ISA President Dispute: Shareholder Urges Action After Council of State Ruling
The legal battle surrounding the leadership of Colombian energy company Interconexión Eléctrica S.A. (ISA) has escalated, with a minority shareholder requesting urgent intervention from the nation’s Attorney General, Gregorio Eljach Pacheco. The request centers on ISA’s decision to suspend, rather than terminate, the contract of President Jorge Andrés Carrillo Cardoso following a ruling by the Council of State that invalidated his election.
Julio César Yepes, the shareholder who brought the original challenge to Carrillo’s appointment, formally petitioned the Attorney General’s office to oversee compliance with the February 26th Council of State ruling. According to Yepes, ISA’s decision to suspend Carrillo’s contract is a deliberate tactic to delay the full implementation of the court’s decision.
The Council of State’s ruling, as reported by El Colombiano and Pulzo, found that the election of Carrillo violated the principle of administrative morality. The court determined that the ISA’s board of directors deviated from established transparency standards by substantially altering evaluation criteria mid-process and disregarding the findings of the recruitment firm Korn Ferry.
Following notification of the judicial ruling, ISA’s board convened an extraordinary meeting on February 27th and announced the temporary suspension of Carrillo’s contract, pending a final decision once the sentence becomes firm. Yepes argues that a “suspension” is legally inappropriate when the basis for the contract – the invalidated election – has been nullified. He contends that the contract should have been terminated immediately.
Yepes’s petition to the Attorney General alleges that ISA’s board is “abusing the rights of the majority” by prolonging Carrillo’s employment status, characterizing the move as a stalling tactic. He further communicated with ISA’s interim president, Gabriel Jaime Melguizo, requesting information regarding the steps being taken to initiate a new selection process for a president, asserting that delays violate both the company’s bylaws and its Corporate Good Governance Code.
According to Yepes, ISA has yet to demonstrate any concrete actions taken to comply with the Council of State’s order. He believes intervention from the Attorney General’s office is crucial to restore public trust in the institution and ensure adherence to judicial decisions. The Council of State has confirmed the annulment of Carrillo’s election, as detailed on its official website.
The situation remains unresolved as Yepes awaits a response from the Attorney General’s office and further action from ISA regarding the presidential selection process.