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Summary Directors' Report |
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Activities
A review of the development of the Group’s business activities and their performance, including an indication of likely future developments, can be found in the Chairman's Statement, Group Chief Executive's Statement, the Financial Performance and the Business Performance sections.
Final Dividends
Final dividends for the year ended 31st December 2003 of 13.45p per ordinary share and 10p per staff share have been approved by the Directors. The final dividends will be paid on 30th April 2004 in respect of the ordinary shares registered at the close of business on 27th February 2004 and in respect of the staff shares so registered on 31st December 2003.
Directors
The membership of the Board of Directors of Barclays PLC and biographical details of the current members are set out in the 'Your Board and Group Executive Committee' section. Professor Dame Sandra Dawson and Sir Richard Broadbent were appointed as non-executive Directors on 1st March 2003 and 1st September 2003, respectively. Roger Davis, Gary Hoffman, Naguib Kheraj and David Roberts were appointed as executive Directors with effect from 1st January 2004. John Stewart and Graham Wallace resigned from the Board on 27th February 2003 and 2nd April 2003, respectively. Sir Nigel Mobbs retired from the Board on 24th April 2003. Details of the Directors’ remuneration and interests in ordinary shares of Barclays PLC are shown in Barclays Report on Remuneration.
Retirement and Re-election of Directors
In accordance with its Articles of Association, one-third (rounded down) of the Directors of Barclays PLC are required to retire by rotation at each AGM, together with Directors appointed by the Board since the last AGM. The retiring Directors are eligible to stand for re-election. In addition, under the UK Combined Code of Corporate Governance, every Director should seek re-election by shareholders every three years. The Directors retiring by rotation at the 2004 AGM and offering themselves for re-election are Sir Peter Middleton, Stephen Russell and Chris Lendrum.
In addition, Sir Richard Broadbent, Roger Davis, Gary Hoffman, Naguib Kheraj and David Roberts, who were appointed as Directors since the last AGM, will be offering themselves for re-election at the 2004 AGM. Sir Brian Jenkins, who was last re-elected by shareholders at the 2001 AGM will also be retiring and seeking re-election in accordance with the UK Combined Code.
Auditors’ Report
The auditors’ report on the full annual accounts of the Group for the year ended 31st December 2003 was unqualified and did not contain a statement under either Section 237(2) (accounting records or returns inadequate or accounts not agreeing with records and returns) or Section 237(3) (failure to obtain necessary information and explanations) of the Companies Act 1985.
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