ABOUT ECOFONDO Oleoducto de Crudos Pesados (OCP) Ecuador S.A
OCP Ecuador S.A. is a private Ecuadorian company that operates the OCP, complying with the highest environmental safety standards and taking a socially responsible approach. Presently, the company has crafted a successful social program which has completed over 560 works and actions in benefit of the communities of influence of the OCP. OCP is the second oil pipeline in Ecuador for evacuating its crude oil from the city of Nueva Loja up to the Province of Esmeraldas . It has private capital and risk and the OCP will be handed over to the Government after 20 years of operation, free of cost. Encana Corporation
EnCana is a Canadian company whose affiliates, EnCanEcuador S.A. and AEC Ecuador Ltd. conducted business in Ecuador until 2006. EnCana has decided to make direct contributions to EcoFund for long-term environmental conservation projects in Ecuador .
EcoFund Foundation Ecuador (“EcoFund Foundation”)
OCP Ecuador S.A. and EnCana created an independent entity for supporting and supervising the projects of the EcoFund. EcoFund Foundation is a nonstock, nonprofit corporation organized under the laws of Delaware, United States of America . It has a Board of Directors and an Executive Director who work closely with FAN in selecting and approving projects to be funded by EcoFund.
The Board of Directors of the EcoFund Foundation is a decision-making and strategy plotting body that ensures compliance with the terms established in the Agreements. The Board of Directors of EcoFund Foundation is composed of representatives of OCP Ecuador S.A. and its shareholders, and the national and international scientific community. The powers and duties of EcoFund include, among others:
- To ensure that the EcoFund objectives are accomplished and are framed within the parameters defined in the Agreements.
- To approve in writing the Guidelines and Procedures of EcoFund and any modification thereto, in accordance with the terms stipulated in the Agreements.
- To approve the annual Work Plan submitted by FAN for the operation of the EcoFund Program, based on the terms and conditions established in the Agreements.
- To approve and authorize the Fondo Ambiental Nacional to open special invitations to submit projects.
- To recommend and/or provide feedback for technical, methodological and administrative procedures that contribute to improving EcoFund's endeavors.
- To request from FAN and/or the Secondary Beneficiary (defined below) any information concerning the execution of EcoFund.
- To review periodically the financial situation of EcoFund in terms of available resources, committed resources and executed resources.
- To review periodically the progress in the execution of the projects funded by EcoFund´s resources.
