Ecopetrol’s Government-Backed Bylaw Changes Approved, While New Hydrocarbons & Compliance Chiefs Named

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC), Colombia’s national energy company, announced significant changes to its corporate bylaws and executive leadership following an extraordinary General Shareholders’ Meeting and a subsequent Board of Directors meeting on November 11, 2025.

The shareholder meeting, chaired by Colombia’s Minister of Finance and Public Credit, Germán Ávila, approved amendments to the company’s bylaws. Notably, the proposal submitted by the company’s majority shareholder, the Colombian government, which owns 88.49% of shares, was approved with 91.14% of the vote. An alternative proposal from Ecopetrol management received only 0.03% support, with 4.6% voting for neither proposal and 4.2% abstaining.

Separately, the Board of Directors appointed new leadership for two key executive positions, effective November 16.

Juan Carlos Hurtado Parra was named Executive Vice President of Hydrocarbons. Mr. Hurtado, who has been with Ecopetrol for approximately 23 of his 25 years in the energy sector, previously served as Vice President of Exploration, Development, and Production. He holds an Electrical Engineering degree from Universidad Industrial de Santander, a specialization from Universidad del Rosario, and an MBA from the University of Dundee. He replaces Rafael Ernesto Guzmán Ayala.

Rodolfo Mario García Paredes was appointed as the permanent Chief Compliance Officer. Mr. García, an attorney from Universidad del Rosario with a specialization from Universidad de los Andes, has been with the company for over 25 years and had been serving as the acting compliance head since June 2025.

The confirmation of a permanent Chief Compliance Officer occurs during a period of heightened legal and political scrutiny for the company. The appointment follows reporting by El Tiempo that senior compliance officials from Ecopetrol visited the United States Embassy in Bogotá this week. That visit was noted for its timing, coming after the United States Treasury Department imposed OFAC sanctions on President Gustavo Petro along with his wife, son, and interior minister, as reported here by Finance Colombia. The company is also managing the fallout from a contracting scandal at its affiliate Ocensa, also revealed this week by El Tiempo, which led to the resignation of Ocensa’s president.

Ecopetrol S.A. is the largest company in Colombia and is responsible for over 60% of the nation’s hydrocarbon production, in addition to managing transportation, logistics, and refining systems. Following its acquisition of 51.4% of Interconexión Eléctrica S.A. (ISA) (BVC: ISA), the company expanded into energy transmission, management of real-time systems through XM, and road concessions. Ecopetrol also maintains exploration and drilling operations in the United States (Permian basin and Gulf of Mexico) and Brazil. Through ISA, it holds positions in power transmission in Brazil, Chile, Peru, and Bolivia.

Above photo: Ecopetrol’s Reficar petroleum refinery in Cartagena. (photo courtesy Ecopetrol)