The private pension funds (AFP) expressed their concern about the situation within the Public Companies of Medellín (EPM) after learning of the massive resignation of the members of its board of directors, with the exception of its president, the mayor from Medellín, Daniel Quintero.
(In context: What will happen in Hidroituango after the resignation of the board of directors?)
And it is not for less, then the AFPs have invested some 3 trillion pesos from millions of Colombian workers in EPM, indicated the Colombian Association of Pension and Unemployment Administrators (Asofondos) this morning.
In a communication, said union made it clear that “respect for corporate governance rules is the guarantee for pension funds to participate in the development of solid companies that guarantee adequate returns to their members.”
(Read also: ‘Resignation of board members is not a crisis’: Grupo EPM)
He also said that without respect for corporate governance and the rules of transparency and deliberation, the adoption of decisions in an untimely or unilateral manner are inappropriate actions to protect the company and its investors.
For this reason, the union of private pension funds asks the directives of EPM that the necessary corrective measures are adopted so that situations such as those described do not recur.
(Also: Cost of Disaster Increase in Hidroituango; now it will be worth $ 16.2 billion)
Too, than reconstitute the board with members as soon as possible truly independent and with a proven career path, and allow this new board to review decisions made without the board’s acquiescence, in such a way as to return the best corporate governance practices to protect the company and its investors.
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