Ecopetrol S.A. Modifies Its Corporate Governance Code

by PR Newswire, December 15, 2009.

BOGOTA, Dec. 15 /PRNewswire-FirstCall/ — Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC) (“Ecopetrol” or the “Company”) reports to its shareholders and the general public that, on December 11, 2009, the Company’s Board of Directors approved several modifications to the Company’s Corporate Governance Code (“Code”).

The primary changes are as follows:

– Board of Directors Committees: The Business Committee is now a permanent committee of the Board of Directors.

– Corporate Social Responsibility (Responsabilidad Social Empresarial (RSE)): The RSE sections of the Code have been revised to reflect the Company’s new strategy with respect to its shareholders and the commitments made to them within the realm of corporate social responsibility.

– External controls: The Code now makes note of the concurrent oversight of Ecopetrol exercised by the Superintendency of Ports and Transportation and the Superintendency of Health…(continue reading)

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