Barclays 2007 Annual Report Download - page 2

Section 1 Business review 1
Financial and operating highlights 2
Board and Executive management 6
Group Chairman’s statement 7
Group Chief Executive’s review 8
Key performance indicators 10
Financial review 15
Corporate sustainability 72
Risk management 75
Section 2 Governance 127
Board and Executive Committee 128
Directors’ report 130
Corporate governance report 133
Remuneration report 144
Accountability and audit 159
Section 3 Financial statements 161
Presentation of information 162
Independent Auditors’ report/Independent Registered
Public Accounting Firm’s report 163
Consolidated accounts Barclays PLC 165
Section 4 Shareholder information 281
Contents
Forward-looking statements
This document contains certain forward-looking statements within the meaning of
Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A
of the US Securities Act of 1933, as amended, with respect to certain of the Group’s
plans and its current goals and expectations relating to its future financial condition and
performance. These forward-looking statements can be identified by the fact that they
do not relate only to historical or current facts. Forward-looking statements sometimes
use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’,
‘believe’, or other words of similar meaning. Examples of forward-looking statements
include, among others, statements regarding the Group’s future financial position,
income growth, impairment charges, business strategy, projected levels of growth in
the banking and financial markets, projected costs, estimates of capital expenditures,
and plans and objectives for future operations. By their nature, forward-looking
statements involve risk and uncertainty because they relate to future events and
circumstances, including, but not limited to, UK domestic and global economic and
business conditions, the effects of continued volatility in credit markets, market related
risks such as changes in interest rates and exchange rates, the policies and actions of
governmental and regulatory authorities, changes in legislation, the further
development of standards and interpretations under International Financial Reporting
Standards (IFRS) applicable to past, current and future periods, evolving practices with
regard to the interpretation and application of standards under IFRS, progress in the
integration of Absa into the Group’s business and the achievement of synergy targets
related to Absa, the outcome of pending and future litigation, the success of future
acquisitions and other strategic transactions and the impact of competition – a number
of which factors are beyond the Group’s control. As a result, the Group’s actual future
results may differ materially from the plans, goals, and expectations set forth in the
Group’s forward-looking statements.
Any forward-looking statements made by or on behalf of Barclays speak only as of the
date they are made. Barclays does not undertake to update forward-looking statements
to reflect any changes in Barclays expectations with regard thereto or any changes in
events, conditions or circumstances on which any such statement is based. The reader
should, however, consult any additional disclosures that Barclays has made or may
make in documents it has filed or may file with the SEC.
Rapid growth in targeted markets
outside the UK
Since establishing GRCB Emerging
Markets in March 2007, Barclays retail
and commercial business growth in
these regions has been rapid.
Our distribution network has more than
doubled with the addition of 336 new
branches and sales centres and 457
ATMs. We doubled our customer base.
This represents the largest expansion
by any bank in these markets.
To find out more on how our diversified
business portfolio creates value for
shareholders and benefits customers visit:
www.barclays.com/annualreport07