By Valerie Hawkes
ACT better half to treasury administration is greater than simply an replace of the vintage forst version. it's been thoroughly rewritten to include all that has replaced in foreign treasury administration because the first version used to be written over twelve years in the past.
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Extra info for ACT companion to treasury management
Any company that makes a sale to a customer with terms involving future pay ment takes some degree of credit risk to that customer, and that exposure is often longer term than initially thought. Many companies give their customers 30 or 90 day payment terms and therefore take on the risk that customers will, at some stage, default on their debts and keep the merchandise without paying. For many companies with a core group of customers, this represents a structural credit risk. There are three possible solutions to this problem: and the use of FACTORING, CREDIT INSURANCE CREDIT DERIVATIVES.
These include the cost-plus' treasury, which would typically take a small margin on all deals with subsidiary companies as a means of generating some income at the centre. The profit orientated' treasury is one that will leave some positions Cost ν profit centre treasury 35 unhedged in the market in the hope of making gains from favourable currency or interest rate movements. Surveys have shown that true cost centre and profit centre treasuries are actu ally extremely rare. Most treasurers use their market judgement to a limited extent and leave some positions unhedged in an attempt to improve the corpora tion's profitability.
A variety of new issues have arisen in recent years such as the extent of disclosures required on corporate governance matters and that of directors' remuneration. Directors' remuneration has become an increasingly contentious issue. The Greenbury Report, published in July 1995, may be the catalyst for change. The Greenbury Committee's report concluded in favour of self-regulation rather than statutory control in the determination of directors' remuneration but curtail extensive disclosure requirements for such remuneration.
ACT companion to treasury management by Valerie Hawkes