Ecobank shareholders approve governance reforms, including board size reduction and quorum changes
Ecobank Transnational Incorporated shareholders have approved governance reforms at an Extraordinary General Meeting on August 13, 2026. Key changes include modifying the quorum for general meetings to shareholders representing at least 25 percent of paid-up share capital, replacing the previous 20-shareholder threshold. The maximum board size will be reduced from 15 to 12 directors to promote agility and focused deliberations. The tenure cap for non-executive directors has been removed, though the mandatory retirement age of 70 remains. This change aims to preserve institutional knowledge, with directors still subject to shareholder election or re-election. Additionally, the quorum for board meetings has been increased from a minimum of three directors to more than half of all serving directors, ensuring broader participation and strengthening accountability. ETI stated these proposals reflect its commitment to high corporate governance standards.
