Barclays 2013 Annual Report Download - page 106

Remuneration policy for executive Directors continued
Element and purpose Operation Maximum value and performance measures
C. Other
All employee share
plans
To provide an
opportunity for Directors
to voluntarily invest in
the Company
Executive Directors are entitled to participate in:
(i) Barclays Sharesave under which they can make monthly savings
over a period of three or five years linked to the grant of an option
over Barclays’ shares which can be at a discount of up to 20% on
the share price set at the start.
(ii) Barclays Sharepurchase under which they can make contributions
(monthly or lump sum) out of pre-tax pay (if based in the United
Kingdom) which are used to acquire Barclays’ shares.
(i) Savings between £5 and the
maximum set by Barclays (which
will be no more than the HMRC
maximum) per month. There are
no performance measures.
(ii) Contributions of between £10 and
the maximum set by Barclays (which
will be no more than the HMRC
maximum) per tax year which
Barclays may match up to HMRC
maximum (current match is £600).
There are no performance measures.
Previous LTIP
awards
Antony Jenkins currently holds unvested LTIP awards under the LTIP
for the performance periods 2012-2014 and 2013-2015. The only
differences between the operation of these awards and the future
policy above are the performance measures and that the earlier
2012-2014 award only has a holding period of one year and this only
applies to 50% of shares that are released (after payment of tax).
A summary of the performance
measures that apply to the LTIP
awards for 2012-2014 and 2013-2015
can be found on pages 114 and 115.
Previous buy out
awards
Tushar Morzaria currently holds an unvested buy-out award under
the Barclays Joiners Share Value Plan which was granted to him in
respect of awards he forfeited as a result of accepting employment
at Barclays. This award was made in line with the Barclays’
recruitment policy outlined in the table on page 106.
The award was no more generous
than and mirrored as far as possible
the expected value and timing of
vesting of the forfeited awards
granted by JP Morgan.
Shareholding
requirement
To further enhance
the alignment of
shareholders’ and
executive Directors’
interests in long-term
value creation
Executive Directors must build up a shareholding of 400% of salary
over five years from the later of: (i) the introduction of the new
requirement in 2013; and (ii) the date of appointment as executive
Director. They have a reasonable period to build up to this requirement
again if it is not met because of a share price fall.
Shares that count towards the requirement are beneficially owned
shares including any vested share awards subject only to holding
periods (including vested LTIPs, vested deferred share bonuses and
RBP shares). Shares from unvested deferred share bonuses and
unvested LTIPs do not count towards the requirement.
Barclays’ shares worth a minimum of
400% of salary must be held within
five years.
Outside
appointments
To encourage self-
development and allow for
the introduction of external
insight and practice
Executive Directors may accept one board appointment in another
listed company.
Chairman’s approval must be sought before accepting appointment.
Fees may be retained by the executive Director. None of the executive
Directors currently hold an outside appointment.
Not applicable
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104 Barclays PLC Annual Report 2013
Remuneration report
Directors’ remuneration policy continued