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2006 Barclays PLC Annual Report

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2006 Barclays PLC Annual Report Contents This Report is printed on Revive 100 Offset made from 100% FSC certified recycled fibre sourced from de-inked post-consumer waste. The printer and manufacturing mill are both credited with ISO 14001 Environmental Management Systems Standard and both are FSC certified. page Section 1 Operating review Financial highlights and performance indicators 2 Executive management structure 5 Chairman’s statement 7 Group Chief Executive’s review 8 Income statement and balance sheet summary 10 Financial review 15 Barclays PLC Annual Report 2006 Annual Report PLC Barclays Barclays PLC Risk factors 67 Risk management 71 Annual Report 2006 Critical accounting estimates 118 Earn, invest and grow Section 2 Governance Board and Executive Committee 122 Directors’ report 124 Corporate governance report 127 Remuneration report 135 Accountability and audit 151 Corporate responsibility 153 Section 3 Financial statements Presentation of information 158 Independent Auditors’ report/Independent Registered Public Accounting Firm’s report 159 Consolidated accounts Barclays PLC 161 Section 4 Shareholder information 305 Forward-looking statements This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to certain of the Group’s plans and its current goals and expectations relating to its future financial condition and performance. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. Examples of forward-looking statements include, among others, statements regarding the Group’s future financial position, income growth, impairment charges, business strategy, projected levels of growth in the banking and financial markets, projected costs, estimates of capital expenditures, and plans and objectives for future operations. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to, the further development of standards and interpretations under International Financial Reporting Standards (IFRS) applicable to past, current and future periods, evolving practices with regard to the interpretation and application of standards under IFRS, as well as UK domestic and global economic and business conditions, market related risks such as changes in interest rates and exchange rates, the policies and actions of governmental and regulatory authorities, changes in legislation, progress in the integration of Absa into the Group’s business and the achievement of synergy targets related to Absa, the outcome of pending and future litigation, and the impact of competition – a number of which factors are beyond the Group’s control. As a result, the Group’s actual future results may differ materially from the plans, goals, and expectations set forth in the Group’s forward-looking statements. Any forward-looking statements made by or on behalf of Barclays speak only as of the date they are made. Barclays does not undertake to update forward-looking statements to reflect any changes in Barclays expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. 9907087 The reader should, however, consult any additional disclosures that Barclays has made or may make in documents it has filed or may file with the SEC. Contents This Report is printed on Revive 100 Offset made from 100% FSC certified recycled fibre sourced from de-inked post-consumer waste. The printer and manufacturing mill are both credited with ISO 14001 Environmental page Management Systems Standard and both are FSC certified. Section 1 Operating review Financial highlights and performance indicators 2 Executive management structure 5 Chairman’s statement 7 Group Chief Executive’s review 8 Consolidated income statement and balance sheet summary 10 Financial review 15 Barclays PLC Annual Report 2006 Annual Report PLC Barclays Barclays PLC Risk factors 64 Risk management 67 Annual Report 2006 Critical accounting estimates 108 Earn, invest and grow Section 2 Governance Board and Executive Committee 112 Directors’ report 114 Corporate governance report 117 Remuneration report 125 Accountability and audit 141 Corporate responsibility 143 Section 3 Financial statements Presentation of information 148 Independent Auditors’ report/Independent Registered Public Accounting Firm’s report 149 Consolidated accounts Barclays PLC 151 Section 4 Shareholder information 295 Forward-looking statements This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to certain of the Group’s plans and its current goals and expectations relating to its future financial condition and performance. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. Examples of forward-looking statements include, among others, statements regarding the Group’s future financial position, income growth, impairment charges, business strategy, projected levels of growth in the banking and financial markets, projected costs, estimates of capital expenditures, and plans and objectives for future operations. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to, the further development of standards and interpretations under International Financial Reporting Standards (IFRS) applicable to past, current and future periods, evolving practices with regard to the interpretation and application of standards under IFRS, as well as UK domestic and global economic and business conditions, market related risks such as changes in interest rates and exchange rates, the policies and actions of governmental and regulatory Registered office: authorities, changes in legislation, progress in the integration of Absa into the Group’s business and the achievement of synergy targets related to Absa, the 1 Churchill Place, London E14 5HP outcome of pending and future litigation, and the impact of competition – a number of which factors are beyond the Group’s control. As a result, the Group’s Registered in England. Registered No: 48839 actual future results may differ materially from the plans, goals, and expectations set forth in the Group’s forward-looking statements. Any forward-looking statements made by or on behalf of Barclays speak only as of the date they are made. Barclays does not undertake to update forward-looking statements to reflect any changes in Barclays expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. 9907087 The reader should, however, consult any additional disclosures that Barclays has made or may make in documents it has filed or may file with the SEC. Barclays around the world Sweden Barclaycard Norway UK Barclaycard UK Banking and Canada all other businesses Barclays Capital Isle of Man BGI Barclays Wealth Denmark Ireland China USA Barclaycard UK Banking Barclays Capital Netherlands Barclaycard Barclays Capital IRCB Barclays Capital Jersey/Guernsey Germany Japan Barclays Capital BGI BGI Barclays Wealth Barclaycard Barclays Capital France Switzerland Barclays Capital BGI IRCB Barclays Capital BGI South Korea Barclays Capital Luxembourg BGI Barclays Wealth Barclays Capital Barclays Capital Spain Italy Taiwan Barclaycard Barclaycard Barclays Capital Portugal Monaco The Caribbean IRCB IRCB Barclaycard Barclays Wealth Mexico Barclays Capital Cyprus Barclays Capital Hong Kong Barclays Wealth Barclays Wealth IRCB Barclays Wealth Barclays Capital Barclays Capital Malta Barclays Barclays Capital Wealth BGI Gibraltar Barclays Wealth Barclays Wealth Barclays Wealth Thailand United Arab Emirates Egypt Barclays Capital India Barclaycard Barclaycard Brazil Barclaycard IRCB IRCB Barclays Capital Barclays Capital IRCB Uganda Barclays Wealth Barclays Capital IRCB Malaysia Kenya Barclays Capital Ghana Barclaycard IRCB IRCB Barclays Wealth Nigeria Barclays Wealth Tanzania Seychelles Singapore IRCB Barclaycard Angola Barclaycard Barclays Wealth IRCB IRCB Barclays Capital Zambia BGI Indonesia Barclaycard Barclays Wealth Mauritius Barclays Capital IRCB Barclaycard Botswana IRCB Barclaycard Argentina Mozambique IRCB Barclays Capital IRCB Australia South Africa Zimbabwe Barclays Capital Barclaycard IRCB BGI IRCB Barclays Capital Barclays Wealth Absa Definitions Glossary of terms We are committed to building a leading Our business purpose is to help our ‘Absa Group Limited’ refers to the consolidated results of the South African The cost:income ratio is defined as operating expenses compared to total income net universal bank and we’re already one of customers and clients achieve their group of which the parent company is listed on the Johannesburg Stock Exchange of insurance claims. in which Barclays owns a controlling stake. The
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