Training as a CA at PwC provided an introduction to treasury, initially within the audit function performing treasury control audits and reviewing financial instrument disclosures for a variety of clients. Post qualifying I specialised in treasury within the Risk Assurance Practice, and transitioned into a corporate treasury role with Scottish Power in 2006. The appeal of corporate treasury was in the challenge of dealing with complex transactions, and the fact that the treasury function was fundamental to the business as a whole in delivering strategy.
In 2015, having spent 9 years with Scottish Power in a variety of treasury roles, I was looking for a new challenge. I initially joined Edrington as Group Treasury Manager and in April this year was promoted to Corporate Treasurer. Edrington is a private company owned by a Charitable Trust, which exports around 90% of products globally and is continually expanding into new markets. I was attracted by the scope of the role, which includes securing global financing and transactional banking, managing global liquidity, foreign exchange, interest rate and credit risk and having oversight of global shared services. The role provides the opportunity to engage with a variety of internal and external stakeholders, including commercial and financial colleagues and key relationship banking partners around the world. As the global footprint of the business expands, my role is to provide solutions to support commercial growth in markets where sources of financing are limited, interest and currency rates are highly volatile and legal and statutory regulations present a challenge when repatriating cash back to the parent.
Having the opportunity to participate in the issuance of a £220m Private Placement which was significantly oversubscribed, attracted several new investors and priced at a competitive margin. My role, with the assistance of our commercial business partners and PP agents, was to prepare the Prospectus and Presentation and present alongside the CFO, Director of Finance and Director of Treasury on the Edrington Brands, during what was a whirlwind tour of 7 US states in 3 days. It was an honour to be asked to be an ambassador for our fantastic brands, including Macallan and Highland Park.
Manufacturing malt whisky is capital intensive, as cash is invested in maturing stock for a period of approximately 12 years. The Whisky maturation process must take place in Scotland to qualify as Scotch, and with approximately 90% of our revenues being generated overseas, this brings significant foreign currency risk because our cost base must be GBP. Being a private company, Edrington is primarily financed through Private Placements and syndicated bank facilities, and part of my role is to ensure we have continued access to the markets and to negotiate competitive pricing. As an exporter, our sales revenue is primarily denominated in USD, EUR and TWD which we hedge to smooth the impact of currency fluctuations and to provide management time to react to currency shocks.
It is imperative as a treasurer to have good business acumen, and a firm grasp of what is required in order to deliver the strategy and remain commercially viable. The softer aspects such as great communication and relationship skills are vital for presenting complex issues to senior leaders. In addition, engaging outside the financial teams within the business and cultivating relationships with a variety of service providers are essential to be able to deliver the best solutions for treasury and the wider business.
Ongoing political and economic volatility generates increased scrutiny from the Board, placing more emphasis on the treasurer to reassure the business when it comes to risk management and financing, ultimately helping to support the business as a going concern. Treasurers also need to be at the forefront of technical advances, sponsoring I.T. projects which generate efficiency and automating processes in transactional banking.
I always try to attend the annual ACT conference, and use the on-line webinars and local ACT meetings to ensure my technical knowledge is relevant and up to date, whilst providing the opportunity to network with other treasury professionals to share experiences and ideas.
“You’re not a one man band” - very appropriate given my original career was as a professional musician, having studied at the RSAMD in Glasgow. Whether it has been music or treasury, having a strong and motivated team around me has always been a priority, which allows me the time to focus on the key areas which add value to the business (or performance).
I don’t have one particular business hero. I am inspired by people who use adversity and challenges in their career as a catalyst and motivation to drive change, with a focus on giving back to society. I recently attended a women’s networking event, where Judy Murray OBE gave a very inspirational speech on the stereotypical challenges she faced (and overcame) in her career, and her desire to raise the profile of female coaches in sport and create a legacy through her tennis foundation. Giving back to the community is also at the heart of Edrington’s vision, and it does so via a dividend to its key shareholder, The Robertson Trust, by donating 1% of overseas profits to global charities and through various matched fundraising activities of employees.
Congratulations to the ACT on its 40th anniversary! I am proud to be a member of a highly recognised chartered body, which provides invaluable support to its global members through a variety of qualifications and training, networking events and its ability as a body to challenge regulatory and statutory change, in the interests of practical application.