Minority shareholders nominate candidate to join the Board of Directors

Rhea-AI Summary

Ecopetrol S.A. (NYSE: EC) announced that minority shareholders nominated Dr. Carlos Gustavo Cano Sanz for a position on the Board of Directors. This nomination aligns with the Declaration of the Nation as the majority shareholder. The nomination agreement will be reviewed and submitted to the Colombian Ministry of Finance for further processing. Ecopetrol, Colombia's largest firm and a major player in the global oil industry, actively operates in multiple regions including the U.S., Brazil, and Mexico, while also expanding its bio-fuel share.

Positive

• Nomination of Dr. Carlos Gustavo Cano Sanz could bring fresh perspectives to the Board.
• Strengthened governance with increased minority shareholder representation.

Negative

• Potential concerns regarding continuity and experience gaps with new Board member.

BOGOTA, Colombia, Feb. 23, 2021 /PRNewswire/ --Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that in accordance with the subscription of the Declaration of the Nation as majority shareholder and the established procedure, the representatives of the minority shareholders deposited with Ecopetrol S.A. (the "Company") an agreement whereby they agreed to nominate Dr. Carlos Gustavo Cano Sanz as their candidate to the Board of Directors. Once the candidate's resume has been reviewed, this agreement will be sent to the Ministry of Finance and Public Credit for the pertinent effects.

The full text of the agreement signed by the minority shareholders can be consulted at the following link:

https://www.ecopetrol.com.co/wps/wcm/connect/c834df8a-ce3e-4249-9175-8890572a31d3/210222+Acta+de+postulaci%C3%B3n+Acc+Minoritarios.pdf?MOD=AJPERES&attachment=false&id=1614038771320

Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it is active in exploration and production in the United States (Permian basin and Gulf of Mexico), Brazil and Mexico. Ecopetrol operates the largest refinery in Colombia, most of the country's oil-pipeline and polyduct network and is significantly increasing its share of bio-fuels. This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects. All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance its sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, the performance of the Colombian economy and industry, and other factors; therefore, they are subject to change without prior notice.

For further details, please contact:

Acting Head of Capital Markets
Juan Pablo Crane
Phone: +571-234-5190
Email: investors@ecopetrol.com.co

Media Engagement (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
Email: mauricio.tellez@ecopetrol.com.co

 

View original content:http://www.prnewswire.com/news-releases/minority-shareholders-nominate-candidate-to-join-the-board-of-directors-301233331.html

SOURCE Ecopetrol S.A.

FAQ

Who has been nominated to the Ecopetrol Board of Directors?

Dr. Carlos Gustavo Cano Sanz has been nominated by minority shareholders to join the Ecopetrol Board of Directors.

What is the significance of the minority shareholders' nomination at Ecopetrol?

The nomination signifies greater representation for minority shareholders and aims to enhance governance within the company.

What will happen after Dr. Cano Sanz's nomination at Ecopetrol?

The nomination agreement will undergo review and be submitted to the Ministry of Finance for approval.

What impact could Dr. Cano Sanz's nomination have on Ecopetrol?

His nomination may introduce new insights and strategies but could also raise concerns about continuity in the Board.