultation event, bringing together Group Treasurers from a number of FTSE20 companies and senior representatives from a cross section of banks. Attendees were enthused by the open exchange of ideas, by the desire to drive change – and by the belief that, acting together, we can make a difference.
For example, attendees consistently reported greater diversity at more junior levels in their organisations, and a key theme which emerged was how to build on that success and retain that diversity at more senior levels - because doing so will be critical to improving outcomes.
Building on that event, the ACT today launches a new initiative, seeking to increase inclusion and diversity within both corporate treasury and the UK banking sector. We know that many banks, and corporates, are strong in this space. We see good intentions across the sector, and a desire for further progress. We will champion and support this work through a combination of events, awards, the exchange of best practice – and clear commitments from our members.
As a first step, we have set out below guiding principles for interactions between corporate treasury teams and coverage teams in banks. These principles articulate behaviours we encourage our corporate members to adopt - and expectations we believe they should have of their banks. We emphasise the importance of corporates and banks holding each other accountable for a continued focus on diversity.
A number of corporate treasurers from the UK’s largest companies, by signing this statement, have already committed to their banking partners that they will adhere to this approach. We encourage all our members, both corporates and banks, and the wider treasury and banking community to use these principles as a basis for open discussion, and to make similar commitments to one another.
We encourage our members to:
The publication of these principles is the first step in a wider programme working alongside other interested parties to encourage engagement and the step change required across the financial markets. Given the success of the meeting in September, we will run further consultation events, validating whether this initiative is having a sustainable impact, and identifying opportunities for further improvement.
Furthermore, in the short term, we are planning a programme of events to run across the next twelve months. This will include networking events for junior team members at banks and corporates, and an awards evening celebrating successes in the diversity, equity and inclusion space.
We encourage, and welcome, the adoption of these principles, and participation in this initiative.
