Barclays 2014 Annual Report Download - page 107

barclays.com/annualreport Barclays PLC Annual Report 2014 I 105
Remuneration policy for executive Directors continued
Element and purpose Operation Maximum value and performance measures
C. Other
All employee share plans
To provide an opportunity for
Directors to voluntarily invest
in the Company
Executive Directors are entitled to participate in:
(i) Barclays Sharesave under which they can make monthly
savings over a period of three or five years linked to the
grant of an option over Barclays’ shares which can be at a
discount of up to 20% on the share price set at the start.
(ii) Barclays Sharepurchase under which they can make
contributions (monthly or lump sum) out of pre-tax pay
(if based in the United Kingdom) which are used to
acquire Barclays’ shares.
(i) Savings between £5 and the maximum
set by Barclays (which will be no more
than the HMRC maximum) per month.
There are no performance measures.
(ii) Contributions of between £10 and the
maximum set by Barclays (which will be
no more than the HMRC maximum) per
tax year which Barclays may match up to
HMRC maximum (current match is £600).
There are no performance measures.
Previous LTIP awards Antony Jenkins currently holds unvested LTIP awards under
the LTIP for the performance periods 2012-2014 and
2013-2015. The only differences between the operation
of these awards and the future policy above are the
performance measures and that the earlier 2012-2014 award
only has a holding period of one year and this only applies to
50% of shares that are released (after payment of tax).
A summary of the performance measures
that apply to the LTIP awards for 2012-2014
and 2013-2015 can be found in the Annual
Report on Directors’ remuneration.
Previous buy out awards Tushar Morzaria currently holds an unvested buy-out award
under the Barclays Joiners Share Value Plan which was
granted to him in respect of awards he forfeited as a result of
accepting employment at Barclays. This award was made in
line with the Barclays’ recruitment policy.
The award was no more generous than and
mirrored as far as possible the expected
value and timing of vesting of the forfeited
awards granted by JP Morgan.
Shareholding requirement
To further enhance the
alignment of shareholders’
and executive Directors’
interests in long-term value
creation
Executive Directors must build up a shareholding of 400% of
salary over five years from the later of: (i) the introduction of
the new requirement in 2013; and (ii) the date of
appointment as executive Director. They have a reasonable
period to build up to this requirement again if it is not met
because of a share price fall.
Shares that count towards the requirement are beneficially
owned shares including any vested share awards subject
only to holding periods (including vested LTIPs, vested
deferred share bonuses and RBP shares). Shares from
unvested deferred share bonuses and unvested LTIPs do not
count towards the requirement.
Barclays’ shares worth a minimum of 400%
of salary must be held within five years.
Outside appointments
To encourage self-
development and allow for
the introduction of external
insight and practice
Executive Directors may accept one board appointment in
another listed company.
Chairman’s approval must be sought before accepting
appointment. Fees may be retained by the executive Director.
None of the executive Directors currently hold an outside
appointment.
Not applicable.
The Strategic Report Governance Risk review Financial review Financial statements Shareholder information