Annual Report 2009 - Isagen

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ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.28Budget was assigned, approved, and executedaccording to regulation and policiesruling the Company, and also inaccordance with principles of efficacyand efficiencyAs to the environmental component,management endeavors are satisfactoryand with improvement thanks to theEnvironmental Management System.The Internal Control System is effective,with a rating of 0.06275, equivalent to alow risk level.The Financial Statements reasonably reflectISAGEN’s financial situation as ofDecember 31 of 2008.Some subjects evaluated required severalobservations, which were presented as auditingfindings. To that respect, an ImprovementPlan was established according to regulationin force; the plan was approved by theNational General Auditing Office and it is currentlyunder implementation. Progress of theplan was reported to the Board of Directorson a monthly basis and biannually to theNational General Auditing Office.6.3.4. Financial SuperintendencyThe legal information disclosed by ISAGENto the market is based on the guidelines ofthe Financial Superintendency and GoodGovernance practices, which are set forth inthe Good Governance Code and comply withthe requirements of the Single Circular Letterof Colombia’s Stock Exchange, the Bylaws,the Shareholders’ Agreement subscribed bythe State as Controlling Shareholder and theGood Governance practices adopted by theCompany. Such practices consist of postingon the Web page and reporting to theFinancial Superintendency, on a quarterly,annual and one-time basis, information includingrelevant facts.Compliance with the above practices ischecked by semesters, and results are submittedto the Audit Committee. From thereview conducted by OrganizationalAuditing of compliance with the commitmentsacquired by the Company, it couldbe concluded that ISAGEN complies with applicableregulation and Corporate GoodGovernance Practices adopted by it. Besides,the shareholders and the market in generalhave had full and timely access to ISAGEN’sinformation.6.3.5. Management systemscertifying entityThe audit conducted by ICONTEC inFebruary of 2009 evidenced efficacy of theManagement Systems for Quality,Environment, and Occupational Healthand Safety as well as compliance with therequirements of certifications under NTC-ISO 9001:2008, NTC-ISO 14001:2004 andNTC OHSAS 18001:2000 standards, respectively.Along its annual follow-up ofcertifications, ICONTEC’s auditing teamgave its favorable opinion and recommendedincluding Calderas power plant intheir scope.Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
ANNUAL REPORT 2009 / ISAGEN S.A. E.S.P.29As a product of the audit, some observationswere presented for which pertaining improvementplans were established.6.3.6. Other entitiesAccording to regulation in force, the NationalGeneral Accounting Office was informedabout the Internal Accounting ControlSystem, the evaluation of which is includedin the Organizational Audit Annual WorkPlan. The Office concluded that during 2009ISAGEN had an adequate InternalAccounting Control System.Additionally, it was seen that correct attentionwas given to visits and requirementsfrom other control entities like risk-ratingagencies, some regulators, ministries andautonomous regional corporations, whichexercise sporadic external control bymeans of information requests.7. DISCLOSURE OFINFORMATIONThe legal information that it disclosed to themarket is based on the requirements of theSingle Circular Letter of Colombia’s StockExchange, the guidelines of the FinancialSuperintendency, the Bylaws, theShareholders’ Agreement subscribed by theState as Controlling Shareholder and theGood Governance practices. Informationwas disclosed to the shareholders and thegeneral market through the followingmechanisms:ISAGEN’s Web pageManagement reportPublications in newspapers, brochures,and institutional magazinesMeetings with brokerage firms and pensionfundsPublication of Relevant InformationIn 2009, as a result of its intention totransfer its shares, the State, in its capacityas shareholder, requested confidentialinformation required for the appraisal ofthe Corporation. The request was madeabiding by the procedures provided in theGood Governance Code, Number 7.4 –Confidential Information.Résumés of the Board of Directors Members,the Legal Representative, and theOrganizational Auditor are at the disposal ofshareholders and the market, and they areavailable at the Web page www.isagen.com.co in the Information to Shareholders section.Contents Letter from the CEO Achievements2009Good GovernancePractices EvaluationCorporateManagementFinancial Management
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Annual Report 2009 - Isagen

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