The decision, communicated through the Financial Superintendence, validated a registration that had been initially approved by the Chamber of Commerce of Medellín on January 10.
Colombia's Superintendency of Companies has confirmed the registration of Jorge Andrés Carrillo as president of Interconexión Eléctrica (ISA), resolving a long legal dispute that questioned the transparency of his appointment.
The ruling put an end, at least temporarily, to months of controversy and confirmed the executive's appointment as head of the energy company of the Ecopetrol Group.
The decision, communicated through the Financial Superintendence, validated a registration that had been initially approved by the Chamber of Commerce of Medellín on January 10.
However, this appointment, which dates back to August 2024, was from the beginning shrouded in allegations of irregularities, legal appeals and accusations of lack of transparency, straining the administrative landscape of one of the main energy companies in the coffee-growing country.
The origin of the controversy dates back to November 2024, when the Medellín Chamber of Commerce registered Carrillo's appointment as president of ISA. This process was immediately challenged by shareholder Julio César Yepes, who alleged omissions in the minutes and documents that supported the election, calling them incomplete and potentially irregular.
Yepes was not alone in his objections. The Council of State, after receiving a request for electoral nullity filed by Antioquian deputy Luis Eduardo Peláez, requested additional details about the minutes of the ISA board of directors. The high court demanded clarification of whether the process had complied with the legal requirements and whether Carrillo had effectively taken office amid the controversies.
While these appeals were being processed, the Medellín Chamber of Commerce temporarily suspended Carrillo's registration, leaving the company in a state of administrative paralysis. During this period, the executive was unable to sign contracts or make crucial strategic decisions, limiting his operational capacity.
The resolution issued by the Superintendency of Companies confirmed that the extract of the appointment certificate complied with the legal requirements. According to the entity, Yepes' arguments lacked sufficient legal basis to invalidate the registration.
This ruling allowed Carrillo to fully assume his duties as president of ISA from January 24, 2025.
However, the case is not completely closed. The request for electoral annulment is still pending before the Council of State, which keeps a veil of uncertainty over Carrillo's stability in office. This body could annul the appointment if it finds irregularities in the selection process, leaving the company once again at a crossroads.
HOW DID CARRILLO BECOME PRESIDENCY?
Carrillo's appointment in August 2024 was marked by divisions within ISA's nine-member board of directors, including prominent figures such as Ricardo Roa, president of Ecopetrol, and David Riaño, vice president of Low Emissions Solutions at the same company.
Five of the members supported his appointment, while four opposed it, reflecting a polarization that has complicated his administration. Critics point to possible political influences in the decision, given the support Carrillo received from President Gustavo Petro. These tensions have generated distrust among shareholders and analysts in the energy sector.
As Carrillo begins to fully exercise his functions, ISA faces significant challenges, both internal and external. The company must restore investor confidence and overcome the impact of legal conflicts on its reputation.
In addition, he will have to efficiently manage the company's strategic projects in a context where public and business perception has been hit by controversies.
Despite the criticism, ISA has reiterated that Carrillo is qualified to lead the company and that the process of his election was legitimate.
However, until the Council of State issues a final ruling, uncertainty will continue to weigh on the company's management.
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