Barclays 2013 Annual Report Download - page 52

The Committee and Board agreed that Antony Jenkins had performed strongly in his first full year as Chief Executive. 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.
LTIP
The LTIP amount included in the 2013 single total figure of remuneration is the value of vesting amounts in 2013 in relation to the LTIP award
granted in 2011. Chris Lucas was the only executive Director participant in this cycle. Accordingly, as Antony Jenkins and Tushar Morzaria were not
participants in this cycle, the LTIP figure in the single figure table is shown as zero for both of them. Vesting was dependent on the performance
period ending in 2013. The performance achieved against the performance targets is shown below.
Performance measure Weighting Threshold Maximum 100% vesting Actual % of maximum achieved
Return on Risk Weighted
Assets (‘RoRWA’)
60% 23% of award vests for average
annual RoRWA of 1%
Average annual RoRWA
of 1.5%
0.4% 0%
Loan loss rate 30% 10% of award vests for average
annual loan loss rate of 95 bps
Average annual loan loss
rate of 81 bps or below
71 bps 30%
Sustainability metrics 10% Performance against the sustainability metrics is assessed by
the Committee to determine the % of the award that may vest
between 0% and 10%
0% 0%
The award was also subject to a discretionary underpin by which the Committee must be satisfied with the underlying financial health of the
Group. The Committee was satisfied that this underpin was met, and accordingly determined that the award should vest to the extent of 30%
of the maximum number of shares under the total award. The shares are scheduled to be released in March 2014.
Chairman and non-executive Directors
Remuneration for non-executive Directors reflects their responsibility and time commitment and the level of fees paid to non-executive directors
of comparable major UK companies.
Chairman and non-executive Directors: Single total figure for 2013 fees (audited)
Fees Benefits Total
2013
£000
2012
£000
2013
£000
2012
£000
2013
£000
2012
£000
Chairman
Sir David Walkera750 167 17 6 767 173
Non-executive Directors
Michael Ashleyb39 – – – 39 –
David Boothc185 170 – – 185 170
Tim Breedond183 18 – – 183 18
Fulvio Conti 110 110 – – 110 110
Simon Fraser 140 140 – – 140 140
Reuben Jeffery III 124 105 – – 124 105
Sir Andrew Likiermane45 135 – – 45 135
Wendy Lucas-Bullf25 – – – 25 –
Dambisa Moyo 129 120 – – 129 120
Frits van Paasscheng33 – – – 33 –
Sir Michael Rake 220 220 – – 220 220
Diane de Saint Victorh90 – – – 90 –
Sir John Sunderland 189 161 – – 189 161
Alison Carnwathi– 114 – – – 114
Marcus Agiusj– 750 – 1 – 751
Total 2,262 2,210 17 7 2,279 2,217
Notes
a Sir David Walker joined the Board as a non-executive Director with effect from 1 September 2012 and as Chairman from 1 November 2012.
b Michael Ashley joined the Board as a non-executive Director with effect from 18 September 2013.
c David Booth retired from the Board as a non-executive Director with effect from 31 December 2013.
d Tim Breedon joined the Board as a non-executive Director with effect from 1 November 2012.
e Sir Andrew Likierman retired from the Board as a non-executive Director with effect from 25 April 2013.
f Wendy Lucas-Bull joined the Board as a non-executive Director with effect from 19 September 2013.
g Frits van Paasschen joined the Board as a non-executive Director with effect from 1 August 2013.
h Diane de Saint Victor joined the Board as a non-executive Director with effect from 1 March 2013.
i Alison Carnwath resigned from the Board as a non-executive Director with effect from 24 July 2012.
j Marcus Agius stepped down as Chairman and as a non-executive Director on 2 July 2012.
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50 Barclays PLC Annual Report 2013
Summary remuneration report
continued