Country's largest private sector lender ICICI Bank has proposed an increase in allowances paid to executive directors, including CEO Chanda Kochhar, by as much as 25 per cent.
The board of the bank has decided to pay Rs 8.70 lakh per month as supplementary allowance to Kochhar from April 1, 2012, ICICI Bank said in a filing on the BSE.
The supplementary allowance which entails leave travel allowance, house rent allowance and medical reimbursement was Rs 7 lakh in the last fiscal. Besides, Executive Director and Chief Finance Officer N S Kannan and Executive Director K Ramkumar would get Rs 5.96 lakh per month as supplementary allowance against Rs 4.8 lakh per month in the previous fiscal.
At the same time, Rajiv Sabharwal another Executive Director would get Rs 5.76 per month compared to Rs 4.65 lakh a year ago.
The filing further said, "none of the directors of your bank, except Chanda Kochhar, N S Kannan, K Ramkumar and Rajiv Sabharwal are interested in the revision in the above mentioned remuneration with respect to supplementary allowance."
During 2010-11, Kochhar's basic salary was Rs 1.1 crore or Rs 9.6 lakh per month. At the time of Kochhar's appointment, the Board had said that she would be appointed as its CEO and MD from May 1, 2009 till March 31, 2014, with a salary in the range of Rs 7-13.5 lakh per month.
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