Annual Report 2009 - Isagen

ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.17ISAGEN considers that the existence of an adequate corporate governmentcrucially contributes to achievement of entrepreneurial goals in a transparentand objective way and guarantees the tranquility of and respect for theshareholders, investors, and other stakeholders.Well aware of such commitment, along 2009 ISAGEN carried out diverseactivities to give continuity to the Good Governance practices throughinstruments and tools that support its acts.Evaluation of the Good Corporate Governance practices permits the conclusionthat ISAGEN’s practices in the fields of Ethics, Corporate Responsibility, handlingof conflicts of interest, equitable treatment of shareholders, corporate control,risk management, and compliance with acquired obligations are adequate, andthat the shareholders and the market in general have had full and timely accessto the Company’s information.PROGRESS IN THE IMPLEMENTATION OFRECOMMENDATIONS OF THE EVALUATION OF 2008Actions taken and issues in need of strengthening identified along evaluation of the year2008 and related to:Good Governance Code and Conflicts of interest:Adjustment to definition of conflicts of interest, and revaluation of disclosure mechanismby managers, directors and associates, so as to allow traceability.Planning and implementation of a “Good Corporate Governance Campaign” that involvedthe whole Organization in the different issues of the Good Governance Code.Corporate EthicsThe associates signed the document “Commitment of the associates to the Declarationof Ethical Behavior” (DCE, for its Spanish initials) by means of which they formalized theirunderstanding of and commitment tocompliance of DCE and mechanismsdevised by the Company to guaranteeits application.Information disclosurePublication in a more detailed way ofreports of external control entities andthe Company’s risk management.Publishing of detailed information relatedto the satisfaction evaluation resultsby Linea Viva magazine.Communication strategy withShareholders and InvestorsDevelopment of strategy for investorrelations, so as to position theCompany in both the local and the internationalmarkets.The activities developed include: Onlinepresentation of quarterly corporateresults; publishing of quarterly financialresults in English and Spanish;market training to analysts of stockbrokeragefirms; review and update ofWeb page contents for shareholdersand investors, and English languagesection for investors; on-line communicationcampaign to keep permanentlyin touch with shareholders andinform them via electronic mail.Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management