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The Association of Corporate Treasurers. An introduction to: The Hungarian Treasury Club James Lockyer, Director of Education and International Development November 2011. What is corporate treasury?. It is the interface between the company and financial markets

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The association of corporate treasurers

The Association of Corporate Treasurers

An introduction to:

The Hungarian Treasury Club

James Lockyer, Director of Education and International Development

November 2011


What is corporate treasury
What is corporate treasury?

  • It is the interface between the company and financial markets

  • It deals with three critical questions in finance:

    • How do we decide what to invest in?

    • How do we raise the money to make those investments?

    • How do we control risk in the organisation?

      Which can be summed up as

    • What is our financial strategy and policy?

  • The finance director is responsible for advising the board

    • The treasurer is responsible for advising the FD

    • But often briefs the board directly

  • And it has major operational responsibilities too.


Role and profile of treasurers
Role and profile of treasurers

Role

  • Principal tasks broadly defined under five core treasury elements:

    • Capital markets and funding

    • Cash and liquidity management

    • Corporate financial management

    • Risk management

    • Treasury operations and controls

Profile

“One day I'm a banker, the next I'm an accountant

and then I'm a trader. Still I’m a corporate treasurer.”

  • The financial crisis has raised profile of treasurers

  • UK Government report flagged training, transparency and challenge as constituting good treasury practice.


Act in 2011
ACT in 2011

  • Members and students in 70 countries

  • 4,200+ members – 20% outside the UK

  • 2,400+ students – 40% outside the UK

  • c70% of members and students already have a finance qualification (eg ACA, CIMA, ACCA)

  • Highly respected within the UK

  • 87% of FTSE 100 have >8 ACT members

  • 53% of FTSE 350 have >1 ACT member

  • Now supporting

    • Career treasurers, and

    • Career finance professionals – CFOs, financial controllers, internal auditors etc.


  • Act international presence
    ACT – international presence

    • Tuition and/or events in Germany, Hong Kong, India, Ireland, Netherlands, Russia, Singapore, South Africa, UAE and UK

      • Active member of International and European treasury groupings (IGTA and EACT)

    • Providing education support to 8 national treasury associations around the world

    • Middle East network launched in 2008 www.actmiddleeast.org


    Act promoting international professional treasury standards
    ACT – promoting international professional treasury standards

    • Committed to developing ACT’s networks and support for members and students overseas, in particular

      • Europe

      • Hong Kong

      • India

      • Middle East

      • North America

      • Singapore

      • South Africa

    • In raising the profile of ACT overseas we can increase recognition of professional treasury qualifications and in turn the profession.


    Who do we work with
    Who do we work with?

    • Treasury Associations:

      • EACT, IGTA & Members (CAT (Czech), SAF (Slovakia), AITI (Italy), IACCT (Hong Kong), ACTSA (South Africa), IACT (Ireland), ACTS (Singapore)

    • Accountancy Bodies:

      • ICAEW, ACCA, CIMA, CIPFA, HKICPA, ICPAS, SAICA, IFAC

    • Regulators / Government:

      • FRC, FSA, Bank of England, Treasury, European Commission, IASB (and EFRAG), UK Financial Reporting Council (FRC)

    • Other professional bodies:

      • ICSA, IIA, IRM

    20/08/2014

    7


    Why treasury qualified
    Why treasury qualified?

    You wouldn’t trust your key legal decisions to someone who isn’t a qualified lawyer, so – whatever the size of your organisation – why entrust your treasury, risk and corporate finance to someone who isn’t a qualified treasury professional?


    Act qualifications
    ACT qualifications

    Fast-track route and exemptions

    Standard route to ACT qualifications and membership

    Level of ability

    MCT Advanced Diploma

    Advanced treasury knowledge and strategic decision making – proven ability and expertise

    Full Member of the ACT

    Direct entry with relevant finance qualification or senior experience

    AMCT Diploma

    Modular syllabus comprising 3 stages

    Technical treasury competence

    acknowledged standardAssociate Member of the ACT

    AMCT Stage 3

    Select 2 electives to complete AMCT or take as individual certificates

    Shorter CertCFF paper and exam for AMCT Fast-Track eligible accountants

    Specialist skills

    ACT Faculty Member

    CertCFF

    Corporate Finance

    & Funding

    CertFMM

    Financial Maths

    & Modelling

    CertICM

    Cash

    Management

    CertRM

    Risk

    Management

    AMCT Stage 2

    AMCT entry point for qualified accountants from IFAC member bodies and those with other relevant qualifications

    Broad practical understanding of treasury

    ACT Faculty Member

    Compulsory for AMCT or can be taken as individual certificates

    Certificate in International Treasury Management – CertITM

    Certificate in International Treasury Management Public Finance – CertITM-PF

    Fundamentals of financial and management accounting, economics, corporate tax and law for business

    ACT Faculty Member

    AMCT Stage 1

    Qualified accountants are exempt from AMCT stage 1

    Exemptions available with

    other relevant qualifications

    Can be taken as part of AMCT or as individual certificate

    Certificate in Financial Fundamentals for Business – CertFin


    The voice of corporate treasury
    The voice of corporate treasury

    Representing the corporate user of financial services to regulators and standard setters and in developing market practices. A few recent examples

    OTC derivative regulation in Europe - Successfully argued for carve out for non financial companies

    European Financial Transaction Tax (FTT) - Political momentum is increasing for a new FTT in Europe

    Supply Chain Finance (SCF) - Chaired working group set up by the Bank of England.

    Market Abuse Directive - Lobbying for EU to adopt same high standards

    Credit rating methodologies - Responded to consultations from rating agencies on changes to methodologies for rating banks and for rating Money market Funds

    Independent Commission on Banking (UK)

    • Submitted evidence to the Vickers review

      For more go to http://www.treasurers.org/technical


    Act promoting international treasury standards
    ACT – promoting international treasury standards

    • The Treasurer magazine and Middle East Treasurer

      • Readership >20,000, 49% outside the UK

      • Editorial leadership – by treasurers, for treasurers

      • Specialist supplements/reference books

      • Monthly e-newsletter

  • Handbooks

    • International Handbook – 40% distributed outside UK

    • Asia Handbook – regional specific content

  • Flagship Events

    • ACT Annual Conference

    • ACT Middle East Annual Conference

    • talkingtreasury – the international thought-leadership series

    • Annual Dinner, London


  • The association of corporate treasurers1

    The Association of Corporate Treasurers

    [email protected]

    www.treasurers.org


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