Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 243

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 243
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. Very few of these hires (less than 5%) were from UK-listed companies outside of financial services, reflecting the need for relevant banking experience. Barclays hiring over the last 10 years &#8211; ExCo and ExCo-1 n From international banking peers 53% n From other US financial services firms 14% n From other financial services firms from UK, Europe and other regions 19% n From firms outside financial services that are not UK-listed 10% n From UK-listed firms outside financial services 4% Strategy Shareholder information Climate and sustainability report Risk review Financial review Financial statements Barclays PLC 2024 Annual Report on Form 20-F 125Governance Remuneration report (continued)

These CEOs are/were subject to the 2:1 bonus cap. Fixed pay is higher than at firms not subject to bonus cap These firms offer far greater incentive opportunity, and lower fixed pay - though UBS has adopted a more balanced approach Executive Directors' maximum total compensation opportunity versus market When the 2:1 bonus cap was introduced, we reduced variable pay opportunity and increased fixed pay, to remain competitive with international peers not subject to the same rules. Fixed pay is more certain than variable pay, so the amount by which we increased the Executive Directors&#8217; fixed pay was less than the amount by which we reduced their variable pay opportunity; each &pound;100 reduction in variable pay opportunity saw a &pound;41 increase to fixed pay for the CEO, or a &pound;44 increase for the GFD. This significantly reduced the maximum total compensation opportunity for each Executive Director. Since then, when reviewing the Executive Directors&#8217; fixed pay, for several years the Committee made no increases, given the very high level of fixed pay required under the 2:1 bonus cap. However, over time the Committee noted that the Executive Directors&#8217; maximum total compensation opportunities were falling even further behind market, and so when reviewing fixed pay in recent years we moved to award the Executive Directors modest increases that would feed through to slightly higher maximum total compensation opportunities, within the confines of the 2:1 bonus cap. Nonetheless, the reduction in pay opportunity on implementing the 2:1 bonus cap, combined with only moderate fixed pay increases since then, has left the maximum total compensation opportunity for the Barclays CEO uncompetitive versus market, as shown in the chart below. The same is true for the GFD. The competitive positioning would have been better had the 2: