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The Association of Corporate Treasurers An introduction to: The Hungarian Treasury Club James Lockyer, Director of Education and International Development.

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Presentation on theme: "The Association of Corporate Treasurers An introduction to: The Hungarian Treasury Club James Lockyer, Director of Education and International Development."— Presentation transcript:

1 The Association of Corporate Treasurers An introduction to: The Hungarian Treasury Club James Lockyer, Director of Education and International Development November 2011

2 What is corporate treasury? It is the interface between the company and financial markets It deals with three critical questions in finance: –How do we decide what to invest in? –How do we raise the money to make those investments? –How do we control risk in the organisation? Which can be summed up as –What is our financial strategy and policy? The finance director is responsible for advising the board –The treasurer is responsible for advising the FD –But often briefs the board directly And it has major operational responsibilities too. 2 27/04/2015

3 Role and profile of treasurers Role Principal tasks broadly defined under five core treasury elements: −Capital markets and funding −Cash and liquidity management −Corporate financial management −Risk management −Treasury operations and controls Profile “One day I'm a banker, the next I'm an accountant and then I'm a trader. Still I’m a corporate treasurer.” The financial crisis has raised profile of treasurers UK Government report flagged training, transparency and challenge as constituting good treasury practice. 3 27/04/2015

4 ACT in 2011 Members and students in 70 countries –4,200+ members – 20% outside the UK –2,400+ students – 40% outside the UK c70% of members and students already have a finance qualification (eg ACA, CIMA, ACCA) Highly respected within the UK –87% of FTSE 100 have >8 ACT members –53% of FTSE 350 have >1 ACT member Now supporting –Career treasurers, and –Career finance professionals – CFOs, financial controllers, internal auditors etc. 4 27/04/2015

5 Tuition and/or events in Germany, Hong Kong, India, Ireland, Netherlands, Russia, Singapore, South Africa, UAE and UK Active member of International and European treasury groupings (IGTA and EACT) Providing education support to 8 national treasury associations around the world Middle East network launched in ACT – international presence 5 27/04/2015

6 Committed to developing ACT’s networks and support for members and students overseas, in particular –Europe –Hong Kong –India –Middle East –North America –Singapore –South Africa In raising the profile of ACT overseas we can increase recognition of professional treasury qualifications and in turn the profession. 6 27/04/2015 ACT – promoting international professional treasury standards

7 Treasury Associations: EACT, IGTA & Members (CAT (Czech), SAF (Slovakia), AITI (Italy), IACCT (Hong Kong), ACTSA (South Africa), IACT (Ireland), ACTS (Singapore) Accountancy Bodies: ICAEW, ACCA, CIMA, CIPFA, HKICPA, ICPAS, SAICA, IFAC Regulators / Government: FRC, FSA, Bank of England, Treasury, European Commission, IASB (and EFRAG), UK Financial Reporting Council (FRC) Other professional bodies: ICSA, IIA, IRM Who do we work with? 7 27/04/2015

8 Why treasury qualified? You wouldn’t trust your key legal decisions to someone who isn’t a qualified lawyer, so – whatever the size of your organisation – why entrust your treasury, risk and corporate finance to someone who isn’t a qualified treasury professional? 27/04/2015 8

9 ACT qualifications AMCT Diploma Modular syllabus comprising 3 stages MCT Advanced Diploma Select 2 electives to complete AMCT or take as individual certificates AMCT Stage 3 Compulsory for AMCT or can be taken as individual certificates AMCT Stage 2 Certificate in International Treasury Management – CertITM Certificate in International Treasury Management Public Finance – CertITM-PF Advanced treasury knowledge and strategic decision making – proven ability and expertise Full Member of the ACT Technical treasury competence acknowledged standard Associate Member of the ACT Specialist skills ACT Faculty Member Broad practical understanding of treasury ACT Faculty Member Standard route to ACT qualifications and membershipFast-track route and exemptions Shorter CertCFF paper and exam for AMCT Fast-Track eligible accountants AMCT entry point for qualified accountants from IFAC member bodies and those with other relevant qualifications Direct entry with relevant finance qualification or senior experience Level of ability 9 AMCT Stage 1 CertICM Cash Management CertRM Risk Management CertCFF Corporate Finance & Funding CertFMM Financial Maths & Modelling 27/04/2015 Certificate in Financial Fundamentals for Business – CertFin Can be taken as part of AMCT or as individual certificate Fundamentals of financial and management accounting, economics, corporate tax and law for business ACT Faculty Member Qualified accountants are exempt from AMCT stage 1 Exemptions available with other relevant qualifications

10 The voice of corporate treasury Representing the corporate user of financial services to regulators and standard setters and in developing market practices. A few recent examples OTC derivative regulation in Europe - Successfully argued for carve out for non financial companies European Financial Transaction Tax (FTT) - Political momentum is increasing for a new FTT in Europe Supply Chain Finance (SCF) - Chaired working group set up by the Bank of England. Market Abuse Directive - Lobbying for EU to adopt same high standards Credit rating methodologies - Responded to consultations from rating agencies on changes to methodologies for rating banks and for rating Money market Funds Independent Commission on Banking (UK) Submitted evidence to the Vickers review For more go to 10

11 The Treasurer magazine and Middle East Treasurer Readership >20,000, 49% outside the UK Editorial leadership – by treasurers, for treasurers Specialist supplements/reference books Monthly e-newsletter Handbooks International Handbook – 40% distributed outside UK Asia Handbook – regional specific content Flagship Events ACT Annual Conference ACT Middle East Annual Conference talkingtreasury – the international thought-leadership series Annual Dinner, London 11 27/04/2015 ACT – promoting international treasury standards

12 The Association of Corporate Treasurers


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