Barclays 2014 Annual Report Download - page 39

barclays.com/annualreport Barclays PLC Annual Report 2014 I 37
What we did in 2014
Chairman’s Introduction
‘It is my responsibility to draw the best out of my fellow
Directors, both individually and collectively, so that the
Board works as a team that, together, is stronger than the
sum of its parts.’
Dear Shareholders
My role, as Chairman, is to lead the Board and ensure that it works
effectively and collaboratively in pursuit of the creation of sustainable
long-term shareholder value. It is my responsibility to draw the best out
of my fellow Directors, both individually and collectively, so that the
Board works as a team that, together, is stronger than the sum of its
parts. The pre-conditions for success are clear: an agreed perspective
on what we are trying to achieve; a culture of mutual trust and respect,
with shared values; and transparent and honest relationships between
the non-executive and executive Directors, including a willingness to be
open to different views and ways of thinking.
As Chairman, I have encouraged frankness and openness in Board
debate and also sought to allow sufficient time for focus on critical
strategic issues. Details of how we allocated our time and our main
areas of focus in 2014 can be found on page 39. My goal has been to
ensure that the Board is collaborative, yet challenging when it needs to
be and that discussions at Board and Board Committee meetings are
candid and open, yet constructive. The aim throughout has been to
create and maintain an environment where the Board is cohesive and
committed in support of our strategic aims, yet remains open to
different viewpoints and ideas. Overall, we have been united behind our
common purpose and respectful of the responsibilities of the Executive
team in running the business day-to-day, giving them our full support
in executing against our agreed strategy.
Board appointments and succession planning
This atmosphere of constructive challenge and debate depends on
having the right people in place. Board composition is subject to an
on-going process of review and refreshment. The priority is to ensure
that the Board collectively has the right balance and diversity of
expertise, skills, experience and perspectives needed to provide
effective oversight of the business and I am fortunate to be supported
by a Board that has a broad and diverse range of skills. As a bank we
naturally seek out those with financial services experience, but other
backgrounds, such as specific knowledge of a geographic area or
customer segment, bring valued perspectives to the Board and provide
credible challenge in these areas. Equally important is that Directors
demonstrate independence of mind, judgement and maturity.
Independence is an indispensible trait that underpins the Board’s ability
to exercise appropriate oversight of the Executive team.
There were a number of changes to the Board in 2014. Fulvio Conti and
Simon Fraser left the Board at the conclusion of the 2014 AGM. Steve
Thieke and Crawford Gillies joined the Board, in January and May 2014
respectively, and in September 2014 we announced that John
McFarlane would join the Board with effect from 1 January 2015 and
succeed me as Chairman at the conclusion of the 2015 AGM. Details of
the skills and experience each of these new Directors brings to the
Board can be found in their biographies on pages 34 and 35. The Board
Corporate Governance and Nominations Committee oversaw each of
these appointments and reports on pages 57 and 58 on the process it
followed and its deliberations.
Succession planning is not, however, confined to the Board itself. A
clear parallel responsibility is for the Board to be able to identify and
cultivate the leaders of the future. Talent is a prerequisite for the
success of any company and providing the Directors with a deeper
insight into the character and capabilities of the senior executive team
is essential for our long-term success. During 2014, the Board
Corporate Governance and Nominations Committee increased its focus
on talent management and succession planning and you can read
more about this, including the initiatives we have in place to ensure
that the Board has line of sight to potential future leaders, on page 56.
Importantly, these interactions also allow the Board to see how
members of the senior executive team act as role models for our Values
and promote sustainable success.
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