Case study: How Barclays is setting clear and consistent expectations of behaviour for its employees, ensuring societal and environmental considerations are taken into account in decision-making
In 2012 Barclays was fined £290m to settle claims that it manipulated the London Interbank Offered Rate (Libor). A former Barclays banker, accused of manipulating the Libor interest rate, said he only did what he was told to do by his boss, without realizing it was wrong. The trial of five former Barclays employees charged with conspiracy to defraud by rigging US dollar Libor rates began in April 2016.
In the aftermath of the Libor scandal, a key material issue for Barclays is ensuring proper governance and conduct, with a clear, accessible and well-communicated global code of conduct for all its employees. In order to set clear and consistent expectations of behaviour for its employees, ensuring societal and environmental considerations are taken into account in decision-making, Barclays took action to:
• implement a global code of conduct by launching The Barclays Way
• develop tools that help employees consider broader societal impacts and opportunities in business decisions, such as the Barclays Lens, a values based decision-making tool piloted in 2013 and
• update the Raising Concerns (Whistleblowing) Policy, introducing mandatory whistleblowing training for employees
Using the GRI Standards in order to maintain and increase the value of your company
With each publication in this series the FBRH team will highlight one key impact identified by a company reporting in accordance with the GRI Standards and show how it has taken a structured, systematic approach to improving performance. With such positive action companies build trust, by dealing responsibly and conscientiously with their impact on the environment and on their stakeholders (e.g. clients, suppliers, shareholders, local communities, NGOs or local government). Stakeholders that can hold it back or stop it from reaching its objectives
By building trust your company creates loyalty and long-term commitment to its services and brands
