Strategic Shareholder Climate and Risk Financial Financial Barclays PLC 232 report information sustainability report Governance review review statements Annual Report 2022 Remuneration report (continued) The Committee determined the level of Fixed Pay for Anna Cross on appointment as Group Finance Director as £1,725,000 per annum. In doing so, they concluded that the total compensation opportunity that this provides was an appropriate starting point, while noting that it was low compared with international banking peers and that this should be kept under review each year. 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 DRP approved by shareholders in 2020. In February 2023, 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 that offered for the equivalent role at most companies within the international banking peer group. As a result, the Committee determined that Fixed Pay would be increased to £2,875,000 for C.S. Venkatakrishnan, a 3.4% increase, and to £1,800,000 for Anna Cross, a 4.3% increase, effective 1 March 2023. The Committee noted that these are lower percentage increases than the average fixed pay increase for the wider workforce, and in particular for other UK colleagues within the scope of the 2023 UK pay deal with Unite the Union, with an 11% budget for salary increases for the most-junior UK employees and a 6.75% budget for the remainder of the union-recognised population. The 2:1 cap on variable pay relative to fixed pay in banks results in the need to provide both Executive Directors with a level of Fixed Pay that is higher than the Committee might otherwise choose, to ensure the total compensation opportunity is competitive. To mitigate some of the impacts of that higher Fixed Pay, it is delivered half in cash, paid monthly via payroll in a similar way to salary for other employees, and half in shares, which are granted quarterly and released in instalments over 5 years, creating significant alignment with shareholder interests over the longer term. The charts that follow compare each Executive Director's maximum total compensation opportunity for 2023 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 in the lower part of the third quartile for C.S. Venkatakrishnan and in the bottom 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 that Barclays’ diversified business model includes significant corporate banking, investment banking and global markets businesses. However, this comparison is provided alongside the international banking peer group to provide additional UK context. Executive Director total maximum compensation opportunity relative to market benchmarks Group Chief Executive Group Finance Director C.S Venkatakrishnan Anna Cross International banking peer group International banking peer group FTSE 30 FTSE 30 Bottom Quartile 3rd Quartile 2nd Quartile Top Quartile n n n n Positioning of maximum total compensation opportunity at Barclays relative to market benchmarks Notes: • Barclays and market benchmark data reflects 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 firm's 2021 or 2021/22 financial years, incorporating assumptions where companies do not disclose a maximum total compensation opportunity. • Barclays’ current peer group comprises the following international banks: Bank of America, BNP Paribas, Citigroup, Credit Suisse Group, Deutsche Bank, Goldman Sachs, HSBC Holdings, JP Morgan Chase & Co, Lloyds Banking Group, Morgan Stanley, Standard Chartered and UBS Group. The Committee added Goldman Sachs to the peer group during 2022.