Strategic Treasury

Benchmarking Financial Performance at Michelin

In 2005, Michelin embarked on a project to reorganise its treasury, implement a new treasury system and centralise as many aspects of its financial operations as possible: cash management, risk management, financing etc. One of the objectives was to implement a more comprehensive risk management programme, one element of which was to benchmark the financial performance of the short-term interest rate portfolio, a project started in 2006. This article describes how this was achieved and the benefits which have accrued to Michelin as a result.

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