Barclays 2014 Annual Report Download - page 88

86 I Barclays PLC Annual Report 2014 barclays.com/annualreport
Executive Directors
Executive Directors: Single total figure for 2014 remuneration (audited)
The following table shows a single total figure for 2014 remuneration in respect of qualifying service for each executive Director together with
comparative figures for 2013.
Salary
£000
Role Based Pay
£000
Taxable benefits
£000
Annual bonus
£000
LTIP
£000
Pension
£000
Total
£000
2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013
Antony Jenkins 1,100 1,100 950 – 100 138 1,100 – 1,854 – 363 364 5,467 1,602
Tushar Morzaria 800 171 750 – 95 14 900 1,200 – – 200 43 2,745 1,428
The single total figure for 2014 for the executive Directors is higher than for 2013 since Antony Jenkins voluntarily declined a 2013 bonus and the
current executive Directors had no LTIP vesting in 2013. Antony Jenkins has an LTIP award scheduled for release for the peformance period
2012-2014 which is shown in the table. Tushar Morzaria joined the Board with effect from 15 October 2013 so his 2013 salary, pension and benefits
relate to his part year qualifying service.
Additional information in respect of each element of pay for the executive Directors (audited)
Salary
Antony Jenkins is paid a salary of £1,100,000 per annum as Group Chief Executive. Tushar Morzaria has been paid a salary of £800,000 per annum
since his appointment to the Group Finance Director role.
Role Based Pay (RBP)
With effect from 1 January 2014, both executive Directors received RBP. RBP is delivered quarterly in shares which are subject to a holding period
with restrictions lifting over five years (20% each year). The value shown is of shares at the date awarded.
Taxable benefits
Taxable benefits include private medical cover, life and ill health income protection, tax advice, relocation, home leave related costs, car allowance
and the use of a company vehicle and driver when required for business purposes.
Annual Bonus
Annual bonuses are discretionary and are typically awarded in Q1 following the financial year to which they relate. The 2014 bonus awards reflect
the Committee’s assessment of the extent to which each of the executive Directors achieved their Financial (50% weighting) and Balanced
Scorecard (35% weighting) performance measures, and their personal objectives (15% weighting). More information on the performance
measures and the outcomes for the 2014 bonuses is set out on pages 87 and 88.
60% of each executive Director’s 2014 bonus will be deferred in the form of an award under the SVP vesting over three years with one third
vesting each year. 20% will be paid in cash and 20% delivered in shares. All shares (whether deferred or not deferred) are subject to a further six
month holding period from the point of release. 2014 bonuses are subject to clawback provisions and, additionally, unvested deferred 2014
bonuses are subject to malus provisions which enable the Committee to reduce the vesting level of deferred bonuses (including to nil).
LTIP
Barclays LTIP amount included in Antony Jenkins’ 2014 single total figure is the value of the amount scheduled to be released in relation to the
LTIP award granted in 2012 in respect of performance period 2012-2014. As Tushar Morzaria was not a participant in this cycle, the LTIP figure in
the single figure table is shown as zero for him. Release is dependent on, amongst other things, performance over the period from 1 January 2012
to 31 December 2014. The performance achieved against the performance targets is as follows.
Performance measure Weighting Threshold Maximum 100% vesting Actual % of maximum achieved
Return on Risk Weighted
Assets (RoRWA)
60% 23% of award vests
for average annual
RoRWA of 1.1%
Average annual
RoRWA of 1.6%
0.5% 0%
Loan loss rate 30% 10% of award vests
for average annual
loan loss rate of
93 bps
Average annual loan
loss rate of 70 bps or
below
60 bps 30%
Citizenship metrics 10% Performance against the Barclays Citizenship
strategy is assessed by the Committee to
determine the % of the award that may vest
between 0% and 10%
N/A 0%
The LTIP award is also subject to a discretionary underpin in that the Committee must be satisfied with the underlying financial health of the
Group. The Committee was satisfied that this underpin was met, and accordingly determined that the award should be considered for release to
the extent of 30% of the maximum number of shares under the total award. The shares are scheduled to be released in May 2015. 50% of any
shares that are released (after deductions for income tax and social security contributions) are subject to a 12 month holding period.
Governance: Remuneration report
Annual report on Directors’ remuneration
This section explains how our Directors’ remuneration policy was implemented during 2014.