Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 240

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 240
---
 on the shareholder feedback received is provided from page 134. And throughout, our thinking has been aligned with the Barclays remuneration philosophy, which remains the cornerstone of our remuneration approach across the Group. On the next few pages we set out more information on the context and rationale for the DRP changes that we propose, and a summary of the proposed changes. The DRP itself is set out from page 130. Context for considering DRP changes Additional flexibility following UK regulatory changes Our current DRP was approved by shareholders at the 2023 AGM, to apply for up to three years from that date. That DRP was designed within the constraints of the 2:1 bonus cap, and consequently sets higher Executive Director fixed pay and lower variable pay opportunities than the Committee would otherwise have chosen. The 2:1 cap has limited our ability to pay competitively, with maximum total compensation opportunities well below the levels typically seen at peers that were not subject to the same rules. The removal of the 2:1 bonus cap requirement by UK regulators, and the adoption by Barclays of a 10:1 bonus cap for other MRTs, provided us with additional flexibility to consider improving the structure of Executive Director pay. Supporting and driving continued strategic progress and growth We are still on our journey to make Barclays Better, Simpler and More balanced. It is therefore vital that we remain execution focused, and continue to deliver against our plan, with a focus on shareholder value creation for the longer term. Our CEO and GFD have already driven significant progress for the Group since they were appointed, in 2021 and 2022 respectively: &#8226; Delivered consistent RoTE in excess of 10% each year1, achieving our previous longstanding RoTE target of greater than 10% &#8226; Set out a new three-year plan in February 2024, with ambitious and clear targets for the Group, including 2026 RoTE of greater than 12% and returns to shareholders of at least &pound;10bn across 2024 to 2026, supported by targets for each business area &#8226; Simplified our business into five divisions that reflect how we serve our customers and clients, providing greater accountability and transparency to our shareholders &#8226; Driven Group-wide culture change, establishing delivery to a consistently excellent standard as an integral part of our culture via an ongoing multi-year change programme &#8226; The progress made to date in delivering our three-year plan has supported a &p