To optimize its human resources and administrative management, Ecopetrol implemented in 2004 a human talent management model, based on competences and aligned with the business.

To such end, a detailed description of defined jobs was undertaken, which helped to adjust the roles and accountabilities of its various divisions, in keeping with the provisions of Decree 2394 of 2003, and to assign people to these new jobs through the delivery and signing of function manuals.

The structure of Ecopetrol jobs was designed, weighing the contribution of each job in the organization, which is a prior requirement to analyze the compensation process that resulted in the approval of the Corporate Compensation Policy at the end of December 2004, which will be implemented in 2005.

As part of this process of improving its human capital, the company also implemented Performance Management, consisting in the establishment of performance agreements based both on results and competencies, along with their respective follow up and education. This initiative constitutes a basic input for both for education and training plans as well as application of the compensation policy. In 2004, Performance Management was applied to a group of 347 employees from different areas of the
company.

The New Professionals Program was continued, which in 2004 incorporated 62 people out of nearly 12,000 aspirants from all of the country. This group has an individual development plan that includes corporate induction into the job, education and training.

Perhaps one of the most significant changes over this period consisted in the changes made to the collective bargaining agreement, as part of the execution of the arbitration agreement, which