Barclays 2008 Annual Report Download - page 176

174 Barclays PLC Annual Report 2008 |Find out more at www.barclays.com/annualreport08
Corporate governance
Remuneration Report
Table 1a: Executive Directors’ annual remuneration
When normally
received/
Element Purpose Delivery Programme summary awarded
Salary To reflect the market value of – Cash – Reviewed annually, with any Paid in year
the individual and their role – Monthly increases typically effective
– Pensionable on 1st April
Annual To incentivise the delivery – No more than 75%of annual – Based on annual business unit Normally paid
performance of annual goals at the performance bonus paid in cash performance, performance in the following
bonus (cash) Group, business division – At least 25%recommended as of the Group as a whole and financial year
and individual levels deferred share awards under ESAS individual contribution
– Non-pensionable
Total cash Sub-total of the above
Deferred share award To align annual – At least 25%of annual – Discretionary awards of shares Normally
(ESAS) performance with performance bonus to be deferred for three to five awarded in
shareholder value and recommended as deferred years. No performance condition on the following
increase retention share awards under ESAS release, as a deferred share award financial year
– Non-pensionable – 20%bonus shares releasable
after three years, a further10%
after five years
– Dividends normally accumulated
during deferral period
Long-term incentive To reward the creation of – Annual awards of shares – Discretionary awards Normally
(PSP) above median, sustained that vest after three – Participation reviewed annually awarded in
growth in shareholder value years, subject to – Barclays performance over three the following
and Economic Profit (EP) performance conditions years determines the performance financial year
performance – Non-pensionable shares eligible for release to
each individual
Total direct
remuneration Total of the above
Pension To provide a market competitive – Deferred cash or cash allowance – Non-contributory, defined Paid or accrued
(or cash allowance) post-retirement benefit – Monthly benefit scheme and/or defined during year
contribution scheme, or cash
allowance in lieu of pension
contributions
Other benefits To provide market competitive – Benefit in kind, or cash allowance – Benefits include private medical, Received
benefits – Non-pensionable insurance life and disability cover, during year
accommodation overseas when
required for business purposes, use
of company owned vehicle or cash
equivalent and tax advice
Sub-total
in accordance with
Companies Act 1985 Total of Salary, Annual Cash Bonus, Other Benefits and Pension Cash Allowance
Executive Directors’ Pay
Table 1 explains the purpose of each element of remuneration and shows
executive Directors’ remuneration for 2008 and 2007.
Base Salaries
The executive Directors will receive no base salary increase in 2009.
Table 2: Base salary
Base salary at Base salary at Date of
31st Dec 2008 1st April 2009 previous
£000 £000 increase
Executive Directors
John Varley 1,100 1,100 1st April 2008
Robert E Diamond Jr 250 250 1st March 1999
Chris Lucas 650 650 1st April 2008
Frits Seegers 700 700 n/a