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Treasury Today’s Adam Smith Awards is universally recognised as the ultimate industry benchmark for corporate treasury achievement. These prestigious industry awards are now in their 14th year. Each year the standard of nominations grows ever higher. Nominations are now closed and our panel of judges has the challenging task of selecting this year’s award winners.
At this time, Treasury Today’s first concern is for our staff, our readership and our whole community’s wellbeing. Following the success of our 2020 virtual delivery, we will again run the Adam Smith Awards 2021 digitally.
It has never been more important to share the achievements of our community and we look forward to celebrating this year’s Adam Smith Awards winners at a safe distance with you, our global audience.
We know that you are all working harder than ever to deliver excellence and we want that to be recognised. On 8th June we will host a live winners announcement, make sure you register now to hear first-hand who our 2021 winners are. Hosted by our Publishers, we will be joined by previous award winners and special guests. This announcement and the subsequent Adam Smith Awards season will take the place of our Gala Presentation Lunch.
Following the live winners announcement, the 2021 digital Adam Smith Awards season will launch, during which we will host a series of winner podcasts, delving deeper into each winning solution and featuring all Overall Winners and Highly Commended Winners and their key partners. We will also produce case studies on all award winners which will be digitally published in July.
The Adam Smith Awards is globally recognised as the industry benchmark for best practice and exceptional solutions in treasury, and this year will be no exception. We look forward to celebrating the winners achievements with you all and to bringing our formidable community together once again.
Open to any corporate treasury team that has made an outstanding contribution to its organisation over the past 12-18 months. This award recognises those who have blazed a trail in the world of corporate treasury. This could be purely the treasury team, or a broader team effort involving different disciplines (eg tax, legal, procurement) across the enterprise. This award will showcase your team’s achievements – whether it be a complete treasury transformation, the integration of a new acquisition or the delivery of a suite of projects, or addressed skills and training to respond to new challenges, or responded to a particular crisis; Treasury Today’s Top Treasury Team Award is the most coveted.
For treasury, any solution which demonstrates how the company manages/forecasts its cash is eligible for this award. It could be a simple single country/single currency/single bank solution, or a multi-country/multi-currency/multi-bank solution. It might simply improve cash visibility/cash flow forecasting; show how a hybrid/virtual account structure has been implemented; involve complex cash pooling structures, or support a full regional treasury centre (RTC), shared service centre (SSC) or in-house bank (IHB) structure. Perhaps you use APIs? All are valid to win the award in this category.
Efficient working capital is a key challenge for corporates of all shapes and sizes. What has your business done to improve key performance indicators (KPIs) of DPO, DSO, DIO and/or DWC? Has your cash conversion cycle been improved? How was it achieved? Perhaps you have taken the step from straight-through-processing (STP) to straight-through-reconciliation (STR), automating the reconciliations process? Have you streamlined your AR/AP processes or perhaps you have implemented an ‘on-behalf-of’ (POBO/ROBO/COBO) structure? Maybe SWIFT, open banking or APIs are the key enablers of your solution. Tell us how it’s been achieved.
This is another new category in 2021 to not only encompass cards but to recognise the emerging cash replacement solutions such as e-cash, digital currencies (crypto-currency/bitcoin) and e-wallets.
Has your business implemented/re-engineered a card programme to achieve increased control and/or visibility and/or improved your T&E processes? The winning solution, including virtual cards, could cover any aspect of corporate cards or perhaps you are using one of the new e-cash solutions. Please tell us your story.
This category combines both trade and supply chain finance to acknowledge the special relationship between buyer and seller. Any solution which addresses the supply chain, either financial or physical, qualifies for this award. Perhaps your business is looking at reverse supply chain. Have you embraced electronic documentation or are you using blockchain to improve the process? Have you implemented a smart solution involving letters of credit, guarantees and/or do you practice open account trading? Have you opened a new trade corridor in an emerging market or perhaps you have implemented a paperless trade solution and/or a supply chain finance solution? Tell us your trade/SCF story.
Many corporates are exploring alternative sources of funding, diversifying and/or refinancing their funding sources. Has your company issued commercial paper, medium term notes or bonds? Perhaps you have looked at financing an acquisition or considered securitisation, IPOs, crowd-funding, peer-to-peer or the private placement market? Maybe you have reviewed your funding mix? Whether a single transaction, or as part of a company’s overall debt strategy, this category is open to all types of funding.
Sustainability is a key issue for us all and corporate treasury can play its part too. What has your organisation done to address sustainability and the environmental, social and governance (ESG) issues. Solutions here could include sustainable funds, green bonds, impact investing, active ownership and credits for sustainable projects. Finance related to the mitigation of and/or adaptation to climate change/CO2 emissions also qualify in this category, as do investment strategies which incorporate ESG factors and any other projects which address sustainability in your organisation. Perhaps you have introduced Key Performance Indicators (KPIs) to measure ESG and/or your approach to ESG/CSR has had a positive impact on your credit rating. Tell us your story.
Risk continues to be top of every treasurer’s agenda; the winning solution could relate to any aspect of risk which arises in the corporate treasury arena. Have you changed the way you control foreign exchange risk, counterparty risk, commodity risk, interest rate risk, cyber risk or your supply chain risk? Does currency volatility open your eyes to new risk management concerns, or are you rethinking your hedging strategy? Are you monitoring new risks such as sovereign risk, weather risk, employee risk or perhaps even reputational risk? Has the recent COVID-19 pandemic or the post-Brexit environment changed the way you view risk and what are you doing to mitigate fraud?
This is a new category for 2021 specifically to recognise the challenges posed by the coronavirus or COVID-19. This pandemic has created unprecedented times, with supply chains being adversely impacted, teams having to adopt entirely new working practices, relationships with internal as well as external parties changing beyond recognition, cashflow coming under the spotlight like never before and the entire corporate treasury environment has been turned on its head. Perhaps another crisis, perhaps a response to the post-Brexit world, not related to the recent pandemic, has required other measures. How has your organisation responded? Tell us your story.
This category captures any traditional treasury solutions where the use of technology is central. Solutions here could involve a full-blown Treasury Management System (TMS) and/or Enterprise Resource Planning (ERP) system or the use of a single, simple technology solution (eg netting solution) to address a particular area of treasury.
Another new category for 2021 to address the emergence of digitisation. Have you re-engineered your processes where digitisation is the key enabler? Perhaps the use of APIs is central to your solution. We have heard much about the fintech revolution, open banking, artificial intelligence (AI), big data analytics, robotics, APIs, blockchain and other distributed ledger technologies. Has your company moved beyond the ‘proof of concept’ stage and is now using one or more of these emerging fintech/digital solutions? Solutions here could have been developed in collaboration with a fintech, bank or by an in-house innovation team. Perhaps you have transformed your entire treasury function through fintech/digitisation. Tell us your story.
Cyber-security continues to be a major issue for corporates. Many household names have been victims of cyber-crime in recent months. What has your organisation done to address this issue? The solution could involve new technology, training, process re-engineering or a combination of all these factors. Tell us how your company is mitigating the threat of a cyber-attack.
This is a new category for 2021 introduced to recognise that a company does not need to be a large/major multinational/conglomerate to qualify. If you are a small/medium sized enterprise please tell us about your treasury solution. (* For the purposes of this category a SME is defined as employing <100 employees and an annual sales turnover of <€100m and a MME is defined as employing <250 employees and an annual sales turnover of <€500m.)
A new category this year and open to any company that has implemented a treasury related solution, or is in the process of being implemented, in North America, Latin America, Central America and/or the Caribbean.
Any company that has implemented a treasury related solution, or is in the process of being implemented, in the Middle East and/or UAE will qualify, including Shariah compliant/Islamic banking solutions.
Any company that has implemented a treasury related solution, or is in the process of being implemented, in Africa will qualify.
This category is extended in 2021 to include short, medium, and long-term investments to show how your organisation has optimised and/or diversified its investment portfolio. How have you addressed the trade-off between yield, liquidity, cash preservation and counterparty risk? Have you explored alternative investment vehicles? How have you overcome the low/negative interest rate environment, and have you had to consider the new regulations in the world of liquidity/money market funds (MMFs)? Perhaps you have considered ESG factors when investing. Do you use CNAV, VNAV funds or Low Volatility Net Asset Value (LVNAV) funds? Perhaps you have been subject to share cancellation as a way of distributing ‘negative income’ in a negative yield stable NAV or had to convert to a floating NAV. This is your chance to shine.
This category incorporates any relationship (internal as well as external) managed by the treasury function, such as investor relations, employee relations, ratings agencies, procurement etcetera, in addition to your core bank(s)/other service provider(s) relationships. Economic turmoil has certainly focused the attention on relationships. Perhaps you have introduced a new RFP/bank selection process or had to innovate to maintain credit lines? Are you looking at bank charges, bank account analysis, managing mandates, using digital signatures, KYC or eBAM perhaps? Do you benchmark your bank(s) or have you had to change how the treasury function interfaces with procurement or taken a fresh look at investor relations. Has the COVID-19 pandemic and/or Brexit changed the way you handle relationships? We’d love to know.
This category includes any solution implemented, or is in the process of being implemented, which addresses foreign exchange. It could be a single transaction, a suite of transactions or a complete change in your FX strategy or policy, a hedging programme, use of specific instrument(s) or a new FX requirement as a result of entering a new market or dealing with a new currency and/or client/supplier. Have you entered new markets and, if so, how have you dealt with any currency volatility encountered?
This is a new category for 2021 to recognise the work companies are doing in the field of diversity, inclusion, equal opportunity, and career development of their employees. How is your treasury addressing these issues? Do you encourage coaching and mentoring? Do you support professional qualifications and how do you train and develop- the careers of the next generation of Group Treasurers and CFOs? Tell us how you manage your talented teams.
This category is open to any woman operating in the corporate treasury environment who can demonstrate real innovation, achievement and someone who is an inspiration in her current role. Do you know someone in treasury who is a role model to other women? Someone who has overcome real adversity? Who may have had a career changing experience? Who has helped others? Someone who may have demonstrated real innovation? What have they achieved? Why do they stand out? You might be our Woman of the Year, or you might want to nominate someone else. You can attach or submit by email any material to support your nomination.
Another new category for 2021 to recognise an individual corporate treasurer who has made a real difference to their organisation. You need to demonstrate real innovation, achievement and someone who is an inspiration in their current role. Do you know a corporate treasurer who is a role model to other treasury personnel? Someone who has overcome real adversity, who may have had a career changing experience, who has helped others or someone who may have demonstrated real leadership? What have they achieved? Why do they stand out? You might be our Corporate Treasurer of the Year, or you might want to nominate someone else. You can attach or submit by email any material to support your nomination.
This category recognises talent coming through the corporate treasury ranks. Have you excelled in a professional qualification? Are you a future Finance Director or CFO? Whilst this category may fit a junior person, later arrivals to the world of corporate treasury are also invited to enter. Nominate yourself or someone you think fits this category and shine a spotlight on your/their talents. You can attach or submit by email any material to support your nomination.
Nominations now closed
An Adam Smith Award offers you the opportunity to significantly raise your profile and shine a spotlight on your achievements, enabling you to get the recognition you deserve within your organisation as well as with your clients, peers, investors and the wider treasury community. Our judges now have the challenging task of selecting this year’s award winners.
On 8th June we will host a live winners announcement, make sure you register now to hear first-hand who our 2021 winners are. Hosted by our Publishers, we will be joined by previous award winners and special guests.
A winning submission will really focus on the reasons behind the implementation and the outcome. It’s not about how big your company is, or how many people were involved in the project.
Try to answer the following questions as fully as possible in your submission
Why was the solution necessary?
Why was it the best solution for our company?
How is it different or innovative?
How has the solution benefitted our company?
How will the solution help our company going forward?
Think about the geographic coverage and breadth of the solution, how best practice and innovation are being evidenced and focus on the benefits, both qualitative as well as quantitative. We recognise the majority of solutions entered will involve a bank and/or other service partner but your submission should focus on what you/your treasury function did rather than what your partner did.
Criteria
The basic criterion for the Adam Smith Awards is that they demonstrate best practice and/or innovation as evidenced by any of the following:
Outstanding cost savings.
Above average ROI.
Optimal account/treasury structure.
Quantitative improvements in efficiency.
Cutting edge technology.
Tailor-made solution.
Exceptional implementation (budget/time).
Quality accreditation.
Deals may be in any currency/country/region and only deals implemented between 1st January 2020 and 30th April 2021 will qualify.
All winning solutions are profiled in case studies which appear on our website and are promoted in our Treasury Insights newsletter and on social media. The case studies are based on the winning nominations and are written by our editorial team. The text is submitted to the winners for their approval prior to publication. By submitting a nomination in the Adam Smith Awards you accept that if you win an award, a case study outlining the details of your winning solution will be published.
The venue
The Adam Smith Awards 2020 Gala Presentation Lunch takes place on Wednesday 17th June at:
Our welcome desk opens for guest registration at 12 noon and there will be a pre-lunch welcome reception in the Livery Hall.
A sumptuous three course lunch will be served at 1pm in the spectacular Great Hall, during which the awards presentation ceremony will take place.
During the presentation ceremony, each winner will be invited on stage to be presented with their individually engraved crystal awards.
Our photographers and videographers will be in attendance throughout the event and a full pictorial account of the day, including photos and footage of winners, guests and their partners, will appear in the 2020 Adam Smith Awards Yearbook and online.
Join us for our live winners announcement on 8thJune at 3:30pm BST | 10:30am EST | 4.30pm CEST to hear first-hand who has been successful in the Adam Smith Awards 2021. Hosted by our Publishers, we will be joined on the day by some of our previous award winners and special guests.
Please see below a selection of photos from the Adam Smith Awards 2019, held in London. Over 240 people from throughout Europe, Africa, the Americas and the Middle East attended this prestigious event, where the winners were presented with their individually engraved crystal awards.
Also below is a video of last year’s inaugural live winners announcement, hosted by our Publishers Sophie Jackson and Meg Coates who were joined by some of our 2019 award winners.
On behalf of Takeda Treasury, I am honoured to accept this prestigious global recognition from Treasury Today. At Takeda we have a desire to become best in class in everything we do, and we count this award as a significant milestone on this journey.
Amit Singh, SVP Group Treasurer Takeda Pharmaceuticals Overall Winner, Treasury Today’s Top Treasury Team 2020
Categories
The Adam Smith Awards recognise success across a broad range of areas within corporate treasury, which is reflected in the 2021 categories.
