Welcome to another bumper issue of The Treasurer. Readers may have noticed the increased page count over the past few months, reflecting the increasing breadth of responsibilities facing today’s treasurer. Obviously, quality and not quantity is the key to a successful publication, but I hope that we are meeting your needs. As ever, please let us know if we are failing you in any way – contributions of any length (up to 2,200 words) are always welcome. This month’s Treasury Practice section is particularly strong, covering a broad range of topics. David Loosley writes about Marconi’s innovative debut euro bond issue and draws some thought-provoking conclusions for consideration by other issuers. Dr Hans-Bernd Menzel (Palm Tresckow & Partner) probes how professional financial management can aid shareholder value and how important it is for its proper integration into the company. Jonathan Trower and James Burns (Close Brothers) report on the rise in gearing levels among mid-cap corporates. Matthew Clements’ (Prebon Marshall Yamane) examination of the factors behind sterling’s performance against the euro should bring some feedback from readers. Regulation plays an ever-increasing role in the life of a treasurer. David Creed considers how far the FSA should go with the new industry codes of practice. Nigel Dealy and Valerio Pace (PricewaterhouseCoopers) remind readers where things stand with the proposals for reporting of financial instruments. Our IT&E-commerce articles open with Michael Lewis’s praise of the ‘irrational exuberance’ of the dot.commers, echoing Michael Bloomberg’s sentiments from his presentation of the Association’s Spring Paper in March. Steve Wiltshire examines how investment managers must face up to the brave new world of e-business. Andrew Grant Duff reports on the results of a Deloitte & Touche survey on treasury management systems among the top 250 listed corporates. The June Spotlight falls on the vital issue of Bank Relationships and particularly the effect of bank consolidation and the impact of e-commerce. See page 44 for further details. This month’s International section includes an overview of Switzerland’s favourable economic situation; Nigel Cory-Wright of SGI, a US corporate with its international operations in Switzerland, looks at how technology has affected its treasury operations. Graeme Hancock of Electrocomponents provides an insight into its euro cash pooling system. Finally, members of the Association are commended to take part in the cash management survey being undertaken with J.P. Morgan. Besides the innovative way the survey is being conducted – exclusively on the web and with immediate feedback – there is also the prospect of winning a holiday in Hong Kong. Members can access the website at www.instliq.jpmorgan.com. MIKE HENIGAN
