Corporate Responsibility and TESG

Materiality and stakeholders

Materiality

(102-21) (102-29)

The Company updated its materiality, including inputs from all stakeholders, and conducted an analysis of the risks, challenges, and goals associated to Company activities and its aspiration and long-term vision.

The exercise was deployed for Ecopetrol Group, resulting in 28 material elements classified into four levels of prioritization:

The results of the Materiality assessment were reviewed and approved by Ecopetrol’s Board of Directors and constitute the foundations of the TESG pillar under the corporate strategy approved by this governing body in December 2021.

(102-47)

Below is Ecopetrol S.A.’s prioritization of material elements:

Exceptional
Material
Elements

Climate Change
Integrated Water Management
Local Development

Differentiated
Material
Elements

Corporate Governance
Diversity and Inclusion
Business Ethics and Risk Culture
Operational Continuity System

Featured
Material
Elements

Biodiversity
and Ecosystem Services
Circular Economy
Energy Use and
Alternative Sources
Fuel Quality
Talent Attraction, Development, and Retention
Air Quality
Occupational Health and Industrial Safety
Process Safety

Compliance
Material
Elements

Transparency and Prevention of Compliance Risks
Publicity of information
Divestiture of Wells and Facilities
Supply Chain Management
Cultural Heritage (Ethnic and Archaeological)
Labor Standards
Real Estate Property Rights Management
Land Use
Areas of Conservation and Environmental Protection
Public Policy
Comprehensive Management System
Access to Information and Citizen Participation
Prevention and Management of Incidents caused by Third Parties

Of the 28 prioritized elements, some are material, as they are related to the risks and impacts managed and generated by one or more of the Group’s subsidiaries, and others respond specifically to the needs, challenges, and ambitions of Ecopetrol S.A. and its stakeholder groups. The focus of this report is placed on the exceptional and outstanding elements.

Click on each of the exceptional and outstanding material elements to learn about Ecopetrol’s management, impacts, and achievements.

Stakeholder groups

Identification and
Selection of Stakeholders

(102-40) (102-42)

In 2020, an update of stakeholder groups was conducted, incorporating various considerations: the adoption of an inclusive definition, the inclusion of groups whose relationship needs to be managed by the Company by implementing concrete actions, the consideration of the different shared interests between stakeholder groups, and the fact that interests are not only valued in economic terms, but rather involve a multidimensional approach. All of the above was updated under the application methodology of the AA1000 standard.

Gráfico 22.
Stakeholder Group

Clients

Shareholders and Investors

State

Society and Community

Employees, Pensioners, and their Beneficiaries

Associates and Partners

Suppliers, Contractors, and their Workers

Source: Secretary General

Click on this link to see the subgroups under the Stakeholder Groups.

Click on this link to learn more about the TESG pillar of the strategy.

In 2021, Ecopetrol had

more than 135,000

stakeholders, between
people and organizations,

according to the databases and the information provided by the Vice Presidencies responsible for such relationships.

(102-29) (102-43)

according to the databases and the information provided by the Vice Presidencies responsible for such relationships.

Shareholder and investor satisfaction survey.

he Citizen Participation Office (OPC by its Spanish acronym) creates and facilitates spaces for interaction between stakeholder groups and Ecopetrol, and receives and addresses petitions, complaints, claims, and requests (PQRS, by its Spanish acronym).

For Employees, the Vice Presidency of Human Talent annually conducts the “Look in the Mirror” survey to assess the degree of approval of the Cultural Statement by the Employee subgroup. (Link to website with survey results)

Suppliers and contractors have a functional mailbox at their disposal: relacionamiento.proveedores@ecopetrol.com.co where they can submit inquiries and/or opinions, congratulations, perceptions, or actions for improvement. Also, all calls received through the contact center, (601) 234-5000 option 3, end with a service satisfaction survey.

The Vice Presidency of Supply conducts semi-annual surveys through the Contact Center Americas to gather the perceptions of suppliers about the relationship channels offered by the Company. Surveys are also conducted at the end of these interaction spaces to collect the perception of suppliers.

The Commercial and Marketing Vice Presidency conducts an annual evaluation of external clients together with the National Consulting Center (CNC) to gather the opinions and perceptions regarding the service provided by Ecopetrol, measure loyalty, and identify the needs and concerns of this stakeholder group.

Stakeholder Perception and
Expectation Survey

(102-21) (102-29) (102-43)

The Corporate Responsibility Management, as the unit responsible for safeguarding Ecopetrol’s reputation as a corporate citizen and for providing guidelines to the Company TESG, conducts the Stakeholder Perception and Expectation Survey on an annual basis. The purpose of this survey is to evaluate Ecopetrol as a corporate citizen and to learn about the assessments and expectations of the stakeholders regarding the Company’s management of the “Generate Value with TESG” pillar under its strategy, represented by the material elements and other corporate responsibility matters. The results of the survey are submitted to the Corporate Governance and Sustainability Committee of the Board of Directors. These are also important inputs to build the annual relationship plans for each Stakeholder, and to conduct materiality assessment that defines the structure and content of this report.

(102-44)

In relation to the material elements, the Company’s seven (7) stakeholder groups presented the following prioritization:

15. Se reemplaza la frase “Biodiversidad y servicios ecosistémicos” por “Cambio climático” respecto de la versión publicada para derecho de inspección.