Shareholders of Ecobank Transnational Incorporated (ETI) have approved major changes to the company’s corporate governance structure, with the reforms designed to improve shareholder representation, board performance and decision-making.
The resolutions were passed at ETI’s Extraordinary General Meeting held on August 13, 2026, following a review of the bank’s existing governance framework.
One of the biggest changes affects the quorum required for general meetings. Under the new rules, shareholders representing at least 25 per cent of the company’s paid-up share capital must be present before a general meeting can validly conduct business.
This replaces the previous requirement, which was based on the presence of at least 20 shareholders.
ETI said linking quorum to the amount of share capital represented would make decisions at general meetings more reflective of the company’s actual ownership structure.
The shareholders also approved a reduction in the maximum number of directors on the board from 15 to 12.
According to the company, the smaller board is expected to make discussions more focused and decisions faster. It could also improve individual accountability by giving directors clearer responsibilities while maintaining the independence and regulatory standards required of the financial institution.
Another important change concerns the tenure of non-executive directors.
Shareholders approved the removal of the fixed tenure limit for non-executive directors. However, the mandatory retirement age of 70 remains in place.
ETI explained that removing the tenure restriction does not mean directors will automatically remain in office indefinitely. Directors must still be elected or re-elected by shareholders.
The company said the new approach could help retain valuable institutional knowledge and provide greater continuity at board level, while shareholders would continue to have the final say over who serves on the board.
Changes were also approved for board meeting quorum.
The minimum requirement has been increased from three directors to more than half of all serving directors. This means a larger proportion of the board must participate before official board decisions can be taken.
ETI said the adjustment would encourage wider participation in important discussions and strengthen collective responsibility among directors.
The company believes the reforms will support a more effective governance structure as it continues to operate across several African markets.
Corporate governance remains an important issue for major financial institutions because strong oversight can improve accountability, transparency and investor confidence.
ETI said the approved changes reflect its continued commitment to maintaining high standards of corporate governance.
The company added that the reforms would be implemented in line with relevant laws, regulatory requirements and applicable directives.
For shareholders, the changes represent an effort to create a more representative and efficient governance system while keeping key decisions firmly under shareholder and board oversight.
