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External Measurements
Apr 30, 2020

Código País Survey 

Ecopetrol S.A., pursuant to External Circular No. 007, 2011, published the survey on the adoption of the Code of Best Corporate Practices in Colombia (Código País), duly completed and sent to the Financial Superintendence of Colombia. The survey reflects the situation of Ecopetrol S.A. with regard to the recommendations established in Código País in relation to corporate governance practices. 

Dow Jones Sustainability Index 

To ensure that Ecopetrol is recognized for its commitment to sustainable development and building long-term relationships with stakeholders, it has defined a set of MEGA TARGETS that guide its management. In terms of sustainability, the target that Ecopetrol has set itself is to ensure its entry and stay within the Dow Jones Sustainability Index. 

The Dow Jones Sustainability Index is a reference for analysts, institutional investors, sector specialized entities and portfolio investors who believe in the potential and the results of sustainable companies when making investment decisions. 

Being part of the Dow Jones Sustainability Index means that Ecopetrol becomes part of the select group that makes up 10% of the companies with the best sustainability performance in a universe of 2,500 publicly traded companies, and is part of the Dow Jones global indicator. 

 

Tax strategies and risks

Click here to download the main topics of the company´s tax planning as well as possible tax risks that, in case of occurrence, can originate losses or sanctions.  

Tax Strategies 2020

The main topics of the tax planning of the Company are related with:

  • Use of the tax benefits contemplated in the actual legislation.
    • Decrease the Corporate Income Tax (CIT)
    • Decrease the presumptive income tax rate
    • VAT discount on Real Productive Fixed Assets
    • 50% discount in the industry and commerce tax paid.
    • Others
  • Optimize the benefit of the carbon register.
  • Obtain alternative energy tax benefits
  • Active participation in the structure and tax definitions of the new business of the Group.
  • To report to the areas of the Company and subsidiaries of the changes in the tax legislation.
  • Team up with the MHCP, MME and the DIAN
  • Performance of Tax Committee of the Ecopetrol Group
  • The Ecopetrol Group applies the mechanism  “works for taxes” promoting the development of municipalities.
  • Ecopetrol is the largest taxpayer in the country (See detail in “Sustainability Report 2019”)

Tax Risk 2020

Ecopetrol has identified possible tax risks that in case of occurrence can originate losses of the business as well as the payment of sanctions and interest the tax authorities.

The main risk are:

  • Changes in the tax legislation of the countries in which the Company has operations.
  • Assumption risky positions that could originate controversies with the tax authority.
  • Lack of knowledge of tax issues related to foreign operations of the Company.

 

Corporate Reputation Monitor 
Corporate reputation is the result of the perceptions of stakeholders regarding the actions undertaken by Ecopetrol and the future expectations on the behavior of the company. It is an intangible asset of great importance, which determines the overall attractiveness of the company to its stakeholders. A solid reputation promotes support behaviors from stakeholders towards the company, which directly impact on the business´ results. Today, Ecopetrol has a strong / robust reputation according to the Reputation Institute?s Rep Track methodology, and it is the company with the best reputation according to the Corporate Reputation Business Monitor (MERCO). 
 

 

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