ICICI Bank 2008 Annual Report Download - page 13

Towards a better life
Office and also at the registered offices of the concerned subsidiaries. As required by Accounting Standard-
21 (AS-21) issued by the Institute of Chartered Accountants of India, the Bank’s consolidated financial
statements included in this Annual Report incorporate the accounts of its subsidiaries and other entities.
A summary of key financials of the Bank’s subsidiaries is also included in this Annual Report.
DIRECTORS
R. K. Joshi, former Chairman of General Insurance Corporation of India, and an independent Director of
the Bank, passed away on July 4, 2007. The Board deeply mourns the untimely demise of R. K. Joshi and
places on record its appreciation for the contribution made by him in enriching the deliberations of the
Board during his association with the Bank.
Nachiket Mor, Deputy Managing Director, opted for early retirement effective October 19, 2007, to
dedicate himself to the social initiatives of the ICICI Group. He has been appointed as President of the
ICICI Foundation for Inclusive Growth. The Board places on record its appreciation for the contribution
made by him towards the growth and development of the ICICI Group.
At its Meeting held on October 19, 2007, the Board elevated Chanda D. Kochhar, Deputy Managing Director
as Joint Managing Director & Chief Financial Officer and appointed Sonjoy Chatterjee, Managing Director
& CEO, ICICI Bank UK PLC, as an additional Director of the Bank. Sonjoy Chatterjee has been appointed
as a wholetime Director designated as Executive Director, for a period of five years, effective October 22,
2007. Reserve Bank of India (RBI) has vide its letter dated December 3, 2007, approved his appointment.
Approval of the Members is being sought at the forthcoming Annual General Meeting (AGM).
Vinod Rai, Secretary (Financial Sector), Department of Financial Services, Ministry of Finance, Government
of India was nominated as a Director of the Bank by Government of India effective January 3, 2003. He
resigned from the Board effective January 6, 2008, consequent to his appointment as the Comptroller &
Auditor General of India (CAG). The Board places on record its appreciation of the role played by Vinod
Rai during his tenure as a Director and his guidance and contribution as a Member of the Board.
Arun Ramanathan, Secretary (Financial Sector), Department of Financial Services, Ministry of Finance,
Government of India was nominated as a Director of the Bank by Government of India effective January 18,
2008. In terms of Article 128A of the Articles of Association, Arun Ramanathan is not liable to retire
by rotation.
In terms of the provisions of the Companies Act, 1956 and the Articles of Association of the Bank,
Sridar Iyengar, T. S. Vijayan, L. N. Mittal and Narendra Murkumbi would retire by rotation at the forthcoming
AGM and, being eligible, offer themselves for re-appointment.
V. Vaidyanathan
Executive Director
“The 8% plus growth in India is creating jobs like never before - estimated at about
11 million per year. The interesting thing about growth in the new India is that it is opening
opportunities at extreme ends of this spectrum: from the new wealthy to the underserved.
Only technology will enable us straddle these in an inclusive and sustainable manner.
Retail banking - including consumer, agriculture and SME banking are significant and long
term growth engines for us. The key needs across these segments are the same; saving,
transacting, borrowing, investing and protecting. What ICICI Bank is changing is the “way”
to serve these needs - through technology and innovation.”
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