In many ways, the dinner held in June to celebrate the award to the ACT of its Royal Charter marked a coming of age (at 34!) for the treasury profession, at least in the UK.
Although small groups of connected treasurers had been meeting and exchanging ideas since 1969, the impetus to create a treasury association passed through various hands, coming to fruition, formally, with Norman Tribble, Peter Hayman and others in 1979. The rest, as they say, became history – although not without the concerted efforts of committed volunteers, a small secretariat (a word now verboten at the ACT) and real focus on creating the principles and practices that we all eat, sleep and breathe in corporate treasury today.
While it is too glib to see the ACT as a child of the social changes at the end of the 1970s – which eventually brought Margaret Thatcher to Number 10 Downing Street – there’s no doubt that those changes meant treasury in the UK needed to up its game.
What came after 1979 has been little short of astonishing
Of course it wasn’t all plain sailing. Even today, there are plenty of people (including some who should know better) who don’t ‘get’ what a corporate treasurer is and what they do. Around the rest of the world, the situation isn’t helped by languages where there’s no translation of ‘treasurer’ or ‘treasury’ or even ‘corporate’. Despite these issues, what came after 1979 has been little short of astonishing: 4,500 members and 2,700 students spread across 102 countries; the fantastic involvement of practising treasurers; tremendous support from the financial services industry (including many of our members and students who also work in it); and, gradually, the willingness of regulators and legislators in the UK and EU to see our point of view – the view of the real economy.
The ACT has changed from those early years, of course, and the award of the Royal Charter has validated all the time, effort and passion put in by so many people. What it also does is give credibility to everything that we do and require that we continue to work ‘in the public interest’. On that note, the dinner also saw the ACT offering its highest award, an Honorary Fellowship, to one of the profession’s longest-serving practitioners, one of its most committed supporters and one of the most respected members of the ACT’s team – John Grout. In addition, the ACT has named a new award in honour of John Grout for outstanding contribution to the profession: ‘The John Grout Award for Treasury Excellence’. I can’t think of honours more deserved, neither of someone more deserving to receive them.
Norman Tribble and Walter Woodford write ACT Now, setting out their ideas and a plan of action.
The Association of Corporate Treasurers is formed; inaugural meeting held at Plaisterers Hall; first issue of The Treasurer magazine published.
Professional Examinations correspondence course launched. 36 students enrolled in the first year. First Annual Dinner with 183 attendees.
ACT coat of arms and motto ‘Prosperity through Stewardship’ adopted.
First set of students presented with their certificates and prizes at Nomura House.
ACT in action – first known record of ACT lobbying with effect as John Grout and Gareth Jones succeed in introducing ‘permitted and exempt persons’ to the Financial Services Bill 1986.
First director general – Gerald Leahy – appointed.
ACT establishes its own Part I course to be called ACT (Technical), which later becomes the AMCT exam. Training consultancy FSMD writes the new Part II course: ACT (Diploma), which later becomes the MCT exam.
First European conference held in Brussels.
ACT (Technical) and ACT (Diploma) first examined.
The Certificate in Cash Management launched. Associates recognised as members and designatory letters changed to AMCT.
Experience route to membership ceased; entry becomes by examination only.
Accelerated route to AMCT offered to CIMA.
Corporate membership introduced.
E-learning programme for CertICM launched. First tuition school run in Hong Kong for CertICM. Policy and technical team established – focus on IAS 39, Financial Instruments: Recognition and Measurement, and Payments Directive.
Resolution passed giving AMCTs the right to vote at members’ meetings. Code of Standard Practices for Participants in the Credit Rating Process is published.
First Treasurers’ Conference, attended by 400 treasury professionals. ACT technical team succeeds in inclusion of essential rules on insider trading in the Market Abuse Directive.
10,000 students enrolled.
Modular exam system launched. ACT Middle East established.
New MCT programme launched.
New Certificate in International Treasury Management (CertITM) launched. Students can opt to take individual certificate papers.
ACT invited by the Bank of England to chair a working group on supply chain finance.
ACT joins Twitter and LinkedIn.
Inaugural ACT Cash and Treasury Management Conference in Hong Kong. CertITM qualification embedded in the Sheffield Hallam Masters programme. The Treasurer magazine relaunched. ACT president appointed by BIS to Breedon group to review finance for business.
ACT awarded a Royal Charter. CPD scheme launched. Ones to Watch published, highlighting young treasurers of the future. BIS asks ACT to investigate barriers to developing a UK private placement market.