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THE ECOBANK GROUP CORPORATE GOVERNANCE DOCUMENTS OUTLINE CORPORATE GOVERNANCE POLICIES AND CLARIFY GOVERNANCE STRUCTURES THROUGHOUT THE GROUP.
Governance Structure within the Ecobank Group
The Ecobank Group corporate governance documents outline corporate governance policies and clarify governance structures throughout the Group. It covers essentially the following areas:
- Role of the Parent Company
- Relationships and interface between the Parent Company and subsidiaries.
- Standards of conducts and procedure for directors.
The key principles underlying the group's governance structure are as follows:
- The parent company acts as a "strategic architect" with appropriate involvement in operational management and decision making at subsidiaries level. It sets the overall strategy and direction of the group, develops policies and procedures and monitors them through reviews and audits to ensure compliance not only with group strategy, policies and procedures but also with local laws and regulations.
- Operational decision-making is individualized and maintained at an appropriate level, as close as possible to required action and customers.
- Individual accountability and responsibility are institutionalized and embedded through empowerment and the granting of relevant levels of authority.
- Coordination at the corporate centre and group level is achieved through high levels of interaction between parent company and its subsidiaries as well as amongst subsidiaries at board and executive management levels.
- Clear terms of reference and accountability are laid out for committees at board and executive levels. There is effective communication and information sharing outside of meetings. The group operates an “open-door” policy.
- Application of group decisions and policies by all Ecobank Group member companies subject to applicable local law and regulation. Where there is a conflict between Group Policy and local laws and regulations, local law and regulations shall prevail.
The following are the governance units within the Group:
- The parent company board of directors
- Country board of directors
- Group executive management committee
- Country executive management committee
- Business Leaders conference
Appropriate sub-committees are also set up, either on a permanent or ad hoc basis to handle issues as they arise.
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