Relationships of trust with our stakeholders
Ecopetrol frames Corporate Social Responsibility (CSR) within a clear guide on Relations with its Stakeholders that aims to ensure the trust and reputation of the company and the sustainability of the business in the long-term. This involves the integration of the following elements as a fundamental part of its corporate management:
A. Review expectations and set commitments to stakeholders
Ecopetrol must regularly review the expectations of its stakeholders and establish an explicit relation commitment with each of them. To establish these commitments, Ecopetrol must take into account the company´s objectives and strategic directions.
B. CSR corporate management system
Commitments made to stakeholders must be viable and verifiable. In order to monitor their fulfillment, they must be supported by strategic objectives, practices, indicators and targets. These management mechanisms make it possible to monitor compliance with the commitments and facilitate the achievement of the targets set.
C. CSR practices
Ecopetrol must be a leader in the identification and implementation of CSR practices, which ensure compliance with the commitments made. This requires ongoing work aimed at identifying and promoting the adoption of mutually beneficial practices in the management of relations with its stakeholders.
D. Relations capability
Ecopetrol must institutionalize its stakeholder relations strategy and incorporate it into its models of Culture and Leadership. This involves strengthening the relationship capabilities of staff members, contractors and other relevant actors that represent it, so that they can build relationships of trust based on actions that are transparent and consistent with the commitments made with each stakeholder, the Code of Ethics and the Corporate Governance Code of Ecopetrol.
Ecopetrol S.A. is a Mixed Economy Company, with a commercial orientation, organized as a corporation of a national level, affiliated to the Ministry of Mines and Energy, in accordance with the dispositions set forth by Law 1118 of 2006, and governed by its Bylaws.
Corporate Governance Code
The Corporate Governance Code is based on the principles of transparency, governance and control in business management. Is addressed to members of the Board, the President of Ecopetrol, employees, contractors and their employees, shareholders and investors.