ETI inaugurates committee for new board members

 Ecobank Transnational Incorporated (ETI) says it has set up a new committee to search for new board members as agreed at its extraordinary general meeting on March 3 in Lome, Togo. This was contained in a statement by Mr Odidison Omankhanlen of the bank’s Brands and Communications Department on Monday in Lagos

It said that the seven member committee had two former chairmen of the bank, Mr Gervais Djondo and Chief Philip Asiodu.

The statement said that the committee also included two representatives of the current board and three shareholder representatives. It also said that the agreement was arrived at an Extraordinary General Meeting (EGM) held at Ecobank’s pan African Centre in Lomé, Togo on March 3. It added that the search would be assisted by an external search firm.

The statement read: “The move to reconstitute the board at Ecobank Transnational Incorporated follows recommendations made by West African regulators of the Stock Exchanges where Ecobank is listed. Its move was supported by a report from the Global Board Center of the renowned Swiss Business School and the International Institute for Management Development (IMD).

“The IMD report by their Global Board Center followed a review of ETI’s corporate governance, including the size and constitution of the board, It is also based on its procedures for managing related party transactions as well as its committee structures and incentive policies. The search committee will recommend potential board members to the shareholders of Ecobank Transnational Incorporated at the Annual General Meeting in June