Barclays 2013 Annual Report Download - page 108

Executive Directors' policy on recruitment
Barclays operates in a highly specialised sector and many of its competitors for talent are outside of the United Kingdom. The Committee’s
approach to recruitment remuneration is to pay no more than is necessary to attract appropriate candidates to the role.
The remuneration packages offered on appointment to any new executive Director are a specific part of the Committee’s Terms of Reference.
The terms of such packages must be approved by the Committee in consultation with the Chairman and (except for the terms of his own
remuneration) the Group Chief Executive.
Any new executive Director's package would include the same elements, and be subject to the same constraints, as those of the existing executive
Directors, as shown below.
Element of remuneration Commentary Maximum value
Salary Determined by market conditions, market practice and ability
to recruit.
For a newly appointed executive Director, whether through external
recruitment or internal promotion, if their salary is at a level below the
desired market level, the Committee retains the discretion to realign
their salary over a transitional period which may mean that annualised
salary increases for the new appointee are higher than that set out in
the salary section of the remuneration policy on page 101.
In line with policy.
Role Based Pay Determined by role, market practice and ability to recruit. Percentage
may decrease or increase in certain circumstances subject to
maximum value.
100% of salary.
Benefits In line with policy. In line with policy.
Pension In line with policy. 33% of salary (Group Chief
Executive), 25% of salary (Group
Finance Director) and 25% if another
executive Director is appointed.
Annual Bonus In line with policy. 80% of fixed pay.
Long Term
Incentive Plan
In line with policy. 120% of fixed pay.
Buy out The Committee can consider buying out forfeited bonus opportunity or
incentive awards that the new executive Director has forfeited as a
result of accepting the appointment with Barclays, subject to proof of
forfeiture where applicable.
As required by the PRA Remuneration Code, any award made to
compensate for forfeited remuneration from the new executive
Director’s previous employment may not be more generous than, and
must mirror as far as possible the expected value, timing and form of
delivery, the terms of the forfeited remuneration and must be in the best
long-term interests of Barclays. Barclays deferral policy shall however
apply as a minimum to any buy out of annual bonus opportunity.
The value of any buy out is not included
within the maximum incentive levels
above since it relates to a buy out of
forfeited bonus opportunity or incentive
awards from a previous employer.
Where a senior executive is promoted to the Board, his or her existing contractual commitments agreed prior to his or her appointment may still
be honoured in accordance with the terms of the relevant commitment including vesting of any pre-existing deferred bonus or long-term
incentive awards.
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106 Barclays PLC Annual Report 2013
Remuneration report
Directors’ remuneration policy continued