Barclays 2013 Annual Report Download - page 128

Implementation of the Salz Review Recommendations
Introduction
The Board commissioned a review of Barclays’ business practices in
July 2012, led by Sir Anthony Salz, with a view to providing a
comprehensive roadmap for cultural change. Sir Anthony Salz
published his report in April 2013, and the Board intends to implement
all 34 recommendations. To date we are pleased with progress made,
although our work is ongoing.
The Salz recommendations have been fully integrated into the
Transform programme, our long-term plan to transform the culture
and performance of Barclays, with the goal of becoming the ‘Go-To’
bank. The primary tool against which we will report progress annually
and measure success is our Balanced Scorecard, which sets out a clear
description of what we want Barclays to be, out to 2018. The
organisation is aligned to the Balanced Scorecard and to our Purpose,
Values and Behaviours through the new performance management
framework.
Below we have summarised progress against the Review’s 34
recommendations. This update is not intended to be exhaustive and
the Salz Review Report which details all the recommendations in full
can be found on our website. Core elements of our Transform
Programme, which address many of the recommendations, are
described in further detail elsewhere in this report.
We are confident that implementing the Review’s recommendations
will help us become the ‘Go-To’ bank for all our stakeholders.
1
Regulatory and business standards
To ensure we work collaboratively and openly with regulators, we have
been building the necessary culture, resources, capabilities and
processes. We have developed a centralised database to facilitate
internal and external coordination of regulatory interactions.
Furthermore, all senior colleagues who work with regulators have
undergone training to ensure communication with regulators is clear
and transparent. Our performance and reward systems now assess
colleagues on compliance with the spirit as well as the letter of the law
and regulation. Since his appointment, Sir David Walker as Chairman
has been obtaining feedback from regulators and other public
authorities on an on-going basis.
2
Setting high standards
The Balanced Scorecard is the centrepiece of our plan – alongside our
Purpose, Values and Behaviours – to embed the right culture in our
business and become the ‘Go-To’ bank. Both are embedded in the new
performance management framework and drive variable
compensation. From mid-year 2013, Senior Leaders received separate
performance ratings in relation to both their objectives (‘what’ they
delivered) and our values (‘how’ they delivered). This now applied to
Managing Directors (MDs) as of the 2013 year-end and will to all
colleagues from January 2014.
3
Customers
The Balanced Scorecard (see page 10) is cascaded into business unit
and function scorecards, which define targets for meeting the needs
and expectations of customers and of our other stakeholders. We have
also launched initiatives that capture and build on customer feedback
such as ‘YourBank’– an online forum in the UK that allows people to
submit, share and vote on ideas for improving Barclays’ everyday
banking services. To date we have received more than 3,500 ideas.
Internally, we have enriched our complaints reporting to management
and will provide regular reports to the Board. Our external complaints
reporting has been enhanced in the UK with reporting that goes
beyond the FCA requirements as well as externally published ‘Spotlight’
reports that focus on our response to key customer complaints.
‘A roadmap for change.’
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126 Barclays PLC Annual Report 2013