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Colombia to remove ministers from boards

Tuesday, November 24, 2015

Colombia will remove government ministers from the board of Ecopetrol SA and other state-controlled companies, potentially reducing political interference.

The government will create an autonomous agency to represent it in companies in which it has stakes to comply with guidelines of the Organisation for Economic Co-operation and Development, or OECD, Finance Minister Mauricio Cardenas said in a post on Twitter. Colombia is currently seeking membership of the group.

Source: Bloomberg