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Friday, March 8, 2013

Strategic CSR - Barclays

I am unsure how seriously to take the article in the url below. It covers a recent announcement by Barclays Bank, which is trying to repair its reputation in the aftermath of the LIBOR interest rate fixing scandal last year:
“Barclays PLC's Chief Executive Antony Jenkins Thursday told staff they should uphold the company's new values or leave. … In a memorandum to employees, Mr. Jenkins said bonuses will now be based in part on how employees and business units uphold five values, rather than ‘just on what we deliver.’ ‘We must never again be in a position of rewarding people for making the bank money in a way which is unethical or inconsistent with our values,’ Mr. Jenkins said. … ‘There might be some who don't feel they can fully buy in to an approach which so squarely links performance to the upholding of our values,’ Mr. Jenkins said. ‘My message to those people is simple: Barclays is not the place for you. The rules have changed. You won't feel comfortable at Barclays and, to be frank, we won't feel comfortable with you as colleagues.’”
Of course, the extent to which the company is serious about this will only be revealed over time. But, as an indication of genuine intent, it would be interesting to know how the bank intends to measure adherence to these values and how that will translate into each individual’s specific salary and/or bonus amount:
“The values are: respect, integrity, service, excellence and stewardship.”
Have a good weekend
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Barclays Tells Staff to Uphold New Values of Leave
By Margot Patrick
January 17, 2013
The Wall Street Journal
Late Edition – Final