Amendments to Bylaws

General meeting

Amendments to Bylaws

Última actualización 10 mar. 2015

Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; TSX: ECP) reports that, at the ordinary meeting of the Shareholders’ General Assembly, to be held on
Thursday, March 26, 2015, the Company will present a proposal for an amendment to its bylaws.

The proposal is comprised of the following items:

1. Incorporation of the following corporate governance practices recommended by the Superintendency of Finance in the New Code of Corporate Best Practices of Colombia:

  • Extension of the deadlines for convening ordinary and extraordinary meetings (amendment to Articles 19 and 20).
  • Majority of the Board of Directors to be comprised of independent directors (amendment to Paragraph 1, Article 23).
  • Possibility of carrying out different types of evaluations of the Board of Directors (amendment to Paragraph 5, Article 23).
  • Reference to guidelines regulating the appointment and duties of the President of the Board of the Directors and the Secretary of the
  • Board of Directors (new Paragraph 6, Article 23).
  • Change in the name of the Audit Committee of the Board of Directors in order to make explicit its risk-management role (amendment to Paragraph 27.1, Article 27).
  • Obligation to comply with voluntarily adopted corporate governance practices (new Article 52).

For additional information, click here to review the text of the proposal.

2. Capitalization of reserve accounts by increasing the nominal value of shares (amendment to Article 6). 

Click here to review the details regarding this proposal.

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