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Update: ETI Audit Results: Shareholders Urge SEC to Harmonise Recommendations

Shareholders of the Ecobank Transnational Incorporated (ETI) have advised the Securities and Exchange Commission (SEC), to share and harmonise the recommendations the commission proposed, with regulators of other jurisdictions where ETI is also listed.

The shareholders had commended SEC for the recommendation on how to eliminate the corporate governance lapses discovered in the company’s board.

The commission, with the assistance of KPMG Professional Services, had last year investigated allegations of breaches of corporate governance against the Board of Directors and certain principal officers of ETI.

At the end of the audit, SEC identified some gaps which include 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. It therefore made recommendations on how to eliminate those lapses.

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