Pressure mounts on Ricardo Roa: minority shareholders demand his exit from Ecopetrol due to impact on shares
Pressure on Ricardo Roa at the helm of Ecopetrol continues to increase. Minority shareholders requested that his stay not be treated as a secondary matter, considering that it directly affects the company's performance.
TL;DR
- Minority shareholders sent a letter to the President and Ecopetrol's board demanding Ricardo Roa's resignation.
- They argue Roa's continued presidency amid criminal accusations devalues Ecopetrol's shares and hinders company focus.
- The shareholders reject the presumption of innocence as a reason for Roa to remain in his position.
- They criticize the board of directors for backing Roa, implying political motivations over national interest and good corporate governance.
- The situation is seen as setting a precedent of permissiveness towards irregularities, projecting a negative image.