Last month, Award winners and other guests from around the world were invited to the annual Treasury Today Adam Smith Awards lunch in London. Held at the Four Seasons Hotel in Canary Wharf, the lunch was once again an enjoyable and inspiring occasion, and the mood was one of optimism and celebration despite the challenges that continue to shape the market.
Last year’s Awards had taken place against the backdrop of the developing financial crisis and there was of course much more to unfold later in 2008 – the collapse of Lehman Brothers, the arrival of quantitative easing and the descent of interest rates towards zero, among other things. This has brought a multitude of challenges for corporate treasurers, and the 2009 Awards were very much a celebration of how treasurers have responded to these challenges.
Much has been said about the growing prominence of the treasurer within the organisation and it was clear from the winning awards that this trend continues. As Michael Cannon of HSBC observed in his speech, treasury has become ‘sexy’ as a result of the crisis.
The combination of tight credit, volatile currency and commodity markets, low interest rates and above all the need to minimise costs, has created a uniquely challenging and dynamic market. With these market conditions continuing to develop, treasurers have had to evolve too and have found they are far more pivotal to their companies’ success than ever before.
Details of the winning projects can be found in the Awards Supplement, published with this month’s magazine. In the meantime, the world of treasury is continuing to develop, and many of you may currently be working on innovative and exciting projects that could be worthy of an Adam Smith Award in 2010. So do remember, nominations for next year’s awards will open in February 2010.
Award winning or not, we are always interested in hearing about projects that push forward the boundaries of treasury. So, if you are involved in such a project and you would be prepared to share it with us, please contact our Editorial Manager firstname.lastname@example.org