ICICI Bank 2011 Annual Report Download - page 34

The key assumptions used to estimate the fair value of options granted during the year ended
March 31, 2011 are given below.
Risk-free interest rate 5.26% to 8.42%
Expected life 6.35 to 6.87 years
Expected volatility 48.38% to 49.82%
Expected dividend yield 1.10% to 1.33%
In respect of options granted in fiscal 2011, the weighted average exercise price of the options and the
weighted average fair value of the options were ` 972.00 per option and ` 535.87 per option respectively.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO, UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956.
The provisions of Section 217(1)(e) of the Companies Act, 1956 relating to conservation of energy and
technology absorption do not apply to the Bank. The Bank has, however, used information technology
extensively in its operations.
IMPLEMENTATION OF CIRCULAR ISSUED BY MINISTRY OF CORPORATE AFFAIRS ON “GREEN
INITIATIVES IN CORPORATE GOVERNANCE”
The Bank has implemented the ‘Green Initiative’ as per Circular No. 17/2011 dated April 21, 2011 and Circular
No. 18/2011 dated April 29, 2011 issued by the Ministry of Corporate Affairs to enable electronic delivery of
notices/documents and annual reports to shareholders.
DIRECTORS’ RESPONSIBILITY STATEMENT
The Directors confirm:
1. that in the preparation of the annual accounts, the applicable accounting standards have been followed,
along with proper explanation relating to material departures;
2. that they have selected such accounting policies and applied them consistently and made judgements
and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of
the Bank at the end of the financial year and of the profit or loss of the Bank for that period;
3. that they have taken proper and sufficient care for the maintenance of adequate accounting records, in
accordance with the provisions of the Banking Regulation Act, 1949 and the Companies Act, 1956 for
safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities; and
4. that they have prepared the annual accounts on a going concern basis.
ACKNOWLEDGEMENTS
ICICI Bank is grateful to the Government of India, RBI, SEBI and overseas regulators for their continued co-
operation, support and guidance. ICICI Bank wishes to thank its investors, the domestic and international
banking community, rating agencies and stock exchanges for their support.
ICICI Bank would like to take this opportunity to express sincere thanks to its valued clients and customers
for their continued patronage. The Directors express their deep sense of appreciation of all the employees,
whose outstanding professionalism, commitment and initiative has made the organisation’s growth and
success possible and continues to drive its progress. Finally, the Directors wish to express their gratitude to
the Members for their trust and support.
For and on behalf of the Board
K. V. Kamath
May 13, 2011 Chairman
Compliance with the Group Code of Business Conduct and Ethics
I confirm that all Directors and members of the senior management have affirmed compliance with Group
Code of Business Conduct and Ethics for the year ended March 31, 2011.
Chanda Kochhar
Managing Director & CEO
May 13, 2011
Directors’ Report
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