Barclays 2012 Annual Report Download - page 91

The maximum potential bonus and LTIP award in the first column are based on Antony Jenkins’ Group Chief Executive salary of £1.1m.
‘BIS single figure’ for 2012 remuneration
The Department for Business, Innovation and Skills’ (BIS) draft disclosure regulations include a requirement to show a single figure for executive
Director remuneration on a basis different to that shown on the opposite page. The ‘BIS single figure’ basis requires that for LTIPs, rather than
including the value of any LTIP awarded in 2013, the payout value of any LTIP whose performance cycle ended in 2012 should be included instead.
Accordingly, the table below shows Antony Jenkins’ 2012 remuneration on the ‘BIS single figure’ basis. As Antony Jenkins was not a participant in a
previous LTIP cycle that ended in 2012, the LTIP figure is shown as zero and his 2012 total remuneration on the ‘BIS single figure’ basis is £1.129m.
‘BIS single figure’ for 2012 total remuneration £000
Salary Pension Benefits Bonus LTIP Total
833 215 81 0 0 1,129
Previous Long Term Incentive Plan awards
Antony Jenkins was not a participant in a previous LTIP cycle that ended in 2012. Antony currently holds unvested LTIP awards under the Barclays
LTIP for the performance period 2012-2014. Prior to joining the Board, Antony participated in long term incentive plans linked to divisional
performance. These divisional plans were not appropriate to his new role as Group Chief Executive and were brought to an end. The equivalent
value of these arrangements was made as awards with the same vesting date over Barclays shares under the SVP and the Barclays LTIP for the
performance period 2012-2014. These awards are shown in the table on pages 100-101.
2013 objectives
Antony Jenkins’ performance objectives for 2013, by which 2013 remuneration decisions will be measured, include Group and individual measures and are
both financial and non-financial. In line with the announcements of the outcomes of the Board’s Strategic Review that were made on 12 February 2013,
Antony is responsible for delivering the Transform commitments and the financial and non-financial commitments made in those announcements. In
assessing Antony’s performance, the Committee will assess Antony’s progress in working towards the 2015 financial targets including:
 Return on equity in excess of cost of equity and improvement in the quality of income and predictability of earnings;
 Reduction in the cost to income ratio;
 Management of the core capital ratio; and
 Improvement in the dividend payout ratio.
Other key actions include a focus on activities which support Barclays customers and clients; growing the UK, US and African franchises; restructuring
the European retail and corporate businesses; repositioning the European and Asian equities and Investment Banking Division businesses; closing the
Structured Capital Markets tax-related business unit; reducing risk weighted assets and investing in higher return businesses; and reducing operating
expenses through a new approach to strategically manage costs. Antony’s performance will also be assessed by the Committee by reference to the
relationships he builds with internal and external stakeholders, the leadership he provides in driving cultural change, and his success in building a
strong compliance and control structure to restore public confidence in Barclays.
2012 remuneration overview – Antony Jenkins
The chart below shows the maximum value of remuneration possible for 2012 under Antony Jenkins’ contract, the maximum potential value of the
remuneration actually awarded for 2012, and timing of receipt. The potential value of the 2013-2015 LTIP payout does not take into account share
price movement or the value of additional shares which may be added to the number of shares released on vesting to reflect dividends paid during
the performance period.
2012 2013 2014 2015 2016 2017 2018
0 to
£4,400
LTIP
£4,400
(400% of salary)
Pension/
Benefits £296
Bonus
£2,750
(250% of salary)
Pension/Benefits £296
Salary £833
Pension/Benefits £296
Maximum potential
value of LTIP payout
£4,400
(400% of salary)
Maximum potential
remuneration £000
2012 remuneration
decisions £000
Timeline for 2012 remuneration payout £000
Release after holding period
Salary £833 Salary £833
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