And the winners are...

Mastering strategic change (main award)

Winner: Alibaba

Since its IPO, Alibaba has grown from a China-centric ecommerce company to a global MNC. For the treasury team, this has brought considerable challenges – which Alibaba has successfully addressed by undertaking six major initiatives spanning next-generation cash management and post-M&A integration, and by leveraging everything from virtual bank account pooling to blockchain and APIs.

Digital transformation/technology implementation

Winner: Pearson

Following Pearson’s previous success in the EuroFinance Treasury Excellence Awards, the company built on its earlier cash management optimisation project with a more comprehensive forecasting solution that incorporates AI-enabled forecasting alongside analyst forecasts, sales forecasts and committed cash flows. Despite the uncertainty brought by the Covid crisis, Pearson used the enhanced process to speed up invoicing, accelerate £60m in cash flow and meet its 2020 targets.

Treasury management & process transformation

Winner: Shell

One of the world’s largest dividend payers, Shell responded to the risk and inefficiencies of its old manual approach just in time to avoid having to settle a multi-billion dividend during the first Covid-19 lockdown via many thousands of cheques.

Instead, the oil giant built a digital payment infrastructure that enables its registrar to make the direct payments custodian banks sought. This saved millions in bank fees, preserved interest income and eliminated credit risk, while serving shareholders better by introducing election rights to the UK. This innovation lets owners receive their quarterly payouts in euros, sterling or US dollars.

Runner-up: F. Hoffmann-La Roche

Although an API solution might have seemed obvious, Roche found a cheaper, simpler route to the live bank balances it was seeking to complement its earlier in-house bank and virtual account initiatives as it builds a real-time treasury.

This alternative – intra-day statements with the same content and accounting standard as an end-of-day MT 940, unlike an API or interim MT 942 message, and consistent with the future Camt.053 XML format – gives the Swiss pharma giant full visibility over its collections and highlights early payments.

That allows it both to ship earlier to customers and to avoid putting inefficient cash buffers in place in case payments fail to arrive.

Risk management and resilience

Winner: Coca-Cola EuroPacific Partners

Behind the headlines of a drawn-out and bid, the €6bn cross-border acquisition that created Coca-Cola EuroPacific Partners (CCEP) this spring was underpinned by a sophisticated currency and interest rate risk management strategy.

The deal might easily have failed. So to limit potential downside the company put in place a deal-contingent hedging package. This covered both its Australian dollar exposure on the target (Coca-Cola Amatil) and its interest rate exposure on the borrowing to fund the deal if it went through – and was able to accommodate both a credit downgrade and the eventual higher price shareholders demanded.

About the awards

How to enter

It’s easy to enter the awards – after all, in showing what you can achieve, you’ve already done the hard part. The simple procedure and guidelines are detailed below.

We are looking for a good narrative which supports your submissions. Although we require some information about your company in our online entry form, what we are ultimately looking for is a compelling story. Ideally, to excite our interest, that story can be given simply in bullet points on a one page uploaded document showing concrete examples of treasury-led/implemented transformation project (s) that show good communication, mobilisation of resources and teamwork through adversity.

Criteria and eligibility

The annual EuroFinance Treasury Award for Excellence is presented to the company that best embodies the themes of EuroFinance’s flagship event.

The award is open to any commercial business, public/state-sector entity or not-for-profit organisation, anywhere in the world.

Banks, FIs, software providers and other vendors are not eligible to enter but we welcome submissions on behalf of your corporate clients.

Competition for this award is strong, and so it is unlikely (but not impossible) that treasuries from the smallest businesses will satisfy the criteria.

Guidelines and tips

  • Please use the online entry form to submit your award application. To ensure consistency and fairness in judging, this form is mandatory for all participants.
  • Please provide a clear explanation as to why you should win the EuroFinance Treasury Award for Excellence. Submissions should ideally be on one side of A4 and in English.
  • You may submit supporting material but this must be in English. (Testimonials from your chief executive, investors, bankers, or internal customers/stakeholders may be helpful but are not necessary).
  • Any commercially sensitive information in the entry should be marked as such and will not be publicised by the judging panel. Please note, however, that you must provide an adequate amount of disclosure to justify the award.
  • Winners will be expected to make a treasury executive available for interview, for an article to be published on the EuroFinance website, and should notify their communications teams of this.
  • Entry for 2021 has now closed.

Winner’s entitlement

  • You can publicise yourself as the “Winner of the EuroFinance Treasury Award for Excellence 2021” and use the Award logo on your website and other materials.
  • Banks and vendors whose clients win an award may license the Award logo from EuroFinance. Contact [email protected] for further details.
  • You will be interviewed for an article about your achievements published on the EuroFinance website.
  • At our annual flagship conference you will be awarded the EuroFinance Treasury Award for Excellence trophy and give a presentation on the achievements that won you the award.

Judging process

  • The judging panel will comprise members of the EuroFinance editorial, research and programming teams, chaired by the Senior Editor. Their decision will be based purely on merit.
  • The judging panel may conduct its own additional research or put questions to the entrants in order to clarify your submissions.
  • Shortlisted candidates may be interviewed by one of our senior editorial team and the most interesting story forwarded to our editorial panel.
  • The judging panel’s decision is final and no correspondence will be entered into with unsuccessful entrants other than to advise them of the results of the awards.
  • Entrants will be notified whether they have won or been shortlisted as soon after the closing date as a thorough judging process allows.
  • Anyone considering entering these awards who has any questions about the rules or procedures may email [email protected].