The compensation arrangements have been benchmarked against a peer group of global universal banks, industrial companies and financial services institutions.
From 30 August 2012, Jenkins’ annual salary will be £1,100,000 and his annual incentive award opportunity will be up to a maximum of 250% of salary.
For 2012, any incentive award made to Jenkins will reflect his performance as Group Chief Executive following appointment and his performance as Chief Executive of Retail and Business Banking prior to appointment.
Jenkins will be eligible to be considered for the grant of an award under the Barclays LTIP with a total maximum market value in any one year of an amount up to 400% of salary as at the date of grant. It is anticipated that the next LTIP award will be for the performance period that commences 1 January 2013.
Jenkins’ existing participation in long term incentives linked to divisional performance are no longer appropriate to his new role and will be brought to an end. The equivalent value of these arrangements will be made as awards with the same vesting date over Barclays shares under the Barclays Share Value Plan and the Barclays LTIP for the performance period 2012-14.
Jenkins will be eligible to receive a cash allowance in lieu of pension of 33% of his salary, per annum.