Ecopetrol modifies bylaws to change board rules

Ecopetrol shareholders approved a partial amendment to article 20 of the company bylaws on 15 September 2026. The change removes the mandatory requirement to keep three members of the outgoing board of directors to ensure continuity and experience.

The proposal was presented by the Ministry of Finance as the majority shareholder. The measure leaves behind the previous succession policy and gives the government freedom to replace every board member in a single shareholder meeting.

Under the new structure, the government holds six board seats. The remaining three seats are allocated to worker representatives, producing regions, and minority shareholders, which mainly include private pension funds.

During the meeting, shareholders voiced concerns over corporate governance and noted the presence of many lawyers on the proposed slate who lack extensive background in hydrocarbons. Employee representation is held by Cesar Loza, a former member of the USO union.