THANK YOU
Towards the close of another tumultuous year for treasurers, welcome to the last edition of 2021 – and my final edition as editor of The Treasurer. When I joined the magazine back in 2015, my learning curve was a steep one.
I’d venture to say that over the past 18 months lessons about business and the world of work have accelerated for all of us. The COVID-19 pandemic has challenged our thinking. And while our current experience has no exact parallels and the social and emotional impacts have been profound, treasurers remain on the front line, testing ideas and finding solutions.
On page 14, we hear from seasoned treasury professionals about innovations – those that they’ve seen and those that they hope will become embedded. More and better data-driven treasury technology; optimisation of core competencies; and a willingness to embrace complex environmental,
social and governance and stewardship issues – these are among the themes discussed.
Also in this issue, Anthony J Carfang explores the expanded role of central banks since the 2008 financial crisis and argues that corporate treasurers will need to adjust both their analysis of market activity and their approach to core treasury activities. Vastly increased central bank balance sheets
distort the market, he suggests, and moreover central banks may resist surrendering newly acquired powers. It will be interesting to see whether governments and regulators intervene to avoid a concentration of market influence. (See page 24.)
It is clear that these issues must be looked at in the round. As the Association of Corporate Treasurers’ (ACT’s) policy and technical team point out from page 30, there are pressing concerns ahead that are best considered in a joined-up and connected way. The pandemic has served to emphasise the interconnections between people, markets and businesses, and has highlighted the ways that technology can accelerate developments.
In this last editor’s letter, I’d like to take the opportunity to thank the treasury professionals who have helped me understand these relationships and shared their stories and insights. To those of you who have generously given your time, provided context and background, heartfelt thanks.
I’d like to thank the technical review board, who have been tireless in their willingness to contribute and evaluate technical treasury content. Sarah Boyce, Naresh Aggarwal and James Winterton of the ACT’s policy and technical team also deserve a special mention for their ideas, commentary and profound patience.
It has been a privilege to edit The Treasurer for six years. I hope the magazine has proved useful and interesting and that the treasury community stays safe, well and as connected as ever.
Liz Loxton, Editor
thetreasurer@thinkpublishing.co.uk
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