Ricardo Roa, Ecopetrol's president, stated he will not step down despite a formal charge of influence peddling by prosecutors. In an interview with Cambio magazine, he defended his position, saying it has not altered the company's risk matrix. He emphasized acting with full transparency toward international markets.
Ricardo Roa made clear in his Cambio interview that the charges do not warrant his departure from Ecopetrol. "No change in Ecopetrol's risk matrix since the indictment day compels me to do so. I know I have done things right, with ethics and professionalism," he stressed.
Prosecutors charged him with influence peddling linked to buying an apartment from a former owner with Ecopetrol interests. He also faces allegations of exceeding spending limits in the Petro Presidente campaign, which he managed. Despite calls from the Unión Sindical Obrera (USO) and shareholders after Ecopetrol and ISA assemblies, he has support from the Board and President Gustavo Petro, citing presumption of innocence.
Roa pointed to transparency: Ecopetrol disclosed via 6-K form to the SEC and in the 20-F report. No notifications from U.S. authorities yet, with the Board monitoring shareholder interests.
Challenges include a 73% drop in net profits, from 33.4 trillion pesos in 2022 to 9 trillion in 2025. Roa blamed low oil prices, inflation, peso appreciation, and new taxes, totaling a 5.6 trillion peso impact. Analysts note Petrobras and YPF faced similar headwinds without such sharp declines.
