Revised Reform of By-Laws Proposal to be Presented at Ecopetrol S.A. Shareholder Meeting
March 16, 2011 at 19:45 PM EDT
BOGOTA, Colombia, March 16, 2011 /PRNewswire/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) informs that the Board of Directors has approved the By-Laws reform proposal that will be submitted for shareholder consideration at the next ordinary shareholders' meeting to be held on March 24, 2011.
The proposal, whose points had already been released as material information, was subsequently augmented and further refined by the Board of Directors. The text of the proposal makes reference to the following five points:
1. Corporate Purpose
2. Duties of the Board of Directors:
3. Board of Director Committees:
4. Statutory Audit:
5. Temporary Provision:
Each point can be examined in greater detail, including the current text and the proposed reform, at our website (www.ecopetrol.com.co).
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 50 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 it 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.
SOURCE Ecopetrol S.A.