ICICI Bank 2013 Annual Report Download - page 23

Annual Report 2012-2013 21
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. 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 approval of RBI.
The Board, at its Meeting held on April 26, 2013, approved a revision in the remuneration payable to
wholetime Directors subject to the approval of the Members. In terms of the revised remuneration terms,
the monthly basic salary for Chanda Kochhar, Managing Director & CEO would be within the range of
` 1,350,000 – ` 2,600,000, N. S. Kannan, Executive Director & CFO and K. Ramkumar, Executive Director
would be within the range of ` 950,000 – ` 1,700,000 and Rajiv Sabharwal, Executive Director would be
within the range of ` 900,000 – ` 1,600,000 effective April 1, 2013. The Board would from time to time
within the above ranges determine the monthly salary to be paid to the Directors subject to approval
of RBI.
The present supplementary allowance being paid to the above Directors is in the nature of a fixed amount.
The Board at its above Meeting also approved a minimum and maximum range of monthly supplementary
allowance within which supplementary allowance as determined by the Board from time to time may be paid
to the Directors subject to the approval of RBI. Consequently the monthly supplementary allowances for
the Managing Director & CEO, would be within the range of ` 1,000,000 – ` 1,800,000, for
N. S. Kannan, Executive Director & CFO and K. Ramkumar, Executive Director would be within the range
of ` 675,000 - ` 1,225,000 and for Rajiv Sabharwal, Executive Director would be within the range of
` 650,000 - ` 1,200,000 effective April 1, 2013.
The resolution for the revision in remuneration is proposed to the Members in the Notice of the current
AGM vide item nos. 11-14 and the explanatory statement for these items includes the terms of re-
appointment where applicable as well as remuneration of the aforesaid Directors. You are requested to
consider the revision in remuneration terms of the above Directors.
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 the above remuneration.
RBI while approving the re-appointment of Chairman for a further period of two years from May 1, 2012
upto April 30, 2014 has confirmed the terms and conditions of re-appointment which includes the above
payment. In line with the above approvals K. V. Kamath was paid a remuneration of ` 2,000,000 per annum
for fiscal 2013.
The Board at its Meeting held on April 26, 2013 based on the recommendations of the Board Governance,
Remuneration & Nomination Committee and subject to the approval of the Members, RBI and such other
approvals as may be necessary, approved a revision in the remuneration payable to K. V. Kamath. In terms
of the revised remuneration, K. V. Kamath is entitled to be paid a remuneration of upto ` 5,000,000 per