Barclays 2015 Annual Report Download - page 61

home.barclays/annualreport Barclays PLC Annual Report 2015 I 59
Area of focus Matter addressed Role of the Committee Conclusion/action taken
Cultural change The progress being made on
embedding of cultural change.
 Evaluated the outputs of an
independent review by Air Marshal
Sir David Walker.
 Assessed an industry-wide report
by the Group of Thirty (G30) into
banking conduct and culture and
how Barclays’ practices
benchmarked against the best
practices and suggestions outlined
in that report.
The Committee endorsed Air Marshal Sir
David Walker’s report, which confirmed
its view that progress had been good but
that there was more to do to achieve the
cultural change required. It encouraged
management to continue to prioritise
progress on cultural change. The
Committee also concluded that many of
the actions Barclays had taken in
response to the Salz Review
recommendations had aligned its
practices with those proposed in the
G30 report.
Citizenship The delivery of the 2015 Citizenship
Plan and development of a Shared
Growth Plan for 2016-2018.
 Tracked progress against the
current 2015 Citizenship plan via
six-monthly reports from
management.
 With the current Citizenship Plan
coming to completion, evaluated
the proposed Shared Growth Plan
for 2016-2018.
The Committee noted that all targets in
the 2015 Citizenship Plan had been met
or exceeded, with the exception of our
new and renewed household lending
target, which had not been possible to
achieve owing to market and trading
conditions. It endorsed the 2016-2018
Shared Growth Plan, particularly the
proposal to link the plan to Barclays’ core
purpose and values and to focus on
employability skills.
Read more about Barclays’ approach to
citizenship on page 14.
The Committee also covered the following matters:
 assessed progress of the programme to implement enhanced controls
in the Investment Bank over conflicts of interest between Barclays and
third parties
 evaluated outcomes of regulatory thematic reviews of conduct issues
and controls
 evaluated the levels of attestation by colleagues globally to The
Barclays Way, the Group’s code of conduct
 assessed the status of specific remediation programmes being
implemented by the business
 provided input to the Board Remuneration Committee on conduct and
reputation issues to be taken into consideration for 2015 remuneration
decisions
 tracked progress against the Compliance function’s business plan,
including updates on resourcing and attrition levels
 monitored progress of Barclays’ plans for compliance with the
Volcker Rule (restrictions on proprietary trading and certain fund
investments by banks operating in the US)
 assessed and discussed a report on the Committee’s performance
during 2014
 approved revisions to its terms of reference and recommended them
to the Board for approval and
 considered and approved Group Compliance Policies.
Board Reputation Committee allocation of time (%)
2015 2014
12
3
4
51Citizenship 62
2Reputational issues 13 7
3Culture, conduct and compliance 57 52
4Operational risk 19 33
5Other 66
Read more about Barclays’ risk management on pages 127 to 142
and in our Pillar 3 Report, which is available online at
home.barclays/annualreport
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