ICICI Bank 2014 Annual Report Download - page 24

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Thefollowingtablesetsoutthedetailsofremuneration(includingperquisitesandretiralbenefits)paidto
wholetimeDirectorsforfiscal2014.
Details of Remuneration (`)
Chanda
Kochhar
N. S.
Kannan
K. Ramkumar Rajiv
Sabharwal
Basic 17,536,440 11,585,160 11,585,160 10,950,360
Performancebonusforfiscal2014115,516,081 10,400,859 10,400,859 9,928,989
Allowancesandperquisites215,664,964 9,295,393 11,415,004 8,742,629
Contributiontoprovidentfund 2,104,373 1,390,219 1,390,219 1,314,043
Contributiontosuperannuationfund —1,737,774 1,737,774 1,642,554
Contributiontogratuityfund 1,460,785 965,044 965,044 912,165
Stock options (Numbers)
Fiscal20141290,000 145,000 145,000 145,000
Fiscal2013 250,000 125,000 125,000 125,000
Fiscal2012 210,000 105,000 105,000 105,000
1. SubjecttoRBIapproval.BonuswillbedeferredinlinewithRBI’sguidelinesoncompensationwithonly60%of
thebonuspaidonapprovalandthebalancedeferredequallyoverthreeyears.
2. Allowancesandperquisitesexcludevaluationoftheemployeestockoptionsexercisedduringfiscal2014asit
doesnotconstituteremunerationforthepurposesofCompaniesAct,1956.
Perquisites(evaluatedasperIncome-taxruleswhereverapplicableandotherwiseatactualcosttothe
Bank)suchasthebenefitoftheBank’sfurnishedaccommodation,gas,electricity,waterandfurnishings,
clubfees,groupinsurance,useofcarandtelephoneatresidenceorreimbursementofexpensesinlieu
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 Members at the AGM held on June 24, 2013 approved the minimum and maximum ranges for
remuneration as well as supplementary allowance for the Executive Directors. In terms of the said
approvals, 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andK.Ramkumar,ExecutiveDirectors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monthlysupplementaryallowancesforthe
ManagingDirector&CEO,wouldbewithintherangeof`1,000,000–`1,800,000,forN.S.Kannanand
K.Ramkumar,ExecutiveDirectors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.TheBoardwould
determinetheactualremuneration/supplementaryallowancepayablewithintheaboverangesfromtime
totimesubjecttotheapprovalofRBI.
As provided under Article 132 of the Articles of Association of the Bank, the fees payable to a non-
executive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hadapproved
thepaymentof`20,000assittingfeesforeachMeetingofBoardorCommitteeattended.Pursuantto
Directors’Report