Barclays (BCS) sets 2028 RoTE and £15bn payout goals after 2025 results
Barclays PLC filed its 2025 Annual Report on Form 20-F, outlining a diversified, UK‑centred universal banking strategy and new three‑year financial targets. For 2025, the Group generated income of £29.1bn, a cost:income ratio of 61%, a loan loss rate of 52bps, statutory return on equity of 9.8% and statutory return on tangible equity of 11.3%, with total capital payout of £3.7bn.
The plan targets statutory RoTE above 12% in 2026 and above 14% in 2028, total payouts of at least £10bn for 2024‑2026 and over £15bn for 2026‑2028, and Investment Bank RWAs trending from the mid‑50s% of Group RWAs in 2026 to about 50% by 2028, while maintaining a 13‑14% CET1 ratio range.
Barclays highlights technology and AI as central to becoming “Simpler, Better and More balanced”, with around 100,000 M365 Copilot licences, almost 90% of its technology estate in hybrid cloud and c.19,000 developers using AI tools that are already delivering about 15% productivity gains. Divisions delivered solid returns: Barclays UK RoTE 20.7%, UK Corporate Bank 18.9%, Private Bank and Wealth Management 26.3%, Investment Bank 10.6% and US Consumer Bank 11.0%, supported by lending growth, new partnerships and higher client satisfaction.
Positive
- None.
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- None.
Insights
Barclays pairs solid 2025 returns with ambitious 2026‑2028 RoTE and payout targets.
Barclays reports 2025 statutory RoTE of 11.3% on income of £29.1bn, with a cost:income ratio of 61% and loan loss rate of 52bps. Divisional RoTEs are strongest in Barclays UK, Private Bank and Wealth Management, and the US Consumer Bank, while the Investment Bank reaches £13.1bn income and £4.6bn profit before tax.
The Group sets explicit targets: statutory RoTE above 12% in 2026 and above 14% in 2028, total payouts of at least £10bn for 2024‑2026 and more than £15bn for 2026‑2028, while keeping CET1 in a 13‑14% range. It also plans to reduce Investment Bank RWAs from 55% of Group RWAs in 2025 towards about 50% by 2028.
Execution depends on delivering over 5% income CAGR for 2025‑2028, lowering the cost:income ratio to the low 50s%, and holding loan loss rates around 50‑60bps “through the cycle”. Technology and AI investments, including c.100,000 M365 Copilot licences and AI tools for c.19,000 developers, are positioned as levers to support operating leverage under the three‑year plan.
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FAQ
How did Barclays (BCS) perform financially in 2025?
Barclays generated income of £29.1bn in 2025, with a cost:income ratio of 61% and a loan loss rate of 52bps. Statutory return on equity was 9.8% and statutory return on tangible equity was 11.3%, supported by its diversified business model.
What return on tangible equity targets has Barclays (BCS) set for 2026 and 2028?
Barclays targets statutory return on tangible equity of more than 12% in 2026 and more than 14% in 2028. These goals are tied to planned income growth above 5% CAGR, cost:income ratio improvements into the low 50s%, and disciplined credit losses.
What capital return plans does Barclays (BCS) outline in its 2025 Form 20-F?
Barclays plans total capital payouts of at least £10bn over 2024‑2026, including a planned £2bn dividend for 2026, and more than £15bn over 2026‑2028. These multiyear plans remain subject to supervisory and Board approval and capital constraints.
How are Barclays’ main business divisions performing according to the 2025 20-F?
In 2025, Barclays UK delivered RoTE of 20.7%, UK Corporate Bank 18.9%, Private Bank and Wealth Management 26.3%, Investment Bank 10.6%, and US Consumer Bank 11.0%. Each division contributed to Group diversification through lending growth, fee income and stable deposit franchises.
What role does technology and AI play in Barclays’ (BCS) strategy?
Technology and AI are central to making Barclays “Simpler, Better and More balanced”. The bank has around 100,000 M365 Copilot licences, c.19,000 developers using AI tools with about 15% productivity gains, and nearly 90% of its technology estate in a hybrid cloud environment.
How is Barclays (BCS) repositioning its Investment Bank within Group risk-weighted assets?
Barclays plans to reduce Investment Bank risk‑weighted assets from 55% of Group RWAs in 2025 to the mid‑50s% by 2026 and about 50% by 2028. The aim is a more balanced allocation favouring higher‑return UK and fee‑based businesses while sustaining its global investment banking franchise.
What are Barclays’ (BCS) key balance sheet and capital targets?
Barclays intends to maintain a 13‑14% CET1 ratio range while delivering its three‑year plan. Supporting targets include income growth above 5% CAGR from 2025‑2028, cost:income ratio moving to the low 50s%, and a through‑the‑cycle loan loss rate of 50‑60bps.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 20-F
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
OR
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended 31 December 2025
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______________to _______________
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Date of event requiring this shell company report _______________
Commission file number |
BARCLAYS PLC
(Exact Name of Registrant as Specified in its Charter)
(Jurisdiction of Incorporation or Organization)
(Address of Principal Executive Offices)
KATHRYN ROBERTS , +44 (0)20 7116 3170 , KATHRYN.ROBERTS@BARCLAYS.COM
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
25p ordinary shares* | Not applicable* | New York Stock Exchange* |
* Not for trading, but in connection with the registration of American Depository Shares, pursuant to the requirements to the Securities and
Exchange Commission.
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by
the annual report.
25p ordinary shares |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934.
Yes ¨ No þ
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of “large accelerated filer”, “accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
þ | Accelerated Filer | ¨ | Non-Accelerated Filer | ¨ | Emerging growth company |
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act. ¨
†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board
to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public
accounting firm that prepared or issued its audit report. þ
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.¨
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based
compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨
*Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP ¨
Other ¨
*If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has
elected to follow:
Item 17 ¨
Item 18 ¨
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨ No þ
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
Yes ¨ No ¨
SEC Form 20-F Cross reference information
Form 20-F item number | Page and caption references in this document* | |
1 | Identity of Directors, Senior Management and Advisers | Not applicable |
2 | Offer Statistics and Expected Timetable | Not applicable |
3 | Key Information | |
A. [Reserved] | ||
B. Capitalization and indebtedness | Not applicable | |
C. Reason for the offer and use of proceed | Not applicable | |
D. Risk factor | 184-201 | |
4 | Information on the Company | |
A. History and development of the company | 14, 80-83, 315-336, 402-406 (Note 25), 441, 449 | |
B. Business overview | ii (Market and other data), 14-24, 186-188, 300-313, 355-357 (Note 2) | |
C. Organizational structure | 421-425 (Notes 33 and 34), 434-436 (Note 42) | |
D. Property, plants and equipment | 392-395 (Notes 19 and 20) | |
4A | Unresolved staff comments | Not applicable |
5 | Operating and Financial Review and Prospects | |
A. Operating result | 100-104, 193-197, 202-213, 276-285, 290-291, 300-313, 315-336, 371-377 (Note 14) | |
B. Liquidity and capital resource | 192-193, 207-208, 276-285, 287, 347, 350, 351 (Note 1), 371-377 (Note 14), 407-410 (Notes 26 and 27), 421-422 (Note 33), 426-427 (Note 36), 466-475 | |
C. Research and development, patents and licenses, etc | Not applicable | |
D. Trend information | 184-201, 275-294, 315-336 | |
E. Critical Accounting Estimates | Not applicable | |
F. [Reserved] | ||
G. [Reserved] | ||
6 | Directors, Senior Management and Employees | |
A. Directors and senior management | 72-75, 79, 109-115 | |
B. Compensation | 116-156, 413-420 (Notes 31 and 32), 430-431 (Note 38), 457-8, 464-465, 478 | |
C. Board practice | 72-75, 77-79, 92-99, 107-108, 116, 155-156, 457-458 | |
D. Employees | 26-28, 321-329, 355-357 (Note 2), 461 | |
E. Share ownership | 153-154, 413-414 (Note 31), 430-431 (Note 38), 464-465, 478 | |
F. Erroneously awarded compensation | Not applicable | |
7 | Major Shareholders and Related Party Transactions | |
A. Major shareholder | 113-114, 444-445, 452 | |
B. Related party transaction | 430-431 (Note 38), 478 | |
C. Interest of experts and counsel | Not applicable | |
8 | Financial Information | |
A. Consolidated statements and other financial information | 339-437, 442, 444 | |
B. Significant change | Not applicable | |
9 | The Offer and Listing | |
A. Offer and listing detail | 444, 451 | |
B. Plan of distribution | Not applicable | |
C. Market | 444, 451 | |
D. Selling shareholder | Not applicable | |
E. Dilution | Not applicable | |
F. Expenses of the issue | Not applicable | |
10 | Additional Information | |
A. Share capital | Not applicable | |
B. Memorandum and Articles of Association | 109-115. 441-443 | |
C. Material contract | 130-133. 456-458 | |
D. Exchange control | 449 | |
E. Taxation | 446-449 | |
F. Dividends and paying agent | Not applicable | |
G. Statement by expert | Not applicable | |
H. Documents on display | 449 | |
I. Subsidiary information | 421-422 (Note 33), 434-436 (Note 42) | |
J. Annual Report to Security Holders | Not applicable | |
11 | Quantitative and Qualitative Disclosure about Market Risk | 182-313, 371-390 (Notes 14-17) |
12 | Description of Securities Other than Equity Securities | |
A. Debt Securities | Not applicable | |
B. Warrants and Rights | Not applicable | |
C. Other Securities | Not applicable | |
D. American Depository Shares | 450 | |
13 | Defaults, Dividend Averages and Delinquencies | Not applicable |
14 | Material Modifications to the Rights of Security Holders and Use of Proceeds | Not applicable |
15 | Controls and Procedures | |
A. Disclosure controls and procedures | 453 | |
B. Management's annual report on internal control over financial reporting | 108, 114-115 | |
C. Attestation report of the registered public accounting firm | 339-341 | |
D. Changes in internal control over financial reporting | 114-115 | |
16A | Audit Committee Financial Expert | 75. 92-99 |
16B | Code of Ethics | 451 |
16C | Principal Accountant Fees and Services | 98-99, 432 (Note 39) |
16D | Exemptions from Listing Standards for Audit Committees | Not applicable |
16E | Purchases of Equity Securities by the Issuer and Affiliated Purchasers | 460 |
16F | Change in Registrant's Certifying Accountant | Not applicable |
16G | Corporate Governance | 107-108, 451 |
16H | Mine Safety Disclosure | Not applicable |
16I | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | Not applicable |
16J | Insider Trading Policies | 459 |
16K | Cybersecurity | 80-83, 102-104, 178-179, 193-194, 295-297 |
17 | Financial Statements | See item 8 |
18 | Financial Statements | Not applicable |
19 | Exhibits | Exhibit Index |
* Captions have been included only in respect of pages with multiple sections on the same page in order to identify the relevant caption on that page covered by the
corresponding Form 20-F item number.
2025 Annual Report on Form 20-F
Notes
The terms Barclays or Group refer to Barclays PLC together with its subsidiaries. Unless otherwise stated, the income statement analysis
compares the year ended 31 December 2025 to the corresponding twelve months of 2024 and balance sheet analysis as at 31 December 2025
with comparatives relating to 31 December 2024. The abbreviations ‘£m’ and ‘£bn’ represent millions and thousands of millions of Pounds
Sterling respectively; the abbreviations ‘$m’ and ‘$bn’ represent millions and thousands of millions of US Dollars respectively; and the
abbreviations ‘€m’ and ‘€bn’ represent millions and thousands of millions of Euros respectively.
There are a number of key judgement areas, for example impairment calculations, which are based on models and which are subject to
ongoing adjustment and modifications. Reported numbers reflect best estimates and judgements at the given point in time.
Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting
Standards (IFRS) are explained in the results glossary that can be accessed at home.barclays/investor-relations/reports-and-events/latest-
financial-results.
Barclays is a frequent issuer in the debt capital markets and regularly meets with investors via formal road-shows and other ad hoc meetings.
Consistent with its usual practice, Barclays expects that from time to time over the coming quarter it will meet with investors globally to
discuss these results and other matters relating to the Group.
Non-IFRS performance measures
The Group's management believes that the non-IFRS performance measures included in this document provide valuable information to the
readers of the financial statements as they enable the reader to identify a more consistent basis for comparing the businesses’ performance
between financial periods and provide more detail concerning the elements of performance which the managers of these businesses are most
directly able to influence or are relevant for an assessment of the Group. They also reflect an important aspect of the way in which operating
targets are defined and performance is monitored by Barclays management. However, any non-IFRS performance measures in this document
are not a substitute for IFRS measures and readers should consider the IFRS measures as well. Refer to the appendix on pages 330 to 334 for
further information and calculations of non-IFRS performance measures included throughout this document, and the most directly
comparable IFRS measures.
Key non-IFRS measures included in this document, and the most directly comparable IFRS measures, are:
•Average allocated equity represents the average shareholders’ equity that is allocated to the businesses. The comparable IFRS measure is
average equity. A reconciliation is provided on page 332;
•Average allocated tangible equity is calculated as the average of the previous month’s period end allocated tangible equity and the current
month’s period end allocated tangible equity. The average allocated tangible equity for the period is the average of the monthly averages
within that period. Period end allocated tangible equity is calculated as 13.5% (2024: 13.5%) of RWAs for each business, adjusted for
capital deductions, excluding goodwill and intangible assets, reflecting the assumptions the Group uses for capital planning purposes.
Head Office allocated tangible equity represents the difference between the Group’s tangible shareholders’ equity and the amounts
allocated to businesses. The comparable IFRS measure is average equity. A reconciliation is provided on page 332;
•Average tangible shareholders’ equity is calculated as the average of the previous month’s period end tangible equity and the current
month’s period end tangible equity. The average tangible shareholders’ equity for the period is the average of the monthly averages within
that period. The comparable IFRS measure is average equity. A reconciliation is provided on page 332;
•Group net interest income (NII) excluding Barclays Investment Bank (IB) and Head Office represents Group NII excluding IB NII and
Head Office NII. The comparable IFRS measure is Group NII. A reconciliation is provided on page 333;
•Operating expenses excluding litigation and conduct represents operating expenses excluding litigation and conduct charges. The
comparable IFRS measure is operating expenses. A reconciliation is provided on page 333;
•Return on average allocated equity represents the return on shareholders’ equity that is allocated to the businesses. The comparable IFRS
measure is return on equity. A reconciliation is provided on page 334;
•Return on average allocated tangible equity is calculated as the annualised profit after tax attributable to ordinary equity holders of the
parent, as a proportion of average allocated tangible equity. The comparable IFRS measure is return on equity. A reconciliation is
provided on page 334;
•Return on average tangible shareholders’ equity is calculated as the annualised profit after tax attributable to ordinary equity holders of
the parent, as a proportion of average shareholders’ equity excluding non-controlling interests and other equity instruments adjusted for
the deduction of intangible assets and goodwill. The comparable IFRS measure is return on equity. A reconciliation is provided on page
334; and
•Tangible net asset value per share is calculated by dividing shareholders’ equity, excluding non-controlling interests and other equity
instruments, less goodwill and intangible assets, by the number of issued ordinary shares. The comparable IFRS measure is net asset value
per share. A reconciliation is provided on page 333.
Forward-looking statements
This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934,
as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to the Group. Barclays cautions readers that no
forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures
could differ materially from those contained in the forward-looking statements. Forward-looking statements can be identified by the fact that
they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘may’, ‘will’, ‘seek’,
‘continue’, ‘aim’, ‘anticipate’, ‘target’, ‘projected’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, ‘achieve’ or other words of similar
meaning. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the
Group (including during management presentations) in connection with this document. Examples of forward-looking statements include,
among others, statements or guidance regarding or relating to the Group’s future financial position, business strategy, income levels, costs,
assets and liabilities, impairment charges, provisions, capital leverage and other regulatory ratios, capital distributions (including policy on
dividends and share buybacks), return on tangible equity, projected levels of growth in banking and financial markets, industry trends, any
commitments and targets (including sustainability-related commitments and targets), plans and objectives for future operations, International
Financial Reporting Standards ('IFRS') and other statements that are not historical or current facts. By their nature, forward-looking
statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements speak only as at
the date on which they are made. Forward-looking statements may be affected by a number of factors, including, without limitation: changes
in legislation, regulations, governmental and regulatory policies, expectations and actions, voluntary codes of practices and the interpretation
thereof, changes in IFRS and other accounting standards, including practices with regard to the interpretation and application thereof and
emerging and developing sustainability reporting standards (including emissions accounting methodologies); changes in tax laws and
practice; the outcome of current and future legal proceedings and regulatory investigations; the Group’s ability along with governments and
other stakeholders to measure, manage and mitigate the impacts of climate change effectively or navigate inconsistencies and conflicts in the
manner in which climate policy is implemented in the regions where the Group operates, including as a result of the adoption of rules and
regulations taking a different or opposing position on sustainability matters, or other forms of governmental and regulatory action against
sustainability policies; environmental, social and geopolitical risks and incidents and similar events beyond the Group’s control; financial
crime; the impact of competition in the banking and financial services industry; capital, liquidity, leverage and other regulatory rules and
requirements applicable to past, current and future periods; UK, US, Eurozone and global macroeconomic and business conditions, including
inflation; volatility in credit and capital markets; market related risks such as changes in interest rates and foreign exchange rates; reforms to
benchmark interest rates and indices; higher or lower asset valuations; changes in credit ratings of any entity within the Group or any
securities issued by it; changes in counterparty risk; changes in consumer behaviour; changes in trade policy, including the imposition of
tariffs or other protectionist measures; the direct and indirect consequences of the conflicts in Ukraine and the Middle East on European and
global macroeconomic conditions, political stability and financial markets; changes in US legislation and policy; developments in the UK’s
relationship with the European Union; the risk of cyberattacks, information or security breaches, technology failures or operational
disruptions and any subsequent impact on the Group’s reputation, business or operations; the use of new technology, including artificial
intelligence; the Group’s ability to access funding; and the success of acquisitions, disposals, joint ventures and other strategic transactions.
A number of these factors are beyond the Group’s control. As a result, the Group’s actual financial position, results, financial and non-
financial metrics or performance measures or its ability to meet commitments and targets may differ materially from the statements or
guidance set forth in the Group’s forward-looking statements. In setting its targets and outlook for the period 2026-2028, Barclays has made
certain assumptions about the macroeconomic environment, including, without limitation, inflation, interest and unemployment rates, the
different markets and competitive conditions in which Barclays operates, and its ability to grow certain businesses and achieve costs savings
and other structural actions. Additional risks and factors which may impact the Group’s future financial condition and performance are
identified in Barclays PLC’s filings with the US Securities and Exchange Commission ("SEC") (including, without limitation, this Barclays
PLC Annual Report on Form 20-F for the financial year ended 31 December 2025), which are available on the SEC’s website at
www.sec.gov.
Subject to Barclays PLC's obligations under the applicable laws and regulations of any relevant jurisdiction (including, without limitation,
the UK and the US) in relation to disclosure and ongoing information, we undertake no obligation to update publicly or revise any forward-
looking statements, whether as a result of new information, future events or otherwise.
Market and other data
This document contains information, including statistical data, about certain Barclays markets and its competitive position. Except as
otherwise indicated, this information is taken or derived from Datastream and other external sources. Barclays cannot guarantee the accuracy
of information taken from external sources, or that, in respect of internal estimates, a third party using different methods would obtain the
same estimates as Barclays.
Uses of Internet addresses
This document contains inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made
for information purposes only, and information found at such websites is not incorporated by reference into this document.
References to Strategic Report and Pillar 3 Report
This document contains references throughout to the Barclays PLC Strategic Report and Pillar 3 Report. References to the aforementioned
reports are made for information purposes only, and information found in said reports is not incorporated by reference into this document.
Strategy | 10 | |
Climate & Sustainability | 30 | |
Governance | •Governance contents | 70 |
•Directors’ report | 102 | |
•Remuneration report | 116 | |
•Other Governance | 157 | |
Risk review | •Risk review contents | 180 |
•Risk management | 182 | |
•Material existing and emerging risks | 184 | |
•Principal risk management | 202 | |
•Risk performance | 275 | |
•Supervision and regulation | 300 | |
Financial review | •Key performance indicators | 315 |
•Consolidated summary income statement | 317 | |
•Income statement commentary | 318 | |
•Consolidated summary balance sheet | 319 | |
•Balance sheet commentary | 320 | |
•Analysis of results by business | 321 | |
•Non-IFRS performance measures | 330 | |
Financial statements | •Consolidated financial statements | 342 |
•Notes to the financial statements | 351 | |
Shareholder information | •Key dates, Annual General Meeting, dividends, and other useful information | 438 |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 10 | ||
Our business environment
The world in which
we operate
Barclays is driven by a common Purpose: working
together for a better financial future. To do so, we must
be strong as an institution, prepared for the future,
and able to navigate different market conditions and
evolving trends.
Broader considerations in our operating environment | ||
In the development of our strategy and the evolution of our operating model, we regularly review and reflect on the changing environment in which we operate. Our plan is designed to remain resilient amid ongoing volatility and uncertainty, while meeting the needs of our wider stakeholders – including customers, clients, regulators, and shareholders. |
Geopolitical | |
•Ongoing geopolitical conflicts | |
•Rising protectionism and influence on trade flows | |
•Political polarisation | |
Macroeconomic |
•Economic uncertainty and subsequent volatility |
•Disintermediation of existing markets |
•Demographic and immigration trends |
•Focus on defence spending |
Climate |
•Energy transition and security |
•Changing climate cycles and associated physical risks |
Technology |
•Adoption of AI and increasing cyber security threats |
•Customer expectations regarding digital experience and resilience |
•Traction of crypto and digital assets |
Regulatory | |
•Regulatory divergence | |
•Implementation of capital regulations | |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 11 | ||
Our business model
Working together for
a better financial future
Our universal banking model enables us to create synergies
across the organisation and deliver
long-term value for our stakeholders.
We deploy our resources... | |||||
We draw on tangible and intangible assets to drive long-term, sustainable value creation. We invest and maintain our resources to ensure we can continue to provide maximum value to our customers and clients. | |||||
 | Our people, Purpose, Values and Mindset Our people are our organisation. We deliver success through a Purpose-driven culture. | ||||
 | Our brand Our brand equity instils trust, lowers the cost of acquiring customers and clients, and helps retain them for longer. | ||||
 | Technology and infrastructure Our AI-enabled technology and infrastructure capabilities enhance customer experience and support strong resilience. | ||||
 | Operations and governance Our risk management, governance and controls help ensure customer and client outcomes are delivered in the right way. | ||||
...to serve a broad range of customer and client needs... | |||
We provide a comprehensive offering through UK consumer, corporate and wealth and private banking franchises, a leading investment bank and a specialist US consumer bank. | |||
Lending We lend to customers and clients to support their needs. | |||
Protecting We ensure the assets of our clients and customers are safe. | |||
Investing and advising We help our customers and clients invest. | |||
Moving We facilitate transactions and move money around the world. | |||
Connecting We connect companies seeking funding. | |||
…deliver sustainably higher returns… | |||
We seek growth and stability of income, delivering cost efficiencies, prudent risk management, and efficient allocation of our resources. | |||
Total income by business (£m) | |||
Profit before tax (PBT) by business (£m) | |||
...and provide positive outcomes for our stakeholders. | ||||
Our diversified model positively impacts our stakeholders and provides the resilience and consistency needed to deliver value for them. | ||||
Customers and clients Supporting our customers and clients to achieve their goals with our products and services. | ||||
Colleagues Providing employment to c.93,000 colleagues globally and helping them develop as professionals. | ||||
Society Providing support to our communities, and access to social and environmental financing to address societal needs. | ||||
Investors Delivering attractive and sustainable shareholder returns on the foundation of a strong balance sheet. | ||||
A | Barclays UK | 8,708 |
B | Barclays UK Corporate Bank | 2,064 |
C | Barclays Private Bank and Wealth Management | 1,380 |
D | Barclays Investment Bank | 13,055 |
E | Barclays US Consumer Bank | 3,681 |
2025
Excludes Head Office.
A | Barclays UK | 3,413 |
B | Barclays UK Corporate Bank | 970 |
C | Barclays Private Bank and Wealth Management | 375 |
D | Barclays Investment Bank | 4,614 |
E | Barclays US Consumer Bank | 515 |
2025
Excludes Head Office.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 12 | ||
Technology
Supercharging our strategy
through technology
Innovating for customers and clients | |||
For customers and businesses, our investment translates into real benefits. From more intuitive digital experiences that make everyday banking simple, to faster onboarding so new customers can get started without delay, stronger fraud protection to keep accounts safe, and richer market insights to help businesses grow. Technology, including AI, is enabling us to deliver seamless, connected services that anticipate customer and client needs and provide faster, more personalised, more intuitive services. | |||
AI Help Hub Assistant | ||
In Barclays UK, our newly introduced AI- powered Help Hub Assistant supports colleagues in delivering exceptional customer service. This conversational tool gives colleagues instant access to accurate information as they support customers in-the- moment. |
Technology is at the heart of Barclays’ ambition
to be Simpler, Better and More balanced
Modernising our technology | |||
We’re focused on consolidating and simplifying our estate by investing in enterprise-wide platforms across infrastructure, data and digital. This focus on common platform adoption is supported by decommissioning legacy platforms to reduce technology debt, complexity and cost, whilst strengthening resilience. | |||
We’re investing in modern tools and smarter systems
so we can deliver better and more personal experiences
for our customers and clients, while strengthening our
resiliency and reducing complexity and cost.
Empowering our colleagues | |||
Our teams have access to modern tools like Copilot and the Barclays AI platform to help them make better decisions, collaborate more effectively across regions and focus on higher value activities. We're also fostering a culture of experimentation and collaboration. Through hackathons, demos and other interactive events we've reached over 20,000 colleagues, empowering them to experiment to deliver scalable solutions that drive sustainable growth and value for our customers and clients. | |||
AI for colleagues | ||
M365 Copilot is Microsoft's AI-powered assistant and we have c.100,000 licences for colleagues across the bank to help improve productivity and encourage innovation. In addition, we’re investing in our Barclays AI platform, which provides a common set of services for the responsible development, deployment and operation of AI solutions. |
Driving innovation through partnerships | |||
We’re working with leading technology partners, including Amazon Web Services, Microsoft, GitLab and Databricks, to harness data, digital and AI. These collaborations also shape thinking on AI, innovation and industry standards; for example, in November 2025 Barclays was recognised as one of the inaugural Frontier Firms – an initiative by Harvard Business School and Microsoft that brings together organisations putting AI at the heart of their transformation strategy. | |||
AI for engineers | ||
Through our partnerships we’re embracing AI across our software development tools to enable developers to plan, develop and deploy new technologies at pace and responsibly. Across Barclays, 19,000 developers have access to AI tools, with early-stage adoption already delivering productivity gains of c.15%. |
Hybrid cloud strategy | ||
Our hybrid cloud strategy - where we use both internal and external services - helps to build resilience, reliability, agility, and improved operational performance across our technology. Today, we have almost 90% of our estate in the cloud. This hybrid multi- cloud environment provides flexibility, scalability and the control needed for future growth, underpinning our data, AI and digital- platform capabilities. |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 13 | ||
Our plan and targets
Delivering our next
three-year plan
We have a clear plan to deliver a better run,
more strongly performing and sustainably
higher returning Barclays.
Our Purpose | Working together for a better financial future | ||||||
Our Vision | The UK-centred leader in global finance | ||||||
Our Priorities We want Barclays to be renowned for excellent operational performance, highly satisfied customers and clients, strong liquidity, capital and risk management, and predictable, attractive shareholder returns. We have built strong foundations and have a clear plan to achieve these objectives and deliver further value for shareholders by 2028. Over the next three years we are accelerating momentum towards making Barclays Simpler, Better and More balanced. | |||||||
Simpler |
Simpler business Five focused businesses Digital and AI enabling revenue growth and efficiencies |
Simpler organisation Standardised, modernised, harmonised processes |
Simpler operations Resilient, reliable, secure systems |
Better |
Better financial returns Continue to improve performance across all our businesses Improving mix towards UK businesses |
Better customer experience and outcomes Improving customer experience across businesses Deepening relationships in corporates and retail |
More balanced |
More balanced allocation of RWAs Capital allocation to our highest returning businesses UK lending growth to diversify sources of net interest income Capital discipline in Investment Bank |
Diversify sources of income growth Invest in fee-based income growth |
2028 targets | Statutory RoTE¹ >14% | Total payout 2026-2028 >£15bn2 with capacity to support investment and growth | Investment Bank RWAs c.50% | Supporting targets | Income >5% CAGR 2025-2028 | Cost: income ratio Low 50s% | Loan loss rate 50-60bps through the cycle | |
2026 targets | Statutory RoTE1 >12% | Total payout 2024-2026 At least £10bn2,3 incl. planned £2bn dividend for 2026 | Investment Bank RWAs Mid 50s%4 | Supporting targets | Income c.£31bn | Cost: income ratio High 50s% | Loan loss rate 50-60bps through the cycle | |
2025 actuals | Statutory RoE 9.8% Statutory RoTE 11.3% | Total payout 2025 £3.7bn | Investment Bank RWAs 55% | Supporting actuals | Income £29.1bn | Cost: income ratio 61% | Loan loss rate 52bps | |
Continue to target a 13-14% CET1 ratio range | ||||||||
Notes:
1Management does not assess forward-looking “return on equity” (target RoE) as a performance indicator of the business,
and therefore reconciliation of the forward-looking non-IFRS measure “return on tangible equity” (target RoTE) to an
equivalent IFRS measure is not available without unreasonable efforts.
2This multiyear plan, including planned dividend of £2bn for 2026,is subject to supervisory and Board approval, anticipated
financial performance and our published CET1 range of 13%-14%.
3Progressive increase in 2026 total capital returns versus 2025.
4Updated to reflect IRB model migration and Basel 3.1 now expected in 2027.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 14 | ||
Group overview
A diversified structure
promoting synergies
Our five business areas deliver greater accountability and
transparency for our shareholders while supporting synergies across
the Group that allow us to better serve our customers
and clients.
Barclays PLC
Barclays
UK
Our ring-fenced UK retail banking
division, trusted by over 20 million
customers. Barclays UK includes
Retail Banking which helps
customers with their day-to-day
banking needs, and Business
Banking which serves
business clients from
start-ups to companies with up
to £6.5m annual turnover.
Barclays
UK Corporate
Bank
Providing financial and advisory
capabilities to power the UK’s mid
to large corporates with over
£6.5m annual turnover through to
FTSE350 companies. Barclays UK
Corporate Bank has a relationship
with over a quarter of UK
corporates.
Barclays Private
Bank and Wealth
Management
Our Private Bank offers a
full-service proposition supporting
clients in the wealth hubs and
corridors across the UK, Europe,
Middle East and Asia. Our UK wealth
offering provides a range of financial
planning and advice services, as well
as our digital investing service,
Smart Investor1.
Barclays
Investment
Bank
Incorporates leading Global
Markets and Investment Banking
franchises operating at scale,
including International Corporate
Banking, serving multinational
corporate and institutional
clients globally.
Barclays
US Consumer
Bank
Offering co-branded partner
cards, deposit accounts
and personal loans. With more
than 25 million customers, we work
with some of America's leading
brands across the airline, travel,
retail and affinity sectors.
Head Office2
2025 RWA allocation
Barclays UK | 24% |
Barclays UK Corporate Bank | 7% |
Barclays Private Bank and Wealth Management | 2% |
Barclays US Consumer Bank | 8% |
Head Office | 4% |
£357bn
Barclays Investment Bank | 55% |
Notes:
1Smart Investor will be known as Barclays Direct Investing.
2Head Office provides centralised services across the Group.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 15 | ||
2025 divisional review
Barclays UK | ||||
Barclays UK consists of Retail Banking and Business Banking. | ||||
Our business •Retail Banking offers retail solutions to help customers with their day-to-day banking needs, including current accounts, savings accounts, mortgages and unsecured lending, such as credit cards and loans. •Business Banking serves business clients, from high-growth start-ups to SMEs, with banking solutions and specialist advice. | Focus areas •Improving customer experience. •Creating opportunities to deepen relationships with our customers and clients. •Growing lending market share. •Delivering operational efficiencies to facilitate investment in growth. | |||
Year in review
Barclays UK is one of the country’s leading
financial brands. We are committed to putting
customers first – powered by the expertise and
passion of our people, and strengthened by
technology. Our multi-brand proposition - which
includes Barclaycard, Tesco Bank, Kensington
Mortgages and relationships with Amazon and
IAG Loyalty (to offer Avios benefits) - reflects the
broad range of solutions we offer customers. Our
2025 performance demonstrates Barclays UK’s
strength, delivering a RoE of 15.5% and RoTE of
20.7%.
Customers and clients remain at the heart of
everything we do. This year, we enhanced
experiences and deepened relationships. We
extended opening hours across 86 branches, adding
c.33,500 hours per year of in-branch availability to
support customers at times that work for them. A
significant increase in our channel transactional
Net Promoter Score (tNPS) - which measures
customer satisfaction across our retail colleague-
led channels - since 2023 reflects the high level of
support our colleagues give our customers. This
now stands at +61 for branch servicing.
Technology and digitisation play an important role
in helping us better serve our customers and
clients. Within Barclays UK, a significant amount
Measuring where we are | ||||
£8.7bn Income 2024: £8.3bn | £3.4bn Profit before tax 2024: £3.6bn | |||
£4.9bn Operating expenses 2024: £4.3bn | 15.5% Return on equity 2024: 16.9% 20.7% Return on tangible equity 2024: 23.1% | |||
of innovation is driven by our teams, leading to
faster response times provided by the tools and
technology our colleagues use every day.
We also used technology to make it easier for our
customers to save. We redesigned our Savings
Hub, making it simpler to find and choose the right
products. Our customers can now digitally provide
instructions on maturing bonds through the app in
just a few minutes.
Notes:
1Three month rolling average for December 2025.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 16 | ||
2025 divisional review (continued)
A key focus for Barclays UK is to grow lending to
individuals and businesses, and we have continued
to make progress.
We are making our mortgage application process
simpler and helping more customers achieve home
ownership. We relaunched Mortgage Boost,
enabling customers to support family members to
get onto the property ladder beyond just helping
with a deposit – another option alongside our
Family Springboard offering. Ahead of the 1 April
2025 stamp duty changes, we processed over
14,000 completions in March alone. In total, we
supported 146,000 mortgage completions, the
highest since 2021 and an increase of 42% on
2024.
Loans acquisitions have increased 4% year-on-year
driven by more relevant, in-the-moment marketing
and improved decisioning capabilities.
For the second year running, we have onboarded
over one million new Barclaycard customers and
provided existing customers with improved
journeys and capabilities, including the option to
switch to the Amazon Barclaycard.
"Our efforts to enhance
customer and client service
have helped improve NPS
scores - with Barclays UK
NPS reaching +252,
the highest since we
started tracking."
Vim Maru
CEO, Barclays UK
One year since the Tesco Bank acquisition, we are
making good progress on the integration and have
grown credit card and personal loan balances by
continuing to offer value to customers through
Clubcard.
Business Banking contributed to the UK business
landscape by lending £3bn to small businesses. We
also celebrated 10 years of Eagle Labs, which has
supported almost 20,000 businesses that have
collectively secured over £5bn in investment and
created more than 50,000 jobs1 over the course of a
decade.
Looking ahead
We remain focused on improving our products and
services to deliver a world-class experience for
customers and clients. We will continue to enhance
how customers interact with us, making banking
simpler and more intuitive across personal and
business channels. Technology, AI and innovation
will play a key role, helping us to streamline
processes, strengthen resilience, offer a better
experience on our digital channels and support
colleagues in providing exceptional service.
We see opportunities to grow retail deposits and
lending, and business banking by deepening
engagement and relationships, and building
stronger propositions. In particular, we are focused
on growing our Premier customer base.
Completing the Tesco Bank integration will allow
us to broaden our reach and create greater value for
customers. We are also committed to helping
people manage their money better to achieve their
goals, and are focused on building people's
financial confidence across the UK.
Notes:
1Source: Beahurst, for businesses supported by Eagle Labs
between December 2015 to September 2025.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 17 | ||
2025 divisional review (continued)
UK Corporate Bank | ||||
UK Corporate Bank offers a range of Corporate Lending and Transaction Banking services to clients with an annual revenue of more than £6.5m, through to FTSE350 companies. | ||||
Our business •Corporate Lending: Offers a range of term, revolving and overdraft facilities to medium and large-sized corporates across the UK, with financing solutions tailored to specific industries and sectors. •Transaction Banking: Provides cash management, trade and working capital solutions, risk management solutions and payment services internationally. | Focus areas •Driving productivity and seamless digital delivery, simplifying and improving client experience. •Growing broad-based income through deeper client relationships with products and solutions which address their needs. •Growing share of lending and attracting new clients. | |||
Year in review
Barclays UK Corporate Bank serves over 13,000
businesses across the UK, playing an important
role in joining together the different aspects of the
organisation to deliver for clients.
In 2025, the UK Corporate Bank delivered robust
income growth of 16% underpinned by a strong
deposit franchise and growing debt balances. RoE
was 18.9% and RoTE was 18.9%, and we
maintained a disciplined cost-to-income ratio,
ensuring operational efficiency.
Throughout the year, we responded proactively to a
competitive market. By adapting to evolving client
needs and maintaining our focus on providing
lending to help our clients to invest, we positively
repositioned ourselves among peers and grew
lending market share by 1%1.
In 2025, we attracted c.580 new to bank clients
who drove c.50% of the increase in lending
compared to 2024.
This focus enabled us to achieve total loan growth
of £4.6bn for the year. Despite our growth in
lending, our loan loss rate remains well within our
stated risk appetite and guidance.
Our willingness to lend plays a crucial role in giving
UK businesses the confidence to invest in their
Measuring where we are | ||||
£2.1bn Income 2024: £1.8bn | £1.0bn Profit before tax 2024: £0.7bn | |||
£1.1bn Operating expenses 2024: £1.0bn | 18.9% Return on equity 2024: 16.0% 18.9% Return on tangible equity 2024: 16.0% | |||
workforce and technology, helping in turn to unlock
economic growth.
We made strides in enhancing client experience by
advancing our digital capabilities and streamlining
processes. Clients now have more opportunities to
self-serve through digital channels, including our
‘Client Chat’ capability, which resolves a significant
number of queries at first contact. In 2025, c.50% of
client interactions were self-served, compared to
c.40% in 2024.
Notes:
1Bank of England December 2025 market data.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 18 | ||
2025 divisional review (continued)
We’ve also reduced client onboarding times by
around 50% since the start of 2024 and, in response
to client feedback, we have improved the speed,
ease, and flexibility of our borrowing solutions,
with further enhancements planned
for 2026.
To strengthen client relationships and support
diversified income streams, we’ve invested
significantly in modernising our technology.
Our iPortal platform, which is now available to
more clients, has simplified how they interact with
us – a key step towards consolidating five online
access channels to a single online point of access to
our products and services. All our corporate clients
will be enabled on iPortal through 2026.
Our focus on deepening relationships and our
efforts to improve experience have been reflected
in improved client satisfaction scores. Measured as
an independent benchmarking score by Savanta,
our overall client satisfaction score has increased to
66%, up four percentage points from 2024 and 10
percentage points from 2023. Satisfaction scores
relating to our client-facing colleagues are also
strong, placing us second among our peers1.
In April 2025, we announced a long‑term strategic
partnership with Brookfield to grow and transform
Barclays’ payment acceptance business, which
provides critical infrastructure to the UK economy,
processing billions of pounds of payments annually
for small businesses and corporate clients.
Our extensive client relationships and experience
of UK payments will benefit from Brookfield’s
global private equity expertise in payments,
technology, operational transformation and
corporate carve-outs, to ensure that the payment
acceptance business is strategically positioned for
long‑term growth. The partnership will drive
business growth by broadening the range of
services offered and enhancing the experience for
both existing and prospective clients.
Looking ahead
We will continue to deepen client relationships,
accelerate digital transformation and improve
operational efficiency. We are focused on
enhancing our product mix, strengthening income
quality and driving technology-led improvements
in client experience.
Efforts will be shaped by the evolving market
environment, with an emphasis on adapting to
client needs, regulatory changes and competitive
pressures. We will continue to simplify processes,
invest in talent and leverage data-driven insights to
support growth and resilience.
"Our willingness to lend
plays a crucial role in
giving UK businesses the
confidence to invest in their
workforce and technology,
helping in turn to unlock
economic growth."
Matt Hammerstein
CEO, Barclays UK Corporate Bank
Notes:
1SavantaMarket Vue Survey, Q4 2025.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 19 | ||
2025 divisional review (continued)
Private Bank and Wealth Management | ||||
Private Bank and Wealth Management (PBWM) comprises PBWM UK – serving clients across the full wealth continuum in the UK and Crown Dependencies – and PBWM International, serving high- and ultra-high-net worth clients in selected international markets. | ||||
Our business •UK Digital Investing is for self-directed investors, with investment starting from just £1. •UK Affluent is for UK clients with £250k to £3m of investable assets1. •Private Banking UK is a full-service proposition for clients with investable assets of £3m+. •Private Banking International is a full- service proposition for clients with investable assets of £5m+ internationally2 , with a focus on clients in the Europe, Middle East and Asia wealth corridors. | Focus areas •Leveraging our simplified business structure – aligned to market opportunity in the UK and internationally – and reinvesting cost efficiencies to strengthen the business and support growth. •Supporting Private Bank clients with their lifestyle, liquidity and legacy, and helping retail investors gain access to transparent, fairly priced investment solutions. •Continuing to grow assets under management to increase the relative contribution of non-interest income, to deliver high-quality recurring revenue. | |||
Year in review
PBWM’s vision is to be the investment partner for
our clients, their families and the next generation.
In 2025, financial markets witnessed trade and
geopolitical volatility, and strong tailwinds driven
by AI – investors looked to take advantage of
volatility spikes while diversifying risk. For
PBWM, this led to strong transactional activity
supported by increased trading on our digital
investing offering, continued inflows into multi-
asset portfolios, and alternative strategies such as
private markets and hedge funds.
Our ability to support clients in such environments
sustained our strong business performance. Assets
under management grew by £5.2bn and PBWM
overall achieved a RoE of 24.3% and RoTE of
26.3%.
At the start of 2025, PBWM simplified its business
model to operate through two core areas: PBWM
UK and PBWM International. Throughout the
year, there were a series of strategic hires to
strengthen the business.
In our UK Digital Investing business, we further
enhanced client journeys and investment
capabilities on our Smart Investor platform. These
changes continued to support growth, with
c.65,000 new accounts opened in 2025, up 11%
year on year and up 169% compared to 2023
Measuring where we are | ||||
£1.4bn Income 2024: £1.3bn | £0.4bn Profit before tax 2024: £0.4bn | |||
£1.0bn Operating expenses 2024: £0.9bn | 24.3% Return on equity 2024: 25.7% 26.3% Return on tangible equity 2024: 28.1% | |||
levels. In addition, we were awarded Best Stocks &
Shares ISA Provider from Moneyfacts and
received a ‘Value for Money’ consumer rating
from Boring Money.
Notes:
1The lower end threshold is under review.
2For India, the Private Bank proposition is available for
clients with investable assets of £3m+.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 20 | ||
2025 divisional review (continued)
In UK Affluent, we launched a pilot of a new
digitally enabled mass affluent proposition –
focused initially on Barclays UK Premier clients
with £250k-£1m in assets to invest. Our ambition
is to provide a fairly priced, transparently
constructed advice service addressing the needs of
this segment.
In our UK Private Bank, we expanded our Private
Markets proposition with the launch of a new
multi-vintage private equity fund and made it
easier for clients to use our securities backed
lending capability. In addition, we continued to
grow our assets under management in our flagship
funds and discretionary managed portfolios, and
maintained their strong underlying long-term
investment performance.
Internationally, we have been focused on building
our presence in the Middle East and Asia. In order
to further support our international capabilities, we
continue to progress the development of our new
Singapore booking centre, which we intend to
launch during 2026.
Underpinning all of our strategic ambitions is a
continued focus on improving our risk and control
resilience, including by increasing our automation
levels.
Looking ahead
Within UK Digital Investing, we're committed to
delivering an integrated digital SIPP (self-invested
personal pension). Following the completion of our
pilot, we're launching our new UK mass affluent
proposition, starting with Barclays UK Premier
customers. We will also focus on supporting retail
investing through the launch of Targeted Support
following the FCA’s Advice Guidance Boundary
Review.
Within the Private Bank we will continue to
enhance our client experience, focusing on our
digital capabilities, as well as further expanding
our credit proposition. We're investing in
productivity and generative AI (GenAI)
capabilities that support our front-line colleagues
so they can spend more time with clients. We plan
to expand our international business with further
investments in the Middle East and Asia markets,
including the launch of our new Singapore booking
centre.
"We have continued to
strengthen our capabilities
and service this year,
supporting clients across the
UK and in priority
international markets.”
Sasha Wiggins
CEO, Barclays Private Bank and Wealth Management
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 21 | ||
2025 divisional review (continued)
Investment Bank | ||||
The Investment Bank provides corporate clients, money managers, financial institutions, governments and supranational organisations with advisory, finance and risk management services. | ||||
Our business •Global Markets provides institutional investors, sovereigns, and corporates with a full range of execution services, ideas and risk management solutions across asset classes (Equities, Credit, Rates, FX and Securitised Products). The Research team provides institutional investors with data-driven analysis, actionable insights and access to our analysts across global sectors, markets and economies. •Investment Banking works with companies, governments and financial institutions worldwide to provide expert advice, innovative solutions and access to capital. It includes International Corporate Banking, which provides financial institutions and large corporate clients with wholesale lending and treasury solutions – supported by deep industry knowledge and local, on-the-ground specialists. | Focus areas •Driving higher RWA productivity across all Investment Bank businesses. •Deepening client relationships while maintaining prudent risk management. •In Global Markets, sustaining momentum in our businesses with Top 5 market share1, growing our focus businesses and continuing to scale more stable financing income. •In Investment Banking, building share and product penetration across Advisory, Capital Markets and Treasury Coverage, and delivering an expanded reach for our International Corporate Bank. | |||
Year in review
Barclays has a top-tier Investment Bank supporting
corporate and institutional clients around the world.
In 2025, we maintained our rank of sixth across the
Investment Bank in both Global Markets2 and
Investment Banking3. We are a leading non-US-
domiciled bank that can consistently compete with
its US peers in each of the major capital markets of
the US, Europe, and Asia. Through our expertise,
scale, and reach, we support global clients and help
them achieve their commercial goals.
The Investment Bank delivered a RoE of 10.6% and
RoTE of 10.6% and remained disciplined on costs
with consistent operational progress, following
seven consecutive quarters of positive jaws leading
to a cost-to-income ratio of 62%.
RWAs remained stable for the fourth consecutive
year. We grew income and improved return on
RWAs by focusing on more stable income streams
and on disciplined client management, capital
deployment, and technology enhancements to
improve client experience, such as BARXBot, a
client-facing GenAI chatbot that automates how
colleagues in Global Markets handle Requests for
Quotes (RFQs) for clients.
Notes:
1Top 5 market share as defined in the 20 February 2024
Investor Update: 1H23 and FY19 Coalition Greenwich
Global Competitor Analytics. Industry wallet is defined
Measuring where we are | |||
£13.1bn Income 2024: £11.8bn | £4.6bn Profit before tax 2024: £3.8bn | ||
£8.1bn Operating expenses 2024: £7.9bn | 10.6% Return on equity 2024: 8.5% 10.6% Return on tangible equity 2024: 8.5% | ||
as the total revenue of the following banks: BofA,
Barclays, BNP Paribas, Citigroup, Credit Suisse,
Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan
Stanley and UBS. Analysis is based on Barclays’ internal
business structure and internal revenues. Market share for
purpose of this analysis is calculated as Barclays’ internal
revenues divided by the aggregate revenue of the banks
identified above within the given product set.
2Based on external reported revenues. Peer banks include
BoA, BNP, CITI, DB, GS, JPM, MS and UBS.
3Dealogic for the period 1 January 2025 to 31 December
2025 (as at 6 January 2026).
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 22 | ||
2025 divisional review (continued)
"Our relentless client focus,
trusted expertise, and fully
integrated model allow us
to better understand client
needs and deliver tailored
products and services to
help them succeed."
Adeel Khan
Head of Global Markets
The Investment Bank helped clients navigate a
complex, evolving landscape throughout 2025 - one
shaped by policy change, geopolitical events and
economic conditions - by delivering strategic
solutions through our diversified portfolio of
products and services.
In Global Markets, we remain focused on executing
our key product priorities while delivering our full
suite of products and services to our clients. We
continue to progress on our goal of achieving 70 top
five ranks with our Top 100 clients. We have made
strong progress with improved performance in the
three focus businesses in Markets, while sustaining
momentum in financing.
Our Research team is central to our Investment
Bank franchise and continues to rank highly among
our institutional client base. According to Extel,
Barclays ranks as the #4 overall global research
firm and #3 for developed markets. We continue to
expand our Barclays conference and corporate
access offering across the Americas and EMEA.
Engagement with our Barclays Live platform has
grown, with site visits up 11% and readership up
18%, highlighting the strength of the platform in
delivering differentiated insights to our clients.
In Investment Banking, we delivered revenue
growth of 3% year on year. We also made good
progress in key focus areas, continuing to optimise
our loan book which helped to drive improved
return on RWAs. This year, we maintained our
traditional strength in DCM, and saw an increase in
both ECM fee share and advisory fee share with
financial sponsors2.
International Corporate Bank (ICB) revenues were
up 10% year on year, reflecting the continued
rollout of the Treasury Coverage model - which
has doubled the number of focus clients with this
model since 2024. This has also helped to drive
c.23% year on year growth in US deposits3.
Looking ahead
Our goal is to strengthen our position as a leading
global investment bank by leveraging our advisory
expertise, deep sector knowledge, and
differentiated client offering.
The Investment Banking business is focused on
building share in Advisory and Capital Markets
through productivity improvement, Treasury
Coverage evolution and the continued investment
and growth of our International Corporate Bank.
Global Markets continues its focus on
strengthening its core capabilities while
maintaining a strong baseline of stable revenues in
the form of financing.
We aim to be prudent managers of the firm’s
capital, and to drive consistent returns through
client discipline, focused execution, capital
nimbleness and operational efficiency. We’re also
streamlining operations, reducing legacy systems,
and leveraging AI to scale and innovate.
We plan to achieve this through low single-digit
compound annual income growth combined with
disciplined cost management, driving operating
leverage.
Notes:
1Dealogic as at 31 December 2025, based on offer to
market.
2Dealogic Banking Fee share as at 31 December 2025.
3Reflects month-end deposits.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 23 | ||
2025 divisional review (continued)
US Consumer Bank | ||||
US Consumer Bank (USCB) is a leading co-branded credit card issuer and financial services partner in the United States. | ||||
Our business •Barclays US Consumer Bank has more than 25 million customers and partnerships with 20 of America's leading brands across the airline, travel, retail and affinity sectors. •We provide co-branded, small business and private label credit cards, personal loans, online savings accounts, and certificates of deposits. | Focus areas •Scaling and diversifying by growing existing partnerships and winning new partners. •Investing in digitisation and AI to deliver enhanced customer experiences and operational efficiencies. •Improving net interest margin by optimising pricing and credit mix, while reducing funding costs. •Selective risk transfer to optimise use of balance sheet. | |||
Year in review
The US is the world’s largest credit card market,
and growing. With a c.3% share1 of the total
market and partnerships with 20 major brands, we
continue to see significant opportunities for
growth. In 2025, we delivered RoE of 9.5%, up
from 8.1% in 2024 and 3.4% in 2023, and a RoTE
of 11.0%, up from 9.1% in 2024 and 4.1% in 2023.
Our results were impacted by the appreciation of
the average GBP against USD through 2025.
However, when normalised for FX movements, in
USD terms income and profit before tax were up
14% and 31% respectively, year on year.
We remain focused on building lasting partnerships
with top US brands. In 2025, we launched a new
co-branded card programme with iconic automaker
General Motors (GM) and acquired $1.6bn in
receivables, further diversifying our mix of card
partners. We also extended our current partnership
agreements with Wyndham Hotels & Resorts,
Upromise and our cruise line partners: Carnival,
Princess and Holland America.
We added three million new customers organically
in 2025, and our average FICO® score2 remains
stable at 757, reflecting the strength of our prime
customer base. Our average payment rate of 31%
in the fourth quarter is higher than pre-pandemic
levels, further demonstrating the resilience and
Measuring where we are | ||||
£3.7bn Income 2024: £3.3bn | £0.5bn Profit before tax 2024: £0.4bn | |||
£1.6bn Operating expenses 2024: £1.6bn | 9.5% Return on equity 2024: 8.1% 11.0% Return on tangible equity 2024: 9.1% | |||
quality of our book.
We grew our retail deposit balances by
20% year on year and increased the percentage of
core deposit funding for USCB from 64% to 69%.
This was driven by demand for the tiered savings
product and a new suite of exclusive digital
banking products offered through our co-branded
banking partnership with AARP.
Notes:
1Source: newyorkfed.org/microeconomics/hhdc
2FICO® is a registered trademark of Fair Isaac
Corporation in the United States and other countries.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 24 | ||
2025 divisional review (continued)
In 2025, we announced that we had entered into an
agreement to acquire Best Egg1, a leading US
digital direct-to-consumer originator of personal
loans.
Through our continuous focus on enhancing
customer experience, transactional NPS (tNPS) for
digital and contact centre agent servicing averaged
63 and 52 respectively. Digital performance
remained consistent with 2024, while contact
centre performance improved by one point year on
year.
In 2025, we improved digital onboarding,
increased self-service options and developed
flexible payment features for our customers. We
also expanded our Rewards Hub, an intuitive, one-
stop digital shop for cardmembers to more easily
manage their benefits. Over the past year, unique
visitors to the Rewards Hub increased by 15%,
demonstrating stronger brand loyalty and digital
"In 2025, we launched a new
co-branded card programme
with General Motors, entered into
an agreement to acquire Best
Egg, and extended our current
partnership agreements with
Wyndham Hotels & Resorts,
Upromise and our cruise line
partners: Carnival, Princess
and Holland America."
Denny Nealon
CEO of US Consumer Bank
connection.
Since 2023, our investments in digitisation have
led to an increase in customers using e-statements
and resulted in higher digital engagement with
96.2% of customers who interact with us doing so
through digital channels2. The percentage of
customers using the Barclays mobile app also
increased 5.5 percentage points year on year3.
Leveraging digital platforms to drive greater
efficiency has helped reduce full year 2025 USCB
cost to income ratio to 45%, down from 49% in
2024 and 51% in 2023.
Looking ahead
We remain committed to executing our strategy
and improving returns. We plan to scale the cards
business through organic growth and new
partnership acquisitions as appropriate and
accelerate USCB's diversification through the Best
Egg acquisition.
We're embracing the latest technologies, such as AI
and agile scalable platforms, to drive greater
efficiency and deliver better experiences for our
customers.
We continue to enhance our digital capabilities and
provide seamless, intuitive experiences across all
channels. We will maintain our focus on customer
feedback, continually optimise our processes, and
invest in tools to reduce friction and drive loyalty
and sustainable growth.
Note:
1Measured at exit at end December 2025. Includes
primary consumer card customers. Monthly interactions
exclude Interactive Voice Response (IVR).
2Reflects rate movement from December 2024 to
December 2025 for mobile app users divided by open
customers.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 25 | ||
2025 divisional review (continued)
Barclays UK Net Promoter Score (NPS) |
2025 |
2024 |
2023 |
About this KPI and why we use it Net Promoter Score (NPS) is used to measure the strength of customer relationships. We track NPS to identify both our strengths and where there is room for improvement, informing how we develop our services and products in the future. Maintaining strong, personal relationships and building trust and advocacy is key across all our divisions, but most observable and material in Barclays UK which represents the largest customer base for which we serve customers throughout their financial lives. | ||
How we performed We improved Barclays UK main current account NPS to +251; our highest score since we began tracking in 2013, and an increase of eight on December 2024. This uplift was broadly across customer segments. Premier NPS was a significant driver, alongside improvements to customer service across channels and journeys. |
Barclays UK complaints (% movement year on year) |
2025 |
2024 |
2023 |
About this KPI and why we use it The FCA publishes complaints information every six months – a good measure of how well UK institutions are driving customer outcomes. We measure our volume of complaints, tracking against goals and reviewing root causes to inform changes to our products and services. | ||
How we performed Material increase in complaints year on year was driven by the IT incident on 31 January 2025. Excluding this, complaints reduced by 2%. |
US Consumer Bank digitally interacting customer (%) |
96.2
95.9
95.1
2025 | 2024 | 2023 |
About this KPI and why we use it Digitally interacting customer percentage assesses the monthly rate of customers using digital channels to interact with us2. This measurement reflects the general health of the digital experience and allows us to better understand customer behaviour to boost satisfaction and efficiency. | ||
How we performed Digitally interacting customer percentage improved by 30 bps year on year, driven by continued investment in our mobile app and digital capabilities, including enhancements to registration and self-service. | ||
Investment Bank revenue ranks and market shares (%, #) |
2025 |
2024 |
2023 |
#6 |
#6 |
#6 |
#6 |
#6 |
#6 |
A | Global Markets revenue ranking and share3 | |
B | Dealogic Investment Banking global fee ranking and share demonstrating our performance vs peers4 |
About this KPI and why we use it Revenue ranks and market shares are a good indicator to monitor success and identify opportunities. By using Dealogic Investment Banking global fee ranking and share, and a comparison to global peers' share of reported revenues for Global Markets, we can assess our relative performance versus a defined peer group3 clearly and transparently. | ||
How we performed In 2025, we maintained our rank of sixth across the Investment Bank in both Global Markets and Investment Banking. | ||
 | See page 116 for details on Executive Director remuneration linked to these KPIs |
Notes:
1© Ipsos 2025, Financial Research Survey (FRS), 12 months ended December 2025 (Dec 2024). Results based on a sample of 7,546 (6,646) Barclays main current account customers and 1,028 (865) Barclays Premier main current account customers.
Total sample of ~50,000 GB adults (aged 16+) a year, weighted to align with overall profile of GB population.
2Measured at exit at end of December 2025. Includes primary consumer card customers. Excludes Interactive Voice Response (IVR).
3FY25 Market share for Barclays is based on external reported revenues. Peer banks include BoA, BNP, CITI, DB, GS, JPM, MS and UBS.
4Dealogic for the period 1 January 2025 to 31 December 2025 (as at 6 January 2026).
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 26 | ||
2025 divisional review (continued)
Colleagues | ||
At the heart of achieving our plan to make Barclays Simpler, Better and More balanced are our c.93,000 colleagues. We are united by a shared Purpose, Values and Mindset, delivering to a consistently excellent standard in all we do – and we are making Barclays a great place to work, where every colleague can reach their potential. | ||
Engaging with colleagues
Sharing our strategy with colleagues – and
explaining how they can contribute towards its
delivery – has been a key part of our 2025
engagement. Regular, two-way dialogue helps us
understand what is working well across the
organisation and where we can improve.
Engagement with colleagues is delivered through
townhalls, skip-level meetings, site visits, leader-
led events, focus groups and surveys. Through
our bi-annual Your View survey, our people can
share their feedback on working at Barclays – and
75% took part in 2025. We are committed to a
respectful and inclusive environment where
everyone feels safe to speak up. Our processes for
raising concerns and whistleblowing provide
channels for anonymous colleague feedback.
Our longstanding partnership with Unite in the
UK offers further insight into the views of our
people. We continue to consult with Unite on
major change programmes to minimise job losses
and prioritise reskilling and redeployment.
Embedding a consistently
excellent standard
A consistently excellent standard is what we expect
of ourselves – and what our customers, clients and
all our stakeholders trust us to deliver. This
continues to be an integral part of our culture and a
key enabler of our three-year plan. Our
consistently excellent culture-change programme
continued to embed these standards across the
organisation. Throughout 2025, local initiatives
across divisions and functions supported Group-
wide efforts to simplify processes, strengthen risk
and control, and drive efficiency.
Notes:
1Except for employees at Managing Director grade and
Where to find out more: | |
| For further metrics, please see home.barclays/our-sustainability-/sustainability-resource-hub/reporting-and- disclosures/ |
Material Risk Takers, for whom a portion of
compensation is typically delivered in shares.
Global Share Award Colleagues share in our success | ||
 | ||
To thank colleagues for their hard work and commitment as we continue to execute our strategy, in February 2025, colleagues1 were granted Barclays shares – valued at approximately £500. In 2026, we will grant a similar colleague share award for the second successive year. By enabling colleagues to share directly in the bank’s future success, these awards celebrate the achievements to date and recognise the collective effort that is still required to help build a Simpler, Better and More balanced Barclays. | ||
A consistently excellent standard is now embedded
in HR tools, processes and products from hiring
and induction, to performance management,
promotions and development programmes. By
2025, 1,995 workshops were delivered to our
colleagues globally, creating strong understanding
across the organisation of what it means to deliver
to a consistently excellent standard.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 27 | ||
2025 divisional review (continued)
We also launched the Risk and Control Digital
Credential (RCDC) – our first Group-wide,
externally accredited online learning programme,
certified by the Institute of Risk Management.
The RCDC equips colleagues with the knowledge
and skills to proactively manage risk and
strengthen controls. At the end of 2025, almost
25,000 colleagues had achieved accreditation. This
initiative marked a significant step in our ongoing
commitment to strong risk management and
delivering to a consistently excellent standard.
Investing in our talent
Our talent ambition is to help our colleagues grow,
develop and thrive at every level of our
organisation, building a strong talent pipeline for
the future. In 2025, we strengthened how we
identify, assess and develop high-potential talent,
introducing greater rigour and consistency, through
implementing our Talent Management Standards
including a consistent definition of potential,
approach to talent reviews and calibration. We
delivered accelerator programmes and sponsorship
initiatives and continued our Evolution leadership
development programme. We also offered senior
leaders a suite of practical tools, targeted
workshops, and resources to develop their skills.
In 2025, we hired 1,595 graduates, 1,508 interns
and 213 apprentices globally, and continued
building on our relationships with key partners to
support inclusive access to all our opportunities.
Barclays won the National Graduate Recruitment
Award for Most Popular Graduate Recruiter in
Banking, Insurance and Financial Services and was
ranked in the top 20 in The Times Top 100
Graduate Employers list – recognising our focus on
our Early Careers population as a key talent
pipeline for the future.
We simplified and personalised learning for
colleagues and invested in technology to support
our People Leaders’ development. For example, by
piloting virtual coaching for our People Leaders
and newly promoted Managing Directors (MDs)
and expanding the deployment of our 360-feedback
tool.
In 2025, we focused on enhancing our alumni
proposition – including by launching a
differentiated experience for our Executive Alumni.
Our Group CEO hosted our first-ever MD alumni
networking event in London, attended by members
of the Executive Committee and Board.
Our inclusive culture
We are evolving our approach to Inclusion and
Opportunity with a focus on empowering our
colleagues and leaders and driving company
success – cultivating high-performing teams and
providing rich opportunities for colleagues to
progress, while aspiring to hire from the broadest
global talent pools. We are committed to creating a
workplace where everyone feels valued and
respected, within a culture of belonging and equal
opportunity for all.
Supporting our workforce
Helping our people perform at their best remains a
priority. We provide a range of support for
colleagues through our policies covering annual
leave, life events, health issues, family and caring,
and flexible working. We support colleague
wellbeing with data-driven campaigns that
encourage healthy habits and a positive culture –
reflected by an 87% favourable Wellbeing Index
score in our 2025 Autumn Your View survey. Our
mental health awareness eLearning has been
completed by 87% of colleagues and 90% of
People Leaders, and over 53,000 colleagues are
registered on our ‘Be Well’ online wellbeing
portal.
We also continued to enhance our provision for
colleagues in the UK with an updated Employee
Assistance Programme providing additional mental
health support to their family members.
Rewarding our colleagues
We offer eligible colleagues the opportunity to
acquire Barclays shares on beneficial terms, with
voluntary all-employee share plans available in
countries representing 99% of our global
workforce. In recognition of colleagues' collective
effort towards delivering our three-year plan
and the effort that is still required, in February
2025 we granted colleagues a share award worth
approximately £500, and in 2026 we will grant a
similar colleague share award, for a second
successive year. In July 2025, all UK colleagues
were given access to Barclays Premier Banking,
which offers a suite of exclusive products, services
and benefits.
Enhancements to policy provisions
In 2025, we focused on aligning to our global
policies to better support our colleagues and People
Leaders in managing their work life at Barclays. In
November, we announced that our paternity leave
policy in the UK will increase from two weeks to
16 weeks, and that the non-primary caregiver
leave policy in Asia Pacific will increase from six
weeks to 10 weeks. Effective from 1 January 2026,
these updates aim to help new parents spend more
time with their families and support colleagues in
balancing work and personal life.
Our people policies
Our people policies1 help us recruit the best people,
provide equal opportunities and create an inclusive
culture – in line with our Purpose, Values and
Mindset, and in support of our long-term success.
They are reviewed and updated regularly to ensure
they remain aligned with our broader people
strategy.
As part of our Fair Pay Agenda, we are committed
to paying our colleagues fairly and appropriately
relative to their role, seniority, skills, experience
and performance. We pay at least a living wage in
all our locations and provide colleagues with
resources to ensure everyone has equal opportunity
to progress.
| You can read more about our Fair Pay Agenda on page 124. |
Companies Act Diversity Disclosure
In accordance with section 414C2 basis of the
Companies Act 2006, as of 31 December 2025,
Barclays employed 98,141 colleagues globally
(53,595 male, 44,037 female, and 509
undisclosed), including 540 senior managers (394
male, 146 female), and 13 Board of Directors at
Barclays PLC (seven male, six female).
Notes:
1Our policies reflect relevant employment law, including
the provisions of the Universal Declaration of Human
Rights and the International Labour Organization (ILO)
Declaration on Fundamental Principles and Rights
at Work.
2The variance to the c.93,000 stated earlier in the report is
due to the Companies Act disclosure definition using
Headcount rather than FTE, and also including
colleagues on long-term leave. Unreported refers to
colleagues who do not record their gender in our systems.
‘Senior managers’ is defined by the Companies Act, and
is different to both our Senior Managers under the FCA
and PRA Senior Managers regime, our Director and
Managing Director corporate grades. It includes Barclays
PLC Group Executive Committee members, their direct
reports and directors on the boards of undertakings of the
Group, but excludes Directors on the Board of Barclays
PLC. Where such persons hold multiple directorships
across the Group they are only counted once.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 28 | ||
2025 divisional review (continued)
Colleague engagement (%) |
About this KPI Colleague engagement is derived from the responses to three questions in our Your View survey that measure advocacy, motivation and sense of personal accomplishment. The questions that make up this KPI are: I would recommend Barclays to people I know as a great place to work; my work provides me with a sense of personal accomplishment; Barclays motivates me to contribute more than is normally required to complete my work. It enables us to monitor how engaged our workforce is and closely relates to key organisational and colleague outcomes such as productivity, wellbeing and retention. | ||
How we performed Colleague engagement has remained stable at 85% compared with 2024. Overall, this continues to be a strong engagement score and four percentage points above our external benchmark. |
Inclusion index (%) |
About this KPI Our Inclusion Index1 measures colleague sentiment around feeling included, valued, respected, listened to and treated fairly. It closely relates to key colleague outcomes like engagement, wellbeing and retention. | ||
How we performed In 2025, the Inclusion Index remained stable against 2024, at 81%. |
“I believe that my team and I do a good job of role modelling the Values every day” (%) |
About this KPI This question within our Your View survey measures colleagues’ perception of how well the Barclays Values are role modelled by colleagues. The Values are our moral compass; the fundamentals of who we are and what we believe is right. | ||
How we performed This score has remained largely consistent and high over the past three years with 93% of colleagues believing themselves and their team do a good job of role modelling our Values. |
“I believe strongly in the goals and objectives of Barclays” (%) |
About this KPI This question within our Your View survey measures colleague perception of, and belief in, our three-year plan. | ||
How we performed In 2025, 89% of colleagues expressed strong belief in Barclays goals and objectives, an increase of one percentage point compared to 2024. |
Notes:
1Our Inclusion Index is derived from seven questions in the Your View survey: I feel included in/within my team; Colleague performance is evaluated fairly; When a similar mistake has been made by different people, it is dealt with in the same way;
Senior Leadership is truly committed to building a workforce with different perspectives and skills; My team makes adequate use of recognition and rewards other than money to encourage good performance; In my team people respect other people's
opinions when making a decision; Everyone has equal opportunities to progress in their career regardless of background and working circumstances.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 29 | ||
2025 divisional review (continued)
Net zero operations progress |
Operational emissions | ||
FY2025 absolute emissions (tCO2e) | FY2024 absolute emissions (tCO2e) | Performance vs. 2018 baseline |
Scope 1 and 2 market-based emissions | ||
7,276 | 10,745 | -97% |
Scope 1 and 2 location-based emissions | ||
80,096 | 93,789 | -62% |
Supply chain emissions | ||
532,797 | 547,587 | -39% |
About these KPIs and why we use them
We are working towards achieving net
zero operations as part of our ambition
to be a net zero bank by 2050. This
includes setting and meeting various
milestones1 and targets1 to reduce our
operational emissions, with significant
progress already made.
The metrics measure total gross Scope
1 and 2 (market-based and location-
based) emissions generated from
Barclays’ global real estate portfolio2
and UK corporate vehicles, as well as
emissions generated indirectly from
our supply chain3.
How we performed
Our detailed analysis of our
Notes:
1On this page a reference to a 'milestone' denotes an indicator we are working towards and report against and a reference to a 'target' denotes an
indicator linked to our executive remuneration.
2On this page a reference to global real estate portfolio includes offices, campuses, branches, warehouses and data centres within our operational
control.
3Our reporting of supply chain emissions includes the following GHG Protocol Scope 3 Categories: Category 1, 2 and 4. Due to changes in GHG
emissions conversion factors, we have recalculated our FY2024 supply chain emissions. For further details see page 59.
4In the 2026 update to the Barclays Sustainable Finance Framework the reference to the target has been updated to reference $1trn Sustainable and
Transition Finance between 2023 and the end of 2030 (the 'Target') and accordingly references to the Target in this Annual Report have been
reflected as such other than in this chart.
5Our reporting of the number of people upskilled has changed from previous reports to reflect the cumulative number, since 2023.
6Our reporting of the number of businesses supported has changed from previous reports to reflect the cumulative number, since 2023.
performance is contained within the
Climate and Sustainability section
from page 58.
Sustainable and Transition Financing4 facilitated ($bn) |
2025 |
2024 |
About this KPI and why we use it
In 2022, we set a target of $1trn
Sustainable and Transition Financing
between 2023 and the end of 20304 –
encompassing green, social, transition
and sustainability-linked financing,
having exceeded our previous targets to
facilitate £150bn of social,
environmental and sustainability-linked
financing by 2025 and £100bn of green
financing by 2030.
How we performed
During 2025 we facilitated an
additional $98.5bn of Sustainable and
Transition Financing, bringing the total
to date to $260.7bn. The 4% year-on-
year increase in financing facilitated
demonstrates our continued efforts in
supporting our clients on their
sustainability journeys.
Skills and employability: Number of people upskilled5 (millions) |
2025 |
2024 |
About this KPI and why we use it
Barclays is delivering skills and
employment opportunities for people
in the communities where we operate.
The total number of unique people
supported to unlock skills and
employment opportunities includes
those upskilled through our LifeSkills,
Digital Eagles and Military and
Veterans Outreach programmes.
How we performed
After removing duplicates to account
for repeat users, we upskilled a further
2.11 million people in 2025 through
Barclays LifeSkills, Digital Eagles and
Military and Veterans Outreach,
growing the total to 8.16 million5 since
the beginning of 2023 and
demonstrating steady progress across
Barclays’ community programmes.
| Please see page 41 for further detail on our target |
Sustainable growth: Number of businesses supported6 |
2025 |
2024 |
About this KPI and why we use it
Barclays is championing innovation
and sustainable growth through
programmes that enable businesses and
economies to grow. The total number
of businesses supported in our
communities includes those engaged
through Barclays’ Eagle Labs,
Unreasonable Impact and select
impact-led portfolios managed by
Barclays’ Principal Investments team.
How we performed
After removing duplicates to account
for repeat users, in 2025, through these
programmes, we supported a further
3,931 businesses, growing the total to
14,1786 since the beginning of 2023
and demonstrating Barclays’ continued
commitment to providing a connected
pathway of support for start-ups and
scale-ups at every stage of their growth
journey.
Progress of financed emissions | ||
Cumulative performance vs baseline | ||
Portfolio | Dec 2025 | |
December 2020 baseline | ||
Upstream Energy* | 43.7MtCO2e | -41% |
Power | 204 kgCO2e/MWh | -35% |
December 2021 baseline | ||
Cement | 0.551 tCO2e/t | -13% |
Steel | 1.352 tCO2e/t | -30% |
December 2022 baseline | ||
Automotive manufacturing | 169.1 gCO2e/km | -3% |
December 2023 baseline | ||
UK Commercial Real Estate | 24.7 kgCO2e/m2 | -6% |
UK Agriculture* | 0.46 MtCO2e | -13% |
Aviation | 866 gCO2e/RTK | -2% |
UK Housing | 27.1 kgCO2e/m2 | -3% |
All portfolios show physical intensity
apart from: * absolute emissions.
About these KPIs and why we use
them
In pursuit of our strategy to reduce
our financed emissions, which are
those deriving from in-scope activities
of the clients that we finance, we have
set 2030 financed emissions reduction
targets which integrate 1.5oC aligned
scenarios for
eight high-emitting sectors. We also
have a convergence point for our UK
Housing portfolio.
How we performed
Our detailed analysis of our sectors
and performance is contained within
the Climate and Sustainability section
from page 48.
| See the Barclays Sustainability Reporting Framework for details on our operational emissions accounting approach. |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 30 | ||
Barclays' climate strategy: Clients, Capital and Innovation
A strategy for a better
financial future
In 2025 we published our Transition Update, reiterated our
ambition to be a net zero bank by 2050 and outlined how
we continue to deliver against our strategy.
In recognition of the realities of the transition and to balance our climate ambition, shareholder
expectations and continue to deliver our strategy, we outlined in our Transition Update how we have
evolved our approach to focus on working with clients on their transition, financing clients’ transition
and scaling climate tech, while integrating nature and social considerations.
| To read the Barclays Transition Update, visit home.barclays/our-sustainability-/ barclays-approach-to-the-transition/ |
Our Purpose Working together for a better financial future | ||||||
Our ambition is to be a net zero bank by 2050 | ||||||
Working with clients on their transition | Financing clients’ transition | Scaling climate technology | ||||
Integrating nature and social considerations | ||||||
 | Working with clients on their transition |
Barclays serves a wide range of retail customers,
corporate and institutional clients worldwide.
Understanding our clients' priorities is central to
how Barclays supports the transition. Each client is
at a different point in the transition and there is no
single pathway that our clients may follow.
We listen to our clients and build a nuanced
understanding of the commercial realities shaping
their transition pathways. This is informed by
regular client dialogue led by our coverage teams
| See page 36 |
| See page 41 |
| See page 46 |
and dedicated sustainable finance specialists,
supported by specialised analytical tools such as
our Client Transition Framework (CTF). This
enables more informed conversations with clients
about their transition strategies, challenges, and
progress.
Managing climate- related risks to our business and portfolios |
Reducing our financed emissions |
Achieving net zero operations |
Our capabilities and tools strengthen our ability to
support client progress while helping us to
maintain accountability for our own financed
| See page 33 |
| See page 48 |
| See page 58 |
emissions reduction targets.
 | Financing clients' transition |
Across the bank we are helping to provide the
sustainable and transition finance needed to
support the transition to a low-carbon economy.
From homeowners to UK farmers through to
global multinationals, we are supporting all levels
of the economy to transition.
Since 2020, we have mobilised over $500bn of
sustainable and transition finance, ensuring
Barclays remains well positioned to support our
clients and capture the addressable market.
Reflecting our focus to mobilise capital for the
transition, we have a target to facilitate $1trn of
Sustainable and Transition Finance between 2023
and the end of 2030. In 2025, we facilitated
$98.5bn, and $260.7bn since 2023. As the role for
us to support our clients has continued to expand,
in 2025, we generated just under £0.6bn of revenue
from sustainable and transition-related activity1.
The sustained volumes of and revenue from
sustainable and transition related activity
underscores our continued momentum. Even in a
more complex policy and market environment, we
view the transition as a commercial opportunity for
our clients, and in turn, Barclays.
Reflecting society’s need for available and
affordable energy, we also remain a significant
provider of capital to the conventional energy and
power sector. Financing for clients in this sector is
managed in line with Barclays’ risk appetite, with
decisions informed by transition progress,
commercial returns, client engagement and market
realities. The bank’s approach recognises that
energy security and transition progress must
advance in parallel and that continued investment
in both is critical to meeting evolving client needs
and supporting economic stability.
Note:
1For further detail on revenue definition see footnote 2 on
page 41.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 31 | ||
Barclays' climate strategy: Clients, Capital and Innovation (continued)
 | Scaling climate technology |
Scaling climate tech is integral to accelerating the
transition, with the potential to create profitable
means of decarbonisation for many sectors of the
real economy.
We are playing a key role in scaling climate tech
companies from idea to IPO through the Barclays
Climate Tech Escalator. Companies are provided
tailored, dedicated support as they grow to help
them to harness the power of capital markets.
Barclays Climate Ventures, part of the Climate
Tech Escalator, has a mandate to invest up to
£500m of our own capital by the end of 2027.
Barclays Climate Ventures prioritise investments
into commercially scalable technologies that can
unlock the transition for the high-emitting sectors
in which we have meaningful client exposure, such
as energy and power, real estate, and food and
agriculture.
Since 2020, £274m has been invested in over 20
companies, and in 2025, £71m was deployed.
Integrating nature and social considerations Our climate strategy integrates nature and social considerations, including our work on human rights, recognising the need to address these interconnected topics holistically. In 2025, we extended nature-related criteria within our CTF assessments to now cover four sectors in total, building on a successful pilot for the Power sector in 2024. We also leveraged the findings from our application of the Taskforce on Nature-related Financial Disclosures (TNFD) ‘Locate Evaluate Assess Prepare’ (LEAP)1 approach across a sample of clients in the Barclays Mining and European Power portfolios to engage with companies in both sectors, and began extending this work to assess our Automotive manufacturing portfolio. | ||
Achieving net zero operations
We are working towards achieving net zero
operations as part of our ambition to be a net zero
bank by 2050. This includes setting and meeting
various milestones and targets to reduce our
operational emissions, with significant progress
already made. We have achieved all our 2025 net
zero operations milestones and targets, including
continuing to source 100% renewable electricity
for our global real estate portfolio and reducing our
Scope 1 and 2 market-based emissions by 97%
against a 2018 baseline - exceeding our 90%
reduction target.
Building on this progress, we aim to continue
sourcing 100% renewable electricity through to
2030 and work towards our 2030 milestones,
inclusive of our Scope 1 and 2 location-based
emissions and supply chain emissions reduction
milestones.
Reducing our financed emissions
In pursuit of our strategy to reduce our financed
emissions, which are those deriving from in-scope
activities of the clients that we finance, we have set
2030 financed emissions reduction targets which
integrate 1.5oC aligned scenarios for eight high-
emitting sectors: Upstream Energy, Power,
Cement, Steel, Automotive manufacturing,
Aviation, UK Agriculture and UK Commercial
Real Estate. We also have 2025 targets for
Upstream Energy and Power and a convergence
point for our UK Housing portfolio.
We set out our progress against our financed
emissions reduction targets in this report. We have
continued to make progress towards these targets,
including exceeding our 2025 target in Upstream
Energy and Power.
Implementing our strategy against
a shifting landscape
The current pace and momentum of the transition is
uneven as governments pursue increasingly divergent
approaches, creating a complex and fragmented
policy environment.
Some regions and sectors are accelerating, while
others, are transitioning at a slower pace than
anticipated in 2020 when we announced our
ambition. Higher decarbonisation costs, a lack of
clear and consistent long-term demand and
persistent structural barriers often mean the
economics of transition are not yet sufficiently
compelling. At the same time, understanding of
climate and nature-related risks, such as water
scarcity, is becoming clearer for us and our clients.
As a result, the window to limit global warming
to 1.5°C above pre-industrial levels is narrowing.
Decarbonisation is falling behind the pace required
and the likelihood of a prolonged overshoot above
1.5°C is increasing, potentially making it more
difficult to return to the
pathway that underpins current corporate
and financial planning.
These developments and in the absence of
consistent global policy signals and clearer long-
term frameworks, mean financial institutions may
need to choose between financing growth and
maintaining the pace of reducing financed
emissions.
We are actively monitoring the latest science and
economic modelling to assess how such risks could
affect our portfolios and targets and will continue
to maintain a disciplined, forward-looking
approach.
The transition, and therefore our future progress,
will be affected by the significant uncertainties,
will not be linear and constrained by the policy
environment and availability of technology.
Furthermore, these factors have scope to put our
clients, customers’, and our own, net zero
ambitions at risk.
We recognise we have an important role to play in
the transition, we cannot tackle this challenge on
our own and that our ability to implement our
climate strategy and deliver against our targets
depends heavily on our clients progress and a wide
range of external factors. We will consider and
adapt our approach as needed to reflect the
evolving landscape.
We remain committed to supporting the transition
in a way that is inclusive, resilient,
and economically sound, guided by our net zero
ambition and our Purpose: working together
for a better financial future.
Notes:
1These LEAP assessments were undertaken in 2024.
‘European Power’ refers Barclays Bank Ireland plc’s
counterparties. For both ‘Mining’ and ‘European
Power’, we only included counterparties that met selected
criteria, as set out in our 'Navigating Nature Risk-
Applying the TNFD's LEAP framework' paper.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 32 | ||
Barclays' climate strategy: Clients, Capital and Innovation (continued)
Our strategy, selected targets and progress
The table below sets out progress against our strategy and selected targets.
Previously announced target or mandate | Progress | ||||
2025 performance | |||||
Financing clients' transition | Sustainable financing | •Facilitate $1trn of Sustainable and Transition Financing between 2023 and the end of 20301 | •$98.5bn •(Life-to-date $260.7bn) | ||
Scaling climate technology | Barclays Climate Ventures | •Increase mandate to invest up to £500m of Barclays' capital in climate tech start-ups by the end of 2027 | •£71m (£274m invested by the end of 2025) | ||
By the end of 2025/2030 | Cumulative change | ||||
Reducing our financed emissions portfolio reduction targets/ convergence point | Upstream Energy3 | •By the end of 2025: 15% reduction in absolute CO2e emissions against a 2020 baseline of 74.1 MtCO2e (Scopes 1, 2 & 3) | -41% | ||
•By the end of 2030: 40% reduction in absolute CO2e emissions against a 2020 baseline of 74.1 MtCO2e (Scopes 1, 2 & 3) | |||||
Power4 | •By the end of 2025: 30% reduction in CO2e emissions intensity against a 2020 baseline of 316 kgCO2e/MWh (Scope 1) | -35% | |||
•By the end of 2030: 50-69% reduction in CO2e emissions intensity against a 2020 baseline of 316 kgCO2e/MWh (Scope 1) | |||||
By the end of 2030 | |||||
Cement3 | •20-26% reduction in CO2e emission intensity against a 2021 baseline of 0.631 tCO2e/t (Scopes 1 & 2) | -13% | |||
Steel3 | •20-40% reduction in CO2e emissions intensity against a 2021 baseline of 1.945 tCO2e/t (Scopes 1 & 2) | -30% | |||
Automotive manufacturing3 | •40-64 % reduction in CO2e emissions intensity against a 2022 baseline of 174.8 gCO2e/km (Scopes 1, 2 & 3) | -3% | |||
Aviation3 | •11-16 % reduction in CO2e emissions intensity against a 2023 baseline of 882 gCO2e/RTK (Scopes 1 & 3) | -2% | |||
UK Commercial Real Estate2 | •51% reduction in CO2e emissions intensity against a 2023 baseline of 26.3 kgCO2e/m2 (Scopes 1 & 2) | -6% | |||
UK Agriculture3 | •21% reduction in absolute CO2e emissions against a 2023 baseline of 0.53 MtCO2e (Scopes 1, 2 & 3) | -13% | |||
UK Housing2 | •Convergence point: 40% reduction in CO2e emissions intensity against a baseline of 27.9 kgCO2e/m2 (Scopes 1 & 2) | -3% | |||
By the end of 2025 | 2025 performance | ||||
Achieving net zero operations | Renewable electricity sourcing | •100% renewable electricity sourcing for our global real estate portfolio by the end of 2025 | 100% sourced | ||
Scope 1 and 2 emissions | •90% absolute reduction in our Scope 1 and 2 market-based GHG emissions against a 2018 baseline by the end of 2025 | 97% reduction | |||
Notes:
1Our previously announced target to facilitate £150bn of social, environmental and sustainability-linked financing by 2025
was exceeded in 2021and £100bn of green financing by 2030 was exceeded in 2023. In the 2026 update to the Barclays
Sustainable Finance Framework, the reference to the target has been updated to reference $1 trillion Sustainable and
Transition Finance between 2023 and the end of 2030 (the "Target") and accordingly references to the Target in this
Annual Report have been reflected as such, other than in this chart.
2Previously reported baseline values have been re-baselined in the current year. For further details please see page 51.
3Baseline values have not changed in the current year
4The power sector has been re-baselined due to a data sourcing update. The impact of this change is not considered
material.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 33 | ||
Risk and opportunities
TCFD Strategy Recommendation A |
Climate-related risks identified over the short, medium and long term | ||
Our climate strategy is underpinned by the way we assess and manage our exposure to climate-related risks. Climate Risk is a Principal Risk within the Barclays Enterprise Risk Management Framework (ERMF). | ||
Barclays faces exposure to climate-related risks
either directly through its operations and
infrastructure or indirectly through its financing
and investment activities. The two main categories
of climate risk are physical risks and transition
risks.
•Physical risk is defined by Barclays as the risk
of financial losses related to physical impacts of
a changing climate. Physical risks can be event-
driven (acute risks), including increased
frequency and/or severity of extreme weather
events such as cyclones, hurricanes and floods.
Longer-term shifts in climate patterns (chronic
hazards) arise from sustained higher
temperatures that may cause rises in sea levels,
changing precipitation patterns or heat stress.
•Transition risk1 is defined by Barclays as the
risk of financial losses caused by the changes
driven by the economy shifting to a lower
carbon basis, including for example changes in
policy, technology and consumer and investor
sentiment.
Physical and transition risks can have varying
degrees of impact on Barclays and its clients,
influenced by geographic and jurisdictional factors,
including differing vulnerabilities to physical
hazards like flooding and hurricanes, as well as
diverse regulatory requirements that must be
adhered to for transitioning to a low-carbon
economy.
Time horizons
The impact of physical and transition risks can be
significant and widespread, affecting Barclays'
portfolio and financial performance over short-,
medium- and long-term horizons. Significant
uncertainty remains around the timing of major
climate-related impacts, although some effects
have already surfaced. So far, these impacts have
been largely contained within specific geographies
and sectors, but they carry the potential to escalate
and trigger broader impacts on financial systems.
In the short term, physical risks arising from extreme
weather events and climate-related disasters pose a
direct threat to Barclays' physical assets and
infrastructure. This can potentially result in
immediate losses, increased costs for repair and
higher insurance premiums. Similarly, acute events
may also potentially damage the physical facilities of
Barclays' clients or cause business disruptions,
which may adversely impact the value of clients'
assets, reduce their profitability and subsequently
lead to potential increase in credit risk for Barclays.
Additionally, business facilities and operations in
regions prone to high physical risks may also
experience higher insurance premiums or limited
insurance coverage.
Transition risks could occur in all timeframes. Short
to medium-term developments may be largely
driven by new regulations and technological
breakthroughs aimed at replacing carbon-intensive
methods. There remains significant uncertainty
around the speed and scale of the transition. The cost
of transitioning to cleaner technologies and
sustainable business practices may strain the
financial resources of businesses, affecting their
profitability and long-term viability. There may be
challenges related to employment as businesses
transition away from carbon-intensive practices. This
in turn may impact the creditworthiness of Barclays'
clients and their ability to repay loans. Financial
institutions like Barclays could also face significant
increases in costs and resources allocated to adhere
to new policies, laws and regulations aimed at
transitioning to a low-carbon economy. This in turn
may lead to higher conduct and operational risks to
Barclays.
Transition risks arising from actions aimed at
mitigating climate change can shift market
sentiment, introduce price volatility and equity
shocks, leading to declines in the valuation of
financial instruments and potential trading losses in
Barclays' portfolios. Additionally, companies may
face reputational damage and legal actions,
including litigation, regulatory penalties, and
shareholder lawsuits in relation to climate risks.
These could lead to decreased customer trust or
investor support and heightened liability risks for
both the companies and their financial partners.
Barclays may also face adverse media, negative
investor sentiment or climate-related litigation in
relation to its business activities. This in turn may
adversely impact customer demand for Barclays'
products, returns on business activities, and the
value of assets and trading positions, resulting in
higher impairment charges.
In the longer term, the cumulative effects of global
temperature rises are likely to become increasingly
pronounced – influencing ecosystems, sea levels
and societal structures. Climate change can also
trigger tipping points through feedback loops that
amplify its effects. Certain tipping points are already
underway, manifesting in observable changes across
the globe. Different tipping points, such as the
melting of ice sheets or changes in ocean
circulation, have varying time horizons. As the
climate science develops, it appears that some
tipping points may run on a shorter timeline than
initially expected. Accordingly, the uncertainty of
exact timeframes in which such tipping points could
materialise adds a layer of complexity – making it
challenging to precisely predict when impacts will
materialise.
When considering the timescales of climate-related
risks, Barclays has categorised short, medium and
long term as follows:
•Short term (S): 0-1 year
•Medium term (M): 1-5 years
•Long term (L): > 5 years.
The short-term timescale coincides with the short-
term plan for annual budgets and granular financial
plans. The medium term coincides with the five-year
financial, capital and funding plans.
Climate change as a driver of risk
The feedback effects of climate risk drivers through
transmission channels are observed in Barclays'
portfolio through traditional risk categories such as
credit risk, market risk, operational risk and
reputational risk. Climate risk is designated as a
Principal Risk within Barclays’ ERMF, with the
purpose of capturing the impact of climate change
on the bank’s Financial and Operational risk
categories. Barclays has implemented a dedicated
risk management framework for climate risk. This
framework aims to guide effective management of
climate risk and support the delivery of Barclays'
climate strategy. The Climate Risk Framework is
reinforced by policies and standards, which contain
control objectives and requirements that must be
adhered to by different teams across business lines
and risk management departments. Climate risk
may also drive non-financial risks such as
reputational risk, which continue to be managed
under their respective risk frameworks. Barclays'
approach and framework undergoes regular reviews
and updates – including changes to the risk
taxonomy, definitions and methodology – to align
with changing regulatory expectations and external
developments.
Note:
1The revised transition risk definition reflects further
refinement of the underlying drivers and transmission
channels as illustrated on the next page.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 34 | ||
Barclays' climate strategy: Clients, Capital and Innovation (continued)
The potential impacts of physical and transition risk drivers will vary across Barclays' portfolios depending on composition, industry, geographic location, business operations and other contextual factors.
The tables below set out example drivers and transmission channels, and the expected time horizons of physical and transition risks.
| Further details on how Barclays manages climate risk can be found on pages 202 to 204. |
Transition risks | Policy | Consumer/Investor Sentiment | Technology | Litigation and Enforcement |
Definition | •Risks arising due to evolving climate and /or environmental legislation and policy, regulatory changes / penalties, disclosure mandates as the economy transitions. | •Risks arising from stakeholders’ changing perceptions of businesses and industries, or individual preferences under a transitioning economy, impacting supply, demand and price dynamics. | •Risks arising from rapid innovation or obsolescence and the cost of adopting new, cleaner technologies. | •Risk of being the subject of a legal claim or regulatory investigation on the basis of perceived action or inaction relating to climate or environmental matters. |
Example transmission channels | •Increased costs and higher capital expenditure to meet regulatory compliance. •Asset stranding as a result of inability to operate under evolving regulatory or policy landscape. | •Asset devaluation as preferences shift away from certain goods and services. •Lowered revenue as demand falls in certain sectors and prices in turn drop. | •Higher capital expenditure costs as new technologies require increased investments. •Costs increasing as a result of changing prices of raw materials or supply chains altering. | •Increased costs via responding to claim or investigation, or potential liability for fine or damages. •Lowered revenue as demand falls due to reputational impacts. |
Expected time horizons | •S, M, L | |||
Physical risks | Acute | Chronic |
Definition | •Risks arising due to event-driven hazards, including increasing frequency and/or intensity of extreme weather events, such as storms, heatwaves, wildfires, floods, etc. | •Risks arising due to longer-term changes in weather patterns, including increased mean temperatures, including sea-level rise, changing precipitation patterns, water stress/ scarcity, drought conditions, etc. |
Example transmission channels | •Business interruption causes lower revenues as physical hazards create production challenges from damaged building and operating sites. •Lower revenue or higher operating costs, driven by supply chain squeezes making raw materials more challenging to obtain. •Devaluation of assets as damages and risks to property from natural hazards are priced into the valuation. | •Higher capital expenditure costs to invest in adaptation measures to prevent future damages as climate causes increased frequency/severity of weather events. •Costs increase as a result of rising insurance costs and premiums. |
Expected time horizons | •S, M, L | •M, L |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 35 | ||
Barclays' climate strategy: Clients, Capital and Innovation (continued)
Building our understanding of nature-related risk
Barclays' understanding of nature impacts and
dependencies and how they translate into physical,
transition, and financial risks is evolving. We
recognise the importance of supporting our clients
in navigating the transition to nature-positive and
net zero. We have continued to advance our work
on nature, integrating it into our efforts to mitigate
and adapt to climate change.
In 2025, we published ‘Navigating Nature Risk –
Applying the TNFD’s LEAP framework’, which
sets out the findings from our initial application of
the Taskforce on Nature-related Financial
Disclosures’ (TNFD) Locate Evaluate Assess
Prepare (LEAP) approach across a sample of
clients in the Barclays Mining and European Power
portfolios1, We carried out this work to better
understand the nature-related impacts,
dependencies and financial risks associated with
these companies. While there were limitations in
our approach (including in both the data and
methodological approaches used), we were able to
use the output to assess various outcomes. In
particular, the results indicated potential adverse
cumulative earnings impact over five years for
both sectors, across their modelled scenarios.
However, while these earnings impacts varied
between these portfolios, the analysis indicated that
- despite scenario‑driven losses – the impacts on
each portfolio remained manageable and did not
amount to a material change in overall portfolio
credit quality. We leveraged these insights to
engage with companies in both sectors in 2025,
testing our approach, learning how they measure
and manage nature-related impacts and risks and
identifying potential collaboration opportunities.
We are now carrying out an additional sectoral
TNFD LEAP assessment of our Automotive
manufacturing portfolio, measuring selected
material impacts for this sector such as water use,
water pollution, and air pollution across the value
chain. This will be followed by client engagement
to discuss our approach and results.
| For more information on our ‘Navigating Nature Risk – Applying the TNFD’s LEAP framework’ paper, see our website: home.barclays/our-sustainability-/ barclays-approach-to-the-transition/nature/ |
Sustainability and climate-related opportunities identified over the short, medium and long term | ||
We recognise that the global transition to a low-carbon economy presents an opportunity for Barclays to work with our clients, scaling up zero or near-zero- emitting technologies and businesses, and supporting emissions reductions in high-emitting and hard-to-abate sectors. We have a target a facilitate $1 trillion of Sustainable and Transition Finance between 2023 and the end of 2030. | ||
The market opportunity
Through 2025, the global landscape has continued
to evolve. Investment in the energy transition has
accelerated, climate technologies have matured
further, and both energy demand and the focus on
energy security have intensified. The physical
impacts of climate change are becoming more
apparent too.
Global investment flows reached $2.3trn in 2025,
concentrated in mature segments such as renewable
power, grid infrastructure, energy storage, energy
efficiency solutions and low emission fuels2, 3. The
green economy is now valued at $8 trillion4.
Against this backdrop, our sustainable finance
strategy is aimed to support clients in the transition
while enabling Barclays to capture this associated
growth opportunity.
The UK's residential sector is increasingly seeking
to improve housing energy efficiency. Barclays is
capturing this demand trend through its Green
Home Mortgage performance, which performed
strongly in 2025 with £2.4bn lent, and Greener
Home Reward payments totalling £3m since
launch supporting eligible retail mortgage
customers in retrofitting their properties and
helping reduce their energy consumption.
Since 2020, we have mobilised over $500 billion
of sustainable and transition finance, showcasing
Barclays' ability to support clients and capture this
market5. We expect our progress towards
achieving our target of facilitating $1trn of
Sustainable and Transition Finance will be non-
linear and will be shaped by market demand,
evolving policy and regulatory developments;
however so far capital flows into the transition
have remained resilient.
The Barclays Transition Update provides further
insights into how Barclays is supporting clients
with transition opportunities, with sector-specific
analysis on how we are working with clients across
the Energy and Power, Food and Agriculture, Real
Estate, and Industrials6, sectors.
| For further details please see the Barclays Transition Update |
Identifying nature-related opportunities
Nature-related financing represents a growth
opportunity for the financial services sector,
reflecting the scale of capital required to halt and
reverse nature loss by 2030 as outlined in the
Global Biodiversity Framework (GBF). Private
finance for nature has accelerated rapidly – rising
from just $9.4 billion to more than $102 billion
over four years – yet remains far short of what is
needed to close the global nature financing gap7.
In 2025, we incorporated nature-related eligibility
criteria in the Transition Finance Framework (TFF)
for the first time and expanded nature-related
eligibility criteria in the Sustainable Finance
Framework (SFF). These enhancements develop
our ability to identify opportunities aligned with
the SFF and TFF, scale finance that supports
nature, and contribute to achieving our $1trn
Sustainable and Transition Finance target.
During 2025, we also assessed potential nature-
related opportunities and products that Barclays
could advance. Following our Barclays Mining and
European Power LEAP assessments, we engaged
with clients in these sectors, exploring potential
opportunities to support their nature-positive
transition across value chains. We have noted that
interventions that help clients avoid and minimise
negative impacts on nature could have clear
potential, supporting them in the transition to net
zero and nature-positive activities.
Notes:
1These LEAP assessments were undertaken in 2024.
‘European Power’ refers Barclays Bank Ireland plc’s
counterparties. For both ‘Mining’ and ‘European
Power’, we only included counterparties that met selected
criteria, as set out in our 'Navigating Nature Risk-
Applying the TNFD's LEAP framework' paper
2about.bnef.com/insights/clean-energy/bloombergnef-
finds-global-energy-transition-investment-reached-
record-2-3-trillion-in-2025-up-8-from-2024/
3www.iea.org/reports/world-energy-investment-2025/
executive-summary
4about.bnef.com/insights/clean-energy/bloombergnef-
finds-global-energy-transition-investment-reached-
record-2-3-trillion-in-2025-up-8-from-2024/
5This $500bn figure refers to the sustainable and transition
finance mobilised from 2020, of which approximately
$260bn contributes towards the $1trn Sustainable and
Transition Finance Target (2023 - 2030).
6Industrials includes automotive manufacturing, aviation,
cement, mining and steel. For further details please see
the Barclays Transition Update.
7UNEP FI: unepfi.org/wordpress/wp-content/
uploads/2024/06/Press-release-New-Green-Shoots-
research-Clean-10062024-updated-2.pdf
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 36 | ||
Implementing our climate strategy
TCFD Strategy Recommendation B |
Working with clients on their transition |
Barclays serves a wide range of retail customers, corporate and institutional clients worldwide. Understanding our clients' priorities is central to how Barclays supports the transition. Each client is at a different point in the transition and there is no single pathway that our clients may follow. We listen to our clients and build a nuanced understanding of the commercial realities shaping their transition pathways. This is informed by regular client dialogue led by our coverage teams and dedicated sustainable finance specialists, supported by specialised analytical tools such as our Client Transition Framework (CTF), see page 39. This enables more informed conversations with clients about their transition strategies, challenges, and progress. | ||
Key: | Programmes | Business units | |
Barclays UK and UK Corporate Bank
In 2025, we continued to support the transition in
our home market by helping households,
businesses and corporate clients make more
sustainable choices. Working across our UK
focused businesses, we worked to address common
barriers, facilitated access to practical industry
insight and peer-to-peer learning opportunities. We
have evolved our products and propositions that
contribute to our progress towards our $1 trillion
Sustainable and Transition Finance target.
| For further details please see the Barclays Transition Update |
How we operate across our client base | ||||||||
Consumer | Small and growth stage | Mid-size corporates | Large corporates and governments | Investors | ||||
 | Barclays Partnerships |
| UK Corporate Bank |
| Barclays UK Retail and Business Banking |
 | Private Bank and Wealth Management |
 | Barclays Climate Ventures |
Retail Bank
Sustainability Hub
In 2025, we launched our in-app Sustainability
Hub for current account customers providing
information on our financial products, services,
informative content and partner offers that may
support them in making more sustainable choices.
Greener Home Reward
A key factor in decarbonising the UK Housing
sector is improving the energy efficiency of the
housing stock. Through our financial products and
partner offers, we support our retail mortgage
customers in retrofitting their properties and
helping reduce their energy consumption.
 | Investment Bank |
 | Green Bond Investment portfolio |
In 2025, we continued to support existing eligible
residential mortgage customers in installing
eligible energy-efficiency-related measures in their
homes through our Greener Home Reward offer,
providing a cash reward of up to £2,000. We
supported more than twice as many customers as in
any previous year, bringing the total reward
A | B | C | D |
payments since launch to £3 million. From January
2025, we expanded the offer to include
Microgeneration Certification Scheme (MCS)
accredited installers focussed on small scale
renewable energy technologies. Since the launch of
the Greener Home Reward, more than 90% of
customers installed renewable energy technologies,
with 60% of reward payments attributed to
installations of solar panels and solar battery
storage, followed by 31% for low-carbon heating.
All of our sustainable products and offers remain
under review as we consider how we best support
our customers and clients in making more
sustainable choices.
Reward payments by retrofit type 1,2 |
A | Solar energy | 60% |
B | Low-carbon heating | 31% |
C | Doors and windows | 5% |
D | Insulation | 4% |
E | Solid wall insulation | 0% |
Notes:
1Data based on retrofit type for rewards paid since launch.
2Previously titled 'Retrofit type at claim'.
| Further details on Barclays Greener Home Reward can be found at: barclays.co.uk/mortgages/greener- home-reward/ |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 37 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Working with clients on their transition (continued) |
Business Bank
We recognise the importance and opportunities as
businesses transition to a low-carbon economy.
Within Business Banking we continue to actively
engage and support our Small and Medium Sized
Enterprises (SME) clients, including Agriculture
and Real Estate.
Barclays co-chaired the independent, government-
backed Willow Review, which explored how UK
SMEs can benefit financially from sustainability.
The Willow Review was launched in 2025, and the
UK Government formally responded to its
recommendations in December. In line with the
Review's recommendations for financial services,
we have introduced a range of initiatives for our
Business Banking clients, including SME
Workshops, dedicated mentors and Eagle Labs
modules focused on the business case for
sustainability. The review also highlighted an
important insight: access to finance was a key
obstacle preventing SMEs from investing in
sustainable practices. Building on the findings of
the Willow Review, we published a policy
snapshot1 on access to sustainability grants.
We recognise that a successful transition relies on
businesses remaining profitable, resilient and
innovative. Within our Innovation Banking
community, we are exploring how Climate Tech
solutions can solve for real-world challenges that
SMEs experience. We recognise that some clients
like to learn from each other - to encourage peer-
to-peer learning, we have launched monthly
Sustainability Breakfasts at Barclays Innovation
Hub to convene businesses and industry experts on
topics such as supply chains and the business case
for sustainability.
Our customer research and industry events help us
develop policy positions and thought leadership,
such as our 'Agritech: supporting the future of
farming' report.
For our Agriculture clients, Barclays research
showed that >70% of our UK farming customers
had witnessed the effect of climate change on their
farms. It highlighted the importance of developing
practical steps to help farms adopt innovative and
more sustainable farming practices. In response,
we worked with farmers, multinationals and other
stakeholders to pilot a new model for supporting
farmers to adopt regenerative practices through the
Sustainable Markets Initiative's 'Routes to Regen'
project. The pilot offered simplified support
through a menu of options, on-farm guidance,
technical assistance, peer-to-peer learning and
financial support. The results of the pilot showed
that 57% of participants reported that they were
more likely to farm more regeneratively as a result,
and 82% rated the multi-company collaboration as
important in their decision to take part.
Our Farm2Farm network was established in 2023
to enable farmers to learn from one another and
share practical insights. We continue to facilitate
gatherings that support peer-to-peer learning, assist
with farmers' daily banking needs, and facilitate
climate and sustainability discussions to help them
navigate their transition to more sustainable
farming practices.
In 2025, we built on this and launched a
collaboration with Dyson Farming to bring
technology and engineering into farming. Through
this, we connect farmers and Agritech founders to
explore new technologies and learn about
innovation trials and research that could be
considered for implementation on their farms.
UK Corporate Bank
Working with clients to support their sustainability
and transition ambitions remains a key factor in our
focus of deepening client relationships and grow
lending and products. There is demand from clients
across the value chain for support and to inform
them on products, services and relevant industry
and regulatory themes as they transition to a low-
carbon economy and are required to comply with
evolving sustainability standards. We continue to
work closely with clients to help them adapt
through various collaborations including using our
insights on best practice gleaned through industry
working groups.
Throughout 2025, UK Corporate Bank (UKCB)
delivered specialised client support by assessing
our clients' sustainability position and tailoring
engagement to meet their objectives. We also
developed a proactive strategy for select sectors to
prioritise outreach, integrate innovative financing
solutions, and deliver meaningful client impact.
We regularly convened clients across a range of
sectors and technology showcases to promote
learning, peer-to-peer feedback, and direct
engagement. Clients benefited from hearing about
the latest relevant technologies, directly accessing
Barclays Climate Tech ecosystem, discussing
broader industry thematics and these sessions
provided actionable insight on how Barclays can
practically assist clients in their transition.
Utilising some of this broader client feedback, we
expanded our sustainable capabilities to help us
support clients with innovative, practical solutions.
These included preparing to launch a tool for
Commercial Real Estate clients, undertaking a
consulting and market landscape project to develop
a carbon tracking tool for our Barclaycard
Commercial Issuing clients, and launching a
sustainable deposit solution in July 2025, enabling
clients to align liquidity with their sustainability
priorities.
Amplifying client perspectives in key sustainability
forums helps to ensure our clients' voices inform
policy and helps position and develop UKCB's
leadership role in aiming to drive systematic
change through our thought leadership. In UKCB,
we extended our external leadership, joining the
Future Homes Hub and partnering with the
Partnership for Carbon Accounting Financials
(PCAF) and a range of global financial institutions
to align industry thinking on accounting for
embodied carbon.
Broader engagement across Business Bank and
UK Corporate Bank
Across both the Business Bank and UK Corporate
Bank, we recognise from industry reports and
Barclays' own research that barriers to action for
clients and customers include a lack of awareness
of trusted information sources, understanding what
actions to take, as well as access to finance.
Note:
1 Policy Snapshot: home.barclays/insights/2025/10/
making-sustainability-grants-work-for-SMEs/
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 38 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Working with clients on their transition (continued) |
Noting these challenges, in UKCB we have
continued our collaboration with
SaveMoneyCutCarbon (SMCC) and have
expanded the collaboration to our Business Bank,
allowing a broader set of clients and customers the
opportunity to complete carbon mentor calls. These
calls assist clients in identifying practical steps to
reduce energy consumption and operating costs,
supporting measurable progress towards their
sustainability goals.
Nature markets, such as the Biodiversity Net Gain
(BNG) scheme in England, are opening potential
new revenue streams and the opportunity to better
utilise areas of unproductive land for landowners
and help property developers comply with
legislation. We continue to provide support for our
property developer and landowner clients through
our collaboration with Environment Bank.
To help clients across Business Banking and
UKCB access information and share insights we
have co-hosted regional roundtables with the
British Chamber of Commerce focusing on topics
such as supporting SMEs in the supply chain and
decarbonisation in the built environment. We
participated in various industry forums including
Icebreaker One's Perseus, UK Business Climate
Hub and the Net Zero Council and produced a
series of Thought Leadership reports for clients
and wider industry stakeholders, highlighting
potential barriers and opportunities in our
customers' and clients' transition journeys.
Investment Bank
Embedding sustainability in our business
We have embedded sustainability expertise directly
within our Investment Bank so that climate and
transition considerations are integrated into day to
day client coverage, financing and strategic
advisory activities. By placing sustainability
specialists alongside bankers in sector, product and
markets teams, we can identify transition‑driven
risks and opportunities earlier, develop tailored
financing and advisory solutions, and help clients
navigate rapidly evolving policy and technology
landscapes.
Leveraging our teams' expertise to work with
our clients
Across sectors, especially Energy, Power,
Industrials and Climate Technology, we
increasingly supported firms responding to the
major transition themes shaping 2025. These
included investment in grid modernisation,
growing renewable capacity, helping Industrial
clients decarbonise, and the rapid expansion of
battery storage and distributed energy solutions
needed to stabilise the system. Much of our work
focused on helping these businesses secure
financing and navigate the scale up challenges that
come with deploying new technologies at pace.
Our Sustainable and Transition Finance Advisory
team supported clients ahead of IPOs, M&A and
capital raises, helping them articulate their
transition strategy and address key investor
concerns such as policy exposure, technology
choices and capital expenditure plans.
Our Sustainable Investing Research team provided
data‑driven insights on the sectors undergoing the
most significant transition shifts, helping both
issuers and investors navigate emerging risks and
opportunities. Throughout the year, the team has
met with clients around the world to discuss key
sustainability themes and how to invest in them,
and hosted a number of flagship events. Our work
was recognised through industry rankings,
including #1 in FICC sustainable investing
research and ESG insight and UK's Best Bank for
ESG1.
| For further details on how we work with clients across specific sectors please see the Barclays Transition Update |
Building relationships through engagement
with stakeholders
In 2025, Barclays strengthened client engagement
in sustainable finance by leveraging major industry
platforms, convening over 1,000 CEOs, investors,
corporates and policymakers across our flagship
Sustainable Finance Conferences, Climate Weeks
in London and New York, and COP30. These
forums focused on energy security, nature and
landscape restoration, carbon management, grid
optimisation and the commercial opportunities
within the transition.
Working with partners including the Sustainable
Markets Initiative, C2ES, Johnson Controls and
Fauna & Flora, we delivered practical sessions that
deepened client relationships, supported
knowledge-sharing and equipped clients with
actionable pathways for decarbonisation and
resilience.
Note:
1 In 2025 Barclays was ranked #1 by Extel for FICC
sustainable investing research and was also awarded
IFR’s Best Bank for ESG Insights and Euromoney's
award for the UK’s Best Bank for ESG for the third
consecutive year.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 39 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Working with clients on their transition (continued) |
Client Transition Framework (CTF)
In 2025, we extended the CTF Methodology to
increase the scope of clients covered by our
assessments. For the first time, we have now
evaluated our in-scope publicly listed corporate clients
in all sectors across our Investment Bank and UK
Corporate Bank, as well as in-scope clients within our
UK Commercial Real Estate portfolio. This is in
addition to continuing our annual CTF assessments
for in-scope clients in the previously assessed sectors
(Upstream Energy, Power, Steel, Cement,
Automotive Manufacturing, & Aviation). The
continued use of AI for data collection of clients
public disclosures has enabled this expanded scope
and has approximately quintupled the total limits
covered by our assessments versus 2024. The
aggregate 2025 CTF results reflects the impacts of our
expanded scope, methodology updates, and lending
activity.
The CTF evaluates our in-scope clients’ progress
towards business models aligned to a low-carbon
economy, primarily focused on clients' public
disclosures. It provides a detailed understanding of
clients’ current and future transition activities.
Clients who are assessed receive a CTF score of T1
(most developed) to T5.
The CTF helps us monitor and measure the
decarbonisation progress of our in-scope clients,
which in turn informs our engagement efforts.
Engaging with our clients to assist with understanding
their businesses, the challenges
they face and the risks and opportunities they are
seeking to address is critical to our ability to
support them as they navigate the transition to
a low-carbon economy.
In the sectors where we have set financed emissions
reduction targets, these scores inform our engagement,
origination decisions, and portfolio management, and
help ensure that our approach is both commercially
disciplined and forward-looking, enabling us to
support clients credibly whilst managing transition-
related exposures across the bank. We intend to
implement this approach for UK Commercial Real
Estate during 2026. For sectors where we have not set
financed emissions reduction targets, we will continue
to consider how we embed the outputs from these
CTF assessments during 2026. In all cases, financing
decisions continue to remain transaction-specific and
subject to standard committee reviews including for
credit risk, reputational risk, and
capital impact.
Since the CTF relies on clients' public transition
plans and other related disclosures, changes in the
breadth, depth, or frequency of these, often
voluntary, disclosures could materially impact
assessment results.The scores should be considered
against the backdrop of evolving market dynamics
and developments in the
policy landscape.
2025 | 2024 |
| For further details please see the Barclays Transition Update |
Incorporating nature into the CTF
In 2025, we extended nature-related criteria within our
CTF assessments to cover four sectors in total: Power,
Mining, Automotive Manufacturing and Food,
building on the pilot conducted for the Power sector
last year. The evaluation focuses on governance,
strategy, risk management and metrics and targets,
providing a structured view of how clients are
integrating nature considerations into their business
models. Initial findings show around one in five link
executive remuneration to nature and around two
thirds have an executive accountable for nature, across
the four sectors. These insights will help to inform
client engagement activity for next year.
Aggregate CTF results1, 2 (% by lending limits) |
T1 | |
T2 | |
T3 | |
T4 | |
T5 | |
T1 | |
T2 | |
T3 | |
T4 | |
T5 | |
T1 (most developed) |
T5 (least developed) |
c.5 x increase of
in scope limits
Notes:
1 Clients may have scores in multiple sectors but are
included only once to avoid double-counting.
2 Given the expanded scope in total limits covered in 2025,
aggregate CTF results are not directly comparable with 2024
Private Bank and Wealth Management
Responsible investing and stewardship
Private Bank and Barclays Investment Solutions
Limited (BISL)1,2
Private Bank and BISL provide clients with access
to sustainable investing solutions across asset
classes and investment approaches, within
discretionary portfolio management (DPM) and
managed funds. These are available alongside
traditional investment products and allow clients to
align investments with their financial objectives and
where relevant, sustainability preferences.
We support clients in meeting financial and, where
applicable non-financial objectives. This includes
clients who consider transition-related risks and
opportunities to be financially material to long-term
portfolio performance, as well as those seeking
exposure to areas such as clean energy, resource
efficiency, and low-carbon technologies, while
managing downside risks in sectors exposed to
regulatory change, evolving market expectations, or
physical climate impacts.
Where relevant to the investment strategy and asset
class, as part of the investment process, we assess,
among other things, an issuer’s/company’s
management of environmental, social and governance
related risks and opportunities, helping to identify
risks and opportunities that are financially material
and may affect long term returns.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 40 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Working with clients on their transition (continued) |
Private Bank and BISL are signatories to the
Principles for Responsible Investment (PRI). BISL
became a UK Stewardship Code signatory in 2023
and continues to meet the Code’s requirements
through periodic reassessment. Since our initial PRI
reporting, we have continued to enhance our ESG
integration3 approach, supporting meaningful client
engagement as well as through engagement and
voting as core components of responsible
investing4,5.
| For Private Bank clients please find further details on the Private Bank's approach to responsible investing and stewardship activities at: privatebank.barclays.com/what-we-offer/ investments/responsible-investing-engagement- and-voting-activities For Wealth Management clients please find further details on BISL's approach to responsible investing and stewardship activities at: barclays.co.uk/wealth- management/important-information/responsible- investing-statement |
We undertake this activity in partnership with our
stewardship provider, EOS at Federated Hermes
Limited (EOS), which engages with companies on
our behalf where they identify controversies and
selected material ESG issues or opportunities to
strengthen risk management practices3,5. We
provide transparent reporting to our clients and
publicly on engagement and voting activity, giving
visibility on how these matters are escalated and
considered over time.
During 2025, we delivered targeted client
engagement events to help clients understand how
climate-related developments and the energy
transition may influence financial markets, asset
classes and investment decision making. Sessions
covered key sustainability concepts and emerging
technologies (including hydrogen, carbon capture,
utilisation and storage and energy storage) and how
these themes may translate into investment risks,
opportunities, and portfolio construction
considerations.
Notes:
1Private Bank and Wealth Management (PBWM) is one of
Barclays’ five operating divisions (created during the
2024 Group restructuring). It brings together the Private
Bank and the Wealth Management businesses under a
single division. The Private Bank is a client-facing
business line within PBWM, providing investment
offerings. BISL is a wholly owned UK investment firm,
operating within PBWM which serves as the investment
manager responsible for delivering DPM and
fund‑of‑fund solutions used across PBWM investment
offerings.
2Private Bank operates across multiple jurisdictions,
including Ireland, the UK, the Channel Islands,
Switzerland, India, South Africa, Dubai International
Financial Centre, Monaco and Singapore. BISL manages
investments for Barclays Asset Management Limited
(BAML is an Authorised Fund Manager) for its UK
domiciled funds and is delegated investment manager for
external management companies for selected
Luxembourg and Irish domiciled funds. BISL is
responsible for making all day-to-day investment
decisions on behalf of each fund range wherever it is
domiciled.
3Please refer to the respective Private Bank
privatebank.barclays.com/what-we offer/investments/
responsible-investing-engagement-and voting-activities
and BISL Responsible Investing (barclays.co.uk/wealth-
management/important information/responsible-
investing-statement) websites for more details.
4Applies to Private Bank DPM and BISL DPM and BISL
funds. Responsible Investing activities are not undertaken
in India; where strategies are developed for the local
market.
5Please note our stewardship approach (guided by our
stewardship provider EOS) may differ across different
regions. Any voting is undertaken in line with applicable
laws and rules, including on antitrust, conflicts of interest
and acting in concert.
Treasury green programmes
Green bond investment portfolio
Barclays Treasury invests in green bonds as part of
the liquidity pool. As an investor we undertake
work to ascertain the sustainability credentials of
proposed investments. We engage with green,
social and sustainability bond issuers to understand
how their frameworks and goals align with our
investment approach. The proceeds of our green
bond investments fund projects in areas such as
renewable energy and clean transport. We continue
to consider new investments in supranational
organisations and government-issued green bonds
as they become available, with the aim to invest
£4bn over time.
Green bond investment portfolio size by year (£bn) |
2025 |
2024 |
2023 |
2022 |
Green bond investment portfolio impact by sector (%) |
We've |
A | Transport |
B | Renewable Energy and Energy Efficiency |
C | Agriculture, Land Use |
D | Water and Waste |
E | Other |
Green bond investment portfolio impact by region (%) |
A | Europe |
B | Asia |
C | South America |
D | Africa |
E | North America |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 41 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Financing clients’ transition |
Barclays is helping to provide the sustainable and transition finance needed to support the transition to a low-carbon economy and has set a target to facilitate $1trn of Sustainable and Transition Finance between 2023 and the end of 20301. Our ability to meet the target and annual progress towards it, is subject to external factors such as policy, laws and geopolitics. For 2025, we generated just under £0.6bn of revenues from sustainable and transition- related activity2. | ||
Progress against our $1trn target
Our target to facilitate $1trn of Sustainable and
Transition Finance between 2023 and the end of
2030 encompasses the green, social, transition and
broader sustainability-linked finance requirements
of clients including corporates, governments and
the public sector, financial institutions and
consumers.
Progress towards delivering our target will be non-
linear and will be shaped by market demand,
evolving policy and regulatory developments;
however so far capital flows into the transition
have remained resilient. We will continue to
review and adapt our approach to Sustainable and
Transition Finance in response to the evolving
market environment.
During 2025, we facilitated $98.5bn of Sustainable
and Transition Financing3, comprising $94.0bn in
sustainable financing, (2024: $88.7bn) and $4.5bn
in transition financing, (2024 : $5.7bn). Bond
issuance4 remained the largest product category,
representing 72% of total Sustainable and
Transition Financing. Loans and equity accounted
for 24% and 1% respectively. This mix represents
growth in bond activity and a shift away from
loans and equity, compared with 2024, when the
composition was 69% bond issuance, 22% loans,
and 5% equity. As at the end of 2025 we had
facilitated a cumulative $260.7bn of Sustainable
and Transition Financing.
Sustainable finance
Sustainable finance, aligned to our Sustainable
Finance Framework (SFF), consists of dedicated
use of proceeds financing for clients with an
eligible business mix in relevant green and/or
social categories, and sustainability-linked
financing.
In 2025 our sustainable financing activities
continued to support progress towards the UN
Sustainable Development Goals (SDGs). Through
the categories defined in our Sustainable Finance
Framework (SFF), we assess how eligible social
and environmental finance contributes to SDG
aligned outcomes, including affordable and clean
energy, climate action, sustainable cities and
communities, good health and wellbeing,
affordable housing and basic infrastructure. As our
understanding evolves, we continue to refine our
approach to tracking and reporting SDG
contributions, which are disclosed in our
Sustainability Resource Hub5.
Social finance
Raising finance for clients including supranational,
national and regional development institutions was
a key driver of the $40.2bn of social financing
facilitated in 2025 (2024: $46.2bn). In 2025, we
continued to see issuers aligning their finance
commitments to social use of proceeds bonds
which allocate funds to categories such as access to
healthcare, affordable housing and essential
services.
Environmental finance
In 2025, we facilitated $42.1bn of green or
environmental financing (2024: $30.6bn). This
performance reflected continued demand from our
clients and our strategy to support them in the
transition to a low-carbon economy.
Sustainability-linked finance
Instruments such as sustainability-linked bonds
(SLBs) and sustainability-linked loans (SLLs) are
forward-looking, performance-based debt
instruments issued with specific sustainability
performance targets. Our sustainability-linked
financing totalled $11.7bn in 2025 (2024:
$12.0bn). We expect product innovation in the
sustainability-linked market given its importance to
both investors and issuers alike.
Transition finance
We published version 2.0 of our Transition Finance
Framework (TFF) in February 2026, which
introduced changes to product scope, eligibility
and screening. See page 42 for further detail.
Over 2025, we generated $4.5bn of transition
financing compared to $5.7bn in 2024.
Notes:
1 This Target was previously known as the $1trn
Sustainable and Transition Financing Target
2 Activity refers to transactions, products and
counterparties. Sustainable revenues as at 31 December
2025 is defined more broadly than finance covered by the
Sustainable Finance Framework and the Transition
Finance Framework and covers the net revenue on the
following:
a) Revenues generated from providing financing and
lending activities and products qualified as per the SFF
and TFF;
b) Revenues from providing a broader range of products
and services to counterparties assessed as 'pure play' as
defined in the SFF and TFF. This includes all applicable
qualifying revenues from M&A advisory, risk
management solutions including derivatives, and liability
products associated with the counterparty (as referenced
in table on page 42);
c) Revenues from qualifying products and services
outside of the SFF and TFF, from Markets and Private
Bank and Wealth Management offerings (as referenced in
table on page 42);
d) Revenues from investments in Barclays Climate
Ventures (BCV).
3 In the 2026 update to the Barclays Sustainable Finance
Framework the reference to the target has been updated
to reference the facilitation of $1 trillion Sustainable and
Transition Finance between 2023 and the end of 2030
(the "Target") and accordingly references to the Target in
this Annual Report have been reflected as such other than
in this reference.
4 Bond issuance includes Bonds (DCM), CMBS,
Securitisation, Munis and PCM Debt.
5 Barclays Sustainability Resource Hub: home.barclays/
our-sustainability-/sustainability-resource-hub/reporting-
and-disclosures/
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 42 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Financing clients’ transition (continued) |
Sustainable finance dashboard |
Sustainable and Transition Financing facilitated (2023 - the end of 2030) $1trn target | Achieved to date $260.7bn | For 2025, we generated just under £0.6bn of revenues from sustainable and transition-related activity1 |
Annual breakdown by category ($bn) |
A | B | C | D |
2025 |
2024 |
A | B | C | D |
2025 | 2024 | ||
A | Environmental | 42.1 | 30.6 |
B | Social | 40.2 | 46.2 |
C | Sustainability-linked | 11.7 | 12.0 |
D | Transition | 4.5 | 5.7 |
Annual breakdown by region ($bn) |
2025 |
2024 |
A | B | C |
2025 |
2024 |
A | B | C |
2025 | 2024 | ||
A | Americas | 37.2 | 37.1 |
B | UK/Europe | 53.8 | 51.3 |
C | Asia and Rest of World | 7.5 | 6.0 |
Annual breakdown by product ($bn) |
A | B | C | E |
A | B | C | E |
2025 | 2024 | ||
A | Bonds | 71.0 | 65.5 |
B | Equity | 1.3 | 5.0 |
C | Loans | 23.5 | 21.2 |
D | Investments | 0.0 | 0.0 |
E | Other (Contingent) | 2.7 | 2.7 |
Note:
1 For further detail on revenue definition see footnote 2 on page 41.
Barclays' Sustainable and Transition
Finance Frameworks
Sustainable Finance Framework
We seek to be transparent about our approach to
reporting against our sustainable finance targets.
Our sustainable finance is tracked using the
methodology set out in the Barclays Sustainable
Finance Framework (SFF). This framework defines
the criteria we use for green, social, sustainable and
sustainability-linked finance.
The legal and regulatory landscape relating to
sustainable finance – including the naming and
categorisation of products as ‘green’, ‘social’,
‘sustainability-linked’ and otherwise – is rapidly
evolving with differing regulations across
jurisdictions. We may wish to revisit our approach
in that context in the future.
There is currently no globally accepted framework
or definition (legal, regulatory or otherwise)
governing what constitutes 'ESG', 'green',
'sustainable', or similarly labelled products – nor is
there unanimous agreement on what attributes a
particular investment, product or asset should have
to be labelled as such.
We recognise that the quality, consistency and
comparability of the data relied upon is not yet of
the same standard as more traditional financial
metrics and presents an inherent limitation to the
performance reported. We will continue to review
available data sources and enhance our
methodology and processes to improve the
robustness of the performance disclosed.
Transition Finance Framework
Our transition finance is tracked using the
methodology set out in the Barclays Transition
Finance Framework (TFF). The TFF sits alongside
Barclays' SFF and determines the eligibility of
transition activities that are outside the green and
social sustainable finance criteria already covered
by the SFF.
The inclusion of transition finance in this target
reflects our recognition of the importance of
lending, facilitating funding and investing in
technologies and activities that support GHG
emissions reduction, directly or indirectly, in high-
emitting and hard-to-abate sectors and finance real-
economy decarbonisation.
As innovation in sustainable and transition finance
continues to accelerate, we will continue to review
and update our SFF and TFF, our measurement of
performance against targets, and keep our general
approach under review.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 43 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Financing clients’ transition (continued) |
Products, transactions and counterparties included in Sustainable Finance volume and revenues | ||
$1tn Sustainable Finance volume target | Sustainable revenues | |
Products/transactions qualified per the Barclays SFF/TFF | ||
Transactions eligible under the Barclays SFF | ü | ü |
Transactions eligible under the Barclays TFF | ü | ü |
Pure play clients | ü | ü |
Additional products beyond the scope of Barclays SFF/TFF provided to pure play clients | ||
Merger and acquisition advisory | ü | |
Risk management solutions products / derivatives | ü | |
Liability products | ü | |
Products and services outside the SFF/TFF framework | ||
Sustainable Discretionary Portfolio Management | ü | |
Risk management solution products / derivatives on sustainable and transition products | ü | |
Products with an underlying sustainable and/or transition feature | ü | |
Investment products with an underlying sustainable and/or transition feature | ü | |
Financing of sustainable or transition funds | ü | |
Revenue from Barclays Climate Ventures | ü | |
Note: Sustainable Revenues as at 31 December 2025 and their basis of preparation are based on v4.2 of the SFF and v1.1 of the TFF. We published version 5.0 of SFF and 2.0 of TFF in February 2026, with changes to product scope, eligibility criteria and transaction screening processes. | ||
Framework updates
We published version 5.0 of SFF and 2.0 of TFF in
February 2026, with changes to product scope,
eligibility criteria and transaction screening
processes.
The following changes apply from 1 January 2026:
•Product scope: we will include eligible M&A
advisory and will also include finance provided
to banks and funds, provided these activities
align with the SFF/TFF;
•Eligibility criteria: we will include a new
general purpose category in the TFF aligned to
evolving market practice and guidelines for
classifying entity level Transition Finance, as
well as a Transition Incentive Products category
for BUK and UKCB clients . Furthermore, we
have been supported by technical expertise from
The Biodiversity Consultancy to incorporate
nature-related criteria into the TFF for the first
time and to expand nature-related eligibility
criteria in the SFF;
•Risk management: we will widen our
environmental and social screening approach for
qualifying transactions and clients in the SFF/
TFF;
•Derecognition: we will update our approach to
derecognise transactions which become
ineligible based on our derecognition processes.
In line with the updated SFF and TFF, our $1trn
target will be referenced as Sustainable and
Transition Finance from 2026 onwards.
| Barclays' SFF and the TFF can be found at: home.barclays/our-sustainability-/sustainability- resource-hub/reporting-and-disclosures/ |
Retail Bank
Through our financial products and partner offers,
we support our UK retail customers in purchasing
energy-efficient homes and in retrofitting their
properties to help reduce their energy consumption.
Green Home Mortgage
We continue to support customers purchasing EPC
A- and B-rated new-build homes with our Green
Home Mortgage, launched in 2018 and expanded
to buy-to-let in 2022. In 2025, we broadened our
Green Home Mortgage range, now supporting
more customers by offering LTVs from 60% to
90% . Our Green Home Mortgage has performed
strongly, with £2.4bn lent to Green Home
Mortgage customers in 2025. Since inception,
Barclays UK has lent over £7.1bn to Green Home
Mortgage customers.
| Further details on Barclays Green Home Mortgages can be found at: barclays.co.uk/mortgages/green- home-mortgage/ Further details on Barclays Green Buy-To-Let Mortgages can be found at: barclays.co.uk/ mortgages/green-buy-to-let-mortgage/ |
Green Home Mortgage completions Number of completions |
A | 2025 progress | B | Total since 2018 |
Value of completions (£m) |
A | 2025 progress | B | Total since 2018 |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 44 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Financing clients’ transition (continued) |
Greener Home Loan
In 2025, we continued our Greener Home Loan
pilot, offering a cashback of up to £250 for eligible
current account customers who take out a loan and
use the money for qualifying energy-efficiency
home improvements. We continue to monitor take-
up and retrofit type, with solar being the most
popular installation with 59% of claims where
cashback payment was made.
In 2026, following the pilot, the Greener Home
Loan will be considered for inclusion within our
full product range to continue supporting our
customers in making home energy-efficiency
improvements.
Business Bank
In 2025, uptake of Green Loans for Business
continued to grow, supporting more customers than
in any previous year to adopt eligible green assets.
Our research showed that 48% of those of our UK
farmers surveyed want products and services which
incentivise them to farm more sustainably. In
2025, we launched Farm Transition Finance, which
provides lending with discounted interest rates to
agricultural businesses demonstrating adoption of
more sustainable or regenerative practices. The
facility is designed to support those clients making
improvements in soil health, biodiversity, water
efficiency and emissions reduction, thus supporting
farmers and the UK agricultural transition.
UK Corporate Bank
To enhance UKCB's sustainable client engagement
we have integrated Sustainable Product Group
specialists into the new dedicated UKC Sustainable
Finance team.
Empowering UKCB Clients
We continued to support our clients with
sustainability-aligned corporate banking solutions1
to help enable clients to embed their sustainability
and transition ambitions into financing structures
through traditional and sustainability-linked and
green products.
UKCB Green Loans
In 2025, UKCB successfully launched the Fee Free
Green Loan programme to help support UK clients'
sustainable growth plans and transition to more
sustainable operations. The product offers loans
with no arrangement fees for projects with an
eligible green purpose2. Since launch we have
identified a variety of opportunities that could
utilise the programme.
UKCB Green loans under Sustainable
Residential Development Framework (SRDF)
We updated our SRDF3 following its launch in
2022 to address evolving market and technological
advances, regulation and policy. This proposition
and framework provides a holistic and balanced
approach to key sustainability themes including
whole-life carbon, natural resources and social
engagement.
Notes:
1Sustainability-aligned corporate banking solutions:
barclayscorporate.com/solutions/sustainable-solutions/
2Barclays green purpose as defined in the Sustainable
Finance Framework.
3Sustainable Residential Development Framework.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 45 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Financing clients’ transition (continued) |
Investment Bank
Our Investment Bank plays a role in financing our
clients’ transition by providing access to capital
markets, structuring innovative financing solutions
and connecting issuers with investors focused on
the transition. In 2025, we continued to work with
clients across sectors as they sought to invest in
renewables, strengthen grid and storage
infrastructure, scale emerging technologies and
accelerate decarbonisation across their operations.
We also supported major sovereign and public
sector entities in mobilising capital at scale.
Barclays played key roles, such as Joint Active
Bookrunner, facilitating capital raising for
national-level transition priorities including
renewable energy deployment, grid and network
upgrades, climate resilience infrastructure and
broader economic diversification programmes
In the wider debt capital markets, we supported
clients across sectors such as Power Generation
and Industrials to issue sustainable and transition
aligned instruments that channel investment into
the areas most critical for decarbonisation
including, renewables expansion, energy efficiency
improvements, low‑carbon transport, industrial
electrification, and next‑generation technologies
such as storage, nuclear and hydrogen. This
activity contributed to Barclays achieving a #1
ranking for UK Sustainable Labelled Bonds and a
#2 ranking for 2025 Global Corporate Sustainable
Labelled Bonds1.
Through our bookrunning and underwriting
activity, Barclays supported clients’ transition
financing across a series of significant equity
capital markets transactions. This activity enabled
continued investment in low carbon and resilience
focused programmes. Proceeds from these
transactions were used to refinance maturing
sustainability‑linked instruments, fund regulated
infrastructure cycles and scale next generation
energy and power‑system technologies. For
example we acted as Joint Global Coordinator and
Joint Bookrunner for SSE’s £2bn equity placing,
underpinning its five-year £33bn investment plan,
which will support the upgrading and expansion of
Britain’s electricity networks. The transaction
further exemplifies our role in enabling the
delivery of critical transition infrastructure.
In project finance, activity remained strong as
clients pursued new renewable generation, storage,
and network projects. By bringing together
technical, financing and risk management
expertise, we have grown our project finance
threefold since 2020, including lead roles in all
greenfield UK fixed-bottom offshore wind project
financings closed in this period.
Our Markets team continued to help clients
manage exposures linked to their transition
strategies. To deepen this support we launched the
Barclays Bank PLC Sustainability Issuance
Programme Framework that sets clear eligibility
criteria for sustainability issuance products,
including debt securities and deposits2, issued by
Barclays Bank PLC and select subsidiaries. The
Framework complements the Barclays SFF and
enhances the tools and infrastructure we use to
finance clients’ transition at scale3.
Notes:
1Data from Dealogic as at 31st December 2025.
2Barclays Sustainability Issuance Framework.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 46 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Scaling climate technology |
Scaling climate technology is integral to accelerating the transition. Innovation is a key driver for opening new avenues for profitable decarbonisation. However, innovation alone is not enough. Widespread adoption is needed to convert emerging solutions into commercially mainstream, system-integrated offerings. | ||
Climate Tech Escalator
Now in its second year, the Barclays Climate Tech
Escalator provides a connected pathway that brings
together the business units and partnerships
dedicated to growing climate tech companies. The
Climate Tech Escalator supports scaling by
providing tailored, dedicated support as the
companies grow and helps them to harness the
power of capital markets. In June we launched our
Barclays Innovation Banking proposition within
the Business Bank, with Climate Tech as one of the
four core sectors. Innovation Banking provides
support for next-level growth through our
dedicated relationship managers, financial products
and network of Eagle Labs, including the
rebranded Barclays Innovation Hub in Shoreditch.
We continue to recognise the funding challenge
inhibiting the success of growth-stage climate tech
companies, particularly those at the Series B+
investment stage. In November, we announced our
participation in Salica Investments Growth Debt
Fund II, to expand the range of venture funding
options to high-growth innovation-led businesses
in the UK.
The addition of venture funding provides growth
stage companies with the opportunity to extend the
funding continuum from Business Banking to
Corporate Bank and onto Investment Bank as the
companies grow.
Barclays Climate Ventures
A key pillar of the Climate Tech Escalator is
Barclays Climate Ventures (BCV), which has a
mandate to invest up to £500 million of Barclays’
capital in climate tech start-ups by the end of 2027
to help address the funding gap facing early and
growth-stage climate technology companies.
Many such companies are capital-intensive and
face longer paths to commercial scale than
traditional venture-backed businesses. Barclays
Climate Ventures aims to help bridge this gap,
helping to crowd in additional funding1.
A | B | C | D | E | F | G |
Access to Barclays’
expertise and
the bank’s wider
ecosystems
Synergies
between portfolio
companies
Barclays
Climate
Ventures
Accelerate growth and
net zero through adoption
of innovative technology
by Barclays’ client base
| Further examples of our green innovation financing can be found at: home.barclays/sustainability/our- position-on-climate-change/accelerating-the- transition/sustainable-impact-capital/ |
BCV prioritises investments into commercially
scalable technologies that can unlock the transition
for the high-emitting sectors in which we have
meaningful client exposure, such as energy and
power, real estate, and food and agriculture.
Since 2020 £274m has been invested in over 20
companies, with £71m invested in 2025.
Note:
1See 2025 Climate-Tech-Report for further details.
£274m Achieved as of the end of 2025 |
Our portfolio of investments since 2020 (£m) |
A | 2020 | 24 |
B | 2021 | 30 |
C | 2022 | 35 |
D | 2023 | 49 |
E | 2024 | 65 |
F | 2025 | 71 |
G | Mandate by end of 2027 | 500 |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 47 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Climate tech partnerships
and initiatives
In 2025, Barclays strengthened its work on climate
innovation through strategic partnerships,
accelerator programmes and mentoring support.
Our partnership with Sustainable Ventures has
expanded to launch a National Climate Tech
Accelerator with the Innovation Banking team
providing a digital-first programme designed to
reach ventures across the UK with support from
Barclays Eagle Labs. It combined free access to
platforms with enhanced services for Barclays
banked customers.
Business Bank Sustainable Finance sponsored
Bright Tide to deliver programmes to Climate Tech
businesses focused on 'Sustainability and AI' and
'Agriculture and Oceans'. This year also marked
the third year of the Carbon 13 Venture
Launchpad, These two programmes focused on
venture growth, investment and carbon impact for
early-stage climate tech startups.
Specialist sustainability mentors have also been
added to the existing Eagle Labs mentoring support
with a focus on practical, commercially-minded
sustainability such as carbon accounting, strategy,
circular economy and regenerative agricultural
practices.
In 2025 we announced a collaboration with
ExpectAI, aimed at helping small and medium-
sized businesses grow their profits using AI-based
sustainability insights. SMEs generate about half of
UK private-sector turnover and employ around
60% of the workforce1 . Strengthening their energy
resilience while reducing emissions is essential to
the UK’s economic transition. This initiative will
assess how advanced AI can make this both
practical and commercially attractive for SMEs.
These initiatives reflect Barclays’ ongoing work to
help foster innovation and support the UK’s
climate tech landscape, supported by the launch of
Barclays Innovation Banking in Barclays UK.
Unreasonable Impact
Since 2016, through its Unreasonable Impact
programme, a partnership between Barclays and
Unreasonable Group, Barclays has supported 3952
high-growth ventures that seek to address global
issues, through networks, resources and
mentorship. Hundreds of Barclays colleagues
around the world have been involved in coaching
the participating entrepreneurs. Through regional
gatherings and ongoing community-building
initiatives, the programme is designed to help
participants form strategic relationships and solve
key challenges facing their businesses to help them
scale.
Unreasonable Impact entrepreneurs are pursuing
solutions across a range of industries from food
and agriculture to energy and manufacturing.
Several of these high-growth ventures have also
been supported through Barclays Climate
Ventures, and some are involved in Barclays’ own
operations today. To date, the Unreasonable Impact
ventures have raised more than $18bn in financing
and employ more than 33,000 people globally.
| Further details on Unreasonable Impact can be found at: home.barclays/sustainability/supporting-our- communities/unreasonable-impact/ |
Notes:
1See the "Business population estimates for the UK and
regions 2025: statistical release" for more details.gov.uk/
government/statistics/business-population-
estimates-2025/business-population-estimates-for-the-uk-
and-regions-2025-statistical-release
2After achieving its goal to support 250 ventures by the
end of 2022, Barclays aims to support an additional 200
ventures through Unreasonable Impact, from 2023
through end 2027.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 48 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Reducing our financed emissions | ||
We are committed to aligning our financing with the goals and timelines of the Paris Agreement, consistent with limiting the increase in global temperatures to 1.5°C. To meet our ambition, we need to reduce the client emissions we finance – not just for lending but for capital markets activities too. | ||
Estimating the full in-scope balance sheet financed emissions
Scope of activities included and basis of preparation
We have estimated the financed emissions for c.£856bn of Barclays' activity as at December 2024 (of
which c. £459bn are on-balance sheet exposures) as set out in the following table.
We work closely with our clients to ensure that
over time the activities we finance are aligned to
the goals and timelines of the Paris Agreement.
Consistent with our Purpose, and taking into
account considerations of all relevant business
factors, we have set emissions reduction targets for
our Upstream Energy, Power, Steel, Cement,
Automotive manufacturing, Aviation, UK
Commercial Real Estate, UK Agriculture portfolios
and convergence point for UK Housing. We have
also set clear restrictions on financing certain
activities.
| Further details on our financing restrictions can be found on page 164 |
Understanding our financed emissions
A building block for Barclays' ambition to be a net
zero bank by 2050 is our ability to estimate the full
in-scope balance sheet financed emissions:
1.In 2020, we developed our BlueTrack™
methodology to measure our financed emissions
and track our progress against our Upstream
Energy and Power generation targets. As of
2023, we extended the scope of our calculations
to cover the full in-scope balance sheet financed
emissions based on methodology which has been
developed using the PCAF Standard1 and
expanded the scope of BlueTrack™ to track our
progress against targets for a total of eight
sectors as well as UK Housing for which we set
a convergence point.
2.In 2025, we have refreshed our estimate of full
in-scope balance sheet financed emissions.
These emissions are set out on pages 48 to 51
where we also set out further information about
this methodology. Because it takes time to fully
analyse this data, these emissions are as at
December 2024. For sectors where we have set
2030 targets, we have continued to use the
BlueTrack™ methodology and have updated our
financed emissions metrics and progress against
those targets with data as at December 2025.
Our approach to disclosing financed emissions is
pivoted across two sections:
1.Estimating the full in-scope balance sheet
financed emissions (Scope 3, Category 15) using
a methodology which has been developed using
the PCAF Standard. The data reported in this
section of the Annual Report (up to page 51) is
as at December 2024. Hence, these numbers
follow a lag of one year when compared to other
climate-related disclosures based on December
2025 in this report, due to the lead time required
to fully analyse our entire in-scope exposures.
2.Continuing to use the BlueTrack™ methodology
to assess financed emissions for material sectors
and set 2030 targets integrating 1.5°C aligned
scenarios. This data is being reported as at
December 2025.
Note:
1PCAF Standard - PCAF (2022). The Global GHG
Accounting and Reporting Standard Part A: Financed
Emissions. Second Edition.
Identification of in-scope exposure to calculate financed emissions (as at December 2024) | ||
Category | Value (as at Dec 2024) in £m | Comments |
Total Barclays balance sheet | 1,518,202 | |
Exclusions: | ||
Cash and bank balances, Cash collateral and settlement balances, Derivative financial instruments, Goodwill and intangible assets, Current tax assets, Deferred tax assets, Other assets, Trading portfolio assets (excluding drawn loans), Reverse Repos, and Retail lending (personal lending, retail cards) | (-)1,052,618 | Exposures which have been excluded by the PCAF Standard |
Property, plant and equipment | (-)3,604 | Emissions covered under Barclays Scope 1 and Scope 2 |
Retirement benefit assets | (-)3,263 | Emissions on Barclays Bank UK Retirement Fund reported separately as part of Task Force on Climate-related Financial Disclosures Report 2024 |
Total Barclays exposure in scope for computing financed emissions | 458,717 | |
Inclusions | ||
Total Undrawn commitments and contingent liabilities | (+)261,687 | We have gone beyond the scope of PCAF’s definition of asset classes to additionally cover undrawn commitments and contingent liabilities. We have excluded exposures for which PCAF is yet to establish a methodology (personal lending, retail cards and Trading balances) from our total undrawn commitments and contingent liabilities. |
Capital markets financing (33% of Barclays share) | (+)135,545 | Equity holdings, Bond issuances, Equity issuances, Syndicated loans |
Total Barclays activities considered for financed emissions calculations | 855,949 | |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 49 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Our approach for estimating financed emissions is
based on a methodology which has been developed
using the PCAF Standard with the following key
exceptions:
1.We have gone beyond the scope of PCAF’s
definition of asset classes to additionally cover
undrawn commitments, contingent liabilities and
capital markets financing activities. For
instance, in the case of a loan we consider the
committed amount (both drawn and undrawn),
as opposed to just outstanding amounts (which
is the approach preferred by PCAF) for
calculating financed emissions.
2.We have also consistently used the book value
of equity and debt for all clients to calculate the
attribution factor, while PCAF recommends
using the Enterprise Value Including Cash
(EVIC) for listed entities.
3.PCAF recommends calculating emissions at a
client level. For certain sectors, clients could
have presence in activities across multiple parts
of the value chain and in such cases reported
emissions may not be consistent and reliable to
estimate financed emissions. To overcome this
challenge we calculate emissions at an activity
level, using a range of options aligned to the
PCAF Standard's guidance to calculate client
emissions.
For certain activities – including Upstream Energy,
Power Generation, Automotive manufacturing, UK
Agriculture and Aviation – we employ asset-level
production data to estimate client emissions. For
activities such as Cement and Steel production, we
use client reported emissions. Where we do not
have sufficient data on reported emissions or
physical activities – for example, in relation to
mortgages where we do not have EPC data
available – we use fallbacks based on emission
factors.
For an immaterial part of our balance sheet
(c.1%), where the appropriate sector fallbacks
could not be reliably obtained, we have used the
respective asset class average economic emissions
intensity to estimate emissions.
| Our Financed Emissions Methodology paper (published in 2026) provides more details of our methodology and can be found within the Sustainability Resource Hub: home.barclays/our- sustainability-/sustainability-resource-hub/ reporting-and-disclosures/ |
Emissions coverage
We have estimated the full in-scope balance sheet
financed emissions based on Scope 1 and Scope 2
of our clients’ emissions as at December 2024.
Hence, these numbers follow a lag of one year
when compared to other disclosures based on
December 2025 in this report. The lag of one year
is due to the lead time required to fully analyse our
entire in-scope exposures.
We have excluded our clients’ Scope 3 emissions
from these calculations except for activities where
we have set a target which covers Scope 3
emissions (which includes Upstream Energy,
Automotive manufacturing, Aviation and UK
Agriculture). This is due to challenges in sourcing
reliable and consistent data, not just on reported
Scope 3 emissions but also the fallback emission
factors for downstream emission estimations. As
we refine our approach and data sourcing strategy,
we will continue to assess the suitability of
including Scope 3 emissions in our financed
emissions disclosures.
We have included emissions on a CO2e basis. For
activities where we have set targets, we have
included emissions relating to GHGs which are
relevant and material for the relevant sector.
One of the approaches that we can use to assess the
extent to which our financing is aligned to a well-
below 2 oC pathway is by calculating the extent to
which our financed emissions reduction targets
cover our full in-scope balance sheet.
Our 2030 financed emissions reduction targets (and
our UK Housing convergence point) covering
Scope 1 and 2 emissions integrate 1.5°C aligned
scenarios and cover 41% of our full in-scope
balance sheet financed emissions. This coverage
has decreased from 43% reported last year. This
reduction was primarily driven by increase in
emissions for energy midstream and downstream
activities which are outside the scope of our
Upstream Energy target and a decline in emissions
for power generation activities where we have set
targets. Our targets include Scope 3 emissions for
Upstream Energy, Automotive manufacturing,
Aviation and UK Agriculture.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 50 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Financed emissions for activities with targets (as at December 2024)
Activities | Scope 1,2 emissions (MtCO2e) | Scope 3 emissions (MtCO2e) | ||||||
On-balance-sheet lending | Undrawn commitments and contingent liabilities | Capital markets financing | Data quality score1 | On-balance-sheet lending | Undrawn commitments and contingent liabilities | Capital markets financing | Data Quality score | |
Mining and Quarrying | ||||||||
Upstream Energy | 0.7 | 3.0 | 0.9 | 3.1 | 7.6 | 22.2 | 6.6 | 3.1 |
Energy and water | ||||||||
Power Generation | 0.5 | 9.2 | 4.5 | 3.2 | — | — | — | — |
Agriculture, Food and Forest Products | ||||||||
UK Agriculture | 0.4 | 0.1 | — | 4.3 | 0.0 | 0.0 | — | 4.3 |
Manufacturing | ||||||||
Automotive manufacturing (LDV) | 0.0 | 0.1 | 0.0 | 2.4 | 0.4 | 2.7 | 0.6 | 3.3 |
Cement manufacturing | 0.3 | 0.4 | 0.0 | 2.0 | — | — | — | — |
Steel manufacturing | 0.2 | 0.6 | 0.0 | 2.4 | — | — | — | — |
Mortgages | ||||||||
UK Housing (Convergence point) | 1.4 | 0.1 | 0.0 | 3.5 | — | — | — | — |
Materials and Building | ||||||||
UK Commercial Real Estate | 0.1 | 0.0 | — | 4.1 | — | — | — | — |
Transport | ||||||||
Aviation | 0.5 | 2.7 | 0.9 | 3.0 | 0.1 | 0.6 | 0.2 | 3.0 |
Total Portfolio | 4.1 | 16.2 | 6.3 | — | 8.1 | 25.5 | 7.4 | — |
Financed emissions for other activities not covered by targets (as at December 2024)
Activities | Scope 1,2 emissions (MtCO2e) | |||
On-balance-sheet lending | Undrawn commitments and contingent liabilities | Capital markets financing | Data quality score | |
Mining and Quarrying | 0.7 | 1.6 | 0.3 | 3.0 |
Energy and water | 0.7 | 1.7 | 0.7 | 2.8 |
Agriculture, Food and Forest Products | 2.3 | 1.1 | — | 4.8 |
Manufacturing | 1.4 | 7.1 | 1.8 | 2.8 |
Mortgages | 0.0 | — | — | 5.0 |
Materials and Building | 0.2 | 0.2 | 0.0 | 3.9 |
Transport | 0.4 | 3.1 | 2.9 | 3.7 |
Other Sectors | 4.4 | 5.2 | 2.8 | 4.0 |
Total Portfolio | 10.1 | 20.0 | 8.5 | — |
Government and central bank | 18.9 | — | — | — |
Government and central bank (excluding LULUCF2) | 20.5 | — | — | — |
Portfolio Data Quality score (Scope 1, 2) | 3.7 | |||
Emissions covered under targets integrating 1.5°C aligned scenarios (excluding Government and central bank) | 41% | |||
Notes:
1For further details on Data quality score please refer 'Data sourcing and data quality'
section on page 51.
2Emissions excluding land-use, land-use change and forestry.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 51 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Data sourcing and data quality
There are data quality challenges inherent in the
calculation of financed emissions.
Climate data, models and methodologies are
evolving – and are not yet at the same standard as
more traditional financial metrics. Our financed
emissions calculations rely on externally sourced
data mapped to internal customer and client
identifiers. The externally sourced data has various
limitations for each sector, including lack of
coverage, low resolution, consistency and
transparency of company-reported data, as well as
the time lag for external sources to report estimates
or actuals. Time lags in our external data could be
as much as two years for data such as company
value, company revenue share, emissions,
production capacity and capacity factors. As a
result, our financed emissions metrics are at best an
estimate of our clients' activities on a given date,
using the external data available at that point in
time.
We have scored the quality of the data we have
used to estimate our financed emissions using
PCAF's Global GHG Accounting and Reporting
Standard. In the Standard, data quality score DQ1
and 2 relates to high quality data from company
disclosures, DQ3 to emissions estimated using
physical activity data and DQ4 and DQ5 to
deriving emissions estimated using revenue or
asset-based emission factors. We disclose DQ
score at an activity level and at portfolio level.
For activities where we have set targets (and for
our UK Housing convergence point), DQ is mostly
concentrated across DQ1/2 and DQ3, signifying
that most of the relevant estimated financed
emissions are either company-reported or
calculated using the company’s physical activity
data.
For activities where we have not set targets,
activities have DQ score spread across the scale
which signifies we have used a combination of
company-reported emissions and revenue/asset
fallbacks to calculate financed emissions.
Our data vendor does not provide a split for
reported emissions between DQ1 and DQ2. Hence,
where we have relied on reported emissions
sourced from the data vendor, we have
conservatively used DQ2 for calculating DQ scores
at an activity level. This indicates that we need to
consider the current estimate of financed emissions
for these activities as highly preliminary and
indicative only, and which can change materially
as we improve data quality.
Our approach to reporting financed
emissions data
Given the evolving nature of climate data, models
and methodologies, past-period metrics may
change to reflect updates. To manage the impact of
these changes we have adopted a principles-based
approach to guide whether prior metrics and
baselines should be restated or re-baselined. Where
information has been restated or re-baselined this
will be identified or explained.
We will continue to review and evolve our
approach as our processes mature and as
accounting practices become clearer.
•A restatement involves updating the historical
starting point for a period and, if the impact is
greater than five percentage points, recalculating
the historical performance.
•A re-baseline involves keeping the historical
performance constant and recalculating the
current period baseline to ensure consistency
when reviewing performance. The indicative
historical baseline will also be disclosed.
As a result, reported baseline metrics may change
from one reporting period to another and direct
like-for-like comparisons may not always be
possible from one reporting period to another.
Updates in external client data are captured in-year.
In line with our reporting approach for past period
metrics, we have re-baselined the following
metrics:
•Our Power baseline physical intensity metric
from 311 to 316 kgCO2e/MWh to reflect
revisions to our model and data sourcing. Since
the net impact of these revisions to the reported
progress was below our restatement threshold,
we have not restated the past period progress,
instead reflecting the impact in 2025.
•In 2025, the UK Housing portfolio intensity
metric has been re-baselined from 32.1 to 27.9
kgCO2e/m2 to reflect an updated methodology
which now considers sensitivities to energy
consumption patterns using publicly available
data which has a two-year lag. Despite the lag,
the additional information helps to better reflect
actual consumption trends.
•Our UK Commercial Real Estate portfolio
intensity metric has been re-baselined from 30.0
to 26.3 kgCO2e/m2 to reflect a similar updated
methodology noted above as well as an
expanded scope of the assessment to include
capital market financing activities.
Please refer to page 55 for the re-baselined metrics
for these sectors.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 52 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Our approach to reporting financed emissions data
Scenario | Our approach | |
Error identified in our internal finance data or methodology | Restatement | •Financed emissions metrics for all years impacted by the error will be recalculated including the baseline year •If the impact to portfolio progress over the reporting period is less than 5 percentage points (pp) we will reflect the updated progress in the current reporting period and update the baseline. If the impact is greater than 5pp we will restate prior progress. |
Changes to our methodology and/or data sources to calculate financed emissions (for example, including additional GHGs) | Re-baseline | •The updated methodology will be applied from the start of the current reporting period •The last reported financed emissions spot metric will be recalculated using the new methodology/data source to provide the new baseline. This will ensure consistency of data and methodology when calculating our performance •The recalculated baseline and the progress achieved to date will be used to disclose the theoretical baseline for the year in which the targets were originally set •The cumulative progress will be for the current reporting period (using the new methodology) and the progress up until the last reporting period (using the old methodology). |
Updates to external counterparty data driven by timing lags when data is reported (for example, counterparty valuations or emissions estimates) | Capture in-year | •The impact of updated external data will be included in the current period financed emissions data and the progress metric for the current reporting period •Data lags are inherent to the process and Barclays will endeavour to use the latest available data. Historically reported metrics will not be updated for data lags. |
Financed emissions in scope
of our targets
Our targets
We set our initial targets for our Upstream Energy1
and Power portfolios in 2020, and since then have
expanded the scope of sectors covered under a target
to also include Cement, Steel, Automotive
manufacturing, Aviation, UK Commercial Real
Estate and UK Agriculture. We have also set a
convergence point for the UK Housing sector.
We keep our targets, policies that support our
progress towards them, and our year-on-year and
cumulative progress under review in light of the
rapidly changing external environment and our need
to balance a range of factors when managing our
portfolios, including commercial objectives, effective
risk management and the need to support
governments and clients both in delivering an orderly
transition and providing energy security.
See page 57 for information on future target progress.
Measuring our progress
We have developed our BlueTrackTM methodology to
measure and track our progress against our targets.
The first step of our methodology is to use an
external climate scenario to construct a Paris-aligned
portfolio benchmark that defines how a given
financing portfolio will need to reduce emissions over
time. We estimate certain financed emissions within
the selected boundary for a sector, then aggregate
these into a portfolio-level metric, which is then
compared to the benchmark. Our approach is
explained in more detail below.
| Our Financed Emissions Methodology paper (published in 2026) provides more details of our methodology and can be found within the Sustainability Resource Hub at: home.barclays/our- sustainability-/sustainability-resource-hub/ reporting-and-disclosures/ |
Sector boundaries
We have set targets on the segment of the
value chain where either (i) it is generally
recognised that decarbonisation efforts are likely to
spur the rest of the sector value chain to fall into
alignment or (ii) where financiers are likely
to be able to engage with companies active
in that segment. Our choice of segment is based on
Barclays' own view, informed by guidance and
recommended practice from portfolio alignment
initiatives such as PACTA, SBTi and others.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 53 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Emissions scope
Within the boundary of our target we aim to
capture the part of a company's value chain that
generates most of their emissions, taking into
account considerations including materiality,
consistency to benchmark, level of control and
whether the emissions can be abated by the
company. The financed emissions covered under
BlueTrackTM are therefore a subset of the total
financed emissions for each customer or client, as
they only include the portion of the client's
activities that are within both the value chain we
have chosen for the sector, and the scope and type
of greenhouse gas emissions we deem material for
that activity. For example, our Upstream Energy
target includes Scope 3 emissions for carbon
dioxide and methane – recognising they are
significant for a company extracting fossil fuels.
Use of carbon credits
We do not allow company-purchased offsets such
as carbon credits to reduce emissions, as we
believe it is important to base a metric on
operational activities under a company's control.
We therefore do allow company-operated
removals, such as on-site carbon capture at a plant.
Given that company-operated removals are
currently marginal in the context of emissions, they
currently have no impact on our portfolio-financed
emissions metrics.
Portfolio-level metrics
Barclays uses two financed emissions metrics:
1. Absolute emissions: a measure of the absolute
emissions generated, or fair share of the
company's emissions over time;
2. Emissions intensity: how much CO2e (Carbon
Dioxide Equivalent) is released on average for a
certain amount of economic activity or material
produced.
We use absolute emissions for the Upstream
Energy and UK Agriculture sectors, whose
decarbonisation pathways rely on a reduction in
production volume as well as on a reduction in
intensity. The Upstream Energy sector cannot
reduce its carbon emissions intensity below a
certain point – a barrel of oil cannot be
decarbonised, for instance – and therefore a
reduction in absolute carbon emissions is more
appropriate. The Agriculture sector requires a shift
away from the production of meat and dairy
towards alternative protein sources, as farmers
respond to changing diets, and therefore a
reduction in absolute emissions is more
appropriate. We use emissions intensity for the
other sectors, whose decarbonisation pathways rely
primarily on reduction in intensity rather than
volumes. Both absolute and intensity metrics are
sensitive to factors which are not directly related to
real-world emissions. For example, absolute
emissions are sensitive to changes in the book
value of debt and equity, and intensity metrics are
sensitive to changes in revenue share.
Reference scenario1
Each of our 2030 targets were developed with
reference to a 1.5°C-aligned scenario. For the
majority, this was using the IEA's Net Zero by
2050 (NZE2050) scenario. In calculating a
convergence point for our UK Housing portfolio
and a target for UK Agriculture, we use a UK-
focused Balanced Net Zero Scenario developed by
the UK's Climate Change Committee (CCC BNZ).
For the UK CRE portfolio we use the CRREM
scenario that provides decarbonisation pathways
across different property types consistent with the
NZE2050 scenario. For the Aviation sector we use
the Mission Possible Partnership (MPP)'s
'Prudent' (PRU) scenario – a 1.5°C-compatible
roadmap for the sector to achieve net zero
emissions by 2050.
Baseline year
We measure our financed emissions for each
portfolio against a baseline metric determined in
the year we first assessed that target. The baseline
year therefore varies across the nine sectors
assessed to date, to ensure we are using the most
up-to-date data available when we set our targets –
or, in the case of UK Housing, a convergence
point.
Use of target ranges
Our 2030 financed emissions reduction targets for
five sectors (Power, Cement, Steel, Automotive
manufacturing, and Aviation) are expressed as
ranges. The upper end of each range represents the
reduction needed to align with the 1.5°C
benchmark pathway at the time we set these
targets. The lower end reflects our assessment of
sector and client commitments at that time. Since
these targets were set, the NZE2050 scenario we
used to inform these targets has been updated and
the scenario assumes slower progress to the
transition up to 20302. As a result, some of our
target ranges now exceed the emissions reductions
reflected in the latest 1.5°C scenario.
While we continue to seek to reduce our financed
emissions in line with our ambition to be a net zero
bank by 2050, our ability to achieve reductions
within these ranges at any given point in time
depends on a wide range of factors and scenario
assumptions as explained in the Future target
progress section on page 57.
Notes:
1When we first developed BlueTrackTM, the best available
scenario to develop Paris-aligned benchmarks for our
financing portfolios was the International Energy
Agency’s Sustainable Development Scenario (SDS)
which was aligned to a 1.7°C world. The 2025 targets set
for the Upstream Energy and Power sectors were
informed by the SDS scenario.
2International Energy Agency: iea.org/reports/world-
energy-outlook-2025
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 54 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Overview of financed emissions reduction targets and progress
Sector | Setting our targets | Monitoring our progress in 2025 | |||||||||
Sector | Sector boundaries | Emissions scope | GHG included | Reference scenario | Target metric | Unit of measurement | Baseline year | Target versus baseline | Cumulative change | Absolute emissions (MtCO2e) | Physical intensity |
Upstream Energy | Upstream Energy (producers of coal, oil, gas and NGLs) | 1,2 & 3 | Carbon dioxide and methane | IEA SDS | Absolute emissions | MtCO2e (absolute) | 2020 | -15% by end of 2025 | -41% | 43.7 | 59.2 gCO2e/MJ |
IEA NZE2050 | -40% by end of 2030 | ||||||||||
Power | Power generators | 1 | Carbon dioxide | IEA SDS | Physical intensity | kgCO2e/MWh | 2020 | -30% by end of 2025 | -35% | 13.6 | 204 |
IEA NZE2050 | -50% to -69% by end of 2030 | ||||||||||
Cement | Cement manufacturers | 1 & 2 | All GHGs | IEA NZE2050 | Physical intensity | tCO2e/t | 2021 | -20% to -26% by end of 2030 | -13% | 1.5 | 0.551 |
Steel | Steel manufacturers | 1 & 2 | All GHGs | IEA NZE2050 | Physical intensity | tCO2e/t | 2021 | -20% to -40% by end of 2030 | -30% | 0.8 | 1.352 |
Automotive manufacturing | Light Duty Vehicles manufacturers | 1,2 & 3 | All GHGs for Scope 1 and 2; carbon dioxide for Scope 3 | IEA NZE2050 | Physical intensity | gCO2e/km1 | 2022 | -40% to -64% by end of 2030 | -3% | 3.6 | 169.1 |
Aviation | Commercial Aviation (Air Travel) – Passenger (including belly cargo) and Dedicated cargo | 1 & 3 | Carbon dioxide for Scope 1; All GHGs for Scope 3 | MPP Prudent | Physical intensity | gCO2e/RTK | 2023 | -11% to -16% by end of 2030 | -2% | 4.6 | 866 |
UK Commercial Real Estate | UK Corporate Bank | 1 & 2 | Carbon dioxide, methane and nitrous oxide | CRREM II | Physical intensity | kgCO2e/m2 | 2023 | -51% by end of 2030 | -6% | 0.1 | 24.7 |
UK Agriculture | Livestock and dairy farmers | 1, 2 & 3 | Carbon dioxide, methane and nitrous oxide | CCC BNZ | Absolute emissions | MtCO2e | 2023 | -21% by end of 2030 | -13% | 0.5 | N/A |
UK Housing2 | UK buy-to-let and owner- occupied mortgages, Social Housing and Business Banking | 1 & 2 | Carbon dioxide, methane and nitrous oxide | CCC BNZ | Physical intensity | kgCO2e/m2 | 2023 | Portfolio convergence point vs. baseline | -3% | 1.6 | 27.1 |
-40% by end of 2030 | |||||||||||
Notes:
1Physical intensity (CO2e emissions per v-km travelled by LDV produced), expressed in gCO2e/km.
2Barclays has identified a 2030 emissions intensity convergence point for UK Housing but has not set a formal target.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 55 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Baselines at December 2025
Sector | Unit | Baseline year | Baseline metric (last reported) | Previously reported metrics | Recalculated metrics | ||
Financed emissions for December 2024 | Change at December 2024 (percentage change) | Recalculated financed emissions for December 2024 | Theoretical baseline metric (re-baselined) | ||||
Upstream Energy1 | MtCO2e (absolute) | 2020 | 74.1 | No major impact of methodology changes | |||
Power3 | kgCO2e/MWh | 311 | 219 | -30% | 225 | 316 | |
Cement1 | tCO2e/t | 2021 | 0.631 | No major impact of methodology changes | |||
Steel1 | tCO2e/t | 1.945 | No major impact of methodology changes | ||||
Automotive manufacturing1 | gCO2e/km | 2022 | 174.8 | No major impact of methodology changes | |||
Aviation1 | gCO2e/RTK | 2023 | 882 | No major impact of methodology changes | |||
UK Commercial Real Estate | kgCO2e/m2 | 30 | 29.5 | -2% | 25.9 | 26.3 | |
UK Agriculture1 | MtCO2e (absolute) | 0.53 | No major impact of methodology changes | ||||
UK Housing2 | kgCO2e/m2 | 32.1 | 31.8 | -1% | 27.6 | 27.9 | |
Notes:
1Baseline values have not changed in the current year.
2Barclays has identified a 2030 emissions intensity convergence point for UK Housing but has not set a formal target.
3The power sector has been re-baselined due to a data sourcing update. The impact of this change is not considered material.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 56 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
BlueTrack™ dashboard
Progress of our financed emission metrics
Upstream Energy Absolute emissions (MtCO2e) (Indexed 2020 = 100) | ||
Dec’2025 target:
(-15%)
2030 target:
(-40%)
Dec'25: 43.7
(-41%)
2020 | 2025 | 2030 |
 | IEA NZE Benchmark: World |  | Barclays' progress | u | Portfolio target |
Steel Physical Intensity (tCO2e/t) (Indexed 2021 = 100) | ||
2030 target range:
(-20% to -40%)
Dec'25: 1.352
(-30%)
2020 | 2025 | 2030 |
| IEA NZE Benchmark: World | | Barclays' progress | u | Portfolio target (range) |
UK Agriculture Absolute emissions (MtCO2e) (Indexed December 2023 = 100) | ||
Power Physical Intensity (kgCO2e/MWh) (Indexed 2020 = 100) | ||
Dec'2025 target:
(-30%)
2030 target range:
(-50% to -69%)
Dec'25:204
(-35%)
2020 | 2025 | 2030 |
| IEA NZE Benchmark: World | | Barclays' progress | u | Portfolio target (range) |
Automotive manufacturing Physical Intensity (gCO2e/km) (Indexed December 2022 = 100) | ||
Dec'25: 169.1
(-3%)
2030 target range:
(-40% to -64%)
2020 | 2025 | 2030 |
| IEA NZE Benchmark: World | | Barclays' progress | u | Portfolio target (range) |
UK Housing Physical Intensity (kgCO2e/m2) (Indexed December 2023 = 100) | ||
Cement Physical Intensity (tCO2e/t) (Indexed 2021 = 100) | ||
2030 target range:
(-20% to -26%)
Dec'25:0.551
(-13%)
2020 | 2025 | 2030 |
| IEA NZE Benchmark: World | | Barclays' progress | u | Portfolio target (range) |
Aviation (passenger and cargo) Physical Intensity (gCO2e/RTK) (Indexed December 2023 = 100) | ||
2030 target range:
(-11% to -16% )
Dec'25:866
(-2%)
2023 | 2025 | 2030 |
| MPP Aviation Pathway | | Barclays' progress | u | Portfolio target (range) |
UK Commercial Real Estate Physical Intensity (kgCO2e/m2) (Indexed December 2023 = 100) | ||
2030 target:
(-21%)
Dec'25:27.1
(-3%)
2030 target:
(-51%)
Dec'25: 24.7
(-6%)
Dec'25: 0.46
(-13%)
2030 convergence point:
(-40%)
2023 | 2025 | 2030 |
2023 | 2025 | 2030 |
2023 | 2025 | 2030 |
| CCC - Synthetic BNZP Scenario: UK | | Barclays' progress | u | Portfolio target |
| CCC - Synthetic BNZP Scenario: UK | | Barclays' progress | ▲ | Portfolio convergence point |
| CRREM II- 1.5 degree | | Barclays' progress | u | Portfolio target |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 57 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Update on progress against targets
We have successfully achieved our 2025 financed
emissions reduction targets for both the Upstream
Energy and Power portfolios.
Upstream Energy
We achieved our 2025 target to reduce our absolute
financed emissions by 15%. Cumulatively our
absolute financed emissions from our Upstream
Energy portfolio have decreased by 41% from our
2020 baseline.
Our 2025 financed emissions comprised
approximately 79% from clients with oil, gas and
natural gas liquids (NGLs) production activities,
and 21% from clients with coal production.
Power
We achieved our 2025 target to reduce our Power
financed emissions intensity by 30% from a 2020
baseline. Cumulatively our Power portfolio
emissions intensity has decreased by 35% from our
updated 2020 baseline, see page 51.
Aviation
Our Aviation portfolio financed emissions intensity
has cumulatively reduced by 2% from our 2023
baseline.
Automotive manufacturing
Our Automotive manufacturing portfolio financed
emissions intensity has cumulatively decreased by
3% from our 2022 baseline.
Steel
Our Steel portfolio financed emissions intensity
has cumulatively decreased by 30% from our 2021
baseline.
Cement
Our Cement portfolio financed emissions intensity
has cumulatively decreased by 13% from our 2021
baseline.
UK Agriculture
Our UK Agriculture portfolio absolute financed
emissions have cumulatively decreased by 13%
from our 2023 baseline.
UK Commercial Real Estate
Our UK Commercial Real Estate portfolio financed
emissions intensity has cumulatively decreased by
6% from our 2023 baseline which was re-
baselined in 2025 (see page 51).
UK Housing
Our UK Housing portfolio financed emissions
intensity has cumulatively decreased by 3% from
our 2023 baseline, which was re-baselined in 2025
(see page 51).
We continue to make strong progress against our
EPC ambition for 55% of in-scope properties and
collateral with a known EPC to be rated band C or
better by 2030, achieving 51.4% by the end of
2025.
| Further details on each of these portfolios and sector targets can be found in Barclays Transition Update: home.barclays/content/dam/home-barclays/ documents/citizenship/Sustainability/Barclays- Transition-Update.pdf |
Basis of Preparation
Changes in our portfolio metrics reflect evolving
financing activity, improved data inputs, and
methodology refinements detailed in our latest
Financed Emissions Methodology paper.
In line with our established reporting approach, we
have re-baselined our Power, UK Commercial Real
Estate and UK Housing metrics as noted on page
51.
| See 'Data sourcing and data quality' on page 51 for more information on the data used to estimate our financed emissions |
| Further details of how climate risk-related considerations are managed can be found in the managing impacts in lending and financing section on page 163. |
EPC ratings of properties and collateral in scope of EPC ambition |
A
B |
C |
D |
E |
A | EPC Rating A | 4,492 |
B | EPC Rating B | 141,972 |
C | EPC Rating C | 263,583 |
D | EPC Rating D | 281,279 |
E | EPC Rating E | 86,366 |
F | EPC Rating F | 16,356 |
G | EPC Rating G | 3,269 |
2025 total | 797,318 | |
F
G
Notes:
1EPC ambition scope does not currently include Private
Bank due to EPC data reporting limitations.
2Metric based on number of properties and collateral in
portfolios that make up the EPC ambition scope as of
31 December 2025.
3EPC data for Barclays UK mortgages and Kensington
Mortgage Company Limited are as of 30 September 2025.
Matched EPC data for Social Housing and Business
Banking Real Estate are as of 31 December 2025.
Future target progress
Our ability to make progress towards our 2030
financed emissions reduction targets depends
heavily on our clients’ ability to decarbonise their
business models. This, in turn, is influenced by a
wide range of external factors including market
developments, technological progress and its
financial viability, public policy interventions,
regulatory alignment, changes to societal
behaviour, geopolitical developments and regional
variations, energy security requirements, and an
orderly transition. For more detail, please see
'Implementing our strategy against a shifting
landscape' on page 31.
Our sector portfolios will be affected by the
complexity and significant uncertainties around the
transition to a low-carbon economy. For example,
aviation continues to depend on future sustainable
aviation fuel (SAF) price and availability, as well
as the continued production and delivery of lower
emissions aircraft.
Similarly, decarbonisation of the automotive sector
depends on the pace of the adoption of electric
vehicles and impacts from related policy initiatives
and regulation in our key markets.
Additionally, within UK Commercial Real Estate
and UK Housing, decarbonisation is significantly
dependent on the growing share of renewable
energy sources in the UK energy mix and
deployment of low carbon heating solutions.
Globally, the expected pace and increase of AI-
driven energy demand may impact our Upstream
Energy and Power clients' decarbonisation
progress.
Our metrics will continue to be impacted in
the future as data availability and quality,
methodologies, guidance and best practices for
calculating financed emissions, all involving
varying estimation levels, continue to evolve and
be refined.
Our Cement and Steel portfolios are comprised of a
small number clients. We rely on data reported by
those clients. Changes in the availability and
quality of that data and changes in our financing
activity with these clients can have a material
impact on our financed emissions intensity metrics
for these portfolios.
We monitor our target performance regularly,
recognising metrics are sensitive to the factors
described above as well as changes in our
financing mix, capital markets shifts, client
financing needs and client emissions data. We
continue to manage our portfolios and will
continue to reassess our approach as new
information becomes available, balancing between
our and our clients' commercial goals, including
potential franchise impacts, risk management and
other non-financial objectives in support of our
strategy. Our progress will likely remain non-linear
amid these complexities and the significant
uncertainties around the transition to a low-carbon
economy.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 58 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Achieving net zero operations | ||
We are working towards achieving net zero operations as part of our ambition to be a net zero bank by 2050. This includes setting and meeting various milestones1 and targets1 to reduce our operational emissions, with significant progress already made. | ||
Net zero operations approach
To achieve net zero operations we are pursuing a
state in which we will achieve a greenhouse gas
(GHG) emissions reduction of our Scope 1, Scope
2 and Scope 3 operational emissions2 consistent
with a 1.5°C-aligned pathway and counterbalance
any residual emissions. We aim to develop our
approach to counterbalancing residual emissions as
we approach 2050, by evaluating the latest
technology and market practices on carbon credits.
We continue to focus our efforts on the most
emission-intensive areas of our operations and
where we think we have the greatest ability to
influence a reduction in those emissions over time.
We pursue this recognising that our progress is
likely to be non-linear amid the significant
uncertainties around the transition to a low-carbon
economy.This is because projects will take time to
be fully realised and because we depend on
external factors, including changes in legislation,
regulation and governmental policy, as well as the
decarbonisation efforts of our Third-Party Service
Providers (TPSPs)3 and the energy grids in the
markets where we operate.
We aim to continue evaluating and evolving our
approach, taking into consideration internal
management decisions and external factors,
including the latest scientific developments and
market standards.
Progress to date
Barclays has achieved all its 2025 net zero
operations milestones and targets, continuing to
source 100% renewable electricity for our global
real estate portfolio4 and reducing our Scope 1 and
2 market-based emissions by 97% against a 2018
baseline - exceeding our 90% reduction target.
We maintained 100% renewable electricity
sourcing for our global real estate portfolio through
instruments including green tariffs5 (2%), energy
attribute certificates (EACs6)(49%), and EACs
from a power purchase agreement (PPA)(49%).
We have also achieved our milestone to have 100%
of our UK corporate vehicle fleet transition to
electric vehicles (EVs), and exceeded our
milestone that 70% of suppliers, by addressable
spend8, have science-based GHG emissions
reduction targets9 in place— having achieved
73%10 by the end of the 2025 reporting year.
Building on this progress, in 2025 we reviewed our
milestones and targets and plan to:
•Conclude reporting on our achieved 2025 targets
and milestones, while continuing to work
towards our 2030, 2035 and 2050 milestones.
•Continue sourcing 100% renewable electricity
through to the end of 2030, signalling demand
for renewable electricity generation in the
markets where we operate.
2025 targets and milestones achieved | ||||||
Targets by the end of 2025 | FY2025 performance | FY2024 performance | ||||
100% | renewable electricity sourcing for our global real estate portfolio |  | 100% | 100% | ||
90% | absolute reduction in our Scope 1 and 2 market- based GHG emissions against a 2018 baseline | | ' 97% | 95% | ||
Milestones by the end of 2025 | FY2025 performance | FY2024 performance | ||||
100% | electric vehicles (EVs) transition for UK company cars | | 100%7 | 98%7 | ||
70% | of our suppliers, by addressable spend8, having science-based GHG emissions reduction targets9 in place | | 73%10 | 64%10 | ||
Notes:
1In this Achieving net zero operations section, a reference
to a 'milestone' denotes an indicator we are working
towards and report against and a reference to a 'target'
denotes an indicator linked to our executive
remuneration.
2We define the scope of our Scope 3 operational
emissions for the purposes of our net zero operations
approach, to include the following GHG Protocol Scope
3 categories: supply chain (Category 1,2 and 4), waste
(Category 5), business travel (Category 6) and leased
assets (Category 8 and 13).
3TPSP means any entity that has entered into an
arrangement with Barclays in order to provide business
functions, activities, goods and/or services to Barclays.
4In this Achieving net zero operations section a reference
to global real estate portfolio includes offices, campuses,
branches, warehouses and data centres within our
operational control.
5Green tariffs (retail procurement) are standardised
renewable electricity products in regulated electricity
markets offered by utility companies, allowing large
commercial and industrial customers to buy bundled
renewable electricity through a special utility tariff rate.
Project-specificity is not a requirement for retail
procurement.
6EACs are standardised, tradable instruments, that prove
that generally 1 MWh of electricity has been generated
from a renewable source and added to a grid.
7The performance metric comprises Battery Electric
Vehicles and Plug-In Hybrid Vehicles that are at a
maximum of 50g CO2/km and a minimum 30 miles in
electric range.
8Addressable spend is a subset of external costs incurred
by Barclays in the normal course of business where
Procurement has oversight over spend. It excludes costs
such as regulatory fines or charges, exchange fees,
taxation, employee expenses or litigation costs and
property rent.
9Targets are considered ‘science-based’ if they are in line
with what the latest climate science deems necessary to
meet the goals and timelines of the Paris Agreement –
limiting global warming to well below 2°C above pre-
industrial levels and pursuing efforts to limit warming to
1.5°C.
10The performance metric reflects the number of TPSPs, by
addressable spend, that contribute to our supply chain
emissions and have science‑based targets in place. The
2025 reporting period addressable spend data is based on
data extracted on 3 November 2025.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 59 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Our net zero operations milestones1 | |||
By the end of | Net zero operations milestones | FY2025 performance | FY2024 performance |
2030 | 50% absolute reduction in our Scope 1 and 2 location-based GHG emissions against a 2018 baseline | 62% | 56% |
100% EVs or ultra-low emissions vehicles (ULEVs) for all company cars | 68%2 | 57%2 | |
90% of our suppliers, by addressable spend3, having science-based GHG emissions reduction targets4 in place | 73%5 | 64%5 | |
50% absolute GHG supply chain emissions6 reduction against a 2018 baseline | 39%8 | 35%8 | |
2035 | 10MW on-site renewable electricity capacity installed across our global real estate portfolio | 2.33 MW | 0.40 MW |
115 kWh/m2/year average energy use intensity across our corporate offices7 | 234 kWh/m2/year | 225 kWh/m2/year | |
2050 | 90% absolute GHG supply chain emissions6 reduction against a 2018 baseline | 39%8 | 35%8 |
Our approach to operational climate-
related data
Accurate and meaningful climate-related data9 is
central to our net zero operations strategy. The data
helps us better identify sources of emissions,
understand which actions to prioritise to reduce
these emissions, and model expected impacts of
our activities and external factors on our
performance.
We continue to focus our efforts on increasing our
climate-related data quality and coverage. For
example, in 2025, 60% of our supply chain
emissions data was provided directly by our
TPSPs, compared with 2018, when no such data
was collected.
However, due to the evolving nature of climate-
related data, market methodologies and our
continuous data enhancements, we are likely to see
changes to previously reported figures and the
overall trajectory of our decarbonisation efforts.
In 2025 we recalculated our operational emissions
2018 baseline to reflect business changes, by:
•Incorporating emissions from Tesco Bank
operations following Barclays' acquisition of the
Tesco Bank business on 1 November 2024.
•Excluding emissions from Hamburg operations
following Barclays' sale of its consumer finance
business in Germany on 3 February 2025.
To calculate our 2024 performance, we used the
2018 baseline reported in our FY2024 disclosures,
and to calculate our 2025 performance we used our
recalculated 2018 baseline (reflecting these
business changes).
We also recalculated our previously reported
supply chain emissions 2018 baseline and 2024
emissions due to the UK Department for
Environment, Food & Rural Affairs (Defra)
updating its GHG emissions conversion factors.
Barclays applies these factors in the calculation of
its spend-based supply chain emissions. Following
this recalculation we have observed an overall
reduction in both our 2018 baseline and 2024
supply chain emissions. This update led to a
change of our previously reported 2024 supply
chain performance (from 36% to 35% reduction in
GHG emissions relative to the 2018 baseline).
For more details on our operational emissions
accounting approach please refer to the Barclays
Sustainability Reporting Framework, found here:
home.barclays/investor-relations/reports-and-
events/annual-reports/.
Notes:
1We report on our zero waste milestone in the context of
our nature programme, on page 60.
2For UK vehicles the performance metric comprises,
BEVs and PHEVs that are at a maximum of 50g CO2/km
and a minimum 30 miles in electric range; for Europe
vehicles, BEVs and PHEVs that are at a maximum of 50g
CO2/km; for India vehicles, BEVs only.
3Addressable spend is a subset of external costs incurred
by Barclays in the normal course of business where
Procurement has oversight over spend. It excludes costs
such as regulatory fines or charges, exchange fees,
taxation, employee expenses or litigation costs and
property rent.
4Targets are considered ‘science-based’ if they are in line
with what the latest climate science deems necessary to
meet the goals and timelines of the Paris Agreement –
limiting global warming to well below 2°C above pre-
industrial levels and pursuing efforts to limit warming to
1.5°C.
5The performance metric reflects the number of TPSPs, by
addressable spend, that contribute to our supply chain
emissions and have science‑based targets in place. The
2025 reporting period addressable spend data is based on
data extracted on 3 November 2025.
6Our reporting of supply chain emissions includes the
following GHG Protocol Scope 3 categories: Category 1:
Purchased Goods and Services, Category 2: Capital
Goods, Category 4: Upstream transportation and
distribution. In 2025 we reported GHG emissions of
Categories 1, 2 and 4 by aggregating these under
Category 1.
7Our EUI milestone includes energy and floor space from
our campuses and offices.
8VAT, where applicable, is currently included in our
spend-based supply chain emissions data.The 2025
reporting period addressable spend data is based on data
extracted on 3 November 2025.
9In this net zero operations section, climate-related data
refers to quantitative and qualitative data that informs our
net zero operations strategy. This may include but is not
limited to GHG emissions data, energy and water usage,
TPSP decarbonisation activities and industry data on
climate scenarios.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 60 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Reducing our Scope 1 and 2 emissions
Global real estate portfolio
We are making progress towards our 2030 Scope 1
and 2 location-based emissions reduction
milestone, having by the end of 2025, reduced
these emissions by 62% against a 2018 baseline.
This progress was driven by:
•A reduction in our operational energy demand
from the consolidation of our global real estate
portfolio.
•Improvements in energy efficiency of our global
real estate portfolio.
•The targeted electrification of our global real
estate portfolio and our vehicle fleet.
KWh
•The decarbonisation of external grids in the
markets where we operate.
We continued to progress decarbonisation
initiatives across our real estate portfolio by
implementing transformation projects across
several of our campuses. For example, by the end
of 2025:
•We installed 2.33 MW of on-site renewable
electricity capacity across our global real estate
portfolio, with the Whippany1 campus making
the largest contribution through the installation
of 3,400 solar panels.
•At 1 Churchill Place2, upgrades to the building
management system (BMS), installation of solar
panels and multi-function units contributed to an
estimated 11%3 year on year reduction in the
building's electricity consumption.
These transformation projects are complemented
by our ongoing efforts to improve energy
efficiency across selected locations in our global
real estate portfolio. For example, in 2025 as part
of our energy optimisation programme at our
Pune4, Noida5 and Mumbai6 locations we adjusted
our BMS during periods of low or no occupancy to
reduce these properties' energy demand. These
types of initiatives have contributed to a 51%
reduction in our energy consumption across our
global real estate portfolio compared to 2018.
Figure 1: Impacts of our energy optimisation programme at our Pune campus7 |
A
B
Working day | Public holiday | Weekend day |
A | Energy consumption with adoption of energy optimisation programme |
B | Energy consumption with no energy optimisation programme |
As we advance the energy optimisation programme
and invest in energy-efficient equipment across
selected locations in our global real estate portfolio,
we recognise that energy savings may fluctuate over
time and will be realised progressively as those
improvements begin to take effect. By the end of
2025, the energy use intensity (EUI) of our
corporate offices8 was 234 kWh/m²/year, an
increase from prior year driven by our corporate
office footprint consolidation. Overall, however, we
have been operating our corporate offices more
efficiently, as our EUI has reduced by 26% against a
2018 baseline.
In addition to transformation projects and ongoing
energy efficiency activities, we are working with
our landlords to pursue electrification and energy
efficiency upgrades through our Green Leasing
Toolkit. Since its launch in 2023, we have
embedded green lease clauses9 into 68% of newly
acquired or renewed offices and campus leases. This
is a significant development given our leases makes
up a substantial proportion of our Scope 1 and 2
emissions.
In 2025 we updated our Sustainability Design and
Construction Checklist, by including nature-related
considerations that align to our initial real estate
LEAP10 (Locate Evaluate Assess Prepare)
assessment findings11. This work is helping us to
better understand and manage potential nature-
related impacts within our real estate portfolio.
To manage our nature-related impacts, we are also
delivering on our zero waste programme12. Across
our campuses13 we have an ambition to achieve and
maintain TRUE (Total Resource Use and
Efficiency) zero waste certified projects by the end
of 2035. By the end of 2025, we diverted 56% of
our campuses' waste away from landfill,
incineration and the environment, against a
milestone to divert 90% by the end of 2035.
Technology
In 2025, we built and launched our Managed Lab
Service at our Radbroke campus - a secure micro
data centre environment to support validation and
testing of current and next‑generation IT hardware
and software. The facility is intended to support
our resilience, end-of-life management capabilities
for our IT infrastructure, and adoption of emerging
low-emission technologies, including the testing of
direct liquid cooling capabilities.
Corporate vehicle fleet
By the end of 2025, as part of our commitment to
Climate Group’s EV100 initiative, we achieved our
milestone to have 100% of our UK corporate
vehicle fleet transition to electric vehicles (EVs).
We have also made progress in transitioning our
global corporate vehicle fleet to electric vehicles
(EVs) or ultra-low emissions vehicles (ULEVs)
having transitioned 68% of our 5,216 global fleet.
We continue to monitor market developments,
such as the adoption of Zero Emission Vehicles
(ZEVs, which emit zero emissions at the tailpipes),
as we transition our global fleet to EVs. We also
recognise we are largely dependent on transport
policy and infrastructure decarbonisation in the
markets where we operate. These factors will
influence our ability to progress towards our 2030
milestone.
Notes:
1Buildings 100, 300 & 400, Jefferson Park, Whippany, NJ
07981, USA.
21 Churchill Place, Canary Wharf, London, E14 5HP, UK.
3Data represents reduction when comparing September 2024
and September 2025 electricity consumption for 1 Churchill
Place.
4Gera Commerzone SEZ, Eon It Park Road, Kharadi, Pune,
411014, India.
5Candor Techspace, Institutional Plot No 2, 1& 2 Blk B,
Sec-62, Gautam Budh Nagar, Uttar Pradesh, Noida, 201309,
India.
6Nirloin Knowledge Park, Wing B Block B-6, Off Western
Exp Hwyi, Goregaon (East), Mumbai, 400063, India.
7Figure 1 represents the energy use patterns on a normal
working day, a public holiday and a weekend day, at our
Pune campus, which has adopted the energy optimisation
programme. It highlights the resulting reduction in
energy consumption from the programme, a trend we
have observed across locations in our global real estate
portfolio implementing the programme.
8Our EUI milestone includes energy and floor space from
our campuses and offices.
9For more detail on our green lease clauses, please see page
75 of Barclays PLC Annual Report 2024.
10Taskforce on Nature-related Financial Disclosure’s (TNFD)
methodology.
11Refer to page 77 of Barclays PLC Annual Report 2024 to
find out more on our TNFD LEAP assessment findings.
12For more detail on the zero waste programme, please see
page 77 of Barclays PLC Annual Report 2024.
13Campuses include 1 Churchill Place, London, Radbroke,
Northampton, Glasgow, Whippany, 745 7th Avenue, New
York, Wilmington, Pune, Chennai and Noida. Chennai and
Noida have been classified as campuses in our 2025
operational emissions reporting year.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 61 | ||
Implementing our climate strategy (continued)
TCFD Strategy Recommendation B |
Addressing our Scope 3 operational
emissions
In 2025, supply chain emissions accounted for the
2025 |
2024 |
2018 |
largest proportion (67%) of our total operational
GHG emissions1. While emissions from waste and
leased assets are comparatively lower, we remain
committed to identifying and pursuing opportunities
to reduce them. Further details on our waste and
leased assets approach can be found in the Global real
estate portfolio section on page 60.
Supply chain
In the 2025 reporting year, we observed a 39%
reduction in our absolute supply chain emissions
relative to the 2018 baseline. While this represents
progress, it is important to note that approximately
40% of our supply chain emissions are estimated
using spend-based data. As a result, reported
reductions may not fully reflect actual
decarbonisation within our supply chain. To look
to address this limitation, we work with our TPSPs
to enhance the availability and quality of our
supply chain climate-related data, enabling more
accurate tracking of our emissions reduction
milestones.
We leverage Carbon Disclosure Project (CDP) and
EcoVadis as platforms to gather data and engage
with TPSPs. In 2025, 89% of invited TPSPs
responded to CDP, demonstrating strong
engagement across our supply chain. This enabled
us to enhance our use of primary supply chain
emissions data, reaching 60% by year-end.
Supply chain emissions primary and spend-based data |
A | Spend-based data* | B | Primary data** |
Notes:
* Spend-based data: data based on the calculation of the
economic value of the goods and services purchased,
multiplied by relevant industry average GHG emission
factors (i.e. Defra).
**Primary data: GHG emissions data sourced from TPSPs.
TPSP engagements also supported us to exceed our
milestone of 70% of suppliers, by addressable
spend, having science-based GHG emissions
reduction targets in place — achieving 73%.
Insights from our TPSP engagements and supply
chain emissions were incorporated into our
Supplier Transition Framework (STF)2, identifying
priority TPSPs that accounted for approximately
68% of Barclays' supply chain emissions in the
2024 reporting year. We are working closely with
these priority TPSPs and their Barclays
Accountable Executives to develop strategic,
actionable engagement plans aimed at driving
continuous improvement in data quality, climate
commitments, and decarbonisation opportunities.
Our approach is tailored to support priority TPSPs'
unique needs, recognising that they are at different
stages in their transition journeys.
We continued to upskill our TPSPs Barclays
Accountable Executives, supplier managers and
sourcing colleagues on the sustainability impact of
our supply chain to support with the delivery of the
engagement plans.
We also continued to seek to negotiate climate-
related requirements in our TPSP contract terms
and set climate-related expectations in the Barclays
TPSP CoC.
In 2025 we also began assessing our supply chain
nature-related impacts by using the LEAP
approach. Through this assessment, we identified
27 of 120 supply chain goods and services
categories with potential for significant3 nature-
related impacts. We are using these findings to
prioritise pilot engagements with selected TPSPs,
focusing on their maturity on nature-related topics.
This pilot initiative is integrated within the STF
strategic engagement plans.
Travel
Our 2025 total colleague business travel emissions
reduced by 45% compared to the 2018 baseline,
partly driven by an update in external emissions
factors and a shift in business travel behaviours.
To inform our decarbonisation approach we plan to
continue monitoring our business travel emissions
data. However, we recognise that where we can't
reduce travel, to decarbonise these emissions we
are dependent on transport and grid
decarbonisation in the markets where we operate.
Carbon credits
In 2025 we signed an offtake agreement with
UNDO4, a UK-based climate technology company,
with the intent to contribute to high-potential
climate mitigation projects. Under this agreement,
UNDO expects to permanently remove 6,5385
tonnes of carbon dioxide from the atmosphere
through enhanced rock weathering. These offtake
agreements are funded through a carbon price on
internal travel and forms part of our approach to
focus on catalytic high-integrity carbon dioxide
removal technologies. We do not use this for
carbon offsetting.
Net zero operations co-benefits
As we progress on our transition to net zero
operations, we seek to deliver strategic co-benefits
for Barclays and its key stakeholders. These
include driving cost savings - for example, through
the energy optimisation programme - strengthening
operational resilience, identifying commercial
opportunities by collaborating with Climate
Ventures and Unreasonable Impact companies, and
building stronger relationships with TPSPs and
clients.
Notes:
1In this net zero operations section, our total accounted
operational GHG emissions include Scope 1, Scope 2
(location-based) and Scope 3 Category 1-8 and 13. Scope
3 Category 3 and 7 currently are not part of our net zero
operations approach.
2For more detail on the Supplier Transition Framework
structure, please see page 57 of the Barclays Transition
Update.
3Significance is determined through ENCORE (Exploring
Natural Capital Opportunities, Risks, and Exposure) a
industry-standard tool to help businesses assess how they
may depend on and impact nature.
4To find out more please see our press release with
UNDO: home.barclays/news/press-releases/2025/09/
barclays-backs-british-climate-tech-pioneer-undo-in-
landmark-car/
5This offtake has not been netted against our operational
emissions, as we continue to focus our efforts to reduce
our operational emissions consistent with a 1.5oC-aligned
pathway.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 62 | ||
Implementing our Climate Strategy (continued)
TCFD Strategy Recommendation B |
Embedding climate and sustainability into our business | ||
We are embedding climate and sustainability throughout Barclays, taking into account the impact of climate-related risks and opportunities on our businesses, strategy and financial planning. | ||
Impact of climate-related risks
and opportunities on our business,
strategy and financial planning
Barclays’ 2025 financial planning process included
a review of our strategy, its implementation, and
tracking of our progress against climate-related
targets – as well as capturing a view of climate-
related risks and opportunities.
During 2025 we continued to enhance our monthly
reporting framework to cover a view of the balance
sheet and revenues from sustainable and transition-
related activity. This supports our ability to review
our Sustainable and Transition Finance portfolio at
greater granularity and improve relevant business
engagement through the financial planning process.
Enhancements were made to help us further
evaluate the portfolio's performance and identify
opportunities to maximise revenue generation
activities.
We also considered impairment over the horizon of
the financial plan. There are no associated material
amendments required to the 2025 financial plan.
All key businesses and applicable functions are
involved in integrating climate-related risks and
opportunities into our financial planning process.
Implementing our climate strategy is managed
through central Sustainable Finance teams under
the Group Head of Sustainable and Transition
Finance.
For example:
•Our climate strategy is a factor in our finance
planning process with a pathway towards aiming
to achieve this as well as risks and opportunities
reviewed with business heads.
•We continue to develop our sustainable and
transition finance to ensure that we have a full
offering for our clients and customers.
•We strive to continue to decarbonise our own
operations, reducing our Scope 1 and 2
emissions and our Scope 3 operational
emissions.
•We measure and track progress towards our
financed emissions reduction targets through our
BlueTrack methodology.
•We conduct portfolio reviews to monitor
whether business activities are conducted within
Barclays’ mandate and aligned with our
expectations, and whether they are of an
appropriate scale relative to the risk and reward
of the underlying activities. Mandate & Scale
Exposure Controls form part of our overall Risk
Appetite Control Framework and climate risks
have been integrated into annual credit portfolio
reviews for elevated risk sectors since 2020. We
continue to monitor against mandate and scale
limits linked to scoring within our Client
Transition Framework.
The 2025 financial planning process used a five-
year baseline scenario to consider the impacts of
climate risks. The baseline scenario implicitly
considered the impact of current and agreed
climate policies across the UK, US and EU on key
macroeconomic variables (such as GDP growth
and unemployment rates), consistent with market
consensus forecasts. The outcome of this
assessment found only a de minimis impact from
climate-related factors on those macroeconomic
variables used to project financial performance.
We will continue to review how climate risks
manifest in the economy through a baseline
scenario.
Workstreams specifically related to finance have
been further embedded within our overall global
financial planning processes, including dedicated
climate management reporting information. Further
details of how this work has served as an input in
our five-year financial planning process and are set
out below – including our approach to Sustainable
and Transition Finance, targets and capital
investments.
During the 2025 financial planning process we
assessed the financial impact of embedding
individual parts of our climate strategy, new
initiatives and targets across our businesses.
A range of scenario analyses were undertaken
during 2025 with the aim to further uncover areas
of risk and opportunity, as well as integrate climate
scenario analysis into our strategic and financial
planning. This included a climate aware Internal
Stress Test with the results allowing Barclays to
also understand resilience to climate risks in this
scenario.
The strategic review of sustainable and transition
finance was also refreshed during the year across
key businesses. The review built upon both new
and previously identified commercial
opportunities. The output was considered in the
financial planning process, including incremental
revenue, cost and capital. For further detail on the
strategy, please see the ‘Sustainability and climate-
related opportunities identified over the short,
medium and long term' on page 35.
The planning process included an assessment of
our financed emissions portfolios for the eight
high-emitting sectors where we have set absolute
emissions or emissions intensity targets: Upstream
Energy, Power, Cement, Steel, Aviation,
Automotive manufacturing, UK Commercial Real
Estate and UK Agriculture, as well as our UK
Housing portfolio for which we have set a
convergence point. The impacts of our current
plans to achieve these targets (where applicable)
are considerations and factors in our financial
planning process.
Barclays continues to engage with our clients to
support them in the transition to a low-carbon
economy. Our current financed emissions
reduction targets are not currently forecasted to
materially impact financial performance over the
next five years.
The financial planning process also covered a
review of our net zero operations strategy.
We will continue to endeavour to further enhance
how Barclays' climate strategy is embedded into
the way we think about financial planning over the
coming years – reflecting on the progress we made
during 2025.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 63 | ||
Implementing our Climate Strategy (continued)
TCFD Strategy Recommendation B |
Incentives
Financial and non-financial measures, including
key climate and sustainability-related measures, are
considered in the determination of the Group
incentive pool and the incentive outcomes for the
Executive Directors of Barclays PLC. Measures
are reviewed annually to ensure they reflect the
Group’s strategic priorities.
The incentive pool is also adjusted to take account
of risks, both crystallised and potential future risks,
and consideration is given to vulnerabilities across
all of Barclays’ principal risks, which include
climate risk.
Climate and sustainability-related measures are
included as part of the Executive Directors’ Long
Term Incentive Plan (LTIP), reflecting the long-
term nature of our ambition, and that progress is
expected to be non-linear and is best assessed over
a multi-year period. For the 2026-2028 LTIP, an
overall weighting of 25% is allocated to the
broader category of measures relating to
Sustainability, customers and clients.
The Group Executive Committee members
responsible for Barclays’ five business divisions
have specific sustainability-related objectives
relevant to the businesses they manage against
which their performance is assessed at the end of
each year.
Performance for all colleagues is assessed against
individual performance objectives, which are
aligned to the consistently excellent standard and
include sustainability considerations where
applicable. Specific sustainability-related
objectives will depend on the role of the individual.
| Further details can be found in our Remuneration report from page 116 |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 64 | ||
Resilience of our strategy
TCFD Strategy Recommendation C |
Scenario analysis | ||
Climate scenario analysis forms a key part of Barclays' approach to assessing and quantifying the impact of physical and transition climate risks on the bank's portfolios. We use this to better understand the significant uncertainty that arises from how climatic weather patterns will change, as well as the rapidly evolving nature of the climate transition from government policies, new technologies and changing individuals' sentiment. | ||
Through climate scenario analysis, the risks and
uncertainties can be translated into financial impacts
to Barclays, allowing us to better understand the
resilience of the business strategy. The scenarios
explored in this section are under a stressed pathway.
Barclays uses climate scenario analysis primarily for
(i) understanding Barclays’ resilience to climate
scenarios, (ii) as a consideration within its financial
planning process, (iii) as a consideration within its
assessment of Expected Credit Losses reported under
IFRS 9. More detail on the Expected Credit Losses
uses can be found on page 242.
Barclays has progressively developed its internal
scenario analysis capabilities, developing new
climate assessment methodologies, running internal
targeted exercises with external subject matter
experts, and participating in regulatory climate stress
testing.
Barclays continues to build its use of scenario
analysis to explore and further understand the
evolving landscape – identifying areas of risks and
opportunities – to challenge existing assumptions of
future climate pathways and measure the risks that
climate change poses to the Group.
Barclays' resilience to climate scenarios | ||
Two stress tests incorporating climate risk were conducted during 2025, each with its own scenario aligned to a less than 2°C pathway, to assess Barclays’ financial resilience to transition and physical risks. Firstly, the 2025 Internal Stress Test (IST) featured a scenario with climate risk drivers over a five-year period. Secondly, a climate- based Reverse Stress Test (RST) was run with a shorter-term focus, designed to test resilience to extreme, near-term climate events. Based on the results of the scenario analysis performed to date, our view is that Barclays' strategy remains resilient to climate scenarios. Given the evolving climate landscape, we seek to further enhance our capabilities and modelling to refine our understanding of Barclays' resilience to various climate scenarios, particularly given high uncertainty in this area. | ||
Internal Stress Test
The 2025 Internal Stress Test was conducted as a
Group-wide exercise across all portfolios over a
five-year period, with the scenario specifically
designed to evaluate Barclays’ ability to withstand
both climate-related and traditional
macroeconomic risks. This year’s scenario placed
greater emphasis on physical climate risks than in
previous years, featuring two years of stormy and
wet weather followed by three years of hot, dry
conditions with droughts and wildfires.
Scenario
The 2025 Internal Stress Test (IST25) scenario was
designed to be climate-aware, with climate risk
drivers incorporated into the development of
macroeconomic factors. By doing so, the exercise
directly addresses Barclays’ climate-related
vulnerabilities, while complementing conventional
macroeconomic stress testing.
To achieve this, Barclays leverages its in-house
scenario design capabilities, enabling a more
tailored approach and deeper understanding of our
risk profile. Rather than relying solely on external
scenarios, such as those provided by the Network
for Greening the Financial System (NGFS), we
developed our own scenario for several reasons:
1)Baseline assumptions differ: External
scenarios typically assume a stable
macroeconomic backdrop. Our approach layers
climate stress on top of an already stressed
macroeconomic environment.
2)Policy outlook has shifted: Global climate
policy continues to evolve rapidly. Since the
NGFS established its baseline assumptions,
significant changes have occurred, particularly
in the United States.
3)Barclays-specific vulnerabilities: We sought to
test risks unique to our portfolios. For example,
given our substantial UK mortgage exposure, we
incorporated an extreme flood event in London
and The Wash region in eastern England to
better assess these vulnerabilities, rather than
relying on the more generic shocks used by
external scenario providers.
The scenario narrative was designed over a five-
year timeframe aligned with Barclays' Medium
Term Planning and Internal Stress Testing
scenarios time frame. Specific variables were
expanded using subject matter expert judgement by
Barclays' internal Global Economic Scenarios and
Climate Risk teams to assess both physical and
transition climate risks.
The exercise is designed to complement
conventional Barclays macroeconomic stress
testing, and seeks to understand:
1)How transition policies can influence
conventional macroeconomic stressed
environment pathways and severity.
2)The incremental impact of climate above
macroeconomic stressed pathways.
3)How physical risk events may impact key
Barclays’ exposures.
The climate scenario consists of three
chronological stages, as depicted in the below
chart. These stages include initial policy
announcements that trigger immediate asset
repricing, while more stringent policy requirements
unfold over a longer time horizon - dampening
recovery in years 3 to 5. Against this backdrop, the
scenario stages also incorporate physical risk
considerations: In the first two years, severe
‘stormy and wet’ weather occurs, characterised
through floods and hurricanes. This is followed by
three years of ‘hot and dry’ weather, resulting in
water stress and wildfires. The insurance market
tightens in the face of increased claims, with
restricted risk appetite in high-risk zones and to
key perils. Events create greater societal awareness
of physical risks and their damages, shifting
preferences towards lower risk assets.
Implications and policies of the three stages are
outlined below:
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 65 | ||
Resilience of our strategy (continued)
TCFD Strategy Recommendation C |
Stage 1:
Consumer preferences shift toward greener
products and practices, particularly in the UK and
EU, while consumption is cut to cope with the
recessionary environment. Behavioural shifts are
pronounced at sector level as consumers turn away
from firms who finance carbon-heavy industries.
Investors reassess their participation with certain
firms. Those with heavy exposure to brown income
and/or assets, combined with poor transition plans,
are negatively impacted in equity markets – with
capital reallocated to greener firms.
Scenario impact (Illustrative only) |
 | A series of risk events triggers a sharp shift in consumer preference for greener products, with regional divergence in the intensity of change. Investors reassess exposure to brown assets, resulting in significant market repricing—a ‘Climate Minsky’ moment. |  | Low carbon investments surge while regional climate policy divergence grows, with transition leaders advancing measures like expansion of Emissions Trading Scheme (ETS), introduction of Carbon Border Adjustment Mechanism (CBAM), ICE phaseouts and energy mandates. |  | Carbon prices stay high but stabilize in early adopters, where technology drives green jobs and low-carbon growth. Late adopters implement similar policies to catch up. | ||||||||
Stage 2:
Regional climate policy divergence grows as the
UK, EU and China forge ahead as leaders on the
transition, with India pivoting because of increased
energy security concerns, and the US continuing to
focus on domestic fossil fuel energy production,
putting downward pressure on oil and gas prices.
Low-carbon investments surge due to accelerated
investment in the power grid and electric vehicles
(EV) infrastructure, supported by declining costs
and efficiency increases.
In 2028, the UK and EU accelerate or announce
additional climate policies. Governments rapidly
scale-up investment in EV charging infrastructure
to speed up the automotive sector’s transition.
Existing emissions trading schemes are
strengthened to align with a 1.5°C pathway,
triggering a significant carbon price shock in 2028.
This slows economic recovery and leads to
heightened inflation as production costs rise due to
increased energy costs, although some of these
impacts are partially offset by substantial public
and private investment aimed at enabling a faster
transition. Carbon Border Adjustment Mechanisms
(CBAMs) are introduced, causing supply-side
shocks and increased trade frictions. Proposals to
tighten EPC minimum standards are accelerated,
bringing forward compliance deadlines for Buy-to-
Let, Social Housing, and UK Commercial Real
Estate properties to achieve EPC rating C or above.
In the US, no additional climate policy is assumed
at this stage. Nevertheless, some indirect effects
are felt from the transition in Europe, primarily
through reduced demand for carbon-intensive US
exports as CBAMs decrease their competitiveness,
and global fossil fuel price shocks.
Stage 3:
By 2029, carbon price growth in the UK and EU
slows but remains high. Technological progress,
coupled with global capital shifting towards low-
carbon solutions, drives the creation of new green
jobs.
In 2029, the US makes a rapid pivot back to
transition policy, aiming to catch up domestically
in low-carbon technologies. Policies similar to
those introduced in Stage 2 in Europe are
implemented, with similar inflationary impacts.
The scenario will have significant impacts on
Barclays, including:
1.Amplified market shocks: additional to existing
macroeconomic shocks, there will be further
equity and credit shocks for brown industries
and financiers, as a result of immediate
repricing.
2.Amplified credit deterioration: additional
credit risk on brown industries as a result of
lower earnings expectations and refinancing
risks.
3.Increase in frequency of physical risk events:
throughout the time horizon, there is an increase
in the occurrence of physical hazards such as
flood, hurricanes and droughts.
A | Economic Only Stress Scenario |
B | Economic and Climate Stress |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 66 | ||
Resilience of our strategy (continued)
TCFD Strategy Recommendation C |
Results and insights
Over the five-year horizon, the IST25 exercise
demonstrates that Barclays remains resilient under
a scenario of global economic fragmentation,
persistent inflation and a combined climate shock.
The scenario features both transition and physical
climate risks, including severe weather events and
a rapid repricing of financial assets. Following this
is a steep increase in carbon prices in the EU and
UK and accelerated policy action on energy
efficiency and real estate standards.
The Investment Bank is the main contributor to
climate-related losses under IST25, reflecting its
exposure to sectors most sensitive to transition and
physical climate risks. Losses are driven by
declining demand and sustained low prices in oil
and gas, The scenario incorporates a sharp rise in
carbon prices in the EU and UK, with the EU
Emissions Trading System (ETS) price rising to
$309/tCO2e.
The UK Mortgages portfolio is directly impacted
by both transition and physical climate risks. The
scenario assumes major flood and storm events, as
well as increased compliance costs from tightened
EPC legislation, requiring upgrades to minimum
energy performance standards by 2028.
Other portfolios, such as BUK Business Bank and
unsecured lending, are primarily affected by the
broader macroeconomic environment under stress.
While these portfolios are included in the overall
scenario, their results are not materially driven by
climate-specific factors in IST25.
The IST25 results are fully integrated into the
Group’s Internal Capital Adequacy Assessment
Process (ICAAP), informing the setting of risk
appetite and supporting the Board’s approval of the
medium-term capital plan. The scenario confirms
that the Group’s capital and liquidity positions
remain robust, with headroom above regulatory
and internal thresholds. Management actions, both
business-as-usual and strategic, provide additional
capacity to absorb stress impacts if required.
While the IST25 exercise incorporates further
enhancements in scenario design, modelling, and
risk transfer mechanisms, it is acknowledged that
results are subject to inherent uncertainties and
limitations. These include the evolving nature of
climate risk modelling, the potential for more
severe or frequent physical events, and the impact
of future regulatory changes. The Group continues
to refine its approach to stress testing, with a focus
on improving data quality, model governance, and
scenario relevance to ensure ongoing resilience in
the face of emerging risks.
Reverse Stress Test
A climate-based Reverse Stress Test was
conducted during 2025, testing the Group’s
resilience to extreme climate events that challenge
the viability of the Group's business model. The
exercise tested both physical and transition risk
drivers. For physical risk, the scenario included
more frequent and severe physical hazards
unfolding and resultant tightening of insurance
markets; for transition risk it explored a volatile
transition, where uncertainty causes challenges to
firms' business models in transition-sensitive
sectors.
Physical Risk: Extreme weather events strike in
the UK, EU and US. In the scenario, the Thames
Barrier in the UK is modelled as failing due to
inadequate funding of repairs, and an extreme
hurricane season in the US is ~3x worse than
historic averages. This leads to an insurance
'Minsky Moment', where (re)insurers rapidly
update risk appetite for severe physical risks,
leading to significant coverage restrictions,
increases to premiums and stranded assets.
Transition Risk: As a result of these physical risk
events, the pressure for transition increases, as the
ability to do so declines. Global responses are
disorderly and divergent, as they seek to reduce
GHGs whilst addressing impacts of physical risk
events, and this increases the volatility and
uncertainty over where and how fast the transition
will occur. As a result, firms struggle to establish
effective and efficient business plans, impacting
firms with green and brown exposure and causing
deterioration in financial performance.
Results and insights
Three sensitivities were assessed across the
Group’s Corporate, Mortgage, Cards and
Structured Lending and Financing portfolios,
reflecting the high level of uncertainty of the
scenario. The Group’s business model could reach
non-viability in the two most extreme cases which
tested our vulnerability to income losses and
capital increases. The exercise highlighted the
ways in which these portfolios could be the major
driver of losses in a climate scenario, particularly
due to physical risk, and provided valuable
learnings for further investigation:
1For UK Mortgages, the exercise provided
valuable insights into how concentrations of
flood risk can affect the portfolio, how acute
(severe flood event) and chronic (ongoing
precipitation saturating the ground) can interact
to cause significant floods, and highlighted the
crucial role that flood defences play in
alleviating the impact of flooding on UK homes.
2For the Corporate Portfolio, results highlighted
how physical perils can impact those with high
concentrations of assets exposed to these risks,
as well as a longer tail of firms with some of
their operating sites in sensitive locations. For
transition, the portfolio can be exposed to both a
fast and slow transition, particularly those
companies who have a concentration of green or
brown technologies.
3For Cards, the assessment focused on the US
portfolio, and demonstrated the reliance on
ongoing affordable home, health and car
insurance for customers, as well as wider
reliance on FEMA and State disaster relief
programmes.
4For our Structured Lending and Financing
portfolio, the exercise pointed out that extreme
tail risk is driven by commensurately severe
devaluation of properties in certain US states.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 67 | ||
Resilience of our strategy (continued)
TCFD Strategy Recommendation C |
2025 Enhancements | ||
During 2025, Barclays have made several key enhancements across climate scenario development, climate risk modelling, and the ways in which we embed climate learnings into our risk management. | ||
•Climate scenarios are developed by our Global
Economic Scenarios Team using existing
scenario expansion tools and processes,
supplemented with dedicated climate analysis
for consistency and granularity. Climate
considerations are increasingly embedded within
our internal stress testing framework.
•An expanded set of climate-specific variables
enables modelling of a wider range of impacts.
For example, this year we worked with the
Barclays Commodities Research Team to assess
the likely effect of the scenario on Brent oil
prices, strengthening our climate stress-testing
capabilities.
•A new judgement-based approach model for
climate scenario design has been introduced,
establishing dedicated governance for climate
scenario development.
•Scenarios are benchmarked against the latest
NGFS short-term scenarios to ensure alignment
with industry standards.
•For UK residential mortgages, we have
continued enhancing the model for both Stress
Testing and Economic Capital assessment. The
methodology is now able to assess the impacts
of windstorm, in addition to flood, subsidence
and EPC risk. The model was also enhanced to
capture properties for which we did not have
flood or subsidence risk data by using a fallback
mechanism.
•The Corporate Model has been further enhanced
this year by the addition of a capital expenditure
module, delineating costs between clients who
are more or less well-positioned under a climate
scenario. This comes with refined assumptions,
to address the fact that not all clients can achieve
the same level of production that the economy
desires in green alternatives, and that clients
lagging behind would have to engage in further
research and development to meet product
demand.
•The model is also taking greater geographical
granularity into account, by considering regional
specific demand and price curves across
industries, to better reflect climate policy and
sentiment.
•The Commercial Real Estate portfolio continues
to be an area of focus for assessing climate risk
impacts, with additional sensitivities performed
to help understand the range of outcomes.
•The US REITs portfolio has been analysed using
a qualitative model in IST 2025, with key
considerations being physical risk drivers, e.g.
floods, hurricanes and wildfires. The REITs
book is analysed over a five-year horizon at a
property and geography level. The analysis
factors in rental revenue impact, property
valuation impact, restoration costs, operating
expense, insurance cover and debt. A sensitivity
analysis has also been conducted to validate the
model internally for all relevant parameters.
Challenges and limitations | ||
Barclays is continuing to better its understanding of the interlinking relationships between climate, particularly transition risk, and macro variables, a lack of adequate historical data being a key limitation to progress. | ||
Data
There are inherent challenges in climate modelling
due to limitations in data quality and availability,
given the short history of climate assessments
within the financial services industry.
•Data coverage is often lacking, where a subset
of assets may not have the appropriate
information publicly disclosed. Climate scenario
risk analysis requires approaches and tools that
are more granular (e.g. focus on company-level
analysis), which differs from more traditional
stress-testing exercises conducted at portfolio or
sector level. This creates a need for more
granular data.
•While high data granularity is desirable to model
client-specific features, the balances between
high data granularity and the additional insights
provided must be investigated to assess the
appropriate level of modelling.
•Data coherence issues may present
inconsistencies in modelling. Emissions data is
often one-year lagged, thus where the latest
quarter/year financials are available, the
emissions data may not be reflective of the
company's operations, especially where there
has been substantial growth or decline, mergers
and acquisitions or other special activities.
Scenario
There are inherent uncertainties with scenario
design, largely attributed to limited history of the
interactions between climate risks and the
economy.
•Timing and interactions of physical and
transition risks can impact the Group's
assessment of capital adequacy and resilience.
Assumptions around such compounding effects,
while nuanced, are critical to our loss
assessment and subsequently risk management
processes and business strategy.
•There is a level of uncertainty with climate
stress-testing projections in (i) how the scenario
will manifest; (ii) how customers and clients
will react; and (iii) the final loss quantification.
•An understanding of compounding risks and
feedback loops between financial systems, the
economy, and climate risks remains a challenge,
given the lack of historical precedent of such
interactions. Over longer time horizons, it
becomes increasingly difficult to capture the
range of second-order effects as physical and
transition risks evolve, assess the rate in which
risks manifest or subside, or identify inflection
points.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 68 | ||
Important information/Disclaimers
Information provided in climate and
sustainability disclosures
What is important to our investors and stakeholders
evolves over time, and we aim to anticipate and
respond to these changes. Disclosure expectations
in relation to climate change and sustainability
matters are particularly fast moving, and differ
from more traditional areas of reporting including
in relation to the level of detail and forward-
looking nature of the information involved and the
consideration of impacts on the environment and
other persons. We have adapted our approach in
relation to the disclosure of such matters. Our
climate and sustainability disclosures take into
account the wider context relevant to these topics,
which may include evolving stakeholder views, the
development of our climate strategy, longer
timeframes for assessing potential risks and
impacts, international long-term climate and
nature-based policy goals, evolving sustainability-
related policy frameworks (and the harmonisation
or interoperability of relevant regulation) and
geopolitical developments and regional variations.
Our climate and sustainability disclosures are
subject to more uncertainty than disclosures
relating to other subjects, given market challenges
in relation to data reliability, consistency and
timeliness – the use of estimates, judgements and
assumptions which are likely to change over time,
the application and development of data, models,
scenarios and methodologies, changes in the
regulatory landscape, and variations in reporting
standards. Our approach to materiality may
continue to evolve as our, and the industry's,
understanding of climate and sustainability-related
risks and opportunities continues to develop.
These factors mean disclosures may be amended,
updated, and recalculated in future as market
practice and data quality and availability develops,
and could cause actual achievements, results,
performance or other future events or conditions to
differ, in some cases materially, from those stated,
implied and/or reflected in any forward-looking
statements or metrics included in our climate and
sustainability disclosures. We give no assurance as
to the likelihood of the achievement or
reasonableness of any projections, estimates,
forecasts, targets, commitments, ambitions,
prospects or returns contained in our climate and
sustainability disclosures and make no
commitment to revise or update any such
disclosures to reflect events or circumstances
occurring or existing after the date of such
statements.
Disclaimers
In preparing the climate and sustainability content
within the Barclays PLC annual report on Form 20-
F wherever it appears, we have:
•Made certain key judgements, estimations and
assumptions. This is, for example, the case in
relation to financed emissions, portfolio
alignment, classification of sustainable and
transition finance and revenues, operational
emissions and sustainability metrics,
measurement of climate risk and scenario
analysis
•Used climate and sustainability data, models,
scenarios and methodologies that we considered
appropriate for these purposes at the time of
deployment. Some of these were provided by
third parties, over whom we have no control,
and may have been based on differing or
unknown methodologies. The underlying
assumptions, interpretations or methodologies
may not be independently verifiable and could
be inaccurate. Climate and sustainability data,
models, scenarios and methodologies are subject
to future risks and uncertainties and may change
over time. Climate and sustainability disclosures
in this document, including climate and
sustainability-related data, models and
methodologies, are not of the same standard as
those available in the context of other financial
information and use a greater number and level
of judgements, assumptions and estimates,
including with respect to the classification of
sustainable and transition finance and revenues.
Climate and sustainability disclosures are also
not subject to the same or equivalent disclosure
standards, historical reference points,
benchmarks or globally accepted accounting
principles. Historical data cannot be relied on as
a strong indicator of future trajectories in the
case of climate change and its evolution.
Outputs of models, processed data, scenario
analysis and the application of methodologies
will also be affected by underlying data quality,
which can be hard to assess, or challenges in
accessing data on a timely basis
•Continued (and will continue) to review and
develop our approach to data, models, scenarios
and methodologies in line with market principles
and standards as this subject area matures. The
data, models, scenarios and methodologies used
(including those made available by third parties)
and the judgements, estimates and/or
assumptions made in them or by us are rapidly
evolving, including scientific evidence relating
to climate change and scenarios outlining
pathways to net zero, and this may directly or
indirectly affect the metrics, data points, targets,
convergence points and milestones contained in
the climate and sustainability content within the
annual report on Form 20-F. Further, changes in
external factors which are outside of our control
such as accounting and/or reporting standards,
improvements in data quality, data availability,
or updates to methodologies and models and/or
updates or restatements of data by third parties,
could impact – potentially materially – the
performance metrics, data points, targets,
convergence points and milestones contained in
the climate and sustainability content within the
annual report on Form 20-F. In future reports we
may present some or all of the information for
this reporting period (including information
made available by third parties) using updated or
more granular data or improved models,
scenarios methodologies, market practices or
standards. Equally, we may need to re-baseline,
restate, revise, recalculate or recalibrate
performance against targets, convergence points
or milestones on the basis of such updated data.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 69 | ||
Important information/Disclaimers (continued)
Such updated information may result in different
outcomes than those included in the annual
report on Form 20-F. It is important for readers
and users of the annual report on Form 20-F to
be aware that direct, like-for-like comparisons of
each piece of information disclosed may not
always be possible from one reporting period to
another. The 'Reducing our financed emissions'
section of the annual report on Form 20-F
highlights where information in respect of a
previous reporting period has been updated.
Page 51 sets out the data sourcing and data
quality considerations and our approach to
reporting financed emissions data. For
operational emissions, this is covered on page 59.
•Included in the annual report on Form 20-F a
number of graphics, infographics, text boxes and
illustrative case studies and credentials which
aim to give a high-level overview of certain
elements of the climate and sustainability
content within the annual report on Form 20-F
and improve accessibility for readers. These
graphics, infographics, text boxes and
illustrative case studies and credentials are
designed to be read within the context of the
annual report on Form 20-F as a whole.
•On sustainable revenues, we review our revenue
perimeter on an ongoing basis and assess our
coverage against the pure-play criteria in our
SFF and TFF. As a result, reported baseline
metrics may change from one reporting period
to another, and direct like-for-like comparisons
may not always be possible from one reporting
period to another.
There are a variety of internal and external factors
which may impact our reported metrics and
progress against our targets, convergence points
and milestones. We expect to continue to see this
impact our metrics in the future as data availability
and quality, methodologies, guidance, and best
practices for calculating our financed and
operational emissions metrics - all of which
include differing levels of estimation - continue to
evolve and be refined.
Any information contained or referred to in the
annual report on Form 20-F, in relation to any
actual or potential climate and sustainability
objective, issue or consideration is not intended to
be relied upon for EU Sustainable Finance
Disclosure Regulation classification purposes, EU
Taxonomy Regulation classification purposes, or
any other classification regimes.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 70 | ||
Governance
Our governance framework facilitates the effective
management of the Group across its diverse businesses.
Board Governance | |
Directors’ report | |
Board of Directors | 72 |
Group Executive Committee | 76 |
Our governance framework | 77 |
Key Board activities | 80 |
Board Nominations Committee report | 84 |
Board Audit Committee report | 92 |
Board Risk Committee report | 100 |
Board Sustainability Committee report | 105 |
How we comply | 107 |
Other statutory and regulatory information | 109 |
Remuneration report | 116 |
Other Governance | |
Climate and sustainability governance | 158 |
Managing impacts in lending and financing | 163 |
Human rights/Modern slavery | 165 |
Our supply chain | 167 |
Supporting our customers | 168 |
The Barclays Way | 171 |
Whistleblowing | 172 |
Tax | 173 |
Financial crime | 175 |
Health and safety | 176 |
Managing data privacy, security and resilience | 177 |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 71 | ||
Board Governance
Welcome to our 2025 Board Governance report. The report sets out
the composition of our Board and explains how our Board governance
framework operates, alongside the key areas of focus for our Board and Board
Committees in 2025.
Aim of our governance
The primary aim of our governance is that it:
•seeks to ensure that our decision-making is aligned to our
Purpose, Values and Mindset
•creates long-term sustainable value for our shareholders, having
regard to the interests of all our stakeholders
•is effective in providing constructive challenge, advice and
support to management
•provides checks and balances and drives informed, collaborative
and accountable decision-making.
Compliance with the Code
•Our Board Governance report reflects the requirements of the
2024 UK Corporate Governance Code (the Code) in force as at 31
December 2025.
•To view how we comply with the Code,
please see the How We Comply section on page 107.
Certain additional information, signposted throughout this report,
is available at home.barclays/corporategovernance
Directors’ report | |
Board of Directors | 72 |
Group Executive Committee | 76 |
Our governance framework | 77 |
Key Board activities | 80 |
Board Nominations Committee report | 84 |
Board Audit Committee report | 92 |
Board Risk Committee report | 100 |
Board Sustainability Committee report | 105 |
How we comply | 107 |
Other statutory and regulatory information | 109 |
Remuneration report | 116 |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 72 | ||
Directors' report: Board of Directors
Setting our strategic direction
Responsible for the overall leadership of the Group,
driven by our Purpose, Values and Mindset.
Board Committee membership
Audit Committee Member | Remuneration Committee Member | Sustainability Committee Member | |||
Nominations Committee Member | Risk Committee Member | Committee Chair |
Nigel Higgins
Group Chairman
Appointed
March 2019 (Board)
May 2019 (Chairman)
Skills, experience and contribution:
•seasoned business leader with extensive
experience in, and understanding of, banking
and the financial services industry
•strong track record in leading and
chairing organisations
•significant experience in providing strategic
advice to major international organisations
and governments
•keen focus on culture and
corporate governance.
Nigel spent 36 years at Rothschild &
Co. where his last role was as Deputy
Chairman. Prior to that, he had been Co-
Chief Executive, Chairman of the Group
Executive Committee and Managing Partner
of Rothschild & Co for a decade.
Key current appointments:
•Chairman, Sadler’s Wells
•Non-Executive Director, Tetra
Laval Group
•Non-Executive Director, Oxford
Quantum Circuits Limited.
C.S. Venkatakrishnan
Group Chief Executive
Appointed
November 2021
Skills, experience and contribution:
•highly regarded leader with significant global
banking experience
•extensive background in financial markets
and risk management
•deep understanding of the business and the
areas within which the Group operates.
Prior to his appointment as Group Chief
Executive, Venkat served as Head of Global
Markets and Co-President of Barclays Bank
PLC from October 2020 and Group Chief Risk
Officer from 2016 to 2020.
Before joining Barclays in 2016, Venkat
worked at JPMorganChase from 1994,
holding senior roles in Asset Management,
Investment Banking, and in Risk.
Key current appointments:
•Board Member, Institute of
International Finance
•Chair, Financial Services Taskforce
to the Sustainable Markets Initiative
•Director and Vice Chair, Focusing Capital
on the Long Term (FCLT) Global.
Brian Gilvary
Senior Independent Director (SID)
Appointed
February 2020 (Board)
January 2021 (SID)
Skills, experience and contribution:
•extensive senior level experience of
management, finance and strategy
•deep experience of US and UK
shareholder engagement
•significant experience with, and
understanding of, the challenges and
opportunities inherent in advancing a
sustainable energy future.
Brian spent much of his career with BP
p.l.c. in senior leadership roles, where
most latterly he held the role of Chief Financial
Officer. His other senior-level experience
includes serving on the boards
of various commercial and charitable
organisations. Brian was Chair of
The 100 Group of FTSE 100 Finance
Directors, a member of the UK Treasury
Financial Management Review Board and
has served on various Business
in the Community Leadership Teams.
Key current appointments:
•Non-Executive Chair, INEOS Energy
•Non-Executive Director, Defence Board,
Ministry of Defence
•Chair, The Royal Navy and Royal
Marines Charity
•Senior Independent Director,
The Francis Crick Institute.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 73 | ||
Directors' report: Board of Directors (continued)
Robert Berry
Independent Non-Executive Director
Appointed
February 2022
Skills, experience and contribution:
•proven track record of management
of risk exposure for a global financial
institution and building a modern group-wide
risk management organisation
•strong record of integrating risk management
with strategy
•significant experience in finance, model
development and trading.
Robert's career started with NatWest (Capital
Markets) as a trader, before joining Goldman
Sachs, where he spent most of his executive
career, based in London and New York.
At Goldman Sachs, NY, Robert developed
expertise in risk management and finance
roles. He was made partner in 2008, and
latterly acted as Deputy Chief Risk Officer,
serving various firm-wide risk and finance
committees, up to his retirement in 2018. Other
senior-level experience includes serving on
boards of large charitable organisations.
Key current appointments:
•Trustee, High Watch Recovery Center
(incorporating President, Alina Lodge)
Anna Cross
Group Finance Director
Appointed
April 2022
Skills, experience and contribution:
•extensive accounting and financial
services expertise
•deep understanding of banking and
retail sectors
•significant financial leadership experience
of financial institutions.
Anna is a chartered accountant and Group
Finance Director with responsibility for the
Finance function, including Tax, Treasury,
Investor Relations and Strategy.
Prior to joining Barclays, Anna worked in
both banking and retail and held various roles
at Asda, HBOS and Lloyds Banking Group.
Since joining Barclays in 2013, Anna was
appointed Chief Financial Officer of
Barclays Bank UK PLC in 2016, Group
Financial Controller in 2019 and Deputy
Group Finance Director in 2020. She joined
the Group Executive Committee in February
2022, before taking up the role
of Group Finance Director in April 2022.
Key current appointments:
•Chair, The 100 Group of FTSE 100
Finance Directors
Dawn Fitzpatrick
Independent Non-Executive Director
Appointed
September 2019
Skills, experience and contribution:
•extensive management experience of
international financial institutions
•strong financial and strategic
leadership experience
•detailed knowledge of the markets in
which the Group operates.
Dawn holds the role of Chief Executive
Officer and Chief Investment Officer at
Soros Fund Management LLC.
Her previous experience includes 25
years with UBS, most latterly as Head of
Investments for UBS Asset Management.
Key current appointments:
•Chief Executive Officer and Chief
Investment Officer, Soros Fund Management
LLC
•Non-Executive Director, Under Armour, Inc.
•Advisory Council Member, The Bretton
Woods Committee
•Chair, Financial Sector Advisory Council,
Federal Reserve Bank of Dallas
Mary Francis CBE
Independent Non-Executive Director
Appointed
October 2016
Skills, experience and contribution:
•extensive board-level experience across a
range of industries
•strong focus on reputation management and
promoting board governance values
•detailed understanding of the interaction
between public and private sectors.
Mary's previous appointments include
Non-Executive Directorships at the Bank of
England, Alliance & Leicester, Aviva, Centrica
and Swiss Re Group.
In her executive career, Mary held senior
positions with both HM Treasury and the
Prime Minister's Office and served as Director
General of the Association of British Insurers.
Mary is the Barclays Bank PLC Consumer
Duty Champion.
Mary will be stepping down from the Board
with effect from 6 May 2026.
Key current appointments:
•Senior Independent Director,
PensionBee Group PLC
•Member, UK Takeover Appeal Board
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 74 | ||
Directors' report: Board of Directors (continued)
Sir John Kingman
Independent Non-Executive Director
Appointed
June 2023
Skills, experience and contribution:
•deep background in financial services
•strong leadership qualities and chair
experience
•extensive expertise providing strategic advice
to Government.
John is Chair of Barclays Bank UK PLC. He
had a long Whitehall career, where he was
Second Permanent Secretary to HM Treasury
and was also closely involved in the UK
response to the financial crisis, handling the
resolution of Northern Rock and leading
negotiations with RBS, Lloyds and HBOS on
their £37bn recapitalisation.
John was also the first Chief Executive of
UK Financial Investments Ltd (UKFI), and
from 2010-2012, he was Global Co-Head of
the Financial Institutions Group at
Rothschild. From 2016 to 2021, John was the
first Chair of UK Research & Innovation,
which oversees Government science funding
of c.£8bn a year. Between 2020 and January
2023, he was Chair of Tesco Personal
Finance plc.
Key current appointments:
•Chair, Legal & General Group Plc
•Trustee & Deputy Chair of the Board of
Trustees, The National Gallery
Diony Lebot
Independent Non-Executive Director
Appointed
March 2025
Skills, experience and contribution:
•significant leadership experience,
including extensive board level
experience, in banking and
financial services
•significant senior executive experience in
global and investment banking activities
•deep expertise in risk management.
Diony had a notable executive career with
Société Générale, holding various senior
leadership positions, where she was most
recently Deputy Chief Executive Officer, and
prior to that was Group Chief Risk Officer.
She holds non-executive board roles at EQT
AB, one of the largest global private equity
firms, and Alpha Bank, one of the
four systemic banks in Greece.
Diony is a member of the Board of Barclays
Bank Ireland PLC (Barclays Europe).
Key current appointments:
•Non-Executive Director, Alpha Bank
•Non-Executive Director, EQT AB
Mary Mack
Independent Non-Executive Director
Appointed
June 2025
Skills, experience and contribution:
•extensive leadership experience within the
financial services industry
•strong operations, strategic and
transformation experience
•deep understanding of retail, consumer
lending and small business banking.
Mary had a distinguished executive
career with Wells Fargo (and its
predecessor institutions) in multiple senior
leadership roles across a wide range of banking
businesses.
Most recently, she was Chief Executive
Officer of Consumer and Small Business
Banking, having previously held senior
executive roles in Consumer Lending,
Community Banking and Wealth
Management and Retail Brokerage. Mary
retired from Wells Fargo in 2024 and
Mary currently serves on the board of US
listed company, Martin Marietta Materials,
Inc.
Key current appointments:
•Non-Executive Director,
Martin Marietta Materials, Inc.
Marc Moses
Independent Non-Executive Director
Appointed
January 2023
Skills, experience and contribution:
•strong technical finance background in
accounting and audit-related matters
•significant board and senior executive-level
risk management experience
•extensive knowledge of banking and
financial services.
Marc is a chartered accountant and his
financial services experience extends over
43 years, initially as a trader and then in
senior executive roles as an audit partner
at PwC, and Chief Financial Officer of JP
Morgan Europe.
He joined HSBC in 2005 where he was
Group Chief Risk Officer for nine years and
joined the Group board as an executive
director in 2014. He retired from HSBC
in 2019.
Key current appointments:
•Non-Executive Chair, Orenda FS B.V.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 75 | ||
Directors' report: Board of Directors (continued)
Brian Shea
Independent Non-Executive Director
Appointed
July 2024
Skills, experience and contribution:
•deep experience of financial services sector
•strong operations, technology and
transformation experience
•detailed knowledge and understanding of US
financial regulation.
Brian is Chair of Barclays Execution Services
Limited (BX). Brian's executive and non-
executive career extends to over 40 years in the
financial services industry. He was Vice
Chairman and Chief Executive Officer of
Investment Services at Bank of New York
(BNY) Mellon from 2014 until his retirement
in 2017.
Prior to this, he served in a variety
of executive roles, including as Chief
Executive Officer of Pershing, LLC. (a BNY
Mellon company). He is a former non-
executive director of Fidelity National
Information Services, Inc. and has also
held several US securities industry
and regulatory board and advisory committee
positions.
Key current appointments:
•Board of Directors, Ameriprise Financial, Inc.
•Board of Directors, RBB Fund, Inc.
•Board of Trustees, Catholic Charities
of the Archdiocese of New York
Julia Wilson
Independent Non-Executive Director
Appointed
April 2021
Skills, experience and contribution:
•significant board and executive-level
strategic and financial leadership experience
•extensive accounting, audit and financial
services expertise
•strong UK regulatory experience.
Julia is a chartered accountant and was
the Group Finance Director of 3i Group
plc, having served on its board from 2008 until
she stepped down in June 2022.
Prior to joining 3i, she was Group Director
of Corporate Finance at Cable & Wireless
where she also held a number of finance-
related roles.
Julia was appointed a Non-Executive
Director at Legal & General Group Plc
(L&G) in 2011. She chaired L&G’s Audit
Committee between 2013 and 2016 and was
Senior Independent Director from 2016 until
she stepped down from L&G in March 2021.
Julia previously served as the Chair of The
100 Group of FTSE 100 Finance Directors.
Julia is a Non-Executive Director of Bunzl
plc and is the Chair of the Bunzl plc Board
Audit Committee.
Key current appointments:
•Non-Executive Director, Bunzl plc
Hannah Ellwood
Group Company Secretary
Appointed
February 2023
Relevant skills and experience:
Hannah is the Group Company Secretary for
Barclays, and a standing attendee of the Group
Executive Committee. She is an experienced
lawyer and company secretary with significant
experience in Board and executive-level
governance and leads the global Corporate
Secretariat function.
Career:
Hannah joined Barclays in September 2012 as
Chief of Staff to the Investment Bank General
Counsel, moving to Barclays Corporate
Secretariat in 2016. Hannah was appointed
Group Company Secretary in
February 2023, having served as Deputy
Company Secretary of Barclays PLC since
2018. Hannah has in-depth knowledge of
legal, risk corporate governance, regulatory
disclosure and market conduct matters. Prior
to joining Barclays, Hannah was a Senior
Associate in the London Corporate practice
of Clifford Chance LLP.
Hannah is an active contributor to industry and
governance best practice. She is a member of
the Listing Authority Advisory Panel, which
provides independent advice and challenge to
the Financial Conduct Authority, representing
views of participants in primary markets.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 76 | ||
Directors' report: Group Executive Committee
Leading the execution of our strategy
The Group Executive Committee (ExCo), as the most senior
management committee for the Barclays Group, supports the
Group Chief Executive in executing Barclays' strategic priorities.
C.S. Venkatakrishnan Group Chief Executive | |
Wally Adeyemo Group Head of Strategy and Transformation | |
Stephen Dainton President of Barclays Bank PLC and Head of Investment Bank Management | |
Cathal Deasy Global Co-Head of Investment Banking | |
Matt Hammerstein Chief Executive Officer of the UK Corporate Bank and Head of Public Policy and Corporate Responsibility | |
Vim Maru Chief Executive Officer of Barclays UK | |
Tristram Roberts Group Human Resources Director | |
Stephen Shapiro Group General Counsel | |
Taylor Wright Global Co-Head of Investment Banking |
Anna Cross Group Finance Director |
Craig Bright Group Co-Chief Operating Officer and BX Co-Chief Executive Officer |
Anne Marie Darling Group Co-Chief Operating Officer and BX Co-Chief Executive Officer |
Matt Fitzwater Group Chief Compliance Officer |
Adeel Khan Head of Global Markets |
Denny Nealon Chief Executive Officer for Barclays US Consumer Bank (USCB) and Barclays Bank Delaware (BBDE) |
Taalib Shaah Group Chief Risk Officer |
Sasha Wiggins Chief Executive of Private Bank and Wealth Management |
Changes in ExCo during 2025
In July 2025, we welcomed Craig Bright and
Anne Marie Darling as Group Co-Chief
Operating Officers and Co-Chief Executive
Officers of BX. We are grateful for the
contribution made by Alistair Currie (Group
Chief Operating Officer and Chief Executive
Officer of BX), who stepped down from his
role in June 2025.
To support the Group Chief Executive in
driving the delivery of the Group's strategy,
a new role of Group Head of Strategy and
Transformation was introduced. We were
pleased to welcome Wally Adeyemo in this
role in October 2025.
Standing attendees
The Group Chief Executive continues to
extend a standing invitation on ExCo to:
•Gijs Borghouts, Group Chief Internal
Auditor
•Hannah Ellwood, Group Company
Secretary
•Anita Tanna, Group Chief of Staff.
Ex-officio posts
ExCo continues to utilise ex-officio
positions on the Committee to promote
diversity of thought, provide specialist input
and bring new perspectives,
with each appointee serving a four-
month rotation.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 77 | ||
Directors’ report: Our governance framework
A governance framework to facilitate
effective decision-making
Committed to high standards of corporate governance
to drive long-term sustainable value for our shareholders.
Group structure |
Barclays PLC |
BBPLC Barclays’ non-ring-fenced operations |
Barclays Europe Barclays US LLC Barclays Bank Delaware |
Barclays PLC (BPLC) is the Group’s parent company and is listed on the London Stock Exchange.
Each of the Group’s key operating entities - Barclays Bank PLC (BBPLC), Barclays Bank UK PLC (BBUKPLC), Barclays Bank Ireland PLC
(Barclays Europe), Barclays US LLC and Barclays Bank Delaware (BBDE) - has its own board (with executive and non-executive directors)
and board committees. These main operating entities are supported by our Group-wide service company, BX, which also has its own
board comprised of executive and non-executive directors, and provides technology, operations and functional services to businesses
across the Group.
Our governance framework
The Board recognises the importance of
effective governance as an enabler to the
successful development and execution of the
Group’s strategy. We consider governance
to be how the Board makes decisions and
provides oversight to promote Barclays’
success for the long-term sustainable benefit
of our shareholders, having regard to the
interests of our stakeholders, which include
our customers and clients, colleagues and
the society and wider environment in which
we operate.
Our Group-wide governance framework
is designed to:
•facilitate the effective management of the
Group by our Group Chief Executive and
his ExCo across our five operating
divisions; and
•support and provide oversight and
constructive challenge to the Group’s
major subsidiary boards in the UK,
Ireland and the US, having regard to
the legal, regulatory and independence
requirements applicable to those entities.
BBUKPLC Barclays’ ring- fenced bank |
BX Barclays’ service company |
Generally, there is one set of operating
principles for the Group. Group-wide
frameworks, policies and standards are
adopted throughout the Group unless local
laws or regulations require otherwise (for
example, the ring-fencing obligations
applicable to BBUKPLC), or ExCo decides
otherwise in a particular instance.
Corporate Governance
Operating Manual
Our Corporate Governance Operating
Manual sets out how the Group’s significant
subsidiaries (and their respective boards and
board committees) should interact with each
other and with management. It also provides
guidance and clarity for management and
Directors as to how these relationships and
processes should work in practice. This is a
dynamic document that evolves alongside
the changing nature of the Group.
The role of the Board
The Board sets the purpose, strategic
direction and risk appetite for the Group and
is the ultimate decision-making body for
matters of Group-wide strategic, financial,
regulatory and/or reputational significance.
The Board also has direct oversight of
matters relating to culture.
Membership of the BPLC and BBPLC
Boards is partially consolidated to drive
efficiency and co-ordination, whilst also
reducing complexity and unnecessary
duplication. Consequently, the BBPLC
Board is composed of a subset of the BPLC
Board, with all members of the BPLC Board
(except for the SID, Chair of BBUKPLC
and at least one other Non-Executive
Director) also serving on the BBPLC Board.
We believe that having members of the
BPLC Board serving as the Chairs of some
of the Group’s main operating entities
supports improved efficiency, oversight,
escalation and co-ordination while ensuring
an appropriate focus is given to matters
relevant to each entity.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 78 | ||
Directors' report: Our governance framework (continued)
Board governance framework | ||
Barclays PLC Board | ||
Responsible for the overall leadership of the Group (with direct oversight of strategy, culture and strategic reputational matters relating to the Group) | ||
Board Nominations Committee | Board Audit Committee | Board Risk Committee | Board Sustainability Committee | Board Remuneration Committee | ||
Oversees the composition of, and appointments to, the Board, Board Committees and ExCo. | Oversees financial reporting and monitors the internal control environment. | Oversees the Group's risk profile, risk appetite and management of principal risks. | Oversees climate and sustainability matters. | Sets the principles and parameters of remuneration policy. | ||
For more information, see page 84. | For more information, see page 92. | For more information, see page 100. | For more information, see page 105. | For more information, see page 116. |
Matters reserved to the Board
Our Matters Reserved to the Board sets out
the matters reserved solely for the decision-
making power of the Board. These matters
include material decisions relating to
strategy, risk appetite, medium term plans,
capital and liquidity plans, risk management
and controls frameworks, strategic
reputational matters and the approval of
financial statements, large transactions,
share allotments, dividends and share buy-
backs.
Responsibility for the Group’s business on a
day-to-day basis has been delegated by the
Board to the Group Chief Executive,
supported by his ExCo, to make and
implement strategy and operational
decisions.
Information provided to the Board
The Group Chairman is responsible for
setting the Board’s agenda, primarily
focused on strategy, performance, value
creation, culture and stakeholders. In
addition, the Group Chairman is responsible
for ensuring that Board members receive
timely and high quality information to
enable sound decision-making and promote
the success of BPLC.
The Group Company Secretary, working in
collaboration with the Group Chairman, is
responsible for ensuring good governance
and information flow to support the Board’s
effectiveness.
In addition to presentations delivered to the
Board and Board Committees as part of
formal meetings, Board members are kept
informed of key developments during the
year outside of meetings through updates
from the Executive Directors, ExCo and
senior management.
Directors have access to the advice of the
Group Company Secretary and are also able
to seek independent and professional advice
at Barclays’ expense, where required, to
enable them to fulfil their obligations to
BPLC.
Board Committees
The Board is supported in its work by its
Committees: the Board Nominations
Committee, Board Audit Committee, Board
Risk Committee, Board Sustainability
Committee and Board Remuneration
Committee. Each Board Committee has its
own terms of reference setting out its remit and
decision-making powers. The Board may
from time to time establish ad hoc
Committees to oversee specific matters as
and when they arise.
The Board Committees are comprised solely
of Non-Executive Directors, with the
exception of the Board Sustainability
Committee of which the Group Chief
Executive is an Executive member. In that
role, the Group Chief Executive brings
invaluable strategic insights to the
Committee’s discussions, including external
perspectives from his outside engagements.
The Chairs of each Board Committee report
regularly on their Committee's work to the
Board. You can read more about the work of
each Board Committee later in this
Governance report.
Conflicts of interest
The Board has the authority to authorise
Director conflicts of interest in accordance
with the Companies Act 2006 and BPLC’s
articles of association (Articles). This
ensures that the influence of third parties
does not compromise the independent
judgement of the Board.
Directors are required to declare any
potential or actual conflicts of interest that
could interfere with their ability to act in the
best interests of BPLC.
A conflicts register recording actual and
potential conflicts of interest is maintained,
together with any Board authorisations of
conflicts. Authorisations are for an indefinite
period, but are reviewed on an annual basis
by the Board. The Board also considers the
effectiveness of the conflicts authorisation
process. The Board retains the power to vary
or terminate conflicts authorisations at
any time.
Attendance at Board meetings
Directors are expected to attend every Board
meeting. Where a Director is not able to
attend a Board meeting, the relevant
Director's views are generally made known
to the Group Chairman in advance of the
meeting. The Group Chairman also meets
privately with the Non-Executive Directors
on a regular basis.
Details of Director attendance at Board
meetings during 2025 are set out on the next
page, and details of Director attendance at
Board Committee meetings are set out in the
report of each Board Committee.
Board effectiveness
The effectiveness of the Board, Board
Committees and individual Directors is
assessed on an annual basis. As permitted by
the Code, an internally facilitated effectiveness
review was carried out for 2025. You can read
about the results of the 2025 review, as well as
progress against the recommendations from the
externally facilitated Board review for 2024, in
the report of the Board Nominations
Committee from page 84.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 79 | ||
Directors' report: Our governance framework (continued)
Division of responsibilities and Board meeting attendance
Roles on the Board
In line with the provisions of the Code, a clear division of responsibilities has been established between Executive and Non-Executive
Directors. Our Charter of Expectations sets out the individual role profiles and required behaviours and competencies for the Chair, SID,
Non-Executive Directors, Executive Directors and Committee Chairs. A summary of the role profiles for Board members is set out in the
table below.
Attendance at Board meetings
The table below provides details of Director attendance at Board meetings during 2025.
Role on Board | Meetings attended/eligible to attend | Ad hoc meetings attended/eligible to attend6 | Responsibilities | |
Chair | ||||
Nigel Higgins1 | 7/7 | 5/5 | The Chair is responsible for: •leading the Board and its overall effectiveness in directing the Company •promoting a culture of openness and inclusion, and facilitating and encouraging open, constructive challenge and debate between all Directors •ensuring the Board has a clear understanding of shareholder views. | |
Group Chief Executive | ||||
C.S. Venkatakrishnan | 7/7 | 5/5 | The Group Chief Executive, supported by his ExCo, is responsible for: •managing the Group’s business on a day-to-day basis and making and implementing operational decisions •leading Barclays towards the achievement of its strategic objectives and implementing the strategy set by the Board •promoting and demonstrating the appropriate culture, values and behaviours, including Barclays’ Purpose, Values and Mindset. | |
Senior Independent Director | ||||
Brian Gilvary | 7/7 | 3/5 | The SID is responsible for: •providing a sounding board for the Chair; serving as a trusted intermediary for the other Directors and shareholders, when necessary •maintaining contact as required with major shareholders to understand their issues and concerns, and ensuring the Board is aware of their views •leading the appraisal of the Chair’s performance, at least annually. | |
Group Finance Director | ||||
Anna Cross | 7/7 | 5/5 | The Group Finance Director is responsible for: •together with the Group Chief Executive, the achievement of financial targets for the Group •providing strategic and functional leadership of the Finance functions •managing and responding to feedback on Barclays' business performance from investors, financial institutions, regulators and auditors. | |
Non-Executive Directors | ||||
Robert Berry | 7/7 | 5/5 | Non-Executive Directors (including the Chair and SID) are responsible for: •providing effective oversight, strategic guidance and constructive challenge •helping to develop proposals on strategy and empowering the Executive Directors to implement the Group’s strategy while scrutinising and holding to account the performance of management and Executive Directors against agreed performance objectives •with the support of the Board Nominations Committee, the appointment and removal and succession planning for Executive Directors. Notes: 1As required by the Code, the Group Chairman was independent on appointment. 2Diony Lebot was appointed to the Board with effect from 17 March 2025. 3Mary Mack was appointed to the Board with effect from 1 June 2025. 4Tim Breedon stepped down from the Board with effect from 30 April 2025. 5Diane Schueneman stepped down from the Board with effect from 31 January 2025. 6One ad hoc meeting was a combined Board and Board Risk Committee meeting. Owing to other commitments, some Directors were unable to attend certain ad hoc Board meetings, however they received papers in advance and had the opportunity to share their views with the Group Chairman ahead of the meetings. | |
Dawn Fitzpatrick | 7/7 | 3/5 | ||
Mary Francis | 7/7 | 5/5 | ||
Sir John Kingman | 7/7 | 5/5 | ||
Diony Lebot2 | 6/6 | 3/4 | ||
Mary Mack3 | 5/5 | 2/2 | ||
Marc Moses | 7/7 | 4/5 | ||
Brian Shea | 7/7 | 5/5 | ||
Julia Wilson | 7/7 | 5/5 | ||
Former Directors | ||||
Tim Breedon4 | 1/1 | 2/2 | ||
Diane Schueneman5 | 0/0 | 0/1 | ||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 80 | ||
Directors’ report: Key Board activities
Key Board activities in 2025
Overseeing delivery of our three-year strategy and transformation initiatives.
Throughout 2025, the Board maintained its focus on overseeing management's execution of the Group’s three-year strategy and supporting
transformation initiatives, whilst also considering the new financial and operational targets through to 2028, to be announced on 10 February
2026. The Board received regular updates on the main business divisions and progress against existing targets, as well as briefings on matters
of Group-wide significance, with consideration given to the impacts of the evolving macroeconomic, geopolitical and regulatory landscape
on the Group's performance and operations, alongside strategy.
The Board recognises that the rapidly changing technological environment presents both opportunities and challenges, necessitating an
ongoing focus on digital innovation whilst ensuring the resilience of the Group’s operations. You can read more about the Board’s oversight
of technology transformation in the Technology spotlight on page 83.
Spotlight on |
Culture |
The Board recognises that a
positive culture aligned to our
Purpose, Values and Mindset is
fundamental to our long-term
success.
During 2025, the Board reviewed the
progress to embed the Group-wide
‘consistently excellent’ (CE) cultural
change programme and discussed its
continued importance to delivering the
Group's strategy.
The Board discussed performance against
CE dashboard metrics and colleague
sentiment expressed through Your View
survey results.
As part of this, the Board considered
colleagues’ understanding of, and
engagement with, CE, and opportunities to
make it easier for colleagues to achieve a
consistently excellent standard. The Board
reflected on the focus areas for 2026 to drive
further change through the organisation,
with key dependencies identified as being
further simplification of the operating
environment and continued colleague
support.
Furthermore, to provide ongoing focus to
CE as a pillar that supports the delivery of
strategy, the Board requested that progress
updates be presented alongside updates on
Group transformation initiatives.
Board members also had the opportunity
to hear about Group culture first hand
through engagement with colleagues
during the year, examples of which are set
out in the table below. This included a
visit to Barclays' campus at Pune by
certain Board members, which provided
the opportunity to engage with colleagues
on a number of themes, including how
they are enabling process simplification
and automation (including using AI
responsibly), and digitalising customer
journeys to deliver more personalised and
integrated customer and client
experiences.
March | April | May | June | |||||||||||||||
Leadership Accelerator Programme Closing Event | India Visit | Annual General Meeting | Markets Floor Walk | Future Leaders Group Networking Reception | Citizenship, Inclusion & Opportunity Awards | |||||||||||||
London | Pune | London | London | New York | London | |||||||||||||
Audience: Colleagues | Audience: Colleagues | Audience: Shareholders | Audience: Colleagues | Audience: Colleagues / Clients | Audience: Colleagues | |||||||||||||
September | October | November | ||||||||||||
Managing Director Alumni Event | Global Family Office Forum | Annual General Meeting | US Consumer Bank Immersion | Barclays Professional Services Conference | ||||||||||
London | London | Delaware | London | |||||||||||
Audience: Colleagues | Audience: Clients | Audience: Colleagues | Audience: Clients | |||||||||||
Mary Francis at the Managing Director alumni event |
Dawn Fitzpatrick and Sasha Wiggins at the Global Family Office Forum |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 81 | ||
Directors’ report: Key Board activities (continued)
Stakeholder groups | |||
 | Customers and clients |  | Society |
 | Colleagues |  | Investors |
Key focus areas
The following two pages highlight the key areas of focus for the Board during 2025
and the key stakeholder groups central to the matters considered and decisions taken.
Strategy | | ||
Topic | Board activity | ||
Strategy and business review | •Strategy was considered regularly during the year, including through dedicated corporate strategy sessions at the September and December Board meetings. •Reviewed and discussed the 2025 Medium Term Plan (MTP). •Reviews of the main operating businesses throughout the year enabled the Board to consider the key risks and opportunities for each of the businesses and monitor their progress against the targets set in our three-year plan. •Reviewed and evaluated an update on the entity and location strategy for Barclays Europe. Key decisions •Approved the 2025 MTP. •Confirmed continued support for the re- domiciliation of Barclays Europe to France. | ||
Strategic transactions | •In support of Barclays’ strategy to simplify and focus on growing key businesses, the Board assessed strategic opportunities for the Group and received updates on the progress of key strategic transactions across the Group. Key decisions •In Q1 2025, approved Barclays’ long-term strategic partnership with Brookfield Asset Management Limited in relation to our payment acceptance business. •In Q3 2025, approved the acquisition of Best Egg, Inc. by BBDE. | ||
Supporting implementation of strategy | •Monitored the progress made against the delivery of transformation initiatives to support implementation of the Group’s strategy. This included spotlights on customer journeys and operating effectiveness. | ||
Climate and sustainability strategy | •Considered progress on the Group’s climate and sustainability strategy through reports from the Board Sustainability Committee, with a focus on the Barclays Transition Update. •Received an update on the Group’s sustainable finance strategy, reviewing performance against targets and the development of the business, including in the context of the macro environment. Key decisions •In early 2025, approved the 2024 Group Modern Slavery Statement. •Approved the Barclays Transition Update. | ||
Culture, colleague and inclusion | | ||
Topic | Board activity | ||
Culture, colleague engagement and talent | •Considered the evolution of the organisation's culture through regular updates on the embedment of the Group-wide Consistently Excellent programme and Your View colleague survey results. Please see the spotlight on Culture on page 80 for further details. •Reviewed progress on the talent excellence programme, aimed at enhancing practices to identify, assess and develop high potential talent across the organisation. This included consideration of the success measures and proposed outcomes for the programme. •Considered Barclays’ method of workforce engagement to confirm it remained effective in facilitating meaningful, regular two-way dialogue with colleagues. •Considered Barclays' workforce policies and practices and key focus areas in 2025. •Board members engaged with colleagues at events during the year, examples of which are set out on page 80. Key decisions •Confirmed that Barclays’ method of workforce engagement has been effective in 2025. •Confirmed that Barclays’ workforce policies and practices are consistent with Barclays’ Values and support Barclays’ long-term sustainable success. | ||
Inclusion and opportunity | •Received updates on Barclays' inclusion and opportunity strategy which seeks to create a workplace where everyone feels valued and respected, within a culture of belonging and equal opportunity. •Considered an updated version of the Board Inclusion and Opportunity Policy in December 2025 and February 2026, to ensure the policy continues to reflect the Group's inclusion and opportunity strategy. Key decisions •Approved the updated Board Inclusion and Opportunity Policy. | ||
| Please see the Colleagues section from page 26 for further information on Barclays’ workforce engagement mechanisms and initiatives to continue to embed a CE standard of delivery. |
| Details of the Board Inclusion and Opportunity Policy can be found in the Board Nominations Committee report from page 84. |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 82 | ||
Directors’ report: Key Board activities (continued)
Risk, resilience, recovery and resolution | | ||
Topic | Board activity | ||
Risk profile | •Regularly reviewed the Group's risk profile, compliance risk profile and emerging risks, taking into consideration the impact of the macroeconomic, regulatory and geopolitical environment. This included consideration of updates from management on market conditions, the impacts for Barclays and how these were being managed, including in response to market events early in 2025, in addition to a geopolitical update regarding the outlook for 2026. •Received regular updates on financial crime risk, including the Group-wide programme to enhance financial crime capabilities. Key decisions •Approved Barclays' Risk Appetite Statement. •Approved updates to the Group Enterprise Risk Management Framework (ERMF). | ||
Resolution and recovery | •Received an update on Barclays' resolvability arrangements, including the testing and assurance activities completed in 2025, and a Group resolution simulation planned for 2026 to ensure our resolution capabilities are execution-ready. •Considered the Group Recovery Plan, including the options available to execute in a severe financial stress. Key decisions •Approved the Group Recovery Plan. | ||
Technology, operations and resilience | •Considered the Group’s annual operational resilience self-assessment in respect of the Group’s Important Business Services (IBS). The Board subsequently discussed changes to the impact tolerance thresholds for certain IBS following a review after the 31 January 2025 IT incident that impacted Barclays' business in the UK. The Board maintained close oversight of the IT incident review. •Closely monitored the progress of the Group-wide programme to enhance Barclays’ cybersecurity capabilities and drive long-term resilience. The Board also considered the priority workstreams for the programme in 2026. •A number of Board members participated in a crisis event simulation exercise focused on governance and decision-making in relation to a cybersecurity scenario. •Continued to consider how to bring deeper technology advice and additional technology focus and insight to the Board, reflecting the importance of digitisation and technology-driven innovation to the Group’s strategy. This included considering the remit of the BX Board within this context. Key decisions •Approved changes to the impact tolerance thresholds for certain IBS. •Agreed to bring the oversight of strategic technology matters within the remit of the BX Board. | ||
Finance | | ||
Topic | Board activity | ||
Financial performance and reporting | •The Group Finance Director provided regular updates to the Board which included reporting on the financial performance of the Group and business divisions, including progress against targets and monitoring market reaction to the Group’s financial results. Key decisions •Approved the BPLC Annual Report and Accounts for the year ended 31 December 2024. •Approved Q1 2025, HY 2025 and Q3 2025 financial results announcements. •Upon the recommendation of the Board Audit Committee, confirmed the reappointment of KPMG as the Group statutory auditor with effect from the 2027 financial year. | ||
Capital and liquidity position and distributions | •Monitored the Group’s capital and liquidity position and considered distributions proposals, including a new quarterly cadence for share buy-backs. •Received an update on the Group’s capital management practices. Key decisions •Approved a full year dividend for the year ended 31 December 2024 of 5.5p per ordinary share and a full year share buy-back for 2024 of up to £1bn. •Approved a half year dividend of 3.0p per ordinary share for the six months ended 30 June 2025 and a half year share buy-back of up to £1bn. •Approved a Q3 2025 share buy-back of up to £500m. | ||
Governance and regulatory matters | | ||
Topic | Board activity | ||
Succession | •On the recommendation of the Board Nominations Committee, considered succession planning and proposed changes to Board and Board Committee membership. Key decisions •Approved the appointment of Diony Lebot and Mary Mack as Non-Executive Directors and, in February 2026, the resignation of Mary Francis. | ||
Regulatory engagement and oversight | •Representatives from our key regulatory stakeholders were invited to Board meetings in order to strengthen relationships and share feedback on their priorities and areas of focus for Barclays. Meetings were also held between individual Directors and regulatory stakeholders throughout the year. •Considered updates on public policy and regulatory developments impacting the Group and Barclays’ priorities and response in the context of these developments. | ||
Consumer Duty | •To support the Board’s oversight of Consumer Duty across the Group, it received a Consumer Duty Dashboard and, subsequently, the Consumer Duty Annual Board Reports for BBPLC and BBUKPLC. •With input from the BBPLC Consumer Duty Champion, the Board considered the approach to the broader oversight and coverage of customer service and good customer outcomes through Board reporting and discussions. | ||
| The Technology spotlight on the next page provides further details on the Board's oversight of technology transformation across the Group. |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 83 | ||
Directors’ report: Key Board activities (continued)
Spotlight on |
The Board's oversight of technology |
To support the continued and robust
 |
oversight of technology transformation,
and in recognition of the strategic
significance of transformation to
the Group’s longer-term success,
the Board not only thoroughly assessed
how management executed its plans, but
also remained dedicated to continually
deepening its own understanding of
emerging technologies and its impact on
Barclays’ capabilities.
As the organisation advanced its digital
transformation - enhancing digital, data and
AI expertise, and streamlining customer
journeys and their related processes - the
Board recognised the ongoing need to
engage deeply in these rapidly-evolving
fields.
Building a deeper understanding included
hearing from others, including those at the
forefront of academic research in digital
transformation, leaders driving the next
generation of technology change, and
organisations that have executed or are
currently undertaking similar
transformations, having learned the lessons
critical to success.
In support of this objective, in June 2025,
Board members, together with some
members of Group ExCo, visited San
Francisco to learn about technology
transformation and to hear from leaders of
world-leading organisations about how
their businesses have successfully
navigated digital transformations, the pace
of change and the cost of inaction. This
provided the Board with an opportunity to
reflect on how these lessons could be
applied to Barclays, including the role of
the Board in navigating the change ahead.
The Board spent time with the Chairman
and Research Scientists from the
Massachusetts Institute of Technology
(MIT) Center for Information Systems
Research, learning about best practices for
integrating technology expertise into the
Board, the potential of emerging
technologies, and the Board’s role in
fostering responsible innovation and
managing these risks.
This was followed by engagement with five
organisations that exemplify the
capabilities and outcomes of successful
digital transformation, including digital
engagement with customers, use of data,
streamlined and digitised processes, and
agile execution of change.
The emphasis of these engagements
was on the successful adoption of tech
innovation in digital, data and AI to
enhance organisational capabilities
and performance.
Supported by the San Francisco trip, the
Board has continued to make technology
transformation a key focus area. The
strategic ambition for Barclays beyond
2026 underscores the role of technology in
our core purpose and long-term ambitions.
The next phase of the strategy focuses on
greater investment capacity to further
deepen customer and client relationships,
enhance resilience against cyber threats and
realise further efficiency and productivity
improvements through new technologies
and responsible deployment of AI. This
includes the Board's continued review of
the approach to AI governance (including
the internal policies and standards relating
to AI) and adoption and the use cases being
deployed within Barclays.
BX Board's role in the oversight of strategic technology matters | ||||
Barclays Execution Services Limited (BX) is the Group-wide service company providing technology operations and functional services to businesses across the Barclays Group. The Board recognises the rapidly-evolving nature and use of new technology, data and AI in the delivery of these services, and in 2025 considered how to bring greater relevant insight to the Board. It was determined that this would be best achieved by specifically including oversight of strategic technology matters within the remit of the BX Board, alongside its wider oversight of the operational, service delivery and performance | aspects of technology. To support this increased remit, and provide greater independent oversight, changes have been made to the composition of the BX Board which now comprises a majority of independent non-executive directors. The BX Board is chaired by Brian Shea, who provides valuable connectivity between the Board and BX Board. During 2025, Duriya Farooqui and Prof Sir Anthony Finkelstein were appointed as new independent BX Non-Executive Directors, joining Avid Larizadeh Duggan, who has served on the BX Board since 2021. It is anticipated further | independent BX Non-Executive Directors will be appointed in 2026. Collectively, the independent BX Non-Executive Directors bring wide-ranging experience across financial services transformation, operations, technology, cybersecurity and resilience, and innovation. In addition, new BX Co-CEOs (and Group Co-COOs) Anne Marie Darling and Craig Bright were appointed in 2025. A schedule of technology-centred education sessions for the Board, and regular updates from the BX Chair and BX Co-CEOs, commenced in 2025 and will continue during 2026. | ||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 84 | ||
Directors' report: Board Nominations Committee report
Supporting delivery of Barclays’
strategy through robust succession
planning
Focused on composition, succession and effectiveness to support continuity of
strong leadership
Board Nominations Committee | ||
Nigel Higgins Chair, Board Nominations Committee | ||
Committee membership1 and meeting attendance2 during 20253 |
Member | Meetings attended/ eligible to attend | |||
Nigel Higgins | 2/2 | |||
Brian Gilvary | 2/2 | |||
Julia Wilson | 2/2 | |||
Notes 1The Group Chairman chairs the Committee, with its membership composed solely of independent Non-Executive Directors. 2In addition to its members, Committee meetings were attended by representatives from senior management, including the Group Chief Executive and Group HR Director. 3There were two scheduled meetings of the Committee in 2025 with no ad hoc meetings (2024: three meetings, no ad hoc meetings). |
Dear Shareholders
The Committee’s primary focus is to ensure
that the Board and its Board Committees and
ExCo continue to have an optimal balance of
skills, experience and knowledge to support
delivery of the Group’s strategy which is
considered with input from the wider Board.
Key to this is robust succession planning to
ensure continuity of strong leadership. As
part of that succession planning, this year we
welcomed Diony Lebot and Mary Mack to
the Board as independent Non-Executive
Directors. Diony brings strong experience in
banking, financial services, and European
regulatory matters, and Mary similarly has
deep expertise in financial services, in
particular in the area of consumer banking.
We recently announced that Mary Francis
will be retiring from the Board, as a member
of the Board Remuneration and
Sustainability Committees and as Chair of
the BBPLC Board Remuneration
Committee, in each case with effect from 6
May 2026. As such, Mary will not seek re-
election at the 2026 AGM. In addition, and
as reported in our 2024 Annual Report,
Diane Schueneman retired from the Board,
the Board Audit and Nominations
Committees and as Chair of the BX Board,
in each case with effect from 31 January
2025, whilst continuing to serve as a non-
executive director of Barclays US LLC. On
30 April 2025, Tim Breedon retired from the
Board, whilst maintaining his role as Chair
of Barclays Europe.
The Committee and the Board are extremely
grateful for Mary, Tim and Diane’s
significant contributions to Barclays during
their respective tenures. None of Mary, Tim
nor Diane raised any concerns about the
operation of the Board or management.
During 2025, the Committee also oversaw
additional changes to Board Committee
composition, including Diony’s appointment
to the Sustainability Committee and my
appointment as a member of the
Remuneration Committee. With regard to
ExCo succession, both the Committee and
the Board receive regular updates from
management on succession planning,
including hearing directly from the Group
Chief Executive and the Group Human
Resources Director, and in 2025, the
Committee approved the appointment of
new Group Co-Chief Operating Officers and
a Group Head of Strategy and
Transformation as members of ExCo.
You can read more about the Committee’s
priorities and activities during 2025 below.
Looking ahead to 2026, the Committee
remains focused on the need to continue to
review and refresh the skills on the Board
and Board Committees and on ExCo
composition as part of our ongoing
succession planning activity.
Nigel Higgins
Chair, Board Nominations Committee
9 February 2026
Role of the Committee | ||
The role of the Committee is to, among other things: •ensure the Board is comprised of individuals who are best able to discharge their duties and responsibilities; •oversee the appropriate assessment of the suitability of Directors, members of the ExCo and other key personnel; •support and advise the Board in ensuring that the Company has the appropriate corporate governance standards and practices in place that are consistent with best practice; and •keep the Board’s governance arrangements under review. | ||
| The Committee’s terms of reference are available at home.barclays/who-we- are/our-governance/board- committees/ |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 85 | ||
Directors' report: Board Nominations Committee report (continued)
Composition | ||
The Committee reviews the composition of the Board and assesses recruitment priorities for Non-Executive Directors, considering the necessary skills, experience, knowledge and independence essential for an effective Board, supporting robust succession planning. Changes to Board and Board Committee composition during 2025 are noted above. Details of the tenure and industry and leadership experience of Directors is set out in the table below. Biographies of each Director are available from page 72, detailing their skills, expertise, experience, Board Committee roles, and other principal appointments. | ||
Board size
The Committee considers that the size of the
Board (13 Directors, as at 31 December
2025) is appropriate and contributes to its
effectiveness.
The Committee recognises that assessing the
optimal size of the Board is a critical
component of medium- and longer-term
succession planning. In this context, careful
consideration is given to ensuring that the
Board remains small enough to facilitate
effective collaboration and efficiency, while
being sufficiently sized to provide a
comprehensive mix of skills and
perspectives. This approach supports robust
succession planning and accommodates
Directors’ additional roles and
responsibilities on Board Committees, as
well as their participation on the Boards of
BBPLC, BBUKPLC, Barclays Europe, BX,
and other Group subsidiary boards. Both the
Committee and the Board continue to
believe that it is advantageous for Group-
wide decision-making to have the Chairs of
the Group’s significant subsidiaries sit on
the BPLC Board, where possible,
considering that this provides connectivity
with the significant subsidiaries, bringing
with it important insight into Board
discussions.
Non-Executive Director
independence
The Committee and the Board consider all
of the Non-Executive Directors to be
independent.
The Committee assesses the independence of
our Non-Executive Directors on appointment
and thereafter on an annual basis, having
regard to the independence criteria set out in
the Code. As part of this process, the
Committee considers each Director’s length
of tenure, which, in line with Code guidance,
is one of a list of factors outlined in the Code
that can affect independence and makes any
recommendations to the Board accordingly.
In early 2026, the Committee reviewed the
independence of all Non-Executive
Directors serving on the Board as of
31 December 2025.
Reflecting that Nigel Higgins, Dawn
Fitzpatrick and Brian Gilvary have each
served on the Board for over six years, each
of them were subject to a thorough review
of their continued independence. The
Committee remains satisfied that the length
of their tenure has no impact on their
respective levels of independence or the
quality and effectiveness of their
contributions.
Notwithstanding her intention to retire from
the Board in May 2026, in light of her nine
year tenure, the Committee undertook a
rigorous assessment of Mary's continued
independence.
The Committee and the Board consider that
length of tenure is only one of the factors to
be considered with respect to Director
independence, and accordingly, that tenure
alone should not result in a loss of
independence. Following careful
consideration, the Committee concluded that
Mary remains independent in accordance
with the other circumstances listed in
Provision 10 of the Code.
In reaching this conclusion, the Committee
and the Board considered that Mary’s
breadth of financial services sector
experience, strong focus on reputation risk
management, promoting board governance
values and culture and her detailed
understanding of the interaction between
public and private sectors continue to bring
significant value to Board discussions,
providing constructive challenge to
management and demonstrating objective
judgement.
With these factors in mind, the Committee
and the Board consider it appropriate for
Mary to continue as an independent Non-
Executive Director until her retirement in
May 2026.
Board Composition as at 31 December 2025 |
Length of tenure (Chairman and Non-Executive Directors) (number of Directors) |
Industry and leadership experience1 (number of Directors) |
Financial services |
Political/Regulatory experience |
Current/recent Chair/CEO |
Accountancy/Auditing |
Operations/Technology |
0-3 years |
3-6 years |
6-9 years |
9+ years |
International experience (number of Directors)1, 2 |
UK |
US |
ROW3 |
Notes:
1Individual Directors may fall into one or more
categories.
2International experience is based on the
location of the headquarters/registered office
of a company.
3Rest of the world.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 86 | ||
Directors' report: Board Nominations Committee report (continued)
Process for appointments | ||
The Committee oversees Board appointments, ensuring that appointments are based on merit against objective criteria and give due consideration to the Board Inclusion and Opportunity Policy. When appointing Board members, the Committee considers the necessary skills, experience, independence and knowledge to maintain the Board's effectiveness and the delivery of the Group’s strategy, with due regard to the benefits of inclusion. Board appointments are made following a merit-based, formal, thorough and transparent process. The Committee facilitates this process with support from external search consultancy firms. | ||
Non-Executive Director
recruitment
The Committee regularly reviews its skills-
based recruitment priorities for Non-
Executive Director recruitment. These
priorities serve as the foundation for targeted
searches, enabling the Board to maintain
orderly succession planning and achieve an
optimal blend of expertise and experience
among its members. The Committee
reviewed and updated these priorities during
2025, considering changes in the composition
of both the Board and the Committees during
the year.
Our current recruitment priorities include
identifying potential candidates who can
bring additional technology experience and
insights to the Board, as well as a
professional with deep US investment
banking experience, reflective of our US
operations. A recruitment priority has also
been agreed for a candidate with a UK PLC
background (or equivalent) with deep
experience of executive leadership, having
held the role of CEO or similar, able to
provide challenge, advice and support to
management.
Independent search firms, Egon Zehnder,
Perrett Laver, CZ Partners and Russell
Reynolds Associates, assisted in our focused
external mapping and recruitment efforts to
identify additional Non-Executive Directors
to enhance the Board’s skill set in 2025.
None of these firms have any connection to
Barclays or any of the Directors other than to
assist with searches for executive and non-
executive talent. Open advertising for Board
positions was not used in 2025.
The Committee will continue to evaluate the
Board’s recruitment priorities for the year
ahead and further assess the required skills
and experience for prospective candidates,
seeking to ensure that strong potential
candidates who can enhance the Board’s
effectiveness are identified as necessary.
Reflective of the importance that the
Committee and the Board place on
succession matters, all Board members have
the opportunity to meet with leading
candidates as part of the recruitment process.
All Directors are subject to election or re-
election (as appropriate) each year by
shareholders at the AGM.
Time commitment and conflicts
All prospective Directors are required to
disclose any significant external
commitments. These disclosures are carefully
considered by the Committee and/or the
Board to ensure that each Director will be
able to fulfill their responsibilities to Barclays
effectively.
Prior to their appointments, the Committee
thoroughly reviewed the existing
commitments declared by both Diony Lebot
and Mary Mack and was satisfied that they
each had the capacity to dedicate the
necessary time to their duties at Barclays.
The expected time commitments are agreed
with each Non-Executive Director and
encompass attendance and preparation for
Board and Board Committee meetings, as
well as sufficient time to gain a thorough
understanding of the business and complete
all required training.
The Committee and/or the Board considers
relevant regulatory and Code requirements
when considering whether a Director has
sufficient time to commit to their role, in
addition to key investor and proxy adviser
guidelines.
Directors must obtain Board approval before
accepting any significant roles outside of
Barclays, providing an estimate of the time
commitment involved. When considering
such requests, the Board examines all
relevant details, including the nature of the
external organisation, the Director’s expected
role, and the anticipated time required. In
2025, the Board approved all requests for
external appointments, having considered
that there were no actual conflicts of interest
and being satisfied that each Director
remained able to dedicate enough time to
fulfil their responsibilities to Barclays
effectively.
All Directors are expected, where
circumstances require it, to commit additional
time as necessary to their engagement on the
Board. For the year ended 31 December 2025
and as at the date of publication, the Board is
satisfied that none of the Directors are over-
committed and that each of the Directors
allocates sufficient time to their role in order
to discharge their responsibilities effectively.
A record of each Director’s external time
commitments is maintained.
You can find details of other principal
appointments for each Director from
page 72.
As at 31 December 2025, Mary Francis,
Sir John Kingman, Brian Shea, Julia Wilson,
Dawn Fitzpatrick, Mary Mack, and Diony
Lebot held external non-executive
directorships with listed companies1. No
further members of the Board held external
directorships with listed companies.
Tenure
Our Chair and Non-Executive Directors are
typically appointed for an initial term of
three years and may be invited to serve for a
further term of up to three years based on the
needs of the Board. A further extension of
tenure for an additional three year term (and
any extension beyond this) is subject to the
discretion of the Committee. In determining
whether it remains appropriate to extend the
Chair or a Non-Executive Director’s tenure,
the Committee will have regard to a number
of factors including whether the Board is
satisfied that the Director in question
continues to be independent, having regard
to the factors set out in the Code, their
performance, which is assessed annually,
whether they have the ability to dedicate
sufficient time to the role and the benefits of
having diversity of thought on the Board.
Note:
1‘Listed company’ means companies whose shares
are listed and traded on a regulated stock
exchange, excluding appointments within the
Barclays Group, and directorships held with the
same group or within undertakings (including
non-financial entities) in which the relevant firm
holds a qualifying holding.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 87 | ||
Directors' report: Board Nominations Committee report (continued)
The Board approved a three year extension
of tenure for each of Robert Berry and Nigel
Higgins, and a further year for Mary Francis
in February 2025 and in September 2025,
the Board approved the extension of Dawn
Fitzpatrick’s tenure for a further three year
term.
During 2026, each of Marc Moses and Sir
John Kingman reach their three year
anniversaries on the Board, and Brian
Gilvary reaches his six year anniversary.
Having undertaken a review of Non-
Executive Director tenure and having due
regard to the factors referred to above, the
Committee and the Board agreed to extend
the tenure of each of Marc, Sir John, and
Brian for a further three year term.
The Board approved a short extension of
Mary Francis' tenure, who has served on the
Board for over nine years, aligned to her
retirement from the Board with effect from 6
May 2026, in order to conclude orderly
arrangements for Mary’s succession as
BBPLC Board Remuneration Committee
Chair. An announcement will be made in
due course confirming the successor to the
role of Chair of the BBPLC Board
Remuneration Committee.
New Director induction
A tailored induction programme is delivered
for all new Directors appointed to the Board.
This provides them with an understanding of
the Group, its purpose, strategy, business
areas and key issues it currently faces.
After Diony Lebot and Mary Mack were
appointed in 2025, they each participated in
a comprehensive induction programme. This
included sessions about the Group’s
strategy, culture and stakeholder
environment, as well as Board and Board
Committee structure. They also met with
other Board members, the chairs of
significant subsidiaries, and senior
executives from across the business and key
Group functions.
Director training and development
The Committee, together with the Group
Company Secretary, supports the Group
Chairman in facilitating continuous training
and development for Directors. Directors are
encouraged to participate in regular training
and development sessions integrated within
the Board and Board Committee schedules,
and may additionally request tailored
training as required.
In 2025, Directors enhanced their business
knowledge through Board/Committee deep
dives into the Group's operating divisions
and key Group functions, including Legal,
Risk, Compliance, and Internal Audit. The
Board also received regular updates on
corporate governance matters and certain
Barclays’ Compliance Risk policies,
including financial crime, as well as an
annual briefing on the Senior Managers
Regime.
Technology
In 2025, the Board visited San Francisco to
spend time with experts and leaders in the
field of digital transformation to deepen its
own understanding of the pace and scale of
this technology revolution. You can read
more about the Board’s technology-focused
visit to San Francisco on page 83.
Bank capitalisation briefing
In light of the evolving regulatory landscape,
the Board received a comprehensive briefing
on bank capitalisation by an external expert.
The briefing provided an update on capital
regulation, varying global approaches to
bank capitalisation, and potential future
impacts for the banking sector.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 88 | ||
Directors' report: Board Nominations Committee report (continued)
Succession | ||
The Committee is responsible for succession planning, ensuring that Barclays maintains an optimal mix of skills, experience and effectiveness on the Board, its Committees, and the ExCo, taking into consideration both present and future business requirements. This remit encompasses medium-term initiatives, such as the orderly refreshing of the Board, Committees, and ExCo, as well as long-term preparations aimed at identifying and developing the skills likely to be needed on the Board and ExCo in the years ahead. | ||
The Committee and the Board have
continued to focus on the development of a
broad and deep bench of future leaders
across the business. More information is set
out in the Non-Executive Director
recruitment section of this report.
The Committee regularly refreshes the
Board’s Non-Executive Director recruitment
priorities and leads the search process for
any new Board appointments.
ExCo succession
The Group Chief Executive, supported by
his ExCo, is responsible for the delivery of
the Group’s strategy as set by the Board. It is
key that ExCo composition comprises the
right balance of skills, experience and
diversity of thought to drive that delivery
while providing appropriate challenge and
debate in discussions. With this in mind, the
Committee considers and approves all
changes to ExCo prior to announcement,
taking into account executive succession
plans.
As noted above, the Committee considered
changes to ExCo during the year, including
approving the appointment of new Group
Co-Chief Operating Officers and a Group
Head of Strategy and Transformation. You
can read about the changes to ExCo during
2025 on page 76.
During the year, the Committee received
updates regarding ExCo and executive talent
and succession planning. Ensuring there is a
strong talent pipeline remains a key
consideration for the Committee and the
Board.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 89 | ||
Directors' report: Board Nominations Committee report (continued)
Board Inclusion and Opportunity
Policy
On the recommendation of the Committee,
the Board adopted an updated version of the
Board Inclusion and Opportunity Policy in
February 2026, to ensure the policy
continues to reflect the Group's inclusion
and opportunity strategy.
The policy confirms that the Board aims to
meet the recommendations of the FTSE
Women Leaders Review regarding gender
balance on boards and the Parker Review on
ethnic representation on boards.
The policy confirms the Board’s support for
the Group’s culture in which Barclays is
committed to continuing to build an
inclusive workplace.
Workforce composition within
ExCo, Exco direct reports and the
wider workforce
Barclays is committed to an inclusive
workplace where everyone can be their best
and meet the fullest extent of their ambitions
and capability. As a global company we do
all this by complying with the local
requirements in the jurisdictions
in which we operate. You can read more
about Barclays' approach to inclusion within
the Colleagues section from
page 26.
In 2025, Barclays continued to have one ex-
officio position on Group ExCo, with each
appointee serving for a four-month rotation.
This initiative helps to build technical
industry knowledge, broaden the existing
extensive experience of our most senior
leaders and helps to develop diversity of
thought at the highest level.
There are additional initiatives and actions
being taken across our businesses to further
strengthen the senior leadership pipeline. We
continue to offer sponsorship and mentoring
programmes to strengthen individual
development and work with senior
recruitment partners to build and broaden
our talent pipeline.
Effectiveness | ||
The Committee ensures that a formal and rigorous review of the performance of the Board, Board Committees and individual Directors is undertaken each year. In line with the requirements of the Code, the review is facilitated externally every three years. | ||
Progress against the 2024 Board
effectiveness review
The 2024 Board effectiveness review
was facilitated externally. The table
set out on page 90 sets out the key
recommendations for the Board outlined
in the 2024 review and actions taken
during 2025 to address them.
2025 Board effectiveness review
The 2025 review of the performance of the
Board, Board Committees and individual
Directors was conducted internally.
Feedback from 2025 review
Feedback from the review confirmed that
the Board continues to operate effectively
and highlights the collegiate culture around
the board table. Discussions are noted to be
respectful, bringing a broad range of
perspectives and contributions. Meetings are
considered to be well-chaired, with the
review recognising the Chairman’s
thoughtful and inclusive style.
The review commented positively on the
relationship between the Board and
management, with discussions reflecting an
appropriate balance of support and
constructive challenge. The Board's
engagement with management on key
strategic matters and the progress of our
three year plan was commented on
favourably.
Board composition was considered to be
strong, bringing a range of diverse and
complementary backgrounds as well as deep
financial services expertise, with good
structure around Board succession planning.
The review noted that Board members
continue to welcome the introduction of
external perspectives into the Board,
deriving value from the discussions and
briefing sessions which were scheduled
during the course of the year.
The interaction between the Board and the
Board Committees was commented upon
favourably, noting that reports from the
Committee Chairs were helpful in ensuring
the Board has appropriate visibility of key
matters and emerging themes. Feedback
from the review confirms that concurrent
meetings of the BPLC and BBPLC Boards
and Board Committees remain effective and
continue to work well in practice.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 90 | ||
Directors' report: Board Nominations Committee report (continued)
Recommendation from 2024 review | Actions taken during 2025 |
In light of the Group’s three-year strategy announced in early 2024, consider how future agendas might be best shaped to support continued discussion of the execution of the Group’s three- year strategic plan and the Group’s longer-term strategy. | •Progress against the Group’s three-year strategic plan was discussed with senior management in every Board meeting, including opportunities for potential inorganic opportunities that align with the Group’s strategy. •Updates on execution of strategy were also provided through regular Transformation Office updates and non-financial performance reviews, including consideration of the role of technology in supporting the delivery of the Group’s strategy and plans. |
Reflective of the changes to the senior management structure announced as part of Barclays three-year strategy, maintain focus on succession planning to continue to develop a deep and broad bench of future leaders. | •Talent was covered as part of regular business reviews presented to the Board, as well as updates on the Group’s Talent Excellence Plan and updates to the Committee and the Board on executive talent and succession planning. |
Consider how best to bring greater focus and insights on Tech, Data and Digital matters into the Boardroom. | •The Board spent time discussing how to deepen technology input into the Board and agreed (i) to bring the oversight of strategic technology matters within the remit of the BX Board, with regular reporting to the Board from the BX Chair and BX Co-CEOs, and (ii) to include in the Board’s current Non- Executive Director recruitment priorities a search for a candidate to bring additional technology experience and insights to the Board. •Technology was covered as part of regular business reviews presented to the Board, as well as through presentations on digital strategy and the Group’s approach to insider threat management. •The Board participated in an intensive technology and digital immersion event in San Francisco in June 2025, as detailed in the Key Board Activities section on page 83. •There was significant focus by the Board Risk Committee and the Board on cyber resilience and enhancements to the cyber control environment. |
Continue to focus on the process of making papers shorter and more targeted. | •This remains an ongoing area of focus and is addressed through detailed paper reviews by the Group Chief Executive and Group Finance Director, as well as the Group Chairman and other Board members. |
Identify further opportunities to bring relevant outside perspectives into the Boardroom. | •External speakers were invited to join Board sessions to discuss topics including bank capitalisation, an update on India in the context of the Group's business in India, including macroeconomic and geopolitical perspectives, geopolitical developments and technology. •The Board Sustainability Committee received a briefing from external advisors to support its review of the Barclays’ Transition Update. •Board members also engaged routinely with Barclays’ wider stakeholder groups – including shareholders, colleagues and regulators. |
Recommendations from the 2025 review
The Board will be giving further
consideration to the implementation of the
following matters during 2026:
•Consideration to be given to the structure
of Board agendas in the year ahead to:
–provide more space for the discussion of
material strategic topics
–maintain focus on the development of a
broad bench of future leaders
–deepen the Board's engagement in AI and
technology matters
•A continued focus on ensuring balanced
and targeted Board papers
•Continuing to identify opportunities to
bring external perspectives into the
boardroom.
The Board has already taken action to
address some of these recommendations,
and the other items will be subject to further
consideration and discussion through the
course of the year.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 91 | ||
Directors' report: Board Nominations Committee report (continued)
2025 Board, Board Committee and individual Director review process | |||||
Board | |||||
Board evaluation | Interviews held by SID with Board members | Findings discussed with Group Chairman and Board Nominations Committee and the Board | Board discussion and agreed action plan for 2026 | ||
Committee evaluation | Questionnaires completed by Committee members and senior management | Findings discussed with Committees | Agreed action plan for 2026 | ||
Individual Director evaluation | Group Chairman held a meeting with each Director and regularly has one- on-one meetings with Directors | SID held meeting with the Group Chairman | Confirmation of each Director’s continuing effectiveness | ||
2025 Board Committee
effectiveness review
The Board Committee reviews are an
important part of the way Barclays monitors
and improves Committee performance and
effectiveness, maximising strengths and
highlighting areas for further development.
Following consideration of the findings of
the 2025 Board Committee effectiveness
reviews, the Committee remains satisfied
that each of the Board Committees is
operating effectively.
Review of Board Nominations
Committee effectiveness
An internal evaluation of the performance of
the Committee was conducted for 2025, in
line with the provisions of the Code. The
results of the review confirmed that the
Committee was operating effectively.
Further information on the review of the
Board and its Committees can be found in
the section above.
Individual Director effectiveness
All Directors in office at the end of 2025
were subject to an individual effectiveness
review. The Group Chairman considered
each Director’s individual contribution to
the Board, as well as any feedback received
as part of the broader Board and Board
Committee effectiveness review. The Senior
Independent Director considered the
contribution of the Group Chairman.
Based on the reviews, the Board supported
the view of the Committee that each
Director continues to be effective and
contributes to Barclays’ long-term
sustainable success. In accordance with the
Code, all of the current Directors, other than
Mary Francis who is to retire from the Board
prior to the AGM, intend to submit
themselves for re-election at the 2026 AGM
to be held on 7 May 2026.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 92 | ||
Directors' report: Board Audit Committee report
Providing oversight of the Group’s
internal control environment
Closely monitoring the integrity of our financial disclosures
Board Audit Committee | ||
Julia Wilson Chair, Board Audit Committee | ||
Committee membership and meeting attendance during 20251 |
Member | Meetings attended/ eligible to attend | |||
Julia Wilson | 16/16 | |||
Robert Berry | 16/16 | |||
Marc Moses | 16/16 | |||
Diane Schueneman2 | 2/2 | |||
Notes 1There were 13 scheduled and three ad hoc meetings of the Committee in 2025. 2Stepped down with effect from 31 January 2025 |
Dear Shareholders
I am pleased to report on the Board Audit
Committee’s activities and responsibilities
for 2025. I would like to thank Committee
members for their contributions and support
and also extend the Committee’s thanks to
Diane Schueneman, who stepped down as a
Director and member of the Committee with
effect from 31 January 2025.
Throughout 2025, the Committee has been
keenly focused on the oversight of the
Group’s internal control environment.
Against a backdrop of a complex, evolving
legal and regulatory requirements and a
heightened global macroeconomic and
geopolitical threat landscape, a robust
controls framework is key to supporting a
strong internal control environment,
underpinned by a culture that recognises and
supports the ongoing work of the business to
invest in and enhance the overall control
environment. Particular areas of focus in
2025 for the Group include work to
strengthen controls relating to cybersecurity
and financial crime prevention and
detection, and to enhance processes in
relation to regulatory reporting and
regulatory change. Building on the work of
prior years, the Committee was pleased to
see the progress made by management to
simplify and enhance the Group-wide
controls framework, and progress with
longer term remediation programmes across
the Group.
The Committee has a key role in monitoring
the integrity of the Group’s financial
statements. In reviewing the Group’s
financial and narrative reporting for each
quarterly and half-year results period for
2025, the Committee carefully considered
management’s judgements in relation to key
accounting estimates and judgements. In
light of the uncertain global macroeconomic
environment, management’s approach to
expected credit losses and use of post-model
adjustments were particular areas of focus.
Specific areas of judgement outside credit
provisioning included management's
approach to provisioning for motor finance
compensation claims, and the incorporation
of Tesco Bank into the controls and
reporting frameworks.
In addition, the Committee has carefully
reviewed the external reporting of the
Group’s performance against the current
strategic targets for the period from 2024-
2026 announced in February 2024, and
supported the work of the Board in
reviewing the new strategic targets through
to 2028 to be announced on 10 February
2026.
Sustainability reporting and the impact of
climate on our financial statements
continues to be monitored as legislative and
regulatory requirements evolve particularly
in the US, Europe and the UK. The
Committee received updates on
developments in sustainability reporting
required by the European Corporate
Sustainability Reporting Directive and the
EU Taxonomy Framework for FY25.
Supported by management’s
recommendations, it also reviewed how the
impacts of climate and sustainability
reporting requirements are reflected in
preparing the Group’s financial statements.
In anticipation of the changes to provision
29 of the Code, effective from the financial
year beginning on 1 January 2026, the
Committee spent time considering
management’s proposals for the
identification of ‘material controls’ for these
purposes, including consideration of the
results of a management ‘dry run’ of how
the internal assessment of the operation of
those controls would work. The Committee
is comfortable with management’s
proposals, which will be implemented
during 2026 ahead of reporting on the new
provision 29 requirements in next year’s
Annual Report.
The Committee is responsible for overseeing
the Group’s relationship with the statutory
auditor. Barclays is required to tender the
external audit every 10 years and, as
Barclays announced in December 2024, a
formal tender process for the external auditor
was launched in early 2025.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 93 | ||
Directors' report: Board Audit Committee report (continued)
The Committee led the tender process, which
concluded in May 2025 with the Board’s
selection of KPMG as the successful firm.
Further detail on the external tender process
is set out later in this report on page 99.
The Committee is supported in its work by
the assurance conducted by Barclays Internal
Audit (BIA). The Committee attends an
annual dedicated deep dive session on the
BIA function and how BIA is implementing
its strategic priorities, including ensuring
appropriate skills and capabilities for the
future. The Chairs of Barclays’ key
subsidiary Board Audit Committees are also
invited to this session. The Committee
monitors and assesses the performance of
BIA and was satisfied with its performance
against its objectives as agreed between the
Group Chief Internal Auditor and I at the
beginning of the year.
I continue to hold the role of Group
Whistleblowers’ Champion. Together with
the BBUKPLC Whistleblowers’ Champion,
we receive regular updates on cases being
raised via the whistleblowing channels, as
well as any potential trends or emerging
themes and key areas of focus. The
Committee also receives detailed semi-
annual whistleblowing updates as part of its
role in considering the adequacy of the
Group’s arrangements to allow colleagues to
raise concerns.
Committee effectiveness
An internal evaluation of the performance of
the Committee was conducted for 2025, in
line with the provisions of the Code. The
results of the review confirmed that the
Committee was operating effectively.
Further information on the review of the
Board and its Committees can be found in
the Board Nominations Committee report on
page 84.
Julia Wilson
Chair, Board Audit Committee
9 February 2026
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 94 | ||
Directors' report: Board Audit Committee report (continued)
Committee composition
and meetings
The Committee is composed solely of
independent Non-Executive Directors.
Membership of the Committee is designed to
provide the breadth of financial expertise and
commercial acumen that the Committee
needs to fulfil its responsibilities. Its
members as a whole have recent and relevant
experience of the banking and financial
services sector, in addition to general
management and commercial experience and
are financially literate. Julia Wilson, the
Committee Chair, who is the designated
financial expert on the Committee for the
purposes of the Sarbanes-Oxley Act 2002
(SOx), has significant corporate finance, tax
and accounting experience, including
previously serving as the Group Finance
Director of 3i plc and as Chair of the Board
Audit Committee at L&G Group plc.
In 2025, the Committee met 16 times, which
included three ad hoc meetings (2024: 16
times, including two ad hoc meetings).
Attendance by members
at Committee meetings is shown
on page 92.
Committee meetings were attended by
representatives from management, including
the Group Chief Executive, Group Finance
Director, Group Chief Internal Auditor, Co-
Group Chief Operating Officers, Head of
Group Control, Group Chief Risk Officer
and Group Chief Compliance Officer, as
well as representatives from the business and
functions, and also BBPLC senior
management (reflecting the partially
consolidated operation of the BPLC and
BBPLC Committee meetings). The lead
audit engagement partner of KPMG (Stuart
Crisp) also attended Committee meetings.
The Committee held regular private sessions
with each of the Group Finance Director,
Group Chief Internal Auditor and lead
KPMG audit engagement partner.
The Board, together with the Committee, is
responsible for ensuring the independence
and effectiveness of the Internal Audit
function and external auditors. The
appointment and removal of the Group
Chief Internal Auditor is a matter reserved to
the Committee, and the appointment and
removal of the external auditor is a matter
reserved to the Board based on the
recommendation of the Committee. Neither
task is delegated to management.
The Committee continues to work closely
with the Board Risk Committee and Board
Sustainability Committee to ensure a
consistent approach is taken in relation to
matters in which there is a connection across
remits. This interconnectivity is supported
by Committee cross-membership, including
my membership of the Board Risk and
Board Sustainability Committees.
Role of the Committee | ||
The role of the Committee is to review and monitor, among other things: •the integrity of the Group’s financial statements and related announcements; •the effectiveness of the Group’s internal controls; •the independence and effectiveness of the internal and external audit processes; •the Group’s relationship with the external auditor; and •the effectiveness of the Group’s whistleblowing procedures. | ||
| The Committee’s terms of reference are available at home.barclays/who-we- are/our-governance/board- committees/ |
| Further information about the skills and experience of the Committee members can be found in their biographies in the section on Our Board of Directors from page 72 |
Primary activities
The Committee discharged its responsibilities and ensured compliance with the Audit Committees and the External Audit: Minimum
Standard (the Minimum Standard) in 2025 through monitoring the effectiveness of the internal control environment and internal and external
audit processes, as well as the integrity of financial statements and related announcements. Activities undertaken to meet the requirements of
the Minimum Standard are described throughout this report.
Areas of focus | Key responsibilities of the Committee | Conclusion / action taken | ||
Financial reporting | ||||
Fair, balanced and understandable reporting | In light of the Board’s obligation under the Code, the Committee assesses external reporting to ensure it is fair, balanced and understandable. | In addition to this Annual Report, the Committee reviewed the Group’s half-year and quarterly results announcements and associated investor presentations.The Committee informed these reviews through: •consideration of reports of the Group Disclosure Committee •direct questioning of management on the transparency and accuracy of disclosures •feedback from KPMG, including areas in which they challenged management •consideration of the results of management’s testing of controls relating to financial reporting processes, including the output of the Group’s internal control assessments and the SOx s404 internal control processes. The Committee provided feedback on the Group’s financial reporting disclosures, including requesting that management implement enhancements to the clarity and transparency of certain disclosures. Having evaluated the available information, the assurances by management and KPMG and underlying processes used to prepare the published financial information, the Committee concluded and recommended to the Board that the Annual Report 2025 and Accounts are fair, balanced and understandable. | ||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 95 | ||
Directors' report: Board Audit Committee report (continued)
Areas of focus | Key responsibilities of the Committee | Conclusion / action taken | ||
Critical accounting estimates and judgements | ||||
Conduct provisions | Barclays makes certain assumptions and estimates, analysis of which underpins provisions made for the costs of customer redress. The Committee analyses the judgements and estimates made by management to evaluate the adequacy of the provisions. | The Committee reviewed and challenged management’s approach to conduct provisions throughout the year, supported by KPMG’s views on management’s judgement in relation to provisions. See the section below entitled ‘legal, competition and regulatory provisions’ for details on how the Committee considered the provision raised in relation to motor finance. The Committee was satisfied that management's judgement and approach resulted in an adequate and appropriate level of provision in relation to conduct matters. | ||
Impairment of financial instruments | The Committee monitors management's judgements in relation to expected credit losses (ECLs), which are modelled using a range of forecast economic scenarios. | The Committee considered regular reports from management on: •credit performance across the different businesses •the impact of the macroeconomic environment, including the impact of US tariffs and geopolitical tensions •the use of post-model adjustments (PMAs), including the retention or release of PMAs •the refresh of macroeconomic variables and associated weighting. The Committee considered management’s judgement on impairment coverage levels, including in respect of material exposures and the impact of delinquencies in certain areas of the portfolios. The Committee discussed with management and KPMG the use of PMAs, and requested further clarity from management in future presentations as to how PMAs had been used. Having considered and scrutinised the reports, the Committee agreed with management’s conclusion that the impairment provision was appropriate. | ||
Impairment of goodwill and intangibles | The Committee considers management's judgement in relation to goodwill and intangibles. | The Committee considered management's reports on its assessment of the Group's goodwill balances and intangibles, including the methodology and controls applied in the process. The Committee was satisfied with management's determination that no indicators of impairment had been identified. | ||
Legal, competition and regulatory provisions | Barclays is engaged in various legal, competition and regulatory matters that may give rise to provisioning based on the facts. The level of provisioning is subject to management judgement on the basis of legal advice. | The Committee received regular reports on the impact of current legal, competition and regulatory matters on the Group’s provision levels. It challenged management’s judgements in relation to provision levels and also sought KPMG’s views on the adequacy of provisions (including areas where they had challenged management and how management had satisfied KPMG on the position taken). The Committee monitored developments regarding the Supreme Court's decision on motor finance and the subsequent FCA consultation on a motor finance redress scheme. The Committee reviewed and challenged management's approach to the initial raising, and subsequent increase, of a provision for motor finance. Seeking KPMG's views on the reasonableness of management's position, the Committee focused in particular on the methodology to determine the level of provision for motor finance claims and the reasonableness of assumptions made by management in developing the proposed methodology. The Committee agreed that the level of provision for all legal, competition and regulatory matters at the year-end was appropriate. The Committee also reviewed the disclosures made in the legal, competition and regulatory notes during the year, providing feedback to enhance transparency in disclosures, where appropriate, and concluded that they provided appropriate information for investors. | ||
Valuations | Barclays exercises judgement in the valuation and disclosure of financial instruments, derivative assets and certain portfolios, particularly where quoted market prices are not available. | The Committee received updates on management's approach to valuations during the year. The Committee scrutinised management’s approach to key valuation changes, including the triggers and timing for such change. The Committee also received updates on management’s activities to enhance the internal control environment relating to valuations. The Committee was satisfied with the accounting treatment in respect of the various valuation matters. | ||
| (refer to Note 23 to the financial statements) |
| (refer to Note 8 to the financial statements) |
| (refer to Note 21 to the financial statements) |
| (refer to Note 25 to the financial statements) |
| (refer to Notes 13 to 17 to the financial statements) |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 96 | ||
Directors' report: Board Audit Committee report (continued)
Areas of focus | Key responsibilities of the Committee | Conclusion / action taken | ||
Critical accounting estimates and judgements | ||||
Tax | The Committee considers the Group's tax matters, including the Group's tax strategy, compliance with the Group's Tax Principles and judgements related to tax risk and the recognition and measurement of deferred tax assets. | The Committee received reports from the Global Head of Tax on developments in tax matters during the year. The Committee monitored the Group’s interactions with tax authorities, developments in tax litigation matters across the Group and the material tax risks for the Group (including considering the adequacy of tax provisions and KPMG's views). The Committee also monitored the potential impact of US legislative changes in relation to tax on the Group. The Committee approved the UK Tax Strategy statement published in the Country Snapshot report and recommended the Country Snapshot to the Board for approval. | ||
Going concern and viability | ||||
Going concern and long-term viability | Barclays is required to assess whether it is appropriate to prepare the financial statements on a going concern basis. In accordance with the Code, Barclays must provide a statement of its viability. To support this, the Committee considers both the going concern assumption and the form and content of the Viability Statement. | The Committee considered both the going concern assumption and the form and content of the Viability Statement taking into account: •the MTP and Working Capital Report •the forecast capital, liquidity and funding profiles •the results of stress tests based on internal and regulatory assumptions. The Committee recommended to the Board that the financial statements should be prepared on a going concern basis and that there were no material uncertainties that would impact the going concern statement which required disclosure. The Committee also recommended the Viability Statement to the Board for approval. | ||
Distributions | ||||
Distributions and return of capital to shareholders | The Committee assesses the distributable reserves position in considering management’s proposals for distributions. | The Committee reviewed and recommended to the Board that there were sufficient distributable reserves in relation to (i) a full year dividend for the year ended 31 December 2024 of 5.5p per ordinary share along with a share buy-back of up to £1bn; (ii) a half year dividend of 3.0p per ordinary share for the six months ended 30 June 2025 along with a share buy-back of up to £1bn; and (iii) a Q3 2025 share buy-back of up to £500m. In early 2026, the Committee reviewed and reported to the Board on the distributable reserves position for the full year dividend for the year ended 31 December 2025 along with a proposed share buy-back. | ||
Internal controls | ||||
Internal controls and business control environment | The Committee considers the effectiveness of the overall control environment, including the status of any significant control issues and the progress of specific remediation plans. | The Committee: •considered feedback received from regulatory stakeholders on the Group’s internal control environment and monitored management’s response, including (where appropriate) reviewing responses prior to submission to regulators •received regular reports on the more significant control matters and remediation programmes across the Group, including the outcome of assurance work conducted by BIA on those programmes •discussed reports from the heads of the key operating divisions across the Group on their control environment, together with views from the second and third lines of defence. The Committee considered the changes introduced by provision 29 of the Code and reviewed management’s proposals as to how to define and monitor ‘material controls’ for this purpose, taking into account Financial Reporting Council (FRC) feedback. The Committee provided feedback to management and oversaw the results of a ‘dry run’ of the process to be followed to facilitate compliance with provision 29. The Committee Chair updated the Board on the changes introduced by provision 29. | ||
| (refer to Note 9 to the financial statements) |
| (read more about Barclays' internal control and risk management processes on page 108) |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 97 | ||
Directors' report: Board Audit Committee report (continued)
Areas of focus | Key responsibilities of the Committee | Conclusion / action taken | ||
Whistleblowing | ||||
Speaking up | The Committee considers the adequacy of the Group’s arrangements to allow colleagues to raise concerns in confidence and anonymously without fear of retaliation, and the outcomes of any substantiated case. | The Committee received detailed semi-annual reports on whistleblowing from management. It monitored key whistleblowing metrics, the 'speak up' culture across the Group and any potential whistleblowing trends, including around retaliation and anonymity. The Committee encouraged management to consider the different channels for raising concerns, both formal and informal, to determine the most efficient and effective means of addressing colleague concerns. | ||
Internal audit | ||||
Internal audit | The Committee monitors and assesses the performance of BIA and delivery of the internal audit plan, including scope of work performed, the level of resources, and the methodology and coverage of the internal audit plan. | Through regular reports from BIA, the Committee: •reviewed and agreed the internal audit plan, methodology and deliverables for 2025 •reviewed BIA's audit reports in relation to specific audits, key areas of focus and emerging themes •received updates on the work carried out by the ‘Financial Crime Validation Office’, a new team set up within BIA focused on assurance work in relation to financial crime matters •tracked the levels of adverse audits and issues raised by BIA and monitored related remediation plans •received updates on BIA colleague matters, including colleague engagement and resourcing •discussed BIA's assessment of the control environment and key themes in Group entities and functions. • The Committee noted the independence of the BIA function and received regular updates from BIA's quality assurance function, monitoring trends in the quality assurance report findings. In view of evolving business demands, the Committee discussed with the Group Chief Internal Auditor the resourcing requirements of BIA to ensure it had appropriate resourcing to respond to key areas of focus. Committee members, along with the Board Audit Committee chairs of BBUKPLC, Barclays Europe and Barclays US LLC, attended a ‘BIA Teach In’. This covered matters relating to People, BIA Strategy and Audit Methodology. At the end of the year, the Committee approved the 2026 BIA audit plan and also approved BIA's Audit Charter following the annual review. | ||
External audit | ||||
External audit | The Committee monitors the work and performance of KPMG as the Group’s statutory auditor. | The Committee: •recommended to shareholders for approval the reappointment of KPMG as Group statutory auditor at its 2025 AGM •met with key members of the KPMG audit team to discuss the 2025 audit plan and KPMG’s areas of focus and subsequently approved the 2025 audit plan •assessed regular reports from KPMG on the progress of the 2025 audit •discussed KPMG’s draft reports on control areas of focus and the control environment •approved the terms of the audit engagement letter and audit fees for 2025, on behalf of the Board. The Committee sought KPMG's views on a number of specific matters, including management's approach to accounting judgements, such as the use and release of PMAs and treatment of M&A transactions, and sought to understand where KPMG had challenged management's assessment prior to reaching a conclusion. The Committee considered KPMG’s response to the PRA Written Auditor Reporting for 2024, and discussed with KPMG the questions in scope for the 2025 Written Auditor Reporting. See the next page for further detail on the Committee’s assessment of KPMG’s performance for 2025. The Committee conducted a formal audit tender process for the Group statutory auditor and recommended to the Board the re-appointment of KPMG from the 2027 financial year. Please see page 99 for details of the process. | ||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 98 | ||
Directors' report: Board Audit Committee report (continued)
External auditor
KPMG was appointed as Barclays’ statutory auditor with effect from the 2017 financial year. Barclays conducted an external tender for the
Group statutory auditor in 2025, details of which can be found on page 99.
Assessing external auditor effectiveness, objectivity and independence
The Committee is responsible for assessing the effectiveness, objectivity and independence of the Group’s statutory auditor. This
responsibility was discharged by the Committee throughout the year at formal Committee meetings, during private meetings with the KPMG
lead audit engagement partner and through discussions with key Group executives. The Committee is satisfied that the external audit process
for 2025 was effective. In particular, the Committee considered that KPMG maintained its independence and objectivity,
exercised robust challenge and demonstrated professional scepticism in the audit process.
Committee conclusion on KPMG effectiveness
The Committee assessed KPMG’s effectiveness, objectivity and independence in the following ways:
Reporting throughout the year •Met with senior members of the KPMG audit team from the UK, Ireland and US to discuss the approach to the 2025 audit and key areas of focus. •Received regular reports from management on the non-audit services provided by KPMG and also on any employees or workers hired from KPMG. •Discussed with KPMG their consideration of internal controls over financial reporting and considered areas in which KPMG challenged management’s assumptions in areas of key judgement. •Monitored for any potential threats to independence. No such matters were identified and reported by KPMG during 2025 that have an impact on BPLC. | Annual assessment and audit quality reporting •The Group undertakes an annual formal assessment of KPMG’s performance, independence and objectivity. The assessment for 2025 was conducted by way of a questionnaire completed by key stakeholders across the Group, who have regular interaction with KPMG (including input from the Board Audit Committees of BBUKPLC, Barclays Europe and Barclays US LLC). The questionnaire was designed to evaluate KPMG’s audit process, its effectiveness and overall output. •During 2025, the Committee continued to receive reports from the KPMG UK Head of Audit Quality on her assessment of audit quality for Barclays. | Other •External reports: The Barclays 2024 audit had been subject to Public Company Accounting Oversight Board (PCAOB) and FRC review, with no material issues identified and an overall positive outcome. •Audit tender: the formal audit tender process conducted by Barclays in 2025 provided a further opportunity for the Committee to assess the quality of KPMG’s audit capabilities. KPMG was identified as the preferred firm in the tender process. Relevant to this decision was Barclays' first- hand experience of KPMG’s offering, which the Committee believed can continue to deliver a high-quality audit for Barclays. |
Non-audit services
In order to safeguard the auditor’s
independence and objectivity, Barclays has
in place the Group Policy on the Provision
of Services by the Group Statutory Auditor
(the Policy) setting out the circumstances in
which the auditor may be engaged to
provide non-audit services. The Policy
applies to all Barclays subsidiaries and other
material entities over which Barclays has
significant influence. The core principle of
the Policy is that non-audit services (other
than those legally required to be carried out
by the Group’s auditor) should be performed
by the auditor only in certain controlled
circumstances.
The Policy sets out the type of service
categories that the auditor is permitted to
carry out. Certain services categories and
proposed work for which the fee is above a
certain threshold, require explicit Committee
approval before work can commence. All
other permitted service requests are deemed
pre-approved by the Committee, subject to
compliance with Policy requirements. The
Policy requires that all proposed work must
be sponsored by a senior executive who is
not involved in any work to which the
proposed engagement relates. The audit
assignment partner must also confirm that
the engagement has been approved in
accordance with the auditor’s own internal
ethical standards and does not pose any
threat to the auditor’s independence or
objectivity.
The Policy is reviewed by the Committee on
an annual basis to ensure that it is fit for
purpose and that it reflects applicable rules
and guidelines. The Policy is aligned with
both the FRC’s requirements and KPMG’s
own internal policy on non-audit services for
FTSE 350 companies, which broadly
restricts non-audit work to services that are
‘closely related’ to the audit.
The fees payable to KPMG for the year
ended 31 December 2025 amounted to £90m
(2024: £91m), of which £20m (2024: £20m)
was payable in respect of non-audit services.
A breakdown of the fees payable to the
auditor for statutory audit and non-audit
work can be found in Note 39 of the
financial statements.
Of the £20m of non-audit services provided
by KPMG during 2025, the significant
categories of engagement, i.e. services
where the fees amounted to more than
£500,000, included:
•limited assurance services provided
pursuant to Corporate Sustainability
Reporting Directive (CSRD) requirements
in relation to disclosures by BBPLC and
Barclays Europe;
•audit-related services, such as services in
connection with CASS (Client Assets
Sourcebook) audits;
•services in connection with regulatory,
compliance and internal control reports
and specific audit procedures, required by
law or regulation to be provided by the
statutory auditor; and
•attestation and assurance services in
relation to treasury and capital markets
transactions.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 99 | ||
Directors' report: Board Audit Committee report (continued)
External audit tender Barclays is in compliance with the requirements of The Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014. As a UK public interest entity, Barclays is required to tender the external audit every 10 years and rotate the Group statutory auditor every 20 years. Barclays initially appointed KPMG as its external auditor with effect from the 2017 financial year. We disclosed in our 2024 Annual Report our intention to conduct a formal audit tender process for the Group statutory auditor. Following the conclusion of a formal audit tender process conducted in early 2025, the Board confirmed the re-appointment of KPMG as Barclays’ statutory auditor for a period of up to 10 years, commencing from the financial year ending 31 December 2027. A resolution to re-appoint KPMG as Barclays’ statutory auditor with effect from the 2027 financial year will be put to the Company’s shareholders for approval at the Barclays 2027 Annual General Meeting. Scope Barclays’ primary objective for the audit tender process was ensuring an efficient, transparent, fair and non-discriminatory tender process and appointing the audit firm that would provide the highest quality audit in an effective and efficient manner. The size and complexity of the Barclays Group requires an audit firm of sufficient size, resource and geographical reach to be able to ensure a high-quality audit. Having regard to the FRC guidance on best practice for audit tenders, the audit tender process was led by the Committee, with direct involvement by the Committee Chair at every stage. Management supported the Committee in the audit tender process and shared their views on an advisory only basis with the Committee. Process Barclays conducted an initial 'Request for Information' (RFI) in 2024 to identify firms which satisfied our minimum requirements relating to credibility, capacity and independence. | As part of the RFI, the Committee Chair together with senior members of Finance management met interested firms to discuss with them Barclays' key priorities for the audit. The RFI process was followed by a 'Request for Proposal' (RFP) stage, which consisted of a series of workshops with each shortlisted firm. The workshops focused on key audit priorities for Barclays (including accounting policies, valuations, transition, principal risks and technology). All firms were given the opportunity to meet with members of the Committee, as well as the Board Audit Committee Chairs of BBUK and Barclays Europe, during the workshops (due to the consolidated BPLC/ BBPLC Board Audit Committees, BBPLC was represented via the BPLC Board Audit Committee Chair). Feedback was provided to the firms following the RFI stage and through the RFP stage in order to ensure that each was given the best chance possible of putting forward a credible proposal. Evaluation Firms were evaluated based on the following key criteria approved by the Committee: •experience; •proposed solution; •audit quality; •corporate fit; •commercial compliance; and •use of technology. The RFP scorecard was reviewed alongside qualitative considerations around the transition process (or, in the case of KPMG as the incumbent, the ability to bring fresh perspectives to the audit) and cultural fit. While the firms were asked to submit fee proposals as part of the RFP process, these proposals were not considered by the Committee until after the Committee had confirmed its recommendation of two firms to the Board. Recommendation to the Board The Committee considered and discussed the output from the workshops, which augmented the RFI submissions and brought to life each firm’s audit proposition. | This enabled the Committee to conduct an objective review of the statutory audit process considering Barclays’ key priorities for future audits and having regard to some of the inevitable challenges raised in the audit process. The Committee recommended two firms, indicating its preference for retaining KPMG, to the Board for selection. Supporting the Committee's recommendation was Barclays' first-hand experience of KPMG’s offering, which can continue to deliver a high-quality audit for Barclays. The Board made a final decision to select KPMG as the successful firm in May 2025. |
Summary of tender process Set out below is a timeline of the audit tender process conducted. | ||
2024 | ||
August-October •Initial meetings with each audit firm •Initial RFI process | ||
November-December •RFI responses considered | ||
December •Selection of audit firms to participate in the formal tender process •Recommendation from the Committee to the Board to formally commence the audit tender process •Announcement released to the market confirming intention to conduct an audit tender | ||
December-January 2025 •Key investor and proxy advisor outreach on audit tender process | ||
2025 | ||
February-April •Summary of anticipated audit tender process included in Barclays PLC Annual Report 2024 •RFP issued •Workshops held with participating audit firms | ||
May •Committee recommendation of two firms to the Board for selection •Board approval of KPMG as preferred firm •Announcement released to the market confirming conclusion of the tender process | ||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 100 | ||
Directors’ report: Board Risk Committee report
Continued focus on robust risk
management and resilience in an
uncertain and volatile external
environment
Strengthening risk management and resilience
amid complex global challenges.
Board Risk Committee | ||
Robert Berry Chair, Board Risk Committee | ||
Committee membership and meeting attendance during 20251 |
Member | Meetings attended/ eligible to attend | |||
Robert Berry | 14/14 | |||
Dawn Fitzpatrick2 | 13/14 | |||
Sir John Kingman2 | 13/14 | |||
Marc Moses2 | 12/14 | |||
Julia Wilson2 | 13/14 | |||
Notes 1There were ten scheduled Committee meetings and four ad hoc meetings held in 2025. One ad hoc meeting was a combined Board and Committee meeting. 2Owing to other commitments or religious observance, some Directors were unable to attend certain meetings, however they received papers in advance and had the opportunity to share their views with the Chair ahead of the meetings. |
Dear Shareholders
I am pleased to report on the Board Risk
Committee’s activities and responsibilities
during 2025. I would like to thank the
Committee members for their contributions
and support during the year.
The Committee’s agenda in 2025 continued
to be shaped by a complex and evolving risk
landscape, driven by heightened
macroeconomic and geopolitical
uncertainty, periods of market volatility,
regulatory change, and the evolution of non-
financial risks, such as cyber and AI-related
threats. The Committee has sought to
understand the impacts on Barclay's business
model and reinforced the need for
management to proactively identify and
mitigate risks arising from these external
factors.
Our focus has remained on ensuring that
Barclays’ risk management framework is
robust, forward-looking, and aligned with
the Group’s strategic ambitions. Geopolitical
tensions have required enhanced scenario
analyses and stress testing to assess
exposures and inform management actions.
The Committee has overseen increased
monitoring of potential distress within the
portfolio, particularly in relation to credit
risk, as well as climate risk, and has
considered the impact of global conditions
on business growth strategies.
The Committee has had close oversight of
financial risks, including capital and
liquidity risk, and actions being taken by
management to seek to ensure they are well
contained, as well as overseeing
enhancements to the risk appetite
framework.
Operational risk has been an area of
significant focus for the Committee. This
has included consideration of cyber threats,
payments processes, and technology change
incidents, including the 31 January 2025 IT
incident that impacted Barclays' business in
the UK. The Committee has focussed on
continuous improvement of the operational
risk framework and the evolution of risk
appetite and oversaw management's ongoing
work to strengthen controls.
With Financial Crime elevated to a principal
risk from January 2025, the Committee has
established a cadence of regular reporting to
oversee developments in financial crime risk
management and actions to improve the
control environment. The Committee has
also maintained focus on emerging threats,
such as AI-driven fraud and crypto-related
risks.
The Committee oversees the Group’s cyber
security position, including threat-led testing
and addressing vulnerabilities.
As part of our consideration of model risk,
we have considered the risks and
opportunities presented by AI, both in terms
of internal adoption and external threats,
seeking to understand that governance
frameworks and policies are in place to
manage these evolving risks.
Compliance risk has been a continued area
of attention, with the Committee receiving
updates on the complexities driven by the
external environment. As well as
Compliance's work in relation to market
integrity, conduct, and laws, rules and
regulations interpretation, the Committee
has been focused on the actions taken to
implement appropriate guardrails to contain
compliance threats.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 101 | ||
Directors' report: Board Risk Committee report (continued)
Legal risk updates have highlighted the
challenges of regulatory divergence and the
pace of change, with the Committee seeking
to ensure that Barclays remains compliant
and resilient in the face of evolving
requirements.
The Committee assess how Barclays'
strategy is informed by, and remains within
risk appetite. As part of the Committee’s
role in reviewing the design of the ERMF,
and making recommendations to the Board,
it has spent significant time during 2025 on
amendments to qualitative risk appetite
statements, particularly those relating to
non-financial risks, and encouraging
management to refine their articulation and
drive consistency.
The Committee has also undertaken
dedicated teach-in sessions on the Risk and
Compliance functions to deepen its
understanding of how they are executing on
the strategic priorities for the function,
including ensuring appropriate skills and
capabilities for the future. The Chairs of
Barclays’ key subsidiary Board Risk
Committees were invited to these sessions.
To assist the Committee in having visibility
over any material and key emerging issues
impacting the Group (including its key
subsidiaries), during the year I have attended
meetings of the Barclays US LLC/BBDE
Board Risk Committee, the Barclays Europe
Board Risk Committee, and the BBUKPLC
Board Risk Committee.
Committee effectiveness
An internal evaluation of the performance of
the Committee was conducted for 2025, in
line with the provisions of the Code. The
results of the review confirmed that the
Committee was operating effectively.
Further information on the review of the
Board and its Committees can be found in
the Board Nominations Committee report on
page 84.
Looking ahead
As we move into 2026, the Committee will
continue to focus on ensuring Barclays
remains resilient and agile in the face of
ongoing uncertainty. We expect to maintain
focus on several key topics, including the
impact of the changing macroeconomic and
geopolitical external landscape. We will
maintain our commitment to robust
governance and proactive risk management,
ensuring that Barclays is well positioned to
respond to emerging risks and to support the
Group’s strategic ambitions.
Robert Berry
Chair, Board Risk Committee
9 February 2026
Committee meetings
During 2025, the Committee met 14 times,
with 10 scheduled and four ad hoc meetings.
One ad hoc meeting was a combined Board
and Committee meeting. (2024: 10 times
with no ad hoc meetings) and the attendance
by members at these meetings is shown on
page 100.
In addition to its members, Committee
meetings in 2025 were also attended by
representatives from senior management
including the Group Chief Executive, Group
Chief Risk Officer, Group Chief
Compliance Officer, Group Finance
Director, Group Chief Internal Auditor,
Group Treasurer, and Group General
Counsel, as well as representatives from the
businesses and additional colleagues from
the Risk and Compliance functions. The lead
audit engagement partner of KPMG also
attended Committee meetings. The
Committee held regular private sessions
with each of the Group Chief Risk Officer
and the Group Chief Compliance Officer,
without other management present.
The Committee continues to work closely
with the Board Audit Committee and Board
Sustainability Committee to ensure a
consistent approach is taken in relation to
matters in which there is a connection across
remits. This interconnectivity is supported
by Committee cross-membership, including
the Chair of the Board Audit Committee
being a member of the Board Risk
Committee and my membership of the
Board Audit and Board Sustainability
Committees.
Role of the Committee | ||
The Committee is responsible for reviewing, on behalf of the Board, management’s recommendations on the principal risks as set out in the ERMF (with the exception of reputation risk with strategic implications relating to the Group, which is a matter reserved to the Board), and in particular: •reviewing, on behalf of the Board, the management of those principal risks in the ERMF •considering and recommending to the Board the Group’s risk appetite and tolerances for those principal risks •reviewing, on behalf of the Board, the Group’s risk profile for those principal risks •commissioning, receiving and considering reports on key risk issues •safeguarding the independence, and overseeing the performance, of Barclays’ Risk and Compliance functions. | ||
| The Committee’s terms of reference are available at: home.barclays/who-we- are/our-governance/board- committees/ |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 102 | ||
Directors' report: Board Risk Committee report (continued)
Primary activities
The table below highlights how the Committee discharged its responsibilities and its key areas of focus in 2025.
Areas of focus | Key responsibilities of the Committee | Key activities / actions taken | |||
Risk framework, governance and regulatory matters | •To review and recommend to the Board for approval the design of the ERMF. •To assess risk management matters raised by Barclays’ regulators and monitor the actions being taken by management to respond. •To monitor the progress of significant risk management projects. •To keep under review the effectiveness of the Group’s risk management systems. •To support management in embedding and maintaining throughout the Group a supportive culture in relation to risk management. | •The Committee reviewed and recommended to the Board for approval the ERMF. •Further to reports presented by management on guidance and feedback received from regulators, the Committee considered Barclays' response to the matters raised by regulators, including updates on key remediation programmes. •The Committee received an update from the Group Chief Risk Officer and Group Chief Compliance Officer on their observations on Barclays’ Risk and Compliance culture, which included reflecting on the Committee’s role to support management in embedding the desired culture. •The Committee received regular reports from management on regulatory interpretation matters and related governance. | |||
Risk appetite and stress testing i.e. the level of risk the Group chooses to take in pursuit of its business objectives, including testing whether the Group’s financial position and risk profile provide sufficient resilience to withstand the impact of severe but plausible economic scenarios. | •To advise the Board on the Group’s risk appetite and tolerance for the principal risks and emerging risks that the Group may be willing to take when determining strategy. •To review and recommend to the Board for approval the Group’s Risk Appetite Statement. •To review and approve the methodology used to establish the Group’s risk appetite and associated stress testing. •To consider and approve stress loss limits and mandate and scale controls for financial principal risks (credit risk, market risk and treasury and capital risk), operational risk and climate risk. •To consider and approve Internal Stress Test (IST) themes and consider the financial and non-financial constraints and scenarios for stress testing risk appetite for the MTP. •To consider and approve the results of stress tests required by regulators. | •The Committee engaged extensively with management on proposed enhancements to Barclays' qualitative risk appetite statements, in particular for non-financial principal risks, and subsequently recommended to the Board for approval Barclays’ Risk Appetite Statement. •The Committee reviewed and approved the stress loss limits and mandate and scale controls for the Group. •The Committee considered and approved the 2025 IST (including climate risk) scenario theme and severity and 2025 IST results, and recommended the Board approve the MTP on the basis that risk appetite was met under the IST. The Committee also approved the results of the 2025 Reverse Stress Test and considered key learnings. •The Committee approved the results of the 2025 Group Bank Capital Stress Test and considered management's analysis of the stress test results published by the Bank of England. •The Committee considered updates on the results of Barclays US LLC’s 2025 supervisory stress test conducted by the Federal Reserve Board. | |||
Risk profile i.e. the impact on the Group’s risk profile from geopolitical and macroeconomic developments and conditions. | •To evaluate and report to the Board on the Group’s risk profile and risk tolerance for the principal risks in the ERMF. •To consider reports on key risk issues and emerging risks that assess the adequacy of the ERMF to manage those risks. | •The Group Chief Risk Officer reported regularly on the Group's risk profile, which included assessments of macroeconomic developments and geopolitical risks, in addition to reporting on key risks and portfolio metrics. •The Committee received briefings on key risk themes in the context of the evolving risk environment in which Barclays operates and the response of management. •The Committee has overseen management in clearly defining the Group’s target presence in emerging markets. •The Committee reviewed and approved the Group's approach to managing single name concentration risk. •The Committee received focused business risk updates for each of the main business areas which included assessments of principal risks. | |||
Credit risk and market risk i.e. the risk of loss from the failure of customers, clients or counterparties to fully honour their obligations to Barclays; or due to market movements. | •To review and consider vulnerabilities to credit losses in the Group’s lending and banking transactions that expose the firm to credit risk. •To review and consider the risk of loss arising from potential adverse changes in the value of the firm’s assets and liabilities from fluctuation in market variables. | •The Committee maintained an ongoing focus on credit risk in the context of the external environment. This included consideration of an update on key metrics and exposures by sector and reporting on management actions being taken to mitigate the risk in key portfolios. | |||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 103 | ||
Directors' report: Board Risk Committee report (continued)
Areas of focus | Key responsibilities of the Committee | Key activities / actions taken | |||
Treasury and capital risk i.e. liquidity risk, capital risk and interest rate risk in the banking book. | •To review capital performance against plan, tracking the capital trajectory, any challenges and opportunities and regulatory policy developments. •To assess liquidity performance against both internal and regulatory requirements, and review any challenges and opportunities. •To monitor capital and funding requirements. •To consider and approve Internal Capital Adequacy Assessment Process (ICAAP) and Internal Liquidity Adequacy Assessment Process (ILAAP) submissions. | •The Committee reviewed capital and liquidity performance and the forecast capital and funding trajectory, including the actions identified by management to manage the Group's capital position. •Following preliminary assessments of the ICAAP and ILAAP by the Committee in early 2025, the Committee subsequently approved the Group's 2025 ICAAP and ILAAP prior to their submission to the PRA. •The Committee considered Barclays' risk appetite framework and strategy for managing significant risk transfer transactions. •The Committee recommended to the Board for approval the Group Recovery Plan. •The Committee considered an update on Barclays' resolvability arrangements, including the testing and assurance activities completed in 2025, and a Group resolution simulation planned for 2026 to ensure our resolution capabilities are execution-ready. | |||
Operational risk i.e. the risk of loss arising from inadequate or failed processes and systems, human factors or due to external events. | •To review the Group’s operational risk profile and consider specific areas of operational risks, including fraud, operational resilience, cybersecurity, execution risk, technology and data, including the controls that are in place for managing and mitigating such risks. | •The Committee regularly reviewed the Group’s operational risk profile through reporting on key metrics and key operational risks, including those relating to transactions operations, technology change, fraud, cyber security and the risks associated with new business activities. •The Committee considered updates on proposed changes to enhance the Operational Risk Management Framework and operational risk appetite statement. •The Committee reviewed and approved under a delegation of authority from the Board the 2025 Group Operational Resilience Self-Assessment assessing Barclays’ ability to recover its Important Business Services (IBS) within impact tolerance in severe but plausible scenarios. The Committee subsequently recommended to the Board for approval changes to the impact tolerance thresholds for certain IBS following a review after the 31 January 2025 IT incident that impacted Barclays' business in the UK. •The Committee maintained oversight of cybersecurity risk, including through updates on the Group-wide programme of work to enhance Barclays’ cybersecurity capabilities, encompassing activities to strengthen Barclays’ risk posture, assessments of the external cyber environment and regulatory commitments. •The Committee received focused updates on AI that included consideration of AI oversight in Barclays, the external AI policy and regulatory landscape and AI-driven cybersecurity risks. | |||
Climate risk i.e. the risk of financial losses arising from climate change through physical risks and risks associated with transitioning to a lower carbon economy. | •To consider and assess the impact of climate risk on the Group’s activities. | •Through updates on climate risk the Committee considered how climate change is driving financial and operational risks and how Barclays is managing these risks and incorporating them in its capital adequacy assessment. Matters covered in the updates included external regulatory trends, the global policy environment and actions taken to address physical risks. The Committee also considered progress against Barclays’ financed emissions reduction targets. •Business risk updates to the Committee from the main business areas included assessments of climate risk. | |||
Model risk i.e. the potential for adverse consequences from decisions based on incorrect or misused model outputs and reports. | •To evaluate the appropriateness of the Model Risk Management Framework, including receiving updates on findings in relation to specific modelling processes. | •The Committee received updates on model risk, including in relation to enhancements to the Model Risk Management Framework to address increasing regulatory expectations, including compliance with PRA Supervisory Statement 1/23 "Model risk management principles for banks", and oversight of AI risk management within the Group. •In compliance with the regulatory requirement for the Group’s Model Risk Management Policy to be approved by the Board, the Committee approved the Model Risk Framework on behalf of the Board. | |||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 104 | ||
Directors' report: Board Risk Committee report (continued)
Areas of focus | Key responsibilities of the Committee | Key activities / actions taken | |||
Compliance risk i.e. the risk of poor outcomes for, or harm to, customers, clients and markets, arising from the delivery of the firm’s products and services (Conduct Risk) and the risk to Barclays, its clients, customers or markets from a failure to comply with the laws, rules and regulations applicable to the firm (Laws, Rules and Regulations Risk, LRR Risk). | •To review the effectiveness of the processes and policies by which the Group identifies and manages Compliance risk, including reviewing the effectiveness of the Compliance Risk Framework. | •The Group Chief Compliance Officer reported regularly to the Committee on the Group’s compliance risk profile, which included lessons learned reviews undertaken in response to industry developments and external events and the monitoring of ongoing remediation activities. •The Committee received a quarterly Compliance opinion on Group transformation initiatives. •The Committee considered focused updates on key compliance risks including surveillance, trade and transaction reporting and laws, rules and regulations. | |||
Financial Crime risk i.e. the risk that Barclays and its associated persons (employees or third parties) commit or facilitate financial crime, and/or the firm’s products and services are used to facilitate financial crime. | •To monitor the financial crime risk profile of the Group and how such risk is mitigated. | •The Committee monitored financial crime risk through quarterly updates on the Group-wide programme to enhance financial crime capabilities and opinions from Compliance on Barclays’ financial crime risk profile. •The Committee received a compliance focused update on the financial crime risks presented by AI and the risk of exploitation by criminals. | |||
Reputation risk i.e. the risk that an action, transaction, investment, event, decision, or business relationship will reduce trust in the Group’s integrity and/or competence. | •To evaluate the effectiveness of the Group’s management of reputation risk. •To escalate any matter with reputation risk which may have strategic implications for the Group to the Board. | •Updates on reputation risk provided to the Committee included discussion on risk appetite considerations and reviewing enhancements to the approach to identifying and assessing reputation risks. | |||
Legal risk i.e. the risk of loss or imposition of penalties, damages or fines from the failure of the Group to meet applicable laws, rules, regulations or contractual requirements or to assert or defend its intellectual property rights. | •To monitor the Group’s legal risk profile, including considering potential material emerging legal risks. | •The Committee received periodic updates on emerging legal risks faced by the Group and actions being taken to manage such risks. | |||
Strategic transaction risk | •To satisfy itself that the due diligence process followed for proposed significant and strategic acquisitions or disposals by the Group is thorough. | •The Committee considered the key conclusions from the due diligence conducted on the acquisition of Best Egg, Inc. and the impact of the transaction on the Group’s risk profile and overall risk appetite in the context of the Group’s strategy, and reported its conclusions to the Board. | |||
Remuneration | •To provide input to the Board Remuneration Committee on performance against risk metrics to be taken into account in annual remuneration decisions. | •In early 2025, the Committee considered the recommended ex-ante risk adjustment for the 2024 incentives pool, which reflected input from the Group Chief Risk Officer and Group Chief Compliance Officer. •The Committee considered the methodology for setting the ex-ante adjustments to the 2025 incentives pool. | |||
Oversight of the Risk and Compliance functions | •To safeguard the independence, and oversee the performance, of Barclays' Risk and Compliance functions. •To satisfy itself that Barclays’ Risk and Compliance functions are adequately resourced and have appropriate access to information, so as to be able to perform their functions effectively. •To review and approve the Compliance function’s Annual Compliance Plan. | •In early 2026, both the Group Chief Risk and Chief Compliance Officers presented 2025 function effectiveness reviews assessing the performance of their respective functions against their remits. • The Committee reviewed and approved the Annual Compliance Plan and monitored delivery of the plan through a mid-year progress update. •The Committee considered Barclays Internal Audit’s assessments of the control environment of the Risk and Compliance functions. •The Committee participated in teach-in sessions from the Risk and Compliance functions, providing deeper insight into the organisational shape and evolution of the functions. •The Committee met privately with the Group Chief Risk Officer and Group Chief Compliance Officer on a regular basis. | |||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 105 | ||
Directors' report: Board Sustainability Committee report
Working towards our ambition
to be a net zero bank by 2050
and supporting our clients in the transition to a low-carbon economy
Board Sustainability Committee | ||
Nigel Higgins Chair, Board Sustainability Committee | ||
Committee membership and meeting attendance during 20251, 2 |
Member | Meetings attended/ eligible to attend | |||
Nigel Higgins | 4/4 | |||
C.S. Venkatakrishnan | 4/4 | |||
Robert Berry | 3/4 | |||
Dawn Fitzpatrick | 2/4 | |||
Mary Francis | 4/4 | |||
Brian Gilvary | 2/4 | |||
Diony Lebot* | 3/3 | |||
Julia Wilson | 4/4 | |||
*Diony Lebot joined the Committee on
17 March 2025.
Note: 1There were three scheduled Committee meetings and one ad hoc meeting held in 2025. Owing to other commitments or illness, some Directors were unable to attend certain meetings, however they received papers in advance and had the opportunity to share their views with the Chair ahead of the meetings. 2A non-executive representative from the BBUKPLC Board continues to attend Committee meetings. |
Dear Shareholders,
In furtherance of Barclays’ ambition to
be a net zero bank by 2050, during 2025, the
Board Sustainability Committee has focused
on monitoring the progress
and evolution of the climate and
sustainability strategy, particularly how
the Group supports clients in the transition
to a low-carbon economy, supporting the
Board’s oversight of
these important issues.
Climate change continues to be a critical and
complex challenge, and the Committee plays
an important role in shaping and overseeing
the Group’s climate and sustainability
strategy, seeking to ensure that Barclays
commitments remain robust, credible, and
responsive to the rapidly-evolving external
environment and to stakeholder
expectations.
As part of its discussions, the Committee
reviewed the Barclays Transition Update in
detail ahead of Board approval and
publication in July. The Committee worked
closely with management to seek to ensure
that the Transition Update set out how
Barclays is financing customers’ and clients’
transition, as it balances its climate ambition
and stakeholder expectations, and continues
to deliver the strategy whilst taking into
consideration the dynamic external
environment and risks associated with the
transition. Banks are part of the fabric of
economies across the world that are striving
to align transition, growth and energy
security and Barclays is seeking to support
its clients with navigating this environment.
Discussions centred on the risks and
opportunities presented by the transition,
with the Committee supporting a pragmatic
approach to transition planning. The
Transition Update reaffirmed Barclays'
ambition to be a net zero bank by 2050,
reported progress towards our target to
facilitate $1 trillion Sustainable and
Transition Finance, and provided more
detail on how Barclays could work with
clients in key sectors to support
decarbonisation, while managing associated
risks and opportunities.
It also considered factors that may influence
climate transition, and how Barclays could
further evolve its strategy and policy
positions.
The Committee’s discussions were informed
by external perspectives, including external
legal and policy experts, and underpinned by
management’s active engagement with our
shareholders,
NGOs, and other stakeholders, alongside
feedback provided directly to me as Group
Chairman. The Committee maintained
emphasis on transparency and accountability
in relation to the climate and sustainability
strategy and discussed likely stakeholder
impact and reaction to the publication of the
Barclays Transition Update. The Committee
also received regular updates on external
developments, market practice, and
regulatory changes.
Beyond climate, the Committee discussed
the continuing work to advance Barclays'
position on nature and human rights,
recognising the growing importance of these
issues to our stakeholders and to
the long-term sustainability of our business.
Acknowledging the close interlock between
climate and nature considerations, the
Committee encouraged a thoughtful
approach to the integration of nature risks
and opportunities alongside our existing
climate strategy. The Committee also
received an update on the ongoing approach
to identifying and managing human rights
considerations.
The topics covered by the Committee
are reviewed regularly to ensure that
members have visibility of the broader
sustainability landscape, including material
policy, regulatory, legal and political
developments in our key markets.
Having cross-membership on the Committee
with the Chairs of our Board Audit,
Remuneration and Risk Committees helps to
ensure a streamlined approach
to Board-level oversight of all climate
and sustainability-related matters.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 106 | ||
Directors' report: Board Sustainability Committee report (continued)
The Committee continues to have a
non-executive representative from the
BBUKPLC Board, which provides further
connectivity across the Group.
Committee effectiveness
An internal evaluation of the performance of
the Committee was conducted for 2025, in
line with the provisions of the Code. The
results of the review confirmed that the
Committee was operating effectively.
Further information on the review of the
Board and its Committees can be found in
the Board Nominations Committee report on
page 84.
Looking ahead
Looking ahead, the Committee remains
committed to supporting the Board and
management in delivering on our
sustainability ambitions, monitoring
progress against our strategy, and
responding proactively to new risks and
opportunities. On behalf of the Board,
the Committee will continue to seek to
ensure that Barclays is well-positioned to
support our clients, deliver value to
shareholders, and contribute positively to
society in line with our Purpose.
Nigel Higgins
Chair, Board Sustainability Committee
9 February 2026
Committee composition
and meetings
During 2025, the Committee met four times
and attendance by members is shown on
page 105. Committee meetings in 2025 were
also attended by management
representatives including the Group Head of
Sustainable and Transition Finance, Head of
Public Policy and Corporate Responsibility,
and Head of Legal, Public Policy and
Corporate Responsibility.
As announced on 6 February 2026, Mary
Francis will be stepping down from the
Board and as a member of the Committee
with effect from 6 May 2026.
As an Executive member of the Committee, our Group Chief Executive, C.S. Venkatakrishnan, brings in-depth climate and sustainability insight to the Committee’s discussions, including the views of key external stakeholders. Through his past and current external roles, including as Chair of the Financial Services Taskforce to the Sustainable Markets Initiative, he brings external perspectives on key climate and sustainability matters relevant to the Committee’s discussions. | ||
Role of the Committee The Committee’s role is to provide oversight of climate matters and Barclays’ sustainability agenda, with particular focus on: •supporting and advising the Board in its oversight of climate and sustainability matters relating to (i) the services and products provided to Barclays’ clients and customers, (ii) particular sectors, and (iii) its own corporate activities •supporting the Board in monitoring the implementation of the Barclays' climate and sustainability strategy and, if appropriate, making recommendations to the Board as to how to further develop these strategies •reviewing and making recommendations to the Board on the suitability of, material changes to, the Group’s climate and sustainability strategy; and •reporting to the Board on the climate and sustainability matters for which it is responsible, escalating issues and making recommendations to the Board where appropriate. | ||
| The Committee’s terms of reference are available at home.barclays/who-we- are/our-governance/board- committees/ |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 107 | ||
Directors' report: How we comply
Reporting against the Code’s
principles and provisions
As Barclays PLC is listed on the London Stock Exchange, the principles and provisions of the Code apply, a copy of which can be found at
frc.org.uk
For the year ended 31 December 2025, and as at the date of this report, we are pleased to confirm that Barclays PLC has complied in full
with the requirements of the Code in force as at 31 December 2025. This section and our Board Governance report sets out how we complied
with the Code in 2025.
By virtue of the information included in the Annual Report, we comply with the corporate governance statement requirements of the FCA’s
Disclosure and Transparency Rules (DTRs). The information required to be disclosed pursuant to DTR 7.2.6 is located on pages 109 to 115.
Information in relation to the Board Inclusion and Opportunity Policy, as required to be disclosed pursuant to DTR 7.2.8A, can be found on
page 89.
Barclays is permitted by New York Stock Exchange (NYSE) rules to follow UK corporate governance practices instead of those applied in
the US. Any significant variations must be explained in Barclays PLC's Annual Report on Form 20-F filing, found at the Securities and
Exchange Commission’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) database or on our website home.barclays
The way in which Barclays has applied the principles and provisions of the Code during 2025 is summarised below and on the next page.
Board Leadership and Company Purpose | ||
Our Board governance is designed to deliver an effective and entrepreneurial Board, which discharges its role effectively and efficiently. Details can be found on pages 77 to 78, including our Group-wide governance framework and the Board's responsibilities. Key Board activities for 2025 are set out on pages 80 to 83. The Board is fully supportive of The Barclays Way, which sets out our Purpose, Values and Mindset, and is our Code of Conduct, providing a path for achieving a dynamic and positive culture in the Group. Refer to page 171 for further detail. Our Group Whistleblowing Standard enables colleagues to raise any matters of concern anonymously and is embedded into our business. Further information can be found on page 172. Throughout 2025, we engaged with our stakeholders through a variety of means. Refer to page 25 for further detail about how Barclays engages with our stakeholders. | ||
Division of Responsibility | ||
The majority of the Board comprises independent Non-Executive Directors. The Group Chairman and Group Company Secretary work in collaboration to ensure an effective and efficient Board, as further described in Our governance framework from page 77. All Directors have access to the advice of the Group Company Secretary. The roles of Chair, Group Chief Executive, SID and Non-Executive Directors are defined within the Barclays Charter of Expectations, along with the behaviours and competencies for each role, as outlined on page 79. Directors are expected to commit sufficient time to ensure they can discharge their obligations to Barclays effectively, as detailed in our Board Nominations Committee report on page 84. The Board is responsible for setting the strategy for the Group. The day-to-day management of the Group is delegated by the Board to the Group Chief Executive, who is supported by his ExCo, the composition of which is outlined on page 76. Details of the number of meetings of the Board and its Committees, and the individual attendance by Directors, can be found in Our governance framework on page 79 and in each respective Board Committee report. | ||
Composition, Succession and Evaluation | ||
All Board appointments are based on merit against objective criteria and having regard to the Board Inclusion and Opportunity Policy, considering the skills, experience, independence and knowledge required for the Board’s effectiveness and to support the continued delivery of the Group’s strategy. The Board Nominations Committee oversees succession to both Board and senior management positions. The Board adopted an updated version of the Board Inclusion and Opportunity Policy in February 2026, as detailed in the Board Nominations Committee report on page 84. Board appointments are made following a rigorous and transparent process facilitated by the Board Nominations Committee, with the aid of external search consultancy firms. All Directors are subject to annual re- election at the AGM. See page 109 for further detail. Each year, an effectiveness review is carried out on the performance of the Board, Board Committees and individual Directors. As permitted by the Code, an internally-facilitated review was conducted for 2025. Refer to the Board Nominations Committee report from page 84 for details, as well as progress against the findings from the externally facilitated Board review for 2024. | ||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 108 | ||
Directors' report: How we comply (continued)
Audit, Risk and Internal Control | Remuneration | |||||||||
The Board, together with the Board Audit Committee, is responsible for ensuring the integrity of this Annual Report and that the financial statements as a whole present a fair, balanced and understandable assessment of Barclays' performance, position and prospects. The Board, together with the Board Audit Committee, is responsible for ensuring the independence and effectiveness of the internal audit function and external auditors. The Directors are responsible for ensuring that management maintains an effective system of risk management and internal control and for assessing its effectiveness. Such a system is designed to identify, evaluate and manage, rather than eliminate, the risk of failure to achieve business objectives and can only provide reasonable, and not absolute, assurance against material misstatement or loss. Processes are in place for identifying, evaluating and managing the principal risks facing the Group. A key component of The Barclays Guide is the ERMF. The purpose of the ERMF is to identify and set minimum requirements of the main risks to the strategic objectives of the Group. The Group is committed to operating within a strong system of internal control. The Barclays Guide contains the overarching framework setting out the approach of the Group to internal governance. | Effectiveness of risk management and internal controls are reviewed regularly by the Board Risk Committee (responsible for overseeing the ERMF and current and potential future risk exposures) and the Board Audit Committee (responsible for evaluating the effectiveness of internal controls). Key controls are assessed on a regular basis for both design and operating effectiveness. Issues arising out of these assessments, where appropriate, are reported to the Board Audit Committee. The Board Audit Committee oversees the control environment (and remediation of related issues). It also reviews annually the risk management and internal control system. The Board Audit Committee has concluded that throughout the year ended 31 December 2025, the Group has operated an effective system of internal control that provides reasonable assurance of financial and operational controls and compliance with laws, rules and regulations. You can read more about the Board Audit Committee and its work, including its oversight of the internal control framework and areas of ongoing enhancement, from page 92. | The Remuneration report from page 116 sets out the purpose and activities of the Board Remuneration Committee, a summary of the remuneration policy for the Executive Directors and how it is aligned with the policy for the wider workforce, as well as the Directors’ remuneration outcomes for 2025. The Group's remuneration policies and procedures support the Group's strategy and enable us to reward sustainable performance, which is a key element of our Remuneration Philosophy. For our Executive Directors, incentive outcomes are based on a structured assessment of performance against key financial and non-financial performance measures, aligned with the Group’s strategic priorities. Wider workforce remuneration is reviewed every year by the Remuneration Committee for alignment with (i) Barclays’ Remuneration Philosophy and Fair Pay Agenda, (ii) Barclays’ Purpose, Values, Mindset, conduct expectations and long-term success, and (iii) Executive Director and senior management remuneration. All Executive Director and senior management remuneration policies are developed in accordance with the Group's formal and transparent procedures (ensuring that no Director is involved in deciding their own remuneration outcomes) and are, where appropriate, aligned to wider workforce policies. Board Remuneration Committee members exercise independent judgement and discretion when determining remuneration outcomes, considering the Group and individual performance, wider workforce and other relevant stakeholder considerations. | ||||||||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 109 | ||
Directors' report: Other statutory and regulatory information
Other statutory and regulatory
information
The Directors present their report together with the
audited accounts for the year ended 31 December 2025.
Other information that is relevant to the Directors’ report, and which is incorporated by reference into this report, can be located as follows: | |
Page | |
Remuneration policy, including details of the remuneration of each Director and Directors’ interests in shares | 130 to 132 135, 153 to 154 |
Corporate Governance Statement | 107 to 108 |
Risk review | 180 |
Disclosures required pursuant to Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 as updated by Companies (Miscellaneous Reporting) Regulations 2018 can be found on the following pages: | |
Page | |
Engagement with employees (Sch. 7, Para 11 and 11A 2008/2018 Regs) | 26 to 28 |
Engagement with suppliers, customers and others in a business relationship (Sch. 7, Para 11 B 2008/2018 Regs) | 25 29 and 168 to 170 |
Financial instruments (Sch. 7, para 6 2008 Regs) | 371 |
Hedge accounting policy (Sch. 7, para 6 2008 Regs) | 373 |
Disclosures required pursuant to Listing Rule 6.6.1R can be found on the following pages: | |
Page | |
Allotment for cash of equity securities | 409 |
Waiver of dividends | 109 |
Profit and dividends
Statutory profit after tax for 2025 was
£7,213m (2024: £6,356 m). The 2025 full
year dividend of 5.60p per ordinary share
will be paid on 31 March 2026 to
shareholders whose names are on the
Register of Members at the close of business
on 20 February 2026.
With the 2025 half year dividend totalling
3.0p per ordinary share, paid in September
2025, the total dividend for 2025 is 8.60p
(2024: 8.4p) per ordinary share. The half
year and full year dividends for 2025
amounted to £1,200m (2024: £1,216m).
BPLC also completed share buy-back
programmes during 2025, further details of
which can be found later in this section.
Shareholders may have their dividends
reinvested in Barclays by joining the
Barclays Dividend Reinvestment Plan
(DRIP). Further details regarding the DRIP
can be found at home.barclays/dividends
and shareview.co.uk/info/drip
The nominee company of certain Employee
Benefit Trusts (EBTs) holding shares in
Barclays in connection with the operation of
our employee share plans has lodged
evergreen dividend waivers on shares held by
it that have not been allocated to employees.
The total amount of dividends waived during
the year ended 31 December 2025 was £1.2m
(2024: £8.4m).
Board of Directors
The names of the current Directors of
BPLC, along with their biographical details,
are set out on pages 72 to 119 and are
incorporated into this Directors’ report by
reference. Changes to Directors during the
year and up to the date of this report are set
out below.
Name | Role | Effective date |
Diane Schueneman | Non- Executive Director | Resigned 31 January 2025 |
Diony Lebot | Non- Executive Director | Appointed 17 March 2025 |
Tim Breedon | Non- Executive Director | Resigned 30 April 2025 |
Mary Mack | Non- Executive Director | Appointed 1 June 2025 |
As announced on 6 February 2026,
Mary Francis will be stepping down from
the Board with effect from 6 May 2026.
Appointment and retirement
of Directors
The appointment and retirement of Directors
is governed by our Articles, the Code, the
Act and related legislation.
The Articles may be amended only by a
special resolution of the shareholders. The
Board has the power to appoint additional
Directors or to fill a casual vacancy among
the Directors and any Director so appointed
holds office only until the next AGM and
may offer themselves for re-election. The
Code recommends that all directors of
companies listed in the commercial
companies category should be subject to
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 110 | ||
Directors' report: Other statutory and regulatory information (continued)
annual re-election. All Directors, other than
Mary Francis who is to retire from the Board
prior to the AGM, intend to offer themselves
for re-election at the 2026 AGM.
Directors’ indemnities
Qualifying third party indemnity provisions
(as defined by Section 234 of the Act) were
in force during the course of the financial
year ended 31 December 2025 for the
benefit of the then Directors of the Company
and the then Directors of certain of the
Company's subsidiaries and, at the date of
this report, are in force for the benefit of the
Directors of the Company and the directors
of certain of the Company's subsidiaries in
relation to certain losses and liabilities which
they may incur (or have incurred) in
connection with their duties, powers or
office. The Group also maintains Directors’
and Officers’ Liability Insurance which
gives appropriate cover for legal action
brought against its Directors.
Qualifying pension scheme indemnity
provisions (as defined by Section 235 of the
Act) were in force during the course of the
financial year ended 31 December 2025 for
the benefit of the then Directors, and at the
date of this report are in force for the benefit
of directors of Barclays Pension Funds
Trustees Limited as trustee of the Barclays
Bank UK Retirement Fund, and Barclays
Executive Schemes Trustees Limited as
Trustee of Barclays Capital International
Pension Scheme (No.1) and Barclays PLC
Funded Unapproved Retirement Benefits
Scheme. The directors of the trustees are
indemnified against liability incurred in
connection with the trustees’ activities in
relation to the Barclays Bank UK
Retirement Fund, Barclays Capital
International Pension Scheme (No.1) and
Barclays PLC Funded Unapproved
Retirement Benefits Scheme.
Political donations
The Group did not give any money for
political purposes in the UK or outside the
UK, nor did it make any political donations
to political parties or other political
organisations or to any independent election
candidates, nor did it incur any political
expenditure during the year. In accordance
with the US Federal Election Campaign Act,
Barclays provides administrative support to
a federal Political Action Committee (PAC)
in the US, funded by the voluntary political
contributions of eligible employees.
The PAC is not controlled or funded by
Barclays and all decisions regarding the
amounts and recipients of contributions are
directed by a steering committee comprising
employees eligible to contribute to the PAC.
Contributions to political organisations
reported by the PAC during the calendar
year 2025 totalled $123,000 (2024:
$75,000).
Country-by-Country reporting
The Capital Requirements (Country-by-
Country reporting) Regulations 2013 require
the Company to publish additional
information in respect of the year ended 31
December 2025. This information is
included in the Barclays Country Snapshot
available on the Barclays website:
home.barclays/annualreport
Support for candidates and
colleagues with disabilities
and long-term conditions
Barclays' commitment to inclusion includes
ensuring that candidates with disabilities and
long-term health conditions receive support
and adjustments in the application process
and beyond. Barclays welcomes applications
from all candidates and is committed to
ensuring reasonable adjustments
(accommodations) are put in place to ensure a
fair and inclusive candidate experience.
Barclays is committed to providing all
colleagues with the support and tools they
need to have a productive and fulfilling
career. We can consider making adjustments
to remove or reduce barriers colleagues might
face if they have a disability, health concern
or mental health condition. We also ensure
opportunities for training, career development
and promotion are available to all.
Research and development
In the ordinary course of business, the
Group develops new products and services
in each of its business divisions.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 111 | ||
Directors' report: Other statutory and regulatory information (continued)
Greenhouse gas emissions, energy
consumption and energy
efficiency action
We are working towards achieving net zero
operations as part of our ambition to be a net
zero bank by 2050. This includes setting and
meeting various milestones1 and targets1 to
reduce our operational emissions, with
significant progress already made.
We pursue this recognising that our progress
is likely to be non-linear amid the significant
uncertainties around the transition to a low-
carbon economy. This is because projects
will take time to be fully realised and
because we depend on external factors,
including changes in legislation, regulation
and governmental policy, as well as the
decarbonisation efforts of our Third-Party
Service Providers (TPSPs)2 and the energy
grids in the markets where we operate.
We aim to continue evaluating and evolving
our approach, taking into consideration
internal management decisions and external
factors, including the latest scientific
developments and market standards.
Progress to date
Barclays has achieved all its 2025 net zero
operations milestones and targets, including
continuing to source 100% renewable
electricity for our global real estate
portfolio3 and reducing our Scope 1 and 2
market-based emissions by 97% against a
2018 baseline - exceeding our 90%
reduction target.
We maintained 100% renewable electricity
sourcing for our global real estate portfolio
through instruments, including green tariffs4
(2%), energy attribute certificates5 (EACs)
(49%), and EACs from a power purchase
agreement (PPA) (49%).
We are also making progress towards our
2030 Scope 1 and 2 location-based
emissions reduction milestone, having by
the end of 2025, reduced these emissions by
62% against a 2018 baseline. This progress
was driven by:
•A reduction in our operational energy
demand from the consolidation of our
global real estate portfolio.
•Improvements in energy efficiency of our
global real estate portfolio.
•The targeted electrification of our global
real estate portfolio and our vehicle fleet.
•The decarbonisation of external grids in
the markets where we operate.
We have disclosed global GHG emissions
and energy use data as required by the Large
and Medium-sized Companies and Groups
(Accounts and Reports) Regulations 2008.
For further information about Barclays net
zero operations milestones and targets
progress and approach see page 58.
Notes:
1In this section, a reference to a 'milestone' denotes
an indicator we are working towards and report
against and a reference to a 'target' denotes an
indicator linked to our executive remuneration.
2TPSP means any entity that has entered into an
arrangement with Barclays in order to provide
business functions, activities, goods and/or
services to Barclays.
3In this section a reference to global real estate
portfolio includes offices, campuses, branches,
warehouses and data centres within our
operational control.
4Green tariffs (retail procurement) are standardised
renewable electricity products in regulated
electricity markets offered by utilities, allowing
large commercial and industrial customers to buy
bundled renewable electricity through a special
utility tariff rate. Project-specificity is not a
requirement for retail procurement.
5EACs are standardised, tradable instruments, that
prove that generally 1 MWh of renewable
electricity has been generated from a renewable
source and added to a grid.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 112 | ||
Directors' report: Other statutory and regulatory information (continued)
GHG Emissions Table and Notes | |||||
Current Reporting Year1 20252 | Previous Reporting Year1 2024 | ||||
UK & Offshore Area | Global | UK & Offshore Area | Global | ||
Operational GHG Emissions3 (tCO2e) | |||||
Total4 Scope 1, Scope 2 location-based, Scope 3 operational GHG emissions (000' tonnes) | 118.2 | 266.2 | 124.9 | 271.7 | |
Scope 1 CO2e emissions (000' tonnes)5 | 3.6 | 5.2 | 3.6 | 8.9 | |
Scope 26 location-based CO2e emissions (000' tonnes) | 26.8 | 74.9 | 32.0 | 84.8 | |
Scope 3 CO2e emissions (000' tonnes)7 | 87.8 | 186.1 | 89.3 | 177.9 | |
Category 3 fuel and energy-related activities CO2e emissions (000' tonnes) | 10.5 | 19.3 | 11.0 | 11.3 | |
Category 5 waste generated in operations CO2e emissions (000' tonnes) | 0.05 | 0.35 | 0.09 | 0.21 | |
Category 6 business travel CO2e emissions (000' tonnes) | 15.7 | 38.1 | 18.6 | 45.3 | |
Category 7 employee commuting CO2e emissions (000' tonnes) | 42.7 | 99.8 | 41.7 | 92.8 | |
Category 8 upstream leased assets CO2e emissions (000' tonnes) | 18.9 | 27.8 | 18.1 | 27.5 | |
Category 13 downstream leased assets CO2e emissions (000' tonnes) | 0 | 0.66 | 0 | 0.77 | |
Energy consumption used to calculate Scope 1 and Scope 2 operational GHG emissions (MWh)8 | 161,493 | 324,185 | 172,213 | 337,388 | |
Intensity Ratio | |||||
Total 12-Month Average Full-Time Employees (FTE) | 45,052 | 92,769 | 43,421 | 91,500 | |
Total CO2e per FTE (000' tonnes)9 | 2.62 | 2.87 | 2.88 | 2.97 | |
Market-based emissions10 | |||||
Scope 2 market-based CO2e emissions (000' tonnes)6 | 0.05 | 2.1 | 0 | 1.8 | |
Total Scope 14 and 2 market-based CO2e emissions (000' tonnes) | 3.6 | 7.3 | 3.6 | 10.7 | |
Notes:
1The operational emissions reporting year is 1
October to 30 September. The operational
emissions reporting year is not fully aligned to the
financial reporting year covered by this Directors’
report. In this table operational GHG emissions
have been presented as thousands of tonnes of
carbon dioxide equivalents.
2We have incorporated emissions from Tesco
Bank operations following Barclays' acquisition
of Tesco Bank on 1 November 2024 and excluded
emissions from Hamburg operations following
Barclays' sale of its consumer finance business in
Germany on 3 February 2025. Please see the
Sustainability Reporting Framework for details on
our operational emissions accounting approach.
3The methodology used to calculate our GHG
operational emissions follows the 'Greenhouse
Gas Protocol (GHG): A Corporate Accounting
and Reporting Standard (Revised Edition)',
defined by the World Resources Institute/World
Business Council for Sustainable Development.
We have adopted the operational control approach
to define our organisational boundary for our
Scope 1 and Scope 2 emissions. We continuously
review and update our performance data based on
updated GHG emission factors, improvements in
data quality and updates to estimates previously
applied. For 2025, we have applied the latest
emission factors as of 31 December 2025.
4In this section, our total accounted operational
GHG emissions include Scope 1, Scope 2
(location-based) and Scope 3 Category 3, 5-8 and
13. All figures are gross and do not include netted
figures from carbon credits. Scope 3 Category 3
and 7 currently are not part of our net zero
operations approach.
5Scope 1 emissions include our direct GHG
emissions from natural gas, diesel and other fuels,
corporate vehicles and HFC refrigerants. In the
case of corporate vehicles, emissions are limited
to UK vehicles only as this is the only country
where expense data is available.
6Scope 2 GHG emissions include our indirect
GHG emissions from purchased electricity,
purchased heat, cooling and steam. In 2025, we
gained enhanced visibility into our district heating
and cooling, and electricity consumption from our
corporate electric vehicle charging. As a result,
this data update has been incorporated into our
2025 Scope 2 market‑based and location‑based
emissions.
7GHG emissions from Scope 3 Category 1, 2 and 4
are excluded as these emissions cannot be broken
down by country.
8Energy consumption data is captured through
utility billing; meter reads or estimates. Principal
measures we have undertaken in 2025 to improve
energy efficiency include the following:
•Right-sized our global real estate portfolio,
therefore optimising our space and associated
resources for our operational needs.
•Continued implementing our energy
optimisation programme across selected
locations in our global real estate portfolio. The
programme aims to reduce energy demand of
existing infrastructure during periods of low or
no occupancy and to increase energy efficiency
during normal operating hours.
The measures build on those taken during 2024 to
implement our net zero operations strategy.
| Further information about our energy efficiency measures is available on page 60 of the Barclays PLC 2025 Annual Report. |
9Intensity ratio calculations have been calculated
using total accounted operational GHG emissions
as reported in footnote 4.
10For Scope 2 market-based emissions we have
used a zero emission factor where we have green
tariffs or energy attribute certificates in place
globally.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 113 | ||
Directors' report: Other statutory and regulatory information (continued)
Share capital
Share capital structure
The Company has ordinary shares in issue.
The Articles also allow for the issuance of
sterling, US dollar, euro and yen preference
shares (preference shares). No preference
shares have been issued as at 6 February
2026 (the latest practicable date for inclusion
in this report). Ordinary shares therefore
represent 100% of the total issued share
capital as at 31 December 2025 and as at 6
February 2026 (the latest practicable date for
inclusion in this report).
Details of the movement in ordinary share
capital during the year can be found in
Note 27 to the financial statements.
The rights and obligations attaching to the
Company's ordinary shares and preference
shares are set out in the Articles, a copy of
which is available on the Company's website
at home.barclays/corporategovernance.
Voting
Every member who is present in person or
represented at any general meeting of the
Company, and who is entitled to vote, has
one vote on a show of hands. Every proxy
present has one vote on a show of hands.
The proxy will have one vote for, and one
vote against, a resolution if they have been
instructed to vote for, or against, the
resolution by different members or in one
direction by a member while another
member has permitted the proxy discretion
as to how to vote.
On a poll, every member, who is present in
person or by proxy and who is entitled to
vote, has one vote for every share held. In
the case of joint holders, only the vote of the
senior holder (as determined by the order in
the share register) or their proxy may be
counted. If any sum payable remains unpaid
in relation to a member’s shareholding, that
member is not entitled to vote that share or
exercise any other right in relation to a
meeting of the Company unless the Board
otherwise determines.
If any member, or any other person
appearing to be interested in any of the
Company’s ordinary shares, is served with a
notice under Section 793 of the Act and does
not supply the Company with the
information required in the notice, then
the Board, in its absolute discretion, may
direct that that member shall not be entitled
to attend or vote at any meeting
of the Company.
The Board may further direct that, if the
shares of the defaulting member represent
0.25% or more of the issued shares of the
relevant class, dividends or other monies
payable on those shares shall be retained by
the Company until the direction ceases to
have effect and no transfer of those shares
shall be registered (other than certain
specified ‘excepted transfers’).
A direction ceases to have effect seven days
after the Company has received the
information requested, or when the
Company is notified that an excepted
transfer of all of the relevant shares to a third
party has occurred, or as the Board
otherwise determines.
Transfers
Ordinary shares may be held in either
certificated or uncertificated form.
Certificated ordinary shares may be
transferred in writing in any usual or other
form approved by the Group Company
Secretary and executed by or on behalf of
the transferor.
Transfers of uncertificated ordinary shares
must be made in accordance with the Act
and the CREST Regulations.
The Board is not bound to register a transfer
of partly paid ordinary shares or fully paid
shares in exceptional circumstances
approved by the FCA.
The Board may also decline to register an
instrument of transfer of certificated
ordinary shares unless (i) it is duly stamped,
deposited at the prescribed place and
accompanied by the share certificate(s) and
such other evidence as reasonably required
by the Board to evidence right to transfer,
(ii) it is in respect of one class of shares
only, and (iii) it is in favour of a single
transferee or not more than four joint
transferees (except in the case of executors
or trustees of a member).
The Company is not aware of any
agreements between holders of securities
that may result in restrictions on the transfer
of securities or voting rights.
Variation of rights
The rights attached to any class of shares
may be varied either with the consent in
writing of the holders of at least 75% in
nominal value of the issued shares of that
class, or with the sanction of a special
resolution passed at a separate meeting of
the holders of the shares of that class. The
rights of shares shall not (unless expressly
provided by the rights attached to such
shares) be deemed varied by the creation of
further shares ranking equally with them or
subsequent to them.
Limitations on foreign shareholders
There are no restrictions imposed by the
Articles or (subject to the effect of any
economic sanctions that may be in force
from time to time) by current UK laws
which relate only to non-residents of the UK
and which limit the rights of such non-
residents to hold or (when entitled to do so)
vote the ordinary shares.
Exercisability of rights under an
employee share scheme
EBTs operate in connection with certain of
the Group’s Employee Share Plans (Plans).
The trustees of the EBTs may exercise all
rights attached to the shares in accordance
with their fiduciary duties, other than as
specifically restricted in the documents
governing the Plans. The trustees of the
EBTs have informed the Company that their
normal policy is to abstain from voting in
respect of the Barclays shares held in trust.
The trustees of the Global Sharepurchase
EBT and UK Sharepurchase EBT may vote
in respect of Barclays shares held in the
EBTs, but only as instructed by participants
in those Plans in respect of their partnership
shares and (when vested) matching and
dividend shares. The trustees will not
otherwise vote in respect of shares held in
the Sharepurchase EBTs.
Special rights
There are no persons holding securities that
carry special rights with regard to the control
of the Company.
Major shareholders
Major shareholders do not have different
voting rights from those of other
shareholders. Information provided to the
Company by substantial shareholders
(holding voting rights of 3% or more in the
financial instruments of the Company)
pursuant to the DTRs are published via a
Regulatory Information Service and is
available on the Company’s website. As at
31 December 2025, the Company had been
notified under Rule 5 of the DTRs of the
following holdings of voting rights in
its shares.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 114 | ||
Directors' report: Other statutory and regulatory information (continued)
Person interested | Number of Barclays Shares | % of total voting rights attaching to issued share capital1 | Nature of holding (direct or indirect) |
BlackRock, Inc.2 | 944,022,209 | 5.78 | indirect |
Notes: 1The percentage of voting rights detailed above was calculated at the time of the relevant disclosures made in accordance with Rule 5 of the DTRs. 2Total shown includes 6,687,206 contracts for difference to which voting rights are attached. Part of the holding is held as American Depositary Receipts. | |||
Between 31 December 2025 and 6 February
2026 (the latest practicable date for inclusion
in this report), the Company has not
received any additional notifications
pursuant to Rule 5 of the DTRs.
Powers of Directors to issue and allot or
buy back the Company’s shares
The powers of the Directors are determined
by the Act and the Articles. The Directors
are authorised to issue and allot shares and
to buy back shares subject to, and on the
terms of, the annual shareholder approval at
the AGM. Such authorities were granted by
shareholders at the 2025 AGM. It will be
proposed at the 2026 AGM that the
Directors be granted new authorities to issue
and allot and buy back shares.
Repurchase of shares
During 2025, the Company completed two
ordinary share buy-back programmes and
commenced a further buyback programme
on 27 November 2025 which completed on
30 January 2026.
As at 31 December 2025 the programmes
had repurchased in aggregate 635,700,571
ordinary shares for an aggregate
consideration of £2,220m. All the
repurchased shares, representing
approximately 4.6 % of the issued share
capital of the Company have been cancelled.
The purpose of the buy-back programmes
was to reduce the Company's number of
ordinary shares.
As at 6 February 2026, the remaining
ordinary shares which could be repurchased
under the authority for on-market share buy-
backs granted at the 2025 AGM is
1,067,372,569. The table below sets out the
details of shares repurchased and settled as
at 31 December 20251:
Distributable reserves
As at 31 December 2025, the distributable
reserves of the Company were £20,234m
(2024: £20,866m).
Change of control
There are no significant agreements to which
the Company is a party that take effect, alter
or terminate on a change of control of the
Company following a takeover bid. There
are no agreements between the Company
and its Directors or employees providing for
compensation for loss of office or
employment that occurs because of a
takeover bid.
Controls over financial reporting
A framework of disclosure controls and
procedures is in place to support the
approval of the financial statements of the
Group.
Specific governance committees are
responsible for examining the financial
reports and disclosures to help ensure that
they have been subject to adequate
verification and comply with applicable
standards and legislation.
Where appropriate, these committees report
their conclusions to the Board Audit
Committee, which debates such conclusions
and provides further challenge. Finally, the
Board scrutinises and approves results
announcements and the Annual Report to
ensure that appropriate disclosures have
been made. This governance process is
designed to ensure that both management
and the Board are given sufficient
opportunity to debate and challenge the
financial statements of the Group and other
significant disclosures before they are made
public.
Management’s report on internal control
over financial reporting
Management is responsible for establishing
and maintaining adequate internal control
over financial reporting under the
supervision of the principal executive and
financial officers, to provide reasonable
assurance regarding the reliability of
financial reporting and the preparation of
financial statements, in accordance with (a)
UK-adopted international accounting
standards; and (b) International Financial
Reporting Standards (IFRS) as issued by the
International Accounting Standards Board
(IASB), including interpretations issued by
the IFRS Interpretations Committee.
Internal control over financial reporting
includes policies and procedures that pertain
to the maintenance of records that, in
reasonable detail:
•accurately and fairly reflect transactions
and dispositions of assets
•provide reasonable assurances that
transactions are recorded as necessary to
permit preparation of financial statements
in accordance with UK-adopted
international accounting standards and
IFRS and that receipts and expenditures
are being made only in accordance with
authorisations of management and the
respective Directors
•provide reasonable assurance regarding
prevention or timely detection of
unauthorised acquisition, use or
disposition of assets that could have
a material effect on the financial
statements.
Internal control systems, no matter how well
designed, have inherent limitations and may
not prevent or detect misstatements. Also,
projections of any evaluation of
effectiveness to future periods are subject to
the risk that internal control over financial
reporting may become inadequate because
of changes in conditions or that the degree of
compliance with the policies or procedures
may deteriorate.
Management has assessed internal control over
financial reporting as at 31 December 2025. In
making its assessment, management utilised
the criteria set out in the 2013 COSO
framework. Management has concluded that,
Commencement | Completion | Buyback amount | Ordinary shares repurchased | Average price per share |
14/2/2025 | 24/7/2025 | £1bn | 324,428,384.00 | £3.0823 |
30/7/2025 | 26/11/2025 | £1bn | 262,093,958.00 | £3.8154 |
27/11/2025 | Up to 31/12/2025 | £220m | 49,178,229.00 | £4.4654 |
Note: 1Between 1 January 2026 and 30 January 2026 a further 58,141,636 shares were repurchased for an aggregate consideration of £280m. | ||||
based on its assessment, internal control over
financial reporting was effective as at 31
December 2025.
The system of internal financial and
operational controls is also subject to
regulatory oversight in the UK and overseas.
Further information on supervision by
financial services regulators is provided
under Supervision and Regulation in the
Risk review section on pages 299 to 312.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 115 | ||
Directors' report: Other statutory and regulatory information (continued)
Changes in internal control
over financial reporting
There have been no changes that occurred
during the period covered by this report,
which have materially affected or are
reasonably likely to materially affect the
Group’s internal control over financial
reporting.
Preparation of accounts
and audit report
Disclosure of information to the auditor
Each Director confirms that, so far as he/she
is aware, there is no relevant audit
information of which our auditor is unaware
and that each of the Directors has taken all
the steps that he/she ought to have taken as a
Director to make himself/herself aware of
any relevant audit information and to
establish that our auditor is aware of that
information. This confirmation is given
pursuant to Section 418 of the Act and
should be interpreted in accordance with,
and subject to, those provisions.
Directors’ responsibilities
The following statement, which should be
read in conjunction with the Auditor’s report
set out on pages 339 to 341 is made with a
view to distinguishing for shareholders the
respective responsibilities of the Directors
and of the auditor in relation to the accounts.
Going concern
The Group’s business activities and factors
likely to affect its future development and
performance are disclosed in the Strategy and
Risk review sections of this report. The
financial performance is disclosed within the
Financial review with funding, liquidity and
capital details contained within the Risk
performance section. The Group’s objectives
and policies in managing the financial risks to
which it is exposed are discussed in the Risk
management section.
The Directors considered it appropriate to
prepare the financial statements on a going
concern basis.
In preparing each of the Group and Company
financial statements, the Directors are
required to:
•assess the Group and Company’s ability to
continue as a going concern, disclosing, as
applicable, matters related to going
concern
•use the going concern basis of accounting,
unless they either intend to liquidate the
Group or the Parent company or to cease
operations, or have no realistic alternative
but to do so.
Preparation of accounts
The Directors are required by the Act to prepare
Group and Company accounts for each financial
year and, with regard to Group accounts, in
accordance with UK-adopted international
accounting standards. The Directors have
prepared these accounts in accordance with (a)
UK-adopted international accounting standards;
and (b) IFRS as issued by the IASB, including
interpretations issued by the IFRS
Interpretations Committee. Pursuant to the Act,
the Directors must not approve the accounts
unless they are satisfied that they give a true and
fair view of the state of affairs of the Group and
the Company and of their profit or loss for that
period.
The Directors consider that, in preparing the
financial statements, the Group and the
Company have used appropriate accounting
policies, supported by reasonable judgements
and estimates, and that all accounting
standards that they consider to be applicable
have been followed.
The Directors are satisfied that the Annual
Report and financial statements, taken as a
whole, are fair, balanced and understandable,
and provide the information necessary for
shareholders to assess the Group and
Company’s position and performance,
business model and strategy.
The Directors are responsible for such internal
controls as they determine are necessary to
enable the preparation of financial statements
that are free from material misstatement,
whether due to fraud or error.
Auditor’s report
The Auditor’s report on the Financial
Statements of Barclays PLC for the year
ended 31 December 2025 was unmodified
and its statement under Section 496 of the
Act was also unmodified.
By order of the Board
Hannah Ellwood
Group Company Secretary
9 February 2026
Registered in England.
Company No. 48839
Registered office: 1 Churchill Place, London
E14 5HP
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 116 | ||
Remuneration report
Rewarding sustainable performance
Ensuring pay supports the delivery of our strategy, and aligns
with the interests of our shareholders and other stakeholders.
Board Remuneration Committee | ||
Brian Gilvary Chair, Board Remuneration Committee | ||
Committee membership and meeting attendance during 20251,2 |
Member | Meetings attended/ eligible to attend | |||
Brian Gilvary | 6/6 | |||
Dawn Fitzpatrick | 6/6 | |||
Mary Francis | 6/6 | |||
Sir John Kingman | 6/6 | |||
Julia Wilson | 6/6 | |||
Nigel Higgins3 | 5/5 | |||
Notes: 1The Committee is composed solely of independent Non-Executive Directors. 2There were five scheduled meetings and one ad hoc meeting of the Committee in 2025. 3Nigel Higgins was appointed to the Committee on 31 January 2025. |
Contents | |
Annual statement | 116 |
Executive Director remuneration outcomes at a glance | 120 |
Wider workforce remuneration | 122 |
Directors’ Remuneration Policy | 130 |
Annual report on Directors’ remuneration | 134 |
Dear Shareholders
On behalf of the Board, I am pleased to
present the Remuneration report for 2025,
setting out our key considerations and the
remuneration decisions we took – both for
the Executive Directors of Barclays PLC
and for the wider workforce.
First, I would like to thank Mary Francis for
her contribution over nine years on the
Committee, she will be stepping down from
the Committee and the Board with effect
from 6 May 2026.
I would also like to thank you, our
shareholders, for the support you showed at
our 2025 Annual General Meeting. Our
current Directors’ Remuneration Policy
(DRP), which applies for three years from
the date of that meeting, was approved with
97% of shareholder votes in favour, and the
implementation during 2024 of our previous
DRP was approved with 98% of shareholder
votes in favour.
In my statement last year, I described how
we engaged with shareholders representing
c.60% of our register, as we developed our
current DRP. We remain grateful for the
time our shareholders invested, and the
feedback they provided, which was
invaluable to the Committee as we reflected
upon our formulation of that policy.
Performance
As always, our remuneration approach is
rooted in our commitment to reward
sustainable performance, considering the
views and experiences of our stakeholders.
In 2025, the second year of our three-year
plan to improve Barclays’ operational
performance and drive structurally higher and
more consistent returns, we have continued to
make good progress, meeting all our 2025
targets, strengthening our controls and
continuing to manage our risks prudently.
Group income was £29.1bn, up 9% year on
year, driven by growth in more stable income
streams. We continued to invest in talent and
technology, control our costs and further
simplify the bank, achieving c.£700m of gross
cost savings, exceeding our full year target of
c.£500m. Our continued cost discipline and
positive operating leverage have led to an
improvement in the cost to income ratio to
61%, in line with guidance.
Our RoE was 9.8% and our RoTE was
11.3%, in line with our upgraded guidance of
greater than 11%, with all five divisions
generating double-digit returns.
This performance has enabled higher
shareholder distributions, with a total payout
of £3.7bn for 2025 – up 25% year on year,
and on track to return at least £10bn to
shareholders from 2024 to 2026 as planned.
We remain well capitalised, with a CET1
ratio of 14.3%. Our CET1 ratio and the
move to quarterly buybacks, announced
alongside our Q3 2025 results, reflect the
consistency of Barclays’ capital generation.
The progress we have made is also reflected
in Barclays share price, which increased by
77% over the course of 2025, trading above
tangible net asset value per share by year
end.
Each of our businesses contributed to this
performance, delivering operational
improvements and driving a better customer
and client experience, which is reflected in
increased satisfaction scores across the
Group.
•In Barclays UK, we remained focused on
enhancing customers' experiences and
deepening relationships. Loans and
advances to customers increased by 4%,
with strong net mortgage growth and
higher card balances.
•The UK Corporate Bank delivered robust
income growth of 16% year on year,
underpinned by a strong deposit franchise
and growing debt balances. Corporate
lending was up 18% year on year as we
continued to increase lending market
share, by 1 percentage point to 9.6%.
•Private Bank and Wealth Management
strengthened its capabilities and service,
supporting clients across the UK and
priority international markets, and grew
client assets and liabilities by 9% year on
year.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 117 | ||
Remuneration report (continued)
•The Investment Bank increased RoE and
RoTE by 2.1 percentage points to 10.6%,
by focusing on more stable income
streams and on disciplined client
management, capital deployment, and
technology enhancements to improve
client experience.
•The US Consumer Bank integrated the
General Motors partnership, added
another three million customers
organically, and grew our retail deposit
balances by 20% year on year.
Barclays' momentum over the last two years
has raised our expectations of what Barclays
can deliver, and this is reflected
in the new targets to 2028 set out on
page 13. As we pursue this higher ambition
for Barclays, our people’s commitment and
dedication to delivering to a consistently
excellent standard will be central to our
success.
In recognition of this, we are granting all our
colleagues below the Managing Director
level, excluding Material Risk Takers1, a
Global Share Award of 110 Barclays shares
each, worth around c.£5002 per participant,
which will need to be retained until after we
announce our full year 2027 results. This
share award, following a similar award in
2025, will further reinforce the alignment of
colleagues’ interests with those of our
shareholders and ensure our colleagues
participate directly in the success of the
Group.
Colleague remuneration
In setting this year's incentive pool, the
Committee considered Barclays’ financial
and non-financial performance, and the
performance of the businesses that make up
the Group, in both absolute and relative
terms, including our risk and control
resilience and an assessment of the levels of
risk that are inherent in the Group's
operations. We also looked to manage the
challenges of the competitive global market
– to attract and retain the talent required to
deliver against our strategy – especially in
areas where competitive pressures have in
recent years driven market pay levels higher
than had been expected.
Taking all of this into account, the
Committee approved a Group incentive pool
for 2025 performance of £2,208m (2024:
£1,914m), up 15% year on year. This was in
the context of a 13% increase in profit
before tax, RoE of 9.8% (2024: 9.1%) and
RoTE of 11.3% (2024: 10.5%).
This level of incentive funding for 2025
reflects performance across the Group, and
enables us to reward colleagues for the
outcomes they have helped to achieve. It
allows us to recognise the significant
progress made so far against our three-year
plan, and selectively to address the specific
competitive market pressures that we face.
Alongside rewarding sustainable
performance, our Fair Pay Agenda
underpins all our remuneration decisions –
paying colleagues fairly for the work they do
and appropriately recognising the
contributions of all. A central element of our
Fair Pay Agenda is paying at least a living
wage, and we ensure that we meet or exceed
externally-sourced living wage benchmarks
in every jurisdiction in which our employees
are based.
| You can read more about our Fair Pay Agenda from page 124 |
Executive Director remuneration
Determining the Executive Directors' pay
outcomes
The Committee considered the Executive
Directors’ annual bonus and LTIP outcomes
in the context of the Group’s performance
and the performance of each Executive
Director during 2025.
The 2025 annual bonus outcome was 83% of
maximum for both C.S. Venkatakrishnan
(known as Venkat) and Anna Cross (2024:
81% for Venkat and 80.5% for Anna). Profit
before tax provided a 48% outcome out of a
possible 55%, and cost: income ratio
provided an 8.5% outcome out of a possible
10%. Performance against the strategic non-
financial measures resulted in a 9% outcome
out of a possible 15%. The personal
performance of each of the Executive
Directors against their strategic objectives
was also assessed and taken into account,
recognising the significant progress made
over 2025 (17.5% for both Venkat and Anna
out of a possible 20%).
The 2023-2025 LTIP (granted under the old
DRP) was the first LTIP granted to Anna
following her appointment as Group Finance
Director in 2022, and is her first LTIP
vesting. The LTIP vesting outcome for both
Executive Directors was 77.3%, reflecting
TSR performance above upper quartile,
average RoTE towards the upper end of the
target range, and good performance against
the strategic non-financial measures. The
value of this LTIP has increased since it was
awarded, due to the significant increase in the
Barclays share price over that period, which
accounts for 59% of the LTIP value shown
for both Venkat and Anna this year. Over the
same performance period, Barclays' market
capitalisation increased by 162% to £66bn,
and c.£9.7bn3 was returned to shareholders
through dividends and share buybacks.
The Committee also satisfied itself that there
was no 'windfall gain' in respect of the LTIP,
as outlined on page 142.
Group income £29.1bn 2024: £26.8bn Group profit before tax £9.1bn 2024: £8.1bn Group RoE 9.8% 2024: 9.1% Group RoTE 11.3% 2024: 10.5% Group cost: income ratio 61% 2024: 62% Group CET1 ratio 14.3% 2024: 13.6% Group compensation to income ratio 31.8% 2024: 32.7% Group incentive pool £2,208m 2024: £1,914m |
Notes:
1Employees at Managing Director grade or who
have been identified as Material Risk Takers are
typically awarded shares as part of their deferred
compensation.
2At the 5 February 2026 mid-market closing share
price.
3Refers to the total capital distributions announced
in relation to 2023, 2024 and 2025, including the
share buyback announced at FY25 results.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 118 | ||
Remuneration report (continued)
As we do every year, before finalising the
bonus and LTIP outcomes, the Committee
reflected on whether they were appropriate
in the context of the underlying financial
health of the Group, bonus outcomes for the
wider workforce, and also compared to
historical outcomes for the Executive
Directors in the context of performance each
year. The Committee concluded that the
outcomes were appropriate and that no
discretionary adjustment was needed.
For both Executive Directors, the single total
remuneration figures for 2025 are higher
than for 2024, by 29% for Venkat and 173%
for Anna. This is due to the significant share
price growth over the LTIP performance
period, and for Anna due to this being her
first LTIP vesting. Excluding the impact of
share price appreciation each year, Venkat's
single figure would have been 9% higher
than for 2024. Excluding the LTIP vesting,
Anna’s single total remuneration figure
would have been 2% higher than for 2024,
with a higher bonus largely offset by her
fixed pay reduction following shareholder
approval of the DRP at the 2025 AGM.
More information on the Executive
Directors' pay outcomes is provided from
page 134.
The Executive Directors' pay in 2026
As part of the DRP review over 2024 and
early 2025, the Committee carefully
considered the performance measures used
within the Executive Directors' annual bonus
and LTIP awards, taking into account
shareholder feedback received through the
consultation.
Measures and weightings for the 2025
annual bonus and 2025-2027 LTIP were
strongly aligned with our strategy and
shareholder priorities.
Having reviewed these measures in the
context of 2026 plans and targets, and the
new Group and business performance targets
to 2028, the Committee considers that these
measures effectively link our Executive
Directors' pay outcomes to performance
against our key strategic priorities, and
concluded that these same measures should
continue to apply for the 2026 annual bonus
and the 2026-2028 LTIP awards.
For the 2026-2028 LTIP cycle, the
Committee decided to grant awards with a
face value at grant of 550% of salary for
Venkat and 500% of salary for Anna,
reflecting the personal contribution made by
each to strong 2025 performance – and to
provide each with a significant incentive
award subject to forward-looking
performance conditions during 2026 to
2028.
Fixed pay for the Executive Directors was
amended in May 2025, reduced by almost
half and renamed ‘salary’, following the
approval of the DRP. In early 2026, the
Committee reviewed the level of salary for
Venkat and Anna, in the same way and at
the same time as fixed pay was reviewed for
the wider workforce, and decided to increase
Venkat’s salary by 3.2% to £1,641,000 and
Anna’s salary by 5.3% to £1,000,000,
effective from 1 March 2026.
The salary increase percentage for Anna is
slightly higher to reflect her competitive pay
positioning, though her maximum total
compensation opportunity will remain in the
lower quartile compared to our international
banking peer group, as shown in the charts
below. After the salary increase for Venkat,
his maximum total compensation
opportunity will be positioned between
lower quartile and median compared to our
international banking peer group.
More information on the Executive
Directors' salary increases for 2026 is
provided on page 145.
Shareholder alignment
The proportion of the total variable pay
awards to Venkat and Anna in respect of
2025 performance (2025 annual bonus plus
2026-2028 LTIP) that will be in shares is
79% and 78% respectively, to be retained
for a period of between one and five years
from grant. See the section on ‘Changes to
UK remuneration regulations for banks’ for
more information on how the Executive
Directors’ incentive awards will be
delivered, following those regulatory
changes.
Shareholding requirements also apply to
each Executive Director, further aligning
their interests with those of our shareholders.
Both Venkat and Anna already have
significant shareholdings in excess of their
respective requirements.
Executive Director maximum total compensation opportunity relative to market benchmarks |
Group Chief Executive C.S. Venkatakrishnan | |
International banking peer group |
A | B | C | D |
A | B | C | D |
Group Finance Director Anna Cross | |
International banking peer group |
A | Lower quartile | B | 3rd quartile | C | 2nd quartile | D | Upper quartile |
Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | |||||||
Notes:
•Barclays and market benchmark data reflect maximum total compensation opportunity, excluding pension and benefits.
•Benchmark data was provided by Willis Towers Watson, based on publicly disclosed data in respect of each company's 2024 or 2024/25 financial years,
incorporating assumptions where companies do not disclose a maximum total compensation opportunity.
•Barclays’ international banking peer group currently comprises the following international banks: Bank of America, BNP Paribas, Citigroup, Deutsche Bank,
Goldman Sachs, HSBC Holdings, JPMorgan Chase & Co, Lloyds Banking Group, Morgan Stanley, Standard Chartered, and UBS Group.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 119 | ||
Remuneration report (continued)
Changes to UK remuneration regulations for banks On 15 October 2025, the PRA and FCA published updated remuneration rules for UK- regulated banks, including simpler and more competitive incentive deferral requirements for employees who are deemed to have a material risk impact on their firm – known as Material Risk Takers (MRTs). We believe the new rules will, in time, enhance the domestic and international competitiveness of the UK banking sector. Following the publication of these regulations, the Committee has worked with management to consider how best to implement these changes to support the sustainable success of Barclays. In determining how these changes should influence our approach to pay, the focus is on balancing critical factors in line with our remuneration philosophy – continuing to provide a competitive pay proposition to attract and retain the talent required to deliver against our strategy; rewarding sustainable performance; and ensuring pay remains aligned with risk appetite, risk exposure, conduct expectations and stakeholder interests. For the Executive Directors, key elements of their pay structure were reviewed and amended as part of the DRP approved at the 2025 AGM. That DRP remains unchanged, but the updated regulations have enabled us to align the delivery of their incentives more closely to typical pay structures for executive directors of other UK-listed companies, as follows: •For the annual bonus, the Committee determined that the starting delivery structure would be 50% deferred into shares vesting over three years and the remainder paid in cash shortly after the end of the performance period. If an Executive Director has exceeded their shareholding requirement, the Committee each year may elect to reduce that deferral to 25%. For the 2025 annual bonus, the Committee considered the Executive Directors’ existing shareholdings – in each case well in excess of their respective shareholding requirements – and decided that 25% deferral should apply this year. •For the 2026-2028 LTIP, 75% of the award will vest on the third anniversary of grant and 25% on the fourth anniversary, followed by holding periods such that the shares that vest must be retained until at least the fifth anniversary of grant (save for sales to cover taxes payable on vesting). •The updated regulations also allow for existing awards to be updated retrospectively, to bring them into line with the new deferral rules. The Committee determined that the one-year post-vesting holding periods will be removed from deferred bonus awards and most LTIP awards previously granted to the Executive Directors, to simplify those arrangements, given that the Executive Directors already exceed their shareholding requirements. Holding periods will not be removed for any LTIP tranche where to do so would result in it being released before the fifth anniversary of grant. No other changes are being made to the Executive Directors' in-flight awards. | ||
Group Chair and Non-Executive
Director fees
Each year, the Committee reviews the fees
for the Group Chair, and the Board reviews
the fees for the other Non-Executive
Directors, to ensure those fees reflect the
roles, responsibilities and time commitments
expected, and the calibre of individual
needed to support and oversee the
implementation of our strategy.
At our most recent review of the Group
Chair's fee, from which the Group Chairman
recused himself, the Committee observed
that the fee was materially below the fee
levels at other UK-listed banks of similar
size and complexity. As a result, the
Committee approved a fee for the Group
Chair of £1,000,000 per annum, with effect
from 1 January 2026, an 8.1% increase. The
Committee noted that the Group Chair's fee
remains materially below the Chair's fee at
relevant peers, and will review this again
over the coming year.
The Board also reviewed the other Non-
Executive Directors’ fees and approved an
increase of 3.2%, effective 1 January 2026
(with the relevant Non-Executive Directors
having recused themselves from those
discussions).
The Board intends to undertake a more
detailed review of Non-Executive Directors'
fees over the coming year. This review will
consider the fees in absolute terms and
relative to market fee rates at banking peers,
with a particular focus on the fees for
committee chairs and members, to ensure
that these are commensurate with the
associated responsibilities and the required
time commitments.
Looking ahead
As we move into 2026, the Committee
maintains its commitment to rewarding
sustainable performance.
We will use our remuneration policies and
practices to incentivise the Executive
Directors and the management team to
achieve the Group's targets for 2026, and to
deliver sustainably higher returns in the
future in line with the Group's 2028 targets.
As part of this, we have already been
considering how the recent changes to UK
remuneration regulations for banks should
be implemented, as explained in the box
above.
We will continue to engage with our
shareholders and other stakeholders on pay,
and will be available to meet with our
shareholders to discuss pay outcomes for
2025 and implementation of our DRP in
2026, and how this supports our strategic
priorities.
Beyond this, we will maintain focus on our
Fair Pay Agenda, continuing to support our
colleagues and ensuring the way we pay our
people supports the long-term health and
success of the Group.
Brian Gilvary
Chair, Board Remuneration Committee
February 2026
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 120 | ||
Remuneration report (continued)
At a glance – Executive Director remuneration for 2025
Total
remuneration
Salary A | Pension and benefits B | Annual bonus C | LTIP D |
| See single total figure for 2025 remuneration on page 134. |
Total remuneration outcomes (£000) | |||
C.S. Venkatakrishnan (Group Chief Executive) | 2025 single total remuneration figure | ||
2025 max1 |
2025 actual2 |
2024 actual2 |
11,248
9,442 | Total excluding share price appreciation |
15,045 | Total including share price appreciation |
B: 231
250
15,045
B: 231
11,622
B: 242
Anna Cross (Group Finance Director) |
2025 max1 |
2025 actual2 |
2024 actual2 |
6,717
5,642 | Total excluding share price appreciation |
8,970 | Total including share price appreciation |
B: 123
8,970
B: 123
3,280
B: 107
Value from share price appreciation |
1The 2025 maximum opportunity figures include the actual 2025 value of earned fixed pay and pension and benefits (reflecting the reduction in fixed pay from 7 May 2025), the maximum 2025 annual bonus opportunity, and the maximum 2023-2025 LTIP award value at grant, based on the maximum number of shares that could have vested and the market share price on the date of grant. 22025 and 2024 actual show the figures from the 'single total figures for 2025 remuneration' table, including fixed pay, pension and benefits received during each year, the annual bonus awarded in respect of performance each year, and the LTIP cycle with its performance period ending that year (2025: 2023-2025 LTIP; 2024: 2022-2024 LTIP). The LTIP value for Anna Cross's 2024 actual total remuneration is nil as she did not participate in the 2022-2024 LTIP cycle. |
Annual bonus outcome | LTIP outcome | ||||||
Measures | Weighting | C.S. Venkatakrishnan | Anna Cross | Measures | Weighting | C.S. Venkatakrishnan and Anna Cross | |
Financial3 | 65% | 56.5% | 56.5% | Financial3 | 70% | 57.0% | |
•Profit before tax | 55% | 48.0% | 48.0% | •Average RoTE | 25% | 18.9% | |
•Cost: income ratio | 10% | 8.5% | 8.5% | •Average CIR | 10% | 3.1% | |
Strategic non-financial | 15% | 9.0% | 9.0% | •Maintain CET1 ratio | 10% | 10.0% | |
Strategic objectives | 20% | 17.5% | 17.5% | •Relative TSR | 25% | 25.0% | |
Strategic non-financial | 20% | 13.5% | |||||
Risk scorecard | 10% | 6.8% | |||||
Total | 100% | 83.0% | 83.0% | Total | 100% | 77.3% | |
Final outcome approved by the Committee | Final outcome approved by the Committee | ||||||
3 The financial measures are defined as excluding material items.
Proportion delivered in shares4 | ||
C. S. Venkatakrishnan | Anna Cross | |
of 2025 variable pay | 79% | 78% |
C. S. Venkatakrishnan | Anna Cross | |
of 2025 total remuneration | 70% | 69% |
42025 variable pay comprises the actual 2025 annual bonus and the grant-date face value of the 2026-2028 LTIP award that will be granted in respect of 2025
performance. 2025 total remuneration consists of 2025 variable pay, 2025 Fixed Pay/salary and pension and benefits.
Share ownership (£000) | ||
Shareholding shown as at 31 December 2025, using the Q4 2025 average share price of £4.1493. | ||
C.S. Venkatakrishnan | Anna Cross | |
C: 8,745
C: 4,750
A | Actual shareholdings, including unvested shares not subject to performance conditions (estimated after-tax value). |
B | Unvested shares subject to performance conditions (estimated after-tax value), which do not count towards the shareholding requirement. |
C | Shareholding requirement under the current DRP, based on salaries as at 31 December 2025. |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 121 | ||
Remuneration report (continued)
At a glance – Executive Director remuneration for 2026
Policy implementation for 2026 |
Performance year | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||
Salary | ||||||||
•CEO: 3.2% increase to £1,641,000 effective 1 March 2026. Paid in cash. •GFD: 5.3% increase to £1,000,000 effective 1 March 2026. Paid in cash. | ||||||||
Pension and benefits | ||||||||
c | •CEO: Pension: £164,100 effective 1 March 2026, equal to 10% of salary. Benefits: entitlement as per the policy. •GFD: Pension: £100,000 effective 1 March 2026, equal to 10% of salary. Benefits: entitlement as per the policy. | |||||||
Annual bonus | ||||||||
•Up to 250% of salary, based on forward-looking performance measures set near the start of the year. | ||||||||
LTIP | ||||||||
•Up to 550% of salary for the CEO and 500% of salary for the GFD, based on forward-looking performance measures set shortly before the time of grant. | ||||||||
Shareholding requirement | ||||||||
•Shareholding requirement: 550% of salary for the CEO and 500% of salary for the GFD. Shareholding requirements extend for two years after stepping down as an Executive Director. | ||||||||
Paid in cash
Paid in cash
Cash in lieu of pension
and benefits
Benefits and cash in
lieu of pension
Cash5
Performance
period
Deferral in shares5
Deferral in
shares and
holding period6
Preliminary
performance period
Three-year
performance period
Shareholding requirement continues to apply
5The starting position is that 50% of annual bonus will be deferred in shares over three years, but the Committee will review this each year and, if the Executive
Directors have met their shareholding requirements, may reduce this deferral to 25%. The remaining amount will be delivered in cash.
6LTIP awards will vest in two tranches: 75% will vest after year 3, subject to a two-year holding period, and 25% will vest after year 4, subject to a one-year holding
period. The combined vesting and holding period for the entire LTIP award is five years.
Alignment of performance measures and strategy | |||||||
Performance measures | Weighting in 2026 annual bonus | Weighting in 2026-2028 LTIP | Alignment to strategy | Direct alignment to stakeholder groups | |||
Financial | |||||||
Profit before tax (with a CET1 ratio underpin) | n | A measure of annual financial performance and a key factor that drives RoTE | | ||||
Cost: income ratio | n | A measure of the efficiency of our business operations | | ||||
Return on tangible equity (RoTE) | n | A measure of the returns we generate for shareholders | | ||||
Relative total shareholder return | n | A measure of share performance (comprising share price appreciation and dividends paid), measuring Barclays' performance relative to a peer group of other international banks | | ||||
Strategic objectives | n | Individual objectives for each Executive Director, aligned to our strategic priorities | | | | ||
Strategic non-financial | n | Includes the Group's non-financial key performance indicators, including Customers, clients & colleagues as key stakeholder groups, and Risk & operational excellence, which is fundamental to operating at a consistently excellent standard to deliver sustainable performance | | | | ||
Sustainability, customers and clients | n | Includes longer-term objectives relating to climate and sustainability, as a strategic priority, and customers and clients as a key stakeholder group | | | | ||
55% | |
10% | |
50% | |
25% | |
20% | |
15% | |
25% |
| Customers and clients | | Colleagues | | Society | | Investors |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 122 | ||
Remuneration report (continued)
Wider workforce remuneration
Our remuneration philosophy
Our remuneration philosophy applies to all employees, including the Executive Directors, and sets out the way we approach
remuneration. It aims for remuneration to be as simple and clear as possible, while ensuring strong alignment with risk and conduct as
well as our Values and Mindset.
Our philosophy guided the 2025 remuneration decisions set out in this report.
Philosophy | ||||
Attract and retain talent needed to deliver Barclays’ strategy | Long-term success depends on the talent of our employees. This means attracting and retaining an appropriate range of talent to deliver against our strategy, and paying the right amount for that talent. | |||
Align pay with investor and other stakeholder interests | Remuneration should be designed with appropriate consideration of the views, rights and interests of stakeholders. This means listening to our shareholders, other investors, regulators, government, customers and employees and ensuring their views are appropriately represented in remuneration decision-making. | |||
Reward sustainable performance | Sustainable performance means making a positive and enduring difference to investors, customers and communities, delivering good customer outcomes, taking pride in leaving things better than we found them and playing a valuable role in society. | |||
Support Barclays’ Values and culture | Results must be achieved in a manner consistent with our Values. Our Values, culture and Mindset should drive the way that business is conducted. | |||
Align pay with risk appetite, risk exposure and conduct expectations | Remuneration should be designed to reward employees for achieving results in line with the Group's risk appetite and conduct expectations. | |||
Be fair, transparent and as simple as possible | We are committed to ensuring pay is fair, simple and transparent for all our stakeholders. All employees and stakeholders should understand how we reward our employees, and fairness should be a lens through which we make remuneration decisions. | |||
Role of the Remuneration Committee in wider workforce remuneration
The Committee considers the overarching objectives, principles and parameters of remuneration policy across the Group,
ensuring a coherent approach in respect of all employees. In discharging this responsibility, the Committee seeks to ensure the
policy is fair, transparent and avoids complexity. It assesses, among other things, the impact of pay arrangements on the Group’s culture,
Values and strategy, and on all elements of risk management.
The Committee performs the following activities in relation to wider workforce remuneration:
•Reviews alignment of remuneration with the remuneration philosophy, Fair Pay Agenda, Barclays’ Purpose, Values, Mindset, conduct
expectations and long-term success;
•Reviews alignment of wider workforce and Executive Director remuneration policies;
•Approves the incentive pool and reviews wider workforce pay outcomes;
•Reviews budgets for fixed pay increases.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 123 | ||
Remuneration report (continued)
How stakeholder views are considered in remuneration decisions
We seek to consider the views of all our stakeholders in remuneration decision-making, including views of customers and clients,
colleagues, investors, regulators, and how we impact society more broadly.
Customers and clients | ||
The Remuneration Committee factors in performance against customer- and client-related measures when determining the incentive outcomes for the Barclays PLC Executive Directors, and when determining the Group incentive pool. For the Executive Directors' 2026 annual bonus, those measures are included within a broader category of measures relating to Customers, clients & colleagues, weighted 10%. The assessment will focus on how Barclays is driving world-class outcomes for customers and clients and is likely to include the following measures: •Improve customer and client satisfaction •Reduce customer complaints •Maintain rankings and market share in Barclays Investment Bank •Increase digital engagement. For the 2026-2028 LTIP, customer- and client-related measures are included as part of the broader category of measures relating to Sustainability, customers & clients, weighted 25%. | ||
Society | ||
The Remuneration Committee factors in performance against sustainability-related measures when determining the incentive outcomes for the Barclays PLC Executive Directors, and when determining the Group incentive pool. For the 2026-2028 LTIP, sustainability-related measures are included as part of the broader category of measures relating to Sustainability, customers & clients, weighted 25%. The sustainability-related measures are likely to include financing clients' transition, reducing our financed emissions, achieving net zero operations, and supporting our communities. As part of our commitment to fair pay, Barclays has been an accredited Living Wage Employer since 2013. This means that all our employees and relevant third-party contractors in the UK are paid at least a 'real Living Wage', as set by the Living Wage Foundation. Employees outside the UK are also paid at least a living wage, in line with benchmarks provided by the Fair Wage Network. For further details, please see the 'Living wage review' section on the next page. | ||
Colleagues | ||
We engage with colleagues to understand their views through our regular all-colleague Your View surveys, union and works council engagements, and ‘townhall’ meetings. We also engage with colleagues through our Employee Resource Groups, webcasts, and workshops. Our ongoing engagement with Unite the union in the UK covers a range of topics, such as fair pay and how we support colleagues through workforce change programmes, and this enables the views of colleagues to be shared with senior leaders to inform decision- making. For further details on our 2026 pay offer, please see the 'Salary increase budgets for 2026' section on the next page. We publish information on our HR Hub intranet site to explain to colleagues how the Group’s performance and pay approach aligns to the Fair Pay Agenda, and to help them understand the employee benefits Barclays provides, so they can make the most of what is on offer. To communicate pay in a clear way, each colleague receives a Compensation Profile detailing their fixed pay and incentives for the previous year and their fixed pay for the following year. | ||
Investors | ||
We recognise that remuneration is an area of particular interest to shareholders. We listen to their views and take these into account when setting remuneration outcomes or considering changes to remuneration policies. Accordingly, the Group Chairman or Remuneration Committee Chair holds meetings each year with major shareholders and representative groups to understand their views, accompanied by senior Barclays employees. This kind of engagement helps inform the Committee’s work and contributes directly to the decisions it makes in relation to Executive Directors’ remuneration. In developing our current Directors' Remuneration Policy (DRP), which was approved by shareholders at the 2025 AGM, we engaged extensively with shareholders and had meetings with shareholder representative bodies and proxy agencies. The feedback provided was invaluable, and the DRP reflects their input, striking a balance across the relevant factors. | ||
Regulators
We regularly review and update our remuneration policies in response to changes in regulation. Each year, our remuneration policies and
processes are independently reviewed by the Barclays Internal Audit or Chief Controls Office functions to provide assurance that we are
compliant with regulatory requirements.
In 2025, we maintained active engagement with our regulators to explain our approach to performance and pay, and to understand their
perspectives. Regulator feedback was considered in our remuneration decisions for 2025. We also responded to the PRA/FCA's
consultation on the recent changes to UK bank pay regulations. We continue to ensure we have ongoing regulatory dialogue on relevant
topics relating to remuneration.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 124 | ||
Remuneration report (continued)
Spotlight on |
Fair pay at Barclays |
Our Fair Pay Agenda is central to our remuneration approach and is a key consideration for all of
our pay decisions. Since we first published our Fair Pay Agenda in 2018, we have continued to make
improvements to how we pay and support our colleagues.
Our fair pay principles
Fair pay for the lowest paid Paying fairly for work done, in a simple and transparent way. | Equal opportunities to progress Providing equal employment opportunities to all, so everyone can enjoy a successful career at Barclays. | Engaging with colleagues Engaging with colleagues to understand their views on the culture of the organisation and enabling the representation of employees in our remuneration decision- making process. | Alignment of employee and Executive Director pay Linking both Executive Director and employee pay to sustainable business performance. | Equal pay commitment Rewarding employees fairly for their contribution and making sure pay and performance decisions never take into account any protected characteristics. |
Fair pay for the lowest paid
Fair pay means paying the right salary,
awarding the right incentives, providing
the right benefits, and delivering the
right level of support in the workplace.
Living wage review
•Paying at least a living wage to all our
colleagues in all our locations is at the
heart of our Fair Pay Agenda. We
continue to meet or exceed living wage
benchmarks in all our locations, as set
by the Living Wage Foundation in the
UK and the Fair Wage Network across
other locations1.
•Minimum hourly pay rates for India and
US will increase to INR163 and $23.50
respectively from 1 March 2026,
exceeding applicable living wage
benchmarks. For the UK, minimum hourly
pay rates remain subject to agreement of
the 2026 pay deal with Unite the union but
will in any case exceed the Living Wage
Foundation rates.
Salary increase budgets for 2026
•We targeted our salary increase budgets
so there are higher increases for the most
junior colleagues.
•In the UK, for over 36,000 employees
covered by Unite the union, we offered a
salary increase budget of c.4.0% for
junior employees, and c.3.2% overall
(subject to agreement of the 2026 pay
deal with Unite).
Benefits
Colleagues are eligible to receive a range of
benefits relevant to their location.
Developments for this year include:
Barclays Premier Account offering in
the UK
•In July 2025, all UK colleagues were
given access to Barclays Premier
Banking, which offers a suite of
exclusive products, services, and
benefits.
Enhancements to benefits in India
•During 2025, we increased critical
illness cover by 50% and introduced a
minimum life insurance payout above
prior levels for our lowest-paid
employees, providing greater financial
security for them and their families.
Parental leave
•From 1 January 2026, we increased our
UK paternity leave from two weeks to 16
weeks, and our Asia Pacific non-primary
caregiver leave from six weeks to 10
weeks, supporting colleagues balancing
work and personal life. For further details,
please see page 27.
Wellbeing
•We remain committed to supporting our
colleagues' wellbeing and equipping
people leaders with practical guidance
informed by our Your View colleague
surveys to embed wellbeing into
everyday working life.
•Our Be Well service has seen record
engagement, with over 53,000 (55%)
colleagues registered on the wellbeing
portal and over 1,450 volunteer
champions.
•To support financial wellbeing, we
provide learning to all colleagues
globally. In the UK, we offer a ‘Money
Mentors for Me’ service, providing
guidance on budgeting, goal setting and
money confidence, and we run a ‘Talk
Money Week’ to help normalise
conversations about financial wellbeing
and signpost support.
Pay transparency
•Since 2024, Barclays HR systems have
provided managers with improved access
to pay data for their teams and salary
ranges by job (where available),
supporting pay decisions.
Note:
1Living wage rates for employees in Jersey
are sourced from Caritas Jersey, a charity
affiliated with the Living Wage Foundation.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 125 | ||
Remuneration report (continued)
Spotlight on |
Fair pay at Barclays (continued) |
Equal opportunities to progress
Barclays is an equal opportunities
employer. This means we want to recruit,
recognise, reward, and retain talented
individuals from all backgrounds.
Performance management
and recognition
•Our continuous performance
management approach encourages
ongoing feedback and personal
development.
•At the end of each year, colleague
performance is assessed on 'what' they
have delivered and 'how' they have
achieved it, as well as leadership
behaviours (for all people leaders). To
support leaders with making informed
decisions, all colleagues receive globally
cascaded objectives aligned with our
consistently excellent standard, and our
HR system captures feedback,
development, goals, and recognition
moments in one place to support
decision-making.
•In 2025, we upgraded the ‘Recognition
at Barclays’ platform to improve user
experience. Approximately 1.5 million
thank yous were received during 2025
and a colleague was recognised every 22
seconds on average.
Inclusion and Opportunity
•We are evolving our approach to
Inclusion and Opportunity, with a focus
on empowering our colleagues and
leaders, engaging our communities and
driving company success. We remain
committed to creating a workplace where
everyone feels valued and respected,
within a culture of belonging and equal
opportunity for all.
Talent programmes and skills
development
• We are committed to unlocking
potential, so colleagues have a clear path
to succeed in their careers. To support
this, we progressed our global Talent
Excellence Programme to enhance how
we identify potential and provide high-
quality development opportunities.
•We continue to invest in building the
skills needed now, and in the future,
supporting colleague development and
enabling career progression. Our HR
system enables colleagues to create
personalised career profiles, access
tailored learning, and identify open jobs
that match their skills, supporting career
development conversations.
Pay gaps
•We disclose pay gaps in line with
location-specific requirements, including
for the UK, Ireland, France and Japan.
| For more detail on our pay gaps reports, please refer to the Other section of our Annual Reports webpage: home.barclays/ annual-reports |
Engaging with colleagues
We engage with colleagues to
understand their views on the culture
of the organisation through our
colleague surveys, union and works
council engagement and other means.
Unite
•During 2025, Barclays maintained
its constructive partnership with
Unite, our recognised UK trade
union representing 80% of our UK
workforce (which equates to 39%
globally)1.
Colleague surveys
•These surveys give colleagues the
opportunity to share their views on
Barclays as a place to work, while also
providing insights to help us improve the
colleague experience.
Communicating performance and pay
•Each year, people leaders receive
guidance on how to communicate
performance and pay decisions.
Colleagues are also able to access key
materials via the HR Hub intranet pages.
| For further details on how we engage with colleagues, please see page 123. |
Note:
1Barclays UK acquired Kensington Mortgage
Company (KMC) on 1 April 2023 and Tesco
Bank on 1 November 2024. KMC and Tesco
Bank headcount is not included in these figures.
85% | Colleague engagement (2024: 85%) | ||
Colleague engagement is derived from the responses to three questions in our Your View survey that measure advocacy, motivation and sense of personal accomplishment. | |||
87% | Wellbeing index (2024: 87%) | ||
Measures the psychological wellbeing of our colleagues. | |||
81% | Inclusion index (2024: 81%) | ||
Measures how included our colleagues feel. | |||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 126 | ||
Remuneration report (continued)
Spotlight on |
Fair pay at Barclays (continued) |
Alignment of employee and Executive Director pay
To ensure that we reward appropriately, we review performance through financial and non-financial lenses and assess individual
performance. This approach applies to executives, senior management and all other employees.
Element | Junior employees | Senior employees | How Executive Director policy aligns | |||||
Fixed pay | Reflects the individual’s role, skills and experience and is reviewed annually. Fixed pay is increased where justified by role change, increased responsibility or a change in the market rate for the role. Salaries may also be increased in line with local statutory requirements and with union and works council commitments. | Reflects the individual’s role, skills and experience, and is reviewed annually in the context of market pay rates and any changes in scope/responsibility. Annual increases will typically be no more than the average increase for UK employees. | ||||||
Delivery | All in salary for most, paid in cash. Some roles are also entitled to receive certain cash allowances. | All in salary for most. For a small number of senior employees (2% globally) a proportion is delivered in Role Based Pay (RBP), in cash or shares, to recognise the seniority, scale and complexity of their role. | All in salary, paid in cash. No entitlement to any allowances. | |||||
Pension | Competitive pension offering set by location. Minimum of 12% of salary for more-junior colleagues in the UK. | Competitive pension offering set by location. Minimum of 10% of salary in the UK. | The Executive Directors receive cash in lieu of pension equal to 10% of salary. | |||||
Benefits | Market-aligned benefits offering appropriate to the role and reflecting local market practice to support with health and wellbeing. | Market-aligned benefits offering, but typically a lower proportion of total pay than for junior employees. | Market-aligned benefits offering, but typically a lower proportion of total pay than for the wider workforce. | |||||
Annual bonus | Annual bonuses incentivise and reward the achievement of Group, business and individual objectives, and reward employees for demonstrating individual behaviours in line with Barclays’ Values and Mindset. All eligible employees are considered. | Assessed against predetermined measures to align with financial performance, strategic objectives and strategic non-financial key performance measures. | ||||||
Delivery | In cash following the performance year. | For many, a proportion of annual bonus is delivered in deferred cash and/or shares. Annual bonus deferral will always meet regulatory requirements. | A proportion of annual bonus is deferred in shares. Across the annual bonus and any LTIP award combined, deferral will always meet regulatory requirements. | |||||
Long Term Incentive Plan (LTIP) award | Not applicable to the wider workforce. | The value received from LTIP awards depends on assessment of performance over a three-year period against Group-wide financial and non-financial measures. Delivery is in shares with release after the fifth year from grant. | ||||||
All-employee share plans | Barclays operates all employee share plans in locations representing 99% of employees globally. These plans provide an opportunity for eligible employees to acquire Barclays shares on beneficial terms. | |||||||
Alignment of pay decisions
While the approach to pay for the
Executive Directors is aligned to that for
the wider workforce, the incentives
approach for Executive Directors is
significantly more structured, as required
by institutional shareholders for directors of
UK-listed companies.
This can lead to greater year-on-year
volatility in incentives outcomes for the
Executive Directors compared to the norms
for other colleagues.
For 2025, the bonus pool for the wider
workforce increased, as did the incentive
outcomes (annual bonus and LTIP) for the
Executive Directors, reflective of strong
performance.
Employee share awards
In recognition of our colleagues' collective
effort and dedication to delivering to a
consistently excellent standard, we are
granting each of our colleagues1 an award
of 110 Barclays shares in early 2026. This
share award, following a similar award in
2025, reinforces the alignment between our
colleagues' and shareholders' interests.
Note:
1Except for employees at Managing Director grade and Material Risk Takers, for whom a portion of compensation is typically delivered in shares.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 127 | ||
Remuneration report (continued)
Spotlight on |
Fair pay at Barclays (continued) |
Equal pay commitment
We believe that colleagues should be
appropriately and fairly rewarded for
their contribution. Employees must be
rewarded fairly with regard to their
specific role, responsibilities, and other
factors that properly affect pay.
Pay decisions must not take into account
any protected characteristics.
While legal definitions of ‘equal pay’ vary,
our commitment to rewarding colleagues
fairly is the same everywhere.
There are times where differences in pay
are justified, even among employees
performing the same or similar roles. These
may include differences in individual
performance, the geography in which each
role is based, or external market conditions.
Delivering on our commitment:
Employees must be rewarded fairly, with regard to their specific role, seniority, responsibilities, skills, experience and other factors that properly affect pay | ||
Performance and pay decisions must not, directly or indirectly, take into account an individual’s gender, age, ethnicity, religion, sexual orientation, marital status, pregnancy, maternity, parental leave, veteran status, disability or any other protected characteristic | ||
We provide manager guidance and training to make it clear that pay and performance decisions must reflect an individual's role and contribution | ||
We have robust processes to review and challenge performance and pay decisions | ||
We work closely with Unite the union to review the fairness of performance management and pay distribution for the employees they cover in the UK | ||
We are actively making our approach to fair pay more transparent for employees | ||
Employees are encouraged to engage with their people leader if they have concerns about their pay and they can also raise an HR query. We will investigate any grievance raised by an employee, which includes any issues relating to pay | ||
We will continue to conduct our assurance activities to ensure that performance ratings and pay outcomes remain fair and free from bias | ||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 128 | ||
Remuneration report (continued)
Incentive pool and annual bonus outcomes for 2025
Determining the Group incentive pool
In determining the 2025 Group incentive
pool, the Committee considered:
•the Group’s financial and non-financial
performance during 2025
•the performance of individual businesses
Group incentive pool and Group Chief Executive bonus outcomes over the years |
within the Group and their contributions
to our targets and strategy
•the Group’s capital position and current
and future risks
•the need to reward strong performers
appropriately, as well as recognising
colleagues who have exemplified the
Barclays Values and Mindset
•compensation market data and expected
market trends, to maintain
competitiveness where performance
warrants.
The Committee used its judgement to reach
a balanced decision on the level of the
Group incentive pool, in line with our
remuneration philosophy.
The 2025 incentive pool supports outcomes
that reflect the performance of the Group
without paying more than is necessary. It
will also support the Group’s continuing
ability to attract, retain and reward
colleagues who will drive the delivery of
the Group’s strategy and sustainable
growth for shareholders in the future.
On that basis, the Committee approved a
Group incentive pool for 2025 performance
of £2,208m (2024: £1,914m), up 15%
compared to the final incentive pool for
2024. The incentive pool reflects risk and
conduct adjustments of £252m.
The Group incentive pool and Group
Chief Executive bonus outcomes
The incentive approach for our Executive
Directors is significantly more structured
than for other employees, as required by
institutional shareholders for directors of
UK-listed companies.
This more-structured approach, with a need
for direct alignment to specific financial
performance metrics, leads to greater year-
on-year volatility in incentive outcomes –
both up and down – for the Executive
Directors compared to other employees.
For 2025, like every year, the Committee
considered the Executive Director bonus
outcomes in the context of the bonus
outcomes for the wider workforce, ensuring
appropriate alignment both this year and
over a multi-year period.
B |
A |
B |
A |
B |
A |
A | n | Group incentive pool (£m) |
B | n | Risk and conduct adjustments (£m) |
Group Chief Executive bonus outcome (% of maximum) | ||
Annual percentage change in fixed pay of the Group Chief Executive and employees The annual percentage change in fixed pay earned in 2025, compared to 2024, is -30% for the Group Chief Executive, as his fixed pay was significantly reduced under the new DRP (and renamed as 'salary'), and +4% for the UK employee median – reflecting the salary increases awarded in early 2025. | ||
It also reviewed the historical outcomes for
the Executive Directors in the context of
performance each year. It concluded they
were appropriate in the context of the
performance achieved.
B |
A |
B |
A |
B |
A |
Group Chief Executive pay ratio: 248:1 Our Group Chief Executive median pay ratio for 2025 is up compared to 2024 (201:1). This principally reflects the increase in the value of the Group Chief Executive's LTIP due to share price growth since it was granted. | ||
| Full details and supporting narrative. See page 150 |
| Full details and supporting narrative. See page 149 |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 129 | ||
Remuneration report (continued)
Sustainability and remuneration
Executive Directors
The Committee reviews the Executive
Directors' incentive measures each year to
ensure they continue to support the delivery
of our strategic priorities, including climate
and sustainability priorities.
The Executive Directors' annual bonus and
LTIP awards include sustainability-related
measures, aligned with the Group's evolving
sustainability ambitions, metrics and targets.
As most of our climate and sustainability-
related measures and targets are longer term,
and progress towards these targets is
expected to be non-linear and is best
assessed over a multi-year period, the
climate measures are included in the
Executive Directors' LTIP. For the
2026-2028 LTIP, the climate and
sustainability measures are included as part
of the broader category of measures relating
to Sustainability, customers & clients,
weighted at 25%. The climate and
sustainability measures will likely include
financing clients' transition, reducing our
financed emissions and achieving net zero
operations, as well as supporting our
communities.
Additionally, 10% of the 2026 bonus will be
determined on a combination of colleague
measures, including engagement, culture
and inclusion, and measures relating to
customers and clients, including improving
customer and client satisfaction, reducing
customer complaints, maintaining rankings
and market share in Barclays Investment
Bank, and increasing digital engagement.
Risk & operational excellence measures are
weighted at 5% in the 2026 bonus, as the
management of risk underpins delivery
against our strategy. Outcomes will be
determined based on an assessment of
performance against a range of measures,
including risk awareness and operational
excellence.
Other employees
Barclays’ performance against non-financial
measures, including climate and
sustainability-related measures, is factored
into the determination of the Group
incentive pool – impacting annual bonus
awards of all employees. In determining the
Group incentive pool for 2025 performance,
the measures used for the non-financial
assessment included climate and
sustainability-related measures focused on
our progress towards our Sustainable and
Transition Financing target, reductions in
our financed emissions, reductions in our
operational emissions, and investing in our
communities.
The incentive pool is also adjusted to take
account of risks, both crystallised and
potential future risks, and consideration is
given to vulnerabilities across all of
Barclays’ principal risks, which include
climate risk.
Individual bonus outcomes are determined
based on Group, business, and individual
performance. Performance for all colleagues
is assessed against individual performance
objectives, which are aligned to the
consistently excellent standard and include
sustainability considerations where relevant.
Specific sustainability-related objectives will
depend on the role of the individual.
The Group Executive Committee members
responsible for Barclays’ five business
divisions have specific climate and
sustainability-related objectives relevant to
the businesses they manage included in their
performance objectives and assessment.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 130 | ||
Remuneration report (continued)
Directors’ Remuneration Policy (DRP)
The DRP was approved by shareholders at the AGM on 7 May 2025, receiving 97% of shareholder votes in favour. It took effect from that
date and will apply for a maximum of three years. A summary of the policy for the Executive Directors, its implementation during 2025, and
the intended implementation for 2026 is set out below. More information on the implementation of the policy is provided on page 145. The
full policy, including recruitment and leaver provisions, and the policy for the Non-Executive Directors, can be found on pages 204 to 213 of
the 2024 Annual Report, which is available at home.barclays/annualreport.
Remuneration policy summary – Executive Directors
Element and purpose | Operation | Implementation for 2025 | Implementation for 2026 | |
Salary To support the recruitment, retention and development of the right calibre of individual for the role. | •Factors considered in determining salary include: •the size and scope of the role, taking into account the size, complexity and breadth of the organisation •the skills, experience and performance of the individual •market practice and market data. •The salary for each Executive Director is reviewed annually. Percentage increases will normally be no more than the average annual percentage increase for UK employees, though may be higher if the Committee considered it appropriate. •Paid in cash, monthly via payroll. •No performance measures or malus and clawback provisions apply. | Effective 7 May 2025 (i.e. following shareholder approval of the policy): C.S. Venkatakrishnan £1,590,000 Anna Cross £950,000 | Effective 1 March 2026: C.S. Venkatakrishnan 3.2% increase to £1,641,000 Anna Cross 5.3% increase to £1,000,000 | |
• | • | |||
Pension To support Executive Directors to build long- term retirement savings. | •An annual cash allowance is provided in lieu of participation in a pension arrangement, paid monthly via payroll. •The cash allowance value is currently 10% of salary. The Committee may adjust this provided that the maximum allowance does not exceed the employer pension contribution rate provided to the wider UK workforce. •No performance measures or malus and clawback provisions apply. | Effective 7 May 2025 (i.e. following shareholder approval of the DRP): C.S. Venkatakrishnan £159,000 Anna Cross £95,000 (10% of salary) | Effective 1 March 2026: C.S. Venkatakrishnan £164,100 Anna Cross £100,000 (10% of salary) | |
Benefits To provide a competitive and cost-effective benefits package appropriate to the role and reflecting local market practice, and to support the health and wellbeing of the Executive Directors. | •Benefits provision includes, but is not restricted to, private medical cover, annual health check, life assurance and ill health income protection, and use of a Company vehicle and driver for business purposes (including any tax liabilities that may arise from these benefits). •Mobility benefits may be provided in accordance with Barclays’ general employee mobility policies and practices if an Executive Director relocates to perform their role. •The maximum value of the benefits is determined by the nature of the benefit itself, and costs of provision may depend on external factors, e.g. insurance costs. •No performance measures or malus and clawback provisions apply. | Benefits as per policy | Benefits entitlement will remain unchanged |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 131 | ||
Remuneration report (continued)
Remuneration policy summary – Executive Directors (continued)
Element and purpose | Operation | Implementation for 2025 | Implementation for 2026 | |
• | • | |||
Annual bonus To reward delivery of short-term financial targets and strategic objectives, and the individual performance of the Executive Directors in achieving those. Delivery in part in shares increases alignment with shareholders and encourages longer-term focus. | •The maximum annual bonus opportunity is 250% of salary for each of the Group Chief Executive and the Group Finance Director. •Awards are discretionary and actual outcomes are based on an assessment of Executive Directors’ performance in the year, measured against financial and other strategic objectives. •The Committee sets performance measures, weightings and targets near the start of each year. Financial measures will normally make up at least 65% of annual bonus opportunity. •Discretion can be applied by the Committee to ensure the level of annual bonus outcome is reflective of the performance of the Group and the individual over the period. •Annual bonus awards are typically delivered as a combination of cash and shares, a proportion of which may be deferred, ensuring that the proportion of variable pay (annual bonus and LTIP combined) that is deferred is no less than required by regulations. •Malus and clawback provisions apply. | In respect of 2025 performance year: C.S. Venkatakrishnan’s annual bonus was £3,299,000 (83.0% of maximum) Anna Cross’s annual bonus was £1,971,000 (83.0% of maximum) 25% of the bonus award will be deferred into shares vesting over three years and 75% will be paid in upfront cash. | C.S. Venkatakrishnan and Anna Cross up to 250% of salary Performance measures and weightings for the 2026 annual bonus remain unchanged from those for the 2025 annual bonus | |
• | • | |||
Long Term Incentive Plan (LTIP) award To incentivise execution of Barclays’ strategy over the longer term. The multi-year performance period and deferral into Barclays shares encourage a long- term view and serve to align Executive Directors’ interests with those of shareholders. | •The maximum annual LTIP award is 550% of salary for the Group Chief Executive and 500% of salary for the Group Finance Director, with actual award levels determined based on satisfactory performance over the prior year (the preliminary performance period). •Awards are typically granted as conditional rights to receive Barclays shares at no cost. They are structured so no part of the award vests before the third anniversary of grant, the final tranche is released no earlier than the fifth anniversary of grant, and so that when combined with the annual bonus the proportion of variable pay that is deferred is no less than required by regulations. •Vesting of each award is dependent on performance against targets over the three-year period commencing with the year of grant. •The Committee sets performance measures, weightings and targets around the time awards are granted, covering financial and non- financial measures. Financial measures will normally make up at least 75% of the total opportunity. •Discretion can be applied by the Committee to reduce the vesting of any award to ensure that it is reflective of the performance of the Group and individual over the period. •Malus and clawback provisions apply. | In respect of 2025 performance year: C.S. Venkatakrishnan will be granted a 2026-2028 LTIP award of 550% of salary Anna Cross will be granted a 2026-2028 LTIP award of 500% of salary Performance measures and weightings for the 2026-2028 LTIP cycle remain unchanged from those for the 2025-2027 LTIP cycle 75% of the award will vest on the third anniversary of grant and 25% on the fourth anniversary, followed by holding periods such that the shares that vest must be retained until at least the fifth anniversary of grant (save for sales to cover taxes payable on vesting). | C.S. Venkatakrishnan up to 550% of salary Anna Cross up to 500% of salary | |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 132 | ||
Remuneration report (continued)
Remuneration policy summary – Executive Directors (continued)
Element and purpose | Operation | Implementation for 2025 | Implementation for 2026 | |
Shareholding requirement To further enhance the alignment of Executive Directors’ interests with those of shareholders, in long-term value creation. | •Executive Directors have a contractual obligation to build up a shareholding, within five years from their date of appointment as an Executive Director, with a value equivalent to 550% of salary for the Group Chief Executive and 500% of salary for the Group Finance Director. •Shares that count towards the requirement are those beneficially owned by the Executive Director, plus the value of any vested share awards (including those subject only to holding periods) and the estimated after-tax value of any shares from unvested deferred share bonuses and LTIP awards provided that no performance conditions remain untested. •Post-employment shareholding requirements apply for two years after stepping down as an Executive Director. | As at 31 December 2025: C.S. Venkatakrishnan’s shareholding was 1,479% of his salary. The relevant shareholding requirement has already been met, ahead of the five-year deadline which falls on 1 November 2026 Anna Cross’s shareholding was 611% of her salary. The relevant shareholding requirement has already been met, ahead of the five-year deadline which falls on 23 April 2027. | Shareholding requirements remain unchanged |
Risk and conduct adjustment – malus and clawback
Any annual bonus or LTIP awarded is subject to malus and clawback provisions.
The malus provisions enable the Committee to reduce the amount of unvested bonus or LTIP (including to nil) prior to vesting in specified
circumstances, including but not limited to:
•a participant deliberately misleading Barclays, the market and/or shareholders in relation to the financial performance of the Barclays
Group
•a participant causing harm to Barclays’ reputation or where his/her actions have amounted to misconduct, incompetence, poor
performance, material error or negligence
•a material restatement of the financial statements of the Barclays Group or any subsidiary, or the Group or any business unit suffering a
material downturn in its financial performance
•a material failure of risk management in the Barclays Group
•a significant deterioration in the financial health of the Barclays Group.
The clawback provisions enable amounts to be recovered after they have been paid or vested, for a period in line with applicable regulation –
currently seven years from grant (which can be extended to up to 10 years if a relevant investigation is ongoing at the end of the initial seven-
year period) where (i) a participant’s actions or omissions have amounted to misbehaviour or material error and/or (ii) Barclays or the
relevant business unit has suffered a material failure of risk management.
During 2025, no risk or conduct adjustments were made to the Executive Directors' remuneration via the malus and clawback provisions that
apply to their annual bonus or LTIP awards.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 133 | ||
Remuneration report (continued)
Determining measures and targets for the Executive Directors' annual bonus and LTIP awards
The Committee has adopted a consistent approach in recent years when considering and agreeing performance measures and targets for the
Executive Directors' annual bonus and LTIP plans, ensuring that Executive Directors' incentives support the delivery of sustainable
performance and our strategic priorities. To illustrate this, the process for setting measures and targets for the 2026 annual bonus and
2026-2028 LTIP is set out below.
1. Select measures and weightings (December 2025) | ||||
The Committee reviewed the key financial and non-financial measures for the Group, as set by the Board and senior management, including the measures for which there will be prospective external guidance or targets relevant to the annual bonus or LTIP performance periods. Measures within the annual bonus were selected to reflect the more immediate strategic priorities and building blocks for future delivery against our longer-term targets, while the measures in the LTIP were focused on key longer-term goals. Shareholder and other stakeholder considerations also informed the selection of measures and weightings. | ||||
2. Set targets and payout ranges (January 2026) | ||||
The Committee set targets for the annual bonus and LTIP, considering: •the Group’s external targets and stated ambitions, in the context of the Group's strategic plans •short-term and medium-term performance forecasts, and external financial analysts’ expectations •shareholder and other stakeholder priorities •the wider economic environment. | ||||
3. Monitor performance (regularly through the performance period) | ||||
Throughout the performance period, the Committee will receive updates on performance against the bonus and LTIP targets, combining performance to date and the future performance outlook, and the projected incentive outcomes that would result. | ||||
4. Assess performance and agree outcomes (January - February following the performance period) | ||||
At the end of the performance period, the financial and non-financial performance measures will be assessed and the incentive outcomes will be determined. The Committee will then review these outcomes, in the following context, and will have the discretion to adjust the outcomes if it deems it appropriate: •overall Group performance, and the overall performance of each Executive Director, over the performance period •the underlying financial health of the Group •bonus outcomes for the wider workforce •historical outcomes for the Executive Directors in the context of performance each year. | ||||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 134 | ||
Remuneration report (continued)
Annual report on Directors’ remuneration
This section explains how our Directors’ Remuneration Policy (DRP) was implemented for 2025
Executive Directors
Single total figure for 2025 remuneration
The following table shows a single total figure for 2025 remuneration in respect of qualifying service for each Executive Director, together
with comparative figures for 2024.
1 | 2 | 3 | 4 | 5 | 6 | 7 | ||||||
Salary/ Fixed Pay £000 | Pension £000 | Taxable benefits £000 | Total fixed pay £000 | Annual bonus £000 | LTIP – excluding share price appreciation £000 | LTIP – share price appreciation £000 | Total LTIP1,2 £000 | Total variable pay £000 | Total – excluding share price appreciation £000 | Total £000 | ||
C.S. Venkatakrishnan | 2025 | 2,063 | 155 | 76 | 2,294 | 3,299 | 3,849 | 5,603 | 9,452 | 12,751 | 9,442 | 15,045 |
2024 | 2,935 | 147 | 95 | 3,177 | 2,219 | 3,285 | 2,941 | 6,226 | 8,445 | 8,681 | 11,622 | |
Anna Cross | 2025 | 1,262 | 94 | 29 | 1,385 | 1,971 | 2,286 | 3,328 | 5,614 | 7,585 | 5,642 | 8,970 |
2024 | 1,837 | 92 | 15 | 1,944 | 1,336 | – | – | – | 1,336 | – | 3,280 |
Notes:
1The LTIP amounts for 2025 relate to the award granted in 2023, with vesting based on performance measured over 2023 to 2025. The value was estimated using the
Q4 2025 average share price of £4.1493 as this Annual Report 2025 was finalised prior to the first vesting date. This is the first LTIP vesting for Anna Cross
following her appointment as Group Finance Director on 23 April 2022. The share price increased by 146% between the date of grant and the share price used to
estimate the award value, and columns 5 and 6 separate that share price appreciation within the total LTIP value.
2The LTIP amount for 2024 has been updated based on the share price on the vesting date of the first tranche of the 2022-2024 LTIP, which was £3.049. The LTIP
value disclosed in the 2024 Remuneration report was an estimate, based on the Q4 2024 average share price, as the 2024 Annual Report was finalised prior to the
vesting date.
Additional information in respect of each element of pay for the Executive Directors
1) Salary/Fixed Pay
Under the current DRP, salary is delivered in cash, paid monthly.
Under the previous DRP, in operation until 6 May 2025, Fixed Pay was delivered 50% in cash, paid monthly, and 50% in shares, delivered
quarterly. These shares are subject to a holding period, with restrictions lifting over five years (20% each year).
More information on the Committee's considerations in respect of the Executive Directors' salary is set out on page 145.
2) Pension
Executive Directors are paid cash in lieu of pension contributions equal to 10% of salary (was 5% of Fixed Pay or 10% of Fixed Pay cash
under the previous DRP). The pension cash allowance paid during 2025 was £154,940 for C.S. Venkatakrishnan and £94,042 for Anna
Cross. The Executive Directors did not receive any other pension benefits.
3) Taxable benefits
Taxable benefits include, but are not restricted to, private medical cover, life assurance, income protection, tax advice and the use of a
Company vehicle and driver when required for business purposes.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 135 | ||
Remuneration report (continued)
4) 2025 annual bonus
The bonus amounts included in the single total remuneration figures are the value awarded in respect of performance during the relevant
year.
In determining the bonus in respect of 2025 performance, the Committee considered the performance achieved against the Financial (65%
weighting) and Strategic non-financial (15% weighting) performance measures that had been set to reflect Group priorities for 2025.
Personal performance against each Executive Director's Strategic objectives for 2025 (20% weighting) was assessed on an individual basis.
The outcome for each of the Financial measures would be 0% for performance below threshold, and then determined on a straight-line basis,
between a 25% outcome for threshold performance and 100% for achievement of maximum performance. A summary of the assessment is
provided in the following table.
2025 annual bonus outcomes
Measures | Weighting | Threshold | Maximum | 2025 actual | Outcome | |||
C.S. Venkatakrishnan | Anna Cross | |||||||
Profit before tax (excluding material items1), with CET1 ratio underpin | 55% | £8.0bn | £10.0bn | See footnote 1 | 48.0% | 48.0% | ||
Cost: income ratio (excluding material items1) | 10% | 61.5% | 58.5% | See footnote 2 | 8.5% | 8.5% | ||
Strategic non-financial | 15% | Performance against strategic measures, organised around two categories: Customers, clients & colleagues, and Risk & operational excellence | 9.0% | 9.0% | ||||
Strategic objectives | 20% | Individual performance against each Executive Director's strategic objectives, assessed by the Committee | 17.5% | 17.5% | ||||
Total | 83.0% | 83.0% | ||||||
Final 2025 annual bonus outcome approved by the Committee | 83.0% | 83.0% | ||||||
Note:
1Profit before tax of £9.659bn, which excludes material items: 2025 structural cost actions of £285m and the £235m charge for motor finance redress taken in Q325.
2Cost: income ratio of 59.1%, which excludes material items: 2025 structural cost actions of £285m and the £235m charge for motor finance redress taken in Q325.
Based on the assessment outlined above, the Committee determined an overall formulaic 2025 annual bonus outcome for C.S.
Venkatakrishnan and Anna Cross that equates to £3,299,000, and £1,971,000 respectively.
For the financial measures, materials items were excluded - 2025 structural cost actions of £285m and a £235m charge for motor finance
redress, taken in Q325. The latter relates to historical activity that neither Executive Director was directly involved in, given their roles at the
time, and C.S. Venkatakrishnan was the Chief Risk Officer when the decision to exit the business was taken in 2019. Further detail on the
assessment of the Strategic non-financial measures, and performance against Strategic objectives, is set out on the following pages.
In determining the bonus outcome, the Committee reflected on the appropriateness of these overall annual bonus outcomes, in the context of
the performance achieved against the Financial measures, Strategic non-financial measures and Strategic objectives. The Committee
considered the underlying financial health of the Group, which is strong and well-capitalised, and more holistically the performance and
contribution of each Executive Director during 2025. The bonus outcomes were considered in the context of those for the wider workforce –
ensuring appropriate alignment both this year and over a multi-year period – and also by comparing to historical outcomes for the Executive
Directors in the context of performance each year. The Committee believes that the overall 2025 bonus outcomes above are aligned
appropriately with stakeholder considerations and with the performance achieved. Based on this, the Committee concluded that no
discretionary adjustment was warranted.
The 2025 annual bonus will be delivered as 75% upfront cash, payable in March 2026, and 25% as a grant of deferred bonus shares that will
vest in three equal tranches on the first, second, and third anniversaries of the grant. The number of shares awarded to each Executive
Director will be based on the market share price on the date of grant, and additional shares will accrue equivalent to dividends paid on
unvested share awards (as is now permitted under the new UK bank pay regulations). More information is provided on page 119.
All of the 2025 variable pay (both the 2025 annual bonus and the 2026-2028 LTIP) is subject to clawback provisions, which allow the
Committee to recover amounts that have been paid in certain circumstances. The deferred elements are subject to malus provisions, which
enable the Committee to reduce the vesting of unvested amounts (including reducing to nil) in certain circumstances. Of the total variable
pay to be awarded (the annual bonus and LTIP combined), a total of 79% of C.S. Venkatakrishnan’s 2025 variable pay will be in Barclays
shares, and 78% for Anna Cross.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 136 | ||
Remuneration report (continued)
4) 2025 annual bonus (continued)
Assessment of the Strategic non-financial measures for the 2025 annual bonus
The overall weighting of Strategic non-financial measures was 15%, within which the Customers, clients & colleagues category was
weighted at 10% and the Risk & operational excellence category at 5%. The measures used in the Strategic non-financial assessment for
bonus reflect key strategic priorities of the Group. Many outcomes are measured using an external provider, such as customer / client
satisfaction or Investment Banking fee ranking and share.
The Committee assessed progress in relation to each of the Strategic non-financial measures and agreed an overall outcome of 9% out of a
maximum of 15%. Detail supporting this assessment is set out in the tables that follow.
The overall assessment was based on the following scale:
For Customers, clients & colleagues (max weighting 10%) | Overall outcome for the category |
0% to 2.0% | Behind track on most measures |
2.0% to 4.0% | Slightly behind track on most measures |
4.0% to 6.0% | On track on most measures |
6.0% to 8.0% | Slightly ahead on most measures |
8.0% to 10% | Ahead of track on most measures |
For Risk & operational excellence (max weighting 5%) | Overall outcome for the category |
0% to 1.0% | Behind ambition |
1.0% to 2.0% | Slightly behind ambition |
2.0% to 3.0% | On track to meet ambition |
3.0% to 4.0% | At ambition |
4.0% to 5.0% | Exceeded ambition |
Customers, clients & colleagues
Measure | Criteria | Performance | Commentary | Outcome |
Customers & clients | ||||
Global Markets revenue ranking and share1 | Maintain rankings and market share in Barclays Investment Bank | Rank: 6th (2024: 6th) Share: 6.5% (2024: 6.3%) | •Global Markets revenue rank maintained; revenue share has increased since 2024. •We continue to make progress towards our goal of achieving 70 top five ranks with our Top 100 clients. | Slightly ahead of track |
Investment Banking fee ranking and share2 | Rank: 6th (2024: 6th) Share: 3.0% (2024: 3.3%) | •Investment Banking fee rank has been maintained; fee share has decreased since 2024, driven by global fee wallet expansion, impacting our overall share. | Slightly behind track | |
Customer and client satisfaction | Improve customer and client satisfaction | Barclays UK NPS3: +25 (2024: +17) US Consumer Bank Contact Centre Agent Servicing tNPS4: +52 (2024: +51) US Consumer Bank digital tNPS: +63 (2024: +63) UK Corporate Bank overall client satisfaction5: 66% (2024: 62%) | •Barclays UK: we improved NPS to +25, our highest score since we began tracking in 2013, and +8 on December 2024. Premier NPS was a significant driver, reaching +37 at year-end. •US Consumer Bank: Contact Centre Agent Servicing tNPS increased by 1 point to +52. Digital tNPS remained consistent at +63. •UK Corporate Bank: overall client satisfaction has increased by 4 percentage points. | Slightly ahead of track |
Complaints | Reduce customer complaints | Barclays UK total complaints (movement year on year): +33% (2024: -36%) | •The increase in complaints year on year was driven by an IT incident in January 2025 that impacted many of our customers. Excluding this, complaints reduced by 2%. | Behind track |
Digital engagement | Increase digital engagement | Barclays UK digitally active customers: 13.9m (2024: 13.4m) US Consumer Bank digitally interacting customer6: 96.2% (2024: 95.9%) UK Corporate Bank self-service take up: c.50% (2024: c.40%) | •Digital engagement has improved in all areas. •Barclays UK: The number of digitally active customers increased. •US Consumer Bank: digitally interacting customer measure improved, driven by continued investment in our mobile app and digital capabilities, including enhancements to registration and self-service. •UK Corporate Bank: significant increase in self- service take up (+ 10 percentage points). | Slightly ahead of track |
Notes:
1Global Markets market share for Barclays is based on external reported revenues of peer banks BoA, BNP, CITI, DB, GS, JPM, MS and UBS.
2Investment Banking market share for Barclays calculated by Dealogic for the period covering 1 January 2025 to 31 December 2025.
3© Ipsos 2025, Financial Research Survey (FRS), 12 months ended December 2025 (Dec 2024). Results based on a sample of 7,546 (6,646) Barclays main current
account customers and 1,028 (865) Barclays Premier main current account customers. Total sample of ~50,000 GB adults (aged 16+) a year, weighted to align with
overall profile of GB population.
4US Consumer Bank Contact Center Agent Servicing tNPS measures US Consumer Bank customer experience across Contact Centre Agent Servicing, including
Care and Chat, Fraud, Disputes, and Credit.
5UK Corporate Bank OSAT (overall client satisfaction) calculated by Savanta based on proportion of clients surveyed rating Barclays' UK Corporate Bank as
‘Excellent’ or ‘Very Good’, data as at December 2025.
6Measured at exit at end of December 2025. Includes primary consumer card customers. Excludes Interactive Voice Response (IVR).
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 137 | ||
Remuneration report (continued)
4) 2025 annual bonus (continued)
Measure | Criteria | Performance | Commentary | Outcome |
Colleagues | ||||
Inclusion | Maintain inclusion indicators | 81% (2024: 81%) | •Inclusion Index score has been maintained, with continued focus on driving an inclusive culture. •88% of colleagues told us they felt included in their team (2024: 89%). | On track |
Engagement | Maintain engagement at healthy levels | 85% (2024: 85%) | •Employee engagement has been maintained at 85%, 4 percentage points above the Qualtrics 2024 upper quartile Financial Services benchmark. | Ahead of track |
Culture | Maintain culture indicators | Of colleagues surveyed: 89% believe strongly in the goals and objectives of Barclays (2024: 88%) 93% believe that they and their team do a good job of role modelling our Values every day (2024: 93%) 92% believe that they and their team do a good job of role modelling our Mindset every day (2024: 92%) | •The vast majority of colleagues believe in the goals and objectives of Barclays, which has been a key focus since we launched our three-year plan in February 2024. •Scores on Mindset and Values role modelling remain high, consistent with recent years. •Our consistently excellent culture-change programme continued to embed these standards across the organisation. Throughout 2025, local initiatives across divisions and functions supported Group-wide efforts to simplify processes, strengthen risk and control, and drive efficiency. The consistently excellent standard is embedded in HR tools, processes and products from hiring and induction, to performance management, promotions and development programmes. | Slightly ahead of track |
Total Customers, clients & colleagues: 6% out of 10% | ||||
Risk & operational excellence
Category | Performance commentary | |||
Risk awareness | •The Committee was satisfied that the Group operated in line with its Board-approved risk appetite. •In 2025, we completed the delivery of 1,995 'Being consistently excellent ' workshops to our colleagues globally. They provide our people with the skills and knowledge to take personal accountability for driving higher standards across the organisation, recognise what they can do differently to deliver improvements and build consistent practices to raise the standard of execution, with a focus on remediating risk and control weaknesses. •In 2025, we launched a Risk and Control Digital Credential to all colleagues, our externally accredited digital credential which is flexible, role - relevant and builds confidence in managing risk and control – critical for delivering consistently excellent outcomes. •Excluding charges for motor finance redress1, litigation and conduct costs increased to £157m (2024: £130m), driven by FCA investigations concerning financial crime systems and controls, and compliance with the UK money laundering regulations, which resulted in settlements totalling £48m. •Conduct breaches have reduced year on year. | |||
Operational excellence | •During 2025, total operational risk losses2 increased to £143m (2024: £127m) and the number of recorded events for 2025 (2,943) increased from the level for 2024 (2,392). The total operational risk losses for the year were mainly driven by events falling within the Execution, Delivery & Process Management and External Fraud categories, which tend to be high-volume but low-impact events. •In January 2025, an IT incident relating to our UK mainframe operating system impacted many of our customers. Despite this, there was an overall 44% reduction in major technology incidents since 2024, indicating improvement in proactive mitigation. •High standards of internal service delivery retained during 2025, with the >95% ambition being met throughout the year. | |||
Total Risk & operational excellence: 3% out of 5% | ||||
Overall strategic non-financial outcome for the 2025 annual bonus: 9% out of 15% | ||||
Notes:
1£235m charge in Q325 (2024: £90m) for motor finance redress. Litigation and conduct costs were £392m in 2025 including the charges for motor finance redress.
2The data disclosed includes operational risk losses for reportable events impacting the Barclays Group business areas, having an impact greater than £10,000 and
excludes events that are compliance or legal risk, aggregate and boundary events. A boundary event is an operational risk event that results in a credit risk impact.
Due to the nature of risk events that keep evolving, prior year losses are updated.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 138 | ||
Remuneration report (continued)
4) 2025 annual bonus (continued)
Assessment of performance against the Strategic objectives set for the 2025 annual bonus (20% weighting)
The Committee assessed personal performance for C.S. Venkatakrishnan and Anna Cross against both their individual strategic objectives set
for their respective roles and their shared strategic objectives. The assessment against these Strategic objectives makes up 20% of the total
bonus opportunity.
The table below summarises performance against the shared strategic objectives.
Shared strategic objectives for C.S. Venkatakrishnan and Anna Cross
Objective | Outcomes |
Deliver key financial targets including RoTE and capital distributions | •Achieved all our 2025 financial targets, with operational and financial performance improvement driven by disciplined execution of our plan to make Barclays Simpler, Better and More balanced. •Delivered Group statutory RoE of 9.8% and RoTE of 11.3%, in line with our upgraded target of >11%, with all five divisions delivering double-digit RoTE. •Group net interest income (NII) was £12.8bn (excluding Barclays Investment Bank (IB) and Head Office), of which Barclays UK was £7.7bn, meeting 2025 guidance of £12.6bn and £7.6bn respectively. •The Group’s cost: income ratio improved to 61% (2024: 62%) driven by positive operating leverage for the third consecutive year. •Total shareholder distributions of £3.7bn announced in relation to 2025 (2024: £3.0bn), on track to return at least £10bn to shareholders from 2024 to 20261. |
Maintain robust capital ratios across the Group and within the main operating entities | •Strong balance sheet, with Group CET1 ratio of 14.3%, or 14.0% if the £1.0bn share buyback announced with the FY25 results is factored in, at the top-end of the 13%-14% target range. •Similarly strong capital ratios prevail in all main operating entities: at the end of 2025, Barclays Bank PLC’s CET1 ratio was 12.7% and Barclays Bank UK PLC’s CET1 ratio was 14.5%, well in excess of regulatory minima. |
Continue to reduce organisational complexity and upgrade legacy technology | •Eliminated our remaining non-core businesses, selling our stake in Entercard, and further simplified our business model, including operating Private Bank and Wealth Management (PBWM) through two core areas, PBWM UK and PBWM International. •Continued to invest in enterprise-wide platforms across infrastructure, data and digital, strengthening resilience while reducing complexity and cost. Almost 90% of our technology estate is now in the cloud. •Introduced new technology, such as the AI-powered Help Hub Assistant in Barclays UK, to support us in delivering seamless, connected services that anticipate customer and client needs and provide faster, more personalised, more intuitive services. |
Deliver better income quality, growth within higher-returning divisions and greater RWA productivity in the Investment Bank | •Stable income streams (Financing, Retail and Corporate) comprised 74% of the total Group income in 2025. •Continued to rebalance the Group, successfully deploying £20bn of RWAs since 2024 into the three highest- returning UK businesses. •Investment Bank RWAs remained stable for the fourth consecutive year and made up 55% of Group RWAs in 2025. •Improved the Investment Bank’s return on RWAs, driven by focus on more-stable income streams and on disciplined client management, capital deployment, and technology enhancements. |
Drive growth in our home UK market | •Grew UK retail lending, with strong net mortgage growth and higher card balances in Barclays UK and £3bn lending to small businesses. •The UK Corporate Bank delivered robust income growth of 16%, underpinned by a strong deposit franchise and growing debt balances. We positively repositioned ourselves among peers and grew lending market share by 1%2, with total loan growth of £4.6bn. •PBWM UK grew the UK Digital Investing business with c.65,000 new accounts opened on our Smart Investor platform (up 11% year on year), launched a pilot of a new digitally-enabled mass affluent proposition and expanded the UK Private Markets proposition. |
Notes:
1This multi-year plan is subject to supervisory and Board approval, anticipated financial performance and our published CET1 ratio target of 13-14%.
2Source: Bank of England (December) 2025 market data.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 139 | ||
Remuneration report (continued)
4) 2025 annual bonus (continued)
In addition to the shared strategic objectives described on the previous page, the table below summarises performance against the strategic
objectives for C.S. Venkatakrishnan.
Strategic objectives for C.S. Venkatakrishnan
Objective | Outcomes |
Continue to drive better customer and client experience and outcomes, through technology and improved offerings | •Launched new customer technology, platforms and products across our various businesses, including a new mortgage platform, a redesigned Savings Hub for Barclays UK customers and more opportunities to self-serve through digital channels for UK Corporate Bank clients, and saw improvements in customer satisfaction scores across our business. •Barclays UK channel transactional Net Promoter Score (tNPS) increased to +61 for branch servicing and Premier Net Promoter Score (NPS) reached +37, the highest level to date1. •UK Corporate Bank saw a 4 percentage point improvement in the overall client satisfaction score (an independent benchmarking score measured by Savanta), with 66% of clients surveyed rating us ‘Excellent’ or ‘Very Good’. •PBWM further enhanced client journeys and investment capabilities on our Smart Investor platform and were awarded Best Stock & Shares ISA Provider from Moneyfacts and received a ‘Value for Money’ consumer rating from Boring Money. •Investment Banking and Global Markets maintained our rank of sixth2 – the highest of any bank domiciled outside the US. Our Research team continues to rank highly amongst our institutional client base – #4 overall global research firm and #3 for developed markets3. •US Consumer Bank saw tNPS for digital and contact-centre agent servicing averaging 63 and 52 respectively, consistent with 2024 for digital and improved by one point for contact centre performance. |
Drive delivery to a consistently excellent standard | •A consistently excellent standard is an integral part of our culture and a key enabler of our three-year plan, which is now embedded in HR tools, processes and products from hiring and introduction, to performance management, promotions and development programmes. •Delivered over 1,995 colleague workshops during 2025 on what it means to deliver to a consistently excellent standard, creating a strong shared understanding across the organisation. |
Drive leadership accountability to further strengthen our risk management and controls | •Local initiatives across divisions and functions supported Group-wide efforts to simplify processes, strengthen risk and control, and drive efficiency, further embedding the consistently excellent standard. •Launched the Risk and Control Digital Credential – our first Group-wide, externally accredited online learning programme, certified by the Institute of Risk Management – with almost 25,000 colleagues having achieved the accreditation by the end of 2025. |
Continue to invest in talent and continue to grow a winning culture | •Strengthened how we identify, assess and develop high-potential talent, introducing greater rigour and consistency through implementing our Talent Management Standards. Delivered accelerator programmes and sponsorship initiatives and offered senior leaders a suite of practical tools, targeted workshops, and resources to develop their skills. •86% of colleagues have told us that their people leader clearly communicates the actions they need to take to deliver consistently excellent outcomes in their role. |
Notes:
1Highest since we started tracking in 2016. Source: © Ipsos 2025, Financial Research Survey (FRS).
2Global Markets ranking based on external reported revenues. Peer banks include BoA, BNP, CITI, DB, GS, JPM, MS and UBS. Investment Banking ranking
sourced from Dealogic for the period 1 January 2025 to 31 December 2025.
3Source: Extel.
The Committee recognised C.S. Venkatakrishnan's outstanding performance during 2025, his leadership of the organisation, the progress
delivered against the Group's three-year plan, and substantial achievements against both his individual and shared personal objectives. The
Committee assessed that an outcome of 17.5% out of a maximum of 20% was appropriate.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 140 | ||
Remuneration report (continued)
4) 2025 annual bonus (continued)
The table below summarises performance against the strategic objectives for Anna Cross.
Strategic objectives for Anna Cross
Objective | Outcomes |
Continue to simplify, standardise and automate Group Finance processes to improve effectiveness and efficiency | •Agreed a transformation strategy for Group Finance to standardise and automate processes, and strengthen controls, which is expected to drive significant efficiency enhancements over the coming years. •Delivered material automation in Product Control and Financial Control, and standardisation of cost reporting activities, with further potential to simplify and automate in the future. •Launched nine Artificial Intelligence and Machine Learning initiatives in the Group Finance function, delivering measurable benefits, with many more use cases in the pipeline. |
Oversee the effective management of risk and control across Group Finance | •Group Finance continued to enhance risk management and controls for compliance with rules, laws and regulations, and work continued to strengthen the control environment around regulatory reporting. •The risk and control agenda remains a priority in Group Finance, with a constant focus on identifying further improvements. |
Appropriate management of capital and resources to ensure we comply with governance and regulatory requirements | •The Group continues to exceed regulatory requirements for CET1, Tier 1, total capital, leverage and Minimum Requirement of Own Funds and Eligible Liabilities. •The Group has operated toward the upper half of its CET1 target range of 13%-14% throughout the year, after taking into account the impact of announced share buybacks. |
Retain focus on the talent and culture agenda across Group Finance | •Consistent focus on talent management and succession planning has enabled 71% of all senior vacancies in Group Finance to be filled internally. •Continued to focus on culture and colleague engagement, improving key measures, e.g. Inclusion index 79% (2024: 78%) and Wellbeing index 85% (2024: 83%). •Further strengthened colleague engagement across Group Finance, at 83% (2024: 81%). |
The Committee recognised Anna Cross's outstanding performance during 2025, ensuring delivery towards the achievement of the Group's
three-year plan, and the substantial achievements against both her individual and shared personal objectives. Based on that performance, the
Committee assessed that an outcome of 17.5% out of a maximum of 20% was appropriate.
5) Vesting of the 2023-2025 LTIP cycle (also covers columns 6 and 7 of the single total figure for 2025)
The total LTIP values included in the single total figure for 2025 for C.S. Venkatakrishnan and Anna Cross are based on the amounts that are
due to be released from 9 March 2026 in relation to the 2023-2025 LTIP awards granted in March 2023.
The total LTIP values that will vest to C.S. Venkatakrishnan and Anna Cross (column 7 of the single total figure) have been estimated using
the Q4 2025 average share price of £4.1493, as this Annual Report 2025 was finalised prior to the first vesting date. Of the estimated LTIP
values, 59% relates to share price appreciation between the grant date of the award and the share price used to estimate the award value.
Column 5 of the single total figure shows the estimated LTIP values excluding the impact of share price appreciation and column 6 shows
the additional value arising due to that share price growth.
Release is dependent on, among other things, performance over the period from 1 January 2023 to 31 December 2025. In determining what
proportion of the awards would vest, the Committee considered the performance achieved against the Financial (70% weighting), Strategic
non-financial (20% weighting) and Risk scorecard (10% weighting) performance measures that were set shortly before the award was
granted.
The outcome for each of the Financial measures would be 0% for performance below threshold. The outcome for threshold performance
under the average return on tangible equity and average cost: income ratio measures would be 0%, and for the relative total shareholder
return measure would be 25%, rising on a straight-line basis to 100% for achievement of maximum performance for each of those measures.
The CET1 ratio measure operates differently, as described in the table on the following page.
A summary of the assessment of performance is also provided in that table.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 141 | ||
Remuneration report (continued)
5) Vesting of the 2023-2025 LTIP cycle (continued)
2023-2025 LTIP outcomes
Measure | Weighting | Threshold | Maximum vesting | Actual | % of award vesting |
Average return on tangible equity (RoTE) (excluding material items1,2) | 25% | 0% of award vests for RoTE of 8.0%, rising on a straight-line basis | 25% of award vests for RoTE of 12.5% or higher | 11.4%3 | 18.9% |
Average cost: income ratio (excluding material items4) | 10% | 0% of award vests for average cost: income ratio of 62.5%, rising on a straight-line basis | 10% of award vests for average cost: income ratio of 58.0% or lower | 61.1% | 3.1% |
Maintain CET 1 ratio within the target range | 10% | If CET1 is below the target range during the period, the Committee will consider what portion of this element should vest, based on the reasons for the CET1 shortfall If CET1 is above the range and does not make progress towards the range over the period, the Committee will consider what portion of the element should vest, based on the reasons for the elevated levels of CET1 versus target range and the associated impacts | 10% vests if either: •CET1 is within the range during the period or •CET1 is above but making progress towards the target range | 2023: 13.8% 2024: 13.6% 2025: 14.3% | 10% (more information is provided below the table) |
Relative total shareholder return5 | 25% | 6.25% of award vests for performance at median of the peer group6, rising on a straight-line basis | 25% of award vests for performance at or above the peer group6 upper quartile | Rank 5 (out of 18) | 25.0% |
Strategic non-financial measures (details from page 142) | 20% | The evaluation focused on key strategic non-financial measures, which the Committee assessed to determine the percentage of the award that will vest, between 0% and 20%. The measures are organised around three main categories: Climate & sustainability (weighted 10%), Customers & clients (weighted 5%), and Colleagues (weighted 5%) | 13.5% | ||
Risk scorecard (details on page 143) | 10% | The Risk scorecard captures a range of risks and is aligned with the annual incentive risk alignment framework shared with the regulators. The framework measures performance against three broad categories – Capital & liquidity, Control environment, and Compliance – using a combination of quantitative and qualitative metrics | 6.8% | ||
Total | 77.3% | ||||
Final 2023-2025 LTIP vesting outcome approved by the Committee | 77.3% | ||||
Notes:
1Using average tangible shareholders’ equity based on a CET1 ratio at the mid-point of the Group target range 13% to 14%. (2025: £53.6bn; 2024: £50.5bn; 2023:
£46.5bn).
2Material items consist of post-tax structural cost actions (2025: £217m; 2024: £209m; 2023: £739m taken in Q423) and post-tax charges in respect of motor finance
redress (2025: £176m; 2024:£68m).
3Please refer to the "Non-IFRS performance measures" section of this Annual Report on Form 20-F for further information on and a reconciliation of the non-IFRS
measure “return on tangible equity” against the most directly comparable IFRS measure.
4Material items consist of structural cost actions (2025: £285m; 2024: £273m; 2023: £927m taken in Q423) and charges in respect of motor finance redress (2025:
£235m; 2024:£90m).
5Performance assessed over the period from 1 January 2023 to 31 December 2025. Start and end total shareholder return data was the Q4 average for 2022 and 2025
respectively and was measured in GBP for each company.
6The peer group is comprised of banks in the UK, Europe and North America of comparable size to Barclays and whose weekly returns have a high degree of
correlation with Barclays. The peer group for the 2023–2025 LTIP award was: Banco Santander, Bank of America, BBVA, BNP Paribas, Citigroup, Credit Agricole,
Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Morgan Stanley, NatWest Group, Société Générale, Standard Chartered, UBS, and UniCredit.
The Group's external target range for the CET1 ratio is 13% to 14%, which reflects the judgement of the Board as to the appropriate CET1
ratio for the Group to operate within. As the CET1 ratio was 14.3% at the end of 2025, above the top of the LTIP target range, the Committee
considered (as required under the performance target) what portion of this element should vest, based on the reason why the CET1 ratio was
outside the target range. Taking into account the share buyback announced with FY25 results, the CET1 ratio as of 31 December would be
14.0%, at the top of the target range. The Committee was satisfied that the elevated CET1 ratio was temporary, that the Group’s capital
position had been appropriately and sensibly managed in the interests of shareholders over the performance period, and that it was therefore
appropriate for this portion of the LTIP to vest in full.
The Committee was satisfied that the total vesting outcome of 77.3% was consistent with the performance delivered over the period, and that
the underlying financial health of the Group is strong. Based on that, it concluded that no discretionary reduction to the vesting outcome was
required, so the award should vest at 77.3% of the maximum number of shares under the total award, to be released in five equal tranches
annually, starting from March 2026.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 142 | ||
Remuneration report (continued)
5) Vesting of the 2023-2025 LTIP cycle (continued)
The 2023-2025 LTIP award was granted in line with the Group's usual annual timetable, in early March 2023. The share price at grant of
£1.6896 was 5% higher than the share price at the time of the prior year LTIP grant. This level of share price movement between successive
grants is not unusual. There was a larger increase in share price over the lifetime of the award, by 146% between the date of grant and the Q4
2025 average share price of £4.1493 on which the value vesting is estimated. As the share price growth was largely over 2024 and 2025,
reflective of strong performance following the announcement of the three-year plan at the Investor Update in February 2024, the Committee
concluded that there was no windfall gain and that therefore no adjustment was required.
Assessment of the Strategic non-financial measures for the 2023-2025 LTIP
A summary of the Committee’s assessment against the Strategic non-financial performance measures over the three-year performance period
follows. The measures used reflect key strategic priorities of the Group. Many of the outcomes are measured by an external provider, such as
NPS or Investment Banking fee ranking and share.
Measure | Criteria | Performance commentary | |
Climate & sustainability | |||
Progress towards our Sustainable and Transition Financing target | Facilitate $1trn of Sustainable and Transition Financing between 2023 and end of 2030 | •Facilitated $260.7bn of Sustainable and Transition Financing, on a cumulative basis, since 2023. •Progress towards delivering our target of facilitating $1trn of Sustainable and Transition Financing will be non-linear and depend on market demand and wider regulatory and policy factors. We will continue to review and adapt our approach to Sustainable and Transition Financing in response to the evolving market environment (see page 54 for more detail). | |
Reducing our financed emissions | 30% reduction in power portfolio emissions intensity (2020-2025) | •Successfully achieved 2025 financed emissions reduction targets for both the Upstream Energy and Power portfolios. •Cumulatively, Power portfolio emissions intensity has decreased by 35% from our updated 2020 baseline (see page 51 for more detail). •Cumulatively, absolute financed emissions from the Upstream Energy portfolio have decreased by 41% from the 2020 baseline. | |
15% reduction in energy portfolio absolute emissions (2020-2025) | |||
Reducing our operational emissions | 90% reduction in Scope 1 and 2 GHG emissions (market- based1, against a 2018 baseline) by the end of 2025 | •Achieved 2025 net zero operations targets: –Reduced our Scope 1 and 2 market-based emissions by 97% against a 2018 baseline - exceeding our 90% reduction target –Continued to source 100% renewable electricity for our global real estate portfolio. | |
100% renewable electricity sourcing for our global real estate portfolio2 by the end of 2025 | |||
Supporting our communities | LifeSkills: Upskill 8.7 million people from 2023-2027 | •6.3 million people upskilled since 2023, making good progress towards our 2023-2027 target. •Placed 154,776 people into work since 2023, making good progress towards our 2023-2027 target. •126 businesses solving social and environmental challenges supported since 2023, on track to support an additional 200 entrepreneurs over five years. | |
LifeSkills: Place 250,000 people into work from 2023-2027 | |||
Unreasonable Impact (partnership with the Unreasonable Group): Support a further 200 businesses solving social and environmental challenges from 2023-2027 | |||
Total Climate & sustainability: 8% out of 10% | |||
Notes:
1Market-based method is a GHG Protocol accounting method for Scope 2 emissions, that reflects the GHG emissions associated with the choices a consumer makes
regarding their electricity supplier or product, like the purchase of Energy Attribute Certificates (EACs). For more information please see the GHG Protocol Scope 2
Guidance: ghgprotocol.org/sites/default/files/2023-03/Scope%202%20Guidance.pdf
2On this page a reference to global real estate portfolio includes offices, campuses, branches, warehouses, and data centres within our operational control.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 143 | ||
Remuneration report (continued)
5) Vesting of the 2023-2025 LTIP cycle (continued)
Measure | Criteria | Performance commentary | |
Customers & clients | |||
Drive world-class outcomes for customers and clients | Maintain client rankings and market share in Barclays Investment Bank | •Markets global revenue rank1 was maintained at 6th over the period. Revenue share has decreased slightly vs. 2022 (7.3% to 6.5%) but is on an upwards trajectory since 2024. | |
•Investment Banking fee rank2 was maintained at 6th. Fee share has been largely maintained vs. 2022 (3.1% to 3.0%). | |||
Improve Net Promoter Scores | •Barclays UK: NPS score3 improved by 14 points over the period, ending at +25. •US Consumer Bank: Digital tNPS improved by 3 points and Contact Centre Agent Servicing tNPS4 increased by 8 points over the period5. •UK Corporate Bank: overall client satisfaction6 improved by 6 percentage points over the period. | ||
Reduce Barclays UK customer complaints and improve resolution time | •Complaint volumes increased over the period driven by complaints associated with the IT incident on 31 January 2025. •94% of complaints were resolved within 56 days in 2025. Excluding complaints related to the IT incident this would have been 98%. | ||
Increase digital engagement | •Steady increase in the number of Barclays UK digitally active customers over the period to 13.9 million. | ||
Total Customers & clients: 2.5% out of 5% | |||
Notes:
1Global Markets market share for Barclays is based on external reported revenues of peer banks BoA, BNP, CITI, DB, GS, JPM, MS and UBS.
2Investment Banking fee share for Barclays calculated by Dealogic for the period covering 1 January 2022 to 31 December 2025.
3Based on © Ipsos 2025, Financial Research Survey (FRS).
4US Consumer Bank Contact Center Agent Servicing tNPS measures US Consumer Bank customer experience across Contact Centre Agent Servicing, including
Care and Chat, Fraud, Disputes, and Credit. In 2022, Chat was not included.
5US Consumer Bank Consumer Bank Digital tNPS and Contact Centre Agent Servicing: Results for 2022 are reported at month end December 2022, 2023-2025 are a
full year average score.
6UK Corporate Bank OSAT (overall client satisfaction) calculated by Savanta based on proportion of clients surveyed rating Barclays' UK Corporate Bank as
‘Excellent’ or ‘Very Good’, data as at December 2022 and 2025.
Measure | Criteria | Performance commentary | |
Colleagues | |||
Inclusion | Improve inclusion indicators | •Inclusion Index score remains at 81% (consistent with 2024) but is 1 percentage point below 2022. | |
Engagement | Maintain engagement at healthy levels | •Employee engagement levels are at 85% – 1 percentage point above 2022 and 4 percentage points above the Qualtrics 2024 upper quartile Financial Services benchmark. | |
Culture | Maintain culture indicators | •In 2025, 89% of employees have told us that they believe strongly in the goals and objectives of Barclays, up 1 percentage point compared to 2022. •The vast majority of colleagues believe they and their teams role model the Values and Mindset every day (93% for Values and 92% for Mindset). | |
Total Colleagues: 3% out of 5% | |||
Overall Strategic non-financial outcome for the 2023-2025 LTIP: 13.5% out of 20% | |||
Assessment of the Risk scorecard for the 2023-2025 LTIP
A summary of the Committee’s assessment against the Risk scorecard performance measure over the three-year performance period is
provided below.
Category | Performance commentary | ||
Capital and liquidity | •Group CET1 ratio is 14.3%, above the 13% to 14% target range. •Stress testing confirmed the Group’s resilience across capital, liquidity and profitability, ensuring continued viability under adverse conditions. •Our Liquidity Coverage Ratio was well above the 100% regulatory requirement in the period. | ||
Control environment | •Over the period, the business invested in the overall control environment, and made progress on simplifying and enhancing the Group-wide framework. •Particular areas of focus over the period included work to strengthen controls relating to cyber security and financial crime prevention and detection, and to enhance processes in relation to regulatory reporting and regulatory change. | ||
Compliance | •A key area of focus has been enhancing the financial crime control environment to address emerging threats and evolving laws, rules and regulations. •Compliance Risks were refreshed and re-categorised into six core risks, with Financial Crime Risk separated into a standalone principal risk category, to reinforce the visibility and focus on this key area of risk to the business. | ||
Overall Risk scorecard outcome for the 2023-2025 LTIP: 6.8% out of 10% | |||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 144 | ||
Remuneration report (continued)
LTIP awards granted during 2025
Awards were granted to C.S. Venkatakrishnan and Anna Cross on 20 June 2025 under the 2025-2027 LTIP. The value used to calculate the
number of shares under each award was based on an adjusted fair value per share of £2.79925, which takes into account that dividends do not
accrue during the vesting period, with the expected dividend stream determined by an independent adviser. The table that follows provides
details of those awards.
% of salary | Number of shares | Face value at grant | Performance period | |
C.S. Venkatakrishnan | 550% | 3,124,051 | £8,745,000 | 2025-2027 |
Anna Cross | 500% | 1,696,883 | £4,750,000 | 2025-2027 |
The performance measures for the 2025-2027 LTIP awards are as follows:
Performance measure | Weighting | Threshold | Maximum vesting | |
Financial measures | ||||
Average RoTE (excluding material items1) | 50% | 10% of award vests for average of 2026 and 2027 RoTE of 10.0%, rising on a straight-line basis | 50% of award vests for average of 2026 and 2027 RoTE of 14.0% or higher | |
Relative total shareholder return2 | 25% | 6.25% vests for performance at the median of the peer group3, rising on a straight-line basis | 25% of award vests for performance at or above the peer group3 upper quartile | |
Strategic non-financial measures The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress during the year. Performance against the measures will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 25%. The measures will focus on sustainability, customers and clients, and will likely include the following: | ||||
Sustainability, customers & clients | 25% | Sustainability (including climate) – with measures to include: •Financing the transition •Reducing our financed emissions •Achieving net zero operations •Supporting our communities Driving world-class outcomes for customers and clients – with measures to include: •Improve customer and client satisfaction •Reduce customer complaints •Maintain rankings and market share in Barclays Investment Bank •Increase digital engagement | ||
Notes:
1Material items are defined as those large, atypical one-offs that are called out in the financial reporting. The exclusion is not automatic, and the Committee will
determine whether each item should be treated as material for these purposes at the time that outcomes are determined.
2Performance assessed over the period from 1 January 2025 to 31 December 2027. Start and end total shareholder return will be the Q4 average for 2024 and 2027
respectively and will be measured in GBP for each company.
3The peer group is comprised of banks in the UK, Europe and North America of comparable size to Barclays and with a high degree of correlation to Barclays of
weekly share price returns. The peer group for the 2025-2027 LTIP award is Bank of America, BNP Paribas, Citigroup, Credit Agricole, Deutsche Bank, Goldman
Sachs, HSBC Holdings, ING Groep, Intesa Sanpaolo, JP Morgan Chase & Co, Lloyds Banking Group, Morgan Stanley, NatWest Group, Standard Chartered, and
UBS Group.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 145 | ||
Remuneration report (continued)
Statement of the implementation of the
Directors' Remuneration Policy in 2026
An overview of how the Directors' Remuneration Policy (DRP) will be implemented in 2026 is provided alongside the summary of the
policy on page 130.
2026 salary and market competitiveness of the Executive Directors' total compensation opportunities
Pay benchmarking data is used as a reference point to ensure that the total compensation opportunities provided to the Executive Directors, which
are driven by the terms of the DRP and their salaries, are appropriately positioned relative to other international banks, which are considered the
most relevant comparators to Barclays based on size and complexity. Barclays has deep roots in the UK, supporting retail customers, small
businesses and corporations, and also includes a top-tier investment bank, with a strong global ranking, and has a significant and important US
presence. Our international banking peer group therefore consists of other large universal banks from continental Europe and the UK, and large
US universal and investment banks. Five of the 11 firms in the peer group are US-based, reflecting the Group’s large US operations and key
competitors. Some of those peers are larger than Barclays, and it is recognised that market pay levels for executive directors of US companies are
often higher than those of UK companies. To maintain balance, the international banking peer group also includes other large UK-listed banks
most comparable to Barclays.
An annual review of the Executive Directors' salaries, conducted in the same way and at the same time as for the wider workforce, is a feature of
the DRP. The Committee reviewed the salary for each Executive Director as part of the year-end pay review process for colleagues across the
Group, taking into consideration the significant personal contribution each of them made during 2025, and their critical role in the delivery of our
strategy. The Committee determined that salary should increase by 3.2% for C.S. Venkatakrishnan and 5.3% for Anna Cross, to £1,641,000 and
£1,000,000 respectively, effective 1 March 2026. In reaching that decision, it considered the maximum total compensation opportunity for each
Executive Director, which is driven by their respective salaries, and noted that in each case maximum total compensation is materially below the
median of the international banking peer group, and in the lower quartile for the Group Finance Director. This is despite the new DRP, which
provides the EDs with higher maximum total compensation opportunities than they had under the previous DRP, after several peers also increased
their Executive Directors' pay opportunities materially last year.
The Committee also considered the context of the salary increase budgets offered for the wider UK workforce. The percentage salary increase for
C.S. Venkatakrishnan is in line with the salary increase budget offered for employees covered by collective bargaining with Unite the union –
c.4% for junior employees and c.3.2% overall (subject to agreement of the 2026 pay deal with Unite). Following the increase, his maximum total
compensation opportunity sits between the market lower quartile and median (in the 3rd quartile) compared to the equivalent opportunities across
international banking peers, as shown in the chart below. The percentage salary increase for Anna is slightly higher, reflecting her significant
contribution to performance in 2025, the competitive positioning of her maximum total compensation opportunity (in the lower quartile of the
international banking peer group), as well as internal relativities to other members of the Group Executive Committee. Even after the increase,
Anna’s maximum total compensation opportunity remains in the lower quartile of the international banking peer group, as shown in the chart
below.
The charts also show a comparison of the maximum total compensation opportunity for each Executive Director with the equivalent roles at the
companies that make up the FTSE 30 (i.e. the 30 largest FTSE 100 constituents by market capitalisation). In this comparison the Executive
Directors’ maximum total compensation opportunities are more competitive, but within the range of opportunities for the FTSE 30 group. The
Committee noted that it would be unlikely for the Group to fill either of the Executive Director roles by recruiting from other FTSE 30 companies
outside financial services, recognising the necessity for candidates for these roles to have the right breadth and depth of banking knowledge and
experience – particularly given Barclays’ mix of businesses, as outlined above. However, this comparison is provided alongside the international
banking peer group for additional UK context.
Executive Director maximum total compensation opportunity relative to market benchmarks |
Group Chief Executive C.S. Venkatakrishnan | |
International banking peer group |
A | B | C | D |
A | B | C | D |
FTSE 30 | |
A | B | C | D |
Group Finance Director Anna Cross | |
International banking peer group |
FTSE 30 | |
A | B | C | D |
A | Lower quartile | B | 3rd quartile | C | 2nd quartile | D | Upper quartile |
Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks | |||||||
Notes:
•Data reflects maximum total compensation opportunity, excluding pension and benefits.
•Market benchmark data was provided by Willis Towers Watson, based on publicly disclosed data in respect of each company's 2024 or 2024/25 financial years,
incorporating assumptions where companies do not disclose a maximum total compensation opportunity. For the FTSE 30, maximum total compensation
opportunities have been increased to assume modest salary increases of 3% since the underlying data was published, reflecting that maximum total compensation in
respect of 2026 will be higher than for 2025.
•Barclays’ international banking peer group currently comprises the following international banks: Bank of America, BNP Paribas, Citigroup, Deutsche Bank,
Goldman Sachs, HSBC Holdings, JPMorgan Chase & Co, Lloyds Banking Group, Morgan Stanley, Standard Chartered, and UBS Group.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 146 | ||
Remuneration report (continued)
Performance measures for the 2026 annual bonus
Performance measures for the annual bonus are set each year to cover a range of financial and non-financial goals that support the key
strategic objectives of the Group, as described on page 133. For the 2026 annual bonus, no changes were made to the performance measures
compared to the 2025 annual bonus, which included several changes to reflect shareholder feedback in the context of the DRP set out in last
year's Remuneration report.
The performance measures and weightings that result are shown below:
Performance measure | Weighting | Metrics | |
Financial measures | |||
Profit before tax (with CET1 underpin1) (excluding material items2) | 55% | A performance target range has been set for this financial measure, which will be disclosed in the next Remuneration report. | |
Cost: income ratio (excluding material items2) | 10% | A performance target range has been set for this financial measure, which will be disclosed in the next Remuneration report. | |
Strategic non-financial measures The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress against each during the year. Performance against the measures will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 15%. The measures are organised around two categories and will likely include the following: | |||
Customers, clients & colleagues | 10% | Driving world-class outcomes for customers and clients – with measures to include: •Improve customer and client satisfaction •Reduce customer complaints •Maintain rankings and market share in Barclays Investment Bank •Increase digital engagement Protecting and strengthening our culture through our Purpose, Values and Mindset – with measures to include: •Maintain inclusion indicators •Maintain engagement at healthy levels •Maintain culture indicators | |
Risk & operational excellence | 5% | Supporting a consistently excellent operating standard, risk management and controls: •Performance measured against two categories – risk awareness and operational excellence – using a combination of quantitative and qualitative metrics | |
Strategic objectives | |||
Strategic objectives | 20% | Joint personal objectives: •Deliver key financial targets including RoTE and capital distributions •Maintain robust capital ratios across the Group and within the main operating entities •Continue to reduce organisational complexity and leverage new digital capabilities •Drive more balanced returns by deepening relationships with customers and clients and diversifying the mix of businesses •Deliver more stable income streams and continue growth in our home UK market C.S. Venkatakrishnan: •Continue to invest in talent and continue to grow a winning culture •Continue to drive better customer and client experiences and outcomes, through technology and improved offerings •Drive delivery to a consistently excellent standard •Drive leadership accountability to further strengthen our risk management and controls Anna Cross: •Continue to simplify, standardise and automate Group Finance processes to improve effectiveness and efficiency •Oversee the effective management of risk and control across Group Finance •Manage capital and resources appropriately to ensure we comply with governance and regulatory requirements •Retain focus on the talent and culture agenda across Group Finance | |
Notes:
1Pay-out of the PBT element will also depend on the CET1 ratio at the end of the performance year. If the CET1 ratio is below the MDA hurdle at the end of the
performance year, the Committee will consider what part if any of this element should pay out.
2Material items are defined as those large, atypical one-offs that are called out in the financial reporting. As in previous years, the exclusion is not automatic, and the
Committee will determine whether each item should be treated as material for these purposes at the time that outcomes are determined.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 147 | ||
Remuneration report (continued)
2026-2028 LTIP awards and performance measures
The Committee decided to grant awards under the 2026-2028 LTIP cycle to C.S. Venkatakrishnan and Anna Cross with face values at grant
equal to 550% and 500% of salary respectively – which will be based on salary before applying the 1 March 2026 increases outlined earlier
in this Remuneration report.
As every year, the Committee carefully reviewed the performance measures for the Executive Directors' 2026-2028 LTIP. It considered the
ambitions and targets set out for 2026, as well as the new financial and business performance targets through to 2028, and concluded that the
measures adopted last year for the 2025-2027 LTIP should remain unchanged for the 2026-2028 LTIP, save a very small change to how the
RoTE measure is assessed. For the 2026-2028 LTIP, the RoTE assessment will be based on the average RoTE over the three-year
performance period, measuring progress against the 2026 target, as well as the new RoTE target for 2028, whereas the last two LTIP cycles
have assessed RoTE over a shorter, one- or two-year period.
The 2026-2028 LTIP award will be subject to the following forward-looking performance measures:
Performance measure | Weighting | Threshold | Maximum vesting | |
Financial measures | ||||
Average RoTE (excluding material items1) | 50% | 10% of award vests for average 2026-2028 RoTE of 10.5%, rising on a straight-line basis | 50% of award vests for average 2026-2028 RoTE of 14.25% or higher | |
Relative total shareholder return2 | 25% | 6.25% vests for performance at the median of the peer group3, rising on a straight-line basis | 25% of award vests for performance at or above the peer group3 upper quartile | |
Strategic non-financial measures The evaluation will focus on a range of key metrics, with a detailed retrospective narrative on progress during the year. Performance against the measures will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 25%. The measures will focus on sustainability, customers and clients, and will likely include the following: | ||||
Sustainability, customers & clients | 25% | Sustainability (including climate) – with measures to include: •Financing clients' transition •Reducing our financed emissions •Achieving net zero operations •Supporting our communities Driving world-class outcomes for customers and clients – with measures to include: •Improve customer and client satisfaction •Reduce customer complaints •Maintain rankings and market share in Barclays Investment Bank •Increase digital engagement | ||
Notes:
1Material items are defined as those large, atypical one-offs that are called out in the financial reporting. The exclusion is not automatic, and the Committee will
determine whether each item should be treated as material for these purposes at the time that outcomes are determined.
2Performance is assessed over the period from 1 January 2026 to 31 December 2028. Start and end total shareholder return will be the Q4 average for 2025 and 2028
respectively and will be measured in GBP for each company.
3The peer group is comprised of banks in the UK, Europe and North America of comparable size to Barclays and with a high degree of correlation to Barclays of
weekly share price returns. The peer group for the 2026-2028 LTIP award is Bank of America, BNP Paribas, Citigroup, Credit Agricole, Deutsche Bank, Goldman
Sachs, HSBC Holdings, JP Morgan Chase & Co, Lloyds Banking Group, Morgan Stanley, NatWest Group, Santander, Société Générale, Standard Chartered, and
UBS Group.
The award will vest in two tranches – 75% will vest on the third anniversary of grant, followed by a two-year holding period, and the
remaining 25% will vest on the fourth anniversary of grant, followed by a one-year holding period, such that all the shares that vest must be
retained until at least the fifth anniversary of grant (save for sales to cover taxes payable on vesting). The number of shares awarded to each
Executive Director will be based on the market share price on the date of grant, and additional shares will accrue equivalent to dividends paid
on unvested share awards (as is now permitted under the new UK bank pay regulations).
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Remuneration report (continued)
Additional remuneration disclosures
Group performance graph and Group Chief Executive remuneration
The performance graph below compares the total shareholder return of Barclays shares with the total shareholder return of the FTSE 100
index over the 10 years ended 31 December 2025. The FTSE 100 index has been selected because it represents a cross-section of leading UK
companies, of which Barclays is a long-standing constituent.
Total shareholder return – rebased to 100 in 2015 Year ended 31 December |
A
B
= | A Barclays | = | B FTSE 100 |
Group Chief Executive remuneration
(£000)
Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||
Group Chief Executive | Jes Staley1 | Jes Staley1 | Jes Staley1 | Jes Staley1 | Jes Staley1 | Jes Staley2 | C.S. Venkata- krishnan3 | C.S. Venkata- krishnan | C.S. Venkata- krishnan | C.S. Venkata- krishnan4 | C.S. Venkata- krishnan | |||
Single total remuneration figure for Group Chief Executive | 4,233 | 3,873 | 3,362 | 5,929 | 4,220 | 2,121 | 866 | 5,197 | 4,641 | 11,622 | 15,045 | |||
Annual bonus award as a % of maximum | 60.0% | 48.5% | 48.3% | 75.0% | 38.6% | n/a2 | 92.6% | 75.4% | 53.3% | 81.0% | 83.0% | |||
Long-term incentive plan vesting as a % of maximum | n/a5 | n/a5 | n/a5 | 48.5% | 23.0% | n/a2 | n/a5 | n/a5 | n/a5 | 67.5% | 77.3% | |||
Notes:
1Jes Staley's remuneration figures for performance years 2016 to 2020 reflect the single total figures of remuneration as disclosed at the time. These have not been
restated for the decision made by the Committee during 2023 that Jes Staley's unvested bonus and LTIP awards should be forfeited, as outlined in the Remuneration
report 2023.
2Jes Staley stepped down as Group Chief Executive on 31 October 2021. The remuneration shown for 2021 is in respect of his services as an Executive Director
between 1 January 2021 and 31 October 2021. This figure does not include variable remuneration as the Committee determined that Jes Staley should be ineligible
for 2021 bonus and should forfeit his unvested LTIP awards.
3The 2021 remuneration shown is in respect of C.S. Venkatakrishnan's services during 2021 following his appointment as Group Chief Executive on
1 November 2021.
4The 2024 remuneration figure in respect of C.S. Venkatakrishnan has been updated to reflect the LTIP amount based on the share price on the vesting date of the
first tranche of the 2022-2024 LTIP as the LTIP value disclosed in the 2024 Remuneration report was an estimate, based on the Q4 2024 average share price, as the
2024 Annual Report was finalised prior to the vesting date.
5Not applicable as the individual was not a participant in a long-term incentive cycle that vested in the period.
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Remuneration report (continued)
Group Chief Executive pay ratios
The table below shows, for each year since 2019, the ratios of the Group Chief Executive’s total remuneration to the total remuneration of
UK employees. The change in these pay ratios from 2024 to 2025 is explained below the table.
Option | 25th percentile | Median | 75th percentile | |
2025 | A | 360 x | 248 x | 148 x |
2024 1 | A | 290 x | 201 x | 118 x |
2023 | A | 122 x | 83 x | 49 x |
2022 | A | 154 x | 101 x | 58 x |
2021 2 | A | 95 x | 62 x | 35 x |
2020 3 | A | 144 x | 95 x | 53 x |
2019 3 | A | 213 x | 140 x | 77 x |
Notes:
12024 Group Chief Executive pay ratio figures have been updated to reflect the actual 2022-2024 LTIP value based on the share price at the time of vesting of the
first tranche. The LTIP value disclosed in the 2024 Remuneration report was an estimate, based on the Q4 2024 average share price.
22021 pay ratios reflect the sum of the single total figures for 2021 remuneration for C.S. Venkatakrishnan and Jes Staley, for their respective periods of service as
Group Chief Executive in 2021. Jes Staley was ineligible for an annual bonus in respect of 2021 after he stepped down as Group Chief Executive.
3The 2020 and 2019 ratios reflect the disclosed single total figures for 2020 and 2019 remuneration for Jes Staley and have not been restated for the decision made by
the Committee in 2023 that Jes Staley's unvested bonus and LTIP awards should be forfeited, as outlined in the Remuneration report 2023.
The Directors' Remuneration Report regulations provide three options that companies may use to calculate total pay for the employees at the
25th percentile, median and 75th percentile. Option A was selected as this is the most robust methodology, calculating total pay for all
employees on the same basis that the single total figure for remuneration is calculated for Executive Directors. Total pay for each employee
includes earned fixed pay, which is made up of salary, any Role Based Pay and any relevant allowances, annual incentives awarded for 2025
performance, and an estimate of pension and benefits for 2025 (based on what new UK hires at each corporate grade currently receive).
Other elements of pay such as overtime and shift allowances have been excluded as the amounts are not material. Calculations use full-time
equivalent pay data taken from our HR systems for all UK employees, using the employee population on 31 December for each year.
Total pay and fixed pay for the UK employees at the 25th percentile, median and 75th percentile are set out in the table below.
25th percentile | Median | 75th percentile | ||||
Total pay | Fixed pay | Total pay | Fixed pay | Total pay | Fixed pay | |
2025 | £41,783 | £34,602 | £60,603 | £48,629 | £101,858 | £79,750 |
2024 | £40,094 | £33,277 | £57,854 | £46,628 | £98,224 | £77,333 |
2023 | £38,194 | £31,897 | £55,801 | £45,230 | £95,341 | £75,583 |
2022 | £33,711 | £28,300 | £51,493 | £41,608 | £89,911 | £71,071 |
2021 | £31,404 | £26,035 | £48,253 | £39,461 | £85,407 | £67,408 |
2020 | £29,380 | £24,706 | £44,631 | £37,460 | £79,324 | £64,272 |
2019 | £27,875 | £23,348 | £42,362 | £35,158 | £77,488 | £62,263 |
The pay ratios have increased between 2024 and 2025. This is due to the increase in the Group Chief Executive single total figure for remuneration,
though employee pay has also increased, up 4%, 5% and 4% at the 25th percentile, median and 75th percentile respectively.
The Group Chief Executive single total figure for 2025 remuneration is 29% higher than for 2024, largely due to two factors:
•The majority of the increase is due to share price appreciation over the lifetime of the 2023-2025 LTIP award. The share price increased
by 146% between the date of grant and the Q4 2025 average share price of £4.1493, on which the value vesting is estimated. This share
price increase accounts for 59% of the LTIP value. The analysis of pay for the wider workforce does not capture any similar benefits from
the increase to the share price, either on shares granted as part of deferred compensation or on shares employees acquired through
participation in the Group's all-employee share plans.
•The LTIP vesting outcome for the 2023-2025 LTIP is higher than for the previous LTIP due to improved performance against the
financial measures (2023-2025: 77.3%; 2022-2024: 67.5%). More information on the LTIP vesting outcome is provided from page 140.
The increase in the Group Chief Executive's maximum bonus opportunity, implemented following the approval of the DRP at the 2025 AGM, had
only a small inflationary impact on the single total figure for 2025 remuneration. This is because the increase in bonus opportunity is largely offset by
the fixed pay reduction, approved as part of the policy and effective 7 May 2025.
Excluding share price appreciation on the LTIP, the 2025 CEO pay ratios would be 226:1, 156:1 and 93:1 compared to the employee 25th percentile,
median and 75th percentile respectively.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 150 | ||
Remuneration report (continued)
The Group Chief Executive pay ratios are an outcome of all remuneration decisions for the Executive Directors and the wider workforce that are
made within the framework of the Group's remuneration philosophy. To ensure Executive Director remuneration outcomes are suitably
commensurate with those of the wider workforce, the Committee specifically considers each year whether the annual bonus and LTIP outcomes for
the Executive Directors appropriately reflect the Group’s performance, and the remuneration outcomes for the wider workforce, when considering
whether a discretionary adjustment should be made to the Executive Directors’ incentive outcomes. In respect of the Group Chief Executive's 2025
annual bonus and 2023-2025 LTIP award vesting, the Committee concluded that no discretionary adjustments were warranted. The considerations
are explained in more detail in the Committee Chair’s annual statement.
As such, the Committee is satisfied that the single total figure for 2025 remuneration for the Group Chief Executive, the total pay and fixed pay
outcomes for UK employees, and the resulting pay ratios, reflect the application of the Group's remuneration philosophy and are commensurate with
the pay outcomes for the wider workforce.
Annual percentage change in remuneration of Directors and employees
The table below shows the percentage change in the Executive Directors’ fixed pay, benefits and bonus each year between 2020 and 2025,
compared with the percentage change in each of those components of pay for UK-based employees of Barclays Group and for employees of
Barclays PLC, the Group’s parent company. The percentage changes from 2024 to 2025 are explained below the table.
For the Executive Directors, year-on-year percentage change figures are calculated using the single total figures for remuneration, annualised
to a full-year equivalent where the individual served as an Executive Director for only part of the year.
Fixed pay | Benefits | Annual bonus | |||
2024/2025 | C.S. Venkatakrishnan | (30%) | (20%) | 49% | |
Anna Cross | (31%) | 93% | 48% | ||
Median UK employee | 4% | 10% | 12% | ||
Median employee of Barclays PLC1 | 0% | 1% | 37% | ||
2023/2024 | C.S. Venkatakrishnan | 3% | (55%) | 56% | |
Anna Cross | 3% | (12%) | 52% | ||
Median UK employee | 3% | 13% | 12% | ||
Median employee of Barclays PLC1 | 2% | 2% | 20% | ||
2022/2023 | C.S. Venkatakrishnan | 3% | (38%) | (27%) | |
Anna Cross | 4% | 17% | (25%) | ||
Median UK employee | 9% | 11% | (5%) | ||
Median employee of Barclays PLC1 | 1% | 10% | (43%) | ||
2021/2022 | C.S. Venkatakrishnan | 2% | 853% | (16%) | |
Anna Cross | n/a | n/a | n/a | ||
Tushar Morzaria | 2% | 82% | (20%) | ||
Median UK employee | 5% | 10% | 3% | ||
Median employee of Barclays PLC1 | 10% | 15% | (2%) | ||
2020/2021 | C.S. Venkatakrishnan | n/a | n/a | n/a | |
Tushar Morzaria | 2% | (10%) | 152% | ||
Jes Staley | 1% | (12%) | n/a | ||
Median UK employee | 5% | 6% | 42% | ||
Median employee of Barclays PLC1 | 11% | 0% | 38% |
Note:
1The Barclays PLC comparison is included because this is a statutory requirement, though Barclays PLC employs only a very small number of Head Office
employees (61 in 2025).
For C.S. Venkatakrishnan and Anna Cross, the 2024 to 2025 fixed pay changes reflect the fixed pay reductions agreed under the DRP,
effective 7 May 2025. The annual bonus outcomes for C.S. Venkatakrishnan and Anna Cross are up 49% and 48% respectively, largely due
to increases in their respective maximum bonus opportunities, also agreed as part of the DRP, and largely offset by the fixed pay reductions.
The percentage change in benefits is -20% for C.S. Venkatakrishnan and +93% for Anna Cross, reflecting relatively small changes in
absolute value – a decrease of c.£19,000 and an increase of c.£14,000 respectively.
For UK employees across the Group, the 4% increase in median fixed pay primarily reflects the salary increases awarded in early 2025
following last year's pay review process, while the 12% increase in median bonus reflects the increase in this year's Group incentive pool.
The 10% increase in benefits costs is largely due to an increase in the cost of providing private medical cover in 2025.
Barclays PLC only employs a very small number of predominantly senior Head Office employees (61 in 2025), and there is frequent
movement of employees between Barclays PLC and other entities within the Barclays Group. For comparison purposes, the Barclays PLC
figures are therefore based only on the 48 individuals who were employed by Barclays PLC in both years. The increase in median bonus is
larger for this population than the increase for UK-based employees of Barclays Group. This is due to some relatively large year-on-year
bonus increases across this very small population.
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Remuneration report (continued)
The table below shows the percentage change in fee each year between 2020 and 2025 for the Chairman and the Non-Executive Directors
serving on the Barclays PLC Board during 2025, including fees for Board Committee memberships and/or subsidiary board positions. The
changes in fees shown relate to changes in responsibilities of the Non-Executive Directors and annual fee increases. The Non-Executive
Directors appointed to the Barclays PLC Board during 2025 are not shown, as they did not receive relevant fees prior to 2025 so no
percentage change figures can be calculated.
2024/2025 fees1,2 | 2023/2024 fees1 | 2022/2023 fees1 | 2021/2022 fees1 | 2020/2021 fees1 | |
Nigel Higgins | 8% | 2% | 5% | 0% | 0% |
Robert Berry3 | 14% | 5% | 9% | n/a | n/a |
Tim Breedon4 | 3% | 0% | 1% | (19%) | 64% |
Dawn Fitzpatrick5 | 13% | 5% | 11% | 18% | 14% |
Mary Francis | 2% | 4% | 24% | 5% | 8% |
Brian Gilvary | 2% | (2%) | 2% | 3% | 95% |
Sir John Kingman | 2% | 3% | n/a | n/a | n/a |
Marc Moses6 | 31% | 2% | n/a | n/a | n/a |
Diane Schueneman7 | 4% | (2%) | 12% | 4% | (4%) |
Brian Shea8 | 23% | n/a | n/a | n/a | n/a |
Julia Wilson | 8% | 21% | 107% | 13% | n/a |
Notes:
1In the year that a Non-Executive Director was appointed to or stepped down from the Barclays PLC Board, fees for that year are annualised to a full-year equivalent.
Additional information has been provided in the notes that follow where 2024/2025 percentage changes in fees, which excludes benefits, were greater than 10%.
2Fees were increased by 8% for the Group Chairman and by 2% for the Non-Executive Director roles on the Barclays PLC Board and its Board Committees, with
effect from 1 January 2025.
3The increase in fees paid from 2024 to 2025 for Robert Berry was primarily driven by a review and increase in fees for Non-Executive Directors of Barclays Capital
Securities Limited.
4Tim Breedon stepped down from the Barclays PLC Board with effect from 30 April 2025.
5The increase in fees paid from 2024 to 2025 for Dawn Fitzpatrick was primarily driven by a review and increase in fees for Non-Executive Directors of Barclays
Capital Securities Limited.
6Marc Moses joined the Barclays Capital Securities Limited Board with effect from 1 January 2025 and was appointed as its Chair on 15 September 2025, therefore
increasing the fees paid from 2024 to 2025.
7Diane Schueneman stepped down from the Barclays PLC and Barclays Execution Services Limited Boards with effect from 31 January 2025.
8Brian Shea was appointed to the Barclays PLC and Barclays Execution Services Limited Boards with effect from 19 July 2024 and received pro-rata fees for that
year. For 2025, the full-year fees were paid. He was also appointed Chair of Barclays Execution Services Limited with effect from 1 February 2025 and received
pro-rata fees for this role that year, therefore increasing the fees paid from 2024 to 2025.
Relative importance of spend on pay
A year-on-year comparison of Group compensation costs and of distributions to shareholders is shown below. The distributions shown relate
to dividends paid and share buyback programmes completed during the year. The distributions for 2025 do not include the dividends and
share buyback programme announced on 10 February 2026.
Group compensation costs £m |
2025 |
2024 |
A | Non-performance compensation costs10 |
B | Performance costs |
Distributions to shareholders9 £m |
2025 |
2024 |
A | Share buybacks |
B | Dividends |
Notes:
9The chart shows the value of dividends paid and the repurchase of shares from share buyback programmes during the year. For example, for 2025, the figure
includes the 2025 interim dividend and the full year dividend declared in relation to 2024, and three share buyback programmes together totalling £2,229m. The
shareholder distributions announced on 10 February 2026 are not reflected in this chart.
10Relates to costs arising from salaries and other elements of fixed pay, social security costs, post-retirement benefits and other compensation costs.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 152 | ||
Remuneration report (continued)
Chairman and Non-Executive Directors
Remuneration for Non-Executive Directors reflects their responsibilities and time commitment, and the fees paid are comparable with those
paid in Barclays' international peer group, with a particular focus on the UK-headquartered banks. Fees shown reflect actual fees paid for
periods of service on the Board, any Board Committees and, where applicable, subsidiary Boards and Board Committees.
Non-Executive Directors are reimbursed expenses that are incurred for business reasons. Any tax that arises on these reimbursed expenses is
paid by Barclays.
Chairman and Non-Executive Directors: Single total figure for 2025 remuneration
Fees | Benefits | Total | ||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||
£000 | £000 | £000 | £000 | £000 | £000 | |||
Chairman | ||||||||
Nigel Higgins1 | 925 | 857 | 12 | 9 | 937 | 866 | ||
Non-Executive Directors | ||||||||
Robert Berry | 328 | 288 | — | — | 328 | 288 | ||
Tim Breedon2 | 136 | 396 | — | — | 136 | 396 | ||
Dawn Fitzpatrick | 263 | 233 | — | — | 263 | 233 | ||
Mary Francis | 222 | 218 | — | — | 222 | 218 | ||
Brian Gilvary | 246 | 241 | — | — | 246 | 241 | ||
Sir John Kingman | 601 | 589 | — | — | 601 | 589 | ||
Diony Lebot3 | 103 | — | — | — | 103 | — | ||
Mary Mack4 | 76 | — | — | — | 76 | — | ||
Marc Moses | 253 | 193 | — | — | 253 | 193 | ||
Diane Schueneman5 | 37 | 425 | — | — | 37 | 425 | ||
Brian Shea | 211 | 77 | — | — | 211 | 77 | ||
Julia Wilson | 366 | 338 | — | — | 366 | 338 | ||
Notes:
1Nigel Higgins does not receive a fee in respect of his role as Chairman of Barclays Bank PLC.
2Tim Breedon stepped down from the Board with effect from 30 April 2025.
3Diony Lebot was appointed to the Board with effect from 17 March 2025.
4Mary Mack was appointed to the Board with effect from 1 June 2025.
5Diane Schueneman stepped down from the Board with effect from 31 January 2025.
Chairman and Non-Executive Directors: Statement of implementation of remuneration policy in 2026
The fees for the Chairman and Non-Executive Directors (including Board and Board Committee roles) are reviewed annually. A review was
undertaken in the early part of 2026 and the fees for the Chairman were increased by 8.1% and fees for the Non-Executive Directors were
increased by c.3.2% (with amounts rounded down to the nearest £100), both with effect from 1 January 2026. The Board intends to
undertake a more detailed review of Non-Executive Directors' fees over the coming year. The updated fees are set out in the table below, and
further information regarding fee increases is available in the Committee Chair’s annual statement from page 116.
1 January 2026 | 1 January 2025 | |
£ | £ | |
Chairman1 | 1,000,000 | 925,000 |
Board member | 101,400 | 98,300 |
Additional responsibilities | ||
Senior Independent Director | 40,500 | 39,300 |
Chair of Board Audit or Risk Committee | 90,100 | 87,400 |
Chair of Board Remuneration Committee | 78,900 | 76,500 |
Membership of Board Audit, Remuneration or Risk Committee | 33,700 | 32,700 |
Membership of Board Nominations Committee | 16,900 | 16,400 |
Membership of Board Sustainability Committee | 16,000 | 15,600 |
Note:
1 The Chairman does not receive any fees in addition to the Chairman fees shown above.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 153 | ||
Remuneration report (continued)
Directors’ shareholdings and share interests
Interests in Barclays PLC shares
The table below shows the number of ordinary shares of 25p each of the Company (ordinary shares) owned beneficially by each person who
served as a Director during 2025 (including any ordinary shares owned beneficially by their connected persons). The holding of these
ordinary shares carries no additional or different voting rights to those of other holders or holdings of ordinary shares. The rights attaching to
ordinary shares are set out on page 113.
For the Executive Directors, the table shows the number of ordinary shares over which each holds awards that are subject either to deferral
terms or deferral terms plus performance measures, and the number of shares owned outright includes shares purchased by the Director as
well as shares received in relation to remuneration. The numbers shown for shares that are subject to performance measures represent the
maximum number of shares that may be released if those performance measures were to be satisfied in full. All Barclays employees,
including the Executive Directors, are prohibited from investment activities that may create conflicts of interest, and in particular from using
personal hedging strategies to undermine the risk alignment effects embedded in remuneration, or any other hedging in respect of Barclays
securities.
The total share interests at 6 February 2026, being the latest practicable date for inclusion in this report, were the same as shown below for all
Directors in service as at 31 December 2025. Each Director’s individual shareholding constituted less than 1% of the issued share capital of
the Company as at 31 December 2025 and 6 February 2026. The Executive Directors and Non-Executive Directors do not currently
participate in any share option plans operated by Barclays.
Interests in Barclays PLC shares as at 31 December 2025 (or date of retirement from the Board, if earlier)1 | Owned outright | Unvested deferred awards | Total | |
Subject to performance measures | Not subject to performance measures | |||
Executive Directors | ||||
C.S. Venkatakrishnan | 4,897,066 | 9,093,764 | 3,306,166 | 17,296,996 |
Anna Cross | 1,053,937 | 5,258,511 | 652,355 | 6,964,803 |
Chairman | ||||
Nigel Higgins | 1,908,754 | — | — | 1,908,754 |
Non-Executive Directors | ||||
Robert Berry | 30,344 | — | — | 30,344 |
Tim Breedon2 | 235,449 | — | — | 235,449 |
Dawn Fitzpatrick | 974,775 | — | — | 974,775 |
Mary Francis | 102,534 | — | — | 102,534 |
Brian Gilvary | 184,252 | — | — | 184,252 |
Sir John Kingman | 15,680 | — | — | 15,680 |
Diony Lebot | 1,616 | — | — | 1,616 |
Mary Mack | 907 | — | — | 907 |
Marc Moses | 19,121 | — | — | 19,121 |
Diane Schueneman3 | 144,962 | — | — | 144,962 |
Brian Shea | 6,114 | — | — | 6,114 |
Julia Wilson | 46,952 | — | — | 46,952 |
Notes:
1Where American Depository Shares (ADS) are held, the ordinary shares equivalent is shown in the table. One ADS is the equivalent of four ordinary shares.
2Tim Breedon stepped down from the Board with effect from 30 April 2025 and as a result his share interests are shown as at that date.
3Diane Schueneman stepped down from the Board with effect from 31 January 2025 and as a result her share interests are shown as at that date.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 154 | ||
Remuneration report (continued)
Executive Directors’ shareholdings and share interests
The charts below show the value of Barclays shares held as at 31 December 2025 by C.S. Venkatakrishnan and Anna Cross, in each case
using the Q4 2025 average Barclays ordinary share price of £4.1493.
Under the DRP, Executive Directors have a contractual obligation to build up the required shareholding within five years from their date of
appointment as an Executive Director. For C.S. Venkatakrishnan, the shareholding requirement is 550% of year-end salary, and for Anna
Cross it is 500% of year-end salary. For two years after stepping down as an Executive Director, they must maintain a shareholding at a level
equal to the shareholding required immediately prior to stepping down, or the actual number of shares held on stepping down if lower
(subject to the Committee determining that the resulting level of shareholding is appropriate given the relevant Executive Director’s tenure).
Barclays shares held beneficially by each Executive Director count towards the shareholding requirement, as well as unvested shares that are
not subject to performance conditions (net of estimated income tax and social security). Unvested shares that are still subject to performance
conditions do not count towards the shareholding requirements, but contribute to aligning the Executive Directors' interests with those of
shareholders through share price exposure, and are therefore also shown below (net of estimated income tax and social security). For the
unvested shares subject to performance conditions, the proportion that is ultimately released may range from 0% to 100% depending on the
achievement of the performance measures for each award, and on continued employment in accordance with the relevant plan rules and the
DRP.
Executive Directors are issued a shareholding statement twice yearly, reminding them of the level of shareholding they are required to build
and maintain under the shareholding requirement, and informing them of the value of their current holdings. As at 31 December 2025, C.S.
Venkatakrishnan's and Anna Cross's shareholding exceeded their respective shareholding requirements.
After an Executive Director has stepped down, some of the continuing shareholding requirement will likely be met via shares held within the
Group’s employee share plans and nominee accounts. In many cases this will be sufficient to cover the requirement in full. To the extent it is
not, compliance with the balance of the requirement will be monitored and maintained through self-certification.
C.S. Venkatakrishnan £000 |
Actual |
Requirement |
Based on 31 December 2025 salary of £1,590k.
Anna Cross £000 |
Actual |
Requirement |
Based on 31 December 2025 salary of £950k.
A | Actual shareholdings, including unvested shares not subject to performance conditions (estimated after-tax value) |
B | Unvested shares subject to performance conditions (estimated after-tax value), which do not count towards the shareholding requirement |
C | Shareholding requirement |
Payments to former Directors
Former Group Finance Director: Tushar Morzaria
In 2025, Tushar Morzaria was provided with UK and US tax compliance services in respect of Barclays employment income.
Former Group Finance Director: Chris Lucas
As disclosed in the 2013 Remuneration report (page 115), Chris Lucas was eligible to receive life assurance cover, private medical cover and
payments under the Executive Income Protection Plan (EIPP). These benefits ceased on 22 September 2025.
Former Non-Executive Director: Diane Schueneman
Following Diane Schueneman stepping down as a Non-Executive Director on 31 January 2025, she remained a member of the Barclays US
LLC (the US Intermediate Holding Company) Board. Diane received fees of $240,075 between 1 February 2025 and 31 December 2025 for
this role.
Former Non-Executive Director: Tim Breedon
Following Tim Breedon stepping down as a Non-Executive Director on 30 April 2025, he remained the Chair and member of the Barclays
Bank Ireland PLC Board. Tim received fees of €240,267 between 1 May 2025 and 31 December 2025 for this role.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 155 | ||
Remuneration report (continued)
Previous AGM voting outcomes
The table below shows the shareholder voting results in respect of our 2024 Remuneration report and DRP approved by shareholders at the
AGM held on 7 May 2025.
For (% of votes cast and total number) | Against (% of votes cast and total number) | Withheld (total number) | |
Vote on the 2024 Remuneration report at the 2025 AGM | 98.00% | 2.00% | |
9,825,476,891 | 200,513,221 | 11,251,816 | |
Vote on the Directors’ Remuneration Policy at the 2025 AGM | 96.98% | 3.02% | |
9,709,663,457 | 302,390,857 | 25,187,614 |
Barclays Board Remuneration Committee
Committee responsibilities The Board Remuneration Committee is responsible for overseeing remuneration at Barclays. The role of the Committee, as set out in its Terms of Reference, is to: •Set the overarching principles and parameters of remuneration policy across the Group •Consider and approve the remuneration arrangements of (i) the Group Chair, (ii) the Executive Directors, (iii) members of the Barclays Group Executive Committee and any other senior executives specified by the Committee from time to time, and (iv) all other Group employees whose total annual compensation exceeds an amount determined by the Committee from time to time •Exercise oversight over remuneration issues (including retirement benefits). | ||
| The Committee’s Terms of Reference are available at home.barclays/who-we-are/our-governance/board-committees |
Advisers to the Committee
The Committee appointed PricewaterhouseCoopers (PwC) as its independent adviser in October 2017. The Committee considered the advice
provided by PwC to the Committee during the year and was satisfied that the advice is independent and objective. PwC is a signatory to the
voluntary code of conduct in relation to executive remuneration consulting in the UK. PwC was paid £194,902 (excluding VAT) in fees for
its advice to the Committee in 2025 relating to the remuneration of the Directors (either exclusively or along with other employees within the
Committee’s Terms of Reference). In addition to advising the Committee, PwC provided unrelated consulting advice to the Group, covering
strategic business planning, regulatory compliance, governance, risk and controls, target operating model design, cost optimisation, taxation,
technology enablement, pensions and benefits, workforce and HR transformation, and sustainability including ESG frameworks.
Throughout 2025, Willis Towers Watson (WTW) provided the Committee with market data on compensation, as context when considering
incentive levels and remuneration packages. WTW was paid £79,000 (excluding VAT) in fees for these services. In addition to the services
provided to the Committee, WTW also provides market data on compensation for other roles below Board level, pensions and benefits
advice and brokerage services to the Barclays Group, and administration services to a number of the Group's pension funds.
In the course of its deliberations, the Committee also considered the views of the Group Chief Executive, the Group Human Resources
Director and the Group Reward and Performance Director/Co-Heads of Reward and Performance. The Group Finance Director and the
Group Chief Risk Officer provided regular updates on Group and business financial performance and risk matters respectively. The Head of
Corporate Communications attended when requested to advise on reward communications and disclosures. The Company Secretary advised
on governance-related matters. No Barclays employee or Director was responsible for decisions of the Committee relating to his or her own
remuneration. No other advisers provided services to the Committee in the year.
Committee effectiveness in 2025
An internal evaluation of the performance of the Committee was conducted for 2025, in line with the provisions of the Code. The results of
the review confirmed that the Committee was operating effectively. Further information on the review of the Board and its Committees can
be found in the Board Nominations Committee report from page 84.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 156 | ||
Remuneration report (continued)
Committee activity in 2025 and early 2026
The following table summarises the Committee’s activity during 20251, and at the January and February 2026 meetings at which
remuneration decisions reported in this Remuneration report were finalised. The Committee is also regularly provided with updates on: the
operation of its Remuneration Control Framework, headcount and employee attrition, and extant LTIP performance.
January 2025 | February 2025 | June 2025 | October 2025 | December 2025 | January 20262 | February 2026 | ||
Overall remuneration | Finance and Risk updates | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | |
Incentive funding including risk and control adjustments | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ||
Remuneration report 2024 | ▪ | ▪ | ||||||
Group budgets for fixed pay increases | ▪ | ▪ | ▪ | ▪ | ▪ | |||
Wider workforce considerations | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | |
Incentive funding approach | ▪ | |||||||
Barclays’ Fair Pay Agenda | ▪ | ▪ | ▪ | ▪ | ▪ | |||
Regulatory changes for Material Risk Takers | ▪ | ▪ | ▪ | ▪ | ||||
All-colleague share award | ▪ | ▪ | ▪ | |||||
Remuneration report 2025 | ▪ | ▪ | ▪ | |||||
Executive Directors’ and senior executives’ remuneration | Executive Directors’ and senior executives’ bonus outcomes | ▪ | ▪ | ▪ | ▪ | ▪ | ||
Directors' Remuneration Policy | ▪ | ▪ | ||||||
Annual bonus and LTIP performance measures and target calibration | ▪ | ▪ | ▪ | ▪ | ||||
Governance | Regulatory and stakeholder matters | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ |
Discussion with independent adviser | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | |
Remuneration Review Panel update | ▪ | ▪ | ▪ | ▪ | ||||
Review of Committee effectiveness | ▪ | ▪ |
Notes:
1During 2025, there were five scheduled Committee meetings and one ad hoc Committee meeting was called.
2Two meetings were held in January 2026.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 157 | ||
Other Governance
This section aims to provide an overview of certain governance matters of
particular relevance to ESG ratings agencies and investors across a range of
sustainability matters. It covers topics such as our Code of Conduct,
whistleblowing, tax, financial crime, health and safety and how we manage our
data privacy and security as well as resilience. This section also includes our
approach to managing social and environmental impacts as well as our
Governance disclosures as part of the TCFD recommendations.
This section does not discuss general corporate governance matters.
Refer to the Board Governance report from page 71 in the Annual
Report for information relating to the Board, ExCo and Board
Committees, our Board governance framework and how we complied
with the requirements of the 2024 UK Corporate Governance Code
during 2025.
Climate and sustainability governance | 158 |
Managing impacts in lending and financing | 163 |
Human rights / Modern slavery | 165 |
Our supply chain | 167 |
Supporting our customers | 168 |
The Barclays Way | 171 |
Whistleblowing | 172 |
Tax | 173 |
Financial crime | 175 |
Health and safety | 176 |
Managing data privacy, security and resilience | 177 |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 158 | ||
Other Governance
Climate and sustainability governance
Oversight and management of climate and sustainability-related issues are embedded within our governance
structure1.
Barclays’ climate and sustainability governance structure consists of the Barclays PLC Board (Board) and its Committees along with
Executive and Management Committees which span both business and legal entity lines. The Board sets the Group’s climate and
sustainability strategy and oversees its implementation by senior management.
Climate and sustainability governance structure2 | |||||||||||||
Barclays PLC Board | |||||||||||||
Group Executive Committee (Group ExCo) | Group Risk Committee | ||||||||||||
Business / Legal Entity Functions / Committees and Forums | |||||||||||||
Group Chief Compliance Officer | Group Chief Operating Officer | Group Chief Risk Officer | Business CEOs | Group Finance Director | Group Head of PPCR | ||||||||
Group Sustainability Chief Information Officer | Group Head of Climate Risk | BX Risk and Finance Chief Operating Officer | Group Head of Sustainable and Transition Finance | Head of Sustainability, Group | Head of Sustainability, Business | ||||||||
Board Sustainability Committee | Board Risk Committee | Board Audit Committee | Board Remuneration Committee |
Board
Group Committees
Group Sustainability Committee | Disclosure Committee | Group Reputation Risk Committee | Climate Risk Committee |
Business / Legal
Entity / Function
Operational Sustainability Steering Committee | BBPLC Business-Level Committees for transaction reviews | Principal Investments Equity Committee | Sustainability Change Portfolio Governance Board |
Senior
management
Notes:
1The committees, forums and governance bodies described here are non-exhaustive and their construct and Terms of Reference may vary on a legal entity basis or
across the Group.
2The presentation of Group Committees and senior management is not directly illustrative of the committees / forums they report into.
Climate and sustainability governance changes during 2025
In 2025, two new leadership roles were established within Group Sustainability: Head of Sustainability, Group and Head of Sustainability,
Business, see page 162 . Both roles report to the Group Head of Sustainable and Transition Finance, and were created to enhance the Group’s
ability to deliver on its sustainability ambitions by seeking to align strategic policy development with effective implementation of
sustainability policies and environmental and social risk management across Barclays.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 159 | ||
Other Governance (continued)
Board and Board Committee oversight of climate and sustainability-related risks and opportunities
Roles and responsibilities of the Board and Board Committees with respect to climate and sustainability-related matters | ||||
Board | Board Sustainability Committee | Board Risk Committee | Board Audit Committee | Board Remuneration Committee |
Responsible for the overall leadership of the Group (with direct oversight of strategy, culture and strategic reputational matters relating to the Group). The Board sets the Group’s strategy, including in respect of climate and sustainability matters. | Responsible for oversight of climate matters and the Group’s sustainability agenda (including in relation to nature and human rights). The Committee supports the Board in considering the suitability and monitoring the implementation of the Group’s climate and sustainability strategy. | Responsible for monitoring principal risks (including climate risk), considering the Group’s risk appetite and tolerances, along with reviewing the Group’s risk profile and commissioning, receiving and considering reports on key risk issues. | Responsible for overseeing the integrity of the Group's financial disclosures and the effectiveness of the internal control environment. The Committee oversees financial and narrative reporting, which encompasses climate and sustainability disclosures within the Annual Report. | Responsible for setting the overarching principles and parameters of remuneration policy across the Group. The Committee has responsibility for aligning Executive Director remuneration with strategic priorities, including in relation to climate and sustainability matters. |
Barclays PLC Board
The Board and, as appropriate, its
Committees are responsible for the oversight
of climate and sustainability matters,
including climate-related risks
and opportunities.
During 2025, the Board received four reports
from the Board Sustainability Committee,
with a key focus on the Barclays Transition
Update. Other matters covered included
updates on Barclays' approach to nature and
managing human rights risk. The Board also
received an update on the Group's sustainable
finance strategy. Please see the Key Board
activities section from page 80 for further
detail about what the Board considered in
relation to climate and sustainability matters
in 2025.
Outside of formal Board briefings, the Group
Head of Public Policy and Corporate
Responsibility and Group Head of Sustainable
and Transition Finance also engaged with
Board members on matters relating to the
Group’s climate and sustainability strategy.
The Board is supported in its work by its
Committees, each of which has its own
Committee Terms of Reference setting out its
remit and decision-making powers. The
Chairs of each Committee report regularly on
their Committee's work to the Board.
Board Sustainability Committee
During 2025, the Board Sustainability
Committee met four times. It played a key
role in reviewing the Barclays Transition
Update ahead of its approval by the Board. It
was kept updated on external developments
and stakeholder perspectives in relation to
climate and sustainability matters. The
Committee also continued to have oversight
of wider sustainability priorities, including
nature and human rights.
Please refer to the report of the
Board Sustainability Committee from
page 105 for further detail on the work
of this Committee.
Board Risk Committee (BRC)
The Board Risk Committee plays an
important role in overseeing and challenging
the Group's progress towards achieving its
climate targets and assessing the impact of
climate risk on the Group's overall risk
profile and financial position.
During 2025, the BRC received regular
updates from the Head of Climate Risk.
These covered matters including external
regulatory trends, the global policy
environment, progress against financed
emissions reduction targets and actions
taken to address physical risks. The BRC
also received quarterly climate risk
dashboards during the year, providing
updates on key climate risk metrics.
The BRC received regular business risk
updates from the main business areas during
the year which included assessments of
principal risks, including climate risk.
Please refer to the report of the BRC from
page 100 for further detail on the work of
this Committee.
Board Audit Committee
The Board Audit Committee has oversight
of the climate and sustainability disclosures
within the Group's narrative reporting,
seeking views from the Board Sustainability
Committee on those disclosures where
appropriate. During 2025, the Board Audit
Committee received updates on
developments in sustainability reporting,
including those required by the European
Corporate Sustainability Reporting
Directive, and reviewed how the impacts of
climate and sustainability reporting
requirements are reflected in preparing the
Group’s financial statements.
Please refer to the report of the Board Audit
Committee from page 92 for further detail on
the work of this Committee.
Board Remuneration Committee
The principal activities of the Board
Remuneration Committee include: setting the
Barclays Group Remuneration Policy;
determining the incentive pool, factoring in
climate and sustainability-related
performance measures that impact annual
bonus awards of all employees, and; aligning
Executive Director remuneration with
strategic priorities, including in relation to
climate and sustainability matters.
For 2025, performance against climate and
sustainability-related measures was
considered in the determination of the
incentive pool, impacting bonus awards of all
employees. Climate and sustainability-related
measures are also included in the 2026-2028
LTIP for the Executive Directors of Barclays
PLC as part of the broader category of
measures relating to Sustainability, customers
& clients, weighted at 25%. These measures
will likely include financing clients’
transition, reducing our financed emissions
and achieving net zero operations, as well as
supporting our communities.
Please refer to the Remuneration report from
page 116 for further detail on the work of the
Board Remuneration Committee.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 160 | ||
Other Governance (continued)
Management's role in assessing
and managing sustainability and
climate-related risks and
opportunities
Oversight and management of Barclays'
climate and sustainability strategy continues
to be embedded in business-as-usual
management structures, including executive
committees. These committees are mandated
and form part of Barclays’ formal
governance architecture. Each committee is
itself governed by Terms of Reference that
lay out the duties, decision-making authority
and escalation route of any material issues.
The executive management committees
receive regular briefings on matters
including climate change and consider both
risks and opportunities. Climate and
sustainability-related risks are assessed and
escalated where relevant through the various
risk forums.
Group Executive Committee (Group ExCo)
The Group Head of PPCR is a member of
Group ExCo and is accountable for ensuring
the Group’s societal purpose is present in
strategic decision-making at the highest
levels in the organisation. The Group Head
of PPCR, and their team, regularly update
Group ExCo on a range of Public Policy and
Corporate Responsibility matters, covering
key government and regulatory policy,
regulator engagement and sustainability
matters. Updates provided to Group ExCo in
2025 on sustainability matters included
updates on the Barclays Transition Update,
planned enhancements to Barclays' approach
to human rights and the Group's sustainable
finance strategy.
The Group Chief Risk Officer is a member
of Group ExCo and is accountable for the
approach to managing climate-related
financial and operational risks to Barclays;
this is implemented within the Group's
Enterprise Risk Management Framework
(ERMF).
The Group Sustainability Committee,
established by Group ExCo in 2023,
continued to provide updates to Group ExCo
on a range of sustainability issues.
Executive remuneration Annual bonus outcomes and Long Term Incentive Plan (LTIP) award outcomes for the Executive Directors of Barclays PLC are assessed against a framework of measures set by the Remuneration Committee at the start of the performance period for each award. For the Executive Directors of Barclays PLC, an element of their 2026-2028 LTIP award will be driven by non- financial performance measures, including measures relating to climate and sustainability. The climate and sustainability-related measures will be included as part of the broader category of measures relating to Sustainability, customers & clients, weighted at 25%. The climate and sustainability measures will likely include financing clients' transition, reducing our financed emissions and achieving net zero operations, alongside other measures relating to supporting our communities. | ||||
| See the Remuneration report from page 116. |
Group Risk Committee (GRC)
The GRC is the designated forum to review
and recommend, where necessary,
submissions to the BRC. The GRC is the
most senior risk executive body responsible
for reviewing and overseeing the risk
profile and risk practices of the Group. This
includes coverage of all principal risks
(including climate risk), and any other
material risks, to which the Group is
exposed.
In relation to climate, the GRC reviews and
recommends proposed risk appetite for
climate risk and relevant limits to the BRC.
The GRC oversees monitoring and reporting
of climate risk, reviews periodic updates on
exposures to climate risk (including physical
and transition risk metrics), progress against
financed emission reduction targets for
sectors and mitigation plans, external
developments and trends on climate risk,
results of scenario analysis and stress test
exercises including implications on risk
appetite and limits.
The GRC is also responsible for the
oversight of design and effectiveness of risk
frameworks for managing climate risk.
The GRC receives escalations from the
Climate Risk Committee, noting none were
received in 2025.
Group Sustainability Committee (GSC)
The GSC is a sub-committee of Group ExCo
and is chaired by the Group Head of PPCR.
GSC members include senior sustainability
representatives from across the businesses,
including the Group Head of Sustainable
and Transition Finance, as well as members
representing key functions across the Group.
The GSC is responsible for approving and
recommending sustainability matters on
behalf of Group ExCo to the Board
Sustainability Committee as appropriate.
The GSC is also responsible for
determining, agreeing or recommending
sustainability position statements,
frameworks, targets, relevant disclosures and
advocacy areas necessary to support strategy
delivery and agreeing the strategic change
priorities to support overall sustainability
strategy.
Climate Risk Committee (CRC)
The CRC was established in 2021 as a sub-
committee of the GRC to support the
oversight of climate risk. The authority of
the CRC is delegated by the GRC, and the
Group Head of Climate Risk is the Chair of
CRC.
The CRC has reviewed or approved a range
of updates, including those on risk appetite
and plans for embedding climate risk
considerations into business activities.
Additionally, quantitative and qualitative
metrics, emerging climate risk trends and
progress against targets are presented and
discussed at the CRC.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 161 | ||
Other Governance (continued)
Disclosure Committee (DisCom)
DisCom, which is chaired by the Group
Finance Director, has been set up as a sub-
committee of the Group ExCo. DisCom is
convened to review and monitor the
integrity of the Group’s financial and
narrative statements and other information
provided to stakeholders, whether by means
of announcement or otherwise. In addition to
reporting to the Group ExCo, DisCom also
reports to the Board Audit Committee
(BAC).
DisCom is convened to undertake a number
of specific duties, including:
•financial reporting: to review and monitor
the integrity of the Group’s financial
statements, interim management
statements, preliminary announcements
(if prepared), and any other formal
announcements relating to the Group’s
financial performance; and
•narrative reporting: to review and monitor
the integrity of the Group’s narrative
statements, including but not limited to
the BPLC, BBPLC and BBUKPLC
Annual Reports, the BPLC Country
Snapshot and the Modern Slavery
Statement.
Group Reputation Risk
Committee (GRRC)
The GRRC is a sub-committee of the Group
ExCo which reviews and challenges, and
directs as appropriate, the management and
mitigation of Reputation Risk matters in the
Barclays Group as they are brought to the
attention of the GRRC via relevant
Reputation Risk assessment and escalation
processes. This includes Reputation Risk
associated with climate and sustainability-
related matters. The GRRC is co-chaired by
the Head of Public Policy and Corporate
Responsibility and Group Chief Compliance
Officer, and members include the Group
Risk Officer and Group General Counsel.
Group Chief Executive (Group CEO)
The Group CEO is responsible for driving
Barclays’ focus on external societal and
environmental stewardship, and overseeing
progress towards Barclays’ ambition to be a
net zero bank by 2050. The Group CEO is
Chair of Group ExCo.
The Group CEO is closely involved in
identifying and promoting the development
of Barclays’ climate and sustainable finance
growth opportunities in the transition to a
low-carbon economy.
The Group CEO chairs the Sustainable
Markets Initiative's (SMI) Financial Services
Task Force, leading the CEO-led group on
key themes including Nature and Transition
Technologies. Participation in the SMI, an
action-oriented, sector-led organisation,
provides Barclays an opportunity to work
with real economy players, providing
insights that help us to best support our
clients' transitions.
Chief Risk Officer (CRO)
The Group CRO is accountable for the
approach to managing climate-related
impacts on financial and operational risks to
Barclays. This encompasses management
and oversight of risk processes for
identification, assessment, measurement,
monitoring, limit setting and the supporting
governance.
Group Head of PPCR
The Group Head of PPCR leads the Group’s
overall sustainability agenda. Specifically,
the role is responsible for overseeing the
development and implementation of
Barclays’ sustainability strategy.
Group Head of Sustainable and
Transition Finance
The Group Head of Sustainable and
Transition Finance leads the Group
Sustainability team and the Sustainable
Finance teams, reporting jointly to the
Group Head of PPCR, the Global Co-Head
of Investment Banking and the Global Head
of Markets.
The role leads the strategic direction and
execution of Barclays’ policies and practices
across a broad range of sustainability
matters, including climate change, nature
and human rights as well as the development
and execution of the Group’s sustainable
finance strategy to support clients navigate
the opportunities and challenges of the
transition to a low-carbon economy. In these
capacities, the role includes driving
sustainable and transition finance growth,
strengthening client support and transition
advisory, as well as overseeing the
development of standards and metrics to
advance sustainable finance and supports
innovation in sustainable product
development.
Group Head of Climate Risk
The Group Head of Climate Risk is the
accountable executive for the management
and oversight of climate risk. The scope of
climate risk (which is a principal risk within
the ERMF) encompasses the management
of financial and operational risks from
climate change. The Group Head of Climate
Risk reports directly to the Group CRO and
is the Chair of CRC.
The Group Head of Climate Risk is
responsible for the development and
implementation of climate risk governance,
including ownership of Barclays’ Climate
Risk Framework, Standard and Policy. The
Group Head of Climate Risk is also
responsible for integrating climate risk
considerations into existing risk
management processes and overseeing risk
management activities for climate risk,
including identifying, assessing, and
monitoring climate risk drivers and
proposing risk appetite, alongside setting
limits and controls for managing climate-
related impacts on financial and operational
risks . The Group Head of Climate Risk also
leads the development of climate risk
methodologies and Barclays’ approach to
financed emissions calculation, including the
BlueTrack™ methodology.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 162 | ||
Other Governance (continued)
Sustainability Chief Information Officer
The Sustainability Chief Information Officer
(CIO) integrates technology, data, AI and
change execution expertise in a single
function. The Sustainability CIO works in
partnership with the business and functions
to deliver new and enhance existing
capabilities, which seek to enable and
accelerate delivery against Barclays'
sustainability strategy.
Head of Sustainability, Group
Leads development of Group-wide
sustainability policy and strategy, setting
Barclays’ positioning on key sustainability
topics and driving innovation through pilots,
partnerships, and emerging commercial
opportunities. Represents Group
Sustainability externally with NGOs,
investors, and global platforms while
fostering collaboration and strategic
engagement across the organisation.
Head of Sustainability, Business
Leads the implementation of Group-wide
sustainability policies and environmental
and social risk management across Barclays,
providing specialist input on client and
transaction due diligence and our
Sustainable and Transition Finance
Frameworks. Works closely with clients to
understand their sustainability strategies and
supports delivery of programmes that embed
sustainability-related risk considerations,
supporting long-term business resilience and
growth.
Implementation - business
working-level committees, forums
and reports
Operational Sustainability Steering
Committee
The Operational Sustainability Steering
Committee (OSSCo) is responsible for
oversight of Barclays Execution Services'
sustainability operations strategy. The
OSSCo is chaired by the Barclays Execution
Services Chief Operating Officer and
comprises leadership from Corporate Real
Estate Solutions (CRES) and Location
Strategy, Procurement, Functions
Technology, Climate Risk and Legal.
The OSSCo approves and monitors progress
against our sustainability operations targets
and milestones, reviews sustainability
operations programmes and provides
strategic direction regarding the
prioritisation of initiative deliverables. The
OSSCo provides updates to the GSC
annually. The GSC is responsible for
approving and recommending sustainability
matters on behalf of Group ExCo to the
Board Sustainability Committee as
appropriate.
BBPLC business-level committees for
transaction reviews
Business-level committees are convened for
senior management to review transactions
with potential material Reputation Risk to
Barclays, These may include transactions
involving climate and sustainability-related
risks. Where particularly heightened risks
are identified, these transactions may be
escalated to the Group Reputation Risk
Committee. Matters reviewed by these
committees include transactions,
relationships, agreements, strategies and
other business activities.
Principal Investments Equity Committee
The Principal Investments Equity
Committee (the 'Committee') undertakes the
senior approval responsibilities relating to
the execution and management of all
principal strategic equity and workout equity
transactions managed on behalf of Barclays
PLC and all other Barclays Group entities.
The formation and authority of this
Committee comes from the Group CEO,
acting through the Group ExCo.
The Committee consists of senior
stakeholders who meet on a regular basis
which, when considering the Barclays
Climate Ventures portfolio, includes the
Group Head of Sustainable and Transition
Finance.
Sustainability Change Portfolio
Governance Board
The Sustainability Change Portfolio
Governance Board is responsible for the
strategic integration, governance and control
(including budgetary), prioritisation, risk
management and approval of change
(subject to agreed tolerances) of the Group
Sustainability portfolio of work.
The Board is chaired by the Group Head
of Sustainable and Transition Finance.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 163 | ||
Other Governance
Managing impacts in lending and financing
At Barclays, we recognise the importance of
risk identification and management in the
provision of financial services to our
customers and clients.
This supports the longevity of our business
and also enhances our ability to serve our
clients and support them in improving
their own sustainability practices and
disclosures.
Managing environmental and
social impacts
We have developed an approach for
sustainability-related matters which sits
under the management of the Reputation
Risk Principal Risk within the Barclays
Enterprise Risk Management Framework
(ERMF), and governs our identification,
assessment and management of
environmental and social impacts associated
with our client and customer relationships
and transactions in relevant sensitive sectors
and areas. This approach is defined in an
internal standard which reflects objectives
and responsibilities for all areas of Barclays.
Our position statements on Climate Change,
Forestry and Agricultural Commodities,
Protected Areas, and the Defence and
Security Sector set out our approach to
financing certain sensitive sectors.
| Further details about these position statements can be found on page 164 and Sustainability Resource Hub |
Enhanced due diligence
Clients in-scope of the above mentioned
position statements are subject to enhanced
due diligence, via a detailed Sustainability
Enhanced Due Diligence (SEDD)
questionnaire, which is used to evaluate their
performance on a range of environmental
and social issues and may be supplemented
by a review of client policies/procedures,
further client engagement and adverse media
checks as appropriate. This review generates
an outcome based on alignment with
position statements and identified
environmental and social issues. The review
outcome determines whether further review
by the Environmental and Social Risk
Management (ESRM) team within Group
Sustainability is required, Client engagement
may be undertaken as part of the periodic
review cycle (either annual or biennial). We
follow a risk-based approach where certain
clients require further risk assessment prior to
execution of transactions.
We undertook 770 (2024:775) reviews in
2025, being a combination of client reviews
and individual transaction reviews per sector
detailed below.
Sector | 2025 | 2024 |
Agriculture | 12 | 26 |
Commodity Traders | 7 | 6 |
Defence, Aerospace & Security | 490 | 426 |
Infrastructure | 5 | 0 |
Manufacturing | 5 | 1 |
Metals & Mining | 23 | 26 |
Oil & Gas | 89 | 106 |
Paper & Forestry | 12 | 14 |
Power & Utilities | 113 | 128 |
Other | 14 | 42 |
Total | 770 | 775 |
Engagement
As part of our management of
environmental and social impacts, we may
require further client engagement in relation
to the specific environmental and social
issues that we have identified as part of our
SEDD process.
We have used this engagement as an
opportunity to gain a more detailed
understanding of the risks and challenges
that the client is facing and to better
understand any climate transition plan that
they may have.
Escalation and decision-making
We assess the risk of client relationships,
and associated transactions, through SEDD,
and escalate to the relevant business unit
review committee (e.g. IB Sustainability
Review Committee, BBPLC Transaction
Review Committee), where appropriate, for
consideration and, if transaction-related, a
decision on whether to proceed. Business
unit review committees comprise of business
management and representatives from the
control functions, including Reputation
Risk.
Should the front office business team or the
ESRM team believe the issues are
sufficiently material and the front office
business team wish to proceed, these clients/
relationships would be escalated to the
Group Reputation Risk Committee (GRRC)
for more senior consideration and decision.
GRRC includes representation from the
Group Executive Committee.
These Committees may make the following
determinations:
•approve the transaction or relationship;
•reject the transaction or relationship;
•approve the transaction or relationship
subject to prescribed modifications; and
•escalate the review of the transaction or
relationship to the Barclays Group CEO.
| Further details about the roles of these Committees and their activities during 2025 are set out on pages 160 and 161. |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 164 | ||
Other Governance (continued)
Equator Principles
For project finance, we conduct assessments
for environmental and social risks and impacts
in line with the Equator Principles including,
where appropriate, relevant International
Finance Corporation (IFC) Performance
Standards. Barclays categorises projects based
on their risk and impact profile per Equator
Principles guidance and will conduct
commensurate due diligence (often with the
support of an independent consultant) and will
work with the client to address any material
identified gaps. Barclays was one of the four
banks that contributed to developing the
Principles ahead of their launch in 2003.
During 2025, 11 transactions (2024: six
transactions) reached financial close and were
reviewed for environmental and social risks
and impacts under the scope of the Equator
Principles.
| Further details can be found at: equator- principles.com/ |
Equator Principles transactions in 2025
Category | |||
Sector | A | B | C |
Infrastructure | 1 | 2 | |
Power | 2 | 6 | |
Region | A | B | C |
Americas | 1 | 3 | |
EMEA | 2 | 5 | |
Country designation | A | B | C |
Designated | 2 | 8 | |
Non-designated | 1 | ||
Independent review | A | B | C |
Yes | 3 | 8 | |
No | |||
Finance type | A | B | C |
Project finance | 3 | 8 | |
Category A: Projects with potentially significant
adverse social or environmental risks and/or impacts
that are diverse, irreversible or unprecedented.
Category B: Projects with potentially limited adverse
social and environmental risks and/or impacts that
are few in number, generally site-specific, largely
reversible and readily
addressed through mitigation measures.
Category C: Projects with minimal or no social or
environmental risks and/or impacts.
Sensitive sector and area
position statements
In addition to setting sector-specific
financed emissions reduction targets,
consistent with our Purpose and driven by
consideration of all relevant risks and other
factors, we have outlined our approach to
financing certain sensitive sectors and areas
in our position statements, each of which
contains various requirements and
expectations,taking into account regional
and jurisdictional considerations, and other
provisions relevant to how we apply them.
Our position statements are periodically
reviewed and updates considered in light of
the rapidly changing external environment,
including, for example, public policy, laws
and regulation, technological advancement,
geopolitical or regional developments.
Our approach is informed by engagement
with our stakeholders, including
shareholders, clients, subject specialists and
civil society groups.
Our Climate Change Statement sets out our
positions and approach to certain sensitive
sectors. In cases where clients are identified
as not meeting the non-mandatory
expectations and Barclays has an active
relationship with those clients, we encourage
them to adhere to these expectations; where
clients are unable or unwilling to do so over
time, we will review the relationship and
may reduce our support.
We believe we can best balance our climate
ambition, shareholder expectations and deliver
our strategy through working with clients on
their transition (including using tools such as
SEDD and Client Transition Framework
(CTF)), as well as financing clients'
transition and scaling climate technology.
Reflecting society’s need for available and
affordable energy, we also remain a
significant provider of capital to the
conventional energy and power sector.
Financing for clients in this sector is
managed in line with Barclays’ risk appetite,
with decisions informed by transition
progress, commercial returns, client
engagement and market realities.
Barclays' approach recognises that energy
security and transition progress must advance
in parallel and that continued investment in
both is critical to meeting evolving client needs
and supporting economic stability.
| Further details on Sustainability Enhanced Due Diligence can be found on page 163 and Client Transition Framework on page 39. |
Long-lead expansion policy exceptions
The combined number and aggregate value
of new financing or renewal of existing
financing granted by exception in 2025
under the Non-diversified Group restriction
in the Climate Change Statement is detailed
below.
Non-diversified Groups, Exceptions Granted | Total |
Client Groups | 2 |
Financing Transaction Count | 4 |
Financing Transaction Value (£m) | 377 |
We will keep our policies, targets and
progress under review in light of the output
of both SEDD and CTF reviews, the
evolving landscape and the need to support
governments and clients, in our efforts to
meet our ambition to be a net zero bank by
2050.
Additional positions and approaches to
financing sensitive sectors and areas are set
out in our position statements relating to
Forestry and Agricultural Commodities,
Protected Areas and Defence and Security.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 165 | ||
Other Governance (continued)
Human rights | ||
Barclays is continuing to develop and enhance our approach to respecting human rights. | ||
The Barclays Group Statement on Human
Rights, updated in 2024, reiterates our
commitment to respecting human rights as
defined in the International Bill of Human
Rights and the International Labour
Organization’s (ILO) Declaration on
Fundamental Principles and Rights at Work.
Our approach is guided by the UN Guiding
Principles on Business and Human Rights
(UNGPs) and the OECD Guidelines for
Multinational Enterprises on Responsible
Business Conduct.
In 2025, Barclays continued to develop its
overall approach to human rights by
delivering training to various businesses and
functions across the Group, strengthening
our due diligence screening processes, and
increasing engagement with our clients on
human rights risks.
| For further information of our management of environmental and social impacts in our lending please see page 163. |
Corporate culture
We continue to work to build our colleagues'
understanding of human rights risk and
responsibilities. In 2025, Group
Sustainability delivered 15 human rights
trainings across the Group. For example, we
supported frontline bankers to better
understand human rights risks and potential
leverage opportunities in specific high-risk
sectors.
We also trained specific Risk functions, such
as Financial Crime and Business Banking
Client Risk Assessment, to empower
colleagues to better identify human rights
risk.
Saliency assessments
In 2025, we initiated human rights saliency
assessments across all five business
divisions, namely the Investment Bank (IB),
Barclays UK (BUK), UK Corporate Bank
(UKCB), Private Bank and Wealth
Management (PBWM), and US Consumer
Bank (USCB), as well as Human Resources.
We have undertaken these assessments with
specialist external human rights support. We
are in the process of concluding the outputs
of this assessment and will aim to develop
an action plan in response to these
conclusions in 2026.
Policies and enhanced
due diligence
We continue to monitor external
developments and review our approach to
human rights due diligence accordingly.
Our sustainability-related risk approach
currently includes SEDD for clients in-
scope of the Climate Change, Forestry and
Agricultural Commodities, Protected Areas,
and Defence and Security Statements (please
see 'Managing environmental and social
impacts' on page 163 for further
information). Where the SEDD process
identifies a potential human rights issue, the
client will be referred to the Environmental
and Social Risk Management team for
additional review.
During 2025, we continued to strengthen our
approach to Equator Principles due
diligence. Our project finance volumes in
scope of the Equator Principles have grown
and we recognise this activity as a driver of
potential social and human rights risk. As
part of this, we have increased engagement
with clients around risks and impacts. This
included undertaking a site visit to a project
with a heightened risk profile, directly
engaging management teams during due
diligence to assess whether risks were being
managed appropriately, and providing
guidance on strengthening impact
management.
For example, Barclays provided financing
for an infrastructure project. During due
diligence, Group Sustainability identified
potential human rights and social risks
associated with the project. We had
extensive engagement with the client on
these risks and worked collaboratively with
the client, the deal teams, and other
financiers in further strengthening the
management of the risks and progressing
towards alignment with IFC Performance
Standards, including around stakeholder
engagement and land acquisition.
This included providing detailed feedback
on resettlement action plans and livelihood
restoration. As the final step in our due
diligence process, representatives from the
deal team and Group Sustainability jointly
engaged directly on the ground with local
community leaders, impacted residents, and
the project’s environmental and site
management teams. These conversations
helped us to understand whether social and
human rights risks were being appropriately
managed.
Focus areas for progress | ||||||||||
Corporate culture | Saliency assessments | Policies and EDD | Just transition | Remedy | ||||||
Strengthen a culture of respect for human rights •Build capacity to support colleagues’ understanding of human rights risks and responsibilities | Identify salient issues beyond corporate and investment bank financing portfolios •Extend saliency assessment to other areas of the bank, looking to engage with internal and external stakeholders | Enhance sustainability policies and due diligence to reflect salient issues for corporate and investment bank financing portfolios •Review existing sustainability policies and EDD and work to integrate salient issues •Evolve our approach to engaging with clients when responding to salient issues | Support a transition to a low-carbon economy which accounts for the societal risks as well as the opportunities •Continue industry engagement to help shape the definition and implementation of a just transition | Develop our approach to remedy •Explore approach to remedy in engagement with clients | ||||||
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 166 | ||
Other Governance (continued)
Just transition
Barclays aims to contribute to a just
transition that seeks to manage the negative
societal impacts of the transition on people,
maximise socio-economic opportunities for
people, and engage with affected people on
these impacts and opportunities. In pursuing
this aim, Barclays seeks to consider its
stakeholders, including its workers,
communities, customers, and supply chains.
Barclays is committed to respecting the
rights of people and communities in the
context of the transition.
We continued our involvement in the
Aberdeen Just Transition Collaboration with
Aberdeen City Council, BP, Shell UK, and
SSE, which is exploring ways to support a
just energy transition for local communities
and workers. In 2025, the collaboration
appointed a third‑party partner to take this
work forward.
In 2025, Barclays also continued
engagement to help shape development of a
just transition approach for the financial
sector. For example, we continued our
engagement with the LSE Just Transition
Finance Lab, of which we are a founding
funder. We co-hosted a roundtable with the
lab exploring 'Gridlock or Greenlight? The
impact of social risks to the cost and pace of
the energy transition'. The event brought
together participants from financial
institutions, real-economy companies, and
civil society to explore how effective
management of these risks can preserve
commercial value, mitigate impacts, and
maximise opportunities for people to
achieve win-win outcomes for communities
and businesses as clean energy and grid
infrastructure scale.
Throughout 2025, we also actively engaged
with peers on how financial institutions can
advance a just transition, leading a session at
Thun Group on what a just transition means
for banks and how this connects with other
human rights and labour risks,
Remedy
We continue to reflect on the financial
sector's approach to remedy, including how
considerations of remedy can be
incorporated into our human rights due
diligence and engagement with clients.
Modern slavery and human rights
in our supply chain
We take the following steps with an intent to
identify, assess and manage the risk of
modern slavery and other adverse human
rights impacts in our supply chain.
Risk assessments
We continue to assess the inherent risk of
modern slavery across Barclays' TPSPs, as
outlined in our Barclays Group Statement on
Modern Slavery.
It remains challenging to identify the
inherent risk of modern slavery beyond Tier
1 of our supply chain. To strengthen our
approach, in 2025, we started to integrate
human rights and modern slavery risk-
related questions into our procurement
sourcing workflow, informed by our 2024
supply chain human rights saliency
assessment1.
We evaluate responses to this process to
determine whether due diligence is required.
Management of modern slavery and
adverse human rights risk
We aim to embed modern slavery and
broader human rights considerations into our
procurement processes through:
•General contract terms, which can be
subject to negotiation, contain obligations
on TPSPs to respect human rights, and to
implement reasonable due diligence
procedures to help identify, prevent,
minimise and/or mitigate modern slavery
and human trafficking in TPSPs'
operations or supply chain delivering
products or services to Barclays.
•TPSP CoC, which sets our expectations
on:
•freely chosen employment,
•avoidance of child labour,
•avoidance of discrimination,
harassment and abuse,
•worker freedom of association and
collective bargaining,
•workplace arrangements, working
conditions and third-party employment
agencies,
•wages and benefits,
•occupational health and safety,
•grievances and whistleblowing, and
•privacy of workers.
Ongoing TPSP due diligence
and engagement
In 2025, we continued to ask TPSPs
identified for due diligence to register with
Sedex2 and complete a self-assessment
questionnaire (SAQ), to allow us to gain
insights into their business practices, policies
and working conditions. The SAQ questions
are framed on the ETI Base Code
methodology3. Additionally, we have access
to SMETA4 reports for TPSPs registered
with Sedex, which we plan to use, along
with the SAQs to understand how TPSPs
respond to findings raised.
Assessing the effectiveness
of our actions
We had an ambition for our TPSPs making
up 70% of our addressable spend5 to have a
modern slavery policy or standard in place by
end of 2025. In 2025, 74%6 of our TPSPs had
a modern slavery policy or standard in place,
exceeding our ambition. In 2026, we aim to
review our approach to modern slavery-
related supply chain metrics. Further
information on our approach can be found in
our Barclays Group Statement on Modern
Slavery.
Notes:
1Refer to page 249 of Barclays PLC Annual
Report 2024 to find out more on our supply chain
human rights saliency assessment.
2Sedex (Supplier Ethical Data Exchange) is a
global technology company that specialises in
data, insights and professional services to
empower supply chain sustainability. Their
platform, tools and services enable businesses to
easily manage supplier sustainability risks and
improve on their social, environmental and
ethical performance.
3The Ethical Trading Initiative (ETI) Base Code is
founded on the ILO Conventions, and includes
assessment of all key labour exploitation and
child labour indicators, such as freely chosen
employment and no harsh or inhumane treatment
of workers.
4SMETA (Sedex Members Ethical Trading Audit)
methodology assesses the audited site against the
ETI Base Code, the standards of the ILO
Conventions and local law. The ILO Conventions
set out basic principles and rights at work.
5Addressable spend is a subset of external costs
incurred by Barclays in the normal course of
business where Procurement has oversight over
spend. It excludes costs such as regulatory fines
or charges, exchange fees, taxation, employee
expenses or litigation costs and property rent.
6We measure our performance by verifying the
percentage of managed TPSPs (by addressable
spend) that have self-certified to having: (i) a
standalone Modern Slavery Policy and related
Standards or; (ii) hold the Modern Slavery BS
25700:2022 Standard or; (iii) insert Modern
Slavery considerations into relevant policies, e.g.
Human Resources, Hiring of Workers, Supply
Chain. The 2025 key performance indicator is
based on supply chain data extracted on 14
January 2026.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 167 | ||
Other Governance (continued)
Supporting our supply chain | ||
With approximately 7,100 companies from across 30 countries providing goods and/or services to Barclays, our supply chain helps our businesses deliver for our customers, clients and colleagues. | ||
The Barclays Group engages with Third-
Party Service Providers (TPSPs)1, seeking to
integrate sustainability considerations across
our supply chain.
| Please see further details on our requirements of our Third-Party Service Providers at: home.barclays/who-we-are/our-suppliers/ our-requirements-of-external-suppliers/ |
Third-Party Service Provider
operational and reputational risk
management
Barclays asks its TPSPs to (i) make
responsible decisions that, where relevant,
take our stakeholders' needs into account in
both the short and long term and (ii) to
comply with all applicable laws, rules and
regulations within the geographies in which
they operate.
Barclays' standard approach2 to TPSP
onboarding and contract renewal begins by
assessing the inherent risk associated with
the goods and/or services being provided in-
line with Barclays' TPSP risk assessment
process. TPSPs that are assessed as being
above a low risk of exposure from a
business risk perspective are subject to
Barclays' Supplier Control Obligations
(SCOs). Prior to contractual agreement and
service go-live, these TPSPs are required to
confirm adherence to the SCOs (subject to
negotiation) and the TPSP CoC.
TPSPs to whom the SCOs apply will be
actively managed and subject to controls
assurance on an annual basis to assess
whether the control requirements and
expectations outlined within the TPSP CoC
are being met. Where TPSPs are unable to
meet our expectations defined within the
SCOs and the TPSP CoC, the issue will be
managed, as appropriate, in-line with
Barclays' Issue Management Standard.The
TPSP CoC and SCOs are published on the
Barclays public website for all new and
existing TPSPs to view and are refreshed at
least annually to help ensure Barclays'
expectations continue to be met.
Payment on time
Prompt payment is critical to the cash flow
of every business, and especially to smaller
businesses within the supply chain as cash
flow issues are a major contributor to
business failure. We aim to pay our TPSPs
within clearly defined terms, and to help
ensure there is a proper process for dealing
with any issues that may arise. We measure
prompt payment globally by calculating the
percentage of TPSP spend paid within 45
days following invoice date. The
measurement applies against all invoices by
value over a three-month rolling average
period for all entities where invoices are
managed centrally. At the end of 2025, we
achieved 94% on-time payments to our
TPSPs, continuing to exceed our public
commitment to annually pay 85% of TPSPs
on time (by invoice value).
Barclays continues to enhance its processes
to improve faster payments to its TPSPs.
Through these efforts and its reporting
obligation under UK legislation, Barclays
PLC and its subsidiaries have for the second
consecutive year received the
GoodBusinessPays Fast Payer Award,
supported by the UK Department of
Business & Trade.
Our supplier ecosystem
At Barclays, we continue to engage with
suppliers of varying size3 and mission4,with
the intent to build stronger value driven
partnerships that deliver innovative solutions
and enhance outcomes for our customers
and clients.
We expect our TPSPs to support our efforts
to build a robust supply chain by recruiting,
utilising and developing businesses of
varying size and mission.
Notes:
1TPSP means any entity that has entered into an
arrangement with Barclays in order to provide
business functions, activities, goods and/or
services to Barclays.
2Where financial institutions and market
counterparties provide services to Barclays, the
nature of the services leveraged may require an
alternate onboarding approach and as such some
control expectations may not be applicable. This
is assessed at the point of onboarding.
3Size: micro, small, and medium-sized enterprises
where revenue and/or employment eligibility
limits are defined by the local country standards.
4Mission: for- profit businesses aiming to achieve
local, social and environmental goals (i.e. Social
Enterprises and B Corp businesses)
| Please see further details on our climate change initiatives in our supply chain within our Achieving net zero operations section from page 58 within the Climate and Sustainability report. |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 168 | ||
Other Governance (continued)
Supporting our retail customers
Supporting customers
through Barclays UK
Barclays has a large retail presence in the
UK, offering a wide range of products and
services to more than 20 million customers
through Barclays UK.
Access to banking
Customers are looking for more convenient,
simpler ways to bank that fit their lives,
including banking digitally: we have over 13
million digitally active customers. We are
continuing to help deliver these solutions at
pace.
Alongside our investment in technology
enabling digital customers to access tools
and products whenever they need them, we
are transforming our physical locations
across the UK with a view to ensuring that
customers can still access banking face to
face when customers need us.
We are committed to ensuring all our
customers have the access to cash they need.
In 2025 we have continued to collaborate
with other banks, the Post Office and LINK
through our new Joint Venture Cash Access
UK Ltd, extending our network of Banking
Hubs and shared cash deposit solutions
across the UK. We are more than halfway
towards our joint commitment to open 350
Banking Hubs over the course of this
parliament, with 204 Shared Banking Hubs
opened by the end of the year and where we
maintain the highest face-to-face presence of
any high street bank each week.
We also recognise the importance of our
traditional branches to provide access to
banking services; we are now halfway
through the rollout of next generation 'Smart
ATMs' and are on track to complete this
transformation in 2026. These devices offer
full account servicing capability, which can
now be accessed through our banking app,
as well as via card. Nearly all our branches
now have these machines externally too,
meaning customers have greater access to
their accounts via our branch channel.
Recognising the shared challenge of digital
inclusion, we have welcomed the UK
Government's strategy on Financial
Inclusion, and are proud to be partnering
with other banks, broadcasters and
telecommunication firms to agree how we
can work together to improve digital
outcomes for all.
Alongside these changes, we are investing in
multi-skilled training for our colleagues, so
they are better able to serve customers in
ways that meet their needs today as well as
breaking down internal barriers to enable
quicker resolution of customer queries.
Economic crime and scams
We take our responsibility to protect our
customers’ money very seriously and are proud
to have one of the lowest scam rates and
highest reimbursement rates in the industry1.
This is due to our continued investment in
robust security systems and our established
programme to educate customers and reduce
the likelihood of them falling victim to scams.
We have a dedicated Fraud and Scams hub
on the Barclays website, which hosts a
variety of content and resources to help the
public learn how to keep themselves safe.
Additionally, for each of the 450 million+2
payments our UK customers make every
month, our fraud detection systems and
machine learning models help detect in less
than a second if it is likely to be a fraudster
rather than the customer, or if our customer
appears at risk of being scammed. If the
transaction appears as risky, the customer is
presented with additional checks prior to the
payment being released.
We continue to invest in security features
aimed at providing protection against fraud
and scams, including ‘App ID’, which
allows customers to verify that they are
speaking to a Barclays colleague and not an
impersonator.
We are also part of the ‘Do not originate’
scheme, created in partnership with the
telecommunications industry, UK Finance
and Ofcom, aimed at preventing our most
common inbound helpline phone numbers
from being used in a scam.
We are committed to providing measures
that help prevent Authorised Push Payment
(APP) scams taking place and building
increased consumer protection standards for
customers through both the UK Payment
Systems Regulator's (PSR) new APP Scam
Regulations that came into effect in October
2024 and the previous Contingent
Reimbursement Model code.
We are a founding member of Stop Scams
UK, a cross-industry group made up of
banks, telecoms and tech firms that have
come together to seek to put an end to scams
by collaborating, sharing best practices and
engaging with the government and
regulators to make it harder for scammers to
operate.
We have published a series of policy
recommendations to tackle the spread
of scams.
Notes:
1The PSR’s latest report covering 2023 includes
the UK’s 14 largest banking groups, along with
the data for 11 other smaller firms that were in
the top 20 highest receivers of fraud.
2450 million + payments covers all retail/ card
transactions and payments across all product
types.
| Frontier Economics report on Tackling Fraud and Scams: home.barclays/news/press- releases/2023/08/eight-in-ten-brits-feel- unsafe-on-social-media-due-to-scammers/ |
Digital accessibility
Digital services and workplace tools must be
designed and developed to be easy to see,
hear, understand and use for all customers
and colleagues, including people with
disabilities. There are legal obligations
under national and international laws and
regulations, alongside a moral duty to ensure
that people with disabilities are not left out
or left behind from using our digital
services.
All digital services and content must comply
with our Barclays digital accessibility
standards. These standards align to the
minimum conformance of the Web Content
Accessibility Guidelines (WCAG) v2.2 AA
level and apply to both internal projects as
well as external suppliers.
We have invested in accessibility training,
tooling and specialists to help embed
accessibility at scale along with effective
governance and oversight to meet increased
regulations.
| The Barclays Accessibility Statement barclays.co.uk/who-we-are/our-suppliers/ our-requirements-of-external-suppliers/ |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 169 | ||
Other Governance (continued)
Building financial wellbeing
As part of our aim to deliver a world-class
money management experience and help
money work for our customers, particularly
with a focus on driving financial confidence,
we are delivering more educational content
on managing their money at all life stages.
We are providing knowledge and expertise
through our colleagues, including helping
customers to use our digital platforms via
the Digital Wings Platform. The Barclays
Money Management Hub gives us the
ability to provide proactive money
management information directly to
customers, giving them a better grasp on
their spending behaviours and steps they can
take to improve their financial wellbeing and
gain greater control over their finances.
We also have a range of early intervention
strategies which aim to support customers
whose account behaviours may be showing
signs of lacking financial resilience. These
strategies largely focus on proactive
communication with the customer, based on
sets of customer behavioural triggers, and
look to support customers to help them
maintain or regain control of their finances.
Where customers engage with these contact
strategies, our Barclays Financial Assistance
colleagues provide broad money
management advice and, where appropriate,
may suggest a range of solutions to manage
their financial situation. This suite of
solutions includes forbearance and non-
forbearance options.
Gambling
At Barclays, we recognise that gambling and
financial difficulty can sometimes go hand in
hand, and asking for help isn’t always easy.
That’s why we’ve invested in dedicated
training for our customer-facing colleagues,
equipping them to spot the signs and provide
meaningful support. For customers who need
extra help, our Specialist Colleagues are
ready to handle sensitive conversations with
care and guide them towards trusted charities
and organisations for further assistance.
Through the Barclays app, customers now
receive personalised insights and gentle
nudges designed to help them stay in control
of their spending. These include
notifications when gambling transactions
increase, prompts to review spending
patterns, and easy access to tools that can
help set limits or block gambling payments.
We seek to help empower customers with
timely, practical support before issues
escalate.
Barclays is also participating in the Money
Mental Health Policy Institute Gambling
Harms Action Labs, a cross-bank initiative
aimed at reducing gambling-related financial
and mental health harms. Our involvement
focuses on collaborative innovation,
customer empowerment, and data-driven
solutions to strengthen protections and
support for vulnerable customers.
| Further details can be found at: barclays.co.uk/gambling-support/ |
Domestic abuse
We are committed to supporting customers
affected by domestic abuse. Through our
ongoing partnership with Refuge – the UK's
largest domestic abuse service provider – we
help connect those impacted to specialist
advice and practical support. This includes
assisting survivors with opening bank
accounts and accessing essential banking
services, even when standard documentation
isn’t available. We’re proud to remain a
signatory to the UK Finance Domestic
Abuse Code of Practice, which sets out how
banks and building societies should protect
and empower customers who are survivors
of economic or financial abuse.
Homelessness
We continue to support customers who face
challenges providing standard
documentation – including those
experiencing homelessness – by helping
them open a basic current account. This
ensures access to essential banking services,
which can be a vital step towards financial
stability and independence.
Our approach includes working with trusted
charities and local organisations to verify
identity where traditional documents aren’t
available, and providing guidance to make
the process as simple and stress-free as
possible. By removing barriers, we seek to
help give everyone the opportunity to
manage their money safely and securely.
Bereavement
Throughout 2025, we have continued to try
to make this extremely difficult time in
people’s lives a little easier. Our programme
of work to enhance the customer experience
has included: launching a digital settlement
form to help customers stay in their channel
of choice, and delivering a series of webpage
and communication enhancements to make
it easier to navigate and understand
information.
| Further details can be found at: barclays.co.uk/what-to-do-when-someone- dies/notify-us/ |
Authorised users
The Authorised User feature gives
customers the ability to manage their current
account with the help of a trusted person in
their life. Whether they need someone to
spend on their behalf or help managing their
finances, customers have access to a reliable
and accessible tool, at no additional cost.
| Further details can be found at: barclays.co.uk/ways-to-bank/authorised- users/manage-account/ |
Specialist support team
In 2025, circa 34,000 Barclays UK
colleagues completed the mandatory
Customers in Vulnerable Circumstances
annual eLearning module. This training
strengthens awareness and understanding of
vulnerability across both frontline and head
office teams. We have also continued to
deliver dedicated vulnerability induction
training for new colleagues, ensuring they
are equipped to identify and support
customers who may be vulnerable or
experiencing significant life events.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 170 | ||
Other Governance (continued)
Accessibility & Vulnerability
(A&V) Framework
2025 |
2024 |
2023 |
In 2025, Barclays continued to enhance its
Accessibility & Vulnerability Framework to
help ensure equitable and inclusive service
for all customers. Key developments
include: streamlining colleague processes by
automating the Alternative Format journey,
reducing it from a two-step process to a
single step for greater efficiency; and
enhancing customer experience by
introducing a search functionality within the
digital journeys and prioritising adjustments
to help customers disclose themselves.
These improvements help ensure both
colleagues and customers benefit from a
more seamless and supportive journey when
managing vulnerable circumstances.
Barclays UK Performance
Framework
The Framework seeks to mitigate the risks
of inappropriate performance management
practices, including by (among other things)
seeking to ensure there is no undue pressure
on colleagues to sell products, which can
result in mis-selling. The Performance
Framework operates controls to provide
insight and subsequent oversight that the
business is operating aligned to the
expectations set out in the Performance
Framework Policy Standards.
Basic current account
Since 2015, we have been offering our basic
current account to individuals who may not
be eligible for a standard account to access
banking, including over the counter services,
access to ATMs, and digital banking and
free text alerts to manage finances. There
were over 590,000 Barclays basic current
accounts open at the end of December
20251.
Access to a transactional bank account
enables consumers to benefit from bill
reductions through paying by direct debit
and access to cheaper goods and services on
the internet, to help them along their
financial journey. If their circumstances
change, customers on the basic current
account are able to apply for a standard
Barclays Current Account at any time.
Periodically we also review accounts to
upgrade customers from basic current
account to Barclays Bank Account where
eligible.
Number of basic current accounts |
Note:
1In 2025, we upgraded more than 39,000
customers from our Barclays Basic Bank
Account to our Barclays Bank Account.
Barclays' mortgages
and first-time buyers
2025 saw a continued reduction in the rate
environment with multiple Bank of England
Base Rate decreases, leading to mortgage
rates decreasing – reducing the impact to
customers who are rolling off longer-term
fixed rates, however, we recognise for some
this can still create a rate shock and we seek
to continue to supporting these customers,
whether through our standard lending policy
or under the Mortgage Charter.
We remain focused on supporting those
buying their first home. This year saw us
launch 95% Loan-to-Value lending outside
of the Mortgage Guarantee Scheme to
support first-time buyers, along with a
number of changes following the FCA Rules
Clarification around stress testing and other
policy changes aimed at responsibly
increasing the borrowing power of
customers. In 2025, we have helped over
50,000 first-time buyer customers
accounting for approximately 35% of our
gross lending.
Financial inclusion in our US
consumer business
The Community Reinvestment Act (CRA) is
a US federal law designed to encourage
financial institutions to help meet the needs
of borrowers in all segments of their
communities, including low and moderate-
income neighbourhoods. Barclays meets the
CRA requirement by supporting and
investing in local Community Development
Financial Institutions (CDFIs), small-
medium businesses and non-profits.
The success of CDFIs, small-medium
businesses and non-profits are key to a
thriving community. Barclays has
predefined goals with specific performance
targets that we must meet each year in order
to be considered in compliance with CRA
guidelines. Barclays has met its CRA goals
for 2025, evidencing that we are continuing
to invest in the communities where we live,
work and serve.
Barclays Bank Delaware (BBDE), including
Barclays US Consumer Bank (USCB), is
committed to fair and equitable treatment of
all prospective and existing customers
without regard to race, sex, colour, national
origin, religion, age, marital status,
disability, sexual orientation, military status,
gender identity, familial status, Limited
English Proficiency, receipt of public
assistance income, and good faith exercise
of rights under the Consumer Credit
Protection Act.
We place a high priority on fair treatment of
prospective and existing customers by
BBDE and maintain diligent oversight of
business practices and processes to ensure
fairness. We also believe our commitment to
fair lending and fair treatment principles and
practices aligns with Barclays’ core Values
of Respect, Integrity, Service, Excellence,
and Stewardship. We strive to develop long-
term relationships by providing products and
services that meet prospective and existing
customer needs, avoid causing poor
outcomes for, or harm to, customers, clients
and markets arising from the delivery of the
firm’s products and services, and place our
prospective and existing customers’ interests
at the heart of our strategy, planning, and
decision-making processes.
No form of illegal discrimination will be
tolerated at BBDE or USCB and we
recognise that only through the efforts of all
colleagues can we ensure that all prospective
and existing customers receive fair and
equitable treatment.
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 171 | ||
Other Governance (continued)
The Barclays Way
The Barclays Way is our Code of Conduct. Together with
our policies and practices, this provides a clear path towards
achieving a positive and dynamic culture within the Group.
Our commitment to being a responsible
business includes seeking to ensure that:
•we conduct ourselves in line with The
Barclays Way, our Code of Conduct, to
create the best possible working
environment for our colleagues;
•we treat our customers fairly and the
products and services we deliver are
transparent and responsible;
•we operate in line with relevant laws and
regulations including those applicable to
financial crime; and
•we safeguard the data that has been
entrusted to us.
Our Code of Conduct reflects the trust that
millions of people place in us every day. We
know that trust is earned by repeatedly doing
the right thing. We believe the best way to
build that trust is to invest in our culture and
support our people in the choices they make
every day, with guidance and policies that
help them do this.
That starts with our Purpose, Values and
Mindset, and is locked into our organisation
through The Barclays Way, the touchstone
for everyone in Barclays on the standard of
conduct we expect, setting an unequivocal
tone from the top about who we are and
what we stand for.
The Barclays Way governs our way of
working across our business globally. It
constitutes a reference point covering all
aspects of colleagues’ working relationships,
specifically but not exclusively with other
Barclays employees, customers and clients,
governments, regulators, business partners,
suppliers, competitors and the broader
community.
It is aligned to the Code of Professional
Conduct, published by the Chartered Banker
Professional Standards Board, which sets
out the ethical and professional attitudes and
behaviours expected of bankers. Barclays
subscribes to this code and is committed to
embedding its broad principles into our
business.
The Barclays Way includes information and
guidance on how employees are expected to
behave and take personal accountability for
making decisions. We apply a range of
criteria, aimed at building a sustainable,
strong and profitable business for the long
term and adding value to our business
relationships and the broader communities in
which we live and work. We provide
guidance across all key stakeholder groups,
including in relation to servicing our
2025 |
2024 |
customers and clients, promoting respect,
inclusion and performance in the workplace
and maintaining strong governance, robust
“ The Barclays Way is intrinsic
to the trust that millions of
customers, clients, other
stakeholders and shareholders,
place in us every day. That trust
is earned by consistently
delivering to the highest
standard, investing in our
culture, and supporting our
people to thrive at work.”
controls and strict ethical standards.
The Barclays Way also includes advice and
guidance on speaking up and raising
concerns. It is important for the success of
Barclays, and for the safety and wellbeing of
our customers, clients and colleagues, that
we encourage a culture that supports
speaking up when things aren’t as they
should be. All colleagues are required to
undertake training on The Barclays Way.
We know that our success is measured not
only by our commercial performance, but
also by our contribution to society and the
way we work together for a better financial
future for all our stakeholders. We are
focused on the areas where we can have the
greatest long-term impact: investing in our
communities; managing the environmental
and social impacts of our business; and
working with our customers, clients and
communities as they navigate the
opportunities and challenges of the transition
to a low-carbon economy.
Employee survey results % |
"I believe that my team and I do a good job
of role modelling the Values every day"
% of colleagues completing mandatory training on The Barclays Way |
100%
| The Barclays Way Code of Conduct is available at: home.barclays/citizenship/the- way-we-do-business/code-of-conduct/ |
Strategy | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements | Barclays PLC Annual Report 2025 on Form 20-F | 172 | ||
Other Governance (continued)
Whistleblowing
We support a culture where colleagues feel safe to speak up.
At Barclays, we are committed to fostering a
culture where colleagues feel safe and
empowered to speak up. We strive to
provide a respectful and inclusive
environment, encouraging all colleagues to
raise concerns about actions or behaviours
that do not align with our Values.
According to the Autumn 2025 Your View
survey, 81% of global respondents agreed
that it is 'safe to speak up' at Barclays.
Colleagues are encouraged to speak up
directly to their management, Compliance,
HR or Legal. For those who may not feel
comfortable using these channels, the
Raising Concerns process offers an
alternative, ensuring every concern is
carefully assessed and referred to the most
appropriate team for review and, where
appropriate, investigation. All concerns are
taken seriously, managed with sensitivity
and confidentiality, and information about
reporting channels is available both
internally and externally.
One key avenue via which concerns are
reviewed is the whistleblowing programme,
which is highlighted to colleagues globally
through annual mandatory training, via our
colleague intranet page and through
communications and awareness sessions.
Whistleblowing relates to concerns that are
in the wider public interest, including
breaches of policy, law, regulation, or any
behaviour that could harm the Group’s
reputation or financial wellbeing.
Concerns assessed by Raising Concerns as
whistleblowing are directed to a dedicated,
impartial team within the Compliance
function. All whistleblowing concerns are
taken seriously, and robust controls are in
place to protect the confidentiality and
identity of whistleblowers. Barclays
1. Breach of controls, process or other |
maintains a zero-tolerance approach to
retaliation against whistleblowers or anyone
providing information as part of an
2. Retaliation |
investigation. Any act of retaliation may
result in disciplinary action, up to and
including dismissal.
3. Breach of policy |
In 2025, the whistleblowing team received a
total of 56 (2024:
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Filing: 20-F - BARCLAYS PLC (BCS,BCLYF)
Accession Number: 0000312069-26-000004