Ecopetrol Adopts Measures to Guarantee the Adequate Representation of
Shareholders at the Extraordinary Shareholders' Meeting
BOGOTA, Colombia, Nov. 23, 2012 /CNW/ - In accordance with Resolution 116 of
2002, the Board of Directors of Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; TSX:
ECP) ("Ecopetrol" or the "Company") approved the following measures to
guarantee the adequate representation of the Shareholders at the Extraordinary
General Shareholders' Meeting to be held on December 6, 2012 (the "Meeting"):
1. Ordered the Company's management to inform shareholders of their
right to be represented at the General Shareholders' Meeting
through a proxy and the legal requirements that those proxies must
2. Instructed the Company's employees to participate in reviewing
shareholder proxies and not to accept proxies that do not comply
with the requirements established by Colombian law.
3. Instructed the Company's management to inform the Company's
managers and employees that they may not recommend to shareholders
that they vote on certain way about any specific item.
4. Instructed the Company's management to inform the Company's
managers and employees not to suggest, coordinate, or agree with
shareholders on the submission of shareholder proposals during the
General Shareholders' Meeting.
5. Instructed the Company's management to inform the Company's
managers and employees not to suggest, coordinate or agree with
shareholders voting in favor or against any given shareholder
proposal presented at the General Shareholders' Meeting.
6. Instructed the Company's management to inform Shareholders that
they cannot grant proxies to persons who are directly, or
indirectly, part of the company's management.
7. Instructed the Company's managers to adopt all measures necessary
to ensure that the Company's employees act in neutrally when
interacting with shareholders.
8. Appointed the Secretary General of Ecopetrol as the person
responsible for verifying adequate compliance with these measures.
9. Appointed the Legal Vice-Presidency as the internal division
responsible for reviewing shareholders' proxies.
(Logo: http://photos.prnewswire.com/prnh/20090209/ARM001LOGO )
The measures listed above (adopted by the Board of Directors of Ecopetrol in
order to ensure compliance with Resolution 116 of 2002) were made public to
the general market by the Chairman of the Board of Directors (acting through
the Superintendent for Issuers) prior to the General Shareholders' Meeting.
Ecopetrol is Colombia's largest integrated oil & gas company, where it
accounts for 60% of total production. It is one of the top 40 oil companies in
the world and the fourth largest oil company in Latin America. The Company is
also involved in exploration and production activities in Brazil, Peru and the
United States Gulf Coast, and owns the main refineries in Colombia, most of
the network of oil and multiple purpose pipelines in the country,
petrochemical plants, and is entering into the biofuels business.
This release contains forward-looking statements relating to the prospects of
the business, estimates for operating and financial results, and those related
to growth prospects of Ecopetrol. These are merely projections and, as such,
are based exclusively on the expectations of management concerning the future
of the business and its continued access to capital to fund the Company's
business plan. Such forward-looking statements depend, substantially, on
changes in market conditions, government regulations, competitive pressures,
the performance of the Colombian economy and the industry, among other
factors; therefore, they are subject to change without prior notice.
Contact us for any additional information:
Investor Relations Alejandro Giraldo Phone: +571-234-5190 Email:
Media Relations (Colombia) Mauricio Tellez Phone: + 571-2345377 Fax:
+571-2344480 Email: email@example.com
SOURCE: Ecopetrol S.A.
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CO: Ecopetrol S.A.
NI: OIL UTI
-0- Nov/23/2012 14:47 GMT
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