ICICI Prudential Adopts New Employees Stock Scheme

The board of directors of ICICI Prudential Life Insurance Company on Saturday approved and adopted the ICICI Prudential Life Insurance Company Limited Employees Stock Unit Scheme 2023, the company announced through an exchange filing. The scheme would be subject to the approval of the members at the ensuing Annual General meeting.

The board has proposed to grant up to 1.45 crore units in one or more tranches over a period of six years from the date of approval based on the decisions of the Board Nomination and Remuneration Committee. Each unit will hold one fully paid-up equity share with a face value of Rs 10.

Additionally, the maximum number of units grants to an employee will not exceed 60,000 units in any financial year. The company in the regulatory filing said, "From the date of vesting of the Units, the Eligible Employees shall be entitled to exercise the Units granted to them within such period as may be prescribed by the Committee for every grant, which period shall not exceed 5 (five) years from the date of the respective vesting of the Units or such shorter period as may be determined by the Committee for each grant."

Which employees will be eligible to get the prescribed shares?

According to the exchange filing, "All employees of the Company who are exclusively working in India or outside India, but shall exclude its (I) Managing Director and Chief Executive Officer; (II) other whole-time Directors; (III) an employee who is a Promoter (defined hereinafter) or belongs to the Promoter Group; (IV) an independent director; and (V) a director who either by himself or through his relatives or through anybody corporate, directly or indirectly holds more than 10% (ten percent) of the outstanding equity Shares of the Company, and (ii) All employees of the Company’s unlisted wholly owned subsidiaries, who are exclusively working in India or outside India, which are aligned as a key delivery engine of the Company’s core operating franchise and in essence complement the business delivery of the Company excluding (I) equivalent levels to whole-time Directors of the Company; (II) an independent director; and (III) a director who either by himself or through his relatives or through anybody corporate, directly or indirectly holds more than 10% (ten percent) of the outstanding equity Shares of the Company."

The determining factors to be considered while granting shares include length of services, performance, present contribution, grade, conduct and potential contribution.

ICICI Prudential shares

The shares of ICICI Prudential Life Insurance Company on Friday closed at Rs 495.95, down by 3.29 per cent.