Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 288

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 288
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5 Performance assessed over the period from 1 January 2022 to 31 December 2024, using the Q4 average TSR data for 2021 and 2024 respectively, measured in GBP for each company. 6 The total shareholder return peer group is comprised of multinational banks in the UK, Europe and North America of comparable size to Barclays and with a high degree of correlation to Barclay of weekly share price returns. The peer group for the 2022-2024 LTIP award consists of: Banco Santander, Bank of America, BBVA, BNP Paribas, Citigroup, Credit Agricole, Credit Suisse, Deutsche Bank, HSBC, ING Groep, Lloyds Banking Group, Morgan Stanley, NatWest Group, Societe Generale, Standard Chartered, UBS and Unicredit. The CET1 ratio target was set in early 2022 as a range of 190bps to 290bps above the regulatory Minimum Distributable Amount (MDA). At that time the MDA hurdle was 11.1% so the LTIP target range was consistent with our externally disclosed CET1 target range of 13% to 14% (which was the external target at that time and remains so). Since then, the MDA hurdle increased from 11.1% to 12% but the Group decided to maintain its external target range for the CET1 ratio at 13% to 14%. As a result, the formulaic LTIP target range for the CET1 ratio works out at 13.9% to 14.9% and is misaligned with our external target range of 13% to 14%. As the CET1 ratio was 13.6% at the end of 2024 (and 13.8% in 2023), below the bottom of the LTIP target range, as required under this performance target the Committee considered what portion of this element should vest based on the reason why the CET1 ratio was below the formulaic range. The external target range of 13% to 14% reflects the judgement of the Board as to the appropriate CET1 ratio for the Group to operate within. The CET1 ratio over the period 2022-24 remained consistently within that range, as originally intended, allowing capital to be returned to shareholders via a progressive dividend and a series of share buy-backs. As such, the Committee was satisfied that the reason the CET1 ratio fell outside the defined LTIP range