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Thierry Tanoh retains Ecobank reins

04 March 2014, 12:41

Abuja - Shareholders of Ecobank Transnational International has voted to retain the management of the bank headed by Chief Executive Officer Thierry Tanoh.

The stakeholders took the decision following the Extraordinary General Meeting of the bank held in Lome, Togo.

Before the meeting, South Africa's Public Investment Corporation, the bank's biggest shareholder, had called for the immediate resignation of Tanoh.

The resignation call followed allegations that Tanoh used "strange tactics" to stop Ecobank's board meeting on February 25 and continued to use the bank's platform to pursue his political and personal interests.

Four other directors of the bank had also called for his resignation following serious indictments on the bank by the Nigeria Security and Exchange Commission.

In December, authorities indicted the bank over serious corporate governance breach and insisted on an EGM to bring about reforms.

Tanoh's anticipated sack at yesterday's EGM was thwarted as PIC was said to have withdrawn its earlier motion to create a smaller interim board, which would have overseen the implementation of measures to improve corporate governance.

The bank's spokesperson, Mwambu Wanendeya, said investors instead decided to retain the existing 12-person board including Tanoh.

Wanendeya also said shareholders approved a governance action plan following recommendations by Nigeria’s Securities and Exchange Commission.

He added that shareholders voted to limit the maximum size of the board to 15 members and to ensure that no directors can serve more than nine years in total.

Wanendeya further said motion to raise capital was rejected after getting the backing of 68 percent of shareholders, short of the 75 percent required.

Under the new approved articles of association, he said Ecobank shareholders agreed at the meeting that the bank shall not undertake any acquisition, merger or disposal of the company’s assets whose value is equal to or above 20 percent of the book value of the lender without the approval of a majority of investors present in a general meeting.

– CAJ News

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