Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 224

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 224
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 time it had fallen significantly behind that paid across the other large UK-headquartered banking groups. The fee was last increased with effect from 1 January 2024, but prior to 2023 had not been increased since the start of 2016. As a result, we increased the fee for the Group Chair to &pound;925,000 per annum, with effect from 1 January 2025, an 8% increase (with Nigel Higgins having recused himself from that discussion). From 1 January 2016 through to 1 January 2025, the compound annual fee increase equates to 1.6% per annum. The current DRP allows for increases of up to 20% during the policy&#8217;s three-year term, and this increase brings the total increase during the first two years of the policy&#8217;s term to 10%. In December 2024, the Board reviewed the other Non-Executive Directors&#8217; fees, which were also last increased with effect from 1 January 2024. The Board approved an increase of 2%, which was also effective 1 January 2025 (with the relevant Non- Executive Directors having recused themselves from those discussions). Looking ahead As we move into 2025, the Committee maintains its commitment to rewarding sustainable performance. We confirmed Nigel Higgins, Group Chairman, as a member of the Committee on 31 January. Nigel regularly attended our meetings during 2024, adding to our decision making and enhancing the Committee's linkages into other Board and Committee activities, and his Committee membership formalises this. We welcome the PRA&#8217;s and FCA&#8217;s &#8216;Consultation Paper 16/24&#8217; on proposed changes to the UK remuneration regulations for banks. We believe that the proposed changes complement the regulators&#8217; removal of the 2:1 bonus cap in 2023, and would go some way to achieving the regulators&#8217; objective to improve the competitiveness of UK banks. We will continue to engage with our shareholders and other stakeholders on pay. In particular, we will be available to meet with institutional shareholders, to discuss our proposed new DRP and pay outcomes for 2024, ahead of the 2025 AGM. We will continue to use our remuneration philosophy, policies and practices to incentivise the Executive Directors, the management team and employees to deliver against our plan to make Barclays Simpler, Better and More