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Perspectives on the Treasurer

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  1. Perspectives on the Treasurer Sjoerd de Vries Managing Director Nidera Handelscompagnie BV

  2. Question 1 In this audience, who combines the roles of Treasurer and CFO?

  3. Corporate Treasurer is a relatively new profession, at least in Holland Almost unknown in the 70’s and 80’s Imported from USA Cash management (not) done by accountants Funding and Forex outsourced to (“huis”)bank The Financial Director / CFO was an accountant Technology was non-existent Origin

  4. Cash became gradually more important Changed from means of payment to a resource Leverage increased, focus on financing (-cost) (LBO’s) Cash manager became Treasurer, scope increased CFO’s still Accountants / Controllers What happened?

  5. Cash is king ‘House bank’ concept gradually disappeared Banks’ ability to fund companies deteriorated Direct market access realized (money, forex, etc) Reliance on technology for interfacing with multiple banks and with internal systems Automated payment systems, Cash pooling, position management Shifting emphasis from short to medium & long term Professional education / registration Increasingly, Treasurers become CFO’s And now?

  6. EXPECTATIONS

  7. External World • Maintaining relationships with providers of funds and services • banks, debt capital markets, shareholders, rating agencies, insurers • Interface CFO / Treasurer / Investor Relations • Treasurers external visibility enhanced • Requires sound knowledge of his / her company, its business and its markets • Ability to communicate effectively

  8. Question 2 Any female Treasurers attending?

  9. Inside the Company • Treasury plays pivotal role in / for many business processes • Cash cycle • Funding • Risk management (FX, Interest Rates, Liquidity, Counterparty, Insurance?) • Financial Planning & Analysis • Regular interaction with business- and service managers required • Understand the business, its drivers and its risks • Provide solutions • Provide information • Be a trusted business partner

  10. Treasurer  CFO, Yes or No? • Treasurer  CFO • Real time focus, is forward looking and knows the business • Systems proficient (STP, TMS, interfacing with ERP and admin systems) • Strong negotiating skills • Experienced Manager of both professionals and admin staff • Why Not? • May have limited Accounting, Audit and/or Tax experience OR

  11. Treasurer  CFO, Yes or No? • Treasurer  CFO • Real time focus, is forward looking and knows the business • Systems proficient (STP, TMS, interfacing with ERP and admin systems) • Strong negotiating skills • Experienced Manager of both professionals and admin staff • Why Not? • May have limited Accounting, Audit and/or Tax experience OR • May not be interested, being the Treasurer is more fun