There can be little argument that we have had to adjust the lens through which we view the world over the past few years. The vote for the UK to leave the EU, the refugee crisis caused by the war in Syria, the upcoming presidential vote in the US – nations and intra-country groups cannot escape their political trends or events any more than they can escape their weather systems. These factors can and do contribute to a sense that the world is a riskier, more volatile place than before, and that sudden turnabouts can translate into market shocks. How long a tail those events then turn out to have is a matter of speculation. There are already signs that markets are settling in the wake of the UK referendum, as even the gloomiest commentators understood they would. Whatever the geopolitical climate, markets, investors, corporates and their treasurers have to find a way through. Our lead feature, by business journalist James Ashton, looks at recent events on the world stage, underlying fundamentals and their implications for corporate treasurers. The task for treasurers remains ensuring that their organisations are equipped for a predictable level of shock. Turn to page 18 for his findings. The Brexit vote has washed in a tide of questions about the future, many of which were examined in the ACT webinar ‘Brexit: what now?’ Some of those broader questions will no doubt be subject to protracted debate. In the meantime, there is much that can be done in the way of assessing counterparty risk, covenants and banking arrangements. Our coverage of the webinar begins on page 48. With this issue, you will have received Ones to Watch 2016, our showcase of high flyers in the treasury world. In a special section starting on page 27 of The Treasurer, we look more widely at career issues, including journalist Rebecca Brace’s examination of the issues facing cross-border teams on page 28, and the ACT’s Vanessa Harwood-Whitcher’s explanation of how managers can address skills gaps, on page 32. Elsewhere in this issue, we look at fundraising and the impact reputation and public sentiment can have on sourcing cash. Business risk analyst Nick Hood writes about the funding obstacle course on page 38, and treasurer Sam Story looks at a very specific financing task on page 46 – finding the backers for Africa’s growing network of mobile towers. I hope you enjoy the issue. editor@treasurers.org
