ICICI Bank 2013 Annual Report Download - page 16

statutory auditors which was formerly S. R. Batliboi & Co., Chartered Accountants has been changed to
S. R. Batliboi & Co. LLP, Chartered Accountants with effect from April 1, 2013 consequent to their
conversion into a limited liability partnership.
The auditors, S. R. Batliboi & Co. LLP, Chartered Accountants will retire at the ensuing AGM. As
recommended by the Audit Committee, the Board has proposed the appointment of S. R. Batliboi &
Co. LLP, Chartered Accountants as statutory auditors for fiscal 2014. Their appointment is subject to
the approval of RBI. The appointment of the auditors is proposed to the Members in the Notice of the
current AGM vide item no.7. The explanatory statement to the notice sets out the facts with respect to
the change in name. You are requested to consider their appointment.
PERSONNEL
The statement containing particulars of employees as required under Section 217(2A) of the Companies
Act, 1956 and the rules hereunder is given in an Annexure and forms part of this report. In terms of
Section 219(1)(iv) of the Act, the Report and Accounts are being sent to the shareholders excluding the
aforesaid Annexure. Any shareholder interested in obtaining a copy of the Annexure may write to the
Company Secretary at the Registered Office of the Bank.
BUSINESS RESPONSIBILITY REPORTING
Securities and Exchange Board of India (SEBI) through a circular dated August 13, 2012 has mandated the
inclusion of Business Responsibility (BR) Report as part of the Annual Report for the top 100 listed entities
based on their market capitalisation on Bombay Stock Exchange and National Stock Exchange at March
31, 2012. The SEBI circular is effective from financial year ending on or after December 31, 2012. In line
with the press release and FAQ’s dated May 10, 2013 issued by SEBI, the BR Report has been hosted
on the website of the Bank http://www.icicibank.com/aboutus/annual.html. Any shareholder interested
in obtaining a physical copy of the same may write to the Company Secretary at the Registered Office of
the Bank.
RISK MANAGEMENT FRAMEWORK
The Bank’s risk management strategy is based on a clear understanding of various risks, disciplined
risk assessment and measurement procedures and continuous monitoring. The policies and procedures
established for this purpose are continuously benchmarked with international best practices. The Board of
Directors has oversight on all the risks assumed by the Bank. Specific Committees have been constituted
to facilitate focused oversight of various risks, as follows:
• The Risk Committee of the Board reviews risk management policies of the Bank pertaining to credit,
market, liquidity, operational, outsourcing and reputation risks, business continuity plan and disaster
recovery plan. The Committee also reviews the risk management framework with respect to Enterprise
Risk Management and risk appetite, Internal Capital Adequacy Assessment Process (ICAAP) and stress
testing. The stress testing framework includes a wide range of Bank-specific and market (systemic)
scenarios. Linkage of macroeconomic factors to stress test scenarios is also documented as a part
of the ICAAP. The ICAAP exercise covers the domestic and overseas operations of the Bank, banking
subsidiaries and material non-banking subsidiaries. The Committee reviews migration to the advanced
Directors’ Report
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