ACTA XX

Transcription

ACTA XX

MINUTES 106
ORDINARY GENERAL ASSEMBLY OF SHAREHOLDERS OF INTERCONEXIÓN
ELÉCTRICA S.A. E.S.P.
In Medellín on the thirty-first (31) day of March 2016, at 09:00 am, in the Antioquia Hall of the Medellín
Intercontinental Hotel the Ordinary General Meeting of Shareholders of Interconexión Eléctrica S.A.
E.S.P. met, with the participation of the people who are listed below, according to the register of
shareholders made by FIDUCIARIA BANCOLOMBIA S.A. and placed on record by official letter
C303700260 - GTC0769, filed in ISA under number 201688002380 on April 5, 2016:
PROXY OR REPRESENTATIVE
SHAREHOLDER
LUCERO CAMPAÑA FRANCISCO
MANUEL
MINISTRY OF FINANCE AND PUBLIC CREDIT
GIL DUQUE MARIA ALEJANDRA
EMPRESAS PUBLICAS DE MEDELLIN E.S.P.
CORREDOR GOMEZ ALVARO ANDRES
FONDO DE PENSIONES OBLIGATORIAS PORVENIR
MODERADO
FONDO DE CESANTIAS PORVENIR
FONDO PENSIONES OBLIGATORIAS PORVENIR
CONSERVADOR
FONDO ESPECIAL PORVENIR DE RETIRO
PROGRAMADO
FPV ALTERNATIVA 100 ACCIONES ISA
FONDO PENSIONES OBLIGATOR. PORVENIR
MAYOR RIESGO
FPV ACCIONES COLOMBIA PESOS
FPV DIVERSIFICADO BASICO
ALTERNATIVA 60
ALTERNATIVA 68-EN SUS MANOS ESTUDIO 2022
F.P.V ALTERNATIVA 8 - DIVERSIFICADA EXTREMA
GOMEZ LONDOÑO ANDRES FELIPE
FDO DE PENSIONES OBLIGATORIAS PROTECCIÓN
MODERADO
No. OF
SHARES
569,472,561
112,605,547
1,360
73,412,222
1,804,685
756,626
641,636
272,082
207,017
47,361
7,521
4,900
3,701
3,225
57,243,512
Minute 106 - March 31, 2016
SHAREHOLDER
FONDO DE PENSIONES OBLIGATORIAS PROTECCIÓN
RETIRO
FONDO DE CESANTIAS PROTECCIÓN- LARGO PLAZO
MAYOR R
FDO DE PENSIONES PROTECCIÓN - BALANCEADO
MODERADO
FONDO DE PENSIONES PROTECCION
CONSERV
FDO DE PENSIONES PROTECCIÓN - ACCIONES ISA
FDO DE PENSIONES PROTECCIÓN - BALANCEADO
CONSERVAD
FDO DE PENSIONES PROTECCIÓN - BALANCEA
CRECIMIENTO
FONDO DE PENSIONES SMURFIT DE COLOMBIA
FONDO DE PENSIONES PROTECCIÓN P.I. ENKA
FONDO DE PENSIONES PROTECCIONMUTOCOLOMBIA
FONDO DE PENSIONES MINEROS ENERGETICO
FONDO DE PENSIONES PROTECCIÓN SUCROMILES
CORELLA VANESSA
FONDO BURSATIL ISHARES COLCAP
CORELLA VANESSA
NORGES BANK-CB NEW YORK
CORELLA VANESSA
VANGUARD TOTAL INTERNATIONAL STOCK INDEX
FUND
CORELLA VANESSA
BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
CORELLA VANESSA
ISHARES MSCI EMERGING MARKETS ETF
CORELLA VANESSA
UTILICO EMERGING MARKETS LIMITED
2
No. OF
SHARES
1,516,953
1,314,150
1,223,500
750,184
693,803
627,132
419,163
128,531
88,202
70,898
68,813
50,000
36,443
12,831
8,788,170
7,505,777
3,460,881
2,904,187
2,517,640
Minute 106 – March 31, 2016
SHAREHOLDER
No. OF
SHARES
2,053,002
CORELLA VANESSA
EMERGING MARKETS CORE EQUITY PORTFOLIO OF
DFA INVE
CORELLA VANESSA
PEOPLE S BANK OF CHINA
CORELLA VANESSA
STICHTING PGGM DEPOSITARY
CORELLA VANESSA
CITY OF NEW YORK GROUP TRUST
CORELLA VANESSA
GLOBAL X/INTERBOLSA FTSE COLOMBIA 20 ETF
CORELLA VANESSA
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC
CORELLA VANESSA
SSGA MSCI COLOMBIA INDEX NON LENDING QP
COMMON TRU
CORELLA VANESSA
ISHARES CORE MSCI EMERGING MARKETS ETF
CORELLA VANESSA
ST. JAMES' PLACE GLOBAL EQUITY UNIT TRUST
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT
SYSTEM CALP
PARAMETRIC TAX-MANAGED EMERGING MARKETS
FUND
THE MASTER TRUST BANK OF JAPAN, LTD. AS
TRUSTEE FO
PARAMETRIC EMERGING MARKETS FUND
SSGA DAILY MSCI EMERGING MARKETS INDEX
NONLENDING
STICHTING DEPOSITARY APG EMERGING MARKETS
EQUITY P
CORELLA VANESSA
EMERGING MARKETS INDEX FUND
CORELLA VANESSA
ISHARES PUBLIC LIMITED COMPANY
CORELLA VANESSA
VANGUARD INVESTMENT SERIES
CORELLA VANESSA
THE EMERGING MARKETS SERIES OF THE DFA
INVESTMENT
3
1,666,778
1,608,460
1,322,317
1,294,440
1,241,733
1,156,612
1,047,989
1,044,047
1,043,170
996,923
945,400
919,380
901,290
746,275
739,446
718,358
652,778
650,894
609,290
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
SHAREHOLDER
NTGI-QUANTITATIVE MANAGEMENT COLLECTIVE
FUNDS TRUS
EATON VANCE COLLECTIVE INVESTMENT TRUST
FOR EMPLOY
SCRI ROBECO INSTITUCIONEEL EMERGING
MARKEST QUANT
THE MASTER TRUST BANK OF JAPAN, LDT. AS
TRUSTEE FO
THE PRESIDENT AND FELLOWS OF HARDVAR
COLLAGE
CORELLA VANESSA
VANGUARD FTSE ALL-WORLD EX-US INDEX FUND
CORELLA VANESSA
EMERGING MARKETS EQUITY INDEX MASTER FUND
CORELLA VANESSA
ISHARES MSCI COLOMBIA CAPPED ETF
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
THE MASTER TRUST BANK OF JAPAN, LTD TRUSTEE
FOR
THE SEVENTH SWEDISH NATIONAL PENSION FUND
- AP7 EQ
TRUSTEE FO
CORELLA VANESSA
MERCER EMERGING MERKETS EQUITY FUND
CORELLA VANESSA
TEACHER RETIREMENT SYSTEM OF TEXAS
CORELLA VANESSA
MANAGED PENSION FUNDS LIMITED
CORELLA VANESSA
CORELLA VANESSA
TRUSTEE FO
THE BANK OF NEW YORK MELLON EMPLOYEE
BENEFIT COLLE
CORELLA VANESSA
COLLEGE RETIREMENT EQUITIES FUND
CORELLA VANESSA
NORTHERN TRUST INVESTMENT FUNDS PLC
CORELLA VANESSA
JOHN HANCOCK FUNDS II EMERGING MARKETS
FUND
4
No. OF
SHARES
567,503
544,469
472,464
451,998
449,624
443,796
440,384
375,165
359,492
352,906
349,055
334,895
324,099
318,731
313,901
304,199
297,712
289,429
288,564
SHAREHOLDER
CORELLA VANESSA
THE MASTER TRUST BANK OF JAPAN LTD TRUSTEE
FOR GOV
CORELLA VANESSA
EMERGING MARKESTS INDEX NONLENDABLE
CORELLA VANESSA
FSS EMERGING MARKET EQUITY TRUST
CORELLA VANESSA
BLACKROCK INDEX SELECTION FUND
CORELLA VANESSA
SEI INSTITUCIONAL INTERNATIONAL TRUST
EMERGING
CORELLA VANESSA
NFS LIMITED
CORELLA VANESSA
CORELLA VANESSA
SCRI ROBECO CUSTOMIZED QUANT EMERGING
MARKETS FOND
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM
CALSTR
CORELLA VANESSA
FUTURE FUND BOARD OF GUARDIANS
CORELLA VANESSA
GOVERNMENT OF THE PROVINCE OF ALBERTA
CORELLA VANESSA
NEW YORK STATE TEACHER RETIREMENT SYSTEM
CORELLA VANESSA
PANAGORA GROUP TRUST
CORELLA VANESSA
NORTHERN EMERGING MARKETS EQUTY FUND
CORELLA VANESSA
KLEINWORT BENSON INVESTORS INSTITUTIONAL
FUND PLC
CORELLA VANESSA
ISHARES II PUBLIC LIMITED COMPANY
CORELLA VANESSA
QANTAS SUPERANNUATION LIMITED AS TRUSTEE
FOR THE Q
CORELLA VANESSA
VANGUARD TOTAL WORLD STOCK INDEX FUND
CORELLA VANESSA
LACM EMII, LP
CORELLA VANESSA
CORELLA VANESSA
TIAA-CREF FUNDS-TIAA-CREF EMERGING MARKETS
EQUITY
SEI EMERGING MARKETS EQUITY FUND
5
No. OF
SHARES
287,765
283,219
234,130
209,989
204,992
197,539
197,527
187,552
180,667
171,800
171,608
167,831
167,500
164,175
163,795
158,070
153,425
151,756
151,305
SHAREHOLDER
No. OF
SHARES
144,611
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
EMERGING MARKETS EQUITY FUNDS SERIES OF
MOUNTAIN P
SEI INSTITUTIONAL INVESTMENTS TRUST EMERGING MAR
EMERGING MARKETS SOCIAL CORE EQUITY
PORTFOLIO OF F
PANAGORA DIVERSIFIED RISK MULTI-ASSET FUND
LTD
KLEINWORT BENSON INVESTORS INTERNATIONAL
LTD EMERG
CORELLA VANESSA
UPS GROUP TRUST
CORELLA VANESSA
ADVANCED SERIES TRUST AST PARAMETRIC
EMERGING
CORELLA VANESSA
COSMOPOLITAN INVESTMENT FUND
CORELLA VANESSA
TEXAS EDUCATION AGENCY
CORELLA VANESSA
ABU DHABI RETIREMENT PENSIONS AND BENEFITS
FUND
CORELLA VANESSA
PUBLIC SECTOR PENSION INVESTMENT BOARD
CORELLA VANESSA
ALASKA PERMANENT FUND
CORELLA VANESSA
CORELLA VANESSA
PUBLIC EMPLOYES RETIREMENT ASSOCIATION OF
NEW
VANGUARD INVESTMENTS AUSTRALIA LTD ATF
VANGUARD
CORELLA VANESSA
THE PENSION RESERVE INVESTMENT TRUST FUND
CORELLA VANESSA
BNY MELLON TRUST AND DEPOSITARY (UK)
LIMITED AS TR
CORELLA VANESSA
THE BANK OF KOREA-BANK OF NEW YORK
CORELLA VANESSA
CORELLA VANESSA
VERDIPAPIRFONDET KLP AKSJE FREMVOKSENDE
MKR IDKS I
NATIONAL COUNCIL FOR SOCIAL SECURITY FUND
6
140,800
134,623
130,809
121,821
118,354
117,997
116,700
115,043
113,368
111,551
109,257
108,294
104,914
103,479
102,988
102,158
102,064
98,901
SHAREHOLDER
No. OF
SHARES
94,547
CORELLA VANESSA
CORELLA VANESSA
JNL / MELLON CAPITAL EMERGING MARKETS INDEX
FUND
TRUSTEE FO
CORELLA VANESSA
NEW ZEALAND SUPERANNUATION FUND
CORELLA VANESSA
KAPITALFORENINGEN LAERERNES PENSION INVEST
CORELLA VANESSA
STATE STREET EMERGING MARKETS INDEX PLUS
NON-LENDI
CORELLA VANESSA
IRISH LIFE ASSURANCE PLC
CORELLA VANESSA
AQUILA EMERGING MARKETS FUND
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
EVTC CIT FOR EBP-EVTC PARAMETRIC SEM CORE
EQUITY F
FIDELITY SALEM STREET TRUST:FID SERIES GLOBA
EX US
FLOURISH INVESTMENT CORPORATION
STATE STREET GLOBAL ADVISORS LUXEMBOURG
SICAV - SS
THE GOVERNMENT OF HIS MAJESTY THE SULTAN
AND YANG
VOYA EMERGING MARKETS INDEX PORTFOLIO
LOCKHEED MARTIN CORPORATION DEFINED
CONTRIBUTION
TRUST AND CUSTODY SERVICES BANK, LTD. RE:
EMERGING
COLONIAL FIRST STATE INVESTMENTS LIMITED AS
RESPON
CORELLA VANESSA
STICHTING SHELL PENSIOENFONDS
CORELLA VANESSA
ISHARES MSCI ACWI LOW CARBON TARGET ETF
7
92,232
91,211
90,669
89,000
82,013
79,794
78,828
77,390
74,921
72,079
71,418
71,270
71,030
70,749
70,701
68,631
68,128
64,224
SHAREHOLDER
CORELLA VANESSA
JOHN HANCOCK FUNDS II STRATEGIC EQUITY
ALLOCATION
CORELLA VANESSA
CITY OF LOS ANGELES FIRE AND POLICE PENSION
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK
ETF
PEAR TREE PANAGORA RISK PARITY EMERGING
MARKETS FU
KAPITALFORENINGEN LAEGERNES
PENSIONSINVESTERING, L
FIDELITY SALEM STREET TRUST: SPARTAN
EMERGING MARK
SHELL PENSIONS TRUST LIMITED AS TRUSTEE OF
SHELL C
BLACKROCK INDEXED EMERGING MARKETS IMI
EQUITY FUND
CORELLA VANESSA
VANGUARD FUNDS PUBLIC LIMITED COMPANY
CORELLA VANESSA
PUBLIC EMPLOYEE RETIREMENT SYSTEM OF IDAHO
CORELLA VANESSA
STICHTING PENSIOENFONDS VOOR HUISARTSEN
CORELLA VANESSA
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
UBS LUX INSTITUCIONAL SICAV EMERGING
MARKETS EQUIT
T.A WORLD EX U.S. CORE EQUITY PORTFOLIO OF
DFA INV
EMERGING
TRUSTEE FO
NTGI-QM COMMON DAILY EMERGING MKTS
EQUITY INDEX F
CORELLA VANESSA
MERCER QIF FUND PUBLIC LIMITED COMPANYS
CORELLA VANESSA
LOCKED MARTIN CORPORATION MASTER
RETIREMENT TRUST
8
No. OF
SHARES
63,586
62,531
61,199
60,127
60,084
57,747
57,245
53,684
53,495
53,140
52,858
52,426
50,202
49,754
49,217
48,814
47,153
46,998
45,960
SHAREHOLDER
CORELLA VANESSA
UTAH STATE RETIREMENT SYSTEMS
CORELLA VANESSA
VIRGINIA RETIREMENT SYSTEM OMNIBUS
CORELLA VANESSA
NAV CANADA PENSION PLAN
CORELLA VANESSA
STICHTING PENSIOENFONDS VAN DEMETALEKTRO
CORELLA VANESSA
SBC MASTER PENSION TRUST
CORELLA VANESSA
ONEPATH GLOBAL EMERGING MARKETS SHARES
(UNHEDGED)
CORELLA VANESSA
SSGA SPDR ETFS EUROPE I PLC
CORELLA VANESSA
UBS ETF- MSCI EMERGING MARKETS UCITS ETF
CORELLA VANESSA
CORELLA VANESSA
MONETARY AUTHORITY OF SINGAPORE STATE
STREET
WORLD EX US CORE EQUITY PORTAFOLIO OF DFA
INVESTME
CORELLA VANESSA
KBC INVESTMENT TRUST
CORELLA VANESSA
STICHTING PHILIPS PENSIOENFONDS
CORELLA VANESSA
ISHARES III PUBLIC LIMITED COMPANY
CORELLA VANESSA
QSMA1 LLC
CORELLA VANESSA
VIRTUS EMERGING MARKETS EQUITY INCOME
FUND
CORELLA VANESSA
DIVERSIFIED MARKETS (2010) POOLED FUND TRUST
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
FLEXSHHARES MORNINGSTAR EMERGING
MARKETS FACTOR TI
FIDELITY SALEM STREET TRUST: FIDELITY SAI
EMERGING
FIDELITY SALEM STREET TRUST:SPARTAN GLOB EX
US IND
9
No. OF
SHARES
45,854
44,233
43,480
41,756
41,597
41,562
41,069
40,101
39,554
37,025
35,960
33,950
32,392
29,684
29,502
29,437
29,282
29,092
28,898
SHAREHOLDER
CORELLA VANESSA
WELLS FARGO BANK DECLARATION OF TRUST
ESTABLISHING
CORELLA VANESSA
SHELL TRUST (BERMUDA) LIMITED
CORELLA VANESSA
EMERGING MARKETS EQUITY FUND
CORELLA VANESSA
AVIVA I LIFE AND PENSIONS UK LIMITED
CORELLA VANESSA
WYOMING RETIREMENT SYSTEM
CORELLA VANESSA
AVIVA INVESTORS
CORELLA VANESSA
BLACKROCK INSTIT TRUST CO. N.A. INVEST FUNDS
FOR E
CORELLA VANESSA
PYRAMIS GLOBAL EX U.S. INDEX FUND LP
CORELLA VANESSA
EMERGING MARKETS EQUITY INDEX PLUS FUND
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
STATE STREET EMERGING MARKETS EQUITY INDEX
FUND
STATE OF WYOMING, WYOMING STATE
TREASURER
LVIP BLACKROCK EMERGING MARKETS INDEX RPM
FUND
RETIREMENT INCOME PLAN OF SAUDI ARABIAN OIL
COMPAN
BLACKROCK CDN MSCI EMERGING MARKETS INDEX
FUND
STATE OF MINNESOTA
EATON VANCE TRUST COMPANY COMMON TRUST
FUND-PARAME
CITY OF PHILADELPHIA PUBLIC EMPLOYEES
RETIREMENT S
PACIFIC SELECT FUND - PD EMERGING MARKETS
PORTFOLI
NATIONAL TREASURY MANAGEMENT AGENCY (AS
CONTROLLER
10
No. OF
SHARES
28,705
28,413
28,361
27,446
27,087
26,651
26,132
25,397
25,336
23,907
23,748
23,598
23,391
23,354
23,289
23,200
22,923
22,633
22,059
SHAREHOLDER
CORELLA VANESSA
EMERGING MARKETS EX-CONTROVERSIAL
WEAPONS EQUITY I
CORELLA VANESSA
AQR FRONTIER EQUITIES FUND L.P.
CORELLA VANESSA
STICHTING BLUE SKY ACTIVE EQUITY EMERGING
MARKETS
CORELLA VANESSA
ARIZONA PSPRS TRUST
CORELLA VANESSA
SPDR MSCI ACWI LOW CARBON TARGET ETF
CORELLA VANESSA
EXELON CORPORATION NUCLEAR DECOMMISSION
TRUST TAX
CORELLA VANESSA
WASHINGTON STATE INVESTMENT BOARD
CORELLA VANESSA
BLACK ROCK MULTI-ASSET INCOME PORTFOLIO OF
BLACKRO
CORELLA VANESSA
DIMENSIONAL FUNDS PLC
CORELLA VANESSA
UBS (US) GROUP TRUST
CORELLA VANESSA
COMMONWEALTH SUPERANNUATION
CORPORATION
CORELLA VANESSA
AMP EMERGING MARKETS INDEX FUND
CORELLA VANESSA
NTGI-QM COMMON DAILY ALL COUNTRY WORLD
EX-US EQUIT
CORELLA VANESSA
SPDR SP EMERGING LATIN AMERICA ETF
CORELLA VANESSA
CONSTRUTION AND BUILDING UNIONS
SUPERANNUATION FUN
CORELLA VANESSA
STATE STREET IRELAND UNIT TRUST
CORELLA VANESSA
CF DV EMERGING MARKETS STOCK INDEX FUND
CORELLA VANESSA
SPDR SP EMERGING MARKETS TEF
CORELLA VANESSA
SYNERGIE ACTIONS MARCHES EMERGENTS PASSIF
11
No. OF
SHARES
21,306
20,862
20,654
20,345
20,061
18,606
18,255
17,751
17,572
17,195
17,013
15,927
15,700
15,509
15,403
15,245
14,876
14,374
14,088
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
SHAREHOLDER
SSGA MSCI ACWI EX USA INDEX NON LENDING
DAILY TRUS
WHOLESALE UNIT TRUST EMERGING MERKETS
SHARES FUND
MAINSTAY VP EMERGING MARKETS EQUITY
PORTFOLIO
THE NOMURA TRUST AND BANKING
CO,LTD.RE:INTER.EMERG
GE INVESTMENTS FUNDS, INC - TOTAL RETURN
FUND
CORELLA VANESSA
UBS GLOBAL ASSET MANAGEMENT LIFE LTD
CORELLA VANESSA
AT T UNION WELFARE BENEFIT TRUST
CORELLA VANESSA
CORELLA VANESSA
GOLDMAN SACHS TRUST II- GOLDMAN SACHS
MULTI-MANAGE
HC CAPITAL TRUST - THE INSTITUTIONAL
INTERNATONAL
CORELLA VANESSA
INTERNATIONAL MONETARY FUND
CORELLA VANESSA
GUGGENHEIM MSCI EMERGING MARKETS EQUAL
COUNTRY WEI
CORELLA VANESSA
NTGI QM COMMON DAILY ALL COUNTRY WORDL
CORELLA VANESSA
THE MASTER TRUST BANK OF JAPAN LTD RE: NIKKO
EMERG
CORELLA VANESSA
CGI CONN GEN LIFE OMNIBUS
CORELLA VANESSA
INVESTIN PRO F.M.B.A., GLOBAL EQUITIES I.
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
THE BUNTING FAMILY EMERGING EQUITY LIMITED
LIABILI
EMERGING
TEXAS SCOTTISH RITE HOSPITAL FOR CRIPPLED
CHILDREN
BELLSOUTH CORPORATION RFA VEBA TRUST
12
No. OF
SHARES
13,247
13,215
13,181
13,000
12,838
12,408
12,146
11,857
11,804
11,456
11,415
11,345
11,000
10,206
9,794
9,094
9,046
8,682
8,496
SHAREHOLDER
CORELLA VANESSA
WILMINGTON MULTI MANAGER INTERNATIONAL
CORELLA VANESSA
PARAMETRIC EMERGING MARKETS CORE FUND
CORELLA VANESSA
AZL DFA EMERGING MARKETS CORE EQUITY FUND
CORELLA VANESSA
GLOBAL EX-US ALPHA TILTS FUND B
CORELLA VANESSA
EMERGING EQUITY MOTHER FUND
CORELLA VANESSA
EATON VANCE MANAGEMENT
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
ACWI EX-US INDEX MASTER PORTFOLIO OF
MASTER INVEST
STATE STREET GLOBAL ADVISORS LUXEMBOURG STATE ST
ISHARES MSCI EMERGING MARKETS LATIN
AMERICA ETF
BNP PARIBAS TRUST SERVICES SINGAPORE LIMITED
AS TR
BOARD OF PENSIONS OF THE EVANGELICAL
LUTHERAN CHUR
CORELLA VANESSA
NORTHERN TRUST UCITS FGR FUND
CORELLA VANESSA
VANGUARD FTSE ALL-WORLD HIGH DIVIDEND
YIELD UCITS
CORELLA VANESSA
GLOBAL EX-US ALPHA TILTS FUND
CORELLA VANESSA
LEGAL & GENERAL COLLECTIVE INVESTMENT TRUST
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
FORD MOTOR COMPANY DEFINED BENEFIT
MASTER T
FIDELITY INVESTMENT FUNDS- FIDELITY INDEX
EMERGING
SSGA SPDR ETFS EUROPE II PUBLIC LIMITED
COMPANY
THE MASTER TRUST BANK OF JAPAN LTD AS
TRUSTEE FOR
FUNDACAO CALOUSTE GULBENKIAN
13
No. OF
SHARES
8,448
8,220
8,067
7,793
7,401
7,140
6,953
6,836
6,831
6,754
6,679
6,561
6,340
6,230
6,048
5,904
5,722
5,679
5,504
SHAREHOLDER
No. OF
SHARES
5,260
CORELLA VANESSA
TEACHERS RETIREMENT SYSTEM OF THE STATE OF
ILLINOI
CORELLA VANESSA
BLACKROCK CDN ACWI ALPHA TILTS FUND
CORELLA VANESSA
NUVEST REAL RETURN MASTER FUND
CORELLA VANESSA
CORELLA VANESSA
MUNICIPAL EMPLOYESS ANN AND BEN FND OF
CHICAGO
OYSTER CREEK NUCLEAR GENERATING STATION
QUALIFIED
CORELLA VANESSA
MORGAN STANLEY INVESTMENT FUNDS
CORELLA VANESSA
WHEELS COMMON INVESTMENT FUND
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
CORELLA VANESSA
NTGI-QM COMMON DAILY EMERGING MARKETS
EQUITY INDEX
OBLATE ENTERNATIONAL PASTORAL ENVESTMENT
TRUST
THREE MILE ISLAND UNIT ONE QUALIFIED FUND
DREYFUS OPPORTUNITY FUNDS-DREYFUS
STRATEGIC BETA
AMERGEN CLINTON NUCLEAR POWER PLANT
NONQUALIFIED F
STATE STREET GLOBAL EQUITY EX-US INDEX
PORTFOLIO
BLACKROCK ASSET MANAGEMENT SCHWEIZ AG ON
BEHALF OF
CORELLA VANESSA
SPDR MSCI BEYOND BRIC ETF
CORELLA VANESSA
BUREAU OF LABOR FUNDS - LABOR PENSION FUND
CORELLA VANESSA
ISHARES MSCI EMERGING MARKETS HORIZON ETF
GARCIA MOLANO ADRIANA GISELA
EMPRESA COLOMBIANA DE PETROLEOS
ECOPETROL
MORA SUAREZ ANGELICA CRISTINA
EMPRESA DE ENERGIA DE BOGOTA S.A. E.S.P.
14
5,081
4,648
4,127
3,893
3,746
3,707
3,632
2,792
2,586
2,505
2,202
2,057
1,874
1,859
1,477
1,434
897
58,925,480
18,448,050
SHAREHOLDER
SUAREZ CASTAÑEDA STEFANY DINAH
OLD MUTUAL FONDO DE PENS. OBLIGATORIAS MODERADO
OLD MUTUAL FONDO DE PENSIONES VOLUNTARIAS
OLD MUTUAL FDO DE PEN OBLIGATORIAS-MAYOR
RIESGO
OLD MUTUAL FDO DE PENS OBLIGATOR-RETIRO
PROGRAMADO
OLD MUTUAL FONDO ALTERNATIVO DE PENSIONES
OLD MUTUTAL FONDO DE PENS.OBLIGATORIASCONSERVADOR
OLD MUTUAL FONDO DE CESANTIAS - LARGO
PLAZO
OLD MUTUAL SEGURO DE VIDA CON AHORRO
OLD MUTUAL HOLDING DE COLOMBIA S.A.
OLD MUTUAL ENCARGO FIDUCIARIO FIMBRA
OLD MUTUAL FIC ACCIONES PESOS
IVAN JUKOPILA GONZALEZ
CAXDAC - VEJEZ
CAXDAC - SOBREVIVIENTES
CAXDAC - INVALIDEZ
MARULANDA RESTREPO MANUELA
FONDO ABIERTO POR COMPARTIMIENTOS
VALORES BANCOLOM
RENTA ACC. VALORES BANCOLOMBIA CCA
CARTERA COLECTIVA ABIERTA INDEACCION
FONDO INV.CAP.EXT.SUVALOR RENTA VAR COL.SA
OMNIBUS
E.F.COMPAÑIA DE JESUS
P.A. PREDIO LA AMERICA
15
No. OF
SHARES
7,911,620
514,617
298,379
261,784
255,649
209,547
89,333
28,000
15,000
2,237
1,180
2,919,776
45,424
41,147
1,268,786
547,866
175,000
41,408
9,240
SHAREHOLDER
No. OF
SHARES
7,578
PATRIMONIO AUTONOMO NAILAH
P.A FAMILIA RB
P.A AXIS
VERONICA VALLEJO PIZANO
SEGUROS DE VIDA SURAMERICANA S.A.
SEGUROS GENERALES SURAMERICANA S.A.
SEGUROS DE RIESGOS LABORALES SURAMERICANA
S.A.
URREA DE SIEGRIST AMALIA EUGENIA
URREA DE SIEGRIST AMALIA EUGENIA
ESTRADA VELASQUEZ LUZ HELENA
POSADA ESTRADA ESTEBAN
AMAYA RABA JUAN CAMILO
FIC ABIERTO BTG PACTUAL ACCIONES COLOMBIA
BEDOYA SALAZAR NORA MARYORY
FONDO MUTUO DE INVERSION FUTURO
MUÑOZ GOMEZ MARIO
MUÑOZ GOMEZ MARIO
MUÑOZ GOMEZ MARIO
RODAS GOMEZ BEATRIZ CECILIA
POSADA GARCES GUSTAVO JAIRO
POSADA GARCES GUSTAVO JAIRO
COSSIO SANCHEZ JUAN DIEGO
COSSIO SANCHEZ JUAN DIEGO
MALDONADO ARANGO FELIPE
HSBC ETFS PUBLIC LIMITED COMPANY
AGUDELO GALEANO JOSE BENJAMIN
VELEZ RESTREPO BEATRIZ HELENA
RESTREPO DE MARTINEZ ENORIS DE
JESUS
RESTREPO DE MARTINEZ ENORIS DE JESUS
SALDARRIAGA POSADA MARTHA INES
SALDARRIAGA POSADA MARTHA INES
5,690
4,240
2,620
16
556,888
249,500
200,000
617,612
145,166
97,918
136,422
85,000
50,834
20,000
52,980
41,422
41,349
35,000
30,357
29,254
SHAREHOLDER
RENDON VARGAS DOLLY ROCIO
MESA RIOS GUILLERMO LEON
LOPEZ ATUESTA SANTIAGO
ATUESTA BARRIGA ENRIQUE
SALAZAR DE LONDOÑO MARIA TERESA
SALAZAR DE LONDOÑO MARIA TERESA
SALDARRIAGA POSADA MARIA ISABEL
SALDARRIAGA POSADA MARIA ISABEL
LOPEZ CALLE LUZ YOLANDA
BETANCOURT GUERRERO FLAVIO
ORTIZ PLATA GERMAN
ORTIZ PLATA GERMAN
BARRAGAN ISAZA KATHERINE
BARRAGAN ARGUMERO JOSE MANUEL
GARCIA DOMINGUEZ GENARO
GARCIA DOMINGUEZ GENARO
LADRON DE GUEVARA MIRANDA
JOAQUIN SEGUNDO
LADRON DE GUEVARA MIRANDA JOAQUIN
SEGUNDO
LIGIA MARIA PALACIO POSADA
FONCOLTABACO
VELEZ ESCOBAR MARIA CATALINA
VELEZ ESCOBAR MARIA CATALINA
LANDAZABAL VELEZ MARTA MONICA
DE FATIMA
LANDAZABAL VELEZ MARTA MONICA DE FATIMA
ISAZA DE PELAEZ AMPARO
VASQUEZ MERCHAN DANIEL AUGUSTO
PELAEZ GAVIRIA JAIRO ALBERTO
PELAEZ VELEZ JUAN CAMILO
RESTREPO POSADA SERGIO ALONSO
RESTREPO POSADA SERGIO ALONSO
MARTINEZ VELASQUEZ LIBARDO
MARTINEZ VELASQUEZ LIBARDO
SALAZAR MARTINEZ JOSE HERNAN
SALAZAR MARTINEZ JOSE HERNAN
LAVERDE DE PINZON CARMENZA
LAVERDE DE PINZON CARMENZA
SIEGRIST HANS RUDOLF
SIEGRIST HANS RUDOLF
17
No. OF
SHARES
27,567
20,000
19,685
19,253
10,490
7,927
17,760
17,752
17,425
17,212
16,611
16,289
15,808
15,000
15,000
15,000
13,000
12,753
12,682
SHAREHOLDER
No. OF
SHARES
12,650
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
ARBOLEDA TORO EDGAR DE JESUS
ARBOLEDA TORO EDGAR DE JESUS
VELEZ ESCOBAR LUCRECIO FERNAND
VELEZ ESCOBAR LUCRECIO FERNAND
ARISTIZABAL ZULUAGA GLORIA DEL
SOCORRO
ARISTIZABAL ZULUAGA GLORIA DEL
SOCORRO
SALDARRIAGA ESPINOSA ROSMIRA DEL
ROSARIO
ARISTIZABAL ZULUAGA GLORIA DEL SOCORRO
ARISTIZABAL ZULUAGA BLANCA MARINA
SALDARRIAGA ESPINOSA ROSMIRA DEL ROSARIO
SANIN SALDARRIAGA SOCORRO MARIA
SANIN SALDARRIAGA LUCIA MARGARITA
RESTREPO CEBALLOS ALVARO EVELIO
RESTREPO CEBALLOS ALVARO EVELIO
MONTOYA ARANGO DAVID ALEJANDRO
ARANGO VIDAL MATILDE
MONTOYA ARANGO DAVID ALEJANDRO
ARANGO VIDAL MARTHA LUCIA
GRACIANO DAVID LUZ ELENA
LOPEZ RAMIREZ MARIA NOHEMY
RESTREPO FERNANDO
RESCIA S.A
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
ECHEVERRIA RESTREPO JORGE ALBERTO
ECHEVERRIA RESTREPO JORGE ALBERTO
18
11,634
11,230
11,209
11,209
10,534
8,911
1,553
10,000
10,000
10,000
8,192
1,557
9,747
9,604
9,507
9,500
9,433
9,426
9,416
MARULANDA OTALVARO NORA
BEATRIZ
BEATRIZ
BEATRIZ
BEATRIZ
SHAREHOLDER
MARULANDA OTALVARO NORA BEATRIZ
MARULANDA OTALVARO LUZ FABIOLA
OTALVARO DE MARULANDA BERTA LIGIA
MONTOYA RUIZ MIRIAM DEL SOCORRO
JARAMILLO VELEZ JUAN GONZALO
JARAMILLO VELEZ JUAN GONZALO
MEJIA ESCOBAR FRANCISCO RODRIGO
MEJIA ESCOBAR FRANCISCO RODRIGO
ARBELAEZ RESTREPO IGNACIO JOSE
ARBELAEZ RESTREPO IGNACIO JOSE
CORREDOR AVELLA PABLO HERNAN
CORREDOR AVELLA PABLO HERNAN
CATAÑO ALVAREZ NELSON DE JESUS
MUÑOZ RODAS MONICA ALEJANDRA
VALENCIA CASTAÑO HERNANDO
VALENCIA CASTAÑO HERNANDO
DUSSAN LUBERTH PEDRO PABLO
DUSSAN LUBERTH PEDRO PABLO
OSORIO ARBELAEZ MARGARITA
OSORIO ARBELAEZ MARGARITA
MEDINA LEMA CARLOS FERNANDO
MEDINA LEMA CARLOS FERNANDO
GARCIA RAMIREZ FABIOLA
GARCIA RAMIREZ FABIOLA
SANTAMARIA ARANGO JUAN GONZALO
SANTAMARIA ARANGO JUAN GONZALO
MEJIA ALVAREZ MARIA ISABEL
MEJIA ALVAREZ MARIA ISABEL
ARIAS SERNA MARIA NIDIA
ARIAS SERNA MARIA NIDIA
LUISA ECHEVERRI URIBE
ECHEVERRI URIBE TULIO GERMAN
LONDOÑO DE ARCILA FANNY
LONDOÑO DE ARCILA FANNY
GARCIA OSORIO SILVIA HELENA
SANCHEZ AGUILAR LARISA
19
No. OF
SHARES
5,756
2,043
739
739
9,032
8,710
8,230
8,120
8,000
8,000
7,857
7,736
7,640
7,055
7,036
7,035
6,624
6,316
6,203
2,170
SHAREHOLDER
MAZO DE CADAVID ANGELA
ESPINOSA HINCAPIE MARIA VICTORIA
OCHOA FLOREZ JHON WILSON
RESTREPO DE LONDOÑO MARIA DEL
SOCORRO
RESTREPO DE LONDOÑO MARIA DEL SOCORRO
VILLA CARMONA LUIS CARLOS
VILLA CARMONA LUIS CARLOS
GRACIANO DAVID GLORIA AMPARO
LOPEZ RAMIREZ FABIOLA
MESA LONDOÑO MARTA LUCIA
MESA LONDOÑO CARLOS AUGUSTO
SANIN SALDARRIAGA GABRIEL MARIO
SANIN SALDARRIAGA GABRIEL MARIO
SALAZAR VELASQUEZ AMALIA
CALDERON SALAZAR RICARDO
SALAZAR VELASQUEZ AMALIA
SALAZAR CORREA JUAN ESTEBAN
BALLESTEROS BEDOYA ALBA LUCIA
BALLESTEROS BEDOYA ALBA LUCIA
ROJAS JARAMILLO MARGARITA LIGIA
ROJAS JARAMILLO MARGARITA LIGIA
PEREZ MORALES CARLOS ARTURO
PEREZ MORALES CARLOS ARTURO
CARDONA PATIÑO MARIA DE LAS
MERCEDES
CARDONA PATIÑO MARIA DE LAS MERCEDES
VELEZ GARCIA LIBARDO ANTONIO
VELEZ GARCIA LIBARDO ANTONIO
MEJIA ALZATE ALVARO
MEJIA ALZATE ALVARO
BAENA LONDOÑO MARIA TERESA
BAENA LONDOÑO MARIA TERESA
MARTINEZ PELAEZ GLORIA LUZ
MARTINEZ PELAEZ GLORIA LUZ
20
No. OF
SHARES
1,393
969
886
784
6,158
6,151
6,096
4,627
1,401
6,000
4,289
1,536
5,758
5,757
5,756
5,756
5,580
5,215
5,201
SHAREHOLDER
No. OF
SHARES
5,108
MESA LONDOÑO SILVIA MARIA
MESA LONDOÑO GLORIA INES
JUAN FRANCISCO JARAMILLO PELAEZ
POLAR S.A.
MESA LONDOÑO ANA CECILIA
MESA LONDOÑO ANA CECILIA
NAVARRO CARREÑO ABELARDO
NAVARRO CARREÑO ABELARDO
TAMAYO JUAN DAVID
TAMAYO TAMAYO JUAN DAVID
SALAZAR CORREA SANDRA VICTORIA
CORREA CANO MARTA LUCIA DE JESUS
CALDERON SALAZAR PABLO
GONZALEZ VELEZ INES DE JESUS
GONZALEZ VELEZ INES DE JESUS
LUCILA DE LA TRINIDAD BUITRAGO
MONTOYA
VALENCIA LOTERO GUILLERMO LEON
MAHECHA PEREZ MARIA NOELBA
MAHECHA PEREZ MARIA NOELBA
GONZALEZ LONDONO JORGE
HUMBERTO
GONZALEZ LONDONO JORGE HUMBERTO
ORTIZ SÁNCHEZ CAMPO ELIAS
ORTIZ SÁNCHEZ CAMPO ELIAS
HERNANDEZ ZAPATA ELVIRA
HERNANDEZ ZAPATA MARIA DEL PILAR
GARCES HERNANDEZ CATALINA
SANCHEZ MUSELLA ANA MARIA
MUSELLA DE SANCHEZ LUZ AMALIA
21
3,631
1,393
5,000
4,782
4,759
4,665
2,809
984
848
4,638
4,547
4,471
4,471
4,332
3,107
589
589
2,495
1,756
SHAREHOLDER
GARCIA JAIRO LEON
GARCIA JAIRO LEON
ZAPATA CRUZ HELENA
ZAPATA CRUZ HELENA
COSSIO COSSIO ISRAEL DE JESUS
COSSIO COSSIO ISRAEL DE JESUS
MEJIA ALVAREZ ANA MARGARITA
MEJIA ALVAREZ ANA MARGARITA
BETANCOURT MUÑOZ SANDRA INES
BETANCOURT MUÑOZ SANDRA INES
CANO BUILES LUIS EDMUNDO
CANO BUILES LUIS EDMUNDO
VELEZ ANGEL ANA CLARA
SOTO VELEZ MARIA CLARA
VELEZ LONDOÑO OSCAR DE JESUS
VELEZ LONDOÑO OSCAR DE JESUS
VALLEJO DE ESTRADA MARTHA LUCIA
APT
BETANCUR BETANCURADRIANA MARIA
DE LA CRUZ
BETANCUR BETANCURADRIANA MARIA
DE LA CRUZ
VALLEJO DE ESTRADA MARTHA LUCIA APT
BETANCURT VELEZ ROSALBA
INVERSIONES CINCO B S.A.S.
ESCOBAR DIEZ ALVARO JULIAN
ESCOBAR DIEZ ALVARO JULIAN
ARROYAVE GAVIRIA JOSE BERNARDO
ARROYAVE GAVIRIA JORGE LUIS
GIRALDO MONTOYA LUZ ROSARIO
GIRALDO MONTOYA LUZ ROSARIO
HERNANDEZ ESCOBAR CLARA TERESA
HERNANDEZ ESCOBAR CLARA TERESA
AWAD ZAINETE RAFAEL JOSE
AWAD ZAINETE RAFAEL JOSE
VESGA GOMEZ MARIA ELIZABETH
VESGA GOMEZ MARIA ELIZABETH
ALVAREZ HERNANDEZ BERNARDO
ALVAREZ HERNANDEZ BERNARDO
SERNA MADRID NICANOR DARIO
SERNA MADRID NICANOR DARIO
MAYA GUTIERREZ FERNANDO ROQUE
MAYA GUTIERREZ FERNANDO ROQUE
22
No. OF
SHARES
4,215
4,024
4,000
3,977
3,963
3,958
3,923
3,900
3,888
1,939
1,893
3,825
3,775
3,775
3,750
3,745
3,713
3,705
3,631
SHAREHOLDER
No. OF
SHARES
3,631
OSORIO SANCHEZ DIEGO DE JESUS
OSORIO SANCHEZ DIEGO DE JESUS
GOMEZ JARAMILLO NELSON ESTEBAN
GOMEZ JARAMILLO NELSON ESTEBAN
AGUDELO ORTIZ FABIOLA DE LA CRUZ
GUTIERREZ RODRIGUEZ FLORALBA
ARCILA RESTREPO LINA MARIA
ARCILA RESTREPO LINA MARIA
MARIN GIL GERMAN ANTONIO
MARIN GIL GERMAN ANTONIO
BLANCO DE JIMENEZ GLORIA DEL
CARMEN
BLANCO DE JIMENEZ GLORIA DEL CARMEN
ARDILA LUENGAS CARLOS EUSEBIO
ARDILA LUENGAS CARLOS EUSEBIO
VALENCIA JAIME
VALENCIA JAIME
GALEANO MANUEL JOSE
GALEANO MANUEL JOSE
GALEANO MANUEL JOSE
GALEANO CANO LILIANA MARIA
MOSQUERA MOSQUERA CLEOFAS
MOSQUERA MOSQUERA CLEOFAS
NARANJO YEPES GLORIA MARIA
NARANJO YEPES GLORIA MARIA
ZAPATA HINCAPIE JORGE ARQUIDIO
ZAPATA HINCAPIE JORGE ARQUIDIO
OSORIO RAMIREZ BLANCA CELINA
OSORIO RAMIREZ BLANCA CELINA
PEREZ DE ALZATE ELVIA
PEREZ DE ALZATE ELVIA
JARAMILLO POSADA LUZ AMPARO
JARAMILLO POSADA LUZ AMPARO
MONTOYA GIRALDO MARIA TUTILA
MONTOYA GIRALDO MARIA TUTILA
CASTAÑO ANGEL TULIA MERY
PELAEZ ISAZA MARIA CATALINA
23
3,497
3,460
2,000
1,343
3,298
3,205
3,189
3,187
3,156
1,931
1,177
3,107
3,100
3,082
3,080
3,029
3,029
3,029
3,000
SHAREHOLDER
VELASQUEZ DE VASQUEZ ZORAIDA
NELLY
VELASQUEZ DE VASQUEZ ZORAIDA NELLY
RESTREPO POSADA CLARA INES
RESTREPO POSADA CLARA INES
GARCIA FRANCO LUZ YAMILE
GARCIA FRANCO LUZ YAMILE
BERNAL ROMERO RAMON HORACIO
BERNAL ROMERO SAMUEL
MAYA AGUDELO GONZALO LEON
MAYA AGUDELO GONZALO LEON
BERMUDEZ QUIROGA HUGO LEON
BERMUDEZ QUIROGA HUGO LEON
POSADA HENAO MONICA PATRICIA
POSADA HENAO MONICA PATRICIA
ARIAS MEJIA SALVADOR ALONSO
ARIAS CARDONA MIGUEL ANGEL
CARDONA MUÑOZ LUCELLY
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
AGUDELO RESTREPO DIANA PAULINA
PATIÑO PEREZ CARLOS IVAN
AGUDELO RESTREPO DIANA PAULINA
CALDERON GIL CESAR OCTAVIO
OSORIO ARBELAEZ HORACIO DE JESUS
OSORIO ARBELAEZ HORACIO DE JESUS
MARTINEZ JIMENEZ DISNARDA
MARTINEZ JIMENEZ DISNARDA
RAMIREZ DE GOMEZ NUBIA
GIRALDO DE MARIN MARIA DEL CARMEN
24
No. OF
SHARES
3,000
3,000
2,967
2,928
2,900
2,842
2,820
1,700
557
556
2,799
2,784
2,780
2,780
1,789
985
2,766
2,728
1,867
848
SHAREHOLDER
ESPINOSA CORREA NURY DEL SOCORRO
BETANCUR ESPINOSA OSCAR ANTONIO
MEJIA ACOSTA JOSE FERNANDO
MEJIA ACOSTA JOSE FERNANDO
PALACIO DE BOTERO MARIA INES
PALACIO DE BOTERO MARIA INES
DIAZ DE LUNA TRINIDAD ELVIRA
DIAZ DE LUNA TRINIDAD ELVIRA
LOPEZ DE RESTREPO ROCIO
RESTREPO DE ALZATE GLORIA EMILIA
SUAREZ TORO OLGA AMPARO
SUAREZ TORO OLGA AMPARO
GARZON MERA INES
MORENO PINEDA GLORIA MARIA
GARZON MERA INES
GARZON MERA INES
GARZON MERA INES
TATIS PEREZ JACKELINE MARIA
CASANOVA NAVAS LUIS MIGUEL
CORPOINAT
ROMAN MEDINA DIANA MARIA
ROMAN MEDINA DIANA MARIA
ALVAREZ MACIAS GLADIS STELLA
ALVAREZ MACIAS GLADIS STELLA
BARCO MONTES SONIA MARIA
BARCO MONTES SONIA MARIA
TORRES DIAZ GERMAN AUGUSTO
TORRES BAUTISTA EDILBERTO
HERNANDEZ MESA JORGE OCTAVIO
HERNANDEZ MESA JORGE OCTAVIO
HERNADEZ ESTRADA ESTEBAN
ESTRADA BEDOYA CRUZ HELENA
VELASQUEZ TRUJILLO GLORIA CECILIA
VELASQUEZ TRUJILLO GLORIA CECILIA
RESTREPO GONZALEZ ANA FELISA
RESTREPO GONZALEZ ANA FELISA
VANEGAS MARTHA ALICIA
VANEGAS MARTHA ALICIA
25
No. OF
SHARES
2,677
2,600
2,568
2,568
2,568
2,561
1,494
561
500
1,789
739
2,519
2,486
2,484
2,484
2,484
2,484
2,430
2,378
2,377
SHAREHOLDER
ROJAS DE ARENAS AIDE DE LAS
MERCEDES
ROJAS DE ARENAS AIDE DE LAS MERCEDES
CARO MUÑOZ GLORIA NELLY
CARO MUÑOZ GLORIA NELLY
PEREZ CANO ARTURO DE JESUS
PEREZ CANO ARTURO DE JESUS
MEJIA ALVAREZ BERNARDA DEL
SOCORRO
MEJIA ALVAREZ BERNARDA DEL SOCORRO
GALLEGO MONTOYA MATHA ALIRIA
MONTOYA BEDOYA BROCARDO DE JESUS
MEJIA GUTIERREZ JULIO CESAR
MEJIA GUTIERREZ JULIO CESAR
FACIO LINCE URIBE LUZ STELLA
FACIO LINCE URIBE LUZ STELLA
ALZATE SIERRA ELVIA LUZ
ALZATE SIERRA ELVIA LUZ
RIOS E GONZALEZ OLGA ISABEL
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
GARCES VERGARA RICARDO ALONSO
GARCES VERGARA RICARDO ALONSO
RIOS VALENCIA GUILLERMO LEON
RIOS VALENCIA GUILLERMO LEON
POSADA VERA HERNAN DE JESUS
POSADA VERA HERNAN DE JESUS
VASQUEZ ESCOBAR MARTA HELENA
ESCOBAR DE HERNANDEZ ALICIA MARIA
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
26
No. OF
SHARES
2,354
2,353
2,321
2,321
2,309
2,246
2,246
2,234
2,211
2,211
2,200
2,200
2,199
2,166
2,128
2,100
2,083
2,075
2,075
2,075
SHAREHOLDER
BERNAL LATORRE ALBERTO MAURICIO
BERNAL LATORRE ALBERTO MAURICIO
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
LOPEZ VALENCIA BEATRIZ ELENA
LOPEZ VALENCIA BEATRIZ ELENA
AREIZA MUNERA GILBERTO
AREIZA MUNERA GILBERTO
RIOS TOBON LUZ STELLA
RIOS TOBON LUZ STELLA
AUBAD DE AWAD MIRIAM YALILA
AUBAD DE AWAD MIRIAM YALILA
GOMEZ GRISALES MARIA DE LAS
MERCEDES
GOMEZ GRISALES MARIA DE LAS MERCEDES
JARAMILLO POSADA GLORIA ANTONIA
JARAMILLO POSADA GLORIA ANTONIA
ARBOLEDA ARANGO MARIA NOHEMI
ARBOLEDA ARANGO MARIA NOHEMI
SUAREZ TORO JOSE HERNAN
SUAREZ TORO JOSE HERNAN
ECHAVARRIA PEREZ JESUS ARTURO
ECHAVARRIA PEREZ JESUS ARTURO
BARRENECHE SANCHEZ MARIA CECILIA
BARRENECHE SANCHEZ MARIA CECILIA
MORA VELASQUEZ ISABEL CRISTINA
MORA VELASQUEZ ISABEL CRISTINA
ESTRADA GARCIA CARLOS ENRIQUE
ESTRADA GARCIA CARLOS ENRIQUE
PALACIOS DE ZULUAGA TERESITA
PALACIOS DE ZULUAGA TERESITA
MACIAS DE ALVAREZ GRACIELA
MACIAS DE ALVAREZ GRACIELA
BETANCUR OSCAR DARIO
BETANCUR OSCAR DARIO
27
No. OF
SHARES
2,053
2,049
2,048
2,043
2,043
2,016
2,011
2,000
2,000
2,000
1,996
1,967
1,946
1,939
1,939
1,931
1,931
1,931
1,931
SHAREHOLDER
No. OF
SHARES
1,931
CASTAÑO RESTREPO MARIA LUZ
CASTAÑO RESTREPO MARIA LUZ
CAÑAS SANTAMARIA ASTRID INES
CAÑAS SANTAMARIA ASTRID INES
BUILES JIMENEZ MARTHA ELENA
BUILES JIMENEZ MARTHA ELENA
LONDOÑO NARANJO FABIO EDUARDO
LONDOÑO NARANJO FABIO EDUARDO
CARDONA ZAPATA JUAN CARLOS
CARDONA ZAPATA JUAN CARLOS
MONTOYA MONTOYA MAGNOLIA INES
MONTOYA MONTOYA MAGNOLIA INES
BUILES SALAZAR MARIA RUBIELA
BUILES SALAZAR MARIA RUBIELA
HERNANDEZ OSORIO JOSE ERNESTO
HERNANDEZ OSORIO JOSE ERNESTO
LONDONO VASQUEZ MARIA MARTA LIA
LONDONO VASQUEZ MARIA MARTA LIA
BETANCURT DE RIVERA MARGARITA
RIVERA BETANCUR DIANA MARIA
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
SIERRA ALVAREZ ARCADIO EMILIO
SIERRA ALVAREZ ARCADIO EMILIO
ESCOBAR ECHANDIA MARIA PATRICIA
ESCOBAR ECHANDIA MARIA PATRICIA
DUQUE GOMEZ GILMA DEL ROSARIO
DUQUE GOMEZ GILMA DEL ROSARIO
28
1,872
1,853
1,849
1,789
1,765
1,765
1,765
1,761
1,745
1,530
180
1,698
1,666
1,666
1,666
1,662
1,637
1,605
1,605
SHAREHOLDER
TANGARIFE VARGAS JAVIER
TANGARIFE VARGAS JAVIER
VILLA PALACIO GLORIA STELLA
VILLA PALACIO GLORIA STELLA
SALGADO NARANJO BEATRIZ ELENA
SALGADO NARANJO YANNET STELLA
ATEHORTUA LOZADA GUSTAVO
ATEHORTUA LOZADA GUSTAVO
JARAMILLO DE CORRALES CARMEN
JARAMILLO DE CORRALES CARMEN
POSADA TOBON OSCAR HUMBERTO
CASTAÑO OSPINA LUIS CARLOS
MONTOYA LONDOÑO JORGE ENRIQUE
MONTOYA LONDOÑO JORGE ENRIQUE
RESTREPO OSORIO MARTA LIA
ESPINOSA SALAZAR RUBEN DE JESUS
HERNANDEZ JARAMILLO ABEL JULIO
HERNANDEZ JARAMILLO ABEL JULIO
BERNAL CARMONA GUSTAVO
BERNAL CARMONA GUSTAVO
ANDRADE DE LA CRUZ MARIA ISABEL
DE LA CRUZ ANDRADE ALEJANDRO
DE LA CRUZ CHARRY EDUARDO GUSTAVO
ACOSTA MOLINA MARIA CONCEPCION
ACOSTA MOLINA MARIA CONCEPCION
HERRERA HURTADO GUSTAVO HERNAN
HERRERA HURTADO GUSTAVO HERNAN
ARBELAEZ OSORIO LIDA DEL SOCORRO
ARBELAEZ OSORIO LIDA DEL SOCORRO
MEJIA MEJIA ALBERTO IVAN
HERRERA ARISTIZABAL MARIO HUMBERTO
29
No. OF
SHARES
1,601
1,600
848
739
1,530
1,501
1,500
1,500
754
739
1,480
1,468
757
353
353
1,456
1,455
1,455
743
598
SHAREHOLDER
MONTALVO MUÑOZ ROSIRIS
HERNANDEZ OSORIO JOHN JAIRO
HERNANDEZ OSORIO JOHN JAIRO
MARIN MARIN ANA RESFA
MARIN MARIN ANA RESFA
VELEZ GOMEZ MARIA CRISTINA
VELEZ GOMEZ MARIA CRISTINA
PALACIO OSORIO INES LUCIA
PALACIO OSORIO INES LUCIA
ARISTIZABAL TORRES IVAN DARIO
ARISTIZABAL TORRES IVAN DARIO
HOYOS DE SOTO CARLOTA LIBIA
HOYOS DE SOTO CARLOTA LIBIA
RIVERA HERNAN
RIVERA HERNAN
RIVERA HERNAN
RIVERA BETANCUR SAUL ANDRES
RESTREPO ARCILA MARIA NANCY
RESTREPO ARCILA MARIA NANCY
CARREÑO CARDENAS MARIO
CARREÑO CARDENAS MARIO
GUILLEN GOMEZ GERARDO HUMBERTO
GUILLEN GOMEZ GERARDO HUMBERTO
JARAMILLO RICO ANGELA DEL
SOCORRO
JARAMILLO RICO ANGELA DEL SOCORRO
MAHECHA PEREZ CELINA
MAHECHA PEREZ CELINA
SUAREZ OSORIO OSCAR IVAN
SUAREZ OSORIO OSCAR IVAN
ECHEVERRI VIVARES BLANCA LUCIA
ECHEVERRI VIVARES BLANCA LUCIA
MUÑOZ RESTREPO JOSE LUIS
MUÑOZ RESTREPO JOSE LUIS
OROZCO DE FLOREZ LUZ EDITH
OROZCO DE FLOREZ LUZ EDITH
FLOREZ ESPINOSA HERNAN
FLOREZ ESPINOSA HERNAN
CARDONA DE CARDONA MARIA
ROSALBA
CARDONA DE CARDONA MARIA ROSALBA
30
No. OF
SHARES
113
1,404
1,400
1,399
1,393
1,393
1,382
848
516
1,352
1,343
1,343
1,343
1,343
1,343
1,343
1,343
1,343
1,343
1,343
SHAREHOLDER
RAMIREZ CUERVO INES OLIVIA
VELEZ VELEZ LUIS GONZALO
TRUJILLO SANTACOLOMA ROBERTO
TRUJILLO SANTACOLOMA ROBERTO
MONTOYA NICOLAS ALBERTO
MONTOYA NICOLAS ALBERTO
MONSALVE TORO DANIEL SANTIAGO
TORO ARIZMENDI ALBA
ESPINOSA RUIZ JUAN EVANGELISTA
ESPINOSA RUIZ JUAN EVANGELISTA
CALLEJAS HENAO FABIO DE JESUS
CALLEJAS HENAO FABIO DE JESUS
CHAVARRIAGA MEJIA MARUJA
CHAVARRIAGA MEJIA MARUJA
ALVAREZ GAVIRIA NHUR
ALVAREZ GAVIRIA NHUR
RESTREPO OCAMPO FABIO DE JESUS
RESTREPO OCAMPO FABIO DE JESUS
ATUESTA VENEGAS MARIA DEL
ROSARIO
ATUESTA VENEGAS MARIA DEL ROSARIO
MENDEZ ALVARO
MENDEZ ANA
MONTOYA DE CEBALLOS SONIA DEL
SOCORRO
MONTOYA DE CEBALLOS SONIA DEL SOCORRO
ZAPATA COSSIO MARLENY
ZAPATA COSSIO MARLENY
TABORDA URIBE CLAUDIA YANET
TABORDA URIBE CLAUDIA YANET
VILLA VELASQUEZ EDUARDO ANTONIO
VILLA VELASQUEZ EDUARDO ANTONIO
QUIROZ DE JARAMILLO ANALILIA
QUIROZ DE JARAMILLO ANALILIA
VALENCIA GOMEZ BEATRIZ HELENA
RESTREPO GALLEGO LUZ STELLA
TOBON BOTERO LIBIA STELLA
TOBON DE MAYA ELVIA
TOBON BOTERO LIBIA STELLA
ARANGO JARAMILLO OSCAR
YEPES ARANGO FRANCISCO JAVIER
YEPES ARANGO FRANCISCO JAVIER
31
No. OF
SHARES
1,343
1,343
1,343
1,343
1,343
1,343
1,343
1,343
1,343
1,343
1,334
1,328
1,311
1,279
1,257
1,257
1,252
690
550
SHAREHOLDER
No. OF
SHARES
1,200
JARAMILLO BERRIO MARCELA
JARAMILLO BERRIO MARCELA
CORREA MUÑOZ ALVARO ALFONSO
MONTOYA RAMIREZ MARIA MATILDE
SAKR ARANGO AMPARO
SAKR ARANGO TERESITA
SAKR ARANGO AMPARO
SAKER ARANGO MARTA CECILIA
QUINTERO GARCIA MARIA EUGENIA
GARCIA ARBELAEZ JHON FLABIO
DUQUE RAMIREZ JOSE IVANER
DUQUE RAMIREZ JOSE IVANER
CASTIBLANCO PALACIO BLANCA INES
CASTIBLANCO PALACIO BLANCA INES
BUSTAMANTE ZAPATA PEDRO LUIS
BUSTAMANTE ZAPATA PEDRO LUIS
MARIN GUARIN GERMAN DARIO
MARIN GUARIN GERMAN DARIO
MUÑOZ ALVAREZ LUZ ELENA
MUÑOZ ALVAREZ LUZ ELENA
ROLDAN ARANGO REINA DEL SOCORRO
ROLDAN ARANGO REINA DEL SOCORRO
CASTRO RUIZ OSCAR DARIO
CASTRO RUIZ OSCAR DARIO
ESTEPA DE COBALEDA MARIA AMELIA
ESTEPA DE COBALEDA MARIA AMELIA
CORREA URAN LUCELLY DE JESUS
CORREA URAN LUCELLY DE JESUS
LOPEZ ORTIZ OSCAR
LOPEZ ORTIZ OSCAR
RUIZ ROLDAN LUZ HELENA
RUIZ ROLDAN LUZ HELENA
CANO LIGIA MAGDALENA
CANO LIGIA MAGDALENA
32
1,187
589
589
589
589
589
589
1,177
1,177
1,177
1,177
1,177
1,177
1,177
1,177
1,177
1,177
1,177
1,177
SHAREHOLDER
RESTREPO LOPEZ JUAN JOSE
RESTREPO LOPEZ CLAUDIA ELENA
GOMEZ ARENAS FERNANDO MARIO
GOMEZ ARENAS FERNANDO MARIO
LOPERA MEDINA LUIS FERNANDO
LOPERA MEDINA LUIS FERNANDO
MARTINEZ RUIZ MARIA DORA
MARTINEZ RUIZ MARIA DORA
MEDINA HURTADO MARTHA LUCIA
MEDINA HURTADO MARTHA LUCIA
RESTREPO GONZALEZ MARINA E
RESTREPO GONZALEZ MARINA E
GRISALES GARCIA MARIA EMMA
GRISALES GARCIA MARIA EMMA
JARAMILLO ZULUAGA LETICIA
JARAMILLO ZULUAGA LETICIA
GONZALEZ JARAMILLO MIGUEL
SANTIAGO
GONZALEZ JARAMILLO MIGUEL SANTIAGO
ARANGO GERMAN
ARANGO GERMAN
PEREZ AVILA JOSE JACINTO
PEREZ AVILA JOSE JACINTO
ALVAREZ VDA DE MAZO MARIA
HERMINIA
BETANCOURT VELASQUEZ MARTHA
CECILIA
ALVAREZ VDA DE MAZO MARIA HERMINIA
BETANCOURT VELASQUEZ MARTHA CECILIA
HENAO HENAO LILIA
HENAO HENAO LILIA
VELEZ CARMONA GABRIELA DEL
SOCORRO
VELEZ CARMONA GABRIELA DEL SOCORRO
RAMIREZ CANO FRANCISCO JAVIER
RAMIREZ CANO FRANCISCO JAVIER
TAMAYO MORA LUZ STELLA
TAMAYO MORA LUZ STELLA
ECHEVERRI RESTREPO FERNANDO
ECHEVERRI RESTREPO FERNANDO
MADRID HERNANDEZ MARTHA
MYRIAM
MARIA FANNY DE JESUS ZAPATA
MADRID HERNANDEZ MARTHA MYRIAM
MAYA TOBON GLORIA INES
33
No. OF
SHARES
1,177
1,177
1,177
1,175
1,175
1,175
1,175
1,175
1,167
1,121
1,121
1,121
1,121
1,115
1,088
1,068
1,037
1,000
1,000
SHAREHOLDER
BEDOYA
1,000
JARAMILLO DELGADO LINA MARIA
JARAMILLO DELGADO LINA MARIA
GOMEZ DE GIRALDO ELBA
GOMEZ DE GIRALDO ELBA
SIERRA TAMAYO DORA DE JESUS
SIERRA TAMAYO DORA DE JESUS
CARDONA DUQUE FLOR ALBA
CARDONA DUQUE LUIS ALBERTO
VALENCIA AGUDELO GUILLERMO LEON
VALENCIA AGUDELO GUILLERMO LEON
MORALES OSORNO MARIA GLADYS
MORALES OSORNO MARIA GLADYS
RODRIGUEZ DE SERNA MARIA EUGENIA
RODRIGUEZ DE SERNA MARIA EUGENIA
RAMIREZ OCAMPO IVAN DE JESUS
RAMIREZ OCAMPO IVAN DE JESUS
LOPEZ HENAO JOSE ALVARO
LOPEZ HENAO JOSE ALVARO
LAVERDE DE AGUDELO FANNY DEL
SOCORRO
LAVERDE DE AGUDELO FANNY DEL
SOCORRO
No. OF
SHARES
AGUDELO LAVERDE NATALIA MARIA
LAVERDE DE AGUDELO FANNY DEL SOCORRO
RODRIGUEZ POSADA JAVIER IGNACIO
RODRIGUEZ POSADA JAVIER IGNACIO
MENESES ESCOBAR MARTHA ELENA
MENESES ESCOBAR MARTHA ELENA
GIL JULIO CESAR
GIL JULIO CESAR
GOMEZ ARISTIZABAL MARIA EMITH
GOMEZ ARISTIZABAL MARIA EMITH
RODRIGUEZ CORTES ALEJANDRO
HERACLITO
RODRIGUEZ CORTES ALEJANDRO HERACLITO
VERA PARADA HILDA MARINA
VERA PARADA HILDA MARINA
HERNANDEZ GOMEZ MARIA OLGA
HERNANDEZ GOMEZ MARIA OLGA
LOPERA ARDILA MARIA NUBIA
LOPERA ARDILA MARIA NUBIA
34
1,000
1,000
1,000
984
957
939
911
900
883
589
289
848
848
848
848
848
848
848
848
SHAREHOLDER
CARO MUÑOZ MARIA NURY
CARO MUÑOZ MARIA NURY
PEREZ BERNAL MAURICIO
ROBLEDO VILLA VICTOR ALEJANDRO
SANCHEZ SANCHEZ ROSA ELENA
SANCHEZ SANCHEZ MARIA DOLORES
DUQUE RAMIREZ JORGE ANIBAL
DUQUE RAMIREZ JORGE ANIBAL
RAVE ESPINOSA LINA ISABEL
LEAÑO MARTINEZ DICSON FERNANDO
PINEDA BETANCUR NATALIA
PINEDA BETANCUR NATALIA
LONDOÑO CORREA CARLOS HELLEN
LONDOÑO CORREA CARLOS HELLEN
RESTREPO MUÑOZ TERESA DEL NIÑO
JESUS
ECHEVERRIA ECHEVERRIA ALVARO
RAFAEL
RESTREPO MUÑOZ TERESA DEL NIÑO JESUS
ECHEVERRIA ECHEVERRIA ALVARO RAFAEL
BERNAL BOLIVAR JAVIER ALIRIO
BERNAL BOLIVAR JAVIER ALIRIO
MIGUEL ANGEL MEJIA ALVAREZ
MEJIA ALVAREZ JOSEFA INES
HERRERA PEÑA RUTH
HERRERA PEÑA RUTH
RIOS ACEVEDO RUBIELA DE JESUS
RIOS ACEVEDO RUBIELA DE JESUS
CARO RESTREPO ADELMO
MEJIA DE CARO ROSALBA
GONZALEZ GONZALEZ SOFIA
GONZALEZ GONZALEZ SOFIA
RESTREPO DE RESTREPO MARIA
VICTORIA
RESTREPO DE RESTREPO MARIA VICTORIA
MEDINA ARANGO MARIA GRACIELA
MEDINA ARANGO MARIA GRACIELA
RAMIREZ GIRALDO PEDRO NEL
RAMIREZ GIRALDO PEDRO NEL
CALLE CAÑAS MARIA OLIVA
CALLE CAÑAS MARIA OLIVA
PIEDRAHITA AGUDELO FABIOLA
PIEDRAHITA AGUDELO FABIOLA
35
No. OF
SHARES
848
848
844
832
820
800
800
800
800
767
756
755
755
739
739
739
739
739
739
SHAREHOLDER
No. OF
SHARES
739
ORTIZ ORTIZ ARISTOBULO
ORTIZ ORTIZ ARISTOBULO
MOLINA RAMIREZ JESUS ELEAZAR
MOLINA RAMIREZ JESUS ELEAZAR
GONZALEZ BERRIO ELVIA NUBIA
GONZALEZ BERRIO ELVIA NUBIA
VASQUEZ DE QUINTERO LUZ ANGELICA
VASQUEZ DE QUINTERO LUZ ANGELICA
CADAVID GOMEZ NUBIA DEL SOCORRO
CADAVID GOMEZ NUBIA DEL SOCORRO
RODRIGUEZ OSORIO SIMEON JUVENCIO
RODRIGUEZ OSORIO SIMEON JUVENCIO
MONTOYA VANEGAS GABRIEL ALVARO
MONTOYA VANEGAS GABRIEL ALVARO
JARAMILLO LONDOÑO MARGARITA DE
JESUS
JARAMILLO LONDOÑO MARGARITA DE JESUS
TAMAYO VARGAS BERTHA
TAMAYO VARGAS BERTHA
BARRIENTOS ECHAVARRIA ROSA MARIA
BARRIENTOS ECHAVARRIA ROSA MARIA
ECHEVERRIA FERNANDEZ MARIA
FERNANDA
ECHEVERRIA FERNANDEZ MARIA FERNANDA
ALZATE CARDONA MARIA ISMENIA
ALZATE CARDONA MARIA ISMENIA
ALZATE DUQUE FERNANDO LEON
ALZATE CARDONA MARIA OFELIA
AGUDELO RAMIREZ ROCIO DEL
SOCORRO
AGUDELO RAMIREZ ROCIO DEL SOCORRO
NARANJO ARIAS CARLOS ALBERTO
NARANJO ARIAS CARLOS ALBERTO
GARCIA JESUS ERNELSON
GARCIA ARDILA MARIA NELA
MAYA MUÑOZ GUILLERMO ANTONIO
MAYA MUÑOZ GUILLERMO ANTONIO
MARIN RUIZ GERMAN FABIO
CALDERON DE AGUDELO BLANCA LIBIA
ATEHORTUA GIRALDO MARIA EUGENIA
ATEHORTUA GIRALDO MARIA EUGENIA
36
739
739
739
739
739
739
739
739
739
739
739
739
739
739
739
739
739
739
739
SHAREHOLDER
GIL DE ACEVEDO TERESITA DE JESUS
GIL DE ACEVEDO TERESITA DE JESUS
SALAZAR CASTAÑO MARIA FIDELINA
SALAZAR CASTAÑO MARIA FIDELINA
TAMAYO CARVAJAL SARA MARIA
TAMAYO CARVAJAL SARA MARIA
SOSA GOMEZ GLENNYS PATRICIA
MENDEZ JULIO GLORIA INES
RODRIGUEZ OSORIO TERESA DE JESUS
RODRIGUEZ OSORIO TERESA DE JESUS
ARISTIZABAL GOMEZ LUCIA MARGARITA
ARISTIZABAL GOMEZ LUCIA MARGARITA
HERRERA GALLEGO OSCAR JOHN
HERRERA GALLEGO OSCAR JOHN
ESTRADA RUIZ ANGELA MARIA
ESTRADA RUIZ ANGELA MARIA
HERRERA MARIN MARTA ALICIA
HERRERA MARIN MARTA ALICIA
PEREZ MORA FRANCISCO CARLOS JULIO
PEREZ MORA FRANCISCO CARLOS JULIO
ALVAREZ AMPARO ROCIO
ALVAREZ AMPARO ROCIO
ACEVEDO ACEVEDO BERNARDO DE
JESUS
TRUJILLO LUJAN MARIA AMPARO
JARAMILLO ACOSTA ANGELA MARIA
JARAMILLO ACOSTA MARINA
JARAMILLO ACOSTA AUGUSTO
JARAMILLO ACOSTA ALVARO
AGUDELO ORTIZ GLORIA ELENA
AGUDELO ORTIZ GONZALO DE JESUS
VILLARRAGA MARIN ANA MARIA
TERESA
VILLARRAGA MARIN ANA MARIA TERESA
ECHEVERRY VILLA FRANCISCO DE PAULA
ECHEVERRY VILLA FRANCISCO DE PAULA
ZAPATA ZULETA HECTOR HERNAN
MAYA TOBON MARTHA LUZ
37
No. OF
SHARES
739
739
739
739
739
739
730
726
677
633
631
630
156
156
156
156
616
613
592
590
SHAREHOLDER
RAMOS MELCHOR ANA FALCONERY
RAMOS MELCHOR ANA FALCONERY
BOLAÑOS MARIA FANY
BOLAÑOS MARIA FANY
MONTOYA BURGOS HECTOR ALONSO
MONTOYA BURGOS HECTOR ALONSO
LEGUIZAMON DE QUINTERO JOSEFINA
LEGUIZAMON DE QUINTERO JOSEFINA
GARCIA HINCAPIE ELIZABETH
GARCIA HINCAPIE ELIZABETH
RAMIREZ RAMOS SIMON
RAMIREZ RAMOS SIMON
MONTOYA MONDRAGON ANGELA
MONTOYA MONDRAGON ANGELA
MARIN ALVAREZ EUSEBIO ORLANDO
MARIN ALVAREZ EUSEBIO ORLANDO
GONZALEZ DE BAENA BELEN DE JESUS
GONZALEZ DE BAENA BELEN DE JESUS
BOSCH MORENO GLORIA MARIA
BOSCH MORENO GLORIA MARIA
POSADA SALDARRIAGA SILVIA ELENA
POSADA SALDARRIAGA SILVIA ELENA
LONDOÑO MARIA ENGRACIA
LONDOÑO MARIA ENGRACIA
CASTRILLON OSPINA HERNANDO DE
JESUS
CASTRILLON OSPINA HERNANDO DE JESUS
GIRALDO ISAZA LUZ GABRIELA
FRANCO GIRALDO JUAN ANDRES
MONSALVE SALDARRIAGA JUAN JOSE
MONSALVE SALDARRIAGA JUAN JOSE
CARMONA VILLEGAS LUCIA DE LOS
DOLORES
CARMONA VILLEGAS LUCIA DE LOS DOLORES
MONTOYA JARABA MARIA EUGENIA
MONTOYA JARABA MARIA EUGENIA
SALAZAR ZULUAGA LUCELLY DE MARIA
AUXILIADORA
SALAZAR ZULUAGA LUCELLY DE MARIA
AUXILIADORA
RICO GUTIERREZ DORA ELENA
RICO GUTIERREZ DORA ELENA
JIMENEZ MORENO DORY LILIA
JIMENEZ MORENO DORY LILIA
38
No. OF
SHARES
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
589
SHAREHOLDER
No. OF
SHARES
589
AGUDELO CALLE BERNARDO DE JESUS
AGUDELO CALLE BERNARDO DE JESUS
BETANCUR ECHAVARRIA SORAYA
BETANCUR ECHAVARRIA SORAYA
RESTREPO ACOSTA NUBIA
RESTREPO ACOSTA NUBIA
MIRYAM ELENA RESTREPO ACOSTA
ACOSTA DE RESTREPO ELENA
DIAZ MORA ANTONIO DE JESUS
DIAZ MORA ANTONIO DE JESUS
LOPEZ PEREZ NICOLAS ADOLFO
BONILLA DE LOPEZ MARIA FANNY
GOMEZ GOMEZ HUGO HERNAN
GOMEZ GOMEZ HUGO HERNAN
MILLAN DE GONZALEZ MIRYAN RUTH
MILLAN DE GONZALEZ MIRYAN RUTH
CASTRO DE CIFUENTES NERY
CASTRO DE CIFUENTES NERY
GONZALEZ LONDOÑO MARITZA DEL
PILAR
GONZALEZ LONDOÑO MARITZA DEL PILAR
LONDOÑO DE GONZALEZ NOEMY
LONDOÑO DE GONZALEZ NOEMY
CARVAJAL SANCHEZ RUBBY
CARVAJAL SANCHEZ RUBBY
VILLEGAS GUTIERREZ JOSE DE JESUS
VILLEGAS GUTIERREZ JOSE DE JESUS
DIAZ RUIZ CLARA INES
GOMEZ GOMEZ WILLIAM ORLANDO
VASQUEZ MARIN MARTHA NUBIA
VASQUEZ MARIN MARTHA NUBIA
FERNANDEZ DE USME MARLENE
USME FERNANDEZ JUAN GUILERMO
ALVAREZ RENDON ROCIO
ALVAREZ RENDON ROCIO
ANGEL MEJIA MARIA EUGENIA
ANGEL MEJIA MARIA EUGENIA
RESTREPO FRANCO JUDITH
RESTREPO FRANCO JUDITH
39
589
589
589
589
589
589
589
589
589
589
589
589
588
588
587
587
576
575
566
SHAREHOLDER
AGUDELO LAVERDE FANNY ELENA
AGUDELO LAVERDE FANNY ELENA
LUIS ARMANDO VARGAS RAMIREZ
VARGAS HERNANDEZ JANET PATRICIA
ARISTIZABAL MORENO MARIO
ARISTIZABAL MORENO MARIO
VELEZ RODRIGUEZ MARIA AMPARO
VELEZ RODRIGUEZ MARIA AMPARO
TRONCOSO VALDES ANDRES FELIPE
OSPINA VALENCIA ELDA ROSA
FLOREZ OSORIO GUSTAVO
ALVAREZ ARANGO BERTHA NUBIA
CORREA SEGURA GLORIA ELBA
RESTREPO URIBE ALVARO
JARAMILLO ACOSTA MARGARITA
MARIA
MARIA
MARIA
JARAMILLO ACOSTA MARGARITA MARIA
JARAMILLO ACOSTA CARLOS MARIO
JARAMILLO ACOSTA LOURDES DEL SOCORRO
GALEANO SIERRA MARIA PATRICIA
GALEANO SIERRA MARIA PATRICIA
JARAMILLO GOMEZ BEATRIZ ELENA
JARAMILLO GOMEZ BEATRIZ ELENA
ASCUNTAR CORAL PEDRO FELIX
ASCUNTAR CORAL ROSA MARIA
GARCIA GIRALDO JORGE ENRIQUE
GARCIA GIRALDO JORGE ENRIQUE
ARANGO ARANGO MARTHA HELENA
ARANGO ARANGO MARTHA HELENA
ALVAREZ LOPEZ DOLLY DE JESUS
ALVAREZ LOPEZ DOLLY DE JESUS
ALVAREZ LOPEZ LUZ AMPARO
ALVAREZ LOPEZ LUZ AMPARO
RAVE ESPINOSA ASTRID VIVIANA
RAVE ALVAREZ JOHN FREDY
GARCIA VALENCIA AMPARO
GARCIA VALENCIA AMPARO
POSADA RESTREPO MARIA PUBENZA
POSADA RESTREPO MARIA PUBENZA
40
No. OF
SHARES
539
535
530
518
500
500
500
156
156
156
464
448
415
400
400
395
395
395
380
370
SHAREHOLDER
RAMIREZ ALVAREZ CLAUDIA MATILDE
RAMIREZ ALVAREZ CLAUDIA MATILDE
OCAMPO PARDO ALBERTO
OCAMPO PARDO ALBERTO
CASTAÑO CASTAÑO JULIANA
MEJIA POSADA JUAN BAUTISTA
JARAMILLO ACOSTA GLORIA MARIA
JARAMILLO ACOSTA LUZ ELENA
CANAS SANTAMARIA GLORIA ELENA
CANAS SANTAMARIA GLORIA ELENA
GONZALEZ ECHEVERRI OCTAVIO
GONZALEZ ECHEVERRI OCTAVIO
CARO MUÑOZ AMERICO DE JESUS
CARO MUÑOZ AMERICO DE JESUS
JOSE SANCHEZ RUBIO
SANCHEZ RESTREPO JUAN DAVID
ACOSTA MOLINA FRANCISCO ARTURO
ACOSTA MOLINA FRANCISCO ARTURO
ESCOBAR VILLAREAL ALEGRIA DEL
ROSARIO
MARQUEZ HERNANDEZLUCRECIA
HELENA
MARQUEZ HERNANDEZLUCRECIA
HELENA
ASCUNTAR CORAL ZOILA ESPERANZA
OJEDA PESCADOR JOHN ALEXANDER
BETANCUR MARQUEZ PAULA ANDREA
RESTREPO URIBE GLADYS ELENA
DUQUE RESTREPO ANA MARIA
VELEZ LEON MARTHA HELENA
VELEZ LEON MARTHA HELENA
SERNA ACOSTA IADER FABIAN
SERNA ACOSTA IADER FABIAN
DIAZ REDONDO MARIA ELENA
DIAZ REDONDO MARIA ELENA
CARDENAS ROJO LUCILA
CARDENAS ROJO LUCILA
COLORADO HERRERA ANA MIRIAM
COLORADO HERRERA ANA MIRIAM
VASQUEZ MARTINEZ LIBARDO DE JESUS
VASQUEZ GALLO LUZ ADRIANA
41
No. OF
SHARES
351
349
345
156
156
306
301
300
300
286
278
191
85
276
271
260
257
200
200
SHAREHOLDER
No. OF
SHARES
200
BERNAL CAMPUZANO AURA
BERNAL CAMPUZANO AURA
JIMENEZ DE POSADA BERTHA EUGENIA
JIMENEZ DE POSADA BERTHA EUGENIA
CORREA DE GAVIRIA MARIELA DE JESUS
CORREA DE GAVIRIA MARIELA DE JESUS
ASCUNTAR ESCOBAR CRISTIAN RAMON
ASCUNTAR ESCOBAR CRISTIAN RAMON
RESTREPO MONICA
DUQUE RESTREPO LAURA
RODRIGUEZ ROSAS MARTHA ARACELY
RODRIGUEZ ROSAS MARTHA ARACELY
DUQUE PINEDA GERMAN HORACIO
DUQUE RESTREPO SANTIAGO
AGUDELO GARCES ROCIO STELLA
DE LA OSSA NADER LUCY JOSEFINA DEL CRISTO
OSORIO DE RESTREPO MARIA NOEMY
RESTREPO OSORIO JUAN JOSE
TRUJILLO DELGADO ALVARO DE JESUS
TRUJILLO DELGADO ALVARO DE JESUS
CARDENAS RAMON
CARDENAS RAMON
GIRALDO SANCHEZ ANA DORA
ELIZABETH
GIRALDO SANCHEZ ANA DORA ELIZABETH
ANGEL MEJIA ESTHER MARIA
ANGEL MEJIA ESTHER MARIA
SOTO SOTO CARLOS EDUARDO
SOTO SOTO CARLOS EDUARDO
CASTRO ACUÑA ALIDA MILENA
CASTRO ACUÑA ALIDA MILENA
RIOS MAZO JAIRO
RIOS MAZO JAIRO
VARGAS CHAUX JAIME
VARGAS CHAUX JAIME
RODRIGUEZ POSADA ANA MARIA
RODRIGUEZ POSADA ANA MARIA
42
186
168
160
139
111
111
111
110
59
50
100
100
100
100
100
95
95
93
90
SHAREHOLDER
OCAMPO FRANCO GABRIEL JAIME
OCAMPO FRANCO GABRIEL JAIME
SANCHEZ CALLE GLORIA ELENA
SANCHEZ CALLE GLORIA ELENA
ZAPATA GARCIA NUBIA
ZAPATA GARCIA NUBIA
SANCHEZ PARRA FERNANDO AUGUSTO
SANCHEZ PARRA FERNANDO AUGUSTO
LOPEZ SERNA GUILLERMO LEON
LOPEZ SERNA GUILLERMO LEON
PANIAGUA MUÑOZ LUIS EDUARDO
PANIAGUA MUÑOZ LUIS EDUARDO
CANO ROCZEK LIGIA AMPARO
RODRIGUEZ CANO SARA
ANGEL GALLO RUTH
MEJIA ANGEL ANA MARIA
ARISTIZABAL CORREA NORA BEATRIZ
ARISTIZABAL CORREA NORA BEATRIZ
ELEAZAR DE JESUS ARISTIZABAL GOMEZ
MESA MESA JUAN GUILLERMO
VILLADA GOMEZ ELSY DEL SOCORRO
VILLADA GOMEZ ELSY DEL SOCORRO
ESCOBAR SIERRA JUAN FERNANDO
ESCOBAR SIERRA JUAN FERNANDO
LOPERA MARTINEZ LUZ CARMENZA
LOPERA MARTINEZ LUZ CARMENZA
SANCHEZ LOPERA LORENA MARIA
SANCHEZ LOPERA LORENA MARIA
VELEZ VELEZ MARTHA ELENA
VELEZ VELEZ MARTHA ELENA
DUQUE NIETO JUAN MANUEL
DUQUE NIETO JUAN MANUEL
MEJIA GARCES FRANCISCO JAIME
MEJIA GARCES FRANCISCO JAIME
CIRCULATING SHARES: 1,107,677,894
REPRESENTED SHARES: 983,224,080
NUMBER OF SHAREHOLDERS REPRESENTED: 831
NUMBER OF REPRESENTATIVES: 502
43
No. OF
SHARES
89
84
58
44
33
27
25
20
10
10
7
6
5
5
4
4
2
QUORUM: 88.76%
Shareholders and agents thereof attended the announcement issued by the President of the Company,
on February 28, 2016 on the website and through a notice in El Colombiano and El Tiempo newspapers
of national circulation, and reiterated on March 27, 2016 in the El Colombiano newspaper and on the
website.
It was noted that during the period of fifteen (15) working days specified by Law and the statutes, the
company books and other documents required by law were made available to shareholders at the
headquarters of ISA, Calle 12 Sur 18-168 of the city of Medellín, Auxiliary Room 1.
Also Dr. Alba Lucia Guzman Lugo, representing ERNST & YOUNG. AUDIT S.A.S, attended the
meeting in her capacity as Auditor.
Members of the Board also attended the Assembly as guests, doctors Maria Ximena Cadena Ordoñez,
Vice Minister General of the Ministry of Finance and Public Credit, Ana Milena López Rocha, Director
General of Public Credit and National Treasury of the Ministry of Finance and Public Credit, Santiago
Montenegro Trujillo, President of the Board Of Directors of ISA, Carlos Mario Giraldo Moreno, Carlos
Felipe Londoño Álvarez, Jesús Aristizábal Guevara, Henry Medina González, Camilo Zea Gómez.
Dr. Bernardo Vargas Gibsone, in his capacity as President of ISA, opened the Annual General Meeting
of Shareholders of Electric Interconnection S.A. E.S.P., greeting shareholders and welcoming them and
asked the Secretary of the Company to introduce the members of the Board of Directors, which was
conducted mentioning names and titles of the members present,
VERIFICATION OF THE QUORUM
The General Secretary of the company, which is responsible for the Secretariat of the Assembly, as
provided in the regulations thereof, said at that time nine hundred eighty-two million eighty-four
thousand six hundred and six (982,084,606) shares of a total of one thousand one hundred and seven
hundred million six hundred and seventy-seven thousand eight hundred and ninety-four shares
(1,107,677,894) that make up the undersigned, paid and outstanding shares of the company capital
were represented at the meeting. This amounted to 88.66% and, consequently these could be validly
constituted in Assembly, with the capacity to deliberate and make decisions, according to the quorum
determined to that effect, that is, a plural number of shareholders representing at least a majority of the
outstanding shares. He added that the total subscribed shares mentioned above were not part of the
eight hundred seventeen million twenty thousand one hundred twenty-two shares (17,820,122) shares
owned by ISA, which have been reacquired and thus have suspended all rights attached to them.
Proxies submitted the powers granted by the respective shareholders with the formalities provided for in
the law and regulations of the Financial Superintendency of Colombia.
Dr. Santiago Montenegro Trujillo, in his capacity as Chairman of the Board of ISA, said that, given the
presence of a quorum to deliberate and decide validly, the Annual General Meeting of Shareholders of
Interconexión Eléctrica S.A. E.S.P., was officially open.
Then the Secretary of the Assembly, started the Ordinary General Meeting of Shareholders with the
playing of the National Anthem.
The President of the Board reminded everyone that the main table of the Assembly was authorized by
regulations to act as commission for proposals and recommendations with the aim of receiving the
concerns that shareholders wished to submit. Having made this recommendation, he requested the
Secretary to read out the order of business for the meeting.
44
The Secretary, before reading the agenda, said it was important to consider if the audience wanted to
intervene or had any questions about a particular topic, they should ask them after each presentation as
a working methodology for the Assembly.
APPROVAL OF THE ORDER OF BUSINESS
He then proceeded to read the Agenda:
Verification of quorum
Adoption of the agenda
1. Election of the President of the Assembly.
2. Report of the Secretary on approval of Act 104 of 27 March 2015 and Act 105 of July 13, 2015.
3. Election Commission for approval of the Act and ballots.
4. Remarks by Minister of Mines and Energy, Dr. Tomas Gonzalez Estrada.
5. Greetings from the President of the Board and reading of the Report of the Board on its operation
6. Consolidated Management 2015 report.
7. Corporate Governance Report. Implementation and development of the Code of Good
Governance.
8. Reading and presentation of ISA Consolidated Financial Statements at December 31, 2015.
9. Reading of the Auditor's report.
10. Approval of the ISA Consolidated Financial Statements at December 31, 2015.
11. Adoption of the proposed distribution of earnings for the year 2015 to declare dividends and
constitution of capital reserves.
12. Election of the Auditor and assignment of fees.
13. Reading and approval of the Reform of the Social Statutes.
14. Election of the Board.
15. Reading and approval of the Remuneration Policy of the Board.
16. Approval of fees of the members of the Board for the period April 2016 - March 2017.
17. Miscellaneous
The Secretary reported that the Minister was unable to attend the meeting, which was taken as point
four of the agenda, words of the Minister of Mines and Energy, as having been read.
The Chairman of the Board asked if the Assembly approved the order of business proposed for the
meeting.
Approval
The Assembly approved the order of business by majority.
45
Immediately following the Secretary of the Assembly proceeded to read the first item on the order of
business.
1.
ELECTION OF THE PRESIDENT OF THE ASSEMBLY
The Secretary of the Assembly informed the President of the Board of Directors that a proposal
presented by the shareholder Pablo Corredor Avella was registered in the Secretary’s office.
The text of the proposal was as follows:
“Medellín, March 29, 2016
Messrs:
ORDINARY GENERAL ASSEMBLY OF SHAREHOLDERS OF ISA
City
Shareholders,
With a view of facilitating the development of the meeting of March 31, 2016, I propose as President
thereof the President of the Board of Directors of the Company, Dr.Santiago Montenegro Trujillo.
Cordial Greeting.
Pablo Corredor Avella
Shareholder ISA S.A. E.S.P.”
Mr. Roberto Trujillo Santacoloma intervened to second the proposal for the election of the President of
December.
Approval:
The Assembly approved the order of business by majority.
The Secretary read the following point in the order of business
2.
REPORT OF THE SECRETARY OF THE ASSEMBLY ON APPROVAL OF MINUTES 104 OF
MARCH 27, 2015 AND MINUTES 105 OF JULY 13, 2015
Mr. President ladies and gentlemen members of the Board Of Directors, shareholders: I inform you that
doctors María 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, were elected by the
Extraordinary General Assembly of March 13, 2015 to constitute the commission to review and approve
the Minutes of the Assembly, to whom the outline of the project thereof was sent prepared by the
Secretary of the Assembly and, previously reviewed and finding it adjusted to reality, proceeded to sign
the minutes in an act of conformity.
Minutes 104 of the Assembly of July 27, 2015, were published on the ISA webpage once signed.
In the same manner it was stated that Juan David Henao Calad, in representation of the shares of
Empresas Públicas de Medellín E.S.P, and Cristhian Vicente Prado Castillo, in representation of the
shares of the Nation, were elected by the Extraordinary General Assembly of July 13, 2015 to constitute
the commission to review and approve the Minutes of the Assembly, to whom the outline of the project
46
thereof was sent prepared by the Secretary of the Assembly and, previously reviewed and finding it
adjusted to reality, proceeded to sign the minutes in an act of conformity.
Minutes 105 of the Assembly of July 13, 2015, were published on the ISA webpage once signed.
SONIA ABUCHAR ALEMAN
Secretary-General
Medellín, March 2016
The Secretary read the third item on the order of business.
3.
ELECTION OF THE COMMISSION FOR APPROVAL OF THE MINUTES AND BALLOTS
On behalf of the Secretary of the Assembly, the President of the Assembly was told that a proposal of
Mr. Pablo Corredor Abella, as a shareholder of ISA had been filed, and the text was as follows:
Messrs:
GENERAL ASSEMBLY OF SHAREHOLDERS OF INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.
City
–ISA S.A E.S.P-
Given that the minutes of the General Meeting of Shareholders must be registered with the Chamber of Commerce
of Medellín for Antioquia and sent to the Financial Superintendence of Colombia within 15 days of the date of
holding the same, it is necessary to form a commission for approval of the Act and designated ballots.
For this purpose, I propose to name the doctors: María 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,
based in the city of Medellín and Bogotá respectively, who stated their immediate disposition to undertake the
review and give their approval.
Sincerely,
Pablo Corredor Avella
Shareholder of ISA”
The President asked the Assembly if they approved the proposition.
Approval
The Assembly approved the proposal by majority.
The shareholders who abstained from voting are listed below:
SHAREHOLDER
N° OF SHARES
18,606
NORTHERN TRUST
NORTHERN TRUST
MELLON BANK NY
CITIBANK N.A. NEW YORK OFFICES
8,682
23,598
1,666,778
609,290
130,809
47
SHAREHOLDER
N° OF SHARES
49,754
STATE STREET
BANK OF NEW YORK MELLON SA/NV
STATE STREET
NORTHERN TRUST
STATE STREET
STATE STREET
STATE STREET
NORTHERN TRUST
STATE STREET
STATE STREET
BROWN BROTHERS HARRIMAN
STATE STREET
STATE STREET
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
STATE STREET
STATE STREET
MELLON BANK NY
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
72,079
17,751
22,633
4,127
1,044,047
61,199
71,418
164,175
71,270
12,838
6,340
11,804
332,289
2,505
3,746
2,057
60,127
637,886
20,345
163,795
32,392
37,025
15,245
2,388
1,477
29,437
78,828
6,230
7,793
20,862
4,648
48
SHAREHOLDER
N° OF SHARES
9,794
STATE STREET
STATE STREET
STATE STREET
NORTHERN TRUST
STATE STREET
STATE STREET
STATE STREET
STATE STREET
J.P. MORGAN CHASE BANK N.A CUSTODY
1,859
2,202
33,950
63,586
25,397
897
60,084
1,874
20,061
64,224
11,415
26,651
27,446
3,707
28,413
57,245
17,195
1,434
68,128
739,446
52,858
103,479
650,894
3,460,881
53,684
23,748
41,597
92,232
209,989
41,562
12,408
49
SHAREHOLDER
N° OF SHARES
22,923
SUMITOMO MITSUI TRUST BANK (U.S.A.)
NORTHERN TRUST
MELLON BANK NY
CITIBANK EUROPE PLC LUXEMBOURG BRA
STATE STREET
STATE STREET
5,504
23,391
197,539
29,282
29,502
5,260
10,206
5,722
287,765
359,492
451,998
15,403
919,380
349,055
313,901
7,401
288,564
6,048
121,821
118,354
91,211
48,814
27,087
70,701
49,217
8,067
8,448
50,202
19,431
6,836
9,046
50
SHAREHOLDER
N° OF SHARES
22,059
NORTHERN TRUST GLOBAL SERVICES LTD
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
6,561
29,684
29,092
44,233
102,988
167,831
13,000
443,796
153,425
11,000
54,133
28,898
20,654
45,960
3,632
567,503
111,551
15,700
2,792
90,669
289,429
3,893
180,667
167,500
62,531
74,921
41,756
11,345
47,153
5,904
35,960
51
SHAREHOLDER
N° OF SHARES
43,480
NORTHERN TRUST
NORTHERN TRUST
CB LONDON
CB LONDON
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
CB LONDON
STATE STREET
STATE STREET
STATE STREET
STATE STREET
CITIBANK N.A.HONG KONG
STATE STREET
STATE STREET
98,901
65,271
1,035,979
102,158
8,496
352,906
102,064
71,030
6,679
109,257
53,140
113,368
12,146
108,294
304,199
14,876
5,081
28,705
10,396
3,291
45,706
51,567
286,338
62,433
1,928
285,297
106,334
25,043
62,656
46,998
411,400
52
SHAREHOLDER
N° OF SHARES
275,275
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
31,891
11,456
153,701
1,047,989
318,731
39,554
15,509
14,374
82,013
746,275
718,358
2,854,286
26,132
283,219
40,101
23,354
2,310,958
440,384
25,336
13,247
6,953
21,306
1,043,170
6,831
13,181
171,608
1,156,612
115,043
3,327
272,341
18,255
53
SHAREHOLDER
N° OF SHARES
23,289
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
37,742
221,442
144,611
30,550
57,702
44,955
The Secretary of the Assembly read the fifth item in the order of business.
5. GREETINGS OF THE PRESIDENT OF THE BOARD OF DIRECTORS AND READING OF THE
REPORT BY THE BOARD CONCERNING THEIR OPERATIONS
Doctor Santiago Montenegro Trujillo, in his capacity as President of the Board of Directors, spoke to the
Assembly to give his greeting and read the report by the Board concerning their operations, in the
following terms:
In compliance with the Social Statutes and in the Code of Good Governance, and as President of the
Board of Directors of Interconexión Eléctrica S. A. E.S.P. –ISA–, I present to you an executive summary
of the operations of the Board Of Directors for the period April 2015-March 2016, which you will find in a
more complete form in the Comprehensive Management Report. He stated to the shareholders that the
complete text of this report is part of the package of information given out at the door. In addition, it can
be consulted on the ISA web page. www.isa.co
Composition of the ISA Board of Directors
Composition of the Board of Directors
The ISA Board of Directors is elected annually in the General Shareholders Assembly and is made up
of 9 principal members, of whom five are independent, according to the provisions of Law 964 of 2005
and the Company Code of Good Governance.
For the nomination of candidates to form the Board and seeking a reasonable balance, complementarity
and diversity, in the interests of proper performance, taking into account that applicants are not involved
in any disqualifications and incompatibilities of legal character and that they have sufficient availability,
knowledge, experience, educational background, qualities, skills, and independent judgement to be a
candidate to be member of the Board. The principles applied in the nomination of the best candidates to
form the Board of ISA and the knowledge and experience required to ensure its effective functioning
and contribution to achieving the objectives set out in the Board Succession Policy.
The formation and attendance of the Board of Directors was as follows:
54
COMPOSITION OF THE ISA BOARD OF DIRECTORS
M em b ers
Ministry of Mines and Energy
Nom in ated b y
Atten d an c e
( 15m eetin g s)
Ministry of Mines and Energy
13
Ministry of Finance and Public Credit
12
14
Carlos Mario Giraldo Moreno (*)
14
Carlos Felipe Londoño Álvarez(**)
11
Jesús Aristizábal Guevara (*)
Empresas Públicas de Medellín
15
Henry Medina González (*)
ECOPETROL
15
Santiago Montenegro Trujillo (*)
Pension and Severance Funds
14
Camilo Zea Gómez (*)
Pension and Severance Funds
15
Minister
Vice Minister
Director of Public Credit and National Treasury
(*) Independent members, in accordance with the Code of Good Governance and Law 964 of 2005.
(**) Carlos Felipe Alvarez Londoño was elected In the Extraordinary General Meeting of Shareholders held on July 13, 2015
replacing Gibsone Bernardo Vargas, who was named president of ISA.
The following members of the Board hold public positions within the central administration, and
therefore have a relationship with the Nation, the majority shareholder of ISA:
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Minister of Mines and Energy.
Vice Minister General of the Ministry of Finance and Public Credit
Director General of Public Credit and National Treasury of the Ministry of Finance and Public
Credit.
During the period April 2015 - March 2016, the Board met on 15 occasions, 12 regular sessions, two
extraordinary sessions and a written ballot.
The Board, in session 759 of 24 April 2015, appointed as its president Santiago Montenegro Trujillo, an
independent member.
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At meetings of the Board priority was given to issues related to comprehensive risk management,
corporate strategy, sustainability, financial results, share performance, growth opportunities,
management of human resources and remuneration, among others.
When the Board members felt that there could be a conflict of interest in a specific subject matter
discussed, they expressed this to others and abstained from participating in the discussion and
decision, withdrawing temporarily from the room where the Board as deliberated and decided on the
subject. No permanent conflicts of interest were presented during the period.
Board of Directors Committees
According to the Regulations of the Board, in ISA the Board Committee and Corporate Governance
Committee, the Business Committee and the Corporate Audit Committee work institutionally.
Board and Corporate Governance Committee:
Has among its main responsibilities to accompany the Administration on strategic issues, sustainability,
risk, human talent and matters regarding corporate governance reforms to the bylaws and recommend
on the appointment and remuneration of the members of the Board and Senior Management; and to
ensure compliance with the Code of Good Governance, the framework for action and assess the
President of the Company. They met on 12 occasions in 2015.
Business Committee:
Their role is to analyze, make recommendations or decide on investment initiatives considered in the
ISA and its companies’ growth strategy, as well as to monitor the running of the business. They met on
six occasions in 2015.
Corporate Audit Committee:
This is the advisor and facilitator of the internal control body and its role is to ensure that the
Organization has an effective system of corporate control, including evaluation of accounting
procedures, the relationship with the Auditor, the audit management system risks, among others. Their
recommendations are related to the improvement of controls on governance, administrative, financial,
technical and computer issues as well as ethical management and the management system for money
laundering and terrorist financing risks. They met on seven occasions in 2015.
Board of Directors Remuneration
The Board Remuneration Policy approved by the General Assembly of Shareholders and published on
the website, establishes the criteria for adequate remuneration of its members and it is the Ordinary
General Meeting of Shareholders which approves the fees expressed each year in terms of Tax Value
Units -UVT-, consistent with the duties and responsibilities of the members, characteristics of the
Company, among other criteria. ISA does not use special mechanisms of payment or payment in
shares of the Company to members of the Board and the negotiation of these shares must be
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authorized by the Board. For attending meetings of Board and its committees, the members received in
2015 a payment equivalent to 103 UVT per meeting.
Evaluation of the Board of Directors
The Company conducts an annual evaluation of the Board to measure its effectiveness as a collegiate
body, and complying with the recommendation of best practices in this field, to alternate between
methodologies such as self-assessment and evaluation by external consultants, in 2015 applying a
qualitative self-assessment. With a sample of eight people the following results were obtained:
Individual performance of the members of the Board of Directors, 92%
Individual performance of the committee members, 94%
Group performance of the Board of Directors, 93%
Group committee performance, 94%
Administration performance and participation, 87%
On individual performance attendance, impartial and objective contributions to discussions, commitment
and contribution to the achievement of business strategy, the commitment to not disclose privileged
information and refrain from engaging in conflict of interest stand out as strengths.
As for the group performance the right balance of skills, experience and knowledge of its members is
highlighted; decision making with full knowledge and independence of the administration; open, honest
and productive dialogue between members of the Board and the Administration; spaces suitable for the
participation of independent people; and commitment to fulfilling commitments to stakeholders. Also
how the Board works diligently to develop its strategy and promote better performance, always
supported by its Board committees.
In 2014 an evaluation was performed with an external consultant (Spencer Stuart), who presented a
series of recommendations to improve the effectiveness of the Board; the main measures implemented
in 2015 are highlighted:
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The composition of the Board of nine core members and no alternates.
The appointment as chairmen of committees of independent Board members.
Active participation in the construction of agendas by the presidents of the Board and
committees.
The greatest importance was given to the issue of human resources in the Corporate
Governance Board Committee.
The appointment of the Internal Auditor by the President of the Company, based on the
recommendation of the Audit Committee.
Publication of succession policies of the Board of Directors and the Auditor.
Evaluation of the President of ISA
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The Committee of Board of Directors and Corporate Governance Committee at its meeting on 26
February 2016 evaluated the President of ISA:
"The evaluation considered various aspects comprising their responsibility in guiding the business
group. Significantly, these results are the product of the management of two presidents, doctors Luis
Fernando Alarcon Mantilla and Bernardo Vargas Gibsone, who from a coordinated transition quickly
ensured that the results were effective and valueable for all interest groups. It is important to highlight
the participation of Mr. César Ramírez Rojas, who was responsible for the general management of the
Company, maintaining a stable organization and with positive results.
Bernardo Vargas has given continuity to the strategic direction of the organization. He undertook a
process of strategic planning with the Board, beginning to implement a series of complementary
measures that meet the demands that the Latin American environment demands today, an area in
which our businesses are currently operating.
The Committee welcomed the soundness of financial results, the main indicators showing a higher than
budgeted result. Net income grew by 38% over the previous year and has a budget compliance of
108%.
EBITDA margin, operating and net indicators also had outstanding increases; operating income
achieved a result of 97% (25% more than in 2014). Costs and operating expenses were 89% fulfilled
(compared with 25% of the previous year).
Likewise, progress is highlighted in the implementation of the ISA 2020 strategy, which had an
additional complementary approach to promote sustainable growth performance in ISA. This action led
to the creation of new scenarios of action, new businesses and two vice chairs, Growth and Business
Development and Institutional Relationship.
Also outstanding is the result of the evaluation of organizational climate, which was an improvement
over the previous year. The power to convene, generating opportunities for joint construction and
willingness to listen associated with inspirational leadership is highlighted; especially in a period of
transition and change of "command" in the direction of the Company. Organizational culture is
undergoing a transformation towards strengthening collaborative networks, a feature that helps achieve
joint results.
In short, the strength of the consolidated financial results of 2015, progress in implementing the
strategic plan, the new vision of business development and management of organizational climate
illustrate the managerial capacity, focus on achievement, strategic vision and leadership of Dr. Vargas
who with energy, effort and commitment assumed responsibility for directing the business group.
Finally, the management team management, a group of people who are characterized by commitment,
dedication and sense of responsibility to contribute effectively to the achievement of the objectives set is
appreciated.
Thank You
Santiago Montenegro T.
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President of the Board of Directors (Signed)"
The Secretary of the Assembly read the sixth item on the order of business.
6. INTEGRATED MANAGEMENT REPORT, 2015
Then Dr. Bernardo Vargas Gibsone, President of the company, presented the 2015 Comprehensive
Management Report in the following terms:
Mr. President of the Board of Directors of ISA, Dr. Santiago Montenegro Trujillo, members of the Board
of ISA, ISA Madam Secretary General, Dr. Sonia Abuchar German, shareholders, colleagues,
collaborators of ISA and its companies, gentlemen journalists, ladies and gentlemen, for me is a great
honor to be here today in front of you to present my first annual report, which actually as Dr.
Montenegro highlighted, refers only to the management carried out from July, the month in which I
joined as Chairman of the Company. What I have to tell you, is the result of not only what has happened
this year, but also to illustrate how the Company is made up, what is happening in our business, the
challenges that lie ahead and to look a little into the future.
The first thing I want to emphasize is that the presentation this year will be a little more schematic, a
little more visual and hopefully more informative for shareholders, because our commitment is to show a
transparent company and a company where you increasingly acquire more knowledge.There is nothing
more important than giving our shareholders a better understanding of our company and this remains a
very clear idea of where we are going. And for that, I wanted to start with the postulation of Vision and
Mission: The postulation of Vision and Mission in companies sometimes becomes a formality,
sometimes becomes a course of operation made by boards, made by interest groups that is often
stored away and is dusted off only in particular instances.
What I want to do today is to show that we are well aware that our Mission and Vision consolidates
promises and commitments and that each of those promises and commitments we acquire with you are
put into practice every day that we get up to work in this company. For this reason I emphasized that
this Mission and Vision has some benchmarks that I want to highlight initially and then will explain in
detail.The first has to do with the results, which as stated in the vision refers to the expectation for 2020,
where the expectation is to multiply these by 3. A demanding proposition, an ambitious proposition, but
it is of no use to us to grow in revenue, if we do not do it profitably. Growth alone does not interest us
and obviously a company that today earns about 70% of its revenues from countries other than
Colombia requires us to have a very accurate view of the structure of our Portfolio. And then the
Mission. The Mission speaks of the points that are for us fundamental, the points that move us and the
first of these concerns our people.People who have worked in the trenches of Colombia and other
countries, honest people, committed people, people with ethical principles, hard-working people,
Colombian people but also Peruvian, Chilean, Bolivian, Brazilian people, who are directed by a
Colombian company and obviously give value to you, the shareholders. If we do not achieve it this way,
we are not fulfilling our mission and finally, and not because it is the least important, it may be the most
important, is that we are committed with sustainable growth, we are committed to our communities, we
are committed to our society and the societies in which we participate.
According to this thinking the next slide shows me the starting point of the Vision of where we are going,
where we are at the end of 2015 which is what motivates us today and how you see it, to use the
colloquial term. "As we are doing, we are doing well".This year we earned 2.6 times the 2012 profits we
wanted to multiply by three. Here I must say that I send a signal of great satisfaction. This has been the
result of hard work, dedication, great commitment and the profound vision of my predecessor and
predecessors; a clear vision of shaping the Company and lots of courage for international growth shown
by my predecessors, who I am honoured to represent today. But the future, ladies and gentlemen, will
not necessarily enjoy the calm seas and tailwinds of previous years. Until 2014 Latin America saw years
of growth in commodity prices in countries that export them and they have had a major boom. These
past years will not necessarily be the same in the future, we see dark clouds in all countries region, and
59
we see difficulties ahead. We are confident that we will face them as effectively as we have in the past,
but I want to make that very clear to you.
The next slide speaks to me of profitability. As I was telling you, we are interested in growth, but we
want to grow profitably. As we are doing, we are doing well after that big blip we had in 2012 and 2013
related to events in Brazil. We are back on track and above all, return to equity, which is illustrated in
the light blue line below, shows that from the point of view of our effort to make profitable investments,
we are achieving this effectively. We have almost doubled the return on our equity from 2012 to 2015
and that to me is also a reason to feel proud today. To tell you today that we are growing, we will see
how we are accomplishing this, and assure you that we are doing so profitably.
And. I should also mention that it is important to say, we monitor these numbers that you saw in the
previous slide. Not only to see how we are doing in absolute terms, but we measure them against our
competitors. We measure ourselves against those with whom we compete with and the numbers that I
have in front of me, I would like to announce that I have compared these with all the companies against
whom we compete, who are not national leaders but regional leaders and in many cases global leaders.
We have competitive profit rates which allow us to know that this company, that represents you, is a
company that outgrew this country and is a company that has to behave like global leaders in those
sectors in which we are present. And we are doing very well among the companies which transport
energy. We have a return on equity of 16% on average against an international benchmark of
companies from many countries, including European companies that are at 13.8%. I could continue
giving you comparative details, but this would take a lot of time. I would like to assure you that we
measure up to the others, that the way we measure ourselves is not only to see that each year we try to
do better, but rather that we do it better, against the best players on the planet.
And we continue, I was telling you in the Mission for this Administration, for the team that accompanies
me, for our Board of Directors, for our shareholders, Human Talent is central to us and we are very
focused on developing it. But once again, words are easy to say, if they do not have concrete acts that
back them up, that prove their worth. Last year, in 2015, ISA Group received the Portafolio Prize, that
you will recognize as one of the most important prizes given to companies in this country as leaders in
human resource management. This, ladies and gentlemen, is a mixed capital company, but this does
not mean we do not compete against private companies, the best in the country, and we are being
rewarded for this. With this, ladies and gentlemen shareholders, we are showing you that what we
promise we deliver, that what we tell you about our people and the talent is not mere talk and that we
know that the results that we are showing you today are the product of the people who work in ISA.
This point, as the previous points, supposedly the satisfaction because I would like to take a moment to
illustrate to you a bit of what this means. The Dow Jones sustainability Index, mentioned here, is an
index that evaluates performance in terms of sustainability of 2,500 companies that are listed in the total
global index of the Dow Jones stock market. This is a measure of the best companies in the world,
whatever is listed in this index is because they represent only the best companies, as only 10% of the
best companies by industry in world categories, 20% regionally, 30% in country indexes and 10% in
emerging markets. What does this mean? That globally there are only 149 companies included in this
index and in the sector of companies who provide services such as ISA, only 3 are in the business of
electricity transmission: Red Eléctrica from Spain, Terna from Brazil and ISA. From a total of 36
companies in the electricity sector in the emerging countries category, only 5 companies are listed in the
index in 2015. One of these was ISA, and here we are once again making through what we have been
promising you. We are on the job, we are doing well, and the fact that we are included in this index
underlines our responsibility to the environment, communities, people, our staff, and frankly this fills me
with pride.
And we continue with good news: ISA obtained in the transparency measurement for 2015, in this year
where there are so many scandals regarding the lack of transparency in many countries across the
globe and the region, ISA Group, for this concept, in this category, obtained one hundred points,
60
exceeding by eighteen points the average of the gas and energy sector and also obtaining the highest
rating in the history of this group. This was achieved because the group focuses on encouraging areas
of effective interaction with all of its interest groups showing that what we do is open to scrutiny by all of
our interest groups and we are interested in showing this because we display it with pride and
responsibility. The transparency report for Colombia highlights that the company stands out among
other things for supplying clear, timely and trustworthy information and developing Good Corporate
Governance practices. This guides the company in taking ethical decisions and maintaining clear
guidelines with its interest groups which leads to relationships of trust. If there is no trust in the
company, between its administrators, and it other interest groups, they will not believe in what three
thousand eight hundred employees are doing with the sweat of their brow everyday. Additionally, and
this point is very relevant, ladies and gentlemen for a mixed capital company ISA received from the
Agenda Foundation Sustainable Leaders 2020, Alas20 in the category of leading company in Corporate
Governance, recognition as the best company in Colombia. We were competing, ladies and gentlemen,
with the best companies in Corporate Governance, and what you see today is a dialogue with the Board
of Directors allowing the Administration to improve and clarifying the manner in which it interacts with
the remaining interest groups. In addition, we were once again nominated as leaders for sustainability,
and as a leader in investor relations and other distinctions granted by Alas20. Here, as you can see,
leading companies in this country are also recognized and only last year ISA was recognized once
again.
What I am trying to say with all of this is that our Mission and Vision are present here in the minds of
everyone, my friends, and company colleagues in their daily work, to which they arrive with gratitude,
humility and pride every day, and that is what wins us these awards.
You may ask me "all of this Mission and Vision is very well, but what does it lead to?" Where are we?
What are we doing? We are on the way. Let's see what we're doing in business:
ISA Group's primary business has to do with, or better yet, a description of ISA business is what I have
already mentioned: ISA is a Colombian Company, today a multi Latin leader. This means that our
investment presence in the Latin American region is possibly one of the largest of any company that
invests in the region. You are aware that the world today is a globalized world, companies have the
obligation to diversify their risk between countries and businesses so that the risk to their shareholders
is reduced by that diversification and they may obtain better results. Thanks to the courage, and the
vision of my predecessors and the people who have worked so hard, ISA today is one of the best Latin
American leading companies with 33 subsidiaries in the country's shown on this slide. We are in Central
America, in Bolivia, I think it is best to tell you where we are not present, because it will take less time...
We are not in Venezuela, we are not in the North Caribbean countries, we are not in Paraguay, we're
not in Uruguay, but we are present everywhere else. As I said a moment ago, this is very good from the
point of view that we have diversified our risks effectively which has translated into results. When large
risks in regulation or government decisions appear in Brazil, we match them with good results in
Colombia and Peru. When risks appear in Chile, we are diversifying in Colombia. When, for example,
the risk rating in Brazil is lowered, we are in Chile which has a double A rating. This is a subject of
sensible, planned construction. This is not improvisation, ladies and gentlemen, and this is what is
shown by the results we are looking at today
But obviously I have to highlight and I do so with great pride, especially, after the 3 -1. ISA is a company
of Colombian origin. We show it, we say it, would represented with pride in the countries where we
operate. In Colombia the from the perspective of our operational commitment, as we shall see further
along, we are clear leaders in what we do and above all we are responsible for making what we do in
Colombia a central part of the development of this country. This we do with responsibility and we never
forget this: we know that this is the country that gave us our birth and this is the country to which we
owe all of our effort and which makes us so proud. How wonderful ladies and gentlemen it is for me
when I represent in the countries where we operate a Colombian company of the caliber of ISA. It’s a
source of immense pride for me. Nowadays, nonetheless, Colombia only represents 30% of the total
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income for the Group, which once again gives us that energy to diversify which is so important from the
point of view of risk management.
Electricity transportation is our main business; that's where we were born, that's where we grew up.
There are those I called heroes, my colleagues would have worked for over 30 years in the company,
30 years that remind me that when the electricity law of 1992, 1993 gave birth to a company focussed
only on transmission, told us "no, a company that only transmits electricity will not do well. you haven't
got much room to grow." well, we have proved them wrong, and I do not desist or tire of repeating this
Thanks to the talent, clarity and courage of my predecessors who are also heroes today we remain
leaders in the transport of electricity in Colombia as shown before. But today we have 41,885 kilometres
in high voltage transmission lines. I don't know if you are aware that the circumference of the planet
earth is 40,075 kilometers. If we were to extend ISA lines end we would go round more than once. And
that is not a number, it not a figure, it is that behind 41,000 kilometers of line there are engineers who
are in the trenches, which are in places difficult to reach for reasons of public order. There are
engineers who have spent many years there who are deeply knowledgeable of what we do. I would like
to tell you an anecdote that fills me with pride. Nowadays ISA's internal staff are teachers in the subject
of technical electricity transportation to the new people coming in and people from other companies.
Why? Our responsibility is that as regards education of the new people we attract the best talent to
which we have access in Colombia or in other countries. And we do this, we search diligently. But what
can we conclude from this? That the best talent is in ISA and there is nothing better than having them
teach us, but we also have a capacity of 80,000 MVA in the region and this business gives us current
revenues of 3.8 billion pesos.
When I was a member of the Board of ISA, they would tell me, listen, that's kind of boring, because that
whole transmission lines thing... There's nothing more exciting than sitting with lines engineers and
talking about innovation, issues that they themselves detect from the technical point of view or what
they do, talking about communities and talking about environment. Trust before Easter I was visiting ISA
companies in Peru and wish you could go see what I saw there. We went to some Company lines in the
poorest area of Lima, through which a high-voltage ISA passes through. ISA has developed 1.5
kilometers of land below the line for organic allotments that are managed by communities that have
taken charge of what they do. They produce their own food and sell the surplus and in many cases earn
their livelihood in this task. Poor people, but committed people, people who are clear in concepts that
are considered advanced today and understand the concept of organic food, the concept of healthy
eating. This is what this group is doing and this is what the electricity transport people are doing, these
engineers invented this, because these engineers that are on the lines realize that what they do is not in
favor of earning a wage, but in favor of the communities they serve- This is the spirit of this company,
this is what those of us who work here believe in.
I'm a bit embarrassed about my enthusiasm, it's just that every time I passed I like it more than the
time before.What this means I will show you right now: ISA is not only committed to building these
lines, it is committed to maintaining and sustaining them so that they are reliable. I gain nothing having a
power line, if it is not reliable. And on that point, which is critical, especially now in times of stress in
electrical sectors such as Colombia, ISA reliability not only in Colombia but also in other countries, far
exceeds the mandatory regulation limits, and also more than surpasses those of our competitors. The
number that is there is a number that I want to keep it in mind, in your memory. The average availability
in all 41,000 kilometers of Group lines is 99.86. In Colombia it is 99.9, in Peru we are at 99.75 in Brazil
we are at 99.96. If I compare this with my competitors, if I compare this with the best in the world,
National Greed in the UK is at 94.09, Not only are we comparing ourselves in financial issues but also in
technical and operational matters, comparing ourselves with the best because obviously we have some
regulatory challenges we have overcome, but we also have strong challengers with whom compete
globally.
And here I want to emphasize something that I mentioned, 41,000 kilometers of line, but what is coming
is that in 2015 we completed 340 kilometers, you will say, that's very little, very little, but look what is
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coming in projects under construction, we have 4,500 kilometers of line and we won in tenders in 2015
1,080 additional kilometers, we remain committed to this sector, we are good at it, we are global leaders
doing it and we have to keep doing it and doing it well, while doing it profitably, and there are other
numbers; and obviously the numbers that I want to also highlight is that the challenges of this group in
the years ahead are huge because what we have under construction commits resources for more than
2.5 billion US dollars and what we won in the past year alone is 770 million, in the context of a region
with great challenges, economic challenges, political challenges, and we have to be very aware of them
and obviously you, our shareholders, also be aware, for the coming years are years of great challenges.
The second business I want to highlight is telecommunications transport: 15 years ago the average
period of obsolescence of a company was more than 50 years. This means that an average company
had 50 years to reinvent itself and not lose its market position and become obsolete. Today this is
closer to 15 years and in telecommunications operations such as INTERNEXA this is closer to 10, and
some even say less. This means that if you are not on the ball, that if you are not reinventing yourself,
everything you have made an effort to do becomes obsolete. The telecommunications area of the ISA
Group has been in operation for more than 15 years but we are clear that if we do not pinch ourselves
and we're not clear about what we are doing there, we may become obsolete and we are making every
effort to ensure that this does not happen.
I must say that there are important changes in this business. Dr. Jaime Peláez has arrived as the new
President of the Telecommunications Business. He is from Antioquia and one of the most
knowledgeable businessmen in this sector in the country and the region, as of tomorrow, is at the helm
of this company's destiny. We have high hopes that this continues, but also a little bit of a message is
that we are on the ball to be sure that our company does not become obsolete.
The following Business I want to emphasize, is the business of highway concessions where we are
leaders, characteristic for most of our businesses.In this business we are not builders, nor do we have a
vocation in construction. We are concessionaires. In concessions as concessionaires we are the largest
toll collectors in Chile, collecting tolls on highways and the major highways in the south of Chile. As you
can see today this represents more than a billion pesos in group income, to 1095 billion pesos. In this
business we manage 293 bridges, we have tolls throughout Chile and 900 kilometers of roads. This is
an interesting business it gives us good returns and is a business where we will be very present looking
at opportunities for growth.
XMT is a leading company in this sector in Colombia. This company has established a presence in the
media market recently, taking on his responsibility managing the resources of the National
Interconnection System and Administrator of the Global Energy Market responsibly and seriously. In
addition, this company with its experience in high technology for pursues business in Medellín in
mobility matters as well as having a participation in companies like The Central Risks Chamber and
Derivex.
And now we passd to the biggest thing of all, from the 33,000 m height so that you can see that
although our Vision and Mission That looks like 30,000, we have it well grounded and we are following it
phrase by phrase and each phrase we are doing what we say we will do.
Then we look at: where we
are in business? Why are we here? What is happening in the different businesses? Let's take a look at
what this represents in terms that you like, cash. Net profit for the Group in 2015 reached a historic point
of $701,548 million with an important change compared with the previous year. We are full of pride also
because we are passing through a difficult moment in time and we are earning very positive profits.
The year that we are reporting today, and the financial statements that you will approved today, are the
first financial statements published according to the international accounting rules, which as you know,
are currently the standard for all businesses and on which we have been working for years. Starting in
2014 we already started publishing parallel analysis and we are obviously complying with all of the
requirements of international accounting standards-
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We can look at the profits for the consolidated results for 2015. You can also see a comparison with the
year 2014. We show an important improvement in all of the different areas and what this gives us today
is a company with over 28,000 million pesos in assets.
This represents an increase of 25 % in operating income. we see that Colombia had a very important
role even with 32%. As I said before, Brazil and Peru remain central parts of our diversification. Chile is
growing and in income we are achieving something that is very important in terms of diversification in
that one can be very diversified but if revenues are concentrated in one part, well, it loses the effect of
diversification. What this shows is that our diversification plan is being fulfilled from the point of view of
size, representing the following income.
Last year we had a big increase in expenses, to be honest we grew 16.2% compared with the year
before which was 20.2% We are very careful with the matter of expenses. I believe that the history of
the company shows nothing but diligence in handling this subject and with the exception of a very few
particular expressions from 2015 concerning an important devaluation and tax increase, the matter of
expenses is typically a subject which we handle very well.
The Company EBITDA margin is 54. This is a very interesting margin and it makes us proud to be
meeting these margins. We are in step with what we have seen and it is important to note that this issue
has an impact involving what I mentioned before the introduction of IFRS. Expenses rose more owing to
IFRS and owing to issues like devaluation and other things in EBITDA, if we remove that component
would be at levels of 64.6% and 62.2% in 2014. We are increasing the EBITDA, we are holding up, but
you who are versed in the subject understand that from the point of view of EBITDA levels this is a very
healthy company with a very interesting return.
Financial expenses rebounded significantly. Remember the graph showing the constructive demands
we face in the coming years, which is what we earned in year 15 and what we are building. Obviously
having 4,500 kilometers of construction requires funding and obviously this upturn reflects that the
funding that pushes this growth has additional costs. For this reason I told you that these years under
construction which will be 2016, 2017, 2018, are years of great care from the point of view of protecting
our portfolio.
In taxes, you know that last year all companies paid the CREE surtax and in Chile the tax rate rose from
20% to 27%, this also shows a significant increase in the tax issue.
Nonetheless, our net margin is a very healthy margin of over 13% and our net profit has grown by
37.6%
If we achieved sustained growth in profit and if we grow coherently and profit with what we are doing,
this is what justifies we want to highlight today, that this is a company that thinks a lot about how to
operate profitably.
This is a very asset heavy company. A Company with $28,113 thousand million in assets is a very big
company in this respect. The countries with the greatest growth last year were Chile. In Chile we are
building a 1000 km line in the north of Chile, a high tension line. We are growing in highways. And Peru
(we are building a line, the Mantaro - Montalvo line. As well as being a large responsibility in terms of
investment, it is also very demanding in engineering terms as it crosses mountains over 4500 m high
presenting particular challenges in construction at these heights.)
As regards debt, we have to finance ourselves in order to grow. In general we get the best financial
terms in the market compared with our competitors and we look responsibly at where we are because
these comparisons of debt over EBITDA of interest are always compared with our competitors. At times
like these will we are making large investments in Peru, Chile and Columbia, these indexes rise always
controlled and supervised by our lenders and are qualifying agencies. These helpers monitor where we
are hitting in this matter and they are completely confident with our financial management and that our
debt is comprehensively handled according to global standards for debt management.
64
These are the individual financial statements for ISA which will be subject to approval. These are the
documents we have given you.
Let's move on to share performance, as you have seen and suffered as shareholders. The share has
had big ups and downs in 2015, and in that year it had some important falls, which in my judgment does
not represent the development of the Company. It makes no sense that a Company that today trades
more or less at $8700 could have fallen to almost $6400 in the year of best results and profit. This
happened because the international and Colombian markets and in particular the Latin American
market suffered strong downturns where ISA defended itself very well. That pleases me a lot because it
means that if you own shares in ISA or shares in other companies in the market on average in Colombia
you did better with the ISA shares than with the other shares on the market.
Despite the fact that there are companies that did better than ISA we did much better than the index and
better than the majority of the shares that are traded in the Colombian market
. Finally I would like to leave with you a few quick and clear messages.
In 2015 we had historic results from the profit point of view and from the operational point of view. This
reaffirms our commitment with you, our shareholders, and reaffirms that the goals assigned by this
group are serious goals, goals that we respect and goals that we achieve. We have consolidated our
goals and our presence as a leader in Latin America. We want to carry on doing this, it protects us, it
helps us to grow and it consolidates us from the point of view of lower risk. Obviously our commitment is
with our people, it is with my colleagues, it is with them, because they represent the results which I
present to you with great pride today
But. What challenges face us? What clouds do we see on the horizon? I have already mentioned them
but I want to make it very clear to you, the economies where we operate, in the entire region, are
undergoing political and economic moments more difficult than any we have seen for the past ten or
twelve years. We are sure that we will be able to manage affairs properly, but these will be difficult
years. We need resources to face up to them, we need to continue with our profitability and not that is
affected by issues that are many times apart from our interests. Devaluations, taxes and other such
matters, and clearly one of those big challenges is a complex regulatory environment in Colombia. In
other countries this places obstacles in our way and on which we will defend ourselves rigorously, but
the following years will be difficult and I appreciated that you follow us, and are aware of this, supporting
us with ideas and commitment.
Dear shareholders, members of the Board of Directors, suppliers, clients, people from other countries,
states and team members, to all of you I personally owe you a big big thank you.
Thank you very much.
Mr. Iván Jukopila, representative of Caxdac, with the following questions:
1. Concerning MEGA, with the strategic objectives of increasing profit, we can see that the company
has achieved this indicator. I asked for details of a breakdown in the profits because as the president
mentioned, last year was characterized by inflationary phenomena and devaluation in the countries
where ISA is present, which has an impact on the results for Latin American companies. At this moment
we may think that these movements favor us but they are not permanent and in future there may be a
contingency if these currencies flip.
2. As regards Brazil, when the company was diversified the goal was that the majority of income should
be generated outside of Colombia and Brazil was viewed as the principal objective. Today our country
65
is in a somewhat complicated situation, but you'll understand that the company has a vocation of
permanence despite the adversities and without a degree of investment that may take years to
recuperate.Therefore the question is if it is the vocation of ISA to remain there despite the difficulties?
3. Another important subject that you mentioned is innovation. The company has more than 40,000 km
of lines and at this time it is not unknown in the electricity generation market market to have new
resources or mechanisms such as solar energy, and I cannot see how the ISA network fits in with these
new generation schemes. There is also talk of new tendencies in micro electricity. How does ISA’s
strategic vision in this scenario where obsolescence has been reduced from 50 to 15 years? How will
we see ourselves in 20 years with new electricity technology?
4. A summary of the impact of change owing to international standards of financial information (NIF) in
the company.
The President of the Society, Dr. Bernardo Vargas replied:
1. The subject of large changes in exchange rates having to do with devaluation and inflation are
subjects that we look at very closely. But I will tell you one thing that has been very important this
year and that has to do with the manner in which the company acquires debt. This year all of the
countries in the region suffered very large devaluations in their currencies. The devaluation in
Colombia, Brazil, Chile and Peru was important and what we tried to do there was, with a great
deal of diligence, attempt that the greater part of exposure be covered naturally, that the greatest
part of our income and outflow be covered naturally. This implies financing in the same countries,
where our income is in local currency or dollars when our income is in dollars. This which has
been a strategy planned throughout the years certainly bore fruit this year, because we managed
to make the impact of the devaluation on our results marginal. The same happened with the
inflationary tendencies and of course what the shareholder mentions concerning the NIF, this had
an impact that we are willing to share with you, particularly with the person asking the question, in
a much more detailed manner which I suggest not delving into at the moment given the context of
the meeting.
2. Brazil is today an object of important investment for this company. It is an object in that
historically it has been very important in times when it has given us a great deal of income and in
others for changes in regulations which have affected us deeply. It is important to understand that
in Brazil, where we are primarily transmitters of electricity we are committed to 30 year contracts,
a few of them with a profit margin that we wish were higher, but in others with positive profit
margins. To think of leaving a country in the short term when one is committed to businesses of
30 years has repercussions which must be analyzed carefully. We look at all geographies, as we
do in Brazil and are very careful to ensure that new investments will only be made in a very
particular context, understanding the problems of Brazil. But I put it another way: since we have
this investment in guaranteed long-term contracts and since the country rating declined, some
may see these as the major challenges that they are. But very interesting opportunities can also
present themselves for people who already know the country they are in. They. Have Brazilian
teams running it and therefore our portfolio management requires us to be present there.
Therefore we are looking at Brazil with great caution: the political issue and the economic issue
that involves Brazil is not to be underestimated and we are doing it with a lot of responsibility.
66
However we are also looking to see if special opportunities justify looking at a country that we
already know. We already paid the admission price a long time ago, and making a drastic
decision to leave would be much worse than staying there and looking at it with the the
responsibility that we look at our investments.
3. Innovation is a very good question that is related to the subject of obsolescence that I mentioned
in the presentation. We are committed to a global context and we must behave as such. As
regards innovation we are in conversation with the MIT labs in Boston, possibly the most
important lab for innovation in materials on earth. We are in conversations with them to ensure
that together we will be up to date on future developments in development of nanotechnology in
materials. In our technical departments we have innovation teams dedicated only to thinking of
this, and we are committed to a process of asset management, in a company that is asset heavy,
to manage them better. This helps us from the point of view of processes and materials in order
to be prepared in the field of innovation. We are also committed to new technologies. We have
had advanced meetings and gained profound knowledge of the alternatives to respond to
demand, which are alternatives that today are clearly focused on the future between experts in
the electricity sector.We are also looking at regulatory matters, which are associated with the
response to demand. We are sending regulatory messages to the Colombian authorities and also
to authorities in other countries, to allow that these responses to demand the favorably treated by
regulation.
Mr. Hernán Rivera intervened in the following terms:
I ask a user of transmission services why there is so much investment abroad and not in our own
country. This is the case which has been criticized of the utility companies.
Another query I have is why in the general shareholder meeting of another company, no dividends were
decreed? Was this company not regulated? This affects the shareholders directly, because their shares
are not profitable. Therefore I would like you to take into account the detail of nonpayment of dividend.
I answer to give certainty to the numbers. Over 400,000 million pesos are invested in Colombia. We
have a transmission line availability of over 99.9% and availability of lines is not achieved without
investment. We are totally committed, we are investing permanently and robustly thank God. Last year
we won several very important public tenders for the construction of high tension lines.
Mr. Ignacio José Arbeláez Restrepo intervened in the following terms:
In your last sentence of your presentation you mentioned a political challenge and I thought of the
recent sale of ISAGEN which was the child of ISA. In order that ISA not be sold like ISAGEN what
political challenge is forthcoming?
67
The political challenge that I mentioned has to do with the political atmosphere in Brazil, where there is
a great deal of instability that involves us owing to our presence in that market. In the remaining
countries we do not have any important political risk.
Immediately following, the President of the Assembly submitted the Comprehensive Management
Report for approval.
Approval
The Assembly approved the comprehensive management report by majority
SHAREHOLDER
N° OF SHARES
18,606
NORTHERN TRUST
MELLON BANK NY
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
23,598
72,079
17,751
1,044,047
61,199
71,270
12,838
332,289
2,505
3,746
2,057
637,886
163,795
32,392
78,828
6,230
7,793
4,648
1,859
33,950
897
68
SHAREHOLDER
N° OF SHARES
60,084
NORTHERN TRUST
MELLON BANK NY
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
1,434
53,684
209,989
23,391
197,539
10,206
359,492
15,403
29,684
43,480
102,158
102,064
113,368
62,433
285,297
106,334
411,400
275,275
153,701
718,358
2,854,286
26,132
283,219
23,354
2,310,958
440,384
25,336
6,953
21,306
1,043,170
6,831
69
The Secretary of Assembly reported that they would continue with item 7 on the order of business.
7. REPORT OF CORPORATE GOVERNANCE
GOOD GOVERNANCE CODE
COMPLIANCE AND DEVELOPMENT OF THE
Mr. Bernardo Vargas Gibsone, in his capacity as President of the Company, addressed the Assembly to
present the executive summary of the corporate governance report and compliance and development of
the Good Governance Code for the period April 2015-March 2016 approved by the ISA Board of
Directors in the following terms:
I hereby state to the shareholders that the complete text of this report is part of the information package
that was handed out at the door. In addition, this report was published on the ISA webpage www.isa.co
on March 18, 2006 for the corresponding consultation.
The Corporate Governance Report is issued in 4 parts: property structure, administration structure,
transactions with related parties, risk management and General Assembly of Shareholders.
Its is worth noting that with the issue of External Circular 028 of 2014 of the Financial Superintendency
of Colombia in which a Code of Better Corporate Governance Practices dubbed Country Code was
adopted, ISA voluntarily undertook a series of activities oriented towards the updating of its regulations
and corporate governance practices in order to comply with the highest standards in this matter,
considering its nature and legal structure and nature of business.
Among these, in the Ordinary General Assembly of Shareholders of March 27, 2015, the reforms to the
Social Statutes of the Company and the Policies for Succession and Remuneration of the Board of
Directors were approved.
For its part, the Board of Directors issued the regulatory agreements for the functioning of the Assembly
of Shareholders, the Board of Directors and Its Committees, approved the procedures for handling of
conflicts of interests of the members of the Board of Directors and remaining administrators in ISA,
along with the policy concerning the statutory auditor and/or external auditor with a scope comprising all
of the companies in the business group.
In January 2016 the Board of Directors approved the ISA NEW CODE OF GOOD CORPORATE
GOVERNANCE which compiles regulations and establishes practices for the adequate governance of
the Company, which is characterized by:
 Containing the most relevant aspects. For subjects regulated in other regulations a remission
is made with a link to the corporate web site
 Is friendly and easy to consult.
 Is dynamic and easily updated.
The Secretary of the Assembly read the sixteenth item on the order of business.
8. READING AND PRESENTATION OF THE CONSOLIDATED AN INDIVIDUAL FINANCIAL
STATEMENTS FOR ISA TO 31 DECEMBER 2015
The Secretary of the Assembly informed those present that the financial statements were at the
disposal of shareholders throughout the legal term, pursuant to the Code of Commerce and other
regulations concerning the right of inspection, by which an initiative presented by Maria Alejandra Gil
Duque, has been filed in the Secretary's Office as a representative of the shares belonging to Empresas
Públicas de Medellín.
The President requested that the proposal be read to be submitted to consideration of the Assembly.
The Secretary of the Assembly stated that the text of the proposal was the following:
70
Messrs:
THE GENERAL ASSEMBLY OF SHAREHOLDERS OF INTERCONEXIÓN ELÉCTRICA S.A. E.S.P
ISA S.A. E.S.PCity
–
Respected gentlemen:
Given that the ISA consolidated financial statements, the accounting books, and remaining documents
ordered by law, have been at the disposal of the shareholders, and that in addition we have also been
given the information contained in the ISA Financial Statements today to December 31, 2015, along
with the Notes to these Financial Statements, the report submitted by the Board of Directors, and the
report by the Statutory Auditor, I propose that the reading of it be omitted, because by doing so the
development of this Assembly would be prolonged and tedious.
Cordially,
Maria Alejandra Gil Duque
Shareholder representative of Empresas Públicas de Medellín E.S.P.”
Immediately following the consolidated financial statements to December 31, 2015 were transcribed.
Consolidated Statements of the Financial Situation
TO DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014
71
72
73
74
Consolidated Income Statements
FOR THE YEARS ENDING DECEMBER 31, 2015 AND 2014
75
76
Consolidated Cash Flow Statements
DECEMBER 2015 - DECEMBER 2014
CASH FLOW FROM OPERATIONS ACTIVITIES
2015
2014
Collection (causation) for compensation for NIF assets in CTEEP
401.475
Inventories
(61.172)
10.657
(111.334)
122.902
(60.280)
(373.785)
Deferred and other assets
Accounts payable and other liabilities
384.727
Labor liabilities
8.426
8.669
Estimated liabilities and provisions
1.720
(111.106)
Revenues to third parties
Minority interest
(30.273)
17.394
(211.929)
142.005
Cash flows in other operations:
Retirement pension payments
Tax payment
Net cash provided by operating activities
(8.084)
(13.485)
(502.850)
(325.029)
2.783.858
2.146.955
(36.051)
(110.542)
(797.228)
(222.581)
Cash flows from investing activities:
Variation of permanent investments
Sale of property, plant and equip
2.369
Acquisitions of intangible assets
Acquisition of property, plant and equipment
Net cash used in investing activities
(943.225)
(341.289)
(1.776.504)
(672.043)
Cash flows from financing activities:
Interest received in cash
111.596
19.281
Interest and fees paid in cash
(741.549)
(655.145)
Dividends paid in cash
(296..858)
(237.043)
77
Consolidated Change in Shareholders Equity Statement
FOR THE YEARS ENDING DECEMBER 31, 2015 AND 2014
78
The Presidency asked the Assembly if it approved the proposal presented concerning the omission of
the reading of the Consolidated Financial Statements to December 31, 2015 and the notes
accompanying these financial statements.
Approval
The Assembly approved the above proposal by majority.
SHAREHOLDER
No. OF SHARES
18,606
NORTHERN TRUST
NORTHERN TRUST
MELLON BANK NY
STATE STREET
STATE STREET
NORTHERN TRUST
STATE STREET
STATE STREET
STATE STREET
NORTHERN TRUST
STATE STREET
STATE STREET
STATE STREET
STATE STREET
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
STATE STREET
STATE STREET
MELLON BANK NY
STATE STREET
8,682
23,598
1,666,778
609,290
130,809
49,754
72,079
17,751
22,633
4,127
1,044,047
61,199
71,418
164,175
71,270
12,838
6,340
11,804
332,289
2,505
3,746
2,057
60,127
637,886
20,345
163,795
79
SHAREHOLDER
No. OF SHARES
32,392
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
NORTHERN TRUST
STATE STREET
STATE STREET
STATE STREET
STATE STREET
37,025
15,245
2,388
1,477
29,437
78,828
6,230
7,793
20,862
4,648
9,794
1,859
2,202
33,950
63,586
25,397
897
60,084
1,874
20,061
64,224
11,415
26,651
27,446
3,707
28,413
57,245
17,195
1,434
68,128
739,446
80
SHAREHOLDER
No. OF SHARES
52,858
103,479
650,894
3,460,881
53,684
23,748
41,597
92,232
209,989
41,562
12,408
22,923
5,504
23,391
197,539
29,282
29,502
5,260
10,206
5,722
287,765
359,492
451,998
15,403
919,380
349,055
313,901
7,401
288,564
6,048
121,821
118,354
81
SHAREHOLDER
No. OF SHARES
91,211
NORTHERN TRUST
MELLON BANK NY
STATE STREET
STATE STREET
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
48,814
27,087
70,701
49,217
8,067
8,448
50,202
19,431
6,836
9,046
22,059
6,561
29,684
29,092
44,233
102,988
167,831
13,000
443,796
153,425
11,000
54,133
28,898
20,654
45,960
3,632
567,503
111,551
15,700
2,792
90,669
82
SHAREHOLDER
No. OF SHARES
289,429
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
CB LONDON
CB LONDON
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
STATE STREET
STATE STREET
STATE STREET
STATE STREET
3,893
180,667
167,500
62,531
74,921
41,756
11,345
47,153
5,904
35,960
43,480
98,901
65,271
1,035,979
102,158
8,496
352,906
102,064
71,030
6,679
109,257
53,140
113,368
12,146
108,294
304,199
14,876
5,081
28,705
10,396
3,291
83
SHAREHOLDER
No. OF SHARES
45,706
STATE STREET
CB LONDON
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
51,567
286,338
62,433
1,928
285,297
106,334
25,043
62,656
46,998
411,400
275,275
31,891
11,456
153,701
1,047,989
318,731
39,554
15,509
14,374
82,013
746,275
718,358
2,854,286
26,132
283,219
40,101
23,354
2,310,958
440,384
25,336
13,247
84
SHAREHOLDER
No. OF SHARES
6,953
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
21,306
1,043,170
6,831
13,181
171,608
1,156,612
115,043
3,327
272,341
18,255
23,289
37,742
221,442
144,611
30,550
57,702
44,955
The Order of the Day continued and the Secretary of the Assembly read the ninth item on the order of
business.
9. READING OF THE STATUTORY AUDITOR'S REPORT
The President of the Assembly requested the Statutory Auditor Alba Lucia Guzmán Lugo, to read her
report concerning the individual and consolidated financial statements to December 31, 2015.
Ms. Alba Lucia Guzmán Lugo spoke to the Assembly in her condition as Statutory Auditor in the
following terms
Shareholders: I have audited the attached consolidated financial statements for Interconexión Eléctrica S.A. E.S.P.
and its subsidiaries, which include the consolidated financial situation statement to December 31, 2015 and the
corresponding consolidated statements for comprehensive results, changes in equity and cash flows for the year
ending on that date, and a summary of the significant accounting policies and other explanatory notes.
The Administration is responsible for the consolidated financial statements according to the accounting and
financial information regulations accepted in Colombia and adopted by the Accountant General of the Nation, to
design, implement and maintain the relevant internal control for the preparation and correct presentation of the
consolidated financial statements free from material mistakes, be these by fraud or error, to select and apply the
appropriate accounting policies and, establish reasonable accounting projections given the circumstances.
85
My responsibility is to express an opinion on the consolidated financial statements based on my audit. I obtained
the necessary information to comply with my functions and carried out my exam according to generally accepted
accounting regulations in Colombia. These requirements insist on compliance with ethical requirements, to plan and
carry out my audit in order to be reasonably sure that the consolidated financial statements are free from material
error.
An audit includes developing procedures to obtain the evidence of the audit which will support the figures and
revelations in the consolidated financial statements. The selected procedures depend on the auditor’s judgment,
including the evaluation of the risk of material mistakes in the financial statements. In the process of evaluating this
risks, the auditor considers the relevant internal controls for the preparation and presentation of the consolidated
financial statements, with the aim of designing audit procedures that are appropriate given the circumstances.
Likewise, it includes an evaluation of the accounting policies that have been adopted and estimations of importance
made by the Administration, along with the joint presentation of the consolidated financial statements. I consider
that my audit provides me a reasonable base to issue my opinion.
In my opinion, the attached consolidated financial statements reasonably present in all important aspects, the
financial situation of Interconexión Eléctrica S.A. E.S.P. and its subsidiaries to December 31, 2015. The results of
its operations and cash flows for the year ending on that date, pursuant to the accounting regulations and financial
information accepted in Colombia adopted by the Accountant General of the Nation.
As is indicated in note 8 the consolidated financial statements, CTEEP which is a subordinate of Interconexión
Eléctrica S.A. E.S.P. through ISA Capital do Brazil sustains before the Brazilian National electric energy agencyaneep a claim related to the indemnification of Assets Classified As Existing Service-SE on occasion of the renewal
in 2012 of the concession authorized by law 4783 of 2013 and technical note 402,013 by ANEEL. The result of the
valuation of the process presented by CTEEP in 2014 was approximately $4.2 billion (base value to 31 December
2012). On December 21, 2015, ANEEL Issued Order Number 4036/2015 with a new understanding of the value
that CTEEP must receive for the assets related to the SE for $3.1 billion (base value to December 31, 2012).
CTEEP continues to claim recognition of the smaller amount of approximately $1.1 billion through appeal. The
attached financial statements do not include adjustments related with this payment.
As is indicated in note 8 the consolidated financial statements, CTEEP which is a subordinate of Interconexión
Eléctrica S.A. E.S.P. through ISA Capital do Brazil has a net balance of accounts receivable registered in the state
of São Paulo for approximately $7 79.072, related with the impacts of Law 4819 of 1958 that granted employees of
the state under the control of the state of São Paulo, benefits already granted to other public service. CTEEP has
performed judicial management with the respective state authorities, to collect these accounts receivable.
Alba Lucía Guzmán L.
Statutory Auditor
Professional Card 35265-T
Designated by Ernst & Young Audit S.A.S. TR-530
Medellín, Colombia
February 29, 2016
Immediately the following, the Secretary of the Assembly read the tenth point on the approved order of
business
10. APPROVAL OF THE ISA INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMENTS
TO DECEMBER 31, 2015
For the record if indeed the Consolidated and Individual Financial Statements to December 31, 2015
were not read, according to the proposition approved by the General Assembly, these were handed out
to the shareholders present at the meeting.
The Secretary of the Assembly expressed that according to Article 185 of the Code of Commerce,
Company administrators and employees cannot vote on the statements and year-end figures.
86
The President asked the Assembly if after having read the Management Report the ISA individual
Financial Statements to December 31, 2015, the accounts books and remaining documents ordered by
law, along with the Statutory Auditor report, they received approval.
Approval: The Assembly approved the ISA Individual and Consolidated Financial Statements to
December 31, 2015 by a majority of the votes entitled to do so.
The shareholders who voted against are listed below:
SHAREHOLDERS
No.OF SHARES
197,527
CB LONDON
CB LONDON
STATE STREET
52,426
472,464
187,552
SHAREHOLDERS
ABSTENCIÓN
18,606
NORTHERN TRUST
NORTHERN TRUST
MELLON BANK NY
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
STATE STREET
STATE STREET
STATE STREET
17,013
23,598
72,079
17,751
1,044,047
61,199
71,270
12,838
332,289
2,505
3,746
2,057
637,886
163,795
32,392
78,828
87
SHAREHOLDERS
ABSTENCIÓN
6,230
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
NORTHERN TRUST
NORTHERN TRUST
MELLON BANK NY
MELLON BANK NY
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
7,793
4,648
1,859
33,950
897
60,084
1,434
53,684
209,989
23,391
197,539
10,206
359,492
15,403
234,130
151,756
29,684
68,631
1,241,733
43,480
45,854
102,158
102,064
28,361
113,368
134,623
62,433
285,297
106,334
411,400
275,275
88
SHAREHOLDERS
ABSTENCIÓN
153,701
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
449,624
297,712
718,358
2,854,286
26,132
283,219
151,305
23,354
2,310,958
440,384
25,336
6,953
21,306
1,043,170
6,831
171,800
204,992
Immediately following the eleventh item on the order of business was read.
11. APPROVAL OF THE PROJECT FOR DISTRIBUTION OF PROFITS FOR 2015 TO DECLARE
DIVIDENDS AND THE CONSTITUTION OF EQUITY RESERVES.
The Secretary requests the President of the Company to present the Board of Directors a proposal to
the Assembly concerning approval of the project for distribution of profits for 2015 to declare dividends
and the constitution of equity reserves.
THE BOARD OF DIRECTORS OF INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.
CONSIDERING:
1. That the distribution of profits should be in accordance with the principles established in the
Social Statutes and articles 155 and 454 of the Code of Commerce.
2. That the net profit for the company during the exercise corresponding to 2015 was $706,321
million.
89
3.
That the liquid profit for the company is $610,505 million calculated as follows:
Profit available for distribution
2016
Net Profit n-1
Reserve for fiscal disposition
Liquid Profit
706.321
95.816
610.505
Figures in millions of pesos
PROPOSES:
 Decree a dividend over an amount of liquid profits equal to $319.011 million (corresponding to
52% of the liquid profit), which represents an increase of 7.5% compared with the dividend
paid in the previous year. The proposal consists of paying an ordinary dividend of $2 28 per
share and and extraordinary dividend of $60 per share, for a total of $288 per share for the
1,107,677 894 ordinary shares in circulation, which will be paid in the following fashion:
2016
Dates
25-abr.
26-jul.
22-oct.
22-dec.
Total
Ordinary Dividend
57
57
57
57
228
Extraordinary Dividend
Total Pesos per share
15
72
15
72
15
72
15
72
60
288
79.753
79.753
79.753
79.753
319.011
Total in millions of pesos
 Constitute a fiscal reserved for $95,816, million according to Article 130 of the Tax Laws.
 Constitute an occasional reserve for the bolstering of equity to the amount of $291,494, million
with the aim of attending the investment commitments already acquired, contributing thus to
the growth strategy and maintaining financial solidity.
The ex-dividend dates are detailed as follows
90
PAYMENT OF DIVIDENDS 2016
April 26, 2016
July 26, 2016
October 28, 2016
December 22,2016
Date ex dividendos
Starting date
Ending date
April 20, 2016
April 25, 2016
July 19, 2016
July 25, 2016
October 24, 2016
October 27, 2016
December 16,
December 21, 2016
Date of ex dividends By the expression "ex dividend date" it should be understood the lapse of time during which any negotiation
for shares that is undertaken through the stock market, is made without including the right to perceive the dividends that are
outstanding. “(…)”
For all the effects that it may pertain to, an operation regarding shares undertaken in the time period or date "ex-dividend" be
understood to be when it has been celebrated the first working day of the payment of dividends of the corresponding shares in the
4 trading days immediately before that date. Exceptionally the ex dividend period will be less when the Shareholders Assembly of
this issuing society orders payment of dividends four trading days following the date of causation thereof. In this event, the ex
dividend time will be calculated between the working day following the date that the dividends were decreed and the first working
day of payment thereof. In other words, it will be understood that the Operation concerning shares was undertaken during the “exdividend " dates when this is celebrated between the first working day of dividend payments of the respective shares and the three
stock market working days immediately before the date thereof.
On behalf of the President of the Assembly, the proposal to approve the project of distribution of profits
for 2015 to declare dividends and constitute equity reserves is submitted newly for consideration of the
shareholders.
On this point Mr. Roque Maya intervened in the following terms:
To make an observation, this idea of dividing dividends in four installments and the final one passing to
the following year has already been discussed and is considered too little, above all for the vast majority
of us who are minor shareholders, to which end I propose that this be done in two installments.
Another two shareholders, Hugo León Bermúdez Quiroga and Alejandro Heráclito Rodríguez request
that the dividend be paid in one single installment.
Ángela Montoya Mondragón also requestspayment of the dividend in one single installment, taking into
account the costs incurred in Bancolombia.
Germán Marín proposes that the matter be reviewed because it may be that the company has to
acquire debt to pay dividends in two or four installments.
In response to these requests the assembly approved, by qualified majority, the payment of dividends in
two installments.
Francisco Lucero, representative of the government shares, intervened to propose that the second date
of payment be December 15, 2016.
Regarding the payment in two installments, Mrs. Socorro Restrepo proposes payment of dividends in
the months of April and October 2016.
In response the President of the Assembly proposes that the date of payment be July 26, 2016 and
December 15, 2016 and clarifies that the payment date of dividends for all shareholders is according to
the cash flow of the company for this year.
91
2016
Dates
Ordinary dividend
Extraordinary dividend 30
Total (pesos per share) 144
Total in millions of pesos 159.506
26-Jul.
15-Dec.
Total
114
30
144
114
30
144
228
60
288
159.506
159.506
319.011
The ex-dividend dates are detailed as follows:
Payment of dividends
July 26, 2016
December 15, 2016
Exdividend Dates
Starting date
July 19, 2016
December 09, 2016
Ending date
July 25, 2016
December 14, 2016
Date of ex dividends By the expression "ex dividend date" it should be understood the lapse of time during which any negotiation
for shares that is undertaken through the stock market, is made without including the right to perceive the dividends that are
outstanding. “(…)”
For all the effects that it may pertain to, an operation regarding shares undertaken in the time period or date "ex-dividend" be
understood to be when it has been celebrated the first working day of the payment of dividends of the corresponding shares in the
4 trading days immediately before that date. Exceptionally the ex dividend period will be less when the Shareholders Assembly of
this issuing society orders payment of dividends four trading days following the date of causation thereof. In this event, the ex
dividend time will be calculated between the working day following the date that the dividends were decreed and the first working
day of payment thereof. In other words, it will be understood that the Operation concerning shares was undertaken during the “exdividend " dates when this is celebrated between the first working day of dividend payments of the respective shares and the three
stock market working days immediately before the date thereof.
On behalf of the President of the Assembly, the proposal to approve the project of distribution of profits
for 2015 to declare dividends and constitute equity reserves was newly submitted for consideration of
the shareholders.
Approval The General Assembly of Shareholders, by qualified majority, approved the proposal for
changes in payment dates requested by shareholders.
92
FONDO DE PENSIONES OBLIGATORIAS PORVENIR
MODERADO
73,412,222
FONDO DE CESANTÍAS PORVENIR
FONDO PENSIONES OBLIGATORIAS PORVENIR
CONSERVADOR
FONDO ESPECIAL PORVENIR DE RETIRO
PROGRAMADO
FPV ALTERNATIVA 100 ACCIONES ISA
1,804,685
756,626
641,636
272,082
FONDO PENSIONES OBLIGATOR. PORVENIR MAYOR
RIESGO
FPV ACCIONES COLOMBIA PESOS
207,017
47,361
FPV DIVERSIFICADO BÁSICO
7,521
ALTERNATIVA 60
4,900
ALTERNATIVA 68-EN SUS MANOS ESTUDIO 2022
3,701
F.P.V ALTERNATIVA 8 - DIVERSIFICADA EXTREMA
3,225
Before proceeding with the order of business, the Secretary of the Assembly reported that the quorum
was 88.76% of the issued and outstanding shares (1,107,677,894 shares) and immediately read out the
twelfth point in the order of business.
12. ELECTION OF STATUTORY AUDITOR AND ALLOCATION OF FEES
The proposal for the election of the Statutory Auditor and allocation of fees, presented by the Corporate
Audit Committee of the Board of Directors of ISA was read in the following manner:
THE BOARD OF DIRECTORS OF INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.
CONSIDERING THAT:
5. That the company requires the services of an External Auditor to comply with current
regulations.
6. That pursuant to number 7, article 26 of the Social Statutes of Interconexión Eléctrica S.A.
E.S.P. it is the responsibility of the General Assembly of Shareholders to appoint the Statutory
Auditor.
7. That the Social Statutes and the Policy for the Statutory Auditor or External Auditor in ISA and
its companies establish that the maximum term of permanence for the Statutory Auditor or
External Auditor will be 7 years.
8. Ernst & Young Audit S.A.S. completed the second year of services as Statutory Auditor for
Interconexión Eléctrica S.A. E.S.P. on March 31, 2016.
93
9. Ernst & Young Audit S.A.S. presented an economic proposal for the period between April 1, 2016
and March 31, 2017 for the amount of FIVE HUNDRED AND TWENTY MILLION FIVE
HUNDRED THOUSAND PESOS ($520,500,000) plus the corresponding value added tax.
PROPOSES:
 Reelect Ernst & Young Audit S.A.S. as Statutory Auditor of Interconexión Eléctrica S.A. E.S.P. for
the period between April 1, 2016 and March 31, 2017.
 Set the professional fees for the Statutory Auditor in the amount of FIVE HUNDRED AND TWENTY
MILLION FIVE HUNDRED THOUSAND PESOS ($520,500,000) plus the corresponding value added
tax.
On behalf of the President of the Assembly the election of Statutory Auditor and the allocation of fees
was submitted to consideration of the shareholders.
Approval By majority, the Assembly approved the election of Statutory Auditor for the period between
April 1, 2016 and March 31, 2017 and the allocation of fees.
SHAREHOLDER
No. OF SHARES
739,446
52,858
144,611
SHAREHOLDER
No. OF SHARES
106,334
STATE STREET
STATE STREET
STATE STREET
STATE STREET
411,400
275,275
2,586
The Secretary of the Assembly read the thirteenth point of the order of business.
13. READING AND APPROVAL OF REFORMS TO THE SOCIAL STATUTES
The Secretary of the Assembly proceeded to make a presentation concerning the
most important aspects contained in the statutory reform, which was placed at the
disposition of the shareholders from the date of convening the assembly.
94
PROPOSAL REFORM OF SOCIAL STATUTES
CHAPTER VI: OF THE BOARD OF DIRECTORS.
ARTICLE
TWENTY
EIGHT:
THE ARTICLE TWENTY EIGHT: THE PRESIDENT
PRESIDENT AND SECRETARY OF THE AND SECRETARY OF THE BOARD: The
BOARD: The Board will elect from its Board will elect from its members the person
members the person who must preside the who must preside the meetings. The Legal
meetings. The Secretary General of the Vicepresident of the Company or whomever
Company is the secretary of the Board Of fulfils this function is the secretary of the
Directors.
Board Of Directors.
(…)
(…)
ARTICLE THIRTY FOUR: FUNCTIONS:
Unless otherwise provided in these bylaws,
the Board shall have sufficient authority to
order the execution or enter into any act or
contract included within the corporate
purpose and to take the necessary
decisions addressed to the Company meets
its goals. And especially, will have the
following functions:
(…)
6) Propose To the General Assembly of
Shareholders, the General Policy of
Remuneration of the Board of Directors and
for the Senior Management, when the latter
is granted a variable component of
remuneration, linked to the price of the
share.
(…)
19) Authorize the execution of any
operation, all operations or expanding
operation with the same object or the
same
services
performed
with
Subordinates and exceed four hundred
fifty-five thousand Tax Value Units
(455,000 UVT) for a period of twelve (12)
consecutive months.
(…)
42) Approve transactions with subordinate
companies that exceed 1% of the market
ARTICLE
THIRTY
FOUR:
FUNCTIONS:
Unless otherwise provided in these bylaws,
the Board. Shall have sufficient authority to
order the execution or enter into any act or
contract included within the corporate
purpose and to take the necessary
decisions addressed to the Company
meets its goals. And especially, will have the
following functions:
(…)
6) Propose to the General Assembly of
Shareholders, the General Policy for the
Remuneration of the Board Of Directors and
for Senior Management when to the latter
rpayments in shares for the granting of
options over shares in ISA are authorized.
(…)
41) Approve transactions with subordinate
companies that exceed 1% of the market
capitalization and ensure that these are
undertaken in market conditions.
(…)
95
capitalization and ensure that these are
undertaken in market conditions
(…)
CHAPTER VII: OF THE PRESIDENT AND OTHER DISPOSITIONS
ARTICLE
THIRTY
NINE: ARTICLE THIRTY NINE: ADMINISTRATORS
ADMINISTRATORS
AND AND SUBORDINATION: In addition to the
SUBORDINATION:
In addition to the members of the Board of Directors and the
members of the Board of Directors and the President of the Company, the VicePresident of the Company, the Vice- presidents, the Corporate Directors the
presidents,
Secretary
General,
the Directors and the employees that occupy
Corporate
Directors,
the
Corporate equivalent positions to any one of the
Auditor
and
Directors
are
also above are also administrators... Employees
administrators. Employees of the company of the company are subordinate to the
are subordinate to the President the President the Company and under his/her
Company and under his/her orders and orders and immediate inspection.
immediate inspection.
PARAGRAPH: The administrators and
PARAGRAPH: The administrators and employees of the Company are obliged to
employees of the Company are obliged to comply with the recommendations of the
comply with the recommendations of the Country Code that the Company has
Country Code that the Company has voluntarily adopted.
voluntarily adopted.
CHAPTER VIII: OF THE STATUTORY AUDITOR AND THE SPECIALIZED AUDITS
ARTICLE FORTY FIVE: FUNCTIONS: The
following attributions of statutory character
correspond to the Statutory Auditor, without
prejudice to the functions indicated in Article
207 of the Commercial Code, Laws 43 of
1990, 222 of 1995 and all other laws that
modify, amend or substitute it.
(…)
2) Inform the President of the Company in a
timely manner and theCorporate Auditor,
of relevant and material matters resulting
from their audits.
(…)
ARTICLE FORTY FIVE: FUNCTIONS: The
following attributions of statutory character
correspond to the Statutory Auditor, without
prejudice to the functions indicated in Article
207 of the Commercial Code, Laws 43 of 1990,
222 of 1995 and all other laws that modify,
amend or substitute it.
(…)
2) Inform the President of the Company in a
timely manner and the Corporate Audit Vice
President or whomever acts name of that
position, of relevant and material matters
resulting from their audits.
(…)
96
The President of the Assembly asked the Assembly if they approved the Statutory Reform presented.
Approval The General Assembly of Shareholders approved the above proposal by majority.
SHAREHOLDER
N° OF SHARES
17,013
NORTHERN TRUST
CB LONDON
CB LONDON
STATE STREET
NORTHERN TRUST
MELLON BANK NY
STATE STREET
STATE STREET
STATE STREET
STATE STREET
197,527
52,426
472,464
234,130
151,756
68,631
1,241,733
45,854
28,361
134,623
449,624
171,800
187,552
204,992
180,122
67,538
SHAREHOLDER
N° OF SHARES
2,586
STATE STREET
The Secretary of the Assembly read at the fourteenth point of the order of business
14. ELECTION OF THE BOARD OF DIRECTORS
The Secretary inform the President of the Assembly that a communication sent by the Ministry of
Finance and Public Credit was received, with the aim of proposing a list of candidates to make up the
Board of Directors for the period April 2016 to March 2017 In the same manner the CVs of the people
97
who make up this list and the communications by which each one of the nominees accepts their
inclusion as a member be they independent or not independent, according to what is established in
article 45 of law 964 of 2005 which can be consulted on the ISA web page.
The communication read as follows:
“Bogotá D.C.,
Doctor
BERNARDO VARGAS GIBSONE
President
INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.
Calle 12 Sur 18-168
Medellín
Reference: Designation of the ISA S.A. E.S.P. Board of Directors
Respected doctor Vargas: Taking into account the holding of the ordinary General Assembly of
Shareholders of Interconexión Eléctrica S.A. E.S.P.next March 31, 2016, I have attached the list of the
Board of Directors of the aforesaid company.
Principals
Carlos Caballero Argáez*
Independent -nominated by the Nation MHCP
Viceminister General
Director General Of Public Credit And
National Treasury
Carlos Mario Giraldo*
Independent -nominated by the Nation MHCP
Carlos Felipe Londoño
Non independent -nominated by the Nation
MHCP
Jesús Arturo Aristizábal Guevara*
Independent - nominated by EPM
Henry Medina González*
Independent - nominated by Ecopetrol
Santiago Montenegro Trujillo*
Independent - nominated by Pension Funds
Camilo Zea Gómez *
Independent - nominated by Pension Funds
*Independent member in compliance with Law 964 of 2005.
I am grateful that their names be placed for consideration of the General Assembly of Shareholders.
Cordially,
MAURICIO CÁRDENAS SANTAMARÍA
Minister of Finance and Public Credit
98
On behalf of the President of the Assembly the proposition concerning the election of the Board of
Directors is submitted to consideration of the shareholders.
Mr. Octavio González intervened in the following terms:
Simply for clarity, what is an independent member and a non-independent member?
The Secretary of the Assembly implied that the criteria of being independent is set out in the stock
market law (law 964 of 2005). A non independent member is someone who has ties with the
government or with other companies in the ISA group or with a big supplier of the ISA group. As an
issuer of bonds, ISA must have as a minimum 25% of the Board of Directors as independent members.
The ISA Board of Directors has six independent members the non-independent members are the two
government officials and Mr. Carlos Felipe Londoño who lost his independent status by leaving the ISA
Board of Directors last year and subsequently being appointed as a member of the Board of Directors of
the subsidiary XM. A year must pass In order for Mr.Carlos Felipe Londoño to recover his status as an
independent in ISA
Mr.Carlos Felipe Londoño complemented thus: I always act with total independence even though my
nomination came from the national government. There has never been an intervention or call to redirect
or suppress any decision and I will always take decisions for the benefit of the company as a whole.
Approval The General Assembly of Shareholders approved the above proposal. By majority
SHAREHOLDERS
No. OF SHARES
8,682
NORTHERN TRUST
STATE STREET
NORTHERN TRUST
STATE STREET
NORTHERN TRUST
CB LONDON
STATE STREET
1,666,778
609,290
130,809
49,754
22,633
4,127
71,418
164,175
197,527
6,340
11,804
99
SHAREHOLDERS
No. OF SHARES
60,127
STATE STREET
MELLON BANK NY
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
NORTHERN TRUST
STATE STREET
STATE STREET
STATE STREET
20,345
37,025
15,245
2,388
1,477
29,437
20,862
9,794
2,202
63,586
25,397
1,874
20,061
64,224
11,415
26,651
27,446
28,413
57,245
17,195
68,128
739,446
52,858
103,479
650,894
3,460,881
23,748
41,597
92,232
41,562
12,408
100
SHAREHOLDERS
No. OF SHARES
22,923
NORTHERN TRUST
MELLON BANK NY
CB LONDON
STATE STREET
STATE STREET
MELLON BANK NY
5,504
29,282
29,502
5,260
52,426
5,722
287,765
451,998
919,380
313,901
7,401
288,564
6,048
121,821
118,354
91,211
48,814
27,087
70,701
49,217
8,067
8,448
50,202
472,464
19,431
6,836
9,046
22,059
6,561
29,092
44,233
101
SHAREHOLDERS
No. OF SHARES
102,988
MELLON BANK NY
MELLON BANK NY
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
NORTHERN TRUST
CB LONDON
CB LONDON
MELLON BANK NY
167,831
13,000
443,796
153,425
11,000
54,133
28,898
20,654
45,960
3,632
567,503
111,551
15,700
2,792
90,669
289,429
3,893
180,667
167,500
62,531
74,921
41,756
11,345
47,153
5,904
35,960
98,901
65,271
1,035,979
8,496
352,906
102
SHAREHOLDERS
No. OF SHARES
71,030
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
MELLON BANK NY
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
CB LONDON
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
6,679
109,257
53,140
12,146
108,294
304,199
14,876
5,081
28,705
10,396
3,291
45,706
51,567
286,338
1,928
106,334
25,043
62,656
46,998
411,400
275,275
31,891
11,456
7,471,927
1,047,989
2,586
318,731
39,554
15,509
14,374
82,013
103
SHAREHOLDERS
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
STATE STREET
OLD MUTUAL FONDO DE PENS. OBLIGATORIAS - MODERADO
OLD MUTUAL FONDO DE PENSIONES VOLUNTARIAS
OLD MUTUAL FDO DE PEN OBLIGATORIAS-MAYOR RIESGO
OLD MUTUAL FDO DE PENS OBLIGATOR-RETIRO PROGRAMADO
OLD MUTUAL FONDO ALTERNATIVO DE PENSIONES
OLD MUTUTAL FONDO DE PENS.OBLIGATORIAS-CONSERVADOR
OLD MUTUAL FONDO DE CESANTIAS - LARGO PLAZO
OLD MUTUAL SEGURO DE VIDA CON AHORRO
OLD MUTUAL HOLDING DE COLOMBIA S.A.
OLD MUTUAL ENCARGO FIDUCIARIO FIMBRA
OLD MUTUAL FIC ACCIONES PESOS
104
No. OF SHARES
746,275
40,101
13,247
13,181
171,608
1,156,612
115,043
3,327
272,341
18,255
23,289
171,800
37,742
187,552
221,442
144,611
180,122
30,550
67,538
57,702
44,955
7,911,620
514,617
298,379
261,784
255,649
209,547
89,333
28,000
15,000
2,237
1,180
SHAREHOLDER
NORTHERN TRUST
STATE STREET
NORTHERN TRUST
MELLON BANK NY
STATE STREET
STATE STREET
FDO DE PENSIONES OBLIGATORIAS PROTECCIÓN MODERADO
FONDO DE PENSIONES OBLIGATORIAS PROTECCIÓN RETIRO
FONDO DE CESANTIAS PROTECCIÓN- LARGO PLAZO
FONDO DE PENSIONES OBLIGATORIAS PROTECCIÓN MAYOR R
FDO DE PENSIONES PROTECCIÓN - BALANCEADO MODERADO
FONDO DE PENSIONES PROTECCIÓN
FONDO DE PENSIONES OBLIGATORIAS PROTECCIÓN CONSERVA
FDO DE PENSIONES PROTECCIÓN - ACCIONES ISA
FDO DE PENSIONES PROTECCIÓN - BALANCEADO CONSERVAD
FDO DE PENSIONES PROTECCIÓN - BALANCEA CRECIMIENTO
FONDO DE PENSIONES SMURFIT DE COLOMBIA
FONDO DE PENSIONES PROTECCIÓN P.I. ENKA
FONDO DE PENSIONES PROTECCION-MUTOCOLOMBIA
FONDO DE PENSIONES MINEROS ENERGÉTICO
FONDO DE PENSIONES PROTECCIÓN SUCROMILES
No. OF SHARES
17,013
3,707
234,130
151,756
68,631
1,241,733
45,854
28,361
134,623
449,624
297,712
151,305
204,992
57,243,512
1,516,953
1,314,150
1,223,500
750,184
693,803
627,132
419,163
128,531
88,202
70,898
68,813
50,000
36,443
12,831
The Secretary of the Assembly read the fifteenth point of the order of business.
105
15. READING AND APPROVAL OF THE REMUNERATION POLICY OF THE BOARD OF
DIRECTORS
The Secretary of the Assembly presented the proposal for the Policy for Remuneration of the Board of
Directors of Interconexión Eléctrica S.A E.S.P in the following terms:
“THE BOARD OF DIRECTORS CONSIDERING:
1. That number 21 of article 26 of the Social Statutes, establishes that it is the responsibility of the
General Assembly of Shareholders to approve the Policy for Remuneration of the Board of
Directors.
2. That as of March 27, 2015, the General Assembly of Shareholders approved the Policy of
Remuneration of the Board of Directors.
3. That once having reviewed the Policy of Remuneration of the Board of Directors approved in
the last General Assembly of Shareholders, they have found that said policy contains the
criteria necessary for adequate pay to the members of the Board of Directors and therefore
requires no modification at all.
PROPOSES
To approve the following Remuneration Policy for the Board of Directors:
“AIM
To establish criteria to determine adequate remuneration for the members of the Board of Directors.
PRINCIPLES
 In addition to remuneration, The General Assembly of Shareholders will establish guidelines to
be taken into account thereof, in relation to the Board of Directors and Its Committees.
 The remuneration of the members of the Board of Directors will be set and approved each year
by the General Assembly of Shareholders and will be equal for all members. The Assembly
must establish an adequate sum or amount that is coherent with the obligations and
responsibilities of the Board members, the characteristics of the company, and the effective
dedication and experience of the Board as a whole.
 The fees set for each meeting attended will be expressed in terms of Tax Value Units -UVT-.
Market references will be considered among similar or comparable companies in order to
determine this amount,
 Board Members will not receive any additional individual or collective remuneration other than
the fees for attending Board meetings or Board Committees, nor will they receive shares in ISA
or its subsidiaries as compensation for their services.
The Company assumes the following non-compensatory costs:
 Travel expenses, accommodation, ground transportation, shipping costs and all other costs
deemed necessary for Board members to properly perform their duties.
106
 Expenses related to training, updates, and the hiring of external advisors as required by the
Board as a collegial body.
 The costs associated with the policy of ISA Directors and Management, which covers liability
derived from an administrative act in the performance of their respective duties.
Approval The General Assembly of Shareholders approved the above proposal by a majority.
SHAREHOLDER
No OF SHARES
2,586
STATE STREET
The Secretary of the Assembly read the sixteenth item on the order of business.
16. APPROVAL OF PAYMENT OF FEES TO MEMBERS OF THE BOARD OF DIRECTORS FOR
THE PERIOD APRIL 2016 TO MARCH 2017
THE BOARD OF DIRECTORS, CONSIDERING:
1. That the remuneration currently received by Interconexión Eléctrica S.A. E.S.P., Board
members for attending Board meetings and Board Committees is an amount equivalent to one
hundred and three Tax Value Units (103 UVT).
2. That it is a function of the General Assembly of Shareholders, to determine the fees for
attending Board meetings and its Committees.
3. The current compensation is adequate and therefore should be maintained.
PROPOSES
To approve the payment of fees to Interconexión Eléctrica S.A. E.S.P. Board Members a sum
equivalent to one hundred and three Tax Value Units (103 UVT) for each Board meeting and Board
Committee they have attended during the period of April 2016-March 2017.
Approval The Assembly approved the proposition for fees for the members of the Board of Directors for
the period April 2016 to March 2017 by majority.
Below are listed the shareholders who voted against:
SHAREHOLDER
No OF SHARES
2,586
STATE STREET
17. MISCELLANEOUS
The President of the assembly asked the shareholders if they had any subjects which they considered
should be presented for consideration of the assembly.
107
Mr.Luis Fernando Lopera intervened in the following terms:
Good morning, what has the behaviour of the ISA share been like for the past two years? What future
do you see for ISA and what expansion plans does ISA have for the next 5 or 10 years?
As I mentioned in my presentation the share price has, well, experienced a downturn largely due to
events affecting the market as a whole. You can see in the chart that the market was very weak last
year. As I mentioned in my presentation, however, the good news is that ISA shares fared better than
the market as a whole, and obviously not only compared with shares in the sector, but also with
COLCAP shares of all listed shares.
Today we are reaching very interesting levels of 8.700. Those of you who bought shares in ISA last year
have had a very interesting return. And for the future, as said in my presentation, we are facing a big
challenge in our portfolio management. The challenge of continuing to invest in Colombia and sustain
our current high profit and availability indexes. To ensure that we carry on enjoying a very low staff
turnover rate by working diligently with our people, people who are able to face the big challenges that
lie ahead.
Obviously however, I stress here that these challenges I am referring to, the difficulties facing us, are
not only in Colombia but also in the countries where we operate. From an average growth in GDP of
more than 5% for these countries, we now see growth levels close to 0% in some countries. Even in
leading countries such as Colombia and Peru GDP growth during these difficult years has dropped from
4.5% to 2% or 2.5%. This loss of more than two percentage points in GDP in Colombia and Peru,
coupled with 0% GDP growth in Brazil and Chile are significant medium-term challenges facing us. In
the long-term I have said that we want to consolidate our portfolio, carefully managing our business in
the countries which display higher risk levels and hopefully keeping up to date in technology and
innovation.
Mr. Carlos Eusebio Ardila Luengas intervened in the following terms:
Good afternoon, we sincerely see that you have something very positive and I ask for a big applause for
this Board of Directors who are thinking about our beautiful Colombia. Mr. Manager, I see that apart
from having vision, what are the possibilities of this great company helping to protect the environment?
How nice it is to have shareholders like you, who believe in the importance of protecting the
environment, I would like to thank you first for your kind words of recognition. In truth we dedicate a lot
of effort to what we do and practice what we preach. Environmental care, as I explained when I stated
that ISA was accepted in the Dow Jones sustainability Index, is a fundamental part of what the company
does. I was telling you about the organic allotments in Peru. We are permanently aware of the
importance of protecting the environment, not only in ourselves but also in terms of our operation, and
we strive to convey this idea to all of the communities where we work. And it is very valuable for us to
have shareholders who are equally conscious about the importance protecting our environment In
Colombia we are currently facing the El Niño cycle which is compounded by the destruction of forests
and sources of water. Let's protect our environment.
Mr. José Fernando Mejia intervened in the following terms :
108
Every day money rains down on us from the sky. In Frankfurt, Munich and Austria they are generating
electricity using solar panels and wind farms. I would like to know if ISA is interested in investing in this
type of generation.
From a formal point of view ISA is a transport company and in Colombia we are forbidden to generate
electricity. Thus, we could not have solar panels even if we wanted to because of current regulations.
But I'll tell you what we are looking at: someone over there asked about innovation. In the conversations
we are having with the MIT media lab, they are telling us that in a short time, perhaps even two years,
solar panels in use today, which are big, expensive and heavy but last for 20 or 30 years, will be
replaced by panels that can be printed on paper or plastic. These solar panels will be much cheaper
than the current ones, albeit with a much shorter useful life, but they will be able to power people's
houses.
There have been great advances in new materials that we hope to see put to use in the coming years.
We are in this business to see what implications this may have for a company like ours while looking to
see if we can adapt official regulations, not only in Colombia but also in the countries where we operate.
I would also like to send an additional message, in ISA we are very conscious of the importance of
reducing consumption of electricity and water. Today all of the lights in ISA offices of are switched off at
6:000 p.m. and I am sure that our employees, my colleagues, do the same at home. I am asking
everyone to help us, to help Colombia work towards reducing electricity consumption.
The President of the Assembly stated that having fully discussed the subjects in the order of business
the meeting was adjourned and again expressed his gratitude to the shareholders and guests for their
participation in this Assembly.
THE PRESIDENT
SANTIAGO MONTENEGRO TRUJILLO
THE COMMISSION
MARIA ALEJANDRA GIL DUQUE
109
FRANCISCO MANUEL LUCERO CAMPAÑA
THE SECRETARY
SONIA M. ABUCHAR ALEMÁN
110

ACTA XX

Transcription

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