Control
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The controls of the company are of two types, according to their

Corporate Governance

Control

Última actualización 26 oct. 2014
The controls of the company are of two types, according to their nature: external and internal

 

External controls

 

Statutory or external auditor: Company´s independent registered public accounting firm is an essential safeguard in the stewardship of shareholders money. The management will post the most recent report from the company´s Statutory or external auditor on Ecopetrol´s web page.

The report will be available to the market and the shareholders at all times.

Public Utility Services Superintendence: Under Colombian regulations, the marketing of natural gas is considered a public service. As such, this activity is supervised by this Superintendence. For that reason, is obliged to keep this entity informed of the company economic, legal and financial information and send year-end accounting, and submit other reports as required.

 

Finance Superintendence: This Superintendence exercises control of Ecopetrol titles for being enrolled in the National Registry of Securities and Intermediaries. For this reason, the Company is obliged to keep the Superintendence and the stock market constantly updated, sending information at year end, quarterly and relevant information.

Corporations Superintendence: In exercise of the control exercised by this Superintendence, Ecopetrol is required to send the information requested.

Ports and Transport Superintendence: This superintendence exerts supervision functions over Ecopetrol, exclusively for port concession contracts where the Company acts as contractor. National Health Superintendence: This superintendence exerts supervision functions over Ecopetrol, exclusively for the Inspection, surveillance and control of the company health services.

Comptroller General Office of the Republic: Ecopetrol is subject to fiscal control on part of the Comptroller General Office which acts according to current provisions.

Credit Rating Agencies: These agencies analyze the internal and external situation of Ecopetrol, its business and policies, to determine the credit rating that allows shareholders to know how safe their investment is, and the company access to capital resources.

Special Audits requested by the Shareholders: A group of shareholders representing at least five percent (5%) of the shares of Ecopetrol S.A. may ask the President of Ecopetrol S.A. to carry out a special audit at their own cost and responsibility.

Investors can request special audits according to the nature of their investment and always taking into account the formerly described rules, provided they have at least, individually or collectively, ten per cent (10%) or more of the value of securities or debentures issued.