Ecopetrol's board of directors resolved on March 24 to retain
president Ricardo Roa Barragán despite mounting pressure from the
oil workers' union, minority shareholders and opposition
legislators, the company disclosed in an official statement, as
Colombia's largest company confronted one of the gravest governance
crises in its history, Portafolio reported.
The board said it had conducted a thorough assessment of the
risks associated with Roa's legal situation, supported by internal
compliance specialists and external advisers in both Colombia and
the United States, and concluded that no regulatory or contractual
breaches had been triggered. The company added it had received no
notifications of investigations or orders from securities market
authorities following the formal charges issued against Roa on
March 11.
Roa faces two main lines of legal exposure: a ruling by the
National Electoral Council in November 2025 finding that President
Gustavo Petro's 2022 campaign, which Roa managed, exceeded legal
spending limits by COP5.3bn ($1.4mn); and formal charges of
influence peddling filed by the Attorney General's office on March
11, alleging he steered a gas regasification contract at Hocol
subsidiary to a businessman with close personal ties.
The Unión Sindical Obrera submitted a formal written demand to
the board calling for Roa's immediate removal, warning it would
call a nationwide mobilisation of workers if no action was taken.
The union cited a drop of 15 positions in the Merco corporate
reputation ranking — from second to 17th place between 2023 and
2025 — as evidence of tangible reputational damage.
Net profits at Ecopetrol fell from a peak of COP39.2 trillion
($9.4bn) in 2022 to COP14.9 trillion ($3.6bn) in 2024 — a decline
of roughly 62% in two years, equivalent to a drop of approximately
COP24.3 trillion ($5.8bn), an unprecedented decline for the state
hydrocarbon group. Moody's downgraded the company from Baa3 to Ba1
in May 2024; Fitch Ratings revised its outlook to negative in March
2025; and S&P Global cut the rating from BB+ to BB in June
2025. Around 25,000 of Ecopetrol's 87,000 employees and contractors
could halt work if the USO follows through on its mobilisation
threat. The board scheduled a further meeting for the following
week.
© 2026 bne IntelliNews, source Magazine
