The current term of Kochhar as Joint MD and CFO expires on March 31, which the bank has proposed to extend for a period of one month between April 1 to April 30, 2009, at the existing remuneration terms.

Besides, Kochhar would continue to be entitled to bonus payments, house rent allowance of Rs one lakh if she was not provided with a company-owned accommodation and other perquisites.

Kamath would also be entitled to ‘payment of sitting fees, maintaining of a Chairman's office at the bank's expenses, bearing of expenses by the bank for travel on official visits and participation in various forums (both in India and abroad) as Chairman of the Bank and bearing of travel/halting/other expenses and allowances by the bank for attending to his duties as Chairman of the Bank.’

Kochhar's proposed salary range is same as the one for Kamath as CEO and MD in the last fiscal ended March 31, 2008.

However, the overall pay packages for both Kamath and Kochhar were much bigger than their salary packages.

According to the bank's latest annual report, Kamath was given a gross remuneration of Rs 2,78,74,699 (over Rs 2.78 crore) in the fiscal ended March 31, 2008. In the same period, Kochhar's gross remuneration was Rs 1,55,57,244 (over Rs 1.55 crore).

Incidentally, Kochhar was third-highest paid executive at ICICI Bank in the last fiscal after Kamath and the bank's executive director Madhavi Puri Buch (gross pay of Rs 1,60,80,225 for the year). Buch's monthly salary range in the last fiscal stood at Rs 3-10 lakh.

... contd.