(Ecopetrol S.A., 26.Mar.2015) – Ecopetrol S.A. hereby reports that, at the Shareholders’ General Assembly held on March 26, 2015, the following changes were made to its bylaws:
- The following corporate governance practices recommended by the Superintendence of Finance in the New Code of Corporate Best Practices of Colombia have been adopted:
— Extension of the deadline for convening ordinary and extraordinary meetings (amendment to Articles 19 and 20).
— Majority of the Board of Directors to be comprised of independent directors (amendment to paragraph 1, Article 23).
— Possibility of carrying out different types of evaluations of the Board of Directors (amendment to paragraph 5, Article 23).
— Reference to guidelines regulating the appointment and duties of the President of the Board of Directors and the Secretary of the Board of Directors (new paragraph 6, Article 23).
— Modification in the name of the Audit Committee of the Board of Directors in order to make explicit its risk management role (amendment to Paragraph 27.1 of Article 27).
— Obligation to comply with voluntarily adopted corporate governance practices (new Article 52).
- The company’s reserves accounts amounting to COP$14.76 trillion were capitalized by increasing the nominal value of shares from COP$250 to COP$609 per share. This capitalization demonstrates the confidence of investors in the Company and boosts its long term financial sustainability.
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