ICICI Bank 2013 Annual Report Download - page 38

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ANALYSIS OF CUSTOMER COMPLAINTS
a) Customer complaints in fiscal 2013
No. of complaints pending at the beginning of the year 3,837
No. of complaints received during the year 101,408
No. of complaints redressed during the year 102,617
No. of complaints pending at the end of the year 2,628
b) Awards passed by the Banking Ombudsman in fiscal 2013
Number of unimplemented awards at the beginning of the year Nil
Number of awards passed by the Banking Ombudsman during the year Nil
Number of awards implemented during the year Nil
Number of unimplemented awards at the end of the year Nil
COMPLIANCE CERTIFICATE OF THE AUDITORS
ICICI Bank has annexed to this report, a certificate obtained from the statutory auditors, S. R. Batliboi & Co.
LLP, Chartered Accountants, regarding compliance of conditions of Corporate Governance as stipulated
in Clause 49 of the listing agreement.
EMPLOYEE STOCK OPTION SCHEME
In fiscal 2000, ICICI Bank instituted an Employee Stock Option Scheme (ESOS) to enable the employees
and Directors of ICICI Bank and its subsidiaries to participate in future growth and financial success of
the Bank. The ESOS aims at achieving the twin objectives of (i) aligning employee interest to that of the
shareholders; and (ii) retention of talent. Through employee stock option grants, the Bank seeks to foster
a culture of long-term sustainable value creation. As per the ESOS, as amended from time to time, the
maximum number of options granted to any employee/Director in a year is limited to 0.05% of ICICI
Bank’s issued equity shares at the time of the grant, and the aggregate of all such options is limited to
10% of ICICI Bank’s issued equity shares on the date of the grant (equivalent to 115.36 million shares at
April 26, 2013).
The Bank has upto April 26, 2013 granted 60.80 million stock options from time to time aggregating to
5.27% of the issued equity capital of the Bank at April 26, 2013.
Options granted for fiscal 2003 and earlier years vest in a graded manner over a three year period, with
20%, 30% and 50% of the grants vesting in each year, commencing not earlier than 12 months from the
date of the grant. Options granted from fiscal 2004 to 2008, vest in a graded manner over a four year
period, with 20%, 20%, 30% and 30% of the grants vesting in each year commencing from the end of
12 months from the date of grant.
Options granted in April 2009 vest in a graded manner over a five year period with 20%, 20%, 30% and
30% of the grant vesting in each year, commencing from the end of 24 months from the date of the
grant. Out of the options, the grant of which was approved by the Board at its Meeting held on October
29, 2010 (for which RBI approval for grant to wholetime Directors was received in January 2011), 50%
of the options granted vest on April 30, 2014 and the balance 50% on April 30, 2015. Options granted in
September 2011 vest in a graded manner over a five year period with 15%, 20%, 20% and 45% of the
grant vesting in each year, commencing from end of 24 months from the date of grant. The other stock
options granted during the period April 2010 to April 2012 vest in a graded manner over a four year period
with 20%, 20%, 30% and 30% of the grant vesting in each year commencing from the end of 12 months
from the date of grant.
The Board at its Meeting held on April 26, 2013 approved a grant of approximately 4.64 million options for
fiscal 2013 to eligible employees and wholetime Directors (options granted to wholetime Directors being
subject to RBI approval). Each option confers on the employee a right to apply for one equity share of face
value of ` 10 of ICICI Bank at ` 1,177.35 which was closing price on the stock exchange which recorded
Directors’ Report