Throughout the year, the ACT puts unflagging effort into backing treasurers at every level – by ensuring that younger members and students are well supported through their studies and throughout the examination process, by setting up networking and mentoring opportunities, and by encouraging all its members to applaud and promote the achievements and initiatives of their fellow treasurers. This month, there is an opportunity to join that effort by entering or nominating your organisation for The Treasurer’s Deals of the Year Awards – a chance to flag up the transactions and initiatives that really put your organisation ahead of the pack. For more details on how to enter, turn to page 9. Elsewhere, tax has been exercising us this month. In July, G20 finance ministers endorsed a 15-point action plan from the Organisation of Economic Co-operation and Development (OECD) with the laudable aim of limiting aggressive tax planning on the part of multinationals and levelling the playing field across businesses. The project – base erosion and profit shifting (BEPS) – has been many years in the making. However, while the OECD has worked to create a way for governments to sign up to the initiative without surrendering their business-friendly credentials, BEPS is not without its implementation issues and headaches for treasurers. Business journalist Michelle Perry explores the issue in our lead feature on page 22. This month, we get to look over the shoulder of Microsoft’s structured finance guru in Dubai. Rahul Daswani, group treasury manager, plays a pivotal role in securing sales by evaluating the credit risk and liquidity needs of the tech giant’s customers and channel partners for the region. It’s a standout example of how treasurers can support their organisations by being closely focused on solutions. Business journalist Ben Poole’s profile of Daswani begins on page 18. Our issue this month has a special focus on cash management. Rebecca Brace gives an overview of innovations in payments on page 28 and, in addition, we look at the cash conversion cycle across Europe, trends in payments and settlements across the globe, and cash mountains – why they exist and whether corporates are likely to do away with them any time soon. If you have a responsibility for a team, you should turn to page 54, where the ACT’s director of professional standards and learning, Vanessa Harwood-Whitcher, gives an indispensable guide to how they stand together, and why and when they fall. Enjoy the issue.
