"From SINPRO we see with great concern how in this administration there have been repetitive changes in the EPM structure and appointments that affect the transparency and the rigors that have characterized our company."
Colombian presidential hopeful Sergio Fajardo is one of the defendants the comptroller held responsible in today’s ruling, along with former Medellín Mayor Federico Restrepo, former candidate Alonso Salazar, and former CEO of EPM / current CEO of Cementos Argos, Juan Esteban Calle.
EPM’s management has been a constantly revolving door since Medellín’s Mayor Daniel Quintero took office, the utility seeing 4 CEOs in less than two years, resignation of the board of directors, and further intrigue. Now that instability appears to be affecting Afinia.
Fitch views EPM's corporate governance as weak due to the strong influence exerted by the company's owner, the City of Medellin. EPM has an ESG Relevance Score of '4', which reflects the company's recent instability in board membership and indicates that the score has a negative...
Not only did Quintero fire Rendón earlier this year after appointing him to head the city-owned utility conglomerate a year before, Quintero made several public statements that Rendón considers disparaging, slanderous, and untrue leading to the lawsuit.