Strategic Shareholder Climate and Risk Financial Financial Barclays PLC 18 report information sustainability report Governance review review statements Annual Report 2022 Section 172(1) statement (continued) Throughout 2022, the Board Risk Committee In November we expanded our engagement, In November, we also awarded junior colleagues maintained close oversight of the Group's launching a nationwide campaign and sending in Germany a one-off payment of €2,000 as that ongoing review of the retail and business 13.5 million segmented emails to our customer was more appropriate under local rules. banking portfolios to identify areas of stress base, directing them to our cost of living content. The Board, through the Board Remuneration where customers and clients might be facing With specific reference to our Business Banking Committee, continued to have regard to the financial pressures. The Committee also Supporting our clients, many of whom are also facing financial impact of the current macroeconomic considered the actions taken to provide customers, clients, pressures, not least from increased operating environment as it reviewed pay across the support, balancing our duty to lend responsibly colleagues and costs and rising wages, we have delivered over organisation during the year-end cycle. More alongside the need to support customers and communities through 600 'Business Health Pledge Masterclasses', information can be found in the Remuneration clients who might be struggling in this current challenging times talking to small businesses about the issues report within the Annual Report and the Barclays challenging environment, particularly those who impacting them. PLC Fair Pay Report 2022. are characterised as vulnerable. During 2022, In response to unusually large increases to living In monitoring our response to the increased the Board has also received updates and costs experienced by our UK colleagues, we cost of living, we are working with a wide range discussed with management the measures brought forward part of the 2023 pay increase, of stakeholders – including the FCA, the UK being taken across the Group to support our awarding 35,000 UK-based junior colleagues a Government and our peers – to ensure our stakeholders, some examples of which are The Board is acutely aware of how current £1,200 salary increase effective from August customers and clients are supported during described below. inflationary pressures are impacting our 2022, ahead of our annual salary review. In these difficult times. This includes consistent, customers’ and clients’ financial wellbeing, and For those customers who are already facing January 2023, Barclays worked closely with industry-wide communications, where that a 'one size fits all' approach is not financial hardship, we have increased resource Unite the Union to agree a 2023 UK pay deal appropriate, so that all customers and clients, appropriate. The impact of high inflation and within our Barclays Financial Assistance (BFA) which, combined with the August 2022 irrespective of who they bank with, can know increasing interest rates, coupled with rising team, which provides a range of support to increases, brought the total average salary what to expect from their financial services energy costs are creating financial pressures customers, including referrals to debt support increase for our lowest paid colleagues up to provider. across wider society. The Board recognises charities, and targeted forbearance. For 11%. By doing this we ensured that our We also remain committed to supporting the that customers and clients have different customers who may start to struggle, we are minimum rate of pay in the UK remains well financial health and literacy of our communities. needs, and throughout the year received regular proactively monitoring their financial resilience ahead of Living Wage Foundation benchmarks. Our LifeSkills programme is at the heart of this reports on the work undertaken across the in order to identify when and where targeted Similarly, we brought forward part of the 2023 work and this year we have evolved the Group to support each of them. In September, support might be required (including contacting pay increase for our most junior colleagues in programme, partnering with organisations like the Board met directly with a delegation of FCA c.200,000 customers each month to offer pre- Belgium, France, Ireland, Italy, Luxembourg, the Trussell Trust which work with local senior management where, among other emptive support before they miss a payment). Netherlands, Portugal and Spain, awarding them communities to help those most in need, matters, the Group’s response to the increased Recognising the pressures faced by our €1,500 effective 1 November 2022. building awareness of the help available to cost of living and the pressure this has placed on customers, in August we expanded our Money people facing financial difficulties, increasing our customer base was discussed. Management and Money Worries hubs to include access to the support they are entitled to and a Cost of Living focus, with improved navigation helping them maximise their incomes. to help direct customers to relevant content, to The Board will keep the overarching situation guide and help them better understand and under close review in order to ensure that manage the impact of rising inflation and interest Barclays continues to play its role in supporting rates on their personal finances. our customers, clients, colleagues and our communities through these challenging times.