LatinNews Regional Monitor: Andean Group - 27 March 2018

Colombia: Colombia’s finance minister, Mauricio Cárdenas, has announced his immediate withdrawal from the executive boards of Ecopetrol, Colombia’s state-owned oil company, and Financiera de Desarrollo Nacional (FDN), a service provider for infrastructure projects headquartered in Bogotá. The decision honours commitments made by the Colombian government to the Organisation for Economic Co-operation and Development (OECD) to allow state-owned enterprises to be managed with greater independence. Cárdenas commented that “the objective is for the state to manage its businesses without facing conflicts of interest”. A finance ministry press release notes that 16 ministers served on executive boards in March 2015, but that number has now reduced to zero.

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