We thought it was all over, but 2021 continued as 2020 left off, with a year of disruption and volatility that had no end to the global pandemic in sight.
As the Association of Corporate Treasurer’s (ACT’s) Deals of the Year Awards celebrate their 25th anniversary, my fellow judges and I have had the privilege to see close up what the best of the best were doing in a time of continued pressure and uncertainty; all of the entries demonstrated how treasury teams have grappled with a range of issues as their businesses and teams have continued to be severely impacted by the pandemic and its effect on the global economy.
What is clear is that, as with 2020, treasuries have continued to be at the heart of their business’s response to the pandemic, remaining agile and innovative to ensure cash kept flowing, debt was raised and financial risks were identified and managed.
The entries revealed a dichotomy: for some businesses 2021 was a continuation of the previous COVID-19-impacted year. For these organisations treasurers have focused on crisis management and securing the short- and medium-term performance of the business. For others, the beginning of the ‘post-COVID-19-era’ has demanded a turn towards long-term restructuring, the return of M&A and the pursuit of new opportunities.
They also represent the unique skill set that treasury brings to the table. It’s often said that it’s only in a crisis that the true worth of treasury is understood – for some companies the past year has showed how indispensable a proactive and skilled treasury team is in tough times.
Whatever the state of the business, it’s also abundantly clear that treasurers are in the vanguard of adopting and progressing initiatives related to environmental, social and governance (ESG) factors into their work and that of the wider business. Linking sustainability goals to long-term funding arrangements isn’t new, but the innovative structures put in place by many of the teams shows how seriously treasurers are taking this issue.
ESG is the thread that runs through virtually every entry we reviewed, and as a result we are reviewing whether ‘ESG’ requires a separate section of its own or whether in future years it should simply be factored into the judging criteria across the board.
Congratulations to all our winners, who have demonstrated exceptionally skilled work in the past year.
I have had the opportunity to chair an outstanding panel of judges. The treasury community has a proud history of working in support of those within it – whether through ACT-sponsored activities or informal networks. And this has been no exception.
This year’s judges – all of whom put in significant time to study all the entries – represent the best of treasury: committed, professional, generous and insightful. They have been drawn from a diverse range of backgrounds, sectors and specialisms. We have welcomed Hailey Laverty, group treasurer at IHG Hotels and Resorts to the panel, and I would like to extend a special thank you to Bente Salt, who after a number of years as a Deals of the Year judge, is stepping down after this year’s competition.
In casting their expert eyes over more than a hundred entries, the judges have ensured that all those who entered have been given the attention and consideration their hard work warranted. They have all had the opportunity to voice their views on the entries – and as always they have all had lots to say! It has been a robust process, with any judges conflicted with entries from their own organisations being excluded from judging (or chairing) that category, and while there has been a great deal of discussion, there has been consensus around the excellence of the winning deals.
I want to thank all the judges for their time and expertise, the ACT for its continuing support and encouragement of best practice, and most of all the treasurers and their teams that have once again done their profession proud.
Lynda Heywood is group treasurer at Tesco
The ACT Deals of the Year Awards are run by treasurers for treasurers. As such, some judges represent organisations that have entries in the awards. Integrity in the judging process is paramount for the ACT and to avoid any conflict of interest, any judge with a potential conflict abstains from the process in the relevant category/ies. You can read more about the judges here.