Barclays 2015 Annual Report Download - page 94

92 I Barclays PLC Annual Report 2015 home.barclays/annualreport
Governance: Remuneration report
This section explains how our Directors’ remuneration policy was implemented during 2015.
Annual report on Directors’ remuneration
Executive Directors
Executive Directors: Single total figure for 2015 remuneration (audited)
The following table shows a single total figure for 2015 remuneration in respect of qualifying service for each executive Director together with
comparative figures for 2014.
Salary
£000
Role Based Pay
£000
Taxable benefits
£000
Annual bonus
£000
LTIP
£000
Pension
£000
Total
£000
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 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.
Details of his leaving arrangements are provided on page 101.
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 pending the appointment of a new Group Chief Executive. At his request, he
received no increase in fees. Details of his fees are provided on page 100. John McFarlane is not eligible to participate in Barclays’ cash, share or
long-term incentive plans or pension plans.
Additional information in respect of each element of pay for the executive Directors (audited)
Salary
Jes Staley commenced employment as Group Chief Executive on 1 December 2015 on a salary of £1,200,000 per annum. Tushar Morzaria was paid
a salary of £800,000 per annum as Group Finance Director. Antony Jenkins was paid a salary of £1,100,000 per annum.
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 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,
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). More information on the performance measures and the
outcomes for the 2015 bonuses is set out on pages 93 and 94. Jes Staley was not eligible for a 2015 bonus.
60% of each executive Director’s 2015 bonus will be deferred in the form of a share award under the Share Value Plan vesting over three years with
one third vesting each year. 20% will be paid in cash and 20% delivered in shares. All shares (whether deferred or not deferred) are subject to a
further six month holding period from the point of release. 2015 bonuses are subject to clawback provisions and, additionally, unvested deferred
2015 bonuses are subject to malus provisions which enable the Committee to reduce the vesting level of deferred bonuses (including to nil).
LTIP
The LTIP amount included in Antony Jenkins’ 2015 single total figure is the value of the amount scheduled to be released in relation to the LTIP award
granted in 2013 in respect of performance period 2013-2015. As Tushar Morzaria and Jes Staley were not participants in this cycle, the LTIP figure in
the single figure table is shown as zero for them. Release is dependent on, amongst other things, performance over the period from 1 January 2013
to 31 December 2015. The performance achieved against the performance targets is as follows.
Performance measure Weighting Threshold Maximum vesting Actual % of award 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%
0.21% 0%
Loan loss rate 30% 10% of award vests for
average annual loan loss
rate of 75bps
Average annual loan loss
rate of 60bps or below
53bps 30%
Balanced Scorecard 20% Performance against the Balanced Scorecard was
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.
See below 9%
Total 39%