Regarding the statement made by the Red de Veedurías de Colombia (Colombia´s Citizen Oversight Network) through social networks, ISA clarifies to the public that:
- The contracting processes of ISA and its companies comply with rigorous international standards and are governed by the applicable regulations in each of the countries where it has operations. Contracts are periodically audited by the competent bodies and, in the case of Colombia, by the Office of the Comptroller General of the Republic. In the financial audit conducted this year for the 2023 fiscal year, the agency rated as “favorable” -the highest rating issued- the execution of public resources by ISA.
- ISA and its companies, as part of the Ecopetrol Group, comply with the requirements defined in the Sarbanes-Oxley Act (SOX), which establishes the highest standard in internal financial and accounting controls, with a focus on the prevention of corporate fraud for companies listed on the New York Stock Exchange. This ensures that its financial results are rigorously reviewed by independent external auditors who issue an attestation on the reliability of the company’s internal controls and financial information.
- ISA is a securities issuer; therefore, it is governed by strict regulations determined by the financial authorities and its material information -such as financial results, tenders, awards, mergers and acquisitions, corporate governance decisions, among others- are published to the market through the Relevant Information of the Financial Superintendence.
- ISA operates under management criteria and best corporate governance practices. Corporate strategy is the compass that guides decision making, including its Investment Plan. All investment opportunities are reviewed by the Business Committee and approved by the Board of Directors. This plan considers the strategic, operational, financial and risk aspects of decision making. In this regard, as ISA has been informing the market and public opinion, by 2030 the company has committed investments in different countries and businesses for USD 6.8 billion (COP 27.9 trillion) for its growth and expansion, in the best interest of its shareholders and the development of the region.
- According to ISA’s Bylaws, the Board of Directors is in charge of leading the selection process of the president, a process that is progressing with the advice of the renowned headhunting firm Korn Ferry, in line with the best corporate governance practices. While the appointment process is being finalized, Gabriel
Melguizo Posada, who has been with the company for more than 27 years and has held important management positions in several of the countries where ISA has a presence, is heading ISA as Interim CEO.
- ISA has an ethics and integrity program that complies with the best market practices, therefore we invite any citizen who has a complaint or knows of an irregular event involving ISA, to make a report through the ISA Ethics Line, attaching the evidence that allows us to conduct a rigorous investigation.
- Ethics Line (Toll-Free and anonymous):
01 8000 94 13 41
- AppStore: Grupo ISA Ethics Line
For more than 57 years, ISA has been a company with the highest standards in Ethics and Corporate Governance. It has a culture in which strategic decisions are aligned with solid ethical principles and positive impact on the communities where it has operations.
To learn more about ISA’s strategy, visit www.isa.co
