Barclays 2013 Annual Report Download - page 114

Objective Targets / measures for 2013 Progress in 2013
2013 Financial
and risk
measures
The executive Directors lead delivery of
overall performance measured by
reference to income, profitability, risk
weighted assets and return on equity
 Strength in the diversity of the Group’s income, underpinned by our traditional
consumer and commercial banking franchises, and growth in Equities and
Investment Banking in the Investment Bank
 But income in the Investment Bank overall was down 9% driven by a decrease in
FICC
 Adjusted profit before tax was down 32% year on year due to reduced income and
costs to achieve Transform
 Successful execution of Rights Issue
 Strong financial fundamentals across funding and liquidity, capital, credit risk
management and margins
 Adjusted return on average shareholders’ equity decreased to 4.5% principally
reflecting the decrease in profit before tax.
(ii) Personal objectives/measures
Antony Jenkins
Objective Targets / measures for 2013 Progress in 2013
Drive the
strategic agenda
Deliver the Transform programme
with the goal of making Barclays the
‘Go To’ bank
Defined the strategic vision and provided leadership driving the growing momentum
in the delivery of Barclays’ Transform strategy. The launch of the Balanced Scorecard
and embedding the Barclays Purpose, Values and Behaviours are significant
achievements
Led the organisation in executing delivery of the six Transform commitments and
PRA leverage expectation.
Impact and
leadership
Building relationships with key
stakeholders
Increased engagement and industry leadership with global regulators, industry
leaders and thought leaders has led to an improved level of trust in Barclays.
Tushar Morzaria
Objective Targets / measures for 2013 Progress in 2013
Drive the
strategic agenda
Active contribution to Group Strategy
discussions, lead cost management
initiatives to meet target of £18.5bn
in 2013 and leverage planning to
achieve PRA target of 3% in June
2014
Since October 2013, driven the cost reduction agenda, contributed strongly to the
Quarter 3 and full year results process, and has conducted a detailed balance sheet
review, specifically focused on meeting leverage ratio requirements as a priority
Costs marginally over target and leverage target achieved six months early.
Impact and
leadership
Lead finance, tax and treasury
functions, build relationships with
ExCo and Board colleagues
Has made immediate positive impact in both the Executive Committee and Board.
Chris Lucas
Objective Targets / measures for 2013 Progress in 2013
Drive the
strategic agenda
Lead Transform workstreams related
to CFO function, deliver STP and cost
management targets
Strong communication of Transform agenda to shareholders and other external
stakeholders and strong progress in Transform workstreams related to CFO function
Strong financial fundamentals across funding and liquidity, capital, credit risk
management and margins.
Impact and
leadership
Lead finance, tax and treasury
functions, maintain strong
relationships internally and externally,
manage change in the Finance
function
The Committee recognised 2013 achievements in driving change and leading the
function, noting he is a widely respected leader both internally and externally and
was highly collaborative on hiring a successor.
(iii) Individual outcomes
The Committee and Board agreed that Antony Jenkins had performed strongly in his first full year as Chief Executive while recognising that pre-tax
profits had fallen in the period. However, on 3 February 2014 Antony Jenkins announced that he would decline any 2013 bonus offered to him by
the Committee, citing the Rights Issue, restructuring costs and costs associated with legacy issues as his reasons.
60% of Tushar Morzaria’s 2013 bonus of £1.2m will be deferred through a Share Value Plan award vesting over three years. 20% will be paid in
cash and 20% in shares. All shares are subject to a six month holding period from the point of release. The bonus reflects both Tushar’s
performance at Barclays and his forfeited bonus opportunity when he left his previous employer to join Barclays.
The Committee decided to award Chris Lucas a 2013 bonus at a level of 40% of the maximum (the maximum being 250% of salary), pro rating
the resulting amount to reflect his service during 2013. The resulting award of £500,000 will be 100% deferred through a Share Value Plan award
vesting over three years, each annual release of shares being subject to an additional six month holding period.
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112 Barclays PLC Annual Report 2013
Remuneration report
Annual report on Directors’ remuneration continued