SEQUEL to the findings of a corporate governance audit on Ecobank Transnational Incorporated (ETI), the Securities and Exchange Commission (SEC) has sought the overhauling of governance codes to address the gaps identified during the course of investigation.
Consequently, the commission advised ETI to convene an Extra – Ordinary General Meeting (EGM) of shareholders to deliberate and pass resolutions on the critical findings and recommendations of the corporate governance audit before the end of February 2014.
The gaps identified from the review include the absence of a clear vision and strategy to drive the institution; inadequate transparency in the recruitment procedures and mechanisms for board members and executive staff, which fostered conflicts of interest, weaknesses with respect to the tone at the top.
Others are governance culture, communication, remuneration for board members and executive level personnel, decision making, absence of dedicated channels for whistleblowers to report instances of anomaly, and the often compromised autonomy of governance mechanisms such as Internal Control, and the audit and compliance committee of the board.