ICICI Bank 2006 Annual Report Download - page 17

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16
Remuneration policy
The Board Governance & Remuneration
Committee determines and recommends to the
Board the amount of remuneration, including
performance bonus and perquisites, payable to the
wholetime Directors. The recommendations of the
Committee are based on evaluation of the
wholetime Directors on certain parameters.
The following table sets out the details of
remuneration (including perquisites, bonus and
retiral benefits) paid to wholetime Directors for
fiscal 2006 and details of stock options granted for
the three years ended March 31, 2006:
Nachiket Mor Deputy Managing Director
“We are seeking to build our rural presence
by providing high quality financial services in
association with strong community based
partners, effectively combining our financial and
technological capabilities with their on-ground
presence and deep understanding of local
needs.”
K. V. Lalita D. Kalpana Chanda D. Nachiket
Kamath Gupte Morparia Kochhar Mor
Break-up of remuneration (Rupees)
Basic 9,840,000 7,380,000 6,000,000 4,500,000 4,500,000
Performance bonus for fiscal 2006 5,215,200 3,911,400 3,180,000 2,385,000 2,385,000
Allowances and perquisites(1) 7,068,181 5,521,564 2,891,539 3,963,983 (2) 2,349,013(2)
Contribution to provident fund 1,180,800 885,600 720,000 540,000 540,000
Contribution to superannuation fund 1,476,000 1,107,000 900,000 — —
Stock options (Numbers)
Fiscal 2006 250,000 165,000 165,000 125,000 125,000
Fiscal 2005 250,000 165,000 150,000 125,000 125,000
Fiscal 2004 250,000 165,000 150,000 125,000 125,000
(1) Includes leave travel allowance availed : K.V. Kamath – Rs. 2,050,000, Lalita D. Gupte – 4,050,000, Kalpana Morparia –
Rs. 1,250,000 and Chanda D. Kochhar – Rs. 2,187,500 and leave encashment : K.V. Kamath – Rs. 1,230,000, Lalita D. Gupte
– Rs. 676,500, Kalpana Morparia – Rs. 550,000 and Chanda D. Kochhar – Rs. 12,500.
(2) Includes superannuation allowance paid with salary – Rs. 675,000.
Perquisites (evaluated as per Income-tax Rules wherever applicable and otherwise at actual cost to the
Bank) 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 is not provided, the concerned
wholetime Director is eligible for house rent allowance of Rs. 50,000 per month and maintenance of
accommodation, including furniture, fixtures and furnishings provided by the Bank.
As provided under Article 132 of the Articles of Association of the Bank, the fees payable to a Director (other
than to the nominee of Government of India) for attending a Meeting of the Board or Committee thereof are
decided by the Board of Directors from time to time within the limits prescribed by the Companies Act,
1956 or the Central Government. The Board of Directors have approved the payment of Rs. 20,000 as sitting
Directors’ Report
16