Barclays 2015 Annual Report Download - page 67

home.barclays/annualreport Barclays PLC Annual Report 2015 I 65
Governance in action: the appointment of
Jes Staley
Role requirements
The Committee, which has responsibility for identifying suitable
candidates to join the Board, agreed the desired attributes for a
successor to Antony Jenkins as Group Chief Executive (CEO). In
addition to strong and motivational leadership qualities, the Committee
sought candidates with significant experience of retail and/or
commercial and investment banking in large scale, complex
organisations and an excellent track record of delivery and credibility
with regulators and internal and external stakeholders. Personal
attributes sought included strategic thinking and the ability to lead and
manage change, especially cultural change.
Process
The Committee directed the selection process. As the Chairman had
accepted the role of Executive Chairman until a successor was in place,
it was agreed that he would step down from the Committee to ensure
that it remained composed of independent non-executive Directors
and that I would lead the process. It was also agreed that the
Committee as a whole would be involved in shortlisting and
interviewing candidates and, once preferred candidates had been
agreed, to involve the rest of the Board and key senior executives.
Spencer Stuart, an external search consultant, was engaged to assist
with the search and selection process.
Search
Having established that there were currently no potential candidates
within the Group with the spread and depth of experience required for
the role, the Committee examined a ‘long list’ of candidates produced
as a result of the global search and received a presentation from
Spencer Stuart covering the prospects for consideration. The
Committee identified the most credible prospects to be contacted and
invited to interview and requested that the views of the Group’s
regulators on the preferred type of candidate for the role also be
obtained.
I asked Committee members to consider sources for potential
candidates that might be approached directly and to recommend
potential candidates for the role. In addition, although John McFarlane
did not take part in the selection process, he was consulted for his view
and insights. I also ensured that Board members were kept up-to-date
throughout the process.
Recruitment
As Jes Staley emerged as the preferred candidate and had confirmed
his interest in the role, he undertook a series of interviews involving me,
the Chairman and members of the Committee. He also met with the
remaining members of the Board and the Group Executive Committee.
In addition to the regular communication with Directors, the Board held
an additional meeting specifically to discuss the proposed appointment
and to allow Directors to share their feedback on Jes Staley before
approving his appointment, which was announced on 28 October
2 0 15.
Sir Michael Rake
Mid July
The Committee agreed that Sir Michael
Rake would lead the process to identify
a successor to Antony Jenkins, with
oversight by the Committee
1 December 2015
Jes Staley took up his appointment as
Group Chief Executive
Late July
Required attributes identified and
Spencer Stuart appointed to
assist with the search
Early August
The Committee identified primary
prospects to be invited to
interview and sought input from
Barclays’ regulators on the
preferred type of candidate
End September
Jes Staley met with members of
the Committee and other Board
members
October
The Board met and authorised
the Committee to approve the
appointment, subject to certain
conditions being met, regulatory
approval and shareholder
engagement. The Committee and
the Board Remuneration
Committee respectively approved
the appointment and the terms
of engagement
28 October 2015
Barclays announced Jes Staley’s
appointment as a Director and
Group Chief Executive of Barclays
2015
End July
Initial candidate ‘long list’
compiled
August –
Mid September
Sir Michael Rake and other
Committee members held a
series of discussions with
potential candidates
October
Engagement with FCA and PRA
regarding the appointment and
the application for approved
person status. Jes Staley was
interviewed by the PRA and FCA
and his appointment was
approved
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