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Governance

Board of Directors Committees

Last updated Dec 10, 2019

Also read: Board of Directors and Legal Representatives

Also read: Ecopetrol's Executives

To address their responsibilities directly, the Board of Directors have five (5) permanent institutional committees that establish the guidelines and do follow-ups to specific actions, assess results and submit proposals for the improvement of the management of the different aspects under their responsibility. 

These committees are 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 charter that establishes 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. 

Integrated by

Internal regulations of The Ecopetrol S.A. Board of Directors Audit and Risk Committee

 

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.

Integrated by

Internal regulations of The Ecopetrol S.A. Board of Directors Corporate Governance and Sustainability Committee

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.

Integrated by

Internal regulations of The Ecopetrol S.A. Board of Directors Business Committee

Board of Directors Compensation and Nomination Committee 

The principal purpose of the Compensation and Nomination 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. 

Integrated by: 

Internal regulations of The Ecopetrol S.A. Board of Directors Compensation and Nomination Committee

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. 

Integrated by

Internal regulations of The Ecopetrol S.A. Board of Directors HSE Committee

 

Board of Directors Technology and Innovation Committee

 

Integrated by