The Securities and Exchange Commission said on Thursday that Ecobank Transnational had shown a lack of transparency in its recruitments that fostered conflicts of interest, and recommended it pick a new chairman who can tackle its “governance gaps”.
The Securities and Exchange Commission (SEC) also told the pan-African lender to come up with a one-year plan to iron out its governance issues, adding that it expected a quarterly report on progress.
It recommended that Ecobank communicate findings of its inquiry to shareholders at an extraordinary meeting.
via@Reuters