ISA Ups the Ante: Fights to Uphold Jorge Carrillo’s Presidency
ISA has stepped up its defense of Jorge Carrillo’s presidency, submitting a document to the Medellín Chamber of Commerce and Superintendency of Companies (Supersociedades) seeking to deny a petition for a reconsideration of Carrillo’s registration as company president.
ISA’s document, dating December 18, challenges the arguments presented by minority shareholder Julio César Yepes in his attempt to contest the registration of Carrillo. The company requests that Yepes’ supporting documents be kept under wraps, following recent revelations of controversial minutes from meetings that led to Carrillo’s election, which have sparked criticism due to apparent irregularities and low evaluations by consulting firm Korn Ferry.
ISA asserts that Yepes’ arguments are based on a misunderstanding of the role of Chambers of Commerce in regulating acts subject to registration in the commercial registry. The company maintains that the requirements for assembly minutes, such as votes in favor and against a decision, do not apply to board minutes or excerpts.
ISA also challenges the extent of the Chambers of Commerce’s decision-making power, stating that they can only verify or avec registration through an exceptional procedure when authorized by law. The company stresses that ISA’s statutes and internal regulations governing board minutes were adhered to when Carrillo was elected.
In a passionate passage, ISA dismisses Yepes’ evidence as "impertinent, irrelevant, and useless," and calls for the appeal to be rejected and Carrillo’s registration to be fully confirmed.
The document, signed by Felipe Londoño Villegas, ISA’s representative legal counsel, underscores the company’s commitment to supporting Carrillo. This stance is mainly backed by Ecopetrol, ISA’s majority shareholder, despite being contested by minority shareholders, such as pension funds and EPM, who raise concerns about corporate governance and the company’s value.
A new board meeting is scheduled for this Friday, promising fireworks as representatives from Ecopetrol and minority shareholders prepare for a showdown.
