Barclays has published its response to the Salz Review, an independent review of its business practices which released its findings on 3 April 2013.
Having fully considered the formal recommendations contained in the Review’s report, Barclays confirms its commitment to implement all of them.
In the spirit of transparency and rebuilding trust, Barclays will publish updates on our progress in this implementation programme in future Annual Reports. Barclays will, of course, also regularly update its regulators and other interested stakeholders through ongoing engagement.
Barclays aims to have the majority of all the recommendations fully implemented by 2015, concurrent with the Transform commitments that we published on 12 February 2013. Barclays fully recognises, though, that healthy business practices and culture require ongoing and constant maintenance. The organisation will continue to evolve its business practices into 2015 and beyond with an explicit focus on ensuring that it does what it takes to regain fully the trust of society and its broader stakeholders.
The Board will provide active oversight of those considerations.
In a joint statement, Barclays Chairman Sir David Walker and Group Chief Executive Antony Jenkins said: “Barclays has now completed the examination of the 34 formal recommendations contained in the Review’s report that we committed to when it was published earlier this month. This report (PDF 3MB) is our response to those recommendations and strives to outline our approach to implementing each of those in a clear and transparent fashion. The Board is committed to implementing all of the recommendations and to publishing an account of our progress in doing so going forward.”