Barclays 2004 Annual Report Download - page 6

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Over 11,500 Barclays staff volunteered their time and skills for Make A Difference Day in 2004 –7,158 in the
“A very successful year for
Barclays. Record pre-tax
profits, first in our peer group
of international banks for
total shareholder return, and
aseamless transition to a new
management team.”
Matthew W Barrett, Chairman
2002 2003 2004pence
25
20
15
10
5
0
Dividend per share
18.35 20.50
24.00
As the figures show, 2004 was a very successful year for Barclays.
2004 was also a year in which we managed successfully the transition
to a new leadership team. John Varley took the reins as Group Chief
Executive with effect from 1st September and I succeeded Sir Peter
Middleton as Chairman. On behalf of shareholders, I would like to take
this opportunity to thank Sir Peter – Barclays owes him an enormous
debt of gratitude. The Group would not be where it is today –
financially strong, with a distinct portfolio of businesses, a great brand,
motivated people and millions of loyal customers and clients around
the world – were it not for his leadership.
Looking forward, the Board is delighted that Barclays has such a strong
management team in John Varley and his colleagues to take the Group
forward. We have been particularly pleased with the way in which they
have quickly adapted to their new roles.
Corporate Governance
Corporate governance continues to be a subject of intense interest to
shareholders, regulators, companies and the press. Our goal is to
ensure that Barclays is an exemplar in the area of corporate
governance. 2004 was the first year in which Barclays had to comply
with the provisions of the new Combined Code and you will read in
the Corporate Governance Report elsewhere in this Annual Report that
our compliance is of a high standard.
In recent months, we have taken a number of steps to enhance further
our corporate governance practices. We have expanded the remit of
the Remuneration Committee to cover strategic human resource
issues. We have also expanded the remit of the Nominations
Committee to cover a broad range of corporate governance issues in
addition to matters relating to the composition of the Board. We have
conducted a thorough, formal review of performance and effectiveness
of the Board, Board Committees, and individual directors.
The review concluded that the Board is discharging its responsibilities
in a highly effective manner.
Board Changes
Sir Brian Jenkins retired as Deputy Chairman on 1st September. He
joined the Board in 2000 on completion of the acquisition of Woolwich
Plc, where he had been Chairman. His experience and sound advice at
Board and Board Committee meetings will be greatly missed. He was
succeeded as Deputy Chairman by Sir Nigel Rudd.
Chris Lendrum retired as Vice-Chairman and a Director of the Bank at
the end of 2004. Chris served the Group with great distinction for over
Chairman’s statement