Apr 30, 2020
To address their responsibilities directly, the Board of Directors has six (6) permanent institutional committees and one (1) temporal, integrated by members of the Board of Directors designated by the board itself.
For its functioning, besides relying on applicable current provisions, the Committees have their own internal regulations that establish their objectives, functions and responsibilities
Board of Directors Audit and Risk Committee
Highest control body responsible for monitoring the management and effectiveness of the Internal Control System of Ecopetrol and the companies comprising the Business Group. This Committee will support the Board of Directors in overseeing the Internal Control System, fulfilling the internal audit program, fulfilling the internal and/or external auditors’ auditing process, ensuring that internal control procedures correspond to the financial, administrative and operational needs, objectives, goals and strategies set by the Company, permanently ensuring and monitoring the effectiveness of the Ecopetrol Risk Management System, and knowing, analyzing and giving its opinion on the annual report presented by the Reserves Committee with respect to the Group’s oil reserves. It will also ensure that the preparation, presentation and disclosure of the financial information corresponds to legal provisions and will include among its objectives advisement or recommendations of a financial and/or accounting nature to the Board of Directors.
Board of Directors Corporate Governance and Sustainability Committee
Entity that supports the Board of Directors’ management with respect to the Company’s good governance and sustainability. Its purpose is to recommend, to the Board of Directors, systems for the adoption, monitoring and improvement of corporate governance and sustainability practices at Ecopetrol and the companies that comprise the Ecopetrol Group.
Board of Directors Bussiness Committee
Entity that supports the Board of Director’s management with respect to defining the Company’s investment strategy, portfolio analysis and investment projects requiring approval of the Board of Directors, and assessment and monitoring of the investment portfolio and the results of said investments, for Ecopetrol S.A. and the companies comprising the Ecopetrol Group.
Board of Directors Remuneration, Appointments and Culture Committee
The principal purpose of the Remuneration, Appointments and Culture Committee is to review and recommend to the Ecopetrol Board of Directors all Human Talent issues for which it is responsible, which are: Strategic guidelines for human talent, first-level organizational structure, selection criteria for management leading first-level offices, sizing of personnel staff, compensation policy and compensation guidelines for the Ecopetrol Group.
Board of Directors HSE Committee
Entity that supports the Board of Directors’ management with respect to the monitoring and management of risks associated with the health and safety of Ecopetrol employees, contractors and collaborators, as well as the environmental management performance of Ecopetrol and the companies of the Ecopetrol group.
Board of Directors Technology and Innovation Committee
Our technology and innovation committee supports the management of the Board of Directors with respect to technological and digital transformation, as well as the cultural change that Ecopetrol is undergoing to transform itself into a leading company in the use of technology and digital innovation in the hydrocarbons sector. Starting in 2020, the Technology & Innovation Committee also reviewed TESG-related topics starting 2020 and review and monitor the digital strategy, including that of the Ecopetrol Group, as well as computer security, cyber security, cyber defense, privacy and data recovery strategies and the operating models.
Special Committee for ISA’s valuation
Ecopetrol S.A. reports that its Board of Directors, within the context of the potential acquisition of the 51.4% of the outstanding shares currently owned by the Ministry of Finance and Public Credit in ISA, approved today the establishment of a Special Committee that will act as a temporary mechanism to evaluate the valuation of ISA, the price range and/or the price of the potential transaction and make the necessary recommendations to the Board of Directors. The committee will be comprised of the following independent members of Ecopetrol’s Board of Directors: