Colombia: warnings on the risk of politicization of Ecopetrol

The Colombian Ministry of Finance and Public Credit has rejected the statements made by the president of Ecopetrol, Felipe Bayón, on the “politicization” of the company while defending “the commitment” to good corporate governance in the oil company, in which the Government owns 89% stake.

In a statement published on Wednesday, Colombia’s Finance Minister, José Antonio Ocampo, referred to the interview published in the Financial Times in which the head of Ecopetrol had warned about the risk of political interference, which would be “a concern”.

“It is necessary to protect Ecopetrol, so it is not executed as a technical exercise. It has become politicized. Independence must be respected and managed as a business, ” Bayón had expressed in that interview.

In clear opposition to this discourse, Ocampo has emphasized that the company works with “the highest standards” of corporate governance and will seek to “continue strengthening” the company so that it continues to show positive results.

In a statement published on its Twitter account, Ecopetrol has chosen to “clarify” the quote attributed to the president, pointing out that it is “inaccurate”.

In its defense, it has alleged that Bayón emphasized that the company should be managed “with eminently technical criteria” so that “hopefully” it does not become politicized.

With information from LGI

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