Salz Review - Wall Street Journal

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165 Salz Review An Independent Review of Barclays’ Business Practices 14. Appendices Contents Appendix A – About the Review ................................................................................ 166 Appendix B – What is Culture and How Can it Go Wrong? ................................. 177 Appendix C – Complaints Statistics ........................................................................... 196 Appendix D – Business Practices: Lessons from other Industries ........................ 198 Appendix E – Barclays Timelines: Overall and Main non-UK Geographies ....... 201 Appendix F – Barclays’ Governance Structure at Group Level ............................. 209 Appendix G – Barclays’ Employees ........................................................................... 211 Appendix H – Barclays’ Financial Evolution ............................................................ 212 Appendix I – Selected Bank Financial Ratios ........................................................... 222 Appendix J – Variability in Risk Weighted Assets Calculations ............................. 225 Appendix K – Correspondence between Lord Turner and Marcus Agius .......... 226 Appendix L – Glossary ................................................................................................. 231
Salz Review An Independent Review of Barclays’ Business Practices 166 Appendix A – About the Review Press Releases Barclays’ press release announcing the Review – 2 July 2012 256 Barclays today announces the resignation of its Chairman, Marcus Agius. The search for a successor both from within the existing Board members and from outside will be led by Sir John Sunderland and will commence today. Mr Agius will remain in post until an orderly succession is assured and Sir Michael Rake has been appointed Deputy Chairman. Commenting, Marcus Agius said, “It has been my privilege to serve as Barclays Chairman for the past six years. This has been a period of unprecedented stress and turmoil for the banking industry in particular and for the wider world economy in general. Barclays has been well served by an excellent executive team – led, first by John Varley, and now by Bob Diamond – which has worked constructively with a strong and supportive Board of directors. Barclays has remained resilient throughout the crisis, and has worked hard to ensure that today it is a strong, well-capitalised and profitable business. But last week’s events – evidencing as they do unacceptable standards of behaviour within the bank – have dealt a devastating blow to Barclays’ reputation. As Chairman, I am the ultimate guardian of the bank’s reputation. Accordingly, the buck stops with me and I must acknowledge responsibility by standing aside. The Board has also agreed to launch an audit of our business practices. This audit will be led by an independent third party reporting to Sir Michael Rake and a panel of Non-Executive Directors. It will have three objectives: ― To undertake a root and branch review of all of the past practices that have been revealed as flawed since the credit crisis started and identify implications for our business practices and culture going forward; ― To publish a public report of its findings; and ― To produce a new, mandatory code of conduct that will be applied across Barclays. This exercise will be part of a broader programme of activity intended to restore Barclays reputation and we will establish a zero tolerance policy for any actions that harm the reputation of the bank. I am truly sorry that our customers, clients, employees and shareholders have been let down. Barclays is full of hard working, talented individuals whose integrity is not in question. It goes without saying that Barclays will continue to have my wholehearted support in the future. 256 www.newsroom.barclays.com/Press-releases/Board-changes-905.aspx.
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Salz Review - April 2013
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