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In a notice for its annual general meeting, ICICI Bank disclosed the remuneration of its new Chief Operating Officer (COO) Sandeep Bakhshi as ₹4.81 crore for 2018-19.
This would include a monthly basic salary of ₹23.81 lakh and a supplementary allowance of ₹16.32 lakh, apart from a possible bonus and employee stock options. In contrast, Kochhar had a salary of ₹6.4 crore in 2017-18.
Bakhshi has been appointed COO as ICICI Bank’s MD & CEO is on leave of absence until investigations are completed against her.
Meanwhile, non-executive Chairman GC Chaturvedi is proposed to get a salary of ₹35 lakh till June 2019 (first year), ₹40 lakh in the second year and ₹45 lakh in the third year of his tenure, apart from sitting fees and travel costs.
The bank’s AGM is scheduled to be held on September 12.
“The annual report for 2017-18 will be filed with the stock exchanges after it is adopted by the shareholders at the 24th AGM,” it said in a regulatory filing. The meeting will also discuss proposals to declare dividend, re-appointment of Vijay Chandok, Executive Director on the board of ICICI Bank, as well as re-classification of the authorised share capital of the bank to 1,000 crore equity shares of ₹2 each from ₹2,500 crore, another 1.5 crore shares of ₹100 each and 350 shares of ₹1 crore each.
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