Ecopetrol's Board Shakeup: A New Era of Diversity and Expertise

Ecopetrol S.A., Colombia's largest energy company, has announced significant changes to its Board of Directors, with the resignation of Dr. Edwin Palma Egea and the appointment of Ms. Angela María Robledo Gómez to the Business Committee. These changes have brought fresh perspectives and expertise to the Board, which will undoubtedly impact the company's strategic direction and decision-making process.

Ms. Robledo Gómez's appointment to the Business Committee, which is responsible for the budget and investment plan, investment projects, and the incorporation of subordinate companies and new businesses, among others, has introduced a new dynamic to the Board's decision-making process. Her background in business development and strategic planning, coupled with her experience in the energy sector, particularly in the midstream and downstream segments, will be invaluable in guiding Ecopetrol's strategic direction.

The Board of Directors, as the highest management body of the Company, is responsible for defining the strategic direction for the Ecopetrol Group. The changes in the Board of Directors may impact the company's strategic direction and decision-making process by introducing new perspectives and expertise. Ms. Robledo Gómez's appointment may bring fresh insights and ideas to the Business Committee, which is responsible for the budget and investment plan, investment projects, and the incorporation of subordinate companies and new businesses, among others.

The Board of Directors follows a set of Rules of Procedure, which establish the basic rules of organization and operation for this body, as well as its nomination process, the regulation behind the principles of action, and the rules of conduct of its members. The Board of Directors is also supported by six (6) Committees, including the Audit and Risk Committee, Corporate Governance and Sustainability Committee, Business Committee, Compensation, Nomination, and Culture Committee, and HSE Committee (health, safety, and environment). These committees support the management efforts of the Board of Directors and are governed by internal regulations.

The changes in the Board of Directors may influence the dynamics and decision-making processes within these committees, potentially leading to new initiatives, priorities, or adjustments in the company's strategic direction. For instance, the Business Committee, with its updated composition, may now have a different approach to investment projects, budgeting, or the incorporation of new businesses, which could impact the company's overall strategic direction.

In conclusion, the changes in Ecopetrol's Board of Directors may have an impact on the company's strategic direction and decision-making process by introducing new perspectives, influencing the dynamics within the Board of Directors' committees, and potentially leading to adjustments in the company's strategic priorities and initiatives. The resignation of Dr. Edwin Palma Egea and the appointment of Ms. Angela María Robledo Gómez to the Board of Directors of Ecopetrol S.A. can have a positive impact on the company's diversity and inclusion, governance, and culture. By promoting a more balanced and diverse Board, Ecopetrol can enhance its decision-making processes, foster a culture of innovation and collaboration, and build stakeholder confidence in its governance and leadership.