If you are visually impaired or blind, you can visit the PDF version by Pressing CONTROL + ALT + 4
<br /> Chartered Institute of<br /> Management Accountants<br /> ISSUE 12 2009 ??12<br /> EXCELLENCE IN LEADERSHIP<br /> Financial Supply Chain<br /> -<br /> Manage the flow<br /> The group treasurers of DSCi, BAE Systems and<br /> Compass Croup discuss risk, supply chains<br /> and liquidity in the downturn<br /> Power supply<br /> Olivier Bayzelon explains the mechanics and<br /> benefits of Volvo's supply chain financing system<br /> Plus:<br /> Snap up the competition<br /> Jdrg Passler of Sappi asks if now is the time<br /> for a more aggressive M&A strategy<br /> ??<br /> 'J<br /> 0<br /> y<br /> :<br /> a<br /> <br /> :956%<br /> 6??r??36iap;<br /> ''??46899391<br /> Is<br /> Trust your instinct<br /> Adapt to an ever-changing business<br /> environment with Agresso/CODA<br /> What makes Agresso/CODA software solutions different is the agility to adapt<br /> to changing business needs - quickly, easily and cost-effectively Even long<br /> after <a title="CIMA012 - Excellence in Leadership page 1" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=1"> Chartered Institute of Management Accountants ISS</a> <a title="CIMA012 - Excellence in Leadership page 2" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=2"> :956% 6??r??36iap; ''??46899391 Is Trust your in</a> <a title="CIMA012 - Excellence in Leadership page 3" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=3"> Forewor EXCELLENCE IN LEADERSHIP LXULUNU N ILADlU</a> <a title="CIMA012 - Excellence in Leadership page 4" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=4"> EXCELLENCE IN LEADERSHIP 12 Manage the flow DSCi'</a> <a title="CIMA012 - Excellence in Leadership page 5" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=5"> Chartered Institute o* Management Accountants EXC</a> <a title="CIMA012 - Excellence in Leadership page 6" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=6"> </a> <a title="CIMA012 - Excellence in Leadership page 7" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=7"> </a> <a title="CIMA012 - Excellence in Leadership page 8" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=8"> The new shape of corporate banking Picture a dif</a> <a title="CIMA012 - Excellence in Leadership page 9" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=9"> '2=*5<=*=2<=2,< </a> <a title="CIMA012 - Excellence in Leadership page 10" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=10"> '0:(29:(:09:0*9 "!" '&'$ Ǧ 8,2(4+(4+:/,;85@5</a> <a title="CIMA012 - Excellence in Leadership page 11" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=11"> /$"( +.%%$1%.1 1$ #$12%.1)423 " 5 +(#4-</a> <a title="CIMA012 - Excellence in Leadership page 12" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=12"> ! " ! </a> <a title="CIMA012 - Excellence in Leadership page 13" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=13"> + $&"" * # $ !%& )"% "%$! % </a> <a title="CIMA012 - Excellence in Leadership page 14" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=14"> 2&&!$+-(($1 !&& *!+# &'/ '% & ++</a> <a title="CIMA012 - Excellence in Leadership page 15" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=15"> /"" ')$$ - ""& ' &%) &' ' $ </a> <a title="CIMA012 - Excellence in Leadership page 16" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=16"> 536'4?/49/-.: $ ( )</a> <a title="CIMA012 - Excellence in Leadership page 17" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=17"> '%(&1!&+! , !# '!! ! !"( !""#" </a> <a title="CIMA012 - Excellence in Leadership page 18" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=18"> ', ,!# ,"5-0)',%! .'2 * 12&#!0#"'2!0</a> <a title="CIMA012 - Excellence in Leadership page 19" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=19"> &#"0'4',%$-0!# #&',"'25 11'+.*# ! 1& &#,5#12 02</a> <a title="CIMA012 - Excellence in Leadership page 20" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=20"> -+. ,7',1'%&2 &!! * % $& #% # </a> <a title="CIMA012 - Excellence in Leadership page 21" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=21"> In difficult times, better analysis of cash, debto</a> <a title="CIMA012 - Excellence in Leadership page 22" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=22"> </a> <a title="CIMA012 - Excellence in Leadership page 23" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=23"> (- -"( +24//+8"' (- -#3'$$".-.,8 -3'$:- -"$3$ </a> <a title="CIMA012 - Excellence in Leadership page 24" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=24"> </a> <a title="CIMA012 - Excellence in Leadership page 25" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=25"> !&&!$+-(($1 !&& , '&'%1 (( & '/+'% '</a> <a title="CIMA012 - Excellence in Leadership page 26" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=26"> '+ */#$ #$* $ ! # #! ! " </a> <a title="CIMA012 - Excellence in Leadership page 27" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=27"> )/# + ./$/# ..#*2)$/. '!/* 2$''$)"+' 4 -$)/# </a> <a title="CIMA012 - Excellence in Leadership page 28" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=28"> %) (-!" !"( #)"(&$&( '+#) + ( </a> <a title="CIMA012 - Excellence in Leadership page 29" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=29"> %#$ ! # & . -.- .)!, -/&.-!), 3-. '- -#)1.</a> <a title="CIMA012 - Excellence in Leadership page 30" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=30"> 1/2#0;+05+)*6 * "### $$ " "</a> <a title="CIMA012 - Excellence in Leadership page 31" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=31"> )'*(3#(-#!". </a> <a title="CIMA012 - Excellence in Leadership page 32" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=32"> *& *"#(! *) * )*%+ * # *% *( )</a> <a title="CIMA012 - Excellence in Leadership page 33" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=33"> ! 0 *4/05"/"3&"5)"5(&5*/70-7&% */5*4"7&3:*.1035"/</a> <a title="CIMA012 - Excellence in Leadership page 34" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=34"> # 2! .'2 *+ 0)#21 4'-31*75#& 4# ,',2#0, *.0-!</a> <a title="CIMA012 - Excellence in Leadership page 35" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=35"> You have one year to change your life… we have ov</a> <a title="CIMA012 - Excellence in Leadership page 36" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=36"> %#&$/ $) * $ (# </a> <a title="CIMA012 - Excellence in Leadership page 37" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=37"> /-"3(&3=3.45)&7*&8.":#& '635)&3'3"(.&/5&%#:'6/$5*</a> <a title="CIMA012 - Excellence in Leadership page 38" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=38"> -' "/"" ')$$ - "' &" '( #"'&#"( ")#</a> <a title="CIMA012 - Excellence in Leadership page 39" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=39"> $5/% ( * 6* * % (/1,,(5 $ %*/ ) *1" 01.!/7</a> <a title="CIMA012 - Excellence in Leadership page 40" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=40"> &60'! ) +"7+ +!' )02--)6!& '+0 """# </a> <a title="CIMA012 - Excellence in Leadership page 41" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=41"> !2," %' 3'' "%,.))%2 !"', ,/"' ,!,-+',"</a> <a title="CIMA012 - Excellence in Leadership page 42" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=42"> # ! </a> <a title="CIMA012 - Excellence in Leadership page 43" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=43"> %'#$," </a> <a title="CIMA012 - Excellence in Leadership page 44" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=44"> 0 -,". . %()& ', </a> <a title="CIMA012 - Excellence in Leadership page 45" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=45"> GAIN AN DVANTAGE OVEr YOUR RIVALS (), "#&" ( </a> <a title="CIMA012 - Excellence in Leadership page 46" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=46"> 0 -,". . %()& ', </a> <a title="CIMA012 - Excellence in Leadership page 47" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=47"> *(+ )4$).$"#/ % # ! </a> <a title="CIMA012 - Excellence in Leadership page 48" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=48"> +), *5&*/&$%0 *'"!&*0%"&* * & (&)"/ *! 0%" +*</a> <a title="CIMA012 - Excellence in Leadership page 49" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=49"> &0%,2". )" 01.&+$ +!."/" . % /0 ##* +5&+0".+ 0&</a> <a title="CIMA012 - Excellence in Leadership page 50" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=50"> ! </a> <a title="CIMA012 - Excellence in Leadership page 51" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=51"> (%.4%2.!4)/.!,##/5.4).' 4!.$!2$3/!2$ )32%30/.3)</a> <a title="CIMA012 - Excellence in Leadership page 52" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=52"> (+)(+- + )(+-"' </a> <a title="CIMA012 - Excellence in Leadership page 53" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=53"> " ! " </a> <a title="CIMA012 - Excellence in Leadership page 54" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=54"> *(+ )4%).%#$/ </a> <a title="CIMA012 - Excellence in Leadership page 55" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=55"> )-%&:#)%-3"43.&3%-+%!5%#.,/!-)%26)3( !$.#4,%-3,!-</a> <a title="CIMA012 - Excellence in Leadership page 56" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=56"> ! ! " # !</a> <a title="CIMA012 - Excellence in Leadership page 57" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=57"> 64,05+<:;</a> <a title="CIMA012 - Excellence in Leadership page 58" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=58"> !.$2%3425#452).' )6%.4(/3%#)2#5-34!</a> <a title="CIMA012 - Excellence in Leadership page 59" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=59"> STAND OUT FROM THE CROWD Ap</a> <a title="CIMA012 - Excellence in Leadership page 60" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=60"> -%&(!,$ !$ +, +1!& ' +/ * $$ )-$</a> <a title="CIMA012 - Excellence in Leadership page 61" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=61"> 2%,%6!.#%&/2(5-!.#!0)4!,-!.!'%-%.4 (%2%)3!2%-!</a> <a title="CIMA012 - Excellence in Leadership page 62" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=62"> 5-!.#!0)4!, 7!32%!,,96!,5).'4(%2)'(44().' ()37</a> <a title="CIMA012 - Excellence in Leadership page 63" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=63"> .3*# &-./ 31)/& ,#(!&&." - )'*)( (.-.)! ." , </a> <a title="CIMA012 - Excellence in Leadership page 64" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=64"> </a> <a title="CIMA012 - Excellence in Leadership page 65" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=65"> /+6>2/B:/<>=2+@/,//87983>9<381>2/ ! :+8./73-=38-</a> <a title="CIMA012 - Excellence in Leadership page 66" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=66"> 2* + -&1 ) * )*#'! (*," + (' /. !%( %% ++('+</a> <a title="CIMA012 - Excellence in Leadership page 67" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=67"> Leading the way s $ ! % " </a> <a title="CIMA012 - Excellence in Leadership page 68" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=68"> %#&$/ $) * # </a> <a title="CIMA012 - Excellence in Leadership page 69" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=69"> &$'%0 %* + " ! ! </a> <a title="CIMA012 - Excellence in Leadership page 70" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=70"> </a> <a title="CIMA012 - Excellence in Leadership page 71" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=71"> =(:;;0+,6-+(;(0:(39,(+@:>(4705. 4(5@3(9.,*647(50,</a> <a title="CIMA012 - Excellence in Leadership page 72" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=72"> "5"."/"(&.&/5 $$ )( # #-0#,./& )''/(#</a> <a title="CIMA012 - Excellence in Leadership page 73" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=73"> " "!! ! " ! " </a> <a title="CIMA012 - Excellence in Leadership page 74" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=74"> Chief Executive Officer Chief Executive</a> <a title="CIMA012 - Excellence in Leadership page 75" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=75"> 314&2=.27.,-8 "#!$#$</a> <a title="CIMA012 - Excellence in Leadership page 76" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=76"> */"/$&53"/4'03."5*0/ %$!" & "#"</a> <a title="CIMA012 - Excellence in Leadership page 77" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=77"> %) ) !/- )."*-( /%*) )!! "*- *./!"6 %!) 4 ) *</a> <a title="CIMA012 - Excellence in Leadership page 78" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=78"> &$ %!$ &! ' &! "$! &% &&(%) </a> <a title="CIMA012 - Excellence in Leadership page 79" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=79"> % $ &%$%# & % !#$ '##%%)% % %# %#&% </a> <a title="CIMA012 - Excellence in Leadership page 80" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=80"> &"% &$&.#&2 5."/"1*4</a> <a title="CIMA012 - Excellence in Leadership page 81" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=81"> # " -5#4#02&#0#'</a> <a title="CIMA012 - Excellence in Leadership page 82" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=82"> *&) ;390)0./*838-&2/8-*+3</a> <a title="CIMA012 - Excellence in Leadership page 83" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=83"> Now you can relax about IT costs. We've got it un</a> <a title="CIMA012 - Excellence in Leadership page 84" href="http://viewer.zmags.co.uk/publication/3e6aeb6c?page=84"> </a>