ICICI Bank 2010 Annual Report Download - page 21

19Annual Report 2009-2010
khayaal aapka
Details of remuneration (Rupees)
K. V.
Kamath1
Chanda D.
Kochhar
Sandeep
Bakhshi2
N.S.
Kannan2K. Ramkumar Sonjoy
Chatterjee V. Vaidyanathan1
Basic 1,140,000 9,450,000 7,040,000 6,050,000 6,600,000 6,600,000 550,000
Performance
bonus for fiscal
20103
— 2,693,250 2,188,800 1,881,000 1,881,000 1,881,000 —
Allowances and
perquisites42,805,991 5,393,259 3,735,755 3,505,891 4,749,150 4,305,328 1,334,296
Contribution to
provident fund 136,800 1,134,000 844,800 726,000 792,000 792,000 66,000
Contribution to
superannuation
fund
171,000 1,417,500 1,056,000 — 990,000 — —
Contribution to
gratuity fund 94,962 787,185 586,432 503,965 549,780 549,780 45,815
Stock options
(Numbers)
Fiscal 20103— 210,000 115,000 105,000 105,000 — —
Fiscal 2009 — — — — — — —
Fiscal 2008 270,000 180,000 — — 125,0005125,000 125,000
1. Remuneration paid for the month of April 2009.
2. Remuneration paid for the period May 1, 2009 to March 31, 2010.
3. Pending RBI approval.
4. Allowances and perquisites exclude valuation of the employee stock options exercised during fiscal 2010 as it does not constitute
remuneration for the purposes of Companies Act, 1956. However tax has been paid in accordance with the provisions of the
Income Tax Act.
5. Prior to appointment as wholetime Director.
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. 100,000 per month and maintenance of accommodation, including
furniture, fixtures and furnishings provided by the Bank. The Board of Directors at its Meeting held on
April 24, 2010 has approved revision in house rent allowance from Rs. 100,000 per month to Rs. 250,000 per
month in case of Managing Director & CEO and from Rs. 100,000 per month to Rs. 200,000 in case of other
wholetime Directors, subject to approval of RBI and Members. Approval of Members for the same is being
sought at the current AGM.
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 has approved the payment of Rs. 20,000 as sitting fees for
each Meeting of Board or Committee attended. This amount is within the limits prescribed by the Ministry of
Corporate Affairs vide its Notification dated July 24, 2003. Approval of the Members for payment of sitting
fees to the Directors was obtained at the AGM held on August 20, 2005. The Board of Directors has approved
payment of remuneration of Rs. 2,000,000 per annum to K. V. Kamath plus payment of sitting fees, maintaining
a Chairman’s office at the Bank’s expense, bearing expenses for travel on official visits and participation in