ICICI Bank 2014 Annual Report Download - page 25

Annual Report 2013-2014 23
theCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014notifiedbyMCA
effectiveApril1,2014,sittingfeenotexceeding`100,000foreachMeetingoftheBoardorCommittee
maybepaidtoadirectorwiththeapprovaloftheBoard.TheBoardatitsMeetingheldonApril25,2014
approvedarevisioninsittingfeeof`100,000foreachMeetingoftheBoard.Thereisnochangeinthe
sittingfeepayableforCommitteemeetingsattendedbytheDirectors.
The Board of Directors had at its Meeting held on December 19, 2008, approved payment of
remuneration of ` 2,000,000 per annum to K.V.  Kamath plus payment of sitting fees, maintaining a
Chairman’sofficeattheBank’sexpense,bearingexpensesfortravelonofficialvisitsandparticipation
in various forums (both in India and abroad) as Chairman of the Bank and bearing travel/halting/
other expenses and allowances for attending to his duties as Chairman of the Bank. The Members
of the Company vide Resolution passed by way of postal ballot the result of which was declared on
February 13, 2009 had approved the above payment of remuneration for a period of five years from
May 1, 2009. RBI and the Central Government have vide their letters dated March 12, 2009 and
January 8, 2010 respectively approved the payment of the above remuneration. RBI while approving
the re-appointment of Chairman for a further period of two years from May 1, 2012 upto April 30,
2014 has confirmed the terms and conditions of re-appointment which includes the above payment.
Inline with the above approvalsK.V. Kamathwaspaid a remuneration of `2,000,000 per annum for
fiscal2014.
TheMembersattheAGMheldonJune24,2013approvedarevisionintheremunerationpayabletoK.
V. Kamath.Intermsoftherevisedremuneration,K.V. Kamathisentitledtobepaidaremunerationof
upto`5,000,000perannum.ThisremunerationlimitwillbeeffectiveMay1,2014uptoApril30,2019,
beingtheperiodforwhichtheshareholdersre-appointedK.V. KamathasChairman.Withinthisrange,the
BoardwillapprovetheremunerationpayabletoK.V. KamathfromtimetotimesubjecttoapprovalofRBI.
TheBoardatitsMeetingheldonOctober25,2013approvedaremunerationof`3,000,000perannum
effectiveMay1,2014.RBI vide itsletterdatedMarch25,2014whileapprovingthere-appointmentofthe
ChairmanfortheperiodMay1,2014uptoApril30,2017hasalsoapprovedtheaboveremunerationof
`3,000,000perannum.
Informationonthetotalsittingfeespaidtoeachnon-executiveDirectorduringfiscal2014forattending
MeetingsoftheBoardanditsCommitteesissetoutinthefollowingtable:

Name of Director Amount (`)
K.V. Kamath 1,080,000
DileepChoksi 440,000
SridarIyengar 80,000
HomiKhusrokhan 940,000
SwatiPiramal 80,000
M.S.Ramachandran 840,000
TushaarShah 140,000
V. K.Sharma 20,000
V. Sridar 760,000
Total 4,380,000