March 3, 2014 / 6:17 PM / in 3 years

Ecobank shareholder meeting passes governance action plan

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LOME, March 3 (Reuters) - Ecobank shareholders in an extraordinary meeting on Monday passed a governance action plan to address criticism by Nigeria's securities regulator while embattled CEO Thierry Tanoh retained his position, a senior bank official said.

Institutional investors at the pan-African lender, which is one of sub-Saharan Africa's biggest banks, withdrew a motion to create a seven-member interim board in place of the current board, which has 12 members.

There was no resolution on Tanoh who therefore retained his position. The bank's biggest shareholder, Public Investment Corporation of South Africa, on Saturday said Tanoh must step down immediately, citing a string of governance and other abuses. (Reporting by Matthew Mpoke Bigg; Editing by Emma Farge)

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