Panel will scout for can­di­dates to suc­ceed Aditya Puri: HDFC Bank

The Hindu Business Line - - BANKING -

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.

New ap­point­ments

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.

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