)RUPDFLyQHQ5HVSRQVDELOLGDG3URIHVLRQDO
6( 6(&5 &5( (720 20(',&2 2...
9 downloads
766 Views
260KB 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
)RUPDFLyQHQ5HVSRQVDELOLGDG3URIHVLRQDO
6( 6(&5 &5( (720 20(',&2 2< <& &21),'(1&, 1&,$/,'$''( ''(/ /26 6' '$726 6$1 6$ 1,7$5,26
&RRUGLQDGRU*HQHUDO 5LFDUGR'H/RUHQ]R\0RQWHUR
$XWRUHV -RVp0DUtD$OYDUH]&LHQIXHJRV6XiUH] $ERJDGR 2UHQFLR/ySH]5RGUtJXH] 0pGLFR
$VRFLDFLyQ(VSDxROD GH'HUHFKR6DQLWDULR
,1',&( 35(6(17$&,21 ([F [FP PR6 6U ' '-RVÚ0 Ú0DQXH DQXHOO0 0DUWÞQH WÞQH] ]3 3HUHGD 5RG RGUUÞJXH JXH] ] 'RFWRUHQ'HUHFKR0DJLVWUDGRGHO7ULEXQDO6XSUHPR
, )81'$0(1726'(/$3527(&&,Ä1'(/6(&5(720º',&2 $ (OVHFUHWRPÚGLFR\ODLQWLPLGDGGHODSHUVRQD
% (OVHFUHWRPÚGLFRFRQGLFLäQQHFHVDULDSDUDHOFRUUHFWRHMHUFLFLRGHOD
DFWLYLGDGSURIHVLRQDO(ODFWRPÚGLFRVHEDVDHQODUHODFLäQGHFRQILDQ]DFRQHO SDFLHQWH
,, (/6(&5(720º',&2<685(*8/$&,Ä1/(*$/819$&,2 ,1(;3/,&$%/(
$ 5HFRQRFLPLHQWRFRQVWLWXFLRQDO % 5HJXODFLäQOHJDO
& 1RUPDVGHRQWROäJLFDV ,,, 6(&5(720º',&2<&21),'(1&,$/,'$''(/26'$7266$1,7$5,26
$ /RVGDWRVUHODWLYRVDODVDOXGFRPRHVSHFLDOPHQWHSURWHJLGRV
% 7UDQVFHQGHQFLDGHORVGDWRVUHODWLYRVDODVDOXGGHORVFLXGDGDQRV & (OGHVDUUROORGHODLQYHVWLJDFLäQFLHQWÞILFD\HOVHFUHWRPÚGLFR ,9 75$7$0,(1723(1$/'(/6(&5(720º',&2
9 /$'()(16$'(/26,17(5(6(6*(1(5$/(6'(/$62&,('$'&202/¾0,7($/ '(%(5'(*8$5'$56(&5(72 9, &21&/86,21(6
%,%/,2*5$),$
)RUPDFLyQHQ5HVSRQVDELOLGDG3URIHVLRQDO
35(6(17$&,21
7HQJRTXHFRPHQ]DUH[SUHVDQGRODKRQGDVDWLVIDFFLyQTXHPHSURGXFHSUHVHQWDUHVWD8QLGDG'LGiFWLFD Q« GHOD$VRFLDFLyQ(VSDxRODGH'HUHFKR6DQLWDULRGHGLFDGDSUHFLVDPHQWHD6HFUHWR\ FRQILGHQFLDOLGDGGHGDWRVVDQLWDULRV7DOVDWLVIDFFLyQHQFXHQWUDHQPtXQDGREOHPRWLYDFLyQ'HXQD SDUWHGHELGRDPLDGPLUDFLyQ\DIHFWRDVXVDXWRUHVHO,OPR6U'RQ-RVp0DUtDÈOYDUH]&LHQIXHJRV 6XiUH]3UHVLGHQWHGHOD6DODGHOR&RQWHQFLRVR$GPLQLVWUDWLYRGHOD$XGLHQFLD1DFLRQDO\HO'U'RQ 2UHQFLR/ySH]'RPtQJXH]
&RQHOSULPHURFRPSDUWtWLHPSRDWUiVWDUHDVMXULVGLFFLRQDOHVHQHOPLVPR7ULEXQDO\KHPRVSDUWLFLSDGR GHLOXVLRQHV\WUDEDMRVFRPXQHVHQHOFRPLWp&LHQWtILFRGHOD$VRFLDFLyQ(VSDxRODGH'HUHFKR6DQLWDULR (QFXDQWRDO6U2UHQFLR/ySH]'RPLQJXH]SRVHRVREUDGDVSUXHEDVGHVXYDOtDSURIHVLRQDOHQVX DFWLYLGDGHQHO+RVSLWDOGH9DOGHFLOOD\FRQR]FRGHVXLQWHUpVSRUODVPiVYDULDGDVFXHVWLRQHVTXHSXHGHQ DIHFWDURVLPSOHPHQWHFROLQGDUFRQODDFWLYLGDGVDQLWDULD'R\IHSRUHOORGHOPpULWR\YDOtDGHDPERV DXWRUHV 0DVQRWDQVyORHOHOHPHQWRVXEMHWLYR\SHUVRQDOGHOWUDEDMRWDPELpQHOSURSLRREMHWRODSHFXOLDU PDWHULDVXFRQWHQLGRSURYRFDHQPtHQWXVLDVPRHLOXVLyQ\GLVLSDFXDOTXLHUQLHEODRUHFHORGHHVFULELU HVWDEUHYH3UHVHQWDFLyQ&XDQGRQRVKDOODPRV\DHQODVSRVWULPHUtDVGHOVLJOR\FDVLWRFDPRVHODxR GHVGHOD8QLyQ(XURSHDQRVHQFRQWUDPRVFRQXQDLQVWLWXFLyQPiVDQWLJXDKLVWyULFDPHQWHTXHHOSURSLR &ULVWLDQLVPR\TXHHOPLVPR'HUHFKR5RPDQR\TXHKDSHUYLYLGRDORVPiV GLYHUVRVDYDWDUHVSROtWLFRV\ WDQVyORSRUHOFHORGHVXVFRQYHQFLGRVDGHSWRV0HHVWR\UHILULHQGRDOVHFUHWRPpGLFRTXHOD SURPXOJDFLyQGHO&yGLJR3HQDOGHKDYXHOWRDSRQHUHQHOFDQGHOHURDOFULPLQDOL]DUVXYXOQHUDFLyQ WUDVXQODUJRSHULRGRGHDWLSLFLGDGGHVGHODHQWUDGDHQYLJRUGHOWH[WRSHQDOGHVDOYRHOEUHYH SDUpQWHVLVGHO&yGLJR3HQDOGHOD'LFWDGXUDGHO*HQHUDO3ULPRGH5LYHUD 0DVDKRUDVHSURGXFHHQXQDDFWXDFLyQVDQLWDULDPX\GLIHUHQWHGHODGHOSDVDGR+DVWDQRKDFHPXFKRODV UHODFLRQHVHUDQSHUVRQDOHVHLQWHUVXEMHWLYDVHQWUHPpGLFR\SDFLHQWH7DQVyORHOIDFXOWDWLYRPX\ UDUDPHQWHODHQIHUPHUDRORVIDPLOLDUHVGHOJDOHQRSRGtDQDFFHGHUHQDOJ~QFDVRDOVHFUHWR+R\VH WUDEDMDHQHTXLSR\HQFDPSRKRVSLWDODULRHQXQDPHGLFLQDTXHSXHGHUHSXWDUVHGHHILFD]SHUR LQGXGDEOHPHQWHPDVLILFDGD\ORVGDWRVUHFLELGRVGHOHQIHUPRFRELMDGRVHQVXLQWLPLGDG\SULYDFLGDG\ ORVGHVFXELHUWRVHQODSURSLDDFWLYLGDGFOtQLFDVHUHFRJHQLQIRUPDWL]DGDPHQWH\DHOORVSXHGHQDFFHGHUQR WDQVyORFXDOTXLHUVDQLWDULRGHO&HQWURVLQRDMHQRVDODIXQFLyQFXUDWLYDFRPRORVSURSLRVDGPLQLVWUDWLYRV \VXEDOWHUQRV (OORRFXUUHDGHPiVHQXQPXQGRHQHOTXHODSULYDFLGDGVHVLHQWHPiVDPHQD]DGDTXHQXQFDSRUWpFQLFDV FDGDYH]PDVVRILVWLFDGDV7DOHVHOPXQGRHQTXHGHEHFXVWRGLDUVHHOVHFUHWRSURIHVLRQDOPpGLFR
1XHVWURVJDOHQRVKDQVLGRVLHPSUHORVFHORVRVJXDUGLDQHVGHGLFKRVHFUHWRHLQFOXVRFXDQGRORVWH[WRV FROHJLDOHV\GHRQWROyJLFRVVHRFXSDEDQGHPDQWHQHUYLYDWDOH[LJHQFLD/DPLVPD+LVWRULDQRVHQVHxD TXHHQQRSRFDVRFDVLRQHVKDVLGRSUHVHUYDGRIUHQWHDODVH[LJHQFLDVFRQWUDULDVGHOSURSLRSRGHUSROtWLFR &XDQGRHQORVVXFHVRVGHHQ)UDQFLD\HQSOHQRHVWDGRGHVLWLRODUHVSXHVWDGH'XSX\WUHQDO 3UHIHFWRTXHTXHUtDFRQRFHUHOQRPEUHGHORVDPRWLQDGRVHVWiOOHQDGHODLURQtDGHOURPDQWLFLVPRGHO WLHPSR
-RVp0DQXHO0DUWtQH]3HUHGD5RGUtJXH]
,)XQGDPHQWRVGHOD3URWHFFLyQGHO6HFUHWR0pGLFR
,QGLFH $ (O6HFUHWRPpGLFR\ODLQWLPLGDGGHODSHUVRQD /DSURWHFFLyQGHODLQWLPLGDGGHODSHUVRQDVHFDOLILFDGHVGHOD&RQVWLWXFLyQFRPRXQGHUHFKR IXQGDPHQWDODSR\DGRHQVXGLJQLGDG\HQORVGHUHFKRVLQYLRODEOHVTXHOHVRQLQKHUHQWHVFRQWHQLGR SURSLRGHVXUHDOLGDGRQWROyJLFD (VWHSXQWRGHSDUWLGDFRPRYDPRVDYHUGHEHUtDVHUVXILFLHQWHSDUDH[LJLUGHORVSRGHUHVS~EOLFRVXQD PD\RUDWHQFLyQKDFLDODUHJXODFLyQGHOVHFUHWRPpGLFRFDUHQWHKR\GtDGHXQHVWDWXWRMXUtGLFRHQHOTXH QRVyORVHFRQWHPSOHQORVDVSHFWRVQHJDWLYRVGHOVHFUHWRPHGLDQWHVXWLSLILFDFLyQFRPRGHOLWRHQHO &yGLJR3HQDO /DHYROXFLyQGHORVGHUHFKRVIXQGDPHQWDOHVGHVSXpVGHODSXEOLFDFLyQGHOD&RQVWLWXFLyQHQYDD VXSRQHUDPLMXLFLRHQHOIXWXURLQPHGLDWRXQDPD\RUVHQVLELOLGDGHQODSURWHFFLyQGHOGHUHFKRDOD LQWLPLGDGSHUVRQDO\IDPLOLDUODFXDOWDPELpQSRUORVDYDQFHVGHODLQYHVWLJDFLyQJHQpWLFDH[LJLUiGHO GHUHFKRQXHYDVUHVSXHVWDV\JDUDQWtDVTXHVHWUDGXFLUiQHQWUHRWUDVPHGLGDVHQXQDHVSHFLDOSURWHFFLyQ GHORVGDWRVJHQpWLFRVDPSOLiQGRVHDVtHOiPELWRGHSURWHFFLyQGHORVGDWRVHLQIRUPDFLRQHVUHODWLYRVDOD VDOXGGHODVSHUVRQDV (OGHUHFKRDODLQWLPLGDGUHVXOWDGHGLItFLOGHILQLFLyQSRUTXHDIHFWDDODVHVIHUDVPiVSURIXQGDVGHOD SHUVRQDOLGDG\pVWDMXQWRDXQFRPSRQHQWHHVWDEOH\SHUPDQHQWHRIUHFHWDPELpQRWURVIDFWRUHV FDPELDQWHVIUXWRGHODFR\XQWXUDGHODVHQVLELOLGDGSHUVRQDO\VRFLDO 5RPHR&DVDERQD HQWLHQGHSRULQWLPLGDGDTXHOODVPDQLIHVWDFLRQHVGHODSHUVRQDOLGDGLQGLYLGXDOR IDPLOLDU FX\RFRQRFLPLHQWRRGHVDUUROORTXHGDQUHVHUYDGRVDVXWLWXODURVREUHODVTXHHMHUFHDOJXQD IRUPDGHFRQWUROFXDQGRVHYHQLPSOLFDGRVWHUFHURVHQWHQGLHQGRSRUWDOHVWDQWRORVSDUWLFXODUHVFRPRORV SRGHUHVS~EOLFRV (QHVHQ~FOHRGXURGHODLQWLPLGDGSRGHPRVKDEODUGHXQD]RQDHVSLULWXDOtQWLPD\UHVHUYDGDGHXQD SHUVRQDRXQJUXSRHVSHFLDOPHQWHGHXQDIDPLOLDVHGHEHQLQFOXLUORVGDWRVUHODWLYRVDODLQIRUPDFLyQGH
ODVDOXGDGHPiVGHRWURVUHODWLYRVDODVUHODFLRQHVDIHFWLYDVVH[XDOHVGHUD]DUHOLJLyQLGHDVSROtWLFDV HWF 6XUJHDVtODOODPDGDHVIHUDGHODFRQILDQ]DTXHFRPSUHQGHWRGDODLQIRUPDFLyQTXHXQVXMHWROLJDGRD RWURSRUOD]RVGHDIHFWLYLGDGRSDUHQWHVFRRSRUUD]RQHVUHOLJLRVDVLGHROyJLFDVUDFLDOHVGHVDOXG SURIHVLRQDOHVFRQVXPpGLFRRDERJDGRGHVHDPDQWHQHUHQODUHVHUYD (VWDLGHDVREUHODLQWLPLGDGFRPRGHUHFKRIXQGDPHQWDO©EiVLFRªSDUDHOHMHUFLFLRGHRWURVGHUHFKRV WDPELpQIXQGDPHQWDOHVKDVLGRUHFRJLGDUHFLHQWHPHQWHSRUHO7ULEXQDO&RQVWLWXFLRQDOHQVXVHQWHQFLDGH GHHQHURGH6REUHODGRFWULQD\DFRQRFLGDGHODVHQWHQFLDUHFXHUGDTXHHQHOiPELWR GHODUWtFXORGHOD&RQVWLWXFLyQVHLQFRUSRUDXQDJDUDQWtDFRQVWLWXFLRQDOSDUDUHVSRQGHUDXQDQXHYD IRUPDGHDPHQD]DFRQFUHWDDODGLJQLGDG\DORVGHUHFKRVGHODSHUVRQDDGHPiVGHXQLQVWLWXWRGH JDUDQWtDGHRWURVGHUHFKRVIXQGDPHQWDOPHQWHHOKRQRU\ODLQWLPLGDGHVWDPELpQHQVtPLVPRXQ GHUHFKRROLEHUWDGIXQGDPHQWDOHOGHUHFKRDODOLEHUWDGIUHQWHDODVSRWHQFLDOHVDJUHVLRQHVDODGLJQLGDG\ DODOLEHUWDGGHODSHUVRQDSURYHQLHQWHVGHXQXVRLOHJtWLPRGHOWUDWDPLHQWRPHFDQL]DGRGHGDWRV(QWUHORV TXHVHHQFXHQWUDQORVGDWRVUHODWLYRVDODVDOXGGHODVSHUVRQDV (VWDQXHYDGLPHQVLyQGHODLQIRUPDFLyQUHODWLYDDODVDOXGVHDERUGDGHXQDPDQHUDFODUDHQHO&RQYHQLR UHODWLYRDORV'HUHFKRV+XPDQRV\OD%LRPHGLFLQDVXVFULWRHQ2YLHGRHOGHDEULOGH (QHVWHLPSRUWDQWHGRFXPHQWRFRPRYHUHPRVVHSURWHJHHOGHUHFKRDOUHVSHWRDODYLGDSULYDGDGHORV FLXGDGDQRVFXDQGRVHWUDWHGHLQIRUPDFLRQHVUHODWLYDVDVXVDOXGDGHPiVGHJDUDQWL]DUVHODQHFHVLGDGGH REWHQHUXQFRQVHQWLPLHQWRH[SUHVRGHODIHFWDGRHQWRGRH[SHULPHQWRFLHQWtILFR\HQWRGDH[WUDFFLyQGH yUJDQRV\WHMLGRVGHGRQDQWHVYLYRVSDUDWUDQVSODQWHV /DFRQILGHQFLDOLGDGGHODLQIRUPDFLyQVDQLWDULDUHODWLYDDODVFRQGLFLRQHVGHVDOXGGHORVFLXGDGDQRV GHEHDERUGDUVHDQXHVWURMXLFLRGHVGHXQDSHUVSHFWLYDPiVJHQHUDOVLHQGRODVLPSOLFDFLRQHVSHQDOHVXQD PDQLIHVWDFLyQPiVGHOWHPD\HQPXFKDVRFDVLRQHVQRODVPiVLPSRUWDQWHV/RVSUREOHPDVGHORV PpGLFRVVXHOHQVXUJLUHQHVWHFDPSRQRWDQWRGHXQTXHEUDQWDPLHQWRYROXQWDULRGHOVHFUHWRVLQRPiVELHQ GHXQDUHVLVWHQFLDIXQGDGDHQVyOLGRVSULQFLSLRVpWLFRVDUHYHODUODVFRQILGHQFLDVGHVXSDFLHQWH 3RUORTXHDKRUDQRVLQWHUHVDGHEHPRVUHFRUGDUVLJXLHQGRODGRFWULQDGHO7ULEXQDO&RQVWLWXFLRQDO$XWR GHGHGLFLHPEUHGH TXHHOVHFUHWRSURIHVLRQDOHQFXDQWRMXVWLILFDSRUUD]yQGHXQDDFWLYLGDG ODVXVWUDFFLyQDOFRQRFLPLHQWRDMHQRGHGDWRVRLQIRUPDFLRQHVREWHQLGDVTXHFRQFLHUQHQDODYLGDSULYDGD GHODVSHUVRQDVHVWiHVWUHFKDPHQWHUHODFLRQDGRFRQHOGHUHFKRDODLQWLPLGDGTXHHODUWtFXORGHOD &RQVWLWXFLyQJDUDQWL]DHQVXGREOHGLPHQVLyQSHUVRQDO\IDPLOLDUFRPRREMHWRGHXQGHUHFKR IXQGDPHQWDO 3RGHPRVGHFLU\DGHVGHHVWHSXQWRTXHODLQIRUPDFLyQFRQILGHQFLDOGHULYDGDGHODVUHODFLRQHVPpGLFR HQIHUPRDGHPiVGHHQFRQWUDUVXIXQGDPHQWRVHQQRUPDVFRUSRUDWLYDVLQKHUHQWHVD ODSURIHVLyQVHYHKR\ GtDSURWHJLGDFRQODPD\RUHQHUJtDTXHHOGHUHFKRSXHGHRWRUJDUSRUODSURSLD&RQVWLWXFLyQ 6LELHQHVFLHUWRTXHXQDPX\UHLWHUDGDGRFWULQDGHO7ULEXQDO&RQVWLWXFLRQDOKDGHFODUDGRTXHQRKD\ GHUHFKRVDEVROXWRVQLVLTXLHUDHQHOSODQRGHORVGHUHFKRVIXQGDPHQWDOHVHQWHQGHPRVTXHXQDOLPLWDFLyQ GHODLQWLPLGDGGHULYDGDGHODVUHODFLRQHVPpGLFRSDFLHQWHKDGHHVWDUMXVWLILFDGDDGHPiVGHOD LPSUHVFLQGLEOHPRWLYDFLyQ SRULQWHUHVHVJHQHUDOHVGHHVSHFLDOWUDQVFHQGHQFLD\VLJQLILFDFLyQ ,QGLFH % (O6HFUHWRPpGLFRFRQGLFLyQQHFHVDULDSDUDHOFRUUHFWRHMHUFLFLRGHODDFWLYLGDGSURIHVLRQDO(O DFWRPpGLFRVHEDVDHQODUHODFLyQGHFRQILDQ]DFRQHOSDFLHQWH &RPRVHDSUHFLDHODOFDQFH\H[WHQVLyQGHOGHUHFKRDDFFHGHUDODLQIRUPDFLyQFOtQLFDQRSXHGH FRQWHPSODUVHHQVXLQWHJULGDGVLQRVHDERUGDFRQHOQHFHVDULRULJRUHOVHFUHWRSURIHVLRQDOGHPpGLFR (QWHQGLGRpVWHQRWDQWRFRPRXQDFRQFHVLyQDXQLQWHUpVPHUDPHQWHFRUSRUDWLYRSULYLOHJLRGHXQJUXSR GHSURIHVLRQDOHVVLQRPiVELHQFRPRXQDH[LJHQFLDLPSUHVFLQGLEOHGHODFRUUHFWDSUiFWLFDPpGLFD
(OUHFRQRFLPLHQWRGHOGHUHFKRDOVHFUHWRPpGLFRHQVXMXVWDPHGLGDSXHGHD\XGDUDTXHOD GRFXPHQWDFLyQGHODVKLVWRULDVFOtQLFDVVHUHDOLFHFRQHOULJRU\FRPSHWHQFLDGHELGD'HORFRQWUDULRHO WHPRUGHOPpGLFRDQWHHOGHVFRQRFLPLHQWRGHVXVGHUHFKRVSXHGHUHSHUFXWLUQHJDWLYDPHQWHHQOD SUHSDUDFLyQHODERUDFLyQ\HILFDFLDGHHVWRVH[SHGLHQWHVJHQHUDOL]iQGRVHODSUDFWLFDWDPELpQHQHVWH WHUUHQRGHODGRFXPHQWDFLyQFOtQLFDGHODGHQRPLQDGD©PHGLFLQDGHIHQVLYDª6HSXHGHOOHJDUDOD FRQFOXVLyQDQXHVWURMXLFLRFRUUHFWDGHTXHODDXVHQFLDGHXQDQRUPDTXHUHJXOHHOVHFUHWRPpGLFR UHSHUFXWLUiQHJDWLYDPHQWHHQODFDOLGDGGHODDVLVWHQFLDVDQLWDULD /DUHODFLyQPpGLFRSDFLHQWHSXHVHQHVWHiPELWRVHLQVHUWDHVWDSULPHUD\WUDQVFHQGHQWDOH[LJHQFLD GHEHUiHVWDUSUHVLGLGDSRUXQDPXWXD\OHDOFRODERUDFLyQDVtFRPRSRUODVUHJODVGHODEXHQDIH6XE\DFH HQHVWDSULPHUDREOLJDFLyQGHFRQWHQLGRMXUtGLFRHQODUHODFLyQPpGLFRSDFLHQWHXQWUDVIRQGRpWLFRGH LQGXGDEOHLPSRUWDQFLD 3DUDWHQHUXQFRQRFLPLHQWRPiVH[DFWRGHORVGHUHFKRV\GHEHUHVGHULYDGRVGHHVWDREOLJDFLyQGH ©FRODERUDFLyQOHDOªDVtFRPRGHODVHYHQWXDOHVFRQVHFXHQFLDVTXHHQHOIXWXURSXGLHUDQGHULYDUVHGHEH LQVLVWLUVHWDPELpQHQODREOLJDFLyQGHOSDFLHQWHGHLQIRUPDURSRUWXQD\YHUD]PHQWHGHVXHVWDGRGHVDOXG SDUDTXHODVFRQFOXVLRQHVGHOSURIHVLRQDOTXHOHDWLHQGHSXHGDQIXQGDUVHVREUHGDWRVORPiVREMHWLYRV\ VHJXURVSRVLEOHV7RGRHOORVRORHVSRVLEOHVREUHODEDVHGHODUHODFLyQGHFRQILDQ]DHQTXHVHDSR\DHO VHFUHWRPpGLFR
&DUORV05RPHR&DVDERQD7HQGHQFLDVDFWXDOHVVREUHODVIRUPDVGHSURWHFFLyQMXUtGLFDDQWHODVQXHYDVWHFQRORJtDV3RGHU-XGLFLDO pSRFD1~PHUR VHSWLHPEUHGH6REUHHVWHWHPDSXHGHQFRQVXOWDUVHORVWUDEDMRVGH)HUPtQ0RUDOHV3UDWV/DWXWHODSHQDOGHOD LQWLPLGDGSULYDF\HLQIRUPiWLFD(G'HVWLQR%DUFHORQD3DEOR/XFDV0XULOORGHOD&XHYD/DSURWHFFLyQGHORVGDWRVSHUVRQDOHV DQWHHOXVRGHODLQIRUPiWLFDHQHOGHUHFKRHVSDxROHQ(VWXGLRVGH-XULVSUXGHQFLD1~PHUR 3XHGHYHUVHDOUHVSHFWRHOWUDEDMRGH 5LFDUGRGH/RUHQ]R\0RQWHUR 5HVSRQVDELOLGDGSURIHVLRQDOHKLVWRULDVFOtQLFDV%ROHWtQ2ILFLDO GHO&RQVHMR*HQHUDOGH&ROHJLRVGH0pGLFRVGH(VSDxD1~PHURDEULOGH -XDQ0DUWtQH]/ySH]GH/HWRQD (OVHFUHWRGHODKLVWRULDFOtQLFD9LVLyQGHOPpGLFR,,,&RQJUHVR1DFLRQDOGH'HUHFKR6DQLWDULR QRYLHPEUHGH
,,(OVHFUHWRPpGLFR\VXUHJXODFLyQOHJDOXQYDFtRLQH[SOLFDEOH
,QGLFH $ 5HFRQRFLPLHQWRFRQVWLWXFLRQDO (ODUWtFXORGHOD&RQVWLWXFLyQHQVXLQFLVRILQDOSUHFLVDTXHODOH\UHJXODUiORVFDVRVHQTXHSRU UD]yQGHSDUHQWHVFRRGHVHFUHWRSURIHVLRQDOQRVHHVWDUiREOLJDGRDGHFODUDUVREUHKHFKRVSUHVXQWDPHQWH GHOLFWLYRV 3XHVELHQDxRVGHVSXpVGHODSXEOLFDFLyQGHOWH[WRFRQVWLWXFLRQDOFDUHFHPRVGHXQD/H\TXHUHJXOHHO VHFUHWRSURIHVLRQDOHQWUHRWURVHOGHORVPpGLFRVTXHH[RQHUHGH ODREOLJDFLyQGHGHFODUDUDQWHSUHVXQWRV KHFKRVGHOLFWLYRV 'HÈQJHO
QRSRGUiQVHUREOLJDGRVDGHFODUDUFRPRWHVWLJRVORVHFOHVLiVWLFRV\PLQLVWURVGHORVFXOWRVGLVLGHQWHV VREUHORVKHFKRVTXHOHVIXHUHQUHYHODGRVHQHOHMHUFLFLRGHODVIXQFLRQHVGHVXFDUJR 3RUHOFRQWUDULRDODFRUGDUVHGHORVPpGLFRVOD/H\GH(QMXLFLDPLHQWR&ULPLQDOHQVXDUWtFXOR HVWDEOHFHTXHORVSURIHVRUHVGHFLUXJtDPHGLFLQDRIDUPDFLDWHQGUiQODREOLJDFLyQGHFRPXQLFDUDO-XH] RDO0LQLVWHULR)LVFDOORVGHOLWRVS~EOLFRVGHORVTXHWXYLHUDQFRQRFLPLHQWRHQHOHMHUFLFLRGHVXV DFWLYLGDGHVSURIHVLRQDOHV +HPRVGHDGYHUWLU\DGHVGHDKRUDTXHHVWHSUHFHSWRFRQPiVGHFLHQDxRVGHH[LVWHQFLD\VLQXOWHULRUHV PDWL]DFLRQHVFKRFDDELHUWDPHQWHFRQHOGHUHFKRDLQYRFDUHOVHFUHWRSURIHVLRQDOTXHUHFRQRFHHODUWtFXOR GHOD&RQVWLWXFLyQ 3RURWUDSDUWHSDUWLHQGRGHHVWDGLPHQVLyQFRQVWLWXFLRQDOGHSURWHFFLyQDODLQWLPLGDGHQQXHVWURFDVR GHOFLXGDGDQRFRPRSDFLHQWHSRGHPRVREVHUYDUFRPRGHVSXpVGHODSXEOLFDFLyQGHOD/H\*HQHUDOGH 6DQLGDGHQVHKDQLQFRUSRUDGRDQXHVWURRUGHQDPLHQWRMXUtGLFRGLYHUVDVQRUPDVGHPX\GLYHUVR UDQJR\RULJHQWDQWRDXWRQyPLFDVFRPRQDFLRQDOHVHLQWHUQDFLRQDOHVTXHFRPSOHWDQ\ HQULTXHFHQHO SDQRUDPDGHODLQIRUPDFLyQ\GRFXPHQWDFLyQFOtQLFDSRUORTXHWRGDYtDUHVXOWDPiVDFRQVHMDEOHOD UHJXODFLyQGHOVHFUHWRSURIHVLRQDOHQHOiPELWRGHODPHGLFLQD ,QGLFH % 5HJXODFLyQOHJDO (ODUWtFXORGHOD/H\*HQHUDOGH6DQLGDGSUHFLVDFXDOHVVRQORVGHUHFKRVGHORVFLXGDGDQRVDQWHODV GLVWLQWDV$GPLQLVWUDFLRQHV3~EOLFDV6DQLWDULDV
(QWUHHOORVSRGHPRVUHVDOWDUHOGHUHFKRDODFRQILGHQFLDOLGDGGHWRGDLQIRUPDFLyQUHODFLRQDGDFRQVX SURFHVR\FRQVXHVWDQFLDHQLQVWLWXFLRQHVVDQLWDULDVS~EOLFDV\SULYDGDVTXHFRODERUHQFRQHOVLVWHPD S~EOLFR (VWHGHEHUGHVLJLORVHSUR\HFWDDORODUJRGHWRGDODDFWLYLGDGDVLVWHQFLDOHQHO6LVWHPD1DFLRQDOGH 6DOXG $VtHODUWtFXORGHOD/H\*HQHUDOGH6DQLGDGVHxDODTXH©(QFDGDiUHDGH6DOXGGHEHSURFXUDUVHOD Pi[LPDLQWHJUDFLyQGHODLQIRUPDFLyQUHODWLYDDFDGDSDFLHQWHSRUORTXHHOSULQFLSLRGHKLVWRULDFOtQLFR VDQLWDULD~QLFD\SRUFDGDXQRGHEHUiPDQWHQHUVHDOPHQRVGHQWURGHORVOtPLWHVGHFDGDLQVWLWXFLyQ DVLVWHQFLDO(VWDUiDGLVSRVLFLyQGHORVHQIHUPRV\GHORVIDFXOWDWLYRVTXHGLUHFWDPHQWHHVWpQLPSOLFDGRV HQHOGLDJQyVWLFR\HOWUDWDPLHQWRGHOHQIHUPRDVtFRPRDHIHFWRVGHLQVSHFFLyQPpGLFDRSDUDILQHV FLHQWtILFRVGHELHQGRTXHGDUSOHQDPHQWH JDUDQWL]DGRVHOGHUHFKRGHOHQIHUPRDVXLQWLPLGDGSHUVRQDO\ IDPLOLDU\HOGHEHUGHJXDUGDUVHFUHWRSRUTXLHQHQYLUWXGGHVXVFRPSHWHQFLDVWHQJDDFFHVRDODKLVWRULD FOtQLFD/RVSRGHUHVS~EOLFRVDGRSWDUiQODVPHGLGDVSUHFLVDVSDUDJDUDQWL]DUGLFKRVGHUHFKRV\GHEHUHVª (VWHDUWtFXORGHOD/*6SRQHGHPDQLILHVWRODQHFHVLGDGGHPRWLYDUGHIRUPDH[SOtFLWDODVUD]RQHV TXHKD\DHQFDGDFDVR(ODFFHVRDODLQIRUPDFLyQFRQWHQLGDHQODVKLVWRULDVFOtQLFDVHQEXHQDPHGLGD LQFRUSRUDGDKR\GtDDVRSRUWHVLQIRUPiWLFRVGHEHKDFHUVHSRUSHUVRQDVDXWRUL]DGDV\SDUDILQHVOHJtWLPRV &RPRUHFXHUGDODVHQWHQFLDGHO7ULEXQDO&RQVWLWXFLRQDOGHGH-XQLRGHWRGDODLQIRUPDFLyQTXH ODV$GPLQLVWUDFLRQHV3~EOLFDVUHFRJHQ\DUFKLYDQKDGHVHUQHFHVDULDSDUD HOHMHUFLFLRGHODVSRWHVWDGHV TXHOHVDWULEX\HODOH\\KDGHVHUDGHFXDGDSDUDODVOHJtWLPDVILQDOLGDGHVSUHYLVWDVSRUHOOD(QHOiPELWR GHODVDOXGODILQDOLGDGHVHQFLDOSDUDODTXHVHUHFRJHGRFXPHQWD\FRQVHUYDODLQIRUPDFLyQHVSDUDOD DWHQFLyQGHOSDFLHQWH (QXQDOtQHDPX\VLPLODUFRQORHVWDEOHFLGRHQHODUWtFXORGHOD/*6HODUWtFXORGHO&yGLJR 'HRQWROyJLFRSUHFLVDTXH©(ODQiOLVLVFLHQWtILFR\HVWDGtVWLFRGHORVGDWRVFRQWHQLGRVHQODVKLVWRULDV\OD SUHVHQWDFLyQGHDOJXQRVFDVRV FRQFUHWRVSXHGHQSURSRUFLRQDULQIRUPDFLRQHVPX\YDOLRVDVSRUORTXHVX SXEOLFDFLyQHVDXWRUL]DEOHGHVGHHOSXQWRGHYLVWDGHRQWROyJLFRFRQWDOGHTXHVHUHVSHWHHOGHUHFKRGHORV SDFLHQWHVDODLQWLPLGDGª
(VWHGHUHFKRDODLQWLPLGDG\ODUHVHUYDGHOSDFLHQWHVHPDQLILHVWDWDPELpQHQOD/H\GHGH GLFLHPEUHGHO0HGLFDPHQWR$OOtVHSUHVFULEHTXHHOWUDWDPLHQWRLQIRUPiWLFRGHODVUHFHWDVUHVSHWDUiHO GHUHFKRGHODFRQILGHQFLDOLGDGGHORVFLXGDGDQRVIUHQWHDODV$GPLQLVWUDFLRQHV3~EOLFDV 3RU~OWLPRHODUWtFXORSUHFLVDTXHODLQIRUPDFLyQDJUHJDGDUHVXOWDQWHGHOSURFHVDPLHQWRGHUHFHWDVGHO 6LVWHPD1DFLRQDOGH6DOXGHVGHGRPLQLRS~EOLFRVDOYDQGRVLHPSUHODFRQILGHQFLDOLGDGGHODDVLVWHQFLD VDQLWDULDDVtFRPRHOVHFUHWRHVWDGtVWLFR 0HQFLyQ HVSHFLDOPHUHFHQSRUODLQFLGHQFLDTXHSXHGHQWHQHUVREUHODLQWLPLGDGGHORVFLXGDGDQRVODV SRWHVWDGHVH[FHSFLRQDOHVGHOD/H\GHGHDEULOFXDQGRH[LVWDQUD]RQHVVDQLWDULDVGHXUJHQFLD \QHFHVLGDGTXHDVtORDFRQVHMHQ(VWDVPHGLGDVSRUUD]yQGHVXH[FHSFLRQDOLGDGSXHGHQDIHFWDUDOD FRQILGHQFLDOLGDGGHORVGDWRVUHODWLYRVDODVDOXGGDGDODDPSOLWXGFRQTXHVRQFRQWHPSODGDVSRUOD/H\ (OHVWDGRDFWXDOGHODGRFWULQDFLHQWtILFDUHVSHFWRGHHVWRVJUDYHVWHPDVFRLQFLGHFDVLHQVXWRWDOLGDGFRQ ODLQVXILFLHQFLDGHODFWXDOVLVWHPDQRUPDWLYRYLJHQWH6RQFXHVWLRQHVTXHSRULQFLGLUHQDVSHFWRV HVHQFLDOHVGHORVGHUHFKRVGHODSHUVRQDGHEHUtDQWHQHUHQSULQFLSLRXQWUDWDPLHQWRHQQRUPDVGHUDQJR IRUPDOGH/H\SDUDGHVSXpVXQDYH]ILMDGRVORVFULWHULRVEiVLFRVGHVXUHJXODFLyQSXGLHUDQVHU GHVDUUROODGRVSRUQRUPDVSURSLDVHQFDGDXQDGHODV&RPXQLGDGHV$XWyQRPDV $VtDWtWXORGHHMHPSOR /D/H\GH2UGHQDFLyQ6DQLWDULDGH(XVNDGLGHGHMXQLRGHUHFRQRFHHQVXDUWtFXORGRQGHVH UHJXODQORVGHUHFKRV\GHEHUHVGHORVFLXGDGDQRVODREOLJDFLyQGHSRWHQFLDUHOPi[LPRUHVSHWRDOD SHUVRQDOLGDGGLJQLGDGKXPDQDHLQWLPLGDGGHODVSHUVRQDVHQVXVUHODFLRQHVFRQORVVHUYLFLRVVDQLWDULRV /DUHFLHQWH/H\GH6DOXGGH$QGDOXFtDGHGHMXQLRGHUHFRQRFHHQVXDUWtFXORGRQGHUHJXOD ORVGHUHFKRVGHORVFLXGDGDQRVHOGHUHFKRDODFRQILGHQFLDOLGDGGHWRGDODLQIRUPDFLyQUHODFLRQDGDFRQ VXSURFHVR\VXHVWDQFLDHQFXDOTXLHUFHQWURVDQLWDULR ,QGLFH & 1RUPDVGHRQWROyJLFDV (O&yGLJRGH(WLFD\'HRQWRORJtD0pGLFDHVWDEOHFHHQVXDUWtFXOR
(OVHFUHWRGHOPpGLFRHVLQKHUHQWHDOHMHUFLFLRGHVXSURIHVLyQ\VHHVWDEOHFHFRPRXQGHUHFKRGHO SDFLHQWHSDUDVXVHJXULGDG
(OVHFUHWRSURIHVLRQDOREOLJDDWRGRVORVPpGLFRVFXDOTXLHUDTXHVHDODPRGDOLGDGGHVXHMHUFLFLR
(OPpGLFRJXDUGDUiVLOHQFLRGHWRGRORTXHHOSDFLHQWHOHKD\DFRQILDGR\GHORTXHKD\DFRQRFLGRHQVX HMHUFLFLRSURIHVLRQDO
/DPXHUWHGHOHQIHUPRQRH[LPHDOPpGLFRGHOGHEHUGHVHFUHWR 3RUVXSDUWHHODUWtFXORH[WLHQGHHOGHEHUGHVHFUHWRDVXVFRODERUDGRUHV &RPRH[FHSFLRQHVHO&yGLJR'HRQWROyJLFRVHxDODTXH©&RQGLVFUHFLyQH[FOXVLYDPHQWH\DQWHTXLHQ WHQJDTXHKDFHUOR\HQVXVMXVWRV\UHVWULQJLGRVOtPLWHVHOPpGLFRUHYHODUiHOVHFUHWRFXDQGRYHQJD GHWHUPLQDGRSRULPSHUDWLYROHJDOVLELHQHQVXVGHFODUDFLRQHVDQWHORV7ULEXQDOHVGH-XVWLFLDGHEHUi DSUHFLDUVLDSHVDUGHWRGRHOVHFUHWRSURIHVLRQDOOHREOLJDDSUHVHUYDUFLHUWRVGDWRV RFXDQGRFRQVX VLOHQFLRVHGLHUDOXJDUDXQSHUMXLFLRDOSURSLRSDFLHQWHXRWUDVSHUVRQDVRXQSHOLJURFROHFWLYRª 'HÈQJHO
/D&RQVHOOHUtDGH6DQLGDG\&RQVXPRGHOD*HQHUDOLGDG9DOHQFLDQDDOUHJXODUOD+LVWRULD&OtQLFD VHxDODHQVXDUWtFXORTXHODV+LVWRULDV&OtQLFDVVRQGRFXPHQWRVFRQILGHQFLDOHVSURSLHGDGGH OD LQVWLWXFLyQSUHFLVDQGRTXHHQWRGRVORVVXSXHVWRVGHDFFHVROHJDOPHQWHDXWRUL]DGRGHEHUiJDUDQWL]DUVHHO GHUHFKRGHOSDFLHQWHDVXLQWLPLGDGSHUVRQDO\IDPLOLDUDGYLUWLHQGRTXHHOSHUVRQDOTXHDFFHGDDHVWRV GRFXPHQWRVKDGHJXDUGDUVLJLORSURIHVLRQDO &RQFOX\HDILUPDQGRTXHODV+LVWRULDV&OtQLFDVVyORSRGUiQVHUUHWLUDGDVGHODLQVWLWXFLyQSRU PDQGDPLHQWRVMXGLFLDOHV /ySH]'RPtQJXH]SRQHGHUHOLHYHODVLWXDFLyQGHLQVHJXULGDGTXHJHQHUDODIDOWDGHXQDDGHFXDGD UHJXODFLyQOHJDOGHOD+LVWRULD&OtQLFD$VXMXLFLRORVUHVSRQVDEOHVGHORV6HUYLFLRVGH'RFXPHQWDFLyQ GHORV&HQWURV6DQLWDULRVSRUODLQGHILQLFLyQOHJDOFRUUHQHQRFDVLRQHVHOULHVJRLQFLHUWRGHYXOQHUDUHO VLJLORSURIHVLRQDO (O&yGLJR'HRQWROyJLFRGHOD(QIHUPHUtD(VSDxRODDSUREDGRHQSUHVWDXQDHVSHFLDODWHQFLyQDO VHFUHWRSURIHVLRQDODILUPDQGRTXHORVSURIHVLRQDOHVJXDUGDUiQHQVHFUHWRWRGDODLQIRUPDFLyQVREUHHO SDFLHQWHTXHKD\DOOHJDGRDVXFRQRFLPLHQWRHQHOHMHUFLFLRGHVXWUDEDMR 6HSUHRFXSDWDPELpQGHGHILQLU ORVOtPLWHVGHHVWDREOLJDFLyQSUHFLVDQGRHQVXDUWtFXORTXHVH GHEHUiLQIRUPDUDOSDFLHQWHGHORVOtPLWHVGHOVHFUHWRSURIHVLRQDO\QRDGTXLULUiFRPSURPLVRVEDMRVHFUHWR TXHHQWUDxHQPDOLFLDRGDxHQDWHUFHURVRDXQELHQS~EOLFR&XDQGRHOSURIHVLRQDOGHHQIHUPHUtDVHYHD REOLJDGRDURPSHUHOVHFUHWRSRUPRWLYRVOHJDOHVQRGHEHROYLGDUTXHVXSULPHUDSUHRFXSDFLyQKDGHVHU ODVHJXULGDGGHOSDFLHQWH\SURFXUDUiUHGXFLUDOPtQLPRLQGLVSHQVDEOHODFDQWLGDGGHLQIRUPDFLyQUHYHODGD \HOQ~PHURGHSHUVRQDVTXHSDUWLFLSHQHQHOVHFUHWR 3RUVXSDUWHHO&yGLJRGH'HRQWRORJtD\(WLFD0pGLFDDSUREDGRSRUHO&RQVHMRGH0pGLFRVGH&DWDOXxD UHDOL]DDPLMXLFLRXQDFHUWDGRHVWXGLRGHODLQWLPLGDG\HOVHFUHWRPpGLFRFXHVWLRQHVTXHGHVGHOD SHUVSHFWLYDPpGLFRSDFLHQWHHVWiQHVWUHFKDPHQWHXQLGDV $VtVHSUHFLVDTXH
(OPpGLFRWLHQHHOGHEHUGHUHVSHWDUHOGHUHFKRGHWRGDSHUVRQDDVXLQWLPLGDGHQHOELHQHQWHQGLGRGH TXHORVOLPLWHVGHpVWDWDQVyORSXHGHQVHUILMDGRVSRUHOLQWHUHVDGR3RUORWDQWRHO PpGLFRVDOYR FRQVHQWLPLHQWRH[SUHVRGHOSDFLHQWHRSRUGHVHRGHpVWHQRGHEHSHUPLWLUTXHSHUVRQDVH[WUDxDVDODFWR PpGLFRORSUHVHQFLHQVLQXQPRWLYRFRQVLGHUDGRMXVWLILFDGR
(OPpGLFRWLHQHHOGHEHUGHJXDUGDUVHFUHWRWRGRDTXHOORTXHHOSDFLHQWHOHKD\DFRQILDGRORTXHKD\D YLVWRKD\DGHGXFLGR\WRGDODGRFXPHQWDFLyQSURGXFLGDHQVXHMHUFLFLRSURIHVLRQDO\SURFXUDUiVHUWDQ GLVFUHWRTXHQLGLUHFWDQLLQGLUHFWDPHQWHQDGDSXHGDVHUGHVFXELHUWR &RQDFLHUWRVHHVWDEOHFHHQHO&yGLJRFDWDOiQTXH ODPXHUWHGHOSDFLHQWHQRH[LPHDOPpGLFRGHOGHEHUGH VLOHQFLR<FRPRPXHVWUDGHSUHVHUYDUODFRQILDQ]DVRFLDOKDFLDODPHGLFLQDVHSUHFLVDTXH/D DXWRUL]DFLyQGHOSDFLHQWHDUHYHODUHOVHFUHWRQRREOLJDDOPpGLFRDKDFHUOR(QWRGRFDVRHOPpGLFR VLHPSUHGHEHFXLGDUGHPDQWHQHUODFRQILDQ]DVRFLDOKDFLDODFRQILGHQFLDOLGDGPpGLFD ,QGLFH /DXUJHQWHDSUREDFLäQGHXQD/H\TXHUHJXOHHOVHFUHWRSURIHVLRQDOGHOPÚGLFRIXHXQDGHODVFRQFOXVLRQHVGHO,,,
&RQJUHVR1DFLRQDOGH'HUHFKR6DQLWDULR(QGLFKDVMRUQDGDV *RQ] RQ]DOR R+ +HUU UUDQ DQ] ] VHPRVWUäSDUWLGDULRGHTXHODIXWXUD/H\ UHFRQRFLHUDXQVHFUHWRSULYLOHJLDGRQXQFDGHURJDEOHDIDYRUGHODVFRQILGHQFLDVHQWUHSVLTXLDWUD\SDFLHQWH
-RDTXÞ RDTXÞQ Q) )ULJRO JROD D9 9DOOL OOLQD QD\\-R RVÚ Ú) )UDQF DQFLVFR VFR( (VFXGH VFXGHUUR R0 0RUDWDOOOOD D /DFOÒXVXODGHVHFUHWRSURIHVLRQDOHQHO&äGLJR3HQDOGH
DFWXDOLGDG3HQDO1ëPHURGHMXQLRGH'LVWLQJXHQFRQDFLHUWRHQWUHODFOÒXVXODGHFRQFLHQFLDUHFRQRFLGD HQHODUWÞFXORG GHOD&RQVWLWXFLäQ\HOVHFUHWRSURIHVLRQDOUHFRQRFLGRHQHODUWÞFXORGHOD&RQVWLWXFLäQ3DUDORV
DXWRUHVHVWRVGRVGHUHFKRVVHGHEHQDERUGDUVHSDUDGDPHQWHSXHVODFOÒXVXODGHFRQFLHQFLDVHFRQILJXUDFRPRXQDFOÒXVXOD ODERUDOLPSOÞFLWDHQHOFRQWUDWRGHWUDEDMRTXHXQHDXQSURIHVLRQDOFRQHOPHGLRLQIRUPDWLYRFX\RHMHUFLFLRRDOHJDFLäQVHKDFH YDOHUIUHQWHDODHPSUHVDLQIRUPDWLYDPLHQWUDVTXHHOVHFUHWRSURIHVLRQDOHQFRQFUHWRHOGHOPÚGLFRRSHUDHQRWUDGLPHQVLäQ
QR\DVäORIUHQWHDODHPSUHVDVLQRIUHQWHDORVSRGHUHVSëEOLFRVIUHQWHDORV7ULEXQDOHV TXHHVGRQGHPD\RUJUDGRGH FRQIOLFWLYLGDGSXHGHVXUJLU \IUHQWHDWHUFHURV
3XHGHFRQVXOWDUVHHOWUDEDMRGH (QULTXH TXH5 5XL] ]9 9DGLOO DGLOOR R /DUHVSRQVDELOLGDG\HOGHEHUGHLQIRUPDFLäQDQWHORV7ULEXQDOHV ,QVWLWXWRGH)RPHQWR6DQLWDULR0DGULG
5LFDUGRGH GRGH² ²QJHO QJHO<
UHVSHWDHOVHFUHWRSURIHVLRQDOGHOPÚGLFRVLQRTXHOHREOLJDUHDOPHQWHDGHODWDU<HQXQRVWÚUPLQRVWDQDPSOLRVTXHSXHGHQ OOHYDUDVLWXDFLRQHVUHDOPHQWHLQVäOLWDVVLHOSUHFHSWRVHDFDWDUDDEVROXWDPHQWHHQWRGRFDVR
5LFDUGGRGH² RGH ²QJHO QJHO<
(O&äGLJR'HRQWROäJLFRGHOD(QIHUPHUÞD(VSDâRODIXHDSUREDGRSRUHO&RQVHMR*HQHUDOGH(QIHUPHUÞDPHGLDQWH 5HVROXFLäQQëP
5HVSHFWRGHODUHYHODFLäQGHOVHFUHWRHOFLWDGR&äGLJR'HRQWROäJLFRSUHFLVDTXHHOPÚGLFRSRGUÒUHYHODUHOVHFUHWRFRQ GLVFUHFLäQH[FOXVLYDPHQWHDTXLHQWHQJDTXHKDFHUOR\HQORVMXVWRVOÞPLWHVQHFHVDULRVHQORVVLJXLHQWHVFDVRV\HQQLQJëQ RWUR
D &XDQGRGHODUHYHODFLäQVHSUHVXPDXQPX\SUREDEOHELHQSDUDHOSDFLHQWH E &XDQGRFHUWLILTXHXQQDFLPLHQWR
F &XDQGRFHUWLILTXHXQDGHIXQFLäQ
G 6LFRQHOVLOHQFLRVHSUHVXPLHUDXQPX\SUREDEOHSHUMXLFLRSDUDHOSDFLHQWHSDUDRWUDVSHUVRQDVRXQSHOLJURFROHFWLYR
GHFODUDFLäQGHHQIHUPHGDGHVFRQWDJLRVDVFLHUWDVHQIHUPHGDGHVPHQWDOHVHVWDGRGHVDOXGGHODVSHUVRQDVDOFDUJRGHOD UHVSëEOLFDHWF
H &XDQGRVHWUDWHGHHQIHUPHGDGHVSURIHVLRQDOHVDFFLGHQWHVGHWUDEDMRXRWURVVLQLHVWURVVLFRQODGHFODUDFLäQVH SUHVXSRQHTXHVHHYLWDUÒQRWURVVLPLODUHV
I &XDQGRDFWëHFRPRSHULWRLQVSHFWRUPÚGLFRIRUHQVHMXH]LQVWUXFWRURVLPLODU
J (QRFDVLäQGHPDORVWUDWRVDQLâRVYLHMRVGLVFDSDFLWDGRVSVÞTXLFRVRDFWRVGHYLRODFLäQHQHVWHFDVRFRQDTXLHVFHQFLDGH ODYÞFWLPD
K &XDQGRHOPÚGLFRVHYHDLQMXVWDPHQWHSHUMXGLFDGRDFDXVDGHOPDQWHQLPLHQWRGHOVHFUHWRGHXQSDFLHQWH\ÚVWHVHDDXWRU YROXQWDULRGHOSHUMXLFLRDFRQGLFLäQVLQHPEDUJRGHTXHGHODUHYHODFLäQGHOKHFKRQRUHVXOWHQRWURVSHUMXGLFDGRV
,,,6HFUHWRPpGLFR\FRQILGHQFLDOLGDGGHORVGDWRVVDQLWDULRV ,QGLFH $ /RVGDWRVUHODWLYRVDODVDOXGFRPRHVSHFLDOPHQWHSURWHJLGRV 7RGRVORVGHUHFKRVGHOSDFLHQWHVHSRGUtDQUHFRQGXFLUDGRVTXHFRQVWLWX\HQHOQ~FOHRHVHQFLDOGHOD SHUVRQDOLGDG'HUHFKRGHOSDFLHQWHDVHUGHELGDPHQWHLQIRUPDGR\'HUHFKRDODFRQILGHQFLDOLGDGGHORV GDWRVVDQLWDULRVHVSHFLDOPHQWHFXDQGRVRQREMHWRGHWUDWDPLHQWRLQIRUPiWLFR(VWRVGRVGHUHFKRVWLHQHQ XQDUHODFLyQGLUHFWDFRQODKLVWRULDFOtQLFDGRFXPHQWRVDQLWDULRHQHOTXHFDGDGtDFRQPiVLQWHQVLGDG FRQYHUJHQLQWHUHVHVGHOSDFLHQWHGHOD$GPLQLVWUDFLyQ6DQLWDULD\GHOPpGLFRRSURIHVLRQDOGHODVDQLGDG
3RUVXSDUWH\DHO,QIRUPHGHO*UXSRGH7UDEDMRGHO&RQVHMRGH(XURSDVREUHOD3URWHFFLyQGH'DWRV 0pGLFRVHODERUDGRHQ(VWUDVEXUJRHOGHRFWXEUHGHDQWHFHGHQWHLQPHGLDWRGHOD 5HFRPHQGDFLyQGHGH IHEUHURGHTXHH[DPLQDUHPRVPiVDGHODQWHUHVDOWDODLPSRUWDQFLD GHODLQIRUPiWLFDDSOLFDGDDODPHGLFLQD$VtVHGLFHHQODFLWDGDUHFRPHQGDFLyQTXHODXWLOL]DFLyQGHO RUGHQDGRUFRQWULEX\HDXQDPHMRUSUHVWDFLyQGHORVFXLGDGRVPpGLFRVSHUPLWHDXWRPDWL]DUODVWpFQLFDV IDFLOLWDQGRODHODERUDFLyQGHLQIRUPHVPpGLFRV3RWHQFLDHOWUDEDMRHQHTXLSRTXHH[LJHWRGD LQYHVWLJDFLyQSHUPLWLHQGRHODFFHVRUiSLGR\VHOHFWLYRDODLQIRUPDFLyQUHIHULGDDXQSDFLHQWH /DLQIRUPiWLFDVDQLWDULDVHKDFRQYHUWLGRHQXQLQVWUXPHQWRLPSUHVFLQGLEOHSDUDODLQYHVWLJDFLyQ FLHQWtILFD$ODYH]GHQWURGHOVLVWHPDVDQLWDULRORVSRVHHGRUHVGHHVWRVLQIRUPHVVRQP~OWLSOHVHO PpGLFRTXHDVLVWHDOHQIHUPRHOPpGLFRKRVSLWDODULRHOPpGLFRHVFRODUHOPpGLFRGHHPSUHVDHOPpGLFR GHXQD&RPSDxtDGHVHJXURVHO$GPLQLVWUDGRU\JHUHQWHGHXQKRVSLWDOOD$GPLQLVWUDFLyQ6DQLWDULDHQ JHQHUDO 3RUHOORHVFDGDYH]PiVXUJHQWHGHILQLUFRQHOVXILFLHQWHUDQJROHJDOORVGHUHFKRV\REOLJDFLRQHVDVt FRPRHQVXFDVRODHYHQWXDO UHVSRQVDELOLGDGGHORVGLUHFWLYRVGHHVWDEOHFLPLHQWRVVDQLWDULRVS~EOLFRV\ SULYDGRVGHULYDGDGHODJHVWLyQGHORVGDWRVSHUVRQDOHVGHORVSDFLHQWHVLQFRUSRUDGRVDODVKLVWRULDV FOtQLFDV (VWDHVSHFLDOVHQVLELOLGDGKDFLDHOWUDWDPLHQWRLQIRUPiWLFRGH ORVGDWRVUHODWLYRVDODVDOXGVHDSUHFLDHQHO &yGLJR'HRQWROyJLFR&DWDOiQ$VtVHDGYLHUWHTXH(OPpGLFRGHEHWHQHUPXFKRFXLGDGRFXDQGRORV GDWRVPpGLFRVVHDQLQIRUPDWL]DGRV\DTXHODFRQILGHQFLDOLGDGGHORVGDWRVGHOSDFLHQWHSXHGHVHUYLRODGD GHIRUPDIiFLO\OHMRVGHODUHODFLyQLQWHUSHUVRQDO (OPpGLFRVHFRQFOX\HQRSXHGHFRODERUDUFRQQLQJ~QEDQFRGHGDWRVVDQLWDULRVVLQRWLHQHOD FHUWLGXPEUHGHTXHHVWiDGHFXDGDPHQWHJDUDQWL]DGDODSUHVHUYDFLyQGHODFRQILGHQFLDOLGDGGHOD LQIRUPDFLyQTXH HVWpGHSRVLWDGDHQHOPLVPR 3RURWUDSDUWH\HVWHHVXQRGHORVSXQWRVGHFRQIOLFWRHQWUHHOGHUHFKRGHORVSDFLHQWHV\ORVLQWHUHVHV JHQHUDOHVKR\GtDVLELHQHVFLHUWRTXHORVGDWRVPpGLFRVIRUPDQSDUWHGHODHVIHUDPiVtQWLPDGHOD SHUVRQD\ODGLYXOJDFLyQQRDXWRUL]DGDGHORVGDWRVPpGLFRVGHFDUiFWHUSHUVRQDOSXHGHGDUOXJDUDOD YLRODFLyQGHORVGHUHFKRVIXQGDPHQWDOHV1RSXHGHROYLGDUVHTXHHOGHUHFKRDODVDOXGGHFDGDLQGLYLGXR FRQVLGHUDGDHQDEVWUDFWRUHFODPDTXHFDGDXQRSXHGDDSURYHFKDUVHGHORVSURJUHVRVGHODFLHQFLDPpGLFD UHDOL]DGRVJUDFLDVDODXWLOL]DFLyQLQWHQVLYDGHORVGDWRVPpGLFRVTXHJHVWLRQDQODVGLIHUHQWHV $GPLQLVWUDFLRQHV3~EOLFDV+R\GtDODLQIRUPDWL]DFLyQGHODV+LVWRULDV&OtQLFDV\ORVGDWRVVDQLWDULRVHQ JHQHUDOVHHQFXHQWUDQFRQXQDSOXUDOLGDGQRUPDWLYDGHPX\GLIHUHQWHUDQJRGHVWLQDGDDSURWHJHUOD FRQILGHQFLDOLGDGGHORVGDWRVUHODWLYRVDODVDOXGHQWUHRWUDV\KDFLHQGRDOXVLyQDODVQRUPDVPiV UHOHYDQWHVGHEHQFLWDUVHDGHPiVGHODQXHYD5HFRPHQGDFLyQGHO&RQVHMR GH(XURSDGHGHIHEUHURGH HODUWtFXORGHOD&RQVWLWXFLyQHO&RQYHQLR(XURSHRGHWUDWDPLHQWRGHGDWRVDXWRPDWL]DGRVHO DUWtFXORGHOD/H\GH3URWHFFLyQGHGDWRV\HODUWtFXORDSDUWDGRGHOD'LUHFWLYD&RPXQLWDULD GHGHRFWXEUHGH3RUFLHUWRHQHVWD'LUHFWLYDTXHKDGHVHULQFRUSRUDGDDOGHUHFKRLQWHUQRHQHO SOD]RGHWUHVDxRVVHVHxDODFRPRXQDPXHVWUDGHODUHOHYDQFLDTXHFDGDGtDFRQPD\RUIXHU]DWLHQHQORV LQWHUHVHVJHQHUDOHVDODKRUDGHPRGXODUORVQLYHOHVGHFRQILGHQFLDOLGDGGHORVGDWRVVDQLWDULRVTXHFRPR H[FHSFLyQDODSURKLELFLyQGHOWUDWDPLHQWRLQIRUPiWLFRGHGDWRVSHUVRQDOHVUHODWLYRVDODVDOXGVH HVWDEOHFHTXHpVWHVHUiSRVLEOHFXDQGRUHVXOWHQHFHVDULRSDUDODSUHYHQFLyQRSDUDHOGLDJQyVWLFRPpGLFRV ODSUHVWDFLyQGHDVLVWHQFLDVDQLWDULDRWUDWDPLHQWRVPpGLFRVRODJHVWLyQGHVHUYLFLRVVDQLWDULRVVLHPSUH TXHGLFKRWUDWDPLHQWRGHGDWRVVHDUHDOL]DGRSRUXQSURIHVLRQDOVDQLWDULRVXMHWRDOVHFUHWRSURIHVLRQDO /DFRQYLYHQFLDHQHORUGHQDPLHQWRMXUtGLFR HVSDxROGHHVWDVGLVSRVLFLRQHVGHH[FHSFLRQDOUDQJR QRUPDWLYRVLELHQGLULJLGDVQRVyORDOGDWRVDQLWDULRVLQRDORVGDWRVSHUVRQDOHVHQJHQHUDOFRQQRUPDVGH FDUiFWHUUHJODPHQWDULRGHQLYHOHVWDWDO\DXWRQyPLFRDVtFRPRFRQ&LUFXODUHVH,QVWUXFFLRQHVLQWHUQDV GHORV&HQWURV+RVSLWDODULRVDFRQVHMDQDPLMXLFLRFRPR\DKHPRVGLFKRODQHFHVLGDGGHODDSUREDFLyQ GHXQDXWpQWLFRHVWDWXWRMXUtGLFRGHORVGDWRVVDQLWDULRVHQHOTXHGHDFXHUGRFRQODUHFRPHQGDFLyQ ODVH[FHSFLRQHVDODFRQILGHQFLDOLGDGGHORVGDWRVGHOSDFLHQWHDVtFRPRHOOHYDQWDPLHQWRGHOVHFUHWR SURIHVLRQDOGHOPpGLFRYHQJDQGHELGDPHQWHUHJXODGRVSRUXQDQRUPDFRQUDQJRGHOH\DQLYHOGHWRGRHO (VWDGR 3RUVXSDUWHOD/H\(VSDxRODYLJHQWHGH3URWHFFLyQGH'DWRV/H\GHGH2FWXEUHSUHFLVDHQVX DUWtFXORTXH©(OFRQVHQWLPLHQWRGHODIHFWDGRHVQHFHVDULRSDUDHOWUDWDPLHQWRDXWRPDWL]DGRGHORV
GDWRVGHFDUiFWHUSHUVRQDOVDOYRTXHOD/H\GLVSRQJDRWUDFRVDYHPRVSXHVTXHODVH[FHSFLRQHVDO FRQVHQWLPLHQWRSUHYLRGHEHQ HVWDUDXWRUL]DGDVSRUXQDQRUPDGHUDQJROHJDO /RVGDWRVGHFDUiFWHUSHUVRQDOTXHKDJDQUHIHUHQFLDDODVDOXG\DODYLGDVH[XDOVyORSRGUiQVHU UHFDEDGRVWUDWDGRVDXWRPDWL]DGDPHQWH\FHGLGRVFXDQGRSRUUD]RQHVGHLQWHUpVJHQHUDODVtORGLVSRQJDOD /H\RHODIHFWDGRFRQVLHQWD 3RUORTXHUHVSHFWDDODFRPXQLFDFLyQGHORVGDWRVPpGLFRVODSURKLELFLyQVRORSRGUiVHUOHYDQWDGD FXDQGRODOH\ORSUHYHDFRPRPHGLGDQHFHVDULDHQXQDVRFLHGDGGHPRFUiWLFDSDUDODSURWHFFLyQ\ SURPRFLyQGHODVDOXGS~EOLFD /D VHJXULGDGHVWDPELpQREMHWRGHSUHRFXSDFLyQLQWHUQDFLRQDODGHPiVGHYLJLODUSDUDTXHORVGDWRV PpGLFRVQRVHDQPRGLILFDGRVRDOWHUDGRVSRUSHUVRQDVQRDXWRUL]DGDVVHDFRQVHMDXQDFFHVRVHOHFWLYRD ORVGDWRVVHSDUDQGRGHELGDPHQWHORVGDWRVUHODWLYRVD /DLGHQWLILFDFLyQGHODVSHUVRQDV /RVGDWRVPpGLFRV /RVGDWRVDGPLQLVWUDWLYRV /RVGDWRVVRFLDOHV /RVGDWRVJHQpWLFRV /DVQRUPDVUHODWLYDVDODFRQVHUYDFLyQUHVXOWDQWDPELpQGHLQWHUpVODUHJODJHQHUDOGHWHUPLQDTXHQR GHEDQGHVHUFRQVHUYDGRVPiVTXHGXUDQWHHOWLHPSRTXHUD]RQDEOHPHQWHUHVXOWH~WLOSDUDDOFDQ]DUHOILQ TXHMXVWLILFyVXFDSWXUD\WUDWDPLHQWRLQIRUPiWLFR6LQHPEDUJRSXHGHUHVXOWDUQHFHVDULRFRQVHUYDUGDWRV PpGLFRVSRULQWHUpVOHJtWLPRGHODVDOXGS~EOLFDGHODFLHQFLDPpGLFDRSDUDILQHVKLVWyULFRVR HVWDGtVWLFRV(QHVWRVFDVRVVHGHEHUiQDGRSWDUODVPHGLGDVLPSUHVFLQGLEOHVSDUDDVHJXUDUODYLGDSULYDGD GHOSDFLHQWH6HUHFRQRFHHOGHUHFKRGHOSDFLHQWHDTXHVXVGDWRVSHUVRQDOHVVHDQERUUDGRVDPHQRVTXH VHFRQYLHUWDQHQDQyQLPRVR TXHLQWHUHVHVVXSHULRUHVROHJtWLPRVORMXVWLILTXHQ &RPRYHPRVVXUJHODQHFHVLGDGGHGHILQLUPX\ELHQODVIDFXOWDGHVTXHRVWHQWDHO©DGPLQLVWUDGRUGHGDWRV VDQLWDULRVªODDXWRULGDGRSHUVRQDUHVSRQVDEOHGHODFDSWXUDGHGDWRVSHUVRQDOHVUHODWLYRVDODVDOXGVH HQIUHQWDHQORTXHUHVSHFWDDVXDGPLQLVWUDFLyQFRQXQDSOXUDOLGDGGHQHFHVLGDGHVTXHDFRQVHMDQOD ILMDFLyQGHQLYHOHVGHDFFHVRDODLQIRUPDFLyQ7RGRVHOORVGHULYDGRVGHOUHVSHWRDOVHFUHWRPpGLFR /D/H\GH3URWHFFLyQGH'DWRV(VSDxRODGHHQVXDUWtFXORDGHPiVGHXQDUHJXODFLyQJHQHUDOSRU ORTXHDORVGDWRVGHODVDOXGVHUHILHUHHVWDEOHFHXQDUHPLVLyQDRWUDVGLVSRVLFLRQHVTXHWDPELpQGHEHUiQ YDORUDUVHDODKRUDGHWRPDUGHFLVLRQHVHQHVWDPDWHULD 6LQSHUMXLFLRGHORTXHVH GLVSRQHHQHODUWtFXORUHVSHFWRGHODFHVLyQODVLQVWLWXFLRQHV\ORVFHQWURV VDQLWDULRVS~EOLFRV\SULYDGRV\ORVSURIHVLRQDOHVFRUUHVSRQGLHQWHVSRGUiQSURFHGHUDOWUDWDPLHQWR DXWRPDWL]DGRGHORVGDWRVGHFDUiFWHUSHUVRQDOUHODWLYRVDODVDOXGGHODVSHUVRQDVTXHDHOORVDFXGDQR KD\DQGHVHUWUDWDGRVSRUORVPLVPRVGHDFXHUGRFRQORGLVSXHVWRHQORVDUWtFXORV\GHOD/H\ GHGHDEULOORVDUWtFXORV\GHOD/H\GHGHGLFLHPEUHGHO 0HGLFDPHQWRDUWtFXORV\GHOD/H\ ,QGLFH % 7UDQVFHQGHQFLDGHORVGDWRVUHODWLYRVDODVDOXGGHORVFLXGDGDQRV (VWDLQIRUPDFLyQUHVLGHQFLDEOHHQEXHQDPHGLGDHQHOGHUHFKRIXQGDPHQWDODODLQWLPLGDGGHODV SHUVRQDVFRPR\DVHKDGLFKRUHFRQRFLGRHQHODUWtFXORGHOD&RQVWLWXFLyQHVVLQHPEDUJRREMHWRGH XQDPD\RUGHPDQGDQRVRORSRUHO6LVWHPD6DQLWDULRHQVtPLVPRVLQRWDPELpQSRURWUDVLQVWLWXFLRQHV\
HQWLGDGHVS~EOLFDV\SULYDGDVTXHLQYRFDQGRLQWHUHVHVOHJtWLPRVUHFODPDQHODFFHVRDODLQIRUPDFLyQ FOtQLFD\DGRFXPHQWDGD /DSRQGHUDFLyQHQFDGDFDVRFRQFUHWRGHHVWRVLQWHUHVHVGHWHUFHURVGLIHUHQWHV\HQRFDVLRQHVDMHQRV FXDQGRQRHQIUHQWDGRVDOSURSLRLQWHUpVGHOSDFLHQWHFRQVLGHUDGRHQVXLQGLYLGXDOLGDGGHEHQVHUWDPELpQ FRQVLGHUDGRVGHVGHODSHUVSHFWLYDGHOVHFUHWRSURIHVLRQDO (OGHUHFKRHVVLHPSUHXQDFXHVWLyQGHOtPLWHV\GHSURSRUFLRQHV(VWDE~VTXHGDGHOHTXLOLEULRHQWUHORV LQWHUHVHVGHWRGRVQRSXHGHVHUDMHQDDO'HUHFKR6DQLWDULR -DYLHU6iQFKH]&DURKDSXHVWRGHUHOLHYHODFRPSOHMLGDGGHHVWDVFXHVWLRQHVTXHDIHFWDQDXQD PXOWLSOLFLGDGGHSHUVRQDVPpGLFRV\RWURVSURIHVLRQDOHVVDQLWDULRVSDFLHQWHV\XVXDULRVHQJHQHUDO \ TXHWDPELpQLQFLGHQHQORVLQWHUHVHV\ILQHVTXHSHUVLJXHQRWUDVPXFKDVSHUVRQDVHLQVWLWXFLRQHV IDPLOLDUHV\DOOHJDGRVHQJHQHUDO&XHUSRV\)XHU]DVGH6HJXULGDG$XWRULGDGHV-XGLFLDOHVHPSUHVDV DVHJXUDGRUDVVHUYLFLRVPpGLFRVGHODVHPSUHVDVTXHFRQWHPSODQODUHDOLGDGGHOWUDEDMDGRUHQIHUPRHQHO VHQRGHODUHODFLyQ MXUtGLFDODERUDO6HUYLFLRV6DQLWDULRVGH,QVSHFFLyQ&HQWURVS~EOLFRV\SULYDGRVGH LQYHVWLJDFLyQHTXLSRVGHVRQGHR\HVWDGtVWLFDS~EOLFDVRQDOJXQRVHMHPSORVGHORVYDULDGRV\HQ RFDVLRQHVFRPSOHMRVFRQIOLFWRVGHLQWHUHVHVTXHSXHGHQSUHVHQWDUVHHQWRUQRDODFFHVR\GLVSRQLELOLGDGGH ODLQIRUPDFLyQ\GRFXPHQWDFLyQFOtQLFD ,QWHUHVHVS~EOLFRVUHOHYDQWHVHQXQDVRFLHGDGGHPRFUiWLFDFRPRVRQORVUHODWLYRVD,QVSHFFLyQGHORV 6HUYLFLRV6DQLWDULRVDOD)XQFLyQ(VWDGtVWLFD3~EOLFD\DODLQYHVWLJDFLyQFLHQWtILFDLPSUHVFLQGLEOHSDUD HOSURJUHVR\GHVDUUROORGHODPHGLFLQDDFRQVHMDQWDPELpQTXHXQDQRUPDFRQUDQJRGHOH\\HOFDUiFWHU GHEiVLFDFRQWHPSOHORVFDVRV\ODVFLUFXQVWDQFLDVHQORVTXHVHUiSRVLEOHHODFFHVRSDUDHVWHILQ FRQFUHWRDODLQIRUPDFLyQFOtQLFD ,QGLFH & (OGHVDUUROORGHODLQYHVWLJDFLyQFLHQWtILFD\HOVHFUHWRPpGLFR &RPRSRQHQGHUHOLHYHORVPRGHUQRV&yGLJRVGHRQWROyJLFRVORVDFWXDOHVVLVWHPDVGHLQYHVWLJDFLyQ UHIHULGRVIXQGDPHQWDOPHQWHDODVQXHYDVWpFQLFDVGHUHSURGXFFLyQKXPDQDDEUHQPiVLQTXLHWXGHVVL FDEHHQODGHIHQVDGHOELQRPLRLQWLPLGDGGHOSDFLHQWHVHFUHWRPpGLFR 3RUVXSDUWHOD/H\GHGHGLFLHPEUHUHJXODODGRQDFLyQ\XWLOL]DFLyQGHHPEULRQHV\IHWRV KXPDQRVRGHVXVFpGXODVWHMLGRVXyUJDQRV $~QFXDQGRQRVHSUHYpH[SUHVDPHQWHHQOD/H\ODGRQDFLyQ\XWLOL]DFLyQGHHPEULRQHVRIHWRVKXPDQRV RGHVXVHVWUXFWXUDVELROyJLFDVGHEHUiKDFHUVHDGHPiVGHUHVSHWDQGRORVUHTXLVLWRVH[LJLGRVSRUOD/H\ JXDUGDQGRODVQRUPDVGHFRQILGHQFLDOLGDG\SULYDFLGDG (QWRGRFDVRODXWLOL]DFLyQGHHPEULRQHVRIHWRVKXPDQRVRGHVXVHVWUXFWXUDVELROyJLFDVVHUHDOL]DUiSRU HTXLSRVELRPpGLFRVFXDOLILFDGRV\HQFHQWURVRVHUYLFLRVDXWRUL]DGRV\FRQWURODGRVSRUODVDXWRULGDGHV S~EOLFDV/DFRQILGHQFLDOLGDGWDPELpQVHKDGHSUHGLFDUGHOUHFHSWRUGHFpGXODVWHMLGRVXyUJDQRV HPEULRQDULRVRIHWDOHVSDUDWUDVSODQWHDSHUVRQDVHQIHUPDV /H\UHJXODGRUDGHODV7pFQLFDVGH5HSURGXFFLyQ$VLVWLGDVLJXLHQGRODVUHFRPHQGDFLRQHVGHO&RQVHMRGH (XURSD GHGHQRYLHPEUHGHUHJXODHQWUHODVWpFQLFDVGH5HSURGXFFLyQ$VLVWLGD ©/DLQVHPLQDFLyQDUWLILFLDOODIHFXQGDFLyQLQYLWURFRQWUDQVIHUHQFLDGHHPEULRQHV\ODWUDQVIHUHQFLD LQWUDWXEiULFDGHJDPHWRVFXDQGRHVWpQFLHQWtILFD\FOtQLFDPHQWHLQGLFDGDV\VHUHDOLFHQHQ&HQWURV\ (VWDEOHFLPLHQWRVVDQLWDULRV\FLHQWtILFRVDXWRUL]DGRV\DFUHGLWDGRV\SRU(TXLSRVHVSHFLDOL]DGRVª 6HFRPSUHQGHODHVSHFLDOSUHRFXSDFLyQGHHVWDOH\SRUVDOYDJXDUGDUODLQWLPLGDGODFRQILGHQFLDOLGDG\HO VHFUHWRDVHJXUDQGRODFRQVHUYDFLyQHQFODYHGHORVGDWRVGHFDUiFWHUSHUVRQDOIXQFLyQEiVLFDGHO 5HJLVWUR1DFLRQDOGH'RQDQWHV &RPRFRPSOHPHQWRGHEHQFLWDUVHORV5HDOHV'HFUHWRVGHGHPDU]RGH\GH UHODWLYRVDODVDFWLYLGDGHVUHIHUHQWHVDODXWLOL]DFLyQGHWHMLGRVKXPDQRV\DODFUHDFLyQGHO5HJLVWUR
1DFLRQDOGHGRQDQWHVGH*DPHWRV\3UHHPEULRQHVFRQILQHVGHUHSURGXFFLyQKXPDQD(QHOSULPHURGH HOORVVXDUWtFXORLPSRQHXQDVQRUPDVULJXURVDVUHVSHFWRGHODFRQILGHQFLDOLGDGGHORVGRQDQWHV\ UHFHSWRUHVGHWHMLGRVKXPDQRV7RGDHVWDLQIRUPDFLyQVHJ~QSUHFLVDHO'HFUHWR VHUiUHFRJLGDWUDWDGD\ FXVWRGLDGDHQODPiVHVWULFWDFRQILGHQFLDOLGDG6LQHPEDUJRHVWHGHEHUGHFRQILGHQFLDOLGDGQRLPSHGLUi ODDGRSFLyQGHPHGLGDVSUHYHQWLYDVFXDQGRVHVRVSHFKHODH[LVWHQFLDGHULHVJRVSDUDODVDOXGLQGLYLGXDOR FROHFWLYDHQORVWpUPLQRVSUHYLVWRVHQORVDUWtFXORV\GHOD/H\*HQHUDOGH6DQLGDG(QHOVHJXQGR 'HFUHWRVXDUWtFXORHVWDEOHFHTXHODLQIRUPDFLyQUHFRJLGDHQODKLVWRULDFOtQLFDGHXVXDULRVGHODV WpFQLFDVGHUHSURGXFFLyQDVLVWLGDODFRUUHVSRQGLHQWHDOSURFHVRGHVHOHFFLyQGHGRQDQWHVDVtFRPRWRGD DTXHOODLQIRUPDFLyQLQGLYLGXDOL]DGDHQHO5HJLVWUR1DFLRQDOGH'RQDQWHVGH*DPHWRV\3UHHPEULRQHV VHUiQUHFRJLGRVWUDWDGRV\FXVWRGLDGRVHQODPiVHVWULFWDFRQILGHQFLDOLGDG &RPRYHPRV©7RGRVORVGDWRVUHODWLYRVDODXWLOL]DFLyQGHHVWDVWpFQLFDVGHEHUiQUHFRJHUVHHQ+LVWRULDV &OtQLFDVLQGLYLGXDOHVTXHGHEHUiQVHUWUDWDGDVFRQODVUHVHUYDVH[LJLEOHV\FRQHVWULFWRVHFUHWRGHOD LGHQWLGDGGHORVGRQDQWHVGHHVWHULOLGDGGHORVXVXDULRV\GHODVFLUFXQVWDQFLDVTXHFRQFXUUDQHQHORULJHQ GHORVKLMRVQDFLGRV 5HVSHFWRGHORVGRQDQWHVHODUWtFXORSUHFLVDTXHODGRQDFLyQVHUiDQyQLPDFXVWRGLiQGRVHORVGDWRVGH LGHQWLGDGGHOGRQDQWHHQHOPDVHVWULFWRVHFUHWR\HQFODYHHQORVEDQFRVUHVSHFWLYRV\HQHO5HJLVWUR 1DFLRQDOGH'RQDQWHV <FRQWLQ~DHODUWtFXOR©6yORH[FHSFLRQDOPHQWHHQFLUFXQVWDQFLDVH[WUDRUGLQDULDVTXHFRPSRUWHQXQ FRPSUREDGRSHOLJURSDUD ODYLGDGHOKLMRRFXDQGRSURFHGDFRQDUUHJORDODVOH\HVSURFHVDOHVSHQDOHV SRGUiUHYHODUVHODLGHQWLGDGGHOGRQDQWHVLHPSUHTXHGLFKDUHYHODFLyQVHDLQGLVSHQVDEOHSDUDHYLWDUHO SHOLJURRFRQVHJXLUHOILQOHJDOSURSXHVWRª 9HPRVFRPRODVH[FHSFLRQHVVRQPX\VHOHFWLYDV\PDWL]DGDV
3UHYDOHQFLDFDVLDEVROXWDGHODFRQILGHQFLDOLGDGGHOLQGLYLGXR6yORVHDGPLWHQLQWHUHVHVJHQHUDOHVTXH VHDQPX\VHOHFWLYRV6HUiQHFHVDULRDGHPiVXQDHVSHFLDOHLQGLYLGXDOL]DGDPRWLYDFLyQGHODV H[FHSFLRQHVHQFDGDFDVRGHWDOODQGRODVFLUFXQVWDQFLDVTXHDFRQVHMDQDGRSWDUWDOPHGLGD 3RUORTXHVHUHILHUHDORVHTXLSRVPpGLFRVOD/H\GHGRQDFLyQ\XWLOL]DFLyQGHHPEULRQHVHVWDEOHFHXQ GHEHUGHVHFUHWRHVSHFLDOPHQWHULJXURVR /RVHTXLSRVELRPpGLFRV\OD'LUHFFLyQGH&HQWURVR6HUYLFLRVLQFXUULUiQHQUHVSRQVDELOLGDGVLYLRODQHO VHFUHWRGHODLGHQWLGDGGHORVGRQDQWHV 6HYXHOYHDLQVLVWLUHQHOSiUUDIRVLJXLHQWH©/RV(TXLSRVPpGLFRVUHFRJHUiQHQXQD+LVWRULD&OtQLFDD FXVWRGLDUFRQHOGHELGRVHFUHWR\SURWHFFLyQWRGDVODVUHIHUHQFLDVH[LJLEOHVVREUHORVGRQDQWHV\XVXDULRV DVtFRPRORVFRQVHQWLPLHQWRVILUPDGRVSDUDODUHDOL]DFLyQGHODGRQDFLyQRGHODVWpFQLFDVª
'LVSRVLFLyQILQDOWHUFHUDGHOD/H\©(O*RELHUQRHQHOSOD]RGHXQDxRFRQWDGRDSDUWLUGHOD SURPXOJDFLyQGHHVWD/H\UHJXODUiODFUHDFLyQ\RUJDQL]DFLyQGHXQUHJLVWURQDFLRQDOLQIRUPDWL]DGRGH GRQDQWHVGHJDPHWRV\SUHHPEULRQHVFRQILQHVGHUHSURGXFFLyQKXPDQDFRQORVJDUDQWtDVSUHFLVDVGH VHFUHWR\HQIRUPDGHFODYHORFXDOVHKDOOHYDGRDFDERPHGLDQWHODDSUREDFLyQGHO5HDO'HFUHWR GHGHPDU]R /D/H\VREUHELRWHFQRORJtD/H\GHGHMXQLRUHVSHFWRGHOUpJLPHQGHXWLOL]DFLyQFRQILQDGD OLEHUDFLyQYROXQWDULD\FRPHUFLDOL]DFLyQGHRUJDQLVPRVPRGLILFDGRVJHQpWLFDPHQWHHVWDEOHFHWDPELpQ QRUPDVVREUHFRQILGHQFLDOLGDGHQVXDUWtFXORSUHFLVDTXH©/RVWLWXODUHVGHODVDFWLYLGDGHVUHJXODGDV HQHVWD/H\TXHSURSRUFLRQHQLQIRUPDFLyQDOD$GPLQLVWUDFLyQSRGUiQLQYRFDUHOFDUiFWHUFRQILGHQFLDOGH GHWHUPLQDGRVGDWRVHLQIRUPDFLRQHVIDFLOLWDGRVDSRUWDQGRODMXVWLILFDFLyQFRUUHVSRQGLHQWH 7RGDVHVWDVFXHVWLRQHVTXHDTXtQRKHPRVSRGLGRPiVTXHHVER]DUXQLGDVDXQDFUHFLHQWH\SRVLWLYD SUHRFXSDFLyQGHORV&ROHJLRV3URIHVLRQDOHVTXHFRPRHO&RQVHMRGH&ROHJLRVGH0pGLFRVGH%DUFHORQD HODERUDQQRUPDVGHRQWROyJLFDVSDUDRULHQWDUDORVSURIHVLRQDOHVHQWUHRWUDVHQHVWDVPDWHULDV DFRQVHMDUtDQXQD©SXHVWDDOGtDªGHQXHVWUD/H\*HQHUDOGH6DQLGDGFRQHO~QLFRREMHWLYRGHGDU VHJXULGDGDORVPpGLFRVHQVXHMHUFLFLRSURIHVLRQDO
1RHVDYHQWXUDGRGHFLUTXHODVQXHYDVWHFQRORJtDVDSOLFDGDVDODPHGLFLQDYDQDGHPDQGDUGHODVRFLHGDG XQUHIRU]DPLHQWRGHOVHFUHWRPpGLFR /D'HFODUDFLyQ8QLYHUVDOVREUHHOJHQRPD\GHUHFKRVKXPDQRVDSUREDGDHQSRUSDtVHVQRV SUHVHQWDODFRQILGHQFLDOLGDGFRPRXQDJDUDQWtDIXQGDPHQWDOHQWRGDLQYHVWLJDFLyQJHQpWLFDKDVWDHOSXQWR GHTXHODOH\GHEHUiJDUDQWL]DUODFRQILGHQFLDOLGDGGHORVGDWRVJHQpWLFRVDVRFLDGRVFRQXQDSHUVRQD LGHQWLILFDEOHFRQVHUYDGRVRWUDWDGRVFRQILQHVGHLQYHVWLJDFLyQRFXDOTXLHURWUDILQDOLGDG (VWDPDWHULDGHEHHVWDUHVSHFLDOPHQWHUHVHUYDGDDQRUPDVFRQUDQJRGH/H\DVtHODUWtFXORGHOD 'HFODUDFLyQ8QLYHUVDOSUHFLVDTXH©VyORODOHJLVODFLyQSRGUiOLPLWDUORVSULQFLSLRVGHFRQVHQWLPLHQWR\GH FRQILGHQFLDOLGDGGHKDEHUUD]RQHVLPSHULRVDVSDUDHOOR\DUHVHUYDGHOHVWULFWRUHVSHWRGHOGHUHFKR LQWHUQDFLRQDOS~EOLFR\GHOGHUHFKRLQWHUQDFLRQDOUHODWLYRDORVGHUHFKRVKXPDQRVª /DH[LVWHQFLDGHDXWpQWLFRV©PDSDVJHQpWLFRVªKR\GtDHQSDUWH\DGLVSRQLEOHVHQORVTXHVHSXHGHQOHHU ODVFDUDFWHUtVWLFDV\ODVVHxDVGHLGHQWLGDGGHXQDSHUVRQDFRQVWLWX\HQXQREMHWRPX\DSHWHFLEOHSDUD FRPSDxtDVGHVHJXURVDODKRUDGHHVWDEOHFHUODVFRQGLFLRQHVGHODVSyOL]DVRGHUHFKD]DUDXQIXWXUR FOLHQWHDVtFRPRGHODVHPSUHVDVTXHFDGDGtDFRQPiVIUHFXHQFLDVHLQWHUHVDQSRUORVGDWRVJHQpWLFRVGH VXVHPSOHDGRV &DUORVGH6RODDQDOL]DQGRHOGHUHFKRDODSULYDFLGDGGHORVGDWRVJHQpWLFRV\ODVVLWXDFLRQHVGHFRQIOLFWR TXHHVWHGHUHFKRSXHGHUHSUHVHQWDUSDUDRWURVELHQHVHLQWHUHVHVMXUtGLFRV GLJQRVGHSURWHFFLyQSRQHGH UHOLHYHVLJXLHQGRHQHVWHDVSHFWRD5RPHR&DVDERQDFRPRHOHVWXGLRGHOJHQRPDSHUPLWH\SHUPLWLUi D~QPiVHQHOIXWXURGHVFXEULUODVFDUDFWHUtVWLFDVSURSLDVGHODSHUVRQDOLGDG$VtUHFXHUGDHVYHURVtPLO TXHHOSURJUDPDJHQpWLFRGHXQDSHUVRQDHQFLHUUHGDWRVVREUHVXVDSWLWXGHVLQWHOHFWXDOHV\PDQXDOHVVX WHPSHUDPHQWR\HQDOJXQRVFDVRVKDVWDVXVLQFOLQDFLRQHVVH[XDOHV (OSURIHVRU&DUORV0DUtD5RPHR&DVDERQDDODQDOL]DUORVSUREOHPDVTXHSRGUtDSODQWHDUODLQIRUPDFLyQ REWHQLGDFRPRFRQVHFXHQFLDGHODUHDOL]DFLyQGHDQiOLVLVJHQpWLFRVHQODVSHUVRQDVRIUHFHFRPRFULWHULR RULHQWDGRUHQWUHRWUDVODVVLJXLHQWHVUHFRPHQGDFLRQHV
'HEHJDUDQWL]DUVHHQWRGRFDVRHOUHVXOWDGRVREUHORVUHVXOWDGRVGHORVDQiOLVLVJHQpWLFRV\HVWDEOHFHUVH UHVWULFFLRQHVGHDFFHVRDORVPLVPRVLQFOXVRHQUHODFLyQFRQORVIDPLOLDUHVGHODVSHUVRQDVDQDOL]DGDV
/DLQIRUPDFLyQREWHQLGDKDGHVHUXWLOL]DGDSDUDHOILQRILQHVTXHODRULJLQyQRSXGLpQGRVHWUDQVPLWLUD WHUFHURVDMHQRVDOiPELWRDVLVWHQFLDO (OFDUiFWHUWUDQVPLVLEOHGHPXFKDVGHHVWDVFDUDFWHUtVWLFDVJHQpWLFDVKDFHSUHYHUTXHGLFKRJHQVHKDOODUi WDPELpQSUHVHQWHHQRWURVPLHPEURVGHODIDPLOLD(OSDFLHQWH\DQRHVVRODPHQWHHOLQGLYLGXRVLQROD IDPLOLDHQWHUDDVtSXHGH DGPLWLUVHHOFDUiFWHUWUDQVPLVLEOHGHFLHUWRVWLSRVGHFiQFHUODSUHVHQFLDGHXQ QLYHOHOHYDGRGHFROHVWHUROFLHUWDVHQIHUPHGDGHVFRURQDULDVHWF WRGRHOORKDFHPiVUHOHYDQWHORV SRWHQFLDOHVLQWHUHVHVGHWHUFHURVVREUHWRGRHQHOiPELWRGHODIDPLOLD (OFRQIOLFWRSXHGHSUR\HFWDUVHWDPELpQVREUHHOiPELWRODERUDO6RQPXFKDVODVHPSUHVDVTXHGHVHDQ FRQRFHUODDSWLWXGItVLFD\SVLFROyJLFDGHVXVWUDEDMDGRUHV /DGLPHQVLyQIDPLOLDUFRPRVHKDGLFKRGHODLQIRUPDFLyQJHQpWLFDDJXGL]DHOSUREOHPD&RPRQRUPD JHQHUDO$EELQJUHFRPLHQGDTXHODOLFLWXGGHOH[DPHQPpGLFRSUHYLRDODDGPLVLyQSDUDXQSXHVWRGH WUDEDMRRSDUDODFRQFHUWDFLyQGHXQVHJXURKDGHYHQLUSRUORTXHDSUXHEDVJHQpWLFDVUHVSHFWD OHJLWLPDGDSRUODSHUWLQHQFLDGHODSUXHEDHQDWHQFLyQDODILQDOLGDGSHUVHJXLGD 3RUORWDQWRVXDGHFXDFLyQVXDWHPSHUDFLyQVXUDFLRQDOLGDGGHEHQVHUFULWHULRVDWHQHUHQFXHQWD1R SDUHFHDGPLVLEOHHQGHIHQVDGHORVGHUHFKRVIXQGDPHQWDOHVGHODSHUVRQDDWULEXWRVGHVXGLJQLGDGTXH VHDOHJtWLPRXQVRPHWLPLHQWRJHQHUDOHLQFRQGLFLRQDGRDWRGRWLSRGHSUXHEDVJHQpWLFDVSDUDORJUDUXQ SXHVWRGHWUDEDMRRFRQWUDWDUXQVHJXUR(QSDUWHSRUTXHVXSRQGUtDXQDGHJUDGDFLyQGHOD FRQILGHQFLDOLGDG\GHOVLJLORFRQTXHGHEHQVHUWUDWDGDVHVWDVPDWHULDV (VWH SULPHUSXQWRGHSDUWLGDTXH\DUHYHODODQDWXUDOH]DH[WUHPDGDPHQWHGHOLFDGDGHODLQIRUPDFLyQ JHQpWLFDDQXQFLDSDUDXQIXWXURLQPHGLDWRODH[LVWHQFLDGHSUREOHPDVpWLFRV\MXUtGLFRVGHH[WUDRUGLQDULD
FRPSOHMLGDG\UHSHUFXVLyQ3LpQVHVHSRUHMHPSORHOGHEHUGHUHVHUYDGHVLJLORGHFRQILGHQFLDOLGDGTXH HQWUDxDUHVSHFWRGHWHUFHURVDMHQRVHOPDQHMRHQODVHVWUXFWXUDVVRFLDOHVIRUPHQSDUWHRQRGHOVLVWHPD GHVDOXGGHPLOORQHVGHGDWRVJHQpWLFRVUHODWLYRVDXQJUDQQ~PHURGHFLXGDGDQRV ,QGLFH 2UHQ HQF FLR/äSH R/äSH] ]' 'RPÞQJXH]\ QJXH]\6 6ROHHGDG6 GDG 6DâXGR DâXGR* *DUFÞD /DLQIRUPDFLäQFOÞQLFDHQHOKRVSLWDOVLWXDFLäQDFWXDOFRQIOLFWRV\ WHQGHQFLDV
5HFLHQWHPHQWHORV7ULEXQDOHVGH-XVWLFLDKDQGHFODUDGRODUHVSRQVDELOLGDGFLYLOGHORV&HQWURV6DQLWDULRVSRUODGHILFLHQWH FXVWRGLDGHODV+LVWRULDV&OÞQLFDVSHUPLWLHQGRTXHLQIRUPDFLäQFRQILGHQFLDOGHODVDOXGGHORVFLXGDGDQRVOOHJXHDPDQRVGH WHUFHURVQRDXWRUL]DGRV
0DUÞD D-RVÚ Ú% %HDW HDWR* R*DUFÞD /D/H\2UJÒQLFDGHUHJXODFLäQGHOWUDWDPLHQWRDXWRPDWL]DGRGHORVGDWRVGHFDUÒFWHU SHUVRQDO-RUQDGDVGH'LDULR0ÚGLFR/DUHVSRQVDELOLGDGFLYLO\SHQDOGHORVPÚGLFRV0DGULGDEULOGH
-DYLHU U6 6ÒQF ÒQFKH] KH]& &DUR 3UREOHPÒWLFDGHODFFHVRGHODV0XWXDVDODLQIRUPDFLäQGLDJQäVWLFDHQSURFHVRVSRULQFDSDFLGDG WHPSRUDO,,,&RQJUHVR1DFLRQDOGH'HUHFKR6DQLWDULRQRYLHPEUH
-DYLHU U6 6ÒQF ÒQFKH] KH]& &DUR (OGHUHFKRDODLQIRUPDFLäQHQODUHODFLäQVDQLWDULDDVSHFWRV&LYLOHV/D/H\ (OQXHYR&äGLJR'HRQWROäJLFR&DWDOÒQHQVXDSDUWDGRVHâDODTXH(OPÚGLFRDQWHHOSURJUHVRGHODVQXHYDVWÚFQLFDV \ODVLQYHVWLJDFLRQHVVREUHHOJHQRPDKXPDQR\VXVDSOLFDFLRQHVGHEHWHQHUSUHVHQWHTXHQRWRGRORTXHHVIDFWLEOH
WÚFQLFDPHQWHHVÚWLFDPHQWHDFHSWDEOH3DUDHYLWDUSRVLEOHVGHVYLDFLRQHVTXHSRGUÞDQYLRODUGHUHFKRVIXQGDPHQWDOHV\
PHQRVSUHFLDUODGLJQLGDGGHODSHUVRQDKXPDQDHOPÚGLFRQRDFHSWDUÒQXQFDQLQJXQDSUXHEDQLWUDWDPLHQWRGLULJLGRDXQD PDQLSXODFLäQJHQÚWLFDGHXQFROHFWLYRRUD]D
5DIDHO DHO0 0HQGL HQGL]DEDO DEDO$ $OOOOHQGH HQGH 'LPHQVLäQFRQVWLWXFLRQDOGHOJHQRPDKXPDQR\VXLQFLGHQFLDHQHOGHUHFKRDODLQWLPLGDG 5HYLVWDGH'HUHFKR\*HQRPD+XPDQRQëPHUR
&DUORV VGH GH6 6ROD D 3ULYDFLGDG\GDWRVJHQÚWLFRV6LWXDFLRQHV GHFRQIOLFWR5HYLVWDGH'HUHFKR\*HQRPD+XPDQR1ëPHUR \P\
&DUORV0 V0 5 5RPHR HR& &DVDERQD DERQD DVSHFWRVHVSHFÞILFRVGHODLQIRUPDFLäQHQUHODFLäQFRQORVDQÒOLVLVJHQÚWLFRV\FRQODV
HQIHUPHGDGHVWUDQVPLVLEOHV6HPLQDULRVREUH,QIRUPDFLäQ\'RFXPHQWDFLäQ&OÞQLFD&RQVHMR*HQHUDOGHO3RGHU-XGLFLDO 5RVFD VFDP$ P$EE EELLQJ QJ /DLQIRUPDFLäQJHQÚWLFD\ORVGHUHFKRVGHWHUFHURV°&äPRHQFRQWUDUHODGHFXDGRHTXLOLEULR5HYLVWDGH 'HUHFKR\*HQRPD+XPDQR1ëPHUR
,97UDWDPLHQWRSHQDOGHOVHFUHWRPpGLFR
(OTXHEUDQWDPLHQWRGHOGHEHUGHJXDUGDUVHFUHWRTXHLQFXPEHDORVPpGLFRVFRPRSURIHVLRQDOHV FRQVWLWX\HKR\GtDXQGHOLWRSUHYLVWRHQHODUWtFXORGHOYLJHQWH&yGLJR3HQDOGH (O0DJLVWUDGR-RVp0DQXHO0DUWtQH]3HUHGDKDSUHVWDGRHVSHFLDODWHQFLyQDHVWH GHOLWRTXHVLELHQHVWXYR LQLFLDOPHQWHSUHYLVWRHQORV&yGLJRV3HQDOHVGH\FD\ySRVWHULRUPHQWHHQHOROYLGRSDUDVHU QXHYDPHQWHUHJXODGRHQHO&yGLJRDFWXDO 'HVGHHQWRQFHVFRQPiVGHXQVLJORGHUHWUDVRHO&yGLJR3HQDOYLJHQWHDSUREDGRSRU/H\2UJiQLFD GHGHQRYLHPEUHUHJXODGHQWURGHO7tWXORGHVWLQDGRDODSURWHFFLyQGHODLQWLPLGDGHO GHUHFKRDODSURSLDLPDJHQ\DODLQYLRODELOLGDGGHOGRPLFLOLRHOGHOLWRUHODWLYRDOGHVFXEULPLHQWR\ UHYHODFLyQGHVHFUHWRVWLSRGHOLFWLYRTXHVHJ~QODGRFWULQDFLHQWtILFDPiVDXWRUL]DGDFRPSUHQGHHQVX DUWtFXORHOVHFUHWRGHORVSURIHVLRQDOHVTXHHMHUFHQVXDFWLYLGDGGHQWURGHOVLVWHPDGHVDOXG (QHO&yGLJRGHGHHItPHUDYLJHQFLDVHFDVWLJDEDHQVXDUWtFXORDORVHFOHVLiVWLFRV DERJDGRVPpGLFRVFLUXMDQRVERWLFDULRVEDUEHURVFRPDGURQDVPDWURQDVRFXDOHVTXLHUDRWURVTXH KDELpQGRVHOHVFRQILDGRXQVHFUHWRSRUUD]yQGHVXHVWDGRHPSOHRRSURIHVLyQORUHYHOHQIXHUDGHORV FDVRVHQTXHODOH\ORSUHVFULEDVXIULUiQXQDUUHVWRGHGRVPHVHVDXQDxR\SDJDUiQXQDPXOWDGHWUHLQWDD FLHQGXURV$QWHODIDOWDGHXQDUHJXODFLyQSRVLWLYDHLQWHJUDOGHOGHUHFKRDOVHFUHWRGHORVSURIHVLRQDOHV GHODPHGLFLQDFRPRH[LJHHODUWtFXORGHOD&RQVWLWXFLyQQRVGHEHPRVFRQWHQWDUHQSULQFLSLRFRQHO H[DPHQGHODUWtFXORGHO&yGLJR3HQDO /DGLVFULPLQDFLyQFRQTXHOD/H\GH(QMXLFLDPLHQWR&ULPLQDOWUDWDDORVSURIHVLRQDOHVGHODPHGLFLQDHQ UHODFLyQFRQ$ERJDGRV\3URFXUDGRUHVKDVLGRSXHVWDGHUHOLHYHFRQDFLHUWRSRUGH7ROHGR\8ELHWRSDUD TXLHQHOPpGLFRWDPELpQHVFRQILGHQWHREOLJDGR\ODVFRQILGHQFLDVGHODUHODFLyQPpGLFRHQIHUPRVRQ FXDQGRPHQRVGHWDQWDLPSRUWDQFLD\WDQGLJQDVGHUHVSHWRSRUSDUWHGHODOH\FRPRSXHGDQVHUORODVTXH HOFOLHQWHGHSRVLWHHQVXDERJDGRRHQVXSURFXUDGRU (ODUWtFXORGHOQXHYR&yGLJR3HQDOGLVSRQH (OTXHUHYHODUHORVVHFUHWRVDMHQRVGHORVTXHWHQJDFRQRFLPLHQWRSRUUD]yQGHVXRILFLRRVXV UHODFLRQHVODERUDOHVVHUiFDVWLJDGRFRQODSHQDGHSULVLyQGHXQRDWUHVDxRV\PXOWDGHVHLVDGRFHPHVHV (OSURIHVLRQDOTXHFRQLQFXPSOLPLHQWRGHVXREOLJDFLyQGHVLJLORRUHVHUYDGLYXOJXHORVVHFUHWRVGH RWUDSHUVRQDVHUiFDVWLJDGRFRQODSHQDGHSULVLyQGHXQRDFXDWURDxRVPXOWDGHGRFHDYHLQWLFXDWUR PHVHVHLQKDELOLWDFLyQHVSHFLDOSDUDGLFKDSURIHVLyQSRUWLHPSRGHGRVDVHLVDxRV /DDFFLyQWtSLFDVDQFLRQDGDSRUHOFyGLJR3HQDOVHUHIOHMDHQHOYHUERGLYXOJDUTXHFRPSUHQGHDWRGD FRPXQLFDFLyQDWHUFHURVQRFRQVHQWLGDRDXWRUL]DGDSRUHOSDFLHQWHORTXHLPSOLFDHOLQFXPSOLPLHQWRGHO GHEHUGHVLJLORRUHVHUYDTXHLPSRQHHOHMHUFLFLRGHODSURIHVLyQ /DGRFWULQDPD\RULWDULDHQWLHQGHTXHODDXWRUL]DFLyQH[SUHVD\OLEUHPHQWHPDQLIHVWDGDSRUHOSDFLHQWH SDUDGLVSHQVDUGHODREOLJDFLyQGHJXDUGDUVHFUHWRFRQYLHUWHODFRQGXFWDGHOSURIHVLRQDOHQDWtSLFDGHVGH HOSXQWRGHYLVWDSHQDOHQFXDQWRTXHHODIHFWDGRUHQXQFLDDODSURWHFFLyQGHVXLQWLPLGDG6LQHPEDUJRD QXHVWURMXLFLRVLELHQHVWRHVFLHUWRQRSXHGHROYLGDUVHTXHODREOLJDFLyQGHVHFUHWRUHVHUYDRVLJLORHV HQ HOFDVRGHORVPpGLFRVDOJRLQKHUHQWH\FRQVXVWDQFLDODOHMHUFLFLRPLVPRGHODSURIHVLyQSRUORTXHDO PDUJHQGHVXIDOWDGHWUDQVFHQGHQFLDSHQDOSRGUtDHOPpGLFRLQIULQJLUODVQRUPDVpWLFDVRPRUDOHVGHO HMHUFLFLRSURIHVLRQDO(VWRHVVLELHQVHUHFRQRFHODGLVSRQLELOLGDGGHOSDUWLFXODUVREUHODREOLJDFLyQGH JXDUGDUVHFUHWRFRQODFRQVLJXLHQWHLUUHOHYDQFLDSHQDOSRGUtDVXEVLVWLUODREOLJDFLyQGHRQWROyJLFDGH PDQWHQHUODUHVHUYD 5HVSHFWRGHODOFDQFHGHODGLYXOJDFLyQHIHFWXDGDSRUHOSURIHVLRQDOFRPRFLUFXQVWDQFLDGHWHUPLQDQWHGH ODFRPLVLyQGHOGHOLWRQRVSDUHFHTXHpVWDQRSXHGHVXSHGLWDUVHDDVSHFWRVSXUDPHQWHFXDQWLWDWLYRV
EDVWDUiHQWRQFHVTXHORVVHFUHWRVVHGLYXOJXHQRFRPXQLTXHQDTXLHQQRWLHQHGHUHFKRDFRQRFHUORVSDUD TXHFRQLQGHSHQGHQFLDGHOQ~PHURGHSHUVRQDVVHFRQVXPHODLQIUDFFLyQ 'HEHDGYHUWLUVHUHVSHFWRGHODQXHYDUHJXODFLyQOHJDOTXHQXHVWUR&yGLJRSUHFLVDTXHSDUDSURFHGHUSRU HOGHOLWRGHUHYHODFLyQGHVHFUHWRVVHUiQHFHVDULDGHQXQFLDGHODSHUVRQDDJUDYLDGDRGHVXUHSUHVHQWDQWH OHJDOORTXHVLJQLILFDVHJ~QODGRFWULQDPD\RULWDULDTXHSXHGDFDOLILFDUVHGHGHOLWRVHPLS~EOLFR 3RU~OWLPRHODUWtFXORHVWDEOHFHTXHHOSHUGyQGHORIHQGLGRRGHVXUHSUHVHQWDQWHOHJDOHQVXFDVR H[WLQJXHODDFFLyQSHQDORODSHQD LPSXHVWD 0DUWtQH]3HUHGDVLQWHWL]DQGRORVFULWHULRVGRFWULQDOHVTXHMXVWLILFDQODSXQLFLyQGHODUHYHODFLyQGHO VHFUHWRPpGLFRRSLQDTXHHOELHQMXUtGLFRSURWHJLGRHVMXQWRDOTXHEUDQWDPLHQWRGHOGHEHUSURIHVLRQDOGHO PpGLFRODYXOQHUDFLyQGHODLQWLPLGDGGHOSDFLHQWH 6HFRQVLGHUDLJXDOPHQWHTXHODREOLJDFLyQGHJXDUGDUVHFUHWRVHH[WLHQGHQRVyORDOPpGLFRVLQRWDPELpQ DWRGRVORVTXHSURIHVLRQDOPHQWHDFW~DQHQHOiPELWRGHODDVLVWHQFLDVDQLWDULDSHUVRQDOGHHQIHUPHUtD DX[LOLDUHVHWF ,QGLFH Ú0DQXHO DQXHO0 0DUWÞ WÞQH QH] ]3 3HUHGD HGD /DSURWHFFLäQSHQDOGHO 6REUHHVWHSXQWRGHEHFRQVXOWDUVHHOGRFXPHQWDGRWUDEDMRGH -RVÚ0
VHFUHWRPÚGLFRHQHO'HUHFKRHVSDâRO$FWXDOLGDG3HQDO1ëPHUR$GHPÒVSXHGHFRQVXOWDUVH 'LHJR0 HJR0 /X /X] ]äQ äQ3 3HâD WUDWDPLHQWRGHOVHFUHWRSURIHVLRQDOHQHO'HUHFKRHVSDâRO3RGHU-XGLFLDO -RVÚ Ú0 ² 0 ²OYDUH]&LHQI HQIXHJR XHJRV V6 6XÒU XÒUH]HO VHFUHWR\HOQXHYR&äGLJR3HQDO,,,&RQJUHVRGH'HUHFKR6DQLWDULR0DGULG &DUORV V0 0 5 5RPHR HR& &DVDERQD DERQD\ \0 0DUÞD &DVWHOOOODQR DQR$ $UU UUR R\R R /DLQWLPLGDGGHOSDFLHQWHGHVGHODSHUVSHFWLYDGHOVHFUHWRPÚGLFR\GHODFFHVRDODKLVWRULD&OÞQLFD 'HUHFKR\6DOXG9RO1ëPHUR
(PLOL LOLR R2 2FWDYLRRGH7 GH 7ROHHGR\ GR \8 8ELHWR $OJXQDVUHIOH[LRQHVVREUHHOWUDWDPLHQWRMXUÞGLFRGHOVHFUHWRSURIHVLRQDO/D/H\
9/DGHIHQVDGHORVLQWHUHVHVJHQHUDOHVGHODVRFLHGDGFRPROtPLWHDOGHEHUGH
JXDUGDUVHFUHWR
(VWDFRQIOXHQFLDGHORVLQWHUHVHVJHQHUDOHVFRQORVGHUHFKRVEiVLFRVHLUUHQXQFLDEOHVGHOSDFLHQWHQRV UDWLILFDHQXQDFRQFHSFLyQGHOGHUHFKRFX\DGHILQLFLyQQRHVSRVLEOHVLQUHIHUHQFLDDOGHEHU7RGRGHUHFKR HVGHUHFKRHQFXDQWROOHYDLPSOtFLWRXQGHEHUXQDVLWXDFLyQXQSRVLFLRQDPLHQWRFRQUHVSHFWRDXQR PLVPRRFRQUHVSHFWRDORVGHPiVORVGHUHFKRV WDPELpQORVGHULYDGRVGHODHVWULFWDUHODFLyQPpGLFR HQIHUPRQRVRQHQVLPLVPRVVRQHQHOWLHPSR\HQHOHVSDFLRQRVHSXHGHKDFHUUHIHUHQFLDDOGHUHFKR VLQDOXGLUDXQDVLWXDFLyQGHDOWHULGDG/DDWULEXFLyQGHXQGHUHFKRUHTXLHUHXQDUHIOH[LyQSUHYLD VREUHHO \R\HOWXPLSRVLFLyQ\PLVGHUHFKRVQRVHSXHGHQFRPSUHQGHUVLQFRQWHPSODUODGHOSUyMLPRGHO SUy[LPRFXDQWRPiVLQWHQVRPiVIXQGDPHQWDOVHDXQGHUHFKRPiVQHFHVDULRHVUHIOH[LRQDUVREUHOD SRVLFLyQGHODSHUVRQDHQHOFRQWH[WRVRFLDO +R\ VHLQVLVWH\FUHRTXHFRQDFLHUWRHQDOJRTXHHVHYLGHQWHORVGHUHFKRVVRQVRFLDOHVSRUXQDGREOH UD]yQSRUTXHVHRWRUJDQHQIXQFLyQGHXQFRQFHSWRVROLGDULRGHODSURSLDSHUVRQDOLGDGGHOSDFLHQWH\SRU TXHpVWHODSHUVRQDVHFRQFLEHFDGDYH]PiVHQ IXQFLyQGHXQJUXSRVRFLDO (OORQRVSHUPLWLUiHQWHQGHUORVGHUHFKRVGHOSDFLHQWHGHQWURGHDOJRTXHDPtPHSDUHFHGHFLVLYRHO VLVWHPDGHVDOXGH[SRQHQWHGHLQWHUHVHVFROHFWLYRVRJHQHUDOHVGHOJUXSRVRFLDOTXHGHEHQHVWDUSUHVHQWHV LQFOXVRDODKRUDGHGHWHUPLQDUHODOFDQFHGHORVGHUHFKRVGHOSDFLHQWH'HUHFKRVVtSHURGHQWURGHXQ VLVWHPD(OGHUHFKRDODVDOXGGHORVFLXGDGDQRVQRSXHGHFRQVLGHUDUVHVLQUHIHUHQFLDDOJUXSRVRFLDOD VXVSRVLELOLGDGHVWpFQLFDVHFRQyPLFDV\FXOWXUDOHV
6LQHPEDUJR FRPRGHFtDPRVORV'HUHFKRVIXQGDPHQWDOHVGHODSHUVRQDHQWUHORVFXDOHVVHLQFOX\HVLQ GXGDDOJXQDHOGHUHFKRDODFRQILGHQFLDOLGDGGHORVGDWRVUHODWLYRVDODVDOXGQRVRQDEVROXWRVGHEHQ FRQYLYLUFRQRWURVGHUHFKRVHLQWHUHVHVWDPELpQUHOHYDQWHVSDUDWHUFHURV\SDUDODVRFLHGDGPLVPD(VWHHV HOGLItFLOHTXLOLEULRTXHKDGHORJUDUVHHQHOUpJLPHQMXUtGLFRGHOVHFUHWRSURIHVLRQDO (VWDGHSHQGHQFLDGHORVGHUHFKRVGHOSDFLHQWHFRQHOHQWRUQRVRFLDOVHKDFHFDGDGtDPiVSDWHQWHHQHO UpJLPHQMXUtGLFRGHODFRQILGHQFLDOLGDGGHORVGDWRVUHODWLYRVDODVDOXGSXHVVLQGHVFRQRFHUOD SUHYDOHQFLDGHOGHUHFKRDOVHFUHWRSXHGHKDEHUVLWXDFLRQHVHQODVTXHGHWHUPLQDGRVLQWHUHVHVJHQHUDOHV SXHGDQMXVWLILFDUODGLVSHQVDGHOGHEHUGHVLJLOR %HOWUiQ$JXLUUHVHHQIUHQWDFRQHOGLItFLOSUREOHPDGHKDFHUFRQYLYLUHOGHUHFKRDODFRQILGHQFLDOLGDGH LQWLPLGDGGHOSDFLHQWH\HOGHEHUGHLQIRUPDUDQWHVLWXDFLRQHVHSLGHPLROyJLFDVTXHSXHGHQDIHFWDUDWRGD ODFROHFWLYLGDGWRGRHOORFRQREMHWRGHHYLWDUVLWXDFLRQHVGLVFULPLQDWRULDVSDUDHOSDFLHQWHVREUHWRGRHQ HODPELHQWHHGXFDWLYR\ODERUDO 'RQGHHQODSUiFWLFDVHYDQDSODQWHDUORVSUREOHPDVGHPD\RUHQMXQGLDHVDQXHVWURMXLFLRHQOD GLPHQVLyQQHJDWLYDGHODREOLJDFLyQRGHEHUGHJXDUGDUVHFUHWR(VWRHVFXDQGRHOSURIHVLRQDOELHQHQVX FRQVXOWDSULYDGDRHQHO&HQWUR6DQLWDULRVHOHGHPDQGHRH[LMDODHQWUHJDGHODLQIRUPDFLyQH[LVWHQWHHQ VXVKLVWRULDVFOtQLFDV $VtHQORTXHVHUHILHUHDODFRODERUDFLyQFRQOD$GPLQLVWUDFLyQGH-XVWLFLDODGRFWULQDPiVDXWRUL]DGD FRQVLGHUDTXHHOPpGLFRFXDQGRVHHQFXHQWUHDQWHODWHVLWXUDGHWHQHUTXHSUHVWDUGHFODUDFLyQDFHUFDGH KHFKRVUHODWLYRVDODLQWLPLGDGGHOSDFLHQWHGHEHUtDGHSRQGHUDUTXpGHEHUKDGHSUHYDOHFHU3DUDHOOR UHFXHUGDODGRFWULQDPiVVHJXUDHVLPSRUWDQWHFDOLEUDUORVLQWHUHVHVFRQFHUQLGRVGHXQODGRHOYDORUGHO GHUHFKRDODLQWLPLGDGGHOHQIHUPR\GHRWURHOYDORUGHXQDFRUUHFWDDGPLQLVWUDFLyQGHMXVWLFLDHQFX\R DSDUWDGRQRSXHGHREYLDUVHFODURHVWiODHQWLGDGGHOELHQMXUtGLFRWXWHODGRSRUHOWLSRGHOLFWLYRTXHVH HQMXLFLDHQODFDXVDSHQDO 5HFRQRFLHQGRODGLILFXOWDGLQLFLDOGHOSUREOHPDSRUORVLQWHUHVHVHQFRQIOLFWRLQWHQWDUHPRVKDFHUDOJXQDV SXQWXDOL]DFLRQHV
&RPRSULQFLSLRHOPpGLFRQRYHQGUiREOLJDGRDUHYHODUDODDXWRULGDGMXGLFLDOORVKHFKRV SUHVXQWDPHQWHGHOLFWLYRVGHORVTXHKDWHQLGRFRQRFLPLHQWRHQHOHMHUFLFLRGHVXUHODFLyQSURIHVLRQDOFRQ HOSDFLHQWHGHELHQGRSUHYDOHFHUDOPHQRVLQLFLDOPHQWHHOGHUHFKRDODLQWLPLGDG\FRQILGHQFLDOLGDGGHOD LQIRUPDFLyQUHFLELGDHQHOHMHUFLFLRHVWULFWRGHODSURIHVLyQ
/RVOtPLWHVGHOVHFUHWRSURIHVLRQDOGHOPpGLFRQRGHEHUtDQTXHGDUDODUELWULRSDUWLFXODUHQFDGDFDVR FRQFUHWRGHXQGHWHUPLQDGR-XH]R7ULEXQDOVLHQGRQHFHVDULRXQDLQWHUYHQFLyQGHOOHJLVODGRUSDUD GHWHUPLQDUHQTXpFDVRV\HQUD]yQGHTXpWLSRGHGHOLWRVHOPpGLFRQRSRGUiH[FXVDUVHHQHOVHFUHWR SURIHVLRQDOSDUDQRGHFODUDUFRPRWHVWLJR
&XDQGRDSHVDUGHWRGRHOPpGLFRGHEDUHYHODUGDWRVFRQILGHQFLDOHVTXHDIHFWDQDVXUHODFLyQ SURIHVLRQDOFRQXQGHWHUPLQDGRSDFLHQWHGHEHUiKDFHUORFRQODVPi[LPDVUHVWULFFLRQHVSRVLEOHV\ SURFXUDQGRHOPHQRUSHUMXLFLRSDUDHOSDFLHQWH
&XDQGRODVDXWRULGDGHVMXGLFLDOHVGHPDQGDQODHQWUHJDGHODKLVWRULDFOtQLFDGHXQSDFLHQWHSDUD LQFRUSRUDUODHQEORTXHDXQSURFHGLPLHQWRMXGLFLDOHOPpGLFRWHQGUiGHUHFKRDH[LJLUTXHVHSUHFLVHTXp LQIRUPHVRGDWRVGHODKLVWRULDFOtQLFDVHFRQVLGHUDQQHFHVDULRVSRUODDXWRULGDGMXGLFLDOSDUDHOEXHQILQ GHODLQYHVWLJDFLyQ1RH[LVWHDSULRULXQGHEHUGHHQWUHJDUVLQPRWLYDFLyQMXGLFLDOVXILFLHQWHOD WRWDOLGDGGHODKLVWRULDFOtQLFDGHXQSDFLHQWHRXQJUXSRGHSDFLHQWHV
&XDQGRORVPpGLFRVHQWUHJDQLQIRUPDFLyQFRQILGHQFLDOUHODWLYDDXQSDFLHQWHHQYLUWXGGHORSRUWXQR PDQGDPLHQWRMXGLFLDOGHEHQDGYHUWLUDORVGHSRVLWDULRVGHODLQIRUPDFLyQGHODHVSHFLDOREOLJDFLyQGH VLJLOR\UHVHUYDTXHDVXPHQFRQVXFXVWRGLD7UDVODGiQGRVHDOiPELWRGHOD$GPLQLVWUDFLyQGH-XVWLFLDODV HYHQWXDOHVUHVSRQVDELOLGDGHVSRUQHJOLJHQFLDHQODGHIHQVDGHODFRQILGHQFLDOLGDG
/DHQWUDGD\UHJLVWURDFRUGDGDSRURUGHQMXGLFLDOHQXQFHQWURPpGLFRFRQREMHWRGHLQFDXWDUKLVWRULDV FOtQLFDVUHODFLRQDGDVFRQXQSRVLEOHGHOLWRGHEHUiYHQLUSUHFHGLGDGHODQHFHVDULDPRWLYDFLyQHQODTXHVH
SRQGHUHODJUDYHGDGGHORVKHFKRVGHQXQFLDGRVQRVLHQGRDQXHVWURMXLFLRFRPSDWLEOHFRQODVJDUDQWtDV FRQVWLWXFLRQDOHVXQDHQWUDGD\UHJLVWURLQFRQGLFLRQDGDRFDUHQWHGHODSUHYLD\QHFHVDULDPRWLYDFLyQ
(QFDVRGHGXGDHOPpGLFRFXDQGRQRSXHGDGLVFHUQLUHQFRQFLHQFLDHOLQWHUpVSUHYDOHQWH\VLHPSUH TXHVHDUHTXHULGRMXGLFLDOPHQWHSDUDHOORGHEHUiSHGLUDODDXWRULGDGMXGLFLDOTXHOHGLVSHQVHGHOGHEHUGH VHFUHWRSURIHVLRQDO &RPRYHPRVHOGHEHUGHJXDUGDUVHFUHWRSODQWHDDOPpGLFRSUREOHPDVMXUtGLFRV\GHRQWROyJLFRVGH HQYHUJDGXUD°&yPRYDORUDUODQHJDWLYDURWXQGDGHXQSURIHVLRQDODLQIRUPDUDO-XH]GHXQKHFKR SUHVXQWDPHQWHGHOLFWLYRDPSDUiQGRVHHQHOVHFUHWRSURIHVLRQDO"
(VWDVLWXDFLyQGHH[WUHPDGDUHOHYDQFLDHQHOFDVRGHFLHUWDVHVSHFLDOLGDGHVPpGLFDVSVLTXLDWUDV SVLFyORJRVJLQHFyORJRVHWFKDVLGRHVWXGLDGDUHFLHQWHPHQWHSRUHO7ULEXQDO6XSUHPRGHORV(VWDGRV 8QLGRVHQHOFDVR0DU\/X5HGPRQGVHQWHQFLDGHGHMXQLRGH(QpOFRPR\DKHPRVYLVWR DQWHXQDGHQXQFLDSRUKRPLFLGLRORV-XHFHVKDQGDGRSUHYDOHQFLDDOGHUHFKRDOVLJLORGHXQSVLTXLDWUD UHVSHFWRDODVFRQILGHQFLDVGHVXSDFLHQWHVREUHHOGHEHUGHGHQXQFLDUHVWRVKHFKRVDQWHHO7ULEXQDO(O DUJXPHQWRGHORV-XHFHVKDVLGRURWXQGR(QHVWRVPRPHQWRVUHVXOWDGHHVSHFLDOLPSRUWDQFLDSDUDHO SXHEORDPHULFDQRTXHVXVFLXGDGDQRVWHQJDQODDEVROXWDJDUDQWtDGHTXHVXVFRQILGHQFLDVDORVSVLTXLDWUDV QRYDQDVHUGLIXQGLGDV (QHOGHUHFKRHVSDxROVXSRQGUtDDOPHQRVXQVXSXHVWRGHHVWDGRGHQHFHVLGDGSUHYLVWRHQHODUWtFXOR GHO&yGLJR3HQDOFRPRXQDFLUFXQVWDQFLDTXHH[LPHGHODUHVSRQVDELOLGDGFULPLQDO 'HEHUiYDORUDUVHHQFDGDFDVRFRQFUHWRORVLQWHUHVHVHQFRQIOLFWR\ODVUD]RQHVLQYRFDGDVSRUHOPpGLFR SDUDGHWHUPLQDUVLODFLUFXQVWDQFLDGHHVWDGRGHQHFHVLGDGGHEHRSHUDUFRPRH[HQFLyQWRWDORSDUFLDOGHOD UHVSRQVDELOLGDG 'HEHDGYHUWLUVHTXHHQODDFWXDORUJDQL]DFLyQGHOVLVWHPDVDQLWDULRHQODTXHFDGDYH]HVPiVIUHFXHQWHOD SUiFWLFDGHODPHGLFLQDKRVSLWDODULDWRGRORGLFKRKDVWDDKRUDGHEHVHUUHIHULGRWDPELpQDORVHTXLSRV LQWHUGLVFLSOLQDUHV 2WURDVSHFWRGHHVSHFLDOWUDQVFHQGHQFLDSDUDODDGHFXDGDFRPSUHQVLyQGHODOFDQFHGHOVHFUHWRPpGLFR YLHQHGHWHUPLQDGRSRUODHYHQWXDOFROLVLyQGHLQWHUHVHVHQWUHODFRQILGHQFLDOLGDGGHODLQIRUPDFLyQ VXPLQLVWUDGDSRUHOSDFLHQWH\ORVGHUHFKRVGHWHUFHURV $VtGHEHGHVWDFDUVHODREOLJDFLyQGHORVPpGLFRVGHFRPXQLFDUODH[LVWHQFLDGHHQIHUPHGDGHVGH GHFODUDFLyQREOLJDWRULDGHHQIHUPHGDGHVWUDQVPLVLEOHVGHQWURGHOHQWRUQRGHODFRQYLYHQFLDGHODSDUHMD GHODUHODFLyQIDPLOLDURODERUDO6XSXHVWRVHQORVTXHHQFRQFLHQFLDHOPpGLFRSRGUiHQWHQGHUVH GHVOLJDGRGHODREOLJDFLyQGHVHFUHWRDQWHODSUHYDOHQFLDGHXQLQWHUpVGLJQRGHSURWHFFLyQHVSHFLDOPHQWH FXDQGRHOHVWDGRGHVDOXGGHOSDFLHQWHSXHGHVXSRQHUXQSHOLJURSDUDODVHJXULGDGGHODFRQYLYHQFLD GH WRGRVORVFLXGDGDQRV (QHVWDOtQHDSDUHFHDYDQ]DUHO&RQVHMRGH(XURSDTXLHQHQVX5HFRPHQGDFLyQGHGHIHEUHURGH UHODWLYDDODSURWHFFLyQGHORVGDWRVPpGLFRVGHVSXpVGHDILUPDUTXHORVGDWRVPpGLFRVGHEHQVHU UHFRJLGRV\SURFHVDGRVKRQUDGD\OHJDOPHQWHFRQHOFRQVHQWLPLHQWRGHODIHFWDGRLQGLFDTXHOD LQIRUPDFLyQDOVXMHWRGHORVGDWRVSXHGHUHVWULQJLUVHVLDVtORGLVSRQHXQDOH\\FRQVWLWX\HXQDPHGLGD QHFHVDULDHQXQDVRFLHGDGGHPRFUiWLFDSRUUD]RQHVGHVDOXGS~EOLFD 3RU~OWLPRHOGHUHFKRQXQFDGLVFXWLGRGHODDXWRULGDGMXGLFLDODDFFHGHUDODLQIRUPDFLyQ\ GRFXPHQWDFLyQFOtQLFDGHEHUtDUHFLELUXQDUHJXODFLyQPiVDFWXDO\DFRUGHFRQORVLQWHUHVHVHQFRQIOLFWR GDGRTXHQXHVWUDV/H\HVGH(QMXLFLDPLHQWR&LYLO\&ULPLQDO\DFHQWHQDULDVVHSXEOLFDURQHQXQFRQWH[WR PX\GLIHUHQWHDOTXHDTXtKHPRVWUDWDGRGHGHVFULELU$WtWXORGHPHUDREVHUYDFLyQODQDWXUDOH]DGHOD LQIRUPDFLyQFOtQLFDTXHSXHGHQHFHVLWDUXQ-X]JDGRR7ULEXQDOSDUDUHVROYHUXQSURFHGLPLHQWRMXGLFLDO HVWDUiHQIXQFLyQGHODDFFLyQTXHVHHMHUFLWHXQDUHFODPDFLyQSRUUHVSRQVDELOLGDGFLYLOGHOPpGLFRSRU PDODSUD[LVXQDDFFLyQGHUHVSRQVDELOLGDGREMHWLYDGHULYDGDGHOPDOIXQFLRQDPLHQWRGHOVHUYLFLRS~EOLFR GHVDOXGXQSURFHGLPLHQWRSDUDGHFODUDUODLQFDSDFLGDGODERUDOGHXQWUDEDMDGRURXQSURFHVRGHIDPLOLD 3DUHFHHYLGHQWHTXHHQFDGDXQRGHHVWRVFDVRV©ODFDOLGDG\FDQWLGDGªGHODLQIRUPDFLyQFOtQLFDTXH SXHGDQHFHVLWDUXQ-XH]SDUDDWHQGHUFRQJDUDQWtDVXQSURFHVRMXGLFLDOQRVHUiVLHPSUHODPLVPD
5HFLHQWHPHQWHODLQFDXWDFLyQPDVLYD\SRVWHULRUGHYROXFLyQGH+LVWRULDV&OtQLFDVKDFDOLILFDGRSRU DOJXQRVGHGHVPHVXUDGD\KDQDUJXPHQWDGRTXHVHHVWiYLROHQWDQGRODFRQILGHQFLDOLGDGPpGLFRSDFLHQWH °(VQHFHVDULRSDUDLQYHVWLJDUXQFDVRFRQFUHWRWUDVODGDUDO-X]JDGRPiVGHKLVWRULDVFOtQLFDV UHIHULGDVDRWUDVSHUVRQDV"'tDVGHVSXpVOD$XGLHQFLD3URYLQFLDOFDOLILFDGLFKDDFWXDFLyQFRPR GHVSURSRUFLRQDGDLQVXILFLHQWHPHQWHPRWLYDGDLQQHFHVDULD\GHVFRQRFHGRUDGHORVGHUHFKRVGHORV FLXGDGDQRV(QWUHHOORVVXSRQJRHOGHUHFKRIXQGDPHQWDODODLQWLPLGDGGHORVGDWRVUHODWLYRVDODVDOXG
,QGLFH -XDQ/XL XDQ/XLVV% %HOWUÒÒQ$ Q $JXL JXLUU UUH H /D,QIRUPDFLäQHQODOH\*HQHUDOGH6DQLGDG\HQOD-XULVSUXGHQFLD5HY'HUHFKR6DOXG
9ROXPHQ1ëPHUR-XOLR'LFLHPEUH&LWDODVHQWHQFLDGHO7ULEXQDO&RQVWLWXFLRQDOGHGHIHEUHURGHUHODWLYDDO
GHUHFKRDODLQWLPLGDGGHXQDSHUVRQDDIHFWDGDSRUHO6,'$LQQHFHVDULDPHQWHLGHQWLILFDGDSRUXQDUWÞFXORSHULRGÞVWLFR(QHOOD VHSUHFLVDTXHVLQLQJXQDGXGDKD\HQRUGHQDODFRQYHQLHQFLDGHTXHODFRPXQLGDGVHDLQIRUPDGDVREUHHORULJHQ\
HYROXFLäQHQWRGRVORVäUGHQHVGHXQGHWHUPLQDGRPDOQRFDEHGHFLUORPLVPRHQFXDQWRDODLQGLYLGXDOL]DFLäQGLUHFWDR LQGLUHFWDGHTXLHQHVORSDGHFHQWDOLQIRUPDFLäQQRHV\DGHLQWHUÚVSëEOLFR3DUDHODXWRUHVWDREOLJDFLäQHVWDPELÚQ
SUHGLFDEOHGHODV$GPLQLVWUDFLRQHV6DQLWDULDVODVFXDOHVGHEHUÒQJXDUGDUODUHVHUYDQHFHVDULDSDUDUHVSHWDUODLQWLPLGDGGHO
DIHFWDGRQRKDFLHQGRSëEOLFDWDOFRQGLFLäQPÒVTXHFXDQGRSRUUD]RQHVGHVDOXGSëEOLFDIXHUDDEVROXWDPHQWHLPSUHVFLQGLEOH VXSXHVWRTXHHVGLIÞFLOPHQWHLPDJLQDEOH
-DYLHU U6 6ÒQF ÒQFKH] KH]& &DUR +LVWRULDFOÞQLFDFRQIOLFWRV\SURSXHVWDGHDOJXQDVVROXFLRQHV3RQHQFLDSUHVHQWDGDDOVHPLQDULR
FRQMXQWRVREUH,QIRUPDFLäQ\'RFXPHQWDFLäQ&OÞQLFD&RQVHMR*HQHUDOGHO3RGHU-XGLFLDO\0LQLVWHULRGH6DQLGDG\FRQVXPR 0DGULG\GHVHSWLHPEUHGH
&RQODVUHVHUYDVTXHHOWHPDSODQWHD 5LFDUGRGH GRGH² ²QJHO QJHO<
+LVWRULD&OÞQLFDTXHSXHGDUHYHODUXQHOHPHQWRGHLQFXOSDFLäQSDUDHOSDFLHQWHQRHVGHVFDEHOODGRTXHHOPÚGLFRQLHJXHVX HQWUHJDDODPSDURGHODUWÞFXORGHOD&RQVWLWXFLäQ6LQSHUMXLFLRGHTXHQDWXUDOPHQWHVHDGHGHVHDU\XUMDXQDOH\TXH H[SUHVDPHQWHORHVWDEOH]FD
(QORVVXSXHVWRVHQTXHHOUHTXHULPLHQWRGHOD+LVWRULD&OÞQLFDHVWÚRULHQWDGRDODDYHULJXDFLäQGHHYHQWXDOHV
UHVSRQVDELOLGDGHVGHOPÚGLFRDHQHOFDVRGHOKRVSLWDOGHRWURVVDQLWDULRVRGHOHVWDEOHFLPLHQWRPLVPR ORTXHSRGUÞD
VLJQLILFDUTXHEDMRHOVHFUHWRPÚGLFRVHRFXOWDUÞDXQLQWHQWRGHLPSXQLGDGHODXWRUVXJLHUHTXHHQXQDIXWXUDUHJXODFLäQOHJDO
GHOVHFUHWRPÚGLFRVHHVWDEOH]FDODSRVLELOLGDG TXHKR\QRDGPLWHQQXHVWUDVOH\HVSURFHVDOHV GHTXHVHDHO-XH]HOTXHD ODYLVWDGHOD+LVWRULD&OÞQLFDHQVXFRQMXQWRGHWHUPLQHTXÚSDUWHGHHOODHVVHFUHWRSURIHVLRQDOUHODWLYRDOSDFLHQWHSDUD PDQWHQHUORRFXOWRDWHUFHURV \FXÒOSRUHOFRQWUDULRVHUHILHUHDODDFWXDFLäQGHOPÚGLFRGHVXVDX[LOLDUHVRGHOFHQWUR
VDQLWDULRTXHDFDVRSRGUÞDUHYHODUVHSRUQRDIHFWDUDODFRQILGHQFLDOLGDGGHODUHODFLäQPÚGLFRHQIHUPR3UREOHPDVOHJDOHVGH OD+LVWRULD&OÞQLFDHQHOPDUFRKRVSLWDODULR/D/H\
$OJëQVHFWRUGHODGRFWULQDSHQDOFRQVLGHUDTXHOD/H\GH(QMXLFLDPLHQWR&ULPLQDOGHEHUÞDVHUUHIRUPDGDSDUDH[FOXLUDO
PÚGLFRGHOGHEHUGHWHVWLILFDUUHVSHFWRGHORVKHFKRVFRQRFLGRVDWUDYÚVGHOVHFUHWRPÚGLFRSXHVGHORFRQWUDULRVHGLVFULPLQD DHVWDFDWHJRUÞDGHVLJLORUHVSHFWRDRWURVSURIHVLRQDOHVFRPRORVDERJDGRV
/DSRWHVWDGGHO-XH]SDUDH[LJLUDOPÚGLFRODHQWUHJDGHWRGRHOKLVWRULDOPÚGLFRUHODWLYDDXQSDFLHQWHIXHHVWXGLDGDHQHO ,,&RQJUHVR1DFLRQDOGH'HUHFKR6DQLWDULR6LQGHVFRQRFHUODGLILFXOWDGGHOWHPDSXHGHGHFLUVH TXHLQLFLDOPHQWHHO-XH]
YDORUDQGRORVLQWHUHVHVHQFRQIOLFWRODLQWLPLGDGGHOSDFLHQWH\HOVHFUHWRSURIHVLRQDOSRUXQODGR\SRURWURODREOLJDFLäQGH
LQYHVWLJDUXQDSRVLEOHFRQGXFWDDQWLMXUÞGLFD\DVHDSHQDORFLYLO GHEHUÒPRWLYDUSRUTXÚLQWHUHVDODHQWUHJDGHODWRWDOLGDGGH ORVGDWRVUHODWLYRVDXQGHWHUPLQDGRSDFLHQWHHQIXQFLäQGHODHQWLGDG\JUDYHGDGGHORVKHFKRVLQYHVWLJDGRV
/DVHQWHQFLDGHO7ULEXQDO6XSUHPRQRUWHDPHULFDQRGHFODUDTXHSVLTXLDWUDVSVLFäORJRV\SVLFRWHUDSHXWDVHVWÒQH[HQWRV GHGHFODUDUVREUHORTXHVXSDFLHQWHOHVKDFRPXQLFDGRGXUDQWHHOWUDWDPLHQWR$MXLFLRGHO7ULEXQDOODHIHFWLYLGDGGHO
WUDWDPLHQWRGHSHQGHGHODDWPäVIHUDGHFRQILGHQFLD\FRQILDQ]DHQODTXHHOSDFLHQWHDFFHGHDKDFHUXQGHVFXEULPLHQWRIUDQFR \FRPSOHWRGHORVKHFKRVVXVHPRFLRQHVUHFXHUGRV\WHPRUHV(OSULYLOHJLRGHHVWRVSURIHVLRQDOHVVHFRQFLEHFRPRXQ VHUYLFLRDOLQWHUÚVSëEOLFRSXHVJDUDQWL]DQXQDGHFXDGRWUDWDPLHQWRDORVLQGLYLGXRVTXHVXIUHQXQWUDVWRUQRHPRFLRQDOR PHQWDO
1LFROÒ VV* *DUFÞD D5 5LYDV (QVXDUWÞFXOR8Q-XH]HQEXVFDGHXQILFKHURPXMHULQWLPLGDGDERUWR(O3DÞVGHPDU]RGH KDFULWLFDGRODLQFDXWDFLäQPDVLYDGHKLVWRULDVFOÞQLFDVFRPRXQDSUDFWLFDFRQWUDULDDOGHUHFKRGHODLQWLPLGDGGHODV SHUVRQDV
9,&RQFOXVLRQHV &RPRUHVXPHQSRGHPRVGHFLUTXHIUHQWHDODSULRULGDGGHORVGHUHFKRVGHODSHUVRQDDOD FRQILGHQFLDOLGDGGHVXVGDWRVPpGLFRVLQFRUSRUDGRVDODKLVWRULDFOtQLFDVyORSRGUiSUHYDOHFHUXQLQWHUpV VXSHULRUHQXQDVRFLHGDGGHPRFUiWLFDTXHVHFRQFUHWHVLHPSUHGHIRUPDPRWLYDGD\FRQHOVXILFLHQWH UHFRQRFLPLHQWROHJDOHQXQREMHWLYRQHFHVDULRSDUDODSURWHFFLyQ\ODSURPRFLyQGHODVDOXGS~EOLFD (VWDSUHVHQFLDGHLQWHUHVHVS~EOLFRVLPSRUWDQWHVHQODWHUPLQRORJtDXWLOL]DGDSRUOD 'LUHFWLYDFRPXQLWDULD GH3URWHFFLyQGH'DWRVGHFRPRFDXVDOHJLWLPDGRUDGHXQDXWLOL]DFLyQHQLQWHUpVGHWRGDOD VRFLHGDGGHORVGDWRVGHODVDOXGLQFRUSRUDGRVDXQDKLVWRULDFOtQLFDKDVLGRUHIRU]DGDSRUODUHFLHQWH 5HFRPHQGDFLyQGHO&RQVHMRGH 0LQLVWURVGHO&RQVHMRGH(XURSDVREUH'DWRV0pGLFRVGHGHIHEUHUR GH (QHOODVHSRQHQGHUHOLHYHWUHVSULQFLSLRVEiVLFRVSDUDODLQFRUSRUDFLyQGHGDWRVSHUVRQDOHVDODVKLVWRULDV FOtQLFDV « (VFUXSXORVRUHVSHWRDOSULQFLSLRGHUHVHUYDGH/H\7RGDVHVWDVFXHVWLRQHVSRUVXH[FHSFLRQDO LPSRUWDQFLDSDUDODSHUVRQD\SDUDODVRFLHGDGGHEHQHVWDUSUHYLVWDVHQ/H\HVFRQODVJDUDQWtDVTXHHOOR FRPSRUWD\QRHQQRUPDVGHQLYHOPHUDPHQWHUHJODPHQWDULR6REUHWRGRFRPRHVWDEOHFHOD 5HFRPHQGDFLyQ FXDQGRVHWUDWDGHHVWDEOHFHUH[FHSFLRQHVDOFRQVHQWLPLHQWRGHOSDFLHQWH\HOUHVSHWRDO VHFUHWRPpGLFR « 7RGDLQIRUPDFLyQUHODWLYDDORVGDWRVPpGLFRVGHOSDFLHQWHHQHVSHFLDOORVTXHDIHFWDQGHPDQHUD GLUHFWDDVXLQWLPLGDGGHEHVHUREWHQLGDWUDWDGD\FXVWRGLDGDSRUSURIHVLRQDOHVGHODVDOXG « (QFDVRVH[FHSFLRQDOHV\SDUDLQWHUHVHVJHQHUDOHVPX\UHOHYDQWHVSUHYLDPHQWHILMDGRVSRUOD/H\VH SRGUiSUHVFLQGLUGHOSDFLHQWHSDUDODXWLOL]DFLyQGHVXVGDWRVVDQLWDULRVHQEHQHILFLRGHODVRFLHGDG 3URFXUDQGRVLHPSUHTXHVHDSRVLEOHVXGHVSHUVRQDOL]DFLyQ /DSULPHUDFRQFOXVLyQTXHVHREWLHQHGHHVWDVQXHYDVUHDOLGDGHVQRVOOHYDFRQXUJHQFLDDSHGLUOD LQWHUYHQFLyQGHOOHJLVODGRUSDUDTXHFRQHODGHFXDGRUDQJRQRUPDWLYRDFRPHWDODLQFRUSRUDFLyQD QXHVWURRUGHQDPLHQWRMXUtGLFRGHOVHFUHWRPpGLFR
%LEOLRJUDItD5HFRPHQGDGD
6HFUHWR0pGLFR\ &RQILGHQFLDOLGDGGHORV'DWRV6DQLWDULRV $/9$5(=&,(1)8(*2668$5(=-0(OVHFUHWR\HOQXHYR&yGLJR3HQDO,,, &RQJUHVRGH'HUHFKR6DQLWDULRQRYLHPEUH $/9$5(=&,(1)8(*2668$5(=-0 /HJLVODFLyQDSOLFDGDDGDWRVVDQLWDULRV 6HPLQDULR3URWHFFLRQGHGDWRVHQHOiPELWRGHODVDOXG0DGULGGHMXOLRGH
%520%(5*-+,56++ 0HGLFDO5HFRUGVDQG+RVSLWDO5HSRUWV0HGLFLQHDQG /DZYRO,Q«
&$67(//$12$552<203UREOHPiWLFDGHOD+LVWRULD&OtQLFD6HPLQDULR FRQMXQWRVREUH,QIRUPDFLyQ\'RFXPHQWDFLyQ&OtQLFD&RQVHMR*HQHUDOGHO3RGHU -XGLFLDO\0LQLVWHULRGH6DQLGDG\&RQVXPR0DGULGVHSWLHPEUH &$67(//$57(&+(-0 (O GHUHFKRDODFRQILGHQFLDOLGDG3URWHFFLyQGHGDWRV 'HUHFKRDODLQWLPLGDG(OVHFUHWRPpGLFR0HVDUHGRQGD&XDUWR&RQJUHVRGH'HUHFKR \6DOXG/RVGHUHFKRVGHORVXVXDULRVGHORVVHUYLFLRVVDQLWDULRV6DQ6HEDVWLiQ QRYLHPEUH &yGLJRGHpWLFD\GHRQWRORJtDPpGLFD&RQVHMR*HQHUDOGH&ROHJLRVGH(VSDxD &RGLJRGHRQWRORJLFRGHHQIHUPHULDHVSDxROD &2/(//$8 +,95HODWHGLQIRUPDWLRQDQGWKHWHQVLRQEHWZHHQFRQILGHQWLDOLW\DQG OLEHUDOGLVFRYHU\7KH-RXUQDORI/HJDO0HGLFLQHYROQ«
&RQVHMR*HQHUDOGHO3RGHU-XGLFLDO0LQLVWHULRGH6DQLGDG\&RQVXPR,QIRUPDFLyQ\ 'RFXPHQWDFLyQ&OtQLFD$FWDVGHO6HPLQDULRFRQMXQWRVREUH,QIRUPDFLyQ\ 'RFXPHQWDFLyQFOtQLFD,\,, 0DGULGVHSWLHPEUH &RQVWLWXFLyQ(VSDxRODGH &RQYHQLRUHODWLYRDORV'HUHFKRV+XPDQRV\OD%LRPHGLFLQD&RQYHQLRSDUDOD SURWHFFLyQGHORV'HUHFKRV+XPDQRV\ODGLJQLGDGGHOVHUKXPDQRFRQUHVSHFWRDODV DSOLFDFLRQHVGHODELRORJtD\ODPHGLFLQD&RQVHMRGH(XURSD2YLHGRDEULO '($1*(/<$*8(=5'LDJQRVWLFRVSUHQDWDOHV\UHVSRQVDELOLGDG,, 5HYLVWDGH 'HUHFKR\*HQRPD+XPDQRQ« '(/25(1=25 3ODQGH)RUPDFLyQHQ5HVSRQVDELOLGDG/HJDO3URIHVLRQDO(GLW $VRFLDFLyQ(VSDxRODGH'HUHFKR6DQLWDULR )5,*2/$9$//,1$-(6&8'(52025$7$//$-) /DFODXVXODGH VHFUHWRSURIHVLRQDOHQHO&yGLJR3HQDOGH$FWXDOLGDG3HQDOQ« *5$&,$*8,//(1' )XQGDPHQWRVGHELRHWLFD(XGHPD8QLYHUVLGDG +(5('(52+,*8(5$60 /DSURWHFFLRQGHGDWRVGHVDOXGLQIRUPDWL]DGRVHQOD /H\2UJDQLFDGHGHRFWXEUH'HUHFKR\6DOXGYROQ« ,
/23(='20,1*8(=2 ,QWLPLGDFLyQ6HFUHWRH,QIRUPDWLFDHQHO0XQGR 6DQLWDULR,&RQJUHVR1DFLRQDOGH'HUHFKR6DQLWDULR 0$57,1(=3(5('$52'5,*8(=-0 /D SURWHFFLyQSHQDOGHVHFUHWRPpGLFR HQHO'HUHFKRHVSDxRO $FWXDOLGDG3HQDOQ«
0LQLVWHULRGH6DQLGDG\&RQVXPR6XEVHFUHWDUtDGH6DQLGDG\&RQVXPR,QIRUPDFLyQ\ 'RFXPHQWDFLyQ&OtQLFDGRFXPHQWRILQDOGHO*UXSRGH([SHUWRV0DGULG
025$/(635$76)&RQILGHQFLDOLGDGLQWLPLGDGHLQIRUPDWLFDODSURWHFFLRQGH ORVGDWRVGHOSDFLHQWH3HUVSHFWLYDMXULGLFRSHQDO-RUQDGDVVREUHORVGHUHFKRVGHORV SjFLHQWHV,QVWLWXWR1DFLRQDOGHOD6DOXG0DGULG 08f2=&21'())DOVHGDGGRFXPHQWDO\VHFUHWRSURIHVLRQDOHQHOiPELWR VDQLWDULR'HUHFKR\6DOXGYROQ« 520(2&$6$%21$&0&$67(//$12$552<20 /DLQWLPLGDGGHO SDFLHQWHGHVGHODSHUVSHFWLYDGHOVHFUHWRPpGLFR\GHODFFHVRDODKLVWyULDFOtQLFD 'HUHFKR\6DOXGYRO,Q«
6$1&+(=&$52-+LVWRULD&OtQLFD&RQIOLFWR\SURSXHVWDGHDOJXQDVVROXFLRQHV 6HPLQDULR&RQMXQWRVREUH,QIRUPDFLyQ\'RFXPHQWDFLyQ&OtQLFD&RQVHMR*HQHUDOGHO 3RGHU-XGLFLDO\0LQLVWHULRGH6DQLGDG\&RQVXPR0DGULGVHSWLHPEUH 62/$5(&+(($OJXQRVSUREOHPDVUHODWLYRVDOGHUHFKRDODLQWLPLGDGGHOSDFLHQWH 9,+'HUHFKR\6DOXGYROQ«
62/$&'H3ULYDFLGDG\GDWRVJHQpWLFRV6LWXDFLRQHVGHFRQIOLFWR, \,, 5HYLVWDGH'HUHFKR\*HQRPD+XPDQRQ« \\