',&&,21$5,2'(62&,2/2*,$ KWWSZZZFLEHUFRQWDXQL]DUHVOHFFLRQVRFLRGLF +XJRGHORV&DPSRV
$ $FDGpPLFR+RPEUHGHP...
100 downloads
1503 Views
359KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
',&&,21$5,2'(62&,2/2*,$ KWWSZZZFLEHUFRQWDXQL]DUHVOHFFLRQVRFLRGLF +XJRGHORV&DPSRV
$ $FDGpPLFR+RPEUHGHPXFKRWDOHQWR1RKDEtDLQYHQWDGRQDGDSHURH[SOLFDEDPX\ ELHQORVLQYHQWRVGHORVGHPiV 9ROWDLUH
$FpIDOR (O TXH KD SHUGLGR OD FDEH]D HQ VHQWLGR QR PHWDIyULFR 3RU
GHULYDFLyQ HO WpUPLQR VH DSOLFD D DTXHOODV VRFLHGDGHV TXH KDQ SHUGLGR VX JRELHUQR \ VH HQFXHQWUDQ HQ XQD VLWXDFLyQ GH FRQIXVLyQ \ DEDQGRQR 'XUDQWH PXFKR WLHPSR KLVWRULDGRUHV \ SROLWyORJRV VRVWXYLHURQ TXH ORV RUtJHQHV GH WDO DQDORJtD VH HQFRQWUDED HQ ODV GRFWULQDV RUJDQLFLVWDV GHO (VWDGR TXH YHQ HQ OD ILJXUDGHOJREHUQDQWHODFDEH]D GHOFXHUSRVRFLDORUJDQL]DGR$FWXDOPHQWHVHVDEH TXHODDQDORJtDIXHDFXxDGDHQ)UDQFLDKDFLDORVSULPHURVDxRVGHOVLJOR;,; SHUtRGR HQ HO TXH FRQ IUHFXHQFLD OD FRQGLFLyQ GH DFHIDOtD GH OD VRFLHGDG FRLQFLGtDFRQODGHOH[PRQDUFD\ODGHVXVFRODERUDGRUHVPiV FHUFDQRV
$FXOWXUDFLyQ
(VSHFLH GH PXWDFLyQ FXOWXUDO PX\ IUHFXHQWH HQ pSRFDV GH FRORQL]DFLyQ(OSUHILMR D VHXWLOL]DHQVXGREOHVHQWLGRFRPRDGTXLVLFLyQGHO WpUPLQR TXH SUHFHGH DEXUJXHVDPLHQWR DVRFLDFLyQ R FRPR SpUGLGD GH HVH REMHWR DQyPLFR DFpIDOR GRWDQGR DVt DO FRQFHSWR GH GRV VLJQLILFDGRV LQWHUFDPELDEOHVVLGDFXHQWDGHOQDWLYRVHXWLOL]DHQVXSULPHUDDFHSFLyQVLSRU DOJ~QIDWDODFFLGHQWH GHEHGDUFXHQWDGHOYLVLWDQWHHQODVHJXQGD
$GDSWDFLyQ
$MXVWH GH QXHVWUD FRQGXFWD D OD GHILQLFLyQ GRPLQDQWH GHO HQWRUQR(OSURFHVRGHDGDSWDFLyQHVVLHPSUHELHQYHQLGRHQWDQWRFDUDFWHUL]DHO REUDUGHODVSHUVRQDVMXLFLRVDV\UHVSRQVDEOHV
$OLHQDFLyQ (QFLHUWDVRFLRORJtDDOWHUDFLyQGHORVVHQWLGRVTXHKDFHSHUFLELU
ODSRVLFLyQVRFLDOSURSLDHQIRUPDGLVWLQWDGHODSHUFHSFLyQTXHGHODPLVPDKDFH HOVRFLyORJR(OFRQFHSWRGHDOLHQDFLyQOLEHUDGRGHILQLWLYDPHQWHGHVXVPHMRUHV DQWHFHGHQWHV ILORVyILFRV RFXSy XQ LPSRUWDQWH OXJDU HQ OD WHUPLQRORJtD GH OD (VFXHOD GH 6RFLRORJtD 3URIpWLFD GH JUDQ LQIOXHQFLD HQ OD GpFDGD GHO 3DUD PXFKRV FLHQWtILFRV VRFLDOHV FRQWHPSRUiQHRV HO WpUPLQR UHVXOWD GH GXGRVD YDOLGH] SRU VX DPELJHGDG \ VX IXHUWH FRQQRWDFLyQ YDORUDWLYD &RQWUD WDOHV DUJXPHQWRVVHKDQOHYDQWDGRYRFHVGHSURWHVWDGHSDUWHGHDOJXQRVLQWHJUDQWHV GH OD UHIHULGD HVFXHOD HMHPSOR GH OR FXDO VRQ ODV RSLQLRQHV GHO VRFLyORJR PH[LFDQR5DPyQ6iQFKH]0HMtDTXLpQHQ\HQRSRUWXQLGDGGHFHOHEUDUVH HO ,,, &RQJUHVR GH OD $/$6 VH SUHJXQWDED DQWH ORV SDUWLFLSDQWHV FyPR SRGtD SRQHUVHHQWHODGHMXLFLRODREMHWLYLGDG\SUHFLVLyQPHWRGROyJLFDGHODQRFLyQGH DOLHQDFLyQ FXDQGR ORV SURSLRV HVWDGtVWLFRV VH HQFDUJDEDQ GH HVWXGLDUOD \ KDVWD KDEtDQ IRUPXODGR XQ FRHILFLHQWH SDUD PHGLUOD (O DUJXPHQWR FDXVy SURIXQGR PDOHVWDUHQWUHORVHVWDGtVWLFRVSUHVHQWHVHQHO&RQJUHVRKHFKRTXHHQXQSULPHU PRPHQWR GHVFRQFHUWy D 5DPyQ 0HMtD SHUR TXH OXHJR DWULEX\y D OD HYLGHQWH ILOLDFLyQLPSHULDOLVWDGHDTXHOORV
$QWURSRORJtD 6RFLRORJtDGH]RQDVWURSLFDOHV $VFHQVRVRFLDO 3URFHVRSRUHOFXDOXQSREUHVHWUDQVIRUPDHQOXPSHP\XQ KLMR GHODFODVHPHGLDVHFRQYLHUWHHQ\XSSLH7RGDVRFLHGDGVHHQRUJXOOHFHGH HVWRV SHUVRQDMHV \D TXH FRQVWLWX\HQ PXHVWUDV YLYLHQWHV GH TXH HQ VX VHQRKD\ OXJDUSDUDHOSURJUHVR\ODDXWRVXSHUDFLyQ
)UXWR GH HVH RUJXOOR VRQ ORV YDULDGRV UHODWRV TXH QDUUDQ OD YLGD GH HVWRV KRPEUHV /D HVWUXFWXUD GH ORV UHODWRV HV VHQFLOOD \ VH RUJDQL]D HQ WUHV HWDSDV IXQGDPHQWDOHVXQDFRPSOHWDGHVFULSFLyQGHOWULVWHOXJDUGHGRQGHHOSHUVRQDMH SURYHQtDSDUDHQVHxDUODVSHQXULDVGHXQDYLGDDXVWHUDXQDGHWDOODGDH[SRVLFLyQ GHOHQYLGLDEOHVLWLRHQGRQGHKR\VHHQFXHQWUDSDUDLQVWUXLUVREUHODVYHQWDMDVGH XQDSRVLFLyQHQFXPEUDGD\XQPDUFDGRROYLGRGHOSURFHVRSRUHOFXDOVHRSHUy HOSDVDMHGHXQVLWLRDRWURSDUDQRHPSDxDUDODFWRSHGDJyJLFRFRQHOUHODWRGH DFRQWHFLPLHQWRVSRFRGLJQRVGHOHORJLR\HOHMHPSORPRUDO
$VFHWLVPR'RFWULQDPRUDOTXHGHGXFHGHXQDYLGD\FRVWXPEUHVDXVWHUDVHO
PHGLR LGyQHR SDUD DOFDQ]DU OD SHUIHFFLyQ GHO HVStULWX \ REWHQHU ORV IDYRUHV GH 'LRVHQPDQRVGH ORVSURWHVWDQWHVODGRFWULQDIXHUHIRUPXODGDDXQTXHQRSRU HOORSHUGLyDOJXQDVGHVXVFDUDFWHUtVWLFDVRULJLQDOHV
/D SUiFWLFD GHO DVFHWLVPR TXH DQWDxR RULHQWy OD YLGD GH QXPHURVDV FRPXQLGDGHVKR\VHHQFXHQWUDSUiFWLFDPHQWHH[WLQJXLGDVHJ~QLQGLFDQORVPiV SUHVWLJLRVRV HVWXGLRVRV 8QD QRWDEOH H[FHSFLyQ HQ HVWH VHQWLGR OD FRQVWLWX\H OD RSLQLyQ GHO $QWURSyORJR DPHULFDQR -RKQ 2 &RQQRU TXLpQ DILUPD KDEHU FRQVWDWDGR XQ VLQJXODU UHVXUJLPLHQWR GH OD GRFWULQD HQ ]RQDV SHULIpULFDV GH DOJXQDV FLXGDGHV PRGHUQDV GRQGH VLHPSUH VHJ~Q VX HUXGLWD RSLQLyQ VXV KDELWDQWHVDXQTXHVLQFRQIHULUOHDTXpOFDUiFWHUPtVWLFRFRQWLQ~DQDEUD]DQGRODV UHJODVGHXQDYLGDVHQFLOODORVJXVWRVKXPLOGHV\XQDSUiFWLFDDOLPHQWLFLDH[HQWD GHDEXVRVSURWHLFRV
% %LEOLRJUDItD6LWLRGRQGHVHLQYRFDQODVREUDVGHRWURVFRPR~OWLPRUHFXUVR SDUDMXVWLILFDUODGHXQR
%LHQ /R TXH HV PRUDOPHQWH FRUUHFWR OR TXH GHEH SURFXUDUVH \ GHIHQGHUVH
DTXHOOR D OR TXH GHEH DVSLUDU HO HVStULWX KXPDQR __ 3URSLHGDG OR TXH OH SHUWHQHFHDDOJXLHQDTXHOORTXHVHHQFXHQWUDEDMRHOGRPLQLRGHDOJXQDSHUVRQD /RV GRV VHQWLGRV GHO WpUPLQR TXH HQ RWUDV pSRFDV WRUQDURQ LPSUHFLVD VX XWLOL]DFLyQKDQGHMDGRGHFRQVWLWXLUXQSUREOHPDGHVGHTXHVHIXVLRQDURQSDUD HFRQRPtDGHOOHQJXDMH\OHJLWLPLGDGGHODHFRQRPtD
%XUJXpV $QWLJXRSHUVRQDMHTXHVHHVFRQGtDDODKRUDGHDFXPXODUULTXH]D\VH H[KLEtD RVWHQWRVDPHQWH D OD KRUD GH GHVSLOIDUUDUOD 6XV GHVFHQGLHQWHV PiV FHUFDQRVUHDOL]DQHVHQFLDOPHQWHODVPLVPDVDFWLYLGDGHVGHVXSURJHQLWRUSHURVH GLIHUHQFLDQGHDTXHOSRUQRH[KLELUVXPLVPRSXGRUDOHMHFXWDUODSULPHUD
%XURFUDFLD&ODVHVRFLDOXVXIUXFWXULDGHORVPHGLRVGHGHFLVLyQ(VGLVWLQWDGH
OD EXUJXHVtD \D TXH QR HV GXHxD GH ORV PHGLRV TXH XWLOL]D HV GLVWLQWD GHO SUROHWDULDGR\DTXHQRWUDEDMD
& &DOLGDG &DQWLGDG &DPELR VRFLDO 3URFHVR UHFXUUHQWH HQ ODV VRFLHGDGHV KXPDQDV VREUH FX\D
H[LVWHQFLD WRGRV ORV VRFLyORJRV FRLQFLGHQ DXQTXH MDPiV OOHJXHQ D SRQHUVH GH DFXHUGR VREUH VX RFXUUHQFLD HPStULFD 3RVHH OD H[WUDxD SDUWLFXODULGDG GH DXPHQWDUVXYLVLELOLGDGFRQIRUPHDXPHQWDVXGLVWDQFLD
&DULVPD 'RQTXHODQDWXUDOH]DRWRUJDH[FHSFLRQDOPHQWHDDOJXQRVKRPEUHV \ HQ YLUWXG GHO FXDO HVWRV SXHGHQ JREHUQDU D VXV FRQJpQHUHV VLQ QHFHVLGDG GH UHFXUULUDORVDUJXPHQWRVGHOWHUURURGHOVXIUDJLR
&RHILFLHQWHGHDVRFLDFLyQ (FXDFLyQTXHDSOLFDGDDGRVYDULDEOHVGLVFUHWDV DVXPH YDORUHV HQWUH \ WDO TXH VH VL VH DSUR[LPD D OD XQLGDG FRQILUPD OD H[LVWHQFLD GH XQD DVRFLDFLyQ WULYLDO \ VL VH DFHUFD DO YDORU QXOR GHVFDUWD OD SRVLELOLGDGGHXQDUHODFLyQLQWHUHVDQWH
&RPSHWHQFLD
,QJHQLRVR DUJXPHQWR GH OD HPSUHVD SDUD REWHQHU OD FRRSHUDFLyQGHVXVVXEDOWHUQRVHQWUHVt\FRQORVILQHVGHODSULPHUD
&RPSXWDGRUD $UWHIDFWRTXHWUDQVIRUPDXQDLQIRUPDFLyQGXGRVDHQFUHtEOH
\XQ WH[WRPHGLRFUHHQSUHVHQWDEOH/HDVLVWHUD]yQD*LOEFXDQGRHQVHxD 1RVH GHEHFRQILDUHQODVFRPSXWDGRUDVSHURPHQRVD~QHQORVVHUHVKXPDQRV
&RQVXOWRUtD 7UDQVDFFLyQHQODTXH$RIUHFHHOGLQHURTXHQROHSHUWHQHFHD
FRQGLFLyQTXH%DSRUWHODVLGHDVTXHQRGLVSRQHSDUDHQFRQWUDUVROXFLyQDXQ SUREOHPDTXHDQLQJXQRGHORVGRVLPSRUWD
&RQVXPR =DQDKRULDTXHDWDGDDODSXQWDGHXQDYDUD\FRORFDGDDXQDFRUWD GLVWDQFLD GH ORV RMRVGHXQEXUURJDUDQWL]DTXHDTXHOWUDQVLWHSRUODVHQGDGHO %LHQDEXHQSDVR\VLQODPHQWDUVHSRUORVEXOWRVTXHWUDQVSRUWDVREUHVXORPR ORV EXUURV PiV RSWLPLVWDV DUJXPHQWDQ TXH OD 3URYLGHQFLD KDFRORFDGRDOOtHVD FDUJDSDUDTXHVRVWHQJDODYDUDTXHVXMHWDOD]DQDKRULD
&RQWDGRU ,QGLYLGXRTXHSRVHHODKDELOLGDGGHFRQWDU__3HUVRQDTXHFXHQWD KLVWRULDVGHFLHQFLDILFFLyQUHGDFWDGDVHQOHQJXDMHDOIDQXPpULFR
&RQWURO6RFLDO 9HU62&,$/,=$&,Ð1 &RUUXSWR ,QWHJUDQWH GHO VHFWRU S~EOLFR TXH PHGLDQWH HO XVR GH PHGLRV GH
GXGRVD PRUDOLGDG VH DSURSLD GH XQD FDQWLGDG GHVPHVXUDGD GH ULTXH]D HQ UHODFLyQ FRQ OD TXH OH FRUUHVSRQGH SRU VX WUDEDMR &XDQGR TXLHQ HVWR UHDOL]D SHUWHQHFH DO VHFWRU SULYDGR VH OR GHQRPLQD HPSUHVDULRH[LWRVR (O HFRQRPLVWD FKLOHQR $OHMDQGUR 5RHPPHU KD VRVWHQLGR HQ OD ,QWURGXFFLyQ GH VX UH FLHQWH 0DQXDO3UiFWLFRGH*HUHQFLDPLHQWRSDUD(MHFXWLYRV2FXSDGRVTXHHVWHKHFKR QR SXHGH FRQVLGHUDUVH VLQR FRPR XQ DUJXPHQWR PiV HQ IDYRUGHODHFRQRPtD SXUD GH PHUFDGR GHVGH TXH UHVXOWD VLHPSUH SUHIHULEOH D XQD VRFLHGDG GH FRUUXSWRVXQDGHKRPEUHVGHp[LWR
&ULVLV HFRQyPLFD
6LWXDFLyQ TXH VH YHULILFD FXDQGR HQ IRUPD UHJXODU \ JHQHUDOL]DGDDOHVWDEOHFHUVHXQLQWHUFDPELRHQWUHGRVLQGLYLGXRVTXLHQRIUHFHHO GLQHURWLHQHODVHQVDFLyQGHKDEHUJDVWDGRPXFKR\TXLHQORUHFLEHVLHQWHTXHKD REWHQLGRPX\SRFR0LHQWUDVGXUDHOSHUtRGRGHFULVLVSDUWLFLSDQGHWDOVLWXDFLyQ WRGRVORVLQWHJUDQWHVGHO(VWDGRFRQH[FHSFLyQGHDTXHOORVTXHLQWHJUDQODFODVH DOWD TXH SRU QDWXUDOH]D VH HQFXHQWUDQ OLEUHUDGRV GH H[SHULPHQWDU WDOHV VHQWLPLHQWRV \ TXLHQHV FRQIRUPDQ OD FODVH EDMD TXH SRU GHILQLFLyQ VH KDOODQ GHVWLQDGRV D SDGHFHU WDO VHQVDFLyQ HWHUQDPHQWH HV GHFLU VLQ GHSHQGHU GH ORV YDLYHQHVGHODHFRQRPtD
&ULVWLDQLVPR
'RFWULQD TXH SURIHVD OD VROLGDULGDG HQWUH ORV KRPEUHV \ OD D\XGDDORVPiVQHFHVLWDGRV DVtFRPRODH[LVWHQFLDGHXQ'LRV~QLFRHOMXLFLR GLYLQR GH QXHVWURV DFWRV WHUUHQDOHV \ OD YLGD HWHUQD GH ODV DOPDV MXVWDV (VWD GRFWULQD UHFLEH VX QRPEUH SRU &ULVWR HO +LMR GH 'LRVKHFKRKRPEUHTXLHQOD GLIXQGLy VREUH HO ILQDO GH VX FRUWD YLGD KDVWD TXH ORV URPDQRV GHFLGLHURQ SUHVFLQGLU GH VX H[LVWHQFLD SDUD GHGLFDUVH HQ IRUPD SHUVRQDO D VX GLYXOJDFLyQ &RVDTXHKDVWDHOGtDGHKR\VLJXHQKDFLHQGRFRQVLQJXODUp[LWR
&XHVWLRQDULR
,QVWUXPHQWR SDUD OD REWHQFLyQ GH LQIRUPDFLyQ GH XVR IUHFXHQWH HQ VRFLRORJtD \ FLHQFLDV DILQHV (Q VX YHUVLyQ FRQWHPSRUiQHD HO FXHVWLRQDULR FRQVLVWH HQ XQD VHULH GH SUHJXQWDV DILUPDFLRQHV R HQXQFLDGRV LQFRPSOHWRV TXH VH UHGDFWDQ RUGHQDGDPHQWH HQ XQD VHULH GH KRMDV \ TXH VRQ SUHVHQWDGDV DO FXHVWLRQDGR SDUD TXH pVWH FRQWHVWH MX]JXH R FRPSOHWH DTXHOODV LQVFULSFLRQHV /D FUtWLFD D WDO IRUPD GH UHFROHFFLyQ GH LQIRUPDFLyQ HQ FLHQFLDV VRFLDOHVKDFUHFLGRWDQWRFRPRVXXVRGHPRGRTXHDHVWDDOWXUD\DFDVLQDGLHVH DYHQWXUD D GHIHQGHUOR FRPR LQVWUXPHQWR GH PHGLFLyQ QL VH SULYD GH XWLOL]DUOR WRGD YH] TXH VXV VHUYLFLRV SURIHVLRQDOHV VRQ UHTXHULGRV /DV GLIHUHQWHV SRVLFLRQHVDFDGpPLFDVVREUHHOWHPDIXHURQREMHWRGHGHEDWHUHFLHQWHPHQWHHQ RSRUWXQLGDG GHO ,,, 6LPSRVLR GH 0HWRGRORJtDV &RQYHQFLRQDOHV FHOHEUDGR HQ (VSDxD HYHQWR TXH UHXQLy D ORV SULQFLSDOHV PHWRGyORJRV GH HVWD SDUWH GHO PXQGR &RPR HUD SUHYLVLEOH SUHYDOHFLy OD SRVLFLyQ FUtWLFD (O GH ORV SDUWLFLSDQWHVFRQVLGHUyDOFXHVWLRQDULRXQLQVWUXPHQWRPX\~WLOHOEDVWDQWH ~WLO HO PiV R PHQRV ~WLO HO SRFR ~WLO HO QDGD ~WLO \ HO QR VDEHQRFRQWHVWD
' 'HPRFUDFLD /DIRUPDGHJRELHUQRTXH QDFHFXDQGRORVSREUHVGHVSXpVGHKDEHU
REWHQLGR OD YLFWRULD PDWDQ D DOJXQRV DGYHUVDULRV D RWURV ORV GHVWLHUUDQ \ GLYLGHQ FRQ ORV UHVWDQWHV HO JRELHUQR \ ORV FDUJRV S~EOLFRVORVTXHVRQGHWHUPLQDGRVJHQHUDOPHQWHSRUVRUWHR 3ODWyQ /D PHQRSDXVLD GH ODV VRFLHGDGHV RFFLGHQWDOHV OD *UDQ 0HQRSDXVLD GHO FXHUSR VRFLDO %DXGULOODUG /DGHVHVSHUDFLyQGHQRHQFRQWUDUKpURHVTXHQRVGLULMDQ &DUO\OH
'HSDUWDPHQWR 8QLYHUVLWDULR
)DFWRUtD GH FRQRFLPLHQWR LQWHJUDGD SRU XQRV SRFRV SDWURQHV \ XQ Q~PHUR VLHPSUH YDULDEOH GH REUHURV (O YDORU TXH DxDGHQHVWRV~OWLPRVDODVHVFDVDVPHUFDQFtDVTXHHQHOOXJDUVHSURGXFHQHVGH WDO PDJQLWXG TXH SHUPLWH D ORV SULPHURV QR VROR DXPHQWDU VXV LQJUHVRV VLQR DGHPiVVXFXUUtFXOXP
'HVFHQWUDOL]DFLyQ
,QWHQWR GH VROXFLyQ GHO SUREOHPD EXURFUiWLFR FRQVLVWHQWHHQODGLVWULEXFLyQJHRJUiILFDGHVXVLQFRPSHWHQFLDV
'HVFXEULPLHQWR +DOOD]JR R GHVFLIUDPLHQWR GH XQR GH ORV VHFUHWRV GH OD QDWXUDOH]D FRQ HO DX[LOLR GHO PpWRGR FLHQWtILFR 3DUD UHDOL]DU XQ YHUGDGHUR GHVFXEULPLHQWR HV QHFHVDULR GLVSRQHU GH WLHPSR SDFLHQFLD H[SHULHQFLD \ JUDQ FDSDFLGDGLQWHOHFWXDO
(PSHFpHQWRQFHVDLQYHVWLJDUHVWHWHPDHQHODxR\KHFRQWLQXDGRKDFLpQGRORKDVWDODIHFKD (ODxR HVSHURSXEOLFDUXQOLEURFRQHOUHVXOWDGRGHHVWDVLQYHVWLJDFLRQHV 8QDGHODV FRVDV TXH GHVFXEUt HV TXH ODV QHJRFLDFLRQHV VXUJHQ SRUTXH H[LVWHQ GLIHUHQGRV 3VLF &ODUD &RULD
'HVYLDGR
,QGLYLGXR OR VXILFLHQWHPHQWH WRQWR R OR VXILFLHQWHPHQWH RSRUWXQLVWDFRPRSDUDKDFHUS~EOLFDPHQWHORTXHVXVFRQJpQHUHVVHHVIXHU]DQ HQ UHDOL]DU EDMR ORV EHQHILFLRV GH OD LQWLPLGDG 6X GHVWLQR PiV IUHFXHQWH HV OD FiUFHORODIDPDUHVSHFWLYDPHQWHRLQGLVWLQWDPHQWHFRPRHQOD$UJHQWLQD
'LVFULPLQDFLyQSRVLWLYD 'LVFULPLQDFLyQ 'LYLVLyQ GHO 7UDEDMR
3URFHVR TXH DFRPSDxD OD HYROXFLyQ GH ODV RUJDQL]DFLRQHV KXPDQDV FRQVLVWHQWH HQ OD SURJUHVLYD DVLJQDFLyQ GH WDUHDV QXHYDV D VXV LQWHJUDQWHVRSWLPL]DQGRDVtODVUXWLQDVSURGXFWLYDVHLQVWDXUDQGR QXHYDVIRUPDVGHFRKHVLyQVRFLDO(QHOVLJOR;9,SRUHMHPSORVHQHFHVLWDEDXQ 0LJXHO$QJHOSDUDSURGXFLUXQ 'DYLG HQFDVLWUHVDxRVPLHQWUDVTXHDILQHVGHO VLJOR ;9,,, VH UHTXHUtDXQHVWLUDGRUXQHQGHUH]DGRUXQFRUWDGRUXQDILODGRU XQ SUHSDUDGRU GRV D WUHV IRUPDGRUHV XQ FRORFDGRU XQ EODQTXHDGRU \ XQ HPSDTXHWDGRUSDUDSURGXFLUDOILOHUHVHQXQVRORGtD /DSURSLDVRFLRORJtDQRKDSHUPDQHFLGRDMHQDDHVWHSURFHVR$VtPLHQWUDVTXH HQHOVLJOR;,;XQLQYHVWLJDGRUSUHFLVDEDGHLQWHOLJHQFLDLQJHQLR\YDULRVDxRV SDUD SURGXFLU XQD REUD WHyULFD GH YDORU D ILQHV GHO VLJOR ;; QHFHVLWD GH XQ VXSHUYLVRUXQDGMXQWRXQDVLVWHQWHGRVD\XGDQWHVXQFRGLILFDGRUXQGLJLWDGRU XQGHVJUDEDGRUXQVHFUHWDULR\DSHQDVRFKRPHVHVSDUDUHGDFWDUXQSDSHU
( (FRORJLVWD
$FWLYLVWD YHUGH \ GH LPSUREDEOH PDGXUDFLyQ ,QGLYLGXR TXH FXDQGR YH FDHU XQ DYLyQGHELGRDSUREOHPDVPHFiQLFRVOHHFKDODFXOSDDORV SDVDMHURV\VHODPHQWDSRUORViUEROHVGHUULEDGRVHQHOLPSDFWR
(FRQRPLVWD ,QGLYLGXRTXHSRUHVWXGLDUORVDVSHFWRVHFRQyPLFRVGHOPXQGR
VHHQFXHQWUDKDELOLWDGRSDUDLQWHUYHQLUHQDVXQWRVHFRQyPLFRVSROtWLFRVVRFLDOHV \ KDVWD SVLFROyJLFRV GH OD FRPXQLGDG /D SRVLELOLGDG GH DVXPLU WDQ GLYHUVDV WDUHDV QR VH IXQGD WDQWR HQ VX DSWLWXG WpFQLFD FRPR HQ VX VROYHQFLD PRUDO JDUDQWL]DGDSRUODUHDOL]DFLyQGHO-XUDPHQWR+LSRFUtWLFRTXHHIHFW~DDOFXOPLQDUVXV HVWXGLRV6XWH[WRVHGHVFRQRFHDXQTXHVHSUHVXPH
(GDG 0HGLGD TXH QRV FRQILUPD FRQ FHUWH]D OD GLVWDQFLD GH WLHPSR RFXUULGD HQWUH QXHVWUR QDFLPLHQWR \ HO SUHVHQWH \ QRV VXJLHUH FRQ DQJXVWLRVD LPSUHFLVLyQ ODTXHH[LVWHHQWUHHOPRPHQWRDFWXDO\QXHVWUDPXHUWH(OKHFKR TXHDODPD\RUtDGHODVSHUVRQDVOHVSUHRFXSHVXHGDGQRWDQWRSRUORSULPHUR FRPR SRU OR ~OWLPR SUXHED XQD YH] PiV TXH ODV PHGLFLRQHV LPSRUWDQWHV DXQTXHLPSUHFLVDVUHVXOWDQGHFRP~QPiV~WLOHVTXHODVSUHFLVDVSHURWULYLDOHV
(PSOHR 8VRXWLOL]RGLVSRQJRHQEHQHILFLRSURSLR(OWpUPLQRGHVLJQDGHVGH
OD 5HYROXFLyQ ,QGXVWULDO OD IRUPD TXH DVXPHQ GH ODV UHODFLRQHV GH WUDEDMR HQ GRQGH TXLpQ GHPDQGD WDOHV IDYRUHV HV GHVLJQDGR HPSOHDGRU \ TXLpQ RIUHFH HVRV VHUYLFLRV UHFLEH HO WtWXOR GH HPSOHDGR 'HVGH DTXHOOD pSRFD GH JORULD HQ TXH HO FRQFHSWR JR]DED GH WRGDV ODV ERQGDGHV GH VX VLJQLILFDGR ORV LQVLVWHQWHV UHFODPRVGHORVHPSOHDGRVODVFR\XQWXUDVHFRQyPLFDV\ODVWRUSHVDFWXDFLRQHVGH DOJXQRVGLULJHQWHVSROtWLFRVKDQYHQLGRDOWHUDQGRVXVHQWLGR<DXQTXHQXQFDKD SHUGLGRVXFRQWHQLGRHVHQFLDOQRH[LVWHQGXGDVTXH\DQRGHVLJQDHQIRUPDWDQ FODUD OR TXH DQWDxR 3DUD HYLWDU HVWD LQFRQYHQLHQWH SHUGLGD GH VLJQLILFDGR TXH HQWXUELDHOFRQFHSWR\GLILFXOWDHOPXWXRHQWHQGLPLHQWRVHKDVXVWLWXLGRSRUHO GH VXE FRQWUDWR TXH UHVWLWX\HFRQQRWDEOHFODULGDGORVFRQWHQLGRVJHQpWLFRVGHO SULPHUR
(QFXHVWD GH RSLQLyQ 3URFHGLPLHQWR TXH XWLOL]DQ ORV VRFLyORJRV \ RWURV
FLHQWtILFRVVRFLDOHVSDUDUHFROHFWDURSLQLRQHVYHU23,1,Ð1 8QDYH]TXHKDQ VLGR UHFROHFWDGDV YHU &8(67,21$5,2 VH LQWURGXFHQ WRGDV HQ XQ FRPSXWDGRUGRQGHXQH[SHUWRODVRUGHQD\FRPELQD&RPRUHVXOWDGRGHDTXpO SURFHVRVHREWLHQHXQDVHULHGHFXDGURVSRUFHQWDMHV\JUiILFDVTXHVHSXEOLFDQ HQ OD HGLFLyQ GRPLQLFDO GH ORV SHULyGLFRV LPSRUWDQWHV FRQVWLWX\HQGR XQD VDQD OHFWXUD SDUD HO FLXGDGDQR PHGLR $GHPiV GH SUHVWDU HVWRV VHUYLFLRV D O D FRPXQLGDG OD DSOLFDFLyQ \ DQiOLVLV GH HQFXHVWDV GH RSLQLyQ KD DSRUWDGR HQ PXFKRDODYDQFHGHODFLHQFLD*UDFLDVDHOODVVDEHPRVSRUHMHPSORTXHHQORV (VWDGRV8QLGRVXQGHORVKRPEUHVGHVHDUtDQSDVDUXQDQRFKHFRQ'HPL 0RRUH\TXHHQ6XG$IULFDHOGHORVEODQFRVQRSHUPLWLUtDTXHVXKLMDVH FDVHFRQXQQHJUR
(VWDGR 8QDGHODVPiVLQJHQLRVDVDEVWUDFFLRQHVGHOSRGHU (VWDGtVWLFD )RUPDGHFRQWUROTXHRSHUDSRUFRQWHR\FODVLILFDFLyQ
+DFH DSHQDV XQ VLJOR VH VRxDED HQ XQD DPSOLDFLyQ WDO GH ODV HVWDGtVWLFDV TXH SHUPLWLHUDDEDUFDUDWRGRVORVKRPEUHVHQWRGRVORVPRPHQWRV\DFDGDXQRD OR ODUJR GH VX H[LVWHQFLD $ ILQ GH REWHQHU XQD UHSUHVHQWDFLyQ SUHFLVD OD LQYHVWLJDFLyQ HVWDGtVWLFDDFRPSDxDDOLQGLYLGXRGXUDQWHWRGDVXH[LVWHQFLDWHUUHQDO(VWDLQYHVWLJDFLyQWLHQH HQ FXHQWD HO QDFLPLHQWR GHO LQGLYLGXR VX EDXWLVPR VXV YDFXQDV VX VHFXHOD \ VX DSURYHFKDPLHQWRHVFRODUVXGLOLJHQFLDVXVDOLGDGHODHVFXHODVXXOWHULRUHGXFDFLyQ\GHVDUUROOR \XQDYH]TXHHOLQGLYLGXROOHJDDVHUXQKRPEUHWLHQHHQFXHQWDVXItVLFR\VXFDSDFLGDGSDUD OOHYDUDUPDV7DPELpQORDFRPSDxDHQORVSDVRVVLJXLHQWHVGHVXPDUFKDSRUODYLGDWRPD QRWDGHODRFXSDFLyQHOHJLGDGyQGHHVWDEOHFHVXKRJDU\FyPRPDQHMDGLFKRKRJDUVLDKRUUyHQ WLHPSRVGHOD DEXQGDQFLDGHVXMXYHQWXGSDUDODYHMH]WLHQHHQFXHQWDVLVHFDVDFXiQGROR KDFHDTXpHGDGVHFDVD\DTXLpQHOLJHSRUHVSRVD ODVHVWDGtVWLFDVORVLJXHQFXDQGRODV FRVDV OH YDQ ELHQ \ WDPELpQ FXDQGR OH YDQ PDO 6LHQVXYLGDVXIUHXQQDXIUDJLRVLSDGHFH FRQWUDWLHPSRV PDWHULDOHV PRUDOHV R HVSLULWXDOHV ODV HVWDGtVWLFDV WRPDQQRWDGHWRGRHVR/D HVWDGtVWLFDDEDQGRQDDXQKRPEUHVyORGHVSXpVGHVXPXHUWHGHVSXpVGHKDEHUGHWHUPLQDGROD HGDG SUHFLVD GHO LQGLYLGXR HQ VX GHFHVR \ FRQVLJQDGR ODV FDXVDV TXH GHWHUPLQDURQ VX ILQ ( (QJHO $IRUWXQDGDPHQWHVHKDUHSDUDGRHQODDFWXDOLGDGVREUHODH[FHVLYDYLJLODQFLDTXH VREUHODYLGDSULYDGDHVWHSHUIHFFLRQDPLHQWRGHORVUHJLVWURVFRQOOHYDSRUORTXH ODV HVWDGtVWLFDV DFWXDOHV VXHOHQ DEDQGRQDU GHOLEHUDGDPHQWH OD LQWHQFLyQ GHO FRQWHRGHWRGRVORVFDVRVHQDVXQWRVWDOHVFRPRSREUH]DRGHVHPSOHRHQDUDV GH OD OLEHUWDG \ OD FRPSDUDELOLGDG LQWHUQDFLRQDO GH ORV UHVXOWDGRV
) )DOVDFLyQ $FWD GH GHIXQFLyQ GH XQD EXHQD KLSyWHVLV JHQHUDOPHQWH OLEUDGD SRUXQLQGLYLGXRLQFDSD]GHFRQFHELURWUDGHVLPLODUJUDQGH]D1RVXHOHSRQHU HQULHVJRODVDOXGGHODSULPHUD
)LQ (Q HQVD\tVWLFD FRQWHPSRUiQHD LPSDVVH GH UHFLHQWH RFXUUHQFLD \ SUREDEOH
WUDQVLWRULHGDGHQDOJ~QIHQyPHQRRLQVWLWXFLyQVRFLDOGHUHOHYDQFLDYJUILQGH ODPRGHUQLGDGILQGHOVRFLDOLVPRRILQGHODVLGHRORJtDVRPiVD~QILQGHODKLVWRULD (Q DWHQFLyQ D OD FDOXURVD DFRJLGD TXH HVWDV VXJHVWLYDV DFWDV GH GHIXQFLyQ YLHQHQ UHFLELHQGR GH SDUWH GHO S~EOLFR PiV LOXVWUDGR VH KDQ GLIXQGLGR UHFLHQWHPHQWH SUy[LPDV HQWUHJDV HQWUH ODV FXDOHV VH GHVWDFDQ 3DUD ILQHV GHO DxR VH DQXQFLDUi HO ILQ GH OD KXPDQLGDG SDUD HQHUR R IHEUHUR GHO HO ILQ GH OD YLGD DQLPDGDHQHOSODQHWDSDUDVHWLHPEUHGHHVHPLVPRDxRHOILQGHOVLVWHPDVRODU\ODYtD OiFWHD\SDUDPHGLDGRVGHOHOILQGHOFRVPRV\VXVDOUHGHGRUHVTXHVHJXUDPHQWH VHFRQVWLWXLUiHQHOPD\RUVXFHVRHGLWRULDOGHODxR
* *pQHUR
7HMLGR HODERUDGR FRQ ODQD DOJRGyQ R OLQR TXH VH XWLOL]D HQ OD FRQIHFFLyQ GH YHVWLGRV PDQWHOHV FRUWLQDV GHODQWDOHV \ GHPiV HQVHUHV GRPpVWLFRV VLHQGR SRU HOOR HVSHFLDOPHQWH FRQRFLGR HQWUH ODV PXMHUHV \ WHPD SUHGLOHFWRGHFRQYHUVDFLyQHQODRILFLQDHQHVSHFLDODODKRUDGHOWp
+ +HFKR 6RFLDO
7RGD UHSUHVHQWDFLyQ DFHUFD GHO PXQGR FRQ FDSDFLGDG GH RULHQWDU OD DFFLyQ GH ORV LQWHJUDQWHV GH XQ JUXSR FX\D H[LVWHQFLD WUDVFLHQGH OD YLGD GH HVRV KRPEUHV DXQTXH QR SXHGDQ VHU VLQR HQ OD PHQWH GH DTXHOORV 'HVGH HO SULPHU OHFWRU DSUHVXUDGR GH 'XUNKHLP VH KD FRQVLGHUDGR TX H ORV KHFKRVVRFLDOHVVRQFRVDVHVGHFLUTXHFRPSDUWHQFRQHOUHVWRGHORVREMHWRVGH ODQDWXUDOH]DFDUDFWHUtVWLFDVFRPXQHV$GYHUWLGRGHHVWDWRVFDLQWHUSUHWDFLyQGH VXV HVFULWRV HO SURSLR 'XUNKHLP VH DSUHVXUy D DFODUDU HO GLVSDUDWDGR PDOHQWHQGLGR KHFKR TXH UHVXOWy D WRGDV OXFHV LQVXILFLHQWH SDUD GHVDOHQWDU D OD JUDQOHJLyQGHFUtWLFRVFRQORVTXHKDVWDODIHFKDFXHQWD
+LSyWHVLV (VSHFXODFLyQDFHUFDGHODIRUPDHVWUXFWXUDVLJQLILFDGRRXWLOLGDG
GH XQ DFRQWHFLPLHQWR R VREUH ODV UHODFLRQHV GH GHWHUPLQDFLyQ DVRFLDFLyQ R VLPSOH FRH[LVWHQFLD GH GRV R PiV SURSLHGDGHV GHO PXQGR ([LVWH XQ DPSOLR FRQVHQVRHQODFRPXQLGDGFLHQWtILFDDFHUFDGHODQHFHVLGDGGHFRQWDUFRQEXHQDV KLSyWHVLVSHURSHUVLVWHQFLHUWDVGLVFUHSDQFLDVVREUHORVHOHPHQWRVTXHSRVLELOL WDQ DTXHOOD FRQGLFLyQ /D VLJXLHQWH DQpFGRWD LOXVWUD HQ EXHQD IRUPD HO WHQRU GHO GHEDWH &XHQWD%RUJHVTXHHQHO+RWHO'X1RUGHQODQRFKHGHXQGHGLFLHPEUHHO 'RFWRU 0DUFHOR
1RKD\TXHEXVFDUOHWUHVSLHVDOJDWRGHFtD7UHYLQDUXV7RGRVVDEHPRVTXHHO7HWUDUFDGH *DOLOHD SRVHH ORV PHMRUHV ]DILURVGHOPXQGR$OJXLHQSDUDUREDUORVKDEUiHQWUDGRDTXtSRU HUURU
+LVWRULD (VWDGRGHFRQIOLFWR\WUDQVIRUPDFLyQSHUPDQHQWHTXHYLVWRGHFHUFD DVXPHODIRUPDGHXQDUHFWDSHURGHVGHPD\RUGLVWDQFLDODGHXQFtUFXOR3DUD ORVFRPXQLVWDVWHUPLQDEDFRQHOILQGHOVRFLDOLVPR\SDUDORVQHROLEHUDOHVFRQHO ILQGHOVRFLDOLVPR$IRUWXQDGDPHQWHDPERVHVWDEDQHTXLYRFDGRV
+RPLFLGLR (VSHFLH GH RIHQVD FRQWUD XQ LQWHJUDQWH GH QXHVWUD HVSHFLH TXH
UHVXOWDJHQHUDOPHQWHSUHIHULEOHHQWUHPXFKDVRWUDVSRUJDUDQWL]DUDORIHQVRUOD LPSRVLELOLGDGGHUpSOLFDGHSDUWHGHORIHQGLGR6HJ~QODIDPRVDFODVLILFDFLyQGH %LHUFH +D\ FXDWUR WLSRV GH KRPLFLGLR IHOyQ H[FXVDEOH MXVWLILFDEOH HQFRPLDEOH DXQTXH DO PXHUWRQROHLPSRUWDPXFKRVLORKDQLQFOXLGRHQXQDRHQRWUDODGLVWLQFLyQHVSDUDXVRGHORV DERJDGRV 6L ELHQ HVWRV WLSRV SXHGHQ FRQVLGHUDUVH XQLYHUVDOHV ODV FDWHJRUtDV GH LQGLYLGXRV TXH LQJUHVDQ HQ FDGD XQR GH HOORV YDUtD KLVWyULFDPHQWH $Vt SRU HMHPSOR PLHQWUDV TXH HQ ORV (VWDGRV 8QLGRV KDFLD FRUUHVSRQGtDQ UHVSHFWLYDPHQWH D XQ YDTXHUR XQ QHJUR XQ FXDWUHUR \ XQ LQGLR DFWXDOPHQWH FRUUHVSRQGHQDXQMXGtRXQQHJURXQDGLFWR\XQPXVXOPiQ
, ,GHRORJtD
)RUPD GH FRQRFLPLHQWR TXH FRQVWUX\H XQD UHSUHVHQWDFLyQ VLPSOLILFDGD GHO PXQGR \ GH VXV SURFHVRV UHSUHVHQWDFLyQ TXH SDUWH JHQHUDOPHQWH GH FLHUWRV VXSXHVWRV VREUH OD UHDOLGDG TXH QR SXHGHQ VHU GHPRVWUDGRVORVFXDOHVSHUPDQHFHQSUiFWLFDPHQWHLQFDPELDGRVDORODUJRGHXQ SHUtRGRLPSRUWDQWHGHWLHPSR'HELGRODVSRVLEOHVFRQIXVLRQHVTXHHQWUHFLHQFLD HLGHRORJtDSXHGHQGHULYDUVHGHHVWDGHILQLFLyQORVFLHQWtILFRVVXHOHQOODPDUDORV VXSXHVWRVLGHROyJLFRVFUHHQFLDV\DORVFLHQWtILFRVSDUDGLJPDV
,PDJLQDULRVRFLDO &RPRGtQHQFLHUWDHVSHFLHGHEDUDMDLQWHOHFWXDOIUDQFHVD
GHDPSOLDGLIXVLyQHQHORFFLGHQWHODWLQRGXUDQWHOD~OWLPDGpFDGDGHOVLJOR;; &RPR WRGR FRPRGtQ UHVXOWD SDUWLFXODUPHQWH ~WLO SDUD ORJUDU KDFHU MXHJR HQ XQ GLVFXUVR FXDQGR VH GLVSRQH GH DUJXPHQWRV HVFDVRV &RPR WRGR FRPRGtQ QR SRVHHXQVLJQLILFDGRHQVtPLVPRVLQRHQHOPDUFRGHOGLVFXUVRGHQWURGHOFXDOVH IRUPXOD (VWH OH[LFyJUDIR KD FRPSUREDGR TXH VXVWLWX\H HILFD]PHQWH WpUPLQRV FRPRFUHHQFLDFXOWXUDUHSUHVHQWDFLyQPLWRDFWLWXGLGLRVLQFUDVLDFRQRFLPLHQWR GH VHQWLGR FRP~Q H LGHRORJtD HQWUH PXFKRV RWURV DXQTXH SRU OR JHQHUDO QR VXVWLWX\H D QLQJXQR FXPSOLHQGR XQD IXQFLyQ RUQDPHQWDO GHQWUR GHO WH[WR $GHPiV GH SRVHHU HVWD FRQYHQLHQWH GXFWLOLGDG VLJQLILFDWLYD RSHUD GRWDQGR DO GLVFXUVR GH XQ FDUiFWHU FRQWHPSRUiQHR FRQ OR TXH SHUPLWH FRQFLWDUHOLQWHUpV GHOOHFWRUiYLGRGHXQDSURVDDPELJXD\QRYHGRVD
,QIHUHQFLD (VWDGtVWLFD
)RUPD GH UD]RQDPLHQWR TXH SHUPLWH HVWLPDU LQIRUPDFLyQSREODFLRQDODSDUWLU GHLQIRUPDFLyQPXHVWUDOFRQSUREDGDHILFDFLDD FRQGLFLyQTXHXVWHGJDUDQWLFHHOFXPSOLPLHQWRGHXQDVHULHGHUHTXLVLWRVTXHSRU ORJHQHUDOQRHVWiHQFRQGLFLRQHVGHFXPSOLU
,QIHULU 'HULYDUGHXQDFRQVWDWDFLyQSDUWLFXODUXQDFRQMHWXUDJHQHUDO ,QMXULD $QWLJXRDUWHEpOLFRFDUDFWHUtVWLFRGHXQDpSRFDHQTXHORVDSDUDWRVGH
PXVFXODFLyQQRKDEtDQVXVWLWXLGRD~QDODVELEOLRWHFDVFRPRREMHWRGHFXOWRHQ ORVKRJDUHVGHODVFODVHVDFRPRGDGDV(ODUWHGHLQMXULDUHVHQWUHWRGRVORVDUWHV GH OD JXHUUD HO PiV UHILQDGR \ HO TXH UHTXLHUH GH ODV PD\RUHV KDELOLGDGHV &RQVWLWX\H XQ JHQHUR EpOLFR DXWyQRPR \ GHEH VHU HVWXGLDGR DWHQGLHQGR D WDO DXWRQRPtD(VFLHUWRTXHHQVXpSRFDGHHVSOHQGRUVROtDSUHFHGHUDOGXHORRWUD GH ODV IRUPDV HQ GHVXVR GH OD JXHUUD SHUR HVWR HQ PRGR DOJXQR SRUTXH VH FRQFLELHUD FRPR VLPSOH LQWURGXFFLyQ R LQYLWDFLyQ DOVHJXQGR(QUHDOLGDGHVWH
GHEHHQWHQGHUVHFRPRXQDGHVYLDFLyQDRWUDIRUPDGHHQIUHQWDPLHQWRUHDOL]DGD SRU TXLpQ KD SHUGLGR HQ HO DQWHULRU &RQ WRGR ORV FDVRV FRQFUHWR V SXHGHQ JHQHUDUGXGDVDHVWHUHVSHFWRWDOFRPRORDWHVWLJXDHOVXFHVRTXHVHUHODWD\TXH GHULYDUtDHQXQDVLQJXODUGLVSXWDGHFDEDOOHURV /DHVFHQDHVSURWDJRQL]DGDSRU*LDFRPR&DVDQRYD\HO&RQGH%UDQLWVNLTXLHQ SRU DTXHO HQWRQFHV FRUWHMDED D OD VHSWXDJHQDULD PDGUH GHO SULPHUR &DVDQRYD DFDEDGHYLVLWDUDVXPDGUHOD6UD=DQHWWD OXHJRGHYDULDVGpFDGDVGHQRYHUOD $FXGHDOFDPHULQRGHXQWHDWURPHQRUGRQGHDSHVDUGHVXDYDQ]DGDHGDGVX SURJHQLWRUD VLJXH DFWXDQGR 7UDQVFXUULGRV DOJXQRV PLQXWRV OD 6UD =DQHWWD OR LQYLWD D UHWLUDVH DQWH OD LQPLQHQWH OOHJDGD GHO &RQGH &DVDQRYD DEDQGRQD HO FDPHULQR \ HV LQWHUFHSWDGR SRU %UDQLWVNL FRQ TXLHQ VH HVWDEOHFH HO VLJXLHQWH GLDORJR (VSHUHXQPRPHQWR
(VHOFDPHULQRGHOD6UD=DQHWWD
9ROYLHQGRODPLUDGDKDFLDHO&RQGH (VWR\GHDFXHUGR 3RUVXSXHVWR
&DVDQRYDUHWRPDVXFDPLQR <8GTXLpQHV"
9ROYLHQGRQXHYDPHQWHODPLUDGD *LDFRPR&DVDQRYDDVXVRUGHQHV 6XSRQJRTXH8GHVHO&RQGH%UDQLWVNL
6L\RWHQJRGLJRVL\RVR\ %UDQLWVNLQRGRPLQDELHQHOLGLRPD 1RWROHURLQWUXVRV0HH[SOLFR"
6RQULHQGR &ODURFUpDPH&RQGHVR\HO~OWLPRTXHVHSHOHDUtDSRUHOOD &KDUODWiQH[WUDQMHUR
5HWRPDQGRODVHULHGDG &KDUODWiQYHQHFLDQRSRUIDYRU &DVDQRYDLQWHQWDUHWRPDU XQDYH]PiVVXFDPLQR &REDUGHYHQHFLDQR
%UDQLWVNLVHGLULJHKDFLDHOFDPHULQR
9ROYLpQGRVHSRUWHUFHUDYH]KDFLDHO&RQGHFRQDLUHVHUHQR &RQGHXQ FREDUGHYHQHFLDQRPDWDIiFLOPHQWHDXQKpURHSRODFR 7RWDOPHQWHLUULWDGR 6LQYHUJHQ]D LQVROHQWH
&RQVHUHQDUHVLJQDFLyQ $ULVWyFUDWDGHVDIRUWXQDGR
,Q~WLO $QW
&RQGLFLyQ R HVWDGR GH XQD FRVD TXH QR FXHQWD HQWUH VXV ERQGDGHVODGHPHMRUDUPLFRQRFLPLHQWRGHOPXQGRYJUODHVWDGtVWLFDHV LQ~WLO ODREUDFRPSOHWDGH*XLGHQVHV LQ~WLO (OFDPLQRPiVIUHFXHQWHSDUDDOFDQ]DUXQ MXLFLR GH LQXWLOLGDG FRQVLVWH HQ SRVHHU XQD LJQRUDQFLD DEVROXWD GH OD FRVD HQ FXHVWLyQ \ H[SHULPHQWDU DO PLVPR WLHPSR XQ GHVHR LPSHULRVR GH RFXOWDU HVH HVWDGR$VLPLODUFRQFOXVLyQVHOOHJDWUDQVLWDQGRHOFDPLQRRSXHVWRTXHHVHOGH SURFXUDU XQ FRQRFLPLHQWR DEXQGDQWH GH HVD FRVD VLHPSUH \ FXDQGR QR VH SDGH]FDGHRSWLPLVPR 'DGRTXHSRUDPERVFDPLQRVVHOOHJDDODPLVPDFRQFOXVLyQ\TXHGHORVGRVHO SULPHURUHVXOWDHOPiVFRUWRODOHJLyQGHIDQiWLFRVTXHKDELWXDOPHQWHORUHFRUUH GLVSRQHVLHPSUHGHEXHQRVDUJXPHQWRVSDUDMXVWLILFDUVXHOHFFLyQ
,Q~WLO&RQWHPS &RQGLFLyQRHVWDGRGHXQDFRVDTXHQRFXHQWDHQWUHVXV ERQGDGHVODGHPHMRUDUPLVLQJUHVRV
,QWHUGLVFLSOLQDULD /D 0XUJD GH KHWHURJpQHD LQWHJUDFLyQ FX\RV LQWHQWRV
GHRUJDQL]DFLyQVRQWDQWRVFRPRORVGHVXIUDFDVR*HQHUDOPHQWHFXHQWDFRQXQ GLUHFWRUPHULWRULRXQSDUGHVROLVWDVDOJRLQWHUHVDQWHV\XQFRUREDVWDQWHIORMR 6XHOH FRPSRQHU SUHVHQWDFLRQHV GLJQDV GHO HORJLR SHUR IDOOD VLHPSUH HQ HO FRXSOp(QVD\DGXUDQWHWRGRHOLQYLHUQRSHURQXQFDOOHJDDSUHVHQWDUVHSRUTXH HQ IHEUHUR WRGRV VXV LQWHJUDQWHV VH WRPDQ YDFDFLRQHV GH WRGRV PRGRV QR HV SUREDEOHTXHGHKDFHUORREWXYLHUDDOJ~QSUHPLRHQHO7HDWURGH9HUDQR\DTXH VLELHQ VXYHVWXDULRVXHOHVHUYLVWRVR\FUHDWLYRVLHPSUHGHVDILQD
,QWHUSUHWDU 3URSRQHUHOVLJQLILFDGRGHODDFFLyQGHXQLQGLYLGXRGHDFXHUGR
DOVHQWLGRTXHHVWHOHDVLJQD\GHQWURGHOFRQWH[WRHQTXHDTXHOODVHGHVSOLHJD/D SUiFWLFD GH OD LQWHUSUHWDFLyQ KD VLGR HQVD\DGD SRU ORV VHUHV KXPDQRV GHVGH HO RULJHQGHORVWLHPSRV\GHVGH'LWKOH\FRQHVFDVRp[LWRSRUDOJXQRVVRFLyORJRV
,QWHUYDOR GH &RQILDQ]D (VSDFLR GHILQLGR SRU XQD VHULH GH YDORUHV HQ
WRUQRDXQHVWDGtJUDIRPXHVWUDOGHORVFXDOHVSRGHPRVDILUPDUTXHXQRGHHOORV HVSREODFLRQDOPHQWHYHUGDGHURVLHPSUH\FXDQGRQRVHDIDOVR
,QYHVWLJDU
3URSRQHU LQWHUSUHWDFLRQHV GXGRVDV VREUH DOJ~Q DVSHFWR GHO PXQGRFRQHODX[LOLR\ODFRPSOLFLGDGGHODPHWRGRORJtD6HGLVWLQJXHGHODFWR GHWHRUL]DU TXHLPSOLFDSURSRQHUGXGRVDVLQWHUSUHWDFLRQHVVREUHHOPXQGRFRQ HODSR\R\ODFRPSOLFLGDGGHORVHGLWRUHV
,QYHVWLJDFLyQ SDUWLFLSDWLYD
3URSXHVWD FRJQLWLYD FRQ LQWHQFLyQ SURSRVLWLYD3DUDSUHSDUDUHVWHWLSRGHLQYHVWLJDFLyQHVQHFHVDULRPH]FODUHQ VX MXVWDVSURSRUFLRQHVDOJXQRVJUDPRVGHPpWRGRFLHQWtILFR\XQRVFXDQWRVTXLORV GH SUHWHQVLRQHV QRUPDWLYDV 3DUD OOHYDUOD D FDER VH UHTXLHUH GH XQ KLMR GH OD FLHQFLDVHQVLEOH\FRPSURPHWLGRFRQODUHDOLGDGVRFLDO\GHXQJUXSRGHWRQWRV HQEXVFDGHJXtD
,QVWLQWR
)XHU]D FDXVDQWH GH FDVL WRGDV ODV DFFLRQHV KXPDQDV D ODV TXH ORV SVLFyORJRVQRKDQSRGLGRFRQIHULUOHVD~QXQDFDXVDUD]RQDEOH
/ /HJLVODGRU ,QGLYLGXRTXHDODKRUDGHFRPHWHUXQDWUDFRHQOXJDUGH OOHYDUVXPDQRDODFLQWXUDODOHYDQWD
/H\ $UWHIDFWRGHVWLQDGRDLPSHGLUDTXHOORTXHH[KLEHEXHQDVUD]RQHV SDUDVHUUHDOL]DGRRSURPRYHUORTXHVLQVXD\XGDSRFRVHVWLPDUtDQ FRQYHQLHQWHHMHFXWDUYHU352+,%,5
/LEHUDOLVPR 'RFWULQDSROtWLFDTXHSURPXHYHODLJXDOGDGGHWRGRVORV
KRPEUHVDQWHODOH\/RVKRPEUHVPiVIXHUWHVVHHQFXHQWUDQH[LPLGRVGH HVWHSULQFLSLRSDUDQRHQWRUSHFHUVXIXQFLyQHVHQFLDOUHGDFWDUODVOH\HV
/LEHUWDG ,GHDOVXSUHPRGHWRGRKRPEUHGLJQR(OSUREOHPDGHOD
OLEHUWDGKDVLGRSUHRFXSDFLyQGHILOyVRIRV\PRQDUFDVGHVGHHORULJHQGH ORVWLHPSRV$ORODUJRGHODKLVWRULDVHKDQVXFHGLGRGLVWLQWRVSULQFLSLRV VREUHODOLEHUWDG(OSULQFLSLRIXQGDPHQWDOGHORUGHQEXUJXpVDVDEHU TXHPLOLEHUWDGHPSLH]DGRQGHWHUPLQRFRQODGHORWURKDSUHYDOHFLGRVLQ HPEDUJRGHVGHHOWLHPSRGHVXHQXQFLDFLyQ\HVWDOODPDGRDSHUGXUDU SRUHOUHVWRGHORVGtDV
/yJLFD )RUPDGHUD]RQDPLHQWRTXHSURFHGHGHULYDQGRGHXQ
SULQFLSLRRVXSXHVWRFRQRFLGRXQDFRQVHFXHQFLDWDOFRPRVHPXHVWUD HQHOVLJXLHQWHUHODWR
'RV DPLJRV VH HQFXHQWUDQ HQ XQD FDOOH FpQWULFD (O SULPHUR GH HOORV OOHYD EDMR HO EUD]R YDULRV OLEURV GH JUXHVR WDPDxR TXH OODPDQ OD DWHQFLyQGHOVHJXQGR ¢4XpVRQHVRVOLEURV"SUHJXQWDHOH[WUDxDGR 6RQOLEURVGHOyJLFDUHVSRQGHHOLOXVWUDGR $KOyJLFD
¢6DEHVGHTXpVHWUDWDODOyJLFDYHUGDG" 3XHV
%LHQWHORH[SOLFDUpFRQXQHMHPSOR 9DOH
3RUHMHPSORWXWLHQHVXQDSHFHUDHQWXFDVD¢QRHVFLHUWR" 3XHVVt
(QWRQFHVWHJXVWDHOPDU
3XHVFODUR¢SHURFyPRORVDEHV"
(VODOyJLFD<VLWHJXVWDHOPDUWHJXVWDLUDODSOD\D 3XHVVtKRPEUHSHUR¢FyPRHVTXHORVDEtDV"
(VODOyJLFDHVODOyJLFD\HQWRQFHVWHJXVWDYHUDODVFKLFDVWRPDQGRVROHQOD DUHQD -RKRPEUHFODURTXHPHJXVWD¢SHURFyPRHVTXHORVDEHV"
(VVRORODOyJLFD<ELHQHQWRQFHVDWLWHJXVWDKDFHUHVHWLSRGHFRVLOODVFRQODV PXFKDFKDVWXPHHQWLHQGHV 3XHVMRGHUKRPEUHFODURTXHPHJXVWD£¢3HURFRPRORKDVDYHULJXDGR" (VWRGRFXHVWLyQGHOyJLFD¢9HV"¢(QWLHQGHVDKRUDGHTXpVHWUDWD" 2\HFUHRTXHVt9D\DTXHHVLQWHUHVDQWHHVWRGHODOyJLFD
/RVGRVKRPEUHVVHVDOXGDQ\SURVLJXHQVXFDPLQR(VDPLVPDWDUGHHO VHJXQGR YLVLWD OD ELEOLRWHFD \ UHWLUD YDULRV OLEURV GH OyJLFD FRQ OD LQWHQFLyQ GH VDEHU WDQWR FRPR VX DPLJR VREUH HVWH JHQLDO UHFXUVR DGLYLQDWRULR$SRFRGHVDOLUGHODELEOLRWHFDVHHQFXHQWUDFRQXQRWUR FRQRFLGRTXLpQDOYHUORDWLERUUDGRFRPRHVWDEDGHWH[WRVQRWDUGDHQ SUHJXQWDUOH ¢4XpVRQHVRVOLEURV" 6RQOLEURVGHOyJLFD $KOyJLFD
¢6DEHVGHTXpVHWUDWDODOyJLFDYHUGDG"VHDGHODQWDQHUYLRVR 3XHVVLFUHRTXHVt
%LHQSRUVLDFDVRWHORH[SOLFDUpFRQXQHMHPSOR 9DOH
3RUHMHPSORWXWLHQHVXQDSHFHUDHQWXFDVD¢QRHVFLHUWR" 3XHVQR(QUHDOLGDGQR
(QWRQFHVHUHVKRPRVH[XDOKRPEUH
(VWDIRUPDGHOyJLFDUHVXPLGDTXHQRKDPHUHFLGRGHPDVLDGDDWHQFLyQ HQODILORVRItDFOiVLFDFRQVWLWX\HXQUHFXUVRFRUULHQWHHQHOUD]RQDPLHQWR WHyULFRHQODVFLHQFLDVVRFLDOHVFRQWHPSRUiQHDV
0 0DU[LVPR 'RFWULQDGHVLQJXODULQIOXHQFLDHQWUHODVFODVHVPHGLDVRFFLGHQWDOHV
\ ODV FODVHV DOWDV RULHQWDOHV KDFLD ODV SULPHUDV GpFDGDV GH QXHVWUR VLJOR /RV VHJXLGRUHV GH HVWD GRFWULQD VH KDFHQ OODPDU PDU[LVWDV SRUSURIHVDUODVLGHDVGH .DUO 0DU[ SHQVDGRU GH LQXVXDO OXFLGH] WHyULFD /D REUD GH HVWH KRPEUH IXH SUROtILFD (VFULELy VREUH ILORVRItD KLVWRULD HFRQRPtD SROtWLFD \ VRFLRORJtD <SRUVLHVWRIXHUDSRFRHQVXVUDWRVOLEUHVVHGHGLFDEDDDUHQJDUREUHURVSDUD TXH KLFLHUDQ OD UHYROXFLyQ 8QR GH ORV GHIHFWRV HPSHUR GH OD SURGXFFLyQ LQWHOHFWXDO GHO WHyULFR DOHPiQ FRQVLVWLy HQ VX REVWLQDGD FRVWXPEUH GH PDWL]DU VXV DQiOLVLV KLVWyULFRV FRQ JUDQ YDULHGDG GH SUHGLFFLRQHV VREUH HO GHYHQLU OD PD\RUtDGHODVFXDOHVUHVXOWDURQXQYHUGDGHURILDVFR
0DVRQHUtD
2UGHQ LQWHJUDGD SRU KRPEUHV UHVSHWDEOHV TXH FRPSDUWHQ XQD VLQFHUD FRQILDQ]D HQ OD UDFLRQDOLGDG KXPDQD XQ PDUFDGR DSUHFLR SRU ODV LQVWLWXFLRQHVOLEHUDOHV\XQSDUWLFXODUJXVWRSRUMXJDUDODVHVFRQGLGDV
0HUFDGR
+pURH PLWROyJLFR HQ FLHUWDV VRFLHGDGHV TXH HQ VX KRQRU VH DXWRGHQRPLQDQGHPHUFDGR3HUVRQDMHLQYLVLEOHSHURGRWDGRGHYROXQWDGDUELWULR \DOPHQRVXQDPDQR6XJHQHDORJtDVHLJQRUD(VSURWDJRQLVWDHQLQQXPHUDEOHV OH\HQGDVGHVLPLODUDUJXPHQWR\GHVHQODFHHQGRQGHFLHUWRQ~PHURGHSHUV RQDV QDWXUDOPHQWH RUJDQL]DGDV HQ JUXSRV GHFLGHQ LQWHUFDPELDU DOJ~Q WLSR GH ELHQ KDFLHQGR XVR GH VXV GHVWUH]DV \ SRVLELOLGDGHV GLIHUHQFLDOHV GH QHJRFLDFLyQ DUUHJORVLPXODFLyQPDQLSXODFLyQRLPSRVLFLyQGHVXVWpUPLQRVSDUDORJUDUDVt FLHUWDV YHQWDMDV HQ VX WUDQVFXUVR (Q HVH HVWDGR GH FRVDV HO KpURH LUUXPSH HQ HVFHQD\FRQVHPSLWHUQDVDELGXUtDYXHOYHDPH]FODUODVFDUWDVHQMXHJRDQXODQGR DVtODLQFLGHQFLDGHDTXHOODVSRWHQFLDVJUXSDOHV\ORJUDQGRTXHHOUHVXOWDGRGHOD SDUWLGDVHDMXVWHDFLHUWDFXUYDTXHDODODUJDVHHTXLOLEUDHQXQSXQWRTXHVROR (OFRQRFH
0HWRGRORJtD
&RQMXQWR GH SUHVFULSFLRQHV TXH FDOPDQ OD DQVLHGDG GHO LQYHVWLJDGRULQJHQXR\OHVLUYHQGHJXtDSDUDUHGDFWDUVXVLQIRUPHVGRWiQGRORV GH XQ FDUiFWHU VREULR \ XQD SURVD RSRUWXQD _ _ 0HWRGRORJtD FXDQWLWDWLYD ,QVWUXPHQWRSXQ]DQWHTXHSHUPLWHWUHSDQDUXQDQDUDQMDSDUDH[WUDHUVXFiVFDUD 6H GLVWLQJXH GH OD PHWRGRORJtD FXDOLWDWLYD TXH SHUPLWH UHDOL]DU OD PLVPD LQWHUYHQFLyQFRQHOREMHWRGHDOFDQ]DUODVVHPLOODV/RVGHEDWHVHQWUH GHIHQVRUHV GHXQD\RWUDKHUUDPLHQWDKDQVLGRODUJRV\WHGLRVRVSRUORTXHQRKDTXHGDGR WLHPSR SDUD LQYHQWDU XQD FDSD] GH REWHQHU VX SXOSD 0LHQWUDV WDQWR HVWD RSHUDFLyQFRQWLQ~DHQPDQRVGHODHQVD\tVWLFD
0LWR /R TXH SRU IRUPXODUVH GH DFXHUGR D XQD OyJLFD GLVWLQWD D OD FLHQWtILFD
VXHOH DSDUWDUVH HQ VXV FRQFOXVLRQHV GH ORV UHVXOWDGRV HVWDGtVWLFRV PHMRU GLIXQGLGRV R ODV WHRUtDV DFDGpPLFDV PiV UHFLELGDV /RV FLHQWtILFRV VRFLDOHV H[SHUWRV HQ VX HVWXGLR VXHOHQ XWLOL]DUOR FRPR VLQyQLPR GH IDOVR OR TXH FLHUWDPHQWH QR FRODERUD HQ OD FRPSUHQVLyQ GH DTXHOORV SHUR VL HQ OD OHJLWLPDFLyQGHHOORV
0RWLYDFLyQ /RTXHKDFHDXQSHUURPRVWUDUVHGyFLOFRQVXSDWUyQUHDOL]DU
ODV WDUHDV TXH DTXpO OH RUGHQD \ DO ILQDOL]DUODV PRYHU OD FROD HQ VHxDO GH DSUREDFLyQ\DJUDGR(OHVWXGLRGHODPRWLYDFLyQHVWXYRFRQILQDGRDODVHVSHFLHV LQIHULRUHV KDVWD FXDQGR XQ JUXSR GH SVLFyORJRV GH 0DVVDFKXVVHWV GHVFXEULy SRU HUURU FRPSRUWDPLHQWRV VLPLODUHV HQWUH RSHUDULDV GH XQD SODQWD LQGXVWULDO'HVGHDTXHOODpSRFDVHKDDYDQ]DGRHQRUPHPHQWHHQODFRPSUHQVLyQ GH HVWD IXHU]DPRYLOL]DGRUDGHODVHQHUJtDVItVLFDV\SVtTXLFDVGHODFXDOSXHGH DILUPDUVH TXH QR HV DWULEXWR H[FOXVLYR GH ORV FDQHV 6DEHPRV DFWXDOPHQWH DGHPiV TXH HQWUH OD PRWLYDFLyQ GH DTXHOORV \ OD TXH DIHFWD D QXHVWUD HVSHFLH H[LVWH XQD LPSRUWDQWH GLIHUHQFLD PLHQWUDV ODV ILHUDV UHDOL]DQ VXV WDUHDV FRUUHFWDPHQWH\VHFRPSRUWDQHQIRUPDFRPSODFLHQWHFRPRPHGLRHVWUDWpJLFR SDUDREWHQHUDOLPHQWRV\EXHQRVFXLGDGRVSRUSDUWHGHODPRODPD\RUtDGHORV KXPDQRV OR KDFHQ SRUTXH OR FRQVLGHUDQ FRUUHFWR \ DGHPiV SRU UHVXOWDUOHV DOWDPHQWHJUDWLILFDQWH
0XOWLFDXVDO 6LQFDXVDFRQRFLGD
1 1HROLEHUDO
(Q HFRQRPtD LQGLYLGXR TXH DEDQGRQD ODV YLHMDV WHRUtDV GH .H\QHVSDUDDGVFULELUVHDODPRGHUQDGRFWULQDGH6PLWK7RGRQHROLEHUDOHVXQ HYROXFLRQLVWD FRQYHQFLGR
2 2EMHWLYLGDG
&RQVHQVR VXILFLHQWHPHQWH DPSOLR VREUH OD YHUDFLGDG GH XQ KHFKRXREMHWR__&RQILDQ]DFROHFWLYDHQHOVHQWLGRGHXQDFRVD
21* 6LWLRGRQGHGHVFDQVDQORVUHVWRVGHODDQWLJXDYROXQWDGUHYROXFLRQDULD HQFRPSDxtDGHODVPHMRUHVLQWHQFLRQHVGHVXVDQWLJXRVHQHPLJRV
2SLQLyQ $UJXPHQWRRMXLFLRWULYLDOVREUHDFRQWHFLPLHQWRVWULYLDOHV'LILHUHGH
XQDFUHHQFLDSRUVXGpELODUWLFXODFLyQGHXQDDFWLWXGSRUVXDOWDYDULDELOLGDG\GH XQD FRQYLFFLyQ SRU VX LPSUREDEOH FDSDFLGDG GH RULHQWDU OD DFFLyQ GH TXLpQ OD HPLWH /D WpFQLFD PiV DSURSLDGD SDUD UHFROHFWDU \ FODVLILFDU RSLQLRQHV HV OD HQFXHVWDGHRSLQLyQ
2SWLPLVPR (VWDGRGHGHFDGHQFLDLQWHOHFWXDO\PRUDOTXHDVRODDODHVSHFLH GHVGHVXVPiVUHPRWRVRUtJHQHV6XVFDXVDVSXHGHQVHUH[yJHQDVDXQTXHSRUOR JHQHUDO OD GROHQFLD UHYLVWH QDWXUDOH]D JHQpWLFD ,QKLEH DTXLpQODSDGHFHSDUDHO GHVDUUROORGHFLHUWDVDFWLYLGDGHVVRFLDOHVDXQTXHORYXHOYHSDUWLFXODUPHQWHDSWR SDUD RWUDV 6H DVRFLD DO PDO GH OD LQJHQXLGDG GH VLPLODU VLQWRPDWRORJtD \ FRQVHFXHQFLDVSDUDODVDOXGGHOSRUWDGRU(VWDDVRFLDFLyQVHYHULILFDGHPDQHUD XQLGLUHFFLRQDOHQWDQWRWRGRLQJHQXRHVXQRSWLPLVWDSHURQRWRGRRSWLPLVWDXQ LQJHQXR SDUHFHUtD H[LVWLU XQD IXHUWH FRUUHODFLyQ HQWUH HVWDV VLWXDFLRQHV \ OD FRQGLFLyQGHFODVHGHOSDFLHQWHHOVHJXQGRGHORVFDVRVVHFRQVWDWDHQLQGLYLGXRV GHODFODVHDOWDPLHQWUDVTXHHOSULPHURVHPDQLILHVWDHQWUHLQWHJUDQWHVGHODFODVH PHGLD /D DSDULFLyQ LQGLYLGXDO R FRQMXQWD GH DPERV SURFHVRV PyUELGRV LQKDELOLWD DEVROXWDPHQWH D OD SUiFWLFD GH OD LQYHVWLJDFLyQ VRFLDO 8Q RSWLPLVWD LQJHQXR FRQ SUHWHQVLRQHV GH FRPSUHQVLyQ GH OR VRFLDO FRQVWLWX\H XQ FRQWUDVHQWLGRRXQDEVXUGR\ODUHLWHUDGDRFXUUHQFLDGHHVWRVFDVRVXQHOHPHQW R GHSURIXQGDSUHRFXSDFLyQSDUDHVWHOH[LFyJUDIR
3 3DSHU 3DSHO 3DUHQWHVFR
5HODFLyQ HQWUH LQGLYLGXRV GH QXHVWUD HVSHFLH IXQGDGD HQ DFRQWHFLPLHQWRV ELROyJLFRVSDUHQWHODSRUFRQVDQJXLQLGDG RULWXDOHVSDUHQWHOD SRUPDWULPRQLRRDILQLGDG \DSDUWLUGHODFXDOVHGHILQHQIRUPDVSDUWLFXODUHVGH LQWHUDFFLyQ/DVOH\HVGHOSDUHQWHVFRYDUtDQFRQVLGHUDEOHPHQWHHQWUHORVSXHEORV SULPLWLYRV\VXHVWXGLRFRQVWLWX\HXQFDPLQRSUREDGRSDUDHOFRQRFLPLHQWRGHOD FXOWXUD\ODRUJDQL]DFLyQGHDTXHOORV(OHVWXGLRGHPD\RUDOFDQFH\SURIXQGLGDG HQHOWHPDFRUUHVSRQGHDODQWURSyORJRDXVWUDOLDQR6%DULQJ*RXOG7KH*UHDW 3ULQFLSLHV RI .LQVNLS PRQXPHQWDO REUD FLHQWtILFD TXH HV FRQVLGHUDGD HQ DOJXQDVSDUWHVXQDVtQWHVLVGHVXVDQWHFHVRUDV\HQRWUDVXQDSURSXHVWDRULJLQDO UHYHODGRUD\GHILQLWLYDVREUHORVYHUGDGHURVSULQFLSLRVVREUHORVFXDOHVGHVFDQVDQ ODV UHODFLRQHV GH SDUHQWHVFR HQWUH ORV KRPEUHV (Q OD FRQFOXVLyQ GH VX REUD 7RPR,93iJV HO'U%DULQJ*RXOGHQXQFLDVXV OH\HVIXQGDPHQWDOHV YHLQWLFXDWURVHJ~QOD~OWLPDHGLFLyQ ODVFXDOHVGHPXHVWUDQQRVRORODFDSDFLGDG WHyULFD GH VX DXWRU VLQR VX DPSOLR PDQHMR GH OD WHUPLQRORJtD FLHQWtILFD $ ORV VRORVILQHVLOXVWUDWLYRVRIUHFHPRVDOOHFWRUXQDWUDVFULSFLyQGHDOJXQDVGHHVWDV OH\HV
GRQGH+ KLMR 3 SDGUH 0 PDGUH
GRQGH+ KLMR 3 SDGUH 7 WtR +H KHUPDQR
GRQGH+ KLMR 3 SDGUH +H +HUPDQR 3U SULPR
GRQGH< \R +H KHUPDQR
3REUH
,QGLYLGXR TXH SRU HO VROR KHFKR GH FRH[LVWLU FRQ RWURV GH VLPLODU FRQGLFLyQJDUDQWL]DODVXSHUYLYHQFLDGHXQDOHJLyQGHHPSOHDGRVGHVWLQDGRVDOD DVLVWHQFLDS~EOLFDODYLGDGHFRURVDGHDOJXQRVFLHQWRVGHWUDEDMDGRUHVVRFLDOHV\ HOEXHQSDVDUGHXQRVFXDQWRVMHUDUFDV\FRQVXOWRUHVHQFDUJDGRVGHLPSOHPHQWDU SROtWLFDV VRFLDOHV FRQ ILQDQFLDPLHQWR H[WHULRU 6L DGHPiV GH VHU SREUH WUDEDMD HVWHVLPSiWLFRSHUVRQDMHDVHJXUDWDPELpQODEXHQDYLGDGHVXVHPSOHDGRUHVFRQ OR FXDO VH FRQYLHUWH HQ HO PD\RU GLVWULEXLGRU GH ULTXH]DV TXH KD\D FRQRFLGR QXHVWUDHVSHFLH
3RGHU (QWDQWRPHFDQLVPRWRGDGHILQLFLyQGHXQDVLWXDFLyQHQYLUWXGGHOD
FXDOXQLQGLYLGXRRJUXSRSXHGHLPSRQHUVHDRWURLQGLYLGXRRJUXSR(QWDQWR UHODFLyQWRGDIRUPDGHLQWHUDFFLyQHQODTXHGHOWRWDOGHVXVSDUWLFLSDQWHVXQRV SXHGHQLPSRQHUVHDORVRWURVPiVGHORTXHORVRWURVSXHGHQLPSRQHUVHDORV XQRV(OHMHUFLFLRGHOSRGHURGHODFXRWDUHODFLRQDOGHSRGHU GHVFDQVDQRVROR HQ OD QDWXUDOH]D GH VX HMHFXWRU VLQR WDPELpQ \ HQ EXHQD PHGLGD HQ FLHUWD GLVSRVLFLyQ GH SDUWH GH VX REMHWR 6H KD VRVWHQLGR DVt TXH HO DPRU \ HOWHPRU RSHUDQ SRVLWLYDPHQWH D OD RFXUUHQFLD GHO SRGHU 3HUR WDOHV HVWDGRV GHO HVStULWX UHVXOWDQ HQ WRGR FDVR FRQGLFLyQ VXILFLHQWH SHUR QR QHFHVDULD \D TXH HO SRGHU SXHGHHQ~OWLPDLQVWDQFLDSUHVFLQGLUGHHVRVVHQWLPLHQWRV 'HVGHWLHPSRVLQPHPRULDOHVORVILOyVRIRVVHKDQSUHJXQWDGRVREUHODMXVWLFLDGH ODVGLVWLQWDVIRUPDVGHSRGHU\VREUHODUHODFLyQTXHWDOFDUiFWHUJXDUGDFRQORV HVWLORVGHVXHMHFXFLyQ(QHOKLVWRULDGRUIUDQFpV0LFKDHO)RXFDXOWHFKDED SRUWLHUUDVLJORV GHHVSHFXODFLyQILORVyILFDVREUHHOWHPDDOVHQWHQFLDU (OSRGHUHV LQMXVWRQRWDQWRSRUTXHKDGHFDtGRUHVSHFWRGHVXVPiVHOHYDGRVHMHPSORVVLQRSRUTXHQRQRV SHUWHQHFH
3RGHU(WiWLFR 7pUPLQRFRQTXHORVMXULVWDVUHILHUHQDODFDSDFLGDGUHJXODWLYD \SXQLWLYDGHO(VWDGR$XQTXHDSULPHUDYLVWDFRUUHFWRHOFRQFHSWRSODQWHDHQ HVHQFLDXQDEVXUGRGHVGHTXHVXSRQHTXHHVHO(VWDGRHOTXHWLHQHXQSRGHU\ QRHOSRGHUTXLHQWLHQHXQ(VWDGR
3ROLWyORJR
+RPtQLGR GH FRVWXPEUHV JUHJDULDV TXH LQYDGH ODV FLXGDGHV PD\RUHV GH KDELWDQWHV HQ pSRFD SUHHOHFWRUDO 6L ELHQ VH HVSDUFH UiSLGDPHQWH HQ HVWDV pSRFDV VH KD REVHUYDGR XQD FRQFHQWUDFLyQ PD\RU GH HVSHFLPHQHV HQ UHGDFFLRQHV GH SHULyGLFRV \ HVWXGLRV GH WHOHYLVLyQ 3DVDGDV ODV HOHFFLRQHVGHVDSDUHFHQUiSLGDPHQWHKHFKRTXHKDSUHRFXSDGRDORVKRPEUHVGH FLHQFLD GXUDQWH PXFKR WLHPSR $FWXDOPHQWH VH VDEH * $OEHUWLQL 9LGD \ &RVWXPEUHV GHO 3ROLWyORJR 7RPR ,, 3iJV (G TXH HQ ORV SURORQJDGRVSHUtRGRVTXHVHSDUDQDXQDHOHFFLyQGHRWUDODHVSHFLHSHUPDQHFH HQXQHVWDGRGHSURIXQGROHWDUJRJXDUQHFLGDHQDOJXQDVRILFLQDVGHO(VWDGRR &HQWURVGH,QYHVWLJDFLyQFRQDSR\RH[WHUQRGRQGHSURFXUDDOLPHQWR\UHIXJLR 1XPHURVDV FRORQLDV KDQ VLGR WDPELpQ GHVFXELHUWDV HQ FLHUWRV 'HSDUWDPHQWRV XQLYHUVLWDULRV HQ GRQGH DGHPiV GH SUDFWLFDU VX TXLQTXHQDO KLEHUQDFLyQ VH UHSURGXFH * $OEHUWLQL /D 5HSURGXFFLyQ GHO 3ROLWyORJR 3iJV 0LPHR
3RVLWLYLVPR (VFXHODILORVyILFDTXHVRVWLHQHTXHHQWDQWRKRPEUHVGHFLHQFLD
VRORSRGHPRVGHFLUTXHYHPRVDTXHOORTXHYHPRV/LPLWDUGHIRUPDWDQUDGLFDO ODVSUHWHQVLRQHVGHHVWDFDVWDGHSDUODQWHVVLHPSUHGLVSXHVWDDRSLQDUVREUHOR TXH QR SXHGH SUREDU FRQ ODV UHJODV TXH HOOD PLVPD VH KD LPSXHVWR DOHQWy OD FUtWLFD PiV YHUERUUiJLFD TXH KD\D WHQLGRQRWLFLD ODILORVRItDGHODFLHQFLDHQODV ~OWLPDVVLHWHGpFDGDV
3RVW 3UHILMR TXH VLJQLILFD GLVWLQWRGHORTXHDOJXQDYH]IXHEXHQR6HRSRQHDQHR TXH VLJQLILFD PiV GH OR TXH VLHPSUH IXH PDOR /D FUHFLHQWH \ UHLWHUDGD XWLOL]DFLyQ GH DPERVGDEXHQDFXHQWDGHOFDUiFWHUGHQXHVWUDpSRFD
3UHMXLFLR
/LW MXLFLR DQWHULRU R MXLFLR SUHYLR (O WpUPLQR VH XWLOL]D FRPR FDOLILFDWLYRSDUDGHVLJQDUWRGRMXLFLRDFHUFDGHXQDFRVDTXHVHKD\DHPLWLGRVLQ UHVSHWDUHQVXIRUPXODFLyQODVUHJODVGHOVDQRMXLFLRTXH QRVRQRWUDVTXHODV TXH GLFWD OD FLHQFLD PRGHUQD 5HILHUH SRU WDQWR ELHQ D MXLFLRV TXH VH KDOODQ HPLWLGRVLQUHVSHWDUUHJODDOJXQDSUHMXLFLRVGHWLSR, ELHQDMXLFLRVTXHVXUMDQ GH OD DSOLFDFLyQ GH UHJODV GH FRQRFLPLHQWR GLVWLQWDV D ODV GHO VDQR MXLFLR SUHMXLFLRVGHWLSR,, /RVSUHMXLFLRVKDQVLGR\VHUiQFRPEDWLGRVVLHPSUHSRUODFLHQFLDHQVXDIiQGH FRODERUDU FRQ HO SURJUHVR GH OD KXPDQLGDG 7RGR SUHMXLFLR HV XQ MXLFLR QR FLHQWtILFR \ SRU WDQWR HV IDOVR (Q UHDOLGDG HVWD ~OWLPD DILUPDFLyQ GHEL HUD FRQVLGHUDUVHXQSUHMXLFLRHQHVWULFWDDSOLFDFLyQGHOPpWRGRFLHQWtILFR(QHIHFWR VXSRQJDPRVXQIHQyPHQR=6REUHpOVHSRGUiQHPLWLUPXFKRVMXLFLRVVLHQGR ODFDQWLGDGWRWDODOPHQRVWHyULFDPHQWHGHWHUPLQDEOHGHPDQHUDTXHH[LVWDXQ Q~PHUR HTXLV -L GH MXLFLRV SDVLEOHV GH VHU HPLWLGRV UHVSHFWR GHOIHQyPHQR= GHORVFXDOHVVDEHPRVTXHVRORXQRHVYHUGDGHUR>-Y@\HOUHVWR>-L @VRQIDOVRV >-I -I -I -L@ 6LHQGR DVt XQ SUHMXLFLR 3- VREUH = QR HV PiV TXH OD HOHFFLyQSRUXQDGHODV-LSRVLELOLGDGHV\HOKHFKRGHTXHHOMXLFLRHVFRJLGRVHD YHUGDGHUR R IDOVR VH WUDQVIRUPD HQ XQD FXHVWLyQ GH SUREDELOLGDGHV &RQFUHWDPHQWH3>3- -Y@ -L/DGLIHUHQFLDHQWRQFHVHQWUHXQSUHMXLFLR\ XQ VDQRMXLFLR UDGLFD HQTXHODSUREDELOLGDGGHTXH XQSUHMXLFLRVHDYHUGDGHUR UHVXOWDVLHPSUHPHQRUTXH3>3- -Y@ HQWDQWRH[LVWDQRPiVMXLFLRV SDVLEOHV GH VHU HPLWLGRV VREUH HO DFRQWHFLPLHQWR HQ FXHVWLyQ PLHQWUDV TXH OD SUREDELOLGDGGHTXHXQVDQRMXLFLRUHVXOWHYHUGDGHURHVVLHPSUHLJXDODGHVGH TXH OD DSOLFDFLyQ GH ODV UHJODV GHO VDQR MXLFLR FRQGXFHQ VLHPSUH D OD YHUGDG DILUPDFLyQTXHSRGUtDWDPELpQYiOLGDPHQWHFRQVLGHUDUVHXQSUHMXLFLRKHFKRTXH FRPSOLFDUtDHQRUPHPHQWHHOUD]RQDPLHQWRDQRVHUTXHIXHUDGHOLEHUDGDPHQWH SDVDGR SRU DOWR FRVD TXH SRU UD]RQHV GH FRQYHQLHQFLD QRVRWURV WDPELpQ KDFHPRV
3URJQRVLV &RQRFLPLHQWR DQWLFLSDGR GH XQ KHFKR 6H GLFH SRU OR JHQHUDO GHODSUHYLVLyQ PHWHRUROyJLFDGHOWLHPSR6RSHQD
3URKLELU ,PSHGLUXQDFRQGXFWDTXHSRUJHQHUDOL]DGDDPHQD]DFRQSRQHUHQ ULHVJRDO,QWHUpV*HQHUDO
3URSLHGDG 'HUHFKR TXH HQXQFLD TXH TXLHQ VH KXELHVH DSURSLDGR HQ IRUPD
OHJtWLPD GH XQ REMHWR PDWHULDO GH FXDOTXLHU WLSR R HVSHFLH SXHGH FRQVHUYDUOR FRPRVX\R\GLVSRQHUGHpOOLEUHPHQWH
-XQWR FRQ ORV GH OLEHUWDG LJXDOGDG \ VHJXULGDG HO GHUHFKR GH SURSLHGDG FRPSOHWDHOFRQMXQWRGHGHUHFKRVQDWXUDOHVTXHIXHURQGHVFXELHUWRVDILQHVGHO VLJOR ;9,,, (O GHVFXEULPLHQWR RFXUULy HQ )UDQFLD KDFLD HO DxR 3RU DTXHOODpSRFDFREUDEDIXHU]DHQWUHORVPiVGLVWLQJXLGRVLQWHOHFWXDOHVGHO5HLQR ODKLSyWHVLVGHTXHKDEtDDOJXQRVGHUHFKRVTXHOHMRVGHVXUJLUGHODUELWULRGHORV KRPEUHV HPDQDEDQ GH OD SURSLD QDWXUDOH]D \ SRU WDQWR HUDQ WUDVFHQGHQWHV H LPSUHVFULSWLEOHV$HIHFWRVGHGHVFXEULUHVWRVGHUHFKRVVHHQFRPHQGyDYDU LRV LQWHJUDQWHVGHOD$VDPEOHD&RQVWLWX\HQWH TXHRULJLQDOPHQWHWHQtDSRUFRPHWLGR UHGDFWDUXQD&RQVWLWXFLyQQRLQWHUURJDUDORVPLVWHULRVGHODQDWXUDOH]D UHXQLU HYLGHQFLD DO UHVSHFWR \ HOHYDU ORV UHVXOWDGRV D OD $VDPEOHD SDUD VX GLVFXVLyQ 'XUDQWH ODUJDV VHVLRQHV ORV KRQRUDEOHV $VDPEOHtVWDV VH GHGLFDURQ D OD WDUHD WUDEDMDQGR HQ GRV JUXSRV TXH VHJ~Q DOJXQRV HVWXGLRVRV 3LOOLSH *XLOORW %UHYH 5HVHxDGHOD2EUDGHOD$VDPEOHD&RQVWLWX\HQWHGH7RPR,9SiJ (G FRQVWLWX\HQHOPiVFODURDQWHFHGHQWHGHORTXHWDQVRORFXDWURDxRV PiVWDUGHVHUtDQ-DFRELQRV\*LURQGLQRVHQOD&RQYHQFLyQ)UDQFHVD$OFDERGH DOJ~Q WLHPSR DPERV JUXSRV KDEtDQ OOHJDGR D VXV FRQFOXVLRQHV ODV FXDOHV HUDQ FRQWUDGLFWRULDV PLHQWUDV TXH SDUD HO SULPHUR ORV GHUHFKRV QDWXUDOHV HUDQ OLEHUWDG LJXDOGDG \ UHVLVWHQFLD D OD RSUHVLyQ SDUD HO VHJXQGR HUDQ SURSLHGDG \ VHJXULGDG(QUHDOLGDGHUDHVWHVHJXQGRJUXSRTXLHQQRFHGtDHQVXSRVLFLyQHQ WDQWRHOSULPHURKDEtDGDGRVHxDOHVGHDGPLWLUODLQFOXVLyQGHDPERVFRQMXQWRV GH GHUHFKRV HQ HO LQIRUPH TXH VH OHV KDEtD HQFRPHQGDGR (Q HVWH HVWDGR GH FRVDV \ FXDQGR \D VH GHVFDUWDED OD SRVLELOLGDG GH XQ DFXHUGR LQWHUFHGLy XQ MRYHQ &RQVWLWX\HQWH HQ OD GLVSXWD *XLOORW FUHH UHFRQRFHU HQ HVWH SHUVRQDMH D /DID\HWWHDXQTXH/DXWUHPRQW VRVWLHQHTXHVHWUDWDEDGH%UL]RW TXLHQHQIRUPD LQFRQVXOWD QHJRFLy FRQ HO SULPHU JUXSR OD LQFOXVLyQ GH OD WRWDOLGDG GH ORV GHUHFKRV \ OD HOHYDFLyQ GHO LQIRUPH FRQ OD YROXQWDG XQiQLPH GH ORV $VDPEOHtVWDV$OHQWHUDUVHGHHOORORVLQWHJUDQWHVGHOVHJXQGR JUXSRLQTXLULHURQ DO IDOVR UHSUHVHQWDQWH GH VXV LQWHUHVHV VREUH OD UD]yQ GH VXV DFWRV (VWH UHVSRQGLy +RQRUDEOHV&RQVWLWX\HQWHV
1RKHVLGRQXQFDDMHQRDYXHVWUDVUD]RQDEOHVGXGDVVREUHODFRQYHQLHQFLDGHWDOHVGHUHFKRV
OLEHUWDGVLpVWDWHUPLQDGRQGHFRPLHQ]DQORVOtPLWHVGHORTXHQRVHVSURSLR"¢3RUTXpGXGDU GHOGHUHFKRGHUHVLVWHQFLDDODRSUHVLyQVLDTXpOQRKDELOLWDDUHVLVWLUHOGHUHFKRGH SUHVHUYDU DTXHOORTXHQRVSHUWHQHFH" (OVHJXQGRJUXSRDSR\yODVQHJRFLDFLRQHVGHOMRYHQ&RQVWLWX\HQWH\HOLQIRUPH IXHUHGDFWDGRHQXQDQLPLGDGLQFOX\HQGRORVFLQFRGHUHFKRVUHIHULGRV7UDVXQ EUHYHGHEDWHHQOD$VDPEOHDVHFRQVLGHUyRSRUWXQRLQFOXLUORV HQOD'HFODUDFLyQ GH'HUHFKRVTXHVHUYLUtDGHSUyORJRDOD&RQVWLWXFLyQHQWUiPLWHGHHODERUDFLyQ
3UR\HFWR GH LQYHVWLJDFLyQ )RUPD DGPLQLVWUDWLYD GH XVR UHJXODU HQWUH VRFLyORJRV \ RWURV FLHQWtILFRV VRFLDOHV UHGDFWDGD FRQ OD ILQDOLGDG GH VROLFLWDU DSR\R ILQDQFLHUR GHO (VWDGR X RUJDQL]DFLRQHV H[WUDQMHUDV TXH VH GHGLFDQ D EULQGDUOR
&RPR VH VDEH ORV SHUtRGRV GH SURGXFFLyQ LQWHOHFWXDO GH XQ VRFLyORJR VRQ VXPDPHQWHHVFDVRVPXFKRVGHHOORVVROROOHJDQDH[SHULPHQWDUORXQDYH]HQVX YLGD £PXFKRV MDPiV OOHJDQ D SDVDU SRU XQD GH HVDV HWDSDV SRU OR TXH HQ HO WLHPSR HQ TXH SHUPDQHFHQ LQWHOHFWXDOPHQWH LQDFWLYRV GHEHQ SURFXUDU VX VXVWHQWRGHDOJXQDIRUPDDULHVJRGHPRULUGHLQDQLFLyQRWHQHUTXHDEDQGRQDU VXRILFLRSRURWURPiV~WLODODFRPXQLGDG/RVRUJDQLVPRVTXHSUHVWDQD\XGD ILQDQFLHUD DWLHQGHQ HVWD SUREOHPiWLFD FXPSOLHQGR DVt XQD PLVLyQ FRQVHUYDFLRQLVWD
/RVSUR\HFWRVGHLQYHVWLJDFLyQVRQGHIiFLOHODERUDFLyQOLPLWiQGRVHDXQDVHULH SUHFLVDGHtWHPVTXHGHEHQVHUDERUGDGRVHQIRUPDUHVXPLGD\HVWLOR SUHILMDGR /DPHQWDEOHPHQWH ORV IRUPXODULRV \ GHPiV LPSUHVRV GHVWLQDGRV D VHU FRPSOHWDGRV SDUD OD VROLFLWXG GH DVLVWHQFLD ILQDQFLHUD LQFOX\HQ MXQWR FRQ HO HVSDFLR SDUD H[SRQHU HO SUR\HFWR XQD VHULH GH tWHPV FRPSOHPHQWDULRV TXH QR UHVXOWDQ GH WDQ VHQFLOOD UHVSXHVWD DXQTXH HO VRFLyORJR SXHGH UHFXUULU HQ HVWRV FDVRVDODWUDGLFLyQFRQVXHWXGLQDULDTXHFRQVXVFROHJDVFRPSDUWHDOUHVSHFWR/D FRPSOHML]DFLyQGHOPDWHULDOLPSUHVRHVSRUWRGRVDFHSWDGDFRPRIRUPDGHHYLWDU TXH IDOVRV VRFLyORJRV DFFHGDQ D ORV PHGLRV IRUPDOHV SDUD VROLFLWDU GLQHUR FRQYLUWLHQGRDVtDHVWDQREOHIXQFLyQVRFLDOHQXQQLGRGHRSRUWXQLVWDV7UDVHO HQYtR GH XQ SUR\HFWR GH LQYHVWLJDFLyQ \ VX DSUREDFLyQ SRU SDUWH GH OD LQVWLWXFLyQ EHQHIDFWRUD VH FRQFHGH HO GLQHUR FRQ OD VROLFLWXG DOEHQHILFLDULRGH TXHHQXQGHWHUPLQDGRODSVRGHWLHPSRHOHYHXQLQIRUPHVREUHORVUHVXOWDGRVGH VXLQDFWLYLGDGGXUDQWHHOWLHPSRHQTXHGLVIUXWyGHODDVLVWHQFLD(VWRVLQIRUPHV VXHOHQ VHU OXHJR SXEOLFDGRV \ VLUYHQ D OD LQVWLWXFLyQ SDWURFLQDQWH SDUD SUREDU DQWHHOILVFRTXHQRVHGHGLFDDSURPRYHUREUDVGHLQWHUpVLQWHOHFWXDO\VRFLDOGH ODV FXDOHV REWHQGUtD VHJXUDPHQWH XQ SURYHFKR R EHQHILFLR SURSLR VLQR D DTXHOODODERUGHEHQHILFHQFLDFRQORTXHHVH[RQHUDGDGHLPSXHVWRV
5 5DFLRQDOLVPR
&DPLQR DO GHVHR VLQ ORV RUQDPHQWRV GH OD SDVLyQ (V HQ FRQVHFXHQFLDHOPiVUiSLGRHOPiVVHJXUR\HOPHQRVLQWHUHVDQWHGHORVFDPLQRV
5DFLVPR
$GPLQLVWUDGRU PRUDO TXH SRVLELOLWD HO GHVSOLHJXH GH QXHVWURV VHQWLPLHQWRV GH DFXHUGR D UHJODV FODUDV \ SUHFLVDV KDFLHQGR GHO GHVSUHFLR HO RGLR\HOUHQFRUTXHGHRWUDIRUPDSURGLJDUtDPRVJHQpULFDPHQWHKDFLDQXHVWUR SUyMLPR XQDFXHVWLyQHSLGpUPLFD
(O UDFLVPR KD DFRPSDxDGR OD KLVWRULD GH OD KXPDQLGDG +D GHVDWDGR JXHUUDV IXQGDGR LPSHULRV \ PROGHDGR OD JHRJUDItD SROtWLFD GHO SODQHWD 7RGD HVWD HYLGHQFLD KLVWyULFD SRGUtD IXQGDU OD WHVLV TXH HO UDFLVPR IRUPD SDUWH GH OD FRQGLFLyQ KXPDQD \ TXH SRU WDQWR SHUPDQHFHUi D WUDYpV GH ORV WLHPSRV 3HUR HVWD WHVLV HV D WRGDV OXFHV IDOVD \D TXH HQ QXHVWUD pSRFD HO UDFLVPR HV FRQVLGHUDGR XQ VHQWLPLHQWR SRU GHPiV LQFRQYHQLHQWH D KRPEUHV FXOWRV \ FLYLOL]DGRV \ VX SHUPDQHQFLD VROR VH REVHUYD HQ DOJXQRV SRFRV SXHEORV LJQRUDQWHV TXH SXHEODQ DSDUWDGDV UHJLRQHV GHO SODQHWD 1XHVWUDpSRFDFRQGHQD WRGDIRUPDGHUDFLVPR\HVWHOH[LFyJUDIRQRSXHGHPiVTXHXQLUVHDHVWHHVWDGR GHiQLPRFROHFWLYRVHQWHQFLDQGRFRQ0DUN7ZDLQ
5HYROXFLyQ 3DVDMHUR HVWDGR GH H[FLWDFLyQ GHO FXHUSR VRFLDO TXH VH YHULILFD FXDQGR SRU LQGLJQDFLyQ R DEXUULPLHQWR DTXHO GHFLGH VDFXGLUVH XQ SRFR GHVKDFLpQGRVHDVtGHXQRVFXDQWRVKRPEUHVHLQVWLWXFLRQHVPROHVWDV$QWHVDODGH XQQXHYRHVWDGRGHOWHGLRGRQGHORVSULQFLSLRVVHWRUQDQHQSODQHVGHJRELHUQR ODV FRQVLJQDV HQ KLPQRV ORV KpURHV HQ SOD]DV \ ORV OtGHUHV HQ WRUSHV DGPLQLVWUDGRUHVGHORUGHQHPHUJHQWH
5RO 3DXWDGHFRQGXFWDGHXQDFWRUIXQGDGDHQODVH[SHFWDWLYDVTXHVREUHVX
RFXUUHQFLD JXDUGDQ DOJXQRV GH VXV FRQJpQHUHV /DV VRFLHGDGHV SULPLWLYDV DVLJQDEDQ UROHV ~QLFRV \ JHQHUDOPHQWH LPSUHVFULSWLEOHV D VXV LQWHJUDQWHV XQ VDFHUGRWH HUD VDFHUGRWH XQ VROGDGR HUD VROGDGR XQ QREOH HUD QREOH (Q OD DFWXDOLGDGORVLQGLYLGXRVGHVHPSHxDQP~OWLSOHVUROHVFRPRSRUHMHPSORSDGUH DERJDGRGLSXWDGRFRQWUDEDQGLVWDFUH\HQWHSUR[HQHWD\VRFLRGHO&$3HxDURO WRGRDOPLVPRWLHPSRORTXHFRQVWLWX\HXQDPXHVWUDPiVGHOFDUiFWHUOLEHUDO\ GHPRFUiWLFRGHQXHVWUDVVRFLHGDGHV
6 6HFXODUL]DFLyQ 3URFHVR SRU HO FXDO XQD VRFLHGDG DEDQGRQD OD UHOLJLyQ TXH KDVWDHQWRQFHVDEUD]DEDVXVWLWX\pQGRODSRURWUDPiVSHUWLQHQWHDOHVWDGRHQHO TXHKDGHJHQHUDGR
6HOHFFLyQDOHDWRULD (QLQYHVWLJDFLyQFXDQWLWDWLYDGHMDUODVROXFLyQGHEXHQD SDUWH GH ORV SUREOHPDV GHO HVWXGLR GH OD GLYHUVLGDG KXPDQD HQ PDQRV GHO EROLOOHUR
6RFLDOL]DFLyQ 0HFDQLVPR SRU HO FXDO XQD FRPXQLGDG HQVHxD D GHVFXEULU D
VXVQXHYRVLQWHJUDQWHVODVQRUPDVORVYDORUHV\ODVFUHHQFLDVTXHHOORVPLVPRV JXDUGDQHQORPiVSURIXQGRGHVXVHUFRPRVLJQRGHVXLQGLYLGXDOLGDG\TXH LQYDULDEOHPHQWH FRLQFLGHQ FRQ ODV QRUPDV YDORUHV \ FUHHQFLDV TXH SURIHVD OD FRPXQLGDGHQTXHKDELWDQ&XDQGRSRUDOJ~QH[WUDxRDFFLGHQWHHODSUHQGL]QR ORJUD GHVFXEULU WDOHV FRUUHVSRQGHQFLDV HQWUDQ HQ IXQFLRQDPLHQWR RWURV PHFDQLVPRVTXHOHHQVHxDQODFRQYHQLHQFLDGHVHJXLUEXVFDQGR(QODOLWHUDWXUD VRFLROyJLFDVHGHQRPLQDQFRQWUROVRFLDO
6RFLHGDG $JUHJDGRPiVRPHQRVFDyWLFRGHVHUHVKXPDQRVFRQYHQFLGRVTXH
IRUPDQSDUWHGHXQDDJUXSDFLyQQDWXUDOGHSHUVRQDVXQDXQLGDGGLVWLQWDGHFDGD FXDO GH VXV PLHPEURV SDUD FXPSOLU PHGLDQWH OD PXWXD FRRSHUDFLyQ WRGRV R DOJXQRVGHORVILQHVGHODYLGD6HGLIHUHQFLDGHXQDFRPXQLGDG\DTXHHQHVWD ~OWLPDVXVLQWHJUDQWHVDGHPiVGHFRPSDUWLUDTXHOODFUHHQFLDFRQVLGHUDQTXHHVR HVEXHQR
6RFLRORJtD &LHQFLD TXH VH RFXSD GHO HVWXGLR
GH FDVL WRGRV ORV IHQyPHQRV VRFLDOHV D H[FHSFLyQ GH DTXHOORV GH QDWXUDOH]D HFRQyPLFD TXH VRQ DERUGDGRV SRU ORV HFRQRPLVWDV R GH FRQWHQLGR SROtWLFR TXH RFXSDQ HO LQWHUpV GH ORV SROLWyORJRVGHWLSRFXOWXUDOTXHVRQREMHWRGHODQWURSyORJRVRFLDORGH DQWHULRU RFXUUHQFLD WHPSRUDO TXH UHVXOWDQ DWHQGLGRV SRU ORV KLVWRULDGRUHV GH FDUDFWHUtVWLFDVPLFURVRFLDOHVTXHVRQHVWXGLDGRVSRUORVSVLFyORJRVVRFLDOHVR HQ ORV TXH PHGLDODFRPXQLFDFLyQ\DTXHVRQPDWHULDGHORVVHPLyORJRV\ORV FRPXQLFDGRUHVVRFLDOHV
6RFLyORJR ,QWHJUDQWHGHXQDGHODVHVSHFLHVGHLQGLYLGXRVTXHKDEODQVREUHOR
VRFLDO (O VRFLyORJR VH XELFD HQ PHGLR GH GRV JHQHUDFLRQHV MXQWR FRQ ODV FXDOHV FRPSDUWH HO iUERO JHQHDOyJLFR GH HVWD VLQJXODU IDPLOLD GH SDUODQWHV (V GHVFHQGLHQWHGHOSHQVDGRUVRFLDOFRQTXLpQVHGLIHUHQFLDSRUSHQVDUODVVRFLHGDGHV FRPR VRQ \ QR FRPR GHELHUDQ VHU HV DQWHFHVRU GHO WpFQLFR VRFLDO GH TXLpQ VH GLVWLQJXHSRUKDEODUGHORTXHHV\QRGHORTXHIXQFLRQDHQHOPHUFDGR 3RU UHVXOWDUWDQDPSOLRVXFDPSRGHDSOLFDFLyQUHVXOWDQKDELOLWDQWHVSDUDVXHMHUFLFLR DGHPiV GHO GH 6RFLyORJR ORV WtWXORV GH $ERJDGR ,QJHQLHUR $JUyQRPR \ %DFKLOOHU
6336 6RIWZDUHTXHXQDYH]DOLPHQWDGRFRQQ~PHURVRUGHQDGRVHQIRUPDGH
PDWUL]GHYXHOYHFXDGURVPX\YLVWRVRVTXHVLUYHQSDUDDGRUQDUORVLQIRUPHVGH LQYHVWLJDFLyQ&RPRHQVHxD$PDQGRGH0LJXHO +D\XQDVHULHGHPRGHORVGHFXDGURV (VRVPRGHORVVHUHOOHQDQFRQORVSRUFHQWDMHVRtQGLFHVFRUUHVSRQGLHQWHV\VHLQWHUFDODQHQHO WH[WR
6XE RFXSDGR ,QGLYLGXR TXH SRU GLVSRQHU GH WLHPSR SXHGH GHGLFDUVH D PHMRUDUORVQ~PHURVGHOJRELHUQRSDUWLFLSDQGRHQODVHVWDGtVWLFDVGHHPSOHR\ DOPLVPRWLHPSRPHMRUDUORVGHOHPSUHVDULRLQWHJUDQGRHOHMHUFLWRGHUHVHUYD__ 3HUVRQDTXHJXVWDPDWL]DUODVSUHVLRQHVGHOWUDEDMRFRQODVWHQVLRQHVGHOSDUR
7 7HUFHUDYtD
&DPLQR GLVWLQWR GHO VRFLDOLVPR \GHOFDSLWDOLVPRTXHFRQGXFH GHO FDSLWDOLVPR DO FDSLWDOLVPR __ 'HQRPLQDFLyQ TXH XWLOL]DQ ORV SROtWLFRV GH L]TXLHUGD SDUDKDFHUSROtWLFDGHGHUHFKD 7RXUDLQH
7HUURULVWD ,QGLYLGXR TXH SRU H[SHULHQFLD VDEH TXH OD HILFDFLD GH XQ DFWR HV LQYHUVDPHQWHSURSRUFLRQDODODH[KLELFLyQGHVXVSUHSDUDWLYRV(QHVWHHORJLDEOH JHVWRGHLQWHOLJHQFLDUDGLFDSUHFLVDPHQWHVXKHUHMtD
7UDEDMR 8QRGHORVSURFHVRVSRUORVTXH$REWLHQHELHQHVSDUD%%LHUFH
3RU WUDWDUVH GH XQD DFWLYLGDG WDQ LQFyPRGD SDUD $ FRPR ~WLO SDUD % IXH QHFHVDULRHOHYDUODDOUDQJRGHYDORUPRUDO\VLWXDUODFRPRFRQGLFLyQPLVPDGHO VHUKXPDQRKRPRIDEHU MXVWDPHQWHHQHOWLHPSRHQTXHDTXpOVHFRQVWLWXtDHQ JDUDQWtDVXSUHPDGHUHSURGXFFLyQGHORUGHQVRFLDO'HVGHVHKDEODLQFOXVR GHOGHUHFKRDOWUDEDMRORTXHFRQVWLWX\HXQYHUGDGHURFRQWUDVHQWLGR
7HyULFR ,QGLYLGXRTXHGLFHTXHRWURGLFH
3DUD OOHJDU D VHU XQ EXHQ WHyULFR HV QHFHVDULR OHHU PXFKR 'HEH XVWHG SDVDU EXHQD SDUWH GH VX YLGD HQWUH SHULyGLFRV UHYLVWDV SDSHUV H LQFOXVR OLEURV (O HMHUFLFLR GH HVWD DFWLYLGDG SXHGH DIHFWDU OD VDOXG 3RU HMHPSOR XQ WHyULFR HPLQHQWHTXHGHFLGLyXQGtDOHYDQWDUVHGHVXHVFULWRULRSDUDREVHUYDUHOPXQGR WHQtD HOFXHOORWDQFRQWUDtGRTXHVRORSXGRPLUDUVHHORPEOLJR
9 9DORU
$WULEXWR SRVLWLYR GH XQD SHUVRQD DFWLWXG X REMHWR SDVLEOH GH VHU FXDQWLILFDGRGHDFXHUGRDVXXWLOLGDGRVXHTXLYDOHQWHHQPHWiOLFR
9DULDEOH
3URSLHGDG GH XQ REMHWR GHILQLGD REVHUYDGD FRGLILFDGD \ SUHVHQWDGD FRPR XQD VHFXHQFLD ILQLWD GH PDQLIHVWDFLRQHV PXWXDPHQWH H[FOX\HQWHV &RPSDUDGR FRQ ODV QRFLRQHV GH IHQyPHQR DFRQWHFLPLHQWR R SURFHVRUHVXOWDH[FHVLYDPHQWHVLPSOH3HURSRVHHODHQRUPHYLUWXGGHVXSRQHU GHVGHVXPLVPDGHILQLFLyQTXHWRGRIUDJPHQWRGHOPXQGRHVWiFRPSXHVWRSRU FDVRV GLYHUVRV \ GH DKt TXH XQR GH ORV SUREOHPDV PiV LPSRUWDQWHV SDUD ODV FLHQFLDVVRFLDOHVVHDH[SOLFDURDOPHQRVGDUFXHQWDGH HVDGLYHUVLGDG-XQWRFRQ OD QRFLyQ GH LQIHUHQFLD HVWDGtVWLFD TXH VXSRQH OD QDWXUDOH]D SUREDELOtVWLFD GH FXDOTXLHU DILUPDFLyQ VREUH ODV FRVDV FRQVWLWX\H HO PD\RU DSRUWH GH OD OODPDGD PHWRGRORJtDFXDQWLWDWLYDDODHSLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV
9HJHWDULDQR 3HUVRQDGHFDUiFWHU\GHQWDGXUDGpELOHV 9HMH] (QIHUPHGDGTXHDVRODDODKXPDQLGDGGHVGHHORULJHQGHORVWLHPSRV\D ODVRFLRORJtDGHVGH
9HQGHGRU (VSHFLHGHDOTXLPLVWDTXHFRQHODX[LOLRGHVXOHQJXDWUDQVIRUPD
XQWRVFRSURGXFWRGHODIDFWRUtDHQXQWUR]RGHOSUHFLRVRPHWDODQWH ORVRMRVGH XQWRQWR&XDQGRODVFRQGLFLRQHVGHSURGXFFLyQVRQHVWDEOHV\HOYROXPHQGHOD GHPDQGDSUHGHFLEOHHOYHQGHGRUHVDSHQDVHO0RQDJXLOORHQODJUDQFHUHPRQLD GH FLUFXODFLyQ GH ODV PHUFDQFtDV &XDQGR SRU HO FRQWUDULR OD SURGXFFLyQ HV FR\XQWXUDOPHQWHH[FHVLYDRHVWUXFWXUDOPHQWHLQFLHUWDVHHOHYDDODFRQGLFLyQGH 6DQWR
9RWR
3UiFWLFD FROHFWLYD UHFRPHQGDGD SRU SROtWLFRV \ SROLWyORJRV SDUD HO PDQWHQLPLHQWRGHODVDOXGGHOFXHUSRVRFLDO$SHVDUGHVXFDUiFWHUEHQpILFRORV HVSHFLDOLVWDVDFRQVHMDQTXHVHUHDOLFHVyORXQDYH]FDGDFLQFRDxRVHQWDQWRVHKD FRPSUREDGRFRPRFRQODYLWDPLQD' TXHDGPLQLVWUDGRFRQPD\RUIUHFXHQFLD VH WRUQD QRFLYR SDUD HO RUJDQLVPR &RPR HQ WRGDV ODV FXHVWLRQHV KXPDQDV HO H[FHVRUHVXOWDVLHPSUHGHVDFRQVHMDEOH
1RVR\XQLQYHVWLJDGRUFRQODRUHMDSHJDGDDORMRGHODFHUUDGXUDGHOWDOOHUGHOD 1DWXUDOH]DTXHWUDWDFRQYXOJDUFXULRVLGDGGHUREDUOHORVVHFUHWRVGHORILFLR/RV LQWHUHVHVGHODFLHQFLDWLHQHQWDQSRFDLPSRUWDQFLDSDUDPtFRPRSDUHFHTXHORV PtRVKDQWHQLGRSDUDODFLHQFLD $%,(5&((O+LSQRWL]DGRU (Q(O&OXEGHORV3DUULFLGDV FLUFD
(O KXPRU HVFpSWLFR HV SXHV XQ PHGLR HSLVWHPROyJLFR PX\ VHULR VLUYH SDUD TXHEUDUODLOXVLyQGHORUHDOHVWDEOHFHUODVUHODFLRQHVIXQGDPHQWDOHV\SDVDUGHOR VRFLDODORVRFLROyJLFR <:,1.,1(UYLQJ*RIIPDQ %LRJUDItDGHXQ6RFLyORJR-RYHQ (Q/RV0RPHQWRV\VXV+RPEUHV
$JUDGHFLPLHQWRV
$-LPHQD/HR*UDFLHOD\)HUQDQGRSRUVXVFRPHQWDULRV\FUtWLFD $$OHQSRUODSULPHUDHGLFLyQHQ:HE