Barclays 2011 Annual Report Download - page 30

Summary Remuneration Report
We recognise that executive remuneration generally, and bank
remuneration in particular, is an important issue. Barclays needs to
work with the acceptance of the communities in which we operate
and balance the competing demands of our many stakeholders.
This includes a close and continuous engagement with the Financial
Services Authority and with our shareholders.
In 2011 Barclays delivered a solid set of results, achieved in challenging
market and economic conditions. The results were reflected in the
remuneration decisions across Barclays including those for Bob Diamond
and Chris Lucas. 2011 total incentive awards were down 26% across the
Group compared with a 3% reduction in profit. Bonuses for our executive
Directors and our eight highest paid senior executive officers were down
48% versus 2010 on a “like-for-like” basis (namely the reduction for
individuals in service in both 2010 and 2011).
The Board and the Committee recognise that our return on equity has to
improve. In order to achieve this, our operating costs need to be reduced.
Remuneration has its part to play in that. We fully recognise that higher
capital requirements and the economic environment mean that
remuneration levels in the industry have to adjust. That journey will take
time and we have taken important steps in the right direction in 2011.
Total incentive awards for Barclays Capital were down 35% on 2010 with
Barclays Capital profit before tax reducing 32%. The Committee will
continue to focus on reaching a sustainable balance between shareholder
returns and employee remuneration.
The full remuneration report provides an overview of executive
remuneration for 2011, details of the total incentive awards for 2011 and
additional disclosures to comply with legal and regulatory requirements.
Additional information on Barclays approach to remuneration can be
found at www.barclays.com/investorrelations. I trust the remuneration
report provides you with a clear picture of how the Committee has
discharged its responsibilities in 2011.
Alison Carnwath
Chairman, Board Remuneration Committee
The Board Remuneration Committee
provides governance and strategic oversight
of remuneration.
The Committee will continue to
focus on reaching a sustainable
balance between shareholder returns
and employee remuneration.
Alison Carnwath
Chairman, Board Remuneration Committee
28 Barclays PLC Annual Report 2011 www.barclays.com/annualreport