Location, location, location
Several hundred treasurers and other financial professionals gather in May in Edinburgh for The Treasurers’ Conference. The interest generated by the event suggests a treasury profession which is in good health. The conference programme underlines that treasurers have full agendas and are being asked to face issues of key importance to the well-being of the global economy. One of the strengths of the treasury profession is its capacity to network, its willingness to engage in debate about the best way to approach and resolve problems and issues.
A confident profession is one that is not afraid to listen and to learn from others. A prime example is the pension crisis, where treasurers have used their contacts in the banking industry and the actuary profession to form an alliance that is manifestly helping pension trustees and sponsoring companies fulfil their obligations to current and future pensioners in many organisations. Over the past couple of years, as the perfect storm of the pension crisis has broken, treasurers have demonstrated that they are comfortable being at the centre of events, where they can see and explain the bigger picture, as well as understand and work out the fine detail.
The pension crisis isn’t an isolated incident. Risk management, shareholder value, private equity and taxation are of equal concern to directors in the boardroom, who are looking for solutions from the treasury department. Of course, this has to be seen in context. Treasurers are competing with other professions to retain and enhance their educational status and their corporate prestige. Treasurers face challenges from technology, changing organisational structures and corporate trends, such as the financial restructuring engendered by private equity.
The career of the treasurer never can, and never should be, taken for granted. But treasurers should not forget they have advantages too. A year ago at The Treasurers’ Conference, Paul Tucker, the Bank of England’s Executive Director for Markets, said that treasurers were positioned where the real economy met the financial economy. He was right then and he’s right now. This splendid location allows treasurers to translate the financial economy to the real economy, and vice versa – and sometimes a lot of explanation is needed. Events such as The Treasurers’ Conference are one way of ensuring the treasury profession remains aware of the challenges it faces and is as well equipped as possible to meet them.
PETER WILLIAMS
Editor
