Anthony Salz to lead independent business practices review
24 Jul 2012 09:30 GMT
On 2 July, Barclays announced that it would establish an independent review of its business practices, reporting to Deputy Chairman, Sir Michael Rake, and a sub-committee of the Barclays Board. Barclays today announces that Anthony Salz has agreed to lead that review.
The global review will assess the bank’s current values, principles and standards of operation and determine to what extent those need to change; test how well current decision-making processes incorporate the bank’s values, standards and principles and outline any changes required; and determine whether or not the appropriate training, development, incentives and disciplinary processes are in place. The review’s findings and recommendations will be published, based on evidence gathered through extensive engagement with all of the bank’s stakeholders and a thorough review of all pertinent documentary evidence. Any interested party is encouraged to provide input to the review by submitting a perspective or evidence via firstname.lastname@example.org.
Mr Salz will direct the review as he deems appropriate. He will have the support of a senior, independent individual to act as his deputy, as well as a team of staff from a professional services firm. Barclays will fill both of those support roles in direct consultation with Mr Salz.
Barclays Board and Executive Committee will consider the review’s recommendations carefully, with the intention of implementing them in full. Shortly after the conclusion of the review, Barclays will publish an account of how it intends to implement its recommendations.
Commenting on his appointment, Mr Salz said:
“Barclays has a real opportunity to use the events of the past weeks to drive a change in its values and practices, and I look forward to hearing views on the changes that should be made. I very much hope that this review will significantly assist Barclays in rebuilding trust and reaffirming its position as one of our leading institutions.”
Sir Michael Rake, Deputy Chairman, said:
“Anthony Salz is the ideal individual to lead this review given his standing and experience. He has the full support of the Barclays Board, and we will ensure that he has whatever resources necessary at his disposal to make it thorough and far-reaching. We expect this work to contribute significantly to the broader change that we intend to bring about to the way in which Barclays operates.”
Notes to Editors:
Please see full Terms of Reference here
Anthony Salz Profile
Anthony Salz is currently Executive Vice Chairman of Rothschild. This appointment is in a personal capacity and Mr Salz will continue his role with Rothschild. The main areas of the firm’s business are Global Financial Advisory, Merchant Banking and Wealth Management. Mr Salz joined Rothschild in 2006, after more than 30 years as a corporate lawyer with the international firm Freshfields Bruckhaus Deringer, 10 as the senior partner.
Among various roles, Mr Salz is the lead Non-Executive member of the Board of the Department for Education and is a Trustee of the Tate Foundation, the Eden Project, the Paul Hamlyn Foundation, the Scott Trust and the Royal Opera House. He was for some years a member of Business in the Community's Business Action on Homelessness Executive Forum and a member of its Education Leadership team. Anthony was also Vice Chairman of the BBC Board of Governors between 2004 and 2006 and chaired the Independent Commission on Youth Crime and Antisocial Behaviour in England and Wales, which reported in 2010. He also chaired two review groups on press self-regulation on behalf of the Media Standards Trust (on which Board he sits), which published reports and recommendations in 2009 and in June 2012.
Barclays is a major global financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth and investment management with an extensive international presence in Europe, the Americas, Africa and Asia. Barclays’ purpose is to help people achieve their ambitions – in the right way.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website www.barclays.com