Salz Review - Wall Street Journal

119
Salz Review
An Independent Review of Barclays’ Business Practices
sets out what shareholders can expect in terms of open communication and access to
management. In its annual report, Barclays does describe its interactions with its
shareholders. Adding transparency more explicitly, while linking this to its values,
and setting out principles for responsible two-way communication with shareholders
and other stakeholders, may improve the mutual understanding of sensitive matters
such as pay. Such a plan is a requirement of corporate governance codes in some
jurisdictions outside the UK. 196
Recommendation 15: Shareholder interaction
The Board should design, adopt and publish from time to time a
communications policy for promoting effective and open communication with
shareholders and encouraging their participation in general meetings. In its
shareholder reports, Barclays should provide complete, relevant, balanced,
accessible and understandable information about the Group, its performance,
risks and prospects, with an emphasis on the quality and candour of
information rather than its quantity. In particular, its annual report should
include not only information as to its financial performance but also a
prominent report on the successes and challenges in fulfilling its stated purpose.
196 Australian Securities Exchange Corporate Governance Council, Corporate Governance Principles and
Recommendations, 2010, p. 11; and Institute of Directors in South Africa, King Code of Governance for South
Africa, 2009, p. 48.