ICICI Bank 2012 Annual Report Download - page 22

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3. 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 and Rajiv Sabharwal.
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 27, 2012, approved a revision in supplementary
allowance for wholetime Directors. Consequently, the Managing Director & CEO, Chanda Kochhar shall
be paid supplementary allowance of ` 870,862 per month, N. S. Kannan, Executive Director & CFO and
K. Ramkumar, Executive Director shall each be paid a supplementary allowance of ` 596,037 per month
and Rajiv Sabharwal, Executive Director shall be paid a supplementary allowance of ` 576,713 per month
effective April 1, 2012 subject to approval of RBI and Members. Approval of Members for the same
is being sought at the current AGM. In line with the staff loan policy applicable to specified grades of
employees who fulfill prescribed eligibility criteria to avail loans for purchase of residential property, the
wholetime Directors are also eligible for housing loans subject to approvals of RBI.
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 for a period of five years from May 1, 2009. RBI and the Central Government
have vide their letters dated March 12, 2009 and January 8, 2010 respectively approved the payment
of above remuneration. RBI while approving the re-appointment of Chairman for a further period of two
years from May 1, 2012 up to April 30, 2014 has confirmed the terms and conditions of re-appointment
which includes the above payment.
Information on the total sitting fees paid to each non-wholetime Director during fiscal 2012 for attending
Meetings of the Board and its Committees is set out in the following table:
Name of Director Amount (`)
K. V. Kamath 1,080,000
Sridar Iyengar 480,000
Homi Khusrokhan 860,000
Swati Piramal —
M. S. Ramachandran 740,000
Tushaar Shah 100,000
V. Sridar 740,000
V. Prem Watsa —
Total 4,000,000
Directors’ Report