ICICI Bank 2016 Annual Report Download - page 41

39Annual Report 2015-2016
Discussion of the Bank’s policy and criteria for adjusting deferred remuneration before vesting and (if permitted
by national law) after vesting through claw back arrangements
The deferred portion of variable pay is subject to malus, under which the Bank would prevent vesting of all or
part of the variable pay in the event of an enquiry determining gross negligence, breach of integrity or in the
event of a reasonable evidence of deterioration in nancial performance. In such cases, variable pay already paid
out may also be subjected to clawback arrangements, as applicable.
f) Description of the different forms of variable remuneration that the Bank utilises and the rationale for using these
different forms
Overview of the forms of variable remuneration offered. A discussion of the use of different forms of variable
remuneration and if the mix of different forms of variable remuneration differs across employees or group of
employees, a description of the factors that determine the mix and their relative importance.
The Bank pays performance linked retention pay (PLRP) to its front-line staff and junior management and
performance bonus to its middle and senior management. PLRP aims to reward front line and junior managers,
mainly on the basis of skill maturity attained through experience and continuity in role which is a key differentiator
for customer service. The Bank also pays variable pay to sales ofcers and relationship managers in wealth
management roles while ensuring that such pay-outs are in accordance with applicable regulatory requirements.
The Bank ensures higher proportion of variable pay at senior levels and lower variable pay for front-line staff and
junior management levels.
(B) Quantitative disclosures
The following table sets forth, for the period indicated, the details of quantitative disclosure for remuneration of wholetime
Directors (including MD & CEO) and President.
Particulars At March 31, 2015 At March 31, 2016
Number of meetings held by the BGRNC during the nancial year 5 8
Remuneration paid to its members during the nancial year (` in million) (sitting fees) 0.3 0.5
Number of employees having received a variable remuneration award during the
nancial year 6Nil
Number and total amount of sign-on awards made during the nancial year Nil Nil
Number and total amount of guaranteed bonuses awarded during the nancial year Nil Nil
Details of severance pay, in addition to accrued benets Nil Nil
Breakdown of amount of remuneration awards for the nancial year (` in million)
Fixed1172.6 201.7
Variable 65.0 Nil
Deferred – –
Non-deferred 65.0 –
Share-linked instruments24,395,000 4,610,000
Total amount of outstanding deferred remuneration
Cash (` in million) 54.3 23.4
Shares (nos.) Nil Nil
Shares-linked instruments313,057,500 16,725,000
Other forms Nil Nil
1. Fixed pay includes basic salary, supplementary allowances, superannuation, contribution to provident fund and gratuity fund by
the Bank. The amount contains part year payouts for Vishakha Mulye and Zarin Daruwala for fiscal 2016.
2. The share-linked instruments (ESOPs) are at a face value of ` 2.00. Excludes special grant of stock options approved by RBI in
November 2015, aggregating to 5.8 million and grant of 1.0 million options to Vishakha Mulye.
3. Comprises special grants, including grant to Vishakha Mulye.