Leading Independent Proxy Advisory Firm iss Recommends Shareholders vote “for” seven of eight of GeoPark’S Highly Qualified Directors - GeoPark


Bogota, Colombia – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina, today announced that the leading independent proxy advisory firm, Institutional Shareholder Services (“ISS”), has recommended that all GeoPark shareholders vote the WHITE proxy card “FOR” seven of eight of GeoPark’s highly qualified directors at the Company’s Annual General Meeting of Shareholders, scheduled for July 15, 2021.

In making its recommendation, ISS noted:

  • “The dissident has not made a compelling case for change.”
  • “The board has also been refreshed significantly over the past year and appears to be making a good-faith effort to improve corporate governance – together, these factors suggest the board is not beholden to the CEO as argued by the dissident.”
  • “GPRK is executing on a strategy that appears to be accepted by the market, has demonstrated flexibility and proactivity in the process, and appears to have made a good-faith effort to improve board composition and corporate governance.”
  • “The board is not only more independent, but three of the eight directors have been added within the past year, and a quarter of the board is now female (including the chair).”
  • “While GPRK has operations in several counties, it is clear that the focus remains on Colombia. GPRK recently acquired additional acreage in the core geography, appointed two Colombian directors in the past year, and has exited two other markets. These actions not only support the core operation but demonstrate a willingness to explore and execute on strategic alternatives.”
  • “[T]here does not appear to be an evident reason for shareholders to doubt GPRK’s leadership or strategy at this juncture, and the dissident has not made a compelling case otherwise.”

“We are pleased that ISS recognizes the governance enhancements GeoPark has made over the past several years, including the significant refreshment of our Board with highly experienced and independent directors and a strong focus and oversight of our core assets in Colombia. ISS recognizes the Board’s important role in actively overseeing GeoPark’s proven strategy focused on low-cost, high- margin assets, which is delivering sustainable shareholder value and has resulted in a more than 18- year track record of growth and operational efficiency. We encourage GeoPark shareholders to vote for all of GeoPark’s nominees on the white proxy card,” said Sylvia Escovar, Independent Chair of GeoPark’s Board of Directors.

Consistent with GeoPark’s ongoing Board refreshment and corporate governance enhancements, Mr. Pedro Aylwin Chiorrini has resigned from the Board’s Nomination and Corporate Governance Committee, accelerating the Board’s transition to maintain fully independent Board committees. Following Mr.

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