ICICI Bank 2008 Annual Report Download - page 32

Directors’ Report
ANALYSIS OF CUSTOMER COMPLAINTS
a) Customer complaints in fiscal 2008
Number of complaints pending at the beginning of the year 579
Number of complaints received during the year1185,431
Number of complaints redressed during the year 184,147
Number of complaints pending at the end of the year 1,863
1. Includes
a) complaints received via customer service touch points (phone banking) with effect from October 1, 2007.
b) complaints received through e-mail with effect from April 1, 2007.
b) Awards passed by the Banking Ombudsman in fiscal 2008
Number of unimplemented awards at the beginning of the year 41
Number of awards passed by the Banking Ombudsman during the year 7
Number of awards implemented during the year 6
Number of unimplemented awards at the end of the year 1
1. The 4 awards pending as on March 31, 2007 have become null and void, as the customers have not accepted them.
COMPLIANCE CERTIFICATE OF THE AUDITORS
ICICI Bank has annexed to this report, a certificate obtained from the statutory auditors, B S R & Co.,
Chartered Accountants, regarding compliance of conditions of corporate governance as stipulated in
Clause 49 of the listing agreement.
EMPLOYEE STOCK OPTION SCHEME
In fiscal 2000, ICICI Bank instituted an Employee Stock Option Scheme (ESOS) to enable the employees
and Directors of ICICI Bank and its subsidiaries to participate in the future growth and financial success
of the Bank. As per the ESOS as amended from time to time, the maximum number of options granted
to any employee/director in a year is limited to 0.05% of ICICI Bank’s issued equity shares at the time of
the grant, and the aggregate of all such options is limited to 5% of ICICI Bank’s issued equity shares on
the date of the grant (equivalent to 55.6 million shares at April 26, 2008).
Options granted for fiscal 2003 and earlier years vest in a graded manner over a three-year period, with
20%, 30% and 50% of the grants vesting in each year, commencing not earlier than 12 months from the
date of grant. Options granted for fiscal 2004 onwards vest in a graded manner over a four-year period,
with 20%, 20%, 30% and 30% of the grants vesting in each year, commencing not earlier than 12 months
from the date of grant.
Options can be exercised within 10 years from the date of grant or five years from the date of vesting,
whichever is later. The price of the options granted prior to June 30, 2003 is the closing market price on
the stock exchange, which recorded the highest trading volume on the date of grant. The price for options
granted on or after June 30, 2003 till July 21, 2004 is equal to the average of the high and low market
price of the equity shares in the two week period preceding the date of grant of the options, on the stock
exchange which recorded the highest trading volume during the two week period. The price for options
granted on or after July 22, 2004 is equal to the closing price on the stock exchange which recorded the
highest trading volume preceding the date of grant of options. The above pricing is in line with the SEBI
guidelines, as amended from time to time.
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