Board Responsibilities
At Barclays we think of governance as how the Board makes decisions and provides oversight in order to promote Barclays’ success for the long-term benefit of our shareholders having regard to the interests of our other priority stakeholder groups – our clients, customers, colleagues and the society in which we operate.
The role of the Board
The Barclays PLC Board sets the Purpose, strategic direction and risk appetite for the Group and is the ultimate decision-making body for matters of Group-wide strategic, financial, regulatory or reputational significance.
Matters reserved to the Board
Matters reserved solely for the decision-making power of the Board are set out in our bespoke Matters Reserved to the Board. Those matters include material decisions relating to:
- strategy
- risk appetite
- medium term plans
- capital and liquidity plans
- risk management and controls frameworks
- approval of financial statements
- approval of large transactions
- approval of share allotments, dividends and share buybacks.
Responsibility for the Group’s business on a day-to-day basis has been delegated by the Board to the Group Chief Executive, supported by his Executive Committee, to make and implement operational decisions.
Board Committees
The Board is supported in its work by its Committees - the Board Nominations Committee, Board Audit Committee, Board Risk Committee, Board Remuneration Committee and the Board Sustainability Committee - each of which has its own terms of reference clearly setting out its remit and decision-making powers. This structure enables the Board to spend a significant proportion of its time focusing on the Group’s strategy.
The Board Committees are comprised solely of Non-Executive Directors, with the exception of the Board Sustainability Committee of which the Group Chief Executive is an Executive member.
The Chairs of each Committee report on their Committee’s work at every scheduled Board meeting.
More information can be found on our Board Committees page.
Board effectiveness
The Board Nominations Committee ensures that a formal and rigorous review of the performance of the Board, Board Committees and individual Directors is undertaken each year, in line with the requirements of the UK Corporate Governance Code (Code).
The 2024 review of the performance of the Board, Board Committees and individual Directors was externally facilitated, in line with the Code requirements that the Board effectiveness review be conducted by an external facilitator at least every three years. For details of the 2024 effectiveness review as well as progress against the findings from the internally facilitated Board review for 2023, please refer to the report of the Board Nominations Committee from page 157 of the Annual Report.