Barclays 2009 Annual Report Download - page 183

www.barclays.com/annualreport09 Barclays PLC Annual Report 2009 181
Letters of appointment
The Group Chairman, Deputy Chairman and non-executive Directors have individual letters of appointment. Each non-executive Director appointment is for
an initial six-year term, renewable for a single term of three years thereafter.
Details of non-executive Directors standing for re-election at the 2010 AGM are set out on page 148.
Former Directors
Frits Seegers, Sir Nigel Rudd, Professor Dame Sandra Dawson, Stephen Russell and Patience Wheatcroft ceased to be Directors during the year.
Frits Seegers ceased to be a Director with effect from 3rd November 2009 and continued as an employee in order to effect a successful handover.
Professor Dame Sandra Dawson and Sir Nigel Rudd did not put themselves forward for re-election at the 2009 AGM and received no termination payments.
Patience Wheatcroft resigned as a non-executive Director with effect from 16th June 2009 and received no termination payment. Stephen Russell resigned
as a non-executive Director with effect from 31st October 2009 and received no termination payment. Their remuneration for 2009 was as follows:
Table 14: Annual remuneration Received for 2009
Deferred Long term
Salary Annual share award incentive Cash Total Total
and fees cash bonus (ESAS) (PSP) Benefits allowance 2009 2008
£000 £000 £000 £000 £000 £000 £000 £000
Frits Seegers 700 467 933 0 110 175 2,385 2,502
Professor Dame Sandra Dawson 30 –––––30 90
Sir Nigel RuddDL 63–––––63 200
Stephen Russell 113–––––113 153
Patience Wheatcroft 41–––––41 78
In respect of the deferred share award (ESAS), a recommendation was made to the ESAS trustee that a provisional allocation of shares is made to Mr Seegers,
scheduled to vest over a three-year period (31.5% scheduled to vest at first and second anniversary of grant and 37% scheduled to vest at third anniversary
of grant. The third portion alone will include 20% bonus shares). The ESAS amount shown in Table 14 shows the basic allocation, but does not include
bonus shares. Including the maximum potential bonus shares, the ESAS award will have an initial value of £1,002,042 for Mr Seegers.
During Mr Seegers’ notice period, which will expire on 31st December 2010 at the latest, monthly payments of £161,150 constituting base salary,
instalments in respect of bonus for 2010 and other benefits are payable in line with his contract. In the event of an earlier cessation of employment by
mutual agreement, monthly payments in respect of salary, cash allowance in lieu of pension and other benefits will cease to be made.
Sir Nigel Rudd was appointed as Chairman of the Advisory Committee – UK & Ireland Private Bank with effect from 1st December 2009. As Chairman
of the Advisory Committee, Sir Nigel will receive a fee of £150,000 p.a. and in 2009 received £12,500. These fees are not included in those shown above.
Patience Wheatcroft was a member of the Group Brand and Reputation Committee (for which the full-year fee is £15,000) until her resignation as a
non-executive Director with effect from 16th June 2009 and received fees of £6,917. These fees are included in those shown above.
Table 15: Terms of contract or letter of appointment Notice period from
Effective date the Company Potential compensation for loss of office
Frits Seegers 7th June 2006 12 months 12 months base salary, bonus equivalent
to the average of the previous three years
and continuation of medical and pension
benefits whilst an employee
Professor Dame Sandra Dawson 1st March 2003 6 months 6 months fees
Sir Nigel Rudd DL 1st February 1996 6 months 6 months fees
Stephen Russell 25th October 2000 6 months 6 months fees
Patience Wheatcroft 1st January 2008 6 months 6 months fees
Table 16: Other directorships held by Frits Seegers 2009 2008
Fees Fees
Director Organisation Fees retained Fees retained
Frits Seegers Absa Group Limited and Absa Bank Limited £7,598 £0 £26,807 £0
Frits Seegers held this position until 11th February 2009.