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ONES TO WATCH TREASURY LEADERS OF TOMORROW

01 OTW Cover 2017.indd 1 08/09/2017 10:43 IFC_ACT_OTW_17.indd 1 05/09/2017 10:29 FOREWORD

A BRIGHT FUTURE FOR TREASURY In this special publication, the ACT features some of the most outstanding young talent in the treasury world

This is one of the most fun parts of my Our recent survey, The Business of role as chief executive of the ACT so far Treasury, highlights how treasury is more CONTENTS – to introduce you to some of our top and more at the forefront of organisations’ treasury talent as part of our Ones to Watch strategies. The balancing of financial 4 TREASURY 2017. I am thrilled that the organisation has risk and opportunity is critical to the TALENT chosen to give annual recognition to members sustainability of organisations, so treasury Meet 2017’s Ones and students who not only stand out for now has its seat firmly at the strategic table. to Watch, 16 treasurers performing well in terms of their job or their And our talent featured here is ready to who are already standing qualifications, but also give us the sense that take on that challenge, being well-equipped out in the profession they are indeed ones to watch, and that great through study, experience and professional things are in store for them. It is a wonderful support. The world is their oyster and they 12 HEADING FOR feeling to look at people at an earlier stage are going for it! THE TOP in their career, and see all the possibility Without the support of Thomson Why treasury experience that has opened out for them, due to their Reuters and Brewer Morris this wonderful is increasingly relevant in the boardroom professional qualification. And all have the acknowledgement of our up-and-coming potential to rise to the top of their profession. treasury talent would not be possible, so You will note over the next pages a real I would like to give a special thanks to 14 ONES TO mix of backgrounds, levels of experience them for this, and for their WATCH 2016 Where are they now? and career paths, but there are many continued support of characteristics in common. All of our young the ACT. professionals have demonstrated intellect, Enjoy the read! 15 FINAL THOUGHTS hard work, tenacity and determination – as Career pointers from this year’s rising stars their managers testify – and they will without a doubt go on to shape the future of the Caroline Stockmann treasury world and beyond. Chief Executive, ACT

A MESSAGE FROM OUR SPONSOR Thomson Reuters is proud to sponsor Ones to Watch 2017, which yet again hails a broad range of talent from within the corporate treasury profession. We are living in a world of unprecedented change and uncertainty where, despite world trade having grown tenfold in 30 years, the fragility of the markets is tested constantly with changing regulation, unexpected market-moving events and an evolving

global landscape. All of this reinforces the importance of a treasurer’s role in ensuring PROUDLY SUPPORTED BY that a sound capital, governance and risk structure is in place. In addition, the rate of technological advancement has been exponential for many years now. For example, many progressive companies are leveraging data visualisation within the treasury function to help better identify and assess trends, and then act accordingly. This makes for exciting and dynamic times to be a professional in this space. Thomson Reuters is committed to supporting development and education within the corporate treasury space in order to help treasurers identify the right opportunities, consider them from every angle and execute with confidence. IN ASSOCIATION WITH Thomson Reuters wishes every future success to the talented people featured in these pages. Market Development Europe, Thomson Reuters

COVER AND MAIN PROFILE PHOTOS: PAUL MUSSO WORDS: LIZ LOXTON ADDITIONAL REPORTING: SALLY PERCY Ones to Watch 3

3 OTW Foreword 2017v2.indd 3 08/09/2017 10:51 NAME: Duncan Holder AGE: 37 ORGANISATION: Imperial Brands BUSINESS HERO: Championship cyclist Chris Froome for unwavering focus on his goals, consistently taking the right decisions under pressure and remaining adaptable and down to earth.

Duncan Holder’s treasury career has taken him from bank account administration and cash management tasks to having responsibility for strategic financing, debt stakeholder management and leading a team. He began his career at Motorola, where he had a nine-month treasury placement while studying business administration at the University of Bath before taking up a permanent role there as a treasury analyst. After two and a half years, he moved on to Hutchison 3G, where he spent 12 months. Holder built on his treasury experience, looking after FX transactions and cash-flow forecasting, as well as adding responsibilities in insurance, banking relationships and payment systems. His move to Imperial Brands, then Imperial Tobacco, came in 2007. Imperial’s treasury function has a team of 12 and is highly centralised, with exposure to all the core strategic treasury areas. Holder, who worked through a number of roles before becoming deputy group treasurer in 2014, has managed both middle office and front office functions, as well as picking up a number of key projects in the financing (capital markets and bank facility) and M&A space. His biggest involvement with Imperial’s corporate finance initiatives came in 2014, with the company’s $7.1bn acquisition of assets from Reynolds American and Lorillard. Holder was responsible for putting in place an acquisition bank facility and worked with rating agencies to structure the financing. Once in place, he syndicated the bank financing, coordinated deal settlement and then led the refinancing of the bank facilities with a multi-tranche $4.5bn bond offering followed by a €1bn dual issuance. What most appeals to him about treasury, though, is the sheer variety of work. “When I joined Imperial, I wouldn’t have seen myself staying in the same place for more than two or three years. But I’ve always been able to work on something new and progress, and that has kept things feeling fresh,” he says. “There is always something to strive for in terms of technical complexity. And, as you move up the chain, you become more aware of strategic issues. When I started, I had more operational responsibilities. Once you’re more senior, you’re expected to set the strategy, navigate politics and have people- management responsibilities; this requires you to develop a new skill set.” “Duncan’s ability to manage relationships with key stakeholders and capacity to familiarise himself with new areas quickly with a commercial approach have meant that he has been a strong support and influence on the strategic direction of the treasury function,” says John Jones, director of treasury at Imperial Brands. “Since joining, he has frequently been involved in and led key treasury projects.”

4 Ones to Watch

4–11 OTW Profiles 2017.indd 4 08/09/2017 10:51 “Treasury has been a brilliant career for me thus far. It allows me to learn about the business as a whole” Adam Baird, Entertainment One

NAME: Wisdom Akakpo NAME: Adam Baird NAME: James Carr AGE: 27 AGE: 29 AGE: 41 ORGANISATION: First National Bank Ghana ORGANISATION: Entertainment One ORGANISATION: Anthology BUSINESS HERO: Randolph Rodrigues, head BUSINESS HEROES: Martin Dickie and BUSINESS HERO: I don’t have a specifi c hero, of M&A at Stanbic Bank Ghana, and board James Watt, the co-founders of Scottish but I have been strongly infl uenced by chair at Sponsors for Educational Opportunity craft brewery BrewDog. They’re passionate my colleagues, both now and in the past. Africa (SEO) – for providing corporate access entrepreneurs who have grown the business to students from underprivileged backgrounds. using innovative sources of capital. James Carr got his fi rst taste of treasury when he was working for the estate Wisdom Akakpo’s treasury career began Adam Baird joined the group treasury of life agency group Countrywide. He managed the with a summer internship at Barclays insurance company Friends Provident, later group’s surplus cash and supported its 2013 Bank Ghana Ltd in Accra, Ghana, as part of Friends Life, soon after graduating from the initial public off ering by building fi nancial the SEO Africa Career Programme in 2013. University of Kent with an economics degree. models and assisting with the production His time there helped him to decide to He was one of a four-strong treasury team of the listing documentation. develop a career in treasury. and relished the chance to learn from his After that, he joined Swan Housing After the internship, Akakpo was off ered experienced colleagues on projects including Association, initially as treasury manager a role with the treasury team at Barclays banking harmonisation, liquidity policy and later as head of treasury and corporate and, following this, he gained a full-time reviews and debt issuance. “I call my time fi nance. There, he refi nanced the group, position as a money market dealer there. at Friends Life my apprenticeship,” he says. moving it from a £500m syndicated loan In his current position, he runs FX trading In 2016, a year after Friends Life was facility to three bilateral bank loans worth for First National Bank Ghana, ensuring acquired by Aviva, Baird moved to £340m and a £250m 30-year bond. He also the bank is appropriately positioned during Entertainment One, the media group best secured Swan a credit rating of AA- from changing market conditions. He is also known as the owner of cartoon character Standard & Poor’s. actively involved in the management of the Peppa Pig. As treasury manager, Baird is In November 2016, Carr joined residential bank’s investment portfolio, and helps with tasked with managing Entertainment One’s housing developer Anthology as fi nancial cash and liquidity management. working capital and operational revolving controller. “I probably do as much treasury- Akakpo is this year’s winner of the Gay credit facility to ensure that the business has related activity as I did before,” he says, “but Pierpoint Award for ACT Bursary Student suffi cient funding in place to invest in new I do technical accounting as well.” of the Year; he passed both the Certifi cate TV and fi lm content. He also manages its Carr enjoys the “forward-looking nature in Treasury Fundamentals and Certifi cate in FX dealing and hedging programmes. of treasury and the intellectual challenge Treasury qualifi cations at the fi rst attempt. “Treasury has been a brilliant career for of bringing together a wide range of “Working in treasury has off ered me me thus far,” says Baird. “It allows me to learn information to build a picture of where the the platform to realise my dream of giving about the business as a whole. Another great organisation is heading, along with the risks meaning to people’s lives through helping plus is that I get to work with a large number and opportunities”. He adds: “The MCT has them in their fi nance decisions. It also gives of stakeholders.” helped enormously with this.” me the chance to help design tailored risk “Adam has always had a real ‘can-do’ David Clark, Anthology’s CFO, says: management solutions for clients,” he says. attitude to tasks, which he can be relied on “James has an excellent grounding in “Wisdom has impressed me with his to complete to a very high standard,” says fi nancing complex residential development. ability to grasp concepts and execute,” says David Butler, former group treasurer of Anthology needs more than £250m of debt Llewellyn Foxcroft, treasurer at First National Friends Life. “He has also shown confi dence fi nance in the short term, so his expertise has Bank Ghana. “He multitasks on various in dealing with senior management at all been invaluable. In addition, his strong cash aspects of the front offi ce operations and levels, preparing and delivering high-quality management and hedging strategies have does so with enthusiasm and energy.” presentations, often on complex issues.” underpinned our day-to-day operations.”

Ones to Watch 5

4–11 OTW Profiles 2017.indd 5 08/09/2017 10:48 “Thinking time is undervalued. You don’t want to be making decisions when you’re on the back foot” Emma Hayward, DS Smith

NAME: Chase French NAME: Emma Hayward NAME: Courtney Huggins AGE: 32 AGE: 36 AGE: 30 ORGANISATION: GVA Real Estate Finance ORGANISATION: DS Smith ORGANISATION: Logicor BUSINESS HEROES: Larry Page and Sergey BUSINESS HERO: Karren Brady, who was BUSINESS HEROES: My brothers Chris and Brin, the founders of Google. They created determined to succeed in a very di cult Tyler, who both run their own businesses. a hugely successful company, which, decades environment and is not afraid to wrestle I respect anyone who has the tenacity and later, has no signifi cant competition and with challenges. drive to start their own business. whose culture still demands innovation. Emma Hayward’s love aff air with treasury Logicor assistant group treasurer Courtney Chase French grew up in Northern began when she landed a job as a Huggins is the fi rst to admit that her Ireland, but began his fi nance career senior treasury dealer with pharmaceutical two degrees in archaeology and classical in Hong Kong. He worked as a multi-asset giant Merck. From Merck she moved to humanities are not the most obvious structurer on the equity derivatives desk of supermarket Tesco, where she rose to become foundation for a career in treasury. “Ancient Rabobank International, where he developed head of global funding and banking before Greek is not a particularly useful skill,” she complex fi nancial modelling skills. leaving to run her own treasury consultancy explains, “but it’s a great icebreaker for a party.” On his return to the UK in 2014, French business. Then, last year, she joined Fortunately, she also has the AMCT under wanted to pursue his career in the corporate packaging business DS Smith as assistant her belt and is about to embark on the MCT. sector, so he began studying for the AMCT treasurer, with a focus on funding the group’s Huggins was born and brought up in the qualifi cation. This ultimately led to him acquisitions – a role she is thrilled to have. US, but moved to London in 2009. Her fi rst joining consultancy GVA Real Estate “I like the variety of the work,” Hayward treasury role was with Celerant Consulting. Finance, where he is now associate director says. “I’ve done roles in the past that were very Stints at private equity (PE) fi rm Klesch & in its fi nance arm. operational, but I wanted something where Company and outsourcing provider Capita As a consultant, French undertakes I could have time to think. Thinking time is followed. In autumn 2016, she moved to fi nancial modelling, liquidity and undervalued. You don’t want to be making Logicor, the pan-European logistics business transactional analysis, and fundraising decisions when you’re on the back foot.” then owned by PE group Blackstone, and on behalf of clients. “Technically, it’s not Hayward has been closely involved with built up the treasury function from scratch a treasury role, but my work uses a lot of DS Smith’s $1bn acquisition of US packaging within a few months. treasury skill sets,” he says. business Interstate Resources. She supported Today, a team of seven reports in to her The most exciting deal that French has the due-diligence process, was a lead on the and she splits her time between London and worked on to date was the refi nancing of a acquisition team and arranged the funding Luxembourg. At the time of writing, Logicor £130m distressed lease portfolio, involving – which was initially a syndicated bridging was in the process of being spun out from almost 500 leases. He found the AMCT loan followed by a €750m bond issuance Blackstone and sold to sovereign wealth prepared him well for the deal, which with a coupon of 1.375%. “Being a BBB- fund China Investment Corporation. involved interest rate risk management company with a single credit rating brings “Dynamic, fast-paced and varied” is how and negotiating with debt providers. pricing issues,” she explains. “It was great to Huggins describes treasury. “I love how it “Chase’s analytical skills are the bedrock of challenge that and come out with the best brings fi nance, collaboration and problem- our ability to provide corporate fi nance and result for the company.” solving together. For me, it’s the perfect career.” funding advice to our clients,” says Alastair Nick Feaviour, previously group treasurer “Courtney is always one step ahead when Carmichael, head of GVA Real Estate Finance of DS Smith and now at CEVA Logistics, says it comes to problem-solving and process and private rented sector lead. “Chase also of Hayward: “Emma has become a force to improvements,” says Simon Carter, CFO of has a signifi cant appetite for learning new be reckoned with in the world of corporate Logicor Europe. “Her knowledge, energy and skills and developing ideas for the growth fi nance, has a thirst to expand her skill set enthusiasm have been invaluable during a of our business.” further and is clearly one to watch.” demanding sales process.”

6 Ones to Watch

4–11 OTW Profiles 2017.indd 6 08/09/2017 10:49 NAME: Alison Lygo AGE: 29 ORGANISATION: ASOS BUSINESS HERO: Angela Ahrendts, senior vice president of retail at Apple and former CEO at Burberry, for all that she has achieved in business and for her anti-quotas stance on gender parity.

At ASOS, Alison Lygo heads a team of four within a rapidly growing business. The online retailer has seen 30% increases in sales year-on- year and expects to hit £2bn in revenue next year. With 50% of sales coming from overseas, managing FX exposures is particularly front of mind. “The profit and loss is quite sensitive to that,” she says. Lygo found her way into treasury via a graduate trainee scheme in finance at Sainsbury’s. The CFO would conduct monthly huddles near the treasury team and Lygo found the traders’ Bloomberg screens attracting her attention. When a senior dealer left, she talked her way into treasury for her final rotation. Currency trading became a fascination. “Getting that first role came out of a lot of enthusiasm for treasury and FX in particular. I tried to apply my wider business understanding to think about what a good treasury function would do and what I could add. That’s how I’ve built my style of treasury – thinking about what I could bring and how I could be in tune with the business,” she says. Two years later, Lygo moved to ASOS after an approach from a recruiter. She found a fledgling treasury function heavily reliant on Excel and manual processing. When the existing senior manager left 18 months later, she became senior treasury manager. Two years on, she has established a treasury policy for the business and implemented a treasury management system. It’s brought precision – treasury has gone from managing thousands of forwards in an Excel spreadsheet to straight-through processing of them. It has also helped to integrate treasury best practice across the business. “Getting it fully embedded and used across the business, we as a team have driven that,” she says. Devising an FX hedging policy in the wake of Brexit was another achievement. “Being able to provide an insight into where we’re landing, as well as where we’re heading, is important. So far, Brexit has been good for us, because we are a net exporter, so we’ve capitalised on it, but are also prepared for when rates start to move.” Lygo also is responsible for looking after bank relationships and strategy around merchant acquirers, with Apple Pay a recent introduction to the payment set-up. Overall, understanding how treasury can help the business thrive in a changing environment is what continues to motivate her. Ruth Benady, FD, accounting and control, at ASOS, says: “Alison’s ‘can-do’ and ‘will-do’ attitude makes her stand out within the team. Working in such a fast-paced and dynamic workplace, her deep understanding of the business supported by her having to deal with complex commercial and hedging scenarios, allows for the consistent and high output of work.”

Ones to Watch 7

4–11 OTW Profiles 2017.indd 7 08/09/2017 10:53 “It’s a job where you have to respond to the dynamics around you. You really need to be quick and use your brain” Bárbara Macedo, Agility GIL

NAME: Mitesh Kholia NAME: Bárbara Macedo NAME: Courtney Schofi eld AGE: 33 AGE: 34 AGE: 24 ORGANISATION: BT ORGANISATION: Agility GIL ORGANISATION: HSBC BUSINESS HERO: There is no individual BUSINESS HERO: My father, who came from BUSINESS HERO: Sheryl Sandberg, COO of person, but I’ve been fortunate to work with a poor background, but worked to provide Facebook and author of Lean In: Women, many people who I admire and have been the conditions for where I am now. Work and the Will to Lead. able to learn from. Bárbara Macedo’s corporate treasury Courtney Schofi eld joined the world of Mitesh Kholia fi rst discovered treasury career began in 2010 while on secondment treasury at the age of 18 when she started during his time on the fi nance graduate in Switzerland with Dufry, a worldwide at a German investment bank, straight from training programme of pharmaceutical airport retailer. sixth-form college. She embarked upon a company GlaxoSmithKline (GSK). He spent Originally intended as an 18-month programme where she could work and study the last year of the three-year programme placement, Macedo gained broad experience, towards an Accounting and Business on placement in group treasury, where his taking responsibility for the group’s cash, FX Management degree, alongside the responsibilities included carrying out the management and bank guarantees for Latin Bankkauff rau, a distinguished German treasury month-end process and producing America and Eurasia. banking qualifi cation. funding papers for legal entities. Once embedded in the world of treasury, Two years ago, Schofi eld was off ered a After his stint at GSK, he moved to another she found her role to be much more role at HSBC within global liquidity and pharma group, AstraZeneca, as corporate international and outward-looking than cash management. Here, she engages with fi nance analyst, where he spent fi ve years. previous fi nancial analyst positions in Brazil. multinational clients. She says: “I fi nd client His responsibilities included raising debt After three years, she moved to logistics interaction the most rewarding aspect of funding, assessing the company’s weighted group Agility GIL, where she is now senior my current role. I take pride in the fact average cost of capital and evaluating treasury manager. She also began work towards that this enables me to deliver innovative shareholder distribution strategy. her ACT qualifi cations, attaining her AMCT in solutions and add real value to the In 2016, Kholia decided he wanted 2016. “Looking back, I feel I have come a long relationship.” She enjoys the challenge of to develop his treasury skills in another way, but it happened very naturally,” she says. assisting large multinational clients to take industry, so he joined BT as assistant She enjoys treasury for the diverse control of cash and liquidity management, treasurer. “I manage the large swaps portfolio experience and the level of challenge it helping clients streamline and automate that BT uses to manage its currency and brings. Currently working with Agility their treasury operations. interest rate risk,” he explains. GIL’s business intelligence division to set Schofi eld completed the ACT’s In addition, Kholia manages the rating up FX management systems to improve the Certifi cate in International Cash agency relationships and represents group company’s hedging eff ectiveness, she relishes Management this year. treasury on BT’s Brexit steering group. He the opportunity in her current role to respond Gavin Hanks, head of international likes the fact that treasury provides him with to changes in the economic environment. subsidiary business, global liquidity a “bigger picture of the company” and aims “It’s a job where you have to respond to the and cash management at HSBC, says: to make group treasurer one day. dynamics around you. You really need to “Courtney’s dedication and enthusiasm “I have been impressed with Mitesh’s be quick and use your brain,” she says. were immediately apparent during the fl exibility in tackling whatever task he’s Jason Tan, deputy group treasurer at interview process, and she has acquitted given,” says Les Winnister, group treasurer Agility GIL, says: “Barbara is a solid treasury herself exceptionally well at HSBC. of BT. “He is a fast learner who is eff ective professional with well-grounded treasury Courtney’s ability to relate to her clients, at handling diffi cult situations and thinking skills and an analytical mind. She has and understand their needs, allows her through complex tasks to identify the proven that success is always achievable to deliver ideas and solutions that make key issues.” with determination, focus and eff ort.” a real diff erence.”

8 Ones to Watch

4–11 OTW Profiles 2017.indd 8 08/09/2017 10:55 NAME: Claudia Villasis AGE: 35 ORGANISATION: BHP BUSINESS HERO: Angela Merkel for her sense of empathy and also for her cool mind when making decisions.

As treasury risk manager at BHP, Claudia Villasis has a strong vantage point on how treasury professionals can play a pivotal, strategic role within organisations. Villasis, a trained accountant, began her career as a management consultant working on international finance transformation projects with Accenture in Munich. She caught the treasury bug while working on a project that optimised the interface between accounting and treasury systems. She then qualified as a financial risk manager with the Global Association of Risk Professionals (GARP), to seek out a role in treasury. Villasis joined MAN SE as group financial risk manager, where she had the opportunity to build a risk management department from scratch, together with a boss who had the vision to make this function strategic in outlook. “Being part of a sophisticated treasury function allowed me to understand that having a good IT system is key to freeing up time and becoming a valuable partner to all different treasury and finance stakeholders. Treasury can directly help them to achieve their strategic objectives.” After three years at MAN in Munich, she moved to Bloomberg in London, as part of the team that developed the new Bloomberg treasury management system. In parallel, Villasis also gained her AMCT to further broaden her treasury knowledge. Villasis moved back to the corporate side when she got the opportunity to head up the treasury risk management team at BHP. “I joined at a time when there was a new group treasurer – and the aim became to be best in class in everything we do. This allowed me to apply the ideas I had developed throughout my entire career. I started with a review of our processes, looking for automation and optimisation opportunities, and built a network of key stakeholders in the business who could provide information on which financial risks to prioritise.” Her recent projects include working together with the business units to implement new hedging strategies, automating risk reporting and redesigning the framework for assessing counterparty risk. She has also written two articles for The Treasurer. Villasis believes treasury to be central to the health of corporates. “Cash is still king, but treasurers are more involved in strategic decision- making. Every day looks different, so it’s not going to become boring any time soon.” “Claudia delivers solutions and leads outcomes that draw on treasury and risk management insights gleaned from broad experience,” says Vandita Pant, group treasurer and head of Europe at BHP. “She brings a collaborative approach to problem-solving, builds excellent relationships with stakeholders and invests in her team, which are invaluable leadership attributes.”

Ones to Watch 9

4–11 OTW Profiles 2017.indd 9 08/09/2017 10:55 NAME: Peter Walker-Smith AGE: 32 ORGANISATION: Walgreens Boots Alliance BUSINESS HERO: Warren Buffett for consistently taking the long-term view over quarterly reports, and his humility and willingness to apologise in the wake of the occasional duff call.

Peter Walker-Smith found his entrée into treasury during the final rotation of a graduate trainee scheme at Harsco Corporation. Stepping into a gap created when a member of the treasury team embarked on maternity leave, he found treasury to be stimulating and broad-ranging. Walker-Smith spent nearly three years at Harsco, gaining experience across all the main treasury disciplines and beginning work on his AMCT qualification. While there, he helped reduce FX gains/ losses resulting from transactional FX exposures from more than $100,000 to less than $15,000 a month. He also worked on a treasury management system upgrade, as well as implementing an overlay to the corporation’s cash-pooling structure. His stint there also provided valuable FX, debt and liquidity management experience. In 2011, he moved to AstraZeneca as a treasury analyst, where he completed his AMCT and added the MCT to his credentials. “The AMCT gives you the technical underpinnings of treasury, while the MCT puts treasury into that wider context, looking at the business in a much more holistic and strategic sense,” he says. Walker-Smith spent five years at AstraZeneca, ultimately as treasury manager in the front office. While there, he conducted a major overhaul of how the pharmaceutical giant invested surplus cash. “I researched, wrote and implemented a new investment policy, a really interesting area and one that’s tied into the MCT approach in terms of looking at the business much more strategically,” he says. The project included a risk review, looking at the events that might prompt a significant call on cash and the implications of different instruments for accounting, reporting and liquidity management. Overall, the project ultimately enabled the treasury function to provide a model for better stratification of cash and clearer understanding of the risks and opportunities attached to different investment instruments. At Walgreens Boots Alliance, where he moved to as a senior manager in the front office, Walker-Smith is capitalising on experience gained in his previous roles, streamlining processes and bringing in best practice in terms of how the business manages FX risks. “I enjoy the variety treasury brings,” he says, “and the fact that you can gain an insight into so many different aspects of the business. For most mid- to large-sized organisations, it’s a crucial aspect of the business.” Brendan Boucher, group treasurer at AstraZeneca, says: “Peter’s enthusiasm for his profession keeps him abreast of current developments, and his treasury knowledge far outweighs his eight years’ corporate treasury experience. He is naturally inquisitive and doesn’t accept the status quo on substandard treasury processes. I would fully expect him to progress rapidly to more senior positions in treasury.”

10 Ones to Watch

4–11 OTW Profiles 2017.indd 10 08/09/2017 10:55 “I’m very good at negotiating and I’m tough to deal with. Executing the deal can be very rewarding” Anissa Teemul, National Investment Corporation

NAME: Svenja Schumacher NAME: Kiran Tailor NAME: Anissa Teemul AGE: 30 AGE: 37 AGE: 30 ORGANISATION: Chatham Financial ORGANISATION: Arqiva ORGANISATION: National Investment BUSINESS HERO: Angela Merkel for being BUSINESS HERO: Leonardo da Vinci, the Corporation the fi rst woman to reach the top in German Renaissance artist, genius and all-rounder. BUSINESS HERO: Sheikh Mohammed bin politics while being internationally respected He had a range of skills as an inventor, Rashid Al Maktoum, who is multi-talented for her principled and steadfast approach in linguist, mathematician and scientist, and and emphasises that anything is possible. He the face of rising populism. also possessed great emotional intelligence. is committed to happiness and social good.

Svenja Schumacher, manager in risk Throughout his career, Kiran Tailor, Anissa Teemul’s treasury career began management advisory at Chatham corporate fi nance and investor relations with liquidity management roles for Financial, began her treasury career at manager at telecoms infrastructure provider fi nancial services organisations in her native Siemens. A combined business degree and Arqiva, has drawn inspiration from his hero, Trinidad. Since 2009, she has worked in Abu commercial apprenticeship sponsored by the Leonardo da Vinci. Dhabi, however. industrial fi rm gave her experience of diff erent “I’ve tried to develop a broad range Teemul spent nearly eight years at the business disciplines, including treasury – and of skills,” he explains. “I’ve realised the National Central Cooling Company, where currency issues interested her strongly. importance of having good verbal and she handled everything from the banking Seconded to London in 2012, Schumacher written skills, being creative when you’re relationship, cash forecasting, budgeting worked on cash management and FX, faced with challenges, having sound and hedging to daily liquidity management. supporting Siemens businesses in the UK interpersonal skills, especially when you’re “For the two years before I left, I was the only and Ireland. While there, she set up new dealing with key stakeholders, and having person doing treasury,” she explains. Despite processes, provided training in FX risk a good sense of self-awareness.” working long hours, she gained the AMCT management to the business units, and Tailor has worked for Arqiva for more during this time. Meanwhile, her greatest advised sales and project teams on FX issues than 12 years in a variety of fi nance roles. In professional achievement was fi xing more within multimillion-pound infrastructure 2013, the company undertook a £3.6bn whole than AED 1bn of fl oating-rate liabilities and energy contracts. business securitisation, the largest outside through hedging. After nine years with Siemens, she moved the regulated sector, leading him to take on In her new role, carrying out treasury and to Chatham Financial, completing the AMCT treasury responsibilities for the fi rst time. investment analysis for property developer she’d already embarked on. Advisory work Since then, his activities have included the National Investment Corporation, she has brought her into contact with a range of contributing to the business plan, obtaining is looking forward to learning more about industries and gives her a wider perspective on investor-grade credit ratings, preparing funding. Asked what she likes best about treasury’s importance. “Treasury is something prospectuses for Arqiva’s debut bond treasury, Teemul quickly identifi es hedging. that aff ects the overall business. An incorrectly issuance and presenting to debt investors. “I’m very good at negotiating and I’m tough managed interest rate or FX risk position can “From a treasury perspective, Arqiva has to deal with,” she says. “Executing the deal wipe out profi ts in the blink of an eye.” a very interesting capital structure,” Tailor can be very rewarding.” Paolo Esposito, executive director of notes. “This has given me great exposure “Anissa is a driven and passionate treasurer European corporate advisory at Chatham to the various diff erent sources of funding.” who is able to work closely with the core Financial, says: “Svenja has been capable, Sean West, director of treasury and fi nance team on both technical fi nancial from the outset, of bridging the gap between corporate fi nance at Arqiva, says: “Kiran’s accounting matters and analytics,” says the more strategic aspects of advisory, understanding of both the business and Richard Rose, vice president of fi nance at the and the operational elements related to what credit investors focus on means that National Central Cooling Company. “I have programme implementation, maintenance Arqiva maintains a strong following from no doubt Anissa has a long and successful and reporting.” both existing and new investors.” treasury career ahead.”

Ones to Watch 11

4–11 OTW Profiles 2017.indd 11 08/09/2017 10:55 DEVELOPMENT

ON THE UP IS THERE A CLEAR PATH BETWEEN THE TREASURY FUNCTION ALL THE WAY TO THE C-SUITE? INCREASINGLY, THE ANSWER IS YES. RACHAEL CROCKER POINTS THE WAY

Over the years, the of the fi nance function, role of the treasurer has supporting the group in evolved and, as ambitious important ways, but relatively individuals progress through far removed from most the profession, I am strategic decisions. increasingly asked whether there is a path that can lead Broader vision from group treasurer to the Since 2008, the treasurer’s C-suite. My answer is yes, remit has broadened there is a path, although it is considerably and it is now not one that is well-trodden. essential for the department We are certainly seeing more to be much less transactional, treasurers step up to the with the treasurer having board, but they are still oversight of risk management, trailblazers, albeit with very regulation and controls, good reason. Treasurers can as well as being heavily add real value to the C-suite involved in corporate fi nance and we should expect to see transactions and the wider more of the brightest treasury group strategy and vision. talent working their way to Risk management is the boardroom in the future. high on the agenda for all Historically, while corporates in the current treasury has always been an climate with fl uctuations essential part of the fi nance in FX rates, speculation over department, the board would interest rates, and wider have little insight into the political and macroeconomic day-to-day activities of the factors meaning that treasurer. Outside of board treasurers are in front of the presentations and updates board more often than ever, on the group cash position advising and strategising on or forecasting, the treasurer company policy and direction. would have little facetime Corporate fi nance with the business leaders. increasingly sits within Prior to the global fi nancial the treasury team and it is crisis, it was rare for a CFO to recognised that the modelling have transitioned through the and analytical skills used in treasury department. Raising this department, as well as fi nance was traditionally the ability to negotiate on relatively straightforward deals and manage banking for investment-grade relationships, makes corporates and the main treasurers well placed function of the treasury team to lead on decisions with was transactional activities regard to capital structure focused on cash management and allocation of funds. and maintaining banking Mounting regulation has relationships. They were played its part also. We’ve viewed as an essential, but seen how, in an increasingly relatively low-profi le part regulated environment

12 Ones to Watch

12–13 OTW Brewer Morris.indd 12 08/09/2017 10:56 for corporates, much new professionals ensuring that WHAT CAN TREASURERS DO TO HELP legislation focuses on they have a signifi cant period PREPARE FOR THE C-SUITE? treasury-related matters, such in the treasury department ON THE UP as payment-fraud prevention on their CV – a clear • Broaden your knowledge and experience and derivatives reporting. The endorsement of the skills that Exposure to and an understanding of tax, insurance, pensions and treasury team has therefore can be gained in this area. corporate fi nance are all complementary to the treasury skill set. been at the forefront of Looking forwards, we are Look for opportunities to gain exposure to as many additional areas driving the introduction seeing treasurers operating as possible. Breadth is key to making the transition into the C-suite. of new policies to refl ect the at a more senior level than • Think like an accountant changes in the regulatory ever before, with the CFO To make it to CFO, it is key to have technical accountancy knowledge environment. The move to leaning on them heavily when in addition to a strong treasury skill set. Look to gain a deep IFRS in particular and the it comes to strategic fi nancial understanding of management accounting, reporting and analysis, impact of IAS 39 saw many decisions for the group. As as these areas get the most attention in board meetings, so you treasury teams introducing corporate boards form Brexit will need to be able to talk around them confi dently. new processes for data capture committees and begin to lay • Make sure you are in the right organisation and reporting. down plans for the impact of Treasurers are signifi cantly more likely to step up into the C-suite In this highly regulated one of the most signifi cant within a business, so make sure you are in a company that would environment, there is an macroeconomic changes of make such a promotion possible in the future. increasing demand for our time, treasurers are taking • Enhance your people-management remit treasury-related processes a key seat at this table. CFOs tend to be strong people managers across multidisciplinary to be automated when Treasurers will be key teams. Treasurers aspiring to move up into this role should seek possible, meaning that decision-makers when it out ways to develop this skill set and to expand their people- technology plays a bigger part comes to defi ning a Brexit management experience, particularly across teams outside of in the treasurer’s role today. strategy, and those that the treasury discipline, when possible. Systems are used to streamline can successfully navigate • Study and get qualifi ed global cash management, the challenges around risk In addition to practical experience, it is essential to ensure your reporting and controls. The management and are able knowledge is current and continues to grow. Being AMCT or MCT modern treasurer must to drive policy changes to qualifi ed is a good foundation for progression. It’s also advisable to understand the importance ensure that their company seek out personal development opportunities, including accountancy of automating processes is adapting in an agile and qualifi cations, MBAs or other further education. Training courses where possible and follow timely manner will fi nd and technical sessions run by the ACT can all support the the new technology being themselves well established knowledge-building required for transition to the C-suite. introduced to ensure they to step up into the C-suite. are ahead of the curve. We will see treasurers taking bigger roles over the next fi ve set means they are well- Having said that, we The people- to 10 years as corporates rely positioned to make strategic expect to see more treasury management factor on them even more to drive group decisions and to professionals going on to People management is a M&A activity and strategic anticipate likely outcomes. become CFOs and, while fundamental part of the decision-making, and to The biggest obstacle every individual’s career treasurer’s role and they are defi ne policy changes in line treasurers face is being path is unique, treasury is often required to manage with regulatory updates. viewed as too narrow in their the perfect environment to stakeholders across various While still comparatively experience. Even though start honing your talents for a geographical locations and rare, we are seeing more and the role of the treasurer is boardroom role in the future. culturally diverse regions. more treasurers move into increasingly varied and many The ability to work with CFO roles, and this looks set treasurers now also have colleagues as well as external to continue. responsibility for pensions, counterparts in more complex Treasurers accrue qualities insurance and sometimes tax, territories, and understanding that make them well their profi le may be seen as the challenges that come placed to become CFOs. narrower than that of many with a truly global leadership They are commercial and CFOs. The executive board role are common traits of the forward-thinking with will want a CFO with broad Rachael Crocker is modern treasurer. strong negotiation skills. experience and it is more manager – treasury Because of all these factors, The banking relationships diffi cult to move from being recruitment at Brewer Morris it is easy to see why the and wider networks they the treasurer of one business treasurer is an increasingly develop ensure they are well to the CFO of another. Most popular choice for a move into connected to the business treasurers that successfully the C-suite. We are seeing community. Finally, their make the leap do so via an many ambitious fi nance analytical and technical skill internal promotion.

Ones to Watch 13

12–13 OTW Brewer Morris.indd 13 08/09/2017 10:56 CLASS OF 2016

Where are they now? We asked our Ones to Watch 2016 participants about life and career events from the past year. Here’s what they told us…

It has been a the Financial Markets regulated Amina Khalid Since appearing busy year for project – to compensate SME continues to work in Ones to Watch Samantha companies for interest-rate at HSBC in the last year, James Allen, who is derivatives sold by one of global liquidity Westerby-Jones preparing to take the Dutch company’s biggest and cash has completed MCT exams later this year. As banks. He is also team leader management department. the Diploma in Treasury treasury manager for Asia and of the internal financial risk During the past year, she Management. He also managed Middle East at G4S, she has management working group. moved into a new role as global a treasury team to successfully worked on several challenging e-commerce manager in deliver all SAP rollouts across projects with the company’s Chris Dibben Hong Kong, where she works the business, as well as working Indian businesses. Earlier this had just moved in product risk management on strategic and value-adding year, she travelled to the United into his role at and digital solutions. cash management initiatives. Arab Emirates to help the GSK when he G4S business there optimise appeared in Natalie O’Byrne Robin Windle banking relationships. Ones to Watch 2016. Since has settled into has continued then, he has gained a much her role as in his role as a Over the past greater understanding of the relationship director in the year, Sarah innovation and diversity within director for treasury of MUFG Clovis- the group, and has focused on technology, media and telecoms Securities, where he has had an Alexander, driving improvements across the clients at Lloyds Banking Group. interesting and challenging year treasury treasury operations team he has She has had a successful year managing a liquid asset portfolio operations manager at the BBC, responsibility for. He plans to supporting new and existing following the aftermath of the has travelled to India to support begin the MCT and has become clients through executing a Brexit vote and the US election. a business process outsourcing a first-time father. number of financings and wider Having completed the AMCT transition, has led on a banking banking products for them. in 2015, he has now signed up tender and payment solution Charley Edwards Furthermore, she has designed to start the MCT. for BBC Studios, and is was promoted a development programme for currently engaged in a treasury to acting deputy SME and mid-market graduates, Mark management system tender. group treasurer The Graduate Challenge. Withecombe As if that weren’t sufficient at Informa remains in the challenge, she spent a vacation (covering Angela Kipping’s Michael Payne corporate finance in Nepal climbing the maternity leave). She was is currently team at BHP, Annapurna range. involved in completing the working his way where his remit includes BNP Paribas cash management through the MCT coverage of the group’s Minerals Since appearing implementation for Informa, qualification Americas business. He has in Ones to Watch as well as in financing the he began last year, aiming to been involved in many exciting last year, Shawn company’s £1.2bn acquisition complete it by the end of 2017. projects and recently led De Melo has of Penton Media Holdings. He remains assistant group on the execution of a $1.2bn been promoted treasurer at National Express syndicated loan for Minera to senior analyst at Pearson. Vineet Gupta and reports directly to group Escondida Ltda, one of the He has also completed the ACT’s has had a busy treasurer David Daniels. largest unsecured corporate Certificate in Treasury, and is year at Majid Al loans in Latin America. hoping to complete the Diploma Futtaim, where Nedal Ramahi in Treasury this year. he implemented continues to work a treasury management system at JC Rathbone Sander de for the firm from scratch within Associates, where Vries remains 10 months. He also received he was promoted a manager at an ‘Outstanding Achievement to associate director. He says Zanders. Over the Award’ at the ACT Middle East his new role has broadened to past year, he has Annual Summit 2016 for his include debt advisory, whereas been responsible for a specific CertICM result, and completed he had previously focused solely stage of the Dutch Authority for the AMCT. on hedging advisory.

14 Ones to Watch

14 Where are they now.indd 14 08/09/2017 10:57 FINAL THOUGHTS

STANDING OUT FROM THE CROWD CAREER ADVICE FROM OUR ONES TO WATCH IN 2017

“Always be open for challenge – “When it comes to career planning, never assume that what you think “Understand what drives the think ahead. You should already is always correct or how you business and work on applying know which position you would like currently do things is the best treasury best practice to that, to reach after your next one and way (no matter how long things not the other way around. Being work towards achieving that goal.” have been that way). flexible and really tuned into the Claudia Villasis, treasury business helps you add value.” risk manager, BHP “Be polite and pleasant to all around Alison Lygo, senior you – junior, senior, internal and treasury manager, ASOS “Build strong relationships and external – you might be surprised at develop people you can count “One cannot take a step too far how much further that can take you.” on. Working with people is just wrong by making reasonable Peter Walker-Smith, senior as important as the numbers manager, global treasury, assumptions, communicating them, side of treasury.” Walgreens Boots Alliance sharing knowledge and always Courtney Huggins, assistant working first, for the benefit of the group treasurer, Logicor “Don’t wait for the ideal opportunity. Get your head down and start client, and second for the team.” “Make sure you invest time in Chase French, assistant director, developing yourself. Your GVA Real Estate Finance understanding the business and contribution will be noticed.” developing relationships with key Duncan Holder, deputy group “The world is continuously evolving stakeholders, such as financial treasurer, Imperial Brands – don’t be afraid to ask questions planning and analysis, investor “Don’t compromise on ethics; and challenge the status quo. Just relations and the reporting networking is essential; always because it was done in the past, teams, so that you can work more procure risk management strategies won’t necessarily make it right effectively and understand so you have confidence in every for the future.” different viewpoints.” Emma Hayward, assistant decision made.” treasurer, DS Smith Mitesh Kholia, Anissa Teemul, treasurer, assistant treasurer, BT National Investment Corporation “Prepare to be a confident treasurer “Treasury professionals should go “Spend time understanding the and provide well-rounded advisory. out of their way to really understand organisation’s sources and uses of The most impressive senior leaders their business and market, and cash and business risks so that you will encourage emerging colleagues build relationships with the key are able to challenge information and provide opportunities to take on stakeholders in order to add real provided by colleagues effectively.” challenges. You’ll do well if you treat value to their company as a true James Carr, financial every pound as though it’s your own business partner – treasury controller, Anthology and strive to continually improve.” has a lot to offer.” “Stay current and updated. Adam Baird, treasury manager, Kiran Tailor, corporate finance and Entertainment One investor relations manager, Arqiva Understand the latest developments in products and “Never stop learning and surround “Keep yourself updated via treasury services available, changes in yourself with people you can learn qualification exams and courses. legislation and common trends.” from. Treasury evolves so quickly Combining experience with the Courtney Schofield, cash and yesterday’s knowledge might theory will help you to bring management consultant, HSBC not be up to date any more.” innovative solutions “The treasury world keeps evolving: so Svenja Schumacher, manager, to your company.” risk management advisory, it’s important to increase your skill base Chatham Financial Bárbara Macedo, senior in order to stay on top of your game.” treasury manager, Agility GIL Wisdom Akakpo, FX trader, First National Bank Ghana Ones to Watch 15

15 OTW Final Thoughts 2017.indd 15 08/09/2017 10:58 How do you navigate the financial risks your company faces?

Rely on trusted answers from Thomson Reuters to keep you ahead in Corporate Treasury. As you strive to strengthen working capital, secure liquidity, manage risk and simplify processes, you have a lot of challenging decisions to make. From capital markets data to deep market analysis, from unique views of credit risk to direct access to FX liquidity, we can help you seize the opportunity and win.

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