The board of Ecobank Transnational Incorporated (ETI), on Monday hinted the capital market community of changes to its Memorandum and Article of Association (MemArt), following approval at the Extraordinary General Meeting held on August 13, 2026.
The approved proposals, the group said was aimed at strengthening its “ongoing commitment to high standards of corporate governance and will be implemented as and when appropriate and subject to all applicable laws and orders.”
Among highlights of the resolutions approved at the meeting, according to a notice to the Nigerian Exchange, is a reduction in its board size from 15 to 12 directors in a bid “to foster greater agility, focused deliberation, and enhanced individual accountability, while maintaining strong independence and regulatory compliance.”
Quorum at General Meeting was fixed at shareholders representing at least 25% of the paid-up share capital, in place of the former 20-shareholder threshold, which will “directly connects meeting quorum rules to economic ownership interest, strengthening the representativity of General Meeting outcomes.”
The notice by Madibinet Cisse, the Company Secretary, and Chistiane Mbimbe Bossom,
Group Head, Communications, said as part of preserving experience and shareholder choice, the tenure cap for non-executive directors is being removed, while the mandatory retirement age of 70 was retained.
The amendment, it however noted, “does not extend any director’s mandate automatically, and directors will continue to stand for election or re-election by shareholders, who will retain full discretion over Board composition.”
Rather, it said the amendment “protects institutional expertise and governance continuity in a complex regulatory landscape while ensuring shareholders retain full authority over director elections.”
To strengthen ETI’s decision-making process, quorum for board meetings was raised from a minimum of three directors to more than half of all serving directors to guarantee “broader board participation, reinforcing collective accountability and the integrity of Board decisions.
