Colombia’s Governors Close Ranks Behind Rodríguez Yee as the Ecopetrol Board Fight Escalates
COLOMBIA · ENERGY
Key Facts
- —What happened Colombia’s oil-producing governors ratified Ricardo Rodríguez Yee as their Ecopetrol board candidate on 24 August.
- —Why he matters Rodríguez Yee chairs the audit committee that is investigating five corruption cases from the Roa era.
- —The rival El Tiempo reported at least two governors preferred former electoral magistrate Maritza Martínez.
- —The catch The producing departments must vote unanimously, so a single governor can still veto the ratification.
- —The bigger play President De la Espriella plans a shareholders’ assembly to remove Petro-era directors, delayed by the earthquake.
- —What comes next Ecopetrol is close to naming a new president, with Joaquín Gutiérrez as the government’s nominee.
The fight over the Ecopetrol board escalated this week on two fronts at once. Six governors closed ranks behind Ricardo Rodríguez Yee, while the new government prepares an assembly to remove directors linked to the Petro era.
The ratification letter
The governors of Meta, Casanare, Arauca, Huila, Santander and Boyacá signed the letter on 24 August. It re-formalises Rodríguez Yee as their candidate for the Ecopetrol board for the 2025 to 2029 period.
The letter went to finance minister Miguel Gómez Martínez, Asuntos Legales reported on Thursday. It answered a ministry communication sent four days earlier, on 20 August.
The minister had already asked for the ratification, according to La Silla Vacía. The governors’ answer turns that request into a formal nomination.
The seat in question is the eighth of nine on the Ecopetrol board. The company’s rules reserve it for the hydrocarbon-producing departments, and their vote must be unanimous.
The six signatures cover the Llanos frontier, the Magdalena valley and the north-east. Together they hold most of Colombia’s producing oil fields.
The governors closed the letter by offering to strengthen Ecopetrol’s corporate governance. That phrase puts the board’s independence at the centre of the dispute.
Why this seat is the flashpoint
Rodríguez Yee is no ordinary director in this fight. He represents the producing regions and chairs Ecopetrol’s audit and risk committee.
That committee is running an audit into five major corruption cases inside the company. One involves the regasification business that former chief Ricardo Roa awarded to his friend Juan Guillermo Mancera, as La Silla Vacía revealed.
The audit covers decisions taken during Roa’s administration. Roa left Ecopetrol on 30 July, in the first shake-up of the new political era.
Roa led the company through the Petro administration’s final years. His exit came amid a broader remodelling that accelerated the new government’s plans.
A director who investigates the old management is awkward for anyone tied to it. That is the simplest explanation for why his seat came into play at all.
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The rival and the fallback rule
El Tiempo reported this week that at least two governors would prefer Maritza Martínez for the seat. She is a former president of the National Electoral Council and served three terms in the Senate for La U.
Martínez is from Villavicencio, and her political strength sits in the Llanos. That is the same oil frontier the seat exists to represent.
The choice matters because the seat votes on budgets, strategy and the audit itself. A political profile and a technical profile point the committee in different directions.
The 24 August letter suggests she lost the argument inside the group. Unanimity rules mean a holdout governor can still block the formal appointment.
If Rodríguez Yee does leave, a governance rule forces the board to keep at least one member of the previous administration. The names floated are Hildebrando Vélez, father of former minister Irene Vélez, and Alberto Merlano, uncle of former first lady Verónica Alcocer.
The new government’s playbook
President Abelardo de la Espriella promised in his campaign to call Ecopetrol’s general assembly. The goal is to remove board members close to the Petro movement and to name Roa’s permanent replacement.
The earthquake of 10 August pushed that plan down the agenda. Three weeks into his term, the assembly has still not been called.
De la Espriella made Ecopetrol a campaign theme and promised to reverse the energy policy of the Petro years. Restarting exploration and fracking is the supply side of that promise.
The president has already met the Unión Sindical Obrera, the oil workers’ union known as the USO. Both sides confirmed talks on restarting oil and gas exploration and what the government calls responsible fracking.
Union president Martín Ravelo told La Silla Vacía that De la Espriella presented Joaquín Gutiérrez as a nominee for the Ecopetrol presidency. Gutiérrez directed the president’s election campaign.
Naming a campaign director to run the largest company carries its own risk. Investors will test Gutiérrez on independence, not loyalty.
Why the Ecopetrol board matters beyond Bogotá
Ecopetrol is Colombia’s largest company and its single biggest contributor to public revenue. The state owns 88.49 percent of its shares.
The remaining 11.51 percent belongs to more than 255,000 minority investors. Many of them are ordinary Colombians holding the stock in pension and savings products.
Its taxes and dividends flow directly into the national budget. A weaker Ecopetrol board is therefore a fiscal risk, not only a corporate one.
The six producing departments also receive royalties from oil extracted on their territory. Their seat is the only direct voice the regions hold inside the company.
The Ecopetrol board has nine members, all elected by the general shareholders’ assembly. Control of that assembly is, in practice, control of the company.
We reported in March how the board deadlocked over Roa in a seven-hour session. The current fight is the second round of the same contest, now under a new president.
What to watch from here
The first date is the assembly itself, which has no published calendar. Its agenda will show how many directors the government intends to remove.
The second is the audit Rodríguez Yee must deliver on the Roa era. Its findings will land in the middle of the appointments battle.
The third is unanimity among the six governors. A single defection reopens the seat and the Maritza Martínez option with it.
Minority investors will read all of it as a governance signal. A politicised Ecopetrol board is a risk premium on every barrel the company sells.
The presidency itself is decided through a formal selection process. Gutiérrez is one nominee among several, according to the union’s account.
Frequently Asked Questions
Who is Ricardo Rodríguez Yee?
He represents Colombia’s hydrocarbon-producing departments on the Ecopetrol board and chairs its audit and risk committee. Six governors ratified his candidacy for the 2025 to 2029 period on 24 August.
Why is the Ecopetrol board being fought over?
The new government wants to remove directors aligned with the previous Petro administration through a shareholders’ assembly. The eighth seat is sensitive because its occupant leads an audit into corruption cases from the Roa era.
Who owns Ecopetrol?
The Colombian state holds 88.49 percent of the shares. The remaining 11.51 percent is spread among more than 255,000 minority investors.
Connected Coverage
We covered the first round of this fight in Ecopetrol Board Deadlocks on Roa After 7-Hour Session and the market reaction in COLCAP Dips as Peso Breaks 3,100.
Sources: Asuntos Legales, La Silla Vacía, El Tiempo, Portafolio, El Colombiano, Semana, Ecopetrol corporate filings.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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