Barclays 2003 Annual Report Download - page 28
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Corporate Governance
Barclays Report on Remuneration
26
Non-executive Directors
The Board determines the fees of non-executive Directors. The Board’s
policy is that fees should reflect individual responsibilities and
membership of Board Committees.
Barclays encourages its non-executive Directors to build up a holding
in the Company’s shares. £20,000 of their basic Director’s fee is used
to buy shares in the Company for each non-executive Director. These
shares, together with reinvested dividends, are retained on behalf of
the non-executive Directors until they retire from the Board. They are
included in the table of Directors’ interests in ordinary shares of Barclays
PLC on page 34. Non-executive Directors do not receive awards in share
schemes for employees.
For each non-executive Director, the effective date of their letter of
appointment, notice period and the Group’s liability in the event of early
termination are shown in the table below:
Group
Effective liability in
date of the event
letter of Notice of early
appointment period termination
TDG Arculus 1st Feb 1997 6 months 6 months’ fees
Sir Richard
Broadbent 1st Sep 2003 ""
HM Cropper 1st Jun 1998 ""
Professor Dame
Sandra Dawson 1st Mar 2003 ""
Sir Brian Jenkins 25th Oct 2000 ""
Sir Nigel Rudd 1st Feb 1996 ""
SG Russell 25th Oct 2000 ""
Dr Jürgen Zech 30th Jul 2002 ""
Each appointment is for an initial six-year term, renewable for one term
of three years thereafter.
Details of non-executive Directors standing for re-election at the 2004
AGM are set out on page 17.
The performance of each non-executive Director is reviewed annually by
the Chairman, and at the end of the initial term.
Forward Looking Statement
The Committee will keep the existing remuneration arrangements, as
detailed in this Report, under review during 2004 and ensure that
Barclays reward programmes remain competitive and provide
appropriate incentive for performance. As usual, there will be individual
reviews of base salary, annual bonus (including ESAS) and ISOP awards.
As we informed shareholders in 2000, Barclays will review the ISOP after
five years to consider whether it still meets the Group’s business needs.