ICICI Bank 2010 Annual Report Download - page 20

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Directors’ Report
18
Name of Member Number of meetings attended
Sridar Iyengar1, Chairman 6
M. K. Sharma, Alternate Chairman 8
Narendra Murkumbi 6
V. Sridar (w.e.f. January 21, 2010) N. A.
1. Also participated in two Meetings through tele-conference.
The Board of Directors at its Meeting held on April 24, 2010 re-constituted the Committee effective April 24, 2010
consequent to resignation of Narendra Murkumbi from the Committee. Homi Khusrokhan has been appointed
as a member of the Committee in place of Narendra Murkumbi.
III. Board Governance, Remuneration & Nomination Committee
Terms of Reference
The functions of the Committee include recommendation of appointments to the Board, evaluation of the performance
of the Managing Director & CEO and wholetime Directors on predetermined parameters, recommendation to the
Board of the remuneration (including performance bonus and perquisites) to wholetime Directors, approval of the
policy for and quantum of bonus payable to the members of the staff, framing of guidelines for the Employees
Stock Option Scheme and recommendation of grant of ICICI Bank stock options to the employees and wholetime
Directors of ICICI Bank and its subsidiary companies.
Composition
The Board Governance, Remuneration & Nomination Committee currently comprises four non-executive Directors
and is chaired by M. K. Sharma. There were five Meetings of the Committee during the year. The details of the
composition of the Committee and attendance at its Meetings are set out in the following table:
Name of Member Number of meetings attended
N. Vaghul, Chairman (upto April 30,2009) 1
M. K. Sharma, Chairman (effective May 1, 2009) 5
K. V. Kamath (effective May 1, 2009) 4
Anupam Puri12
P. M. Sinha (upto January 21, 2010) 4
Marti G. Subrahmanyam13
1. Also participated in two Meetings through tele-conference.
In anticipation of the change in the Board composition consequent to completion of tenure of eight years of
Anupam Puri and Marti Subrahmanyam on the Board of the Bank, the Board of Directors at its Meeting held on
April 24, 2010 re-constituted the Committee effective April 24, 2010 and appointed Sridar Iyengar and V. Prem
Watsa as members of the Committee in place of Anupam Puri and Marti Subrahmanyam.
Remuneration policy
The Board Governance, Remuneration & Nomination 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 and retiral benefits) paid to wholetime
Directors for fiscal 2010 and details of stock options granted for the three years ended March 31, 2010: