Barclays Bank Board comes up with the vision for the bank. It could be the expansion plans into the Middle East or the African continent. The Board Chairman would lead the board meeting into accessing the need for the expansion, the method of expansion, and the time it would take for the plans to succeed. The board would also appoint people who would be responsible for the success of the project.
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The board members approve the acquisitions, mergers or disposals (Robbins and Coulter 148). Most of the decisions the board has made so far have been for expansion purposes. For instance, it made the decision to expand Barclays Bank International by taking over America Credit Corporation and renamed it Barclays American Corporation. It vets new board members applicants to find a suitable candidate. It also removes board members through a well-structured process.
The board meets to lay down the procedures for success planning. They assign key positions on the board with specific roles. They appoint an individual or individuals to understudy the existing leader before he or she exits. The board appoints the successful candidate to take over from the predecessor. They provide the remuneration policy guidance for the executives with the help of the externally contracted financial consultants
The board members ensure that they maintain an effective system of internal control by setting timelines and targets to achieve the goals. They do this through the board committees. The board committees take orders from Board. They maintain an effective risk control and oversight process across the company (Robbins and Coulter 205).
The Board Committee chairman has to update the Board about the deliberations of the committee meetings. They hold independent meetings at the committee level. The bank allows the top down and the down up decision making process. For instance, if there is a need to open a new branch, they include their recommendations at the committee meeting and pass it to the board for further deliberations.
The Board may approve, reject or return the committee’s proposals for further clarifications. The board committees can also do the same for the decisions that arise from the management team. The Board Committee meets and assigns the Chief Executive Officer to supervise its decisions. The CEO works with the bank’s management team to ensure that they meet the objectives and targets. The communication can be through the bank’s information technology system.
Whenever there are problems with serious misconduct, fraud or illegal activities, anyone can raise such concerns in confidence with the Compliance team using the hotline or the email. The line managers and or the officers from the compliance team conduct the investigation. The committee hands over the report to the disciplinary department and then they lay down the disciplinary measures (Docherty and Viort 267). If the incidence is a false accusation, then the committee takes disciplinary action against the person or persons responsible.
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The bank started a programme called The Lens to enhance the decision-making process. It helps the bank to set a standard regarding legal status, regulatory and compliance requirements. The citizenship lens helps colleagues identify, anticipate and manage the risks. It also examines the impact of their decision.
Docherty, Adrian, and Franck Viort. Better Banking, Hoboken: Wiley, 2013. Print.
Robbins, Stephen P., and Mary K. Coulter. Management, 11th ed. Upper Saddle River, New Jersey: Pearson Prentice Hall, 2012. Print.