March is the Janus time of year for the ACT. This issue note the celebrations held at the end of February to mark another successful Deals of the Year and Teams of the
Year Awards. Such an event recognises the very best that the treasury profession has to offer. As such, it inevitably requires backward looks, assessing the year that has just gone and trying to measure the achievements of all the treasury profession – not just the
worthy winners and highly commended – against the background of the prevailing economic and financial conditions.
This year – and indeed in the years immediately preceding – the key reflection as expressed by Deals of the Year judges chair Lesley Flowerdew – is that volatility is the new norm and that getting any deal of any size completed in 2011 was an achievement in its own right.
While treasury does well to learn lessons from the past, one of the important characteristics of treasurers is that they are forward-looking. And this is also the time of the year when the ACT assembles at its annual conference (ACTAC) to look forward.
The title for the annual gathering of the treasury profession is always a good indicator of the state of the world. This year’s title, Clarity in a Complex World, sums up the desire of many (and not just in the treasury profession) for more certainty, while admitting there is little prospect of a simple or a quiet life in the near future. As well as gaining some intelligent insight into the scenarios for the year ahead, ACTAC is now the place where treasurers can update their view on treasury strategy, update their knowledge, refresh their thinking and working practices, as well as renew and enlarge their network of contacts. It is a compelling mixture of musthear keynote speakers as well as tried and trusted colleagues.
Looking back and looking forward, it is easy to believe that we are faced with more of the same: uncertainty, volatility, low growth and difficult funding options. Even if this is the background for the short term, treasurers have demonstrated over the years that they are capable of making a real difference to their organisations in such circumstances. They must continue to work hard protecting the cash, formulating the right risk management policies and working with their business partners to improve the prospects for the entity. In Roman mythology Janus was the god of beginnings and transitions, important enough to have a month named in his honour. With the technical and interpersonal skills as set out in Career Path (page 35), treasurers are uniquely placed to help their organisations face new beginnings, even in unpromising circumstances, and making the necessary transitions to achieve continued success.
PETER WILLIAMS
EDITOR