Who would be a corporate treasurer in these troubled times? A recent briefing note from the Association of Corporate Treasurers (ACT) on how to plan for the economic downturn advised treasurers, among other things, to “keep your CV up to date and make sure you are better known around the industry”. With company insolvencies set to hit epidemic proportions in 2009, it is a wise piece of advice. As the recession takes hold across the world, the spotlight is shining on corporate treasurers with an unforgiving glare. For it is them, more than anyone else, that are responsible for keeping companies afloat. With the current economic malaise showing no sign of easing any time soon, treasurers are under more pressure than ever before.
The corporate treasurer is a shy, retiring creature, even at the best of economic times, but in a downturn he goes to ground. And this is no run-of-the-mill downturn. Access to credit has become almost non-existent for some companies and the lucky few that are able to renew debt are having to pay a high premium for the privilege.
