minutes 104 regular shareholders` meeting of interconexión

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minutes 104 regular shareholders` meeting of interconexión
MINUTES 104
REGULAR SHAREHOLDERS’ MEETING OF
INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.
th
In Medellin on the 27 day of March, 2015, at 09:00 a.m., the Regular Shareholders’ Meeting of
Interconexión Eléctrica S.A. E.S.P took place at the Antioquia Hall of Hotel Intercontinental de
Medellín, with the assistance of those listed below, in accordance with the registration of
shareholders conducted by FIDUCIARIA BANCOLOMBIA S.A., evidenced through official letter
C303700260 – GTC0577, filed at ISA under number 201588002169 on April 9, 2015:
NO. OF
SHARES
PROXY OR REPRESENTATIVE
SHAREHOLDER
LUCERO CAMPAÑA FRANCISCO MANUEL
MINISTRY OF FINANCE AND PUBLIC CREDIT
GIL DUQUE MARIA ALEJANDRA
GIL DUQUE MARIA ALEJANDRA
GIL DUQUE MARIA ALEJANDRA
EMPRESAS PUBLICAS DE MEDELLIN E.S.P.
CANO CORREA ALEJANDRO ESTEBAN
FONDO DE PENSIONES OBLIGATORIAS PORVENIR
MODERADO
79.322.882
CANO CORREA ALEJANDRO ESTEBAN
FONDO PENSIONES OBLIGATORIAS PORVENIR
CONSERVADOR
1.925.310
CANO CORREA ALEJANDRO ESTEBAN
FONDO PENSIONES OBLIGATOR. PORVENIR
MAYOR RIESGO
258.233
CANO CORREA ALEJANDRO ESTEBAN
FONDO ESPECIAL PORVENIR DE RETIRO
PROGRAMADO
1.546.525
CANO CORREA ALEJANDRO ESTEBAN
FONDO DE CESANTIAS PORVENIR
CANO CORREA ALEJANDRO ESTEBAN
FPV ACCIONES COLOMBIA PESOS
CANO CORREA ALEJANDRO ESTEBAN
FPV ALTERNATIVA 100 ACCIONES ISA
CANO CORREA ALEJANDRO ESTEBAN
F.P.V ALTERNATIVA 8 - DIVERSIFICADA EXTREMA
CANO CORREA ALEJANDRO ESTEBAN
FPV DIVERSIFICADO BASICO
CANO CORREA ALEJANDRO ESTEBAN
ALTERNATIVA 60
CANO CORREA ALEJANDRO ESTEBAN
ALTERNATIVA 68-EN SUS MANOS ESTUDIO 2022
CANO CORREA ALEJANDRO ESTEBAN
ALTERNATIVA 67-EN SUS MANOS ESTUDIO 2016
TAPIAS MEJIA MARCELA
FONDO DE PENSIONES OBLIGATORIAS
PROTECCION MAYOR R
1.577.500
TAPIAS MEJIA MARCELA
FDO DE PENSIONES OBLIGATORIAS PROTECCION
MODERADO
54.051.718
569.472.561
1.360
112.605.547
2.612.859
255.422
691.824
120.585
81.741
43.000
16.701
10.926
TAPIAS MEJIA MARCELA
FONDO DE PENSIONES OBLIGATORIAS
PROTECCION CONSERV
627.132
TAPIAS MEJIA MARCELA
FONDO DE PENSIONES OBLIGATORIAS
PROTECCION RETIRO
1.539.917
TAPIAS MEJIA MARCELA
FONDO CESANTIAS PROTECCIÓN - CORTO PLAZO
TAPIAS MEJIA MARCELA
FONDO DE CESANTIAS PROTECCION- LARGO
PLAZO
TAPIAS MEJIA MARCELA
FONDO DE PENSIONES SMURFIT DE COLOMBIA
TAPIAS MEJIA MARCELA
FONDO DE PENSIONES PROTECCION
TAPIAS MEJIA MARCELA
FDO DE PENSIONES PROTECCION - BALANCEADO
MODERADO
TAPIAS MEJIA MARCELA
FDO DE PENSIONES PROTECCION - ACCIONES ISA
TAPIAS MEJIA MARCELA
FDO DE PENSIONES PROTECCION - BALANCEADO
CONSERVAD
67.531
TAPIAS MEJIA MARCELA
FONDO DE PENSIONES PROTECCIONMUTOCOLOMBIA
50.000
TAPIAS MEJIA MARCELA
FONDO DE PENSIONES MINEROS ENERGETICO
TAPIAS MEJIA MARCELA
FDO DE PENSIONES PROTECCION - BALANCEA
CRECIMIENTO
TAPIAS MEJIA MARCELA
FONDO DE PENSIONES PROTECCION SUCROMILES
TAPIAS MEJIA MARCELA
PROTECCION - FONDO DE PENSIONES MI RESERVA
CORELLA VANESSA
ADVANCED SERIES TRUST - AST GOLDMAN SACHS
MULTI-AS
13.623
CORELLA VANESSA
ADVANCED SERIES TRUST - AST QMA EMERGING
MARKETS E
14.179
CORELLA VANESSA
AQUILA EMERGING MARKETS FUND
CORELLA VANESSA
BNY MELLON TRUST AND DEPOSITARY (UK)
LIMITED AS TR
102.158
CORELLA VANESSA
COMPASS EMP EMERGING MARKET 500
VOLATILITY WEIGHTE
7.753
CORELLA VANESSA
DREYFUS OPPORTUNITY FUNDS-DREYFUS
STRATEGIC BETA
567
CORELLA VANESSA
EMERGING MARKET EQUITY MANAGERS
PORTFOLIO 1 OFF-SH
9.100
1.589.993
1.264.150
48.308
737.662
661.952
280.783
36.443
34.013
13.850
11.573
78.828
CORELLA VANESSA
GUGGENHEIM MSCI EMERGING MARKETS EQUAL
WEIGHT ETF
CORELLA VANESSA
INVESTIN PRO F.M.B.A., GLOBAL EQUITIES I.
CORELLA VANESSA
LEGG MASON GLOBAL FUNDS PLC-LEGG MASON
BATTERYMARC
16.105
CORELLA VANESSA
LPI PROFESSIONEL FORENING, LPI AKTIER
EMERGING MAR
60.084
CORELLA VANESSA
THE SEVENTH SWEDISH NATIONAL PENSION FUND
- AP7 EQ
301.755
CORELLA VANESSA
VOYA EMERGING MARKETS INDEX PORTFOLIO
CORELLA VANESSA
WILMINGTON INTERNATIONAL EQUITY FUND
SELECT LP
CORELLA VANESSA
WILMINGTON MULTI MANAGER INTERNATIONAL
CORELLA VANESSA
ADVISOR MANAGED TRUST - TACTICAL OFFENSIVE
EQUITY
10.192
CORELLA VANESSA
FIDELITY SALEM STREET TRUST:SPARTAN GLOB EX
US IND
15.685
CORELLA VANESSA
FIDELITY SALEM STREET TRUST: SPARTAN
EMERGING MARK
CORELLA VANESSA
GLOBAL X FUNDS
CORELLA VANESSA
GLOBAL X/INTERBOLSA FTSE COLOMBIA 20 ETF
CORELLA VANESSA
THE NOMURA TRUST AND BANKING
CO,LTD.RE:INTER.EMERG
13.000
CORELLA VANESSA
VANGUARD EMERGING MARKERTS STOCK INDEX
FUND
6.183.987
CORELLA VANESSA
VANGUARD FTSE ALL-WORLD EX-US INDEX FUND
CORELLA VANESSA
VANGUARD FUNDS PUBLIC LIMITED COMPANY
CORELLA VANESSA
VANGUARD TOTAL WORLD STOCK INDEX FUND
CORELLA VANESSA
UBS LUX INSTITUCIONAL SICAV EMERGING
MARKETS EQUIT
50.202
CORELLA VANESSA
SCRI ROBECO CUSTOMIZED QUANT EMERGING
MARKETS FOND
197.527
CORELLA VANESSA
SCRI ROBECO INSTITUCIONEEL EMERGING
MARKEST QUANT
472.464
CORELLA VANESSA
STICHTING PGGM DEPOSITARY
7.036
9.794
65.926
6.791
13.178
40.708
25.610
987.362
414.847
54.675
43.966
1.278.693
CORELLA VANESSA
EMERGING MARKETS CORE EQUITY PORTFOLIO
OF DFA INVE
1.389.234
CORELLA VANESSA
EMERGING MARKETS SOCIAL CORE EQUITY
PORTFOLIO OF F
110.882
CORELLA VANESSA
PANAGORA DIVERSIFIED RISK MULTI-ASSET FUND
LTD
156.537
CORELLA VANESSA
T.A WORLD EX U.S. CORE EQUITY PORTFOLIO OF
DFA INV
31.226
CORELLA VANESSA
THE EMERGING MARKETS SERIES OF THE DFA
INVESTMENT
542.799
CORELLA VANESSA
COLONIAL FIRST STATETE INVESTMENT LIMITED
CORELLA VANESSA
COLONIAL FIRST STATE INVESTMENT LIMITED AS
CORELLA VANESSA
COLONIAL FIRST STATE INVESTMENTS LIMITED AS
RESPON
CORELLA VANESSA
NATIONAL COUNCIL FOR SOCIAL SECURITY FUND
CORELLA VANESSA
ALASKA PERMANENT FUND
CORELLA VANESSA
ARIZONA PSPRS TRUST
CORELLA VANESSA
AT T UNION WELFARE BENEFIT TRUST
CORELLA VANESSA
BELLSOUTH CORPORATION RFA VEBA TRUST
CORELLA VANESSA
CF DV EMERGING MARKETS STOCK INDEX FUND
CORELLA VANESSA
EATON VANCE MANAGEMENT
CORELLA VANESSA
11.492
14.259
57.923
94.547
87.493
20.345
26.614
8.496
17.162
7.140
EATON VANCE TRUST COMPANY COMMON TRUST
FUND-PARAME
23.200
CORELLA VANESSA
EATON VANCE COLLECTIVE INVESTMENT TRUST
FOR EMPLOY
544.469
CORELLA VANESSA
EVANGELICAL LUTHERAN CHURCH IN AMERICA
BOARDBOARD
6.679
CORELLA VANESSA
EVTC CIT FOR EBP-EVTC PARAMETRIC SEM CORE
EQUITY F
31.490
CORELLA VANESSA
INTERNA BANK FOR RECONSTRUCTION AND
DEVELOPMENTIBR
17.560
CORELLA VANESSA
LVIP BLACKROCK EMERGING MARKETS INDEX
RPM FUND
23.598
CORELLA VANESSA
NATIONAL TREASURY MANAGEMENT AGENCY (AS
CONTROLLER
22.059
CORELLA VANESSA
PANAGORA GROUP TRUST
CORELLA VANESSA
THE PENSION RESERVE INVESTMENT TRUST FUND
CORELLA VANESSA
PUBLIC EMPLOYEE RETIREMENT SYSTEM OF
IDAHO
CORELLA VANESSA
PUBLIC SECTOR PENSION INVESTMENT BOARD
CORELLA VANESSA
SAN DIEGO GAS ELECTRIC CON NUCLEAR FACILITY
QUALIF
CORELLA VANESSA
TEXAS EDUCATION AGENCY
CORELLA VANESSA
THE BANK OF NEW YORK MELLON EMPLOYEE
BENEFIT COLLE
CORELLA VANESSA
UNIVERSITY OF TEXAS
CORELLA VANESSA
UPS GROUP TRUST
CORELLA VANESSA
ABU DHABI RETIREMENT PENSIONS AND BENEFITS
FUND
111.551
CORELLA VANESSA
AMERGEN CLINTON NUCLEAR POWER PLANT
NONQUALIFIED F
CORELLA VANESSA
BAERUM KOMMUNE
CORELLA VANESSA
CITY OF LOS ANGELES FIRE AND POLICE PENSION
CORELLA VANESSA
COMMONWEALTH SUPERANNUATION
CORPORATION
CORELLA VANESSA
EXELON CORPORATION NUCLEAR DECOMMISSION
TRUST TAX
18.606
CORELLA VANESSA
FIDELITY SALEM STREET TRUST:FID SERIES GLOBA
EX US
53.392
CORELLA VANESSA
FORD MOTOR COMPANY DEFINED BENEFIT
MASTER T
5.904
CORELLA VANESSA
FUTURE FUND BOARD OF GUARDIANS
CORELLA VANESSA
MICROSOFT GLOBAL FINANCE
CORELLA VANESSA
MUNICIPAL EMPLOYESS ANN AND BEN FND OF
CHICAGO
8.393
CORELLA VANESSA
NATIONAL RAILROAD RETIREMENT INVESTMNET
TRUST
40.719
CORELLA VANESSA
NAV CANADA PENSION PLAN
204.726
81.009
53.140
94.640
10.900
113.368
185.722
24.498
157.939
2.057
1.896
62.531
17.013
180.667
36.817
43.480
CORELLA VANESSA
NEW ZEALAND SUPERANNUATION FUND
CORELLA VANESSA
NORTHERN EMERGING MARKETS EQUTY FUND
CORELLA VANESSA
NORTHERN TRUST INVESTMENT FUNDS PLC
CORELLA VANESSA
NTGI-QM COMMON DAILY ALL COUNTRY WORLD
EX-US EQUIT
CORELLA VANESSA
NTGI QM COMMON DAILY ALL COUNTRY WORDL
CORELLA VANESSA
NTGI-QM COMMON DAILY EMERGING MARKETS
EQUITY INDEX
2.792
CORELLA VANESSA
NTGI-QM COMMON DAILY EMERGING MKTS
EQUITY INDEX F
38.613
CORELLA VANESSA
NTGI-QUANTITATIVE MANAGEMENT COLLECTIVE
FUNDS TRUS
565.978
CORELLA VANESSA
OYSTER CREEK NUCLEAR GENERATING STATION
QUALIFIED
3.746
CORELLA VANESSA
PYRAMIS GLOBAL EX U.S. INDEX FUND LP
CORELLA VANESSA
QS INVESTORS DBI GLOBAL EMERGING MARKETS
EQUITY FU
69.933
CORELLA VANESSA
STICHTING BLUE SKY ACTIVE EQUITY EMERGING
MARKETS
38.976
CORELLA VANESSA
TEXAS SCOTTISH RITE HOSPITAL FOR CRIPPLED
CHILDREN
8.682
CORELLA VANESSA
THE BUNTING FAMILY EMERGING EQUITY LIMITED
LIABILI
10.385
CORELLA VANESSA
THREE MILE ISLAND UNIT ONE QUALIFIED FUND
CORELLA VANESSA
UTAH STATE RETIREMENT SYSTEMS
CORELLA VANESSA
VERDIPAPIRFONDET KLP AKSJE FREMVOKSENDE
MKR IDKS I
CORELLA VANESSA
WHEELS COMMON INVESTMENT FUND
CORELLA VANESSA
ACWI EX-US INDEX MASTER PORTFOLIO OF
MASTER INVEST
6.953
CORELLA VANESSA
AMERICAN INTERNATIONAL GROUP INC
RETIREMENT PLAN
4.859
CORELLA VANESSA
BLACKROCK INSTIT TRUST CO. N.A. INVEST FUNDS
FOR E
31.985
CORELLA VANESSA
BLACKROCK ASSET MANAGEMENT SCHWEIZ AG
ON BEHALF OF
65.867
137.048
98.174
10.835
10.803
20.511
2.505
64.223
98.901
3.632
1.859
CORELLA VANESSA
BLACKROCK CDN ACWI ALPHA TILTS FUND
CORELLA VANESSA
BLACKROCK CDN MSCI EMERGING MARKETS
INDEX FUND
44.618
CORELLA VANESSA
BLACKROCK MSCI EMERGING MARKET EQUITY
ESG SCREENED
18.957
CORELLA VANESSA
BLACKROCK INSTITUTIONAL TRUST COMPANY
N.A.
2.973.816
CORELLA VANESSA
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC
CORELLA VANESSA
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT
SYSTEM CALP
1.002.351
CORELLA VANESSA
CALIFORNIA STATE TEACHERS RETIREMENT
SYSTEM CALSTR
132.652
CORELLA VANESSA
CITY OF NEW YORK GROUP TRUST
CORELLA VANESSA
COLLEGE RETIREMENT EQUITIES FUND
CORELLA VANESSA
COSMOPOLITAN INVESTMENT FUND
CORELLA VANESSA
DIVERSIFIED MARKETS (2010) POOLED FUND
TRUST
34.746
CORELLA VANESSA
EMERGING MARKETS EQUITY FUNDS SERIES OF
MOUNTAIN P
140.800
CORELLA VANESSA
EMERGING MARKETS EQUITY INDEX MASTER
FUND
344.048
CORELLA VANESSA
EMERGING MARKETS EQUITY INDEX PLUS FUND
CORELLA VANESSA
EMERGING MARKETS EQUITY TRUST1
CORELLA VANESSA
EMERGING MARKETS EQUITY TRUST 4
CORELLA VANESSA
EMERGING MARKETS EX-CONTROVERSIAL
WEAPONS EQUITY I
CORELLA VANESSA
EMERGING MARKETS INDEX FUND
CORELLA VANESSA
4.648
938.740
1.046.567
621.856
242.931
25.336
38.971
50.100
21.306
718.358
EMERGING MARKETS PLUS SERIES OF BLACKROCK
QUANTITA
58.195
CORELLA VANESSA
EMERGING MARKESTS INDEX NONLENDABLE
CORELLA VANESSA
FLOURISH INVESTMENT CORPORATION
CORELLA VANESSA
GE INVESTMENTS FUNDS, INC - TOTAL RETURN
FUND
263.030
658.105
12.838
CORELLA VANESSA
GEUT EMERING EQUITY PASSIVE 1
CORELLA VANESSA
GLOBAL EX-US ALPHA TILTS FUND
CORELLA VANESSA
GLOBAL EX-US ALPHA TILTS FUND B
CORELLA VANESSA
GOLDMAN SACHS FUNDS- GOLDMAN SACHS GIVI
GROWTH AND
CORELLA VANESSA
GOVERNMENT OF THE PROVINCE OF ALBERTA
CORELLA VANESSA
HIRTLE CALLAGHAN EMEGING MARKETS
PORTAFOLIO
211.400
CORELLA VANESSA
HC CAPITAL TRUST - THE INSTITUTIONAL
INTERNATONAL
16.956
CORELLA VANESSA
HC CAPITAL TRUST - THE INTERNATIONAL EQUITY
PORTFO
9.604
CORELLA VANESSA
INTERNATIONAL MONETARY FUND
CORELLA VANESSA
ISHARES CORE MSCI EMERGING MARKETS ETF
CORELLA VANESSA
ISHARES CORE MSCI TOTAL INTERNATIONAL
STOCK ETF
CORELLA VANESSA
ISHARES II PUBLIC LIMITED COMPANY
CORELLA VANESSA
ISHARES III PUBLIC LIMITED COMPANY
CORELLA VANESSA
ISHARES MSCI COLOMBIA CAPPED ETF
CORELLA VANESSA
ISHARES MSCI EMERGING MARKETS ETF
CORELLA VANESSA
ISHARES MSCI EMERGING MARKETS HORIZON ETF
CORELLA VANESSA
ISHARES MSCI EMERGING MARKETS LATIN
AMERICA ETF
CORELLA VANESSA
ISHARES MSCI EMERGING MARKETS VALUE ETF
CORELLA VANESSA
ISHARES PUBLIC LIMITED COMPANY
CORELLA VANESSA
ISHARES VII PLC ON BEHALF OF ISHARES MSCI EM
LATIN
7.359
CORELLA VANESSA
JOHN HANCOCK FUNDS II EMERGING MARKETS
FUND
311.840
CORELLA VANESSA
JOHN HANCOCK FUNDS II STRATEGIC EQUITY
ALLOCATION
23.285
64.500
6.230
7.793
1.611
171.800
4.802
568.679
26.834
116.187
17.989
224.599
2.594.452
1.446
6.831
4.180
576.337
CORELLA VANESSA
LEGG MASON BATTERYMARCH EMERGING
MARKETS TRUST
42.264
CORELLA VANESSA
LEGG MASON FUNDS ICVC - LEGG MASON
EMERGING MARKET
15.603
CORELLA VANESSA
MANAGED PENSION FUNDS LIMITED
CORELLA VANESSA
MINISTRY OF STRATEGY AND FINANCE
CORELLA VANESSA
MONETARY AUTHORITY OF SINGAPORE
CORELLA VANESSA
NEW YORK STATE TEACHER RETIREMENT SYSTEM
CORELLA VANESSA
PACIFIC SELECT FUND - PD EMERGING MARKETS
PORTFOLI
CORELLA VANESSA
PARAMETRIC EMERGING MARKETS FUND
CORELLA VANESSA
PARAMETRIC TAX-MANAGED EMERGING
MARKETS FUND
945.400
CORELLA VANESSA
PEAR TREE PANAGORA RISK PARITY EMERGING
MARKETS FU
45.457
CORELLA VANESSA
PRUDENTIAL TRUST COMPANY COLLECTIVE
TTRUST
55.578
CORELLA VANESSA
QMA EMERGING MARKETS EQUITY FUND
CORELLA VANESSA
SCHWAB EMERGING MARKETS EQUTY ETF
CORELLA VANESSA
SPDR MSCI BEYOND BRIC ETF
CORELLA VANESSA
SPDR SP EMERGING LATIN AMERICA ETF
CORELLA VANESSA
SSGA DAILY MSCI EMERGING MARKETS INDEX
NONLENDING
746.275
CORELLA VANESSA
SSGA EMER.MARKS.INDEX PLUS
NONLEND.COMMON TRUST FD
97.192
CORELLA VANESSA
SSGA EMERGING MARKETS MANAGED VOLATILITY
NON-LENDI
106.210
CORELLA VANESSA
SSGA GLOBAL EMERGING MARKETS INDEX EQUITY
FUND
6.836
CORELLA VANESSA
SSGA MSCI ACWI EX USA IMI SCREENED NONLENDING COM
5.515
CORELLA VANESSA
SSGA MSCI ACWI EX USA INDEX NON LENDING
DAILY TRUS
13.247
CORELLA VANESSA
SSGA RUSSELL FUNDAMENTAL GLOBAL EX-U.S.
INDEX NON-
3.239
238.731
170.744
40.067
171.608
8.404
901.290
11.199
145.408
1.477
18.147
CORELLA VANESSA
SSGA SPDR ETFS EUROPE I PLC
CORELLA VANESSA
SSGA SPDR ETFS EUROPE II PUBLIC LIMITED
COMPANY
CORELLA VANESSA
ST. JAMES' PLACE GLOBAL EQUITY UNIT TRUST
CORELLA VANESSA
STATE OF MINNESOTA
CORELLA VANESSA
STATE STREET GLOBAL ADVISORS EXEMPT UNIT
TRUST
15.245
CORELLA VANESSA
STATE STREET GLOBAL ADVISORS LUXEMBOURG
SICAV - SS
71.418
CORELLA VANESSA
STATE STREET GLOBAL ADVISOR LUXENBOURG
CORELLA VANESSA
STATE STREET GLOBAL EQUITY EX-US INDEX
PORTFOLIO
CORELLA VANESSA
STICHTING PHILIPS PENSIOENFONDS
CORELLA VANESSA
TEACHER RETIREMENT SYSTEM OF TEXAS
CORELLA VANESSA
TEACHERS RETIREMENT SYSTEM OF THE STATE OF
ILLINOI
28.526
CORELLA VANESSA
THE BANK OF KOREA
CORELLA VANESSA
THE GENERAL MOTORS CANADIAN HOURLY -RATE
EMPLOYEES
5.499
CORELLA VANESSA
THE GOVERNMENT OF HIS MAJESTY THE SULTAN
AND YANG
38.961
CORELLA VANESSA
TIAA-CREF FUNDS-TIAA-CREF EMERGING
MARKETS EQUITY
77.656
CORELLA VANESSA
UAW RETIREE MEDICAL BENEFITS TRUST
CORELLA VANESSA
UBS ETF- MSCI EMERGING MARKETS UCITS ETF
CORELLA VANESSA
WASHINGTON STATE INVESTMENT BOARD
CORELLA VANESSA
EMERGING EQUITY MOTHER FUND
CORELLA VANESSA
GLOBAL EQUITY MOTHER FUND
CORELLA VANESSA
FONDO BURSATIL ISHARES COLCAP
CORELLA VANESSA
AMP EMERGING MARKETS INDEX FUND
37.841
2.388
444.817
23.289
80.146
1.874
29.169
369.551
585.765
28.200
40.101
18.255
2.215
68.000
9.318.210
15.927
CASTRILLON RAMIREZ MARIA CECILIA
FONDO DE PENSIONES OBLIGATORIAS
COLFONDOS MODERADO
22.440.152
CASTRILLON RAMIREZ MARIA CECILIA
FONDO DE PENS OBLIGATORIAS COLFONDOS
CONSERVADOR
485.220
CASTRILLON RAMIREZ MARIA CECILIA
FDO DE PENS OBLIGATORIAS COLFONDOS RETIRO
PROGRAMA
755.241
CASTRILLON RAMIREZ MARIA CECILIA
FDO PENS OBLIGATORIAS COLFONDOS MAYOR
RIESGO
77.464
CASTRILLON RAMIREZ MARIA CECILIA
FONDO DE CESANTIAS COLFONDOS
CASTRILLON RAMIREZ MARIA CECILIA
FDO DE PENSIONES VOL.CLASS INVERSION DE
COLFONDOS
MAYORGA MONCADA HELIODORO
EMPRESA DE ENERGIA DE BOGOTA S.A. E.S.P.
GARAVITO ESCRIBANO NICOLAS
OLD MUTUAL FONDO DE PENS. OBLIGATORIAS MODERADO
7.746.620
GARAVITO ESCRIBANO NICOLAS
OLD MUTUTAL FONDO DE PENS.OBLIGATORIASCONSERVADOR
209.547
GARAVITO ESCRIBANO NICOLAS
OLD MUTUAL FDO DE PEN OBLIGATORIAS-MAYOR
RIESGO
317.850
GARAVITO ESCRIBANO NICOLAS
OLD MUTUAL FDO DE PENS OBLIGATOR-RETIRO
PROGRAMADO
261.784
GARAVITO ESCRIBANO NICOLAS
OLD MUTUAL FONDO DE CESANTIAS - LARGO
PLAZO
89.333
GARAVITO ESCRIBANO NICOLAS
OLD MUTUAL FONDO DE PENSIONES
VOLUNTARIAS
633.920
GARAVITO ESCRIBANO NICOLAS
OLD MUTUAL FONDO ALTERNATIVO DE
PENSIONES
255.649
RESTREPO BARRIOS MANUELA
AVIVA I LIFE AND PENSIONS UK LIMITED
RESTREPO BARRIOS MANUELA
SHELL TRUST (BERMUDA) LIMITED
RESTREPO BARRIOS MANUELA
SHELL PENSIONS TRUST LIMITED AS TRUSTEE OF
SHELL C
19.346
RESTREPO BARRIOS MANUELA
BUREAU OF LABOR FUNDS - LABOR PENSION
FUND
1.434
RESTREPO BARRIOS MANUELA
KAPITALFORENINGEN LAERERNES PENSION
INVEST
108.465
RESTREPO BARRIOS MANUELA
STICHTING SHELL PENSIOENFONDS
RESTREPO BARRIOS MANUELA
RESTREPO BARRIOS MANUELA
441.762
268.562
18.448.050
47.025
28.413
68.128
STICHTING DEPOSITARY APG EMERGING MARKETS
EQUITY P
387.065
BRITISH COAL STAFF SUPERANNUATION SCHEME
58.524
RESTREPO BARRIOS MANUELA
VANGUARD INVESTMENTS AUSTRALIA LTD ATF
VANGUARD
RESTREPO BARRIOS MANUELA
VANGUARD INVESTMENT SERIES
RESTREPO BARRIOS MANUELA
VANGUARD TOTAL INTERNATIONAL STOCK INDEX
FUND
2.323.902
RESTREPO BARRIOS MANUELA
BLACKROCK INDEXED EMERGING MARKETS IMI
EQUITY FUND
40.997
RESTREPO BARRIOS MANUELA
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF
OHIO
52.426
RESTREPO BARRIOS MANUELA
STATE OF WYOMING, WYOMING STATE
TREASURER
23.748
RESTREPO BARRIOS MANUELA
SBC MASTER PENSION TRUST
RESTREPO BARRIOS MANUELA
JNL / MELLON CAPITAL EMERGING MARKETS
INDEX FUND
RESTREPO BARRIOS MANUELA
BLACKROCK INDEX SELECTION FUND
RESTREPO BARRIOS MANUELA
NEW YORK STATE COMMON RETIREMENT FUND
RESTREPO BARRIOS MANUELA
CONSTRUTION AND BUILDING UNIONS
SUPERANNUATION FUN
15.403
RESTREPO BARRIOS MANUELA
ONEPATH GLOBAL EMERGING MARKETS SHARES
(UNHEDGED)
20.450
RESTREPO BARRIOS MANUELA
UBS GLOBAL ASSET MANAGEMENT LIFE LTD
RESTREPO BARRIOS MANUELA
CITY OF PHILADELPHIA PUBLIC EMPLOYEES
RETIREMENT S
22.923
RESTREPO BARRIOS MANUELA
RETIREMENT INCOME PLAN OF SAUDI ARABIAN
OIL COMPAN
14.777
RESTREPO BARRIOS MANUELA
UTILICO EMERGING MARKETS LIMITED
RESTREPO BARRIOS MANUELA
FLEXSHHARES MORNINGSTAR EMERGING
MARKETS FACTOR TI
RESTREPO BARRIOS MANUELA
FUNDACAO CALOUSTE GULBENKIAN
RESTREPO BARRIOS MANUELA
FIDELITY INVESTMENT FUNDS- FIDELITY INDEX
EMERGING
RESTREPO BARRIOS MANUELA
SHELL FOUNDATION
RESTREPO BARRIOS MANUELA
THE MASTER TRUST BANK OF JAPAN LTD TRUSTEE
FOR GOV
267.765
103.479
654.567
41.597
92.232
209.989
86.640
6.162
500.000
46.544
5.260
4.976
6.530
RESTREPO BARRIOS MANUELA
THE MASTER TRUST BANK OF JAPAN, LTD TRUSTEE
FOR
359.492
RESTREPO BARRIOS MANUELA
THE MASTER TRUST BANK OF JAPAN, LDT. AS
TRUSTEE FO
374.596
RESTREPO BARRIOS MANUELA
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FO
349.055
RESTREPO BARRIOS MANUELA
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FO
313.901
RESTREPO BARRIOS MANUELA
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FO
277.508
RESTREPO BARRIOS MANUELA
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FO
91.211
RESTREPO BARRIOS MANUELA
CGI CONN GEN LIFE OMNIBUS
RESTREPO BARRIOS MANUELA
AVIVA INVESTORS
RESTREPO BARRIOS MANUELA
HSBC ETFS PUBLIC LIMITED COMPANY
SANCHEZ GARCIA MANUELA
SEGUROS DE RIESGOS LABORALES
SURAMERICANA S.A.
SANCHEZ GARCIA MANUELA
SEGUROS GENERALES SURAMERICANA S.A.
SANCHEZ GARCIA MANUELA
SEGUROS DE VIDA SURAMERICANA S.A.
MARIN SALAZAR CARLOS ANDRES
RENTA ACC. VALORES BANCOLOMBIA CCA
MARIN SALAZAR CARLOS ANDRES
FONDO ABIERTO POR COMPARTIMIENTOS
VALORES BANCOLOM
DUQUE JARAMILLO JUAN DAVID
FIDUCOLOMBIA - ISA ADR PROGRAM
SABA LOPEZ STELLA
UNIVERSIDAD DE MEDELLIN
ESTRADA VELASQUEZ LUZ HELENA
ESTRADA VELASQUEZ LUZ HELENA
ESTRADA VELASQUEZ LUZ HELENA
POSADA GARCES GUSTAVO JAIRO
ESTRADA VELASQUEZ LUZ HELENA
POSADA ESTRADA ESTEBAN
MARULANDA RESTREPO MANUELA
CARTERA COLECTIVA ABIERTA INDEACCION
MARULANDA RESTREPO MANUELA
FONDO INV.CAP.EXT.SUVALOR RENTA VAR COL.SA
OMNIBUS
32.141
JARAMILLO OCHOA LEIDY JOHANNA
TIRADO TORRES ALEJANDRO
FOND MUT INV DE LOS TRAB DE GRUP NUTR SA Y
CIAS SU
INVER ARCOIRIS S.A.S.
10.206
15.902
30.779
274.352
600.000
556.888
412.426
880.698
1.094.925
256.119
70.288
7.227
97.918
90.514
62.761
42.401
MUÑOZ GOMEZ MARIO
MUÑOZ GOMEZ MARIO
MUÑOZ GOMEZ MARIO
RODAS GOMEZ BEATRIZ CECILIA
COSSIO SANCHEZ JUAN DIEGO
COSSIO SANCHEZ JUAN DIEGO
SALDARRIAGA POSADA MARTHA INES
SALDARRIAGA POSADA MARTHA INES
PUERTA ESTRADA MAGNOLIA MARA
FONDO MUTUO DE INVERSION FUTURO
GALLEGO MONTOYA FREDY ALBERTO
LOPEZ ECHEVERRI LUIS FERNANDO
MADRID GIL JOSE MIGUEL
MADRID GIL JOSE MIGUEL
URREGO DURANGO TITO
URREGO DURANGO TITO
JARAMILLO PELAEZ JUAN FRANCISCO
TORO FUECHTEMANN MICHAEL
JARAMILLO PELAEZ JUAN FRANCISCO
POLAR S.A.
JARAMILLO PELAEZ JUAN FRANCISCO
FUNDACION LOYOLA
SALAZAR DE LONDOÑO MARIA TERESA
SALAZAR DE LONDOÑO MARIA TERESA
LOPEZ CALLE LUZ YOLANDA
LOPEZ CALLE LUZ YOLANDA
LOPEZ CALLE LUZ YOLANDA
BETANCOURT GUERRERO FLAVIO
ORTIZ PLATA GERMAN
ORTIZ PLATA GERMAN
GARCIA DOMINGUEZ GENARO
GARCIA DOMINGUEZ GENARO
PALACIO POSADA ANA LUCIA
FONCOLTABACO
VELEZ ESCOBAR MARIA CATALINA
VELEZ ESCOBAR MARIA CATALINA
RAMIREZ ROJAS CESAR AUGUSTO
RAMIREZ ROJAS CESAR AUGUSTO
LANDAZABAL VELEZ MARTA MONICA DE
FATIMA
LANDAZABAL VELEZ MARTA MONICA DE FATIMA
PELAEZ GAVIRIA JAIRO ALBERTO
PELAEZ VELEZ JUAN CAMILO
RESTREPO POSADA SERGIO ALONSO
RESTREPO POSADA SERGIO ALONSO
JAIMES GAVIRIA REYNALDO
JAIMES GAVIRIA REYNALDO
22.334
20.000
41.422
29.254
25.000
21.103
20.659
20.139
10.000
5.000
5.000
19.685
10.490
7.927
17.760
17.425
16.611
16.289
15.901
15.808
15.000
15.000
14.673
SALAZAR MARTINEZ JOSE HERNAN
SALAZAR MARTINEZ JOSE HERNAN
MARTINEZ VELASQUEZ LIBARDO
MARTINEZ VELASQUEZ LIBARDO
LAVERDE DE PINZON CARMENZA
LAVERDE DE PINZON CARMENZA
RAMIREZ GIRALDO JORGE IVAN
RAMIREZ GIRALDO JORGE IVAN
ALDANA CARDENAS LUIS EDUARDO
ALDANA CARDENAS LUIS EDUARDO
ZAPATA CADAVID ESPERANZA DEL
SOCORRO
ZAPATA CADAVID ESPERANZA DEL SOCORRO
BOTERO TOBON EFRAIN
BOTERO TOBON EFRAIN
SUAREZ TORO JOSE HERNAN
SUAREZ TORO JOSE HERNAN
SUAREZ TORO JOSE HERNAN
SUAREZ TORO OLGA AMPARO
ARISTIZABAL ZULUAGA GLORIA DEL
SOCORRO
ARISTIZABAL ZULUAGA GLORIA DEL SOCORRO
ARISTIZABAL ZULUAGA GLORIA DEL
SOCORRO
ARISTIZABAL ZULUAGA BLANCA MARINA
VILLA CARMONA LUIS CARLOS
VILLA CARMONA LUIS CARLOS
LOPEZ RAMIREZ MARIA NOHEMY
LOPEZ RAMIREZ MARIA NOHEMY
FRANCO ALONSO EDUARDO
FRANCO ALONSO EDUARDO
GARCIA HINCAPIE MARLENY
BONILLA CARDONA HECTOR LEON
ALVAREZ LOPEZ MARTHA INES
ALVAREZ LOPEZ MARTHA INES
ESTRADA RIVERA ELENA VICTORIA
ESTRADA RIVERA ELENA VICTORIA
JARAMILLO VELEZ JUAN GONZALO
JARAMILLO VELEZ JUAN GONZALO
MEJIA ESCOBAR FRANCISCO RODRIGO
MEJIA ESCOBAR FRANCISCO RODRIGO
MARULANDA OTALVARO NORA BEATRIZ
MARULANDA OTALVARO NORA BEATRIZ
MARULANDA OTALVARO NORA BEATRIZ
MONTOYA RUIZ MIRIAM DEL SOCORRO
MARULANDA OTALVARO NORA BEATRIZ
MARULANDA OTALVARO LUZ FABIOLA
MEDINA LEMA CARLOS FERNANDO
MEDINA LEMA CARLOS FERNANDO
13.017
13.000
12.682
11.634
11.230
11.209
11.137
4.446
6.261
8.911
1.553
9.754
9.747
9.507
9.500
9.433
9.426
9.032
8.710
5.756
739
2.043
7.640
MEDINA LEMA CARLOS FERNANDO
TATIS PEREZ JACKELINE MARIA
MEDINA LEMA CARLOS FERNANDO
GALLEGO RAMIREZ AMPARO PATRICIA
ARBELAEZ RESTREPO IGNACIO JOSE
ARBELAEZ RESTREPO IGNACIO JOSE
CORREDOR AVELLA PABLO HERNAN
CORREDOR AVELLA PABLO HERNAN
CATAÑO ALVAREAZ NELSON D JESUS
MUÑOZ RODAS MONICA ALEJANDRA
RENDON BETANCURT MARIA DOLLY
RENDON BETANCURT MARIA DOLLY
OSORIO ARBELAEZ MARGARITA
OSORIO ARBELAEZ MARGARITA
MUÑOZ DE SALAZAR LILLIAM
SALAZAR MUÑOZ MARIA EUGENIA
MEJIA ALVAREZ MARIA ISABEL
MEJIA ALVAREZ MARIA ISABEL
PAZ PARRA JORGE PEDRO IGNACIO
PAZ PARRA JORGE PEDRO IGNACIO
PEREZ TORO MARIA LUZMILA
PEREZ TORO MARIA LUZMILA
PEREZ TORO MARIA LUZMILA
ALMARIO ESCAMILLA PEDRO ROBERTO
PEREZ TORO MARIA LUZMILA
RENDON PEREZ LUZ DARY
ROJAS JARAMILLO MARGARITA LIGIA
ROJAS JARAMILLO MARGARITA LIGIA
ROJAS JARAMILLO MARGARITA LIGIA
LEGUIZAMON DE QUINTERO JOSEFINA
GARCIA OSORIO SILVIA HELENA
GARCIA OSORIO SILVIA HELENA
GARCIA OSORIO SILVIA HELENA
ESPINOSA HINCAPIE MARIA VICTORIA
GARCIA OSORIO SILVIA HELENA
CANO ARROYAVE CARLOS ANDRES
GARCIA OSORIO SILVIA HELENA
OCHOA FLOREZ JHON WILSON
ECHEVERRI URIBE LUISA MARGARITA
MARIA
ECHEVERRI URIBE TULIO GERMAN
LOPEZ BETANCUR JORGE IVAN
LOPEZ BETANCUR JORGE IVAN
RESTREPO DE LONDO?O MARIA DEL
SOCORRO
RESTREPO DE LONDO?O MARIA DEL SOCORRO
SALAZAR CORREA SANDRA VICTORIA
SALAZAR CORREA SANDRA VICTORIA
500
132
8.230
8.120
8.000
7.837
7.736
7.300
7.035
7.000
1.500
1.000
4.500
5.757
589
784
969
3.703
886
6.316
6.218
6.158
984
SALAZAR CORREA SANDRA VICTORIA
CALDERON SALAZAR PABLO
SALAZAR CORREA SANDRA VICTORIA
CALDERON SALAZAR RICARDO
GRACIANO DAVID GLORIA AMPARO
LOPEZ RAMIREZ FABIOLA
MESA LONDOÑO MARTA LUCIA
MESA LONDOÑO MARTA LUCIA
MESA LONDOÑO MARTA LUCIA
MESA LONDOÑO CARLOS AUGUSTO
BALLESTEROS BEDOYA ALBA LUCIA
BALLESTEROS BEDOYA ALBA LUCIA
PEREZ GALLO MARIA STELLA
PEREZ MORALES CARLOS ARTURO
VELEZ GARCIA LIBARDO ANTONIO
VELEZ GARCIA LIBARDO ANTONIO
SIERRA LOPERA FRANCISCO HERNAN
FOND ACUMULATIVO SOC. MEJORAS PUBLICAS DE
MEDELLIN
5.330
CASTRO RODRIGUEZ LUIS ALBERTO
CASTRO RODRIGUEZ LUIS ALBERTO
CASTRO RODRIGUEZ LUIS ALBERTO
CASTRO LONDOÑO JIGLIOLA
MEJIA ALZATE ALVARO
MEJIA ALZATE ALVARO
ABREU DIEZ GENOVEVA
ABREU DIEZ GENOVEVA
MESA LONDOÑO SILVIA MARIA
MESA LONDOÑO SILVIA MARIA
MESA LONDOÑO SILVIA MARIA
MESA LONDOÑO GLORIA INES
NOREÑA HURTADO LUZ OFELIA
BOLIVAR SALDARRIAGA AURA
MESA LONDOÑO ANA CECILIA
MESA LONDOÑO ANA CECILIA
NAVARRO CARREÑO ABELARDO
NAVARRO CARREÑO ABELARDO
TAMAYO DE TAMAYO OFELIA DE JESUS
TAMAYO TAMAYO JUAN DAVID
GONZALEZ VELEZ INES DE JESUS
GONZALEZ VELEZ INES DE JESUS
VALENCIA LOTERO GUILLERMO LEON
VALENCIA LOTERO GUILLERMO LEON
BEATRIZ VELASQUEZ VASQUEZ
BEATRIZ VELASQUEZ VASQUEZ
MAHECHA PEREZ MARIA NOELBA
MAHECHA PEREZ MARIA NOELBA
GONZALEZ LONDONO JORGE HUMBERTO
GONZALEZ LONDONO JORGE HUMBERTO
848
4.289
6.096
4.627
1.401
5.758
5.756
5.580
4.627
589
5.215
5.065
1.393
3.631
5.000
4.782
4.759
4.665
4.638
4.547
4.497
4.471
4.471
CORREA CANO MARTA LUCIA DE JESUS
CORREA CANO MARTA LUCIA DE JESUS
CORREA CANO MARTA LUCIA DE JESUS
SALAZAR CORREA JUAN ESTEBAN
ORTIZ SÁNCHEZ CAMPO ELIAS
ORTIZ SÁNCHEZ CAMPO ELIAS
SILVA BUITRAGO WALTER DE JESUS
SILVA BUITRAGO WALTER DE JESUS
GARCIA JAIRO LEON
GARCIA JAIRO LEON
ZAPATA CRUZ HELENA
ZAPATA CRUZ HELENA
COSSIO COSSIO ISRAEL DE JESUS
COSSIO COSSIO ISRAEL DE JESUS
VELEZ ANGEL ANA CLARA
SOTO VELEZ MARIA CLARA
2.809
1.536
4.332
4.292
4.215
4.024
4.000
3.923
BETANCUR BETANCUR ADRIANA MARIA DE
BETANCURT VELEZ ROSALBA
LA CRUZ
1.939
BETANCUR BETANCUR ADRIANA MARIA DE
INVERSIONES CINCO B S.A.S.
LA CRUZ
1.893
VILLEGAS MEJIA ALVARO ALBERTO
VILLEGAS RAMELLI ANDRES
MARIN HOYOS MARIA MARGARITA
MARIN HOYOS BLANCA JUDITH
GIRALDO MONTOYA LUZ ROSARIO
GIRALDO MONTOYA LUZ ROSARIO
AWAD ZAINETE RAFAEL JOSE
AWAD ZAINETE RAFAEL JOSE
HOYOS ZAPATA SONIA EDILMA
HOYOS ZAPATA SONIA EDILMA
VESGA GOMEZ MARIA ELIZABETH
VESGA GOMEZ MARIA ELIZABETH
POSADA RUIZ JOSE JAIRO
POSADA HENAO JOHN JAIRO
POSADA RUIZ JOSE JAIRO
POSADA HENAO MONICA PATRICIA
NARANJO BETANCOURT SORAYA
NARANJO BETANCOURT SORAYA
PEDRAZA LOZANO ANTONIO
PEDRAZA LOZANO ANTONIO
SERNA MADRID NICANOR DARIO
SERNA MADRID NICANOR DARIO
MAYA GUTIERREZ FERNANDO ROQUE
MAYA GUTIERREZ FERNANDO ROQUE
VILLA ALZATE LUIS EDUARDO
VILLA ABREU LUIS ALBERTO
3.823
3.775
3.775
3.745
3.720
3.713
883
2.820
3.682
3.646
3.631
3.631
3.622
SANCHEZ RUBIO JOSE MARDOQUEO
RESTREPO DE SANCHEZ MARIA ISABEL
SANCHEZ RUBIO JOSE MARDOQUEO
RESTREPO POSADA CLARA INES
OSORIO SANCHEZ DIEGO DE JESUS
OSORIO SANCHEZ DIEGO DE JESUS
AGUDELO AGUDELO MARIA TERESA
AGUDELO AGUDELO MARIA TERESA
CARDONA MUÑOZ LUCELLY
CARDONA MUÑOZ LUCELLY
CARDONA MUÑOZ LUCELLY
ARIAS CARDONA MIGUEL ANGEL
ARCILA RESTREPO LINA MARIA
ARCILA RESTREPO LINA MARIA
HERRERA HERRERA AMADOR DE JESUS
HERRERA HERRERA AMADOR DE JESUS
MONTES OTALVARO MARIA IRENE
MONTES OTALVARO MARIA IRENE
MARIN GIL GERMAN ANTONIO
MARIN GIL GERMAN ANTONIO
RAMIREZ DE RUIZ CONSUELO DE JESUS
RAMIREZ DE RUIZ CONSUELO DE JESUS
RESTREPO LOPEZ MARIA PIEDAD
RESTREPO LOPEZ MARIA PIEDAD
RESTREPO LOPEZ MARIA PIEDAD
HERRERA CORTES ANGELA MARIA
RESTREPO LOPEZ MARIA PIEDAD
RESTREPO RESTREPO MARIA AMPARO
VALENCIA JAIME
VALENCIA JAIME
GALEANO MANUEL JOSE
GALEANO MANUEL JOSE
GALEANO MANUEL JOSE
GALEANO CANO LILIANA MARIA
MOSQUERA MOSQUERA CLEOFAS
MOSQUERA MOSQUERA CLEOFAS
HERNANDEZ ZAPATA ELVIRA
HERNANDEZ ZAPATA ELVIRA
NARANJO YEPES GLORIA MARIA
NARANJO YEPES GLORIA MARIA
DIAZ DE LUNA TRINIDAD ELVIRA
DIAZ DE LUNA TRINIDAD ELVIRA
DIAZ DE LUNA TRINIDAD ELVIRA
ARISTIZABAL MORENO MARIO
OSORIO RAMIREZ BLANCA CELINA
OSORIO RAMIREZ BLANCA CELINA
1.500
2.040
3.497
3.450
1.656
1.657
3.298
3.219
3.205
3.205
3.205
2.568
589
40
3.156
1.931
1.177
3.107
3.107
3.100
2.568
530
3.080
RIVERA HERNAN
RIVERA HERNAN
RIVERA HERNAN
RIVERA BETANCUR SAUL ANDRES
RIVERA HERNAN
RIVERA BETANCUR DIANA MARIA
RIVERA HERNAN
BETANCURT DE RIVERA MARGARITA
DE LA CRUZ ANDRADE ALEJANDRO
DE LA CRUZ ANDRADE ALEJANDRO
DE LA CRUZ ANDRADE ALEJANDRO
DE LA CRUZ ANDRADE CAROLINA
DE LA CRUZ ANDRADE ALEJANDRO
DE LA CRUZ CHARRY EDUARDO GUSTAVO
DE LA CRUZ ANDRADE ALEJANDRO
ANDRADE DE LA CRUZ MARIA ISABEL
PEREZ DE ALZATE ELVIA
PEREZ DE ALZATE ELVIA
JARAMILLO POSADA LUZ AMPARO
JARAMILLO POSADA LUZ AMPARO
ESCOBAR DIEZ ALVARO JULIAN
ACEVEDO RESTREPO MONICA MARIA
VELASQUEZ DE VASQUEZ ZORAIDA NELLY
VELASQUEZ DE VASQUEZ ZORAIDA NELLY
BELLO DE CAMARGO LAURA VICTORIA
CAMARGO HERNANDEZ JOSE VICENTE
GARCIA FRANCO LUZ YAMILE
GARCIA FRANCO LUZ YAMILE
VELEZ ESCOBAR LUCRECIO FERNAND
VELEZ ESCOBAR LUCRECIO FERNAND
ZAPATA GARCIA CLAUDIA
ZAPATA GARCIA CLAUDIA
BERNAL ROMERO SAMUEL
BERNAL ROMERO SAMUEL
MAYA AGUDELO GONZALO LEON
MAYA AGUDELO GONZALO LEON
BERMUDEZ QUIROGA HUGO LEON
BERMUDEZ QUIROGA HUGO LEON
SIERRA BEDOYA BLANCA LAURA
SIERRA BEDOYA BLANCA LAURA
LOPEZ MARIN OLGA LUCIA
LOPEZ MARIN OLGA LUCIA
SANCHEZ MOSQUERA RODRIGO
SANCHEZ MOSQUERA RODRIGO
MONTOYA DE YEPES MARIA ANGELA
MONTOYA DE YEPES MARIA ANGELA
OSORIO ARBELAEZ HORACIO DE JESUS
OSORIO ARBELAEZ HORACIO DE JESUS
848
516
180
1.530
1.177
1.177
353
353
3.029
3.029
3.012
3.000
3.000
2.967
2.940
2.935
2.928
2.900
2.842
2.799
2.784
2.780
2.780
2.766
MARTINEZ JIMENEZ DISNARDA
MARTINEZ JIMENEZ DISNARDA
ARANGO MONTOYA DANIEL
ARANGO MONTOYA DANIEL
ESPINOSA CORREA NURY DEL SOCORRO
BETANCUR ESPINOSA OSCAR ANTONIO
MARIN MARIN ANA RESFA
MARIN MARIN ANA RESFA
MEJIA ACOSTA JOSE FERNANDO
MEJIA ACOSTA JOSE FERNANDO
PALACIO DE BOTERO MARIA INES
PALACIO DE BOTERO MARIA INES
RESTREPO LOPEZ ISABEL CRISTINA
RESTREPO DE ALZATE GLORIA EMILIA
CASANOVA NAVAS LUIS MIGUEL
CASANOVA NAVAS LUIS MIGUEL
CASANOVA NAVAS LUIS MIGUEL
CORPOINAT
ROMAN MEDINA DIANA MARIA
ROMAN MEDINA DIANA MARIA
TORRES DIAZ GERMAN AUGUSTO
TORRES BAUTISTA EDILBERTO
PINO RESTREPO OLIVIA
PINO RESTREPO OLIVIA
VELASQUEZ TRUJILLO GLORIA CECILIA
VELASQUEZ TRUJILLO GLORIA CECILIA
CORREA GIL MARTHA CECILIA
VELASQUEZ TANGARIFE CLAUDIA PATRICIA
CORREA GIL MARTHA CECILIA
CORREA GIL BLANCA LUCIA
RESTREPO GONZALEZ ANA FELISA
RESTREPO GONZALEZ ANA FELISA
VANEGAS MARTHA ALICIA
VANEGAS MARTHA ALICIA
ROJAS DE ARENAS AIDE DE LAS MERCEDES ROJAS DE ARENAS AIDE DE LAS MERCEDES
CARO MUÑOZ GLORIA NELLY
CARO MUÑOZ GLORIA NELLY
SIERRA JIMENEZ SONIA DEL CARMEN
SIERRA JIMENEZ SONIA DEL CARMEN
MEJIA ALVAREZ BERNARDA DEL SOCORRO MEJIA ALVAREZ BERNARDA DEL SOCORRO
PEREZ CANO ARTURO DE JESUS
PEREZ CANO ARTURO DE JESUS
PEREZ AGUILAR ALEJANDRO CESAR
PEREZ AGUILAR ALEJANDRO CESAR
2.728
2.700
2.677
2.631
2.600
2.568
2.568
1.789
739
2.519
2.484
2.484
2.430
589
1.802
2.378
2.377
2.354
2.353
2.348
2.321
2.321
2.316
GALEGO MONTOYA MARTHA ALIRIA
MONTOYA BEDOYA BROCARDO DE JESUS
MEJIA GUTIERREZ JULIO CESAR
MEJIA GUTIERREZ JULIO CESAR
FACIO LINCE URIBE LUZ STELLA
FACIO LINCE URIBE LUZ STELLA
ARIAS SALAZAR GUILLERMO
ARIAS SALAZAR GUILLERMO
ALZATE SIERRA ELVIA LUZ
ALZATE SIERRA ELVIA LUZ
GONZALEZ DUQUE FABIO WILLIAM
GONZALEZ DUQUE FABIO WILLIAM
HERRERA RESTREPO OSCAR AUGUSTO
HERRERA RESTREPO OSCAR AUGUSTO
ALZATE MORALES GUSTAVO DE JESUS
ALZATE MORALES GUSTAVO DE JESUS
LONDOÑO SALAZAR JUAN FERNANDO
LONDOÑO SALAZAR JUAN FERNANDO
SANCHEZ AGUILAR LARISA
SANCHEZ AGUILAR LARISA
RIOS VALENCIA GUILLERMO LEON
RIOS VALENCIA GUILLERMO LEON
TORO ISAZA MARTHA INES
TORO ISAZA MARTHA INES
ZAPATA GARCIA NUBIA
ZAPATA GARCIA NUBIA
ZAPATA GARCIA NUBIA
BERNAL LATORRE ALBERTO MAURICIO
VELEZ CARMONA GABRIELA DEL SOCORRO VELEZ CARMONA GABRIELA DEL SOCORRO
GUTIERREZ DE VELEZ MARIA CRISTINA
GUTIERREZ DE VELEZ MARIA CRISTINA
ALZATE PEREZ LUIS FERNANDO
ALZATE PEREZ LUIS FERNANDO
AYALA MONTOYA JUAN ERNESTO
AYALA MONTOYA JUAN ERNESTO
GALLON RESTREPO GILBERTO
GALLON RESTREPO GILBERTO
CAMPO GIRON CARLOS EDUARDO
CAMPO GIRON CARLOS EDUARDO
PEÑA GIRALDO PIEDAD
PEÑA GIRALDO PIEDAD
RIVERO FLORIAN HIPOLITO
RIVERO FLORIAN HIPOLITO
FLORES DE HERRERA MARIA NELLY
FLORES DE HERRERA MARIA NELLY
2.309
2.246
2.246
2.235
2.234
2.211
2.211
2.200
2.200
2.170
2.166
2.137
58
2.053
2.088
2.083
2.075
2.075
2.075
2.049
2.048
2.043
2.043
LOPEZ VALENCIA BEATRIZ ELENA
LOPEZ VALENCIA BEATRIZ ELENA
AREIZA MUNERA GILBERTO
AREIZA MUNERA GILBERTO
TAFUR CRUZ JUAN PABLO
TAFUR OREJUELA FRANCISCO JAVIER
AGUDELO ORTIZ FABIOLA DE LA CRUZ
AGUDELO ORTIZ FABIOLA DE LA CRUZ
RIOS TOBON LUZ STELLA
RIOS TOBON LUZ STELLA
AUBAD DE AWAD MIRIAM YALILA
AUBAD DE AWAD MIRIAM YALILA
JARAMILLO POSADA GLORIA ANTONIA
JARAMILLO POSADA GLORIA ANTONIA
FALQUEZ ORTIGA JAIME ENRIQUE
FALQUEZ ORTIGA JAIME ENRIQUE
ECHAVARRIA PEREZ JESUS ARTURO
ECHAVARRIA PEREZ JESUS ARTURO
BARRENECHE SANCHEZ MARIA CECILIA
BARRENECHE SANCHEZ MARIA CECILIA
MORA VELASQUEZ ISABEL CRISTINA
MORA VELASQUEZ ISABEL CRISTINA
PALACIOS DE ZULUAGA TERESITA
PALACIOS DE ZULUAGA TERESITA
ESTRADA GARCIA CARLOS ENRIQUE
ESTRADA GARCIA CARLOS ENRIQUE
BETANCUR OSCAR DARIO
BETANCUR OSCAR DARIO
ANGEL DE PEARSON LUZMILA
ANGEL DE PEARSON LUZMILA
CASTAÑO RESTREPO MARIA LUZ
CASTAÑO RESTREPO MARIA LUZ
RAMIREZ DE GOMEZ NUBIA
RAMIREZ DE GOMEZ NUBIA
CAÑAS SANTAMARIA ASTRID INES
CAÑAS SANTAMARIA ASTRID INES
BUILES JIMENEZ MARTHA ELENA
BUILES JIMENEZ MARTHA ELENA
LONDOÑO NARANJO FABIO EDUARDO
LONDOÑO NARANJO FABIO EDUARDO
RIOS ARREDANDO ALBANI DEL SOCORRO
PATIÑO PEREZ CARLOS IVAN
BUILES SALAZAR MARIA RUBIELA
BUILES SALAZAR MARIA RUBIELA
MONTOYA MONTOYA MAGNOLIA INES
MONTOYA MONTOYA MAGNOLIA INES
2.016
2.011
2.010
2.000
2.000
2.000
1.996
1.991
1.939
1.939
1.931
1.931
1.931
1.931
1.880
1.872
1.867
1.853
1.849
1.789
1.789
1.765
1.765
VELASQUEZ VELEZ MARTHA DEL SOCORRO VELASQUEZ VELEZ MARTHA DEL SOCORRO
CARDONA ZAPATA JUAN CARLOS
CARDONA ZAPATA JUAN CARLOS
MUNERA GONZALEZ LUZ ESTELA
MUNERA GONZALEZ LUZ ESTELA
HERNANDEZ OSORIO JOSE ERNESTO
HERNANDEZ OSORIO JOSE ERNESTO
PALACIOS DE MADRID ELISA
PALACIOS DE MADRID ELISA
CUARTAS PALACIO JORGE OCTAVIO
CUARTAS PALACIO JORGE OCTAVIO
CAMPIÑO MORALES LUZ MERY
CAMPIÑO MORALES LUZ MERY
CARDONA DE MESA AMANDA DE JESUS
CARDONA DE MESA AMANDA DE JESUS
ARIAS MEJIA SALVADOR ALONSO
ARIAS MEJIA SALVADOR ALONSO
VASQUEZ RESTREPO MARIA CECILIA
VASQUEZ RESTREPO MARIA CECILIA
RAMOS MONTOYA MARGARITA MARIA
RAMOS MONTOYA MARGARITA MARIA
SALAZAR CORREA JAIME RODRIGO
SALAZAR CORREA JAIME RODRIGO
VERGARA CASTRO LUZ ANGELA
VERGARA CASTRO LUZ ANGELA
LOPEZ TOBON MABEL
LOPEZ TOBON MABEL
JARAMILLO ARBELAEZ SUSANA
JARAMILLO ARBELAEZ SUSANA
SIERRA ALVAREZ ARCADIO EMILIO
SIERRA ALVAREZ ARCADIO EMILIO
BERMUDEZ ARROYAVE CLAUDIA ANDREA
BERMUDEZ ARROYAVE LUZ NELLY
GIRALDO GOMEZ CONCEPCION
GIRALDO GOMEZ CONCEPCION
GIRALDO GOMEZ CONCEPCION
GIRALDO DE CASTAÑO MARIA TERESA
OCHOA URIBE BLANCA LIA
OCHOA URIBE BLANCA LIA
VILLA FRANCO TERESITA MARIA
VILLA FRANCO MERCEDES CECILIA
DUQUE GOMEZ GILMA DEL ROSARIO
DUQUE GOMEZ GILMA DEL ROSARIO
ESCOBAR ECHANDIA MARIA PATRICIA
ESCOBAR ECHANDIA MARIA PATRICIA
1.765
1.765
1.765
1.761
1.733
1.733
1.721
1.704
1.700
1.698
1.666
1.666
1.666
1.662
1.638
1.637
1.637
1.000
631
1.612
1.612
1.605
1.605
ZAPATA MONTOYA MARIA FANNY DE
JESUS
MAYA TOBON GLORIA INES
ZAPATA MONTOYA MARIA FANNY DE
JESUS
MAYA TOBON MARTHA LUZ
SALGADO NARANJO BEATRIZ ELENA
SALGADO NARANJO BEATRIZ ELENA
SALGADO NARANJO BEATRIZ ELENA
SALGADO NARANJO YANNET STELLA
ARANGO INFANTE MARISOL PATRICIA DE4
ALVAREZ GOMEZ PEDRO LEON
LAS MERCEDES
ARANGO VIDAL MARTHA LUCIA
ARANGO VIDAL MARTHA LUCIA
GOMEZ CANO MARGARITA MARIA
GOMEZ CANO MARGARITA MARIA
ATEHORTUA LOZADA GUSTAVO
ATEHORTUA LOZADA GUSTAVO
JARAMILLO DE CORRALES CARMEN
JARAMILLO DE CORRALES CARMEN
CASTAÑO OSPINA LUIS CARLOS
CASTAÑO OSPINA LUIS CARLOS
HERNANDEZ JARAMILLO ABEL JULIO
HERNANDEZ JARAMILLO ABEL JULIO
GUERRA DE PINEDA MIRIAM
GUERRA DE PINEDA MIRIAM
BERNAL CARMONA GUSTAVO
BERNAL CARMONA GUSTAVO
ACOSTA MOLINA MARIA CONCEPCION
ACOSTA MOLINA MARIA CONCEPCION
HERRERA HURTADO GUSTAVO HERNAN
HERRERA HURTADO GUSTAVO HERNAN
TORO DE TIRADO MARIA GLADYS
TORO DE TIRADO MARIA GLADYS
HERNANDEZ OSORIO JOHN JAIRO
HERNANDEZ OSORIO JOHN JAIRO
ARISTIZABAL ARISTIZABAL JOSE BERNAL
OLIVIO
ARISTIZABAL TORRES IVAN DARIO
PALACIO OSORIO INES LUCIA
PALACIO OSORIO INES LUCIA
VALLEJO POSADA ALBA LUCIA
VALLEJO POSADA ALBA LUCIA
HOYOS DE SOTO CARLOTA LIBIA
HOYOS DE SOTO CARLOTA LIBIA
RESTREPO ARCILA MARIA NANCY
RESTREPO ARCILA MARIA NANCY
PAREJA LOPEZ MARIA BERNANDA
PAREJA LOPEZ MARIA BERNANDA
1.000
590
848
739
1.567
1.557
1.551
1.530
1.501
1.500
1.480
1.472
1.468
1.456
1.455
1.424
1.404
1.393
1.393
1.393
1.382
1.352
1.343
CARDONA DE CARDONA MARIA ROSALBA
CARDONA DE CARDONA MARIA ROSALBA
MAHECHA PEREZ CELINA
MAHECHA PEREZ CELINA
GUILLEN GOMEZ GERARDO HUMBERTO
GUILLEN GOMEZ GERARDO HUMBERTO
ALVAREZ GAVIRIA NHUR
ALVAREZ GAVIRIA NHUR
ECHEVERRI VIVARES BLANCA LUCIA
ECHEVERRI VIVARES BLANCA LUCIA
MONTOYA NICOLAS ALBERTO
MONTOYA NICOLAS ALBERTO
SUAREZ OSORIO OSCAR IVAN
SUAREZ OSORIO OSCAR IVAN
VILLA ROJAS FLOR ALBA
VILLA ROJAS FLOR ALBA
JARAMILLO RICO ANGELA DEL SOCORRO
JARAMILLO RICO ANGELA DEL SOCORRO
CANO ALVAREZ MIRYAM DE JESUS
CANO ALVAREZ MIRYAM DE JESUS
CALLEJAS HENAO FABIO DE JESUS
CALLEJAS HENAO FABIO DE JESUS
FLOREZ ESPINOSA HERNAN
FLOREZ ESPINOSA HERNAN
OROZCO DE FLOREZ LUZ EDITH
OROZCO DE FLOREZ LUZ EDITH
RAMIREZ CUERVO INES OLIVA
VELEZ VELEZ LUIS GONZALO
MUÑOZ RESTREPO JOSE LUIS
MUÑOZ RESTREPO JOSE LUIS
BEDOYA SANCHEZ ORLANDO
BEDOYA SANCHEZ ORLANDO
MONSALVE TORO DANIEL SANTIAGO
TORO ARIZMENDI ALBA
ESPINOSA RUIZ JUAN EVANGELISTA
ESPINOSA RUIZ JUAN EVANGELISTA
RESTREPO OCAMPO FABIO DE JESUS
RESTREPO OCAMPO FABIO DE JESUS
MENDEZ ALVARO
MENDEZ ANA
MONTOYA DE CEBALLOS SONIA DEL
SOCORRO
MONTOYA DE CEBALLOS SONIA DEL SOCORRO
MUÑOZ URIBE MARLENY
MUÑOZ URIBE MARLENY
ZAPATA COSSIO MARLENY
ZAPATA COSSIO MARLENY
ARAMENDIZ HERRERA XIOMARA
ARAMENDIZ HERRERA XIOMARA
1.343
1.343
1.343
1.343
1.343
1.343
1.343
1.343
1.343
1.343
1.343
1.343
1.343
1.343
1.343
1.343
1.343
1.343
1.343
1.334
1.328
1.313
1.311
1.291
VILLA PIZA MARIA FABIOLA
VILLA PIZA MARIA FABIOLA
TABORDA URIBE CLAUDIA YANET
TABORDA URIBE CLAUDIA YANET
MONTALVO MUÑOZ ROSIRIS
MONTALVO MUÑOZ ROSIRIS
MONTALVO MUÑOZ ROSIRIS
HERRERA ARISTIZABAL MARIO HUMBERTO
MONTALVO MUÑOZ ROSIRIS
JARAMILLO SOTO OLGA CECILIA
VILLA VELASQUEZ EDUARDO ANTONIO
VILLA VELASQUEZ EDUARDO ANTONIO
QUIROZ DE JARAMILLO ANALILIA
QUIROZ DE JARAMILLO ANALILIA
BEATRIZ HELENA VALENCIA GOMEZ
RESTREPO GALLEGO LUZ STELLA
LOPEZ MEJIA HENRY ARLES
LOPEZ MEJIA HENRY ARLES
MUÑOZ DE SIERRA BLANCA OLIVA
SIERRA MUÑOZ BEATRIZ HELENA
MUÑOZ DE SIERRA BLANCA OLIVA
SIERRA MUÑOZ LUIS FERNANDO
CORREA MUÑOZ ALVARO ALFONSO
CORREA MUÑOZ ALVARO ALFONSO
CORREA MUÑOZ ALVARO ALFONSO
MONTOYA RAMIREZ MARIA MATILDE
VASQUEZ OCHOA CRUZ EDILMA
VASQUEZ OCHOA CRUZ EDILMA
TOBON VALENCIA MARIA FABIOLA
TOBON VALENCIA MARIA FABIOLA
SAKR ARANGO AMPARO
SAKER ARANGO MARTA CECILIA
SAKR ARANGO AMPARO
SAKR ARANGO TERESITA
ROJAS ZAPATA OSCAR HUMBERTO
PATIÑO MUÑOZ JORGE ADRIAN
ROJAS ZAPATA OSCAR HUMBERTO
HINCAPIE HERNANDEZ ANGELA ROSA DE LA
TRINIDAD
QUINTERO GARCIA MARIA EUGENIA
QUINTERO GARCIA MARIA EUGENIA
QUINTERO GARCIA MARIA EUGENIA
GARCIA ARBELAEZ JHON FLABIO
LOPEZ ORTIZ OSCAR
LOPEZ ORTIZ OSCAR
MUÑOZ ALVAREZ LUZ ELENA
MUÑOZ ALVAREZ LUZ ELENA
1.284
1.279
113
598
551
1.257
1.257
1.252
1.223
600
589
589
589
1.178
1.178
589
589
589
589
589
589
1.177
1.177
GUARIN MARIN FLOR MARIA
MARIN GUARIN GERMAN DARIO
BUSTAMANTE ZAPATA PEDRO LUIS
BUSTAMANTE ZAPATA PEDRO LUIS
RENDON BETANCUR FABIO ALBERTO
RENDON BETANCUR FABIO ALBERTO
ROLDAN ARANGO REINA DEL SOCORRO
ROLDAN ARANGO REINA DEL SOCORRO
CORREA URAN LUCELLY DE JESUS
CORREA URAN LUCELLY DE JESUS
MEJIA ALVAREZ ANA MARGARITA
MEJIA ALVAREZ ANA MARGARITA
CASTRO RUIZ OSCAR DARIO
CASTRO RUIZ OSCAR DARIO
ESTEPA DE COBALEDA MARIA AMELIA
ESTEPA DE COBALEDA MARIA AMELIA
ASPRILLA MARCELA
ASPRILLA MARCELA
LOPEZ DE RESTREPO ROCIO
RESTREPO LOPEZ CLAUDIA ELENA
GOMEZ ARENAS FERNANDO MARIO
GOMEZ ARENAS FERNANDO MARIO
LOPERA MEDINA LUIS FERNANDO
LOPERA MEDINA LUIS FERNANDO
GRISALES GARCIA MARIA EMMA
GRISALES GARCIA MARIA EMMA
MEDINA HURTADO MARTHA LUCIA
MEDINA HURTADO MARTHA LUCIA
RESTREPO GONZALEZ MARINA E
RESTREPO GONZALEZ MARINA E
GONZALEZ JARAMILLO MIGUEL SANTIAGO GONZALEZ JARAMILLO MIGUEL SANTIAGO
ESCOBAR RICO DAVID ALEXANDER
ESCOBAR RICO DAVID ALEXANDER
ARANGO GERMAN
ARANGO GERMAN
PEREZ AVILA JOSE JACINTO
PEREZ AVILA JOSE JACINTO
ALVAREZ VDA DE MAZO MARIA HERMINIA ALVAREZ VDA DE MAZO MARIA HERMINIA
VELEZ VENEGAS GLORIA INES
VELEZ VENEGAS GLORIA INES
GALLEGO LOPEZ NOHEMY
GALLEGO LOPEZ NOHEMY
HENAO HENAO LILIA
HENAO HENAO LILIA
1.177
1.177
1.177
1.177
1.177
1.177
1.177
1.177
1.177
1.177
1.177
1.177
1.175
1.175
1.175
1.167
1.148
1.121
1.121
1.121
1.121
1.121
1.115
GARCIA RESTREPO CAROLINA
GARCIA RESTREPO CAROLINA
RAMIREZ CANO FRANCISCO JAVIER
RAMIREZ CANO FRANCISCO JAVIER
TAMAYO MORA LUZ STELLA
TAMAYO MORA LUZ STELLA
TORRES ROLDAN MERY ELENA
TORRES ROLDAN MERY ELENA
BECERRA SAMUDIO LUIS ALFREDO
BECERRA SAMUDIO LUIS ALFREDO
RIVILLAS CARDONA LIBARDO DE JESUS
MADRID HERNANDEZ MARTHA MYRIAM
JARAMILLO DELGADO LINA MARIA
JARAMILLO DELGADO LINA MARIA
CALDERON GIL CESAR OCTAVIO
CALDERON GIL CESAR OCTAVIO
CARDONA DUQUE FLOR ALBA
CARDONA DUQUE LUIS ALBERTO
ALFONSO CASTILLO ANA BEATRIZ
ALFONSO CASTILLO ANA BEATRIZ
VALENCIA AGUDELO GUILLERMO LEON
VALENCIA AGUDELO GUILLERMO LEON
TORRES RODRIGUEZ CARLOS
TORRES RODRIGUEZ CARLOS
MORALES OSORNO MARIA GLADYS
MORALES OSORNO MARIA GLADYS
JARAMILLO ACOSTA GLORIA MARIA
JARAMILLO ACOSTA GLORIA MARIA
JARAMILLO ACOSTA GLORIA MARIA
JARAMILLO ACOSTA ALVARO
JARAMILLO ACOSTA GLORIA MARIA
JARAMILLO ACOSTA LOURDES DEL SOCORRO
JARAMILLO ACOSTA GLORIA MARIA
JARAMILLO ACOSTA AUGUSTO
JARAMILLO ACOSTA GLORIA MARIA
JARAMILLO ACOSTA MARINA
JARAMILLO ACOSTA GLORIA MARIA
JARAMILLO ACOSTA ANGELA MARIA
RODRIGUEZ DE GONZALEZ MARIA
CRISTINA
RODRIGUEZ DE SERNA MARIA EUGENIA
RAMIREZ OCAMPO IVAN DE JESUS
RAMIREZ OCAMPO IVAN DE JESUS
FERNANDEZ LONDOÑO FERNANDO
FERNANDEZ LONDOÑO FERNANDO
TIRADO CUARTAS RODRIGO
TIRADO CUARTAS RODRIGO
LOPEZ HENAO JOSE ALVARO
LOPEZ HENAO JOSE ALVARO
1.102
1.068
1.037
1.021
1.008
1.000
1.000
985
984
984
957
940
939
156
156
156
156
156
156
911
900
888
883
883
LAVERDE DE AGUDELO FANNY DEL
SOCORRO
LAVERDE DE AGUDELO FANNY DEL SOCORRO
LAVERDE DE AGUDELO FANNY DEL
SOCORRO
AGUDELO LAVERDE NATALIA MARIA
RODRIGUEZ CORTES ALEJANDRO
HERACLITO
RODRIGUEZ CORTES ALEJANDRO HERACLITO
VERA PARADA HILDA MARINA
VERA PARADA HILDA MARINA
GOMEZ ARISTIZABAL MARIA EMITH
GOMEZ ARISTIZABAL MARIA EMITH
GIL JULIO CESAR
GIL JULIO CESAR
HERNANDEZ GOMEZ MARIA OLGA
HERNANDEZ GOMEZ MARIA OLGA
LOPERA ARDILA MARIA NUBIA
LOPERA ARDILA MARIA NUBIA
RODRIGUEZ POSADA JAVIER IGNACIO
RODRIGUEZ POSADA JAVIER IGNACIO
CARO MUÑOZ MARIA NURY
CARO MUÑOZ MARIA NURY
VALENZUELA ARANGO CARLOS IGNACIO
ROBLEDO VILLA VICTOR ALEJANDRO
GIRALDO DE MARIN MARIA DEL CARMEN
GIRALDO DE MARIN MARIA DEL CARMEN
RENDON CORTES LUZ ALEIDA
RENDON CORTES CRUZ ADIELA
RODRIGUEZ DORA INES
RODRIGUEZ DORA INES
SANCHEZ SANCHEZ ROSA ELENA
SANCHEZ SANCHEZ MARIA DOLORES
DUQUE RAMIREZ JORGE ANIBAL
DUQUE RAMIREZ JORGE ANIBAL
RAVE DUQUE CRISTIAN FELIPE
LEAÑO MARTINEZ DICSON FERNANDO
DUQUE MARIN DE AGUIRRE ALICIA
DUQUE MARIN DE AGUIRRE ALICIA
RESTREPO OSORIO LUZ MOHEMY
RESTREPO OSORIO JUAN JOSE
RESTREPO OSORIO LUZ MOHEMY
ESPINOSA SALAZAR RUBEN DE JESUS
ECHEVERRIA ECHEVERRIA ALVARO RAFAEL ECHEVERRIA ECHEVERRIA ALVARO RAFAEL
RESTREPO MUÑOZ TERESA DEL NIÑO
JESUS
LONDOÑO CORREA CARLOS HELLEN
RESTREPO MUÑOZ TERESA DEL NIÑO JESUS
LONDOÑO CORREA CARLOS HELLEN
289
589
848
848
848
848
848
848
848
848
848
848
848
848
844
832
820
819
59
754
800
800
800
PINEDA BETANCUR NATALIA
PINEDA BETANCUR NATALIA
ALVAREZ LOPEZ LUZ AMPARO
ALVAREZ LOPEZ LUZ AMPARO
ALVAREZ LOPEZ LUZ AMPARO
RAVE ALVAREZ JOHN FREDY
PAEZ ALVAREZ MARIA SITELLA
PAEZ ALVAREZ MARIA SITELLA
RESTREPO MUNERA ANA MERCEDES
RESTREPO MUNERA ANA MERCEDES
VILLAREAL MARIMON JOSE IGNACIO
VILLAREAL MARIMON JOSE IGNACIO
CANO SALAZAR PIEDAD CECILIA
CANO SALAZAR PIEDAD CECILIA
HERRERA PEÑA RUTH
HERRERA PEÑA RUTH
LOPEZ ZULUAGA MARGOTH
LOPEZ ZULUAGA MARGOTH
DURAN HERNANDEZ MARTA MONICA
DURAN HERNANDEZ MARTA MONICA
RAMIREZ GIRALDO PEDRO NEL
RAMIREZ GIRALDO PEDRO NEL
CARO RESTEPO ADELMO
MEJIA DE CARO ROSALBA
OTALVARO DE MARULANDA BERTA LIGIA
OTALVARO DE MARULANDA BERTA LIGIA
ECHEVERRIA FERNANDEZ MARIA
FERNANDA
ECHEVERRIA FERNANDEZ MARIA FERNANDA
PIEDRAHITA AGUDELO FABIOLA
PIEDRAHITA AGUDELO FABIOLA
CALLE CAÑAS MARIA OLIVA
CALLE CAÑAS MARIA OLIVA
GONZALEZ BERRIO ELVIA NUBIA
GONZALEZ BERRIO ELVIA NUBIA
TAMAYO VARGAS BERTHA
TAMAYO VARGAS BERTHA
VILLA PIZA OSCAR DARIO
VILLA PIZA OSCAR DARIO
ALZATE CARDONA MARIA ISMENIA
ALZATE CARDONA MARIA ISMENIA
CARDENAS ALZATE ISABEL CRISTINA
ALZATE CARDONA MARIA OFELIA
MOLINA RAMIREZ JESUS ELEAZAR
MOLINA RAMIREZ JESUS ELEAZAR
BARRIENTOS ECHAVARRIA ROSA MARIA
BARRIENTOS ECHAVARRIA ROSA MARIA
800
395
395
773
773
758
755
755
743
742
739
739
739
739
739
739
739
739
739
739
739
739
739
BOTERO DE MARULANDA ALCIRA
BOTERO DE MARULANDA ALCIRA
NARANJO ARIAS CARLOS ALBERTO
NARANJO ARIAS CARLOS ALBERTO
RESTREPO DE RESTREPO MARIA VICTORIA
RESTREPO DE RESTREPO MARIA VICTORIA
GIL DE ACEVEDO TERESITA DE JESUS
GIL DE ACEVEDO TERESITA DE JESUS
JARAMILLO LONDOÑO MARGARITA DE
JESUS
JARAMILLO LONDOÑO MARGARITA DE JESUS
CADAVID GOMEZ NUBIA DEL SOCORRO
CADAVID GOMEZ NUBIA DEL SOCORRO
MAYA ZAMBRANO JUAN MANIUEL
MAYA MUÑOZ GUILLERMO ANTONIO
GARCIA ARDILA MARIA NELA
GARCIA ARDILA MARIA NELA
AGUDELO RAMIREZ ROCIO DEL SOCORRO
AGUDELO RAMIREZ ROCIO DEL SOCORRO
ARISTIZABAL GOMEZ LUCIA MARGARITA
ARISTIZABAL GOMEZ LUCIA MARGARITA
RESTREPO OSORIO MARTA LIA
RESTREPO OSORIO MARTA LIA
ARANGO ARANGO GORA LUCIA
TAMAYO CARVAJAL SARA MARIA
ATEHORTUA GIRALDO MARIA EUGENIA
ATEHORTUA GIRALDO MARIA EUGENIA
MAZO GOMEZ CARMEN LUCIA
BARRIOS OSORIO SOFIA
RODRIGUEZ OSORIO TERESA DE JESUS
RODRIGUEZ OSORIO TERESA DE JESUS
HERRERA GALLEGO OSCAR JOHN
HERRERA GALLEGO OSCAR JOHN
CARLUCCIO SACCO CLAUDIA ROSALIA
CARLUCCIO SACCO CLAUDIA ROSALIA
ARIAS RODRIGUEZ JAIRO
ARIAS RODRIGUEZ JAIRO
DUQUE GOMEZ MARIA NOHEMY
DUQUE GOMEZ MARIA NOHEMY
ZAPATA ZULETA HECTOR HERNAN
TOBON DE MAYA ELVIA
HERRERA MARIN MARTA ALICIA
HERRERA MARIN MARTA ALICIA
MUÑOZ FRANCO LUIS CARLOS
MUÑOZ FRANCO LUIS CARLOS
MUÑOZ FRANCO LUIS CARLOS
FUNDACION HOGARES JUVENILES CAMPESINOS
DE COLOMBIA
739
739
739
739
739
739
739
739
739
739
739
739
739
739
739
730
726
700
700
690
677
87
589
CORAL BENAVIDES JULIA ESPERANZA
CORAL BENAVIDES JULIA ESPERANZA
PEREZ MORA FRANCISCO CARLOS JULIO
PEREZ MORA FRANCISCO CARLOS JULIO
ACEVEDO ACEVEDO BERNARDO DE JESUS
TRUJILLO LUJAN MARIA AMPARO
CANO JARAMILLO SANTIAGO
JARAMILLO TORO MARIA CLEMENCIA
VILLARRAGA MARIN ANA MARIA TERESA
VILLARRAGA MARIN ANA MARIA TERESA
OSPINA MONTOYA JUAN CAMILO
OSPINA MONTOYA JUAN CAMILO
HERNANDEZ ESTRADA SARA BEATRIZ
HERNANDEZ ESTRADA SARA BEATRIZ
FERNANDEZ RAMIREZ CESAR AUGUSTO
FERNANDEZ RAMIREZ CESAR AUGUSTO
MONTOYA BURGOS HECTOR ALONSO
MONTOYA BURGOS HECTOR ALONSO
CASTRO GONZALEZ RODOLFO
CASTRO GONZALEZ RODOLFO
MARIN ALVAREZ EUSEBIO ORLANDO
MARIN ALVAREZ EUSEBIO ORLANDO
BUSTAMANTE DE MENESES ARACELLY DE
JESUS
BUSTAMANTE DE MENESES ARACELLY DE JESUS
GONZALEZ DE BAENA BELEN DE JESUS
GONZALEZ DE BAENA BELEN DE JESUS
RESTREPO ACOSTA NUBIA
RESTREPO ACOSTA NUBIA
RESTREPO ACOSTA MIRYAM ELENA
ACOSTA DE RESTREPO ELENA
GARCIA HINCAPIE ELIZABETH
GARCIA HINCAPIE ELIZABETH
BOTERO CASTAÑO ROSALBA
BOTERO CASTAÑO ROSALBA
LOPEZ PEREZ NICOLAS ADOLFO
BONILLA DE LOPEZ MARIA FANNY
LONDOÑO MARIA ENGRACIA
LONDOÑO MARIA ENGRACIA
CASTRILLON OSPINA HERNANDO DE JESUS CASTRILLON OSPINA HERNANDO DE JESUS
CHALARCA DE SANTA MARIA DEYANIRA
CHALARCA DE SANTA MARIA DEYANIRA
SALAZAR ZULUAGA LUCELLY DE MARIA
AUXILIADORA
SALAZAR ZULUAGA LUCELLY DE MARIA
AUXILIADORA
GIRALDO ISAZA LUZ GABRIELA
FRANCO GIRALDO JUAN ANDRES
671
633
630
615
613
601
600
600
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
CADAVID CEPEDES LUI RAMIRO
SALAZAR PINEDA OLGA CECILIA
MONSALVE SALDARRIAGA JUAN JOSE
MONSALVE SALDARRIAGA JUAN JOSE
JIMENEZ MORENO DORY LILIA
JIMENEZ MORENO DORY LILIA
SALAZAR GARCES MARIBEL
SALAZAR GARCES MARIBEL
HINCAPIE LOPEZ HENRY
HINCAPIE LOPEZ HENRY
MARTINEZ HERNANDEZ GLORIA ELENA
MARTINEZ HERNANDEZ GLORIA ELENA
RAMIREZ RAMOS SIMON
RAMIREZ RAMOS SIMON
NOREÑA HURTADO LUZ DIBIA
NOREÑA HURTADO LUZ DIBIA
CARMONA VILLEGAS LUCIA DE LOS
DOLORES
CARMONA VILLEGAS LUCIA DE LOS DOLORES
RAMOS MELCHOR ANA FALCONERY
RAMOS MELCHOR ANA FALCONERY
AGUDELO CALLE BERNARDO DE JESUS
AGUDELO CALLE BERNARDO DE JESUS
GONZALEZ URAN LUIS FERNANDO
GONZALEZ URAN LUIS FERNANDO
CASTILLO MENDIETA MARIA CECILIA
CASTILLO MENDIETA MARIA CECILIA
MONTOYA HERRERA ALEJANDRO
HERRERA BETANCOURTH MARIA IRMA
POSADA SALDARRIAGA SILVIA ELENA
POSADA SALDARRIAGA SILVIA ELENA
RICO GUTIERREZ DORA ELENA
RICO GUTIERREZ DORA ELENA
BOSCH MORENO GLORIA MARIA
BOSCH MORENO GLORIA MARIA
GOMEZ GOMEZ HUGO HERNAN
GOMEZ GOMEZ HUGO HERNAN
HERNANDEZ ZAPATA MARIA DEL PILAR
HERNANDEZ ZAPATA MARIA DEL PILAR
GARCES HERNANDEZ VIVIANA MARIA
GARCES HERNANDEZ CATALINA
DIAZ MORA ANTONIO DE JESUS
DIAZ MORA ANTONIO DE JESUS
CARVAJAL SANCHEZ RUBBY
CARVAJAL SANCHEZ RUBBY
LONDOÑO GOMEZ JAQUELINE
LONDOÑO GOMEZ JAQUELINE
GOMEZ VILLA MICAELA MERCEDES
GOMEZ VILLA MICAELA MERCEDES
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
LONDOÑO GOMEZ HELINA
LONDOÑO GOMEZ HELINA
RUIZ ORTIZ GILDARDO DE JESUS
RUIZ ORTIZ GILDARDO DE JESUS
GOMEZ DE QUINTERO EUCARIS
GOMEZ DE QUINTERO EUCARIS
GONZALEZ LONDOÑO MARITZA DEL PILAR GONZALEZ LONDOÑO MARITZA DEL PILAR
LONDOÑO DE GONZALEZ NOEMY
LONDOÑO DE GONZALEZ NOEMY
VILLA MAZO CARLOS MARIO
VILLA MAZO CARLOS MARIO
RESTREPO FRANCO JUDITH
RESTREPO FRANCO JUDITH
JARAMILLO DE SALAZAR PAULINA
JARAMILLO DE SALAZAR PAULINA
GARZON MERA INES
GARZON MERA INES
TOBON BOTERO LIBIA STELLA
ARANGO JARAMILLO OSCAR
AGUDELO LAVERDE FANNY ELENA
AGUDELO LAVERDE FANNY ELENA
HERNANDEZ GUTIERREZ MARIA EUCARIS
VARGAS HERNANDEZ JANET PATRICIA
VELEZ RODRIGUEZ MARIA AMPARO
VELEZ RODRIGUEZ MARIA AMPARO
CUARTAS DE ARIAS ROSA AMALIA
CUARTAS DE ARIAS ROSA AMALIA
YEPES TABARES AMANDA DE JESUS
CUARTAS CARMONA MIGUEL ANGEL
ALVAREZ RENGIFO GLORIA PATRICIA
ALVAREZ RENGIFO GLORIA PATRICIA
BENJUMEA MUNOZ SERGIO NICOLAS
BENJUMEA MUNOZ SERGIO NICOLAS
ROJAS MONSALVE ELKIN NTONIO
ROJAS MONSALVE MARGARITA MARIA
FLOREZ OSORIO GUSTAVO
ALVAREZ ARANGO BERTHA NUBIA
GALEANO SIERRA MARIA PATRICIA
GALEANO SIERRA MARIA PATRICIA
JARAMILLO GOMEZ BEATRIZ ELENA
JARAMILLO GOMEZ BEATRIZ ELENA
CARDONA GIL FRANCISCO LUIS
CARDONA GIL FRANCISCO LUIS
ASCUNTAR CORAL PEDRO FELIX
ASCUNTAR CORAL ROSA MARIA
589
589
589
589
589
589
566
562
561
550
539
535
518
502
500
500
500
500
500
464
448
431
415
ECHEVERRY VILLA FRANCISCO DE PAULA
ECHEVERRY VILLA FRANCISCO DE PAULA
VILLA ZAPATA LUIS ALFONSO
VILLA ZAPATA LUIS ALFONSO
RIVAS NAVAS DIONISIO
RIVAS NAVAS DIONISIO
ARANGO ARANGO MARTHA HELENA
ARANGO ARANGO MARTHA HELENA
ALVAREZ LOPEZ DOLLY DE JESUS
ALVAREZ LOPEZ DOLLY DE JESUS
RESTREPO URIBE MONICA
DUQUE RESTREPO LAURA
RESTREPO URIBE MONICA
DUQUE RESTREPO ANA MARIA
GARCIA VALENCIA AMPARO
GARCIA VALENCIA AMPARO
POSADA RESTREPO MARIA PUBENZA
POSADA RESTREPO MARIA PUBENZA
RAMIREZ ALVAREZ CLAUDIA MATILDE
RAMIREZ ALVAREZ CLAUDIA MATILDE
OCAMPO PARDO ALBERTO
OCAMPO PARDO ALBERTO
TORRES POSADA ALVARO
MEJIA POSADA JUAN BAUTISTA
DUQUE NIETO JUAN MANUEL
DUQUE NIETO JUAN MANUEL
CANAS SANTAMARIA GLORIA ELENA
CANAS SANTAMARIA GLORIA ELENA
PAREJA LOPEZ MARINA DE JESUS
PAREJA LOPEZ MARINA DE JESUS
GONZALEZ ECHEVERRI OCTAVIO
GONZALEZ ECHEVERRI OCTAVIO
CARO MUÑOZ AMERICO DE JESUS
CARO MUÑOZ AMERICO DE JESUS
ACOSTA MOLINA FRANCISCO ARTURO
ACOSTA MOLINA FRANCISCO ARTURO
ESCOBAR VILLAREAL ALEGRIA DEL
ROSARIO
ASCUNTAR CORAL ZOILA ESPERANZA
MARQUEZ HERNANDEZ LUCRECIA HELENA BETANCUR MARQUEZ PAULA ANDREA
MARQUEZ HERNANDEZ LUCRECIA HELENA OJEDA PESCADOR JOHN ALEXANDER
VELEZ LEON MARTHA HELENA
VELEZ LEON MARTHA HELENA
DIAZ REDONDO MARIA ELENA
DIAZ REDONDO MARIA ELENA
VASQUEZ MARTINEZ LIBARDO DE JESUS
VASQUEZ GALLO LUZ ADRIANA
412
400
400
400
395
111
276
380
370
351
349
345
326
306
304
301
300
286
278
85
191
271
257
200
COLORADO HERRERA ANA MIRIAM
COLORADO HERRERA ANA MIRIAM
JARAMILLO GOMEZ MARIA CECILIA
JARAMILLO GOMEZ LUIS GUILLERMO
CARDENAS RAMON
CARDENAS RAMON
BERNAL CAMPUZANO MARIA RUTH
BERNAL CAMPUZANO AURA
PALACIOS DE TABARES MARTA LUCIA
PALACIOS DE TABARES MARTA LUCIA
JIMENEZ DE POSADA BERTHA EUGENIA
JIMENEZ DE POSADA BERTHA EUGENIA
CORREA DE GAVIRIA MARIELA DE JESUS
CORREA DE GAVIRIA MARIELA DE JESUS
JARAMILLO ACOSTA LUZ ELENA
JARAMILLO ACOSTA LUZ ELENA
SANTA CHALARCA OLGA LUCIA
SANTA CHALARCA OLGA LUCIA
ESPINAL ORTEGA ANGELA MARIA
ESPINAL ORTEGA ANGELA MARIA
ASCUNTAR ESCOBAR CRISTIAN RAMON
ASCUNTAR ESCOBAR CRISTIAN RAMON
OSORIO MONTOYA MARY LUZ
OSORIO MONTOYA MARY LUZ
DUQUE PINEDA GERMAN HORACIO
DUQUE RESTREPO SANTIAGO
RODRIGUEZ ROSAS MARTHA ARACELY
RODRIGUEZ ROSAS MARTHA ARACELY
AGUDELO GARCES EMILIANO DE JESUS
DE LA OSSA NADER LUCY JOSEFINA DEL CRISTO
TRUJILLO DELGADO ALVARO DE JESUS
TRUJILLO DELGADO ALVARO DE JESUS
GIRALDO SANCHEZ ANA DORA ELIZABETH
GIRALDO SANCHEZ ANA DORA ELIZABETH
SOTO SOTO CARLOS EDUARDO
SOTO SOTO CARLOS EDUARDO
ANGEL MEJIA ESTHER MARIA
ANGEL MEJIA ESTHER MARIA
VARGAS CHAUX JAIME
VARGAS CHAUX JAIME
RODRIGUEZ POSADA ANA MARIA
RODRIGUEZ POSADA ANA MARIA
OCAMPO FRANCO GABRIEL JAIME
OCAMPO FRANCO GABRIEL JAIME
VILLEGAS ALVAREZ DIANA LUCIA
VILLEGAS ALVAREZ DIANA LUCIA
200
190
189
186
181
168
160
156
141
139
139
129
111
111
110
100
100
100
100
93
90
89
86
SANCHEZ CALLE GLORIA ELENA
SANCHEZ CALLE GLORIA ELENA
OSORIO DE RESTREPO MARIA NOEMY
OSORIO DE RESTREPO MARIA NOEMY
PANIAGUA MUÑOZ LUIS EDUARDO
PANIAGUA MUÑOZ LUIS EDUARDO
CANO ROCZEK LIGIA AMPARO
RODRIGUEZ CANO SARA
MEJIA ANGEL ANA MARIA
MEJIA ANGEL ANA MARIA
URREGO AGUDELO LILLIAM
URREGO AGUDELO LILLIAM
ARISTIZABAL CORREA NORA BEATRIZ
ARISTIZABAL CORREA NORA BEATRIZ
ARISTIZABAL GOMEZ ELEAZAR DE JESUS
MESA MESA JUAN GUILLERMO
VILLADA GOMEZ ELSY DEL SOCORRO
VILLADA GOMEZ ELSY DEL SOCORRO
LOPERA MARTINEZ LUZ CARMENZA
LOPERA MARTINEZ LUZ CARMENZA
SANCHEZ LOPERA LORENA MARIA
SANCHEZ LOPERA LORENA MARIA
VEGA ROJAS OMAIRA DE LA CRUZ
VEGA ROJAS OMAIRA DE LA CRUZ
VELEZ VELEZ MARTHA ELENA
VELEZ VELEZ MARTHA ELENA
84
50
27
25
20
19
10
10
7
5
5
5
4
OUTSTANDING SHARES: 1,107,677,894
REPRESENTED SHARES: 942.952.708
NUMBER OF REPRESENTED SHAREHOLDERS: 948
NUMBER OF REPRESENTATIVES: 528
QUORUM: 85.13%
Shareholders and proxies thereof attended the call made by the CEO of the company, published on
March 1, 2015 by notice in nationwide distributed Newspapers El Colombiano and El Tiempo, and
reiterated on March 22, 2015 in newspaper El Colombiano.
It was attested that, during the 15-business day term provided by the law and the bylaws, the
Company’s books and other documents required by law were available to shareholders at ISA’s
head office Calle 12 Sur 18-168 of the city of Medellín, Hall 1, Block 1.
Ms. Alba Lucia Guzmán Lugo also attended the meeting in representation of ERNST & YOUNG., as
Statutory Auditor.
The members of the Board of Directors also attended as guests: Messrs. Tomás González Estrada,
Minister of Mines and Energy, Santiago Montenegro Trujillo, Chairman of ISA’s Board of Directors,
Carlos Mario Giraldo Moreno, Bernardo Vargas Gibsone, Carlos Fernando Eraso Calero, Henry
Medina González, Jesús Aristizábal Guevara, Camilo Zea Gómez, Carlos Felipe Londoño Álvarez,
Mr. Luis Fernando Alarcón Mantilla, as ISA’s CEO, started the Regular Shareholders’ Meeting of
Interconexión Eléctrica S.A. E.S.P., by greeting and welcoming the shareholders and asked the
Secretary of the Company to introduce the Board members, which was made accordingly by
mentioning the names and positions of the attending members.
QUORUM VERIFICATION
The General Secretary of the Company, responsible for the Secretariat of the Meeting, as provided
in the Internal Rules of Procedure thereof, reported that at the meeting there were nine hundred
eight million four hundred nineteen thousand three hundred ninety-eight (908,419,398) shares of a
total of one billion one hundred seven million six hundred seventy-seven thousand eight hundred
ninety-four dollars (1,107,677,894) comprising the subscribed, paid-in and outstanding capital of the
Company, equal to 82.01% and that, consequently those attending the meeting could validly
constituted the same, with capacity to deliberate and make decisions, according to the quorum
provided for this purpose, i.e., a plural number of shareholders representing at least an absolute
majority of the subscribed shares. He added that the total subscribed shares mentioned above did
not include the seventeen million eight hundred twenty thousand one hundred and twenty-two
(17,820,122) shares owned by ISA, which were repurchased and therefore all rights inherent to the
same are suspended.
The proxies produced their powers of attorney granted by the respective shareholders with all due
formalities provided in the law and regulations issued by the Financial Superintendence of
Colombia.
Given the existence of a quorum to deliberate and validly decide, Mr. Santiago Montenegro Trujillo,
in his capacity as Chairman of ISA's Board of Directors, opened the General Shareholders' Meeting
of Interconexión Eléctrica S.A. E.S.P.
Then, the Secretary of the Assembly informed that the General Shareholders' Meeting was now
opened, starting with the National Anthem.
The Chairman of the Board of Directors noted that the main table of the Meeting was enabled by
the rules of the Meeting to act as commission for proposals and recommendations in order to
receive any concerns that shareholders might like to submit. Once this recommendation was
informed, he asked the Secretary to read out the agenda for the meeting.
The Secretary, before reading out the agenda, said it was important to consider as working
methodology of the Meeting, that if any assistant desired to intervene or had any questions about a
particular topic, they should do so after each presentation.
APPROVAL OF AGENDA
The agenda was then read out:
1.
2.
3.
4.
5.
6.
7.
8.
9.
Election of Chairman of the Meeting.
Report from Secretary on approval of Minutes 103 of March 28, 2014.
Election of Commission for approval of minutes and vote-counting.
Words from the Minister of Mines and Energy doctor Tomás González Estrada.
Greetings from Chairman of the Board of Directors and Report from the Board about the
operation thereof.
2014 Performance Report, Board of Directors and CEO.
Report from the Board of Directors and CEO on compliance with and development of Good
Governance Code.
Presentation of ISA’s Individual and Consolidated Financial Statements as of December 31,
2014.
Statutory Auditor’s Report.
10.
11.
12.
13.
14.
15.
16.
17.
18.
Approval of ISA’s Individual and Consolidated Financial Statements as of December 31,
2014.
Approval of 2014 profit distribution project to decree dividends and set aside equity reserves.
Election of Statutory Auditor and allocation of professional fees.
Reading and approval of Corporate Bylaws.
Election of Board of Directors.
Reading and approval of Remuneration Policy for Board of Directors.
Approval of fees for Board members for April 2015 - March 2016 period.
Reading and approval of Board of Directors’ Succession Policy.
Miscellaneous.
The Chairman of the Board of Directors, asked for approval of the proposed agenda of the Meeting
to the assistants.
Approval:
The Meeting unanimously approved the Agenda.
Following, the Secretariat read the first item of the Agenda.
1.
ELECTION OF CHAIRMAN OF THE MEETING
Mr. Santiago Montenegro Trujillo, acting as Chairman of the Board of Directors, proposed to
designate Mr. Tomás González Estrada, Minister of Mines and Energy, as Chairman of the
Meeting.
Approval:
The Meeting, by majority, approved the afore-mentioned decision.
Following are such shareholders abstaining to vote:
PROXY OR REPRESENTATIVE
SHAREHOLDER
No. OF
SHARES
CORELLA VANESSA
ADVANCED SERIES TRUST - AST GOLDMAN SACHS
MULTI-AS
13.623
CORELLA VANESSA
AQUILA EMERGING MARKETS FUND
78.828
CORELLA VANESSA
WILMINGTON MULTIMANAGER INTERNATIONAL
13.178
CORELLA VANESSA
EMERGING MARKETS CORE EQUITY PORTFOLIO
OF DFA INV
1.389.324
CORELLA VANESSA
EMERGING MARKETS SOCIAL CORE EQUITY
PORTAFOLIO
110.882
CORELLA VANESSA
T.A. WORLD EX U.S. CORE EQUITY PORTFOLIO OF
DFA INV
31.226
CORELLA VANESSA
LVIP BLACKROCK EMERGING MARKETS INDEX
RPM FUND
23.598
CORELLA VANESSA
UNIVERSITY OF TEXAS
24.498
CORELLA VANESSA
CITY OF LOS ANGELES FIRE AND PLCE
62.531
CORELLA VANESSA
MICROSOFT GLOBAL FINANCE
36.817
CORELLA VANESSA
TEXAS SCOTTISH RITE HOSPITAL FOR CRIPPED
CHILDREN
8.682
CORELLA VANESSA
CITY OF NEW YORK GROUP TRUST
1.046,567
CORELLA VANESSA
GOLDMAN SACHS FUNDS - GOLDMAN SACH GIVI 1.611
GROWTH
CORELLA VANESSA
ISHARES MSCI COLOMBIA CAPPED ETF
224.599
311.840
CORELLA VANESSA
JOHN HANCOCK FUNDS II EMERGING MARKETS
FUND
PACIFIC SELECT FUND - PD EMERGING MARKETS
PORTAFOLIO
8.404
CORELLA VANESSA
CORELLA VANESSA
SPDR S&P EMERGING LATIN AMERICA ETF
18.147
3.239
CORELLA VANESSA
SSGA RUSSELL FUNDAMENTAL GLOBAL EX U.S
INDEX NON-
CORELLA VANESSA
TEACHER RETIREMENT SYSTEM OF TEXAS
369.551
CORELLA VANESSA
AMP EMERGING MARKETS INDEX FUND
15.927
MANUELA RESTREPO BARRIOS
AVIVA LIFE AND PENSIONS UK LIMITED
47.025
MANUELA RESTREPO BARRIOS
SHELL TRUST (BERMUDA) LIMITED
28.413
19.346
MANUELA RESTREPO BARRIOS
SHELL PENSIONS TRUST LIMITED AS TRUSTEE OF
SHELL CONTRIBUTORY PENSION FUND
MANUELA RESTREPO BARRIOS
BURAU OF LABOR FUNDS-LABOR PENSION FUND
1.434
MANUELA RESTREPO BARRIOS
STITCHING SHELL PENSIOENFONDS
68.128
MANUELA RESTREPO BARRIOS
STITCHING DEPOSITARY APG EMERGING MARKETS 387.065
EQUITY POOL
MANUELA RESTREPO BARRIOS
BRITISH COAL STAFF SUPERANNUATION SCHEME
58,524
MANUELA RESTREPO BARRIOS
VANGUARD INVESTMENTS AUSTRALIA LTD ATF
103.479
VANGUARD EMERGING MKTS SHARE INDEX FUND
MANUELA RESTREPO BARRIOS
VANGUARD INVESTMENT SERIES
654.567
2.266.931
MANUELA RESTREPO BARRIOS
VANGUARD TOTAL INTERNATIONAL STOCK INDEX
FUND
40.997
MANUELA RESTREPO BARRIOS
BLACKROCK INDEXED EMERGING MARKETS IMI
EQUITY FUND
23.748
MANUELA RESTREPO BARRIOS
STATE OF WYOMING, WYOMING STATE
TREASURER
MANUELA RESTREPO BARRIOS
SBC MASTER PENSION TRUST
41.597
92.232
MANUELA RESTREPO BARRIOS
JNL / MELLON CAPITAL EMERGING MARKETS
INDEX FUND
15.403
MANUELA RESTREPO BARRIOS
CONSTRUCTION AND BUILDING UNIONS
SUPERANNUATION FUND
20.450
MANUELA RESTREPO BARRIOS
ONEPATH GLOBAL EMERGING MARKETS SHARES
(UNHEDGED) INDEX POOL
MANUELA RESTREPO BARRIOS
UBS GLOBAL ASSET MANAGEMENT LIFE LTD
6.162
22.923
MANUELA RESTREPO BARRIOS
CITY OF PHILADELPHIA PUBLIC EMPLOYEES
RETIREMENT SYSTEM
RETIREMENT INCOME PLAN OF SAUDI ARABIAN
OIL COMPANY
14.777
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
FLEXSHARES MORNINGSTAR EMERGING MARKETS 46.544
FACTOR TILT INDEX FUND
MANUELA RESTREPO BARRIOS
FUNDACAO CALOUSTE GULBENKIAN
5.260
4.976
MANUELA RESTREPO BARRIOS
FIDELITY INVESTMENT FUNDS-FIDELITY INDEX
EMERGING MARKETS FUND
MANUELA RESTREPO BARRIOS
SHELL FOUNDATION
6.530
MANUELA RESTREPO BARRIOS
THE MASTER TRUST BANK OF JAPAN, LTD.
TRUSTEE FOR GOVERNMENT PENSION
267.765
INVESTMENT FUND
359.492
MANUELA RESTREPO BARRIOS
THE MASTER TRUST BANK OF JAPAN, LTD.
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND
374.596
MANUELA RESTREPO BARRIOS
THE MASTER TRUST BANK OF JAPAN, LTD.
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 794
349.055
MANUELA RESTREPO BARRIOS
THE MASTER TRUST BANK OF JAPAN, LTD.
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 828
313.901
MANUELA RESTREPO BARRIOS
THE MASTER TRUST BANK OF JAPAN, LTD.
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 829
277.508
MANUELA RESTREPO BARRIOS
THE MASTER TRUST BANK OF JAPAN, LTD.
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 795
91.211
MANUELA RESTREPO BARRIOS
THE MASTER TRUST BANK OF JAPAN, LTD.
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 078
MANUELA RESTREPO BARRIOS
CGI CONN GEN LIFE
10.206
MANUELA RESTREPO BARRIOS
AVIVA INVESTORS
15.902
MANUELA RESTREPO BARRIOS
HSBC ETFS PUBLIC LIMITED COMPANY
30.779
DUQUE JARAMILLO JUAN DAVID
FIDUCOLOMBIA - ISA ADR PROGRAM
1.094.925
The Secretary read out loud the second item of the Agenda.
2.
REPORT FROM SECRETARY OF THE MEETING ON APPROVAL OF MINUTES 103 OF
THE REGULAR SHAREHOLDERS’ MEETING OF MARCH 28, 2014
“Mr. Chairman, Messrs. Board members, Messrs. Shareholders: Please be informed that Messrs.:
María Alejandra Gil Duque, in representation of the shares of Empresas Públicas de Medellín
E.S.P, Manuel Humberto Peláez Díaz, in representation of his own shares and Francisco Manuel
Lucero, in representation of the shares of the Nation, were elected by the General Meeting of March
28, 2014 to compose the review and approval of the Minutes of the Meeting, who received the draft
thereof prepared by the Secretariat of the Meeting, and prior review they found it was accurate and
signed the same in conformity thereof.
Also, please be informed that Minutes 103 of the Meeting held on March 28, 2014 was published at
ISA’s website, once signed.
SONIA ABUCHAR ALEMAN
General Secretary
Medellín, March 2015”
The Secretary read out loud the third item of the Agenda.
3.
ELECTION OF COMMISSION FOR APPROVAL OF MINUTES AND VOTE-COUNTING
The Secretary of the Meeting informed the Chairman that there was a proposition submitted by Mr.
Pablo Hernán Corredor Avella, acting as shareholder of ISA, which text is as follows:
“Medellín, March 27, 2015
Messrs.
REGULAR SHAREHOLDERS’ MEETING OF INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.
S.A E.S.P-
–ISA
Taking into account that the Minutes of the Regular Shareholders’ Meeting should be recorded
before the Chamber of Commerce of Medellin for Antioquia and sent to the Financial
Superintendence of Colombia within 15 days following the date of holding the same, it is necessary
to appoint a commission for approval of Minutes and vote-counting.
For such effect, I propose to appoint Messrs.: Maria Alejandra Gil Duque in representation of the
shares of Empresas Públicas de Medellín E.S.P. and Francisco Manuel Lucero, in representation of
the shares of the Nation, domiciled in Medellín and Bogotá respectively, who have expressed their
immediate availability to make the review and provide approval.
Sincerely,
PABLO HERNÁN CORREDOR AVELLA
Shareholder of ISA”
The Chairman of the Meeting asked for approval of the aforementioned proposition.
Approval:
The Meeting, by majority, approved the proposition.
Following are such shareholders abstaining to vote:
PROXY OR REPRESENTATIVE
SHAREHOLDER
No. OF
SHARES
DUQUE JARAMILLO JUAN DAVID
FIDUCOLOMBIA - ISA ADR PROGRAM
1.094.925
CORELLA VANESSA
AMP EMERGING MARKETS INDEX FUND
15.927
CORELLA VANESSA
AQUILA EMERGING MARKETS FUND
78,828
CITY OF NEW YORK GROUP TRUST
CITY OF NEW YORK GROUP TRUST
1,046,567
CORELLA VANESSA
ISHARES MSCI COLOMBIA CAPPED ETF
224,599
MANUELA RESTREPO BARRIOS
AVIVA LIFE AND PENSIONS UK LIMITED
47.025
MANUELA RESTREPO BARRIOS
SHELL TRUST (BERMUDA) LIMITED
28.413
MANUELA RESTREPO BARRIOS
SHELL PENSIONS TRUST LIMITED AS TRUSTEE OF
SHELL CONTRIBUTORY PENSION FUND
19.346
MANUELA RESTREPO BARRIOS
BUREAU OF LABOR FUNDS-LABOR PENSION FUND 1.434
MANUELA RESTREPO BARRIOS
STICHTING SHELL PENSIOENFONDS
MANUELA RESTREPO BARRIOS
STICHTING DEPOSITARY APG EMERGING MARKETS
EQUITY POOL
387.065
MANUELA RESTREPO BARRIOS
BRITISH COAL STAFF SUPERANNUATION SCHEME
MANUELA RESTREPO BARRIOS
VANGUARD INVESTMENTS AUSTRALIA LTD ATF
VANGUARD EMERGING MKTS SHARE INDEX FUND 103.479
MANUELA RESTREPO BARRIOS
VANGUARD INVESTMENTS SERIES
654.567
MANUELA RESTREPO BARRIOS
VANGUARD TOTAL INTERNATIONAL STOCK INDEX
FUND
2.266.931
MANUELA RESTREPO BARRIOS
BLACKROCK INDEXED EMERGING MARKETS IMI
EQUITY FUND
40.997
MANUELA RESTREPO BARRIOS
STATE OF WYOMING, WYOMING STATE
TREASURER
23.748
MANUELA RESTREPO BARRIOS
SBC MASTER PENSION TRUST
41.597
68.128
58.524
MANUELA RESTREPO BARRIOS
JNL / MELLON CAPITAL EMERGING MARKETS
INDEX FUND
92.232
MANUELA RESTREPO BARRIOS
BLACKROCK INDEX SELECTION FUND
209.989
MANUELA RESTREPO BARRIOS
CONSTRUCTION AND BUILDING UNIONS
SUPERANNUATION FUND
15.403
MANUELA RESTREPO BARRIOS
ONEPATH GLOBAL EMERGING MARKETS SHARES
(UNHEDGED) INDEX POOL
20.450
MANUELA RESTREPO BARRIOS
UBS GLOBAL ASSET MANAGEMENT LIFE LTD
6.162
MANUELA RESTREPO BARRIOS
CITY OF PHILADELPHIA PUBLIC EMPLOYEES
RETIREMENT SYSTEM.
22.923
MANUELA RESTREPO BARRIOS
RETIREMENT INCOME PLAN OF SAUDI ARABIAN
OIL COMPANY
14.777
FLEXSHHARES MORNINGSTAR EMERGING
MARKETS FACTOR TILT INDEX FUND
46.544
FUNDACAO CALOUSTE GULBENKIAN
5.260
FIDELITY INVESTMENT FUNDS- FIDELITY INDEX
EMERGING MARKETS FUND
4.976
SHELL FOUNDATION
6.530
THE MASTER TRUST BANK OF JAPAN, LTD.
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045796
267.765
THE MASTER TRUST BANK OF JAPAN, LTD
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045792
359.492
THE MASTER TRUST BANK OF JAPAN LDT AS
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045794
374.596
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045828
349.055
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045829
313.901
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUN 400045795
277.508
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FOR PENSION FUND ASSOCIATION
400039078
91.211
CGI CONN GEN LIFE
10.206
AVIVA INVESTORS
33.768
HSBC ETFS PUBLIC LIMITED COMPANY
30.779
The Secretary read out loud the fourth item of the Agenda:
4.
WORDS FROM THE MINISTER OF MINES AND ENERGY DOCTOR TOMÁS GONZÁLEZ
ESTRADA
The Minister addressed to the meeting in the terms below:
"Again, good morning to all of you, special greetings to all shareholders who have joined us in this
Meeting, a special greeting to Mr. Luis Fernando Alarcon, to the entire team of ISA, and of course
my colleagues from the board.
Today when I received the package that was handed to all shareholders, there was a notebook that
read: "ISA, Events of the future" when I saw that phrase I couldn’t stop thinking "of course, many
events of the future", but ISA today has many present events. If you look at these 47 years of the
company you may realize that it is present in eight countries, with 33 related companies, which are
solid and enjoy great respect than perhaps any other time in its history, a clear evidence of how a
mixed-capital company where the State is the majority shareholder but where there is also private
participation, with many major shareholders holding a tangible voice that help the company making
better decisions; one can only be pleased and feel proud of being part of this Board, this Meeting
and working for shareholders like you; most importantly, it is to look at the events of recent years. In
2013 a strategic review took place, emphasizing on one item: of course ISA has to be big, of
course, ISA has to grow, but it should do so based on profitability, profitability has to be one of the
paths that lead us forward, we want to grow, we want to be important, we want to be influential, but
above all, we want to be profitable, and that profitability was strongly focused on two things: making
a good choice of the projects and, mostly, we should be very efficient in our operating processes, in
our costs, in all decisions we make and 2014, the entire year in which this strategy was
implemented, is a very positive year that quite pleases the Government and it will be a good reason
to analyze in the reports submitted to the discussion occurring today. I want to provide three figures
that evidence that work, this year’s profit was 20% higher than expected, and almost a third higher
than 2013; second, we have very specific figures of operating efficiency, reduced costs but cost
reduction without sacrificing quality, without sacrificing standards; and third, we have margins above
that expected. These are three very specific elements showing the importance of the company
today, that such strategy review performed in 2013 has been or is being implemented as
necessary, and the core of all this is and has been Mr. Luis Fernando Alarcon; he has been eight
years leading the company, as ISA’s captain, he is a person whose achievements highlight his
evident personal qualities; I have known him mainly in the time I have joined ISA’s Board, but the
experience I have working with him is similar to that of his employees for many years, Luis
Fernando is a person of great vision, he is very clear about where we’re going and where should we
go; he is hugely generous with his knowledge, I have personally learned a lot from discussions held
with him, as all of those who have been privileged to work with him, and due to those two features,
it is pleasing to have disagreements or different opinions because they are always channeled;
therefore, when you look at those eight years, you realize that under the scope of Mr. Alarcón, ISA
ventured into three new countries, the company’s assets increased by one hundred percent, and
profit under his period grew one hundred and sixty percent; these three very specific things reflect
his ability to work, his personal characteristics that makes us thank you for your management Mr.
Alarcon and tell you that you have been a great example and you leave a great legacy at ISA.
Towards the future, from the National Government that we are absolutely confident on ISA’s path;
ISA has a team of exceptional collaborators, ISA has the right strategy, and I believe that if we
continue along the path we have proposed, if we continue with the team we have, if we remain
focused on profitability, we will be the way we want, we will continue having very positive results,
they will be results of the utmost indulgence for the country and all its shareholders, thank you."
The Secretary of the Meeting thanked the Minister and read out the fifth point of the agenda.
5.
GREETINGS FROM CHAIRMAN OF THE BOARD OF DIRECTORS AND REPORT FROM
THE BOARD ABOUT THE OPERATION THEREOF
Mr. Santiago Montenegro Trujillo, acting as Chairman of the Board of Directors, addressed the
Meeting to welcome the assistants and read out the report of the Board on its operation, as follows:
"In compliance with the Bylaws and the Good Governance Code and as Chairman of the Board of
Directors of the Interconexión Eléctrica S. A. E.S.P. –ISA– I am presenting to you the executive
summary of the operation of the Board of Directors for the April 2014 - March 2015 period, which
you will find in more detail in management report. The full text of this report is included in the
information package provided to you at your arrival. Additionally, as you may note on the screens,
before starting this Meeting, it can be consulted on ISA’s website: www.isa.co.
Composition of ISA’s Board of Directors
On March 28, 2014, the Regular Shareholders’ Meeting appointed the positions and individuals to
form the Board of Directors. Those chosen are recognized for their moral character, knowledge and
experience.
BOARD OF DIRECTORS
Principal
Ministry of Mines and Energy Minister
Ministry of Finance and Public Credit
Vice-Minister General
Carlos Mario Giraldo Moreno (*)
Empresas Públicas de Medellín E.S.P.
General Manager (*)
Santiago Montenegro Trujillo (*)
Alejandro Linares Cantillo (*)
Bernardo Vargas Gibsone (*)
Alternate
Ministry of Mines and Energy
Vice-Minister of Energy
Ministry of Finance and Public Credit
Director of Public Credit and National Treasure
Henry Medina González (*)
Jesús Aristizábal Guevara (*)
Camilo Zea Gómez (*)
Tomás González Estrada (**)
Carlos Felipe Londoño Álvarez (*)
(*) Independent members
(**) As of August 19, 2014, Tomás González Estrada took office as Minister of Mines and Energy and
occupied the first line of the Board of Directors
The following members hold public positions within the central administration, and therefore are
related to the Nation, ISA’s major shareholder:

Minister of Mines and Energy.

Vice-Minister of Energy, Ministry of Mines and Energy.

Vice-Minister General, Ministry of Finance and Public Credit.

Director of Public Credit and National Treasure, Ministry of Finance and Public Credit.
The full Board, in session 746 of April 25, 2014, appointed Mr. Santiago Montenegro Trujillo as its
Chairman.
In consideration of their attendance to the Board’s and Committees’ meetings, the members
received the remuneration set by the Regular Shareholders’ Meeting, equivalent to 4.5 minimum
monthly wages per meeting.
Operation of meetings
Within the period, the Board held 13 meetings, 12 ordinary and one extraordinary. The average
duration of each meeting was five hours, and it always complied with the agenda agreed for each
session.
Priority at meetings of the Board was given to issues related with the implementation of the strategy
and the adjustment of the organization as a business group. In this sense, it should be highlighted
the monitoring of projects aimed at finding efficiencies in OPEX, CAPEX and supply; and
governance issues related to updating the corporate framework of reference, the bylaws and
operating rules for the Board and its committees.
With at least five days before each meeting, the Secretary of the Board, made available to the
members the documentation related to the topics to be discussed at the relevant session and the
additional information requested.
At the beginning of each meeting, the Secretary verified the quorum. All meetings had deliberative
and decision-making quorum. Although both principal and alternate members are summoned to the
Board meetings, only the principal’s vote is taken into account at the time of voting.
The assistance of the Board of Directors was as follows:
ASSISTANCE BOARD OF DIRECTORS
Principal Members
Alternate Members
Ministry of Mines and Energy Minister
Ministry of Mines and Energy
Vice-Minister of Energy
Ministry of Finance and Public Credit
Director of Public Credit and National
Treasure
Henry Medina González (*)
Jesús Aristizábal Guevara (*)
Ministry of Finance and Public Credit
Vice-Minister General
Carlos Mario Giraldo Moreno (*)
Empresas Públicas de Medellín E.S.P.
General Manager (*)
Santiago Montenegro Trujillo (*)
Alejandro Linares Cantillo (*)
Bernardo Vargas Gibsone (*)
Camilo Zea Gómez (*)
(**)
Carlos Felipe Londoño Álvarez (*)
%
Assistance
92,3
100%
100%
100%
100%
23,1%
100%
(*) Independent members
(**) As of August 19, 2014, Tomás González Estrada took office as Minister of Mines and Energy and
occupied the first line of the Board of Directors. On August 2014, Mr. Alejandro Linares was appointed as
legal vice-president of Ecopetrol and since then, he no longer attended ISA’s Board of Directors.
The approved minutes bear the signatures of the Chairman and the Secretary and are kept in the
book, properly numbered in consecutive order in the central files of the Company.
Conflict of interest
When the Board members believed there could be a conflict of interest in a specific subject matter
discussed, they expressed accordingly to the others and refrained from participating in the
discussion and decision-making, retiring temporarily from the room where the Board meeting was
held, while they deliberated and decided on the topic.
Empresas Públicas de Medellín -EPM-, by electoral quotient, holds a place at ISA’s Board of
Directors. On March 28, 2014, the Regular Shareholders’ Meeting appointed the General Manager
of such entity, Mr. Juan Esteban Calle Restrepo as principal member.
However, Mr. Calle, based on the Good Corporate Governance practices set out in the Country
Code and the performance evaluation of the Board, held late last year, concluded that it was
prudent and highly recommended to address the permanent conflict of interest taking place given
that EPM is an energy carrier, which makes it a competitor to ISA, thus making the handling of
certain matters difficult when the same person is the General Manager of EPM and in turn is part of
ISA’s managing body; therefore, as of February 2015 he resigned as principal member of line 4 of
the Board, making clear that the right as shareholder will still be exerted by independent and
qualified individuals for this purpose.
Committees of the Board
As set out in Agreement 91 of April 25, 2014, which regulates the operation of the Board of
Directors, ISA has the following institutional committees: Board and Corporate Governance
Committee, Business Committee and Corporate Audit Committee.
Board and Corporate Governance Committee
The primary responsibilities of this Committee are to assist the Management on strategic, financial
corporate governance and human talent matters; as well as see for the compliance with the Good
Governance Code and assess the CEO.
15 meetings were held during the period; it is composed by the Vice-Minister of Energy, the ViceMinister General of the Ministry of Finance and Public Credit, Santiago Montenegro Trujillo, Carlos
Mario Giraldo Moreno and Carlos Felipe Londoño Álvarez.
Business Committee
It is in charge of analyzing and providing recommendations on investment initiatives considered in
the growth strategy of ISA and its companies, as well as to monitor the businesses under execution.
During the period, it held 15 meetings to analyze and provide guidelines on the business
opportunities arising at the different sectors and markets on which ISA holds interest.
It is composed by the Minister of Mines and Energy, the Vice-Minister of Energy, the Vice-Minister
General of the Ministry of Finance and Public Credit, Santiago Montenegro Trujillo, Bernardo
Vargas Gibsone and Henry Medina González.
Corporate Audit Committee
It is the guiding and internal control facilitating body and its functions include ensuring that the
Organization has an effective corporate control system. Its recommendations are related to the
improvement of controls in governance, administrative, financial, technical and IT issues; as well as
ethics management and the risk management system for money laundering and terrorist financing.
It held 9 meetings during the period and it is composed by the Director of Public Credit and National
Treasure of the Ministry of Finance and Public Credit, Jesús Aristizábal Guevara, Carlos Felipe
Londoño Álvarez and Camilo Zea Gómez.
Board of Directors’ Assessment
Advancing towards the compliance with international best practices on the assessment of the
effectiveness of the boards of directors as a corporate body, and following the recommendation to
alternate between methodologies such as self-assessment and assessment made by external
consultants, in 2014, ISA hired Spencer Stuart to perform an external assessment of the Board’s
performance.
The conclusions of the assessment highlight its leadership, functionality, added value, constructive
contribution, adequate time commitment to strategy topics, proper operation and good balance
between management monitoring and the Company’s results.
The Board is confident and supports the Management, it respectfully challenges and makes
demands on the same; likewise, the Management adheres to the Board and feels that great value is
added thereto.
The results of the selection of the Board members so far have been satisfactory and this must be
defended and preserved under any circumstance. Being a good member involves, in general, high
commitment of time and lots of work discipline. Finally, the compensation received by them is
considered adequate.
The assessing firm also made certain recommendations including: the validation of the compliance
with certain measures suggested by the new Country Code and restructuring the Board to be
composed of nine principal and no alternate members.
As primarily responsible, the Board should ensure that adequate control environment within the
business group is in place; the promotion of a culture of knowledge and management of risk derived
from the strategic definition and business processes; and that the roles, responsibilities and
reporting lines are defined, even up to the appointment of a Chief Risk Officer –CRO–.
Regarding the Board committees, it is proposed to designate independent members of the Board as
chairmen of such committees and engage the Chairman of the Board and the committees to
participate in structuring the agenda of each session.
Under this context, it is recommended to have a more active agenda for the Board and the
Corporate Governance Committee and that HR issues should be further addressed therein to then
share them with the full Board. Designate from the Board, upon the recommendation of the Audit
Committee, the Internal Auditor and promote the definition in the bylaws of a policy for renewal of
the Statutory Auditor.
Finally, it also recommends establishing that the Board is composed of a variety of profiles as:
presidents of large organizations; international experts from Latin America; lawyers for big business
cases; international investment bankers; people with expertise on / promoters of sustainability
issues, community relations, new business and human resources; and economists with experience
in public service, multilateral agencies and large companies.
The assessment was conducted between October 15 and December 11, 2014; 26 interviews were
held with 11 members of the Board, seven former members and eight members of the
Management.
At last, please be informed that each and all members of the Board of Directors provided their
knowledge, expertise, devotion and critical and positive attitude towards ISA’s growth and
sustainability.
The Secretary of the Meeting read out loud the sixth item of the agenda.
6.
2014 PERFORMANCE REPORT, BOARD OF DIRECTORS AND CEO, IN CHARGE OF
ISA’s CEO, Mr. LUIS FERNANDO ALARCÓN MANTILLA
Following, Mr. Luis Fernando Alarcón Mantilla, CEO of the Company, presented the 2014
Performance Report of the Board of Directors and the CEO, in the following terms:
“I will begin with a brief reference to the development and implementation of ISA’S 2020 corporate
strategy we presented in detail last year, and to remind you about the main elements of this
strategy, let me say that the primary recommendations adopted within that Strategic direction are
applied on businesses held by ISA, at the countries where ISA is present; the search, as mentioned
by the Minister, for increased profitability of current operations seeks growth with high profitability
and of course within ISA’s framework, which means a company involved in the operation and
development of different projects, the various infrastructure projects in which it participates. Our
vision for 2020 is summarized as follows, and there is where we are going: in 2020, ISA will have
tripled its profits by capturing the most profitable growth opportunities in its existing businesses in
Latin America, based on operational efficiency and optimization of its business portfolio. That is the
main goal; those are the guidelines we have followed in recent times.
In 2014 we implemented the business reorganization that resulted from the analysis made during
the strategic review; as you know, from the first of January 2014, ISA began operating in a different
way, ISA became the business group’s parent company engaged in the strategic management of
the group, capturing growth opportunities, and promoting the efficiency of its various activities. The
Management of the electricity transmission assets that form part of ISA’s assets is now developed
through Intercolombia, a new subsidiary created for this purpose; here in the diagram, you can see
it in blue and like the other national and international subsidiaries, they are part of this business
conglomerate.
During 2014, it was really important to work intensely and fast on the implementation of the strategy
regarding its three strands: growth with higher profitability, return on current business and
management of our business portfolio. Great achievements were obtained. First, regarding growth
with higher profitability, on one hand, we had our profitability goals in the submission of tenders but,
on the other hand, we were very successful in achieving new business: from 30 bids submitted to
carry out new investments, we obtained 17 successful bids with a success rate of 60%; regarding
the profitability of current operations by seeking major improvements in our operating practices, on
project structuring and supply, we identified savings for thirty million dollars in the OPEX of the
companies, corresponding approximately to thirty percent of the goal we set for 2020; therefore, we
note that all these definitions are now being materialized, as well as all those purposes we set in the
strategic direction; and, regarding the company’s management, the business portfolio, we adopted
a methodology for assessment, an analysis of the portfolio of investments to improve its
management.
The sustainability issue is essential in our business approach; therefore, sustainability is no just a
word for us, or a purely abstract approach; at ISA, sustainability is a business approach that
enables the company in a responsible transparent and ethical manner to manage business
opportunities and socio-economic, environmental and social risks, all this in order to create value for
the various stakeholders, for the shareholders and other stakeholders, keep our competitive
advantages and contribute with the development of the communities where we operate. All this is
materialized in commitments to the various stakeholders. Here you have expressions in connection
with all of them and I must emphasize that this year throughout 2014, ISA was recognized as one of
the 20 most sustainable companies in Colombia based on the analysis made by a Canadian
independent evaluator called "Sustainalytics". Additionally, we received the quality seal certification
from the Colombia Stock Exchange and we acted in different fronts; we had an outstanding score
on the assessment made by Transparencia por Colombia where we obtained nine points above the
industry average; we carried out actions to promote human rights at many communities where we
operate; we conducted institutional strengthening projects with 3250 beneficiaries; we had a
substantial improvement in the assessment on organizational climate within the company; we
worked on the issue of climate change by offsetting the greenhouse gases emitted by the company,
we carried out the educational transformation project, which in five years should represent 54.500
benefited students and 470 benefited educational institutions; there were numerous and consistent
actions undertaken in this sustainability issue.
Now, let’s see the progress in our various businesses. First, highlight as the Minister did, the
extended presence that ISA has in the region, where it is recognized as a true multilatina leader in
the areas of infrastructure, activities we have conducted through 33 subsidiaries in eight countries
and additionally in Central America through our four business lines, and those are the subsidiaries
that compose our business group today. Of course, energy transmission remains our core business;
this map shows our presence in the region where the countries identified with dark blue, are those
countries where today ISA is present in the energy transmission business. Certainly, ISA has
established itself as the largest international energy carrier in Latin America; today our infrastructure
is physically composed of 41,500 kilometers of high-voltage circuits, a transformation capacity of
77,700 MBA' s and we are present in Colombia, Peru, Bolivia, Brazil, Chile, Panama and Central
America. Our quality indicators measured by the availability of the grid in different countries, are
excellent and exceed the limits set by the various regulators.
During the year, in 2014, fifteen new projects came into operation in Colombia, Peru and Brazil, in
total projects with about 1,000 kilometers of new transmission lines and 2,000 MBA of additional
transformation capacity representing approximately an investment of 280 million dollars. ISA
continued growing in the region during the year, putting into operation new works implemented in
recent years, but further and as noted during the year we were very successful in a number of
projects in different countries, in total there will be projects that will demand investments , which we
won last year, for an amount close to 400 million dollars and involve the construction of 800
kilometers of transmission lines and 3,300 MBA of transformation, there were three expansion
projects in Colombia, three projects in Peru and two projects in Chile, we earn during this period in
the business of energy transmission, in addition, and this is very satisfactory, this year we have
been very successful in participating in the open bids made by UPME in Colombia, in last February,
ISA was awarded with two very large UPME projects, which are: the Caribbean Coast
reinforcement project and the project for the interconnection of Ituango hydroelectric project, a
project with close vicinity to the region, which will involve for us revenues from the entry into
operation of these projects for approximately 59 million dollars, they will consist in 860 kilometers of
circuit and 2850 GMBA of transformation; and by the way, yesterday we won a new bid, small, but
also very satisfying to remain being successful in these processes carried out by the authorities in
different countries.
In the telecommunications transport business, our subsidiary Internexa has created the largest
continued terrestrial network on the continent, almost all and with the exception of Uruguay,
Paraguay, Bolivia and Guyana, we have all South America interconnected with optical fiber; they
are in total 26,700 kilometers of optical fiber that provide access to seven heads of submarine
cables. We are present in Colombia, Venezuela, Ecuador, Peru, Chile, Argentina and Brazil, and
have a stake in the fiber optic network in Central America, known as REDCA; moreover, it is not
only the size of the infrastructure, Internexa won in 2014 the prize for best wholesale supplier and
best service for the fourth consecutive year, a recognition granted by the Metro Ethernet Forum.
During 2014, we achieved progress in consolidating Internexa’s operations, revenues grew in fiftysix percent and managed to stabilize and create a favorable growth path in the Southern countries:
in Chile, in Argentina and Brazil, where operations began recently in particular, we see great
opportunities in Brazil, which is the market in the region with the greatest potential and where we
have consolidated a fiber optic network of 6,800 kilometers.
In the road concession business, as you know, our current participation consists on being the
largest operator of toll roads in Chile: five contiguous concessions, with a total of 907 kilometers, as
you can see, that go from Santiago to Rio Bueno, 907 kilometers south of Santiago; it is a very
large operation. Over a hundred million vehicles transit our roads and we collect in tolls about 400
million dollars; but as you know, we are working on the expansion of this toll road concession
business; in Chile, we are conducting some expansions agreed with the Ministry of Public Works to
strengthen and increase the transport capacity in our existing roads, then on the MAIPO route, we
are carrying out the process of constructing third lanes or third tracks as called there and in
Colombia we are working to find opportunities, seeking to participate in fourth generation projects,
as you well know; it is a very ambitious program conducted by the National Transport Agency, so
far we have not been successful in this process, we continue working hard, and it's worth
mentioning that we are closely involved in the Medellin River park project in Colombia, through a
memorandum of understanding signed with the municipality of Medellín and Empresas Públicas de
Medellín; our discussions with Mayor Gaviria conclude that it would be ideal for the city that two
companies of the strength and knowledge of Empresas Públicas de Medellin and ISA, would be in
charge of the development and implementation of this important project, then we are making great
progress in the dialogue with both of them, which should lead to the final structuring of the project.
In the business of intelligent management of real-time systems that we conduct through our
subsidiary XM, first, we take the huge responsibility of operating the resources of the national
interconnected system, attending the demand of the country consisting of nearly 64,000 gigawatts
hour, managed, coordinated by the brain of the electrical system that is XM; we also manage the
wholesale energy market through which over 13 trillion pesos are moved in transactions by agents.
Our intention in this intelligent management of real-time systems business is to transfer the
experience and knowledge that XM has gained for several decades to other sectors in benefit of the
country; this way, XM is currently the manager of the mobility control center of Medellin, we also
supported the DIAN (Tax and Customs Office) last year in the structuring of a project to streamline
the national customs management system and we hope that these recommendations and the work
plan identified last year can be implemented in higher phases, for which we are holding discussions
with the government, we are advancing an important initiative oriented to implement modern
demand management methods, not only in Colombia but in other countries of the region and we
have worked with the department of Antioquia in the search for technology tools to track the
execution of infrastructure works in the department and we are working to find new opportunities in
different sectors, where this knowledge, experience, technical capacity of XM, a unique company in
Colombia due to its high level of talent, human capital and knowledge can be transferred to other
activities.
The financial results are now a topic of great interest for all of you, shareholders. They were really
good. Net income was 593 billion pesos with an increase of 37% compared to the income last year;
some events that affected the results were related to the tax reforms in Colombia and Chile, which
in terms of tax payment will be applied from this year, but affect us regarding deferred taxes as it is
necessary observing the future tax rates, which increased in both countries; it is also important to
mention the impact of the currency devaluation in different countries, in Colombia, Chile and Brazil
against the U.S. dollar, effect that somehow is compensated after the final result but in spite thereof
is an issue that impacts the results of the company. The breakdown of the results is very simple,
consolidated revenues of ISA, that is, the financial statements consolidating all the operations of our
companies, grew 8.9%, this due to the natural growth of income, the entry into operation of new
projects, and finally to the natural effects of revenue growth for the company, but against this 8.9%
increase on revenues, the important thing is that costs and expenses did not grow but decreased
slightly by 0.4%, this mainly due to the efforts that have been made in pursuit of efficiencies and in
our Brazilian subsidiaries there where lower expenses in various aspects of the operation;
therefore, it is logical and natural that the EBITDA, which is the difference between those two items,
increased by 13.1% and the EBITDA margin of the company substantially improved from 56.9% to
58%, this is then the topic related to operating results. Regarding the non-operating result, there
was also an improvement given that in 2014 it was necessary recording a provision associated with
a contingency called Law 4819 related to the recognition of non-statutory benefits to pensioners of
the Company and other companies in the state of Sao Paulo, provision that was made for 354
billion pesos; this provision that certainly does not go full in practice into ISA’s financial statements,
as it is partially offset by the impact of the reversal of provisions of ISA Capital do Brasil and the
impact it has on our other shareholders, our partners category through the item of minority interest,
but we'll see that later. Regarding taxes, there is a significant increase of 314%, largely because in
2014, because the provision that took place had an important effect on tax reduction in Brazil;
therefore these taxes significantly increase during this year and this is the final result. As noted
before, net income increased 37%, a satisfactory result, and as stated at the beginning, increase in
revenues is near 10%, an almost 0% increase in costs and expenses, which leads to a substantive
improvement on the company’s income. In terms of the balance sheet, assets increased 13.4%;
shareholders’ equity increased 16.8%, increased assets due to more construction projects, a major
financial asset in Brazil and partially due to the conversion effect given the Peso devaluation. As
regards equity, it is due to higher profits and how they persist. In connection with the group’s debt,
there is an increase of 8.4% mainly explained by the devaluation of different currencies. Setting
aside the conversion effect of currencies, there is an actual debt decrease for 300 billion pesos, but
after converting other countries’ debt into Colombian pesos, then there is a debt increase.
Besides these consolidated financial statements, it is necessary presenting ISA’s individual financial
statements, which are to be approved by the Regular Shareholders’ Meeting. It should be noted
that starting in 2014, ISA’s financial statements included the current operation of Intercolombia.
Given that we are now separating Intercolombia and that due to a joint partnership agreement,
Intercolombia is the manager of our assets, there is a reduction of revenues and costs and
expenses of ISA as we will now discuss, but it is important to clarify this because as you will see
here, ISA’s individual expenses fall from 907 billion to 781 billion, but if you note in the following
line, the Company’s AOM (Administrative, Operating & Maintenance) expenses fall from 392 billion
to 112 billion Pesos, given that Intercolombia’s operation, mainly AOM expenses incurred by
Intercolombia to manage are assets are deducted from income; we receive the net value collected
by Intercolombia less its AOM expenses, but also the expenses of that company are not included in
ISA’s expenses; this clarification is necessary because the final result, given that we have not yet
changed to NIIF, makes the final result from the consolidated financial statements to have an
income of 593 billion Pesos with a 37% increase compared to last year, ISA’s individual equity grew
15.9%, assets increased 10.3%. Some considerations on the stock behavior; last year was an
unusual year, U.S. economic recovery began, in very strong terms, which has led to a very good
performance in the stock market in that country; as you can see in the line above where the
standard index grew 11.4% during 2014. In Colombia the stock market measured by COLCAF fell
5.8% in 2014, the performance of ISA’s stock was very close to the behavior of the Colombian
market with some transitional and temporary differences; the final result of our stock: it fell 5%, a
little less than the Colombian stock market, but throughout Latin America the Morgan Stanley
aggregate index for Latin America fell 14.1%, that is, Colombia seemed to be slightly better than the
other countries in the region; ISA was marginally better than the Colombian market, and in the U.S.
things worked very well, in terms of market stock.
This is then a very quick summary of the achievements of this year.
Before concluding, I would like to call your attention on two great challenges faced by ISA, by our
business group, in the immediate future; they are concentrated, in one side, on Brazil where I
believe it is important to inform you the status on the recognition of compensation still owed to us by
the Brazilian government after the changes taking place in 2012, following all procedures set by the
Brazilian regulator. Last year, on August 13, we submitted to ANEEL the appraisal report of that
compensation based on the set of assets of CTEEP, subject to that compensation process; that
appraisal was made by an independent appraisal firm, following the standards, which amounted
5,186 million Reales of December 2012. This year, on January 8, CTEEP received the fiscalization
report from ANEEL, according to which that amount is reduced in nearly 30%, in 3,650 million
Reales. We believe that after following the procedure set by ANEEL, there is no reason for the
readjustment of that appraisal proposed by ANEEL; consequently, we filed a reconsideration
petition regarding which we have not received reply; we expect to have a final pronouncement from
ANEEL in the next few days and in case such pronouncement is not at satisfaction, we would have
to file a recourse before the full directorship of ANEEL; I should highlight that we have received
great cooperation from the National Government to expose our position before the Brazilian
authorities and to express the importance of this topic for us and also our surprise for the capricious
and arbitrary reviews we believe has taken place.
The second issue I want to mention, a major challenge for the immediate future, is the transmission
tariff review which is being conducted by the CREG in Colombia since last year; this is a power in
the head of the CREG, which must be conducted in accordance with pre-established parameters,
approximately every five years; over the past year, the CREG issued circulars with contracted
studies related to the remuneration methodology, along with the valuation of the construction units
and the project to set the remuneration rate to pay for our investments. This year, February 19, it
issued Resolution 178 which now presents a draft resolution with the proposed methodology and
some aspects, not all, related to the application of that methodology; it should be noted that ISA
from the beginning has been extremely diligent with all these issues and we have sent our
comments and our analysis to the CREG to be taken into account. In our opinion regarding the
CREG’S proposal, there is a change in the remuneration model for transmission and for the
handling of the transmission in Colombia that has serious substantive implications not only on the
companies but also on the management of the system. That proposal somehow involves comanagement of the transmission assets by the authorities and could even impact reliability and the
way to carry out the company’s activities; on the other hand, if they insist on this methodological
change, we have stated to CREG, to the authorities, it is necessary to correctly define a transition
regime, an adequate remuneration rate and a correct calculation of constructive units to be
remunerated. Note that the system or model from transmission management in Colombia is almost
identical to the Chilean model where this kind of changes took place for the first time worldwide; we
should be all aware that Chile has a continent leadership in these regulatory and good practice
topics; on the other hand, the change proposed by CREG seeks to divert from those renowned
good practices in the Chilean model to the Brazilian model which good practices are not precisely
the best and which complex regulatory approaches have been and are being suffered by us. We
have clearly stated this to the Government, to the regulators and we hope that our remarks will be
reasonably taken into account. We will certainly continue watching these developments and ISA
will continue participating in the different discussion instances and presenting our points of view.
Now, we come to the end, I just want to thank you all, the shareholders, our suppliers, our clients,
the governments from the countries where we operate, the Government of Colombia with whom we
permanently acted, but a special recognition to you, shareholders, that during these 8 years have
been friendly and warm with the company and me; very special thanks to the Board of Directors,
which has worked with me, shoulder to shoulder with the administration, proposing ideas; I believe
that our performance has largely strengthened by having a board with the qualities of those you
have elected to manage and guide the company’s performance; they know I am very grateful for
their support, all cooperation to properly manage the company and of course a special sign of
appreciation to all ISA’s collaborators in Colombia and abroad, to its directives in Colombia and the
different subsidiaries abroad; I believe that its people is the greatest asset of this business group,
committed people, people encouraged by the achievements, always inspired on finding the best for
the Company and seeking the completion of the objectives proposed. So to all of them and
especially to the directive team that works directly with me, all my gratitude, my appreciation. I take
ISA in my heart and my best thoughts. Thank you very much”.
The Secretary of the Meeting read out loud the seventh item of the agenda.
7.
REPORT FROM THE BOARD OF DIRECTORS AND CEO ON COMPLIANCE WITH AND
DEVELOPMENT OF GOOD GOVERNANCE CODE, BY MR. SANTIAGO MONTENEGRO
TRUJILLO.
Mr. Santiago Montenegro Trujillo, acting as Chairman of the Board of Directors, addressed to the
Meeting to greet the audience and read the report from the Board of Directors and the CEO on the
Compliance with the Good Governance Code, in the following terms:
“In compliance with the Bylaws and the Good Governance Code, as Chairman of the Board of
Directors of Interconexión Eléctrica S. A. E.S.P. –ISA–, please be informed of the executive
summary on the compliance with and development of the Good Governance Code for the April
2014 – March 2015 period, which you will find in detail in the Performance Report and may be
consulted at ISA’s website: www.isa.co
About the Regular Shareholders’ Meeting
The call for the Regular Shareholders’ Meeting of March 28, 2014 was published in two
newspapers, a nationwide and local distribution newspaper.
On March 2, 2014, through nationwide newspaper, the Company reminded shareholders about the
date for the Meeting and published the information concerning the powers to be represented in the
same.
At the same time, ISA disclosed through its website the notice for the call, the agenda, the
propositions submitted for consideration and the listing and résumé of the candidates presented by
the Nation, acting as majority shareholder, to join the Board of Directors.
The Meeting had the quorum required by the Law, the topics approved in the agenda were
submitted for consideration of the shareholders and the development thereof was transmitted by
streaming, real-time, via Internet.
The minutes were signed by the Chairman and the Secretary of the Meeting and by the
corresponding commission, and such document recorded the topics discussed, the approvals and
authorizations granted by the Meeting and the observations made by the shareholders. The
minutes were registered before the Chamber of Commerce of Medellin and the copies thereof were
sent to the Financial Superintendence of Colombia and the Superintendence of Household Utilities.
For information of the shareholders, an abstract of Minutes 103 corresponding to the Regular
Shareholders’ Meeting of March 28, 2014 was published in the Company’s website.
About the Management
The Regular Shareholders’ Meeting of March 28, 2014 elected the Board of Directors for the April
2014 – March 2015 period. All members expressed their acceptance in writing, as recorded with
the Chamber of Commerce where the Company holds its head office.
Pursuant to the bylaws, the Management is composed of the CEO, the Vice-Presidents, and
Corporate Directors. The professional quality and experience of the Company’s managers may be
consulted in the website, Corporate Governance section.
The CEO is assessed in accordance with the results of the indicators included in the
comprehensive management chart, which reached compliance of 74.8% above the lower goal.
On meeting dated February 27, the Board of Directors conducted assessment of the CEO, Mr. Luis
Fernando Alarcón, as leader of the business group during 2014. The assessment considered
diverse aspects that comprise his accountability in the guidance of the group, including compliance
with goals and the budget provided for the period:
“The Board welcomes the soundness of the financial results, which main indicators showed a higher
performance than the expected behavior. Net income increased 37% compared to last year and
showed a performance of 120%. EBITDA margin, operating margin and net margin indicators also
had outstanding increases between 2013 and 2014: operating revenues and operating costs and
expenses were 101% and 92%, respectively. In terms of the consolidated balance sheet, the assets
increased by major projects under construction in Peru, larger financial assets in Brazil and
increased deferred taxes in Chile; similarly, liabilities increased due to the recognition of changes in
the tax rate in Chile and equity increased by the income for the year and the conversion of
investments.
Also the progress in the implementation of the ISA 2020 strategy, approved by the Board is to be
highlighted. In 2014, the Company was committed to the implementation of the ISA 2020 Strategic
Plan, which confirms the choices of the business model in relation to its traditional activities and
materializes the actions arising from the strategic areas that are required to increase ISA’s
profitability in the coming years.
ISA 2020 strategic plan stipulated that 2014 was to be a challenging year. Besides starting the
operation of ISA as parent company and subsidiary INTERCOLOMBIA, it was necessary achieving
early victories in all projects undertaken, mobilizing the commitment of the whole organization
towards achieving the strategy and translating high aspirations into short and medium term goals.
The results associated with the strategic priorities reaffirm the strength of the competitive position of
ISA’s businesses to keep generating value over time.
The result of the organizational climate assessment is also outstanding; although it was made in a
year of major changes for the Company, it showed the best favorability outcome (70%), since 2007.
The soundness of the 2014 financial results of ISA and its companies, the progress in implementing
strategic initiatives and the organizational climate management, account for the management
capacity, energy, strategic vision, focus on achievements and leadership of Mr. Alarcon whose
commitment and dedication successfully led the strategy, the resources, the human resources and
the decisions to achieve the current results and ensure effective implementation and business
continuity.
In virtue of his resignation to the CEO position at ISA, the Board wishes to extend this recognition to
the work performed during his administration (2007-2015). ISA had an unprecedented
transformation and consolidation, businesses were diversified by venturing into road concessions
with the acquisition of the largest inter-city concessionaire in Chile, by extending the presence of
the Company from 5 to 8 countries in the region, total assets grew 109% and net income increased
162%; these facts greatly contributed to the position and recognition that ISA holds today in Latin
America and reveal his great management skills, strategic vision and effective contribution to the
Company’s results.
The Committee members concluded, unanimously, that there are wide and favorable expectations
for ISA’s future, as the successful implementation of the strategic transformation and leadership
shown by Mr. Alarcon and his management team are key factors that will become a solid basis to
the new administration for the sustainability of companies. The challenge now is to continue on the
path of growth and consolidation of a company that is the heritage for Colombian people. "
Vice presidents, directors and other employees of the Company are evaluated according to
indicators established for each level and based on the same, the improvement plan for the next
period is prepared.
To negotiate ISA’s shares, their administrators must have the authorization of the Board of
Directors, as provided in Agreement 60 of 2006 of the Board. ISA does not use special mechanisms
of payment or compensation with Company shares for employees, managers or administrators.
About Control
The Company, in its process of monitoring and permanent control, responded with efficiency and
timeliness in providing information and/or documents to government control bodies and obtained
ratings from the authorized rating agencies.
External control bodies
ISA submitted the reports requested by competent external bodies.
Gestión y Auditoría Especializada Ltda. acted as external auditor for management and results for
the period 2013-2014; in its report published in national press (July 10, 2014), it said that the
internal control system effectively fulfilled the stated control objectives, that the Company’s risk level
is low, and that its methodology for identifying and managing risks is appropriate and that no
situations indicating the existence of problems in the financial viability of the Company were
observed. The report was submitted to the Superintendence of Household Utilities.
During the April 2014 – March 2015 period, Ernst & Young acted as Statutory Auditor. In
compliance with its legal duty, such firm will present to the Regular Shareholders’ Meeting an
opinion on the management, financial statements and administration of the Company.
Credit rating agencies reaffirmed the financial strength and soundness of ISA and its companies. In
2014, Standard & Poor's raised the corporate credit rating of ISA from BBB- to BBB with outlook
stable.
For further knowledge and analysis of shareholders and investors, the report from the Statutory
Auditor, the opinion of the External Auditor and the rating from the credit rating agencies are
published on the website of the Company.
It is important to add that during the period there were no requests from shareholders or investors to
perform special audits, or investigations by the supervision and control entities involving ISA.
Internal control bodies
Corporate Audit systematically performs at ISA and its companies the assessments of their internal
control systems with impartiality, objectivity and independence to fulfill its function, as provided by
international auditing principles and practices. To fulfill this responsibility, work plans are agreed
with the audit committees of each company, which according to their risk levels and their
peculiarities, offer guidance and strategies.
To contribute to strengthening the Internal Control System, audits were performed in 2014 on
business issues, and assessments were carried out to administrative, technological and financial
processes. Evaluations conducted by the Corporate Audit confirmed the compliance with both the
internal and external regulatory framework and did not show any significant or substantive
deviations that might endanger the business continuity of ISA and its companies, finding that it is
consistent with the assessments from external control bodies that issued favorable opinions on the
internal control system.
Stakeholders
The rights and obligations with shareholders and investors and the legal and economic
relationships with suppliers may be consulted in the Sustainability Report.
Relations with the majority shareholder
ISA has entered into inter-administrative agreements with the Nation, which is its majority
shareholder; by the end of 2014 the following was in force:
GSA-57-2009-ISA4000763 Interadministrative Agreement between the Nation-Ministry of Mines
and Energy and ISA, for the overall management and implementation of FAZNI resources;
construction of Popayan - Guapi 115-kV line and its associated substations, signed on October 13,
2009 and extended by addendum in December 2014 for a total value of COP 286.270 million.
About Risks
ISA and its companies complied with the Policy for Comprehensive Risk Management through the
identification, evaluation and implementation of measures to manage the risks to which they are
exposed.
Each company has its own risk map and an assessment made of them, based on the probability of
occurrence and severity of its consequences on the fundamental resources (financial, human,
information and reputation), prioritizing the most relevant for development of its operations and the
achievement of the strategy. Also, it monitors their status and defines and implements measures to
improve their management. Periodically, the companies present the progress in their management
and the main events that have been materialized.
On the website and in this report, ISA publishes a risk map, the most significant events and major
management measures implemented to mitigate its impact.
About information provided to the public
ISA, through its website, informs the public about the events of the Company.
Compliance with the Good Governance Code
During 2014, the Good Governance Code was not amended and its compliance was monitored by
a verification mechanism. The central axes of verification of compliance were providing information
on the website, reporting to control and monitoring bodies, reporting through the mechanism of
verification and the reports submitted to the Board.
The audits on the implementation of Good Corporate Governance Code, conducted annually by
Corporate Audit and the Statutory Auditor, did not show any findings that might jeopardize the
fulfillment of commitments.
In addition, shareholders and the general public did not report any breach of the Code through
telephone calls or the mail boxes available for the effect.
It should be noted that in addition to the above instances, the Financial Superintendence of
Colombia is also available to shareholders, especially minority shareholders "
The Secretary of the Meeting read out loud the eighth item of the agenda.
8.
PRESENTATION OF ISA’S INDIVIDUAL
STATEMENTS AS OF DECEMBER 31, 2014
AND
CONSOLIDATED
FINANCIAL
The Secretary of the Meeting reported that the financial statements were made available to the
shareholders during the legal term, pursuant to the Code of Commerce and other rules concerning
the right of inspection; therefore, an initiative has been submitted to the Secretariat to omit reading
the Financial Statements, filed by Mrs. MARIA ALEJANDRA GIL DUQUE, representing the shares
of Empresas Públicas de Medellín E.S.P, shareholder of ISA.
The Secretary of the Meeting informed that the wording of the proposition was as follows:
“Medellín, March 27, 2015
Messrs.
REGULAR SHAREHOLDERS’ MEETING DE INTERCONEXIÓN ELÉCTRICA S.A. E.S.P
S.A. E.S.PPresent
–ISA
Dear Sirs:
Considering that ISA’s financial statements and consolidated statements, the accounting books and
other documents required by law, have been available to the shareholders, and also that today we
have been provided with the information containing ISA’s financial statements and consolidated
statements as of December 31, 2014, the Notes to these Financial Statements, the report of the
Board of Directors and the opinion of the Auditor, I hereby propose to omit reading them, as such
action would be very lengthy and time-consuming for the development of the Meeting.
Sincerely,
MARIA ALEJANDRA GIL DUQUE
Representative of shares of Empresas Públicas de Medellín E.S.P.”
The Chairman of the Board of Directors, asked the Meeting if it approved the proposition to omit the
reading of ISA’s financial statements and consolidated statements:
Approval:
The meeting, by majority, approves the proposition.
Following are such shareholders abstaining to vote:
PROXY OR REPRESENTATIVE
SHAREHOLDER
No. OF
SHARES
DUQUE JARAMILLO JUAN DAVID
FIDUCOLOMBIA - ISA ADR PROGRAM
1.094.925
CORELLO VANESSA
AMP EMERGING MARKETS INDEX FUND
15.927
AVIVA LIFE AND PENSIONS UK LIMITED
47.025
SHELL TRUST (BERMUDA) LIMITED
28.413
SHELL PENSIONS TRUST LIMITED AS TRUSTEE OF
SHELL CONTRIBUTORY PENSION FUND
19.346
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
BUREAU OF LABOR FUNDS-LABOR PENSION FUND 1.434
STICHTING SHELL PENSIOENFONDS
68.128
MANUELA RESTREPO BARRIOS
STICHTING DEPOSITARY APG EMERGING MARKETS
EQUITY POOL
387.065
MANUELA RESTREPO BARRIOS
BRITISH COAL STAFF SUPERANNUATION SCHEME
58.524
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
VANGUARD INVESTMENTS AUSTRALIA LTD ATF
VANGUARD EMERGING MKTS SHARE INDEX FUND 103.479
VANGUARD INVESTMENTS SERIES
654.567
MANUELA RESTREPO BARRIOS
VANGUARD TOTAL INTERNATIONAL STOCK INDEX
FUND
2.266.931
MANUELA RESTREPO BARRIOS
BLACKROCK INDEXED EMERGING MARKETS IMI
EQUITY FUND
40.997
MANUELA RESTREPO BARRIOS
STATE OF WYOMING, WYOMING STATE
TREASURER
23.748
SBC MASTER PENSION TRUST
41.597
JNL / MELLON CAPITAL EMERGING MARKETS
INDEX FUND
92.232
BLACKROCK INDEX SELECTION FUND
209.989
MANUELA RESTREPO BARRIOS
CONSTRUCTION AND BUILDING UNIONS
SUPERANNUATION FUND
15.403
MANUELA RESTREPO BARRIOS
ONEPATH GLOBAL EMERGING MARKETS SHARES
(UNHEDGED) INDEX POOL
20.450
UBS GLOBAL ASSET MANAGEMENT LIFE LTD
6.162
MANUELA RESTREPO BARRIOS
CITY OF PHILADELPHIA PUBLIC EMPLOYEES
RETIREMENT SYSTEM.
22.923
MANUELA RESTREPO BARRIOS
RETIREMENT INCOME PLAN OF SAUDI ARABIAN
OIL COMPANY
14.777
MANUELA RESTREPO BARRIOS
FLEXSHHARES MORNINGSTAR EMERGING
MARKETS FACTOR TILT INDEX FUND
46.544
FUNDACAO CALOUSTE GULBENKIAN
5.260
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
FIDELITY INVESTMENT FUNDS- FIDELITY INDEX
EMERGING MARKETS FUND
4.976
SHELL FOUNDATION
6.530
THE MASTER TRUST BANK OF JAPAN, LTD.
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045796
267.765
THE MASTER TRUST BANK OF JAPAN, LTD
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045792
359.492
THE MASTER TRUST BANK OF JAPAN LDT AS
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045794
374.596
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045828
349.055
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045829
313.901
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUN 400045795
277.508
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FOR PENSION FUND ASSOCIATION
400039078
91.211
CGI CONN GEN LIFE
10.206
AVIVA INVESTORS
33.768
HSBC ETFS PUBLIC LIMITED COMPANY
30.779
The Agenda continued and the Secretary of the Meeting read out loud the ninth item of the agenda.
9.
STATUTORY AUDITOR’S REPORT
The Minister, acting as Chairman of the Meeting introduced the Statutory Auditor, Mrs. Alba Lucia
Guzmán Lugo, to read out loud the report on the individual and consolidated financial statements as
of December 31, 2014.
Mrs. Alba Lucia Guzmán Lugo acting as Statutory Auditor, spoke to the Meeting in the following
terms:
“Mr. Shareholders, I have audited the financial statements of Interconexión Eléctrica S.A. E.S.P.
comprising the balance sheet at December 31, 2014 and the related statements on the social and
environmental economic financial position, statement of changes in equity and cash flow
statements for the year then ended and the summary of significant accounting policies and other
Explanatory notes. The financial statements at December 31, 2013 were audited by another
statutory auditor whose report dated February 27, 2014 issued an opinion without any remarks
thereon.
Management is responsible for the preparation and fair presentation of financial statements in
accordance with public accounting principles generally accepted in Colombia, set by the General
Accounting Office and accounting regulations issued by the Superintendence of Household Utilities,
also responsible for designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of financial statements free of material misstatement whether due
to fraud or error, selecting and applying appropriate accounting policies and establishing
reasonable accounting estimates in the circumstances. My responsibility is to express an opinion on
these financial statements based on my audit, I obtained the information necessary to fulfill my
duties and conducted my audit in accordance with auditing standards generally accepted in
Colombia, those rules require that an audit be planned and carried out to obtain reasonable
assurance that the financial statements are free of material misstatement. An audit includes
performing procedures to obtain evidence supporting the amounts and disclosures in the financial
statements and the procedures selected depend on the auditor’s judgment including risk
assessment of material risks of the financial statements. In the process of assessing these risks, the
auditor considers internal control relevant to the preparation of financial statements in order to
design audit procedures that are appropriate in the circumstances; also includes assessing the
accounting principles adopted and significant estimates made by management and the overall
presentation of the financial statements, I believe that my audit provides a reasonable basis for my
opinion.
In my opinion, the financial statements present fairly, in all material respects, the financial position
of ISA to December 31, 2014, the results of operations and cash flows for the year then ended in
accordance with the principles of public accounting generally accepted in Colombia prescribed by
the General Accounting Office and accounting regulations issued by the Superintendence of
Household Utilities. As indicated in the notes to the financial statements, CTEEP, ISA’s subsidiary
through ISA capital do Brasil, has a claim before the Brazilian Energy Agency, ANEEL relating to
compensation for assets classified as existing services, on the occasion of the 2012 renewal of
concessions related to Law 2783 of 2013 and ANEEL’s Technical Note 402 of 2013; the result of
the appraisal of compensation by CTEEP in 2014 was about 4.6 billion 2012 basis. On January 8,
2015 CTEEP received from ANEEL an appraisal of approximately 3.2 billion, 2012 basis, an
amount that represents a lower value of about 1.4 billion; therefore, the process of argument is
taking place by the parties to define the final value of compensation. The accompanying financial
statements do not include adjustments related to such compensation which results cannot be
predicted to date. As indicated in the notes to the financial statements, CTEEP, ISA’s subsidiary,
has recorded a net balance of receivables with the state of Sao Paulo for about 722,460 million
related with impacts under Law 4819 of 1958 million that granted employees of companies under
the control of the state of Sao Paulo benefits already granted to other public servants. CTEEP has
advanced legal actions before the respective state authorities to collect these receivables; the
financial statements do not include any adjustments that might result from the outcome of this
uncertainty; also, based on the scope of my audit, I am not aware of indicative situations of failure in
compliance with the following obligations of the company:
1. Keep books of minutes, register of shareholders and accounting in accordance with legal
regulations and accounting techniques.
2. Develop operations in accordance with the bylaws and decisions of the Shareholders’
Meeting and the Board of Directors and the rules relating to comprehensive social
security.
3. Keep correspondence and accounting vouchers.
4. Adopt measures for internal control and conservation and custody of the assets of the
company or third parties under its power.
5. Implement mechanisms for the prevention and control of money laundering, terrorist
financing, in accordance with the instructions issued by the Financial Superintendence of
Colombia under Circular 62 of 2007.
Additionally, there is consistency between the financial statements and the accounting information
included in the management report prepared by the management of the company, which includes
perseverance by the administration on the circulation of invoices with an endorsement issued by
sellers or suppliers.
Report given on Medellín on February, 27 2015.”
Following, the Secretary of the Meeting read out loud the tenth item of the agenda approved.
10.
APPROVAL OF ISA’S INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMENTS AS
OF DECEMBER 31, 2014
The Secretary of the Meeting expressed that in accordance with Article 185 of Code of Commerce,
the managers and employees of Company cannot vote on the balance sheets and end-of-date
accounts.
Although the individual and consolidated December 31, 2014 Financial Statements were not read
out loud, as per proposition approved by the Regular Shareholders’ Meeting, they were provided to
the shareholders attending the meeting.
The Chairman, asked to the Meeting for approval after being aware of the Performance Report, the
individual and consolidated December 31, 2014 Financial Statements, the accounting books and
other documents ordered by Law, as well as the Statutory Auditor’s report.
Approval:
The Chairman of the Meeting gave the floor to Mr. Orlando Bedoya acting as shareholder in the
following terms:
“Good morning, given that the reports presented are in Colombian Pesos, I have a concern
regarding the statement made by the statutory auditor because she talked about figures related to
CTEEP but I didn’t hear if it were in Colombian pesos. But in the case of the CEO’s report, I find
that he did express the figures in Reales, please clarify of one or other report are in Colombian
Pesos or Reales”
Mrs. Alba Lucia Guzmán Lugo acting as Statutory Auditor clarified the above in the following terms:
“Good Morning, ISA’s financial statements are prepared in Colombian Pesos and the references
made by the Statutory Auditor are in Colombian pesos”
Mr. Luis Fernando Alarcón acting as CEO of the Company replied in the following terms:
“It is completely valid, Mr. Minister, the truth is that the amount of the compensation currently under
discussion according to the appraisal submitted by CTEEP was equal to 5.1 trillion Reales; I believe
that the reference made by the Statutory Auditor this is equal to an amount expressed in billions of
pesos, although it sounds a bit different, they are fully equivalent. My reference was made in
Millions of Reales as a formal requirement but the report from the statutory auditor demands to
make the conversion into Pesos.”
Then, Mrs. Alba Lucia Guzmán confirmed the assertion made by Mr. Luis Fernando Alarcón.
The Meeting, by majority of the votes qualified to do so, approved the December 31, 2014 individual
and Consolidated Financial Statements of ISA.
Following are such shareholders abstaining to vote:
PROXY OR REPRESENTATIVE
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
SHAREHOLDER
No. OF
SHARES
BUREAU OF LABOR FUNDS-LABOR PENSION FUND 1.434
STICHTING DEPOSITARY APG EMERGING MARKETS
EQUITY POOL
387.065
BRITISH COAL STAFF SUPERANNUATION SCHEME
58.524
BLACKROCK INDEXED EMERGING MARKETS IMI
EQUITY FUND
40.997
BLACKROCK INDEX SELECTION FUND
209.989
RETIREMENT INCOME PLAN OF SAUDI ARABIAN
OIL COMPANY
14.777
CGI CONN GEN LIFE
10.206
CORELLO VANESSA
COMPASS EMP EMERGING MARKET 500
VOLATILITY WEIGHT
7,753
CORELLO VANESSA
GLOBAL X FUNDS
25,610
CORELLO VANESSA
COLONIAL FIRST STATE INVESTMENTS LIMITED AS 57,923
RESPON
CORELLO VANESSA
UTAH STATE RETIREMENT SYSTEMS
DUQUE JARAMILLO JUAN DAVID
FIDUCOLOMBIA - ISA ADR PROGRAM
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
Following are the shareholders that voted against:
64,223
1.094.925
PROXY OR REPRESENTATIVE
CORELLO VANESSA
SHAREHOLDER
LVIP BLACKROCK EMERGING MARKETS INDEX
RPM FUND
No. OF
SHARES
23,598
Following, the eleventh point of the agenda was read out loud.
11.
APPROVAL OF 2014 PROFIT DISTRIBUTION PROJECT TO DECREE DIVIDENDS AND
SET ASIDE EQUITY RESERVES
Mr. Luis Fernando Alarcón Mantilla, acting as ISA’s CEO presented the proposition in the following
terms:
"Thank you, as you know, according to the law and our bylaws, the distribution of profits is made
based on the net profit for the period corresponding to the 2014 net income disclosed in the reports,
that is, COP 593.065 billion, to which we deduct the legal reserve and the tax mandatory reserve
(COP 96.933 billion) to obtain the dividends; consequently, the net profit of the period is COP
496.132 billion.
The proposed distribution of dividends is to distribute 60% of the net profit, that is, two hundred
ninety-six billion eight hundred fifty-eight million Pesos for a dividend of COP 268 per share, a 25%
increase compared to last year’s dividend. This distribution is proposed to be made in one ordinary
dividend of COP 208 per share and one extraordinary dividend of COP 60 per share; as you may
recall, an extraordinary dividend was also distributed last year.
It is proposed to set aside a tax reserve for ninety-six billion nine hundred thirty-three million Pesos,
set aside an occasional reserve for capital strengthening of one hundred ninety-nine billion two
hundred seventy-four million Pesos and distribute as dividends 60% of net profit equal to two
hundred ninety-six billion eight hundred fifty-eight million pesos, payable in four installments as
follows:
Payments made in:
1) April 28
2) July 28
3) October 27
4) December 10
in order that all four payments are made during year 2015. Although in the past two years the
dividend has been paid in a single installment, we propose here to return to the practice of payment
in 4 installments, mainly encouraged by the fact that we found, after several studies, that for the
purposes of stock liquidity and stock performance in the market, it is very important to keep that
periodic payment of dividends; that is the main reason, I am aware that some of you would prefer
the payment in a single installment but I draw attention to the fact that this will result more
convenient for all of you; it is everyone's interest that ISA’s stock keeps the highest liquidity in the
market and, therefore, have a more stable price performance. For this reason, we propose that the
payment is made in four installments and therefore, Mr. Chairman that is the proposal for
distribution of dividends"
There was inconformity presented by one of the shareholders to the head table before voting; the
Secretary of the Meeting read out the disagreement of Ms. Ana Mendez, on behalf of her son
Alvaro Mendez, who expressed her dissatisfaction with the dividends to be decreed; she believes
and states that there are other companies distributing greater dividends and this is not consistent
with the financial performance of the company; it is not a proposition, it is simply a communication.
Once this communication was informed to the Meeting and after hearing the proposal made by Mr.
Alarcon, the Chairman of the Meeting submitted the proposition to the shareholders for approval of
the 2014 profit distribution project to decree dividends and set aside equity reserves.
Approval: The Regular Shareholders’ Meeting, by majority, approved the proposition above.
Following are such shareholders abstaining to vote:
PROXY OR REPRESENTATIVE
SHAREHOLDER
No. OF
SHARES
CORELLO VANESSA
COMPASS EMP EMERGING MARKET 500
VOLATILITY WEIGHT
7,753
CORELLO VANESSA
GLOBAL X FUNDS
25,610
CORELLO VANESSA
GLOBAL X/INTERBOLSA FTSE COLOMBIA 2
987,362
CORELLO VANESSA
COLONIAL FIRST STATE INVES LIMITED AS RESPON 57,923
CORELLO VANESSA
UTAH STATE RETIREMENT SYSTEMS
64,223
Following are the shareholders that voted against:
PROXY OR REPRESENTATIVE
CORELLO VANESSA
SHAREHOLDER
LVIP BLACKROCK EMERGING MARKETS INDEX
RPM FUND
No. OF
SHARES
23,598
The secretary reports that the participation of the subscribed shares is 85.12%, i.e., there are
942’924.288 shares present.
Following, the twelfth item of the agenda is read out loud.
12.
ELECTION OF STATUTORY AUDITOR AND ALLOCATION OF PROFESSIONAL FEES
The proposal on Election of Statutory Auditor and allocation of professional fees, presented by the
Corporate Audit Committee of ISA’s Board of Directors, was read as follows:
“REGULAR SHAREHOLDERS’ MEETING
ITEM 12 OF AGENDA
Proposal on Election of Statutory Auditor and allocation of professional fees
THE BOARD OF DIRECTORS OF INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.
CONSIDERING THAT:

The company requires the services of a Statutory Auditor to comply with the regulations in
effect.

Pursuant to section 9, Article 26 of the Bylaws of Interconexión Eléctrica S.A. E.S.P., the
Regular Shareholders’ Meeting is in charge of the appointment of the Statutory Auditor.

According to ISA’s Good Governance Code Title IV, chapter II, section 1.1, the company’s
Statutory Auditor is appointed for one-year periods and may be reelected for up to three
additional periods.

On March 31 , 2015, firm Ernst & Young Audit S.A.S. will complete its first year providing
Statutory Auditing services for Interconexión Eléctrica S.A. E.S.P.

Firm Ernst & Young Audit S.A.S., submitted economic proposal for the period between April
st
st
1 , 2015 and March 31 , 2016, for an amount of FOUR HUNDRED SIX MILLION THREE
HUNDRED FORTY-SEVEN THOUSAND PESOS (COP 406,347,000) equal to the CPI
increase (3.66%) plus the corresponding Value Added Tax – VAT.
st
IT PROPOSES:
1.
To reelect firm Ernst & Young Audit S.A.S. as Statutory Auditor of INTERCONEXIÓN
st
st
ELÉCTRICA S.A. E.S.P. for the period comprised between April 1 , 2015 and March 31 ,
2016.
2.
To fix professional fees for the Statutory Auditor in the amount of FOUR HUNDRED SIX
MILLION THREE HUNDRED FORTY-SEVEN THOUSAND PESOS (COP 406,347,000)
equal to the CPI increase (3.66%) plus the corresponding Value Added Tax – VAT.”
The Chairman of the Meeting submits for consideration of the shareholders the proposition for
approval of the Election of Statutory Auditor and allocation of professional fees.
Approval: The Meeting, by majority, approved the election of the Statutory Auditor for the period
st
st
between April 1 , 2015 – March 31 , 2016 and its allocation of professional fees.
Following are such shareholders abstaining to vote:
PROXY OR REPRESENTATIVE
SHAREHOLDER
No. OF
SHARES
CORELLA VANESSA
COMPASS EMP EMERGING MARKET 500
VOLATILITY WEIGHT
7,753
CORELLA VANESSA
GLOBAL X FUNDS
25,610
CORELLA VANESSA
GLOBAL X/INTERBOLSA FTSE COLOMBIA 2
987,362
CORELLA VANESSA
COLONIAL FIRST STATE INVES LIMITED AS RESPON 57,923
CORELLA VANESSA
UTAH STATE RETIREMENT SYSTEMS
64,223
The Secretary of the Meeting read out loud the thirteenth point of the agenda.
13.
READING AND APPROVAL OF CORPORATE BYLAWS.
Mr. Luis Fernando Alarcón acting as ISA’s CEO, made a presentation of the most relevant topics
contained in the amendment of bylaws, which was made available to the shareholders since the
call.
Indeed, as stated by the Secretary, this is a vast subject, with great detail. For that reason and
given that you have the amendment draft available and it has been published with sufficient time, I
will not review article by article in detail, but will try to summarize the main aspects and the
reasoning of this amendment of bylaws.
First, the main reason for this amendment, as you know, ISA has always followed its good
corporate governance practices, which recently revised from the regulatory point of view and
following international standards within the government. Besides, there is a proposal of the socalled Código País (Country Code), which was recently issued by the Financial Superintendence,
and the idea is that issuers should adopt as far as possible these practices with the consequences
and procedures then I will show; of course, the adoption of these best practices for corporate
governance seeks to increase the value of the company, enhance risk management, build
confidence in investors and, therefore, create conditions for value generation, to the extent that
investors are attracted by the company, either by stock or by purchasing our debt.
Last year, Country Code was issued, which proposes these standards and makes some
recommendations as just noted; the Company adopts the topics it believes should be adopted; a
process of internal reflection, and starting next year these proposals will be evaluated; every year
security issuers should report which of the Country Code guidelines are met and which are not and
explain how they are met and why they are or not being complied with. The Financial
Superintendence, of course, will ensure the integrity of information provided by issuers,
transparency and veracity of the reports made by each and we expect that markets will reward or
punish the corporate governance practices of security issuers as appropriate.
The main chapters are related with rights of shareholders, the Regular Shareholders' Meeting, the
Board of Directors, the Chairman and other provisions and control of the Company.
Regarding the rights of shareholders, there is a commitment established for the Board of Directors,
as a Bylaw, of approving a specific procedure that defines the relations of the Company with
different kinds of shareholders. Regarding information requests, it is provided that shareholders are
entitled to request, with no less than five business days to the regular shareholders’ meeting, the
information or clarifications they deem appropriate; these are two recommendations made in the
Country Code and that we are incorporating into the bylaws.
Regarding the Regular Shareholders' Meeting, first there are new powers: To approve the general
remuneration policy for the Board of Directors and the Senior Management when it is recognized for
the latter a variable component in the remuneration linked to the stock value and also, a succession
policy for the Board, i.e., that guidelines are to be clearly provided for both topics.
As for the period of notice of the call, it must be no less than thirty calendar days before regular
shareholders’ meeting and fifteen days for extraordinary shareholders’ meeting; it provides a longer
term for the call than the current situation, which is fifteen days, a couple of more weeks to make
the call more expeditious.
Regarding the agenda, it is noted that regardless of its size, shareholders are entitled to propose
new items for discussion in the agenda, within five days following the date of publication of the call,
and provided that the request is accompanied by the reasons thereof; it is also stated that within
this period they may submit well-founded new proposals for resolutions on matters already included
in the agenda, that is, it provides other forms of greater involvement for shareholders at the setting
of topics of the meeting and how they should be submitted.
As regard the Board of Directors, it provides a general clause of competence according to which all
those issues that the bylaws have not assigned to the shareholders’ meeting or the executive
management of the company will correspond to the Board; if there is a new topic not regulated in
the bylaws, the Board is competent to do so. Here is a list of topics, some of which are in one way
or another incorporated into the existing bylaws. I will only read those underlined, darker ones,
which are those that somehow are not explicitly mentioned in the present bylaws; among them, it
expressly provides as function of the Board in the bylaws:
-
Define the governance model, organizational, technical and financial and investment
guidelines of the business group.
-
Become aware and periodically monitor the risks of the Company.
-
Propose the general remuneration policy of the Board of Directors to the Regular
Shareholders' Meeting.
-
Oversee the independence and efficiency of the internal Audit function.
-
Act as liaison between the company and its shareholders, creating suitable mechanisms to
provide accurate and timely information on the progress of the issuer.
-
Monitor the effectiveness of corporate governance practices implemented and the level of
compliance with ethical and behavior standards adopted by the Company.
-
Become aware of and manage conflicts of interest between the company and shareholders,
members of the Board of Directors, Senior Management and other managers.
-
Propose the succession policy of the Board of Directors for approval by the Regular
Shareholders' Meeting, a subject to be discussed later.
-
Creation or acquisition of shares in special purpose entities or domiciled in countries or
territories considered tax havens, as well as other transactions or operations of similar
nature.
-
Ensuring sustainability through the development of actions taking into account best
practices and monitoring and tracking corporate management.
These issues I have just mentioned are not explicitly covered by the current bylaws; I would
emphasize that although these activities and functions are currently performed by the Board, they
are usually discussed with the Board, and the management receives guidance from the Board in
this connection.
As regards the functions of the Chairman of the Board of Directors, I will also point out the new
matters included in bylaws:
1) Ensure that the Board sets and efficiently implements the strategic direction of the
company.
2) Coordinate and plan the operation of the Board through the establishment of an annual
work plan based on the assigned functions.
3) Ensure the timely and due delivery of information to the Board members, directly or
through the Secretary of the Board.
4) Monitor the active participation of the Board members.
5) Lead the process of annual assessment of the Board and Committees except for his own
assessment.
Functions of the Secretary of the Board:
1) Ensure the formal legality of the actions of the Board and ensure that its procedures and
rules of governance are followed and regularly reviewed in accordance with the provisions
of the Bylaws and other internal regulations of the Company.
2) Provide legal advice to the Board and report on the legal issues that are materially
relevant for the Company’s activity.
As you may notice, it is more precise on the responsibilities of the Shareholders’ Meeting, the Board
and the Chairman.
As for the size of the Board, we are proposing in the bylaws, also following the relevant
recommendation set forth in the Country Code that the Board of Directors will consist of nine
members with no alternates. At present, there are seven lines with an alternate.
The quorum for deliberation will be five members, half plus one, and decisions are adopted with
majority of votes present, a major change in the new bylaws.
The following duties and rights are included in the bylaws; they are matters we all know but now
they will be clearly and expressly provided in the same.
New duties:
-
Duty of loyalty: managers must act in good faith, with loyalty and diligence of a good
businessman, their performance will be in line with the company’s interests, taking into
account the interests of its members.
-
Duty of not misusing corporate assets.
-
Duty of secrecy: keep and protect commercial and industrial secrecy of the company, and
refrain from misusing inside information.
Rights:
-
Rely on the assistance of experts.
-
Receive adequate remuneration.
-
Right to an induction and ongoing training.
As regards the President of the Company, a first change being made in the Bylaws is the
denomination of the Chief Executive Officer of the Company for Chairman of the Company; the
reason for this is based on the fact that the new organizational structure of ISA includes vice
presidents (technical, financial and strategy) and it seems logical that within this structure with that
officers’ name, there should be a President as administrative head of the Organization, its legal
representation. The President of the Company will be the legal representative with authority to enter
into or perform without limitations, other than those set forth in the Bylaws related to transactions
that must be approved by the Shareholders’ Meeting or the Board of Directors, all acts or contracts
falling within the corporate purpose or having the nature of preparatory, ancillary or additional to the
corporate purpose and those related to the existence and operation of the Company. The President
of the Company may not be a member of the Board but the office of President of the Company may
provisionally entrust to a member of the Board if that might become necessary. It is clear regarding
managers that besides the President of the Company and the Board members, there are also Vice
Presidents, the General Secretary, Corporate Directors, the Corporate Auditor and other directors.
All employees of the Company will be subordinate to the President and under his orders and
immediate inspection. Managers and employees of the Company are required to comply with the
recommendations of Country Code voluntarily adopted by the Company.
Some new roles of the President of the Company include: preparing the prospects for subscription
and placement of stock and bonds, compile into a Good Governance Code the rules and systems
required by law for the proper governance of the Company and in accordance with international
best practices on the subject matter, the Good Governance Code, as updated and amended, will
be submitted to the Board for approval and such Good Governance Code must be kept at disposal
of investors to be consulted on the premises and on the website of the Company.
Among other provisions, it clearly states, and clearly regulates, the issue on conflicts of interest. It is
provided that all individuals working with the Company must act with diligence and loyalty;
managers, administrators and employees of the Company will be in a conflict of interest when due
to their duties they must make a decision or perform or omit an action and are in the position of
choosing between the interests of the company, and their own or a third party’s interest, so if they
opt for either of the latter two, they would be compromising their objectivity or independence; it is
stating that there will be conflict of interest when the eventual decision by an administrator or official
may compromise his/her objectivity or independence. It is noted that the Company will adopt a
specific process for the disclosure, management and resolution of conflicts of interest, whether
direct or indirect, through related, sporadic or permanent parties that could affect the Board
members or other administrators.
Regarding the control, it provides that the Company will have an auditor with his alternates, with a
maximum permanence of seven years; If I’m not wrong, it is currently 4 years; so it provides that if
the auditor remains 7 years, the partner of the auditing firm and his work team should be changed.
It also provides that to the possible extent, the statutory auditor should be the same for all group
companies. It is expressly prohibited for the auditor to contract professional services other than
those corresponding to the statutory audit, the financial audit and other functions recognized in
current regulations, and this is an absolute prohibition, it includes consulting companies other than
statutory auditing that might be part of the same group that are being retained for statutory auditing
services.
As for specialized audits previously requested to the CEO, it is now provided that a number of
shareholders representing at least 5% of the shares of the Company or a number of investors
whose investment is greater than or over 5% of the market capitalization of ISA at the time of
sending the request, may ask the Board to conduct special audits and provides 10 working days to
the Board to answer the request by pointing out the firm selected to carry out the appropriate audit.
These are the main issues. As you can see, it is intended to actually strengthen good governance
practices of the Company in connection with the relationship with shareholders, the operation of the
Shareholders’ Meeting, the Board of Directors and the responsibilities of the managers of the
Company, thank you"
PROPOSITION ON AMENDMENT OF BYLAWS
THE BOARD OF DIRECTORS OF INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.
WHEREAS:
1. ISA revised the organizational model giving rise to a new structure, whereby the governance
model (parent company – subsidiaries) was adjusted, an incentive scheme leading to the
expected results was established and the competencies required for this new cycle were
identified.
2. To materialize the strategic guidelines established, an implementation plan was structured with
aspects to develop in the 2013-2020 period, for which effect the following projects were
defined, among others: Structure; Governance Model; Incentive Model.
3. The Board of Directors and the Management, during the execution of the strategic update
project, identified the need of conducting an amendment of the Bylaws to include the new
reality of the Company in connection with the definitions of the Corporate roles and
responsibilities, basic functions of the parent company to be reflected in the responsibilities of
the Board of Directors and the company’s high management.
4. ISA is committed to complying with the best Corporate Governance practices, incorporated by
the Colombian Financial Superintendence in new Código País (Country Code) Circular, as an
element encouraging companies to greater value generation, better risk management, creation
investors’ confidence in national and international contexts and procurement of better financing
conditions for lower risk perception by creditors and investors.
IT PROPOSES
FIRST: To approve the Amendment of Bylaws, whereby the following articles are modified 1,
2, 3, 8, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 21, 25, 26, 27, 28, 29, 30, 33, 34, 35, 37, 38, 39,
40, 42, 43, 44, 45, 46, 47, 48, 50, 51, 56, 57, 59, 60.
SECOND: Once the amendment is approved, the President of the Company is hereby
authorized to incorporate all Articles of ISA’s corporate bylaws into a single deed, including this
amendment.”
The Chairman of the Meeting submits for consideration of the shareholders the proposed
amendment of bylaws presented by the Company’s management.
Before voting, Mr. Francisco Lucero acting as representative of the State’s shares, is allowed to
speak to the head table in the following terms:
I would like to have an adjustment on the wording of Article 48 that makes reference to the financial
statements, so that it not only includes the balance sheet but also that corresponding to such
reports, that is, the balance sheet, the income statement and the cash flow statement"
Secretary of the Meeting answers in this regard "we agree, it is correct."
The Chairman of the Meeting gives the floor to Mr. Orlando Bedoya acting as shareholder of ISA in
the following terms:
"I will ask two questions that are conditioned to the Commercial Code which wording I don’t
remember at this time; first: are the time periods for the call to the meetings extended while the right
of inspection remains the same? Second, I neither remember what does the Commercial Code
provide about the obligation to have alternates on the Board of Directors, is it optional or
mandatory?; and a comment on the rationale for renaming the CEO for President because there
are positions in the company called Vice Presidents, then call them deputy CEOs"
The Secretary of the Assembly replies: "On the issue of the Commercial Code, we are extending
the time period of the call and in turn making it clear that the right of inspection begins from that
th
time when the notice of call is published, that is, from the 30 day in advance to the meeting, that is
provided. There is an additional warranty being established within the bylaws for shareholders: five
days after the notice is published they may write to the management and ask to include new topics
on the agenda or make new proposals, that is, besides all matters discussed within the meeting of
shareholders. It is very clear that such period begins from the date on which the notice is published;
then the days to exert the right of inspection are also extended. Second, regarding the alternates,
Law 964 of 2005 provides that those companies that act as security issuers may decide to no
longer have alternate members; it only applies to that kind of companies, not all. Now, Country
Code recommends security issuers to adopt that provision and as a good governance practice we
are adopting the same. We are now leaving the Board with nine principal members, also in
compliance with law. On the issue of the nomination as President, it is a term widely used inside
companies, especially when we are talking of a business group; it is quite important, it is an issue of
nomination, there is no other connotation, it is also an issue of consistency with the organizational
structure.
The Chairman of the Meeting allowed Luis Alfonso Villa acting as shareholder to speak, in the
following terms:
“Good morning. There are a couple of things of these new rules that do not convince me. First,
there is a provision that the increase in the remuneration of the Board members will be made
according to the increase of the stock price, the stock performance, that’s what I understood.
Second, why does the President assume so many powers without the others knowing; what if there
is embezzlement and other things that has occurred in other companies; so giving so many powers
to one person, if it can happen with many individuals, then one single person could result in
embezzlement, so I want explanation on this.
Mr. Luis Fernando Alarcón, acting as ISA’s CEO, replies: “The truth is that from the Bylaws it cannot
be deducted or stated there is an increase in the remuneration of the Board members; what it
provides is that there should be a policy that we will see later, as general guidelines on how the
remuneration of the Board members is composed; this is important for a reason, in some
companies, particularly outside Colombia, in the Anglo world, it is customary for Board members to
have an additional remuneration linked to the stock performance; that is not a common practice in
Colombia but could exist, then establish that policy to be approved here is very important; now, the
policy is not in conflict with the fact that the specific remuneration of the board members must be
approved every year, an issue that will also be presented further on for your consideration; then,
there is no change. Regarding the functions of the President, If you think, the Board as a collective
body requires a leader, someone who coordinates, who is accountable for organizing the work of
that collective body; it is and has always been; here it is proposed to be more precise on such
responsibilities; for example, to expressly state that the President is responsible for coordinating the
management of the agenda of the meetings, someone has to do it, that's natural; but Country Code
has required that such responsibilities should be expressly stated in the Company’s bylaws; it is not
about the President making substantive or economic decisions disregarding the need to have
approval from the Board of Directors as collective body.”
The Chairman of the Meeting allowed Mr. Luis Fernando Lopera shareholder of ISA to speak in the
following terms:
"Good morning, my name is Luis Fernando, interpreting what my fellow shareholder said earlier,
there is a section in the bylaws providing that the President must be remunerated with a variable
allocation depending on the stock performance; then, what my fellow shareholder says is: why is
the President remunerated according to the stock performance? And why other members of the
Board or Company Directors of the Company are not remunerated by a variable assignment? "
The Secretary of the Meeting replied: "that concern you are raising will be clarified on the following
items of the agenda of the meeting; one of the issues we are adopting here is the remuneration
policy of the Board, by Good Governance Code, and one of the things that is being left here clear
for your approval is that all members of the Board of Directors receive the same remuneration; there
is no difference between the President and the other Board members; it is expressly stated, now
we're going to read, and that is what we will submit for your consideration. I think that's clear. The
second issue is regarding the stock performance, it has been clearly stated that the Board will not
receive remuneration associated with the stock performance; then I think we could now close those
issues with the items we will proceed to read. It is provided that the President of the Company will
be remunerated in the same way that any employee of the company, in the sense that he has a
fixed remuneration and a variable remuneration that depends on compliance with indicators and
agreements annually reached with the Board of Directors; it applies to the entire company. "
The Chairman of the Meeting submitted for consideration of the shareholders the proposed
amendment of bylaws presented by the Company’s management, including the accuracy of the
financial statements as indicated.
Approval: The Meeting, by majority, approved the proposed amendment of corporate bylaws.
Following are such shareholders abstaining to vote:
PROXY OR REPRESENTATIVE
SHAREHOLDER
ADRIANA MARIA DE LA CRUZ BETANCUR ADRIANA MARIA DE LA CRUZ BETANCUR
BETANCUR
BETANCUR
No. OF
SHARES
3.832
Following, the Secretary of the Meeting read out loud the fourteenth item of the agenda.
14.
ELECTION OF BOARD OF DIRECTORS
The General Secretary informed the Chairman of the Meeting that she received communication
from the Ministry of Finance and Public Credit proposing a list of candidates to compose the Board
of Directors. Also, the résumés of those included in the list were received, and the letters whereby
the candidates accepted to be included as independent or non-independent member, as provided in
article 44 of Law 964 of 2005, which were published at ISA’s website.
The General Secretary read out the communication received:
“Bogotá D.C.,
Mr.
LUIS FERNANDO ALARCÓN MANTILLA
CEO
INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.
Calle 12 Sur 18-168
Medellín
Re: Appointment of candidates Board of Directors of ISA S.A. E.S.P.
Dear Mr. Alarcón:
In order to comply with the Securities Market Law (Law 964 of 2005) and its regulatory decree 3923
of 2006, attached hereto is the list proposed by the Nation to the Regular Shareholders’ Meeting of
ISA S.A. ESP, to be held next March 27 this year, to elect the Board of Directors of the Company.
It is hereby clarified that the designations of lines one (1), two (2) and three (3) are made in
consideration of the position and not the individual holding the same.
Minister of Mines and Energy
Ministry of Mines and Energy
Vice-Minister General
Ministry of Finance and Public Credit (MHCP)
Director of Public Credit and National Treasure
Ministry of Finance and Public Credit (MHCP)
Carlos Mario Giraldo*
Independent - nominated by the Nation MHCP
Bernardo Vargas Gibsone*
Independent - nominated by the Nation MHCP
Jesús Arturo Aristizabal Guevara*
Independent - nominated by EPM
Henry Medina González*
Independent - nominated by Ecopetrol
Santiago Montenegro Trujillo*
Independent - nominated by Pension Funds
Pensiones
Camilo Zea Gómez *
Independent - nominated by Pension Funds
Pensiones
* Independent Members, as provided in Law 964 of 2005.
We would appreciate to publish the above at the Company’s website for knowledge of all
shareholders.
Sincerely,
MAURICIO CARDENAS SANTAMARÍA
Minister of Finance and Public Credit”
It is provided that there are 6 members having the condition of independent members at the Board
of Directors. Pursuant to the securities law, the minimum number of members should be 25% of
those composing the Board of Directors, and that minimum is being exceeded herein.
The Chairman of the Meeting submits for consideration of the shareholders, the proposition on
election of the Board of Directors.
Mrs. María Cecilia Castrillón, on behalf of Colfondos Pensiones y Cesantías, requests to record
their negative note given that they did not receive on time the independence forms.
Approval: The Regular Shareholders’ Meeting, by majority, approved the aforementioned
proposition.
Following are such shareholders abstaining to vote:
PROXY OR REPRESENTATIVE
SHAREHOLDER
No. OF
SHARES
ALEJANDRO ESTEBAN CANO CORREA
FONDO DE PENSIONES OBLIGATORIAS PORVENIR
MODERADO
79.322.882
ALEJANDRO ESTEBAN CANO CORREA
FONDO PENSIONES OBLIGATORIAS PORVENIR
CONSERVADOR
1.925.310
ALEJANDRO ESTEBAN CANO CORREA
FONDO PENSIONES OBLIGATOR. PORVENIR
MAYOR RIESGO
258.233
ALEJANDRO ESTEBAN CANO CORREA
FONDO ESPECIAL PORVENIR DE RETIRO
PROGRAMADO
1.546.525
FONDO DE CESANTIAS PORVENIR
2.612.859
FPV ACCIONES COLOMBIA PESOS
255.422
FPV ALTERNATIVA 100 ACCIONES ISA
691.824
F.P.V ALTERNATIVA 8 - DIVERSIFICADA EXTREMA
120.585
FPV DIVERSIFICADO BASICO
81.741
ALTERNATIVA 60
43.000
ALTERNATIVA 68-EN SUS MANOS ESTUDIO 2022
16.701
ALTERNATIVA 67-EN SUS MANOS ESTUDIO 2016
10.926
MERCEDES VILLA GOMEZ
MERCEDES VILLA GOMEZ
589
HELINA LONDOÑO GOMEZ
HELINA LONDOÑO GOMEZ
589
JAQUELINE LONDOÑO GOMEZ
JAQUELINE LONDOÑO GOMEZ
589
ELVIA LUZ SIERRA ALZATE
ELVIA LUZ SIERRA ALZATE
2.234
ALEJANDRO ESTEBAN CANO CORREA
ALEJANDRO ESTEBAN CANO CORREA
ALEJANDRO ESTEBAN CANO CORREA
ALEJANDRO ESTEBAN CANO CORREA
ALEJANDRO ESTEBAN CANO CORREA
ALEJANDRO ESTEBAN CANO CORREA
ALEJANDRO ESTEBAN CANO CORREA
ALEJANDRO ESTEBAN CANO CORREA
DUQUE JARAMILLO JUAN DAVID
FIDUCOLOMBIA - ISA ADR PROGRAM
1.094.925
Following are the shareholders that voted against it:
PROXY OR REPRESENTATIVE
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
SHAREHOLDER
No. OF
SHARES
AVIVA LIFE AND PENSIONS UK LIMITED
47.025
SHELL TRUST (BERMUDA) LIMITED
28.413
SHELL PENSIONS TRUST LIMITED AS TRUSTEE OF
SHELL CONTRIBUTORY PENSION FUND
19.346
BUREAU OF LABOR FUNDS-LABOR PENSION FUND 1.434
STICHTING SHELL PENSIOENFONDS
68.128
STICHTING DEPOSITARY APG EMERGING MARKETS
EQUITY POOL
387.065
BRITISH COAL STAFF SUPERANNUATION SCHEME
58.524
VANGUARD INVESTMENTS AUSTRALIA LTD ATF
VANGUARD EMERGING MKTS SHARE INDEX FUND 103.479
VANGUARD INVESTMENTS SERIES
654.567
STATE OF WYOMING, WYOMING STATE
TREASURER
23.748
SBC MASTER PENSION TRUST
41.597
MANUELA RESTREPO BARRIOS
JNL / MELLON CAPITAL EMERGING MARKETS
INDEX FUND
92.232
MANUELA RESTREPO BARRIOS
BLACKROCK INDEX SELECTION FUND
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
209.989
MANUELA RESTREPO BARRIOS
NEW YORK STATE COMMON RETIREMENT FUND
86.640
MANUELA RESTREPO BARRIOS
CONSTRUCTION AND BUILDING UNIONS
SUPERANNUATION FUND
15.403
MANUELA RESTREPO BARRIOS
FLEXSHHARES MORNINGSTAR EMERGING
MARKETS FACTOR TILT INDEX FUND
46.544
FUNDACAO CALOUSTE GULBENKIAN
5.260
FIDELITY INVESTMENT FUNDS- FIDELITY INDEX
EMERGING MARKETS FUND
4.976
SHELL FOUNDATION
6.530
THE MASTER TRUST BANK OF JAPAN, LTD.
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045796
267.765
THE MASTER TRUST BANK OF JAPAN LDT AS
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045794
374.596
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045828
349.055
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUND 400045829
313.901
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FOR GOVERNMENT PENSION
INVESTMENT FUN 400045795
277.508
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FOR PENSION FUND ASSOCIATION
400039078
91.211
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
MANUELA RESTREPO BARRIOS
CGI CONN GEN LIFE
10.206
CORELLO VANESSA
AMP EMERGING MARKETS INDEX FUND
15.927
CASTRILLON RAMIREZ MARIA CECILIA
FONDO DE PENSIONES OBLIGATORIAS
COLFONDOS MODERADO
22.440.152
CASTRILLON RAMIREZ MARIA CECILIA
FONDO DE PENS OBLIGATORIAS COLFONDOS
CONSERVADOR
485.220
CASTRILLON RAMIREZ MARIA CECILIA
FDO DE PENS OBLIGATORIAS COLFONDOS RETIRO
PROGRAMA
755.241
CASTRILLON RAMIREZ MARIA CECILIA
FDO PENS OBLIGATORIAS COLFONDOS MAYOR
RIESGO
77.464
FONDO DE CESANTIAS COLFONDOS
441.762
FDO DE PENSIONES VOL.CLASS INVERSION DE
COLFONDOS
268.562
CASTRILLON RAMIREZ MARIA CECILIA
CASTRILLON RAMIREZ MARIA CECILIA
The Secretary of the Meeting read out loud the fifteenth item of the agenda.
15.
READING AND APPROVAL OF REMUNERATION POLICY FOR BOARD OF DIRECTORS
The Secretary of the Meeting presented the proposition on the Remuneration Policy for the Board
of Directors of INTERCONEXIÓN ELÉCTRICA S.A E.S.P in the following terms:
“PROPOSITION ON REMUNERATION POLICY FOR BOARD OF DIRECTORS of
INTERCONEXIÓN ELÉCTRICA S.A E.S.P
WHEREAS:
1. ISA is committed to complying with the best Corporate Governance practices, incorporated by
the Colombian Financial Superintendence in new Código País (Country Code) Circular, as an
element encouraging companies to greater value generation, better risk management, creation of
investors’ confidence in national and international contexts and procurement of better financing
conditions for lower risk perception by creditors and investors.
2. The best corporate governance practices include a Remuneration Policy for the Board of
Directors to be approved by the Regular Shareholders’ Meeting.
IT PROPOSES:
To approve the following Remuneration Policy for the Board of Directors:
PURPOSE
Establish criteria for an adequate remuneration for the members of the Board of Directors.
PRINCIPLES
-
Besides the remuneration, the Regular Shareholders’ Meeting shall establish the guidelines
to be followed in this regard concerning the Board of Directors and its Committees.
-
The remuneration of the members of the Board of Directors shall be fixed and approved
each year by the Regular Shareholders’ Meeting, and it shall be the same for all members.
The Meeting shall set an adequate amount or sum consistent with the duties and
responsibilities of the Board members, the company’s characteristics, the effective
dedication and the expertise of the Board as a collective body.
-
The fees defined for each attended meeting shall be expressed in terms of Tax Value Units
(Unidad de Valor Tributario –UVT). To determine this amount, market benchmarks from
companies similar to or comparable with ISA shall be taken into account.
-
Besides the fees for attending meetings of the Board of Directors or Board Committees,
members shall not receive any other kind of individual or collective remuneration. They
shall neither receive shares of ISA or its subsidiaries in compensation for their services.
The Company assumes the following non-compensation costs:
-
Travel expenses, lodging, ground transportation, delivery of information and other costs
required for the Board members to properly perform their duties.
-
Expenses related with training, updates and retaining of external advisors required by the
Board as collective body.
-
Costs related with ISA’s Directors and Administrators insurance policy, which covers the
liability arising upon a management act under the performance of their relevant duties.”
The Chairman of the Meeting submits for consideration of the shareholders, the proposition for
approval of the Board’s Remuneration Policy.
Approval: The Meeting, by majority, approved the Remuneration Policy for the Board of Directors.
Following are such shareholders abstaining to vote:
PROXY OR REPRESENTATIVE
SHAREHOLDER
No. OF
SHARES
HELINA LONDOÑO GOMEZ
HELINA LONDOÑO GOMEZ
589
MERCEDES GOMEZ VILLA
MERCEDES GOMEZ VILLA
589
JAQUELINE LONDOÑO GOMEZ
JAQUELINE LONDOÑO GOMEZ
589
ELVIA LUZ ALZATE SIERRA
ELVIA LUZ ALZATE SIERRA
2.234
MANUELA RESTREPO BARRIOS
CITY OF PHILADELPHIA PUBLIC EMPLOYEES
RETIREMENT SYSTEM.
22.923
Following, the Secretary of the Meeting read out loud the sixteenth item of the agenda.
16.
APPROVAL OF FEES FOR BOARD MEMBERS FOR APRIL 2015 - MARCH 2016
PERIOD.
THE BOARD OF DIRECTORS OF INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.
WHEREAS:
1. The remuneration currently received by the members of the Board of Directors of Interconexión
Eléctrica S.A. E.S.P. ISA for attending the Board meetings and Committees of the Board of
Directors is four point five monthly statutory minimum wages in effect (4.5 SMLMV).
2. It is the duty of the Regular Shareholders’ Meeting to fix the fees for attendance to the meetings
of the Board of Directors and its Committees.
3. It is important that the fees are to be determined in Tax Value Units (Unidades de Valor Tributario
-UVT), given that they are calculated on the basis of the annual inflation data published by the
DANE, while the Monthly Statutory Minimum Wage in effect takes into account, besides inflation,
the salary equity factors for low-income people.
4. The amendment of ISA’s Corporate Bylaws submitted to the Regular Shareholders’ Meeting of
March 27, 2015, regarding topics related to resolution of disputes and limitations for the Board of
Directors’ duties, included the change of the measure unit from Monthly Statutory Minimum Wages
in effect to Tax Value Units (Unidades de Valor Tributario -UVT).
5. This proposition to fix fees does not involve an increase on the value thereof.
IT PROPOSES:
To approve as fees for the members of the Board of Directors of Interconexión Eléctrica S.A. E.S.P.
the amount equal to one hundred and three (103) Tax Value Units (Unidades de Valor Tributario UVT) for each Board of Directors’ or Board Committee’s meeting attended for the April 2015 –
March 2016 period.
After making the proposition to the Meeting, the Secretary thereof provided a brief explanation on
the conversion of the measuring unit; the remuneration was converted from 4.5 minimum wages to
UVG; the remuneration of the Board of Directors is not being increased.
The Chairman of the Meeting allows Mr. Hernán Rivera, acting as shareholder, to speak:
"Good afternoon, this topic I will mention here maybe is not directly related to the agenda, it is
simply an expression of grief made by us, lower-category communities in our country; it is about the
construction of the Autopistas de la Prosperidad, when they were designed, I proposed Mr. Alarcon
who was in charge of the work to review the layout on the Vereda El Espinal of Antioquia and he
promised to take this matter to the Board; but after a year, we have not received information, so
that’s why I am speaking here making this request because the rural zone of El Espinal is an
oxygen source, many trees will be cut down and because of the antecedents when the road of
vereda Cativo was built; in that opportunity the national Government, in head of the Ministry of
Public Works did not accept any proposal and kept on with the construction of that road resulting in
a greater desert existing in our municipality; the hydric sources ran out and people had to abandon
their farms and did not receive any consideration for the works; we are interested on the
development of the country, to have a real growth of economy but not against the integrity of those
unlucky people living at the Vereda El Espinal; we have no representation, we proposed
alternatives but the answer was it costs much more money; so, the economic benefit received by
some people will be in detriment of other people, so I ask Mr. Alarcon if you took any actions and
what was the answer to this request made by the community action board of Vereda El Espinal in
the municipality of Santa Fe de Antioquia."
The Chairman of the Meeting responds to Hernán Rivera. As this item is not related with the item
under discussion –remuneration of fees for Board members- he proposes to address this topic in
miscellaneous where Mr. Alarcón will answer his question.
The Chairman of the Meeting submits for consideration of the shareholders, the proposition fees for
Board members for the term April 2015 - March 2016.
The interventions of some shareholders are made:
Mrs. Gloria Elena Martinez speaks in the following terms: "I want to make a reflection, we are all
more or less familiar with minimum wages but the other name used here is a term known by
accounting staff but not for the majority of assistants. When we discuss about increasing the
minimum wage, we know that it takes many discussions, many time, then I think it is easy for those
on the Board just to grab a population that is not very well informed and think that we are all going
to applaud in this connection without knowing in qualitative terms which is the difference between
minimum wage vs. UVT, which we don’t know what it is. And I would like that people assume a
more critical attitude and not just applaud some topics that apparently we are not acquainted with
while others do.”
The Chairman of the Board of Directors replies: "I asked the Chairman of the meeting to give me
the opportunity to explain and answer this question because in fact inside the Board I took the
initiative for this change and I have done the same in other Boards to which I am a member and
basically the explanation is that although it is a change that initially you will not understand, that
requires explanation, it is a change that is very useful because inflation increases are even lower
than minimum wage increases; then if monetary adjustment is kept in constant terms, and the
adjustment is made in terms of inflation, then those increases will be lower than having this
remuneration in terms of minimum wages, because the minimum wage is adjusted some points
above inflation, corresponding to an estimate of productivity growth calculated by the National
Planning Department; then, I accept that it is a change that needs explanation, it will not be easy to
understand but believe me it is a change and an adjustment lower than the former; it has other
benefits and indexation will no longer be made on this kind of compensation and other things, for
example the cost of passports, certain fines. Other prices in economy are set in terms of minimum
wages and it does not make any economic sense, and believe me we will explain it, it will be
properly illustrated; this is a much more rational and fair adjustment; otherwise, by adjusting
according to the minimum wage increase we would be receiving something that we and other
people do not deserve, that is what we are correcting with this step.”
Mrs. Irene Montes intervenes in the following terms: "my inquiry is related to the former concern,
and the Secretary was going to clarify, maybe on the same subject"
The representative of COLFONDOS Pensiones y Cesantías requests to record their negative vote
in the minutes since they do not approve the composition of the Board.
Mr. Luis Fernando Lopera, acting as shareholder, intervenes in the following terms: "the concern of
the lady who spoke two minutes ago is to tell us the equivalence of 4.5 minimum wages with 103
UVT to understand the change."
The Chairman of the Meeting replies: "again, as clarified by the Chairman of the Board, this is
merely a change of units, it is like measuring a person's height in centimeters or inches, the
individual measures the same but measured in different units; what happens is that in the future it
will be ensured that the fees of board members will only grow with inflation and not beyond inflation.
"
Silvia Posada acting as a shareholder, intervened in the following terms: "My concern is what is a
UVT"
The Chairman of the Meeting responds: "UVT is a unit of tax value, and it is a unit intended to keep
its constant value over time; it was introduced several years ago and, as the minimum wage and
other reference units, it is used to assess things, the numbers that are going to change over time,
103 units are left constant in this case, and with inflation it will increase but they will be only 103
until the Shareholders’ Meeting determines otherwise"
Mr. Luis Alfonso Villa states:
"If we observed the minimum wage, it increases just a bit, if we note here, you are going to increase
above the minimum wage, because not even the minimum wage is being increased above the tax
value at this time; and it is said that things don’t increase, so what kind of economists do we have?
When they say that the rate does not increase here? With all due respect how can you say that the
interest rate grew X percent and the minimum doesn’t even reach that percentage; 2% each year
and things are tripled each quarter, the rice, potatoes, two or three times more they should rise; so
don’t tell us know that the UVR or UVT will be better than the minimum wage, it will be above,
because it is above, so don’t give us lies, let’s say things as they are.”
The Chairman of the Meeting responds: "the UVT by design, by definition increases with inflation,
and the minimum wage rises with inflation, because the Court so ordered, plus some additional
productivity points, also by legal mandate; so the UVT are ensuring that fees remain strictly
consistent with inflation and no further increases are made, as explained by the Chairman of the
Board"
Approval: The Meeting, by majority, approved the proposition of fees for the members of the
Board of Directors for the April 2015 – March 2016 period.
Following are such shareholders abstaining to vote:
PROXY OR REPRESENTATIVE
SHAREHOLDER
No. OF
SHARES
ELVIA LUZ ALZATE SIERRA
ELVIA LUZ ALZATE SIERRA
2,234
MANUELA RESTREPO BARRIOS
CITY OF PHILADELPHIA PUBLIC EMPLOYEES
RETIREMENT SYSTEM.
22,923
FIDUCOLOMBIA - ISA ADR PROGRAM
1.094.925
DUQUE JARAMILLO JUAN DAVID
Following are the shareholders that voted against:
PROXY OR REPRESENTATIVE
SHAREHOLDER
No. OF
SHARES
CORELLO VANESSA
ADVANCED SERIES TRUST - AST GOLDMAN SACHS 13,623
MULTI
CORELLO VANESSA
WILMINGTON INTERNATIONAL EQUITY FUND
SELECT LP
CORELLO VANESSA
WILMINGTON MULTI MANAGER INTERNATIONAL 13,178
CORELLO VANESSA
EMERGING MARKETS CORE EQUITY PORTFOLIO
OF DFA INV
1,389,234
CORELLO VANESSA
EMERGING MARKETS SOCIAL CORE EQUIT Y
PORTFOLIO
110,882
CORELLO VANESSA
T.A. WORLD EX U.S. CORE EQUITY PORTFOLIO OF
DFA INV
31,226
CORELLO VANESSA
THE EMERGING MARKETS SERIES OF THE DFA
INVESTMENT
542,779
CORELLO VANESSA
UNIVERSITY OF TEXAS
24,489
CORELLO VANESSA
CITY OF LOS ANGELES FIRE AND PLCE
62,531
CORELLO VANESSA
MICROSOFT GLOBAL FINANCE
36,817
CORELLO VANESSA
TEXAS SCOTTISH RITE HOSPITAL FOR CRIPPLED
CHILDREN
8,682
CORELLO VANESSA
CITY OF NEW YORK GROUP TRUST
1,046,567
CORELLO VANESSA
GOLDMAN SACHS FUNDS - GOLDMAN SACHS GIVI 1,611
GROWTH
CORELLO VANESSA
JOHN HANCOCK FUNDS II EMERGING MARKETS
FUND
CORELLO VANESSA
PACIFIC SELECT FUND - PD EMERGING MARKETS 8,404
PORTFOLIO
CORELLO VANESSA
SPDR S&P EMERGING LATIN AMERICA ETF
18,147
CORELLO VANESSA
SSGA RUSSELL FUNDAMENTAL GLOBAL EX US
INDEX
3,239
CORELLO VANESSA
TEACHER RETIREMENT SYSTEM OF TEXAS
369,551
6,791
311,840
CASTRILLON RAMIREZ MARIA CECILIA
FONDO DE PENSIONES OBLIGATORIAS
COLFONDOS MODERADO
22.440.152
CASTRILLON RAMIREZ MARIA CECILIA
FONDO DE PENS OBLIGATORIAS COLFONDOS
CONSERVADOR
485.220
CASTRILLON RAMIREZ MARIA CECILIA
FDO DE PENS OBLIGATORIAS COLFONDOS RETIRO
PROGRAMA
755.241
CASTRILLON RAMIREZ MARIA CECILIA
FDO PENS OBLIGATORIAS COLFONDOS MAYOR
RIESGO
77.464
FONDO DE CESANTIAS COLFONDOS
441.762
FDO DE PENSIONES VOL.CLASS INVERSION DE
COLFONDOS
268.562
CASTRILLON RAMIREZ MARIA CECILIA
CASTRILLON RAMIREZ MARIA CECILIA
Following, the Secretary of the Meeting read out loud the seventeenth item of the agenda.
17.
READING AND APPROVAL OF BOARD OF DIRECTORS’ SUCCESSION POLICY.
PROPOSITION ON SUCCESSION POLICY
INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.
OF
THE
BOARD
OF
DIRECTORS
OF
WHEREAS:
1. ISA is committed to complying with the best Corporate Governance practices, incorporated by
the Colombian Financial Superintendence in new Código País (Country Code) Circular, as an
element encouraging companies to greater value generation, better risk management, creation of
investors’ confidence in national and international contexts and procurement of better financing
conditions for lower risk perception by creditors and investors.
2. The best corporate governance practices include a Succession Policy for the Board of
Directors to be approved by the Regular Shareholders’ Meeting.
IT PROPOSES
To approve the following Succession Policy for the Board of Directors:
PURPOSE
Establish the principles enabling the nomination of the best candidates to form ISA’s Board of
Directors and ensure its effective operation and contribution to the achievement of organizational
objectives.
PRINCIPLES
-
For the purpose of nominating candidates for the Board of Directors, it shall be required to
consider a reasonable balance and diversity within the same, for the sake of its proper
performance. For this effect, it shall be necessary that the nominated candidates are not
involved in any legal inabilities or incompatibilities, and should have the competencies,
expertise, academic experience, independent criteria, knowledge, skills, capacities and
sufficient availability to be a Board member candidate.
In order to have a Board of Directors composed by members with different profiles, efforts shall
be made to procure that the following knowledge and expertise is held by one or various of its
members: (i) Linear Infrastructure, (ii) International Businesses, (iii) Executive Management in
large Companies, (iv) International Investment Banking, (v) Risk Management, (vi) Human
Resources, (vii) Sustainability and relations with community, (viii) Experience in public functions
and multilateral bodies, (ix) Legal matters and, in general, visionary and inclusive people whose
expertise and knowledge are a complement among them to form a strong and knowledgeable
business-minded body.
-
The Chairman of the Meeting submits for consideration of the shareholders, the proposition for the
Succession Policy of the Board of Directors.
Approval: The Meeting, by majority, approved the Succession Policy of the Board of Directors.
Following are such shareholders abstaining to vote:
PROXY OR REPRESENTATIVE
SHAREHOLDER
No. OF
SHARES
ELVIA LUZ ALZATE SIERRA
ELVIA LUZ ALZATE SIERRA
2,234
SHAREHOLDER
No. OF
SHARES
Following are the shareholders that voted against:
PROXY OR REPRESENTATIVE
HELINA LONDOÑO GOMEZ
HELINA LONDOÑO GOMEZ
589
JAQUELINE LONDOÑO GOMEZ
JAQUELINE LONDOÑO GOMEZ
589
MERCEDES GOMEZ VILLA
MERCEDES GOMEZ VILLA
589
Following, the Secretary of the Meeting read out loud the eighteenth item of the agenda.
18.
MISCELLANEOUS
The Chairman of the Meeting asked the shareholders if there were topics they wanted to present at
this point; they were asked to raise their hands to let them speak, starting with the topic presented
by Mr. Hernan.
He allowed Mr. Luis Fernando Alarcon to answer the question about Autopistas de la Prosperidad
presented by Mr. Hernán, and answered in the following terms:
"Mr. Hernán, we are no longer responsible for the development of Autopistas de la Montaña; the
truth is that the execution of that project was fully undertaken by the National Infrastructure Agency
(ANI); I internally consulted with those in charge of the issue and our lawyers of what could we do in
this regard, they said that nothing, any suggestions made to ANI are worthless, because we do not
have any relationship in that field; otherwise, if we were responsible for the execution of the project
then we could answer any suggestions, comments, issues. We were fully left out of this project,
what I really like -and it is unrelated to your question but I would like to mention it- is that I am, we
are really proud that these projects are being executed and developed with proposals made by ISA.
Mr. Hernando, I will suggest you something, as the topic you are posing involves a severe
environmental impact, the instance you should resort when all the paperwork begins for obtaining
the environmental permits is precisely the National Agency for environmental licenses, because
they are in charge of that, and you as community will certainly have the opportunity to raise
observations before ANI, as executor of the project and whoever is the road concessionaire; and
regarding the approval of the environmental license, I suggest and think it would be more effective,
that the Mayor or other authorities, community action boards, the community start informing your
concerns to the National Agency of Environmental Licenses (ANLA). It is a strong environmental
impact that you should inform to whoever is responsible for the surveillance of those topics, that is,
the ANLA.
The Chairman of the Meeting also answered that intervention:
“Mr. Hernan, thank you; to close this topic, I suggest, consistently with the statement made by Mr.
Alarcon, to formally send a letter to Mr. Alarcon and he could send it to the National Authority of
Environmental Licenses and the National Environmental Authority so they can address the same
and answer your concerns.”
Mr. Jorge Roque intervenes in the following terms:
“I would like to recognize and thank the work of Mr. Luis Fernando Alarcon Mantilla at ISA; he was
really present throughout these years; in spite of the controversies we had in some Shareholders’
Meetings, we didn’t always think the same, I want to which you the best luck in your life; I would
also like to say that I am glad you obtained the Ituango lines, it is very important that ISA is in
charge of that, I am also involved in this matter; so, I’m very happy, thanks to everyone and again
Mr. Alarcon, thank you very much.”
The Chairman of the Meeting gave the floor to Mr. Fabio Henao acting as shareholder, intervening
in the following terms:
“First of all, I ask an applause to my region neighbor, the mid west, an environmental leader, I will
support you and help you as possible, at least to deliver the letters. Second, I would like to
congratulate Mr. Alarcón, because we all have the right to take some rest, congratulations, God
bless you, the best luck. And third, congratulations to the new members of the Board of Directors of
ISA, where I would like to see a real native from Antioquia that has been working tirelessly in these
organizations and knows how to handle these things; he knows how to move, milestone by
milestone, that is Mr. Jesús Arturo Aristazabal Guevara.”
The Chairman of the Meeting answers: “Mr. Fabio, for your peace of mind, Mr. Aristazábal will be
working with us”.
Mr. Fernando Bedoya, acting as shareholder, speaks in the following terms: “I have several
questions. First of all, regarding the joint partnership agreement with Intercolombia, who is the
Managing partner? The second question, for the election or designation of the statutory auditor, did
you invite other firms besides Ernst & Young? And did you obtain response? How did they reply?
Finally, a protest on the designation of fees for the Board of Directors, we made a specific question,
how much is a minimum wage times 4.5 and how much is UVT times 103?”
Mr. Luis Fernando Alarcón answers:
“Regarding the joint partnership agreement, to the extent that ISA is the owner of the assets
contributed to the joint partnership agreement and Intercolombia contributes its management
capacity, then Intercolombia is the manager of such agreement and ISA is the participant; with a
particularity, it is not concealed; we all know here the nature of the agreement, this was very
important when it was entered into by the parties and approved by the authorities, especially the
regulator; unlike other agreements, we do not have a hidden participant, so it is very simple,
Intercolombia is the manager and we, ISA, provide the assets. Regarding the statutory auditor,
please bear in mind that Ernst & Young has been holding that position a year ago; for that reason,
an offer was asked to them, provided that if their offer was reasonable, the idea was to renew the
agreement for another year, given that changing a statutory auditor for a company could be
traumatic in the adjustment period. Furthermore, the assessment of their services was well rated.
We conduct a survey at ISA and other companies with those responsible for communicating with
the statutory auditor and the survey was good; then, we proceeded accordingly. Besides, their offer
in economic terms was very reasonable, as they only requested an increase in accordance with
inflation. We believed it was correct. Now, regarding the topic about the fees to the Board of
Directors, the objective was to have an accurate equivalence between 4.5 minimum wages and the
number of UVTs.”
The Secretary of the Meeting answers in the following terms:
“A UVT corresponds to COP 28.279, 103 UVTs, approved here, is equal to COP 2.912.737; 4.5
minimum wages are equal to COP 2.899.755; there is a difference of COP 13,000 in the
conversion, otherwise the exact thing would be 102.5 UVTs, so, we left it at 103 UVT; the increase
was COP 13,000 but in further years it will be lower because as mentioned by Mr. Montenegro, the
increase of the minimum wage is higher than the increase of the UVT.”
Mr. Cleofas Mosquera, acting as shareholder speaks in the following terms:
“The question is, if a shareholder decides to sell his shares, may he request the immediate payment
of the dividends, instead of waiting until the last date provided?
Mr. Alarcón answers:
“The answer is no, the dividends are paid in the dates provided; however, when you sell a share, in
some way the purchaser incorporates these dividends received later on, as it is part of the process
to make up the price of the share.”
Mr. Álvaro Escobar acting as shareholder intervenes in the following terms:
“First of all, which is the growth plan of ISA (investments in the country) regarding the tax policy
established by the current Government? Secondly, I have heard in other Shareholders’ Meetings
that the wealth tax has been charged to reserves, I understand that there could be a greater
balance for distribution of dividends?”
Mr. Luis Fernando Alarcón replies:
"The truth is that these businesses have great stability and predictable business capacity; however,
you are right on one point, tax policy affects us to the extent that there are fewer resources
available to finance the growth plan, that is, if there are high taxes, then the money goes to tax
payment and the resources available for company's growth are reduced; it’s not a secret: all
companies were affected by the tax reform. We believe that the effective tax rate of business in
Colombia has reached very high levels; we believe that the government has understood that and for
that reason it has created a commission to study a proposal for a structural reform, which is made
with the advice of experts from around the world; taxation of companies in Colombia could be much
more efficient, it could be much friendlier to investment; it is not the case, we are a Colombian
company committed to a strong presence in the country, but undoubtedly excessive taxation for
businesses is a factor of discouragement to private investment. We all want to have more
investment, foreign investment and all that kind of stuff. There is indeed an impact but it is not so
big given that we were paying the equivalent to the wealth tax, however the impact exists, we could
live with that but we are all expecting that the tax reform will be more neutral regarding businesses.
The wealth tax is being paid by charging it to profit and loss; we wanted to make a differed
accounting of the payment but the statutory auditor stated that it had to be made at once; so, since
February we will fully charge the wealth tax payment and we can’t differ it during the year for
accounting purposes, but we are paying it with charge to profit and loss.”
Again Mr. Álvaro Escobar intervenes in the following terms:
“My concern was, if I could say it, I heard in other Shareholders’ Meetings that the wealth tax
payment could be charged to the reserve account, and that reserve account would allow having a
higher balance available for dividend distribution”
The Financial Vice-President replies in the following terms:
“Two reasons: to further develop this discussion mentioned by Mr. Alarcon, if we charge it to the
income statement account, a portion of those charges are recognized as services provided and we
could recover this tax in the future instead of recording them in other item as proposed by you; the
other reason to take into account is that although included in profit and loss, the dividend policy
approved by you today is not actually affected; then we believe that the benefits of that inclusion are
greater than not leaving them.”
Mr. Luis Alfonso Villa Zapata intervenes in the following terms:
“I am sad to think that we, as Colombians, are selling industries to other foreign countries; here, we
are full of taxes, and other countries are provided with more space to have taxes more there than
here; if we are a developing country, we should have strong companies and supported by taxes that
are worth to have; how many companies have failed due to those taxes that only increase the
country’s debt and increase the benefit to foreigners, if we keep distributing money like that, then
Colombia what is going to do? A country where people can allegedly have business opportunities
but are prevented due to excessive taxes. Why do we have a Constitution that is handled by
foreign investment; I think that there should be strict standards for foreign investment and not for
Colombian investment. Someone that wants to create a company needs to lend money from
abroad and bring it as foreign investment; it is sad that Colombians have to do this to make
businesses here; many Colombian are capable of creating companies but we are selling our
country, so where are we going? Although we are called revolutionaries, I am one of them who
observes things; to have something productive, we have to sell our companies to someone else,
and we have to create taxes and taxes and those coming from other countries just pay taxes and
that’s all; and those companies that invest in the country, that provide them with profitability and
help improving society, are being sold, so it is really sad for me. We have such an ample
Constitution and we are not following it.”
Mr. Luis Fernando Alarcón replied:
“I want to leave a reflection on your comments that I think are really important Mr. Shareholder, as
they are actually not applied in the case of ISA; instead, let me remind you that we are large
investors abroad; 60%, more or less, of our revenues are generated abroad and we buy companies
in different countries and participate in very strategic sectors; what I don’t like about your proposal
is, what if a Brazilian, Peruvian or Chilean listens to you and follows your advice and then they
attack us with more taxes, that wouldn’t be fair; so one should always observe things from both
sides, both sides of the coin; in the case of ISA, just bear in mind that most of our activity is not in
Colombia but abroad, and a great portion of income we are distributing are originated in Colombia.”
The Chairman of the Meeting allowed shareholder Nubia to speak in the following terms:
“My question is related to the collection of dividends; when I collect them through the correspondent
office, the payment comes different, and they say that they have the order to pay like that and any
claim should be addressed to the Company; so, I don’t know why the amount is different to the
value set here in the Shareholders’ Meeting.”
The Chairman of the Meeting answers:
“Mrs. Nubia, I think that the best course of action is to be attended by ISA’s investor assistance
office, there are some people from that office here at this time; I propose that they can provide you
with assistance right now, you can seat with them and explain them your concerns so they can
make any clarifications.”
Mr. Juan Manuel Duque Nieto acting as shareholder speaks in the following terms:
“Just to propose whether the minority group could have the dividends more clustered, for example,
in Ecopetrol there was a proposal and the President accepted that minority group would have a
portion of the dividends clustered”
Mr. Luis Fernando Alarcón answered:
“As a explained in the proposal for dividend distribution, you are looking only to one side of the coin;
I understand that shareholders prefer to receive the payment in a single installment, but also please
bear in mind that it is more convenient for you to have a more liquid share; besides we cannot
discriminate one shareholders from others; besides, please remember that the shares sold are not
the Government’s shares; in the case of Ecopetrol, it allows the payment for the Government in
several installments and for the rest that are a few, only 10% of stock, it allows a payment in various
installments; if we did that, and only the Government received the payment in various installments,
then we would have the effect we are trying to avoid, that is, giving a signal to the market to have
more liquidity and that is the product of the change we did; last year and the year before that, if am
not wrong, payment was made in a single installment; we are doing it for that reason, it is not about
availability of funds because we could pay in a single installment, our concern is related to stock
performance, and that it is also for your convenience, believe me”.
Mr. Luis Fernando Lopera acting as shareholder speaks in the following terms: “Good afternoon, I
would like to ask what analysis the Board and the Presidency has on the forward stock
performance? Let’s say some years from now, so what is the outlook on the growth inside the
company? because that also affects the stock behavior.”
Mr. Alarcón replies:
“That’s a hard question, because I can’t be very specific on that matter, otherwise I could be
severely sanctioned by the regulators; but, you know? I could call the attention to a well-known
topic, widely disclosed: our strategic plan is addressed to precisely triple income in 2020; we have
stated that we are doing things at the company so that in 2020 income will be 3 times those earned
in 2012, that is the goal and that takes us to project income in 2020 as a goal; I can say that
because it is like multiplying 3 times the 2012 result which was like 270 billion Pesos; then we are
seeking to have by 2020 an income of nearly 800 billion Pesos, we’re working on that.
Now, the matter here are the risk assumed in this business, as those disclosed in my presentation;
some issues like Brazil, the regulatory review in Colombia, new things that might appear in this
permanent dealing with governments from other countries, other businesses that might affect the
environment; but our medium-term goal for 2020 is reaching that figure, so we’re working on that,
we are trying to find all efficiencies to make business well; I think that’s a relevant data for your
concern.”
Mr. Orlando Bedoya intervenes as shareholder:
“The dividend issue is quite sensitive, on occasion of the financial intervention and regarding the
question made by the shareholder on the payment of the wealth tax, I have a concern; does the
dividend distribution we approved included the calculation of the provision or tax reserve; did it take
into account the release of the previously retained items based on article 130 of the tax code?
Mr. Luis Fernando Alarcón answers:
“If I understood your question, let’s say that the dividend distribution of this year is made with
charge to this year’s income, net profit is much higher than the amount we are distributing; the issue
on the amount of dividends does not mean that income is insufficient or that there is a lack of
money, what we want to have is a history of dividends, an appropriate dividend growth, sustainable
in time; I believe that in the last two years, ISA’s shareholders have received a significant increase
of their dividends; this year it is increasing 25%, last year it also increased around 10% or 12%, well
above inflation, so I thought that shareholders would be very satisfied with the dividends because
growth was good and we want to ensure an increasing history of those dividends”
The Chairman of the Meeting thanked all shareholders for their participation in the shareholders
meeting, and informed that the agenda was exhausted, therefore the meeting was completed.
The Meeting ended with the Anthem of Antioquia.
Attachment:
1. 2014 Annual Report.
THE CHAIRMAN
TOMÁS GONZÁLEZ ESTRADA
THE COMMISSION
MARIA ALEJANDRA GIL DUQUE
FRANCISCO MANUEL LUCERO
THE SECRETARY
SONIA M. ABUCHAR ALEMÁN

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