There was a distinct feeling of optimism in the room at the recent ACT Treasury Forum, which finally took place after train strikes forced two postponements at the end of last year. In the intervening period, there seemed to be a small shift in the economic outlook, but the key word remained ‘uncertainty’. The geopolitical environment is far from stable, inflation may or may not have been contained, energy prices could be falling, and the upward march of interest rates could be drawing to a close. Which is why it still feels we are going through four seasons in every economic day.
How are treasurers faring in this volatile environment? This is the question that Liz Loxton tackles in her in-depth look at volatility (p7): while the previous year may have been exhausting and felt like a rollercoaster at times, treasurers are drawing on their experience of previous crises and crashes to maintain some form of normality in these uncertain times.
However, one certainty is that climate change and the transition to net zero isn’t going away any time soon. This was a topic of conversation at the Forum (see p23) but for the first time, the ACT recently held a conference dedicated to ESG. Climate change shared the agenda with social and governance issues, emphasising how much these are now firmly mainstream topics (see p40).
On the people front, we know that recruitment is not an easy process at the moment, but once you have someone on board, what do you need to do to ensure they don’t jump ship? Lawrie Holmes spoke to a number of treasury leaders to help provide answers to the talent retention issue, which include making sure your people are exposed to different parts of the business (p16).
You could also take a leaf out of Permjit Singh’s book, and suggest they help out with a credit union – he writes engagingly on the social good of these community banks on p28.
I’d also draw your attention to an article from Liz Barclay, the UK’s Small Business Commissioner – it is a heartfelt plea to pay your suppliers on time (p22). As she says, while bigger customers may delay payments to make their own books look better temporarily, delaying payment opens up a hornet’s nest of knock-on effects. And she warns: “If you don’t pay your suppliers fast, they won’t be there the next time you need them.”
Some of you may have noticed that The Treasurer has a new feel – we are now using Forest Stewardship Council-compliant paper. The wrap in which it arrived is compostable, so please use, re-use and recycle accordingly.
Finally, ACT chief executive Caroline Stockmann reflects on her six years at the helm of the association (p50). As Caroline departs, on behalf of everyone at The Treasurer, I’d like to add my thanks for all her support and guidance during what has been without doubt a very volatile time, and wish her the very best for the future. Thank you!
Philip Smith
Editor
