Barclays 2009 Annual Report Download - page 165

www.barclays.com/annualreport09 Barclays PLC Annual Report 2009 163
12
3
4
56
2009 2008
% %
1 HR Matters (including
pensions, excluding talent) 3 6
2 Talent Management 1 3
3 Incentive Reward 42 58
4 Remuneration (other,
including compensation
philosophy) 35 30
5 Regulation 7 –
6 Other 12 3
Fig. 8: Board HR and Remuneration Committee allocation of time
During 2009, the Committee reviewed the composition of the Board and its
principal Committees at each of its meetings. Following those deliberations,
the Committee recommended to the Board that Simon Fraser and Reuben
Jeffery, who were both identified with the assistance of external search
consultants, be appointed as non-executive Directors in March and July
2009 respectively. The Committee also recommended to the Board the
following changes to Committee membership:
– Sir Michael Rake succeeded Stephen Russell as Chairman of the Board
Audit Committee on 31st March 2009 and was appointed as a member
of the Board Risk Committee and Board Corporate Governance and
Nominations Committee with effect from 1st May 2009;
– Simon Fraser was appointed as a member of the Board Audit Committee
and Board HR and Remuneration Committee with effect from 1st May
2009;
– Patience Wheatcroft was appointed as a member of the Board Risk
Committee with effect from 1st May 2009;
– David Booth succeeded Sir Richard Broadbent as Chairman of the Board
Risk Committee and was appointed as a member of the Board Corporate
Governance and Nominations Committee with effect from 1st January
2010; and
– Reuben Jeffery was appointed as a member of the Board Risk Committee
with effect from 1st January 2010.
The Committee oversees the Board Effectiveness Review and approves the
Action Plan for the year ahead. Further details of the review and our
evaluation statement are set out on page 165.
Board Risk Committee
Information on the role and activities of the Board Risk Committee and the
Committee Chairman’s Statement can be found on pages 166 to 168 of this
report under ‘Governance of Risk’.
Board HR and Remuneration Committee
Sir Richard Broadbent (Chairman)
Marcus Agius
Leigh Clifford
Simon Fraser (from 1st May 2009)
Sir John Sunderland
Secretary
Secretary: Patrick Gonsalves
Additional information on the role and activities of the Committee can be
found in the Remuneration Report on pages 170 to 186. The Committee’s
terms of reference have been updated to reflect the changes to its role and
the recent developments in Corporate Governance and regulation.
Board HR and Remuneration Committee Activities in 2009
The Committee met 14 times in 2009 and Figure 8 illustrates how the
Committee allocated its time at those meetings. During 2009 the
Committee:
– continued its review of the Group’s remuneration policies and practices to
ensure that they remained appropriate and effective;
– reviewed Executive and Executive Committee compensation;
– reviewed various Pensions and Health and Safety matters;
– monitored the implementation of the talent agenda;
– considered incentive funding for each main business area for 2010;
– considered the alignment of risk and compensation;
– reviewed current and future, Group and business level long-term incentive
arrangements;
– obtained market data on remuneration levels in specified markets; and
– reviewed regulatory developements in respect of compensation.
The Committee received valuable support and advice from its independent
advisers, Towers Perrin MGMC (now Towers Watson), who attended four
meetings in 2009.