ICICI Bank 2015 Annual Report Download - page 37

35Annual Report 2014-2015
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. K. V. Kamath was paid a remuneration of
` 3,000,000 for the period May 1, 2014 to April 30, 2015.
Information on the total sitting fees paid to each non-executive Director during fiscal 2015 for attending Meetings of the
Board and its Committees is set out in the following table:
Name of Director Amount (`)
K. V. Kamath 1,600,000
Dileep Choksi 900,000
Homi Khusrokhan 1,540,000
M. S. Ramachandran 1,380,000
Tushaar Shah 400,000
V. K. Sharma 540,000
V. Sridar 1,280,000
Alok Tandon1–
Total 7,640,000
1. Being a Government Nominee Director, not entitled to receive sitting fees.
The details of shares and convertible instruments of the Bank held by the non-executive Directors as on March 31, 2015
are set out in the following table:
Name of Director Instrument No. of
shares held
K. V. Kamath Equity 950,000
Dileep Choksi Equity 2,500
Homi Khusrokhan Equity 3,5001
M. S. Ramachandran Equity 1,300
Tushaar Shah – –
V. K. Sharma – –
V. Sridar – –
Alok Tandon – –
1. Shares held jointly with relatives.
Remuneration disclosures as required under RBI guidelines
The RBI circular DBOD No. BC. 72/29.67.001/2011-12 on “Compensation of Wholetime Directors/Chief Executive Officers/
Risk takers and Control function staff etc.” requires the Bank to make following disclosures on remuneration on an annual
basis in their Annual Report:
COMPENSATION POLICY AND PRACTICES
(A) Qualitative disclosures
a) Information relating to the composition and mandate of the Remuneration Committee
The Board Governance, Remuneration & Nomination Committee (BGRNC) at March 31, 2015 comprised three independent
Directors. The functions of the BGRNC inter alia include recommending appointments of Directors to the Board, identifying
persons who may be appointed in senior management and recommending to the Board their appointment and removal,
evaluation of the performance of the Directors, recommending to the Board the remuneration (including performance
bonus and perquisites) to wholetime Directors, approval of the policy for and quantum of bonus payable to the members
of the staff, framing of guidelines for the Employees Stock Option Scheme and recommending of grant of the Bank’s stock
options to employees and wholetime Directors of the Bank and its subsidiary companies.