Heat oil in a large saucepan over medium-high heat. Add shanks. Cook for 1 to 2 minutes each side or until browned. Add carrot, tomato and 1/2 cup cold water. Cover. Bring to the boil. Reduce heat to low. Simmer for 1 hour or until meat is tender.
Add thyme and beans. Season with salt and pepper. Cook for 3 to 5 minutes or until heated through. Serve.