COLOMBIA · BUSINESS
Key Facts
- —What is happening Ecopetrol, which owns 51.4% of power group ISA, is the named author of a draft bylaw reform that would let shareholders replace the whole board and let the board run the chief executive search, for a vote on Wednesday, 28 October.
- —Why it matters The proposal follows three resignations by Ecopetrol nominees since July and months of interim leadership at ISA, and it echoes the board reset Ecopetrol completed at home on 15 September.
- —The numbers Nine board seats go to election on 28 October; ISA’s first-half net profit was COP 1.25 trillion (about US$392 million), and its credit rating is Baa3 with a negative outlook.
- —Who is who Ecopetrol is Colombia’s state-controlled oil company, listed in New York; ISA is its Medellín-based power transmission arm; pension funds nominate three of nine ISA directors and the city utility EPM one.
- —What to watch Shareholders register until noon on Tuesday, 27 October, and vote online on Wednesday, 28 October; no candidate slate had been published by Thursday, 15 October, and the vote needed is not stated.
- —Power Index Colombia ranks 6th of 14 in The Rio Times Latin America Power Index, with 51.9 points (October 2026 edition).
- —What it means for you Investors in Ecopetrol’s New York shares (EC) hold a parent that could reshape ISA’s board, and ISA’s rating sits at the lowest investment-grade step, tied to its parent’s finances.
Ecopetrol, the state oil firm that controls ISA, is the named author of looser rules for picking ISA’s directors and chief executive. Shareholders vote on Wednesday, 28 October.
Ecopetrol, Colombia’s state oil company, is named as the source of a plan to overhaul the ISA board and ease CEO selection. ISA posted the draft bylaw reform, which it says it received from Ecopetrol, before a shareholder meeting on Wednesday, 28 October.
ISA, formally Interconexión Eléctrica, is a Medellín-based group that runs power lines in Colombia, Brazil, Chile, Peru and Bolivia. Ecopetrol holds 51.4% of its shares, and the draft would change how the board and the president are chosen.
Two Changes in the Draft Bylaws
The first change concerns slates, the candidate lists that shareholders vote on. Today each slate must include at least three directors from the previous term, two of them independent.
The draft says a slate should only seek to keep at least three current directors. That aim cannot be a condition for validity or block a full renewal of the board.
The second change moves the chief executive search to the board. Today the Talent Committee, or its stand-in, runs it with advice from an executive search firm, known as a headhunter.
Under the draft, the board plans and manages the process, with optional help from the committee or another body it designates. Using a headhunter also becomes optional.
The draft keeps the selection criteria in Article 34 and requires a reasoned evaluation of candidates and written reasons for the appointment. Its explanatory note says it aims to preserve continuity while letting shareholders decide the board’s make-up.
Who Sits on the ISA Board Today
ISA’s nine-seat board was elected in March 2026 for a term running to March 2028. Ecopetrol nominated five directors, the pension funds three and Empresas Públicas de Medellín (EPM), the city’s public utility group, one.
Three Ecopetrol nominees have resigned since July without stated reasons, and ISA’s filings record no replacements. They are Ricardo Roa Barragán on 30 July, David Alfredo Riaño Alarcón on 26 August and Mónica de Greiff on 12 October.
La FM says minority holders, including pension funds, want to keep Juan Pablo Zárate Perdomo, Germán Arce Zapata and Astrid Martínez Ortiz. It adds that Ecopetrol’s nominees Fabiola Leal Castro and Álvaro Torres are expected to leave, without naming a source.
La FM’s text credits ISA with the reform, but ISA’s own meeting page says the draft came from Ecopetrol. Valora Analitik also attributes it to Ecopetrol, which it says holds 51.41% of ISA.
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Ecopetrol
NYSE: ECECOPETROLEnergyOil & Gas Integrated
$36.02B
Market cap
Analyst target $14.30
Wall Street view
2.4Reduce/ 5
0 Buy7 Hold4 Sell
Avg. price target $14.30 · -2% vs 200-day
Valuation & profitability
Market cap$36.02B
Revenue (TTM)$125.67T
P / E ratio9.5
Profit margin10.2%
Return on equity16.0%
Price & risk
52-wk low
$8.1652-wk high
$18.38
Beta (volatility)-0.04
200-day average$14.65
Revenue trend · 6y
20202025
Latest $111.48T
Ownership
Institutions1.4%
Shares outstanding2.06B
Top holderBlackRock Inc
Institutional holders5+ funds
Dividend
No regular dividend — earnings reinvested for growth.
What Ecopetrol does. Ecopetrol S.A. operates as an integrated energy company. It operates through four segments: Exploration and Production; Transport and Logistics; Refining and Petrochemicals; and Energy transmission and Toll Roads Concessions. The Exploration and Production segment engages in the exploration and production of oil and gas. The Transport and Logistics segment is involved in…
Ecopetrol Made a Similar Change at Home
On Tuesday, 15 September, Ecopetrol’s shareholders approved a reform of Article 20 of its bylaws on board make-up and renewal. The Finance Ministry proposed it, and 99.67% of the votes were in favour, Ecopetrol’s filing shows.
The meeting also set aside internal rules requiring a minimum of sitting directors and elected all nine directors at once. The waiver lasts until its internal governance rules are aligned with the new article.
On Thursday, 24 September, that board unanimously named Joaquín Gutiérrez Caballero president, effective Monday, 28 September. A board committee ran the search under Ecopetrol’s existing succession policy, whereas ISA’s draft would put its full board in charge.
Why ISA Has Been in Flux
ISA has had interim leaders since the Consejo de Estado, Colombia’s top administrative court, annulled the election of president Jorge Andrés Carrillo. Olga Patricia Castaño has held the post since early May and signed the 7 October notice.
ISA said on Monday, 3 August, that Moody’s cut it to Baa3 from Baa2, the lowest investment-grade step, with a negative outlook. Moody’s cited the downgrade of Ecopetrol, whose 51.4% stake and influence over governance and financial policy tie the two credits together.
What It Means for US Readers
Ecopetrol trades in New York under the ticker EC and files annual reports with the US Securities and Exchange Commission. Its filings say the 51.4% stake in ISA gives it power transmission in Brazil, Chile, Peru and Bolivia.
ISA’s shares trade in Bogotá and over the counter in the US as IESFY. Its first-half net profit was COP 1.25 trillion (about US$392 million) on revenue of COP 8.6 trillion (about US$2.69 billion).
What Is Not Known
Neither the meeting notice nor the draft names a candidate, and ISA’s meeting page showed no slate on Thursday, 15 October. The vote needed to pass the reform is not stated, nor is the stance of pension funds or EPM.
ISA’s filings give no reasons for the three resignations and no date for naming a permanent president. They also do not confirm La FM’s list of who stays and who leaves.
Ecopetrol’s disclosure page listed no separate filing on ISA on Thursday, 15 October. The draft’s authorship therefore rests on ISA’s web page and Valora Analitik.
What Comes Next
Shareholders can register until noon on Tuesday, 27 October, and meet online at 10 am on Wednesday, 28 October (Colombia time). They vote on the reform, an instruction to the board to align internal rules, and the election of nine directors.
If the reform passes, the board rather than its Talent Committee would run any search for a permanent president. Peso conversions use the official TRM of COP 3,197.65 per US$ for 15 October.
For context, see Colombia’s economy and key players and who holds power in Colombia. ISA’s business lines are in its company profile.
Frequently Asked Questions
What is ISA?
ISA, formally Interconexión Eléctrica, is a Medellín-based power transmission group that also runs toll roads and telecoms. Ecopetrol controls it with 51.4% of the shares.
Who proposed the ISA reform?
ISA’s meeting page says it received the draft bylaw reform from Ecopetrol, its controlling shareholder. La FM’s text credits ISA, while its headline credits Ecopetrol.
What would change for the ISA board?
A slate would no longer need to include at least three directors from the prior term, two of them independent. If approved, shareholders could replace the whole board.
How would ISA’s chief executive be chosen?
The board itself would plan and run the selection, with optional help from its Talent Committee. Hiring an executive search firm would become optional, and the board would have to document its reasons.
When is the vote?
ISA’s shareholders meet online on Wednesday, 28 October, at 10 am Colombia time. Registration closes at noon on Tuesday, 27 October.
Why should US investors care?
Ecopetrol trades in New York as EC and controls ISA, whose shares also trade over the counter in the US as IESFY. ISA said in August that Moody’s cut it to Baa3, citing the downgrade of Ecopetrol.
Sources: ISA, notice of extraordinary shareholders’ meeting, 7 October; ISA, extraordinary meeting page; ISA, draft bylaw reform; ISA, board election, March 2026; ISA, Roa resignation, 30 July; ISA, Riaño resignation, 26 August; ISA, De Greiff resignation, 12 October; ISA, Moody’s rating notice, 3 August; ISA, second-quarter 2026 results; Ecopetrol, decisions of the 15 September meeting; Ecopetrol, new president, 24 September; Ecopetrol, market disclosures; La FM, 15 October; Valora Analitik, 15 October; Valora Analitik, 5 May; Semana, 13 October; Superintendencia Financiera, TRM series (all accessed 15 October 2026).