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(Reuters) - The chief executive of Ecobank (ETI.LG) said on Friday he was open to changing how the African lender decides on compensation and selection of board members amid Nigeria's continuing inquiry into governance issues at the bank.
While CEO Thierry Tanoh reiterated there was no substance to allegations of misconduct by a former employee that first triggered the probe by Nigeria's SEC, he told Reuters there were certain changes he believed could improve transparency and governance at the pan-African bank that operates in 34 countries.
"One issue that has already been raised is that Ecobank's group chairman is also the chairman of the governance committee," Tanoh said in an interview.
"There are other things: we could have a remuneration committee for certain executives and a selection committee for board members."
Ecobank, which is often touted as a pan-African banking success story, has seen its image take a hit from the Nigerian probe. The bank says the group's suspended head of finance, Laurence do Rego, has alleged she was asked to misstate 2012 results and that assets were being unnecessarily sold at a loss.
"I arrived in October 2012 ... How could I have put pressure in order to go back and misstate results?" said Tanoh, who dismissed the alleged activity as illogical and impossible to achieve without misconduct at all levels of the bank. "The SEC is obliged to investigate ...(But) the claims are impossible."
According to Ecobank, do Rego was suspended after she was caught lying about one of her qualifications and only then filed her complaint.
"I obtained permission to suspend (do Rego) ... I informally suggested she look for other opportunities ... And then she triggered everything," Tanoh said.
Looking to the future, Tanoh said he had no intention of stepping down but that calls for Chairman Kolapo Lawson to resign could only be answered by Lawson himself.
The CEO also said that he was confident in Ecobank's ability to drive growth organically and to cut costs.
He said the bank's cost-to-income ratio should fall to below 70 percent next year from 71.3 percent in the first half of 2013.
"We have to work in a more efficient way ... This could mean taking a bank branch with too many staff and reallocating headcount elsewhere," he said.
(Reuters) - The chief executive of Ecobank (ETI.LG) said on Friday he was open to changing how the African lender decides on compensation and selection of board members amid Nigeria's continuing inquiry into governance issues at the bank.
While CEO Thierry Tanoh reiterated there was no substance to allegations of misconduct by a former employee that first triggered the probe by Nigeria's SEC, he told Reuters there were certain changes he believed could improve transparency and governance at the pan-African bank that operates in 34 countries.
"One issue that has already been raised is that Ecobank's group chairman is also the chairman of the governance committee," Tanoh said in an interview.
"There are other things: we could have a remuneration committee for certain executives and a selection committee for board members."
Ecobank, which is often touted as a pan-African banking success story, has seen its image take a hit from the Nigerian probe. The bank says the group's suspended head of finance, Laurence do Rego, has alleged she was asked to misstate 2012 results and that assets were being unnecessarily sold at a loss.
"I arrived in October 2012 ... How could I have put pressure in order to go back and misstate results?" said Tanoh, who dismissed the alleged activity as illogical and impossible to achieve without misconduct at all levels of the bank. "The SEC is obliged to investigate ...(But) the claims are impossible."
According to Ecobank, do Rego was suspended after she was caught lying about one of her qualifications and only then filed her complaint.
"I obtained permission to suspend (do Rego) ... I informally suggested she look for other opportunities ... And then she triggered everything," Tanoh said.
Looking to the future, Tanoh said he had no intention of stepping down but that calls for Chairman Kolapo Lawson to resign could only be answered by Lawson himself.
The CEO also said that he was confident in Ecobank's ability to drive growth organically and to cut costs.
He said the bank's cost-to-income ratio should fall to below 70 percent next year from 71.3 percent in the first half of 2013.
"We have to work in a more efficient way ... This could mean taking a bank branch with too many staff and reallocating headcount elsewhere," he said.
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