ICICI Bank 2014 Annual Report Download - page 18

Directors’ Report
AUDITORS
The auditors, S. R. Batliboi & Co. LLP, Chartered Accountants, will retire at the ensuing AGM and will also
complete their tenure of four years as prescribed by RBI. As recommended by the Audit Committee, the
Board has proposed the appointment of B S R & Co. LLP, Chartered Accountants as statutory auditors.
Their appointment has been approved by RBI vide its letter dated April 21, 2014. The appointment of the
auditors is proposed to the Members in the Notice of the current AGM vide item no. 5 for a period of
four years commencing from the current AGM till the conclusion of the twenty fourth AGM subject to the
annual approval of RBI and ratification by the Members every year. 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 (Act) and the rules hereunder is given in an Annexure and forms part of this report. In terms
of Section 219(1)(b)(iv) of the Act, the Report and Accounts are being sent to the Members excluding
the aforesaid Annexure. Any Member interested in obtaining a copy of the Annexure may write to the
Company Secretary at the Registered Office of the Bank.
BUSINESS RESPONSIBILITY REPORTING
Business Responsibility (BR) Report as mandated by Securities and Exchange Board of India (SEBI) vide
its Circular dated August 13, 2012 has been hosted on the website of the Bank http://www.icicibank.com/
aboutus/annual.html. Any Member 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 and business continuity management.
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. 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
approaches under Basel II and implementation of Basel III, risk return profile of the Bank, outsourcing
activities, compliance with RBI guidelines pertaining to credit, market and operational risk management
systems and the activities of the Asset Liability Management Committee. The Committee reviews
the level and direction of major risks pertaining to credit, market, liquidity, operational, compliance,
group, management and capital at risk as part of risk profile templates. In addition, the Committee has
oversight on risks of subsidiaries covered under the Group Risk Management Framework. The Risk
Committee also reviews the Liquidity Contingency Plan (LCP) for the Bank and the threshold limits.
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