ISA's Board Chairman Explained Jorge Carrillo's Departure and Why It Was Without Cause
At ISA's annual ordinary shareholders' meeting, the chairman of the board of directors, Juan Pablo Zárate Perdomo, presented a company report with financial results and explanations regarding Jorge Carrillo's departure from the presidency.
TL;DR
- ISA reported strong 2025 financial results with an EBITDA of $8.7 trillion and a net profit of $2.4 trillion.
- The company is advancing its ISA 2040 roadmap to become a key player in Latin America's energy transition.
- The departure of former president Jorge Carrillo was explained as a legal necessity after his election was declared null by the Council of State.
- ISA terminated Carrillo's contract without just cause, as required by law to avoid legal repercussions and economic risks.
- EPM, an ISA shareholder, expressed concerns about alleged institutional deterioration and failures in corporate governance, citing Carrillo's departure and other appointments.
- EPM questioned the modification of job profiles, limited candidate evaluations, and lack of clear justification for certain appointments, as well as changes in the organizational structure that could weaken internal controls.