Strategic Shareholder Climate and Risk Financial Financial Barclays PLC 19 report information sustainability report Governance review review statements Annual Report 2022 Section 172(1) statement (continued) Stakeholder feedback was received on a range Stakeholders also asked about the impact of the • proposed 2030 emissions intensity reduction of matters including: conflict in Ukraine within the context of just target ranges for Cement, Steel and Power, and absolute emissions reduction targets for transition, and in relation to our approach to • the evolution of Barclays’ fossil fuel policies, in energy security. The Board received a series of Energy; and particular the phase out of thermal coal updates on the feedback which followed the financing; • new operational emissions ambition and Say on Climate: engagement with investors and stakeholders updated operational targets, further details of Understanding the • Barclays’ oil sands policy; more broadly. which were to be included in the Barclays’ views of our shareholders • our 2030 target-setting, including the In February 2022, the Board reviewed a report Climate Strategy, Targets and Progress 2022 and other stakeholders o integration of 1.5 C aligned scenarios such as on the 2021 progress against Barclays’ climate document, which would form the basis of the in relation to the IEA Net Zero 2050 scenario in our commitments and was asked to endorse a Say on Climate advisory vote. our climate financed emission targets and the use of number of proposals: strategy ranges for certain sectors; The Board noted the varying feedback received • revisions to Barclays' thermal coal policy from investors and other stakeholders • incorporation of other greenhouse gases (including setting final exit dates with respect TM regarding the purpose and frequency of the Say including methane in our BlueTrack to the financing of thermal coal mining and on Climate vote. Acknowledging that it is methodology; coal-fired power generation); ultimately the responsibility of the Board and The Board takes Barclays' role in supporting the • green and sustainable financing targets and executive management to set the strategy of transition to a low-carbon economy very insight into how Barclays’ climate strategy is the Barclays Group, including climate strategy, it seriously. This commitment was reflected in embedded into operational practices was the Board's view, announced at the 2021 Barclays’ announcement, at the 2021 AGM, that including client engagement. AGM, that the vote should be advisory only in it would offer shareholders a ‘Say on Climate’ nature. advisory vote, whereby shareholders would be At the 2022 AGM, our Chairman spoke directly asked to vote on Barclays' climate strategy at with a number of our shareholders on a series of the 2022 AGM. This vote would serve as a questions posed by them covering topics such touchstone for Barclays as to whether the as Barclays’ climate strategy, targets and climate strategy set by the Board had the progress, green and sustainable financing, support of shareholders. The industrial revolution took over a century Barclays' involvement with and views on climate Throughout 2021 and continuing into 2022, to transform the planet, and we cannot hope to undo change, fossil fuels, fracking, deforestation, Barclays engaged with major shareholders, their renewable/sustainable energy and our ambition representative bodies, connected activist overnight its deleterious impact on the environment. to be a net zero bank by 2050. groups and other stakeholders on a one-to- The Say on Climate resolution received the one and group basis, with our Group Chairman We are still at an early stage of an important journey support of over 80% of votes cast. The Board attending a number of these meetings. This but are committed to the destination and will persevere acknowledged the spectrum of views across the included engagements with 15 of our largest share register, but was pleased that the shareholders, the Investor Forum, the to reach it. One of my foremost priorities in view of resolution was supported by such a strong Institutional Investors Group on Climate Change majority of votes cast. and ShareAction. market and risk factors is for Barclays to demonstrate progress against our net zero ambition. C.S. Venkatakrishnan Group Chief Executive