It is hard to believe that it is March already, but the fact that this issue of The Treasurer has already landed with a thud on your doormat proves that it is true. Spring is with us and – at the time of writing – there is plenty to be positive about.
The benign market conditions that have marked the past couple of years remain, which is good news for treasurers looking to secure funding in 2015. On top of that, there is the added boon for many organisations of lower oil prices. Nevertheless, uncertainties remain, not least in the eurozone, which has once again hogged the spotlight in a dramatic fashion over the past few months.
President Obama’s plan to tax US companies’ offshore profits has brought the issue of corporate cash piles firmly back into focus. While his primary intention is to force companies to pay what he perceives as their fair share of tax, rather than to crack down on cash piles per se, his proposals do serve to highlight the political scrutiny that exists in this area.
With that mind, our lead feature examines the topic of corporate actions and considers the role that treasurers are likely to play if companies look to undertake M&A activity or to return excess cash to their shareholders in 2015. We find that there could be a shortage of treasurers with the right expertise to support corporate actions, on page 20.
Also, in this issue, we meet Michelle Dovey, group treasurer and director of capital markets at transport provider National Express. She talks about the company’s approach to liquidity management, improving free cash flow and hedging fuel costs in an interview, starting on page 24.
Regulation is a never-ending concern for treasurers. Hence we return, once again, to the topic
in this issue. On page 28, we explore the implications of the Basel III net stable funding ratio for corporates. Then, on page 32, we examine the part that your company’s compliance policy can play in helping it to steer clear of bribery and corruption risks. Finally, on page 34, we review derivative reporting under the European Market Infrastructure Regulation a year after it was introduced.
As you will see from the training and events schedule on page 16, the ACT offers you many good opportunities to deepen your learning and to network with your peers. I encourage you to take advantage of them.