This month, we focus on matchmaking between treasurers and their banks – talking to treasurers about the practical considerations that go into ensuring relationships are solid and ancillary business spread equitably. There are plenty of operational factors at play, of course – a good match of facilities, and a sound understanding of each other’s balance sheet needs and strategic direction, as well as geographical spread. However, as our interviewees tell us in our lead feature on page 22, the fundamentals of building productive relationships come down to clear communication, trust and fair play. Proof that investing time in developing that level of understanding pays dividends is to be found in our profile of Gayle Mulvaney, group treasurer at Hargreaves Services. Mulvaney, whose team won a special commendation in The Treasurer’s 2016 Deals of the Year Awards, has spent eight years at the group, building a treasury function from the ground up. One of her attributes is that she’s fearless in the face of complexity. In her time at Hargreaves, she has refinanced syndicated facilities twice, worked on four acquisitions and one disposal, not to mention building a treasury function from scratch within a fast-moving entrepreneurial mid-cap – one that experienced rapid growth between 2010 and 2014, only to see revenue fall off dramatically in the face of falling coal prices, the UK carbon tax and a change in market sentiment away from fossil fuels. A hallmark of her success has been maintaining clear lines of communication with banks. The banks, she says, are the business’ most important stakeholders. She engages with them on every aspect of her firm’s business model and strategy. The message is one of clarity on goals. You can read about Hargreaves’ transformation from a coal production and logistics business to a diversified energy and construction operation on page 18. We have an international flavour this month, with a feature on Greece and what it was like to operate as a treasury professional under government-imposed capital controls and in the face of the threat of Grexit (page 34). On page 30, we look at the risks and great opportunities presented by Sub-Saharan Africa. And, on page 32, we investigate China and look at what, if anything, we can take from ratings data. Don’t forget to tell us what you think of the issue. We’ll be back in September, when we move to bimonthly editions of the magazine, with even more online content at www.treasurers.org/thetreasurer to ensure you stay ahead of the latest issues. -Liz Loxton, Editor
