Barclays 2014 Annual Report Download - page 62

60 I Barclays PLC Annual Report 2014 barclays.com/annualreport
Governance: Directors’ report
What we did in 2014
Board Corporate Governance and Nominations Committee Report
Board evaluation in 2014
Board priorities Exhibiting and upholding the
Company’s values
Leveraging Board experience
in support of executives
Greater awareness of Board
Committee work
2013 findings
To better articulate the Board’s
2014 priorities, as opposed to
the business priorities and
reflect these in Board and
Committee papers
2013 findings
To be kept directly informed on
the progress of implementing
cultural change
2013 findings
To create additional time for
more wide-ranging strategic
discussions between the Board
and Executive Committee
members
2013 findings
To give more time, on a rolling
basis, to Board Committee
reporting to the Board, to allow
all Directors to gain a deeper
understanding of the workings
of each Board Committee and
their forward agendas
Actions taken in 2014
As a result of Bvalco’s
interviews with the Directors
and discussion at the Board
meeting in February 2014, the
Board identified the following
priorities for 2014:
Q Board and Chairman
succession
Q Supporting the Executives
Q Oversight and working
through legacy issues
Q Dealing more strategically
with global regulation
Q Exhibiting and upholding
Barclays’ Values
Q Building a cohesive, unitary
Board
These priorities were reflected
in Board and Board Committee
agendas during the year and
were also debated at the
Committee meeting in
July 2014
Actions taken in 2014
The majority of non-executive
Directors have attended
Barclays’ Values training and
the subject of values and how
we do business has been
covered in the Chief
Executive’s reports to the
Board and in business
presentations
The Board Conduct,
Operational and Reputational
Risk Committee examined
reports on progress being
made in implementing cultural
change
Actions taken in 2014
The Board met with executives
outside of scheduled Board
meetings to discuss and
challenge the Group strategy
during 2014, culminating in
significant interaction with
Group Executive Committee
members when debating
proposals relating to the
strategy update which was
announced in May 2014
The Chairman and Company
Secretary gave a presentation
to the Group Executive
Committee on the
composition, duties, role and
expectations of the Board
The Board invited leaders of
key businesses and functions
to Board dinners to probe
business strategies, plans,
emerging issues and concerns
Actions taken in 2014
The Board has allowed more
time to focus on reports from
Board Committees. This
included the forward agenda
and key issues examined to
allow the Board to consult and
challenge the work conducted
by the Committee
The Committee Chairs ensured
that they identified the key
issues for discussion
2014 findings
To refine the Board’s priorities
for 2015
2014 findings
To continue the embedding of
cultural change across and
deeper into the organisation
and provide effective oversight
of progress
2014 findings
To continue to build effective
relationships between the
Board and business and
functional heads
2014 findings
To continue to deepen the
Board’s focus on the key
priorities and main issues
facing each of the Board
Committees and to ensure that
the Board Committee structure
remains appropriate and fit for
purpose
Actions to be taken in 2015
We will focus the Board’s time
on:
Q Debating strategic options
Q Culture and cultural change
Q Succession and the talent
pipeline
Q Supporting the transition to
a new Chairman
Q Further improving
information flows to the
Board and Board
Committees
Actions to be taken in 2015
We will leverage work that is
underway to assess how well
cultural change has been
embedded in order to improve
ways in which progress is
measured and tracked by
the Board
Actions to be taken in 2015
We will continue to build a
better understanding of the
role and expectations of the
Board amongst senior
executives, including the wider
Senior Leaders Group
Actions to be taken in 2015
We will continue to enhance
the content of reporting by
Board Committees to the
Board and ensure that all
Directors have the opportunity
to attend Board Committee
meetings. The optimum Board
Committee structure will also
be kept under review