ICICI Bank 2005 Annual Report Download - page 20

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Composition
The Board Governance & Remuneration Committee comprises five independent Directors and is chaired
by N. Vaghul. There were two meetings of the Committee during the year. The details of the 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 bonus and perquisites) and grant of stock
options to the wholetime Directors. The recommendations of the Committee are based on evaluation of
the wholetime Directors on specified parameters.
The following table sets out the details of remuneration (including perquisites, bonus and retiral benefits)
paid to wholetime Directors for fiscal 2005 and details of stock options granted for the three years ended
March 31, 2005.
(1) Includes leave travel allowance (including allowance related to previous years) availed during the year:
K.V. Kamath - Rs. 3,350,000, Kalpana Morparia - Rs. 1,900,000 and Nachiket Mor - Rs. 812,500.
- -
(2) Includes 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.
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 allowance, education benefits,
provident fund, superannuation fund and gratuity, were provided in accordance with the scheme(s) and
18
Directors’ Report
Number of Meetings attended
N. Vaghul, Chairman
Anupam Puri
P. M. Sinha
M.K. Sharma (w.e.f. January 17, 2005)
Marti G. Subrahmanyam (w.e.f. January 17, 2005)
Name of Member
2
1
2
N.A.
N.A.
6,480,000
3,369,600
848,724
777,600
972,000
165,000
165,000
137,500
5,100,000
2,652,000
3,271,575
612,000
765,000
150,000
150,000
125,000
3,900,000
2,028,000
921,007
468,000
585,000
125,000
125,000
100,000
Break-up of remuneration (Rupees)
Basic
Performance bonus
for fiscal 2005
Allowances and
(1)
perquisites
Provident fund
Superannuation
Stock options (Numbers)
Fiscal 2005
Fiscal 2004
(2)
Fiscal 2003
8,640,000
4,492,800
3,647,689
1,036,800
1,296,000
250,000
250,000
150,000
3,900,000
2,028,000
2,070,546
468,000
585,000
125,000
125,000
100,000
Lalita D.
Gupte
Kalpana
Morparia
K.V.
Kamath
Chanda D.
Kochhar
Nachiket
Mor
Dickenson Tel: 022-2625 2282