Company News Nov 23, 2021 5:36 PM
Former members of EPM’s Board of Directors supported the Right of Petition presented by the Veeduría “Todos Por Medellín” (All for Medellín).
The Veeduría asked the Superintendencia de Servicios Públicos (Superservicios) to take possession of EPM to manage it, based on a report from the entity, La Republica reported.
The report details the deterioration of confidence in the financial market due to non-compliance with Corporate Governance and the corresponding direct relation with the decrease in the credit rating.
Among the concerns of the Veeduría are the difficulties to extend the contract with the builders to advance in the development of the Hidroituango hydroelectric project.
For these reasons, the former board members of the corporate governance committee requested a quick decision to avoid further damage and for the good of “the future of the EPM Group, the city of Medellín and Colombia”.
Bottom-Line: The fact that these are ‘former’ board members either gives them the inside knowledge to understand what is going on or gives them an axe to grind, that calls their objectivity into question. Current EPM manager and the mayor will be arguing the latter. The Superservicios will have to assess how much of the former to take into account when making a decision.
We just wish grown ups were running this show.