ICICI Bank 2011 Annual Report Download - page 21

Details of Remuneration (`)
Chanda
Kochhar
N.S.
Kannan
K. Ramkumar Rajiv
Sabharwal1
Sandeep
Bakhshi2
Sonjoy
Chatterjee3
Contribution to
gratuity fund
959,616 634,746 634,746 544,218 248,234 51,132
Stock options
(Numbers)
Fiscal 20114210,000 105,000 105,000 105,000 — —
Fiscal 20106210,000 105,000 105,000 100,000 115,000 —
Fiscal 2009 — — — — — —
1. Appointed as wholetime Director effective June 24, 2010. The remuneration for the year includes the remuneration
paid prior to the appointment as wholetime Director. The performance bonus for the year includes the bonus
amount applicable to Rajiv Sabharwal during his designation as Senior General Manager prior to his appointment as
wholetime Director.
2. Remuneration paid upto July 31, 2010. Performance bonus applicable for the part of year during his tenure as Deputy
Managing Director.
3. Remuneration paid till April 29, 2010.
4. Subject to RBI approval.
5. Allowances and perquisites exclude valuation of the employee stock options exercised during fiscal 2011 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.
6. Excludes special grant of stock options approved by RBI on January 17, 2011 aggregating to 250,000 for
Chanda Kochhar and 150,000 each for N. S. Kannan, K. Ramkumar, Rajiv Sabharwal and Sandeep Bakhshi.
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, group 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. The Board at its meeting held on April 28, 2011 decided to revise and merge the present
cash allowances consisting of leave travel allowance, house rent allowance and medical reimbursement
under one head namely supplementary allowance for wholetime Directors. Consequently, the Managing
Director & CEO, Chanda Kochhar shall be paid supplementary allowance of ` 700,000 per month,
N. S. Kannan, Executive Director & CFO and K. Ramkumar, Executive Director shall each be paid a supplementary
allowance of ` 480,000 per month and Rajiv Sabharwal, Executive Director shall be paid a supplementary
allowance of ` 465,000 per month effective April 1, 2011, 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 ` 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 ` 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 various forums (both in India and abroad) as Chairman of the Bank and bearing travel/halting/
other expenses and allowances for attending to his duties as Chairman of the Bank. The Members of the
Company vide Resolution passed by way of postal ballot the result of which was declared on February 13,
2009 had approved the above payment of remuneration. RBI and the Central Government have vide their
letters dated March 12, 2009 and January 8, 2010 respectively approved the payment of above remuneration.
Annual Report 2010-2011 19