Barclays 2014 Annual Report Download - page 91

barclays.com/annualreport Barclays PLC Annual Report 2014 I 89
Outstanding LTIP awards
(i) LTIP awards granted during 2013
The performance measures for the awards made under the 2013-2015 LTIP cycle are shown below.
Performance measure Weighting Threshold Maximum vesting
Return on Risk Weighted
Assets (RoRWA)
50% 13% of award vests for average annual RoRWA
of 1.1%
Average annual RoRWA of 1.6%
Loan loss rate 30% 10% of award vests for average annual loan
loss rate of 75 bps
Average annual loan loss rate of 60 bps or below
Balanced Scorecard 20% Performance against the Balanced Scorecard is assessed by the Committee to determine the
percentage of the award that may vest between 0% and 20%. Each of the 5Cs in the Balanced
Scorecard has equal weighting. The targets within each of the 5Cs are deemed to be commercially
sensitive. However, retrospective disclosure of the targets and performance against them will be
made in the 2015 Remuneration Report subject to commercial sensitivity no longer remaining.
Straight line vesting applies between the threshold and maximum points in respect of the RoRWA and Loan loss rate measures respectively. If the
Committee is satisfied with the underlying financial health of the Group based on profit before tax, depending on the extent of its satisfaction, the
percentage of Barclays shares that may be considered for release by the Committee under the RoRWA measure can be increased or decreased by
10% of the total award, subject always to a maximum of 50% of the award. Performance outcome will be determined at the end of the
performance period.
(ii) LTIP awards granted during 2014
Awards were made on 17 March 2014 under the 2014-2016 LTIP cycle at a share price on the date of grant of £2.3259, in accordance with our
remuneration policy to the executive Directors. This is the price used to calculate the face value below.
% of salary Number of shares Face value at grant Performance period
Antony Jenkins 400% 1,891,740 £4,400,000 2014-2016
Tushar Morzaria 400% 1,375,811 £3,200,000 2014-2016
The performance measures for the 2014-2016 LTIP awards are as follows:
Performance measure Weighting Threshold Maximum vesting
Return on Risk Weighted
Assets (RoRWA)
50% 23% of award vests for average annual RoRWA
of 1.08%
Average annual RoRWA of 1.52%
Loan loss rate 20% 7% of award vests for average annual loan loss
rate of 70 bps
Average annual loan loss rate of 55 bps or below
Balanced Scorecard 30% Performance against the Balanced Scorecard is assessed by the Committee to determine the
percentage of the award that may vest between 0% and 30%. Each of the 5Cs in the Balanced
Scorecard has equal weighting. The targets within each of the 5Cs are deemed to be commercially
sensitive. However, retrospective disclosure of the targets and performance against them will be
made in the 2016 Remuneration Report subject to commercial sensitivity no longer remaining.
Straight line vesting applies between the threshold and maximum points in respect of the RoRWA and Loan loss rate measures respectively. If the
Committee is satisfied with the underlying financial health of the Group based on profit before tax, depending on the extent of its satisfaction, the
percentage of Barclays shares that may be considered for release by the Committee under the RoRWA measure can be increased or decreased by
10% of the total award, subject always to a maximum of 50% of the award. Performance outcome will be determined at the end of the
performance period.
Executive Directors: pension (audited)
Antony Jenkins left the UK pension scheme in April 2012, and then started receiving cash in lieu of pension. He has benefits in both the final salary
1964 section and in the cash balance Afterwork section. The accrued pension shown below relates to his 1964 section pension only. The other
pension entries relate to his benefits in both sections.
Tushar Morzaria receives cash in lieu of pension.
Accrued
pension at
31 December
2014
£000
Increase in
value of
accrued
pension over
year net of
inflation
£000
Normal
retirement
date
Pension value
in 2014 from
DB Scheme
£000
2014
cash in lieu
of pension
£000
2014 Total
£000
Antony Jenkins 4 0 11 July 2021 0 363 363
Tushar Morzaria ––––200200
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