{"id":23095,"date":"2021-01-12T15:04:53","date_gmt":"2021-01-12T15:04:53","guid":{"rendered":"https:\/\/web-isa.azurewebsites.net\/investors\/preguntas-frecuentes-inversionistas\/"},"modified":"2026-01-27T12:55:03","modified_gmt":"2026-01-27T17:55:03","slug":"faq-investors","status":"publish","type":"page","link":"https:\/\/isa.co\/en\/investors\/faq-investors\/","title":{"rendered":"FAQ – investors"},"content":{"rendered":"\t\t
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FAQ \u2013 investors<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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FAQ<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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ISA\u2019s Direct and Effective Participation in the affiliates and subsidiaries <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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Please refer to the excel sheet called \u201cParticipation in subsidiaries\u201d located in the Valuation Kit.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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How should the Board of Directors member nomination lists be submitted? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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A single list that has been accepted by the main shareholders, submitted by the Ministry of Finance, has been submitted in ISA\u2019s Shareholders\u2019 Meetings. This list meets the minimum number of independent members set forth in the Corporate Bylaws. However, if shareholders wish to submit several lists, Decree 3923 of 2006 must be enforced. This Decree establishes the following:<\/p>\n

Article 1. Election of the boards of directors of issuers of securities. To elect the board members of issuers of securities, there should be two voting processes in the shareholders\u2019 meeting or equivalent entity. One of the processes shall elect independent members according to the law or the bylaws, and the other process shall elect the rest of members.<\/p>\n

To this effect, independent member election lists shall only include people who meet the qualifications set forth in paragraph 2 or Article 44 of Law 964 of 2005, without prejudice to including people who meet such qualifications in lists to elect the rest of members.<\/p>\n

First Paragraph. According to Article 44 of Law 964 of 2005, bylaws of issuers of securities, including those who are entities monitored by the Financial Superintendence of Colombia, may provide for that there shall be no alternates in the boards of directors or equivalent entity.<\/p>\n

When the bylaws of the corresponding issuer of securities have not provided for the elimination of alternates in the board of directors or equivalent entity, alternates of the main members shall also be elected during the corresponding voting processes.<\/p>\n

Second Paragraph. During elections, the quotient system shall be implemented, which shall be calculated by dividing the total number of valid votes issued by the number of people to be elected in each of the voting processes.<\/p>\n

The foregoing without prejudice that bylaws of registered entities may implement a different voting system once the Colombian government has established and regulated voting systems other than the quoting system, which may be implemented by these entities pursuant to Article 39 of Law 964 of 2005.<\/p>\n

Third Paragraph. The election of all the members of the board of directors shall be held in a single voting process whenever it is ensured that the minimum number of independent members required by the law or the bylaws will be achieved, when the bylaws of the corresponding issuer have established that all the members of the board of directors shall be independent pursuant to criteria established in paragraph 2 of Article 44 of Law 964 of 2005, or when only one list including the minimum number of independent members required by the law or the bylaws has been submitted.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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What are the projects under construction? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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Please refer to \u201cprojects under construction\u201d in the Valuation Kit.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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Nominal tax rate of the countries where ISA has a presence <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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Colombia<\/strong><\/td>\n35% for 2022 and for 2023 on<\/td>\n<\/tr>\n
Brasil<\/strong><\/td>\n34%<\/td>\n<\/tr>\n
Chile<\/strong><\/td>\nIn the semi-integrated system 27% (2018 onwards).<\/td>\n<\/tr>\n
Bolivia<\/strong><\/td>\n25%<\/td>\n<\/tr>\n
Per\u00fa<\/strong><\/td>\nREP:27%\u00a0 ISA Per\u00fa: 22%\u00a0 CTM: 30% PDI: 29,5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t
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Annual revenues by business and by country <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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View of the consolidated information, which includes eliminations of intercompany transactions (IFRS). Figures in COP million<\/p>\n

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2022<\/strong><\/td>\nFigures in million<\/strong><\/td>\nColombia<\/strong><\/td>\nChile<\/strong><\/td>\nBrasil<\/strong><\/td>\nPer\u00fa<\/strong><\/td>\nOtro<\/strong><\/td>\nTotal<\/strong><\/td>\n<\/tr>\n
12M<\/strong><\/td>\nEnergy<\/td>\n2.670.532<\/td>\n397.738<\/td>\n4.501.907<\/td>\n2.375.552<\/td>\n60.675<\/td>\n10.006.404<\/strong><\/td>\n<\/tr>\n
<\/td>\nRoads<\/td>\n357.135<\/td>\n2.510.364<\/td>\n\u2013<\/td>\n\u2013<\/td>\n\u2013<\/td>\n\u00a02.867.499<\/strong><\/td>\n<\/tr>\n
<\/td>\nTelecom.<\/td>\n219.791<\/td>\n30.834<\/td>\n68.520<\/td>\n139.645<\/td>\n24.813<\/td>\n483.603<\/strong><\/td>\n<\/tr>\n
<\/td>\nTotal<\/strong><\/td>\n3.247.458<\/strong><\/td>\n2.938.936<\/strong><\/td>\n4.570.427<\/strong><\/td>\n2.515.197<\/strong><\/td>\n85.488<\/strong><\/td>\n13.357.506<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n
2021<\/strong><\/td>\nFigures in million<\/strong><\/td>\nColombia<\/strong><\/td>\nChile<\/strong><\/td>\nBrasil<\/strong><\/td>\nPer\u00fa<\/strong><\/td>\nOtro<\/strong><\/td>\nTotal<\/strong><\/td>\n<\/tr>\n
<\/td>\nEnergy<\/td>\n2.243.209<\/td>\n321.923<\/td>\n3.878.894<\/td>\n2.104.422<\/td>\n112.048<\/td>\n8.660.496<\/strong><\/td>\n<\/tr>\n
<\/td>\nRoads<\/td>\n349.380<\/td>\n1.736.951<\/td>\n\u2013<\/td>\n\u2013<\/td>\n\u2013<\/td>\n2.086.331<\/strong><\/td>\n<\/tr>\n
<\/td>\nTelecom.<\/td>\n175.680<\/td>\n31.085<\/td>\n66.374<\/td>\n115.265<\/td>\n26.310<\/td>\n414.714<\/strong><\/td>\n<\/tr>\n
<\/td>\nTotal<\/strong><\/td>\n2.768.269<\/strong><\/td>\n2.089.959<\/strong><\/td>\n3.945.268<\/strong><\/td>\n2.219.687<\/strong><\/td>\n138.358<\/strong><\/td>\n11.161.541<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n
2020<\/strong><\/td>\nFigures in million<\/strong><\/td>\nColombia<\/strong><\/td>\nBrasil<\/strong><\/td>\nPer\u00fa<\/strong><\/td>\nChile<\/strong><\/td>\nOtro<\/strong><\/td>\nTotal<\/strong><\/td>\n<\/tr>\n
<\/td>\nEnergy<\/td>\n2.007.696<\/td>\n292.129<\/td>\n3.696.297<\/td>\n2.026.448<\/td>\n108.972<\/td>\n8.131.542<\/strong><\/td>\n<\/tr>\n
<\/td>\nRoads<\/td>\n95.672<\/td>\n1.561.599<\/td>\n\u2013<\/td>\n\u2013<\/td>\n\u2013<\/td>\n1.657.271<\/strong><\/td>\n<\/tr>\n
<\/td>\nTelecom.<\/td>\n158.652<\/td>\n31.213<\/td>\n64.170<\/td>\n90.481<\/td>\n34.497<\/td>\n379.013<\/strong><\/td>\n<\/tr>\n
<\/td>\nTotal<\/strong><\/td>\n2.262.020<\/strong><\/td>\n1.884.941<\/strong><\/td>\n3.760.467<\/strong><\/td>\n2.116.929<\/strong><\/td>\n143.469<\/strong><\/td>\n10.167.826<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t
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Date of termination of each Road concession? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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Please refer to \u201cEnergy Concessions Term\u201d in the Valuation Kit.<\/p>\n

Roads<\/strong><\/p>\n

It corresponds to the dates according to the MDI (Mecanismo de Distribuci\u00f3n de Ingresos) methodology; These dates are reviewed each year in accordance with the executed and projected toll revenue. The validity of the concessions is variable due to the payment methodology. The total income is guaranteed as a Present value in UFs. This means that each year the end date of a new concession is calculated.<\/p>\n

For detailed information, please refer to \u201cRoads Regulation\u201d located in the valuation kit.<\/p>\n

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Roads Traffic between 2015-2022 <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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Please refer to the information located in the Valuation Kit.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

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How is the regulation review progressing in Colombia? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t\t<\/path><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
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So far, the regulator has issued three draft resolutions. The last one was issued in 2016, and established:<\/p>\n