ICICI Bank today said its managing director and CEO Chanda Kochhar has drawn Rs 6.09 crore as total remuneration in 2016-17.
ICICI Bank today said its managing director and CEO Chanda Kochhar has drawn Rs 6.09 crore as total remuneration in 2016-17. However, total remuneration of Rs 7.84 crore, including Rs 2.2 crore as performance bonus, was due to her for the fiscal ended March 2017. The performance bonus is paid to the top management after clearance from the regulator RBI and it is staggered over next few years. “Remuneration comprises various components including basic salary, allowances and perquisite, PF, superannuation allowances, gratuity and performance bonus. Payment of performance bonus is deferred over a multi-year period,” ICICI Bank said in a statement. “So the total compensation paid to our MD and CEO in FY17 stood at Rs 6.09 crore not Rs 7.84 crore,” it said.
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According to latest annual report, the monthly basic salary for Kochhar will be within the range of Rs 1,350,000-Rs 2,600,000. In her message, Kochhar said ICICI Bank is focused on capitalising on growth opportunities. At the same time, the bank is taking steps to address challenges in environment. “Our large size, capital base, robust funding profile, extensive distribution network, diversified portfolio, presence across the financial services sector and leadership in technology, position us very well to leverage the growth opportunities across the economy,” Kochhar said.