Barclays 2015 Annual Report Download - page 31

home.barclays/annualreport Barclays PLC Annual Report 2015 I 29
Summary Remuneration report
The full Remuneration Report can be found on pages 83 to 116. The Remuneration report (other than the part containing the Directors’
Remuneration Policy) will be subject to an advisory vote by shareholders at the 2016 AGM.
Executive team
2015 saw a change in Group Chief Executive. The Company announced on 28 October 2015 that Jes Staley was to become Group Chief Executive with
effect from 1 December 2015. He was appointed on a salary of £1,200,000 and Role Based Pay of £1,150,000 commensurate with market pay levels.
The Committee approved the grant of a share ‘buy-out’ award to compensate him for an unvested share award granted to him by a previous employer
which was forfeited as a result of him joining Barclays. The award was made on terms aligned to the forfeited award. Jes Staley satisfied, at the date of
joining, the executive Directors’ shareholding requirement of four times salary through his personal purchase of 2,790,000 Barclays shares.
During the four month period between Antony Jenkins’ departure as Group Chief Executive and Jes Staley starting in the role, John McFarlane served
as Executive Chairman. John McFarlane indicated to the Committee that he did not wish his remuneration to be increased during that time and
therefore his fee remained unchanged for the period during which he served as Executive Chairman.
The Committee also approved compensation arrangements on Antony Jenkins’ departure as Group Chief Executive during the year. Further details can be
found on page 101.
2015 remuneration
The following tables show a single total figure for 2015 remuneration in respect of qualifying service for each executive and non-executive Director
together with comparative figures for 2014.
Executive Directors: Single total figure for 2015 remuneration (audited)
Salary
£000
Role Based Pay
£000
Taxable benefits
£000
Annual bonus
£000
LTIP
£000
Pension
£000
Total
£000
2015 2014 2015 2 014 2015 2 014 2015 2014 2015 2 014 2015 2 014 2015 2014
Antony Jenkinsa598 1,100 516 950 89 100 505 1,100 1,494 1,854 197 363 3,399 5,467
Tushar Morzaria 800 800 750 750 82 95 701 900 – – 200 200 2,533 2,745
Jes Staleyb100 – 96 – 48 – – – – – 33 – 277 –
Notes
a The 2015 figures for Antony Jenkins relate to the period to 16 July 2015 when he ceased to be a Director, save in the case of the LTIP which relates to the whole performance period.
b The 2015 figures for Jes Staley relate to the period from 1 December 2015 when he joined the Board as Group Chief Executive.
John McFarlane was appointed Executive Chairman from 17 July 2015 to 30 November 2015. Details of his fees are provided on page 31.
Additional information in respect of 2015 remuneration for the executive Directors (audited)
Role Based Pay (RBP)
Executive Directors receive RBP which is delivered quarterly in shares, subject to a holding period with restrictions lifting over five years (20% each
year). The value shown in the above table is of shares at the date awarded.
Taxable benefits
Taxable benefits include private medical cover, life and ill health income protection, tax advice, relocation, home leave related costs, car allowance
and the use of a company vehicle and driver when required for business purposes and other benefits that are considered minor in nature.
Annual bonus
Annual bonuses are discretionary and are typically awarded in Q1 following the financial year to which they relate. The 2015 bonus awards reflect the
Committee’s assessment of the extent to which the executive Directors achieved their Financial (50% weighting) and Balanced Scorecard (35%
weighting) performance measures, and their personal objectives (15% weighting). A summary of the assessment against the performance measures
is provided below. For more information please see pages 93 and 94. Jes Staley was not eligible for a 2015 bonus.
Financial (50% weighting)
Performance measure Weighting Threshold
25%
Maximum
100%
2 0 15
Actual
2 0 15
Outcome
Financial
Adjusted profit before tax 20% £5,801m £7,022m £5,403m 0.0%
Adjusted costs (ex CTA) 10% £16,780m £15,182m £16,205m 5.2%
CET1 ratio 10% 10.47% 11.34% 11.4% 10.0%
Leverage ratio 10% 4.17% 4.72% 4.5% 6.9%
Total Financial 50% 22.1%
The approach taken to assessing financial performance against each of the financial measures is based on a straight line outcome between 25% for
threshold performance and 100% applicable to each measure for achievement of maximum performance.
The Strategic Report Governance Risk review Financial review Financial statements Shareholder information