Corporate treasurers given seat at the regulator’s table
The Association of Corporate Treasurers (ACT) has heralded a decision to include one of its members in a working group looking at the replacement for Libor.
|Bank of England, London|
The Bank of England (BoE) has named ACT member Frances Hinden, vice-president treasury operations, Shell International, as co-vice chair of the working group on sterling risk-free reference rates.
The remainder of the working group comprises François Jourdain, chief compliance officer, Barclays International, as chair, and Simon Wilkinson, head of liability driven investment funds, Legal & General Investment Management, who is also co-vice chair.
The group is behind the move to the new benchmark Sonia (Sterling Overnight Index Average), which will be imposed in the sterling bond, loan and derivative markets on April 23, 2018.
Sarah Boyce, associate director, policy and technical at the ACT, says the ACT has been working with the Financial Conduct Authority and the BoE for several years.
“Frances has previously sat on roundtables with the Bank of England on the adoption of Sonia," she says. "They have recognized how valuable her input has been and invited her to take a role as co-vice chair of the Working Group.
“The ACT has been keen for there to be more treasurer involvement, and are delighted she has been made co-vice chair.