ICICI Bank 2012 Annual Report Download - page 21
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Annual Report 2011-2012 19
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 independent
Directors and is chaired by Sridar Iyengar, an independent Director. 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
Sridar Iyengar, Chairman 5/5
K. V. Kamath 5/5
V. Prem Watsa (upto June 27, 2011) 0/1
Homi Khusrokhan (w.e.f. April 28, 2011) 3/4
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 following table sets out the details of remuneration (including perquisites and retiral benefits) paid
to wholetime Directors for fiscal 2012.
Details of Remuneration (`)
Chanda
Kochhar
N. S.
Kannan
K. Ramkumar Rajiv
Sabharwal
Basic 13,260,000 8,760,000 8,760,000 8,280,000
Performance bonus for fiscal
20121
12,996,000 8,712,000 8,712,000 8,316,000
Allowances and perquisites211,510,057 7,626,422 8,037,172 7,036,774
Contribution to provident fund 1,591,200 1,051,200 1,051,200 993,600
Contribution to
superannuation fund
1,989,000 1,314,000 1,314,000 1,242,000
Contribution to gratuity fund 1,104,558 729,708 729,708 689,724
Stock options (Numbers)3
Fiscal 20121210,000 105,000 105,000 105,000
Fiscal 2011 210,000 105,000 105,000 105,000
Fiscal 2010 210,000 105,000 105,000 100,000
1. Subject to RBI approval. Bonus will be deferred in line with RBI’s guidelines on compensation with only 60%
of the bonus paid on approval and the balance deferred equally over fiscal 2013, fiscal 2014 and fiscal 2015.
2. Allowances and perquisites exclude valuation of the employee stock options exercised during fiscal 2012 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.