– DFSUD)
YOUR PLACE IN AMERICA AND ITS BUSINESS
BY DÉBORAH DONOSO MOYA
Ecopetrol is the first company
of oil from Colombia and the second
largest in Latin America
in this industry. It is “the jewel of
the crown” in that country, they say that
experts, who look forward
The tensions that are crossing its
corporate governance, following the
arrival of Gustavo Petro to power.
Ecopetrol is a company with
annual sales, based on data from
2021, totaling about US$ 20,500
million and profits of US$ 3,700
Million. The State has a
Ticipation of 88.49% and slightly less
of 12% belong to minorities.
Since June 7, the firm has
lost more than 45% on the stock market and
So far this year, it has accumulated a
Fall of 28.45%, despite the high
crude oil prices. The setback is
have been encouraged by problems
that brought the shareholders’ meeting of
Last March which, according to the Man-
Elected datario, would have “tied”
to the directory by extending its time
in power.
Diego Márquez, expert in law
Cho Empresarial, explains that two
weeks of taking over the new
4 E
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The appointment of new directors when
Assume is practically defined, although
The key issue will be whether changes occur
major in the state oil company.
Government, technically there was no
“mooring”, since it can be summoned
auna new shareholders’ meeting
and designate “without hindrance” a
New directory.
of the Fiscal Year 2022.
of August 4, 2022.
registration as of July 29, 2022.
COMPAÑÍA DE INVERSIONES LA ESPAÑOLA S.A.
REGISTRATION REGISTER OF SECURITIES N’ 071
PROVISIONAL DIVIDEND N* 124
The shareholders are informed that at the Board meeting
held on July 7, 2022, the payment of a dividend was agreed
provisional N* 124 of $ 80.- per share, single series, charged to the result
The dividend will be paid in Prat N* 887, 4? flat, Valparaíso, to count
Shareholders registered in the
THE MANAGER
Internal conflicts
During the last weeks the
Focus has been on the dispute generated
following the change in the statutes of the
Board of Directors of the State Firm, which
was held in March. Approval
of the shareholders’ meeting for
That the board of directors of the oil company
Pass from having a validity of four
years and with the possibility that
ANANCIAS OBTAINED ECOPETROL IN
2021.
Published in Diario Financiero on July 19, 2022, page 6
DIARIO FINANCIERO / TUESDAY, JULY 19, 2022
executives are re-elected, was the
Beginning of differences.
President Ivan Duque said that
The decision was due to the “stability of the
lity” required by the company
to meet the 2022-2024 plan;
however, Petro and the unions
They consider it a “mooring”.
“Ecopetrol is the jewel in the crown,
But historically it has been di-
Managed by highly trained people
and I don’t remember a public tension
on the governance of it”,
Marquez explained.
“Frankly, I don’t think there is
a conflict itself. That which
There was a strong message from the
President-elect, but it is clear that
He can appoint new people
in the Board, and has mechanisms to
do it,” he elaborated.
However, Marquez explained
that there are tensions “over the
possibility of further exploration,
and obviously fracking (method of
non-traditional holding) to which
they want to put the brakes on.”
The president-elect has shown himself to be
DO as an energy advocate
renewable and contrary to this type
of technology you’re exploring
Ecopetrol. “What there is is a
Direct message from the new government
to strengthen sustainable energies,
among others,” the lawyer said.
Measures to be taken
As a result of this interest of the Government
of Petro to turn Colombia into
A sustainable and responsible country
Environmentally, is that a
of the first steps it could take
to take is to change the directory of
Ecopetrol, to appoint executives
that are in line with what has been proposed.
However, it could not designate
to the President, who is currently
Felipe Bayón.
Marquez explained that he does not believe that
The nine members of the Board
The plans of the
state to 2024
Ecopetrol seeks a
growth of 3% per year,
until reaching a pro-
Pipeline of 730 thousand barrels
equivalent to 2024, year
where you conclude your plan
business. For this, the
state to invest US$ 3.8
million annually (between
US$ 11 thousand and US$ 12 thousand
million), focused on the
Collection Program
your mature assets. The
85% of production come =
will drá de Ecopetrol and the rest
of subsidiaries, with 80%
of Capex invested in Co-
Lombia and the rest in its
International operation.
The main bet is
Increase investments
in gas and whites. Together with
this, Ecopetrol will focus
its efforts in the trans-
Carrying hydrocarbons.
For this, you will invest a
US$ 900 million in
next three years, for
Securing supply
of the country.
Regarding projects in
line with the care of the
environment, Ecope=
TROLL is evaluating how
have its infrastructure-
Structure for initiatives
of decarbonisation and
Low emissions. Towards the
year 2040, should be a
Business “very diversified =
do”, with income desti-
swims between 50% and 60%
to the competitiveness of
Systems and new businesses
Outside.
are disengaged by the new
Executive, “but many.” For
The expert, “The incoming government does not
You can send a message of “INES-
tability” in corporate governance
of society because surely
The market will suffer it.”
Given this, he estimated that a new
directory “would mark the beginning of a
change in vision, which will take
time to run. In the short term,
even with member changes of
The Board, I don’t think in the operation
there are substantial modifications.”
The next step you could
to take Petro would be to eliminate the
Exploration projects through
of fracking, which would be in line with
its plan to be a sustainable country. A
although it is open to consensus,
as regards the method of ex-
Ploration and extraction, it has been clear
by noting that it will prioritize proposals
how to ensure that “Colombia has
A stronger matrix in energies
renewable and clean.”
Link to file in CMFChile: https://www.cmfchile.cl/sitio/aplic/serdoc/ver_sgd.php?s567=b96104ed10a0c4242462e40e07f1cf25VFdwQmVVMXFRVE5OUkVrelQwUlplazFuUFQwPQ==&secuencia=-1&t=1682376108
