ICICI Bank 2004 Annual Report Download - page 20

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recommendation of grant of stock options to the staff and wholetime Directors of ICICI Bank and its
subsidiary companies.
Composition
The Board Governance & Remuneration Committee comprises three independent Directors and is
chaired by N. Vaghul. There were three meetings of the Committee during the year. The details of
composition of the Committee and attendance at its Meetings are given in the following table:
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 are 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 table sets out the details of remuneration (including perquisites, bonus and retiral
benefits) paid to wholetime Directors for fiscal 2004 and details of stock options granted for the three
years ended March 31, 2004.
1Includes leave travel allowance: K. V. Kamath - Rs. 1,550,000, Lalita D. Gupte - Rs. 2,325,000, Chanda D. Kochhar -
Rs. 687,500 and Nachiket Mor - Rs. 687,500.
2Include options granted on July 25, 2003: K. V. Kamath - 30,000, Lalita D. Gupte - 27,500, Kalpana Morparia - 25,000,
Chanda D. Kochhar - 20,000 and Nachiket Mor - 20,000.
3In respect of K. V. Kamath, Lalita D. Gupte and Kalpana Morparia, represent 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 Bank
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
20
Name of Member Number of Meetings attended
N. Vaghul, Chairman 3
2
3
1
Anupam Puri
P. M. Sinha
R. Seshasayee (upto October 31, 2003)
Directors’ Report
Break up of remuneration
(Rupees)
Basic 7,440,000 5,580,000 4,020,000 3,300,000 3,300,000
Provident fund 892,800 669,600 482,400 396,000 396,000
Superannuation 1,116,000 837,000 603,000 495,000 495,000
Stock options (Numbers)
Fiscal 2004 250,000 165,000 150,000 125,000 125,000
Performance bonus for
fiscal 2004 3,720,000 2,790,000 2,010,000 1,650,000 1,650,000
Allowances and
1
perquisites 2,867,316 3,468,171 1,536,535 915,383 931,568
2
Fiscal 2003 150,000 137,500 125,000 100,000 100,000
120,000 110,000 100,000 80,000 80,000
Gupte Morparia
K.V.
Kamath Lalita D. Kalpana
Chanda D.
Kochhar Nachiket
Mor
3
Fiscal 2002
dickenson intellinetics 5690 2791 ICICI Annual Report 2004