Deputy Group Treasurer

Job description

Job Description:

Overall responsibility for the operational management of the global Treasury function and supporting the Group Treasurer in ad hoc projects and deputising appropriately.

Context M&S is a £10bn turnover company with an active Treasury. It had £2bn of debt (mostly corporate bond issues) c£2bn of annual FX exposure, other debt and developing supply chain finance programs and international operations. Group Treasury reports to the Group Finance Director and has overall responsibility for Global Treasury, Financial support for M&S Services including M&S Bank and relationship with the Trustees on the investment strategy for the groups £10bn pension scheme. It has just completed a “game changing” JV with Ocado which required significant consideration of the group long term capital structure and is in the middle of a transformation strategy. It’s the first significant M&A transaction in the last 10-15 years. The team has also just embarked on the implementation of a new Treasury management system.

Reporting to Group Treasurer

Direct reports 2, with indirect support of additional 2 team members

Ideal Candidate

• Experience of working in Treasury for around 5-10 years in a FTSE listed entity

• Treasury qualified. Preferably MCT

• Comfortable with Treasury Accounting and/or willingness to upskill knowledge for Treasury instruments; or qualified accountant

• Strong raw analytical skills and good attention to detail

• The ability to be credible with senior stake holders, and external bankers and advisors.

• Personable and experienced in people management

• Prepared to challenge and improve

• Can manage a complex and varied workload to tight deadlines;

• Organised and structured approach but flexible to circumstances

• Experience in Treasury process management and understanding of TMS’s

• Values consistent with those of M&S.

Scope of the role

Operate as No. 2 on all Core Treasury matters supporting the Group Treasurer

• Support Group Treasurer on any new Bond issuance or debt refinancing, associated risk management,

• Maintain and update EMTN debt programme review annually

• Update the Group Treasury Policy

• Support on any other ad- hoc projects including, for example pensions investment strategies, property funding strategies, rights issues prep,

Ensure smooth day to day delivery of global daily operations

• Daily review of all treasury transactions done by the Treasury dealer

• Support the execution FX and energy hedging decisions and oversight of all hedge requirements ensuring in line with Treasury Policy

• Provide cover to Front office dealer as required to support the cash management operations

Support and oversight of Treasury analytical models (credit model, going concern, viability)

• Regular contact with FP&A, understanding the key drivers of the business and the implications this has on our credit models.

• Support, review and understand semi-annual reconciliation of credit rating agencies schedule to internal credit model.

• Engage with rating agencies and stay on top of rating agency changes and approaches

Oversight and review of Treasury related statutory reporting, specifically IFRS9 and IFRS16

• Review and approval of monthly treasury accounting journals

• Review, support and contextualize half year and Year end reporting notes

• Support delivery of all Treasury related Disclosure notes

• Sign off and review Semi-annual covenant compliance reporting

Treasury Management System Implementation

• Support the project delivery of a new Treasury Management System

• Challenge and drive efficiencies through use of the TMS in the day to day treasury operations and reporting capabilities

Key accountabilities and measures

·  Operating as an overall no 2 on all Treasury matters, managing and motivating three direct staff and including support for a fourth in middle office and Treasury back office lead in Manchester
·  Ensuring smooth day to day delivery of global daily operations with no surprises, daily review of all treasury transactions done by the Treasury dealer
·  Annual review of policy and procedures and ensuring update and changes where appropriate
·  Support in the oversight and maintenance of Treasury analytical models (credit, going concern) produced by the middle office but for use with the teams
·  Oversight/review of treasury related statutory reporting
·  Support new TMS implementation and maximise use and efficiency of the TMS for improving processes
·  Maintaining and delivering regular Treasury reports and developing these appropriately
·  Maintaining appropriate stakeholder relationships (11 core relationship lending Banks, merchant service providers, UK Finance Op, International Finance)
·  Managing the Renewal of the MTN debt facility
·  Numerous other Ad-Hoc.

Key relationships and stakeholders

• Group Treasurer, Group Finance Director, CFO

• Group Finance Team and International Finance Heads

• Business Service Centre Treasury team

• Banks

• Auditors

• Credit Rating Agencies

• Pensions Advisors