Ecobank Shrinks Its Board and Drops the Term Limit for Directors
A pan-African bank has made it easier for its directors to stay on. Whether that is stability or entrenchment depends on who you ask. The post Ecobank Shrinks Its Board and Drops the Term Limit for Directors appeared first on The Rio Times .
Ecobank Transnational Incorporated, the pan-African bank headquartered in Lomé, has reduced its board size to a maximum of 12 directors and lifted the formal term limit for non-executive directors. Shareholders approved these governance changes at an extraordinary general meeting held via videoconference on August 13, 2026. The board cap was reduced from 15 to 12, making the board more agile and focused.
The meeting also eliminated the nine-year aggregate tenure limit for non-executive directors, which was introduced following a 2014 governance crisis. While directors must still be elected or re-elected by shareholders, a mandatory retirement age of 70 and a six-year limit on the chairman's tenure remain in place. The changes reflect a shift towards continuity and capital-markets credibility over rigid term limits.
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