Strategic Shareholder Climate and Risk Financial Financial Barclays PLC 171 report information sustainability report Governance review review statements Annual Report 2022 Directors’ report: Board Audit Committee report (continued) Marc Moses recently joined the The Board, together with the Committee, Committee composition and Committee on taking up his appointment is responsible for ensuring the meetings as a Non-Executive Director of the Board independence and effectiveness of the The Committee is composed solely of on 23 January 2023. Marc brings a strong internal audit function and external independent Non-Executive Directors. technical finance background with a deep auditors. For this reason, the Committee Membership of the Committee is designed knowledge of banking and financial held a number of separate private sessions to provide the breadth of financial services. with each of the Group Chief Internal expertise and commercial acumen that Looking ahead Auditor and the lead KPMG audit the Committee needs to fulfil its engagement partner during 2022, without In 2023, it is anticipated that a key focus of responsibilities. Its members as a whole management present. The appointment the Committee will remain activities to have recent and relevant experience of the and removal of the Group Chief Internal enhance and strengthen the internal banking and financial services sector, in Auditor is a matter reserved to the control environment and overseeing addition to general management and Committee, and the appointment and management in closing out the more commercial experience; and are financially removal of the external auditor is a matter significant remediation programmes. The literate. Mike Ashley, the Committee Chair, reserved to the Board based on the Committee welcomes management's who is the designated financial expert on recommendation of the Committee. proposals to enhance the 2023 Risk and the Committee for the purposes of SOx, is Neither task is delegated to management. Control Self-Assessment (RCSA) process a former audit partner who, during his in view of lessons learnt from 2022 and see executive career, acted as lead this as a further step towards engagement partner on the audits of a Role of the Committee strengthening the internal control number of large financial services groups. The role of the Committee is to review environment. In respect of financial Read more about the experience of the current and monitor, among other things: reporting, the Committee’s focus will be + Committee members in their biographies on pages 144 to 146. on the ECL charge, impairment levels and • the integrity of the Group’s financial provisions to ensure they continue to statements and related During 2022, the Committee met 14 times reflect appropriately the macroeconomic announcements including four ad hoc meetings (2021: 11 conditions. The Committee will also be • the effectiveness of the Group’s times, including one ad hoc meeting) and considering the impact of the UK audit internal controls the chart on page 169 shows how the reforms and any steps that may need to be Committee allocated its time. Attendance • the independence and undertaken in preparation for the by members at Committee meetings is effectiveness of the internal and introduction of new legislation and also shown on page 169. Committee external audit processes regulation implementing the changes. meetings were attended by • the Group’s relationship with the I will be stepping down from the Board with representatives from management, external auditor effect from the conclusion of the 2023 including the Group Chief Executive, • the effectiveness of the Group’s AGM, and ahead of that, on 1 April 2023, Group Finance Director, Group Chief whistleblowing procedures. Julia Wilson will, subject to regulatory Internal Auditor, Group Chief Controls approval, succeed me as Chair of this The Committee’s Terms of Reference Officer, Group Chief Risk Officer, Group Committee and also as the Group are available at home.barclays/who- Chief Operating Officer, Group General Whistleblowers' Champion. Julia has we-are/our-governance/board- Counsel and Group Chief Compliance served as a member of the Committee committees. Officer, as well as representatives from the since her appointment to the Board on 1 businesses and other functions, and from April 2021, and has significant corporate BBPLC senior management reflecting the finance, tax and accounting experience partially consolidated operation of the including, amongst her other senior BPLC and BBPLC Committee meetings. executive and non-executive roles, serving The lead audit engagement partner of as Chair of the board audit committee at KPMG also attended Committee Legal & General Group PLC. Ahead of my meetings. stepping down from the Board, I will be working closely with Julia to ensure a smooth transition of my Chair role to her and I am confident that she will make an excellent Chair of the Committee. Finally, I would like to formally record my thanks to my fellow Committee members, members of senior management, BIA and our external auditors for their support during my tenure as Committee Chair. Mike Ashley Chair, Board Audit Committee 14 February 2023