Ecopetrol S.A. is a Mixed Economy Society, of a commercial nature, organized under the form of a public limited company, of national order, linked to the Ministry of Mines and Energy, in accordance with the provisions of Law 1118 of 2006, governed by the Bylaws that are contained in an integral way in Public Deed No. 5314 of December 14, 2007, granted in the Second Notary of the Notarial Circle of Bogotá DC, modified by Public Deed No. 560 of May 23, 2011, granted in the Notary Forty-six of the Notarial Circle of Bogotá DC.
Current regulations for the Company:
As established in the Good Governance Code, business policies are corporate decisions by which the criteria are defined and the frameworks for action that guide the management of all levels of the Company in specific aspects are established. Once adopted, they become non-negotiable and mandatory behavior guidelines, the purpose of which is to reduce uncertainty and channel all efforts towards the realization of the Company's corporate purpose.
The Good Governance Code is framed in the principles of transparency, governance and control in business management. It is addressed to the members of the Board of Directors, the President of Ecopetrol, employees, contractors and their employees, shareholders and investors.
Download the full document here (in Spanish)
The Corporate Governance practices established in the Code are developed in ten chapters:
- Rights and equitable treatment of shareholders: recognizes the importance of shareholders and investors and respects the exercise of their rights so that they receive the same treatment, regardless of the number of shares they own or the value of their investment.
- General Shareholders' Meeting: ensures and promotes the participation of shareholders in the deliberations and decisions that are made in the meetings of the Meeting.
- Board of Directors: promotes the professionalization of the members of the Board of Directors and guarantees the independence of at least three of its nine members.
- Chief executive and other executives: establishes clear rules for the election, remuneration and evaluation of the President and senior executives.
- Corporate social responsibility: recognizes the rights of Ecopetrol's stakeholders and establishes commitments with them.
- Transparency, fluidity and integrity of communication and information: considers that communication is a comprehensive and strategic process for business management that must be governed by the principles of transparency, clarity and opportunity.
- Control: defines the external and internal control mechanisms that audit business management.
- Conflicts of interest: establishes the specific mechanisms that allow the prevention, management and disclosure of conflicts of interest.
- Dispute resolution mechanisms: establishes alternative mechanisms for the resolution of disputes in order to promote foreign investment, commercial relations and facilitate coexistence between shareholders, interest groups and the administration of the company.
- Securities trading: establishes an internal procedure for the purchase or sale of shares of the company by its administrators, in order to prevent the transaction from being made for speculative purposes or by making improper use of privileged information.