This year the standard was exceptionally high, with over 200 nominations received from 35 countries. All Overall Winners and Highly Commended Winners were presented with their awards at the prestigious Adam Smith Awards Gala Presentation Lunch at Plaisterers’ Hall in London on Thursday 21st June. Scroll down to see all the winners
Treasury Today’s Top Treasury Team 2018
Highly Commended: Ball Corporation
Winner: Michael Brown and Team, Digital Realty Trust
Multiple challenges met by multiple projects delivering fantastic results: it’s all possible if the team pulls together.
Elena P. LaFrance has a unique ability to combine excellence in treasury with exceptional leadership, coupled with her personal drive and tireless work to offer opportunities to others. She is a true example of a business leader who has gone way above and beyond in order to drive forward business but also to pave the way for the next generation.
Winner: Dennis Crispin, Microsoft Financing Assistant Bot
Microsoft’s treasury team has built a robot, named Leonard, that has enabled it to optimise resources by dealing with stakeholder questions. By using AI, Leonard is constantly learning and will increasingly add value to Microsoft making it an indispensable member of the treasury team.
Highly Commended: ConocoPhillips, ASICS Europe B.V, Grifols
Winner: Nirpal Bhiraj, Inchcape Shipping Services
ISS’s new systems infrastructure is provided by TreasuryXpress. They needed a solution that would support a new centralised treasury organisation, supplemented by a payment factory and central hub for connectivity with their banks, supported by an in-house bank. Once all stages of the project are complete, they will have completely eliminated the manual elements of their treasury processes.
Iberdrola’s unique solution gives it centralised liquidity and a genuinely global view of the company’s cash through one global platform. This has resulted in the more efficient management of currency flows and mitigated the number of intercompany loans it has to make, both of which have led to cost savings.
With manual processes a mainstay in its cash collections process, Maersk Kanoo Emirates wanted to serve its customers more efficiently. A full digitisation programme has changed the customer experience beyond recognition.
Working with its partners, Merck has implemented a world-class TMS system that has delivered tremendous value for the company. Many of the processes and functionality within Merck’s system has also been adopted by its TMS provider as standard, delivering benefit to the entire industry.
Royal DSM uses meetings and events to help its growth plans. With traditional card payments to suppliers unable to satisfy its needs, it turned to two quite different suppliers to help create a unique platform covering all bases.
Highly Commended: Royal FrieslandCampina, Toyota Financial Services, SAP SE
Winner: Giuseppe Amodio, STMicroelectronics
This is the largest convertible bond offering in EMEA since 2015 and through a mix of strategy with the Soft Call exercise, market timing of the new issuance and most market friendly features of the CB, ST was finally able to refinance US$1.2bn at 0%.
Highly Commended: Merck Business Services/Business Technology, National Express
Winner: Marc Andre Mohn, adidas AG
This global sports company has implemented a solution to greatly improve how it manages its currency risk management globally and transacts in more than 50 currency pairs. A real team effort involving group treasury financial operations, group IT, group treasury front office and their strategic partner.
Highly Commended: Adobe, AkzoNobel N.V., Microsoft
Winner: Ed Barrie, Tableau Software, Inc.
Tableau Software’s in-house built solution has given it 99.9% daily automated visibility to global cash and investment balances. This has allowed the treasury to create significant improvements around its short-term cash flow forecast, leading to cost savings and a treasury team better placed to support the business.
Highly Commended: Deliveroo, Population Services Kenya
Winner: Shona Blackmore, Carnival UK
The treasury team at Carnival took the bold decision to suspend a struggling payments project and start afresh. Exploring how they could apply emerging technology to an age-old challenge in their industry, they selected a new payments rail developed by a financial technology company.
Highly Commended: NSSF Uganda, Vivo Energy Africa Services
Winner: Anneli Walltott, Sandvik
By taking a comprehensive and unwavering approach to achieving its centralisation, cash, liquidity and risk management objectives, Sandvik’s project illustrates that although treasury optimisation in Africa can be challenging, treasurers can achieve comparable benefits to other regions.
At the age of 24 Dominique Cachelin, Treasury Manager at Samsung has already obtained a wealth of treasury experience and expertise. This has seen him capture the attention and gain the trust and respect of senior management, quickly rising up the ranks. He is certainly is a rising star in the industry.
In one of the most impressive and fast upward career trajectories imaginable, Amanda Schreiber has achieved great things in very little time! She is fearless in her pursuit of excellence, understanding that if you fear failure, you won’t succeed
For several decades, ConocoPhillips’ cash management and banking functions, which included cash positioning, investments, foreign exchange trading, bank account administration and debt administration, were split between the company’s headquarters in Houston and offices in London. This project migrated the entire cash management and banking team to Houston in just six months.
Highly Commended: Marco Schuchmann, ASICS Europe B.V
The most impressive aspect of this initiative has been the remarkable speed in which it has been accomplished. For a company of this size and global scope to have completed such a significant treasury transformation within a two-year timeframe is simply put – remarkable. A combination of strong leadership, a keen vision for how significant treasury improvement could be achieved, and a fruitful collaboration between ASICS’s treasury team and J.P. Morgan’s team at both headquarters and regional levels was key to the success.
Grifols decided to implement a single SAP enterprise resource planning system for the entire Grifols group of companies. To date, 14 countries are using the system with another four ready to come on line. To gain more control over liquidity, it established a single-entity multicurrency notional pooling scheme located in the UK with sweeping structures to concentrate liquidity from local accounts of their business entities. This allows the company to manage its cash positions in various currencies more efficiently.
Highly Commended: Philip Stewart, British American Tobacco
In seeking to generate improved working capital, BAT wanted to achieve straight through processing, automation and the flexibility to be able to release working capital when needed, even to counterparts with whom it had no existing credit relationship. Here’s how the company did it.
With a completely manual credit collection booking process, automation was the obvious answer for the Italian manufacturer of automotive brake systems, Brembo. Here is how it achieved some considerable savings.
Highly Commended: Brigitte Konso Epse Yanda, Energy of Cameroon SA (ENEO SA)
Faced with funding essential nationwide power supply improvements, Eneo in Cameroon has deployed a solution that helps its suppliers and its own working capital positions so all can get on with the vital infrastructure work.
Highly Commended: Asma Al Suwaidi, Mubadala Investment Company
Playing its part in funding Abu Dhabi’s strategic vision, Mubadala Investment Company structured and implemented an innovative supply chain finance that not only ensured project suppliers and contractors were protected but also generated so far some US$60m of value for itself.
Microsoft has taken a complex and disparate card payments system and simplified it into a single card mechanism that has saved its procurement team over 78,000 days annually and more than US$1m of operational costs.
In eight weeks SAP set up the leanest acquisition finance arrangement ever put in place with a full exclusion of syndication. No separate FX hedging for a consideration of US$2.4bn, an excellent timing of the issuance and an extraordinary outcome regarding execution, investor demand and final pricing made this acquisition finance a real success.
Highly Commended: Salvatore LoBosco, Merck Business Services/Business Technology
Merck has successfully automated its credit management processes by implementing a SAP-embedded solution delivered by Serrala. The positive effects for the daily work of Merck’s credit managers are remarkable; processing time for customer credit checks are reduced from six weeks to just one to three days.
The solution enables National Express to more effectively control financial risk and ensure pricing from their financial counterparties is on-market before entering into a trade. The ability to monitor counterparty risk on a continuous basis provides them with the best chance of avoiding a credit event due to the failure or significant downgrade of one of their financial counterparties. They also track changes in commodity prices, which helps in hedging their fuel exposures.
Microsoft’s Worldwide Payment Solutions (WPS) team’s internal process for providing payment solutions to its customers was not always straightforward. In an effort to change, this the team has built an in-house system that transforms the process and brings a multitude of benefits to treasury and the business.
By connecting to its global banking partner through an API, Deliveroo has been able to transform its payment processes. This has brought with it increased transparency and efficiency, whilst also improving the experience of working for Deliveroo for its employees.
By working with its vendors to change its FX trade file format to SWIFT, Microsoft found a quick and easy way to generate time savings and drive greater transparency across its FX process. The end result is more reliable reporting, significantly reduced errors, and greater ability to quickly identify and resolve issues.
Highly Commended: Raed Alawadhi, Mubadala Investment Company
Following a merger, Mubadala Investment Company decided to join SWIFT to achieve daily visibility over its 600-plus bank accounts and utilise electronic payments and fund transfers. This has laid the foundation for the transformation of Mubadala Treasury into an in-house bank capable of addressing the liquidity needs of the company’s internal and external stakeholders.
Best in Class Treasury Solution in the Middle East
Winner: Alghanim Industries
Highly Commended: James Adams, Chalhoub Group
With this solution, Chalhoub Group now has a treasury that can support the company through the various economic challenges and “new normal” that has been developing in the local Middle Eastern region. In hindsight, the timing of this treasury solution was ideal and permitted a high level of support that would not have been possible just a few years ago.
This NSSF Uganda solution resonates with NSSF’s vision of being the social security provider of choice by paying benefits within 24 hours. This serves as the quality accreditation for a cutting-edge solution that has solved real challenges in a dynamic African market.
Highly Commended: Dave van der Zwan, Endemol Shine Group
With a growing business it was time for Endemol Shine’s treasury to take control by driving improvements right across the department. This impressive transformation happened in four months and has already delivered many benefits, with plenty more to come.
Highly Commended: Darsh Johal, Shell Treasury Centre Ltd
Shell is currently in the midst of an extensive and revolutionary treasury digitisation project as it looks to harness the latest technology in order to remain one of the world’s leading treasury teams.