Salz Review - Wall Street Journal

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173 Salz Review An Independent Review of Barclays’ Business Practices Approach to the Review Internal and External Data In compiling this report, we conducted independent analysis of both internal data supplied to us by Barclays, as well as external data. Internal data included a selection of: Barclays’ Board, Board committees, and executive management committee minutes; management papers and reports; policies; governance and control frameworks; employee surveys; aggregate remuneration and performance management data; and management communications. External data included annual reports; regulatory requirements and guidelines; industry reports, books and database analysis; and UK House of Commons Treasury Committee papers. The views, findings and recommendations set out in this report are based solely on the Salz Review’s assessment of the documents and information considered by it during the course of the Review. The Review requested that Barclays provide it with relevant documents for those matters which were in the scope of the Review, including those relating to specific regulatory events. The Review has not, however, conducted a forensic investigation or audit of the documents and information made available to it. In some cases restrictions were placed on the Review’s access to documents or documents were redacted by Barclays, in each case for legal reasons. Accordingly, while the Review has sought to identify a reasonable selection of documents, it may not have reviewed all materials relevant to specific events. Likewise, the Review has been to some extent dependent on what it has been told in interviews and has assumed the veracity of information provided to it at interviews, unless there was any reason to think otherwise. As the purpose of the Review has not been to conduct a forensic analysis, other individuals considering the same information or documents could form a different assessment of it. Similarly, the Salz Review might have formed a different assessment of the matters under consideration were it to have reviewed or considered other documents or information. We are grateful to those people in Barclays who provided us with this information. Interview Programme Over the course of the Review process, we conducted over 600 interviews with key Barclays and industry stakeholders: ― Barclays’ employees and Board members (current and former); ― Investors in Barclays; ― Clients and customers of Barclays; ― Regulatory and government bodies engaging with Barclays; ― Barclays’ professional advisers; ― Board members and executives from Barclays’ competitors; and ― Other organisations and interested parties. We are extremely grateful to everyone who gave up their time to meet with us, send their ideas and provide us with input.
Salz Review An Independent Review of Barclays’ Business Practices 174 Barclays’ Employees and Board Members Approximately half of our interviews were conducted with current and former Barclays’ employees and Board members. We interviewed all current and several former members of the Group Executive Committee, a number of their direct reports, and a sample of less senior employees at the bank, including some working in branches and on the trading floors. Our interviewees included a sample of employees across Barclays’ Group Centre, business units, functions and geographies, such as: ― Business units: UK, Europe and Africa Retail and Business Banking, Barclaycard, Investment Bank, Corporate Banking and Wealth and Investment Management; ― Functions: Finance, Tax, Treasury, Human Resources, Legal, Compliance, Risk, Strategy, Corporate Affairs, Brand & Marketing and Internal Audit; ― Geographies: United Kingdom (London and other regions), United States, Spain, Portugal, Africa, Singapore and Hong Kong. We also interviewed all current Board members as well as almost all Executive and Non- Executive Directors who have served on the Board since 2002. Investors in Barclays We invited to interview a sample of Barclays’ shareholders (with at least 0.10% ownership as of August 2012), based in various geographies. We interviewed more than 10 who agreed to take up our invitation. Clients and Customers of Barclays We carried a programme of interviews with Barclays’ clients. We chose our interview sample to capture client views across geographies, business segments, size and strength of relationship. Overall, we conducted approximately 140 interviews across institutional clients of the Investment Bank and Corporate Banking, Wealth, and SME Business Banking. Additionally, we commissioned focus groups with over 50 UK Retail Banking and Barclaycard customers. Regulatory and Government Bodies engaging with Barclays We met with or spoke to approximately 40 representatives from regulatory and government bodies. We met with financial services and financial reporting regulatory and government organisations in the UK, including tax authorities, and practitioner and consumer bodies. We were not permitted under US law to meet with regulators in the US – with one exception – nor could we review US regulatory correspondence. We had discussions with certain regulators in Spain and South Africa. Professional Advisers We spoke with around 25 professional advisers of both Barclays and other financial institutions such as: ― Auditors and tax specialists; ― Brokers;
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Salz Review - April 2013
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Salz Review - Wall Street Journal

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