ICICI Bank 2011 Annual Report Download - page 20
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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 three non-executive
Directors and is chaired by Sridar Iyengar, an independent Director. There were seven 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
M. K. Sharma, Chairman (upto January 30, 2011) 6
Sridar Iyengar, Chairman1 (Member w.e.f April 24, 2010 and
Chairman w.e.f. January 31, 2011)
4
K. V. Kamath 7
Anupam Puri (upto April 24, 2010) 1
Marti G. Subrahmanyam (upto April 24 , 2010) 1
V. Prem Watsa2 (w.e.f. April 24, 2010) 1
1. Also participated in two Meetings through tele-conference.
2. Also participated in one Meeting through tele-conference.
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 2011 and details of stock options granted for the three years ended
March 31, 2011:
Details of Remuneration (`)
Chanda
Kochhar
N.S.
Kannan
K. Ramkumar Rajiv
Sabharwal1
Sandeep
Bakhshi2
Sonjoy
Chatterjee3
Basic 11,520,000 7,620,000 7,620,000 6,533,233 2,980,000 613,833
Performance
bonus for fiscal
20114
8,286,336 5,481,066 5,481,066 4,978,520 2,143,514 —
Allowances and
perquisites5
8,000,493 5,566,772 6,100,268 4,753,586 1,956,399 1,818,915
Contribution to
provident fund
1,382,400 914,400 914,400 783,988 357,600 73,660
Contribution to
superannuation
fund
1,728,000 — 1,143,000 — 447,000 —
Directors’ Report
18