The Ecopetrol workers’ union, the Union Sindical Obrera (USO), is intensifying pressure for Ricardo Roa, president of Colombia’s most important company, to step down. Following a statement issued earlier this week demanding action from the board of directors, the union has now warned that it could mobilize workers in ways that may disrupt Ecopetrol’s operations.
“The Union Sindical Obrera has always prioritized negotiation. However, we have not ruled out mobilization as a tool to defend workers’ interests,” USO president Martin Ravelo told the financial daily La Republica. “If our proposals are not addressed, we could call for it nationwide.”
If the warning were to materialize, around 25,000 workers — out of Ecopetrol’s total workforce of 87,000 employees and contractors — could halt their activities. Ravelo did not explicitly mention a strike, but rather mobilizations, which would nonetheless impact the company’s operations.
Ecopetrol board does not remove Ricardo Roa
Both the union’s statement and the mobilization warning came amid a board meeting held Thursday by the company’s nine directors, who are responsible for deciding Roa’s future. Despite several hours of deliberation, the majority appear inclined to keep him in the position — aligning with the stance of President Gustavo Petro.
The board scheduled another meeting for Tuesday next week. However, given the balance of power within the governing body — chaired by Angela Maria Robledo and seen as favorable to the government and Roa — little is expected to change. This is likely to further complicate the company’s financial, corporate governance, and reputational environment.
Roa remains at the center of controversy for two main reasons. First, 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 Gustavo Petro’s presidential bid — an unprecedented ruling in Colombia’s political history. Second, the Attorney General’s Office charged him with influence peddling, alleging that he improperly favored a close businessman in an energy project linked to Ecopetrol subsidiary Hocol.
According to prosecutors, Roa allegedly exerted influence over Luis Enrique Rojas, then president of Hocol, to ensure that the Chuchupa-Ballena LNG regasification project was awarded to a company tied to businessman Juan Guillermo Mancera. Such actions, authorities argue, would have violated the principles of transparency and objectivity required in public service.
Minority shareholders also call for Roa’s departure
Given the reputational damage these developments are causing Ecopetrol, the company’s minority shareholders have also urged action. In a letter sent to President Petro and the board, they warned that Roa’s continued leadership “devalues Ecopetrol’s shares and prevents the company’s president, board, and workforce from focusing on their duties.”
Shareholders argue that the allegations against Roa cannot be downplayed, particularly since Ecopetrol is listed on the stock exchanges of Colombia and New York, exposing it to international market scrutiny. As such, they contend that both the accusations and Roa’s refusal to resign have a direct impact on the company’s valuation, affecting both public and private investors.
They also reject the argument put forward by President Petro and Roa’s defenders regarding the presumption of innocence as justification for his remaining in office. While acknowledging that he has not been convicted, they believe that keeping him in the position on that basis is “contrary to the interests of Colombians and of Colombia.”