 "Sharma appointed non-executive chairman of ICICI Bank")
“The appointment of the new non-executive chairman is subject to the prior approval of the Reserve Bank of India (RBI) and would be effective July 1, 2015, or the date of receipt of RBI approval, whichever is later,” said the lender.
Sharma’s association with ICICI Bank is over a decade old. He was an independent director on the board of ICICI Bank from 2003 to 2011. He is currently an independent director of ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company, subsidiaries of ICICI Bank.
“The board felt that Sharma’s long experience and expertise in legal and corporate governance matters as well as companies in diverse businesses would prove invaluable in providing guidance and leadership to the Board, and his long association with the ICICI Group would provide stability and continuity,” ICICI Bank said in a statement.
Sharma, who was associated with HUL from 1974 to 2007, has a strong understanding of legal and corporate governance matters. He joined HUL in 1974 as a legal manager, as a part of which he handled legal and secretarial work in diverse areas. Even as the vice-chairman of HUL from 2000 to 2007, he was responsible for legal and secretarial, corporate affairs and human resources functions, among others.
He had also served as a member of the Corporate Law Committee formed by the Ministry of Corporate Affairs to redraft the Companies Act. He was also a member of the Committee on Corporate Governance formed by the Union government.