Barclays 2010 Annual Report Download - page 148

Health and Safety
We are committed to ensuring the health, safety and welfare of our
employees and to providing and maintaining safe working conditions.
Barclays regards legislative compliance as a minimum and, where
appropriate, we seek to implement higher standards. Barclays also
recognises its responsibilities towards all persons on its premises, such
as contractors, visitors and members of the public, and ensures, so far as
is reasonably practicable, that they are not exposed to significant risks to
their health and safety. Barclays regularly reviews its Statement of Health
and Safety Commitment, issued with the authority of the Board and
which applies to all business areas in which Barclays has operational
control. In this statement Barclays commits to:
– demonstrate personal leadership that is consistent with this
commitment;
– provide the appropriate resources to fulfil this commitment;
– carry out risk assessments and take appropriate actions to mitigate the
risks identified;
– consult with our employees on matters affecting their health and safety;
– ensure that appropriate information, instruction, training and
supervision are provided;
– appoint competent persons to provide specialist advice; and
– review Barclays Health and Safety Group Process and the Statement
of Commitment, at regular intervals.
Barclays monitors its health and safety performance using a variety
of measurements on a monthly basis and the Board Remuneration
Committee receives annual reports on health and safety performance
from Barclays Human Resources Director. In 2010, a Health and Safety
Steering Committee was established to ensure decisions are taken
relating to the Health and Safety Global Standard and to oversee the
operation of a coordinated Health and Safety control framework.
The Committee meets on a quarterly basis and produces a quarterly
report for the HR Risk Committee. As part of its Partnership Agreement
with Unite (Amicus section), Barclays currently funds full time Health
and Safety Representatives.
Creditors’ Payment Policy
Barclays values its suppliers and acknowledges the importance of paying
invoices, especially those of small businesses, in a timely manner. Barclays
policy follows the Department for Business, Innovation & Skills’ Prompt
Payment Code, copies of which can be obtained from the Prompt Payment
Code website at www.promptpaymentcode.org.uk.
The trade creditor payment days for Barclays Bank PLC for 2010 were
27 days (2009: 27 days). This is an arithmetical calculation based on the
Companies Act regulations and does not necessarily reflect our practice,
which is described above, nor the experience of any individual creditor.
Essential Business Contracts
There are no persons with whom the Group has contractual or other
arrangements that are considered essential to the business of the Group.
Contracts of Significance
Under the terms of a stock purchase agreement dated 16th June 2009
which was entered into by and among Barclays Bank PLC, Barclays PLC
and BlackRock, Inc. (BlackRock), Barclays agreed to sell Barclays Global
Investors (BGI) to BlackRock. The sale completed on 1st December 2009
following the receipt of all necessary shareholder and regulatory approvals
and satisfaction of other closing conditions. The consideration at
completion was US$15.2bn (£9.5bn), including 37.567 million new
BlackRock shares, giving Barclays an economic interest of 19.9% of the
enlarged BlackRock group. Barclays has provided BlackRock with
customary warranties and indemnities in connection with the sale.
Barclays will also continue to provide support in respect of certain BGI cash
funds until December 2013 and indemnities in respect of certain of BGI’s
fully collateralised securities lending activities until 30th November 2012.
Research and development
In the ordinary course of business the Group develops new products and
services in each of its business units.
Financial Instruments
The Group’s financial risk management objectives and policies, including
the policy for hedging each major type of forecasted transaction for which
hedge accounting is used, and the exposure to market risk, credit risk
and liquidity risk are set out on pages 66 to 136 under the headings,
‘Barclays risk management strategy’, ‘Credit risk management’, ‘Market risk
management’ and ‘Liquidity risk management’.
Events after the Balance Sheet Date
Events after the balance sheet date are noted on page 270.
The Auditors
The Board Audit Committee reviews the appointment of the external
auditors, as well as their relationship with the Group, including monitoring
the Group’s use of the auditors for non-audit services and the balance of
audit and non-audit fees paid to the auditors. More details on this can be
found on page 208.
PricewaterhouseCoopers LLP have been the Company’s auditors for
many years. Having reviewed the independence and effectiveness of the
external auditors, the Committee has not considered it necessary to date
to require them to tender for the audit work but will keep this issue under
review. The external auditors are required to rotate the audit partners
responsible for the Group and subsidiary audits every five years. Our
previous lead audit partner, who had been in place for five years, was
replaced for the 2010 year end. There are no contractual obligations
restricting the Company’s choice of external auditor. The Committee
has recommended to the Board that the existing auditors,
PricewaterhouseCoopers LLP, be reappointed.
PricewaterhouseCoopers LLP have signified their willingness to continue
in office and ordinary resolutions reappointing them as auditors and
authorising the Directors to set their remuneration will be proposed at the
2011 AGM. So far as each of the Directors are aware, there is no relevant
audit information of which the Company’s auditors are unaware. Each of
Directors’ report
continued
146 Barclays PLC Annual Report 2010 www.barclays.com/annualreport10