Editorial

Managed volatility

Welcome to our summer edition! A truly jam-packed publication that brings together the ideas, innovation and real-world lessons that matter most in corporate treasury and finance, spotlighting how treasury is responding with creativity, rigour and growing influence in today’s highly challenging trading environment.

Critical minerals, the topic du jour, have become the new geopolitical battleground. With some of the most dynamic sectors of the global economy now dependent on these essential materials which few countries possess, securing a reliable supply has become an increasingly urgent grab, especially long term. We find that corporates need to be proactive to avoid becoming collateral damage and in the words of one Treasury Today Group interview, “If I was in a treasury position, I would be looking to try and lock in supply at whatever prices I could get.”

Hearteningly, this edition’s other trade feature finds the sheer breadth of ways in which trade finance is being used to mitigate supply chain issues is testament to the innovative thinking of corporate treasurers and CFOs.

Our treasurer profiles feature Victoria’s Secret & Co.’s Summa Simmons, who shares her pride at witnessing her treasury team blossom and argues the case for a personal board of directors. Hartree Partners’ Setareh Golchin charts how critical thinking, adaptability and strong cash management combine for treasury success, and Hitachi Energy’s Frank Tsai discusses his powerful sense of purpose enabling and supporting the finance behind billion-dollar green energy transmission infrastructure.

Turning to other mega trends shaping treasury, this edition explores the benefits of Bitcoin balance sheet holdings, still modest compared to overall listed company assets, but beginning to play a role in payments as well as enhancing revenue generation. Our technology focus also asks treasurers how they are getting their AI ball rolling. It seems the fastest route forward is simple: start small, fix one painful process and build confidence from there. Empowering a treasury tech savvy IT enthusiast to lead the way also powers progress.

Our regulatory lens shines a light on the implication of BNPL becoming a regulated credit product and in our update on that treasury staple, ISO 20022, we ask how treasurers can truly benefit from the global technical ‘linga franca’ of international payments and finance.

We close with reflections on the relationship between CFO and treasurer. A defining force in corporate performance, it pairs strategic ambition with balance sheet discipline to protect valuation, resilience and credibility. But the roles are also distinct – and a career trajectory that sees treasurer’s step up into the CFO seat is not a well-trodden path.