Ecopetrol's Shareholders' Meeting Highlights: Key Decisions and Future Directions

Recap of Ecopetrol's Shareholders' Meeting on March 28, 2025

Ecopetrol S.A., Colombia's leading integrated energy company, convened its General Shareholders' Meeting on March 28, 2025, where several pivotal decisions were made that will shape the company’s strategic path.

During the meeting, held in accordance with all legal and statutory protocols, the shareholders approved the agenda, selecting Mr. Guillermo García Realpe, Chair of the Board of Directors, to lead the proceedings. Notably, the shareholders voted to install both the Elections and Voting Committee and the Committee responsible for reviewing and approving the meeting minutes.

A key moment was the presentation of the Board of Directors' report by Dr. Ángela María Robledo, Chair of the Corporate Governance and Sustainability Committee. This report summarized the company's adherence to the Code of Good Governance, which received a resounding endorsement from the shareholders. This governance framework is essential for maintaining investor confidence and nurturing the company's ethical standards.

Important Financial Reports and Approvals

Following the governance discussions, Ecopetrol's President presented the 2024 Integrated Management Report, which was also approved. This comprehensive report outlines the company’s operational performance, strategic initiatives, and future growth plans, signaling to investors and stakeholders a commitment to transparency and accountability.

The meeting continued with the approval of the audited individual and consolidated financial statements for the fiscal year ended December 31, 2024, reflecting the company’s solid financial health. These documents are accessible on the company's corporate website for public review.

In a crucial decision for shareholders, the meeting approved a profit distribution proposal that allocates COP $214 per share as an ordinary dividend. This dividend, to be paid in two equal installments on April 4 and April 29, 2025, demonstrates the company’s focus on returning value to its shareholders. The majority shareholder will receive a greater share in multiple installments, reinforcing their critical role in the company’s structure.

New Auditors and Future Governance

Shareholders appointed Deloitte & Touche S.A.S. as the statutory auditor for a term extending from 2025 to 2029, with an initial fee set at COP $4,565,200,000 plus VAT. This strategic partnership aims to enhance auditing quality and financial governance, particularly as the company prepares for growth. The existing contract with Ernst & Young Audit S.A.S. is set to conclude by May 27, 2025, marking a new era for the company's financial oversight.

Board Elections and Succession Policies

A significant highlight was the election of Ecopetrol's Board of Directors for the 2025-2029 term. The new board will consist of both independent and non-independent members, carefully selected to ensure a balance of perspectives and expertise. This step is crucial for maintaining robust governance as the company pursues its ambitious targets within the energy sector.

Moreover, the shareholders sanctioned an amendment to the internal regulations of the General Shareholders' Meeting and approved a succession policy for the Board of Directors. This is indicative of a long-term vision to sustain good governance practices, crucial in an industry where trust and accountability are paramount.

In a move to enhance employee representation, a proposal was made for an extraordinary shareholders’ meeting to consider appointing an employee among the Board members. This aligns with the current trend in corporate governance, emphasizing diverse perspectives and inclusivity.

Conclusion

Ecopetrol's latest shareholders' meeting not only underscored the company’s commitment to sound governance but also highlighted its strategies for growth and sustainability in the competitive energy landscape. Moving forward, Ecopetrol aims to leverage its dominant market position to drive innovations and expand its influence across additional regions through strategic partnerships and investments, solidifying its role as a leader in the Americas' energy sector.