Documentos de Académico
Documentos de Profesional
Documentos de Cultura
1RUPDWLYLGDG7HFQLFD/H\',$1
'yQGHHVWR\",QLFLR_1RUPDWLYLGDG7HFQLFD/H\HV_%XVFDU
1RUPDWLYLGDG
3250(',2'(/$&8$/6(',&7$11250$675,%87$5,$6'(
&21752/<3$5$/$&203(7,7,9,'$'
/(<'(
GLFLHPEUH
'LDULR2ILFLDO1RGHGHGLFLHPEUHGH
&21*5(62'(/$5(3%/,&$
3RUPHGLRGHODFXDOVHGLFWDQQRUPDVWULEXWDULDVGHFRQWURO\SDUDODFRPSHWLWLYLGDG
(/&21*5(62'(&2/20%,$
'(&5(7$
$57&8/2R(/,0,1$&,1'('8&&,1(63(&,$/325,19(56,1(1$&7,926),-265($/(6352'8&7,926
$GLFLyQDVHHOVLJXLHQWHSDUiJUDIRDODUWtFXORGHO(VWDWXWR7ULEXWDULR
3$5*5$)2R$SDUWLUGHODxRJUDYDEOHQLQJ~QFRQWULEX\HQWHGHOLPSXHVWRVREUHODUHQWD\FRPSOHPHQWDULRVSRGUi
KDFHUXVRGHODGHGXFFLyQGHTXHWUDWDHVWHDUWtFXOR
4XLHQHVFRQDQWHULRULGDGDORGHQRYLHPEUHGHKD\DQSUHVHQWDGRVROLFLWXGGHFRQWUDWRVGHHVWDELOLGDGMXUtGLFD
LQFOX\HQGRHVWDELOL]DUODGHGXFFLyQSRULQYHUVLyQHQDFWLYRVILMRVDTXHVHUHILHUHHOSUHVHQWHDUWtFXOR\FX\DSULPDVHDILMDGD
FRQEDVHHQHOYDORUWRWDOGHODLQYHUVLyQREMHWRGHHVWDELOLGDGSRGUiQVXVFULELUFRQWUDWRGHHVWDELOLGDGMXUtGLFDHQHOTXHVH
LQFOX\DGLFKDGHGXFFLyQ(QHVWRVFDVRVHOWpUPLQRGHODHVWDELOLGDGMXUtGLFDGHODGHGXFFLyQHVSHFLDOQRSRGUiVHUVXSHULRU
WUHVDxRV
$57&8/2R&2175,%8&,16(&725(/e&75,&2868$5,26,1'8675,$/(60RGLItTXHVHHOSDUiJUDIRR\
DGLFLyQHVHXQQXHYRSDUiJUDIRDODUWtFXORGHO(VWDWXWR7ULEXWDULRPRGLILFDGRSRUHODUWtFXORGHOD/H\GHHO
FXDOTXHGDUiDVt
3$5*5$)2R3DUDORVHIHFWRVGHODVREUHWDVDRFRQWULEXFLyQHVSHFLDOHQHOVHFWRUHOpFWULFRGHTXHWUDWDHODUWtFXORGH
OD/H\GHVHDSOLFDUiSDUDORVXVXDULRVLQGXVWULDOHVSDUDORVXVXDULRVUHVLGHQFLDOHVGHORVHVWUDWRV\\SDUDORV
XVXDULRVFRPHUFLDOHVHOYHLQWHSRUFLHQWRGHOFRVWRGHSUHVWDFLyQGHOVHUYLFLR
/RVXVXDULRVLQGXVWULDOHVWHQGUiQGHUHFKRDGHVFRQWDUGHOLPSXHVWRGHUHQWDDFDUJRSRUHODxRJUDYDEOHHOFLQFXHQWD
SRUFLHQWRGHOYDORUWRWDOGHODVREUHWDVDDTXHVHUHILHUHHOSUHVHQWHSDUiJUDIR/DDSOLFDFLyQGHOGHVFXHQWRDTXt
SUHYLVWRH[FOX\HODSRVLELOLGDGGHVROLFLWDUODVREUHWDVDFRPRGHGXFLEOHGHODUHQWDEUXWD
$SDUWLUGHODxRGLFKRVXVXDULRVQRVHUiQVXMHWRVGHOFREURGHHVWDVREUHWDVD$VtPLVPRHOJRELHUQRHVWDEOHFHUi
TXLpQHVHOXVXDULRLQGXVWULDOEHQHILFLDULRGHOGHVFXHQWR\VXMHWRGHODSUHVHQWHVREUHWDVD
3$5*5$)2RVLF!3DUDORVHIHFWRVGHOSDUiJUDIRDQWHULRUHO*RELHUQR1DFLRQDOUHJODPHQWDUiODVFRQGLFLRQHV
QHFHVDULDVSDUDTXHORVSUHVWDGRUHVGHORVVHUYLFLRVS~EOLFRVDTXHVHUHILHUHHOSUHVHQWHDUWtFXORJDUDQWLFHQXQDGHFXDGR
FRQWUROHQWUHODVGLVWLQWDVFODVHVGHXVXDULRVGHOVHUYLFLRGHHQHUJtDHOpFWULFD
$57&8/2R(/,0,1$&,1*5$9$0(1029,0,(1726),1$1&,(526$GLFLyQDVHHODUWtFXORGHO(VWDWXWR
7ULEXWDULRFRQORVVLJXLHQWHVLQFLVRV\SDUiJUDIRV
/DWDULIDGHOLPSXHVWRDTXHVHUHILHUHHOSUHVHQWHDUWtFXORVHUHGXFLUiGHODVLJXLHQWHPDQHUD
KWWSZZZGLDQJRYFRGLDQ1RUPDWLYLGDGQVIFIIEEFIFIIIDDDFGG"2SHQ'RFXPHQW
1RUPDWLYLGDG7HFQLFD/H\',$1
1RUPDWLYLGDG7HFQLFD/H\',$1
$57&8/2R6$1&,13259,2/$&,1$/$6&21',&,21(6'(81$(;(1&,16LQSHUMXLFLRGHODVVDQFLRQHV
SHQDOHVDGPLQLVWUDWLYDV\FRQWUDFWXDOHVDTXHKXELHUHOXJDUHOTXHDODPSDURGHODUWtFXORRGHOD/H\GH\VXV
QRUPDVUHJODPHQWDULDVRODVQRUPDVTXHODVPRGLILTXHQDGLFLRQHQRVXVWLWX\DQDGTXLHUDFRPEXVWLEOHVOtTXLGRVGHULYDGRV
GHOSHWUyOHR\QRORVGLVWULEX\DGHQWURGHORVGHSDUWDPHQWRV\PXQLFLSLRVXELFDGRVHQODV]RQDVGHIURQWHUDGHTXHWUDWDOD
OH\HQPHQFLyQRORVGLVWULEX\DLQFXPSOLHQGRFRQODQRUPDWLYLGDGHVWDEOHFLGDSDUDHODEDVWHFLPLHQWRGHGLFKDVUHJLRQHVVHUi
REMHWRGHXQDVDQFLyQHTXLYDOHQWHDOGHOYDORUGHORVWULEXWRVH[RQHUDGRV
3DUDWDOHIHFWROD'LUHFFLyQGH,PSXHVWRV\$GXDQDV1DFLRQDOHVGDUiWUDVODGRGHOSOLHJRGHFDUJRVDODSHUVRQDRHQWLGDG
TXLHQWHQGUiHOWpUPLQRGHXQPHVSDUDUHVSRQGHU
9HQFLGRHOWpUPLQRGHUHSXHVWDGHOSOLHJRGHFDUJRVOD$GPLQLVWUDFLyQ7ULEXWDULDWHQGUiXQSOD]RGHVHLVPHVHVSDUD
DSOLFDUODVDQFLyQFRUUHVSRQGLHQWHDWUDYpVGHOSURFHGLPLHQWRSUHYLVWRHQHO(VWDWXWR7ULEXWDULR
,QFLVR&21',&,21$/0(17(H[HTXLEOH!(VWDVDQFLyQSRGUiLPSRQHUVHSRUODVDFWLYLGDGHVGHORV~OWLPRVWUHVDxRV
$57&8/2R',675,%8&,1'(&20%867,%/(6/48,'26(1=21$6'()5217(5$,QFLVRSULPHURPRGLILFDGR
SRUHODUWtFXORGHOD/H\GH!(QORVGHSDUWDPHQWRV\PXQLFLSLRVXELFDGRVHQ]RQDVGHIURQWHUDHO0LQLVWHULR
GH0LQDV\(QHUJtDWHQGUiODIXQFLyQGHGLVWULEXFLyQGHFRPEXVWLEOHVOtTXLGRVORVFXDOHVHVWDUiQH[HQWRVGH,9$DUDQFHOH
LPSXHVWRQDFLRQDODODJDVROLQD\DO$&30
(QGHVDUUROORGHHVWDIXQFLyQHO0LQLVWHULRGH0LQDV\(QHUJtDVHHQFDUJDUiGHODGLVWULEXFLyQGHFRPEXVWLEOHVHQORV
WHUULWRULRVGHWHUPLQDGRVELHQVHDLPSRUWDQGRFRPEXVWLEOHGHOSDtVYHFLQRRDWHQGLHQGRHOVXPLQLVWURFRQFRPEXVWLEOHV
SURGXFLGRVHQ&RORPELD(OYROXPHQPi[LPRDGLVWULEXLUVHUiHVWDEOHFLGRSRUHO0LQLVWHULRGH0LQDV\(QHUJtD'LUHFFLyQGH
+LGURFDUEXURVRTXLHQKDJDVXVYHFHVTXLHQSRGUiFHGHURFRQWUDWDUWRWDORSDUFLDOPHQWHFRQORVGLVWULEXLGRUHVPD\RULVWDV
\WHUFHURVODLPSRUWDFLyQWUDQVSRUWHDOPDFHQDPLHQWRGLVWULEXFLyQRYHQWDGHORVFRPEXVWLEOHV
(OFRPEXVWLEOHVHHQWUHJDUiH[FOXVLYDPHQWHDODVHVWDFLRQHVGHVHUYLFLR\FRPHUFLDOL]DGRUHVLQGXVWULDOHVXELFDGRVHQORV
PXQLFLSLRVUHFRQRFLGRVFRPR]RQDVGHIURQWHUDSDUDVHUGLVWULEXLGRDOSDUTXHDXWRPRWRU\DORVJUDQGHVFRQVXPLGRUHVTXH
FRQVXPDQYRO~PHQHVLQIHULRUHVDORVJDORQHVPHQVXDOHVHQODIRUPDHVWDEOHFLGDHQODVGLVSRVLFLRQHVYLJHQWHV(O
FRPEXVWLEOHGLVWULEXLGRDJUDQGHVFRQVXPLGRUHVHQ=RQDVGH)URQWHUDQRJR]DGHODVH[HQFLRQHVDTXHVHUHILHUHHOLQFLVR
SULPHURGHOSUHVHQWHDUWtFXOR
/RVFRQWUDWRVGHWUDQVSRUWHGHFRPEXVWLEOHVTXHFHOHEUHHO0LQLVWHULRGH0LQDV\(QHUJtDDWUDYpVGHOD'LUHFFLyQGH
+LGURFDUEXURVFRQGLVWULEXLGRUHVPD\RULVWDVGLVWULEXLGRUHVPLQRULVWDVRFRQWHUFHURVGHEHUiQHVWDEOHFHUGHPDQHUDH[SUHVD
TXHHVWRVDJHQWHVVHREOLJDQDHQWUHJDUHOFRPEXVWLEOHGLUHFWDPHQWHHQFDGDHVWDFLyQGHVHUYLFLR\HQORVYHKtFXORVGHO
FRPHUFLDOL]DGRULQGXVWULDO\ODVLQVWDODFLRQHVTXHHVWRVDWLHQGHQHQFRQFRUGDQFLDFRQORVFXSRVDVLJQDGRV
3$5*5$)2R3URKtEDVHODSURGXFFLyQLPSRUWDFLyQFRPHUFLDOL]DFLyQGLVWULEXFLyQYHQWD\FRQVXPRGHODJDVROLQD
DXWRPRWRUFRQSORPRHQHOWHUULWRULRQDFLRQDOH[FHSWXDQGROD]RQDDWHQGLGDSRUOD5HILQHUtDGH2ULWR3XWXPD\RGHDFXHUGR
FRQODUHJODPHQWDFLyQH[SHGLGDSRUHO*RELHUQR
3$5*5$)2R(O0LQLVWHULRGH0LQDV\(QHUJtDWHQGUiDVXFDUJRFRQODGHELGDUHFXSHUDFLyQGHORVFRVWRVODUHJXODFLyQ
\FRRUGLQDFLyQGHODVDFWLYLGDGHVGHGLVWULEXFLyQGHFRPEXVWLEOHVSDUDORFXDOHVWDEOHFHUiSODQHVGHDEDVWHFLPLHQWR\SRGUi
VHxDODUHVTXHPDVUHJXODWRULRV\WDULIDULRVTXHSHUPLWDQHOGHVDUUROORGHORHVWDEOHFLGRHQHOSUHVHQWHDUWtFXORDVtFRPR
SURJUDPDVGHUHFRQYHUVLyQVRFLRODERUDOHVSDUDDTXHOODVSHUVRQDVTXHHMHUFHQODGLVWULEXFLyQGHFRPEXVWLEOHVVLQOD
REVHUYDQFLDGHODVQRUPDVOHJDOHV
3$5*5$)2R(VWDEOp]FDVHXQSHULRGRGHWUDQVLFLyQKDVWDHORGHHQHURGHSDUDTXHHO0LQLVWHULRGH0LQDV\
(QHUJtDDVXPDODVIXQFLRQHVVHxDODGDVHQHOSUHVHQWH$UWtFXORSHUtRGRGXUDQWHHOFXDO(FRSHWURO6$\OD830(
FRQWLQXDUiQDFDUJRGHODVODERUHVTXHVREUHHOSDUWLFXODUYHQtDQHMHUFLHQGR(FRSHWURO6$\OD830(FHGHUiQDO0LQLVWHULR
GH0LQDV\(QHUJtDDWtWXORJUDWXLWRORVGHVDUUROORVWHFQROyJLFRV\ORJtVWLFRVQHFHVDULRVSDUDFXPSOLUFRQHVWDVIXQFLRQHV
$57&8/27$5,)$6'(/,038(672$/3$75,021,20RGLItTXHQVHORVLQFLVRVR\R\DGLFLyQDVHGRVLQFLVRVDO
DUWtFXORGHO(VWDWXWR7ULEXWDULRORVFXDOHVTXHGDQDVt
'HOGRVSXQWRFXDWURSRUFLHQWRVREUHODEDVHJUDYDEOHSUHYLVWDHQHODUWtFXORFXDQGRHOSDWULPRQLROtTXLGRVHD
LJXDORVXSHULRUDWUHVPLOPLOORQHVGHSHVRV\KDVWDFLQFRPLOPLOORQHVGHSHVRV
'HOFXDWURSXQWRRFKRSRUFLHQWRVREUHODEDVHJUDYDEOHSUHYLVWDHQHODUWtFXORFXDQGRHOSDWULPRQLROtTXLGRVHD
VXSHULRUDFLQFRPLOPLOORQHVGHSHVRV
,QFLVR&21',&,21$/0(17(H[HTXLEOH!3DUDHIHFWRVGHORGLVSXHVWRHQHODUWtFXORODVVRFLHGDGHVTXHKD\DQ
HIHFWXDGRSURFHVRVGHHVFLVLyQGXUDQWHHODxRJUDYDEOHGHEHUiQVXPDUORVSDWULPRQLRVOtTXLGRVSRVHtGRVDRGHHQHUR
GHSRUODVVRFLHGDGHVHVFLQGLGDV\EHQHILFLDULDVFRQHOILQGHGHWHUPLQDUVXVXMHFLyQDOLPSXHVWR
,QFLVR&21',&,21$/0(17(H[HTXLEOH!&XDQGRODVXPDWRULDGHORVSDWULPRQLRVOtTXLGRVSRVHtGRVDRGHHQHURGH
VHDLJXDORVXSHULRUDWUHVPLOPLOORQHVGHSHVRV\KDVWDFLQFRPLOPLOORQHVGHSHVRVFDGD
XQDGHODVVRFLHGDGHVHVFLQGLGDV\EHQHILFLDULDVHVWDUiQREOLJDGDVDGHFODUDU\SDJDUHOLPSXHVWRDOSDWULPRQLRDODWDULIDGHO
GRVSXQWRFXDWURSRUFLHQWROLTXLGDGRVREUHVXVUHVSHFWLYDVEDVHVJUDYDEOHV&XDQGRODVXPDWRULDGHORVSDWULPRQLRV
OtTXLGRVSRVHtGRVDRGHHQHURGHVHDVXSHULRUDFLQFRPLOPLOORQHVGHSHVRVFDGDXQDGHODV
VRFLHGDGHVHVFLQGLGDV\EHQHILFLDULDVHVWDUiQREOLJDGDVDGHFODUDU\SDJDUHOLPSXHVWRDOSDWULPRQLRDODWDULIDGHOFXDWUR
SXQWRRFKRSRUFLHQWROLTXLGDGRVREUHVXVUHVSHWLYDVEDVHVJUDYDEOHV
,QFLVR&21',&,21$/0(17(H[HTXLEOH!$VtPLVPRSDUDHIHFWRVGHORGLVSXHVWRHQHODUWtFXORODVSHUVRQDV
KWWSZZZGLDQJRYFRGLDQ1RUPDWLYLGDGQVIFIIEEFIFIIIDDDFGG"2SHQ'RFXPHQW
1RUPDWLYLGDG7HFQLFD/H\',$1
QDWXUDOHVRMXUtGLFDVTXHGHFRQIRUPLGDGFRQOD/H\GHKD\DQFRQVWLWXLGRVRFLHGDGHVSRUDFFLRQHVVLPSOLILFDGDV
GXUDQWHHODxRJUDYDEOHGHEHUiQVXPDUORVSDWULPRQLRVOtTXLGRVSRVHtGRVDRGHHQHURGHSRUODVSHUVRQDV
QDWXUDOHVRMXUtGLFDVTXHODVFRQVWLWX\HURQ\SRUODVUHVSHFWLYDV6$6FRQHOILQGHGHWHUPLQDUVXVXMHFLyQDOLPSXHVWR
,QFLVR&21',&,21$/0(17(H[HTXLEOH!&XDQGRODVXPDWRULDGHORVSDWULPRQLRVOtTXLGRVSRVHtGRVDRGHHQHURGH
VHDLJXDORVXSHULRUDWUHVPLOPLOORQHVGHSHVRV\KDVWDFLQFRPLOPLOORQHVGHSHVRVODV
SHUVRQDVQDWXUDOHVRMXUtGLFDVTXHODVFRQVWLWX\HURQ\TXHFDGDXQDGHODV6$6HVWDUiQREOLJDGDVDGHFODUDU\SDJDUHO
LPSXHVWRDOSDWULPRQLRDODWDULIDGHOGRVSXQWRFXDWURSRUFLHQWROLTXLGDGRVREUHVXVUHVSHFWLYDVEDVHVJUDYDEOHV
&XDQGRODVXPDWRULDGHORVSDWULPRQLRVOtTXLGRVSRVHtGRVDRGHHQHURGHVHDVXSHULRUDFLQFRPLOPLOORQHVGHSHVRV
ODVSHUVRQDVQDWXUDOHVRMXUtGLFDVTXHODVFRQVWLWX\HURQ\FDGDXQDGHODV6$6HVWDUiQREOLJDGDVD
GHFODUDU\SDJDUHOLPSXHVWRDOSDWULPRQLRDODWDULIDGHOFXDWURSXQWRRFKRSRUFLHQWROLTXLGDGRVREUHVXVUHVSHFWLYDV
EDVHVJUDYDEOHV/DVSHUVRQDVQDWXUDOHVRMXUtGLFDVTXHODVFRQVWLWX\HURQUHVSRQGHUiQVROLGDULDPHQWHSRUHOLPSXHVWRDO
SDWULPRQLRDFWXDOL]DFLyQHLQWHUpVGHODV6$6DSURUUDWDGHVXVDSRUWHV
$57&8/2(;&/86,1'(,9$$6(59,&,26'(&21(;,1<$&&(62$,17(51(7$GLFLyQDVHHOVLJXLHQWH
QXPHUDODODUWtFXORGHO(VWDWXWR7ULEXWDULR
/RVVHUYLFLRVGHFRQH[LyQ\DFFHVRD,QWHUQHWGHORVXVXDULRVUHVLGHQFLDOHVGHORVHVWUDWRV\
(QORVFDVRVHQTXHGLFKRVVHUYLFLRVVHDQRIUHFLGRVGHIRUPDHPSDTXHWDGDFRQRWURVVHUYLFLRVGHWHOHFRPXQLFDFLRQHVORV
yUJDQRVUHJXODGRUHVGHOVHUYLFLRGHWHOHFRPXQLFDFLRQHVTXHUHVXOWHQFRPSHWHQWHVWRPDUiQODVPHGLGDVUHJXODWRULDVTXH
VHDQQHFHVDULDVFRQHOILQGHTXHHOEHQHILFLRWULEXWDULRQRJHQHUHVXEVLGLRVFUX]DGRVHQWUHVHUYLFLRV
3DUDORVILQHVSUHYLVWRVHQHVWHQXPHUDOVHWHQGUiHQFXHQWDORSUHYLVWRHQHODUWtFXORQXPHUDOGHOD/H\GH
$57&8/2,17(5(6(6$)$925'(/&2175,%8<(17(0RGLItFDVHHODUWtFXORGHO(VWDWXWR7ULEXWDULRHOFXDO
TXHGDDVt
$UWtFXOR&XDQGRKXELHUHXQSDJRHQH[FHVRRHQODVGHFODUDFLRQHVWULEXWDULDVUHVXOWHXQVDOGRDIDYRUGHO
FRQWULEX\HQWHVyORVHFDXVDUiQLQWHUHVHVFRPHQWHV\PRUDWRULRVHQORVVLJXLHQWHVFDVRV
6HFDXVDQLQWHUHVHVFRUULHQWHVFXDQGRVHKXELHUHSUHVHQWDGRVROLFLWXGGHGHYROXFLyQ\HOVDOGRDIDYRUHVWXYLHUHHQ
GLVFXVLyQGHVGHODIHFKDGHQRWLILFDFLyQGHOUHTXHULPLHQWRHVSHFLDORGHODFWRTXHQLHJXHODGHYROXFLyQVHJ~QHOFDVRKDVWD
ODHMHFXWRULDGHODFWRRSURYLGHQFLDTXHFRQILUPHWRWDORSDUFLDOPHQWHHOVDOGRDIDYRU
6HFDXVDQLQWHUHVHVPRUDWRULRVDSDUWLUGHOYHQFLPLHQWRGHOWpUPLQRSDUDGHYROYHU\KDVWDODIHFKDGHOJLURGHOFKHTXH
HPLVLyQGHOWtWXORRFRQVLJQDFLyQ
(QWRGRVORVFDVRVHQTXHHOVDOGRDIDYRUKXELHUHVLGRGLVFXWLGRVHFDXVDQLQWHUHVHVPRUDWRULRVGHVGHHOGtDVLJXLHQWHDOD
HMHFXWRULDGHODFWRRSURYLGHQFLDTXHFRQILUPHWRWDORSDUFLDOPHQWHHOVDOGRDIDYRUKDVWDODIHFKDGHOJLURGHOFKHTXH
HPLVLyQGHOWtWXORRFRQVLJQDFLyQ
$57&8/2$GLFLyQDVHHODUWtFXORGHO(VWDWXWR7ULEXWDULRFRQHOVLJXLHQWHQXPHUDO
/RVUHVSRQVDEOHVGHO5pJLPHQ&RP~QSURYHHGRUHVGH6RFLHGDGHVGH&RPHUFLDOL]DFLyQ,QWHUQDFLRQDOFXDQGRDGTXLHUDQ
ELHQHVFRUSRUDOHVPXHEOHVRVHUYLFLRVJUDYDGRVGHSHUVRQDVTXHSHUWHQH]FDQDO5pJLPHQ&RP~QGLVWLQWRVGHORVDJHQWHV
GHUHWHQFLyQPHQFLRQDGRVHQORVQXPHUDOHV\RFXDQGRHOSDJRVHUHDOLFHDWUDYpVGHVLVWHPDVGHWDUMHWDGpELWRR
FUpGLWRRDWUDYpVGHHQWLGDGHVILQDQFLHUDVHQORVWpUPLQRVGHODUWtFXORGHHVWH(VWDWXWR
$57&8/2$GLFLyQDVHHOLQFLVRRGHODUWtFXORGHO(VWDWXWR7ULEXWDULRFRQHOVLJXLHQWHQXPHUDO
&XDQGRVHFRPSUXHEHTXHHOSURYHHGRUGHODV6RFLHGDGHVGH&RPHUFLDOL]DFLyQ,QWHUQDFLRQDOVROLFLWDQWHGHGHYROXFLyQ\R
FRPSHQVDFLyQDODIHFKDGHSUHVHQWDFLyQGHODVROLFLWXGQRKDFXPSOLGRFRQODREOLJDFLyQGHHIHFWXDUODUHWHQFLyQFRQVLJQDU
ORUHWHQLGR\SUHVHQWDUODVGHFODUDFLRQHVGHUHWHQFLyQHQODIXHQWHFRQSDJRGHORVSHUtRGRVFX\RSOD]RSDUDODSUHVHQWDFLyQ
\SDJRVHHQFXHQWUHQYHQFLGRVDODIHFKDGHSUHVHQWDFLyQGHODVROLFLWXG
(QHVWRVFDVRVQRVHUiDSOLFDEOHORGLVSXHVWRHQHOLQFLVRVHJXQGRGHODUWtFXORGHHVWH(VWDWXWR
&XDQGRODUHWHQFLyQHQODIXHQWHDWtWXORGHLPSXHVWRVREUHODVYHQWDVKD\DVLGRSUDFWLFDGD\FRQVLJQDGDGLUHFWDPHQWHDO
7HVRUR1DFLRQDODWUDYpVGHODVHQWLGDGHVILQDQFLHUDVFRQIRUPHORSUHYpHODUWtFXORGHHVWH(VWDWXWRVHYHULILFDUiHO
FXPSOLPLHQWRGHODREOLJDFLyQGHGHFODUDUORVSHULRGRVFX\RSOD]RSDUDODSUHVHQWDFLyQVHHQFXHQWUHQYHQFLGRVDODIHFKDGH
SUHVHQWDFLyQGHODVROLFLWXG
$57&8/2,1(),&$&,$'(/$6'(&/$5$&,21(6'(5(7(1&,1(1/$)8(17(35(6(17$'$66,13$*2
727$/6HDGLFLRQDHO(VWDWXWR7ULEXWDULRFRQHOVLJXLHQWHDUWtFXOR
$UWtFXOR,QHILFDFLDGHODVGHFODUDFLRQHVGHUHWHQFLyQHQODIXHQWHSUHVHQWDGDVVLQSDJRWRWDO/DVGHFODUDFLRQHVGH
UHWHQFLyQHQODIXHQWHSUHVHQWDGDVVLQSDJRWRWDOQRSURGXFLUiQHIHFWROHJDODOJXQRVLQQHFHVLGDGGHDFWRDGPLQLVWUDWLYRTXH
DVtORGHFODUH
/RVHxDODGRHQHOLQFLVRDQWHULRUQRVHDSOLFDUiFXDQGRODGHFODUDFLyQGHUHWHQFLyQHQODIXHQWHVHSUHVHQWHVLQSDJRSRUSDUWH
GHXQDJHQWHUHWHQHGRUTXHVHDWLWXODUGHXQVDOGRDIDYRULJXDORVXSHULRUDRFKHQWD\GRVPLO897VXVFHSWLEOHGH
FRPSHQVDUFRQHOVDOGRDSDJDUGHODUHVSHFWLYDGHFODUDFLyQGHUHWHQFLyQHQODIXHQWH3DUDWDOHIHFWRHOVDOGRDIDYRUGHEH
KDEHUVHJHQHUDGRDQWHVGHODSUHVHQWDFLyQGHODGHFODUDFLyQGHUHWHQFLyQHQODIXHQWHSRUXQYDORULJXDORVXSHULRUDOVDOGRD
KWWSZZZGLDQJRYFRGLDQ1RUPDWLYLGDGQVIFIIEEFIFIIIDDDFGG"2SHQ'RFXPHQW
1RUPDWLYLGDG7HFQLFD/H\',$1
SDJDUGHWHUPLQDGRHQGLFKDGHFODUDFLyQ
(ODJHQWHUHWHQHGRUGHEHUiVROLFLWDUDOD'LUHFFLyQGH,PSXHVWRV\$GXDQDV1DFLRQDOHVODFRPSHQVDFLyQGHOVDOGRDIDYRU
FRQHOVDOGRDSDJDUGHWHUPLQDGRHQODGHFODUDFLyQGHUHWHQFLyQGHQWURGHORVVHLVPHVHVVLJXLHQWHVDODSUHVHQWDFLyQGH
ODUHVSHFWLYDGHFODUDFLyQGHUHWHQFLyQHQODIXHQWH
&XDQGRHODJHQWHUHWHQHGRUQRVROLFLWHODFRPSHQVDFLyQGHOVDOGRDIDYRURSRUWXQDPHQWHRFXDQGRODVROLFLWXGVHDUHFKD]DGD
ODGHFODUDFLyQGHUHWHQFLyQHQODIXHQWHSUHVHQWDGDVLQSDJRQRSURGXFLUiHIHFWROHJDODOJXQRVLQQHFHVLGDGGHDFWR
DGPLQLVWUDWLYRTXHDVtORGHFODUH
$57&8/2,1(),&$&,$(1/$6'(&/$5$&,21(6'('(5(&+26'((;3/27$&,1<*$6726'(
$'0,1,675$&,135(6(17$'$66,13$*2727$/$GLFLyQHVHHODUWtFXORGHOD/H\GHFRQHOVLJXLHQWH
LQFLVR
/DVGHFODUDFLRQHVGHGHUHFKRVGHH[SORWDFLyQ\JDVWRVGHDGPLQLVWUDFLyQGHORVMXHJRVGHVXHUWH\D]DUSUHVHQWDGDVVLQ
SDJRWRWDOQRSURGXFLUiQHIHFWROHJDODOJXQRVLQQHFHVLGDGGHDFWRDGPLQLVWUDWLYRTXHDVtORGHFODUH
$57&8/2,1)250$&,13$5$()(&726'(&21752/75,%87$5,2$GLFLyQDVHHO(VWDWXWR7ULEXWDULRFRQHO
VLJXLHQWHDUWtFXOR
$UWtFXOR,QIRUPDFLyQSDUDHIHFWRVGHFRQWUROWULEXWDULR(O'LUHFWRU*HQHUDOGHOD8$('LUHFFLyQGH,PSXHVWRV\
$GXDQDV1DFLRQDOHVVHxDODUiODVHVSHFLILFDFLRQHVGHODLQIRUPDFLyQFRQUHOHYDQFLDWULEXWDULDTXHGHEHQVXPLQLVWUDUORV
FRQWULEX\HQWHV\QRFRQWULEX\HQWHV
$57&8/2'(92/8&,1&2135(6(17$&,1'(*$5$17$0RGLItFDVHHODUWtFXORGHO(VWDWXWR7ULEXWDULRHO
FXDOTXHGDDVt
$SDUWHWDFKDGR(1(;(48,%/(!
$UWtFXOR'HYROXFLyQFRQSUHVHQWDFLyQGHJDUDQWtD&XDQGRHOFRQWULEX\HQWHRUHVSRQVDEOHSUHVHQWHFRQODVROLFLWXGGH
GHYROXFLyQXQDJDUDQWtDDIDYRUGHOD1DFLyQRWRUJDGDSRUHQWLGDGHVEDQFDULDVRGHFRPSDxtDVGHVHJXURVSRUYDORU
HTXLYDOHQWHDOPRQWRREMHWRGHGHYROXFLyQPiVODVVDQFLRQHVGHTXHWUDWDHODUWtFXORGHHVWH(VWDWXWRVLHPSUHTXH
HVWDV~OWLPDVQRVXSHUHQGLH]PLOVDODULRVPtQLPRVOHJDOHVPHQVXDOHVYLJHQWHVOD$GPLQLVWUDFLyQGH
,PSXHVWRVGHQWURGHORVYHLQWHGtDVVLJXLHQWHVGHEHUiKDFHUHQWUHJDGHOFKHTXHWtWXORRJLUR
/DJDUDQWtDGHTXHWUDWDHVWHDUWtFXORWHQGUiXQDYLJHQFLDGHGRVDxRV6LGHQWURGHHVWHODSVROD$GPLQLVWUDFLyQ
7ULEXWDULDQRWLILFDHOUHTXHULPLHQWRHVSHFLDORHOFRQWULEX\HQWHFRUULJHODGHFODUDFLyQHOJDUDQWHVHUiVROLGDULDPHQWH
UHVSRQVDEOHSRUODVREOLJDFLRQHVJDUDQWL]DGDVLQFOX\HQGRHOPRQWRGHODVVDQFLRQHVSRULPSURFHGHQFLDGHODGHYROXFLyQODV
FXDOHVVHKDUiQHIHFWLYDVMXQWRFRQORVLQWHUHVHVFRUUHVSRQGLHQWHVXQDYH]TXHGHHQILUPHHQODYtDJXEHUQDWLYDRHQODYtD
MXULVGLFFLRQDOFXDQGRVHLQWHUSRQJDGHPDQGDDQWHODMXULVGLFFLyQDGPLQLVWUDWLYDHODFWRDGPLQLVWUDWLYRGHOLTXLGDFLyQRILFLDOR
GHLPSURFHGHQFLDGHODGHYROXFLyQD~QVLHVWHVHSURGXFHFRQSRVWHULRULGDGDORVGRVDxRV
(QHOWH[WRGHWRGDJDUDQWtDFRQVWLWXLGDDIDYRUGHOD1DFLyQ'LUHFFLyQGH,PSXHVWRV\$GXDQDV1DFLRQDOHVGHEHUi
FRQVWDUH[SUHVDPHQWHODPHQFLyQGHTXHODHQWLGDGEDQFDULDRFRPSDxtDGHVHJXURVUHQXQFLDDOEHQHILFLRGHH[FXVLyQ
(O'LUHFWRUGH,PSXHVWRV\$GXDQDV1DFLRQDOHVSUHYLDHYDOXDFLyQGHORVIDFWRUHVGHULHVJRHQODVGHYROXFLRQHVSRGUi
SUHVFULELUPHGLDQWHUHVROXFLyQPRWLYDGDORVFRQWULEX\HQWHVRVHFWRUHVTXHVHVXMHWDUiQDOWpUPLQRJHQHUDOGHTXHWUDWDHO
DUWtFXORGHHVWH(VWDWXWRDXQTXHODVROLFLWXGGHGHYROXFLyQ\RFRPSHQVDFLyQVHDSUHVHQWDGDFRQJDUDQWtDFDVRHQHO
FXDOSRGUiVHUVXVSHQGLGRHOWpUPLQRSDUDGHYROYHU\RFRPSHQVDUKDVWDSRUXQPi[LPRGHQRYHQWDGtDVFRQIRUPHFRQ
ORSUHYLVWRHQHODUWtFXOR
(QWRGRVORVFDVRVHQTXHHOFRQWULEX\HQWHRUHVSRQVDEOHFRUULMDODGHFODUDFLyQWULEXWDULDFX\RVDOGRDIDYRUIXHREMHWRGH
GHYROXFLyQ\RFRPSHQVDFLyQWUDPLWDGDFRQRVLQJDUDQWtDOD$GPLQLVWUDFLyQ7ULEXWDULDLPSRQGUiODVVDQFLRQHVGHTXHWUDWD
HODUWtFXORGHHVWH(VWDWXWRSUHYLDIRUPXODFLyQGHOSOLHJRGHFDUJRV\GDUiWUDVODGRSRUHOWpUPLQRGHXQPHVSDUD
UHVSRQGHUSDUDWDOHIHFWRHOSOLHJRGHFDUJRVGHEHSURIHULUVHGHQWURGHORVGRVDxRVVLJXLHQWHVDODSUHVHQWDFLyQGHOD
GHFODUDFLyQGHFRUUHFFLyQ
$57&8/20RGLItFDVHHOLQFLVRRGHODUWtFXORGHO(VWDWXWR7ULEXWDULRHOFXDOTXHGDDVt
$UWtFXOR7pUPLQRSDUDHIHFWXDUODGHYROXFLyQ/D$GPLQLVWUDFLyQGH,PSXHVWRVGHEHUiGHYROYHUSUHYLDODV
FRPSHQVDFLRQHVDTXHKD\DOXJDUORVVDOGRVDIDYRURULJLQDGRVHQORVLPSXHVWRVVREUHODUHQWD\FRPSOHPHQWDULRV\VREUH
ODVYHQWDVGHQWURGHORVFLQFXHQWDGtDVVLJXLHQWHVDODIHFKDGHODVROLFLWXGGHGHYROXFLyQSUHVHQWDGDRSRUWXQDPHQWH\
HQGHELGDIRUPD
$57&8/2122%/,*$'26$35(6(17$5'(&/$5$&,1'(5(7(1&,1(1/$)8(17(6HPRGLILFDHO
SDUiJUDIRR\VHDGLFLRQDXQSDUiJUDIRWUDQVLWRULRDODUWtFXORGHO(VWDWXWR7ULEXWDULRDVt
3$5*5$)2R/DSUHVHQWDFLyQGHODGHFODUDFLyQGHTXHWUDWDHVWHDUWtFXORQRVHUiREOLJDWRULDHQORVSHULRGRVHQORV
FXDOHVQRVHKD\DQUHDOL]DGRRSHUDFLRQHVVXMHWDVDUHWHQFLyQHQODIXHQWH
3$5*5$)275$16,725,2/RVDJHQWHVGHUHWHQFLyQTXHQRKD\DQFXPSOLGRFRQODREOLJDFLyQGHSUHVHQWDUODV
GHFODUDFLRQHVGHUHWHQFLyQHQODIXHQWHHQFHURVHQORVPHVHVTXHQRUHDOL]DURQSDJRVVXMHWRVDUHWHQFLyQGHVGHMXOLRGH
SRGUiQSUHVHQWDUHVDVGHFODUDFLRQHVGHQWURGHORVVHLVPHVHVVLJXLHQWHVDODYLJHQFLDGHHVWDOH\VLQOLTXLGDUVDQFLyQ
SRUH[WHPSRUDQHLGDG
KWWSZZZGLDQJRYFRGLDQ1RUPDWLYLGDGQVIFIIEEFIFIIIDDDFGG"2SHQ'RFXPHQW
1RUPDWLYLGDG7HFQLFD/H\',$1
$57&8/2352&(62'(02'(51,=$&,1'(/$',$1/D',$1FRQWLQXDUiVXSURFHVRGHPRGHUQL]DFLyQ
WHFQROyJLFDFRQHOILQVLPSOLILFDU\GLVPLQXLUORVSURFHGLPLHQWRVUHTXHULGRVSDUDFXPSOLUODVREOLJDFLRQHVWULEXWDULDVIRUPDOHV\
VXVWDQWLYDV
3$5*5$)2(OSURFHVRGHPRGHUQL]DFLyQWHFQROyJLFDGHOD',$1QRSRGUiVHUVXSHULRUDGRVDxRVGHVSXpVGHHQWUDGD
HQYLJHQFLDODSUHVHQWHOH\
$57&8/2122%/,*$'26$35(6(17$5'(&/$5$&,1'(/,038(67262%5(/$69(17$6$GLFLyQDVHHO
DUWtFXORGHO(VWDWXWR7ULEXWDULRFRQORVVLJXLHQWHVLQFLVRV\SDUiJUDIRV
7DPSRFRHVWDUiQREOLJDGRVDSUHVHQWDUODGHFODUDFLyQELPHVWUDOGHOLPSXHVWRVREUHODVYHQWDVORVUHVSRQVDEOHVGHOUpJLPHQ
FRP~QHQORVSHUtRGRVHQORVFXDOHVQRKD\DQHIHFWXDGRRSHUDFLRQHVVRPHWLGDVDOLPSXHVWRQLRSHUDFLRQHVTXHGHQOXJDUD
LPSXHVWRVGHVFRQWDEOHVDMXVWHVRGHGXFFLRQHVHQORVWpUPLQRVGHORGLVSXHVWRHQORVDUWtFXORV\GHO(VWDWXWR
7ULEXWDULR
3$5*5$)275$16,725,2/RVUHVSRQVDEOHVREOLJDGRVDSUHVHQWDUGHFODUDFLyQELPHVWUDOGHOLPSXHVWRVREUHODVYHQWDV
TXHQRKD\DQFXPSOLGRODREOLJDFLyQGHSUHVHQWDUODVGHFODUDFLRQHVGHOLPSXHVWRVREUHODVYHQWDVHQFHURVHQORVPHVHV
HQORVFXDOHVQRUHDOL]DURQRSHUDFLRQHVVRPHWLGDVDOLPSXHVWRQLRSHUDFLRQHVTXHGHQOXJDUDLPSXHVWRVGHVFRQWDEOHV
DMXVWHVRGHGXFFLRQHVHQORVWpUPLQRVGHORVDUWtFXORV\GHHVWH(VWDWXWRGHVGHTXHWHQtDQODREOLJDFLyQSRGUiQ
SUHVHQWDUHVDVGHFODUDFLRQHVGHQWURGHORVVHLVPHVHVVLJXLHQWHVDODYLJHQFLDGHHVWD/H\VLQOLTXLGDUVDQFLyQSRU
H[WHPSRUDQHLGDG
$57&8/20RGLItTXHVHHO~OWLPRLQFLVRGHODUWtFXORGHO(VWDWXWR7ULEXWDULRHOFXDOTXHGDDVt
1RVRQFRQWULEX\HQWHVGHOLPSXHVWRVREUHODUHQWD\FRPSOHPHQWDULRVODVDVRFLDFLRQHVGHKRJDUHVFRPXQLWDULRV\KRJDUHV
LQIDQWLOHVGHO,QVWLWXWR&RORPELDQRGH%LHQHVWDU)DPLOLDURDXWRUL]DGRVSRUpVWH\ODVDVRFLDFLRQHVGHDGXOWRVPD\RUHV
DXWRUL]DGRSRUHO,QVWLWXWR&RORPELDQRGH%LHQHVWDU)DPLOLDU
$57&8/2$GLFLyQHVHHODUWtFXORGHO(VWDWXWR7ULEXWDULRFRQHOVLJXLHQWHOLWHUDO
F/DVDVRFLDFLRQHVGHKRJDUHVFRPXQLWDULRV\KRJDUHVLQIDQWLOHVGHO,QVWLWXWR&RORPELDQRGH%LHQHVWDU)DPLOLDUR
DXWRUL]DGRVSRUHVWH\ODVDVRFLDFLRQHVGHDGXOWRVPD\RUHVDXWRUL]DGRSRUHO,QVWLWXWR&RORPELDQRGH%LHQHVWDU)DPLOLDU
$57&8/2$GLFLyQDVHHO(VWDWXWR7ULEXWDULRFRQHOVLJXLHQWHDUWtFXOR
$UWtFXOR6XPLQLVWURGHLQIRUPDFLyQFRQILQHVHVWDGtVWLFRV/D'LUHFFLyQGH,PSXHVWRV\$GXDQDV1DFLRQDOHVSRGUi
SUHYLDVROLFLWXGVXPLQLVWUDUDO'HSDUWDPHQWR$GPLQLVWUDWLYR1DFLRQDOGH(VWDGtVWLFD'$1(SDUDSURSyVLWRVHVWULFWDPHQWH
HVWDGtVWLFRV\HQSDUWLFXODUSDUDGHVDUUROODUHQFXHVWDVHFRQyPLFDV\SDUDDQiOLVLVHPSUHVDULDOHVFRPRGHPRJUDItDGH
HPSUHVDVLQIRUPDFLyQWULEXWDULDJOREDOL]DGDRGHVDJUHJDGDSRUVHFWRUHV
(OXVRGHHVWDLQIRUPDFLyQHVWDUiVRPHWLGDDODPiVHVWULFWDUHVHUYD
3DUDHIHFWRVGHOFRQWURO\YHULILFDFLyQGHOFXPSOLPLHQWRGHUHTXLVLWRVHVWDEOHFLGRVGHFRQIRUPLGDGFRQOD&RQVWLWXFLyQ\OD
OH\HQORVSURFHVRVGHFRQWUDWDFLyQDGPLQLVWUDWLYDTXHDGHODQWHHO,QVWLWXWR1DFLRQDOGH&RQFHVLRQHV,1&2RTXLHQKDJD
VXVYHFHVSRUFXDQWtDVXSHULRUDFXDUHQWD\XQPLO897SRGUiVROLFLWDUDOD'LUHFFLyQGH,PSXHVWRV\$GXDQDV
1DFLRQDOHVODLQIRUPDFLyQGHORVFRQWULEX\HQWHVUHVSRQVDEOHV\GHPiVVXMHWRVREOLJDGRVTXHWHQJDQODFDOLGDGGH
SURSRQHQWHVTXHUHSRVHHQODVGHFODUDFLRQHVWULEXWDULDV\HQORVVLVWHPDVGHLQIRUPDFLyQ\UHJLVWURGHODHQWLGDG(O,QVWLWXWR
1DFLRQDOGH&RQFHVLRQHV,1&2VyORSRGUiXWLOL]DUODLQIRUPDFLyQVXPLQLVWUDGDSDUDORVILQHVPHQFLRQDGRVJXDUGDQGR
UHVSHFWRGHGLFKDLQIRUPDFLyQODPiVDEVROXWDUHVHUYD
$57&8/20(',26'(3$*23$5$()(&726'(/$$&(37$&,1'(&26726'('8&&,21(63$6,926(
,038(6726'(6&217$%/(66HDGLFLRQDHO(VWDWXWR7ULEXWDULRFRQHOVLJXLHQWHDUWtFXOR
$UWtFXOR0HGLRVGHSDJRSDUDHIHFWRVGHODDFHSWDFLyQGHFRVWRVGHGXFFLRQHVSDVLYRVHLPSXHVWRVGHVFRQWDEOHV
3DUDHIHFWRVGHVXUHFRQRFLPLHQWRILVFDOFRPRFRVWRVGHGXFFLRQHVSDVLYRVRLPSXHVWRVGHVFRQWDEOHVORVSDJRVTXH
HIHFW~HQORVFRQWULEX\HQWHVRUHVSRQVDEOHVGHEHUiQUHDOL]DUVHPHGLDQWHDOJXQRGHORVVLJXLHQWHVPHGLRVGHSDJR'HSyVLWRV
HQFXHQWDVEDQFDULDVJLURVRWUDQVIHUHQFLDVEDQFDULDVFKHTXHVJLUDGRVDOSULPHUEHQHILFLDULRWDUMHWDVGHFUpGLWRWDUMHWDV
GpELWRXRWURWLSRGHWDUMHWDVRERQRVTXHVLUYDQFRPRPHGLRVGHSDJRHQODIRUPD\FRQGLFLRQHVTXHDXWRULFHHO*RELHUQR
1DFLRQDO
/RGLVSXHVWRHQHOSUHVHQWHDUWtFXORQRLPSLGHHOUHFRQRFLPLHQWRILVFDOGHORVSDJRVHQHVSHFLHQLODXWLOL]DFLyQGHORVGHPiV
PRGRVGHH[WLQFLyQGHODVREOLJDFLRQHVGLVWLQWRVDOSDJRSUHYLVWRVHQHODUWtFXORGHO&yGLJR&LYLO\GHPiVQRUPDV
FRQFRUGDQWHV
$VtPLVPRORGLVSXHVWRHQHOSUHVHQWHDUWtFXORVRORWLHQHHIHFWRVILVFDOHV\VHHQWLHQGHVLQSHUMXLFLRGHODYDOLGH]GHO
HIHFWLYRFRPRPHGLRGHSDJROHJtWLPR\FRQSRGHUOLEHUDWRULRLOLPLWDGRGHFRQIRUPLGDGFRQHODUWtFXORRGHOD/H\GH
3$5*5$)23RGUiQWHQHUUHFRQRFLPLHQWRILVFDOFRPRFRVWRVGHGXFFLRQHVSDVLYRVRLPSXHVWRVGHVFRQWDEOHVORVSDJRV
HQHIHFWLYRTXHHIHFW~HQORVFRQWULEX\HQWHVRUHVSRQVDEOHVLQGHSHQGLHQWHPHQWHGHOQ~PHURGHSDJRVTXHVHUHDOLFHQ
GXUDQWHHODxRDVt
(QHOSULPHUDxRHOPHQRUHQWUHHORFKHQWD\FLQFRSRUFLHQWRGHORSDJDGRRFLHQPLO897RHOFLQFXHQWD
SRUFLHQWRGHORVFRVWRV\GHGXFFLRQHVWRWDOHV
KWWSZZZGLDQJRYFRGLDQ1RUPDWLYLGDGQVIFIIEEFIFIIIDDDFGG"2SHQ'RFXPHQW
1RUPDWLYLGDG7HFQLFD/H\',$1
1RUPDWLYLGDG7HFQLFD/H\',$1
$UWtFXOR0HFDQLVPRSDUDHIHFWXDUODGHYROXFLyQ/DGHYROXFLyQGHVDOGRVDIDYRUSRGUiHIHFWXDUVHPHGLDQWHFKHTXH
WtWXORRJLUR/DDGPLQLVWUDFLyQWULEXWDULDSRGUiHIHFWXDUGHYROXFLRQHVGHVDOGRVDIDYRUVXSHULRUHVDXQPLO897
PHGLDQWHWtWXORVGHGHYROXFLyQGHLPSXHVWRVORVFXDOHVVRORVHUYLUiQSDUDFDQFHODULPSXHVWRVRGHUHFKRVDGPLQLVWUDGRVSRU
ODV'LUHFFLRQHVGH,PSXHVWRV\GH$GXDQDVGHQWURGHODxRFDOHQGDULRVLJXLHQWHDODIHFKDGHVXH[SHGLFLyQ
(OYDORUGHORVWtWXORVHPLWLGRVHQFDGDDxRQRSRGUiH[FHGHUGHOGLH]SRUFLHQWRGHOYDORUGHORVUHFDXGRV
DGPLQLVWUDGRVSRUOD'LUHFFLyQGH,PSXHVWRV\$GXDQDV1DFLRQDOHVUHVSHFWRDODxRDQWHULRUVHH[SHGLUiQDQRPEUHGHO
EHQHILFLDULRGHODGHYROXFLyQ\VHUiQQHJRFLDEOHV
$57&8/20RGLItFDVHHODUWtFXORGHO(VWDWXWR7ULEXWDULRHOFXDOTXHGDDVt
$UWtFXOR%HQHILFLRGHODDXGLWRUtD3DUDORVSHUtRGRVJUDYDEOHVDODOLTXLGDFLyQSULYDGDGHORV
FRQWULEX\HQWHVGHOLPSXHVWRVREUHODUHQWD\FRPSOHPHQWDULRVTXHLQFUHPHQWHQVXLPSXHVWRQHWRGHUHQWDHQSRUORPHQRVXQ
SRUFHQWDMHHTXLYDOHQWHDFLQFRYHFHVODLQIODFLyQFDXVDGDGHOUHVSHFWLYRSHUtRGRJUDYDEOHHQUHODFLyQFRQHOLPSXHVWR
QHWRGHUHQWDGHODxRLQPHGLDWDPHQWHDQWHULRUTXHGDUiHQILUPHVLGHQWURGHORVGLHFLRFKRPHVHVVLJXLHQWHVDODIHFKD
GHVXSUHVHQWDFLyQQRVHKXELHUHQRWLILFDGRHPSOD]DPLHQWRSDUDFRUUHJLUVLHPSUHTXHODGHFODUDFLyQVHDGHELGDPHQWH
SUHVHQWDGDHQIRUPDRSRUWXQD\HOSDJRVHUHDOLFHHQORVSOD]RVTXHSDUDWDOHIHFWRILMHHO*RELHUQR1DFLRQDO
6LHOLQFUHPHQWRGHOLPSXHVWRQHWRGHUHQWDHVGHDOPHQRVVLHWHYHFHVODLQIODFLyQFDXVDGDHQHOUHVSHFWLYRDxR
JUDYDEOHHQUHODFLyQFRQHOLPSXHVWRQHWRGHUHQWDGHODxRLQPHGLDWDPHQWHDQWHULRUODGHFODUDFLyQGHUHQWDTXHGDUiHQILUPH
VLGHQWURGHORVGRFHPHVHVVLJXLHQWHVDODIHFKDGHVXSUHVHQWDFLyQQRVHKXELHUHQRWLILFDGRHPSOD]DPLHQWRSDUD
FRUUHJLUVLHPSUHTXHODGHFODUDFLyQVHDGHELGDPHQWHSUHVHQWDGDHQIRUPDRSRUWXQD\HOSDJRVHUHDOLFHHQORVSOD]RVTXH
SDUDWDOHIHFWRILMHHO*RELHUQR1DFLRQDO
6LHOLQFUHPHQWRGHOLPSXHVWRQHWRGHUHQWDHVGHDOPHQRVGRFHYHFHVODLQIODFLyQFDXVDGDHQHOUHVSHFWLYRDxR
JUDYDEOHHQUHODFLyQFRQHOLPSXHVWRQHWRGHUHQWDGHODxRLQPHGLDWDPHQWHDQWHULRUODGHFODUDFLyQGHUHQWDTXHGDUiHQILUPH
VLGHQWURGHORVVHLVPHVHVVLJXLHQWHVDODIHFKDGHVXSUHVHQWDFLyQQRVHKXELHUHQRWLILFDGRHPSOD]DPLHQWRSDUD
FRUUHJLUVLHPSUHTXHODGHFODUDFLyQVHDGHELGDPHQWHSUHVHQWDGDHQIRUPDRSRUWXQD\HOSDJRVHUHDOLFHHQORVSOD]RVTXH
SDUDWDOHIHFWRILMHHO*RELHUQR1DFLRQDO
(VWDQRUPDQRHVDSOLFDEOHDORVFRQWULEX\HQWHVTXHJRFHQGHEHQHILFLRVWULEXWDULRVHQUD]yQDVXXELFDFLyQHQXQD]RQD
JHRJUiILFDGHWHUPLQDGD
&XDQGRODGHFODUDFLyQREMHWRGHEHQHILFLRGHDXGLWRUtDDUURMHXQDSpUGLGDILVFDOOD$GPLQLVWUDFLyQ7ULEXWDULDSRGUiHMHUFHUODV
IDFXOWDGHVGHILVFDOL]DFLyQSDUDGHWHUPLQDUODSURFHGHQFLDRLPSURFHGHQFLDGHODPLVPD\SRUHQGHVXFRPSHQVDFLyQHQ
DxRVSRVWHULRUHV(VWDIDFXOWDGVHWHQGUiQRREVWDQWHKD\DWUDQVFXUULGRORVSHUtRGRVGHTXHWUDWDHOSUHVHQWHDUWtFXOR
(QHOFDVRGHORVFRQWULEX\HQWHVTXHHQORVDxRVDQWHULRUHVDOSHULRGRHQTXHSUHWHQGHDFRJHUVHDOEHQHILFLRGHDXGLWRUtDQR
KXELHUHQSUHVHQWDGRGHFODUDFLyQGHUHQWD\FRPSOHPHQWDULRV\FXPSODQFRQGLFKDREOLJDFLyQGHQWURGHORVSOD]RVTXHVHxDOH
HO*RELHUQR1DFLRQDOSDUDSUHVHQWDUODVGHFODUDFLRQHVFRUUHVSRQGLHQWHVDORVSHUtRGRVJUDYDEOHVDOHVVHUiQ
DSOLFDEOHVORVWpUPLQRVGHILUPH]DGHODOLTXLGDFLyQSUHYLVWDHQHVWHDUWtFXORSDUDORFXDOGHEHUiQLQFUHPHQWDUHOLPSXHVWR
QHWRGHUHQWDDFDUJRSRUGLFKRVSHUtRGRVHQORVSRUFHQWDMHVGHLQIODFLyQGHOUHVSHFWLYRDxRJUDYDEOHGHTXHWUDWDHOSUHVHQWH
DUWtFXOR
&XDQGRVHGHPXHVWUHTXHODVUHWHQFLRQHVHQODIXHQWHGHFODUDGDVVRQLQH[LVWHQWHVQRSURFHGHUiHOEHQHILFLRGHDXGLWRUtD
3$5*5$)2R/DVGHFODUDFLRQHVGHFRUUHFFLyQ\VROLFLWXGHVGHFRUUHFFLyQTXHVHSUHVHQWHQDQWHVGHOWpUPLQRGHILUPH]D
GHTXHWUDWDHOSUHVHQWHDUWtFXORQRDIHFWDUiQODYDOLGH]GHOEHQHILFLRGHDXGLWRUtDVLHPSUH\FXDQGRHQODGHFODUDFLyQLQLFLDO
HOFRQWULEX\HQWHFXPSODFRQORVUHTXLVLWRVGHSUHVHQWDFLyQRSRUWXQDLQFUHPHQWRGHOLPSXHVWRQHWRVREUHODUHQWDSDJR\HQ
ODVFRUUHFFLRQHVGLFKRVUHTXLVLWRVVHPDQWHQJDQ
3$5*5$)2R&XDQGRHOLPSXHVWRQHWRVREUHODUHQWDGHODGHFODUDFLyQFRUUHVSRQGLHQWHDODxRJUDYDEOHIUHQWHDOFXDO
GHEHFXPSOLUVHHOUHTXLVLWRGHOLQFUHPHQWRVHDLQIHULRUD897QRSURFHGHUiODDSOLFDFLyQGHOEHQHILFLRGHDXGLWRUtD
3$5*5$)2R&XDQGRVHWUDWHGHGHFODUDFLRQHVTXHUHJLVWUHQVDOGRDIDYRUHOWpUPLQRSDUDVROLFLWDUODGHYROXFLyQ\R
FRPSHQVDFLyQVHUiHOSUHYLVWRHQHVWHDUWtFXORSDUDODILUPH]DGHODGHFODUDFLyQ
$57&8/20RGLItTXHVHHOLQFLVRRGHODUWtFXORGHO(VWDWXWR7ULEXWDULRHOFXDOTXHGDDVt
1RVHUiQVXVFHSWLEOHVGHPHGLGDVFDXWHODUHVSRUSDUWHGHOD',$1\GHPiVHQWLGDGHVS~EOLFDVORVELHQHVLQPXHEOHV
DIHFWDGRVFRQSDWULPRQLRGHIDPLOLDLQHPEDUJDEOHRFRQDIHFWDFLyQDYLYLHQGDIDPLOLDU\ODVFXHQWDVGHGHSyVLWRHQHO%DQFR
GHOD5HS~EOLFD
$57&8/20RGLItTXHVHHOQXPHUDOGHODUWtFXORGHO(VWDWXWR7ULEXWDULRHOFXDOTXHGDUiDVt
/RVUHWLURVHIHFWXDGRVGHODVFXHQWDVGHDKRUURRWDUMHWDVSUHSDJRDELHUWDVRDGPLQLVWUDGDVSRUHQWLGDGHVILQDQFLHUDV\R
FRRSHUDWLYDVGHQDWXUDOH]DILQDQFLHUDRGHDKRUUR\FUpGLWRYLJLODGDVSRUODV6XSHULQWHQGHQFLDV)LQDQFLHUDRGH(FRQRPtD
6ROLGDULDUHVSHFWLYDPHQWHTXHQRH[FHGDQPHQVXDOPHQWHGHWUHVFLHQWRVFLQFXHQWD897SDUDORFXDOHOWLWXODUGHOD
FXHQWDRGHODWDUMHWDSUHSDJRGHEHUiLQGLFDUDQWHHOUHVSHFWLYRHVWDEOHFLPLHQWRGHFUpGLWRRFRRSHUDWLYDILQDQFLHUDTXHGLFKD
FXHQWDRWDUMHWDSUHSDJRVHUiOD~QLFDEHQHILFLDGDFRQODH[HQFLyQ
/DH[HQFLyQVHDSOLFDUiH[FOXVLYDPHQWHDXQDFXHQWDGHDKRUURVRWDUMHWDSUHSDJRSRUWLWXODU\VLHPSUH\FXDQGRSHUWHQH]FD
DXQ~QLFRWLWXODU&XDQGRTXLHUDTXHXQDSHUVRQDVHDWLWXODUGHPiVGHXQDFXHQWDGHDKRUURV\WDUMHWDSUHSDJRHQXQRR
YDULRVHVWDEOHFLPLHQWRVGHFUpGLWRGHEHUiHOHJLUHQUHODFLyQFRQODFXDORSHUDUiHOEHQHILFLRWULEXWDULRDTXtSUHYLVWRH
KWWSZZZGLDQJRYFRGLDQ1RUPDWLYLGDGQVIFIIEEFIFIIIDDDFGG"2SHQ'RFXPHQW
1RUPDWLYLGDG7HFQLFD/H\',$1
LQGLFiUVHORDOUHVSHFWLYRHVWDEOHFLPLHQWR
$57&8/20RGLItTXHVHHOLQFLVRRGHOQXPHUDOGHODUWtFXORGHO(VWDWXWR7ULEXWDULRHOFXDOTXHGDUiDVt
/RVWUDVODGRVTXHVHUHDOLFHQHQWUHFXHQWDVFRUULHQWHV\RGHDKRUURV\RWDUMHWDVSUHSDJRDELHUWDVHQXQPLVPR
HVWDEOHFLPLHQWRGHFUpGLWRFRRSHUDWLYDFRQDFWLYLGDGILQDQFLHUDFRRSHUDWLYDGHDKRUUR\FUpGLWRFRPLVLRQLVWDVGHEROVD\
GHPiVHQWLGDGHVYLJLODGDVSRUODV6XSHULQWHQGHQFLDV)LQDQFLHUDRGH(FRQRPtD6ROLGDULDVHJ~QHOFDVRDQRPEUHGHXQ
PLVPR\~QLFRWLWXODUDVtFRPRORVWUDVODGRVHQWUHLQYHUVLRQHVRSRUWDIROLRVTXHVHUHDOLFHQSRUSDUWHGHXQDVRFLHGDG
FRPLVLRQLVWDGHEROVDXQDVRFLHGDGILGXFLDULDRXQDVRFLHGDGDGPLQLVWUDGRUDGHLQYHUVLRQHVYLJLODGDSRUOD6XSHULQWHQGHQFLD
)LQDQFLHUDGH&RORPELDDIDYRUGHXQPLVPREHQHILFLDULRVDOYRORFRUUHVSRQGLHQWHDODVXWLOLGDGHVRUHQGLPLHQWRVTXHKXELHUH
JHQHUDGRODLQYHUVLyQORVFXDOHVVRQODEDVHJUDYDEOHSDUDODOLTXLGDFLyQGHOLPSXHVWRHOFXDOVHUiUHWHQLGRSRUHO
FRPLVLRQLVWDRTXLHQUHFRQR]FDODVXWLOLGDGHVRUHQGLPLHQWRV
(VWDH[HQFLyQVHDSOLFDUiWDPELpQFXDQGRHOWUDVODGRVHUHDOLFHHQWUHFXHQWDVGHDKRUURFROHFWLYRRHQWUHHVWDV\FXHQWDV
FRUULHQWHVRGHDKRUURRHQWUHLQYHUVLRQHVTXHSHUWHQH]FDQDXQPLVPR\~QLFRWLWXODUVLHPSUH\FXDQGRHVWpQDELHUWDVHQOD
PLVPDHQWLGDGYLJLODGDSRUOD6XSHULQWHQGHQFLD)LQDQFLHUDGH&RORPELD
$57&8/26HSURSRQHDGLFLRQDUXQLQFLVRWHUFHURDODUWtFXORGHO(VWDWXWR7ULEXWDULRHQORVVLJXLHQWHVWpUPLQRV
7DPSRFRFRQVWLWX\HUHQWDQLJDQDQFLDRFDVLRQDOODVXWLOLGDGHVSURYHQLHQWHVGHODQHJRFLDFLyQGHGHULYDGRVTXHVHDQYDORUHV
\FX\RVXE\DFHQWHHVWpUHSUHVHQWDQGRH[FOXVLYDPHQWHHQDFFLRQHVLQVFULWDVHQXQDEROVDGHYDORUHVFRORPELDQDtQGLFHVR
SDUWLFLSDFLRQHVHQIRQGRVRFDUWHUDVFROHFWLYDVTXHUHIOHMHQHOFRPSRUWDPLHQWRGHGLFKDVDFFLRQHV
$57&8/2,17(5(6(6(1'(92/8&,1'(,038(6726$GLFLyQHVHHOVLJXLHQWHLQFLVRDODUWtFXORGHO(VWDWXWR
7ULEXWDULR
/RVLQWHUHVHVFRUULHQWHVVHOLTXLGDUiQDXQDWDVDHTXLYDOHQWHDOLQWHUpVEDQFDULRFRUULHQWHFHUWLILFDGRSRUOD6XSHULQWHQGHQFLD
)LQDQFLHUDGH&RORPELDSDUDODOLTXLGDFLyQGHORVLQWHUHVHVPRUDWRULRVVHGHVFRQWDUiHOWpUPLQRGHOSOD]RRULJLQDULRSDUD
GHYROYHUQRXWLOL]DGRSRUODDGPLQLVWUDFLyQDODIHFKDGHOUHFKD]RWRWDORSDUFLDOGHOVDOGRDIDYRU
$57&8/2$GLFLyQHVHHODUWtFXORRGHOD/H\GHHOVLJXLHQWHSDUiJUDIR
3$5*5$)2R(OUHFDXGRSRUFRQFHSWRGHODFRQWULEXFLyQHVSHFLDOTXHVHSURUURJDPHGLDQWHODSUHVHQWHOH\HQFRQWUDWRV
TXHVHHMHFXWHQDWUDYpVGHFRQYHQLRVHQWUHHQWLGDGHVGHORUGHQQDFLRQDO\RWHUULWRULDOGHEHUiVHUFRQVLJQDGR
LQPHGLDWDPHQWHHQIRUPDSURSRUFLRQDODODSDUWLFLSDFLyQHQHOFRQYHQLRGHODUHVSHFWLYDHQWLGDG
$57&8/20RGLItFDVHHODUWtFXORGHOD/H\GHHOFXDOTXHGDDVt
$UWtFXOR0DQHMRILQDQFLHUR(ODUWtFXORGHOD/H\GHTXHGDUiDVt/DVFDMDVWHQGUiQXQPDQHMRILQDQFLHUR
LQGHSHQGLHQWH\HQFXHQWDVVHSDUDGDVGHOUHFDXGRGHOFXDWURSRUFLHQWRGHODQyPLQDSDUDORVVHUYLFLRVGHPHUFDGHR\
VDOXGLQFOXLGRVHQHVWRV~OWLPRVODVDFWLYLGDGHVGH,36\(363RUFRQVLJXLHQWHDSDUWLUGHODYLJHQFLDGHODSUHVHQWH/H\
HQQLQJ~QFDVRORVUHFXUVRVSURYHQLHQWHVGHODSRUWHGHOFXDWURSRUFLHQWRSRGUiQGHVWLQDUVHDVXEVLGLDUGLFKDV
DFWLYLGDGHV
3$5*5$)2R/DVFDMDVGHFRPSHQVDFLyQIDPLOLDUSRGUiQDSUREDUSUpVWDPRVFRQGHVWLQRDFRODERUDUHQHOSDJRGH
DWHQFLyQGHSHUVRQDVDFDUJRGHWUDEDMDGRUHVEHQHILFLDULRVDOWHQRUGHOD/H\GHHQHYHQWRVTXHQRHVWpQFXELHUWRV
SRUHO6LVWHPD*HQHUDOGH6HJXULGDG6RFLDOHQVDOXGRFREHUWXUDGHVHUYLFLRVPpGLFRDVLVWHQFLDOHVDTXHSRUQRUPDOHJDO
GHEDHVWDUDILOLDGRHOWUDEDMDGRU(OSUpVWDPRSRUHYHQWRSRGUiVHUVXSHULRUDGLH]YHFHVODFXRWDGHOVXEVLGLRPRQHWDULR
PHQVXDOYLJHQWHDOPRPHQWRGHOPLVPR/DVFDMDVSRGUiQHVWDEOHFHUFXRWDVPRGHUDGRUDVSDUDHVWRVHIHFWRV
H[FOXVLYDPHQWH
3$5*5$)2R/RVVXEVLGLRVGHHVFRODULGDGHQGLQHURSDJDGRVSRUODV&DMDVGH&RPSHQVDFLyQDODVSHUVRQDVDFDUJRGH
WUDEDMDGRUHVEHQHILFLDULDVPDWULFXODGDVHQORVWUHV~OWLPRVJUDGRVGHOFLFORVHFXQGDULRGHODHGXFDFLyQEiVLFD\HQHO
QLYHOGHHGXFDFLyQPHGLDIRUPDUiQSDUWHGHOFiOFXORGHVXEVLGLRPRQHWDULRSDJDGRSRUFDGD&DMDGH&RPSHQVDFLyQ)DPLOLDU
\GHODREOLJDFLyQGHGHVWLQDFLyQSDUDHGXFDFLyQSUHYLVWDHQHODUWtFXORRGHO'HFUHWRGHVLHPSUHTXHOD
GHVWLQDFLyQWRWDOSDUDHOODQRUHVXOWHLQIHULRUDODREOLJDWRULDDQWHVGHODYLJHQFLDGHODSUHVHQWHOH\
3$5*5$)2R&XDQGRGXUDQWHHOHMHUFLFLRDQXDOHOSURJUDPDGHVDOXGSUHVHQWHUHVXOWDGRVGHILFLWDULRVODV&DMDVGH
&RPSHQVDFLyQ)DPLOLDUSUHYLDGHFLVLyQGHVXV&RQVHMRV'LUHFWLYRVSRGUiQFXEULUHOGpILFLWFRQORVUHPDQHQWHVTXHDUURMHOD
&DMDHQHOFRUUHVSRQGLHQWHSHUtRGRTXHSURYHQJDQGHORVGLIHUHQWHVFRPSRQHQWHVGHOSURJUDPDGHVDOXG\GHSURJUDPDV
GLVWLQWRVDORVHMHFXWDGRVFRQUHFXUVRVSURYHQLHQWHVGHOFXDWUR
$GLFLRQDOPHQWHODV&DMDVGH&RPSHQVDFLyQ)DPLOLDUSRGUiQILQDQFLDUHOSURJUDPDGHVDOXGFRQUHFXUVRVGHFUpGLWR
$57&8/2$GLFLyQHVHHO(VWDWXWR7ULEXWDULRFRQHOVLJXLHQWHDUWtFXOR
$UWtFXOR6DQFLRQHVSRUHOLQFXPSOLPLHQWRGHREOLJDFLRQHVIRUPDOHVGHOUpJLPHQGHSUHFLRVGHWUDQVIHUHQFLD
/DVDQFLyQUHODWLYDDODGRFXPHQWDFLyQFRPSUREDWRULDDTXHVHUHILHUHHOQXPHUDOGHOOLWHUDODGHODUWtFXORGHHVWH
(VWDWXWRQRSRGUiH[FHGHUGHTXLQFHPLO897897\ODFRQWHPSODGDHQHOQXPHUDOGHOPLVPROLWHUDOQRSRGUi
H[FHGHUGHYHLQWHPLO897897
/DVVDQFLRQHVUHODWLYDVDODGHFODUDFLyQLQIRUPDWLYDDTXHVHUHILHUHHOOLWHUDOEGHODUWtFXORGHHVWH(VWDWXWRQR
SRGUiQH[FHGHUGHYHLQWHPLO897897
KWWSZZZGLDQJRYFRGLDQ1RUPDWLYLGDGQVIFIIEEFIFIIIDDDFGG"2SHQ'RFXPHQW
1RUPDWLYLGDG7HFQLFD/H\',$1
3$5*5$)2/RVOtPLWHVHVWDEOHFLGRVHQHVWHDUWtFXORVHDSOLFDUiQDODVVDQFLRQHVTXHVHLPSRQJDQDSDUWLUGHODYLJHQFLD
GHHVWDPRGLILFDFLyQ
$57&8/2(O*RELHUQR1DFLRQDODSURSLDUiHQHO3*1DQXDOPHQWHORVUHFXUVRVSUHVXSXHVWDOHVQHFHVDULRVHQVXWRWDOLGDG
SDUDSDJDUHQIRUPDRSRUWXQD\HQSULPHURUGHQORVVXEVLGLRVGHORVHVWUDWRV\SDUDORVXVXDULRVGHHQHUJtDHOpFWULFD
(QQLQJ~QFDVRVHSRGUiQGLVPLQXLUODDSURSLDFLyQGHORVUHFXUVRVGHVWLQDGRVDFXEULUHVWRVVXEVLGLRV
$57&8/20RGLItTXHQVHORVQXPHUDOHV\GHOOLWHUDODGHODUWtFXORGHO(VWDWXWRWULEXWDULRORVFXDOHVTXHGDQDVt
/RVFUpGLWRVTXHREWHQJDQHQHOH[WHULRUODV&RUSRUDFLRQHV)LQDQFLHUDVODV&RRSHUDWLYDV)LQDQFLHUDVODV&RPSDxtDVGH
)LQDQFLDPLHQWR%DQFROGH[\ORVEDQFRVFRQVWLWXLGRVFRQIRUPHDODVOH\HVFRORPELDQDVYLJHQWHV
/RVFUpGLWRVSDUDRSHUDFLRQHVGH&RPHUFLR([WHULRUUHDOL]DGRVSRULQWHUPHGLRGHODV&RUSRUDFLRQHV)LQDQFLHUDVODV
&RRSHUDWLYDV)LQDQFLHUDVODV&RPSDxtDVGH)LQDQFLDPLHQWR%DQFROGH[\ORVEDQFRVFRQVWLWXLGRVFRQIRUPHDODVOH\HV
FRORPELDQDVYLJHQWHV
$57&8/2$UWtFXORPRGLILFDGRSRUHODUWtFXORGHOD/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH!&RQHOILQGH
GRWDUGHFRPSHWLWLYLGDGORVGHSDUWDPHQWRV\PXQLFLSLRVTXHFXHQWHQFRQDKRUURVHQHO)$(3VHDXWRUL]DDHVWRVSDUDTXH
UHWLUHQKDVWDXQGHOVDOGRWRWDOTXHDODIHFKDGHHQWUDGDHQYLJHQFLDGHODSUHVHQWHOH\WHQJDQHQHO)RQGRGH$KRUUR\
(VWDELOL]DFLyQ3HWUROHUD)$(3DUD]yQGHXQDFXDUWDSDUWHGHOWRWDODXWRUL]DGRSRUFDGDDxRHQWUHHO\HO
/RVUHFXUVRVDTXHVHUHILHUHHOLQFLVRDQWHULRUWHQGUiQFRPR~QLFDGHVWLQDFLyQODLQYHUVLyQHQYtDVGHVXMXULVGLFFLyQ
$57&8/20RGLItFDVHHOVHJXQGRLQFLVRGHODUWtFXORGHO(VWDWXWR7ULEXWDULRHOFXDOTXHGDDVt
$SDUWLUGHODxRJUDYDEOHVHUiGHGXFLEOHHOFLQFXHQWDSRUFLHQWRGHOJUDYDPHQDORVPRYLPLHQWRVILQDQFLHURV
HIHFWLYDPHQWHSDJDGRSRUORVFRQWULEX\HQWHVGXUDQWHHOUHVSHFWLYRDxRJUDYDEOHLQGHSHQGLHQWHPHQWHTXHWHQJDRQRUHODFLyQ
GHFDXVDOLGDGFRQODDFWLYLGDGHFRQyPLFDGHOFRQWULEX\HQWHVLHPSUHTXHVHHQFXHQWUHGHELGDPHQWHFHUWLILFDGRSRUHODJHQWH
UHWHQHGRU
$57&8/20RGLItFDVHHODUWtFXORGHO(VWDWXWRWULEXWDULRHOFXDOTXHGDDVt
$UWtFXOR3RULPSXHVWRVSDJDGRVHQHOH[WHULRU/RVFRQWULEX\HQWHVQDFLRQDOHVRORVH[WUDQMHURVSHUVRQDVQDWXUDOHVFRQ
FLQFRDxRVRPiVGHUHVLGHQFLDFRQWLQXDRGHVFRQWLQXDHQHOSDtVTXHSHUFLEDQUHQWDVGHIXHQWHH[WUDQMHUDVXMHWDVDO
LPSXHVWRVREUHODUHQWDHQHOSDtVGHRULJHQWLHQHQGHUHFKRDGHVFRQWDUGHOPRQWRGHOLPSXHVWRFRORPELDQRGHUHQWDHO
SDJDGRHQHOH[WUDQMHURFXDOTXLHUDVHDVXGHQRPLQDFLyQOLTXLGDGRVREUHHVDVPLVPDVUHQWDVVLHPSUHTXHHOGHVFXHQWRQR
H[FHGDGHOPRQWRGHOLPSXHVWRTXHGHEDSDJDUHOFRQWULEX\HQWHHQ&RORPELDSRUHVDVPLVPDVUHQWDV
&XDQGRVHWUDWHGHGLYLGHQGRVRSDUWLFLSDFLRQHVSURYHQLHQWHVGHVRFLHGDGHVGRPLFLOLDGDVHQHOH[WHULRUKDEUiOXJDUDXQ
GHVFXHQWRWULEXWDULRHQHOLPSXHVWRVREUHODUHQWDSRUORVLPSXHVWRVVREUHODUHQWDSDJDGRVHQHOH[WHULRUGHODVLJXLHQWH
IRUPD
D(OYDORUGHOGHVFXHQWRHTXLYDOHDOUHVXOWDGRGHPXOWLSOLFDUHOPRQWRGHORVGLYLGHQGRVRSDUWLFLSDFLRQHVSRUODWDULIDGHO
LPSXHVWRVREUHODUHQWDDODTXHKD\DQHVWDGRVRPHWLGDVODVXWLOLGDGHVTXHORVJHQHUDURQ
E&XDQGRODVRFLHGDGTXHUHSDUWHORVGLYLGHQGRVRSDUWLFLSDFLRQHVJUDYDGRVHQ&RORPELDKD\DUHFLELGRDVXYH]GLYLGHQGRV
RSDUWLFLSDFLRQHVGHRWUDVVRFLHGDGHVXELFDGDVHQODPLVPDRHQRWUDVMXULVGLFFLRQHVHOYDORUGHOGHVFXHQWRHTXLYDOHDO
UHVXOWDGRGHPXOWLSOLFDUHOPRQWRGHORVGLYLGHQGRVRSDUWLFLSDFLRQHVSHUFLELGRVSRUHOFRQWULEX\HQWHQDFLRQDOSRUODWDULIDDOD
TXHKD\DQHVWDGRVRPHWLGDVODVXWLOLGDGHVTXHORVJHQHUDURQ
F$SDUWHVWDFKDGRV,1(;(48,%/(6!3DUDWHQHUGHUHFKRDOGHVFXHQWRDTXHVHUHILHUHHOOLWHUDODGHOSUHVHQWHDUWtFXORHO
FRQWULEX\HQWHQDFLRQDOGHEHSRVHHUXQDSDUWLFLSDFLyQGLUHFWDHQHOFDSLWDOGHODVRFLHGDGGHODFXDOUHFLEHORVGLYLGHQGRVR
SDUWLFLSDFLRQHVGHDOPHQRVHOTXLQFHSRUFLHQWRGHODVDFFLRQHVRSDUWLFLSDFLRQHVH[FOX\HQGRODVDFFLRQHVR
SDUWLFLSDFLRQHVVLQGHUHFKRDYRWR3DUDHOFDVRGHOOLWHUDOEHOFRQWULEX\HQWHQDFLRQDOGHEHUiSRVHHULQGLUHFWDPHQWHXQD
SDUWLFLSDFLyQHQHOFDSLWDOGHODVXEVLGLDULDRVXEVLGLDULDVGHDOPHQRVHOTXLQFHSRUFLHQWRGHODVDFFLRQHVR
SDUWLFLSDFLRQHVH[FOX\HQGRODVDFFLRQHVRSDUWLFLSDFLRQHVVLQGHUHFKRDYRWR
G&XDQGRORVGLYLGHQGRVRSDUWLFLSDFLRQHVSHUFLELGDVSRUHOFRQWULEX\HQWHQDFLRQDOKD\DQHVWDGRJUDYDGRVHQHOSDtVGH
RULJHQHOGHVFXHQWRVHLQFUHPHQWDUiHQHOPRQWRGHWDOJUDYDPHQ
H(QQLQJ~QFDVRHOGHVFXHQWRDTXHVHUHILHUHHVWHLQFLVRSRGUiH[FHGHUHOPRQWRGHOLPSXHVWRGHUHQWDJHQHUDGRHQ
&RORPELDSRUWDOHVGLYLGHQGRV
I3DUDWHQHUGHUHFKRDOGHVFXHQWRDTXHVHUHILHUHQORVOLWHUDOHVDE\GHOFRQWULEX\HQWHGHEHUiSUREDUHOSDJRHQFDGD
MXULVGLFFLyQDSRUWDQGRFHUWLILFDGRILVFDOGHOSDJRGHOLPSXHVWRH[SHGLGRSRUODDXWRULGDGWULEXWDULDUHVSHFWLYDRHQVXGHIHFWR
FRQSUXHEDLGyQHD
J/DVUHJODVDTXtSUHYLVWDVSDUDHOGHVFXHQWRWULEXWDULRUHODFLRQDGRFRQGLYLGHQGRVRSDUWLFLSDFLRQHVSURYHQLHQWHVGHO
H[WHULRUVHUiQDSOLFDEOHVDORVGLYLGHQGRVRSDUWLFLSDFLRQHVTXHVHSHUFLEDQDSDUWLUGHODYLJHQFLDGHODSUHVHQWHOH\
FXDOTXLHUDTXHVHDHOSHULRGRRHMHUFLFLRILQDQFLHURDTXHFRUUHVSRQGDQODVXWLOLGDGHVTXHORVJHQHUDURQ
3$5*5$)2(OLPSXHVWRVREUHODUHQWDSDJDGRHQHOH[WHULRUSRGUiVHUWUDWDGRFRPRGHVFXHQWRHQHODxRJUDYDEOHHQHO
FXDOVHKD\DUHDOL]DGRHOSDJRRHQFXDOTXLHUDGHORVFXDWURSHULRGRVJUDYDEOHVVLJXLHQWHVVLQSHUMXLFLRGHORSUHYLVWRHQHO
KWWSZZZGLDQJRYFRGLDQ1RUPDWLYLGDGQVIFIIEEFIFIIIDDDFGG"2SHQ'RFXPHQW
1RUPDWLYLGDG7HFQLFD/H\',$1
DUWtFXORGHO(VWDWXWR7ULEXWDULR
$57&8/2$GLFLyQDVHHODUWtFXORGHO(VWDWXWR7ULEXWDULRFRQORVVLJXLHQWHVLQFLVRV
/RVSDJRVRDERQRVHQFXHQWDSRUFRQFHSWRGHUHQGLPLHQWRVILQDQFLHURVUHDOL]DGRVDSHUVRQDVQRUHVLGHQWHVRQR
GRPLFLOLDGDVHQHOSDtVRULJLQDGRVHQFUpGLWRVREWHQLGRVHQHOH[WHULRUSRUWpUPLQRLJXDORVXSHULRUDXQDxRRSRU
FRQFHSWRGHLQWHUHVHVRFRVWRVILQDQFLHURVGHOFDQRQGHDUUHQGDPLHQWRRULJLQDGRVHQFRQWUDWRVGHOHDVLQJTXHVHFHOHEUH
GLUHFWDPHQWHRDWUDYpVGHFRPSDxtDVGHOHDVLQJFRQHPSUHVDVH[WUDQMHUDVVLQGRPLFLOLRHQ&RORPELDHVWiQVXMHWRVD
UHWHQFLyQHQODIXHQWHDODWDULIDGHOFDWRUFHSRUFLHQWRVREUHHOYDORUGHOSDJRRDERQRHQFXHQWD
/RVSDJRVRDERQRVHQFXHQWDRULJLQDGRVHQFRQWUDWRVGHOHDVLQJVREUHQDYHVKHOLFySWHURV\RDHURGLQRVDVtFRPRVXV
SDUWHVTXHVHFHOHEUHQGLUHFWDPHQWHRDWUDYpVGHFRPSDxtDVGHOHDVLQJFRQHPSUHVDVH[WUDQMHUDVVLQGRPLFLOLRHQ
&RORPELDHVWDUiQVXMHWRVDXQDWDULIDGHUHWHQFLyQHQODIXHQWHGHOXQRSRUFLHQWR
$57&8/2&21',&,1(63(&,$/3$5$(/3$*2'(,038(67267$6$6<&2175,%8&,21(6'HQWURGHORV
VHLVPHVHVVLJXLHQWHVDODYLJHQFLDGHODSUHVHQWHOH\ORVVXMHWRVSDVLYRVFRQWULEX\HQWHVRUHVSRQVDEOHVGHORV
LPSXHVWRVWDVDV\FRQWULEXFLRQHVDGPLQLVWUDGRVSRUODVHQWLGDGHVFRQIDFXOWDGHVSDUDUHFDXGDUUHQWDVRFDXGDOHVS~EOLFRV
GHOQLYHOQDFLRQDOTXHVHHQFXHQWUHQHQPRUDSRUREOLJDFLRQHVFRUUHVSRQGLHQWHVDORVSHUtRGRVJUDYDEOHV\DQWHULRUHV
WHQGUiQGHUHFKRDVROLFLWDU~QLFDPHQWHFRQUHODFLyQDODVREOLJDFLRQHVFDXVDGDVGXUDQWHGLFKRVSHULRGRVJUDYDEOHVOD
VLJXLHQWHFRQGLFLyQHVSHFLDOGHSDJR
3DJRGHFRQWDGRHOWRWDOGHODREOLJDFLyQSULQFLSDOPiVORVLQWHUHVHV\ODVVDQFLRQHVDFWXDOL]DGDVSRUFDGDFRQFHSWR\
SHUtRGRFRQUHGXFFLyQDOFLQFXHQWDSRUFLHQWRGHOYDORUGHORVLQWHUHVHVGHPRUDFDXVDGRVKDVWDODIHFKDGHO
FRUUHVSRQGLHQWHSDJR\GHODVVDQFLRQHV3DUDWDOHIHFWRHOSDJRGHEHUiUHDOL]DUVHGHQWURGHORVVHLVPHVHVVLJXLHQWHVD
ODYLJHQFLDGHODSUHVHQWHOH\
/DVREOLJDFLRQHVTXHKD\DQVLGRREMHWRGHXQDIDFLOLGDGGHSDJRVHSRGUiQFDQFHODUHQODVFRQGLFLRQHVDTXtHVWDEOHFLGDVVLQ
SHUMXLFLRGHODDSOLFDFLyQGHODVQRUPDVYLJHQWHVDOPRPHQWRGHORWRUJDPLHQWRGHODUHVSHFWLYDIDFLOLGDGSDUDODV
REOLJDFLRQHVTXHQRVHDQFDQFHODGDV
/DVDXWRULGDGHVWHUULWRULDOHVSRGUiQDGRSWDUHVWDVFRQGLFLRQHVHVSHFLDOHVHQVXVFRUUHVSRQGLHQWHVHVWDWXWRVGHUHQWDVSDUD
ORVUHVSRQVDEOHVGHORVLPSXHVWRVWDVDV\FRQWULEXFLRQHVGHVXFRPSHWHQFLDFRQVHUYDQGRORVOtPLWHVGHSRUFHQWDMHV\
SOD]RSUHYLVWRVHQHOSUHVHQWHDUWtFXOR
3$5*5$)2/RVVXMHWRVSDVLYRVFRQWULEX\HQWHVUHVSRQVDEOHV\DJHQWHVGHUHWHQFLyQGHORVLPSXHVWRVWDVDV\
FRQWULEXFLRQHVDGPLQLVWUDGRVSRUODVHQWLGDGHVFRQIDFXOWDGHVSDUDUHFDXGDUUHQWDVRFDXGDOHVS~EOLFRVGHOQLYHOQDFLRQDOR
WHUULWRULDOTXHVHDFRMDQDODFRQGLFLyQHVSHFLDOGHSDJRGHTXHWUDWDHVWHDUWtFXOR\TXHLQFXUUDQHQPRUDHQHOSDJRGH
LPSXHVWRVUHWHQFLRQHVHQODIXHQWHWDVDV\FRQWULEXFLRQHVGHQWURGHORVGRVDxRVVLJXLHQWHVDODIHFKDGHOSDJR
UHDOL]DGRFRQUHGXFFLyQDOFLQFXHQWDSRUFLHQWRGHOYDORUGHORVLQWHUHVHVFDXVDGRV\GHODVVDQFLRQHVSHUGHUiQGH
PDQHUDDXWRPiWLFDHVWHEHQHILFLR
(QHVWRVFDVRVODDXWRULGDGWULEXWDULDLQLFLDUiGHPDQHUDLQPHGLDWDHOSURFHVRGHFREURGHOFLQFXHQWDSRUFLHQWRGHOD
VDQFLyQ\GHOFLQFXHQWDSRUFLHQWRGHORVLQWHUHVHVFDXVDGRVKDVWDOHIHFKDGHSDJRGHODREOLJDFLyQSULQFLSDO
VDQFLRQHVRLQWHUHVHV\ORVWpUPLQRVGHSUHVFULSFLyQHPSH]DUiDFRQWDUGHVGHODIHFKDHQTXHVHHIHFWXpHOSDJRGHOD
REOLJDFLyQSULQFLSDO
1RSRGUiQDFFHGHUDORVEHQHILFLRVGHTXHWUDWDHOSUHVHQWHDUWtFXORORVGHXGRUHVTXHKD\DQVXVFULWRDFXHUGRVGHSDJRFRQ
IXQGDPHQWRHQHODUWtFXORRGHOD/H\GH\HODUWtFXORRGHODV/H\GHTXHDODHQWUDGDHQYLJHQFLDGH
ODSUHVHQWHOH\VHHQFXHQWUHQHQPRUDSRUODVREOLJDFLRQHVFRQWHQLGDVHQORVPLVPRV
3$5*5$)2R3DUDHOFDVRGHORVGHXGRUHVGHOVHFWRUDJURSHFXDULRHOSOD]RSDUDHOSDJRVHUiGHKDVWDGLH]PHVHV
$57&8/2$GLFLyQDVHHOSDUiJUDIRGHODUWtFXORGHO(VWDWXWR7ULEXWDULRFRQHOVLJXLHQWHLQFLVR
/RGLVSXHVWRHQHOSUHVHQWHSDUiJUDIRQRDSOLFDSDUDODVLQGXVWULDVGHPLQHUtDHKLGURFDUEXURV
$57&8/2$GLFLyQHVHHOSDUiJUDIRRGHODUWtFXORGHO(VWDWXWR7ULEXWDULRFRQHOVLJXLHQWHLQFLVR
/RSUHYLVWRHQHVWHSDUiJUDIRQRDSOLFDDORVLQJUHVRVSRUFRQFHSWRGHH[SRUWDFLyQGHKLGURFDUEXURV\GHPiVSURGXFWRV
PLQHURVSDUDORFXDOHOH[SRUWDGRUDFWXDUiFRPRDXWRUUHWHQHGRU(QHVWHFDVRHO*RELHUQR1DFLRQDOHVWDEOHFHUiODWDULIDGH
UHWHQFLyQHQODIXHQWHODFXDOQRSRGUiVHUVXSHULRUDOGLH]GHOUHVSHFWLYRSDJRRDERQRHQFXHQWD
$57&8/2(OLPtQHVHHOSDUiJUDIRGHODUWtFXOR&UHDFLyQGHO)RQGRGH6XEVLGLRGHODVREUHWDVDDODJDVROLQDGHOD
/H\GH3RUODFXDOVHH[SLGHQQRUPDVHQPDWHULDWULEXWDULD\VHGLFWDQRWUDVGLVSRVLFLRQHV)LVFDOHVGHODV
(QWLGDGHV7HUULWRULDOHV
$57&8/2$GLFLyQHVHXQSDUiJUDIRDODUWtFXORGHOD/H\GHDVt
3$5*5$)2'HQWURGHODEDVHJUDYDEOHFRQWHPSODGDSDUDHOVHFWRUILQDQFLHURDTXtSUHYLVWDIRUPDUDQSDUWHORVLQJUHVRV
YDULRV3DUDORVFRPLVLRQLVWDVGHEROVDODEDVHLPSRVLWLYDVHUiODHVWDEOHFLGDSDUDORVEDQFRVGHHVWHDUWtFXORHQORVUXEURV
SHUWLQHQWHV
$57&8/2'(/$&2175,%8&,1'(/26&2175$726'(2%5$3%/,&$2&21&(6,1'(2%5$3%/,&$<
275$6&21&(6,21(63URUUyJDVHSRUHOWpUPLQRGHWUHVDxRVFRQWDGRVDSDUWLUGHODSURPXOJDFLyQGHODSUHVHQWHOH\
KWWSZZZGLDQJRYFRGLDQ1RUPDWLYLGDGQVIFIIEEFIFIIIDDDFGG"2SHQ'RFXPHQW
1RUPDWLYLGDG7HFQLFD/H\',$1
ODYLJHQFLDGHODUWtFXORGHOD/H\GHPRGLILFDGRSRUHODUWtFXORGHOD/H\GH\HODUWtFXORRGHOD
/H\GH$VtPLVPRVHSURUURJDUiSRUWUHVDxRVODYLJHQFLDGHODUWtFXORGHOD/H\GH
$57&8/268-(7263$6,926'(/26,038(67267(55,725,$/(6$UWtFXORPRGLILFDGRSRUHODUWtFXORGHOD
/H\GH!6RQVXMHWRVSDVLYRVGHORVLPSXHVWRVGHSDUWDPHQWDOHV\PXQLFLSDOHVODVSHUVRQDVQDWXUDOHVMXUtGLFDV
VRFLHGDGHVGHKHFKR\DTXHOODVHQTXLHQHVVHUHDOLFHQHOKHFKRJUDYDGRDWUDYpVGHFRQVRUFLRVXQLRQHVWHPSRUDOHV
SDWULPRQLRVDXWyQRPRVHQTXLHQHVVHILJXUHHOKHFKRJHQHUDGRUGHOLPSXHVWR
(QPDWHULDGHLPSXHVWRSUHGLDO\YDORUL]DFLyQORVELHQHVGHXVRS~EOLFR\REUDGHLQIUDHVWUXFWXUDFRQWLQXDUiQH[FOXLGRVGH
WDOHVWULEXWRVH[FHSWRODViUHDVRFXSDGDVSRUHVWDEOHFLPLHQWRVPHUFDQWLOHV6RQVXMHWRVSDVLYRVGHOLPSXHVWRSUHGLDOORV
WHQHGRUHVDWtWXORGHDUUHQGDPLHQWRXVRXVXIUXFWRXRWUDIRUPDGHH[SORWDFLyQFRPHUFLDOTXHVHKDJDPHGLDQWH
HVWDEOHFLPLHQWRPHUFDQWLOGHQWURGHODViUHDVREMHWRGHOFRQWUDWRGHFRQFHVLyQFRUUHVSRQGLHQWHVDSXHUWRVDpUHRV\
PDUtWLPRV
(QHVWHFDVRODEDVHJUDYDEOHVHGHWHUPLQDUiDVt
D3DUDORVDUUHQGDWDULRVHOYDORUGHODWHQHQFLDHTXLYDOHDXQFDQRQGHDUUHQGDPLHQWRPHQVXDO
E3DUDORVXVXDULRVRXVXIUXFWXDULRVHOYDORUGHOGHUHFKRGHXVRGHOiUHDREMHWRGHWDOHVGHUHFKRVVHUiREMHWRGHYDORUDFLyQ
SHULFLDO
F(QORVGHPiVFDVRVODEDVHJUDYDEOHVHUiHODYDO~RTXHUHVXOWHGHODSURSRUFLyQGHiUHDVVXMHWDVDH[SORWDFLyQWHQLHQGR
HQFXHQWDODLQIRUPDFLyQGHODEDVHFDWDVWUDO
3$5*5$)2R/DUHPXQHUDFLyQ\H[SORWDFLyQGHORVFRQWUDWRVGHFRQFHVLyQSDUDODFRQVWUXFFLyQGHREUDVGH
LQIUDHVWUXFWXUDFRQWLQXDUiVXMHWDDWRGRVORVLPSXHVWRVGLUHFWRVTXHWHQJDQFRPRKHFKRJHQHUDGRUORVLQJUHVRVGHO
FRQWUDWLVWDLQFOXLGRVORVSURYHQLHQWHVGHOUHFDXGRGHLQJUHVRV
3$5*5$)2R)UHQWHDOLPSXHVWRDFDUJRGHORVSDWULPRQLRVDXWyQRPRVORVILGHLFRPLWHQWHV\REHQHILFLDULRVVRQ
UHVSRQVDEOHVSRUODVREOLJDFLRQHVIRUPDOHV\VXVWDQFLDOHVGHOLPSXHVWRHQVXFDOLGDGGHVXMHWRVSDVLYRV
(QORVFRQWUDWRVGHFXHQWDGHSDUWLFLSDFLyQHOUHVSRQVDEOHGHOFXPSOLPLHQWRGHODREOLJDFLyQGHGHFODUDUHVHOVRFLRJHVWRU
HQORVFRQVRUFLRVVRFLRVRSDUWtFLSHVGHORVFRQVRUFLRVXQLRQHVWHPSRUDOHVORVHUiHOUHSUHVHQWDQWHGHODIRUPD
FRQWUDFWXDO
7RGRORDQWHULRUVLQSHUMXLFLRGHODIDFXOWDG7ULEXWDULDUHVSHFWLYDGHVHxDODUDJHQWHVGHUHWHQFLyQIUHQWHDWDOHVLQJUHVRV
$57&8/2'HUyJXHVHHOOLWHUDOFGHOQXPHUDOGHODUWtFXORGHO(VWDWXWR7ULEXWDULR\PRGLItTXHVHHOOLWHUDOEGHO
QXPHUDOGHOPLVPRDUWtFXORHOFXDOTXHGDUiDVt
EORVEDUFRVGHUHFUHR\GHGHSRUWHGHODSDUWLGD
$57&8/2$GLFLyQDVHHODUWtFXORGHO(VWDWXWR7ULEXWDULRFRQHOVLJXLHQWHQXPHUDO
/RVWtWXORVERQRVXRWURVWtWXORVGHGHXGDHPLWLGRSRUXQHPLVRUFRORPELDQR\TXHVHDQWUDQVDGRVHQHOH[WHULRU
$57&8/2$GLFLyQHVHXQSDUiJUDIRDODUWtFXORGH(VWDWXWR7ULEXWDULRDVt
3$5*5$)2R/DVFXRWDVGHDILOLDFLyQSDJDGDVDORVJUHPLRVVHUiQGHGXFLEOHVGHOLPSXHVWRGHUHQWD
$57&8/20RGLItTXHVHHODUWtFXORGHOD/H\GHHOFXDOTXHGDUiDVt
$UWtFXOR'HWHUPLQDFLyQRILFLDOGHORVWULEXWRVGLVWULWDOHVSRUHOVLVWHPDGHIDFWXUDFLyQ$XWRUtFHVHDORVPXQLFLSLRV\
GLVWULWRVSDUDHVWDEOHFHUVLVWHPDGHIDFWXUDFLyQTXHFRQVWLWX\DQGHWHUPLQDFLyQRILFLDOGHOWULEXWR\SUHVHQWHPpULWRHMHFXWLYR
(OUHVSHFWLYRJRELHUQRPXQLFLSDORGLVWULWDOGHQWURGHVXVFRPSHWHQFLDVLPSOHPHQWDUiORVPHFDQLVPRVSDUDVHUHIHFWLYRV
HVWRVVLVWHPDVVLQSHUMXLFLRGHTXHVHFRQVHUYHHOVLVWHPDGHFODUDWLYRGHORVLPSXHVWRVVREUHODSURSLHGDG
3DUDHIHFWRVGHIDFWXUDFLyQGHORVLPSXHVWRVWHUULWRULDOHVDVtFRPRSDUDODQRWLILFDFLyQGHORVDFWRVGHYXHOWRVSRUFRUUHRSRU
FDXVDOGLIHUHQWHDGLUHFFLyQHUUDGDODQRWLILFDFLyQVHUHDOL]DUiPHGLDQWHSXEOLFDFLyQHQHOUHJLVWURR*DFHWD2ILFLDOGHO
UHVSHFWLYRHQWHWHUULWRULDO\VLPXOWiQHDPHQWHPHGLDQWHLQVHUFLyQHQODSiJLQD:(%GHOD(QWLGDGFRPSHWHQWHSDUDOD
$GPLQLVWUDFLyQGHO7ULEXWRGHWDOVXHUWHTXHHOHQYtRTXHGHODFWRVHKDJDDODGLUHFFLyQGHOFRQWULEX\HQWHVXUWHHIHFWRGH
GLYXOJDFLyQDGLFLRQDOVLQTXHODRPLVLyQGHHVWDIRUPDOLGDGLQYDOLGHODQRWLILFDFLyQHIHFWXDGD
$57&8/2/DVSHUVRQDVTXHVHHQFXHQWUDQHQHVWDGRGHLQYDOLGH]GHELGDPHQWHFDOLILFDGDHQORVWpUPLQRVGHOD/H\
GHRODVTXHODVXVWLWX\DQRPRGLILTXHQSRGUiQLPSRUWDUVLQHOSDJRGHWULEXWRVDGXDQHURVXQYHKtFXORTXHOHVKXELHUH
VLGRGRQDGRGHFDUDFWHUtVWLFDVHVSHFLDOHVDFRQGLFLRQDGRSDUDVXXVRSHUVRQDO
(OYHKtFXORDTXHVHUHILHUHHOSUHVHQWHDUWtFXORGHEHUiVHUPDWULFXODGR~QLFDPHQWHDQRPEUHGHOEHQHILFLDULRGHODH[HQFLyQ\
QRSRGUiVHUWUDVSDVRDQLQJ~QWtWXORDQWHVGHFLQFRDxRVFRQWDGRVDSDUWLUGHODIHFKDGHODPDWUtFXOD
(OLQFXPSOLPLHQWRGHHVWDGLVSRVLFLyQDFDUUHDUiODSpUGLGDGHOEHQHILFLR\SRUHQGHHOSDJRGHORVWULEXWRVDGXDQHURVGHMDGRV
GHFDQFHODUHLQKDELOLWDUiDOEHQHILFLDULRSDUDREWHQHUQXHYDPHQWHHVWHEHQHILFLR
KWWSZZZGLDQJRYFRGLDQ1RUPDWLYLGDGQVIFIIEEFIFIIIDDDFGG"2SHQ'RFXPHQW
1RUPDWLYLGDG7HFQLFD/H\',$1
$57&8/2&$5&7(55($/'(/,038(67235(',$/81,),&$'2(OLPSXHVWRSUHGLDOXQLILFDGRHVXQJUDYDPHQ
UHDOTXHUHFDHVREUHORVELHQHVUDtFHVSRGUiKDFHUVHHIHFWLYRFRQHOUHVSHFWLYRSUHGLRLQGHSHQGLHQWHPHQWHGHTXLHQVHDVX
SURSLHWDULRGHWDOVXHUWHTXHHOUHVSHFWLYRPXQLFLSLRSRGUiSHUVHJXLUHOLQPXHEOHVHDTXLHQIXHUHHOTXHORSRVHD\D
FXDOTXLHUWtWXORTXHORKD\DDGTXLULGR
(VWDGLVSRVLFLyQQRWHQGUiOXJDUFRQWUDHOWHUFHURTXHKD\DDGTXLULGRHOLQPXHEOHHQS~EOLFDVXEDVWDRUGHQDGDSRUHOMXH]
FDVRHQHOFXDOHOMXH]GHEHUiFXEULUORVFRQFDUJRDOSURGXFWRGHOUHPDWH
3DUDDXWRUL]DUHORWRUJDPLHQWRGHHVFULWXUDS~EOLFDGHDFWRVGHWUDQVIHUHQFLDGHGRPLFLOLRVLF!VREUHLQPXHEOHGHEHUi
DFUHGLWDUVHDQWHHOQRWDULRTXHHOSUHGLRVHHQFXHQWUDDOGtDSRUFRQFHSWRGHOLPSXHVWRSUHGLDO
3DUDHOFDVRGHODXWRDYDO~RFXDQGRVXUMDQOLTXLGDFLRQHVRILFLDOHVGHUHYLVLyQFRQSRVWHULRULGDGODWUDQVIHUHQFLDGHOSUHGLROD
UHVSRQVDELOLGDGSDUDHOSDJRGHORVPD\RUHVYDORUHVGHWHUPLQDGRVUHFDHQHQFDEH]DGHOSURSLHWDULR\RSRVHHGRUGHOD
UHVSHFWLYDYLJHQFLDILVFDO
$57&8/2$GLFLyQHVHDODUWtFXORGHO(VWDWXWR7ULEXWDULRFRQHOVLJXLHQWHSDUiJUDIR
3$5*5$)2,JXDOPHQWHVHHQFXHQWUDH[FOXLGRGHOLPSXHVWRVREUHODVYHQWDV,9$HOFRPEXVWLEOHSDUDDYLDFLyQTXHVH
XWLOLFHHQHOWUDQVSRUWHDpUHRQDFLRQDOGHSDVDMHURV\GHFDUJDFRQGHVWLQRDORVGHSDUWDPHQWRV*XDLQtD$PD]RQDV\9DXSpV
HQORVVLJXLHQWHVWpUPLQRV
2FKRFLHQWRVPLOJDORQHVSDUDHOGHSDUWDPHQWRGH*XDLQtD
2FKRFLHQWRVPLOJDORQHVSDUDHOGHSDUWDPHQWRGH9DXSpV
'RVPLOORQHVGHJDORQHVSDUDHOGHSDUWDPHQWRGH$PD]RQDV
(OYROXPHQPi[LPRREMHWRGHH[RQHUDFLyQSRUFDGDDxRQRVHUiDFXPXODEOHSDUDHOVLJXLHQWHDxR
$57&8/2,17(59(1&,1'(7$5,)$6235(&,26(O*RELHUQR1DFLRQDOGLFWDUiQRUPDVTXHGHEHQREVHUYDUODV
LQVWLWXFLRQHVILQDQFLHUDVSDUDODILMDFLyQ\IXVLyQ\SXEOLFLGDGGHODVWDULIDVRSUHFLRVTXHHVWDVFREUHQVLJXLHQGRSDUDHOORORV
REMHWLYRV\FULWHULRVHxDODGRVSDUDODLQWHUYHQFLyQGHGLFKRVHFWRU
&XDQGRVHHVWDEOH]FDODQRH[LVWHQFLDGHVXILFLHQWHFRPSHWHQFLDHQHOPHUFDGRUHOHYDQWHFRUUHVSRQGLHQWHGHDFXHUGRFRQOR
SUHYLVWRHQHVWDOH\HO*RELHUQR1DFLRQDOGHEHUiDGHPiVLQWHUYHQLUHVDVWDULIDVRSUHFLRVVHJ~QFRUUHVSRQGDDODIDOODTXH
VHHYLGHQFLDPHGLDQWHLHOVHxDODPLHQWRGHODWDULIDRSUHFLRLLODGHWHUPLQDFLyQGHSUHFLRVRWDULIDVPi[LPRVRPtQLPRV
LLLODREOLJDFLyQGHUHSRUWDUDOD6XSHULQWHQGHQFLD)LQDQFLHUDGH&RORPELD\RGH,QGXVWULD\&RPHUFLRODVPHWRGRORJtDVSDUD
HVWDEOHFHUWDULIDVRSUHFLRV
$57&8/26(*8,0,(172$7$5,)$6235(&,26/D6XSHULQWHQGHQFLD)LQDQFLHUDGH&RORPELDLPSOHPHQWDUiXQ
HVTXHPDGHVHJXLPLHQWRDODHYROXFLyQGHODVWDULIDVRSUHFLRVHQORVPHUFDGRVUHOHYDQWHVDWHQGLGRVSRUODVHQWLGDGHV
ILQDQFLHUDV\UHSRUWDUiORVUHVXOWDGRVGHGLFKDHYDOXDFLyQVHPHVWUDOPHQWHDO*RELHUQR1DFLRQDO\DOD6XSHULQWHQGHQFLD
)LQDQFLHUDGH&RORPELD
$57&8/2$UWtFXORDGLFLRQDGRSRUHODUWtFXORGHOD/H\GH!/D6XSHULQWHQGHQFLDGH,QGXVWULD\
&RPHUFLRHVWDUiHQFDUJDGDGHHODERUDUXQHVWXGLRTXHWHQGUiFRPRREMHWRGHWHUPLQDUHOQLYHOGHFRPSHWHQFLD\ODH[LVWHQFLD
RQRGHIDOODVHQORVPHUFDGRVUHOHYDQWHVDWHQGLGRVSRUODVHQWLGDGHVILQDQFLHUDV/RVUHVXOWDGRVGHGLFKDHYDOXDFLyQVHUiQ
SUHVHQWDGRVVHPHVWUDOPHQWHDO*RELHUQR1DFLRQDO\DO&RQJUHVRGHOD5HS~EOLFD
$57&8/2$GLFLyQHVHXQDUWtFXORQXHYRDO3UR\HFWRGHOH\Q~PHURGHSRUPHGLRGHODFXDOVHGLFWDQQRUPDV
WULEXWDULDVGHFRQWURO\SDUDODFRPSHWLWLYLGDGHQORVVLJXLHQWHVWpUPLQRV
$UWtFXOR3URJUDPDGH5HDFWLYDFLyQ$JURSHFXDULD1DFLRQDO35$10RGLItTXHQVHORVDUWtFXORVGHOD/H\GH
\HODUWtFXORGHOD/H\GHORVFXDOHVTXHGDUiQDVt
/RVGHXGRUHVGHO3URJUDPDGH5HDFWLYDFLyQ$JURSHFXDULD1DFLRQDO35$1$JURSHFXDULRGHTXHWUDWDHO'HFUHWRGH
\ORVGHXGRUHVGHORV3URJUDPDV35$1&DIHWHUR35$1$OLYLR'HXGD&DIHWHUD\35$1$UURFHURGHTXHWUDWDQORV
'HFUHWRVGHGHGH\GHSRGUiQH[WLQJXLUODVREOLJDFLRQHVDVXFDUJRPHGLDQWH
HOSDJRGHFRQWDGRGHQWURGHODxRVLJXLHQWHDODHQWUDGDHQYLJHQFLDGHHVWDOH\GHOYDORUTXHUHVXOWHPD\RUHQWUHHOWUHLQWD
SRUFLHQWRGHOVDOGRLQLFLDOGHODREOLJDFLyQDVXFDUJRFRQHOUHIHULGR3URJUDPD\HOYDORUTXH)LQDJURSDJyDOPRPHQWR
GHDGTXLVLFLyQGHODUHVSHFWLYDREOLJDFLyQ
3$5*5$)2R6LQSHUMXLFLRGHORDQWHULRUDTXHOORVGHXGRUHVTXHKD\DQUHDOL]DGRDERQRVDFDSLWDOSRGUiQH[WLQJXLUVXV
REOLJDFLRQHVFDQFHODQGRODGLIHUHQFLDHQWUHHOYDORUDQWHVLQGLFDGR\ORVDERQRVSUHYLDPHQWHHIHFWXDGRV
3$5*5$)2R$TXHOORVGHXGRUHVTXHVHDFRJLHURQDORVWpUPLQRVGHORV'HFUHWRVGHGHGH
RGHHVWH~OWLPRHQFXDQWRDODVPRGLILFDFLRQHVLQWURGXFLGDVDORVDUWtFXORVRGHO'HFUHWRGH\
GHO'HFUHWRGHSRGUiQDFRJHUVHDORSUHYLVWRHQODSUHVHQWHOH\HQFX\RFDVRVHUHOLTXLGDUiODREOLJDFLyQ
UHILQDQFLDGDSDUDGHWHUPLQDUHOYDORUDSDJDU
3$5*5$)2R3DUDDFRJHUVHDODVFRQGLFLRQHVHVWDEOHFLGDVHQODSUHVHQWHOH\ORVGHXGRUHVGHEHUiQSUHVHQWDUHO3D]\
6DOYRSRUFRQFHSWRGHVHJXURVGHYLGDKRQRUDULRVJDVWRV\FRVWDVMXGLFLDOHVHVWRV~OWLPRVFXDQGRVHKXELHUHLQLFLDGR
FRQWUDHOORVHOFREURGHODVREOLJDFLRQHV
KWWSZZZGLDQJRYFRGLDQ1RUPDWLYLGDGQVIFIIEEFIFIIIDDDFGG"2SHQ'RFXPHQW
1RUPDWLYLGDG7HFQLFD/H\',$1
3$5*5$)2R)LQDJURRHODGPLQLVWUDGRURDFUHHGRUGHWRGDVODVREOLJDFLRQHVGHORVSURJUDPDV35$1GHEHUi
DEVWHQHUVHGHDGHODQWDUVXFREURMXGLFLDOSRUHOWpUPLQRGHXQDxRFRQWDGRDSDUWLUGHODYLJHQFLDGHODSUHVHQWHOH\
WpUPLQRHVWHGHQWURGHOFXDOVHHQWLHQGHQWDPELpQVXVSHQGLGRVORVSURFHVRVTXHVHKXELHUHQLQLFLDGRDVtFRPROD
SUHVFULSFLyQGHGLFKDVREOLJDFLRQHVFRQIRUPHDODOH\FLYLO/RDQWHULRUVLQSHUMXLFLRGHOWUiPLWHGHORVSURFHVRVFRQFXUVDOHV
3$5*5$)2R)LQDJURRHODGPLQLVWUDGRURDFUHHGRUGHODVREOLJDFLRQHVGHORVSURJUDPDV35$1GHEHUiDEVWHQHUVHGH
DGHODQWDUHOFREURMXGLFLDOFRQWUDXQGHXGRUFXDQGRHOPRQWRWRWDOGHOUHVSHFWLYRHQGHXGDPLHQWRSRUFDSLWDOSDUDODVGLVWLQWDV
REOLJDFLRQHVHQORVSURJUDPDVGHORVTXHVHDDGPLQLVWUDGRURFUHDGRUVHDLJXDORLQIHULRUDGHODxRGHH[SHGLFLyQ
GHODSUHVHQWHOH\3DUDVXUHFXSHUDFLyQVRORVHDGHODQWDUiFREURSUHMXGLFLDO
$57&8/2$GLFLyQHVHXQSDUiJUDIRWUDQVLWRULRDODUWtFXORGHO(VWDWXWR7ULEXWDULRHQORVVLJXLHQWHVWpUPLQRV
3DUiJUDIRWUDQVLWRULRVHJXQGR/RVLQWHUHVHVRFiQRQHVGHDUUHQGDPLHQWRILQDQFLHURROHDVLQJRULJLQDGRVHQFUpGLWRV
REWHQLGRVHQHOH[WHULRU\HQFRQWUDWRVGHOHDVLQJFHOHEUDGRVDQWHVGHOGHGLFLHPEUHGHDORVTXHKD\DVLGR
DSOLFDEOHHOQXPHUDOGHOOLWHUDODRHOOLWHUDOFGHODUWtFXORGHO(VWDWXWR7ULEXWDULRQRVHFRQVLGHUDQUHQWDVGHIXHQWH
QDFLRQDO\ORVSDJRVRDERQRVHQFXHQWDSRUHVWRVFRQFHSWRVQRHVWiQVXMHWRVDUHWHQFLyQHQODIXHQWH
$57&8/2/DVDVRFLDFLRQHVFRPXQLWDULDVVLQiQLPRGHOXFUR\RRUJDQL]DFLRQHVLQGtJHQDVFUHDGDVSDUDGHVDUUROODU
DFWLYLGDGHVSURGXFWLYDVXRWUDVFX\RSDWULPRQLRQRVHDVXSHULRUDVDODULRVPtQLPRVTXHKDVWDODIHFKDDGHXGDQDOD',$1
SRUFRQFHSWRGHUHWHQFLyQHQODIXHQWHSRUQRKDEHUGHFODUDGRODDXWROLTXLGDFLyQGHUHWHQFLyQHQFHURVTXHGDQH[RQHUDGDVGH
GLFKRSDJRSRUORDGHXGDGRKDVWDODIHFKD\SRGUiQOLTXLGDUVHRFRQWLQXDUHOREMHWRSRUHOFXDOIXHURQFUHDGDVGHDFXHUGRD
XQSODQGHWUDEDMR
$57&8/29,*(1&,$<'(52*$725,$6/DSUHVHQWHOH\ULJHDSDUWLUGHVXSURPXOJDFLyQ
6HGHURJDQHOQXPHUDOGHOOLWHUDOD\HOOLWHUDOFGHODUWtFXORGHO(VWDWXWR7ULEXWDULRDVtFRPRHOQXPHUDOGHODUWtFXOR
HOOLWHUDOHGHODUWtFXORGHO(VWDWXWR7ULEXWDULR\HODUWtFXORGHOD/H\GH
(O3UHVLGHQWHGHOKRQRUDEOH6HQDGRGHOD5HS~EOLFD
$50$1'2%(1('(77,9,//$1('$
(O6HFUHWDULR*HQHUDOGHOKRQRUDEOH6HQDGRGHOD5HS~EOLFD
(0,/,25$0127(52'$-8'
(O3UHVLGHQWHGHODKRQRUDEOH&iPDUDGH5HSUHVHQWDQWHV
&$5/26$/%(572=8/8$*$'$=
(O6HFUHWDULR*HQHUDOGHODKRQRUDEOH&iPDUDGH5HSUHVHQWDQWHV
-(66$/)216252'5*8(=&$0$5*2
5(3%/,&$'(&2/20%,$*2%,(5121$&,21$/
3XEOtTXHVH\F~PSODVH
'DGDHQ%RJRWi'&DGHGLFLHPEUHGH
-8$10$18(/6$1726&$/'(51
(O0LQLVWURGHO,QWHULRU\GH-XVWLFLD
*(5019$5*$6//(5$6
(O0LQLVWURGH+DFLHQGD\&UpGLWR3~EOLFR
-8$1&$5/26(&+(9(55<*$5=1
(O0LQLVWURGH$JULFXOWXUD\'HVDUUROOR5XUDO
-8$1&$0,/25(675(326$/$=$5
/D0LQLVWUDGH$PELHQWH9LYLHQGD\'HVDUUROOR7HUULWRULDO
%($75,=(/(1$85,%(%27(52
8OWLPDDFWXDOL]DFLyQ
'HUHFKRV5HVHUYDGRV',$1'LUHFFLyQGH,PSXHVWRV\$GXDQDV1DFLRQDOHV
KWWSZZZGLDQJRYFRGLDQ1RUPDWLYLGDGQVIFIIEEFIFIIIDDDFGG"2SHQ'RFXPHQW