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Petro government will make changes to Ecopetrol’s board of directors

The issue of Ecopetrol’s board of directors has become important, thanks to a tweet from the president-elect, Gustavo Petro, in response to an article in a national media outlet.

(Duque’s response to Petro’s warning by Ecopetrol’s JD).

The note, which was published by La República, deals with the corporate governance of the oil company and its system to protect shareholders.

“Don’t hold us back. The popular vote is mandatory. I want to produce a consensus, but not bend the popular vote that wants clean energy. The public owner freely chooses his members in the companies that represent him. It is the representation of the people,” Petro published.

According to the bylaws that were approved at the March Shareholders’ Meeting, Ecopetrol directors can be in their positions until 2025. The proposal, at the time, was presented by a minority shareholder.

“The first four-year institutional period of the members of the board of directors will be counted from the election held in 2021 and will extend until the ordinary meeting of the General Assembly of Shareholders that is held in 2025. This will be the first period for effects of re-election and of the maximum permanence of three periods in total″, says the proposal of Maura E. Ramírez.

Despite this, The Minister of Finance of the Petro government, José Antonio Ocampo, indicated that changes will be made in the board of the Colombian oil company, in an interview with Caracol Radio.

“I hope to have the opportunity to discuss the composition of the board of directors, but we are going to have to appoint a new board of directors, as the majority owners of Ecopetrol,” Ocampo said.

And he clarified that this does not mean that all the current members of the board should be changed.

(The influence that a President of the Republic has in Ecopetrol).

Of course, to make the changes, the incoming government must convene an extraordinary shareholders’ meeting and propose a change to the company’s bylaws.

The nation, with 88.49% of the shares, is the main shareholder. Therefore, the Petro government could make the changes it wants in the board.

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