ICICI Bank 2013 Annual Report Download - page 24
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annum subject to necessary approvals as mentioned earlier. This remuneration limit will be effective,
May 1, 2014 – April 30, 2019, being the period for which K. V. Kamath is proposed to be re-appointed
as Chairman. The re-appointment as well as revised remuneration is proposed to the Members in the
Notice of the current AGM vide item no. 10 alongwith an explanatory statement detailing the terms of
remuneration. You are requested to consider the revision in remuneration terms of the Chairman.
Information on the total sitting fees paid to each non-executive Director during fiscal 2013 for attending
Meetings of the Board and its Committees is set out in the following table:
Name of Director Amount (`)
K. V. Kamath 920,000
Sridar Iyengar 460,000
Homi Khusrokhan 880,000
Swati Piramal 40,000
M. S. Ramachandran 740,000
Tushaar Shah 140,000
V. Sridar 700,000
Total 3,880,000
The details of shares and convertible instruments of the Bank, held by the non-executive Directors as on
March 31, 2013 are set out in the following table:
Name of Director Instrument No. of shares held
K. V. Kamath Equity 490,000
Sridar Iyengar — -—
Homi Khusrokhan Equity 7781
Arvind Kumar — -—
Swati Piramal — —
M. S. Ramachandran Equity 375
Tushaar Shah -— -—
V. Sridar -— -—
1. 778 shares held jointly with relatives.
RBI vide its Circular DBOD No. BC. 72/29.67.001/2011-12 dated January 13, 2012 has issued guidelines on
“Compensation of Whole Time Directors/Chief Executive Officers/Risk takers and Control function staff
etc.” for implementation by private sector banks and foreign banks from the financial year 2012-13. In
terms of the requirement of the said circular the Bank adopted a Compensation Policy as required by RBI
in January 2012. The said circular also requires the Bank to make following disclosures on remuneration
on an annual basis in their Annual Report:
COMPENSATION POLICY AND PRACTICES
(A) Qualitative disclosures
a) Information relating to the composition and mandate of the Remuneration Committee
The Board Governance, Remuneration & Nomination Committee (BGRNC) comprises three independent
Directors’ Report