The appointments come after Barclays stated on 2 July that it was establishing an independent review of its business practices (the Review), reporting to Deputy Chairman Sir Michael Rake and a sub-committee of the Barclays Board.
On 24 July, Barclays subsequently announced that Anthony Salz had agreed to lead that review, and that he would have the support of a senior independent individual to act as his deputy, along with the additional support of a professional services company.
At the request of Salz and the Barclays Board sub-committee, Russell Collins has agreed to undertake the deputy role, acting as the Executive Leader of the Review. In this role, Russell will be responsible principally for supporting Salz in ensuring the effective and efficient execution of the work required to allow Mr Salz to publish a comprehensive review.
Collins, a former partner and UK Vice Chairman with Deloitte LLP, has more than 30 years’ experience in advising and auditing financial institutions. He was previously Chair of the Financial Services Practitioners Panel which advised the FSA on banking sector regulations and practices.
In addition, Barclays has also confirmed the appointment of The Boston Consulting Group (BCG) as the principal professional services firm supporting the Review. BCG is a global management consultancy that advises firms on business strategy and practices.
Salz and Collins have now started work on the Review, with the support of BCG, with a view to publishing a full report before Barclays Annual General Meeting in April 2013.
Commenting on Collins’ appointment, Sir Michael Rake said: 'The Salz Review will undertake extensive independent analysis, and its recommendations will be evidence based.
'Russell Collins' appointment is an important further step in ensuring that the Review is undertaken with appropriate independent leadership, expertise and resources'.
image: © Toby Jagmohan