BOGOTA, Colombia, Feb. 21, 2025 — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (“Ecopetrol” or the “Company”) announces that, in accordance with Part III Title I Chapter VI of the Basic Legal Circular issued by the Financial Superintendence of Colombia (E.C. 029 of 2014), Ecopetrol’s Board of Directors has approved the following measures. These measures aim to ensure proper shareholder representation at the Ordinary General Shareholder’s Meeting on March 28, 2025. The Board has instructed the Company’s management to:
- Notify shareholders of their right to representation via proxy, including the legal requirements for granting proxies.
- Designate individuals to validate shareholder proxy assignments, noting that proxies not meeting legal requirements will be deemed invalid, and proxy forms lacking a clearly defined representative’s name will be rejected.
- Instruct the Company’s administrators and employees to: i) refrain from suggesting or influencing the selection of shareholder representatives; ii) avoid recommending specific candidate lists to shareholders; and iii) abstain from suggesting, coordinating, or agreeing with shareholders on proposals for the meeting or on how to vote on them.
- Limit proxy grants to individuals directly or indirectly associated with the Company’s administration or employees.
- Assign the Vice-Presidency of Legal Affairs and Secretariat the responsibility of reviewing and verifying proxies.
The Ecopetrol Board of Directors adopted these measures during a meeting held on February 21, 2025, and their implementation is expected before the Ordinary General Shareholders´ Meeting.
Ecopetrol is Colombia‘s largest company and a leading integrated energy company in the Americas, employing over 19,000 people. It accounts for over 60% of Colombia‘s hydrocarbon production and manages most of the country’s transportation, logistics, and hydrocarbon refining systems. It also holds leading positions in petrochemicals and gas distribution. With the acquisition of 51.4% of ISA’s shares, the company is involved in energy transmission, real-time system management (XM), and the Barranquilla – Cartagena coastal highway concession. Internationally, Ecopetrol has interests in strategic basins across the Americas, with drilling and exploration activities in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico. Through ISA and its subsidiaries, Ecopetrol holds leading positions in power transmission in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.
This release includes forward-looking statements as defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These statements, whether in this release, future filings, press releases, or oral communications, address matters involving risks and uncertainties. These include the Company’s growth prospects and access to capital for its business plan. Actual results may differ materially from these forward-looking statements due to factors such as oil and gas market prices, exploration and production activities, market conditions, applicable regulations, exchange rates, the Company’s competitiveness, and the performance of Colombia’s economy and industry. The Company does not intend to update these forward-looking statements and disclaims any obligation to do so.
For more information, please contact:
Head of Capital Markets
Carolina Tovar Aragón
Email:
Head of Corporate Communications (Colombia)
Marcela Ulloa
Email:
SOURCE Ecopetrol S.A.
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