Barclays’ Balanced Scorecard Barclays decided to introduce a '5Cs' values scorecard in drive for brand transformation. Back in 2013, Barclays revealed details of the "balanced scorecard" to judge itself against, in its drive to instill a new set of "purpose and values" and reposition the brand as the "go-to bank" for all stakeholders. The bank outlined how it aimed to achieve the "right culture" across the business, stating a series of aims against the "5Cs", denoting: (1) customer and client, (2) colleague, (3) citizenship, (4) conduct and (5) company. The pledges included: "We create a diverse and inclusive environment where colleagues can fulfil their potential." "We positively impact the communities in which we operate." "We act with integrity in everything we do." "We create sustainable returns above the cost of equity." Chief executive Antony Jenkins confirmed that every Barclays employee was required to complete a "mandatory training program", and that the company’s values have been "integrated" into day-to-day operations such as recruitment, performance assessment and reward. All managing directors across the bank started to be formally assessed against whether they have "exhibited the right values and behaviours, as well as producing the business outcomes". Employees must also abide by a new code of conduct. The decision came after Barclays confirmed adjusted pre-tax profits of £5.2bn in 2013, down from £7bn in the previous 12 months, with the bank also causing controversy over its decision to increase its bonus pool by 10% year-on-year, to £2.38bn. The bank blamed the results on restructuring costs from exiting a number of business lines, as well as one-off legal costs. In 2014, Jenkins said: "2013 was a year of considerable change for Barclays. I am pleased with the progress we made in starting to rebuild trust, defining and implementing a common culture, repositioning the business for the future, and strengthening our balance sheet”. "A year on from launching our plan to transform Barclays into the go-to bank for all our stakeholders, we are in a significantly better position and I feel confident about our prospects. While we have more work to do to achieve our goal of becoming the go-to bank, I believe that we begin 2014 in a better position than we have been for many years." Requirement:(1) Assess critically Barclays’ Balanced scorecard presented below. (2) Propose changes to Barclays’ Balanced Scorecard that can alleviate its weaknesses. Be specific regarding the weights you propose on each dimension of your Balanced Scorecard in determining the rewards and compensation for executives and other employees. Remark: You can download Barclays’s Strategic Reportsfor the period 2013-2018 from this link: These annual strategic reports can show you “the delivery of Barclay’s performance against its Balanced Scorecard” for each year. These reports are also uploaded on canvas.