Barclays 2014 Annual Report Download - page 99

barclays.com/annualreport Barclays PLC Annual Report 2014 I 97
Towers Watson provides pensions advice, advice on health and benefits provision, assistance and technology support for employee surveys and
performance management, and remuneration data to the Group. Towers Watson also provides pensions advice and administration services to the
Barclays Bank UK Retirement Fund.
The Committee regularly reviews the objectivity and independence of the advice it receives from Towers Watson.
In the course of its deliberations, the Committee considers the views of the Group Chief Executive, Group Human Resources Director and the
Reward and Performance Director. The Group Finance Director and Chief Risk Officer provide regular updates on Group and business financial
performance and the Group’s risk profile respectively.
No Barclays’ employee or Director participates in discussions or decisions of the Committee relating to his or her own remuneration. No other
advisers provided significant services to the Committee in the year.
Remuneration Committee activities in 2014
The following provides a summary of the Committee’s activities during 2014 and during the February 2015 meeting when 2014 remuneration
decisions were finalised.
Meeting Fixed and variable pay issues Governance, risk and other matters
February 2014 Q Approved executive Directors’ and senior executives’ 2014
fixed pay
Q Approved final 2013 incentive funding
Q Approved proposals for executive Directors’ and senior
executives’ 2013 bonuses and 2014 LTIP awards for
executive Directors
Q Risk adjustment and malus review
Q Approved 2013 remuneration report
Q Review of reward communications strategy
Q Finance and Risk update
April 2014 Q Approved 2014 executive Directors and Group Executive
Committee annual bonus performance measures
Q 2014 early incentive funding projections
Q Consideration of the use of contingent convertible
instruments for deferred variable pay
Q Review of Annual General Meeting materials
Q Review of response to PRA consultation on clawback
Q CRD IV update
July 2014 Q 2014 incentive funding projections
Q Consideration of the use of contingent convertible
instruments for deferred variable pay
Q Review of Committee effectiveness and terms of reference
Q Control framework for hiring, retention and termination of
employees
Q Review of methodology for making conduct adjustments to
incentives pool
Q Finance and Risk update
Q Methodology for MRT identification
October 2014 Q Update on EBA Opinion on allowances
Q 2014 incentive funding projections
Q 2015 LTIP design and performance measures
Q Update on PRA consultation on changes to the Remuneration
Code
Q Control framework for hiring, retention and termination
of employees
Q Finance and Risk update
December 2014 Q Initial considerations on senior executives’ 2015 fixed pay
Q 2014 incentive funding proposals and initial senior
executive individual proposals
Q 2015 LTIP design and performance measures
Q Risk adjustment and malus review
Q Review of draft 2014 remuneration report
Q Finance and Risk update
February 2015 Q Approved executive Directors’ and senior executives’ 2015
fixed pay
Q Approved 2015 executive Directors and Group Executive
Committee annual bonus performance measures
Q Approved group salary and RBP budgets
Q Approved final 2014 incentive funding
Q Approved proposals for executive Directors’ and senior
executives’ 2014 bonuses and 2015 LTIP awards for
executive Directors
Q Risk adjustment and malus review
Q Approved 2014 remuneration report
Q Review of reward communications strategy
Q Finance and Risk update
Regular items: market and stakeholder updates including PRA/FCA, US Federal Reserve and other regulatory matters; LTIP performance updates.
The Strategic Report Governance Risk review Financial review Financial statements Shareholder information