There won’t be many corporate treasurers who will look back on 2022 with any real fondness. There might be those who are relieved they managed to secure their funding requirements early in the year, and there will be others who are just simply relieved that they made it to the end of the year without any major mishap.
But equally, treasurers may be looking towards 2023 with trepidation – a new year, a new set of challenges. But nevertheless, we have asked treasurers what they think 2023 will bring (see page 23). Inevitably, recession is on everyone’s minds, the war in Ukraine continues and there are many treasury professionals who are experiencing their first real taste of market volatility – trading screens more often than not have been a sea of red, and the spikes in long-term gilts have been painful.
Red is also the colour of the tape associated with regulation – treasurers need to be aware of what is coming down the line and how they will be affected. So, I thoroughly recommend Gavin Hinks’ cover feature unpicking a number of the regulatory initiatives that are on the horizon (see page 7). Untying some of the red knots could also present opportunities as well as challenges.
Talking of opportunities, Liz Loxton’s analysis on how treasurers can ensure their work is recognised at the highest levels in their organisations shows there is a real opportunity to do just that: moving away from ad hoc presentations to a more permanent place on the agenda as boards show greater interest in capital and liquidity management, business strategy and risk management (see page 13).
There has been much talk about whether we are currently facing a return to a 1970s-style global economic slowdown – oil price shocks, inflation and global instability certainly feel familiar, but as Berenberg Bank’s chief economist, Kallum Pickering, argues, there are more parallels with the 1990s – looking backwards while working out how to go forwards can sometimes be helpful (see page 20).
Finally, it is a period of transition at The Treasurer. After more than a decade, Think Media Group is handing over the production reins to Cambridge Publishing Ltd (CPL). On behalf of the Association of Corporate Treasurers, I would like to thank Think for its hard work and service over the past 10 years, and I look forward to working with the new team at CPL.
As always, we would love to hear from you, so please let us know what you think using the email address below.
Whether it is good or bad, 2023 is set to be an interesting year. Good luck!
Philip Smith
Editor
thetreasurer@thinkpublishing.co.uk
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