ICICI Bank [Get Quote] said on Tuesday it is seeking approval from its shareholders for the appointments of Chanda Kochhar as CEO and MD and K V Kamath as the non-executive chairman from May 1.

The shareholders have been asked to vote on the proposals, which were approved by the board at the meeting on December 19, through postal ballot by February 11 and the results would be announced on February 13, the bank said in a notice to its shareholders.

As per the proposals, Kamath would replace N Vaghul as the bank's non-executive chairman, after he retires on completion of his current term on April 30.

Another proposal calls for extending Kochhar's term as Joint MD and chief financial officer for a month from April 1 to April 30, and then appoint her as the bank's CEO and managing director in place of Kamath, from May 1, 2009 to March 31, 2014.

Kamath is being appointed the bank's non-executive chairman for five years from May 1, 2009 to April 30, 2014.

The bank has also sought the shareholders' approval for the remuneration and other benefits to be paid to Kamath and Kochhar in their new roles.

Besides, Kochhar would continue to be entitled to bonus payments, house rent allowance of Rs 100,000 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 over Rs 2.78 crore (Rs 27.8 million) in the fiscal ended March 31, 2008.

In the same period, Kochhar's gross remuneration was over Rs 1.55 crore (Rs 15.5 million).

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 1.6 crore or Rs 16 million for the year).

Buch's monthly salary range in the last fiscal stood at Rs 300,000 to Rs 10 lakhs (Rs 1 million).

The net remunerations for both Kamath and Kochhar stood at Rs 1.96 crore (Rs 19.6 million) and Rs 1.10 crore (Rs 11 million) respectively.

The shareholders have been asked to vote on the proposals entailing appointments and remunerations for Kamath and Kochhar through postal ballot by February 11, the bank said, adding that the results would be announced on February 13.

• Kochhar: From trainee to ICICI CEO