213800LBQA1Y9L22JB70 2023-01-01 2023-12-31 iso4217:GBP 213800LBQA1Y9L22JB70 2022-01-01 2022-12-31 213800LBQA1Y9L22JB70 2021-01-01 2021-12-31 iso4217:GBP xbrli:shares 213800LBQA1Y9L22JB70 2023-12-31 213800LBQA1Y9L22JB70 2022-12-31 213800LBQA1Y9L22JB70 2022-12-31 bcs:IssuedCapitalAndSharePremiumMember 213800LBQA1Y9L22JB70 2022-12-31 ifrs-full:OtherEquityInterestMember 213800LBQA1Y9L22JB70 2022-12-31 ifrs-full:OtherReservesMember 213800LBQA1Y9L22JB70 2022-12-31 ifrs-full:RetainedEarningsMember 213800LBQA1Y9L22JB70 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800LBQA1Y9L22JB70 2022-12-31 ifrs-full:NoncontrollingInterestsMember 213800LBQA1Y9L22JB70 2023-01-01 2023-12-31 ifrs-full:OtherEquityInterestMember 213800LBQA1Y9L22JB70 2023-01-01 2023-12-31 ifrs-full:RetainedEarningsMember 213800LBQA1Y9L22JB70 2023-01-01 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800LBQA1Y9L22JB70 2023-01-01 2023-12-31 ifrs-full:NoncontrollingInterestsMember 213800LBQA1Y9L22JB70 2023-01-01 2023-12-31 ifrs-full:OtherReservesMember 213800LBQA1Y9L22JB70 2023-01-01 2023-12-31 bcs:IssuedCapitalAndSharePremiumMember 213800LBQA1Y9L22JB70 2023-12-31 bcs:IssuedCapitalAndSharePremiumMember 213800LBQA1Y9L22JB70 2023-12-31 ifrs-full:OtherEquityInterestMember 213800LBQA1Y9L22JB70 2023-12-31 ifrs-full:OtherReservesMember 213800LBQA1Y9L22JB70 2023-12-31 ifrs-full:RetainedEarningsMember 213800LBQA1Y9L22JB70 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800LBQA1Y9L22JB70 2023-12-31 ifrs-full:NoncontrollingInterestsMember 213800LBQA1Y9L22JB70 2021-12-31 bcs:IssuedCapitalAndSharePremiumMember 213800LBQA1Y9L22JB70 2021-12-31 ifrs-full:OtherEquityInterestMember 213800LBQA1Y9L22JB70 2021-12-31 ifrs-full:OtherReservesMember 213800LBQA1Y9L22JB70 2021-12-31 ifrs-full:RetainedEarningsMember 213800LBQA1Y9L22JB70 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800LBQA1Y9L22JB70 2021-12-31 ifrs-full:NoncontrollingInterestsMember 213800LBQA1Y9L22JB70 2021-12-31 213800LBQA1Y9L22JB70 2022-01-01 2022-12-31 ifrs-full:OtherEquityInterestMember 213800LBQA1Y9L22JB70 2022-01-01 2022-12-31 ifrs-full:RetainedEarningsMember 213800LBQA1Y9L22JB70 2022-01-01 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800LBQA1Y9L22JB70 2022-01-01 2022-12-31 ifrs-full:NoncontrollingInterestsMember 213800LBQA1Y9L22JB70 2022-01-01 2022-12-31 ifrs-full:OtherReservesMember 213800LBQA1Y9L22JB70 2022-01-01 2022-12-31 bcs:IssuedCapitalAndSharePremiumMember 213800LBQA1Y9L22JB70 2020-12-31

Creating positive outcomes for our stakeholders |  |
| Our Purpose | Working together for a better financial future |
| Our Vision | The UK-centred leader in global finance A comprehensive and pre-eminent UK consumer, corporate, wealth and private banking franchise The leading non-US based investment bank A strong, specialist US consumer bank |
| Our Values | Respect We harness the power of diversity and inclusion in our business, trust those we work with, and value everyone’s contribution | Integrity We operate with honesty, courage, transparency and fairness in all we do | Service We act with empathy and humility, putting the people and businesses we serve at the centre of what we do | Excellence We set high standards for what we do, championing innovation and using our energy, expertise and resources to make a positive difference | Stewardship We prize sustainability, and are passionate about leaving things better than we found them |

|  | Customers and clients |  |  |  | Colleagues |  |  |  | Society |  |  |  | Investors |  |

Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 01
Welcome to Barclays

Working together for
a better financial future
Note:
1 Excluding the impact of Q423 structural cost actions.
Barclays supports individuals and small businesses
through our consumer banking services, and larger
businesses and institutions through our corporate and
investment banking services. Barclays is diversified by
business, geography and income type.

|  | Financial headlines |  |
|  | £6.6bn 1 Profit before tax (PBT) | 32.4p 1 Earnings per share (EPS) | 10.6%1 Return on tangible equity (RoTE) |  |
|  | Customers and clients |  |  |  | Colleagues |  |
|  | 7.3m personal customers who Barclays helped to open a new savings account or grow their deposits with us (2023) |  |  |  | 86% of colleagues would recommend Barclays as a great place to work (2023) |  |
|  | Society |  |  |  | Investors |  |
|  | 3.27m people upskilled by Barclays (2023) |  |  |  | 37% increase in announced 2023 capital distribution versus 2022 |  |

Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 02
The Group at a glance

Parts 1, 2 and 3 of Barclays PLC 2023 Annual Report together comprise Barclays PLC’s annual accounts and report for the purposes of Section 423 of the Companies Act 2006. Please note that throughout the document, graphical representation of component parts may not sum due to rounding. Strategic report The Barclays PLC Strategic report 2023 was approved by the Board of Directors on 19 February 2024 and signed on its behalf by the Chairman. The Strategic report 2023 is not the Group’s statutory accounts. It does not contain the full text of the Directors’ report, and it does not contain sufficient information to allow as full an understanding of the results and state of affairs of the Group and of its policies and arrangements concerning Directors’ remuneration as would be provided by the full Annual Report 2023. |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Inside Part 1 Strategic report |  |  | Our stakeholders | 23 |  | Inside Part 2 |  |  | Inside Part 3 |  |
|  |  |  | Customers and clients | 24 |  | Climate and sustainability report | 59 |  | Governance | 140 |
|  | Welcome to Barclays | 1 |  | Colleagues | 27 |  | Risks and opportunities | 66 |  | Board governance | 144 |
|  | The Group at a glance | 2 |  | Society | 30 |  | Implementing our climate strategy | 72 |  | Directors’ report | 145 |
|  | In this year's report | 3 |  | Investors | 34 |  |  |  | Remuneration report | 191 |
|  | Chairman’s introduction | 4 |  | Additional disclosure | 37 |  | Resilience of our strategy | 130 |  | Other governance | 230 |
|  | Chief Executive’s review | 7 |  | Section 172(1) statement | 38 |  |  |  |  | Risk review | 254 |
|  | Our business model | 10 |  | Non-financial and sustainability information statement | 40 |  |  |  |  | Risk review contents | 255 |
|  | Our strategy | 11 |  |  |  |  |  |  | Risk management | 256 |
|  | Our business environment | 12 |  | Task Force on Climate-related financial disclosure statement of compliance | 48 |  |  |  |  | Material existing and emerging risks | 258 |
|  | Our plan and targets | 13 |  |  |  |  |  |  |  |
|  | Our new divisional structure | 14 |  |  |  |  |  |  | Principal risk management | 272 |
|  | 2023 divisional review | 15 |  | ESG Ratings and Benchmarks | 49 |  |  |  |  | Risk performance | 284 |
|  | About Barclays | 16 |  | ESG-related reporting and disclosures | 50 |  |  |  | Supervision and regulation | 363 |
|  | Barclays UK | 17 |  |  |  |  |  |  | Financial review | 373 |
|  | Barclays International: Corporate and Investment Bank | 19 |  | Managing risk | 51 |  |  |  |  | Key performance indicators | 374 |
|  |  |  | Viability statement | 54 |  |  |  |  | Consolidated summary income statement | 376 |
|  | Barclays International: Consumer, Cards and Payments | 21 |  | Shareholder information | 56 |  |  |  |  |  |
|  |  |  | Important information | 58 |  | 23 Our stakeholders |  |  | Income statement commentary |  |
|  |  |  |  |  |  |  |  |  | Consolidated summary balance sheet | 378 |
|  |  |  |  |  |  |  |  |  | Balance sheet commentary |  |
|  |  |  |  | 15 2023 divisional review |  |  |  |  |  | Analysis of results by business | 380 |
|  |  |  |  |  |  |  |  |  | Non-IFRS performance measures | 387 |
|  |  |  |  |  |  |  |  |  |  | Financial statements | 394 |
|  |  |  |  |  |  |  |  |  |  |  | Financial statements contents | 395 |
|  |  |  |  |  |  |  |  |  |  |  | Consolidated financial statements | 413 |
|  |  |  |  |  |  |  |  |  |  |  | Notes to the financial statements | 421 |
|  |  | 11 Our strategy |  |  |  |  |  |  |  |  |  |  |

Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 03
In this year’s report

Working together
for a better
financial future
Our strong and stable franchise has enabled us to remain
resilient and continue to support our customers, clients
and communities through an unpredictable external
environment. We will continue to work together for a
better financial future for all our stakeholders.
“The UK has been Barclays'
home for over 300 years
and as such we play
an active part in its
economic success.”
Nigel Higgins
Chairman
Banks and the banking system should at all times
strive for a high degree of stability and reliability,
reflecting their resilience, continuity of service to
customers and clients, and the essential
mechanics they perform for national and global
economies. The premium for stability and
reliability, and the challenge of achieving both,
rise in difficult times. The essence of our
message to you this year is that Barclays is well
on the journey to a more sustainable, and
satisfactory performance, but has more to do
and a plan to do it.
That the global background is unpredictable is
obvious and volatility is now the backdrop to our
world, where we seek so many things with only
partial success – continuing economic growth,
predictable courses for inflation and interest
rates, settled patterns of global trade, stability
within and between nations.
2023 started with fairly uniform and downbeat
economic and equity market expectations. On
both counts, however, the intervening twelve
months surprised on the positive side, but not
without considerable stress being experienced
by households and businesses, triggered by
inflation and rising interest rates. It is testimony
to the resilience of the economic system that
this occurred but is sobering to note how wrong
so much of the predictive commentary could be.
As a global bank we must pay close heed to shifts
in the external environment and reverberations
for our stakeholders. Banks vary enormously, by
geography and by individual firm, in terms of how
they respond to changes in interest rates and the
interest rate curve. After years of negligible
interest rates, banks have to find the right
balance between higher rates for borrowers,
which improve profitability, and sometimes
conflicting consumer and political expectations;
this is not an easy balance to strike.

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 04
Chairman’s introduction

| Facts and figures |
| 32.4p 1 Earnings per share 2022:30.8p |
| 8.0p Dividend 2022: 7.25p |
| £3.0bn Total capital return in relation to 2023 2022: £2.1bn |
| $67.8 bn Sustainable and transition financing facilitated towards the target of $1trn by 2030 |

In this environment, Barclays has maintained
strong liquidity and operated towards the top of
its target range for capital throughout 2023. With
a profitable business model we delivered a
Return on Tangible Equity for 2023 of 10.6%1,
enabling capital distributions of c. £3.0bn. These
capital returns mean that since 2019 we have
returne d c.£9bn in dividends and buybacks to our
shareholders, representing a share count
reduction of 13%. Our management team has
brought stability to earnings, delivering
consistent underlying returns above 10% since
2021, whilst continuing to oversee significant
improvements in the operations of the bank as
part of our ambition to achieve a standard of
being consistently excellent in all that Barclays
does. This has been a very material endeavour
and Venkat gives more detail about our renewed
operational rigour in his letter.
However, both the Board and management team
are acutely aware that our returns should be
higher, and our valuation is far from where it
should be. Our focus since the global financial
crisis has been to rebuild and stabilise the bank. In
a world of constrained capital and human
resource, the bank has prioritised its operational
and financial resilience, including significant
investments in the technology stack. This has
included a considerable shrinkage of geographic
footprint and a focus on those businesses where
we believe we can be successful.
We have also reinforced the talent and
infrastructure of the Investment Bank, in Markets
and Banking in particular, given that these are
scale-dependent businesses and are central to
the diversified returns strategy we pursue. The
consumer businesses of Barclays have received
less consistent and focused investment.
The challenges of performance and valuation are
linked but distinct. In addressing the challenges
and regulatory requirements of the post-
financial crisis world Barclays has become overly
complex and cost-heavy. It is not always the case
that more resources and extra processes make a
financial institution safer or more resilient.
Complexity can lead to accountability or
responsibility being unclear at times, and to
unnecessary cost; being simpler is often safer,
and more cost efficient. In other words, how we
operate is as important as the shape of the
business model. There are a small number of
business lines which we plan to exit in 2024, but
these are not particularly material to the
performance challenge. The big task is to
execute Venkat's ambition to be consistently
excellent. The simplification of processes and
the streamlining of management layers in the
bank are fundamental to this. This process is well
underway and it lay behind the decision to take a
significant fourth quarter restructuring charge
last year.
The valuation challenge is obviously less directly
under our control. The Board’s view remains that
the diversified returns strategy which we pursue
is the right one. However, it brings business
complexities, and there is a scarcity of
comparable banks in Europe.
Our commitment to the Investment Bank
remains strong, and its priority over the next few
years, having reached overall scale, is to become
more capital efficient and thus profitable, in part
through improved prioritisation around activities
and clients. The cost structure also requires
some work. Given this, we do not envisage
needing to add materially to the capital deployed
in the Investment Bank. At the same time we will
step up investment in the consumer businesses
of Barclays on both sides of the Atlantic.
As a result, we expect the allocation of capital
within the bank to shift, with Markets and Banking
coming to represent a rather lower proportion of
RWAs over coming years. We think that this
balance, as long as it is reinforced by continuing
returns at the appropriate level, should improve
investor sentiment towards this business.
Secondly, we continue the journey to make sure
that investors have more confidence in where
and how we make money. Our disclosures
around risk and profitability have improved
markedly over the last few years and we remain
committed to doing more. The new divisional
reporting arrangement will help here, including
being transparent about those areas of the
business where profitability improvement is most
needed.
In his letter to shareholders Venkat sets out in
more detail his vision for Barclays, including new
financial targets, and a clear plan to achieve
them.

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 05
Chairman’s introduction (continued)

Note:
1 Excluding the impact of Q423 structural cost actions.
This path to a simpler, better and more balanced
bank is not just based on the work around
Barclays’ shape, strategy and financial
performance. It is also intimately tied to our
expression of Purpose, which we have also
decided to streamline to emphasise the way in
which we need to operate. ‘Working together for
a better financial future’ expresses our drive to
deliver high quality products and services which
help to improve livelihoods for customers and
clients, helping them with the finance and advice
to innovate, invest and grow. And for our
communities, it is about using our scale and
capabilities to fulfil potential. It is also clear that a
greater focus on the consumer and on the UK as
a whole are crucial here.
During 2023, we continued to make progress to
meet our ambition of being a net zero bank by
2050. Capital is critical for a successful energy
transition and we are targeting our financing and
resources to energy companies committed to
decarbonise and investing to enable the
transition in the real economy. I am pleased to
report that in 2023 we financed $67.8 bn of
Sustainable and Transition Financing,
contributing towards our target of $1trn by the
end of 2030.
In addition, earlier in February we published a
revised energy policy to progress our climate
strategy, with a commitment not to directly
finance energy companies' new oil and gas
projects, consistent with the IEA NZE scenario,
and setting clear expectations of transition
strategies and decarbonisation requirements for
our clie nts. This policy change is an important
lever for reducing our financed emissions as we
continue towards aligning our financing portfolio
to the goals of the Paris Agreement.
As you read this report you will also find powerful
testimonies as to how Barclays is supporting our
communities, including in our UK home market.
In 2023 we marked the ten year anniversary of
Barclays’ LifeSkills programme, which has helped
millions of people transform their futures
through its employability tools and learning
resources.
Our partnerships with sport are another
meaningful demonstration of how we can
support the development of vital skills and
confidence which are critical to the future
success of our communities. Building on our
comprehensive sponsorship of girls’ and
women’s football since 2019, in 2023 we debuted
as the Official Banking Partner of Wimbledon,
integrating it with our existing programmes to
support employability and skills, our focus on
sustainability, and connecting clients, customers
and communities.
The UK has been Barclays’ home for over
300 years and as such we play an active part in its
economic success. Against a backdrop of
constrained public finances, high inflation and
interest rates, we recognise the increasing
imperative for financial institutions to play a
prominent role in fostering sustainable economic
growth. We have continued to do just that
through 2023, from our growing network of
Barclays Eagle Labs supporting entrepreneurship,
to our close participation in public policy
consideration of how the UK’s capital markets
can be bolstered to unlock business growth.
The various threads of our performance I have
recounted are only made possible by the
steadfast dedication and hard work of
colleagues. On behalf of the Board I would like to
thank all of them for their ongoing commitment
to serve our stakeholders, and to deliver Barclays’
success.
I am also grateful to all of my Board colleagues for
their contributions this last year. We welcomed
Marc Moses to our Board in January 2023 and Sir
John Kingman to our Board and as Chair of
Barclays Bank UK PLC in June 2023. Both bring a
deep experience of financial services. Julia
Wilson, who joined the Board in 2021, took over
as Chair of the Audit Committee in April 2023
and you can read her letter to shareholders on
page 166. I would also like to reiterate my thanks
to Mike Ashley and Crawford Gillies who retired
from the Board during 2023, having supported
Barclays through a period of considerable change
during their tenure.
I look forward to discussing Barclays’
performance in 2023 and plans for the year
ahead at our Annual General Meeting on
Thursday 9 May 2024 in Glasgow, which is the
home of our net zero campus and base for over
5,000 colleagues. The meeting will take place at
the Scottish Events Campus, Armadillo, Glasgow
and shareholders will be invited to participate in
person or online.
2024 will be notable as we renew our focus on
delivering high quality products and service to our
customers and clients, and on improving our
returns to investors.
Nigel Higgins
Chairman

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 06
Chairman’s introduction (continued)

Our ambition to
be the UK-centred
leader in global
finance
Over the last decade we have made good progress
building strong customer franchises in the UK and US,
alongside the leading markets and banking business
outside the US. We have also strengthened the bank
financially, and improved our returns. From these strong
foundations, we have a vision for the shape of a better
run, more strongly performing and higher returning
Barclays.
Introduction
During this year, as in the previous one, we have
seen increasing political and economic tensions
around the world. Resurging nationalism is
precipitating global decoupling, reversing the
ratcheting integration of preceding decades. The
effects are reflected in increasingly restrictive
trade policies, subsidies, mistrust even among
allies, and the resurgence of real conflict.
This riskier market, economic and political
environment has several important implications
for a global financial institution like Barclays.
Notwithstanding global fragmentation, investors
continue to need access to world markets. We
have to provide this while managing the relatively
higher risk of doing so. In the last decade,
Barclays has largely curtailed or entirely shut
retail operations in Africa, India and Europe.
Our footprint today, operating in London and
New York, and across major global financial
centres, positions us well for this increasingly
polarising world.
Perhaps most relevantly, our home in London,
remains one of the leading capital market centres.
Our progress and performance
We have built a strong position in the UK market,
the product of more than three centuries of
commitment, with c.20 million personal customers.
In the last two decades, we have also built a growing
customer franchise in the US, working in
partnership with prominent US brands like Gap Inc.
and American Airlines, through which we serve c.20
million credit card customers. In parallel, we have
established the leading international markets and
banking business headquartered outside the US.
Barclays Investment Bank has forged a global
reputation for sophisticated execution and risk
management, and is at a scale which competes
directly with US peers. In Global Markets we are Top
3 in Credit and Fixed Income Financing 1, while in
Investment Banking we continue to maintain a 6th
position globally 2. We led on a number of prominent
deals through 2023, including Arm’s IPO – the
largest to price since 2021.
Notes:
1 Coalition Greenwich Competitor Analytics, 1H23 Global Results.
Analysis based on the following banks: Barclays, BofA Securities,
BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman
Sachs, J.P. Morgan, Morgan Stanley, UBS. Analysis is based on
Barclays’ internal revenue numbers and business structure.
2 Dealogic for the period covering 1 January 2023 to
31 December 2023.

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 07
Chief Executive’s review

“By being Simpler,
Better and More
balanced, we can deliver
greater shareholder
value by 2026.”
C. S. Venkatakrishnan
Group Chief Executive

| Facts and figures |
| £25.4bn Total income 2022: £25.0bn |
| £6.6bn Profit before tax 1 2022: £7.0bn |
| 10.6% Return on tangible equity 1 2022: 11.6% |
| 13.8% CET1 capital 2022: 13.9% |

As we have built our multinational footprint, we
have also strengthened Barclays financially, and
improved our returns. Over the last decade we
increased our capitalisation from 10% to nearly
14% CET1, against a backdrop of accelerating
digital transformation, an evolving regulatory
landscape including Basel III, and significant
economic and geopolitical disruption.
Since 2021, we have delivered consistent
underlying returns above 10%, through an
uncertain operating environment. This strength
and resiliency has enabled us to return c.£9bn in
dividends and buybacks to our shareholders
since 2019, and since 2021 we have distributed
33% of our market cap. With respect to 2023 we
have announced c. £3.0bn in dividends and
buybacks, an increase of 37% on 2022.
We continued to deliver well in 2023, despite the
mixed macroeconomic backdrop. Our income
was £25.4bn, our CIR was 63% - in line with our
target - and our RoTE was 10.6%, excluding the
structural cost charge taken in Q4 2023. We
generated a PBT of £6.6bn, and EPS of 32.4p.
Our Vision
I have considerable ambition for Barclays. Simply
put, I want us to be the UK-centred leader in
global finance. At our core we will have a
comprehensive and pre-eminent UK consumer,
corporate, wealth and private banking franchise,
complemented by a strong, specialist US
consumer bank. Alongside both will be the
leading non-US based Investment Bank.
I want Barclays to be renowned for excellent
operational performance, strong product
delivery, highly satisfied customers and clients,
and robust liquidity, capital and risk management.
The outcome of which is a strongly returning,
highly valued global bank, centred in the UK,
producing higher levels of total shareholder
returns.
Achieving our objective
We are building from the strong foundations I set
out earlier, but we know this is not reflected in our
shareholder experience. We have spent time
examining the path we are on, and the direction
we will take going forward, as we know we need to
do better. I believe Barclays is capable of
delivering further value for our shareholders.
We need to continue to improve our operational
and financial performance, and improve total
shareholder returns. To do so, over the next three
years we aim to make Barclays Simpler, Better
and More balanced.
We will manage the bank along five focused
business lines, each with ambition of scale and
high returns. This will reduce the complexity of
our reporting, and improve the accountability and
transparency of each individual businesses
performance.
Our UK ring-fenced consumer bank – Barclays UK
(BUK) – today delivers consistently high returns,
has entrenched scale, with full presence across
products and clients. We will aim to establish a
leadership position in the UK, ever-improving our
customer propositions and service. Our emphasis
is on regaining share within credit cards and
unsecured lending, and delivering greater
operational and cost efficiency. We aim to reduce
our CIR from 58% in 2023 to c.50% in 2026.
We will split out Consumer, Cards and Payments
(CCP) into three, separately reported businesses:
Barclays US Consumer Bank, Barclays UK
Corporate Bank and Barclays Private Bank &
Wealth Management.
Barclays US Consumer Bank (USCB), is a s pecialist
partnership credit card provider in the US, with a
market leading position in Travel and Airlines.
Notwithstanding the lower RoTE in 2023 which is
explained on page 21 of the Annual Report, we
aim to be a partner of choice for America’s leading
brands, particularly in Retail, achieving an ever-
more diversified portfolio of blue-chip clients.
We will continue to invest in a scalable digital
platform to increase operating efficiency, and
sophisticated capital management techniques to
enhance risk-adjusted returns.
We will also seek to build further on our strengths
in Barclays UK Corporate Bank, which has a long
and successful history of fostering enterprise in
the UK. We have relationships with 25% of UK
corporates 2, and see more than two in five of the
UK’s credit and debit card transactions. We aim
to build on this strength, expanding our share in
lending, and modernising our systems to
improve self-service capabilities.
Barclays Private Bank and Wealth Management
represents a significant opportunity to
strengthen our retail and mass affluent franchise,
linked to our strong consumer franchise and
complementing our UK-centred Private Bank.
We will offer robust financial management tools,
priced fairly, managed transparently, constructed
simply and delivered efficiently, in order for our
clients to grow wealth responsibly at each stage
of their personal financial journeys.
Barclays Investment Bank today is the leading
non-US based international markets and
investment banking business 3. It is at scale, with
deep client relationships and a global reputation
for sophistication in execution and risk
management.
Note:
1 Excluding the impact of Q423 structural cost actions and the Over-
issuance of Securities in the prior year.
2 Relationships from which we generate >£500 income per annum
from our existing product set from companies (not legal entities) with
annual income of >£6.5m across UK Corporate and Corporate within
the Investment Bank.
3 #6 Global Markets and Investment Banking. Global Markets rank
based on Barclays’ calculations using Peer reported financials. Top 10
Peers includes Barclays and; US Peers: Bank of America, Citi,
Goldman Sachs, JP. Morgan, Morgan Stanley. European Peers: BNP
Paribas, Credit Suisse, Deutsche Bank, UBS. Investment Banking rank
based on Dealogic as at 31 December 2023.

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Chief Executive’s review (continued)

We aim to consolidate our position, broadening
and deepening client relationships, monetising our
investments in technology and capital, and driving
stronger returns. To support this journey, we have
moved the International Corporate Banking
business into Investment Banking.
Operating our bank, and each of our businesses,
extremely well is fundamental to improving and
de-risking our financial outcomes. We will
continue to drive operational and process
efficiency across the group, by streamlining our
workforce, simplifying decision making,
upgrading legacy system architecture, and
accelerating the pace of delivery. This will deliver
improved cost income ratios across every
business, even as we invest to drive better
returns and improve resilience.
I am also clear we must manage the bank in a
consistently excellent way, to avoid unexpected
and unnecessary losses from operational errors
and give continued confidence to our
stakeholders. We have implemented a group-
wide culture programme – Consistently Excellent
– establishing a very high operating standard for
the firm, and targeting best-in-class service
across the group. We are making progress
advancing this high standard across the bank as
numerous examples throughout this Report will
attest, but we have more to do as we aim to
make it the essence of Barclays.
Financially, we will increase the allocation of
capital to higher-returning businesses. Over the
next three years we will deliver a more evenly
balanced allocation of RWAs, with more capital
deployed to our highest returning consumer
businesses, which attract higher investor
multiples.
Note:
1 This multiyear plan is subject to supervisory and Board approval,
anticipated financial performance and our published CET1 range
of 13%-14%.
RWAs in Barclays UK, Barclays UK Corporate
Bank and Barclays Private Bank and Wealth
Management will increase by around 4% points
as a proportion of total RWAs.
By no means is this to diminish the importance of
our Investment Bank; rather, it is to place our
consumer and corporate businesses on a
similarly strong footing.
Over the medium-term this will rebalance
Barclays RWAs across our consumer and
wholesale businesses, to support more
consistent and higher returns.
By being Simpler, Better and More balanced, we
can deliver greater shareholder value by 2026.
Our new financial framework includes a target to
generate a Return on Tangible Equity of greater
than 12% by that time, and to return at least £10
billion to shareholders via a mix of dividends and
buybacks 1.
Shaping Barclays for the future
The business, operational and financial goals
which we have outlined are an important part of
success, but they are not all of it. In the
increasingly multi-polar world we described at
the outset, we must choose what we want to be
and where.
This year signifies our strengthened
commitment to the UK. The UK economy
continues to prove relatively resilient to global
shifts and, as a UK headquartered bank, we are
deeply rooted in our domestic market. With a
renewed focus on businesses in which we can be
successful, and a re-emphasis on delivering
excellent customer service, we can build on our
valuable brand and capture even more
opportunity in our home market.
Conclusion
Our commitment to, and deep roots in, the UK
have shaped our vision. As part of this resolve, we
are purposefully engaged in initiatives to advance
UK prosperity, from levelling-up essential life
skills for 3.27 million people during 2023, to
supporting ambitious start-ups and scale-ups
across the UK.
At the heart of the activity and ambition which I
have detailed throughout this letter are our
colleagues. Our success is driven by their hard
work and dedication and to support our
customers, clients and communities. I am
pleased to note that Barclays is ranked as
Number 1 on LinkedIn’s 2023 UK Top Companies
list for the third year in a row, demonstrating that
we have built an organisation of mutual respect
and appreciation, and one in which our
colleagues have opportunities to thrive.
2024 will be a crucial year for Barclays. To change
the way we operate and achieve sustainable
success will take strenuous effort, relentless
focus and time. I am confident that our clear plan
will achieve these objectives, and take us to new
heights.
Thank you.
C. S. Venkatakrishnan
Group Chief Executive

Our Priorities
| Simpler Simpler business Simpler organisation Simpler operations |
| Better Better returns Better investments Better quality income Better customer experience and outcomes |
| More balanced More balanced allocation of RWAs More balanced geographical footprint |

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Chief Executive’s introduction (continued)

+ | Read more about our priorities on Page 13

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. |
|  |  | Our people, Purpose, Values and Mindset Our people are our organisation. We deliver success through a purpose-driven and inclusive 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 deep technology and infrastructure capabilities drive customer experiences and support strong resiliency. |
|  |  | Operations and governance Our risk management, governance and controls help ensure customer and client outcomes are delivered in the right way. |

| to serve the financial needs of our diversified customer base... |  |
| Due to our wide range of products and services across markets, we define ourselves as a ‘universal bank’. |
| Moving We facilitate transactions and move money around the world. |
| Lending We lend to customers and clients to support their needs. |
| Connecting We connect companies seeking funding with the financial markets. |
| Protecting We ensure the assets of our clients and customers are safe. |
| Investing and advising We help our customers and clients invest assets to drive growth. |

| delivering value through synergies... |  |
| We bring our organisation together to create synergies and deliver greater value. |
| Providing customers and clients with the full range of our products and services. |
| Applying Group-wide technology–platforms to deliver better products and services. |
| Joining up different parts of the Group so capabilities in one can benefit another. |
| Making the Group more efficient. |

|  | providing clear outcomes for our stakeholders. |  |
|  | Our diversified model provides the resilience and consistency needed for the road ahead. |  |
|  | Customers and clients Supporting our customers and clients to achieve their goals with our products and services. |  |
|  | Colleagues Helping our colleagues across the world develop as professionals. |  |
|  | Society Providing support to our communities, and access to social and environmental financing to address societal need. |  |
|  | Investors Delivering attractive and sustainable shareholder returns on a foundation of a strong balance sheet. |  |

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Our business model

Our strategy |  |  |
|  |  | Within this section we review Barclays in the current environment, provide an overview of core strengths and capabilities of the business, and set out our vision and strategy to drive improved performance. |
|  |  | Our business environment |
|  |  | Our plans and targets |
|  |  | Our new divisional structure |

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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.

We regularly review our operating environment for emerging trends and adapt to address them. In 2021, we called out three long-term trends and continue to make good progress addressing these, as you will find detailed throughout the report:
The impact of technology on consumer products and services
The role of capital markets as the principal drivers of global growth
The transition of the global economy towards a low-carbon economy
Recently, we have adjusted our strategy and operating model to reflect changes in the environment we operate in, and evolving demands from our customers, clients, regulators and shareholders.

Context: We actively navigate risk and uncertainty, and are vigilant to deliver for our customers, clients, and shareholders in any environment. |

| Primary considerations |  |  |  | Further considerations |
|  |  |  |  |  |  |  | Climate: • Energy transition • More extreme climate cycles Technology: • Generative AI, and related impact from regulators and cybersecurity • FinTech adoption Regulatory: • Basel 3 endgame, and related regulated responses from countries including effects of AIRB regulations in the US |
|  | Geopolitical • Elections in over 70 countries during 2024 • Conflict in Ukraine and Middle East • US-China relations |  |  |  |  |  |
|  | Macroeconomic • Economic uncertainty: higher inflation and interest rates • Higher systemic risk and volatility |  |  |  |  |  |  |  |  |

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Our business environment

Delivering our three-year plan |  | We have a clear plan to improve our operational and financial performance, and improve total shareholder returns. To do so, over the next three years we will make Barclays Simpler, Better and More balanced.

| 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 an excellent operational performance, highly satisfied customers and clients, strong liquidity, capital and risk management, and predictable, attractive shareholder returns. Building on our strong foundations, we have a clear plan to achieve these objectives and deliver further value for shareholders by 2026. Over the next three years we will make Barclays Simpler, Better and More balanced. |  |  |  |
| Simpler | Better | More balanced |
| Simpler business • Five focused businesses Simpler organisation • Reduce organisational complexity • Simplify decision making Simpler operations • Continue to upgrade legacy technology • Further uplift operational controls | Better returns • Improve performance across all our businesses Better investments • Investments in cost efficiency, and revenue and growth protection Better quality income • Diverse sources of income to support growth • Grow proportion of income from stable revenue streams Better customer experience and outcomes • Improve platform resilience and expanded offerings • Deliver best-in-class customer and client experience | More balanced allocation of RWA • Capital allocation to our highest returning businesses • Barclays Investment Bank c.50% of Group RWA by 2026 More balanced geographical footprint • Focus growth in our home market • Leverage our UK brand |

2026 targets | Return on tangible equity >12% | Total payout 2024-2026 at least £10bn¹ | Investment Bank RWAs c.50% of Group |  | Supporting targets | Income c.£30bn | Cost:income ratio High 50s% | Loan Loss Rate (LLR)
| 50-60bps | through the cycle
2024 targets | Return on tangible equity >10% (c.10.5% excluding inorganic activity) | Group net interest income excluding Barclays Investment Bank and Head Office c.£10.7bn |  | Supporting targets | Barclays UK net interest income c. £6.1bn 2 | Cost:income ratio c.63% | Loan Loss Rate (LLR)
| 50-60bps | through the cycle
Continue to target a 13-14% CET1 ratio range

Note:
1 This multiyear plan is subject to supervisory and Board approval, anticipated financial performance and our published CET1 range of 13%-14%.
2 This excludes the impact of Tesco Bank acquisition, which is expected to generate annualised NII of c.£400m in the first year post completion.

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Our plan and targets

+ | Read more about our updated strategy at: home.barclays/strategy

Reporting the business through five divisions |  | From Q1 2024, our reporting will reflect five new clear divisions. This will reduce the complexity of our reporting, and improve the accountability and transparency of performance.

| Barclays UK |  | • Long-established scale player with trusted brand • Strong franchise deposit base (c.20m personal banking customers and c.1m business banking customers) • Well-performing lending book (c.5m credit card accounts) • Long-term RoTE track record |  | Aims • Establish a leadership position in the UK • Focus on improving customer service propositions • Deliver greater operational and cost efficiency |  |
| Barclays UK Corporate Bank |  | • Deep and enduring franchise delivered across the UK through >50 offices • Award-winning expertise with an 18-year average client relationship and a >10% growth in clients vs 2021 • Strong and resilient deposit base |  | Aims • Expand our share in lending • Modernise systems • Deliver more functionality to clients |  |
| Barclays Private Bank & Wealth Management |  | • One of the largest bank-led Private Bank and Wealth Management businesses in the UK, now able to support clients across the full wealth continuum • International business aligned to our Investment Bank presence, focused on Ultra High Net Worth and High Net Worth clients |  | Aims • Strengthen our highly competitive UK wealth offering • Become the leading UK-centred Private Bank |  |
| Barclays Investment Bank |  | • At scale, focused Global Markets and Investment Banking franchises • Leading non-US Investment Bank 1 • Diversified, stable income with deep relationships with our largest clients • Strong risk and capital discipline |  | Aims • Consolidate globally competitive Markets and Investment Banking businesses • Reallocate RWAs towards higher returning businesses and opportunities • Monetise investments in technology and capital • Broaden and deepen client relationships |  |
| Barclays US Consumer Bank |  | • 20+ years of expertise in US cards with deep partnership card experience • #9 US card issuer 2 | #6 in US partner market 2 • 20 client partners | c.20m customers • Prime book with average FICO >750 • Synergies with Barclays Investment Bank |  | Aims • Be a partner of choice for America’s leading brands, particularly in Retail • Increase operating efficiency and enhance risk-adjusted return • Continue investment in a scalable digital platform |  |

Notes:
1 #6 Global Markets and Investment Banking. Global Markets rank based on Barclays’ calculations using Peer reported financials. Top 10 Peers includes Barclays, Bank of America, Citi, Goldman Sachs, JP. Morgan,
Morgan Stanley, BNP Paribas, Credit Suisse, Deutsche Bank, and UBS. Investment Banking rank based on Dealogic as at 31 December 2023.
2 Based on End Net Receivables. Source: Gate One, as at Q323.

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Our strategy (continued)

2023 RWA allocation
Barclays UK 21% Barclays UK Corporate Bank 6% Barclays Private Bank & Wealth Management 2% Barclays US Consumer Bank 7% Head Office 6%
Barclays Investment Bank 58%
Targeting a more balanced allocation in 2026
Non-Investment Bank businesses
Barclays Investment Bank c.50%

2023 divisional review |
|  |  | Our reporting for 2023 divisional review on the following pages is based on our reporting divisions in place during, and as at the end of 2023, and therefore exclude changes to our operating structure as detailed in our 2023 Results Announcement. |
|  |  | Barclays UK |
|  |  | Barclays International – Corporate and Investment Bank |
|  |  | Barclays International – Consumer, Cards and Payments |

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A strong and stable universal bank |  | During 2023, Barclays operated as two operating businesses, Barclays UK and Barclays International, supported by our service company, Barclays Execution Services. The following pages narrate the performance of these divisions during the year. |  | As part of the 2023 Results Announcement, Barclays announced a revised operating structure to deliver value to stakeholders. The summary view of the new structure can be seen on page 14, and further detail of the 2023 Results Announcement, including revised divisional financials can be found at: home.barclays/investorrelations

| Barclays UK |  | Barclays International |
|  |  |  | £2.9 bn PBT | £73.5 bn RWAs | 19.2% RoTE |  |  |  |  |  | £4.6 bn PBT | £259.1 bn RWAs | 8.2% RoTE |  |  |
|  |  |  | Barclays UK consists of our UK Personal Banking, UK Business Banking and Barclaycard Consumer UK businesses. These businesses are carried on by our UK ring- fenced bank (Barclays Bank UK PLC) and certain other entities within the Barclays Group. |  |  |  |  |  |  | Barclays International consists of our Corporate and Investment Bank and Consumer, Cards and Payments businesses. These businesses operate within our non ring-fenced bank (Barclays Bank PLC) and its subsidiaries, and certain other entities within the Group. |  |  |
|  |  |  | UK retail and business banking |  |  |  |  |  |  | Corporate and Investment Bank |  |  | Consumer, Cards and Payments |  |  |
| Barclays Execution Services |
|  | Barclays Execution Services (BX) is the Group-wide service company providing technology, operations and functional services to businesses across the Group. |  |

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About Barclays

+ | Read more: page 17

+ | Read more: page 21

+ | Read more: page 19

|  | Barclays UK |
| Barclays UK consists of our UK personal banking, UK business banking and Barclaycard Consumer UK businesses. |
|  | Focus areas • Offering banking services that meet the needs of today’s and tomorrow’s customers and clients, making money work for them. • Pursuing digital innovation and helping colleagues focus on value-adding customer interactions. • Making our customers’ communities better tomorrow than they are today, and seeking out opportunities for an inclusive and sustainable future. |  | Business description • UK Personal Banking offers retail solutions to help customers with their day-to-day banking needs. • UK Business Banking serves business clients, from high-growth start-ups to SMEs, with specialist advice. • Barclaycard Consumer UK is a leading credit card provider, offering flexible borrowing and payment solutions while delivering a leading customer experience. |  |

Year in review
Barclays UK has been customer-focused and
community-based for 333 years. In 2023 we focused
on strengthening our customer and client
propositions and improving our execution. Our strong
franchise and valuable brand are reflected in our
financial performance, with Barclays UK delivering a
RoTE of 19.2%. Notwithstanding these results, and
our progress over the course of 2023 to refine and
enhance our customer service, we know we have
more to do.
During 2023, cost of living pressures and the rising
interest rate environment continued to impact our
customers in the UK. In response we enhanced the
tools and information available to customers via our
Money Management Hub – helping them better
understand their spending and the steps they can take
to improve their financial wellbeing. We also launched
our Money 1:1 service, offering customers a
personalised financial coaching session with a specially
trained Barclays Money Mentor.
T o boost customers’ long-term financial resilience we
provided options to switch to interest-only mortgages
for six months and extensions of their mortgage term
where appropriate. Additionally, we helped over
103,000 new customers get on or move up the
housing ladder during 2023 – including 33,000 first-
time buyers. We also proactively contacted 1.2 million
customers to let them know they could earn more
interest by moving to a different savings product. For
our business clients, we ran more than 900 Business
Health Pledge masterclasses during 2023.
As part of our customer-centricity we remained
focused on improving our customer experience,
combining the best of digital with the human touch.
The transformation of our physical service model
means we are able to provide in-person support in our
communities, while serving our customers more
sustainably. In 2023 we expanded Barclays Local by
more than 159 new sites and now have
351 sites in total – in addition to 306 branches and 16
mobile service points (vans). We are also participating
in innovative new Shared Banking Hubs.
Improving existing propositions and adding
innovative new ones are important ways we
continue to drive growth in Barclays UK. To this end,
in 2023 we completed the acquisition of Kensington
Mortgage Company – an award-winning mortgage
lender 1 known for its strong support of specialist
customer groups and the intermediary market.
Our Savings strategy is to help customers develop
smart savings habits while supporting those already
saving to make their money work harder. We offer
personal customers interest rates of up to 5%, with
our flexible products designed to help customers
achieve their goals. For example, customers can
segregate money from current accounts to develop
savings habits, while Barclays Blue customers are
rewarded with a higher rate in the months they have
no withdrawals.
In parallel, we continue to make good progress to
ensure digital banking with Barclays is smooth,
easy and rewarding – including by improving the
navigation and functionality of our app. As a
consequence, active app customers increased
5% year on year in 2023. Across all our channels,
over 80% of our customer transactions are now
digitally enabled – up from 76% in 2022. While we
will continue to help customers recognise and
embrace the ease and convenience of our digital
capabilities, our focus moving forward will shift to
improving the depth and quality of engagement
from customers already actively using them.
To further strengthen our customer propositions we
also launched Visa Cashback Rewards, giving Barclays
Blue customers cash back on their everyday spending.
Our progress to improve the customer
experience in 2023 is reflected in Barclays UK’s
improved Net Promoter Score, which increased
by six points versus 2022. We recognise there is
still more to do to improve our customer
propositions and execution, and we will remain
focused on doing so.

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Barclays UK

| Measuring where we are |
| £7.6 bn Income 2022: £7.3bn | £2.9 bn Profit before tax 2022: £2.6bn |
| £4.4 bn Operating expenses 2022: £4.3bn | 19.2% Return on tangible equity 2022:18.7% |

Our focus on making communities better
tomorrow than they are today is reflected in our
growing network of Barclays Eagle Labs. Our
37 business incubators across the UK – which
include nine new locations added in 2023 – are
part of our ambition to be a bank where
entrepreneurs start, scale and achieve their
growth ambitions. In 2023 Eagle Labs supported
over 4,500 businesses, while Barclays UK more
broadly supported over 47,000 new start-up or
scale-up customers – including Climate Tech
start-ups working on innovative technology to
deliver a more sustainable future. We were also
entrusted by the UK Government with a £12m
Digital Growth Grant to further support the
growth of UK tech start-ups and scale-ups over
the next two years. The Grant will help deliver
20 national programmes and more than
8,000 business interventions, including our
Sustainability Bridge programme, to enable
ambitious entrepreneurs.
Another key way we support customers is through
our focus on sustainability. T his year we expanded
and improved sustainability-related propositions for
customers, including a new Green Barclayloan for
Business that offers no arrangement fees for lending
above £25,000 on a range of green assets –
supporting our business customers in their transition
to net zero. We also expanded our existing Asset
Finance proposition via our partner Propel 2, offering
business customers fixed rates on a wider range of
green assets, including new fully electric vehicles and
solar photovoltaic panels. A dditionally, we extended
our Greener Home Reward scheme, which offers a
cash reward of up to £2,000 for eligible residential
mortgage customers who install eligible energy-
efficiency-related measures in their homes.3
N ote:
1 In 2023 Kensington Mortgage Company won 'Best Specialist Mortgage
Lender' at both the What Mortgage and Your Mortgage Awards. It was also
named 'Best Intermediary Lender' at the Personal Finance Awards and
'Best Online Mortgage Provider' at the Moneyfacts Awards.
2 Further detail can be found at barclays.co.uk/business-banking/borrow/
asset-finance/
3 Further detail can be found at barclays.co.uk/mortgages/greener-home-
reward/

|  |  |  |  |  |  | Kensington Mortgages In March 2023 Barclays bolstered its support for the UK mortgage market by purchasing Kensington Mortgages, the UK’s leading residential specialist mortgage lender. Kensington Mortgages brings over 25 years’ experience of providing innovative and flexible mortgage products, serving fast- growing customer groups including the newly self-employed, contract workers, borrowers with multiple sources of income, and those with a weaker credit history. This acquisition broadens our existing mortgage product range and further enhances our product capabilities. |
|  |  | “We are creating more opportunities for our customers to connect with us outside of the traditional branch, putting us at the heart of local communities." |  |  |
| Shared Banking Hubs To reflect the shift in demand away from traditional bank branches – and the need to improve efficiency for those who still require in-person services – Barclays has participated in the creation of innovative new Shared Banking Hubs. These are physical spaces, similar to a traditional bank branch but shared between customers of any high street bank. The Hubs consist of a counter service operated by Post Office colleagues, where customers can withdraw and deposit cash, make bill payments and carry out regular banking transactions, in addition to private spaces for financial conversations. Over 100 Hubs have been announced by Cash Access UK in locations across the UK, helping Barclays UK provide our services in a better and more efficient way while serving our communities. |  |  |  |  |  |
|  |  | Melanie Tweddle, Everyday Customer Care |  |  |  |

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Barclays UK (continued)

| Barclays International: Corporate and Investment Bank |
| The Corporate and Investment Bank helps money managers, financial institutions, governments, supranational organisations and corporate clients manage their funding, investing, financing, and strategic and risk management needs. |
| Focus areas • Leveraging the Power of One Barclays¹ to deliver world-class service for clients. • Capitalising on our top-tier Global Markets franchise, focusing on areas of excellence across our diversified business model. • Capturing opportunities in our global, scaled Investment Bank franchise. Note: 1. The Power of One Barclays is about colleagues uniting across businesses to put our clients' needs first. By working as a cohesive unit - collaborating, sharing expertise and information - we can deliver the best outcomes for our clients. |  | Business description • Global Markets offers clients a full range of liquidity, risk management and financing solutions, as well as ideas and content tailored to their investing and risk management needs - coupled with execution capabilities - across the spectrum of financial products. • Investment Banking provides clients with strategic advice on mergers and acquisitions (M&A), corporate finance and financial risk management solutions, as well as equity and debt issuance services. • Corporate Banking provides working capital, transaction banking (including trade and payments), and lending for multinational, large and medium corporates, and for financial institutions. |

Year in review
In 2023 we experienced a challenging market and
wallet environment, characterised by inflation,
macroeconomic uncertainty and heightened
geopolitical tensions. These conditions contributed
to subdued primary market activity, as reflected in
the 16% year-on- year decline in the global
investment banking walle t 1.
Against this backdrop, the Corporate and
Investment Bank (CIB) delivered a 8.4% RoTE (2022:
10.2%). Our resilient CIB performance reflects the
benefits of our income diversification, the strength
of our client relationships, and close collaboration
across Investment Banking, Corporate Banking and
Global Markets.
In Investment Banking, we continued to deliver for
our clients through rigorous focus, consistent
execution and a strong solutions mindset. We
ranked sixth globally in 2023 2, and in the UK we
topped the investment banking league table - in
fees earned - for the first time in six years 3.
Additionally, we continue to excel in areas of
traditional strength, such as Debt Capital Markets
where we rank fifth globally 2, and we are successfully
expanding in priority areas such as Equity Capital
Markets, where our share grew by 70bps.
Among the year's highlights, Barclays was proud
to serve as Joint Global Coordinator and Billing &
Delivery Agent on Arm’s IPO. Please see the
facing case study for further information.
In Global Markets, we continue to be a leading
provider of liquidity to institutional clients around
the world, helping them find opportunities and
manage risk. Our clients recognised Barclays for
our level of service amid continued market volatility
as we were named Interest Rate Derivatives House
of the Year by Risk magazine, as well as Credit
Derivatives and Equity House of the Year by IFR.
Note
1 Dealogic Bankin g wallet as at December 31st 2023 for the period covering
2022 to 2023.
2 Dealogic for the period covering 1 January 2023 to 31 December 2023.
3 Data from Dealogic, UK Investment Bank revenue by bank, full year 2023.

| Arm IPO In 2023 Barclays helped British semiconductor design company Arm become a publicly listed company through an Initial Public Offering (IPO) on the Nasdaq stock exchange. Barclays acted as Joint Global Coordinator and Billing & Delivery Agent on the IPO. The US $5.2bn offering is the largest IPO to price in 2023. This transaction demonstrates the power of our Investment Banking and Global Markets businesses working together to deliver outstanding outcomes for our clients. This resulted from focused and consistent client coverage from across the entirety of our franchise - from ECM to Global Markets - and with teams from across Asia, the UK, and the US. It also reflects the value in building multi-year relationships with top clients. Barclays has had a relationship with Softbank for 18 years, over which we have executed numerous transactions. |

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Corporate and Investment Bank

| Measuring where we are |
| £12.6 bn Income 2022: £ 13.4 bn | £4.1 bn Profit before tax 2022: £ 4.3 bn |
| £8.5 bn Operating expenses 2022: £8.9 bn | 8.4% Return on tangible equity 2022:10.2% |

We continued to grow share of wallet with our
Global Markets top 100 clients. Income from our
top 100 clients is up 5% year on year, despite
lower client activity in markets across the
industry. Additionally, client market share data for
the first half of 2023 indicates our Global Markets
business now ranks fifth globally (up from sixth)
with institutional clients 1.
Our focus remains on delivering sustainable
through-the-cycle returns and we have the
breadth of capabilities across Fixed Income and
Equities, combined with a top tier Financing
business, to deliver on this. We continued to
make progress against some of our key strategic
initiatives, which offset compressed financing
spreads and a weaker environment for
intermediation. In parallel, we continued to grow
our financing capabilities to deliver more stable,
higher returning income.
Over the past five years our ranking in Prime
Services has moved up from 7 rank to joint
5 rank, complementing our existing strength in
Fixed Income Financing where we ranked joint
1 for 2023 2.
Our Research team provides industry-leading
analysis and investment advice for our
institutional clients. For the second year in a row,
Barclays ranked Top 3 for Fixed Income
Research 3 in Institutional Investor Research 2023
rankings - and Top 5 in European Equity
Research 3 for the first time - underscoring the
value clients and investors place on our
differentiated content.
The CIB continues to play a fundamental role in
Barclays’ commitment to invest in the transition
to a low-carbon economy. This includes delivery
towards the Group target to facilitate $1tn of
Sustainable and Transition Financing by the end
of 2030, providing green, sustainable and
transition products and services that will support
our clients and the global economy to accelerate
the transition to net zero.
In addition, we continue to invest thoughtfully in
our talent to meet client demands and deliver the
best service. In early 2024 we announced the
formation of a new Energy Transition Group to
support our ambition to be a leading adviser and
financier to clients as they transition to a low-
carbon future.
In Corporate Banking, revenues grew off the back
of elevated deposits income which continued to
benefit from a strong net interest margin, and
increased deposit balances from clients. We
continued to make progress expanding our
international capabilities, building out our
Corporate Banking businesses in the US and
Europe, alongside strengthening our digital
capabilities globally to provide our clients with
seamless access to our transaction banking
product set.
Note:
1 Based on Barclays analysis using internal and external sources.
2 Coalition Greenwich Competitor Analytics, 1H23 Global Results.
Analysis based on the following banks: Barclays, BoA, BNP, CITI,
CS, DB, GS, JPM, MS and UBS. Analysis is based on Barclays'
internal revenue numbers and business structure.
3 institutionalinvestor.com/section/research

“Our clients have bold visions for the future. Through a deep understanding of their needs, and by utilising our full capabilities across the CIB, we have helped them achieve their goals at pace.” |  |  |
|  | Nextracker’s IPO and first Follow-on Offering Nextracker, a leading provider of intelligent, integrated solar tracker and software solutions for utility-scale and distributed generation projects, partnered with Barclays’ investment banking teams to successfully raise $734m through its IPO in February 2023 and $662m through its first Follow-on Offering in July 2023. As Joint Lead Book-Running Manager on the IPO and first Follow-on Offering, Barclays’ Equity Capital Markets and what is now known as the Energy Transition Group worked closely with Nextracker’s management, advising on the structure, marketing and execution of both deals. The deals highlight the strength of Barclays’ Equity Capital Markets and Energy Transition Group franchises and further Barclays’ leadership in the renewable energy industry. |
Dan Grabos, Co-Head, Americas M&A |  |  |

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 20
Corporate and Investment Bank (continued)

+ | See here for further information: cib.barclays/investment-banking/ financing-the-future-of-solar-energy-with-nextrackers-ipo.html

| Barclays International: Consumer, Cards and Payments |
| The Consumer, Cards and Payments division of Barclays International comprises our International Cards and Consumer Bank, Private Bank and Wealth Management, Barclaycard Payments and Consumer Bank Europe businesses. |
| Focus areas • Developing new financial products and capabilities to reflect growing trends, to drive growth in our strategic home and international markets. • Creating an enhanced digital customer experience to build a more efficient business. • Broadening relationships with existing partners, pursuing new partnerships, and building capabilities to offer new financing solutions across all markets. |  | Business description • Our US Consumer Bank offers co-branded and private-label credit cards, online retail deposits products, personal loans and instalment payments. • Private Bank and Wealth Management provides UK and International clients with access to the full spectrum of wealth and private banking services. • Barclaycard Payments provides a unified experience for making and receiving payments in-store and online. • Consumer Bank Europe offers own- branded and co-branded credit cards, online loans, electronic Point of Sale (ePOS) financing and deposits. |  |

f
Year in review
Consumer, Cards and Payments (CC&P)
delivered a RoTE of 6.7% (2022: 10.0%). Our
performance was driven by the impact of higher
impairment charges, partially offset by
deepening client relationships and market share
in growth businesses, alongside continued digital
innovation to enhance propositions and services.
The strength of our client relationships is
reflected in the performance of our US
Consumer Bank (USCB), where income is up 24%
year on year – driven by our leading position as
the c ard of choice in the travel & a irlines sector 1.
Building on the success of our partnership with
Gap Inc., we announced a new partnership with
Breeze Airways to issue its first consumer credit
card programme. In addition, USCB launched a
new partnership with Microsoft and Mastercard
to issue Xbox’s first co-branded credit card in the
US. USCB’s retail deposits have grown 14% year
on year, reflecting excellent competitive
positioning, brand strength, and the broadening
of our partner base.
Continued investment in and focus on,
enhancing digital propositions played an
important role across our specialist businesses.
In USCB, mobile app enhancements – including
enabling facial biometrics ID as part of app
authentication – helped boost the Android app
star rating to 4.7 out of 5 in 2023, up from 4 in
2022.
As further testament of improvements to our
digital platform, our USCB Digital tNPS – a newly
tracked metric for USCB measuring customer
experience at the digital journey level – increased
from 59.8 in 2022 to a full year average of 61.3 in
2023.
In parallel, we have remained focused on
enhancing our product capabilities. In the first
half of 2023 we launched the new JetBlue
programme, a complete redesign to align with
the airlines' new loyalty programme.
Subsequently, we were recognised by J.D.
Powe r 1 for the JetBlue Plus Card, issued by
Barclays, which ranked the highest among co-
branded airline credit cards - demonstrating the
value it offers customers.
The successful integration of Private Bank and
Wealth Management in 2023 is helping build our
advantage in reach and specialist capability.
Combined income for 2023 is £1.2bn, alongside
Client Assets and Liabilities of £74.1bn and
invested assets of £108.8bn. Alongside the
integration there has been an ongoing focus on
enhancing the client experience, reflected in the
launch of the Wealth Hub to 1.2 million Premier
customers in Barclays UK, and providing UK
Private Bank clients with an enhanced service
experience.
Similarly, in Barclaycard Payments we saw a 29%
year-on-year increase in digital logins and a
corresponding 10% reduction in customers
using our call centres, supporting our increased
efficiency. This momentum reflects the
introduction of new digital features – including
the launch of Smartpay Anywhere and Smartpay
Fuse, enabling small business customers to take
online payments as part of a seamless
experience.
Note:
1 ir.jetblue.com/news/news-details/2023/JetBlue-Plus-Card-
Issued-by-Barclays-Earns-J.D.-Power-Award-For-Ranking-
Number-One-Among-Airline-Co-Branded-Credit-Cards/
default.aspx

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Consumer, Cards and Payments

| Measuring where we are |
| £5.3 bn Income 2022: £4.5bn | £0.5 bn Profit before tax 2022: £0.7bn |
| £3.3 bn Operating expenses 2022: £3.1bn | 6.7% Return on tangible equity 2022: 10.0% |

We continued to build our client portfolio, signing
new business deals in 2023 with prominent
brands including department store Fenwick and
plumbing and heating specialist Wolseley.
Barclaycard Payments and Barclays Corporate
Banking were chosen by Fenwick to provide a
range of banking and payment services to
support the growth and digitisation of the
business – testament to the breadth of our
business services, collaboration, and digital
capabilities.
Consumer Bank Europ e delivered a strong
performance, growing its deposit book 206%
year on year, driven by our continued focus on
enhancing the customer experience. We
launched the in-app call facility to significantly
improve the efficiency and speed of customer
service. We also continued to be a leading
provider of consumer finance through our credit
cards and personal loans business.

| Xbox |  |  |
| Barclays US Consumer Bank further diversified its credit card portfolio with the launch of the Xbox Mastercard, Microsoft’s first co-branded card in the US. Using research and insights, the credit card product was custom-built to provide the Xbox community with an immersive digital experience across the entire customer journey – from applying through the Xbox console and web, to earning and redeeming their card rewards, and personalising their card with their gamertag on one of five iconic Xbox-inspired designs. |  | Created with customer- and client-centricity in mind, the card aims to heighten enjoyment for Xbox players while deepening their loyalty and enhancing engagement with one of the world’s most recognised brands. It is currently available for Xbox Insiders in 50 US states through Microsoft digital channels including xbox.com. |  |  |
|  |  |  | ”We have continued our focus on customers' and clients’ experience, listening to their feedback to prioritise enhancements in our digital servicing channels.”
|  |  | Private Bank and Wealth integration On 1 May 2023 Barclays completed the transfer of its UK Wealth Management & Investments business to sit alongside the Private Bank. The transition of 300,000 clients and 1,000 colleagues has created one of the largest bank-owned Private Bank and Wealth Management businesses in the UK. The combined business, Barclays Private Bank and Wealth Management, provides UK clients with access to the full spectrum of wealth and private banking services while opening up access to the broader key markets and wealth corridors where Barclays provides Private Banking in Europe, the Middle East, Asia and Africa. The integration will enable us to grow our client relationships in the UK and further develop our reputation as a trusted choice for Private Bank clients in selected international markets. |  |
|  |  |  | Mike Robinson, Head of Customer, USCB

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Consumer, Cards and Payments (continued)

Our stakeholders |  |  |
|  |  | In this section we cover how we listen and respond to our stakeholders, and create sustainable value for all those we serve. |
|  |  | Customers and clients |
|  |  | Colleagues |
|  |  | Society |
|  |  | Investors |
|  |  | The KPIs featured throughout this section are used to monitor our performance and progress – they are also linked directly to Executive Director remuneration. Further detail can be found in the Remuneration report on page 191 |

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 23

|  | Customers and clients |
|  | We aim to build trust and loyalty by offering innovative products and services with an excellent customer and client experience. We seek to understand our customers’ and clients’ expectations and aspirations, and develop products and services to support them – especially during difficult economic conditions. |
|  |  | Where to find out more: |  |
|  |  | + | Please visit our ESG resources hub for further information: home.barclays/sustainability/esg-resource- hub/reporting and disclosures/ |  |  |

Engaging with customers
and clien ts
Barclays is committed to serving our customers'
and clients' best interests. To do so we regularly
engage them, building our understanding of their
evolving needs and enabling us to adapt our
products and services accordingly. We engage in
a wide variety of ways, including running regular
surveys, analysing customer complaints, direct
interaction and drawing on data from millions of
individual transactions.
Our engagement is most significant with respect
to our large retail presence in the UK, where we
offer a wide range of products and services to
approximately 20 million customers through
Barclays UK.
Barclays UK runs on average eight panels per
month for Personal, Premier and Business
customers and clients to share their views on our
products and services, and on their own financial
health. These panels provide regular insights to
bring us closer to our customers, and to inform
our design principles and the transformation of
our customer journeys.
As described in the Barclays UK section of this
report on page 17, inflation has been a dominant
theme for customers during 2023 and we have
adapted and enhanced our products and services
to better serve them in response. One example is
our Barclays Money Worries Hub 1, which was
launched to bring together the resources and
advice our customers told us they needed in
challenging economic times. This is in addition to
our specific mortgages and personal savings
initiatives also detailed on page 244.
More broadly, Barclays UK collected over
1.4 million pieces of customer feedback in 2023.
Customers told us they wanted their experiences
with Barclays to feel more personal, as well as
showing continued demand for increased
convenience and functionality of the Barclays app.
In response we have introduced new design
principles to ensure every new or updated
customer experience feels personalised, and
have continued to develop the capabilities of our
app. Our work to ensure a seamless digital
experience for customers is one of the reasons
we have more active digital users than any other
UK bank 2.
While we continue to make progress addressing
the volume of Barclays UK customer complaints,
we recognise there is still more work to do to
improve the overall customer experience and
address and remove the root causes of customer
complaints. This focus is at the core of our new
vision and strategy as we work towards improving
our propositions and execution in our consumer
businesses, in order to deliver best-in-class
service and ensure we have highly-satisfied retail
customers.
Customer and client feedback in Barclays US
Consumer Bank has recently highlighted positive
experiences with our specialists and customer
agents, while areas for suggested improvement
include making it even easier for customers and
clients to interact with us. We are using this
feedback to help prioritise improvements, for
example simplifying the digital customer journey
and reducing the need to contact our call centres
as detailed on page 242.

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Customers and clients

In the Corporate and Investment Bank, reflecting
on engagement with and feedback from our
clients, we continued to build the expertise,
knowledge and capabilities they are looking for.
We strengthened partnerships across business
lines to deliver a more integrated set of solutions
and services to global clients, and growing client
mindshare.
Supporting customers and clients
Our aim at Barclays is to offer an accessible,
empathetic and inclusive service for our
customers, including for those who may typically
face barriers to accessing banking services –
such as people living with disabilities, complex
needs or experiencing difficult life events.
During the course of 2023 we delivered a number
of key measures to support the financial
resilience of our customers against a challenging
economic backdrop, including reaching out via
SMS to 1.4 million customers to offer a free
conversation about cost of living-related
financial worries. In addition, we seek to support
vulnerable customers and provide responsible
and inclusive banking in an extensive range of
ways.
Note:
1 barclays.co.uk/money-management/
2 The #1 for digital users score is from Curinos - eB enchmarkers
Analyser and internal analysis. and is from their April 2023 report .
* In Barclays UK, the Performance Framework through its design
and approach encapsulates the Consumer Duty and looks to
mitigate the risk of inappropriate practices. It provides guidance
on Performance Management to promote the right culture to
deliver good customer outcomes, supports colleague
development and drives sustainable commercial performance.

| Fraud and scams A key way we support the financial resilience of vulnerable customers is through our focus on fraud and scams. While overall rates of fraud and scams continue to rise across the sector, Barclays has one of the lowest scam rates and highest reimbursement rates in the industry, due to our investment in robust security systems and commitment to educating customers¹. Our fraud detection systems can determine in less than a second if a payment is likely to be a fraudster rather than a customer, and we continue to invest in security features that protect against fraud and scams – including ‘App ID’, which allows customers to verify they are speaking to a Barclays colleague. We are also part of the ‘Do not originate’ scheme, a partnership with the telecommunications industry, UK Finance and Ofcom to prevent customer phone numbers from being spoofed. Fraud can only be stopped through cross- sector collaboration. Barclays is a founding member of Stop Scams UK, a group made up of banks, telecoms and tech firms. |
| Note: 1 PSR report, October 2023, .psr.org.uk/information-for- consumers/app-fraud-performance-data/ |

| Consumer Duty The new Consumer Duty marks the beginning of a step-change in UK consumer regulation, requiring firms to act to deliver good outcomes for retail customers – a principle underpinning Barclays’ ambition of being a consistently excellent organisation delivering best-in-class service for customers and clients. We have undertaken significant work to implement the Duty across the Group, and continue to embed this throughout the organisation. We continue to use and enhance data and insights to ensure our strategy, products and services for retail customers deliver the intended outcomes, with a focus on meeting the needs of people with vulnerable characteristics. For example, drawing on data and insights from our Rainy Day Saver product, we contacted over 1.2 million customers to advise them that alternative products may offer a better interest rate for balances over £5,000. |

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 25
Customers and clients (continued)

+ | You can found out more about Barclays’ policy views here: home.barclays/news/press-releases/2023/08/eight- in-ten-brits-feel-unsafe-on-social-media-due-to- scammers/

| Barclays UK Net Promoter Score (NPS) |

2023
2022
2021

| 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. |
| How we performed NPS for Barclays UK has improved through 2023 to +17. Personal Customers with Blue or Premier accounts feel more positive about their experience, although a decline in Business Banking NPS means rebuilding and deepening relationships with clients is high on our forward agenda. Barclaycard NPS has also increased through 2023. |

| Barclays UK complaints excluding PPI (% movement year on year) |

2023
2022
2021

| 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 We are striving for highly satisfied customers and recognise that better service is a key lever. However, complaint volumes increased during 2023, driven by specific issues encountered by customers and rising levels of fraud and scams experienced across industry. A rigorous plan is in place to address these issues and to reduce the reasons for customers to complain, including a focus on improving our propositions and execution to deliver best-in-class service. |

| Consumer, cards and payments US customer digital engagement* (%) |

2023 | 2022 | 2021

| About this KPI and why we use it Digital engagement assesses our digital value proposition and user experience. We measure usage over a 90-day period as a percentage of total active customers, reflecting the general health of the digital experience and allowing us to uncover any issues we may need to address. |
| How we performed Overall, our customer digital engagement improved year-on-year by 190bps, excluding Gap Inc. customers who display lower digital activity. The improvement reflects the introduction of new and enhanced digital engagement features and technology advancements. |
|  | Note: * Excluding Gap Inc. customers.

| Corporate and Investment Bank revenue ranks and market shares (%, #) |

2023

#6

2022

#6

2021

#6

n | Global Markets revenue ranking and share
n | Dealogic Investment Banking global fee ranking and share demonstrating our performance vs peers.

| 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 group 1 clearly and transparently. |
| How we performed In 2023 we maintained our rank of sixth across the Investment Bank in both Global Markets and Investment Banking, despite challenging market conditions and suppressed dealmaking. |
| Note: 1 Global Markets rank based on Barclays' calculations using Peer reported financials. Top 10 peer group includes Barclays and US peers: BoA, BNP, CITI, CS, DB, GS, JPM, MS and UBS. Where any of the peer group has not published results by the time we report, we use the consensus estimate for their quarterly performance. |

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 26
Customers and clients (continued)
Customers and clients – our KPIs

+ | See page 191 for details on Executive Director remuneration linked to these KPIs

|  | Colleagues |
|  | Our colleagues are connected by a shared Purpose, Values and Mindset, and commitment to delivering to a consistently excellent standard. We strive to make Barclays a great place to work, empower colleagues to attain sustainable high performance and deliver strong results for stakeholders |
|  |  | Where to find out more: |  |

Engaging with colleagues
Barclays has a diverse talent pool of around
90,000 colleagues across the world. We engage
in regular dialogue with our colleagues to
understand what is working well and where there
are opportunities to improve. This includes
townhalls, skip-level meetings, site visits, leader-
led engagement and surveys. We maintain an
engagement approach in line with the UK's
Financial Reporting Council (FRC) governance
recommendations.
Our regular all-colleague Your View surveys give
individuals the opportunity to share their views
on how they find working at Barclays. This year’s
survey generally shows improvement to our
scores: Engagement increased +2ppt to 86%,
alongside our highest scores to date for
Wellbeing (88%) and Inclusion (83%). In addition,
our broader Continuous Listening Strategy
includes pulse surveys deployed throughout the
employee lifecycle, capturing insights that help
us improve the colleague experience.
Maintaining a strong and effective partnership
with Unite 1, national works councils and the
Barclays Group European Forum helps us gather
feedback. We continue to consult with colleague
representatives on major change programmes
impacting our people, to minimise compulsory
job losses and focus on reskilling and
redeployment.
Achieving a consistently excellent
standard
As our CEO discusses in his letter, Barclays
continues to focus on delivering to a higher
operating standard via our Group-wide cultural
change programme, Consistently Excellent. This
programme challenges colleagues to address
five key areas – Precision, Service, Focus,
Efficiency and Diversity of thought – to establish
a new operating standard.
This higher standard is becoming part of our
culture and we are working hard to equip
everyone with the right skills to achieve this, while
rewarding progress. We have incorporated it into
our existing Values and Mindset behaviours and
as part of an enhanced set of leadership
behaviours. We also began updating our key
processes for attracting, retaining and
developing talent, planning for succession, and
recognising and rewarding performance.
To help create a common understanding across
the Group, we led Consistently Excellent
workshops throughout 2023 for our senior
leaders. In 2024, all colleagues will be invited to
attend these workshops.
Progress in embedding this new operating
standard with colleagues is reflected in the
results from our Autumn 2023 Your View survey.
89% of colleagues felt their peers “have a good
understanding of what it means to be a
consistently excellent organisation”. Further,
62% (+2ppt) of colleagues said it was “simple and
straightforward to get things done at Barclays”, a
concept in line with one of our key Consistently
Excellent focus areas, although this result shows
there is still more to be done in making Barclays
more efficient.
Investing in our talent
Our talent ambition underpins Barclays’
approach to talent attraction, retention and
development. We relaunched our ambition in
2023 to focus on the skills and capabilities we
require for the future, and set the benchmark for
what it means to lead at Barclays through our
refreshed leadership framework. Together, these
set clear behavioural expectations for our
leaders, and enable our leaders to create the
right culture for colleagues to deliver to a
consistently excellent standard.
Using this framework we aim to empower
Barclays leaders to create an environment of
psychological safety and inclusion, and to foster
a culture of learning and curiosity where
colleagues can thrive – supporting all colleagues
across Barclays to grow and progress their
careers.

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 27
Colleagues

+ | For more information on our commitment to building a diverse, equitable and inclusive workplace, see: home.barclays/who-we- are/our-strategy/diversity-and-inclusion/ For additional colleague KPIs please visit our ESG resource hub: home.barclays/sustainability/esg-resource-hub/reporting and disclosures/

To empower our colleagues to attain sustainable
high performance, we continued to deliver our
flagship leadership development programmes:
the Enterprise Leaders’ Summit, our Strategic
Leaders Programme, and our award-winning
Aspire programme.
With our Diversity, Equity and Inclusion (DEI)
agenda in mind, we continue to attract
candidates who possess the capabilities, critical
skills and experience required to provide
exceptional service to our customers and clients.
In 2023, our graduate intake was over 36%
female, while our undergraduate Discovery
Diversity Programme focused on showcasing
successful career paths for underrepresented
minorities. These hiring programmes have
helped drive applications from a diverse pool of
candidates. To further promote social mobility,
we will continue our extensive apprentice hiring
programme through engagement with
educational institutions.
Delivering on our Diversity, Equity
and Inclusion plans and ambitions
At the end of 2023, 5.1% of UK and 21% of US
colleagues were from underrepresented
ethnicities, surpassing our ambitions two years
early. We are now resetting this ambition to
achieve a further 12.5% and 5% respective
increase in the UK and the US by the end of 2025.
To hold ourselves accountable at a senior level
we have set a new ambition to increase the
number of Managing Directors from
underrepresented ethnicities by 50% – to 84 in
the UK and US combined by the end of 2025. At
the end of 2023 this was 55.
We are also progressing towards our ambition of
33% representation of women in senior
leadership roles (Managing Directors and
Directors) by the end of 2025. At the end of 2023
this was 30%Δ.
Maintaining our focus on wellbeing
In our Autumn 2023 Your View survey the
Wellbeing Index score rose to 88% favourable
(+2ppt year on year), demonstrating our
maintained focus on wellbeing.
We remain committed to supporting colleague
wellbeing using data-driven insights and
engagement through leader-led initiatives such
as the 'Healthy to Talk' campaign on World
Mental Health Day. This is supplemented by
dedicated people leader workshops exploring
practical ways to continue to embed wellbeing
into ways of working.
There are now over 47,500 colleagues registered
on our Be Well wellbeing portal – the highest
number since its launch – while our mental health
awareness eLearning has been completed by
84% of colleagues and 90% of people leaders.
Introducing structured hybrid working
Following our continuous test and learn
approach, Barclays has adapted its ways of
working to introduce structured hybrid working –
supporting colleagues to connect in-person and
plan their work to make the most of both their
time in the office and remotely.
Building connections is a vital part of our culture.
In our Autumn 2023 Your View survey, 76% of
colleagues told us that their team’s hybrid
approach enables them to deliver the best
outcomes for our colleagues, clients and
customers. We continue to monitor colleague
perceptions and may evolve our hybrid working
approach further as we gather insights and
learnings.
Our people policies
Our people policies 2 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 regularly reviewed and
updated to ensure alignment with our broader
people strategy.

| A great place to work We were delighted to receive a number of awards in 2023 in recognition of our efforts, including: • Times Graduate Employer of Choice Award – Finance category • LinkedIn Top UK Employer – for the third consecutive year • Times Top 100 Graduate Employers – Top 10 |

We are committed to paying our colleagues fairly
and appropriately relative to their role, skills,
experience and performance. This means our
remuneration policies reward performance in line
with our Purpose, Values and Mindset, and our
consistently excellent standard. We also
encourage our colleagues to benefit from
Barclays’ performance by enrolling in our
employee share ownership plans.
Companies Act Diversity Disclosure
On a Companies Act 2006 414C basis 3 as at
31 December 2023, Barclays employs 98,662
colleagues across the world (54,032 male, 44,219
female, and 411 undisclosed), including 423 senior
managers (318 male, 105 female), and 13 Board of
Directors at Barclays PLC (8 male, 5 female).

+ | Read more about our commitment to fair pay in the Remuneration report, from page 191, and in our Fair Pay Report.

Notes:
1 The collective bargaining coverage of Unite in the UK represents
80% (2022: 82%) of our UK workforce and 40% (2022: 43%) of
our global workforce.
2 Our 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.
3 Headcount basis, including colleagues on long-term leave.
Undisclosed 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, and a narrower scope than 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.
Δ 2023 data re-produced from the Barclays PLC Annual Report
where selected ESG metrics marked with the symbol △ were
subject to KPMG Independent Limited Assurance under ISAE
(UK) 3000 and ISAE 3410. Refer to the ESG Resource Hub for
further details.

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Colleagues (continued)

| Colleague engagement (%) |

2023
2022
2021

| About this KPI and why we use it Colleague engagement is derived from the responses to three questions in our all- colleague Your View survey that measure colleague advocacy, motivation and sense of personal accomplishment. 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 improved +2ppt to 86% and we saw improvements across all three of the questions that make up the engagement score. |

| Females at Managing Director and Director level (%) |

2023
2022
2021

| About this KPI and why we use it This metric is used to monitor our progress against our gender ambition of 33% females at Managing Director and Director level by the end of 2025. |
| How we performed We saw a marginal improvement since 2022. While we are making gradual long-term progress to achieve our ambition of 33% by the end of 2025, we still have more to do. |

| “I would recommend Barclays to people I know as a great place to work” (%) |

2023
2022
2021

| About this KPI and why we use it This is one of the three questions making up our colleague engagement score, specifically measuring advocacy of Barclays as an employer. In addition to being used as part of our engagement score, this question can also be used as an 'Employee Net Promoter Score' and is regularly tracked in our monthly pulse survey. |
| How we performed Colleague advocacy improved slightly year on year and is +13ppt above our pre-pandemic score of 73% in 2019 – and +5ppt above our external benchmark. |

| “I believe that my team and I do a good job of role modelling the Values every day” (%) |

2023
2022
2021

| About this KPI and why we use it 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 In 2023 we saw a +2ppt improvement year on year, which brings us in line with the previous high of 94% in 2020. |

Note
Δ 2023 data subject to independent Limited Assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and opinions can be found within the ESG Resource Hub: home.barclays/sustainability/esg-resource-hub/reporting and disclosures/

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 29
Colleagues (continued)
Colleagues – our KPIs

+ | See page 191 for details on Executive Director remuneration linked to these KPIs

33% by end 2025 |

|  | Society
|  | Our success is judged 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. Our focus on society falls broadly into three categories: Climate, Communities and Suppliers. |
|  |  | Where to find out more: |  |
|  |  | + | About the people and businesses Barclays supports through its community programmes: home.barclays/community About the Bank’s skills and employability programmes at home.barclays/lifeskills |
|  |  |  | Barclays’ climate and ESG-related data, targets and progress can be found in the Barclays Climate and Sustainability report from page 59. and within the ESG (non-financial) Data Centre within our ESG Resource hub: home.barclays/sustainability/esg- resource-hub/reporting-and-disclosures/ |  |

Climate
Barclays is committed to achieving its ambition
to be a net zero bank by 2050. We are focused on
reducing our financed emissions through our
policies, targets and financing. This includes
working with our clients as they decarbonise and
supporting their efforts to transition the real
economy in a manner that is just, orderly and
provides energy security.
We have now set 2030 reduction targets for
eight of the highest-emitting sectors in our
portfolio: Energy, Power, Cement, Steel,
Automotive manufacturing, Aviation, Agriculture
and Commercial Real Estate; and assessed the
baseline and convergence point for our UK
Housing portfolio. This meets our commitment
under the Net Zero Banking Alliance (NZBA) to
set targets for material high-emitting sectors in
our portfolio.
Note:
1 For details on the scope and application of the updated positions
please refer to the Climate Change Statement found: home.barclays/
sustainability/esg-resource-hub/statements-and-policy-positions/

| Moray West offshore wind farm In 2023 Barclays provided approximately £100 million in loans and CPI, IRS & FX hedging to support Moray West offshore wind farm, developed by Ocean Winds. Once constructed, the project is expected to provide a secure, reliable source of energy to supply the equivalent of 50% of Scotland’s domestic electricity – the same as the power needs of up to 1.33 million homes. |  |  |

Our policies are a lever for reducing our financed
emissions. In 2024, we updated our Climate
Change Statement, to include 1:
• No project finance, or other direct finance to
energy companies, for upstream oil and gas
expansion projects or related infrastructure.
• Restrictions for new energy company clients
engaged in expansion from January 2025.
• Restrictions on non-diversified energy
companies engaged in long lead expansion.
• Additional restrictions on unconventional oil
and gas, including Amazon and extra heavy oil.
• Requirements for energy companies to have
2030 methane reduction targets, a
commitment to end all routine / non-essential
venting and flaring by 2030 and near-term net
zero aligned Scope 1 and 2 targets from
January 2026.
• Expectations for energy companies to
produce relevant information in relation to
their transition plans or decarbonisation
strategies by January 2025.

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 30
Society

We understand that capital is critical for a
successful energy transition and are focusing our
financing to those clients actively engaged in the
energy transition.
The scale of our business gives us the
opportunity to help finance the energy transition
– to use our global reach, products, expertise and
position in the global economy to work with our
clients, including those in the energy sector, as
they transition to a low-carbon business model.

+ | Please see the full Climate Change Statement at: home.barclays/sustainability/esg-resource-hub/ statements-and-policy-positions/

In 2024, we also published the Barclays Transition
Finance Framework, outlining the criteria for
transactions to be included towards Barclays’
target to facilitate $1trn of Sustainable and
Transition Finance between 2023 and 2030.
In 2023, we financed $67.8bn of Sustainable and
Transition Finance, demonstrating good
momentum towards our target of $1trn by the
end of 2030.

+ | Please see page 70 of the Climate and Sustainability report for further detail on our Transition Finance Framework.

In addition, Barclays’ Sustainable Impact Capital
portfolio has a mandate to invest up to £500m of
the Bank’s own capital in sustainability-focused
start-ups by 2027, helping accelerate the
transition towards a low-carbon economy. To
date, 21 investments have been made, deploying
over £138m since 2020. Following investment,
companies are offered access to the Bank’s
wider ecosystem of support – including space at
Rise, Barclays’ FinTech hubs, where cutting-edge
start-ups and scale-ups can connect, create and
scale their businesses.
Communities
Barclays is committed to building a stronger,
more inclusive economy that is better for
everyone. We are supporting local communities
where we operate by enabling people to develop
the skills and confidence they need to succeed,
and helping businesses to grow and create jobs.
We regularly engage with our community
partners to help shape our strategy and deepen
our understanding of evolving societal issues. We
request formal quantitative and qualitative
information from our charity partners on a
quarterly basis and regularly seek feedback from
the CEOs we support through our Unreasonable
Impact programme - a partnership between
Barclays and Unreasonable Group, detailed
further on the following page.

| LifeSkills in the UK Barclays is proud of the positive impact LifeSkills has made over the past 10 years. With social inequalities continuing to rise, there is more to do to support underserved communities – which is why we are putting socio-economic inclusion at the heart of the LifeSkills programme to give more help to people who would otherwise be left behind. The focus of new investment is for people in the UK’s most underserved communities and underrepresented groups. We are working in partnership with respected charities, the education sector, the business community and Barclays' colleagues to support families, young people and young adults to thrive – now and in the future. |  |  |

Feedback and data from our community
partners, charity partners and the businesses we
support helps inform and evolve our
programmes to ensure they best meet their
needs.
Skills and employability
We believe everyone deserves the financial
independence, security and opportunity that
comes with a job – and a vibrant, skilled workforce
ensures local communities and businesses can
thrive. In 2023 our programmes reached more
than 3.27 million people around the world,
unlocking the skills and employment
opportunities people need to progress.
Barclays' LifeSkills programme has been
delivering a positive impact in UK communities
for a decade, helping millions of people develop
the vital employability and financial skills they
need to succeed at work, thrive in the digital age
and better manage their money. Through the
next chapter of our LifeSkills programme,
Barclays has committed to upskilling 8.7 million
people and placing 250,000 people into work by
the end of 2027.
In addition, Barclays’ Military and Veterans
Outreach programme provides support to service
personnel, veterans and their families to develop
the skills they need to transition to civilian life, build
careers beyond the military and grow their own
businesses. Our Digital Eagles programme, which
upskilled more than 622,000 people in 2023, is
enabling people to become more confident with
technology and stay safe online.

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 31
Society (continued)

+ | Find out more here: home.barclays/lifeskills

We also recognise the power of sport to engage
and strengthen communities. The Barclays
Community Football Fund has helped more than
2,900 community sports groups make football
more accessible to underrepresented groups,
reaching more than 400,000 young people.
In 2023, as Official Banking Partner of The
Championships, Wimbledon, Barclays made the
largest ever partner donation to the Wimbledon
Foundation 1 and connected Barclays LifeSkills to
the UK Set for Success programme and the
Barclays Net Work programme in the US.
Using sport, and through mentoring sessions
with inspirational athletes, both initiatives provide
young people from underserved communities
the opportunity to develop valuable life skills.
The UK Set for Success programme aims to
support 3,900 people in 30 regions across the UK
over the next four years.
Sustainable growth
Businesses are the engines of growth and
innovation in communities around the world,
pioneering solutions to support the transition to
a more sustainable, inclusive and just future.

| Female Founder Accelerator In 2023, through Barclays’ Eagle Labs, we launched our first Female Founder Accelerator, in partnership with AccelerateHER — supporting 40 female-led technology businesses to address the gender imbalance in the entrepreneur community. In 2024, the Female Founder Accelerator is funded by the UK Government and will support a further 100 businesses. During the nine-week programme, founders work with experts from across the entrepreneurial landscape in a series of masterclasses, with the focus on developing their business propositions further. |  |  |

Barclays is well-positioned with the capabilities,
resources and networks to support the growth of
these businesses at each stage of the lifecycle -
from idea to IPO - with a dynamic package of
innovative programming, workspaces and
investment. In 2023, more than 5,600 businesses
were supported through our programmes³.
Through our Unreasonable Impact programme, we
support high-growth entrepreneurs around the
world with the network, resources and mentorship
to address global issues and scale their businesses.
In 2023, Barclays committed to support an
additional 200 ventures through the programme by
the end of 2027. More than 300 ventures have been
supported so far, collectively raising over $11bn in
financing and employing more than 25,000 people.
Through Eagle Labs, we are also helping
entrepreneurs in UK communities who are just
starting out – giving them access to mentors, office
space and a collaborative community.
Charitable giving and investment
in our communities
Barclays supports employees to make a positive
difference to the causes that matter most
to them. In 2023, we supported more than
4,800 colleagues around the world to fundraise and
donate to their chosen charities - with a total of
£7.6m, including matching, given to more than
1,700 charities. We also supported
10,360 colleagues to donate £2m in total, with
matching, via our UK Payroll Giving programme.
Barclays supports communities directly by investing
money and skills in partnerships with respected
non-governmental organisations, charities and
social enterprises. Our investment amounted to
£49.3m in 2023 including charitable giving,
management costs and monetised work hours of
Barclays' colleagues.
Suppliers
As a global institution, we have responsibility for a
large supply chain. We engage directly with our
Suppliers - our Third Party Service Providers
(TPSPs) - to promote Diversity, Equity and Inclusion
and we are committed to trying to identify and
seeking to address the modern slavery risks in our
supply chain.
We work closely with our TPSPs and set out our
expectations in our Third Party Service Provider
Code of Conduct (TPSP CoC). The TPSP CoC
encourages our TPSPs to adopt our approach to
doing business and details our expectations for
matters including environmental management,
human rights, diversity and inclusion and also for
living the Barclays Values.

+ | Please see here for further information: home.barclays/who-we-are/our-suppliers/our-requirements- of-external-suppliers/

We aim to pay our TPSPs within clearly defined
terms and achieved 93% on-time payment to
our suppliers at the end of 2023 (93% at the end
of 2022), exceeding our public commitment of
85%². Barclays is also proud to be a signatory of
the Prompt Payment Code in the UK.
Note:
1 wimbledon.com/en_GB/news/articles/2022-11-22/
barclays_announced_as_official_banking_partner_of_the_cham
pionships_wimbledon_from_2023.html
2 We measure prompt payment globally by calculating the percentage
of TPSP spend paid within 45 days following invoice date. This
measurement applies against all invoices by value over a three month
average period.
3 5,633 businesses were supported.

| Wimbledon In 2023 Barclays launched a multi-year partnership with the All England Lawn Tennis Club as the Official Banking Partner of Wimbledon. In our first year, to accompany our partnership, we delivered an international campaign bringing in our customers, clients, colleagues and communities. • Customers benefited from perks and elevated Premier giveaways. • We showcased two of our Unreasonable Impact businesses. 80 Acres Farms, a company also supported by Barclays Sustainable Impact Capital, built a one-of- a-kind vertical strawberry farm on site, while CLUBZERØ supported us with returnable packaging. Over 6,000 Wimbledon attendees interacted with these two businesses over the course of The Championships, providing unique exposure. • Additionally, we delivered for our communities with the Wimbledon Foundation by leveraging Barclays LifeSkills to expand the UK Set for Success programme, and launched the Barclays Net Work employability programme in the US'. |

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 32
Society (continued)

+ | For further information please see here: labs.uk.barclays/ what-we-offer/our-programmes/ female-founder-accelerator/

| Operational GHG emissions (market-based) (tonnes CO 2 e) |

2023
2022
2021

| About this KPI and why we use it Barclays is working to achieve net zero operations, consistent with a 1.5°C aligned pathway, and counterbalance any residual emissions. This metric measures total gross Scope 1 and 2 (market-based) emissions generated from Barclays’ branches, offices and data centres, including all indirect emissions from electricity consumption. |
| How we performed We continued to source 100%Δ renewable electricity for our global real estate portfolio and continued to meet our 90% Scope 1 and 2 market-based emissions reduction target – reducing these emissions by 93%Δ. |

+ | See page 191 for details on Executive Director remuneration linked to these KPIs

| Social, environmental and sustainability-linked financing facilitated ($bn) |

2023
2022

| About this KPI and why we use it In 2022, we set a target of $1trn Sustainable and Transition Financing between 2023 and 2030 – encompassing green, social, transition and sustainability-linked financing, having met our previous target to facilitate £150bn of social, environmental and sustainability linked financing by 2025. |
| How we performed In the first full year of our new $1trn target by 2030, we have facilitated $67.8bn Δ, demonstrating good momentum. |

| Skills and employability: Number of people upskilled (millions) |

2023

| 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 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 This KPI is new for 2023. In 2023, our impact measurement and reporting evolved to demonstrate Barclays’ holistic impact in communities, through Barclays LifeSkills, Digital Eagles and Military and Veterans Outreach. In previous years, Barclays reported the number of people upskilled solely through LifeSkills, which for 2023 is 2.6m Δ (2022: 2.7m). From 2023, new investment through LifeSkills is focused on targeted support for people in underserved communities, resulting in a smaller number of people reached overall through our programme. |

| Sustainable growth: Number of businesses supported (thousands) |

2023

| About this KPI and why we use it Barclays is championing innovation and sustainable growth through programmes that unlock the world of finance, enabling businesses and economies to grow. The total number of businesses supported in our communities includes those engaged through Barclays’ Eagle Labs, Rise, Sustainable Impact Capital and Unreasonable Impact. |
| How we performed This KPI is new for 2023. In 2023, our impact measurement and reporting evolved to demonstrate Barclays’ holistic impact in communities. See the ‘Society' section on pages 31-32 for more information. |

| Our current estimate of our financed emissions based on our disclosed BlueTrack TM methodology |

| Portfolio |  | December 2023 |  | Cumulative performance vs. baseline |
| Energy |  | 42.5Δ MtCO 2 e (absolute emissions) |  | -44% |
| Power |  | 241Δ KgCO 2 e/MWh (physical intensity) |  | -26% |
| Cement |  | 0.573Δ tCO 2 e/t (physical intensity) |  | -8% |
| Metals (Steel) |  | 1.635Δ tCO 2 e/t (physical intensity) |  | -16% |
| Automotive manufacturing |  | 175.2Δ gCO 2 e/km (physical intensity) |  | 0% |
| UK Housing |  | 32.1Δ kgCO 2 e/m 2 (physical intensity) |  | N/A |
| UK Commercial real estate |  | 30.0Δ kgCO 2 e m 2 (physical intensity) |  | N/A |
| Agriculture |  | 2.4Δ MtCO 2 e (absolute emissions) |  | N/A |
| Aviation |  | 882Δ gCO 2 e/RTK (physical intensity) |  | N/A |

| Date baseline set: |  |
| n | December 2020 | n | December 2021
| n | December 2022 | n | December 2023

| About this KPI and why we use it We continue to assess the financed emissions across our portfolio and measure the baseline emissions we finance across sectors. Our assessment will inform our plan for target setting in the coming years and support our better understanding of the extent to which our financing aligns with a 'well below 2°C' pathway.
| How we performed During 2023 we added further sectors to our BlueTrack TM methodology, progressing towards our NZBA commitment to set science-based targets for all material high- emitting sectors (as defined by the NZBA) in our portfolio by April 2024. Our detailed analysis of our sectors and performance is contained within the Climate & Sustainability section from page 80.

Note
Δ 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and opinions can be found within the ESG Resource Hub: home.barclays/sustainability/esg-resource-hub/reporting-and-disclosures/

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 33
Society (continued)
Society - our KPIs

+ | Please see page 101 for further detail on our target.

|  | Investors |
|  | Our investor stakeholder group encompasses investors, rating agencies and other market participants with an interest in the financial performance of the Group. |
|  |  | Where to find out more: |  |
|  |  | + | Further details can be found at: home.barclays/investor-relations/ |  |  |

Engaging with investors
Through the year we maintained active
engagement with our stakeholders across a
number of themes, including capital strategy and
allocation, divisional performance and the impact
of the changing macroeconomic environment.
This bilateral engagement has helped inform our
Investor Update and our plans to deliver further
value to our shareholders and stakeholders. The
combination of our 2023 Results
Announcement, Resegmentation document,
and the Investor Update in February 2024
provide further detail on our three-year plan to
deliver higher returns, our capital allocation
priorities and revised financial targets, as well as
the updated divisional structure we will report
upon from Q1 2024.
We also engaged extensively regarding our
climate strategy, methodology, and the actions
we have taken to build a sustainable bank.
Alongside this, our engagement also covered
how we have utilised the Board and senior
management to engage with other corporates
on governance and the control environment.
Shareholder feedback on ESG demonstrated a
focus on the development of our climate
strategy and policies. In February 2024, we
updated our Climate Change Statement,
including our policies, targets and financing to
reduce financed emissions.
Our 2024 AGM will be hosted in Glasgow to
continue our wider engagement with
shareholders.
Performance during the year
Barclays delivered a Group statutory RoTE of
9.0% (2022: 10.4%) with profit before tax of
£6.6 bn (2022: £7.0bn), which included £0.9 bn of
structural costs actions in Q423. The prior year
included the impact of the Over-issuance of
Securities.
The following performance highlights exclude
the impact of the Q423 structural cost actions
and the impact of the Over-issuance of
Securities in the prior year 1.
Group RoTE of 10.6% (2022: 11.6%) with profit
before tax of £7.5bn (2022: £7.7bn)
Group income of £25.4bn, up 3% year-on-year:
Barclays UK income increased 5% to £7.6bn,
driven by net interest income growth from higher
rates, including higher structural hedge income.
Corporate and Investment Bank (CIB) income
decreased 4% to £12.6bn, driven by lower client
activity in both Global Markets and Investment
Banking, partially offset by a strong performance
in Corporate driven by Transaction Banking.
Consumer Cards and Payments (CC&P) income
increased 18% to £5.3bn reflecting higher
balances in US cards and favourability from
higher rates and client balance growth in Private
Bank.
Group total operating expenses were £16.0bn,
up 2% year-on-year. Cost: income ratio of
63%as the Group delivered positive cost: income
jaws of 1%.
Credit impairment charges were £1.9 bn (2022:
£1.2bn) with an LLR of 46 bps (2022: 30bps).
CET1 ratio of 13.8% (2022: 13.9%), with risk
weighted assets (RWAs) of £342.7 bn (December
2022: £336.5bn) and tangible net asset value per
share of 331p (December 2022: 295p).
Capital distributions: Total capital distributions of
£3.0bn announced in relation to 2023, up c.37%
on 2022, reflecting a total dividend of 8.0p and
total share buybacks of £1.75bn for 2023. This
includes our intention to initiate a further share
buyback of up to £1.0bn.
Note:
1 Page 391 includes a reconciliation of financial results excluding
the impact of Q423 structural costs actions and the Over-
issuance of Securities in 2022.

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Investors

Consolidated summary income statement
For the year ended 31 December | 2023 £m | 2022 £m
Net interest income | 12,709 | 10,572
Net fee, commission and other income | 12,669 | 14,384
Total income | 25,378 | 24,956
Operating costs | (16,714) | (14,957)
UK bank levy | (180) | (176)
Litigation and conduct | (37) | (1,597)
Total operating expenses | (16,931) | (16,730)
Other net income | (9) | 6
Profit before impairment | 8,438 | 8,232
Credit impairment (charges)/releases | (1,881) | (1,220)
Profit before tax | 6,557 | 7,012
Tax charge | (1,234) | (1,039)
Profit after tax | 5,323 | 5,973
Non-controlling interests | (64) | (45)
Other equity instrument holders | (985) | (905)
Attributable profit | 4,274 | 5,023
Selected financial statistics |  |
Basic earnings per share | 27.7p | 30.8p
Diluted earnings per share | 26.9p | 29.8p
Return on average tangible shareholders’ equity | 9.0% | 10.4%
Cost: income ratio | 67% | 67%

Consolidated summary balance sheet
As at 31 December | 2023 £m | 2022 £m
Assets |  |
Cash and balances at central banks | 224,634 | 256,351
Cash collateral and settlement balances | 108,889 | 112,597
Loans and advances at amortised cost | 399,496 | 398,779
Reverse repurchase agreements and other similar secured lending | 2,594 | 776
Trading portfolio assets | 174,605 | 133,813
Financial assets at fair value through the income statement | 206,651 | 213,568
Derivative financial instruments | 256,836 | 302,380
Financial assets at fair value through other comprehensive income | 71,836 | 65,062
Other assets | 31,946 | 30,373
Total assets | 1,477,487 | 1,513,699
Liabilities |  |
Deposits at amortised cost | 538,789 | 545,782
Cash collateral and settlement balances | 94,084 | 96,927
Repurchase agreements and other similar secured borrowings | 41,601 | 27,052
Debt securities in issue | 96,825 | 112,881
Subordinated liabilities | 10,494 | 11,423
Trading portfolio liabilities | 58,669 | 72,924
Financial liabilities designated at fair value | 297,539 | 271,637
Derivative financial instruments | 250,044 | 289,620
Other liabilities | 17,578 | 16,193
Total liabilities | 1,405,623 | 1,444,439
Equity |  |
Called up share capital and share premium | 4,288 | 4,373
Other equity instruments | 13,259 | 13,284
Other reserves | (77) | (2,192)
Retained earnings | 53,734 | 52,827
Total equity excluding non-controlling interests | 71,204 | 68,292
Non-controlling interests | 660 | 968
Total equity | 71,864 | 69,260
Total liabilities and equity | 1,477,487 | 1,513,699
Net asset value per ordinary share | 382p | 347p
Tangible net asset value per share | 331p | 295p
Number of ordinary shares of Barclays PLC (in millions) | 15,155 | 15,871
Year-end USD exchange rate | 1.28 | 1.20
Year-end EUR exchange rate | 1.15 | 1.13

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 35
Investors (continued)

| Common Equity Tier 1 (CET1) ratio 1 (%) |

2023
2022
2021

| About this KPI and why we use it CET1 ratio is a measure of the capital strength and resilience of Barclays, determined in accordance with regulatory requirements. The Group's capital management objective is to maximise shareholder value by prudently managing the level and mix of its capital. This is to ensure the Group is appropriately capitalised relative to the minimum regulatory and stressed capital requirements, and to support the Group's risk appetite, growth, and strategy whilst seeking to maintain a robust credit proposition for the Group. The ratio expresses the Group's CET1 capital as a percentage of its RWAs. RWAs are a measure of the Group's assets adjusted for their respective associated risks. |
| How we performed The CET1 ratio decreased to 13.8% (December 2022: 13.9%), within our target range, as RWAs increased by £6.2bn to £342.7bn partially offset by an increase in CET1 capital of £0.4bn to £47.3bn. |

| Group return on tangible equity (RoTE)1 (%) |

2023
2022
2021

| About this KPI and why we use it RoTE measures our ability to generate returns for shareholders. It is calculated as profit after tax attributable to ordinary shareholders as a proportion of average shareholders’ equity excluding non- controlling interests and other equity instruments adjusted for the deduction of intangible assets and goodwill. This measure indicates the return generated by the management of the business based on shareholders’ tangible equity. Achieving a target RoTE demonstrates the organisation’s ability to execute its strategy and to align management’s interests with those of its shareholders. RoTE lies at the heart of the Group’s capital allocation and performance management process. |
| How we performed Statutory RoTE was 9.0% (2022: 10.4%) including £0.9bn of structural cost actions in Q423. Excluding Q423 structural cost actions, RoTE was 10.6%3. |

| Total operating expenses 1, 2 (£bn) |

2023 | 2022 | 2021

| About this KPI and why we use it We view total operating expenses as a key strategic area for banks. Those that actively manage costs and control them effectively will gain a strong competitive advantage. |
| How we performed Group operating expenses increased to £16.9bn (2022: £16.7bn) reflecting £0.9bn of structural cost actions in Q423, business growth and investments in resilience and controls, partially offset by lower litigation and conduct charges. The prior year included £1.0bn of litigation and conduct charges related to the Over- issuance of Securities. |

| Cost: income ratio 1 (%) |

2023
2022
2021

| About this KPI and why we use it The cost: income ratio measures total operating expenses as a percentage of total income and is used to assess the productivity of our business operations. |
| How we performed The Group cost: income ratio was 67% (2022: 67%). Excluding Q423 structural cost actions, Group cost: income ratio was 63%2 as the Group delivered positive jaws of 1%. |

Notes 1 KPIs reflect the targets and ambitions followed during 2023. On 20 February 2024, the 2023 Results Announcement set out refreshed targets and ambitions which future progress will be measured against. Please see page 13 for further detail, or home.barclays/strategy 2 Litigation and conduct in 2023: £37m, 2022: £1,597m, which includes £966m related to the Over-issuance of Securities and 2021: £397m. 3 Page 391 includes a reconciliation of financial results excluding the impact of Q423 structural costs actions and the Over-issuance of Securities in 2022.

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Investors (continued)
Investors – our KPIs

Target greater than 10% |

Target range 13-14% |

Below 60% |

+ | See page 191 for details on Executive Director remuneration linked to these KPIs

Additional disclosure |  |  |
|  |  | In this section we disclose information as required by Companies Act 2006 and various other information to help navigate the Annual Report 2023. |
|  |  | Section 172 statement |
|  |  | Non-financial and sustainability information Statement |
|  |  | TCFD compliance |
|  |  | ESG ratings and reporting |
|  |  | Managing risk |
|  |  | Viability statement |

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How the Board has regard to the views of our stakeholders |  | In accordance with the Companies Act 2006 (the Act), this statement sets out how the Directors have had regard to the matters set out in Section 172(1) of the Act when performing their duty to promote the success of the Company under Section 172.

| You can read more about our key stakeholder groups and how we listen and respond to them, striving to create sustainable value for all those we serve in Our Stakeholders from page 23. You can also read about the key activities of the Board and decisions taken during the year, along with details of the Board’s engagement with colleagues in Key Board Activities in 2023 in the Board Governance report. |

Overview
Throughout the year, the Board and individual
Directors engage directly and indirectly with
stakeholders to ensure they have a deep
understanding of the impact of the Group’s
operations on key stakeholders, as well as their
interests and views. This includes meeting with
customers and clients, colleagues, investors,
proxy advisers, key regulators, NGOs and other
stakeholders.
This engagement, both directly and through
reporting by executive management, to whom the
day-to-day operations of the business are
delegated, seeks to ensure the Board understands
the key issues to enable the Directors to comply
with their legal duty under Section 172(1).
You can find out more about how the Directors
have had regard to the matters set out in Section
172(1) when discharging their duties, and the
effect of those considerations in reaching certain
decisions below.
Embedding a standard of consistent
excellence across Barclays
As reported in our 2022 Annual Report, towards
the end of 2022, Barclays established a group-
wide cultural change programme led by our
Group Chief Executive, to set a standard of
consistent excellence, recognising that both our
stakeholders and management want Barclays
to perform at a consistently very high level, each
and every day. This programme challenges
colleagues to address five key areas – service,
precision, focus, simplicity and diversity of
thought – to establish a new operating standard.
This programme is supported by our existing
Purpose, Values and Mindset. The Board
recognises that this cultural change programme
is key to driving better outcomes for Barclays'
stakeholders, including for our investors,
customers, clients and colleagues. As such,
oversight of this programme has been a key area
of focus for the Board in 2023.
In 2023, the Board received updates on the
progress of this programme at each Board
meeting, including the key levers necessary
to achieve the required outcomes.
Board members have discussed with
management the importance of ‘tone from
the top’, recognising the need for senior
leadership accountability and support in order
to drive a broader cultural shift across the
wider colleague base.

| What a consistently excellent standard means to Barclays |
| We are holding ourselves to a high standard across: |
| Service: world-class service for clients and customers, every time | Precision: in our operations, our risk management and our controls | Focus: on businesses and projects where we can excel | Simplicity: simplicity and efficiency, seeking out every opportunity to automate | Diversity of thought: championing new thinking, and challenging the status quo |

The Board recognises that in order to drive
change across the organisation it is key that
colleagues understand and believe in the aims
of the programme and recognise their personal
accountability for delivering the right outcomes,
including their role in challenging processes and
controls that can be improved or simplified.
To support this, a high profile internal campaign
led by the Group Executive Committee has been
launched which recognises and celebrates the
successes of colleagues in driving simplification,
and risk and control improvements across the
organisation, providing real examples which bring
the aim of the programme to life. Throughout
2023, a programme of events has been held for
management level colleagues, the aim of which is
to ensure senior colleagues understand the
importance of the programme objectives and
that they are supported in developing the skills
they need to implement and embed the change
in the organisation.

This included Consistently Excellent workshops for
our senior leaders, to help create a common
understanding across the Group. In 2024, all
colleagues will be invited to attend these workshops.
As part of that programme, our Group Chief
Executive interviewed Brian Gilvary, our Senior
Independent Director, about his experiences during
his executive career of dealing with operational
challenges and cultural change programmes.
A key part of achieving the aims of this cultural
change programme is driving operational
excellence. The Board Audit Committee has
oversight of the execution and sustainable
embedding of the Group’s key remediation
programmes, and received regular briefings
throughout the year on the progress of these
programmes, including deep dives into
specific projects.

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Section 172(1) statement

A key area to achieving success in this area is
the related work to identify lessons learned
from these remediation programmes, and
to embed those learnings into standard
business practices.
The Board has discussed with management
the need to ensure that desired outcomes are
measured and tracked, with regular insight being
provided to the Board and management relating
to improvements in customer experience,
operational excellence, risk management,
colleague behaviour and financial delivery.

“To be a consistently excellent organisation, we must be ambitious and focused... with each of us taking personal accountability”
C. S. Venkatakrishnan Group Chief Executive

The Board recognises that a cultural and
behavioural change programme of this nature is
both complex and multi-year and, as such, the
embedding and sustainability of this programme
will continue to be an area of focus for the Board
throughout 2024 and beyond.
Implementing and embedding
the new FCA Consumer Duty

| In July 2023, the Financial Conduct Authority's (FCA) Consumer Duty came into force. The Consumer Duty is a new outcomes-based regulation, designed to ensure relevant financial services firms deliver good outcomes for retail customers consistent with the three cross-cutting rules to (i) act in good faith, (ii) avoid causing foreseeable harm, and (iii) enable and support retail customers, and the four retail customers outcomes relating to: (i) products and services, (ii) price and value, (iii) consumer understanding, and (iv) consumer support. |

The implementation of, and ongoing compliance
with, the Consumer Duty is the responsibility
of the operating entities within the Group,
primarily BBPLC and BBUKPLC. However,
given the significance of the Consumer Duty,
the Board also provides relevant oversight of
the Consumer Duty across the Group. In this
respect, in February 2023, the Board approved
changes to its Matters Reserved in order to
reflect its responsibility for this oversight.
Throughout the first half of 2023, the Board
retained oversight of Barclays' planning for the
first Consumer Duty implementation deadline of
31 July 2023 for in-scope products and services.
In addition to receiving its regular updates on the
status of the Group’s implementation plans, the
Board received a final update on the Group's
overall compliance readiness shortly before the
July implementation deadline. This update
included information on work conducted to
ensure all relevant Group frameworks align with
the Consumer Duty rules and guidance and
ongoing work to embed the Consumer Duty,
including the roll-out of mandatory Consumer
Duty training for colleagues.
A Consumer Duty lens has been applied in the
development of the Barclays Group-wide change
programme, Consistently Excellent, with the
spirit of the Consumer Duty reflected in the
‘world-class service for clients and customers’. In
May 2023, the Chairman, together with Mary
Francis (as BBPLC Consumer Duty Champion)
and the BBUKPLC Consumer Duty Champion,
visited our contact centre in Wavertree,
Liverpool, to experience Consumer Duty in
action, meeting with customer-facing colleagues
and learning about how Barclays is addressing
vulnerable customer needs.
In late 2023, the Board received a further
progress report on the continuing work to
operationalise and embed the Consumer Duty
across the Group, the roll-out of new Consumer
Duty management information and ongoing
planning for the second implementation date of
31 July 2024 for closed products.
One continuing area of Board focus is the Group
oversight of work to develop robust data and
monitoring capabilities to assess customer
outcomes and identify potential or actual risks,
and for reporting at business, Executive and
Board level.
Given the Group-wide significance of the
Consumer Duty, throughout 2023, there has
been extensive engagement by the Boards of
BPLC, BBPLC and BBUKPLC on this subject.
The Board will continue its oversight of BBPLC
and BBUKPLC's embedding and implementation
of the Consumer Duty in 2024, noting that, from
July 2024, each of the BBPLC and BBUKPLC
Boards is required to review and approve its first
assessment as to whether each business is
delivering good outcomes for its retail customers
which are consistent with the Consumer Duty.

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Section 172(1) statement (continued)

Our Group Chief Executive, C.S.
Venkatak rishnan, tog ether with Group
Executive Committee members, Sasha
Wiggins and Vim Maru, discussing what it
means to deliver to a consistently
excellent standard with colleagues in
Wilmington, USA.

Non-financial and sustainability information statement |  |

The non-financial and sustainability reporting
requirements (including the new climate-related
financial disclosures) contained in Sections
414CA and 414CB of the Companies Act 2006
have been addressed through a combination of
summary text and cross referencing to other
sections of the Annual Report. We have used
cross-referencing as appropriate to deliver clear,
concise and transparent reporting.
In addition to the information referred to in the
table below, further information about the impact
of our activities can be found in the following
sections of the Annual Report:
Part 1 of this statement addresses the non-
financial information requirements set out in
section 414CB(1) and (2).
Part 2 of this statement addresses the new
climate-related financial disclosure requirements
set out in section 414CB(A1) and (2A).
Part 1
Relevant information relating to business model,
principal risks and non-financial key performance
indicators can be found in the following sections
of the Annual Report:

| Section | Pages
Business model |  | 10, 60- 65
Principal risks | Managing risk | 51-53
| Principal Risk management | 272-283 *
| Risk performance | 284-362 *
Key performance indicators |  | 26, 29, 33 , 36 , 75 , 88 , 103
Impact | Environmental matters | 73 - 79, 80 - 100 , 124 - 125, 236 - 237
| Company employees | 27 - 29, 246 , 250
| Social matters | 24 - 26, 30 - 33 , 236 - 237, 238 - 239 , 239 - 241 , 242 - 244
| Respect for human rights | 238 - 239, 239 - 241
| Anti corruption and bribery matters | 249

Note:
* in Part 3 of the Report
In relation to the requirements relating to
policies, we have a range of statements and
policy positions designed to support key
outcomes for all of our stakeholders, some of
which can be found here: home.barclays/
sustainability/esg-resource-hub/
These policies and statements are in place with
the aim of ensuring strengthened risk
management and consistent governance. In
order to maintain these policies and statements,
the relevant documents are reviewed
periodically.

Performance against our strategic key
performance indicators for our stakeholder
groups, as shown from page 23, is one indicator
of the effectiveness and outcome of policies
and guidance.
We have included summary information in
relation to these statements and policies in the
table below, providing cross references to
additional content contained in the Annual
Report where appropriate:

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Non-financial and sustainability information statement

Environmental-related statements and policies |
Statement or policy position | Description | Information to help understand our Group and its impact, policies, due diligence and outcomes
Climate Change statement | The Barclays Climate Change Statement sets out our approach based on a consideration of all risk and market factors to certain energy and power sectors with higher carbon-related exposures or emissions from extraction or consumption, or those which may have an impact on certain sensitive environments or on communities, namely thermal coal mining, coal-fired power generation, mountain top coal removal, upstream oil and gas and unconventional oil and gas including oil sands, Arctic oil and gas, Amazon oil and gas, hydraulic fracturing ('fracking'), ultra-deep water and extra heavy oil. The statement outlines Barclays' focus on supporting our clients to transition to a low-carbon economy, while helping to limit the threat that climate change poses to people and to the natural environment. We conduct due diligence on a case-by-case basis on clients in sensitive energy sectors that fall outside the restrictions set out in our statement. | See our: • ‘Managing impacts in lending and financing’ section in Part 3 of the Annual Report (page 236 onwards). • ‘Restrictive policies’ section in Part 2 of the Annual Report (page 100), • Our approach to nature and biodiversity section in Part 2 of the Annual Report (page 124). • Our strategy, selected targets and progress: 2) Reducing our financed emissions – Restrictive policies section in Part 2 of the Annual Report (page 63).
Forestry and Agricultural Commodities statement | We recognise that forestry and agricultural commodities sectors are responsible for producing a range of agricultural commodities such as timber, pulp & paper, palm oil, beef and soy that are often associated with environmental and social impacts, including climate change, deforestation, biodiversity loss and human rights issues. Our Forestry and Agricultural Commodities Statement outlines our restrictions and due diligence approach for clients involved in these activities, | See our: • ‘Managing impacts in lending and financing’ section in Part 3 of the Annual Report (page 236 onwards). • ‘Restrictive policies’ section in Part 2 of the Annual Report (page 100). • ‘Our approach to nature and biodiversity’ section in Part 2 of the Annual Report (page 124).

Environmental-related statements and policies (continued)
Statement or policy position | Description | Information to help understand our Group and its impact, policies, due diligence and outcomes
World Heritage Site and Ramsar Wetlands statement | We understand that industries can impact areas of high biodiversity value including United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage Sites and Ramsar Wetlands and their buffer zones. Our statement outlines our restrictions and client due diligence approach that aims to preserve and safeguard these sites. | See our: • ‘Managing impacts in lending and financing’ section in Part 3 of the Annual Report (page 236 onwards). • ‘Restrictive policies’ section in Part 2 of the Annual Report (page 100), • ‘Our approach to nature and biodiversity’ section in Part 2 of the Annual Report (page 124).
Climate Risk Policy | The Climate Risk Policy outlines the requirements and policy objectives for assessing and managing the impact on Financial and Operational Risks arising from the physical and transition risks associated with climate change. This incorporates identification, measurement, management and reporting for Financial and Operational Risks. Risks associated with Climate Change are being managed in accordance with the requirements set out in this policy. | • See our Climate risk section from page 272 in Risk Review in Part 3 of the Annual Report.

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Non-financial and sustainability information statement (continued)

Human rights-related statements
Statement or policy position | Description | Information to help understand our Group and its impact, policies, due diligence and outcomes
Human rights | Barclays' human rights statement expresses our commitment to respecting human rights as defined in the International Bill of Human Rights and the International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work. Our approach to respecting human rights is guided by the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct. The statement provides an overview of the evolving framework of policies and processes that seek to embed these commitments across our business. | See our: • ‘Managing impacts in lending and financing’ section in Part 3 of the Annual Report (page 236 onwards). • Other Governance within the Governance report in Part 3 of the Annual Report (Page 230).
Modern slavery | Barclays publishes a Modern Slavery Statement made according to the requirements of section 54 of the UK Modern Slavery Act 2015 and section 14 of the Australian Modern Slavery Act 2018 (Cth). We recognise that the nature of our business and global footprint means we may be exposed to modern slavery risks across our operations, supply chain, and customer and client relationships. We are committed to trying to identify and seeking to address human rights risks, such as modern slavery, across our value chain. In this Statement we report the progress made over the course of the year and outline our plans for the year ahead. | See our: • ‘Managing impacts in lending and financing’ section in Part 3 of the Annual Report (page 236 onwards). • Other Governance within the Governance report in Part 3 of the Annual Report (Page 230).
Defence and Security sector | Barclays' Statement on the Defence and Security Sector outlines our approach to defence-related transactions and relationships. We recognise that various types of defence equipment are considered necessary for achieving internationally accepted goals, such as legitimate national defence and security purposes as set forth in the Charter of the United Nations, or peacekeeping missions. At the same time, we also recognise that the Defence and Security Sector involves equipment and activities that have the potential to lead to significant impacts on individuals, communities and the broader geopolitical landscape. Barclays conducts enhanced due diligence as appropriate on clients in scope of the Defence and Security Statement. | See our: • ‘Managing impacts in lending and financing’ section in Part 3 of the Annual Report (page 236 onwards). • ‘Restrictive policies’ section in Part 2 of the Annual Report (page 100).

Colleagues and suppliers
Statement or policy position | Description | Information to help understand our Group and its impact, policies, due diligence and outcomes
Code of Conduct | The Barclays Way is our code of conduct which outlines the Purpose, Values and Mindset that govern our way of working across our business globally. It constitutes a reference point covering all aspects of colleagues’ working relationships, and provides guidance on working with colleagues, customers and clients, governments and regulators, business partners, suppliers, competitors and the broader community with the aim of creating the best possible working environment for our colleagues. | • See The Barclays Way section from page 245 in Other Governance within the Governance report in Part 3 of the Annual Report.
Board Diversity and Inclusion Policy | The Board Diversity and Inclusion Policy is designed to ensure that all Board appointments and succession plans are based on merit and objective criteria, recognising the benefits of diversity, in all its forms, and that due regard is given to diversity and inclusion characteristics when considering Board Committee appointments. The Policy sets out measurable objectives for achieving diversity on the Board, including the Board's current target to ensure that, by 2025, the proportion of women on the Board is at least 40 per cent. | • See our section on diversity within the report of the Board Nominations Committee on page 158 of Part 3 of the Annual Report.
Third-party code of conduct | Our approach to the way we do business needs to be adopted by our suppliers when acting on behalf of Barclays. To ensure a common understanding of our approach which will help us collectively drive the highest standards of conduct, we have created our Third Party Code of Conduct, which details our expectations for Environmental Management, Human Rights, Diversity and Inclusion; and living the Barclays Values. | • See “Supporting our Supply Chain” within ESG Governance on page 238.
Statement of Commitment to Health & Safety | Barclays health, safety and wellbeing statement of commitment sets out the Bank’s commitment to protecting the safety and wellbeing of our employees, customers, suppliers, and any individuals using our premises, by providing and maintaining a safe working environment that protects both physical and mental wellbeing. The effective implementation of the statement of commitment has resulted in the continual improvement of health and safety related performance and proactive hazard management, as well as increasing the number of sites where Barclay’s occupational health and safety management system is independently certified to ISO45001. | • See our health and safety section from page 250 in Other Governance within the Governance report in Part 3 of the Annual Report.

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Non-financial and sustainability information statement (continued)

Governance and Financial Crime statements
Statement or policy position | Description | Information to help understand our Group and its impact, policies, due diligence and outcomes
Financial Crime Statement | We have adopted a holistic approach to financial crime risk management and have one group-wide Financial Crime Policy. It is designed to ensure that Barclays has adequate systems, procedures, and controls in place to manage the risk of being used to facilitate financial crime and to manage the legal, regulatory, and reputational risks associated with financial crime. The Financial Crime Policy is supported by group-wide Standards that focus on four key risks anti-bribery & corruption (ABC); anti- money laundering & counter-terrorist financing (AML); anti-tax evasion facilitation (ATEF) and sanctions, including proliferation financing, and is: • Designed to ensure that all employees and Barclays businesses globally comply with UK, extra-territorial and locally applicable legal and regulatory obligations, • Designed to create an integrated and consistent framework upon which Barclays manages financial crime risk, • Supported by the Barclays Board of Directors, • Approved by the Group Chief Compliance Officer (member of the Group Executive Committee), and • Regularly reviewed to ensure it remains up to date. | • See the Financial Crime section from page 249 in Other Governance within the Governance report in Part 3 of the Annual Report.
Data protection | Barclays aims to ensure that the privacy and security of personal information is respected and protected. Our privacy notices, available on our websites, describe how we collect, handle, store, share, use and dispose of information about people. We regard sound privacy practices as a key element of corporate governance and accountability. | • See the managing data privacy, security and resilience section from page 251 in Other Governance within the Governance report in Part 3 of the Annual Report.
Donations | Barclays carefully evaluates non-profit organisations prior to partnering with them to ensure they align with its values. Barclays will not make any donation that is, or could be perceived to be, an incentive to win or retain business or one that delivers a business advantage. We will not make any donation that is contrary to Barclays Financial Crime Policy (Anti-Bribery & Anti-Corruption Policy, Sanctions), or any other Barclays Compliance policies and standards. Barclays is unfortunately unable to provide funding to many of the requests that we receive and does not accept unsolicited donation requests. | • See our donation guidelines at: home.barclays/content/ dam/home-barclays/ documents/citizenship/ our-reporting-and-policy- positions/Barclays- donation-guidelines.pdf

Governance and Financial Crime statements
Statement or policy position | Description | Information to help understand our Group and its impact, policies, due diligence and outcomes
Resilience | Barclays maintains a robust resilience framework focusing on the end-to-end resilience of the business services we provide to customers and clients, aiming to ensure that all service components can deliver during business disruptions, crises, adverse events and other types of threats. | • See the managing data privacy, security and resilience section from page 251 in Other Governance within the Governance report in Part 3 of the Annual Report.
Tax | Our Tax Principles are central to our approach to tax planning, for ourselves or on behalf of our clients. We believe our Tax Principles have been a strong addition to the way we manage tax, ensuring that we take into account all of our stakeholders when making decisions related to our tax affairs. The same applies to our Tax Code of Conduct which is designed to ensure we file our returns on time and pay the correct amount of tax in a responsible and transparent manner. | • See the tax section from page 247 in Other Governance within the Governance report. • Barclays PLC Country Snapshot report at home.barclays/ annualreport

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Non-financial and sustainability information statement (continued)

Part 2
Relevant information in relation to the climate-related financial disclosures is set out below, using cross-
referencing to other sections of the Annual Report where appropriate.
Given the similarities in these disclosure requirements with the TCFD recommended disclosures, and in
order to avoid unnecessary duplication and deliver concise reporting, we have chosen to present the
climate-related financial disclosures alongside information relating to the related TCFD recommended
disclosures.

Climate-related financial disclosures index
CA 2006 requirement | Detail | TCFD Section | Recommendation | Summary | Page references within Parts 2 and 3 of the Annual Report
Section 414CB(2A)(a) | A description of the company’s governance arrangements in relation to assessing and managing climate-related risks and opportunities | Governance | a) We describe the Board's oversight of climate-related risks and opportunities | The Board is responsible for the overall leadership of Barclays PLC, including setting the Group's climate strategy. The Board and, as appropriate, its Committees are responsible for the oversight of climate-related risks and opportunities in the Group. Each Board Committee has its own Committee Terms of Reference clearly setting out its remit and decision-making powers, including those relating to climate matters. | 154, 180 - 182 232
b) We describe management's role in assessing and managing climate-related risks and opportunities | Oversight and management of Barclays' climate strategy is increasingly embedded in business-as-usual management structures, including a number of executive committees. The executive management committees receive regular briefings on matters including climate change. Both risks and opportunities are considered by management. Climate- related risks are assessed and escalated as appropriate through the various risk forums. In 2023, the Group Sustainability Committee was established as a dedicated forum to identify and discuss climate-related matters across the Group with a specific mandate to review and propose updates to the Group Climate strategy prior to approval by Group ExCo. | 121 - 123, 233 - 235

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Non-financial and sustainability information statement (continued)

Climate-related financial disclosures index
CA 2006 requirement | Detail | TCFD Section | Recommendation | Summary | Page references within Parts 2 and 3 of the Annual Report
Section 414CB(2A)(d) | A description of: (i) the principal climate-related risks and opportunities arising in connection with the company’s operations, and (ii) the time periods by reference to which those risks and opportunities are assessed | Strategy | a) We describe the climate-related risks and opportunities the organisation has identified over the short, medium and long term | Climate risk is defined as the impact on Financial (Credit, Market, Treasury & Capital) and Operational Risks arising from climate change through physical risks and risks associated with transitioning to a lower carbon economy. Barclays faces exposure to climate-related risks, either directly through its operations and infrastructure or indirectly through its financing and investment activities. Time horizons are considered based on Barclays' planning cycles. Barclays has enhanced its focus on sustainable finance over the last two years. At the end of 2022, we announced a new target to facilitate $1trn of Sustainable and Transition Finance. This followed a review of the financing requirements arising from the global transition to a low-carbon economy if the world is to avoid the worst effects of climate change and the potential addressable market for Barclays. During 2023 we built on this work to develop a Group-wide sustainable finance strategy to operationalise our ambition. | 67 – 71, 272 , 284 – 290
Section 414CB(2A)(e) | A description of the actual and potential impacts of the principal climate-related risks and opportunities on the company’s business model and strategy | b) We describe the impact of climate- related risks and opportunities on the organisation's businesses, strategy and financial planning | Barclays’ 2023 financial planning process included a review of our strategy, its implementation and tracking our progress on climate related targets, as well as, capturing a view of climate-related risks and opportunities, which aligns with how we manage other risks. Our planning process also considered current climate policies to ensure they are included in the base scenario. The planning process included an assessment of our financed emissions reduction targets for some of our highest emitting sectors. We also considered impairment over the horizon of the financial plan. At this point in time, there are no material amendments required to the financial plan. Our Sustainable and Transition Financing target of $1tn is a key driver of our finance planning process with pathway to achieve this as well as risks and opportunities reviewed and agreed with business heads. | 72 – 129
Section 414CB(2A)(f) | An analysis of the resilience of the company’s business model and strategy, taking into consideration different climate-related scenarios | c) We describe the resilience of the organisation's strategy, taking into consideration different climate-related scenarios, including a 2 o C or lower scenario | Barclays has performed two group wide climate stress tests during 2023, over and above existing macroeconomic internal stress tests, to assess Barclays’ financial resiliency to climate risks. The two scenarios include both physical and transition risks, including assessment of a tipping point (H1) as well as the knock on macroeconomic impacts (H2). Results from the exercises have been integrated into Barclays internal capital adequacy assessment process to ensure Barclays remains sufficiently capitalised to both climate and macroeconomic stresses. The outputs are considered within Climate Risk Management and Financial Planning processes, such as assessment of climate impacts to ECL. | 131 - 136

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Non-financial and sustainability information statement (continued)

Climate-related financial disclosures index
CA 2006 requirement | Detail | TCFD Section | Recommendation | Summary | Page references within Parts 2 and 3 of the Annual Report
Section 414CB(2A)(b) | A description of how the company identifies, assesses, and manages climate-related risks and opportunities | Risk management | a) We describe the organisation's processes for identifying and assessing climate-related risks | The impact of climate risk drivers are observed in Barclays' portfolio through its traditional risk categories such as credit risk, market risk, treasury and capital risk , operational risk and reputational risk. Barclays continues to develop and enhance processes for identifying, assessing and managing climate-related risks and drive integration of climate risk into its business activities and operations. | 67 – 69, 272 – 276
b) We describe the organisation's processes for managing climate-related risks
Section 414CB(2A)(c) | A description of how processes for identifying, assessing, and managing climate-related risks are integrated into the company’s overall risk management process | c) We describe how processes for identifying, assessing and managing climate-related risks are integrated into the organisation's overall risk management | Climate Risk is a Principal Risk under Barclays' Enterprise Risk Management Framework. A Climate Risk Framework, Climate Risk Policy and relevant governance structures have been developed to foster a systematic and consistent approach for managing climate risk across the firm. Barclays has also established a climate risk appetite at the Group-level.

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Non-financial and sustainability information statement (continued)

Climate-related financial disclosures index
CA 2006 requirement | Detail | TCFD Section | Recommendation | Summary | Page references within Parts 2 and 3 of the Annual Report
Section 414CB(2A)(h) | A description of the key performance indicators (KPIs) used to assess progress against targets used to manage climate-related risks and realise climate-related opportunities and of the calculations on which those KPIs are based | Metrics & Targets | a) Our metrics used to assess climate- related risks and opportunities in line with our strategy and risk management processes | In line with our three-part climate strategy, we have set financed emissions 2030 reduction targets across eight high emitting sectors in our portfolio (with the addition this year of targets for the Aviation, Agriculture and UK Commercial Real Estate sectors). We have also expanded the scope of our UK Housing convergence point this year, as detailed on page 98. Each of our 2030 target ranges is developed with reference to a 1.5°C-aligned scenario, such as the IEA Net Zero by 2050 scenario. We have reported our progress against each of these targets as at December 2023, as detailed on page 86. We have additionally calculated the financed emissions for the full in-scope balance sheet as at December 2022. This has enabled us to calculate the coverage of our reduction targets across our portfolio (including integration of 1.5 degree aligned scenarios, with ranges for certain sectors) and to assess the extent to which the business is aligned to a well-below 2 degrees pathway. Our calculations indicate that we have set reduction targets for 55% of our overall Scope1,2 financed emissions. We also note our progress against our sustainable and transition financing between 2023 and the end of 2030, our green financing between 2018-2030, and our balance sheet investment by the end of 2027. | 67 – 71
N/A | N/A | b) Our Scope 1, Scope 2 and Scope 3 operational greenhouse gas (GHG) emissions and the related risks | We measure our Scope 1, Scope 2 and Scope 3 emissions and report these against our net zero operations strategy, as set out on pages 73-79. On our financed emissions, we have: i. Estimated the full in-scope balance sheet financed emissions as at December 2022 using a methodology developed based on the PCAF Standard as set out on pages 80-83; and ii. Calculated financed emissions and physical intensities for specific activities as at December 2023 where we have set 2030 targets which include the integration of 1.5°C aligned scenarios, such as the IEA Net Zero 2050 scenario in our financed emission targets, and including the upper end of ranges for certain sectors, as set out on page 89 | 75, 88
Section 414CB(2A)(g) | A description of the targets used by the company to manage climate- related risks and to realise climate- related opportunities and of performance against those targets | c) Our targets used to manage climate- related risks and opportunities and performance against targets | Alignment of our client portfolios to the goals and timelines of the Paris Agreement underpinned by Barclays' BlueTrack™ Methodology. Progress reported against the following sector targets: Energy, Power, Cement, Steel, Automotive Manufacturing and UK Housing (where we have set a convergence point). Targets have also been set in 2023 for the first time against the following sectors: UK Commercial Real Estate, Agriculture, and Aviation. Progress against our target to facilitate $1 trillion of Sustainable and Transition Finance between 2023 and the end of 2030. | 75, 88, 103

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Non-financial and sustainability information statement (continued)

Task Force on Climate- related financial disclosure statement of compliance

We have considered our obligations under the UK's
Financial Conduct Authority's Listing Rules and
confirm that we have made disclosures consistent
with the relevant Listing Rules and the Taskforce for
Climate-related Financial Disclosures (TCFD)
Recommendations and Recommended
Disclosures.
Given the similarities between the TCFD
Recommended Disclosures and the new climate-
related financial disclosures (required further to
sections 414CA and 414CB of the Companies Act
2006), and in order to avoid unnecessary duplication
and deliver concise reporting, we have chosen to
present information relating to the TCFD
recommended disclosures alongside the relevant
Companies Act 2006 requirements.
For further information on where these
disclosures can be found please refer to pages
44 to 47 of this report.
Looking ahead: TCFD sector specific
requirements for asset managers
We continue our work to implement the TCFD
sector specific guidance for asset managers
(which represents a small part of our overall
business) in accordance with the FCA Enhanced
Climate-Related Disclosure Requirements for
Asset Managers. We will report on this work
during 2024, recognising the industry-wide
challenge with data availability and accuracy to
meet these requirements.

+ | Further details on the TCFD Recommendations and Recommended Disclosures are available at : fsb-tcfd.org Full list of metrics and targets can be found in the ESG Data Centre at: home.barclays/sustainability/esg-resource-hub/ reporting-and-disclosures/

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Task Force on Climate-related financial disclosure statement of compliance

ESG ratings performance
We remain committed to enhancing our disclosures and to engaging with industry-led initiatives intended to support an effective and trusted ESG ratings market.

In 2023, Barclays continued engaging with key
ESG ratings agencies to provide clear and
consistent disclosures to our stakeholders.
Five of the ratings we track were unchanged, two
declined, and three improved.

The ESG ratings market is moving towards a
more regulated environment in the EU. Here in
the UK, an industry-led working group launched a
Code of Conduct for ESG ratings and data
product providers. Barclays supports the Code's
principles of transparency, good governance,
management of conflicts of interest, and robust
controls.

+ | Please also refer to page 144 in Part 3 of the Annual Report for details of BPLC Board consideration of matters relating to the reporting and monitoring of ESG-related data in addition to how we manage Climate across our Board structures within the Other Governance section from page 230 in Part 3 of the Annual Report.

| Select ESG ratings and benchmarks |  |
| MSCI ESG Rating |  | ISS QualityScore Environment |
| AA 2022: AA 2021: AA | Scale (best to worst): |  | 1 2022: 1 2021: 1 | Scale (best to worst): |
| AAA to CCC |  | 1 to 10 |
| Barclays’ rating was stable |  | Barclays’ rating was stable |
| Sustainalytics ESG Risk Rating |  | ISS QualityScore Social |
| 23.8 2022: 23.8 2021: 25.1 | Scale (best to worst): |  | 1 2022: 1 2021: 1 | Scale (best to worst): |
| 0-100 |  | 1 to 10 |
| Barclays’ rating was stable |  | Barclays’ rating was stable |
| S&P Global CSA |  | ISS QualityScore Governance |
| 59 (90 th percentile) 2022: 75 (95 th percentile) 2021: 78 (92 nd percentile) | Scale (best to worst): |  | 4 2022: 9 2021: 7 | Scale (best to worst): |
| 100 to 0 |  | 1 to 10 |
| Barclays’ rating and relative performance declined |  | Barclays' rating improved |
| CDP Climate Change |  | ISS ESG Corporate Score |
| B 2022: A- 2021: B | Scale (best to worst): |  | C 2022: C- 2021: C- | Scale (best to worst): |
| A to D- |  | A+ to D |
| Barclays' rating declined |  | Barclays’ rating improved |
|  | FTSE Russell ESG Rating |  | Moody’s ESG Solutions |
|  | 4.7 (99 th percentile) 2022: 4.7 (98 th percentile) 2021: 4.2 (92 nd percentile) | Scale (best to worst): |  | 62 2022: 55 2021: 55 | Scale (best to worst): |
|  | 5 to 0 |  | 100 to 0 with advanced (>60) |
|  | Barclays’ rating was stable and relative performance improved slightly |  | Barclays’ rating improved |

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ESG Ratings and Benchmarks

ESG-related reporting and disclosures |  | Our approach to ESG reporting is informed by recognised external standards and frameworks. As these frameworks evolve, we will continue to assess and amend our approach to ESG disclosures appropriately.

Barclays continues to support efforts for
enhanced ESG reporting and advocates for
consistency in approaches to disclosures, ratings
and benchmarks, including the work of the
International Sustainability Standards Board
(ISSB). We participate in a range of regional and
global industry efforts to promote increased
harmonisation in approaches to data,
taxonomies and disclosures.

| ESG Resource Hub |
| Barclays' ESG Resource Hub provides more detailed technical information, disclosures and our position statements on environmental, social and governance matters. It is intended to be relevant for analysts, ESG investors, rating agencies, suppliers, clients and all other stakeholders. |
| + | Further details can be found on the ESG Resource Hub at: home.barclays/sustainability/esg-resource-hub/ |

UN Principles for Responsible
Banking (PRB)
Barclays was one of the founding signatories of
the UN PRB. We report annually on how we are
implementing the Principles.

+ | The Barclays PLC PRB Report 2023 can be found at: home.barclays/sustainability/esg-resource-hub/reporting- and-disclosures/

TCFD-related reporting and
disclosures
Our climate-related financial disclosures are
included within this Annual Report. The majority
of the content can be found in Part 2 within the
Climate and Sustainability report in addition to
Part 3 within the Governance report and Risk
review sections of the report.

+ | For further details on where to access our TCFD-related disclosures, please see our Climate-related Financial Disclosures Summary and Index on page 44.

ESG Additional Reporting Disclosures
Barclays provides additional disclosures within
the ESG Resource Hub, including reporting with
reference to the material topics from the
Sustainability Accounting Standards Board
(SASB) and the Global Reporting Initiative (GRI).
ESG Data Centre
Within the ESG Resource Hub, our ESG Data
Centre continues to provide a central repository
of climate, sustainability, and ESG-related data
that is published within the Barclays PLC Annual
Report in addition to additional data points and
granularity.

+ | The ESG Data Centre can be accessed online within our ESG Resource Hub at: home.barclays/sustainability/esg- resource-hub/reporting-and-disclosures/

KPMG LLP Limited Assurance
Barclays appointed KPMG LLP to perform limited
independent assurance over selected ESG
content, marked with the symbol Δ.
The assurance engagement was planned and
performed in accordance with the International
Standard on Assurance Engagements (UK) 3000
Assurance Engagements Other Than Audits or
Reviews of Historical Financial Information and
the International Standard on Assurance
Engagements 3410 Assurance of Greenhouse
Gas Statements. A limited assurance opinion was
issued and is available at the website link below.
This includes details of the scope, reporting
criteria, respective responsibilities, work
performed, limitations and conclusion. No other
information in this Annual Report has been
subject to this external limited assurance.

+ | Further details on Limited Assurance can be found at: home.barclays/sustainability/esg-resource-hub/reporting- and-disclosures/

| Our ESG-related disclosures: |
| Annual Report | ESG-related reporting | ESG data resources | Other ESG resources | Statements and policy positions | Indices |
| • Taskforce for Climate-related Financial Disclosures (TCFD) Recommendations • ESG-related disclosures | • Principles for Responsible Banking (PRB) Report • Fair Pay report / UK Pay Gaps report • (Tax) Country Snapshot report • Board Diversity Policy • Diversity, Equity and Inclusion report | • ESG Data Centre | • ESG Investor Presentations • Limited Independent Assurance statement • Barclays' Sustainable Finance Framework • Barclays' Transition Finance Framework • BlueTrack TM Whitepaper • Corporate Transition Forecast Model | • ESG Resource Hub - Statements and policy positions | • Global Reporting Index (GRI) • Sustainability Accounting Standards Board (SASB) |

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ESG-related reporting and disclosures

Prudently managing risk for stakeholders |  | Barclays is exposed to internal and external risks as part of its ongoing activities. These risks are managed as part of our business model.

Enterprise Risk Management
Framework (ERMF)
At Barclays, risks are identified and overseen in
accordance with the ERMF, which supports the
business in its aim to embed effective risk
management and a strong risk management
culture.
The ERMF governs the way in which Barclays
identifies and manages its risks.
The management of risk is then embedded into
each level of the business, with all colleagues being
responsible for identifying and controlling risk.
In 2023, the Conduct Risk Principal Risk was
renamed "Compliance Risk" and now
incorporates Conduct Risk as well as risks from a
failure to comply with laws, rules and regulations
applicable to the firm.

“The ERMF governs the way in which Barclays identifies and manages its risks.”

Risk appetite
Risk appetite defines the level of risk we are
prepared to accept across the different risk
types, taking into consideration varying levels of
financial and operational stress. Risk appetite is
key to our decision-making processes, including
ongoing business planning and setting of
strategy, new product approvals and business
change initiatives.
The Group sets its risk appetite in terms of
performance metrics as well as a set of mandate
and scale limits to monitor risks (i.e. to ensure
business activities are aligned with expectations
and are of an appropriate scale relative to the risk
and reward of the underlying activities). During
2023, the Group’s performance remained within
its risk appetite limits.
Three lines of defence
The first line of defence is comprised of the
revenue-generating and client-facing areas,
along with all associated support functions,
including Finance, Treasury, Human Resources
and Operations and Technology. The first line
identifies the risks, sets the controls and
escalates risk events to the second line of
defence. Employees in the first line have primary
responsibility for their risks and their activities are
subject to oversight from the relevant parts of
the second and third lines.
The second line of defence is made up of Risk
and Compliance and oversees the first line by
setting limits, rules and constraints on their
operations, consistent with the risk appetite. The
third line of defence is comprised of Internal
Audit, providing independent assurance to the
Board and Executive Committee on the
effectiveness of governance, risk management
and control over current, systemic and evolving
risks.
The Legal function provides support to all areas
of the business and is not formally part of any of
the three lines of defence, The Legal function is
responsible for proactively identifying,
communicating and providing legal advice on
applicable laws, rules and regulations. Except in
relation to the legal advice it provides or
procures, it is subject to second line oversight
with respect to its own operational and
compliance risks, as well as with respect to the
legal risks to which the Group is exposed.
Monitoring the risk profile
Together with a strong governance process,
using business and Group-level Risk Committees
as well as Board-level forums, the Board receives
regular information in respect of the risk profile of
the Group, and has ultimate responsibility for
Group risk appetite and capital plans. Information
received includes measures of risk profile against
risk appetite as well as the identification of new
and emerging risks, which are derived by
mapping risk drivers, identified through horizon
scanning, to risk themes, and similar analysis.
During 2023, Barclays ran a stress test to assess
its capital adequacy and resilience under a severe
but plausible macroeconomic scenario. This
stress test targeted risks such as inflation,
financial stress and a sho ck on demand; with
terminal low rates set to test the Group's
vulnerabilities through Net Interest Income (NII)
margin compression. The stress test outcome
for macroeconomic tests assesses our full
financial performance over the horizon of the
scenario in terms of profitability, capital, liquidity
and leverage to ensure the Group remains viable.

+ | For further details of the stress test, please refer to page 55.

We believe that our structure and governance
supports us in managing risk in the changing
economic, political and market environments.

+ | For further detailed analysis of approach to risk management and risk performance, please see our full Risk review on pages 254 to 372 of Part 3 of the Annual Report

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Managing risk

The Enterprise Risk Management Framework defines nine Principal Risks
Principal Risks | Risks are classified into Principal Risks, as below | How risks are managed
Credit risk | The risk of loss to the Group from the failure of clients, customers or counterparties (including sovereigns), to fully honour their obligations to the Group, including the whole and timely payment of principal, interest, collateral and other receivables. | Credit Risk teams identify, evaluate, sanction, limit and monitor various forms of credit exposure, individually and in aggregate. The First Line delivers business plans and products within risk appetite and all limits set by the Second Line, by maintaining detailed financial forecasts, applying controls and managing risks to which they are exposed.
Market risk | The risk of loss arising from potential adverse changes in the value of the Group’s assets and liabilities from fluctuation in market variables including, but not limited to, interest rates, foreign exchange, equity prices, commodity prices, credit spreads, implied volatilities and asset correlations. | Market Risk teams use a range of complementary approaches to identify and evaluate traded market risk exposures. These risks are measured, limited and monitored by market risk specialists. The First Line conduct trading activities within the risk appetite and all mandate & scale limits set by the Second Line.
Treasury and Capital risk | Liquidity risk The risk that the Group is unable to meet its contractual or contingent obligations or that it does not have the appropriate amount, tenor and composition of funding and liquidity to support its assets. | Treasury and Capital risk is identified and managed by specialists in capital, liquidity and asset and liability management teams. A range of risk management approaches are used such as limits plan monitoring and stress testing.
Capital risk The risk that the Group has an insufficient level or composition of capital to support its normal business activities and to meet its regulatory capital requirements under normal operating environments and stressed conditions (both actual and as defined for internal planning or regulatory testing purposes). This also includes the risk from the Group’s pension plans.
Interest rate risk in the banking book The risk that the Group is exposed to capital or income volatility because of a mismatch between the interest rate exposures of its (non-traded) assets and liabilities.
Climate risk | The impact on Financial and Operational risks arising from climate change through physical risks, risks associated with transitioning to a low-carbon economy and connected risks arising as a result of second order impacts on portfolios of these two drivers.1 | The Group assesses and manages its climate risk across its businesses and functions in line with its net zero ambition by monitoring exposure to elevated risk sectors, conducting scenario analysis and risk assessments for key portfolios. The First Line delivers business plans and manages exposures within the climate risk appetite and limits set by the Second Line. Climate risk controls are embedded across the financial and operational principal risk types through the Barclays Group's frameworks, policies and standards.
Note: 1 Definition of climate risk amended as part of the update climate risk policy in 2023. See page 67 for further detail.

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Managing risk (continued)

The Enterprise Risk Management Framework defines nine Principal Risks
Principal Risks | Risks are classified into Principal Risks, as below | How risks are managed
Operational risk | The risk of loss to the Group from inadequate or failed processes or systems, human factors or due to external events (for example, fraud) where the root cause is not due to credit or market risks. | Operational risks are managed in accordance with the Operational Risk Framework, owned and overseen by the Second Line, and the standards within the Barclays Control Framework. The primary responsibility for the management of operational risk rests within the business and functional units where the risk arises. Management complete Risk and Control Self-Assessments to assess operational risks and the effectiveness of the controls within processes. Identified risks, events and issues are escalated to senior management and the Board to ensure timely notification and to agree the appropriate response.
Model risk | The potential for adverse consequences from decisions based on incorrect or misused model outputs and reports. | The range of controls owned by First Line include: timely model identification, robust model development, testing, documentation, annual assessment, and ongoing performance monitoring. The range of controls owned by Second Line include: independent model validation, oversight over on-going model performance, and execution of overall model risk governance covering oversight and reporting and escalation to appropriate forums and committees.
Compliance risk | The risk of poor outcomes for, or harm to, customers, clients and markets, arising from the delivery of the Group’s products and services (also known as '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 Group (also known as Laws, Rules and Regulations Risk, 'LRR Risk'). | The First Line are accountable for the overall assessment and management of compliance risks in their business or function and are responsible for implementing the requirements outlined in the Compliance Risk Management Framework (CRMF). Compliance must oversee adherence to the CRMF and the management of compliance risk, and provide independent Second Line of Defence oversight to all Barclays businesses, providing advice and challenge where appropriate.
Reputation risk | The risk that an action, transaction, investment, event, decision, or business relationship will reduce trust in the Group’s integrity and/or competence. | Reputation risk is managed by embedding our Purpose and Values, and maintaining a controlled culture within the Group, with the objective of acting with integrity, enabling strong and trusted relationships to be built with customers and clients, colleagues and broader society. Each business assesses reputation risk using standardised tools and the governance is fulfilled through management committees and forums, clear escalation and reporting lines to the Group Board.
Legal risk | The risk of loss or imposition of penalties, damages or fines from the failure of the Group to meet applicable laws, rules and regulations or contractual requirements or to assert or defend its intellectual property rights. | Legal risk is managed by the identification and management of legal risks by the legal function and the escalation of legal risk as necessary. The Group’s businesses and functions have responsibility for engagement of the Legal function in situations that have the potential for legal risk,

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Managing risk (continued)

Consideration of the long-term viability of Barclays |  | The financial statements and accounts have been prepared on a going concern basis.

Provision 31 of the 2018 UK Corporate
Governance Code requires the Directors to
make a statement in the Annual Report regarding
the viability of the Group, including an explanation
of how they assessed the prospects of the
Group, the period of time for which they have
made the assessment and why they consider
that period to be appropriate.
Time horizon
In light of the analysis summarised below, the
Board has assessed the Group’s current viability,
and confirms that the Directors have a
reasonable expectation that the Group will be
able to continue in operation and meet its
liabilities as they fall due over the next three
years. This time frame is used in management’s
Working Capital and Viability Report (WCR),
prepared a t the start of February 2024. The WCR
is a formal projection of capital and liquidity based
upon formal profitability forecasts. The
availability of the WCR gives management and
the Board sufficient visibility and confidence on
the future operating environment for this time
period.
The three-year time frame has also been chosen
because:
▪ it is within the period covered by the formal
medium-term plans approved by the Board
which contain projections of profitability, cash
flows, capital requirements and capital
resources
▪ it is also within the period over which internal
stress testing is carried out
▪ it is an appropriate horizon over which to
consider the impacts of new regulations in the
financial services industry.
The Directors are satisfied that this period is
sufficient to enable a reasonable assessment of
viability to be made.
Considerations
In making its assessment the Board has:
▪ carried out a robust and detailed assessment
of the Group’s risk profile and material existing
and emerging risks (see below for further
details), in particular those risks which senior
management believes could cause the
Group’s future results of operations or
financial condition to differ materially from
current expectations or could adversely
impact the Group’s ability to meet its material
regulatory requirements
▪ reviewed how those risks are identified,
managed and controlled (further detail
provided on pages 51 to 53)
▪ considered the WCR which provides an
assessment of forecast CET1, leverage, Tier 1
and total capital ratios, as well as the build-up
of minimum requirement for own funds and
eligible liabilities (MREL) up to the end of 2025
▪ considered the Group’s Medium Term Plan
▪ reviewed the Group’s liquidity and funding
profile, including forecasts of the Group’s
Internal Liquidity Stress Test (ILST), regulatory
Liquidity Coverage Ratios (LCR) and Net
Stable Funding Ratios (NSFR)
▪ considered the Group’s viability under a
specific internal stress scenario (see below for
further detail)
▪ considered the stability of the major markets in
which it operates, supply chain resilience and
material known regulatory changes to be
enacted
▪ considered the sustainability of any future
capital distributions
▪ considered scenarios which might affect the
operational resilience of the Group
▪ considered factors that may inform the impact
of a severe recession in major economies with
affordability pressures on consumers from
high inflation and rising interest rates, energy
supply pressures, and financial markets
instability
▪ considered the impact of the Group’s ambition
to be a net zero bank by 2050 and support its
clients’ transition to a low-carbon economy,
including the need to continue to incorporate
climate considerations into its strategy,
business model, the products and services it
provides to customers and its financial and
non-financial risk management processes
▪ reviewed the draft statutory accounts and the
financial performance of the Group
▪ reviewed the possible impact of legal,
competition and regulatory matters set out in
Note 25 to the financial statements on pages
470 to 474.
The Group's Medium Term Plan is based on
assumptions for macroeconomic variables such
as interest rates, inflation, unemployment, which
have been consistently applied for the purpose
of forecasting the Group’s capital and liquidity
position and ratios, as well as any credit
impairment charges or releases.
Assessment of the Group's risk profile
Risks faced by the Group’s business, including in
respect of financial, conduct and operational
risks, are controlled and managed within the
Group in line with the ERMF. Executive
management sets a risk appetite for the Group,
which is then approved by the Board. Limits are
set to control risk appetite, within which
businesses are required to operate.
Management and the Board then oversee the
ongoing risk profile. Internal Audit provides
independent assurance to the Board and
Executive Committee over the effectiveness of
governance, risk management and control over
current and evolving risks.
A full set of material risks to which the
organisation is exposed can be found in the
material existing and emerging risks on pages
258 to 271 .
Certain risks are additionally identified as key
themes and monitored closely by the Board and
Board Committees. These are chosen on the
basis of their potential to impact viability during
the time frame of the assessment but in some
instances the risks may continue beyond this
time frame.

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Viability statement

These particular risks include:
▪ the potential impact of increased recession
risk heightened by the turbulent geopolitical
outlook and volatile market conditions
▪ failure to successfully adapt the Group’s
operations and business strategy to address
the financial risks resulting from both: (i) the
physical risk of climate change; and (ii) the risk
from the transition to a low-carbon economy
▪ legal proceedings, competition, regulatory and
conduct matters giving rise to the potential
risk of penalties, damages or fines, loss of
regulatory licences and permissions and other
sanctions, as well as potential adverse impacts
on our reputation with clients and customers
and on investor confidence and/or potentially
resulting in adverse impacts on capital, liquidity
and funding
▪ sudden shocks or geopolitical instability in any
of the major economies in which the Group
operates which could alter the behaviour of
depositors and other counterparties, affect
the ability of the firm to maintain appropriate
capital and liquidity ratios or impact the
Group's credit ratings
▪ evolving operational risks (notably cyber
security, technology and resilience) and the
ability to respond to the new and emerging
technologies in a controlled fashion.
As a universal bank with a diversified and
connected portfolio of businesses, servicing
customers and clients globally, the Group is
impacted in the longer term by a wide range of
macroeconomic, political, regulatory and
accounting, technological, social and
environmental developments. The evolving
operating environment presents opportunities
and risks in respect of which the Group continues
to evaluate and take steps to appropriately adapt
its strategy and its delivery.
Stress tests
The Board has also considered the Group’s
viability under a specific internal stress scenario.
The latest macroeconomic internal stress test,
conducted in H2 2023, targets risks such as
inflation, financial stress and a shock on demand;
with terminal low rates set to test Barclays’
vulnerabilities through NII margin compression:
• s evere UK recession (GDP low point -4.5%)
brought by falling household real incomes, job
losses leading to 8.3% unemployment rate,
declining economic confidence and tight
financial conditions. Other major economies
experience very similar shocks
• high interest rates (peak 8.5% UK, 8.5% US)
lead to additional stress in banking and non-
banking sectors. As financial conditions
tighten, central banks rapidly reverse policy
and low interest rates persist (1% UK, 1.5%
US) to stimulate the economy and avoid an
even worse outcome
• inflation, after a short-term spike (UK 10.4%,
US 8.1%), begins to reduce towards the end of
2025 gradually falling to 2% in the outer year
forecast horizon. The short-term affordability
pressures on customers ease as interest rates
and inflation falls
• res idential house prices in the UK decline 33%
while in the US commercial real estate prices
fall 45%, reflecting the contagion effects from
the financial markets.
The stress test outcome for macroeconomic
tests assesses our full financial performance
over the horizon of the scenario in terms of
profitability, capital, liquidity and leverage to
ensure we remain viable.
In addition to a macroeconomic internal stress
test, a climate internal stress test was run this
year and presented to the Board Risk Committee
for approval. See page 176. The exercise
confirmed the Bank is financially resilient to
climate risks. Refer to the 'scenario analysis'
section in page 131 for the key learnings from
the climate internal stress test.
The Group-wide stress testing framework also
includes internal reverse stress testing
assessments, conducted once a year, which aim
to identify the circumstances under which the
Group’s business model would no longer be
viable, leading to a significant change in business
strategy and to the identification of appropriate
mitigating actions. Examples include extreme
macroeconomic downturn (‘severely adverse’)
scenarios, or specific one-off events, covering
both operational risk and capital/liquidity items.
Reverse stress testing is used to help support
ongoing risk management and is an input to the
Group’s recovery planning process.
Legal proceedings, competition, regulatory and
remediation/redress conduct matters are also
assessed as part of the stress testing process.
Capital and the ILST are set at a level designed to
enable the Group to withstand various stress
scenarios. As part of this process, management
also identified actions, including cost reductions
and withdrawal from lines of business, available to
restore the Group to its desired capital flight
path. These internal stress tests informed the
conclusions of the WCR.
The results of the macroeconomic internal
stress test were approved by the Board Risk
Committee and allowed the Board to approve
the Medium Term Plan as being able to sustain a
severe but plausible scenario and remain within
risk appetite.
Based on current forecasts, taking account of
material known regulatory changes to be
enacted and having considered possible stress
scenarios, the current liquidity and capital
position of the Group continues to support the
Board’s assessment of the Group’s viability.

| Strategic report | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 55
Viability statement (continued)

| Annual General Meeting (AGM) |
| Location SEC (Scottish Event Campus) Armadillo, Exhibition Way, Glasgow G3 8YW And electronically on an online platform Date Thursday, 9 May 2024 Time 11.00am The arrangements for the Company’s 2024 AGM and details of the resolutions to be proposed, together with explanatory notes and how to attend the meeting, will be set out in the Notice of AGM to be published on the Company’s website (home.barclays/agm). |  |  |

| Key dates |
| 1 March 2024 Full year dividend record date | 3 April 2024 Full year dividend payment date | 25 April 2024 Q1 2024 Results Announcement | 9 May 2024 Annual General Meeting at 11.00am |

Keep your personal
details up to date
Please remember to tell Equiniti if:
• you move; or
• you need to update your bank or building
society details.
If you are a Shareview member, you can update
your bank or building society account or address
details online. If you are not a Shareview member
you can update details quickly and easily over the
telephone using the Equiniti contact details on
the next page.
Dividends
The Barclays PLC 2023 full year dividend for the
year ended 31 December 2023 will be 5.30 p per
share, making the 2023 total dividend 8.00 p per
share.
Dividend Reinvestment Plan
Barclays offers a share alternative in the form of
a dividend reinvestment plan (DRIP) for those
shareholders who wish to elect to use their
dividend payments to purchase additional
ordinary shares, rather than receive a cash
payment. The DRIP is provided and administered
by Barclays’ registrar, Equiniti.
Share price Information on the Barclays share
price and other share price tools are available at:
home.barclays/investorrelations

+ | Further details regarding the DRIP can be found at home.barclays/dividends and shareview.co.uk/info/drip

Strategic report |  | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial information |  | Barclays PLC Annual Report 2023 | 56
Shareholder information

| Shareholder security Shareholders should be wary of any cold calls with an offer to buy or sell shares. Fraudsters use persuasive and high pressure techniques to lure shareholders into high-risk investments or scams. You should treat any unsolicited calls with caution. Please keep in mind that firms authorised by the Financial Conduct Authority (FCA) are unlikely to contact you out of the blue. You should consider getting independent financial or professional advice from someone unconnected to the respective firm before you hand over any money. Report a scam If you suspect that you have been approached by fraudsters please tell the FCA using the share fraud reporting form at fca.org.uk/scams . You can also call the FCA Helpline on 0800 111 6768 or through Action Fraud on 0300 123 2040. |

Donations to charity
We launched a Share Dealing Service in October
2017 aimed at shareholders with relatively small
shareholdings for whom it might otherwise be
uneconomical to deal. One option open to
shareholders was to donate their sale proceeds
to ShareGift. As a result of this initiative,
£75,452.72 was donated in 2023, taking the total
donated since 2017 to over £336,200.
Managing your shares online
Shareview
Barclays shareholders can go online to manage
their shareholding and find out about Barclays
performance by joining Shareview. Through
Shareview, you:
• will receive the latest updates from Barclays
direct to your email
• can update your address and bank details online
• can vote in advance of general meetings.
To join Shareview, please follow these two
easy steps:

Step 1 | Go to portfolio.shareview.co.uk
Step 2 | Register for electronic communications by following the instructions on screen

Returning funds to shareholders
Over 60,000 shareholders did not cash their
Shares Not Taken Up (SNTU) cheque following
the Rights Issue in September 2013. In 2023, we
continued the tracing process to reunite these
shareholders with their SNTU monies and any
unclaimed dividends and by the end of the year,
we had returned approximately £32,000 to our
shareholders, in addition to the approximately
£5.0m returned since 2015.

| Useful contact details Registrar Holders of ordinary shares The Barclays share register is maintained by Equiniti. If you have any questions about your Barclays shares, please contact Equiniti: By phone: + 44 (0)371 384 2055 (UK & International telephone number) +44 (0)371 384 2255 (for the hearing impaired in the UK and international) Note: Lines open 8.30am to 5.30pm (UK time) Monday to Friday, excluding public holidays. Visit online: shareview.co.uk By post: Aspect House Spencer Road, Lancing, West Sussex BN99 6DA To find out more, contact Equiniti or visit: home.barclays/dividends Alternative formats Shareholder documents can be provided in large print, audio CD or Braille free of charge by calling Equiniti. +44 (0)371 384 2055 (UK and International telephone number) |  | Holders of American Depositary Receipts (ADRs) ADRs represent the ownership of Barclays PLC shares which are traded on the New York Stock Exchange. ADRs carry prices, and pay dividends, in US dollars. If you have any questions about your Barclays ADRs, please contact Shareowner Services: By email: StockTransfer@equiniti.com Visit online: adr.com By phone: +1 800 990 1135 (toll free in the US and Canada) +1 651 453 2128 (outside the US and Canada) By post: Shareowner Services, PO Box 64504, St Paul, MN 55164-0504, USA Delivery of ADR certificates and overnight mail: By post: Shareowner Services, 1110 Centre Point Curve, Suite 101, Mendota Heights, MN 55120-4100, USA Qualifying US and Canadian resident ADR holders should contact Shareowner Services for further details regarding the DRIP. Shareholder Relations If you have any questions for Barclays about your shareholding, please contact: By email: privateshareholderrelations@barclays.com By post: Shareholder Relations Barclays PLC, 1 Churchill Place, London, E14 5HP |

Strategic report |  | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial information |  | Barclays PLC Annual Report 2023 | 57
Shareholder information (continued)

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 environmental, social and
governance (ESG) commitments and targets),
plans and objectives for future operations 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 International
Financial Reporting Standards and other
accounting standards, including practices with
regard to the interpretation and application
thereof and emerging and developing ESG
reporting standards; 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; environmental, social
and geopolitical risks and incidents, pandemics
and similar events beyond the Group’s control;
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; 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; political
elections; developments in the UK’s relationship
with the European Union (EU); the risk of
cyberattacks, information or security breaches,
technology failures or other operational
disruptions and any subsequent impacts on the
Group’s reputation, business or operations; the
Group’s ability to access funding; and the
success of acquisitions, disposals 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 2024-2026,
Barclays has made certain assumptions about
the macro-economic 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 the
description of material existing and emerging
risks beginning on page 258 of this Annual
Report.
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.

Strategic report |  | Shareholder information | Climate and sustainability report | Governance | Risk review | Financial review | Financial information |  | Barclays PLC Annual Report 2023 | 58
Important Information

| Climate and Sustainability report |  |
| The Climate and Sustainability report forms Part 2 of the Barclays PLC 2023 Annual Report. Parts 1, 2 and 3 together comprise Barclays PLC's annual accounts and report for the purposes of Section 423 of the Companies Act 2006. |  |
| TCFD Strategy Recommendation A |  |  |  |  | TCFD Strategy Recommendation B |  |  |  |  | TCFD Strategy Recommendation C |  |
| Describe the climate-related risks and opportunities the organisation has identified over the short, medium, and long term. |  |  |  |  | Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning. |  |  |  |  | Describe the resilience of the organisation’s strategy, taking into consideration different climate- related scenarios, including a 2°C or lower scenario. |  |
| Risks and opportunities | 66 |  |  |  | Implementing our Climate Strategy | 72 |  |  |  | Resilience of our strategy | 130 |
| Risks | 67 |  |  |  | Achieving net zero operations | 73 |  |  |  | Scenario analysis | 131 |
| Opportunities | 70 |  |  |  | Operational footprint dashboard | 75 |  |  |  | Barclays’ resilience to climate scenarios | 132 |
|  |  |  |  |  | All other narrative | 76 |  |  |  | Climate stress tests | 132 |
|  |  |  |  |  | Reducing our financed emissions | 80 |  |  |  | 2023 Enhancements and beyond | 134 |
|  |  |  |  |  | BlueTrack TM dashboard | 88 |  |  |  | Challenges and limitations | 135 |
|  |  |  |  |  | All other narrative | 89 |  |  |  | Macro-dependencies and objectives | 136 |
|  |  |  |  |  | Financing the transition | 101 |  |  |  | Important information/disclaimers | 137 |
|  |  |  |  |  | Sustainable finance dashboard | 103 |  |  |  |  |  |
|  |  |  |  |  | All other narrative | 104 |  |  |  |  |  |
|  |  |  |  |  | Working with our clients | 107 |  |  |  |  |  |
|  |  |  |  |  | Embedding climate and sustainability into our business | 121 |  |  |  |  |  |
|  |  |  |  |  | Just transition and nature and biodiversity | 124 |  |  |  |  |  |
|  |  |  |  |  | Engaging with industry | 126 |  |  |  |  |  |
|  |  |  |  |  | Barclays' approach to public policy | 129 |  |  |  |  |  |

A strategy for a better financial future |  | Our climate strategy is driven by consideration of relevant risks and opportunities and in alignment with our Purpose: working together for a better financial future for our customers, clients and communities.

| Barclays’ climate strategy |  |  |  |  |  |
|  | 1 |  |  |  | 2 |  |  |  | 3 |  |
|  | Achieving net zero operations |  |  |  | Reducing our financed emissions |  |  |  | Financing the transition |  |
|  | Barclays is working to reduce its Scope 1, Scope 2 and Scope 3 operational emissions consistent with a 1.5°C aligned pathway, and counterbalance any residual emissions. |  |  |  | Barclays is committed to aligning its financing with the goals and timelines of the Paris Agreement, consistent with limiting the increase in global temperatures to 1.5°C. |  |  |  | Barclays is helping to provide the green and sustainable finance required to transform the economies, customers and clients we serve. |  |
|  | Our strategy is underpinned by the way we assess and manage our exposure to climate-related risk |  |

We have a clear shareholder endorsed climate
strategy to achieve our ambition of being a net zero
bank by 2050, by achieving net zero operations,
reducing our financed emissions and financing the
transition.
We are committed to achieving net zero operations
and have continued to make progress, achieving a
51%Δ reduction of Scope 1 and 2 location-based
greenhouse gas emissions milestone ahead of
schedule. We continued to source 100%Δ
renewable electricity for our global real estate
portfolio and met our 90% Scope 1 and 2 market-
based emissions reduction target – reducing these
emissions by 93%Δ.
We are also committed to reducing our financed
emissions, those deriving from the activities of the
clients that we finance and those generated in their
respective value chains, by providing financial advice
and support as they transition to a low-carbon
economy.
We have now set 2030 emissions reduction targets
for eight of the highest-emitting sectors in our
portfolio: Energy, Power, Cement, Steel,
Automotive manufacturing, Aviation, Agriculture
and Commercial Real Estate; and have assessed
the baseline and convergence point for our UK
Housing portfolio. This meets our commitment
under the NZBA to set targets for material high-
emitting sectors in our portfolio.
Our 2030 target-setting includes the integration of
1.5 o C aligned scenarios, such as the IEA Net Zero
2050 scenario, in our financed emission targets,
and includes ranges for certain sectors to reflect
dependencies outside our control that will
determine how quickly our financed emissions can
be reduced in these sectors.
This year, we have further extended the scope of
our calculations to cover the full in-scope balance
sheet financed emissions, largely aligned to the
PCAF Standard. We used our methodology for
measuring our financed emissions and tracking
them at a portfolio level against the goals and
timelines of the Paris Agreement – this
methodology is called BlueTrack™.
Capital is critical for a successful energy transition
and we are focusing our financing to those clients
actively engaged in the energy transition.
The scale of our business gives us the opportunity
to help finance the energy transition – to use our
global reach, products, expertise and position in the
global economy to work with our clients, including
those in the Energy sector, as they transition to a
low-carbon business model.
To reduce reliance on fossil fuels the world needs to
accelerate and scale the supply and capacity of
renewables and climate tech solutions that will help
to decarbonise high-emitting activities. The Climate
Policy Initiative estimates that this requires at least
$4.3trillion of climate finance a year by 2030 1.
Notes:
Δ 2023 data subject to independent limited assurance under ISAE
(UK)3000 and ISAE 3410. Current limited assurance scope and
opinion can be found within the ESG Resource Hub:
home.barclays/sustainability/esg-resource-hub/reporting-and-
disclosures/
1 Climate Policy Initiative - Global Landscape of Climate Finance:
A Decade in Data climatepolicyinitiative.org/wp-content/
uploads/2022/10/Global-Landscape-of-Climate-Finance-A-
Decade-of-Data.pdf

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Barclays’ climate strategy

Barclays is committed to help finance the energy
transition, In 2022 we set a target to facilitate $1trn
of Sustainable and Transition Financing between
2023 and the end of 2030.
During 2023, we facilitated $67.8bn Δ of
sustainable and transition financing. $67.4bn was
sustainable financing and $0.4bn Δ was transition
financing that qualified against our new
Transition Finance Framework.
We are also focused on investing and scaling the
climate tech – hydrogen, carbon capture,
batteries, amongst others – needed by society
and our clients to transition, generate economic
growth and create a new wave of green jobs. To
support this, we have a mandate to invest up to
£500m of Barclays’ own capital by the end of
2027 and we have invested £138m into 21
innovative companies to date.
An important lever for reducing our financed
emissions is our policy. In February 2024, we
updated our Climate Change Statement with
new restrictions on financing upstream oil and
gas, including unconventional oil and gas and
additional Enhanced Due Diligence (EDD)
requirements for biomass.
Fossil fuels are still required for many essential
activities – including electricity generation,
transport and heating. In the International Energy
Agency NZE scenario, new long lead time
upstream oil and gas projects are not required on
a 1.5°C-aligned pa thway. For current and future
(declining) global demand to be satisfied,
investment is needed to support existing assets,
while clean energy is scaled 2. Barclays
understands the critical importance of energy
being secure, reliable and affordable for our
customers and clients.
Barclays will continue to support an energy
sector in transition, focusing on the diversified
energy companies investing in low carbon and
with greater scrutiny on those engaged in
developing new oil and gas projects.
The trajectory for our clients’ transition to a low-
carbon economy is influenced by a number of
external factors, including market developments,
technological advancement, the public policy
environment, geopolitical developments and
regional variations, behavioural change in society
and the scale of change needed to adapt their
business models. Client transition pathways will
vary, even within the same sectors and
geographies.
Many highly carbon-intensive sectors require
finance to transition to a low carbon economy.
Restricting the flow of capital to these sectors
could be harmful to the pace of the transition,
limiting the real terms impact on global warming.
The energy companies unable or unwilling to
reduce their emissions or play a role in the energy
transition may find it increasingly difficult to
access financi ng from Barclays.
We are committed to continuing the work we
began in 2020. Our climate strategy will continue
to evolve and adapt in light of the rapidly
changing environment and the need to support
governments and clients, in our efforts to meet
our ambition of being a net zero bank by 2050.
Notes:
Δ 2023 data subject to independent limited assurance under ISAE
(UK) 3000 and ISAE 3410. Current limited assurance scope and
opinion can be found within the ESG Resource Hub:
home.barclays/sustainability/esg-resource-hub/reporting-and-
disclosures/
2 International Energy Agency - Net Zero Roadmap, 2023 Update
iea.blob.core.windows.net/
assets/9a698da4-4002-4e53-8ef3-631d8971bf84/
NetZeroRoadmap_AGlobalPathwaytoKeepthe1.5CGoalinReach
-2023Update.pdf

+ | Please see the Barclays Climate and Sustainability report from page 60 for further details on Barclays' ambition to be a net zero bank.
| Barclays' climate, sustainability, and ESG-related data, targets and progress can be found within the ESG Data Centre within our ESG Resource Hub.
| Further details on our BlueTrack TM methodology can be found within our Financed Emissions Methodology paper (published in 2024) accessible at: home.barclays/ sustainability/esg-resource-hub/reporting-and- disclosures/

| Collaborating with the Transition Plan Taskforce The Transition Plan Taskforce (TPT) was launched by HM Treasury in March 2022 with a mandate to bring together leaders from industry, academia, and regulators to develop good practice for transition plan disclosures for the finance sector and the real economy. Barclays participated in a number of working groups for the TPT, including inputting into the Banks Sector Guidance – w hich adds further depth and detail for preparers of transition plans operating in the banking sector. Barclays contributed to the development of the additional guidance, sharing its views on particular nuances of transition planning for bank s – including the incorporation of nature and just transition elements. The guidance was published for consultation in October 2023, with Barclays participating in the launch event. |
| Our approach to TPT disclosures Over 2023, Barclays participated in a number of working groups of the Transition Plan Taskforce (TPT), supporting the development of its framework for transition plan disclosures. We are developing our approach to the TPT’s recommendations, taking into account relevant guidance as it develops, and elements of the TPT’s Disclosure Framework (including the Implementation Guidance and draft Banks Sector Guidance) are addressed in our climate related disclosures included in this Annual Report. During 2024, we will look to further develop elements of our climate disclosures including transition planning. This will be reflected in future disclosures, as we work towards publishing our own transition plan. |

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Barclays’ climate strategy (continued)

+ | Further details can be found at: transitiontaskforce.net/wp-content/uploads/2023/11/TPT-Banks-Sector- Guidance.pdf

Our strategy, selected targets and progress |  | The table below sets out selected targets and policies we have previously announced, progress against them, as well as new announcements as of the publication of this Annual Report.

Strategic pillar |  | Previously Announced Target/Policy | Progress | New Announcement
1 Achieving net zero operations | By end 2025 | 2023 performance | We are working towards the following milestones
Energy | • 100% renewable electricity sourcing for our global real estate portfolio by end of 2025 | 100%Δ sourced | N/A
Reduction of GHG emissions | • 90% reduction in Scope 1 and 2 GHG emissions (market-based, against a 2018 baseline) | -93%Δ reduction | N/A
2 Reducing our financed emissions Portfolio reduction targets/ convergence point | By the end of 2030 | Cumulative change | By the end of 2030
Energy 1 | • 40% reduction in absolute CO 2 e emissions against a 2020 baseline of 75.4 Δ MtCO 2 e (Scopes 1, 2 & 3) | -44% | N/A
Power 1 | • 50-69% reduction in CO 2 e emissions intensity against a 2020 baseline of 326 Δ kgCO 2 e/MWh (Scope 1) | -26% | N/A
Cement 1 | • 20-26% reduction in CO 2 e emission intensity against a 2021 baseline of 0.626 Δ tCO 2 e/t (Scopes 1 & 2) | -8% | N/A
Steel 1 | • 20-40% reduction in CO 2 e emissions intensity against a 2021 baseline of 1.945 Δ tCO 2 e/t (Scopes 1 & 2) | -16% | N/A
Automotive manufacturing 1 | • 40-64 % reduction in CO 2 e emissions intensity against a 2022 baseline of 174.8 Δ gCO 2 e/km (Scopes 1, 2 & 3) | 0% | N/A
UK Housing 1 | • Convergence point: 40% reduction in CO 2 e emissions intensity against a 2022 baseline of 32.0 Δ kgCO 2 e/m 2 (Scopes 1 & 2) for formerly UK Residential Real Estate | +1% | • Convergence point: 40% reduction in CO 2 e emissions intensity against a 2023 baseline of 32.1 Δ kgCO 2 e/m 2 (Scopes 1 & 2) for expanded scope covering social housing and business banking real estate
UK Commercial Real estate | N/A | N/A | • 51% reduction in CO 2 e emissions intensity against a 2023 baseline of 30.0 Δ kgCO 2 e/m 2 (Scopes 1 & 2)
UK Agriculture - Livestock & Dairy | N/A | N/A | • 21% reduction in absolute CO 2 e emissions against a 2023 baseline of 2.4 Δ MtCO 2 e (Scopes 1, 2 & 3)
Aviation | N/A | N/A | • 11-16 % reduction in CO 2 e emissions intensity against a 2023 baseline of 882 Δ gCO 2 e/ RTK (Scopes 1 & 3)

Notes:
Δ 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and opinions can be found within the ESG Resource Hub for further details: home.barclays/sustainability/esg-resource-hub/reporting-and-disclosures/
1 Reported values marked with Δ have been re-baselined in the current year.

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Barclays’ climate strategy (continued)

Strategic pillar |  | Previously Announced Policy | New Announcements 1
2 Reducing our financed emissions Restrictive policies 2 |  |  | Project level restrictions | Entity level restrictions
Upstream Oil & Gas | N/A | From 9 February 2024: • We will not provide project finance for expansion projects or for infrastructure projects primarily to be used for such expansion projects. • We will not provide other direct financing to Energy Groups for expansion projects or infrastructure projects primarily to be used for such expansion projects. | From 9 February 2024: • We will not provide financing to new clients that are Energy Groups where more than 10% of their total planned oil & gas capital expenditure is in expansion. By 1 January 2025: • We expect all Energy Groups to be producing relevant information in relation to their transition plans or decarbonisation strategies. From 1 January 2025: • Any new financing or renewal of existing financing for Non-diversified Groups where more than 10% of their total planned oil & gas capital expenditure is in long-lead expansion would be by exception. From 1 January 2026: • We will only provide financing to Energy Groups if they are able to demonstrate that they are committed to reducing their own emissions by having: – net zero-aligned near-term Scope 1 and 2 emissions reduction targets (absolute or intensity-based); and – targets to reduce methane emissions by 2030, aligned with OGCI, OGMP2.0 or similar industry guidance; and – a commitment to end all routine / non-essential venting and flaring by 2030.
Unconventional Oil & Gas | • Existing project and entity level restrictions on unconventional oil & gas (including Arctic Circle oil & gas, Hydraulic Fracturing and Oil Sands) remain in place. | From 9 February 2024: • We will not provide direct financing to Energy Groups for any oil & gas projects in the Amazon Biome, or any oil & gas projects involving Ultra-Deep Water and/or Extra Heavy Oil, or infrastructure projects primarily to be used for such oil & gas projects. | From 30 June 2024: • We will not provide financing to Energy Groups whose aggregate share of production in Oil Sands, Extra Heavy Oil, Hydraulic Fracturing in the UK/EU, and Arctic Circle oil & gas exceeds 20% of their total oil & gas production. • We will not provide financing to Clients engaged in exploration, appraisal, development, and production of oil & gas in the Amazon Biome.
Thermal Coal Mining | • Existing project and entity level restrictions on thermal coal mining remain in place. | From 9 February 2024: • No project finance for greenfield development or material expansion of thermal coal mines anywhere in the world, including captives. (Note: this was an update to an existing restriction to include captives) • No project finance for development of infrastructure projects primarily to be used for thermal coal mines anywhere in the world. |
| Thermal Coal Power | • Existing project and entity level restrictions on thermal coal-fired power remain in place. | From 9 February 2024: • No project finance to enable construction or material expansion of thermal coal-fired power plants anywhere in the world, including captives. (Note: this was an update to an existing restriction to include captives) |

Notes:
1 For details on the exact scope and application of these restrictions please refer to the Climate Change Statement found at: home.barclays/sustainability/esg-resource-hub/statements-and-policy-positions/
2 Words in italics are defined in the Climate Change Statement found at: home.barclays/sustainability/esg-resource-hub/statements-and-policy-positions/

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Barclays’ climate strategy (continued)

Strategic pillar |  | Previously Announced Target/Policy | Progress
3 Financing the transition | Previously Announced Target | 2023 performance
Sustainable financing | • Facilitate $1trn of Sustainable and Transition Financing between 2023 and end of 2030 • Facilitate £100bn of green financing between 2018 and 2030 | • $67.8bn Δ • £25.9 bn Δ (Cumulative performance: £113.7 bn Δ)
Sustainable Impact Capital | • Increase mandate to invest up to £500m of Barclays' capital in global climate tech start-ups by the end of 2027 | • £49.49m (£138.4m invested by the end of 2023)

Δ 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and opinions can be found within the ESG Resource Hub: home.barclays/sustainability/esg-resource-hub/reporting-and-disclosures/

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Barclays’ climate strategy (continued)

| Climate Action Roadmap Barclays has been taking action on climate change for a number of years. The below roadmap highlights key targets, actions and policies relating to achieving net zero operations, reducing our financed emissions and financing the transition. These are key milestones on the way to achieving our ambition to be a net zero bank by 2050. |
|  | Pre- 2018 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2030 |  | 2035 |  | 2050 |  |
| Notes: 1 Financial Stability Board | 2 Taskforce on Climate-related Financial Disclosures | 3 See our Climate Change Statement updated in February 2024 for further details including on scope and definition | 4 See section on Net Zero Operations | 5 Paris Agreement Capital Transition Assessment | 6 See section Reducing our financed emissions | 7 Originally called Residential Real Estate, updated in 2024 | 8 Sustainable Impact Capital | 9 Net-Zero Banking Alliance | 10 Partnership for Carbon Accounting Financials | 11 PCAF Standard - PCAF (2022). The Global GHG Accounting and Reporting Standard Part A: Financed Emissions. Second Edition. |

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Barclays’ climate strategy (continued)

• Joined Paris Pledge for Action in 2015 • Signed statement of support of the FSB’s 1 TCFD 2 in 2017 | • Joined PACTA 5 pilot • Published Climate Change Statement 3 setting out restrictions for sensitive sectors | • Founding member of the NZBA 9 • Exceeded target to facilitate £150bn of social, environmental and sustainability-linked financing by 2025 • Exceeded 2025 operational emissions and energy targets 4 | • Announced 2030 Autos target, convergence point for UK Housing 7 and ambition for 50% of mortgages to have EPC C or better by 2030 6 • Expanded our net zero operations approach and announced new operational milestones 4 • Exceeded target to facilitate £100bn of green financing by 2030 • Financing restrictions came into effect for certain thermal coal mining, coal power and oil sands clients 3 | • Tightened financing restrictions for coal-fired power generation clients will come into effect 3 • Transition plan expectations for Energy Groups will come into effect 3 | • Financing to thermal coal mining or coal-fired power generation clients in the EU and OECD will be phased out 3 • Financing to clients with >10% revenue from thermal coal mining or coal-fired power generation in the RoW will be restricted 3 | • NZ ambition

• Announced 2025 £150bn social and environmental financing target and 2030 £100bn green financing target • One of the first UK banks to launch a 'Green Home Mortgage' • Announced targets to reduce operational emissions by 80% and procure 90% renewable energy by 2025 4 | • Announced ambition to be a net zero bank by 2050 • Launched BlueTrack™ with 2025 Energy and Power targets 6 • Launched £175m Sustainable Impact Capital 8 initiative | • Announced 2030 Energy, Power, Cement and Steel targets 6 • Announced $1tn Sustainable and Transition Financing target and increased SIC 8 mandate to invest up to £500m • Announced new operational emissions and electricity sourcing targets 4 • Elevated Climate risk to a Principal Risk • Held a ‘Say on Climate’ advisory vote | • Updated Climate Change Statement with new financing restrictions for upstream oil and gas 3 • Announced 2030 targets for Agriculture, Commercial Real Estate, and Aviation, and updated scope for UK Housing 7 convergence point 6 and EPC ambition • Estimated full in-scope balance sheet financed emissions using methodology developed using PCAF 10 Standard 11 | • Minimum requirements for Scope 1 and 2 targets, methane abatement and venting/flaring for Energy Groups will come into effect 3 | • All financing to thermal coal mining or coal-fired power generation clients will be phased out 3

| Risk and opportunities |  |
|  | TCFD Strategy Recommendation A: |  |  |  |  | TCFD Strategy Recommendation B: |  |  |  |  | TCFD Strategy Recommendation C: |  |
|  | Describe the climate-related risks and opportunities the organisation has identified over the short, medium, and long term. |  |  |  |  | Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning. |  |  |  |  | Describe the resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario. |  |
|  | Risks and opportunities | 66 |  |  |  | Implementing our climate strategy | 72 |  |  |  | Resilience of our strategy | 130 |
|  | Risks | 67 |  |  |  | Achieving net zero operations | 73 |  |  |  | Scenario analysis | 131 |
|  | Opportunities | 70 |  |  |  | Operational footprint dashboard | 75 |  |  |  | Barclays’ resilience to climate scenarios | 132 |
|  |  |  |  |  |  | All other narrative | 76 |  |  |  | Climate stress tests | 133 |
|  |  |  |  |  |  | Reducing our financed emissions | 80 |  |  |  | 2023 Enhancements and beyond | 134 |
|  |  |  |  |  |  | BlueTrack TM dashboard | 88 |  |  |  | Challenges and limitations | 135 |
|  |  |  |  |  |  | All other narrative | 89 |  |  |  | Macro-dependencies and objectives | 136 |
|  |  |  |  |  |  | Financing the transition | 101 |  |  |  | Important information/disclaimers | 137 |
|  |  |  |  |  |  | Sustainable finance dashboard | 103 |  |  |  |  |  |
|  |  |  |  |  |  | All other narrative | 104 |  |  |  |  |  |
|  |  |  |  |  |  | Working with our clients | 107 |  |  |  |  |  |
|  |  |  |  |  |  | Embedding climate and sustainability into our business | 121 |  |  |  |  |  |
|  |  |  |  |  |  | Just transition and nature and biodiversity | 124 |  |  |  |  |  |
|  |  |  |  |  |  | Engaging with industry | 126 |  |  |  |  |  |
|  |  |  |  |  |  | Barclays' approach to public policy | 129 |  |  |  |  |  |

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.

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-related risks are physical
risks and transition risks.
Physical risks
Physical risks result from a changing climate and
can be event-driven (acute risks), including
increased frequency and/or severity of extreme
weather events such as cyclone, hurricanes and
flooding. Physical risks can also be driven by
longer-term shifts in climate patterns (chronic
risks) from sustained higher temperatures,
leading to rising sea levels, rising mean
temperatures and more severe weather events.
Transition risks
Transition risks result from the transition to a
lower-carbon economy. This is likely to involve
significant, rapid policy, regulatory and legal
changes, as well as the evolution of technology
and markets to adapt to a changing climate and
associated impacts.
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-terms horizons.
I n 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.
A dditionally, operations in regions prone to high
physical risks may also experience higher
insurance premiums or limited insurance
coverage.
Transition risks are expected to occur in all
timeframes, but more broadly over the medium
term. The cost of transitioning to cleaner
technologies and sustainable business practices
may strain the financial resources of businesses,
affecting profitability and long-term viability.
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 lower-
carbon economy. This in turn may lead to higher
conduct and operational risks to Barclays. At an
individual level, there may be challenges related
to employment opportunities as businesses
transition away from carbon-intensive practices.
This in turn may impact the creditworthiness of
Barclays' clients and their ability to repay loans.
Transition risks aimed at mitigating climate
change can also impact the profitability and value
of assets in Barclays' portfolio, particularly those
linked to carbon-intensive industries. Companies
perceived as slow to adapt or unresponsive to
environmental concerns may face reputational
damage or legal actions leading to decreased
customer trust and investor support.
With escalating concerns and heightened global
awareness of climate risks, it is likely that litigation
linked to these risks will increase. Additionally,
Barclays may face greater scrutiny of the type of
business it conducts – including in the form of
adverse media coverage and an increase in
climate-related litigation cases. This in turn may
adversely impact customer demand for Barclays'
products, returns on business activities, value of
assets and trading positions, resulting in higher
impairment charges.
Looking to the longer term, the cumulative
effects of global temperature rise 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 elements, such as the
melting of ice sheets or changes in ocean
circulation, have varying time horizons. As the
science develops, we are observing that some
tipping points may run on a shorter timeline than
initially expected. Accordingly, t he uncertainty of
exact timeframes in which such tipping points are
expected to 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): 5-30 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 macro and micro transmission channels
are observed in Barclays' portfolio through
traditional risk categories such as credit risk,
market risk, treasury and capital risk, operational
risk and reputational ris k. The approach to
identifying, measuring and managing climate-
related risks is consistent with other key risks,
however there remains significant uncertainty
around when these risks will materialise.
Climate risk is integrated into the broader
Enterprise Risk Management Framework,
aligning with other Principal Risks and ensuring a
holistic approach to risk identification,
assessment and management. Barclays' Climate
Risk Framework facilitates a structured
integration of climate risk considerations into the
Bank's operations. It undergoes regular reviews
and updates – including changes to risk
taxonomy, definitions and methodology – to align
with changing regulatory expectations and
external developments. Following the annual
review of the Climate Risk Framework in 2023,
Barclays no longer considers that a separate
category is needed to capture second-order
impacts of physical and transition risk, as these
impacts are already being captured and managed
within the existing assessments and framework.
Therefore, connected risks no longer features as
a separate category.
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 belo w set out the example drivers,
example potential impacts and expected time
horizons of various physical and transition risks.

+ | Further details on how Barclays manages climate risk can be found on pages 272 t o 276.

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Risk and opportunities

TCFD Strategy Recommendation (a)

Transition risks | Policy and legal | Reputation | Technology | Market
Example drivers | • Carbon tax impacting sectors and clients • Enhanced GHG reporting obligations • Government and non-governmental organisations taking litigation actions | • Increased stakeholder concern or negative stakeholder feedback • Shifts in consumer preferences • Stigmatisation of sectors | • Disruptive substitute technologies being favoured because of lower carbon footprint • Development of emissions capture and recycling facilities • Investments in new technologies | • Changes in supply and demand of raw materials • Uncertainty in market signals • Changing market sentiment
Example potential impacts | • Increased operating costs for compliance or due to fines from regulators or damages from litigation • Write-offs and early retirement of assets due to policy changes • Changes in asset valuations | • Increased costs and reduced demand for products and services • Decreased production capacity due to poor employee attraction and retention • Reduction in capital availability | • Write-offs and early retirement of assets • Research and development expenditure in new technologies • Costs for adoption of new practices and processes | • Increased costs and reduced demand for products and services • Increased production costs due to changing input prices and output requirements • Decreased revenue and repricing of assets
Expected time horizons | S, M, L

Physical risks | Acute | Chronic
Example drivers | • Damage to fixed assets and infrastructure (e.g. property, power supplies) by wildfires • Adverse impact on agriculture and production of soft commodities due to drought • Transport difficulties and damage to infrastructure due to severe storm and flooding | • Change in weather and precipitation patterns resulting in reduced agricultural yields and land no longer suitable for farming • Potential population migration due to uninhabitable land • Increase in sea levels and consequent coastal erosion requiring building of new seawall and flood defences • Rising temperatures resulting in diminished productivity and health issues
Example potential impacts | • Increased costs due to damage to facilities • Reduced revenue from decreased production capacity • Increased operating costs and decrease in sales due to unavailability of raw materials and supply chain disruptions | • Reduced revenue from decreased production capacity and early retirement of assets • Decrease in property values • Increased costs and insurance for assets in high-risk locations • Reduced revenue from lower sales and output
Expected time horizons | S, M, L | M, L

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Risk and opportunities (continued)

TCFD Strategy Recommendation (a)

i |  |  | i
| Building our understanding of nature-related risk |
| Nature-related risks arise from an organisation's dependencies and impacts on nature. These risks can be physical risks and transition risks, which in turn can present financial risks 1. As such, this year we have undertaken further work to develop our understanding of nature-related risks and how these relate to different industry sectors. Building on last year's heatmap analysis, we have updated our approach using publicly available data and explored a wider set of impacts and dependencies. This work has been designed to help build our understanding of the material nature- related impacts, dependencies, risks and opportunities within priority industry sectors, and indicate where we might focus further analysis, as we continue to build our nature related assessment and decision-making capabilities. Through this work, we have developed an updated heatmap by mapping industry classification codes and the associated qualitative nature-related impact and dependency ratings from ENCORE 2 and SBTN 3 to Barclays' internal sector classifications. The mapping was undertaken for sectors with material impacts and dependencies as identified by TNFD in its Guidance for Financial Institutions 4. We then undertook an exploratory exercise which highlighted in which of these industry sectors particular nature-related impacts and dependencies are most likely to occur. | This work created a heatmap with ratings representing an average global view of the potential impacts and dependencies that may be associated with the direct operations of companies in these sectors. The preliminary heatmap analysis highlighted that, for most of the priority industry sectors, there are a number of potential impacts and dependencies rated as high or very high, including impacts related to land-use change, water use and pollution, as well as dependencies on ecosystem services such as ground and surface water, climate regulation and flood-storm protection. These insights will be used to help inform our future analysis, taking into account that this represents one data source, and specific nature related risks within the same sector might vary substantially from company or project and an aggregated heatmap is not necessarily representative of the actual impacts and dependencies of Barclays’ client base. Our proposed next steps include building on the TNFD LEAP pilot undertaken in 2022/2023 to conduct further sector-level analysis, taking into account the results of the heatmap, Barclays’ exposure and client base and emerging thinking on impact and risk data and methodologies. |

Notes:
1 Source: tnfd.global/wp-content/uploads/2023/08/Recommendations_of_the_Taskforce_on_Nature-
related_Financial_Disclosures_September_2023.pdf?v=1695118661
2 ENCORE stands for Exploring Natural Capital Opportunities, Risks, and Exposure and is a tool developed by Global Economy, UNEP-FI, and UNEP-
WCMC.
3 SBTN stands for Science Based Targets Network and builds on the momentum of the Science Based Targets initiative helping companies set
science-based targets for nature.
4 Source: tnfd.global/wp-content/uploads/2023/08/Guidance_for_Financial_Institutions_v1.pdf
Nature-related data, models and methodologies are a nascent area and therefore evolving and reliant on externally sourced data mapped to
internal sector identifiers, with various limitations. We will continue to review the applied data, models, and methodologies, as such the results
of similar assessments are likely to change in the future.

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Risk and opportunities (continued)

TCFD Strategy Recommendation (a)

| Climate-related opportunities identified over the short, medium and long term
| Barclays has enhanced its focus on sustainable and transition finance over the last two years. At the end of 2022, we announced a new target to facilitate $1trn of Sustainable and Transition Finance. This followed a review of the financing requirements arising from the global transition to a low-carbon economy if the world is to avoid the worst effects of climate change and the potential addressable market for Barclays. During 2023 we built on this work to develop a Group-wide sustainable finance strategy to operationalise our ambition.

The market opportunity
We recognise the opportunities arising from the
global transition to a low-carbon economy –
which will involve scaling up zero or near-zero
emitting technologies and businesses and
supporting emissions reductions in high-emitting
and hard-to-abate sectors if the world is to avoid
the worst effects of climate change.
In 2022, we completed a review of the market
and identified three medium-term thematic
areas of potential opportunity for Barclays, as
outlined below. Although markets may have
evolved during 2023 we believe these still
represent growth opportunities for Barclays.
Energy Transition Finance
The analysis indicated that, based on current
policy, technology and market developments,
Energy Transition Finance – including renewables
and nascent or early-stage climate technologies
that are needed to scale to support the transition
to net zero – represents an estimated 10-year
addressable opportunity of over $16trn across
North America, Europe and Asia Pacific
(excluding China).
This extends to up to $24trn over the same time
period if policy, technology and market
developments step up to deliver on net zero by
2050.
This consists of a number of mature and scaling
technologies with renewable energy (including
wind and solar) and low-emissions transport
(including electric vehicles, fuel cell electric
vehicles and mass transit) expected to make up
over half of the addressable market through to
2030. The analysis also indicated significant
longer-term opportunities in financing the
scaling of capabilities in nascent technologies
such as carbon capture utilisation and storage
(CCUS) and hydrogen solutions.
Sustainable finance instruments
Sustainable finance instruments represent an
estimated $3.5trn-6trn annual issuance
opportunity through to 2030 across North
America, Europe and Asia Pacific (excluding
China), with Europe expected to remain the
primary market for ESG debt.
The analysis indicated that all ESG instruments
are expected to grow to 2030 with ESG debt
excluding green bonds and loans r epresents an
estimated 10-year $400-650bn cumulative
financing opportunity for Barclays based on our
global market share in sustainable finance
instrument s.
Retail and business banking
Barclays UK recognises the environmental and
societal benefits – and the commercial
opportunities – that can be delivered through
financing the UK economy's transition to net
zero. Embracing the challenge of capturing
opportunities from the transition to a low-carbon
economy aligns with Barclays’ Purpose and
positions us to capitalise on the growing market
for sustainable finance.
Our 2022 market review indicated that, within the
UK, sustainable opportunities in retail and
business banking represent a $225-286bn
market opportunity by 2025, increasing to an
estimated $640bn-1trn by 2030.
According to our 2022 market review, G reen
Home Mortgages represent the largest individual
market for Barclays UK by 2030. W e are actively
exploring ways to unlock the decarbonisation of
homes at scale by developing secured and
unsecured lending for energy-efficiency-related
technologies. We are also exploring strategic
partnerships to provide customers and
businesses with financing and guidance to make
more sustainable choices. However, there are
significant dependencies for this opportunity to
be realised – namely customer demand, supply
chain maturity and policy i ntervention.

| Assessing the market opportunity |
| To determine the addressable global market for sustainable finance to 2030, Barclays' 2022 market review leveraged widely used and credible third-party sources including the IEA, IRENA, Climate Bonds Initiative and the IFC as well as Barclays' own industry, ESG and market research. The analysis considered the investment needed through to 2030 for the world to align to net zero, including the accelerated scenarios reflecting possible policy and market developments. Having determined the global addressable market, Barclays developed scenarios for the Bank's potential market for various asset classes, product sets, technological sectors and geographic markets, validated through comparison with historic growth rates and our projected share of the overall market. |

$1trn Sustainable and Transition
Financing Target
Following analysis of the market opportunity for
sustainable financing, together with a review of the
Group's capabilities, in December 2022 we
announced a new target to facilitate $1trn of
Sustainable and Transition Financing between 2023
and the end of 2030,

+ | Further details of Barclays' sustainable finance targets can be found on page 101 and further details on how Barclays' products and services are harnessing these opportunities from page 107.

We recognise that we must tackle the
decarbonisation of 'hard-to-abate' sectors that
are carbon intensive – including through scaling
and commercialising new technologies such as
hydrogen and carbon capture.
During 2023 we developed a Transition Finance
Framework, which we announced in early 2024.
The Transition Finance Framework sets out the
criteria for the inclusion of transition financing in
our $1trn target. The inclusion of transition
financing reflects our recognition of the
importance of lending and facilitating funding and
investing in technologies and activities that
support GHG emission reduction (directly or
indirectly) in high-emitting and hard-to-abate
s ectors.

+ | Further details of Barclays' Transition Finance Framework can be found on page 104.

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Risk and opportunities (continued)

TCFD Strategy Recommendation (a)

Group sustainable finance strategy
Following the appointments of the CIB Head of
Sustainable Finance in November 2022 and the
Barclays UK Head of Social Purpose and
Sustainable Finance in January 2023, a significant
piece of work was undertaken to develop a Group
sustainable finance strategy, which was presented
to and discussed with the Board in July 2023.
This work built on the findings of the 2022 market
opportunity analysis and considered Barclays '
competitive strengths to identify strategic
opportunities in sustainable and transition finance
where we believe Barclays can differentiate itself
and best support our clients and the global
economy to accelerate the transition to net zero.
The strategy aligns with the climate and
environmental themes that were identified when
we announced our $1trn Sustainable and
Transition Financing target in December 2022 and
therefore underpins our plan to deliver
that ambition.

| Our strategy to deliver on our sustainable finance ambition |  |  |  |
| Three pillars where we can deliver for clients and stakeholders: |
| Support UK net zero |  | Leading climate tech partner |  | Sustainable credit markets |
| • Facilitate the flow of capital to consumers and businesses • Deliver on our social purpose agenda by supporting the just transition |  | • Facilitate the flow of capital to new and existing technologies critical to the net zero transition • Develop expertise and infrastructure financing solutions for the deployment of new technologies • Support climate tech companies across the lifecycle, from startup to IPO |  | • Leverage strength in credit markets to facilitate clients’ transition plans • Play a leading role in the creation of carbon and biodiversity markets • Unlock additional sources of capital, including through securitisation, savings and investments |
| Three sustainability themes where we can focus and differentiate: |
|  | Decarbonising industry Support SMEs and corporates across major industries to decarbonise, deploy new technology and manage their transitions |  |  | Contributing to a nature- positive food system Drive the evolution to sustainable agriculture and foods, and facilitate regenerative land use |  |  | Supporting consumers on the path to net zero Provide financing to facilitate consumer products to live and act sustainably, and support consumer-oriented climate tech and financing models |

In the development of the strategy, we identified
three sustainability themes which are important in
the journey towards a net zero and sustainable
futu re, w here we see significant commercial
opportunity and where we believe we can focus
and differentiate:
1 Decarbonising industry
2 Contributing to a nature-positive food system
3 Supporting consumers on the path to net zero
We also identified three pillars of competitive
advantage for Barclays across those
sustainability themes, through which we believe
we can deliver for our clients by working
collectively across our different businesses:
1 Our strength in the UK
2 Our focus on being a leading partner to climate
technologies
3 The strength of our business across
sustainable credit markets
The graphic below provides a summary of the
themes and pillars. At the intersection of each
theme and pillar we are developing tailored
products and services for our clients and
customers to help them deliver on their
transition and sustainability objectives.
For example, with our focus on climate
technologies, we are supporting the development
of start-ups in targeted technologies and nature
from idea to IPO. We are also advising sustainable
and Agtech companies on areas such as raising
finance and M&A.
Through our sustainable finance strategy and our
$1trn Sustainable and Transition Financing target,
we have set out an ambition and approach that will
support our clients and customers in their
transition. Delivery of the strategy will require a
multi-year investment in our people and
capabilities, which we are now accelerating the
execution of.

| Identifying nature-related opportunities |
| Nature-related financing presents future opportunities for the financial sector given the capital requirements to address and reverse nature loss: the biodiversity financing gap is estimated to be $700bn per year 1. As we execute our sustainable finance strategy, we aim to identify opportunities to play a role in supporting the financing of nature. |

+ | See section Financing nature on page 105 for details of our approach.

Note:
1 cbd.int/doc/c/e6d3/cd1d/daf663719a03902a9b116c34/
cop-15-l-25-en.pdf

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Risk and opportunities (continued)

TCFD Strategy Recommendation (a)

| Implementing our climate strategy |  |
|  | TCFD Strategy Recommendation A: |  |  |  |  | TCFD Strategy Recommendation B: |  |  |  |  | TCFD Strategy Recommendation C: |  |
|  | Describe the climate-related risks and opportunities the organisation has identified over the short, medium, and long term. |  |  |  |  | Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning. |  |  |  |  | Describe the resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario. |  |
|  | Risks and opportunities | 66 |  |  |  | Implementing our climate strategy | 72 |  |  |  | Resilience of our strategy | 130 |
|  | Risks | 67 |  |  |  | Achieving net zero operations | 73 |  |  |  | Scenario analysis | 131 |
|  | Opportunities | 70 |  |  |  | Operational footprint dashboard | 75 |  |  |  | Barclays’ resilience to climate scenarios | 132 |
|  |  |  |  |  |  | All other narrative | 76 |  |  |  | Climate stress tests | 132 |
|  |  |  |  |  |  | Reducing our financed emissions | 80 |  |  |  | 2023 Enhancements and beyond | 134 |
|  |  |  |  |  |  | BlueTrack TM dashboard | 88 |  |  |  | Challenges and limitations | 135 |
|  |  |  |  |  |  | All other narrative | 89 |  |  |  | Macro-dependencies and objectives | 136 |
|  |  |  |  |  |  | Financing the transition | 101 |  |  |  | Important information/disclaimers | 137 |
|  |  |  |  |  |  | Sustainable finance dashboard | 103 |  |  |  |  |  |
|  |  |  |  |  |  | All other narrative | 104 |  |  |  |  |  |
|  |  |  |  |  |  | Working with our clients | 107 |  |  |  |  |  |
|  |  |  |  |  |  | Embedding climate and sustainability into our business | 121 |  |  |  |  |  |
|  |  |  |  |  |  | Just transition and nature and biodiversity | 124 |  |  |  |  |  |
|  |  |  |  |  |  | Engaging with industry | 126 |  |  |  |  |  |
|  |  |  |  |  |  | Barclays' approach to public policy | 129 |  |  |  |  |  |

| Achieving net zero operations
| Although financed emissions account for the greatest proportion of our climate impact, we have also continued addressing our operational emissions – an important factor in meeting our ambition to be a net zero bank by 2050.

Defining net zero operations
We define net zero operations as the state in
which we will achieve a GHG reduction of our
Scope 1, Scope 2 and Scope 3 operational
emissions 1 consistent with a 1.5 o C-aligned
pathway and counterbalance any residual
emissions.
We continue to review and develop our approach
to net zero operations as standards to
understand and define net zero evolve rapidly.
Net zero operations strategy
Our net zero operations strategy has two
components:
• Reduce our Scope 1 and 2 emissions through
energy efficiency, electrification of our
buildings and vehicles, renewable electricity
sourcing and replacing fossil-fuel-powered
infrastructure with low-emission alternatives
• Reduce Scope 3 operational emissions by
engaging with our key stakeholders, including
suppliers 2 and colleagues, to track, manage
and reduce their GHG emissions – while
embedding net zero principles across our
policies and contractual requirements.
Progress to date
In 2023 we achieved our milestone 3 of 50%
reduction of our Scope 1 and 2 location-based
GHG emissions ahead of 2030 – reducing these
emissions by 51%Δ. We continued to source
100%Δ renewable electricity 4 for our global real
estate portfolio 5 and continued to meet our 90%
Scope 1 and 2 market-based emissions
reduction target 6 – reducing these emissions by
93%Δ.
Key contributors to our progress include global
real estate portfolio right-sizing 7 and energy
efficiency programmes, as well as company
vehicles electrification, and our continued focus
on renewable electricity sourcing.
For our Scope 3 operational emissions, our focus
remained on engaging with our key stakeholders
and making data enhancements, particularly by
acquiring primary supplier data and evolving our
accounting methodology in line with industry
standards and best practice. We also continued
to pursue the integration of ESG considerations
and expectations into processes throughout the
procurement lifecycle.
We expect that our progress against our net zero
operations targets and milestones is likely to be
variable and non-linear. Our net zero operations
strategy is dependent on broader industry,
technological and regulatory changes that are
outside Barclays’ control and may affect our
ability to achieve our targets and milestones.
Further, as the accounting standards and data
underlying our net zero operations strategy
continue to evolve and be refined, this could
impact our metrics, targets and milestones.
Progress against our targets and milestones may
also be impacted by management decisions
based on key drivers unrelated to climate, for
example prudent risk management practices.
Our intent is to enhance data collection and
accuracy to help identify key contributors to our
impact, determine opportunities for
improvement, and support the integration of
sustainability into our business operations.
Notes:
Δ 2023 data subject to independent limited assurance under ISAE
(UK) 3000 and ISAE 3410. Current limited assurance scope and
opinion can be found within the ESG Resource Hub:
home.barclays/sustainability/esg-resource-hub/reporting-and-
disclosures/
1 We define our Scope 3 operational emissions to include supply
chain, waste, business travel and leased assets.
2 In this Achieving net zero operations section, when referring to
suppliers and supply chain, we are referring to Third-Party
Service Suppliers (TPSPs).
3 In this Achieving net zero operations section, a reference to a
"milestone” denotes an indicator we are working towards and
report against.
4 We maintained 100% renewable electricity sourcing for our
global real estate portfolio through instruments including green
tariffs (55%) and energy attribute certificates (EACs)(45%).
5 Global real estate portfolio includes offices, branches, campuses
and data centres.
6 In this Achieving net zero operations section, a reference to a
“target” denotes an indicator linked to our executive
remuneration.
7 By right-sizing, we are optimising our space and associated
resources for our operational needs.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 1

Our net zero operations approach
By the end of | Scope 1 and 2 | 2022 performance | 2023 performance | Scope 3 | 2022 performance | 2023 performance
2025 | 100% renewable electricity sourcing for our global real estate portfolio | 100% | 100%Δ | We intend to work towards the milestone 2 of 70% of our suppliers, by addressable spend 9, having science- based GHG emissions reduction targets 4 in place | 47%5 | 57%5
90% reduction in our Scope 1 and 2 GHG emissions (market-based against a 2018 baseline) | 91% | 93% Δ
100% electric vehicles (EV) transition for UK company cars | 55% | 88%
2030 | 100% EV or ultra-low emissions vehicles (ULEV) for all company cars | 24% | 42% | We intend to work towards the milestone 2 of 90% of our suppliers, by addressable spend 9, having science- based GHG emissions reduction targets 4 in place | 47%5 | 57%5
50% reduction in our Scope 1 and 2 GHG emissions (location-based against a 2018 baseline) | 43% | 51%Δ | We intend to work towards the milestone 2 of 50% GHG supply chain emissions reduction (against a 2018 baseline 6) | 17%6 | 28%6
2035 | We intend to work towards the milestone 2 of 115 kWh/ m 2 /year average energy use intensity across our corporate offices | 260 kWh/m 2/year 1 | 228 kWh/m 2 /year (-27% against 2018 baseline) | We intend to work towards the milestone 2 of 90% diversion of waste from landfill, incineration and the environment across key campuses 7 | 49% 8 | 53%
We intend to work towards the milestone 2 of 10 MW on-site renewable electricity capacity installed across our portfolio | 0.30MW 3 | 0.40MW (<1% total electricity use)
2050 |  |  |  | We intend to work towards the milestone 2 of 90% GHG supply chain emissions reduction (against a 2018 baseline 6) | 17%6 | 28%6
Notes: 1 We have updated internal and external data which has resulted in minor updates to FY2022 EUI performance (a change from 265kWh/m2/year to 260 kWh/m2/year). 2 In this Achieving net zero operations section, a reference to a "milestone” denotes an indicator we are working towards and report against. 3 We have updated internal data which has resulted in minor updates to FY2022 on-site renewable electricity capacity (from 0.26MW to 0.30MW). 4 Targets 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. The Science Based Targets initiative (SBTi), a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), provides companies with independent assessment and validation of targets and is currently the internationally accepted standard. 5 Indicative number provided to illustrate the number of suppliers by total addressable spend that have committed to or have science-based targets in place. In our 2022 Annual Report we reported 47% progress based on a review of our top 500 suppliers by addressable spend. Our current progress is reported here based on a review of our top 2,000 suppliers by addressable spend. 6 Based on our indicative supply chain emissions inventory. DEFRA conversion factors – which Barclays uses to calculate spend data into supply chain emissions – were revised in 2023. These have been retrospectively applied to Barclays' 2018 baseline and 2022 disclosure, resulting in an increased 2018 baseline and recalculated 2022 metrics. In FY 2022 we reported 8% reduction in our supply chain GHG emissions and due to the changes in the DEFRA conversion factors and updated internal data, we recalculated the 2022 figure to be 17%. As our suppliers continue to develop the quality of emissions data for the goods and services we purchase, our reliance on spend data to calculate our emissions will reduce and the volume of primary data will increase. 7 Campuses include 1 Churchill Place, Radbroke, Northampton, Glasgow, Pune, Whippany, 745 7th Avenue, Dryrock. 8 Reported waste diversion performance for FY2022 has been recalculated from 65% to 49%, to account for an update in external data. 9 Addressable spend is defined as external costs incurred by Barclays in the normal course of business where Procurement has influence over where the spend is placed. It excludes costs such as regulatory fines or charges, exchange fees, taxation, employee expenses or litigation costs, and property rent. Please see ESG Data Centre for all recalculations and ESG Reporting Framework for our operational emissions accounting approach. Δ 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and opinions can be found within the ESG Resource Hub: home.barclays/sustainability/esg-resource-hub/reporting-and-disclosures/.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 1

| 2023 Operational GHG emissions by Scope (market-based) | Scope 3 categories |
|  | 1 | Category 1, 2 & 4 supply chain emissions | 84.9% |
|  | 3 | Category 3 fuel and energy-related activities | 2.1% |
|  | 5 | Category 5 waste generated in operations | 0.1% |
|  | 6 | Category 6 business travel | 6.1% |
|  | 7 | Category 8 upstream leased assets | 4.2% |
|  | 8 | Category 13 downstream leased assets | 0.1% |

Total GHG emissions by Scope (location-based) '000 tonnes CO 2 e

2023 |  | 15.3△
2022 |  | 20.2
2021 |  | 23.2
2020 |  | 22.7
2019 |  | 27.3
2018 |  | 29.0

735.8 Δ
815.8
824.6
220.3
300.0
1019.5

n | Scope 1 | n | Scope 2 (location-based) | n | Scope 3 | Total

Total GHG emissions by Scope (market-based) '000 tonnes CO 2 e

2023 |  | 15.3△
2022 |  | 20.2
2021 |  | 23.2
2020 |  | 22.7
2019 |  | 27.3
2018 |  | 29.0

650.2 Δ
718.0
716.8
119.8
209.4
1115.1

n | Scope 1 | n | Scope 2 (market-based) | n | Scope 3 | Total

Total energy use (MWh)

2023
2022
2021
2020
2019
2018

Notes 1 Our 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 2023 we reported GHG emissions of Categories 1, 2 and 4 by aggregating these under Category 1. It is our intent to assign emissions to each of these separate categories in due course. 2 The methodology used to calculate our GHG 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 on reporting boundaries. 3 We continuously review and update our performance data based on updated GHG emission factor, improvements in data quality and updates to estimates previously applied. For 2023, we have applied the latest emissions factors as of 31 December 2023. All location- and market-based figures are gross and do not include netted figures from carbon credits. 4 Upstream and downstream leased assets include our third-party co-located data centres and a property we lease out to tenants. Upstream leased assets also include properties with landlord managed energy from central systems which are outside of our operational control. 5 We selected 2018 as the baseline year for our supply chain emissions, to align with the baseline year used for other categories, and have since reported supply chain emissions for 2021, 2022, and 2023. 6 Reported emissions for Scope 2 location and market-based have been recalculated back to the 2018 baseline, due to updated internal and external data. The associated emissions have also been re-classified from Scope 2 electricity to Scope 3 Category 8 (Upstream Leased Assets) as these emissions are currently outside of our operational control. In 2022 we reported Scope 2 location-based emissions of 103,422 tCO 2 e; the recalculated figure is 99,782 tCO 2 e. In 2022 we reported Scope 2 market-based emissions of 1,883 tCO 2 e; the recalculated figure is 1,963 tCO 2 e. In 2022 we reported energy use of 467,939 MWh; the recalculated figure is 463,973 MWh. 7 We have recalculated FY 2022 Scope 3 Category 5 GHG emissions from 10,700 tCO2e to 352 tCO 2 e as DEFRA Material Use emission factors were incorrectly applied to waste production which resulted in an overstatement of emissions. Our operational footprint data follows a reporting period of 1 October 2022 to 30 September 2023. Δ 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and opinions can be found within the ESG Resource Hub: home.barclays/sustainability/esg-resource-hub/reporting-and-disclosures/. |  |  |  |
|  | ESG Data Centre See our ESG Data Centre for further details of our operational GHG emissions since 2018, including our Scope 1, 2 location- and market- based and Scope 3 operational emissions data. For more information on our operational emissions accounting approach please see the 2023 ESG Reporting Framework. |

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Implementing our Climate Strategy (continued)
Operational footprint dashboard

43.5 | 53.7
73.8 | 108.3

market-based
Reducing our Scope 1 and 2 emissions
In 2023, to reduce our Scope 1 and 2 emissions,
we maintained focus on improving energy
efficiency and replacing fossil-fuel-powered
infrastructure with lower-emission alternatives.
Energy efficiency measures reduce our overall
energy demand and reliance on the grid to power
our operations. Concurrently, by replacing fossil-
fuel-powered infrastructure, for example, by
electrifying our buildings and company vehicles,
we will aim to eliminate a significant part of our
Scope 1 emissions and prepare our
infrastructure to consume electricity from
renewable sources.
Increasing energy efficiency
To continually improve operational energy
efficiency, in 2023 we maintained global demand
reduction programmes and right-sized 1 our
global real estate portfolio – resulting in 44%
energy consumption reduction against a 2018
baseline. These efforts also contributed to
progress against our global corporate offices,2
energy use intensity (EUI) milestone by reducing
our EUI by 27% against a 2018 baseline.
Our global energy optimisation programme
contributed to our EUI reduction by adjusting
corporate offices' settings and systems during
periods of low or no occupancy to reduce our
demand for energy while keeping our buildings
running. In 2023 3 the programme contributed to
approximately 9.1 GWh in energy savings at our
UK corporate office s – equivalent to the annual
electricity consumption of approximately 2,600
UK households. Programme projects included
Glasgow campus baseload 4 reductions, where
we reduced overnight usage of building
equipment such as our lighting, heating and
cooling systems, and power reductions for our
building equipment at 1 Churchill Place in
London, planned over bank holidays. Moving
forward, we plan to implement the energy
optimisation programme at additional
corporate offices.
Electrification and replacing fossil-fuel-
powered infrastructure
In 2023 we continued electrifying our real estate
portfolio by replacing end-of-life natural gas
heating and cooling equipment with electric-
powered alternatives and prioritising
electrification in campus developments
wherever possible, For example, at our Glasgow
campus we replaced natural gas boilers with an
air source heat pump – leading to an 84%
reduction in Scope 1 GHG emissions compared
to 2022 at that campus. As part of the campus
redevelopments at 1 Churchill Place, we are
electrifying our kitchen cooking stoves. We will
continue to incorporate electrification and fossil-
fuel-powered infrastructure replacement into
future real estate decisions.
As part of our c ommitment to Climate Group's
EV100 initiative, we have also made progress in
transitioning our corporate vehicle fleet to
electric vehicles (EVs) or ultra-low emissions
vehicles (ULEVs). By the end of 2023 88% of our
UK fleet was converted to EVs and 42% of our
global fleet was converted to EVs or ULEVs.
All UK colleagues provided with a company car
for their role have also been offered funded
home-charging equipment to ease the transition
to a fully electrified fleet.
In addition, we are replacing existing mobile
banking vans with electric vans, providing a less
carbon-intensive method of serving our Barclays
UK customers and communities compared to
the previous diesel-fuelled vehicles.
Replacing fossil fuels
with renewable energy
In 2023 we maintained 100%Δ renewable
electricity sourcing for our global real estate
portfolio through instruments including green
tariffs 5 (55%) and energy attribute certificates 6
(EACs)(45%), continuing to meet our 2025 target
ahead of schedule.
We also maintained our long-term focus on
planning additional on-site renewable energy
installations and exploring tools like Power
Purchase Agreements (PPAs) that bring
additional renewable energy to the grid.
We continued developing strategies for on-site
r enewable energy installations such as solar
panels, and have coordinated with stakeholders
like local utilities and planning boards with the
intent of installing these types of projects in
coming years. Sites with existing solar panel
installations, including Glasgow, Pune,
Northampton and Cambridge Eagle Lab, have
0.40 MW of renewable electricity capacity.
Beginning in 2024, up to 80%7 of Barclays' annual
UK electricity needs will be sourced through a
PPA supporting Creag Riabhach, an onshore
wind farm project in Scotland.
Scope 1 and 2 emissions data accounting
We continue to work on improving our data
quality and accounting methodologies to make
meaningful comparisons of emissions data over
time and to make informed strategic decisions.
Given the evolving nature of climate data and
methodologies, past-period figures may change
to reflect updates. To manage the impact of
these changes we have detailed our operational
climate data accounting approach in the ESG
Reporting Framework on our ESG Resource Hub.

| Embedding sustainability into operational practices |
| Across our operations we are introducing new standards and guidelines to help enable the integration of sustainability into decision making. For example, in 2023 we introduced the Sustainability Design and Construction Checklist and Green Leasing Toolkit, which are guidelines that help integrate sustainability criteria into real estate processes in alignment with Barclays' net zero operations strategy. Both guidelines help teams identify gaps in existing real estate processes for leasing transactions and in design and construction projects. They serve as a record of inclusion and applicability of sustainability criteria for a given project, allowing teams to flag inconsistencies between project design and sustainability expectations. |

Notes:
1 By right-sizing we are optimising our space and associated
resources for our operational needs.
2 Corporate offices include offices and campuses.
3 Data represents reduction from 1 October 2022 to
30 September 2023.
4 Baseload is the minimum load experienced by a building energy
system over a given period of time, that must be supplied at all
times.
5 Green tariffs are programmes in regulated electricity markets
offered by utilities, allowing large commercial and industrial
customers to buy bundled renewable electricity from a specific
project through a special utility tariff rate.
6 Energy attribute certificates are the official documentation to
prove renewable energy procurement. Each EAC represents
proof that 1 MWh of renewable energy has been produced and
added to the grid. Global EAC standards for renewable claims are
primarily Guarantees of Origin in Europe and UK,Renewable
Energy Certificates (RECs) in North America and International
RECs (I-RECs) in a growing number of countries in Asia, Africa,
the Middle East and Latin America.
7 Figure has been estimated using 2022 UK real estate property
portfolio electricity consumption as a reference.
Δ 2023 data subject to independent limited assurance under ISAE (UK)
3000 and ISAE 3410. Current limited assurance scope and opinions
can be found within the ESG Resource Hub: home.barclays/
sustainability/esg-resource-hub/reporting-and-disclosures/.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 1

Addressing our Scope 3 operational
emissions
Supply chain
To support our net zero operations strategy, in
2023 we continued to implement our supply
chain net zero pathway.
As part of our pathway we are working towards a
50% reduction in our supply chain GHG
emissions by end of 2030 and a long-term
milestone of 90% emissions reduction by the
end of 2050 (both against a 2018 baseline). In
developing our supply chain net zero emissions
pathway, we used the Science Based Targets
initiative (SBTi) Corporate Net Zero Standard and
Target Setting Tool, consistent with a 1.5ºC-
aligned pathway.
Engagement and integration
Engagement with our suppliers is a key vehicle for
change. Our strategy is to engage proactively and
constructively across our supplier organisations to
increase climate transparency and accountability,
and promote emissions reduction. In 2023 we
invited 489 of our suppliers to disclose climate-
related information such as governance, risk
strategy, targets and performance, emissions
methodology and data related to climate change,
through CDP. We achieved a 75% participation
rate, representing approximately 75% of Barclays'
2023 s upply chain emissions.
In 2022 we updated our standard supplier contract
terms with requirements relating to climate
change, including an obligation for our suppliers to
have an emissions reduction programme in place
by 2025, supported by a public reduction target
and a commitment to achieve net zero GHG
emissions no later than 2050. In 2023 we
continued to embed the discussion and
negotiation of these terms into new contracts and
renewals. This is one of the steps we are taking to
work towards our milestone of 90% of our
suppliers, by addressable spend, to have science-
based GHG emissions reduction targets in place
by end of 2030. The terms also include a
requirement for our suppliers to periodically
disclose their direct and indirect GHG emissions
using a recognised standard, such as the GHG
Protocol Corporate Accounting and Reporting
Standard.
We have also continued to work internally with
our Sourcing colleagues to embed the
consideration of GHG emissions into some of
our key tenders for Supplier and Product
selection. We are starting to embed the
consideration of GHG emissions at the point of
demand through seeking less-GHG-emission-
intensive ways of meeting our needs. For
example, the procurement process for capital
projects now integrates sustainability into
building design principles through embedding a
Sustainability Design and Construction Checklist
(see page 76 for more information).
Lastly, to support our engagement with
suppliers, i n 2023 we conducted an intelligence
gathering exercise across our top 2,000 suppliers
(based on spend 1) to seek understanding of their
position on environmental and social matters.
Data enhancement
Our strategy to achieve our milestones is
underpinned by obtaining more accurate
emissions data from our suppliers, to inform our
approach to reducing emissions. Ultimately, we
are r eliant on our suppliers to provide accurate
product-level primary data, in addition to
reducing GHG emissions associated with the
goods and services we purchase from them, to
achieve emissions reductions across their own
organisations. To measure progress towards our
emissions reduction milestones and inform our
supplier intervention strategy, reliable primary
GHG emissions data will need to be collected and
tracked over time across our supplier
organisations. In 2022 primary data accounted
for approximately 15% of our supply chain
emissions inventory, increasing to 27% in 2023.
We understand that our success depends on
that of our suppliers, and that progress may be
variable and non-linear. Geographic
considerations, resource capacities, data
availability, legal requirements, market conditions
and the varying transition pathways individual
companies take, given the technologies available,
may all affect the speed at which they can reduce
emissions.

| Supply chain baseline |
| DEFRA conversion factors – which Barclays uses to calculate spend data into supply chain emissions – were revised in 2023. These have been retrospectively applied to Barclays' 2018 baseline and 2022 supply chain emissions, resulting in an increased 2018 baseline and revised 2022 figures. Our 2022 performance against supply chain milestone 2 increased from 8% to 17% due to the change in the DEFRA conversion factors and updated internal data. As our suppliers continue to develop the quality of emissions data for the goods and services we purchase, our reliance on spend data to calculate our emissions will reduce and the volume of primary data will increase. |

Notes
1 In this section, when referring to 'spend', this is addressable
spend, defined as external costs incurred by Barclays in the
normal course of business where Procurement has influence
over where the spend is placed. It excludes costs such as
regulatory fines or charges, exchange fees, taxation, employee
expenses or litigation costs, and property rent.
2 Milestones referred to include: 'By end of 2030 we intend to work
towards the milestone of 50% GHG supply chain emissions
reduction (against a 2018 baseline).' and 'By end of 2050 we
intend to work towards the milestone of 90% GHG supply chain
emissions reduction (against a 2018 baseline)'.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 1

Business travel
In 2023 we continued engaging with our
stakeholders and colleagues to provide
information and tools to encourage more
sustainable travel choices. For example, we
updated our booking and reporting platforms to
highlight low-carbon modes of transport for our
colleagues, including EV rentals where available.
We provided colleagues with additional guidelines
illustrating how they can reduce their travel
emissions – identifying, for example, where they
could combine multiple trips or switch from air to
rail travel. We also continued to engage with our
preferred airline partners to explore their plans to
use sustainable aviation fuel (SAF).
Our 2023 total colleague business travel
emissions reduced by 43% against a 2018
baseline – noting these emissions doubled
compared to 2022 due to a return to business
travel post-COVID. We will continue to engage
with our stakeholders and provide colleagues
with the tools and resources to align with our net
zero ambition. O ur intent is to improve the
accuracy of our business travel data to better
inform emission reduction strategies.
Leased assets and waste
While our leased assets and waste emissions are
lower than other operational emissions, we are
pursuing opportunities to reduce them.
For example, in 2023 we introduced a Green
Leasing Toolkit to support engagements with
landlords by encouraging the inclusion of our
sustainability criteria throughout the leasing real
estate lifecycle. The toolkit includes guidance
and preferred contractual language for lease
preferences.
We are also embedding circular economy
principles within our operations. Further details
are provided on page 79.
Carbon credits
We are currently reviewing our approach to the
use of voluntary carbon market credits for
operational emissions.
We remain supportive of initiatives to enhance
the integrity of the voluntary carbon market
across both the supply and demand side.
Supporting our colleagues
Our goal is to provide colleagues with the tools and
support needed to help reduce their individual
environmental footprints.
In 2023, for example:
• We continued to expand our range of green
benefits for colleagues, including our UK EV salary
sacrifice and UK and Ireland Bike4Work schemes.
In 2023 over 900 colleagues ordered EVs through
salary sacrifice and over 650 made use of
Bike4Work
• Officially launched in 2022, our Barclays Go Green
sustainability gamification programme helps
colleagues take and track actions that reduce
their personal environmental footprint. In 2023,
colleagues participated in over 20,000 activities –
such as switching off laptop equipment, opting
for lower-carbon travel methods and replacing
single-use items like cups with reusable
alternatives
• Our 14 global employee-led environment
networks created and participated in activities
aligned with Barclays’ climate and sustainability
strategy.

+ | Further information about how Barclays engages with colleagues can be found on page 122 .

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 1

Nature and biodiversity
in our operations
Nature and biodiversity are intrinsically
connected to our efforts to mitigate and adapt
to climate change, maintain healthy communities
and support productive, sustainable economies.
At the end of 2023 we started to identify and
assess nature-related impacts and
dependencies for our real estate operations
informed by the Taskforce on Nature-related
Financial Disclosures (TNFD) LEAP (Locate,
Evaluate, Assess, Prepare) approach. This
evaluation includes assessing our real estate
operations' water, pollution, biodiversity and
resource use impacts and dependencies. We will
continue the assessment in 2024 to evaluate
nature considerations in our operations moving
forward.
The assessment will support our focus on
improving resource use and the ability to protect
natural environments through circular design
principles – including designing-out waste and
pollution across our operations, recycling, and
regenerating natural ecosystems.
Circular economy principles and zero waste
We are working to embed circular economy
principles across our operations by seeking to
eliminate waste at the source through resource
use reductions and by improving recycling rates.
Across our key campuses 1 we have an ambition
to achieve and maintain TRUE (Total Resource
Use and Efficiency) zero waste certified projects
by end of 2035 with a milestone to divert 90% of
waste from landfill, incineration and the
environmen t by end of 2035 – and in 2023
achieved a 53% diversion rate of all waste, a 4%
increase from the previous year 2. Even though
more colleagues have returned to work in our
office locations, causing the total tonnage of
waste to increase since 2022, the waste
diversion rate from landfill and incineration has
improved.
This result illustrates that, while more waste has
been created, we are diverting more of it through
increased waste segregation and reduced waste
stream contamination – as well as through the
introduction of more reusable items in our
campuses.
For example, at our Glasgow and Pune campuses,
we have increased waste segregation streams –
making it easier for colleagues to put the correct
waste in the correct bin. The increased waste
segregation streams resulted in an average
contamination rate of 14% between Pune and
Glasgow, compared to our average of 45% at key
campuses where these solutions have not yet
been implemented. The overall reduction in
contamination rates supports our recycling rates
– and, ultimately, our waste diversion milestone.
In addition, we are working to divert food waste
from landfill and incineration through projects
including the installation of on-site composters
at our Glasgow and Pune campuses and the
creation of commercial food waste collection
points at various office locations.
In 2023 we also launched our reusable food and
beverage dishware programmes across four key
campuses with the aim to reduce single-use
items and therefore waste.
Pollution management
Barclays has controls in place to address
pollution risks across our property portfolio
globally where we operate generators and store
diesel. The pollution risk controls are engineered
to identify possible pollution sources and
pathways for an uncontrolled release to cause
environmental harm, assess mitigation measures
and identify improvements and actions that can
be taken to further enhance our pollution
prevention and mitigation measures.
In 2023, 41% of our global real estate portfolio
remains certified to ISO 14001, the international
standard for designing and implementing an
Environmental Management System (EMS).

| Unreasonable Impact company Re:Dish powering sustainable solutions for Barclays |
| After receiving support from Barclays through the Unreasonable Impact programme, Re:Dish has brought its reusable dishware programme full circle to Barclays’ New York City, Wilmington and Whippany campuses. As part of our ambition to become a net zero bank by 2050, Barclays is working to achieve and maintain TRUE (Total Resource Use and Efficiency) zero-waste-certified projects across key campuses by 2035. Re:Dish supports our goal by helping us remove hundreds of thousands of single-use items a year from our waste stream. Re:Dish delivers food and beverage containers to Barclays, collects used containers and cups to clean and sanitise, and returns them for reuse. Instead of requiring more materials and resources for new containers and specialised cleaning equipment, Barclays taps into an existing network of fit-for-purpose dishware and washing services that can efficiently accommodate fluctuating demand. In addition, Re:Dish and Barclays partnered to build colleagues’ understanding of circularity – an important contributing factor to the success of these programmes. Re:Dish containers have a QR code colleagues can scan to see exactly how many times that specific unit has been reused and the resulting estimated environmental impact. To learn more about Unreasonable Impact partnerships, see page 110. |

Note
1 Key campuses include 1 Churchill Place, Radbroke, Northampton,
Glasgow, Pune, Whippany, 745 7th Avenue, Dryrock.
2 Reported waste diversion performance for FY2022 has been
recalculated from 65% to 49%, to account for an update in
external data.

| Further details on Barclays’ approach to biodiversity can be found on page 124 .
+

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 1

| Reducing our financed emissions |
| We are committed to aligning all of our financing to 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. |

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 A greement.
Consistent with our Purpose, and taking into
account considerations of all relevant business
factors, we continue to set emissions reduction
targets for our portfolios where possible, aligned
with the ambitions of the Net-Zero Banking
Alliance (NZBA), of which we are a founding
member. We also continue to set and follow clear
restrictions on financing certain activities.

+ | Further details on our restrictive policies can be found on page 100.

The core building block for developing the transition
framework for Barclays to be a net zero bank is our
ability to estimate the full in-scope balance sheet
financed emissions.
1 In 2020, we developed our BlueTrack TM
methodology to measure and track our progress
against our financed emissions, setting targets
for Energy upstream and Power generation
initially.
2 As of 2022, we had reported the baseline
financed emissions for five sectors covered
under BlueTrack TM where we have set reduction
targets as well as UK Residential Real Estate
where we set a convergence point.
3 In 2023, we have further 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
Standard and have expanded the scope of
BlueTrack TM to set reduction targets for three
new sectors - Agriculture, Aviation and UK
Commercial Real estate. Additionally, we have
expanded the scope of our UK Residential Real
Estate 1 convergence point.
Hence, we are pivoting our approach to disclosing
our financed emissions across two sections:
1 Estimating the full in-scope balance sheet
financed emissions using a methodology which
has been developed using the PCAF Standard 2.
The data reported in this section of the Annual
Report (up to page 83) is as at December 2022.
Hence, these numbers follow a lag of one year
when compared to other climate-related
disclosures based on December 2023 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 scenarios.
This data is being reported as at December 2023.
Note
1 For further details please see page 98.
2 PCAF Standard - PCAF (2022). The Global GHG Accounting and
Reporting Standard Part A: Financed Emissions. Second Edition.
Estimating the full in-scope balance sheet
financed emissions
Scope
We have identified the scope of coverage using a
methodology which has been developed using
the PCAF standard.
We have included undrawn commitments,
contingent liabilities, and capital
markets financing .
We have calculated financed emissions for c.
£779bn of Barclays' activity as at December 2022
(of which £428bn are on-balance-sheet
exposures) which is set out in further detail in the
following table.

Identification of in-scope exposure to calculate financed emissions (as at December 2022)
Category | Value (as at Dec 2022) in £m | Comments
Total Barclays balance sheet | 1,513,699 |
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 (including drawn loans), Retail lending (personal lending, retail cards) and Reverse repos | (-)1,076,980 | Exposures excluded by the PCAF Standard.
Property, plant and equipment | (-)3,616 | Emissions covered under Barclays Scope 1 and Scope 2.
Retirement benefit assets | (-)4,743 | Emissions on Barclays Bank UK Retirement Fund reported separately as part of Task Force on Climate-related Financial Disclosures Report 2022.
Total Barclays exposure in scope for computing financed emissions | 428,360 |
Inclusions: |  |
Total in-scope undrawn commitments and contingent liabilities | (+)246,030 | 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) | (+)104,734 | Equity holdings, bond issuances, equity issuances, syndicated loans.
Total Barclays' activities considered for financed emissions calculations | 779,124 |

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Basis of preparation
Our approach for calculating financed emissions
is based on a methodology which has been
developed using the PCAF Standard with the
following key exceptions:
1 W e 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 fossil fuel
exploration and production, electric power
generation and automotive manufacturing – 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 fall-backs
based on emission factors.
For an immaterial part of our balance sheet
(c. 1%), where the appropriate sector fall-backs
could not be reliably obtained, we have used the
overall portfolio average economic emissions
intensity to estimate emissions.

+ | Our Financed Emissions Methodology paper (published in 2024) provides more details of our methodology and can be found within the ESG Resource Hub: home.barclays/ sustainability/esg-resource-hub/reporting-and-disclosures/

Emissions coverage
We have computed our overall financed
emissions based on Scope 1 and Scope 2 of our
clients’ emissions as at December 2022. Hence,
these numbers follow a lag of one year when
compared to other disclosures based on
December 2023 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 on Scope 3 emissions
– which includes Energy Upstream, Automotive
manufacturing LDVs, Aviation and UK
Agriculture. - Livestock and Dairy Farming. This is
due to challenges in sourcing reliable and
consistent data, not just on reported Scope 3
emissions but also the fall-back emission factors
for downstream emission estimations. As we
refine our approach and data sourcing strategy,
we will assess the suitability of including Scope 3
emissions in our financed emissions disclosures.
Aligned to the guidance issued by the NZBA, our
metrics and targets for all sectors capture
emissions on a CO 2 e basis. For activities where
we have set targets, we have assessed which
GHGs are relevant and material for the
respective sector.
Results
Barclays has assessed the extent to which the
business is aligned to a well-below 2 o C pathway
by calculating an estimate of our financed
emissions for the full in-scope balance sheet as
at December 2022, which has enabled us to
calculate the coverage of our financed emissions
reduction targets across our portfolio (including
integration of 1.5°C aligned scenarios and ranges
for certain sectors to reflect dependencies
outside our control that will determine how
quickly our financed emissions can be reduced in
these sectors).
Our estimation of our overall financed emissions
indicates a total annual Scope 1,2 emissions of
c.80MtCO 2 e for FY2022. Among these, we have
set 2030 financed emissions targets covering
our clients’ Scope 1,2 emissions (including
integration of 1.5°C aligned scenarios and ranges
for certain sectors and including UK Housing for
which we have set a convergence point) for 55%
of our full in-scope balance sheet financed
emissions. Beyond this we have also set 2030
targets integrating a 1.5°C aligned scenario
covering Scope 3 emissions for Energy
Upstream, Automotive manufacturing LDVs,
Aviation and UK Agriculture – Livestock and Dairy
Farming.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Financed emissions for activities with 2030 targets integrating 1.5°C scenarios (as at December 2022)
Activities | Scope 1,2 emissions (MtCO 2 e) | Scope 3 emissions (MtCO 2 e)
On-balance-sheet lending | Undrawn commitments and contingent liabilities | Capital markets financing | On-balance-sheet lending | Undrawn commitments and contingent liabilities | Capital markets financing
Activities with 2030 targets integrating 1.5°C scenarios as at December 2022
Automotive manufacturing (LDV) | 0.0 | 0.1 | 0.1 | 0.6 | 4.7 | 1.6
Cement manufacturing | 0.2 | 0.3 | 0.1 | — | — | —
Steel manufacturing | 0.3 | 0.9 | 0.4 | — | — | —
Fossil Fuel Extraction and Production | 0.8 | 3.9 | 0.4 | 7.6 | 33.1 | 5.8
Power generation | 2.2 | 16.7 | 11.4 | — | — | —
UK Housing (convergence point)1 | 1.6 | 0.0 | 0.0 | — | — | —
Activities with 2030 targets integrating 1.5°C scenario after December 2022
UK Livestock and Dairy Farming | 1.6 | 0.3 | — | 0.3 | 0.1 | —
Aviation | 0.5 | 1.7 | 0.4 | 0.1 | 1.0 | 0.3
Commercial Real Estate 2 | 0.0 | 0.0 | 0.0 | — | — | —
Total | 7.4 | 24.0 | 12.8 | 8.6 | 38.8 | 7.7
Notes: 1 UK Housing is based on a convergence point and includes Social Housing and Business banking real estate which was added to the scope in 2023. 2 We have calculated Commercial Real Estate and Social Housing/Business Banking real estate emissions using “Business loans and unlisted Equity” PCAF asset-class methodology, The s cope of coverage for Commercial Real Estate is based on the set of counterparties considered in the 2023 BlueTrack TM portfolio and may not fully align with our exposure to this activity in 2022.

Financed emissions for other activities not covered by targets integrating 1.5°C scenarios (as at December 2022)
Activities | Scope 1,2 emissions (MtCO 2 e)
On-balance-sheet lending | Undrawn commitments and contingent liabilities | Capital markets financing
Mining and Quarrying | 0.9 | 2.3 | 0.2
Energy and Water | 0.6 | 2.8 | 0.9
Agriculture, Food and Forest Products | 1.4 | 0.2 | 0.0
Manufacturing | 1.9 | 7.4 | 1.4
Mortgages | 0.2 | — | —
Materials and Building | 0.3 | 0.2 | 0.0
Transport | 0.7 | 2.0 | 0.9
Other activities | 3.9 | 5.6 | 2.5
Total | 9.9 | 20.4 | 5.9
Government and central bank | 15.4 | — | —
Government and central bank (Excluding LULUCF)1 | 17.5 | — | —
Emissions covered under targets integrating 1.5°C scenarios (excluding Government and central bank) | 55%
Note: 1 Emissions excluding land-use, land-use change and forestry.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Data sourcing and data quality
We acknowledge the extent of data quality
challenges inherent in the calculations of
financed emissions for the full in-scope set of
activities. The PCAF Standard provides guidance
to measure data quality (DQ) through a hierarchy
ranging from DQ1 (best) to DQ5 (worst) specific
to each asset class. Our estimation of the data
quality is also largely aligned to the PCAF
Standard's guidance.
Our current data quality is dispersed across
DQ1-2 (reported emissions) data, DQ3 (deriving
emissions from physical activity data) and DQ4-5
(deriving emissions from revenue or asset-based
emission factors). For activities where we have
set targets, DQ is mostly concentrated across
DQ1-2 and DQ3. We have identified a
concentration of lower DQ scores for the
category of activities where we are yet to set
targets - including banks, financial institutions
and sovereigns. 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.
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 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.

Data quality distribution of Barclays' financed emissions calculation (as at December 2022)
Category | Scope 1,2 emissions 1
DQ1-2 | DQ3 | DQ4-5
Reported emissions (verified/unverified) | Use of physical-activity- based emissions factors | Use of economic-activity- based emissions factors
Activities with 2030 targets integrating 1.5°C scenario as at December 2022 2 | 18% | 74% | 7%
UK Housing (Convergence Point) | — | 63% | 37%
Activities with 2030 targets integrating 1.5°C scenario after December 2022 | 22% | — | 78%
Activities not covered by targets integrating 1.5°C scenarios (including Sovereigns) | 25% | — | 75%
Total | 19% | 17% | 64%
Notes: 1 For sectors where we calculate Scope 3 emissions – Aviation, UK Livestock and Dairy Farming, Fossil Fuel Extraction and Production, and Automotive manufacturing (LDV) – our data quality distribution is 85% in DQ3 and 15% in DQ4-5. 2 Totals may not be equal to 100% due to rounding.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

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.

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 restated, including the baseline year.
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.

• A restatement involves updating the historical
starting point for a period and 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.
Due to this, direct like-for-like comparisons of
financed emissions information disclosed may
not always be possible from one reporting period
to another. Where information is restated or
re-baselined this will be identified or explained.
In line with our reporting approach for past period
metrics, we have re-baselined internal and
external data, which has resulted in minor
updates (less than 1%) to Energy, Cement and
Automotive Manufacturing metrics and a c.2%
impact to the Power metrics. The most material
change has been the treatment of multi-client
shared facilities, which has led to an additional
c.4% impact in the baseline (2022) metrics for
Automotive Manufacturing.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Assessing financed emissions for m aterial
sectors and net-zero-aligned targets
Basis of preparation
As part of our commitment under the NZBA, we
have set targets for material 1 high-emitting
sectors in our portfolio. We have developed our
BlueTrack TM methodology to measure and track
our targets, which incorporate a 1.5°C scenario
for our 2030 targets, for these high emitting
material sectors 2. B lueTrack TM starts by selecting
a benchmark for a sector that defines how
financed emissions for a portfolio need to
change over time, in line with the goals and
timelines of the Paris Agreement – consistent
with scenarios limiting the increase in global
temperatures to 1.5°C. We measure the financed
emissions within a selected boundary for a
sector, then aggregate these into a portfolio-
level metric – which is then compared to the
benchmark.
BlueTrack TM is being expanded to cover the
Agriculture, Aviation and UK Commercial Real
Estate sectors. The Residential Real Estate
sector is also being expanded to include housing
associations and small business buy-to-let
lending, and is now referred to as UK Housing.
During 2023 we assessed our baseline emissions
from our Shipping sector portfolio as part of our
NZBA commitment to set targets covering the
transportation sector. This assessment
concluded that we provided limited financing to a
small number of clients and have limited financed
emissions overall. We have therefore n ot set a
target for the Shipping sector at this time . We
may reassess our approach in the future should
this become a more material contributor to our
overall financed emissions.

+ | Our Financed Emissions Methodology paper (published in 2024) provides more details of our methodology and can be found within the ESG Resource Hub at: home.barclays/ sustainability/esg-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 have more influence over 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.
Emissions scope
For each sector target in BlueTrack TM we must
consider which of a company's emissions we
should measure – for example, direct or indirect
emissions, or selected greenhouse gases such
as carbon dioxide and methane. We define this
according to the GHG Protocol definition of
Scope 1, 2, and 3 emissions. 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. For
example, our Upstream Energy target includes
Scope 3 emissions – recognising they are
significant for a company extracting fossil fuels.
The financed emissions covered under
BlueTrack TM 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 of
emissions we deem material for that activity.
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
– rather than on unrelated credits, the availability
of which may be limited.
The methodology does allow company-operated
removals, such as on-site carbon capture at a plant
– however, given this is currently marginal in the
context of emissions, there is currently no impact
on our portfolio-financed emissions metrics.
Target metrics
Barclays uses two financed emissions metrics to
set targets:
1. Emissions Intensity: how much CO 2 e (Carbon
Dioxide Equivalent) is released on average for a
certain amount of economic activity or
material produced;
2. Absolute Emissions: a measure of the absolute
emissions generated, or fair share, of the
company's emissions over time.
We use absolute emissions for the Energy and
Agriculture sectors, whose decarbonisation
pathway relies on a reduction in production
volume as well as on a reduction in intensity. The
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.
We use emissions intensity for the other sectors,
whose decarbonisation pathway relies primarily
on reduction in intensity rather than volumes.
These metrics are sensitive to factors which are
not directly related to real world emissions, such
as changes in the book value of debt and equity,
for absolute emissions, and changes in revenue
share for emissions intensity.
Reference scenarios
Each of our 2030 target ranges is developed with
reference to a 1.5°C-aligned scenario. For the
majority this is 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. F or 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 yea r
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 –
o r, in the case of UK Housing, a convergence point.
Use of target ranges
For Power, Cement, Steel, Automotive
manufacturing and Aviation, we have set
emissions intensity targets using a target range.
While we are clear on the reduction required to
align with the 1.5 o C benchmark pathway – the
higher emissions reduction in the range – we
recognise there are dependencies outside our
control that will determine how quickly our
financed emissions intensity can be reduced in
these sectors. The lower emissions reduction in
the range reflects our view of the sector, client
pathways and commitments at the time of
setting the target. We seek to achieve the higher
emissions reduction, consistent with our net
zero ambition, but achieving it will depend on
external factors.
Notes:
1 As defined in Foundations of Climate Mitigation Target Setting
published by the UNEP Finance Initiative (unepfi.org/wordpress/
wp-content/uploads/2022/05/Foundations-for-climate-
mitigation-target-setting.pdf).
2 When we first developed BlueTrack, 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 Energy and Power sectors were informed by
the SDS scenario.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Update on progress against targets
We had set targets for our Energy and Power
portfolios in 2020, and since then we had
expanded the scope of sectors covered under a
target to also include Cement, Steel and
Automotive manufacturing.
Additionally, we had announced a convergence
point for the U K Housing sector. For all sectors
where we have previously set targets, we have
reported progress as at December 2023.
We will keep our policies, targets and progress
under review in light of the rapidly changing
external environment and the need to support
governments and clients both in delivering an
orderly transition and providing energy security.
It is important to note that progress towards our
targets will likely be variable and non-linear.
We may need to adapt our approach to respond
to external circumstances and to manage the
effectiveness and impact of our support for the
transition, while remaining focused on our
ambition of becoming a net zero bank by 20 50.

Financed emissions metrics
Sector | Setting our targets | Monitoring our progress in 2023
Sector | Sector boundaries | Emissions scope | GHG included | Reference scenario | Target metric | Unit of measurement | Baseline year | Target versus baseline | Cumulative change | Absolute emissions (MtCO 2 e) | Physical intensity
Energy | Upstream Energy | 1,2 & 3 | Carbon dioxide and methane | IEA SDS | Absolute emissions | MtCO 2 e (absolute) | 2020 | -15% by end of 2025 | -44% | 42.5 Δ | 59.6 gCO 2 e/MJ
IEA NZE2050 | -40% by end of 2030
Power | Power generators | 1 | Carbon dioxide | IEA SDS | Physical intensity | kgCO 2 e/MWh | 2020 | -30% by end of 2025 | -26% | 16.9 | 241 Δ
IEA NZE2050 | -50% to -69% by end of 2030
Cement | Cement manufacturers | 1 & 2 | All GHGs | IEA NZE2050 | Physical intensity | tCO 2 e/t | 2021 | -20% to -26% by end of 2030 | -8% | 0.8 | 0.573 Δ
Steel | Steel manufacturers | 1 & 2 | All GHGs | IEA NZE2050 | Physical intensity | tCO 2 e/t | 2021 | -20% to -40% by end of 2030 | -16% | 1.3 | 1.635 Δ
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 | gCO 2 e/km 1 | 2022 | -40% to -64% by end of 2030 | 0% | 6.0 | 175.2 Δ
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 | gCO 2 e/RTK | 2023 | -11% to -16% by end of 2030 | Baseline set in 2023 | 4.3 | 882 Δ
UK Commercial Real Estate | UK Corporate Bank | 1 & 2 | Carbon dioxide, methane and nitrous oxide | CRREM II | Physical intensity | kgCO 2 e/m 2 | 2023 | -51% by end of 2030 | 0.1 | 30.0 Δ
Agriculture | UK Livestock and Dairy Farming | 1, 2 & 3 | Carbon dioxide, methane and nitrous oxide | CCC BNZ | Absolute emissions | MtCO 2 e | 2023 | -21% by end of 2030 | 2.4 Δ | N/A
UK Housing 2 | 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 | kgCO 2 e/m 2 | 2023 | Portfolio convergence point vs. baseline | 1.7 | 32.1 Δ
-40% by end of 2030
Notes 1 Physical intensity (CO2e emissions per v-km travelled by LDV produced), expressed in gCO2e/km. 2 Barclays has identified a 2030 emissions intensity convergence point for UK Housing but has not set a formal target. This replaces the 2022 convergence point for ‘Residential Real Estate’. Δ 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and opinions can be found within the ESG Resource Hub: home.barclays/sustainability/esg-resource-hub/reporting-and-disclosures/.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Baselines at December 2023
Sector | Unit | Baseline year | Baseline metric (last reported) | Previously reported metrics | Recalculated metrics
Financed emissions for December 2022 | Change at December 2022 (percentage change) | Recalculated financed emissions for December 2022 | Theoretical baseline metric (re-baselined)
Energy | MtCO 2 e (absolute) | 2020 | 75.7 | 51.7 | -32% | 51.6 | 75.4 Δ
Power | kgCO 2 e/MWh | 331 | 302 | -9% | 298 | 326 Δ
Cement | tCO 2 e/t | 2021 | 0.625 | 0.610 | -2% | 0.611 | 0.626 Δ
Steel | tCO 2 e/t | 1.945 Δ | No major impact of methodology changes
Automotive manufacturing | gCO 2 e/km | 2022 | 167.2 | 167.2 | N/A | 174.8 | 174.8 Δ
Aviation | gCO 2 e/RTK | 2023 | 882 Δ |  |  |  |
UK Commercial Real Estate | kgCO 2 e/m 2 | 30.0 Δ |  |  |  |
Agriculture | MtCO 2 e (absolute) | 2.4 Δ |  |  |  |
UK Housing 1 | kgCO 2 e/m 2 | 32.1 Δ | Replacing the former UK Residential Real Estate with a new baseline on an expanded scope 2
Notes: 1 Barclays has identified a 2030 emissions intensity convergence point for UK Housing but has not set a formal target. This replaces the 2022 convergence point for ‘Residential Real Estate’. 2 The former UK residential real estate baseline, was re-baselined to 32.0 Δ from 32.9, as reported in FY2022. Δ 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and opinions can be found within the ESG Resource Hub: home.barclays/sustainability/esg-resource-hub/reporting-and-disclosures/

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Progress against our existing sector targets

| Financed emissions - Energy Absolute emissions MtCO 2 e (Indexed 2020 = 100) |
|  | IEA NZE Benchmark: World |  | Barclays' progress |  | Portfolio target path |

| Financed emissions - Power Physical Intensity kgCO 2 e/MWh (Indexed 2020 = 100) |
|  | IEA NZE Benchmark: World |  | Barclays' progress |  | Portfolio target path (range) |

| Financed emissions - Cement Physical Intensity tCO 2 e/t (Indexed 2021 = 100) |
|  | IEA NZE Benchmark: World |  | Barclays' progress |  | Portfolio target path (range) |

| Financed emissions - Steel Physical Intensity tCO 2 e/t (Indexed 2021 = 100) |
|  | IEA NZE Benchmark: World |  | Barclays' progress |  | Portfolio target path (range) |

| Financed emissions - Automotive manufacturing Physical Intensity (gCO 2 e/km) (Indexed December 2022 = 100) |
|  | IEA NZE Benchmark: World |  | Barclays' progress |  | Portfolio target path (range) |

Note: Δ 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and opinions can be found within the ESG Resource Hub: home.barclays/sustainability/esg-resource-hub/reporting-and-disclosures/

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Dec'23: 241 △
(-26%)
Dec'23: 42.5 △
(-44%)
Dec'23: 0.573 △
(-8%)

2020 | 2025 | 2030 | 2040

Dec'23: 1.635 △
(-16%)

2020 | 2025 | 2030 | 2040

Dec '23: 175.2 △
(0%)

2020 | 2025 | 2030 | 2040

2020 | 2025 | 2030 | 2040

2020 | 2025 | 2030 | 2040

Progress against
our BlueTrack TM sector targets
This report provides an update on our progress
towards achieving our previously announced
2025 and 2030 BlueTrack TM sector targets. In
2023 and cumulatively, there are a number of
drivers behind the changes in our portfolio
emissions, including changes in our financing
across both our lending and capital markets
financing activity, our clients' emissions, client
data and metrics such as company valuation, and
other data inputs and methodology updates as
defined in our Financed Emissions Methodology
paper (published in 2024). We expect to continue
to see these impact our metrics in the future as
data availability and quality, methodologies,
guidance, and best practices for calculating our
financed emissions metrics – all of which include
differing levels of estimation –continue to evolve
and be refined.
Energy
To date our absolute financed emissions from
our upstream Energy portfolio are down 44% to
42.5 MtCO2e Δ from our 2020 baseline – an
additional 12% reduction from our 2022 level. Of
our total financed emissions, c.79% was related
to oil, gas and natural gas liquids (NGLs)
production, with NGLs being relatively
immaterial. The remaining c.21% was
attributable to coal production. Our progress in
2023 largely reflects reductions in our total
financing volumes for this portfolio as well as
impacts from changes in company book values
which can fluctuate year to year and thus impact
cumulative and year-over-year progress (either
positively or negatively) on our target.
Power
In 2023 our Power generation portfolio achieved
a 26% cumulative reduction in emission intensity
– an additional 17% reduction from our 2022
levels. This reflects our clients' continued
progress in reducing their own emissions
intensity, which was identified in part through
improved data collection and analysis, as well as
net reductions in the intensity of our new lending
activity – but was partially offset by a higher
intensity mix for our capital markets financing.
Additionally a material portion of our 2023
progress was driven by a short-term transaction.
There is a risk that we are not able to replace this
with a transaction(s) of similar size and emissions
intensity which could result in an increase in our
reported emissions intensity.
Within our Power portfolio our clients' ability to
continue transitioning, and therefore our ability
to continue increasing our green and transition
financing to help deliver our BlueTrack TM and
Sustainable Financing targets, are dependent, at
least in part, on supply chains for renewable
energy, required investments in grid
infrastructure, a stable or positive policy
environment, and other factors potentially
beyond our control, including our clients'
strategic or financing decisions.
Despite our progress to date and the actions we
have taken to manage our portfolio, the
likelihood of achieving our targets – particularly
the 2025 target where the potential
management actions are narrowing – could be
significantly impacted by the variables and
dependencies described on this page.
Cement
The emissions intensity of our Cement portfolio
has reduced by a cumulative 8% against our
2021 baseline – a decrease of 6% from last year’s
metric. During 2023 we’ve seen a material
number of our clients in this sector update their
emissions intensity targets and receive SBTi
validation as 1.5°C-aligned.
Steel
Our Steel portfolio emissions intensity has
dropped by c.16% from our 2021 baseline – an
additional 5% decrease this year. During 2023
the decreased intensity reflects our clients'
continued progress in achieving emissions
reductions and a shift in our financing activity mix
towards lower-emissions clients.
Automotive manufacturing
During 2023 our Automotive manufacturing
portfolio's emissions intensity remained broadly
flat. This reflects a reduction in the emissions
intensity of our clients as they increase their
electric vehicle sales, but was partially offset by
year-over-year reductions in our clients' green
bond issuance and a net increase in the
emissions intensity of our lending activity due to
the mix of our portfolio.
Future target progress
To date, emissions reductions in the real
economy have not been sufficient to align
economies to a 1.5°C pathway.
We expect our progress against these targets will
continue to be non-linear, due to the many
external dependencies and variables beyond
Barclays' control that may determine the pace of
transition. For example, a recent assessment
identified that plans, projections and policies for
fossil fuel production by governments are not in
line with the goals and timelines of the Paris
Agreement 1.
Going forward our metrics will continue to have
the potential to reflect different levels of volatility
and could be impacted by a variety of external
factors, including but not limited to:
• The pace and timing of our clients’ progress,
on their individual transition pathways
• Future technological advancements
• The public policy and regulatory environment
• Geopolitical or regional developments
• Updates to data inputs used by BlueTrack TM
(e.g. company valuations).
The volatility of the mix and volume of capital
markets financing, which is included in our
metrics, may also result in significant increases
and decreases in our metrics. Our ability to
achieve our targets may be affected positively or
negatively by these external factors.
Our target progress in future years could be
impacted by client portfolio decisions driven by
other non-financial factors, such as counterparty
risk, and other relevant business considerations.
Changes in our financing activity for a single
client within a portfolio can have a significant
impact on our reported metrics and progress and
may be outside of our control.
Progress against our targets may also be
impacted by management decisions based on
key drivers unrelated to climate or the transition,
for example prudent risk management practices.
Specifically across the Cement, Steel and
Automotive manufacturing portfolios, in addition
to the general risks and dependencies outlined
above, these targets are particularly sensitive to
even minor changes in our financing mix or
clients' emissions intensity, given the relatively
limited number of clients included in these
portfolios – so progress towards these targets
could be particularly volatile and significantly
impacted by the portfolio and client
dependencies outlined above.
Notes:
1 unep.org/resources/production-gap-report-2023
Δ 2023 data subject to inde pendent Limited Assurance under ISAE
(UK) 3000 and ISAE 3410. Current limited assurance scope and
opinions can be found within the ESG Resource Hub:
home.barclays/sustainability/esg-resource-hub/reporting-and-
disclosures/
Managing our portfolios
We continue to manage our portfolios, balancing
between our commercial objectives, prudent risk
management practices and other non-financial
objectives in support of our strategy. As part of
this we take into account our relevant climate-
related risks and considerations, including how our
portfolios are performing against our BlueTrack TM
targets so this can be evaluated in context
alongside other relevant business metrics.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

We monitor our performance against our climate
targets on a regular basis. Where we identify
targets are potentially at risk of being missed –
particularly as target dates draw nearer and the
opportunities for us to take management actions
narrow – we will continue to reassess our
approach, taking into account broader business
considerations including potential franchise
impacts.
During 2023 we have continued to invest in
building improved reporting, tools, and
processes including our Client Transition
Framework, which enables us to adjust
management oversight based on our evolving
estimates of our future potential performance
against these targets.

+ | Further details of how climate risk-related considerations are managed can be found in the managing impacts in lending and financing section on page 236 .

Client Transition Framework (CTF)
The CTF, first piloted in 2022, supports our
evaluation of our corporate clients' current and
expected future progress as they transition to a
low-carbon business model.
We conduct these assessments annually for
corporate clients in the Corporate and
Investment Bank that are in-scope for sectors
where BlueTrack TM targets have been set. As
new BlueTrack TM targets are set the CTF will be
applied to our corporate clients in those sectors.
During 2023 we enhanced our CTF based on
recommendations from the external review of
our pilot. The continued development of the CTF
leverages climate expertise across Barclays and
is informed by the evolving landscape and
guidance from third-party frameworks such as
TPI, CA100+ and SBTi, and other industry
initiatives including the UK's Transition Plan
Taskforce, and GFANZ. We have maintained the
general structure of our assessments with
component scores aggregating into an overall
CTF score.
The ambition component seeks to assess a
client's alignment with our emissions reduction
targets and 1.5°C scenario benchmarks across
the past, present, near- and long-term future
emissions. In our scoring assessments we place
a higher weighting on their past, present and
near-term future emissions targets than on their
long-term ones.
The credibility component seeks to assess the
qualitative elements of a client’s transition plan. It
c onsiders criteria that indicate the likelihood a
client will meet its targets, such as board
oversight, low-carbon technologies employed,
and green capital or operational expenditure
plans. We more heavily weight the criteria that
are critical to having a credible plan than those
that are determined to be supporting criteria.
Most of these criteria are consistent across
sectors, h owever, we also consider some sector-
specific criteria. I n total we evaluate over 80 data
points for each assessment. Examples of our
CTF criteria include, but are not limited to:
• The company’s ambition and targets to
reduce operational (Scope 1 and 2) emissions
• Historic Scope 3 disclosures and Scope 3
reduction targets, along with a 2030 target
• Any expansion of high-carbon activities
• Forward-looking green capex plan to achieve
their targets.
The sub-scores for each component are
combined to arrive at an overall CTF score from
T1 (best) to T5 (worst).
We have codified where clients would be deemed
out-of-scope for our CTF assessments. We
have set a minimum revenue share threshold to
identify which clients are required to be
assessed, though clients below this threshold
may still be assessed.

| CTF overview |
| Ambition |  | Credibility |
| Assesses clients’ past, present and future emissions as a proxy for their emissions reduction ambition |  | Assesses the critical and supporting qualitative elements of clients’ transition plans as a proxy for the credibility of their plans |
| Past emissions | Evidence of progress in emissions over the last three years |  | Critical criteria | Assessment of disclosed indicators that significantly impact the likelihood of achieving set target(s), such as governance indicators, use of low-carbon technologies, green spending plans, and expansion of carbon-intensive assets |
| Present emissions | Comparison of current BlueTrack TM emissions against target glidepaths |  |
|  | Supporting criteria | Assessment of the level of consistency given to transitioning their business, such as the use of offsets/ credits, TCFD alignment and SBTi target validation submission |
| Future emissions | Assessment of client targets including projected emissions metrics and rates of change to 2030 and 2050 |  |
| Sector-specific considerations |
| Assesses transition-related elements that have not been addressed within the other sections |
| Sector-specific indicators |  | Unscored criteria |
| Additional sector-specific factors that impact the strength of a transition plan |  | Factoring additional data points that might be beneficial for benchmarking purposes and/or for future reference |
| Energy |  | Power |  | Cement |  | Just transition pilot |
| • Methane commitments |  | • Coal phase- out plan |  | • Target set on gross basis |  |  |  |  |  |  |
| Ambition score |  | Credibility score |
| A1- A5 |  | C1 - C5 |
| Client Transition Framework score |
| Best | T1 | T2 | T3 | T4 | T5 | Worst |

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Embedding the CTF
CTF assessments are increasingly used to inform
decision-making across Barclays, including client
engagement, restrictions on financing and
capital allocation.
During 2023 we expanded how CTF scores are
used in support of our broader climate strategy.
The CTF informs our engagement with clients while
also helping to identify and manage transition risk in
our own financing portfolios.
Capital is critical for a successful energy
transition and we are focusing our financing
towards clients actively engaged in the energy
transition. The scale of our business gives us the
opportunity to help finance the energy transition
– to use our global reach, products, expertise and
position in the global economy to work with our
clients, including those in the Energy sector, as
they transition to a low-carbon business model.
In 2023 we began climate-specific engagement for
those clients with CTF scores of T4 and T5,
facilitated by a newly established Client Transition
Review Forum (CTRF).
The CTRF consists of senior representatives from
across Sustainable Finance, ESG & Sustainability,
Climate Risk, Portfolio Management, and Banking
and is chaired by the Head of Sustainable Finance.
Informed by the CTF, this new forum conducts
holistic reviews of our business appetite alongside
the future client relationship potential. These are
informed by the CTF assessment and take into
account consideration of relevant risks and other
business factors.
These reviews help determine our financing
appetite for these clients (including consideration
of client retention and conditions to refinancings),
alongside implications for our emissions
reduction targets, commercial, credit and
reputational impacts.  Notwithstanding the
outcomes of the CTRF reviews, financing
decisions are transaction specific, and will
continue to be subject to consideration by
relevant committees, such as in relation to credit
risk, reputation, and capital impact.
As a newly established forum, its governance of the
CTRF will continue to evolve to ensure it remains fit
for purpose.
We reviewed over 300 client counterparties at
the CTRF in 2023, engaging with clients as
appropriate, to help build awareness of the need
to transition and gather information on how we
can best support them in their journey. The CTF
helps us prioritise client engagement, focusing
on those most at risk of falling behind our
transition expectations.
We have also begun to use the results from the
CTF assessments to drive engagements with
clients, facilitating discussions about their
transition plans and providing insights such as
highlighting how they benchmark against their
peers.
We have found this engagement helps increase
our connectivity with these clients and can be
useful in identifying opportunities to further
finance their transition.
We are also using the CTF scores to inform our
business and credit appetite as we look to
manage transition risks within our portfolios. To
do this we have begun implementing CTF-linked
mandate and scale limits.
The CTF approach is kept under review and we are
considering enhancements in 2024, including
reviewing the weightings for criteria such as energy
clients capex, to align elements more closely to our
updated Climate Change Policy.
CTF results

n | T1 (best)
n | T2
n | T3
n | T4
n | T5 (worst)

Note: Charts and figures exclude clients determined to be out
of scope for the CTF assessments. Clients may have scores in
multiple sectors but are included only once to avoid double-
counting.
Using our updated CTF methodology we
completed assessments covering over 1,250
counterparties during 2023 across our Power,
Energy, Steel, Cement, Automotive
manufacturing and Aviation BlueTrack TM sector
portfolios.
Findings, by client count, from our assessments
include:
• 86% have a public emissions reduction target
• of which 38% in SBTi-eligible sectors have
had their targets validated
• 67% have executive compensation tied to
ESG progress
• 85% have explicit board oversight of their
transition plan or emissions targets
• 40% have committed to a just transition.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Energy and Power
Context: The Energy and Power transition
The successful transition of the Energy and
Power sectors is crucial to achieve net zero by
2050 as together they account for 75% of global
GHG emissions, the majority of which come from
the combustion of fossil fuels by end users – for
example, in automotives and power generation 1.
Emissions from fossil fuel extraction, including
from flaring and venting, is also significant – and
responsible for 40% of global methane
emissions 2.
The global economy still uses fossil fuels for
many essential activities – including electricity
generation, transport and heating. The IEA
scenarios to limit global warming to 1.5°C
assume continued but reducing use of fossil fuels
as part of the energy mix.
As Energy and Power play a fundamental role in
society, the transition must balance the need to
address energy security and shift energy supply
while meeting energy demand. Consideration
must also be given to the need for a just
transition, ensuring equitable access to energy
across communities.
We will continue to support an energy sector in
transition, focusing on the diversified energy
companies investing in low carbon and with
greater scrutiny on those engaged in developing
new oil and gas projects.
Notes:
1 See climatewatchdata.org/ghg-emissions
2 See ea.org/energy-system/fossil-fuels/methane-abatement
Reducing our Energy and Power-financed
emissions
We have set targets to reduce our financed
emissions from our Energy and Power portfolios
in line with the decarbonisation pathway set out
in the IEA Net Zero scenario (IEA NZE).
To meet our targets we utilise our full toolkit
including CTF assessments, client engagement,
portfolio management and restrictive policies,
which are included in our Climate Change
Statement.
As outlined on page 90 above, our CTF
assessments evaluate over 80 data points for
each assessment and, in relation to Energy and
Power, include the following additional criteria:
• Metha ne emissions reduction targets (for
Energy)
• Commit ments to phase-out thermal coal (for
Power)
We actively engage with clients to help build
awareness of the need to transition and gather
information on how we can best support them in
their journey. The CTF is helping us to prioritise
client engagement, focusing on those most at
risk of falling behind our transition expectations.
We have established a climate portfolio
management team to steer our portfolio
towards achieving our targets and manage
transition risks, using CTF scores to inform our
business and credit appetite.
Total exposure to the Energy sector is subject to
a constrained and closely monitored aggregate
risk appetite. We have begun implementing CTF-
linked credit limits for the clients most at risk of
failing to transition in line with our targets and
climate risk appetite – currently identified as
those with scores of T4 and T5.
We have a Climate Change Statement which sets
out our positions and approach to sensitive
sectors. In 2024 we have updated the Climate
Change Statement to include new requirements
for the Energy sector and restrictions on the type
of exposures and risk we will finance going
forward.
Under the updated Climate Change Statement,
Energy Groups with more than 10% of their total
planned upstream oil and gas capital expenditure in
expansion, non-diversified groups and Energy
Groups with the lowest CTF assessment scores
will be subject to mandatory annual review by the
CTRF to determine whether continued financing
support is appropriate in the context of their
expansion plans and overall transition plan.

CTF Energy and Power portfolio results

Energy portfolio
• 78% of in-scope clients have a methane-
reduction target

n | T1 (best) | n | T2 | n | T3 | n | T4 | n | T5 (worst)

CTF energy portfolio score descriptions
T1 (best) | Clients are fully aligned with our NZE targets. This requires net zero targets (NZE 1.5° C-aligned or equivalent) across all relevant scopes, including Use of Sold Product (Scope 3, Category 11) by 2050 (for Energy), evidence of strong progress already made, and disclosures of advanced planning to reduce emissions further.
T2 | Clients have targets across all relevant scopes and strong plans but may be missing some of the clarifying details of a T1 plan – or may not have demonstrated strong steps taken to date.
T3 | Clients may have very ambitious targets but lack the details to evidence that they will achieve it, a weak target but robust disclosures evidencing that they will achieve it, or a combination thereof. Energy clients without Scope 3 disclosures and Scope 3 targets cannot achieve better than T3.
T4 | Clients have poorly disclosed plans. They generally have some combination of targets that are weaker than the scenarios require, disclosures lacking in detail, or limited evidence that steps are already being taken.
T5 (worst) | Clients have the default and lowest score. These clients provide limited publicly available information on their sustainability targets and strategy. A client must have publicly demonstrated transition planning including some evidence of their historic, current and future emissions reduction efforts to score better than T5.

Notwithstanding the outcomes of the CTRF
reviews, financing decisions are transaction
specific, and will continue to be subject to
consideration by relevant committees, such as in
relation to credit risk, reputation and capital impact.
By 2026, we will only provide financing to Energy
clients with Scope 1 and 2 emissions reduction
targets, methane emissions targets, and
commitments to end all routine and non-
essential venting and flaring.

+ | More details on the updated policy can be found on page 100, our Climate Change Statement can be found home.barclays/ sustainability/esg-resource-hub/statements-and-policy- positions/ and further information on our client engagement can be found on page 107 .

Power portfolio
• 74% of in-scope clients will have phased-out
coal by 2030
Note: Charts and figures exclude clients determined to be out
of scope for the CTF assessments

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Aviation
Currently there are no alternative power
technologies – such as electric or hydrogen – for
commercial aircraft that are expected to be at
scale for the foreseeable future. Therefore,
decarbonising the Aviation sector over the next
10-15 years will require a significant increase in
the historical pace of emissions reductions –
which will be dependent on both the price and
availability of sustainable aviation fuel (SAF) and
the continued production and delivery of lower-
emissions aircraft.
Our Aviation emissions intensity target
We have set a target to reduce the financed
e missions intensity of our Airlines portfolio by
11-16% by end of 2030 against a 2023 baseline,
calculated using our BlueTrack TM methodology:
• The lower emissions reduction in the range
reflects a convergence point for our portfolio
with the MPP PRU scenario, which is consistent
with limiting global warming to 1.5°C.
• The higher emissions reduction in the range is
aligned to the rate of emissions intensity
reduction in the MPP PRU scenario, consistent
with our approach for our other existing 2030
targets.

| Financed emissions - Aviation (Passenger and Cargo) Physical Intensity (gCO 2 e/RTK) (Indexed December 2023 = 100) |
|  | MPP Aviation Pathway |  | Barclays' progress |  | Portfolio target path (range) |

Estimating our financed emissions
Barclays is a founding signatory to the Pegasus
Principles – the first climate-aligned finance
framework for the Aviation sector, developed by
the Rocky Mountain Institute (RMI) in partnership
with global banks and in consultation with leading
airlines and lessors, The Pegasus Principles will
launch publicly this spring.
In developing our approach for the Aviation
sector we have worked closely to align our
BlueTrack™ methodology with this common
framework we expect will also be used by a
number of other peer banks. By aligning
ourselves with an emerging industry consensus
approach we hope to create consistency and
transparency for our clients and for our
stakeholders in our own reporting.

In line with the Pegasus Principles we are estimating
the financed emissions and emissions intensity of
our Aviation portfolio using a physical intensity
metric, gCO 2 e/revenue-tonne-kilometre (gCO 2 e/
RTK). The scope of this portfolio target includes
emissions related to direct combustion of jet fuel
by aircrafts (tank-to-wake/Scope 1) and
upstream production and refining (well-to-tank/
Scope 3) for commercial passengers (including
belly cargo) and dedicated air cargo operators.
Emissions scope can differ based on the actual
operator of the aircraft, as the owner of the
aircraft may not necessarily be the operator –
lessors versus airlines, for example. Military
aviation, corporate jets, general civil aviation, tour
operators and multi-modal logistics companies
are out of scope due to low materiality (as a share
of sector emissions) and data availability
challenges.
To do this we have partnered with PACE (Platform
for Analysing Carbon Emissions), a Pegasus
Principles-qualified data provider, to provide
granular emissions and activity data based on
specific flight routes and aircraft flown for each
airline operator.

+ | Further details on our financed emissions methodology can be found in our latest Financed Emissions Methodology paper (published in 2024) at: home.barclays/esg-resource-hub/ reporting-and-disclosures/

Future progress against this target
The general factors outlined on page 89 in
relation to progress against our targets will
equally be relevant to this portfolio. Additionally,
and more specifically, w e are clear as to the level of
emissions reductions required to align with the MPP
pathway – but we recognise there are many
dependencies and variables outside of our control,
and that of our clients, which will determine how
quickly emissions intensity can reduce in this
sector.
We note that our clients’ ability to meet their own
targets is dependent on continued regulatory,
policy, technical, and supply chain support for the
industry – including the future availability and price
of SAF – and clients' progress towards achieving
their targets may impact our ability to achieve our
own.
Additionally we note that, while we are setting an
2030 interim target, many of our clients have set
their own interim targets to a 2035 date to
specifically account for hoped-for growth in SAF
production – and, since the level and timing of
that growth is an imperfect estimate, the
pathway to our targets may not be linear (or
close to linear), and may limit our ability to
accurately determine whether we are on path to
achieve, or are able to achieve, our own targets.
Note:
Δ 2023 data subject to independent limited assurance under ISAE
(UK) 3000 and ISAE 3410. Current limited assurance scope and
opinions can be found within the ESG Resource Hub:
home.barclays/sustainability/esg-resource-hub/reporting-and-
disclosures/

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

2023 | 2025 | 2030 | 2040

Dec'23: 882 △
Agriculture
Barclays finances customers and clients across
the agriculture-food value chain – from farmers
and producers of food products to retailers and
restaurants. As one of the largest lenders to
farmers in the UK, Barclays is well placed to
provide support through the changing nature of
the Agricultural sector – i n particular the ongoing
shifts in consumer diets. Other factors important
to consider are the impact of decarbonisation on
broader food security and affordability, where
upside and downside risks exist depending on the
form the transition takes as well as the
opportunity for carbon sequestration and
improving biodiversity – given the sector controls
71% of land in the UK.

+ | Further information on our management of nature-related risks, including in the UK Farming sector, identified during our TNFD assessment of our European Agriculture and Food portfolio can be found on page 276.

To support UK farmers through this transitional
period, Barclays finances activities that aim to
reduce emissions in Agriculture and result in
nature-positive outcomes. This includes
investment in low-carbon farming measures and
financing to improve machinery energy efficiency.
We also have a dedicated Agriculture Technology
Fund to support farming clients undertaking more
sustainable practices or implementing energy-
efficiency improvements. In addition, we support
early-stage companies developing technology
solutions needed for the transition to net zero
through our Sustainable Impact Capital portfolio.
For example, in 2023 we invested in Agricarbon –
a UK-based soil carbon measurement start-up.

+ | Further details on our Sustainable Impact Capital can be found on page 117.

Barclays engages with farmers to explore the
challenges and opportunities that may emerge
from the decarbonisation of the Agricultural
sector. In 2023 we launched a survey of our UK
Livestock and Dairy farming clients to better
understand the challenges they may face in
progressing towards net zero.
We also work individually with clients using our
Client Transition Tool (CTT) to identify nature
and decarbonisation risks, as well as considering
social risks. We support peer-to-peer learning
through our Farm to Farm initiative that
facilitates events for farmers in similar
geographic areas to cultivate innovative
sustainable farming practices. Over 100 farming
clients attended Farm to Farm events in 2023,
with further events planned for 2024.
Estimating our financed emissions
There are significant challenges to calculating
emissions for the Agricultural sector, notably a
critical lack of data on the activities and practices
of our agricultural customers and clients, and
modelling challenges around agricultural
emissions intensity. This is exacerbated by the
highly disaggregated nature of the farming
industry – characterised by a large number of
small farm holdings – which makes collating and
processing data challenging, and requires the use
of estimated data.
As a result Barclays has focused its initial
assessment on the UK Dairy and Livestock
sector – which is responsible for c.70% of UK
total agricultural GHG emissions. Barclays is
setting a target to reduce the absolute emissions
(MtCO 2 e) of our UK Dairy and Livestock portfolio
by 21% by end of 2030, against a 2023 baseline –
in line with the Balanced Net Zero (BNZ) 1.5°C-
aligned scenario developed by the CCC.
To help advance approaches to Agriculture-
financed emissions measurement, and target
setting in the banking sector more broadly,
Barclays is a member of the Banking for Impact
on Climate in Agriculture (B4ICA) working group –
which produced an introductory guide on target
setting for the sector in 2022 and worked on a
further update over 2023.

+ | B4ICA Introductory guide can be found at: wbcsd.org/Focus- Areas/Banking-for-Impact-on-Climate-in-Agriculture-B4ICA

Barclays is also engaged in a three-year
collaboration with Oxford University to develop
food type production datasets for the UK. The
aim is to quantify Barclays-financed emissions in
more detail and consider additional transition
risks.

+ | Further details on our partnership with Oxford University can be found at: home.barclays/news/pressreleases/2022/10/ barclays-and-oxford-universityannounce- 3-year-agri- climate-part/

+ | Further details on our financed emissions methodology can be found in our latest Financed Emissions Methodology paper (published in 2024) at: home.barclays/esg-resource-hub/ reporting-and-disclosures/

| Financed emissions - UK Agriculture: Dairy and Livestock Absolute emissions (MtCO 2 e) (Indexed December 2023 = 100) |
|  | CCC - Synthetic BNZP Scenario: UK |  | Barclays' progress |  | Portfolio target path |

Note:
Δ 2023 data subject to independent limited assurance under ISAE
(UK) 3000 and ISAE 3410. Current limited assurance scope and
opinions can be found within the ESG Resource Hub:
home.barclays/sustainability/esg-resource-hub/reporting-and-
disclosures/
Future progress against this target
The general factors outlined on page 89 in
relation to progress against our targets will
equally be relevant to this portfolio. Additionally,
and more specifically, the transition of the UK
Dairy and Livestock sector is significantly
dependent on broader consumer behavioural
change and public policy interventions – which
are outside Barclays' control and may affect our
ability to achieve this target.
Further, we expect the data underlying the UK
Dairy and Livestock model to continue to evolve
and be refined in order to address the challenges
outlined above, and that this could impact our
metrics and this target.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Dec'23: 2.4 △

2023 | 2025 | 2030 | 2040

Barclays' actions to decrease the emissions intensity of its Agriculture portfolio must be complemented by public policy interventions to drive consumer and behavioural change.
Lever | Climate Change Committee's description | Barclays' actions
Diet change and food waste | 20% reduction in meat and dairy consumption (replaced with plant-based), and 50% reduction in food waste (mostly holds) by end of 2030 | • Assess and support farmers' ability to adapt income streams in line with changing consumer habits
Low-carbon farming | Behavioural and innovative measures to decarbonise food production, such as cover cropping and anaerobic digestion | • Support farmers to implement low-carbon farming methods through new and existing products • Work across the supply chain to explore enabling low-carbon farming methods for a greater number of farmers
Low-carbon machinery | Electrification, hydrogen and (later) phase-out of biofuels | • Offer customers incentives for renewables, including Green Barclayloan, Agriculture Technology Fund, and Green Asset Finance • Work with the Agricultural machinery sector to understand viability and availability of low-carbon machinery

| Carbon Clarity partnership supports UK farmers Launched in 2018, the Rebuilding Thriving Local Economies initiative was launched in four locations across the UK to identify how Barclays can provide support over and above what we do every day as a bank. By collaborating with local people and organisations, it has focused on helping individuals develop skills and confidence – as well as supporting businesses to grow. In 2023 Barclays partnered with The Royal Countryside Fund to expand its Carbon Clarity programme and provide free support for 53 farms in Somerset and Norfolk to understand how they could better manage carbon. The programme offered an introduction to carbon reduction on farms through group workshops, one-to-one support, and assistance in creating a carbon ‘action plan’. |

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

UK C ommercial Real Estate
The Commercial Real Estate (CRE) sector has a
role to play in the decarbonisation of UK
buildings, the second-highest-emitting UK
sector. CRE represents the next highest portion
of GHG emissions in that sector after residential
buildings, primarily from the fossil fuel heating
systems used. There are number of significant
challenges to decarbonising the entire UK
buildings sector, which require engagement and
systematic change, outside of Barclays’ control
and as further outlined on page 97. CRE sector
challenges are further compounded by the
added complexity of landlord-tenant dynamics –
which requires collaboration on minimising
energy use, sharing of energy data and
consideration of energy intensity of fit-outs and
retrofit solutions. Further, the diverse building
stock in the UK is likely to require tailored client
strategies for these retrofit solutions.
The different characteristics of the clients in this
portfolio – which include institutional real estate
investors and quoted real estate companies with
their own transition strategies and stakeholder
expectations – mean there are different and
additional potential drivers of transition in this
portfolio. Further, the relationship-led nature of
the UK Corporate Bank and its in-house asset
management expertise enables a client-first
approach to influence transition planning at a
portfolio level. We are therefore setting a target
for this portfolio but recognise that there are
significant challenges to achieving it as a result of
factors outside of Barclays' control.
Estimating our financed emissions
The in-scope portfolio represents the majority of
the UK commercial and residential real estate
investment financing to assets across a diverse
range of sub-sectors including office, retail,
industrial and logistics, and residential properties
managed within the UK Corporate Bank.
To support the transition of our commercial real
estate clients w e have set a target to reduce the
financed emissions intensity (kgCO 2 e/m 2) by
51% by end of 2030 against a 2023 baseline,
calculated using our BlueTrack TM methodology
and integrating the approach recommended by
PCAF.
The emission reductions required aligns with
CRREM 2022 – the leading global standard and
initiative for operational decarbonisation of real
estate assets – which provides the granularity of
pathways for sub-sectors within the in-scope
portfolio. We may expect our CRREM pathway to
change if the portfolio materially changes.
The high proportion of commercial properties
within scope has created challenges in data
matching to external sources. Consequently, we
are investing in our systems to increase the data
coverage and decrease the use of estimations in
our target setting in future years.

+ | Further details on our financed emissions methodology can be found in our latest Financed Emissions Methodology paper (published in 2024) at: home.barclays/esg-resource-hub/ reporting-and-disclosures/

| Financed emissions - UK Commercial Real Estate Physical Intensity (kgCO 2 e/m 2) (Indexed December 2023 = 100) |
|  | CRREM II- 1.5 degree |  | Barclays' progress |  | Portfolio target path |

Note:
Δ 2023 data subject to independent limited assurance under ISAE
(UK) 3000 and ISAE 3410. Current limited assurance scope and
opinions can be found within the ESG Resource Hub:
home.barclays/sustainability/esg-resource-hub/reporting-and-
disclosures/
Future progress against this target
The general factors outlined on page 89 in
relation to progress against our targets will
equally be relevant to this portfolio. Additionally,
and more specifically, CRE is dependent on
broader industry and regulatory changes which
are required to deliver the decarbonisation of the
UK energy grid, the phasing-out of fossil fuel
heating, and the maturity of supply chain to
deliver the required retrofit solutions. Regulation
and policy advancement will also play a key role,
especially in relation to supporting low-carbon
heating and setting requirements in relation to
EPC standards. These changes are outside
Barclays' control and may affect our ability to
achieve this target.

Further, as the data underlying our model
continues to evolve and be refined to address
the challenges outlined above, this could impact
our metrics and this target.
We will continue to engage with clients to
understand their approach to the transition and
how Barclays can best support – ranging from
education to tailored loan solutions. Over the
medium term, supporting new residential
developments through our Sustainable
Residential Development Framework – which
enables the classification and tracking of
residential development loans to our UK
Corporate Banking clients, as well as the
deployment of sustainability-linked loans – which
will support our housebuilding clients in achieving
their sustainability goals including reducing
emissions of new homes built.

+ | Read more about the Sustainable Residential Development Framework here: .barclayscorporate.com/ content/dam/barclayscorporate-com/documents/ solutions/corporate-banking-solutions/Green-solutions/ Sustainable-residential-development-landscape.pdf

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Dec'23:30.0 △

2023 | 2025 | 2030 | 2040

High-level assessment of drivers of net zero for UK buildings
Driver | Barclays' role
Decreasing the emissions intensity of Barclays’ UK Housing and UK CRE portfolio is highly dependent on external changes and public policy interventions to deliver the drivers below
Improvement in energy efficiency of existing buildings | • Continue to offer education, financing products and services to incentivise retrofitting • Advocating for external measures to drive take-up of retrofitting • Support Social Housing providers and commercial landlords in their transition journey
Decarbonisation of UK electricity grid | • Supporting our clients in the Power sector in their net zero transition • Advocating for the UK Government to deliver on its ambitions to decarbonise the electricity grid
Phasing-out of fossil fuels in heating | • Continue to offer education, products and services to incentivise customers switching to low-carbon heating
New homes built to net zero standard | • Continue to promote energy efficiency in new builds through propositions such as Green Home Mortgages • Continue supporting our Corporate Bank's real estate clients in their transition – for example through Barclays' Sustainable Residential Development Framework • Continue supporting our Social Housing providers to provide energy-efficient, affordable new housing (to own and rent)
Behavioural change | • Continue to offer education to customers on energy efficiency and promote reduction of usage through tools, awareness and partnerships

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

UK Housing
Widened scope for UK Housing
Buildings contributed 17% of total UK GHG
emissions in 2022, of which residential buildings
represented 75% – primarily from the use of oil and
gas in heating and hot water. Decarbonising UK
homes is a complex challenge that will require
widespread engagement and systemic change.
In an effort to confront and quantify these
challenges we are expanding the scope of our
previously announced UK Residential Real Estate
convergence point. The expanded scope, renamed
to UK Housing sector, now includes Social Housing
and Business Banking Real Estate portfolios,
alongside the previous scope of Barclays UK
residential and Private Banking mortgage portfolio s.
The real estate portfolios within the UK Housing
sector share similar underlying assets – 99% are UK
residential properties – thereby referencing the
same CCC BNZ pathway and sharing similar
decarbonisation levers. Barclays continues to
support the UK Housing sector through the
provision of mortgages, financing of social housing
providers and expanded product offe rings designed
to support the decarbonisation of the UK Housing
stock.

Composition of UK Housing portfolio Dec'23

n | Barclays UK/Private bank Mortgages
n | Social Housing | n | Business Bank Real Estate

| Financed emissions - UK Housing Physical Intensity (kgCO 2 e/m 2 ) (Indexed December 2022 = 100) |  |  |
|  | CCC - Synthetic BNZP Scenario: UK | ▲ | Portfolio convergence point | // | Dec 2023 baseline for new UK Housing convergence point |
|  | Progress in 2023 for previously announced UK Residential Real Estate convergence point |  |  |

Note: Δ 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and opinions can be found within the ESG Resource Hub: home.barclays/sustainability/esg-resource-hub/reporting-and-disclosures/

Estimating our financed emissions
The decarbonisation of the UK Housing sector in
line with the CCC BNZ scenario depends mostly on
external changes and public policy interventions.
Without these external changes, Barclays cannot
materially decrease the emissions intensity of its UK
Housing portfolio. Barclays has therefore chosen to
identify the 2030 emissions intensity 'convergence
point' – and measure our progress towards it – but
not to set a formal target at this time. In 2022 we
estimated the financed emissions and emissions
intensity of our UK Residential Real Estate sector by
integrating the PCAF approach into BlueTrack TM.

In 2023 the emissions intensity for that sector
increased by c.1% due to increased emissions
from the UK electricity grid – despite an
improvement in known EPC ratings for our
Barclays UK mortgage portfolio. Going forwards,
the additional portfolios making up the expanded
scope of the UK Housing sector will be tracked.
We continue to use the CCC BNZ scenario as the
benchmark for this sector as it is specific to the UK,
independent, developed by a credible institution and
aims to achieve net zero emissions for the UK by
2050. We are maintaining a convergence point of a
40% reduction in CO 2 e emissions intensity by the
end of 2030. However, to reflect the expanded
scope, this will now be against a 2023 baseline for
the UK Housing sector.

| Further details on our financed emissions methodology can be found in our latest Financed Emissions Methodology paper at: home.barclays/esg-resource-hub/reporting-and- disclosures/
+

D rivers of reduction in emissions
in UK Housing
Key drivers in the transition to net zero in the UK
Housing sector are the decarbonisation of the
UK electricity grid and the phasing-out of fossil
fuels in domestic heating through the switch to
low-carbon heating – bringing cleaner energy
into our customers' homes. This will largely be
driven by the transition of the P ower sector
alongside UK Government policy to drive the
decarbonisation of the UK electricity grid and
promote take up of low-carbon heatin g. Barclays
can play a role through supporting renewable
energy projects and clients in the Power sector,
through Sustainable and Transition Finance
activity and through Sustainable Impact Capital
investments.
Another key driver required to reach net zero in
the UK Housing sector i s to improve the energy
efficiency of existing homes – which includes
improving the fabric of homes and adopting
other energy efficiency measures. Other key
contributors include new homes being built to
net zero standard, with low-carbon energy
sources and high energy efficiency ratin gs, and a
reduction in energy consumption through
changes in behaviour.

+ | Read more about the Barclays-commissioned report from Ipsos UK on consumer retrofitting behaviour on page 112.

As a mortgage lender to retail and business
banking clients, we can support customers who
choose to retrofit their properties, switch to low-
carbon heating, and explore ways to reduce their
energy consumption by providing financial
products, services and partner offers.

+ | Further details on our Greener Homes Propositions can be found on page 111.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

// Dec'23: 32.1 △

2022 | 2023 | 2025 | 2030 | 2040

Our Social Housing business engages with clients
on ESG, including where they are on their
transition journey and what we can do to support
them. The sector is already demonstrating above-
average energy efficiency in portfolios and many
housing associations have a stated objective of
moving stock to EPC C or better by 2030. Aligned
to this objective the sector’s energy efficiency has
been improving – and we are seeing examples of
deep retrofit projects and newly delivered housing
schemes with properties rated EPC band A/B.
As an established lender to the Social Housing
sector, we continue to be an active market
participant, are structuring some of our loans with
sustainability metrics where this is within client
appetite, and have amended covenant terms we
are prepared to accept to support retrofit.
However, we expect the overall impact of our
actions to be low given the barriers to retrofitting
– such as high upfront costs and current low
customer demand due to low incentives to
change. Additionally, the potential management
actions available to Barclays are limited due to
this being a portfolio of customers or end users
who are retail in nature, and predominantly
consisting of residential properties.
To see more about Barclays actions with regards
to the drivers of net zero for UK Buildings, please
refer to the table on page 97 above for details of
Barclays' approach to drivers in UK buildings.
Our EPC ambition
Barclays is expanding its EPC ambition scope 1 to
include Social Housing, Business Banking Real
Estate and Kensington Mortgage Company
Limited 2, alongside the previous scope of the
Barclays UK mortgages portfolio.
In line with our efforts to improve the energy
efficiency of our UK Housing portfolio, Barclays
has set an updated EPC ambition of 55% of
properties and collateral in scope of our EPC
ambition – with a known EPC to be rated band C
or better by 2030.
As at the end of Q3 2023, 47.9%3 of Barclays
properties and collateral in scope of ou r EPC
ambition with a known EPC were rated band C or
better.
There are industry-wide challenges to ensure the
properties in our portfolio have EPC certificates,
given approximately one-third of housing stock
in England and Wales does not have a valid EPC
rating.

EPC ratings of properties and collateral in scope of EPC ambition 4

2023 total: 744,098

18,051 |

| 3,601
| 2,227

n | EPC rating G
n | EPC rating F
n | EPC rating E
n | EPC rating D
n | EPC rating C
n | EPC rating B
n | EPC rating A

47.9% of properties and collateral rated A-C of available EPCs

Notes
1 EPC ambition scope does not currently include Private Bank due
to EPC data reporting limitations.
2 Kensington Mortgage Company Limited is not currently included
in UK Housing sector emissions intensity convergence point due
to portfolio reporting limitations.
3 Metric based on number of properties and collateral in portfolios
that make up the EPC ambition scope as of 31 December 2023.
4 EPC data for Barclays UK mortgages and Kensington Mortgage
Company Limited are as of 30 September 2023. Matched EPC
data for Social Housing and Business Banking Real Estate are as
of 31 October 2023.
Ongoing work on portfolio alignment
As part of our commitment under the NZBA, we
have set targets for material 1 high-emitting
sectors in our portfolio.
Using BlueTrack TM, we have assessed our
financed emissions and have targets for eight
high-emitting sectors. These targets cover our
Energy, Power, Cement, Steel, Automotive
manufacturing, Agriculture, Aviation, and CRE
portfolios. We have also set a convergence point
for UK Housing.
We previously assessed financed emissions for
Aluminium – and, during 2023, for Shipping – but
decided against setting targets. For Aluminium,
this was the result of a detailed review of our
Metals (Steel and Aluminium) portfolios, which
found that Barclays does not have a material
exposure to the Aluminium sector 2. For Shipping,
as explained on page 85 in relation to material
sectors and net-zero-aligned targets, our
assessment identified that due to our limited
financing volumes and financed emissions across
a small number of clients it would be difficult to
set a target at this time.
During 2023 we also developed a high-level
modelled assessment of the emissions
associated with our financing activities across
our portfolio, largely aligned to the PCAF
Standard – including undrawn commitments,
contingent liabilities and capital markets
financing.

+ | See section Reducing our financed emissions on page 80.

We intend to build o n this assessment to deepen
our understanding of the emissions associated
with our financing activities. Informed by this
work, we intend to consider the most appropriate
approach to extend our target coverage with the
aim of ensuring it covers relevant areas of the
value chain and/or our financing activities.
Together, our work to set financed emissions
reduction targets as part of our commitment to
the NZBA, and to establish a baseline
assessment of the emissions associated with our
financing activities consistent with the PCAF
Standard, will aid our understanding of the extent
to which our financing aligns with the goals and
timelines of the Paris Agreement.
During 2024 we intend to further develop our
approach to the implementation of the
Transition Plan Taskforce (TPT)'s
recommendations – and to include information
relating to transition planning in future climate
disclosures. As part of this, we intend to develop
Sector Transition Strategies aimed at
summarising our approach to support the
transition in a particular sector.
Notes:
1 As defined in Foundations of Climate Mitigation Target Setting
published by the UNEP Finance Initiative (unepfi.org/wordpress/
wp-content/uploads/2022/05/Foundations-for-climate-
mitigation-target-setting.pdf).
2 With the exception of diversified mining companies where
aluminium production is a small element of their overall activities,
and where it would therefore be difficult to set standalone
aluminium emissions intensity reduction targets.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

Restrictive policies
In addition to setting sector-specific emission
reduction targets, consistent with our Purpose
and driven by consideration of all relevant risks
and other factors, we have set explicit
restrictions to curtail or prohibit financing of
certain activities in sensitive sectors. These
policies are listed below and set out in detail
within our statements and policy positions.
Our restrictive policies are regularly reviewed and
updated in light of the rapidly changing external
environment and are informed by engagement
with our stakeholders, including shareholders,
clients, subject specialists and civil society
groups. In 2023 this included a review of nature-
related impacts and dependencies and social
risks of different technology types to help inform
our approach to due diligence.
Our Climate Change Statement sets out our
positions and approach to sensitive sectors with
tightening policy criteria and increasing
expectations over time. In 2024 we have updated
the Climate Change Statement to include new
requirements for upstream oil and gas and
restrictions on the type of exposures and risk we
will finance going forward, as well as additional
restrictions on financing in relation to the
Amazon Biome, ultra-deep water and extra
heavy oil).
For further details on the scope and application
of the updated positions please see page 63.
Barclays will continue to support an energy
sector in transition, focusing on the diversified
energy companies investing in low carbon and
with greater scrutiny on those engaged in
developing new upstream oil and gas projects.
The experience of the last few years leads us to
recognise that client transition pathways will vary
and the ability of our clients to meet our
requirements may be affected (positively or
negatively) by external factors, including, for
example, the public policy and regulatory
environment, technological advancement,
geopolitical or regional developments, energy
security, cost of living and just transition factors.
We intend to continue to work with and support
our clients as they transition their business and
will monitor and engage with them on their
progress and the impact of external factors over
time, through our Enhanced Due Diligence and
Client Transition Framework.

| Position and policy statements on sensitive sectors |
| Climate change |  | Forestry and Agricultural commodities |
| • ` |  | • Timber, pulp and paper • Palm oil • Soy • Beef (new) |
| + | Further details can be found at: home.barclays/sustainability/esg-resource-hub/statements-and-policy-positions/ |

We anticipate that companies which are unable
or unwilling to reduce or eliminate their emissions
consistent with internationally accepted
pathways may find it increasingly difficult to
access financing, including through Barclays.
Further restrictions are set out in our Position
Statements relating to Forestry & Agricultural
Commodities as well as World Heritage Site and
Ramsar Wetlands, which were reviewed in April
2023. In the latter case only minor changes were
made.
We will continue to keep our policies, targets and
progress under review in light of the output of
both EDD and CTF reviews, the rapidly changing
external environment and the need to support
governments and clients, in our efforts to meet
our ambition of being a net zero bank by 2050.

| Forestry and Agricultural Commodities Statement |
| Barclays recognises the critical importance of addressing deforestation in delivering on global climate and biodiversity goals. A major cause of deforestation is the production of forestry and agricultural commodities such as timber, beef, palm oil and soy, and we have a position statement and due diligence approach that applies to clients involved in these activities (first published in 2019 for forestry and palm oil and refreshed in 2020 to include soy). We have engaged with investors, clients and civil society organisations on this topic, which has informed a review of our Forestry and Agricultural Commodities Statement. This was updated in April 2023 with a number of significant changes. The updated Statement now covers clients involved in South American beef production or primary processing, and enhances the existing requirements for clients involved in soy and palm oil. Among other criteria, the Statement requires that these clients commit to having fully traceable and deforestation-free commodity supply chains by the end of 2025 – a position aligned with industry good practice guidance such as the Accountability Framework Initiative¹ and Agriculture Sector Roadmap for 1.5°C². In addition, the Statement requires that clients prohibit the production or primary processing of soy or beef from deforested areas of the Amazon, in recognition of the critical nature of this biome to biodiversity and climate objectives. Notes: 1 accountability-framework.org/ 2 tropicalforestalliance.org/en/collective-action-agenda/ cop27-roadmap/ |

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 2

+ | For further information, please see our Forestry and Agricultural Commodities Statement: home.barclays/ content/dam/home-barclays/documents/citizenship/our- reporting-and-policy-positions/Forestry-and-Agricultural- Commodities-Statement.pdf

| Financing the transition
| In light of the progress made against our previously announced targets, and after a strategic review of the Group's capabilities, market demand and growth opportunities, in December 2022 we announced a new target to facilitate $1trn of Sustainable and Transition Financing between 2023 and the end of 2030. We also announced an extension of our Sustainable Impact Capital portfolio, with a new mandate to invest up to £500m into global climate tech start-ups by the end of 2027.

Facilitating $1trn of Sustainable and
Transition Financing
At Barclays we are clear that addressing climate
change is a complex challenge that demands a
fundamental transformation of the global economy.
Low-carbon technologies, infrastructure and
capacity must be scaled up to meet growing energy
demands and for the world to reach net zero. The
financial sector has an important role to play in
supporting the transition and we are determined to
play our part. We are deploying financing to help
scale-up the necessary activities needed in the
transition to net zero.

+ | For further details on climate-related opportunities see page 70.

In December 2022 we announced a new target,
to facilitate $1trn of Sustainable and Transition
Financing between 2023 and the end of 2030.
This followed our two previously announced
targets: to deliver £150bn of social,
environmental and sustainability-linked financing
by 2025, which we surpassed in 2021, and to
deliver £100bn of green financing by 2030, which
we surpassed in 2023.
Our $1trn target encompasses the green, social,
transition and broader sustainability-linked
financing requirements of clients including
corporates, governments and the public sector,
financial institutions and consumers. This
includ es financing of climate and environmental
solutions including green mortgages, energy-
efficient technology and renewable energy, as well
as financing for broader social and sustainability
work – including sustainability-linked structures and
areas such as affordable housing. We are also
facilitating funding into green technologies and low-
carbon infrastructure projects, as well as using our
advisory capabilities, product sets and financial
expertise to help our customers and clients realise
their own transitions to a low-carbon economy.
The inclusion of transition financing in this target
reflects our recognition of the importance of
supporting the decarbonisation of hard-to-abate
sectors that are carbon intensive. In early 2024 we
announced our Transition Finance Framework
(TFF), which outlines the criteria for transactions to
qualify as transition financing and sits alongside our
Sustainable Finance Framework (SFF) to define
what can be included against this target.

+ | Examples of qualifying transactions can be seen in our case studies on pages 30, 115 and 116.

Our ability to meet the $1trn target and progress
towards it from year to year will be dependent on
a number of factors and variables outside our
control. Factors such as market conditions,
policy, laws, regulation, geopolitical
developments and stakeholder expectations -
including approaches to product labelling and
regulatory scrutiny of green, sustainability-linked
and social products - could impact lending and
capital markets appetite and our approach to risk
management, and therefore present a risk to our
progress against, and delivery of, the target.
Additionally, new climate and decarbonisation
technologies may scale at varying rates, including
being reliant on the supply and demand of raw
materials, which may impact financing volumes.
We will continue to review and adapt our approach
to Sustainable and Transition Financing in
response to the evolving market opportunities.
Progress against our $1trn target
During 2023 we facilitated $67.8 bn Δ of Sustainable
and Transition Financing, of which $67.4bn was
sustainable financing, slightly up on 2022 of $65.3bn,
and $0.4 bn Δ was transition financing that qualified
against our new Transition Finance Framework. Our
facilitation of $67.8 bn Δ of Sustainable and Transition
Financing in a challenging market demonstrates our
continued focus on supporting our clients on their
sustainability journeys.
Bond issuance 1 was the largest product category in
2023, accounting for 76% of total Sustainable and
Transition Financing while loans and equity
accounted for 19% and 3% respectively. This mix
showed a small shift towards bond activity and away
from loans compared to the mix of our 2022
sustainable financing of $65.3bn, which comprised
71% bond issuance, 26% loans and 2% equity.
Sustainable finance
Sustainable financing, aligned to our Sustainable
Finance Framework, consists of financing for
dedicated use of proceeds, financing for clients
with an eligible business mix in relevant
environmental and social categories, and
sustainability-linked financing which refers to
general purpose funding.
Social financing
Raising finance for clients including
supranational, national and regional development
institutions was a key driver of the $32.4 bn Δ of
social financing facilitated in 2023 (2022:
$30.0bn). In 2023, we continued to see issuers
aligning their financing commitments to social
use of proceeds bonds which allocate funds to
categories such as access to healthcare,
affordable housing and essential services. As in
2022, we have also seen the use of social KPIs
within sustainability-linked financing such as
targets linked to gender diversity.
Environmental financing
In 2023, we facilitated $24.1 bn Δ of environmental
financing (2022: $21.7bn). This performance
reflected continued demand from our clients and
our strategy to work with them to help facilitate
their transitions to a low-carbon economy.
Sustainability-linked financing
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 $10.9 bn Δ in 2023 (2022: $13.7bn). The
sustainability-linked market continues to be of
importance to both investors and issuers alike
who use these instruments to embed their
sustainability targets into financing commitments
and we look forward to continuing to work with
our clients to innovate the product set.
Note
Δ 2023 data subject to independent limited assurance under ISAE
(UK) 3000 and ISAE 3410. Current limited assurance scope and
opinion can be found within the ESG Resource Hub:
home.barclays/sustainability/esg-resource-hub/reporting-and-
disclosures/

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

Transition financing
In 2023, we facilitated $0.4 bn Δ of transition
financing under our new Transition Finance
Framework. While new technologies are still
emerging, we are identifying opportunities to
finance decarbonisation pathways across high-
emitting sectors, including energy, power,
chemicals, and metals. We are looking to play
a role in supporting a range of carbon and
emission reduction projects – from the
manufacturing of blue hydrogen and related
infrastructure for end-use sectors with limited
decarbonisation alternatives, to the
electrification of compressor units, resulting in
the elimination of natural gas use, as well as the
adoption of low-carbon technologies, As
emerging technologies scale and continue to
develop, we are committed to leveraging our
expertise to further identify opportunities for
transition financing.

+ | For further details on our Sustainable Finance Framework and Transition Finance Framework see page 104.

Facilitating £100bn of green financing
Since 2018 we have facilitated a total of
£113.7 bn Δ green financing – exceeding our
target of £100bn well ahead of the 2030 target
date.
In 2023 we facilitated £ 25.9 bn Δ (2022: £25.5bn),
comprising:
• Labelled use of proceeds and general purpose
financing in environmental categories of
£19.8 bn Δ (2022: £18.0bn)
• Sustainability-linked financing that
incorporates environmental performance
targets of £6.2 bn Δ (2022:£7.5bn).
Breaking down our green financing by product
type, the largest category in 2023 was bond
issuance – accounting for 63% of the total (2022:
61%). Loans and equity made up 30% (2022:
33%) and 6% (2022: 4%) respectively.
Notes
1 Bond issuance includes Bonds (DCM), CMBS, Securitization,
Munis and PCM Debt.
Δ 2023 data subject to independent limited assurance under ISAE
(UK) 3000 and ISAE 3410. Current limited assurance scope and
opinion can be found within the ESG Resource Hub:
home.barclays/sustainability/esg-resource-hub/reporting-and-
disclosures/
Sustainable Impact Capital portfolio:
Mandate to invest up to £500m into
global climate technology start-ups
We firmly believe that innovation is key to tackling
climate change and we are committed to
supporting transformative change by investing
our own capital in entrepreneurial companies. In
2020 Barclays announced that it would invest up
to £175m equity capital in environmentally
focused climate technology companies by 2025
– helping support our clients to transition
towards a low-carbon economy, scale solutions
to environmental challenges, and fill their
growth-stage funding gaps.
In evidence of the success of the investments, in
December 2022 we announced an increase of
the investment mandate to invest up to £500m
by the end of 2027.
To date we have invested £138m into 21
i nnovative companies. These investments have
supported many aspects of climate tech
innovation, from property retrofit solutions to
long-duration energy storage and hydrogen
technologies.
We continue to drive wider commercial and
strategic opportunities for Barclays UK,
Corporate Banking and Investment Banking with
those companies.
We continue to focus on decarbonisation
technologies supporting transition within
carbon-intensive sectors, particularly where
Barclays has meaningful client exposure – such
as Power, Industry, Transport, Agriculture and
Real Estate – including solutions delivering
carbon capture, carbon dioxide removal and
green hydrogen.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

Sustainable finance dashboard

$1trn Sustainable and Transition Financing facilitated (2023-2030)* |  | Achieved to date $67.8 bn Δ

Annual breakdown by category ($bn)

2023

2022

n | Environmental | n | Social | n | Sustainability-linked | n | Transition

Annual breakdown by region ($bn)

2023

2022

n | Americas | n | UK/Europe | n | Asia and Rest of World

Annual breakdown by product ($bn)

2023

2022

n | Bonds | n | Equity | n | Loans | n | Investments | n | Other (Contingent)

£100bn green financing facilitated (2018-2030) |  | Achieved to date £113.7 bn Δ

Breakdown by year (£bn)

2023
2022
2021
2020
2019
2018

n | Environmental | n | Sustainability-linked (green)

Breakdown by region (£bn)

2023
2022
2021
2020
2019
2018

n | Americas | n | UK/Europe | n | Asia and Rest of World

Breakdown by product (£bn)

2023
2022
2021
2020
2019
2018

n | Bonds | n | Equity | n | Loans | n | Investments | n | Other (Contingent)

Notes Δ 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and opinions can be found within the ESG Resource Hub * FY 2022 financing figures are provided only to facilitate comparison and do not count towards the target. FY 2022 numbers are converted based on year-end FX closing (spot) rate. |  | + | Further details of the data provided, including further granularity of decimal points can be found in the ESG Data Centre located within the ESG Resource Hub at home.barclays/sustainability.esg-resource-hub/reporting-and-disclosures/

+ | For further details: home.barclays/sustainability/esg-resource-hub/reporting-and-disclosures/

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

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 financing is tracked
using the methodology set out in the Barclays
Sustainable Finance Framework (SFF). This
framework defines the criteria we use for social
financing, sustainable financing , green financing
and sustainability-linked financing. This includes
‘dedicated purpose’ green and social financing,
‘general purpose’ financing based on eligible
company business mix and sustainability-linked
financing, and sets out applicable criteria drawing
on industry guidelines and principles.
It should be noted that the methodology is reliant
on a range of data sources including Dealogic
and Bloomberg transaction listings and league
tables, as well as other third-party data and
verification sources including company
disclosures to aid the classification of financing
into eligible green and social categories.
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.
The legal and regulatory landscape relating to
sustainable financing – 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.
Furthermore, no assurance can be given that a
globally accepted definition or consensus will
develop over time. We will continue to monitor
and comply with applicable jurisdictional
regulatory taxonomy definitions and product
labelling obligations as they emerge.
As innovation in sustainable finance continues to
accelerate, we will continue to review and update
our SFF, our measurement of our performance
against targets, and keep our general approach
under review.
We have updated our SFF to version 4.1,
published in February 2024, which will apply to
financing volumes from January 2024 tracked
against our target to facilitate $1trn of
Sustainable and Transition Financing between
2023 and the end of 2030.

+ | Barclays' Sustainable Finance Framework can be found online in our ESG Resource Hub at: home.barclays/ sustainability/esg-resource-hub/reporting-and-disclosures/

Transition Finance Framework
Our transition financing is tracked using the
methodology set out in the Barclays Transition
Finance Framework (TFF).
Barclays has developed and published in February
2024 the first version of the TFF for classifying
financing as 'transition' for the purpose of
tracking and disclosing our performance against
our target to facilitate $1trn of Sustainable and
Transition Financing between 2023 and the end
of 2030.
The inclusion of transition financing 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.
The TFF is complementary to our Sustainable
Finance Framework, The TFF augments the
scope of Barclays' SFF and determines the
eligibility of transition activities that sit outside
the sustainable finance already covered by
the SFF.
As there is no universal consensus as to how to
define 'transition' activities, Barclays has
developed its own definition of transition finance
as follows:

| Our definition of transition finance |
| Transition finance is any financing including lending, capital markets and other financing solutions provided to clients for activities – including technologies – that support GHG emissions reduction directly or indirectly in high-emitting and hard-to- abate sectors towards a 1.5°C pathway. |

The TFF outlines the criteria for eligible
transactions with a set of defined principles to
guide us in the application of our definition of
transition finance as we support high-emitting
clients and finance real economy
decarbonisation.
As innovation and market principles in relation to
transition finance continue to accelerate and
evolve, we will continue to consider and develop
our definition of transition finance and the
coverage under the TFF.

+ | Barclays' Transition Finance Framework can be found online in our ESG Resource Hub at: home.barclays/sustainability/esg- resource-hub/reporting-and-disclosures/

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

| Financing nature |  |  |  |
| As we execute our sustainable finance strategy, we aim to identify opportunities to play a role in supporting the financing of nature – in particular by bringing together our combined retail, corporate and investment banking activities. In 2023 we identified the opportunity for Barclays to contribute to the goal of a nature-positive food system as one of three strategic themes during the development of our Group sustainable finance strategy. Although our financing activities in relation to nature may still be relatively nascent, we are aiming to expand on these and have provided some examples of progress made and initiatives developed in 2023 below. |  | In Barclays UK we believe nature is a key area where we can make an impact, due to our prominent role in financing UK agriculture and agricultural land purchases. During the past year we have lent funds to customers to purchase land for deployment under the Biodiversity Net Gain scheme, and supported a leading wilding estate in commercialising its activities as it prepares for future sales from nature-positive outcomes. We also support farmers who seek to apply more sustainable farming practices, and have been actively investigating how we can support farmers to safely access private nature markets. Finally, Barclays Eagle Labs is supporting a Venture Launchpad cohort run by Carbon13 – focused on Land, Food and Nature. |  | We are supporting environmentally focused start-ups through our Sustainable Impact Capital (SIC) portfolio, led by Barclays’ Principal Investments team – which has a mandate to invest up to £500m by the end of 2027 in the equity of these companies, which target the goals and timelines of the Paris Agreement. We are also actively developing nature-related products and solutions to support our clients in the Corporate and Investment Bank. In 2023 we strengthened our coverage of Agriculture and AgTech companies through a senior hire in our Sustainable and Impact Banking team. |  | We are also exploring other innovative financial structures that can redirect financing at scale towards nature, such as debt for nature swaps. In addition to client offerings, we have also identified the need to build institutional capacity to enable us and the broader industry to tackle the technical challenges involved in scaling financing towards nature-based solutions. |
|  |  |  | In 2023 SIC invested in Agricarbon, a UK- based company that has developed market- leading soil carbon measurement technology, to support the growth of regenerative agricultural practices. Agricarbon’s end-to-end measurement process – which involves automating lab- based processes, including elemental analysis – addresses the gap in the market for scalable, high-accuracy soil carbon measurement. Agricarbon has grown rapidly since its commercial launch in 2021, and the company already serves an international client base including some of the world’s largest food and beverage companies, carbon project developers, and natural capital asset managers. With the proceeds from the fundraising, Agricarbon is seeking to accelerate its international expansion. |  |  |  | Financing coastal nature-based solutions document The Sustainable Markets Initiative (SMI) Financial Services Task Force ( FSTF) is a group of CEO-level executives from some of the world’s largest banks. It brings together financial services leaders to develop and enable solutions that aim to help facilitate the transition to sustainable markets and support the rapid decarbonisation required across the real economy. Barclays is a member of the FSTF and this year, alongside HSBC and with support from Pollination, developed the Financing Coastal Nature-based Solutions (NbS) document. The document serves as a practitioner’s guide to building awareness and addressing key potential considerations for embedding coastal NbS in financial structuring. |  | The guide identifies key considerations for financing coastal NbS projects in terms of commercial viability, risk mitigation and impact reporting through practical case studies, including a carbon credit project and debt conversion structures. The guide was produced as a foundational resource for building institutional capacity to understand coastal NbS within the context of the financial services industry. We expect the points raised in the guide, which includes the role of different asset classes in shifting capital towards coastal NbS, to evolve, incorporating the latest trends in coastal NbS financing. |  |
|  | Supporting soil through technology investment Regenerative agricultural practices have significant potential to support climate change mitigation and enhance the resilience of food value chains through improved soil health. Accurate measurement of soil carbon is a factor constraining the growth of regenerative practices in UK agriculture, where Barclays has a strong presence. The market for scalable, high-accuracy soil carbon measurement is nascent, with several early-stage companies pioneering new technologies. |  |  |  |  |  |  |

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

+ | The full Financing Coastal Nature-based solutions document can be found at this link a.storyblok.com/ f/109506/x/6298e4ed77/2023-11-22_fstf-financing- coastal-nbs-report_final.pdf Further details on the SMI can be found on page 127 .

How our sustainable financing
supports the Sustainable
Development Goals (SDGs)
The 2030 Agenda for Sustainable Development,
adopted by all United Nations Member States in
2015, provides a shared blueprint for peace and
prosperity for people and the planet – now and
into the future. At its heart are the 17 SDGs,
which are a call for action by all countries –
developed and developing – in a global
partnership. Barclays is pleased to play its part,
working in partnership with our stakeholders to
support the delivery of the SDGs.
Since 2018 we have tracked our annual
contribution to the SDGs through our financing
activities. An illustrative breakdown of how our
social and environmental financing contributes to
the SDGs is provided in the chart opposite.
Our financing covers a range of activities
including debt and equity capital markets,
corporate lending, trade finance and consumer
lending. It helps to generate positive social and
environmental outcomes through financing of
activities such as, but not limited to, energy
efficiency, renewable energy, affordable housing,
basic infrastructure and services. Financing of
activities set out in our SFF in turn supports
progress towards achieving the SDGs.
For a full list of eligible social and environmental
activities see the SFF, which shows how eligible
social and environmental activities contribute to
individual SDGs – supported through an analysis
of the underlying SDG targets. As we evolve our
understanding of how our financing contributes
to the SDGs, we will refine our methodology
accordingly.
Beyond our financing activities, our community
programmes contribute to Goal 8: decent work
and economic growth.
We also contribute to the SDGs through our
work implementing the UN Principles for
Responsible Banking (PRB), and continue to
analyse the potential positive and negative
impacts of our business through these principles.
Barclays has set targets in line with some of our
significant impact areas to drive alignment with
the goals and timelines of the Paris Agreement
and to contribute to the SDGs.

+ | For further details, our PRB disclosure can be found online in our ESG Resource Hub at: home.barclays/sustainability/esg- resource-hub/reporting-and-disclosures/

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

SDG illustrative breakdown of 2023 social and environmental financing

|  | 0.2 | 0.2 | 0.1

6.5bn |  | 4.1bn |  | 4.1bn |  | 4.0bn |  | 4.0bn

n | No poverty |  | n | Clean water and sanitation |  | n | Reduced inequalities |  | n | Climate action
n | Zero hunger |  | n | Affordable and clean energy |  | n | Sustainable cities and communities |  | n | Life below water
n | Good health and wellbeing |  | n | Decent work and economic growth |  | n | Responsible consumption and protections |  | n | Life on land
n | Quality education |  |  |  |  |  | n | Peace and Justice Strong Institutions
n | Gender equality |  | n | Industry, innovation and infrastructure |  |  |  |  |
|  |  |  |  |  |  |  | n | Partnerships for the goals
Note: Includes 2023 social and environmental financing and excludes sustainability-linked financing.

| Working with our clients
| We want to be by our clients' side as they transition their businesses to operate in a low-carbon economy. We are working on expanding our sustainable finance offering through our specialist teams to help clients navigate this period of extraordinary change.

Engaging clients through business and
events
We believe the transition to a low-carbon
economy is a defining opportunity for innovation
and growth – and that we can make the greatest
difference by supporting and engaging with our
clients as they transition, using our advisory and
financial expertise to help them navigate this
period of extraordinary change.
As trusted advisers we continue to proactively
engage with our clients on the risks and
opportunities for their businesses arising from
the transition to a low-carbon economy. This
includes working with climate technology
companies across their stages of development,
and with larger, established and/or higher-
intensity clients on their transition journeys.
We support clients executing their climate
strategies, including supporting the facilitation of
initial public offerings for climate-focused growth
companies, acquisitions of emerging climate
technology start-ups to diversify incumbent
clients’ business models, and financing to
mobilise the decarbonisation of operational
activities.
By way of example of the extent of our
engagement, over the course of 2023 we had
over 17,500 (2022: 15,000) engagements with
clients within the Corporate Bank on ESG topics,
thanks to focused efforts by relationship teams
to raise ESG topics proactively.
We also held numerous client events on ESG and
sustainability topics, including our inaugural
flagship Sustainable Finance Conference in New
York with an attendance of over 400 people.
Engaging clients through our Client
Transition Framework
The CTF, as outlined on page 90, supports us to
direct our engagement efforts towards clients
that are most exposed to the risk of failing to
transition in line with the sectoral pathways
reflected in our targets.
This is informed by the outcomes of CTF
assessments, allowing us to be targeted in our
engagement efforts and provide clients with
clear communication on o ur expectations for
transition planning. It also helps inform our advice
on how clients best take advantage of transition
finance opportunities.

+ | Further details on our Client Transition Framework on page 90.

Engaging clients through research
We provide thought leadership to support our
clients using our in-house ESG Research
capability. Clients who have access to our
research publications tell us it prompts greater
evaluation of their business needs – and we have
seen a number of instances of this leading to
broader conversations about the transition to a
low-carbon economy, the ways investors can
support the transition, and the ways Barclays is
on hand to support. In 2023 we published over
475 ESG-focused research reports.
Products and services
We support a wide range of customers and clients
– from individuals and small businesses through
our consumer and business banking services, to
mid-sized and larger businesses and institutions,
including governments, through our corporate and
investment banking services.
Barclays' position in the market, offering retail,
corporate and investment banking services,
provides us the opportunity to deliver an end-to-
end proposition – offering innovative products and
solutions to meet our clients' needs using the
power of One Barclays. Through collaboration with
our colleagues across businesses, we have built
capabilities to help support the innovation needed
to make the transition a success. For example,
through our climate-technology escalator we
provide support for scaling early-stage companies
through tailored, specialist support at each stage
of their development from idea to IPO.
This helps to ensure these companies can access
capital as they grow, for example through our
Sustainable Impact Capital mandate and network
of accelerators, our corporate bank and via the
capital markets.
During 2023, reflecting on engagement with and
feedback from our clients, we continued to build
the expertise and knowledge that clients are
looking for as they scale their businesses and
transition to a low-carbon economy. This included:
• Continuing to strengthen our dedicated teams,
capabilities and propositions supporting
businesses developing and scaling the
technologies that will help the world reduce
emissions
• Providing the finance to scale-up the
infrastructure and capacity to deliver the
renewable energy the world requires
• Enhancing our teams through specialist hires in
areas including sustainable project finance, ESG
ratings advisory and carbon trading, as well as
tailored sector training focused on
decarbonisation pathways.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

| Products and services offered across our client base |  |
| Consumer |  |  |  |  | Small and growth stage |  |  |  |  |  | Mid-size corporates |  |  |  |  | Large corporates and governments |  |  |  |  | Investors |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Entrepreneur and Innovation programmes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | Barclays is working to champion innovation and enable sustainable growth – bringing new ideas to life is central to the way we support people, businesses, communities and the wider economy. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Barclays UK Consumer and Business Banking |  |  |  |  | Corporate and Investment Bank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Engaging with our retail customers and businesses to develop sustainability-related solutions that meet the needs of our customers and clients. |  |  |  | Blending the existing expertise and relationships in our coverage groups with new, specialised teams focused on sustainable finance growth areas – providing enhanced and integrated solutions for our clients. |  |  |  |  |  |  |
|  | Barclays UK Consumer Sustainability Hub Engages consumers through our online Consumer Sustainability Hub to provide information on financial products, services and partner offers that may support them in making more sustainable choices. |  |  |  | Energy Transition Group Provides clients with integrated strategic advice and financing solutions through the energy value chain as they transition to a low-carbon economy. The Group supports companies in their energy transition through the adoption and implementation of renewables, biofuels, carbon capture, hydrogen energy, renewable natural gas, sustainable aviation fuel, batteries and solar technologies. |  |  |  |  |  |  |
|  | Green Home and Buy-to-let Mortgages Mortgage offering lower interest rates for new-build properties with an EPC rating of A or B. |  | Greener Home Reward Cash reward of up to £2,000 for eligible residential mortgage customers who install eligible energy-efficiency- related measures in their homes. |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Sustainable Banking Group Provides a tailored approach to sustainability coverage, advice and execution across M&A, risk management, equity and debt. |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Sustainable Project Finance Group Provides project financing solutions for clients aiming to decarbonise their businesses, accelerate the deployment of low-carbon technologies and monetise the associated revenue. |  |  |  |  |  |  |
|  | Green Asset Finance Fixed rate on range of eligible green assets, supporting clients to transition their business towards net zero. |  | Green Barclayloan for Business No arrangement fees on a range of eligible green assets, supporting clients to transition their business towards net zero. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Sustainable Product Group Provides origination and structuring of green and sustainability-linked corporate banking products across lending, trade finance and liquidity products. |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Global Markets Provides ESG integration across a wide range of investment solutions, spanning Quantitative Investment Strategies (QIS), Equity or Credit Structured Solutions and Funds. |  |  |  | Green & Social Notes programme Issuance of green notes to fund assets efficiently. |  |
|  | Private Bank and Wealth Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Responsible investing and sustainable investing solutions ESG integration and dedicated sustainable investment strategies. Barclays WM&I now offers most Global Access Funds as Article 8 products in a bid to promote sustainability as part of SFDR. |  |  |  |  |  |  | Treasury Green Programmes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Managing financial sustainability and advancing climate strategy through executing principal transactions. |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Sustainable Impact Capital Investing up to £500m into global climate technology companies by the end of 2027, helping accelerate our clients’ transition to a low-carbon economy. |  | Green Bond Investment portfolio Purchase of green bonds through Barclays’ liquidity pool. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

|  | Entrepreneur and innovation programmes

Through the Group Innovation Office, Barclays
works to collaborate with innovative start-ups –
bringing new ideas to life and enabling
sustainable growth, supporting individuals,
businesses, communities, and the wider
economy. Barclays' open financial technology
(fintech) innovation strategy is focused on
sourcing ideas, technology and talent outside the
Bank and supporting its adoption and
dissemination within Barclays.
Addressing climate change and the transition to
net zero is a complex challenge. It will require
innovation to drive real-world decarbonisation.
The Group Innovation Office works to leverage
its innovation capability and wider programmes
of fintech initiatives to support the delivery of the
Barclays Climate Strategy – and to contribute to
the growth of Climate FinTech as a sub-sector of
fintech under Rise, created by Barclays. The
Group Innovation Office believes Climate
FinTech has the potential to make the transition
to a low-carbon future simpler, easier to
implement and more affordable.

Strategic initiatives
Initiative | Goal
Rise Start-Up Academy | 250 founders supported by the end of 2025
Rise Growth Academy | 50 fintechs supported by the end of 2025
Experimentation Hub | 30 rapid vendor evaluations by 2025
Eagle Labs * | Provide up to 1,500 mentorship hours, 17 Growth Programmes and one Ecosystem Partnership Programme in 2024
Unreasonable Impact | Support an additional 200 businesses solving social and environmental challenges from 2023-27

+ | Further details on Barclays' Innovation can be found at: home.barclays/who-we-are/innovation/

* Further details on Eagle Labs found on page 112.
Barclays Rise
Rise, Barclays' global fintech platform, seeks to
create the ultimate conditions for innovation and
growth in financial services, including Climate
FinTech. Since 2015 Rise has focused on building
a global community of the best minds in fintech
to disrupt, challenge and confront the way things
are done in our industry.

| Spotlight: Nossa Data
| Rise Resident and Barclays Accelerator Alumni Nossa Data is aiming to change ESG reporting and data management by providing technology for non-financial corporate disclosure. This female-founded Climate FinTech business is collectively supporting companies in measuring and improving their ESG performance in order to meet increasing regulatory requirements.

Barclays Rise Start-Up Academy
The Rise Start-Up Academy helps early-stage
fintechs, supporting emerging founders with skills
and tools to help them get from proposition to
launch. The programme supports refining their
minimum viable product (MVP) through weekly
activities and live workshops. A Climate FinTech
special edition of the Rise Start-Up Academy will
launch in 2024 to support this growing category
of fintech.
Our commitment to support 250 founders by the
end of 2025, compared to our original target of
750, reflects the challenging economic and
investment climate for start-ups, and also our
intention to focus our support on companies that
are more closely aligned to Barclays’ strategic
priorities, including climate and sustainability.
Barclays Rise Growth Academy
The Rise Growth Academy helps scale high-
growth fintechs, including Climate FinTechs, and
transition their founders into CEOs with a 10-
week, digital-first curriculum with coaching,
Managing Director/Director mentorship and
access to a community. Participants may also be
considered for a potential strategic investment.

+ | Further details on Barclays Rise and its programmes can be found at: rise.barclays/

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

|  |  | Climate FinTech Climate FinTech is a category of fintech supporting climate change mitigation and adaptation, and can be used to align and strengthen incentives across all stakeholders. Pioneering Climate FinTech start-ups have the potential to help make low-carbon solutions easier to adopt for individuals and businesses. Our 'Climate FinTech: An Innovation Thesis' will be published to showcase the role that Climate FinTech can play in tackling the challenges faced by consumers, businesses and industry – outlining the opportunity identified to support this sector to scale. |

| Spotlight: GreenArc
| GreenArc, a participant of the Rise Growth Academy 2023, is an impact analytics fintech that uses advanced AI techniques to help financial institutions measure and maximise the social and environmental impact of their investments. Investors are demanding greater accountability and transparency to address the growing concerns over the validity of sustainable finance, an industry concerned with claims of greenwashing, and thus a robust, data-driven impact measurement system will help enable financial institutions to credibly assess and report the impact of their investments.

Barclays Experimentation Hub
The Barclays Experimentation Hub – a business and
technology sandbox-as-a-service offering –
enables business units across the globe to rapidly
test and evaluate third-party vendor solutions,
while also providing a platform to influence industry
through collaborative events and hackathons. Since
2022 the Experimentation Hub has enabled
Barclays to explore new technologies such as
Generative AI, while also bringing together industry
experts across topics such as digital currencies –
exploring the application and business benefits of
key innovations within technology and fintech.
Experimentation has also supported Barclays
teams in keeping pace with the rapidly changing
landscape within ESG technologies and will
continue to support Barclays' Climate Goals
throughout 202 4.
Unreasonable Impact
T hrough its Unreasonable Impact programme, a
partnership between Barclays and Unreasonable
Group which was renewed in 2023, Barclays has
supported over 300 high-growth entrepreneurs
that seek to address pressing social and
environmental challenges by connecting them
with a network of mentors and industry
specialists, including experts from across
Barclays. Through regional accelerators, at which
the entrepreneurs can engage with this network,
and other virtual and in-person events, the
Unreasonable Impact programme is designed to
help participating entrepreneurs to build
strategic relationships and quickly solve key
challenges facing their business in order to help
them scale.
After achieving its goal to support 250 ventures
by the end of 2022, Barclays will support an
additional 200 entrepreneurs over five years
through the Unreasonable Impact programme.
With billions in financing already raised by the
companies that have participated in the
programme, the partnership’s momentum
continues to grow – and the ventures are driving
innovations in a variety of industries from food
and agriculture to energy and manufacturing.
Barclays has also invested its own capital into
eight Unreasonable Impact companies through
its Sustainable Impact Capital 1 mandate,
including Airex – creators of a smart air brick –
and Brill Power, which has developed battery
management technology that aims to extend
battery life and throughput.
Note:
1 Further details on Sustainable Impact Capital found on page 117.

+ | Further details on Unreasonable Impact can be found at: home.barclays/sustainability/supporting-our-communities/ unreasonable-impact/

| Partnering with SaveMoneyCutCarbon SaveMoneyCutCarbon (SMCC) is an organisation focused on simplifying energy, water and carbon reduction. It seeks to save businesses time and money and help them achieve their sustainability goals by providing a range of services. Alongside the installation of products, these services include providing advice and education as well as performing building audits to help uncover savings opportunities and developing project plans to help businesses realise these savings. Barclays is helping companies like SMCC to scale through its Unreasonable Impact partnership – and by investing equity capital in SMCC through the Barclays Sustainable Impact Capital mandate. In addition, Barclays Corporate Banking clients can utilise SMCC’s services to help them pivot their own operations to more sustainable practices. |

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

|  | Barclays UK Consumer and Business Banking

We are engaging with our retail and business
customers to better understand the steps they
want to take to become more sustainable – and
the role finance can play. We are using this
insight-led approach to design and develop
sustainability-related products, offers and
initiatives that meet the needs of our customers.
Throughout 2023 we have used new digital
journeys in-app and online banking to support an
additional 1.9 million customers to become
paperless and reduce their paper waste by eight
million envelopes. In 2024 we will continue our
work to encourage further adoption of paperless
banking and digitisation of communications,
further reducing paper volumes.
In 2023 we made a number of important hires to
build our sustainability leadership team in
Barclays UK. These colleagues will help drive our
client propositions and position us well to drive
the strategy in 2024. We continue to upskill and
engage colleagues on sustainability issues to
build our capability, encouraging colleagues to
integrate sustainability considerations into their
work supporting customers. T his includes
tailored training for our Consumer Bank and
Business Bank colleagues, introducing our
Sustainability Champions community to bring
together our most engaged colleagues and
launching our online Colleague Sustainability Hub
to share educational sustainability-related
content.
Consumer Bank
Barclays UK Consumer Sustainability Hub
Barcla ys UK engages consumers through our
online Consumer Sustainability Hub, which
provides information on financial products,
services and partner offers that may support
them in making more sustainable choices. In
2023 we began adding links to the Consumer
Sustainability Hub in the Barclays app to further
support customer engagement on this topic. We
plan to create a dedicated in-app Sustainability
Hub to host educational sustainability-related
content, products and offers.

+ | Further details on the consumer-facing Sustainability Hub can be found at: barclays.co.uk/sustainability/

Greener home propositions
Barclays UK is supporting retail mortgage
customers' transition to a more sustainable way
of living, p roviding products and propositions
focused on retrofitting. In 2023 we rolled out
training on home energy efficiency and climate
risk to our mortgage advisors, and hosted a
webinar for mortgage brokers with retrofitting
industry experts.
In collaboration with British Gas, we launched an
offer of 50% off the purchase of a Hive
Thermostat Mini for eligible residential mortgage
customers.

+ | Further details on Barclays Hive Thermostat Mini offer can be found at: barclays.co.uk/sustainability/greener-homes/ hive-thermostat-mini/terms-and-conditions/

We continue to support customers purchasing
EPC A- and B-rated new-build homes with our
Green Home Mortgage, following its expansion
to include buy-to-let properties in 2022. In 2023
we lent £845m to Green Home Mortgage
customers. Since inception in 2018, Barclays UK
has lent over £3.5bn to Green Home Mortgage
customers.

Green Home Mortgage completions

Number of completions

n | 2023 progress | n | Total since 2018

Value of completions (£m)

n | 2023 progress | n | Total since 2018

+ | 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/

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

|  |  | Exploring home energy efficiency with British Gas In partnership with British Gas, we ran an energy efficiency exhibition in the Plymouth city centre branch to help local customers explore ways they could make their homes more energy efficient. The ‘Exploring Home Energy Efficiency Exhibition’ ran for six weeks between October 2023 and December 2023, showcasing some of the technology that could help customers improve the energy efficiency of their home and potentially help lower their bills. Each week focused on a different energy efficiency theme, including low-carbon technology, retrofitting and the financial support available to households. Customers were able to learn and engage through weekly interactive sessions and Q&A panels made up of speakers from British Gas, Barclays and others. To coincide with National Green Careers Week in November, Plymouth City Council ran a series of carbon literacy events for career changers, job seekers and schools in the branch – and customers had the opportunity to take part in a ‘green careers fair’ to understand what a net zero career could look like for them. |

Barclays UK Greener Home Reward
In 2023 we extended registrations for the
Greener Home Reward scheme, which offers a
cash reward of up to £2,000 for eligible
residential mortgage customers who install
eligible energy-efficiency-related measures in
their homes using a registered TrustMark
installer. We have seen continuing interest in
microgeneration, with 45% of applications so far
for solar panels and solar battery storage.
However, demand for the offer remains limited.
This exemplifies the challenges the sector faces
to increase the take up of retrofitting.

Retrofit types at registration

Solar energy
Doors and windows
Low-carbon heating
Insulation
Solid wall insulation

n | Solar energy
n | Doors and windows
n | Low-carbon heating

n | Insulation
n | Solid wall insulation

+ | Further details on Barclays Greener Home Reward can be found at: barclays.co.uk/mortgages/greener-home-reward/

Barcl ays UK is also committed to working
collaboratively with the UK Government to
encourage and inform the development of
strategies and policies to drive more energy-
efficient homes and retrofitting – including
through industry groups where appropriate, and
through our own engagement with policymakers.

| Customer retrofitting research and parliamentary roundtable |
| Retrofitting homes with the aim of reducing carbon emissions in line with UK net zero targets is a challenge Barclays believes requires a collaborative response. In September 2023 we convened a roundtable in Parliament with representatives from UK Government, consumer groups, industry and academia to discuss a Barclays- commissioned report from Ipsos UK on consumer retrofitting behaviour. The report identified potential barriers to action among ‘able to pay’ homeowners who could potentially undertake retrofitting to increase the energy efficiency of their property. The report made a series of recommendations to improve uptake of retrofitting due to limited levels of this activity currently. There was agreement among roundtable representatives that there is a significant awareness gap that could be addressed by promoting the benefits of retrofitting and improving access to practical guidance. However, there were a range of views on how to share the burden of responsibility for these actions – with a number of attendees, including Barclays, underlining the important role for bolder UK Government leadership and policy to drive behaviour change. |

Business Bank
Barclays continues to support Business Bank
clients to understand the case for sustainability,
recognising that clients are at varying stages of
their transition to net zero.
Embedding sustainability across the
Business Bank
We continue to build our net zero expertise to
give eligible businesses that bank with us the
chance to explore the options available to them
as part of transition plans towards net zero. In
2023 we provided sustainability training for
Business Bank colleagues, including Real Estate,
Agriculture and Specialist Client Solutions teams.
For clients that prefer to self-serve, we created a
series of educational videos to raise awareness
of themes relating to the transition to a low-
carbon economy.
In 2023 we launched an EPC dashboard to enable
Real Estate Relationship Managers to provide a
view of EPC ratings across a clients’ portfolio with
Barclays UK – and use it to discuss potential
benefits around EPC improvements.
In July 2023 we expanded our existing Asset
Finance proposition via our partner Propel to
offer fixed rates on a wider range of green assets
including new fully electric vehicles, solar
photovoltaic panels, battery storage units, LED
lighting, heat pumps and electric vehicle charging
points. In September 2023 we launched our
Green Barclayloan for Business, which offers no
arrangement fees for lending above £25,000 on a
range of eligible green assets – supporting our
business clients in their transition to net zero.
External engagement
In 2023 we joined the Broadway Initiative and sit
on the advisory board for the UK Business
Climate Hub, which will help facilitate net zero
support for our clients.
To recognise the positive impact of ESG-
focused entrepreneurs on the wider economy,
the ‘Sustainability Award’ category for the
Barclays Entrepreneur Awards was awarded for
the second time in 2023 – attracting over 100
applications.
Barclays Eagle Labs
Barclays Eagle Labs look to help incubate, inspire
and educate UK founders, start-ups and scale-
ups and help them to succeed and grow. Its
growing network already supports businesses
through 37 physical sites, as well as virtually
across the UK.

13,812 ¹ Total businesses supported by Eagle Labs through propositions, programmes, and businesses engaged with the ecosystem since 2015

+ | Further details on Barclays Eagle Labs can be found at: labs.uk.barclays

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

Eagle Labs climate tech
Eagle Labs is building a community of climate
tech startups working on disruptive technology
to deliver a more sustainable future.
In October 2023 the Cambridge Eagle Lab was
relaunched as a centre for climate tech start-ups
and scale-ups. The lab has been retrofitted to
improve energy efficiency in line with Barclays'
net zero ambition – including hybrid solar
technology generating both electricity and heat
provided by Naked Energy, a company supported
through our Unreasonable Impact programme
and Barclays’ Sustainable Impact Capital.

+ | Further details on our Unreasonable Impact programme can be found here home.barclays/sustainability/supporting-our- communities/unreasonable-impact/ Further details on our Sustainable Impact Capital programme can be found here home.barclays/sustainability/ addressing-climate-change/financing-the-transition/ sustainable-impact-capital/

Digital Growth Grant
In 2022 Barclays Eagle Labs was awarded a c.
£12m Digital Growth Grant by the UK
Government, to support technology businesses
across the UK. Over a two-year period,
commencing from April 2023, the grant will
amplify Barclays Eagle Labs' overall ambition to
support the growth of up to 22,000 UK tech start-
ups and scale-ups. Since April’s launch, Barclays
Eagle Labs have opened applications for 12
dedicated growth programmes – including the
Black Venture Growth Programme, the Female
Founder Accelerator and the Sustainability Bridge.

849 ² Total businesses supported through Digital Growth Grant Programmes as of December 2023

Notes
1 Covering all businesses supported by Eagle Labs through
propositions, programmes, and ESE since 2015 (as of December
2023).
2 Sum of cohort sizes of the programme that have closed for
applications (as of December 2023).

|  |  | Carbon13 Venture Launchpad in partnership with Barclays Eagle Labs Carbon13 is a Cambridge-based, globally focused venture builder. Eagle Labs have partnered with Carbon13 to develop a Venture Launchpad to help pre-seed and early-stage businesses launch high-potential and global-impact climate tech ventures. The first Carbon13 Venture Launchpad programme brought together 22 companies focused on innovation in the built environment. From April 2023 to October 2023, founders were supported to help set each of their businesses on a trajectory to mitigate 10 million tonnes of CO 2 e at scale. Seven programme participants each received funding of £120,000 from Carbon13 – including digital twins for building performance optimisation and new systems for transporting chilled goods. |

| Advancing Net Zero in the built environment with Sustainability Bridge Through our Sustainability Bridge programme, we are bringing together 29 startups and nine corporates to support the transition to net zero in the built environment – with a specific focus on retrofit and energy efficiency. Corporates on the programme range from national energy companies to social housing providers. Start-ups in the cohort are driving cutting edge innovation, ranging from drone thermal imaging as an EPC alternative to climate data aggregators and companies who believe the buildings of the future will be grown, not built. The programme is being delivered by CodeBase, in partnership with Barclays Eagle Labs, and is funded by the UK Government through the Digital Growth Grant. |  |  |

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

|  | Corporate and Investment Bank

How we serve our clients
We continue to evolve our model to support our
clients and capture the opportunities as they
transition to a low-carbon economy.
Following the appointment of the Global Head of
Sustainable Finance in November 2022, in early
2023 we established the CIB Sustainable Finance
Management Team (CIB SF MT) with
responsibility for driving the sustainable finance
strategy in the CIB. The CIB SF MT acts as a
consolidation point for the discussion and
decision-making of key matters relating to the
strategic direction of the CIB sustainable finance
business, reviews financial performance and
ensures a robust approach to climate risk
management and controls.
At Barclays we use the concept of the Power of
One Barclays, which brings our organisation
closer together to create synergies and provide
customers and clients with the full range of our
products and services. We have applied this
mindset to consider how we can best serve our
clients' needs relating to Sustainable and
Transition Financing through an integrated
approach across Barclays' products and services.
This has included the strengthening of our
sustainable finance teams, working together to
deliver for our clients and embedding
sustainability across our sector and industry
coverage teams.
Strengthening our sustainable finance teams
Through the continued investment in our team
we are able to deliver a fuller suite of products,
solutions and expertise to clients as they
transition towards a low-carbon economy.
During 2023 we invested significantly in our
sustainable finance capabilities through key
senior and specialist hires which have
strengthened our existing teams and expanded
our sustainable finance product offering. This
included hiring new Heads of Sustainable Project
Finance and Carbon & Environmental Products
Trading, facilitating the expansion of our product
reach into these areas in recognition of client
demand and the commercial opportunity.
We have also continued to strengthen our existing
sustainable finance teams with the hiring of senior
specialists including across ESG ratings advisory,
AgriTech and battery technologies, and regionally
focused sustainable finance specialists covering
the Middle East, North Africa and Asia Pacific.
Following growth in the team over the past few
years, at the end of 2023 we had in excess of 90
sustainable finance-focused bankers in the CIB,
supported by ongoing investment in expertise in
our sustainable finance and ESG-focused
functional teams.
Working together to deliver for our clients
We continue to facilitate collaboration across CIB
teams in order to work more closely together on
sustainable finance topics and solutions. In 2023
we created a Sustainable Finance Leadership
Group bringing together key 'champions' of
sustainable finance from across the CIB with a
view to creating more frequent and deeper
exchanges of ideas – which will help strengthen
our dialogue with clients and drive better
outcomes for them.
We believe that the strength of our franchise is
truly unlocked when we work closely together
across our teams. Examples of this included
collaborations between our ESG advisory,
industry coverage and Sustainable Impact
Banking teams on M&A opportunities, as well as
our industry teams bringing technical experts
into client meetings to discuss
decarbonisation options.
Over the past year we continued to evaluate how
sectors and companies are best covered by the
Bank, and have adapted our model accordingly to
provide the support and resources required by
our clients. In January 2024 we announced the
creation of our new Energy Transition Group –
bringing together our Power, Energy and
Sustainable Impact Banking (SIB) teams so we
can better serve as lead advisers to clients in the
Energy and Power sectors exploring potential
energy transition opportunities.

We also announced the creation of our new
Sustainable Banking Group within Capital
Markets, combining our Sustainable Capital
Markets and ESG Advisory team (previously part
of the SIB team).
Embedding sustainability in our business
Over the course of 2023 we continued to embed
sustainability across our sector and industry
coverage teams through a number of important
initiatives to upskill our bankers and develop their
expertise to engage with clients on the transition.
We ran our first sector-level client activation
programmes – focused on the Building Materials

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

CIB Sustainable Finance ecosystem

and Power and Utility sectors – accelerating the
ability of our bankers to identify and capture
sustainable finance opportunities by helping
them focus on key decarbonisation levers in
these sectors and how to deploy Barclays'
products and services to help clients
unlock them.
We recognise the importance of continued
training and upskilling of our workforce,
particularly in the rapidly developing climate
technologies of the future, and ran a series of
seminars and workshops throughout the year
covering these key topics. In the second half of
2023 we also developed a detailed sustainable
finance training plan for colleagues across the
CIB, which we will roll-out in 2024.
During 2023 we continued to develop our
management information as it relates to our
sustainable finance business, including
appropriate KPIs and sustainable finance metrics
on our bankers' scorecards, which are tracked
monthly – increasing the visibility of our
performance. We will continue to evolve our
approach in this area in 2024.
As we see further growth in sustainable finance
and the ESG market space the focus on controls
remains imperative to enable our business to
operate in a precise and scalable way. Dedicated
ESG review and control fora are being stood up
at the CIB and individual business level to provide
oversight of greenwashing risks in the context of
financing of clients in high emitting sectors. In
addition, we have continued to strengthen our
approach to climate risk governance within the
CIB and review climate risk, financed emissions
and transition finance metrics at appropriate fora
and committees to provide financial and
operational risk oversight.
Energy Transition Group
The newly formed Energy Transition Group
provides clients with integrated strategic advice
and financing solutions through the energy value
chain as they transition to a lower-carbon future.
The Energy Transition Group comprises
specialist bankers drawn from the Bank's
previous global Natural Resources and Power
sector teams and Sustainable and Impact
Investment Banking team. It aims to be a centre
of excellence providing a broad spectrum of
expertise regarding the energy transition –
including hydrogen, energy transition finance,
carbon capture, renewables and renewable
natural gas.
Sustainable Banking Group
The newly formed Sustainable Banking Group
supports the sustainability needs of our clients
across all industries through a tailored approach
to coverage, advice and execution across M&A,
risk management, equity and debt.
The team will focus on covering the range of
sponsors and investors with dedicated
sustainability capital, advising clients on
sustainability matters and offering a broad range
of sustainable capital markets products –
originating, structuring and executing
sustainable-finance-labelled instrumen ts
including green, social, sustainable, transition and
sustainability-linked solutions and vehicles.

| Federal Republic of Germany: Green Bonds Barclays acted as Joint Lead Manager on the Federal Republic of Germany’s €5.25bn 10Y Green Bond in April 2023, and €4.5bn 30Y Green Bond in June 2023. These transactions are intended to support the country’s transition towards a low-carbon, resource-efficient and sustainable economy. The funds raised from the bonds will be allocated towards eligible green expenditures including all areas of the federal budget that support the overall climate and sustainability targets set out in the Federal Republic of Germany’s Green Bond Framework. Furthermore, the eligible expenditures are mapped to the six environmental objectives of the EU taxonomy for environmentally sustainable economic activities. Barclays is pleased to support the German government in continuing its strategy of establishing a green yield curve for the euro area. |

Sustainable Project Finance
In 2023 we established our Global Sustainable
Project Finance team. The team provides project
financing solutions for clients aiming to
decarbonise their business, accelerate the
development of low-carbon technologies and
monetise the associated revenue opportunities.
The team builds on our existing experience and
expertise in project finance to offer integrated
and innovative solutions for clients including tax
equity, global debt arrangement and structuring,
alongside strategic M&A, rates and capital
markets expertise.

Sustainable Product Group
The Sustainable Product Group delivers a broad
range of green and sustainability-linked
corporate banking products. The Sustainable
Product Group’s offering includes green and
sustainability-linked trade, corporate
lending, fund-financing products and deposit
solutions.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

| Ohmium International |
| In April 2023, Ohmium International, a leading green hydrogen company that designs, manufactures and deploys advanced proton exchange membrane electrolyzer systems using renewable energy to produce pressurised high-purity green hydrogen, partnered with teams across Barclays’ Corporate and Investment Bank to help successfully close a $250m Series C growth equity financing round. Barclays served as Placement Agent to Ohmium on the capital raise. The funding will be used to support Ohmium’s expansion to 2GW in annual manufacturing capacity and the deployment of projects for the company’s growing global customer pipeline in key regions. The investment will also provide significant capital to scale Ohmium’s business, including accelerating its pioneering research and development programmes to reduce the cost of green hydrogen production. At that time, this transaction was the fifth hydrogen deal in 13 months for Barclays’ Sustainable and Impact Banking Group, now known as the Energy Transition Group, highlighting our deep sector knowledge across the entire hydrogen technology value chain and ecosystem. |

Global Markets
Our Global Markets team provides ESG
integration across a wide range of investment
solutions spanning Quantitative Investment
Strategies, Equity or Credit Structured Solutions
and Funds. This includes our Green & Social
Notes programme issuance of green notes
against eligible assets, earmarked in line with our
Green & Social Notes Framework. Global Markets
also provides financing solutions such as clean
tech securitisation and can embed sustainability-
linked features into hedging solutions. Our Global
Markets team also provides market access to
ESG products and a range of Prime Services –
including clearing carbon and ESG futures.
During 2023, Barclays continued to grow its
financing business backed by assets that match
its Sustainable Finance Framewor k and support
the long-term green, transition and broader
sustainable financing requirements of our clients,
with a focus on securitised products in residential
and solar, heat pumps and electric vehicles.
Looking forward into 2024 we expect to expand
into other sustainable and energy-efficient
technologies and opportunities.
Barclays also grew its footprint in originating and
distributing social and sustainability-linked loans,
as well as structured financing with sustainable
use of proceeds instruments
Green & Social Notes programme
The Barclays Bank PLC Green & Social Notes
Programme covers Barclays-issued products in
the Equities and Rates space, leveraging use-of-
proceeds assets including renewable energy,
low-carbon transport and energy-efficient real
estate, in line with the requirements set out in
our Green & Social Notes Framework. All green
assets in the pool are verified by a third party and
aligned to industry standards.

+ | Further details on our green notes programme can be found at: home.barclays/greenbonds/

ESG across our research teams
Our approach to ESG research is differentiated
through broad-based engagement with ESG
issues and higher-quality insights with our
investor clients. The ESG Research team
collaborates with Equity and FICC research
teams to identify and analyse material ESG
opportunities and risks, and to integrate ESG into
their analysis and recommendations. The team
also analyses how investors measure and
consider ESG factors in the investment process,
helping asset managers structure their portfolios
and investment decisions.
Over 475 ESG-focused research reports were
published in 2023. Our expectation is that topics
such as climate change, decarbonisation and
biodiversity – as well as other sustainability
themes and specific ESG attributes – will
continue to grow in importance, and that the
global momentum behind ESG investing will
continue at pace, making it an essential requisite
for a large and growing number of investors.
During 2023 ESG Research hosted and
contributed content to client events around the
world – including Barclays' first Sustainable
Finance Conference in New York, its fourth
annual ESG Research conference in London, its
first Sustainable Finance Conference in
Singapore, its Sustainable Policy Forum in
Brussels and its ESG Emerging Market
Corporate Day.

+ | Further details on ESG Research can be found at: cib.barclays/research

Sustainable and Thematic Investing
The Sustainable and Thematic Investing
Research team at Barclays focuses on
sustainability and long-term thematic disruption.
Its reports are produced in conjunction with
sector analysts, with the aim of identifying multi-
year sector trends that could help shape the
future business environment. Typically the team
identify topics with a five- to 10-year horizon,
with investment opportunities spanning both
public and private companies.
To aid thematic and ESG investors, the team
maintains an investment framework known as
the ‘2030 Thematic Roadmap: 150 Trends’ – and
has published reports on various trends relating
to disruptive technology, sustainability and
demographic change. The team has also
developed a range of investment tools including
trend momentum scores, UN SDG mapping and
company revenue tagging.
Relevant 2023 publications include Advance
Chemical Recycling, Grid Infrastructure, Digital
Safety, Vehicle Grid Integration, Cultured Meat,
Gender & Social Inclusion, Human Capital and
VC Trends.

+ | Further details on the Sustainable and Thematic Investing Research team can be found at: cib.barclays/ our-insights

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

|  | Sustainable Impact Capital programme by Barclays Principal Investments

Barclays' Treasury plays a key role in helping
Barclays meet its climate goals by allocating,
managing and governing its financial resources
effectively and executing sustainable principal
investments and transactions, supporting
businesses to advance strategic climate
objectives in the transition towards a low-
carbon economy.
Sustainable Impact Capital
Our Sustainable Impact Capital portfolio,
managed by the Barclays Principal Investments
team in Treasury, has a mandate to invest up to
£500m into global climate technology companies
by the end of 2027 – helping support our clients’
transition towards a low-carbon economy.

+ | 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/

We aim to drive change by strategically investing
in visionary early-stage climate tech companies
paving the way for solutions in clean energy and a
reduction in GHG emissions. The Sustainable
Impact Capital portfolio targets investments that
could potentially catalyse transformative
breakthroughs in technology, infrastructure and
scalable practices.
Our aim is to bridge financing gaps and support
the acceleration and scalability of solutions to
environmental challenges.
We have made meaningful progress towards
building a portfolio of strategic investments.
£138m of our £500m investment mandate has
been deployed since 2020, with £49m invested in
2023 – up 42% from 2022.
We continue to focus on decarbonisation
technologies supporting transition within
carbon-intensive sectors, particularly where
Barclays has meaningful client exposure – such
as Power, Industry, Transport, Agriculture and
Real Estate – including solutions delivering
carbon capture, carbon dioxide removal and
green hydrogen.

+ | Further examples of our entrepreneur and innovation programmes can be found on page 109.

Achieved to date

£138m

Our portfolio of investments since 2020 £m

n | 2020 | n | 2021 | n | 2022 | n | 2023 | n | Mandate by end of 2027

| GeoPura The investment in GeoPura, a producer of Hydrogen Power Units (HPUs), demonstrates our support for innovative technologies that enhance the energy transition. Established to make an impact in decarbonising global industries using zero-emission fuels, GeoPura has grown rapidly since delivering its first HPU. Its technology and end-to-end service is a multi-purpose replacement for diesel power worldwide. GeoPura generates hydrogen and transports the fuel to customers for use in its HPUs. The company is targeting sectors with the highest diesel use today – including construction, infrastructure, outdoor events, and back-up power for hospitals, data centres and critical infrastructure. It is also providing a solution for commercial EV charging where the local electricity network is not capable. Headquartered in Nottingham, with manufacturing capability in Newcastle upon Tyne, the investment is enabling mass manufacturing of HPUs – increasing the production of green hydrogen to fuel the units and driving green skills in the North East, while supporting the technology's global deployment. |

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

| + | Further details can be found at: home.barclays/news/press-releases/2023/02/ Giants-of-industry-manufacturing-finance-back-UK-green-hydrogen-pioneer- GeoPura-with-36m-investment/

| Advanced Electric Machines Barclays’ Sustainable Impact Capital investment in Advanced Electric Machines (AEM) – a UK- based sustainable motors and powertrain systems developer and manufacturer – signifies its support for innovative automotive technology. With the global transition to EVs there is growing demand for key raw materials – especially rare-earth minerals for use in magnets essential for EV motor production. However, the limited global production capacity of these materials poses a significant challenge. AEM’s next-generation electric motors and powertrain systems are designed without rare- earth magnets and copper windings, while focused on performance, range and efficiency. This breakthrough not only ensures a sustainable supply chain but also enhances recyclability – contributing to a circular economy. In an era where sustainable mobility solutions are crucial, Barclays’ investment in AEM represents a significant step towards unlocking electric mobility’s potential while addressing critical raw material challenges. |

| Sustainable Ventures Barclays' Sustainable Impact Capital led Sustainable Ventures' first-ever fundraising round, with participation from angel investors. Sustainable Ventures is an active climate tech ecosystem in the UK. Its model combines funding, workspaces and expert support services – providing access to a pipeline of leading climate tech investment opportunities. Sustainable Ventures’ winning concept has supported over 500 climate tech companies to rapidly scale their technologies, drive increased returns, and directly create more than 5,500 jobs. Barclays understands that scaling climate technology companies require much more than venture capital. The investment in Sustainable Ventures affirms our commitment through providing access to the bespoke support programmes, professional services, and community these companies need and deserve – all designed to accelerate sustainable growth. Our investment will enable Sustainable Ventures’ regional expansion, starting with Manchester in 2024 – assisting the region in meeting its accelerated 2038 net zero target while delivering inclusive green jobs and boosting the economy. |

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

| + | Further details can be found at: home.barclays/ news/2023/10/sic-advanced-electric-machines/

| + | Further details can be found at: barclays/news/2023/10/barclays-invests-in-sustainable- ventures-to-help-drive-uk-expans/

|  | Treasury green programmes

Green bond investment portfolio
Treasury invests in green bonds as part of the
liquidity pool. As an investor we undertake work
to ascertain the ESG 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 investments in new
supranational organisations and government-
issued bonds as they become available, with the
aim to invest £4bn over time.

Green bond investment portfolio size by year £bn

2023
2022
2021

Green bond investment portfolio impact by sector (%)

n | Renewable Energy and Energy Efficiency | 30 |  | n | Water and Waste | 4
|  |  | n | Agriculture, Land Use | 5
n | Transport | 45 |
n | Other | 17 |  |  |  |

Green bond investment portfolio impact by region (%)

n | Europe | 73 |  | n | Africa | 11
n | Asia | 7 |  | n | North America | 3
n | South America | 7 |  |  |  |

|  | Private Bank and Wealth Management

Responsible investing
Private Bank
In our Private Bank, responsible investing means
integrating material ESG considerations – among
others – into our investment decisions, and
fulfilling our stewardship responsibilities through
engagement and voting. This is an integral
element in meeting our fiduciary duties towards
our clients. Our Discretionary Portfolio
Management (DPM) services are offered across
the Private Bank and sit at the core of its long-
term strategy. Our DPM Traditional strategies
include the Global Multi-Asset Class Strategy,
Equity strategies and Fixed Income strategies.
Our DPM Sustainable strategies are the Multi-
Asset Class Sustainable Total Return Strategy
and the Sustainable Global Equity Strategy.
While we incorporate the same approach in each
of our discretionary strategies and in all
jurisdictions 1 in which we operate, we may have
portfolios with specific requirements where we
need to vary our approach to our core strategies.
For our Traditional strategies we maintain a
standard set of exclusions that do not allow us to
invest in businesses we view as being involved in
the manufacture of controversial weapons, and
we consider material ESG risks as part of the
standard investment process.
Our Sustainable strategies seek to invest in
businesses that provide products and services to
support the transition to a more sustainable
economy. These identify businesses we believe
are able to mitigate ESG risks from an
investment perspective, demonstrate high
standards of non-financial ESG quality, and
address sustainability considerations through
their economic activities by aligning to at least
one of the UN SDGs. Our Sustainable strategies
also exclude certain companies that generate
revenues over our internally defined thresholds
from adult entertainment, alcohol, armaments,
gambling, fossil fuels, tobacco and controversial
weapons.
All our DPM strategies seek to deliver
competitive investment returns for our clients
and create long-term value for stakeholders.
We believe responsible investing helps us
achieve this.

+ | Further details on the Private Bank's approach to responsible investing can be found at: privatebank.barclays.com/what-we- offer/investments/responsible-investing-engagement-and- voting-activities

Barclays Investment Solutions Limited (BISL)
Just as in the Private Bank, responsible investing
for BISL means integrating material ESG
considerations – among others – into our
investment decisions, and fulfilling our
stewardship responsibilities through
engagement and voting. This is an integral
element in meeting our fiduciary duties towards
our clients. Our main ESG offering is the Multi-
Asset Sustainable Fund. We also have a range of
single-asset-class funds classified as Article 8
under the EU’s Sustainable Finance Disclosure
Regulation, which exclude certain companies
that generate revenues over our internally
defined thresholds from adult entertainment,
alcohol, armaments, gambling, fossil fuels,
tobacco and controversial weapons.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

BISL factors responsible investing into its
discretionary portfolio and fund investment
solutions. The vast majority of our clients’ assets
are managed by external fund managers. We aim
to assess each of those managers based on their
ESG credentials among other relevant factors.
Every manager’s offering is given a single
standalone score from A to C for ESG
considerations – reflecting both their intent and
their outcome. We focus on how ESG is
embedded across each of five key areas: the
parent company; the people managing the
assets; the investment philosophy employed; the
robustness of the process; and the performance
achieved. Ultimately, we award an ESG score for
every fund we recommend or invest in. The team
uses data from different sources, including
investment managers and MSCI ESG Manager,
and as such there may be some limitations in the
data we use.

+ | Further details on BISL's approach to responsible investing can be found at: barclays.co.uk/wealth-management/ important-information/responsible-investing-statement

Industry initiatives
Private Bank
Barclays Private Bank Investment Management
became a signatory of the Principles for
Responsible Investment (PRI) in 2022,
completing its first reporting to the PRI on
responsible investing activities in 2023.
Being a signatory to the PRI allows us to publicly
demonstrate our commitment to responsible
investment. The PRI defines responsible
investment as a strategy and practice to
incorporate ESG factors in investment decisions
and active ownership. Its goal is to help
contribute to the creation of a sustainable
financial system, with signatories committing to
incorporate ESG issues via the six Principles in
their investment practice.
Barclays Investment Solutions Limited
BISL became a signatory to the PRI in 2023. Prior
to this, and since 2016, BISL’s subsidiary Barclays
Asset Management Limited was a signatory. BISL
also became a signatory to the UK Stewardship
Code in 2023, which sets high stewardship
standards for those investing money on behalf of
UK savers and pensioners and those that
support them. Stewardship is the responsible
allocation, management and oversight of capital
to create long-term value for clients and
beneficiaries with the aim of achieving
sustainable benefits for the economy, the
environment and society.
Engagement and voting
Private Bank and Barclays Investment Solutions
Limited (BISL)
Both the Private Bank and BISL undertake
engagement and voting in partnership with our
stewardship services provider, EOS at Federated
Hermes (EOS), in respect of certain holdings
relating to specific services 2. We view
engagement and voting as an important
mechanism through which to hold management
to account and act as a lever to promote change
in investee companies on material ESG issues
where appropriate. We believe companies that
can better manage material ESG issues could be
less prone to severe incidents such as fraud,
litigation or reputational risks.
Voting forms an integral part of the Private Bank
and BISL's overall stewardship strategy and is
used as a tactical tool to achieve desired changes
on ESG issues. Based on various metrics, BISL
filters EOS's voting recommendations in relation
to company holdings and, if deemed necessary,
our portfolio managers may deviate from EOS's
recommendation.
At Private Bank, for our direct equity holdings, we
use our rights as shareholders to seek and drive
our desired changes. Following receipt of EOS’s
voting recommendations, our Equity portfolio
managers meet to discuss this information for a
select number of voting issues in advance of
making the voting decision on behalf of our
clients. Our Equity portfolio managers are
ultimately responsible for making voting
decisions.
All voting activities sit alongside engagement
practices, reflecting both the Private Bank and
BISL approach of promoting constructive
dialogue with investee companies by building
long-term relationships to seek to influence ESG
and other practices. This is mostly undertaken by
EOS, w hich engages on behalf of clients including
Barclays with a wide range of stakeholders –
including government authorities, trade bodies,
unions, investors and NGOs – to seek to identify
and respond to market-wide and systemic risks.
Both the Private Bank and BISL make their
engagement and voting activities publicly
available to all stakeholders on the Barclays
website. We believe such transparency is an
integral part of good governance.

+ | Further details on engagement and voting can be found at: Private Bank: privatebank.barclays.com/what-we-offer/ investments/responsible-investing-engagement-and-voting- activities BISL: barclays.co.uk/wealth-management/important- information/responsible-investing-statement

Responsible Lending
Private Bank
We have launched our Greener Mortgage
Discount 3 for UK properties, offering a reduced
arrangement fee for new-build properties with an
EPC rating of A-B – incentivising clients to seek
energy-efficient properties and to encourage
homebuilders to achieve maximum energy
efficiency from their projects. Clients will also be
supported in improving the energy efficiency of
their existing properties – we have publications
available to encourage clients to consider
sustainably retrofitting their homes to improve
energy efficiency, and intend to enhance this
throughout 2024. This falls into the wider work
we have undertaken on creating educational
content and guidance 4 for clients in relation to
ESG in the Real Estate space and beyond. For our
wider credit offering in this space we are
exploring opportunities to enhance our
proposition to support clients in making more
sustainable choices across the spectrum of
lending products throughout 2024 and 2025.
Notes:
1 The exception is India, where we offer strategies developed for
the local market. ESG integration and engagement and voting
are not undertaken.
2 Engagement on select material ESG issues and voting activities
are being exercised in relation to:
For Private Bank: Private Bank DPM investment strategies
globally with the exception of services provided in India.
Engagement activity is undertaken for our direct fixed income
and equity holdings in companies, while voting activity is only
undertaken for our equity holdings. Engagement and voting
activities are undertaken for portfolios managed in the UK,
Jersey, Ireland, Switzerland and Monaco. It is our intention to
exercise voting in all markets, although at times our ability to do
so may be hindered by regulatory and practical considerations as
well as internal restrictions.
For BISL: Direct holdings within BISL DPM investment strategies
and on holdings within segregated mandates that form part of
BISL funds.
3 This is how we are now describing the Green Private Bank
Mortgages referenced in the 2022 Barclays PLC Annual Report.
4 We are continuing to explore the creation of an online hub for
this content.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b) | Strategic Pillar 3

| 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.

Our Climate Strategy is underpinned by the way
we assess and manage our exposure to climate-
related risk, as well as by our Purpose to work
together for a better financial future for our
customers, clients and communities.
The risks associated with climate change are
subject to rapidly increasing societal, regulatory
and policy focus both in the UK and
internationally. In 2022, Climate risk became a
Principal Risk within our Enterprise Risk
Management Framework, aiming to ensure a
holistic approach to risk identification,
assessment and management.
Barclays' Climate Risk Framework facilitates the
structured integration of climate risk
considerations into the Bank's operations. It
undergoes regular reviews and updates –
including changes to risk taxonomy, definitions
and methodology – which align to align the
Framework with changing regulatory
expectations and external developments.

+ | Further details on climate risk identification, assessment and management can be navigated via the Risk Review contents section on page 254.

We continue to build on our inclusion of Climate
Strategy and climate-related risks and
opportunities in our financial planning, working to
further embed these considerations into our
products and services and operations.
We have continued to work on embedding
climate and sustainability considerations into the
culture of the organisation through training and
knowledge building. We have developed several
climate- and sustainability-related mandatory
and non-mandatory training initiatives across the
organisation and provided training to a number of
functions across the Group.
Impact of climate-related risks
and opportunities on our business,
strategy and financial planning
Barclays’ 2023 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 2023 we enhanced our monthly reporting
framework to cover a view of the balance sheet
and revenue from Sustainable Financing. This
supports our ability to review our sustainable
financing 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.
These outputs have been incorporated in our
financial planning process for 2023. Our planning
process also considered current climate policies
to ensure they are included in the base scenario.
We also considered impairment over the horizon
of the financial plan. At this point in time, there
are no material amendments required to the
financial plan.
All key businesses and 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 Heads of Sustainable Finance for both CIB
and Barclays UK. We are developing processes
and levers that we anticipate will allow us to
further engage and impact the businesses we
work with.
For example:
• The three pillars of our Climate Strategy, as
well as our Sustainable and Transition
Financing target of $1trn, are key drivers of our
finance planning process with a pathway to
achieve this as well as risks and opportunities
reviewed with business heads
• We continue to develop our green, sustainable
and transition finance banking product sets,
including for retail customers, (for example
green mortgages), bonds/loans (including
Project Finance for renewables) and
securitised products
• We strive to continue to decarbonise our own
operations, reducing our Scope 1 and 2
emissions and our Scope 3 operational
emissions
• We are tracking progress towards portfolio
alignment of our financed emissions with the
goals and timelines of the Paris Agreement
through BlueTrack™, which includes a number
of portfolio alignment metrics and levers
available to manage the portfolio against these
targets while understanding their financial
implications. The metrics are subject to
second-line review by the Climate Risk team to
assess the strategy against the targets. We
have developed an internal approach to track
and monitor progress against our targets and
how we govern these internally
• 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. Furthermore, we have
introduced mandate and scale limits linked to
scoring within our Client Transition
Framework.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b)

The 2023 financial planning process used a five-
year climate baseline scenario to consider the
impacts of climate risks. The baseline scenario
considered the impact of current and agreed
climate policies across the UK, US and EU on
macroeconomic variables such as GDP and
Unemployment. This was done via a detailed
assessment of climate policy impacts, likelihood
of implementation and current level of policy
progress. The outcome of this assessment led to
a comparison between the climate baseline
scenario and the scenarios used for financial
planning, indicating a current de minimis impact
on the macroeconomic variables used to project
financial performance. We will continue to review
how climate risks manifest in the economy
through a baseline scenario – and, where these
impacts increase, will consider those within our
financial planning process.
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
are set out below – including our approach to
sustainable financing, targets and capital
investments.
During the 2023 financial planning process we
assessed the financial impact of embedding
individual parts of our Climate Strategy, new
initiatives and targets across our businesses.
This includes the wholesale credit book,
sustainable financing and sustainable lending in
the CIB, and initiatives across our retail
businesses such as green mortgages and
sustainable investing. Build-out of new product
capabilities including Global Project Finance are
also captured.
A range of scenario analyses was undertaken this
year 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 two climate stress-tests
with the results allowing Barclays to understand
resilience to Climate risk in those scenarios.
The strategic review of sustainable financing was
also refreshed during the year across Barclays UK
and the CIB. 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.
Key opportunities continue to reside within
Equity Capital Markets, Debt Capital Markets and
lending, and some smaller new markets.
The planning process included an assessment of
our financed emissions reduction targets for
some of our highest-emitting sectors: Energy,
Power, Cement, Automotive and Steel. Barclays
has set absolute emissions or emissions intensity
targets for these sectors and the impacts of
meeting them are integrated into the financial
planning process.
Barclays continues to engage with our clients to
support their transition to a low-carbon
economy. Our current emissions targets are not
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.
Building on the hiring of our Heads of Sustainable
Finance in CIB and Barclays UK, over the past
year we have continued to grow our existing
talent with several strategic hires – with a focus
on expanding our product capabilities as we
continue to drive performance against our
selected targets. Each hire will allow us to further
accelerate our Climate Strategy and increase co-
ordination, with a focus on how we can help our
customers and clients with their individual
transitions to a low-carbon economy.
We will continue to further enhance how our
Climate Strategy is embedded into the way we
think about financial planning over the coming
years – reflecting on the progress we made
during 2023.
Skills, culture and training
Building our expertise
We are aware that responding effectively to
climate and sustainability issues is one of the
greatest challenges facing businesses, investors,
and society today. In 2023 we continued to
educate colleagues on sustainability and climate
change risk and opportunities, their impact on
society and the Bank, and Barclays' strategy and
response.
As we strengthen our sustainability capability and
culture, our colleagues continue to build insights
and expertise to help execute our Climate
Strategy. We have made online learning available
to grow everyone’s knowledge, and created
upskilling for specific areas in line with strategic
priorities – including mandatory training and
targeted development for certain teams relevant
to their roles and responsibilities. This is
alongside investment in our future pipeline of
colleague skills through a newly created
apprenticeship programme. A communications
campaign informed colleagues of how Barclays is
responding to climate change and sustainability
more broadly, reinforcing how they can take
action – including building their knowledge and
skills in this area.
Our suite of Sustainability training resources is
supporting wider awareness across the
organisation, comprising of videos and e-
learning. We intend to evolve this during 2024.
The topics covered include addressing climate
change, principles of sustainability, how we
support our communities, and modern slavery.
During 2023 a mandatory online climate risk
training module was provided to 12,306
colleagues across Risk, Compliance, Internal
Audit, Markets Post Trade and Business Banking.
This training focused on the elevation of climate
to a P rincipal Risk.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b)

In addition, a separate mandatory training
module on Sustainability, ESG and Climate Risk
was delivered to 15,319 colleagues in 2023
across the Corpo rate and Investment Bank,
Trade and Working Capital, Wholesale
Onboarding and Group FCO, Finance,
Compliance and Public Policy and Corporate
Responsibility – further developing colleagues'
knowledge of the core elements of ESG. This
module focused on how Barclays manages
climate risk, as well as covering the Group
sustainability-related statements and internal
standards and how they should be applied.

+ | Further details on Barclays' sustainability statements and policy positions can be found from page 40 .

We also collaborated with external suppliers to
deliver accredited development programmes
for teams seeking to build specialist
sustainability knowledge. F or example, a
development programme began in 2023 for 300
Corporate Bank colleagues in our Sustainability
Academy pilot to develop their climate and
sustainability knowledge. We intend to support
more Corporate Banking colleagues through
the programme during 2024. In addition, we
delivered training to colleagues in the Business
Bank on strategies for supporting SME
customers on their transition to net zero.
In Barclays UK we launched our Sustainability
Champions community to bring together our
most engaged colleagues. In the Consumer
Bank specifically, we provided training on home
energy efficiency and climate risk for mortgage
advisors, and hosted a webinar for mortgage
brokers on retrofitting. We are continuing to
build a targeted learning proposition for our
Corporate and Investment Bank to support
their ongoing development on the client
transition strategy.
Training on greenwashing was delivered to
targeted colleagues in Barclays UK, Private Bank
and Wealth Management, Corporate Bank,
Legal, Compliance, Marketing and Corporate
Communications in EMEA, the US and APAC.
This covered topics including forthcoming
regulation and how to identify and mitigate
greenwashing risk.
In Q3 2023, Sustainability September –
a communications campaign across the
organisation – helped engage colleagues on key
sustainability-related topics. This included short
videos, a series of live recorded conversations
with senior leaders, and associated reading
materials.
To ensure our workforce of the future is well
positioned to understand climate ris k, in
November 2023 we introduced a new
Sustainability Apprenticeship – targeting
internal colleagues and working in partnership
with an external provider. The apprenticeship is
one of six selected by industry experts to mark
His Majesty The King’s Coronation, gaining
recognition for educating people to understand
and develop ways to facilitate the transition to a
low-carbon economy. This will encourage the
building of a long-term pipeline of knowledge
throughout Barclays.
Incentives
For the Executive Directors of Barclays PLC,
an element of each of their annual bonus
awards and Long-Term Incentive Plan awards is
driven by non-financial performance measures
– including measures relating to climate and
sustainability.
Barclays’ performance against non-financial
measures, including ESG metrics, is also
explicitly considered in the determination of the
incentive pool – directly impacting pay levels of
the wider workforce.
Non-financial performance for the Executive
Directors’ 2023 annual bonus and the 2023
incentives pool was assessed against three
categories: Customers and clients; Colleagues;
and Climate and Sustainability. The latter
included climate-related measures such as
performance against our Sustainable and
Transition Financing target, financed emissions
reduction targets, carbon footprint reduction,
and increase in renewable energy usage – as
well as measures relating to our investment
in communities.

+ | Further details can be found in our Remuneration report from page 191 .

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b)

| Just transition and nature and biodiversity
| We have continued to develop our work on just transition and nature and biodiversity, which are intrinsically connected to efforts to mitigate and adapt to climate change.

Just transition
During 2023 we continued to see progress on
just transition, with efforts from policymakers,
industry initiatives, civil society and the private
sector.
Following the COP27 Implementation Plan, the
first Annual High-level ministerial roundtable on
just transition took place during COP28 to
discuss the work programme on just transition
pathways. In the UK, the Transition Plan
Taskforce (TPT) integrated the
recommendations of the Just Transition
Working Group in the Disclosure Framework,
encouraging companies to disclose whether –
and how – they have identified, assessed and
taken into account the impacts and
dependencies of the transition plans on
stakeholders, society, the economy and the
natural environment throughout their value
chain.
In turn, the Taskforce for Nature-related
Financial Disclosures (TNFD) Disclosure
F ramework included recommendations to
disclose details of human rights policies and
engagement activities with respect to the
assessment and response to nature-related
dependencies, impacts, risks and opportunities.
In this context Barclays continue s to
acknowledge the role financial institutions play in
supporting a just transition. We have also
continued our efforts to build an approach to just
transition tha t considers the social risks and
opportunities of the transition and seeks to
engage relevant stakeholders.
As we pilot our approach to just transition in our
Client Transition Framework, the findings of our
pilot show that 40% of the assessed clients have
committed to a just transition. We will consider
these findings in our engagement with clients.
We also intend to include social considerations as
we develop our transition pla n.
Barclays UK has continued to identify
opportunities to address the social challenges of
the transition in the context of the energy crisis.
For example, in 2023 we launched a pilot with our
strategic partner British Gas, aiming to support
thousands of customers experiencing low
financial wellbeing in accessing support with their
energy bills and relevant grants to make energy-
efficiency-related improvements to their homes.
We have continued to contribute to the
development of a just transition approach for the
financial sector through our engagement with
initiatives and the organisation of thought
leadership events and discussions, as described
below:
• During New York Climate Week Barclays
hosted an event with UNEP FI, Ceres and
Boston Consulting Group (BCG), bringing
together leaders in the sustainability and
finance space to discuss the role finance can
play in ensuring an equitable climate transition.
• During COP28 Barclays co-hosted and
organised three events alongside its partners:
– an event with LSE discussing the barriers to
investing in emerging markets and
mobilising debt markets;
– an event with Ceres on the regional
approach to financing a just transition; and
– an event with BCG and Ceres discussing
whether financial institutions can facilitate a
just transition through cleantech financing
and green jobs.
• As part of our participation in the LSE
Financing a Just Transition Alliance (FJTA), we
contributed to the report 'Sowing seeds: How
finance can support a just transition in UK
agriculture', which was designed to increase
understanding across the financial sector of
how it can support a just transition in
agriculture by mobilising more finance towards
companies committed to and making
progress to support a just nature transition.
• Barclays is a Founding Funder of LSE's Just
Transition Finance Lab, which launches in
February 2024. The Lab plans to work on the
development of financial tools and
instruments for the just transition, metrics to
measure just transition performance; identify
appropriate policy reforms to help to mobilise
finance for the just transition, and develop
case studies that demonstrate how just
transition finance can be applied in practice.
Cognisant of the importance of local approaches
for just transition and the integration of the
voices of impacted stakeholders, we also
organised a stakeholder engagement, with the
support of Ceres, that allowed us to access the
perspectives of investors, non-profits, and
community leaders to help our understanding of
just transition in the US.
Our approach to nature
and biodiversity
Banks have an important role to play in
contributing to nature-positive finance and
managing their nature-related risks.
Nature is a key sustainability focus for Barclays and
the wider industry going forward, given that nature
and its ecosystem services fundamentally
underpin economies and societies. Nature is also
important to the banking sector due to the
interlinkages with climate change and social
impacts, with disclosure requirements moving
towards a holistic approach to nature, climate and
social risks and opportunities. During 2023 nature
loss continued to be recognised within new and
emerging guidance and regulation. Significantly for
companies and financial institutions, the TNFD
finalised its framework for organisations to assess
and disclose nature-related risks and
opportunities. Upcoming disclosure requirements
on nature-related topics were confirmed under
the EU Corporate Sustainability Reporting
Directive, a s well as within guidance published by
the TPT regarding incorporating nature-related
impacts and dependencies associated with
climate transition plans.
We continue to work to build an understanding of
the ways our activities and those of our clients
impact and depend on nature. This includes
engaging with industry and cross-sector groups
as detailed in the 'Engagement' section on the
following page. We continue to explore how to
integrate these considerations into policy and
process and reviewing the ways our financing
activities can contribute to nature.
Given the interdependencies across the climate,
nature and social agendas, reviewing ways we
can address these areas holistically is important.
For instance, drawing on the work of the TPT, we
are considering nature-related topics in our
sector approach for Agriculture. S ee page 93 for
details.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b)

During 2023 we worked on setting the
foundation to our approach on nature through
planning and preparation to understand nature-
related regulatory obligations and disclosure
frameworks, and build consensus for strategic
action in 2024. We recognise the need for
continuous improvement with regard to available
data and technologies, in particular noting the
complexity and challenge given the number of
nature attributes and their associated metrics.
During 2023 we engaged with a number of data
providers to better understand data availability
and capability. The following sets out a summary
of this work.

+ | Further information on our approach to nature can be found throughout the report. Nature-related risk - see pages 69, 100, and 276 Nature-related opportunity - see page 105 Nature-related governance - see page 232 Nature in our operations - see page 79 TNFD pilot - see page 276

Nature-related risk in financing
We include financing restrictions that seek to
address nature-related risk within our position
statements on Forestry and Agricultural
Commodities, World Heritage Sites and Ramsar
Wetlands, and Climate Change. We continue to
review and monitor how we can strengthen our
approach. In 2023 we undertook a significant
update of our Forestry and Agricultural
Commodities Statement to expand the scope to
include, for the first time, requirements for
clients involved in South American beef
production or primary processing and enhanced
the existing requirements for clients involved in
palm oil and soy. See page 100.
We have continued to develop our approach to
evaluating nature-related risk in financing. This
included building on work across 2022-23 in
which we piloted the TNFD Framework on our
lending portfolio for Agriculture and Food in
Europe, with a focus on UK Farming – in which
Barclays has a significant presence. The results
informed development of new questions for the
Client Transition Tool (CTT) for UK farmers,
which are due to be incorporated in 2024. See
page 93 for details of our approach to the UK
Agriculture sector. In recognition of nature-
related impacts identified in the agricultural value
chain, we also strengthened our approach to
financing agricultural commodity sectors
exposed to significant deforestation risk.
We refined the work undertaken in 2022 to
develop a sectoral heatmap, refreshing the
industries included to align with the TNFD’s
priority sector list. Our proposed next steps
include consideration of the TNFD LEAP
framework to conduct further sector-level
analysis. See page 69 for more details.

+ | Further details can be found in our position statements on the Barclays ESG Resource Hub at: home.barclays/ sustainability/esg-resource-hub/ Further details on our position statements can be found in the non-financial information statement from page 40.

Nature-related financing
Nature-related financing presents significant
future opportunities for the financial sector,
given the capital requirements to address and
reverse nature loss. The biodiversity financing
gap is e stimated to be $700bn per year¹.
We will continue to work towards meeting our
green and sustainable finance targets, which
include financing relevant to nature.
Our Sustainable Finance Framework includes
categories such as Sustainable Food, Agriculture,
Forestry, Aquaculture and Fisheries, which we
have mapped to nature-related UN SDGs –
including SDG14, Life Under Water, and SDG 15,
Life on Land.
In Barclays UK we believe the nature transition is
a key area where we can make an impact due to
our prominent role in financing UK agriculture
and agricultural land purchases. In 2023
examples of nature-related financing have
included lending funds in relation to the
Biodiversity Net Gain scheme and support for
farmers who seek to apply more sustainable
farming practices.
We are supporting environmentally-focused
climate technology start-ups through our SIC
portfolio led by Barclays’ Principal Investments
team. We are also exploring nature-related
products and solutions for our clients in the CIB.
See page 105 for details.

+ | For more details of our green and sustainable financing and financing nature see the ‘Financing the transition section from page 105.

Note:
1 cbd.int/doc/decisions/cop-15/cop-15-dec-04-en.pdf
E ngagement
We see appropriate collaboration and
engagement across industry as essential for
sharing learnings across the sector and a
successful nature-related transition.
In 2023 we continued to provide feedback to the
TNFD – both bilaterally, as part of our
membership of the TNFD Forum, and through
industry groups ahead of the finalisation of the
TNFD Framework.
Barclays provided input into the nature
components of the TPT's disclosure guidance
for climate transition plans as part of the TPT’s
Nature Working Group. See page 61 for details of
our wider engagement with TPT.
We continued engagement with a number of
industry and cross-sector groups, including the
UN Principles for Responsible Banking (PRB)
Nature Working Group – with which we fed into a
guide to setting targets relating to banks'
practices and processes on nature. We further
provided input into the LSE's FJTA's publication
on a just nature transition – see page 124 for
details.
As part of the Sustainable Markets Initiative’s
Financial Services Task Force, Barclays co-led
the publication of a guide on Financing Coastal
Nature-based (NbS) Solutions - see page 105 for
details.
Barclays completed the third and final year of our
partnership with the Blue Marine Foundation,
which had the aim of supporting them in seeking
to deliver their goal of ensuring that at least 30%
of the global ocean is effectively protected and
the other 70% sustainably managed by 2030.
Our donation contributed to conservation
outcomes including support for more than
445,000km of newly designated Marine
Protected Areas (MPAs), 900km 2 of newly
proposed MPAs, and advocacy and educational
outreach to support the ongoing protection and
restoration of the ocean – including through the
award-winning 'The Sea We Breathe' educational
site.

+ | Further details on Blue Marine Foundation can be found at: bluemarinefoundation.com bluemarinefoundation.com/the-sea-we-breathe/

+ | For more details, see: unepfi.org/industries/banking/nature-target-setting- guidance/ lse.ac.uk/granthaminstitute/publication/sowing-seeds-how- finance-can-support-a-just-transition-in-uk-agriculture/ a.storyblok.com/f/109506/x/6298e4ed77/2023-11-22_fstf- financing-coastal-nbs-report_final.pdf

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b)

| Engaging with industry
| We know that leveraging the relationships we hold with stakeholders can support all of us in achieving our objectives.

Continued engagement in the financial sector
and other areas of the real economy and public
sector will be important in delivering the actions
necessary to meet our global sustainability goals.
At a minimum, strategic partnerships with key
stakeholders enables knowledge sharing and
supports informed decision making.
Collaborating with NGOs, academia, government
agencies, private sector peers and local
communities enhances our ability to understand,
assess and address the intricate issues
associated with climate change. These
partnerships have the potential to uncover
opportunities to deploy capital into areas that
suffer from existing financing gaps and scale
companies to disrupt markets and innovate for
impact. During 2023, Barclays contributed to
several workstreams across climate, nature, just
transition, and advancing data and reporting
standards.
Our involvements in these workstreams
highlighted the significant financing gaps that
exist across sectors and markets. This theme
was in full focus throughout our conversations at
London Climate Action Week, New York Climate
Week, and COP28 in Dubai, where we hosted and
co-hosted several action-oriented sessions. At
COP28 we sponsored the Start-Up Village
located in the Green Zone, which enabled over
100 start-ups to demonstrate their various
climate technologies on a world stage – including
three Barclays SIC portfolio companies:
ZeroAvia, GeoPura, and ECOncrete.

| PCAF Capital Markets working group |
| Barclays has been an active member of the Partnership for Carbon Accounting Financials (PCAF) – an industry-wide initiative that aims to build consensus on approaches to carbon accounting, disclosure and portfolio alignment – since 2020. In 2023, and for the third year running, Barclays co-chaired the PCAF Capital Markets working group comprising eight other banks. The working group has developed a standard to account for the facilitated emissions associated with capital markets transactions, which was published in December 2023. The Standard (Part B) builds on the extensive work carried out by the working group over the past three years and follows on from the 2021 Discussion Paper, the 2022 Proposed Methodology document, and two public consultations. |
| + | Further details can be found at: carbonaccountingfinancials.com/files/ PCAF-PartB-Facilitated-Emissions-Standard-Dec2023.pdf |  |  |

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b)

Engaging with industry |
External initiatives, signatories or memberships |  | Additional information
Multi-thematic |
| Sustainable Markets Initiative | Barclays is a member of the Sustainable Markets Initiative's (SMI) Financial Services Task Force (FSTF). The Sustainable Markets Initiative was launched in 2020 by His Majesty King Charles III, when he was Prince of Wales. Barclays has co-led the Net Zero working group since 2021 and in 2023 co-led the Nature-based Solutions (NbS) working group. We co-hosted a series of FSTF workshops at London Climate Action Week and New York Climate Week contributing towards the launch of the Coastal Nature-based Solutions Practitioner's guide in November 2023.
| Transition Plan Task Force | In 2023 Barclays contributed to the Transition Plan Taskforce (TPT)'s publication of sector-agnostic and sector-specific guidance documents. This included taking part in the TPT Sandbox, participating in the Banking, Metals & Mining, Food & Beverage, Nature and Just Transition working groups, and providing expert reviews for the Oil & Gas working group.
| United Nations Environment Programme - Finance Initiative | Barclays has been a member of United Nations Environment Programme – Finance Initiative (UNEP FI) for over 20 years and was a founding signatory of the UN Principles for Responsible Banking (PRB) as well as joining the Net-Zero Banking Alliance in 2021. From 2021 Barclays' Group Head of Sustainability has been a member of the global UNEP FI Banking Board and the European Regional Board, and our CEO joined the Leadership Council in 2022. Throughout 2023 Barclays has contributed to the PRB 2030 process, a strategic project to further develop the UN PRB framework, and participated in the Nature Target Setting Working Group – helping build guidance and inputting on case studies.
Just transition |
| LSE/Grantham Research Institute | Barclays joined over 40 financial institutions and stakeholders to form the Financing a Just Transition Alliance in 2021. In 2023 we contributed to a report titled 'Sowing seeds: How finance can support a just transition in UK agriculture', which was designed to increase understanding across the financial sector of how it can support a just transition in agriculture by mobilising more finance towards companies committed to and making progress to support a ‘just nature transition’. Barclays became a Founding Funder of the Just Transition Finance Lab, launched on 20 February 2024.
| Ceres | Barclays has been an active member of the Ceres Company Network since 2019. In 2023 we partnered with Ceres to conduct a stakeholder engagement as a follow up to the research Ceres conducted in 2022 on our just transition strategy. We additionally co-hosted a series of just-transition-focused workshops at both New York Climate Week and COP28.
Nature and biodiversity |
| Taskforce on Nature-related Financial Disclosures Forum | Barclays is a member of the Taskforce on Nature-related Financial Disclosures (TNFD) Forum, a consultative network of institutional supporters who share the vision and mission of the TNFD. Throughout 2023 we actively provided feedback on the draft TNFD disclosure guidance, which was officially launched in September 2023.
Climate and sustainability |
| Glasgow Financial Alliance for Net Zero | In 2023 Barclays contributed to the GFANZ Decarbonization Methodology working group, which at COP28 in December 2023 published a 'Technical Review Note on Scaling Transition Finance and Real-economy Decarbonization, a Supplement to the 2022 Net-Zero Transition Plan Report'.
| Net-Zero Banking Alliance | Barclays became a founding member of the Net-Zero Banking Alliance in 2021 and contributed to the development of NZBA guidelines throughout 2023. Barclays co-leads the NZBA Autos and Trucking Working Group, which published a white paper on emerging practice in climate target setting for automotive sector financing, and contributed to the NZBA Real-Estate Working Group – which published a similar paper in December 2023.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b)

Engaging with industry |
Industry collaboration | Additional information
Climate and sustainability |
| Oxford Sustainable Finance Group & the UK Centre for Greening Finance and Investment | As part of Barclays' three-year partnership with Oxford University, we made progress on developing new datasets and methodologies for measuring emissions in the agriculture sector – which Barclays will leverage moving forward as it enhances its work in this area.
| Partnership for Carbon Accounting Financials | Barclays has been a member of PCAF since 2020. During 2023 we co-chaired the Capital Markets Working Group of eight global banks – the work from which resulted in the publication of the PCAF Facilitated Emissions Standard (The Standard, Part B), which outlines how financial institutions should account for the emissions associated with the facilitation of capital markets activities.
| PRA/FCA Climate Financial Risk Forum | The Climate Financial Risk Forum (CFRF) brings together UK regulators and senior financial sector representatives to share their experiences in managing climate-related risks and opportunities. During 2023, Barclays chaired the Climate Financial Resilience Working Group.
| RMI's Center for Climate Aligned Finance | Barclays became a Strategic Partner of the RMI (formerly Rocky Mountain Institute) Center for Climate-Aligned Finance, which acts as an implementation partner to banks to align their investments with a net zero future, in 2022. In 2023 we participated in and hosted one of RMI's Alignment Forum in-person workshops, seeking to identify best practices within the financial sector. In Q3 2023 Barclays became a Founding Consortium Collaborator to support the expansion of RMI’s Oil Climate Index plus Gas – a public tool that uses a transparent, standardised methodology to estimate methane and other GHG emissions from equivalent barrels of oil and gas. RMI has currently modelled two-thirds of the world’s oil and gas assets. We also joined the joint RMI and UK Finance Transition Finance Alignment Forum.
| World Business Council for Sustainable Development | Barclays became a member of the Banking for Impact on Climate in Agriculture (B4ICA) in 2021 – an initiative convened by the World Business Council for Sustainable Development that brings together banks and expert partners to develop technical recommendations and practical solutions to align banks’ financial portfolios in the food, agriculture, and land-use space towards net zero and Paris Agreement goals. In 2023 we contributed to B4ICA's 'Foundational Practices for Banks: Base lining, net-zero target-setting and reporting financed emissions across the agriculture and food value chain'.
| Center for Climate and Energy Solutions (C2ES) | Barclays joined the Center for Climate and Energy Solutions (C2ES) Business Environmental Leadership Council (BELC) in 2022. In 2023 we collaborated with C2ES on a range of issues, including participating in their technology working group and co-hosting an event at COP28 on supporting the global climate technology momentum.
| UK Business Climate Hub | In the final quarter of 2023, Barclays partnered with the UK Business Climate Hub – an online portal supporting SMEs on their journey to net zero. Barclays is helping shape and enhance the resources the Hub provides to UK business, ensuring our SME clients' voices are heard and their needs met. This new partnership will help each SME client understand why sustainability is important for their business and what 'good' looks like in the context of their industry.

+ | Barclays' register of our engagement with industry initiatives, working groups and memberships can be found at: home.barclays/sustainability/esg-resource-hub/ reporting-and-disclosures/

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b)

| Barclays' approach to public policy
| We have a responsibility to engage with governments and policymakers constructively, while remaining politically neutral.

Transparency and governance
As a major economic and societal contributor to the
communities in which we operate – whether via the
products we offer, the customers and clients we
serve, the colleagues we employ, or the contribution
we make through our community investment
programme – we believe it is also important to
contribute to relevant public policy debates. We
seek to engage constructively with policymakers in
jurisdictions where the firm operates, including with
governments, legislatures, regulators and other
organisations.
In our discussions we seek to make contributions
that are accurate, honest and evidence-based.
Barclays’ advocacy and engagement activities,
including direct and indirect lobbying, must also be
undertaken in line with our internal controls –
including Barclays’ code of conduct (The Barclays
Way), which requires that "where we engage with
governments and regulators on issues relevant to
our business, we are honest and transparent in our
communication with them". The Barclays Way also
provides detailed guidance on speaking up and
raising concerns, directing employees to speak up if
they see "behaviours and practices that are not in
line with our Barclays Values" – making clear that
speaking up, whether formally or informally, will not
come at a consequence to them. We also believe
that Barclays should only engage on issues where
we have a legitimate interest – for example where
there is a consequence for our business, our
customers and clients, or our colleagues. Barclays’
Group Head of Strategic Policy is responsible for the
co-ordination and oversight of public policy
advocacy.
B arclays retains the services of public affairs
agencies in certain jurisdictions. These agencies
primarily assist with political monitoring and
strategic advice. We work very closely with these
agencies on a day-to-day basis, to help ensure that
the Strategic Policy Group has oversight of the work
being undertaken for Barclays.
Advocacy with public officials in the US is publicly
reported, as required by the Lobbying Disclosure
Act. Barclays also discloses its EU advocacy
activities on the European Commission’s
Transparency Register.
In addition, Barclays is a member of a number of
trade associations globally. These associations work
to represent their members, and for many this
involves undertaking work to shape industry’s
collective response to various public policy issues.
We seek to be an engaged and productive member
of all associations in which Barclays participates,
predominantly through the committees and
working groups formed by each. Active participation
in the discussions and working groups facilitated by
these trade associations helps encourage the
adoption of policy positions consistent with
Barclays’ public policy objectives. Where we identify
divergence on key policy matters we seek to engage
and influence these positions. The Strategic Policy
Group also supports senior executives occupying
trade association board positions, as appropriate.
As part of our commitment to transparency we
publish a range of information on our Public Policy
Engagement website, including certain details
regarding the aforementioned agencies and trade
association memberships. We also publish details of
Barclays’ bilateral responses to material
government and public policy consultations on
certain issues with which we are principally engaged,
in the UK and EU, either in full summary or part. In
other jurisdictions, including across Asia and the US,
responses to public consultations are published on
the respective government websites.

+ | Our Public Policy Engagement website can be found at: home.barclays/sustainability/esg-resource-hub/reporting- and-disclosures/public-policy-engagement/

Climate policy engagement
Barclays seeks to proactively engage in climate and
sustainable finance-related public policy
conversations and development, directly and
indirectly, consistent with our business strategy –
including our ambition to be a net zero bank by
2050 and our commitment to aligning our
financing with the goals and timelines of the Paris
Agreement.
We proactively pursue opportunities for senior-
level dialogue with policymakers to demonstrate
private sector leadership on sustainable finance
and the energy transition. We provide feedback, as
an individual institution and via trade associations
to relevant consultation processes launched by
standard setters, multilateral organisations and
NGOs, including those that could inform future
policy recommendations. We also engage with
governments and other key stakeholders to
promote policies that facilitate greater investment
in climate solutions. This includes participating in
key international and domestic forums – such as
the United Nations Climate Change Conference
(COP28) and the UK’s Global Investment Summit
2023 – to promote net-zero-aligned public policy
at senior levels.
Barclays endeavours to support the development
of public policy positions that facilitate sustainable
finance and the broader energy transition through
proactive engagement in relevant trade
association working groups, where we seek to
promote positions consistent with our ambition to
be a net zero bank by 2050. We engage with many
trade associations on climate issues and will
continue to do so to promote our net zero
objectives. Reflective of the pace of developments
and regional differences in approaches to
sustainability, there can be diverging views within
trade associations. Many of these trade
associations also do not focus exclusively on
sustainability, but rather engage across the full
breadth of financial services-related policy – and do
not have stated positions in relation to net zero.
Where misalignment between an association’s
advocacy position and Barclays’ own net zero
ambitions is identified, we seek to manage this
appropriately by addressing it through proactive
engagement where possible. Where there is a
material and ongoing difference identified through
our routine engagement, Barclays may publicly
dissent from a trade association’s position. Should
a trade association adopt a material position that,
following engagement, remains irreconcilable with
our Values or strategy, we can exercise the option
to end our membership.
In 2023 we undertook another internal review of
the climate policy positions of certain material
trade associations, including their alignment with
our ambition to be a net zero bank by 2050 and our
commitment to aligning our financing with the
goals and timelines of the Paris Agreement. A list
of these trade associations in scope can be found
on our Public Policy Engagement web page. This
review was informed by publicly available
information on each trade association’s website,
which could include climate policy position
statements and, where directly related to climate,
consultation responses, commission reports and
statements from an association’s senior
leadership. For a number of trade associations in-
scope of the review, we were unable to identify a
clearly articulated position on net zero. Of those
with a clear position, the majority were considered
to be aligned or partially aligned with our net zero
by 2050 ambition. In 2023 we began to proactively
engage with trade associations to better
understand their climate policy positions and
activities, and we will continue to keep our
approach under review.

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Implementing our Climate Strategy (continued)

TCFD Strategy Recommendation (b)

| Resilience of our strategy |  |  |
|  | TCFD Strategy Recommendation A: |  |  |  |  | TCFD Strategy Recommendation B: |  |  |  |  | TCFD Strategy Recommendation C: |  |  |
|  | Describe the climate-related risks and opportunities the organisation has identified over the short, medium, and long term. |  |  |  |  | Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning. |  |  |  |  | Describe the resilience of the organisation’s strategy, taking into consideration different climate- related scenarios, including a 2°C or lower scenario. |  |  |
|  | Risks and opportunities | 66 |  |  |  | Implementing our climate strategy | 72 |  |  |  | Resilience of our strategy | 130 |  |
|  | Risks | 67 |  |  |  | Achieving net zero operations | 73 |  |  |  | Scenario analysis | 131 |  |
|  | Opportunities | 70 |  |  |  | Operational footprint dashboard | 75 |  |  |  | Barclays’ resilience to climate scenarios | 132 |  |
|  |  |  |  |  |  | All other narrative | 76 |  |  |  | Climate stress tests | 132 |  |
|  |  |  |  |  |  | Reducing our financed emissions | 80 |  |  |  | 2023 Enhancements and beyond | 134 |  |
|  |  |  |  |  |  | BlueTrack TM dashboard | 88 |  |  |  | Challenges and limitations | 135 |  |
|  |  |  |  |  |  | All other narrative | 89 |  |  |  | Macro-dependencies and objectives | 136 |  |
|  |  |  |  |  |  | Financing the transition | 101 |  |  |  | Important information/disclaimers | 137 |  |
|  |  |  |  |  |  | Sustainable finance dashboard | 103 |  |  |  |  |  |  |
|  |  |  |  |  |  | All other narrative | 104 |  |  |  |  |  |  |
|  |  |  |  |  |  | Working with our clients | 107 |  |  |  |  |  |  |
|  |  |  |  |  |  | Embedding Climate and Sustainability into our business | 121 |  |  |  |  |  |  |
|  |  |  |  |  |  | Just transition and nature and biodiversity | 124 |  |  |  |  |  |  |
|  |  |  |  |  |  | Engaging with industry | 126 |  |  |  |  |  |  |
|  |  |  |  |  |  | Barclays' approach to public policy | 129 |  |  |  |  |  |  |

| 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 portfolios¹. It represents a tool in better understanding 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, these risks
and uncertainties can be translated into financial
impacts to the Bank, allowing Barclays to better
understand the resilience of its business
strategy.
History and evolution
Since 2018 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 and size of the risks of climate change
to the Bank.
Note
1 Informed by the Basel Committee on Banking Supervision's 2021
'Climate-related financial risks - measurement methodologies'
report, Barclays considers climate scenario analysis as forward-
looking projections of climate risk outcomes, with climate stress-
testing a subset of this where the exercise is designed to
evaluate financial resiliency to a severe but plausible scenario.

|  |  |  |  | Internal short-term transition scenario • Short-term assessment exploring the potential transition risk impact of a ‘Climate Minsky Moment’ with a rapid market correction, followed by broader macroeconomic shocks. • Scenario narrative and shocks informed by external publications such as the RA insurance climate stress and DNB energy transition stress test. |  |  | Exploratory climate scenarios by the Bank of England (BoE) • Barclays participated in the BoE’s Climate Biennial Exploratory Scenario. • Stress test covers three long-term scenarios: Early Action, Late Action and No Action. • Assessments focused on credit risk impacts to wholesale and retail portfolios. |  |  | Stress-testing and integration • Quantitative integration of stress- testing results into internal capital adequacy and CET1 assessments. • Conduction of two short-term climate stress tests, including a physical tipping point (H1) and full macroeconomic expansion (H2). • Development of new climate-aware models and methodologies. |
| 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  |  |
|  | External case studies through UNEP FI • Case study exercises covering Power, Utilities, Oil and Gas and Residential Real Estate. • Scenario assessment based on REMIND 2°C scenario, assessing a specific client set in each sector. • Judgement-led and simplistic approach to calculate climate probabilities of default. |  |  | Internal climate scenarios informed by NGFS • Long-term climate internal stress test. • Scenario narrative and shocks informed by NGFS Disorderly Transition, combined with internal scenario of comparable sensitivity (pre-COVID IFRS 9 Downside 1). • Second assessment considered incremental physical risk impact from the Hot House World scenario. |  |  | Framework, regulatory and internal scenario analysis • Barclays participated in regulatory stress-tests such as ECB CRST. • Conduction of bespoke internal scenario analysis exercise. • Development of an internal framework to structure scenario-based climate risk measurement exercises. |  |  |

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Resilience of our strategy

| Barclays' resilience to climate scenarios |
| Based on the exercises undertaken to date, our understanding is that Barclays' strategy remains resilient to climate scenarios. This assessment includes consideration of two climate stress tests completed in 2023, with further details included in subsequent sections of this chapter. In addition Barclays considers the impact of climate scenarios within its financial planning process, including the use of a baseline climate scenario within the Medium Term Planning process and the financial impacts from Barclays meeting its sectoral BlueTrack TM targets, aligned to 1.5°C scenario pathways. Finally, Barclays has considered the impact of climate scenarios within its assessment of Expected Credit Losses reported under IFRS9, for year-end 2023. More detail on these two elements can be found on page 121 and 310 respectively. Nevertheless, given the evolving climate landscape, we seek to further enhance our capabilities and modelling in order to refine our understanding of the Bank's resilience to various climate scenarios, particularly given high uncertainty within climate scenario analysis. |

The aims of our two climate stress tests, each
with their own scenario, were to assess Barclays'
financial resiliency to climate risks over and above
the financial impact of existing macroeconomic
internal stress tests – and the extent to which
Barclays would remain within risk appetite.
Both stress tests were designed as Bank-wide
exercises, conducted over a five-year time period,
to assess an accelerated transition and specific
climate vulnerabilities to the Bank's business plan.
These exercises include an assessment of the
financial impact to our clients of a structural
decline in fossil fuel demand and consumption and
shift towards low-carbon products and services.
The two scenarios have been internally designed
with consideration of Barclays' specific portfolio
vulnerabilities. External scenarios such as those
provided by the Network for Greening the
Financial System (NGFS), while offering granular
and detailed scenario information for financial
institutions, tend to focus on longer trends and
display limited volatility, with assumptions that
may be less relevant to our specific businesses.
As such we have designed scenarios with a
greater focus on short-term tail risks and
volatility to assess Barclays' resiliency.
Results of the two exercises indicate a c.10%
drag on the Bank’s profitability, falling in the range
projected for the UK banking sector by the Bank
of England's 2021 Climate Biennial Exploratory
Scenario (CBES). In addition the exercises
represent a c.10-20% uplift in losses incurred in
existing macroeconomic internal stress tests. In
order to manage and mitigate these potential
risks, Barclays has for the first time quantitatively
integrated the results of its stress tests into its
internal capital adequacy assessments, ensuring
the Bank remains appropriately capitalised for
climate risks, and to ensure business resilience.
The results of our exercises have highlighted
risks within our key businesses to either Physical
Risk, Transition Risk or both. We have aggregated
results for Barclays' three main business units,
Barclays International, Retail and SME Banking,
and Head Office, in the heatmap on the right for
the stress test most recently completed.
The assessment indicates the relative impact
from the climate scenario against Barclays'
medium-term plan, calculated as the additional
losses compared to the expected business cycle.
Losses appear highest in the Barclays
International segment relative to the baseline.
This is predominantly attributed to our Global
Banking & Markets business, driven by exposure
to more carbon intensive sectors that are most
impacted from the fast transition scenario, such
as the introduction of carbon pricing schemes. In
addition, cascading transitional impacts drive up
unemployment, stressing our cards portfolios.
Meanwhile, within Retail, UK residential real
estate exposures face increased acute physical
events and additional energy remediation costs.
Further detail of these exercises is included in
subsequent sections.

Business | Impacts
Barclays International | Medium
Retail and SME Banking | Low
Head Office | Low

| Climate stress tests |
| Two climate stress tests have been conducted during 2023, each with their own short-term scenario, to assess the Bank's financial resiliency to transition and physical risks. The H2 exercise builds upon the learnings from H1, enhancing climate stress testing design, integration, and execution as part of the Bank's planning and stress-testing framework. Key developments include full macroeconomic scenario expansion, the broadening of assessment scope, and the refinement of climate methodologies. |

Climate stress test (H1)
In the first half of 2023 Barclays performed a Bank-
wide climate stress test, which tested the impact
of a tipping point event, with subsequent shifts in
consumer behaviour and financial market activity.
The scenario began with a substantial weakening
of the Atlantic Meridional Overturning Circulation,
leading to a disruption in heat transfer and
changes in atmospheric circulation – resulting in
direct physical risk events across the globe.
Structural changes in weather patterns drive
indirect physical risks, and industries reliant on a
stable climate begin to deteriorate. As climate
disasters manifest, societal actors including
governments, markets, consumers and NGOs
take action in attempts to curb further
materialisation of climate risks. This exercise was
used to test the Bank's resilience to credit, market,
operational, liquidity, and reputational risks arising
from climate change. The scenario was developed
internally, based on the latest scientific research
from the IPCC, with review by Oxford University.
Results and insights
Overall, losses represent a c.10% drag on profits,
falling in the range projected in the Bank of
England's CBES. Climate impacts were driven
notably by fossil-fuel-intensive industries and
assets, and those sectors where consumers
'vote with their feet' and change spending
patterns to more sustainable options. While
physical risks losses represented a lower portion
of overall losses across businesses, physical risks
are significant and concentrated in industries
with high reliance on buildings and infrastructure.
Climate internal stress test (H2)
During the second half of 2023 Barclays
undertook a climate stress test, part of an annually
scheduled climate stress-testing programme, in
line with existing internal macroeconomic stress
tests. The formal integration of climate stress-
testing into the Bank's Stress Testing Framework
is an important development and further embeds
ongoing management of climate risks, enables
consistent analysis of how these risks change
through time, and incorporates into assessments
of the Bank's risk appetite. In order to
appropriately assess Barclays' resiliency to
climate-related changes, we assess scenarios
against our internal climate risk register, to select
those most relevant to both self-identified areas
of risk and those that require further exploration.

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Resilience of our strategy (continued)

TCFD Strategy Recommendation (c)

Scenario
The scenario narrative was designed over a five-year
timeframe aligned with the Bank's Medium Term
Planning and Internal Stress Testing scenarios.
Specific variables were expanded using a
combination of models and Subject Matter Expert
(SME) judgement by Barclays' internal Scenario
Expansion Team 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 climate can influence conventional
macroeconomic stressed environment
pathways and severity; and
2)The incremental impact of climate above
macroeconomic stressed pathways.
The climate scenario involves initial policy
announcements that trigger immediate asset
repricing, while more stringent policy
requirements unfold over a longer time horizon –
dampening recovery in the outer years as
depicted in the below chart through stages 1, 2,
and 3. Against this backdrop the scenario also
includes consideration of physical risk, notably
hazards of which Barclays' clients are most
susceptible to such as flood and drought.
Implications and policies of the three stages are
outlined below:
Stage 1:
a) Consumer preferences shift toward greener
products and practices 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.
b) 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.
c) In the UK, existing proposals to tighten EPC
minimum standards are accelerated, bringing
forward the compliance date for Buy-to-Let,
Social Housing, and Commercial Real Estate
buildings to be at EPC C or above.

Scenario impact (Illustrative only)

|  | A series of risk events lead to a drastic shift in public sentiment, demanding a policy response. Faced with a severe economic recession, impactful policies are announced to take effect during economic recovery. However it leads to an immediate repricing of assets. |  |  | Existing government climate policies come into affect and contribute to the recovery, as these policies are largely investment and funding which will spur on economic activity. |  |  | More stringent government climate policies - the expansion of the Emissions Trading Scheme (ETS) and the rapid introduction of a Carbon Border Adjustment Mechanism (CBAM) - come into effect. This induces a carbon price shock and leads to a dampened recovery. |  |  |
|  |  |  |  |  |  |  |  |  |  | — Economic Stress Scenario — Climate Stress Scenario |
Jump-off | Year 1.5 |  | Year 2.5 |  |  |  |
Stress | Recovery | Dampened recovery |

Stage 2:
a) As the economy moves past peak recession,
large parts of it start to consider how it can build
back greener. Under continued behavioural
pressure from consumers and investors, large-
scale plans for transitioning to a more
sustainable business model occur where
possible.
The return of capital on these plans and the
associated delay to recovery leads to a slight
prolonging of the stress, but the creation of a
transition plan leads to confidence in financial
markets by investors.
b) Additional policies in the UK and US are
accelerated or announced. For example, the
Government will rapidly increase the investment
and deployment of EV charging infrastructure to
support faster transition in the automotive
sector.
Stage 3:
a) The EU and UK governments ramp up their
existing emissions trading schemes to achieve
1.5C, with a carbon price shock increasing $150/
tCO2 within 12 months from 2026 and
continuously increasing. This dampens
economic recovery and leads to prolonged
higher inflation as production costs are higher
due to increased energy costs. However, to
some extent, this is offset by both public and
private investment to enable faster transition.
b) Introduction of Carbon Border Adjustment
Mechanisms, resulting in supply-side shocks, a
reduction in exports, and other trading frictions.

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Resilience of our strategy (continued)

TCFD Strategy Recommendation (c)

+
-

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.
Following the above narrative, scenario variables
are provided with varying levels of granularity. For
example, global variables – notably demand in
climate-sensitive sectors such as Energy, Power
and Automotive – national variables – including
unemployment rates, GDP, HPI, CPI,
government legislation on EPC with further
distinction between commercial and residential
real estate – and property level variables,
including subsidence and flood. Calibration is
guided by the narrative with consideration for
compounding effects of existing economic
downturn and climate stresses, informing the
shape and magnitude of variable calibration over
the scenario horizon.
Material technological development has not
been assumed within the economic projections,
given the immediate and short time horizon of
the scenario. Variables are leveraged to assess
impacts on Credit Risk, Market Risk,
Counterparty Credit Risk, Underwriting, Non-
traded Market Risk, Income and Balance Sheet,
Expenses, Pension, Liquidity, and Capital across
Barclays – with a focus on UK, US, and EU regions.
Results and insights
Overall, losses are comparable with those seen in
H1, also representing a c.10% drag on profits.
While losses are significant, they remain
manageable within the Bank's existing risk profile.
Within Barclays International, losses were driven
mostly by companies operating in heavily
emission-intensive industries due to rising carbon
prices over the scenario, or those within sectors
where demand for products and services rapidly
fall due to consumer behaviour shifts or wider
decarbonisation of the economy. In addition,
market pressures and government policies on
low-energy-efficiency Commercial Real Estate
leads to deterioration in these markets both in the
UK and US.
In addition, rising unemployment rates across
Barclays' major operating geographies cause
negative impacts on consumer affordability
through the loss of jobs and a weakened
macroeconomic environment. Nevertheless,
Barclays remains resilient to these additional
losses, and current risk management mitigates
these macroeconomic drivers.
Retail and SME segment is impacted by higher
frequency of acute events with real estate and
agricultural assets susceptible to physical risks
such as drought and flood. Despite this, the
portfolios remain resilient due to availability of
household insurance and the strong loan-to-
value profile of the lending. Sensitivity analysis was
conducted to severely constrained household
insurance availability, with Barclays remaining
resilient, albeit noting small populations would be
impacted significantly.
We will continue to refine and adapt our insurance
assumptions to reflect ongoing changes in
market expectations. In addition, while transition
policies on emissions reduction and energy
efficiency improvements do yield greater impacts,
especially as customers begin to price energy
performance more explicitly in their decisions, the
resultant drag on annual profits remains
manageable.
We acknowledge, however, that further advances
in modelling capability and data availability are
needed to fully understand the extent of these
losses, given high uncertainty in climate scenario
analysis. For example, the scenario does not
capture compounding and interaction effects
between physical and transition risks that could
potentially amplify such loss.
As such, Barclays' annual climate stress-testing
cycle is in place to address these uncertainties, by
testing our business resilience under different
climate scenarios and continuously refining our
climate methodologies.

| 2023 Enhancements and beyond |
| During 2023 Barclays made several key enhancements across climate scenario development, climate risk modelling, and the ways we embed climate learnings into our risk management. |

• Climate scenarios are designed and developed
with our internal specialist scenario expansion
team, leveraging the tools and approaches of
the existing scenario expansion processes and
supplementing these with specific climate
analysis. This ensures consistency in climate
scenario design alongside existing regulatory
internal scenarios, as well as detailed and
granular climate scenario expansion.
• Climate risk models are developed according
to Barclays' Climate Credit Risk Adjustment
Framework, such that model execution across
our suite of climate models follows a
consistent process – adhering to defined
principles and integrated strategically with our
existing model suite whilst still having the
flexibility to include portfolio-specific
constraints and characteristics. Although for
stress-testing purposes Barclays' focus
remains on five-year scenarios aligned with
our usual planning horizon, models in
development are designed to enable
assessment of longer horizons – 10 years or
longer – should we decide to explore these in
the future.
Climate Credit Risk Adjustment Framework
Further design and piloting of Barclays' climate
risk model methodology is underway, focusing on
integrating new climate modelling techniques
into the Bank's existing financial analysis
processes. The target state is a flexible and
adaptable process that can support various
modelling techniques and allow us to test a wide
range of possible future scenarios. Estimates of
incremental credit risk spreads will be integrated
with Capital, Impairment and Stress Testing
Models to quantify climate risk.
Residential Re al Estate
We have continued to improve our
understanding of how physical and transition
risks could impact our Mortgages portfolio in the
UK, reflecting on learnings in previous scenario
analysis exercises such as the Bank of England's
Climate Biennial Exploratory Scenario, engaging
with specialist data providers, and undertaking
quantitative analysis of the impacts of
climate risks.

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Resilience of our strategy (continued)

TCFD Strategy Recommendation (c)

|  |  |  |  |  | Climate scenario |  |  | Property data |  |  | Customer data |
| Insurance |  |  | Flood |  |  | Subsidence |  |  | EPC upgrade |
| Additional costs |  |  |  |  |  |  | Value shock |
|  |  |  |  |  | Loan to Income |  |  |  |  |  |  | Loan to Value |
|  |  |  |  |  | PD spread |  |  |  |  |  |  | LGD spread |

n | Modelled | n | Input data | n | Feeders/Scenarios

The focus of physical risk analysis has been on
understanding the impacts of flood and
subsidence, and considering these at a property-
specific level – including the interaction of these
risks and insurance provision, and how impacts
may lead to changes in property values and our
customers' affordability.
For transition risks, the potential costs from
energy remediation action taken by customers
are considered – such as upgrading their
properties' EPC rating in favour of more energy
efficient homes in consideration of energy costs
and accounting for changes in property valuation
across the market.
The uncertainty around the regulatory landscape
for these risks is high, and Barclays continues to
try and improve its understanding of how EPC
regulation could feed through to customer
impacts. The schematic below outlines the
Climate Mortgage model.

The impact of climate physical and transition
drivers at a customer level are assessed, yielding
probability of default (PD) and loss given default
(LGD) spreads that are fed downstream into our
existing stress-testing models.
The Residential Real Estate Model will act as a
pilot implementation for the Climate Credit Risk
Adjustment Framework. Over time, we intend to
incorporate additional climate risk drivers such as
coastal flooding and storm damage, and refine
modelling of customer behaviour in this market
as the evidence on how customers respond to
climate-related risks becomes apparent.
Corporates
The Barclays Corporate Transition Forecast
Model was first published in 2021. We will be
doing further work during 2024 to update and
enhance this model. Enhancements will include
improving geographical granularity by leveraging
asset-level data, incorporating sub-sector
specific drivers, considering interaction of
physical and transition risks as one, and
addressing the known enhancements as
published in 2021.

+ | Further details on The Barclays Corporate Transition Forecast can be found at: home.barclays/content/dam/ home-barclays/documents/citizenship/ESG/2021/Corporate- Transition-Forecast-Model-2021.pdf

| Challenges and limitations |
| Having undertaken a number of climate scenario analysis exercises, Barclays has gained a greater understanding of the challenges and nuances of climate modelling and continues to develop new and enhance existing tools for scenario analysis and stress-testing. |

Data
There exist 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 that
Barclays may not typically have maintained
• 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 exist 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 greatly impact the Bank'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 significant 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.

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Resilience of our strategy (continued)

TCFD Strategy Recommendation (c)

| Macro-dependencies and objectives |
| We consider the following areas to represent some of the macro- dependencies that may impact our clients, customers and suppliers, and thus our ability to deliver our Climate Strategy. |

• Enhancing policy clarity in the real economy:
Comprehensive, economy-wide
decarbonisation policies are required across
sectors and regions. The absence of clearly
defined milestones for full decarbonisation at a
national level introduces ambiguity over the
channelling of financial resources to ensure an
orderly and just transition
• Optimising carbon-pricing mechanisms:
A comprehensive carbon-pricing scheme is
a key lever to address the current market
failure of externalities from GHGs emissions.
The UK and EU announcements for a carbon
border adjustment mechanism (CBAM) will go
some way to addressing this dependency.
However, IMF research¹ shows prices (avg $6/
tCO 2) are currently insufficient to achieve
1.5°C or 2°C targets
Note:
1 imf.org/en/Blogs/Articles/2022/07/21/blog-more-countries-
are-pricing-carbon-but-emissions-are-still-too-cheap
• Enhancing attractiveness of technological
innovations for lenders: A key commercial
constraint on the scalability of climate
technologies is access to cost-competitive
capital. Improving risk-adjusted returns is
required to incentivise private financial flows
towards nascent technologies and developing
nations – essential to limit global warming to
1.5°C. Blended finance mechanisms have
potential to unlock large quantities of private
investment when both public and philanthropic
funds provide first loss tranches. The
subsequent adjusted risk-return profiles can
make previously high-risk investments
marketable

+ | Barclays is committed to scaling climate solutions through our Sustainable Impact Capital portfolio, with a mandate to invest up to £500m in global climate tech start-ups by the end of 2027. For further information see page 117.

• Addressing sector-specific challenges:
Myriad sector-specific challenges persist. This
year a backlog of grid connectivity requests for
new renewable power projects highlighted the
complexity of a transition to net zero. Delays
to approval for low-carbon projects impacts
investor confidence, slowing the transition

+ | For more information on sector-specific challenges and dependencies, see BlueTrack TM sector pages 92 to 99.

• Cultivating consumer confidence and
investment incentives: Increased confidence
in the multi-faceted and potential financial
benefits of decarbonisation among society
would help spur action. Clear messaging and
incentives for households and businesses to
generate tangible returns on investment in
low-carbon products is critical for driving the
transition towards net zero, particularly in
sectors reliant on consumer behaviour such as
Housing and Agriculture
• Improving access to sustainability-related
risk and impacts data: Accurate assessments
of client data, including Scope 3 emissions, is
needed to enable a data-driven approach
required to mitigate non-financial risks and
plot the path to net zero. The evolving nature
of corporate and financial sector reporting,
and the persistent challenges stemming from
data gaps, can hinder progress towards these
goals

+ | Barclays remains engaged in the development of mechanisms to bridge these gaps, highlighted by our work with the Transition Plan Taskforce to set out transition plan disclosure guidance. For further details see page 61.

• Global harmonisation of regulation:
To date, an increasing number of countries
and territories have some degree of
mandatory ESG disclosure. Non-financial
regulatory requirements are necessary for
investors to accurately assess climate-related
risks – however, major jurisdictions risk
hindering the transition through regulatory
fragmentation. As a bank with a global
presence, interoperability of regulatory
frameworks is essential to enable focused
progress towards net zero.
In addition to the risks arising from our clients'
and suppliers' transitions, we are also dependent
on wider market and geopolitical developments
outside our control. For example, progress may
be impacted by geopolitical developments that
result in energy supply pressures or the varying
pathways individual companies take to transit ion.

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Resilience of our strategy (continued)

TCFD Strategy Recommendation (c)

I nformation 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 and evolving
sustainability-related policy frameworks. 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, the
change in regulatory landscape, and variations in
reporting standards.
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
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 environmental and
social financing, operational emissions and
sustainability metrics, measurement of climate
risk and scenario analysis
• Used climate and sustainability data, models,
scenarios and methodologies we consider to
be appropriate and suitable for these purposes
as at the date on which they were deployed.
This includes data, models, scenarios and
methodologies made available by third parties
(over which we have no control) and which may
have been prepared using a range of different
methodologies, or where the basis of
preparation may not be known to us.
Methodologies, interpretations or
assumptions may not be capable of being
independently verified and may therefore 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 climate and
sustainable financing activities. 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, 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. 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. 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. E qually, 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.

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Important information/Disclaimers

Such updated information may result in
different outcomes than those included in the
Annual Report. It is important for readers and
users of the Annual Report 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 “Implementing our climate strategy”
section of the Annual Report highlights where
information in respect of a previous reporting
period has been updated. Our principles-
based approach to reporting financed
emissions data (see page 84) sets out when
financed emissions information in respect of a
prior year will be identified and explained
• Included in the Annual Report 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 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
as a whole.
KPMG LLP has performed limited independent
assurance over selected climate and
sustainability content, which has been marked
with the symbol Δ. The assurance engagement
was planned and performed in accordance with
the International Standard on Assurance
Engagements (UK) 3000 Assurance
Engagements Other Than Audits or Reviews of
Historical Financial Information and the
International Standard on Assurance
Engagements 3410 Assurance of Greenhouse
Gas Statements. A limited assurance opinion was
issued and is available at the website link below.
This includes details of the scope, reporting
criteria, respective responsibilities, work
performed, limitations and conclusion. No other
information in the Annual Report has been
subject to this external limited assurance.
There are a variety of internal and external
factors which may impact our reported metrics
and progress against our targets, convergence
points and milestones.

+ | The limited assurance opinion is available at: home.barclays/ sustainability/esg-resource-hub/reporting-and-disclosures/

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Important information / Disclaimers (continued)

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 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 may also 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 ESG
commitments and targets – plans and objectives
for future operations, 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 International
Financial Reporting Standards and other
accounting standards, including practices with
regard to the interpretation and application
thereof and emerging and developing ESG
reporting standards; 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; environmental, social
and geopolitical risks and incidents, pandemics
and similar events beyond the Group’s control;
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; 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; political
elections; developments in the UK’s relationship
with the European Union (EU); the risk of
cyberattacks, information or security breaches,
technology failures or other operational
disruptions and any subsequent impacts on the
Group’s reputation, business or operations; the
Group’s ability to access funding; and the
success of acquisitions, disposals 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 2024-2026,
Barclays has made certain assumptions about
the macro-economic 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
that may impact the Group’s future financial
condition and performance are identified in the
description of material existing and emerging
risks beginning on page 258 of this
Annual Report.
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.

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Forward-looking statements

Creating positive outcomes
for our stakeholders

| Our Purpose | Working together for a better financial future |
| Our Vision | The UK-centred leader in global finance A comprehensive and pre-eminent UK consumer, corporate, wealth and private banking franchise The leading non-US based investment bank A strong, specialist US consumer bank |
| Our Values | Respect We harness the power of diversity and inclusion in our business, trust those we work with, and value everyone’s contribution. | Integrity We operate with honesty, courage, transparency and fairness in all we do. |  | Service We act with empathy and humility, putting the people and businesses we serve at the centre of what we do. | Excellence We set high standards for what we do, championing innovation and using our energy, expertise and resources to make a positive difference. | Stewardship We prize sustainability, and are passionate about leaving things better than we found them. |
|  | Customers and clients |  |  |  | Colleagues |  |  |  |
|  | Society |  |  |  |  |  | Investors |  |  |  |

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| Governance |

Parts 1, 2 and 3 of Barclays PLC 2023 Annual Report
together comprise Barclays PLC’s annual accounts and report
for the purposes of Section 423 of the Companies Act 2006.

Inside Part 1 |
Strategic report | 1
Welcome to Barclays | 1
The Group at a glance | 2
Chairman’s introduction | 4
Chief Executive's review | 7
Our business model | 10
Our strategy | 11
The world in which we operate | 12
Our plan and targets | 13
Our new divisional structure | 14
2023 divisional review | 15
About Barclays | 16
Barclays UK | 17
Barclays International: Corporate and Investment Bank | 19
Barclays International: Consumer, Cards and Payments | 21
Our stakeholders | 23
Customers and clients | 24
Colleagues | 27
Society | 30
Investors | 34
Additional disclosure | 37
Section 172(1) statement | 38
Non-financial and sustainability information statement | 40
Climate-related financial disclosures summary | 44
ESG Ratings and Benchmarks | 49
ESG-related reporting and disclosures | 50
Managing risk | 51
Viability statement | 54
Shareholder information | 56
Important information | 58
Inside Part 2
Climate and sustainability report | 59
Introduction | 60
Risks and opportunities | 66
Implementing our climate strategy | 72
Resilience of our strategy | 130
Please note that throughout the document, graphical representation of component parts may not cast due to rounding

Inside Part 3
Governance | 143
Governance contents | 143
Board Governance | 144
Directors’ report | 145
Remuneration report | 191
Other Governance | 230
Risk review | 254
Risk review contents | 254
Risk management | 256
Material existing and emerging risks | 258
Principal risk management | 272
Risk performance | 284
Supervision and regulation | 363
Financial review | 373
Financial review contents | 373
Key performance indicators | 374
Consolidated summary income statement | 376
Income statement commentary | 377
Consolidated summary balance sheet | 378
Balance sheet commentary | 379
Analysis of results by business | 380
Non-IFRS performance measures | 387
Financial statements | 394
Financial statements contents | 394
Consolidated financial statements | 413
Notes to the financial statements | 421

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| Governance |
Contents

| Governance |  |
| Our governance framework facilitates the effective management of the Group across its diverse businesses. |  |
| Board Governance |  | Other Governance |  |
| Directors’ report |  | Climate and sustainability governance | 231 |
| Board of Directors | 145 | Managing impacts in lending and financing | 236 |
| Group Executive Committee | 149 | Our supply chain | 238 |
| Our g overnance f ramework | 150 | Human rights/Modern slavery | 239 |
| Key Board a ctivities | 153 | Supporting our customers | 242 |
| Board Nominations Committee report | 156 | The Barclays Way | 245 |
| Board Audit Committee report | 166 | Whistleblowing | 246 |
| Board Risk Committee report | 174 | Tax | 247 |
| Board Sustainability Committee r eport | 180 | Financial crime | 249 |
| How we comply | 183 | Health and safety | 250 |
| Other statutory and regulatory information | 185 | Managing data privacy, security and resilience | 251 |
| Remuneration report | 191 |  |  |

Board Governance
Welcome to our 2023 Board Governance report. The report sets out the
composition of our Board and explains how our Board governance f ramework
operates, alongside the key areas of focus of our Board and Board
Committees in 2023.
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
2018 UK Corporate Governance Code (the Code).
• To view how we comply with the Code,
please see pages 183 to 184.
Certain additional information, signposted throughout this report,
is available at home.barclays/corporategovernance

Directors’ report |
Board of Directors | 145
Group Executive Committee | 149
Our governance framework | 150
Key Board activities | 153
Board Nominations Committee report | 156
Board Audit Committee report | 166
Board Risk Committee report | 174
Board Sustainability Committee report | 180
How we comply | 183
Other statutory and regulatory information | 185
Remuneration report | 191

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| Governance |

Leading the Group, driven by our Purpose, Values and Mindset

Board Committee membership |  |  |  |  |  |
| Audit Committee member |  | Nominations Committee member |  | Remuneration Committee member |  | Risk Committee member |  | Sustainability Committee member |  | Committee Chair

| Nigel Higgins Group 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 • keenly focused on culture and corporate governance. |  | Nigel spent 36 years at Rothschild & Co. where he was most recently Deputy Chairman. Prior to that he was Chairman of the Group Executive Committee and Managing Partner of Rothschild & Co. Key current appointments: Chairman, Sadler’s Wells; Non-Executive Director, Tetra Laval Group |
| Appointed: March 2019 (Board), May 2019 (Chairman) |  |  |

| C.S. Venkatakrishnan Group Chief Executive |  | 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 JPMorgan Chase from 1994, holding senior roles in Asset Management, Investment Banking, and in Risk. Key current appointments: Board Member, Institute of International Finance; Advisory member to the Board, Massachusetts Institute of Technology Golub Centre for Finance and Policy; Member of the UN Environment Programme Finance Initiative Leadership Council; Chair, Corporate Partnerships Board, The Royal Marsden Cancer Charity; Member, CNBC ESG Council |
| Appointed: November 2021 |  |  |

| Brian Gilvary Senior Independent Director (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 he was most recently 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, an INEOS group company; Non-Executive Director, Defence Board, Ministry of Defence |
| Appointed: February 2020 (Board), January 2021 (SID) |  |  |

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| Governance |
Directors’ report: Board of Directors

| Robert Berry Independent Non-Executive Director |  | 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 has deep risk management expertise having had a 28-year career at Goldman Sachs, where, prior to his retirement in 2018, he held the role of Co-Deputy Chief Risk Officer. Key current appointments: Trustee, High Watch Recovery Center (incorporating President, Alina Lodge) |
Appointed: February 2022

| Tim Breedon CBE Independent Non-Executive Director |  | Skills, experience and contribution: • significant experience in strategic planning • extensive financial services experience • detailed knowledge of risk management and UK and EU regulation. Tim is a member of the Board and is also Chair of Barclays Bank Ireland PLC (also referred to as Barclays Europe). |  | He had a distinguished career with Legal & General where, among other roles, he was the Group Chief Executive Officer until June 2012. Tim also served as Chair of the Association of British Insurers. Key current appointments: Chairman, Apax Global Alpha Limited; Non- Executive Director, Quilter PLC |
| Appointed: November 2012 |  |  |

| Anna Cross Group Finance Director |  | 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 Finance, 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 the FTSE Finance Directors |
| Appointed: April 2022 |  |  |

| Mohamed A. El-Erian Independent Non-Executive Director |  | Skills, experience and contribution: • highly respected economist and investor • extensive experience in the asset management industry and multilateral institutions • deep knowledge and understanding of international economics and financial services sector. Mohamed currently serves as President of Queens' College, Cambridge University. He is Chief Economic Advisor at Allianz SE, the corporate parent of PIMCO (Pacific Investment Management Company LLC) where he formerly served as Chief Executive and Co-Chief Investment Officer. |  | Mohamed is a regular columnist for Bloomberg Opinion and a contributing editor at the Financial Times. He spent 15 years at the IMF where he served as Deputy Director before moving to the private sector and financial services. Key current appointments: Lead Independent Director, Under Armour Inc.; Chief Economic Adviser, Allianz SE; Chairman, Gramercy Funds Management; Senior Advisor, Investcorp Bank BSC |
| Appointed: January 2020 |  |  |

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| Governance |
Directors’ report: Board of Directors (continued)

| Dawn Fitzpatrick Independent Non-Executive Director |  | 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 recently as Head of Investments for UBS Asset Management. Key current appointments: Chief Executive Officer and Chief Investment Officer, Soros Fund Management LLC; Member, Advisory Board and Investment Committee of the Open Society Foundations’ Economic Justice Programme; Advisory Council Member, The Bretton Woods Committee; Chair, Financial Sector Advisory Council, Federal Reserve Bank of Dallas |
| Appointed: September 2019 |  |  |

| Mary Francis CBE Independent Non-Executive Director |  | 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. Key current appointments: Senior Independent Director, PensionBee Group PLC; Member, UK Takeover Appeal Board |
| Appointed: October 2016 |  |  |

| Sir John Kingman Independent Non-Executive Director |  | 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 2016-2021 John was the first Chair of UK Research & Innovations, 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 |
| Appointed: June 2023 |  |  |

| Marc Moses Independent Non-Executive Director |  | 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 JPMorgan 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: None |
| Appointed: January 2023 |  |  |

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| Governance |
Directors’ report: Board of Directors (continued)

| Diane Schueneman Independent Non-Executive Director |  | Skills, experience and contribution: • significant experience of managing global, cross-discipline business operations and client services in the financial services industry • strong transformational programme experience • extensive technology and information security expertise. Diane is Chair of Barclays Execution Services Limited and a member of the Board of Barclays US LLC. |  | Diane was previously Global Chief Infrastructure Officer of Merrill Lynch, where she was responsible for all technology and operations across retail, corporates and banking. Key current appointments: None |
| Appointed: June 2015 |  |  |

| Julia Wilson Independent Non-Executive Director |  | 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 as a Non-Executive Director at Legal & General Group plc 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. Key current appointments: None |
| Appointed: April 2021 |  |  |

| Hannah Ellwood Group Company Secretary |  |  | Relevant skills and experience: Hannah is an experienced lawyer and company secretary with significant experience in corporate governance, regulatory, disclosure and market conduct matters. Career: Hannah joined Barclays in September 2012 as Chief of Staff to the Investment Bank General Counsel. Having moved from the Legal function to Barclays Corporate Secretariat in 2016, she was subsequently appointed Deputy Company Secretary of Barclays PLC in 2018. In February 2023, Hannah was appointed Group Company Secretary. |  | Prior to joining Barclays, Hannah was a Senior Associate in the London Corporate practice of Clifford Chance LLP. |
| Appointed: February 2023 |  |  |

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| Governance |
Directors’ report: Board of Directors (continued)

Leading the delivery of Barclays' strategy
As the most senior management committee for the Group,
our Group Executive Committee (ExCo) supports the
Group Chief Executive in executing the Group’s strategy.

|  |  |  |  |  |  |  |  |  |  |  | Changes in ExCo during 2023 • Alistair Currie was appointed Group Chief Operating Officer and Chief Executive of Barclays Execution Services Limited (BX), having previously served on ExCo as Global Head of Consumer Banking and Payments • Kirsty Everett joined as Group Chief Compliance Officer • Vim Maru joined as Global Head of Consumer Banking and Payments We are grateful for the contributions made by the ExCo members who stepped down in 2023: • Mark Ashton-Rigby stepped down as Group Chief Operating Officer and Chief Executive of BX • Matt Fitzwater stepped down as Interim Group Chief Compliance Officer Standing attendees The Group Chief Executive extends invites to a number of standing attendees to ExCo: • Craig Bright, Chief Information Officer • Adeel Khan and Stephen Dainton, Co- Heads of Global Markets • Cathal Deasy and Taylor Wright, Co- Heads of Investment Banking ExCo meetings are also attended on a regular basis by the Group Chief Internal Auditor, Lindsay O’Reilly. Ex-officio posts ExCo continues to utilise ex-officio positions on the Committee to broaden the scope of perspectives and contributions made, as well as to provide specialist input. During 2023, the following attended ExCo meetings as an ex-officio member, with each appointee serving for a four-month rotation: • Ingrid Hengster, CEO Barclays Germany and Global Chair, Investment Bank • Antoinette O'Neill, Chief Information Officer, Corporate and Investment Bank (CIB) • Betty Gee, Americas Head of Equities Distribution within the CIB
| C.S. Venkatakrishnan Group Chief Executive |  |  |  | Anna Cross Group Finance Director |  |  |  | Paul Compton Global Head of the Corporate and Investment Bank and President of BBPLC |  |
| Alistair Currie Group Chief Operating Officer and Chief Executive, BX |  |  |  | Kirsty Everett Group Chief Compliance Officer |  |  |  | Matt Hammerstein Chief Executive Officer, Barclays UK |  |
| Vim Maru Global Head of Consumer Banking and Payments |  |  |  | Tristram Roberts Group Human Resources Director |  |  |  | Taalib Shaah Group Chief Risk Officer |  |
| Stephen Shapiro Group General Counsel |  |  |  | Sasha Wiggins Group Head of Public Policy and Corporate Responsibility |  |  |  |  |  |

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| Governance |
Directors’ report: Group Executive Committee

A Group-wide governance framework facilitating effective decision-making Driving long-term sustainable value for our shareholders, with regard to the interests of our stakeholders.

| Group structure |
| Barclays PLC (BPLC) is the Group’s parent company and has a premium listing on the London Stock Exchange. Each of the Group’s key operating entities - Barclays Bank PLC (BBPLC), Barclays Bank UK PLC (BBUKPLC), Barclays Europe, Barclays US LLC and Barclays Bank Delaware - has its own board (with Executive and Non- Executive Directors) and board committees. These main operating companies are supported by our Group-wide service company, BX, which provides technology, operations and functional services to businesses across the Group. |
| Barclays PLC |
| BBPLC |
| Barclays Europe |
| Barclays US LLC |
| Barclays Bank Delaware |
| BBUKPLC |
| BX |

Our governance framework
The Board recognises that effective
governance is key to the successful
development and execution of the Group’s
strategy. We think of governance as 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 (including our
clients, customers, colleagues and the
society and wider environment in which we
operate).
Our Group-wide governance framework
is constructed to:
• facilitate the effective management of
the Group by our Group Chief Executive
and his ExCo across our
diverse businesses
• support and provide oversight and
constructive challenge of the Group’s
major subsidiary boards in the UK,
Ireland and the US, consistent with the
legal, regulatory and independence
requirements applicable to
those entities.
Generally, there is one s et of rules for the
Group. Group-wide frameworks, policies
and standards are adopted throughout the
Group unless local laws or regulations (for
example, the ring-fencing obligations
applicable to BBUKPLC) require otherwise,
or ExCo deems that it would otherwise be
appropriate in a specific instance.
Corporate Governance
Operating Manual
Our Corporate Governance Operating
Manual outlines how the Group’s significant
subsidiaries (and their respective boards
and board committees) should interact
with each other. 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 with the
changing nature of the Group.
The role of the Board
The BPLC 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 or reputational
significance.
We partially consolidated and streamlined
the membership of the BPLC and BBPLC
Boards in 2019, to improve efficiency and
co-ordination while reducing complexity
and unnecessary duplication.
As a result, membership of the BBPLC
Board is a subset of the BPLC Board. All
members of the BPLC Board (except the
Senior Independent Director, Chair of
BBUKPLC and at least one other Non-
Executive Director) also serve on the
Board of BBPLC.
We believe that having members of the
BPLC Board serving as the Chairs of some
of the Group’s main subsidiaries supports
improved efficiency, escalation and co-
ordination while ensuring an appropriate
focus is given to matters relevant to each
entity.

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| Governance |
Directors’ report: Our governance framework

| Board governance framework |
|  |  | Barclays PLC Board Responsible for the overall leadership of the Group (with direct oversight of matters relating to strategy, reputation and culture) |  |  |
|  | Board Nominations Committee Reviews the composition of the appointments to the Board, Board Committees and ExCo. |  |  |  | Board Audit Committee Reviews financial reports and monitors the internal control environment. |  |  |  | Board Risk Committee Monitors financial, operational and legal risk appetite. |  |  |  | Board Sustainability Committee Oversees climate and sustainability matters. |  |  |  | Board Remuneration Committee Sets principles and parameters of remuneration policy. |  |
|  | + | For more information, see page 156 . |  |  |  | + | For more information, see page 166 . |  |  |  | + | For more information, see page 174 . |  |  |  | + | For more information, see page 180 . |  |  |  | + | For more information, see page 191. |  |

Matters reserved to the Board
Matters reserved solely for the decision-
making power of the Board are set out in
our bespoke Matters Reserved to the Board.
Those matters include material decisions
relating to:
• strategy
• risk appetite
• medium term plans
• capital and liquidity plans
• risk management and controls
frameworks
• approval of financial statements
• approval of large transactions
• approval of share allotments, dividends
and share buybacks.
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 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, stakeholders and
accountability. The Chairman also ensures
that Board members receive timely and
high-quality information to enable them to
make sound decisions 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 2023, we
continued to strive for balanced papers
which clearly identify substantive issues
and key points for the Board’s attention,
continuing the momentum created in
previous years.
The Board is kept informed of key business
developments throughout the year
through regular updates from the
Executive Directors and senior
management, in addition to the
presentations delivered to the Board and
the Board Committees as part of formal
meetings.

+ | Details of key Board activities for 2023 are set out on pages 153 to 155.

Directors are able to seek independent
and professional advice at Barclays’
expense, where required, to enable them
to fulfil their obligations to the Board.
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 made known
to the Group Chairman in advance of the
meeting. The Chairman also meets
privately, on a regular basis, with each
Non-Executive Director.

+ | Details of Director attendance at Board meetings in 2023 are shown on the next page.

Board Committees
The Board is supported in its work by its
Committees - the Board Nominations
Committee, Board Audit Committee,
Board Risk Committee, Board
Remuneration Committee and the Board
Sustainability Committee - each of which
has its own terms of reference clearly
setting out its remit and decision-making
powers. This structure enables the Board
to spend a significant proportion of its time
focusing on the Group’s strategy.
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.
The Chairs of each Committee report on
their Committee’s work at every scheduled
Board meeting.
Board effectiveness
The effectiveness of the Board, its
Committees and individual Directors are
assessed on an annual basis. We carried
out an internally facilitated effectiveness
review for 2023, which was led by the SID
and supported by the Group Company
Secretary. In line with the requirements of
the Code, we intend to conduct an
externally-facilitated review of the Board,
Board Committees and individual
Directors in 2024.

+ | You can read more about the 2023 effectiveness review, and progress against recommendations from the 2022 review, in the Board Nominations Committee report on page 164.

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| Governance |
Directors’ report: Our governance framework (continued)

Division of responsibilities
Roles on the Board and attendance at Board meetings
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,
Senior Independent Director, Non-Executive Directors, Executive Directors and Committee Chairs.
The table below shows the role profiles for our Board members, along with details of their attendance at Board meetings in 2023. The
aggregate attendance for Board and relevant Board Committee meetings in 2023 did not fall below 75% for any Director.

Role on Board | Meetings attended/ eligible to attend 1 | Ad hoc meetings attended/ eligible to attend 2 |  | Responsibilities
Chair Nigel Higgins 3 | 7/7 | 1/1 |  | 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 | 1/1 |  | The Group Chief Executive, supported by his ExCo, leads the Executive Directors in: • running 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 decisions taken by the Board • promoting and demonstrating the appropriate culture, values and behaviours of the boardroom, including Barclays’ Values and Mindset.
Group Finance Director Anna Cross | 7/7 | 1/1 |  | 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.
Senior Independent Director (SID) Brian Gilvary | 7/7 | 1/1 |  | 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 with major shareholders to understand their issues and concerns, and ensures the Board is aware of their views • leading the appraisal of the Chair’s performance, at least annually.
Non-Executive Directors |  |  |  | Non-Executive Directors 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 Notes: 1 Each Board meeting is held over the course of two days. In the 2022 Annual Report, these were reported as two separate Board meetings. For the 2023 attendance figures, one Board meeting which was held over two days has been reported as one Board meeting. 2 The ad hoc meeting was called at short notice. 3 As required by the Code, the Group Chairman was independent on appointment. 4 Sir John Kingman was appointed to the Board with effect from 1 June 2023. 5 Marc Moses was appointed to the Board with effect from 23 January 2023. 6 Julia Wilson was unable to attend due to a prior commitment. 7 Mike Ashley stepped down from the Board with effect from 3 May 2023. 8 Crawford Gillies stepped down from the Board with effect from 31 May 2023.
Robert Berry | 7/7 | 1/1 |
Tim Breedon | 7/7 | 1/1 |
Mohamed A. El-Erian | 7/7 | 1/1 |
Dawn Fitzpatrick | 7/7 | 1/1 |
Mary Francis | 7/7 | 1/1 |
Sir John Kingman 4 | 5/5 | 1/1 |
Marc Moses 5 | 7/7 | 1/1 |
Diane Schueneman | 7/7 | 1/1 |
Julia Wilson | 7/7 | 0/1 6 |
Former Directors |  |  |
Mike Ashley 7 | 2/2 | 0/0 |
Crawford Gillies 8 | 2/2 | 0/0 |

+ | You can find a copy of our Charter of Expectations , which sets out the role profiles and required competencies for our Board members , at: home.barclays/who-we-are/our-governance/board-responsibilities

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| Governance |
Directors’ report: Our governance framework (continued)

Key Board activities in 2023
Keenly focused on strategy to drive the long-term success of Barclays.

Throughout 2023, the Board devoted
significant attention to Barclays’ strategy,
working closely with the Group Chief
Executive and his ExCo both to drive
forward the implementation of the Group’s
strategy as set by the Board and to
challenge itself on Barclays' strategic
ambitions.
Against a backdrop of geopolitical
tensions, together with high interest rates
and inflationary pressures, the Board
remained focused on driving sustainable
long-term value for the benefit of all of our
stakeholders. You can read about how the
Board has taken into account stakeholder
interests in our Section 172(1) statement
in the Strategic report from page 38.
Within the overarching consideration of
Group strategy matters, the Board
continued to give significant consideration
to our climate and sustainability strategy.
Given the importance of the work to
address the climate challenge, the Board
approved the establishment of the Board
Sustainability Committee in March 2023.
The Board Sustainability Committee
supports the Board's oversight of the
Group's climate strategy and sustainability
agenda, including our ambition to be a net
zero bank by 2050. Please see the Board
Sustainability Committee report on page
180 for further detail.
You can read more about the key areas
of Board focus in 2023 in the rest of
this section.

| Spotlight |  |  |  |
| Board engagement with colleagues The Board strongly believes in the importance of engaging with our stakeholders and hearing their views, which brings valuable outside perspectives to the Board. In particular, the Board recognises that our colleagues are critical to our success. Ensuring that Board members have an opportunity to engage directly with colleagues is an important part of our method of workforce engagement and helps the Board take the issues of interest to our colleagues into account in its decision-making. During 2023, Board engagement with colleagues included: • The Group Chairman and Mary Francis visited our contact centre in Wavertree, Liverpool, to experience the Consumer Duty 'in action', meeting with customer-facing colleagues and learning about how Barclays is addressing vulnerable customer needs. • The Group Chief Executive and Group Finance Director hosted quarterly all-colleague town halls on Barclays' financial performance. |  | • Robert Berry and Sir John Kingman visited Barclays branches in London where they met colleagues. • The Group Chief Executive hosted the Citizenship and Diversity Awards to celebrate colleagues who have made a positive impact in their communities and have helped to strengthen the diversity, equity and inclusion (DEI) culture within Barclays. • Julia Wilson participated in a celebration event to congratulate newly promoted Managing Directors from across the Group. • The Group Chairman, along with other Board members, visited the new trading floors at our head office in London, meeting colleagues in the Markets business and experiencing the trading floors first-hand. • Board members spent time with Barclays UK colleagues based in the UK and India. • The Group Finance Director met colleagues during visits to our New York, Glasgow and Northampton Campuses, and hosted other colleague events including an event to mark International Women's Day. |

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| Governance |
Directors’ report: Key Board activities

Key focus areas
The following two pages highlight the key
areas of focus for the Board during 2023
and the key stakeholder groups central to
the matters considered and decisions
taken.

Stakeholder groups
| Customers and clients |  | Society
| Colleagues |  | Investors

Strategy, including Climate
Topic | Board activity |  | Key decisions
Strategy and business review | • Held regular corporate and business strategy discussions at meetings throughout the year, including a Strategy day in September. • Reviewed and discussed the 2023 Medium Term Plan ahead of its approval by the Board in early 2024. • Received business and function reviews throughout the year to understand key risks and opportunities, including in relation to the Investment Bank, Consumer, Cards and Payments and Barclays UK. • Participated in focus sessions on 'horizontal topics' to deepen the Board's understanding on key areas of impact/focus across the Group, such as resilience and cybersecurity, reputation risk, and financial crime. |  | ü Endorsed the announcement in October 2023 as part of our Q3 Interim results of an Investor Update to be held on 20 February 2024.
Climate and sustainability | • Received and discussed updates on the Group's climate and sustainability strategy, including in relation to our sustainable finance strategy, energy transition and client transition plans. • Reviewed climate and sustainability metrics and progress against targets. • Received updates on sustainability matters, including nature, deforestation and biodiversity. |  | ü Approved the establishment of the Board Sustainability Committee. ü Approved new restrictions on oil and gas financing. ü Approved targets for three additional sectors – Aviation, Agriculture and Commercial Real Estate.

Culture, colleague and DEI
Topic | Board activity | Key decisions
Culture and colleague engagement | • Received updates on Group culture and colleague engagement, including by way of the 'Your View' survey results. • Received regular updates from the Group Chief Executive on the Group-wide cultural change programme aimed at ensuring we deliver to a consistently excellent standard. • Considered Barclays' workforce engagement mechanisms to ensure they remain effective in delivering meaningful, regular two-way dialogue with colleagues. | ü Confirmed that Barclays' method of workforce engagement has been effective in 2023. ü Confirmed that Barclays’ workforce policies and practices are consistent with Barclays’ Values and support Barclays’ long-term sustainable success.
DEI | • Received an update on Barclays’ DEI ambitions and the actions required to achieve those ambitions, with a focus on progress against our Gender Ambition. • Received updates on external developments in the DEI space, including the PRA and FCA consultations aimed at improving diversity and inclusion in the financial sector. | ü Requested future reviews/deep dives with respect to other aspects of diversity (in addition to Gender). ü Adopted a revised Board Diversity and Inclusion Policy in early 2024.

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| Governance |
Directors’ report: Key Board activities (continued)

+ | You can read more about how Barclays engages with stakeholders in the Strategic report from page 23.

+ | You can read more about the 'Consistently Excellent' programme in our Section 172(1) statement in the Strategic report on page 38.

+ | Details of the Board Diversity and Inclusion Policy can be found in the Board Nominations Committee report on page 158.

+ | For further information on Barclays' workforce engagement mechanisms, please see the Colleagues section in the Strategic report on page 42 .

Finance
Topic | Board activity | Key decisions
Financial reporting | • Through regular updates from the Group Finance Director, assessed the financial performance of the Group and business divisions and received investor feedback following publication of the Group's financial results. | ü Approved the Group’s Annual Report and Accounts for the year ended 31 December 2022. ü Approved Q1 2023, HY 2023 and Q3 2023 financial results announcements.
Capital position and distributions | • Considered the Group’s capital position and distributions policy. | ü Approved a full year dividend for the year ended 31 December 2022 of 5.0p per ordinary share and a share buyback of up to £500m. ü Approved a half year dividend for the period ended 30 June 2023 of 2.7p per ordinary share and a share buyback of up to £750m.

Risk, including resilience |
Topic |  | Board activity | Key decisions |
Risk framework |  | • Considered the Group's risk profile and emerging risk themes, particularly in the context of macroeconomic factors such as inflationary pressures and high interest rates, as well as geopolitical matters. | ü Approved an update to the Enterprise Risk Management Framework relating to the framework and governance for compliance with laws, rules and regulations.
Resilience and cybersecurity |  | • Considered the Group Resilience Self-Assessment and management actions to increase resilience. • Received a briefing from the Group Chief Security Officer on cybersecurity risk and controls and the outcome of an independent external assessment of Barclays' cybersecurity and resilience maturity and position compared to industry peers. | ü Approved the Group Resilience Self-Assessment. ü Agreed that a Board simulation in relation to a cyber-related incident be conducted (to be run in 2024).
Resolution and recovery |  | • Considered the Group Resolvability Self-Assessment ahead of its submission to the Bank of England and the Group Recovery Plan, which sets out the actions available in a severe financial stress scenario. • Received a briefing from management on the lessons learned from a resolution simulation exercise. | ü Approved the Group Resolvability Self-Assessment. ü Approved the Group Recovery Plan.

Governance and regulatory matters |  |
Topic |  | Board activity |  | Key decisions
Succession |  | • Together with the Board Nominations Committee, considered succession planning and proposed appointments for the Board and Board Committees, having regard to the diversity targets adopted by the Board and wider Group. |  | ü Approved the appointments of Marc Moses and Sir John Kingman to the Board. ü Approved changes to Board Committee membership as detailed in the report of the Board Nominations Committee. ü Approved the appointment of Hannah Ellwood as the Group Company Secretary.
|  | + | For further information, please refer to the Board Nominations Committee report on the next page. |
Regulatory engagement and oversight |  | • Invited representatives from key regulators to join meetings to hear first-hand their feedback and observations, in addition to meetings held between individual Directors (including the Group Chairman and Group Chief Executive) with regulatory stakeholders during the year. |  |  |  |  |
Consumer Duty |  | • Received updates on the Group's implementation of the FCA's Consumer Duty in the lead up to the implementation deadline of 31 July 2023, and a subsequent update post-July, including in relation to embedment of the Consumer Duty. |  | ü Approved an amendment to the Matters Reserved to the Board to provide that responsibility for overseeing the application of the Consumer Duty regime across the Group rests with the Board. |

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| Governance |
Directors’ report: Key Board activities (continued)

+ | Further details on the Board's oversight of Consumer Duty are set out in our Section 172(1) statement in the Strategic report from page 38.

Effective composition and robust succession plans, with a continued focus on diversity
Ensuring that we continue to have the right balance of skills, experience and diversity on the Board, Board Committees and ExCo.

Introduction
In 2023, the Committee continued to
perform a key role in supporting the
delivery of the Group’s strategy through
effective oversight of Board, Board
Committee and ExCo composition, robust
succession planning and evaluating Board
performance.
Through its work, the Committee ensures
that the Board has the right balance of
skills, experience and diversity of
background and thought to be able to
provide informed and constructive
challenge to management while acting
fairly in the interests of our stakeholders.
Committee membership
and activity during 2023
The Committee is chaired by our Group
Chairman, with membership composed
solely of Non-Executive Directors.
Committee membership and meeting
attendance during the year is set out
opposite, and the Committee's activities
during 2023 are described in this report.
In discharging its responsibilities, the
Committee takes into account feedback
from key stakeholders, and from Board
discussions more widely. You can read
more about the Board’s engagement with
stakeholders within our Section 172(1)
statement in the Strategic report from
page 38.

+ | The Committee’s terms of reference are available at home.barclays/who-we-are/our-governance/board- committees/

| Board Nominations Committee |
| Nigel Higgins Chair, Board Nominations Committee |  |  |  | Committee membership and meeting attendance during 2023 1 |
|  |  |  |  | Member | Meetings attended/eligible to attend (including ad hoc meetings) |
|  |  |  | Nigel Higgins | 3/3 |
|  |  |  | Mohamed A. El-Erian | 3/3 |
|  |  |  | Brian Gilvary | 3/3 |
|  |  |  | Diane Schueneman | 3/3 |
|  |  |  | Julia Wilson | 3/3 |
| Note: 1 There were two scheduled meetings and one ad hoc meeting of the Committee in 2023. |  |  |  |  |

Changes to Board and Board Committee composition in 2023
Non-Executive Director | Appointments | Resignations
Mike Ashley |  | Audit (Chair) - 31 March 2023 Board - 3 May 2023 Audit (Committee) - 3 May 2023 Risk - 3 May 2023
Crawford Gillies |  | Board - 31 May 2023
Brian Gilvary |  | Risk - 1 June 2023
Sir John Kingman | Board - 1 June 2023 Risk - 16 June 2023 Remuneration - 16 June 2023 |
Marc Moses | Board - 23 January 2023 Audit - 23 January 2023 Risk - 23 January 2023 |
Julia Wilson | Audit (Chair) - 1 April 2023 Remuneration - 1 July 2023 |
A new Board Sustainability Committee was established by the Board on 23 March 2023. The following Directors were appointed to the Committee: Nigel Higgins (Chair), Robert Berry, Dawn Fitzpatrick, Mary Francis, Brian Gilvary, C.S. Venkatakrishnan and Julia Wilson.

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| Governance |
Directors’ report: Board Nominations Committee report

| Composition |
| Through considering the skills, experience, knowledge and diversity required for effective Board, Board Committee and ExCo composition, as well as overseeing the annual Board, Board Committee and individual Director effectiveness evaluations (outlined later in this report), the Committee regularly reviews composition and succession planning and Non-Executive Director recruitment priorities. You can find biographies for each Director, including details of the skills, experience and knowledge they bring to the Board, their Board Committee memberships and other principal appointments on pages 145 to 148. |

Changes to Board composition
in 2023
The Committee oversaw a series of
changes to Board and Board Committee
composition during the course of 2023,
building on the progress made in 2022.
Board and Board Committee changes are
set out in the table on the previous page of
this report.
The Board considers that these changes
have enhanced the effectiveness of the
Board and relevant Committees, providing
valuable input and support to their work as
well as bringing new and diverse
perspectives to discussions.
We continued to strengthen the
composition of the Board with the addition
of two Non-Executive Directors in 2023.
Marc Moses, appointed with effect from 23
January 2023, brings to the Board a strong
technical finance background and
extensive knowledge of banking and
financial services. Sir John Kingman has a
deep background in financial services,
gained from his executive and non-
executive career, and joined as a Non-
Executive Director with effect from
1 June 2023, upon taking up his role as
Chair of BBUKPLC.
Mike Ashley retired from the Board at the
conclusion of our AGM on 3 May 2023 and
Crawford Gillies retired shortly thereafter
on 31 May 2023, each having served on the
Board for around nine years. Both Mike and
Crawford made a significant contribution
to the Group during the course of their
tenure, for which the Committee and the
Board are very grateful.
Board size
As at 31 December 2023, the size of the
Board was 13.
Continuing to review the optimal size of
the Board is an important part of the
Committee’s medium and longer-term
succession planning. As part of this, the
Committee takes into account the need
for the Board to be small enough to
operate in an efficient and collaborative
manner yet large enough to ensure an
appropriate mix of skills and diversity, to
support succession planning and to
accommodate the additional roles and
responsibilities of some of our Directors
on Board Committees, and on the Boards
of BBPLC, BBUKPLC, Barclays Europe,
Barclays US LLC and BX.
The Committee considers that the size of
the Board contributes to its effectiveness.
Board composition as at 31 December 2023

Length of tenure (Chairman and Non-Executive Directors) (number of Directors)

0-3 years
3-6 years
6-9 years
9+ years 1

International experience 3 (number of Directors)

UK
US
Rest of the World

Industry and leadership experience² (number of Directors)

Financial services
Political/Regulatory experience
Current/recent Chair/CEO
Accountancy/ Auditing
Operations/ Technology
Retail/ Marketing

Notes
1 Please refer to the section entitled ‘Succession’ later in this report in relation to Tim
Breedon’s tenure and continued independence.
2 Individual Directors may fall into one or more categories.
3 International experience is based on the location of the headquarters/registered office
of a company.

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Directors’ report: Board Nominations Committee report (continued)

| Diversity |
| The Committee and the Board recognise the benefits of diversity in all its forms, including in relation to gender, ethnicity, age, sexual orientation, disability and socio- economic background. Having due regard for the benefits of diversity - at Board, Board Committee and ExCo level - is a vital part of the Committee’s role in leading appointments and succession planning for these key roles. |

Gender and ethnic diversity
reporting
Disclosures in the form prescribed by the
new UK Listing Rules requirement s relating
to gender and ethnic diversity of the Board
and executive management can be found
in this section.
Data relating to the gender and ethnic
diversity of the Board was collected by way
of a questionnaire. This questionnaire
asked all individual Board members to
disclose their gender identity and ethnic
background, on a voluntary self-reporting
basis, by selecting options aligned with
those in the left-hand columns of the
tables to the right (and therefore included
the option not to specify an answer).
Barclays’ employees (including executive
management, as defined in the table to the
right) are asked to confirm their gender
and ethnicity at the onboarding stage, on a
voluntary self-reporting basis, by selecting
options (which include the option not to
specify an answer). Data relating to the
gender and ethnic diversity of executive
management (as defined) was sourced
from this existing data, which is held within
Barclays’ secure HR system.
Board Diversity and Inclusion
Policy
On the recommendation of the
Committee, the Board adopted a revised
version of the Board Diversity and Inclusion
Policy on 8 February 2024.
The policy confirms the Board is
supportive of the Group’s culture in which
Barclays is committed to continuing to
build a diverse, equitable and inclusive
workplace, and that the Board recognises
the benefits of a diverse, equitable and
inclusive Board, reflective of the
communities in which we operate, in
driving effective decision-making.

Gender diversity reporting as at 31 December 2023
Board members |  | Senior positions on Board (CEO, CFO, SID and Chair) |  | Executive management 1

n | Women |  | n | Women |  | n | Women
n | Men |  | n | Men |  | n | Men

| Board members | Number of senior positions on the Board (CEO, CFO, SID and Chair) | Executive management 1
| Number | Percentage | Number | Percentage
Men | 8 | 62% | 3 (75%) | 8 | 67%
Women | 5 | 38% | 1 (25%) | 4 | 33%
Other categories |  |  |  |  |
Not specified/prefer not to say |  |  |  |  |
1 In accordance with the requirements of the Listing Rules and for the purposes of this table only, 'executive management' comprises the Group Executive Committee and the Group Company Secretary.

Ethnic diversity reporting as at 31 December 2023
Board members |  | Senior positions on Board (CEO, CFO, SID and Chair) |  | Executive management 1

n | White British or other White (including minority-white groups) |  | n | White British or other White (including minority-white groups) |  | n | White British or other White (including minority-white groups)
n | Asian/British Asian |  | n | Asian/British Asian |  | n | Asian/British Asian
n | Other ethnic group, including Arab |  |  |  |  |  |

| Board members | Number of senior positions on the Board (CEO, CFO, SID and Chair) | Executive management 1
| Number | Percentage | Number | Percentage
White British or other White (including minority-white groups) | 10 | 77% | 3 (75%) | 9 | 75%
Mixed/Multiple Ethnic Groups |  |  |  |  |
Asian/British Asian | 1 | 8% | 1 (25%) | 3 | 25%
Black/African/Caribbean/ Black British |  |  |  |  |
Other ethnic group, including Arab | 2 | 15% |  |  |
Not specified/prefer not to say |  |  |  |  |
1 In accordance with the requirements of the Listing Rules and for the purposes of this table only, 'executive management' comprises the Group Executive Committee and the Group Company Secretary.

It confirms Barclays’ commitment to
ensuring that Board appointments and
succession plans are based on merit and
objective criteria, recognising the benefits
that diversity, in all its forms, brings to the
Board, and that due regard will be also
given to diversity and inclusion
characteristics when considering Board
Committee appointments.

The policy sets out the Board’s existing
gender and ethnic diversity targets
detailed in the table on the following page,
which are aligned with the targets
recommended by the FTSE Women
Leaders Review on gender diversity and
the Parker Review Committee Report into
Ethnic Diversity of UK Boards, which are
reflected in the Listing Rules.

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Directors’ report: Board Nominations Committee report (continued)

In addition, the policy also confirms the
Board's ongoing commitment to operating
in a way that supports diversity, equity and
inclusion, where Directors’ views are both
encouraged and heard.
As set out in the table within this section,
at 31 December 2023, the proportion of
women on the Board was 38%. While this
fell short of the 40% target set out in the
Listing Rules, FTSE Women Leaders
Review and our Board Diversity and
Inclusion Policy, the Board satisfied the
target of having at least one woman in a
senior Board role.
As we reported in our 2022 Annual Report
and as set out in our Board Diversity and
Inclusion Policy (as described above), the
Committee and the Board remain
committed to ensuring that all Board
appointments and succession plans are
based on merit and objective criteria, with
due regard given to diversity, and focused
on meeting our gender diversity targets as
set out in our Board Diversity and Inclusion
Policy by 2025 while continuing to bring the
very best, diverse talent we can attract to
the Board. You can read more about the
Board appointment process and
succession planning in the sections that
follow.
We also recognise and embrace the
benefits of diversity at Board Committee
level. As at 31 December 2023, Board
Committee gender diversity was
as follows:
• Board Nominations Committee
– 40% women
• Board Audit Committee
– 50% women
• Board Risk Committee
– 43% women
• Board Sustainability Committee
– 43% women
• Board Remuneration Committee
– 60% women
Gender diversity within ExCo,
ExCo direct reports and the
wider workforce
Group-wide, Barclays remains committed
to its DEI vision and strategy, which was
refreshed in 2022, and includes a series of
principles and strategic priorities designed
to support Barclays make progress against
the six DEI agendas including its Gender
Ambition, which is focused on improving
gender diversity in senior leadership across
Barclays.
The Board received an update during the
year on Barclays' DEI ambitions, including a
focus on the Gender Ambition, as
described in the Key Board activities
section on page 153.
In 2022, Barclays announced its refreshed
Gender Ambition of 33% representation of
women in senior leadership roles -
Managing Directors and Directors - by the
end of 2025, having achieved its initial
target of 28% representation of women in
these roles by the end of 2021.
To achieve this ambition, Barclays focuses
on the retention, development,
progression and hiring of diverse talent at
all levels. Regular reporting on progress
against ambitions is shared with senior
management. As at 31 December 2023,
representation of women among
Managing Directors and Directors was at
30%Δ globally, and Barclays is focused on
continuing its efforts to identify diverse
talent in the market and develop existing
diverse talent within Barclays.
The Committee is also mindful of the
voluntary target recommended by the
FTSE Women Leaders Review of 40%
representation of women for ExCo and
their direct reports by the end of 2025.

| Board Diversity and Inclusion Policy - Targets |
| Gender diversity target | To ensure that by 2025: • the proportion of women on the Board is at least 40%; and • at least one of the following senior Board positions is held by a woman: Chair, Chief Executive, Senior Independent Director or Chief Financial Officer, and that this is maintained going forward. |
| Ethnic diversity target | To ensure that at least one Board member is from a minority ethnic background excluding white ethnic groups and that this is maintained going forward. |

As at 31 December 2023, representation
of women among ExCo and their direct
reports stood at 27%Δ, remaining level with
the 2022 year end position.
While this fell short of the FTSE Women
Leaders Review recommendation,
increasing gender diversity within both
ExCo and their direct reports, to ensure
a diverse pipeline for ExCo succession,
remains a key priority for Barclays and the
Committee.
In 2023, Barclays continued to have one
ex-officio position on ExCo, with each
appointee serving for a four-month
rotation. This initiative, first introduced in
2016, broadens the scope of perspectives
and contributions made to ExCo, while also
providing appointees with exposure to
matters of Group-wide significance and
further leadership experience. In 2023,
all three holders of this position
were women.
There are additional initiatives and actions
being taken across our businesses to
further strengthen the senior leadership
pipeline; these include using the ex officio
position at business unit executive
committees, sponsorship programmes to
support individual development and
working with senior recruitment partners
to strengthen our external pipeline.
Note
Δ 2023 data subject to independent Limited Assurance
under ISAE(UK)3000 and ISAE3410. Current limited
assurance scope and opinion can be found within the
ESG Resource Hub: home.barclays/sustainability/esg-
resource-hub/reporting-and-disclosures/

+ | You can find details of ExCo membership, including ex-officio appointees during the course of 2023 , on page 149 .

+ | You can read more about Barclays' DEI vision and strategy and gender diversity at Barclays, including data on the percentage of women in Barclays’ wider workforce, in our Diversity, Equity and Inclusion report , which will be made available on our website later in 2024.

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Directors’ report: Board Nominations Committee report (continued)

E thnic diversity reporting as at
31 December 2023
As at 31 December 2023, 23% of the
Board (three members) were from a
minority ethnic background (excluding
minority white ethnic groups), meeting the
targets set out in the Listing Rules, the
recommendations contained within the
Parker Review Committee Report into the
Ethnic Diversity of UK Boards and the
ethnic diversity target in the Board
Diversity and Inclusion Policy.
Alongside the Board, the Committee
continues to support the Group’s
Multicultural agenda, including Barclays'
Underrepresented Race and Ethnicity
Ambition. Venkat, our Group Chief
Executive, has made a significant
contribution to Barclays’ diversity agenda.
Having achieved our Race at Work
ambition to double the number of Black
Managing Directors globally from nine to
18 by 2022, in January 2023, we set a new
ambition to increase the population of
Managing Directors from
underrepresented ethnicities by at least
50% by the end of 2025.
You can find more information on Barclays’
continued commitment to its Multicultural
agenda, including information regarding
our ethnic minority percentage target for
ExCo and their direct reports and data
relating to ethnic diversity in Barclays'
wider workforce, in our Diversity, Equity
and Inclusion report, which will be available
on our website later in 2024.

+ | You can read more about Barclays' approach to DEI within the Colleagues section in the Strategic report from page 27.

+ | You can find a copy of our Board Diversity and Inclusion Policy at home.barclays/who-we-are/ our-governance/our-framework-code-and-rules

| Process for appointments |
| The Committee leads the process for Board appointments, ensuring that all appointments are based on merit and objective criteria - focusing on the skills, experience and knowledge required for the Board’s effectiveness and to support the continued delivery of the Group’s strategy - while also promoting diversity of background and opinion. Appointments to the Board are made following a formal, rigorous and transparent procedure, facilitated by the Committee with the aid of external search consultancy firms, as outlined in further detail below. |

Non-Executive
Director recruitment
Th e Committee regularly reviews and
updates a series of skills-based Non-
Executive Director recruitment priorities.
These priorities underpin the searches
required for the Board to ensure orderly
succession as Non-Executive Directors
approach the end of their tenure and to
ensure an optimum balance of skills and
experience on the Board.
The Committee considered and refreshed
the priorities in 2023, in light of Non-
Executive Director recruitment activity,
including the appointments of Marc Moses
and Sir John Kingman during 2023 and two
Non-Executive Directors having stepped
down from the Board in 2023 at the end of
their tenure. The Committee has agreed
that all Board members should have the
opportunity to meet leading candidates,
and that diversity should remain a priority
in all searches.
Based on the agreed priorities, the
Committee has set rigorous criteria for the
roles it is seeking to fill, both in terms of
experience and personal qualities.
Independent search firms Spencer Stuart
and Egon Zehnder supported our targeted
external mapping and search processes
for additional Non-Executive Directors to
complement the range of skills on the
Board in 2023, based on the agreed
criteria. Diversity of background and
experience remain at the forefront of
those searches.
Spencer Stuart and Egon Zehnder do not
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 2023.
The Committee will continue to review the
Board’s recruitment priorities and give
further consideration to the desired skills
and experience for potential candidates, to
ensure that due consideration continues
to be given to strong potential candidates
who would enhance the effectiveness of
the Board.
Non-Executive Director
independence
In line with the requirements of the Code,
a majority of our Board comprises
independent Non-Executive Directors.
The independence of our Non-Executive
Directors is considered by the Committee
on an annual basis, having regard to the
independence criteria set out in the Code.
As part of this process, the Committee
reviews the length of tenure of all
Directors, which can affect independence,
and makes any recommendations to the
Board accordingly.
The Committee reviewed the
independence of all Non-Executive
Directors serving on the Board as at 31
December 2023. The independence of
those who had served on the Board for
more than six years (Diane Schueneman
and Mary Francis) and more than nine
years (Tim Breedon) was subject to a more
rigorous review. The Committee remains
satisfied that the length of their tenure has
no impact on their respective levels of
independence or the effectiveness of their
contributions. The Committee and the
Board consider all of the Non-Executive
Directors to be independent.
For further details of the Committee’s
review of the independence of Tim
Breedon, please refer to the Succession
section below.
During 2023, Mike Ashley and Crawford
Gillies stepped down from the Board. Mike
and Crawford did not raise any concerns
about the operation of the Board or
management.

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Directors’ report: Board Nominations Committee report (continued)

| Director appointments and reappointments
| Board and executive appointments process | In 2023, the Committee reviewed and endorsed a refresh of the process for Board and Board Committee memberships, appointments and removals, and management appointments and removals. Searches for potential candidates have due regard to the clear benefits of diversity and are co-ordinated across the Group’s significant subsidiaries where appropriate. We aim to ensure that all Board members have the opportunity to meet leading candidates where possible.
| Director term | Our standard practice is to appoint any new Non-Executive Director or Chair to the Board for an initial three-year term, subject to annual re-election at the AGM (as outlined below). This may be extended for a further term of up to three years. As such, our Non-Executive Directors typically serve up to a minimum of six years, although this period may be extended where considered appropriate by the Committee.
| Director appointment and reappointment at the AGM | All Directors are subject to appointment or reappointment (as appropriate) each year by shareholders at the AGM.

Time commitment
All new Directors are asked to disclose
their other significant commitments, which
are then taken into account by the
Committee when considering any
proposed appointment to ensure that
Directors can discharge their
responsibilities to Barclays effectively.
Expected time commitments are agreed
with each Non-Executive Director on an
individual basis, and include time to
understand the business and complete
training as well as time to attend and
prepare for formal Board and Board
Committee meetings. In considering
whether a Director has sufficient time to
commit to their role, the Committee has
regard to regulatory and Code
requirements, as well as key investor and
proxy advisor guidelines. Details of the
external executive and non-executive
directorships held within listed companies
for each of the Directors are set out in the
table on this page. You can find details of
other principal appointments for each
Director in the Board of Directors section
from page 145.
The Committee reviewed the existing
commitments disclosed by each of Marc
Moses and Sir John Kingman ahead of their
respective appointments to the Board, and
was comfortable that these would not
impact their ability to devote such time as
is necessary to discharge their duties to
Barclays effectively.
Before accepting any significant new
commitment outside of Barclays, all
Directors must seek approval from the
Board (providing an indication of expected
time commitment). Prior to approving any
significant new external commitment for a
Director, the Board reviews all relevant
facts and circumstances (including the
expected role and time commitment, as
well as the nature of the external
organisation).

Barclays PLC Board – Listed company external directorships 1 As at 31 December 2023
Director | Executive | Non-Executive | Non-Executive Chair | Total
Nigel Higgins |  |  |  | None
C.S. Venkatakrishnan |  |  |  | None
Anna Cross |  |  |  | None
Robert Berry |  |  |  | None
Tim Breedon |  | 1 2 | 1 4 | 2
Mohamed A. El-Erian |  | 1 3 |  | 1
Dawn Fitzpatrick |  |  |  | None
Mary Francis |  | 1 2 |  | 1
Brian Gilvary |  |  |  | None
Sir John Kingman |  |  | 1 2 | 1
Marc Moses |  |  |  | None
Diane Schueneman |  |  |  | None
Julia Wilson |  |  |  | None
Notes 1 For the purposes of this table, '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. 2 UK public listed company. 3 US public listed company. 4 UK listed closed-ended investment company.

All Directors are expected to commit
additional time as necessary to their work
on the Board, where circumstances
require. For the year ended 31 December
2023 and as at the date of publication, the
Board is satisfied that none of the
Directors is 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 time commitments is
maintained.

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. 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 the Group.

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Directors’ report: Board Nominations Committee report (continued)

A conflicts register recording actual and
potential conflicts of interest, together
with any Board authorisations of conflicts,
is maintained. Authorisations are for an
indefinite period but are reviewed on an bi-
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.
Director training and
development
The Committee supports the Group
Chairman in developing and monitoring
effective induction, training and
development for the Board in accordance
with its Terms of Reference (available at
home.barclays/who-we-are/our-
governance/board-committees ).
Directors are provided with the
opportunity to take part in ongoing training
and development, but can also request
specific training, as required.
All Directors receive a comprehensive
induction tailored to their individual
requirements on appointment, designed
to provide them with an understanding of
the operation of the Group and its strategy
and key business areas and functions.
The Group Company Secretary consults
the Group Chairman when designing each
bespoke induction schedule, taking into
account the particular needs of the new
Director.
When a Director is joining a Board
Committee, their induction schedule will
also include an induction to the operation
of that Committee.
An overview of training and development
delivered to the Board during 2023 is
described in the table below.

Training, development and updates for the Board in 2023
Topic | Description | Areas covered included |
Business and function reviews | Updates from key business areas and Group functions, to deepen and broaden the Board’s understanding of the Group’s businesses, including key risks and opportunities. | Compliance, Internal Audit, Barclays UK, Barclays Europe, Markets, Legal, Transaction Banking, UK Corporate, Private Bank and Wealth Management, Investment Bank, BX and HR. |
'Horizontal topics' | Focus sessions to deepen the Board's understanding on key areas of impact/focus across the Group. | Resilience and Cybersecurity, Consumer Duty, Conduct, Corporate Strategy, Barclays UK Complaints, Strategic Policy, Regulatory and Financial Crime. |
Public Policy and Corporate Responsibility | Regular updates on Public Policy and Corporate Responsibility matters. | Reputation risk matters (for which the Board has direct oversight) and a broad range of topics including regulatory engagement and oversight, and climate and sustainability matters. |
Regulatory responsibilities | Annual briefing on regulatory responsibilities. | Senior Managers Regime and Barclays’ conduct and financial crime policies and standards. |
Corporate governance | Regular updates on developments in corporate governance matters. | DEI matters, legal and regulatory developments, cybersecurity disclosure obligations, Directors' duties and the Economic Crime and Corporate Transparency Act 2023. |
External speakers | External input to the Board. | External briefing to the Board Sustainability Committee on policy and regulatory developments relating to biodiversity and nature. |
Board engagement with stakeholders | Various events enabling the Board to engage directly with stakeholders. |  |  |  |
| + | You can read more about the Board’s engagement with stakeholders (including colleagues) within our Section 172(1) statement in the Strategic report from page 38 and the Key Board activities section on page 153. |
New Director inductions | Tailored Non-Executive Director inductions for Marc Moses and Sir John Kingman, following their respective appointments as Non-Executive Directors. | Sessions covering the Group’s strategy and culture, stakeholder landscape and relationships, Board and Board Committee structure and other governance matters. Meetings with various senior executives from across the business including from Finance, Treasury, BX and Operations, BBUKPLC, CIB, Consumer Banking and Payments, Risk, Compliance, Public Policy and Corporate Responsibility, Regulatory Relations, HR, Internal Audit, Legal and the Group’s external auditor. |

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Directors’ report: Board Nominations Committee report (continued)

Committee-specific induction sessions | Committee-specific induction sessions for Marc Moses and Sir John Kingman. | Sessions providing an introduction to the relevant Board Committee, including meetings with relevant executives and briefings on topics relevant to the work of that Committee. |
Handover in accordance with requirements of the Senior Managers Regime (SMR) | Formal SMR handovers from Mike Ashley (as outgoing Board Audit Committee Chair) to Julia Wilson (as incoming Board Audit Committee Chair), and from Crawford Gillies (as outgoing BBUKPLC Chair and BBUKPLC Board Nominations Committee Chair) to Sir John Kingman (as incoming BBUKPLC Chair and BBUKPLC Board Nominations Committee Chair) . | Series of handover meetings between Mike Ashley and Julia Wilson, and Crawford Gillies and Sir John Kingman, relevant to the responsibilities being handed over (including, for Julia, the role of Group Whistleblowers’ Champion), as well as various meetings with senior executives as part of Julia's and John's inductions and transition to their new roles. |

| Succession |
| Through robust succession planning throughout the year, the Committee ensures that we will continue to strike the right balance of skills, experience, diversity and effectiveness on the Board, Committees and ExCo, as well as accounting for current and anticipated future business needs. The Committee’s vital work in this area includes both medium-term planning (orderly refreshing of the Board, Committees and ExCo) and long-term planning (looking ahead to the skills that may be required on the Board and the ExCo in the future). |

Committee consideration of
succession
As at 1 November 2023, Tim Breedon had
served on the Board for 11 years. In early
2024, the Committee undertook a
rigorous assessment of Tim’s continued
independence, as it had done in the two
previous years. Following careful
consideration, the Committee concluded
that it remained appropriate for Tim to
continue to serve on the Board beyond his
11-yea r tenure.
In reaching this conclusion, the Committee
recognises the significant value that Tim
continues to bring to Board discussions,
particularly given his breadth of financial
services sector experience and deep
knowledge of risk and regulatory issues.
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,
considering that this provides connectivity
with the Group's significant subsidiaries,
bringing with it important insight into Board
discussions. With these factors in mind,
and in light of Tim’s ongoing role as Chair
of Barclays Europe, the Group’s principal
European subsidiary, the Committee and
the Board consider it is appropriate for Tim
to continue as an independent Non-
Executive Director on the BPLC Board in
the near-term.
Given the Board's preference for the
Chairs of the Group's significant
subsidiaries to also be represented on the
Board, in light of Tim's tenure, the
Committee is giving due consideration to
potential successors for his roles on the
Board and as Chair of Barclays Europe.
Diane Schueneman will have been on the
Board for nine years in June 2024, and the
Committee is also giving due
consideration to potential successors for
her roles on the BPLC Board and as Chair
of BX.
Tenure
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. The Committee and the
Board are confident that Tim remains
independent and continues to provide
effective challenge, advice and support to
management on business performance
and decision-making. Having undertaken a
rigorous review of Tim’s performance as a
Non-Executive Director and taking into
account other relevant factors that might
be considered likely to impair, or could
appear to impair, his independence
including as set out in Provision 10 of the
Code, the Committee and the Board
consider Tim to be independent.
ExCo succession
The Committee approves all changes to
ExCo composition prior to announcement,
taking into account executive succession
plans.
In 2023, the Committee received updates
regarding succession planning and
proposed appointments for ExCo,
including in relation to the review of the
balance of skills and diversity on ExCo and
for key successors. The Committee
approved the ExCo changes in 2023, as set
out on page 149, prior to implementation.

+ | You can read more about gender diversity within ExCo and their direct reports in the Diversity section of this Board Nominations Committee report.

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Directors’ report: Board Nominations Committee report (continued)

| Evaluation |
| 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 2023 effectiveness review was conducted internally, as permitted by the Code, following the process illustrated in the diagram on the right. The reviews concluded that the Board, Board Committees and individual Directors continue to be effective. |

Progress against the 2022 Board
effectiveness review
As reported in last year's Annual Report,
the 2022 Board effectiveness review was
facilitated internally, in line with the Code.
The 2024 Board effectiveness review is
expected to be externally facilitated, in line
with Code requirements that the Board
effectiveness review be conducted by
an external facilitator at least every
three years.

| Board, Committee and individual Director evaluation process |
| Board Nominations Committee approval of approach to evaluation for 2023 |
| Board evaluation |  |  |  |  |  |
|  |  | Interviews held by SID with Board members |  | Findings discussed with Group Chairman and Board Nominations Committee | Board discussion and agreed action plan for 2024 |
| Committee evaluation |  |  |  |  |  |
|  |  | Questionnaires completed by Committee members and senior management |  | Findings discussed with Committees |  | Agreed action plan for 2024 |
| Individual Director evaluation |  |  |  |  |  |
|  |  | Group Chairman held meeting with each Director |  | SID held meeting with the Group Chairman | Confirmation of each Director’s continuing effectiveness |

Recommendations arising out of the 2022 Board effectiveness review, together with actions taken during the course of the year to
address them, are shown in the table below.

| Areas | Recommendations from the 2022 evaluation | Actions taken during the year
| Discussion of key areas of focus | In the context of what is understandably a structured meeting agenda, Board members would welcome the opportunity for more unstructured discussion of key areas of focus for the Board - whether in regard to particular matters on the agenda or other macro or external developments since the previous meeting. | Introduction of standing Board agenda item for open discussion of major current topics with Board members.
| Board agendas | Consideration should continue to be given to the structure of Board agendas to ensure that time allocations are appropriate. | The format of certain standing Board agenda items continued to evolve, with positive Board feedback received on changes made. Additional time allocated on the Board agenda for discussion of material items.
| Board materials | Continued focus on ensuring balanced papers which clearly identify substantive points and key issues for the Board’s attention. | The Group Chairman and Group Chief Executive continued to work with management to ensure that substantive points and key issues for discussion by the Board were as clear and concise as possible within papers presented to the Board.
| Committee reporting to Board | Continued focus on Committee reporting to the Board, to ensure the Board has the right level of visibility on key areas of focus. | Inclusion of written reports of certain Committee meetings within Board papers, in addition to thematic, forward-looking reports.
| Engagement with senior executives | Continue to identify opportunities for more informal engagement between the Non-Executive Directors and senior executives outside the boardroom. | More informal engagement included engagement with management on Board papers, Board and Committee dinners with relevant senior executives, Board support for certain client events and Board engagement with colleagues as described in the Key Board activities section.
| Outside perspectives | Continue to identify opportunities to bring external perspectives into the Board. | External perspectives included the external briefing provided to the Board Sustainability Committee on policy and regulatory developments in relation to biodiversity and nature.

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| Governance |
Directors’ report: Board Nominations Committee report (continued)

2023 Board effectiveness review
Feedback provided by interviewees as part
of the 2023 Board effectiveness review
provides important insight into the Board’s
performance, including areas in which the
Board could be more effective.
Following consideration of the findings of
the 2023 Board effectiveness review, the
Committee remains satisfied that the
Board is operating effectively.
Feedback from 2023 review
Feedback from this review indicated that
the Board is operating well and effectively,
with Board members commenting
favourably on the culture of the Board,
where members feel able to share their
different perspectives and views. Board
members emphasised how this culture is
supported by the inclusive style of the
Group Chairman and his values-driven
approach. The review indicated that Board
composition is considered to be a
strength, bringing together a range of
diverse and complementary backgrounds,
including deep financial services expertise.
The interaction between the Board and
the Board Committees was commented
upon favourably, with regular reporting
ensuring the Board has good visibility on
key areas of focus. The review highlighted
the positive relationship between the
Board and management, and an
appropriate level of support and challenge.
Recommendations from 2023 review
The 2023 review outlined the following key
recommendations:
• consider how Board agendas might be
structured to (i) allow for deeper
discussion of business performance;
and (ii) create more flexibility for
discussion of key topics and reflections
within the agenda
• identify opportunities for more open and
wide-ranging discussions on big picture
issues
• continue to focus on ensuring balanced
papers which clearly identify substantive
points and key issues for the Board’s
attention
• continue to identify opportunities to
bring external perspectives into the
Board.
2023 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.
The results of the 2023 Board
Nominations Committee effectiveness
review are reported below, and the results
of the reviews of the effectiveness of the
other Board Committees are reported
within their individual reports elsewhere in
this Board Governance report.
Following consideration of the findings of
the 2023 Board Committee effectiveness
reviews, the Committee remains satisfied
that each of the Board Committees are
operating effectively.
Review of Board Nominations
Committee effectiveness
The results of the 2023 review confirm the
Committee is operating effectively. It is
considered well constituted and chaired,
providing high-quality oversight and
constructive challenge to management in
the areas within its remit. The review
highlights that the Committee is
considered to have the right level of skills
and experience.
Feedback indicates that the allocation of
time between agenda items in Committee
meetings is appropriate, with sufficient
time for discussion and challenge, and
focus on the right areas.
The Committee’s interaction with the
Board, Board Committees and senior
management is considered effective,
noting that sufficient time is allocated at
Board meetings for the Chair to report to
the Board on the work of the Committee.
Feedback indicated that concurrent
meetings of the BPLC and BBPLC Board
Nominations Committee continue to be
effective, with coverage of BBPLC matters
within concurrent meetings considered
appropriate.
Interaction with the BBUKPLC Board
Nominations Committee was also
considered effective, confirming that the
Committee continues to exercise
sufficient oversight of issues relevant to
the Committee’s remit relating to
BBUKPLC.
Individual Director effectiveness
All Directors in office at the end of 2023
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 reviews.
Based on these reviews, the Board
accepted the view of the Committee that
each Director to be proposed for election
or re-election at the 2024 AGM continues
to be effective and contributes to Barclays’
long-term sustainable success.
All of the current Directors of the
Company intend to submit themselves for
election or re-election at the 2024 AGM
and will be unanimously recommended by
the Board for election or re-election as
appropriate.

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Directors’ report: Board Nominations Committee report (continued)

Focused on a robust internal control environment
Overseeing the integrity of our financial disclosures and the effectiveness of the internal control environment.

Dear Fellow Shareholders
I was appointed as Chair of the Committee
in April 2023 and so this is my first report of
the Board Audit Committee as Committee
Chair.
I would like to extend my thanks to my
predecessor, Mike Ashley, for his careful
stewardship of the Committee and
diligence in handing it over to me. We also
welcomed Marc Moses to the Committee
on 23 January 2023, bringing his strong
technical finance background with a deep
knowledge of banking and financial
services.
During the year, the Committee has had a
significant focus on management’s
initiatives to drive sustainable
improvements in the Group’s internal
control environment. Specifically, the
Committee received regular updates on
the internal control environment from the
business heads, Group Chief Internal
Auditor, Group Chief Controls Officer and
KPMG, identifying any thematic trends
which may be arising across the Group and
encouraging management to take a pro-
active approach in identifying areas for
enhancement.
The Committee also maintained close
oversight of an internal programme
established by the Group Chief Executive
at the end of 2022, and led by the Group
Chief Operating Officer, to improve senior
oversight of the more material regulatory
remediation programmes with a view to
enhancing controls in order to achieve a
consistently excellent operating
environment across the Group. This
programme operates in parallel with the
broader cultural change programme led by
our Group Chief Executive, which you can
read more about in the Section 172(1)
statement in the Strategic report.
The Committee recognises that
maintaining a robust system of internal
control is a continuous journey and there
will always be programmes in train to
ensure that ongoing improvements are
made. As part of this, the Committee has
been receiving reports on an internal
programme to enhance the system

| Board Audit Committee |
| Julia Wilson Chair, Board Audit Committee |  |  |  | Committee membership and meeting attendance in 2023 1 |
|  |  |  |  | Member | Meetings attended/eligible to attend |
|  |  |  | Julia Wilson | 12/12 |
|  |  |  | Robert Berry | 12/12 |
|  |  |  | Marc Moses 2 | 12/12 |
|  |  |  | Diane Schueneman | 8/12 |
|  |  |  | Mike Ashley 3 | 6/6 |
| Notes 1 There were 12 scheduled meetings of the Committee in 2023. Owing to prior commitments, Diane Schueneman was unable to attend four meetings (with both sets of meetings in February and October being held in short succession). |  | Committee membership in 2023 2 Appointed with effect from 23 January 2023. 3 Retired with effect from 3 May 2023. |

of risk management and internal control
for compliance with laws, rules and
regulations. Financial crime controls also
continue to be an area of significant focus
for the Group and the Committee is
closely following management’s progress
in this area to ensure that the control
framework is robust. Previous reports of
the Committee also highlighted significant
work by management on control
remediation and enhancement
programmes in relation to trading controls.
While that work remains ongoing, the
Committee was pleased to see significant
progress made during 2023, with key
remediation programmes in those areas
scheduled to achieve significant
milestones or complete during 2024.
To decide whether any control issues
required specific disclosure in this Annual
Report, the Committee continued to apply
similar concepts to those used for
assessing internal control over financial
reporting for the purposes of the US
Sarbanes-Oxley Act (SOx). The
Committee is satisfied that there are no
control issues which are considered to be a
material weakness and which merit specific
disclosure.

In overseeing the integrity of our financial
disclosures, the Committee was mindful
that the macroeconomic environment
during the year remained challenging with
continuing high interest rates, inflationary
pressures and geopolitical uncertainty.
The Committee received regular updates
from the Group Finance Director and
Group Chief Accounting Officer, focusing
on key areas including credit impairment
and coverage, provisions, valuations and
tax. The Committee will continue to closely
monitor management’s judgements in
these areas and their disclosure.
The Committee works closely with the
Board Risk Committee and Board
Sustainability Committee, ensuring a
streamlined view of matters of relevance
across the Committees. The Committee
welcomed enhanced reporting by
management with the incorporation of
operational risk dashboards to provide a
more holistic view across the controls and
risk space. This is expected to support the
effective and efficient consideration by the
Board Audit Committee and Board Risk
Committee of matters relevant to both
committees.

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Directors’ report: Board Audit Committee report

With respect to climate matters, the
Committee received input from the Board
Sustainability Committee on our external
climate and sustainability narrative
disclosures. Best practice and regulation
regarding climate and sustainability
reporting and related assurance are still
evolving, while investor and other
stakeholder appetite for information
continues to grow, and this is an area to
which the Committee will continue to have
close regard. Barclays’ climate strategy
remains a key focus of the Group and the
Committee continues to monitor that the
impact of climate change has been
addressed in preparing the Group’s
financial statements.
The independent assurance and challenge
provided by both Barclays Internal Audit
(BIA) and KPMG as statutory auditor are
critical to the Committee’s oversight role
in relation to internal controls and financial
reporting. For this reason, the Committee
continues to hold regular separate private
sessions with each of the Group Chief
Internal Auditor and the lead KPMG audit
engagement partner without
management present.
The Committee has oversight of Barclays’
whistleblowing programme and I took over
the role of Group Whistleblowers'
Champion upon my appointment as
Committee Chair. During 2023, I met with
the FCA and also held regular meetings
with the Whistleblowing team to
understand their key areas of focus and
the Committee continues to receive
detailed semi-annual whistleblowing
updates.
Throughout the year I also held regular
meetings with a number of other
colleagues and stakeholders to discuss
any material and emerging key issues
impacting the Group (including its key
subsidiaries) and of relevance to the
Committee. This included regular
meetings with the Chair of the BBUKPLC
Board Audit Committee, the Group
Finance Director, Group Chief Internal
Auditor and lead KPMG audit partner. As
Committee Chair, throughout the year I
also engaged regularly with the Group’s
key regulators, including meeting with
representatives of the PRA, FCA and
FRBNY.
Committee effectiveness
The results of the Committee
effectiveness review for 2023 confirm the
Committee is operating effectively. It is
considered well constituted and chaired,
providing an effective and appropriate level
of challenge and oversight of the areas
within its remit. Feedback recognised the
effective transition of the Chair in April
2023. The review highlights that the
Committee is considered to have the right
level of skills and experience, including
recent and relevant financial experience,
and is of an appropriate size. Feedback
indicates that the Committee is
considered to operate at the right level of
debate, and confirms that the allocation of
time between agenda items in Committee
meetings is appropriate, with sufficient
time for discussion and challenge.
The Committee’s interaction with the
Board, Board Committees and senior
management is considered effective,
noting that sufficient time is allocated at
Board meetings for the Chair to report to
the Board on the work of the Committee.
Feedback indicated that concurrent
meetings of the BPLC and BBPLC Board
Audit Committee continue to be effective,
with coverage of BBPLC matters within
concurrent meetings considered
appropriate.
Interaction with the BBUKPLC Board Audit
Committee was also considered effective,
confirming that the Committee continues
to exercise sufficient oversight of issues
relevant to the Committee’s remit relating
to BBUKPLC.
Please see the report of the Board
Nominations Committee for details on the
process for conducting the 2023
Committee effectiveness review.
Looking ahead
Management has made some significant
progress on remediation during the course
of 2023; maintaining that momentum in
2024 will be a key focus of the Committee.
Finally, after some five years in the role,
and having made significant progress in
the operation and methodologies used by
BIA, Lindsay O’Reilly will be stepping down
as Group Chief Internal Auditor during
2024. The Committee will be looking to
approve the appointment of a new Group
Chief Internal Auditor in the coming
months and would like to extend its thanks
to Lindsay for her invaluable support, which
is continuing through this transition period.
Julia Wilson
Chair, Board Audit Committee
19 February 2024

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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, and who is the
designated financial expert on the
Committee for the purposes of SOx, has
significant corporate finance, tax and
accounting experience including serving as
the Group Finance Director of 3i plc from
2008 to 2022 and as Chair of the board audit
committee at Legal & General Group plc.
In 2023, the Committee met 12 times, with
no ad hoc meetings held during the year
(2022: 14 times, including four ad hoc
meetings). Attendance by members at
C ommittee meetings is shown on page 166.
Committee meetings were attended by
representatives from management,
including the Group Chief Executive,
Group Finance Director, Group Chief
Internal Auditor, Group Chief Controls
Officer, Group Chief Risk Officer, Group
Chief Operating Officer, Group General
Counsel and Group Chief Compliance
Officer, as well as representatives from the
businesses and other functions, and from
BBPLC senior management reflecting the
partially consolidated operation of the
BPLC and BBPLC Committee meetings.
The lead audit engagement partner of
KPMG also attended Committee
meetings.
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.

| 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 • 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/ |

Primary activities
The Committee discharged its responsibilities in 2023 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 having regard to the
current macroeconomic environment.

Areas of focus | Role of Committee / Key issues considered | Conclusion/action taken
Financial reporting
Fair, balanced and understandable reporting (including Country- by- Country Reporting and Modern Slavery Statement) | 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 and associated year-end reports, the Committee also reviewed the Group’s half-year and quarterly results announcements and the presentations to analysts. 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 • consideration of the results of management’s processes relating to financial reporting matters, including the output of the Group’s internal control assessments and the SOx s404 internal control processes. The Committee closely considered the Group's financial disclosures and provided feedback, including on areas where disclosures could be enhanced. Recognising the increasing focus on, and prominence of, ESG reporting, the Committee considered the governance and assurance framework for such disclosures. The Committee emphasised the importance of management continuing to review and enhance the processes and controls around the disclosures (particularly in relation to the underlying data) as the disclosure framework and expected use of the information evolves. Having evaluated all of the available information, the assurances by management and underlying processes used to prepare the published financial information, the Committee concluded and recommended to the Board that the 2023 Annual Report and Accounts are fair, balanced and understandable.

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| Governance |
Directors’ report: Board Audit Committee report (continued)

Areas of focus | Role of Committee / Key issues considered | Conclusion/action taken
Significant accounting judgements
Conduct provisions (refer to Note 23 to the financial statements) | 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, including with regards to Barclays' provisioning for legacy conduct issues. | The Committee reviewed and challenged management’s approach to conduct provisions throughout the year and was satisfied that management's judgement and approach resulted in an adequate and appropriate level of provision in relation to the various conduct matters.
Impairment of financial instruments (refer to Note 8 to the financial statements) | The Committee monitors management's judgements in relation to expected credit losses (ECLs), which are modelled using a range of forecast economic scenarios. They use forward-looking models which require judgements to be made over modelling assumptions, including: • the determination of macroeconomic scenarios to be used • the methodology for weighting of scenarios • the criteria used to determine significant deterioration in credit quality • the application of management adjustments to the ECL modelled output. | As part of its monitoring, the Committee considered regular reports from management on: • the impact of the macroeconomic environment, including high interest rates, inflationary pressures and unemployment levels • model changes and model validation, and the impact of this on the use of post-model adjustments • the refresh of macroeconomic variables and associated weighting. The Committee closely considered management’s judgement on impairment coverage levels, including the impact of increasing delinquency levels in certain areas of the portfolio. Having considered and scrutinised the reports, the Committee agreed with management’s conclusion that the impairment provision was appropriate.
Impairment of goodwill and intangibles (refer to Note 21 to the financial statements) | The Committee considers management's judgement in relation to goodwill and intangibles. The carrying value of goodwill and intangible assets is assessed on the basis of discounted forecast future earnings. Given the significant component of earnings attributable to net interest income, such forecasts are particularly sensitive to the level of long-term interest rates and assumed levels of future lending. The period over which intangible assets are amortised appropriately reflects the useful economic life. | The Committee considered management's reports on its assessment of the Group's goodwill balances and intangibles to identify any indicators of impairment, including the methodology and controls applied to the process. The Committee was satisfied with management's determination on the indicators of impairment and quantum of the impairment amount identified.
Legal, competition and regulatory provisions (refer to Note 25 to the financial statements) | Barclays is engaged in various legal, competition and regulatory matters which may give rise to provisioning based on the facts. The level of provisioning is subject to management judgement on the basis of legal advice and is, therefore, an area of focus for the Committee. | The Committee received regular reports on the status of current legal, competition and regulatory matters and considered the impact of those matters on the Group’s provision levels. It also oversaw enhancements in the reporting to the Committee on these matters. It considered management’s judgements on the level of provision to be taken and accompanying disclosures and agreed that the level of provision at the year end was appropriate. The Committee also reviewed the disclosures made in respect of legal, competition and regulatory matters, and concluded that they provided appropriate information for investors.
Valuations (refer to Notes 13 to 17 to the financial statements) | 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 scrutinised management's approach to valuations, including in respect of pensions and the leveraged finance portfolio. The Committee was satisfied with the accounting treatment in respect of the various matters.
Tax (refer to Note 9 to the financial statements) | The Committee is responsible for considering the Group's tax strategy and overseeing compliance with the Group's Tax Principles. Barclays is subject to taxation in a number of jurisdictions globally and makes judgements with regard to provisioning for tax at risk and to the recognition and measurement of deferred tax assets. | The Committee: • received reports from the Global Head of Tax, including updates on the work of the Tax Management Oversight Committee • reviewed the appropriateness of provisions made for uncertain tax positions and management’s approach to the tax treatment of index-linked gilts and its impact on the Group’s effective tax rate • considered the impact of the UK Government’s implementation of the OECD’s global minimum tax rules • monitored the Group’s interactions with tax authorities and the material tax risks for 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.

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| Governance |
Directors’ report: Board Audit Committee report (continued)

Areas of focus | Role of Committee / Key issues considered | Conclusion/action taken
Going concern and viability
Going concern and long-term viability (refer to the Viability Statement on page 54) | 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 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 (dividends and share buy-backs) for the full year ended 31 December 2022 and for the half year ended 30 June 2023. | Having regard to the distributable reserves available to the Company, the Committee reviewed and reported to the Board on proposals for (i) a dividend for the financial year ended 31 December 2022 of 5.0p per share along with a share buy-back of up to £500m; and (ii) a dividend for the half year ended 30 June 2023 of 2.7p per share along with a share buy-back of up to £750m. In early 2024, the Committee reviewed and reported to the Board on the distributable reserves position for the full year dividend for the year ended 31 December 2023 along with a proposed share buy-back.
Internal controls |  |
Internal controls and business control environment (read more about Barclays' internal control and risk management processes on page 184) | 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 management’s response • evaluated and tracked the status of the more significant control matters through regular reports from the Group Chief Controls Officer • discussed reports from heads of key businesses (including Barclays UK and BBPLC) on their control environment, together with views from the second and third lines of defence. The Committee received regular deep dive reports on the more material remediation programmes across the Group, keeping a close eye on management’s progress and delivery against key milestones, including through to closure of a programme and validation by BIA. The Committee challenged management’s approach to measuring progress and emphasised the importance of qualitative factors such as the embedment and sustainability of programmes.
Whistleblowing |  |
Raising concerns | 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 key metrics underpinning this) and any potential whistleblowing trends which might emerge. The Committee also monitored the implementation of enhancements to the whistleblowing process following the external benchmarking review conducted in 2022.

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Directors’ report: Board Audit Committee report (continued)

Areas of focus | Role of Committee / Key issues considered | Conclusion/action taken
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 internal audit plans, methodology and deliverables for 2023, including consideration of how regulatory priorities and required regulatory coverage has been reflected in the plan • reviewed BIA's audit reports in relation to specific audits, key areas of focus and themes • tracked the levels of adverse audits and issues raised by BIA and monitored related remediation plans • received regular updates on BIA colleague matters, including colleague engagement and resourcing • discussed BIA's assessment of the control environment and management control approach in Group companies and functions. The Committee noted the independence of the BIA function, and through reviewing BIA's quality assurance updates was pleased to see the reports demonstrating the independence of BIA’s quality assurance function. The Committee considered and was comfortable with the approach by BIA to embed the UK Consumer Duty into the BIA framework. The Committee conducted a performance assessment of BIA for 2023 and concluded it was satisfied with BIA's performance against its objectives agreed with the Committee Chair at the beginning of the year. At the end of the year, the Committee approved the 2024 audit plan, detailing the number of audits to be undertaken and the focus areas. It also approved BIA's Audit Charter following the annual review.
External audit |  |
External audit | The Committee monitors the work and performance of KPMG. | The Committee: • met with key members of the KPMG audit team to discuss the 2023 audit plan and KPMG’s areas of focus • approved the 2023 audit plan and the main areas of focus for the year • assessed regular reports from KPMG on the progress of the 2023 audit and any material accounting and control issues identified • discussed KPMG’s draft reports on control areas of focus and the control environment ahead of the 2023 year end • approved the terms of the audit engagement letter and associated fees for 2023, on behalf of the Board. The Committee sought KPMG's views on a number of specific matters, including management's approach to critical accounting judgements and estimates, and sought to understand where KPMG had challenged management's assessment prior to reaching a conclusion. This included considering KPMG challenge in relation to key controls matters and the approach to disclosures in the Group's full year, half-year and interim financial results. The Committee considered KPMG’s response to the PRA Written Auditor Reporting for 2022, and discussed with KPMG the questions in scope for the 2023 Written Auditor Reporting.

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Directors’ report: Board Audit Committee report (continued)

External auditor
Following an external audit tender in 2015, KPMG was appointed as Barclays’ statutory auditor with effect from the 2017 financial year.
Stuart Crisp, Barclays’ lead audit engagement partner, has been in the role since 2022 and attends all meetings of the Committee.
Assessing external auditor effectiveness, objectivity and independence and non-audit services
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 meetings, during private meetings with KPMG and
through discussions with key Group executives. In particular, the Committee assessed KPMG’s effectiveness, objectivity and
independence in the following ways:

| Throughout the year • Met with senior members of the KPMG audit team from the UK, Ireland and US to discuss the approach to the 2023 audit. • Reviewed regular reports from management on the non- audit services provided by KPMG to Barclays. • Reviewed regular reports from management detailing any employees or workers hired from KPMG. • Discussed with KPMG their consideration of internal controls over financial reporting. • Considered areas in which KPMG had challenged management’s assumptions in areas of key judgement. • Assessed any potential threats to independence that were self-identified and reported by KPMG, all of which were regarded by the Committee as being adequately addressed. |  |  |  | Annual assessment, audit quality and external findings • The Group undertakes an annual formal assessment of KPMG’s performance, independence and objectivity. The assessment for 2023 was conducted in early 2024, by way of a questionnaire completed by key stakeholders across the Group who have regular interaction with KPMG. The questionnaire was designed to evaluate KPMG’s audit process, its effectiveness and overall output. • Consistent with previous years, in 2023 KPMG nominated a senior partner of the audit team to have specific responsibility for ensuring audit quality. The Committee received reports from him during the year on his assessment of audit quality. • The findings of the FRC’s Audit Quality Report on KPMG published in July 2023, including its inspection of the Barclays audit for the year ended 31 December 2021, provided further comfort to the Committee on the quality and effectiveness of KPMG’s audit, acknowledging that there remains areas for improvement. |
| Outcome Taking into account the result of all of the above, the Committee considered that KPMG maintained its independence and objectivity, exercised robust challenge and demonstrated professional scepticism in the audit process. The Committee was therefore satisfied that the audit process was effective. |

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. A summary of
the Policy can be found at home.barclays/
who-we-are/our-governance/auditor-
independence/
The Policy sets out the type of services
that the auditor is permitted to carry out
and pre-approves certain of these services
provided the fee is below a certain
threshold, except for specific categories of
permitted services that require explicit
Committee approval. All other permitted
services must be approved in advance by
the Committee. 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.
In early 2023, KPMG advised the
Committee that, following on from an
event notified to the Committee in late
2022, a further instance had been
identified of a KPMG member firm having
provided services in connection with the
preparation of local statutory accounts of
a small overseas subsidiary not in scope for
the Group audit. KPMG assured the
Committee, having made appropriate
enquiries of their member firms providing
services to the Group, that these were
isolated instances. In these circumstances,
the Committee agreed with KPMG’s
assessment that this had not impaired
their integrity or objectivity.
In view of the events notified by KPMG, the
Committee reviewed the Policy in early
2023 to determine whether any revisions
were required to ensure such events did
not arise again. While it was determined
that the Policy provided sufficiently clear
guidance in terms of prohibited non-audit
service work, certain enhancements were
made to the Policy to further support the
operation of the Policy including by
specifying examples of the type of work
prohibited under each headline service.

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The fees payable to KPMG for the year
ended 31 December 2023 amounted to
£78m (2022: £71m), of which £14m (2022:
£13m) 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 £14m of non-
audit services provided by KPMG during
2023, the significant categories of
engagement, i.e. services where the fees
amounted to more than £500,000,
included:
• audit-related services: services in
connection with CASS (Client Assets
Sourcebook) audits
• other 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
• other attestation and assurance
services, such as ongoing attestation
and assurance services for treasury
and capital markets transactions to
meet regulatory requirements, including
regular reporting obligations and
verification reports.

| The Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014 An external audit tender was conducted in 2015 and the decision was made to appoint KPMG as Barclays’ external auditor with effect from the 2017 financial year. 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, which relates to the frequency and governance of tenders for the appointment of the external auditor and the setting of a policy on the provision of non-audit services. As explained in previous Committee reports, provided that KPMG continues to maintain its independence and objectivity, and the Committee remains satisfied with its performance, the Board does not intend to tender for an alternative external auditor to be appointed before the end of the current required period of 10 years. Accordingly, any tender is expected to be in respect of the 2027 financial year onwards and is likely to take place in 2025. The Committee has reconfirmed that it would not be appropriate to tender before this date. The Committee observed that there has been significant rotation of the senior members of the audit team since 2017 and more recent changes in certain members of the Barclays senior finance team, both of which have reduced any potential familiarisation threat. |

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Directors’ report: Board Audit Committee report (continued)

Providing considered risk oversight through challenging times
Proactive risk management in a dynamic risk environment.

D ear Fellow Shareholders
During 2023, the Committee focused on
the financial and operational challenges
arising from ongoing macroeconomic
uncertainty and geopolitical tensions,
overseeing management’s proactive
approach to positioning the Group
appropriately for the uncertain
environment.
The macroeconomic outlook was defined
by central bank efforts to contain inflation
through higher interest rates, balanced
against the desire to protect economic
growth and employment. As the year
came to a close, market participants
remained focused on the expected turn of
the rates cycle and the implications for
asset prices and the credit cycle. The
Committee remained watchful of these
events and other risks, such as the
potential for disorderly market corrections
and economic slowdowns across the
globe; alongside wider geopolitical
tensions and their impact on Barclays’
portfolios and businesses. Throughout the
year the Committee heard from and
challenged senior business leaders, in
addition to second line risk and compliance
colleagues, about how they consider and
manage risks as they execute their
business strategies, including any
mitigating actions being taken.
2023 was undoubtedly a challenging year
for the banking sector with significant
market volatility, particularly in the first half
of the year, coupled with the collapse of a
number of US regional banks and the
takeover of a distressed global bank. In
addition to overseeing Barclays’
management of its liquidity and capital
positions, the Committee reviewed
management’s learnings from these
events to help ensure that Barclays
remains resilient through periods of stress.

| Board Risk Committee |
| Robert Berry Chair, Board Risk Committee |  |  |  | Committee membership and meeting attendance in 2023 1 |
|  |  |  |  | Member | Meetings attended/eligible to attend (including ad hoc meetings) |
|  |  |  | Robert Berry | 11/11 |
|  |  |  | Mohamed A. El-Erian | 9/11 |
|  |  |  | Dawn Fitzpatrick | 11/11 |
|  |  |  | Sir John Kingman 2 | 5/5 |
|  |  |  | Marc Moses 3 | 11/11 |
|  |  |  | Diane Schueneman | 9/11 |
|  |  |  | Julia Wilson | 11/11 |
|  |  |  | Mike Ashley 4 | 4/4 |
|  |  |  | Brian Gilvary 5 |  | 4/5 |
| Notes 1 There were nine scheduled meetings and two ad hoc meetings of the Committee in 2023. Owing to prior commitments and ad hoc meetings being called at short notice, Mohamed A. El-Erian was unable to attend two scheduled meetings, Diane Schueneman was unable to attend one scheduled meeting and one ad hoc meeting and Brian Gilvary was unable to attend one ad hoc meeting. |  | Committee membership in 2023 2 Appointed with effect from 16 June 2023. 3 Appointed with effect from 23 January 2023. 4 Retired with effect from 3 May 2023. 5 Retired with effect from 1 June 2023. Notes |

Alongside financial risks, the Committee
oversaw management’s work to drive
robust operational risk management
across Barclays; in this regard, the
Committee considered the risks of cyber-
related attacks and their potential impact
on customers and clients, and heard from
management about ongoing work to
strengthen the bank’s cybersecurity
defences. In addition, the Committee
monitored work in Barclays UK designed to
reduce risk by improving the control
environment and drive efficiencies.
The Committee tracked Barclays' progress
towards ensuring it can recover its most
important business services in the event of
material service disruption within tolerance
by the regulatory deadline of March 2025.

Financial crime risk across the financial
services sector has grown as a result of the
increasing sophistication of bad-actors. In
recognition of the growing risks, the
Committee closely monitored
management’s work to identify and
mitigate financial crime risk across the
Group, in line with increased regulatory
expectations.
Conduct risk remains a key area of
oversight. The Committee oversaw
management’s preparations for the
implementation of the Financial Conduct
Authority’s (FCA) ‘Consumer Duty' in July
2023, and continues to monitor
management's efforts to ensure good
outcomes for retail customers.
During the year, the Committee reviewed
changes to the Group’s Enterprise Risk
Management Framework (ERMF), to
underpin work to strengthen how the
Group manages the risks of non-
compliance with laws, rules and regulations
(LRR). As part of this a new LRR risk was
established alongside conduct risk under a
new Principal Risk called Compliance risk.

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The Committee continued to oversee how
climate change is driving financial and
operational risks, the materiality of their
impact and how Barclays is managing them
through the Climate Principal Risk
Framework. The Committee received
updates on the Bank’s ongoing
advancements to its climate risk
management approach, including the
development of a risk appetite, monitored
through a range of quantitative metrics.
The Committee also heard from senior
business leaders about how climate risks
are being integrated into their business
strategies and plans.
The Committee approved the results of
the 2023 internal climate stress test (CST)
and considered lessons learned that will
enable Barclays to better assess specific
climate vulnerabilities as well as the impact
that climate factors can have on the
financial stresses used to calibrate overall
risk appetite. The Committee will continue
to maintain close oversight of the annual
CST as it is further integrated into the
Group’s planning and stress testing
framework.
As part of its work overseeing climate risk,
the Committee worked closely with the
Board Audit Committee and Board
Sustainability Committee, ensuring a
streamlined view of matters of relevance
across the Committees.
The Group uses models and data to
support a broad range of business
decisions and risk management activities
across the Group. This is an area impacted
by rapid technological change and
increasing regulatory scrutiny and the
Committee continued to focus on the
Bank’s approach to managing the
associated risks, including its approach to
developing and validating models, and
monitoring of their performance through a
volatile macro environment.
The volume of regulatory change across
the global financial services industry is
significant. The Committee heard from
management about the impact of these
changes for Barclays and the work
necessary to ensure compliance. This is an
area to which the Committee expects to
devote attention in 2024 and beyond.
By way of a final word, in 2023, the
Committee oversaw a change to the
senior management of the Compliance
function, with the appointment of a new
Group Chief Compliance Officer, Kirsty
Everett, who took up the role in July 2023.
In 2023 we also welcomed both Marc
Moses and Sir John Kingman (Chair of
Barclays UK) to the Committee, both of
whom bring with them a deep knowledge
of financial services.
Committee effectiveness
The results of the Committee
effectiveness review for 2023 confirm the
Committee is operating effectively; it is
considered well constituted and chaired,
providing an effective and appropriate level
of challenge and oversight of the areas
within its remit. Feedback noted members’
wide and diverse skills and experience,
recognising that recent additions to
Committee composition had been positive
in providing the Committee with a deeper
retail perspective. Feedback indicates that
the Committee is considered to operate at
the right level of debate. It also confirms
that the allocation of time between agenda
items in meetings is appropriate, with
sufficient time for discussion and
challenge.
The Committee’s interaction with the
Board, Board Committees and senior
management is also considered effective,
noting that sufficient time is allocated at
Board meetings for the Chair to report to
the Board on the work of the Committee.
Feedback indicated that concurrent
meetings of the BPLC and BBPLC Board
Risk Committee continue to be effective,
with coverage of BBPLC matters within
concurrent meetings considered
appropriate.
Interaction with the BBUKPLC Board Risk
Committee was also considered effective,
confirming that the Committee continues
to exercise appropriate oversight of issues
relevant to the Committee’s remit relating
to BBUKPLC.
Please see the report of the Board
Nominations Committee for further details
on the process for conducting the 2023
Committee effectiveness review.
Looking ahead
The Committee actively encourages
management to be alert to areas of
emerging risk, particularly in light of the
rapidly evolving macroeconomic,
geopolitical and technological
environments. As we move into 2024,
geopolitical tensions, macroeconomic
uncertainty and inflationary pressures are
expected to continue, with further
uncertainty on the horizon in light of the
upcoming election cycles in many of our
key markets, including the US and UK. The
Committee will continue to work with
management to anticipate, stress test and
prepare for periods of volatility to prevent
outsized or unexpected losses
materialising and to manage emerging
risks as they arise.
Robert Berry
Chair, Board Risk Committee
19 February 2024

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Directors’ report: Board Risk Committee report (continued)

Committee meetings
In 2023, the Committee met 11 times
(including two ad hoc meetings) and the
attendance by members at these
meetings is shown on page 174. In addition
to its members, Committee meetings
were attended by representatives from
senior management, including the Group
Chief Executive, Group Chief Risk Officer,
Group Finance Director, Group Chief
Internal Auditor, Group Treasurer, Group
Chief Compliance Officer and Group
General Counsel, as well as
representatives from the businesses and
additional colleagues from the Risk
function. The Committee held regular
private sessions with the Group Chief Risk
Officer and the Group Chief Compliance
Officer; these were not attended by other
members of management. The lead audit
engagement partner of KPMG also
attended Committee meetings.

| Committee roles and responsibilities 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, 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/ |

Primary activities
The Committee discharged its responsibilities in 2023 through reviewing and monitoring Group exposures in the context of the current
and emerging risks facing the Group. The Committee seeks to promote a strong culture of disciplined risk management.

Areas of focus | Key role of Committee | Conclusion/action taken
Risk framework and governance | • To review the design of the ERMF and recommend to the Board for approval any relevant changes. • To track the progress of significant risk management projects. • To consider risk management matters raised by Barclays’ regulators and monitor the actions being taken by management to respond. • To review the effectiveness of the Company's risk management systems. | • The Committee reviewed an update to the ERMF to clarify roles and responsibilities of Legal, Compliance and Risk, particularly relating to the framework and governance for compliance with LRRs. The Committee recommended the updated ERMF to the Board for approval. • The Committee reviewed reports from management on guidance, letters and reviews received from regulators. The Committee examined management’s responses to the matters raised by regulators and received updates on key remediation programmes.
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 propose to the Board an appropriate risk appetite and tolerance for the Principal Risks, including an overall Group risk appetite and limits. • To review and approve the methodology used to establish the Group’s risk appetite and associated stress testing. • To discuss and agree stress loss and mandate and scale limits for credit risk, market risk, operational risk and treasury and capital risk. • To consider and approve internal stress test (IST) themes, and consider the financial constraints and scenarios, for stress testing risk appetite for the Medium Term Plan (MTP). • To consider and approve the results of stress tests required by regulatory bodies. | • The Committee discussed and approved the mandate and scale limits as well as the stress loss limits for the Group. Subsequent changes were reviewed and approved during the course of the year. • The Committee considered and approved stress test results, including those of the 2023 IST and reverse IST, as well as the associated risk appetite for the MTP. • The Committee reviewed and approved the results of the internal CST, and received a report on the lessons learned from the exercise. • The Committee considered feedback from the FRB on Barclays US LLC’s Comprehensive Capital Analysis and Review (CCAR) following the submission of the CCAR stress test results.

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Directors’ report: Board Risk Committee report (continued)

Areas of focus | Key role of Committee | Conclusion/action taken
Risk profile i.e. the impact on the Group’s risk profile of geopolitical and macroeconomic developments and conditions. | • To evaluate and report to the Board on the Group’s risk profile and monitoring of the Principal Risks in the ERMF. • To consider proposed material changes to the Group’s risk profile. | • The Committee received regular updates on the Group's risk profile from the Group Chief Risk Officer. • The Committee examined key risk themes in order to monitor the evolving risk environment in which Barclays operates, the response of management, and the changing risk profile of the Group. • The Committee considered macroeconomic developments, including economic slowdown across several major economies, inflationary pressures, market volatility, higher energy costs and supply chain constraints, the path of interest rates, and the associated consumer affordability stresses. • The Committee monitored the Group's exposures to geopolitical risks and considered longer-term and emerging risk themes.
Credit risk and Market risk i.e. the risk of financial loss if customers, clients or counterparties fail to fully honour their obligations; or due to market movements. | • To review and consider vulnerabilities to credit losses in the bank’s lending and banking transactions which 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 considered a report from management following market events in relation to the distress of a number of financial institutions and takeover of a global bank and lessons learned for process and operational improvements. • In light of the challenging inflationary and rates environment throughout 2023, the Committee considered updates on the impact on consumer indebtedness and Barclays consumer portfolios. • The Committee received regular updates on credit risk and market risk within the CIB, with a particular focus on the structured lending and finance and leveraged finance portfolios. • The Committee received reports on enhancements to regulatory reporting.
Treasury and Capital risk i.e. having sufficient capital and financial resources to meet the Group’s regulatory requirements and its obligations as they fall due, to maintain its credit rating, to support growth and strategic option. | • 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 the ICAAP and ILAAP scenario review. | • 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, taking into account relevant macroeconomic factors. • The Committee received a preliminary assessment of the ICAAP and the ILAAP in May 2023. The Committee subsequently discussed and approved the Group's 2023 ICAAP and the Group's 2023 ILAAP prior to their submission to the PRA. • The Committee recommended to the Board for approval the Group Recovery Plan, which forms part of the Group’s capital and liquidity risk management framework. • The Committee reviewed the Resolvability Assessment Framework (RAF), along with lessons learned from a Recovery and Resolution Simulation Exercise and recommended the RAF to the Board for approval. • The Committee monitored preparations for compliance with Trading Wind Down capabilities in the context of recovery planning and post resolution restructuring.

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Areas of focus | Key role of Committee | Conclusion/action taken
Climate risk i.e. the impact on financial and operational risks arising from climate change through physical risks, risks associated with transitioning to a lower- carbon economy and connected risks. | • To consider and assess the impact of climate risk on the Group’s activities. | • The Committee received regular updates on climate risk including areas of elevated climate risk and progress against sector targets. • The Committee considered progress and plans around integration of climate into business actions and the development of quantitative climate risk appetite and an additional climate stress as a secondary test for the MTP. • The Committee reviewed how climate change is driving financial and operational risks and how Barclays is managing them.
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, conduct risk, operational recovery planning, cybersecurity risk, execution risk, technology and data, including the controls that are in place for managing and mitigating such risks. • To track operational risk key indicators. | • The Committee received regular reporting on key operational risk indicators and was briefed by management on a number of operational risks topics, including those relating to technology risk, fraud, third party risk management, cyber and information security and the risks associated with new business activities. • The Committee oversaw and provided feedback on work to redesign the new and amended products process, including a new governance framework. • The Committee considered operational resilience, including reviewing and recommending to the Board for approval the 2023 Resilience Self-Assessment report, detailing the resilience risks which may impact Barclays’ ability to recover within impact tolerance, and to ensure plans align to enhanced expectations intended to reduce the risk of customer/client harm. • The Committee received updates on cyber resilience and reviewed the results of an external benchmarking exercise to test cybersecurity and resilience. • The Committee considered operational risks in the context of work in Barclays UK to upgrade its technology platform to improve the control environment and drive efficiencies.
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 reviewed and discussed regular updates on model risk, including progress in developing the Model Risk Management Framework, and in relation to the continued focus and momentum required to address increasing regulatory expectations and the development of an uncertainty framework for large models frameworks. • The Committee continued its oversight of the new independent Model Strategy and Oversight team, particularly with respect to review of and enhancements made to key models and developments and remediations.

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Areas of focus | Key role of Committee | Conclusion/action taken
Compliance risk i.e. Compliance risk is comprised of (i) LRR risk and (ii) conduct risk, which is the risk of poor outcomes to customers, clients and markets, arising from the delivery of the Group's products and services. | • To receive updates from management on conduct risk and consider performance against key conduct risk indicators and the status of initiatives in place to address those risks to further strengthen the culture of the business. • To review the effectiveness of the Conduct Risk Framework. • To oversee how Barclays mitigates the risk of non-compliance with LRR risk. | • The Committee received regular updates on conduct risk and assessments of potential risks to the Group following market events. • The Committee received updates on lessons learned reviews undertaken in response to industry developments and events, and continued to monitor ongoing remediation activities. • The Committee received regular updates on the management of the Group’s financial crime risk. • The Committee received briefings on the Group’s preparations for commencement of the FCA’s new Consumer Duty.
Legal risk i.e. the risk of loss or imposition of penalties, damages or fines from the failure of the firm to meet its legal obligations, including regulatory or contractual requirements. | • To monitor the Group’s legal risk profile, including considering potential material emerging legal risks. | • The Committee received regular updates on the legal risks faced by the Group, including horizon scanning for key areas of emerging legal risk and Barclays’ ability to manage these and other risk trends.
Remuneration | • To make a recommendation to the Board Remuneration Committee on the financial and operational risk factors to be taken into account in annual remuneration decisions. | • The Committee considered the 2023 ex-ante risk adjustment methodology including input from the Group Chief Risk Officer and the Group Chief Compliance Officer.
Oversight of the Risk and Compliance functions | • To safeguard the independence of, and oversee the performance of, Barclays' Risk and Compliance functions. • To satisfy itself that the Barclays Compliance and Risk functions are adequately resourced, and have appropriate access to information so as to be able to perform their functions effectively. • To review the Compliance function’s Annual Compliance Plan. • To oversee the Group’s compliance and risk culture. | • The Committee considered assessments of the performance of the Risk and Compliance functions. • The Committee met privately with the Chief Risk Officer and Chief Compliance Officer on a regular basis. • The Committee approved the Annual Compliance Plan. • The Committee received updates on the compliance and risk culture within the Group.

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Directors’ report: Board Risk Committee report (continued)

Driving forward our net zero ambition
Overseeing our climate and sustainability strategy.

Dear Fellow Shareholders
I am delighted to present to you the first
report of the Board Sustainability
Committee.
In March 2020, Barclays announced its
ambition to be a net zero bank by 2050,
becoming one of the first banks to do so. In
2023, we continued to pursue
opportunities and support our clients as
they transition their businesses to a low-
carbon economy.
When I wrote to you ahead of our 2023
AGM, I highlighted that a key commitment
for Barclays over the subsequent 12
months was to help finance this transition
and in December 2022 we announced a
new target to facilitate $1trn of Sustainable
and Transition Financing between 2023
and 2030, and increased our investment
mandate to £500m of capital to invest in
early-stage climate-tech companies by the
end of 2027. Today we are reporting
$67.8bn financing facilitated towards the
$1trn Sustainable and Transition Financing
target and £138m invested since March
2020 in 21 climate-tech companies.
A second key priority was to assess
baseline emissions for the four remaining
high-emitting sectors in our portfolio, as
well as developing a high-level modelled
assessment of our overall balance sheet,
consistent with the approach outlined by
the Partnership for Carbon Accounting
Financials (PCAF). We have announced
new targets for Aviation, Commercial Real
Estate and Agriculture, and published our
first high-level modelled assessment under
PCAF. We have also published our updated
Climate Change Statement which includes
n ew restrictions on oil and gas financing. In
particular, we will stop directly financing
new oil and gas projects, and have set clear
expectations for our energy clients to
produce transition or decarbonisation
plans and set near-term targets to reduce
emissions.
The final key priority was to refine our
Client Transition Framework so as to
improve our ability to work with clients in
high-emitting sectors on their individual
transition plans. This will allow us to
measure and monitor our clients’
decarbonisation progress and assess the
implications for our targets, and to offer
more tailored support to clients’ transition
requirements.

| Board Sustainability Committee |
| Nigel Higgins Chair, Board Sustainability Committee |  |  |  | Committee membership and meeting attendance in 2023 1 |
|  |  |  |  | Member | Meetings attended/eligible to attend |
|  |  |  | Nigel Higgins | 4/4 |
|  |  |  | Robert Berry | 4/4 |
|  |  |  | Dawn Fitzpatrick | 3/4 |
|  |  |  | Mary Francis | 4/4 |
|  |  |  | Brian Gilvary | 2/4 |
|  |  |  | C.S. Venkatakrishnan | 4/4 |
|  |  |  | Julia Wilson | 4/4 |
| Note 1 There were four scheduled Committee meetings held in 2023. Owing to prior commitments, Brian Gilvary was unable to attend two meetings and Dawn Fitzpatrick was unable to attend one meeting. |  |  |  |  |

The Board has direct oversight of and
responsibility for the Group’s climate and
sustainability strategy. However, given the
importance of this work and the growing
importance of other sustainability areas,
including nature and biodiversity, in March
2023 the Board approved the
establishment of a new Board
Sustainability Committee to support and
advise the Board in its oversight of climate
and sustainability matters.
The Committee receives presentations
into the challenges and opportunities in
this area (including external input on
specific areas of focus), undertakes
detailed reviews and discussions and
makes recommendations to the Board on
key topics. The table on page 182 provides
an overview of the Committee’s work in
2023 supporting the Board in overseeing
the activities to meet our climate priorities.
In addition to myself, the members of the
Committee are Robert Berry, Dawn
Fitzpatrick, Mary Francis, Brian Gilvary, C.S.
Venkatakrishnan and Julia Wilson. Tracy
Corrigan also attends Committee
meetings as a non-executive
representative of the BBUKPLC Board.

| As an Executive member of the Committee, our Group Chief Executive brings invaluable climate and sustainability insight to the Committee’s discussions, including the views of key external stakeholders. He is also a member of the UNEP FI Leadership Council and a member of the CNBC ESG Council, and through those roles he is able to bring external perspectives of key climate/sustainability matters to the Committee’s discussions. |

Having cross-membership on the
Committee with the Chairs of our Board
Audit, Remuneration and Risk Committees,
as well as connectivity with the BBUKPLC
Board, helps to ensure a streamlined
approach to Board-level oversight of all
climate and sustainability related matters.
Committee effectiveness
The results of the Committee
effectiveness review for 2023 confirm the
Committee is operating effectively. It is
considered well constituted and chaired,
providing high-quality oversight and
constructive challenge to management in
the areas within its remit. The review
highlights that the Committee is
considered to have the right level of skills
and experience, including climate/
sustainability expertise, and is of an
appropriate size. The review noted the
benefits of having cross-membership
between the Committee and the Board Risk
Committee and the Board Audit
Committee, and having the Group Chief
Executive as a member of the Committee
in the context of the development of
Barclays’ climate strategy as well as the
skills and experience he brings to the
Committee.

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| Governance |
Directors’ report: Board Sustainability Committee report

Feedback indicates that the Committee is
considered to operate at the right level of
debate, and that the allocation of time
between agenda items in Committee
meetings is appropriate, with sufficient time
for discussion and challenge, and focus on
the right matters.
The review concluded that the
Committee’s interaction with the Board,
Board Committees and senior
management is considered effective,
noting that sufficient time is allocated at
Board meetings for the Chair to report to
the Board on the work of the Committee
and to provide feedback on key
sustainability policy matters in support of
the Board’s continued oversight. Feedback
indicated that concurrent meetings of the
BPLC and BBPLC Board Sustainability
Committee are effective, with coverage of
BBPLC matters within concurrent
meetings considered appropriate. The
addition of a representative to the
Committee from the BBUKPLC Board at
the beginning of 2024 was considered to
support ongoing BBUKPLC Board
engagement in respect of sustainability
matters impacting the Group.
Please see the report of the Board
Nominations Committee for further details
on the process for conducting the 2023
Committee effectiveness review.
Looking ahead
Looking ahead to 2024, a key focus for the
Committee will be oversight of
management’s development of Barclays'
transition plan, informed by the work of the
UK's Transition Plan Taskforce, in
conjunction with ongoing work to
implement the Group’s climate strategy by
supporting clients with their transition
plans.
A critical component of the work
undertaken to addressing the climate
challenge is the approach by governments
with respect to climate and sustainability
policy and financing. The importance of
having clear requirements for the
transition, and clarity and consistency in
respect of government policy and
financing, are key in supporting all those
committed to transitioning to a low carbon
economy. This is an area to which the
Committee will have close regard this year.
Finally, as indicated above, nature and
biodiversity are areas of growing
importance on the sustainability agenda.
The Committee is looking forward to
building on the work done in 2023 and the
external briefing it received on this subject
by having a greater focus on the impact of
these areas, including how they can be
reflected in Barclays’ own ambition to be a
net zero bank.
Nigel Higgins
Chair, Board Sustainability Committee
19 February 2024

| The role of the Board and its Committees in overseeing climate-related matters |  |
|  | Board |  |
|  | Sets and oversees the Group's climate and sustainability strategy |  |
|  | Board Audit Committee |  |  |  | Board Risk Committee |  |  |  | Board Sustainability Committee |  |  |  | Board Remuneration Committee |  |
|  | “Best practice and regulation regarding climate and sustainability reporting and related assurance are still evolving … and this is an area to which the Committee will continue to have close regard.” |  |  |  | “The Committee...heard from senior business leaders about how climate risks are being integrated into their business strategies and plans.” |  |  |  | “In 2023, we continued to pursue opportunities and support our clients as they transition their businesses to a low-carbon economy.” |  |  |  | "When we set the incentive pool and Executive Directors’ incentive outcomes for 2023, we incorporated consideration of progress against our climate strategy, as we will for 2024." |  |
|  | Julia Wilson Chair |  |  |  | Robert Berry Chair |  |  |  | Nigel Higgins Chair |  |  |  | Brian Gilvary Chair |  |
|  | Considers the impact of climate on the Group’s financial statements and reviews key climate- related narrative reporting. |  |  |  | Oversees Barclays’ progress in its climate risk management approach, including a focus on developing quantitative risk appetites. |  |  |  | Supports the Board in its oversight of climate matters and the sustainability agenda. |  |  |  | Reflects progress against climate-related measures in remuneration. |  |

Strategic report | Shareholder information | Climate and sustainability report |  |  | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 181
| Governance |
Directors’ report: Board Sustainability Committee report (continued)

+ | See the Board Audit Committee report on page 166.

+ | See the Board Risk Committee report on page 174.

+ | See the Board Sustainability Committee report on page 180.

+ | See the Remuneration report on page 191.

Committee composition and
meetings
During 2023, the Committee met four
times and the attendance by members at
these meetings is shown on page 180.
Committee meetings were also attended
by representatives from management,
including the Group Head of Public Policy
and Corporate Responsibility, the Group
Head of Sustainability, the Global Head of
Sustainable Finance and the Head of Legal,
Public Policy and Corporate Responsibility.

| Role of the Committee The role of the Committee is to provide oversight of climate matters and the sustainability agenda, and in particular to: • support and advise the Board on 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 • support the Board in monitoring the implementation of the Group’s climate and sustainability strategy • review and make recommendations to the Board on the suitability of the Group’s climate and sustainability strategy, position statements, frameworks, ambitions, metrics, and targets • report 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/ |

Primary activities
During 2023, the Committee received updates from management in relation to the Group’s climate and sustainability strategy, as well
as internal and external briefings and reports on climate and sustainability matters. Set out below are the key areas of focus for the
Committee's work in 2023.

Areas of focus | Conclusion/action taken
Climate and sustainability strategy | The Committee: • Considered management's sustainable finance strategy proposals, which focused on the actions required to accelerate support for our clients as they transition and for the Group to achieve its sustainable financing target and ambition to be a net zero bank. • Considered areas where the Group could focus, providing the greatest opportunity to support global endeavours to transition to a low carbon economy and help the Group achieve its strategic ambitions. • Reviewed proposals for the Group’s updated oil and gas policy and endorsed new restrictions on oil and gas financing.
Target setting and progress against targets | The Committee: • Considered management’s proposals for new targets and endorsed new targets for three additional sectors – Aviation, Agriculture and Commercial Real Estate. • Monitored the Group’s progress against its climate and sustainability targets. As part of this, the Committee received updates on progress towards the target to facilitate $1trn of Sustainable and Transition Financing by the end of 2030, and considered initiatives that were underway to provide further capability to achieve the target.
Investor feedback | The Committee considered investor feedback and the perspectives of both our institutional investors as well as our retail shareholder base. During the year, members of the Committee engaged with institutional investors on climate-related matters, helping inform the development of our climate strategy.
Client Transition Framework (CTF) | The Committee received updates on the Group’s work on the CTF, including management’s approach to working with clients going through CTF assessments, expected outcomes following the assessments and proposed expansion of the application of the framework following further targets set by the Group.
External briefing: Nature | The Committee received an external briefing on policy and regulatory developments in relation to biodiversity and nature and the work done by Barclays as part of the UNEP-FI pilot on nature-related risks and opportunities assessment.

Strategic report | Shareholder information | Climate and sustainability report |  |  | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 182
| Governance |
Directors’ report: Board Sustainability Committee report (continued)

+ | You can read more about Barclays’ sector targets and progress against them in the Strategic report on page 89.

+ | You can read more about the CTF in the Strategic report on page 90.

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 2023, 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. This section and our Board Governance report sets out how we complied with the Code in 2023.
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
185 to 190. Information in relation to the Board Diversity and Inclusion Policy, as required to be disclosed pursuant to DTR 7.2.8A, can
be found on pages 158 to 160.
Barclays is permitted by NYSE rules to follow UK corporate governance practices instead of those applied in the US. Any significant
variations must be explained in Barclays' Form 20-F filing, found at the Securities and Exchange Commission’s EDGAR database or on
our website, home.barclays
The way in which Barclays has applied the principles and provisions of the Code during 2023 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 150 to 152, including our Group-wide governance framework and the Board's responsibilities. Key Board activities for 2023 are set out on pages 153 to 155. 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 245 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 246. Throughout 2023, we engaged with our stakeholders through a variety of means. Refer to page 23 of the Strategic report for further detail about how Barclays engages with our stakeholders. You can read about how the Board engages with stakeholders in our Section 172(1) statement in the Strategic report from page 38 and examples of the Board's engagement with colleagues during 2023 can be found on page 153. |

| 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 150. 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 152. 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 161. 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 149. 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 152 and in each respective Board Committee report. |

| Composition, Succession and Evaluation |
| All Board and senior management appointments are viewed through a diversity lens and are based on merit and objective criteria, which focus on the skills and experience required for the Board's effectiveness and the delivery of the Group's strategy. A revised Board Diversity and Inclusion Policy was adopted on 8 February 2024. For further detail, refer to the Board Nominations Committee report on page 158. 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 185 for further detail. Each year, we carry out an effectiveness review to evaluate the performance of the Board, Board Committees and individual Directors. In line with the Code, the review was conducted internally for 2023, and is expected to be conducted externally in 2024. Refer to the Board Nominations Committee report on page 164 for details of the 2023 effectiveness review as well as progress against the findings from the 2022 review. |

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| Governance |
Directors’ report: How we comply

| 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. 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 2023 and to date, the Group has operated an effective system of internal control that provides reasonable assurance of financial and operational controls and compliance with laws 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 191. |  |  |  | The Remuneration report from page 191 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 2023. The 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, in line with our Values, Mindset and risk expectations. 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 outcome) and are, where possible, aligned to wider workforce policies. Board Remuneration Committee members exercise independent judgement and discretion when determining remuneration outcomes, considering the company and individual performance, wider workforce and other relevant stakeholder considerations. |

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| Governance |
Directors’ report: How we comply (continued)

The Directors present their report together with the audited
accounts for the year ended 31 December 2023.
Other statutory and
regulatory information

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 | 201, 207, 225 to 227
Corporate Governance Statement | 183 to 184
Risk review | 254

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) | 27 to 29
Engagement with suppliers, customers and others in a business relationship (Sch. 7, Para 11 B 2008/2018 Regs) | 24 to 26 , 30 to 33 and 238 to 244
Financial instruments (Sch. 7, para 6 2008 Regs) | 441
Hedge accounting policy (Sch. 7, para 6 2008 Regs) | 441

Disclosures required pursuant to Listing Rule 9.8.4R can be found on the following pages:
| Page
Allotment for cash of equity securities | 477
Waiver of dividends | 185

Sectio n 414A of the Companies Act 2006
requires the Directors to present a
Strategic report in the Annual Report and
Financial Statements. This report can be
found on pages 3 to 55.
The Company has chosen, in accordance
with section 414C(11) of the Companies
Act 2006, and as noted in this Directors’
report, to include certain matters in its
Strategic report that would otherwise be
disclosed in this Directors’ report:
• an indication of likely future
developments may be found in the
Strategic report
• the particulars of important events
affecting the Company since the
financial year end can be found in the
Strategic report and Note 25 (Legal,
competition and regulatory matters) to
the financial statements.

Profit and dividends
Statutory profit after tax for 2023 was
£5,323m (2022: £5,973m). The 2023 full
year dividend of 5.3p per ordinary share will
be paid on 3 April 2024 to shareholders
whose names are on the Register of
Members at the close of business on 1
March 2024. With the 2023 half year
dividend totalling 2.7p per ordinary share,
paid in September 2023, the total dividend
for 2023 is 8.0p (2022: 7.25p) per ordinary
share. The half year and full year dividends
for 2023 amounted to £1,210m (2022:
£1,028m). BPLC also completed share
buy-back programmes during 2023,
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 2023 was £1.70m (2022:
£6.28m).
Board of Directors
The names of the current Directors of
BPLC, along with their biographical details,
are set out on pages 145 to 148 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
Marc Moses | Non- Executive Director | Appointed 23 January 2023
Mike Ashley | Non- Executive Director | Resigned 3 May 2023
Crawford Gillies | Non- Executive Director | Resigned 31 May 2023
Sir John Kingman | Non- Executive Director | Appointed 1 June 2023

Appointment and retirement of
Directors
The appointment and retirement of
Directors is governed by our Articles, the
Code, the Companies Act 2006 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 FTSE 350 companies should
be subject to annual re-election. All
Directors intend to offer themselves for
election or re-election at the 2024 AGM.

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| Governance |
Directors’ report: Other statutory and regulatory information

Directors’ indemnities
Qualifying third party indemnity provisions
(as defined by Section 234 of the
Companies Act 2006) were in force during
the course of the financial year ended
31 December 2023 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 Companies Act 2006) were in force
during the course of the financial year
ended 31 December 2023 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 2023 totalled $60,159 (2022:
$105,000).
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 2023. 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 is committed to attracting and
retaining a diverse workforce, and our
commitment to inclusion means we want
to ensure 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
recruitment process. 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.
Greenhouse gas emissions,
energy consumption and energy
efficiency action
Although financed emissions account for
the greatest proportion of our climate
impact, we have also continued addressing
our operational emissions – an important
factor in meeting our ambition to be a net
zero bank by 2050.
Progress to date
In 2023 we achieved our milestone 1 of
50% reduction of our Scope 1 and 2
location-based GHG emissions ahead of
2030 – reducing these emissions by 51%Δ.
We continued to source 100% renewable Δ
electricity 2 for our global real estate
portfolio 3 and continued to meet our 90%
Scope 1 and 2 market-based emissions
reduction target 4 – reducing these
emissions by 93%Δ.
Key contributors to our progress include
global real estate portfolio right-sizing 5
and energy efficiency programmes, as well
as company vehicles electrification, and
our continued focus on renewable
electricity sourcing.
For our Scope 3 operational emissions our
focus remained on engaging with our key
stakeholders and making data
enhancements, particularly by acquiring
primary supplier data and evolving our
accounting methodology in line with
industry standards and best practice. We
also continued to pursue the integration of
ESG considerations and expectations into
processes throughout the procureme nt
lifecycle.
We expect that our progress against our
net zero operations targets and
milestones is likely to be variable and non-
linear. Our net zero operations strategy is
dependent on broader industry,
technological and regulatory changes that
are outside Barclays’ control and may
affect our ability to achieve our targets and
milestones. Further, as the accounting
standards and data underlying our net zero
operations strategy continue to evolve
and be refined, this could impact our
metrics, targets and milestones.
Note
Δ 2023 data subject to independent limited assurance
under ISAE (UK) 3000 and ISAE 3410. Current limited
assurance scope and opinion can be found within the
ESG Resource Hub: home.barclays/sustainability/esg-
resource-hub/reporting-and-disclosures/

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| Governance |
Directors’ report: Other statutory and regulatory information (continued)

Progress against our targets and
milestones may also be impacted by
management decisions based on key
drivers unrelated to climate, for example
prudent risk management practices. Our
intent is to enhance data collection and
accuracy to help identify key contributors
to our impact, determine opportunities for
improvement, and support the integration
of sustainability into our business
operations.
These measures build on those taken
during 2022 to implement our net zero
operations strategy. Further information is
available on page 191 of the Barclays PLC
Annual Report 2022.
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. See the ESG Data Centre for further
details on our annual operational GHG
emissions since 2018, including our Scope 1,
Scope 2 (location and market based) and
Scope 3 operational emissions. We further
provide insights on our annual waste
production, energy, water consumption and
renewable electricity consumption by
region. For further information about
Barclays’ net zero operations strategy, see
page 73 of the Barclays PLC Annual
Report 2023.

+ | The ESG Data Centre within the ESG Resource Hub can be found at home.barclays/sustainability/esg- resource-hub/reporting-and-disclosures

Notes
1 In this section, a reference to a 'milestone' denotes an
indicator we are working towards and report against.
2 We maintained 100% renewable electricity sourcing for
our global real estate portfolio through instruments
including green tariffs (55%) and energy attribute
certificates (EACs)(45%).
3 Global real estate portfolio includes offices, branches,
campuses and data centres.
4 In this section, a reference to a 'target' denotes an
indicator linked to our executive remuneration.
5 By right-sizing we are optimising our space and
associated resources for our operational needs.

GHG Emissions Table and Notes
| Current Reporting Year 2023 1 | Previous Reporting Year 2022
| UK & Offshore Area | Global GHG Emissions | UK & Offshore Area | Global GHG Emissions
Group Operational GHG Emissions 2 (tCO 2 e) |  |  |  |
Total Scope 1, Scope 2 location-based, Scope 3 operational GHG emissions (000' tonnes) | 91.6 | 183.5 | 94.8 | 177.2
Scope 1 CO 2 e emissions (000' tonnes) 3 | 9.4 | 15.3Δ | 12.8 | 20.2
Scope 2 location-based CO 2 e emissions (000' tonnes) 4 | 35.7 | 87.2Δ | 47.3 | 99.8
Scope 3 CO 2 e emissions (000' tonnes) 5 | 46.5 | 81.0 | 34.7 | 57.2
Category 3 Fuel and Energy Related Activities CO 2 e emissions (000' tonnes) | 12.9 | 13.4Δ | 14.7 | 15.7
Category 5 Business Waste in Operations CO 2 e emissions (000' tonnes) | 0.19 | 0.36Δ | 0.21 | 0.35
Category 6 Business Travel CO 2 e emissions (000' tonnes) | 15.3 | 39.5Δ | 9.0 | 19.9
Category 8 Upstream Leased Assets CO 2 e emissions (000' tonnes) | 18.1 | 27.0Δ | 10.8 | 20.7
Category 13 Downstream Leased Assets CO 2 e emissions (000' tonnes) | 0 | 0.72Δ | 0 | 0.57
Energy consumption used to calculate operational GHG emissions (MWh) | 208,564 | 375,087Δ | 285,874 | 463,973
Intensity Ratio |  |  |  |
Total Full-Time Employees (FTE) | 45,300 | 92,900 | 44,000 | 87,400
Total CO 2 e per FTE (tonnes) 6 | 2.02 | 1.97Δ | 2.15 | 2.03
Market-based emissions |  |  |  |
Scope 2 market-based CO 2 e emissions (000' tonnes) 7 | 0 | 1.6Δ | 0 | 2.0
Total Scope 1 and 2 market-based CO 2 e emissions (000' tonnes) | 9.4 | 16.9 | 12.8 | 22.1

Notes
1 The carbon reporting year for our GHG emissions is 1 October to 30 September. The carbon reporting year is not fully aligned to the financial reporting year covered by this Directors’
report. Details of our approach to assurance over the data is set out in the 2023 Barclays Strategic report.
2 The methodology used to calculate our GHG 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 reporting boundary. For 2023, we
have applied the latest emission factors as of 31 December 2023. Reported emissions for Scope 2 location and market-based have been recalculated back to the 2018 baseline, due to
updated internal and external data. The associated emissions have also been re-classified from Scope 2 electricity to Scope 3 Category 8 (Upstream Leased Assets) as these emissions
are currently outside of our operational control. In 2022 we reported Scope 2 location-based emissions of 103,422 tCo 2 e; the recalculated figure is 99,782 tCO2e. In 2022 we reported
Scope 2 market-based emissions of 1,883 tCo 2 e; the recalculated figure is 1,963 tCO 2 e. In 2022 we reported energy use of 467,939 MWh; the recalculated figure is 463,973 MWh.
3 Scope 1 emissions include our direct GHG emissions from natural gas, fuel oil, company cars and HFC refrigerants. In the case of company-owned vehicles, emissions are limited to UK
vehicles only as this is the only country in which expense data is available.
4 Scope 2 GHG emissions include our indirect GHG emissions from purchased electricity, purchased heat, cooling and steam . Market-based emissions have been reported for 2023 and
2022. We have used a zero emission factor where we have green tariffs or energy attribute certificates in place globally.
5 Scope 3 category 1, 2 and 4 emissions are excluded as these emissions cannot be broken down by country. Scope 3 category 1, 2 and 4 emissions can be found in the Operational
Footprint tab of the ESG Data Centre.
6 Intensity ratio calculations have been calculated using location-based emission factors only.
7 Energy consumption data is captured through utility billing; meter reads or estimates. Principal measures we have undertaken in 2023 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.
• Deployed our global energy optimisation programme by adjusting corporate offices' settings and systems during periods of low or no occupancy to reduce our demand for energy
while keeping our buildings running. In 2023 the programme contributed to approximately 9.1 GWh in energy savings at our UK sites – equivalent to the annual electricity
consumption of approximately 2,600 UK households.
Δ 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current and previous limited assurance scope and opinions can be found within the ESG
Resource Hub for further details: home.barclays/sustainability/esg-resource-hub/reporting-and-disclosures/

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| Governance |
Directors’ report: Other statutory and regulatory information (continued)

Share capital
Share capital structure
The Company has ordinary shares in issue.
The Company’s 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 16 February 2024 (the latest
practicable date for inclusion in this report).
Ordinary shares therefore represent 100%
of the total issued share capital as at
31 December 2023 and as at 16 February
2024 (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
Company's Articles, copies of which are
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. The proxy will have
one vote for, and one vote against, a
resolution if he/she has 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 his/her 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
Companies Act 2006 and d oes 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 Companies Act 2006
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 share holders 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 2023, the Company had
been notified under Rule 5 of the DTRs of
the following holdings of voting rights in
its shares.
Between 31 December 2023 and
16 February 2024 (the latest practicable
date for inclusion in this report), the
Company has not received any additional
notifications pursuant to Rule 5 of
the DTRs.

Person interested | Number of Barclays Shares | % of total voting rights attaching to issued share capital 1 | Nature of holding (direct or indirect)
BlackRock, Inc.2 | 944,022,209 | 5.78 | indirect

Notes
1 The percentage of voting rights detailed above was calculated at the time of the relevant disclosures made in accordance with Rule 5 of the DTRs.
2 Total shown includes 6,687,206 contracts for difference to which voting rights are attached. Part of the holding is held as American Depositary Receipts. On 25 January 2024, BlackRock, Inc.
disclosed by way of a Schedule 13G filed with the SEC beneficial ownership of 1,303,920,163 ordinary shares of the Company as at 31 December 2023, representing 8.6% of that class of shares.

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| Governance |
Directors’ report: Other statutory and regulatory information (continued)

Powers of Directors to issue and allot or
buy back the Company’s shares
The powers of the Directors are
determined by the Companies Act 2006
and the Company’s 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 2023
AGM. It will be proposed at the 2024 AGM
that the Directors be granted new
authorities to issue and allot and buy back
shares.
Repurchase of shares
On 13 March 2023 and 28 July 2023 the
Company commenced share buy-back
programmes to purchase its ordinary
shares of £0.25p each up a maximum
consideration of £500m and £750m,
respectively. The first share buy-back
programme concluded on 14 April 2023
and the second share buy-back
programme concluded on 23 October
2023. The Company repurchased for
cancellation 343,041,720 ordinary shares
at a volume weighted average price of
145.7549 pence per ordinary share during
the first buy-back programme and
493,603,770 ordinary shares at a volume
weighted average price of 151.9437 pence
per ordinary share during the second buy-
back programme. The purpose of the buy-
back programmes was to reduce the
Company’s number of outstanding
ordinary shares.
In aggregate, the Company purchased
836,645,490 ordinary shares during 2023
with an aggregate nominal value of
approximately £209m (this represented
approximately 5.5% of the Company's
issued share capital as at 31 December
2023) for an aggregate consideration of
£1,250m excluding taxes and expenses.
All of the repurchased ordinary shares
have been cancelled.
No further shares have been repurchased
since the completion of the second share
buy-back programme on 23 October
2023. The maximum number of ordinary
shares which could be repurchased by the
Company as part of any share buy-back
under the authority for on-market share
buy-backs granted at the 2023 AGM is
1,093,533,143 ordinary shares (being
1,587,136,913 less the 493,603,770
shares repurchased as part of the second
share buy-back programme).
Distributable reserves
As at 31 December 2023, the distributable
reserves of the Company were £21,162m
(2022: £21,701m).
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 2023. In making its
assessment, management utilised the
criteria set out in the 2013 COSO
framework. Management has concluded
that, based on its assessment, internal
control over financial reporting was
effective as at 31 December 2023.
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 363 to 372.
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.

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| Governance |
Directors’ report: Other statutory and regulatory information (continued)

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 Companies Act 2006 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 396 to 412, 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 Strategic
report 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
Companies Act 2006 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 Companies Act 2006, 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 which
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.
Directors’ responsibility statement
The Directors have responsibility for
ensuring that the Company and the Group
keep accounting records which disclose
with reasonable accuracy the financial
position of the Company and the Group
and which enable them to ensure that the
accounts comply with the Companies Act
2006.
The Directors are also responsible for
preparing a Strategic report, Directors’
report, Directors’ remuneration report and
Corporate Governance Statement in
accordance with applicable law and
regulations.
The Directors are responsible for the
maintenance and integrity of the Annual
Report and Financial Statements as they
appear on our website. Legislation in the
UK governing the preparation and
dissemination of financial statements may
differ from legislation in other jurisdictions.
The Directors have a general responsibility
for taking such steps as are reasonably
open to them to safeguard the assets of
the Group and to prevent and detect fraud
and other irregularities.
The Directors, whose names and functions
are set out on pages 145 to 148, confirm
to the best of their knowledge that:
(a) the financial statements, prepared in
accordance with (i) UK-adopted
international accounting standards; and (ii)
IFRS as issued by the IASB, including
interpretations issued by the IFRS
Interpretations Committee, give a true and
fair view of the assets, liabilities, financial
position and profit or loss of the Company
and the undertakings included in the
consolidation taken as a whole; and
(b) the management report, on pages 4 to
58, which is incorporated in the Directors’
report, includes a fair review of the
development and performance of the
business and the position of the Company
and the undertakings included in the
consolidation taken as a whole, together
with a description of the Principal Risks and
uncertainties that they face.
Auditor’s report
The Auditor’s report on the Financial
Statements of Barclays PLC for the year
ended 31 December 2023 was unmodified
and its statement under Section 496 of the
Companies Act 2006 was also unmodified.
By order of the Board
Hannah Ellwood
Group Company Secretary
19 February 2024
Registered in England.
Company No. 48839
Registered office: 1 Churchill Place,
London E14 5HP

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| Governance |
Directors’ report: Other statutory and regulatory information (continued)

Annual statement from the Chair of the Board Remuneration Committee

Contents
Annual statement | 191
Executive Director remuneration outcomes at a glance | 195
Wider workforce remuneration | 197
Directors’ Remuneration Policy | 201
Annual report on Directors’ remuneration | 207

Dear fellow shareholders
On behalf of the Board, I am pleased to
present the Remuneration report for 2023.
Over the next few pages, we set out our
key considerations and the remuneration
decisions we took as a result – both for the
Executive Directors of Barclays PLC and
for the wider workforce.
Since last year’s report, Sir John Kingman
and Julia Wilson have joined the
Committee – bringing new perspectives
and a wealth of experience. I would like
formally to welcome them both.
I would also like to thank you, our
shareholders, for the support you showed
at our 2023 Annual General Meeting,
approving both our current Directors’
Remuneration Policy to apply for three
years from the date of that meeting –
supported by 97% of shareholder votes –
and the implementation during 2022 of our
previous Directors' Remuneration Policy.
Performance in 2023
As always, our remuneration approach is
rooted in our commitment to reward
sustainable performance. As the Group
Chief Executive sets out in his review, our
diversified income approach has enabled
us to continue to deliver well in 2023
despite an external backdrop of persistent
uncertainty – with heightened volatility
across asset classes, some significant
market disruption, and escalating
geopolitical tensions. In this testing
environment, we took d eliberate, proactive
steps to protect the Group: maintaining a
prudent approach to risk management;
managing our balance sheet with care; and
continuing to invest in talent and
technology in sustainable growth areas,
while maintaining our focus on costs.
Barclays demonstrated its sound footing in
2023 and continued to see solid income

| Board Remuneration Committee |
| Brian Gilvary Chair, Board Remuneration Committee |  |  |  | Committee membership and meeting attendance 1 |
|  |  |  | Member | Meetings attended/eligible to attend (including ad hoc meetings) |
|  |  | Brian Gilvary | 6/6 |
|  |  | Dawn Fitzpatrick | 5/6 |
|  |  | Mary Francis | 6/6 |
|  |  | Sir John Kingman 2 | 3/3 |
|  |  | Julia Wilson 3 | 2/2 |
| Notes: 1 There were five scheduled meetings and one ad hoc meeting of the Committee in 2023. Owing to a prior commitment, Dawn Fitzpatrick was unable to attend one scheduled meeting of the Committee. |  | Committee membership in 2023 2 Appointed with effect from 16 June 2023. 3 Appointed with effect from 1 July 2023. |

performance across all three of our
operating businesses – resulting in Group
income of £25.4bn, up 2% on 2022.
Operating expenses for 2023 were
£16.9bn, a 1% increase on 2022, reflecting
business growth, investment spend and
inflation – delivering statutory profit before
tax of £6.6bn (2022: £7.0bn), down 6%.
This included £927m of structural cost
actions taken in the fourth quarter to help
drive future returns, having reviewed the
shape, efficiency and focus of our
businesses. Excluding these costs, profit
before tax was £7.5bn (2022: £7.7bn,
excluding the Over-issuance of Securities)
and RoTE was 10.6%, achieving our
greater-than-10% target. Our primary
frame of reference was financial outcomes
on this basis 1, to understand the
underlying performance of the business
separate from the costs associated with
the decisions we made to shape its future.
We ended the year with a CET1 ratio of
13.8%, within our target range of 13% to
14%. We will deliver increased capital
distributions to shareholders, up c.37% on
2022, via a total dividend for the year of
8.0p per share and £1.75bn of announced
share buybacks – equivalent to a total
payout of c.19.4p per share.
Although income is down for some
business areas, those reductions are from
a starting point of strong 2022
performance for most business areas.
The Corporate and Investment Bank in
2023 saw income down slightly, a resilient

performance given the unsettled
macroeconomic backdrop and the lowest
investment banking wallet in the last
decade 2. Global Markets continued to
grow its income from our top 100 clients
and maintained its revenue ranking of
sixth 3. Investment Banking also maintained
its sixth rank globally, despite the subdued
dealmaking environment, and returned to
first in the UK 4, up from fourth in 2022. For
Consumer, Cards and Payments, income
was up 18%, reflecting the expansion and
deepening of our client relationships –
including our latest partnership launch with
Microsoft and Mastercard. Income was
also up in Barclays UK, supported by the
higher interest rate environment, partially
offset by competition in mortgage and
savings products.

+ | Find more about our approach to pay fairness in our Fair Pay Report 2023 at: home.barclays/annualreport

+ | Our UK pay gap figures for 2023 and narrative explaining them are at: home.barclays/diversity

Notes:
1 Page 390 includes a reconciliation of financial results
excluding the impact of Q423 structural cost actions for
2023 and the impact of the Over-issuance of Securities
for 2022.
2 Source: Dealogic.
3 Global Markets rank and revenue share based on
Barclays’ calculations using peer-reported financials.
Top 10 peer group includes Barclays, Bank of America,
Citigroup, Goldman Sachs, JPMorgan Chase & Co,
Morgan Stanley, BNP Paribas, Credit Suisse, Deutsche
Bank, and UBS.
4 Source: Dealogic for period covering 1 January 2023 to
31 December 2023. UK rank based on UK investment
bank revenue by bank for full year 2023.

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| Governance |
Remuneration report

The Committee has maintained its focus
on ensuring we reward performance that is
sustainable. During 2023 the management
team has been embedding a new
operating standard – Consistently
Excellent – which aims to transform the
operational resilience of Barclays. Raising
our operating standards and reducing the
impact on financial performance of
unexpected issues will strengthen our
foundation to deliver sustainable
performance. This was reflected in our
objective setting, performance
assessment and reward processes for
senior colleagues for 2023, and in our
recognition platform for all colleagues, and
will be embedded more deeply and widely
during 2024. Striving to achieve a
consistently excellent standard is
becoming part of our culture, and initial
feedback suggests our work to equip all
colleagues with the right skills to achieve
this resonates as a way of driving
long-term success.
Colleague remuneration
Alongside rewarding sustainable
performance, our Fair Pay Agenda
continues to underpin all our remuneration
decisions – ensuring we are paying
colleagues fairly for the work they do and
recognising the contributions of all, within
the resources available to us. This is
especially pertinent given the challenges
colleagues continue to face – particularly
those who are lower-paid, given higher-
than-normal increases in the cost of living
over recent years. You can read more in
the 'Wider workforce remuneration'
section on page 204 and in our sixth annual
Fair Pay Report published alongside this
Annual Report. We have also published our
pay gap figures for employees in the UK
and in Ireland.
Paying at least a living wage to all our
colleagues is a central element of our Fair
Pay Agenda. We continue to ensure we
meet or exceed living wage benchmarks in
every jurisdiction in which our employees
are based. In the UK our employees
already received more than the Living
Wage Foundation’s benchmarks, and we
are further increasing our minimum UK
full-time equivalent salary to £24,000. We
continue to meet or exceed Fair Wage
Network living wage benchmarks in all
other countries.
We have continued our work to be simpler,
more transparent and more consistent in
how we pay our more-junior colleagues.
For more junior roles in Barclays UK and
the support functions in the UK, we publish
starting salaries by role – providing
transparency for job candidates and
existing staff alike. From 2023, the
performance rating of each individual
across this population consistently drives
their annual bonus outcome as a
percentage of their salary. In previous
years a range of different approaches were
used and the annual bonus outcomes for
many of these roles were discretionary.
In setting this year's incentive pool we
considered Barclays’ financial and non-
financial performance, and the
performance of the individual businesses
that make up the Group, in both absolute
and relative terms. We considered each
business's contribution to the
achievement of our strategic targets and
its importance to our future success. The
Committee also wanted to recognise the
resilience across our operating businesses,
delivered against a backdrop of
macroeconomic uncertainty, as well as the
support our colleagues provided to
customers and clients. Taking all of this
into account, the Committee has
approved a Group incentive pool for 2023
performance of £1,745m (2022: £1,790m),
down 3% compared to the final incentive
pool for 2022, which included a c.£500m
reduction for risk and control issues that
came to light during 2022. Risk and
conduct adjustments to the 2023
incentive pool are materially less than
those for 2022, so the incentive pool
before risk adjustments each year fell by
c.15% from 2023 to 2022.
This level of incentive funding for 2023
reflects the lower year-on-year financial
outcomes in some business areas, while
also enabling us to reward colleagues for
the performance delivered – recognising
the progress made towards our strategic
priorities and our ambition to be
consistently excellent in our operations.
We also considered the competitive
market for hiring and retaining the talent
we need to achieve those priorities in the
future. In doing so, we weighed the views
and expectations of you as shareholders,
of our customers and clients, of our
colleagues, and of our stakeholders in
wider society. Consistent with our Fair Pay
Agenda, we have chosen to protect the
incentive outcomes for our more junior
colleagues – so, in business areas where
incentive spend was down year on year,
more senior colleagues experienced
greater reductions in annual bonus awards.
As always, a significant portion of the pool
will be delivered in shares, most of which
will be deferred over a number of years.
Group income
£25,378m
2022: £24,956m
Group profit before tax
£6,557m
2022: £7,012m
Group profit before impairment
(excluding adjusting items)1
£9,365m
2022: £8,906m
Group profit before tax
(excluding adjusting items)1
£7,484m
2022: £7,686m
Group RoTE
(excluding adjusting items)1
10.6%
2022: 11.6%
Group cost: income ratio
(excluding adjusting items)1
63%
2022: 64%
Group CET1 ratio
13.8%
2022: 13.9%
Group compensation to income ratio
34.4%
2022: 33.5%
Group incentive pool
£1,745m
2022: £1,790m
Note:
1 Adjusting items: Q423 structural cost actions in 2023
and the impact of the Over-issuance of Securities in
2022.

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| Governance |
Remuneration report (continued)

Executive Director remuneration
Determining Executive Directors' pay
outcomes
The Committee considered the Executive
Directors’ annual bonus outcomes in the
context of the Group’s performance and
the performance of each Executive
Director during 2023.
The 2023 annual bonus outcome for C.S.
Venkatakrishnan (known as Venkat) was
53.3% of maximum, and for Anna Cross
was 54.3% of maximum (2022: 75.4% for
both). Profit before tax provided a 21.1%
outcome out of a possible 50%, and the
cost: income ratio provided a 2.7%
outcome out of a possible 10%.
Performance against the strategic non-
financial measures was good, which
resulted in a 16.5% outcome out of a
possible 25% and the performance of each
of the Executive Directors against their
personal objectives was also assessed and
taken into account (13.0% for Venkat and
14.0% for Anna out of a possible 15%).
Before finalising those outcomes, the
Committee reflected on their
appropriateness. We reviewed the
underlying financial health of the Group,
which is strong and well-capitalised. We
considered the bonus outcomes in the
context of those for the wider workforce,
ensuring suitable alignment both this year
and over a multi-year period, and also
compared to historical outcomes for the
Executive Directors in the context of
performance each year. We concluded
that the outcomes are appropriate in the
context of the performance achieved and
that no further discretionary adjustment
was warrant ed.
Neither Venkat nor Anna Cross
participated in the 2021-2023 LTIP cycle,
as neither was an Executive Director at the
time those awards were granted. The
Committee did, however, assess
performance against the measures for this
LTIP cycle to determine the vesting
outcome for the previous Group Finance
Director, who is the sole remaining
participant. This was 53.2% of the
maximum, as outlined later in this report.
The Committee decided to grant awards
under the 2024-2026 LTIP cycle with a
face value at grant of 140% of Fixed Pay
for Venkat and 134% of Fixed Pay for Anna
Cross, reflecting the personal contribution
made by each to a solid 2023 performance
– and to provide ea ch with a significant
incentive award subject to forward-looking
performance conditions during 2024 to
2026.
The Executive Directors' pay in 2024
The Committee carefully considered the
performance measures for the Executive
Directors’ 2024 annual bonus and the
2024-2026 LTIP, and updated elements of
both the financial and non-financial
measures in each plan to better reflect the
revised targets set out under 'Our
strategy' from page 11, and our long-term
climate strategy.
For the 2024 annual bonus, a total
operating expenses measure replaces
cost: income ratio – reflecting the
continued importance of cost discipline
while providing a more focused and simpler
measure of cost control within the year.
Other financial measures and weightings in
the bonus are unchanged.
For the 2024-2026 LTIP we have
increased slightly the weighting of RoTE,
from 25% to 30%, given the focus on
improving RoTE within the Group's 2026
targets. This is accommodated via a small
reduction to the weighting of the relative
total shareholder return measure from
25% to 20%. All other financial measures in
the LTIP remain unchanged from the
previous year's award, including the
continued use of cost: income ratio as a
longer-term cost measure.
We also reviewed the non-financial
measures for both the 2024 annual bonus
and 2024-2026 LTIP, to ensure they
reflect the Group’s shorter- and longer-
term priorities. Our commitment to align
our financing with the goals and timelines
of the Paris Climate Agreement has been
and remains a key component of our
climate strategy. Many of our climate and
sustainability targets are longer term,
including through to 2050, and progress
towards these is expected to be non-
linear. As such, we have retained the
Climate & sustainability category within the
Strategic non-financial assessment for the
annual bonus and LTIP, but increased its
weighting in the LTIP from 10% to 15% –
accommodating this by reducing the
weighting of the LTIP risk-related
measures (which this year also incorporate
assessment of operational excellence)
from 10% to 5%.
At the same time the ways we approach
and monitor risk, and ensure a high
standard of operational performance, are
fundamental to delivering sustainable
performance every year. To reflect our
focus on this across Barclays, we have
included a Risk & operational excellence
category within the Strategic non-financial
element of the 2024 annual bonus, with a
weighting of 10% – accommodated via a
slight reduction in the weighting of other
Strategic non-financial bonus measures.
The Climate & sustainability, Customers &
clients, and Colleagues categories are
each weighted 5%.
The Committee will continue to review the
measures and weightings for the Executive
Directors' incentives each year, to ensure
they appropriately support the delivery of
our strategy and reflect our priorities.
In early 2024, the Committee reviewed the
level of Fixed Pay for Venkat and Anna
Cross, in the same way and at the same
time as fixed pay was reviewed for the
wider workforce. The Committee
increased Fixed Pay by 2.5% for both
Venkat and Anna, resulting in Fixed Pay of
£2,947,000 and £1,845,000 respectively,
effective from 1 March 2024. These
percentage increases are significantly
lower than the average across the wider
workforce, in particular for other UK
employees within the scope of the 2024
UK pay deal with the union Unite – with a
5.55% budget for salary increases for
junior employees and a 3.75% budget for
other union-recognised employees. Even
following these Fixed Pay increases, the
total compensation opportunity for each
Executive Director remains well behind the
median opportunity for equivalent roles
across our international banking peer
group.
Shareholder alignment
Of the total variable pay awards to Venkat
and Anna Cross in respect of 2023
performance (2023 annual bonus plus
2024-2026 LTIP), 96% and 94%
respectively will be in shares that must be
retained for a period of between one and
eight years from grant – aligning the
Executive Directors' interests with those
of our shareholders. Both Venkat and Anna
Cross already have significant
shareholdings.

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| Governance |
Remuneration report (continued)

Group Chair and Non-Executive
Director fees
The Committee periodically reviews the
Group Chair's fee, and the Directors'
Remuneration Policy allows for increases
of up to 20% during the policy's three-year
term. The Committee last increased the
Group Chair's fee with effect from 1
January 2023, having considered the fee in
the context of the Chair fees paid across
our international banking peer group – with
a particular focus on the UK banks, given
the regional differences in both the role
and pay for non-executive directors
including chairs. Prior to that, this fee had
remained at the same level since 2015.
Early in 2024, the Committee approved a
2% increase in the Group Chair's fee, from
£840,000 to £856,800, effective 1 January
2024. Each year £100,000 of the fee will
continue to be used to purchase Barclays
shares that will be retained on the Group
Chair's behalf until he retires from the
Board. No other changes were made to
the Group Chair's remuneration
arrangements or benefits.
In January 2024 the Board reviewed the
other Non-Executive Directors' fees,
which were also last increased with effect
from 1 January 2023, and approved 2%
increases to those fees effective
1 January 2024 (with the relevant Non-
Executive Directors having recused
themselves from those discussions).
Update in respect of Jes Staley's
remuneration
As outlined in the 2021 Annual Report,
Jes Staley stepped down from the role of
Group Chief Executive on
31 October 2021 and his unvested awards
were suspended pending further
developments in respect of the regulatory
and legal proceedings related to the FCA
and PRA investigation regarding Mr Staley.
In October 2023, the FCA issued a
Decision Notice in relation to Mr Staley.
The Committee considered the detailed
findings in this Decision Notice and
concluded tha t Mr Staley should be
ineligible for or forfeit a number of his
awards, including the bonus award in
respect of the 2021 performance year, all
of his unvested LTIP awards – both those
for which the performance had already
been assessed and those still subject to
performance conditions – and his other
unvested deferred bonus awards from
earlier years. The total value of the lapsed
LTIP awards and forfeited deferred bonus
awards at that time was £17.8m.
Looking ahead
As we move into 2024, 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
deliver our three year plan, improving
operational and financial performance, and
improving shareholder returns.
We will support the management team to
use performance management and pay:
– to align the wider workforce to those
same priorities
– to reinforce the importance of good
conduct, strong controls and risk
management and
– to support Barclays' Purpose, Values
and Mindset, and our ambition to
achieve a standard of being consistently
excellent.
We will continue to engage with our
shareholders and other stakeholders on
pay and will be meeting with our largest
shareholders to discuss our pay outcomes
for 2023.
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 2024

| Removal of the regulatory requirement to operate a 2:1 'bonus cap' With effect from 31 October 2023, the PRA and FCA removed the UK regulatory requirement for certain banks, including Barclays, to apply a maximum 1:1 ratio of variable to fixed remuneration for employees who are deemed to have a material risk impact on their firm – known as Material Risk Takers (MRTs) – or up to a 2:1 ratio if shareholders approve the adoption of that higher maximum. Our shareholders approved the adoption of a 2:1 maximum ratio for Barclays MRTs around the time that these regulations first came into effect. Going forward, such banks – including Barclays – will be permitted to set their maximum variable pay ratios to be greater than 2:1. As the new regulations were published close to the end of 2023, the Committee determined that the 2:1 cap would continue to apply in Barclays for the 2023 performance year. The Committee will consider this further in respect of 2024 and future years. A relatively small number of our employees are potentially impacted by this regulatory change. Our Executive Directors’ maximum variable pay opportunity is governed by the Directors' Remuneration Policy that shareholders approved at our 2023 AGM, and therefore is unchanged by these new regulations. The Directors' Remuneration Policy will continue to apply until a new policy is approved by shareholders. No new Directors' Remuneration Policy is proposed for 2024. |

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| Governance |
Remuneration report (continued)

At a glance – Executive Director remuneration for 2023

Fixed Pay | + | Pensions and benefits | + | Annual bonus | + | LTIP | = | Total remuneration

Total remuneration outcomes (£000) 1 |
C.S. Venkatakrishnan (Group Chief Executive) |  | Proportion in shares |

2023 max
2023 actual
2022 actual

| 96% | of 2023 variable pay 3 |
| 80% | of maximum total remuneration (2023 max) |

Anna Cross (Group Finance Director) |  | Proportion in shares

2023 max
2023 actual
2022 actual 2

| 94% | of 2023 variable pay 3 |
| 80% | of maximum total remuneration (2023 max) |

1 The LTIP values shown for C.S. Venkatakrishnan's and Anna Cross's 2022 actual and 2023 actual total remuneration are nil as neither participated in the 2020-2022 or 2021-2023 LTIP cycles. The LTIP values shown for 2023 maximum represent the maximum LTIP award value that could have been granted under the current Directors' Remuneration Policy. 2 Anna Cross was appointed as Group Finance Director on 23 April 2022.The values shown for 2022 are part-year values for the time she served as an Executive Director during 2022. 3 2023 variable pay comprises the actual 2023 annual bonus and the grant-date face value of the 2024-2026 LTIP award that will be granted in respect of 2023 performance.

+ | See single total figure for 2023 remuneration on page 207

Annual bonus outcomes |
Annual bonus measures | Weighting (proportion of bonus opportunity) | Outcome C.S. Venkatakrishnan | Outcome Anna Cross
Financial 4 | 60.0% | 23.8% | 23.8%
• Profit before tax | 50.0% | 21.1% | 21.1%
• Cost: income ratio | 10.0% | 2.7% | 2.7%
Strategic non-financial | 25.0% | 16.5% | 16.5%
Personal | 15.0% | 13.0% | 14.0%
Total | 100.0% | 53.3% | 54.3%
Final outcome approved by the Committee |  |  |
4 The financial measures are defined as excluding material items, which for 2023 consist of Q423 structural cost actions of £927m.

Delivery of remuneration 5 |  |
| Performance year |  | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9
Fixed Pay | 50% in cash paid monthly |  |  | 50% in shares with restrictions lifting over five years |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension | Cash in lieu of pension contributions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Annual bonus | Performance period |  |  | Max. 50%6 in cash |  |  | Remainder in shares vesting over two years |  |  | Holding period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTIP | Preliminary performance period |  |  | Three-year post-grant performance period |  |  | Deferral in shares over five years |  |  | Holding period |  |
5 Illustrative timing that the different elements of remuneration are normally received. Fixed Pay shares are granted quarterly and released in five equal annual instalments on the first five anniversaries of grant. All tranches of annual bonus and LTIP shares typically vest in March of the relevant year and are subject to a 12-month holding period from the date they vest. 6 In recent years, less than 50% of annual bonus has been delivered in cash in year one, and a greater proportion of annual bonus has been delivered in shares over years one, two and three.

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| Governance |
Remuneration report (continued)

9,915
4,641
5,197
5,926
2,773
2,057

• |
• |
| •
| •
| •
| •
• |
• | •

Remuneration policy for the Executive Directors – implementation for 2024
Delivery of remuneration is intended to be the same as for the 2023 performance year, as outlined on the previous page.
Element | C.S. Venkatakrishnan | Anna Cross
| Fixed Pay | 2.5% increase to £2,947,000 effective 1 March 2024 | 2.5% increase to £1,845,000 effective 1 March 2024
| Pensions and benefits | Pension: £147,350 effective 1 March 2024, equivalent to 5% of Fixed Pay Benefits: entitlement as per the policy | Pension: £92,250 effective 1 March 2024, equivalent to 5% of Fixed Pay Benefits: entitlement as per the policy
| Annual bonus | Up to 93% of year-end Fixed Pay, based on forward- looking performance measures set near the start of the year | Up to 90% of year-end Fixed Pay, based on forward- looking performance measures set near the start of the year
| LTIP | Up to 140% of year-end Fixed Pay, based on forward- looking performance measures set shortly before the time of grant | Up to 134% of year-end Fixed Pay, based on forward- looking performance measures set shortly before the time of grant
| Shareholding requirement | Holding requirement: 233% of Fixed Pay Post-employment shareholding requirements apply for two years | Holding requirement: 224% of Fixed Pay Post-employment shareholding requirements apply for two years

Alignment of performance measures and strategy
Performance measures | Weighting in annual bonus and LTIP | Alignment to strategy | Alignment to stakeholder groups
Financial |  |  |  |  |  |  |
Profit before tax (with a CET1 ratio underpin) | 50% |  | A measure of annual financial performance and a key factor that drives RoTE |  |  |  | •
Total operating expenses (at specific FX) | 10% |  | A measure of the ability to effectively manage costs (measured at fixed foreign exchange rates to reduce impacts outside of management control) |  |  |  | •
Return on tangible equity (RoTE) |  | 30% | A measure of our ability to generate returns for shareholders that underpins the Group’s capital allocation and performance management processes |  |  |  | •
Cost: income ratio |  | 10% | A measure of the productivity of our business operations over time |  |  |  | •
CET1 ratio |  | 10% | A measure of capital strength and resilience, determined in accordance with regulatory requirements |  |  |  | •
Relative total shareholder return |  | 20% | A measure of Barclays' share performance (comprising share price appreciation and dividends paid) relative to those of a basket of comparable firms |  |  |  | •
Personal | 15% |  | Individual objectives for each Executive Director, aligned to our strategic priorities | • | • | • | •
Strategic non- financial | 25% | 30% | Includes the Group's non-financial key performance indicators, including Climate & sustainability as a strategic priority, Customers & clients and Colleagues as key stakeholder groups, and Risk & operational excellence, which is fundamental to operating at a consistently excellent standard to deliver sustainable performance | • | • | • | •

| l | 2024 annual bonus | l | 2024-2026 LTIP |  | l | Customers & clients | l | Colleagues | l | Society | l | Investors

Share ownership (£000)
Shareholding shown as at 31 December 2023, using Q4 2023 average share price of £1.4374.
C.S. Venkatakrishnan |  | Anna Cross

Based on 31 December 2023 Fixed Pay of £2,875k.
C.S. Venkatakrishnan has until 31 October 2026 (five years from
the date of his appointment as Group Chief Executive) to meet
this shareholding requirement.
Based on 31 December 2023 Fixed Pay of £1,800k.
Anna Cross has until 22 April 2027 (five years from the date of her
appointment as Group Finance Director) to meet this
shareholding requirement.

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| Governance |
Remuneration report (continued)

¢ | Actual shareholdings (including the estimated after-tax value of unvested shares not subject to performance conditions) | ¢ | Unvested shares subject to performance conditions (which do not count towards the requirement) | ¢ | Shareholding requirement

Wider workforce remuneration

| Our remuneration philosophy |

Our remuneration philosophy applies to all employees and sets out
the way we approach remuneration. Its aim is to be as simple and
clear as possible, while ensuring strong alignment with risk and
conduct as well as our Values and Mindset. It is also closely aligned
with Provision 40 of the FRC's UK Corporate Governance Code.
The remuneration decisions set out in this report are a result of the
application of our remuneration philosophy in respect of 2023.

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 with risk appetite, risk exposure and conduct expectations |  | 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.

| Diversity ambitions and pay gaps |

| Diversity ambitions |
| 33% | 33% females at Managing Director and Director level by 2025 |
| 50% | 50% increase in Managing Directors from underrepresented ethnicities in the UK and US combined by 2025 (from 2022 baseline) |
| 12.5% | Increase underrepresented minority representation in the UK by 12.5% by 2025 (from 2023 baseline) |
| 5% | Increase underrepresented minority representation in the US by 5% by 2025 (from 2023 baseline) |

| Our Fair Pay Agenda |
| Paying people fairly is an essential element of our pay philosophy. We have developed our fair pay approach over a number of years, and we continue to ensure that fairness is a key and explicit consideration in the way we make all of our pay decisions. |
| 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. |
| Supporting our colleagues |
| We provided higher salary increase budgets for junior employees, including under the UK pay deal with Unite |
| In business areas where the incentive spend was reduced, we protected incentive outcomes for junior employees |
| Over 97% of employees globally are eligible for private medical cover |
| We continued to enhance our wellbeing provision, including the addition of a new wellbeing training module |
| We offer dedicated menopause support through our healthcare providers across all our large locations as well as training for people leaders |

+ | More information on our fair pay approach can be found in our Fair Pay Report 2023 at: home.barclays/annualreport

Pay gaps

We disc lose our pay gaps for locations including the UK, Ireland
and France.
• Our gender and ethnicity pay gaps are due to
underrepresentation of females and certain ethnic minority
groups in senior and other higher-paying roles.
• Being transparent about this, and the resulting pay gaps,
is important as it helps us track where we are in the pursuit
of our goals and understand what tangible actions we can take
to improve representation over time.

+ | For information on our progress against our diversity ambitions, see pag e 210

+ | More information on our diversity ambitions and pay gaps can be found at: home.barclays/diversity

+ | UK gender and ethnicity pay gaps for 2023 are shown in our UK Pay Gaps 2023 disclosure, which can be found at: home.barclays/diversity

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| Governance |
Remuneration report (continued)

| Alignment of remuneration policy for the wider workforce and Executive Directors |

Most elements of remuneration policy are aligned for the wider workforce and the Executive Directors. Differences in policy
implementation between seniority levels reflect our remuneration philosophy. For example, the balance between fixed and variable pay
is shifted toward fixed pay for employees in more-junior roles and towards variable pay for those in more-senior roles. A large
proportion of variable pay for senior employees, or the majority of variable pay and half of Fixed Pay for the Executive Directors, is
delivered in shares over multiple years – aligning their interests more closely with those of shareholders – whereas pay is primarily in
cash for more-junior employees. Aligned with our Fair Pay Agenda, UK employer pension contributions are also higher for our junior
employees.
The table below provides a summary of remuneration arrangements for the wider workforce and the Executive Directors.

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, set to provide a market- competitive total compensation opportunity, and is reviewed annually. Annual increases are typically 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. The RBP value may change, for example, where justified by a role or responsibility change or a change in the market rate for the role. | 50% is delivered in cash (paid monthly), and 50% in shares. The shares are delivered in four equal quarterly instalments and are then subject to a holding period, with restrictions lifting over five years.
| Pensions | 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 5% of Fixed Pay (equivalent to 10% of the cash element of Fixed Pay).
| 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 employees are considered, subject to eligibility criteria. | Assessed against predetermined targets and measures to align with financial performance, strategic non-financial performance and personal performance.
| Delivery | In cash following the performance year. | For many a proportion of annual bonus is deferred to future years. Deferred bonuses are generally delivered half in deferred cash and half in deferred shares, released in equal annual instalments over three, four, five or seven years, with a further six or 12-month holding period for some roles. | The majority of annual bonus is generally deferred in shares and then subject to a further 12-month holding period. Across the annual bonus and any LTIP award combined, deferral will always at least 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 between the third and seventh year from grant, with each release subject to a further 12-month holding period.
| All-employee share plans | Provide an opportunity for all employees to acquire Barclays shares, in some locations on beneficial terms. Barclays operates all- employee share plans in locations representing 99% of employees globally.

| 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 and
transparent, avoids complexity, and assesses – among other things – the impact of pay arrangements in supporting 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:
– Ensures alignment of remuneration with the remuneration philosophy, Fair Pay Agenda and Barclays' Purpose, Values, Mindset,
conduct expectations and long-term success
– Ensures alignment of wider workforce and Executive Director remuneration policies
– Approves the bonus pool across the wider workforce and reviews wider workforce pay outcomes
– Reviews the annual Group fixed pay budgets.

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Remuneration report (continued)

| Performance management |

Performance management plays a key role
both in supporting colleagues to progress
their careers and in making Barclays a
consistently excellent organisation.
Our performance management approach
centres on continuous performance
management principles.
This encourages people leaders to discuss
performance throughout the year,

including reviewing progress made against
‘what’ has been achieved (performance
versus individual objectives) and ‘how’ it
has been achieved (behaviours in line with
our Values and Mindset, in addition to our
leadership behaviours for senior leaders).
At year-end, colleagues are assessed
separately on the ‘what’ and the ‘how' of
their performance.

This assessment is reflected in colleague
performance ratings and bonus outcomes.
For 2023, our aspiration to be a
consistently excellent organisation was
reflected in performance management for
senior colleagues – and will be embedded
more deeply and widely during 2024.

+ | For more details see our Fair Pay Report 2023 at: home.barclays/annualreport

| Engaging with stakeholders on remuneration |

We seek to consider the views of all of our stakeholders in remuneration decision-making, including colleagues, investors and regulators.

| Colleagues We engage with colleagues to understand their views through our Your View surveys, union and works council engagements, and townhalls. We also engage with colleagues through our Employee Resource Groups, webcasts, workshops and events. Our ongoing engagement with the union Unite in the UK covers a range of topics, such as fair pay and the increasing cost of living, and this is another opportunity for the views of colleagues to inform decision-making. For information on our 2024 pay deal with Unite see 'Salary budget for 2024', below. We publish information 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 some shareholders. We listen to their views and take these into account when setting remuneration or considering changes to remuneration policies. Accordingly, the Group Chair or Remuneration Committee Chair hold meetings each year with major shareholders and representative groups to understand their views, accompanied by senior Barclays employees. In 2023, we discussed our remuneration policies and our 2022 pay outcomes with representatives of some of our institutional shareholders and proxy voting agencies. This kind of engagement helps inform the Committee's work and contributes directly to the decisions it makes in relation to Executive Directors' remuneration. For example, shareholder views were a key consideration in the Committee's decision to increase the weighting of the Climate & sustainability category from 10% to 15% for the 2024-2026 LTIP cycle. |  |  |  | Other stakeholders Each year, the Barclays Internal Audit or Chief Controls Office teams review our remuneration policies and how we've operated our remuneration processes, to provide assurance to the management team and the Committee that we are compliant with regulatory requirements. Whenever regulations on remuneration are changed, we review our remuneration policies and practices to ensure they are compliant – and make changes if necessary. In 2023 we continued to engage with our regulators to ensure we understand their perspectives, and to explain our performance, pay priorities and decision-making. We took their views into consideration when making our remuneration decisions for 2023, and continue to ensure we have ongoing regulatory dialogue on remuneration. |

| Fixed pay decisions for 2024 |

Living wage employer
We continue to ensure that we at least
meet the living wage benchmarks for each
location, and are an accredited Living
Wage employer in the UK.
Salary budget for 2024
We targeted our salary increase budgets
so there are higher increases for the most
junior colleagues. In the UK, with the union
Unite, we have agreed a salary increase
budget of 5.55% for our junior employees
and 3.75% for other union-recognised
employees. For junior employees in India
and the US salary increase budgets are 8%
and 3.25% respectively.
The percentage Fixed Pay increases for
the Executive Directors are below the
average percentage increases for the
wider workforce; the Group Chief
Executive and Group Finance Director will
each receive a 2.5% increase in Fixed Pay.

| Exceeding the living wage in key locations |
| We pay at least the living wage in all locations. Below are our minimum hourly rates from 1 March 2024 for the UK, USA and India, where 90% of employees are based. |
| £13.19 UK 2023: £12.23 | $22.50 USA 2023: $22.50 | ₹150.00 India 2023: R143.00 |

Pay transparency
We have continued to simplify our pay
approach for junior colleagues, making it
easier for them to understand how their
pay is set and managed.
Pay levels and annual salary increases for
our most junior roles in Barclays UK and
support functions in the UK are based on
role type, and starting salaries are published.

Annual bonus approaches for those
populations have also been harmonised.
Previously, bonus outcomes were fully
discretionary for many of these roles. From
2023, annual bonus outcomes are a set
percentage of salary, differentiated by each
employee's performance rating.

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Remuneration report (continued)

| Incentive pool and annual bonus outcomes for 2023 |

Determining the Group incentive pool
In determining the 2023 Group incentive pool,
the Committee considered:
• The Group's financial and non-financial
performance during 2023 (both absolute and
relative)
• The performance of individual businesses
within the Group and their contributions to
our strategic targets and vision
• 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 establish
the right balance between annual bonus
outcomes that reflect the performance of the
Group and managing the Group's cost base,
while supporting its 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, in line with our
remuneration philosophy.
On that basis, the Committee approved a Group
incentive pool for 2023 performance of
£1,745m (2022: £1,790m), down 3% compared
to the final incentive pool for 2022, which itself
incorporated a c.£500m reduction for risk and
control issues that came to light during 2022.
The risk and conduct adjustments to the 2023
incentive pool are materially less than those for
2022, so the incentive pool before risk
adjustments each year fell by c.15% from 2023
to 2022 – as seen in the chart on the right.
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 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 2023, 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. It also reviewed the historical
outcomes for the Executive Directors in the
context of performance each year and
concluded they were appropriate in the context
of the performance achieved.
Consistent with our Fair Pay Agenda, incentive
outcomes for junior employees are largely
protected, so, in business areas where incentive
spend was down year on year, more senior
colleagues experienced greater reductions in
annual bonus awards.

Group incentive pool and Group Chief Executive bonus outcomes over the years

Key performance metrics | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Profit before impairment (ex. adjusting items)1 | 7,169m | 8,118m | 8,056m | 7,761m | 8,906m | 9,365m |
Profit before tax (ex. adjusting items)1 | 5,701m | 6,206m | 3,218m | 8,414m | 7,686m | 7,484m |
RoTE (ex. adjusting items)1 | 8.5% | 9.0% | 3.4% | 13.5% | 11.6% | 10.6% |
CET1 ratio | 13.2% | 13.8% | 15.1% | 15.1% | 13.9% | 13.8% |
Group compensation to income ratio 2 | 34.1% | 33.9% | 34.2% | 34.7% | 33.5% | 34.4% |

< | Group incentive pool (£m)
| Group Chief Executive bonus outcome (% of maximum)
< | Risk and conduct adjustments (£m)

Notes: 1 Figures exclude the following adjusting items (pre-tax for profit and post-tax for RoTE): 2023: Q423 structural cost actions (£927m pre-tax and £739m post-tax); 2022: impact of Over-issuance of Securities (£674m pre-tax and £552m post-tax); 2021: impact of Over-issuance of Securities (£220m pre-tax and £170m post-tax); 2020: litigation and conduct (£153m pre-tax and £112m post-tax); 2019: litigation and conduct (£1,849m pre-tax and £1,733m post- tax); 2018: litigation and conduct (£2,207m pre-tax and £2,136m post-tax). 2 2018 Group compensation to income ratio excludes £140m relating to GMP charge post-retirement benefits.

| Annual percentage change in remuneration of Directors and employees • The annual percentage change in fixed pay earned in 2023, compared to 2022, is 3% for the Group Chief Executive and 9% for the median UK employee – reflecting the Fixed Pay and salary increases awarded in early 2023. |

| Group Chief Executive pay ratio: 83:1 • Our Group Chief Executive median pay ratio for 2023 is down in comparison to 2022 (101:1) . • This is due to a decrease in the CEO single total figure for remuneration from 2022 to 2023 and an increase in median total pay of UK employees over the same period. |

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Remuneration report (continued)

+ | Full details and supporting narrative See page 223

+ | Full details and supporting narrative See page 222

Directors’ Remuneration Policy
The Directors' Remuneration Policy was approved at the AGM
held on 3 May 2023 and applies for three years from that date.
The Committee reviewed the Directors' Remuneration Policy and
concluded that it has been operating effectively and is well aligned
with our remuneration philosophy.
A summary of the policy for the Executive Directors, including key
remuneration elements and its implementation for 2023 and
2024, is set out below.
The full policy, including arrangements for recruitment and leaver
provisions, and the remuneration policy for Non-Executive
Directors, can be found on pages 209 to 217 of the 2022 Annual
Report, which is available at home.barclays/annualreport.
Remuneration policy summary – Executive Directors

| Element and purpose |  | Operation |  | 2023 pay outcomes |  | Implementation for 2024
| Fixed Pay To reward skills and experience appropriate for the scale, complexity and responsibilities of the role and to provide the basis for a competitive remuneration package. |  | • Determined based on the individual’s role, skills and experience and set at a level that aims to provide an appropriately competitive total compensation opportunity, which is benchmarked against similar roles within the international banking peer group used by the Committee when considering the Executive Directors' pay. • Delivered 50% in cash (paid monthly) and 50% in shares quarterly (subject to a holding period of five years, with 20% released annually). • Reviewed annually. Increases will normally be no more than the average annual increase for UK employees. |  | Effective 1 March 2023: C.S. Venkatakrishnan £2,875,000 Anna Cross £1,800,000 |  | Effective 1 March 2024: C.S. Venkatakrishnan 2.5% increase to £2,947,000 Anna Cross 2.5% increase to £1,845,000 For comparison, the 2024 UK pay deal provides a salary increase budget of 5.55% for junior employees and a 3.75% budget for other union- recognised employees.
| Pension To support Executive Directors to build long- term retirement savings. |  | • Delivered as an annual cash allowance in lieu of participation in a pension arrangement. • The maximum is currently 5% of Fixed Pay (equivalent to 10% of the cash element of Fixed Pay). |  | Effective 1 March 2023: C.S. Venkatakrishnan £143,750 Anna Cross £90,000 (5% of Fixed Pay for each) |  | Effective 1 March 2024: C.S. Venkatakrishnan £147,350 Anna Cross £92,250 Pension will remain at 5% of Fixed Pay
| 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. |  | • A range of benefits is provided including private medical cover, annual health check, life insurance and ill health income protection, and use of a Company vehicle and driver when required for business purposes (including any tax liabilities that may arise from these benefits). • If an Executive Director relocates to perform their role, additional support may be provided for a defined and limited period of time, in line with Barclays’ general employee mobility policies and practices. |  | Benefits as per policy |  | Benefits as per policy

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Remuneration report (continued)

| Element and purpose |  | Operation |  | 2023 pay outcomes |  | Implementation for 2024
| Annual bonus To reward delivery of short-term financial targets and strategic objectives, and the individual performance of the Executive Directors in achieving those. |  | • Annual bonus awards are discretionary and determined by the Committee based on performance in the year. • Performance is measured against Group and personal objectives set towards the start of the year, covering financial and non-financial measures (at least 60% of the bonus opportunity normally being based on financial factors). • Delivered in cash and shares, which may be deferred and/or subject to a holding period. • The maximum annual bonus opportunity is 93% of Fixed Pay for the Group Chief Executive and 90% of Fixed Pay for the Group Finance Director. • Although the Committee takes a structured approach to considering the level of bonus outcome each year, any bonus award is discretionary and awards can be from zero to the maximum. • Awards are subject to malus and clawback provisions (described in the risk and conduct section). |  | In respect of 2023 performance year: C.S. Venkatakrishnan’s annual bonus was £1,425,000 (53.3% of maximum) Anna Cross’s annual bonus was £879,000 (54.3% of maximum) |  | C.S. Venkatakrishnan up to 93% of Fixed Pay Anna Cross up to 90% of Fixed Pay Performance measures and weightings unchanged from 2023, save for the following: In the Financial measures, a total operating expenses measure replaces cost: income ratio. In the Strategic non- financial measures, the weightings for Customers & clients, Colleagues and Climate & sustainability categories are reduced to 5%. A new Risk & operational excellence category added with a weighting of 10%.
| Long Term Incentive Plan (LTIP) award To incentivise execution of Barclays’ strategy over a multi-year period, encourage a long-term view and align Executive Directors’ interest with those of shareholders. |  | • Awards are discretionary and determined by the Committee based on satisfactory performance in the year. • Performance is measured over three years against measures set by the Committee (at least 70% of each award normally being based on financial factors). • Delivered in shares and subject to a holding period, vesting no faster than permitted by regulations (currently in five equal tranches, from the third to the seventh anniversary of grant). • The maximum LTIP opportunity is 140% of Fixed Pay for the Group Chief Executive and 134% of Fixed Pay for the Group Finance Director. • Although the Committee takes a structured approach to considering the level of LTIP outcome, any LTIP award is discretionary and awards can be from zero to the maximum. • Awards are subject to malus and clawback provisions (described in the risk and conduct section). |  | In respect of 2023 performance year: C.S. Venkatakrishnan will be granted a 2024-2026 LTIP award with a grant- date face value of 140% of Fixed Pay Anna Cross will be granted a 2024-2026 LTIP award with a grant- date face value of 134% of Fixed Pay Performance measures and weightings for the 2024-2026 LTIP cycle have changed slightly from those for the 2023-2025 LTIP cycle – more information is provided on page 219-220. In respect of the 2021-2023 LTIP cycle, neither C.S. Venkatakrishnan nor Anna Cross were participants. |  | C.S. Venkatakrishnan up to 140% of Fixed Pay Anna Cross up to 134% of Fixed Pay Performance weightings and targets for the 2025-2027 LTIP will be determined in early 2025.
| All-employee share plans To help increase the number of employee shareholders and increase their participation as shareholders. |  | • Executive Directors are entitled to participate in our UK all-employee share plans: Barclays Sharesave and Barclays Sharepurchase. |  | Eligible to participate |  | Eligible to participate

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Remuneration report (continued)

| Element and purpose |  | Operation |  | 2023 pay outcomes |  | Implementation for 2024
| Shareholding requirement To further enhance the alignment of shareholders’ and Executive Directors’ interests in long-term value creation. |  | • Executive Directors are required to hold shares with a value equivalent to their maximum annual variable pay opportunity (233% of Fixed Pay for the Group Chief Executive and 224% of Fixed Pay for the Group Finance Director), to be built up within five years from their date of appointment. • Post-employment shareholding requirements apply for two years after stepping down as an Executive Director. The amount to be held is as described above, or if lower the actual number of shares held on the date the Executive Director steps down. |  | As at 31 December 2023: C.S. Venkatakrishnan’s shareholding was 227% of his year-end Fixed Pay (requirement to be met by 31 October 2026) Anna Cross’s shareholding was 118% of her year-end Fixed Pay (requirement to be met by 22 April 2027) |  | Shareholding requirements remain unchanged
| Risk and conduct adjustment – malus and clawback Malus and clawback provisions discourage excessive risk-taking and inappropriate behaviours. |  | • Annual bonus and LTIP awards are subject to malus and clawback provisions. • More detail is set out below. |  | Annual bonus and LTIP awards granted in respect of 2023 performance will be subject to malus and clawback provisions |  | Annual bonus and LTIP awards granted in respect of 2024 performance will be subject to malus and clawback provisions

Risk and conduct (including malus and clawback)
Risk and conduct are taken seriously at Barclays. The Committee
ensures there are in-year adjustments, malus or clawback applied
to individual remuneration where appropriate.
All Executive Director annual bonus and LTIP awards are subject
to malus and clawback provisions. The purpose of these
provisions is to discourage excessive risk-taking and inappropriate
behaviours.
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:
– The individual in question deliberately misleading Barclays, the
market and/or shareholders in relation to the financial
performance of the Barclays Group
– The individual causing harm to Barclays’ reputation or where
his/her actions have amounted to misconduct, incompetence
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 vested, for a period in line with applicable regulations –
currently seven years from grant (which can be extended to up to
10 years in circumstances where a relevant investigation is
ongoing at the end of the initial seven-year period), in
circumstance where:
– The individual in question’s actions or omissions have
amounted to misbehaviour or material error, and/or
– Barclays or the relevant business unit has suffered a material
failure of risk management.
In addition to individual adjustments, the Committee considers
and makes collective adjustments to the incentive pool for risk
and conduct events. The Committee also adjusts the incentive
pool to take account of an assessment of future risks, including
conduct, non-financial factors that can support the delivery of a
strong risk management, control and conduct culture, and other
factors including reputation and impact on customers, markets
and other stakeholders. The Committee is supported in its
consideration of this by the Board Risk Committee. For 2023, the
total impact of risk and conduct-related collective adjustments is
a reduction o f c.£185m (2022: c.£500m).
Discretion
In addition to the various operational discretions the Committee
can exercise in the performance of its duties (including those
discretions set out in the Company’s share plan rules), the
Committee reserves the right to make either minor or
administrative amendments to the Directors' Remuneration
Policy to benefit its operation or to make more material
amendments in light of new laws, regulations and/or regulatory
guidance. The Committee would only exercise this right if it
believed it was in the best interests of the Company, and where it
is not possible, practicable or proportionate to seek or await
shareholder approval at the next AGM.
In relation to the Executive Directors' annual bonus, the
Committee has discretion to determine the appropriate
performance conditions applying each year – provided that
financial factors will normally guide at least 60% of the bonus
opportunity.
Although the Committee takes a structured approach to
considering the level of annual bonus outcome for the Executive
Directors each year, any bonus award is discretionary and the
Committee has discretion to award any amount from zero to the
maximum value.

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Remuneration report (continued)

In relation to the LTIP, the Committee again has discretion to
determine the appropriate performance conditions – provided
that financial measures will normally be at least 70% of the total
opportunity. In exceptional circumstances the Committee has
discretion to amend performance targets, measures or the
number of shares under awards, if circumstances occur that
cause the Committee to consider such adjustment to be
reasonable. The Committee also has the discretion to reduce the
vesting of any award, including to nil, if it deems the outcome
inconsistent with the performance delivered.
For 2023, the Committee did not exercise discretion to adjust the
variable pay outcomes as outlined on page 208.
Performance measures and targets
Measures
The performance measures and targets are set annually by the
Committee to align with our strategic priorities, ensuring the
measures support delivery of the Group’s strategy.
The Committee selects financial performance measures that are
fundamental to delivery against the Group’s strategy and are
considered to be the most important financial measures used by
the Executive Directors and the Board to oversee the direction of
the business. The non-financial performance measures are
chosen to represent key indicators of the success of our strategy,
and to provide a balanced view of our performance during the
period, which are robustly monitored and reported on to the
management team and the Board.
Targets
Targets for both the annual bonus and LTIP are calibrated to be
stretching but achievable, and are aligned with creating value for
shareholders and other stakeholders.
In respect of the annual bonus, the financial measures and
weightings are disclosed at the start of the relevant performance
year. The Committee considers the specific annual bonus targets
to be commercially sensitive, and that it would be detrimental to
disclose the targets at the start of the relevant performance year.
On that basis, the targets and performance against those targets
are disclosed at the end of the relevant performance year, in that
year’s Annual Report on Directors’ remuneration, provided that
commercial sensitivity is no longer an issue at that time.
In respect of the LTIP, the financial measures, weightings and
targets are disclosed in the Remuneration report published
immediately before the awards are granted – which is shortly after
at the start of the relevant performance period.
The Committee selects non-financial performance measures
that support the delivery of our strategy and reflect our priorities
over the next year or over a multi-year period.
ESG and remuneration
The Committee reviews the Executive Directors' incentive
measures each year to ensure they continue to support the
delivery of our strategic priorities, including ESG priorities.
The Executive Directors' annual bonus and LTIP have included
Climate & sustainability measures for over a decade. The
Committee aligns these measures each year with the Group's
evolving climate and sustainability ambitions, metrics and targets.
Most of our climate-related measures and targets are longer
term, including those relating to financing the transition and
financed emissions, and progress towards these targets is
expected to be variable and non-linear. This is reflected in a higher
weighting of Climate & sustainability measures in the LTIP,
compared to the annual bonus, as follows:
– For the 2024-2026 LTIP, 15% of the total opportunity will be
determined based on performance measures relating to
Climate & sustainability, measuring progress against each of
the three pillars of our climate strategy – including our ambition
to be a net zero bank by 2050 and our commitment to align our
financing with the goals and timelines of the Paris Climate
Agreement.
– For the 2024 annual bonus, 5% of the total opportunity will be
determined based on Climate & sustainability measures.
A further 5% of each of the 2024 bonus and the 2024-2026 LTIP
will be determined on Colleagues measures, including diversity,
inclusion and engagement. Risk & operational excellence
measures are weighted at 10% in the 2024 bonus and 5% in the
2024-2026 LTIP, as the management of risk underpins delivery
against our strategy and is a key part of the governance of the
Group. Outcomes will be determined based on an assessment of
performance against a range of measures of our risk culture,
operational precision and controls.
In recent years, the weighting of the Climate & sustainability
category in both the LTIP and annual bonus was equal, at 10%.
As described earlier, for this year's forward-looking incentives the
Committee increased the weighting to 15% in the 2024-2026
LTIP and decreased it to 5% in the 2024 annual bonus. Given the
higher maximum opportunity under the LTIP compared to the
annual bonus, these changes equate to an increase in the total
value of remuneration that will be determined based on climate-
related measures.

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Remuneration report (continued)

Illustrative scenarios for Executive Directors'
remuneration
The charts below show the potential value of the current
Executive Directors’ 2024 total remuneration in four scenarios:
‘Minimum’ (i.e. Fixed Pay, pension and benefits), ‘Mid-point’ (i.e.
Fixed Pay, pension, benefits and 50% of the maximum variable pay
that may be awarded), ‘Maximum’ (i.e. Fixed Pay, pension, benefits
and the maximum variable pay that may be awarded) and
‘Maximum with illustrative share price increase applied to
LTIP’ (the Maximum scenario, assuming share price appreciation
of 50% on the LTIP).
The value of benefits in these charts is based on an estimated
annual value for regular contractual benefits provision during
2024. Additional ad hoc benefits may arise but will always be
provided in line with the Directors' Remuneration Policy.
A significant proportion of the potential remuneration of the
Executive Directors is performance-related, delivered in Barclays
shares and subject to deferral, additional holding periods, malus
and clawback. These charts assume a constant share price, other
than for the share price appreciation applied to the LTIP value in
the 'Maximum with illustrative share price increase' scenario.

Group Chief Executive £m

0 | 2 | 4 | 6 | 8 | 10 | 12

Group Finance Director £m

0 | 2 | 4 | 6 | 8 | 10 | 12

n | Fixed Pay | n | LTIP
n | Pension and benefits 1 | n | Potential outcome of a 50% share price increase on the LTIP
n | Annual bonus

Note:
1 Pension and benefits include the value of cash in lieu of pension and the anticipated value of taxable benefits.

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Remuneration report (continued)

Minimum | Total: 3.15 |  |  |  |
93% | 7% |  |  |  |  |
Mid-point |  |  | Total: 6.59 |  |
45% | 3% | 21% |  | 31% |  |
Maximum |  |  |  |  | Total: 10.02 |
29% | 2% |  | 28% |  | 41% |
Maximum with illustrative share price increase applied to LTIP |  | Total: 12.08
24% | 2% |  | 23% |  | 34% | 17%

Minimum | Total: 1.96 |  |  |  |
94% | 6% |  |  |  |  |
Mid-point |  |  | Total: 4.02 |  |
46% | 3% | 20% |  | 31% |  |
Maximum |  |  |  |  | Total: 6.09 |
30% | 2% |  | 27% |  | 41% |
Maximum with illustrative share price increase applied to LTIP | Total: 7.33
25% | 1% |  | 23% |  | 34% | 17%

Alignment with Provision 40 of the UK Corporate Governance Code

Code requirements | How the Committee has addressed the requirement
Clarity – remuneration arrangements should be transparent and promote effective engagement with shareholders and the workforce | • A clear remuneration philosophy with aligned policies and practices for Executive Directors and the wider workforce • Our Fair Pay Report, which sets out how pay fairness is central to what we stand for, is used to engage with our shareholders and our colleagues • Regular engagement on remuneration with our largest institutional shareholders
Simplicity – remuneration structures should avoid complexity and their rationale and operation should be easy to understand | • Clear disclosure of rationale for and operation of each element of the Directors' Remuneration Policy • Executive Directors incentivised via annual bonus with deferral and LTIP • Prospective disclosure of bonus metrics and LTIP targets, and full retrospective disclosure of outcomes against financial and non-financial targets and criteria, with full supporting commentary
Risk – remuneration arrangements should ensure reputational and other risks from excessive rewards, and behavioural risks that can arise from target-based incentive plans, are identified and mitigated | • Assessment of 'What' and 'How' performance is achieved • Ex-ante and ex-post risk factored into the assessment of business performance • Significant deferral into shares, to align with shareholder experience • Committee discretion to adjust all variable remuneration outcomes • Malus and clawback provisions apply to all elements of variable remuneration
Predictability – the range of possible values of rewards to individual Directors and any other limits or discretions should be identified and explained at the time of approving the policy | • Maximum incentive outcomes set out in the Directors' Remuneration Policy • Scenario charts illustrate potential payouts under each element of the Policy • Key areas of Committee discretion clearly outlined in the Policy
Proportionality – the link between individual awards, the delivery of strategy and the long- term performance of the company should be clear. Outcomes should not reward poor performance | • Annual bonus and LTIP measures reviewed each year to maintain alignment to strategic priorities and KPIs • Very significant deferral into shares, to align with shareholder experience • Committee discretion, malus and clawback provisions apply to all elements of variable remuneration, to ensure outcomes do not reward poor performance
Alignment to culture – incentive schemes should drive behaviours consistent with company Purpose, Values and strategy | • The Committee reviews all policies and practices, including incentive schemes, ensuring alignment to the Group's Purpose, Values, Mindset and conduct expectations • A key aspect of remuneration philosophy is rewarding sustainable performance • Executive Directors' bonus and LTIP based on a balanced scorecard of financial and non- financial measures, with financial measures aligned to external financial targets and non- financial measures aligned to supporting Customers & clients, Colleagues, and to the Group's Climate & sustainability ambitions • Commitment to pay fairness across the workforce • Executive Director remuneration outcomes considered in the context of outcomes across the wider workforce

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Remuneration report (continued)

Annual report on Directors’ remuneration
This section explains how our Directors’ Remuneration Policy was implemented for 2023
Executive Directors
Single total figure for 2023 remuneration (audited)
The following table shows a single total figure for 2023 remuneration in respect of qualifying service for each Executive Director,
together with comparative figures for 2022.

|  | 1) Fixed Pay £000 | 2) Pension £000 | 3) Taxable benefits £000 | Total fixed pay £000 | 4) Annual bonus £000 | 5) LTIP £000 1 | Total variable pay £000 | Total £000
C.S. Venkatakrishnan | 2023 | 2,860 | 143 | 213 | 3,216 | 1,425 | — | 1,425 | 4,641
| 2022 | 2,767 | 138 | 343 | 3,248 | 1,949 | — | 1,949 | 5,197
Anna Cross 2 | 2023 | 1,788 | 89 | 17 | 1,894 | 879 | — | 879 | 2,773
| 2022 | 1,185 | 59 | 10 | 1,254 | 803 | — | 803 | 2,057

Notes:
1 No LTIP values are shown as neither C.S. Venkatakrishnan nor Anna Cross were participants in the 2020-2022 LTIP or the 2021-2023 LTIP cycle.
2 Anna Cross was appointed to the Board and as Group Finance Director on 23 April 2022. The remuneration shown for 2022 is in respect of her services as Group Finance Director during
2022.
Additional information in respect of each element
of pay for the Executive Directors (audited)
1) Fixed Pay
Fixed Pay is delivered 50% in cash, paid monthly, and 50% in shares, delivered quarterly. The 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' Fixed Pay is set out on page 217.
2) Pension
Executive Directors are paid cash in lieu of pension contributions equal to 5% of their Fixed Pay (equivalent to 10% of the cash element
of Fixed Pay). The pension cash allowance paid during 2023 was £142,958 for C.S. Venkatakrishnan and £89,375 for Anna Cross. No
other benefits were received by Executive Directors from any Barclays' pension plan.
3) Taxable benefits
Taxable benefits include private medical cover, life assurance, income protection, tax advice and the use of a Company vehicle and
driver when required for business purposes.
For C.S. Venkatakrishnan, the benefits figure also includes the cost to the Company of providing him with relocation support during
2023. This is in line with the Directors' Remuneration Policy and includes immigration assistance, home search support in London, and
temporary accommodation in London (which ended on 31 October 2023). Those costs came to c.£148,000, including the cost to
Barclays of paying the income tax and social security resulting from the provision of that relocation support. As referenced in the 2021
Remuneration report, temporary accommodation in London was provided to him for a period of up to two years, following his
appointment in November 2021 as Group Chief Executive.

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Remuneration report (continued)

4) 2023 annual bonus
The bonus amounts included in the single total remuneration figures are the value awarded or scheduled to be awarded in Q1 following
the financial year to which it relates.
In determining the bonus in respect of 2023 performance, the Committee considered the performance achieved against the Financial
(60% weighting) and Strategic non-financial (25% weighting) performance measures that had been set to reflect Group priorities for
2023. Performance against each Executive Director's Personal objectives (15% weighting) for 2023 was assessed on an individual basis.
The outcome for each of the Financial measures was determined on a straight-line basis, between the outcome for threshold
performance – which was nil for the profit before tax measure or 20% for the cost: income ratio measure – and 100% for achievement
of maximum performance. A summary of the assessment is provided in the following table.
2023 annual bonus outcomes

Measures | Weighting | Threshold | Maximum | 2023 actual | Outcome
C.S. Venkatakrishnan |  | Anna Cross |
Profit before tax (excluding material items), with CET1 ratio underpin | 50% | £5.8bn | £9.8bn | £7.484bn 1 | 21.1% |  | 21.1% |
Cost: income ratio (excluding material items) | 10% | 63.5% | 59.0% | 63.1%1 | 2.7% |  | 2.7% |
Strategic non-financial | 25% | Performance against strategic measures, organised around three main categories: Customers & clients, Colleagues and Climate & sustainability | 16.5% |  | 16.5% |
Personal | 15% | Individual performance against the respective Executive Director's personal objectives, assessed by the Committee | 13.0% |  | 14.0% |
Total | 53.3% |  | 54.3% |
Final 2023 annual bonus outcome approved by the Committee | 53.3% |  | 54.3% |

Note:
1 Material items excluded from the above measures consist of Q423 structural cost actions of £927 m.
Based on the assessment outlined above, the Committee determined an overall formulaic bonus outcome for C.S. Venkatakrishnan
and Anna Cross that equates to £1,425,000, and £879,000 respectively. The Committee reflected on the appropriateness of these
outcomes for the 2023 annual bonus, in the context of the performance achieved against the Financial measures, Strategic non-
financial measures and Personal 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 2023. 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 2023 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 warrante d.
In line with the Directors' Remuneration Policy, and due to the regulations prohibiting dividend equivalents being paid on unvested
deferred share awards, the number of shares awarded to each Executive Director under the Share Value Plan (the Group's main
employee share plan for granting deferred bonus shares to employees) will be calculated using the share price at the date of award,
discounted to reflect the absence of dividends or dividend equivalents during the vesting period. The valuation will be aligned to IFRS 2,
with the market expectations of dividends during the deferral period being assessed by an independent adviser.
The table below details how the 2023 annual bonus award for each Executive Director will be delivered, along with the face value of the
2024-2026 LTIP award that will be granted alongside the deferred elements of the bonus. This shows the percentage that is in Barclays
shares for the annual bonus, and also for variable pay overall (the annual bonus and LTIP combined). Of the annual bonus award for C.S.
Venkatakrishnan, 86% will be delivered in Barclays shares, and 77% for Anna Cross. Including the 2024-2026 LTIP awards, a total of 96%
of C.S. Venkatakrishnan’s 2023 variable pay will be in Barclays shares, and 94% for Anna Cross.

| Upfront cash bonus £000 | Upfront bonus shares £000 | Deferred bonus shares £000 | Total annual bonus £000 | Percentage of bonus in shares | 2024-2026 LTIP award £000 | Percentage of 2023 variable pay in shares
C.S. Venkatakrishnan | 200 | 200 | 1,025 | 1,425 | 86% | 4,025 | 96%
Anna Cross | 200 | 200 | 479 | 879 | 77% | 2,412 | 94%

The deferred bonus shares in respect of the 2023 annual bonus awards will vest in two equal tranches on the first and second
anniversaries of grant. All shares (both the upfront bonus shares and the deferred bonus shares) are also subject to a one-year holding
period from the point of vesting. All of the 2023 variable pay is subject to clawback provisions, which allow the Committee to recover
amounts that have been paid in certain circumstances, and the deferred elements are subject to malus provisions, which enable the
Committee to delay or reduce the vesting of unvested amounts (including reducing to nil) in certain circumstances.
Further detail follows on the assessment of the Strategic non-financial measures, and performance against Personal objectives where
applicable.

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Remuneration report (continued)

Assessment of the Strategic non-financial measures for the 2023 annual bonus
The weighting of the Strategic non-financial element was 25%, within which the Customers & clients and Colleagues sections are each
weighted at 7.5% and the Climate & sustainability section is weighted at 10%. Progress in relation to each of the Strategic non-financial
measures was assessed by the Committee. The overall assessment was based on the following scale:

For Customers & clients and Colleagues (max weighting 7.5%) | For Climate & sustainability (max weighting 10%) | Overall outcome
0% to 1% | 0% to 2% | Behind track on most measures
1.5% to 3.0% | 2.5% to 4.5% | Slightly behind track on most measures
3.5% to 6.0% | 5.0% to 7.5% | On track or slightly ahead of track for most measures
6.5% to 7.5% | 8% to 10% | Ahead of track on most measures

On this basis, the Committee agreed an overall outcome for the Strategic non-financial measures of 16.5% out of a maximum of 25%.
The detail supporting this assessment is provided in the table that follows. The measures used in the Strategic non-financial
assessment for bonus reflect key strategic priorities of the Group. Most outcomes are either measured by an external provider, such as
NPS or Investment Banking fee ranking and share, or are subject to independent ‘limited assurance’ by KPMG (indicated by the 'Δ'
symbol)1, including Climate & sustainability measures.
Customers & clients

Measure | Criteria | Performance | Commentary | Outcome
Global Markets revenue ranking and share | Maintain client rankings and market share | 6th (maintained since 2022) Revenue share decreased to 6.5% (from 7.3% in 2022 2 | • Global Markets revenue ranking maintained with a slight decrease in revenue share amidst a challenging intermediation environment and compressed financing spreads • Share of wallet with our Global Markets top 100 clients increased with income up 5%, despite lower client activity in markets across the industry | Slightly behind track
Investment Banking fee ranking and share | 6th (maintained since 2022) Fee share maintained at 3.1%3 | • Maintained sixth ranking despite a year of suppressed dealmaking • In the UK, topped the investment banking league table – in fees earned – for the first time in six years 4 | On track
Net Promoter Scores (NPS) | Improve | Barclays UK: +17 (2022: +11) Barclaycard UK: +13 (2022: +12) US Consumer Bank Digital tNPS 5: 61.3 (2022: 59.8) | • NPS score for Barclays UK increased to +17, up six points. Personal customers with Blue or Premier accounts feel more positive about their experience, but a decline in Business Banking NPS means that improving these relationships is a priority • Barclaycard NPS continued to trend upward • US Consumer Bank Digital tNPS increased with several enhancements made to the customer digital experience, including functionality for replacing lost and stolen cards and the ease of user login | On track
Complaints | Reduce Barclays UK customer complaints and improve resolution time | BUK Total Complaints (% movement year on year): +18% | • Complaint volumes increased during 2023, driven by specific issues encountered by customers and rising levels of fraud and scams experienced across industry. A rigorous plan is in place to address this and improve our proposition and execution to best-in-class service • 64% of complaints resolved within three days (2022: 61%) | Behind track
Digital | Increase digital engagement | Percentage of customer journeys digitally enabled: 80% (2022: 76%) Mobile active customers: 11.0m (2022: 10.5m) CC&P US customer digital engagement: 76.0%6 (2022: 74.1%) | • The number of active digital users has surpassed all other UK banks 7 • Further improvements made to navigation and functionality within the Barclays app • The US Consumer business continued to invest in the digital servicing model, including the introduction of new and enhanced digital engagement features and technology advancements. Digital active user rate increased versus 2022 | On track
Total Customers & clients: 3.5%

Notes:
1 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410 Current and previous limited assurance scope and opinions can be found within the ESG
Resource Hub for further details home.barclays/sustainability/esg-resource-hub/reporting-and-disclosures/
2 Global Markets rank and revenue share based on Barclays’ calculations using peer-reported financials. Top 10 peer group includes Barclays, Bank of America, Citigroup, Goldman Sachs,
JPMorgan Chase & Co, Morgan Stanley, BNP Paribas, Credit Suisse, Deutsche Bank and UBS. Where any of the peer group has not published results by the time we report, we use the
consensus estimate for their quarterly performance.
3 Data from Dealogic for the period covering 1 January to 31 December 2023.
4 Data from Dealogic, UK Investment Bank revenue by bank, full year 2023.
5 USCB digital tNPS is a newly tracked metric measuring USCB customer experience at the digital journey level.
6 Excluding Gap customers.
7 The number one for digital users score is from Curinos – eBenchmarkers Analyser and internal analysis, and is from its April 2023 report .

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Remuneration report (continued)

Colleagues

Measure | Criteria | Performance | Commentary | Outcome
Diversity | 33% females at Managing Director and Director level by 2025 | 30%Δ in 2023, increasing from 29% in 2022 | • Continued to make progress towards 2025 Gender and Underrepresented Race and Ethnicity Ambitions • Achieved our Ambition to increase overall underrepresented minority representation by 25% in the UK and 20% in the US two years early. As at the end of 2023, underrepresented minorities represent 5.1% of the total population in the UK and 21% of the total population in the US. Ambition reset to achieve a further 12.5% increase in the UK and 5% increase in the US by the end of 2025 • The number of Managing Directors from underrepresented ethnicities largely unchanged versus 2022 | Slightly behind track
Increase underrepresented minority 1 representation in the UK to 5% and in the US to 21% by 2025 | UK: 5.1% (2020 baseline of 4.0%) US: 21.0% (2020 baseline of 18.1%)
50% increase in the number of Managing Directors from underrepresented ethnicities in the UK and the US combined by 2025 (measured from 2022 baseline) | 55 Managing Directors (2022 baseline of 56)
Inclusion | Improve inclusion indicators | Inclusion Index from Your View survey 83% (2022: 82%) | • 90% of employees in Your View survey told us they feel included in their team (2022: 88%) • 85% of employees in Your View survey told us they believe that senior leaders are truly committed to building a diverse workforce (2022: 84%) | On track
Engagement | Maintain engagement at healthy levels | Employee Engagement score from Your View survey 86% (2022: 84%) 86% of employees in Your View survey would recommend Barclays to people they know as a great place to work (2022: 85%) | • Overall Wellbeing Index score from Your View survey of 88% (2022: 86%) • Highest Engagement and Wellbeing index scores to date 2 • 89% of employees in Your View survey told us that their line managers are supporting their efforts to maintain their wellbeing (2022: 90%) | Ahead of track
Culture | Maintain culture indicators | 94% of employees in Your View survey believe that they and their team do a good job of role- modelling the Values every day (2022: 92%) 93% of employees in Your View survey believe that they and their team do a good job of role-modelling our Mindset every day (2022: 92%) | • As part of the culture change programme, Consistently Excellent, the higher operating standard was incorporated into our existing Values and Mindset behaviours and as part of an enhanced set of leadership behaviours • In the first Your View survey where we included questions related to Consistently Excellent, 89% of employees told us that they felt their peers “have a good understanding of what it means to be a consistently excellent organisation” • 83% of employees in Your View survey said they feel “it is safe to speak up at Barclays” (2022: 83%) • 62% of colleagues said it was “simple and straightforward to get things done at Barclays”, a concept in line with one of our key Consistently Excellent focus areas – although this result shows that there is still more to be done in making Barclays more efficient (2022: 60%) | Slightly ahead of track
Total Colleagues: 5.5%

Notes:
Δ 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and opinions can be found within the ESG Resource Hub: home.barclays/
sustainability/esg-resource-hub/reporting-and-disclosures/
1 Underrepresented minorities refer to individuals who are Black and Multiracial in the UK, and African American/Black, multiracial, Hispanic/Latinx, Native Alaskan/Native American, or
Native Hawaiian/Pacific Islander in the US.
2 On a comparable basis since the current measurement framework has been used (since 2019 for Engagement and since the introduction of the Wellbeing index in 2021).

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Remuneration report (continued)

Climate & sustainability

Measure | Criteria | Performance | Commentary | Outcome
Sustainable and Transition Financing | Facilitate $1trn of Sustainable and Transition Financing between 2023 and end of 2030 | $67.8bn Δ | • Progress made towards Barclays' target to facilitate $1trn of Sustainable and Transition Financing between 2023 and end of 2030 • In 2023, developed a Group sustainable finance strategy setting out the strategic focus for the Group in delivering the $1trn target and our Transition Finance Framework, which outlines the criteria for transactions to qualify as transition financing | On track
Reducing our financed emissions | Deliver progress on our commitment to align our financing with goals and timelines of the Paris Climate Agreement: 30% reduction in power portfolio emissions intensity (Scope 1) by the end of 2025, from a 2020 baseline 15% reduction in energy portfolio absolute emissions (Scope 1, 2 and 3) by the end 2025, from a 2020 baseline | Power portfolio emissions intensity: 241 Δ KgCO 2 e/MWh, 26% down versus 2020 Energy portfolio absolute emissions: 42.5 Δ MtCO2e, 44% down versus 2020 | • Ahead of 2025 energy target and broadly on-track for 2025 power target • Eight high-emitting sectors now covered by 2030 financed emissions reduction targets, including the three sectors for which new targets are being announced : Aviation, UK Commercial Real Estate and UK Agriculture • Future progress against these targets will be non-linear and may be volatile due to the many external dependencies and variables beyond Barclays’ control that may determine the pace of transition and impact our ability to achieve our targets | On track
Reducing our greenhouse gas (GHG) emissions | 90% reduction in Scope 1 and 2 GHG emissions (market-based, against a 2018 baseline by end of 2025) | 93%Δ reduction | • Continued to reduce emissions in 2023, having achieved our 90% GHG market-based emissions reduction target for Scope 1 and Scope 2 in 2022 | Ahead of track
Renewable electricity | 100% renewable electricity sourcing for our global real estate portfolio by end of 2025 | 100%Δ | • Continued to source 100% renewable electricity for our global real estate portfolio operations 1 • Maintained focus on improving energy efficiency and replacing fossil-fuel-powered infrastructure with lower- emission alternatives | Ahead of track
LifeSkills – people upskilled | Upskill 8.7 million people from 2023 to end of 2027 with 2.6 million people upskilled in 2023 | 2.6m Δ upskilled in 2023 | • From 2023, new investment through LifeSkills is focused on targeted support for people in the most underserved communities and underrepresented groups • In 2023, the number of people upskilled was in line with our per annum target | On track
LifeSkills – people placed into work | Place 250,000 people into work (2023 to the end of 2027) | 53,500 Δ people placed into work in 2023 | • Exceeded our per annum target of 50,000 people placed into work in 2023 | Slightly ahead of track
Unreasonable Impact (partnership with the Unreasonable Group) | Support an additional 200 businesses solving social and environmental challenges (2023 to the end of 2027) | 41 Δ ventures supported | • After achieving our goal to support 250 ventures by the end of 2022, this strategic global partnership with Unreasonable Group was renewed in 2023 to enable Barclays to support an additional 200 entrepreneurs over five years. More than 300 ventures have been supported so far • In 2023, the number of ventures supported met our per annum target | On track
Total Climate & sustainability: 7.5%
Overall strategic non-financial outcome (out of a maximum possible 25%) | 16.5%

Notes:
Δ 2023 data subject to independent limited assurance under ISAE (UK) 3000 and ISAE 3410. Current limited assurance scope and opinions can be found within the ESG Resource Hub: home.barclays/
sustainability/esg-resource-hub/reporting-and-disclosures/
1 Global real estate portfolio includes offices, branches, campuses and data centres.

+ | Further details on our approach to Key Performance Indicators are included in the Strategic report. Refer to home.barclays/sustainability/esg-resource-hub/ for more information on the ESG measures.

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Remuneration report (continued)

Assessment of performance against the Personal objectives set for the 2023 annual bonus (15% weighting)
Individual performance against each of the Executive Directors’ personal objectives for 2023 (15% weighting overall) was assessed by
the Committee. Performance for C.S. Venkatakrishnan and Anna Cross was assessed against both the individual objectives set for their
respective roles and their shared personal objectives.
The table below summarises performance against the shared personal objectives.
Shared personal objectives for C.S. Venkatakrishnan and Anna Cross

Objective | Outcomes
Deliver improving shareholder returns, with a focus on RoTE | • Excluding Q423 structural cost actions, Group RoTE for 2023 remained aligned with our medium-term target of greater than 10%, for the third consecutive year • Group income of £25.4bn, up 3% year-on-year excluding the impact in 2022 of the Over-issuance of Securities, against a challenging macroeconomic backdrop and significant market-wide declines for some business areas • Total shareholder distributions in respect of 2023 equivalent to c.19.4p per share • During 2023 a three-year plan was developed, through to 2026, designed to deliver further value for shareholders and improve operational and financial performance; this is now being implemented
Maintain robust capital ratios across the Group and within the main operating entities | • Strong capital position maintained, with Group CET1 of 13.8%, within our target range of 13% to 14% • Similarly strong capital ratios prevail in all main operating entities: at the end of 2023, Barclays Bank PLC’s CET1 ratio was 12.1% and Barclays Bank UK PLC’s CET1 ratio was 14.8%, well in excess of regulatory minimums
Continue to invest in capabilities to deliver next-generation, digitised consumer financial services | • Number of active digital users is higher than for any other UK bank 1 • Maintained focus on ensuring that digital banking with Barclays UK is smooth, easy and rewarding by making further improvements to the navigation and functionality within the app and enabling 80% of customer transactions across all Barclays UK channels to be completed digitally • Improvements made to our digital offering for USCB customers helped boost the Android app star rating to 4.7 out of 5 in 2023, up from 4 in 2022, and increased our USCB Digital tNPS 2 from 59.8 in 2022 to a full year average of 61.3 in 2023
Continue to deliver sustainable growth in the Corporate and Investment Bank | • Share of wallet with our top 100 Global Markets clients grew, with income from these clients up 5% year on year, despite lower client activity in markets across the industry • Despite a decline in fee income due to the reduced fee pool across the industry, Investment Banking continued to deliver for clients - including leadership in high profile IPOs, e.g. ARM, the largest IPO to price in 2023. Investment Banking maintained its sixth rank globally and improved its ranking in the UK to #1 3 • Corporate Banking revenues grew off the back of elevated deposits income which continued to benefit from a strong net interest margin, and increased deposit balances with clients
Actively deploy the range of Barclays’ businesses and capabilities to support customers and clients and capture opportunities as we collectively transition to a low-carbon economy | • Facilitated $67.8bn of Sustainable and Transition Financing in 2023, against our target to facilitate $1trn by the end of 2030, and published a Transition Finance Framework for Barclays • In support of our Sustainable and Transition Financing target, formed a new Energy Transition Group, comprising our Energy, Power and Sustainable Impact Banking teams • Advised and helped companies raise capital for emerging climate technology, including Nextracker’s IPO and first Follow-on Offering • Continued to develop green and sustainable banking products for business clients, including the new Green Barclayloan and, in partnership with Propel, a reduced fixed rate to business clients who take out finance on environmentally friendly purchases • Extended the Greener Home Reward to 2024, enabling eligible residential mortgage customers to make energy efficiency-related home improvements • Named Best Bank for Environment, Social and Governance (ESG) in the UK for 2023 by Euromoney
Continue to drive our data strategy and technology agenda across the Group to support improving customer and client services and experience | • Continued to use and enhance data and insights to ensure our strategy, products and services for retail customers deliver the intended outcomes, with a focus on meeting the needs of people with vulnerable characteristics • Barclaycard Payments introduced new digital features – including the launch of Smartpay Anywhere and Smartpay Fuse, enabling small business customers to take online payments as part of a seamless experience • Continued to invest in enhancing our Corporate Banking digital capabilities globally to provide our clients with seamless access to our transaction banking product set

Notes:
1 The number one for digital users score is from Curinos – eBenchmarkers Analyser and internal analysis, and is from its April 2023 report.
2 A newly tracked metric for USCB measuring customer experience at digital journey level.
3 Data from Dealogic, global data based on full-year 2023, UK data based on full-year 2023 UK Investment Bank revenue by bank.

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Remuneration report (continued)

In addition to the shared personal objectives described above, the table below summarises performance against the personal
objectives for C.S. Venkatakrishnan.
Personal objectives for C.S. Venkatakrishnan

Objective | Outcomes
Ensure a continued focus on customer and client outcomes | • Continued to transform our physical support model in 2023, including by expanding Barclays Local (the largest network of alternative branch formats in the UK, for Barclays UK customers who need in-person support) by more than 159 new sites, to a total of 351 sites, as well as continuing to provide services through innovative new Shared Banking Hubs • Broadened the Group’s UK mortgages proposition through the acquisition of Kensington Mortgage Company, the UK’s leading residential specialist mortgage lender, known for its support of specialist customer groups and the intermediary market • Engaged extensively with customers to get regular insights to inform our design principles and the transformation of our customer journeys, including 1.4 million pieces of customer feedback obtained in Barclays UK in 2023 • Some progress made in addressing the volume of Barclays UK customer complaints with more work to do to improve the overall customer experience and address and remove the root causes of customer complaints • Successfully completed the transfer of UK Wealth Management & Investments business to sit alongside the Private Bank, with the transition of 300,000 clients and 1,000 colleagues • Improved support to financially vulnerable customers by enhancing tools, training, support and systems
Continue to embed the Mindset across the organisation in support of our Purpose | • Increased the number of colleagues who believe that they and their team do a good job of role modelling our Mindset every day (2023: 93%; 2022: 92%; 2021: 89%) • Continued the design, delivery and embedment of the Group-wide cultural change programme, Consistently Excellent, which challenges colleagues to address five key areas – Precision, Service, Focus, Efficiency and Diversity of Thought – and ensured delivery to this standard is incorporated into our key processes for attracting, retaining and developing talent, planning for succession, and recognising and rewarding performance
Continue to develop a high- performing culture in line with our Values, with a focus on employee engagement, succession planning, talent and diversity | • Colleague engagement increased across the Group to 86%, an increase of 2% points versus 2022, with the annual Your View survey also showing positive results across most other measures • Inclusion Index score for 2023 was 83%, continuing its upward trajectory since it was launched in 2020, with 90% of colleagues telling us that they feel included in their team • Continued to make progress towards our 2025 Gender and Underrepresented Race and Ethnicity Ambitions, increasing senior female representation globally and representation of underrepresented minority groups in the UK and the US
Effectively manage relationships with key external stakeholders, including societal stewardship | • Venkat has built strong connections and proactively collaborated with UK and US regulators throughout the year, working to support the broader UK economy • In 2023, our societal programmes reached more than 3.27 million people around the world, helping to unlock the skills and employment opportunities people need to progress
Drive leadership accountability to further strengthen our risk management and controls culture | • Continued the design, delivery and embedment of the Group-wide cultural change programme, Consistently Excellent, which includes a focus on risk awareness and operational excellence • Consistently Excellent workshops have been delivered to senior leaders during 2023, and in 2024 all other colleagues will be invited to attend, to ensure that there is a common understanding of what it means to deliver to a consistently excellent standard • Progress in embedding the new operating standard with colleagues has been reflected in the results from the Autumn 2023 Your View survey, where 89% of colleagues felt their peers “have a good understanding of what it means to be a consistently excellent organisation”

Recognising C.S. Venkatakrishnan's very strong performance against both his individual and shared personal objectives, and his
leadership of the organisation through 2023 – including the embedment of a new operating standard, Consistently Excellent – the
Committee assessed that an outcome of 13% out of a maximum of 15% was appropriate.

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Remuneration report (continued)

The table below summarises performance against the personal objectives for Anna Cross.
Personal objectives for Anna Cross

Objective | Outcomes
Support the business to grow sustainably, in line with the Group’s strategy, with specific focus on climate, capital and costs | • Maintained cost discipline. Excluding the Q423 structural cost actions in 2023 and the impact in 2022 of the Over-issuance of Securities, the 2023 cost: income ratio was 63%, as the Group delivered positive cost: income jaws of 1% • Strong capital position maintained, with Group CET1 of 13.8% at the end of 2023, balanced with delivering total cash returns to shareholders and investment in the business • Instrumental in defining the future strategic priorities in the lead up to the Investor Update
Continue to optimise financial management reporting (particularly through technology) to drive benefits across the Group and to ensure a smooth transition to new rules and regulations | • Leveraged technology to enhance the delivery of financial management reporting, including Group Balance Sheet reporting and Internal Reporting, increasing efficiency and automation • The Basel IV programme is on track to be completed in required timeframes
Continue to progress the transformation of the Treasury function, including strategic treasury and liquidity platforms | • Continued improvements in Liquidity Reporting Infrastructure, including migration of additional reporting onto core architecture, resulting in improved controls • Progress made in the strategic transformation of Asset and Liability Management and Hedge Accounting infrastructure to improve precision in our operations, risk management and controls
Oversee the effective management of the risk and controls agenda across Group Finance, and transform for the future where necessary | • Control Environment and Management Control Approach overall rated satisfactory in 2023
Retain focus on the colleague agenda across Group Finance – driving employee engagement, continuing to improve diversity, developing senior talent and succession planning | • High level of colleague engagement across Finance, at 85% (2022: 85%) • Continued focus on embedding the Barclays Mindset with high scores on all three indices: Empower at 87% (2022:89%); Challenge at 84% (2022:85%); and Drive at 88% (2022:87%) • Senior female representation increased to 34% in Group Finance with half the roles on the Finance Management Team occupied by females as at the end of 2023
Effectively manage relationships with key external stakeholders including regulators and investors | • Established effective and open relationships with regulators and the investment community
In addition to the personal objectives set for Anna Cross at the start of 2023, at times during the year she carried out some responsibilities (both internally and externally) that are usually performed by the Group Chief Executive, due to his illness.

The Committee recognised the high level of achievement during 2023 against these objectives, and also the additional responsibility
taken on at times due to the Group Chief Executive's illness, as outlined in the table above. Based on Anna Cross's strong performance
against both her individual and shared personal objectives, and her strong leadership through 2023, the Committee assessed that an
outcome of 14% out of a maximum of 15% was appropriate.
5) Vesting of the 2021-2023 LTIP cycle for the current Executive Directors
No LTIP awards were granted to C.S. Venkatakrishnan and Anna Cross in 2021 as they were not Executive Directors at that time.
Vest ing of the 2021-2023 LTIP cycle for other participants
Former Group Finance Director Tushar Morzaria is the only remaining participant in the 2021-2023 LTIP cycle, having been granted an
award in March 2021 while he still served as an Executive Director.
The Committee assessed performance against the performance conditions for that LTIP award, based on performance over the
period from 1 January 2021 to 31 December 2023, with straight-line vesting applied between the threshold and maximum targets
shown for the financial measures. The Committee determined that 53.2% of the award will vest, as detailed in the table that follows.
Before finalising the vesting, the Committee considered whether this outcome was appropriate in the context of the performance
achieved, and concluded that it was – and that no further discretionary adjustment was warranted.
The vesting portion of the award will be released in five equal annual tranches, starting from March 2024. After release, each tranche of
shares is subject to an additional 12-month holding period.
The value that Tushar Morzaria is expected to receive from the vesting of this award is £1,174,634, estimated (as this 2023 Annual
Report will be finalised prior to the vesting date) using the Q4 2023 average share price of £1.4374 (which includes 18% share price
depreciation since the date of grant). The performance achieved against the performance targets is shown in the table that follows.

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2021-2023 LTIP outcomes

Performance measure | Weighting | Threshold | Maximum vesting | Actual | % of award vesting
2023 return on tangible equity (RoTE) (excluding material items)1, 2 | 25% | 0% of award vests for RoTE of 6.0%, rising on a straight-line basis | 25% of award vests for RoTE of 12.0% | 10.8% | 20.0%
Average cost: income ratio (excluding material items)3 | 10% | 0% of award vests for average cost: income ratio of 65.0%, rising on a straight-line basis | 10% of award vests for average cost: income ratio of 62.0% | 64.1% | 3.0%
Maintain CET 1 ratio within the target range | 10% | If CET1 is below MDA hurdle 4+180bps during the period, the Committee will consider what portion of this element should vest, based on the causes of the CET1 reduction If CET1 is above MDA hurdle +280bps but does not make progress towards the range over the period, the Committee will consider what portion of this element should vest, based on the reasons for the elevated levels of CET1 versus target range and the associated impacts | CET1 ratio between 180bps and 280bps above MDA hurdle throughout the period, or CET1 ratio more than 280bps above MDA hurdle but making progress towards the target range during the period | Within range | 10.0%
Relative total shareholder return 5 | 25% | 6.25% of award vests for performance at median of the peer group 6, rising on a straight-line basis | 25% of award vests for performance at or above the upper quartile | Below median | 0.0%
Risk scorecard | 10% | The Risk scorecard captures a range of risks and reflects the considerations within the incentive risk alignment framework shared with regulators. The current framework measures performance against three broad categories – Capital & liquidity, Control environment and Conduct – using a combination of quantitative and qualitative metrics | 6.0%
Climate | 10% | Performance is measured on progress towards our ambition to be a net zero bank by 2050 including: • our commitment to align our financing with the goals of the Paris Climate Agreement • our commitment to facilitate £100bn of green financing by 2030 The Committee determined the percentage of the award that may vest between 0% and 10% | 7.5%
Strategic non-financial | 10% | Performance is measured against the Strategic non-financial measures. The Committee determined the percentage of award that may vest between 0% and 10%. The measures are organised around three categories: Customers & clients, Colleagues, and Society (Citizenship). Each of the three main categories has equal weighting | 6.7%
Total |  |  |  | 53.2%
Final 2021-2023 LTIP vesting outcome approved by the Committee |  | 53.2%

Notes:
1 Using average tangible shareholders’ equity based on a CET1 ratio of 13.5%.
2 Material items consist of Q423 post-tax structural cost actions (2023: £739m).
3 Material items consist of certain structural cost actions (2023: £927m taken in Q423; 2022: £151m, 2021: £648m). The litigation and conduct impacts from the Over-issuance of
Securities and the devices settlements are not excluded.
4 Currently 12%.
5 Performance assessed over the period from 1 January 2021 to 31 December 2023. Start and end total shareholder return data is the Q4 average for 2020 and 2023 respectively and is
measured in GBP for each company.
6 The peer group is comprised of banks in 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 2021-2023 LTIP award was Banco Santander, Bank of America, BBVA, BNP Paribas, Citigroup, Credit Agricole, Credit Suisse, Deutsche Bank, HSBC, ING Group, Lloyds
Banking Group, Morgan Stanley, NatWest Group, Societe Generale, Standard Chartered, UBS, and UniCredit.

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LTIP awards granted during 2023
Awards were granted to C.S. Venkatakrishnan and Anna Cross on 8 March 2023 under the 2023-2025 LTIP, based on a value per share
of £1.32067, which was derived from the share price less a discount to reflect the absence of dividends or equivalents during the
vesting period, in accordance with the Directors' Remuneration Policy. This is the value used to calculate the number of shares below.

| % of Fixed Pay | Number of shares | Face value at grant | Performance period
C.S. Venkatakrishnan | 140% | 2,946,989 | £3,892,000 | 2023-2025
Anna Cross | 134% | 1,750,247 | £2,311,499 | 2023-2025

The performance measures for the 2023-2025 LTIP awards are as follows:

Performance measure | Weighting | Threshold | Maximum vesting
Average return on tangible equity (RoTE) (excluding material items)1 | 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
Average cost: income ratio (excluding material items) | 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
Maintain CET 1 ratio within the target range 2 | 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
Relative total shareholder return 3 | 25% | 6.25% vests for performance at the median of the peer group 4, rising on a straight-line basis | 25% of award vests for performance at or above the peer group 4 upper quartile
Strategic non-financial | 20% | The evaluation will focus on key performance measures, w ith a detailed retrospective narrative on progress against each category throughout the period. Performance against the strategic non-financial measures will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 20%. The measures are organised around three main categories and measures will likely include, but not be limited to, the following: Climate & sustainability (weighted 10%) – progress to be measured against four key objectives: progress towards our Sustainable and Transition Financing target; reduce our financed emissions; reduce our operational emissions; and support our communities Customers & clients (weighted 5%) – drive world-class outcomes for customers and clients; Improve Net Promoter Scores; reduce Barclays UK customer complaints and improve resolution time; maintain client rankings and market share within CIB; and increase digital engagement Colleagues (weighted 5%) – protect and strengthen our culture through our Purpose, Values and Mindset; Continue to improve diversity in leadership roles; improve inclusion indicators; maintain engagement at healthy levels; and maintain culture and conduct indicators
Risk scorecard | 10% | The Risk scorecard captures a range of risks and reflects the considerations within the incentive risk alignment framework shared with regulators. The current framework measures performance against three broad categories – Capital & liquidity, Control environment and Conduct – using a combination of quantitative and qualitative metrics. The framework may be updated from time to time in line with the Group’s risk strategy. Specific targets within each of the categories are deemed to be commercially sensitive. Retrospective narrative on performance will be disclosed in the 2025 Remuneration report, subject to commercial sensitivity no longer remaining

Notes:
1 Using average tangible shareholders’ equity based on a CET1 ratio at the mid-point of the Group target range 13% to 14%.
2 Currently 13.8%.
3 Performance assessed over the period from 1 January 2023 to 31 December 2025. Start and end total shareholder return data will be the Q4 average for 2022 and 2025 respectively
and will be measured in GBP for each company.
4 The 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 is: Banco Santander, Bank of America, BBVA, BNP Paribas, Citigroup, Credit Agricole, Credit Suisse, Deutsche Bank, HSBC, ING Group,
Lloyds Banking Group, Morgan Stanley, NatWest Group, Societe Generale, Standard Chartered, UBS, and UniCredit.

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Remuneration report (continued)

Executive Directors:
Statement of implementation of remuneration policy in 2024
An overview of how the Directors' Remuneration Policy will be implemented in 2024 is provided alongside the summary of the policy on
page 201.
2024 Fixed Pay and market competitiveness of the Executive Directors’ total compensation opportunity
Pay benchmarking data is used as a reference point to ensure that the total compensation opportunity provided to the Executive
Directors is appropriately positioned compared to other similar large and complex international banks.
Comparing the Executive Directors' pay solely with other UK-listed banks would not recognise the Group's global footprint and
diversified universal banking model, which includes significant corporate banking, investment banking and global markets businesses.
The international banking peer group used by the Committee when considering the Executive Directors' pay therefore includes other
large universal banks from continental Europe, and the large US universal and investment banks. Around half of the peer group are US-
based, as these are among the most relevant comparators given their business mix and also form part of the peer group used internally
when comparing the Group's performance. Barclays actively competes with those US-based peers for talent, which is reflected in
several current and former Executive Directors having been recruited into Barclays from those firms. The Committee also recognises
that some of those peers are larger than Barclays, and that market pay levels for executive directors of US companies are often higher
than those of UK companies. To help maintain balance, the international banking peer group also includes the larger UK-listed banks
most comparable to Barclays.
An annual review of the Executive Directors' Fixed Pay, in the same way and at the same time as for the wider workforce, is a feature of
the Directors' Remuneration Policy approved by shareholders in 2023. In February 2024 the Committee reviewed the Fixed Pay for each
Executive Director as part of the year-end pay review process for colleagues across the Group. The Committee considered the
maximum total compensation opportunity of each Executive Director, driven by their respective levels of Fixed Pay, and noted that in
each case the total compensation opportunity is materially less than the median of that offered for comparable roles in our
international banking peer group. The Committee considered this relative market positioning in the context of the robust performance
and significant personal contribution made by each of the Executive Directors, and determined that Fixed Pay would be increased by
2.5% for both C.S. Venkatakrishnan and Anna Cross – to £2,947,000 and £1,845,000 respectively, effective 1 March 2024. The
Committee noted that these are lower percentage increases than the average fixed pay increase for the wider workforce, and in
particular for UK employees within the scope of the 2024 UK pay deal with the union Unite – with a 5.55% budget for salary increases for
junior UK employees and a 3.75% budget for other union-recognised employees. To align the Executive Directors' interests with those
of shareholders, half of Fixed Pay for each Executive Director is delivered in shares, which are granted quarterly and released in
instalments over five years. The other half of their Fixed Pay is delivered in cash, paid monthly via payroll in the same way as salary for
other employees.
The following charts compare each Executive Director's maximum total compensation opportunity for 2024 against the equivalent
opportunity across international banking peers. This shows that, even after these Fixed Pay increases, the maximum total
compensation opportunity is significantly behind international banking peers, falling between the market lower quartile and median for
C.S. Venkatakrishnan and slightly below lower quartile for Anna Cross.
The charts also show a comparison of the maximum total compensation opportunity of 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). This shows that
the Executive Directors’ maximum total compensation opportunity is more competitive, but not inappropriate, compared to 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 the
other FTSE 30 companies, 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 to provide additional UK context.

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Executive Director maximum total compensation opportunity relative to market benchmarks

Group Chief Executive C.S. Venkatakrishnan

International banking peer group

FTSE 30

n | Bottom quartile | n | 3rd quartile | n | 2nd quartile | n | Top quartile
|  | Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks

Group Finance Director Anna Cross

International banking peer group

FTSE 30

Notes
• Barclays and market benchmark data reflect maximum total compensation opportunity, excluding pensions and benefits.
• Benchmark data for the international banking peer group and FTSE 30 was provided by Willis Towers Watson, based on publicly disclosed data in respect of each company's 2022 or
2022/23 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.
2024 annual bonus performance measures
Performance measures with appropriately stretching targets were selected to cover a range of financial and non-financial goals that
support the key strategic objectives of the Group.
For the 2024 annual bonus, slight amendments were made to the performance measures compared to the 2023 annual bonus:
–Within the Financial measures, total operating expenses replaces cost: income ratio, reflecting the continued importance of cost
discipline while providing a more focused and simpler measure of cost control within the year.
–Within the Strategic non-financial measures, the weightings for the Customers & clients and Colleagues categories are each reduced
from 7.5% to 5%, and the weighting for the Climate & sustainability category is reduced from 10% to 5%. Those reductions
accommodate the introduction of a Risk & operational excellence measure, weighted at 10% – reflecting the focus on risk, control
and operational excellence.
The other measures were largely unchanged. Performance measures and weightings are shown below:

Performance measure | Weighting | Metrics
Financial measures
Profit before tax (excluding material items)1 | 50% | A performance target range has been set for this financial measure, which will be disclosed in the next Remuneration report. Pay-out of this element will also depend on the CET1 ratio at the end of the performance year. In line with regulatory requirements, 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.
Total operating expenses at specific FX (excluding material items)1 | 10% | A performance target range has been set for this financial measure, which will be disclosed in the next Remuneration report. The measure is tied to a specific USD:GBP exchange rate to minimise the impact of FX volatility.
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 25%. The measures are organised around four main categories and measures will likely include the following:
Climate & sustainability | 5% | Progress to be measured against four key objectives: • Progress towards our Sustainable and Transition Financing target • Reduce our financed emissions • Reduce our operational emissions • Support our communities
Customers & clients | 5% | Drive world-class outcomes for customers and clients: • Improve Net Promoter Scores • Reduce Barclays UK customer complaints and improve resolution time • Maintain rankings and market share within Barclays Investment Bank • Increase digital engagement
Note 1 Material 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.

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Performance measure | Weighting | Metrics
Colleagues | 5% | Protect and strengthen our culture through our Purpose, Values and Mindset: • Continue to improve diversity in leadership positions • Improve inclusion indicators • Maintain engagement at healthy levels • Maintain culture indicators
Risk & operational excellence | 10% | Support a consistently excellent operating standard, risk management and controls Performance measured against two categories – Operational excellence and Risk & conduct – using a combination of quantitative and qualitative metrics
Personal objectives
Personal objectives | 15% | Joint personal objectives: • Deliver new financial targets including RoTE and capital distributions • Maintain robust capital ratios across the Group and within the main operating entities • Continue to simplify the organisation in terms of its operations and financial reporting • Deliver better customer outcomes, income quality and investment priorities across our businesses • Demonstrate progress towards reallocating capital to the highest returning businesses • Continue to drive the sustainability strategy of the bank to achieve our ambition to be a net zero bank by 2050 C.S. Venkatakrishnan: • Continued focus on customer and client outcomes • Drive delivery to a consistently excellent standard • Continue to develop a high-performing culture in line with our Values and Mindset, with a focus on employee engagement, succession planning, talent and diversity • Effectively manage relationships with key external stakeholders • Drive leadership accountability to further strengthen our risk management and controls culture Anna Cross: • Continue to simplify, standardise and automate Finance and Treasury processes to improve effectiveness and efficiency • Appropriate management of capital and resources using oversight committees to ensure we comply with governance and regulatory requirements • Effectively manage relationships with key external stakeholders, including regulators and investors • Oversee the effective management of the risk and control across Group Finance, ensuring we take full ownership of our end-to-end processes • Retain focus on the colleague agenda across Group Finance - driving employee engagement, continuing to improve diversity & inclusion, developing senior talent and succession

2024-2026 LTIP awards and performance measures
The Committee decided to grant awards under the 2024-2026 LTIP cycle to C.S. Venkatakrishnan and Anna Cross with face values at
grant equal to 140% and 134% of Fixed Pay respectively – which will be based on Fixed Pay before applying the 1 March 2024 increases
outlined earlier in this Remuneration report. Those maximum award multiples are in line with those for 2023. These share-based awards
ensure alignment with future performance over the three-year assessment period, as well as share price alignment over the long
release period (up to eight years from initial date of grant).
For the 2024-2026 LTIP, changes were made to the financial and non-financial performance measures, compared to the 2023-2025
LTIP cycle granted early in 2023. Within the Financial measures, the weighting of RoTE was increased slightly, from 25% to 30%, given
that improving RoTE is a key part of the Group's priorities and revised targets, as set out in the 'Our strategy' section from page 11. This
was accommodated via a small reduction to the weighting of relative total shareholder return from 25% to 20%. The RoTE measure is
based on RoTE performance achieved in 2026, aligned with the Group's revised targets. This is underpinned by a requirement based on
average RoTE across the performance period, to ensure an appropriate level of RoTE is maintained throughout.
Within the Strategic non-financial measures, the Climate & sustainability weighting is increased from 10% to 15%. To accommodate
this, the weighting of the risk-related measure – which this year also incorporates assessment of operational excellence – is reduced
from 10% to 5%. The other measures are largely unchanged.
The Group's Climate & sustainability targets are longer term, through to 2050, and progress towards these targets is expected to be
variable and non-linear – hence the increased weighting of Climate & sustainability in the 2024-2026 LTIP and reduced weighting in the
2024 annual bonus.

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Remuneration report (continued)

The 2024-2026 LTIP award will be subject to the following forward-looking performance measures.

Performance measure | Weighting | Threshold | Maximum vesting
Financial measures
2026 RoTE, with an underpin based on average RoTE over the performance period (RoTE excluding material items in each case)1 | 30% | 6% of award vests for 2026 RoTE of 10.0%, rising on a straight-line basis | 30% of award vests for 2026 RoTE of 14.0% or higher
This element is also subject to an underpinning requirement that average RoTE over the performance period is at least 10%. If average RoTE over the period is less than 10%, the Committee will consider the reasons why and determine what portion of this element of the LTIP award should vest, if any
Average cost: income ratio (excluding material items)1 | 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
Maintain CET1 ratio within the target range 2 | 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
Relative total shareholder return 3 | 20% | 5% vests for performance at the median of the peer group 4, rising on a straight-line basis | 20% of award vests for performance at or above the peer group 4 upper quartile
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 30%. The measures are organised around four main categories and measures will likely include the following:
Climate & sustainability | 15% | Progress to be measured against four key objectives: Progress towards our Sustainable and Transition Financing target; reduce our financed emissions; reduce our operational emissions; and support our communities
Customers & clients | 5% | Drive world class outcomes for customers and clients: Improve Net Promoter Scores; reduce Barclays UK customer complaints and improve resolution time; maintain client rankings and market share within Barclays Investment Bank; and increase digital engagement
Colleagues | 5% | Protect and strengthen our culture through our Purpose, Values and Mindset: Continue to improve diversity in leadership roles; improve inclusion indicators; maintain engagement at healthy levels; and maintain culture indicators
Risk & operational excellence | 5% | Support a consistently excellent operating standard, risk management and controls: Performance measured against two categories – Operational excellence and Risk & conduct – using a combination of quantitative and qualitative metrics

Notes
1 Material 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.
2 Currently 13-14%.
3 Performance assessed over the period from 1 January 2024 to 31 December 2026. Start and end total shareholder return will be the Q4 average for 2023 and 2026 respectively and will
be measured in GBP for each company.
4 The 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 2024-2026 LTIP award is Banco Santander, Bank of America, BBVA, BNP Paribas, Citigroup, Credit Agricole, Deutsche Bank, HSBC, ING Group, Lloyds Banking
Group, Morgan Stanley, NatWest Group, Societe Generale, Standard Chartered, UBS, and Unicredit.

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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 2023. 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.
T otal shareholder return – rebased to 100 in 2013
Year ended 31 Decembe r

Year |  | 2014 |  | 2015 |  | 2016 | 2017 | 2018 | 2019 | 2020 |  | 2021 |  | 2022 | 2023
Group Chief Executive |  | Antony Jenkins |  | Antony Jenkins | John McFarlane | Jes Staley |  | Jes Staley 1 | Jes Staley 1 | Jes Staley 1 | Jes Staley 1 | Jes Staley 1 |  | Jes Staley 2 | C.S. Venkata- krishnan 3 |  | C.S. Venkata- krishnan | C.S. Venkata- krishnan
Single total remuneration figure for Group Chief Executive |  | 5,467 |  | 3,399 | 305 | 277 |  | 4,233 | 3,873 | 3,362 | 5,929 | 4,220 |  | 2,121 | 866 |  | 5,197 | 4,641
Annual bonus award as a % of maximum |  | 57.0% |  | 48.0% | n/a | n/a |  | 60.0% | 48.5% | 48.3% | 75.0% | 38.6% |  | n/a 2 | 92.6% |  | 75.4% | 53.3%
Long-term incentive plan vesting as a % of maximum |  | 30.0% |  | 39.0% | n/a 4 | n/a 4 |  | n/a 4 | n/a 4 | n/a 4 | 48.5% | 23.0% |  | n/a 2 | n/a 4 |  | n/a 4 | n/a 4

Notes:
1 Jes 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 earlier in this Remuneration report.
2 Jes 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 1January 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.
3 The 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.
4 Not 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 for 2023 is explained below the table.

| Option | 25th percentile | Median | 75th percentile
2023 | A | 122 x | 83 x | 49 x
2022 | A | 154 x | 101 x | 58 x
2021 1 | A | 95 x | 62 x | 35 x
2020 2 | A | 144 x | 95 x | 53 x
2019 2 | A | 213 x | 140 x | 77 x

Notes:
1 2021 pay ratios reflect the sum of the 2021 single total figures for 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.
2 The 2020 and 2019 ratios reflect the disclosed 2020 and 2019 single total figures for 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 earlier in the report.
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 relevant
allowances, annual incentives awarded for the 2023 calendar year, and an estimate of pension and benefits for 2023 (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. Calculations use full-time equivalent pay data taken from our HR systems for all UK employees, for each year using the
employee population on 31 December 2023.
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
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 Group Chief Executive pay ratios for 2023 are lower than those for 2022, primarily driven by the lower 2023 annual bonus for
C.S. Venkatakrishnan as outlined in the 2023 annual bonus outcomes section of this Remuneration report. Higher-than-normal
employee salary increases in early 2023 as part of that year’s UK pay deal, which were weighted towards more-junior employees, also
contributed to the lower pay ratios for 2023.
Barclays' remuneration philosophy is set out earlier in this report, and all remuneration decisions for the Executive Directors and the
wider workforce are made within this framework. The Group Chief Executive pay ratios are the outcomes of all of these decisions, which
are explained in more detail in the Committee Chair’s annual statement. To ensure Executive Director remuneration outcomes are
commensurate with those of the wider workforce, each year, when considering whether a discretionary adjustment should be made to
the Executive Directors’ incentive outcomes, the Committee specifically considers whether the bonus and LTIP outcomes for the
Executive Directors appropriately reflect the Group’s performance and the remuneration outcomes for the wider workforce.
It should be noted that the ratios for 2024 are expected to increase, all other things being equal, as it will be the first year in which
C.S. Venkatakrishnan is a participant in the LTIP cycle due to vest and be included in the single total figure for remuneration.
C.S. Venkatakrishnan’s single total remuneration figure for 2023 does not include any LTIP value as he was not an Executive Director at
the time of the relevant LTIP grant 3.
Note:
3 The LTIP that would be included in the 2023 single total figure for remuneration is the 2021-2023 LTIP cycle, under which awards were granted in March 2021, with vesting based on
performance over the performance period 2021 to 2023.

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Remuneration report (continued)

An nual 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 2019 and
2023, 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.
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
2022/2023 | C.S. Venkatakrishnan 1 | 3% | (38%) | (27%)
Anna Cross 2 | 4% | 17% | (25%)
Median UK employee | 9% | 11% | (5%)
Median employee of Barclays PLC 3 | 1% | 10% | (43%)
2021/2022 | C.S. Venkatakrishnan 1 | 2% | 853% | (16%)
Anna Cross 2 | n/a | n/a | n/a
Tushar Morzaria | 2% | 82% | (20%)
Median UK employee | 5% | 10% | 3%
Median employee of Barclays PLC 3 | 10% | 15% | (2%)
2020/2021 | C.S. Venkatakrishnan 1 | n/a | n/a | n/a
Tushar Morzaria | 2% | (10%) | 152%
Jes Staley 4 | 1% | (12%) | n/a
Median UK employee | 5% | 6% | 42%
Median employee of Barclays PLC 3 | 11% | 0% | 38%
2019/2020 | Tushar Morzaria | 0% | 9% | (49%)
Jes Staley 4 | 0% | 10% | (49%)
Median UK employee | 7% | 20% | (16%)
Median employee of Barclays PLC 3 | 7% | 26% | (16%)

Notes:
1 C.S. Venkatakrishnan was appointed as Group Chief Executive with effect from 1 November 2021. His remuneration figures for 2021 are annualised to a full-year equivalent for the
purpose of this comparison. The value of his benefits includes the cost to the Group of providing him with relocation support, including immigration assistance, home search support in
London, and payments (which ended on 31 October 2023) for temporary accommodation in London. No percentage change figures can be calculated for 2020/21 as he did not receive
any remuneration in respect of services provided as an Executive Director in 2020.
2 Anna Cross was appointed as Group Finance Director with effect from 23 April 2022. Her remuneration figures for 2022 are annualised to a full-year equivalent for the purpose of this
comparison. No percentage change figures can be calculated for 2021/22 as she did not receive any remuneration in respect of services provided as an Executive Director in 2021.
3 The Barclays PLC comparison is included because this is a statutory requirement, though Barclays PLC employs only a very small number of Head Office employees (51 in 2023).
4 Jes Staley's bonus figures reflect the disclosed figures and have not been restated for the decision made by the Committee in 2023 that Jes Staley should be ineligible for 2021 bonus
and should forfeit his unvested bonus awards, as outlined earlier in this Remuneration report.
For C.S. Venkatakrishnan and Anna Cross, the 2022 to 2023 Fixed Pay changes reflect the 3.4% and 4.3% increases agreed respectively
for each, effective 1 March 2023. The annual bonus outcome for C.S. Venkatakrishnan is down 27% and the outcome for Anna Cross is
down 25% (on a full-time equivalent basis) – the 2023 annual bonus outcomes section of this Remuneration report provides more
information. The reduction in the value of benefits for C.S. Venkatakrishnan in 2023 primarily reflects his temporary accommodation in
London ending during the year and some relocation-related benefits costs in 2022 that were not repeated in 2023.
For UK employees across the Group, the 9% increase in median fixed pay primarily reflects higher-than-normal salary increases in early
2023 as part of that year's UK pay deal. The 5% decrease in median bonus in respect of 2023 performance reflects the change in pay
structure during 2023 to simplify pay for junior employees in Barclays UK and support functions in the UK. For some employees, a
portion of previous bonus opportunity was transferred into fixed pay – leading to lower 2023 bonus outcomes for those employees.
The 11% increase in benefits is largely due to increased life assurance and private medical insurance costs.
Barclays PLC only employs a very small number of Head Office employees (51 in 2023), 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 40 individuals who were employed by Barclays PLC in both years.

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Remuneration report (continued)

The table below shows the percentage change in fee each year between 2019 and 2023 for the Chairman and the Non-Executive
Directors serving on the Barclays PLC Board during 2023, 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. The Non-Executive
Directors appointed to the Barclays PLC Board during 2023 are not shown, as they did not receive relevant fees prior to 2023 so no
percentage change figures can be calculated.

| 2022/2023 fees 1,2 | 2021/2022 fees 1 | 2020/2021 fees 1 | 2019/2020 fees 1
Nigel Higgins | 5% | 0% | 0% | 0%
Mike Ashley | 1% | (2%) | 0% | 19%
Robert Berry | 9% | n/a | n/a | n/a
Tim Breedon | 1% | (19%) | 64% | 24%
Mohamed A. El-Erian 3 | 12% | 3% | 11% | n/a
Dawn Fitzpatrick 4 | 11% | 18% | 14% | 36%
Mary Francis 5 | 24% | 5% | 8% | (3%)
Crawford Gillies | 5% | (2%) | 108% | 4%
Brian Gilvary | 2% | 3% | 95% | n/a
Diane Schueneman 6 | 12% | 4% | (4%) | 3%
Julia Wilson 7 | 107% | 13% | n/a | n/a

Notes:
1 In 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 2022/2023 percentage changes in fees, which excludes benefits, were greater than 10%.
2 Fees for the Group Chairman and Non-Executive Director roles on the Board and Board Committees of Barclays PLC were increased by 5%, with effect from 1 January 2023. This
excluded the Board Sustainability Committee, which was established on 23 March 2023.
3 Mohamed A. El-Erian joined the Board Nominations Committee with effect from 1 September 2022 and received pro-rata fees for that year. For 2023, the full-year fees were paid,
therefore increasing the fees paid from 2022 to 2023.
4 Dawn Fitzpatrick joined the Board Sustainability Committee with effect from 23 March 2023 and received pro-rata fees for that year, therefore increasing the fees paid from 2022 to
2023.
5 Mary Francis was appointed the BBPLC Consumer Duty Champion with effect from 10 November 2022 and received pro-rata fees for that year. F or 2023, full-year fees for that role
were paid. She also joined the Board Sustainability Committee with effect from 23 March 2023 and received pro-rata fees for that year, therefore increasing the fees paid from 2022 to
2023.
6 The increase in fees paid from 2022 to 2023 for Diane Schueneman was primarily driven by an increase in fees for her role as Chair of Barclays Execution Services Limited and as a Non-
Executive Director of Barclays US LLC.
7 Julia Wilson joined the Board Nominations Committee and Board Risk Committee with effect from 1 September 2022 and received pro-rata fees for that year. F or 2023, the full-year
fees for that role were paid. She also joined the Board Sustainability Committee with effect from 23 March 2023, the Barclays Bank PLC Board with effect from 1 April 2023, and the
Board Remuneration Committee with effect from 1 July 2023. She was appointed Chair of the Board Audit Committee with effect from 1 April 2023 and Chair of the Barclays Capital
Securities Limited Board with effect from 24 April 2023, and received pro-rata fees for that year – therefore increasing the fees paid from 2022 to 2023.
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 2023 do not include the
dividends and share buyback programme announced on 20 February 2024.
Group compensation costs
£m

2023
2022

n | Other compensation-related income statement charges 8
n | Income statement charge for performance costs

Distributions to shareholders 9
£m

2023
2022

n | Share buybacks
n | Dividends

Notes:
8 Relates to costs arising from salaries and other elements of fixed pay, social security costs, post-retirement benefits and other compensation costs.
9 The chart shows dividends paid and share buyback programmes completed during the year. For example, for 2023, the figure represents the 2022 full-year dividend paid, the share
buyback programme announced with the 2022 results, the 2023 half-year dividend, and the share buyback programme announced with the half-year results. The shareholder
distributions announced on 20 February 2024 are not reflected in this chart.

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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 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 2023 remuneration (audited)

|  | Fees |  |  | Benefits |  |  | Total
| 2023 | 2022 |  | 2023 | 2022 |  | 2023 | 2022
| £000 | £000 |  | £000 | £000 |  | £000 | £000
Chairman |  |  |  |  |  |  |  |
Nigel Higgins 1 | 840 | 800 |  | 8 | 7 |  | 848 | 807
Non-Executive Directors |  |  |  |  |  |  |  |
Mike Ashley 2 | 85 | 260 |  | — | — |  | 85 | 260
Robert Berry | 273 | 213 |  | — | — |  | 273 | 213
Tim Breedon | 396 | 392 |  | — | — |  | 396 | 392
Mohamed A. El-Erian | 173 | 155 |  | — | — |  | 173 | 155
Dawn Fitzpatrick | 221 | 200 |  | — | — |  | 221 | 200
Mary Francis 3 | 210 | 173 |  | — | — |  | 210 | 170
Crawford Gillies 4 | 214 | 490 |  | — | — |  | 214 | 490
Brian Gilvary | 246 | 241 |  | — | — |  | 246 | 241
Sir John Kingman 5 | 334 | — |  | — | — |  | 334 | —
Marc Moses 6 | 178 | — |  | — | — |  | 178 | —
Diane Schueneman | 433 | 388 |  | — | — |  | 433 | 388
Julia Wilson | 279 | 135 |  | — | — |  | 279 | 135

Notes:
1 Nigel Higgins does not receive a fee in respect of his role as Chairman of Barclays Bank PLC.
2 Mike Ashley stepped down from the Board with effect from 3 May 2023.
3 Mary Francis was appointed the BBPLC Consumer Duty Champion with effect from 10 November 2022 and received pro-rata fees for that year as a retrospective payment in 2023. The
2022 fees have been updated to reflect that payment, which is therefore not included in the 2023 fees.
4 Crawford Gillies stepped down from the Board with effect from 31 May 2023.
5 Sir John Kingman was appointed to the Board with effect from 1 June 2023.
6 Marc Moses was appointed to the Board with effect from 23 January 2023.
Chairman and Non-Executive Directors: Statement of implementation of remuneration policy in 2024
The fees for the Chairman and Non-Executive Directors (including Board and Board Committee roles) were reviewed in early 2024 and
increased by 2% with effect from 1 January 2024, as set out in the table below.

| 1 January 2024 | 1 January 2023
| £ | £
Chairman 7 | 856,800 | 840,000
Board member | 96,400 | 94,500
Additional responsibilities |  |
Senior Independent Director | 38,600 | 37,800
Chair of Board Audit or Risk Committee | 85,700 | 84,000
Chair of the Board Remuneration Committee | 75,000 | 73,500
Membership of Board Audit, Remuneration or Risk Committee | 32,100 | 31,500
Membership of Board Nominations Committee | 16,100 | 15,750
Membership of Board Sustainability Committee 8 | 15,300 | 15,000

Notes:
7 The Chairman does not receive any fees in addition to the Chairman fees shown above.
8 The Board Sustainability Committee was established on 23 March 2023 and the 2023 fees in respect of membership of this Committee commenced from t hat date.

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Remuneration report (continued)

Directors’ shareholdings and share interests
Interests in Barclays PLC shares (audited)
The table below shows the number of shares owned beneficially by each person who served as a Director during 2023 (including any
shares owned beneficially by their connected persons). For the Executive Directors, it shows the number of shares over which each
holds awards that are subject to either deferral terms or to 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. 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 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.
The total share interests at 16 February 2024 were the same as shown below for all Directors in service as at 31 December 2023.

Interests in Barclays PLC shares as at 31 December (or date of retirement from the Board, if earlier) | Owned outright | Unvested deferred awards | Total
Subject to performance measures | Not subject to performance measures
Executive Directors |  |  |  |
C.S. Venkatakrishnan | 2,943,614 | 5,972,199 | 3,326,049 | 12,241,862
Anna Cross | 878,859 | 1,750,247 | 1,139,575 | 3,768,681
Chairman |  |  |  |
Nigel Higgins | 1,852,564 | — | — | 1,852,564
Non-Executive Directors |  |  |  |
Mike Ashley 1 | 388,187 | — | — | 388,187
Robert Berry | 15,138 | — | — | 15,138
Tim Breedon | 217,374 | — | — | 217,374
Mohamed A. El-Erian | 153,289 | — | — | 153,289
Dawn Fitzpatrick | 957,323 | — | — | 957,323
Mary Francis | 81,889 | — | — | 81,889
Crawford Gillies 2 | 226,332 | — | — | 226,332
Brian Gilvary | 257,482 | — | — | 257,482
Sir John Kingman 3 | 1,798 | — | — | 1,798
Marc Moses 4 | 5,454 | — | — | 5,454
Diane Schueneman | 126,557 | — | — | 126,557
Julia Wilson | 31,628 | — | — | 31,628

Notes:
1 Mike Ashley stepped down from the Board with effect from 3 May 2023 and as a result his shareholdings are shown as at that date.
2 Crawford Gillies stepped down from the Board with effect from 31 May 2023 and as a result his shareholdings are shown as at that date.
3 Sir John Kingman was appointed to the Board with effect from 1 June 2023.
4 Marc Moses was appointed to the Board with effect from 23 January 2023.

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Remuneration report (continued)

Executive Directors’ shareholdings and share interests (audited)
The charts below show the value of Barclays shares held as at 31 December 2023 by C.S. Venkatakrishnan and Anna Cross, in each case
using the Q4 2023 average Barclays ordinary share price of £1.4374.
For C.S. Venkatakrishnan, the shareholding requirement is 233% of year-end Fixed Pay and for Anna Cross it is 224% of year-end Fixed
Pay. C.S. Venkatakrishnan and Anna Cross have five years from their respective dates of appointment as Executive Directors to meet
this requirement. 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 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 shown below
after deduction of estimated income tax and social security withholding. 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 Directors' Remuneration Policy.
Executive Directors are issued a shareholding statement twice yearly, informing them of the shareholding requirement and the level of
shareholding they are required to meet and maintain. After an Executive Director has stepped down, the shareholding requirement is
monitored and maintained through self-certification, to the extent it is not met via shares held within the Group’s employee share plans
and nominee accounts.

C.S. Venkatakrishnan |  | Anna Cross
£000 |  | £000

Based on 31 December 2023 Fixed Pay of £2,875k. C.S. Venkatakrishnan has until 31 October 2026 to meet this shareholding requirement, five years from the date of his appointment as Group Chief Executive. |  | Based on 31 December 2023 Fixed Pay of £1,800k. Anna Cross has until 22 April 2027 to meet this shareholding requirement, five years from the date of her appointment as Group Finance Director.

n | Actual shareholdings (including estimated after-tax value of unvested shares not subject to performance conditions) | n | Unvested shares subject to performance conditions (which do not count towards the requirement) | n | Shareholding requirement

Payments to former Directors (audited)
Former Group Finance Director: Tushar Morzaria
As disclosed in the 2022 Remuneration report, Tushar Morzaria was provided with UK and US tax compliance services during 2023 in
respect of Barclays employment income.
Former Group Chief Executive: Jes Staley
As disclosed in the 2022 Remuneration report, Jes Staley was provided with UK and US tax compliance services during 2023 in respect
of Barclays employment income. As he is receiving no further Barclays employment income, these services ended in 2023.
Former Group Finance Director: Chris Lucas
In 2023, Chris Lucas continued to be eligible to receive life assurance cover, private medical cover and payments under the Executive
Income Protection Plan (EIPP). Full details of his eligibility under the EIPP were disclosed in the 2013 Remuneration report (page 115 of
the 2013 Annual Report). He did not receive any other payment or benefit in 2023.

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| Governance |
Remuneration report (continued)

Actual
Requirement

Actual
Requirement

Previous AGM voting outcomes
The table below shows the shareholder voting result in respect of our 2022 Remuneration report and Directors’ Remuneration Policy
(approved by shareholders at the AGM held on 3 May 2023).

| For (% of votes cast and total number) | Against (% of votes cast and total number) | Withheld (total number)
Vote on the 2022 Remuneration report at the 2023 AGM | 87.76% | 12.24% |
| 8,531,247,575 | 1,189,880,467 | 19,393,115
Vote on the Directors’ Remuneration Policy at the 2023 AGM | 96.69% | 3.31% |
| 9,402,353,401 | 322,148,965 | 16,010,604

Barclays Board Remuneration Committee

| Committee responsibilities The Board Remuneration Committee is responsible for overseeing Barclays’ remuneration. The role of the Committee, as set out in the 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 is equal to or exceeds an amount determined by the Committee from time to time • Exercise oversight of remuneration issues (including retirement benefits). |

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 £142,000
(excluding VAT) in fees for its advice to the Committee in 2023 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 in respect of strategic advice on business, regulation, risk and controls, operational models and cost,
taxation, technology, pensions, HR and sustainability issues.
Throughout 2023, Willis Towers Watson (WTW) provided the Committee with market data on compensation, as context when
considering incentive levels and remuneration packages. WTW was paid £78,500 (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 Chairman, the Group Chief Executive, the
Group Human Resources Director and the Group Reward and Performance Director. The Group Finance Director and the Group Chief
Risk Officer provided regular updates on Group and business financial performance and risk profiles respectively. The Head of
Corporate Communications attended when requested, to advise on reward communications and disclosures. The Group General,
Counsel or other representatives from the Legal function, and the Company Secretary advised on legal and governance-related
matters. No Barclays employee or Director participated in 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 2023
The results of the Committee effectiveness review for 2023 confirm the Committee is operating effectively. It is considered to be well
constituted and chaired, providing an effective and appropriate level of constructive challenge and oversight of the areas within its
remit, including in respect of areas of judgement and discretion. The review highlights that the Committee is considered to have the
right level of skills and experience, and is of an appropriate size, having benefited from the addition of new members during the year.
Feedback indicates that the Committee is considered to operate at the right level of debate, and confirms that the allocation of time
between agenda items in Committee meetings is appropriate, with sufficient time for discussion and challenge.
The Committee’s interaction with the Board, Board Committees and senior management is considered effective, noting the strong
level of support provided to the Committee by senior management, and that sufficient time is allocated at Board meetings for the Chair
to report to the Board on the work of the Committee. The Committee’s interaction with the BBPLC and BBUKPLC Board Remuneration
Committees was also considered effective, and operates in line with regulatory requirements.

+ | More information on the 2023 Committee effectiveness review process can be found in the Board Nominations Committee report page 164

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| Governance |
Remuneration report (continued)

+ | The Committee’s terms of reference are available at home.barclays/ who-we-are/our-governance/board-committees

Committee activity in 2023 and early 2024
The following table summarises the Committee’s activity during 2023, and at the January and February 2024 meetings at which
remuneration decisions reported in this Remuneration report were finalised. The Committee is also provided with updates at each
scheduled meeting on: the operation of the Committee’s Remuneration Control Frame work on hiring, retention and termination;
headcount and employee attrition; and extant LTIP performance.

|  | January 2023 | February 2023 | June 2023 | October 2023 | December 2023 | January 2024 | February 2024
Overall remuneration | Finance and Risk updates | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ▪
Incentive funding proposals including risk and control adjustments | ▪ | ▪ |  | ▪ | ▪ | ▪ | ▪
Remuneration report 2022 | ▪ | ▪ |  |  |  |  |
Group budgets for fixed pay increases | ▪ | ▪ |  | ▪ | ▪ | ▪ | ▪
Wider workforce considerations | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ▪
Incentive funding approach |  |  | ▪ |  |  |  |
Barclays’ Fair Pay Agenda and Report | ▪ | ▪ |  | ▪ |  | ▪ | ▪
Directors' Remuneration Policy | ▪ | ▪ |  |  |  |  |
Remuneration report 2023 |  |  |  |  | ▪ | ▪ | ▪
Executive Directors’ and senior executives’ remuneration | Executive Directors’ and senior executives’ bonus outcomes | ▪ | ▪ |  |  | ▪ | ▪ | ▪
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 |  | ▪ |  |  |  |  | ▪

One ad-hoc Committee meeting was called during 2023.

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| Governance |
Remuneration report (continued)

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
ESG 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 144 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 2018 UK Corporate
Governance Code during 2023.

Climate and sustainability governance | 231
Managing impacts in lending and financing | 236
Our supply chain | 238
Human rights / Modern slavery | 239
Supporting our customers | 242
The Barclays Way | 245
Whistleblowing | 246
Tax | 247
Financial crime | 249
Health and safety | 250
Managing data privacy, security and resilience | 251

Strategic report | Shareholder information | Climate and sustainability report |  |  | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 230
| Governance |

Climate and sustainability governance
Oversight and management of climate-related issues are embedded within our governance structure.
Barclays’ governance structure consists of the Barclays PLC Board (Board) and its Committees along with Executive and Management
Committees which span across both business and legal entity lines. The Board sets the Group’s climate-related strategy and oversees
its implementation by senior management.

| Governance structure |
|  | Barclays PLC Board |
|  | Group Executive Committee (Group ExCo) |
|  | Business / Legal Entity Functions / Committees & Forums |
|  | Group Chief Compliance Officer |  | Group Chief Operating Officer |  | Group Chief Risk Officer |  | Group Head of PPCR |  | CEOs - Corporate & Investment Bank and Barclays UK |  | Group Finance Director |  | BX Risk and Finance Chief Operating Officer |
|  | Group Sustainability Chief Information Officer |  | Group Head of Climate Risk |  | Group Head of Sustainability |  | Group Head of Sustainable Finance - Corporate & Investment Bank |  | Head of Social Purpose and sustainable Finance - Barclays UK |  | Group Head of Finance - Sustainability and ESG |  |  |

Note
1 The presentation of senior management is not directly aligned to the committees / forums upon which they reflect.
Climate and Sustainability Governance changes during 2023
During 2023 a number of changes were made to the governance of Climate and Sustainability related matters. In particular the Board
Sustainability Committee and the Group Sustainability Committee (GSC) were established to provide oversight of climate matter s and
the Group's sustainability agenda. The GSC has incorporated the work of the Climate and Sustainable Finance Council and oversees the
activity of the Financed Emissions Programme, one of the three pillars of our Climate Strategy. Further details on these Committees
can be found below. For transaction-related oversight and approval, the Transaction Review Committee has absorbed the
responsibilities of the Climate Transaction Review Committee and reflects the business-as-usual approach to reviewing transactions.

Strategic report | Shareholder information | Climate and sustainability report |  |  | Risk review | Financial review | Financial statements |  | Barclays PLC Annual Report 2023 | 231
| Governance |
ESG Governance

Board Sustainability Committee |  | Board Risk Committee |  | Board Audit Committee |  | Board Remuneration Committee

Operational Sustainability Steering Committee |  | BBplc Transaction Review Committee |  | Principal Investments Equity Committee |  | Financed Emissions Programme

Group Reputation Risk Committee |  | Group Risk Committee |  | Group Sustainability Committee |  | Disclosure Committee
|  | Climate Risk Committee |  |  |  |

Roles and responsibilities of the Board and Board Committees with respect to climate-related matters

Board / Board Committee | Roles and responsibilities
Board | Responsible for the overall leadership of the Group (with direct oversight of matters relating to strategy, reputation and culture). The Board sets the Group’s strategy, including in respect of climate.
Board Sustainability Committee | Responsible for oversight of climate matters and the Group’s sustainability agenda, and supports the Board in considering the suitability of the Group’s climate and sustainability strategy, position statements, frameworks, ambitions, metrics, and targets and monitoring the implementation of the Group’s climate and sustainability strategy.
Board Risk Committee | 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.
Board Audit Committee | Responsible for overseeing the integrity of the Group's financial disclosures, the effectiveness of the internal control environment and consideration of non-financial reporting. This Committee oversees financial and narrative reporting which encompasses ESG and climate disclosures within the Annual Report.
Board Remuneration Committee | Responsible for setting the overarching principles and parameters of remuneration policy across the Group. This Committee has responsibility for aligning Executive Director remuneration with strategic priorities, including in relation to climate and sustainability matters.

Board and Board Committee
oversight of climate-related risks
and opportunities
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 2023, the Board received six
climate-related updates. These covered
matters such as progress against our
climate strategy, progress against targets
and target setting, and stakeholder
engagement. Outside of formal Board
briefings, the Group Head of Public Policy
and Corporate Responsibility also engaged
with Board members on matters relating
to the Group’s climate strategy. Please see
the Key Board activities section on page
153 for further detail about what the Board
considered in relation to climate and
sustainability matters in 2023.
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 of the Board Committees
provide a report on the work of their
Committee at every scheduled Board
meeting.
Board Sustainability Committee
During 2023, the Board Sustainability
Committee met four times. It reviewed
significant climate and sustainability
updates and proposals prior to Board
consideration and received regular
progress updates from management in
relation to the Group’s climate and
sustainability strategy, as well as internal
and external briefings on climate and
sustainability matters. Please refer to page
180 for further detail on the work of the
Board Sustainability Committee.
Board Risk Committee
During 2023, the Board Risk Committee
received quarterly reports from the
businesses (including the Corporate and
Investment Bank and Barclays UK) on their
climate strategy and also received an
update from the Head of Climate Risk. The
Committee received a teach-in from the
Risk function, providing an overview of how
climate change was driving financial and
operational risks, the materiality of their
impact and how Barclays was managing
them through the Climate Principal Risk
Framework. The Committee also received
three C limate risk dashboards during the
year, updating the Committee with key
C limate risk metrics. Please refer to page
174 for further detail on the work of the
Board Risk Committee.
Board Audit Committee
The Board Audit Committee provides
oversight of the climate and sustainability
disclosures within the Group's narrative
reporting, receiving input also from the
Board Sustainability Committee on those
disclosures. The Committee continues to
monitor that the impact of climate change
has been addressed in preparing the
Group’s financial statements. Please refer
to page 166 for further detail on the work
of the Board Audit Committee.
Board Remuneration
Committee
The Board Remuneration Committee is
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.
The performance measures for the 2024
annual bonus and 2024-2026 Long Term
Incentive Plan awards for the Executive
Directors include a 'Climate and
sustainability' category , focusing on
climate-related measures reflecting our
ambition to be a net zero bank by 2050,
including our commitment to align our
financing with the goals and timelines of
the Paris Climate Agreement. The
measures include progress towards our
Sustainable and Transition Financing
target, reducing financed emissions and
operational emissions, and supporting our
communities. Please refer to the
Remuneration report from pag e 191 for
further detail on the work of the Board
Remuneration Committee.

| Nature-related governance The Board Sustainability Committee provides formal oversight of climate and sustainability matters, including nature and biodiversity. During 2023, the Board Sustainability Committee and Group Sustainability Committee, a sub-committee of the Group Executive Committee, each received a briefing on nature and biodiversity delivered by an external organisation. The sessions covered nature-related policy and regulatory developments, and work conducted by Barclays as part of the UNEP FI pilot to test the draft TNFD framework risk assessment process (LEAP FI) on our agriculture and food portfolio in the UK and Europe. |
| + | You can read more about our approach to nature and biodiversity on page 124.

Strategic report | Shareholder information | Climate and sustainability report |  |  | Risk