International Treasury Leaders: Biographical Interview with Francois Masquelier, ATEL President & EACT Chair

Alexandros Koliavras: Word has it, that in Europe and within our profession you bear the title of the ‘Father of Treasury’ so I’m really looking forward to exploring your career path in this interview. For those who don’t know you, perhaps you could give us an overview of your career so far?

Francois Masquelier: I am the founder of Simply Treasury, a company that delivers advisory in treasury, corporate finance, and Enterprise Risk Management (ERM). Before that, and until December 2019, I was the Head of Corporate Finance, Treasury and Enterprise Risk Management at RTL Group, a leading European media company. I joined RTL in 1997. Prior to that, that I worked for Eridania Béghin-Say and ABN AMRO. I specialised in tax law , with a degree in Economy and Administration from the University of Liège and graduated from the Solvay Business School with an executive master’s degree in management. I am certified ICIS and ICIP (Internal Controls Institute Professional) and ISO 31000 certified. I am also certified from Sacred Heart University (SHU) in Private Equity Funds. For more than 20 years, I have been the Chair of Luxembourg Association of Corporate Treasurers (ATEL), Chair of European Association of Corporate Treasurers (EACT) since 2021, member of the Financial Instrument Working Group created by the IAS Board in 2004. I am a regular contributor to different corporate finance and treasury magazines and newspapers. I am tempted to say that I am an active thought treasury leader in Europe and am known for my presentations, lectures, videos, and articles published in finance magazines for more than 25 years.

AK: Certainly, an impressive CV and an amazing career path. What motivated you to start a career in treasury?

FM: I should confess that finance has always attracted me, but I never thought I would fall into treasury. But by accident and luck , after working at a bank, I finally ended up in treasury. It was the professional opportunity of a lifetime, and I've never regretted it. The motivation was diversity, the possibility of having an evolving, exciting, varied and technical role. What followed proved me right, offering me a wonderful career in treasury.

AK: I bet you have had great moments and learning curves but also challenging ones! What kind of difficulties have you experienced? How did that help you grow further as a professional?

FM: More than a difficult specific moment, I want to highlight the fact that usually CFOs have no expertise in treasury, no interest – or limited interest – and therefore, it is always challenging to convince them of what we do and the value of our work. Nevertheless, this forces treasurers to be more convincing and acquire the necessary soft skills to ‘sell’ projects and ideas to CFOs.

AK: Very true! What about work-life balance? Is there a secret formula for becoming a successful treasurer while maintaining a happy personal life?

FM: It's important and even essential to maintain a good balance between private and professional life. I'm fortunate to have always been supported in my career by my wife and family. I haven't always been able to keep the balance between the two, because I was absorbed, captivated and in love with my job. But my passion also explains my hyper-motivation, which is necessary for a successful career. Nevertheless, it's important to master a balance, and I encourage young treasurers to do the same. Fortunately, the younger generations are smarter than mine and better balanced.

AK: Tell us more about the younger generation: How inclusive do you think they feel the world of treasury is for them?

FM: It has become more inclusive over the years. Personally, I've always made sure of it. It's essential to have a balance of genders, cultures and ages in a team, as much as possible, of course. Diversity is also a way of optimising a team's performance and an asset to be carefully cultivated. In general, the world of treasury is gradually becoming more inclusive, fortunately for all of us. Attitudes have changed and the world of treasury has become more feminine.

AK: What about the future? What will be the role of a treasurer in creating a sustainable future for society?

FM: When it comes to sustainability, the role of the treasurer is more important than it might at first appear. We can make an active contribution by automating processes, reducing the financial supply chain, financing the company with ‘green’ financing, or investing cash in green-qualified products. Sustainability also lies in governance and the societal aspect. Sustainability lies at various levels, and like others, but more than some, we can play an essential role in sustainability.

AK: What about relevance? How do we ensure that treasury retains an important role within an organisation?

FM: It's not hard to see why, as the profession is constantly changing and evolving. With so many new developments, innovations, technologies and regulations, there's never a dull moment. Financial crises have often helped to advance the treasury and make it evolve in a positive direction.

AK: How do you see the future in terms of treasury and AI?

FM: AI will undoubtedly play a major role in our profession and has already begun to do so in certain sectors, for example cash-flow forecasting, fraud detection, FX hedging automation, and so on. But there is still so much to be done. I think we'll be seeing developments for a long time to come that will make our jobs easier, without taking them away. AI will offer opportunities to refocus on higher value-added tasks. If we can reduce repetitive, boring and time-consuming tasks, who's going to complain? I believe that AI will make it easier to do more analysis and, above all, to make strategic decisions and recommendations for the C-level.

AK: I’m curious to know what has kept you in treasury?

FM: The love of treasury and the interest in my work kept me in this profession – I never lost that flame. I loved my companies, my jobs and my roles. I never thought of doing anything else and always stayed directly or indirectly in treasury.

AK: Looking back at your career path, what would you do better?

FM: I don't think I'd do anything differently. Maybe I'd do more and better. I would invest just as much in the world of associations, which has given me so much in terms of relationships. I'd get even more involved in advocacy at EU level, which is vital for our profession. I'd develop my knowledge of coding because it's the future and we need to master it to improve our tools and design our reports. The IT aspect would be my goal. I'd work harder and earlier on my soft skills, which are vital for a successful career.

AK: From your experience as the Chair, and also as a member, of ATEL, what would you say to non-members about the value of joining their national treasury association (NTA)?

FM: It seems to me that this is a necessity. How can we stay abreast of new techniques, technologies and other solutions, financial regulations and be better defended than by an NTA? It's the best way to share with your peers and remain a leading-edge treasurer. Associations help, federate, inform and train, and enable networking. I've been a member of ATEL for 30 years and have never regretted it for a second.

AK: Fully agree! What do you think are the main benefits that NTA members enjoy by participating in EACT via their NTAs?

FM: For association members, the benefits are manifold: firstly, EACT is a vehicle for advocacy at the European level, especially with the multitude of financial regulations that may impact us. It defends and informs us. It enables exchanges between peers through events such as Summit, or ‘EACT in action’ webinars, and finally through newsletters, the annual European survey and the Journeys To Treasury. It's a way of making contacts outside your own country and sharing with your peers. It's also a way of sharing international best practices with leading companies. Belonging to a national association automatically makes you a member of EACT. So I see nothing but benefits.

AK: How can associations collaborate more with other European NTAs?

FM: The best way for an NTA to collaborate with EACT is to attend the Summit once a year in Brussels (in Spring), read the newsletters and consult the website’s Regulatory News corner. Another way would be to join EACT's FRAG [Financial Regulatory Advisory Group] or a working group to help shape better financial regulations. There's a lot of work and not enough hands. If we're talking about collaboration with other NTAs, there are bilateral relationships, initiatives such as Open Treasury or working groups on specific topics. I encourage volunteers to contact their national association or to contact me directly. EACT aims to be a platform for exchange between peers.

AK: Francois, thank you very much for joining me and sharing with everyone your own personal Journey to Treasury. What advice would you give to younger treasurers

FM: I'd say the best advice would be to stay curious and be willing to learn. Treasury is an infinite and complex world, and that's what makes it special and rich. You must keep learning to innovate and move forward. And to this end, belonging to a treasurers’ association and taking an active part in it to meet your peers seems to me to be advice worth pondering for young treasurers.

Interview of François Masquelier, CEO of Simply Treasury, Chair of EACT and ATEL