Ecobank Transnational Incorporated (ETI) has abolished the tenure limit for non-executive directors while retaining the mandatory retirement age of 70, following shareholder approval of a series of governance reforms aimed at strengthening board effectiveness and continuity.
The decision was approved at the bank’s Extraordinary General Meeting (EGM) held on August 13, 2026, as part of a broader review of the Group’s Articles of Association.
The changes were disclosed in a statement signed by company secretary Madibinet Cisse and seen by Nairametrics.
Under the revised governance framework, non-executive directors will no longer be subject to a fixed tenure limit, although they will continue to retire at age 70.
According to ETI, the amendment is intended to preserve institutional knowledge and ensure continuity at board level, particularly within a complex and evolving regulatory environment.
- “The non-executive director tenure cap will be removed, while retaining the mandatory retirement age of 70,” the bank stated.
The Group emphasized that the change does not automatically extend the mandate of any director, noting that board members will continue to be elected and re-elected by shareholders in line with existing corporate governance procedures.
ETI added that the amendment balances continuity with accountability by preserving shareholders’ authority over board appointments.
The removal of the tenure cap formed part of a wider package of governance amendments approved at the EGM.
Among the key changes, shareholders approved a revision of the quorum requirements for general meetings.
- Under the new rule, a quorum will now consist of shareholders representing at least 25% of the bank’s paid-up share capital, replacing the previous requirement based on a minimum number of shareholders.
- According to the bank, the adjustment aligns quorum requirements more closely with economic ownership and shareholder representation.
- Shareholders also approved a reduction in the maximum size of the Board from 15 directors to 12.
ETI said the move is designed to promote more focused deliberations, enhance agility in decision-making, and strengthen individual accountability among board members.
- In addition, the bank increased the quorum requirement for board meetings. Going forward, meetings will require the participation of more than half of all serving directors, replacing the previous minimum threshold of three directors.
The Group noted that the higher quorum requirement is intended to encourage broader participation in board decisions and reinforce collective responsibility.
The amendments will take effect subject to applicable regulatory approvals and legal requirements.
