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    ECOPETROL   COC04PA00016

ECOPETROL S.A.

(ECOPETROL)
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Ecopetrol S A : Stakeholder Capitalism Metrics (SCM) Index

05/26/2021 | 02:21pm EDT

Stakeholder Capitalism Metrics (SCM) Index

A World Economic Forum (WEF) and International Business Council (IBC) led initiative.

Starting January 2021, Ecopetrol will report using the WEF/IBC Stakeholder Capitalism Metrics. which were released September 2020. Ecopetrol is currently working on strengthening its information and reporting mechanisms to fully comply moving forward with these set metrics.

2020 Integrated Sustainable Management Report

20F

THEME

#

SCM METRICS AND DISCLOSURE

SCM sequence

Where to find

PRINCIPLES OF GOVERNANCE- Core

Governing

1

Setting purpose

Ch 1, Pg. 24.

purpose

The company's stated purpose, as the expression of the means by which a

business proposes solutions to economic, environmental and social issues.

WEF 1

Corporate purpose should create value for all stakeholders, including

shareholders.

Quality of

2

Governance body composition

Ch 1, Pgs. 29, 35, 39

governing

Composition of the highest governance body and its committees by:

and 44.

body

competencies relating to economic, environmental, and social topics;

executive or non-executive; independence; tenure on the governance body;

WEF 2

number of each individual's other significant positions and commitments, and

the nature of the commitments; gender; membership of under-represented

social groups; stakeholder representation.

Stakeholder

3

Material issues impacting stakeholders

Ch 1, Pg. 25.

engagement

A list of the topics that are material to key stakeholders and the company,

WEF 3

how the topics were identified and how the stakeholders were engaged.

Ethical

4

Anti-corruption

Ch 1, Pgs. 53, 54, 55, 57

behaviour

1. Total percentage of governance body members, employees and business

and 59.

partners who have received training on the organization's anti-corruption

policies and procedures, broken down by region.

a) Total number and nature of incidents of corruption confirmed during

WEF 4

the current year but related to previous years; and

b) Total number and nature of incidents of corruption confirmed during

the current year, related to this year.

2. Discussion of initiatives and stakeholder engagement to improve the

broader operating environment and culture, in order to combat corruption.

1

Ethical

5

Protected ethics advice and reporting mechanismsA description of

Ch. 1, Pgs. 52 and 56.

behaviour

internal and external mechanisms for:1. Seeking advice about ethical and

lawful behaviour and organizational integrity; and2. Reporting concerns

WEF 5

about unethical or unlawful behaviour and lack of organizational integrity.

Risk and

6

Integrating risk and opportunity into business process

Ch. 1, Pg. 62.

opportunity

Company risk factor and opportunity disclosures that clearly identify the

oversight

principal material risks and opportunities facing the company specifically (as

opposed to generic sector risks), the company appetite in respect of these

WEF 6

risks, how these risks and opportunities have moved over time and the

response to those changes. These opportunities and risks should integrate

material economic, environmental and social issues, including climate change

and data stewardship.

THEME

#

SCM METRICS AND DISCLOSURE

SCM sequence Where to find

PRINCIPLES OF GOVERNANCE- Expanded

Governing

1E

Purpose-led management

Ch 0, Pg. 12; Ch 1, Pg.

purpose

How the company's stated purpose is embedded in company strategies,

WEF 1E

24.

policies and goals.

Quality of

2E

Progress against strategic milestones

NA

governing

Disclosure of the material strategic economic, environmental and social

body

milestones expected to be achieved in the following year, such milestones

achieved from the previous year, and how those milestones are expected to

or have contributed to long-term value.

WEF 2E

2

Quality of

3E

Remuneration

Ch 4, Pg. 146.

governing

1. How performance criteria in the remuneration policies relate to the

body

highest governance body's and senior executives' objectives for economic,

environmental, and social topics, as connected to the company's stated

purpose, strategy and long-term value.

2. Remuneration policies for the highest governance body and senior

executives for the following types of remuneration:

- Fixed pay and variable pay, including performance-based

WEF 3E

pay, equity-based pay, bonuses and deferred or vested

shares

- Sign-on bonuses or recruitment incentive payments

- Termination payments

- Clawbacks

- Retirement benefits, including the difference between benefit

schemes and contribution rates for the highest governance

body, senior executives and all other employees

Ethical

4E

Alignment of strategy and policies to lobbying

Ch 1, Pg. 69.

behaviour

The significant issues that are the focus of the company's participation in

public policy development and lobbying; the company's strategy relevant to

WEF 4E

these areas of focus; and any differences between its lobbying positions and

its purpose, stated policies, goals or other public positions.

Ethical

5E

Monetary losses from unethical behaviour

Ch 1, Pg. 57.

behaviour

Total amount of monetary losses as a result of legal proceedings associated

with fraud, insider trading, anti-trust,anti-competitive behaviour, market

WEF 5E

manipulation, malpractice or violations of other related industry laws or

regulations.

Risk and

6E

Economic, environmental, and social topics in capital allocation

Ch 1, Pg. 41; Ch 2, Pg.

opportunity

framework

74.

oversight

How the highest governance body considers economic, environmental and

WEF 6E

social issues when overseeing major capital allocation decisions, such as

expenditures, acquisitions and divestments.

3

THEME

#

SCM METRICS AND DISCLOSURE

SCM sequence

Where to find

PLANET- Core

Climate

Greenhouse gas (GHG) emissions

Ch. 5, Pg. 223.

Change

For all relevant greenhouse gases (e.g. carbon dioxide, methane, nitrous

oxide, F-gases etc.), report in metric tonnes of carbon dioxide equivalent

7

(tCO2e) GHG Protocol Scope 1 and Scope 2

WEF 7

emissions.

Estimate and report material upstream and downstream (GHG Protocol

Scope 3) emissions where appropriate.

Climate

TCFD implementation

Ch. 5, Pgs. 204, 222,

Change

Fully implement the recommendations of the Task Force on Climate-related

and 234.

Financial Disclosures (TCFD). If necessary, disclose a timeline of at most

8

three years for full implementation. Disclose whether you have set, or have

WEF 8

committed to set, GHG emissions targets that are in line with the goals of

the Paris Agreement - to limit global warming to well below 2°C above

preindustrial levels and pursue efforts to limit warming to 1.5°C - and to

achieve net-zero emissions before 2050.

Nature loss

Land use and ecological sensitivity

Ch. 5, Pg. 251.

9

Report the number and area (in hectares) of sites owned, leased or managed

WEF 9

in or adjacent to protected areas and/or key biodiversity areas (KBA).

Freshwater

Ch. 5, Pgs. 210 and 217.

availability

Water consumption and withdrawal in water-stressed areas

Report for operations where material: megaliters of water withdrawn,

10

megaliters of water consumed and the percentage of each in regions with

WEF 10

high or extremely high baseline water stress, according to WRI Aqueduct

water risk atlas tool. Estimate and report the same information for the full

value chain (upstream and downstream) where appropriate.

4

THEME

#

SCM METRICS AND DISCLOSURE

SCM sequence

Where to find

PLANET - Expanded

Climate

Paris-aligned GHG emissions targets

Change

Define and report progress against time-boundscience-based GHG

emissions targets that are in line with the goals of the Paris Agreement - to

limit global warming to well below 2°C above pre-industrial levels and

pursue efforts to limit warming to 1.5°C. This should include defining a date

7E

before 2050 by which you will achieve net-zero greenhouse gas emissions,

WEF 7E

Ch 5, Pgs. 223 and 228.

and interim reduction targets based on the methodologies provided by the

Science Based Targets initiative, if applicable.

If an alternative approach is taken, disclose the methodology used to

calculate the targets and the basis on which they deliver on the goals of the

Paris Agreement.

Climate

Change

Impact of GHG emissions

8E

Report wherever material along the value chain (GHG Protocol Scope 1, 2 &

WEF 8E

NA

3) the valued impact of greenhouse gas emissions. Disclose the estimate of

the societal cost of carbon used and the source or basis for this estimate.

Nature loss

Land use and ecological sensitivity

Report for operations (if applicable) and full supply chain (if material):

- Area of land used for the production of basic plant, animal or mineral

commodities (e.g. the area of land used for forestry, agriculture or mining

activities).

- Year-on-year change in the area of land used for the production of basic

plant, animal or mineral commodities.

Note: Supply-chain figures can initially be estimated where necessary

9E

based on the mass of each commodity used and the average mass

WEF 9E

NA

produced per unit of land in different sourcing locations.

- Percentage of land area in point 1 above or of total plant, animal and

mineral commodity inputs by mass or cost, covered by a sustainability

certification standard or formalized sustainable management program.

Disclose the certification standards or description of sustainable

management programs along with the percentage of total land area, mass

or cost covered by each certification standard/program.

Nature loss

Impact of land use and conversion

10E

Report wherever material along the value chain: the valued impact of use

WEF 10E

NA

of land and conversion of ecosystems.

5

Disclaimer

Ecopetrol SA - Empresa Colombiana de Petroleos published this content on 26 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2021 18:20:06 UTC.


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Number of Analysts 8
Last Close Price 2 597,00 COP
Average target price 2 590,33 COP
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Felipe Bayˇn Pardo President & Chief Executive Officer
Jaime Caballero Uribe Chief Financial Officer
Luis Guillermo Echeverri Velez Chairman
AndrÚs Mantilla Zßrate Vice President-Innovation & Technology
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