The Political Maneuvering Behind the Ecopetrol Board of Directors – A Closer Look at the Controversy

2023-11-09 16:53:14

11:51 AM

There has been a lot of echo that the Government intends to modify the statutes of Ecopetrol: all to give a seat to another official related to President Gustavo Petro.

The name that is being talked about to land on the board of the oil company is that of Edwin Palma, who currently works as vice minister of Labor Relations in the Ministry of Labor and was also president of the Workers’ Union Union (USO).

Why don’t they just name him as a member? Apparently, Palma does not meet the experience requirements required to occupy the position and that would be the reason why the company’s statutes must be reformed.

In that sense, Ecopetrol notified through the Financial Superintendency that it has not called any extraordinary meeting of shareholders with the objective of addressing the issue, but it did recognize that there is a request from the Ministry of Finance to take into consideration the aforementioned statutory reform and election. of the members of the board of directors.

The rumor of this movement has already transcended the political sphere and Senator David Luna criticized the plan to convene an assembly to renew the statutes and not to review relevant issues such as the most recent results of the operation, in which it was learned that the The company’s profits fell almost 47% annually in the third quarter.

“What is President Ricardo Roa really looking for with the changes in the Board? Adjustments in the Board cannot cover up ineffective management. Ecopetrol deserves transparency and solid leadership. At stake is energy self-sufficiency and our sovereignty,” the parliamentarian wrote on his X account (formerly Twitter).

In response to the questions, the president of the company, who was the direct person mentioned, did not respond. The responder—although the trill had not mentioned him—was Edwin Palma, precisely the man who, as it has emerged, is being cleared of the way for land at Ecopetrol.

“Senator, where were you when a single family (the Echeverri) governed Ecopetrol for 20 years (with Fabio and then Luigi) and whose only merits had been managing the campaigns of Uribe and Duque?” Palma replied.

The truth is that the board of the oil company had already been modified in October of last year and in March 2023 Felipe Bayón left the presidency, with whom the company achieved the highest profits in its history.

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