Large organisations have a lot to offer the people who work for them. First and foremost, of course, they take care of those all-important hygiene factors – enough money, hopefully, to live on, meaningful activity and recognition. At their best, they can do much more. They can shine a light on the flair and skill that exists within their employee base. That is what happened to Ronan Dunne, a former director of treasury, now CEO at Telefónica UK. When Dunne was promoted from CFO to chief executive in 2007, it dawned on him that his previous boss had been grooming him for the top role for quite some time. Dunne’s own leadership style is informed by that spirit of seeking out the best in people. One of his biggest lessons, he says, is that, as a leader, it’s not what you do that counts, it’s what you enable others to do. “The difference between a great team player and a great leader is recognising how you can relate to how others react and behave – and lead them to places where they might not otherwise have gone,” he says. Dunne’s own journey took him through top treasury and finance roles to the C-suite. Other Telefónica employees and members of the treasury community stand a good chance of following that example given the right support. How many organisations genuinely provide it? It’s hard to say, particularly when so few seem to put the basics in place for a healthy working environment. As Janice Haddon spells out on page 44, some businesses are clearly falling down on work-life balance issues, losing talented people to stress and illness, and greener fields at competitor companies. Big businesses are, of course, subject to other kinds of scrutiny, and rightly so. On page 22, Ian Fraser sets out the international legislation designed to keep bribery and other corrupt practices in check. Companies need to be alive to the wrongdoing that might be masquerading as legitimate currency transactions, or hidden within third-party arrangements and charity payments – areas where treasurers are well-placed to exercise vigilance. As a newcomer to the treasury community, I am in turn amazed by the breadth of the treasury roles, heartened by the skill with which treasurers carry them out, and fascinated by what there is to learn and observe from this very particular perspective on a world that can’t keep still politically or economically. I’m conscious that I’m taking over from an expert editor, but very glad that Sally Percy hasn’t entirely left us without her analytical skill. Her profile of Ronan Dunne starts on page 26. I hope you enjoy the October issue.
