Panel will scout for candidates to succeed Aditya Puri: HDFC Bank
Private sector lender HDFC Bank has said that the Nomination and Remuneration Committee of the board will soon set up a search committee to scout for potential successors to its current Managing Director and CEO, Aditya Puri.
“The bank’s Nomination and Remuneration Committee (NRC) also oversees matters of succession planning of its directors, senior management, and key executives...With respect to the tenure of the current Managing Director ending in October 2020, the board will identify a successor and work to ensure that this is done in a manner that will allow appropriate time for an effective transition of responsibilities,” it said in its annual report 2018-19.
The NRC will constitute a search committee to undertake a global search of both internal and external candidates, it further said.
The annual report will be presented to shareholders at the private sector lender’s 25th annual general meeting on July 12. Puri, who has been associated with HDFC Bank since 1994, will retire in October 2020 on attaining the age of 70 years.
The annual report said the performance bonus of top management for 2017-18 is yet to be cleared by the RBI.
Meanwhile, the AGM will also take up for approval boardlevel appointments. These include the appointment of Sanjiv Sachar, Sandeep Parekh, and MD Ranganath as additional independent directors on the board.
It will also take up the proposal to borrow or raise funds by issue of unsecured perpetual debt instruments (part of Additional Tier I capital), Tier II capital bonds, and longterm bonds (financing of infrastructure and affordable housing) in the domestic market on private placement basis, offers, or issuances for a one-year period in one or more tranches of up to ₹50,000 crore.