ICICI Bank says Chanda Kochhar violated code of conduct

The board decided to treat the separation of Chanda Kochhar from the Bank as a ‘Termination for Cause’ under its internal policies.

The B.N. Srikrishna panel which looked into the allegations against former ICICI Bank MD and CEO Chanda Kochhar has concluded that she has violated the bank’s code of conduct.

“The Enquiry Report also concluded that her lack of diligence with respect to annual disclosures as required by the Bank in terms of its internal policies, the ICICI Bank Code of Conduct and applicable Indian laws, rules and regulations on her interests [direct or indirect] towards avoidance of conflict of interest, when considered that the Bank’s processes were dependent solely on the directors discharging their fiduciary duty to recuse themselves and avoid conflict, implies that the Bank’s processes were rendered ineffective by her approach to such disclosures and avoidance of conflict, “ the lender said on Wednesday. The report up at the bank’s board meeting on Wednesday.

Following the receipt of the report, the board decided to treat the separation of Ms Kochhar from the bank as a ‘Termination for Cause’ under its internal policies, the bank said.

The bank also decided to revoke all her existing and future entitlements like unpaid amounts, unpaid bonuses or increments, unvested and vested and unexercised stock options, and medical benefits, and require the clawback of all bonuses paid from April 2009 until March 2018.

Source: Read Full Article