Barclays 2006 Annual Report Download - page 137

Barclays PLC
Annual Report 2006 133
Governance
2
2006 Annual Remuneration(a)
Executive Share
Annual Award Scheme
Salary cash 2006 2005(c) ESAS
and fees Benefits(b) bonus Total Total 2006 2005
£000 £000 £000 £000 £000 £000(d) £000
Chairman
Matthew W Barrett(e) 650 50 – 700 704 ––
Executive Directors
John Varley(f) 888 15 1,613 2,516 2,249 699 601
Robert E Diamond Jr(g) 250 17 10,425 10,692 4,528 4,518 1,896
Gary Hoffman(f) 625 14 469 1,108 1,074 203 244
Naguib Kheraj(f)(h) 650 165 1,750 2,565 1,451 – 358
David Roberts(f)(i) 575 11 1,500 2,086 1,336 – 358
Frits Seegers(f)(j) 336 94 1,200 1,630 –520 –
Non-executive Directors(k)
Marcus Agius(l) 22 – – 22 – ––
Sir Richard Broadbent 147 – – 147 123 ––
Leigh Clifford 76 – – 76 60 ––
Fulvio Conti(m) 54 – – 54 –––
Dr Danie Cronjé 326 – – 326 132 ––
Professor Dame Sandra Dawson 81 – – 81 71 ––
Sir Andrew Likierman 96 – – 96 86 ––
Sir Nigel Rudd 200 – – 200 179 ––
Stephen Russell 137 – – 137 127 ––
Sir John Sunderland 81 – – 81 40 ––
Former Directors
Sir David Arculus(n) 28 – – 28 83 ––
Robert Steel(o) 62 – – 62 39 ––
Notes
(a) Emoluments include amounts, if any, payable by subsidiary undertakings. Amounts payable to Dr Danie Cronjé include an amount of ZAR3,114,800 (£249,829) in
respect of his Chairmanship of Absa Group Limited (2005: ZAR1,193,275 (£109,734) and ZAR37,913 (£3,486) of benefits).
(b) The Chairman and executive Directors receive benefits in kind, which may include life and disability cover, the use of a Company owned vehicle or cash equivalent,
medical insurance and tax advice. Benefits are provided on similar terms to other senior executives. No Director has an expense allowance.
(c) Total remuneration for 2005 includes any amounts waived by way of Special Company Contribution (Bonus Sacrifice).
(d) The amounts shown for ESAS represent the value of shares to be recommended for an award under ESAS in 2007 for each executive Director, including a maximum
potential 30% bonus share element.
(e) Matthew W Barrett retired as Chairman on 31st December 2006. No additional payments were due to Matthew W Barrett on his retirement.
(f) John Varley is a Director of Ascot Authority (Holdings) Limited and British Grolux Investments Limited, for which he received fees of £26,000 and £7,500 respectively
in 2006 (2005: £24,648 and £6,000 respectively). John Varley is a non-executive Director of AstraZeneca plc for which he received fees of £21,075 in 2006 (2005: £nil).
John Varley is also a member of the International Advisory Panel of the Monetary Authority of Singapore for which he received fees of US$10,000 in 2006 (2005: £nil).
John Varley is Chairman of Business Action on Homelessness and President of the Employers’ Forum on Disability for which he receives no fees. Gary Hoffman is a
Director of Visa (Europe) Limited, for which he receives no fee and Trinity Mirror plc, for which he received fees of £50,000 in 2006 (2005: £39,521). David Roberts
was a non-executive Director of BAA PLC during the period March 2006 to June 2006, for which he received fees of £14,333 (2005: £nil). Naguib Kheraj is a member
of the Board of Governors of the Institute of Ismaili Studies and Chairman of the National Committee of the Aga Khan Foundation (UK) for which he receives no fees.
Naguib Kheraj and (from 23rd October 2006) Frits Seegers are non-executive Directors of Absa Group Limited and Absa Bank Limited. David Roberts was a non-
executive Director of Absa Group Limited and Absa Bank Limited until 23rd October 2006. They have each waived their fees, which were paid to Barclays. Their
respective fees were ZAR425,100 (£34,096), ZAR75,400 (£6,048) and ZAR381,367 (£30,588) (2005: ZAR161,033 (£14,809) for Naguib Kheraj, ZAR140,366
(£12,908) for David Roberts and £nil for Frits Seegers).
(g) Robert E Diamond Jr joined the Board on 1st June 2005. The amount shown in the “2005 Total” column is for the period from that date to 31st December 2005. The
remuneration for 2006 for Robert E Diamond Jr was based on the strong performance of Barclays Capital, Barclays Global Investors and Barclays Wealth, both on an
absolute and industry relative basis and given significant upward movement in market reference points. The composition of this package remains consistent with the
composition of remuneration shown on page 127.
(h) Naguib Kheraj received an allowance of 23% of base salary (£149,500) in lieu of pension contributions (2005: £115,000). This amount is included in the amount
shown in the column for ‘Benefits’.
(i) David Roberts ceased to be a Director on 31st December 2006. His service contract provides for a notice period of 12 months or contractual pay in lieu of notice for
12 months, subject to mitigation if alternative employment is found during the period of pay in lieu of notice. Contractual pay on termination includes base salary
(£600,000), £150,000 in respect of pension benefit entitlement and a bonus capped at 100% of base salary (£600,000), totalling up to £1,350,000, payable in 2007,
subject to mitigation. The notice period commenced on 1st January 2007.
(j) Frits Seegers was appointed as an executive Director on 10th July 2006. In addition to the amount shown in the column for ‘Salary and Fees’, Frits Seegers received a
cash payment of £3,408,000 in July 2006 in recognition of forfeited share awards and benefits from his previous employment. In addition, in August 2006 Frits Seegers
received an award under ESAS over 802,208 Barclays shares in recognition of forfeited share awards and benefits. This is shown in the ESAS table on page 136 and is
not included in the ESAS column in the table above. Bonus shares are not applicable to this award. Frits Seegers also received an allowance of 25% of base salary
(£84,028) in lieu of pension contributions. This amount is included in the amount shown in the column for ‘Benefits’.
(k) Fees to non-executive Directors include an amount of £20,000 per annum which, after tax, is used to buy Barclays shares. Further details are provided on page 140.
(l) Marcus Agius was appointed as non-executive Director on 1st September 2006.
(m) Fulvio Conti was appointed as non-executive Director on 1st April 2006.
(n) Sir David Arculus resigned from the Board on 27th April 2006.
(o) Robert Steel resigned from the Board on 11th October 2006.