ICICI Bank 2003 Annual Report Download - page 40

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38
Directors’ Report
III. Audit Committee
Terms of Reference
The Audit Committee provides direction to the audit and risk management function and monitors the
quality of internal and statutory audit. The responsibilities of the Audit Committee include the overseeing
of the financial reporting process to ensure fairness, sufficiency and credibility of financial statements,
recommendation of appointment and removal of central and branch statutory auditors and fixation of
their remuneration, review of the annual financial statements before submission to the Board, review of
the adequacy of internal control systems and the internal audit function, review of compliance with the
inspection and audit reports of RBI and reports of statutory auditors, review of the findings of internal
investigations, discussion on the scope of audit with external auditors and examination of reasons for
substantial defaults, if any, in payment to stakeholders.
Composition
The Audit Committee comprises three independent Directors and is chaired by R. Seshasayee. RBI
guidelines stipulate that this Committee must meet at least six times in a financial year.
There were six meetings of the Committee during the year. The details of composition of the
Committee and attendance at its meetings are given below:
Name of Member Number of Meetings attended
R. Seshasayee, Chairman .................................. 6
Uday M. Chitale .................................................. 5
Somesh R. Sathe ................................................ 5
IV. Agriculture & Small Enterprises Business Committee
Terms of Reference
The functions of the Committee include review of the business strategy of the Bank in the agri-business
and small enterprises segments and review of the quality of the agricultural lending and small enterprises
finance credit portfolio.
Composition
The Agriculture & Small Enterprises Business Committee was constitued by the Board effective
July 1, 2003. The Committee comprises five independent Directors, viz. N. Vaghul, Satish C. Jha,
Somesh R. Sathe, P. M. Sinha and M. K. Sharma. N. Vaghul is the Chairman of the Committee.
V. Board Governance & Remuneration Committee
Terms of Reference
The functions of the Board Governance & Remuneration Committee include recommendation of
appointments to the Board, evaluation of the performance of the Managing Director & CEO, the Board
and individual members on pre-determined parameters, recommendation to the Board of the remuneration