Barclays 2014 Annual Report Download - page 92

90 I Barclays PLC Annual Report 2014 barclays.com/annualreport
Governance: Remuneration report
Annual report on Directors’ remuneration
Executive Directors: Statement of implementation of remuneration policy in 2015
This section explains how the approved Directors’ remuneration policy will be implemented in 2015.
Antony Jenkins Tushar Morzaria Comments
Salary £1,100,000 £800,000 No change from 2014.
RBP £950,000 £750,000 Delivered quarterly in shares subject to a holding period with
restrictions lifting over five years. No change from 2014.
Pension 33% of salary 25% of salary Fixed cash allowance in lieu of participation in pension plan.
No change from 2014.
Maximum bonus 80% of fixed pay 80% of fixed pay Award subject to performance over the year and delivered in
cash and shares, a proportion of which is deferred (60%) over
three years with one-third vesting each year, and subject to a
further six month holding period. No change from 2014.
Maximum LTIP 120% of fixed pay 120% of fixed pay Award under the LTIP cycle to be delivered in shares. Vesting
dependent on performance over the three year period and
subject to a further two year holding period after vesting.
No change from 2014.
Total Fixed Pay
The Directors’ remuneration policy sets out the policy on RBP for executive Directors. Following the EBA Opinion on allowances, published in
October 2014, and despite the formal power to reduce RBP in the Directors’ remuneration policy, the Committee has agreed that total fixed pay
(Salary and RBP elements) will not be reduced in 2015. The EBA is expected to update its guidelines and, subject to this update, further changes to
the structure of RBP may be required.
Clawback and malus
Clawback applies to any variable remuneration awarded to the executive Directors on or after 1 January 2015. Barclays may apply clawback if at
any time during the 7 year period from the date on which any variable remuneration is awarded: (i) there is reasonable evidence of individual
misbehaviour or material error, and/or (ii) the firm suffers a material failure of risk management, taking account of the individual’s proximity to
and responsibility for that incident.
As set out in the Directors’ remuneration policy, malus provisions will continue to apply to unvested deferred awards.