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Monday 8 вЂ“ Tuesday 9 December 2014
The InterContinental, San Francisco, US
Managing Rapid International Growth:
Finance & Treasury Supporting Change
Solving financial dilemmas of international growth
Meet top MNCs and also fast growing
companies with the knowledge and
essential tools to successfully run
a finance and treasury function.
Hear top speakers from:
Box inc
Bechtel
eBay
Agilent
Cisco Systems
Cognizant
Juniper Networks
Mattel
Oracle
Microsoft
Salesforce
...plus many more!
SAVE UP TO $700
Beat the early registration deadline of 24 October 2014
Official lead and global sponsor
Official sponsors
www.eurofinance.com/sanfrancisco
Solving financial dilemmas
of international growth
No one kids themselves that international expansion is easy. But the opportunities in
new markets can be a game changer for many companies. The process is enormously
complex if you are just starting out. It remains complex and demands vigilance even if
you have been global for a number of years. Rules and regulations change, risks come
and go. The way that money moves through countries can have huge consequences on
tax and profits. Treasury needs to be an upfront participant in global expansion.
Highlights
Cutting edge case studies that detail the pain points of international
growth and how to overcome them
Lessons learned from some of the top names in international treasury:
how to get it right from the start
The right mix of banks for an international footprint
The right treasury strategy for growth
Getting that elusive visibility of global cash
Technology to support global expansion вЂ“ donвЂ™t make poor choices
Overcoming the challenges of emerging markets
To help meet the global challenges of fast-growing companies, EuroFinance is
launching the two-day conference with the aim of providing treasurers, CFOs and
finance directors with the knowledge and tools to successfully run a finance and
treasury function that can cope with the enormous complexities of moving money
around, in and out of countries around the world.
Who should attend?
Whether you are a relatively new company whose main growth is internationally
or you are an established treasury that wants to look for smarter, more efficient
solutions to support growth, learn from seasoned treasurers and industry experts
that have solved the global challenges of operating in new markets.
Companies where business expansion is predominantly abroad/international
Young companies without legacy systems that want to develop treasury and
finance services to partner their international expansion
Companies that may have a well-developed treasury but are looking for
smarter, more efficient solutions to aid international growth
For program and speaker updates, visit
www.eurofinance.com/sanfrancisco
Anyone interested in solving specific problems encountered in international
treasury or as companies move into new markets
2
DAY 1 | TREASURY AND FINANCE MANAGING CHANGEMonday 8 December 2014
Robert J. Novaria, EuroFinance Tutor & Consultant, US
09.00 Opening address
11.10Cisco Systems: Profile of an international treasury
William вЂ�DubвЂ™ Newman, Head of North America Global
Transaction Services, Bank of America Merrill Lynch
Cisco Systems profiles how its international treasury operates, its
structures and strategies for the markets it is active in. Debbie will
share lessons learned and choices made.
09.10The international growth quest
TE
What do you need to think about now and do as soon as
KEYNO
possible in the treasury international build? What decisions
can you take to centralize and gain visibility on your global
operations optimally? Our keynote speaker will look at the challenges
and the decisions that can be made up front to manage a companyвЂ™s
growth more efficiently. This speaker has been in finance roles for 25 years
with top companies like Sara Lee, Cisco, eBay and now Box, a young and
fast-growing enterprise software company. In her roles she has seen her
first company double in size over 10 years, the second company grow by
three times in just three years. And by the time she left eBay, it was 15
times larger than when she joined. Box has doubled in size in each of the
past two years. She will share her experiences helping to support growth
and the globalization challenges that treasury and finance faced and, how
important it is for treasury to be a frontline, value generation function. This
includes picking the right banks and functional currency for international
operations and getting your working capital optimized from day one.
She will also talk about capital structure, including decisions on cash
generation, investment and borrowing to finance growth. Hear about the
journey to best managed international growth.
Jennifer Ceran, VP Finance, Box inc, US
09.50Building a hands-in hands-off treasury:
Treasury strategy for growth
PANEL
SSION
SE
Fast growth, never mind rapid international growth is a
challenge to central control. Treasurers must combine close
oversight with the flexibility needed to promote growth. Some opt for
maximum centralization вЂ“ prioritizing constraint and the management
of risk. Others choose to delegate significantly to in-country operations.
Some use hybrid structures to achieve the best standards. So which
approach works best to make treasury a true partner to the business? In
this session, several of todayвЂ™s most successful US MNCs look back to
when their international focus started in earnest. They explain what they
do now and why, and how they would do things differently if starting
from scratch today.
Meredith Vance, Assistant Treasurer вЂ“ Global Cash Management,
eBay, US
Anita Prasad, General Manager, Treasury, Microsoft, US
10.40 Refreshment break
13.20Juniper Networks international treasury pratice: How we do it
Debbie Kaya, Director Treasury, Global Cash & Operations,
Cisco Systems, US
11.30Optimal international bank partnering:
Getting your bank group right
Juniper Networks explains how its international treasury is set up
and why it developed as it did.
Ananya Mukherjee, Treasury Director, Global Operations,
Juniper Networks, US
13.40Optimal cash visibility: How to get high-visibility cash
PANEL
N
SESSIO
Changing core banks can be expensive and complicated,
so choices are critical. In-country banks can provide
specialist knowledge and services. In some jurisdictions they may be
compulsory. But too large a bank group makes process standardization
and transaction visibility hard. It also dilutes your wallet, weakening
leverage and relationships, and pushing up costs. Large global
providers have the best coverage and can maintain investment in
the latest solutions. But over-reliance on one or two institutions may
create operational risks too. Only an upfront analysis of anticipated
business needs will let you compose the bank group thatвЂ™s right for
you. In this session a panel of companies looks at how and what
should drive your choices.
Debbie Kaya, Director Treasury, Global Cash & Operations,
Cisco Systems, US
David Nelson, Vice President Investor Relations & Treasurer,
Cognizant, US
John Gleason, CPA, CFA, Independent Treasury Executive, Former VP AT,
Hewlett-Packard, Former EMEA Treasurer, Dell, US
PANEL
Cash visibility is the cornerstone of best practice treasury.
ESSION
S
In a domestic business in a highly developed market, it
is straightforward. Add multiple currencies, banks and
jurisdictions and treasurers must master new tools and skills fast.
At a recent EuroFinance Global Treasury event we asked over 400
global treasurers if they were happy with their existing cash visibility.
More than 70% said no! So how do you ensure that you get the right
results? A plan is essential. How will you monitor cash positions? Can
you do this with the same accuracy and frequency as your existing
systems? Are your proposed solutions scalable so that they can cope
with anticipated expansion? This challenge is complicated by the
proliferation of tools on offer вЂ“ from treasury workstations to bank
platforms to enhanced accounting suites. This session takes a look at
best practice for cash visibility in the midst of international expansion.
Kevin Leader, VP & Treasurer, Bechtel, US
Ananya Mukherjee, Treasury Director, Global Operations,
Juniper Networks, US
Joachim Wettermark, VP Treasury, Salesforce.com, US
14.20 Refreshment break
12.10Lunch
Some of the worldвЂ™s top companies come together to share experiences
in international treasury: the right structures, operations and controls
for successful growth.
3
DAY 1 | TREASURY AND FINANCE MANAGING CHANGEMonday 8 December 2014
14.50Microsoft: Rolling out a centralized global treasury
This session will look at the building of MicrosoftвЂ™s international
treasury presence, its structures, strategies and current projects.
With a look at lessons learned and what they might have done
differently, gain insight into how a company can quickly, efficiently
and effectively put into place global treasury with a high degree of
centralisation.
Anita Prasad, General Manager, Treasury, Microsoft, US
15.20Dealing with the trapped cash trap
With growing cash balances worldwide trapped cash has become a
central theme for many global companies. But what exactly is trapped
cash? The definition can vary greatly from company to company.
Sometimes companies build cash in certain countries due to their
own established tax/treasury strategies and repatriating cash back
home is simply not cost effective due to withholding tax rates. In
many other cases companies want to repatriate the cash but the
cash becomes trapped due to a countryвЂ™s highly regulated and capital
control-intensive framework. Sometimes it is virtually impossible to
get cash out due to a countryвЂ™s severe macroeconomic problems. In
controllable cases, early planning and an understanding of what filings
and documentation are required are critical. HereвЂ™s a look at how.
Ed Paterson, Vice President & Assistant
Treasurer, Oracle
16.00eBayвЂ™s international treasury: Coping with explosive growth
eBayвЂ™s explosive growth in its almost 20-year history has required
a fast and agile treasury, particularly for its international expansion.
This briefing will look at the key components of their international
treasury growth.
Meredith Vance, Assistant Treasurer вЂ“ Global Cash Management,
eBay, US
16.20Optimal tech for international treasury:
A problem of tech choice
PANEL
N
SESSIO
Technology may be the answer to many of the questions
posed by global business expansion but the choice
of solutions is not straightforward. The pace of change in many
technologies also brings the question of obsolescence or ill-advised
investment. Treasurers on the brink of change must first evaluate
their current systems and processes to determine which are suitable
foundations for an international build-out. Can the present systems
cope with new currencies, international bank and payment channels?
Assuming additional tools are required, what are the choices? Can
SWIFT or other outsourced solutions achieve your needs most cost
effectively? Do you need a new or different TMS? Is reliance on ERP
the answer? How can your banks help? In this presentation listen to
the issues typically faced by US companies and the key priorities going
forward in technology.
About EuroFinance
EuroFinance is the leading global provider
of conferences, training and research on
cash management, treasury and risk.
Running more than 50 events worldwide,
EuroFinance enables treasurers and CFOs
to exchange innovative strategies, best
practice and expert opinion.
Through our in-depth research with over
2,000 corporate treasurers every year,
EuroFinance has a unique insight into the
trends and developments in cash
management and treasury, and an
unrivalled global viewpoint.
17.10 Adjourn to Networking Reception
Join our LinkedIn group
eurofinance.com/linkedin
Subscribe to our YouTube channel
eurofinance.com/youtube
Follow us on Twitter
Unique, informative sessions
from the worldвЂ™s top companies
on how to make the most effective
international build for your
treasury: lessons learned, top tips
on obstacles and opportunities.
twitter.com/eurofinance
4
DAY 2 | TREASURY AND FINANCE MANAGING CHANGE
Tuesday 9 December 2014
Robert J. Novaria, EuroFinance Tutor & Consultant, US
09.00The economics of international growth
11.40The shock of the new: FX risk in new markets
What a difference a few years can make. Not long ago Brazil was an
investment darling. China was unstoppable. American companies were
very much focused outwards as America continued to stagnate. Now
whether China can maintain its growth target of 7.5% is questionable;
the shine is off Brazil and escalating political tensions across the world
in various guises are worrying markets. This session will look at risks
and opportunities around the world. Where should your business be
looking to for growth?
PANE
Some companies transact in US dollars regardless of the
N
SESSIO
location of their customers and suppliers. This eliminates
the need for multi-currency systems, spot FX and derivatives
transactions, a hedging policy and all the associated accounting
and treasury headaches. However, it also deprives companies of the
negotiating advantages to be had in local currencies and the many
benefits that can be derived from local currency funding and asset
and liability management (ALM). To accommodate FX risk, treasuries
need defined objectives, clear policies, robust exposure monitoring and
metrics that matter. Rather than losing coherence by focusing country
to country, a clear global approach is required. This session look at best
practice with currency management as well as reports on the issues
here and abroad arising from legislative changes around the world.
09.30How we do it
This company profiles its international treasury structures and
strategies and then joins the next panel to talk about its
experiences in China.
09.50Optimal emerging markets strategies: The challenges
Every market has its own unique features, but ChinaвЂ™s potential to
transform business, coupled with the complexity of its regulatory
environment, sets it apart. The good news for foreign treasurers is that
a series of recent initiatives has made cross-border transactions in
renminbi much easier. The creation of the Shanghai Free Trade Zone and
the relaxation of cross-border RMB lending means that China can now
be incorporated into normal global treasury models. In this briefing [US
treasurer with sophisticated RMB operation] gives an overview of the
current regulations and explains how treasury should be set up to best
support a Chinese business initiative.
10.30 Refreshment break
11.00DonвЂ™t forget Europe
PANEL
US companies in search of growth may think first of Asia
N
SESSIO
and Latin America. But for many firms emerging markets
have produced ROIs no better than developed markets вЂ“ and
with much higher levels of risk. Europe also offers significant growth
potential and this yearвЂ™s implementation of the Single Euro Payments
Area (SEPA) has greatly simplified the EU treasury environment. SEPA
streamlines all euro payments and collections, slashes processing
costs and hugely simplifies bank account management. As this session
shows, setting up a euro-denominated treasury process from scratch is
now US-like in its simplicity.
Varun Wadhwa, Director вЂ“ Transaction Banking & Bank Fee Analytics,
General Electric, India
Kimberly Millikan, Treasury Director, Itron, US
15.00Cash collection conundrum
L
Guillermo Gualino, VP & Treasurer, Agilent Technologies, US
Peter Shen, Assistant Treasurer, Gilead Sciences, US
Anne Friberg, CTP, Senior Director, Peer Knowledge Exchange,
The NeuGroup & Senior Contributor, iTreasurer
Guy Simons, Assistant Treasurer, TRW Automotive, US
13.30How we do it
PANEL
N
SESSIO
13.50Optimal local payments and collections strategies:
Preparing for local payments
The decision to delegate payments to local offices is a big one.
In-country offices must be accountable to limits and protocols set
by the center. Their activities must be visible and consolidated into
a global system. Depending on the anticipated scale of any new
business, treasurers may also consider incorporating payments
into a shared service center, or setting up a dedicated payments
factory. More likely at the beginning treasurers should look at
corporate card programs to manage in-country cash payments where
local regulations do not demand a petty cash account. This panel
discusses the dangers of a badly managed payments policy and gives
us a checklist for best practice.
14.30 Refreshment break
Mandana Sadigh, Treasurer, Mattel, US
Rodney Gardner, Managing Director, Head of Global Receivables,
Bank of America Merrill Lynch, US
15.40Tax will guide everything:
Key considerations in the international journey
12.20Lunch
This company profiles its international treasury structures and
strategies and talks bout the stumbling blocks it was able to
overcome when expanding abroad.
L
PANE
The challenges treasurers face in managing receivables
N
SESSIO
depend a great deal on the nature and location of the
underlying business. Firms with high-value, low volume
payments may be more concerned with counterparty risk than
transaction processing. Utilities and retailers face a proliferation of
payment channels and the problems of mass collection, consolidation
and credit control. Companies selling through distribution networks lie
somewhere in between. Adding new and sometimes opaque markets
to the mix makes treasuryвЂ™s task harder still. In this presentation
treasurers show how they achieved their objectives of centralization
and control whilst remaining a strategic partner to the business.
International operation creates tax complications. The question for
treasurers is one of priorities. The lowest tax charge may only be
achievable at the expense of an inefficient cash management structure.
It may also create undesirable political and reputational risks with a
direct and material effect on revenues and the stock price. This makes
tax planning a balancing act. Treasurers must look at predicted business
flows and operational structure, and understand/predict how the
resulting interplay of tax, treasury and business considerations will
affect the company. This session shows how companies have reconciled
these conflicts and integrated tax policy with the creation of a best
practice international cash management operation.
16.10What to expect when youвЂ™re expecting something
G
CLOSIN
The rapid growth of the consumer class within emerging
TE
KEYNO
markets is forcing retailers, manufacturers and suppliers
to operate in more geographies than ever before. This
global expansion is compounding the traditional problems faced
by treasurers including cross-border payments interoperability
and reconciliation challenges with payables and receivables. Will
payments innovations actually help any of these challenges? To
get a hint of the corporate future, you only have to take a look at
the consumerвЂ™s embrace of omni-channel shopping that has driven
developments in global payments at breakneck speed. HereвЂ™s a look
at what might develop for the corporate market.
Ather Williams III, Head of Global Payments & Global GTS Strategy,
Global Transaction Services, Bank of America Merrill Lynch
16.40 Conference ends
5
Sponsors and partners
Venue
Official lead and global sponsor
Official sponsor
Official sponsor
Bank of America Merrill Lynch is one of the worldвЂ™s
largest financial institutions, providing a full range
of banking, investing, asset management and
other financial products and services. It is a leading
global bank and wealth management franchise
and a premier corporate and investment banking
and capital market business, providing innovative
services in M&A, equity and debt capital raising,
lending, trading, risk management, research, and
liquidity and payments management. Clients and
customers can expect access to a comprehensive
suite of world class products, services, and
expertise from an organization that serves clients
through operations in more than 40 countries
and has relationships with 97 percent of the U.S.
Fortune 500 companies and 73 percent of the
Fortune Global 500.
BNP Paribas has a presence in nearly 80 countries
with over 190,000 employees worldwide. As a
global leader in Cash Management, BNP Paribas
provides clients with sophisticated solutions to help
them operate more efficiently. To complement the
GroupвЂ™s strong foothold in Europe, BNP Paribas
is rolling out its integrated retail banking model
into markets such as Turkey and Eastern Europe
and in the western part of the United States. In its
Corporate & Investment Banking and Investment
Solutions activities, BNP Paribas enjoys top positions
in Europe, a strong presence in the Americas and
fast-growing businesses in Asia-Pacific.
HSBC For nearly 150 years we have been where the
growth is, connecting customers to opportunities.
Today, HSBC Commercial Banking serves
businesses ranging from small enterprises to large
multinationals in over 60 developed and fastergrowing markets around the world. Whether it is
working capital, trade finance or payments and
cash management solutions, we provide the tools
and expertise that businesses need to thrive. With a
network covering three quarters of global commerce,
we make HSBC the worldвЂ™s leading international
trade and business bank.
For additional information regarding Bank of
America Merrill Lynch, please visit
baml.com/treasurymanagement.
Walid Shuman
Head of Cash Management North America
walid.shuman@us.bnpparibas.com
Maria Papadopoulos
International Cash Management
maria.papadopoulos@us.bnpparibas.com
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Jared Smith
Executive VP, Head of GBM Sales, US Payments &
Cash Management | jared.smith@us.hsbc.com
Dorothy Musho
Senior VP, Head of CMB Sales, US Payments & Cash
Management | dorothy.r.musho@us.hsbc.com
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6
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Managing Rapid International Growth: Finance & Treasury Supporting Change | 8-9 December 2014 | San Franciso, US
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