Barclays 2013 Annual Report Download - page 51

Single total figure for 2013 remuneration
The following table shows a single total figure of remuneration in respect of qualifying service for each executive Director together with
comparative figures for 2012.
Executive Directors: Single total figure for 2013 remuneration (audited)
Salary
£000
Taxable benefits
£000
Bonus
£000
LTIP
£000
Pension
£000
Total
£000
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Antony Jenkinsa1,100 373 138 19 0 0 0 0 364 137 1,602 529
Tushar Morzariab171 – 14 – 1,200 – 0 – 43 – 1,428 –
Chris Lucasc501 800 47 34 500 0 985 643 125 200 2,158 1,677
a Antony Jenkins joined the Board with effect from 30 August 2012.
b Tushar Morzaria joined the Board with effect from 15 October 2013.
c Chris Lucas stepped down from the Board with effect from 16 August 2013 due to ill health.
Additional information in respect of each element of pay for the executive Directors (audited):
Base salary
Antony Jenkins has been paid a salary of £1,100,000 per annum as Group Chief Executive since his appointment to the role. Tushar Morzaria
commenced employment on 15 October 2013 on a salary of £800,000 per annum. Chris Lucas was paid a salary of £800,000 per annum.
Taxable benefits
Taxable benefits include private medical cover, life and ill health income protection, tax advice, home leave related costs, car allowance and the use
of a company vehicle and driver when required for business purposes. The figure in the above table for Tushar Morzaria includes £4,576 of
non-taxable relocation expenses. Further relocation expenses will be incurred for Tushar Morzaria.
Pension
Executive directors are contractually entitled to cash in lieu of pension contributions which reflects market practice for senior executives in
comparable roles.
Annual bonus
Bonuses are earned by reference to the financial year and awarded in the following February. The Committee considered the performance of each
of the executive Directors during their respective periods of office during the year. Their performance was assessed against their objectives agreed
at the start of the year and comprised both Group and personal, financial and non-financial measures. Information on the Group measures is set
out in the table below.
The executive Directors share collective responsibility for progress, as at the year end, against the Transform commitments set out at the start of
2013 and in the Rights Issue prospectus.
Objective Targets / measures for 2013 Progress in 2013
Strategic progress:
the Transform
programme
Performance is assessed
against the Transform
commitments of 2013
Financial measures in the
Transform commitments
included return on equity, cost
to income ratio, core capital
ratio, dividend payouts and
risk weighted assets.
Non-financial measures
include progress on cultural
change, the development of
the Balanced Scorecard and
the reputation of and trust in
Barclays.
Financial
 Underlying performance has been resilient and momentum is building
 CRD IV Risk Weighted Assets within the £440bn target for 2015
 Fully loaded Common Equity Tier 1 capital ratio at 9.3% is on track to meet the target
of 10.5% during 2015
 Cost reduction plans on target for expenses of £16.8bn in 2015 excluding costs to
achieve Transform
 Adverse movement in cost to income ratio in 2013 mainly as a consequence of
reduced income
 Work done in 2013 to target a 40% dividend payout ratio from 2014, achieving a
payout ratio of 40-50% over time
Non-financial
 Barclays Purpose, Values and Behaviours published and cascaded throughout
organisation, now integrated into day to day management processes. Data shows that
the culture is changing at Barclays.
 Balanced Scorecard published shortly after the year end. Data shows reputation of and
trust in Barclays is improving.
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.
Group overview 02
Chief Executive’s strategic review 04
Strategy and operating environment 06
Business model/Value creation 08
Balanced Scorecard 10
Group Finance Director’s review 12
Strategic Risk overview 14
Performance review by division 18
Chairman’s governance overview 46
Summary remuneration report 48
The next two pages provide the 2013
single total figure of remuneration for
each Director, which form part of the
Annual Report on Directors’
remuneration.
barclays.com/annualreport Barclays PLC Annual Report 2013 49
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