by Yann Guengant, Assistant Group Treasurer, Pierre Fabre Laboratories
Pierre Fabre’s Group Treasury is made up of five people, who manage the treasury requirements for France, which includes both the holding company and 40 subsidiaries. The company is also present in a further 35 countries which have not historically been covered by Group Treasury.
We recognised that our decentralised approach to treasury and cash management made it difficult to apply consistent policies and procedures globally, which in turn restricted our visibility and control over cash, cash management efficiency and ability to monitor and manage risk proactively. We therefore made the decision to centralise and standardise our approach to treasury and cash management at a global level. This comprised two key objectives: