IAFEI Quarterly - 30th Issue

10 / 48

insight
backgrounds approach discussions and
challenges in different ways, building a rich
decision-making framework that is
extremely valuable in a global organisation
like Borealis.
One of the ways in which we encourage
and foster this dialogue is through various
layers of regular team meetings to bring
people from different locations together,
virtually or physically, including functional
sub-groups and the whole treasury team.
These meetings allow us to debate
challenges that we are facing, share ideas,
conduct teambuilding exercises and cascade
information throughout the department.
We have an open door policy so that people
who are interested in topics for which they
do not have direct responsibility can stay
connected and build knowledge and
awareness by attending. One of the most
recent idea example developed by the team
was a temporary training-on-the-job
concept under the title “So you think you
can credit”, allowing colleagues to work in
our environment and understand it in more
detail while supporting the workload. We
also seek to promote collaboration between
teams that work in close proximity so that
they understand, and can help facilitate,
each other’s roles, responsibilities and
objectives. For example, we recently held a
workshop on treasury, funding, credit and
accounts payable that was a significant step
in promoting dialogue across teams and
increasing treasury’s exposure and influence
in the wider business.
Performance measurement
In order to evaluate our success in
developing talent across our treasury team,
we measure individual and team
performance. We evaluate individual
performance using a variety of tools. For
example, we monitor progress against
objectives that are agreed as part of a
regular appraisal and career development
process, leverage human resources tools,
and complete the so-called ‘finance
competence matrix’. This matrix is assessed
against each functional role, to ensure that
we are supporting each employee in
developing the skills that are required for
the role, and at the right level or for the
next career step. Furthermore, we use
various feedback tools like 360 degree
feedback, both formally and informally, to
take into account perspectives from across
the team and outside of our organisation,
from our customers and business partners.
Like many global organisations, we rank
employee performance. This is often very
difficult given that the culture of excellence
that we espouse in our treasury function,
and the high calibre of individuals we
attract and are fortunate to have.
Treasury benchmarking
In addition, we benchmark the performance
of our treasury function as a whole against
both internal benchmarks and third party
performance. Some metrics are purely
financial, such as financing costs. We also
measure the extent to which we are
leveraging innovative financing, investment
and cash management tools to create value
within Borealis. Similarly, we measure the
efficiency of our treasury operations,
including both quantitative and qualitative
measures. In addition, we engage regularly
in informal dialogue with other treasurers to
understand how they are addressing
common challenges and creating value.
While it is relatively straightforward to
measure our achievements when using
quantitative metrics, qualitative
performance is more difficult. Winning
independent awards such as the TMI
Corporate Award for Innovation and
Excellence in Treasury Transformation, 2014
are a very valuable means of demonstrating
success and emphasising internally the role
that treasury plays in achieving Borealis’
strategic objectives. We also participate in
independent surveys and studies from time
to time, but we find that these occasionally
become desktop exercises to benefit the
survey sponsor rather than delivering
tangible value to Borealis.
Promoting excellence
Identifying, attracting and retaining
treasury talent is an ongoing challenge, but
we recognise that it needs to remain a
priority to achieve the strategic and
operational excellence that we are striving
for at Borealis. By doing so, we optimise
treasury’s performance and our ability to
contribute to wider group objectives, and
create a positive, creative and enjoyable
working environment for our treasury team,
at all levels and in all locations. We want
our team to be proud and excited to work
with Borealis and taking a proactive
approach to treasury talent management is
an essential contributor to this. ■
Jan-MartinNufer
Director Treasury
& Funding,
Borealis Group, Austria
Jan-Martin is responsible for
the Treasury, Funding,
Financial Risk Management
and Credit & Collections
operations of the Borealis
Group, which he joined in
2006. Jan-Martin is a graduate from Mannheim
University, Germany and a trained banker. He has been
working in finance for over 20 years and was with
Bayerische Landesbank before starting his career in
corporate treasury with VIAG AG (now . He has
worked in the telecommunications (ONE), airline (SWISS)
and petrochemicals (Borealis) industries as well as in
investment banking and financial advisory.
Borealis
Borealis is a leading global provider of innovative solutions in polyolefins, base
chemicals and fertilisers. Headquartered in Vienna, Borealis employs around 6,500
individuals and operates in over 120 countries. It generated
EUR 8.3bn in sales revenue in 2014. The International Petroleum Investment
Company (IPIC) of Abu Dhabi owns 64% of the company, with the remaining 36%
owned by OMV, the leading energy group in the European growth belt. Borealis
provides services and products to customers globally in collaboration with Borouge,
a joint venture with the Abu Dhabi National Oil Company (ADNOC).
In order to
evaluate our
success in
developing
talent across
our treasury
team, we
measure
individual
and team
performance.
Scan the QR
Code for
more treasury
case studies
on this topic
Reprinted from TMI | IAFEI Quarterly | Issue 30 | 8