ICICI Bank 2014 Annual Report Download - page 22

20
In terms of Clause 49 of the Listing Agreement, the number of Committees (Audit Committee and
Shareholders’/Investors’ Grievance Committee) of public limited companies in which a Director is a
member/chairmanwerewithinthelimitsprovidedunderClause49,foralltheDirectorsoftheBank.
The terms of reference of the ten Board Committees as mentioned earlier, their composition and
attendanceoftherespectiveMembersatthevariousCommitteeMeetingsheldduringfiscal2014areset
outbelow.TheBoardatitsMeetingheldonApril25,2014amendedthetermsofreferenceoftheAudit
Committee,constitutionaswellastermsofreferenceofBoardGovernance,Remuneration&Nomination
Committee,termsofreferenceofCorporateSocialResponsibilityCommittee,changeinnomenclature
andtermsofreferenceofShareTransfer&Shareholders’/Investors’GrievanceCommittee(renamedas
StakeholdersRelationshipCommittee)toaligntherequirementsprescribedfortheseCommitteeswith
theprovisionsoftheCA2013.Thedetailssetoutbelowreflecttheaboveapprovals.
II. Audit Committee
Terms of Reference
TheAuditCommitteeprovidesdirectiontothe audit function and monitors thequalityofinternaland
statutoryaudit.TheresponsibilitiesoftheAuditCommitteeincludeexaminingthefinancialstatements
andauditor’sreportandoverseeingthefinancialreportingprocesstoensurefairness,sufficiencyand
credibilityoffinancialstatements,recommendationofappointment,termsofappointmentandremoval
of central and branch statutory auditors and chief internal auditor and fixation of their remuneration,
approval of payment to statutory auditors for other permitted services rendered by them, review and
monitor with the management the auditor’s independence, performance and effectiveness of audit
process, review of functioning of Whistle Blower Policy, review of the quarterly and annual financial
statementsbeforesubmissiontotheBoard,reviewoftheadequacyofinternalcontrolsystemsandthe
internalauditfunction,reviewofcompliancewithinspectionandauditreportsandreportsofstatutory
auditors,reviewofthefindingsofinternalinvestigations,approvaloftransactionswithrelatedpartiesor
anysubsequentmodifications,reviewof statement of significantrelatedpartytransactions,reviewof
managementletters/lettersoninternalcontrolweaknessesissuedbystatutoryauditors,reviewingwith
themanagement,thestatementofuses/applicationoffundsraisedthroughanissue(publicissue,rights
issue,preferentialissue,etc.),thestatementoffundsutilisedforthepurposesotherthanthosestatedin
theofferdocument/prospectus/noticeandthereportsubmittedbythemonitoringagency,monitoringthe
utilisationofproceedsofapublicorrightsissueandmakingappropriaterecommendationstotheBoard
totakestepsinthismatter,discussiononthescopeofauditwithexternalauditorsandexaminationof
reasonsforsubstantialdefaults,ifany,inpaymenttostakeholders,valuationofundertakingsorassets,
evaluation of risk management systems, scrutiny of inter-corporate loans and investments. The Audit
Committee is also empowered to appoint/oversee the work of any registered public accounting firm,
establishproceduresforreceiptandtreatmentofcomplaintsreceivedregardingaccountingandauditing
mattersandengageindependentcounselasalsoprovideforappropriatefundingforcompensationto
bepaidtoanyfirm/advisors.Inaddition,theAuditCommitteealsoexercisesoversightontheregulatory
compliancefunctionoftheBank.TheAuditCommitteeisalsoempoweredtoapprovetheappointment
of the CFO (i.e., the wholetime Finance Director or any other person heading the finance function or
discharging that function) after assessing the qualifications, experience and background, etc. of the
candidate.
Composition
AtMarch31,2014,theAuditCommitteecomprisedfourindependentDirectorsandwaschairedbyHomi
Khusrokhan,anindependentDirector.ThereweresixMeetingsoftheCommitteeduringtheyear.
Directors’Report