Barclays 2014 Annual Report Download - page 109

barclays.com/annualreport Barclays PLC Annual Report 2014 I 107
Executive Directors’ policy on recruitment
Element of remuneration Commentary Maximum value
Salary Determined by market conditions, market practice and
ability to recruit.
For a newly appointed executive Director, whether through
external recruitment or internal promotion, if their salary is
at a level below the desired market level, the Committee
retains the discretion to realign their salary over a transitional
period which may mean that annualised salary increases for
the new appointee are higher than that set out in the salary
section of the remuneration policy.
In line with policy.
Role Based Pay Determined by role, market practice and ability to recruit.
Percentage may decrease or increase in certain
circumstances subject to maximum value.
100% of salary.
Benefits In line with policy. In line with policy.
Pension In line with policy. 33% of salary (Group Chief Executive), 25%
of salary (Group Finance Director) and 25%
if another executive Director is appointed.
Annual Bonus In line with policy. 80% of fixed pay.
Long Term Incentive Plan In line with policy. 120% of fixed pay.
Buy out The Committee can consider buying out forfeited bonus
opportunity or incentive awards that the new executive
Director has forfeited as a result of accepting the
appointment with Barclays, subject to proof of forfeiture
where applicable.
As required by the PRA Remuneration Code, any award made
to compensate for forfeited remuneration from the new
executive Director’s previous employment may not be more
generous than, and must mirror as far as possible the
expected value, timing and form of delivery, the terms of the
forfeited remuneration and must be in the best long-term
interests of Barclays. Barclays deferral policy shall however
apply as a minimum to any buy out of annual bonus
opportunity.
The value of any buy out is not included
within the maximum incentive levels above
since it relates to a buy out of forfeited
bonus opportunity or incentive awards from
a previous employer.
Where a senior executive is promoted to the Board, his or her existing contractual commitments agreed prior to his or her appointment may still
be honoured in accordance with the terms of the relevant commitment including vesting of any pre-existing deferred bonus or long-term
incentive awards.
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