Barclays 2012 Annual Report Download - page 6

Chairman’s statement
Cultivating the right culture,
running Barclays the right way,
and responding to regulation.
“Changing Barclays culture is a
critical component in rebuilding
trust and real change is required.”
Sir David Walker
Chairman
Barclays experienced an extremely difficult 2012. In the wake of
the announcement of the penalties relating to the industry-wide
investigation into the setting of interbank offered rates, Marcus
Agius chose to resign as Chairman and Bob Diamond subsequently
resigned as CEO.
The Board moved swiftly to fill both positions. My appointment as
Chairman was announced in early August and the appointment of
Antony Jenkins as CEO was made at the end of that month.
The announcement of the penalties in respect of LIBOR and EURIBOR
rates was in addition to the provisions made in respect of the mis-
selling of PPI to consumers and interest rate hedging products to
business customers, both of which were increased at the end of the
year. Stakeholders’ trust in Barclays and the banking sector generally
has been severely damaged by these events. We recognise that we
must rebuild that trust and are determined to win it back through
demonstrating real and fundamental change in our culture, especially
the way we operate. We must demonstrate that going forward we are
truly serving all our stakeholders, particularly our customers and
clients, the communities in which we operate and society as a whole.
My priority as Chairman is to work with the Board, Antony Jenkins,
management and employees to ensure that we win back trust and
ensure that we have in place a sustainable business model that will
create long term shareholder value.
I have three
particular areas
of focus: The right
culture
Running Barclays
the right way
Responding
to regulation
barclays.com/annualreport04 I Barclays PLC Annual Report 2012