Barclays 2012 Annual Report Download - page 41

The role of the Board
The principal responsibility of the Board is to promote the long term
success of Barclays by creating and delivering sustainable shareholder
value. The Board leads and provides direction for management by
setting strategy and overseeing its implementation by management.
The Board seeks to ensure that, while the ultimate focus is long term
growth, management also delivers on short term objectives, striking
the right balance between the two. In setting and monitoring the
execution of Barclays strategy, consideration is given to the impact that
those decisions will have on Barclays obligations to various
stakeholders, such as shareholders, employees, suppliers and the
community in which Barclays operates as a whole.
The Board is also responsible for ensuring that an effective system of
internal control is maintained and that management maintains an
effective risk management and oversight process across the Group, so
that growth is delivered in a controlled and sustainable way. In addition,
the Board is responsible for determining and promoting Barclays
collective vision of its purpose, values, culture and behaviours.
Specific key decisions and matters have been reserved for approval by
the Board. These include decisions on the Group’s strategy, approval of
risk appetite, capital and liquidity matters, major acquisitions, mergers
or disposals, Board membership, financial results and governance
issues, including the approval of the corporate governance framework.
A full formal schedule of matters specifically reserved to the Board can
be found on Barclays website at Barclays.com.
The names of the Directors and their full biographical details, including
the skills and experience they each bring to the Board, can be found on
pages 67-69.
To assist the Board in carrying out its functions and to ensure there is
independent oversight of internal control and risk management, the
Board has delegated certain responsibilities to Board Committees,
which are comprised of independent non-executive Directors and, in
some cases, the Chairman. The Chairman of each Board Committee
reports to the Board on the matters discussed at Board Committee
meetings. Each Board Committee has agreed Terms of Reference
approved by the Board, which can be found on Barclays website.
More information on the role of the Board and its Committees can
be found in ‘Corporate Governance in Barclays’, which is available
online at Barclays.com
Corporate governance report
Leadership
Notes
a Known as the Board Financial Risk Committee with effect from 31 January 2013.
b Known as the Board Conduct, Reputation and Operational Risk Committee with
effect from 31 January 2013.
Corporate Governance Framework
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Board Enterprise Wide Risk Committee
A Board Enterprise Wide Risk Committee was established at the end of January 2013.
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