Speakers and panelists at this year’s ACT Annual Conference proved to be of a forward-looking persuasion. In some cases this meant sounding a warning note – as with economist John Kay’s argument that the behemoth that is modern-day capital markets regulation creates genuine risk of another financial crisis. But mostly, looking forward was a great deal less troubling, as with the panel discussions on diversity and sustainability, which reminded participants and their audience that the hard work we put in now on these issues will create stronger companies and institutions, as well as pay dividends for future generations and for the workplaces of the future. In the case of futurist Rohit Talwar, looking forward was entertaining. What with 3D printing, advances in artificial intelligence and machine learning, and vastly increased life expectancy, treasurers and finance professionals have it within their gift to expect and encourage big steps forward in efficiency gains and cost-effectiveness. Meanwhile, a delegation of senior finance leaders from some of China’s biggest companies talked about their country’s economic fortunes and prospects for deregulation. An overview of some of the thought-provoking and challenging presentations begins on page 18. Elsewhere in this issue, journalist Ben Poole talks to Steve Humphreys, head of group treasury at fashion retailer New Look. Humphreys joined New Look back in 2011 at a time when the company was poised for expansion. Under his direction, New Look has gone through two significant rounds of fundraising: capital markets refinancing in 2013 that raised over £800m in bonds, and another in 2015 that brought in £1.2bn and enabled the company to lower the cost of debt by some 300 base points. Little wonder then that New Look took mid-sized business treasuryteam of the year in The Treasurer’s Deals of the Year Awards 2015. Turn to page 22 to find out more. In our cash management supplement, journalist Rebecca Brace looks at the crucial issue of controls and uncovers the range of risk and threats – both old and new – facing corporates, on page 28. And we look at some international cash management issues, on page 34. Treasury consultant Anthony J Carfang looks at investment options for US corporates, on page 36, while G4S European CEO Graham Levinsohn talks about the supply chain for notes and coins across Europe, on page 32. I hope you enjoy the issue.
