Section C: Changes envisaged for 2017

We will review our remuneration policy to ensure that future arrangements are fully aligned with our strategy as a standalone entity, including accelerating delivery to our shareholders. Specifically, we intend to address compensation and bonus structures, benefits, performance management and governance, taking into account stakeholder feedback, the sell-down and the principles and recommended practices of King IV.

These changes will be:

Objective RemCo-approved approach
Reward strategy and approach to determining bonus pools A holistic review of our remuneration philosophy, with particular focus on greater exposure to share price and alignment of executive reward and shareholder value creation. The objective of this review is creating an outcome which is fit for purpose post sell-down and drives performance to create sustainable shareholder value. This includes reviewing the approach to bonus pool formulation to link to sustainable growth and shareholder value.
Greater equity as a component of remuneration To align individual reward to shareholder value and create greater exposure to the share price through the reintroduction of our Long-Term Incentive Plan and we will consider the introduction of an employee share ownership plan for shareholder approval in 2018.
Retain critical skills in our leadership We will expose leaders with critical skills to greater levels of equity through an additional restricted share award which will be forfeitable. This will enhance our retention and assist with the successful separation from Barclays PLC and continued business performance.