ICICI Bank 2003 Annual Report Download - page 41

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Directors’ Report
(including performance bonus and perquisites) to wholetime Directors, approval of the policy for and
quantum of bonus payable to the members of the staff, the framing of guidelines for the Employees
Stock Option Scheme, recommendation of grant of stock options to the staff and wholetime Directors
of ICICI Bank and its subsidiary companies and formulation of a code of ethics and governance.
Remuneration Policy
The Board Governance & Remuneration Committee has the power to determine and recommend to the
Board the amount of remuneration, including performance/achievement bonus and perquisites, payable to
the wholetime Directors. The recommendations of the Committee were based on evaluation of the wholetime
Directors on certain parameters, as laid down by the Board as part of the self-evaluation process.
The following are the details of remuneration (including perquisites, bonus and retiral benefits) paid and
stock options granted to wholetime Directors in fiscal 2003:
K.V. H.N. Lalita Kalpana S. Chanda Nachiket
Kamath Sinor Gupte Morparia Mukherji Kochhar Mor
Break-up of Remuneration
(Rupees)
– Basic ...................................... 4,800,000 3,000,000 3,600,000 2,520,000 2,520,000 2,100,000 2,100,000
– Performance bonus for
fiscal 2003
#................................................
4,800,000 3,000,000 3,600,000 2,520,000 2,520,000 2,100,000 2,100,000
– Allowances and perquisites .. 843,387 680,400 2,519,789 3,912,252
@
2,061,868 1,004,810 2,019,641
– Provident fund ....................... 576,000 360,000 432,000 302,400 302,400 252,000 252,000
– Gratuity ................................... 399,840 249,900 299,880 209,916 209,916 174,930 174,930
– Superannuation ...................... 720,000 450,000 540,000 378,000 378,000 315,000 315,000
Stock Options
– Fiscal 2003 ............................. 120,000 100,000 110,000 100,000 100,000 80,000 80,000
– Fiscal 2002 ............................. 120,000* 100,000 110,000* 100,000* 100,000* 80,000 80,000
– Fiscal 2001 ............................. 60,000* 56,250 55,000* 30,000* 30,000* 30,000* 30,000*
# Approved by the Board and to be paid on appoval by RBI.
@
Includes leave and leave-travel-allowance encashment of Rs. 3,129,000.
* Options awarded by ICICI and converted into ICICI Bank options as per the Scheme of Amalgamation.
Perquisites (evaluated as per Income-tax Rules wherever applicable and at actual cost to the Company
otherwise) such as the benefit of the Bank’s furnished accommodation, gas, electricity, water and
furnishings, club fees, personal insurance, use of car and telephone at residence or reimbursement of
expenses in lieu thereof; medical reimbursement, leave and leave-travel concession, education benefits,
provident fund, superannuation fund and gratuity, were provided in accordance with the scheme(s) and
rule(s) applicable from time to time. If accommodation owned by the Bank was not provided, the
wholetime Director concerned was eligible for house rent allowance of Rs. 50,000 per month and
maintenance of accommodation including furniture, fixtures and furnishings, as may have been provided
by the Bank.
The non-executive Directors, except the nominee Directors of Government of India were paid sitting fees
of Rs. 5,000 per meeting of the Board or Committee attended by them.