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THE PRIME RESPONSIBILITY OF THE BOARD DIRECTORS OF ETI IS TO FOSTER THE LONG-TERM SUCCESS OF THE COMPANY.
Parent Company
The board of directors of ETI is elected by, and accountable to, the company's shareholders for the proper and effective administration of the Ecobank Group. Their primary responsibility is to foster the long-term success of the company, consistent with its fiduciary responsibility to the shareholders. The group’s governance charter requires the board of directors to be guided by the following principles:
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Clear delineation and segregation of responsibilities between executive management and board to ensure non-interference of the board in the operational management of the group;
- Objective judgment on corporate affairs independent of executive management judgment;
- Actions on a fully informed basis, in good faith, with due diligence and care and in the best interest of the group and its shareholders;
- Compliance with applicable laws and regulations in line with group strategy and direction;
- Transparency and avoidance of conflict of interest between directors and the business of the Ecobank Group;
- Full disclosure of accurate, adequate and timely information regarding personal interests of directors.
As at the end of 2008, the membership of the board was thirteen, comprising six executive and seven non-executive directors. The Group Corporate Governance Charter requires that there are more non-executive directors than executives on the board.
The board has three committees, namely, the Governance Committee, the Audit and Compliance Committee and the Risk Committee. The current composition and terms of reference of the committees are summarized in the following pages :
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