ICICI Bank 2004 Annual Report Download - page 21

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 concerned wholetime Director 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 Director of Government of India) were paid sitting
fees of Rs. 5,000 for each meeting of the Board or Committee attended by them till August 25, 2003 and
Rs. 20,000 for each meeting of the Board or Committee attended by them on or after that date, as
permitted by a notification issued by the Central Government on July 24, 2003. The total sitting fees
paid to each of the Directors during fiscal 2004 for attending Meetings of the Board and Committees is
given in the following table:
Terms of Reference
The function of the Committee is to approve the annual income and expenditure and
capital expenditure budgets for presentation to the Board for final approval and to
review and recommend to the Board the business strategy of ICICI Bank.
Composition
The Business Strategy Committee comprises five Directors, namely, N. Vaghul,
Anupam Puri, M. K. Sharma, P. M. Sinha and K. V. Kamath. N. Vaghul is the Chairman of
the Committee and a majority of its members are independent Directors. The
Committee did not meet during the year as the budget and other strategic issues were
directly reviewed by the Board of Directors.
Terms of reference
The functions of the Committee include review of developments in key industrial
sectors and approval of credit proposals as per authorisation approved by the Board.
VI. Business Strategy Committee
VII. Credit Committee
Name of Director Sitting fees paid (Rupees)
N. Vaghul 280,000
395,000
45,000
135,000
Uday M. Chitale
P. C. Ghosh
Satish C. Jha
S. B. Mathur (w.e.f. January 29, 2004) 20,000
5,000
100,000
460,000
L. N. Mittal
Anupam Puri
Somesh R. Sathe
M. K. Sharma 150,000
125,000
50,000
20,000
P. M. Sinha
Marti G. Subrahmanyam
V. Prem Watsa (w.e.f. January 29, 2004)
R. Seshasayee (upto October 31, 2003) 50,000
1,835,000
Total
21
Directors’ Report
"We have established a presence
across key geographies and our
focus now is on scaling up
operations in these target markets,
leveraging our strong India-based
delivery platform to offer world-
class solutions to the Indian
diaspora and the growing number of
Indian multinationals. “
Lalita D. Gupte
J oint Managing Director
dickenson intellinetics 5690 2791 ICICI Annual Report 2004