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EPM is owned by the Municipality of Medellin through the Mayor, who in turn acts as Chairman of the Board of Directors and appoints the CEO and other Board members; 5 are appointed freely and 3 are chosen from the control spokespersons registered in the Social Control of Public Utilities Committees.
Nonetheless, any decision changing the Company’s bylaws, dividends policy or agreements ruling the operation of the entity, shall be discussed and approved by the Council of Medellin, an administrative corporation chosen by the people.
Relations between the Municipality of Medellin and EPM
EPM is an autonomous enterprise which has operated independently from the Municipality since its foundation in 1955. The Municipality’s participation in the Company is submitted to the rules established in article 27 of Law 142 of 1994 since it acts as the sole owner of this state-owned industrial and commercial enterprise.
EPM and the Municipality of Medellin have traditionally encouraged to separate the roles shared by both entities, which are primarily summarized as follows:
- The Municipality as the owner.
- The Municipality as a territorial entity.
- The Municipality as a customer of EPM.
This Independence represents an increasingly efficient management and more transparency in the actions conducted by each entity. Hence, there are different formal communication channels with the Municipality for each of the different roles performed, as follows:
- Role as an Owner: This is exercised acting as the Chairman of the Board and is ruled by the Framework Relations Agreement, a document that establishes the principles which define the actions of both entities and their obligations relative to the growth and sustainability of EPM.
- Role as a Territorial Entity: Relative to the taxes (property, industry & trade, etc.) which should be paid to the Municipality, EPM is treated, tax-wise, as any other individual or corporation, without any special agreements with the Municipality.
- Role as a Customer: EPM does not grant the Municipality of Medellin any special treatment or frees it from paying the public utilities it provides.
Dividends Policy
Pursuant to Agreement No. 69 of 1997, by which a state-owned industrial and commercial enterprise is transformed, EPM shall deliver to the Municipality dividends (“transfers”) equivalent to 30% of its adjusted net income. Nonetheless, exceptional cases requested by the Mayor of Medellin may lead to decree dividends above this amount, which shall be approved by the Municipality Council. The Municipality Council of Economic & Social Policy –COMPES- determines the surplus to be transferred every year.
