Press Release on 3rd March 2014:
"Ecobank shareholders meeting at an
Extraordinary General Meeting today passed the Governance Action Plan proposed by the Board of Directors in
compliance with the recommendations of the Securities & Exchange Commission
(SEC) of Nigeria and contained in a joint report by SEC and the international
firm, KPMG. The implementation of the detailed 51 point plan will commence
immediately.
At their meeting, which was
attended by institutional shareholders as well as minority shareholders, the
current 12 person Board of Directors of Ecobank Transnational Incorporated was retained
following the decision by the institutional shareholders of the PIC, AMCON and
IFC to withdraw a motion which they had proposed to create a smaller Interim
Board. This would have run the Bank until immediately after the presentation of
the 2013 results is expected to take place in June.
The Extraordinary General
Meeting also passed resolutions to amend the Company’s Articles of Association.
Under the new Articles of Association ETI shall not undertake any acquisition, merger
or disposal of the Company’s assets whose value is equal to or above 20% of the
book value of the Company without the approval of a simple majority of the
shareholders present in General Meeting. Shareholders voted to limit the maximum size
of the Board be limited to fifteen (15) members and to ensure that no Directors
could serve more than nine years in total.
A resolution to authorize the
Board of Directors to raise additional capital as the Company may require up of
up to twenty percent (20%) of the current issued capital of the Company,
without reference to the General Meeting, to at any time within a period of
three years from the date of its adoption was not passed.
- END –"
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