Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 169

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 169
---
 the Chair to the Board on key issues arising from the work of the Committee. Feedback noted the benefits of having the Chair of the Board Risk Committee serving on the Committee, helping to reduce any potential overlap between the work of the two Committees. The review suggested that members would welcome additional training and external perspectives on topics of relevance to the work of the Committee. In addition, a continued focus on ensuring shorter and more focused papers which clearly identify the key matters for the Committee&#8217;s attention was considered beneficial. Feedback indicated that concurrent meetings of the BPLC and BBPLC Board Audit Committee continue to be effective, with coverage of BBPLC matters considered appropriate. Interaction with the BBUKPLC Board Audit Committee was also considered effective, noting the regular interactions between the respective Committee Chairs and confirming that the Committee continues to exercise appropriate oversight of issues relevant to the Committee&#8217;s remit relating to BBUKPLC. Please see the report of the Board Nominations Committee for further details on the process for conducting the 2024 Committee effectiveness review. Strategy Shareholder information Climate and sustainability report Risk review Financial review Financial statements Barclays PLC 2024 Annual Report on Form 20-F 87Governance Directors&#8217; report: Board Audit Committee report (continued)

Looking ahead In 2024, the FRC published updates to the Code. A key change relates to provision 29 of the Code which requires the board to monitor a company&#8217;s risk management and internal control framework and provide a declaration in the annual report as to the effectiveness of the company&#8217;s material controls. The new requirements under provision 29 will apply to financial years beginning on or after 1 January 2026. The Committee will be considering management&#8217;s proposals for identifying &#8216;material controls&#8217; for these purposes within Barclays and the reporting to the Committee on the effectiveness of those controls, ahead of implementation of the new rules and reporting in subsequent years. The Committee welcomes the assurances from the Financial Reporting Council that the implementation of these new requirements should be applied proportionately and take account of the specific risks of each organisation, to avoid unnecessary duplication and disclosure of non-material matters. As announced in December 2024, Barclays commenced an external tender process for the Group&#8217;s statutory auditor. This process is being led by the Board Audit Committee, and supported by management who will have an advisory role only. The tender process is expected to conclude in June 2025, when the Committee will