11:00 a.m. to 12:00 p.m.

Council of the Americas
1615 L St NW
Washington

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(Image: Juan Carlos Echeverry/COA)

Battling Corporate Corruption in Latin America: Lessons from Colombia

Council of the Americas will host a discussion with Juan Carlos Echeverry, the former chief executive of Ecopetrol.

11:00 a.m. to 12:00 p.m.

Council of the Americas
1615 L St NW
Washington

Share

(Image: Juan Carlos Echeverry/COA)

Overview

Large corporations face continuous risks of ethics violations and corruption. Legal frameworks to combat them are necessary. But does the most effective remedy come from within?

That was the lesson learned by Ecopetrol, Colombia’s state-owned oil firm, during a company-wide reform ushered in by low oil prices. By transforming its organizational culture of ethics and compliance – at relatively low cost – the firm saw large improvements in its operational performance and new value was generated through savings, safety standards, and ultimately, higher market capitalization.

Council of the Americas will host a discussion with Juan Carlos Echeverry, the former chief executive of Ecopetrol, who orchestrated the company’s organizational turnaround. In 2017, when he left his position as CEO, the firm’s net profits of $2.4 billion were 16 percent higher than in 2014, despite a 45 percent reduction in benchmark oil prices over that period. Now the head of EConcept, an economic consultancy, Echeverry will share the Ecopetrol experience, and discuss how the model of ethics as a business value proposition can pay similar dividends for any company wanting to enhance its operational standards and firm value. The lessons of Ecopetrol are timely learnings for a region emboldened by a spirit of good governance and business accountability.   

To register, email us at dcprograms@as-coa.org

RSVP no later than 3:00 p.m. the day before the event.