The situation of Ricardo Roa as president of Ecopetrol, Colombia’s largest and most emblematic company, is becoming increasingly unsustainable. Despite calls for him to step aside and address the judicial and administrative proceedings he faces without affecting the oil company, Roa insists on staying in office, backed by President Gustavo Petro and by Ecopetrol’s board chair, Angela Maria Robledo.
Roa maintains that he can handle Ecopetrol’s important affairs even though he was found responsible by the National Electoral Council for violating campaign finance limits by more than 5.3 billion pesos (US$1.4 million) while serving as campaign manager for Petro’s presidential bid — an unprecedented ruling in Colombia’s political history — and the Attorney General’s Office charged him with influence peddling, alleging that he improperly favored a close businessman in an energy project linked to Hocol, a subsidiary of Ecopetrol.
“Out!” “Resign!” they shouted at Ricardo Roa
The Ecopetrol General Shareholders’ Meeting held this Friday at Corferias in Bogota provided a clear view of the situation with Roa. Minority shareholders expressed their dissatisfaction with his management and warned that his continuation in office affects the company. Among the complaints were a 31% drop in gross profit per barrel and an increase in indebtedness. “Out!” “Resign!” they shouted as he entered the hall for his intervention.
Last week, the company’s largest union, the Union Sindical Obrera, also intensified pressure against Roa. Following a statement demanding action from the board of directors, the union warned that it could mobilize workers in ways that might disrupt Ecopetrol’s operations. So far, no strike has been mentioned, but some worker sectors see it as the only way to force Roa’s departure.
At the Ecopetrol General Shareholders’ Meeting, boos and accusations against Roa were widespread, and the atmosphere was tense. Shareholders questioned his continuation in office and called for his resignation. These protests continued through several interventions, always criticizing the company’s financial situation and recalling the investigations Roa faces.
Board Chair defends presumption of innocence
In this context, an unexpected proposal arose: to change the agenda and include a point to discuss Roa’s continuation. The assembly rejected the idea, intensifying disputes between Roa’s supporters and detractors. After this decision, the boos continued. In the end, it became clear how Ecopetrol’s shareholding structure affects decisions: 88.49% of shares are held by the State (read: Petro’s government), and the remaining 11.51% are owned by private investors and individuals, with very limited ability to influence the agenda or the company.
Board Chair Angela Maria Robledo, aligned with President Petro, called for order and respect during interventions. “This is a country where indignation and opinions are valid, but it is important that you hear what the Board of Directors is doing,” she told attendees, later defending the board’s actions in maintaining Roa in office.
“The allegations […] do not eliminate the constitutional principle that we all have in Colombia […] of presumption of innocence, which also applies to President Ricardo Roa. The Board of Directors, here before you, reiterates that we act with due diligence…,” she said. A new board meeting is scheduled for next Monday to address the issue of Roa’s continuation. The company continues to face significant reputational strain.