ICICI Bank 2016 Annual Report Download - page 37

35Annual Report 2015-2016
Perquisites (evaluated as per Income-Tax rules wherever applicable and otherwise at actual cost to the Bank) such as the
benet 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 benets, 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 specied grades
of employees who fulll 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 have approved the minimum and maximum ranges for remuneration as well as supplementary allowance
for the wholetime 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 Vishakha Mulye, 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. 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 Vishakha Mulye, 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.
Details of Remuneration paid to non-executive Directors
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, 2013 and the rules
thereunder. The Board of Directors have approved the payment of ` 100,000 as sitting fee for each Meeting of the Board
and ` 20,000 as sitting fee for each Meeting of the Committee attended.
The Board of Directors at its Meeting held on June 9, 2015 approved a remuneration range of ` 3,000,000 – ` 5,000,000
per annum for M. K. Sharma, Chairman of the Board with the remuneration for each year to be determined by the
Board within this range. This remuneration range was also approved by the Members through a postal ballot resolution
dated April 22, 2016. The Board approved remuneration of ` 3,000,000 per annum effective July 1, 2015 to be paid to
M. K. Sharma for the rst year of his tenure. RBI while approving the appointment of M. K. Sharma for the period
July 1, 2015 to June 30, 2018 also approved the above remuneration.
Information on the total sitting fees paid to each non-executive Director during scal 2016 for attending Meetings of the
Board and its Committees is set out in the following table:
Name of Director Amount (`)
M. K. Sharma (w.e.f July 1, 2015) 860,000
K. V. Kamath (upto close of business hours on June 30, 2015) 380,000
Dileep Choksi 1,420,000
Homi Khusrokhan 2,200,000
M. S. Ramachandran 1,940,000
Tushaar Shah 700,000
V. K. Sharma 860,000
V. Sridar 1,600,000
Alok Tandon1–
Total 9,960,000
1. Being a Government Nominee Director, not entitled to receive sitting fees.