Stockholders' Meeting - Isagen

ORDINARY GENERAL 

STOCKHOLDERS’ MEETING 

Growing and Improving with 

Everyone’s Energy 



March, 2011 


Everyone’s Energy

1 

Verification 

of Quorum 

and approval of the Agenda 




Everyone’s Energy

Agenda 

1. Verification of the quorum and approval of the agenda 

2. Election of the President of the Meeting 

3. Report by the Secretary of the Meeting on the approval of 

Minutes No. 29 from March 24, 2010 

4. Election of the committee to approve the Minutes 

5. Greeting by the Minister of Mines and Energy 

6. Remarks from the Chairman of the Board of Directors and 

performance report thereof 

7. Report on the fulfillment of the Corporate Governance 

Practices 

8. Management Report 2010

Agenda 

9. Consideration of the financial statements closing on 

December 31, 2010 

10. Reading of the Tax Inspector's report 

11. Approval of the financial statements closing on December 31, 

2010 and all other documents ordered by law 

12. Profit distribution proposal 

13. Proposal to list ISAGEN’s stock on international markets 

14. Election of the Board of Directors 

15. Proposal to elect Tax Inspector 

16. Miscellaneous

Availability of documents 

The documents related to the agenda were physically distributed 

to each stockholder to guarantee immediate access to 

information, comply with the law, and develop and encourage 

Corporate Governance Practices. 

This information and more comprises the Company's Annual 

Report, which was distributed on CD in accordance with our 

social and environmental responsibility policies.

2 

Election 

of the Chairman 

of the Meeting 




Everyone’s Energy

3 

Report 

by the Secretary 

of the Meeting on the Approval of 

Minutes No. 028 from March 24, 2009 




Everyone’s Energy

4 

Election 

of the Committee 

to approve the Minutes 




Everyone’s Energy

5 

Greeting 

by the Minister 

of Mines and Energy 




Everyone’s Energy

6 

Remarks 

by the Chairman 

of the Board of Directors and 

Board Performance Report 




Everyone’s Energy

Composition of the Board of Directors 

At the meeting held on March 24, 2009, the Stockholders' Meeting elected 

the Board of Directors for a period of two years. Until the meeting in 

December 2010, the Board was composed as follows: 

Representation Primary Alternate 

Minister of Mines and Energy 

Vice Minister of Mines and Energy 

Vice Minister General of Finance 

and Public Credit 

General Director of Public Credit 

and the National Treasury 

NATIONAL 

GOVERNMENT 

(four seats) 

Empresas Públicas de 

Medellín 

Ramiro Valencia Cossio 

Luis Fernando Uribe Restrepo 

(Chairman) 

Chief Executive Officer 

María Consuelo Araujo Castro 

Alejandro Gaviria Uribe 

Director of Energy 

Pension Funds José Fernando Isaza Delgado Andrés Felipe Mejía Cardona 

Minority 

Representatives 

Luis Ernesto Mejía Castro 

Germán Jaramillo Olano 

Independent Members

Meetings, Ineligibilities and 

Confidential Information 

Sessions and Attendance 

Monthly Meetings (12) 

High attendance by seat: 98.8% 

Compliance with rules about remuneration, 

meeting announcements, provision of 

information, and functioning.

Meetings, Ineligibilities and 

Confidential Information 

Issues Discussed 

Analysis of management reports submitted by management and 

reports on the proposals and recommendations submitted by 

said management and Board committees. 

The Board of Directors was primarily concerned with: 

The financing and monitoring strategy for Expansion Plan 

projects, especially the Sogamoso Project. 

Monitoring the electricity industry market and regulations 

and their impact on the Company's operations. 

Progress in the sale of the national government's stock.

Permanent committees 

Board Affairs Committee (7 meetings) 

Review and application of 2010 Compensation Policy 

Institutional Development Plan (update and monitoring) 

Balanced Indicator Scorecard Monitoring 

New Business and Finance Committee (9 meetings) 

Sogamoso Project financing 

Surplus liquidity management 

Internationalization strategy

Permanent committees 

Audit Committee (11 meetings) 

Corporate Control System 

Annual audit plan and follow-up 

Internal and external audit results 

Financial statements 

Implementation of the International Financial Reporting 

Standards Project 

Corporate Governance Practices evaluation

Board and Committee Evaluation 

Evaluation Mechanisms 

Self-evaluation (contribution and commitment, performance, 

and knowledge of the Company) 

Management performance evaluation 

Results: 

• 9.5 in contribution and commitment 

• 8.8 in performance 

• 8.9 in knowledge of the Company 

These figures reflect a high level of 

performance by the Board of Directors and 

its commitment to leading the Company.

Board and Committee Evaluation 

Priority Issues for 2011 

Following up on project execution, especially the Sogamoso 

Project. 

Following up on regulatory issues and their impact on the 

Company. 

Internationalization process and Expansion Plan. 

Career plans and succession. 

Monitoring financial indicators. 

Monitoring risk management. 

Monitoring corporate strategy.

Conclusion 

The members of the Board of Directors: 

Know and honor Corporate Governance Practices. 

Contributed their knowledge, experience and positive and 

critical attitude to ISAGEN. 

Provide the Company with sound leadership. 

Fulfill the task entrusted to them by stockholders.

7 

Report 

on Compliance 

with Corporate Governance 

Practices 




Everyone’s Energy

Introduction 

Responsibility to inform the General Stockholders' Meeting 

about corporate governance practices compliance. 

The detailed report has been available to stockholders since 

March 7, 2011. 

2009 Evaluation Improvement Actions 

Actions defined in the improvement plan were implemented in 

the areas of: publication of information, corporate ethics, risk 

management, Board of Directors minutes, and dissemination of 

Corporate Governance practices.

Framework for Action 

Management Model 

Changes related to work organization in accordance with the 

Company's evolution. 

Corporate Responsibility (CR) 

Practices continue to be developed to contribute to stakeholder 

sustainability. 

Dissemination of practices that generate reflection on the topic.

Framework for Action 

Corporate Ethics 

Renewed employee 

commitment: signature of 

the Ethical Behavior 

Statement "Annual 

Compliance Statement." 

Provider Selection 

Providers were selected 

according to objective 

criteria and contracting 

regulations.

Conflicts of Interest 

Board of Directors and Employees 

There was compliance with 

established practices, but there were 

also signs that: 

Not all employees have a clear idea 

about the procedure to follow and 

the mechanisms to use when they 

encounter a potential conflict of 

interest. 

Recommendations: 

Continue constantly disseminating 

and promoting the procedure for 

dealing with potential conflicts of 

interest and reviewing the 

procedure's effectiveness.

Fair Treatment of Stockholders 

Stockholder Rights 

Stockholders were able to 

participate in decisions and 

vote, receive profits, trade 

their stocks and inspect the 

books. 

Profit Distribution 

Profits were distributed as 

approved by the General 

Stockholders' Meeting from 

March 24, 2010.


Services for Stockholders 

Stockholders were able to use various channels of contact. 

A system was administered to record, respond to, and follow up 

on messages. 

89,936 communications were received and responded to in an 

appropriate and timely manner. 

Operations with Affiliates and Economic Associates 

The criteria set forth in the Corporate Governance Code were 

applied.


Securities Traded by Executives and Employees 

These security operations were not speculative in nature, but 

the following was observed: 

• Not all employees have a clear idea about the applicable 

procedure. Not all employees report their operations in a 

timely manner. 

Recommendations: 

Continue disseminating and promoting the respective practices.

The Company and its Governance 

STOCKHOLDERS' MEETING 

Meeting, Announcement, and Provision of Information 

The Bylaws and the Corporate Governance Code were 

followed.

The Company and its Governance 

CHIEF EXECUTIVE OFFICER 

Assessment 

The evaluation was performed by the Board of Directors. 

The Board found the CEO's performance to be excellent, as 

was reflected in the Company's results. 

EXECUTIVES 

Selection, Evaluation and Remuneration 

Based on the Comprehensive Human Management Model and 

the decisions of the Board of Directors.

Control Mechanisms 

Internal and External Control 

The Internal Control System was reviewed by control 

entities that found the system to be adequate. 

Risk Management 

Progress was made on the Management Strengthening 

Project. 

The degree of preparation for Business Continuity was 

evaluated. Positive results were found. 

The Company is properly insured. 

System to Prevent and Control Money Laundering and 

Financing for Terrorism 

Activities required by law were continued.

Disclosure of Information 

Disclosure and Supply of Information 

ISAGEN maintained an effective information policy with 

stockholders and the market. 

The Stockholders' Meeting approved the information request 

made as part of the process to sell the national government's 

shares. This authorization was not used. 

The Audit Committee and the Board of Directors 

monitored the compliance of all practices.

Corporate Governance Practices 

Conclusions: 

ISAGEN's Corporate Governance practices are coherent. 

They are consistently applied. 

They go above and beyond the regulatory requirements. 

They generate market confidence.

Recognition 

First place real sector and public utilities 

company in terms of Corporate 

Governance Practices according to the 

Financial Superintendance's Código País 

Survey. 

Public utility company with the highest 

transparency and ethical self-regulation 

policy standards according to Transparencia 

por Colombia. 

ANDESCO Award: Best large company in 

Corporate Social Responsibility and awards 

for Best Corporate Governance and Best 

Environmental Performance.

Recommendations 

Continue to uphold, disseminate and reinforce the Company's 

practices, especially as they relate to criteria and procedures 

to manage conflicts of interest and trading the Company's 

stock. 

Assess the Company's existing Corporate Governance 

Practices with respect to global best practices as a point of 

reference for possibly entering the international capital 

market and as part of the Company's internationalization 

strategy.

Conclusions 

Reaffirm the commitment of the Board of Directors, 

the management, and ISAGEN employees to 

Corporate Governance, as this commitment 

contributes to the necessary guidelines for 

strengthening the Company's administration and 

control, to achieving corporate objectives, and to 

protecting the interests of the Stockholders, and 

other stakeholders.

8 

Management 

Report 2010 




Everyone’s Energy

Management Report 2010 

Major Events 

Business Management 

Financial Management 

Growth Strategy Progress 

Challenges 2011

Major 

Events 

2010

Major events in 2010 

Colombia continues to recover economically 

following the global financial crisis, with a 4.3% growth rate in 2010. 

The country's energy demand grew 2.7%, breaking the cycle of 

reduced growth from previous years. 

The country successfully overcame El Niño 

and gas rationing. Adjustments to market regulations. 

During the second half of the year, the La Niña phenomenon 

produced heavy rainfall.

Corporate 

Management 

that Facilitates 

Growth

Energy Sales 

Total income exceeded estimated income by 4%. 

Industrial End Clients: 

• 99% of expiring contracts were renewed. 

• 93% satisfaction. 

• Energy sold via this channel increased 26%. 

• 21.4% of national sales participation. 

ISAGEN’s energy was present in every corner of 

Colombia, with 10% of national participation. 

SUBASTAGAS was created as a new channel for gas 

sales. 

Increased income from 

Electricity Market management that optimized generation 

resource use.

Energy Production 

Power plant availability at 90.8% exceeds planned levels. 

Cumulative generation of 9,559 GWH. 

Continued power plant modernization plans: 

• Supervision and control system at four 

units of the San Carlos Power Plant. 

• Completed modernization of the San Carlos 

and Jaguas generators. 

Total generation for 

the year increased 

3.2% compared 

to 2009, thanks to 

effective operational 

management 

and timely 

maintenance plan 

implementation.

Environmental and Social Aspects 

Successful progress in the social 

and environmental management of 

projects underway. 

Transparent system for managing 

Sogamoso Project employees has 

become a model for other 

companies. 

Support for Development and Peace 

plans that strengthen regional 

empowerment. 

Implementation of Community 

Development School. Self-esteem 

and self-management.


Publication of the Miel I Power 

Plant Flora Guide, as a 

contribution to scientific 

knowledge. 

Fishing management plans for 

the San Carlos and Jaguas 

reservoirs and the lower basin of 

the La Miel River. 

Updated greenhouse gas 

emissions inventory and 

progress toward defining 

strategies to fight Climate 

Change.


Environmental 

Inversión Ambiental 

Investments 

en 

for 

Projects Proyectos and Power y Centrales Plants 

Total 

Environmental Planes de Manejo Management Ambiental Plans $ $50,138,143,425 

50.138.143.425 

Inversión 

Supplemental 

Complementaria 

Investment 

$ 

$13,043,603,423 

13.043.603.423 

Law 99 Transfers 

Transferencias de Ley 99 

$33,416,471,458 

$ 33.416.471.458 

Environmental Total Ambiental Total $ $96,598,218,306 

96.598.218.306

Organization 

Supplier Development Project 

• Strengthen relationships based on 

trust 

• Share business practices 

Three pilot studies and the first 

convention were carried out. 

76% of employees voluntarily built 

their own life projects. 

Design and contracting for the new 

headquarters in Medellín with high 

environmental standards, energy 

efficiency, and quality of life inside.

Organization 

Organizational adjustments: 

• Environmental Project 

Management 

• Financial Resources 

Management 

• Calderas Power Plant 

Management 

Maintenance and updating of 

management system 

certificates. 

Definition of the skills required 

for employees and the 

management's evaluation 

thereof.

Legal Aspects 

Twenty-year legal stability contract signed for Sogamoso 

Project investments. 

Filing of the annulment appeal against the Arbitration Award 

delivered against ISAGEN for the Miel I hydroelectric plant 

construction claim.

Financial 

Management: 

Results that 

reflect our 

strength

Operating Income 

1,070,018 

1,231,700 

1,410,552 

1,465,300 

890,706 

Contracts with 

regulated clients 

Unregulated 

Sales Contracts 

Pool Gas Technical 

Services 

In 2010, operating income 

increased 4%. It has increased 

13% in the last five years. 

Figures Figures in million in millions pesos of pesos

Operating Costs 

Sales Costs 

Administrative Expenses 

Operating costs decreased 1% 

compared to 2009's costs. They 

grew an average of 10% in the 

last five years. 

Figures in in billions pesos of pesos

Profits - EBITDA 

2008 

$260.321 

Net profit 

48% 

2009 

$385.571 

Net 

Margin 

27% 

Operating profit 

2008 

$387.888 

34% 

2009 

$519.038 

Operating 

margin 

37% 

Net Profit - Net Margin 

Operating Profit 

Operating Margin 

In the past five years, ISAGEN has had 

average net, operating and EBITDA 

margins of 20%, 33%, and 42%, 

respectively. 

EBITDA - EBITDA margin 

2008 

$493.986 

EBITDA% 

26% 

2009 

$622.513 

EBITDA 

margin 

44%

Annual corporate EVA 

The EVA value was positive 

for the first time since the initial 

measurement in 2002.

Risk Rating 

Local corporate debt 

rating 

AA+ 

Stable outlook 

Local corporate debt 

rating 

AA+ 

Stable outlook 

The rating was maintained 

The rating assigned by Fitch 

Ratings Colombia reflects 

ISAGEN's aggressive growth 

strategy, its robust assets 

portfolio and its solid 

competitive position. 

The risk rating considers the 

creation of reserves to protect 

the rating and comply with 

financial indicators.

Other Financial Aspects 

The debt was renegotiated with OPIC 

insurance to meet the new debt 

conditions required for the 

Expansion Plan. 

Accounting line item for the Award 

decision delivered against ISAGEN 

for Miel I Power Plant construction in 

ISAGEN's financial statements. 

Progress toward implementing the 

International Financial Reporting 

Standards (IFRS). Preparation and 

approval of 2009 opening balance.

Stock Price Evolution 2010 

Volume ($ Bill) 

Appreciation: 

Maximum 

price 

Stock Price ($) 

Opening 

price 

Minimum 

price 

Closing 

price 

Price 

In 2010, 663 million ISAGEN stocks were traded at a 

value of $1.5 trillion pesos. 

The average daily trading volume for the year was 

$6.311 billion.

Growth 

Strategy 

Progress


5 

Generation 

Plants 

Annual generation: 

9,500 GWH/year 

Installed capacity: 

2,132 MW 

7Generation 

Plants 

Additional estimated 

generation: 

5,978 GWH/year 

Installed capacity: 

3,032 MW


Expansion Plan Summary 

Project 

Installed 

Capacity (MW) 

Energy in 

GWH/year 

Budget 

(Billion pesos) 

Guarinó 0 308 64.031 

Manso 0 104 86.650 

Amoyá 80 510 389.164 

Sogamoso 820 5.056 4,164.500 

TOTAL 900 5,978 4,740.346


Guarinó 

Diversion 

Project 

Began operations on August 31, 2010. 

Operational 27 months before it had to meet its market 

commitment. 

The total Project cost was 6% below budget. 

The Project will increase average generation at the Miel I 

power plant by 21%, equal to an additional 308 GWH/year.


Manso 

Diversion 

Project 

Progress as of December 2010: 80.89%. 

The project will increase the average energy production of 

the Miel I Power Plant by 104 GWH/year. 

The Project will enter operation in the third quarter of 2011.


Amoyá 

Hydroelectric 

Project 

Progress as of December 2010: 74.6%. 

The project will have an installed capacity of 80 MW and 

average annual energy production of 510 GWH/year. 

The Project will enter operation in the first quarter of 2012. 

.


Sogamoso 

Hydroelectric 

Project 

Diagram of the reservoir 

There were still major risks in play at the end of 2009. 

Although these risks are normal for these kind of 

projects, they should be managed and mitigated for 

successful project execution.


Sogamoso 2009 

Financing Risk 

Sogamoso Today 

Resources Assured 

Bond issue: $850 billion. 

Bank loan: $1.5 trillion. 

Contracting Risk 

All construction work and major 

equipment have been contracted at a 

savings of nearly $400 billion. 

Geological Risk 

Underground project excavations have 

progressed 63%. 

Hydrological Risk 

Diversion construction was completed; 

protection construction will be 

completed in a month and a half. 

ISAGEN has mitigated the risks it faced in 2009, thereby ensuring 

completion in 2013.


Sogamoso 

Hydroelectric 

Project 

Sogamoso River Diversion 

At the end of 2010, progress stood at 26.6%. 

January 2011 was a key month, during which the river 

was diverted for dam construction according to the 

construction schedule.


In addition to infrastructure 

projects, ISAGEN develops 

environmental and social 

programs to improve 

communities' quality of life 

and the region's 

sustainability conditions. 

Project 

benefits 

Jobs 

created 

2010 

Guarinó Manso Amoyá Sogamoso Total 

261 278 589 4,010 5,138









Project 

benefits 

Improved infrastructure in the projects' area of 

influence. 

Contribution to basin development plan. 

Environmental education.









Project 

benefits 

Stronger institutions 

Clean and renewable energy 

Future resources to improve basins through Law 99 of 1993 

transfers worth more than $20 billion per year.

Challenges 

2011

2011 Challenges 

Besides continuing the good results of the 

last few years, we must do the following in 

2011: 

Make progress according to the 

Expansion Plan timeline. 

Consolidate a portfolio of projects and 

business opportunities. 

Position ISAGEN as an international 

financial asset. 

Optimize the Company's debt.

The 

trust of 

stockholders 

is the engine that drives our work.

9 

Consideration 

of the financial 

statements closing on 

December 31, 2010 




Everyone’s Energy

Financial Statements 

as of December 31, 2010 

Guaranteed Right of Inspection 

From March 7 until the present, the following documents were 

available to stockholders at the Company's headquarters: 

General purpose financial statements 

Accounting books 

All other documents required by the Commercial Law 

All of the above, except the accounting books, were also available 

at the Company's regional offices in Bogotá, Cali, and Barranquilla 

and in the Stockholders/Investors section of the Company's 

website.



Balance 

Sheet 

2010 2009 Variation % 

Assets 5,495,325 4,950,285 11 

Liabilities 2,314,403 1,604,422 44 

Equity* 3,180,992 *Figures 3,345,863 in millions of pesos -5 

2010 2009 

Profitability of assets (%) 11 11 

Financial debts (%) 27 20 

Profitability of equity (%) 16 17 

Equity Total liabilities Total assets 

*Includes a record of the corporate tax on the revalued equity account.



Profit and Loss 

Statement 

2010 2009 Variation % 

Sales 1,486.300 1,410.552 4 

Sales costs 799.413 805.946 -1 

Administrative expenses 88.220 85.568 3 

Operating profit 577.677 519.038 11 

EBITDA 686.364 662.513 10 

Net profit* 409.776 385.752 6 

Figures in billion pesos 

Operating margin (%) 39 37 

EBITDA margin (%) 47 44 

Net margin (%) 28 27 

*Includes the $58.196 in interest for the Miel Award

10 

Reading of the 

Tax Inspector's Report 




Everyone’s Energy

11 

Approval of Financial Statements 

through December 31, 2010, tax payments, 

and other documents ordered by Law 




Everyone’s Energy

12 

Profit Distribution 

Proposal 




Everyone’s Energy

Profit Distribution Proposal 

Net Profit 2010 

409,775 

Statutory reserves 83,139 

Reserve Article 130 TC. 83,139 

Statutory reserve 0 

Reserve to maintain rating

Profit Distribution Proposal 

ISAGEN 

a growing 

company 

1240 

MW 

820 

MW 

170 

MW 

300 

MW 

26 

MW 

80 

MW 

396 

MW 

7 

Generation 

Plants 

Total investment 

$4.7 trillion 

Annual average generation: 15,500 GWH/year 

(63% increase) 

Installed Capacity: 3,032 MW 

(42% increase) 

Acquisition of commitments with creditors 

Rating maintained for 

high levels of accredited quality 

AA+

Profit distribution proposal 

Net Profit 2010 

409.776 

Statutory reserves 

83.139 

Reserve Article 130 TC. 83.139 

Statutory reserve 0 

Reserve to maintain rating 169.838 

Net Profit 

156.798 

Distribution (100%) 156.798 

Reserve Release 6.766 

Reserve Article 130 TC. 

Total to be 

Distributed 

Dividend per Stock 

163.564 

$60.00 

Figures in billion pesos

Profit distribution proposal 

Historical payment of ordinary dividends 

56.7 

% 

10% 

2.4% 

7.1% 

ISAGEN has 

maintained its historic 

dividend growth trend 

over time, even with 

the Company's major 

Expansion Plan 

commitments. 

Ordinary Dividend 

The 2011 dividend payment shall be made in two installments: April 29 and 

October 28. 

Ex-dividend period: April 13 to 29 and October 13 to 28, 2011. 

Figures in pesos

13 

Proposal to list 

ISAGEN stock on international markets 




Everyone’s Energy

Listing stock 

on international markets 

Positioning 

ISAGEN as an 

international financial asset. 

STOCKHOLDER 

AGREEMENT 

"ISAGEN will make its best 

efforts to identify another 

mechanism according to 

market conditions that will 

allow ISAGEN stock to be 

traded on international 

markets." 

FUTURE 

FIRST STEP 

Increase visibility in international 

markets 

CURRENT 

Issue of bonds and/or 

international stocks 

List stocks 

on international 

markets 

Stocks and bonds 

listed on the local 

market

14 

Election of the 

Board of Directors 




Everyone’s Energy

Election of the Board of Directors 2011-2013 

National Government's Proposal 

Seat Primary Alternate 

1st(*) 

GERMÁN ARCE ZAPATA 

WILLIAM BRUCE MACMASTER ROJAS 

General Director of Public Credit 

General Vice Minister 

and the National Treasury 

Ministry of Finance and Public Credit 

Ministry of Finance and Public Credit 

2nd(*) 

3rd 

CARLOS ENRIQUE RODADO NORIEGA 


JUAN CARLOS ESGUERRA 

PORTOCARRERO 

TOMÁS GONZÁLEZ ESTRADA 


NICOLAS ECHAVARRIA 

4th LUIS ERNESTO MEJÍA CASTRO JORGE HUMBERTO BOTERO 

ANGULO 

JESÚS ARTURO ARISTIZÁBAL 

5th(*) FEDERICO RESTREPO POSADA 

GUEVARA 

EPM General Manager 

EPM Director of Energy 

6th JOSÉ FERNANDO ISAZA DELGADO ANDRÉS FELIPE MEJÍA CARDONA 

7th GONZALO RESTREPO JARAMILLO ALEJANDRO GAVIRIA URIBE 

(*) Designation of seats one, two and five are made in consideration of the position and not of 

the particular individual occupying it.


First Seat - Primary 

William Bruce 

MacMaster Rojas 

Vice Minister of Finance and Public Credit 

Education 

Degree in Economics from Los Andes University. 

Professional 

Experience 

Graduate-level professor at Los Andes University. 

18 years of investment banking experience. 

Chief Financial Officer of Propilco, Aceitales, Concentrados y 

Siderúgica del Caribe. 

Inverlink partner. 

Member of the Boards of Directors of ISA, ISAGEN, Colombia 

Telecomunicaciones, Bancóldex and Fiduciaria la Previsora.


First Seat - Alternate 

Germán 

Arce Zapata 

General Director of Public 

Credit and the National Treasury 

Education 

Professional 

Experience 

Degree in Economics from the University of El Valle. 

Educational background includes a Masters of Science in 

International Securities, Investment and Banking from the ISMA 

Centre at the University of Reading. 

Vice President of Global Markets and Liquid Assets at HSBC. 

Corporate Director, Head of Global Markets and other positions at 

ABN AMRO Bank. Broker at InterBolsa. Director of Liquid Assets at 

Titularizadora Colombiana. Assistant Director of Liquid Assets at 

the Corporación Financiera del Valle (currently Corficolombiana). 

Assistant Director of Liquid Assets and other positions at the 

Corporación Financiera del Valle. 

Member of the Boards of Directors of ISA, ISAGEN, FEN and XM.


Second Seat - Primary 

Carlos Enrique 

Rodado Noriega 


Education 

Professional 

Experience 

Degree in Civil Engineering from the National University of Colombia, 

Master's Degree in Economics from Los Andes University, Doctoral 

Degree in Economics from the University of Michigan. 

Ambassador of Colombia to Spain. Governor of the Atlántico 

Department. President of the Colombian School of Engineering. 

President of Ecopetrol. Delegate to the National Assembly. 

Representative from Atlántico to the Chamber of Representatives. 

Minister of Mines and Energy (1981). General Director of the Colombian 

Institute of Electrical Energy (ICEL). President of Colpatria. Head of the 

Monetary and Exchange Studies Division of the National Planning 

Department. 

Member of the Boards of Directors of Ecopetrol, ISA, ISAGEN, UPME, 

National Hydrocarbon Agency (ANH) and Ingeominas.


Second Seat - Alternate 

Tomás 

González Estrada 


Education 

Professional 

Experience 

Bachelor's and Master of Science Degree in Economics from Los 

Andes University, Doctoral Degree in Economics from the 

University of London. 

Consulting partner to Connecta. Professor and researcher in Los 

Andes University's Department of Economics. Technical Secretary of 

the National Board of Economic and Social Policy (CONPES). 

Member of the Council of Ministers. Director of Foreign Affairs for BP 

Colombia. Assistant Director of the National Planning Department. 

Economic Advisor to the President of the Republic. 

Member of the Boards of Directors of ISA, ISAGEN, FEN, IPSE and 

UPME.


Third Seat - Primary 

Juan Carlos 

Esguerra Portocarrero 

Partner at the firm Esguerra Barrera Arriaga. 

Education 

Professional 

Experience 

Law Degree from the Javeriana University, Graduate Certificate in 

Socioeconomic Sciences from the Javeriana University, Master of Laws 

from Cornell University. 

Member of the List of Arbiters of the Bogotá Chamber of Commerce's Center 

for Arbitration and Conciliation and the Paris International Chamber of 

Commerce. Ad Hoc Judge for the Inter-American Court of Human Rights. 

Ambassador of Colombia to the United States of America. 

National Defense Minister. Associate Judge of Colombia's Constitutional 

Court and Council of State. Delegate to the National Assembly. Vice Minister 

and General Secretary of Communications. Law Professor for the faculties of 

various universities. 

Member of the Boards of Directors of Mapfre Seguros Generales de Colombia 

and Mapfre Colombia Vida Seguros.


Third Seat - Alternate 

Nicolás 

Echavarría Mesa 

General Director of Comercializadora 

Internacional de Banano y Plátano (C.I. Banafrut). 

Education 

Professional 

Experience 

Bachelor of Arts in Economics from McGill University, Master's 

Degree in Economic Development from the University of 

Sussex. 

Ambassador of Colombia to the European Union (based in 

Brussels), Belgium and Luxembourg. General Director of Trópica 

y Bananeras Zúñiga. General Director of C.I. Uniban. Regional 

Manager for Antioquia of Roldán y Compañía Ltda. - Compañía 

Aduanera. Member of the Medellín City Council. 

Member of the Boards of Directors of the Medellín Metro, 

Metroplus, C.I. Valley Farms and Augura.


Fourth Seat - Primary 

Luis Ernesto 

Mejía Castro 

Independent Consultant. 

Education 

Professional 

Experience 

Law Degree from the San Buenaventura de Cali University and 

Master of Business Administration from ICESI de Cali. 

Former Vice Presidential Candidate of Colombia. Minister of Mines 

and Energy. Vice Minister of Hydrocarbons and Mines. 

General Director, Administrative Vice President, 

and Director of Commerce and Finance, among other positions, at 

MAC. 

Member of the Board of Regents of the ICESI Univesity and the 

Boards of Directors of ISAGEN, Fundación Cerrejón para el 

Progreso de la Guajira and Carvajal Internacional.


Fourth Seat - Alternate 

Jorge Humberto 

Botero Angulo 

President of the National Coffee Exporters Association, 

Advisor to Banco Davivienda and Cemex, Associate 

Researcher at Fedesarrollo. 

Education 

Professional 

Experience 

Law Degree from the University of Antioquia, Post- 

Graduate Studies in Political Science from West Virginia 

University. 

Executive Director of the World Bank Group, Washington, D.C. 

Minister of Commerce, Industry and Tourism. President of 

ASOBANCARIA. Founder and President of ASOFONDOS. 

President of the Banco Cafetero. Legal Secretary to the 

President of the Republic. Legal Vice President of the 

Asociación Nacional de Industriales (ANDI). 

Member of the Board of Directors of the Empresa de 

Telecomunicaciones de Bogotá (ETB).


Fifth Seat - Primary 

Federico 

Restrepo Posada 

General Director of Empresas Públicas 

de Medellín 

Education 

Professional 

Experience 

Degree in Civil Engineering from the National University of 

Colombia. Master of Science in Engineering with an emphasis 

in Hydrology and Water Resource Planning from the 

University of Mississippi. 

Executive President of INTEGRAL. Director of the Administrative 

Planning Department of Medellín. 

Member of the Boards of Directors of ISA, ISAGEN, UNE EPM 

Telecommunicaciones, the Sociedad Hidroeléctrica Pescadero 

Ituango, and the companies of the DECA II group and its 

subsidiaries.


Fifth Seat - Alternate 

Jesús Arturo 

Aristizábal Guevara 

Director of Energy at Empresas 

Públicas de Medellín. 

Education 

Professional 

Experience 

Degree in Civil Engineering from the National University of Colombia. 

Director of Energy Generation, Administrative, Assistant and Acting General 

Director of Empresas Públicas de Medellín. Acting General Director of the 

Medellín Metro. General Director of the Empresa Antioqueña de Energía (EADE), 

Empresas Varias de Medellín, the Corporación Forestal de Antioquia, and the 

Fondo Prestacional de Antioquia. Administrative and Service Director of the 

Medellín Metro. Secretary of Government and Public Works for the Department 

of Antioquia. President of the Universidad de Antioquia and the Politécnico 

Colombiano Jaime Isaza Cadavid. Acting Director of Departmental 

Improvements in Antioquia. General Director of CORPAUL. Member of the 

Medellín City Council. 

Member of the Boards of Directors of ISA, ISAGEN, Hidoreléctrica Ituango, 

the DECA II group and its subsidiaries, the Genhidro Group and its subsidiaries, 

and the Distribuidora de Electricidad del Sur.


Sixth Seat - Primary 

José Fernando 

Isaza Delgado 

President of the 

Jorge Tadeo Lozano University 

Education 

Professional 

Experience 

Bachelor's Degree in Electrical Engineering and Master's Degree in 

Theoretical Physics from the National University of Colombia. Master's 

Degree in Mathematics from Strasbourg University. Engineering Degree 

summa cum laude and an Honorary Doctoral Degree from the University of 

Caldas. 

Executive President of the Compañía Colombiana Automotriz. Minister of Public 

Works and Transportation. President of Ecopetrol. General Director of the Instituto 

de Fomento Industrial (IFI). Executive President of Coldeaceites and Fodenal. 

Head of the Infrastructure Unit of the National Planning Department. Head of the 

Energy Division of the National Planning Department. Consultant to the United 

Nations University and the World Bank. 

Member of the Boards of Directors of Banco de Bogotá, the Corporación 

Financiera Colombia, ISAGEN, ETB and the Jorge Tadeo Lozano University.


Sixth Seat - Alternate 

Andrés Felipe 

Mejía Cardona 

General Director of Mecánicos Unidos 

Education 

Degree in Economics from the University of Michigan, 

Master's Degree in Administration from the EAFIT University 

of Medellín, Certificate in Strategic Planning from the 

University of Barcelona, Upper Management of the Los Andes 

University, Expro Program in International Business from the 

CBI in Rotterdam. 

Professional 

Experience 

Member of the Boards of Directors of FEDEMETAL, EDATEL, 

Protección, Sufinanciamiento and Fabricato. 

Member of the Boards of Directors of ISA, ISAGEN, and 

Internexa.


Seventh Seat - Primary 

Gonzalo 

Restrepo López 

President of Almacenes Éxito since 1990 

Education 

Professional 

Experience 

Bachelor of Science in Management from Syracuse 

University, Master of Business Administration in Marketing 

from the University of Georgia, as well as other academic 

programs in Colombia and abroad. 

President of Caribú Internacional, Caribe Motor, Internaciones and 

Marquillas. Assistant Director of Almacenes Flamingo. President of 

Coca-Cola Retailing Research Council for Latin America. University 

professor. 

Member of the Boards of Directors of Almacenes Flamingo, 

Cementos Argos, Smurfit -Kappa Cartón de Colombia, Fundación 

Éxito, Fundación Mi Sangre, Proantioquia, and Fraternidad Medellín. 

Also a member of the US Food Marketing Institute's Consumer 

Goods Forum.


Seventh Seat - Alternate 

Alejandro 

Gaviria Uribe 

Dean of the Los Andes University's 

Department of Economics. 

Education 

Professional 

Experience 

Degree in Civil Engineering from the Antioquia School of 

Engineering, Master's Degree in Economics from the Los Andres 

University, Doctoral Degree in Economics from the University of 

California. 

Member of the faculty of Los Andes University. 

Assistant Director of the National Planning Department. 

Assistant Director and Associate Researcher at FEDESARROLLO. 

Researcher at the Inter-American Development Bank (IDB). 

Division Head of the National Planning Department. 

Member of the Boards of Directors of ISAGEN and Bancolombia 

and the El Espectador Editorial Board.

14 

Election of the 

Board of Directors 




Everyone’s Energy

15 

Nomination of the 

Tax Inspector 




Everyone’s Energy

Election of the Tax Inspector 2011-2013 

Invited firms 

Deloitte & Touche Ltda. (Current Tax Inspectors) 

KPMG Ltda. 

Ernst & Young Audit Ltda.


Value of the quotes 

Firm Fees Increase over 

current firm 

Deloitte & Touche Ltda. $342,000,000 0% 

Ernst & Young Audit 

Ltda. 

$345,100,000 1% 

KPMG Ltda. $372,000,000 9% 

Values in pesos before VAT 

NOTE: All three firms met the bid requirements.


Recommendation of the Board of Directors 

Whereas: 

Deloitte and Touche Ltda. complies with internal and 

external regulations and submitted the best economic 

proposal 

Proposal: 

That Deloitte and Touche Ltda. should be named ISAGEN 

S.A. E.S.P.'s Tax Inspector 

Term: April 1, 2011 to March 31, 2013 

Fees: $342,000,000 plus value-added tax (VAT)

16 Miscellaneous 




Everyone’s Energy




Everyone’s Energy 

Thank you

The online broadcast of the 

press conference will continue 

in the next few minutes. 




Everyone’s Energy

A press conference is currently 

being held in the press room. 




Everyone’s Energy

Stockholders' Meeting - Isagen

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