Adam Smith Awards 2019 Top Treasury Team – Honeywell

Adam Smith Awards

Congratulations to our winners

Adam Smith Awards 2019 logo

2019 Overall and Highly Commended Winners

Congratulations to all the Overall Winners and Highly Commended Winners of the Adam Smith Awards 2019.

Overall Winners

Photo of Jim Mahn, Citi, Cara Savas, HSBC, Didier Vandenhaute, PwC, Ans Michiels, Deutsche Bank, Sabry Salman, Barclays, Marie-Astrid Dubois, Rónán Clifford, Gino Gude and Séverine Le Blévennec, Honeywell

Treasury Today’s Top Treasury Team 2019

Winner: Jim Colby and Marie-Astrid Dubois, Honeywell

Honeywell treasury, in conjunction with key stakeholders and banking partners, carved out two independent companies with a combined revenue of US$8bn within nine months. In doing so, it created two new treasury structures from scratch. It deployed the latest technology, pioneering the introduction of eSignature, the early adaption of client on-boarding tools and communicated globally via cloud technology.

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Photo of Meg Coates and Catherine Portman, Uber.

Treasury Today Woman of the Year 2019

Winner: Catherine Portman, Uber

Catherine Portman is the Overall Winner in the Adam Smith Awards Woman of the Year category. The recently appointed Head of Global Treasury at Uber has spent the majority of her fantastic career in treasury at Juniper Networks, an industry leader in automated, scalable and secure networks headquartered in California. During her tenure at Juniper, Catherine’s role evolved with the growing business and she quickly became known for her visionary leadership in treasury and for driving change across the organisation. She is now in a new role at Uber, a testament to a professional whose career has been marked by a commitment to best practices in leadership and a strong work ethic.

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Photo of Richard Parkinson and Veronica Riccio, Expedia Group.

Judges’ Choice

Winner: Ken Bugayong, Expedia Group

The challenges this solution addresses were: Limited visibility to performance, data accuracy, accelerating processes and improving speed of decision-making and improving resource utilisation and financial results.

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Photo of Stephen Darnley and Javier Orejas, IATA and John Murray, Citi.

Best Cash Management Solution

Winner: IATA

One of the greatest challenges for the airline industry is lack of payment transparency and certainty. Many payments made to IATA members are cross border. Frequently, users would have their account debited but be unclear when the payment had reached the beneficiary.

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Photo of Nico Ortiz, Bank of America Merrill Lynch, Kathryn O’Neill and Allison Rakitin, Ecolab.

Best Liquidity Management Solution

Winner: Allison Rakitin, Ecolab

Ecolab was manually consolidating its cash on a monthly basis via a large system of intercompany loans and incurring foreign exchange hedging costs. “We decided we needed a large-scale solution in order to consolidate and maximise access to our global cash positions,” recalls Allison Rakitin, Global Treasury Director, Ecolab.

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Photo of Sadachika Yoshioka, J.P. Morgan, Tomonori Kimura, Recruit Global Treasury Services and Jim Fuell, J.P. Morgan Asset Management.

Best Short-Term Investing Solution

Winner: Tomonori Kimura, Recruit Global Treasury Services

As the business has grown globally, liquidity and cash positions outside of Japan have expanded, creating foreign exchange (FX) exposure. Recruit’s treasury team therefore recognised the need to manage this liquidity outside of Japan. To help integrate global operations, a treasury centre was launched in London and Tomonori Kimura, Managing Director, Recruit Global Treasury Services, who brought a wealth of treasury knowledge and experience to the job, led this review.

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Photo of Noa Segoly, Bank of America Merrill Lynch and Gianluca Gubbini, Viacom.

Best Working Capital Management Solution

Winner: Gianluca Gubbini, Viacom

For several years, Viacom had concentrated its cash from physical bank accounts throughout Europe into a multi-currency notional pool arranged by European banks.

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Photo of Giancarlo Cicuttini, Sara Marcandalli, Dario Ghislanzoni, Alessandro Marcarini and Riccardo Riva, Brembo S.p.A.

Best AP Solution

Winner: Giancarlo Cicuttini, Sara Marcandalli, Riccardo Riva, Dario Ghislanzoni and Alessandro Marcarini, Brembo S.p.A

IFRS 16 came into force on 1st January 2019. This accounting principle effectively eliminates the difference between operating and finance leases and all contracts should now be accounted on the balance sheet.

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Photo of Eyal Shechter, Global-e and Kfeir Barkai, Citi.

Best AR Solution

Winner: Eyal Shechter, Global-e

Global-e was established in 2013 and since then, has experienced tremendous growth; doubling volumes every year, and increasing its number of clients and services, including selling to new markets and supporting additional currencies. As the merchant of record for its clients’ cross-border ecommerce sales, Global-e has taken on the challenges and risks associated with managing all of the different currencies of the buyer and seller, which currently exceeds 95 currencies.

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Photo of Andrew Fullarton, J.P. Morgan, Tor Stian Kjøllesdal, Varvara Belousova and Hallvard Bokn Eikeland, Equinor ASA.

First Class Relationship Management

Winner: Hallvard Bokn Eikeland, Equinor ASA

As a global business, Equinor’s treasury team works with four main cash management banks internationally and maintains 800 bank accounts for 250 subsidiaries around the world.

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Photo of Lynda McGoey, General Electric and Julian Dandridge, PwC.

Best Trade Solution

Winner: Lynda McGoey, General Electric

As part of the strategy to engage in US$20bn of dispositions and refocus on its core offerings, General Electric’s (GE) corporate treasury team had to identify a repeatable process for efficiently reducing the company’s off-balance sheet financial exposure. There was no comprehensive solution in the market to transfer a large trade finance portfolio to multiple buyers with various levels of M&A expertise.

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Photo of Andrew Burns, C2FO, Abdel Belkassem and Alexandros Diamantopoulos, Philips.

Best Supply Chain Finance Solution

Winner: Alexandros Diamantopoulos and Abdel Belkassem, Philips

Philips’ existing SCF programme started in 2009. It was a bank-led reverse factoring scheme, leveraging Philips’ balance sheet for its strategic suppliers. Though still successful, it doesn’t suit all suppliers. Philips sought a solution capable of satisfying every supplier, at the right time, at the right price, at the right underlying currency, whilst also satisfying the needs of every internal stakeholder.

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Photo of Lynda Johnson, Harley-Davidson and Jim Mahn, Citi.

Best Card Solution

Winner: Lynda Johnson, Harley-Davidson

Harley-Davidson has 6,200 employees in 35 office locations around the globe. In order to meet its employees’ extensive travel and expense (T&E) needs, the company maintained 13 different contracts with card providers, and relied on three different card platforms.

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Photo of Jeffrey DeSilva, Toyota Financial Services.

Best Funding Solution

Winner: Jeffrey DeSilva, Toyota Financial Services

For most captive auto finance treasury teams, this past year was a challenging one. Global economies experienced improving growth, higher interest rates, and increased competition for financing within dealerships. These issues impacted the Toyota Financial Services (TFS) treasury group because the team is responsible for providing low-cost funding to the organisation. Being able to source a lower cost of funds relative to its competitors is essential for both the TFS and Toyota Motor North America teams.

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Photo of Adam Richford, Renewi and Rob Harrington, HSBC.

Best Sustainable Finance Solution

Winner: Adam Richford, Renewi

Renewi is a pure play sustainability-focused company at the heart of the emerging circular economy. Through its operations it processes 14 million tonnes of waste a year and recycles and recovers 90% of this, which preserves the natural resources that would otherwise be required and avoids the carbon emissions of the alternatives. The company is proud of its role in the circular economy and it is keen to invest in the growth of recycling and the positive environmental impact of doing so. It wanted to demonstrate this using a green finance framework consistent with the green bond and green loan principles.

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Photo of Shahnaz Yousuf and Michael Dawson, Shell, Tod Van Name, Bloomberg and Bhavin Makrani, Shell.

Best Foreign Exchange Solution

Winner: Michael Dawson, Shell

For a corporate treasury department that supports numerous subsidiaries, managing risk exposures consistently and transparently is fundamental to improving efficiency and mitigating risk. Traditionally, a company’s currency exposures could be managed locally by different overseas cost centres. Automation, however, can offer centralised visibility, enabling execution of those exposures in aggregate and thereby reducing transaction costs.

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Photo of Ana Guyatt, HSBC, Barbara Harrison, Citi, Niall Savage, Bank of America Merrill Lynch, George Zinn and Tara Johnson, Microsoft.

Best Risk Management Solution

Winner: Jim Scurlock, Microsoft

Microsoft runs a centralised treasury for more than 450 subsidiaries in 118 countries. The company has more than 1,300 bank accounts with more than 85 banking relationships worldwide. Each dollar held in local subsidiary bank accounts is subject to increased counterparty risk, sovereign risk, foreign exchange fluctuations, fraud and environmental risks.

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Photo of Liam Ó Caoimh, The Adecco Group, Joerg Wiemer, TIS, Joy Kwarteng, Marc Süselbeck and André Van der Toorn, The Adecco Group.

Harnessing the Power of Technology

Winner: André Van der Toorn, The Adecco Group

Adecco Group’s biggest and most important customer is its associates, the people that work across its global base. It is the responsibility of the treasury to ensure every associate is paid on time with the due amount. To this end the company holds more than 1,000 bank accounts in over 100 banks worldwide, supporting more than 700,000 permanent and temporary employees every day.

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Photo of Ans Michiels, Deutsche Bank, Séverine Le Blévennec, Honeywell and Ellen Lauwers, PwC.

Best Fintech Solution

Winner: Séverine Le Blévennec, Honeywell

Honeywell treasury has leveraged technology over the years in order to achieve 100% daily cash visibility into Quantum treasury management system (TMS). This, together with 27 EMEA in-country cash pools and two cross-border cash pools, works very well for day-to-day cash management of the company’s 473 EMEA affiliates.

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Photo of Richard Parkinson and Royston Da Costa, Ferguson Group Services Limited.

Best Cyber-Security Solution

Winner: Royston Da Costa, Ferguson Group Services

Ferguson has always placed security of its systems and IT infrastructure as one of its top priorities. “In fact, one of the four key drivers for our treasury technology, is security,” explains Royston Da Costa, Assistant Group Treasurer at Ferguson Group Services Limited.

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Photo of George Zinn and Rahul Daswani, Microsoft.

Best in Class Treasury Solution in the Middle East

Winner: Rahul Daswani, Microsoft

The benefits of digital transformation are realised over time and enterprise customers look for payment solutions for the investment that will meet the project payback period. While Microsoft typically offers terms of 30-60 days for software purchases, customers look for payment terms that can solve multi-year budget/cash flow requirements.

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Photo of Olawale Bello and Chinonye Nzewi, Flour Mills of Nigeria and John Murray, Citi.

Best in Class Treasury Solution in Africa

Winner: Chinonye Nzewi, Flour Mills of Nigeria

Before Flour Mills of Nigeria (FMN)’s adoption of CitiDirect BE – Citibank’s web-based banking platform – the company’s payment process was largely manual because the impact of the company’s use of two individual bank payment platforms on its treasury management processes was minimal and did very little to introduce any form of efficiency to the company’s process.

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Photo of Federico Galvez, Citi and Rossana Novoa, Hochschild Mining

Best in Class Treasury Solution in Latin America/Caribbean

Winner: Rossana Novoa, Hochschild Mining

The company has a centralised treasury model with all subsidiaries’ treasury activities managed in Peru. The treasury team here comprises of four people, a challenge when managing 15 companies, 17 banks, 86 bank accounts and over 3,000 payments from multiple entities per month.

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Photo of Gino Gude, Honeywell.

A Rising Star

Winner: Gino Gude, Honeywell

Gino Gude is an ambitious and driven treasury professional who has several years’ experience within treasury in a multinational company in a demanding environment. He is a technically minded, well rounded and confident individual with an enthusiasm for his trade which has rewarded him with an admirable career path that has seen his role and responsibilities increase rapidly.

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Highly Commended Winners

Photo of Paul Greenhalgh, J.P. Morgan, Victoria Jackson, Shawn DeMelo, Sarah Mounty, Kerry Thomas, Mirela Cartescu and James Kelly, Pearson.

Treasury Today’s Top Treasury Team 2019

Highly Commended: James Kelly, Pearson

The scale of ambition displayed by the treasury team at Pearson is extraordinary. It has revolutionised its treasury platform over the past year, displaying an exceptionally bold approach.

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Photo of Meg Coates and Anita Bubna, Flex.

Treasury Today Woman of the Year 2019

Highly Commended: Anita Bubna, Flex

Anita Bubna is Senior Director of Treasury at Flex, a multinational technological manufacturer and a leader in hi-tech manufacturing supply chains. She has been with the company for eight years. A large part of her experience in treasury has been focused on global cash management and developing innovative global working capital solutions. In addition to her experience as a treasury professional, she has also held roles in software project management, FP&A, credit and operations finance.

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Photo of Mirko Kluge, Deutsche Bank and Denis Bräuer, Element Solutions Inc.

Best Cash Management Solution

Highly Commended: Denis Bräuer, Element Solutions Inc.

As part of its bid to strengthen its European presence and promote growth in the region, Element Solutions Inc. (ESI)/Platform Specialty Products (PSP) made a series of major acquisitions between 2013 and 2018, including Etec Crop Solutions in New Zealand (May 2018); OMG Malaysia (January 2016); Alent (December 2015); CAS (November 2014); and MacDermid (October 2013).

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Photo of Mariko Yashiro and Josiane Farronato, Roche, Peter Cunningham, Citi and Banu Suman, Deutsche Bank.

Best Cash Management Solution

Highly Commended: Martin Schlageter, Roche

Increasingly, collaboration within the banking community has seen major players working together to help corporates achieve greater visibility over their payments, with cross border transactions presenting especially tough challenges, ranging from difficulties in checking the status of a payment to a lack of visibility over fees.

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Photo of John Halpin, Doosan Bobcat Inc. and Atsushi Suzuki, J.P. Morgan.

Best Cash Management Solution

Highly Commended: Dae Woo Lee, Doosan Bobcat Inc.

Doosan Bobcat’s continuing strong global growth led to its treasury team seeking to improve operating efficiency and reduce costs.

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Toronto view of skyline on local airport

Best Liquidity Management Solution

Highly Commended: John Arthur, Goldcorp

As part of the organisation’s commitment to continuous innovation, Goldcorp wanted to streamline its treasury operations. The company was using a complex set of integrated systems as well as spreadsheets and other manual processes to manage its treasury activities across locations in Vancouver, Barbados and Switzerland.

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Photo of Varun Wadha, Tian Song and Moda Abhishek, Baker Hughes and John Murray, Citi.

Best Liquidity Management Solution

Highly Commended: Varun Wadhwa, Tian Song and Moda Abhishek, Baker Hughes, a GE Company (BHGE)

BHGE is the combination of GE Company’s Oil & Gas business and Baker Hughes Incorporated. The combined company had more than 25 bank relationships in Europe, with separate banks at country level providing cash and liquidity management for EUR, GBP, USD and the Nordic currencies, with cash pooling provided on a standalone bank basis.

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Photo of Serina Hourican, Bank of America Merrill Lynch, Elaine Wright and Dageria Morgan, Linamar Corporation and Hollie Sharkey, ION Treasury.

Best Working Capital Management Solution

Highly Commended: Dageria Morgan and Elaine Wright, Linamar Corporation

The company had multiple bank accounts which they wanted to rationalise, together with a legacy and quite disjointed treasury operation, required an overhaul. To compound the situation, the company, as part of it’s diversification strategy, had recently been involved in a billion dollar plus acquisition of an agricultural equipment manufacturing company – MacDon Industries.

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Photo of Meg Coates and Soraya Ahmed, Citi who accepts the award on behalf of Emirates Global Aluminium.

Best Working Capital Management Solution

Highly Commended: Toby Shore, Emirates Global Aluminium

Emirates Global Aluminium (EGA) sought an off-balance sheet funding solution to meet its working capital requirements, driven by investments in new assets and a commitment to deliver returns to shareholders.

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Photo of George Zinn, Microsoft and Meg Coates.

Best AP Solution

Highly Commended: Sunnie Ho, Microsoft

Microsoft runs a centralised treasury and leverages an in-house cash centre to facilitate the intercompany payments through a non-cash settlement process for more than 450 legal entities. Historically, several groups outside of treasury were responsible for settling an average of 35,000+ transactions with more than US$50bn in notional value for various types of intercompany flows; cost plus commissions, royalties, dividends and other types of AR/AP.

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Photo of Meg Coates with David Jones, HSBC who accepts the award on behalf of Transport for London.

Best AP Solution

Highly Commended: Paul Mason and Emma Thomas, Transport for London

In 2003 Transport for London (TfL) introduced its Oyster card, an electronic smartcard that revolutionised the way people pay for public transportation including the underground, bus, rail, boat and cable car network in the city and surrounding neighbourhoods.

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Best AR Solution

Highly Commended: Kevin Green, LoadDelivered

Photo of George Zinn, Microsoft and Meg Coates.

First Class Relationship Management

Highly Commended: Pankaj Gudimella, Microsoft

A request for proposal (RFP) was produced by Microsoft treasury to review custody services across all major providers – something that had not been done in over a decade. The objective of the RFP was to ensure that Microsoft has the best in class global custody services for operational excellence across a complex core of cash processing comprising trade settlement, income processing, corporate actions and collateral management.

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Photo of Scott Swindler, Christopher Teo and Yvonne Leong, Invista and Tom Murphy, Bank of America Merrill Lynch.

First Class Relationship Management

Highly Commended: Scott Swindler, Invista

Since its acquisition by Koch Industries in 2004, Invista aimed to have a best in class treasury operation. It implemented notional pooling underpinned by physical cash concentration, as part of a wider business process re-engineering programme, backed by a rollout of SAP across the group.

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Photo of Nigel Venrooij, Saudi Basic industries Company and Steven Elms, Citi.

Best Trade Solution

Highly Commended: Hesham Abdullah Bukannan, Saudi Basic Industries Company (SABIC)

SABIC has 60 people involved in processing the documentation for more than 8,000 letters of credit (LCs) issued yearly. All of its processes were manual. It took up to four days to complete the documentation because of the back-and-forth coordination with banks dealing with the various discrepancies raised as a result of manual processing.

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Photo of Casey Dunn, Deutsche Bank, Guenter Lensges and Eric Mason, Procter & Gamble Company and Peter Cunningham, Citi.

Best Supply Chain Finance Solution

Highly Commended: Tyler Rehmert, Procter & Gamble Company

Procter & Gamble’s (P&G) treasury team recognised that free cash flow and productivity needed to be improved. External benchmarking of days payable outstanding (DPO) showed that P&G was lagging behind its peers, the company falling into the bottom quartile. The treasury team and purchasing organisation instituted new payment terms with suppliers, mindful that the programme should not result in increased cost of goods.

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Photo of Christian Bauwens, Flex and Meg Coates.

Best Supply Chain Finance Solution

Highly Commended: Nidhi Sharma, Flex

Keen to develop ways to support and grow business, treasury – which aims to digitise its trade payables and receivables using smart contracts – approached relationship bank, Standard Chartered Bank (SCB), to discuss potential approaches to working capital optimisation. The answer was supply chain finance (SCF).

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Photo of Meg Coates with Jim Mahn, Citi, collects the award on behalf of Ingersoll Rand.

Best Card Solution

Highly Commended: Stefan Vancampenhout, Ingersoll Rand

When Ingersoll Rand deployed a new ERP (Oracle R12) it decided to also revitalise its procure-to-pay (P2P) process. One of the identified focus areas were low-value purchases as there was room for efficiency improvement.

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Photo of Jacey Quinn, Bank of America Merrill Lynch, collects the award on behalf of Tableau Software and Meg Coates.

Best Card Solution

Highly Commended: Ed Barrie, Tableau Software

With three different card programmes being operated across two separate financial institutions, Tableau’s treasury team was responsible for managing a domestic programme for the US, as well as two international programmes out of local bank branches in Asia Pacific and EMEA.

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Photo of Temesgen Getaye and Mesfin Demu, Ethiopian Airlines Group.

Best Funding Solution

Highly Commended: Temesgen Getaye, Ethiopian Airlines Group

The airline had a large number of aircraft on order with Boeing and Airbus and most of these aircraft had been assumed to be acquired on finance lease terms. Unfortunately, the traditional and less costly financing options were proving unavailable for the airline. European export credit agency (ECA) backed financing structures were not supporting Airbus, due to problems identified with the manufacturer.

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Photo of Frank Boroch, Hyundai Capital America.

Best Funding Solution

Highly Commended: Frank Boroch, Hyundai Capital America

After almost a decade of rapid growth, Hyundai Capital America’s (HCA) balance sheet had expanded dramatically requiring significant reliance on debt, which had stretched the capital structure towards the upper limits of HCA’s internal target of 10-11x gross debt to equity leverage.

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Photo of Patrick Payet, Republic of Seychelles and Meg Coates.

Best Sustainable Finance Solution

Highly Commended: Patrick Payet, Republic of Seychelles

Environmental sustainability is a key objective for the Republic of Seychelles (‘Seychelles’) and it is committed to supporting the development of a sustainable marine economy. To finance this, it was seeking to issue a flagship transaction that reflected its social and environment responsibilities, whilst achieving competitive pricing.

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Photo of Anne Lenaerts, Solvay and Meg Coates.

Best Sustainable Finance Solution

Highly Commended: Anne Lenaerts, Solvay

In September 2018 the company announced a commitment to cut greenhouse gases from its own operations by one million tonnes by 2025 relative to 2017 levels, thereby decoupling for the first time its new targets from its earnings growth. The Group intends to achieve this reduction by further improving energy efficiency, energy mix and by investing in clean technologies.

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Photo of Alberto Vaccari, Solvay and Vincent Liegeois, HSBC.

Best Foreign Exchange Solution

Highly Commended: Hatem Soua, Solvay

The FX centralisation project was launched by corporate treasury early in Q218 with the aim to extend the group’s in-house bank (IHB) FX risk management best practices to the worldwide group treasury scope, namely the Latin American and Asia Pacific regions.

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Photo of Cedric Petiot, Mariko Yashiro and Massimo Kast, Roche.

Best Foreign Exchange Solution

Highly Commended: Massimo Kast, Josiane Farronato, Cedric Petiot and Mariko Yashiro, Roche

Roche’s foreign exchange (FX) transactions were settled individually with banks. In this conventional settlement the exchange of the two currencies involved in the trade was not synchronous. There was a risk that Roche would transfer irrevocably the currency it had sold without receiving from the counterparty the currency it had bought, thereby introducing settlement risk.

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Photo of Benno Zentriegen and Stefan Windisch, Roche.

Best Risk Management Solution

Highly Commended: Stefan Windisch, Roche

Although straight through and ERP integrated payment processing are established at Roche, many manual payments still need executing. The group’s treasury’s visibility over such manually processed payments depends heavily on manual communication between the local affiliate and the HQ.

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Photo of Jeffrey DeSilva, Toyota Financial Services and Meg Coates.

Best Risk Management Solution

Highly Commended: Jay Lee, Toyota Financial Services

Toyota Motor Credit Corporation (TMCC) runs one of the largest commercial paper (CP) programmes in the world, with over US$100bn direct issuance per year. It is one of the company’s primary short-term funding sources and liquidity management vehicles. The programme offers relatively cheaper borrowing cost given its short-term nature, but it also requires rigorous liquidity risk management as approximately US$200m-US$300m CP matures on any given day.

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Photo of Bruce Bettencourt, J.P. Morgan, Daniel Gramunt and Macer Skeels, Nokia.

Harnessing the Power of Technology

Highly Commended: Daniel Gramunt, Nokia

As a global company, Nokia’s treasury team is responsible for efficiently managing cash flows around the world. However, the process to gain visibility into cash positions was no longer sufficiently dynamic to allow more immediate assessment and decision-making.

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Photo of Andy Heald, Baird and Renaat Ver Eecke, GTreasury.

Harnessing the Power of Technology

Highly Commended: Steve Huse, Baird

In 2016, Baird was implementing a treasury management system (TMS) for cash and liquidity management and payments – a relatively new application for brokerage and wealth management. It was looking to improve processes, reduce error and minimise reputation risk as a client service business.

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Photo of Zach Nobis-Olson, Bank of America Merrill Lynch and Bilkay Rose, Avalara.

Harnessing the Power of Technology

Highly Commended: Bilkay Rose, Avalara

In the past, Avalara relied on a highly manual and cumbersome spreadsheet-dependent process to manage tax payments on behalf of its customers. To illustrate, in order to remit sales tax payments, Avalara extracted and combined customer banking information and liability data and manually uploaded transactions into the applicable bank portal.

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Photo of Abraham Geldenhuys, Kongsberg Automotive and Laurens Tijdhof, Zanders.

Best Fintech Solution

Highly Commended: Abraham Geldenhuys, Kongsberg Automotive

A trend of increased attention to intercompany loan pricing can be seen in all corners of the world as the international tax world is bursting with new developments. Some examples are the Anti-Tax Avoidance Directive (ATAD), the base erosion and profit shifting (BEPS) project and the new corporate tax regulations in the US.

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Photo of Niall Savage, Bank of America Merrill Lynch, George Zinn, Microsoft and Ellen Lauwers, PwC.

Best Fintech Solution

Highly Commended: Shelly Valdez, Microsoft

In December 2016, Microsoft acquired LinkedIn for US$26bn, the largest acquisition in the company’s history. It was planned to integrate the treasury function which includes the cash positioning, intercompany lending, cash funding and sweeping.

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Photo of Meg Coates with Tom Newton, ICD, collects the award on behalf of Cisco Systems.

Best Fintech Solution

Highly Commended: Roger Biscay and Chris Newman, Cisco Systems

As a treasury technology leader, Cisco was looking to streamline its day-to-day investing processes. The settlement process for money market fund trades required multiple signatures, faxes to the custodian and manual entry of the transaction details. Multiple parties would touch and key in information, and the outdated fax process was time consuming.

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Photo of Meg Coates with Tod Van Name, Bloomberg, collects the award on behalf of Etisalat Group.

Best in Class Treasury Solution in the Middle East

Highly Commended: Ahmed Moawad, Etisalat Group

Etisalat’s treasury team was managing its treasury operations including cash, funding, risk and reporting manually with Excel spreadsheets. The team’s transaction volumes were increasing at the same time as maintaining relationships with more than 50 banks and 230 bank accounts across Etisalat Group and its subsidiaries.

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Photo of Kata Pasztor, Etihad Airways and John Murray, Citi.

Best in Class Treasury Solution in the Middle East

Highly Commended: Kata Pasztor, Etihad Airways

In 2015 Etihad initiated a complex treasury transformation project to support expansion and optimisation of the business. It aimed to completely redesign the company’s policies and governance around cash management, working capital, expense management, risk management and cost controls.

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Dubai downtown skyline of skyscrapers

Best in Class Treasury Solution in the Middle East

Highly Commended: Elias Choufi, ASGC Group

As an influential and leading company in the Middle East’s construction industry, ASGC’s 25 holding companies manage over 21,000 transactions monthly across 15 banks and eight different currencies. ASGC’s goal was to digitalise and centralise treasury with the ancillary goal of being more green and going paperless.

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Photo of Jan Beukes and Nambita Mazwi, MultiChoice Group and James Lee, Citi.

Best in Class Treasury Solution in Africa

Highly Commended: Jan Beukes, MultiChoice Group

When the MultiChoice Group unbundled from Naspers, a broad-based multinational internet and media group headquartered in South Africa, it listed separately on the Johannesburg Stock Exchange at the end of February 2019. Its listing was achieved in a very short period. Going hand-in-hand with this was the development of its treasury process.

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Photo of Virginie Darbo, LafargeHolcim Algeria and Ouiza Zerka, Citi.

Best in Class Treasury Solution in Africa

Highly Commended: Virginie Darbo, Nassima Meliouh and Imad Cheref, LafargeHolcim Algeria

At the end of 2017, LafargeHolcim Algeria (LHA) launched a programme aimed at improving the customer experience by bringing customers closer and offering an exclusive payment service with a high level of availability and security. LHA wanted to both streamline and simplify its collection process (very high volume), knowing that electronic payments, are in Algeria, a new and therefore unfamiliar solution. Laws and regulations approving the use of e-payments were enforced in Algeria early 2018.

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Aerial view of Barranquilla, Colombia

Best in Class Treasury Solution in Latin America/Caribbean

Highly Commended: Alejandro Radi Bolaño, Procaps

Procaps was looking to unlock a considerable amount of working capital by securing longer payment terms with its suppliers, helping it to buy stock, without damaging these vital relationships.

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Photo of Zampeta Fameli, Roche and Peter Cunningham, Citi.

Best in Class Treasury Solution in Latin America/Caribbean

Highly Commended: Martin Schlageter and Zampeta Fameli, Roche

A key aspect of Roche’s business model includes taking risks in pharmaceuticals, healthcare and research, as part of the strategy to grow and evolve. To counterbalance this, treasury’s role is to safeguard the balance sheet by hedging against financial risks and therefore facilitate that risk-taking activity in the business.

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