Annual Report 2007 - Investing In Africa

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Microfinance and Poverty Alleviation Ecobank is committed to providing the underbanked and the unbanked poor with access to finance. We, along with other stakeholders launched one of the biggest microfinance banks in Nigeria in 2007. We also obtained a license to operate in Ghana. In 2008 we plan to further expand the network to Senegal, Benin and Cameroon. Ecobank and its partner ACCION, a global leader in microfinance have an aggressive plan to launch microfinance operations in 20 countries in the next 5 years. To complement the direct approach Ecobank also acts as the bankers to microfinance institutions in the countries in which we operate. We presently support over 200 microfinance institutions with wholesale loans and other products. We believe the prospects remain very bright for the microfinance sector which is arguably as large as or even larger than the traditional banking sector. Technology Technology underpins the strategy of the group. The “One Bank” concept is a major initiative designed to ensure that the group operates to the same consistent standards in terms of processes and service delivery anchored on our technology platform. To this end, a Technology and Shared Services Centre has been built in Accra to centralize and standardize middle and back office operations across the group. Our core banking system has also been upgraded to meet our higher operating standards. Sports Ecobank has a long-standing commitment to supporting sports and provides sponsorship for many sporting events in Africa. In 2007, we sponsored a number of sporting events in Africa. Some of the events we supported include: sponsorship of selected 60 customers of Ecobank to attend the finals of the African Cup of Nations in Accra; sponsorship of the National Football team of Benin for the African Cup of Nations; sponsorship of the UEMOA (West Africa Economic Monetary Union) Football tournament in Ouagadougou and partnership with the African Athletics Confederation to sponsor their various programs including the African Cycling Championship. Key Sustainability Indicators Indicator 2007 2006 %Change Revenues (US$‘000) 543,988 348,464 56% Corporate Tax (US$‘000) 51,634 42,934 20% Return on Average Equity (%) 24 23.0 - Efficiency Ratio (%) 61 59 - Earnings per share (cents) 7.97 5.53 44% Return on Average Assets (%) 2.8 3.0 - Capital Adequacy (%) 15.7 19.0 - Employees 8,057 5,860 37% % female staff 44 40 - % female staff at executive level 31 25 - Investment in training and development (US$‘000) 3,767 2,921 29% Corporate social respons. expenditure (US$‘000) 1,325 654 103% 23 ... The Pan African Bank
Annual Report 2007 Corporate Ethics & Transparency Ecobank Group has codified policies on corporate ethics which applies to directors and employees across the group. These policies are regularly reviewed to ensure that they are in line with international practice and standards. Code of Conduct for Directors Directors across the group are required to sign a code of conduct that enjoins them to adhere to certain principles of the group. This is in addition to any local rules or codes governing directors’ conduct. The code of conduct covers issues such as; Fiduciary responsibility Directors are required to act in the best interest of the company and in protection of shareholder interests; to act to preserve the assets of the company and further its business interests; and to recognize the interest of other stakeholders such as employees, customers and the communities in which we operate. Conflict of interest To avoid conflict of interest in dealing with the company, directors may not utilize their position on the board to their advantage. A director must obtain the approval and consent of the board where there is a potential area of conflict of interest and must disclose all material facts related thereto. Directors must also disclose any direct or indirect interest in any loans, contracts or credit facilities granted by any company in the group. Confidentiality Directors are required to observe the utmost confidentiality with respect to information relating to the company including information relating to personnel, transactions and other matters relating to the operations of the company. Attendance at Meetings Directors are required to endeavour to attend all board meetings and to conduct themselves in a manner that will foster the smooth running of the board of directors. Non Interference Directors may not interfere in the day to day running of the company and are required to maintain the utmost dignity in their dealings with management and employees of the company. Directors are enjoined to exercise independent judgment in evaluating management and their actions. Disclosure Disclosure of any information that may affect the director’s relationship with the group is an obligation on all directors. Insider Dealings A director may not utilize information obtained in his capacity as director to enrich himself through advantageous acquisition of shares or other securities issued or to be issued by the company or parties on whose behalf the company is acting. 24
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Annual Report 2007 Five Year Summar
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Annual Report 2007 Notes 120
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Annual Report 2007 - Investing In Africa

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