3DUDFRPXQLFDUVHFRQHODXWRU

GLHVWUH#OOHLGDFRP
ZZZFRPWHRORJLFDVHVDORUJ
$QWROLQ'LHVWUH*LO
&&XDUWDO6DQ-XDQGH0R]DUULIDU
=DUDJR]D(VSDQD
9LFWRULDYHUVXVFULVLVWLELH]D\
SHUSHWXDFLRQHQHO$SRFDOLSVLV
F$QWROLQ'LHVWUH*LO
,6%1
=$5$*2=$
(GLWD\SDWURFLQD
21*&RPLVLRQ7HRORJLFD6HUYLU\6DOXG,QVFULWDHQHOUHJLVWURGH$VRFLDFLRQHVFRQHOQR
 ,1',&(
35()$&,2
352/2*2
,1752'8&&,21
&RPRVHSXHGHHQWHQGHUHO$SRFDOLSVLV
&ODYHVSDUDXQDLQWHUSUHWDFLRQ\DQDOLVLVGHO$SRFDOLSVLV
$(OPHQVDMHGHO$SRFDOLSVLVSRUVXUHODFLRQFRQHO$QWLJXR7HVWDPHQWR
$QDORJLDHVWUXFWXUDOGHO$SRFDOLSVLVFRQHO([RGR\VXPHQVDMH
(OPHQVDMHGHO$SRFDOLSVLVHQVXDQDORJLDHVWUXFWXUDOFRQORHVHQFLDOGHOOLEURGH,VDLDV
/RV6DOPRV\HOHVTXHPDGHOFRQIOLFWRLQWHUQR\ODOXFKDFRQWUDORVHQHPLJRVGH'LRVUHFRJLGRHQHO
$SRFDOLSVLV
/DVLPDJHQHVHVWUXFWXUDOHVHQ=DFDULDV\VXVLJQLILFDGRHQHO$SRFDOLSVLV
/RVIXWXURV(QHPLJRVGH,VUDHOVHJXQ(]HTXLHO\$SRFDOLSVLV
%/DUHODFLRQHVSHFLDOHQWUH'DQLHO\$SRFDOLSVLV
/DGHSHQGHQFLDOLWHUDULDUHVSHFWRGH'DQLHO\ODLGHQWLGDGGHODWHPDWLFD\GHORVSHUVRQDMHV
FRPSOHPHQWDFLRQ\DPSOLDFLRQ
/D%HVWLD$SRFDOLSWLFDGH&DEH]DV\&XHUQRV\OD&XDUWD%HVWLDGH'DQLHOFRPSXHVWDGHXQ
&XHUQR3HTXHQR\&XHUQRV
&/DUHODFLRQGHOHYDQJHOLR\HO$SRFDOLSVLVDILQGHFRPSUHQGHUORHVFDWRORJLFR\FULVWRORJLFR
8Q-XLFLRLQGLYLGXDOHQYLGDHQIXQFLRQGHODSUHGLFDFLRQGHO(YDQJHOLR\VXLQVHUFLRQFRQHOMXLFLR
SRVWUHUR
8QMXLFLRILQDOLQGLYLGXDO\JHQHUDOTXHVHLQLFLDHQXQDHSRFDGHQRPLQDGDGLDSRVWUHURGLD
YHQLGHURGLDGHMXLFLR
(OFXDQGRGHOGLDGHOMXLFLR\ODXELFDFLRQGHORVSDVDMHVIXQGDPHQWDOHVUHODWLYRVDOMXLFLR
/RVGLDVGHO+LMRGHO+RPEUHSUHYLRVDVX9HQLGDLGHQWLILFDQDO3XHEORGH'LRVTXHYLYHHQODHSRFD
SUHYLDDOUHWRUQRGHO0HVLDV\FRLQFLGHQFRQHOGLDGHO-XLFLRLQDXJXUDGRFRQODREUDGHO+LMRGHO
+RPEUHHQVXVHJXQGRPRPHQWRKLVWRULFRSUHYLRWRGRDVX6HJXQGD9HQLGD
"4XHQRVGLFHHO1XHYR7HVWDPHQWRFRQUHODFLRQDOMXLFLRYHQLGHUR\FRPRHQWURQFDFRQWRGROR
LQGLFDGRKDVWDDTXL\VXUHODFLRQFRQHOMXLFLRTXHGLFHSDEORHQ+HFKRVSDUDHOTXHVHKD
HVWDEOHFLGRXQGLD"
(OGLDGHO-XLFLR\ODXELFDFLRQGHORVSDVDMHVHQUHODFLRQDO-XLFLRXOWLPR
(OFRPLHQ]RGHODH[LVWHQFLDGHO'LDGHO-XLFLR)LQDO
&21&/86,21
(OVHUPRQHVFDWRORJLFR\ORVGLDVGHO+LMRGHO+RPEUHFHOHVWLDO\HOILQGHOPXQGR
/DHVFDWRORJLDVREUHOD6HJXQGD9HQLGDWDOFXDOODSUHVHQWD-HVXV\3DEOR
(OUHWRUQRGH-HVXFULVWRFRQODSDUDERODGHODVYLUJHQHVHQ0W\GHODDFWXDFLRQGHORVHVFRJLGRV
GH/F
,QWURGXFFLRQ
 /DSURIHFLDDSRFDOLSWLFDFRPRKLVWRULDDQWLFLSDGDSDUDILMDUODHVSHUDQ]DHQQXHVWUDH[LVWHQFLD
&RQFOXVLRQ
(O6LVWHPDGHODLQLTXLGDGHQHOYHKLFXORGHODDSRVWDVLD
'HILQLFLRQGHHVFDWRORJLD
8QVHQWLGRKLVWRULFRSURJUDPDGRU
0HVRSRWDPLD%DELORQLD
/DXQLGDGFHOHVWHWLSRGHODWHUUHVWUH
0HGR3HUVLD
/D)LORVRILD3ROLWLFR5HOLJLRVD
*UHFLD\HO+HOHQLVPR
*UHFLD\ODUD]RQKXPDQDDOVHUYLFLRGHORVGLRVHV\GHORVKRPEUHV
(OLPSHULRURPDQR\ODSUR\HFFLRQHQODGLUHFFLRQDOLGDGGHODKLVWRULDGHOSURJUDPDGHODDXWRULGDG
VXSUHPD\GHODXQLGDGPXQGLDO
(O,PSHULR5RPDQRFRPRFXOPLQDFLRQGHODKLVWRULDSDVDGDHLQLFLRGHOIXWXUR/DGHLILFDFLRQGHO
(PSHUDGRU\ODDXWRULGDGVXSUHPDFRPRFODYHVKLVWRULFDVGHODUHOLJLRQDVWUDO\GHODXQLGDGSROLWLFD
/RVYDORUHVKLVWRULFRVTXHQRVD\XGDQDLQWHUSUHWDUODDFWLYLGDGGH5RPD\HOFXHUQRSHTXHQR
/DFRQWLQXLGDGHQHO3DSDGRGHOFXOWRDODSHUVRQD\VLJQLILFDGRGHORVWLWXORVTXH&RQVWDQWLQRVH
DVLJQD3RQWLIH[0D[LPXV\$XJXVWR
2ULJHQ\QDWXUDOH]DGHODDSRVWDVLD&RQVWDQWLQLDQD\VXSUR\HFFLRQHQOD,JOHVLD&DWROLFD5RPDQD
VLJQLILFDGRGH&ORGRYHR\-XVWLQLDQR
6LJQLILFDGRGHODGLYLVLRQ\GHODXQLGDG4XHHUD\VLJQLILFDEDHO,PSHULRURPDQRFRPRHOHPHQWR
SHUPDQHQWHHQODKLVWRULD\TXHVXSXVRODQRYHGDGSURSLFLDGDSRUODLQYDVLRQGHORVEDUEDURV
(ORULJHQGHO,VODPXQHMHPSORPDVGHODWHQVLRQGHXQLGDGGLYLVLRQ
&$3,78/2,
(O0HQVDMH\3HUVRQDMH&HQWUDOGHO$SRFDOLSVLV
,QWURGXFFLRQ$S
&$3,78/2,,
(O0LQLVWHULRVDFHUGRWDOGH-HVXFULVWRHQHOPHQVDMH\HQODDFWXDFLRQUHVSHFWRDODVLJOHVLDV$S\

&$3,78/2,,,
"&RPRVHDFDEDFRQORVHQHPLJRVGH'LRV"
,QWURGXFFLRQDORVVHOORV\WURPSHWDVHQUHODFLRQDORVVLVWHPDVGHPDOGDG$SRFDOLSVLV\
&$3,78/2,9
(OPLQLVWHULRFHOHVWHGH-HVXFULVWRHQHOPHQVDMH\DFFLRQGHORV6HOORV\HOVHOODPLHQWRGHORV

$S\
/RV6HOORV
/RVFXDWURSULPHURVVHOORV
(OTXLQWRVHOOR
(O6H[WRVHOOR
/RV\HO6HOODPLHQWR$SFI
(OVHSWLPR6HOOR
&RQFOXVLRQDORV6HOORV
&$3,78/29
/DVWURPSHWDV\HO+LMRGHO+RPEUH$S\
(OWHPDGHODVWURPSHWDV\ODPHWRGRORJLDKLVWRULFLVWD
/DSULPHUDWURPSHWDVXVLJQLILFDGR\VHQWLGR
6HJXQGDWURPSHWD$S
7HUFHUD7URPSHWD$S
&XDUWD7URPSHWD$S
/RVWUHVD\GHORVWUHVWRTXHVGHWURPSHWDV$S
/DTXLQWD7URPSHWD$S
6H[WD7URPSHWD$S
/D6HSWLPD7URPSHWD$S
&21&/86,21
&$3,78/29,
(QWUHODVH[WD\ODVHSWLPD7URPSHWD$S\
/DQXHYDSUHGLFDFLRQGHO(YDQJHOLRHQHOFRQWH[WRGHOWLHPSRGHOILQGHOXOWLPRWLHPSR$S
$SRFDOLSVLV
&$3,78/29,,
/RVHQHPLJRVGH'LRVDHVFHQD(O'UDJRQ$S
&$3,78/29,,,
/RVHQHPLJRVGH'LRVVLVWHPDVGHPDOGDG
&RQWHQLGRV\6LJQLILFDGRGH$SRFDOLSVLV
(OHPHQWRVFRPSOHPHQWDULRVDOD%HVWLDDSRFDOLSWLFD\DO&XDUWR5HLQRVHJXQHOFDSLWXOR
(VFXUVXV
&$3,78/2,;
/DSURIHFLDDSRFDOLSWLFDFRPRKLVWRULDDQWLFLSDGD/D%HVWLD\ODFRQFHSFLRQHVWDWDO
&$3,78/2;
(OHYDQJHOLR(WHUQRHQHOFRQWH[WRGHOMXLFLR$S
&$3,78/2;,
/DVXOWLPDVSODJDV$S\(O$UPDJHGRQ\HO0LOHQLR$S\ODWLHUUDQXHYD
3UROHJRPHQRVDODVSODJDV
/$63/$*$6$S
&RQFOXVLRQ
%,%/,2*5$),$
 35()$&,2

/HHUHO$SRFDOLSVLVFRPRSUHSDUDFLRQSDUDODFULVLV
$FWXDOPHQWHHVWDPRVHQFULVLV\HVWR\SURSRQLHQGRXQDSUHSDUDFLRQSDUDODSUR[LPDTXHFUHHPRVTXH
VHUDODXOWLPD
>@
(QXQDQWHULRUDUWLFXORGHOD5HYLVWDGH,QWHUQDFLRQDOGH7HRORJLD,GHQWLGDG&ULVWLDQD\HO2OLYR
WUDWDEDPRVVREUHODFULVLVHFRQRPLFD\GDEDPRVDOJXQRVDSXQWHVTXHKHPRVYLVWRTXHVHSURSXVLHURQ
SRVWHULRUPHQWH$KRUDKHPRVHVWDGRDSXQWRGHHQWUDUHQXQDQXHYDUHFHVLRQ"(VWDPRVWRFDQGRIRQGR
GHILQLWLYDPHQWH"+HWHQLGRODRSRUWXQLGDGGHSDOSDUHOSXOVRWDQWRGHOWUDEDMDGRUGHDSLHFRPRGHO
FRPHUFLDQWHGHOHPSUHVDULR\GHORVEDQTXHURV1DGLHHVWDFRQWHQWRDH[FHSFLRQGHDTXHOORVTXHVH
MXELODQ\OHVTXHGDXQDFDQWLGDGIXHUDGHORFRPXQ<ORGLJRDVLSRUTXHGHFLUXQDFDQWLGDGGHVRUELWDQWH
SDUHFHULDTXHMXVWLILFDUDXQDFDQWLGDGXQSRFRPHQRVGHVRUELWDQWH<QRHVHOFDVR8OWLPDPHQWHFXDQGR
FLHUWRVEDQFRVFHUFDRHQWHUDPHQWHHQGHVDKXFLRKDQWHQLGRTXHVHULQWHUYHQLGRV\VHOHVKDWHQLGRTXH
LQ\HFWDUXQDJUDQFDQWLGDGGHHXURV\VHKDLQIRUPDGRDODRSLQLRQSXEOLFDTXHFLHUWRVGLULJHQWHVVH
KDELDQUHWLUDGRFRQHQRUPHVFDQWLGDGHVGHGLQHURODSDUWHSROLWLFDVHKDYLVWRREOLJDGDDSHGLUFXHQWDV
GHOSRUTXH"+DVWDTXHSXQWRODFODVHSROLWLFDSXHGHWHQHUODIXHU]DPRUDOGHH[LJLUXQFRPSRUWDPLHQWR
HWLFRRFRUUHFWRWHQLHQGRHQFXHQWDODGLVSRVLFLRQYLJHQWHGHTXHSRUXQPLQLPRGHDQRVFRWL]DQGR\SRU
WUDEDMDUFRPRGLSXWDGRVRVHQDGRUHVWLHQHQHOSULYLOHJLRGHQRFRQWLQXDUFRWL]DQGRDODVHJXULGDGVRFLDO
\GHFREUDUXQDFDQWLGDGWDPELHQIXHUDGHORFRPXQ"1RQRSXHGHQWHQHUIXHU]DPRUDODQRVHUTXHXQ
SDUWLGRHQHOJRELHUQRIXHUDHWLFDPHQWHFRUUHFWR\TXLWDUDHVDSUHEHQGDWDQKRUULEOHDORVRMRVWDQWRGH
ORVFLXGDGDQRVPDVGHELOHVHFRQRPLFDPHQWHFRPRGHORVTXHWDPELHQUHQGLPRVXQVHUYLFLRLPSDJDEOH\
QRWHQHPRVQLTXHUHPRVVHPHMDQWHOXFUR3RGULDPRVFRQWLQXDUHQXPHUDQGRORVSULYLOHJLRVDWRGDVOXFHV
LQMXVWRVTXHFLHUWDFODVHSROLWLFDSRVHHIUHQWHDOUHVWRGHORVFLXGDGDQRV
&XDQGROHLODQRWLFLDGHTXH*UHFLDHVWDEDDOERUGHGHODEDQFDUURWD\TXHOHTXHGDEDPDVRPHQRVXQ
PHVSDUDSDJDUODVHJXULGDGVRFLDO\DVXVIXQFLRQDULRVDSDUHFLRHQPLPHQWHHOUHFXHUGRGHOILQ$KRUD
,WDOLDKDOOHJDGRDOERUGHWDPELHQGHODUXLQD\QRVDUUDVWUDDQRVRWURVDGHPDVGHFUHDUXQJUDYH
SUREOHPDPXQGLDO/RVFULVWLDQRVQRVKHPRVDFRVWXPEUDGRDTXHWRGRKD\DGHVHJXLUXQFXUVRQRUPDOD
SHVDUGHTXHYDFRQWUDWRGDODHYLGHQFLDGHORTXHOD5HYHODFLRQSUHVHQWD'HQWURGHHVHWUDQVFXUVR
FRWLGLDQRVHVXHOHXWLOL]DUXQYRFDEXODULRUHOLJLRVRHQFXDQWRDTXHOD6HJXQGD9HQLGDGH-HVXFULVWRHVWD
FHUFD3HURQRVKHPRVSODQWHDGRDOJXQDYH]"&RPRVHUDHVHILQ""1RVGDPRVFXHQWDTXHHOHVFHQDULR
GHOILQVHUDHOGHXQDVLWXDFLRQHQTXHODFULVLVHFRQRPLFD\GHWUDEDMRVHUDXQDUHDOLGDGPD\RUTXHOD
DFWXDO""<TXHODH[SHULHQFLD\DSUHQGL]DMHHQFXDQWRDVHUDXWRVXILFLHQWHDQRWHQHUTXHGHSHQGHUGHO
VLVWHPDQLHQODFRPLGDQLHQHODJXDQLHQODHOHFWULFLGDGVHUDSULPRUGLDO"$FHSWDUHOVLVWHPD
HVWDEOHFLGRSRUHOPXQGRHVWDWDO\SROLWLFRVLQFRQGLFLRQHVRGHMDUVHOOHYDUSRUHOVLVWHPDFRQILJXUD
SRWHQFLDOPHQWHSRUVLPLVPRODPDUFDGHODEHVWLD\VLVHSHUVLVWHHQHVHGHMDUVHDUUDVWUDUFXDQGRHVWD
VHLPSRQJDHQWRGRVXFRQWHQLGRQRKDEULDIRUPDGHUHFKD]DUOD3DUDTXHQRVHFRQILJXUHSDUDTXHQR
KD\DHQWUHJXLVPRHVQHFHVDULRQRHQWUDUHQHOVLVWHPDLQFRQGLFLRQDOPHQWH\GHHVWHPRGRSRGHUURPSHU
FRQODGHSHQGHQFLDDOVLVWHPDFXDQGRHOVLVWHPDHQWUHHQXQDFULVLVLQVROXFLRQDEOHTXHOOHYDUDFRQVLJR
UHVWULFFLRQHVGHWRGRWLSRRFXDQGRHQREHGLHQFLDD'LRVQRKD\DRWUDDOWHUQDWLYDTXHHOUHFKD]R
8QLFDPHQWHORVTXHKD\DQDSUHQGLGRDSURWHJHUVHFRQHO(YDQJHOLRHWHUQRTXH'LRVQRVRIUHFHVDEUDQ
YLYLUHVRVPRPHQWRV/RVFULVWLDQRVKDEUDQH[SHULPHQWDGRHOJR]R\ODSD]TXHWUDHHO(YDQJHOLRSHUR
WDPELHQORTXHVXSRQHYLYLUHQXQPXQGRHQIHUPR\HQYHMHFLGR(VWDUDQYLYLHQGRODSUHGLFDFLRQGHO
HYDQJHOLRHQWRGRHOPXQGRGHDFXHUGRDORTXHQRVH[SOLFDOD5HYHODFLRQGH-HVXFULVWR\SHUROD
VDWLVIDFFLRQTXHHVRUHSRUWDSRUORTXHFRQOOHYDYLYLU\SUR\HFWDUHOSODQGHODVDOYDFLRQHQ-HVXFULVWRKD
GHVHUXQDIXHU]DHVSLULWXDOSDUDTXHODVHVFHQDVGHVFULWDVHQ5HYHODFLRQGH-HVXFULVWRSURWDJRQL]DGDV
SRUOD%HVWLDGHGRVFXHUQRV\ODFDEH]DKHULGDUHVWDXUDGDHQXQDYHUVLRQRFWDYDSRUXQODGR5HYHODFLRQ
GH-HVXFULVWRFI\SRURWUDSDUWHORVTXHVLJXHQDO&RUGHUR5HYHODFLRQ
GH-HVXFULVWRFIVVSXHGDQVHUQHXWUDOL]DGDVHQORTXHVLJQLILFDQDILQGHTXHVHJDUDQWLFHVX
VHJXULGDGHQHO$UPDJHGRQ\ORSUHYLR\SRVWHULRUDHVWH
'XUDQWHFLHUWRVGLDVGHODOJXQDVSHUVRQDVSURSRQLHQGRXQDIHFKDFHUUDGDHVWXYLHURQDOD
H[SHFWDWLYDGHTXHODSURIHFLDDQXQFLDGDHQFXDQWRDTXH-HVXFULVWRUHWRUQDULDSRU6HJXQGDYH]
DFRQWHFHULDHOGHRFWXEUH6LQGXGDTXHDOJXQDVGHHVWDVSHUVRQDVVHQFLOODV\OOHQDVGHXQFLHUWR
IHUYRUHVSHUDURQTXHVHFXPSOLHUDWDOQHFHVLGDG9LYLPRVHQXQPXQGRHQHOTXHODDQJXVWLDHVODQRWD
VREUHVDOLHQWH6HQRVKDFHXQWDQWRH[WUDQRHOYHUTXHORVGLDVVHVXFHGDQXQRWUDVRWURFRPRKDFHPLOHV
DQRV/DVFULVLVVHYDQVXFHGLHQGR\FDGDYH]GHMDQGRPDVODVWUH<FRPSUREDPRVHOVXIULPLHQWR\OD
HQIHUPHGDGFDPSHDQGRSRUVXVIXHURV<HVDSURPHVDWDQH[WUDRUGLQDULDWDQOOHQDGHYDORUHVYLWDOHV
FRPRHVHOUHWRUQRGH-HVXFULVWR\ODUHVXUUHFFLRQGHORVPXHUWRVHQ&ULVWRVLJXHVLHQGRDORVFULVWLDQRV
PX\HQWUDQDEOH\DPDGD$ORVTXHKDQVXIULGRHVWDGHFHSFLRQTXLHURHQYLDUOHVXQPHQVDMHGHHVSHUDQ]D
$XQTXHODYLVLRQVREUHOD6HJXQGD9HQLGDGH-HVXFULVWRWDUGDUDDXQSRUXQWLHPSRPDVVHDSUHVXUD
KDFLDHOILQ\QRPHQWLUDDXQTXHWDUGDUHHVSHUDORSRUTXHVLQGXGDYHQGUDQRWDUGDUDFI+E
/DSDFLHQFLDGHORVVDQWRVFI5HYHODFLRQGH-HVXFULVWRR$SFRQTXHVHQRVGHVFULEHD
DTXHOORVTXHHVWDQHVSHUDQGRHOUHWRUQRGH-HVXFULVWRGHEHULDGHLPSHGLUHOFDHUHQODWHQWDFLRQGHEXVFDU
XQDIHFKDFHUUDGDSDUDHOUHWRUQRGH-HVXFULVWR(VRVHULDODLPSDFLHQFLD\SRUORWDQWRXQFRQWUDVHQWLGR
/DDQJXVWLD\ODLPSDFLHQFLDQRQRVGHMDQRLUODSURPHVDGHODUHGHQFLRQ'HEHPRVDSUHQGHUDYLYLUHO
WLHPSRFRPRPDGXUDFLRQGHODOLEHUDFLRQ\OOHJDGDGHXQFRPLHQ]RHQHOTXHODOLEHUWDGDIURQWDUDHO
>@
GHVWLQR &XDQGRODSULVDSUHWHQGHKDFHUGHVDSDUHFHUODDQVLHGDG\SHVDGXPEUHTXHQRVHVWDQ
DQLTXLODQGRQRVSULYDGHYHUODUHDOLGDGGHODVROXFLRQGHQWURGHXQSURFHVRGHFXUDFLRQTXHKD\TXH
DVXPLUOR\YLYLUORHVWDEOHFLHQGRVHDPHQXGRHVDSULVDHQHOLQFRQYHQLHQWHPD\RUDTXHODSUXHEDGHO
VXIULPLHQWRVHDFDEHGHILQLWLYDPHQWH'HDKLODLPSRUWDQFLDGHRFXSDUVHVLHPSUHHQODILGHOLGDGDOD
YHUGDG&XDQGRVHHVILHODODYHUGDG\VHYLYH\VHSLGHGHDFXHUGRDHOORXQRQRVHLPSDFLHQWDSRUHO
WLHPSRVLQRTXHVHRFXSDSDFLHQWHPHQWHGHODWDUHDGHFXPSOLUILHOPHQWHODYHUGDGTXHOHVHSDUDGHO
REMHWLYRGHOGHVHPSHQRGHODHVSHUDQ]D/DVHJXQGD9HQLGDGHO0HVLDV
(OSURIHWD=DFDULDVVXSHUDVXHSRFDFXDQGREXVFDPRVUHVSXHVWDVDQXHVWUDHVSHUDQ]DWRGDYLDHQ
SURFHVRGHFXPSOLPLHQWRDSULVLRQDGDGHQWURGHXQPXQGRHQHOTXHORVGLDV\ORVDQRVVHVXFHGHQSDUD
PDUWLULRGHORVTXHKDELWDQHQHODH[FHSFLRQGHTXHVHHQFXHQWUHQFRQHOJR]RGHODVDOYDFLRQ9ROYHG
DODIRUWDOH]DSULVLRQHURVGHODHVSHUDQ]D,QTXLULUDILQGHDEDQGRQDUDQWHVGHWLHPSRHVWDSULVLRQGH
XQPXQGRTXHFDGDYH]VHQRVSUHVHQWDPDVLQVHJXUR\DODYH]PDVSHUSHWXDQWHSRGULDVHUXQVLJQRGH
GHELOLGDGSXHVWRTXHSUHGLFDULDPRVGHLOXVLRQ\QRGHHVSHUDQ]D+D\DTXLHQHVWDOYH]HORUJXOORROD
LQPDGXUH]OHVOOHYDDLOXVLRQDUVHFRQHOSDUDLVR\HOXFXEUDQ\FRQMHWXUDQUHVSHFWRDOPRPHQWRH[DFWRGH
VXFRPLHQ]R3HURHVRHVOLEUDUVHGHODHVSHUDQ]DSRUHOORVPLVPRV<HQWUHJDUVHGHQXHYRDOD
SHUSHWXDFLRQHQJRUGDGDSRUDFRQWHFLPLHQWRVKLVWRULFRV\FDOFXORVTXHVHKDGHPRVWUDGRVLHPSUHTXHVRQ
YDQRV/DKLVWRULDVHSUHVHQWDSDUDDOJXQRVFRPRXQDUHDOLGDGFX\DYHUGDGHVWDIDOVHDGD/DUHDOLGDGGH
ODVFDWDVWURIHVHFRQRPLFDVRGHFXDOTXLHURWUDLQGROH\GHODVOH\HVGRPLQLFDOHV\GHSURWDJRQLVWDV
IDQWDVPDVPXHVWUDQVXYHUGDGHUDIDOVHGDGFXDQGRVHIXHU]DQHVRVDFRQWHFLPLHQWRVFRQODSUHWHQVLRQGHVX
FRLQFLGHQFLDFRQXQGLDGHFODUDGRFRPRVLHQGRHOGHOUHWRUQRGH-HVXFULVWR'HSHQGHUGHORFURQRORJLFR
HQXQSXQWRFHUUDGRSDUDOL]DHOREMHWLYRGHTXHWHQHPRVXQDWDUHDTXHUHDOL]DU7DUHDTXHGHVFXEUHOD
SDFLHQFLD&XDQGRODSHUVRQDVHGHVOLJDGHHVDWDUHDUHQXQFLDDODSDFLHQFLD\SRUORWDQWRDODVDQWLGDG
$SFI+E6HULDXQROYLGRGHTXHVHSUHFLVDXQDSUHSDUDFLRQ\XQDDFFLRQ&XDQGRHVWDV
H[LVWHQORFURQRORJLFRVHKDFHLQQHFHVDULR3XHVWRTXHRFXSDQWRGRHOHVSDFLRWHPSRUDOTXHOHVOOHYDDO
UHWRUQRGH-HVXFULVWRDWUDYHVGHODPXHUWH\ODUHVXUUHFFLRQRVLQSDVDUSRUODPXHUWHSDUDODJHQHUDFLRQ
ILQDODODTXHVHDGLFLRQDQORVPXHUWRVUHVXFLWDGRV+DFHUVREUHVDOLUORFURQRORJLFRFXDQGRQRGHELHUD
H[LVWLUHVLQWHJUDUXQDLGHRORJLDTXHQRFRUUHVSRQGHDODUHDOLGDG\SRUORWDQWRFHQWUDUVHHQDOJRTXH
LQFDSDFLWDSDUDHOYHUGDGHURREMHWLYRSUHGLFDUHOHYDQJHOLR\ODSUHSDUDFLRQ
3HURODSDFLHQFLDVHSXHGHSHUYHUWLUFXDQGRVHLQFLWDDHVWDDSHUPLWLUTXHWHDSODVWHKDFLHQGR
VLVWHPDWLFDPHQWHPDVOOHYDGHUDODFDODPLGDGSUHSDUDQGRDORVHVSLULWXVDILQGHWROHUDUORLQWROHUDEOH
&XDQGRORTXHUHVXOWDGHOWUDEDMRGHODSUHGLFDFLRQGHOHYDQJHOLRHVODSHUSHWXDFLRQVHHVWDULD
FRPHWLHQGRHOSHFDGRGHHVSHUDUGHPDVLDGR\GHVHJXLUWROHUDQGRORLQWROHUDEOHGHXQDYLGDPXQGDQDO\
GHVXIULPLHQWR/RVDFWRUHVGLULJHQWHV\JHVWRUHVHQFLHUWRVDPELWRVSXHGHQHVWDUFRPSDJLQDQGRVX
WUDEDMRHQODREUDGH'LRVVLQROYLGDUVHGHDGPLQLVWUDUVHSDUDVLPLVPRVFRQXQSHUSHWXDUVH/DV
SHUVRQDV\ODVRUJDQL]DFLRQHVRULHQWDGDVSRUDTXHOODVKDQSRGLGRHQWUHJDUVHDOVLVWHPDGHWDOPRGRTXH
KDQSRGLGRVHUDEVRUELGDVSRUHVWHYLYLHQGRXQDYLGDFULVWLDQDGHVSURWHJLGDGHDFXHUGRDOUHJLPHQTXH
VHOHVKDLPSXHVWR\HQWRQFHVHQVXGHSHQGHQFLDDGDSWDQ\DMXVWDQVXHVWDQFLD\SHUYLYHQFLD\HOSURSLR
FRQWHQLGRGHOHYDQJHOLRDXQHQWHQWHFRQHOPHGLRTXHOHVKDSUR\HFWDGRLPSHUFHSWLEOHPHQWH\HQXQD
GXUDELOLGDGGHOSRFRDSRFRODGRPHVWLFDFLRQ&XDQGRODHVWUXFWXUDRUJDQL]DWLYDKDDVXPLGRHVD
GRPHVWLFDFLRQFRQWDPLQDDODVSHUVRQDVTXHFRQWULEX\HQDODJHVWLRQ\SUR\HFWDQVREUHORVPLHPEURVTXH
VHUHODFLRQDQFRQHVDJHVWLRQXQPHQVDMHGRPDGR\TXHDPDQVDHQHOREMHWLYRQRFXPSOLGRGHOD
SUHSDUDFLRQHILFLHQWHXQLGDDXQDH[WHQVLRQGHO(YDQJHOLR(WHUQR
&XDQGRHVDSDFLHQFLDVHKDSHUYHUWLGRHQWRQFHVVHGLILHUHDOJRFRQYLUWLHQGRVHHQXQVLJQRGHUHFKD]R
GHDOJRTXHVHULDLPSRUWDQWHSDUDODXUJHQFLD<DTXLDSDUHFHODILJXUDGHOLPSDFLHQWH1RVHWUDWDDKRUD
GHODLPSDFLHQFLDGHODTXHDQWHVLQGLFDEDPRV\SRUODTXHODVDQWLGDGHVWDGHVSURYLVWD\SRUORWDQWR
KDFHTXHODSHUVRQDGLJD\KDJDWRQWHULDVVLQRGHODLPSDFLHQFLDTXHWLHQHHQIUHQWHXQDSDFLHQFLD
SHUYHUWLGDSRUHOWUDQVFXUULUGHHVWHVLJORTXHOOHJDDQDUFRWL]DUGHWDOPRGRTXHDPRGRUUDDORV
SURWDJRQLVWDVGHHVDJHVWDGHYLYLUODSULPHUD9HQLGDGH-HVXFULVWRDQXQFLDQGROD6HJXQGD9HQLGDGH
-HVXFULVWR6HWUDWDGHQHXWUDOL]DUFRQHOGHVSHUWDUODWDUGDQ]DTXHVHH[SHULPHQWD\DODTXHVH
FRQWULEX\HHQJRUGDQGRODFRQHOSDVRWLVPR\HOVLHPSUHORPLVPRGHOFRQWLQXLVPRGHODHVSHUD/D
LPSDFLHQFLDXQLFDPHQWHHVDFHSWDEOHFXDQGRHVUD]RQDEOH\FXDQGRVHEDVDHQODSDFLHQFLDGHVRSRUWDU
ODSHUSHWXDFLRQGHDTXHOORVTXHGLODWDQSDFLHQWHPHQWHODHVSHUD<HQWRQFHVODLPSDFLHQFLDVHFRQYLHUWH
HQXQDVDFXGLGDGHODVFRQFLHQFLDV(QXQGHVSHUWDUGHXQVXHQRHQHOTXHHOLPSDFLHQWHSDFLHQWHVHKD
YLVWRLQYROXFUDGR\HQWRQFHVSURWHVWDVROHPQHPHQWHGHVXYLYHQFLDGRUPLGD\UHODMDGD\SUR\HFWDOD
H[SHULHQFLDGHOFODPRUGHPHGLDQRFKHFI0W/DIHGHORVLPSDFLHQWHVHVWDSUHFHGLGDSRUHO
HMHPSORGH-HVXV'HXQEDXWLVPRWHQJRTXHVHUEDXWL]DGR\FXDQWRPHLPSDFLHQWRKDVWDTXHVHFXPSOD
/F(QRFDVLRQHVDODEDHVDIHLPSDFLHQWHWDQWRGHODPXMHUGHOIOXMRGHVDQJUHFRPRHQHOFLHJR
TXHJULWDEDSRUFXUDFLRQ(VHLPSDFLHQWDUVHUHFODPDXQFDPELRXUJHQWHDSHVDUGHTXHVHHVWXYLHUD
SDVDQGRSRUXQDFULVLVGHIH-HVXVFRPRYHUHPRVPDVDPSOLDPHQWHHQHOVLJXLHQWHQXPHURQRVPXHVWUD
XQFXDGURQDGDKDODJDGRU"&XDQGRHO+LMRGHO+RPEUHYHQJDKDOODUDIHHQODWLHUUD"FI/F/RV
FRQWHQLGRVGHHVHFDSLWXORQRVD\XGDQDUHFXSHUDUHVDIHSHUGLGDFXDQGRORFRPSDUDPRVFRQ5HYHODFLRQ
GH-HVXFULVWR6RPRVFRQVFLHQWHVTXHHOWLHPSRWUDQVFXUULGRQRVKDJROSHDGRDWRGRV
3HURHOWLHPSRIDWDOQRORSRGHPRVFDPELDUSHURVLTXHSRGHPRVFDPELDUQXHVWURSDUDGLJPDGH
H[LVWHQFLD1RSRGHPRVFRQWLQXDUGHOPLVPRPRGRTXHKDVWDDKRUD\TXHWDQWRVSUREOHPDVQRVKDWUDLGR
=DFDULDVQRVHQRVROYLGHQRVSURSRQHYROYHUDODIRUWDOH]D"4XHHVHVR"
&XDQGRQRVHYXHOYHRQRHVWDQHQODIRUWDOH]DODHVSHUDQ]DVHGLVLSDRQRVGHVHVSHUDHQHVDIXQFLRQ
GHHVWDUSULVLRQHUR'HEHPRVYROYHUDODIRUWDOH]DSHUR"4XHHVHVDIRUWDOH]D"
 /DIRUWDOH]DFRPLHQ]DDWHQHUVHQWLGRFXDQGRXQRH[SHULPHQWDVHUSULVLRQHURGHODHVSHUDQ]D/D
VLWXDFLRQGHDTXHOORVTXHKDELDQYXHOWRGHOH[LOLROHVUHSRUWDEDJUDQGHVSUREOHPDV6DELDQTXHWHQLDQ
TXHFRQVWUXLUHO7HPSORSDUDTXHHOFXOWRFRPXQLWDULRDOFDQ]DUDODVEHQGLFLRQHV3HURORVHQHPLJRV
IUXVWUDEDQODHVSHUDQ]D<VHKDELDQFRQYHUWLGRHQDXWHQWLFRVSULVLRQHURVGHVXHVSHUDQ]D"&RPRVHUXQR
SULVLRQHURGHXQDHVSHUDQ]D"1RFODXGLFDUDHVWDFRQDOJRGLVWLQWRDORTXHOHVKDFRQVWLWXLGRHQ
SULVLRQHURVGHHVSHUDQ]D6HUSULVLRQHURGHODHVSHUDQ]DHVPDQWHQHUDHVWDFXHVWHORTXHFXHVWHVLQ
DEDQGRQDUODSDFLHQFLDGHORVVDQWRV(VWRSUHFLVDPHQWHQRVPRVWUDULDTXHODSDFLHQFLDQRHVVXPLVLRQQL
>@
SDVLYLGDG-DFTXHV(OOXO QRVUHFXHUGDTXHHOLGLRPDJULHJRLQFOX\HHQODSDFLHQFLDXQIDFWRUHQHUJLFR
\YROXQWDULR6HWUDWDGHXQDIXHU]DGHUHVLVWHQFLDHOSRGHUGHUHVLVWLUVLQGREOHJDUVH&XDQGRXQR
DFWLYDHODWUHYHUVHDHPSUHQGHUDOJRHQUHVLVWHQFLDDHVWDHMHUFLHQGRODSDFLHQFLDDILQGHVHJXLU
SULVLRQHURGHODHVSHUDQ]DFX\RHVWDGROHPDQWLHQHGHVSLHUWRHQHVDHVSHUDQ]D/DGLPHQVLRQGHOD
SDFLHQFLDVHFRPSUXHEDHQHOWH[WRELEOLFRHQUHODFLRQFRQODWHQWDFLRQ/DWHQWDFLRQSUHWHQGHVHGXFLUQRV
SDUDTXHFODXGLTXHPRVDHVWDUHQODSULVLRQGHODHVSHUDQ]D=DFDULDVYHHODVXQWRFODUR$QWHDTXHOORV
TXHSHUYLHUWHQODYHUGDG\TXHREVWDFXOL]DQFRQSRGHUODFRQVWUXFFLRQGHO7HPSOROHVDGYLHUWHDVXV
FRPSDWULRWDVTXHQRVHUDFRQHMHUFLWRQLFRQIXHU]DVLQRFRQPL(VSLULWXGLFHHO6HQRU=DF1RRV
GHVHVSHUHLVQRFDLJDLVHQODWHQWDFLRQGHOLEUDURVGHODSULVLRQSHUPDQHFHGSULVLRQHURVGHOD
HVSHUDQ]D3RUHOORYROYHGDODIRUWDOH]D/DIRUWDOH]DHVHO'LRVTXHVHUHYHOD(VHODX[LOLRGHO
SRGHUGHOD3DODEUD+D\TXHYROYHUD(O\REWHQHUODVHJXULGDGGHODSDFLHQFLDTXHUHVLVWHHOHVFDQGDOR
GHXQDKLVWRULDYHUWLJLQRVDTXHSDUHFHTXHQRWLHQHILQ\TXHQRVLQWHUURJDJROSHDQGRQRVHVH"'RQGHHVWD
WX'LRV"FI6DO12QRRVGHMHLVDUUDVWUDUSRUODWHQWDFLRQGHOYDFLR\GHOVLQVHQWLGR(QOD
IRUWDOH]DHQFRQWUDUHLVODVROXFLRQDORTXHVHHVWDSRQLHQGRHQFXHVWLRQ\ORTXHVHHVWDGLVSXWDQGRHV
QXHVWUDIH\QXHVWURDPRU/DSUXHEDHOWRUPHQWRDQDOL]DHOPDWHULDODILQGHFRPSUREDUVXFXDOLGDG\
UHVLVWHQFLD0RVWUDGTXHQRFHVDLVGHFUHHUHQ'LRVQLGHDJXDQWDUDOSURMLPRTXHRVSURYRFDDILQGHTXH
GHMHLVGHVHUSDFLHQWHV(QHVWDUHVLVWHQFLDHOSURFHVRGHFDWDUVLVRGHSXULILFDFLRQHVQHFHVDULRSDUD
GHVSRMDUORGHODHVFRULD<GHHVWHPRGRDOYROYHUDODIRUWDOH]DVHRVKDUDIDFLOUHFXSHUDUODLGHRORJLD
TXHQHFHVLWDLVSDUDKDFHUIUHQWHDODWHQWDFLRQGHDEDQGRQDUODSDFLHQFLD\QRWDUHLVODHVSHUDQ]D
PHGLDQWHODDFFLRQGHRSRQHUVHDODWHQWDFLRQGHFODXGLFDUGHVHUSULVLRQHURVGHHVSHUDQ]D
(VWHOODPDPLHQWRGH=DFDULDVSDUDVXSXHEORVLUYHSDUDDTXHOORVTXHHVWDPRVYLYLHQGRODHVSHUDFRQ
HVSHUDQ]DVREUHHOUHWRUQRGH-HVXFULVWR
1RVRWURVVRPRVSULVLRQHURVGHHVSHUDQ]DGHXQDHVSHUDQ]DXQLFDSDUDODKLVWRULDODGHODYHQLGDGHO
0HVLDV6HWUDWDGHXQDYHQLGDTXHVHKDFHHVSHUDU4XHODKLVWRULDSDUHFHULDFRPRVLTXLVLHUDGHFLUQRV
TXHHVYDQDQXHVWUDHVSHUD3HURDQWHFXDOTXLHUWHQWDFLRQGHTXHUHUQRVVDOLUGHHVDSULVLRQGHHVSHUDQ]D
VHQRVKDFHXQOODPDPLHQWRDYROYHUDODIRUWDOH]DDO'LRVTXHVHUHYHODDOSRGHUGHODSDODEUD=DF
SSFI6HQRVGHILQHHQHO$SRFDOLSVLVR5HYHODFLRQGH-HVXFULVWRDDTXHOORVTXHHVWDPRV
SULVLRQHURVGHHVWDHVSHUDQ]DFRPRSDFLHQWHV\VDQWRV6LQGXGDTXHVHQRVHVWDVHQDODQGRHO
KDEHUDIURQWDGRODSUXHEDFI6WJSXHVWRTXHHVWDHVODTXHHQJHQGUDODSDFLHQFLD3HUR&XDQGRVH
WLHQHTXHVRVWHQHUXQDGXUDEDWDOODFDGDGLDFRQSHQVDPLHQWRVDXWRPDWLFRVTXHWHDVRODQFXDQGR
REVHUYDVXQDKLVWRULDHQODTXHHOPDOGRPLQDFXDQGRH[SHULPHQWDVHOVHUSLVRWHDGRSRUHOSRGHUFXDQGR
GHFLGLVWHPDUFKDUWHDRWUROXJDUGLVWLQWRDOYLQFXORH[LVWHQFLDOTXHWHXQLDFRQHO3DGUHJDVWDQGRWRGRWX
ELRV/F\DXQDVLYROYLVWHD(OFXDQGRKDVFRPSUREDGRXQD\RWUDYH]TXHWXPDWULPRQLR
SDUHFHQRIXQFLRQDUFXDQGRODEHVWLDVDOJDGHODELVPRGHILQLWLYDPHQWH\TXLHUDLPSRQHUXQDPDUFDGH
ILGHOLGDGDHOODTXHOOHYDFRQWUDSDUWLGDVTXHWHVRPHWHQWHGRPHVWLFDQ<TXLHUHVSHUPDQHFHUHQXQ
SULVLRQHURGHHVSHUDQ]DSHURHVWDVDSXQWRSRUORVUHFXHUGRVGHHVHSDVDGRWXUEXOHQWRRSRUODV
SUHVLRQHVGHHVHPXQGRVRFLDOHQHOTXHH[LVWHVGHWLUDUODWRDOOD\GHMDUWHDUUDVWUDUSRUODWHQWDFLRQGH
URPSHUFRQODSDFLHQFLDYXHOYHDODIRUWDOH]DDO'LRVTXHVHUHYHODWXUHIXJLRVHJXUR"3HURTXHSXHGH
SDVDUHQWRQFHV""<VLHO'LRVGHODIRUWDOH]DVHDXVHQWDQROLEHUDQRQRWDVVXSUHVHQFLDFXDQGRVROR
HVFXFKDVVXVLOHQFLRSUHFLVDPHQWHDKRUDHQHVWHWLHPSRGHFULVLV\DQJXVWLD"
/DSURPHVDHVVHJXUDYXHOYHDODIRUWDOH]DSULVLRQHURGHHVSHUDQ]D\HQFRQWUDUDVHOFDPLQRGH
PDQWHQHUODHVSHUDQ]D(VHPRPHQWRSRGULDVHUODUHVSXHVWDGH'LRVORPDVDXGLEOHSRVLEOHGHTXH
VXSHUDQGRHVHLQVWDQWHWHSUHSDUDSDUDORVPRPHQWRVPDVFUXFLDOHVTXHHVWDQHQXQIXWXURLQPHGLDWR
FXDQGRODDQJXVWLDGH-DFRESXGLHUDVHUXQDUHDOLGDG/DVXSHUDFLRQSHUVRQDOGHHVHLQVWDQWHFULWLFRGD
IXHU]DSDUDHVHRWURLQWHUYDORFRUWRSRUHOTXH'LRVKDSUHYLVWRTXHRFXUULUDHQORVPRPHQWRVPDVILQDOHV
SUHYLRVDVXUHWRUQRHQORVTXHXQLFDPHQWHXQDIHGHVQXGDVLQQDGDYLVLEOHH[WHULRUQLVHQWLPLHQWR
H[SHULPHQWDUHPRVORVTXHHVWHPRVYLYRVDSXQWRGHDFRQWHFHUVXDSDULFLRQHQODVHJXQGD9HQLGD
(QWRQFHVVHUDPX\YDOLRVRUHFRUGDUODOXFKDGH-HVXFULVWRHQHO*HWVHPDQL\GHVSXHVHQODFUX]HQODTXH
HOVRPHWLPLHQWRSRUIHDODYROXQWDGGLYLQDDXQFXDQGRHOVHQWLPLHQWRGHMRGHVHQWLUIXHODFODYHGHOD
YLFWRULD3XHVWRTXHHOVLOHQFLRGLYLQRHUDODUHVSXHVWDFRQYHQLGDHQWUHHO3DGUH\HO+LMRGHTXHKDELD
OOHJDGRODKRUD
$OYROYHUDODIRUWDOH]DDO'LRVTXHVHUHYHODODDFFLRQGHDIURQWDUODWHQWDFLRQFXDOVHDWHHYLGHQFLD
ODSUXHEDSRUODTXHREWLHQHVSDFLHQFLDFI6WJ3HURDOPLVPRWLHPSRWHGHVFXEUHTXHSXHGHV
UHVLVWLUDQWHODEUXWDOLGDGGHOPDOVHDTXLHQVHDHOTXHORHMHFXWHLQVWLJDGRSRUVXRULJLQDGRU
&RPSUXHEDVTXHDOSHUPDQHFHUILHODWXYRFDFLRQFHOHVWHFI&ROVHWHKDILMDGRMXQWRDOD
3DODEUDHWHUQDFRQVWLWX\HQGRWHFRQHOUHVWRILHOFI$STXHSHUVLVWHHQODHVSHUDQ]DGHHVWDUHQOD
IRUWDOH]D
3HURODSDFLHQFLDVHQXWUHGHODSURPHVD\HVWDVHQRVGDDHQWHQGHUFRPRVLIXHUDDFXPSOLUVHDKRUD
FRQQRVRWURVFXDQGRHVODGHVJUDFLDODTXHYHPRVTXHRFXSDVXOXJDU<HQWRQFHVSDUHFHFRPRVLOD
SURPHVDVHEXUODUDPRVWUDQGRXQDDSDUHQWHFDGXFLGDGHQXQDOHMDQLDGHJHQHUDFLRQHVHQODTXHOD
FUHGXOLGDGDODSURPHVDVHFRPELQRFRQODHVSHUD\HQXQUHPSOD]DUVHGHODPXHUWHFRQODHWHUQLGDG
3HURHVH'LRVTXHVHUHYHODWHORH[SOLFDXQDYH]PDV\WHGLFHTXH(OHVSDFLHQWHFRQWRGRV\KD
TXHULGRSUHGLFDUHO(YDQJHOLRDWRGDVHVDVJHQHUDFLRQHVHQODVTXHODPXHUWHHUDHOPLVPROLPLWHGHOD
VHJXQGD9HQLGDHQRFDVLRQGHVXUHVXUUHFFLRQ
$XQFXDQGRVHLQWHQWHLPLWDUHODPRU\ODSD]HVHQFLDOHVGHODHSRFDPHVLDQLFDHOYHUGDGHURDPRU\OD
DXWHQWLFDSD]HOPXQGRQRSRGUDGDUQXQFD1L[RQIXHFDSD]GHWLWXODUXQRGHVXOLEURV/DYHUGDGHUD
SD]3HURVHWUDWDEDGHFRPEDWLUDOPDOGHGHVWUXLUORGHSDFWDUFRQHOUDWLILFDQGRHOWULXQIRGHOSRGHU
EUXWDO3HURODIXHU]DSURGLJLRVDGHODSDFLHQFLDUDGLFDHQODYROXQWDGGHQRGDUWUHJXDDOPDO
FRQGHVFHQGLHQGRFRQHOQLGHSUHWHQGHUYHQFHUORSHURWDPSRFRFUHHUHQVXWULXQIRGHILQLWLYR\FODXGLFDU
DOFRQRFLPLHQWRGHODKLVWRULDTXHODSURSLDDSRFDOLSWLFDQRVUHYHOD
/DSDFLHQFLDVHDGTXLHUHSRUODSUXHEDVRVWHQLGD\DORGLMLPRV<HVWDHVQHFHVDULDSDUDREWHQHUOD
SURPHVDPHGLDQWHODSXHVWDHQDFFLRQGHODYROXQWDGGH'LRVFI+E3RUTXHODPHGLGDGHO
WLHPSRGHDTXHOTXHWLHQHTXHYHQLUHVXQDWDUGDQ]DSHTXHQD+ETXHVHSXHGHWRUQDUHQXQD
HVSHUDGHOMXVWRSRUODIH3HURHVWDHVSHUDWLHQHTXHYHUFRQODSDFLHQFLDTXHHOSURSLR'LRV
PDQLILHVWDHQVXHVSHUDQ]DHQTXHHOKRPEUHVHFRQYHQFHUD\FRQYHUWLUDFRQHOPHWRGRDSOLFDGR<HO
SUREOHPDUHVLGHHQTXHHOKRPEUHHVSHFLDOPHQWHVX3XHEORQRUHVSRQGHDORVUHTXHULPLHQWRVGLYLQRV
'LRVFRQVWDQWHPHQWHHVWDTXHULHQGRFRQYHQFHU\UHFRQGXFLUQRVDTXHSRQJDPRVHQSUDFWLFDVXSODQ"
&RPRYHQLUVLWRGDYLDQRHVWDPRVSUHSDUDGRV"'LRVKDSUHFRQRFLGRDODJHQHUDFLRQTXHHVWDUDYLYD
FXDQGR(OYHQJD4XHVHKDEUDWRPDGRHQVHULRHODMXVWDUVHDODVFDUDFWHULVWLFDVTXHVXSRQHHOTXHHOILQ
VHOOHYHDFDER/DSUHGLFDFLRQGHO(YDQJHOLRGHDFXHUGRDOFRQWHQLGRGH5HYHODFLRQGH-HVXFULVWRR
$SRFDOLSVLVHVWDHVSHUDQGRQRV/RVDFRQWHFLPLHQWRVDQWLFLSDGRVHQ$SHVWDIUHQDGRVSRU
ODDFWLWXGGHSHUSHWXDFLRQTXHHVWDKDFLHQGRVX3XHEOR"7RGDYLDTXHUHPRVTXHHOVXIULPLHQWRVHWRUQH
PDVDJUHVLYR""2TXHODHQIHUPHGDGQRVKDJDFODPDU""'RQGHHVWDQORVHVFRJLGRVTXHGHEHQFODPDUD
'LRVGLD\QRFKH""'RQGHHVWDODIHHQHO+LMRGHO+RPEUH"/F$QWHODDFWLWXGGH'LRVGH
FRQGHVFHQGHQFLD7HOODPR\QRUHVSRQGHV+HWHQGLGRWRGRHOGLDODVPDQRVKDFLDXQSXHEORTXHPH
OOHYDODFRQWUDULD5PFI3URY<DKRUDSRUVLIXHUDSRFRHVRQRVKDFHXQ
OODPDPLHQWR$SSDUWLFXODUSHUVRQDOVLQHPSXMDUODSXHUWDHVSHUDQGRDTXH\ROHTXLHUDDEULU
/DXUJHQFLDGHODDFFLRQSUHGLFDGRUDQRDFRUWDHOWLHPSRUHVSHFWRDODVHJXQGDYHQLGDVLQRTXHKDFH
GHVFXEULUDORVTXHODDFRPHWHQGHTXHVRQORVSURWDJRQLVWDVTXH'LRVSUHFRQRFLRTXHFXPSOLULDQORTXH
HVWDLQGLFDGRH[SOLFLWDHLPSOLFLWDPHQWHHQOD5HYHODFLRQGH-HVXFULVWRR$SRFDOLSVLV(VWH
FRQVWLWXLUVHHQSURWDJRQLVWDVHVREOLJDWRULRSDUDFDGDFUH\HQWHGHFXDOTXLHUHSRFD\SRUORWDQWRGHOD
DFWXDOHQODTXHVHSXHGHFRQWHPSODUFRQVXILFLHQWHSHUVSHFWLYDHOFXPSOLPLHQWRGHODVVHQDOHVTXH'LRV
KDTXHULGRDGYHUWLUQRVDILQGHTXHQRDEXVHPRVGHODSDFLHQFLDGH'LRVFID3HG'HVGHOD
SULPHUD9HQLGDFDGDFULVWLDQRHQVXJHQHUDFLRQGHEHSUHSDUDUVHSDUDHVDVHJXQGD9HQLGDGHODTXH
WDPELHQSURFODPD\DQDGLUMXQWRFRQRWURVHOWUD]RDODKLVWRULDTXHKDUDSRVLEOHXQDJHQHUDFLRQILQDO
(YLGHQWHPHQWHODLQVLVWHQFLDVREUHODSUR[LPLGDGGHODVHJXQGD9HQLGDGH-HVXFULVWRQRVREOLJDDXQD
SUHGLFDFLRQGHO(YDQJHOLRHQFRKHUHQFLDFRQHVDOOHJDGD\FRQHOOODPDPLHQWRDDEULUODSXHUWDQXHVWUD
SXHUWDURPSLHQGRFRQODDTXLHVFHQFLDGHXQPXQGRTXHQRVHQYXHOYHKDFLHQGRQRVPDOJDVWDUHOWLHPSRHQ
ODSUHSDUDFLRQ\HQODSUHGLFDFLRQ
(OFULVWLDQRGHFDGDJHQHUDFLRQKDYLYLGRODQHFHVLGDGGHTXHHOUHWRUQRGH-HVXFULVWRVHFXPSOLHUDHQ
HVRVPRPHQWRV'HVGHTXH-XDQLQWURGXMHUDHQHO$SRFDOLSVLVR5HYHODFLRQGH-HVXFULVWRUHVSHFWRGH
-HVXVWDQWRDOSULQFLSLRFRPRDOILQDOVLYHQJRHQEUHYHORVFULVWLDQRVKDQFRPSUHQGLGRVXJHQHUDFLRQ
FRPRSXGLHQGRVHUODXOWLPD3HURODVVHQDOHVTXHDQXQFLDQ\GHWHUPLQDQHOILQWLHQHQHQFXHQWDWRGDVODV
SRVLEOHVJHQHUDFLRQHVTXH'LRVKD\DSRGLGRGLVSRQHUTXHH[LVWDQ<DTXLODKLVWRULD\HOHTXLOLEULR
HVSLULWXDOHQODPHQWHKDQGHFRQWURODUQXHVWUDSUHGLFDFLRQHQFXDQWRDOVLJQLILFDGRGHODFHUFDQLDGHO
UHWRUQRGH-HVXFULVWR1RVDEHPRVFXDQWDVJHQHUDFLRQHVIDOWDQDODVTXHKD\TXHSUHGLFDUHO(YDQJHOLR6L
TXHVDEHPRVTXHH[LVWHQPXFKRVQLQRV\MRYHQHV\DGXOWRVDORVTXHKD\TXHSUHGLFDUHO(YDQJHOLR
WRGDYLD7DPELHQVDEHPRVTXHODPXHUWHLQWHUUXPSHPRPHQWDQHDPHQWHODHVSHUDH[LVWHQFLDOSRUHO
UHWRUQR\TXHLQWURGXFHHQXQHVSDFLRGHLQFRQVFLHQFLDLQWHPSRUDO\TXHGHVGHHVHHVWDGRVLQ
UHFRUULGRSHUFHSWLEOHWUDHODFRQVFLHQFLDHQXQDUHVXUUHFFLRQTXHDGMXQWDDWRGRVDTXHOORVTXHKDQ
SDVDGRSRUODH[SHULHQFLDGHWHQHUXQ'LRVTXHQRHVGHPXHUWRVVLQRGHYLYRV0W\DORV
TXHHVWXYLHUDQYLYRVHQHVDXOWLPDJHQHUDFLRQHQODTXH'LRVKDGHFLGLGRHQXQPRPHQWRGHWHUPLQDGRSRU
VXVREHUDQLDOOHJDUSDUDUHVFDWDUOHVGHOPDOGHODPXHUWH3RUORWDQWRFDGDJHQHUDFLRQGHEHSUHSDUDUVH
SDUDOD6HJXQGD9HQLGDGH-HVXFULVWRSRUTXHODSRVLEOHPXHUWHRFHUUDUGHRMRVHVORLQPHGLDWDPHQWH
DQWHULRUDODDSHUWXUDGHVXVRMRVHQRFDVLRQGHODFRQWHPSODFLRQGHOD6HJXQGD9HQLGDGH-HVXFULVWR\
TXHFRLQFLGHFRQWRGRVDTXHOORVTXHVLQKDEHUSDVDGRSRUODPXHUWHHVWHQHVSHUDQGRHVHDFRQWHFLPLHQWR
HQVDQWLGDG/DUHVXUUHFFLRQGHORVFUH\HQWHVGHWRGDVODVHSRFDVVHUDXQLQVWDQWHDQWHVGHOD6HJXQGD
9HQLGDSRUFXDQWRVHUYLUDSDUDSRGHUYHUHVHUHWRUQRGHVGHTXHFRPLHQ]DVXDSDULFLRQHQODOHMDQLDGH
XQHVSDFLRTXHORVRMRVSXHGHQYLVOXPEUDUKDVWDVXSOHQDUHYHODFLRQ/DUHVXUUHFFLRQDOOLPLWHGHOD
VHJXQGD9HQLGDVHUDXQDVHQDOSDUDORVFUH\HQWHVYLYRVGHTXHORVVXFHVRVTXHVHHVWDQYLYLHQGRVRQORV
XOWLPRVD7HVFI$S3RUHVR\SRURWUDVFRVDVTXHH[SOLFDUHPRVHQRWUROXJDUQRSXHGHQ
HQFRQWUDUVHHQOD%LEOLDFDOFXORVQXPHULFRVSRUORVTXHOOHJDUDXQDIHFKDFHUUDGDVREUHOD6HJXQGD
9HQLGDGH-HVXFULVWR&XDOTXLHULQWHQWRHVWDDERFDGRDOIUDFDVR1RKD\QDGDWDQSUHFLDGRSDUDPLFRPR
HVD6HJXQGD9HQLGDGH-HVXFULVWR0LDOPDDQKHODH[SHULPHQWDUHVD9HQLGDJORULRVD(VHHQFXHQWURTXH
VXSRQHHOILQGHWRGRORTXHQRVKDFHVXIULU\HQIHUPDU\HQXOWLPDLQVWDQFLDPRULU(VDOOHJDGDGH$TXHO
TXHOHYHUHPRVFRPRVLHQGRHOPLVPR'LRV$S^R5HYHODFLRQGH-HVXFULVWR`\TXHGHPRVWUDUDTXH
QXHVWUDSRVLEOHPXHUWHHVUHYHUVLEOHQRKDVLGRGHILQLWLYD/D%LEOLDVLTXHKDEODSDUDHOFUH\HQWHGHXQ
WLHPSRHVSHFLDOGHUHDYLYDPLHQWR\UHIRUPDFROHFWLYDTXHOOHYDDXQDH[SHULHQFLDXQLFDFRQHO(VSLULWX
6DQWRDILQGHLOXPLQDUWRGDODWLHUUDGHORVYDORUHVLQHGLWRVGHO(YDQJHOLRSDUDXQDKXPDQLGDGVHGLHQWD
GH'LRVFI$S2FXSHPRQRVGHHVWDUSUHSDUDQGRQRVHQWRGRDTXHOORDORTXHKHPRVDOXGLGR
HQHVWHSUHIDFLRVREUHODOHFWXUDGHO$SRFDOLSVLV\QRVRPHWLGRVDOFRQWLQXLVPR\SHUSHWXDFLRQGHOD
PD\RULDGHORVKDELWDQWHVGHHVWHSODQHWD
8UJHTXHOHDPRV\HVWXGLHPRVHO$SRFDOLSVLVR5HYHODFLRQGH-HVXFULVWRDILQGHVDOLUDOHQFXHQWURFRQ
QXHVWUR'LRV$KLVHQRVSURSRUFLRQDDXWHQWLFDPHQWHODVROXFLRQDODSUREOHPDWLFDKXPDQD<ODVROXFLRQ
SDVDSRUODQRVROXFLRQDXQDSHUPDQHQFLDSHUSHWXDQWHHQHVWDWLHUUD(OVHUKXPDQRHVWDOXFKDQGROR
LQGHFLEOHSDUDVRSRUWDUODDFWXDOFULVLVPXQGLDO\VXSHUDUOD3HURQRYHHOIXWXUR(OIXWXURHQHVH
FRQWH[WRHVWDHQWLQLHEODV(O$SRFDOLSVLVR5HYHODFLRQGH-HVXFULVWRQRVRIUHFHXQDSDQRUDPLFDDILQGH
UHVROYHUORVSUREOHPDVH[LVWHQFLDOHVSHUVRQDOHV\ORVGHXQPXQGRTXHGHEHGHMDUSDVRDORWURDXQ
QXHYRPXQGROOHQRGHLGHDV\UHIHUHQFLDVTXHWLHQHQTXHYHUFRQQXHVWUDQDWXUDOH]DQXHVWUDVUDLFHV\
QXHVWURGLVHQR\GHVLJQLR6HQRVLQYLWDDYROYHUDOKRJDUPDVDOODGHO6RO\GHODVHVWUHOODV(VWD
HVSHUDQ]DQRSUHWHQGHLQKLELUQRVGHORTXHHVWDVXFHGLHQGRDTXL\DKRUD(OFULVWLDQRVHYHPRWLYDGRHQ
HO$SRFDOLSVLVDLQWHJUDUVHDXQDDSRUWDFLRQGHO(YDQJHOLRGHO5HLQRGH'LRVTXHFRQWLHQHODPDQHUDHQ
TXH'LRVTXLHUHRULHQWDUQXHVWUDH[LVWHQFLDHQXQDOLEHUDFLRQGHDTXHOORTXHGHVSURWHJHDOVHUKXPDQR
SDUDXQDYLYHQFLDGHVDOXGVDOYDFLRQGHILQLWLYDSDUDEHQHILFLRGHFDGDXQRLQGLYLGXDOPHQWH\GHQXHVWUD
VRFLHGDG(VWHPXQGRSDUHFHUDTXHVDOHGHODDFWXDOFULVLVSHURVLQGDUVHFXHQWDVHPHWHUDHQODTXHQRV
SURORQJDUDKDFLDORXOWLPR'HDKLODLPSRUWDQFLDGHXQDOHFWXUDGHO$SRFDOLSVLVFRQODVFODYHV
DGHFXDGDVTXHSHUPLWDQYLVOXPEUDUHOFXPSOLPLHQWRGHODVSURPHVDVTXHQRVUHILHUHHO$SRFDOLSVLVR
5HYHODFLRQGH-HVXFULVWR(VLPSRVLEOHTXHODOHFWXUDGHO$SRFDOLSVLVJHQHUHPLHGR3RUTXHHOPLHGR\D
HVWDSUHVHQWHHQWUHQRVRWURV/RTXHKDUDHO$SRFDOLSVLVR5HYHODFLRQGH-HVXFULVWRHVOLEUDUQRVGHO
PLHGR\RIUHFHUQRVODSRVLELOLGDGGHUHFXSHUDUODVHJXULGDG\FRQILDQ]D3DUDHOMRYHQRDGXOWRKRPEUH
RPXMHUDQFLDQRRQLQRTXHOHDHVWDVSDJLQDVOHDQWLFLSRTXHVHUDXQDH[SHULHQFLDXQLFD$SHVDUGHODV
GLILFXOWDGHVTXHHQWUDQDODOHFWXUDGHXQOLEUROOHQRGHVLPERORV\PHWDIRUDVGHEHVWLDV\GHFXHUQRVGH
JUDQGHVHIHFWRVHVSHFLDOHVQXHVWUDLPDJLQDFLRQVDEUDFDSWDUODVUHDOLGDGHVTXHVHHQFLHUUDQHQHVH
OHJXDMHWDQSHFXOLDUFRQTXHVHQRVWUDVPLWHHOPHQVDMHPDVLPSRUWDQWHTXHHOVHUKXPDQRSXHGDHVFXFKDU
ROHHU/DUHYHODFLRQGH-HVXFULVWRSDUDQXHVWUDFXUDFLRQ\VDOYDFLRQGHILQLWLYD
 3URORJR
(O$SRFDOLSVLVKDIDVFLQDGRVLHPSUH$QRVRWURVQRVDWUDSRGHVGHHOSULPHUPRPHQWRTXHOROHLPRV\
QRHQWHQGLPRVFDVLQDGD3HURHVEXHQRHPSH]DUGHHVHPRGR&RQIRUPHODSHUVRQDVHYD\D
IDPLOLDUL]DQGRFRQHOOLEURORLUDFRPSUHQGLHQGRPHMRU&XDQGRGHVFXEUDODVFODYHVGHDFFHVROH
HQULTXHFHUDHVSLULWXDOPHQWH<\DQRTXHUUDGHMDUGHHQWHQGHUOR/DHVSHUDQ]DVHFRQILJXUDUD3HURWHQGUD
TXHDVHJXUDUVHHQHOOD\QRGHVYLDUVHSDUDQDGDGHODVPDUFDVTXHHOSURSLR$SRFDOLSVLVQRVSUHVHQWD\
VXUHODFLRQFRQORVGHPDVOLEURV(QQXHVWURSUHIDFLR\DKHPRVH[SOLFDGRFRPRGHEHPRVGHHQWHQGHUHO
UHWRUQRGH-HVXFULVWRDODOX]GHORTXHQRVGLFHHO$SRFDOLSVLV\GHORTXHQRVUHSRUWDQORVVXFHVRV
KLVWRULFRV\VRFLDOHVWDQWRGHOSDVDGRFRPRORVDFWXDOHV
>@
6LELHQVXOHFWXUDQRHVIDFLO\PXFKRVORDWHVWLJXDQ \VLHPSUHWHQGUDVRUSUHVDVGHLQFRPSUHQVLRQ
ORVKDOOD]JRVTXHHQFRQWUDUHPRVVHUDQVXILFLHQWHVSULYDQGRQRVGHODH[SHULHQFLDGRORURVDGHOD
IUXVWUDFLRQ3HURWLHQHTXHTXHGDUFODURORTXHHO$SRFDOLSVLVGHVGHXQSULQFLSLRQRVODQ]DTXHSDUHFHULD
TXHVHHVWXYLHUDFRQWUDGLFLHQGRFRQODUHDOLGDG6HWUDWDGHXQDUHYHODFLRQGHXQGHVYHODULQVWDQGRQRVD
OHHUORSRUFXDQWRQRVKDUDIHOLFHV$S(VGHFLUSDUHFHULDTXHHVWXYLHUDVREUHQWHQGLGRHOTXHVX
OHFWXUDSXGLHUDVHUFRPSUHQGLGD6LQRVGDPRVFXHQWDHO$SRFDOLSVLVQRHVGDGRSDUDWRGRHOPXQGRVLQR
>@
H[FOXVLYDPHQWHSDUDORVVLHUYRVGH'LRV 9DDVHUQHFHVDULRTXHFDGDSHUVRQDTXHVHDFHUFDDO
$SRFDOLSVLVVHFRQVWLWX\DHQXQVLHUYRGH'LRV<SDUDHOORYDVHUSUHFLVRFRQRFHUODSDODEUDGH'LRVOR
VXILFLHQWHFRPRSDUDDFHUFDUVHHQWRQFHVDODOHFWXUDGHO$SRFDOLSVLV+D\XQDKXPLOGDGHVSHFLDOTXH
UHTXLHUHHOHVWXGLRGHO$SRFDOLSVLVFX\DVLQWHUSUHWDFLRQHVHQWRGDODKLVWRULDKDVWDQXHVWURVLJOR;;,KDQ
GDGRPXFKRTXHKDEODUWDQWRHQVHQWLGRSRVLWLYRFRPRQHJDWLYR'HFXDOTXLHUIRUPDVHGHVFXEULUDORTXH
HVHYLGHQWHXQDFLHUWDLQFDSDFLGDGHQFXDQWRDODSRVLELOLGDGGHXQDLQWHUSUHWDFLRQTXHHQDOJXQRVGH
VXVH[WUHPRVHVGHELO\TXHHQDOJXQFDVRHVLQFRPSOHWDHLQFOXVRHUURQHD(VSRUHOORTXHGHEHPRV
DIHUUDUQRVFRPRQXQFDDQWHVDODSRWHQFLDGHOD3DODEUDGH'LRV\SHGLUOHDORULJLQDGRUGHHVHOLEURTXH
QRVOLEUHFRQQXHVWUDPHQWHILQLWDGHQRSRVHHUHODQLPRGHDXWRFRUUHJLUQRVHQWRGRDTXHOORTXHVHD
QHFHVDULRSDUDXQDPHMRUFRPSUHQVLRQ&LHUWDVFRVDVGHODVTXHHVFULELHQHOSDVDGRVREUHHO
$SRFDOLSVLVODVPHMRUHSRVWHULRUPHQWH\GHRWUDVQRHVFULELSRUTXHHQHVRVPRPHQWRVQRWHQLD
VHJXULGDGHOWHPDGHODV,JOHVLDVORV6HOORV\ODV7URPSHWDVVHPHUHVLVWLDQ1RSRGLDHQFDMDUODVGHQWUR
GHOVLVWHPDTXH\RKDELDUHFRJLGRFRPRHOPHMRUWDOFRPRVHPHSURYHLD&XDQGRIXLGHVFXEULHQGROR
SRVLWLYRGHRWURVVLVWHPDVGHLQWHUSUHWDFLRQ\DSUHQGLDDMXVWDUHVRSRVLWLYRMXQWRDORTXHHOHYDQJHOLR
ODVHSLVWRODV\DSRFDOLSWLFDELEOLFDPHHQVHQDQGHQWURGHOSURSLRVLVWHPDTXHKDELDLQFRUSRUDGR\
FRPSUREDGRFRPRHOPDVXWLO\QHFHVDULRODOX]SHQHWURFRQJUDQIXHU]D7DQWRIXHHVRDVLTXHKHSRGLGR
SHUIHFFLRQDUDOSURSLRVLVWHPDGHLQWHUSUHWDFLRQTXHHVFRMRFRPRHOSUHIHUHQWH$YHFHVQRV
HQFDVTXHWDPRVXQPRGHORGHLQWHUSUHWDFLRQGHOTXHVXSRQHPRVTXHQRSUHFLVDQLQJXQWLSRGHFRUUHFFLRQ
SHURHVRHVH[WUHPDGDPHQWHUHSUHVRU(OFRQWHQLGRGHOPLVPRPRGHORKHUPHQHXWLFRREOLJDDXQD
LQWHUSUHWDFLRQTXHHQRFDVLRQHVQRWDPRVTXHVXHQDPDOTXHQRSXHGHVHU\WRGRSRUHPSHFLQDUQRVHQ
PDQWHQHUFRPRORXQLFRYDOLGRHVDPDQHUDGHSUHVHQWDUHOVLVWHPD3HURHOVLVWHPDGHODKLVWRULD
FRQWLQXDRKLVWRULDGHODVDOYDFLRQDOTXHVHOHOODPDDKRUDSH\RUDWLYDPHQWHKLVWRULFLVWDQRLPSOLFD
TXH\RWHQJDTXHDFHSWDUSRUHMHPSORSHULRGRVFURQRORJLFRVHQWRGRHOGHYHQLUGHODKLVWRULDGHOD
,JOHVLDSDUWLHQGRGHODVLJOHVLDVTXHVHPHSURSRQHQHQ$S\(VGHFLUTXHFDGDLJOHVLDTXHVH
PHQFLRQDHQHOFDSLWXOR\VHUHIHULULDFDGDXQDSRUVHSDUDGRGHVGHODSULPHUDDODXOWLPD\FRQHVD
VHFXHQFLDGHDSDULFLRQDXQDHSRFDFRQFUHWDHQODTXHSRURWUDSDUWHVHILMDQIHFKDVTXHQDGLHSXHGH
DVHJXUDU"'RQGHORGLFHWRGRHVRHOWH[WR"(OPHQVDMHDODVLJOHVLDVFRPRYHUHPRVFXDQGRHQWUHPRVHQ
HOFRPHQWDULRHVDSOLFDEOHWRGRHOWDQWRDOD,JOHVLDGHODHSRFDGH-XDQFRPRSDUDOD,JOHVLDGHFDGD
JHQHUDFLRQGHFULVWLDQRVTXHVHYDVXFHGLHQGRHQODKLVWRULD<VLELHQVHXWLOL]DDFDGDLJOHVLD
PHQFLRQDGDSRU-XDQH[LVWHQWHHQHOSHULPHWURGH$VLD0HQRUFRPRSURWRWLSRGHOPHQVDMHQRHVWDQ
H[FOXLGDVQLODVPXFKDVRWUDVTXHH[LVWLDQHQDTXHOODHSRFDGH-XDQQLODVTXHSRVWHULRUPHQWHVHLUDQ
VXVFLWDQGRHQODKLVWRULD<YDVHUHODQDOLVLVGHO$SRFDOLSVLVHQFDGDHSRFDJHQHUDFLRQDOHFOHVLDVWLFDHO
TXHWHQGUDTXHGHFLGLUVREUHORTXHVHDSOLFDHQODVLJOHVLDVORFDOHV\HQODGHODPELWRPXQGLDOGHFDGD
PRPHQWRKLVWRULFR+DEUDTXHHVWXGLDUHOFRQWHQLGRGHOPHQVDMHDODV,JOHVLDVTXH-XDQFRQRFLDHQHVH
HQFXDGUHGH$VLD0HQRU\TXHOHVLUYHGDGRVXFRQRFLPLHQWRGHODLQIOXHQFLDTXHHOPXQGRVRFLDOHVWH
WHQLHQGRVREUHHVDVLJOHVLDVOLWHUDOHV\DODLQVSLUDFLRQTXHUHFLEHSDUDWUDVODGDUOR\DSOLFDUORD
>@
FXDOTXLHURWURPRPHQWR\ROXJDU
/RPLVPRVXFHGHFRQORV6HOORV\ODV7URPSHWDVWDOFRPRYHUHPRVHQQXHVWURFRPHQWDULR$QWHOD
FRPSUHQVLRQTXHHOWH[WRQRVREOLJDDKDFHUQRSRGHPRVUHVWULQJLUORVDVSHFWRVSRVLWLYRVTXHHQFLHUUD
ODDFWXDFLRQTXHFRQWLHQHHOSULPHUVHOORXQLFDPHQWHSDUDODHSRFDSULPLWLYD3HUR"3RUTXH\RYR\D
SULYDUPH\'LRVORIXHUDDFRQVHQWLUGHORVEHQHILFLRVLPSOLFDGRVHQHOSULPHUVHOOR"'HVGHOXHJRYR\D
WHQHUTXHREVHUYDUHOWH[WRSDUDFDGDVHOOR\FRPSUREDUVXDYDQFH\HQJOREH\ORTXHDEDUFD(QFXDQWR
DODV7URPSHWDVKD\GHWDOOHV\GDWRVTXHQRVREOLJDQDFRQVLGHUDUODVGHGLVWLQWRPRGRDWURPSHWDVTXHVH
WRFDQDSDUWLUGHXQPRPHQWRGHODKLVWRULD(VGHFLUODSULPHUDVHJXQFLHUWRSHQVDUDEDUFDULDXQWLHPSR
KLVWRULFRGHWHUPLQDGRFRQXQDIHFKDHQVXILQDOHPSH]DULDODVHJXQGDKDVWDXQDIHFKDGHWHUPLQDGD\DVL
VXFHVLYDPHQWH"'RQGHORGLFHHVRHOWH[WR""<TXHQRVTXHUUDGHFLUHOWH[WRFXDQGRVHQRVSUHVHQWDHO
WRTXHGHODVH[WDWURPSHWD$S\QRDFDEDKDVWDGHVSXHVGHWRGDXQDKLVWRULDWUDQVFXUULGDTXH
DEDUFDFDVLKDVWDHOILQGHODKLVWRULDGHVSXHVGHKDEHUVHFXPSOLGRODVXFHVLRQGHFDEH]DVGHODEHVWLD
DSRFDOLSWLFD"FI$S
7HQHPRVTXHDSUHQGHUGHTXHIRUPD\TXHHVORTXHQRVDSRUWDHOWH[WRVLUYHHO$SRFDOLSVLVSDUDFDGD
JHQHUDFLRQGHFULVWLDQRVWHQLHQGRHQFXHQWDGHTXHHVXQPHQVDMHSDUDODVLJOHVLDVRSDUDOD,JOHVLDR
SXHEORGH'LRVHQODVXFHVLRQGHOWLHPSRKLVWRULFRGHVGHODSULPHUD9HQLGDKDVWDOD6HJXQGD<WRGR
HVWRORYDPRVDHVWXGLDUSUR\HFWDQGRHOPHWRGRGHODKLVWRULDFRQWLQXDRGHODVDOYDFLRQWHQLHQGRHQ
FXHQWDVLPXOWDQHDPHQWHVREUHODYLDELOLGDGHLPSRVLELOLGDGGHODDSOLFDFLRQGHRWURVVLVWHPDVGH
LQWHUSUHWDFLRQ
(QHVWHSURORJRYDPRVDDSRUWDUDOJXQRVLQVWUXPHQWRVGHWUDEDMRGHORVTXHQRVKHPRVSURYLVWRSDUD
D\XGDUQRVHQODFRPSUHQVLRQGHO$SRFDOLSVLV
 %LEOLRJUDILDFRPHQWDGD
/DELEOLRJUDILDGHFRPHQWDULRVVREUHHO$SRFDOLSVLVHVH[WUHPDGDPHQWHDPSOLDGHQWURGHORUHODWLYR
TXHHVHOWHPD8QRVVRQEDVWDQWHEXHQRV\GHORVTXHKDUHPRVXQDEUHYHUHVHQDHQHVWHSURORJR2WURV
VRQPX\PDORVSRUTXHGHVJUDFLDGDPHQWHQRDSRUWDQQDGDDOJXQRVVRQWHQGHQFLRVRV/RJLFDPHQWHGHO
FHQWHQDUTXHWHQHPRVSHUVRQDOPHQWHGHGLYHUVRVFRPHQWDULRVH[FOXVLYDPHQWHVREUHHO$SRFDOLSVLV
WHQHPRVDXWHQWLFDVMR\DVLPSUHVFLQGLEOHVFRPRD\XGDHQHODQDOLVLV(VWXGLRVVREUHGLIHUHQWHVWHPDVGHO
$SRFDOLSVLVSRVHHPRVHQQXHVWUDELEOLRWHFDSULQFLSDOPHQWHHQFDVWHOODQRDXQTXHODPD\RULDWUDGXFLGRV
GHOLQJOHVFLHQWRVGHHOORV/D%LEOLRWKHFD+LVSDQD%LEOLFD9ROUHFRJHXQD%,%/,2*5$),$
-2$1,&$VREUHHO$SRFDOLSVLV5LFDUGR5DEDQRV(VSLQRVD'RPLQJR0XQR]/HRQ&6,&0DGULG
GHWLWXORVSXEOLFDGRVHQWUH1RVRWURVUHFRJHUHPRVKDVWDHOHQQXHVWUD
ELEOLRJUDILDTXHGDUHPRVFXHQWDHQHVWDREUD
+D\XQDVREUDVTXHKHPRVVHOHFFLRQDGRFRPRIXQGDPHQWDOHV\RWUDVFRPRHVSHFLDOHVSDUDFXDOTXLHUD
TXHGHVHHDFRPHWHUHOHVWXGLRGHO$SRFDOLSVLV(QWUHODVIXQGDPHQWDOHVSRGHPRVFLWDUODGH/HUR\
(GZLQ)URRP7KHSURSKHWLF)DLWKRIRXU)DWHUV9ROV5HYLHZDQG+HUDOG:DVKLQJWRQTXHDEDUFD
GHVGHODHSRFD-XGHDKDVWDSDVDQGRSRUWRGRORTXHORVOODPDGRV3DGUHVGHOD,JOHVLDQRVUHILHUHQ
VREUH$SRFDOLSVLV\'DQLHO(OYDORUGHHVWHHVWXGLRFRQVLVWHHQWUDHUQRVODVRSLQLRQHVGHORVGLIHUHQWHV
DXWRUHVDORVWHPDVGHO$SRFDOLSVLVGHXQPRGRSOHQDPHQWHREMHWLYRFRQODFRUUHVSRQGLHQWHIXHQWHDOD
TXHVHSXHGHFRQVXOWDU(VWDREUDKDVLGRKHFKDHQFDVWHOODQRHQVXPDULRSHURVLQGHMDUVHQLQJXQ
HVFULWRUUHVXPLHQGRWHODLGHDLQWHUSUHWDWLYDGHFDGDDXWRU6XPDULRGHOGHVHQYROYLPLHQWRKLVWRULFRGH
ODLQWHUSUHWDFLRQSURIHWLFD'LYLVLRQ6XGDPHULFDQD8QLYHUVLGDGGHO3ODWD$UJHQWLQD/D
VHJXQGDHVODGH$OIUHG9DXFKHU/DFXQFLDQD(VVDLVVXUOHVSURSKHWLHVELEOLTXHV>VHULHV@),'(6
&ROORQJHVVRXV6DOHYH+DXWH6DYRLH)UDQFH,QFOX\HKHUPHQHXWLFD\GHILQLFLRQHVVREUHOD
DSRFDOLSWLFDMXQWRDXQD%LEOLRJUDILDXQLFDKDVWDODIHFKDHQODTXHHVFULEH(VWHDXWRUVHGHGLFDD
HVWXGLDUODSURIHFLDDSRFDOLSWLFD\XWLOL]DUDGLIHUHQWHVDXWRUHVDILQGHGDUODLQWHUSUHWDFLRQTXH
FRUUHVSRQGHDGLIHUHQWHVWHPDWLFDV'HHVWHPRGRSRGHPRVVDEHUORTXHGLYHUVRVSHQVDGRUHVVHDQ
MXGHRVRFDWROLFRVRSURWHVWDQWHV\FULVWLDQRVLQGHSHQGLHQWHVH[SUHVDQVREUHGLIHUHQWHVDVSHFWRVGHOD
SURIHFLDDSRFDOLSWLFD(ODXWRUSRVHHXQDOLQHDLQWHUSUHWDWLYDFRQFUHWDTXHVLQGHFLUQRVODH[SOLFLWDPHQWH
QRVODSUR\HFWDHQODVHOHFFLRQTXHKDFHGHORVFRPHQWDULVWDVFRQVXVSXQWRVGHYLVWDHVSHFLILFRV&RPR
XQFRPSOHPHQWRDHVWDVHULHHOPLVPRDXWRUHVFULELRHQ/HVSURKHWLHV$SRFDO\SWLTXHVHWOHXU
LQWHUSUHWDWLRQ),'(6&ROORQJHVVRXV6DOHYH)UDQFH
&RPRFRPSOHPHQWRDHVDVGRVREUDVHVWDULD/D%LEOLD&RPHQWDGDSRUORVSDGUHVGHOD,JOHVLD
$SRFDOLSVLVHG&LXGDG1XHYD0DGULGQRVSUHVHQWDYHUVLFXORSRUYHUVLFXORODLQWHUSUHWDFLRQ
VHOHFFLRQDGDTXHKDFHQORVOODPDGRVSDGUHVGHOD,JOHVLDDFDGDXQRGHORVYHUVLFXORVGHO$SRFDOLSVLV
/DFXDUWDHVODGH&KDUOHV%UXWVFK/D&ODUWHGHO
$SRFDO\SVHHGLW/DERUHW)LGHV*HQHYH6XLVVH
'LVSRQHPRVGHODDHGLFLRQTXHVHJXQHODXWRUIXHHQULTXHFLGD\FRPSOHWDGDSRUDQRVGH
LQYHVWLJDFLRQ+DELHQGRSRGLGRFRQWDFWDU\HQWUHYLVWDUVHVHJXQFUHHFRQORVPHMRUHVELEOLVWDVUHVSHFWR
DO$SRFDOLSVLV6XELEOLRJUDILDHVH[FHOHQWHHVSHFLDOPHQWHHQVXHVWXGLRSRUPHQRUL]DGRGHYHUVLFXORSRU
YHUVLFXOR(ODXWRUHQFDGDYHUVLFXORWUDHODLQWHUSUHWDFLRQGHGLIHUHQWHVDXWRUHVDXQFXDQGRQR
FRLQFLGDQHQODLQWHUSUHWDFLRQRVHQRVREOLJXHHQRFDVLRQHVDUHDOL]DUHOWUDEDMRGHHQFRQWUDUODPDQHUD
GHFRPSOHPHQWDUORV8QDREUDLPSUHVFLQGLEOHMXQWRFRQODVDQWHULRUHVGRQGHVHQRVRIUHFHXQD
SDQRUDPLFDFRPSOHWDGHWRGRORTXHVHKDFRPHQWDGRSRUDXWRUHVUHSUHVHQWDWLYRV/DTXLQWDREUDHVOD
GH0PH*%HQMDPLQ(VFDQGH/
$SRFDO\SVHGRFXPHQWGHOD5HGHPSWLRQHVVDLVXUOHODQJDJH
V\PEROLTXH%HUJHU/HYUDXOWHGLWHXUV3DULV(VWDREUDKDSDVDGRGHVDSHUFLELGDSRUODPD\RULDGH
ORVFRPHQWDULVWDV/DHQFRQWUHHQXQDELEOLRWHFDODGHQRPLQDGDGH$OIUHG9DXFKHUHQ&ROORQJHVVRXV
6DOHYH)UDQFHUHJHQWDGDSRUOD)DFXOWDGGH7HRORJLD$GYHQWLVWD(VWDREUDQRKDVLGRVXSHUDGD
UHVSHFWRDOYDORUGHOOH[LFR\HOVLJQLILFDGRGHOOHQJXDMHILJXUDGR$QDOL]DHOWHUPLQRGHDFXHUGRDFRPR
ORXWLOL]DQHQWH[WRVSDUDOHORVORVDXWRUHVELEOLFRV6HQRVPXHVWUDHOYDORUTXHHOJULHJRRHOKHEUHR
SXHGHHQFHUUDUSDUDFRQVHJXLUODUHDOLGDGGHORTXHSXGLHUDVLJQLILFDUHOVLPEROR
(QVH[WROXJDUHQORTXHVHUHILHUHDOWH[WRKHPRVVHOHFFLRQDGRDOJXQDVREUDVTXHQRVD\XGDUDQHQVX
FRPSUHQVLRQ7HQHPRVHOGHXQHVSHFLDOLVWD&ODXGH7UHVPRQWDQW$SRFDO\SVHGH-HDQ7UDGXFWLRQHW
1RWHVHGLWHXU);GH*XLEHU3DULV(ODXWRUHVFRQVFLHQWHTXHWRGDODHVWUXFWXUDGHOOLEURGHO
$SRFDOLSVLVHVKHEUHD\TXHSRUORWDQWRKD\TXHWHQHUHQFXHQWDHVHSHQVDPLHQWRKHEUHRDODKRUDGH
H[SUHVDUFLHUWRVVLJQLILFDGRV6XWUDGXFFLRQUHVSRQGHDODSDODEUDJULHJDVXEVLGLDULDGHOWHUPLQRKHEUHR
'HQWURGHHVWHDSDUWDGRKHPRVTXHULGRWUDHUXQDYHUVLRQDOKHEUHRGHODWUDGXFFLRQFDVWHOODQDDO
JULHJRDILQGHWHQHUHQFXHQWDODSDODEUDTXHSXGLHUDFRQVWLWXLUVHFRPRODRULJLQDOKHEUHDGHDFXHUGRDO
DXWRUGHHVWDREUD1XHYR7HVWDPHQWRHQKHEUHRYHUVLRQ,QWHUOLQHDO+HEUHR(VSDQROGHO1XHYR
WHVWDPHQWRFRQFODYHGHSURQXQFLDFLRQSRU(PLOLR6DHQ]2OLYDUHV$XWKRU+RXVH,186$^
YROV`-XQWRDHVWRSUHVHQWDPRVDOJXQRVLQVWUXPHQWRVGHWUDEDMRTXHVLUYHQSDUDFODULILFDUPHMRUHOWH[WR
8QFRPHQWDULRWH[WXDODO1XHYR7HVWDPHQWRJULHJRSRU%UXFH0HW]JHU6RFLHGDG%LEOLFD$OHPDQD
6WXWWJDUWHVXQFRPSOHPHQWRDO7KH*UHHN1HZ7HVWDPHQWHGLWDGDSRU.XUW$OODQG0DWWKHZ
%ODFN&DUOR00DUWLQL%UXFH0HW]JHU\$OOHQ:LNJUHQ7KH$PHULFDQ%LEOH6RFLHW\1HZ<RUN

7UHVWUDGXFFLRQHVFRQHOWH[WRJULHJRSUHVHQWHTXHLQFOX\HHO$SRFDOLSVLVLQWHUOLQHDUHVFRQHO
FDVWHOODQR\DSDUDWRFULWLFR1XHYR7HVWDPHQWRWULOLQJXHGH%RYHU2
&DOODJKDQ^%$&0DGULG`
\ODGH)UDQFLVFR/DFXHYD^&OLH7HUUDVVD%DUFHORQD`\XQDTXHWUDHHQSDUDOHORHOWH[WRGHOD
9XOJDWDHO*ULHJR\HO)UDQFHVFRQQRWDVHVSHFLDOHV/D6DLQWH%LEOH3RO\JORWWH1XHYR7HVWDPHQWR
^WRPH9,,,`SRU)9LJRXURX[3DULV
(ODQDOLVLVJUDPDWLFDOGHOJULHJRGHO1XHYR7HVWDPHQWRGH0D[=HUZLFNHG9HUER'LYLQR
(VWHOOD1DYDUUDMXQWRDOD*UDPDWLFDJULHJDGHO1XHYR7HVWDPHQWRGH'DQD0DQWH\&DVD
%DXWLVWDGH3XEOLFDFLRQHV%DUFHORQDVLQROYLGDUQRVGHODREUDGH-XDQ0DWHRV(ODVSHFWR
YHUEDOHQHO1XHYR7HVWDPHQWRHGLF&ULVWLDQGDG0DGULG
(OVLJXLHQWHOLEURDUHVHQDUGHPRGRHVSHFLDOHVHOGH$OIUHG.XHQ/
$SRFDO\SVHHGLWLRQV(PPDXV
6DLQW/HJLHU6XLVVH(VXQDREUDTXHHVFDSD]GHRIUHFHUWHGHVGHHOSXQWRGHYLVWDLQWURGXFWRULR
WRGRHOYDORUGHO$SRFDOLSVLVVLQUHIHULUVHDXQHVWXGLRGHYHUVLFXORSRUYHUVLFXOR7HGDXQDEDQLFRGH
SRVLELOLGDGHV\RULHQWDFLRQHVTXHWHSHUPLWHHOSRGHUKDFHUDSOLFDFLRQHVDGHFXDGDVDODKRUDGHOD
LQWHUSUHWDFLRQ
<SRUXOWLPRGHQWURGHHVWDVHULHHVWDQHOUHIHULGRDO6LPSRVLRVREUH$SRFDOLSVLV9ROVGH
YDULRVDXWRUHV(GLWRU)UDQN%+ROEURRNHG$SLD\*HPD(GLWRUHV)ORULGD86$
SXEOLFDGRHQLQJOHVHQ,QGHSHQGLHQWHPHQWHGHVHUXQDSXEOLFDFLRQGHQRPLQDFLRQDOXWLOL]DXQD
PDQHUDFLHQWLILFD\REMHWLYDGHDFHUFDUVHDOWH[WR\DODVWHPDWLFDV$EXQGDHQFXHVWLRQHVLQWURGXFWRULDV
WDQWRGHODKHUPHQHXWLFDFRPRGHODVLPERORJLD\ODVHVWUXFWXUDVTXLDVPLFDVRHQWUHFUX]DGDV6REUHHVWR
WUDHPRVDFRODFLRQXQHVSHFLDOLVWDVREUHHVWHDVXQWR\TXHKDHVWXGLDGRHQSURIXQGLGDGHO$SRFDOLSVLV
FRQHVHREMHWR675$1'.HQQHWK$7KH2SHQ*DWHVRI+HDYHQ$EULHI,QWURGXFWLRQWR/LWHUDU\
$QDO\VLVRIWKH%RRN5HYHODWLRQ$QQ$UERU3XEOLVKLQJ$QQ$UERU0LFKLJDQ86$
,QWHUSUHWLQJWKH%RRNRI5HYHODWLRQ$Q8SGDWHWYHUVLRQRIWKH2SHQ*DWHV$QQ$UERU3XEOLVKLQJ
$QQ$UERU0LFKLJDQ86$$&KLDVWLF6WUXFWXUHDQG6RPH0RWLIVLQWKH%RRNRI5HYHODWLRQ
$866YRO;9,SS3HUVSHFWLYHVLQWKH%RRNRI5HYHODWLRQ$QQ$UERU3XEOLVKHUV
$QQ$UERU0,7ZR$VSHFWVRI%DE\ORQ
V-XGJPHQW3RUWUD\HGLQ5HYHODWLRQ$866YRO
SS$)XUWKHU1RWHRQWKH&RYHQDQWDO)RUPLQWKH%RRNRI5HYHODWLRQ$866YRO
SS6RPH0RGDOLWLHVRI6\PEROLF8VDJHLQ5HYHODWLRQ$866YRO
SS$SRFDOLSVLV%RVTXHMR*HQHUDO\/D,JOHVLD\ODV3URIHFLDVHQ5HYLVWD$GYHQWLVWD(VSDQROD
 5$((QHURSS$EULOSS7KH(LJKW%DVLF9LVLRQLQWKH%RRNRI
5HYHODWLRQ$866YROSS7KH9LFWRULRXV,QWURGXFWLRQ6FHQHVLQWKH9LVLRQV
LQWKH%RRNRI5HYHODWLRQ$866YROSS2YHUFRPHU$6WXG\LQWKH0DFUR
G\QDPLFRI7KHPH'HYHORSPHQWLQWKH%RRNRI5HYHODWLRQ$866YROSS
(VWRVOLEURV\DUWLFXORVLQGLFDGRVDQWHULRUPHQWHVRQIXQGDPHQWDOHVSRUHODOFDQFHTXHSRVHHQGH
SRGHUWHGDUKHUUDPLHQWDVGHWUDEDMRDILQGHTXHXQRPLVPRSXHGDKDFHUDSOLFDFLRQHVORPDV
DGHFXDGDPHQWHSRVLEOH
1LTXHGHFLUWLHQHTXHKD\RWUDVREUDVTXHODVFRQVLGHUDPRVPX\LPSRUWDQWHVSDUDXQDPHMRU
FRPSUHQVLRQGHO$SRFDOLSVLV\TXHYDPRVDUHVHQDUDFRQWLQXDFLRQSRURUGHQGHIHFKDV\DTXLPLVPR
WRGDYLDPDVSRVWHULRUPHQWHGHVFULELUHPRVXQDJUDQFDQWLGDGGHREUDVTXHSXQWXDOPHQWHDOJXQDVGHHOODV
VLUYHQGHUHIHUHQFLD\TXHOOHJDUDQDO+D\DOJXQDVTXHQRKHPRVFUHLGRFRQYHQLHQWHPHQFLRQDUODV
SRUFXDQWRVHJXQQXHVWUDRSLQLRQQRDERUGDQH[DFWDPHQWHHO$SRFDOLSVLV+HPRVGHMDGRSDUDOD
%LEOLRJUDILD*HQHUDOXQDJUDQFDQWLGDGGHREUDVVRFLDOHVSROLWLFDVHKLVWRULFDVTXHD\XGDQDDFWXDOL]DU
ORVFRQWHQLGRVGHO$SRFDOLSVLV1RVRWURVPLVPRVKHPRVFRQIHFFLRQDGRXQD/DYRFDFLRQGHSRGHUHQOD
HUDGHOD*OREDOL]DFLRQ1HFHVLGDGGHXQ*RELHUQRPXQGLDOFRPRVHQWLGRGHODKLVWRULDYROV
=DUDJR]D(VWDREUDDPSOLDGD\FRUUHJLGDGHODTXHSXEOLFR&OLH(OVHQWLGRGHOD+LVWRULD\
ODSDODEUDSURIHWLFDYROV\TXHIXHILQDOLVWDDOPHMRUOLEURGHODQRHQ(VWDGRV8QLGRV
SRUOD(YDQJHOLFDO&KULVWLDQ3XEOLVKHUV$VVRFLDWLRQ1RWDUDQDOJXQDVDXVHQFLDVQRWDEOHVTXHSRGULDQVHU
FRQVLGHUDGDVLPSRUWDQWHVSRURWURVDXWRUHV\TXHQRVRWURVQRKHPRVGHVWDFDGR
4XHUHPRVDTXLGHVWDFDURWUDVREUDVGHHVWXGLRVREUHHO$SRFDOLSVLVTXHQRVKDQGDGRFLHUWDVHJXULGDG
SDUDQRGHVYLDUQRVKDFLDDOJXQDVWHQGHQFLDVSUHMX]JDGDV
(OSURSRVLWRPRUDOGHOD3URIHFLDGH/RXLV):HUH0HOERXUQH$XVWUDOLDWUDGXFLGRDO
FDVWHOODQRSRUOD&$3SUHWHQGHDGYHUWLUQRVVREUHORVHUURUHVTXHFRQOOHYDHOIXWXULVPR\YDORUDUHO
DVSHFWRPRUDOGHODSURIHFLDMXQWRDODVUHDOLGDGHVFULVWLDQDVUHYHODGDVHQODVLPDJHQHVSURIHWLFDVGHO
$SRFDOLSVLV(QVXPDXQDREUDTXHPHHQULTXHFHDODKRUDGHLQWHUSUHWDUHO$SRFDOLSVLV2WUROLEURGHO
SURSLRDXWRU7KH.LQJVWKDWFRPHIURPWKH6XQULVLQJUHLPSUHVRHQSRU+./D5RQGHOOH
%HUULHQ6SULQJV0LFKLJDQRWURDXWRUGHOTXHWUDHUHPRVXQDGHVXVREUDVPDVHPEOHPDWLFDVVREUHHO
$SRFDOLSVLV(QFDVWHOODQRIXHWUDGXFLGRSRUOD&$3/RV5H\HVTXHYLHQHQGHO2ULHQWH(QGLFKDREUD
GHPXHVWUDODLPSRVLELOLGDGGHSRGHUHQWHQGHUOLWHUDOPHQWHORV5H\HVGHO2ULHQWHTXHVHPHQFLRQDQHQ
UHODFLRQDO$UPDJHGRQ'HVFDUWDTXHVHDQODVQDFLRQHVGHO2ULHQWH"4XLHQHV"(QQXHVWURFRPHQWDULROR
H[SOLFDUHPRV3DFLHQFLD(VWHPLVPRDXWRU/RXLV):HUHSXEOLFRHQHQ0HOERXUQHXQDREUD
H[FHSFLRQDOTXHHOPLVPR+./D5RQGHOOHHQUHLPSULPLR%HUULHQ6SULQJV0LFKLJDQ7KH
&HUWDLQW\RI7KH7KLUG$QJHO
V0HVVDJH
'HOPLVPRDXWRUGH:HUH7KH:RPDQDQGWKH%HDVWLQWKH%RRN5HYHODWLRQ6WXGLHVLQ5HYHODWLRQ
%HUULHQ6SULQJV0LFKLJDQ86$
*HRUJH0F&UHDG\3ULFH7LPHRIWKH(QG6RXWKHUQ3XEOLVKLQJ$VVRFLDWLRQ7HQQHVVHH86$
WUDGXFFLRQDOFDVWHOODQR(OWLHPSRGHOILQSRUOD&$38QDQDOLVLVWH[WXDOGHORVSULQFLSDOHVWHPDVGHO
$SRFDOLSVLVTXHVHQDODQHOWLHPSRGHOILQ+DPHUHFLGRODSHQDTXHORWXYLHUDPRVHQFXHQWD
+DQV./D5RQGHOOHHQ&KDULRWVRI6DOYDWLRQ7KH%LEOLFDO'UDPDRI$UPDJHGGRQ5HYLHZDQG
+HUDOG:DVKLQWRQQRVSUHVHQWDXQDQXHYDPDQHUDGHHQWHQGHUODSURIHFLDGHO$SRFDOLSVLVUHODWLYD
DOILQHQFRQFUHWRVREUHHO$UPDJHGRQ1RVSUHVHQWDXQDKHUPHQHXWLFDFULVWRFHQWULFDSDUWLHQGRGHOD
QRYHGDGGHORTXHYLHQHDVLJQLILFDUHO,VUDHOGH'LRV/RWHQGUHPRVHQFXHQWD\PDWL]DUHPRVDOJXQDV
FRQVLGHUDFLRQHV
 5DQNR6WHIDQRYLF5HYHODWLRQRI-HVXV&KULVW&RPPHQWDU\RQWKH%RRN5HYHODWLRQ$QGUHZV
8QLYHUVLW\3UHVV0,86$
(VWDREUDDSRUWDHOHPHQWRVQXHYRVGHLQWHUSUHWDFLRQHVSHFLDOPHQWHVREUHODVWURPSHWDV7LHQHHVWXGLRV
LQWURGXFWRULRVDFDGDSRUFLRQGHO$SRFDOLSVLVGHWDOPRGRTXHWHGDFRQWHQLGRVTXHMXVWLILFDQ
SRVWHULRUPHQWHODLQWHUSUHWDFLRQTXHGHVDUUROODYHUVLFXORSRUYHUVLFXOR
3DUDXQDOHFWXUDH[HJHWLFDGHDFXHUGRDO'HUDVVHOHFFLRQDPRVGRVREUDVLPSUHVFLQGLEOHVTXHPHKDQ
DSRUWDGRXQDWHFQLFDTXHPHKDVHUYLGRSDUDDSOLFDUODHQHOHVWXGLRGHO1XHYR7HVWDPHQWR\SRUHQGHGHO
$SRFDOLSVLV$JXVWLQGHO$JXD3HUH](OPHWRGRPLGUDVLFR\ODH[HJHVLVGHO1XHYR7HVWDPHQWR
9DOHQFLD
'RPLQJR0XQR]/HRQ'HUDVORVFDPLQRV\VHQWLGRVGHOD3DODEUDGLYLQDHQOD(VFULWXUD&6,&
0DGULG
&RPRXQHMHPSORGHFRPRORVLQWHUHVHVSROLWLFRV\UHOLJLRVRVLQIOX\HURQHQODLQWHUSUHWDFLRQGHOD
DSRFDOLSWLFD\HOFRPRODIDOWDGHKRUL]RQWHKLVWRULFRFRQTXHDOJXQRVVHLPSRQHQSRUODLQIOXHQFLDGH
FLHUWDVSDXWDVQXQFDSUREDGDVSRUHOWH[WRHVODLQWHUSUHWDFLRQTXHVHGDVREUHHOILQGHOPXQGR\OD
OOHJDGDGHODQWLFULVWRSDUDGHVSXHVGHODFDLGDGHO,PSHULR5RPDQRLGHQWLILFDQGRDO,VODPFRPRHVH
DQWLFULVWR7UDHPRVXQHVWXGLRH[KDXVWLYRHQODREUDGH/
,VODPHWODILQGHVWHPSVGH-HDQ)ORUL
HGLWLRQVGXVHXLO3DULV
 %LEOLRJUDILDVREUHHO$SRFDOLSVLV
$&,1$6%ODQFD&RRUGLQDGRUD9DULRVDXWRUHV(QWRUQRDO$SRFDOLSVLV%$&0DGULG
$'9(17,67$6&ROHFWLYR3URSKHWLHHW(VFKDWRORJLHYROV6HPLQDLUH$GYHQWLVWHGX6DOHYH
&ROORQJHVVRXV6DOHYH)UDQFH
$'9(17,67$6&ROHFWLYR(WXGHVVXU/
DSRFDO\SVHYROV,QVWLWXW$GYHQWLVWH'X6DOHYH)UDQFH

BBB1XPHURHVSHFLDOFRQVDJUDGRD/D3URSKHWLH&HQWUDOHGHO$SRFDO\SVH1RYLHPEUHGH
$'9(17,67$6&ROHFWLYR7R$OO7KH:RUOG2SHQLQJWKH3URSKHFLHVRI'DQLHODQG5HYHODWLRQ
HGLWRU7\*LEVRQ:DVKLQJWRQ
$'9(17,67$6&ROHFWLYR&KDQWHU/
$SRFDO\SVH,,,HQ/HV&DKLHUV/LWXUJLTXHVQR*HQHYH

$//2(%/
$SRFDO\SVHGHVDLQW-HDQ/LEUDLULH/HFRIIUH-*DEDOGDHW&LH(GLWHXUV3DULV

$1'(56215R\$OODQ2$SRFDOLSVH5HYHODGR3XEOLFDGRUD$WODQWLFR6DFDYHP3RUWXJDOVI
$1'5(:6-17KUHH0HVVDJHVRI5HYHODWLRQWKGHUHY5HYLHZDQG+HUDOG3XEOLVKLQJ
&R%DWWOH.UHHN0LFKLJDQ
%$'(1$65REHUWR9UDLHHWIDXVVHDGRUDWLRQVHORQ$SRFDO\SVHHQ/HV&DKLHUV/LWXUJLTXHVQR
*HQHYH
%$',1$-RHO/HV0LOOH$QVG
$SRFDO\SVH6(59,5,9SS
%$/7+$6$5+DQV8UV9RQ7HRGUDPDWLFD/D$FFLRQHGLF(QFXHQWUR0DGULGHQODV
SSDODWUDWDVREUHHO$SRFDOLSVLV
%$5&/$<:LOOLDP$SRFDOLSVLVYROV&OLH7HUUDVVD%DUFHORQD
%$57,1$6HEDVWLDQ$SRFDOLSVLVGH6DQ-XDQGHQWURGH6DJUDGD(VFULWXUD^&RPHQWDULRDO17
GHOD&-9RO,,,`%$&0DGULG
%$77,6721(-RVHSK-$SRFDOLSVLV,HQ/HFFLRQHVGH(VFXHOD6DEDWLFD5HYLHZDQG+HUDOG
86$
%(5=26$0$57,1(=5DXO2UDUFRQHO$SRFDOLSVLV,GHQWLGDG\UHVLVWHQFLDSDUDOD,JOHVLDGH
KR\0RQWH&DUPHOR%XUJRV
%,$1&+,(Q]R(O$SRFDOLSVLV&RPHQWDULRH[HJHWLFRHVSLULWXDOHGLF6LJXHPH6DODPDQFD
%,%/($1127((9DULRVDXWRUHV$SRFDOLSVLV$QWLQJHU(GLWHXUV1HXFKDWHO
%211(7/XLV\6&+2('(5$OIUHGR&RPHQWDULRDO1XHYR7HVWDPHQWR$SRFDOLSVLV&%3

%58&())(//,621+/+2:/(<%&'7KH,QWHUQDWLRQDO%LEOH&RPPHQWDU\
=RQGHUYDQ3XEOLVKLQJ+RXVH*UDQG5DSLGV0LFKLJDQ
&$%(525(VWXGLRVVREUHHO$SRFDOLSVLVVO\VI
&$0(521:DOWHU5,QWHUSUHWDFLRQ&ULVWRFHQWULFDGHOD6H[WD\6HSWLPD3ODJDV\HO
$UDPDJHGRQ0$1RYLHPEUH'LFLHPEUHSS(QHUR)HEUHURSS
&$5%$//26$(YLV/$SRFDOLSVLVODFRQVXPDFLRQGHOSODQHWHUQR(G3RUWDYR]*UDQG5DSLGV
0LFKLJDQ86$2EUDGLVSHQVDFLRQDOLVWD
&$526DQFKH]-0+LVWRULD1DUUDWLYD$SRFDOLSWLFDHGLW9HUER'LYLQR(VWHOOD1DYDUUD
&$57(5:DUUHQ$SRFDOLSVLV3RVLFLRQHVGLVWLQWDVDQWHHO,PSHULRHQWRQFHV\DKRUDHQ
6HOHFFLRQHVGH7HRORJLD6DLQW&XJDW%DUFHORQD
&$6$'2&$0$5$'DYLG(O$SRFDOLSVLVHG&OLH7HUUDVVD
&$552//%+&RPHQW%LEOLFR$SRFDOLSVLV&OLH7HUUDVVD
&$67(//$1,$SRFDOLSVLV(GLF3DXOLQDV)ORULGD$UJHQWLQD
&+$5/,(5-HDQ3LHUUH&RPSUHQGHUHO$SRFDOLSVLVYROV'HVFOHHGH%URXZHU%LOEDR
&+,/721'DYLG'LDVGHUHWULEXFLRQ8QDH[SRVLFLRQGHO/LEURGH$SRFDOLSVLV7H[DVREUD
GLVSHQVDFLRQDOLVWD
&2//,16-RKQ-67(,16WHSKHQPHGLWDGDSRU%HUQDUG0F*LQQ7KH(QF\FORSHGLDRI
$SRFDO\SWLFLVP9ROV7KH&RQWLQXXP3XEOLVKLQJ&RPSDQ\1XHYD<RUN
&20(17$5,2%$&21YROV&DVD1D]DUHQD.DQVDV&LW\0LVRXUL86$
&20(17$5,2%,%/,&2$'9(17,67$92/VREUH$SRFDOLSVLV$&(6%XHQRV$LUHV
&20(17$5,2%,%/,&26$1-(521,029ROV(GLF&ULVWLDQGDG0DGULG
BBBB1XHYR&RPHQWDULR%LEOLFR6DQ-HURQLPRHG9HUER'LYLQR(VWHOOD1DYDUUD
&21&,/,80YDULRVDXWRUHV"(OILQGHOPXQGRHVSDUDPDQDQD"6HSWLHPEUHGH(GLWRULDO
9HUER'LYLQR(VWHOOD1DYDUUD(VSDQD
&215$1',/5/RV9LGHQWHV\HO3RUYHQLU$SRFDOLSVLV6RFLHGDG,QWHUQDFLRQDOGH7UDWDGRV
%DUFHORQDVI
&2175(5$602/,1$)UDQFLVFR(O6HQRUGHOD9LGD/HFWXUDFULVWRORJLFDGHO$SRFDOLSVLV
HGLF6LJXHPH6DODPDQFD
&22.6WHSKHQ/3URSKHF\$SRFDO\SWLFXP)RUWUHVV3UHVV0LQQHDSROLV0186$
&233(16-RVHSK/H)LOV'
+RPPH9HWHURHW,QWHUWHVWDPHQWDLUHYRO,,/HXYHQ8QLYHUVLWH
3UHVV/RXYDLQH/D%HOJLTXH/RVOLEURVGHHVWHDXWRUFRQWLHQHQXQDDPSOLD\VHOHFWDELEOLRJUDILD
&256,1,(XJHQLR/
$SRFDO\SVH0DLQWHQDQW3DULV
&257(6$)HOL[1XPHURGH+RPEUH0$1RYLHPEUH'LFLHPEUHSS
&8%,/,(5(OLDQ/RVDSRFDOLSVLVGHO1XHYR7HVWDPHQWR9HUER'LYLQR(VWHOOD1DYDUUD
&=&+2:6.,0%$SRFDO\SVHRXOD5HYHODWLRQGH6DLQW-HDQWLUHGHO(YDQJLOH(WHUQHO
0DU]R'LFLHPEUHUHFRJLGRHQ6HUYLU,,SS\6HUYLU,,SS
'$/35$
5REHUWR/RVRMRVGHO$SRFDOLSVLV1RUPD%DUFHORQD
'(63$*1(3LHUUH/HMRXURX*RJPDUFKHUDFRQWUHODWHUUHG
,VUDHO&RVQHVXU/RLUH)UDQFH
QRXYHOHGLWLRQVG
',$6*8$5',$0DFLR/D&ULVWRORJLDGH$SRFDOLSVLV0$0D\R-XQLRSS
',(675(*,/$QWROLQ(O6HQWLGRGHOD+LVWRULD\OD3DODEUD3URIHWLFDYROV(GLW&/,(
7HUUDVVD%DUFHORQD
'28.+$1-DFTXHV%6HFUHWRVGHO$SRFDOLSVLV$3,$*(0$)/86$
 )(5&+$UWKXU-7KH6RQRI0DQLQ'DQLHO6HYHQ$QGUHZV8QLYHUVLW\6HPLQDU\'RFWRUDO
'LVVHUWDWLRQ6HULHV%HUULHQ6SULQJV0LFKLJDQ86$
)(8,//(7$/H)LOVGHO
+RPPHHWOD7UDGLWLRQ%LEOLTXH5HYXH%LEOLTXH
),1/(<0DUN(VWXGLRVGHO$SRFDOLSVLV&RQFHUQHG&RPPXQLFDWLRV&$86$
)25''&ULVLV$&RPPHQWDU\RQWKH%RRNRI5HYHODWLRQWRPH$+HUPHQXWLFIRU5HYHODWLRQ
WRPH$9HUVHE\9HUVH&RPPHQWDU\'HVPRQG)RUG3XEO1HZFDVWOH&$
)5220/HUR\(+LVWRULDGHOD,QWHUSUHWDFLRQGHO$SRFDOLSVLVYHUVLRQHVSDQRODGHODHGLFLRQ
LQJOHVDGHO&%$YRO9,,3XEOLFDFLRQHV,QWHUDPHULFDQDV3DFLILF3UHVV3XEOLVKLQJ$VVRFLDWLRQ86$
SS
*$(%(/$,1)UDQN(HGLWRU7KHH[SRVLWRU%LEOH&RPPHQWDU\YROV=RQGHUYDQ*UDQG
5DSLGV0LFKLJDQ
*(/,1$$SRFDO\SVHGHQWURGHO&RPHQWDULRGH/RXLV3LURWHW$OEHUW&ODPHU/HWRX]H\HW$QH
(GLWHXUV3DULV
*,(76WDQLVODV(O$SRFDOLSVLV\OD+LVWRULD7DXUXV(GLFLRQHV0DGULG
*5$8-RVH(VWXGLRVVREUHHO$SRFDOLSVLVHG&OLH7HUUDVVD%DUFHORQD
*5(/273LHUUH$SRFDO\SVHHW7KHRORJLHGHO
(VSHUDQFHOHVHGLWLRQVGX&HUI3DULV
*5,6,(50(WXGHVGH3URSKHWLHVGH/
$SRFDO\SVHDXMRXUG
KXLHQ6(59,5,,,\,9%HUQH
6XLVVH
*8(55$68$5(=/XLV0LD(OFDEDOOREODQFRHQHO$SRFDOLSVLV$S\OD
SUHVHQFLDGH&ULVWRUHVXFLWDGRHQODKLVWRULDLQYHVWLJDFLRQWHRORJLFRELEOLFDWHVLVGRFWRUDO,QVWLWXWR
6XSHULRUGH7HRORJLD,VODV&DQDULDV/DV3DOPDV
*8//21'DYLG3$Q,QYHVWLJDWLRQRI'LVSHQVDWLRQDO3UHPLOOHQQLDOLVPDQDQDO\VLVDQG
(YDOXDWLRQRIWKH(VFKDWRORJ\RI-RKQ):DOYRRUG'LVVHUWDWLRQDGYLVHU+DQV./D5RQGHOOH
$86$76
-$0,(621)$866(7%52:1&RPHQWDULR%DXWLVWD(O3DVR7H[DVVI
-,0(1(=+(51$1'(=(PLOLDQR(O$SRFDOLSVLVUHYHODFLRQGHODJORULDGHOFRUGHUR&DSDUURV
0DGULG
-2+167215REHUW07KH(VFKDWRORJLFDO6DEEDWKLQ-RKQ
V$SRFDO\SVH$UHFRQVLGHUDWLRQ
$866YROSS
-21$+687721:LOOLDPFRPSLODGRU$//$1$1'(56215R\HGLWRU7KH$QWLFKULVW
7KH,QVWLWXWHRI5HOLJLRQV.QRZOHGJH'D\WRQ86$
BBB7KH,OOXPLQDWL7KH,QVWLWXWHRI5HOLJLRQV.QRZOHGJH'D\WRQ86$
.(1<%$67,(8)UDQFRLV/
$SRFDO\SVH(96
/$$'*HRJHV((O$SRFDOLSVLVGH-XDQ(GLW&DULEH
/$$'*HRJHV(\2WURV7KH0HDQLQJ0LOOHQLXPHGLWE\5REHUW*&OHXVH,QWHUYDUVLW\3UHVV
'RZQHUV*URYH,OOLQRLV
/$&8(9$)UDQFLVFR$SRFDOLSVLVORVHYHQWRVGHOSRUYHQLUVHJXQHOWH[WRELEOLFR&OLH7HUUDVVD
%DUFHORQDDXWRUGLVSHQVDFLRQDOLVWD
/$&81=$',$=0DQXHO/D9HQLGDGHO0HVLDVHQJORULD\PDMHVWDG7HUFHUD3DUWH(GLWRUD
1DFLRQDO0DGULG
/$0%5(&+7-/
$SRFDO\SVHMRKDQQLTXHHWO
$SRFDO\SWLTXHGDQVOH1RXYHDX7HVWDPHQW
(GLWLRQV-'XFXORW/HXYHQ8QLYHUVLW\3UHVV*HPEORX[%HOJLTXH
/D521'(//(+DQV./DVSURIHFLDVGHOILQ$&(6%XHQRV$LUHV
BBB'HIHQVDGHXQD(VFDWRORJLD&ULVWRORJLFD0LQLVWHULR$GYHQWLVWD1RYLHPEUHGLFLHPEUH
SS
BBB3ULQFLSHVG
,QWHUSUHWDWLRQGHO
(VFKDWRORJLH3URSKHWLTXHHW$SRFDO\SWLTXH
(XURSHDQ%LEOH&RQIHUHQFHV*HQHUDO&RQIHUHQFHRI6HYHQWKGD\$GYHQWLVWHV86$
BBB7KH0LOOHQLXPLWV2OG7HVWDPHQWURRWV0LQLVWU\1RYLHPEUHGHSS
BBB3DXO
V3URSKHWLF2XWOLQHLQ7HVVDORQLDQV$866YROSS
BBB/H0LOOHQLXPXQHUHYHODWLRQGXFDUDFWHUHGH'LHX6(59,5,9SS
BBB7KH(W\PRORJ\RI+DU0DJHGRQ5HY$866YROSS
/((7$13DXO7KHLQWHUSUHWDWLRQRI3URSKHF\$VVXUDQFH3XEOLVKHUV5RFNYLOOH0DU\ODQG
/(785*,(-HDQ/RVVHOORVGHO$SRFDOLSVLV1RUPD%DUFHORQD
/2$6%,5RODQG(+DUPDJHGRQDFFRUGLQJWRWKH+HEUHZLQWKH6HWWLQJRIWKH6HYHQ/DVW
3ODJXHVRI5HYHODWLRQ$866YROSS
0$5725(//(QULTXH(VSHUDQ]DSDUDXQPXQGRHQFULVLV(OPHQVDMHGHODVVLHWHLJOHVLDVGHO
$SRFDOLSVLVSDUDODLJOHVLDKR\3XEOLFDFLRQHV(PL0DGULG
0$;:(///DZUHQFH$SRFDOLSVLV,,333$%RLVH,GDKR86$
0$;:(//0HUYLQ&(O0HQVDMHGH$SRFDOLSVLV3XEOLFDFLRQHV,QWHUDPHULFDQDV3DFLILF3UHVV
'LYLVLRQ+LVSDQD,GDKR86$
02/(5/$Q,QTXLU\LQWRWKHWLPHHOHPHQWVRIWKHILIWKDQGVL[WKWUXPSHWVRI5HYHODWLRQQLQH
GLVV$QGUHZV8QLYHUVLW\%HUULHQ6SULQJ0LFKLJDQ86$
021(67,5'(02176(55$7$SRFDOLSVLYRO0RQWVHUUDW
0255,6/HRQ$SRFDOLSVLV(GLF&HUWH]D%XHQRV$LUHV
0281&5REHUW+0RXQFH&RPHQWDULRDOOLEURGHO$SRFDOLSVLV&OLH7HUUDVVD%DUFHORQD
IRUPDSDUWHGHO1HZ,QWHUQDWLRQDO&RPPHQWDU\RQWKH1HZ7HVWDPHQW:P(HUGPDQV3XEOLVKHUV*UDQG
5DSLGV0,86$
0812=/(21'RPLQJR$SRFDOLSVLV'HVFOHHGH%URXZHU%LOEDR
1(:3257-RKQ3$SRFDOLSVLV&DVD%DXWLVWDGH3XEOLFDFLRQHV(O3DVR7H[DV86$
1$5',10DUWLQH5HHOHFWXUDGHO$SRFDOLSVLVHQ6HOHFFLRQHVGH7HRORJLDQR
1(:3257.HQQHWK*&6HPLWLF,QIOXHQFHLQ5HYHODWLRQ6RPH)XUWKHU(YLGHQFH$866YRO
SS
BBB6RPH*UHHN:RUGVZLWK+HEUHZ0HDQLQJVLQWKH%RRNRI5HYHODWLRQ$866YRO
SS
3$&+(5:DOWHU$SRNDO\SVH6\PEROGHV(UORVXQJVSODQHV:DOWHU3DFKHUW9HUODJ=XULFK
3$8,/,(1-RKQ5HFHQW'HYHORSPHQWVLQWKH6WXG\RIWKH%RRNRI5HYHODWLRQ$866YRO
SS
 BBB'HFRGLQJ5HYHODWLRQ
V7UXPSHWV'RFWRUDO'LVVHUWDWLRQ/LWHUDU\DOOXVVLRQVDQG,QWHUSUHWDWLRQV
RI5HYHODWLRQ$83
BBB:KDWWKH%LEOH6D\V$ERXWWKH(QG7LPH5+3$
3$<1(-%DUWRQ(QFLFORSHGLDGH3URIHFLD%LEOLFD9ROV&OLH7HUUDVVD%DUFHORQD
3(5521(&DUORV'(O*UDQ(QHPLJR5HYHODGRHQHO$SRFDOLSVLVVREUH$SRFDOLSVLV\
'DQLHO0$-XOLR$JRVWRSS
BBB/D*UDQ%DWDOODGHO$UPDJHGRQ0$6HSWLHPEUH2FWXEUHSS
3,&$=$;DYLHU$SRFDOLSVLVHG9HUER'LYLQR(VWHOOD1DYDUUD
35,*(173LHUUH/
$SRFDO\SVHGH6DLQW-HDQ'HODFKDX[HW1LHVWOH/DXVDQQH3DULV
5$026)HOLSH)(O$SRFDOLSVLVOLEURGHHVSHUDQ]D6HFUHWDULDGR7ULQLWDULR6DODPDQFD
5(&8(52-0/D,JOHVLDGH/DRGLFHDHQHO$SRFDOLSVLVXQPHQVDMHGHDFWXDOLGDGHG&OLH
7HUUDVVD%DUFHORQD
5(1('20DULDQR/"$TXLHQUHSUHVHQWDQORV1LFRODLWDVHQHO$SRFDOLSVLV"0$-XOLR$JRVWR
SS
52%(57+HQU\&KDUOHV&RPPHQWDU\RQ5HYHODWLRQ,(GLPEXUJR
52,*0LJXHO$QJHO(O'LDGHO6HQRUGH$SRFDOLSVLV5$('LFLHPEUHSS
520(52$QWRQLQR$SRFDOLSVLVGHQWURGHOD%LEOLDGHOD(GLWRULDO/DERU^YRO,,,`WH[WR\
FRPHQWDULRGHOD8QLYHUVLGDG3RQWLILFLD8UEDQLDQDGH5RPD%DUFHORQD
5266,(5+/HQJXDMHVLPEROLFRGHO$SRFDOLSVLV(GLFLRQHV%LEOLFDV3HUUR\6XL]D
6$/$6$QWRQLR(O$SRFDOLSVLVVLPERORRUHDOLGDGKLVWRULFD6DQ3DEORHGLF3DXOLQDV0DGULG

6$/*8(52-RVH$SRFDOLSVLVGHQWURGH%LEOLD&RPHQWDGD3URIHVRUHVGH6DODPDQFD%$&
0DGULG
6&+,&.(GXDUG(O$SRFDOLSVLV+HUGHU%DUFHORQD
6&+0,'7-0'LHMXGLVFKH$SRNDO\SWLN1HXNLUFKHQ
6&+0,77+$/6:DOWHU/D$SRFDOLSWLFD,QWURGXFLRQH,QWHUSUHWDFLRQFROHF)URQWHUDV%LEOLFDV
(GLF(JHD
6&+866/(5)LRUHQ]D(OLVDEHWK$SRFDOLSVLVYLVLRQGHXQPXQGRMXVWRHG9HUER'LYLQR(VWHOOD
1DYDUUD
6+($:KLOOLDP+5HYHODWLRQDQGDV/LWHUDU\5HFLSURFDOV$866YROSS

BBB7KH3DUDOOHO/LWHUDU\6WUXFWXUHRI5HYHODWLRQDQG$866YROSS
BBB$UPDJHGRQ6XXELFDFLRQ\VLJQLILFDGR0$VHSWLHPEUHRFWXEUHSS
60,7+8ULDV(O/LEURGH$SRFDOLSVLV333$0RXQWDLQ9LHZ&DOLIRUQLD
67(9(1<*HRUJH$UPDJXHGRQ6LJQHVGHV7HPSV0DU]R$EULOSS
675$8%,1*(5-XDQ(O$SRFDOLSVLVGHQWURGHVXFRPHQWDULRDO17'HVFOHHGH%URXZHU
%XHQRV$LUHV
675$::((VWXGLRVVREUHHO/LEURGH$SRFDOLSVLVWUDGXFLGRSRU)F$OJDUUDHQ$OLFDQWHHQ
GHORULJLQDOLQJOHV6WXGLHVLQ5HYHODWLRQ(QPDQXHO0LVVLRQHUH&ROOHJH%HUULHQ6SULQJV0LFKLJDQ

6800(565D\'LJQRHVHO&RUGHUR&DVD%DXWLVWDGH3XEOLFDFLRQHV(O3DVR7H[DV86$
6855,'*(5REHUW+DFLDXQD,QWHUSUHWDFLRQPDVFRQVLVWHQWHGH$SRFDOLSVLV0LQLVWHULR
$GYHQWLVWD 0$6HSWLHPEUH2FWXEUHSS
7+($1&+25%,%/(1XHYR7HVWDPHQWR'RXEOHGD\1HZ<RUN
7+(&$0%5,'*(%,%/(&200(17$5<*HQHUDOHGLWRUV35$FNUR\G$5&/HRQH-:
3DFNHU$77KH8QLYHUVLW\3UHVV&DPEULGJH
7+((;326,725
6%,%/(&200(17$5<YROVHGLWDGRSRU)UDQN*DHEHOHLQ\-'
'RXJODV=RQGHUYDQ3XEOLVKLQJ+RXVH*UDQG5DSLGV0LFKLJDQ
7+((;326,725
6*5((.7(67$0(17HGLWDGRSRU5REHUWVRQ1LFROO:0%(HUPDQGV
SXEOLVKLQJ&RPSDQ\*UDQG5DSLGV0LFKLJDQUHLPSUHVLRQ
7+(,17(535(7(5
6%,%/(*HRUJH$UWKXU%XWWULFN1RODQ%+DUPRQHGLWRUV$ELQJGRQ
3UHVV1DVKYLOOH1HZ<RUN
7+(1(:,17(51$7,21$/&2000(17$5<217+(1(:7(67$0(17YROV
:LOOLDP%(HUGPDQV3XEOLVKLQJ&RPSDQ\*UDQG5DSLGV0LFKLJDQ
7+(1(:,17(535(7(5
6%,%/($&RPPHQWDU\LQ7ZHOYHYROV$ELQJGRQ3UHVV
1DVKYLOOH71VV
7+,(/((55HVHQDVVREUH$SRFDOLSVLV'LYLVLRQ,QWHUDPHULFDQD
7+20362167KH$SRFDO\SVHDQGVHPLWLFV\QWD[&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
75(,<(5$OEHUWR5(O(QLJPDGHORV6HOORV\GHODV7URPSHWDV$&(6$UJHQWLQD
75(,<(5+XPEHUWR5DXO/DVOH\HVGRPLQLFDOHV5$(GLFLHPEUHSSHQHURSS

BBB"4XHVLJQLILFDQ$SRFDOLSVLV0HJLGR$UPDJHGRQ\$QWLFULVWR"HQ5HYLVWD-X)HEUHUR
SS
8/)*$5'+DNDQ(O$SRFDOLSVLVKR\HQ&RQFLOLXPHG9HUER'LYLQR(VWHOOD1DYDUUD(VSDQD

9$11,8/HFWXUDGHO$SRFDOLSVLV+HUPHQHXWLFD([HJHVLV7HRORJLDHG9HUER'LYLQR(VWHOOD
1DYDUUD
BBBB$SRFDOLSVLVHG9HUER'LYLQR(VWHOOD
BBBB/D6WUXFWXUDOHWWHUDULDGHOO
$SRFDOLVVH$ORLVLDQD5RPD
9(/2620DULR6LPERORVHQHO$SRFDOLSVLVGH6DQ-XDQHQ5HYLVWD%LEOLFDSS

BBB/DGRFWULQDGHO6DQWXDULR\GHOD([SLDFLRQUHIOHMDGDHQHOOLEURGHO$SRFDOLSVLVHQ0$
$&(6%XHQRV$LUHV(QHUR)HEUHURSS
92*(/:LQIULHG7KH(VFKDWRORJLFDO7KHRORJ\RI0DUWLQ/XWKHU3DUW,/XWKHU
V%DVLF&RQFHSWV
$866YROSS
BBB3DUW,,/XWKHU
V([SRVLWLRQRI'DQLHODQG5HYHODWLRQ$866YROSS
98,//,0,(5-HDQ/
$SRFDO\SVH+LHUDXMRXUG
KXLGHPDLQ/HV6LJQHVGHV7HPSV'DPPDULH
OHV/\V
:$'(/RURQ(O)XWXURGHO0XQGR5HYHODGRHQHO$SRFDOLSVLV$VRFLDFLRQ3XEOLFDGRUD
,QWHUDPHULFDQD0LDPL86$
:+,7((OOHQ7KH%RRNRI5HYHODWLRQYRO,,HQ$Q([KDXVWLYH(OOHQ*:KLWH&RPPHQWDU\RQ
'DQLHO 5HYHODWLRQ$YHUVHE\YHUVH&RPPHQWDU\RQ5HYHODWLRQIURPWKH3XEOLVKHGDQG
XQSXEOLVKHGZULWLQJVRI(OOHQ:KLWH$FDGHP\(QWHUSULVHV2NDKRPDFRS\ULJKW5HYLHZDQG+HUDOG

:,.(1+$86(5$OIUHG(O$SRFDOLSVLVGH6DQ-XDQ+HUGHU%DUFHORQD
:,1./(5RVV($QRWKHU/RRNDWWKH/LVWRI7ULEHVLQ5HYHODWLRQ$866YROSS

=85&+(5-HDQ/HFKULVWGHO
$SRFDO\SVH6GW'DPPDULHOHV/\V)UDQFH
BBB/HV(WDWV8QLVHWOD3URSKHWLH6$6VG
BBB/HV(WDWV8QLHVHWOD3URSKHWLHLQWHUYLHZD6G7PDU]RSS
 3UREOHPDVHQODOHFWXUDGHO$SRFDOLSVLV
9DULRVSUREOHPDVWLHQHODOHFWXUDGHO$SRFDOLSVLV(OSULPHUR\HVHOPDVIUHFXHQWHHVTXHFDLJDHQ
WXVPDQRVXQOLEURRXQDUWLFXORTXHLQWHQWHSUREDUDOJRTXHDOSURSLRDXWRUGHOOLEUROHLQWHUHVH
WUDVPLWLUWHVLQTXHWHORSXHGDPRVWUDUGLUHFWDPHQWHFRQHOWH[WR+D\DOJXQDVSXEOLFDFLRQHVFRPR
7URPSHWDGH)LODGHOILD7KH7UXPSHWKHUHGHUDGHODOODPDGD/D3XUD9HUGDGGH$VWURQJGLULJLGD
SRUXQWDO*HUDOG)OXUU\TXHXWLOL]DODQRWLFLDTXHHOSUHYLDPHQWHVHOHFFLRQDFRPRODFXPSOLGRUDGHXQ
WH[WRELEOLFRREVHUYHQXQHMHPSOR'DQLHOKDEODGHXQJREHUQDQWHDOHPDQYLROHQWRTXHYHQGUDHQ
HOWLHPSRGHOILQ(OYHUVLFXORORGHVFULEHFRPRXQUH\DOWLYRGHURVWUR\HQWHQGLGRHQHQLJPDV!!!"
>@
'RQGHGLFHHVRHOWH[WR""'HGRQGHVDFDORGHOJREHUQDQWHDOHPDQ" 9HDHVWRRWUR/DLQYDVLRQGH
5XVLDD*HRUJLD(VHOSULPHUJROSHPLOLWDUGHORVUH\HVGHO2ULHQWH(OPXQGRHVWDGLULJLHQGRVH
>@
HVWUHSLWRVDPHQWHKDFLD$UPDJHGRQ 1RDQDOL]DSDUDQDGDHOWH[WRQRKDFHQLQJXQWLSRGHH[HJHVLV
6LPSOHPHQWHDODQRWLFLDOHFRORFDXQWH[WRFRPRFXPSOLHQGRVH
6HPHMDQWHIRUPDGHLQWHUSUHWDUODDGRSWDQFLHUWRVFRPHQWDULVWDVFDWROLFRVFXDQGRTXLHUHQLGHQWLILFDUD
OD0XMHUGH$SRFDOLSVLVFRQODYLUJHQ0DULD(VWDLQWHUSUHWDFLRQTXHFRPRYHUHPRVHQHOWH[WRHV
LPSRVLEOHQLFRPROHQJXDMHDFRPRGDWLFLRLJQRUDTXHQL-XDQQLHOUHVWRGHO1XHYR7HVWDPHQWRKDQ
PDQLIHVWDGRFUHHUWRGRORTXHODFRUULHQWHHFOHVLDOFDWROLFRURPDQDUHILHUHGHODYLUJHQ0DULDSRUOR
WDQWRQRSRGHPRVEDVDUQRVHQDOJRTXHUHVSRQGHDXQDLQLFLDWLYDDMHQDDOWH[WRVDJUDGR(ODXWRUGHO
$SRFDOLSVLVXWLOL]DODWHUPLQRORJLDTXHORVSURSLRVSURIHWDVXVDQSDUDUHIHULUVHDOUHLQRGH'LRVTXHOD
LJOHVLDVDOYDJXDUGDHQORUHIHUHQWHDORVFRQWHQLGRV\SULQFLSLRVGHHVWH
2WURVFXDQGROHHQFLHUWDVQRWLFLDVUHODWLYDVDVHQDOHVTXHSUHYLDPHQWHODVKDQFODVLILFDGRFRPRVLHQGR
LQPLQHQWHVGHOILQLGHQWLILFDQDODVQRWLFLDVFRPRFXPSOLGRUDVGHHVHILQ$UPDQSROYDUHGDVHQODV
LJOHVLDVDODVTXHDVLVWHQFUHDQGRFRQIXVLRQ\GHVFRQILDQ]DFXDQGRVHREVHUYDTXHHUDWRGRXQDSLILD
6LQGXGDTXHHOKRUL]RQWHKLVWRULFRTXHPDQHMDQHVWDQHVWUHFKRFRPRORTXHOHVVXFHGLRDORV
0DFDEHRVFXDQGRLQWHUSUHWDURQODDFWXDFLRQGH$QWLRFR,9FRPRVLHQGRODDERPLQDFLRQGHOD
GHVRODFLRQ(OORVHQHOOLEURTXHOOHYDVXQRPEUHLQWHUSUHWDURQTXHODDERPLQDFLRQGHODGHVRODFLRQGH
ODTXHKDEODHOSURIHWD'DQLHOFRPRFXPSOLHQGRVHHQVXHSRFDDXQFXDQGRYHUHPRVHQVXPRPHQWRTXH
-HVXVODFRORFDHQHOIXWXURGHHOPLVPR/XHJRYLHQHQORVGHOPHWRGRKLVWRULFRFULWLFR\DOKDFHUOD
OHFWXUDWLHQHQHQFXHQWDHVWHFRPHQWDULRGHORVPDFDEHRVHLQWX\HQTXH'DQLHOHVFULELULDHQHVDHSRFD\
SRUORWDQWRFODVLILFDQDODVSURIHFLDVGH'DQLHOFRPRVLHQGRSRVWHYHQWXV(VGHFLUTXHHOVXVRGLFKR
'DQLHOVHULDGHODHSRFDGHORV0DFDEHRV\VLPSOHPHQWHQRVHVWDULDQDUUDQGRORVVXFHVRVTXHHVWDED
YLHQGRVLQGDUOXJDUDXQDDXWHQWLFLGDGGHOQRPEUH'DQLHOQLGHODIHFKDTXHGLFHTXHHVFULELRQLDOD
LQVSLUDFLRQGHODVYLVLRQHVTXHH[SUHVDTXHUHFLEH1LHJDQVLQPDVDPSDUDGRVHQVXVSXUDVFRQMHWXUDV\
HQXQDDSRFDOLSWLFDQRELEOLFDVLQWUDVFHQGHQFLDHQODKLVWRULDTXHODDSRFDOLSWLFDELEOLFDVHDKLVWRULD
DQWLFLSDGD
&RPRHOHPHQWRSULPRUGLDOGHOHVWXGLRGHODDSRFDOLSWLFDGHEHPRVWHQHUHQFXHQWDTXHQXQFDVHGHEHQ
GHKDFHULQWHUSUHWDFLRQHVGHXQFRQWHQLGRSURIHWLFRVLQEDVDUQRVHQHOFXPSOLPLHQWRHQODKLVWRULDGHHVH
FRQWHQLGRGHHVWHPRGRHYLWDUHPRVHQXQDJUDQFDQWLGDGGHFDVRVHOTXHVHKDJDQDILUPDFLRQHV
UHFXUULHQGRDOWH[WRSDUDDSR\DUODDILUPDFLRQ(VGHFLUQRKDFHQXQHVWXGLRQLDQDOLVLVGHORTXHHOWH[WR
\ODVHFXHQFLDQRVTXLHUHGHFLUVLQRTXHODQ]DQODDILUPDFLRQ\ODGDQFRPRVREUHQWHQGLGDHQHOWH[WR
(QHOSUR[LPRFDSLWXORHOTXHKDUDGHLQWURGXFFLRQH[SRQGUHPRVHQWUHRWUDVFRVDVORTXHOD%LEOLD
QRVRIUHFHHQFXDQWRDDX[LOLDUQRVGHORVSXQWRVGHYLVWDTXHWLHQHHVWDHQWHPDVWDQLPSRUWDQWHVFRPROD
HVFDWRORJLDHOOHQJXDMHODKLVWRULD\ODSURSLDRSLQLRQGHODDSRFDOLSWLFDGH'DQLHO\GHRWURV<GHHVWH
PRGRDSOLFDUORHQHO$SRFDOLSVLV
 9DPRVDFRPSUREDUSRUORTXHHOWH[WRQRVUHILHUDTXHQRH[LVWHODSRVLELOLGDGGHXQDLQWHUSUHWDFLRQ
SUHWHULVWD(O-HVXLWD/XLV$OFD]DUHQLQWHUSUHWDEDWRGRHQHOSDVDGRORVFDSLWXORVDOVH
FXPSOLDQVHJXQHOFRQORMXGHRV\GHODOFRQ5RPD3HURHVWDDSOLFDFLRQSUHWHULVWDQRWHODGDHO
WH[WRVLQRTXHHOHVWXGLRVRDFXGHDO$SRFDOLSVLVFRQODLGHDSUHFRQFHELGDGHTXHORTXHDKLVHGHVFULEH
HVSDUDODHSRFDGHORVMXGHRV\GH5RPD/DFDXVDGHVHPHMDQWHDWURSHOORVLELHQH[LVWHQRHVWD
MXVWLILFDGD(VWDLGHDDSDUHQWHPHQWHHVGDGDSRUORVSDGUHVGHOD,JOHVLD(VWRVQRHVTXHWHQJDQXQDLGHD
SUHWHULVWDQLIXWXULVWDVLQRTXHVLPSOHPHQWHFUHLDQ\FUH\HURQTXHFRQODFDLGDGH5RPDYHQLDHO
$QWLFULVWR\HOILQGHOPXQGR3RUORWDQWRWRGDODLQWHUSUHWDFLRQUHFDHULDVREUHHO,PSHULR5RPDQR3HUR
OD5HYHODFLRQGH-HVXFULVWRFRPRYHUHPRVQRVHFHQWUDH[FOXVLYDPHQWHHQORVFULVWLDQRVGHODHSRFDGH
5RPDVLQRGHWRGDVODVHSRFDV<HVWRQRPHUDPHQWHSRUODVOHFFLRQHVTXHSRGHPRVVDFDU\DSOLFDUSDUD
WRGRPRPHQWRSDUWLHQGRGHXQDVLWXDFLRQSUHWHULVWDVLQRSRUTXHHQHOLQWHULRUGHOWH[WRGHO$SRFDOLSVLV
VHQRVKDFHXQDSUHVHQWDFLRQVHFXHQFLDOGHDFRQWHFLPLHQWRVTXHKDQGHVXFHGHUHQODKLVWRULD3RUTXH
WRGRKDGHWUDQVFXUULUHQXQSXQWR(OXOWLPRWLHPSR<HVWHXOWLPRWLHPSRLQGHSHQGLHQWHPHQWHGHO
WLHPSRGHOILQ\GHOILQGHOWLHPSRGHHVHXOWLPRWLHPSRHVGHDFXHUGRDOD(VFULWXUDDSRVWROLFD
GHVGHODSULPHUD9HQLGDDODVHJXQGD9HQLGDGH-HVXFULVWRD-QFID3HGD3HGFI
D7LP+EFI6WJDEDUFDQGRWRGRHO$SRFDOLSVLVFIFI$S
/RPLVPRVXFHGHFRQODLQWHUSUHWDFLRQIXWXULVWDFUHDGDWDPELHQSRURWURHVSDQRO)UDQFLVFR5LEHUD
/RVFDSLWXORVHVWDULDQFXPSOLGRVHQHOSULPHUVLJOR\DOLQFOX\HQGRORV
DXWHQWLFDPHQWHFXPSOLGRVHQHOILQHVWDULDQWRGRVHQHOIXWXUR6LQRVDWHQHPRVDODVROD(VFULWXUD
HVGHFLUDORTXHQRVLQGLFDODSURSLDDSRFDOLSWLFDELEOLFDFRPRHOOLEURGH'DQLHOMXQWRDODPDQHUDTXH
-HVXVFRQFLEHODHVFDWRORJLD\HOWHVWLPRQLRLQWHUQRGHO$SRFDOLSVLVLPSRVLELOLWDXQDWDOH[HJHVLV
(OSURWHVWDQWH6DPXHO0DLWODQGHQHOVLJOR;9,,DGRSWRODH[HJHVLVLPSOLFDGDHQHOIXWXULVPRTXHVH
FRQFUHWL]RFRQODLGHDGHGRVSURJUDPDVXQRSDUDODLJOHVLD\RWURSDUD,VUDHO-RKQ'DUE\HVHOTXHOR
GHVDUUROORHQ(XURSDFRQDOJXQDVPDWL]DFLRQHVGHQRPLQDQGRVHGLVSHQVDFLRQDOLVPR\6FRILHOGOR
SODVPRHQOD%LEOLDTXHOOHYDVXQRPEUH\ORGLYXOJRSULPHUDPHQWHHQ$PHULFD\GHVSXHVHQHOPXQGR
HQWHUR(VLQFUHLEOHTXHVHPHMDQWHLQWHUSUHWDFLRQKD\DSRGLGRSUHYDOHFHULQGHSHQGLHQWHPHQWHGHORV
FRQWHVWDWDULRVLQWHUQRVTXHKDQVXUJLGR3RUHMHPSORGHVJDMDQODVHPDQDXOWLPDGHODVVHPDQDVGH
'DQLHOHLQTXLHUHQTXHHO$UPDJHGRQHVOLWHUDO&XDQGRHVWXGLHPRVODSDUWHGHORVVLVWHPDVGHPDOGDG
ODGHODV%HVWLDV\DILQHVGDUHPRVFXHQWDGHHVWDSRVLFLRQLQDGPLVLEOHHQXQDOHFWXUDREMHWLYDGHO
>@
$SRFDOLSVLV
6LJXLHQGRFRQHOIXWXULVPRWHQHPRVWRGDYLDODGHQRPLQDFLRQGHORV7HVWLJRVGH-HKRYDTXHVHDILOLDQ
>@
DHVWDWHQGHQFLDIXWXULVWDSHURKDFLHQGRTXHWRGRHO$SRFDOLSVLVVHFXPSODFRQHOORV
'HFXDOTXLHUPRGRFXDQGRHOSUHWHULVWDDSOLFDXQDH[HJHVLVDGHFXDGDFLUFXQVFULELHQGRVH
H[FOXVLYDPHQWHHQORTXHHVHOSUHVHQWHGHOSURIHWDVXLQWHUSUHWDFLRQSXHGHVHUELHQYHQLGD\VX
DSRUWDFLRQRSRUWXQD/RPLVPRSDVDFRQHOIXWXULVPRFXDQGROROLPLWDPRVDFLHUWDVLQWHUSUHWDFLRQHV
IXWXUDV(OSUREOHPDHVTXHHVWRHVPX\OLPLWDGRHLQFOXVRQXOR"3RUTXH"3RUTXHODRSWLFDGHUHGXFLUDO
$SRFDOLSVLVDOSUHVHQWHGHOSURIHWDRDOIXWXURPDVGLVWDQWHSURJUDPDGHWDOPRGRODPDQHUDGHFRQFHELU
ORVFRQWHQLGRV\HODOFDQFHTXHSURGXFHXQDPHUPDGHODVUHDOLGDGHVTXHHO$SRFDOLSVLVSUHVHQWD
(OLQWHQWRGHFRPSDJLQDUHOSUHWHULVPRFRQHOIXWXULVPRWDOFRPRSUHWHQGHQ*HRUJH/DDG\/HRQ
>@
0RUULV VHKDFHPDVLQVRVWHQLEOHDXQFXDQGRORUHOHYDQWHVHFRPSUXHEHPDV\PHMRUTXHHQ
FXDOTXLHUDGHODVRWUDVSRVLFLRQHV3UHWHQGHUTXHOD%HVWLDFRPR,PSHULR5RPDQRVHDXQDSUHILJXUDFLRQ
GHOVLVWHPDGHPDOGDGRGHO$QWLFULVWRGHOXOWLPRGLDHVLQYHQWDUQRVDOJRDMHQRDOWH[WR\QRFRQVHJXLU
VDFDUDODOX]ORHVHQFLDOGHOPHQVDMH(VWHLQWHQWRGHFRQFLOLDUSUHWHULVPR\IXWXULVPRVLELHQSRQHHQ
HYLGHQFLDORVHUURUHVGHHVRVVLVWHPDVYLVWRVSRUVHSDUDGRQLORKDFHSDUWLHQGRGHXQDH[HJHVLVTXH
WHQJDHQFXHQWDODFRQWLQXLGDGVHFXHQFLDOOLQHDORFLFOLFDQLKDWHQLGRHQFXHQWDORTXHHOSURSLR
$SRFDOLSVLVQRVDSRUWDWDQWRSDUDODQRDFHSWDFLRQGHVHPHMDQWHSURSXHVWDFRPRSDUDORTXHHYLGHQFLD
VLQOXJDUDGXGDVGHHVHSUR\HFWDUQRVHOSODQGH'LRVSDUDWRGDODKLVWRULDGHOD,JOHVLD
 $SRFDOLSVLV5HYHODFLRQGHODKLVWRULDGHPRGRDQWLFLSDGR
(OWLWXOR$SRFDOLSVLVGHELGRDODVFDUDFWHULVWLFDVDSRFDOLSWLFDVTXHHQFLHUUDHQVXOHQJXDMHDYHFHV
KHUPHWLFRVHGHMRVLQWUDGXFLU\DXQFXDQGRHQODVSULPHUDVOLQHDVVHGHMDFODURTXHVHWUDWDGHOD
UHYHODFLRQGH-HVXFULVWR$SHOKHFKRGHTXHQRVHKD\DHQWHQGLGRGHPDVLDGRELHQHVDUHYHODFLRQ
VHKDGHMDGRHOWLWXORVLQPDVGH$SRFDOLSVLV/DVYHUVLRQHVLQJOHVDVQRGLFHQ$SRFDOLSVLVVLQR
5HYHODWLRQ3HURQRVHWUDWDGHOD5HYHODFLRQGH-XDQVLQRGH-HVXFULVWRTXH'LRVOHGLR(VPX\
LPSRUWDQWHHVWDUHODFLRQGHHQWUDGDGHVGHHOSULPHULQVWDQWHFRQODUHYHODFLRQGH-HVXFULVWRSXHVWRTXH
KD\QRVRORXQDLGHQWLILFDFLRQFRQWRGDODUHYHODFLRQGH-HVXFULVWRVLQRTXHVHSUHWHQGHFODULILFDU\
FRPSOHPHQWDUGDWRV\GHWDOOHVTXHWLHQHQTXHYHUFRQODH[SHULHQFLDTXHVHKDGHYLYLUHQODKLVWRULDGH
FDGDSHUVRQDTXHYLHQHDHVWHPXQGR\SDUDFDGDPRPHQWRKLVWRULFRHQTXHVHGHVDUUROODODH[LVWHQFLDGH
HVDSHUVRQDVLHPSUH\FXDQGRVHWHQJDDO$SRFDOLSVLV\DODUHYHODFLRQFRPRUHJXODGRUHVGHOVHQWLGRGH
ODSHUVRQD(O$SRFDOLSVLVR5HYHODFLRQGH-HVXFULVWRSUHWHQGHFRQVXWLWXORGHFLUQRVTXHWUDWDGHXQD
UHYHODFLRQSDUDOD,JOHVLDHQHOWLHPSRKLVWRULFR\SDUDFDGDSHUVRQDTXHIRUPDSDUWHGHHVD,JOHVLDGH
-HVXFULVWR\VHKDWRPDGRHQVHULRODIHFULVWLDQD$SFI'HODPLVPDIRUPDTXHORV
SURIHWDVKDQUHFLELGRUHYHODFLRQHVHVSHFLDOHVSRUSDUWHGH'LRV'LRVQRVRIUHFHHOSULYLOHJLRGDGDUQRV
XQDUHYHODFLRQSHUVRQDOL]DGD$SFIPHGLDQWHHOPHQVDMHGHO+LMRGHO+RPEUHSDUDOD
,JOHVLDFI$S
(OTXHOD5HYHODFLRQGH-HVXFULVWRKDJDPHQFLRQWDQWRDOSULQFLSLRFRPRDOILQDOGHVXUHODWRGHTXH
-HVXFULVWRYLHQH\DFLHUWDPHQWHYHQJRHQEUHYH6LYHQ6HQRU-HVXV$SFIHVXQD
GHPRVWUDFLRQGHTXHWRGRHOWUDQVFXUULUGHVXFXPSOLPLHQWROOHQDODKLVWRULDGHORVXOWLPRVWLHPSRV
PDUFDGDHQWUHHVRVGRVSXQWRVUHODWLYRVDODSULPHUD\ODVHJXQGDYHQLGD<HOKHFKRGHTXHHOTXHOHDX
RLJDHVDSURIHFLDVHUDIHOL]RELHQDYHQWXUDGRSRUTXHHOWLHPSRHVWDFHUFD$SHVXQDHYLGHQFLDGH
TXHWRGRVORVTXHH[LVWHQHQWUHODSULPHUD\ODVHJXQGD9HQLGDYLYHQVXSHUVSHFWLYDKLVWRULFD
FRQWHPSODQGRHOFRQWHQLGRGHO$SRFDOLSVLVFRPRDJRWDQGRVHHQODKLVWRULDHQUHIHUHQFLDLQPHGLDWDDVX
YLYHQFLDSHUVRQDO\DORTXHSXHGDVLJQLILFDUHVDVHJXQGDYHQLGDGHO0HVLDVUHVXOWDGRGHORTXHLPSOLFD
HOFRQWHQLGRSUR\HFWDGRHQODKLVWRULDGHVXSULPHUDYHQLGD
/D SHUVSHFWLYD KLVWRULFD GHO OLEUR QR HV QL HO SUHVHQWH LQPHGLDWR QL HO IXWXUR GLVWDQWH VLQR PDV ELHQ WRGD OD KLVWRULD GH OD
>@
LJOHVLDGHVGHHOWLHPSRGHODXWRUKDVWDHOVHJXQGRDGYHQLPLHQWR!!!
>@
0(%RLVPDUG H[SOLFDTXHHO$SRFDOLSVLVVHLQWHUHVDHVSHFLDOPHQWHGHORVGRVSHULRGRVGH
FULVLVGXUDQWHORVFXDOHVOD,JOHVLDHVWDVRPHWLGDDORVDVDOWRVGH6DWDQORVFRPLHQ]RVEDMROD
SHUVHFXFLRQURPDQD\DOILQDQWHVGHODFRQVXPDFLRQHVFDWRORJLFDWRGDQXHVWUDYLGDSUHVHQWHHVWD
GRPLQDGDSRUODSHUVSHFWLYDHVFDWRORJLFD\DTXHHVWDULDPRVGHVGHHOSULPHUVLJORHQORVXOWLPRV
WLHPSRV&RQIRUPHQRVDSUR[LPDPRVDODFULVLVILQDOGHODKLVWRULDHOPHQVDMHGHO$SRFDOLSVLVDOFDQ]D
XQDPD\RUDFWXDOLGDGQRVRODPHQWHFRPRDGYHUWHQFLDVLQRWDPELHQSRUFXDQWRFRQWLHQHXQPHQVDMHGH
HVSHUDQ]DTXHYDOHSDUDWRGRVORVWLHPSRVHVXQHYDQJHOLRHWHUQR
$XQTXHVHOHSRGULDHQWHQGHUHVSUHFLVRPDWL]DUORTXHHODXWRUTXLHUHGHFLUDOILQDQWHVGHOD
FRQVXPDFLRQHVFDWRORJLFD\VHLQWHUHVDHVSHFLDOPHQWHGHORVGRVSHULRGRVGHFULVLVHOGHOSULQFLSLR
\HOGHOILQDO6HFRUULJHFXDQGRGLFHTXHGHVGHHOSULPHUVLJORHVWDPRVHQORVXOWLPRVWLHPSRV\TXH
FRQWLHQHXQPHQVDMHGHHVSHUDQ]DSDUDWRGRVORVWLHPSRV
'HFXDOTXLHUIRUPDHVHILQDOQRORSRGHPRVHQWHQGHUVLQODFRRUGHQDGDKLVWRULFDTXHVHKDGHYHU
UHIOHMDGDHQHOWH[WRTXHXQHHVHSULQFLSLR\HVHILQDO3RURWUDSDUWHHO$SRFDOLSVLVSHUPLWHTXHFDGD
JHQHUDFLRQVHVLWXHHQORTXHVLJQLILTXHSDUDHOODHVWDUHQHOXOWLPRWLHPSRTXHKDHPSH]DGRFRQOD
SULPHUD9HQLGDGH-HVXFULVWR\VHH[WLHQGHKDVWDODVHJXQGDYHQLGD<GHVGHOXHJRFDGDSHUVRQDGH
FDGDJHQHUDFLRQDODTXHKD\TXHSUHGLFDUOHHO(YDQJHOLRWLHQHTXHDIURQWDUSUXHEDV\ODFULVLVFRPR
FXDOTXLHUDGHHVDSULPHUDJHQHUDFLRQRGHODXOWLPDLQGHSHQGLHQWHPHQWHGHTXHHQODXOWLPDKD\DTXH
DVXPLUFLUFXQVWDQFLDVUHVSHFWRDOGHVSOLHJXHGHOPDOTXHVHFRQFUHWDQDILQGHTXHOHVVLUYDGHPRGR
HVSHFLDOHQFXDQWRDODVXSHUDFLRQHQYLGD/DVHFXHQFLDGHODVFDEH]DVGHOD%HVWLDDEDUFDWRGDOD
KLVWRULD/RPLVPRTXHORVVHOORV\ODVWURPSHWDV<SRUORWDQWRHQHOPHQVDMHDODVLJOHVLDV\DVXV
PLHPEURVVHKDQGHXELFDUGHDFXHUGRDODVVHFXHQFLDVLQGLFDGDV
$QWRQLQR5RPHRTXHFRPHQWDHO$SRFDOLSVLVQRVOHJDDOJXQDVQRWDVPX\DSUHFLDGDV\HQFX\D
LQWURGXFFLRQQRVWUDVPLWHORTXHHOHQWLHQGHMXQWRDODH[HJHVLVFDWROLFD\FRQVHUYDGRUDSURWHVWDQWHHO
PHWRGRLQWHUSUHWDWLYRPHMRUDILQGHHQWHQGHUHO$SRFDOLSVLV
(OVLVWHPDHVFDWRORJLFRHVHOTXHVHKD\DPDVHQFRQVRQDQFLDFRQHOWHPDGHO$SRFDOLSVLV\HOTXHPHMRUUHVSRQGHD
OD LQGROH SURIHWLFRELEOLFD 'H DFXHUGR FRQ HO PLVPR HO OLEUR SUHGLFH ORV DFRQWHFLPLHQWRV TXH SUHFHGHUDQ SUHSDUDUDQ \
DFRPSDQDUDQ HO ILQ GHO PXQGR SHUVHFXFLRQHV \ FDODPLGDGHV DSRVWDVLD \ DQWLFULVWR UHVXUUHFFLRQHV SULPHUD \ VHJXQGD MXLFLR
XQLYHUVDO\UHWULEXFLRQUHVSHFWLYRVDORVEXHQRV\DORVPDORV
6LQHPEDUJRHVWHVLVWHPDVHDSOLFDWHQLHQGRHQFXHQWDHOPHWRGRGHODUHFDSLWXODFLRQDVLPLVPRWUDGLFLRQDO\VHJXQHOFXDOODV
YLVLRQHVGHO$SRFDOLSVLVVRQFXDGURVVLQSHUVSHFWLYDORFDORFURQRORJLFDHSLVRGLRVVLQSURJUHVLRQOLQHDO'LVSXHVWRVHQVHULHFLFOLFD
HQXQFLDQ\DGHGHVGHORVSULPHURVFRPSDVHVODFRQFOXVLRQRFDWDVWURIHFDWDUVLV
(O $SRFDOLSVLV HV HVFDWRORJLFR \ QR XQD SUHGLFFLRQ PDV R PHQRV SDUWLFXODUL]DGD GH OD KLVWRULD XQLYHUVDO /RV XOWLPRV
WLHPSRV D ORV TXH VH UHILHUH GHEHQ VHU LQWHUSUHWDGRV FRPR OR KLFLHURQ SULPHUR ORV SURIHWDV \ OXHJR ORV DSRVWROHV VRQ OD HUD
>@
PHVLDQLFDODHUDUHOLJLRVDGHILQLWLYDHQODFXDOVHIXQGDUD\GHVDUUROODUDHOUHLQRGH'LRVKDVWDHOWLHPSRILQDO!!!
(VWDPRVGHDFXHUGRFRQORGHOVLVWHPDHVFDWRORJLFRSDUDHQWHQGHUHO$SRFDOLSVLVDXQTXHQRHVOR
XQLFRTXHQRVD\XGDFRPRYHUHPRVHQHOSUR[LPRFDSLWXOR<HVWDPRVGHDFXHUGRHQHVHGHVDUUROORGHO
UHLQRGH'LRVHQHOWLHPSR3HUR"SRUTXHLQWURGXFLUHOFRQFHSWRGHUHFDSLWXODFLRQHQRSRVLFLRQDOD
SUHGLFFLRQGHODKLVWRULDXQLYHUVDO\HOVLVWHPDHVFDWRORJLFRFRPRRSXHVWRDODSUHGLFFLRQFXDQGRHO
PLVPRDXWRUKDSUHFLVDGRDOSULQFLSLRGHODFLWDTXHWHQLHQGRHQFXHQWDHVHVLVWHPDHO$SRFDOLSVLV
SUHGLFHORVDFRQWHFLPLHQWRVTXHSUHFHGHUDQSUHSDUDUDQ\DFRPSDQDUDQHOILQGHOPXQGR"
$SRFDOLSVLV\QRVSUHVHQWDHOHPHQWRVFURQRORJLFRVTXHDFRPSDQDQDVXFHVRVOOHYDGRVD
FDERSRUVLVWHPDVRSRUHQWLGDGHVFHOHVWHVUHSUHVHQWDWLYDVTXHWUDQVFXUUHQGHQWURGHXQSURFHVR
PDUFDGRSRUHOWLHPSRSURIHWLFR\TXH\DVHUHSLWLRHQODDSRFDOLSWLFDELEOLFDGH'DQLHO$SRFDOLSVLV
\QRVSUHVHQWDWRGDXQDVHULHGHVHFXHQFLDVUHVSHFWRDODVFDEH]DVGHODEHVWLD\DODSUHGLFDFLRQHQ
ODHSRFDILQDOFRUUHVSRQGLHQWHGHODGHVWUXFFLRQGHODPXMHUUDPHUD
+D\HQHO$SRFDOLSVLVXQPHQVDMHFRQFUHWRSDUDODSHUVRQDHQHOWUDQVFXUULUGHODLJOHVLDHQHVRV
PRPHQWRVHQGRQGHORVLQGLYLGXRVFULVWLDQRVHVWXYLHUHQXELFDGRV3HURORPDVLPSRUWDQWHHVFRPSUHQGHU
TXHHVHILQDOQRH[LVWLULDVLQTXHVHKXELHUDFRQWDGRFRQXQDVHULHGHDFRQWHFLPLHQWRVDFRPHWLGRVSRU
VHUHVKXPDQRV\DQJHOHV\TXHVHQRVQDUUDQSUHFLVDPHQWHHQHVHDFRQWHFHUGHODKLVWRULD\TXHYDQ
DVXPLHQGRHO5HLQRGH'LRVKDVWDVXSUHVHQFLDSOHQDHQHOILQDOGHHVDKLVWRULD(QHO$SRFDOLSVLV
HVWDPRVWX\\RHQDOJXQPRPHQWR<VHQRVKDWHQLGRHQFXHQWD<FXDOTXLHUDGHFXDOTXLHUHSRFDHVWD
UHIOHMDQGRFXDQGRVHVXEHRELHQDOYHKLFXORGHO5HLQRGH'LRVRDOGHODDSRVWDVLDTXHLQLFLRHO
$GYHUVDULR
&XDQGRGHFLPRVFRPRHOWLWXORGHHVWHDSDUWDGRTXHHO$SRFDOLSVLVHVKLVWRULDDQWLFLSDGDTXHUHPRV
GHFLUGHODKLVWRULDTXHHVPRYLGDSRUORVGRVPRWRUHVTXHGDUHOHYDQFLDDHVWD(OGHODDXWRULGDG
VXSUHPD\HOGHODXQLGDGPXQGLDO8QRVFRQWHQLGRVLGHRORJLFRVTXHDVXPHQFRPRPRWLYDFLRQ\PHWD
SULPDULDODDXWRULGDGVXSUHPD\ODXQLGDGGHOJHQHURKXPDQRXQDYRFDFLRQGHSRGHUDILQGHDOFDQ]DU
XQDPLVLRQWUDVFHQGHQWDOPHQWHKXPDQDODXQLGDG
(O$SRFDOLSVLVWLHQHHQFXHQWDORTXHKDPDUFDGRXQDGLUHFFLRQDOLGDGHQODKLVWRULDDSHVDUGHO
FRQIOLFWRFRQWLQXR"4XHIXHU]DVVRQODVTXHKDQLQWHUYHQLGRHQODUHDOL]DFLRQGHHVDGLUHFFLRQDOLGDGGH
HVHDYDQFHGHODKLVWRULD""4XH\TXLHQHVHVWDQLQYROXFUDGRVHQHOSUR\HFWRKLVWRULFRKXPDQR"
/DKLVWRULDTXHQRVDQWLFLSDHO$SRFDOLSVLVHVODTXHLPSULPHXQDPDUFKDKDFLDXQREMHWLYR
GHWHUPLQDGRSRUODSURSLDGLUHFFLRQSUR\HFWDGD7RGRORGHPDVFRODERUDUDVLQQLQJXQDSUHWHQVLRQ
&XDQGRVHHVWXGLDODKLVWRULDVHREVHUYDHQHOFRQMXQWRGHODVQDFLRQHVTXHKDQH[LVWLGR\GHORV
DFRQWHFLPLHQWRVTXHHQODPD\RULDGHORVFDVRV\VXFHVRVQRKDQWHQLGRXQDUHOHYDQFLDKLVWRULFDFRPR
SDUDVHQDODUODVSDXWDVTXHFUHDQHVDGLUHFFLRQDOLGDG6HWUDWDGHUHIOHMDUODDFWXDFLRQGH'LRVTXH
IDYRUHFHHOVHQWLGRGHOD,JOHVLDPHGLDQWHHOUHLQRGH'LRV\ODTXHVHRSRQHDO5HLQRGH'LRV
/DYDORUDFLRQKLVWRULFDWLHQHHQFXHQWDWDQVRORDTXHOORTXHFRQWULEX\HDODPDUFKDGHODKLVWRULDHQOR
UHIHUHQWHDODFXOPLQDFLRQGHOREMHWLYRGHODSURSLDKLVWRULD$XQFXDQGRSXHGDKDEHUFRQIOLFWRVGRQGH
VHHQIUHQWHQGRVSRGHUHVHVWRIRUPDSDUWHGHODWUDPDTXHODSURSLDKLVWRULDOOHYDFRQVLJRSDUD
FRQVROLGDUOD$XWRULGDGGHDTXHOTXHKDGHFRODERUDUHQHOWUD]RGHODKLVWRULDTXHOOHYDKDFLDVXILQ
SULPRUGLDO
7UHVDVSHFWRVVREUHVDOHQ8Q3RGHUH[WHULRUDOKRPEUHTXHVHKDFHSDVDUSRUOD'LYLQLGDGTXH
LQVSLUD\UHYHODXQDVHULHGHSULQFLSLRVSRUORVTXHFRQVHJXLUHO3RGHU\OD$XWRULGDGVXSUHPDFI$S
/DFRQVWLWXFLRQGHXQ3RGHUUHSUHVHQWDWLYRGHHVD'LYLQLGDGHQODWLHUUDTXHDVXPHODVYHFHV
GHHVH'LRVSRUORTXHORVVHUHVKXPDQRVVHYHQFRPRREOLJDGRVDVXSHGLWDUVXFRQFLHQFLDULQGLHQGRXQ
FLHUWRFXOWRDODSHUVRQDOLGDGDWUDYHVGHODREHGLHQFLD\DFHSWDFLRQGHODVSUHPLVDVTXHFRQVWLWX\HQD
HVD$XWRULGDG8QDILQDOLGDGODGHSUR\HFWDUODLGHRORJLDTXHGLFHVHULQVSLUDGDFRQHOREMHWLYRGH
>@
FRQVHJXLUODXQLGDGPXQGLDOSDUDTXHWRGRHOPXQGRVHVRPHWDDODVGLUHFWULFHVH[SXHVWDV
(O$SRFDOLSVLVQRVYDDVHQDODUTXHWLSRGH'LYLQLGDGHVHVDHQFRQWUDVWHFRQHO'LRVTXHVHUHYHOD(O
$SRFDOLSVLVVHRFXSDGHORVSRGHUHVTXHVXUJHQ\TXHVHRSRQHQDO5HLQRGH'LRV\SRUORWDQWRORTXH
SHUMXGLFDDOSXHEORGH'LRV,GHQWLILFDHO$SRFDOLSVLVHOWLSRGHLGHRORJLDTXHVRVWLHQHQHVRVSRGHUHVHQ
RSRVLFLRQDO5HLQRGH'LRV<QRVH[SOLFDFRPRHVWDVLHQGRWUDWDGRSRU'LRVDILQGHTXHGHVDSDUH]FDOD
REUDPDOLJQD(O$SRFDOLSVLV\HVWRHVORTXHQRKDQHQWHQGLGRPXFKRVFX\RSURWDJRQLVWDSULQFLSDOHVHO
&RUGHURRHO+LMRGHO+RPEUHRHO/RJRVSDUDJORULDGH'LRVHO3DGUHHVODPDQHUDGHGHFLUQRVFRPRVH
DSOLFDQORVYDORUHVFHOHVWHVDORVKDELWDQWHVGHHVWDWLHUUDHQHOTXHUHUGH'LRVGHVDOYDU\GHLPSHGLU
ORVREVWDFXORVTXHHO0DO\VXFRUULHQWHKXPDQDSUR\HFWDSHUPDQHQWHPHQWH
6RORXQDH[HJHVLVTXHWHQJDHQFXHQWDHOSDVDGRHOIXWXUR\HOSUHVHQWHFRRUGLQDGRVGHELGDPHQWHHQ
XQDKLVWRULDHQVXFHVLRQRFRQWLQXDSRGUDRIUHFHUQRVXQFXDGURFRUUHFWRGHOPHQVDMHGHODDSRFDOLSWLFD
ELEOLFD<HVWRSRUODFRQFHSFLRQHVFDWRORJLFDTXHYDPRVDFRPSUREDUTXHH[LVWHHQHO(YDQJHOLR\HQ
RWURVDXWRUHVELEOLFRV/DSURIHFLDDSRFDOLSWLFDWLHQHFRPRREMHWLYRHQWUHRWURVPDQWHQHUXQDWHQVLRQ
H[SHFWDQWHHQFDGDJHQHUDFLRQGHFUH\HQWHV(VWRXQLFDPHQWHSXHGHORJUDUVHVLORVFRQWHQLGRVVRQ
FDSDFHVGHGHFLUDOJRLPSRUWDQWHHQHOWUDQVFXUVRGHORVWLHPSRVDFDGDJHQHUDFLRQ(O$SRFDOLSVLVWHQLD
TXHVHUYLUDORVFULVWLDQRVTXHWXYLHURQTXHVRSRUWDUODVSHUVHFXFLRQHVLQIOLJLGDVSRUHO,PSHULR5RPDQR
DOPLVPRWLHPSRTXHHQFRQWUDEDQXQPHQVDMHGHOLEHUDFLRQHQXQIXWXURPDVRPHQRVGLVWDQWH/DDFWLWXG
EHVWLDOTXHVHUHSURGXFHDWUDYHVGHOWLHPSRSRUPHGLRGHVXVFDEH]DV$SFI$SMXQWRDOD
%DELORQLDTXHHQFRQWUDEDDSR\RHQOD%HVWLDWHQLDXQDGREOHOHFWXUDSDUDHVRVFULVWLDQRVGHODHSRFDGH
-XDQ\ODLQPLQHQWHPHQWHSRVWHULRUFXDQGROHLDQDOSURIHWD'DQLHOMXQWRDO$SRFDOLSVLV
'DGRTXHGHEHPRVWHQHUHQFXHQWDHODVSHFWRKLVWRULFRFRQWH[WXDOHQHOTXHVHLQVFULEHHO$SRFDOLSVLV
QRGHEHULDROYLGDUVHQRVTXHHVHDVSHFWRKLVWRULFRFRQWH[WXDOQRHVVRODPHQWHHOTXHYLYHHODXWRUVLQR
DGHPDVORTXHOHUHYHOD'LRVD-HVXFULVWR\HVWHD-XDQYLVOXPEUDGRHQORVSURSLRVHVTXHPDVFRQWHQLGRV
SURIHWLFRV\YLVLRQHVTXHDSXQWDQKDFLDHOIXWXURGHOSURSLRSURIHWD1RVSDUHFHXQDVLPSOLILFDFLRQ
REMHWDEOHHOTXHVHGLJDUHILULHQGRVHDODHSRFDGH'RPLFLDQRTXHVHKDFLDOODPDU6HQRU\'LRV$TXL
WHQHPRVHOWUDVIRQGRGHO$SRFDOLSVLV\TXHVHLGHQWLILTXHDODQXHYD%DELORQLDH[FOXVLYDPHQWHFRQ
>@
5RPD 5RPDGHMRVXKHUHQFLD\HVWDDQDGLRVXVPDWLFHVSURFHVDQGRHQODKLVWRULDXQDFRQWLQXLGDG
TXHVHKDELDRULJLQDGRHQOD%DELORQLDDQWLJXD/RVHOHPHQWRVLGHRORJLFRVTXHVHYDQWUDVODGDQGR
PDWL]DQGR\SURFHVDQGRGHVGHODDQWLJXD%DELORQLDKDVWD5RPDSDVDQGRSRU0HGR3HUVLD\*UHFLD
DOFDQ]DUDQDHVDKHUHQFLDURPDQDTXHORVXQLYHUVDOL]DUD\SUR\HFWDUDHQODKLVWRULDVXEVLJXLHQWH
UHSUHVHQWDGDIXQGDPHQWDOPHQWHSRUORTXHWLHQHODKHJHPRQLDPXQGLDOORTXHGRPLQD\PDUFDOR
UHOHYDQWHODPDUFKDGHODKLVWRULD\TXHYDUHFRJLHQGRODVSUHPLVDVGHODDXWRULGDGVXSUHPD\GHOD
XQLGDGPXQGLDOOOHJDQGRKDVWDQXHVWURVGLDVTXHQRVVHUDIDFLOLGHQWLILFDU\UHFRQRFHUORTXHSUHWHQGH
SRVHHUHVDDXWRULGDGVXSUHPDFRQHOREMHWLYRGHJOREDOL]DUQXHVWURPXQGR&RPSUREDQGRODVUHODFLRQHV
XQLRQHV\SDFWRVTXHVHYDQFUHDQGRSRUORVSRGHUHVTXHSUHWHQGHQSRVHHUHVR\HOFRPRVHSXHGH
OOHJDUHQXQPRPHQWRGHWHUPLQDGRSRUORVLQWHUHVHVTXHVHSRQJDQHQMXHJRDXQHQWHQWHHQWUHVHVRVTXH
SUHWHQGHQKDEHUUHFLELGRGHSDUWHGHODGHLGDGDOJRHVSHFLDOSDUDODGLUHFFLRQGHQXHVWURPXQGR
&XDQGRXQRVHXELFDHQVXPRPHQWRKLVWRULFRGHVFXEUHORTXH\DDFRQWHFLRHQHOSDVDGRSHURTXHHUD
IXWXURGHOSURIHWD3HURHVHSDVDGRGHOTXHVHXELFDHQVXPRPHQWRKLVWRULFRHVWXYRWUDQVFXUULHQGRHQORV
LQVWDQWHVKLVWRULFRVGHDOJXLHQRGHDOJXQRVTXHYLYLHURQHQHVRVWLHPSRV1XHVWUDSHUVSHFWLYDDFWXDO
GHVSXHVGHWUDQVFXUULGRVDQRVGHFULVWLDQLVPRQRVSHUPLWHREVHUYDUWRGRHOUHFRUULGRDFRPSDQDGR
SRUHOWH[WRDSRFDOLSWLFRSXGLHQGRFRPSUREDUODQDWXUDOH]DFRQWHQLGR\HVWLORGHOWH[WR<GHHVWHPRGR
DSUHQGHUDVDEHUDSOLFDUORSDUDODDFWXDOLGDG\SDUDFDGDHSRFDGHVGHODSULPHUDYHQLGDGH-HVXFULVWR
$TXHOORVTXHQRVSUHFHGLHURQHQHOWLHPSRGHVGHODHSRFDGHOD,JOHVLDDSRVWROLFDQRWDEDQOD
VHFXHQFLDGHDFRQWHFLPLHQWRVKLVWRULFRVPDJLVWUDOHVTXH\DHOSURIHWD'DQLHOKDELDGHVFULWRPRVWUDQGR
ODOLQHDLQWHUSUHWDWLYD3ULPHUR%DELORQLD'QGHVSXHV0HGR3HUVLD'QFI'Q
SRVWHULRUPHQWH*UHFLDSSSDUDWHUPLQDUFRQHOHQLJPDWLFR&XDUWRUHLQR
UHSUHVHQWDGRHQXQD&XDUWD%HVWLDFI'QFIFITXHKDELDGH
GXUDUKDVWDHOILQGHOPXQGRFI'QPHGLDQWHODSURORQJDFLRQGHORTXHVLJQLILFDUDHO
VLPEROR&XHUQR3HTXHQR'QFISSXSFI
\ODGLYLVLRQGHORVGHGRVR&XHUQRV'Q(VWDSURORQJDFLRQLGHQWLILFDGDSRUORV
VLPERORVLQGLFDGRVVHUHSURGXFLDHQHOWH[WRHQODYHUVLRQGHXQ6HU'HVSUHFLDEOHEDMRODFRQFHSFLRQGH
5H\GHO1RUWH'QRHQYHUVLRQ$SRFDOLSVLVFRQOD&DEH]DTXHUHFLEHODKHULGDPRUWDO
SHURTXHVHUDFXUDGDPRPHQWDQHDPHQWH$SX2FWDYD&DEH]DTXHHVGHHQWUHODVVLHWH
HVGHFLUODTXHKDELDVLGRKHULGDUHVWDXUDGDFIXS\TXHDFWXDOL]DDOD%HVWLD
HQORVXOWLPRVLQVWDQWHVGHODKLVWRULD(OFROHFWLYR'LH]GHGRVR&XHUQRV'QFI$S
FRH[LVWHFRQHO&XHUQR3HTXHQR'QXSXS\GHDFXHUGR
DORTXH\DLQGLFDED'DQLHODSDUHFHHQHOVLPERORGHOD%HVWLDDSRFDOLSWLFD$S\DTXH
MXHJDXQSDSHOLPSRUWDQWHHQHOSHULRGRKLVWRULFRTXHWUDQVFXUUHGHVGHODGHVDSDULFLRQGHOLPSHULR
5RPDQRKDVWDHOILQ3DUDVHUH[DFWRV\HVWRORYHUHPRVHQODH[SRVLFLRQGHOWH[WRHQOD&XDUWD%HVWLDGH
'DQLHOTXHYDGHVGHGHVSXHVGHODWHUFHUDKDVWDHOILQGHOPXQGR'QFI'QKDEUD
TXHXELFDUGHVGHODFXDUWDFDEH]DKDVWDODRFWDYDGH$SRFDOLSVLV+DELHQGRXQDHVSHFLDOUHOHYDQFLDDO
ILQDOGHORVWLHPSRVFI$S
(OORVORVSULPHURVFULVWLDQRVHVWDEDQYLYLHQGREDMRXQSRGHUXQLYHUVDOTXHVHKDELDLQLFLDGRGHVSXHV
GH*UHFLD\TXHVHLGHQWLILFDEDFRQHOFXDUWRUHLQRHQVXSULPHUDIDVHHOKLHUURGH5RPDFI'Q
(VWDEDQFRPSUREDQGRHQVXSURSLDFDUQHHOUHVXOWDGRGHOFXPSOLPLHQWRKLVWRULFRGHDOJXQRVGHORV
YHUVLFXORVTXHFRUUHVSRQGLDQDODIDVHLQLFLDOGHHVH&XDUWRUHLQR/DVGRVOHFWXUDVHUDQHVSHUDQ]DGRUDV
0LUDQGRKDFLDDWUDVQRWDEDQTXHODVSHQXULDVKDELDQSDVDGR\TXHHOWULXQIRGHO3XHEORGH'LRVTXHVH
PDQWLHQHILHODORVSULQFLSLRVGHO5HLQRGH'LRVHQVHQDGRVSRU-HVXFULVWRVXSHUDEDDHVRVUHLQRVTXH\D
KDELDQFDLGRGHDFXHUGRDORTXHODSURIHFLDDQXQFLDED$KRUDFRQHO$SRFDOLSVLVYHLDQUHWRPDU
VLPERORVVHPHMDQWHVFRQXQPLVPRVHQWLGR\YDORU2EVHUYDEDQTXHODSURORQJDFLRQGHO&XDUWRUHLQR
KDVWDHOILQ'QFIUHSUHVHQWDGRSRUORVVLPERORV\DGHVFULWRV
WHQLDVXSDUDOHORHQXQD%HVWLDFX\DVFDEH]DVVHVXFHGLDQHQODKLVWRULD$SFIGDQGR
DSR\RDOD%DELORQLDSHURTXHWHQGULDQXQMXLFLRSHUWLQHQWHOLEHUDQGRGHILQLWLYDPHQWHDO3XHEORGH'LRV
$SVV/DYLYHQFLDHVFDWRORJLFDOHVKDFLDH[SHULPHQWDUSRUDQWLFLSDFLRQOD
OOHJDGDGHHVHILQFRPRFHUFDQRHQFRQWUDQGRVHFRQXQDPXHUWHTXHFRPRIUXWRGHOSODQGH'LRV\GHVX
FRQGLFLRQHVWUXFWXUDOFRPSULPHHOWLHPSRSDUDHOVLHQGRHOSUR[LPRDFRQWHFLPLHQWRKLVWRULFRHVHILQDO
TXHKDELDH[SHULPHQWDGRSRUDGHODQWDGRHOUHWRUQRGH-HVXFULVWRTXHDSDUHFHWUDVODUHVXUUHFFLRQGHOD
SULPHUDPXHUWH
<DVLFRQIRUPHHOWLHPSRVHDJRWDEDORVFULVWLDQRVGHGLIHUHQWHVJHQHUDFLRQHVYHULILFDEDQTXHXQ
WUHFKRSURIHWLFRVHFRQVXPDED3HURFXLGDGRFXDQGRVHHVWDGLFLHQGRUHLWHUDGDPHQWHTXHWRGRVHFXPSOH
FRQ5RPDHQHOSUHVHQWHGHODXWRUQRVHHVWDHQWHQGLHQGRTXH5RPDQRILQDOL]RHQHODQROOHJR
KDVWDHOG-3RUORWDQWRWRGRORTXHWUDQVFXUUHGHVSXHVGHODHSRFDGH-XDQFXDQGRVHVXSRQHTXH
-XDQUHFLEHHO$SRFDOLSVLVWRGDYLDDOILQGH5RPDOHTXHGDEDQPDVGHWUHVVLJORV\HVRQRHUDSUHVHQWH
VLQRIXWXUR3HURHUDPX\IDFLOGXUDQWHHVRVVLJORVTXHDOJXLHQDOREVHUYDUODH[LVWHQFLDGH5RPD
SHQVDUDTXH5RPDDOKDEHULQLFLDGRHO&XDUWR5HLQRHUDORTXHOOHJDEDKDVWDHOILQHVORTXHLQWHUSUHWDQ
ORVOODPDGRVSDGUHVGHOD,JOHVLD3HURODSURIHFLDKDELDGHMDGRGRVHOHPHQWRVFODURVTXHGHELDQGH
FXPSOLUVHGXUDQWHWRGRHOWUD\HFWRGHO&XDUWRUHLQRLQLFLDGRFRQ5RPDTXHHQOD]DULDFRQHOILQ4XH
KDEULDXQDGLYLVLRQHQPDVXQDDUFLOODRHOOODPDGRFXHUQRSHTXHQRTXHLQWHQWDPHGLDQWHSDFWRV
RDOLDQ]DVYROYHUDORTXHHOHQWLHQGHSRUXQLGDG'QFI'Q\TXHDOILQDOGH
WRGRORVUHLQRVGHHVWHPXQGRGHMDQGHVHU\UHFLEHQHOUHLQR\HOGRPLQLRGHHVRVUHLQRVORVVDQWRVGHO
$OWLVLPR'QFI'QSSFIXSFI^GRQGHVHKDFHGLIHUHQFLDHQWUHHOGRPLQLR\
5HLQRGHO+LMRGHOKRPEUH\HOGRPLQLRTXHVHGDDORVVDQWRVGHO$OWLVLPR`$PERVDVXQWRVQRVH
FXPSOHQDOILQDOGH5RPDVLQRDOILQGHODKLVWRULDGHHVWHPXQGR'HDKLTXHHOWH[WRGHEDGHVHU
HVWXGLDGRGHDFXHUGRDORTXHLPSOLFDFRQVWLWXLUVHHQXQVHUYLGRUTXHSURGXFHHOHQWHQGLPLHQWR$S
FI'Q
'HHVHPLVPRPRGRWLHQHTXHVHUYLUSDUDPLODSURIHFLDDSRFDOLSWLFDTXHYLYRDEDVWDQWHHQWUDGRHQHO
VLJOR;;,SRGHUFRQWHPSODUORVVXFHVRVRFXUULGRVPDUFDQGRXQDGLUHFFLRQDOLGDGLQWHOLJLEOHTXHOOHYDD
ODH[WLQFLRQGHORVVLVWHPDVGHPDOGDG\DODOOHJDGDGHILQLWLYDGHO5HLQRGH'LRVHQRFDVLRQGHOD
VHJXQGD9HQLGDGH-HVXFULVWRHQEDVHDXQDSULPHUD9HQLGDHQODTXHHO0HVLDVGHVSXHVGHVXREUD
WHUUHVWUHGHVDOYDFLRQDSOLFDORVYDORUHVFHOHVWHVGHVXPLQLVWHULR
7RGRHVWRQRVPXHVWUDTXHHOXQLFRPHWRGRYDOLGRHQEDVHDORTXHODSURSLDSURIHFLDDSRFDOLSWLFD
>@
SUR\HFWDHVHOGHODKLVWRULDFRQWLQXDRHOGHODKLVWRULDGHODVDOYDFLRQ (VDKLVWRULDFRQWLQXD
QRWLHQHSRUTXHVHUVLHPSUHOLQHDOSXHGHDYDQ]DUHQVHFXHQFLDVFLFOLFDPHQWHHQRFDVLRQHV3HURYDPRVD
WHQHURSRUWXQLGDGGHFRPSUREDUHQQXHVWURFRPHQWDULRTXHHVDVHFXHQFLDWLHQHHQFXHQWDHQSULPHUOXJDU
ODIRUPDTXHOD%LEOLDHVSHFLDOPHQWHHO(YDQJHOLRRIUHFHGHHQWHQGHUODHVFDWRORJLD\ODPDQHUDGH
DSOLFDUODHQVXVGLVWLQWDVGLPHQVLRQHV
(OJUDQSUREOHPDGHODLQWHUSUHWDFLRQSUHWHULVWDQRHVWDHQHOKHFKRGHSRVHHUUD]RQUHVSHFWRDTXHORV
VXFHVRVGHODKLVWRULDTXHYLYH-XDQVHDQVXILFLHQWHPHQWHUHOHYDQWHVFRPRSDUDTXHVXVFRQWHPSRUDQHRV
SXGLHUDQYLYLU\FRPSUREDU\DSOLFDUHOPHQVDMHSUR\HFWDGRSDUDODKLVWRULDSUHVHQWHGHHOORV(OJUDQ
SUREOHPDGHHVHPRGHORGHLQWHUSUHWDFLRQFRQVLVWHHQDSHUFLELUORRDQRVGHVSXHV
GHVXELFDQGRVHHQFXHQWRDORTXHHUDHOSUHVHQWHGHOSURIHWD\FRPRFRQVHFXHQFLDGHHOORSULYDUVHGH
TXHHOSURIHWDSXHGHVHUHQYLDGRDXQPRPHQWRGLVWLQWRDVXSUHVHQWHGRQGHFRQWHPSODHVFHQDVH
LPDJHQHVTXHQRHVWDQDFRQWHFLHQGRHQVXSUHVHQWHSHUVRQDOVLQRHQXQIXWXURSUHVHQFLDOTXHHOOHFWRU
SUHFDYLGRGLVWLQJXLUD
&XDQGRHVWDPRVKDEODQGRGHOPRPHQWRSUHVHQWHGHOSURIHWD\GHVXVFRQWHPSRUDQHRVORFXDOVHULDOR
HVWULFWDPHQWHSUHWHULVWD"4XHRFXUUHSDUDORVTXHYLYHQHQODHSRFDGH'LRFOHFLDQRR&RQVWDQWLQR""<
FRQODFDLGDGH5RPDHQHO""(VRHVSUHVHQWHGHOSURIHWDRIXWXUR"<WHQJDVHHQFXHQWDTXHODIDVHGH
OD%DELORQLDTXHVHVRVWHQLDVREUHHOVLVWHPDURPDQRHVGHFLUHQXQDGHODVFDEH]DVGHOD%HVWLD
GXUDKDVWDTXHGXURHVDFDEH]DUHSUHVHQWDGDSRUHOVLVWHPDURPDQR(OPHWRGRSUHWHULVWD"&RPR
FRQVLGHUDHVWRTXHDFRQWHFLRSDUDPDVDOODGH&RQVWDQWLQR""<TXHVHSHUILODEDHQWRQFHVFRPRQXHYR
PRPHQWRGHOD%DELORQLD""3DUDHVRVFRQWHPSRUDQHRVGHHVRVDFRQWHFLPLHQWRVHO$SRFDOLSVLVOHVGLFH
DOJR"/HVUHFXHUGRTXHKDQSDVDGR\DQRVGHVGHTXH-XDQHVFULELHUDHO$SRFDOLSVLV\HOSURIHWD
\DHVWDEDPXHUWR<HVRVDQRVQRSXHGHQFDWDORJDUVHFRPRSDVDGRVLQRFRPRIXWXUR"<HVRFRPRHVWD
SURIHWL]DGRHQHO$SRFDOLSVLV"'HVGHOXHJRQRFDEHQLQJXQDIRUPXODGHFRQFRUGLDGLFLHQGRTXHHO
VHQWLGRSULPHURGHO$SRFDOLSVLVHUDFLHUWDPHQWHODHGLILFDFLRQ\HOFRQIRUWDUVHORVFULVWLDQRVGHILQGHO
SULPHUVLJOR3HURHVRQRVLJQLILFDULDTXHHVWHVHQWLGRDJRWHHOFRQWHQLGRGHOOLEUR/DSUHJXQWDVHULD"(O
VHQWLGRSULPHURGHOOLEURGH$SRFDOLSVLVVLJQLILFDTXHSULPHUDPHQWHWRGRHOHVDSOLFDEOHDOPRPHQWR
SUHVHQWHHVWULFWRGHOSURIHWD""<TXHODVHQVHQDQ]DVHVSLULWXDOHVTXHVHSXGLHUDQVDFDUGHHVHVHQWLGR
SULPHUR\XQLFRHVORTXHSRGULDDSOLFDUVHDFXDOTXLHUHSRFD"1RQRHVVXILFLHQWHHVR1RSRGHPRV
FRQFHGHUOHDOPHWRGRSUHWHULVWDORGHOVHQWLGRSULPHURVLQRTXHHOVHQWLGRXQLFRGHO$SRFDOLSVLVHVGH
UHQGLUXQVHUYLFLRDOD,JOHVLDHQWRGRVXUHFRUULGRKLVWRULFRHPSH]DQGRHQODHSRFDGH-XDQ\
SURORQJDQGRVHHQODKLVWRULDGDQGRVHQRVDFRQRFHUPHGLDQWHSURIHFLDVHQXQYHKLFXORGHVLPERORVH
LPDJHQHV
&KLOWRQOOHJDDOH[WUHPRGHQHJDUODVHYLGHQFLDVGHHVDKLVWRULDSURFHVDGDHQHOWLHPSRTXHVH
SURORQJDKDVWDHOUHWRUQRGH&ULVWRVHJXQHO(O$SRFDOLSVLVQRFRQFLHUQHDOUHWRUQRGH-HVXFULVWRVLQR
DODGHVWUXFFLRQGH,VUDHO\DODYLFWRULDGH&ULVWRVREUHVVXVHQHPLJRVSRUHOHVWDEOHFLPLHQWRGHO
>@
7HPSORGHODQXHYDDOLDQ]D(O$SRFDOLSVLVSURIHWL]DHOMXLFLRVREUHHO,VUDHODSRVWDWD (VWH
DXWRUSLHQVDTXHHO$SRFDOLSVLVVHULDUHGDFWDGRHQODHSRFDGH1HURQ"3DUWLFLSDGHODOH\HQGDGHO1HURQ
UHYLYLGR"(VGHFLU1HURQQRKDEULDPXHUWRRTXHPXHUWRUHVXFLWDULD/DVFDEH]DVVHULDQHPSHUDGRUHV
URPDQRV\TXHXQRGHORVVLHWHORVTXHFUHHQHQTXHHVWHVHULD1HURQVHUHVWDXUDULDHQODRFWDYD"'H
TXHVLUYHHVWDLQWHUSUHWDFLRQFXDQGRQRSXHGHQSUREDUTXH1HURQIXHUDUHVXFLWDGRRTXHQRKXELHUD
PXHUWR""7RGDYLDQRVHKDQGDGRFXHQWDTXHXQDSURIHFLDQRSXHGHEDVDUVHHQXQDOH\HQGD"/DHYLGHQFLD
GHTXH1HURQPXULRHVTXHQDGLHQLQDGDQRVDILUPDTXHUHVXFLWR<VLUHVXFLWDUD"4XLHQSRGULD
XQLFDPHQWHUHVXFLWDUOR""<'LRVYDKDFHUWDOFRVD"1L,ULQHRQLORVGHPDVDXWRUHVDQWLJXRVDOXGHQD
VHPHMDQWHDWURSHOOR%DELORQLDQRGHVDSDUHFLRHQODHSRFDGH-XDQQLVLTXLHUDDKRUDTXHVHHVWDQ
SRQLHQGRORVUHVRUWHVGHVXGHVPDQWHODFLRQ1RFDEHGXGDTXHHVSUHFLVRKDFHUXQDGHILQLFLRQGHORTXH
HVOD%HVWLD\GHORTXHHV%DELORQLD\VLELHQHVD%DELORQLDTXHH[LVWLDHQODHSRFDGHODFXDUWD&DEH]D
TXHHV5RPDGHVDSDUHFLRHOSURWDJRQLVPRTXHHQHVHHQWRQFHVOHFRUUHVSRQGLDDOD%DELORQLDGHOD
HSRFDGH5RPD\SRUORWDQWRSRGULDLQFOXLUVHGHQWURGHORVWHUPLQRVTXHHO$SRFDOLSVLVHPSOHDSDUDVX
GHVWUXFFLRQHVWDFRQWLQXDHQHOSURFHVRKLVWRULFRSRUTXHODVFDEH]DVGHOD%HVWLDQRVHKDQDJRWDGR\OD
0XMHU%DELORQLFDFRQWLQXDKDVWDHOILQGHHVWHPXQGRVHQWDGDVREUHOD%HVWLDGHFDEH]DVGXUDQWHOD
>@
RFWDYD\DQRH[LVWLUDSDUDQXQFDOD%DELORQLDVHUDGHVWUXLGDGHILQLWLYDPHQWH
/DFULWLFDTXHVHKDFHDOVLVWHPDLQWHUSUHWDWLYRKLVWRULFLVWDQRVHKDFHVREUHHOVLVWHPDVLQRUHVSHFWR
>@
DODLQWHUSUHWDFLRQTXHHOKHUPHQHXWDKLVWRULFLVWDUHDOL]D <DKLORJLFDPHQWHHOLQWHUSUHWHSRGULD
IDOODURDSOLFDUHOPRPHQWRKLVWRULFRLQDGHFXDGR3HURHVWRQRGLULDQDGDHQFRQWUDGHOVLVWHPDPLHQWUDV
TXHKD\DDSR\RVXILFLHQWHHQODV(VFULWXUDVGHFXDOHVHOVLVWHPDTXHHOSURSLRWH[WRGHO$SRFDOLSVLVQRV
SURSRQH,QGHSHQGLHQWHPHQWHGHODVSRVLEOHVLQWHUSUHWDFLRQHVSXQWXDOHVLQDGHFXDGDVTXHVHSXGLHUDQ
KDFHUVHWUDWDULDGHFRUUHJLUWRGRDTXHOORTXHVHSUREDUDFRPRLQDSURSLDGR
&KLOWRQSUHWHQGHHVFRJHUHOVLVWHPDSUHWHULVWD\QRVHGDFXHQWDTXHHODUJXPHQWRTXHRIUHFHHQVX
OLEURHQFRQWUDGHOVLVWHPDKLVWRULFLVWDHVGHOPLVPRPRGRDSOLFDEOHDVXVLVWHPDLQWHUSUHWDWLYR(O
GLFH
"6LHOOLEURHVWDEDGHVWLQDGRDGHVYHODUORVVHFUHWRVGHORVWLHPSRVIXWXURVQRKDEULDVLGR
LQLQWHOLJLEOHSDUDVXVSULPHURVOHFWRUHV""<QRVRODPHQWHLQLQWHOLJLEOHVLQRLQFOXVRVLQLQWHUHVH
LQXWLO"6LKXELHUDKDEODGRFRPRDOJXQRVTXLHUHQKDFHUQRVORFUHHUGHORVKXQRVGHORVJRGRVGHORV
VDUUDFHQRVGHORVHPSHUDGRUHV\GHORVSDSDVGHOD(GDG0HGLDGHOD5HIRUPDSURWHVWDQWH\GHOD
UHYROXFLRQIUDQFHVDTXHLQWHUHVRTXHVHQWLGRSRGULDWHQHUSDUDODV,JOHVLDVFULVWLDQDVGH(IHVRGH
>@
(VPLUQDGH)LODGHOILD\GH/DRGLFHD"!!!
"'RQGHVHKDFHLQWHOLJLEOHSDUDODVLJOHVLDVGH$VLDHQHOWLHPSRSUHVHQWHGH-XDQTXHVHKDEOHGHOD
GHVWUXFFLRQGH,VUDHOTXHVHJXQFUHH&KLOWRQHVHOXQLFRWHPDTXHVHWUDWDDKL"
$YHUVLORHQWLHQGRELHQVHJXQODPD\RULDLQFOXVLYHSUHWHULVWDV-XDQVHHQFXHQWUDHQODLVODGH
3DWPRVUHGDFWDQGRVHHOOLEURGHO$SRFDOLSVLVHQHODQR"<GHTXHPRGRSURIHWL]D-XDQODGHVWUXFFLRQ
GH,VUDHOVLHVWDDFRQWHFLRHQHODQR"6LPSOHPHQWHVHFRQVWDWDULDSHUR"'RQGHVHFRQVWDWD""'RQGH
HVWDHOWH[WR"6XSRQJDPRVTXHIXHUHGDFWDGDHQODHSRFDGH1HURQFRPRGLFH&KLOWRQ1HURQPXULRHQHO
DQR"7RGRXQOLEURGHLPDJHQHV\GHSRUWHQWRVSDUDVLPSOHPHQWHQDUUDU\QRSURIHWL]DU"3RUTXHHQ
HVWHFDVR-XDQHVWDULDSRUXQODGRPHGLDQWHHVRVVLPERORV\HVHOHQJXDMHUHILULHQGRVHDODGHVWUXFFLRQ
GH-HUXVDOHQTXHWHQGULDTXHDFRQWHFHUGHDFXHUGRDODSURIHFLDTXHGH-HVXVVHKDELDSODVPDGRHQHO
(YDQJHOLRDQRVGHVSXHVGHODPXHUWHGH1HURQ
"<GHTXHDSXUROHVVDFDDODVLJOHVLDVFRQWHPSRUDQHDVGH-XDQODGHVWUXFFLRQVHJXQ&KLOWRQGHO
,VUDHODSRVWDWD""1RVRQRWURVORVSUREOHPDVVRFLDOHV\SROLWLFRVTXHWLHQHQTXHDIURQWDUORVFULVWLDQRVGH
$VLD\GHRWURVOXJDUHV\GHORVTXHDOXGH-XDQFRQHVRVFRQWHQLGRVSURWRWLSR"
"<HVRGHODGHVWUXFFLRQGH,VUDHO\DODYLFWRULDGH&ULVWRVREUHVXVHQHPLJRVSRUHOHVWDEOHFLPLHQWR
GHO7HPSORGHODQXHYDDOLDQ]D\TXHHO$SRFDOLSVLVSURIHWL]DHOMXLFLRVREUHHO,VUDHODSRVWDWD""0H
HVWDTXHULHQGRGHFLUTXHODGHVWUXFFLRQGH,VUDHOHVSRUTXHHVWDFRQWLHQHDORVHQHPLJRVGH&ULVWR
DXQTXHVHOHFDWDORJXHFRPRDSRVWDWD""<ODDFWXDFLRQHQODHSRFDGH&ODXGLRFRQWUDORVMXGHRVHQWUH
ORVTXHVHHQFRQWUDEDQMXGHRVFULVWLDQRV+HFKQRPXHVWUDXQDUHDOLGDGGLVWLQWDHQFXDQWRDVHU
HQHPLJRVVLQRPDVELHQVXIULGRUHVGHO,PSHULRORPLVPRTXHORVFULVWLDQRVIXHVHQRQRMXGHRV""<TXH
GLFH3DEORGHVXSXHEOR""$ODOX]GH5RPDQRVDOSRGHPRVFODVLILFDUDORVMXGHRVVHDQHVWRVGHORV
GLULJHQWHVRQRFRPRDOJRDORTXHVHGHVWUXLULDVHJXQHO$SRFDOLSVLV"
"<HVRGHO7HPSORGHODQXHYDDOLDQ]D"/DHSLVWRODDORV+HEUHRVQRVKDEODGHOIXQFLRQDPLHQWRGHXQ
6DQWXDULRFHOHVWH\TXHKDGHHVWDUIXQFLRQDQGRKDVWDHOOLPLWHFRQODVHJXQGD9HQLGDGH-HVXFULVWR
SXHVWRTXHVHUDHQWRQFHVHQTXHORVHQHPLJRVGH'LRVSDUDVXSXHEORKD\DQVLGRGHVWUXLGRV"<TXLHQHV
VRQHVRVHQHPLJRV"/HDVHORVHQRU&KLOWRQHQDGH&RULQWLRV\HQODHSLVWRODDORV+HEUHRVVHQRV
GLFHFODUDPHQWH<FRPRVHYHUDFRQORTXHFRPHQWDUHPRVHQQXHVWURSULPHUFDSLWXORGH$SRFDOLSVLVDKL
HVWDODFODYHSDUDFRPSUHQGHUQRVRODPHQWHHO$SRFDOLSVLVVLQRSDUDTXHVLUYHHO$SRFDOLSVLVSDUDORV
FRQWHPSRUDQHRVGH-XDQ\FRPRSRGULDQHOORVPLVPRVFRPSUHQGHUODUHDOLGDGGHOPHQVDMHGHO
$SRFDOLSVLVDSHVDUGHTXHQXQFDSXGLHURQFRPSUHQGHUQL\RWDPSRFRGHTXHHOPHQVDMHSULQFLSDOVHULD
ODGHVWUXFFLRQGH,VUDHO
.XHQTXHVHDQDGHDHVWDFULWLFDDXQSUHWHQGLHQGRVHUFRPHGLGRHQWRGRKDFHXQDDILUPDFLRQH[FHVLYD
FXDQGRGLFHTXHHOPHWRGRKLVWRULFLVWDFRQWUDYLHQHDXQRGHORVSULQFLSLRVGHLQWHUSUHWDFLRQ
LQWHUSUHWDUOD%LEOLDSRUOD%LEOLDVLQHVWDUREOLJDGRDEXVFDUOODYHVGHLQWHUSUHWDFLRQHQORVOLEURVGH
KLVWRULDRGHDFRQWHFLPLHQWRVH[WUDELEOLFRV
(VWR\GHDFXHUGRHQTXHGHERLQWHUSUHWDUOD%LEOLDSRUODSURSLD%LEOLD3HUR"(VRQRODDSRFDOLSWLFD
KLVWRULDDQWLFLSDGDRKLVWRULDFXPSOLGDTXHVLUYHFRPRHMHPSORWDPELHQSDUDRWURVPRPHQWRV
KLVWRULFRV"1RWHHOWH[WRGH$SRFDOLSVLV(OKHFKRGHTXHVHQRVGLJDTXH-HVXFULVWRHVHO
VREHUDQRGHORVUH\HVGHODWLHUUD\TXHD(OVHDODJORULD\HOLPSHULR"1RVHQRVHVWDUDSURSRQLHQGR
XQDFRQWUDSDUWLGDDOFXOWRLPSHULDOURPDQR""<QRKDEUDTXHHVWDUDSHUFLELGRGHFRPR\FXDQGRHVR
PLVPRVXUMDFRQGLYHUVDVYDULDQWHVPHGLDQWHODSURSXHVWDGHOD%HVWLDGHFDEH]DV\FXHUQRV"
 &XDQGR.XHQSUHVHQWDVXFULWLFDDOPHWRGRKLVWRULFLVWDQRVGLFHORVLJXLHQWH
/RVPHQVDMHVDHVWDVLJOHVLDVHUDQHQSULPHUOXJDUGHVWLQDGRVDODVLJOHVLDVPHQFLRQDGDV
3UREDEOHPHQWHWDPELHQDODVRWUDVLJOHVLDVGH$VLDTXHSRGULDQHVWDUDIHFWDGDVGHORVPLVPRVFDVRV\
DPHQD]DGDVSRUORVPLVPRVSHOLJURV0DVDOODGHHVWHSUHFHGHQWHKLVWRULFRFRQWLHQHQXQD
SUHVHQWDFLRQGHOFRQMXQWRGHODLJOHVLDODFLIUDQRVORLQGLFDGHWRGRVORVWLHPSRV\GHWRGRVORV
OXJDUHVFRQORVDVSHFWRVSRVLWLYRV\WRUFLGRVTXHHOODVSUHVHQWDQ!!
1RWHQGULDLQFRQYHQLHQWHHQDVXPLUHVWDSRVWXUDLQGHSHQGLHQWHPHQWHGHTXHQRVDGKHULPRVDOVLVWHPD
KLVWRULFLVWDDXQTXHPRGHODGR\FRQWURODGRSRUORTXHQRVRWURVHQWHQGHPRVSRUWDOVLJXLHQGRODVSDXWDV
>@
TXHWDQWRHO$SRFDOLSVLVFRPRRWURVHVFULWRVGHO1XHYR\$QWLJXR7HVWDPHQWRQRVSUHVHQWD
 *HQHUROLWHUDULR\VLPEROLVPR
6RPRVFRQVFLHQWHVGHODVGLILFXOWDGHVLQKHUHQWHVHQHODQDOLVLVGHFXDOTXLHUSRUFLRQGHOD%LEOLDHQHO
VHQWLGRGHSRGHUUHVFDWDUDOPD[LPRORVYDORUHVTXHXQWH[WRHQFRQFUHWRSXHGHHQFHUUDU&XDQGRQRV
DFHUFDPRVDHVWDGHVFXEULHQGRFXDOHVHOJHQHUROLWHUDULRTXHVHQRVSURYHHHVPDVIDFLOHQWHQGHUHO
FRQWHQLGRGHORVWH[WRV1RSRGHPRVDIURQWDUODOHFWXUDGHXQDSDUDERODGHOPLVPRPRGRTXHXQSRHPD
WDOFRPRVHQRVUHILHUHHQODKLVWRULDGH-RE1LXQUHODWRGHJHQHURJHQHDORJLFRORSRGHPRVDVXPLUGHO
PLVPRPRGRTXHXQDGHVFULSFLRQQDUUDWLYD1LTXHGHFLUWLHQHTXHODSURIHFLDQRODSRGHPRVOHHUHQ
WRGRGHOPLVPRPRGRTXHFXDOTXLHUDGHORVJHQHURVHQXQFLDGRVDQWHULRUPHQWH3HURWDPSRFRSRGHPRV
LGHQWLILFDUSOHQDPHQWHHOJHQHURSURIHWLFRFRQHODSRFDOLSWLFRLQGHSHQGLHQWHPHQWHGHFLHUWRVSXQWRV
FRPXQHVTXHSRGDPRVHQFRQWUDU+D\VLHPSUHXQDVFODYHVLQWHUQDVTXHQRVSURYHHHOSURSLRJHQHURTXH
QRVD\XGDDOHHUOR\HQWHQGHUORPHMRU
(QHO$SRFDOLSVLVHOWHPDVHHQJUDQGHFHSRUFXDQWR-XDQPHQFLRQDWUHVPRGRVGHFRPSRVLFLRQFDUWD
SURIHFLD\DSRFDOLSVLV&RQORFXDODSDUHFHQXQRVGHVWLQDULRVSUHFLVRVLQFRUSRUDQGRVHODLGHRORJLD
FULVWLDQDPHGLDQWHXQDUHSUHVHQWDWLYLGDGHQODSDODEUD\HQODLPDJLQHULDUHFRJLHQGRVXFHVRVTXHKDQGH
RFXUULUHQHOWLHPSRKLVWRULFRTXHWUDQVFXUUHHQWUHODSULPHUDYHQLGD\ODVHJXQGD\FRPRSURIHFLD
HQWUHOD]DODDGYHUWHQFLDGHOOODPDPLHQWR\ODHVSHUDQ]DFRQHOFXPSOLPHQWRGHORVREMHWLYRV
>@
SURSXHVWRV (VWDVHGLULJHDVXVFRQWHPSRUDQHRV\OHVKDFHXQOODPDPLHQWRDDUUHSHQWLUVH6HWUDWDED
GHXQPHQVDMHXUJHQWH\GLUHFWRDXQDVLWXDFLRQHVSHFLILFDFRQXQDVHULHGHSURPHVDVFRQXQSDFWRFRPR
EDVH/DOLWHUDWXUDDSRFDOLSWLFDWLHQGHDLQIRUPDUHLQVWUXLUUHVSHFWRGHORVSURSRVLWRVIXWXURVGH'LRV<
VHFRQYLHUWHHQXQSHUPDQHQWHOODPDPLHQWRDODUUHSHQWLPLHQWR\DFRORFDUVHFRQWLQXDPHQWHEDMROD
SURWHFFLRQGLYLQD/RTXHWLHQHGHSURIHFLDHO$SRFDOLSVLVWLHQHHQFXHQWDHVWDVFRQVLGHUDFLRQHV6LQ
HPEDUJRODDSRFDOLSWLFDGH'DQLHO\GHO$SRFDOLSVLVMXQWRDORVRWURVDSRFDOLSVLVELEOLFRVVHGLVWLQJXH
GHODSURIHFLDFODVLFDDXQTXHDPEDVSRVHDQHOPLVPRVHOORGLYLQR
(VRVOODPDPLHQWRVDODFRQYHUVLRQ-HUFI'WGHODSURIHFLDFODVLFDPRWLYDEDQD
XQDGHFLVLRQGHODFXDOVHKDFLDGHSHQGHUHOUHVXOWDGRGHOFXPSOLPLHQWR'HHVWHPRGRHOHOHPHQWRGH
FRQGLFLRQDOLGDGPDQLIHVWDEDXQDGHODVFDUDFWHULVWLFDVGHODSURIHFLDFODVLFD(VWHHOHPHQWRGH
FRQGLFLRQDOLGDGVHHQFXHQWUDDXVHQWHHQODSURIHFLDDSRFDOLSWLFDSXHVWRTXHHODQXQFLRGHOIXWXUR
LPSOLFDODSUR\HFFLRQGHODSUHVFLHQFLDGLYLQDTXHFRQWHPSODHOFXPSOLPLHQWRKLVWRULFRSRUDQWLFLSDGR
6LELHQHVYHUGDGTXHODSUR\HFFLRQGHODSUHVFLHQFLDGLYLQDDFWXDWDQWRHQXQDFRPRHQRWUDVHGLVWLQJXH
HQTXHHQODSURIHFLDDSRFDOLSWLFDODDFFLRQGLYLQDHQEDVHDVXSUHFRQRFLPLHQWRVHUHODFLRQDFRQOD
LQDPRYLOLGDGGHORVVLVWHPDVGHPDOGDGTXHKDQFUHDGRXQDGLUHFFLRQDOLGDGSURSLDGHODKLVWRULD
1DGLHROYLGH\\RWDPSRFRTXHHOHVWXGLRGHOWH[WRHQHOVHQWLGRGHDJRWDUWRGDVVXVSRVLELOLGDGHVHV
DTXLH[WUHPDGDPHQWHFDSLWDO/DSURIHFLDDSRFDOLSWLFDQRVHFLUFXQVFULEHDHOODPLVPDSXHVWRTXHWRPDUD
SUHVWDGRGHYDULRVGHORVOLEURVWDQWRGHOOODPDGR$QWLJXR7HVWDPHQWR\1XHYR/RVSXQWRVGHUHIHUHQFLD
VHKDQGHFRQVWUXLUFRQHOSURSLRWH[WRDSRFDOLSWLFRLQGHSHQGLHQWHPHQWHGHOYDORURULJLQDOGHFLHUWRV
WHUPLQRVKHEUHRVDUDPHRV\JULHJRVSDUDXQDPHMRUFRPSUHQVLRQ<TXHQXHVWURHQWHQGLPLHQWRGHHVWDH
LQFOXVRQXHVWUDH[SRVLFLRQQRSXHGHWUDGXFLUVLHPSUHQLWRGRORTXHHOWH[WRSXHGDGDUGHVLQLTXH
VLHPSUHVHDORTXHVHQRVTXLHUDWUDQVPLWLU'HDKLTXHHOFXLGDGRGHOFXPSOLPLHQWRGHODVQRUPDV
LQWHUSUHWDWLYDVMXQWRDOPHQVDMHVXE\DFHQWHTXHODSURSLDDSRFDOLSWLFDHGLILFDUHVSHFWRDHVWHDVXQWR
GHEDGHVHUSULPRUGLDO1DGDTXHQRSXHGDVHUSUREDGRSRUHOSURSLRWH[WRELEOLFRGHEHLQFRUSRUDUVH
SUHYLDPHQWHFRPRFLPLHQWRGHOHVWXGLRSRUTXHIDOWDUDORPDVLPSRUWDQWHODEDVH7RGRORTXHUHVSRQGD
DFRQMHWXUDV\HVSHFXODFLRQHVDSDUHFHUDVLQIXQGDPHQWR\WDUGHRWHPSUDQRVHGHVFXEULUDHOHUURU
7DPSRFRSHQVHPRVTXHODLQWHUSUHWDFLRQGHOWH[WRVHDHPLQHQWHPHQWHUHGXFWRUDGHOFRQWHQLGRWRWDO(O
YDORUGHOWH[WRSURIHWLFRDSRFDOLSWLFRSRUVXSURSLDHVSHFLDOFRQVWLWXFLRQQRTXHGDVLHPSUHFRQOD
LQWHUSUHWDFLRQLQFOXVRODTXHHVJHQXLQDVLQODSRVLELOLGDGGHDPSOLDU\FRPSOHPHQWDUHOVLJQLILFDGR(V
SUHFLVRFRPRDOXGLDPRVDQWHULRUPHQWHOOHJDUDOPD[LPRHQVXYDORUDFLRQRIUHFLHQGRVLFDEHHQHO
WH[WRWRGDVODVPDWL]DFLRQHVSRVLEOHV\TXHQRHQWUHQHQFRQWUDGLFFLRQVLQRTXHVHFRPSOHPHQWHQ
/RPLVPRVXFHGHFRQORVVLPERORV/DFDUDFWHULVWLFDGHODOLWHUDWXUDDSRFDOLSWLFDFRQVLVWHHQOD
SUHVHQWDFLRQGHILJXUDVVLPEROLFDV(OVLPERORHVXQDUHSUHVHQWDFLRQFRQYHQFLRQDOGHXQDFRVDRGHXQ
>@
SHQVDPLHQWR (OVLPERORHVXQDHYRFDFLRQGHUHDOLGDGHV\TXHYDDREOLJDUQRVDUHGXFLUORDILQGH
GHVFXEULUODVLGHDVRFRVDVFRQODVTXHVHSUHWHQGHUHSUHVHQWDUHVDVUHDOLGDGHV+5RVVLHUQRV
DGYLHUWH/DLQWHUSUHWDFLRQGHOOHQJXDMHVLPEROLFRQRHVGHPDQHUDDOJXQDYROXQWDULDROLEUDGDD
ODVHVSHFXODFLRQHVGHODLQWHOLJHQFLDKXPDQD/DSDODEUDGH'LRVTXHVHEDVWDVLHPSUHDVLPLVPD
>@
IRUPDHOSXQWRGHSDUWLGD\ODEDVHGHWDOLQWHUSUHWDFLRQ!!!
"<TXHTXHULDPRVGHFLUTXHORPLVPRVXFHGHFRQORVVLPERORVWHQLHQGRHQFXHQWDHOSDUUDIR
DQWHULRU"$YHFHVXQDSDODEUDODSRGHPRVOHHUFRPRDOJROLWHUDO\RWUDVYHFHVGHPRGRVLPEROLFR
2EVHUYHVHHOWHUPLQRWHUUHPRWR"&RPRKDGHHQWHQGHUVHFRPRVLPERORRGHPRGROLWHUDOFXDQGRODV
SURSLDVFRVDVTXHVHWUDVWRUQDQGHQWURGHOWHUUHPRWRFRPRODWLHUUDODVLVODVSRGULDQWHQHUXQYDORU
VLPEROLFRWDPELHQ"6LVHQRVTXLHUHWUDVPLWLUXQDLPDJHQWHQGUDXQYDORUPDVDOODGHORTXHHOSURSLR
FRQFHSWRHQFLHUUD1RFDEHGXGDTXHHOJHQHURDSRFDOLSWLFRVHPXHYHGHQWURGHODVSURSLDVLPDJHQHV\
GHXQOHQJXDMHQDUUDWLYRTXHOHVVLUYHGHYHKLFXOR<HQWRQFHVHVHOHQJXDMHTXHDFRPSDQDDORVVLPERORV
\DODVLPDJHQHVSRGUDD\XGDUQRV3HURODGLILFXOWDGYDH[LVWLUHQDOJXQRVFDVRVDLVODGRV"3HUROD
OLWHUDOLGDGGHODSDODEUDWHUUHPRWRTXHGDULDDQXODGDSRUHOKHFKRGHTXHFRQWHQJDRWURVYDORUHV
FRQWHQLGRVHQXQHQWHQGLPLHQWRILJXUDGR""3RGULDVHUTXHHOWHUUHPRWRHQWHQGLGRDGHPDVGHILJXUDGR
IXHUDSUHFLVRDQDGLUORGHWHUUHPRWRILVLFRFRPRHVWDQGRGHQWURGHODEDQLFRGHOSURSLRVHQWLGRILJXUDGR"
$YHFHVODLGHDOLWHUDOGHQWURGHOVHQWLGRILJXUDGRSRGULDHVWDUUHSUHVHQWDQGRDOJRSURGXFWRGHOPDOGH
ODHQWUHJDGHHVWHPXQGRDVXGLRVFI$S
/DSURIHFLDDSRFDOLSWLFDXWLOL]DXQOHQJXDMHSURSLRPH]FODORQDUUDWLYRFRQORVLPEROLFR\R
UHSUHVHQWDWLYR/RQDUUDWLYRVHSUHVHQWDUHGXFLGRDVXUHDOLGDG\VLUYHGHYHKLFXORGHFRPSUHQVLRQ
FXDQGRORVLPEROLFR\RUHSUHVHQWDWLYROOHJDVDDSUHQGHU\DVDEHUUHGXFLUORDVXUHDOLGDGFRQODD\XGD
GHRWURVFRQWH[WRVGRQGHVHDSOLFDHOVLJQLILFDGR\VHQWLGRGHODPHWDIRUDRGHOVLPEROR
>@
/D$SRFDOLSWLFDELEOLFDVHGLIHUHQFLDGHORVDSRFDOLSVLVQRFDQRQLFRV WDQWRHQHORULJHQGHVX
FRPSRVLFLRQTXHFRLQFLGHFRQHOLQIRUPHTXHHOSURSLROLEURQRVGDV9,D-RILQDOHVGHOVLJOR,HQHO
>@
FDVRGHODXWRUGHO$SRFDOLSVLV FRPRHQODDXWRULDTXHLGHQWLILFDFODUDPHQWHDOSURIHWD'DQLHO\
HQWRGRXQFRQWHQLGRTXHVHQDODD'LRVFRPRHOLQVSLUDGRUFRQXQPHQVDMH\SURSRVLWRFODUDPHQWH
GHILQLGR\H[SXHVWR-XQWRDHVWRKD\XQDYDOTXHHOOLEURGH'DQLHOSRVHHFRPRFRQVHFXHQFLDGHOD
RULJLQDOLGDGUHVSHFWRDODSURIHFLDFODVLFD(VDJDUDQWLDYLHQHFRQILUPDGDSRUHOSURIHWD-HVXFULVWR(O
(YDQJHOLR\HO$SRFDOLSVLVGH-HVXFULVWRQRVSUHVHQWDQODVUHVHQDVDGHFXDGDVSRUODVTXHVHSXHGHQ
FRQHFWDUORVFRQWHQLGRVGH'DQLHOFRQODVUHYHODFLRQHVTXH-HVXFULVWRQRVRIUHFHHQVXPHQVDMH
QRYRWHVWDPHQWDULR
6RPRVFRQVFLHQWHVTXHKD\XQDVHULHGHWHPDWLFDVTXHGHEHQGHVHUWUDWDGDVIXHUDGHOFRPHQWDULR/D
WHRORJLDODGDWDFLRQGHOOLEURHOYDORUDFWXDOODWHPDWLFDSULQFLSDO\ORVREMHWLYRVORVWUDWDUHPRVHQ
QXHVWURHSLORJR(VSUHFLVRVDEHUSULPHURORTXHUHDOPHQWHFRQWLHQHPHGLDQWHXQDQDOLVLVOR
VXILFLHQWHPHQWHJHQXLQRDILQGHSUHVHQWDUORPHMRUSRVLEOHODVUHVSXHVWDVTXHVHQRVRIUHFHQHQHO
$SRFDOLSVLVUHVSHFWRDORVDVXQWRVLQGLFDGRV$XQTXHKHPRVGLFKRDOJRUHVSHFWRDOHQWHQGLPLHQWRGHO
OLEURWHQLHQGRHQFXHQWDHOPHWRGRGHODKLVWRULDFRQWLQXDFRPSUHQGHPRVTXHFLHUWRVPDORVHMHPSORVFRQ
TXHHOOODPDGRKLVWRULFLVPRKDLQWHUSUHWDGRHO$SRFDOLSVLVVHUDSUHFLVRDFODUDUHQQXHVWUDLQWURGXFFLRQ
QXHVWUDSURSXHVWDGHOPHWRGRGHODKLVWRULDFRQWLQXD
 &RQFOXVLRQ
3UHSDUHPRQRVSDUDOOHYDUDFDERXQDOHFWXUDTXHSRGULDVHUODPDVWUDVFHQGHQWDOGHQXHVWUDH[LVWHQFLD
6HSDPRVDOJR\DRQRSLGDPRVVDELGXULDGHOR$OWR5HFRUGHPRVVHWUDWDGHXQDUHYHODFLRQGH
-HVXFULVWRSDUDVXVVLHUYRV-HVXFULVWRVHUHYHORHQHO(YDQJHOLR\HVUHYHODGRHQWRGDOD3DODEUDGH
'LRV<HO(YDQJHOLRDODVXPLUORHVORTXHQRVRULHQWDHQWRGDOD3DODEUDGH'LRV\QRVFRQVWLWX\HFRPR
VLHUYRV<ORTXHSHUPLWLUDHQWHQGHUHO$SRFDOLSVLVHVDXOWLPDUHYHODFLRQGH-HVXFULVWRTXHKDTXHGDGR
SRUHVFULWR
 ,1752'8&&,21

&RPRVHSXHGHHQWHQGHUHO$SRFDOLSVLV

&ODYHVSDUDXQDLQWHUSUHWDFLRQ\DQDOLVLVGHO$SRFDOLSVLV

$ (O PHQVDMH GHO $SRFDOLSVLV SRU VX UHODFLRQ FRQ HO

$QWLJXR7HVWDPHQWR
/RVDXWRUHVVHYHQREOLJDGRVDUHFRQRFHUODLQIOXHQFLDGHO$QWLJXR7HVWDPHQWRHQHO$SRFDOLSVLV1R
>@
VRORSRUORVVHPLWLVPRV \DTXHXVDIUHFXHQWHPHQWHHOWH[WRKHEUHRHQGHWULPHQWRGHOVHQWLGRJULHJR
GHOD6HSWXDJLQWDVLQRHVSHFLDOPHQWHSRUODLQIOXHQFLDPDQLILHVWDGHODWHUPLQRORJLDHLPDJHQHV
>@
YHWHURWHVWDPHQWDULDV FRQODVTXHFUHDODVIXQFLRQHVQHFHVDULDVSDUDDOFDQ]DUHOREMHWLYRDOTXHVH
>@ >@
GLULJHVXPHQVDMHODXWLOL]DFLRQGH(]HTXLHO GH,VDLDV GH=DFDULDVORV6DOPRVGHO([RGR\
>@ >@
VREUHWRGRGH'DQLHO VHREVHUYDDORODUJRGHWRGRHOOLEUR
,QGHSHQGLHQWHPHQWHGHOOH[LFRGHO$QWLJXR7HVWDPHQWRDOTXHHVGHXGRUHPSOHDXQDWHPDWLFD
UHFXUUHQWHDFLHUWRVDXWRUHVGHO$QWLJXR7HVWDPHQWRTXHQRHVXQDPHUDGHSHQGHQFLDGHXVR
 >@
$QDORJLDHVWUXFWXUDOGHO$SRFDOLSVLVFRQHO([RGR \
VXPHQVDMH
5HIHUHQWHDO([RGRVLFRPSUREDPRVHQVXFRQMXQWRHO$SRFDOLSVLVHQFRQWUDPRVXQDDQDORJLD
HVWUXFWXUDOFRQXQPHQVDMHVXE\DFHQWHTXHVREUHSDVDODVLPSOHXWLOL]DFLRQGHOYRFDEXODULRGHO$QWLJXR
7HVWDPHQWR(O&RUGHUR([FI-QD&RUHOUHLQRGHVDFHUGRWHV\ODFRQVWLWXFLRQ
FRPRXQDQDFLRQVDQWD([FID3HGODFDLGDGHODVSODJDV([VVFRQWUDORV
HQHPLJRVGH,VUDHOTXHTXLHUHQSHUSHWXDUVXHVWDQFLDHQODWLHUUDGH(JLSWR\ODOLEHUDFLRQPHGLDQWHOD
VHQDOGHODVDQJUHGHO&RUGHUR([VHYDORUDHQHO$SRFDOLSVLVFRPRXQFRQWHQLGRWLSRORJLFR
FRQYLUWLHQGRVHHQXQDWHPDWLFDGHSULQFLSLRDILQ
(QHIHFWR(O&RUGHURHO-HVXFULVWRTXHIXHLQPRODGRSRUQRVRWURV$SFIQRVKD
FRQVWLWXLGRHQXQ5HLQRGH6DFHUGRWHV\HQXQD1DFLRQ6DQWD$SFI\ODVHQDOGHVX
SRGHU$SQRVOLEHUDGHOMXLFLRGHODVSODJDV$SVVFID7HVD&RU
TXHFDHQFRQWUDORVVLVWHPDVGHPDOGDGGHHVWHPXQGRFHQWUDGRVHQORVFRQFHSWRV(JLSWR5H\GHO6XU
FI'DQLHOSS%DELORQLD5H\GHO1RUWHFI'QTXHHQ
VHQWLGRHVSLULWXDO$SUHSUHVHQWDQDORVYDORUHVSUR\HFWDGRVSRUOD%HVWLDHO
VLVWHPDLGHRORJLFRHVWDWDOFI$S\OD0XMHU%DELORQLFDHOVLVWHPDIDOVRSROLWLFRUHOLJLRVR$S
>@
 ODFXDOLQIOX\HHQODLGHRORJLD\FRPSRUWDPLHQWRGHOD%HVWLDDWUDYHVGHOWLHPSR$S
VLVWHPDVHVWRVHQJHQGUDGRV\RULHQWDGRVSRUHO'UDJRQ$S\TXHVHRSRQHQDORVSULQFLSLRVGHO
5HLQRGH'LRVTXHVXVWHQWDHO3XHEORGH'LRV/DVSODJDVDSRFDOLSWLFDVVHUDQFRPRHQODGHVFULSFLRQ
GHODQWDQR([RGRHOXOWLPRUHFXUVRGLYLQRSDUDOLEHUDUDO3XHEORGH'LRVGHVXVRSUHVRUHVTXHTXLHUHQ
SHUSHWXDUHOUHLQRGHHVWHPXQGRHQRSRVLFLRQDO5HLQRGH'LRV$S\OOHYDUORVD
WUDYHVGHOD&DQDDQFHOHVWLDO$SDXQDWLHUUDUHQRYDGD$S\GRQGHODPDOGDGFRQVXV
FRURODULRVGHODHQIHUPHGDG\ODPXHUWHQRVHUDQ\DPDV$S
(VWHWUD\HFWRSDVFXDOVHYHGLVHQDGRHQHO$SRFDOLSVLVGHVGHHOSULQFLSLR$SKDVWD
HOILQ$S(O&RUGHURSDVFXDO-HVXFULVWRDSDUHFHFRPRHOFHQWURRULHQWDQGRHOFDPLQRGHVX
3XHEORVXSHUDQGRODVYLFLVLWXGHVTXHVXVHQHPLJRVHOUHLQRGHHVWHPXQGRHOGHPRQLRHOSHFDGR\OD
PXHUWHOHSURILHUHQ7RGRHO$SRFDOLSVLVFRQVXVGLIHUHQWHVFRQWHQLGRVFRQWULEX\HDLOXPLQDUHVWH
FURTXLV
(VWHPDUFRJOREDODOXVLYRDO([RGRQRVSRQHGHVREUHDYLVRUHVSHFWRDXQSULPHUPHQVDMHHO
$SRFDOLSVLVUHFRJHHQVXLQWHULRUXQDLQIUDHVWUXFWXUDFRQODTXHYDORUDWLSRORJLFDPHQWHFLHUWRV
DFRQWHFLPLHQWRVGHOSDVDGRGHVX3XHEORDQWHULRUDODYHQLGDGH-HVXFULVWR<TXHJUDFLDVD(OKD\XQ
FRQWUROGHODKLVWRULDPHGLDQWHODUHDOL]DFLRQGHO5HLQRGH'LRVTXHYDFXOPLQDQGRKDFLDHOFXPSOLPLHQWR
GHWRGDVODVDQWLJXDVSURPHVDVGH'LRV
  (O PHQVDMH GHO$SRFDOLSVLV HQ VX DQDORJLD HVWUXFWXUDO
>@
FRQORHVHQFLDOGHOOLEURGH,VDLDV
D&RQWHQLGRVIXQGDPHQWDOHVHQHOOLEURGH,VDLDV
6LHWHHOHPHQWRVIXQGDPHQWDOHVVREUHVDOHQHQHOOLEURGH,VDLDV\TXHKDQVHUYLGRDODXWRUGHO
$SRFDOLSVLVSDUDFUHDUXQDGLPHQVLRQDSRFDOLSWLFDFRQXQFODURPHQVDMHHVFDWRORJLFREDVDGRHQ
-HVXFULVWR
(QSULPHUOXJDUDSDUHFHODQRFLRQGH5HVWR,VDJUDFLDVDODFXDOHOFRQFHSWR,VUDHOGH'LRV
VHKDFHSHUPDQHQWH,VD
(OVHJXQGRDVSHFWRHVWRGDXQDVHULHGHSURIHFLDVVREUHHO,VUDHOOLWHUDO\RWURVSXHEORVTXHDWHQWDQ
D,VUDHODQWHVGHOH[LOLREDELORQLFRDORVTXHVHOHVSURPHWHMXQWRD,VUDHOGHVWUXFFLRQ,VDFS
FSVVVV\OLEHUDFLRQ\FRQYHUVLRQD'LRVFI
6HSURKLEHFRQILDUHQXQDSRVLEOHDOLDQ]DSROLWLFDFRQ$VLULD\(JLSWR
(OWHUFHUHOHPHQWRDFRQVLGHUDUHVTXHKDEUDXQDUHVWDXUDFLRQGHILQLWLYDGHHVH,VUDHO,VD\
UHSUHVHQWDGRSRUXQ5HPDQHQWHSRUPHGLRGHXQ0HVLDV
(OFXDUWRSXQWRGHLQWHUHV
'HODPLVPDIRUPDTXHODOLEHUDFLRQ\FRQYHUVLRQHVGHXQUHPDQHQWHGH,VUDHO,VDFI
ORFXDOPDUFDXQDSDXWDGRPLQDQGRWRGRHOPHQVDMHGHOLEHUDFLRQTXHDWUDYHVGHOWLHPSRVHSXHGD
GDUGHHVHPLVPRPRGRVHWUDWDULDGHXQ5HPDQHQWHSDUDODVGLIHUHQWHVQDFLRQHVJHQWHVGHRWURVSDLVHV
FI,VD
'HOPLVPRPRGRTXHKD\XQFXPSOLPLHQWRSDUDGHVSXHVGHOH[LOLRGHOLEHUDFLRQGHXQUHPDQHQWHVH
WUDWDULDGHXQDOLEHUDFLRQSDUFLDOSXHVWRTXHODREUDDUHDOL]DUSRUHO0HVLDVQRHVPHUDPHQWHXQD
OLEHUDFLRQJHRJUDILFDXQUHVFDWHGHXQOXJDUGHWHUPLQDGR,VDVLQRXQDREUDGHH[WLUSDFLRQ
GHOSHFDGRTXHSHUPLWHODUHFRQFLOLDFLRQGHILQLWLYDFRQ'LRV,VDFI,VD
/DYXHOWDD'LRVHQXQDDGRUDFLRQXQLYHUVDOHQXQDHSRFDGHQRPLQDGDSRVWUHURVWLHPSRVGH
GLIHUHQWHVJHQWHVGHGLYHUVRVOXJDUHV,VDFITXHDFXGHQD-HUXVDOHQDO
PRQWHGH'LRVSDUDDSUHQGHUORVFDPLQRVGHODYHUGDGHVWDQUHODFLRQDGRVFRQORVWLHPSRVHQTXHHO
0HVLDVSURPHWLGRDFWXDFRPRODOX]DQWHODVWLQLHEODVRIUHFLHQGRHOFRQRFLPLHQWRYHUGDGHURDODVJHQWHV
HQXQHVSDFLRTXHQRWLHQHOLPLWH,VD
(OTXLQWRDVXQWRLQYROXFUDGR
/DVGRVLGHDVIXQGDPHQWDOHVTXHFRUUHQFRPRXQDYHWDHQHOOLEURGH,VDLDVHVSRUXQODGROD
VLWXDFLRQGHRVFXULGDGGHUHEHOLRQFRQWUD'LRVTXHPDUFDODQDWXUDOH]DGHVHUGHODKXPDQLGDGQR
FRQYHUWLGDSRURWUDSDUWHDSDUHFHODVROXFLRQGHILQLWLYDDHVDFRQGLFLRQKXPDQD/DILJXUDGHO0HVLDV
FRQVX5HLQR\FRPRXQFRUGHURTXHHVOOHYDGRDOPDWDGHURHVHOHMHFHQWUDOTXHGDUDILQDHVD
LQFOLQDFLRQPDOLJQD,VDVVVV
'HDKLTXHORVSUREOHPDVTXHVHOHDYHFLQDQDO,VUDHOOLWHUDOSRUVXDFWLWXGFRQWUDULDDODYROXQWDG
GLYLQDORVFDVWLJRVKDFLDODVQDFLRQHVSRUVXFRPSRUWDPLHQWRLQGHSHQGLHQWHUHVSHFWRGHO'LRV
YHUGDGHURTXHVHFRQWHPSODQHQXQSULPHUSODQRSLHUGHQVXSURWDJRQLVPRSRUHVDVHJXQGDYHUWLHQWHTXH
VHVXSHUSRQHDGLFKRSULPHUSODQRORVSUREOHPDVORFDOLVWDVWDQWRFURQRORJLFDFRPRJHRJUDILFDPHQWH
SLHUGHQVXLQWHUHVDQWHODXQLYHUVDOLGDGGHOPDOODLQVWLWXFLRQDOL]DFLRQGHORVVLVWHPDVGHPDOGDG\OD
DFXPXODFLRQGHODSHUYHUVLRQFRPRFRQVHFXHQFLDGHODFRQWLQXDWUDQVJUHVLRQGHOD/H\GH'LRV,VD
/DREUDGHO0HVLDVWHQGUDTXHWUDVFHQGHUDORVOLPLWHVFRQILJXUDGRVDODHSRFDGHOSURSLR
,VDLDVRDODLQPHGLDWDPHQWHSRVWHULRU<ODVROXFLRQDGTXLHUHXQDGLPHQVLRQFRVPLFDTXHWLHQHTXHYHU
FRQODUHDOL]DFLRQGHO5HLQRGH'LRVTXHHO0HVLDVLQDXJXUDHQODWLHUUDSURORQJDQGRVHVLQOLPLWHFI,VD

6H[WR(OHVTXHPDSURSRUFLRQDGRSRU,VDLDVHVVXILFLHQWHSDUDFRPSUHQGHUHOPHFDQLVPR+D\XQD
VLWXDFLRQGHDSRVWDVLDHQ,VUDHO8QFDXWLYHULRFRPRFDVWLJRVREUH,VUDHOVHUD
OOHYDGRDFDER6LELHQVHUDOHYDQWDGRHVHFDVWLJR\XQUHPDQHQWHYROYHUDFI
FXPSOLHQGRVHKLVWRULFDPHQWHHQODHSRFDGH(VGUDV\1HKHPLDVFI(VGVV
1HKODFRQGLFLRQGHODQDWXUDOH]DKXPDQDTXHHQWURQFDFRQXQFRPSRUWDPLHQWRKLVWRULFR
LQDGHFXDGRGHOSURSLR,VUDHOGHMDHQWUHYHUXQPHQVDMHLQVSLUDGROLEHUDGRUSDUDWRGDODKXPDQLGDG
LQFOX\HQGRDORVMXGLRVGH,VUDHOSDUDODHSRFDHQTXHHO0HVLDVSURIHWL]DGRLQLFLDUD\GHVDUUROODUDGH
DFXHUGRDOSODQGLYLQRVV'HDKLTXHDSDUH]FD
SRUXQODGRHOPHQVDMHGHOLEHUDFLRQGHXQ3XHEORHQEDVHDO2OLYRDO,VUDHOGH'LRVHO5HVWRHVFRJLGR
SRUJUDFLDUHSUHVHQWDGRIXQGDPHQWDOPHQWHFRQODSLHGUDDQJXODU0HVLDV\FRQHOFROHFWLYRDSRVWROLFR
FI5PDORTXHVHDQDGHGXUDQWHWRGDODKLVWRULDUDPDVQDWXUDOHVMXGHDV\JHQWLOHVLQMHUWDGRVFRPR
ROLYRVVLOYHVWUHVIRUPDGRGHWRGDVODVQDFLRQHVTXHKDEUDQDFHSWDGRDO0HVLDV\VXPHQVDMHFI,VD
FI5P(I\SRURWURODGHVWUXFFLRQGHO
UHLQRGHHVWHPXQGRFRPRFRQVHFXHQFLDGHODPDOGDG\SHUYHUVLRQDFXPXODGDIUXWRGHODWUDQVJUHVLRQGH
OD/H\GLYLQD\GHO3DFWRVHPSLWHUQR,VDFI
7RGRHVWRQRVDQWLFLSDODSURIHFLDGH,VDLDVKDVWDTXHHO1XHYR7HVWDPHQWRFRQHO(YDQJHOLRGHO
5HLQR\OD5HYHODFLRQGH-HVXFULVWRR$SRFDOLSVLVQRVGHFRPRFXPSOLGRVHOVHQWLGR\HOVLJQLILFDGRGH
HVWRVDQXQFLRVSURIHWLFRV
6HSWLPRQXHYRV&LHORV\QXHYD7LHUUD
6LELHQHQODSURIHFLDGHUHVWDXUDFLRQGH,VDLDVVHFRQWHPSODXQDVDWLVIDFFLRQSRUODVFRVDVTXH'LRV
KDFUHDGRSDUDHO,VUDHOOLWHUDOGRQGHODSD]ODORQJHYLGDG\ODDXVHQFLDGHSUREOHPDVVRFLDOHV
KXELHUDQSRGLGRVHUSURYHUELDOHVFIQRHVPHQRVFLHUWRTXHODSURPHVDHYLGHQFLDXQ
FRQGLFLRQDOLVPRFODURFXDQGRDUHQJORQVHJXLGRVHQRVPHQFLRQDHOMXLFLRXOWLPRTXH'LRVVHYH
REOLJDGRDOOHYDUDFDERDWRGDVODVJHQWHV,VDLQFOX\HQGRD,VUDHOSHURSHUPDQHFLHQGROD
SURPHVDGHO5HPDQHQWHODOOHJDGDGHO0HVLDV\GHORV1XHYRV&LHORV\1XHYD7LHUUD,VD

E/DUHFXSHUDFLRQGHORHVFDWRORJLFRGH,VDLDVHQYHUVLRQ$SRFDOLSWLFD
(QHO$SRFDOLSVLVDSDUHFHHVWHPHQVDMHHVHQFLDO\FHQWUDOGHOSURIHWD,VDLDVH[SOLFDGRGHQWURGHOD
GLPHQVLRQHVFDWRORJLFD\XELFDGRWDQWRFURQRORJLFDFRPRJHRJUDILFDPHQWHIXHUDGHORVOLPLWHVOLWHUDOHV
GHORVFRQWRUQRVGH3DOHVWLQDVLQUHIHUHQFLDHVSHFLILFDDXQDHWQLDGHWHUPLQDGD\FRQXQWLHPSRTXH
VLJXHXQDOLQHDLQLQWHUUXPSLGDTXHVHSURORQJDKDVWDODHWHUQLGDG
/DVH[SUHVLRQHV\FRQFHSWRVTXHVLUYHQFRPRYHKLFXORHQODSURIHFLDGH,VDLDVSDUDWUDQVSRUWDUVX
PHQVDMHHVHQFLDOVHUHFXSHUDQSRUSDUWHGHO$SRFDOLSVLVVLUYLHQGRFRPRHVTXHOHWRSDUDDSRUWDUXQD
H[SOLFDFLRQHVFDWRORJLFDGHOFXPSOLPLHQWRTXHODREUDGHO0HVLDVPHQFLRQDGRH[LJH
(O$SRFDOLSVLVFRQVWUX\HHQEDVHDWHUPLQRVXQLFRVGH,VDLDV\DORTXHHVHOLEURQRVKDEODGHOD
FRUULHQWHPHVLDQLFD\HVFDWRORJLFDLQDXJXUDGDDSDUWLUGHTXHHO0HVLDVKDJDVXDSDULFLRQOD
FRPSUHQVLRQGHORTXHGHEHPRVHQWHQGHUGHHVHPHQVDMHFRQFUHWR
/DUDL]GH'DYLGHO&RUGHURTXHKDVLGRPDWDGRHQXOWLPDLQVWDQFLDSRUQXHVWURVSHFDGRVODREUD
GHO&RUGHUR0HVLDVHPSLH]DHQ,VUDHOGHDFXHUGRDO5HVWRHVFRJLGRSRUJUDFLDFI5P
UHSUHVHQWDGRSRUHOFLUFXORDSRVWROLFR\RWUDVSLHGUDVMXGHDVHQHVHHQWRQFHVQRH[LVWHQWRGDYLD
JHQWLOHVDOTXHVHLQFRUSRUDQJHQWHVGHGLIHUHQWHVQDFLRQHVROLYRVVLOYHVWUHVMXQWRDUDPDVQDWXUDOHV
MXGHDV7RGRHOORFRQVWLWX\HXQ5HVWRDWUDYHVGHOWLHPSRPLHQWUDVHVDREUDGHO0HVLDVGXUDKDVWDTXH
HO-XLFLRGHO3XHEORGH'LRV\GHODVQDFLRQHVVHUHDOL]DDOILQDOGHORVWLHPSRVREVHUYDQGRVHDXQ5HVWR
UHSUHVHQWDWLYRGHWRGDVODVQDFLRQHVLQFOX\HQGRDORVMXGHRVHQHO0RQWHGH6LRQ\ORVQXHYRV&LHORV
\ODQXHYD7LHUUDSHUPDQHFLHQGRHQHVRVUHSUHVHQWDQWHVHOQRPEUHGHORULJHQGHODLJOHVLD
IXQGDGDSRUHOMXGHR0HVLDV$SFI5P(VWRVVRQORVWHUPLQRV\HOHVTXHPDTXHHO
$SRFDOLSVLVVHYDOHGH,VDLDVSDUDFRORFDUORVHQODOLQHDGHODUHYHODFLRQTXHVXSRQHODYHQLGDGH
-HVXFULVWRFRPRHO0HVLDVDQXQFLDGR
(O0HVLDVVHSUHVHQWDGHVGHHOSULQFLSLR$SKDVWDHOILQ$SFRQODDOXVLRQFODUDGH
DFXHUGRDOSURIHWD,VDLDVFI5PWDQWRLQLFLDOFRPRILQDODODUDL]GH'DYLG$S
XSFI,VDGH,VDL&RPRSRVHHGRUDOLJXDOTXHHO0HVLDVGH,VDLDVGHXQDUHYHODFLRQ$S
FI,VDWHVWLJRILHOSSFI,VDVREHUDQRGHWRGRVORVUH\HVVSFI,VD
(VH3HUVRQDMHFHQWUDOGHOOLEURGH,VDLDVHOGHODUDL]GH'DYLG,VDFI$S
TXHVHULDXQ&RUGHURVDFULILFDGRSRUQXHVWURSHFDGR,VDVHSUHVHQWDDKRUDFRPR&RUGHUR
LQPRODGRKDELHQGRFXPSOLGRHVDWDUHDLPSUHVFLQGLEOHSDUDQXHVWUDVDOYDFLRQ$SFI$S
XS
(O&RUGHUROOHYDGRDOPDWDGHURHOLQPRODGRGHVDUUROODHOFXDGURDSRFDOLSWLFRSUHVHQWDGRHQHO
FDSLWXOR\GH,VDLDVFI,VDFXDQGRHQHVFHQDV
FURQRORJLFDPHQWHSDUDOHODVHO$SRFDOLSVLVSUHVHQWDHOMXLFLRGHODVQDFLRQHVDOILQDOGHORVWLHPSRV$S
FI
'HOPLVPRPRGRTXHKXERXQDSURKLELFLRQGHXQSDFWRSROLWLFRHQWUHHO,VUDHOFDUQDOFRQ(JLSWR\
$VLULDDKRUDDQWHODSRVLELOLGDGGHXQDDOLDQ]DFRQODYHUVLRQPLVWLFDGHO(JLSWRRUH\
GHO6XUHQVHQWLGRHVSLULWXDO$STXHUHSUHVHQWDDOD%HVWLDFRPRSRGHUHLGHRORJLDHVWDWDO\FRQ
OD%DELORQLDRUH\GHO1RUWHTXHUHSUHVHQWDDODXVXUSDFLRQGHOOXJDUGH'LRVIDOVHDQGRVXVSULQFLSLRVH
LGHRORJLDVHOHVLQVWDDQRWHQHUTXHYHUQDGDFRQHOORV$SKDFLHQGRXQOODPDPLHQWRDWRGRV
DTXHOORVTXHKDQSRGLGRVHUVHGXFLGRVSRUOD%DELORQLDPLVWLFDTXHRULHQWDHOFRPSRUWDPLHQWRGHOD
%HVWLD$SDVDOLUGHHOODDQWHVGHTXHVHDGHPDVLDGRWDUGH$S
/DREUDGHO0HVLDV,VDTXHVHULDYLVWDGXUDQWHPXFKRVGLDVGHVSXHVGHKDEHUVHLQLFLDGR,VD
FIWHQLHQGRXQOLQDMH\TXHDWUDHULDDODVJHQWHVGHODVGLIHUHQWHVQDFLRQHV,VD
FIJHQHUDQGRXQ5HPDQHQWHFI\DFXGLHQGRDO0RQWHGH'LRVHOGH
6LRQ,VDHQEXVFDGHODYHUGDG\GHOFRQRFLPLHQWRSOHQRGH'LRVVHYHDKRUDFXPSOLHQGRVHDOR
ODUJRGHODKRUDDSRFDOLSWLFD6HYHDXQ5HPDQHQWHHOGHODJHQHUDFLRQILQDOFRQHO&RUGHURHQHO
0RQWHGH'LRVHQOD6LRQ&HOHVWLDO$SFI$SUHVFDWDGRVFRPRXQVLPERORUHDOGHXQ
5HPDQHQWHGH'LRVTXHKDH[LVWLGRDWUDYHVGHODVJHQHUDFLRQHVFI$SFRPRFRQWLQXLGDGQR
VXVWLWXFLRQGHO2OLYRFI5P\TXHKDQYHQFLGRDO0DO$SSRUODVDQJUHGHO&RUGHURVRQ
VXOLQDMHIRUPDGRDKRUDGHWRGDWULEXQDFLRQ\OHQJXD$SFI
'DQGRVHDHQWHQGHUODH[WHQVLRQGHOOODPDPLHQWRDODVDOYDFLRQHQ-HVXFULVWR\TXHHO$SRFDOLSVLV
UHFRJHGHWRGDWULEXQDFLRQ\OHQJXD
3HURODREUDGHO0HVLDVLEDDFXOPLQDUFRQXQD7LHUUDWRWDOPHQWHUHQRYDGDSDUDDTXHOORVTXHOH
DFHSWDUDQ,VD/RTXHQRSXGRUHDOL]DUVHFRQHO,VUDHOQDFLRQDOSRUHOUHFKD]RGHORVSULQFLSDOHV
GLULJHQWHVGHO,VUDHO1DFLRQDO0W\JUDFLDVDTXH'LRVQRUHFKD]RDVX3XHEORUHSUHVHQWDGRHQXQ
5HVWRFI5PTXHFXOPLQDFRQODSLHGUDMXGHDDQJXODU0HVLDV\HOFROHFWLYRDSRVWROLFRMXGHRHV
PRVWUDGRHQHO$SRFDOLSVLVXQDFRQWLQXLGDGHQOD,JOHVLDHQEDVHDOVLJQLILFDGR\VHQWLGRTXHFRPSRUWD
OD3HUVRQDGH-HVXFULVWR
 (QHIHFWRDKLORVUHGLPLGRVTXHKDQVLGRFRQJUHJDGRVHQOD6LRQFHOHVWLDOJUDFLDVDO&RUGHUR\DOD
'HLGDGUHSUHVHQWDGDHQHO3DGUH$SYXHOYHQDO3ULQFLSLRGHWRGRDQWHULRUDOD
H[LVWHQFLDGHOSHFDGRFI*QFI*QHODUEROGHODYLGD\HOULRGHODYLGD
KDFHQVXDSDULFLRQSDUDORVDOYRV$SHQXQQXHYR&LHOR\7LHUUD$SFI,VD

/DUHOHFWXUDGHOPHQVDMHGH,VDLDVSRUSDUWHGHO$SRFDOLSVLVHVPX\LPSRUWDQWH'HVSRMDWRGRDTXHOOR
TXHQRSXHGHHVWDUFHQWUDGRHQODREUDTXHDSDUWLUGHODYHQLGDGHO0HVLDVVHLEDDUHDOL]DU(OHVTXHPD
IXQGDPHQWDOGHOPHQVDMHGH,VDLDVFRPLHQ]DDFXPSOLUVHDSDUWLUGHODDSDULFLRQGHO0HVLDVTXHHO
$SRFDOLSVLVORGDFRPRFXPSOLGRHQ-HVXFULVWR
$TXLOD,JOHVLDHVODFRQWLQXDGRUDGHO,VUDHOGH'LRVIRUPDGRSRUSLHGUDVMXGHDVEDVLFDVFI$S
DODVTXHVHOHVLQFRUSRUDQMXGHRVUDPDVQDWXUDOHV\JHQWLOHVROLYRVVLOYHVWUHVFI5P(I
FRQVWLWX\HQGRVHHQHO5HVWRGHOD'HVFHQGHQFLDGHOD0XMHUFI$S<ORVQXHYRV&LHORV\OD
QXHYD7LHUUDWUDVFLHQGHQDHVWHPXQGRVXSHUDQGRVHODHQIHUPHGDG\ODPXHUWHHQXQD9LGDVLQILQ$S
/D-HUXVDOHQ,VDFI$SHVODFHOHVWLDO$SFI\WDQWRHO
&LHORQXHYRFRPROD7LHUUDQXHYDDSDUHFHQGHVSXHVGHODVHJXQGD9HQLGDGH-HVXFULVWR$S
WUDVXQ0LOHQLR&HOHVWLDO\ODGHVWUXFFLRQGHORVUHLQRVGHHVWHPXQGR/DQXHYD7LHUUDVHKDELWDSRUORV
PRUDGRUHVGHOD-HUXVDOHQ&HOHVWLDOTXHDFHSWDURQODVDOYDFLRQ$SGHVFHQGLHQGRDHOOD
GHVSXHVGHO0LOHQLRFHOHVWLDO$SFI
 /RV6DOPRV\HOHVTXHPDGHOFRQIOLFWRLQWHUQR\ODOXFKD
>@
FRQWUDORVHQHPLJRVGH'LRVUHFRJLGRHQHO$SRFDOLSVLV
/RV6DOPRVSUHVHQWDQFLQFRDVSHFWRVLPSRUWDQWHVTXHHO$SRFDOLSVLVYDORUDLQGHSHQGLHQWHPHQWHGHOD
GHSHQGHQFLDOLWHUDULD
/DGHFLVLRQVREUHODILGHOLGDGD'LRV/DOXFKDTXHHVSUHFLVRPDQWHQHUHQFRQWUDGHORV
HQHPLJRVGH'LRVRULHQWDGRVSRUODIRUPDGHVHU\SHQVDUGHODVQDFLRQHV/DVHJXULGDGGHTXH'LRV\
VX8QJLGRHO0HVLDVUHLQDQ'LRVMX]JD\HO0HVLDVUHJLUDDODVQDFLRQHVSXHVWRTXHYHQFHQDHVDV
QDFLRQHVHQHPLJDVHOWULXQIR\ODJORULDGH-HUXVDOHQVHUDXQDUHDOLGDG
(O6DOPRHVXQDFRQWLQXDOXFKDSRUPDQWHQHUVHILHOD'LRV6DOWHQHUSXHVWDODFRQILDQ]DHQ
(O6DOVV\YHUVHOLEUHGHODRSUHVLRQGHORVHQHPLJRVGH'LRV6DO\(O$SRFDOLSVLV
QRVSUHVHQWDXQHVTXHPDSDUDOHORHVXQFRQWLQXROODPDPLHQWRDODUUHSHQWLPLHQWR\DODILGHOLGDGD'LRV
FI$S/DLGHDGHODSHUPDQHQFLDDODILGHOLGDGVXE\DFHHQODGHVFULSFLRQGHFDGDFDSLWXOR
/RVHQHPLJRVGH'LRVGHEHQWHQHUPXFKRFXLGDGRODVJHQWHVGHODVQDFLRQHV\ORVUH\HVTXHWLHQHD
PHQRVDO8QJLGRGH'LRVDO0HVLDV\VHDPRWLQDQFRQWUD(O6DOVVHVUHFXSHUDGRSRUHO
$SRFDOLSVLVFRQODPLVPDWHUPLQRORJLD\WHPDWLFD$SSDUDLQGLFDUQRVTXHHO5HLQRGHO
6HQRU\GHVX&ULVWRKDOOHJDGRFI6DOGHILQLWLYDPHQWHGHDFXHUGRDODVHVFHQDVXELFDGDVHQHO
FRQWH[WRSURSXHVWR
/DSUHJXQWDDSRFDOLSWLFD"4XLHQSRGUDVRVWHQHUVHHQSLH"$SHVWRPDGDGHO6DOPR
FRQODILQDOLGDGGHKDFHUQRVYHUTXHODLUDDODTXHVHKDFHPHQFLRQFRPRSXQWRGHUHIHUHQFLDSDUDHVH
SODQWHDPLHQWRKDOOHJDGRFRQODREUDTXHHO&RUGHURHVWDOOHYDQGRDFDERGHVGHVXYHQLGDDHVWDWLHUUD\
TXHODVVHQDOHVDQXQFLDGDVHQHVRVSDVDMHVH[LJHQXQDSUHSDUDFLRQXUJHQWHSUHYLD/DUHVSXHVWDHVODGH
ORV$STXHVHOHVLGHQWLILFDFRPRHO,VUDHOHVSLULWXDOHO5HVWRGHODXOWLPDJHQHUDFLRQTXH
HVWDUDYLYDFXDQGRVHSURGX]FDODVHJXQGD9HQLGDGH-HVXFULVWR$SFIFIIRUPDGR
SRUMXGHRV\JHQWLOHVFRQYHUWLGRVHQEDVHDO2OLYRQDWXUDOMXGHRFI$S\TXHUHSUHVHQWDD
WRGDODJUDQPXOWLWXGGHVDOYRVFI$SHQODXOWLPDJHQHUDFLRQFRPRSULPLFLDVSDUD'LRV$S

(OFDSLWXORGH$SRFDOLSVLVSXQWRFXOPLQDQWHGHOWULXQIRGH'LRV\GHVX8QJLGRHO0HVLDVVH
LQWURGXFHFRQODVDODEDQ]DVSURSLDVGHODYLFWRULDGH'LRVVREUHVXVHQHPLJRVWDOFRPRH[LJHQORV
6DOPRVJXHUUHURV6DO$OHOX\DFI6DOVXVMXLFLRVVRQ
YHUGDGHURV\MXVWRV$SFI6DOHOHQIDVLVGHXQVHJXQGR\WHUFHU$OHOX\D$S
>@
FI6DOTXHHQODQXPHURORJLDELEOLFDUHSUHVHQWDULDHOQXPHUR^ `HOVLPERORGHOD
SHUIHFFLRQGLYLQDGDQGRQRVDHQWHQGHUHOWULXQIRFRPSOHWRGHILQLWLYRHLUUHYHUVLEOHGH'LRVVREUHORV
HQHPLJRVGHO3XHEORGH'LRVDKRUD\DWRGRVSXHGHQDODEDUDQXHVWUR'LRV$SFI6DO
DKRUDWDPELHQVHSXHGHSURQXQFLDUXQFXDUWR$OHOX\DVXSHUDFLRQPD[LPDTXH
UHSUHVHQWDDODFUHDFLRQ\HVTXHODYLFWRULDGHILQLWLYDGH'LRVKDFUHDGRXQQXHYRFRPLHQ]RHOGHTXH
VHSXHGDGHFLUSRUODUHDOLGDGWRWDOGHODFRQWHFLPLHQWRGHTXHHO6HQRUQXHVWUR'LRV7RGRSRGHURVR
5(,1$$SXSFI6DO(VWDLQWURGXFFLRQHVUHVXOWDGRFRQVWDWDGRSRUODEDWDOODXOWLPDTXH
VHOLEUDHQWUHODVIXHU]DVGHOPDOFRDOLJDGDVFRQWUDVX3XHEORDOILQGHORVWLHPSRV\TXH'LRVVDOHHQVX
GHIHQVDSRUPHGLRGHVX9HUERGHVX+LMRGHVX8QJLGR$SHVODPDQLIHVWDFLRQGHOD
MXVWLFLDGLYLQDPHGLDQWHODVHQWHQFLDMXGLFLDOTXHUHFDHVREUHHO6LVWHPDGH0DOGDGTXHSHUVLJXHDVX
3XHEORHQHOXOWLPRWLHPSR$SFI6DOFXPSOLHQGRVHHQWRQFHVHOPRPHQWRHQTXHKLHUH
DODVQDFLRQHVULJLHQGRODVFRQYDUDGHKLHUUR$SFI6DO
(QHVWDYHUVLRQDPSOLDGDGHO$UPDJHGRQDSRFDOLSWLFR$SFIFRQ
ORVHOHPHQWRVDGLFLRQDOHVGHORV6DOPRVHQORVTXHVHDOXGHDODVYLFWRULDVGH'LRVVHQRVTXLHUH
SUHVHQWDUDORVFRQWHQLGRVGHHVRV6DOPRVYLFWRULRVRVFRPRVLHQGRXQDQXQFLRGHODQHFHVLGDGGHOD
YLFWRULDGHILQLWLYDVREUHORVHQHPLJRVGHO3XHEORGH'LRVFRPRHQFHUUDQGRODSHUVSHFWLYDGHODUHDOLGDG
GHOWULXQIRWRWDO6HQRVHVWDPRVWUDQGRFRQHOHPSOHRGHODWHUPLQRORJLDFRQFUHWDTXHKDOOHJDGRHO
PRPHQWRH[DFWR4XHODGHVFULSFLRQDSRFDOLSWLFDFRUUHVSRQGHDODUHDOLGDGKLVWRULFDGHODYLFWRULDGH
'LRVVREUHWRGRVVXVHQHPLJRV\SDUDVLHPSUH"<TXLHQHVVRQVXVHQHPLJRV"(OSHFDGRODPXHUWH$S
ORVVLVWHPDVGHPDOGDG$S\HO'UDJRQ$S
(QWRGRHVWHFRQIOLFWRGHORVVLJORVODILJXUDGHO&RUGHURR8QJLGRGH'LRVDSDUHFHHQHOSODQRGHXQ
PRGRFHQWUDORHVHO8QJLGRTXHULJHFRQYDUDGHKLHUUR$SFI6DODODVJHQWHVGHODV
QDFLRQHVTXHQRSXHGHQVRVWHQHUVHHQSLH$SFI6DO\TXHVXFRQFLHQFLDUHEHOGHSLGHDORV
PRQWHVTXHVHDRFXOWDGDDOD-XVWLFLDGHO&RUGHUR\SRUORWDQWRQRKDQSHUPLWLGRTXHVXVQRPEUHVHVWHQ
HQHO/LEURGHOD9LGD$SFI6DORHOEXHQ3DVWRU$SFI6DOTXHFRQGXFH
DODVJHQWHVGHODVQDFLRQHVSRUFXDQWRVHGHMDQDEXHQRVSDVWRVFRQIRUWDQGRD\XGDQGR\DPDQGR
GHFLGLHQGROLEUHPHQWHHVDVQDFLRQHVDFXGLUDDGRUDUDOYHUGDGHUR'LRV$SFI6DO
(OWULXQIRGH-HUXVDOHQ6DOVHYHFXPSOLGRHQYHUVLRQDSRFDOLSWLFDIXHUDGHOWLHPSR
KLVWRULFR\GHOHVSDFLRWHUUHQDOFI$SVVGHVSXHVGHXQWUD\HFWR
SDUDOHORHQWUHORVTXHDGRUDQHQODWLHUUD\ODQXHYD-HUXVDOHQTXHHVWDHQHO&LHOR$SFI$S
DSDUHFHQHQHO&LHOR$SFID7HVORVUHGLPLGRVXQDYH]UHVXFLWDGRVD
&RUFI\YHQLGR-HVXFULVWRSRUVHJXQGDYH]D7HVHVWDQGRODWLHUUDWRGDYLD
ODDQWLJXDYDFLDGHKDELWDQWHVWHUUHVWUHV$SFID7HVSRVWHULRUPHQWHDO0LOHQLR
GHVFLHQGHODQXHYD-HUXVDOHQFI
 /DVLPDJHQHVHVWUXFWXUDOHVHQ=DFDULDV\VXVLJQLILFDGR
HQHO$SRFDOLSVLV
(OOLEURGH=DFDULDVSHUWHQHFLHQWHDOJHQHURDSRFDOLSWLFRQRVSUHVHQWDGRVSODQRVFODUDPHQWH
GLIHUHQFLDGRVSRUXQODGRODVLWXDFLRQUHDOHQTXHKDTXHGDGR,VUDHOFRPRFRQVHFXHQFLDGHVXUHEHOLRQ\
GHOFDVWLJRLQIOLJLGRSRUODVQDFLRQHVXWLOL]DQGRVHFRPRXQREMHWLYRSHGDJRJLFRGLYLQRFI=DF
VVSRURWURLQGHSHQGLHQWHPHQWHGHODVHJXULGDGTXHVHOHVGDGHTXHKDEUDOLEHUDFLRQGHOH[LOLR
=DFODLQVSLUDFLRQHVFRJHODFRQGLFLRQDODTXHKDELDOOHJDGR,VUDHO\ODSURPHVDGHOLEHUDFLRQ
FRPREDVHSDUDFHQWUDUHVDUHVWDXUDFLRQHQDTXHOODTXHGHILQLWLYDPHQWHQHFHVLWDUDVX3XHEORFXDQGROD
GHFLVLRQGHODYHQLGDGH'LRV\GHPRUDUHQHOODVHFXPSOD
D-HUXVDOHQ\ODV1DFLRQHV
(VHYLGHQWHTXHODGHVFULSFLRQTXHGH-HUXVDOHQVHQRVKDFH=DFWUDVFLHQGHRELHQDFXDOTXLHU
HSRFDKLVWRULFD\VRORSXHGHFXPSOLUVHFXDQGR<DKYHVHDVXPXUR\VXJORULD=DFFXDQGRKD\D
YHQLGR\PRUDGRHQHOOD\PXFKDVJHQWHVGHODVGLIHUHQWHVQDFLRQHVJHQWLOHVYD\DQD'LRV\VH
FRQVWLWX\DQHQVX3XHEORRWHQLHQGRHQFXHQWDODDPSOLDFLRQTXHFRPRFHUFDQLDR\DHQWUDGR
HOGLDGH<DKYH\HQHOFS=DFDULDVKDFHGH-HUXVDOHQVHQRVPRVWUDULDDWRGDVODVQDFLRQHVLUHQ
FRQWUDGH-HUXVDOHQ8QUHVWRQRVHUDFRUWDGRGHOD&LXGDG
'HVSXHV'LRVLQWHUYLHQHHQXQDXOWLPDEDWDOODFRQWUDODVQDFLRQHVGHVFHQGLHQGRVREUHHO
0RQWHGHORV2OLYRVKDFLHQGRXQYDOOHPX\JUDQGH/RVUHVXOWDGRVGHHVWRVDFRQWHFLPLHQWRV
VXFHGLGRVKDVWDODXOWLPDEDWDOOD\GXUDQWHRSUR[LPRVDOGLDGH<DKYHVRQIXQGDPHQWDOPHQWHWUHV
>@
/DSHOHDFRQWUD-HUXVDOHQVHUHDOL]DDORODUJRGHXQWLHPSRSURORQJDGRFI \DTXHOORV
GHODVQDFLRQHVTXHKDQHVWDGRDWDFDQGRDORTXHVLJQLILFD-HUXVDOHQVXIULUDQSODJDV=DF
+D\RWURVGHHQWUHODVQDFLRQHVTXHVREUHYLYHQVHVDOYDQDSHVDUGHTXHGXUDQWHFLHUWRVLQVWDQWHV
DWDFDURQD-HUXVDOHQHVRVHQXOWLPDLQVWDQFLDVHDUUHSLHQWHQ\VXEHQD-HUXVDOHQ\DGRUDQDO5H\$
SDUWLUGHHVHPRPHQWRGHODYHQLGDGH'LRVFRQVXVVDQWRVGHVSXHVGHODXOWLPDEDWDOOD
<DKYHVHUD5H\VREUHWRGDOD7LHUUDQRKDELHQGR\DQXQFDPDOGLFLRQVREUH-HUXVDOHQ=DF
(O$SRFDOLSVLVGH-HVXFULVWRQRVUHYHODSDUDXQWLHPSRGHVSXHVGHKDEHUDVFHQGLGR-HVXFULVWRGRV
PRPHQWRVGLVWLQWRVGHOD-HUXVDOHQ&HOHVWLDOHOXQRGXUDQWHWRGRHOWLHPSRGHODGLVSHQVDFLRQ
FULVWLDQDFI$S\HORWURIXHUDGHOWLHPSRKLVWRULFRSDUD
GHVSXHVGHO0LOHQLR$S$PERVVRQLPSUHVFLQGLEOHVSDUDHQWHQGHUOR
UHODWLYRDOD-HUXVDOHQGHOSURIHWD=DFDULDVSXHVWRTXHHO$SRFDOLSVLVVHFRQVWLWX\HHQVXDXWHQWLFR
LQWHUSUHWH
6LJXLHQGRDOD5HYHODFLRQGH-HVXFULVWRHQHOOODPDGR$SRFDOLSVLVQRVHQFRQWUDPRVTXHGXUDQWH
PHVHVKLVWRULFRSURIHWLFRVOD&LXGDG6DQWDOD-HUXVDOHQ&HOHVWLDO$SFI$SLEDDVHU
KROODGDFI$S(VHYLGHQWHTXHDTXLOD&LXGDG6DQWDTXHHV&HOHVWLDO$S
WLHQHXQDUHSUHVHQWDFLRQHQODWLHUUD$SFRQVWLWXLGDHQSULPHUOXJDUSRUORVGRV7HVWLJRV
$STXHVHLGHQWLILFDQFRQORVSULQFLSLRVGHO5HLQRGH'LRVRGHO*RELHUQRGH'LRV(QHOPLVPR
WLHPSRHQTXHOD&LXGDG6DQWDHVKROODGDHOORVSUHGLFDQHQFRQGLFLRQHVGHVIDYRUDEOHV$S
'XUDQWHHOSURFHVRKLVWRULFRWHPSRUDODSDUWLUGHODSULPHUDYHQLGDGH-HVXFULVWRHO3XHEORGH'LRV
TXHKDDFHSWDGRHOWHVWLPRQLRGHORVGRV7HVWLJRVUHSUHVHQWDHQODWLHUUD$SDORTXHVLJQLILFD
OD-HUXVDOHQGHDUULEDFI*DO+E'HOPLVPRPRGRTXHOD-HUXVDOHQOLWHUDOFRPRFDSLWDO
GHOUHLQRGH,VUDHOUHFRJLDHQVXQRPEUHWRGDVODVH[SHFWDWLYDVLGHRORJLFDVGHODWHRFUDFLDJRELHUQR\
REMHWLYRVHVWD-HUXVDOHQ&HOHVWLDOLPSOLFDHVSHFLDOPHQWHWDPELHQXQDFRQFHSFLRQUHODWLYDDO*RELHUQR
GH'LRVDORVSULQFLSLRVGHO5HLQRGH'LRV'XUDQWHWRGRHVWHWLHPSRKLVWRULFRGHHVWDQFLDHQODWLHUUD
GHO3XHEORGH'LRVTXHKDDVXPLGRORVSULQFLSLRVGHO5HLQRGH'LRVFI0F0WFI
SUHGLFDGRVSRUORV'RV7HVWLJRV$SVHSXHGHGHFLUTXHORVUHSUHVHQWDFRQILJXUDQGRHO
VLJQLILFDGRGHOD&LXGDG6DQWDGHDKLTXHFXDQGRORV'RV7HVWLJRVRORVSULQFLSLRVGHO5HLQRGH'LRV
VRQDWDFDGRVRHVH3XHEORHVSHUVHJXLGRSRUVHUILHODORVSULQFLSLRVGHO5HLQRGH'LRVVHSXHGHGHFLU
HQWHUPLQRVUHSUHVHQWDWLYRVTXHOD&LXGDG6DQWDHVWDVLHQGRKROODGD$S/RVVLVWHPDVGH
0DOGDGSHUVLJXHQHQHOWUDQVFXUVRGHODKLVWRULDDORVTXHDVXPHQORVSULQFLSLRVGHO5HLQRGH'LRV$S
\SHURSULQFLSDOPHQWHGXUDQWHXQODUJRSHULRGRGHPHVHVKLVWRULFRSURIHWLFRV
$SFI(VWHHVHOFXPSOLPLHQWRGHODSURIHFLDGH=DFDULDVODVJHQWHVGHODV
QDFLRQHVRULHQWDGDVSRUORV6LVWHPDVGH0DOGDGGHHVWHPXQGRDWDFDQDORODUJRGHOWLHPSRDOD
-HUXVDOHQTXHHVWDVLHQGRUHSUHVHQWDGDSRUORV'RV7HVWLJRV\SRUORVTXHDVXPHQORVSULQFLSLRV
LGHRORJLFRVGHO5HLQRTXHGLFKD&LXGDGLPSOLFD'HVGHODYHQLGDGH-HVXFULVWRTXHVHFRQVWLWX\HHQHO
HMHFHQWUDOGHOD9HUGDGGHOD6DOYDFLRQGHODKXPDQLGDGFI=DFOD-HUXVDOHQGHO
3XHEORGH'LRVHVODGHDUULED*DOOD&HOHVWLDO+E$SUHSUHVHQWDGDHQOD
WLHUUDGXUDQWHHOWLHPSRKLVWRULFRTXHWUDQVFXUUHSRUORV'RV7HVWLJRVTXHVRQSHUVHJXLGRVSRUDVXPLU
\FRQVHUYDUORVSULQFLSLRVGHO5HLQRGH'LRVFI$S(QHVWRVDWDTXHVHQFRQWUDGHOD9HUGDG
KD\TXLHQHVVXFXPEHQ\KD\XQ5HVWRTXHSHUPDQHFHILHOFI=DF$WDFDUSRUODVJHQWHV
RULHQWDGDVSRUORVVLVWHPDVGH0DOGDGQRVLHPSUHVHWUDGXFHHQXQDSHUVHFXFLRQVHDHVWDILVLFDR
PHQWDORHVSLULWXDORWRGDVDODYH](ODWDTXHUHDOPHQWH\HVWRORFRPSUREDUHPRVFXDQGRHVWXGLHPRVHO
WH[WRUHODWLYRD$SRFDOLSVLVHVSULPRUGLDOPHQWHFRQWUDORVSULQFLSLRVGHO5HLQRGH'LRV(VHVROR
TXHVHTXLHUHGHVWUXLUSRUFXDQWROD0DOGDGLPSLGHTXHVHFRQR]FDQ\DTXHVLQRVXSRQGULDXQ
GHVHQPDVFDUDPLHQWRGHODLGHRORJLDTXHVRVWLHQHQGLFKRV6LVWHPDVGH0DOGDG6LQHPEDUJRSRUFXDQWR
ORVSULQFLSLRVGHO5HLQRGH'LRVVRQPDQWHQLGRVSRUDTXHOORVTXHVHKDQFRQVWLWXLGRHQHO5HVWRILHO
HVWRVSXHGHQVHUWDPELHQDWDFDGRVGHGLYHUVRVPRGRV(ODWDTXHSXHGHUHYHVWLUGLIHUHQWHVIRUPDV%LHQ
GHVHFKDQGRORVSULQFLSLRVGHO5HLQRGH'LRV\DFUHDQGRLGHRORJLDVRIRUPDVGHYLYLUFRQWUDULDVDHVRV
SULQFLSLRVRUDDVXPLHQGRORVRSURSDJDQGRORVGHXQDPDQHUDRGHRWUDRELHQSHUVLJXLHQGRFRPR\D
KHPRVLQGLFDGR&XDQGRH[LVWHXQDUUHSHQWLPLHQWRUHVSHFWRDHVHDWDTXHFRQWUDOD-HUXVDOHQOD&LXGDG
6DQWDUHSUHVHQWDWLYDGHORVSULQFLSLRVGHO5HLQRGH'LRV\WUDVODGDGRVDHVWD7LHUUDSRU-HVXFULVWR\HO
(VSLULWX6DQWR\HQWUHJDGRVDDTXHOORVTXHORVKDQDVXPLGRDFHSWDQGROHVUHSHWLPRVFXDQGRH[LVWHXQ
DUUHSHQWLPLHQWRSRUDTXHOORVTXHXQGLDDWDFDURQDHVRVSULQFLSLRVFRQILJXUDQDORVTXH
VREUHYLYLHUHQGHODVQDFLRQHVTXHIXHURQFRQWUD-HUXVDOHQ=DFFI$S\TXH
VHSUR\HFWDVHJXQHO$SRFDOLSVLVHQXQWLHPSRIXHUDGHODKLVWRULDPXQGDQDOGHOSUHVHQWHFRQWLQXR
=DFDULDVDILUPDHQHVHFDSLWXORTXHKDEUDSODJDV\SDQLFRHQWUHODVQDFLRQHVTXHKDQ
DWDFDGRD-HUXVDOHQ(VWRVHFXPSOHDORODUJRGHODGLVSHQVDFLRQFULVWLDQDFXDQGRHQOD5HYHODFLRQGH
-HVXFULVWRVHQRVGHVFULEHQORV6HOORVODV7URPSHWDV\ODVVLHWHXOWLPDVSODJDVTXHDWHQWDQFRQWUDORVTXH
DSR\DQDOD%HVWLDDO)DOVR3URIHWD\DO'UDJRQDFHSWDQGRVXLGHRORJLD\SURSDJDQGROD$S

3HURVHJXQ=DFDULDVVHKDGHGDUXQDXOWLPDEDWDOODGHOPLVPR'LRVFRQWUDWRGDVODVQDFLRQHV
HQHO'LDGH<DKYHGDQGRFRPRUHVXOWDGRILQDOODYLFWRULDGHFLVLYDGH'LRVFRQVWLWX\HQGRVHHQHO5H\
GHILQLWLYDPHQWHVREUHWRGDXQD7LHUUD=DFHQODTXH\DQRKDEUDPDOGLFLRQ=DF\TXH
ODVJHQWHVGHODVQDFLRQHVYDQDOD-HUXVDOHQDDGRUDUHQHOOD=DF
(O$SRFDOLSVLVVHUHILHUHDHVWRVSXQWRVHQGRVSDUWHVVHSDUDGDVSRUXQ0LOHQLR/DXOWLPDEDWDOOD
FRQWLHQHGRVURXQGVHOGHO$UPDJHGRQFXDQGR'LRVFRPEDWHLQWHUYLQLHQGRFRQWUDODVQDFLRQHV
FRDOLJDGDV\GLULJLGDVSRUHOWULRVDWDQLFRTXHKDQSXHVWRHQDSXURDQJXVWLRVRDO3XHEORGH'LRVHQOD
WLHUUDOLEUDQGRORV$SFRLQFLGHQWHFRQOD6HJXQGD9HQLGDGH-HVXFULVWRHQ*ORULD\0DMHVWDG
$SFID7HV$SHOGHGHVSXHVGHPLODQRV$SFXDQGRVH
QRVKDEODGHORVLPSLRVUHVXFLWDGRVDOILQDOGHOPLOHQLRSDUDXQDHYLGHQFLDGHVXSHUPDQHQFLDHQOD
PDOGDG\UHFLELUHOMXLFLRHMHFXWLYRSRUHOHOHPHQWRGHVWUXFWRUHQHOLQWHQWRGHLQYDVLRQGHOD
-HUXVDOHQ&HOHVWLDOTXHGHVFLHQGHKDFLDXQDWLHUUD$SSSTXHVHKDGHUHQRYDU\
SXULILFDUGHILQLWLYDPHQWH$SFID3HGPHGLDQWHHOIXHJRTXHLQLFLDOD
GHVWUXFFLRQGHORVVLVWHPDVGHPDOGDGFRQWRGRVORVTXHOHVKDQVHFXQGDGRLPSHQLWHQWHPHQWHXQD
-HUXVDOHQ&HOHVWLDOTXHVHHQFXHQWUDFRQOD7LHUUDUHQRYDGDVLQPDOGLFLRQ$S
FRQWHQLHQGROD*ORULDGH'LRVHLQFOX\HQGRHQVXVHQRDODVQDFLRQHVTXHKDQVLGRVDOYDV
>@

E /D 1DFLRQ 6DFHUGRWDO HO 0HVLDV \ OD ,JOHVLD VDOYDJXDUGDGRUD GH ORV SULQFLSLRV GHO 5HLQR GH
'LRVUHSUHVHQWDWLYRVGHO0HVLDV
(QHOFDSLWXOR\GH=DFDULDVVHPHQFLRQDQLPDJHQHVUHODWLYDVDO6DQWXDULR\DODIXQFLRQVDFHUGRWDO
FRQWHQLHQGRHOHPHQWRVTXHWDQWRHO1XHYR7HVWDPHQWRFRPRHO$SRFDOLSVLVHQFRQFUHWRQRVLGHQWLILFD
FRQOD,JOHVLD\VXHSRFDDWUDYHVGHODDSDULFLRQGHO5HQXHYRPHVLDQLFRDQXQFLDGRSRUORVSURIHWDV,VD
-HU(]\SRUHOSURSLR=DFDULDVFI=DFXS
/DILJXUDGH-RVXH\VXFDPELRGHYHVWLGXUDVYLOHV=DFSRURWUDVGHJDODKDELHQGRVLGROLPSLDGR
VXSHFDGR=DF\ODFRORFDFLRQGHODPLWUDVDFHUGRWDO=DFHVWDGHQWURGHXQDGHVFULSFLRQ
VLPEROLFD=DFSSFIUHSUHVHQWDQGRDXQDQDFLRQVDFHUGRWDOUHODFLRQDGDFRQHO5HQXHYR
DQXQFLDGR\XQDREUDGHTXLWDUHOSHFDGRHQODWLHUUD=DF(VWRDSDUHFHHQHO$SRFDOLSVLVFRQHO
3XHEORGH'LRVFRQVWLWXLGRHQXQDQDFLRQ6DFHUGRWDO$SFID3HG\FRQXQ
FDPELRGHURSDVODYDGDVSRUODVDQJUHGHO&RUGHURGHO0HVLDV-HVXFULVWR$S
HO5HQXHYRSURPHWLGR
/DVHVFHQDVGHOFDSLWXORVRQUHFXSHUDGDVHQHO$SRFDOLSVLVFI$S\WUDVPLWLHQGRQRVXQ
PHQVDMHDSURSLDGRSDUDQXHVWURWLHPSR
/DVLPDJHQHVGH=DFDULDVORVFDQGHOHURVRODPSDUDV\ORVROLYRVSURYH\HQGRDFHLWHFRPEXVWLEOH\
OX]=DFFIDOXGHQHYLGHQWHPHQWHDO6DQWXDULRLVUDHOLWD\SHUPLWHRIUHFHUODVHJXULGDG
GHTXHKDEUDUHVWDXUDFLRQSDUDVX3XHEOR3HURHVDUHVWDXUDFLRQQRWLHQHQLOLPLWHHQHOWLHPSR
QLHQVXFDOLGDG\SURIXQGLGDG'HDKLTXHHO$SRFDOLSVLVXWLOLFHODYLVLRQGH=DFDULDVWLSRORJLFDPHQWH
WUDQVIRUPDQGRDO6XPR6DFHUGRWHTXHVHVREUHQWLHQGHPLQLVWUDQGRHQHVH6DQWXDULRHQHO+LMRGHO
+RPEUHYHVWLGRFRQURSDODUJDVDFHUGRWDO\HOFLQWRGHRURVREUHHOSHFKRFLQHQGROH$S/D
URSDODUJDVLPERORGHGLJQLGDG\HOFHQLGRDODDOWXUDGHOSHFKRVRQHOHPHQWRVTXHFRQILJXUDQOD
>@
YHVWLPHQWDVDFHUGRWDO
(VWH+LMRGH+RPEUHTXHVHOHLGHQWLILFDFRQHO-HVXFULVWRTXHKDOLPSLDGRQXHVWURVSHFDGRV$S
FIDSDUHFHHQXQOXJDUHQHO&LHORFRQVLPERORVEDVDGRVHQHO6DQWXDULRLVUDHOLWD
UHSUHVHQWDWLYRVGHODH[LVWHQFLDGHXQ6DQWXDULR&HOHVWLDOORVFDQGHOHURV$SXSSSTXH
=DFDULDVKDELDYLVWR=DF
3HURDKRUDDSDUWLUGHODSULPHUDYHQLGDGH-HVXFULVWR\GHVXSUHVHQFLDHQHO6DQWXDULR&HOHVWLDOFI
+HORVFDQGHOHURVQRUHSUHVHQWDQHQORVXFHVLYRDO,VUDHOFRPRQDFLRQ!!!VLQR
DO5HVWR\TXHVHFRQVWLWX\HHQODOX]HVSLULWXDOGHOPXQGRFI=DF$S-HVXVGLFH
HQHIHFWRDORVGLVFLSXORVYRVRWURVVRLVODOX]GHOPXQGR!!!0W/RVFDQGHOHURV
LVUDHOLWDVVLPEROL]DQDKRUDDOD,JOHVLDXQLYHUVDO!!!RULJLQDGDHQHO5HVWRHVFRJLGRSRUJUDFLDFI
5P\UHSUHVHQWDGRSRUORVDSRVWROHVDORVTXHVHYDQDQDGLHQGRROLYRVVLOYHVWUHVJHQWLOHV\PDV
UDPDVQDWXUDOHVMXGHDV(O&ULVWRJORULILFDGRH[SOLFRHQSHUVRQDD-XDQTXHORVVLHWHFDQGHOHURV
 >@
VRQODVVLHWH,JOHVLDV$S!!!
"4XLHQHVVRQHVWRVGRV7HVWLJRV"=DFXSFI
(QXQDSULPHUDDSUR[LPDFLRQGLUHPRVTXHHOILQDOGHOY\HOYGH$SRFDOLSVLVHVWDQ
HQFDGHQDGRV(OKROODPLHQWRSRUPHVHVREOLJDDXQDSUHGLFDFLRQGXUDQWHHOPLVPRHVSDFLRGHWLHPSR
HQVLWXDFLRQGHYHVWLGRVGHFLOLFLR/RV'RV7HVWLJRVTXHGDQLGHQWLILFDGRVFRQORTXHVLJQLILFDH
LPSOLFDOD&LXGDG6DQWD
>@
6LOD&LXGDG6DQWDUHSUHVHQWDDORVSULQFLSLRVGHO5HLQRGH'LRVFI$S ORV'RV
7HVWLJRVGHEHQLPSOLFDUHOPLVPRFRQWHQLGR
/DVLPDJHQHVHVWDQVDFDGDVGHOSURIHWD=DFDULDVGRQGHHODFHLWHFRPEXVWLEOHSDUDREWHQHU
OX]HVVDFDGRGHORVROLYRV$TXL$SORVROLYRVVHLGHQWLILFDQFRQORTXHUHVXOWDGHVXXWLOL]DFLRQ
GRVFDQGHOHURVTXHVLUYHQSDUDLUUDGLDUOX]FI=DF(VHQHOFRQMXQWRGHWRGRORTXHKDFHTXH
KD\DHVRVGRVXQJLGRV<DDQWHULRUPHQWHODLQVSLUDFLRQKDELDSUHJXQWDGRDOSURIHWDVLQRVDELDTXH
VLJQLILFDEDWRGRHVR=DFFI/DUHVSXHVWDWLHQHTXHYHUQRFRQQDGDKXPDQRVLQRFRQDOJR
TXHHVWDUHODFLRQDGRFRQHO3RGHU\HO(VSLULWXGHO(WHUQR=DF
(VHYLGHQWHSXHVTXHORVGRV7HVWLJRVWLHQHQTXHYHUFRQHO3RGHU\HO(VSLULWXGH'LRV\FRQOD/X]
TXHLOXPLQDHOHQWHQGLPLHQWR
(OWH[WRGH$SRFDOLSVLVDODQDGLUTXHORVGRV7HVWLJRVSURIHWL]DQ\TXHWLHQHQ3RGHUSDUD
TXHQROOXHYDVLPEROLFDPHQWH\FRQYHUWLUODVDJXDVHQVDQJUHQRVHVWDD\XGDQGRDTXHORV
LGHQWLILTXHPRV
+HPRVYLVWRSRU=DFDULDVTXHWLHQHQXQRULJHQGLYLQRSRUORWDQWRVHGHVFDUWDXQDUHIHUHQFLD
KXPDQD
$OJRTXHQRVHDGHQDWXUDOH]DKXPDQD\TXHSURIHWLFHXQLFDPHQWHSXHGHDSOLFDUVHDOD3DODEUDGH
'LRV3HGURKDGHQRPLQDGRDOD3DODEUDGH'LRVOD3DODEUD3URIHWLFDD3HG
/DVH[SUHVLRQHVGHDJXDFRQYHUWLGDHQVDQJUHRGHTXHQROOXHYDHVWDQGLFKDVHQHO$QWLJXR
7HVWDPHQWRHQXQFRQWH[WRHQHOTXHDSDUHFHHO3RGHUGHOD3DODEUDGHO(WHUQR
/D/X]\HO$FHLWHDSDUHFHQLQYROXFUDGRVWDQWRHQ=DFDULDVFRPRHQ$SRFDOLSVLV\VRQ
HOHPHQWRVTXHVHFRPSDJLQDQXWLOL]DQGRVHLQGLVWLQWDPHQWHFRPRVLPERORVGH-HVXFULVWR\GHO(VSLULWX
6DQWRHQUHODFLRQFRQOD3DODEUDGH'LRVFI0W
(O(VSLULWX6DQWR\-HVXFULVWRHVWDQLQFOXLGRVSXHVWRTXHHO8QRKDLQVSLUDGROD3DODEUDGH'LRV\
HO2WURHVODSURSLD3DODEUDHQFDUQDGDTXHKDUHYHODGRWDQWRHO(YDQJHOLRGHO5HLQRFRPRHOSURSLR
$SRFDOLSVLVD3HG-Q$S$SFI0W0F
/D3DODEUD3URIHWLFDKDTXHGDGRFRQVLJQDGDGHWDOPDQHUDTXHWHVWLILFDWDQWRHQODHSRFDGHO
$QWLJXR7HVWDPHQWRSRUPHGLRGHSURIHWDVTXHIXHURQLQVSLUDGRVSRUHO(VSLULWX6DQWRHQEDVHDO
9HUERGH'LRVD3HG-QFRPRHQODHSRFDGHO1XHYR7HVWDPHQWRFX\RVHVFULWRUHV
IXHURQLQVSLUDGRVWDQWRSRUHO(VSLULWX6DQWRFRPRSRUODSUHVHQFLDGHOD5HYHODFLRQGH-HVXFULVWR+H
FI-Q$S
(VRVGRV&DQGHOHURVX2OLYRV$SFI=DFVRQORVGRVXQJLGRV=DFRWHVWLJRV
$SSDUDWHVWLPRQLDUGHODREUDGHOD3DODEUDGH'LRVGHVXFRPSUHQVLRQ\DFHSWDFLRQ$S
SS
(VWRVVRQORVGRV7HVWLJRVUHSUHVHQWDGRV\FRPXQLFDGRVHQOD3DODEUD3URIHWLFD-HVXFULVWRHO9HUER
GH'LRV\HO(VSLULWX6DQWR-HVXFULVWR\HO(VSLULWX6DQWRFDQGHOHURVLOXPLQDGRUHVGHOD9HUGDG
\FRPEXVWLEOHHWHUQRROLYRVUHYHODGRUHVGHOD3DODEUD3URIHWLFDILMDGDSRUHVFULWRGDQWHVWLPRQLRD
WUDYHVGHHOODSUR\HFWDQGRODVGRFWULQDV\SULQFLSLRVGHO5HLQRR*RELHUQRGH'LRV&RQWLQXDPHQWHGDQ
WHVWLPRQLRSXHVWRTXHVRQ7HVWLJRVGHODXQLFD9HUGDGGHO*RELHUQRR5HLQRGH'LRV<HVHWHVWLPRQLR
KDSHUPDQHFLGRSRUHVFULWRHQODV6DJUDGDV(VFULWXUDVTXHUHSUHVHQWDQHQODWLHUUDDORVGRV7HVWLJRV
F=DFDULDV/DVHJXQGDYHQLGDGHO0HVLDVDSDUWLUGHODSULPHUD\HO$SRFDOLSVLV
3DUWLHQGRGHODLPDJHQSURIHWLFDGHODVLWXDFLRQGH,VUDHO\GH-HUXVDOHQFRPRFRQVHFXHQFLDGHVX
UHEHOLRQ\GHODLQYDVLRQGHODVQDFLRQHVVHDQXQFLDDXQD-XGD\DXQD-HUXVDOHQTXHFRQILDHQOD
IXHU]DGH'LRV\DXQDSHVDUGHTXHODVQDFLRQHVFRQWLQXHQDWDFDQGRHLQFOXVRFRPR\DDQWHV
KHPRVGHVFULWRVHMXQWHQWRGDVHOODVFRQWUDHVD-HUXVDOHQ'LRVVHOHYDQWDUDFRQWUDHVDVQDFLRQHV
\-HUXVDOHQVHUDOLEHUDGDGHILQLWLYDPHQWHXSGHVWUX\HQGRDODVQDFLRQHV
REVWLQDGDV\UHFDOFLWUDQWHVOOHJDQGROD&DVDGH'DYLGDVHUFRPR'LRV
<DKHPRVGLFKRFRPRFRQWHPSODD-HUXVDOHQHO$SRFDOLSVLVDSDUWLUGHODSULPHUDYHQLGDGH-HVXFULVWR
KDVWDVXVHJXQGD\WUDVHO0LOHQLRSHURHVHOSURSLR=DFDULDVTXLHQQRVPDUFDXQDSDXWD\TXHDEUHXQD
OODYHSDUDFRPSUHQGHUVXOLEUR(QHIHFWRHVDSDUWLUGHOPRPHQWRTXHVHLQWURGXFHODILJXUDGHO0HVLDV
=DFVVFITXHDSDUHFHQHVDVEHQGLFLRQHVTXHVHSURIHWL]DQSDUD
-HUXVDOHQ\RHO3XHEORGH'LRV
(OFXPSOLPLHQWRGHORTXHVHUHODFLRQDFRQODH[SUHVLRQ\PLUDUDQDPLDTXLHQWUDVSDVDURQ=DF
HOGHUUDPDPLHQWRGHJUDFLDSDUDOD&DVDGH'DYLGHOODPHQWRSDUDFDGDOLQDMHGHODWLHUUDH
LQFOXVRSDUDODSURSLDQDFLRQGH,VUDHOWLHQHGRVLQVWDQWHVXQLGRVHQXQSURFHVRWHPSRUDO
GHVGHODSULPHUDFI-QKDVWDODVHJXQGDYHQLGD$S
/DHQVHQDQ]DHVFODUDORTXHHQODYLVLRQGH=DFDULDVXWLOL]DXQDWHUPLQRORJLDUHVWULQJLGDDODWLHUUDGH
,VUDHOOLWHUDO\DODH[SUHVLRQ<DKYHHQHO1XHYR7HVWDPHQWR-Q\HQSDUWLFXODU
HO$SRFDOLSVLVHVWUDQVIRUPDGRHQXQIHQRPHQR&ULVWRFHQWULFR'HVGHHODFRQWHFLPLHQWRGHODFUX]
-QVHPLUDHOVLJQLILFDGRGHORTXHLPSOLFDHOKDEHUWUDVSDVDGRD-HVXV1DGLH\HQQLQJXQ
PRPHQWRGHODKLVWRULDSXHGHTXHGDUVLQWHQHUTXHWRPDUXQDGHFLVLRQDQWHHVHDFRQWHFLPLHQWR3HUROR
PDVLPSRUWDQWHHVHKHFKRGHWUDVSDVDUD-HVXVTXHFRQVLJQD-XDQHQKDFHSRVLEOHHOFXPSOLPLHQWR
IXWXURGHPLUDUOHODPHQWDQGRVHWRGDVODVQDFLRQHVWDOFRPRORUHFRJH$SRFDOLSVLV
(QHOPRPHQWRHQTXH&ULVWRYHQJDHQWDQWRTXHUH\MXH]WRGDVODVWULEXVGHODWLHUUDYHUDQDO0HVLDVTXHHOORVKDQWUDVSDVDGR\
VHUDQJROSHDGRVSRUODGHVHVSHUDQ]D\ORVUHPRUGLPLHQWRV$VLHOOLEURGHO$SRFDOLSVLVFRQILUPDODKHUPHQHXWLFDGHO17VHJXQOD
FXDO HO FXPSOLPLHQWR FULVWRORJLFR GH ODV DOLDQ]DV GH ODV SURPHVDV \ GH ODV SURIHFLDV GHO $7 TXLWD ODV UHVWULFFLRQHV HWQLFDV \
JHRJUDILFDV /RV FXPSOLPLHQWRV DSRFDOLSWLFRV HVWDQ SRU SULQFLSLR FHQWUDGRV VREUH &ULVWR VREUH VX ,JOHVLD XQLYHUVDO \ HQ
>@
FRQVHFXHQFLDVREUHORVHQHPLJRVXQLYHUVDOHVGHOD,JOHVLD!! 

G/D*ORULDGH-HUXVDOHQ\HO1XHYR7HPSOR
/DVLWXDFLRQDODTXHKDOOHJDGR,VUDHOFRPRFRQVHFXHQFLDGHVXUHEHOLRQ\H[LOLRH[LJHTXH'LRVD
WUDYHVGHOSURIHWDDQLPHDHVHSXHEORDODUHFRQVWUXFFLRQFI=DF3DUDHOOR'LRVRIUHFHXQD
YLVOXPEUHGHODJORULDGHXQD-HUXVDOHQIXWXUD'LRVGDFRPRUHDOL]DGDODUHVWDXUDFLRQGH,VUDHO=DF
SS\FRPRSUXHEDKDEODGHTXHPRUDUDHQ-HUXVDOHQ\TXHVHUD&LXGDGGHOD9HUGDG\6DQWD
/DVPDUDYLOODVFRQ-HUXVDOHQODVFRQWHPSODUD\H[SHULPHQWDUDHO5HPDQHQWH/RV
SXHEORV\ODVQDFLRQHVDFXGLUDQD-HUXVDOHQDLPSORUDUHOIDYRUGH<DKYH
(OSURSLR=DFDULDVDGHPDVGHOR\DLQGLFDGRUHVSHFWRDORVDQXQFLRVPHVLDQLFRVQRVGLFHTXHXQ
SHUVRQDMHVLQJXODUFIYHQGUDD-HUXVDOHQFRPRUH\VLHQGRMXVWRVDOYDGRUKXPLOGHFRQXQ
PHQVDMHGHSD]SDUDODVQDFLRQHVVLHQGRVX6HQRULRSDUDWRGDODWLHUUD
(O5HQXHYRGHOFXDO\DKHPRVLQGLFDGRFRPRUHILULHQGRVHDO0HVLDVHVHOTXHHGLILFDUDHOWHPSORGH
<DKYHOOHYDUDODJORULDDGLFKRWHPSOR\VHVHQWDUD\GRPLQDUDHQVXWURQRFI
 7RGRHVWRVHYHFXPSOLGRHQHO$SRFDOLSVLVFXDQGRQRVUHILHUHDODREUDGHO5HQXHYR-HVXFULVWRDOR
ODUJRGHWRGDODGLVSHQVDFLRQFULVWLDQDSHUPLWLHQGRTXHGLYHUVDVJHQWHVGHGLIHUHQWHVQDFLRQHVSXHGDQ
VHUVDOYDV\HVWDUHQODQXHYD-HUXVDOHQOD&HOHVWLDODSDUWLUGHOD6HJXQGD9HQLGDGH-HVXFULVWRFI$S
(VDQXHYD-HUXVDOHQOD&HOHVWLDOHVODHVSRVDGHO&RUGHURVHWUDWDGHOD&LXGDG6DQWD
FRQWHQLHQGROD*ORULDGH'LRV\VLHQGRWDQWRHO3DGUHFRPRHO&RUGHURORTXHKDFHGH
DXWHQWLFR7HPSOR
(VHYLGHQWHTXHODVSURPHVDVGH=DFDULDVUHVSHFWRDTXH'LRVPRUDULDHQ-HUXVDOHQHQXQD-HUXVDOHQ
6DQWD\OOHQDGH9HUGDGHQODTXHHO5HQXHYRPLVPRHGLILFDULDXQWHPSOR\HQODTXHODVQDFLRQHV
HQFRQWUDULDQWDPELHQPRUDGDDOFDQ]DVXOXJDUHQODGHVFULSFLRQGHOD5HYHODFLRQGH-HVXFULVWRHQEDVHD
ODREUDGH-HVXFULVWR
  /RV IXWXURV (QHPLJRV GH ,VUDHO VHJXQ (]HTXLHO \
$SRFDOLSVLV
(QORVFDSLWXORV\GH(]HTXLHOQRWDPRVXQDSURIHFLDVREUH*RJ\0DJRJHQHPLJRVGH,VUDHOTXH
OHDWDFDQ\DOILQDOVRQGHUURWDGRV
/DIDQWDVLDKDGDGRSLHDFRQMHWXUDVLGHQWLILFDQGRDHVWRVHQHPLJRVGH,VUDHOGHQWURGHODKLVWRULD
DFWXDO\D,VUDHOFRPRUHILULHQGRVHDODQDFLRQTXHOOHYDVXQRPEUHODTXHKDEULDVXUJLGRPRGHUQDPHQWH
FRPRIUXWRDXQDLGHRORJLDDMHQDDODYROXQWDGGLYLQD
6LQHPEDUJRHO$SRFDOLSVLVGHVSHMDFXDOTXLHUGXGDTXHSXGLHUDOHYDQWDUVH,VUDHOVHKDFRQYHUWLGRHQ
HO3XHEORGH'LRVSURYHQLHQWHGHWRGDVODVQDFLRQHVGHWRGDVODVHSRFDV$SFI$S
\ORVHQHPLJRV*RJ\0DJRJDWDFDQDHVH,VUDHOVLPEROLFRUHSUHVHQWDGRHQODQXHYD
-HUXVDOHQGHVSXHVGHKDEHUYHQLGR-HVXFULVWRSRUVHJXQGDYH]FI$S\KDEHU
WUDQVFXUULGRPLODQRVIXHUDGHOWLHPSRKLVWRULFRWHUUHVWUH$S
*RJ\0DJRJVHKDQFRQYHUWLGRHQGRVVLPERORVXQLYHUVDOHVGHO0DOTXHQRWLHQHQXQDLGHQWLILFDFLRQ
FRQXQDQDFLRQGHWHUPLQDGDVRQODVKXHVWHVIRUPDGDVSRUWRGRVORVLPSLRVGHWRGDVODVQDFLRQHVGHWRGDV
ODVHSRFDVTXHQRDFHSWDURQD'LRVGHDFXHUGRDODGHVFULSFLRQTXHHO$SRFDOLSVLVUHDOL]DFXDQGR
FRORFDD*RJ\0DJRJIXHUDGHOWLHPSRSUHVHQWH
8QDYH]PDVHOPHWRGR&ULVWRFHQWULFRTXHXWLOL]DOD5HYHODFLRQGH-HVXFULVWRQRVSURYHHGHODFODYH
KHUPHQHXWLFDSDUDHQWHQGHUODVSURIHFLDVUHODWLYDVDDFRQWHFLPLHQWRVTXHVHLQWURGXFHQDSDUWLUGHOD
SULPHUDYHQLGDGH-HVXFULVWRORVFRQWRUQRVJHRJUDILFRV\HWQLFRVGHVDSDUHFHQ(OIHQRPHQRGHOD&UX]
WUDQVIRUPDORVOLPLWHVGHO,VUDHOOLWHUDODWRGDODWLHUUDHQODTXHVHHQFXHQWUDHO,VUDHOHVSLULWXDOGH'LRV
6XVHQHPLJRVWDPSRFRHVWDQOLPLWDGRVDXQDQDFLRQHVSHFLILFDVLQRORTXHFRQOOHYDXQDLGHRORJLD
DVXPLGDSRUHOPXQGRHQJHQHUDOHQWRGDODWLHUUD\TXHVHRSRQHDORVSULQFLSLRVGHO5HLQRGH'LRV
7RGRHVWHPHQVDMHTXHVHKDH[SXHVWRVDFDGRGHO$SRFDOLSVLV"6LUYHSDUDWRGDVODVHSRFDV"&XDQGRHO
OHFWRUIXHUDDHVWRVFRQWHQLGRVVLQGXGDTXHVHHQFRQWUDULDFRQDOJRLPSRUWDQWH1RHVSUHFLVRGHSHQGHU
QLGHOVLVWHPDSUHWHULVWDQLGHOIXWXULVWD6HQFLOODPHQWHHO$SRFDOLSVLVFRQWLHQHWRGDXQDVHULHGHFODYHV
TXHQRVSHUPLWHDWRGRVORVTXHKHPRVYHQLGRDODH[LVWHQFLDOOHQDUQRVGHHVSHUDQ]D\GHODVHJXULGDGGH
ODFHUFDQLDGHVXUHWRUQRLQGHSHQGLHQWHPHQWHGHTXHSDUDDOJXQRVODPXHUWHVHDXQSXQWRDVXSHUDU3HUR
WRGRVFRLQFLGLUHPRVDOPLVPRWLHPSRHQHVDFLWDSRUODTXHHO$SRFDOLSVLVVHHVFULEH/DVHJXQGD
YHQLGDGH-HVXFULVWR
 %/DUHODFLRQHVSHFLDOHQWUH'DQLHO\$SRFDOLSVLV
6LHO$SRFDOLSVLVGHSHQGHHVSHFLDOPHQWHGHFLHUWRVOLEURVGHO$QWLJXR7HVWDPHQWR\QRVRORHQOR
UHODWLYRDODWHUPLQRORJLDWRFDQWHDOOLEURGH'DQLHOODUHODFLRQHVPXFKRPDVHVWUHFKD3HUR\D
GHFLDPRVTXHORVDXWRUHVVHTXHGDQHQODPD\RULDGHORVFDVRVFRQXQDYLQFXODFLRQPHUDPHQWH
OLQJXLVWLFD
+HPRVSRGLGRFRPSUREDUSRUORVHVFULWRUHVELEOLFRV\DWUDWDGRVTXHFXDQGRHO$SRFDOLSVLVXWLOL]D
FLHUWDVLPDJHQHVYHWHURWHVWDPHQWDULDVODVDFRPSDQDFRQXQPHQVDMHIUXWRGHTXHMXQWRDODLPDJHQ
UHFXUUHDODWHPDWLFDXELFDQGRODHQXQPDUFRTXHSHUPLWHXQDLQWHUSUHWDFLRQFX\DFODYHHVWDHQ-HVXFULVWR
\HQVX5HYHODFLRQ$SRFDOLSWLFD$KRUDFXDQGRHVWXGLHPRVODFRQFRUGDQFLDHQWUH'DQLHO\$SRFDOLSVLV
GHVFXEULUHPRVTXHFRQODGHSHQGHQFLDOLWHUDULDVXE\DFHHOPHQVDMHGHTXHSDUWHGHOFRQWHQLGRGHO
SURIHWD'DQLHOWLHQHVXFXPSOLPLHQWRDSDUWLUGH-HVXFULVWR
  /D GHSHQGHQFLD OLWHUDULD UHVSHFWR GH 'DQLHO \ OD
LGHQWLGDG GH OD WHPDWLFD \ GH ORV SHUVRQDMHV
FRPSOHPHQWDFLRQ\DPSOLDFLRQ
(VHYLGHQWHTXHHOSHUVRQDMHTXHDSDUHFHHQODYLVLRQLQDXJXUDOFRPRHO+LMRGH+RPEUH$S
TXHHVLGHQWLILFDGRFRQ-HVXFULVWR$SFI$SVHQRVGHVFULEHWDOFRPRHO+LMRGHO
>@
+RPEUHGH'DQLHO'QFI$S
3HURORPDVLPSRUWDQWHHVVDEHUTXHODYLVLRQTXHVHQRVSUHVHQWDGHO+LMRGH+RPEUHHQ'DQLHO
HVWDGHQWURGHXQDHVFHQDGH-XLFLR'QXS\GHO7URQRGHO$OWLVLPR\TXHILQDOL]DFXDQGRHO
+LMRGHO+RPEUHYXHOYHGHO$QFLDQRGH'LDVKDFLDORV6DQWRVGHO$OWLVLPRGHOD7LHUUDSDUDGDUOHV
SDUWLFLSDFLRQHQHO5HLQRDOILQGHOPXQGR'QFI(VWDHVFHQD'Q
XSLQGHSHQGLHQWHPHQWHWDOFRPRKHPRVHVWXGLDGR\DGHHVWDULGHQWLILFDGDOLWHUDULD
HVWUXFWXUDO\FURQRORJLFDPHQWHFRQ'DQLHOH[SUHVDSRUVLPLVPDFRQODSUHVHQFLDGHO$OWLVLPR
HO7URQR\ODVLWXDFLRQGH-XLFLRXQDLPDJHQGHOOXJDU6DQWLVLPRHQUHODFLRQDO'LDGHODVH[SLDFLRQHV
GRQGHODSUHVHQFLDGH'LRV\ODH[SHFWDWLYDGHMXLFLRHUDQODVFDUDFWHULVWLFDVIXQGDPHQWDOHV6LDKRUDOR
FRPSDUDPRVFRQHO+LMRGHO+RPEUHVREUHXQDQXEHEODQFDHQSRVLFLRQGH-XLFLR\FRQHOWHPSORGHO
WDEHUQDFXORFHOHVWLDOTXHDSDUHFHQHQ$SRFDOLSVLVHOSDUDOHOLVPRHVDVRPEURVR\
HORFXHQWH
(QHIHFWRHOPHQVDMHGHO$SRFDOLSVLVYLHQHDFRQILUPDUQRVTXHODHVFHQDGH'DQLHOXSWLHQH
VXFXPSOLPLHQWRGHDFXHUGRDOSDUDOHORDSRFDOLSWLFRDOILQDOGHORVWLHPSRV$SDOGHQWURGHXQ
FRQWH[WRGH-XLFLR\FRQODLPDJHQGHO7DEHUQDFXOR&HOHVWLDOGHIRQGR3HURORFXULRVRHLPSUHVFLQGLEOH
GHUHFDOFDUHVTXHDGHPDVODLQVSLUDFLRQKDGHMDGRFODURHQHO$SRFDOLSVLVTXHHVWHPRWLYRTXH
FRUUHVSRQGHDXQILQDOHQHOTXHWRGDVODVQDFLRQHVVHFRQJUHJDQSDUDDGRUDU$SHTXLYDOHQWHD
FXDQGRWRGDODQDFLRQGHO,VUDHOOLWHUDOVHFRQJUHJDEDHQHOGLDGHODH[SLDFLRQHVSDUDDGRUDUOD
SUHVHQFLDGH'LRVLQYLVLEOHHQHO/XJDU6DQWLVLPR\HVSHUDUDUHFLELUODUDWLILFDFLRQGHILQLWLYDGHERUUDU
ORVSHFDGRVFI5P+EWLHQHXQSUROHJRPHQRLUUHPSOD]DEOHODOLWXUJLD
VDFHUGRWDOFRUUHVSRQGLHQWHDO/XJDU6DQWRGRQGHHVWDEDORVFDQGHOHURVRODPSDUDV$SFI([
VV(VHVWRORTXH-XDQUHFRJHGHVGHHOSULQFLSLRKDVWDHOILQDOGHO$SRFDOLSVLV(O+LMRGHO
+RPEUHGH'DQLHOHQXQFRQWH[WRGH-XLFLR\GHGLDGHODV([SLDFLRQHV'QXSKDWHQLGR
WRGDXQDODERUTXHGHVDUUROODUHTXLYDOHQWHDODTXHFRUUHVSRQGHDODGHO/XJDU6DQWRGHO6DQWXDULRFI
$SDQWHVTXHODTXHFRUUHVSRQGHDODGHO'LDGHODVH[SLDFLRQHV\TXHVHGHVFULEHFRQODV
LPDJHQHVSURSLDVGHXQ-XLFLR\TXHVHQRVSUHVHQWDLJXDOPHQWH\HQSDUDOHORHQ$SRFDOLSVLV

7RGDYLDPDVVLVHREVHUYDFXLGDGRVDPHQWH\FRQGHWHQLPLHQWRODVLPDJHQHVTXHDSDUHFHQSUHYLDV
$S\DOGHVDWDPLHQWRGHORV6HOORV$S\DQRWDUHPRVTXHVHQRVGHVFULEHHVFHQDV
FRUUHVSRQGLHQWHVDO6DQWXDULRHO/XJDU6DQWRSSGRQGHHVWDQORVFDQGHOHURVR
ODPSDUDV$S\DO$WULRTXHFRUUHVSRQGHDODWLHUUDGRQGHIXHLQPRODGRHO&RUGHURXSTXH
VHUHFXHUGD\VHWUDVODGDDO&LHORFRPRXQDHYLGHQFLDGHODEDVHGHOIXQFLRQDPLHQWRGHO
6DQWXDULR&HOHVWLDOHO6DFULILFLRGH&ULVWRFI+EVV
6LDKRUDFRPSDUDPRVHOGHFRUDGRTXHVHQRVGHVFULEHSDUDHVWH/XJDU6DQWRGHO6DQWXDULR&HOHVWLDO
FI$SFRQHOTXHVHQRVSUHVHQWDHQ'QSS\VSDQWHVGHOWLHPSRTXHVHGHWHUPLQD
FRQODLPDJHQGHOTXHVHVLHQWDFRPR-XH]'QXSFIFRPSUREDUHPRVTXHHVDLPDJHQGH
PLOODUHV\PLOODUHVTXHVLUYHQDO$QFLDQRVHQWDGR\ODFRORFDFLRQGHORVWURQRVHOIXHJRGHOWURQRHV
HTXLYDOHQWHDODGHOFSGH$SRFDOLSVLVGRQGHWDPELHQDSDUHFHXQRVHQWDGRDOTXHDGRUDQ
SHURGHQWURGHODHVFHQDHQTXHDSDUHFHQORVFDQGHOHURVRODPSDUDVUHODWLYDVDO/XJDU6DQWR$S

9DDVHUSUHFLVRHOFXPSOLPLHQWRGHOHVSDFLRWHPSRUDOGHPHVHV$SRGLDV
SURIHWLFRV$SFI$SHQHOTXHWDQWRDQWHVFRPRGXUDQWHKDEUDQWUDQVFXUULGR
FLHUWRVVHOORV\WURPSHWDVSDUDTXHODVLWXDFLRQGH-XH]HQSRVLFLRQGHVHQWDGRVHGH'QXS
>@
FI$S \ODSDUWHGHO/XJDU6DQWLVLPRVHYHDFI$S
&RQWRGRHVWRVHQRVHVWDXELFDQGRFURQRORJLFDPHQWHHOGHFRUDGRGDQLHOLFRSUHYLRDODVLWXDFLRQGH
-XH]HQSRVLFLRQGHVHQWDGRFRUUHVSRQGHULDDODHSRFDHQTXHVHGHVDUUROODQODVHVFHQDV
FRUUHVSRQGLHQWHVDOWLHPSRHQTXHDSDUHFHHO/XJDU6DQWRHQXQPRPHQWRGHVSXHVGHORVGLDV
SURIHWLFRVRWLHPSRVSURIHWLFRVRPHVHVDSDUHFHULDODVLWXDFLRQGH-XH]HQSRVLFLRQGHVHQWDGR
TXHFRUUHVSRQGHULDDODVHVFHQDVUHODWLYDVDO/XJDU6DQWLVLPR
 /D%HVWLD$SRFDOLSWLFDGH&DEH]DV\&XHUQRV\OD
&XDUWD%HVWLDGH'DQLHOFRPSXHVWDGHXQ&XHUQR3HTXHQR
\&XHUQRV
>@
3RGUHPRVREVHUYDUFXDQGRDQDOLFHPRVHOWH[WRWDQWRGH'DQLHO FRPRGH$SRFDOLSVLV\SRUHO
LQIRUPHTXHQRVGD$SRFDOLSVLVTXHODV&DEH]DVVRQVXFHVLYDV\VLPEROL]DQ5HLQRVFRQSOHQLWXGGH
>@
DXWRULGDGSDUDJREHUQDU DOXGLHQGRDGHPDVFRQHOWHUPLQR&DEH]DDTXHMXQWRDOSRGHUVHLPSODQWD
>@
XQDLGHRORJLDGHWHUPLQDGD
5HVSHFWRDOWHUPLQR&XHUQRUHPLWLPRVDQXHVWURHVWXGLRVREUH'DQLHOWLHQHXQYDORUGHSRGHU\OD
FDWHJRULDGHHVHSRGHUYLHQHGDGRSRUHOFRQWHQLGRGHOFRQWH[WRSURIHWLFR\SRUODUHDOLGDGKLVWRULFD(Q
HOFDVRGHORV&XHUQRVDGLIHUHQFLDGHODV&DEH]DVQRVRQVXFHVLYRV\GHELGRDVXFDUDFWHULVWLFD
SURIHWLFRKLVWRULFDQRVXSRQHXQDFLIUDH[DFWDWDOFRPR\DH[SOLFDEDPRVHQRWUROXJDUVLQRTXHVHWUDWD
GHXQ&ROHFWLYRTXHVHPDQLILHVWDDWUDYHVGHODKLVWRULDSRUPHGLRGHSRGHUHVRUHLQRVGRQGHVHPXHVWUD
ODLQGHSHQGHQFLDHQWUHHOORV(QHOPRPHQWRGHODGHVDSDULFLRQGHO,PSHULR5RPDQRYLQLHURQDVHUHQVX
UHDOLGDGKLVWRULFDORVTXHVXVWLWX\HQ\KHUHGDQMXQWRDO&XHUQR3HTXHQRDHVD5RPD,PSHULDO(Q
$SRFDOLSVLVVHREVHUYDDXQ&ROHFWLYRGH&XHUQRVTXHUHFLEHQUHLQRVLJQLILFDQGRVHFRQ
HOORTXHFRQVLJXHQFRPRFROHFWLYLGDGXQDXQLRQTXHSHUPLWHDSR\DUDOD%HVWLDHQXQDGHODVXOWLPDV
KRUDVKLVWRULFDVDGHPDVGHVHUORVFDXVDQWHVGHODGHVWUXFFLRQGHOD5DPHUD
/RVDXWRUHVTXHHVWXGLDQHO$SRFDOLSVLVVHYHQREOLJDGRVDUHFRQRFHUDSHVDUGHORSDUFLDOGHVXV
WUDEDMRV\GHVXVLQFRKHUHQFLDVTXHOD%HVWLD$SRFDOLSWLFDUHFRJHHQVXFRQILJXUDFLRQDODV%HVWLDVGH
'DQLHO\HQHVSHFLDOODDLGHQWLILFDQGRDOSRGHUSULQFLSDOTXHVXE\DFHHQODD%HVWLDGH'DQLHOFRQ
HOSURWDJRQLVWDFRUUHVSRQGLHQWHGHOD%HVWLD$SRFDOLSWLFD
>@
(OFDWHGUDWLFRFDWROLFR6WUDXELQJHU LGHQWLILFDDODFDEH]DTXHUHFLEHODKHULGDPRUWDOGH
$SRFDOLSVLVFRQHO&XHUQRSHTXHQRGH'DQLHO\FRQVLGHUDQGRDORVSHULRGRVTXHDSDUHFHQHQ
ORVFDSV\GH$SRFDOLSVLVLGHQWLFRVDOGH'DQLHOUHFRJLHQGRHOYDORUGHODFLIUDFRPR
QROLWHUDOVLQRVLPEROLFR
:LNHQKDXVHQWUDVKDEHULGHQWLILFDGRFRPRVLHQGRODPLVPD%HVWLDORTXHDSDUHFHHQORVFDSV
FRQORVSHULRGRVSURIHWLFRVLQFOXLGRVDVLJQDQGRORVDODDFWLYLGDGGHO$QWLFULVWR\DODJUDQ
WULEXODFLRQGHOD,JOHVLDLGHQWLILFDDVXYH]OD%HVWLDDSRFDOLSWLFDGHOFSFRQODD%HVWLDGH'DQLHO
>@

>@
/RPLVPRSRGULDGHFLUVHGHODRSLQLRQGHODPD\RULDGHORVTXHVHFRQVXOWH
2VFDU&XOOPDQQQRVGLUD
(Q OD JUDQGLRVD GHVFULSFLRQ GH OD %HVWLD  GHO $SRFDOLSVLV GH -XDQ VH XWLOL]DQ DO SULQFLSLR ORV FRQRFLGRV UDVJRV GHO
FDSLWXOR  GHO OLEUR GH 'DQLHO FRQ ORV TXH VH GHVFULEH D ODV FXDWUR EHVWLDV <D DOOL VRQ ODV FXDWUR EHVWLDV ORV FXDWUR LPSHULRV GHO
PXQGR(QHO$SRFDOLSVLVGH-XDQVHUHVXPHQWRGRVORVUDVJRVGHWRGRVORVLPSHULRVGHOPXQGRVHFRQFHQWUDQHQXQDEHVWLD
6HSRGULDHVFULELUXQFRPHQWDULRDHVWHFDSLWXORDGXFLHQGRSDUDOHORVTXHVDFDGRVGHODKLVWRULDOOHJDVHQKDVWDHOSUHVHQWHPDV
>@
UHFLHQWH!!
&XDQGRHVWXGLDEDPRV'DQLHODORTXHUHPLWLPRVDOOHFWRUVLVHQHFHVLWDYHLDPRVDOD&XDUWD%HVWLD
VXUJLUGHVSXHVGHOD7HUFHUD\SURORQJDUVHKDVWDHOILQGHOPXQGR'Q
3UHFLVDPHQWHHVDSURORQJDFLRQTXHVHDFWLYDEDDSDUWLUGHXQPRPHQWRGHWHUPLQDGRHQHOTXHVXUJHXQ
&XHUQR3HTXHQR'QXSDOFDQ]DEDORVXOWLPRVLQVWDQWHVGHODKLVWRULDGHHVWHPXQGR
FRQHOFRPSRUWDPLHQWRVLQJXODUGHO&XHUQR3HTXHQR\RSXHVWRDORVYHUGDGHURVLQWHUHVHVGH'LRV
(OWLHPSRTXHWUDQVFXUUHGHKHJHPRQLDGHHVH&XHUQR3HTXHQRTXHOOHJDKDVWDHOILQHVGHWLHPSRV
\SURIHWLFRVRORTXHHVLJXDODGLDVRPHVHVSURIHWLFRV'QXS
(O$SRFDOLSVLVDOXWLOL]DUHVWDFLIUDSURIHWLFDHLQVHUWDUODGHQWURGHODDFWLWXGGHXQDGHODV&DEH]DVGH
OD%HVWLD$SRFDOLSWLFDXSFIHLGHQWLILFDUODQDWXUDOH]D\FRQGXFWDGHGLFKD
>@
&DEH]DTXHUHFLEHXQDKHULGDFRQHO&XHUQR3HTXHQR QRVHVWDGDQGRFXDWURPHQVDMHVFODURVH
LQHTXLYRFRV
TXHHOSHULRGRTXH'DQLHOHO3URIHWDXWLOL]DGHORVGLDVSURIHWLFRVRWUHVWLHPSRV\QR
DSOLFDQDXQDHSRFDDQWHULRUD-HVXFULVWRVLQRHQXQDOHMDQLDSRVWHULRUDVX$VFHQVLRQTXHOD
LQVSLUDFLRQHQHO$SRFDOLSVLVVREUHHQWLHQGHD'DQLHO\ORFRPSOHPHQWDHQEDVHDORVGDWRV\FRQWHQLGRV
H[SXHVWRVSRUGLFKRSURIHWDRIUHFLHQGRQRVXQDSDQRUDPLFDTXHQRVUDWLILFDODLPSRVLELOLGDGGHODWHRULD
PDFDEHDGHVFDUWDQGRLUUHPLVLEOHPHQWHD$QWLRFR,9FRPRHO&XHUQR3HTXHQRTXH-HVXFULVWR
SUHVHQWDQGRHO$SRFDOLSVLV$SVLJXHHOHMHPSORLPSOLFDGRHQVXFRQVHMRHYDQJHOLFRHQRFDVLRQGHO
VHUPRQHVFDWRORJLFRFI0W\SDUDOHOR\OHHD'DQLHOHQWHQGLHQGROR\VLJXLHQGRHQODOLQHDGH
HVWDFRQILUPDFLRQVREUHHQWHQGLHQGRORTXHLQGLFDPRV\GHPRVWUDPRVWDQWRFRQODVSRVLELOLGDGHVTXHHO
WH[WRQRVRWRUJDEDFRPRSRUODKLVWRULDHORULJHQH[DFWRGHOSHULRGRGHORVWLHPSRV\SURIHWLFRVXQ
PRPHQWRSRVWHULRUDODFDLGDGHO,PSHULR5RPDQRHQHOG-'QWUDVOD
SHUGLGDGHOSRGHU%DUEDURUHSUHVHQWDGRSRUWUHVFXHUQRVTXHREVWDFXOL]DEDQODVDOLGDKHJHPRQLFDGHO
&XHUQRSHTXHQRFI'Q
-HVXFULVWRHQHO6HUPRQHVFDWRORJLFRQRVDVHJXUDEDTXHODSRWHQFLDTXHVHUHODFLRQDEDFRQOD
DERPLQDFLRQGHODVRODPLHQWRQRHUD$QWLRFR,90WVLQRHO3RGHU5RPDQRTXHDSDUHFHULDDQWH
-HUXVDOHQHQXQIXWXURGLVWDQWHDODSURSLDPXHUWH\UHVXUUHFFLRQGH-HVXFULVWRFI/F$OXQLU
HVWDGHFODUDFLRQGH-HVXVFRQHOWH[WRGH'DQLHOFIDOTXHKDFHUHIHUHQFLD-HVXFULVWR
\UHODFLRQDUORDVXYH]FRQORVKRPRORJRVSDUDOHORVGH'DQLHO\VHFRQFOX\HTXH-HVXFULVWRLGHQWLILFD
D5RPD,PSHULDOFRPRIRUPDQGRSDUWHGHODFRQILJXUDFLRQGHOD&XDUWD%HVWLDGH'DQLHO
6HGHPXHVWUDWDPELHQTXHOD&XDUWD%HVWLDGH'DQLHOVHLQLFLDEDHQXQDSULPHUDIDVHWUDVODDEVRUFLRQ
GHODSRWHQFLD*ULHJDTXHSHUGLDVXKHJHPRQLDFRQ5RPDLPSHULDO\VHSURORQJDEDKDVWDHOILQGHO
WLHPSRTXHHOWH[WRUHTXLHUHSRUPHGLRGHO&XHUQRSHTXHQR\ORV&XHUQRVTXHKHUHGDEDQXQR\RWURV
ODFRQWLQXLGDGGHOLGHDULRHVHQFLDOURPDQR\UHSUHVHQWDQGRHVWRVHQVXFRQMXQWRODGLYLVLRQURPDQD
3URGXFLHQGRVHXQFRQWHQFLRVRKLVWRULFRSRUTXHSRUXQODGRORURPDQRSXMDSRUODXQLGDGPLHQWUDVTXH
HOFROHFWLYRGHORVVXUJHDSDUWLUGHXQDGLYLVLRQHQHOFXDUWRUHLQR
/D)RUPXOD&XHUQRVPDUFDMXQWRDODDFWXDFLRQGHOD%HVWLDSRUPHGLRGHVXV&DEH]DVXQGLVHQR
SROLWLFRHLGHRORJLFRTXHDOFDQ]DVXFXOPLQDFLRQDOILQDOGHORVWLHPSRV(O$SRFDOLSVLVQRVFRPSOHWDHVD
KLVWRULDQDUUDGD\GHVDUUROODGDHQSDUWHSRUHOSURIHWD'DQLHO
(QFRQFOXVLRQUHVSHFWRDWHQHUHQFXHQWDODUHIHUHQFLDELEOLFDSDUDHQWHQGHUHO$SRFDOLSVLV8QDYH]
PDVVHQRU.XHQQRVHVWDPRVDSR\DQGRHQOD%LEOLDSDUDREWHQHUODFODYHKLVWRULFDTXHQRVD\XGHD
FRPSUHQGHUPHMRUHO$SRFDOLSVLV\DSOLFDUORDFDGDJHQHUDFLRQGHFULVWLDQRVTXHKDQH[LVWLGRHQOD
KLVWRULDWUDQVFXUULGDGHVGHODSULPHUDYHQLGDKDVWDODVHJXQGDYHQLGDGHQRPLQDGDSRUORVDSRVWROHV
XOWLPRWLHPSRDXQFXDQGRGHQWURGHHVHXOWLPRWLHPSRKD\DJHQHUDFLRQHVPDVFHUFDQDVDHVDSULPHUD
YHQLGDGRQGHVHLQDXJXUDQORVXOWLPRVWLHPSRV\RWUDVPDVFHUFDQDVDODVHJXQGDYHQLGDGH
-HVXFULVWR
 & /D UHODFLRQ GHO HYDQJHOLR \ HO $SRFDOLSVLV D ILQ GH
FRPSUHQGHUORHVFDWRORJLFR\FULVWRORJLFR

&RPRVHYLYHH[LVWHQFLDO\HVFDWRORJLFDPHQWHHO5HLQRGH'LRVGHQWUR
GHODYRFDFLRQFHOHVWHTXHVHFRQILJXUD
"4XHKDSDVDGR"&XDQGRVHHVWXGLDHOHYDQJHOLRLQWHQWDQGRFRQVHJXLUFXDOHVVRQODVSDODEUDVGH-HVXV
DXWHQWLFDVFRQODSHUVSHFWLYDGHXQPHWRGRKLVWRULFRFULWLFRORVUHVXOWDGRVVRQGHVDVWURVRV"3RUTXH"$O
PDUJLQDUHOHYDQJHOLRGH-XDQ\HOGH0DWHRDXQDFRQIHFFLRQWDUGLDGHODQRDOQRVHQFRQWUDPRV
TXHQRSRGHPRVUHFRQVWUXLUTXHSDODEUDVVHULDQODVGH-HVXV\FXDOHVQR3RUFXDQWRHQHVDVIHFKDVVHJXQ
ORVSDWURFLQDGRUHVGHHVHPHWRGRVHKDULDHYLGHQWHODPDQLSXODFLRQGHOD,JOHVLD\ODQRH[LVWHQFLDGH
ORVDXWRUHVGHHVRVOLEURVTXHVHKDEULDQXWLOL]DGRQRPEUHVSDUDFRQIHULUOHVDXWRULGDGVLQTXHUHDOPHQWH
KXELHUHQVLGRHOORVVXVOHJLWLPRV\SOHQRVFUHDGRUHV(OPHWRGRKLVWRULFRFULWLFRFUHRWRGDXQDVHULHGH
VXSRVLFLRQHVVLQEDVHWH[WXDODILQGHDUULQFRQDUORVHYDQJHOLRVFRQIHFFLRQDGRVWHPSUDQDPHQWHHQEDVHD
IXHQWHVHVFULWDVSRUDSRVWROHV(VWDSUHPLVDFULWLFDQRVOOHYDDXQDORJLFDHVFDWRORJLFDTXHVHIXH
SURSLFLDQGRHQORVFLUFXORVDFDGHPLFRVWHRORJLFRV"<FXDOHVHVDORJLFDHVFDWRORJLFD"8QHVWXGLR
SDUFLDOHLQFRPSOHWRGHODHVFDWRORJLDFRQUHVXOWDGRVHUURQHRV
>@
$OEUHFKW5LWVFKOVHUDHOSULPHUWHRORJRTXHEDVDGRHQ.DQW \HQXQ-HVXVFRPR
PHURPDHVWURGHPRUDOLGDG\QRUHGHQWRUDSXQWDUDXQFRQFHSWRGH5HLQRGH'LRVTXHQRUHVSRQGHD
DOJRTXH'LRVKD\DKHFKR\TXHVHVLJXHUHDOL]DQGRHQEDVHDODVSUHPLVDVTXH-HVXVQRVH[SOLFDEDVREUH
HOJRELHUQRGH'LRVFRQFHUQLHQWHDODDXWRULGDGGLYLQDUHODWLYRDODLGHRORJLD\PDQHUDGHSHQVDUGH
'LRVVLQRXQDWDUHDKXPDQD6HWUDWDULDGHODRUJDQL]DFLRQPRUDOGHODKXPDQLGDGSRUPHGLRGHOD
DFFLRQLQVSLUDGDHQHODPRU3DUDHVWDSRVLFLRQOLEHUDOTXHSDUHFHPX\ERQLWDORLPSRUWDQWHVHULDKDFHU
ODYROXQWDGGH'LRVDTXL\DKRUD
$OEHUW6FKZHLW]HUHOTXHIXHUDSDUDPLHQPLDGROHVFHQFLD\MXYHQWXGXQHMHPSORDVHJXLU
SDUDVHUPLVLRQHURQRVRIUHFHDXQ-HVXVEDVDGRHQODDSRFDOLSWLFDMXGLDGHVXWLHPSRFRQXQDQXQFLR
GHOUHLQRSDUDXQIXWXURLQPHGLDWRHQODSURSLDHSRFDGH-HVXVOODPDQGRVHOHHVFDWRORJLD
>@
FRQVHFXHQWH &KDUOHV+DUROG'RGGHQFRQWUDSRVLFLRQDSDUHQWHUHVSHFWRDOPRPHQWRGH
ODOOHJDGDGHO5HLQRGH'LRVFRQVLGHUDHODQXQFLRSRUSDUWHGH-HVXVVREUHHO5HLQRGH'LRVFRPRXQD
>@
UHDOLGDGSUHVHQWHFUHDQGRODHVFXHODUHDOL]DGD
7DQWRODHVFXHODFRQVHFXHQWHFRPRODUHDOL]DGDXWLOL]DQORVWH[WRVGH0FFI0W/F
0W0F/FFRPRFRQWHQLHQGRSUHGLFFLRQHVLQPHGLDWDVTXH
PRVWUDULDQHQHOFDVRGHODHVFXHODFRQVHFXHQWHGH6FKZHLW]HUTXH-HVXVSHQVDEDTXHHO5HLQRGH'LRV
VHFXPSOLULDHQVXHSRFD\TXHGHPRVWUDULDVXIUDFDVR(VRVPLVPRVWH[WRVVLUYHQSDUDODHVFXHODUHDOL]D
>@
GH'RGG\PRVWUDULDQTXHWRGDODHVFDWRORJLDTXHSRGDPRVHVSHUDU\DVHFXPSOLRHQYLGDGH-HVXV
>@
5%XOWPDQQ EDVDGRHQORVHVWXGLRVGH6FKZHLW]HUREWHQGUDXQDHVFDWRORJLD
H[LVWHQFLDOTXHHVUHVFDWDEOHPLHQWUDVVHEDVHHQHOHYDQJHOLRGH6DQ-XDQ\QROROLPLWHDODSRVLFLRQ
SUHVHQWHFRPRXQLFD
>@
(QODHVFDWRORJLDGHODHVSHUDQ]DSURSLFLDGDSRU0ROWPDQQ QRVHWUDWDGHO5HLQRGH'LRVTXHVH
DQXQFLDFRPRSUHVHQWHIXWXUR\TXHVHKDUDUHDOLGDGSOHQDPHQWHHQRFDVLRQGHODVHJXQGDYHQLGDVLQR
TXHODHVSHUDQ]DHQXQIXWXURPHMRUSDUDODKXPDQLGDGHVGRQGHVHYDDPDQLIHVWDUHOUHLQRGH'LRVHQ
IRUPDFRPSOHWD<FXDQGRHVRRFXUUDWUDVODWUDQVIRUPDFLRQGHHVHPXQGRVRFLDODODHVSHUDQ]DGHORV
YDORUHVDQXQFLDGRVHQHOUHLQRGH'LRVDSDUHFHUDXQDVRFLHGDGTXHHQFDUQDUDHOUHLQRGH'LRV
YHUGDGHUDPHQWHSUHVHQWHHQODKLVWRULD1RFUHHTXHODVHJXQGDYHQLGDGH-HVXFULVWRSHUPLWLUDTXHHO
UHLQRGH'LRVVHUHDOLFHVLQORVREVWDFXORVGHOSHFDGR\GHODPXHUWH0ROWPDQQHVLQIOXLGR
>@
SURIXQGDPHQWHDGLFLRQDOPHQWHSRU(UQVW%ORFKILORVRIRDOHPDQPDU[LVWD
(Q*XVWDYR*XWLHUUH]ODLGHDGHHVFDWRORJLDHVWDHPSDSDGDWRWDOPHQWHGHHVSHUDQ]DHQHOFRQWH[WRGH
WUDEDMRSRUODSREUH]D\GHVHVSHUDQ]DHQ&HQWUR$PHULFD\6XGDPHULFD6HWUDWDGHXQ5HLQRGH'LRVTXH
ODPLVLRQFXPSOLGDGHOD,JOHVLDWUDHUD1RVHWUDWDGHHVSHUDUQDGDGHILQLWLYRSDUDXQIXWXURVLQRGHXQD
OLEHUDFLRQWHRORJLDGHODOLEHUDFLRQGHODSREUH]D\GHODGHVLJXDOGDGJUDFLDVDORVSULQFLSLRVGHOUHLQR
GH'LRVUHLQWHUSUHWDGRVSROLWLFDPHQWH
 "&RPRVHFRPSUHQGHODHVFDWRORJLDTXHQRVSUHVHQWDHOHYDQJHOLRGHO
0HVLDV-HVXV"
&XDQGR0ROWPDQQQRVGHFLDTXHHVLPSRVLEOHVDEHUDOJRVREUHORXOWLPRWLHQHDOJRGHUD]RQ(Q
HIHFWRXQHQXQFLDGRGRFWULQDOTXHQRVKDEOHGHORTXHHVWDHQXQIXWXURTXHQRVHKDUHDOL]DGRWRGDYLD\
TXHQRVHKDH[SHULPHQWDGRSRUFXDQWRQRKDOOHJDGRVHKDFHGLILFLOUHSURGXFLUORHQQXHVWURLWLQHUDULR
SHUVRQDOHQHOVHQWLGRGHTXHSXGLHUDGHFLUQRVDOJXQDFRVDDQRVRWURV6LQHPEDUJR-HVXVWLHQHDOJRTXH
GHFLUQRV(OKHFKRGHTXHHOHYDQJHOLRGH-XDQVHKD\DHVFULWRFRQODILQDOLGDGH[FOXVLYDGHDILUPDUQRV
TXH-HVXVHVHO0HVLDV-Q\TXHHQHVHHYDQJHOLRVHUHSURGX]FDXQDFRQFHSFLRQHVFDWRORJLFD
GHSULQFLSLRDILQVHULDXQDHYLGHQFLDGHODH[LVWHQFLDGHXQPHQVDMHDWHQHUHQFXHQWD(QHIHFWR-HVXV
HVODOOHJDGDUHDOGHODHVFDWRORJLDGHOOODPDGR$QWLJXR7HVWDPHQWRGRQGHVHDQXQFLDEDGHODYHQLGDGH
XQ0HVLDV&XDQGRXQRHVWXGLDWRGDVODVSURIHFLDVTXHQRWLILFDQVREUHHVH0HVLDVQRVRWURV
FRPSUREDEDPRVTXHHQ-HVXVVHDOFDQ]DEDHOFXPSOLPLHQWR3HURKD\DOJRPDVFXDQGR-HVXVVHQRV
SUHVHQWDFRPRHO+LMRGHO+RPEUHPHGLDQWHHOGHUDVSHVHUTXHFLWDD'DQLHO-QFI
0W\HVWHVHLGHQWLILFDFRQHO3ULQFLSHGHO(MHUFLWRGH'DQLHOFI6DOFI0W
TXHSRVHHXQFRQWLQXR\XQ6DQWXDULR\HVWHFRQHO0HVLDV3ULQFLSHGH'DQLHOFI
0WTXHFXPSOHFRQODREUDWHUUHVWUHGHWUDHUODMXVWLFLDODH[SLDFLRQ\UHGHQFLRQ
PXULHQGRKDFLHQGRFHVDUHOVDFULILFLR\ODRIUHQGDHLQDXJXUDQGRXQQXHYRVDQWXDULRXS\OXHJR
FRQHO3ULQFLSHSULQFLSDO0LJXHO'QFI-Q\FRQOD3LHGUDGH'DQLHOFI
0WVHQRVHVWDULDTXHULHQGRGHFLUTXHHOHVSDFLRWHPSRUDOHQWUHODSULPHUDYHQLGD\OD
VHJXQGDYHQLGDVHOOHQDFRQXQPLQLVWHULRVDFHUGRWDOHVFDWRORJLFRGRQGHODLGHDHVFDWRORJLFDGHO-XLFLR
'QFI-QLGHQWLILFDGDFRQHOWHUFHUYHUERIXQFLRQDOGHFHUFDQLDKDFLDHO$QFLDQRGH'LDV
'QXSMXQWRFRQORVRWURVGRVYHUERVGHFHUFDQLDIXQFLRQDOPDUFDGRVSRUODIXQFLRQDOLGDGGH
VHQWDUVHDODGLHVWUDGH'LRV0WFI0FFI+HFKFI6DOTXH
>@
RULHQWDQVXPLQLVWHULRVDFHUGRWDOFHOHVWLDOFI'Q \GHODUHVXUUHFFLRQ'QFI-Q
FI'QOD6HJXQGD9HQLGD\GHO5HLQRGH'LRV-QFI0WFI0W
VVFRQWRGRORTXHLPSOLFDHQVXFRPSOHWDH[WHQVLRQ\GHILQLFLRQVHHVWDGDQGRWDOFRPROR
LQWHUSUHWD-HVXVHQHOHYDQJHOLRODUHVXUUHFFLRQHOMXLFLR\HO5HLQRHQWRGRVXUHFRUULGR\VLJQLILFDGR
HQFDGDSUHVHQWH\HQHOIXWXURILQDO
9DPRVDHVWXGLDUFRQGHWHQLPLHQWRHVWRVYDORUHVHVFDWRORJLFRVDILQGHTXHSRGDPRVGHVFULELU\
GHILQLUORPDVFRUUHFWDPHQWHSRVLEOHODHVFDWRORJLD\TXHUHSHUFXVLRQHVWHQGULDHQQRVRWURVGH
FRPSUHQGHUDGHFXDGDPHQWHHOVLJQLILFDGRGHORVYDORUHVHVFDWRORJLFRVTXHQRVSUHVHQWD-HVXVMXQWRDVX
SURSLDSHUVRQD\PLVLRQSDUDGHVSXHVDSOLFDUORVDO$SRFDOLSVLV
 (QWUH OD 3ULPHUD YHQLGD \ OD 6HJXQGD YHQLGD OD HVFDWRORJLD GH XQ
PLQLVWHULRHQHOVDQWXDULRFHOHVWLDO
-HVXFULVWRKDYHQLGR\QRVH[SUHVDHQHOHYDQJHOLRTXHGHVSXHVGHVXPXHUWHUHVXUUHFFLRQ\
DVFHQVLRQKDEULDXQDREUDFHOHVWHDQXQFLDGD\DSDUDHO0HVLDV
(VUHYHODGRUORTXHODSURIHFLDQRVLQGLFDVREUHHO0HVLDV\TXHHVSUHFLVRFRQVLGHUDU\GDUOHXQD
H[SOLFDFLRQSRUFXDQWRIDYRUHFHQXHVWUDFRPSUHQVLRQVREUHODREUDGHHVH0HVLDV\VREUHHOSXHEORGH
'LRVTXHKDGHUHSUHVHQWDUFRQVXPHQVDMH\EHQHILFLRGHODFRPSUHQVLRQDHVH0HVLDV
'HOPLVPRPRGRTXHODVSURIHFLDVPHVLDQLFDVQRVGLFHQGHO0HVLDVTXHQDFHUDKXPDQDPHQWH\TXH
DGHPDVHVHWHUQRSRVH\HQGRDWULEXWRVGLYLQRVWDPELHQVHQRVDILUPDTXHGHVGHODYHQLGDFRQTXHKDFHVX
DSDULFLRQKDVWDVXYXHOWDHQXQDVHJXQGDYHQLGDUHDOL]DXQDREUDWHUUHVWUH\RWUDFHOHVWHFRQ
UHSHUFXVLRQHVFRVPLFDV\HQORVTXHYDQYLYLHQGRHQODWLHUUD
(QHIHFWRKHPRVHVWXGLDGRTXHHO0HVLDVOOHYDULDDFDERXQDPLVLRQOLEHUDGRUDGHODVJHQWHV\
DQXQFLDULDODLGHRORJLDGHO5HLQRGH'LRV'QFIFI,VD\TXH
FRPRFRQVHFXHQFLDGHHOORSDGHFHULD\VHOHTXLWDULDODYLGD,VDFI'QSS
3HURWDPELHQVHSUHVHQWDDO0HVLDVFRPRVXSHUDQGRDODPXHUWH,VDDODGLHVWUDGH'LRV
HMHUFLHQGRXQVDFHUGRFLRVHJXQODRUGHQGH0HOTXLVHGHF6DOFI0W'DQLHOQRV
FRPSOHWDHVWHFXDGURGHVFULELHQGRQRVTXHHO0HVLDV'QHOTXHKDGHFXPSOLUODRUGHQ
GLYLQDFI'QLQDXJXUDULDGHVSXHVGHKDEHUSXHVWRVXYLGDHQH[SLDFLRQ'QSSFI,VD
XQ6DQWXDULRGLVWLQWRXSDOTXHVHGHVWUX\HHQODWLHUUDGHVSXHVGHODPXHUWHFI'Q
VS3HURHVWRQRVORFRQILUPD'DQLHOGHVSXHVGHTXHVHQRVKDQSUHVHQWDGRORVFRQWHQLGRVGHOFDSLWXOR
TXHHVWDQXQLGRVDOFRQFHSWXDOFXOWXDOHKLVWRULFDPHQWH(QHIHFWRHQVHQRVKDEODGHXQ
3ULQFLSHTXHSRVHHXQ&RQWLQXR\XQ6DQWXDULR\TXHXQ&XHUQRSHTXHQROOHYDDFDERXQDREUD
FRQVLVWHQWHHQTXLWDUODSRVLELOLGDGDQXPHURVRVVHUHVKXPDQRVGHDFFHGHUDORTXHLPSOLFDHVH
&RQWLQXR\6DQWXDULR3RUXQODGR'QQRVSUHGLFHGHXQDREUDWHUUHVWUHDUHDOL]DUSRUHO
0HVLDVLQDXJXUDQGRXQ6DQWXDULRGHVSXHVGHVXPXHUWH'QXS\TXHHQHOWUDQVFXUVRPLQLVWHULDO
GHHVH3ULQFLSHHQVX6DQWXDULRGHVGHTXHVHDFHUFDIXQFLRQDOPHQWHDO$QFLDQRGH'LDVGHVSXHVGHVX
UHVXUUHFFLRQ\DVFHQVLRQ'Q'QFI6DOFI0WFI
0FFI0WTXHDEDUFDWRGDODKLVWRULDKDVWDHOILQDO0WFI'Q
OOHYDDFDERXQPLQLVWHULRFRQWLQXRGHDFDEDUFRQORVHQHPLJRVGH'LRV'Q'Q
FI6DOFI0WHQEDVHDVXREUDWHUUHVWUHUHIOHMDGDHQ'Q
(VH+LMRGHO+RPEUHTXHKDDVFHQGLGRDOFLHORDODGLHVWUDGH'LRV0FSSFI'Q
XSSSLUDHQQXEHVKDFLDHODQFLDQRGHGLDVSDUDODQXHYDIXQFLRQGHMXLFLR'QFI-Q
GHVSXHVGHVHULQWURGXFLGRHOFXDUWRUHLQR\XOWLPR\GHVSXHVGHKDEHUVHYLVWRSURORQJDUHOFXDUWR
UHLQRPHGLDQWHHOGRPLQLRGHO&XHUQRFI'QFIGHVSXHVGHGLDV
SURIHWLFRV'QDORVGLDVSURIHWLFRVHQHOVHJXQGRPRPHQWRKLVWRULFRGHVXPLQLVWHULR
FRQWLQXR'QFIHQWRQFHVODDXWRULGDGSDUDMX]JDUTXHWLHQHHO+LMRGHO+RPEUH-Q
VHPDQLIHVWDUDGHDFXHUGRDORLQGLFDGRHQ'DQLHOHQHOVHJXQGRPRPHQWRKLVWRULFR'Q
FI'Q\GHVSXHVVHGDUDHOUHLQRDORVVDQWRVGHO$OWLVLPR'QFXDQGRKD\DQSDVDGRORV
FXDWURUHLQRV'QFXDQGRHOFXDUWRUHLQR\XOWLPRKD\DSDVDGR'QFXDQGR
HOMXLFLRGHO+LMRGHO+RPEUHKD\DDFDEDGR'Q\VHKD\DFRPSUREDGRFI0W
TXLHQKDHQWUDGRDODERGDGHOFRUGHURFI0WKD\DFRPLGR\EHELGRODFDUQH\VDQJUHGHO
+LMRGHO+RPEUH-Q\OOHYDGRHOYHVWLGRHVSHFLDO0WHQWRQFHVORVVDQWRVUHFLELUDQ
HO5HLQRHOSRGHUHOGRPLQLRODUHVXUUHFFLRQ-QFI'QFI'Q
ODYLGDHWHUQDGHILQLWLYD\SDUDVLHPSUH-Q
 ([SOLTXHPRVPDVSURIXQGDPHQWHWRGRHVWR
4XLHQHVHO+LMRGHO+RPEUH\HOPRGRGHDFHUFDUVHDO$QFLDQRGHGLDV
'DGDODPDJQLWXGGHVXREUD\PHQVDMHODH[SUHVLRQ+LMRGHO+RPEUHYQVVDUEL.^.XEDU
HQDVHVODTXHFRUUHVSRQGHDXQVHUFHOHVWLDO
(VPX\LPSRUWDQWHODPDQHUDHQTXHORVYHUERVKHEUHRVGHVFULEHQODYHQLGD\OOHJDGDDO$QFLDQRGH
'LDV/RVWUHVVRQGLIHUHQWHV(OSULPHURKZK@KWHDD
^DW(KDZD`HVXQDIRUPDFRPSXHVWDSRUXQ
SDUWLFLSLRGHOYHUERYHQLU\XQSHUIHFWRGHOYHUERVHUYLQLHQGRHVWDEDHOVHJXQGRHVXQSHUIHFWR
KM
HP^PXD`VHDFHUFR\HOWHUFHURHVXQSHUIHFWRHQIRUPDFDXVDWLYD\KL:EU!T^TUXEXRKL`
ORFRQGXMHURQ(ODQWHFHGHQWHGHWRGRVHVWRVYHUERVRULHQWDQGRORVHVODIUDVHODVQXEHVGHOFLHOR
>@
&XDOTXLHUDTXHFRPSUXHEDHVWDIRUPDGHSUHVHQWDUVHORVYHUERV GHVFXEUHXQDLQWHQFLRQDOLGDG
SDUDGHVFULELUQRVXQSURFHVRHQHOPRYHUVHKDFLDHO$QFLDQRGHGLDVVHWUDWDGHDOFDQ]DUDO$QFLDQRGH
GLDVFDGDYH]PDVFHUFDHVWDDOFDQ]DQGRHVWDUPDVFHUFDOOHJDDHVWDUPDVFHUFD\WRGDYLDKDOOHJDGRD
HVWDUPDVFHUFDGH(O
(VWHSURFHVRGHFHUFDQLDGHEHULDPRVHQWHQGHUORHQWHUPLQRVIXQFLRQDOHVSXHVWRTXHVHLQWURGXFHSRU
-HVXVPHGLDQWHODIXQFLRQGHHVWDUVHQWDGRDODGLHVWUDGH'LRV'HVGHXQFLHUWRPRPHQWRKLVWRULFRTXH
SUR\HFWDULDXQDQXHYDIXQFLRQHVWDFRQHO$QFLDQRGHGLDVSHURGDGRVXQXHYRFDPELRIXQFLRQDOVH
VLJXHGHVFULELHQGRFRPROOHJDQGRDHVWDUPDVFHUFD\HQXQDQXHYDIXQFLRQVHGHVFULEHGHQXHYRFRPR
PDVFHUFD
/DUHSHWLFLRQSRURWUDSDUWHGHWUHVYHFHVPX\XVXDOHQODDSRFDOLSWLFDSDUDGHVFULELUQRVORPD[LPR
RORVXPRGHXQSODQGHXQDFDUDFWHULVWLFDGHWHUPLQDGDRGHXQSURFHVRSODQLILFDGRFRQXQDPLVLRQ
FRQFUHWDPHQWHFHOHVWLDOHQHVWHFDVRDSRUWDXQFRQWHQLGRFRPSOHPHQWDULRDQXHVWUDGHGXFFLRQ
/DPHWULFDFRQILJXUDXQDHVWUXFWXUDSRHWLFDVHQDODQGRVHODPLVPDFDUDFWHULVWLFDSDUDHOPRYLPLHQWRGH
FHUFDQLDKDFLDHO$QFLDQRGHGLDV(VWDULDPRVVHJXQORVHVSHFLDOLVWDVHQSUHVHQFLDGHWUHVWLSRVGH
FRPSRVLFLRQSRHWLFDVTXHKDQVLGRUHGDFWDGDVVHJXQXQDPHWULFDGHFUHFLHQWHHO+LMRGHOKRPEUH
DSUR[LPDQGRVHFDGDYH]PDVFHUFDGHODQFLDQRGHGLDV(VWDPHWULFDYDGHXQJROSHGHDFHQWRV
WRQLFRVFRQHOYHUERDOILQHQXQDOLQHDGHDFHQWRVWRQLFRVFRQHOYHUERDOILQ\HQXQDOLQHDGH
>@
DFHQWRVWRQLFRVFRQHOYHUERDOILQDO
>@
(OYHKLFXORGHODVQXEHVGHOFLHOR VHWUDWDULDGHXQDWHRIDQLDPDUFDGDSRUPLULDGDVGHDQJHOHV
PRVWUDQGRQRVTXHORTXHVHWUDQVSRUWDHVXQVHUFHOHVWLDODILQDODGLYLQLGDGHWHUQD
(VWHYHKLFXORTXHDUURSD\WUDQVSRUWDGHODOJXQPRGRDO+LMRGHO+RPEUHFRPELQDGRFRQODV
FRQVWUXFFLRQHVYHUEDOHV\SRHWLFDVQRVPRVWUDULDXQDHQWUDGDHQHVFHQDDILQGHUHDOL]DUGLIHUHQWH
IXQFLRQHVHYLGHQFLDQGRTXHODFHUFDQLDKDSDUWLGRGHOH[WHULRUKDVWDHOLQWHULRU
/DOOHJDGDDORPDVFHUFDGHO$QFLDQRGH'LDVPHGLDQWHODVHFXHQFLDSUR\HFWDGDSRUHOWHUFHUYHUER
QRVSURYHHHOWH[WRODIXQFLRQGHOMXLFLR/DLGHQWLILFDFLRQGHO+LMRGHO+RPEUHFRQHO3ULQFLSHGHO
HMHUFLWRTXHHMHUFHXQFRQWLQXRHQVX6DQWXDULRFI'QGXUDQWHWRGRHOWLHPSRHQTXHHOFXHUQR
SHTXHQRGH'DQLHOVHGHGLFDDGHVYDORUL]DUHOFRQWLQXRGHO3ULQFLSHQRVSURYHHXQDIXQFLRQDQWHULRUD
HVDGHOMXLFLRHYLGHQFLDGDHQODVHFXHQFLDSUR\HFWDSRUHOVHJXQGRYHUERHVDGHOMXLFLRHVWDDVXYH]
>@
UHSUHVHQWDGDHQHOWH[WRGH'DQLHO(OQXHYRWHVWDPHQWR QRVSURYHHFRQODLGHQWLGDGTXHHO
0HVLDV-HVXVKDFHFRQHO+LMRGHO+RPEUHGH'DQLHOFI-Q/F\FRQVX
PRYLPLHQWRGHDVFHQGHU\VHQWDUVHDODGLHVWUDGH'LRVFI0W+EFI6DOOD
SULPHUDIXQFLRQGHDFHUFDUVHRULJHQSRVLFLRQDOTXHDEDUFDODVGHPDVIXQFLRQHVDUHDOL]DUVHHQHOWLHPSR
DILQGHDFDEDUFRQORVHQHPLJRVGH'LRV\GHOVHUKXPDQRFI+E\TXHHVWDLQWURGXFLGDSRU
HOPRYLPLHQWRGHOSULPHUYHUER
(OUHWRUQRGHO+LMRGHO+RPEUHVHQRVSUHVHQWDWUDQVIRUPDQGRODVQXEHVGHOFLHORHQHOUHFLELUHO
UHLQRGRPLQLR\SRGHUFDUDFWHULVWLFRVGHODGLYLQLGDG\QRVPDUFDHOILQGHODIXQFLRQGHOMXLFLR'Q
\HOFRPLHQ]RGHOWUDVSDVRGHODJDUDQWLDGHODHOLPLQDFLRQGHOSHFDGR\GHOUHVWRGHORVHQHPLJRV
GH'LRVDOSXHEORGHORV6DQWRV'DQGRVHQRVDHQWHQGHUFXDQGRHVWRVXFHGDTXHHOUHFLELUHVHGRPLQLR
HOSXHEORVXSRQHTXHHO+LMRGHO+RPEUHKDFRQVHJXLGRHQHVDVIXQFLRQHVDODGLHVWUDGH'LRVOD
GHVWUXFFLRQGHORVHQHPLJRV\VXSRVHVLRQGHO5HLQRQRWLHQHQLQJXQHQHPLJRFID&RU
>@

/DLGHQWLGDGGHO+LMRGHO+RPEUHFRQHO3ULQFLSHGHO(MHUFLWR'Q\FRQHO3ULQFLSHGHORV
SULQFLSHV'QDWHVWLJXDGDSRUODLGHQWLGDGGHORVDFRQWHFLPLHQWRV\DFWLYLGDGHVUHODFLRQDGRVFRQ
HO+LMRGHO+RPEUHGH'DQLHOQRVOOHYDDLGHQWLILFDUORFRQHO3ULQFLSH0HVLDVGH'DQLHO
SRUODLGHQWLGDGREOLJDGDGHO3ULQFLSH0HVLDVFRQHO3ULQFLSHGHOHMHUFLWR\3ULQFLSHGHORVSULQFLSHVGH
>@
'DQLHO
(VHYLGHQWHTXHGHVGHVXDVFHQVLRQODXELFDFLRQGHVXIXQFLRQDOLGDGJOREDOKDVLGRODGHHVWDUDOD
GLHVWUDGH'LRV
6HJXQHVWHSURFHVRODYHQLGDHQODVQXEHVGH0DWHRVHYHFRPSOHPHQWDGDFRQ'DQLHOSRU
FXDQWRODHVFHQDGHODYHQLGDGHODVQXEHVGH'DQLHOVHKDGHLQWHUSUHWDUFRPRXELFDGDHQWUHV
PRPHQWRVGLVWLQWRVGHDFXHUGRDORVWUHVYHUERVGLVWLQWRVTXHVHHPSOHDSDUDGHVFULELUHVDOOHJDGDHQOD
QXEHVKDVWDHO$QFLDQR\TXHDEDUFDXQDVHFXHQFLDWHPSRUDOH[SUHVDGDHQIXQFLRQHVGHO+LMRGHO
+RPEUHFRQHO$QFLDQRGHGLDVGHVGHOD$VFHQVLRQ/FFI0FFI+HFK
XQLGDDVXPLQLVWHULRFRQWLQXRTXHVHLQLFLDHQRFDVLRQGHO6DQWXDULRLQDXJXUDGR'QXSFI
KDVWDOOHJDUDODPDUFDGDSRUHO-XLFLR'QFI\ODTXHVH
LQLFLDDSDUWLUGHUHFLELUHO5HLQRTXHVHSURORQJDKDVWDVHJXQGD9HQLGD'QFI
0W
(QFRQFOXVLRQFDGDYH]TXHVHPHQFLRQDHOGHUDVSHVHU+LMRGHO+RPEUHHQHOFRQWH[WRGHVXPXHUWH
SDVLRQVHQRVHVWDGLFLHQGRDOPLVPRWLHPSRTXHHO+LMRGHO+RPEUHQRPXHUHGHILQLWLYDPHQWHVLQRTXH
VXPXHUWHUHDOVHUDUHYHUWLGDPHGLDQWHODUHVXUUHFFLRQ\PLQLVWHULRFHOHVWHYROYLHQGRHQXQDVHJXQGD
9HQLGD
>@
$OKDFHUHVWHUHFXUVR-HVXVHVWDGDQGRYDORUDHVDHSRFDGH-XLFLR TXHHQWURQFDGDHQSDUDOHOR
FRQHOVHJXQGRPRPHQWRKLVWRULFRGHODIXQFLRQDOLGDGGHO6DQWXDULR'QFI
HVWDSURIHWL]DQGRQRVTXHHOMXLFLRGHOGLDGHODVH[SLDFLRQHVGHO6DQWXDULRWHUUHQDOWHQGUD
XQFXPSOLPLHQWRFRQHOYHUGDGHUR0HVLDV-HVXVDODSOLFDUVHHVWRVWH[WRVQRVHVWDGLFLHQGRTXHGHVSXHV
GHTXHHO&RUGHURGH'LRVGHVXYLGDSRUHOSHFDGR-QDVFHQGHUDDO6DQWXDULRGH'LRV
VHQWDQGRVHDODGLHVWUDGH'LRVGHDFXHUGRDOVDFHUGRFLRGH0HOTXLVHGHF6DOFI0W
HMHUFHUDFRPR6DFHUGRWHGRQGHVHLPSOLFDODLQWHUFHVLRQ\FRQYLHUWHGHILQLWLYDPHQWHSRUHO
FXPSOLPLHQWRDQXQFLDGRSURIHWLFDPHQWHHQ'DQLHOFISSDOGLDGHODV
H[SLDFLRQHVUHODWLYRDO6DQWXDULRWHUUHQDOHQWLSRORJLFR0XHVWUDODYDOLGH]GHHVDWLSRORJLDGHOGLDGH
ODVH[SLDFLRQHVPHGLDQWHODUHDOLGDGTXHVHFXPSOHHQHO\HQORVDFRQWHFLPLHQWRVVHQDODGRVSDUDHO
'DQLHOQRVDQXQFLDEDXVDQGRHO6DQWXDULRWHUUHQDOGHUDVLFDPHQWHTXHGLFKR6DQWXDULRVHQDODEDHQVX
UHDOLGDGYLUWXDOSDUDHOSXHEORGH,VUDHOTXHH[LVWLDXQ6DQWXDULRGHO3ULQFLSH0HVLDVTXHVHULD
VDFULILFDGRHQHODWULRGHHVWDWLHUUDSSDQWHVGHODLQDXJXUDFLRQGHO6DQWXDULRFI\XQD
YH]GHGLFDGRGLFKR6DQWXDULRGHO3ULQFLSH0HVLDVVHOHYHHMHUFHUHQXQ&RQWLQXRPLQLVWHULRVDFHUGRWDO
FI6DOGHVWDFDQGRVHHQVXIXQFLRQDOLGDGWHPSRUDOHLGHRORJLFDHVHPLQLVWHULR
&RQWLQXRHQHO6DQWXDULRGHO0HVLDV'QFRUUHVSRQGLHQWHDXQGLDGHODVH[SLDFLRQHVDQWLWLSR'Q
GHDFXHUGRDOGLDGHODVH[SLDFLRQHVWLSRORJLFRRIUHFLGRHQODIXQFLRQDOLGDGGHO
6DQWXDULRWHUUHQDO(O1XHYR7HVWDPHQWRUHFRJHGHUDVLFDPHQWHHVWHFXPSOLPLHQWRELIDVLFRDSOLFDQGRVHOR
DODREUD\SHUVRQDGHO0HVLDV-HVXVGH1D]DUHWEDVDQGRVHHQ'DQLHOTXHQRVSUHVHQWDDVXYH]ODREUD
GHO0HVLDVGHQWURGHOPDUFRGHO6DQWXDULRGHO0HVLDV\HMHUFLHQGRHQHOGHDFXHUGRDO6DQWXDULR
WHUUHQDO\TXHGDGRHOXVRTXHWDQWR'DQLHOFRPRHO1XHYR7HVWDPHQWRXWLOL]DQORFRQVLGHUDQFRPRXQD
>@
WLSRORJLDGHODUHDOLGDGSUHVHQWHGHO3ULQFLSH0HVLDVHQVX6DQWXDULR
3RGHPRVFRQFOXLUFRQHVWHWULSOHFRQMXQWRGHWH[WRVVREUHHO+LMRGHO+RPEUHTXHKHPRVDQDOL]DGR
FRQRWURVWH[WRVDILQHV\VXVFRQWH[WRV\WHQLHQGRHQFXHQWDHOGHUDVSHVHU+LMRGHO+RPEUHTXH
-HVXFULVWRDOLGHQWLILFDUVHWDQWRDOFRPLHQ]RGHVXODERUGHSUHGLFDFLRQVREUHHOUHLQRGH'LRVFRPR
FXDQGRORKDFHDHVWHSUHVHQWHPLHQWUDVGXUDEDVXPLQLVWHULRFRPRDGHPDVFXDQGRORUHILHUHDOILQDO
UHODFLRQDQGRORFRQVXPXHUWH\SDVLRQQRVHVWDWUD\HQGRXQDFRQVWDQWHLQGHSHQGLHQWHPHQWHGHORTXH\D
KHPRVGLFKRHQODVGLIHUHQWHVFRQFOXVLRQHVGHORVSDVDMHVVHOHFFLRQDGRVTXHVHUHILHUHQDO+LMRGHO
+RPEUHTXHGHVGHHOSULQFLSLR-HVXFULVWRHVFRQVFLHQWHGHVXSHUVRQDOLGDG\PLVLRQ1RVHSRGULDQFLWDU
HVWRVWH[WRVVLQTXHKXELHUDXQDVHJXULGDGSDUDHOOR"4XHKXELHUDRFXUULGRVL-HVXVQRKXELHUD
PHQFLRQDGRORTXH-XDQQRVWUDHVREUHHO+LMRGHO+RPEUHDOFRPLHQ]RGHVXPLQLVWHULR\HQUHODFLRQD
VXILQDO"4XHDKRUDVHHVWDULDDUJXPHQWDQGRTXH-HVXFULVWRQRWHQLDFRQFLHQFLDPHVLDQLFDQLGHODPXHUWH
FRPRUHVXOWDGRGHVXREUDGHSUHGLFDFLRQGHUHWRUQRDO3DGUHGHUHFRQFLOLDFLRQFRQQXHVWUDVUDLFHV<
HVWRTXHDFDERGHDILUPDUQRHVXQDLQWHUSUHWDFLRQWHRORJLFDTXH\RHVWHKDFLHQGRVLQRODFRQVWDWDFLRQ
TXHPHPXHVWUDQORVWH[WRV-XDQHOSULPHUHYDQJHOLRHVFULWRMXQWRDOGH0DWHRPHHVWDGHVFXEULHQGRHQ
WRGRHOFRQWH[WRGRQGHLQVHUWDORGHO+LMRGHO+RPEUHTXHHVWDHQHOFLHORGHDFXHUGRDORTXHQRV
SUHVHQWD'DQLHOSHURDOPLVPRWLHPSRGHVFHQGLGRTXHVHULDOHYDQWDGRFRPRODVHUSLHQWHGHEURQFHGH
>@
0RLVHV DQXQFLDQGRVXOHYDQWDPLHQWR-QFIPXULHQGRSRUODKXPDQLGDGFRPR
FRQVHFXHQFLDGHVXREUDGHSUHGLFDFLRQ\GHKDFHUODHIHFWLYD(VWRLEDDLPSOLFDUGHVGHHOSULQFLSLRXQ
UHSODQWHDPLHQWRGHODUHOLJLRQGH,VUDHO6LHO+LMRGHO+RPEUHHVWDDTXL\VHLGHQWLILFDFRQHO
>@
0HVLDV WRGRVORVYDORUHV\FRQWHQLGRVTXHSUHILJXUDEDQDHVH+LMRGHO+RPEUH\DO0HVLDVWHQGULD
VXFXPSOLPLHQWR"<HQWRQFHV"4XH,VUDHOFRPRQDFLRQTXHVXEVLVWLDFRQORVYDORUHVUHOLJLRVRVGHO
OODPDGR$7UHSUHVHQWDGDSRUVXVGLULJHQWHVSULQFLSDOHVGHELDGHMDUSDVRDODQXHYDGLPHQVLRQTXH
WUDLDHVH+LMRGHO+RPEUHPHVLDQLFRFI-Q\HVRVLJQLILFDEDRODFRQYHUVLRQDODQXHYDGHO
+LMRGHO+RPEUHFRQWRGRORTXHLPSOLFDEDGHDEDQGRQRGHVXVSULYLOHJLRVHFRQRPLFRVHLQVWLWXFLRQDOHV
RSHUSHWXDUVHHQHOSRGHUPHGLDQWHHOUHFKD]RGHO+LMRGHO+RPEUHTXHSDUDGRMLFDPHQWHHVDSURPHVD
ODGHODYHQLGDGHO+LMRGHO+RPEUHOHFRQIHULDSUHFLVDPHQWHVXUD]RQGHVHUHOFRODERUDUHQOD
SUHSDUDFLRQGHODYHQLGDGHO0HVLDV\HQVXSURPRFLRQHLQVWDXUDFLRQ(VGHFLU,VUDHOUHSUHVHQWDGDSRU
VXVGLULJHQWHVUHFLELRHVRVSULYLOHJLRVKDVWDTXHOOHJDUDHO+LMRGHO+RPEUHPHVLDQLFRDQXQFLDGR$KRUD
FXDQGROOHJDHVH+LMRGHO+RPEUHVLJXHTXHULHQGRVHPDQWHQHUFRQVXHVWDWXVFRQORTXHFUHDXQ
REVWDFXORDODREUDGHVDOYDFLRQDQXQFLDGDSDUDHOKLMRGHO+RPEUHPHVLDQLFR\XQFRQIOLFWRSHUVRQDOGH
LQWHUHVHVHQWUHORVGLULJHQWHVUHSUHVHQWDWLYRVGH,VUDHOFRQ-HVXVGH1D]DUHWLGHQWLILFDGRFRQHO+LMRGHO
+RPEUHPHVLDQLFR\TXHFRQWULEXLUDDTXHODPXHUWHGH-HVXVVHKDJDQHFHVDULDYLFDULD\H[SLDWRULDDO
QRUHFKD]DU-HVXVVXVSRVLFLRQHVPHVLDQLFDVHYLGHQFLDQGRVHORTXHYDUHVXOWDQGRGHHVDUXSWXUDFRQOD
IXHQWHGHODYLGDTXHHV'LRVPHGLDQWHODWUDQVJUHVLRQRGHVREHGLHQFLDTXHLQWURGXMRSULPHURHO
0DOLJQROXHJR$GDQVHGXFLGRSRUDTXHO
(O+LMRGHO+RPEUHVHLQVHUWDGHVGHHOSULQFLSLRFRQHOUHLQRGH'LRV-QFI
FI0WFI0F\FRQHO0HVLDV/FFISDUDGHMDUFODUDVX
LGHQWLGDG\PLVLRQ<ORVGLULJHQWHVUHSUHVHQWDWLYRVYD\DQWRPDQGRQRWDUHVSHFWRDOYDORUHLPSRUWDQFLD
GHODVDOYDFLRQTXHHO+LMRGHO+RPEUHPHVLDQLFRWUDLD(VDVDOYDFLRQVXSRQLDFDPELRVSURIXQGRVWDQWR
>@
HQORSHUVRQDOGHFDGDXQRFRPRHQORLQVWLWXFLRQDOUHSUHVHQWDGRSRUHOFROHFWLYRGLUHFWLYR
(OHVTXHPDTXHQRVKDGHDQXQFLDUHO1XHYR7HVWDPHQWRHQVXWRWDOLGDGHVODOOHJDGDGHODREUDGHXQ
0HVLDVGHDFXHUGRDOWLHPSR\DORVFRQWHQLGRVGHOGHFUHWRGLYLQRDQXQFLDGRSDUDVHWHQWDVHPDQDVR
GLDVSURIHWLFRVTXHVHSUHVHQWDQHQYXHOWDVGHQWURGHXQFURQRVGHGLDVSURIHWLFRV\ODSXHVWDHQ
PDUFKDGHXQ6DQWXDULR&HOHVWLDODQXQFLDGRHQHOGHFUHWRGLYLQR'Q\HVSHFLILFDGRHQVXVHUYLFLR
&RQWLQXRHQ'DQLHOFRQWDELOL]DQGRVHHQHOWUDQVFXUVRGHXQWLHPSRRULHQWDGRSRUGLDV
SURIHWLFRVTXHFXDQGROOHJDQDVXWHUPLQRPRVWUDUDODREUDGHO3ULQFLSH0HVLDVDFRQWLQXDFLRQGHHVRV
>@
GLDVSURIHWLFRV
<HVFXULRVDPHQWHUHYHODGRUSDUDXQDLQWHUSUHWDFLRQGHUDVLFD\GHDFXHUGRDODWLSRORJLDGHO
IXQFLRQDPLHQWRGHO6DQWXDULRWHUUHQDOTXH'LRVPDQGRTXHVHFRQVWUX\HUDHQODHSRFDGHOSXHEORGH
,VUDHO\TXH\D3DEORQRVUHFXHUGDHQVXIXQFLRQDOLGDGVHUXQVLPERORGHO6DQWXDULRFHOHVWLDO+E
VVQRFRQVWUXLGRSRUPDQRVKXPDQDVQRGHHVWDFUHDFLRQ+E\TXHODIXQFLRQDOLGDG
ELIDVLFDLQLQWHUUXPSLGDTXHVHQRVSUHVHQWDHQHO6DQWXDULRWHUUHQDOLVUDHOLWDDSDUHFHHVHQFLDOPHQWH
HVTXHPDWL]DGDHQHVDSURIHFLDGH'DQLHO
2EVHUYHVHODVFRLQFLGHQFLDVUHDOHVTXHGHODIXQFLRQDOLGDGGHO6DQWXDULRWHUUHQDOVHWUDVODGDQDOD
IXQFLRQDOLGDGHQODUHDOLGDGGHO6DQWXDULRGHO3ULQFLSH0HVLDVDSDUWLUGHOILQDOGHORVGLDV
>@
SURIHWLFRVFRUWDGRVGHORVGLDVSURIHWLFRV
"4XHVHQRVTXHUUDGDUDHQWHQGHUFRQORGLFKRDQWHULRUPHQWHSDUWLHQGRGHTXHFRQHOFDSLWXORVH
XQLILFD\UHODFLRQDWRGDODSURIHFLDGH'DQLHOPHGLDQWHHOVLVWHPDTXHDSDUHFHFRPRKDFLHQGRODFRQWUD
DOSODQGH'LRVHVXQXQLFR\PLVPRVLVWHPD\DXQFXDQGRSUHWHQGHUHSUHVHQWDUORORKDFHGHPDQHUD
GLVWLQWDDFRPRORKDFHVXXQLFRUHSUHVHQWDQWHHO3ULQFLSH0HVLDV""4XHVHQRVTXHUUDGDUDHQWHQGHU
FRQTXHHOSURWDJRQLVWDTXHUHSUHVHQWDD'LRVDVXREUD\DVX3XHEORHVWDPELHQXQXQLFR\PLVPR
SHUVRQDMH"
6RQHYLGHQWHVHQORVWH[WRVGHVFULWRVPDVDUULEDWUHVHOHPHQWRVHVHQFLDOHVTXHUHVSRQGHQDODWLSRORJLD
GHO6DQWXDULRWHUUHQDOSHURHQYHUVLRQDQWLWLSLFD$SDUHFHODH[LVWHQFLDGHXQ6DQWXDULR\GHXQDREUD
HQHVH6DQWXDULRFI'QFIXSFI'Q$SDUHFH
XQSHUVRQDMHFHQWUDOTXHHMHUFHHQXQ6DQWXDULRTXHHVVX\RFIXSSS
$SDUHFHQGRVWLHPSRVFODUDPHQWHGHOLQHDGRVSRUHVHHMHUFLFLRPLQLVWHULDOHQHO6DQWXDULR3RUXQODGR
VHQRVYDWLFLQDODOOHJDGDGHODREUDGHO0HVLDVHQODVHSWXDJHVLPDVHPDQDGHDQRVUHDOL]DQGRXQD
PLVLRQHQWUHRWUDVFRVDVSDUDWHUPLQDUFRQHOSHFDGR
WD-
[^+DDRW`\ODSUHYDULFDFLRQ
>Y3RK^KD33HRVDC`\SDUDH[SLDUU3(DNO:^XOXND33HU`ODLQLTXLGDGZ2H>
^CDZRQ`
>@

(VLPSRUWDQWHKDFHUQRWDUDOJXQDVFRVDVGHODVTXH\DGLMLPRVFXDQGRFRPHQWDEDPRVODV
FRQVHFXHQFLDVGHODOOHJDGDGHO3ULQFLSH0HVLDVHQQXHVWURHVWXGLRVREUHORVGLDVSURIHWLFRVDQRV\
ORVGLDVSURIHWLFRVDQRV5HFXHUGHVH\QRWHVHODSUHJXQWD"+DVWDFXDQGRODYLVLRQORGHOFRQWLQXR
ODSUHYDULFDFLRQ\ORGHO6DQWXDULRSLVRWHDGR"'Q(VWDSUHJXQWDVHIRUPXODSRUPRWLYRGHOD
REUDGHO&XHUQR/DLGHDVHULD"KDVWDFXDQGRHVWDODERUQHJDWLYD\UHVWULFWLYDTXHHO&XHUQRHMHUFHVREUH
ODYHUGDGHOFXOWRDGHFXDGR\HQORUHODWLYRDO6DQWXDULR\DO&RQWLQXRPLQLVWHULR6DFHUGRWDOGHO
3ULQFLSH""+DVWDFXDQGRYDDFRQWLQXDUVLQXQDUHSOLFDTXHFRORTXHFDGDFRVDHQVXVLWLRTXHUHVWDEOH]FD
ODYHUGDGVREUHHO6DQWXDULR\HO&RQWLQXRTXHUHKDELOLWHODLGHRORJLDTXHVRVWLHQHHVDVYHUGDGHVGHO
6DQWXDULR\GHO&RQWLQXR""+DVWDFXDQGRODYLVLRQTXHHPSLH]DFRQ0HGR3HUVLD\DODTXHVHYDQ
LQFRUSRUDQGRGLIHUHQWHVSURWDJRQLVWDV\FRQWHQLGRV""+DVWDFXDQGR"6HIRUPXODXQDUHVSXHVWDTXHOOHJD
>@
GHVGHTXHHPSLHFHKDVWDHOWUDQVFXUVRGHDQRV([SOLFDEDPRVHQWRQFHV TXHODSUHJXQWDH[LJLD
XQDREUDWHUUHVWUHVXVWHQWDGDHQODREUDHLGHRORJLDGHO3ULQFLSH(VWDREUDWHUUHVWUHKDEULDGHFRQVLVWLUHQ
UHVWDEOHFHUWRGRORTXHHVWDLPSOLFDGRHQHOFRQRFLPLHQWRGHODYHUGDGGHO&RQWLQXR\GHO6DQWXDULRGHO
3ULQFLSHDVXQWRVTXHKDELDQTXHGDGRFRQWDPLQDGRVFRQODSUHVHQWDFLRQGHO3ULQFLSHVLQVX&RQWLQXR\
FRQHOGHVSUHFLRGHOYDORUGHO6DQWXDULRGHO3ULQFLSHSRUSDUWHGHO&XHUQR/DUHVSXHVWDQRVGHMD
DWRQLWRVODVROXFLRQYHQGUDDSDUWLUTXHVHFXPSODQORVDQRVTXHVHFRQWDELOL]DQGHVGHODHSRFD
0HGR3HUVD\WHQLHQGRHQFXHQWDWRGRORLPSOLFDGRHQODYLVLRQ'Q\HVWRFRLQFLGLUDFRQOD
SXULILFDFLRQGHO6DQWXDULRTXHKDELDTXHGDGRFRQWDPLQDGRLGHRORJLFDPHQWH\RFXOWDGRSRUHO&XHUQR
<DHVWXGLDPRVODSDODEUDT'7KFQ,QLF'DTGHQWURGHWRGRXQDEDQLFRGHSRVLELOLGDGHV
'HVGHHOFRQFHSWRMXVWLILFDUGHDFXHUGRDOXVRJHQHUDOL]DGRGHVXUDL]VGTKDVWDHOGHSXULILFDUR
OLPSLDUXWLOL]DGRSRUOD6HSWXDJLQWD\HOVHQWLGRHQQXPHURVRVFDVRVGHOVLQRQLPRDUDPHRMXQWRDOD
LGHQWLGDGSDUDOHODHQYDULRVWH[WRVGHMXVWLILFDUFRQOLPSLDUSDVDQGRSRUUHLYLQGLFDUUHKDELOLWDUR
SRQHUHQVXGHUHFKR
7RGRHVWRGHVFRQFHUWDULDVLQRWXYLHUDPRVHVDSDUWHDGLFLRQDOGHOFDSLWXORGRQGHVHQRVXQLILFDQH
LGHQWLILFDQORVGLIHUHQWHVSURWDJRQLVWDV\ODVGLIHUHQWHVDFFLRQHVGHXQRV\RWURVGDQGRODXOWLPDHVWRFDGD
>@
HLUUHYHUVLEOHDODWHRULD0DFDEHDGHVXGHVJUDFLDGLOOR$QWLRFR,9 (O&XHUQRSHTXHQRHQVX
VHJXQGDUHDOLGDGKLVWRULFDGH'DQLHOHVHOPLVPRTXHHO&XHUQRSHTXHQRGH'DQLHO\HOPLVPRTXH
ODILJXUDGHO6HU'HVSUHFLDEOHGHR5H\GHO1RUWHTXHVHSURORQJDKDVWDHOPLVPRILQHQFRQIOLFWR
FRQHO5H\GHO6XUHORWURVLVWHPDGHPDOGDGTXHUHSUHVHQWDDODFRQFHSFLRQ
HVWDWDO7RGRVHVWRVVLPERORVDH[FHSFLRQGHOUH\GHOVXUUHSUHVHQWDQQRXQDSHUVRQDVLQRXQXQLFR\
>@
PLVPRSRGHU TXHVHSURORQJDKDVWDHOILQGHOPXQGR
/DSUHJXQWDSULPHUDSDUDGHVHPEDUD]DUQRVGHODLQFHUWLGXPEUHVHULD$TXHYLHQHHVWRGHO6DQWXDULR
FRPRVROXFLRQDODSUREOHPDWLFDTXHFUHDHO&XHUQR""4XH6DQWXDULRHVHVH""<TXHVHQRVTXLHUHGHFLU
FRQORGHODSXULILFDFLRQRSXHVWRHQVXGHUHFKRHO6DQWXDULRHQFXDQWRDOFRPRVHOOHYDHVR"
,QVLVWLPRV"4XHPHQVDMHVHQRVTXLHUHGDUFRQHOKHFKRGHTXHHOIXWXURKDVWDHOPLVPRILQGH
OLEHUDFLRQGHO3XHEORGH'LRVUHVSHFWRDVXH[LVWHQFLD\DODREUDGHO&XHUQRSHTXHQRSDVDSRUHO
FRQRFLPLHQWRGHODH[LVWHQFLDGHXQ6DQWXDULR\ODFRPSUHQVLRQGHORTXHLPSOLFDHO&RQWLQXRGHO
3ULQFLSH""3RUTXHVHQRVKDGHKDFHUHQIDVLVHQTXHKDGHKDEHUXQMXLFLRFHOHVWLDOIDYRUDEOHDO3XHEOR
GH'LRV\GHQWURGHXQFRQWH[WRKLVWRULFRHQHOTXHWRGDYLDH[LVWHHO&XHUQRDOTXHVHOHGDXQYHUHGLFWR
GHFRQGHQDFLRQFRQUHSHUFXVLRQHVHQVXPDUFKDKLVWRULFDSHURGHVSXHVGHXQSHULRGRODUJRGHGRPLQLR
HYLGHQFLDQGRVHVXODERUFRQWUDULDDODGH'LRV\FRLQFLGLHQGRSUHFLVDPHQWHHQXQPDUFRVHPHMDQWHDOD
HVFHQDGHODSXULILFDFLRQGHO6DQWXDULRGHO3ULQFLSHGRQGHHMHUFHVXPLQLVWHULRGHIRUPDSHUPDQHQWH"
/DSULPHUDUHVSXHVWDDODLQFRJQLWDYLHQHSUHFLVDPHQWHHQHOFDSLWXOR<DKHPRVH[SOLFDGROD
UHODFLRQDOLGDGHLGHQWLGDGGHGLFKRVFDSLWXORVSHURVLTXHUHPRVFRPSUHQGHUODWUDVFHQGHQFLDKHPRVGH
UHFXSHUDUDOJXQRVDVSHFWRVTXHQRVVHUYLUDQSDUDLGHQWLILFDUGHPRGRLQGXGDEOHHOYDORUHLPSRUWDQFLDGH
HVWRVFRQWHQLGRVUHODWLYRVDO6DQWXDULR\DO&RQWLQXRGHO3ULQFLSH\SRUHQGHDODREUDGHO0HVLDVTXH
QRVD\XGDUDDUHFRQRFHUOR
6LELHQODUHVSXHVWDHQ'DQLHOFRQUHODFLRQDODREUDGHO&XHUQRSHTXHQRUHVXPLGDHQXQD
SUHJXQWDVHGDUDDSDUWLUGHORVGLDVSURIHWLFRVHQ'DQLHOVHQRVGHVFXEUHTXHHVD
FRQWHVWDFLRQHVODFRQWLQXLGDGGHODUHVSXHVWDTXHODREUDGHO0HVLDVUHDOL]DWDQWRWHUUHQDOFRPR
FHOHVWLDOPHQWH
(QHIHFWRHQHQFRQWUDPRVHOLQLFLR\EDVHGHORTXHHQFRQWLHQHFRPRFRPSOHPHQWRD
ORTXHVHRULJLQDHQ/DFRQWLQXLGDGGHOFDSLWXORHQHO\ODXQLGDGGHFRQWHQLGRVRQ
PDQLILHVWDVWDOFRPR\DKHPRVYLVWR\VHSUHFLVDDILQGHHQWHQGHUHOPHQVDMH
(OFDSLWXORWDOFRPRLQGLFDEDPRVVHQRVSUHVHQWDFRQHOGHFRUDGRGHO6DQWXDULR/DVEHVWLDVIHURFHV
KDQVLGRVXVWLWXLGDVSRUXQFDUQHUR\XQPDFKRFDEULR/DWHUPLQRORJLDDOXGHVLPEROLFDPHQWHDODREUD
VDFULILFLDOHQXQ6DQWXDULR'Q
6HQRVSUHVHQWDSRURWUDSDUWHDXQVLVWHPDGHPDOGDGGHQRPLQDGR&XHUQRSHTXHQRTXHDFWXDGHQWUR
GHXQDH[SRVLFLRQDSRFDOLSWLFDFRPRGHVHVWDELOL]DQGRDXQ6DQWXDULRPHGLDQWHXQDREUDLGHRORJLFDTXH
GHVYDORUL]DDO3ULQFLSHTXLWDQGRHOYDORUGHVX&RQWLQXR'HDFXHUGRDORHVWXGLDGRVHWUDWDGHO
>@
&RQWLQXRGHO3ULQFLSH(VDREUDGHPDOGDGRSUHYDULFDGRUD UHVSHFWRDGHVYDORUL]DUDO3ULQFLSHFRQ
VX&RQWLQXRWDOFRPR\DYLPRVFI'QVHUHVXHOYHPHGLDQWHXQDREUDFHOHVWLDOTXHKDVHJXLGR
VXFXUVRLQGHSHQGLHQWHPHQWHGHODODERURSRVLWRUDGHO&XHUQRFI\GHXQDREUDWHUUHQDOH[LJLGD
SRUHOSURSLRWH[WRTXHFRPXQLFDHVDREUDFHOHVWLDO(VGHFLUVLELHQODVREUDGHPDOGDGGHO
&XHUQRHVLQWHUSUHWDGDFRPRTXHVHOHTXLWDHO&RQWLQXRGHO3ULQFLSH\FRPRGHVHVWDELOL]DGRUDGHO
6DQWXDULRGH'LRVGRQGHVHFRQFHQWUDHOSODQGHODVDOYDFLRQTXH'LRVWLHQHSDUDODKXPDQLGDGFI-Q
-QFI0WQRHVPHQRVFLHUWRTXHODREUDLQVWDXUDGDSRU'LRVPHGLDQWHHO
3ULQFLSHHQVX6DQWXDULRVLJXHVXPDUFKDHQFXDQWRDODHOLPLQDFLRQGHOSHFDGRGHDFXHUGRDFI
3HURHQHVDREUDFHOHVWLDOTXHVLJXHVXFXUVRHQODKLVWRULDVHDOFDQ]DXQDFXOPLQDFLRQD
UHVHQDUDORVGLDVSURIHWLFRVTXHHVSUHFLVRFRPXQLFDUDODKXPDQLGDG\TXHSRUVXLPSRUWDQFLD
VHUYLUDWDPELHQSDUDDFDEDUFRQODREUDGHVHVWDELOL]DGRUDGHO&XHUQR
(VHYLGHQWHTXHKD\XQDLQWHQFLRQHQOOHYDUDOOHFWRUDODFRPSUHQVLRQTXHORTXHVHQRVSUHVHQWDDKL
HVXQSODQGHOLQHDGRHQHOVLVWHPDGHO6DQWXDULRWHUUHQDO\TXHORTXHHQHVWHDFWXDFRPRWLSRORJLFRDKL
HQ'DQLHOVHQRVH[LJHHODQWLWLSR
(O0HVLDVYLHQHDHVWDWLHUUDVXPHQVDMHFI'QOHOOHYDDDVXPLUYROXQWDULDPHQWHHOVDFULILFLR
>@
GHVXSURSLDYLGDSSFISS 6HQRVLQIRUPDTXHHOSURSLRSXHEORGHO3ULQFLSH
>@
GHVWUXLULDVXSURSLR6DQWXDULRVS SRUVXDFWLWXGGHUHFKD]RGHVX3ULQFLSH0HVLDV6LQ
HPEDUJRHQODRUGHQGLYLQDTXHWUDHFRQVLJRVXFXPSOLPHQWRPHGLDQWHHO0HVLDVSSVH
QRVDQWLFLSDEDTXHLEDDKDEHUXQDLQDXJXUDFLRQGHXQQXHYR6DQWXDULRFIXS<HVWHFDSLWXOR
TXHHVXQDDFODUDFLRQDORTXHQRVHHQWLHQGHHQHOFSFIFIQRVUHPLWH
DXWRPDWLFDPHQWHDODWHPDWLFDGHO6DQWXDULR\GHO&RQWLQXRGHO3ULQFLSH0HVLDV
7HQHPRVGRVVLWXDFLRQHVKLVWRULFDVUHJLVWUDGDVHQHVWDSURIHFLDGH'DQLHOVHSDUDGDVSRUORTXH
VXSRQHHOILQDOGHODVVHPDQDVGHDQRV\HOILQDOGHORVGLDVSURIHWLFRVTXHHQYXHOYHDDTXHOODV
\TXHILMDQHVRVGRVPRPHQWRVKLVWRULFRV3HURHVWRUHVSRQGHDOHVTXHPDWLSRORJLFRGHO6DQWXDULR
WHUUHQDOGDQGRVHQRVXQPHQVDMHDGLFLRQDO\VXE\DFHQWH'LFKR6DQWXDULRLPSOLFDEDXQDLQDXJXUDFLRQ
SDUDVXSXHVWDHQPDUFKDDXQDYLFWLPDFRPRVDFULILFLRSRUORVSHFDGRVHQHODWULRHPSH]DQGRVHXQ
IXQFLRQDPLHQWRELIDVLFRWDQWRHQORUHIHUHQWHDODIXQFLRQDOLGDGFRUUHVSRQGLHQWHDOOODPDGR/XJDU6DQWR
FRPRHQORGHWHUPLQDGRDODIXQFLRQDOLGDGGHOOODPDGR/XJDU6DQWLVLPR
1DGDQLQDGLHSXHGHQQHJDUODHYLGHQFLDTXHVHQRVSUHVHQWDDTXL(OPHQVDMHHVH[WUDRUGLQDULRHVD
SUHVHQWDFLRQGHO6DQWXDULRWHUUHQDOHPSLH]DDGDUVHDFRQRFHUFRQYDORUWLSRORJLFRHQYLUWXGGHODQXQFLR
SURIHWLFRUHVSHFWRDODYHQLGDGHO0HVLDVFRPRYLFWLPDH[SLDWRULDGHOSHFDGRHQHODWULRGHHVWDWLHUUD
FISSSSSSVSDODPLWDGGHODVHPDQDVHSWXDJHVLPDGHDQRV(O0HVLDVGHDFXHUGRD
OD2UGHQGLYLQDGHGLFDULDXQ6DQWXDULRGHQDWXUDOH]DGLVWLQWDDOTXHVHGHVWUX\HFIXSFIVS
\HMHUFHULDVX&RQWLQXR0LQLVWHULRGHVGHHQWRQFHVGHVSXHVGHVXPXHUWHTXHVHKDDQWLFLSDGRFRPR
VXSHUDGD^,VD6DO`\KDVWDHOILQVHQDODQGRVHQRVRWURPRPHQWRKLVWRULFRHO
GHOILQDOGHORVGLDVSURIHWLFRVGHQWURGHVXPLQLVWHULRVDFHUGRWDOLQLQWHUUXPSLGRTXHKDGH
OOHJDUKDVWDHOILQFRPRLQWURGXFLHQGRVHODIXQFLRQDOLGDGUHODWLYDDODGHO/XJDU6DQWLVLPRGHO
6DQWXDULRWLSRORJLFR
6HHVWDXWLOL]DQGRHOUHFXUVRGHUDVLFRHQHOSURSLR$QWLJXR7HVWDPHQWRSRUPHGLRGHODSURIHFLDSDUD
HOFXPSOLPLHQWRGHORVWLHPSRVPHVLDQLFRV(OSURIHWDDSRFDOLSWLFRQRVHVWDFRPXQLFDQGRTXHKD\XQ
6DQWXDULRTXHFRUUHVSRQGHDO0HVLDV\DODHSRFDPHVLDQLFD<HVWRORFRQVLJXHPHGLDQWHORTXHVHOH
LQVSLUD6HQRVGHVFXEUHODSUHILJXUDFLRQ6HOHHVWDLQYLWDQGRDOSURIHWD\DQRVRWURVDFRPSUREDUTXHOD
WLSRORJLDKXQGHVXVUDLFHVHQODSURPHVDSURIHFLD\VHUHDOL]DHQODSUHILJXUDFLRQ/DWLSRORJLDVH
>@
VXVWHQWDHQODVFROXPQDVGHOFXPSOLPLHQWRPHVLDQLFRFULVWRORJLFRVRWHULRORJLFR (VWD
VREUHQWHQGLHQGRHOYDORUWLSRORJLFRGHO6DQWXDULRWHUUHQDO$ODQWLFLSDUQRVGHHVDPDQHUDHO
FXPSOLPLHQWRGHODREUDGHO0HVLDVHVWDGLFLHQGRQRVTXHHVSUHFLVRUHVFDWDUHVRVYDORUHV
UHSUHVHQWDWLYRVGHO6DQWXDULRWHUUHQDOTXHVHKDQGHFXPSOLUDQWLWLSLFDPHQWHSRUHO0HVLDV"&XDQGR"
&XDQGRGHVSXHVGHSURFODPDUVXPHQVDMH\VHVDFULILTXHYROXQWDULDPHQWHPXULHQGRHQHOHPSHQR'Q
SSLQDXJXUHVXSURSLR6DQWXDULR'QXS\HMHU]DVX&RQWLQXRGHDFXHUGRDORTXH
LPSOLTXHODIXQFLRQDOLGDGWLSRORJLFDGHO/XJDU6DQWR\6DQWLVLPRVHUYLFLRGLDULR\DQXDOGHO6DQWXDULR
WHUUHQDO(VDUHSUHVHQWDFLRQVHQRVPXHVWUDHQODUHDOLGDGGHXQ6DQWXDULRGHO0HVLDVSDUDWRGDODHSRFD
\REUDPHVLDQLFDHQGRVWLHPSRVKLVWRULFRVSSSSFITXHUHFRJHULDQHO
0LQLVWHULRLQLQWHUUXPSLGRGHO3ULQFLSH0HVLDVHQVX6DQWXDULRXQDUHDOLGDGHQHVRVGRVWLHPSRV
PDQLIHVWDGDDQWLWLSLFDPHQWHHQEDVHDORTXHPDUFDHLPSOLFDODIXQFLRQDOLGDGWLSRORJLFDGHO/XJDU
6DQWR\6DQWLVLPRGHO6DQWXDULRWHUUHQDO
>@
1DGDGHHVWRHVFDVXDOLGDGHOMXLFLRTXHHVWDLQFOXLGRHQFDGDGLDGHODVH[SLDFLRQHV DSDUHFH
YDORUDGRGHDFXHUGRDO6DQWXDULRGHO0HVLDVHQHVDSURIHFLDSURPHVDTXH'DQLHOQRVUHILHUHHQVX
FDSLWXOR\TXHWDQWRHOSURWDJRQLVWDGHPDOGDGFRPRHOGHERQGDGMXQWRDORVDFRQWHFLPLHQWRVVRQ
LGHQWLILFDGRVSRUHOFDSLWXORFRQORVSURWDJRQLVWDVGHPDOGDG\GHERQGDGGH
(O-XLFLRTXHDSDUHFHHQ'DQLHOFIHVXQMXLFLRTXHWLHQHGRVYHUWLHQWHV
HOMXLFLRIDYRUDEOHSDUDHOSXHEORGHORV6DQWRV'QDQWHVGHODVHJXQGDYHQLGDGHO+LMRGHO
+RPEUH'Q\XQ-XLFLRWLSRVHQWHQFLDFRQWUDHO&XHUQRYLVXDOL]DQGRVHHQODWLHUUDFRQHO
>@
KHFKRGHLUVHOHTXLWDQGRHOSRGHU &XDQGRXELFDPRVDGHFXDGDPHQWHHO-XLFLRGH
'DQLHOFRPSUREDPRVTXHDFRQWHFHSRVWHULRUPHQWHDOSHULRGR
DVLJQDGRDOFXHUQRGHWLHPSRWLHPSRV\WLHPSRORVDQRVGHVSXHVVLQSUHFLVDUVHH[DFWDPHQWH
HOFRPLHQ]RGHTXHHO&XHUQRFDLJDHQGHVJUDFLDGHELGDPHQWHPDUFDGDUHVSHFWRDSRGHUDVXPLUHO
>@
FRQWUROGHOSXHEORGHORV6DQWRV\HOGHODVQDFLRQHV
(VPX\LPSRUWDQWHUHVHQDUTXHHO&XHUQRSHTXHQRQRHVXQDSHUVRQDHVXQVLVWHPDLGHRORJLFR
LQYHQWDGRSRUHORSRVLWRUD'LRVTXHVLELHQXWLOL]DFRPRYHKLFXORSHUVRQDVKXPDQDVUHSUHVHQWDWLYDVTXH
VHLQWHJUDQHQHOVLVWHPDHVSUHFLVRTXHHVWDVVHDQWUDVFHQGLGDVSRUGLFKRVLVWHPDDILQGHSRGHUVHU
UHVSRQVDEOHV'HFXDOTXLHUIRUPDHO-XLFLRHQEDVHDXQUHJLVWURHVSDUDGHWHUPLQDUTXLHQHV
IRUPDQSDUWHGHOSXHEORGHORV6DQWRVGHDKLODSUHVHQFLDHQHO-XLFLRGHO+LMRGHO+RPEUHTXH
OHVFRQRFH\UHSUHVHQWD\HOUHVXOWDGRGHSRGHULQWHJUDUVHHQHO5HLQRGH'LRV
3RURWUDSDUWHHVWH-XLFLRWLHQHTXHYHUFRQORVSHFDGRVTXHVHOHVKDSURYLVWRVROXFLRQSRUHO0HVLDV
\TXHHVWDFRQWHPSODGRHQ'DQLHOSSSS(OWLSRGHSHFDGRGHO&XHUQRODDERPLQDFLRQQR
>@
WLHQHWUDWDPLHQWR GHDKLTXHHVWH-XLFLRDGLIHUHQFLDGHORTXHVHHIHFWXDSDUDHOSXHEORGHORV
6DQWRVTXHUHVXOWDVHUIDYRUDEOHSDUDHOUHVSHFWRDO&XHUQRFRQVLVWDHQXQDVHQWHQFLDTXHOHFRQGHQD
 >@
UHSHUFXWLHQGROHGHIRUPDPDUFDGDHQVXWUD\HFWRILQDOKLVWRULFRFI0W
8QDYH]PDVHOTXHODLQVSLUDFLRQWUDVPLWDD'DQLHOXQMXLFLRHQWURQFDGRHQHVHVHJXQGRPRPHQWR
>@
KLVWRULFRGHORVGLDVSURIHWLFRV UHODWLYRDODIXQFLRQDOLGDGGHO6DQWXDULRGHO0HVLDVHVXQD
HYLGHQFLDGHTXHVHWUDVODGDHOYDORUWLSRORJLFRGHOGLDGHODVH[SLDFLRQHVGHDFXHUGRDO6DQWXDULR
WHUUHQDOHQHO6DQWXDULRGHO0HVLDVTXHKDGHLQDXJXUDUVH\DSRQHUVHHQPDUFKDGHVSXHVGHOD
GHVWUXFFLRQGHO6DQWXDULRWHUUHQDO'QXS
7DPSRFRQDGLHSXHGHQHJDUQRVHOGHUHFKRGHXQDLQWHUSUHWDFLRQGHUDVLFD7DQWRODTXHQRVSURSRQH
'DQLHOLQVSLUDGRUHVSHFWRDO6DQWXDULRWHUUHQDOFRPRODTXHSRGHPRVKDFHUQRVRWURVFXDQGR
FRQWHPSODPRVODVGRVUHDOLGDGHV
3RUXQODGRHQ'DQLHOVHQRVSUHVHQWDXQUHFXUVRGHUDVLFRUHVSHFWRDODIXQFLRQDOLGDGWLSRORJLFDGHO
6DQWXDULRWHUUHQDORIUHFLHQGRVHQRVODIXQFLRQDOLGDGGHXQ6DQWXDULRGHO3ULQFLSH0HVLDVGRQGHVHHMHUFH
XQPLQLVWHULRFRQWLQXRVHQDODQGRVHGRVWLHPSRVKLVWRULFRVODREUDPLQLVWHULDOHQXQ6DQWXDULR
LQDXJXUDGRSRUHO0HVLDV'QODREUDPLQLVWHULDOFRQWLQXDGRUDGHODDQWHULRUSHUR
PDUFDGDDSDUWLUGHORVDQRVFRQXQMXLFLRLQWHUFDODGRHQORUHIHUHQWHDODSXULILFDFLRQ
MXVWLILFDFLRQUHKDELOLWDFLRQGHHVH6DQWXDULR\HQEDVHDORTXHKDVXSXHVWR\VXSRQHHOXQLFRVDFULILFLR
GHO0HVLDVHQHODWULRGHHVDWLHUUDSSSSFRUUHVSRQGLHQWHDO6DQWXDULRTXHHOSURSLR0HVLDV
LQDXJXUD\TXHDOXGHWRGRDOVHUYLFLRGLDULR\DOGLDWLSRORJLFRGHODVH[SLDFLRQHVGHO6DQWXDULR
WHUUHQDO/Y\/YFISS
(VYHUGDGHUDPHQWHH[WUDRUGLQDULRTXH'DQLHOQRVVHQDOHHOFDPLQRDVHJXLUQRVSURIHWL]DGHTXHVHYD
DYHUFXPSOLGRHVHHVTXHPD\TXHFRQODOOHJDGDGHO0HVLDVHO3XHEORTXHYLYHHQWRGDODHSRFD\REUD
GHO0HVLDVVHQDODGDSUHFLVDPHQWHHQ'DQLHOHQWHQGHUDFI
>@
9DPRVDLQWHQWDUFRPSUHQGHUPHMRUDSOLFDQGRHVWHPHWRGRGHUDVLFR DSDUWLUGHO1XHYR
7HVWDPHQWRWHQLHQGRHQFXHQWDORTXHODSURIHFLDHQ'DQLHOQRVSURSRQH
 (O FXPSOLPHQWR GH OD SURIHFLD  SURPHVD HQ HO (YDQJHOLR VREUH HO
0HVLDV \ UHVSHFWR D ORVGRV PRPHQWRV KLVWRULFRV UHODWLYRV D VX
PLQLVWHULRFRQWLQXRHQVX6DQWXDULR
1RWHVHDKRUDHQODYHUVLRQGH0DWHRVREUHHOMXLFLRILQDO
6HLQVHUWDHOMXLFLRGHH[DPHQVREUHTXLHQVHKDSURYLVWRGHOYHVWLGRGHERGDGHQWURGHXQSURFHVR
WHPSRUDOTXHYDGHVGHHODYLVRDORVTXH\DKDELDQVLGRLQYLWDGRV\HQSULQFLSLRKDELDQGLFKRVLDODV
ERGDKDVWDODGHVWUXFFLRQGHXQDFLXGDGUHSUHVHQWDWLYD\ODLQYLWDFLRQDWRGRVORVTXHHQFRQWUDUDQ
EXHQRV\PDORV
1RWHVHTXHODERGDUHSUHVHQWDORVSULQFLSLRVGHO5HLQRFRQORVTXHVHKDXQLGRPLVWLFDPHQWHHO+LMR
GHO5H\(OYHVWLGRGHERGDUHSUHVHQWDHOFDUDFWHU\ODMXVWLFLDGHO+LMRXQLGRFDVDGRFRQORVSULQFLSLRV
GHO5HLQR(ODFHSWDUHOYHVWLGRVXSRQHDFHSWDUDO+LMRFRQORVSULQFLSLRVGHO5HLQR(VHH[DPHQGHO
5H\GRQGHREVHUYDDXQFDPXIODGRVLQHOYHVWLGRGHERGDFRPRKDELHQGRUHFKD]DGRODLGHRORJLD\
PLVLRQGHO+LMRDFRQWHFHDSDUWLUGHXQFLHUWRPRPHQWRGHODKLVWRULD\WUDQVFXUULHQGRWRGDYLDODYLGD
GHORVLQYLWDGRVDODVERGDV/RVLQYLWDGRVVHYHQHQODWLHUUD
"4XHWLHQHHQFXHQWDHO1XHYR7HVWDPHQWRFHQWUDQGRQRVHQHOFRQWH[WRGHQXHVWURHVWXGLR\FRPR
DSOLFDHVWHPHWRGRGHUDVLFRDILQGHLGHQWLILFDUYDORUHVTXHQRVFRQILJXUHQPHMRUODSHUVRQD\REUDGHO
0HVLDV"
(QSULQFLSLRGLJDPRV
/DWLSRORJLDGHFXPSOLPLHQWRPHVLDQLFRFRPRSULQFLSLRLQWHUSUHWDWLYRHQHO'HUDVQHRWHVWDPHQWDULR
/D WLSRORJLD HV MXQWR FRQ HO SULQFLSLR GH FXPSOLPLHQWR \ GHQWUR GH HO OD FODYH GHO 'HUDV QHRWHVWDPHQWDULR (O SULQFLSLR GH
OHFWXUD GH LQWHUSUHWDFLRQ \ GH FRPSUHQVLRQ GHO $7 SDUD HO 'HUD V QHRWHVWDPHQWDULR HV OD WLSRORJLD HQ VX PDV DPSOLR VHQWLGR GH
>@
PHWRGRGHDFHUFDUVHDO$7DSDUWLUGHODSURFODPDFLRQGHOFXPSOLPLHQWR
/DFDUWDGHORV+HEUHRVSUHVHQWDFRPRYHUHPRVHOHQYLRGHO+LMRFRPRODFXOPLQDFLRQGHODVGLYHUVDVIRUPDVDQWHULRUHV
GHPDQLIHVWDFLRQGLYLQDSRUORVSURIHWDV,JXDOPHQWHGHVDUUROODHQXQJUDQGLRVR'HUD VFULVWRORJLFRHO6XPR6DFHUGRFLRGH&ULVWR
>@
VHJXQHORUGHQGH0HOTXLVHGHNFRPRVXVWLWXFLRQGHO6DFHUGRFLROHYLWLFR\FRQVXPDFLRQGHODXWHQWLFR\XQLFR6DFHUGRWH
/DFXOPLQDFLRQHQOD&DUWDDORV+HEUHRV
ODIRUPDFRPROD&DUWDFRQFLEHHOFXPSOLPLHQWR(OORVHULDSURSLRGHXQWUDEDMRGHGLFDGRDODOHFWXUDGHUDVLFDGHHVWH
LPSUHVLRQDQWHGRFXPHQWRODRULJLQDOLGDGGH+HEUHRVKDVLGRODDVXQFLRQGHWRGRHOPDWHULDOVLPEROLFRFRQWHQLGRHQHOFXOWRGHO
>@
WHPSOR\GHOVDFHUGRFLRMXGLRSDUDDSOLFDUORD&ULVWR!!
(VWDPRVREVHUYDQGRTXHQRKDSDVDGRGHVDSHUFLELGRSRUORVHVWXGLRVRVHOTXHORVDXWRUHVGHO1XHYR
7HVWDPHQWRUHFXUUDQDOPHWRGRGHUDVLFRSDUDRIUHFHUQRVXQDLQWHUSUHWDFLRQORPDVFRPSOHWDSRVLEOH
UHVSHFWRDOFXPSOLPLHQWRGHODREUDPHVLDQLFD
+HPRVYLVWRTXHHQ'DQLHOMXQWRFRQRWUDVGHFODUDFLRQHVPHVLDQLFDVVHSUHVHQWDODSURIHFLD
SURPHVDVREUHHO0HVLDV\VXREUDHQWHUPLQRVTXHDOXGHQDO6DQWXDULRWHUUHQDODFWXDQGRHVWHFRPRXQ
WLSRTXHVHQDODULDODH[LVWHQFLDGHO0HVLDVTXHFRPRFRQVHFXHQFLDGHVXPLVLRQUHGHQWRUDPXHUH
LQDXJXUDXQ6DQWXDULR\HMHUFHVXPLQLVWHULRVDFHUGRWDOFRQWLQXRGHVWDFDQGRVHGRVPRPHQWRVKLVWRULFRV
HQFX\RVHJXQGRPRPHQWRDSDUHFHHQWURQFDGRHOMXLFLRFRPRHQFXDOTXLHUGLDGHODVH[SLDFLRQHVGHO
6DQWXDULRWHUUHQDO
(O1XHYR7HVWDPHQWRPHGLDQWHHO(YDQJHOLRHQHVWHDVXQWRUHODWLYRDOWUDVODGRGHODREUDPHVLDQLFD
HQ'DQLHOUHFXUUHDO'HUDVFRQYLUWLHQGRDOFRUGHURYLFWLPDH[SLDWRULDGHO6DQWXDULRWHUUHQDOHQ
WLSRORJLFRH[LJLHQGRHODQWLWLSR\HQFRQWUDQGRORHQHO0HVLDV-HVXVFXDQGRORSUHVHQWDFRPRHOFRUGHUR
GH'LRVTXHTXLWDHOSHFDGRGHOPXQGR-QFIFRQILUPDQGRQRVHOFXPSOLPLHQWR
PHVLDQLFRDODPDQHUDFRQTXH'DQLHOSSH,VDLDVQRVSUHVHQWDEDQODVXOWLPDV
FRQVHFXHQFLDVGHOWUDWDPLHQWRDOSHFDGRSRUHO0HVLDV
 (OHYDQJHOLRQRVSUHVHQWDTXHORTXHVHKDELDSURIHWL]DGRGHO0HVLDVVHHVWDFXPSOLHQGRHQVXHSRFD
<FXDQGR-HVXVHQVXWRWDOGLPHQVLRQVHSURSRQHFRPRHO6HQRUGH'DYLG\VHQWDGRDODGLHVWUDGH'LRV
0F/FFLWDQGRHO6DOPRHVWDKDFLHQGRXQUHFXUVRGHUDVLFRQRVHVWD
LQYLWDQGRDTXHFXDQGRYD\DPRVDHVDUHIHUHQFLDGHVFXEUDPRVTXHDGHPDVGHVHUHO6HQRUGH'DYLGVH
OHLGHQWLILFDFRQHO6DFHUGRFLRHWHUQRGH0HOTXLVHGHN6DODVXQWRTXHH[SORWDUDHODXWRUGH
+HEUHRVFRPRYHUHPRVPDVDGHODQWH0DUFRVHVWDLQWHUSUHWDQGRTXHHVDSUHVHQFLDDODGLHVWUDGH'LRV
VHOOHYDDFDERHQVXRULJHQHQHOPRPHQWRGHVXDVFHQVLRQDOFLHOR0F<GHVGHHQWRQFHVFRPR
GLUD/XFDV\HOUHVWRGHO1XHYR7HVWDPHQWRFI+HFKSHUPDQHFHVHQWDGRD
ODGLHVWUDSRUTXHUHSUHVHQWDWRGDODREUDSRGHURVDTXHGHO0HVLDVVHKDELDDQXQFLDGR\TXHHUDSUHFLVR
UHDOL]DU
6LQRVGDPRVFXHQWDHVWHFXDGURHYDQJHOLFRVLQDOXGLUWRGDYLDDRWURVWH[WRVUHVSRQGHDOVHUYLFLR
WLSRORJLFRGHO6DQWXDULRWHUUHQDO\WRPDSUHVWDGRGHODSURIHFLDSURPHVDWDQWRGH'DQLHO,VDLDV\
6DOPRORTXHKDEULDGHDFRQWHFHUFRQHO0HVLDVXQFRUGHURTXHPXHUHHQHODWULRGHHVWDWLHUUD\
TXHDVFLHQGHDORVFLHORVSDUDHMHUFHUVXPLQLVWHULRVDFHUGRWDODQXQFLDGRHQ6DOPR\HQ'DQLHO
FISSSS
3HURORTXHVRUSUHQGHHVHOKHFKRGHTXHHOSURSLR(YDQJHOLRQRVKDEODGHHVHVHJXQGRPRPHQWRGHO
PLQLVWHULRGHO3ULQFLSH0HVLDVHQVX6DQWXDULR\TXHORKHPRVLGHQWLILFDGRFRQHOTXHFRUUHVSRQGLDHQHO
GLDGHODVH[SLDFLRQHVGHO6DQWXDULRWHUUHQDO
1RWHVHHOSDVDMHGH0DWHRFI0F/DSUHJXQWDGHO6XPR6DFHUGRWHHVGLUHFWD
>@
VREUH-HVXV"(UHVHO0HVLDVHO+LMRGHO%HQGLWR" -HVXVQRVRORUHVSRQGHDILUPDWLYDPHQWHVLQR
TXHDQDGHTXHDSDUWLUGHHQWRQFHVYHUHLVDO+LMRGHO+RPEUHVHQWDGRDODGLHVWUDGHOSRGHUGH'LRV
YLQLHQGRHQODVQXEHV
$OUHVSRQGHUDILUPDWLYDPHQWHUHVSHFWRDTXHHVHO0HVLDVHO+LMRGH'LRV\DQDGLUGHVSXHVTXHVH
WUDWDGHO+LMRGHO+RPEUHVHQWDGRDODGLHVWUDGHOSRGHUGH'LRV\TXHORYHULDQGHVGHHQWRQFHVGHVGH
>@
DKRUDYHUHLV YLQLHQGRHQODVQXEHVHVWDFLWDQGRORVGRVPRPHQWRVTXH'DQLHOHQFI
\LQGLFDQ
>@
3HURQRWHQTXHDOUHFXUULU-HVXVGHHVWDPDQHUDUHDOL]DGHUDV (VWDWRPDQGRODSURIHFLDGH
>@
'DQLHOHQXQDSRVLFLRQTXHWUDVPLWHXQYDORUGRFWULQDOGHSULPHUDFDWHJRULD (QHIHFWRVHHVWD
LGHQWLILFDQGRFRQHO0HVLDVGH'DQLHOTXHPXHUHSSSS\TXHLQDXJXUDXQ
6DQWXDULRXSFIVS3HURDOPLVPRWLHPSRLGHQWLILFDDO0HVLDVFRQHO+LMRGHO+RPEUH\
'DQLHOLGHQWLILFDDO0HVLDVGHOFDSLWXORFRQHO+LMRGHO+RPEUHGH'DQLHO3HUR
\DKHPRVYLVWRTXH'DQLHOHVHOFRPSOHPHQWRGH'DQLHO<HQ'DQLHODSDUHFHXQ
3ULQFLSHTXHHVHO3ULQFLSHGHORVSULQFLSHVFIFRQVX&RQWLQXR\6DQWXDULRTXHHO
&XHUQRGHVYDORUL]D\REVWDFXOL]DVXDFFHVRDHOPHGLDQWHXQDLGHRORJLDLPSRVLWRUDTXHGLILFXOWDOD
FRPSUHQVLRQGHO&RQWLQXR\HO6DQWXDULRGHO3ULQFLSH<TXHVHJDUDQWL]DTXHKDEUDVROXFLRQKLVWRULFDD
HVHSUREOHPDDORVGLDVSURIHWLFRVSRUTXHDSDUWLUGHHQWRQFHVVHGDUDDFRQRFHUWRGRORUHODWLYRD
HVHDVXQWRGHORVYDORUHVGHODIXQFLRQDOLGDGGHO6DQWXDULRGHO3ULQFLSHFRLQFLGLHQGRSUHFLVDPHQWHFRQ
ODUHKDELOLWDFLRQSXULILFDFLRQMXVWLILFDFLRQGHHVH6DQWXDULR
3HURFODURFXDQGR-HVXVFLWDDQWHORVGLULJHQWHVMXGLRVDO+LMRGHO+RPEUHVHQWDGRDODGLHVWUD\
YLQLHQGRHQODVQXEHVHVWDDOXGLHQGRDO+LMRGHO+RPEUHGH'DQLHOWDOFRPR\DKHPRVFRPHQWDGR
>@
DQWHULRUPHQWH GRQGHODYHQLGDHQODVQXEHVQRHVHQXQSULPHUSURFHVRDHVWDWLHUUDVLQRKDFLDHO
 >@
$QFLDQRGHGLDV <TXHGHDFXHUGRDODXELFDFLRQWH[WXDOHQWURQFDDOILQDOGHORVWLHPSRVWHQLHQGR
XQFDUDFWHUGHMXLFLRIDYRUDEOHSDUDHOSXHEORGH'LRVDOTXHGHVSXHVGHKDEHUH[SHULPHQWDGRHOMXLFLR
>@
IDYRUDEOH'QVHOHHQWUHJDHO5HLQRXSFI 3HURHVWRHVWDHQSDUDOHOR
FURQRORJLFR\GHFRQWHQLGRLGHRORJLFRFRQ'DQLHO
-HVXVHVFRQVFLHQWHDOFLWDUGHHVWHPRGROD(VFULWXUDTXHHVWDGLFLHQGROHVDORVGLULJHQWHVMXGLRVTXH
OHHVWDQMX]JDQGRHVWDLVMX]JDQGRDO+LMRGHO+RPEUHGH'DQLHOTXHVLUHFXUULVDOD(VFULWXUDGH
'DQLHOSRGHLVYHUOHYLQLHQGRHQODVQXEHVKDFLDHO$QFLDQRGH'LDVSDUDSUHVLGLUHO-XLFLRFXDQGR
OOHJXHGHQWURGHVXPLQLVWHULRVDFHUGRWDOPDUFDGRWHPSRUDOPHQWHSRUORVWH[WRVGH'DQLHO(VWHHVHO
-XLFLRGH'LRVHOTXHPHUHFHODSHQDH[SHULPHQWDU/RTXHHVWDLVKDFLHQGRYRVRWURVHVXQDLQMXVWLFLDFRQ
HO+LMRGHO+RPEUHTXHKDGHUHFLELUHO3RGHU3UHFLVDPHQWHFRQPLPXHUWHHVWDLVLQWURGXFLHQGR\
KDFLHQGRSRVLEOHHOTXHVHFXPSODQODVHVFHQDVGHVFULWDVGHO+LMRGHO+RPEUHVHQWDGRDODGLHVWUD\
>@
YLQLHQGRHQODVQXEHV
>@
$OKDFHUHVWHUHFXUVR-HVXVHVWDGDQGRYDORUDHVDHSRFDGH-XLFLR TXHHQWURQFDGDHQSDUDOHOR
FRQHOVHJXQGRPRPHQWRKLVWRULFRGHODIXQFLRQDOLGDGGHO6DQWXDULR'QFI
HVWDSURIHWL]DQGRQRVTXHHOMXLFLRGHOGLDGHODVH[SLDFLRQHVGHO6DQWXDULRWHUUHQDOWHQGUD
XQFXPSOLPLHQWRFRQHOYHUGDGHUR0HVLDV-HVXVDODSOLFDUVHHVWRVWH[WRVQRVHVWDGLFLHQGRTXHGHVSXHV
GHTXHHO&RUGHURGH'LRVGHVXYLGDSRUHOSHFDGR-QDVFHQGHUDDO6DQWXDULRGH'LRV
VHQWDQGRVHDODGLHVWUDGH'LRVGHDFXHUGRDOVDFHUGRFLRGH0HOTXLVHGHF6DOFI0W
HMHUFHUDFRPR6DFHUGRWHGRQGHVHLPSOLFDODLQWHUFHVLRQ\FRQYLHUWHGHILQLWLYDPHQWHSRUHO
FXPSOLPLHQWRDQXQFLDGRSURIHWLFDPHQWHHQ'DQLHOFISSDOGLDGHODV
H[SLDFLRQHVUHODWLYRDO6DQWXDULRWHUUHQDOHQWLSRORJLFR0XHVWUDODYDOLGH]GHHVDWLSRORJLDGHOGLDGH
ODVH[SLDFLRQHVPHGLDQWHODUHDOLGDGTXHVHFXPSOHHQHO\HQORVDFRQWHFLPLHQWRVVHQDODGRVSDUDHO
'DQLHOQRVDQXQFLDEDXVDQGRHO6DQWXDULRWHUUHQDOGHUDVLFDPHQWHTXHGLFKR6DQWXDULRVHQDODEDHQVX
UHDOLGDGYLUWXDOSDUDHOSXHEORGH,VUDHOTXHH[LVWLDXQ6DQWXDULRGHO3ULQFLSH0HVLDVTXHVHULD
VDFULILFDGRHQHODWULRGHHVWDWLHUUDSSDQWHVGHODLQDXJXUDFLRQGHO6DQWXDULRFI\XQD
YH]GHGLFDGRGLFKR6DQWXDULRGHO3ULQFLSH0HVLDVVHOHYHHMHUFHUHQXQ&RQWLQXRPLQLVWHULRVDFHUGRWDO
FI6DOGHVWDFDQGRVHHQVXIXQFLRQDOLGDGWHPSRUDOHLGHRORJLFDHVHPLQLVWHULR
&RQWLQXRHQHO6DQWXDULRGHO0HVLDV'QFRUUHVSRQGLHQWHDXQGLDGHODVH[SLDFLRQHVDQWLWLSR'Q
GHDFXHUGRDOGLDGHODVH[SLDFLRQHVWLSRORJLFRRIUHFLGRHQODIXQFLRQDOLGDGGHO
6DQWXDULRWHUUHQDO(O1XHYR7HVWDPHQWRUHFRJHGHUDVLFDPHQWHHVWHFXPSOLPLHQWRELIDVLFRDSOLFDQGRVHOR
DODREUD\SHUVRQDGHO0HVLDV-HVXVGH1D]DUHWEDVDQGRVHHQ'DQLHOTXHQRVSUHVHQWDDVXYH]ODREUD
GHO0HVLDVGHQWURGHOPDUFRGHO6DQWXDULRGHO0HVLDV\HMHUFLHQGRHQHOGHDFXHUGRDO6DQWXDULR
WHUUHQDO\TXHGDGRHOXVRTXHWDQWR'DQLHOFRPRHO1XHYR7HVWDPHQWRXWLOL]DQORFRQVLGHUDQFRPRXQD
WLSRORJLDGHODUHDOLGDGSUHVHQWHGHO3ULQFLSH0HVLDVHQVX6DQWXDULR
<DKHPRVFRPHQWDGRHQRWUROXJDUODVHULHGHWH[WRV-RDQLFRVFRQUHODFLRQDO+LMRGHO+RPEUHGRQGH
QRVSUHVHQWDEDVXREUDFHOHVWHHQXQ6DQWXDULRHQHOFLHOR\XQDREUDGHMXLFLR$KRUDYDPRVDUHVFDWDU
ODVLGHDVSULQFLSDOHVDILQGHTXHSRGDPRVFRPSOHPHQWDUHOYDORUHVFDWRORJLFRGHODREUDFHOHVWHGHO
0HVLDVXQDYH]DVFHQGLGRDODGLHVWUDGH'LRV
'HVGHHOPRPHQWRHQTXH-HVXVVHLGHQWLILFDFRQHO+LMRGHO+RPEUHGH'DQLHO(VH+LMRGHO+RPEUH
VLJXHHVWDQGRHQHOFLHORSRUTXHVHWUDWDGHXQDSURIHFLDSURPHVDTXHVHKDGHFXPSOLU\KDQGHHVWDU
DWHQWRVDFXDQGRHO+LMRGHO+RPEUHVHDOHYDQWDGRSRUTXHHVRWUDHFRQVLJRHOFXPSOLPLHQWR
PHVLDQLFRGHODSURIHFLDSURPHVDFRQWHQLGDHQODV(VFULWXUDVUHVSHFWRDO0HVLDVTXHGHVFLHQGHGHO
 >@
FLHORDODWLHUUDDFXPSOLUFRQVXPLVLRQ \DO+LMRGHO+RPEUHTXHVXEHDOFLHOR
(QHIHFWR-HVXVKDFHPHQFLRQDWRGDVXPLVLRQ$OLGHQWLILFDUVHFRQHO+LMRGHO+RPEUHFHOHVWHGH
'DQLHO'QHVHYLGHQWHTXHKDGHVFHQGLGRGHOFLHORTXHWLHQHXQRULJHQFHOHVWH3XHVWRTXHHVH
+LMRGHO+RPEUHTXHHQHOWH[WRPHVLDQLFRGH'DQLHOVHDQXQFLDVHOHLGHQWLILFDFRQHO0HVLDVTXHDOD
VHSWXDJHVLPDVHPDQDGHDQRVVHOHYHUDGHVFHQGLGRDODWLHUUDKDFLHQGRVXDSDULFLRQDILQGHFXPSOLUGH
DFXHUGRDOGHFUHWRGLYLQR'QSSFI-QODVROXFLRQDOSHFDGR3HURHVH+LMRGHO
+RPEUHGHDFXHUGRDOWH[WRGH'DQLHOVLJXHHVWDQGRHQHOFLHOR'QFI'QHQHO
VHQWLGRGHTXHHOWH[WRPHVLDQLFRGH'DQLHOVLJXHDQXQFLDQGRTXHHVH+LMRGHO+RPEUHOOHYDDFDERXQ
PLQLVWHULR&RQWLQXRHQVX6DQWXDULR\MXQWRDO$QFLDQRGH'LDV'QFI'Q6L
HVWDHQHOFLHORPLHQWUDVHVWDGHVFHQGLGRDODWLHUUDGHDFXHUGRDWRGDODSDQRUDPLFDWH[WXDOGH'DQLHO
TXH-HVXVXWLOL]DHVQRUPDOTXH-HVXVWUDLJDFRPRSUHVHQWHHOTXHDO+LMRGHO+RPEUHVHOHYHDVXELGRDO
FLHORSXHVWRTXHVHKDGHFXPSOLUGHDFXHUGRDWRGDODH[SHFWDWLYDGHODPLVLRQWHUUHVWUHFHOHVWH<HVD
H[SHFWDWLYDH[LJHGHDFXHUGRDOWH[WRTXHGHVSXHVGHTXHHO+LMRGHO+RPEUHHO0HVLDVVHDOHYDQWDGR
-QVHOHKD\DTXLWDGRODYLGD'QSSSSVXEDDOFLHORDLQDXJXUDURXQJLUHO6DQWXDULR
'QXS\HMHU]DVXPLQLVWHULR&RQWLQXRHQHVH6DQWXDULRFHOHVWH'QFI
$KRUDSRGHPRVHQWHQGHUPHMRUODHQLJPDWLFDIUDVHQDGLHKDVXELGRDOFLHORVLQRHOTXHKDGHVFHQGLGR
GHOFLHORHO+LMRGHO+RPEUHTXHHVWDHQHOFLHOR1DGLHKDVXELGRDOFLHORSRUFXDQWRQDGLHKD
GHVFHQGLGRGHOFLHORQDGLHWLHQHXQRULJHQFHOHVWHFRPR\RFRQXQDPLVLRQDUHDOL]DUWDQWRDTXLHQ
HVWDWLHUUDFRPRHQHOFLHOR<HVHRULJHQFHOHVWHFRQHVDPLVLRQWHUUHVWUHFHOHVWHLPSOLFDOD
PDQLIHVWDFLRQGHO0HVLDVGHDFXHUGRDORTXHUHFODPDHOWH[WRTXHVHHVWDFLWDQGRGH'DQLHO
>@
'HVFHQVRGHOFLHORDODWLHUUDGHO0HVLDV ODPXHUWHGHO0HVLDVFI-Q'QSS
SSXQDVXELGDDOFLHORSURJUDPDGDGHDFXHUGRDOSODQGH'LRVUHVSHFWRDO0HVLDVDILQGHTXHVHYHD
HOHVWDUHQHOFLHORHMHUFLHQGRXQPLQLVWHULRFRQWLQXRTXHHVWDFRPRDFXPSOLUVHHQHO6DQWXDULR&HOHVWH
HQGRVPRPHQWRVGLVWLQWRVHOFRUUHVSRQGLHQWHDODIXQFLRQDOLGDGGHOOXJDU6DQWR\DODGHO6DQWLVLPR
'QFI,VD(VGHFLUODSURIHFLDGH'DQLHOWUDHDQWLFLSDGDPHQWHHVH
HVWDUHQHOFLHORSDUDFXDQGRDVFLHQGDXQDYH]PXHUWR
-HVXFULVWRFRQHVWRVWH[WRVQRVVLWXDHQHOFLHOR\HQODWLHUUDXQLFDPHQWHWHQHPRVTXHWRPDUFRPR
SXQWRGHUHIHUHQFLDDO+LMRGHO+RPEUHMXQWRDODVH[SUHVLRQHVTXHOHDFRPSDQDQVXELHQGRDOFLHOR-Q
SSHVWDQGRHQHOFLHOR-QXSGHVFHQGLGRGHOFLHORDODWLHUUDVS\OHYDQWDGRGHOD
WLHUUD\SRGUHPRVFRQVWUXLUHOFXDGURPLVLRQHURTXH-HVXFULVWRSUHWHQGLDPRVWUDUQRV
6LHQGRFRPRVR\HO+LMRGHO+RPEUHTXHVHQDOD'DQLHODXQTXHHVWHHQODWLHUUDKDELHQGRGHVFHQGLGR
GHOFLHORSRUTXHVR\HO+LMRGHO+RPEUHVHJXLUHHVWDQGRHQHOFLHORSRUFXDQWRDXQTXHHVWH
GHVFHQGLGR\IXHVHOHYDQWDGRGHHVWDWLHUUDHO+LMRGHO+RPEUHFHOHVWLDOLQGLFDGRSRU'DQLHOVLJXH
HVWDQGRDKLGHDFXHUGRDODSURIHFLDGH'DQLHOKDELHQGRGHFXPSOLUXQDWDUHDFHOHVWLDOIXWXUD
&XDQGRFRPSDUDPRVHVWRVWH[WRVFRQ-XDQODWHPDWLFDVHDPSOLD\VHFRPSOHPHQWDGHIRUPD
PDJLVWUDO
-HVXFULVWRVHLGHQWLILFDFRQHO+LMRGHO+RPEUHVHQDODGRSRU'LRV3DGUHSDUDGDUODFRPLGDHVSLULWXDO
TXHDYLGDHWHUQDSHUPDQHFH-QFI8QDYH]PDVODUHIHUHQFLD+LMRGHO+RPEUHKDFHVX
DSDULFLRQ'HQXHYRWHQGUHPRVTXHLUDGRQGHDSDUHFHHVH+LMRGHO+RPEUH'QFI
SS\HVWXGLDUORVFRQWHQLGRV\FRQWH[WR\FRPSUREDUHOYDORUGHOXVRGHUDVLFRTXH-HVXV
GH1D]DUHWHVWDKDFLHQGR
8QDYH]PDVHOGHVFHQVRGHOFLHOR-QHVLPSUHVFLQGLEOHSDUDTXHHQWHQGDPRVHVDREUD
WHUUHVWUH\FHOHVWHGHOVHQDODGRSRUHO3DGUH6L-HVXVHVHOSDQGHOFLHORHVLPSUHVFLQGLEOHFRPHUHVH
SDQGHOFLHORHVGHFLULUDHO\FUHHUHQHODFHUFDUVHDGRQGHHVHSDQHVWD-QFI'Q
SS\FRPHUOR\EHEHUORHVGHFLUDEVRUEHUORTXHLPSOLFD\VLJQLILFDHVH+LMR
GHO+RPEUHFHOHVWLDO-Q\HQWRQFHVVXELUHPRVDOFLHORDGRQGHSULPHURHVWDED-Q\
H[SHULPHQWDUHPRVHOSRGHURHVSLULWX\ODYLGD-Q(QFRQFOXVLRQFRPHU\EHEHUDO+LMRGHO
+RPEUHLPSOLFDXQDQDOLVLVGHODSHUVRQD\REUDGHHVH+LMRGHO+RPEUHH[SXHVWRSRU'DQLHO\FUHHUHQ
HO
6HSURFODPDHORULJHQFHOHVWLDOGHO+LMRGHO+RPEUHVXGHVFHQVRDODWLHUUD\ODQHFHVLGDGGH
FRPSUHQGHUODREUDFHOHVWLDOGHHVH+LMRGHO+RPEUHHQVX&RQWLQXR0LQLVWHULRSRUTXHHVRHVRHV
YHUGDGHUDFRPLGD\EHELGDSDUDODH[LVWHQFLDSHUVRQDOGHFDGDVHUKXPDQR
-XDQGHFODUDGHTXHD-HVXVVHOHKDGDGRDXWRULGDGGHKDFHU-XLFLRSRUFXDQWRHVHO+LMRGHO
+RPEUH%URZQKDFHGLIHUHQFLDHQWUHODHVFDWRORJLDUHDOL]DGD\DHQODHSRFDGH-HVXV\DHVR
UHVSRQGHULDQORVSDVDMHVVHJXQHOGH-XDQ\ODHVFDWRORJLDILQDOTXHWRGDYLDHVWDHQHOIXWXUR
>@
&RQVLGHUDTXHHOSDVDMHPHQFLRQDGRDOXGLULDDOMXLFLRHVFDWRORJLFRRILQDO\ORLGHQWLILFD
FRQHOMXLFLRTXHKDGHUHDOL]DUHO+LMRGHO+RPEUHGH'DQLHOHQHOFRQWH[WRGHOMXLFLRILQDO
>@
GLYLQR
2EVHUYHVH-XDQ-HVXVFRQWHPSODHVWDUFHUFDQRHOPRPHQWRHQTXHHO+LMRGHO+RPEUHVHUD
JORULILFDGRSXHVWRTXHODPXHUWHODYHSUR[LPD&XDQGRHO+LMRGHO+RPEUHVHDOHYDQWDGR-Q
FI'QSSSSHQWRQFHVVHUDJORULILFDGRHQHOFLHOR-QFI\
DSDUHFHUDFRPR'DQLHOQRVORSUHVHQWD'QXSFIVXELGRHQHOFLHOR
HVWDQGRHQHOFLHOR-QFI-Q
(VH+LMRGHO+RPEUHTXHKDDVFHQGLGRDOFLHORDODGLHVWUDGH'LRV0FSSFI'Q
XSSSLUDHQQXEHVKDFLDHODQFLDQRGHGLDVSDUDODQXHYDIXQFLRQGHMXLFLR'QFI-Q
GHVSXHVGHVHULQWURGXFLGRHOFXDUWRUHLQR\XOWLPR\GHVSXHVGHKDEHUVHYLVWRSURORQJDUHOFXDUWR
UHLQRPHGLDQWHHOGRPLQLRGHO&XHUQRFI'QFIGHVSXHVGHGLDV
SURIHWLFRV'QDORVGLDVSURIHWLFRVHQHOVHJXQGRPRPHQWRKLVWRULFRGHVXPLQLVWHULR
FRQWLQXR'QFIHQWRQFHVODDXWRULGDGSDUDMX]JDUTXHWLHQHHO+LMRGHO+RPEUH-Q
VHPDQLIHVWDUDGHDFXHUGRDORLQGLFDGRHQ'DQLHOHQHOVHJXQGRPRPHQWRKLVWRULFR'Q
FI'Q\GHVSXHVVHGDUDHOUHLQRDORVVDQWRVGHO$OWLVLPR'QFXDQGRKD\DQSDVDGRORV
FXDWURUHLQRV'QFXDQGRHOFXDUWRUHLQR\XOWLPRKD\DSDVDGR'QFXDQGR
HOMXLFLRGHO+LMRGHO+RPEUHKD\DDFDEDGR'Q\VHKD\DFRPSUREDGRFI0W
TXLHQKDHQWUDGRDODERGDGHOFRUGHURFI0WKD\DFRPLGR\EHELGRODFDUQH\VDQJUHGHO
>@
+LMRGHO+RPEUH-Q\OOHYDGRHOYHVWLGRHVSHFLDO0W HQWRQFHVORVVDQWRV
UHFLELUDQHO5HLQRHOSRGHUHOGRPLQLRODUHVXUUHFFLRQ-QFI'QFI'Q
ODYLGDHWHUQDGHILQLWLYD\SDUDVLHPSUH-Q
(QFRQFOXVLRQ&RQODLQVHUFLRQGHODH[SUHVLRQ+LMRGHO+RPEUHHQHO(YDQJHOLRVHQRVHVWDGDQGR
XQDFODYHSDUDHQWHQGHUHVWH(OUHFXUVRGHUDVLFRTXHVHHIHFWXDHQHO(YDQJHOLRUHVSHFWRDO+LMRGHO
+RPEUHSHUPLWHUHFRQRFHUORVGRVPRPHQWRVKLVWRULFRVHOGHVXPLQLVWHULRFRQWLQXRVDFHUGRWDO\HOTXH
FRUUHVSRQGHDOMXLFLRGHO+LMRGHO+RPEUHGHQWURGHHVHPLQLVWHULRFRQWLQXR\SURJUDPDGRGHDFXHUGRD
'DQLHODSDUWLUGHKDEHUVHDOFDQ]DGRORVGLDVSURIHWLFRV
2EVHUYDPRVFRPRHOFRQFHSWRGHFRQWLQXR\GHVDQWXDULRFHOHVWLDOGHO3ULQFLSHGHOHMHUFLWR'Q
TXHWLHQHXQSDUDOHORGHMXLFLRFHOHVWLDO'QHQGRQGHVHDFDEDFRQORVHQHPLJRVGH'LRV
6DO\GHUHWRUQRDHVWDWLHUUDSDUDTXHVXVVDQWRVUHFLEDQHO5HLQRHVWDSUHVHQWDQGRVHFRPR
GHUDVWRPDQGRFRPREDVHHOVDQWXDULRWHUUHQDO<TXHWRGRHVRYLHQHGHVSXHVGHTXH-HVXVHO0HVLDV
KD\DYHQLGRDHVWDWLHUUDFXPSOLHQGRORTXHVHPDUFDEDHQ'DQLHOSSTXHDQXQFLDEDODREUD
GHO0HVLDVHQODWLHUUDFI,VD\ODLQDXJXUDFLRQGHXQQXHYR6DQWXDULRTXHORYHPRVIXQFLRQDUHQ
'DQLHO\(OHYDQJHOLRGHVSXHV3DEORHQODHSLVWRODDORV+HEUHRV\DOJXQDVRWUDVDOXVLRQHVKD
OOHJDGRDFRPSUHQGHUHVWR\ODVSDODEUDVGH-HVXVH[SXHVWDVHQHVHHYDQJHOLRQRVPXHVWUDQPHGLDQWHHO
GHUDV+LMRGHO+RPEUHFHOHVWLDO-Q-QFI0WFI0F
FI0WODH[LVWHQFLDGHHVHPLQLVWHULRVDFHUGRWDOGHVGHODDVFHQVLRQHQODIXQFLRQGH
VHQWDUVHDODGLHVWUDGH'LRVKDVWDHOOLPLWHFRQODVHJXQGDYHQLGDGRQGHVHH[SRQHHVHFRQWLQXR
PLQLVWHULRPDUFDGRHQVXSURFHVRWHPSRUDOGHQWURGHHVHPLQLVWHULRXQMXLFLR
7RGRHVWRQRVPXHVWUDTXHHVHPLQLVWHULRVDFHUGRWDOFHOHVWLDOIRUPDSDUWHGHXQDHVFDWRORJLDHQWUHOD
SULPHUDYHQLGD\ODVHJXQGDGHIRUPDLQPLQHQWHPHQWHSUDFWLFDSRUVXVUHSHUFXVLRQHVYLYHQFLDOHVHQOD
WLHUUDSDUDDTXHOORVTXHDFHSWDQHO(YDQJHOLR
 /DREUDFHOHVWHGHO0HVLDVHQFXDQWRDFDEDUFRQORVHQHPLJRV
(OHYDQJHOLRQRVKDSUHVHQWDGRODREUDFHOHVWHGHO0HVLDVFRQORTXHVHFRPSOHPHQWDODREUD
WHUUHVWUH\TXHMXQWRDORTXHYHQGUDFRQODUHVXUUHFFLRQ\HQVXVHJXQGD9HQLGDVHWHUPLQDUDODREUD
-HVXVKDFLWDGRSRUXQODGRDO+LMRGHO+RPEUHHQXQDREUDFHOHVWHDUHDOL]DUDIDYRUGHODKXPDQLGDG
-QDSDUWLUGHODFWRIXQFLRQDOGHOVHQWDUVHDODGLHVWUDGH'LRV0WFI6DO
SDUDDFDEDUFRQORVHQHPLJRVGH'LRV$OFLWDUHVWRORKDFHGHUDVLFDPHQWH\QRKDFHRWUDFRVDTXHVHJXLU
HOHVTXHPDSUHVHQWDGRSDUDHO0HVLDVXQDREUDWHUUHVWUH\FHOHVWHDIDYRUGHODKXPDQLGDG'Q
SS
"4XHVLJQLILFDHOHVWDUVHQWDGRDODGLHVWUDGH'LRV"
6HWUDWDGHXQDILJXUDGHOOHQJXDMHSDUDH[SUHVDUHOOXJDUGHKRQRU\GHHVWHPRGRGLULJLUORVDVXQWRV
>@
GHVXUHLQR GHXQDH[SUHVLRQLGLRPDWLFDQRVHUHILHUHDXQDXELFDFLRQJHRJUDILFDLQGLFDOD
>@
WRWDODXWRULGDGGH&ULVWRVXGLJQLGDG\UDQJRVXH[DOWDFLRQ\VXVXSUHPDFLD 'HXQDILJXUDTXH
>@
FRQVLVWHHQGHVLJQDUODIXQFLRQSRUHOOXJDU 6HQRVHVWDGLFLHQGRTXHGHVGHTXHDVFLHQGHVH
LQWURGXFHHQXQDIXQFLRQPLQLVWHULDOVDFHUGRWDOKDVWDTXHWHUPLQHGHUHDOL]DUWRGDODREUDVDFHUGRWDOHQ
EDVHDVXREUDWHUUHVWUH
1RWHVHODUHODFLRQGHOVHQWDUVHDODGLHVWUDGH'LRVFRQODREUDGHVXVXPRVDFHUGRFLRGXUDQWHWRGDOD
H[LVWHQFLDKLVWRULFDKDVWDTXHVHSRQJDSRUHVWUDGRGHVXVSLHVDWRGRVVXVHQHPLJRV0WFI6DO
6LVHFRPSUXHEDHOGHUDVSHVHUTXH-HVXVKDFHGHO6DOPRHQFRQWUDPRVHOPLQLVWHULRVDFHUGRWDO
GH0HOTXLVHGHFSRURWUDSDUWHFRQHOGHUDVSHVHUGHO+LMRGHO+RPEUHFHOHVWLDO0WFI-Q
VHQRVPXHVWUDD-HVXVLGHQWLILFDGRFRQHO+LMRGHO+RPEUHFHOHVWH'QOOHYDQGRD
FDERXQPLQLVWHULRFRQWLQXRHQVX6DQWXDULRGHVSXHVGHVXLQDXJXUDFLRQ\DVFHQVLRQFI0FFI'Q
XSHQXQDFHUFDQLDIXQFLRQDOKDFLDHO$QFLDQRGH'LDV'QFI'Q
SS6HWUDWDGHXQ6DQWXDULRFHOHVWLDOGRQGHPLQLVWUD$SDUHFHXQDH[LVWHQFLDUHDOGHXQVXPR6DFHUGRWH
HQHVHPLQLVWHULRFHOHVWLDO
6LVHREVHUYDFRQVXPRFXLGDGRODVHVFHQDVFHOHVWHVTXHQRVSURYHH'DQLHODODVTXHDOXGH-HVXVQRV
>@
SUHVHQWDQXQGHUDVSHVHUUHVSHFWRDODIXQFLRQDOLGDGHQGRVWLHPSRVGHO6DQWXDULRWHUUHQDO
"4XLHQHVVRQORVHQHPLJRVGHO0HVLDVDORVTXHWLHQHTXHGHVWUXLUSDUDVLHPSUH\TXHVRQ
FLWDGRVGHUDVLFDPHQWH"
1RWHVHTXHGHVGHHOPRPHQWRTXHGHVFXEULPRVHOUHFXUVRGHUDVLFRSRUSDUWHGHODXWRUGHODHSLVWROD
DORV+HEUHRVELHQPHGLDQWHODWLSRORJLDGHO6DQWXDULRWHUUHQDOELHQSRUODVXVWLWXFLRQ\HPSOD]DPLHQWR
GHODVFLWDFLRQHVSURIHFLDSURPHVDPHVLDQLFDRSRUODFRQWUDSRVLFLRQQRVYHPRVREOLJDGRVDGDUXQD
H[SOLFDFLRQVXILFLHQWHPHQWHVDWLVIDFWRULDHQFXDQWRDORTXHVHQRVTXLHUHGHFLU$OFLWDUVHVHQWRDOD
GLHVWUDGH'LRVQRVHPSOD]DDODREUDFHOHVWHGHO0HVLDVTXH\DVHQRVKDELDDQXQFLDGR6DOVV
FI'QFIXSSSSS8QDYH]PDVHOXVRILJXUDGRGHODSDODEUD
HVSHUDUHQFRQH[LRQDOHVWDUVHQWDGRQRVHVWDUHFRUGDQGRSRUXQODGRODH[WHQVLRQGHOWLHPSRWRGROR
QHFHVDULRDILQGHOOHYDUDFDERHOWUDWDPLHQWRTXHFRQGXFHDODGHVWUXFFLRQGHORVHQHPLJRV0W
FI6DOFI-QFI0WFI-QFI-QSRURWURHOYDORUGHHVSHUDQGR
HYNGHFRPHQRMUHODFLRQDGRFRQHVWDUVHQWDGRVLJQLILFDULDHOHMHUFLFLRFRPSOHWRGHSRGHU\
>@ >@
PDMHVWDG VXFRQILDQ]DHQFXDQWRDTXHVXREUDFHOHVWHDOFDQ]DUDHOREMHWLYRSURSXHVWR
3HURDKRUDYLHQHORPDVLQWHUHVDQWH"&XDQGR\GRQGHHVWDFRQWHPSODGRHVHWUDWDPLHQWRUHVSHFWRDOD
VXSUHVLRQGHWRGRGRPLQLRDXWRULGDG\SRWHQFLD""4XLHQHVVRQHVRVVLVWHPDVGHPDOGDGTXHWUDQVPLWHQ
GRPLQLRSRGHU\DXWRULGDGDMHQDDOXQLFRSRGHUDXWRULGDG\SRWHQFLDGLYLQDTXHUHSUHVHQWDHO0HVLDV""
&XDQGR\FRPRVHHIHFWXDHOTXHHOHQHPLJRSHFDGRVHDGHVWUXLGRGHILQLWLYDPHQWH""<HOXOWLPRHQHPLJR
ODPXHUWH"
&XDQGR'DQLHOQRVSUHVHQWDODREUDGHO0HVLDVHQFXDQWRDVXWUDWDPLHQWRDOSHFDGR\DWUDHUODMXVWLFLD
'QSSVHOHYHGHVSXHVWDOFRPR\DKHPRVHVWXGLDGRHMHUFLHQGRXQPLQLVWHULRHQXQ
6DQWXDULRFHOHVWH'QSDUDOHODPHQWHDXQDREUDGHPDOGDGOOHYDGDDFDER
SRUHOFXHUQRSHTXHQRFRQODD\XGDGHORVFXHUQRVVXUJLGRVORVGHOD&XDUWDEHVWLDR&XDUWRUHLQR
>@
'QFIFI
"&RPR\FXDQGRVHDFDEDFRQORVHQHPLJRVGHO0HVLDV"
(QFXDQWRDODYDORUDFLRQGHODWLSRORJLDGHO6DQWXDULR
/DWLSRORJLDTXHVHXWLOL]DHQHOVDQWXDULRWHUUHQDOQRVLQYLWDDWHQHUHQFXHQWDODIXQFLRQDOLGDGGHHVWH\
>@
VXVLPSOLFDFLRQHV 7HQLDXQPLQLVWHULRFRQWLQXRVDFHUGRWDOGHLQWHUFHVLRQFRUUHVSRQGLHQWHDOGHO
VHUYLFLRGLDULRFRPRDOUHODWLYRDOGHOGLDGHODVH[SLDFLRQHVXQDYH]DODQR
'XUDQWHWRGRHVHPLQLVWHULRFRQWLQXRVHGDEDWUDWDPLHQWRDOSHFDGRVHQDODQGRVHHQHOGLDGHODV
H[SLDFLRQHVDODPDQHUDGHXQDGHWHUPLQDFLRQMXGLFLDOIDYRUDEOHXQDOLPSLH]DULWXDOGHO6DQWXDULRGH
ORVSHFDGRVTXHKDELDQUHSHUFXWLGRHQHOWUD\HQGRGHHVDPDQHUDODVHJXULGDGFRQILUPDWRULDGHTXHHVRV
SHFDGRVFRQIHVDGRVPHGLDQWHHVHJHVWROLWXUJLFRTXHGDULDQERUUDGRV7RGRHOORDXQTXHLPSDUWLD
VHJXULGDGWHQLDHQFXHQWDLPSOLFLWDPHQWHDORTXHVHQDODEDHQODUHDOLGDG<HUDHVDUHDOLGDGTXHLEDD
DVXPLUHO0HVLDVWDQWRHQVXREUDWHUUHVWUHFRPRFHOHVWHODTXHGDULDMXVWRFXPSOLPLHQWRDORTXHVH
FRQVLGHUDEDHQORUHODWLYRDO6DQWXDULRWHUUHQDO
(OWHPDDHQVHQDUHUDHORFXHQWHHVSUHFLVRDVHJXUDUVHHQODFRQIHVLRQGHTXHHVWDYDDFRPSDQDGD
DXWHQWLFDPHQWHGHODUUHSHQWLPLHQWR\GHODYROXQWDGGHFLGLGDGHSHUPDQHFHUHQHOFDPELRTXHUHFODPDHO
SHUGRQTXHVHQHFHVLWDUHFLELUDQWHHOUHFRQRFLPLHQWRGHODFXOSDELOLGDG<"WRGRHVWRSRUTXH"3RUTXH
KD\XQSODQHVWDEOHFLGRSRU'LRVTXHVDOHDOHQFXHQWURGHODVQHFHVLGDGHVH[LVWHQFLDOHVGHOVHU
KXPDQR\TXHUHFODPDXQDFRQFLHQFLDTXHGHKDEHUVHDVHJXUDGRHOSHUGRQ\HOSURJUDPDGH'LRVHO
VHUKXPDQRUHFLEHVHJXULGDG\FRQILDQ]DIUHQWHDO-XLFLRGH'LRV(O-XLFLRGH'LRVHUDXQDUHIHUHQFLD
FRQVWDQWHDXQ'LRVYLYRTXHHVSHUDODDFRJLGDFI/F6XSRQLDYLYLUFDGDGLDGHODQR
SHQGLHQWHGHHVH'LRVPLVHULFRUGLRVRTXHHVFRQVFLHQWHGHODVGHELOLGDGHV\TXHTXLHUHSURWHJHUWH
VROLGDUL]DQGRVHFRQWXVSUREOHPDVFI/F(VWDSURWHFFLRQVHHYLGHQFLDEDSUHFLVDPHQWHFRQ
HVDSURSXHVWDGH'LRVDHVWDUDOHUWDGHWXFRQGLFLRQ\GHODFLWDFROHFWLYDFRQ(OGXUDQWHHVHGLDHVSHFLDO
GHODVH[SLDFLRQHVDILQGHTXHHQWUDQGRDODILHVWDGHODPLVHULFRUGLDFRQPHPRUHVHOSHUGRQPHGLDQWH
ODUDWLILFDFLRQTXHVXSRQLDHO-XLFLRGHTXHWRGRHVWDHQRUGHQ\EDMRFRQWURO
3HURODUHDOLGDGHVWDEDHQHOIXWXURFXDQGRHO0HVLDVVHFRQVWLWX\HUDHQHOFRUGHURGH'LRVTXHTXLWD
HOSHFDGRGHOPXQGR,VD'QSSSSFI-Q\HQ
EDVHDVXYLGDLPSHFDEOH\VDFULILFLRFI'QSSFI0WFI-QFI0W
FI/FFI-QVHKXELHUDVHQWDGRDODGLHVWUDGH'LRV6DOFI0F
DILQGHHMHUFHUXQPLQLVWHULRVDFHUGRWDOHQXQ6DQWXDULRFHOHVWLDO6DOFI'Q
TXHDSOLFDHQVXIXQFLRQDOLGDGGHDFXHUGRDODWLSRORJLDRVLPERORJLDGHO6DQWXDULRWHUUHQDO\TXH
ODKLVWRULDSUHYLDPHQWHFRQWDGDHQODDSRFDOLSWLFDQRVUHILHUH'QSSSSFIFI
'Q
7DOFRPR\DKHPRVUHIOHMDGRHQQXPHURVDVRFDVLRQHVFRQODILQDOLGDGGHILMDUORFODUDPHQWHHQQXHVWUR
KDEHUDSDUHFHXQDYH]DVFHQGLGRHO0HVLDVDO6DQWXDULR&HOHVWLDOXQPLQLVWHULR6DFHUGRWDOFRQWLQXR\"
3DUDTXH"
 'HDFXHUGRDODWLSRORJLDGHO6DQWXDULRVHKDGHOOHYDUDFDERHQGRVWLHPSRVWLSLILFDGRVHQXQ
VHUYLFLRGLDULR\HQXQVHJXQGRPRPHQWRKLVWRULFRTXHODWLSRORJLDGHO6DQWXDULRWHUUHQDOORFDUDFWHUL]D
FRPRHOMXLFLRDQXDOTXHWLHQHHQFXHQWDWRGRVORVSHFDGRVFRQIHVDGRVHQHOWUDQVFXUVRGHODQR\
DFXPXODGRVHQHO6DQWXDULR/DSURIHFLDPHVLDQLFDUHFRJHHVRVGRVWLHPSRVWDOFRPR\DKHPRV
>@
GHPRVWUDGRHQRWUROXJDU LQGLFDQGRQRVTXHWHQGUDVXFXPSOLPLHQWRHQODKLVWRULDXQPLQLVWHULR
FRQWLQXRFHOHVWHGHO0HVLDV'Q6DO,VDFI'QXSHQEDVHDOD
REUDWHUUHVWUH'QSSSSFI,VD\HQVXSURFHVRGHFXPSOLPLHQWRPDUFDGRSRU
>@
XQWLHPSRGH-XLFLR'Q SUHYLRDVXHQWUHJDGHO5HLQRDOSXHEORGHORV6DQWRV
'QXS
$KRUDVHQRVGLFHGHO0HVLDVHQFXPSOLPLHQWRGHODUHDOLGDGGHODWLSRORJLD\GHORDQXQFLDGRSRUOD
SURIHFLDPHVLDQLFDTXHKDDVFHQGLGRDXQ6DQWXDULRFHOHVWLDOSDUDOOHYDUDFDERXQPLQLVWHULRFRQWLQXR
SDUDDFDEDUFRQORVHQHPLJRVGH'LRVHOSHFDGRORVVLVWHPDVGHPDOGDGHOGLDEOR\ODPXHUWH0W
>@
FI6DO
"4XHVHQWLGRKLVWRULFRWHPSRUDOSRVHHQHVRVWH[WRV\TXHYDORUWLHQHQSDUDHOWHPDTXHQRVRFXSD
WHQLHQGRHQFXHQWDODSURIHFLDSURPHVD"
8QDYH]PDVYHDPRVORFRQODSURIHFLDSURPHVDTXHH[LJHXQFXPSOLPLHQWR/DSURIHFLDPHVLDQLFDDOD
TXHORVWH[WRVGHODHSLVWRODDORV+HEUHRVHVWDUHILULHQGRVHVRQ6DOPR\'DQLHOFI'Q
SSSS'Q
<DKHPRVYLVWRKDVWDODVDFLHGDGWDQWRHQSURIXQGLGDGFRPRHQUHVXPHQTXHHOWUDWDPLHQWRDOSHFDGR
DOHQHPLJRSRWHQFLDGHPDOGDGUHSUHVHQWDWLYRWHUUHVWUHGHO'UDJRQ'QFI
FI$SMXQWRDOWUDWDPLHQWRUHVSHFWRDOHQHPLJRPXHUWHVHOOHYDDFDERGXUDQWHXQ
WUD\HFWRWHPSRUDOHQEDVHDODREUDWHUUHVWUHGHO0HVLDV'QSSSSGHVGHTXHVH
LQDXJXUDXQ6DQWXDULRHQORVFLHORVXS\VHGHVDUUROODGHVGHHQWRQFHVXQPLQLVWHULRFRQWLQXRGHO
3ULQFLSH0HVLDV'QKDVWDTXHORV6DQWRVUHFLEHQHO5HLQR'QXSFIHYLGHQFLD
GHKDEHUVXSHUDGRODPXHUWH\HOMXLFLRSDVDQGRSXHVSRUXQWLHPSRPDUFDGRSRUHOILQDOGHGLDV
SURIHWLFRV'Q\HOFRPLHQ]RGHXQ-XLFLR'QTXHWLHQHTXHYHUFRQHOVHJXLPLHQWR
>@
GHHVHWUDWDPLHQWRDOSHFDGR\GHODSRWHQFLDFXHUQRSHTXHQR'Q
6HQRVTXLHUHGDUHQWHQGHUTXHDSDUWLUGHORVGLDVSURIHWLFRV'QHQSDUDOHORH
LGHQWLILFDGRFRQXQ-XLFLRFHOHVWLDO'QKD\XQH[DPHQGHOSXHEORGHORV6DQWRV'Q
>@
FID3HG TXHYDDUHFLELUHO5HLQRXSXQDYH]WUDQVFXUULGR
HVH-XLFLRSS
&RQFOXVLRQHVDHVWHDSDUWDGRGHOILQGHOHQHPLJRSHFDGRHQODHSRFDGHOMXLFLR
$OYDORUDUVHODH[LVWHQFLD'QGHORVTXHYDQDFRQVWLWXLUHOSXHEORGHORV6DQWRV'Q
FISSXSVHHVWDHYLGHQFLDQGRGHQWURGHOSURFHVRGHGHVWUXFFLRQGHXQRGHORVHQHPLJRV
GHO0HVLDVHOSHFDGRXQPRPHQWRSXQWXDOGHSRQHUORSRUHVWUDGRGHVXVSLHV
"&XDQGRVHUHDOL]DHVWR"
(VDYDORUDFLRQGHOSXHEORGH'LRVVHKDGHLQLFLDUDSDUWLUGHORVGLDVSURIHWLFRV'Q
FIFRQHOILQGHFRQILUPDUVXDFFHVRGHILQLWLYRDO5HLQRGHO+LMRGHO+RPEUHR0HVLDV
'QFI0W
(VDYDORUDFLRQVHUHDOL]DFRPRIUXWRGHOPLQLVWHULRFRQWLQXRVDFHUGRWDOGHO3ULQFLSH0HVLDV'Q
FISSSSTXHFXOPLQDGHQWURGHHVHPLQLVWHULRFRQWLQXRFRQODREUDGHYDORUDFLRQ
FRQVLJQDGDHQORVWH[WRVGRQGHVHWUDWDDOSHFDGRFRQHOILQGHSRQHUORGHILQLWLYDPHQWHFRPRHVWUDGRGH
ORVSLHV'QFIFI+EHQEDVHDORTXHLPSOLFDVXXQLFRVDFULILFLR
YDOLGRSDUDVLHPSUHFI
'HQWURGHHVHWUDQVFXUVRGHHVWDUDJXDUGDQGRDTXHORVHQHPLJRVHVWHQFRPRHVWUDGRGHVXVSLHV
VHHVWDVHQDODQGRGHIRUPDHVSHFLDOODOOHJDGDGHXQDREUDGH-XLFLRTXHSRQHHQHYLGHQFLDXQDODERU
>@
PLVLRQDOGHHUUDGLFDFLRQGHOSHFDGR'QFIFI5PFI+E
(VDHUUDGLFDFLRQGHSHFDGRTXHVHUHDOL]DHQSULQFLSLRSRUODFDVDGH'LRVHVFRQWHPSODGDSRU
DTXHOORVTXHWRGDYLDREVHUYDQHVDREUDPHGLDQWHHO-XLFLRHQHOIXWXURDYLYLUHOSUHVHQWHFRQ
YRFDFLRQFHOHVWH-QFI-Q3DUDTXHQRH[LVWDWHPRU\VHFRQVLJDHODPRU\OD
FRQILDQ]DIUHQWHDO-XLFLRHVLPSUHVFLQGLEOHJXVWDUGHODYRFDFLRQFHOHVWLDO-QFI
FI(VHVDYRFDFLRQFHOHVWLDOODTXHQRVOOHYDDHQWUDUHQHO6DQWXDULRGHO3ULQFLSHGHO+LMRGHO
+RPEUH0WFI'QFI'QFISS\H[SHULPHQWDUORTXHLPSOLFD\
VLJQLILFDHOPLQLVWHULRFRQWLQXRGHLQWHUFHVLRQGHO0HVLDV(VWRHVLPSUHVFLQGLEOHMXQWRDQXHVWUD
SUHVHQFLDTXHVHQRVUHFODPDDFDGDFUH\HQWHHQHO0HVLDVDILQGHTXHWHQJDH[LWRHOWUDWDPLHQWRDO
SHFDGRTXHVHUHDOL]DGHVGHHO6DQWXDULRFHOHVWLDO\HQEDVHDOXQLFR\VXILFLHQWHVDFULILFLRGHYLGD
LPSHFDEOH\GHPXHUWHUHDOL]DGRSRUHO0HVLDV&RPR\DKHPRVGLFKRHQQRWDDSDUWHODUHSHUFXVLRQHQHO
FUH\HQWHVHWUDGXFHHQXQDPRWLYDFLRQFRQVWDQWHDDSDUWDUVHGHODVGHVYLDFLRQHVWHUUHQDOHV\YLYLUGH
DFXHUGRDODUHYHODFLRQSURIHWLFDFI&RO3DEORQRVHVWDGLFLHQGRTXHODXQLFDIRUPDGH
DVHJXUDUQRVODUHVXUUHFFLRQGHTXHQXHVWUDFUHHQFLDHQHOODOOHJXHDVHUXQDUHDOLGDGHVYLYLHQGROD
YRFDFLRQFHOHVWH
3HURHVWHUHFRUULGRQRVHOOHYDUDDFDERVLQRVHDOFDQ]DHVDYRFDFLRQFHOHVWLDO<HVDYRFDFLRQ
FHOHVWLDOWLHQHFRPREDVHVXREUDWHUUHVWUH8QD\RWUDHVWDQXQLGDV\ODDFHSWDFLRQHLGHQWLILFDFLRQFRQ
HOODVFRQILJXUDHOUHFRUULGRGHODPXHUWHHVSLULWXDODODYLYHQFLD-Q
/DREUDWHUUHVWUHGHO0HVLDVWHVHQDODWXFRQGLFLRQ\VLWXDFLRQGHFRQGHQDFLRQ/F-Q
0U\WHFRPXQLFDODVGLILFXOWDGHVTXHYDVDHQFRQWUDUSDUDKDFHUSHUPDQHQWHOD
VDOYDFLRQ0W-QFID3HG(OUHVXOWDGRTXHVHRSHUDGHOSDVRDHVWDUGRPLQDGR
SRUXQDQDWXUDOH]DGHSHFDGR-QDORTXHLPSOLFD\VLJQLILFDHVWDUHQ&ULVWRGHPRGR
SHUVHYHUDQWH-QHVXQFDPLQRJR]RVRSRUODGLIHUHQFLDTXHVHH[SHULPHQWDSHUROOHQRGH
OXFKDVIUHQWHDODWHQWDFLRQ\ODSRVLELOLGDGGHXQDFDLGDFRQODFRQWUDSDUWLGDVLHPSUHGHODVXSHUDFLRQ
(OQRDQGDUFRQIRUPHDODFDUQHVLQRFRQIRUPHDO(VSLULWX6DQWR-QHVODHYLGHQFLDGHTXHKHPRV
VRPHWLGRSRUHO(VSLULWX6DQWRQXHVWUDYROXQWDGDODGH'LRV0WFI0WFI5P
\HVWRHVSRVLEOHJUDFLDVDTXHHO(VSLULWX6DQWRVLQRVHUHFKD]DVXLQLFLDWLYD-QFI
FUHDXQDOH\DXWRPDWLFDGHFRQYHQFLPLHQWR-QEDVDGDHQODYLGDWHUUHVWUH\FHOHVWH
GHO0HVLDVFI-Q-QTXHWRPDFRPRUHIHUHQFLDODLGHRORJLDFHOHVWHGHO5HLQRR
*RELHUQRGH'LRVFHOHVWH0F0WFI-Q\YDGHVPDQWHODQGRHO
DXWRPDWLVPRTXHHOGRPLQLRGHOSHFDGRKDELDSURGXFLGR-Q7RGRHVWRTXH
DFDEDPRVGHGHFLUHVXQDUHDOLGDGH[SHULPHQWDGDFXDQGRSUDFWLFDVODYRFDFLRQFHOHVWH&XDQGRFRPR
IUXWRGHHVDUHODFLRQFHOHVWLDOFRPLHQ]DVDH[SHULPHQWDUFDPELRVHQWXYLGDWHUUHVWUHFRPSUXHEDVGHTXH
HVRIXQFLRQD$GTXLHUHVVHJXULGDGGHTXH-HVXFULVWRH[LVWH\TXHHVWDVHQWDGRDODGLHVWUDGH'LRV
OOHYDQGRDFDERXQDREUDGHDFDEDUFRQORVHQHPLJRVGH'LRV
&XDQGRHO(YDQJHOLRHVWDSUHVHQWDQGRODILJXUDGHO+LMRGHO+RPEUHFHOHVWLDOHVWDLQVWDQGRDORVTXH
WRGDYLDVDEHQSRUODKLVWRULDSURIHWLFDTXHHVH-XLFLRFHOHVWLDO\HVFDWRORJLFRHVWDHQHOIXWXUR'Q
FI0WDTXHFRPSUXHEHQHOPHQVDMHTXHVHFRPXQLFDUHVSHFWRDODREUDWHUUHVWUH\
FHOHVWHGHO0HVLDV'QXSSSSSFI\HQFRQWUDUODUD]RQGHVHUGHORV
SULPHURVFULVWLDQRVFXDQGRQRVUHILHUHQODYRFDFLRQFHOHVWLDO\QRVLQVWDQDLUDO6DQWXDULR&HOHVWLDO\
HQFRQWUDUHORSRUWXQRVRFRUUR-QFI+E$OGHVFXEULUHVWHPHQVDMHVH
YLYHSRUDQWLFLSDGRHOUHVXOWDGRIDYRUDEOHTXHVHGHFLGHSDUDWRGRVDTXHOORVTXHDXQTXHPXHUDQDQWHV
GHOUHWRUQRGHO0HVLDVSDVDUDQGHVSXHVGHODPXHUWHHO-XLFLRHVFDWRORJLFRFHOHVWLDO'Q
FI0W(QODPHGLGDHQTXHVHDMXVWHQSRUHO(VSLULWX6DQWRHOYHVWLGRGHERGDVHGHMDUDQ
DSOLFDUODMXVWLFLD\HOFDUDFWHUGHO0HVLDVFI0W
3HURDGHPDVDSUHQGHQDYLYLUHOUHWRUQRGHO0HVLDVVLHPSUHFRPRLQPLQHQWHSXHVWRTXHGHVSXHVGHVX
PXHUWH\DQRKD\WLHPSRTXHUHFRUUHU0WVV(QHOOLPLWHGHVXPXHUWHFRPRXQFHUUDU\DEULUORV
RMRVHOVLJXLHQWHDFRQWHFLPLHQWRKLVWRULFRHVODUHVXUUHFFLRQ\ODHVSHUDQ]DGDVHJXQGD9HQLGD(OSXQWR
GHUHIHUHQFLDFRQVWDQWHHVHOVDEHUTXHGHVSXHVGHODPXHUWHYLHQHHO-XLFLR3HURHVDPXHUWHHVWDOLJDGDD
XQDYLGDRWRUJDGDHQVXSHUPDQHQWHYRFDFLRQFHOHVWH-Q<HVH-XLFLR-QSDUDHOTXH
KDFRQRFLGRD'LRV\D-HVXFULVWR-QSDUDWRGRDTXHOTXHR\H\FUHHODSDODEUDGH'LRV-Q
\SHUPDQHFHHQVXYRFDFLRQFHOHVWLDOGHLGHQWLILFDUVHFRQODPDQHUDGHSHQVDU\GHVHUGHO0HVLDV
-QFRQWLHQHXQVRORYHUHGLFWR9LGD(WHUQD
7RGDHVWDH[SHULHQFLDOHVFHUWLILFDTXHODREUDGHWUDWDUFRQHOHQHPLJRSHFDGRSDUDVXGHVWUXFFLRQ
GHILQLWLYDXQDYH]PXHUWRV\HQODHSRFDGHO-XLFLRVHHVWDRSHUDQGRHQHOORVJDUDQWL]DQGROHVFRQOD
FRQILDQ]DIUHQWHDO-XLFLRSRUODPDQLIHVWDFLRQGHODPRUGH'LRVHQHVDREUD\HQHOWHVWLPRQLRHQVXV
YLGDVGHTXHHVWDQSHUIHFFLRQDQGRVHHQHODPRU
"4XHYDORUWLHQHHVDHUUDGLFDFLRQSDUDHOSXHEORGH'LRVTXHYLYHHQODHSRFDGHO-XLFLR\GHVXILQ"
"4XHDVSHFWRVSUDFWLFRVVXSRQHODHUUDGLFDFLRQ"
(OPHURKHFKRGHVDEHUORHOVLPSOHFRQRFLPLHQWRGHTXH'LRVKDSURYLVWRXQSURJUDPDRULHQWDGRHQOR
TXHLPSOLFDODGRFWULQDGHO6DQWXDULRXQPLQLVWHULRVDFHUGRWDOFHOHVWLDOGHO0HVLDVTXHVHSURORQJD
SRVWHULRUPHQWHDFXDQGRRIUHFLRXQDYLGDLPSHFDEOH\DODPXHUWHDVXPLGDSDUDVDOYDUQRVHVVXILFLHQWH
SDUDJHQHUDUVHJXULGDG\HVSHUDQ]D&XDQGRFRPSUXHERFDPELRVHQPLYLGDUHODWLYRVDPLDFHSWDFLRQGH
ODREUD\PHQVDMHGHO0HVLDVFXDQGRVLJRH[SHULPHQWDQGRXQDUHDOLGDGH[LVWHQFLDOTXHVXSHUDODGXGD\
ODLQHUFLD\TXHPHLQWURGXFHHQORVYDORUHVFHOHVWLDOHVTXHIRUWDOHFHQODIHHQWRQFHVVHPDQLILHVWDOD
YDOLGH]GHVDEHUGHODH[LVWHQFLDGHHVHPLQLVWHULRFHOHVWLDOGHO0HVLDV\VHDUUDLJDHQPLHOVLJQLILFDGR
WUDVFHQGHQWDOGHHVHPLQLVWHULRFRQWLQXRFHOHVWLDOGHO0HVLDVHQGRVWLHPSRV\HQEDVHDVXREUD
WHUUHVWUH\GR\LPSRUWDQFLDDORLPSOLFDGRHQHVDODERUGHHUUDGLFDUGHODSUHVHQFLDGH'LRVORTXHHO
0DOKDSUHWHQGLGRILMDU\SHUSHWXDUUHVSHFWRDOSHFDGRGHODKXPDQLGDG(OFRQVLGHUDUODVDFXVDFLRQHV
VDWDQLFDVTXHDFRPSDQDQDOSHFDGRLQYHQWDGRSRUHO0DOLJQR\SRQHUHQFODURHOVHUYLFLRGHODREUDGHO
0HVLDVFRPRUHSUHVHQWDQWHGHODKXPDQLGDGDSOLFDQGRHOEHQHILFLRGHHVDPLVLRQQRKDELHQGR
VXFXPELGRQXQFDDOSHFDGR\OHYDQWDUXQDFWDHQFRQWUDGHODSUHWHQVLRQVDWDQLFDGHSRGHUDFXVDUDORV
TXHVHDSURSLDQGHHVHPLQLVWHULRVDFHUGRWDO0WFI-QFI0WFI6DO
H[SRQLHQGRHOYDORUGHODREUDGHO0HVLDVQRQRHVLQVLSLGRQLVLQLQWHUHVQLVLQSURYHFKRFRPR
>@
DOJXLHQFULWLFDEDLJQRUDQWHPHQWHHVWHDVXQWRHQHOSDVDGR
(VHUHJLVWUROLPSLDGRHVPXFKRPDVTXHORTXHSRGULDHQWHQGHUVHSRUXQDGHFODUDFLRQIRUHQVH
HVWDWLFD(VDPDQLIHVWDFLRQGH'LRVHOLPLQDQGRHOSHFDGRGHO6DQWXDULR\GHVFRQWDPLQDQGRODREUD
QHJDWLYDGHO&XHUQR'QFI'QTXHVHFRQILJXUDFRPRFRQVHFXHQFLDGHODVUHSHUFXVLRQHV
TXHDQWHODSUHVHQFLDGH'LRVWLHQHGHELGRDTXH'LRVKDTXHULGRPHGLDQWHHOSURJUDPDFHOHVWLDO
SURSXHVWRSRU(OTXHHOVHUKXPDQRVXSLHVHVXVROLGDULGDGSRUHOFRQGHQVDWRGRHOFRQWHQLGRLGHRORJLFR
TXHLGHQWLILFDODFDXVDGHOFRQIOLFWRJHQHUDGRSRUODDXWRLQGHSHQGHQFLDUHVSHFWRGH'LRV(OVXIULPLHQWR
ODHQIHUPHGDG\ODPXHUWHYDQDVHUDEROLGDVFRPRFRQVHFXHQFLDGHODREUDGHO0HVLDVDIDYRUGHOVHU
KXPDQR\TXHVHUHVXPHHQXQDFWDTXHSURFODPDHOYDORUGHODYLGD\ODPXHUWHGHO0HVLDV\GHODV
FRQVHFXHQFLDVGHVJUDFLDGDVTXHKDVXSXHVWRVHJXLUODFRQVLJQDVGHO0DOYDGR
 (OUHJLVWURFHOHVWLDOOLPSLDGR'QFI0WFI'QFI'QFI'Q
SSHVGHFLUHOFRQVLGHUDUSRUSDUWHGH'LRVODDFXVDFLRQVDWDQLFDHQFRQWUDGHQRVRWURVFRPRXQ
HQJDQRFI$SHOGHWHUPLQDUGHILQLWLYDPHQWHODVDOYDFLRQVXSRQHUHLYLQGLFDUDO0HVLDVFRPR
UHSUHVHQWDQWHGHODKXPDQLGDGFDLGD\HO5HLQRGH'LRVOD/H\5HDOORVSULQFLSLRVLGHRORJLFRVTXH
ULJHQHQHO*RELHUQRGH'LRV
/RVTXHYLYLPRVHO-XLFLRHVFDWRORJLFRFRPRHPSH]DGRGHEHPRVGHYLYLUODPLVPDH[SHULHQFLDFRPR
FXDOTXLHURWURFULVWLDQRGHFXDOTXLHURWUDHSRFDTXHVHSUHFLHGHVXYRFDFLRQFHOHVWLDODGHPDVGHORTXH
VXSRQHH[LVWHQFLDOPHQWHUHVSHFWRDQXHVWUDVHJXULGDG\FRQILDQ]DHOFRPSUREDUSRUORTXHQRVDSRUWDOD
3DODEUDGH'LRVUHVSHFWRDODLGHQWLGDGGHO-XLFLRDQXQFLDGRHQODSURIHFLDPHVLDQLFD\ORTXHLPSOLFD
ODSUHVHQFLDKLVWRULFDGHO-XLFLRFRPRHPSH]DGR'QFI
FI-QFI$S
6HWUDWDGHPDQLIHVWDUFRQILDQ]D\FRQRFLPLHQWRHQODH[LVWHQFLDGHHVHPLQLVWHULRVDFHUGRWDOGHO
0HVLDVHQHO6DQWXDULR&HOHVWLDO"3RUTXH"3RUFXDQWR'LRVKDVDELGRGHODQHFHVLGDGSDUDQXHVWUD
QDWXUDOH]DH[LVWHQFLDOGHTXHPHGLDQWHODFRPSUREDFLRQGHORTXHKDELDVLGRDQXQFLDGRSURIHWLFDPHQWH
VREUHHO0HVLDVFXPSOLHQGRVHHQVXIDVHWHUUHVWUH\GDUVHQRVWHVWLPRQLRGHODVFRQVHFXHQFLDVFHOHVWHV
OLJDGDVDHVHFXPSOLPLHQWRWHUUHVWUHJHQHUDULDHVSHUDQ]DSDUDORTXHIDOWDSRUFXPSOLUVHDGHPDVGH
OOHQDUHOWLHPSR\HVSDFLRTXHWUDQVFXUUHVDOSLFDGRGHGXGDVGHVJDVWHV\VXIULPLHQWRGHVHJXULGDGHQOD
FUHHQFLDDXPHQWRGHODDXWRHVWLPDDOH[SHULPHQWDUFRPRYLHQGRDOLQYLVLEOHTXHDOJRSRGHURVR
H[WHULRUDWLPHGLDQWHODUHYHODFLRQHQOD3DODEUD-QFI-QVHRFXSDGH
D\XGDUWHDSUHYHQLUHOPDO\DVDEHUDIURQWDUODH[LVWHQFLDDGHPDVGHODPRWLYDFLRQHVSLULWXDOLQHYLWDEOH
DOFRQVWDWDUTXHHVWDVUHFRQFLOLDGRFRQWLJRPLVPR\FRQ'LRV\TXHPLHQWUDVSHUPDQHFHVHQHVDSRVWXUD
FHOHVWLDOFI-QDSUHQGHVDYLYLUHQODWLHUUDH[SHULPHQWDQGRFRQWLQXDPHQWHODVDOYDFLRQ
3HURHVHWLHPSRTXHWUDQVFXUUHHQORSHUVRQDOLQGHSHQGLHQWHPHQWHGHQXHVWUDYLYHQFLDHQHOSUHVHQWH
GHOIXWXURHVLQH[RUDEOHPHQWHSDUDOHORDOTXHQRVDFHUFDDOILQGHILQLWLYRGHODKLVWRULDGHOSHFDGRGHOD
HQIHUPHGDGGHODPXHUWH
'HOPLVPRPRGRTXHODREUDWHUUHVWUHGH-HVXVFXDQGRQRVODDSOLFDPRVGHQWURGHOVHQWLGRTXHVXREUD
FHOHVWHQRVSUHVHQWDODH[SHULPHQWDPRVHQFXDQWRDTXHHOSHFDGR\DQRGRPLQDFI-Q
>@
 \HOPDOLJQRPLHQWUDVQRVPDQWHQHPRVHQHVDH[SHULHQFLDFHOHVWLDO-Q0W
'QFI+EFI&ROQRWLHQHSRGHUSUHYDOHFLHQWHVREUH
QRVRWURV'HHVHPLVPRPRGRFXDQGRVHJXLPRVODREUDFHOHVWHHQHOVHJXQGRWLHPSRKLVWRULFRVHQDODGR
SRUODSURIHFLDPHVLDQLFDGH'DQLHOFIXSSSSS\
DGHPDVGHVHJXLUPDQWHQLHQGRHOYDORU\ODH[SHULHQFLDFHOHVWHFRQWLQXDDKRUDVHQRVFRPSOHPHQWD
FRPSUREDQGRVHTXHHOMXLFLRKLVWRULFRUHVSHFWRDOSXHEORGH'LRVIDYRUHFLHQGROH'Q
VHHVWDFXPSOLHQGRSRUFXDQWRVHYHULILFDHQODKLVWRULDTXHODREUDFHOHVWHGHO0HVLDVKDHQWUDGRHQ
VXUHFWDILQDO+EXSFI+EXSHYLGHQFLDQGRVHHQODKLVWRULDSRUXQD
FRPXQLFDFLRQTXHOD3DODEUDSURIHWLFDODUHFRQRFHFRPRHVFRJLGDSRU'LRV'QFI
\TXHGDWHVWLPRQLRWDQWRGHOWLHPSRFRPRGHOFRQWHQLGRUHVSRQGLHQGRDODH[LJHQFLDGLYLQD'Q
FI$SHLGHQWLILFDQGRODFRPRFXPSOLHQGRODH[SHFWDWLYDGHO5HPDQHQWHGH'LRVSDUD
ODXOWLPDJHQHUDFLRQ$S\HVWRSDUDOHODPHQWHDTXHHOVLVWHPDGHPDOGDGSURWRWLSRGHO
PDOLJQRDQXQFLDGRFRPR&XHUQRSHTXHQRKDVLGRVHQWHQFLDGRFRQGHQDWRULDPHQWHHQHVHPLVPR-XLFLR
'QHYLGHQFLDQGRVHPHGLDQWHXQDVHULHGHUHSHUFXVLRQHVTXHODKLVWRULDUHJLVWUD(VHPLVPR-XLFLR
GDXQDVHQWHQFLDFRQGHQDWRULDVREUHHOVLVWHPDGHPDOGDG&XHUQRSHTXHQR'Q
>@
VHQWHQFLDTXHWLHQHXQDVUHSHUFXVLRQHVHQODKLVWRULDGHHVH&XHUQR
(OSXQWRGHUHIHUHQFLDHQORSHUVRQDOHVHOPLVPRTXHHQODVJHQHUDFLRQHVDQWHULRUHVFRQXQDYDULDQWH
6LELHQODPXHUWHVHSXHGHSURGXFLU\SRUORWDQWRODYLYHQFLDGHOUHWRUQRGHO0HVLDVVLHPSUHHV
LQPLQHQWHSRUFXDQWRGHVSXHVGHODPXHUWHQRKD\WLHPSRTXHWUDQVFXUULU\HOVLJXLHQWHDFRQWHFLPLHQWR
KLVWRULFRVLJXHVLHQGRODUHVXUUHFFLRQ\OD6HJXQGD9HQLGDGHO0HVLDVDKRUDHO-XLFLRHVWD
WUDQVFXUULHQGRSRUORVPXHUWRVGHODFDVDGH'LRVODHVSHUDQ]DHVTXHSXHGHVHVWDUYLYRFXDQGRHO
0HVLDVYHQJDQRSDVDUSRUODPXHUWH\SRUORWDQWRH[SHULPHQWDUHO-XLFLRIDYRUDEOHHQYLGDHQHOOLPLWH
FRQODSURSLD6HJXQGD9HQLGDGH-HVXFULVWRFXDQGRODWUDQVIRUPDFLRQGHHVWHVHUPRUWDOHQLQPRUWDO\
HVWHVHUFRUUXSWRVHDYHVWLGRGHLQFRUUXSWLELOLGDGVHSURGX]FD
/DUHIHUHQFLDGHVGHHOSXQWRGHYLVWDFROHFWLYRHVODDVXQFLRQGHXQDPLVLRQFRQFUHWDODGHOOHYDUD
HVDJHQHUDFLRQFDUDFWHUL]DGDSRUKDEHUOOHYDGRODUHIRUPDDVXSOHQDFXOPLQDFLRQDOFXPSOLPLHQWRGH
ODSUHGLFDFLRQGHO(YDQJHOLRGHVLHPSUH$SFIWDOFRPRUHFODPD
OD3DODEUDSURIHWLFDDHVDJHQHUDFLRQILQDOGHQWURGHXQDH[SHULHQFLDGHUHDYLYDPLHQWRHVSLULWXDO
DFRUGHDODPLVLRQILQDO\VLQUXSWXUDFRQORVYDORUHVLGHRORJLFRVGHO5HLQRR*RELHUQRGH'LRV
UHFXSHUDGRVHLQYROXFUDGRVHQHOVHQWLGR\UD]RQGHVHUGHHVDJHQHUDFLRQ
(OGHVFXEULPLHQWRGHODYRFDFLRQFHOHVWLDOXQLGRDOFRQWH[WRKLVWRULFRSURIHWLFRQRSHUPLWHTXHODV
GXGDVSRVLEOHVVHLQVWDOHQGHILQLWLYDPHQWHVLQRTXHVHILMDQODVHJXULGDG\FRQILDQ]DDQWHHOFRQWRUQR
UHIHUHQFLDO\HVSHUDQ]DGRU/DYLYHQFLDGHODYRFDFLRQFHOHVWLDOOOHYDWDQWRDORVTXHWLHQHQHOMXLFLRHQHO
IXWXURFRPRDORVTXHYLYHQHQODHSRFDGHOMXLFLRDILMDUTXHVXVSHFDGRVHVWDQVLHQGRFRQIHVDGRVHO
TXHVXDUUHSHQWLPLHQWRHVWDVLHQGRJHQXLQR\HOGHVHRLQHTXLYRFRGHTXHVXYROXQWDGTXLHUHHVWDU
VRPHWLGDDODGH'LRVFI0WPDQLIHVWDQGRVHHQFRUUHVSRQGHQFLDDOFXOWRFHOHVWLDOTXHVH
JHQHUDSRUORTXHVHSUR\HFWDFRQHOPLQLVWHULRFRQWLQXRGHO0HVLDVHQXQDSUHVHQWDFLRQGHOVHUGHXQR
HQVDFULILFLRYLYR\VDQWR-QFI5PHQXQDUHQRYDFLRQGHOHQWHQGLPLHQWR-Q
FI0WFI5PVSHQXQQRFRQIRUPDUVHDHVWHVLJOR-QFI0WFI
5PSS
3DUDORVTXHOHVDFRQWH]FDODPXHUWHDQWHVGHOILQGHOWLHPSRGHJUDFLDOHVGDVHJXULGDGHQODPXHUWHHQ
FXDQWRDODFHUWLGXPEUHGHODUHVXUUHFFLRQFRQWRGRORTXHLPSOLFDFI&ROORVTXHQRSDVHQSRU
ODPXHUWH\HVWHQYLYRVHQHOOLPLWHGHOILQGHO-XLFLR\HOUHWRUQRGH-HVXFULVWR\FRQQDWXUDOH]DGH
SHFDGRWRGDYLDJUDFLDVDHVDYLYHQFLDFHOHVWLDOTXHOHVSURWHJH\OHVGLFHTXHHOUHJLVWURGHOSHFDGRKD
VLGRERUUDGRH[SHULPHQWDUDQHQYLGDHOWHQHUVLHPSUHSUHVHQWHHOKDEHUFRQIHVDGRHOSHFDGR\KDEHUVH
DUUHSHQWLGR\SRUORWDQWRQRWLHQHQHOUHFXHUGRGHOSHFDGRFRPRGHVSURYLVWRGHODUUHSHQWLPLHQWRSRU
FXDQWRORTXHLPSHUDHQHOUHFXHUGRHVHOKDEHUILMDGRHQYLUWXGGHODREUDWHUUHVWUH\FHOHVWHGHO
>@
0HVLDVODFRQIHVLRQ\ODFRQILDQ]DGHOSHUGRQ
/DHUUDGLFDFLRQVHDHQPXHUWHRHQYLGDKDVXSXHVWR\VXSRQHXQDVHJXULGDGGHTXHHVDREUDGH
HUUDGLFDFLRQMXULGLFDFRUUHVSRQGHDXQDYLYHQFLDFHOHVWLDOTXHHOSURSLRLQGLYLGXRH[SHULPHQWDFRPR
IUXWRGHXQDYRFDFLRQFHOHVWHSHUPDQHQWHVLQGHVYLDFLRQHVWHUUHQDVFI&RO(VWRHVXQDUHDOLGDG
TXHOHPRWLYDFDGDYH]PDVDDOHMDUVHGHOSHFDGR\DYLYLUXQDH[LVWHQFLDLQWHQVDGHSUHGLFDFLRQGHO
HYDQJHOLRFRPRSURWDJRQLVWDGHODVHVFHQDVILQDOHVFI/FFI$SVV&I
$SVHDTXHOHDFRQWH]FDODPXHUWHRQR
6LELHQODUHSHUFXVLRQGHHVWDHUUDGLFDFLRQMXULGLFDVHFXPSOHHQRFDVLRQGHOD6HJXQGD9HQLGDQR
DQWHVDSDUHFHXQDFRQVWDWDFLRQGHTXHHOSHFDGRKDVLGRWUDWDGRHQHOMXLFLRGHORVPXHUWRVSRUHVD
YLYHQFLDFHOHVWLDO\SRUHOFRQRFLPLHQWRGH'LRVHQVXUHYHODFLRQSURIHWLFD-QFID3HGFI
$SFI'QTXHVLJXLHQGRDHVH'LRVTXHVHUHYHODVHHQWHUDGHTXHKDVLGRMX]JDGRRELHQ
FRPRPXHUWRVHQ&ULVWRRFRPRYLYRVHQHOFDVRGHORVTXHQRSDVDUDQSRUODPXHUWHTXLWDQGRHOSHFDGR
GHOFUH\HQWHPDQLIHVWDQGRVHHQ\FRQVXUHVXUUHFFLRQD&RU
 (QWUH OD 3ULPHUD YHQLGD \ OD 6HJXQGD YHQLGD OD HVFDWRORJLD GHO
MXLFLRH[LVWHQFLDOSHUVRQDO\HOGHOIXWXURGHQWURGHVXREUDWHUUHVWUH\
GHXQPLQLVWHULRHQHOVDQWXDULRFHOHVWLDO
"4XHHVORTXHQRVSUHVHQWD-HVXVVREUHHO-XLFLR"(QSULQFLSLR-HVXFULVWRWHQLDHQFXHQWDORTXHODV
(VFULWXUDVGHFLDQVREUHHVWHDVXQWR(VSRUHOORTXHYDPRVDSUHVHQWDUODLGHDTXHHOOODPDGR$QWLJXR
7HVWDPHQWRQRVSUHVHQWDVREUHHOMXLFLR4XHWHUPLQRVXWLOL]D\TXHYDORUVHOHGD
'HVSXHVYDPRVDDQDOL]DUORTXH-HVXFULVWRQRVGLFH(QVXVSURSXHVWDVHQFRQWUDUHPRVXQDFRQFHSFLRQ
TXHWLHQHHQFXHQWDHO1XHYR7HVWDPHQWRFXDQGRVHHULJHHQLQWHUSUHWHGHODVSDODEUDVGHO0HVLDV
&XDQGRVHHVWXGLDQORVWH[WRVVHGHVFXEUHQWUHVDVSHFWRVVREUHHOMXLFLR(OGHODQDWXUDOH]DGHMXLFLR
(QHIHFWRGHVFXEULUHPRVTXHKD\WH[WRVTXHQRVKDEODQGHXQMXLFLRH[LVWHQFLDOTXHFDGDSHUVRQD
H[SHULPHQWDHQVXSURSLRSUHVHQWH0WFI-QFIFIFXDQGRVX
UHDOLGDGGHFRPSRUWDPLHQWR\GHH[LVWHQFLDVHYHFRQIURQWDGD-QFRQXQDFRQGXFWD\HWLFDTXHOD
UHYHODFLRQELEOLFDOHSUR\HFWD(VWRVHUHSLWHHQFDGDSHUVRQDGHFDGDJHQHUDFLRQ3HURKD\WH[WRVTXH
UHILHUHQDXQMXLFLRILQDO-QFI0WTXHHPSLH]DSRUORVPXHUWRVGH
OD&DVDGH'LRV0W-QFI-QFI'QFID3HGDSDUWLUGH
XQPRPHQWRGHWHUPLQDGRDQWHULRUDOD6HJXQGD9HQLGDGH-HVXFULVWR-QFI0WFI'Q
\TXHVHSURORQJDHVHMXLFLRILQDOXQDYH]UHDOL]DGRHOGHOD&DVDGH'LRVKDVWDGHVSXHVGH
OD6HJXQGD9HQLGDGRQGHVHMX]JDDDTXHOORVTXHUHFKD]DURQODVDOYDFLRQTXH-HVXVHO0HVLDVSUHGLFR
0WFI$S<GHQWURGHHVWHMXLFLRVHGDQMXLFLRVGHVHQWHQFLDVHQRFDVLRQGHOD
6HJXQGD9HQLGDGH-HVXFULVWRDORVFROHFWLYRVTXHDJUXSDQDORVOODPDGRVMXVWRVHLPSLRVTXHHVWDQ
YLYRVFXDQGRVHGDOD6HJXQGD9HQLGDGH-HVXFULVWR\DORVOODPDGRVPXHUWRVHQ&ULVWRHLPSLRV
PXHUWRV0WFI-Q6HQWHQFLDVTXHSURGXFHQUHVXOWDGRVGLVWLQWRVVHJXQVHVHDGH
ORVOODPDGRVMXVWRVRPXHUWRVHQ&ULVWRRGHORVOODPDGRVLPSLRVYLYRVFXDQGR&ULVWRYLHQHRTXHHVWDQ
PXHUWRV-XLFLRGHYDORUHVGHOFRQMXQWRPXQGR\GHORVVLVWHPDVGHPDOGDG6HUDFRQYHQLHQWH
>@
FXDQGRORHVWXGLHPRV QRFRQIXQGLUHVWHFRQFHSWRGHMXLFLRFRQHODQWHULRU(QORH[SOLFDGR
DQWHULRUPHQWHVHWUDWDGHSHUVRQDVHQGLIHUHQWHVPRPHQWRV$TXLVHWUDWDGHVLVWHPDV\GHORVYDORUHV
TXHSUR\HFWDHOPXQGRFI-Q3RUORWDQWRODGLVWLQFLRQKDGHKDFHUVHVLVHTXLHUHFRPSUHQGHU
HVWHDVSHFWRTXHOXHJRYDDWHQHUUHSHUFXVLRQHVHQHOVHQWLGRLGHRORJLFR\-XLFLRGHVHQWHQFLD
PRWLYDGRSRUHOVHOODPLHQWRGHO(VSLULWX6DQWRHQHOOLPLWHGHODPXHUWHSDUWLFXODUGHFDGDXQR6HWUDWD
GHOVHOODPLHQWRGHO(VSLULWX6DQWRTXHFHUWLILFDDODSHUVRQDDODVDOYDFLRQ0WFI$S
>@
FI/FFI+EFID&RU(I (VWHVHOODPLHQWRHVHOTXHVHWHQGUD
HQFXHQWDSDUDHOMXLFLRILQDOTXHKDGHHPSH]DUDQWHVGHOD6HJXQGD9HQLGDSRUOD&DVDGH'LRV\GH
VHQWHQFLDVHQRFDVLRQGHOUHWRUQRGH-HVXFULVWR
 'LIHUHQWHVVLJQLILFDGRVGHODSDODEUD-XLFLR
D/RVWHUPLQRVRULJLQDOHV\VXRULHQWDFLRQ
/RVWHUPLQRVKHEUHRVSDUHFHQKDEHUVLGRHVFRJLGRVFRQODILQDOLGDGGHH[SUHVDUQRVPDWLFHVGLVWLQWRV
HQVXVLJQLILFDGR$XQTXHYDPRVDLQWHQWDUFRPSUREDUODVUD]RQHVSRUODVTXHVHHVFRJHXQWHUPLQR\QR
RWURQRVLHPSUHVHFODULILFDQHVDVUD]RQHV\HQRFDVLRQHVORVGLVWLQWRVWHUPLQRVVHLGHQWLILFDQHQYLUWXG
GHOFRQWH[WR\GHODDPSOLWXGGHVXXVR
>@ >@
**HUOHPDQ RSWDSRUHQFRQWUDUHQODUDL]GLQ QRXQVHQWLGRDPSOLR\IOXFWXDQWHVLQRDOJR
>@
FRQFUHWR2ULJLQDOPHQWHVHWUDWDULDGHXQMXLFLRHPLWLGRFRQDXWRULGDGHQHOSURFHVR\YLQFXODQWH
HVPX\LPSRUWDQWHTXHUHFRUGHPRVHVWHDVXQWRGRQGHDSDUHFH'LRVRVX6LPERORHQXQFRQWH[WR
HVFDWRORJLFR
>@
&XDQGRDQDOL]DPRVORVSDVDMHVGRQGHDSDUHFHGLQ QRVHQFRQWUDPRVFRQDOJXQDVVRUSUHVDVTXH
KD\TXHWHQHUHQFXHQWD/DSULPHUDHVHOLQWHQWRGHPRVWUDUQRVORUHODWLYRDODQDWXUDOH]DGHOMXLFLR
GLYLQR'LQQRVSUHVHQWDODUHDOLGDGGHOMXLFLRUHDOL]DQGRVH(OMXLFLRGLQFRQVLVWHHQXQDQDOLVLVGHOD
VLWXDFLRQ*Q'WD6DP-HU,VDHWF
(OMXLFLRHQHVWHFDVRHVXQDQDOLVLV\FRPRUHVXOWDGRVHREWLHQHXQDGHFODUDFLRQ\XQDQXHYD
VLWXDFLRQ(VWHVHULDHOVHQWLGRGHO6DOPR3RUFXDQWR'LRVHVHO-XH]HOMXLFLRRDQDOLVLV
GHODVLWXDFLRQFROHFWLYDGHORVVDQWRVVHUDXQDGHFODUDFLRQGHMXVWLFLDUHVSHFWRGHHOORV
3UHFLVDPHQWHSRUHVHDQDOLVLVOOHYDGRDFDERSRUDTXHOTXHHVPDVVDELRSRGHURVRQRVHSXHGH
UHFODPDUXQMXLFLRGLVWLQWR(FO
(OSURIHWD'DQLHODOXWLOL]DUGLQHQ'DQLHORIUHFHXQDSDQRUDPLFDFRQFOX\HQWHDGHPDVGH
VHUFRKHUHQWHWDQWRHQHOVHQWLGRRULJLQDOGHGLQFRPRHQHOYDORUTXHSRVHHHQVXXVR/RVWUHVWH[WRVVH
LGHQWLILFDQWDQWRFURQRORJLFDFRPRLGHRORJLFDPHQWH6HWUDWDGHXQDFHOHEUDFLRQRSURFHVRGRQGHVH
HPLWHMXLFLRYLQFXODQWHWDQWRSDUDHOFROHFWLYRGHORVVDQWRVDORVTXHVHOHVDQDOL]DVHOHVMX]JD
IDYRUDEOHPHQWHFI'QFRPRSDUDHOVLVWHPDGHPDOGDG&XHUQR3HTXHQR\DODSURSLD&XDUWD
%HVWLD'QFIDODTXHSHUWHQHFH\TXHUHSUHVHQWDHVFDWRORJLFDPHQWHDWRGRVDTXHOORV
TXHQRIRUPDQSDUWHGHO5HLQRGH'LRV
>@
/DUDL]VSW HVODPDVIUHFXHQWHSDUDH[SUHVDUHOFRQFHSWRGHMX]JDU+D\GLIHUHQFLDVFRQODUDL]
GLQTXHMXVWLILFDULDHOTXHVHHPSOHHXQWHUPLQRHQOXJDUGHORWURVLQHPEDUJRKD\DVSHFWRVFRPXQHVTXH
QRVVHQDODQODUHODFLRQDOLGDGHLGHQWLGDG\HOKHFKRGHTXHVHFRPSOHPHQWDQ
/DVGLIHUHQFLDVVHREVHUYDQFXDQGRDODQDOL]DUORVQXPHURVRVWH[WRVVHFRPSUXHEDTXHPLHQWUDVGLQ
LQYROXFUDXQDQDOLVLVJHQHUDQGRXQSURFHVRDOTXHVHOOHJDUDDXQUHVXOWDGRGRQGHVHHPLWHXQMXLFLR
>@
YLQFXODQWH QRVHOLPLWDSRUHMHPSORDODQXQFLRGHMXLFLRHVFDWRORJLFRSDUDVDOYDFLRQR
FRQGHQDFLRQFRPRRFXUUHFRQVSWVLQRTXHKD\GHVFULSFLRQ\SRUPHQRUHVGHHVHMXLFLRHVFDWRORJLFRFI
'QHQHOFDVRGHVSWODGHFLVLRQHQWUDHQXQDDFFLRQQRDXWRULWDULDDH[FHSFLRQDFXDQGR
>@
<DKZHHVHOVXMHWR QLYLQFXODQWHVHDQXQFLDTXHDFRQWHFHUDMXVWDPHQWH\GHDFXHUGRDODYHUGDG
6DOFI=DF\FXDQGRVXFHGHHVPDVELHQSXQWXDOD&URQ6DO
/DP6DO(FO(]T(Q
HIHFWRVLELHQHOKRPEUHKDGHMX]JDUHQEDVHDODOH\GH'LRVFI([1P'W
VHWUDWDGHH[SUHVDURSLQLRQHVTXHJHQHUDQXQDPDQHUDGHJREHUQDURGHGRPLQDUOD
VLWXDFLRQ-XHD6DPFI*Q([5XWD6DP/D
UHLYLQGLFDFLRQGH'LRVFRPR-XH]FID6DPDOXGHDTXH'LRVMX]JXHHQWUHQRVRWURV*Q
-XHFID6DP$TXLVHWUDWDGHMXLFLRVGRPHVWLFRVTXH
QRUPDOPHQWHQRVRQYLQFXODQWHV
3HURKD\DOJRTXHVHHVWDH[SUHVDQGRFRQODUDL]VSWTXHFRPSOHPHQWDUDDGLQ\TXHFXDQGRVH
UHODFLRQDQHQSDUDOHORHLGHQWLILFDQFRQXQFRQFHSWRUHVXOWDQWHGHORTXHVHLQYROXFUDHQODH[SUHVLRQ
MXLFLRVHORJUDXQDPHMRUFRPSUHQVLRQGHOWH[WRSDUDILQHVWHRORJLFRVRGRFWULQDOHV+D\XQDVLGHDVTXH
VHSUHWHQGHILMDUFRQVSW
(QHOIXWXURKDEUDXQMXLFLRGHORVSXHEORVRGHODVQDFLRQHVSRUSDUWHGH'LRV-RHO6DO

'LRVMX]JDUDGHDFXHUGRD6XYHUGDG6DO\HVSRUTXHYDDMX]JDUDODWLHUUDFRQVX
YHUGDGTXHHVSUHFLVRTXHVHMX]JXH\DDKRUDFRQMXVWLFLD\YHUGDGFI=DF3URY
<DKYHHVHOTXHMX]JRFRQIRUPHDODVREUDV(]TFI\GHDFXHUGRDHOODV
>@
MX]JDUDFI(FO
/DLGHDGHMXLFLR JRELHUQRGLVFXUUHDORODUJRGHFDVLWRGRXQFRQWH[WRHQTXHDSDUHFHODUDL]VSW
(OUH\GHEHWHQHUVDELGXULDGH'LRVSDUDVDEHUMX]JDU JREHUQDUD5H\6DORPRQSLGH
VDELGXULDSDUDSRGHUMX]JDU JREHUQDUDGHFXDGDPHQWHD5H\D&URQFI'QHO
PRQWHUH\RUHLQRGHODFDVDGH<DKZHMX]JDUD UHLQDUDRJREHUQDUD0LT,VODSHWLFLRQ
TXHVHOHKDFHD6DPXHOD6DPGHXQUH\TXHQRVMX]JXHHQOXJDUGH'LRVHVUHIHULUVHDXQ
UH\TXHQRVJRELHUQH'HFXDOTXLHUIRUPDHVWDVDOXVLRQHVWDQWRD'LRVSLGLHQGRVDELGXULDSDUDJREHUQDU
VSWRFRQWUDVWDQGRORFRQHOUHFODPRGHXQUH\HQOXJDUGH(OSDUDTXHQRVMX]JXH JRELHUQHHYRFDOD
FRQFHSFLRQGHTXH'LRVJRELHUQDRWLHQHXQ5HLQRR*RELHUQR-X]JDUVSWD,VUDHOUHVXHQDDJREHUQDUD
,VUDHO-XVD6DPD5H\
(OKHFKRGHTXH'LRVMX]JXHVDELDPHQWHRFRQIRUPHDODYHUGDGODMXVWLFLD\ODUHFWLWXGHOTXHVHOH
UHFODPHSDUDVROXFLRQDUODVGLIHUHQFLDVRGHIHQGHUHOGHUHFKRRHOTXHVHXVHVXOH\RVXYHUGDGSDUD
UHVWDEOHFHUHQGHUHFKRRHOGHUHFKRVHHVWDGDQGRDHQWHQGHUTXHORVMXLFLRVVSWGH'LRVHMHUFHQXQ
*RELHUQR\DVLDSDUHFH6DOD&URQ6DO-REFI2V
>@
<DDOJXLHQ FRQHOTXHHVWDPRVGHDFXHUGRGHVSXHVGHDQDOL]DUORVWH[WRVQRWDFRPROD
GHVFULSFLRQPDVJHQHULFDGHODUDL]VSWHVODTXHGHVLJQDXQDDFFLRQTXHUHVWDEOHFHHORUGHQSHUWXUEDGR
/DVLWXDFLRQRSRVLFLRQSHUWXUEDGDRODUHODFLRQLQMXVWDKDGHDOFDQ]DUODSD]RODMXVWLFLDROD
UHVWDXUDFLRQDVXGHUHFKR6LELHQHQODPD\RULDGHORVFDVRVHOVXMHWRGHVSWHV<DKZHRHO0HVLDVFI
,VDHQRWUDVVRQKRPEUHV([1PTXHDFWXDQDVHPHMDQ]DGH<DKZHSRUPHGLR
GHVXOH\RGHDFXHUGRDODUHFWLWXGGLYLQDSDUDWRGRHVWRFI*Q([1P'W
-XD6DP,VD0LT,VD(]T(VWHUHVWDEOHFLPLHQWR
HVWHVSWDGHPDVGHGHYROYHUOHHQVXGHUHFKRHVXQDVDOYDFLRQSDUDHOTXHHVLQRFHQWH6DO
FI/P([D6DPD6DPRXQDFRQGHQDFLRQSDUDHOFXOSDEOH
FID6DP,VD
/DVGLIHUHQFLDVHQWUHGLQ\VSWQRHOLPLQDQQLODUHODFLRQDOLGDGHLGHQWLGDGHQRFDVLRQHVQLOD
FRPSOHPHQWDULHGDG
'LQ\VSWDSDUHFHQMXQWRVHQYDULRVWH[WRVHQORVTXHWRGRVSUHVHQWDQODLGHDGHOUHVWDEOHFLPLHQWRGHO
GHUHFKRD6DP,VD-HU6DO
3URY
(OVHQWLGRTXHQRVGDODDSRFDOLSWLFDGH'DQLHOHQTXHDSDUHFH<DKZHRHO$QFLDQRGH
'LDVFRPRVXMHWRGHGLQPDQWLHQHXQDFRQVWDQWHGHFRQGHQDFLRQSRUXQODGR\SRURWURHOGHGHIHQGHU
RUHVWDEOHFHUHOGHUHFKRTXHVHKDYLVWRRULHQWDGDSRUQXPHURVRVWH[WRV*Q'W
6DOD6DP,VD6DO-RE

(VWHXOWLPRFRQFHSWRODGHIHQVDGHOGHUHFKRRHOUHVWDEOHFLPLHQWRGHOGHUHFKRWHQGUDVXDOXVLRQ\
>@
UHODFLRQFRQXQSDUDOHORD'DQLHOHQ'DQLHOFRQHOWHUPLQRVGT GHIRQGR\HVWHDVXYH]FRQ
RWURSDUDOHORHQ'QFRQORTXHTXHGDQFRRUGLQDGRVHLGHQWLILFDGRVORVWUHVWLSRVGHSDVDMHV\
GRQGHODYHQLGDGHOVGTHWHUQRUHGLPLUDGHOSHFDGRFXPSOLHQGRORQHFHVDULRSDUDTXHHVH
UHVWDEOHFLPLHQWRGHOGHUHFKRWDQWRGHO6DQWXDULRGLYLQRFRPRGHOKRPEUHVHDXQDUHDOLGDG'Q
FIGXUDQWHHOWLHPSRHVFDWRORJLFRPDUFDGRSRUODSURIHFLD
GHVGHODYHQLGDGHOVGTHWHUQRKDVWDHOILQGHORVWLHPSRV
>@
7DQWRGLQFRPRODUDL]VSW VHHQFXHQWUDQLGHQWLILFDGRVHQSDUDOHORHQHVWHDVSHFWR(QWUHRWUDV
GHVFULSFLRQHVXQDGHODVPDVJHQHULFDVGHVSWVHDODGHUHVWDEOHFHUHORUGHQRHOGHUHFKRGHDTXHOORTXH
VHKDYLVWRSHUWXUEDGRRDOWHUDGRFI*Q([1P'W-XD6DP
,V(]TODPLVPDLGHDGHGHIHQVDRGHUHVWDEOHFLPLHQWRGHGHUHFKRDOD
TXHDOXGLDPRVPDVDUULEDFRQGLQ
6LGLQ\VSWHVWDQHQSDUDOHORLGHQWLILFDQGRVHHVSHFLDOPHQWHHQHVHDVSHFWR\DLQGLFDGRORTXHQRV
RIUHFHXQDYLVLRQ\XQDGLPHQVLRQPXFKRPDVDPSOLD\FRPSOHWDHVFXDQGRREVHUYDPRVFRPRODUDL]VSW
YDXQLGDDVGTFI/Y,V6DO'W-HU6DO3URY\
>@
FRPRPLVSDW RWURGHORVWHUPLQRVKHEUHRVTXHVHUHILHUHQDODPSOLRFRQFHSWRGHMXLFLR\TXH
GHVLJQDHODFWRGHVSWWDPELHQHQWUDHQIUHFXHQWHSDUDOHOLVPRFRQVGT,V
VV-HU(]T
$PRV2V6RI6DO
-RE3URY(FOH*QD6DP
D&URQD5H\D&URQ
(VWDUHODFLRQDOLGDGHQSDUDOHORFUHDIRUPXODVHQODTXHHOVSWSRUXQODGRFRQGHQDUV
SRUHMD
6DP,V\SRURWUDSDUWHGHFODUDLQRFHQWHRKDFHMXVWLFLD2EVHUYHVHHOWH[WRGH'W
6LHQWUHDOJXQRVKXELHUHSOHLWRULELUDQDOWULEXQDOPLVSDWDILQGHTXHORVMXHFHVORVMX]JXHQVSW
VHDEVROYHUDDOLQRFHQWHVGTHQKLILODOTXHKDSDVDGRSRUHOMXLFLRFRPRWDO\VHFRQGHQDUDUV
HQ
KLILODOFXOSDEOHFID6DP
>@
6LUHWHQHPRVORGLFKRKDVWDDTXLSRGHPRVOOHJDUDODVLJXLHQWHFRQFOXVLRQVSW\PLVSDW VH
UHODFLRQDQHQWUHVL\DTXHFXDQGRDFWXDHOVSWKD\FDVLVLHPSUHXQPLVSDWDXQTXHPLVSDWVHFRQVDJUH
SDUDFLHUWDVFRQFHSFLRQHVSURSLDVVLJXHGHSHQGLHQGRHVGHODPLVPDUDL]VSW7DQWRPLVSDWFRPRVSWVH
UHODFLRQDQHQSDUDOHORFRQVGT\GLQVHHTXLSDUDFRQVSWHQVXIXQFLRQGHUHVWDEOHFHUHOGHUHFKR<XQD
GHODVPDVLPSRUWDQWHVDFHSFLRQHVGHVGTHVUHVWDEOHFHUHOGHUHFKR3RURWUDSDUWHHOGLQGH'Q
TXHH[SHULPHQWDWDQWRHO&XHUQR3HTXHQRFRQGHQDQGROHFRPRHO3XHEORGH'LRV
UHVWDEOHFLHQGRORHQVXGHUHFKR\ODODERUVGTHQHO6DQWXDULRGLYLQRUHVWDEOHFLHQGRORHQVXGHUHFKR
SLVRWHDGRSRUHO&XHUQR3HTXHQRHQVXVHJXQGDIDVHKLVWRULFD\FRQWDPLQDGRSRUORVSHFDGRV'Q
>@
FIVHHQFXHQWUDQHQSDUDOHORHLGHQWLILFDGRV
/DSURIHFLDGH'DQLHOSUHVHQWDHVFDORQDGDPHQWHODDFFLRQWDQWRGHORVVLVWHPDVGHPDOGDGTXHYDQ
LPSHUDQGRHQHOPXQGRFI'QSS
(VWDWXDGHODVQDFLRQHV$UFLOODORV'LH]5HLQRV%HVWLDV&XDUWD%HVWLD&XHUQR3HTXHQR'LH]FXHUQRV
5H\$OWLYRGH5RVWUR6HU'HVSUHFLDEOH5H\GHO1RUWH\5H\GHO6XUFRPRODGH'LRVPHGLDQWHVX
*RELHUQRR5HLQRUHSUHVHQWDGRHQHO3HUVRQDMHRSURWDJRQLVWDFHQWUDOOD3LHGUDFI0W
/FHO+LMRGHO+RPEUH'QFI0WFI/F0W
HO3ULQFLSHGHORVSULQFLSHVXSFI$SHO0HVLDV3ULQFLSH
'QSSFI-QVV0LJXHOHO3ULQFLSDOGHORVSULQFLSHV'Q
FI$S'QFI+HFKHO3ULQFLSHGHO3DFWR'QFI0W
/F+E
/RVSHUVRQDMHVHQFXHVWLRQJHQHUDQXQFRQIOLFWRFRVPLFRFRQDPSOLDUHSHUFXVLRQWDQWRHQODWLHUUD
FRPRHQHOFLHOR&RQHVDVHVFHQDVVHQRVWUDQVPLWHHQEDVHDOSUHFRQRFLPLHQWRGHOGHVDUUROORKLVWRULFR
TXHVHKDFUHDGRODDFFLRQKLVWRULFDGH'LRVTXHSRQHILQDXQDVLWXDFLRQGHPDOGDG\GHVXIULPLHQWRTXH
VHKDHQJHQGUDGRSRUORVVLVWHPDVGHPDOGDGTXHDFWXDQHQSDUDOHOR\RSRVLFLRQDO5HLQRGH'LRV+D\
XQMXLFLRGLQTXHVHFHOHEUDFRQYHUHGLFWRV\VHQWHQFLDVDIDYRUGHOSXHEORGH'LRV'Q
FI\HQFRQWUDGHOVLVWHPDGHPDOGDGUHSUHVHQWDWLYR'QFI(VH
6LVWHPDGHPDOGDGFDUDFWHULVWLFRDWHQRUGHORVWH[WRV'QFI
FUHDSUREOHPDVWDQWRDO3XHEORGH'LRVFRPRDODLGHRORJLDGLYLQDUHSUHVHQWDGDHQORVSULQFLSLRV
GHO*RELHUQRR5HLQRGH'LRVHQODVGRFWULQDV\HQHOFXOWRGHDGRUDFLRQ&RPRVHSXHGHDSUHFLDUHO
&XHUQR3HTXHQRVHGLULJHFRQWUDHO3XHEORGH'LRVLGHQWLILFDGRSRUVXILGHOLGDGDO*RELHUQRGH'LRV
DVX/H\\DOD9HUGDGYDWDPELHQFRQWUDHO3ULQFLSHGHORVHMHUFLWRVFHOHVWLDOHVDWHQWDQGRFRQWUDVX
PLQLVWHULRTXHHMHUFHHQXQ6DQWXDULR&HOHVWLDO\TXHVHSUR\HFWDHQXQDREUDGHVDOYDFLRQFRQXQ
FXOWRGHWHUPLQDGR\XQDYHUGDGLGHRORJLFDFRQFUHWD(VWHDWDTXHORSUHVHQWDFRQXQDSURSXHVWD
LGHRORJLFDTXHLQGHSHQGLHQWHPHQWHTXHSXGLHUDFDEHUSRUODSURSLDHVWUDWHJLDGHO6LVWHPDGHPDOGDGXQD
WHUPLQRORJLD\FLHUWDFRQFHSFLRQFRPXQVHGLIHUHQFLDFRQODGLYLQDHQORVDVSHFWRVIXQGDPHQWDOHVGDGR
HOFRQIOLFWRIURQWDOTXHVHRIUHFHXQPLQLVWHULRGLVWLQWRRULHQWDGRSRUORTXHVLJQLILTXHVXDWDTXHDO
FRQWLQXRGHO3ULQFLSH&HOHVWLDO\TXHVHHMHUFHHQXQ6DQWXDULRGHKHFKXUDKXPDQDFRQXQFXOWRGH
DGRUDFLRQGLVWLQWRDYDODGRSRUXQLGHDULRGRFWULQDOTXHPDUFDGLVWDQFLDVFRQOD/H\GH'LRV\OD9HUGDG
GLYLQD
$QWHHVWDSDQRUDPLFDTXHPDQWLHQHXQDFRQWLQXLGDGKLVWRULFDKDVWDODHSRFDILQDOHVORJLFRTXHVH
HVFRMDHOYRFDEORKHEUHRGLQFI'Q\ODUDL]VGTFI'QSDUDHYRFDUHOMXLFLR
GLYLQRGLQHQIDYRUGHOSXHEORGHORV6DQWRV\ODVHQWHQFLDFRQGHQDWRULDFRQWUDHO&XHUQR3HTXHQR\HO
UHVWDEOHFLPLHQWRDVXGHUHFKRVGTWDQWRGHO6DQWXDULR'LYLQRFRPRORTXHHVWHLPSOLTXH<SDUDHOOR
VHKDPDQLIHVWDGRODMXVWLFLDVGTHWHUQDHQODSHUVRQDGHO3ULQFLSH0HVLDV'QSS
KDFLHQGRYLVLEOHHO5HLQRR$XWRULGDGR*RELHUQRGH'LRV\SRURWUDSDUWHVHGHVROXFLRQGHILQLWLYDDOR
UHODWLYRDO6LVWHPDGHPDOGDG
/D6HSWXDJLQWDQRKDSRGLGRVHJXLUFRQHOPLVPRGHWDOOHORTXHVHKDWHQLGRHQFXHQWDHQODHOHFFLRQ
GHORVWHUPLQRVKHEUHRV/RVWH[WRVUHFRJLGRVWDQWRSRUGLQFRPRSRUVSW\PLVSDWKDQVLGRUHSDUWLGRV
LQGLVWLQWDPHQWHHQORVYRFDEORVYHUWLGRVSRUNULPDMXLFLRHOYHUERNULQRMX]JDUNULVLVMXLFLR
NULWHULRQ\NULWHVMXH]
(OJULHJRGHO1XHYR7HVWDPHQWRXWLOL]DORJLFDPHQWHODPLVPDQRPHQFODWXUDTXHOD6HSWXDJLQWDSDUD
H[SUHVDUODWHPDWLFDMXLFLR(VSUHFLVRTXHQRVGHWHQJDPRVQRREVWDQWHHQHOXVR\ORVFRQWHQLGRV
(QSULQFLSLRGHFLUTXHHOVLJQLILFDGRGHOMXLFLRFRQYDORUHVFDWRORJLFR\WHRORJLFRYHQGUDRULHQWDGR
SRUORTXHODDSRFDOLSWLFD\ODSURIHFLDGHO$QWLJXR7HVWDPHQWRQRVDWHVWLJXDQ\DTXHHO1XHYR
7HVWDPHQWRFRQH[FHSFLRQGHPX\SRFRVWH[WRVVXHOHUHIHULUVHDOMXLFLRGHXQPRGRWUDQVIRUPDGRSRUOR
TXHKDVXSXHVWRWDQWRSDUDHOSUHVHQWHFRPRSDUDHOIXWXURHVFDWRORJLFRODYHQLGDKLVWRULFDGHODVGT
HWHUQDHQODSHUVRQDGHO0HVLDV-HVXVGH1D]DUHW'QFI-QVV
(VSUHFLVDPHQWHHQOD$SRFDOLSWLFD\HQODSURIHFLDGRQGHVHFRQILJXUDODSHUVRQDGHO0HVLDVTXHWDQWR
WLHQHTXHYHUFRQVXSHUVRQD\DFWLWXGMXVWDFRQHOMXLFLRGLYLQRFI,VD,VDVV'Q
 >@
SSFI (VWHVHUDHOSXQWRFHQWUDODWHQHUHQFXHQWDSDUDXQDPHMRUFRPSUHQVLRQGHO
MXLFLRGLYLQRHQHO1XHYR7HVWDPHQWR
-HVXFULVWRKDYHQLGRSDUDNULPDMXLFLR-QSHURHOUHVXOWDGRGHHVHMXLFLRIDYRUDEOHR
GHVIDYRUDEOHYDDGHSHQGHUGHODDFHSWDFLRQRUHFKD]R-QFIGHODSHUVRQDGH
-HVXFULVWRRGHODLGHRORJLDTXHVREUHHO5HLQRGH'LRVDQXQFLD\FRQODTXHVHLGHQWLILFD0F
0WFI0W/F&RPRLQWHUSUHWDUD3DEORLQVSLUDGRWRGRVHVWDPRVVRPHWLGRVDO
>@
MXLFLRXSRGLNRV GH'LRV5P3HURHVHMXLFLRFRQVLVWHHQORTXHUHVXOWDGHDFHSWDUSRUOD
IHRUHFKD]DUODPDQLIHVWDFLRQGHODMXVWLFLDGH'LRVHQORTXHVXSRQHODYHQLGDGH-HVXFULVWR5P

(OPXQGRKDVLGRVRPHWLGRDMXLFLRNULVLV\DDKRUD-Q(VGHFLUORVYDORUHVODPDQHUDGH
SHQVDUODIRUPDGHVHUGHOPXQGRVXDFWLWXG\FRPSRUWDPLHQWRTXHJHQHUDXQDGLUHFFLRQDOLGDGSURSLD
LQGHSHQGLHQWHGH'LRVKDVLGRMX]JDGD\FRQGHQDGD'HDKLTXHVHDLQFRPSDWLEOHODFRH[LVWHQFLDHQWUHHO
FUH\HQWH\GLVFLSXORGH-HVXVFRQHVRVYDORUHVGHOPXQGR\VHDSUHFLVRVHUGHO5HLQRGH'LRV
(O1XHYR7HVWDPHQWRHQODPD\RULDGHODVRFDVLRQHVWLHQHHQFXHQWDHVWDFRQVLGHUDFLRQWUDQVFHQGHQWDO
\VXVOODPDPLHQWRVRVXH[SRVLFLRQVREUHHOMXLFLRHVFDVLVLHPSUHHOTXHH[SHULPHQWDUDQORVLPSLRVHO
GHFRQGHQDFLRQ\DYLVDDWRGRVDTXHOORVTXHHVWHQSRUFRQRFHUHOHYDQJHOLRTXHVHSDQGHVXH[LVWHQFLD
>@
3HURHOKHFKRGHTXH-HVXFULVWRVHDSRUWDGRUGHXQMXLFLRTXHUHVXOWDHQVDOYDFLRQQRVREOLJDD
UHIRUPXODUHOWHPDGHOMXLFLRHQODSHUVSHFWLYDGHO1XHYR7HVWDPHQWR\FRPSOHPHQWDUODFRQODGHO
>@
$QWLJXR7HVWDPHQWR-HVXFULVWRVHFRQYLHUWHHQHOVDOYDGRUGHOSHFDGRFI0W \HVWRVXSRQH
\DDKRUDXQMXLFLRSRUHOTXHVHFRQVLGHUDQHFHVDULRSHUGRQDUDSKLHPL(VHMXLFLRH[SHULPHQWDGR\D
DKRUDHQ-HVXFULVWRVXSRQHODVHJXULGDG-QFI-QFI-QFID-Q
>@
 GHTXHHQHOMXLFLRTXHHVWDGHQWURGHXQDHSRFDILQDOVHGDUDXQH[DPHQ\XQDVHQWHQFLD
IDYRUDEOHGHDFXHUGRDORTXHVXSRQHVHUGHO3XHEORGH'LRV\KDEHUH[SHULPHQWDGRHOMXLFLR
-HVXFULVWRFI0W'HHVWHPRGRVHYLQFXODQWDQWRHOMXLFLRSUHVHQWHFRPRHOIXWXUR<DTXH
HQHOGLDGHOMXLFLRSDUDHOFUH\HQWHSDUDHOGHODFDVDGH'LRV0W0WFI-Q
>@ >@
FI-QFID3HG KD\FRQILDQ]D-QFID-Q 3RUHVRORV
TXHVHHQFXHQWUHQGHQWURGHODOODPDGDJHQHUDFLRQILQDOHVFXFKDQ\SUHGLFDQHODQXQFLRGHODOOHJDGDGHO
MXLFLRNULVLV$SFIFRQWUDORVVLVWHPDVGHPDOGDGLPSHUDQWHVHQHVRVPRPHQWRV
HVFDWRORJLFRV$SFI\TXH
FRQILJXUDQGRXQDPDQHUDGHSHQVDU\GHVHUTXHOOHYDDODSHUGLFLRQHVSUHFLVRTXHVHSXHGDFRQRFHUD
'LRV\H[SHULPHQWDUHOMXLFLRGHO(YDQJHOLRHQODSHUVRQD\REUDGH-HVXFULVWR-Q
0WTXHOLEHUDGHOGRPLQLRGHOSHFDGR\TXHOHVRWRUJDODVDOYDFLRQ
(VYHUGDGHUDPHQWHH[WUDRUGLQDULR(QHO$QWLJXR7HVWDPHQWRHOMXLFLRGLQVSWRPLVSDWVHSUHFLVD
SDUDGDUOXJDUDODSD]HQWUHORVFRQWULQFDQWHVRDXQDSD]DOWHUDGDSRUODDFXVDFLRQRODLQMXVWLFLDSDUD
FRQGHQDUDOPDOSDUDWUDHUODVGTMXVWLFLDUHVWDEOHFHUHQVXGHUHFKRUHVWDXUDUSXULILFDU/DVGTVH
FRQYLHUWHHQWRQFHVHQODHVHQFLDGHOMXLFLRGLYLQRHQODPHGLGDDGHFXDGDSDUDVROXFLRQDUHOSUREOHPD\
HOLPLQDUHOPDO'HDKLTXHVHDFRQODVGT'QSSFIFRQTXHVHVROXFLRQHHO
FRQIOLFWRFRVPLFRTXHHOPDOPDQWLHQHFRQ'LRV\TXHKDUHSHUFXWLGRHQXQPXQGRKXPDQR*Q
$S-RE(]TFI'QTXHDFHSWDQGRODVFRQVLJQDV
PDOLJQDV*QKDFUHDGRXQDVLWXDFLRQLQMXVWDUHEHOGHSHFDPLQRVDPDOHYRODSHUYHUVD*Q
FI5P<DKHPRVYLVWRFRPRWRGRHO$QWLJXR7HVWDPHQWRVHFRQYLHUWHHQ
XQDSURIHFLDLQGLFDQGRQRVODYHQLGDGHXQ0HVLDVTXHWUDHUDODVGT'QFRQTXHVHMX]JDUD
VSWHOMXLFLRGLQPLVSDWVSW'Q(VDVGTUHVWDXUDUHVWDEOHFHHQVXGHUHFKR
GHYXHOYHDXQDVLWXDFLRQMXVWDWDQWRHO6DQWXDULR'LYLQR'QFISSFRQHOTXH'LRV
KDFUHLGRFRQYHQLHQWHUHIOHMDUHOHVWDGRGHVX3XHEORFRPRDFDGDGHVXVFRPSRQHQWHV\FRPRWDPELHQ
ORVUHVXOWDGRVGHODDFFLRQPDOD\RSXHVWDD'LRV\DVX5HLQRGHOVLVWHPDGHPDOGDG&XHUQR3HTXHQR
TXHGDFRQGHQDGRSRUFXDQWRVHRSRQHDOVGTTXHUHDWDXUD
>@
$KRUDFRQHOOODPDGR1XHYR7HVWDPHQWRVHQRVGLFHTXHODVGT KDOOHJDGRFRQ-HVXFULVWRTXHVH
LGHQWLILFDFRQHO5HLQRGH'LRV0WFI0WFI0FFI/FVVFI-Q
FRQYLUWLHQGRVHHQUHFRQFLOLDFLRQNDWDOODJHNDWDOODVVR5PD&RU5P
FIDSRNDWDOODVVR(I&ROMXVWLFLDMXVWLILFDFLRQMXVWLILFDUSHUGRQDUGLNDLRVXQH
>@
GLNDLRPDGLNDLRRGLNDLRVDSKLHPL +HFK5PD&RUD&RU
5PUHVWDXUDFLRQRUHVWDEOHFLPLHQWRDSRNDVWKLVWDQRDSRNDWKLVWHPL+HFK+HFK
>@
SXULILFDFLRQNDWKDUL]R +HED-Q
/DVGTYDDUHFRQFLOLDUDUHVWDXUDURUHVWDEOHFHUHQVXGHUHFKRWRGDVODVFRVDVGHVGHVXSULPHUD
YHQLGDKDVWDHOILQDOGHORVWLHPSRV+HFK+HFKDSXULILFDUROLPSLDUORVSHFDGRVGHVGHVX
SULPHUDYHQLGDKDVWDHOILQDOGHORVWLHPSRVD-QFI+E5P\WHQLHQGRHQ
FXHQWDHVDPLVPDORQJLWXGWHPSRUDOWDQWRHQORTXHVHUHILHUHDOVHUKXPDQRFRPRGHO6DQWXDULR&HOHVWH
+E
-HVXFULVWRPDQLILHVWDHOMXLFLRGH'LRVGHVGHVXSULPHUDYHQLGDVLHQGRVHQDOGHVDOYDFLRQRSHUGLFLRQ
>@
VHJXQVHDFHSWHRUHFKDFHVXPHQVDMH-Q&XDQGROOHJXHHOGLDGHOMXLFLR
HVWDEOHFLGRSRU'LRV+HFKFI$SHOYDDVHUODQRUPDWLYD(OHVODVGNFRQTXHVHYDD
MX]JDU+HFK6XHYDQJHOLRODEXHQDQXHYDGHO5HLQRFRQWLHQHVXVGTDOUHFKD]DUODVSDODEUDVGH
-HVXVVX-XVWLFLDUHFKD]DGDOHMX]JD\DDKRUDVLUYLHQGRFRPRWHVWLJRGHFDUJRHQHOMXLFLRGHOGLD
SRVWUHURFI-Q(VHYLGHQWHTXHHVDVSDODEUDVHVHPHQVDMHHVDVGTDFHSWDGDHQFXDOTXLHUDKRUD
GRQGHVHSUHGLTXHODVDOYDFLRQHPLWHXQMXLFLRWHVWLPRQLDOGHTXHKDFUHLGRFI-QFRPRTXHKD
REWHQLGRODYLGDHWHUQDDKRUD\DFI-Q(VRVHUDXQWHVWLJRIDYRUDEOHSDUDHOGLDGHOMXLFLR
SRVWUHUR-QFIFRQILJXUDQGRODYHVWLPHQWDDGHFXDGDFI0W
(O(VSLULWX6DQWRVHHQFDUJDGHFRQYHQFHUDOPXQGRGHOSHFDGRGHHVDMXVWLFLDVGT-HVXFULVWR\GH
MXLFLR-Q
 7DQWR -HVXV FRPR 3HGUR 3DEOR \ RWURV QRV GLFHQ TXH
LQGHSHQGLHQWHPHQWH GH HVWRV MXLFLRV HVSHFLILFRV H[LVWH XQ -XLFLR
LQGLYLGXDOHQFDGDPRPHQWRKLVWRULFR\HQHOGLDSRVWUHUR'LDGH
-XLFLR R HO -XLFLR 9HQLGHUR -Q  0W    FI 
3HG-XGDV+HFK+E
8Q-XLFLRLQGLYLGXDOHQYLGDHQIXQFLRQGHODSUHGLFDFLRQ
GHO(YDQJHOLR\VXLQVHUFLRQFRQHOMXLFLRSRVWUHUR
/RVVLJXLHQWHVWH[WRVHQGRQGHVHDOXGHDO+LMRGHO+RPEUHVHLQVFULEHQHQHOPDUFRGHO-XLFLR
9HDPRVORV
-XDQGHFODUDTXHD-HVXVVHOHKDGDGRDXWRULGDGGHKDFHU-XLFLRSRUFXDQWRHVHO+LMRGHO
+RPEUH%URZQKDFHGLIHUHQFLDHQWUHODHVFDWRORJLDUHDOL]DGD\DHQODHSRFDGH-HVXV\DHVR
UHVSRQGHULDQORVSDVDMHVVHJXQHOGH-XDQ\ODHVFDWRORJLDILQDOTXHWRGDYLDHVWDHQHO
>@
IXWXUR &RQVLGHUDTXHHOSDVDMHPHQFLRQDGRDOXGLULDDOMXLFLRHVFDWRORJLFRRILQDO\OR
LGHQWLILFDFRQHOMXLFLRTXHKDGHUHDOL]DUHO+LMRGHO+RPEUHGH'DQLHOHQHOFRQWH[WRGHOMXLFLR
>@
ILQDOGLYLQR
>@
1RVRWURVHVWDPRVGHDFXHUGRFRQHVWDGLIHUHQFLDFLRQTXH%URZQUHDOL]D SHURDQWHVGHVDFDUWRGD
ODFRQVHFXHQFLDTXHHVWRLPSOLFDUD]RQHPRVUHVSHFWRDODOFDQFHFRQWH[WXDOHQ-XDQGHOWHUPLQRMXLFLR
6LREVHUYDPRV-Q\ORFRPSDUDPRVFRQ-QUHVSHFWRDOWHPDGHOMXLFLRHQFRQWUDPRVXQD
GREOHLQIRUPDFLRQTXHSDUHFHHVWDUHQRSRVLFLRQHO3DGUHQRMX]JDWRGRHOMXLFLRKDVLGRGDGRDO+LMR
GHO+RPEUHPLHQWUDVTXHHQVHQRVDVHJXUDTXHHOQRKDYHQLGRDMX]JDUDOPXQGRVLQRDVDOYDUOR
<HVWRXOWLPRSDUHFHULDHQWUDUHQFRQWUDGLFFLRQFRQTXHKDELHQGRVHLQWURGXFLGRHQHOFRQWH[WRGHO
+LMRGHO+RPEUHVHQRVGLFHTXHDKRUDHQHOHQWRQFHVTXH-HVXVHVWDYLYLHQGRHVHO
MXLFLRGHHVWHPXQGR3HURHVWDDSDUHQWHFRQWUDGLFFLRQDXPHQWDHQFXDQWRDODQDWXUDOH]DGHOMXLFLR
FXDQGRFRPSDUDV-XDQFRQ(VHMX]JDUGHOPXQGRTXHQRKDYHQLGRDUHDOL]DU-HVXV\TXH
HQVHSURGXFHHQHODKRUDGHODSUHVHQFLDGH-HVXVVHQRVLQIRUPDHQTXHVLELHQHOMX]JDU
DOPXQGRQROROOHYDDFDER-HVXVHQWRQFHVSRUTXHQRKDYHQLGRDHVRVLVHOHMX]JDUDHQFXDQWRDORV
TXHOHUHFKDFHQGHHVHPXQGR\ORKDUDHQHOGLDSRVWUHURVXSURSLDSDODEUDTXHQRFUH\HURQ
$ODQDOL]DU\FODULILFDUHVWRVWH[WRVWHD\XGDDFRPSUHQGHUWRGDODGLPHQVLRQGH-XDQ(QHIHFWR
26HQRVLQIRUPDTXHQRHVHO3DGUHHOTXHMX]JDVLQRHO+LMR
7RGRHOMXLFLRVHOHKDGDGRDO+LMR$TXLWRGRHVVLJQLILFDWLYRSRUTXHVLELHQHOMXLFLRGHO+LMRGHO
+RPEUHQRFRUUHVSRQGHDHVWDSDUWHGHOWRGR\DTXHQRKDYHQLGRDMX]JDUDOPXQGRFRPR
MX]JDQGRDODVSHUVRQDVTXHORFRPSRQHQHVWHMXLFLRGHODVSHUVRQDVFRUUHVSRQGHDODVHJXQGD
SDUWHGHOWRGRDOMXLFLRSRVWUHURGHO+LMRGHO+RPEUH-Q
2 1R KD YHQLGR D MX]JDU D ODV SHUVRQDV GHO PXQGR SHUR OD LGHRORJLD GHO PXQGR TXHGD MX]JDGD SRU OD
LGHRORJLDGHO5HLQRTXH-HVXVSUHGLFD
6LELHQQRKDYHQLGRDMX]JDUDODVSHUVRQDVGHOPXQGR-QHVWRVHKDUDHQORSRVWUHURGHO
WLHPSRODSDODEUDGHO5HLQRFI0F0WFI-QTXH-HVXVWUDH
MX]JDORVYDORUHVGHOPXQGR-QODPDQHUDGHSHQVDU\GHVHUGHOPXQGRFRQGHQDQGROR
 2(OMXLFLRGHO+LMRGHO+RPEUHGHOGLDSRVWUHUR
6LELHQKD\XQMXLFLRHQHOSUHVHQWHGH-HVXVFRQVLVWHQWHHQMX]JDUORVYDORUHVGHOPXQGR-QHO
MXLFLRGHO+LMRGHO+RPEUH-QFRUUHVSRQGHDOTXHQRVLQGLFDHO+LMRGHO+RPEUHTXHSRGHPRV
FRQWHPSODUHQHOFLHORFI-QGHDFXHUGRDODSURIHFLDGH'DQLHO'Q\
TXH-HVXVGHWHUPLQDFRPRVLHQGRHOGHOGLDSRVWUHUR-Q
"<SRUTXH\FRPRORSRGHPRVFRQWHPSODUHQHOFLHOR"
8QDYH]PDVODUHIHUHQFLD+LMRGHO+RPEUHQRVDYLVDUHVSHFWRDOUHFXUVRGHUDVLFRTXH-HVXVSXHGH
HVWDUXWLOL]DQGRSDUDTXHQRVYROYDPRVDO+LMRGHO+RPEUHGH'DQLHO\GHVFXEUDPRVWRGDODGLPHQVLRQ
GHOPHQVDMHSURIHFLDSURPHVDFRQWHQLGDHQODIRUPXODFLRQ+LMRGHO+RPEUH
2EVHUYHVH-XDQ-HVXVFRQWHPSODHVWDUFHUFDQRHOPRPHQWRHQTXHHO+LMRGHO+RPEUHVHUD
JORULILFDGRSXHVWRTXHODPXHUWHODYHSUR[LPD&XDQGRHO+LMRGHO+RPEUHVHDOHYDQWDGR-Q
FI'QSSSSHQWRQFHVVHUDJORULILFDGRHQHOFLHOR-QFI\
DSDUHFHUDFRPR'DQLHOQRVORSUHVHQWD'QXSFIVXELGRHQHOFLHOR
HVWDQGRHQHOFLHOR-Q
(VH+LMRGHO+RPEUHTXHKDDVFHQGLGRDOFLHORDODGLHVWUDGH'LRV0FSSFI'Q
XSSSLUDHQQXEHVKDFLDHODQFLDQRGHGLDVSDUDODQXHYDIXQFLRQGHMXLFLR'QFI-Q
GHVSXHVGHVHULQWURGXFLGRHOFXDUWRUHLQR\XOWLPR\GHVSXHVGHKDEHUVHYLVWRSURORQJDUHOFXDUWR
UHLQRPHGLDQWHHOGRPLQLRGHO&XHUQRFI'QFIGHVSXHVGHGLDV
SURIHWLFRV'QDORVGLDVSURIHWLFRVHQHOVHJXQGRPRPHQWRKLVWRULFRGHVXPLQLVWHULR
FRQWLQXR'QFIHQWRQFHVODDXWRULGDGSDUDMX]JDUTXHWLHQHHO+LMRGHO+RPEUH-Q
VHPDQLIHVWDUDGHDFXHUGRDORLQGLFDGRHQ'DQLHOHQHOVHJXQGRPRPHQWRKLVWRULFR'Q
FI'Q\GHVSXHVVHGDUDHOUHLQRDORVVDQWRVGHO$OWLVLPR'QFXDQGRKD\DQSDVDGRORV
FXDWURUHLQRV'QFXDQGRHOFXDUWRUHLQR\XOWLPRKD\DSDVDGR'QFXDQGR
HOMXLFLRGHO+LMRGHO+RPEUHKD\DDFDEDGR'Q\VHKD\DFRPSUREDGRFI0W
TXLHQKDHQWUDGRDODERGDGHOFRUGHURFI0WKD\DFRPLGR\EHELGRODFDUQH\VDQJUHGHO
>@
+LMRGHO+RPEUH-Q\OOHYDGRHOYHVWLGRHVSHFLDO0W HQWRQFHVORVVDQWRV
UHFLELUDQHO5HLQRHOSRGHUHOGRPLQLRODUHVXUUHFFLRQ-QFI'QFI'Q
ODYLGDHWHUQDGHILQLWLYD\SDUDVLHPSUH-Q
/DSUHGLFDFLRQGHOD3DODEUDGH'LRVRHODQXQFLRSURIHWLFRHQFXDOTXLHUHSRFDVXSRQHQXQMXLFLRGH
VDOYDFLRQRGHFRQGHQDFLRQSDUDFDGDLQGLYLGXRTXHUHFLEHRUHFKD]DGLFKDSDODEUD\TXHVHHYLGHQFLDUD
HQHOMXLFLRILQDO
+HPRVFRPSUREDGRTXHHQFLHUWDVHSRFDVODGHOGLOXYLRFRQ1RHODGH6RGRPD\*RPRUUDFRQ
$EUDKDQ\/RWHODQXQFLRRSUHGLFDFLRQVHFRQYLHUWHVLVHDFHSWDRVHUHFKD]DHQXQDVHQDOGHMXLFLR
IDYRUDEOHRGHFRQGHQDFLRQTXHWHQGUDXQFXPSOLPLHQWRKLVWRULFRGHDFXHUGRDOSODQHVWDEOHFLGRSRU
'LRV
(QODHSRFDGH&ULVWRHOPXQGR\HOGLDEORVRQMX]JDGRVFI-QSRUHOFRQWHQLGRGHOD
SUHGLFDFLRQGHOHYDQJHOLRGHO5HLQRTXHOOHYDFRQVLJRODSUHVHQFLDGH-HVXFULVWR(OPXQGRFRQVXV
YDORUHV\RULHQWDFLRQTXHSUR\HFWDMXQWRDODLGHRORJLDGHO'LDEORKDQVLGRMX]JDGRV\FRQGHQDGRV
-HVXFULVWRQRVKDHQFRPHQGDGRDORVTXHKHPRVDFHSWDGRODUHFRQFLOLDFLRQTXH'LRVKDHIHFWXDGRSRU
HOHOPLQLVWHULRGHODUHFRQFLOLDFLRQFID&RU(OQRVPDQGRTXHSUHGLFDVHPRVHQVXQRPEUH
HODUUHSHQWLPLHQWR\HOSHUGRQGHORVSHFDGRV/FGHDFXHUGRDORTXHWDPELHQQRVRWURVKHPRV
H[SHULPHQWDGRGHHVDSUHGLFDFLRQ(QYLUWXGGHHVDSUHGLFDFLRQORVTXHODDFHSWDQORVSHFDGRVVRQ
UHPLWLGRVH[SHULPHQWDQGRHOMXLFLRGHOSHUGRQORVTXHODUHFKD]DQORVSHFDGRVVRQUHWHQLGRV
H[SHULPHQWDQGRHOMXLFLRGHFRQGHQDFLRQFI-QFRQORTXHHQHOMXLFLRILQDOVHFRPSUREDUD
HVDGHFLVLRQGHDFHSWDURGHUHFKD]DU
(QFRQFOXVLRQFRQODLQVHUFLRQGHODH[SUHVLRQ+LMRGHO+RPEUHHQHO(YDQJHOLRVHQRVHVWDGDQGR
XQDFODYHSDUDHQWHQGHUHVWH(OUHFXUVRGHUDVLFRTXHVHHIHFWXDHQHO(YDQJHOLRUHVSHFWRDO+LMRGHO
+RPEUHSHUPLWHUHFRQRFHUORVGRVPRPHQWRVKLVWRULFRVHOGHVXPLQLVWHULRFRQWLQXRVDFHUGRWDO\HOTXH
FRUUHVSRQGHDOMXLFLRGHO+LMRGHO+RPEUHGHQWURGHHVHPLQLVWHULRFRQWLQXR\SURJUDPDGRGHDFXHUGRD
'DQLHODSDUWLUGHKDEHUVHDOFDQ]DGRORVGLDVSURIHWLFRV'Q\7RGRHVWRHYLGHQFLDHO
MXLFLRGH'LRVHQ-HVXFULVWRSDUDODKXPDQLGDGUHYHODGRHQHOHYDQJHOLR\VXVUHSHUFXVLRQHVHQODVYLGDV
GHVGHODHSRFDWHUUHVWUHGHO0HVLDVHQVXREUDGHODWULRGHO6DQWXDULRFHOHVWLDO\VXDSOLFDFLRQGHQWURGH
VXPLQLVWHULRVDFHUGRWDODWRGRVORVVHUHVKXPDQRVTXHVHUHODFLRQDQFRQORVYDORUHVGHHVHPLQLVWHULR
VDFHUGRWDOHQHVRVGRVPRPHQWRVKLVWRULFRVFODUDPHQWHHVSHFLILFDGRVHQODKLVWRULDDQWLFLSDGDGHOD
DSRFDOLSWLFDFRPRHQHOUHVWRGHO1XHYR7HVWDPHQWR
 8Q MXLFLR ILQDO LQGLYLGXDO \ JHQHUDO TXH VH LQLFLD HQ XQD
HSRFD GHQRPLQDGDGLDSRVWUHUR GLDYHQLGHUR GLD GH
MXLFLR
+HPRVYLVWRTXHLQGHSHQGLHQWHPHQWHGHODUHDOL]DFLRQGHOMXLFLRGHOUHLQRGHHVWHPXQGRHQODHSRFD
GH-HVXVMXLFLRFRQVLVWHQWHHQODFRQGHQDGHORVYDORUHVGHORVSULQFLSLRVLGHRORJLFRVTXHHOUHLQRGH
HVWHPXQGRVRVWLHQH-QHLQGHSHQGLHQWHPHQWHGHOMXLFLRTXHVHOOHYDDFDERFRQWUDHOPDOLJQRR
SULQFLSHGHHVWHPXQGRHQODHSRFDGH-HVXVDOTXHVHOHVHQWHQFLDDVHUHFKDGRIXHUD-QVH
HPLWH\VHSUR\HFWDHOMXLFLRGH'LRVPDQLIHVWDQGRVXMXVWLFLDHQ-HVXFULVWRPHGLDQWHHOMXLFLRGHOD
MXVWLILFDFLRQRGHODVDOYDFLRQFI5P3HURKHPRVFRPSUREDGRWDPELHQTXHHVWHMXLFLRTXHVH
HYLGHQFLDKLVWRULFDPHQWHHQODREUDWHUUHVWUHGHO0HVLDVHQWURQFD\IRUPDSDUWHGHWRGRXQSURFHVRHQHO
TXHHQEDVHDHVDREUDWHUUHVWUHVHYDDSOLFDQGRGHVGHVXPLQLVWHULRVDFHUGRWDOHQHO6DQWXDULR&HOHVWLDO
GHOTXHQRVKDEODODHSLVWRODDORV+HEUHRV\RWUDVSDUWHVGHODV(VFULWXUDV\DH[SXHVWDVHVDREUDGH
MXLFLRTXHRIUHFHODSRVLELOLGDGGHVHUMXVWLILFDGRGHDFHSWDUODVDOYDFLRQGHKDEHUDFHSWDGRHVHMXLFLR
MXVWLILFDWLYRRUHFKD]DGRHQFDGDSUHVHQWHGHFDGDSHUVRQDKXPDQDFI-Q\TXHGHQWURGHHVH
SURFHVRDOFDQ]DODPDQLIHVWDFLRQGHXQMXLFLRILQDOHQXQVHJXQGRPRPHQWRKLVWRULFRGHO+LMRGHO+RPEUH
GH'DQLHOFI'QFI'QTXHHYLGHQFLDUDODDFHSWDFLRQRHOUHFKD]RGH
HVHMXLFLRMXVWLILFDWLYRSUHVHQWDGRSRU'LRVSDUDODVDOYDFLRQ9DPRVDYHUFRPRVHGHVDUUROODHVWRGH
DFXHUGRDORVWH[WRV
$XQFXDQGRHOUHFKD]RRDFHSWDFLRQGHOHYDQJHOLRLPSOLFDRVXSRQHXQMXLFLRGHFRQGHQDRGH
VDOYDFLRQ<DXQFXDQGRODPXHUWHLPSLGHXQYHUHGLFWRGLVWLQWRUHVSHFWRDORTXHVHKD\DSRGLGR
SURGXFLUSRUHOUHFKD]RRDFHSWDFLRQGHOHYDQJHOLR'LRVVHJXQVXSODQ\WHQLHQGRHQFXHQWDODV
FLUFXQVWDQFLDVTXHODKLVWRULDGHOSHFDGRFRQOOHYDKDHVWDEOHFLGRXQGLDXQDHSRFDSDUDH[DPLQDU
DQWHFULDWXUDVILQLWDVODVYLGDVGHWRGRVDTXHOORVTXHKDQTXHGDGRUHJLVWUDGDV'LFKRH[DPHQVHHIHFWXD
DODOX]QRRFXOWDPHQWH\GHDFXHUGRDOHYDQJHOLRGH-HVXFULVWR5RP
(QHIHFWRQDGLHVDEHDXQFXDQGRQXHVWUDYLGDHQ&ULVWRQRVGDVHJXULGDG\FRQILDQ]DFID-Q
ODVHQWHQFLDUHVSHFWRDOUHFKD]RRDFHSWDFLRQGHOHYDQJHOLR<DXQFXDQGRHOH[DPHQ\ODVHQWHQFLD
GHILQLWLYDQRKDUDQRWUDFRVDTXHFRQILUPDUORTXHHQYLGDKDSRGLGRVXSRQHUHOUHFKD]RRDFHSWDFLRQGHO
HYDQJHOLRHOMXLFLRHVFDWRORJLFRRILQDOWDQWRGHORVMXVWRVFRPRGHORVLPSLRVHVLPSUHVFLQGLEOH
(OGHORVMXVWRVVXSRQHXQDFODULILFDFLRQGHODOXFKDFRQWUDHOSHFDGRODWHQWDFLRQ\ODVDIOLFFLRQHV
6XSRQHXQDUDWLILFDFLRQDQWHHOXQLYHUVR\DQWHHOPDOLJQR\VXVVHFXDFHVTXHHOSODQRULJLQDOGH'LRV
HUDSHUIHFWRTXHIXHHOSHFDGRDVXQWRH[WUDQRD'LRVSHURDILQ\RULJLQDOGH6DWDQDVHOTXHKD
SURGXFLGRORVGHVPDQHVTXHHOKRPEUHKDH[SHULPHQWDGR\HOSURSLRMXLFLR
(O-XLFLRHQWRGDVXH[WHQVLRQHLPSOLFDFLRQHVHOPHWRGRGLYLQRSDUDERUUDUGHILQLWLYDPHQWHWRGR
YHVWLJLR\UHFXHUGRGHOSHFDGR
 (OFXDQGRGHOGLDGHOMXLFLR\ODXELFDFLRQGHORVSDVDMHV
IXQGDPHQWDOHVUHODWLYRVDOMXLFLR
>@
'LRVKDHVWDEOHFLGRXQGLD
SDUDHO-XLFLRXOWLPR-QFI+HFK
"8Q-XLFLRGHOPXQGRRGHVX3XHEOR"3DUDWRGRV+HFKFI+HFKSS3DUDWRGRVORV
KRPEUHVRLNRXPHQHQSDUDFUH\HQWHV\QRFUH\HQWHV/F+HFKFI/F
$VRFLDGRDVLWXDFLRQHVHVFDWRORJLFDV$PRV-RHO\VV,VDFID3HG
\+HFK
6HWUDWDGHXQGLD
FRQLQLFLR\SURORQJDFLRQ,VDLDV\VV
(OGLDGH<DYH\HOGLDGHO6HQRU-HVXFULVWR
6HREVHUYDTXHHQODVHVFHQDVXOWLPDVH[LVWHXQDSURORQJDFLRQGHOWLHPSRTXHVHH[WLHQGHHQSULQFLSLR
GHVGHHO5HWRUQRGH&ULVWRKDVWDHOILQDOGHOWLHPSR$S\FID&RU(QFLHUWDV
DFWXDFLRQHVSDUFLDOHVUHVSHFWRD,VUDHOHQODVTXHVHYHREOLJDGRDLQWHUYHQLU<DYHDSDUHFHQFRPR
DFRQWHFLHQGRHQHOGLDGH<DYH6LJQLILFDULDXQ-XLFLRRLQWHUYHQFLRQGH'LRVHQFRQWUDGHOSURSLR
,VUDHORGHRWUDVQDFLRQHVFI,VDVVVV
6LQHPEDUJRKD\XQGLDGH<DYHUHIHULGRDOILQDOGHORVWLHPSRV,VD-RHOQRVKDEODHQ
SULQFLSLRGHXQGLDGH<DYHSDUFLDO-RHOVV\VREUHSDVDGLFKRGLDSDUD
WUDQVPLWLUQRVHVHGLDGH<DYHILQDO-RHO
(ODSRVWRO3HGURQRVLQGLFDTXHHOFXPSOLPLHQWRGHORVDFRQWHFLPLHQWRVSUHYLRVDOGLDGH<DYH
VXFHGHDORODUJRGHWRGDODGLVSHQVDFLRQFULVWLDQD+HFK2EVHUYHVHHQHVDOLQHD=DFVV
+DEODGHOGLDGH<DYHFRPRXQGLDGHSHOHDFI$SFRQWUDDTXHOORVTXHPROHVWDURQD
VX3XHEORVLPEROL]DGRSRU-HUXVDOHQ=DF<KDFHHQGLFKRGLDPHGLDQWHODYLFWRULDTXHXQD
QXHYD-HUXVDOHQODFHOHVWLDOTXH\DQRHVWDOLPLWDGDDODWLHUUDGH,VUDHOGHVFLHQGDVREUHHVWDWLHUUD
TXHQRFRQRFH\DIURQWHUDV\VHDSRVHQWHSRUODHWHUQLGDG=DFFI$S
3DEORQRVKDEODGHOGLDGHO6HQRU-HVXFULVWRD&RUD&RU)LOS<TXH
VHLQDXJXUDGLFKRGLDGH-HVXFULVWRFRQVX6HJXQGD9HQLGDDOILQDOGHORVWLHPSRVD7HVD
7HV
<HODSRVWRO3HGURHQXQDVLPELRVLVPDJLVWUDOQRVUHODFLRQDHOGLDGHOVHQRUFRQHO$GYHQLPLHQWR
GH-HVXFULVWRD3HGSS<TXHVHWUDWDGHOGLDGH'LRVRGH<DYHD3HG(Q
HVHGLDGH'LRVRGH<DYHVHFXPSOHQXQDVHULHGHDFRQWHFLPLHQWRV/D9HQLGDGHO6HQRU-HVXFULVWR
GHDFXHUGRDVXSURPHVDD3HGSS/DGHVWUXFFLRQGHHVWRVFLHORV\WLHUUDWDOFRPRORV
FRQRFHPRVD3HGXS<ODUHDOL]DFLRQGHQXHYRV&LHORV\QXHYDWLHUUDD3HG
7UHVFRVDVVHGHPXHVWUDQFRQORGLFKRKDVWDDTXL'LDGH<DYH 'LDGHO6HQRU-HVXFULVWRHQHO
17(VHGLD XQHVSDFLRODUJRGHWLHPSRQRKRUDV(QWUHD9HQLGDGH&ULVWR\OD
&UHDFLRQGHXQQXHYRPXQGRH[LVWHXQODUJRHVSDFLRWHPSRUDOOD&RUFI$S
VVGHQRPLQDGRDQRV
'HVSXHVGHKDEHUFRPSUREDGRTXHHOWHUPLQRGLDSXHGHVLJQLILFDUQRVRORKRUDVVLQRDGHPDVXQ
SHULRGRGHWLHPSR<GHVSXHVGHLGHQWLILFDUHOGLDGH<DYHFRQHOGLDGHO6HQRU-HVXFULVWR\FRQXQD
GXUDFLRQWHPSRUDOODUJDHVFXHVWLRQGHPRVWUDUTXHUHODFLRQSXHGHKDEHUHQWUHHVHGLDGH<DYHRGHO
6HQRU-HVXFULVWRFRQHO'LDGHO-XLFLR\VLHVHGLDGH-XLFLRUHVSRQGHWDPELHQDXQDQDWXUDOH]D
VHPHMDQWHDOGLDGH<DYHUHVSHFWRDVXGXUDELOLGDG\WHPSRUDOLGDG
 /RV GLDV GHO +LMR GHO +RPEUH SUHYLRV D VX 9HQLGD
LGHQWLILFDQDO3XHEORGH'LRVTXHYLYHHQODHSRFDSUHYLDDO
UHWRUQR GHO 0HVLDV \ FRLQFLGHQ FRQ HO GLD GHO -XLFLR
LQDXJXUDGRFRQODREUDGHO+LMRGHO+RPEUHHQVXVHJXQGR
>@
PRPHQWRKLVWRULFRSUHYLRWRGRDVX6HJXQGD9HQLGD
+HPRVFRPSUREDGRHQRWUROXJDUGHHVWDREUDTXHORVGLDVGHO+LMRGHO+RPEUHFRUUHVSRQGHQDORV
GLDVGHO+LMRGHO+RPEUHGHVGHTXHDVFLHQGHDODGLHVWUDGH'LRVKDVWDODVHJXQGD9HQLGD6LQHPEDUJR
ORVGLDVGHO+LMRGHO+RPEUHSUHYLRVDVXYHQLGDTXHHVWDQPDUFDGRVSRUODUHIHUHQFLDGH/XFDV
TXHORVFRORFDHQSDUDOHORDORVGLDVGH1RHSUHYLRVDOGLOXYLRQRWRGRVORVGLDVGH1RHRD
ORVGLDVGH/RWGHVXHVWDQFLDHQ6RGRPDSUHYLRVDODGHVWUXFFLRQGHHVDFLXGDGRELHQSRGHPRV
LQWHUSUHWDUTXHVHOLPLWDULDQORVGLDVUHIHULGRVGHO+LMRGHO+RPEUHDFLHUWRVSUHYLRVDVXYHQLGDRTXH
GHQWURGHWRGRVORVGLDVGHO+LMRGHO+RPEUHUHIHULGRVGHVGHODSULPHUDYHQLGDPDUFDGDSRUOD
>@
DVFHQVLRQKDVWDVXVHJXQGDYHQLGDDSDUHFHQORVGLDVSUHYLRVDVXVHJXQGDYHQLGD TXHHVWDQHQ
SDUDOHORFRQORVGLDVSUHYLRVGH1RHDQWHULRUHVDOGLOXYLRRFRQORVGLDVSUHYLRVGH/RWDQWHULRUHVDVXV
VDOLGDGH6RGRPD\TXH\DKHPRVLGHQWLILFDGRHQOD(VFULWXUD
"&RPRVHUHODFLRQDQ'DQLHO/XFDV\VV\0DWHR\0DWHR"
(OSURFHVRGHODVHVFHQDVVHULDFRPRVLJXH
$VFHQVLRQGH&ULVWRGHDFXHUGRDORTXHGLFHQFLHUWRVWH[WRVGHO(YDQJHOLR\GHODVHSLVWRODV
DQXQFLDGRSRU'DQLHO\VREUHQWHQGLGRSRU0DWHR
6HQWDGRDOD'LHVWUDGH'LRVFRQWHPSODGRSRUHOWH[WRGH0DWHRSS\VREUHQWHQGLGRSRU
'DQLHO
8QDVHFXHQFLDWHPSRUDODEDUFDGDSRUHOHVWDUDODGLHVWUDLQGLFDGDSRUORVYHUERVKHEUHRV\TXH
VHSUHVHQWDHQXELFDFLRQHVGHFHUFDQLDSUHVHQFLDOGHO+LMRGHO+RPEUHFHOHVWLDOFRQHO$QFLDQRGHGLDV
LPSOLFDQGRVHFDPELRVGHIXQFLRQHV
8QDHVFHQDHQHOFLHORPX\SRVWHULRUDOD$VFHQVLRQHQODTXHDSDUHFHHO$QFLDQRGH'LDVVHQWDGR
SDUD-X]JDUVHJXQ'DQLHO\XELFDGDGHVSXHVGHLQLFLDGRHO&XDUWRUHLQRHQVXVHJXQGDIDVH
KLVWRULFDXQDYH]DFRQWHFLGDVX'LYLVLRQHQGLH]HQHOG-\KDEHUVHGHVDUUROODGRODKHJHPRQLD
GHO&XHUQR3HTXHQRGXUDQWHXQODUJRSHULRGROOHQDGRGHDFRQWHFLPLHQWRVTXHVHKDQGHILMDUHQODKLVWRULD
SDUDVHULGHQWLILFDGRV\UHFRQRFLGRV
/D SUHVHQFLD GHO +LMR GHO +RPEUH HQ HVH -XLFLR DQWHULRU DO ILQ FXDQGR ORV VDQWRV UHFLEHQ HO
5HLQR ,QGLFDGD OD SUHVHQFLD SRU FXDQWR HO +LMR GHO +RPEUH DO DVFHQGHU KD LGR DO$QFLDQR GH
'LDV'QOOHYDQGRDFDERODIXQFLRQGHHVWDUDODGLHVWUDGH'LRV0W\TXHHQWUH
RWUDVFRVDVLQFOX\HVXREUDGH-XLFLRILQDOFHOHVWLDODSDUWLUGHFXDQGRHOWH[WRORDXWRULFH'Q
XS
/RVGLDVGHO+LMRGHO+RPEUHKDFHQPHQFLRQDGRVPRPHQWRVKLVWRULFRVXQLGRVHQXQPLVPR
SURFHVRKLVWRULFRWRGDODREUDTXHHO+LMRGHO+RPEUHKDGHUHDOL]DUGHVGHVX$VFHQVLRQFRQOD
IXQFLRQ LPSOLFDGD HQ HVWDU D OD GLHVWUD GH 'LRV TXH LQFOX\H DGHPDV \ GHQWUR GHO PLQLVWHULR
FRQWLQXRHQHO6DQWXDULRFHOHVWLDOVXODERUHQHVH-XLFLRDIDYRUGHO3XHEORGHORV6DQWRV\GH
 VHQWHQFLD FRQGHQDWRULD FRQWUD HO VLVWHPD GH PDOGDG FXHUQR SHTXHQR \ TXH DEDUFD GHVGH
GHVSXHV GHO SHULRGR GH KHJHPRQLD GHO &XHUQR SHTXHQR KDVWD HO UHFLELPLHQWR GHILQLWLYR GHO
*RELHUQRGH'LRVDOILQDOGHORVWLHPSRVDILQGHRWRUJDUVHORDO3XHEORGHORV6DQWRV
(VH MXLFLR XELFDGR FURQRORJLFDPHQWH GHVSXHV GHO SHULRGR GH GRPLQLR GHO FXHUQR SHTXHQR QRV
TXLHUH FRPXQLFDU FRQ OD HVFHQD HQ ODV QXEHV GH 'DQLHO  TXH HO +LMR GHO +RPEUH HVWD
SUHVHQWH FRQ HO $QFLDQR GH 'LDV FXDQGR HPSLH]D HO -XLFLR \ TXH OD FHOHEUDFLRQ GHO -XLFLR
DOFDQ]DHOILQGHORVWLHPSRVFXDQGRORV6DQWRVUHFLEHQHO5HLQRSRUSDUWHGHVXUHSUHVHQWDQWHHO
+LMRGHO+RPEUH(VWDUHVHQDHVSHFLDOGHORVGLDVGHO-XLFLRHVWDFRQWHPSODGDHQORVGLDVGHO
+LMRGHO+RPEUHRLGHQWLILFDULDQDORVGLDVGHO+LMRGHO+RPEUHSUHYLRVDOGLDGHVXYHQLGD\
VHULDQGHXQPRGRRGHRWURDORVTXH-HVXVDOXGLULDHQ/XFDVVV
5HFLELPLHQWRGHO5HLQR\3RGHUGHILQLWLYRSRUSDUWHGHHVH+LMRGHO+RPEUHDOILQDOGHORV7LHPSRV
SDUDGRPLQDUVREUHODWLHUUD'QFID&RU
9HQLGDHQODVQXEHVDHVWDWLHUUDQRDO$QFLDQRGH'LDVHQOD6HJXQGD9HQLGDGH&ULVWRDOILQDOGH
ORVWLHPSRV0WXSFI'Q
(QWUHJDGHO5HLQRDORV6DQWRVHQRFDVLRQGHHVDYHQLGD'QFI0W

/DVHVFHQDVGH'DQLHOFRPR\DKHPRVSRGLGRFRPSUREDUVLELHQH[SUHVDQWRGDXQDVHFXHQFLD
GHVGHHOLQLFLRGHHVWDUDODGLHVWUDGH'LRVPHGLDQWHODDVFHQVLRQKDVWDKDEHUDFDEDGRFRQORVHQHPLJRV
FI+E\TXHUHTXLHUHXQPLQLVWHULRFRQWLQXRHQHO6DQWXDULR&HOHVWLDOWDOFRPR\D
KHPRVHVWXGLDGRQRVWUDQVSRUWDQDODHSRFDGHO-XLFLRFHOHVWLDO'QHQXQWLHPSRDQWHULRUD
ODYXHOWDGH&ULVWRTXHLQLFLDHO-XLFLRXOWLPRGH'LRVHPSH]DQGRORSRUHO3XHEORGHORV6DQWRV^FI'Q
XS'Q`LQGHSHQGLHQWHPHQWHGHTXHDGHPDVVHGHHOMXLFLRGHVHQWHQFLDVFRQWUDOD
&XDUWD%HVWLD\HO&XHUQR3HTXHQR^'QFI`
/OHQDXQHVSDFLRTXHHO(YDQJHOLRGHQRPLQDORVGLDVGHO+LMRGHO+RPEUH/F\TXHORV
FRQHFWDHQVXH[WUHPRILQDOFRQHOGLDGHVXDGYHQLPLHQWR0W/F6HWUDWD
PLHQWUDVGXUHHVDSDUWHDQWHULRUDOD6HJXQGD9HQLGDGHXQ-XLFLRIDYRUDEOHSDUDFDGDXQRGHDTXHOORV
TXHVHKDQDSURSLDGRGHOD-XVWLFLD\GHOFDUDFWHUGH&ULVWR(QHVWDHSRFDGHHVWH-XLFLRXOWLPRGH'LRV
HQIDYRUGHVX3XHEORYDDLPSOLFDUVHHOGHVDJUDGRGH'LRVKDFLDORVVLVWHPDVTXHVHKDQRSXHVWRDOD
LGHRORJLDGLYLQDPDQLIHVWDGDHQVX3DODEUD\HQORVSULQFLSLRVGHVX5HLQRR*RELHUQR\TXHKDQWUDWDGR
GHVFRQVLGHUDGDPHQWHDVX3XHEOROD&XDUWD%HVWLDFRQHO&XHUQR3HTXHQR\ORVFXHUQRV
SULQFLSDOPHQWHUHFLELUDQVXPHUHFLGR
>@
(QFRQFOXVLRQGHHVWHDSDUWDGR 5HVSHFWRDO3XHEORHVDTXHOTXHYLYHORVGLDVGHO+LMRGHO
+RPEUHLQGLFDGRVSRU-HVXFULVWRFRPRVLHQGRORTXHHO(VSLULWX6DQWROHVFRPXQLFDPHGLDQWHODVROD
(VFULWXUDORVGLDVGHO+LMRGHO+RPEUHVHLGHQWLILFDQFRQORVGLDVSUHYLRVDVXVHJXQGD9HQLGDHVWRV
WLHQHQVXFRUUHVSRQGHQFLDSDUDOHODFRQORVGLDVGHO+LMRGHO+RPEUHFHOHVWLDOGH'DQLHOUHODWLYRVD
XQ-XLFLR'QTXHGHDFXHUGRDOFRQWH[WRHVSUHYLRDODVHJXQGD9HQLGD\TXHUHTXLHUH
XQSURFHVRWHPSRUDOGHVSXHVGHKDEHUVHLQLFLDGRSRVWHULRUPHQWHDOILQGHOSHULRGRGHKHJHPRQLDGHO
VLVWHPDGHPDOGDGFXHUQRSHTXHQRTXHHVWDLQYROXFUDGRFRPRVLVWHPDHQHO-XLFLR
 "4XHQRVGLFHHO1XHYR7HVWDPHQWRFRQUHODFLRQDOMXLFLR
YHQLGHUR\FRPRHQWURQFDFRQWRGRORLQGLFDGRKDVWDDTXL
\VXUHODFLRQFRQHOMXLFLRTXHGLFHSDEORHQ+HFKRV
SDUDHOTXHVHKDHVWDEOHFLGRXQGLD"
7DQWRHOHYDQJHOLRFRPRODVHSLVWRODVQRVKDEODQGHOMXLFLRSRVWUHUR-QGHXQGLDGHMXLFLR
0DW0DUHOMXLFLRYHQLGHUR+HFKVHKDEODGHXQGLDGHMXLFLRIXWXURTXHVHKD
HVWDEOHFLGR+HFK\GHMXLFLRVDODVHJXQGDYHQLGDGH&ULVWRHQFXPSOLPLHQWRVGHVHQWHQFLDV
>@
0WD7LP
3RURWUDSDUWHGDGRTXHDSDUWLUGH&ULVWRORVDSRVWROHVXWLOL]DQODH[SUHVLRQHVFDWRORJLFDSRVWUHURV
GLDVXOWLPRVWLHPSRVXOWLPRVGLDVXOWLPRWLHPSR+ED3HG+HFKD-Q
HOMXLFLRYHQLGHUR+HFKRHOGHOGLDSRVWUHUR-QDOTXHWRGRVKDQGHVRPHWHUVHWDQWR
MXVWRV5RPD&RUFRPRLQMXVWRV+HEWLHQHXQDGXUDFLRQTXHVHSURORQJD
VHJXQHOSODQGH'LRVGHVGHTXHFRPLHQ]DSRUODFDVDGH'LRVD3HDQWHVGHODVHJXQGDYHQLGD
$SRFFIKDVWDODSURSLDVHJXQGDYHQLGDHQODTXHVHGDFRPLHQ]RHOMXLFLRGHORVLPSLRV
0DWFID7LP\TXHOOHJDKDVWDHO5HLQRXQLYHUVDOGH&ULVWR\VXVVDQWRV
>@
$SRFFID7LP/XFD&RU
(O-XLFLRXOWLPRPHQFLRQDGRSRU3DEORHQ+HFKRVSDUDHOTXH'LRVKDHVWDEOHFLGRXQGLD
QRHVXQGLDGHKRUDVVLQRXQSHULRGRGHWLHPSRGHQRPLQDGRSRU-HVXFULVWRGLDVGHO+LMRGHO
+RPEUHFI/FVVTXHSUHFHGHQDOGLDGHVXDSDULFLRQ\TXHVHJXQ'DQLHOGRQGHVHSUHVHQWDHO
+LMRGHO+RPEUHDXQ-XLFLR&HOHVWLDOHQIDYRUGHORV6DQWRVGXUDGHVGHXQPRPHQWRGHVSXHVGHOILQDO
GHODKHJHPRQLDGHOFXHUQR3HTXHQRKDVWDTXHORV6DQWRVUHFLEDQHO5HLQRDOILQDOGHORVWLHPSRVHQ
RFDVLRQGHODVHJXQGDYHQLGDGH&ULVWRFI'DQ$SRF
(VWDFODURTXHORVGLDVGHO+LMRGHO+RPEUHTXHQRVKDEODHOHYDQJHOLRFI/XFDVVVVRQ
XQRVGLDVGHDGYHUWHQFLDDHVWDUSUHSDUDGRVHVRVGLDVVRQORVGLDVGHO+LMRGHO+RPEUHGH'DQLHOTXH
VHUHODFLRQDQFRQXQ-XLFLRTXHVHFHOHEUDHQORVFLHORVHQIDYRUGHO3XHEORGHORV6DQWRVMXLFLR
IDYRUDEOHTXHVXSRQHXQDSUHSDUDFLRQ\XQDVLWXDFLRQGLJQDDDOFDQ]DUSRUDTXHOORVDORVTXHVHOHV
DSOLFDHVHMXLFLRIDYRUDEOH7DQWRHQ'DQLHOFRPRHQ/XFDVHVRVGLDVGHH[DPHQ\GHDFWXDFLRQHV
DDVXPLUVRQDQWHULRUHVDODWRPDGHILQLWLYD\FRPSOHWDGHOGRPLQLR\GHO5HLQRSRUSDUWHGHO+LMRGHO
+RPEUHGH'DQLHO\GHODYHQLGDGHO+LMRGHO+RPEUHHQVXVHJXQGDYHQLGD5HFRUGHPRVTXHODWRPD
GHO+LMRGHO+RPEUHGHO5HLQRGHO'RPLQLR\GHO3RGHUHVHTXLYDOHQWHHQODLGHD\HQHOWLHPSRDO
5HLQRTXHUHFLEHHO3XHEORGHORV6DQWRVHQRFDVLRQGHODGHVWUXFFLRQGHO3RGHUSHUVHJXLGRU\HQJDQDGRU
GHO&XHUQRHQHOPRPHQWRGHOILQGHOPXQGRFI'DQLHOFI
(VWRQRVPXHVWUDFXDWURFRVDVIXQGDPHQWDOHVFRQUHODFLRQDOGLDTXH3DEORDOXGHFRPRHOWLHPSR
VHQDODGRSDUDHOMXLFLRFI+HFK4XHHVHGLDWLHQHXQFRPLHQ]RHQXQPRPHQWR
GHWHUPLQDGRDQWHULRUDOUHWRUQRGH&ULVWRRGHODDSDULFLRQGH-HVXFULVWRDOILQGHHVWHPXQGR4XHHO
3XHEORGHORV6DQWRVKDH[SHULPHQWDGRXQMXLFLRIDYRUDEOHTXHORUDWLILFDFRPRSUHSDUDGRSDUDUHFLELUHO
5HLQR\D-HVXFULVWRHQVXVHJXQGDJORULRVD\YLVLEOHYHQLGD\TXHSRUORWDQWRHVHGLDGHOTXHKDEOD
3DEOR\TXHWLHQHXQFRPLHQ]RVHSURORQJDDORODUJRGHWRGRHOWLHPSRTXHGXUDGLFKRMXLFLRRDWUDYHV
GHHVRVGLDVGHO+LMRGHO+RPEUHSUHYLRVDVXVHJXQGDYHQLGDYLVLEOH4XH3DEORQRKDFHGLVWLQFLRQ
DOPHQFLRQDUHOGLDGHO-XLFLRHQWUHHO3XHEORGHORV6DQWRV\HOGHORVLQFUHGXORVHQJOREDHQHVHMXLFLR
DWRGRHOPXQGRYLYLHQWHSRUORWDQWRHVHGLDGH-XLFLRWRGDYLDGHEHUDSURORQJDUVHPDV\DTXHORV
LPSLRVQRVRQMX]JDGRVGLUHFWDHLQGLYLGXDOPHQWHHQHVHSHULRGRGHWLHPSRTXHYDHQWUHHOFRPLHQ]RGH
GLFKRMXLFLR\HO5HWRUQRGH&ULVWR4XHHO-XLFLRIDYRUDEOHDORV6DQWRVSUHYLRDO5HWRUQRGH&ULVWR
WDOFRPR\DKHPRVYLVWRHVDQWHVGHOFRPLHQ]RGHOGLDGH<DKYHRGHOGLDGHO6HQRU-HVXFULVWR(VWROR
>@
YHUHPRVWRGDYLDPDVFRQILUPDGRFRQIRUPHYD\DPRVGHVDUUROODQGRPDVQXHVWURWHPD
(QHIHFWRHVHGLDGH-XLFLRWRGDYLDVHSURORQJDPDVHODSRVWRO3HGURD3HGQRVDVHJXUD
TXHGHQWURGHOGLDGHO-XLFLRVHSURGXFLUDHO'LDGHO6HQRURGH'LRVSSSSGXUDQWH
HOFXDOVHOOHYDUDDFDERODGHVWUXFFLRQWDQWRGHORVFLHORV\GHODWLHUUDDFWXDOHV\GHORVLPSLRV
4XHFRQHOUHWRUQRGH&ULVWRFRQTXHVHLQDXJXUDUDHOGLDGHO6HQRUYHQGUDWRGDHVDGHVWUXFFLRQ
SDUDGDUSDVRDORVQXHYRVFLHORV\DODQXHYDWLHUUD
(VHGLDGHO6HQRUTXHVHLQDXJXUDFRQODVHJXQGDYHQLGDOLWHUDO\YLVLEOHGH&ULVWRD3HGFI
+HFK\$SRFHWFDSDUHFHHQRWUDVSDUWHVGHOD(VFULWXUDFID&RUD&RU
)LOD7HVD7HVUHODFLRQDQGRVHFRQHO5HLQR\FRQHO-XLFLRGHORVLPSLRV
(QD&RULQWLRVKD\XQDVVHFXHQFLDVTXHQRVD\XGDQDFRPSUHQGHUHVHGLDGHO6HQRUTXH
QRVKDEOD3HGUR\TXHVHLQDXJXUDFRQVXYHQLGD/DUHVXUUHFFLRQ\HOILQDOGHWRGRVHSURGXFHHQXQ
RUGHQWHPSRUDO
5HVXFLWR&ULVWRD&RUSS/RVTXHVRQGH&ULVWRHQVXYHQLGD/DSHUPDQHQFLDGHO
5HLQRGH&ULVWRKDVWDGREOHJDUDWRGRVVXVHQHPLJRVD&RU(OILQFXDQGRHQWUHJXHHO5HLQR
D'LRVHO3DGUHTXHVHUDFXDQGRKD\DFRQVHJXLGRTXLWDUWRGRLPSHULR\SRWHVWDGD&RUFI$S
(OXOWLPRHQHPLJRTXHVHUDYHQFLGRHVODPXHUWHD&RUFI$S

5HFRUGHPRVTXHHO+LMRGHO+RPEUHYHQGUDHQVX5HLQR0WFI'QHQRFDVLRQGHVX
VHJXQGDYHQLGD0W\RIUHFHODSDUWLFLSDFLRQHQHO5HLQRDORV6DQWRVDSDUWLUGHHVHPRPHQWR
0WFI'DQ\'Q7RGRHVWRFRLQFLGHFRQODVVHFXHQFLDVTXHQRV
SUHVHQWDHO$SRFDOLSVLV-HVXFULVWRYLHQHDHVWDWLHUUDFRPR5H\GH5H\HV\6HQRUGH6HQRUHV
$SR
/DQRYHGDGHQHVWDRFDVLRQHVWULEDHQTXHVXYHQLGDDHVWDWLHUUDVHOLPLWDDODGHVWUXFFLRQGHORV
LPSLRV(QHIHFWRUHIHUHQWHDORVLPSLRVODVHJXQGDYHQLGDGH&ULVWRQRWUDHODUHVXUUHFFLRQGHORV
LPSLRVPXHUWRVD7HVFID&RUVLQRWDQVRORODGHVWUXFFLRQGHORVLPSLRVYLYRV
D7HVFID7HV$SRFDGHPDVGHOR\DGLFKRUHVSHFWRDORVMXVWRVUHVXUUHFFLRQ
>@
WUDQVIRUPDFLRQ\WUDVODFLRQGHHVWRVDORVFLHORVFID7HVD&RU
$SRFDOLSVLVQRVUHILHUHODUHVXUUHFFLRQGHORVLPSLRVGHVSXHVGHSDVDGRXQWLHPSRGHQRPLQDGR
PLODQRV\SRVWHULRUPHQWHDODVHJXQGDYHQLGDGH&ULVWR$SRFFI$SRF
2EVHUYHVHTXHHQODYLVLRQTXHYH-XDQYHDORVPXHUWRVHQ&ULVWRGHWRGDVODVHGDGHVVHQWDGRVSDUD
SDUWLFLSDUHQHOMXLFLRFRQWUDORVLPSLRV\KDEODGHHVWRVMXVWRVFRPRTXHUHVXFLWDURQYROYLHURQD
YLYLUDOFRPLHQ]RGHOSHULRGRWHPSRUDOGHQRPLQDGRPLODQRV$SRFPLHQWUDVTXHORVRWURV
PXHUWRVQRYXHOYHQDYLYLUKDVWDSDVDGRHVHSHULRGRGHOPLODQRV(VWRVVRQORVTXH\DKDELDQ
PXHUWRDQWHVGHOUHWRUQRGH&ULVWR\TXHVLJXLHQGRODLGHDELEOLFDH[SXHVWDDTXLQRUHVXFLWDQDOUHWRUQR
GH&ULVWRVLQRGHVSXHVGHXQSHULRGRGHQRPLQDGRPLODQRV\ORVLPSLRVTXHHVWDEDQYLYRVHQHO
PRPHQWRGHOUHWRUQRGH&ULVWR\TXHPXHUHQSUHFLVDPHQWHHQHOPRPHQWRGHOUHWRUQRGH&ULVWR
$S$SRFFI+ED7HV0DOT,VD'Q
7RGRVHVWRVVRQGHQRPLQDGRVORVRWURVPXHUWRVSDUDGLIHUHQFLDUORVGHDTXHOORVTXH
UHVXFLWDQDOFRPLHQ]RGHOSHULRGRGHQRPLQDGRPLODQRV
 /RVPXHUWRVHQ&ULVWRTXHUHVXFLWHQDODYHQLGDGH1XHVWUR6HQRU-HVXFULVWRWDOFRPRHVWDSURPHWLGR
VRQWUDVODGDGRVHQWRQFHVDORVFLHORVD7HVFID7LPORTXHKDFHTXHHVWDWLHUUDKD\D
TXHGDGRYDFLDGHVHUHVKXPDQRVYLYRV\WDQVRORHVWHKDELWDGDSRUHO'UDJRQ\VXVVHFXDFHVQR
KXPDQRVFI$SRFD3HG-XG'XUDQWHHVWHWLHPSRHOGLDGHO-XLFLRFRQWLQXD
GDQGRRSRUWXQLGDGDORVFUH\HQWHVHQ&ULVWRDSDUWLFLSDUHQHO-XLFLRGHORVLPSLRV$SFID&RU
0W8QDYH]UHVXFLWDGRVORVLPSLRVSDUDFRQGHQDFLRQFI-QXSDOILQDOGHOSHULRGR
GH0LO$QRV$SSSRIUHFHUDQXQDEDWDOODFRQWUDOD1XHYD-HUXVDOHQTXHFRQWLHQHDORV
MXVWRV\TXHHVWDGHVFHQGLHQGRDOILQDOGHO0LOHQLR$SFI$S$SDUWLUGHHQWRQFHV
VHFRQFOXLUDHOGLDGHO-XLFLRTXHPHQFLRQD3HGURD3HG0HGLDQWHXQIXHJR
GHYRUDGRUVHGHVWUXLUDDORVLPSLRVVHKDEUDGREOHJDGRDWRGRHQHPLJRFID&RUFI$S
\VHSXULILFDUDQORVFLHORV\ODWLHUUD6HWUDWDGHODIDVHHMHFXWLYDGHO-XLFLR<VHUDQGHVWUXLGRVGH
DFXHUGRDO-XLFLRGHODIDVHH[DPLQDGRUD$SGHELGRDOFXDOKDSRGLGRUHDOL]DUVHXQDVHQWHQFLD
GHDFXHUGRDORTXHORVOLEURVFRQWLHQHQ$SRF6LHQGRHOXOWLPRHQHPLJRGHVWUXLGROD
PXHUWHD&RUFI$S(VWRGDUDOXJDUDORVQXHYRVFLHORV\QXHYDWLHUUDD3HG
FI$S
(VWDVHFXHQFLDFRLQFLGHFRQODTXH\DGLMLPRVGHD&RULQWLRV\TXHKHPRVLGRXELFDQGRDOR
ODUJRGHHVWDH[SRVLFLRQ\VHUDGHHVHPRGRTXHKDEUDTXHXELFDUWRGRVORVGHPDVSDVDMHVTXHQRV
KDEOHQGHO-XLFLR
 (O GLD GHO -XLFLR \ OD XELFDFLRQ GH ORV SDVDMHV HQ
UHODFLRQDO-XLFLRXOWLPR
(OGLDGHO-XLFLRDEDUFDGHVGHDQWHVGHOUHWRUQRGH&ULVWRVHJXQODVHVFHQDVGH'DQLHO
SDVDQGRSRUOD6HJXQGD9HQLGDGH&ULVWRKDVWDGHVSXHVGHXQSHULRGRGHQRPLQDGRGH0LODQRVTXH
DFRQWHFHSRVWHULRUPHQWHDHVD6HJXQGD9HQLGD
'XUDQWHHVHGLDGHO-XLFLRHQFXHQWUDMXVWLILFDFLRQODGRFWULQDTXHH[LVWHVREUHHO-XLFLR+ED
ODYH]TXHVHHQWLHQGHQORVGLIHUHQWHVSDVDMHVTXHVHUHILHUHQDORVGLIHUHQWHVPRPHQWRV\SURWDJRQLVWDV
5HVSHFWRDORVMXVWRVDXQFXDQGRQRSDVDUDQHOMXLFLRGHFRQGHQDFLRQ-QKDQGHSDVDU\
H[SHULPHQWDUHOMXLFLRGH'LRV5RPD&RU3HURHVH'LRV\DKDKHFKRXQDREUDHQ
QRVRWURVSDUDTXHWRGRVORVFUH\HQWHVDORODUJRGHODKLVWRULDWHQJDQFRQILDQ]DFXDQGRVXVYLGDVSDVHQ
HQDOJXQPRPHQWRHQHVHGLDGH-XLFLRD-Q1RKD\PLHGRHQH[SHULPHQWDUHO-XLFLRGHORV
MXVWRVVLQRHOQRH[SHULPHQWDUOR\DTXHVHWUDWDGHXQMXLFLRIDYRUDEOH
/RVPXHUWRVHQ&ULVWRTXHKDQGHSDVDUHO-XLFLRXOWLPRGH'LRVUHFLEHQHQHOPRPHQWRGHOUHWRUQR
GH&ULVWRVXJDODUGRQFI0WD&RU$SD7LPSRUFXDQWR\DHUDQ
GLJQRVDQWHVGHVX9HQLGD/FD7HVPRVWUDQGRFRQHVWRTXHHOGLDGHO-XLFLRTXH
QRVPHQFLRQDOD%LEOLDKDHPSH]DGRSUHYLDPHQWHDHVDYHQLGDSDUDORVGHODFDVDGH'LRV
>@ >@
3H \DTXHGHVSXHVGHODPXHUWHYLHQHHO-XLFLR+E \VLORVMXVWRVUHVXFLWDQHQ
HOPRPHQWRGHODVHJXQGDYHQLGDGH&ULVWRSDUDTXHVHFXPSODGLFKRSDVDMHGH+HEUHRVHVSUHFLVRTXH
HO-XLFLRGHORVMXVWRVVHDGHVSXHVGHODPXHUWH\SUHYLRDODUHVXUUHFFLRQTXHH[SHULPHQWDQDO5HWRUQR
>@
GH&ULVWR
(OGLDGHO-XLFLRVHYHSURORQJDGRKDVWDGHVSXHVGHODVHJXQGDYHQLGDGXUDQWHHO0LOHQLR$SRF
FI0DWSRUTXHORVLPSLRVKDQGHH[SHULPHQWDUORLQGHSHQGLHQWHPHQWHGHTXHVHOHVKD\DDSOLFDGR
XQDVHQWHQFLDFRQGHQDWRULDDPRULURDSHUPDQHFHUHQODVWXPEDVHQRFDVLRQGHOUHWRUQRGH
>@
-HVXFULVWR
6LQHPEDUJRGLIHUHQWHVSDVDMHVVHUHILHUHQDOMXLFLRVLQH[SOLFDUQRVGHWDOOHVFODURVUHVSHFWRDVLVH
UHILHUHDXQPRPHQWRRDRWURPRPHQWRGHQWURGHHVHGLDGHO-XLFLR/DLQVSLUDFLRQVREUHHQWLHQGHTXH
HOHVFXGULQDGRUFULVWLDQRHQEDVHDVXH[SHULHQFLD\GRQHVHVSLULWXDOHVYDDWHQHUHQFXHQWDWRGRORTXHOD
%LEOLDGLFHVREUHHOSDUWLFXODU\TXHDSUHQGHUDDXELFDUFRUUHFWDPHQWHORVGLIHUHQWHVSDVDMHVELEOLFRV
8ELFDFLRQHVGHORVGLIHUHQWHVWH[WRVIXQGDPHQWDOHV
6LQRVHWLHQHHQFXHQWDHOHVTXHPDTXHKHPRVSUHVHQWDGRGLILFLOPHQWHSRGUHPRVHQWHQGHUHOWHPDTXH
QRVRFXSD1RVHWUDWDGHFHQWUDUQRVHQXQWH[WRRHQRWURVLQRGHLQWHQWDUKDFHUXQHVWXGLRJOREDO
WHQLHQGRHQFXHQWDWRGDODLQIRUPDFLRQGLVSRQLEOH
&XDQGRVHHVWXGLDHOWHPDGHOMXLFLRGHVFXEUHVXQSODQSUHYLVWRSRU'LRV$OOHHUORVWH[WRVTXHGDV
FRQIXQGLGRSRUORVFULWHULRVTXHODHVFULWXUDWLHQHDODKRUDGHDSOLFDUHOWHUPLQRMXLFLR
<DKHPRVFRPSUREDGRTXHHOWHUPLQRMXLFLRSXHGHDSOLFDUVHDVLWXDFLRQHV\FLUFXQVWDQFLDV
GLYHUVDVTXHVHHQFXHQWUDQHQHOSDVDGRWRPDQGRFRPRSXQWRGHUHIHUHQFLDODSULPHUDYHQLGDGH&ULVWRR
LQFOXVRFLHQWRVGHDQRVGHVSXHV1DFLRQHV\SXHEORVVHKDQYLVWR\DYLVLWDGDVSRUORVMXLFLRVGLYLQRV
TXHVRQGHDFXHUGRDODV(VFULWXUDVLQWHUYHQFLRQHVHVSHFLDOHVGH'LRVHQOD+LVWRULD
(OWHUPLQRMXLFLRSXHGHDSOLFDUVHDXQPRPHQWRGHWHUPLQDGRIXHUDGHOGLDGHO-XLFLRSRVWUHUR
FRQUHSHUFXVLRQHVSDUDGLFKRGLDGHO-XLFLR
/DSUHVHQFLDGH&ULVWRHQHVWHPXQGRVRPHWHDHVWHDXQMXLFLRTXHVHUDGHWHUPLQDQWHHQHO-XLFLR
YHQLGHURRHQHOGLDGHO-XLFLRSRVWUHUR0W6XSUHGLFDFLRQDODUUHSHQWLPLHQWR
LPSOLFDXQDH[SLDFLRQ\ODQHFHVLGDGGHVXDFHSWDFLRQTXHPDQLILHVWDODEDVHGHODPLVHULFRUGLD
IDYRUDEOHGLYLQDSDUDWRGRVORVWLHPSRV\FLUFXQVWDQFLDVSRUHVRHQHOGLDGHO-XLFLRHQDOJXQ
PRPHQWRGHWHUPLQDGRGHHVDHSRFDXOWLPDORV1LQLYLWDV\ODUHLQDGHO6XU0DWMX]JDUDQ
>@
FRQGHQDQGRDFLHUWRVLVUDHOLWDVFID&RU$S
3XHVWRTXHODSUHGLFDFLRQGH-HVXVTXHH[LJHRXQDDFHSWDFLRQLQFRQGLFLRQDORXQUHFKD]R\TXHKD
VLGRHQYLDGDDHVWHPXQGRSURYRFDXQMXLFLRGHDFXHUGRDODGHFLVLRQTXHWRPHQORVGHVWLQDWDULRV
7RGDYLDPDVDKRUDHVHOMXLFLRGHHVWHPXQGR\GHOPDOLJQR-Q/DSUHGLFDFLRQGH-HVXFULVWR
HQVXHSRFDFRPRHQFXDOTXLHURWUDMX]JDDOPXQGR/RFRORFDIUHQWHDGRVDOWHUQDWLYDVHVWDVGHPL
SDUWHRGHODGHO0DOLJQR1RKD\WHUPLQRPHGLR
0LSURSLDSUHGLFDFLRQGLUD-HVXVFRQWLHQH\DORVHOHPHQWRVTXHMX]JDQODVLWXDFLRQGHHVWHPXQGRTXH
KDFDLGREDMRHOGRPLQLRGHO0DOLJQR$KRUDFRQPLSUHVHQFLDSHUVRQD\SUHGLFDFLRQODVLWXDFLRQGH
HVWHPXQGRVHWUDHDMXLFLR<ODFRQFOXVLRQHVFODUD(VWHPXQGRHVMX]JDGRFRQGHQDGRMXQWRFRQVX
GXHQRHO0DOLJQR3HURWX"'HTXHSDUWHHVWDV""'HODGHOPXQGRFRQVXGXHQRHOPDOLJQRRGHODGHO
5HLQRGH'LRVTXHYHQJRDWUDHUFRQPLSHUVRQD\SDODEUDV\TXHOLEHUDQDORVTXHDFHSWDQHVH5HLQRR
$XWRULGDGGHODSHUWHQHQFLDDHVHPXQGRFRQGHQDGR"
8QDFLHUWDJHQHUDFLRQGHLVUDHOLWDVDOUHFKD]DUODVSDODEUDVGH-HVXFULVWR0DWFI0W
\QRDUUHSHQWLUVHPDQLIHVWDEDQSHUWHQHFHUDHVHPXQGRGHOPDOLJQRTXHHUDMX]JDGR\FRQGHQDGRSRU
-HVXFULVWR<HVWROHVSULYDEDGHOSRGHUSHUWHQHFHUDO5HLQRGH'LRV
(VWRQRVSURSRUFLRQDXQDYH]PDVXQDYLVLRQPDVFODUDGHODVGRFWULQDVGHO-XLFLR\GHORTXHSXHGH
VLJQLILFDUVHJXQHOFRQWH[WR(OHIHFWRGHILQLWLYDPHQWHFRQGHQDWRULRGHOPXQGR\DHQWLHPSRVGH&ULVWR
QRHYLWDODQHFHVLGDGGHO-XLFLR)LQDORGHO'LDGHO-XLFLRSRVWUHUR/RTXH-HVXFULVWRKDMX]JDGRKDQ
VLGRORVYDORUHVGHOUHLQRGHHVWHPXQGRVXPDQHUDGHSHQVDU\GHVHU-HVXFULVWRORTXHKDKHFKRHV
GHMDUFODURGHTXHHOPXQGRHQFRQWUDSRVLFLRQDO5HLQRGH'LRVKDVLGRFRQGHQDGR(VWRKDGHVHUXQ
SXQWRGHUHIHUHQFLDHQWRGDSUHGLFDFLRQSRVWHULRUDODHSRFDGH-HVXFULVWR
'HDKLTXHODSUHGLFDFLRQGHO(YDQJHOLRGHO5HLQRGH'LRVDWUDYHVGHOD+LVWRULD0F
0DWGHFLGHDORVKRPEUHVDODUUHSHQWLPLHQWRFI/FGHSHUWHQHFHUDHVWHPXQGRGHO
PDOLJQR\DODDFHSWDFLRQGHO5HLQRGH'LRV0WPHGLDQWHODFUHHQFLD\HOEDXWLVPRFRQWRGROR
TXHHVRLPSOLFD0F(ODQXQFLRGHO(YDQJHOLRGHO5HLQRGH'LRVWLHQHHOSRGHUVLHVDFHSWDGR
GHQRUHWHQHUORVSHFDGRVGHOSHFDGRUHQFX\RFDVRHVXQDVHQDOLQHTXLYRFDGHSHUWHQHFHUDO5HLQRGH
'LRV-XD(ODQXQFLRGHO(YDQJHOLRGHO5HLQRVLHVDFHSWDGROLEHUDDORVKRPEUHVGHORV
SHFDGRVSXHVWRTXHOHVSURFODPDHOPRGRSRUHOTXHSXHGHQHQFRQWUDUHOSHUGRQ\ODVDOYDFLRQ+HF
FI+HFK\OHVOLEHUDGHOMXLFLRFRQGHQDWRULRTXHKDVLGRYHUWLGRVREUHHOPXQGR
(VWRQRVGHPXHVWUDXQDYH]PDVODQHFHVLGDGGHXQ-XLFLRILQDOTXHPDQLIHVWDUDTXLHQHVDWUDYHVGHOD
KLVWRULDGHFLGLHURQVDOLUGHO0XQGRGHO0DOLJQRTXHKDELDVLGRFRQGHQDGR\WUDVODGDUVHDO5HLQRGH
'LRV\TXLHQHVGHFLGLHURQPDQWHQHUVHHQHVH0XQGRGHO0DOLJQRDSHVDUGHHVWDUFRQGHQDGR\UHFKD]DU
HOPHQVDMHGHPLVHULFRUGLDTXHVXSRQHODDFHSWDFLRQGHO5HLQRGH'LRV\VXSHUWHQHQFLDSHUPDQHQWH
3RUHVRHOPHQVDMHGHO-XLFLRDQXQFLDGRHQHOWULSOHPHQVDMHDQJHOLFRGH$SRFHVXQD
SURFODPDFLRQXUJHQWH\PLVHULFRUGLRVDHQHOFRQWH[WRGHOGLDGHO-XLFLR\UHFXHUGDDOKRPEUHXQDYH]
PDVTXHHVWHPXQGRKDVLGRFRQGHQDGR\TXHHVSUHFLVRHVWDUSUHSDUDGRSDUDHVHGLDGHO-XLFLRTXHKD
HPSH]DGR
 3RURWUDSDUWHGHODPLVPDIRUPDTXHODSUHGLFDFLRQGH-HVXV\SRVWHULRUPHQWHODGHORVTXHOH
UHSUHVHQWDQDFWXDFRPRXQ-XLFLR\MXVWLILFDODXWLOL]DFLRQGHGLFKRWHUPLQRVLQTXHVHUHILHUDDO-XLFLR
XOWLPRSRGHPRVYHUXVDGDODH[SUHVLRQ-XLFLRHQHOVHQWLGRGHXQDVHQWHQFLDTXHVHSXHGH
SURQXQFLDUHQXQLQVWDQWHGHWHUPLQDGRDXQGHQWURGHOSURSLRGLDGHO-XLFLR6LELHQHVFLHUWRTXHORV
WHUPLQRVRULJLQDOHVTXH\DHVWXGLDPRVHQVXPRPHQWRQRVRQGHWHUPLQDQWHVSXHVWRTXHVHXWLOL]DQ
LQGLVWLQWDPHQWHSDUDVLJQLILFDUXQVHQWLGRXRWURHOFRQWH[WRMXQWRFRQORVDOFDQFHVGRFWULQDOHVTXH\D
KHPRVHVWXGLDGRIDFLOLWDHOVLJQLILFDGR\ODXELFDFLRQGHGLFKRVSDVDMHV
(VWXGLHPRVDTXHOORVTXHSXHGHQRIUHFHUDOJXQDGLILFXOWDG
D7LPRWHR7HHQFDUH]FRGHODQWHGH'LRV\GHO6HQRU-HVXFULVWRTXHMX]JDUDNULQHLQDORV
YLYRV]ZQWDM\DORVPXHUWRVQHNURXMHQVXPDQLIHVWDFLRQHYSLIDQHLDQ\HQVXUHLQR
EDVLOHLDQ
>@ >@
'LIHUHQWHVDXWRUHVUHFRQRFHQDTXLHO-XLFLRXOWLPR RHO*UDQ-XLFLR 1RGDQGHPDVLDGD
LPSRUWDQFLDDOKHFKRGHTXHVHH[SRQJDXQ-XLFLRTXHVHGDWDQWRHQHOPRPHQWRGHVXYHQLGDFRPRHQ
>@ >@
VXUHLQR\DGHPDVVHWUDWDGHYLYRV\PXHUWRV$OJXQRVFRPR&DOYLQR \)HOLSH6FLR SXHGHQ
KDEHULQWXLGRODGLILFXOWDG\KDQXQLGROD(SLIDQLDYHQLGDRPDQLIHVWDFLRQ\ODEDVLOHLDUHLQRGDQGR
DHQWHQGHUODPDQLIHVWDFLRQGHVXUHLQR3HURHVWDWUDGXFFLRQTXHSHUPLWLHUDGLFKDLQWHUSUHWDFLRQQRHV
VHJXLGDSRUQDGLHQRVRORSRUODLPSRVLELOLGDGVLQRDGHPDVSRUTXHHVIUXWRGHLJQRUDUTXHODVHJXQGD
9HQLGDGH&ULVWRHVXQKHFKRSXQWXDODGLIHUHQFLDGHO5HLQRGH&ULVWRTXHVHH[WLHQGHPXFKRPDVDOODGH
VXYHQLGDRUHWRUQRFID&RU$SRF3RURWUDSDUWHODGLILFXOWDGQRHVWDVROXFLRQDGD
WRWDOPHQWHSRUTXHORVTXHVLJXHQHVWDWHRULD"DTXHPXHUWRVMX]JDHQODPDQLIHVWDFLRQGHVX5HLQRVL
VHJXQOD7HRORJLDSRSXODUWRGRVGHEHULDQUHVXFLWDUHQHOPRPHQWRGHODPDQLIHVWDFLRQGHO5HLQRHQ
RFDVLRQGHVXYHQLGD"(VWDGLILFXOWDGVHSURIXQGL]DFXDQGRWHDWLHQHVDODWUDGXFFLRQFRUUHFWDGHOSDVDMH
TXHKDGHMX]JDUDORVYLYRV\DORVPXHUWRVHQVXPDQLIHVWDFLRQ\HQVX5HLQR
6HWUDWDULDGHXQ-XLFLRHQHOPRPHQWRGHVXYHQLGDGHYLYRV\PXHUWRV\GHXQ-XLFLRHQVX5HLQR
GHYLYRV\PXHUWRV
(VWHSDVDMHVLQHQWUDUWRGDYLDHQPDVSDVDMHVQRVKDEODXQDYH]PDVGHXQ-XLFLRXOWLPRH[WHQGLGRDO
PHQRVDGRVPRPHQWRVGLVWLQWRVHQRFDVLRQGHVXVHJXQGDYHQLGD\HQODUHDOL]DFLRQGHVX5HLQRDSDUWLU
GHVXYHQLGD
"&RPRGHEHULDPRVGHHQWHQGHUGLFKRSDVDMH\FXDOVHULDVXXELFDFLRQFRUUHFWDGHDFXHUGRDORTXHOD
%LEOLDQRVKDSUHVHQWDGRVREUHHOSDUWLFXODU"
(QSULQFLSLRUHFRUGHPRVTXHFXDQGR-HVXFULVWRYXHOYHHQVXVHJXQGD9HQLGDYLVLEOH\OLWHUDO
SURPHWLGDHOGLDGHO-XLFLRTXHFRUUHVSRQGHDO-XLFLRXOWLPR\DKDHPSH]DGRSRUORVPXHUWRVGHOD
FDVDGH'LRVSRUORWDQWRHOWH[WRHQFXHVWLRQKD\TXHFRQVLGHUDUORHQHOGLDGHO-XLFLR\DHPSH]DGR
DQWHVOD6HJXQGD9HQLGDGH&ULVWR6X5HLQRVHH[WLHQGHGXUDQWHXQSHULRGRSRVWHULRUDVX6HJXQGD
9HQLGDGHQRPLQDGRPLODQRVFID&RU$SRF0DW
2EVHUYHPRVHVWHFURTXLV
-XLFLRHQVX0DQLIHVWDFLRQ
-XVWRV6HOHVMX]JDVHQWHQFLDQGRORVDVXIDYRUGDQGROHVODHQWUDGDHQVX5HLQR0DW
9LYRV
,PSLRV6HOHVMX]JDVHQWHQFLDQGROHVDPXHUWHPXHUHQFI$SD7HV
-XVWRV6HOHVMX]JDVHQWHQFLDQGROHVDODYLGDDODUHVXUUHFFLRQD7HV
VLPXOWDQHDPHQWHVHOHVGDHQWUDGDHQHO5HLQRMXQWRFRQORVYLYRVMXVWRV
0XHUWRV
,PSLRV6HOHVMX]JDVHQWHQFLDQGRORVDSHUPDQHFHUHQVXVWXPEDVVLQ
5HVXUUHFFLRQ/DUHVXUUHFFLRQGHYLGDDFRQWHFHHQRFDVLRQGHODYHQLGDGH&ULVWR
-XLFLRHQVX5HLQR
'HVSXHVGHO0LOHQLR&I$SRFXS
-XVWRVYLYRV6HOHVMX]JDDOILQDOGHO0LOHQLRPHGLDQWHXQDVHQWHQFLDTXHOHVUDWLILFDOLEUHVGHODPXHUWH
VHJXQGDTXHVHUHFLEHHQHOODJRGHIXHJRSRUWRGRVDTXHOORVTXHQRHVWDQLQVFULWRVHQHO/LEURGHOD
9LGD\FRQODSRVLELOLGDGGHSHUPDQHFHUHQOD1XHYD-HUXVDOHQHQODWLHUUDQXHYD\UHLQDUSRUORV
VLJORVGHORVVLJORV$SRFSSXSSS
,PSLRV(O-XLFLRGHOJUDQWURQREODQFRGHFLGHHQXQPRPHQWRGHWHUPLQDGRPHGLDQWHXQDVHQWHQFLD
$SRFRMXLFLRGHGHVWUXFFLRQDQLTXLODUDORVLPSLRV$SRFXSTXHKDQUHVXFLWDGR
GHVSXHVGHO0LOHQLR$SRFSS
'XUDQWHHO0LOHQLR$SRFVVFID&RU0DW
,PSLRV'XUDQWHHO0LOHQLRFRQODSDUWLFLSDFLRQGHORVVDOYRVVHMX]JDPHGLDQWHXQH[DPHQODFDXVDGH
TXHORVLPSLRVQRSDUWLFLSHQHQHO5HLQR0LOHQLDO\GHVXSHUPDQHQFLDHQODPXHUWHVLQUHVXUUHFFLRQ
KDVWDSDVDGRV0LODQRVHQFX\RWLHPSRSRVWHULRUORVPXHUWRVVHUDQGHILQLWLYDPHQWHGHVWUXLGRV
PHGLDQWHODPXHUWHVHJXQGDHQHOODJRGHIXHJR
'HHVWHPRGRVRQMX]JDGRVORVYLYRV\ORVPXHUWRVWDQWRHQVXPDQLIHVWDFLRQFRPRHQVX5HLQR6H
WUDWDSRUXQODGRGHMXLFLRVDPDQHUDGHVHQWHQFLDVTXHVHDSOLFDQIDYRUDEOHRSHUMXGLFLDOPHQWHGH
DFXHUGRDORVGHVWLQDWDULRV\SRURWURODGRHQEDVHGHOMXLFLRH[DPLQDGRUGHORVLPSLRVGXUDQWHHO
0LOHQLRDVXQWRVWDQWRORUHIHUHQWHDVHQWHQFLDVFRPRDOMXLFLRH[DPLQDGRUTXHVHGDQGHQWURGHO
OODPDGR'LDGHO-XLFLR
(VWDHVFHQDLPSUHVLRQDQWHDJUXSDGHWDOPDQHUDORVDFRQWHFLPLHQWRVTXHVLQRWHQHPRVHQFXHQWDWRGR
ORTXHOD(VFULWXUDQRVGLFHVREUHHOSDUWLFXODUQRHQWHQGHULDPRVHOVLJQLILFDGRGHO'LDGHO-XLFLRQLORV
PRPHQWRVHVFDWRORJLFRVFODYHV9HDPRVVLPSOHPHQWHTXHVLELHQQRVHPHQFLRQDODSDODEUDMXLFLRHO
DFRQWHFLPLHQWRGHVHQWDUVHHQHOWURQR0DWHOGHDSDUWDU\GHUHXQLU0DW\HOGHGDU
SUHPLR\FDVWLJR0DWLPSOLFDVHQWHQFLDVMXGLFLDOHVIDYRUDEOHVRSHUMXGLFLDOHV
1RWHPRVWDPELHQTXHODHVFHQDQRWLHQHHQFXHQWDXQSURFHVRWHPSRUDOVLQRTXHSUHVHQWDHQXQ
FXDGURHVWDWLFRGLYHUVRVDFRQWHFLPLHQWRVTXHODLQVSLUDFLRQVREUHHQWLHQGHTXHHOHVWXGLDQWHVDEUD
GDUOHVPRYLPLHQWR\XELFDUORVHQORVOXJDUHV\PRPHQWRVTXHOHVFRUUHVSRQGD(QWHUFHUOXJDU
REVHUYHVHTXHHOPRPHQWRGRQGHVHLQLFLDHVWH-XLFLRHVXQDYH]YHQLGR-HVXFULVWRDHVWDWLHUUDSRU
VHJXQGDYH](O'LDGHO-XLFLRKDHPSH]DGRFRPR\DVDEHPRVDQWHVGHOUHWRUQRGH&ULVWRGXUDQWHORVGLDV
GHO+LMRGHO+RPEUHFHOHVWLDOSUHYLRVODYHQLGDGHHVH+LMRGHO+RPEUHHQVXJORULDDHVWDWLHUUD
'LFKRVPRPHQWRVGHO'LDGHO-XLFLRSUHYLRVDODYHQLGDGH-HVXFULVWRKDQVHUYLGRSDUDMX]JDU
IDYRUDEOHPHQWHDOSXHEORGHORVVDQWRV\GHFLGLUTXLHQHVVRQGLJQRVSDUDUHVXFLWDU\UHFLELUHO5HLQR
HQVXYHQLGD'DQLHOFI5PD&RU+E\MX]JDUHQVHQWHQFLD
>@
FRQGHQDWRULDDOVLVWHPDGHPDOGDG&XHUQR3HTXHQRFI'Q
3RUORWDQWR"DTXHFODVHGHMXLFLRVHHVWDUDDOXGLHQGRDTXLUHVSHFWRDORVMXVWRV"
3RURWUDSDUWHFRPSUXHEHVHTXHHQGLFKDHVFHQDQRVHLQWURGXFHHQQLQJXQOXJDUQLPRPHQWROD
SDUWLFLSDFLRQGHRVMXVWRVHQHOMXLFLRGHORVLPSLRVD&RU
 (OSURSLR0DWHRHQXQDHVFHQDVHPHMDQWHTXHGHQRPLQDHSRFDGHODUHJHQHUDFLRQ
SUHFLVDPHQWHDSDUWLUGHOPRPHQWRGHTXHHO+LMRGHO+RPEUHVHVLHQWHHQHOWURQRGHVXJORULDMX]JDUD
QRDODVQDFLRQHVVLQRDODVWULEXVGH,VUDHO\GDUDSDUWLFLSDFLRQDVXVDSRVWROHVSDUDTXH
VHQWDQGRVHWDPELHQHQWURQRVFRODERUHQHQGLFKRMXLFLRGH,VUDHO(VWRVLQH[FOXVLRQGHRWURVDGHPDVGH
HOORVVHVLHQWHQHQWURQRVWDPELHQ\FRODERUHQHQHO-XLFLRGHODVQDFLRQHV$SRFFI
XS
7RGRHVWRHVVXILFLHQWHSDUDFRPSUREDUTXHWDQWR-HVXFULVWRHQHO(YDQJHOLRFRPRHQHO$SRFDOLSVLV
SUHVHQWDXQDPLVPDLGHDVREUHHO-XLFLR\TXHFRLQFLGHFRQWRGRORTXHODLQVSLUDFLRQLQGLFDHQWRGDOD
%LEOLD
(VWDHVFHQDGH-XLFLRFRQVLVWHHQXQ-XLFLRGHVHQWHQFLDV(QVXVHJXQGDYHQLGDORVMXVWRVTXHHVWDQ
HQODVWXPEDV\TXH\DKDQVLGRMX]JDGRVIDYRUDEOHV\GLJQRVUHFLEHQHQRFDVLRQGHOD6HJXQGD9HQLGDOD
VHQWHQFLDIDYRUDEOHDODUHVXUUHFFLRQ\DODKHUHQFLDGHO5HLQRMXQWRFRQORVYLYRVMXVWRVWUDQVIRUPDGRV
/RVLPSLRVVRQWDPELHQMX]JDGRVHQRFDVLRQGHODYHQLGDGH&ULVWRPHGLDQWHODVHQWHQFLDGHPXHUWH
SDUDORVTXHHVWDQYLYRV\GHSHUPDQHQFLDHQODPXHUWHSDUDORVTXHHVWHQHQODVWXPEDV\TXHSRUOR
WDQWRQRKDQUHVXFLWDGRHQRFDVLRQGHODYHQLGDGH&ULVWRHVWRSXHGHWUDGXFLUVHFRQHODSDUWDUDORV
LPSLRVYVS\FRORFDUORVDODL]TXLHUGDFRPRFDEULWRVYXS
<SRUXOWLPRODVHQWHQFLDGHGHVWUXFFLRQSDUDORVLPSLRVTXHVHUDGHVSXHVGHOSHULRGRTXHGXUDOD
UHJHQHUDFLRQGHO+LMRGHO+RPEUHTXHFRLQFLGHFRQODGXUDFLRQ\DFRQWHFLPLHQWRVGHO0LOHQLR
$SRFFID&RU
$FRQWLQXDFLRQH[SRQHPRVXQDVHFXHQFLDGHORVFRQWHQLGRVGHHVWRVWH[WRV
6HJXQGDYHQLGDGH&ULVWR0DWSSFID&RUXS$SRF
6HQWDUVHHQHO7URQRGH*ORULDHQVX6HJXQGD9HQLGDTXHLQDXJXUDUDHO0LOHQLR0DWXSFI
SS$SRFD&RU
/DDFWLYLGDGGHUHXQLU\DSDUWDU0DW\GHKHUHGDUHO5HLQRGH&ULVWRHQVX
6HJXQGD9HQLGD(VWDDFWLYLGDGFRQVLVWHHQVHQWHQFLDUDPXHUWHDORVLPSLRVTXHHVWHQYLYRVFXDQGR(O
YLHQH\HQVHQWHQFLDUTXHORVLPSLRVTXH\DHVWDEDQPXHUWRVSHUPDQH]FDQHQODVWXPEDV
5HVSHFWRDORVPXHUWRVHQ&ULVWRGLFKDDFWLYLGDGFRQVLVWLUDHQVHQWHQFLDUTXHUHVXFLWHQDORVTXH
HVWDEDQPXHUWRVHQVHQWHQFLDUODWUDQVIRUPDFLRQGHORVTXHHVWDEDQYLYRV\HQVHQWHQFLDUODWUDVODFLRQGH
ORVMXVWRVYLYRVWUDQVIRUPDGRV\GHORVMXVWRVUHVXFLWDGRVDVX5HLQRSDUDKHUHGDUOR0DWFI
D&RU$SRF
/DVHQWHQFLDGHODGHVWUXFFLRQGHORVLPSLRV0DW\ODFDXVDIXQGDPHQWDOGHVSXHVGHO
SHULRGRGHQRPLQDGRGH0LODQRVFI$SRF
6HWUDWDGHXQMXLFLRGHVHQWHQFLDVGHQWURGHOSHULRGRGHQRPLQDGRGLDGHO-XLFLR
$SRFDOLSVLV
(VWHWH[WRHVYHUGDGHUDPHQWHFODULILFDGRU\TXHFRLQFLGHFRQWRGRORTXHYHQLPRVGLFLHQGRKDVWDDTXL
(O6HSWLPRDQJHOFRQHO7RTXHGH7URPSHWDDQXQFLDODOOHJDGDGH'LRVHQODSHUVRQDGHVXKLMR
-HVXFULVWRDHVWDWLHUUD\WDOFRPRHVWDEDSURIHWL]DGRORVUHLQRVGHHVWHPXQGRYLHQHQDVHUGH'LRV\GH
VX&ULVWR$SRFFI'DQD&RU(QORVLQVWDQWHVTXHVHGHFLGHVX9HQLGD
ODVQDFLRQHVHVWDQDLUDGDV$SRFD
6XSUHVHQFLDYDDFRPSDQDGDGHLUDSDUDORVLPSLRV$SRFE
(QHVWHWLHPSRGHOD6HJXQGD9HQLGDHVHOWLHPSRGHMX]JDUDORVPXHUWRV$SRFF
 (VWH-XLFLRGHQWURGHO'LDGHO-XLFLRFRPRHVORJLFRSXHGHUHIHULUVHH[FOXVLYDPHQWHDORVLPSLRV\D
TXHGXUDQWHHO0LOHQLRRGXUDQWHODUHJHQHUDFLRQ0DWVHKDGHMX]JDUDORVPXHUWRV
TXHQRUHVXFLWDQKDVWDSDVDGRXQSHULRGRGHQRPLQDGR0LODQRVDFRQWDUGHVGHHO5HWRUQRGH&ULVWR6LQ
UHFKD]DUHVWDLQWHUSUHWDFLRQPDVTXHHQORTXHVHUHILHUHDODH[FOXVLYLGDGSRGULDFRPSOHPHQWDUVHFRQHO
KHFKRGHTXHDODYHQLGDGH&ULVWRVHHPLWHXQ-XLFLRDODPDQHUDGHVHQWHQFLDIDYRUDEOHHQFXDQWRD
TXHORVPXHUWRVHQ&ULVWRUHVXFLWHQSDUDYLGDHWHUQDFID7HVD7LP0DW'H
FXDOTXLHUIRUPDHQHVHPRPHQWRHOMX]JDUWLHQHXQVLJQLILFDGRGLVWLQWRVHDTXHVHDSOLTXHDORVPXHUWRV
LPSLRVRDORVPXHUWRVHQ&ULVWR$TXLHOWHUPLQRMX]JDUDEDUFDULDQRPHUDPHQWHODHPLVLRQGHXQ
-XLFLRDODPDQHUDGHXQDVHQWHQFLDRGHFLVLRQIDYRUDEOHTXHGHWHUPLQDODUHVXUUHFFLRQRWUDVODFLRQ
SRVWHULRUGHORVMXVWRVVLQRDGHPDVXQ-XLFLRHQORTXHVHUHILHUHDORVPXHUWRVLPSLRVTXHGXUDQR
XQLQVWDQWHVLQRXQWLHPSR\TXHIRUPDQGRSDUWHGHOGLDGHO-XLFLRVHH[WLHQGHGXUDQWHWRGDXQD
HSRFD
/DIUDVHFXDUWD$SRFGSRGULDKDFHUTXHSUHVFLQGLHUDPRVGHHVDLQWHUSUHWDFLRQFRPSOHPHQWDULD
TXHDOXGLDPRVSDUD$SRFE\DTXHODFRQVWUXFFLRQFRQVXYHUERFRUUHVSRQGLHQWHPDUFDFODUDPHQWH
XQDLGHDQXHYD&RQHVWDIUDVH\GHGDUHOJDODUGRQDWXVVLHUYRVORVSURIHWDV6HHVWD
LQGHSHQGL]DQGRGHODIUDVHDQWHULRUTXHPHQFLRQDORGHMX]JDUDORVPXHUWRV\SRUVLVRODLPSOLFDXQ
-XLFLRIDYRUDEOHUHVSHFWRDORVMXVWRVPXHUWRVHQ&ULVWRTXHUHFLEHQHQWUHRWUDVFRVDVHOJDODUGRQGHOD
UHVXUUHFFLRQ\ORVYLYRVTXHORHVWDQHQRFDVLRQGHVXUHWRUQR\TXHUHFLEHQHQWUHRWUDVFRVDVMXQWRFRQ
ORVPXHUWRVHQ&ULVWRUHVXFLWDGRVOD7UDVODFLRQ\HO5HLQR
/DIUDVHTXLQWD$SRFHODGHODUXLQDRGHVWUXFFLRQGHORVLPSLRVDFRQWHFHUDGHVSXHVGHOD
HSRFDGH-XLFLRTXHVHQRVGHVFULEHXQSRFRPDVDUULEDF(VORTXHFRLQFLGHFRQHO-XLFLR
HMHFXWLYRGHO*UDQ7URQREODQFR$SRFXSGHVSXHVGHOSHULRGRGHQRPLQDGR0LODQRV
0DWHR(VWHWH[WRVHLGHQWLILFDFRQHOMXLFLRTXHVHPHQFLRQDHQ$SRF\TXHDFRQWHFHFRQ
HOSHULRGRGHQRPLQDGR0LODQRV
/DLGHQWLILFDFLRQYLHQHGDGDSRUYDULRVPRWLYRV(OFRPLHQ]RGHVHQWDUVHHQHOWURQRGHJORULDVH
GDHQRFDVLRQGHVX6HJXQGD9HQLGDFI0DWHO0LOHQLRFRPLHQ]DHQRFDVLRQGHVX6HJXQGD
9HQLGD6HPHQFLRQDXQDHWDSDSRVWHULRUDVX6HJXQGD9HQLGDGHQRPLQDGDUHJHQHUDFLRQGHVSXHVGHOD
6HJXQGD9HQLGD$SRFH[LVWHXQDHWDSDTXHVHOHOODPD0LODQRV$SRF'XUDQWH
ODHWDSDGHODUHJHQHUDFLRQSRVWHULRUDOD6HJXQGD9HQLGDH[LVWHXQ-XLFLRUHVSHFWRDLQGLYLGXRVGHODV
7ULEXVGH,VUDHOGXUDQWHHOOODPDGR0LOHQLRH[LVWHXQ-XLFLRGHORVPXHUWRVTXHQRKDQUHVXFLWDGRHQ
RFDVLRQGHVX6HJXQGD9HQLGD(QHVWH-XLFLRSDUWLFLSDQORVDSRVWROHVVHQWDGRVHQWURQRVGXUDQWHHO
0LOHQLRSDUWLFLSDQHQWUHDTXHOORVTXHVHOHVKDGDGRIDFXOWDGGHMX]JDUTXHVRQWRGRVORVVDOYRV
D&RU\ORVSURSLRVDSRVWROHVVHQWDGRVHQWURQRV$SRF
$SRFDOLSVLV
'LFKRVWH[WRVSURFODPDQXQMXLFLR'LFKR-XLFLR\DKDOOHJDGRHQORVPRPHQWRVHQTXHKDGH
SURFODPDUVHHVH(YDQJHOLR(WHUQRTXHFRQWLHQHSUHFLVDPHQWHHVHMXLFLRFI(V
GHFLUHVSUHYLRDO5HWRUQRGH&ULVWRHLQVWDDORVKRPEUHVDODUUHSHQWLPLHQWR(OFRPLHQ]RGHHVH
-XLFLRVHUHDOL]DHQXQPRPHQWRHQTXHORVKRPEUHVSXHGDQGHFLGLUVHSRU'LRV(VH(YDQJHOLR(WHUQR
FRQWLHQHDGHPDVXQPHQVDMHFRQFUHWRTXHORVLPSLRVVHSDQTXHHO-XLFLRKDFRPHQ]DGRTXHWRGDYLDKD\
RSRUWXQLGDGGHYROYHUVHD'LRV\GHDSDUWDUVHGH%DELORQLD\GHORVSRGHUHVTXHODVXVWHQWDQ4XLHQ
SXHGDVHUHVD%DELORQLDRHVD%HVWLDRHVDLPDJHQGHOD%HVWLDKDVLGRHPLWLGRXQMXLFLRHQHO
VHQWLGRGHTXHKDFDLGR%DELORQLD\TXHOD%HVWLD\VXLPDJHQTXHODVXVWHQWDFI$SRFWDPELHQ
KDVLGRMX]JDGDGHVIDYRUDEOHPHQWHDODPDQHUDGHVFULWDSRVWHULRUPHQWH$SRF3XHGH
VRUSUHQGHUXQPHQVDMHGHHVWDQDWXUDOH]DFXDQGRHODQXQFLRGHOHYDQJHOLRHQFXDOTXLHUHSRFD\OXJDU
LQVWDDODUUHSHQWLPLHQWR6LQHPEDUJRGHPRVWUDUHPRVTXHHVWHHVXQPHQVDMHHVSHFLDOQRWDQWRSRUHO
FRQWHQLGR\DTXHVHWUDWDGHOXQLFRHYDQJHOLRTXHH[LVWHVLQRSRUFXDWURFLUFXQVWDQFLDVKLVWRULFDV

(OFRPLHQ]RGHODH[LVWHQFLDGHO'LDGHO-XLFLR)LQDO
8QDVLWXDFLRQGHDSRVWDVLD\GHLQGLIHUHQFLDKDFLDODVFRVDVGH'LRVWDOTXH'LRVVHKDYLVWR
REOLJDGRDSUHYHUHQODHSRFDGHO-XLFLRGHXQPHQVDMHHVSHFLDOHQHOVHQWLGRGHVHUQHFHVDULRSDUDXQD
KXPDQLGDGDSRVWDWDDWHDLQGLIHUHQWHDJQRVWLFD6XSURSLR3XHEORWDQWRHO5HPDQHQWH$SRF
FRPRHOTXHWRGDYLDIRUPDSDUWHGH%DELORQLD$SRF\TXHKDGHVDOLUSDUDXQLUVHFRQHO
5HPDQHQWHQHFHVLWDQGHXQ5HDYLYDPLHQWR\5HIRUPDHVSLULWXDOVLQSUHFHGHQWHVHQODKLVWRULDGHELGRD
ODVLWXDFLRQHVSHFLDOTXHVHFUHDHQHVWHWLHPSR3RUXQODGRSDUDFRQILUPDUDO3XHEORGH'LRVTXH
HOGLDGHO-XLFLRHVWDEOHFLGRSRU'LRVKDOOHJDGR\FRPRWDOODVHQDOGHODFRQGHQDFLRQGH%DELORQLD\
GHOD%HVWLDHVXQDUHDOLGDGHYLGHQFLDGDSRUODVFDLGDVGHDPEDVSHUPLWLHQGRHQHVDVLWXDFLRQXQD
SUHGLFDFLRQGHO(YDQJHOLRHWHUQRVLQSUHFHGHQWHVHQODKLVWRULDGDGDVODVFDUDFWHULVWLFDV\FLUFXQVWDQFLDV
KLVWRULFDV\PXQGLDOHV\VLQORVLPSHGLPHQWRV\REVWDFXORVGHODSHUVHFXFLRQTXHHQRWUDVHSRFDVWDQWR
OD%HVWLDFRPR%DELORQLDKDELDQLPSXHVWR3RURWURODGRHOUHVXUJLPLHQWRGHOD%DELORQLDFDLGD
PDQWHQLGDSRUOD%HVWLD\ORTXHVXSRQHVXLPDJHQHVGHWDOQDWXUDOH]D$SRFTXH'LRVXVD
HVWHPHQVDMH$SRFSDUDDGYHUWLUDORVKDELWDQWHVGHHVWDWLHUUD\DVXSXHEORHQFXDQWRDQR
VHQWLUVHIDVFLQDGRVQLLQIOXLGRVSRUODFRQIXVLRQUHOLJLRVD\HOPXQGRVRFLRSROLWLFRLPSHUDQWHFRQWRGR
ORTXHSXHGDQLPSOLFDU\TXHWHQGUDVXILQDOFXPSOLPLHQWRFRQODLQWHUYHQFLRQ'LYLQDHQODEDWDOODGHO
$UPDJHGRQ$SRFGRQGHVHKDUDLQHILFD]DOD%HVWLDDO)DOVR3URIHWDTXHKDVXVWLWXLGRD
OD%DELORQLDTXHVHGHVWUX\R$S\DOGUDJRQ
/DSUHGLFDFLRQFRQODOOXYLDWDUGLDGHDFXHUGRD$SRFDOLSVLVUHFODPDDODKXPDQLGDGVX
DWHQFLRQDILQGHDUUHSHQWLUVH6HUDVXXOWLPDRSRUWXQLGDGGHSRGHUDOFDQ]DUXQDH[LVWHQFLDVLQPXHUWHQL
HQIHUPHGDGQLVXIULPLHQWRFRQODVHJXQGDYHQLGDGH-HVXFULVWR6HKDEUDFRPSUREDGRTXHORVSURJUDPDV
GHOD%HVWLDGHGRVFXHUQRV\GHOIDOVRSURIHWDKDQIUDFDVDGR<TXHVRORODVHJXQGDYHQLGDGH-HVXFULVWR
VHUDHILFD]
 &21&/86,21
+HPRVWHQLGRRSRUWXQLGDGGHHVWXGLDUHOWHPDGHO-XLFLRGHDFXHUGRDODSHUVSHFWLYDTXHQRVSUHVHQWD
-HVXV\DODLQWHUSUHWDFLRQTXHHOUHVWRGHO1XHYR7HVWDPHQWRKDFHWDQWRGHORVSDVDMHVWUDGLFLRQDOHVGHO
$QWLJXR7HVWDPHQWR\GHODVSDODEUDVGH-HVXV
$OKDFHUHVWHHVWXGLRVHFRPSUXHEDQYDULDVFRVDVTXHLOXPLQDQORVGLFKRVGH-HVXV1RVGDPRVFXHQWD
TXHORVGLFKRVGH-HVXVVREUHHO-XLFLRWUDHQXQDRULJLQDOLGDGTXHQLHO$QWLJXR7HVWDPHQWRQLGHVSXHVOD
,JOHVLDGHO1XHYR7HVWDPHQWRQRVSUHVHQWD<DXQFXDQGRHQSDUWHHO$SRFDOLSVLVTXHHVOD5HYHODFLRQ
GH-HVXFULVWR$SFIVVLQVSLUDQGRVHHQODVSURSLDVSDODEUDVGH-HVXVSUR\HFWDODQRFLRQ
GHMXLFLRSDUDWRGDODH[WHQVLRQGHODKLVWRULDFROHFWLYDKXPDQD\SDUDODGHFDGDXQRODGLIHUHQFLDGHOD
RULJLQDOLGDGGH-HVXVTXHGDLQWDFWDFRPRRFXUUHFRPRYHUHPRVGHQWURGHXQLQVWDQWHFRQ3DEOR
-HVXFULVWRPDUFDODVSDXWDVGHXQ-XLFLRSUHVHQWHGXUDQWHVXWLHPSRWHUUHVWUHDOUHLQRGHHVWHPXQGR
PHGLDQWHODLGHRORJLDTXHHOPLVPRSUHVHQWDGHO5HLQRGH'LRV-QFI0WFI0F
<HVWDV6U6DQGHUV\ORVGHODOODPDGDWHUFHUDLQYHVWLJDFLRQVRQRULJLQDOHVGHO-HVXVTXHODV
SURQXQFLD\HVWHFRQWHQLGRRULJLQDOQRIRUPDSDUWHGHOMXGDLVPRWUDGLFLRQDOQLGHOOHQJXDMHGHSXUDGRGHO
1XHYR7HVWDPHQWRFRQTXHVHQRVSUHVHQWDHQHVWH
<HVWR"SRUTXH"3RUTXHHVQHFHVDULRTXHODKXPDQLGDGUHVSRQGDDXQPHQVDMHGH-XLFLR'HVGHHO
PLVPRLQVWDQWHHQTXHKDFHVXOODPDGDDODUUHSHQWLPLHQWRHVWDVREUHQWHQGLHQGRTXHFDGDVHUKXPDQRHVWD
FRQGHQDGRFI-QFI5P\TXHHVSUHFLVRXUJHQWHPHQWHWRPDUVHFRQ
VHULHGDGHODUUHSHQWLPLHQWR<SDVDUVHGHXQPXQGRFRQGHQDGRDO5HLQRGH'LRV0W
3RURWUDSDUWHHVH-XLFLRTXHVHKDFHSUHVHQWHSDUDFDGDSHUVRQDLQGLYLGXDO-Q\TXHOH
FRQIURQWDDILQGHDFHSWDUODSDODEUDGH-HVXVGHUHFKD]DUVHHVDSDODEUDOHMX]JDUDHQHOGLDSRVWUHUR
-QFI-Q&RQORTXHODRULJLQDOLGDGYXHOYHDORVGLFKRVGH-HVXV1XQFDDQWHVQL
GHVSXHVVHSUHVHQWRXQPHQVDMHDVL<HVWRQRVHWUDWDGHDOJRHVSRUDGLFR7RGRHO(YDQJHOLRGH-XDQ\HO
GH0DWHRQRVSUHVHQWDQFRQWLQXDPHQWHODQHFHVLGDGGHFRQRFHU\DGTXLULUORVSULQFLSLRVGHO5HLQRGH
'LRVDILQGHFRQIURQWDUORVFRQODVLWXDFLRQGHODFRQGLFLRQKXPDQD-QTXHOHLPSLGHVHUGHO
5HLQRGH'LRVDQRVHUTXHFDPELHFRQHOQDFHUGHDUULEDRDGTXLVLFLRQGHODYRFDFLRQFHOHVWHSRU
PHGLRGHORTXHVLJQLILFDHLPSOLFDHO+LMRGHO+RPEUHTXHHVWDDUULEDDXQTXHHVWXYLHUDHQODWLHUUD
<SRUXOWLPRVXPHQVDMHGHMXLFLRILQDOHVWDUHODFLRQDGRFRQHOGHUDV+LMRGHO+RPEUHFI-Q
FI0WVV'Q(VWRSHUPLWHHQWHQGHU\XELFDUDGHFXDGDPHQWHORVMXLFLRVGHVHQWHQFLDHQ
RFDVLRQGHOUHWRUQRGH-HVXFULVWRFRPRRFXUULGRVGHQWURGHXQSURFHVRTXHWUDQVFXUUHGH-XLFLRILQDO
FHOHVWLDOFRPHQ]DGRDQWHVGHVX6HJXQGD9HQLGDSDUDVX3XHEOR\GRQGHVHKDGHWHUPLQDGRTXLHQ
UHVXFLWDRTXLHQQR-Q\TXLHQQRSHUHFH\TXLHQVLHQRFDVLRQGHVXUHWRUQR
(VWHGHUDV+LMRGHO+RPEUHSHUPLWHDVXYH]DORVHVFULWRUHVGHO1XHYR7HVWDPHQWRDHPSOD]DU
DGHFXDGDPHQWHHO-XLFLRILQDOTXHKDGHFRPHQ]DUSRUORVPXHUWRVGHOD&DVDGH'LRVD3HGFI
$S
3DEORWRPDUDHVWDVLGHDV\QRVGLUDTXHWRGRHOPXQGRHVWDEDMRSHFDGRWDQWRODKXPDQLGDGSHUYHUVD
FRPRORVJHQWLOHV\ORVMXGLRV5PFI\TXHWRGRVHVWDQEDMRHOMXLFLRGH'LRV5P
\QRVSUHVHQWDODMXVWLFLDGH&ULVWRDILQGHDIURQWDUHVHMXLFLRSUHVHQWH5P<
QRVKDEODGHODGRFWULQDGHOMXLFLRHWHUQR+ERILQDO+HFKMXLFLRGHVSXHVGHODPXHUWH
>@
+EFID3HG
3HURHYLGHQWHPHQWHHVWDVSDODEUDVGH3DEORHVXQDWHRORJLDPX\HODERUDGD\GHGXFLGDGHORVGLFKRVGH
-HVXVPDUFDQGRXQDGLIHUHQFLDHQHOWLHPSRGHODFRPSRVLFLRQWHPSUDQDGHORV(YDQJHOLRVUHVSHFWRDOD
SURGXFFLRQPDVWDUGLDGHVX(SLVWROD
 (O VHUPRQ HVFDWRORJLFR \ ORV GLDV GHO +LMR GHO +RPEUH
FHOHVWLDO\HOILQGHOPXQGR
(OHVWXGLRGHOOODPDGRVHUPRQHVFDWRORJLFRUHJLVWUDGRHQORVWUHVHYDQJHOLRVVLQRSWLFRVVXSRQHWRGD
>@
XQDRGLVHDSRUODSUREOHPDWLFDTXHHQFLHUUD QRVRORSRUODVGLVWLQWDVLQWHQFLRQHVTXHODLQVSLUDFLRQ
PDQLILHVWDSRUPHGLRGHORVHYDQJHOLVWDVVLQRVREUHWRGRSRUODHVSHFLDOIRUPDGHWUDVPLWLUQRVODV
SDODEUDV\HQVHQDQ]DVGH-HVXV\SRUODFRQFHSFLRQHVFDWRWHRORJLFDVXE\DFHQWHHQORVSDVDMHVTXHQRV
RFXSDQ
(QODVYHUVLRQHVGHO6HUPRQ(VFDWRORJLFRWDOFRPRQRVODVGHVFULEHQORVHYDQJHOLVWDVFRQWLHQHQ
>@
GLIHUHQFLDVLQLFLDOHVTXHQRDIHFWDQDODLQWHJULGDG\FRKHUHQFLDGHOWH[WR
$QWHODVPDUDYLOODVGHOWHPSOR\ODDILUPDFLRQGH-HVXVGHTXHWRGRVHULDGHVWUXLGR0WFI0F
FI/FVHVXVFLWDODSROHPLFDSUHJXQWD
0DWHRXSRIUHFHXQDGREOHFXHVWLRQGRQGHHVWDLQPHUVRQRVRORORUHODWLYRDOWHPSORVLQROD
HVSHFLILFDFLRQGHORUHIHUHQWHDOD9HQLGDGH-HVXFULVWR\GHOILQGHOPXQGR0DUFRV\/XFDVODIRUPXODQ
FRPRVXSRQLHQGRXQVRORREMHWRORTXHVHUHODFLRQDFRQ-HUXVDOHQ\VXWHPSOR0F/F
>@

 0DWHR
0DWHRKDRSWDGRSRUGHVYHODUGHVGHHOSULQFLSLRTXHVHWUDWDGHODGHVWUXFFLRQGHOWHPSORGH-HUXVDOHQ
\GHOILQGHOPXQGR
/DSUREOHPDWLFDTXHKDVXSXHVWR0DWHRSDUDORVLQYHVWLJDGRUHVQRVHHQFXHQWUDHQGHVFXEULUHOIDFWRU
GHVHQFDGHQDQWHGHODGHVWUXFFLRQGH-HUXVDOHQFRQVXWHUPLQRWHFQLFRQLHOYDORUEDVLFRTXHVXSRQHSDUD
HOILQGHOPXQGRODFRQTXLVWDGH-HUXVDOHQ\GHFRQWLQXRKROODPLHQWRKDVWDHOILQGHORVWLHPSRVGHODV
JHQWHVRGHODVQDFLRQHV/DSUREOHPDWLFDVLJXHVLHQGRODGHSHQVDUTXH0DWHRGHVFRQRFHULDHOKHFKRGH
ODGLVWLQFLRQHQWUHODVVHQDOHVGHOILQGHOWHPSORFRQODVGHOUHWRUQRGH&ULVWR
/RVDXWRUHVVHHPSHQDQHQFRQIXQGLU
ORVGLDVGHDIOLFFLRQ
RGHJUDQWULEXODFLRQ0WFRQ
ORVGLDVGHVXIULPLHQWRSUHYLRV\VLPXOWDQHRVDODDQLTXLODFLRQGH-HUXVDOHQSRUORVURPDQRV0W

<DYHUHPRVDOLQWHUSUHWDUD0DWHRFRPRD0DUFRVUHVSHFWRDORVGLDVGHVXIULPLHQWRGHOSXHEORMXGLR
FRPRHVWDQGRGHQWURGHXQEORTXHGHWULEXODFLRQTXHDSDUHFHFRPRVHQDOGHOILQGHQWURGHORVXOWLPRV
WLHPSRV\TXHVHH[WHQGHUDGHVGHODPXHUWHGH&ULVWRKDVWDTXHVHDFRUWDQHVRVGLDVWRGRWRPDGRFRPR
XQEORTXHVHFDUDFWHUL]DFRPRWULEXODFLRQ(VWRQRLPSHGLUDLGHQWLILFDUGHQWURGHWRGRHOEORTXHGH
WULEXODFLRQODVGLIHUHQWHVWULEXODFLRQHVPDUFDGDVSRUHOWH[WR\SRUODSURSLDDSRFDOLSWLFDFI'Q
0DWHRQRVGDODFODYHSDUDUDWLILFDUQRVHQHVWDLQWHUSUHWDFLRQ(VDGLIHUHQFLDHVWDPDUFDGDSRUORV
GLIHUHQWHVWH[WRV\FRQWH[WRV3HURORLPSRUWDQWHHVVDEHUTXHKD\XQKLORFRPXQFRPRYHUHPRVGXUDQWH
WRGRHOSHULRGRGHORVXOWLPRVWLHPSRVGHVGHODSULPHUDYHQLGDDODVHJXQGDYDDKDEHUDQJXVWLD
WULEXODFLRQLQGHSHQGLHQWHPHQWHTXHHVWDDQJXVWLDVHSXHGDLGHQWLILFDU\XELFDUHQGLIHUHQWHVPRPHQWRV
0DWHR
2EVHUYHPRVTXHODVUHVSXHVWDVDODSUHJXQWDHQUHODFLRQDODGHVWUXFFLRQGHOWHPSOR\GHOD9HQLGDGH
&ULVWRHVWDQHQFDGHQDGDVSRUGLIHUHQWHVFRQMXQFLRQHVVLQFRUWHVQLGLVWLQFLRQHV(QHOYTXHLQFOX\HHO
DVXQWRGHODUHVSXHVWDGH-HVXVVHQRVDFODUDTXHQDGLHRVHQJDQHHQUHODFLRQDODGHVWUXFFLRQGH
-HUXVDOHQ\DVX9HQLGD\UHVSHFWRDWRGRHOWUD\HFWRTXHPHGLDHQWUHODSULPHUDYHQLGD\ODVHJXQGD
9HQLGD"3RUTXH"
SRUTXHYHQGUDQPXFKRVHQPLQRPEUH
YGXUDQWHWRGRHVWHWLHPSRHQODV
GLIHUHQWHVJHQHUDFLRQHVTXHOOHQDQHVWHXOWLPRWLHPSRHQWUHODSULPHUD\ODVHJXQGDYHQLGDTXHVHQRV
GLUD<RVR\HO&ULVWR\DPXFKRVHQJDQDUDQ\RLUHLVJXHUUDV\UXPRUHVGHJXHUUDVVHOHYDQWDUD
QDFLRQFRQWUDQDFLRQUHLQRFRQWUDUHLQR\KDEUDSHVWHV\KDPEUHV\WHUUHPRWRVHQGLIHUHQWHV
>@
OXJDUHV0WXS 7RGRHVWRHVWDGHQWURGHORVXOWLPRVWLHPSRVGHVGHODSULPHUD9HQLGD
>@
KDVWDODVHJXQGD9HQLGD<SRUHVRDXQQRHVHOILQVLQRSULQFLSLRGHGRORUHV <QDGLHRVGHEH
HQJDQDUSRUTXHHQWRGDVODVJHQHUDFLRQHVHVDVVHQDOHVVHYDQDGDU\VHUDQSDUDHVDJHQHUDFLRQ
SULQFLSLRGHGRORUHVWRGDYLDQRVHUDHOILQSRUORWDQWRQDGLHSUHWHQGDHQJDQDURVGLFLHQGRTXHHO
&ULVWR\DKDYXHOWRTXHULHQGRVHLGHQWLILFDUFRQHOFXPSOLPHQWRGHHVDVVHQDOHV(VDVVHQDOHVVHYDQDGDU
HQFDGDJHQHUDFLRQ\SRUORWDQWRQRHVXQLQGLFDWLYRGHPLUHWRUQR(VRYDDHVWDULQGLFDGRSRURWUDV
FRVDVTXHVHQRVYDQDGHFLUPDVDGHODQWH
(QWRQFHVHQHVHWLHPSRGHORVXOWLPRVWLHPSRVVHQRVH[SUHVDGHIRUPDJHQHUDOFRPRFDUDFWHULVWLFD
DFXPSOLUVHHQFDGDXQDGHODVJHQHUDFLRQHVGHHVRVXOWLPRVWLHPSRV
2VHQWUHJDUDQDWULEXODFLRQ\RVPDWDUDQ\VHUHLVDERUUHFLGRVGHWRGDVODJHQWHVSRUFDXVDGHPLQRPEUH0XFKRVWURSH]DUDQ
HQWRQFHV \ VH HQWUHJDUDQ XQRV D RWURV \ XQRV D RWURV VH DERUUHFHUDQ < PXFKRV IDOVRV SURIHWDV VH OHYDQWDUDQ \ HQJDQDUDQ D
PXFKRV\SRUKDEHUVHPXOWLSOLFDGRODPDOGDGHODPRUGHPXFKRVVHHQIULDUD0DVHOTXHSHUVHYHUDUHKDVWDHOILQHVWHVHUDVDOYR
0W
1RVHWUDWDGHEXVFDUXQPRPHQWRGHWHUPLQDGRSDUDVXFXPSOLPLHQWRVLQRTXHHQWRGRHVHWUD\HFWRGH
ORVXOWLPRVWLHPSRVGHVGHODSULPHUDYHQLGDKDVWDODVHJXQGDYHQLGDYDQDWHQHUFXPSOLPLHQWRGHIRUPD
JHQHUDOL]DGDHQFDGDXQDGHODVJHQHUDFLRQHVHVDVSURSRVLFLRQHV
/RLPSRUWDQWHHVSHUVHYHUDUKDVWDHOILQGHHVDVSUXHEDVTXHWHQGUHLVTXHH[SHULPHQWDUHQFDGD
JHQHUDFLRQGHWRGRHVHXOWLPRWLHPSRGHXQPRGRRGHRWUR
/DVHQDOGHOILQLQHTXLYRFDGHHVWRVXOWLPRVWLHPSRVTXHHVWR\GHVFULELHQGR\TXHFXEUHQWRGRHO
HVSDFLRWHPSRUDOGHVGHODSULPHUD9HQLGDKDVWDODVHJXQGD9HQLGD\TXHQDGLHSXHGHIDOVLILFDUODHV
TXHVHUDSUHGLFDGRHVWHHYDQJHOLRHQWRGRHOPXQGRSDUDWHVWLPRQLRDWRGDVODVQDFLRQHV\HQWRQFHV
YHQGUDHOILQ
3RGUDQHVWDUDFRQWHFLHQGRWRGDVHVDVVHQDOHVTXHRVHVWR\DQXQFLDGRTXHRFXUULUDQHQODVGLIHUHQWHV
JHQHUDFLRQHV&XDQGRODVYHDLVTXHQDGLHRVHQJDQHSUHWHQGLHQGRGHFLUTXH\DHVWDHOILQ3HUVHYHUDG
KDVWDYXHVWURSURSLRILQSDUWLFXODU3HURHOILQXQLFDPHQWHDFRQWHFHUDFXDQGRKD\DVLGRSUHGLFDGRHO
>@
HYDQJHOLRDWRGRHOPXQGR
0DWHR
3RUWDQWR'HQWURGHORVXOWLPRVWLHPSRVGHVGHODSULPHUDYHQLGDKDVWDODVHJXQGD9HQLGDFRPR
VHQDOGHOILQWDPELHQVHHQFXHQWUDODGHVWUXFFLRQGH-HUXVDOHQWDQWRODILVLFDFRPRODGHORVYDORUHV
$WHQLHQGRQRVDKRUDDORULJHQGHHVDGHVWUXFFLRQFRUUHVSRQGLHQWHDODILVLFD
>@ >@
&XDQGRYHDLVHQHOOXJDUVDQWRODDERPLQDFLRQGHODGHVRODFLRQ GHTXHKDEORHOSURIHWD'DQLHOHOTXHOHHHQWLHQGD
HQWRQFHVORVTXHHVWHQHQ-XGHDKX\DQDORVPRQWHVHOTXHHVWHHQODD]RWHDQRGHVFLHQGDSDUDWRPDUDOJRGHVXFDVD\HOTXHHVWH
HQHOFDPSRQRYXHOYDDWUDVSDUDWRPDUVXFDSD0DVD\GHODVTXHHVWHQHQFLQWDV\GHODVTXHFULHQHQDTXHOORVGLDV2UDGSDUD
>@
TXHYXHVWUDKXLGDQRVHDHQLQYLHUQRQLHQGLDGHVDEDGR
(VWDVHQDOTXHHVWDVHQDODGDFODUDPHQWHSRUHOSURIHWD'DQLHO\TXH-HVXVORGDFRPRFXPSOLGDSDUDOD
>@
GHVWUXFFLRQILVLFDGH-HUXVDOHQ\GHO7HPSOR FRPRRULJHQGHODGHVWUXFFLRQGHORVYDORUHVGH
-HUXVDOHQ
(VWDVHQDOHVXQDVHQDOGHOILQGHQWURGHORVXOWLPRVWLHPSRV3HURFRPRYHUHPRVGHVSXHVFRQ
0DUFRVHVWDVHQDOGHODGHVWUXFFLRQGH-HUXVDOHQHVWDHQSURFHVRGHFXPSOLPLHQWR6HRULJLQROD
GHVWUXFFLRQGH-HUXVDOHQFRQODGHVWUXFFLRQILVLFD\KDVWDKR\QRVHKDYXHOWRDUHFRQVWUXLUHO7HPSOR
SHURORVYDORUHVTXHUHSUHVHQWDEDHVD-HUXVDOHQWRGDYLDWLHQHQH[LVWHQFLDSDUDFLHUWDVSHUVRQDVMXGLDV
0LHQWUDVTXHODSUHGLFDFLRQGHOHYDQJHOLRVHYDH[WHQGLHQGRHQHOPXQGR3HURWHQJDVHHQFXHQWDTXHOD
SUHGLFDFLRQVREUHORVYDORUHVTXHHO0HVLDVKDWUDLGRHQVXVWLWXFLRQDORVYDORUHVTXHUHSUHVHQWDEDOD
-HUXVDOHQWHUUHQDHVSUHFLVRSUHGLFDUORVHQFDGDJHQHUDFLRQ\HQFDGDJHQHUDFLRQH[LVWHQQXHYDV
SHUVRQDVWDQWRMXGLDVFRPRQRMXGLDVTXHVHHQWHUDQGHORVYDORUHVTXHKDWUDLGRHO0HVLDV\WLHQHQOD
RSFLRQGHDFHSWDURGHUHFKD]DU<DVLHQFDGDJHQHUDFLRQKDVWDODXOWLPDGHQWURGHORVXOWLPRVWLHPSRV
GHVGHODSULPHUD9HQLGDKDVWDODVHJXQGD9HQLGDODGHVWUXFFLRQGH-HUXVDOHQLQLFLDGDFRQODHMHFXFLRQ
GHVWUXFWRUDILVLFDSRUORVHMHUFLWRVURPDQRVDXQTXHSURYRFDGDSRUODUHSUHVHQWDWLYLGDGSULQFLSDOGHO
SXHEORGHO3ULQFLSHVHKDFRQYHUWLGRHQXQDVHQDOSDUDFDGDJHQHUDFLRQGHODVTXHH[LVWDQKDVWDOD
VHJXQGD9HQLGDGHTXHHO0HVLDVOOHJR\TXHORVYDORUHV\VLVWHPDTXHDQXQFLDEDQODOOHJDGDGHHVH
0HVLDV\VXYDORUHLPSOLFDFLRQTXHVXVWLWX\HDHVRVYDORUHVSRUORVTXHVHUHSUHVHQWDEDDOD-HUXVDOHQ
WHUUHQD\HO7HPSORVHFXPSOLHURQFRQHO0HVLDV-HVXV(QHIHFWRHO7HPSORWHUUHQDOMXGLRTXHWXYR
OXJDU\PRPHQWRTXHULGRSRU'LRVWXYRVXILQ0W0WFI'QXSSS
GDQGROXJDUDORTXHUHSUHVHQWDEDDO6DQWXDULRFHOHVWLDOGHO3ULQFLSH0HVLDV'QFI'Q
>@
XSSS
(OGHUDVDQWRORJLFR(OTXHOHDHQWLHQGD0W
6HQRVLQYLWDDLQYHVWLJDUGHUDVGHPRGRDQWRORJLFRVREUHHOVLVWHPDTXHGHVRODD-HUXVDOHQ'Q
DILQGHTXHHQWHQGDPRV\VHSDPRVGLVWLQJXLUHQWUHHOWHPDGHOGHVRODGRUHQ'DQLHO\RWURV
DVSHFWRVHQHOTXHHVWDLQYROXFUDGRVDERPLQDFLRQHV\GHVRODFLRQHVHQGLIHUHQWHVFRQWH[WRVPDUFDQGR
GLVWLQWRVPRPHQWRVHQHOFXPSOLPLHQWRGHORTXHKLVWRULFDPHQWHVHLPSOLFD'Q
/DFDWDVWURIHTXHH[SHULPHQWDHOWHPSORRVDQWXDULRYDWLFLQDGDSRU'DQLHOVHKDFXPSOLGR
GHILQLWLYDPHQWH\SDUDVLHPSUHHOTXHOHDHQWLHQGD6HKDGDGRHQWUDGDKLVWRULFDDXQDSURIHFLDHQOD
TXHOD1DFLRQGH,VUDHOKDGHVDSDUHFLGRFRPRUHSUHVHQWDQWHGHOSXHEORGH'LRVDODYH]TXHVHFRQILUPD
HQODKLVWRULDODHYROXFLRQYLYLHQWHGHO&XDUWRUHLQRHOTXHOHHHQWLHQGDGDQGROXJDUDORVGHPDV
KHFKRVKLVWRULFRVSURIHWL]DGRVUHVSHFWRDHVH&XDUWRUHLQR\DO5HLQRGH'LRVHOTXHOHHHQWLHQGD
0DWHR
3RUTXHKDEUDHQWRQFHV
"&XDQGR"'HQWURGHORVXOWLPRVWLHPSRVTXHYDQGHVGHODSULPHUD9HQLGDDODVHJXQGD9HQLGD
"<TXHKDEUD"*UDQWULEXODFLRQ
-HVXV GHILQH FRPR FDUDFWHULVWLFD HQ OD HSRFD GH ORV XOWLPRV WLHPSRV LQGLFDGRV GHVGH GHVSXHV GH VX PXHUWH 0W  FRPR GH JUDQ
WULEXODFLRQ0WFISS
1RWHVHHOYWULEXODFLRQFXDOQRODKDKDELGRGHVGHHOSULQFLSLRGHOPXQGRKDVWDDKRUD+DVWDHVH
PRPHQWRGH-HVXVQRODKDELDKDELGR\DQDGHQLODKDEUD&RQORTXHVHQRVHVWDDGYLUWLHQGRTXHHVD
JUDQWULEXODFLRQQROOHJDUDKDVWDODVHJXQGD9HQLGDVLQRTXHWHUPLQDUDDQWHV<VLDTXHOORVGLDVQR
IXHVHQDFRUWDGRVQDGLHVHULDVDOYRSHURSRUFDXVDGHORVHVFRJLGRVDTXHOORVGLDVVHUDQDFRUWDGRV
>@

(QWRQFHV
"&XDQGR"'HVGHODSULPHUD9HQLGDKDVWDODVHJXQGD9HQLGDGHQWURGHORVXOWLPRVWLHPSRVVHQRV
>@
YXHOYHDDGYHUWLU0WFI0WVV
4XHVLDOJXQRRVGLMHUH0LUDGDTXLHVWDHO&ULVWRRPLUDGDOOLHVWDQRORFUHDLV3RUTXHVHOHYDQWDUDQIDOVRV&ULVWRV\IDOVRV
SURIHWDV\KDUDQJUDQGHVVHQDOHV\SURGLJLRVGHWDOPDQHUDTXHHQJDQDUDQVLIXHUHSRVLEOHDXQDORVHVFRJLGRV<DRVORKHGLFKR
DQWHV$VLTXHVLRVGLMHUHQ0LUDGHVWDHQHOGHVLHUWRQRVDOJDLVRPLUDGHVWDHQORVDSRVHQWRVQRORFUHDLV
1RWHVHTXHVHWUDWDGHUHDILUPDUDOJRTXHVHYDDGDUGXUDQWHWRGRHVHXOWLPRWLHPSR$QWHULRUPHQWH
VHLEDQDXWLOL]DUODVJXHUUDVORVUXPRUHVVREUHHOODVHOOHYDQWDUVHXQDVQDFLRQHVFRQWUDRWUDVODVSHVWHV
WHUUHPRWRV\KDPEUXQDVTXHDORODUJRGHWRGRHVHXOWLPRWLHPSRVHLEDQDGDUFRPRDUJXPHQWRSDUD
GHFLUTXH<RVR\HO&ULVWR\KDFHUORYHURVLPLODQWHORVDFRQWHFLPLHQWRVTXHHQHVRVPRPHQWRVORV
FUH\HQWHVSXGLHUDQHVWDUSDVDQGR5HFKD]DGORSRUTXHQLQJXQDGHHVDVVHQDOHVSRUVHSDUDGRRHQVX
FRQMXQWRHVODTXHWUDHPLDXWHQWLFD9HQLGDFI0W6LHVWXYLHUHLVYLYLHQGRHVWRQRRVWXUEHLV
SRUTXHVLELHQHVQHFHVDULRTXHWRGRHVWRDFRQWH]FD0WSSWRGDYLDQRVHUDHOILQ0W
XS6HQRVDGYLHUWHDTXHHVWHPRVDWHQWRVDORVVXFHVRVHQHVWDOLQHDTXHHVWDPRVVDFDQGRGHOD3DODEUD
GH-HVXV$GHPDVGHHVWDVVHQDOHVYDLVDVXIULUSHUVHFXFLRQGXUDQWHXQEXHQWUHFKRGHHVWDKLVWRULDTXH
YDHQWUHPLSULPHUD9HQLGD\OD6HJXQGD0WDGHPDVGHWHQHUTXHDIURQWDUHOVXUJLPLHQWRGH
IDOVRVSURIHWDVTXHHQJDQDUDQDPXFKRVYDLVDWHQHUWLHPSRDORODUJRGHWRGDVODVJHQHUDFLRQHV
TXHSXGLHUDKDEHUKDVWDPLVHJXQGDYHQLGDSDUDGHVDQLPDURVFRPRFRQVHFXHQFLDGHKDEHUVHPXOWLSOLFDGR
ODPDOGDG0W(VQHFHVDULRTXHSHUVHYHUHLVKDVWDYXHVWURSURSLRILQVHDHQFXDOTXLHU
PRPHQWRGHHVHXOWLPRWLHPSRTXHVHGHYXHVWURILQRVHDHQXQRGHORVPRPHQWRVTXHFRLQFLGHFRQOD
SURSLDVHJXQGD9HQLGD0W-HVXVYLHQHDGHFLUQRVTXHORXQLFRFRQVLVWHQWHUHVSHFWRDVX
VHJXQGD9HQLGDKDGHVHUODH[WHQVLRQGHODSUHGLFDFLRQGHO(YDQJHOLRHQWRGRHOPXQGR0W
>@
$VXQWRTXHQRVHKDKHFKRQXQFDQLDFWXDOPHQWH 3HURVLQGXGDTXH-HVXVHVFRJHHVWDVHQDO
LQHTXLYRFDSDUDXQWLHPSRTXHODJOREDOLGDGLEDDKDFHUORSRVLEOH0WFI0WFI$S
<"3RUTXHQRKD\TXHFUHHUOR"3RUTXHODVHJXQGD9HQLGDGH-HVXVQRHVWDXQLGDD
QLQJXQDGHHVDVVHQDOHVVLQRDODSUHGLFDFLRQGHO(YDQJHOLRGHO5HLQRDWRGRHOPXQGR
 $KRUD0WVHLQVLVWHHQORPLVPR/DVVHQDOHV\SURGLJLRVTXHDFRPSDQDUDQDORVTXHVHOHV
GHQRPLQDIDOVRV&ULVWRV\IDOVRVSURIHWDVFRQODILQDOLGDGGHDWUDHUODDWHQFLRQGHVHUHO&ULVWRR
SHUVRQDVTXHSUHGLFDQHQHOQRPEUHGH&ULVWR IDOVRVSURIHWDVFI0WQROHVKDJDLVFDVRD
SHVDUGHHVDVVHQDOHVTXHDWUDSDUDQVLHVSRVLEOHKDVWDDORVSURSLRVHVFRJLGRV0WXSQLYD\DLV
DGRQGHRVGLFHQTXHHVWDQGHVLHUWRRDSRVHQWRV"3RUTXH"3RUTXHFXDQGRVHGHHOYHUGDGHURUHWRUQRGHO
DXWHQWLFR&ULVWRGHVXSHUVRQDVHUDWDQYLVLEOHDEDUFDQWH\XQLYHUVDOFRPRHOEULOORGHODOX]TXHVDOHHQ
>@
HO2ULHQWH\OOHJDKDVWDHO2FFLGHQWH0W \FRPRHOGLFKRSURYHUELDOGHTXHGRQGH
>@
HVWXYLHUDHOFXHUSRPXHUWRDOOLVHMXQWDUDQODVDJXLODV 0WGDQGRVHDHQWHQGHUTXHVX
YHQLGDQRVHYDDGDUHQQLQJXQGHVLHUWRRDSRVHQWRVLQRFRPRHQXQDJUDQUHXQLRQSXEOLFD\QRWRULDTXH
DEDUFDWRGDODWLHUUD
(LQPHGLDWDPHQWHGHVSXHVGHODWULEXODFLRQGHDTXHOORVGLDVHOVROVHRVFXUHFHUD\ODOXQDQRGDUD
VXUHVSODQGRU\ODVHVWUHOODVFDHUDQGHOFLHOR\ODVSRWHQFLDVGHORVFLHORVVHUDQFRQPRYLGDV
(QWRQFHVDSDUHFHUDODVHQDOGHO+LMRGHO+RPEUHHQHOFLHOR\HQWRQFHVVHODPHQWDUDQWRGDVODVWULEXV
GHODWLHUUD\YHUDQDO+LMRGHO+RPEUHYLQLHQGRVREUHODVQXEHVGHOFLHORFRQSRGHU\JUDQJORULD0W
>@

'LJDPRV\DDKRUDTXHHVWRVGLDVGHWULEXODFLRQVHUHFRJHQHQXQEORTXH'HVGHODSULPHUDYHQLGDKDVWD
TXHHVRVGLDVVRQDFRUWDGRVKDVWDTXHGXUDQWHQLHQGRHQFXHQWDHOEORTXHJOREDOGHGLDVKD\XQDJUDQ
>@ >@
WULEXODFLRQ HQPDUFDGDDQWHVGHODGHVWUXFFLRQGH-HUXVDOHQFI0W GXUDQWHOD
GHVWUXFFLRQGH-HUXVDOHQ0WSDUDGHVSXHVGHODGHVWUXFFLRQGH-HUXVDOHQ0W
>@
SS PDUFDGRHVWRXOWLPRSRUXQDVVHQDOHVFRVPLFDVTXHVHLQLFLDQHQORVGLDVGHOILQ0F
GHORVXOWLPRVWLHPSRVHQWUHODSULPHUD\VHJXQGD9HQLGDLQPHGLDWDPHQWHGHVSXHVGHORVGLDVGH
WULEXODFLRQDFRUWDGRV0WFI0F\TXHOOHJDQKDVWDHOFRPLHQ]RGHHVDV
VHQDOHVFRVPLFDVTXHKDEUDTXHLGHQWLILFDUHQODKLVWRULDSXHVWRTXHHORULJHQGHHVDVVHQDOHVFRVPLFDV
QRVLGHQWLILFDUDHOILQDOGHHVRVGLDVGHWULEXODFLRQHQEORTXHHQHOPRPHQWRGHKDEHUVLGRDFRUWDGRV
(VRVGLDVGHWULEXODFLRQGHDFXHUGRDOFRQWH[WRVHUHODFLRQDQHVSHFLDOPHQWHSDUDDTXHOORVTXHVRQ
FRQVLGHUDGRVFRPRGHO3XHEORGH'LRV6HWUDWDGHXQDH[SHULHQFLDQHJDWLYDLQIOLJLGDSRUORVVLVWHPDVGH
PDOGDG\TXHKDQGHSDVDUORVGLIHUHQWHVFUH\HQWHVTXHVHHQFXHQWUDQGHVGHGHVSXHVGHODPXHUWHGH
-HVXVKDVWDHOILQGHWRGRVHVRVGLDVGHWULEXODFLRQFRQVLGHUDGRVHQEORTXH0DWHRHVWDVREUHQWHQGLHQGR
TXHFRQRFHHVRVGLDVGHWULEXODFLRQ(QSULPHUOXJDUKDXELFDGRHVRVGLDVHQWUHGHVSXHVGHODPXHUWH
KDVWDODDSDULFLRQGHODVVHQDOHVFRVPLFDVGHHVRVGLDVDFRUWDGRV/RVFULVWLDQRVTXHYLYDQHQHVRVGLDV
H[SHULPHQWDUDQHVDVDIOLFFLRQHV
6LELHQORVFRQRFHKDH[SXHVWRGHQWURGHHVRVGLDVORVTXHFRUUHVSRQGHQDDQWHVGHODGHVWUXFFLRQ
ILVLFDGH-HUXVDOHQGXUDQWH\GHVSXHVFRQORFXDOSRGHPRVXELFDUWHPSRUDOPHQWHGHDOJXQPRGRHVRV
PRPHQWRVGRQGHORVGLDVGHWULEXODFLRQUHVXOWDQSUR\HFWDGRVDOSXHEORGH'LRVGHFDGDXQRGHHVRVGLDV
3HURHYLGHQWHPHQWHHOKDEHUSXHVWRXQILQDOGHHVRVGLDVGHWULEXODFLRQTXHKDGHFRLQFLGLUHVHILQDOFRQ
HVRVGLDVDFRUWDGRV\FRQODDSDULFLRQGHODVVHQDOHVFRVPLFDVXQLGDVHVWDVDODDSDULFLRQGHODVHQDOHQ
>@
HOFLHORGHO+LMRGHO+RPEUH \DODYHQLGDGHILQLWLYDKDFLDORV6DQWRVSDUDGDUOHVHO5HLQR0W
FI'QVHQRVHVWDSURSRQLHQGRXQGHUDVSHVHUSDUDXELFDUHVHXOWLPRWUDPRGHORV
GLDVGHWULEXODFLRQDFRUWDGRVODVVHQDOHVFRVPLFDV\ODDSDULFLRQGHODVHQDOHQHOFLHORGHO+LMRGHO
+RPEUH
'DQLHOVHXELFDWHQLHQGRHQFXHQWDHOWHUFHUYHUERIXQFLRQDOGHDFHUFDPLHQWRKDFLDHO
$QFLDQRGH'LDVHQXQDHVFHQDGH-XLFLR'QGRQGHVHYDDMX]JDUIDYRUDEOHPHQWHDFDGDXQR
GHORVGHO3XHEORGH'LRVFI'Q\QHJDWLYDPHQWHHQVHQWHQFLDFRQGHQDWRULDDOVLVWHPDGHPDOGDG
&XHUQR3HTXHQR'QXSTXHWDQWDWULEXODFLRQKDSURGXFLGRGXUDQWHXQWUD\HFWRGHOD
KLVWRULDDOSXHEORGH'LRV'QSS1RVLQWHUHVDXELFDUORPDVDSUR[LPDGDPHQWHTXHSRGDPRV
FRQHOWH[WRGH'DQLHOHVH-XLFLRSRUTXHHOFRPLHQ]RGHHVH-XLFLRUHODWLYRDOVLVWHPD&XHUQR
3HTXHQRYLHQHGHVSXHVVLQHVSHFLILFDFLRQH[DFWDGHXQSHULRGRFURQRORJLFRSURIHWLFRTXHUHFRJH
GXUDQWHHOWLHPSRTXHWUDQVFXUUHORVDFWRVGHO&XHUQR3HTXHQRFRQWUDORV6DQWRV\ODLGHRORJLDGHOD
3DODEUDGH'LRVTXHPDQWLHQHQHVRV6DQWRV([SXHVWRGHHVHPRGRFRQODILQDOLGDGGHTXHSRGDPRV
LGHQWLILFDUORHQODKLVWRULD'HHVWHPRGRJUDFLDVDOGHUDVSHVHUTXHUHODFLRQD0DWHRFRQ
'DQLHOSRGULDPRVLGHQWLILFDUHOXOWLPRWUDPRGHORVOODPDGRVGLDVGHWULEXODFLRQ
DFRUWDGRV0W
(VH-XLFLRFRPR\DKHPRVHVWXGLDGRVREUDGDPHQWHHQRWURVOXJDUHVQRSXHGHVHUDQWHULRUDOD
'LYLVLRQTXHH[SHULPHQWDHO&XDUWR5HLQR(QHIHFWRVLDQDOL]DQFRQPLJR'QFRQ
OOHJDUHPRVDODFRQFOXVLRQTXHHO&XDUWR5HLQRYDGHVSXHVGHOWHUFHUR\OOHJDKDVWDHOPLVPRILQFI
6HQRVLGHQWLILFDQSRUQRPEUHORVWUHVSULPHURVGHORVFXDWUR%DELORQLD0HGR3HUVLD\*UHFLD
>@
'QFI'QFI'QSS (VH&XDUWR5HLQRKDGHHPSH]DUWUDVHOWHUFHUR
\HOWHUFHURHV*UHFLD(YLGHQWHPHQWHHO&XDUWRVHLQLFLDGHVSXHVGH*UHFLD\KDGHGXUDUKDVWDHOILQGHO
PXQGRPHGLDQWHOD'LYLVLRQSUHFLVDPHQWHGH/RTXHVHLQLFLDLQPHGLDWDPHQWHGHVSXHVGHOR
JULHJRTXHSUHFLVDPHQWHORDEVRUEHHV5RPD3HUR5RPDDODTXHVHKDQWUDVODGDGRORVFRQFHSWRV
EDELORQLFRVDWUDYHVGHODPDWL]DFLRQGH3HUVLD\GHORJULHJR\TXHUHSUHVHQWDDO&XDUWR5HLQRHQHVD
SULPHUDIDVHQROOHJDDOILQGHOPXQGRVLQRKDVWDHOGRQGHDSDUHFHXQD'LYLVLRQFDUDFWHUL]DGDSRU
XQLGHDULRUHVXOWDGRGHORTXHOHDSRUWDQHO&XHUQR3HTXHQR\ORV'LH]7RGDODQRYHGDGGHHVH
&XHUQR3HTXHQR\ORV'LH]LQGHSHQGLHQWHPHQWHGHWHQHUVXVUDLFHVHQOD&XDUWD%HVWLDGHGRQGHKD
HVWDGRUHSUHVHQWDGD5RPDHQXQDSULPHUDIDVHH[WLHQGHQDO&XDUWR5HLQR\VHH[WLHQGHQKDVWDODHSRFD
GHXQ-XLFLR\GHDKLDOILQGHOPXQGR'QFIFI(VWHMXLFLR
FHOHVWLDO'QSRUORWDQWRHVSRVWHULRUDOG-6XUJHVLHPSUHGHVSXHVGHTXHVHQRV
SUHVHQWDQODVFDUDFWHULVWLFDVFUHFLGDV\KHJHPRQLFDVGHHVH&XHUQR3HTXHQR'QFI'Q
'QFI'QFI(VGHFLUTXHHVH-XLFLRSDUDTXHHPSLHFHKDGHWUDQVFXUULUVH
WRGRHOWLHPSRKHJHPRQLFRTXHKDFHFRPRYHKLFXORRWUDQVSRUWHGHWRGDVODVDFFLRQHV\DFRQWHFLPLHQWRV
TXHOOHQDHO&XHUQR3HTXHQRVHKDGHYHUHQODKLVWRULDTXHGHDOJXQPRGRPDQLSXODODOH\GH'LRV
PDQWLHQHXQDLGHRORJLDTXHFRQWUDVWDHQDOJXQRVDVSHFWRVLPSRUWDQWHVFRQODGH'LRV\SHUVLJXHDO
3XHEORGHORV6DQWRV<HVWRGXUDQWHGLDVSURIHWLFRV'QXS6HKDGHVWDFDGRTXHGXUDQWH
WRGRHVHSURFHVRKLVWRULFRHVH&XHUQR3HTXHQRGHVGHGHVSXHVGHODGLYLVLRQ\GHKDEHUDUUDQFDGR
GHORVHO3XHEORGHORVVDQWRVRORVVDQWRVGHO$OWLVLPRH[SHULPHQWDQODSHUVHFXFLRQ
GXUDQWHDQRV\SURIHWLFRV WLHPSRWLHPSRV\WLHPSRSURIHWLFRV(YLGHQWHPHQWHWUDWDQGRVH
GHLGHQWLILFDUHQODKLVWRULDDHVWHVLVWHPD&XHUQR3HTXHQRSRUVXDFWXDFLRQHQFRQWUDGHOSXHEORGH
>@
'LRVQRSRGHPRVGHDFXHUGRDWRGRORLPSOLFDGRHQHOFRQWH[WRUHIHULUQRVDGLDVOLWHUDOHV
SXHVWRTXHGHVGHGHVSXHVGHODGLYLVLRQKDVWDFDVLHO-XLFLRFHOHVWLDOKDGHVHUOOHQDGRSRUHVHSHULRGR
TXHWUDQVSRUWDXQDVHULHGHDFRQWHFLPLHQWRV\DFFLRQHVGHO&XHUQRTXHOHLGHQWLILFDQFUHDQGRFRQFLHQFLD
KLVWRULFDSRUODTXHVHOHUHFXHUGD
(VHWLHPSRHVWDOOHQDGRSRUORTXH0DWHRUHFRJHGHODSURIHFLDGH-HVXVXQRVGLDVGHWULEXODFLRQ
DFRUWDGRVSDUDHOSXHEORGH'LRVHQ'DQLHOVHQRVLGHQWLILFDQHVRVGLDVFRPRORVGLDVGHSHUVHFXFLRQ
GHO&XHUQRSHTXHQRFRQWUDHOSXHEORGH'LRVTXHVHLQLFLDQHQXQPRPHQWRSRVWHULRUDODGLYLVLRQHQHO
&XDUWR5HLQRHVGHFLUXQLQLFLRHQIHFKDSRVWHULRUDOG-GHVSXHVGHODFDLGDGHGHORV
KDVWDHOWUDQVFXUVRGHGLDVSURIHWLFRVTXHQRVOOHYDQDFHUFDGHXQDIHFKDGH-XLFLRFHOHVWLDODO
FRPLHQ]R\GHVDUUROORGHXQDVHULHGHVHQDOHVFRVPLFDVFRQODDSDULFLRQGHODVHQDOHQHOFLHORGHO+LMR
GHO+RPEUHFI0WHQSRVLFLRQGHOFXPSOLPLHQWRGH'DQLHOFXDQGRGHVSXHVGHKDEHU
FXPSOLGRFRQVXFRPHWLGRGHFHUFDQLDIXQFLRQDOFRQHO$QFLDQRGH'LDVFRUUHVSRQGLHQWHDO-XLFLR
FHOHVWLDOTXHVHQDODHOWHUFHUYHUERIXQFLRQDOVHGLVSRQHDYROYHUHQVX6HJXQGD9HQLGD'QFI0W

'HDFXHUGRDOWH[WRGH'DQLHOFRPELQDGRFRQODSURIHFLDGH-HVXVHQHO(YDQJHOLRGH0DWHRFRPR
IUXWRGHOGHUDVSHVHUHVRVGLDVGHSHUVHFXFLRQGHO&XHUQRFRUUHVSRQGLHQWHVDORVGLDVGHWULEXODFLRQ
>@
DFRUWDGRVGH-HVXVHQ0DWHRTXHHVWDQGHQWURGHXQEORTXHPDVDPSOLRGHGLDVGHWULEXODFLRQ
HPSH]DULDQDOJRSRVWHULRUPHQWHDOG-GRQGHVHSURGXFHOD'LYLVLRQPDVHOWLHPSRDGLFLRQDOGH
TXLWDUHOREVWDFXORGHDOGHVSXQWHGHO&XHUQRDORTXHKDEULDTXHVXPDUHOWLHPSRGHSHUVHFXFLRQ
GHO&XHUQRGHGLDVSURIHWLFRVTXHGHDFXHUGRDOFRQWH[WR\FRQWHQLGRDSRFDOLSWLFRVHULDQ
VLPEROLFRVFRQORTXHQRVLULDPRVDDOUHGHGRUGHILQDOHVGHOVLJOR;9,,,0RPHQWRGRQGHHPSH]DULDQ\
VHSUR\HFWDULDQHVDVVHQDOHVFRVPLFDVSDUDGHMDUYHUODVHQDOGHO+LMRGHO+RPEUHHQHOFLHOR
GLVSRQLHQGRVHDVXVHJXQGD9HQLGD
7HQHPRVLGHQWLILFDGRVHOILQDOGHOEORTXHGHORVGLDVGHWULEXODFLRQDFRUWDGRV\ODVHFFLRQXOWLPDGH
XQRVGLDVGHWULEXODFLRQTXHHVWDQGHQWURGHOEORTXHGHGLDVGHWULEXODFLRQHOFRPLHQ]RGHOEORTXH
KRPRJHQHRGHORVGLDVGHWULEXODFLRQFRUUHVSRQGLHQWHVDODHSRFDDQWHULRUDODGHVWUXFFLRQGH-HUXVDOHQ
ORVGLDVGHWULEXODFLRQGHHVHPLVPREORTXHGXUDQWHODGHVWUXFFLRQGH-HUXVDOHQSRUHOGHVRODGRU
5RPDQRORVUHODWLYRVDORVSRVWHULRUHVDODGHVWUXFFLRQILVLFDGH-HUXVDOHQ\ORVGLDVSURIHWLFRVGH
>@
WULEXODFLRQLQIOLJLGRVSRUHOVLVWHPDGHOPDOGDG&XHUQR3HTXHQR 7RGRVHOORVIRUPDQHOEORTXHGH
ORVGLDVGHWULEXODFLRQDFRUWDGRVDORVTXHVLJXHQXQDVVHQDOHVFRVPLFDV\ODVHQDOGHO+LMRGHO+RPEUH
HQHOFLHORTXHLQWURGXFHHOUHWRUQRGH-HVXFULVWR
/DSURIHFLDGHOILQ
+D\WUHVDVXQWRVFODUDPHQWHVHQDODGRVODJHQHUDFLRQILQDOTXHYLHQHGHVSXHVGHOEORTXHGHGLDVGH
WULEXODFLRQXQDVVHQDOHVFRVPLFDVSUHYLDVDOUHWRUQRGH-HVXFULVWR\HOFXPSOLPLHQWRGHODVHQDOHQHO
FLHORGHO+LMRGHO+RPEUH0WODGHVWUXFFLRQILVLFDGH-HUXVDOHQFRQHO7HPSORPDUFDGD
SRUODVHQDOGHODDSDULFLRQGHODDERPLQDFLRQGHODTXHKDEOR'DQLHO\HOPDWL]DERPLQDFLRQ
GHODGHVRODFLRQ$ERPLQDFLRQSURYRFDGDHQSDUWHSRUODGHVRODFLRQTXHSURGXFHHOGHVRODGRUFI0W
/DSUHGLFDFLRQGHO(YDQJHOLRHQWRGRHOPXQGRFRPRSUXHEDLQFXHVWLRQDEOHGHODOOHJDGD
GHOILQ0W
$QWHHVWRVWUHVDFRQWHFLPLHQWRVVHQDODGRVFODUDPHQWHSDUDXQWLHPSRGHWHUPLQDGRPDUFDGRSRUXQRV
DFRQWHFLPLHQWRVVHFRQFOX\HFRQ0DWHRGHODKLJXHUDSRGHPRVDSUHQGHUTXHSRUFLHUWRV
DFRQWHFLPLHQWRVTXHVHFXPSOHQVHVDEHTXHHOYHUDQRHVWDFHUFDGHHVHPLVPRPRGRWRGRVQRVRWURVTXH
KHPRVYLYLGRHQWUHODSULPHUDYHQLGD\ODVHJXQGD9HQLGDSRGHPRVVDEHUORVTXHGHQWURGHHVRV
XOWLPRVWLHPSRVTXHVHGDQHQWUHODSULPHUD\VHJXQGDYHQLGDFRLQFLGHQHQODHSRFDTXHVHGDORGHOD
DERPLQDFLRQGHODGHVRODFLRQHQHOOXJDUVDQWRGHOTXHKDEORHOSURIHWD'DQLHO\ORTXHVHGD
SUHYLDPHQWHDOUHWRUQRGH-HVXFULVWR$SUHQGLHQGRGHODSDUDERODGHODKLJXHUDFXDQGRYHDPRVHVWDV
FRVDVFXPSOLUVHWDQWRORXQRFRPRORRWURFRQRFHGTXHHVWDFHUFD0WWDQWRORTXHVHYDWLFLQD
SDUDODGHVWUXFFLRQILVLFDGH-HUXVDOHQ\HO7HPSORFRPRORTXHVHSUHGLFHVREUHHOUHWRUQRGH-HVXFULVWR
>@
0WTXHQRSDVDUDHVWDJHQHUDFLRQVLQTXHWRGRVHFXPSOD0W
/DFRQFOXVLRQTXHWRPDFRPRUHIHUHQFLDHMHPSODUODKLJXHUDVHKDFRQVWUXLGRHQEDVHDOD
FRQWHPSODFLRQGHORVGRVDFRQWHFLPLHQWRVHOXQRSDUDODGHVWUXFFLRQILVLFDGH-HUXVDOHQHORWURSDUDHO
PRPHQWRGHOUHWRUQRGH-HVXFULVWR\TXHVLUYHQDPERVSDUDMXVWLILFDUODVSDODEUDVGH-HVXV$VL
WDPELHQGHOPLVPRPRGRTXHFRQODKLJXHUDSSFXDQGRYHDLVWRGRVHVWRVVXFHVRV
DFRQWHFHUFRQRFHGTXHHVWDFHUFDDODVSXHUWDVWDQWRODGHVWUXFFLRQGH-HUXVDOHQFRPRHOGH
ODVHJXQGD9HQLGDGHOPXQGR'HFLHUWRRVGLJRTXHQRSDVDUDHVWDJHQHUDFLRQHQODTXHVHFXPSOHQ
HVRVDFRQWHFLPLHQWRVRELHQORVUHODWLYRVDODGHVWUXFFLRQILVLFDGH-HUXVDOHQRELHQORV
FRUUHVSRQGLHQWHVDOILQGHOPXQGRRODVHJXQGD9HQLGDGH-HVXFULVWRKDVWDTXHWRGRHVWRDFRQWH]FD
0W
(QUHVXPHQVHQDOHV(OLQWHQWRGHIDOVLILFDUVXVHJXQGD9HQLGDFRQXQEORTXHGHDFRQWHFLPLHQWRV
TXHGXUDQWHWRGDHVDHSRFDGHVGHODSULPHUDYHQLGD\VHJXQGDVHKDGHGDU/DGHVWUXFFLRQGH
-HUXVDOHQHQSURFHVRGHFXPSOLPHQWRLQLFLDGRFRQODGHVWUXFFLRQILVLFDGHO7HPSOR\GHODFLXGDG\
SURORQJDGDKDVWDHOPLVPRILQFI/F*UDQWULEXODFLRQTXHYDGHVGHGHVSXHVGHODPXHUWH
GH-HVXFULVWRKDVWDVXDFRUWDPLHQWRSRUFDXVDGHORVHVFRJLGRVHQFHUUDGDGHQWURGHXQEORTXHGHGLDVGH
WULEXODFLRQTXHVHH[WLHQGHQGHQWURGHHVRVXOWLPRVGLDV\TXHVHUHSDUWHQGHDFXHUGRDORTXHHOWH[WR\
ODDSRFDOLSWLFDQRVRULHQWHQ6HQDOHVFRVPLFDVHVSHFLDOHVTXHSUHFHGHQDHVD9HQLGDGHVGHHOILQGH
ORVGLDVGHWULEXODFLRQFRQVLGHUDGRVHQEORTXH0W<SUHGLFDFLRQGHO(YDQJHOLRHQWRGRHO
PXQGR0W
/RLQHVSHUDGRGHODVHJXQGD9HQLGDGH-HVXFULVWRDFRQVHMDYHODU
/DVHJXQGD9HQLGDVHUDSDUDHOPXQGRWDQLQHVSHUDGDFRPRORIXHHOGLOXYLRSDUDORVTXHYLYLDQHQ
WLHPSRGH1RH0WFIRFRPRORTXHVXSRQHHOTXHDOJXQRVTXHHVWHQWUDEDMDQGROHV
FRMDGHVRUSUHVDKDVWDHOH[WUHPRGHTXHQRVHKXELHUDQSUHSDUDGRFRQYHQLHQWHPHQWH0W
1RWHVH"'HTXHIRUPDHUDSRVLEOHGHTXH-HVXVSXGLHUDYHQLUHQODHSRFDDSRVWROLFDDVXQWR
SRUHOFXDOVHDGYLHUWHGLFLHQGRGHTXHHO+LMRGHO+RPEUHSRGULDYHQLUHQFXDOTXLHUPRPHQWR"
2EVHUYHVHODGHVFULSFLRQTXHVHQRVKDFHGHOVLHUYRILHO\SUXGHQWHFI0W\GHO
VLHUYRPDOR0WFRPRUHSUHVHQWDWLYRVGHDFFLRQHVFROHFWLYDVTXHVHSXHGHQGDUGHVGHOD
HSRFDDSRVWROLFDSULPHURVGHVWLQDWDULRVGHODVSDODEUDVGH-HVXVFRPRHQFXDOTXLHURWURPRPHQWRHQ
TXHVHKDGHFRQILJXUDUHVHSURWRWLSRGHVLHUYRILHO\SUXGHQWHFRPRWDPELHQGHVLHUYRPDOR)LMHQVH
ELHQFRPRHQHOPRPHQWRTXHVHFRQILJXUDHVHVLHUYRILHORHOPDORHQFDGDPRPHQWRJHQHUDFLRQDOHQ
TXHVHGDHVDFRQILJXUDFLRQ-HVXFULVWROOHJD\VHOHSRQHVREUHWRGRVORVELHQHVGHO6HQRU
RVLVHWUDWDGHOTXHGLFHPL6HQRUWDUGDHQYHQLUVHOHGLFHTXHUHFLELUDODYLVLWDGHVX
6HQRUHQHOGLDTXHQRHVSHUD\TXHORSRQGUDFRQORVKLSRFULWDV
(VHYLGHQWHTXHHOWH[WRQRVLQGLFDTXHHO6HQRUKDUDDFWRGHSUHVHQFLDHQHOWLHPSRGHHVHVLHUYRPDOR
TXHGLFHPL6HQRUWDUGDHQYHQLU\TXHORFDVWLJDUDGXUDPHQWH\SRQGUDVXSDUWHFRQORVKLSRFULWDV
\TXHHQWRQFHVVHUDHOOORUR\HOFUXMLUGHGLHQWHV(VHYLGHQWHTXHHVDSUHVHQFLDVHUHDOL]DPHGLDQWH
GRVDFRQWHFLPLHQWRV/DOOHJDGDGHO6HQRU\ODVLWXDFLRQGHFDVWLJR(VRVGRVDFRQWHFLPLHQWRV
HVWDQRULHQWDGRVGHQWURGHXQYHKLFXORGHMXLFLRTXHORHQJORED\ORLQWHJUDWRGRHQXQDXQLGDG
/RPLVPRVXFHGHFRQHOVLHUYRILHO\SUXGHQWHTXHVHFRQILJXUDGHVGHODHSRFDDSRVWROLFDHQFDGD
JHQHUDFLRQSHUVRQDO7DQWRHQODHSRFDDSRVWROLFDFRPRHQFXDOTXLHURWUDVHKDGHFXPSOLUHOMXLFLR
HORJLRVRGHELHQDYHQWXUDGRHVHVLHUYRTXHFXDQGRVX6HQRUYHQJDORKDOOHKDFLHQGRDVL0W
2VHDTXHFDGDYH]TXHKD\XQVLHUYRILHO\SUXGHQWHHO6HQRUORKD\DKDFLHQGRDVLYLQLHQGR7DPELHQ
DTXLXQMXLFLRGHVHQWHQFLDRULHQWD\HQJOREDORVHOHPHQWRVMXLFLRVRVODYHQLGDORKD\DKDFLHQGRDVL
MX]JDQGROHFRPRELHQDYHQWXUDGRHO6HQRUGHWHUPLQDSRQHUOHVREUHWRGRVVXVELHQHV
"'HTXHPRGRHO6HQRUYLHQHWDQWRSDUDFDGDVLHUYRPDORGHFDGDJHQHUDFLRQFRPRSDUDHOEXHQ
VLHUYRGHFDGDJHQHUDFLRQTXHORKD\DKDFLHQGRDVLDVDELHQGDVGHTXHKD\XQD6HJXQGD9HQLGDOLWHUDO
SHUVRQDO\SDUDWRGRHOFROHFWLYRGHPXHUWRVHQ&ULVWR\SDUDORVTXHHVWDQYLYRVDOILQDOGHORVWLHPSRV
FID7HV&ROD7HV"
+D\GRVPHQVDMHV\X[WDSXHVWRV(QFDGDJHQHUDFLRQGHVGHODDSRVWROLFDKDVWDQXHVWURVGLDV
SDVDQGRSRUORVGLIHUHQWHVVLJORVVHGDQXQDVHULHGHVLHUYRVSUXGHQWHV\WDPELHQPDORV3DUDFDGDXQR
GHHVWRVVLHUYRVKDKDELGRPLHQWUDVYLYLHURQVXWLHPSRGHSUHSDUDFLRQ
'HVGHTXHVHSURGXFHODPXHUWHGHDTXHOORVTXHPXHUHQDQWHVGHOUHWRUQRGH-HVXFULVWRTXHOHV
FRUUHVSRQGDFRPRVLHUYRPDOR\EXHQRQRKD\WLHPSRTXHWUDQVFXUUDKDVWDHVD6HJXQGD9HQLGDGH
-HVXFULVWR3RUORWDQWRODPXHUWHHVHOOLPLWH
/DPXHUWHDFRQWHFLGDOHLQWURGXFHHQODLQFRQVFLHQFLDLQWHPSRUDOFX\RVXFHVRHOGHODPXHUWHHVWD
XQLGRDOGHOD6HJXQGD9HQLGDGH&ULVWRSRUORTXHXQDYH]PXHUWRQRKD\WLHPSRTXHUHFRUUHUKDVWD
HVD6HJXQGD9HQLGDVLQRTXHHQXQFHUUDU\DEULUGHRMRVVHSURGXFHORTXHHOHQHOLQVWDQWH
LQPHGLDWDPHQWHDQWHULRUDODPXHUWHORFRQVLGHUDEDOHMDQRFI0W(QHOPRPHQWRTXHQR
HVSHUDEDVHSURGXFHODPXHUWHHYHQWRTXHOHGHVFRQHFWDGHODYLGD\ORFRQHFWDFRQHOMXLFLRGH
VHQWHQFLDTXHVHGDHQRFDVLRQGHODVHJXQGD9HQLGDSDUDORVMXVWRVFRQGHQDQGROHDQRUHVXFLWDUHQOD
UHVXUUHFFLRQGHORVMXVWRVDGHPDVGHYLQFXODUOHFRQORTXHSDUDHOHVODVHJXQGD9HQLGDFXDQGRVH
SURGXFLUDSDUDORVOODPDGRVLPSLRVODVHJXQGDUHVXUUHFFLRQFROHFWLYDPHQWHKDEODQGR$SFI-Q
D7HVTXHVHSURGXFHOLWHUDOPHQWHSDUDWRGRVSDUDORVTXHFRPRHO
SDGHFLHURQHOPLVPRWLSRGHPXHUWHFI$S
/RPLVPRSRGHPRVGHFLUSDUDHOEXHQVLHUYRWHQLHQGRHQFXHQWDHOFRQWH[WRGHODSULPHUDUHVXUUHFFLRQ
FI-Q/DFODVHGHPXHUWHFRQILJXUD\GHWHUPLQDHOMXLFLRSDUDORTXHKDVLGR
SURJUDPDGDHOGHVHUELHQDYHQWXUDGR\FRPRWHQLHQGRSDUWHGHWRGRVORVELHQHVGHO6HQRU
(VGHFLUHQWUHODPXHUWH\ODVHJXQGD9HQLGD\DQRKD\WLHPSRTXHWUDQVFXUUD\ORVLJXLHQWHV
DFRQWHFLPLHQWRVGHVSXHVGHODPXHUWHHQFRQH[LRQFRQODVHJXQGD9HQLGDVRQHOMXLFLRGHVHQWHQFLD
FRQGHQDWRULDRIDYRUDEOH0WFI+E\ODUHVXUUHFFLRQFROHFWLYDGHORVMXVWRV
HQRFDVLRQGHOUHWRUQRGH-HVXFULVWRDPERVDOOLPLWHGHHVDVHJXQGD9HQLGD(ORWURPHQVDMHFODULILFD
HVWHDVXQWRWRGDYLDPHMRU7DQWRHOVLHUYRILHO\SUXGHQWHFRPRHOVLHUYRPDORTXHVDOHQHQHVWRV
SDVDMHVUHSUHVHQWDQDXQVLHUYRILHO\SUXGHQWHSURWRWLSR\DXQVLHUYRPDORSURWRWLSRTXHHQJOREDQ
WDQWRHOXQRFRPRHORWURDWRGRVORVVLHUYRVILHOHV\SUXGHQWHV\DWRGRVORVVLHUYRVPDORVTXHGXUDQWHOD
KLVWRULDKDQH[LVWLGR(VHVLHUYRILHO\SUXGHQWHJOREDOTXHFRQWLHQHDWRGRVORVVLHUYRVILHOHV\SUXGHQWHV
GHWRGDVODVHSRFDVFRQHFWDHQXQRGHVXVH[WUHPRVFRQODHSRFDDSRVWROLFD\HQVXH[WUHPRILQDOFRQOD
VHJXQGD9HQLGDOLWHUDO\HQJORULD\UHFLEHODVHQWHQFLDIDYRUDEOHSDUDODYLGDRODFRQGHQDWRULD
(OPHQVDMHLPSRUWDQWHHVTXHKD\TXHFRQVWLWXLUVHFRPRVLHUYRILHO\SUXGHQWHSUHSDUDQGRQRV
PHGLDQWHHOYHODU0W/DVHJXQGD9HQLGDGH-HVXFULVWRQRSXHGHWDUGDUPDVDOODGHQXHVWUR
OLPLWHGHYLGDSHUVRQDO1RVDEHPRVFXDQWRYDPRVDYLYLUFDGDXQR/DPXHUWHSXHGHDFRQWHFHUHQ
FXDOTXLHUPRPHQWR<HVHSXQWRVHULDLUUHYHUVLEOH3RUORWDQWRYLYLGODVHJXQGD9HQLGDHQEDVHDORTXH
LPSOLFD\VLJQLILFDODSULPHUD9HQLGDODGHO+LMRGHO+RPEUHTXHGHVFHQGLRDODWLHUUDSHURTXHVXELR
DO&LHOR\HVWDHQHO&LHOR&XDQGRVHJXLPRVDO+LMRGHO+RPEUHFHOHVWLDOHQVXLWLQHUDULRGHVHQWDUVHD
ODGLHVWUDGH'LRVIXQFLRQDO0WFI-QFI0FKDVWDHOOHYDQWDUVH
IXQFLRQDOSDUDYHQLUHQVXVHJXQGD9HQLGD0WSSFI'QFI'QFI'Q
SSHQWRQFHVQRVHVWDUHPRVSUHSDUDQGR\QRVFRQILJXUDUHPRVFRPRVLHUYRILHO\
>@
SUXGHQWH-QFI-Q
 (OVHUPRQHVFDWRORJLFRHQ0DUFRVFS
2/DGHVWUXFFLRQGH-HUXVDOHQVHQDOGHOILQGHOPXQGR
0DUFRVSDUHFHFRQWHQHUXQLFDPHQWHODSUHJXQWDHQUHODFLRQDODGHVWUXFFLRQGHO7HPSOR3HURHO
FRQWH[WRQRFRQFXHUGDFRQHVWDYDORUDFLRQ6L0DUFRVYTXLVLHUDWUDVPLWLUH[FOXVLYDPHQWHOD
GHYDVWDFLRQGHOWHPSORHQHODQRSRUORV5RPDQRV"SRUTXHSURORQJDODVVHQDOHVDODDOXVLRQGHTXH
ODVHVWUHOODVFDHUDQGHOFLHOR\TXHODVYLUWXGHVTXHHVWDQHQORVFLHORVVHUDQFRQPRYLGDV0F\
TXHYHUDQDO+LMRGHO+RPEUHTXHYHQGUDHQODVQXEHVFRQPXFKDSRWHVWDG\JORULD\MXQWDUDDVXV
HVFRJLGRV0F"
(VWRVSDVDMHVVRQWLSLFDPHQWHUHODFLRQDGRVFRQODVHJXQGD9HQLGDDXQFXDQGRHVWHDVXQWRQRVH
HQXQFLDDSDUHQWHPHQWHHQODIDPRVDFXHVWLRQGHOYGH0DUFRV
6LREVHUYDPRVHOYSDUHFHULDTXHDTXHOORVGLDVGHDIOLFFLRQTXHVHPHQFLRQDQWUDVODLQYDVLRQGH
-XGHDVHUHILHUHQDORVGLDVGHODLQYDVLRQGH-XGHDSRUORV5RPDQRVHQRFDVLRQGHOD
GHVWUXFFLRQGHOWHPSORGH-HUXVDOHQ6LQHPEDUJRHQHOYTXHVHDQDGHQRWURVDVSHFWRVGHQWURGH
DTXHOORVGLDVGHDIOLFFLRQDVSHFWRVTXHFXOPLQDQFRQOD9HQLGDGHO+LMRGHO+RPEUH0F
SDUHFHULDTXHVHQRVGLHUDXQPHQVDMHFRPSOHPHQWDULRSXHVWRTXHODFDLGDGHHVWUHOODVOD
FRQPRFLRQGHODVSRWHQFLDVFHOHVWHV\OD9HQLGDGH&ULVWRQRVRQVXFHVRVTXHSXHGDQVHUPHGLGRVHQOD
HSRFDGHODDQLTXLODFLRQGH-HUXVDOHQSRUORV5RPDQRV/RVYHUVLFXORVSSFRUUHVSRQGHQPDV
ELHQWDOFRPR\DKHPRVFRPSUREDGRHQ0DWHRDXQRVGLDVGHWULEXODFLRQHQEORTXHTXHVHLQLFLDGHVGH
GHVSXHVGHODPXHUWHGH-HVXFULVWRDOWLHPSRGHODGHVPDQWHODFLRQGH-HUXVDOHQ\SUHYLRDXQRVVLJQRV
0FXSDQXQFLDGRUHVGHXQSUR[LPRUHWRUQRGH&ULVWR0F
(QHOYVHDOXGHDODQHFHVLGDGGHYHODUSRUFXDQWRQRVHVDEHHOWLHPSR"(OWLHPSRGHTXH""'HOD
GHVRODFLRQGHOWHPSOR"$SDUHQWHPHQWHDHVRGHEHULDLQVLQXDUVLQHPEDUJRHQODUDWLILFDFLRQDSRUTXH
WHQLDQTXHYHODUVHQRVRIUHFHQXQRVGHWDOOHVTXHQRFRLQFLGHQFRQHOWLHPSRGHOTXHEUDQWRGHOWHPSORHQ
HODQRYHODGSXHVSRUTXHQRVDEHLVFXDQGRHO6HQRUGHODFDVDYHQGUD0FSS\VVFRQ
ORTXHVHLQFOX\HODVHJXQGD9HQLGD
"4XHQRVPXHVWUDWRGRHVWR"
4XH0DUFRVHQVXH[SRVLFLRQQRVHHVWDULDDMXVWDQGRULJXURVDPHQWHDORTXHSODQWHDHQVXHQLJPDWLFD
SUHJXQWD3DVDVLQLQGLFDFLRQH[SOLFLWDGHODVVHQDOHVFLUFXQVFULWDVDODFDWDVWURIHGHOWHPSORDODVGHOD
YXHOWDGH&ULVWR"(QEDVHDTXH""$TXH0DUFRVFUHLDTXHODH[WLQFLRQGHOWHPSORLEDDFRLQFLGLUFRQHO
UHWRUQRGH&ULVWR\HOILQGHOPXQGR"
(VWHFRQWH[WRSRUORSURQWRQRVHQVHQDTXHHQODSUHJXQWDGHOYHVWDFRQWHQLGDGHDOJXQPRGRODLGHD
GHOILQGHOPXQGR\GHOD9HQLGDGHO+LMRGHO+RPEUHDXQTXHQRVHPHQFLRQH
>@
/RVHJXQGRDUHVHQDUHVHOYDORUGHODH[SUHVLRQVLQWHOHLVWKDLV
1RREVWDQWHPLHQWUDVTXHHQHOSDVDMHSDUDOHORGH0DWHRDSDUHFHDFRPSDQDGDVLQWHOHLDVILQ
GHDLRQRVPXQGRORFXDOQRSXHGHVLJQLILFDURWUDFRVDTXHILQGHOPXQGRHQHOFDVRGH0DUFRV
DSDUHFHXQDIRUPDYHUEDOHQSDVLYDVLQTXHVHWHQJDFRPRUHIHUHQFLDRWURDVXQWRGLVWLQWRDORTXHVHQDOD
HOFRPLHQ]RGHODSUHJXQWDHVDVDEHUORUHODWLYRDODGHVWUXFFLRQGHO7HPSOR
1RVHQFRQWUDPRVFRQGRVDVXQWRVHQWUHPH]FODGRV\DSDUHQWHPHQWHFRQWUDGLFWRULRV(QODSUHJXQWDTXH
VHKDFHHQ0DUFRVQRDSDUHFHQDGDTXHH[SOLFLWDPHQWHVXJLHUDUHVSHFWRDVHQDOHVGHOILQQLHQFXDQWRDOD
9HQLGDGHO+LMRGHO+RPEUH\SRUORWDQWRHQODVUHVSXHVWDVQRGHEHULDIDFLOLWDUVHDOJRHQUHODFLRQDHVWH
DVXQWRPDUFDGDPHQWHGHOWLHPSRGHOILQ6LQHPEDUJRVHGD"SRUTXH"/DSURORQJDFLRQGHOWLHPSRPDV
DOODGHODGHVWUXFFLRQGHO7HPSORFRPR\DYLPRVUHIOHMDGRHQODVIUDVHVTXHFLWDQOD9HQLGDGH&ULVWR
QRVLQFOLQDULDQDSHQVDUTXHHQODSUHJXQWDGHOYHVWDFRQWHQLGDGHDOJXQPRGRODSRVLELOLGDGGHLQFOXLU
HQODUHVSXHVWDGH-HVXVQRVRORORUHODFLRQDGRFRQODGHPROLFLRQGHOWHPSORVLQRDGHPDVFRQWRGROR
UHODWLYRDOILQGHOPXQGR\DOD9HQLGDGH&ULVWR3HURHVWR"'HTXHPRGR"
(QSULQFLSLRGLJDPRVTXHHOWHUPLQRVLQWHOHLVWKDLVHUHODFLRQDFRQXQKHFKRHVFDWRORJLFR<HVWHSRU
ORPHQRVSDUD0DUFRVHVODGHVWUXFFLRQGHO7HPSOR'LQRVFXDQGRVHUDHVR\FXDOODVHQDOFXDQGR
WRGRVHVWRVKHFKRVOOHJXHQDWHUPLQDUVHVLQWHOHLVWKDLY6L0DUFRVSUHWHQGLHUDSUHVHQWDUQRVWDQ
VRORODOOHJDGDGHODUXLQDGHO7HPSORFRPRXQDHYLGHQFLDODVHQDOGHODOOHJDGDGHHVHPRPHQWR
HVFDWRORJLFRFRQODYHQLGDLQVWDQWDQHDGHO+LMRGHO+RPEUHKDEULDTXHLQWURGXFLUGHQWURGHODHSRFDGHO
PRPHQWRTXHGHWHUPLQDUDPRVODLQYDVLRQGH-HUXVDOHQ\SRVWHULRUHOLPLQDFLRQGHO7HPSORORVGLDVGH
DIOLFFLRQFIHORVFXUHFLPLHQWRGHOVRO\GHODOXQDFRQODFDLGDGHHVWUHOODV
\ODDSRWHRVLFDYXHOWDGH-HVXFULVWR1LQJXQRGHHVWRVDFRQWHFLPLHQWRVHQXPHUDGRVVH
FXPSOLHURQHQODHSRFDGHODGHVWUXFFLRQGHOWHPSORGH-HUXVDOHQSRUORVURPDQRV
6LELHQFRPRRFXUULDFRQ0DWHRORVGLDVGHWULEXODFLRQHPSLH]DQGHQWURGHORVXOWLPRVGLDVTXHYDQ
GHVGHGHVSXHVGHODPXHUWHGH&ULVWRKDVWDODVHJXQGD9HQLGD\VHUHSDUWHQHQWUHDQWHVGXUDQWH\GHVSXHV
GHODGHVWUXFFLRQILVLFDGH-HUXVDOHQFRQHFWDQGRFRQODVVHQDOHVFRVPLFDV\SRVWHULRUUHWRUQR\VLELHQ
WRGRHVHWLHPSRTXHVHGDGHVGHGHVSXHVGHODPXHUWHKDVWDODVHJXQGD9HQLGDVHFDUDFWHUL]DSRUXQ
PHQVDMHIDOVRHQFXDQWRDOD9HQLGDGH&ULVWRFRQIDOVRV&ULVWRV\3URIHWDVODGHVWUXFFLRQ
GH-HUXVDOHQWUDHDEUXSWDPHQWHODVHJXQGD9HQLGD6HFRORFDFRPRUHIHUHQFLDLQPHGLDWDPHQWHDQWHULRUDO
ILQGHOPXQGR
(QWRQFHV"IDOORODSURIHFLD"3RGHPRVDVHJXUDUTXHQRSRUFXDQWRFRQVLGHUDPRVTXHKD\XQD
LQWHQFLRQDOLGDGWHRORJLFDVXE\DFHQWHHQODSUHJXQWD\UHVSXHVWDVGHOHYDQJHOLRGH0DUFRV
,QWHQFLRQDOLGDGTXHULGDSRUODLQVSLUDFLRQ\TXHQRFRQWUDGLFHDOUHVWRGHORVUHODWRVTXHWUDVPLWHQ0DWHR
\/XFDVVLQRPDVELHQTXHXQR\RWURMXQWRFRQ0DUFRVFRPSOHPHQWDQHOVHQWLGR\VLJQLILFDGRTXHODV
SDODEUDVGH-HVXVSXGLHUDQWHQHUHQUHODFLRQDORHVFDWRORJLFR3URFXUHPRVGHVFXEULUHVDFODYH
VXE\DFHQWH
0DUFRVVLJXHD0DWHRHQFXDQWRDOVHQWLGRGHODSUR\HFFLRQGHODVVHQDOHVGHOILQ
/DSUHJXQWD"&XDQGRHVWDVFRVDVUHODWLYDVDODGHVWUXFFLRQGHO7HPSORVHWHUPLQDUDQVXQWHOHLVTDL
^VLQWHOHLVWKDLV`GHILQLWLYDPHQWH"
/DUHVSXHVWDGHVGHGHVSXHVGHPLPXHUWHKDVWDTXHOOHJXHDWHUPLQDUVHWRGRHVWRKDEUDORVLJXLHQWH
IDOVRV&ULVWRVTXHYHQGUDQHQPLQRPEUH\TXHHQJDQDUDQDPXFKRVJXHUUDV\UXPRUHVVH
OHYDQWDUDQDFLRQFRQWUDQDFLRQ\UHLQRFRQWUDUHLQRWHUUHPRWRVKDPEUHV\DOERURWRV0F
>@
7DPELHQRVSHUVHJXLUDQHQWUHJDQGRRVDFRQFLOLRV\HQODVVLQDJRJDVRVD]RWDUDQ0F
7RGRHVWRHVWDGHQWURGHOWUDQVFXUVRTXHH[LVWHHQWUHGHVSXHVGHODPXHUWHGH-HVXFULVWRKDVWDORTXH
VLJQLILTXHWHUPLQDUVHODGHVWUXFFLRQGH-HUXVDOHQ\HO7HPSOR/RPLVPRORUHIHUHQWHDODSUHGLFDFLRQ
GHOHYDQJHOLRDWRGRHOPXQGRHVWDGHQWURGHHVHHVSDFLRWHPSRUDO\KDEUDTXHXELFDUODGHQWURGHVX
FXPSOLPLHQWRSXQWXDO<ORJLFDPHQWHODVHQDOGHGHVWUXFFLRQILVLFDGH-HUXVDOHQ\GHO7HPSORHVWDGHQWUR
>@
GHHVHHVSDFLRSHURGHPRGRSXQWXDOWDPELHQ0F
/RVGLDVGHWULEXODFLRQ0FHVWDQWDPELHQGHQWURGHHVHHVSDFLRWHPSRUDOPDUFDGRGHVGH
GHVSXHVGHODPXHUWHGH&ULVWR\ORTXHVLJQLILTXHHVHFXPSOLPLHQWRGHWHUPLQDUVHTXHVHSODQWHDHQ0F
UHODFLRQDGRFRQODGHVWUXFFLRQGHO7HPSOR3HURQRWHQTXHHOVLJQLILFDGRGHHVHHVSDFLRWHPSRUDO
QRVHVDWLVIDFHPHUDPHQWHFRQODGHVWUXFFLRQILVLFDGHODFLXGDG\GHO7HPSOR6HQRVGHVFXEUHTXHHVRV
GLDVGHDIOLFFLRQ0FTXHHVWDQHQWUHGHVSXHVGHODPXHUWHGH&ULVWR\HOWHUPLQDUVHORTXH
LPSOLTXHODUHIHUHQFLDGHODSUHJXQWD\UHVSXHVWDGH0F\RFDVLRQDGRVGHQWURGHODQWHV\GXUDQWH
ODGHVWUXFFLRQILVLFDGH-HUXVDOHQ\HO7HPSORVHSURORQJDQPDVDOODGHODGHVWUXFFLRQILVLFDGHODFLXGDG
\GHO7HPSOR\FRQHFWDQFRQXQDVVHQDOHVFRVPLFDV0FTXHWUDHQDFRQWLQXDFLRQODVHQDOGHO
+LMRGHO+RPEUHHQHOFLHOR\HOILQGHHVWHPXQGRWHUUHVWUHHQVXDFWXDOVLVWHPDFRQODVHJXQGD9HQLGD
>@
GH-HVXFULVWR (YLGHQWHPHQWHORVGLDVGHWULEXODFLRQFRPRRFXUULDFRQ0DWHRVH
H[WLHQGHQGHVGHGHVSXHVGHODPXHUWHGH&ULVWRKDVWDTXHDFRUWDGRVVHFRQHFWDQFRQODVVHQDOHV
FRVPLFDV\VHLGHQWLILFDQFRPRORVDFRQWHFLGRVDQWHVGXUDQWH\GHVSXHVGHODGHVWUXFFLRQILVLFDGH
-HUXVDOHQ\HO7HPSOR\ORVGLDVSURIHWLFRVDFRUWDGRV0FFI'Q
TXHODDSRFDOLSWLFDLGHQWLILFDFRQORTXHVHFRQHFWDDODVVHQDOHVFRVPLFDV0F
$QWHHVWHSDQRUDPDQRVYHPRVREOLJDGRVDFRPSUREDU\UHFRQRFHUTXH0DUFRVXWLOL]DODVHQDOGHOD
GHVWUXFFLRQGH-HUXVDOHQ\HO7HPSORFRQHOUHWRUQRGH-HVXFULVWR4XHHOWHUPLQDUVHVXQWHOHLVTDL
^VLQWHOHLVWKDLV`HOFXPSOLPHQWRGHORTXHLPSOLFDODGHVWUXFFLRQGH-HUXVDOHQ\HO7HPSORDSDUHFHOD
VHQDOGHO+LMRGHO+RPEUHHQHOFLHOR\VXVHJXQGD9HQLGDFRQHOILQGHOPXQGR0FFI'Q
XS
&RRUGLQDFLRQ GH OR TXH LPSOLFD \ VLJQLILFD OD GHVWUXFFLRQ GH -HUXVDOHQ \ HO 7HPSOR FRQ OD VHJXQGD 9HQLGD GHO KLMR GHO
+RPEUH
(VWDFODURHQSULPHUOXJDUTXHODPLVPDDGYHUWHQFLDUHVSHFWRDTXHKDEULDDQXQFLRVGHOUHWRUQRGHO
0HVLDVDQWHVGHODGHVWUXFFLRQGH-HUXVDOHQPDUFDXQDGLIHUHQFLDFODUDHQWUHHOIHQRPHQRKLVWRULFRGHOD
GHVWUXFFLRQILVLFDGHOWHPSORMXGLRY\HOSURSLRUHWRUQRGHO0HVLDV1RVRQGRVKHFKRVTXHSDUD
0DUFRVVHWHQJDQTXHGDUDOXQLVRQRRVXFHVLYDPHQWHVLPXOWDQHRV$OPHQFLRQDUVHODSRVLELOLGDGGHO
HQJDQRHQFXDQWRDVXSODQWDUDOYHUGDGHUR&ULVWRDQWHVGHODGHVRODFLRQGH-XGHDHVWD
TXHULHQGRVHQRVGHFLUTXHODYHQLGDGHO+LMRGHO+RPEUHSUHYLDRVLPXOWDQHDPHQWHDODGHVWUXFFLRQILVLFD
GH-HUXVDOHQQRHQWUDEDGHQWURGHORVFDOFXORVGHODSURIHFLDGH-HVXVSXHVWRTXHVLHVHPHQVDMHKDEULD
TXHFRQVLGHUDUORIDOVRQRSRGULDGDUVHODFLUFXQVWDQFLDGHHQWHQGHUTXHFRQODGHVWUXFFLRQILVLFDGH
-HUXVDOHQYLQLHVHHO6HQRU
(OFRPSRUWDPLHQWRHUURQHRHQFXDQWRDSURIHULUXQPHQVDMHGHTXHHO&ULVWRKDOOHJDGRVHLEDD
UHSHWLUGHQWURGHHVHHVSDFLRWHPSRUDOGHVGHGHVSXHVGHODPXHUWHGH-HVXFULVWRKDVWDORTXHVLJQLILTXHHO
WHUPLQDUVHVXQWHOHLVTDL^VLQWHOHLVWKDLV`(VHYLGHQWHTXHUHVXOWDULDLPSRVLEOHTXHHOUHWRUQRGHO+LMR
GHO+RPEUHTXHVHPHQFLRQDHQHOYSXGLHVHRFXUULUDFRQWLQXDFLRQGHODGHYDVWDFLRQGHOWHPSOR
0FSRUFXDQWRORTXHVHSURFXUDHYLWDUFRQHVWDVDGYHUWHQFLDVHVODFUHDFLRQGHXQD
FRQIXVLRQ\IDOVHGDGVLQSUHFHGHQWHV
6LHOFRQWHQLGRGHORVWH[WRVUHIHUHQWHVDOSHULRGRGHDIOLFFLRQVHXELFDVH
FURQRORJLFDPHQWHVLQPDVH[FOXVLYDPHQWHHQODHSRFDGHODGHVWUXFFLRQGHOWHPSORQRVPRVWUDULDTXH
HVHPRPHQWRQRHVHOSURSLFLRQLHODGHFXDGRSDUDGHFLUTXHHO&ULVWRHVWDDTXLSRUFXDQWRVHQRVKD
DYLVDGRGHTXHWDOPHQVDMHHVIDOVR3DUDTXHQRVHSURGX]FDHVWDLQFRPSDWLELOLGDGVHSUHFLVDWDOFRPR
HOWH[WRGH0DUFRVLQGLFDTXHORVGLDVGHDIOLFFLRQVHDQXQSHULRGRODUJRFDUDFWHUL]DGRSRUOD
WULEXODFLRQLQLFLDGDGHVGHGHVSXHVGHODPXHUWHGH-HVXFULVWR\VHSDUDGRGHOUHWRUQRGHO+LMRGHO
+RPEUHSRUXQDVVHQDOHVTXHKDQGHVXFHGHUHQWUHHVHSHULRGRGHGLDVDFRUWDGRV\HO
WLHPSRGLVSXHVWRSRU'LRVSDUDHOFXPSOLPLHQWRGHHVDVVHQDOHVSUHFXUVRUDVXQWLHPSRHQHO
TXHDSHVDUGHORVVLJQRVDQXQFLDGRUHVGHODSUR[LPLGDGGHVX9HQLGDVHVLJXHPDQWHQLHQGR
ODLQFHUWLGXPEUH\ODHVSHUDYHODQGR\FXPSOLHQGRFRPREXHQRVPD\RUGRPRV
/DSURORQJDFLRQGHOWLHPSRDSDUWLUGHODGHVRODFLRQGH-HUXVDOHQSRUORVHMHUFLWRVURPDQRVHVXQD
>@
UHDOLGDGVREUHHQWHQGLGDSRU0DUFRVFI/F
(QWRQFHV"FRPRSRGHPRVGHXQDSUHJXQWDTXHDSDUHQWHPHQWHVRORFRQWLHQHORUHODWLYRDO
GHVWUR]RGHO7HPSORHQFRQWUDUHQODUHVSXHVWDDOJRTXHVHUHILHUDQR\DVLPSOHPHQWHDODFDLGDGHO
7HPSORVLQRLQFOXVRDOILQGHOPXQGR\DOUHWRUQRGH&ULVWR"
 6RODPHQWHFDEULDXQDSRVLELOLGDGTXHSDUDFHUWLILFDUTXHHO7HPSORGH-HUXVDOHQFRQWRGRORTXHHOOR
LPSOLFDKDYHQLGRWRWDOPHQWHDVXILQHVLPSUHVFLQGLEOHODH[LVWHQFLDGHXQDVHQDOTXHWUDQVFXUUHD
WUDYHVGHXQWLHPSRGHWHUPLQDGRFRQXQDVFDUDFWHULVWLFDVHVSHFLILFDVKDVWDODYHQLGDGHO+LMRGHO
+RPEUHPDQLIHVWDQGRVHTXHGHVGHODGHVWUXFFLRQILVLFDGH-HUXVDOHQ\GHO7HPSOR\DWRGRVHKDDFDEDGR
UHVSHFWRDTXHODQDFLRQGH,VUDHOFRPRWDOVHDHO3XHEORGH'LRV<TXHORVYDORUHVUHSUHVHQWDGRVHQ
-HUXVDOHQ\HO7HPSORVHKDQFXPSOLGRFRQHO0HVLDV\TXHVXILQDOGHILQLWLYRHVWDHQSURFHVRGH
FXPSOLPLHQWRPLHQWUDVTXHVHOHVDQXQFLDDODVJHQHUDFLRQHVIXWXUDVGH,VUDHOHVWDUHDOLGDG
1RWHVHGHQXHYRODSUHJXQWD"FXDQGRVHUDHVWR\FXDOVHUDODVHQDOGHTXHWRGRHVWRYDD
WHUPLQDUVHVLQWHOHLVWKDL"
(Q0DUFRVDSDUHFHWDPELHQXQDGREOHSUHJXQWDODGHOFXDQGRGHODGHVWUXFFLRQGHOWHPSOR\ODGHOD
VHQDOTXHFHUWLILTXHTXHDXWHQWLFDPHQWHKDOOHJDGRDVXWHUPLQR/DSULPHUDSODQWHDODQHFHVLGDGGHGDWRV
TXHGHQDFRQRFHUORVPRPHQWRVSUHYLRVDODSURSLDGHVWUXFFLRQODVHJXQGDGHPDQGDXQDVHQDOGHTXHOR
DFRQWHFLGRFXDQGRVXFHGDHVDXWHQWLFDPHQWHODGHVWUXFFLRQGHODTXHKDEOD-HVXV/DUHVSXHVWDHVOD
VHQDOTXHPHSHGLVFRQVLVWHHQTXHKDEUDXQ
WLHPSR
GHH[LVWHQFLDDQWHULRUDPL5HWRUQRSHUR\DQXQFD
PDVKDEUD7HPSORFRQORVYDORUHVLPSOLFDGRV/RTXHUHSUHVHQWDEDQHVRVYDORUHVVHKDQGDGR
FXPSOLPLHQWRFRQHO0HVLDV\FRQVXDQXQFLRDWRGDVODVJHQHUDFLRQHVTXHKD\DKDVWDODVHJXQGD9HQLGD
GHO+LMRGHO+RPEUHHVHILQHVWDUDHQSURFHVRGHFXPSOLPLHQWRKDVWDTXHVHOOHJXHDOILQDO
/DLPSOLFDFLRQGHODSURIHFLDVREUHODGHVWUXFFLRQGHOWHPSORDFRPSDQDGDGHXQWHUPLQRFRPR
>@
VLQWHOHLVWKDLILQWRWDOFRQVXPDFLRQVXSRQHDWDFDUHOFRUD]RQGHODUHOLJLRVLGDGGH,VUDHO SHUR
HVWRDOILQ\DOFDERKDDFRQWHFLGRHQRWUDVRFDVLRQHV\VHKDYXHOWRDUHFRQVWUXLU$KRUDHVGLIHUHQWHHV
DOJRPXFKRPDVSURIXQGR\DEDUFDQWH6HWUDWDGHXQDGHVWUXFFLRQGHILQLWLYD\SDUDVLHPSUH8QD
FRQVXPDFLRQWRWDOVLQWHOHLVWKDLTXHYDLPSOLFDUHOILQGHORVYDORUHVTXHUHSUHVHQWDEDQDO0HVLDV
+DVWDDKRUD,VUDHOKDVLGRXQSXHEORTXHUHSUHVHQWDEDFRPRWDOODUHOLJLRQGH'LRV6X7HPSOR\
-HUXVDOHQHVHOVLPERORGHHVDQDFLRQSXHVELHQVXUD]RQGHVHUKDGHMDGRGHH[LVWLU<HVWRFRQIRUPHVH
YD\DFRQRFLHQGR\DQXQFLDQGRSURGXFHXQSURFHVRGHFXPSOLPLHQWRTXHOOHJDKDVWDHOPLVPRILQKDVWDOD
VHJXQGD9HQLGDGHO0HVLDV3HURORVYDORUHVTXHHVWDEDQUHSUHVHQWDGRVHQHO7HPSORVLJXHQH[LVWLHQGR
\GXUDQWHHOWLHPSRTXHWUDQVFXUUDSDUDFRPXQLFDUHVWRDWRGDVODVJHQHUDFLRQHVIXWXUDVGHMXGLRV\GH
JHQWLOHVSURORQJDHOSURFHVRGHFXPSOLPHQWRGHODGHVWUXFFLRQGH-HUXVDOHQ\GHO7HPSORSURGXFLHQGRVH
XQWHUPLQRXQVLQWHOHLVWKDL
"&XDOHVHOYDORUGHODVVHQDOHVFRVPLFDVORVGLDVGHDIOLFFLRQ\HOUHWRUQRGH&ULVWR"8QDHYLGHQFLD
GHTXHHO7HPSORKDVLGRGHVWUXLGR\GHTXHHVDDQLTXLODFLRQHVGHILQLWLYDFRQWRGDVODVLPSOLFDFLRQHV
SROLWLFRUHOLJLRVDVKDEUDWDPELHQXQSHULRGRKLVWRULFRGHDIOLFFLRQ0FXQDVVHQDOHV
FRVPLFDV\HOUHWRUQRGHO+LMRGHO+RPEUHHQJORULD(VWRVVLJQRVVHUDQXQ
WHVWLPRQLRDORODUJRGHODKLVWRULDGHTXHHO7HPSORFRQVXVLJQLILFDGRHLPSOLFDFLRQKDVLGRVXVWLWXLGR
SRUORVYDORUHVTXHUHSUHVHQWDED
/RVHYHQWRVTXHVHSURIHWL]DQTXHRFXUULUDQGHVSXHVGHODGHVWUXFFLRQGHO7HPSORVRQODVHQDOGHTXH
WRGRKDWHUPLQDGRGHTXHHOILQOOHJRSDUDORTXHUHSUHVHQWDHO7HPSOR\-HUXVDOHQWHUUHQDO3HURHVHILQ
GH-HUXVDOHQFRPRIHQRPHQRUHOLJLRVRIUXWRGHOMXLFLRGLYLQRTXHUHVXOWDGHKDEHUVHUHFKD]DGRDVX
3ULQFLSH\0HVLDVFI0W/FLQWHJUDHQVXSURSLDGLVROXFLRQHOILQGHO
PXQGR3XHVWRTXHHVHMXLFLRHVXQSURWRWLSRGHOMXLFLRILQDO
3RURWUDSDUWHODUXLQDILVLFDGHO7HPSORHVHOSXQWRLQLFLDOWDPELHQ3DUDODLQVSLUDFLRQHOILQGH
-HUXVDOHQHVHOLQGLFLRHVFDWRORJLFRVLQWHOHLVWKDLTXHGHVHQFDGHQD\KDFHSRVLEOHHOILQGHOPXQGR
FRLQFLGLHQGRFRQODFRQFHSFLRQDSRFDOLSWLFDTXH\D'DQLHOQRVH[SUHVD
 (QHIHFWRHOPRGRGHH[SUHVDUHOWLHPSRGHOILQWDQWR0DUFRVLQFOXVR/XFDVFRQVLVWHHQWRPDUFRPR
SXQWRGHSDUWLGDODGHVLQWHJUDFLRQGHO7HPSOR(VWRHVWDGHQWURGHODFRQFHSFLRQELEOLFDGHWLHPSR
FRPSULPLGR\GHSURFHVRKLVWRULFRSURORQJDGR(OGHVPHQX]DPLHQWRGHO7HPSORHVXQDSUXHED
LPSRUWDQWHDWHQHUHQFXHQWDSDUDTXHHOILQYHQJD/DVFRQVHFXHQFLDVTXHWUDHFRQVLJRODGHVFRPSRVLFLRQ
GHO7HPSOR\GH-HUXVDOHQIRUPDQXQSURFHVRKLVWRULFRTXHDFWXDFRPRVHQDOGHODUHDOLGDGGHOR
VXFHGLGRDO7HPSOR(OGHVHQFDGHQDQWHTXHSURPXHYHHOTXHEUDQWRGHO7HPSORGRQGHVHLQFOX\HHO
UHWRUQRGH-HVXFULVWRDOILQGHOWLHPSRHVODGHPRVWUDFLRQGHOYDORUHVFDWRORJLFRGHODGHPROLFLRQGHO
7HPSOR'HDKLTXHHVDGHVWUXFFLRQFRQVXVLJQLILFDGRLPSOLFLWRVHFRQYLHUWDHQXQDPDUFDLQHTXLYRFD
GHTXHHOILQGHOPXQGRVHSURGXFLUDTXHDSDUWLUGHDKLHOGHVHQFDGHQDPLHQWRGHODVVHQDOHVGHOILQ
>@
ERVTXHMDGDVSRU-HVXV\DPSOLDGDVSRURWUDVSURIHFLDVELEOLFDVVHUDQXQDUHDOLGDG +LODLUH)HOGHU
FRLQFLGHHQYDULRVDVSHFWRVFRQORTXHYHQLPRVGLFLHQGR
/DSURIHFLDGHOILQGHOPXQGRGHOVHJXQGRDGYHQLPLHQWRGHO+LMRGHO+RPEUHDOILQGHOWLHPSRHVWD
LQWLPDPHQWHXQLGDLQFOXVRLQFRUSRUDGDHQSDUWHDODSUHGLFFLRQGHODUXLQDGH-HUXVDOHQ

HOILQGH-HUXVDOHQ\HOILQGHOPXQGRWLHQHQXQDJUDQDILQLGDG$TXHOODHVHOVLPEROR\ODVHQDOSUHYLDGH
HVWH/DUXLQDGH-HUXVDOHQHVHOMXLFLRGH'LRVVREUHODQDFLRQMXGLD\TXHDUUDQFDUDHOUHLQRGH'LRVDOD
HPSUHVD GH OD VLQDJRJD (O ILQ GHO PXQGR SRU RWUR ODGR DQXQFLD HO MXLFLR GH 'LRV VREUH WRGRV ORV SXHEORV \
FRQGXFHHO5HLQRGH'LRVDODYLFWRULDGHILQLWLYD

/DV GRV FDWDVWURIHV QR WLHQHQ XQD DILQLGDG IRUWXLWD -HVXV XQH DO FRQWUDULR OD SDUXVLD GHO ILQ GHO PXQGR DO
FDWDFOLVPRMXGDLFRSRUFXDQWRHUDXQSULPHUDFRQWHFLPLHQWRGHO+LMRGHO+RPEUH\XQDSULPHUDPDQLIHVWDFLRQ
>@
GHODSRWHQFLDGHVXUHLQR!!
 /XFDV\(O&XDUWRUHLQR-HUXVDOHQHO 3XHEOR GH
'LRV\HO)LQGHO7LHPSRHQ/XFDV
/XFDVSUHVHQWDDOJXQDVRULJLQDOLGDGHVTXHQRDSDUHFHQQLHQ0DWHRQLHQ0DUFRV
/DVHSDUDFLRQHQGRVSDUWHVHQ/XFDV\GHORVSDVDMHVHQJOREDGRVHQ0DWHRD
H[FHSFLRQKHFKDGHORVSDVDMHVUHODWLYRVD/RWPXHVWUDTXHHOPRPHQWRHVGLVWLQWRVLQTXHSRUHOORQRVH
KD\DQSRGLGRGDUHQGRVRFDVLRQHVGLVWLQWDV7DQWRODVGRVSDUWHVGH/XFDVFRPRODGH0DWHRVH
GLHURQHQODRSRUWXQLGDGGHO6HUPRQHVFDWRORJLFR/XFDVRPLWLULDODSDUWHGHOFDSLWXORSRUTXHVHULD
XQDUHSHWLFLRQGHODSUHJXQWDGLUHFWDD-HVXVGHORVIDULVHRVVREUHODYHQLGDGHO5HLQRGH'LRV
TXHVHGLRHQRWURPRPHQWRGLIHUHQWH
(QHVWHPLVPRJUXSRGHSDVDMHVKD\XQDYDULDQWHLPSRUWDQWHTXHSDVDGHVDSHUFLELGDSDUD
PXFKRVH[HJHWDV
0LHQWUDVTXH0DWHRFXDQGRVHUHILHUHDORVGLDVGH1RHGLFHSRUTXHFRPRHQORVGLDVGH1RHDVLVHUD
HODGYHQLPLHQWRGHO+LMRGHO+RPEUHZ>VSHUJDUDLCKCPHUDLWRX1ZHRX>WZMHVWDLKCSDURXVLD
WRXXLCRXWRXDYQTUZSRX^KRVWHUJDUKDLKHPHUDLWRX1RHRXWRVHVWDLKHSDUXVLDWRXKXLRXWRX
DQWKURSRX`/XFDVKDDPSOLDGRODH[SUHVLRQGHODSDUXVLDYHQLGDGHO+LMRGHO+RPEUHGH0DWHRFRQ
ORVKHPHUDLVGLDVWRXKXLRXGHOKLMR/F
3DUHFHULDFRPRTXHODH[SUHVLRQGLDVHQSOXUDOGHO+LMRGHO+RPEUHSDUDOHODDORVGLDVGH1RHTXH
PHQFLRQD0WDOXGLHVHDXQDVLWXDFLRQFDUDFWHULVWLFDGHSUR[LPLGDGDOSURSLRUHWRUQRGHO+LMR
GHO+RPEUHTXHVHORLGHQWLILFDFRQHOWHUPLQRGLDHQVLQJXODUGHO+LMRGHO+RPEUH/FFI
>@
0W
/XFDV
6HQDOHVUHODWLYDVDODGHVWUXFFLRQILVLFDGH-HUXVDOHQ\HO7HPSOR
(Q/XFDVQLVLTXLHUDDSDUHFHHQODSUHJXQWDDFXDQGRVHUDODGHVWUXFFLRQGHOWHPSORHOWHUPLQRWHFQLFR
VLQWHOHLVWKDL+DVLGRVXVWLWXLGRSRUJLQHVWKDLVHUKHFKDV6LQWHOHLVWKDLVHKDFHLQQHFHVDULRSRUFXDQWR
/XFDVLQWURGXFHODFDLGDGH-HUXVDOHQFRPRXQPHFDQLVPRGHVHQFDGHQDQWHQRVRORSDUDHOPXQGRMXGLR
VLQRWDPELHQSDUDHOILQGHOPXQGR/F/DFDLGDGH-HUXVDOHQKDFHSURGXFLUODFDXWLYLGDGGHO
SXHEORMXGLRDWUDYHVGHODKLVWRULDPHGLDQWHVXGLVSHUVLRQSRUGLIHUHQWHVQDFLRQHV6XKROODPLHQWRSRU
ORVJHQWLOHVKDGHGXUDUKDVWDHOILQGHHVRVJHQWLOHV/DLGHDGHXQWLHPSRILQDOGHJHQWLOHV\
MXGLRVHVDQDGLGDHQIXQFLRQGHODXQLFDSUHJXQWDTXHVHKDFHHQUHODFLRQDODGHVWUXFFLRQGHOWHPSOR
>@
/DVDGLFLRQHVRSRUWXQDVGHODVTXHVHYDOH/XFDVHQUHODFLRQD0DUFRV\0DWHR UHIOHMDQHOYDORU
ILGHGLJQRGHODVIXHQWHVGHWUDVPLVLRQGHODVSDODEUDVGH-HVXV/F
(QHOYVHDQDGHQORVYRFDEORVKRNDLURVHJJLNHQHOWLHPSRKDOOHJDGR^RCNDLURMKJJLNHQ`TXH
QRDSDUHFHQQLHQ0DUFRVQLHQ0DWHR6HHVWDTXHULHQGRWUDGXFLUORTXH0DUFRV\0DWHR
GHFODUDQFXDQGRDGYLHUWHQTXHPXFKRVGLUDQ\RVR\HO&ULVWR$QXQFLDU\RVR\HO&ULVWRHVORPLVPR
TXHPDQLIHVWDUTXHHOWLHPSRKDOOHJDGR/XFDVHVWDDQDGLHQGRXQGHWDOOHH[SOLFLWRTXHFRQ0DUFRV\
0DWHRVRORSXHGHLQWHUSUHWDUVHLPSOLFLWDPHQWH&RQORTXHLQGLFDQ0DWHR\0DUFRVSRGULDHQWHQGHUVH
PHUDPHQWHXQDVXSODQWDFLRQVLQFRQQRWDFLRQFURQRORJLFDUHVSHFWRDVX9HQLGDFI0W0F
3RURWUDSDUWH0DUFRV\0DWHRVHFRQIRUPDQFRQHVSHFLILFDUXQDVSHFWRPRUDOLVWDSDVLYRDPXFKRV
HQJDQDUDQ/XFDVQRVSUHVHQWDXQOODPDPLHQWRDFWLYRQRYD\DLVHQSRVGHHOORV/DIUDVHHVLPSRUWDQWH
SRUFXDQWRGHVFXEULPRVODRULHQWDFLRQGLIHUHQWHTXH/XFDVKDVDELGRGDUOHUHVSHFWRD0DWHRRUJDQL]DQGR
HVDVVHQDOHVFRPRGHQWURGHORVXOWLPRVGLDVSHURSUHYLDVHQH[FOXVLYDDODGHVWUXFFLRQILVLFDGH
-HUXVDOHQ\HO7HPSOR/XFDVDORUGHQDUODVVHQDOHVGHWDOIRUPDGHTXHODGHVWUXFFLRQILVLFDGH-HUXVDOHQ
VLUYDFRPRVHQDOGHOILQGHOPXQGRFRQHFWDFRPRYHUHPRVPDJLVWUDOPHQWHODGHVWUXFFLRQILVLFDGH
-HUXVDOHQ\HO7HPSORFRQODVVHQDOHVSUHYLDVDOUHWRUQRGH-HVXFULVWR3RUORWDQWRHVHQRKDFHUFDVR
GHDFXHUGRDODRULHQWDFLRQGH/XFDVHVSUHFLVRWHQHUORHQFXHQWDSDUDORVUHFHSWRUHVTXHYLYHQHQORV
>@
PRPHQWRVSUHYLRVDODGHVWUXFFLRQKLVWRULFDGHO7HPSOR
(QHOY/XFDVDJUHJDODSDODEUDVHGLFLRQHVDNDWDVWDVLDV
/DUD]RQSDUDQRVRWURVHVREYLD/XFDVFRQWHPSODODH[LVWHQFLDGHDOJXQDVGHODVVHQDOHVSUHYLDVDOD
LQYDVLRQGH-HUXVDOHQSRUORV5RPDQRVTXH-HVXVKDELDYDWLFLQDGR\XWLOL]DODORFXFLRQPDVDSURSLDGD
'XUDQWHHVHSHULRGRDQWHULRUHO,PSHULR5RPDQRVXIULRJXHUUDV\UXPRUHVGHJXHUUDHLQFOXVRVH
OHYDQWRJHQWHFRQWUDJHQWH\UHLQRFRQWUDUHLQRTXH/XFDVORWUDQVILHUHSRUVHGLFLRQHVR
UHYROXFLRQHV(VWDVQRVHOLPLWDURQDOPXQGRH[WHULRUMXGLRVLQRDGHPDVDOLQWHULRU/DKLVWRULDQRV
LQIRUPDGHUHEHOLRQHV\GHVRUGHQHVFRQWLQXRVHQHO,PSHULR5RPDQRDGHPDVGHWHUUHPRWRV\
>@
SODJDV MXQWRDFRQIOLFWRVFDGDYH]PD\RUHVHQWUHMXGLRVJULHJRV\VDPDULWDQRV\FRQODPDVDGHOD
SREODFLRQMXGLD\ODFDPDULOODDULVWRFUDWLFDDGHPDVGHODDFWXDFLRQGHWHUURULVWDVVLFDULV\SURIHWDV
>@
SRSXODUHV
(QHVHY/XFDVUHHPSOD]DHODOORXSRWRWHORVWRGDYLDQRHVHOILQGH0DUFRVSRUSURWRQRXN
HXWKHRVPDVQROXHJRVHUDHOILQ"4XHILQ"(OGHODHFRQRPLDMXGLDLPSOLFDGDHQODGHVWUXFFLRQGH
-HUXVDOHQ"3RUTXHQROXHJRVHUDHOILQ"
$QWHODVVHQDOHVWDQSDWHQWHVSRGULDSHQVDUVHTXHHOILQGH-HUXVDOHQOOHJDED\VLQHPEDUJR
/XFDVDVHJXUDTXHOXHJRQRVHUDHOILQ1RVHUDHOILQKDVWDTXHQRYHDLVD-HUXVDOHQURGHDGDGHHMHUFLWRV

(OFRUWHGHOYHQWRQFHVOHVGLMRVLUYHSDUDLQWURGXFLUXQDH[SOLFDFLRQTXHMXVWLILFDHOSRUTXHQR
OXHJRVHUDHOILQGHOY
>@
(OVLWLRGH-HUXVDOHQSRUXQLQYDVRUVXVWLWX\HDODDERPLQDFLRQGHODVRODPLHQWR GH0DWHR\
0DUFRV/FFI0W0F
/DSUHVHQFLDGHORVHMHUFLWRVDQWHORVPXURVGH-HUXVDOHQHUDXQSUHVDJLRGHODGHVRODFLRQ/F
$TXLVHFRQILUPDTXHODGHVRODFLRQHVDQWHULRUDODDERPLQDFLRQ\TXHHVWDODSURGXFHQORVSURSLRV
MXGLRVHOSXHEORGHO3ULQFLSH6HHVWDUHILULHQGRD'DQLHO\ODKLVWRULDORGDFRPRFXPSOLGRHQHO
DQRPHGLDQWH5RPDTXHVHJXQHOSURWRWLSRKLVWRULFRSURIHWLFRGH'DQLHO\DHVWXGLDGRHVWDHQJOREDGR
HQODSULPHUDIDVHGHO5HLQRFXDUWR
'HDFXHUGRDOWH[WRGH/XFDVHVDQWHVGHTXHHOHMHUFLWRURPDQRVHHQFXHQWUHRFXSDQGRHOWHPSORTXH
VHDFRQVHMDDORVKDELWDQWHVDDEDQGRQDU-HUXVDOHQ/DVHQDOSDUDVDOLUHVFXDQGRORVHMHUFLWRVSUHVHQWHV
DQWHORVPXURVHMHFXWDQODGHVRODFLRQVHJXQ/XFDVRFXDQGRODDERPLQDFLRQVHLQVWDODHQHOWHPSOR
VHJXQ0DWHR\0DUFRV3RUORWDQWRHVLPSRVLEOHTXHORV5RPDQRVSXHGDQDOPLVPRWLHPSRVHUODFDXVD
GHODDERPLQDFLRQSUHGLFKDFRPRVLJQRDWHQHUHQFXHQWDSDUDVDOLUGH-HUXVDOHQHQHOPRPHQWRGH
FRORFDUODDERPLQDFLRQHQHOWHPSORSRUFXDQWR/XFDVQRVDVHJXUDTXHDQWHVGHTXHHOHMHUFLWRURPDQR
HQWUHHQHOWHPSORSURIDQDQGROR\DKDQGHELGRVDOLUDTXHOORVTXHTXLHUDQVDOYDUVXVYLGDV/F(V
HQXQPRPHQWRHQTXHORVHMHUFLWRVGHVDUUROODQODGHVRODFLRQFXDQGRWRGDYLDORV5RPDQRVQR
KDQFRQTXLVWDGRHOWHPSORTXHODDERPLQDFLRQVHLQVWDODSRUDOJXLHQDMHQRD5RPDTXHVHKDGHSURGXFLU
ODKXLGD&XDQGRORVURPDQRVOOHJDURQDO7HPSORFRPRXOWLPRUHGXFWRPRPHQWRTXHORSURIDQDQ
WDPELHQ\DQRKDELDUHPHGLRGHVDOYDUVH1RHVOD
SURIDQDFLRQ
URPDQDODTXH-HVXVLGHQWLILFDFRPROD

DERPLQDFLRQ
VLQRODTXHSURGXFHQORVSURSLRVMXGLRVPRWLYDGDSRUHODVRODPLHQWRURPDQR
2 /XFDV D SDUWLU GH OD GHVWUXFFLRQ GH -HUXVDOHQ DODUJD HO WLHPSR GH ORV
JHQWLOHV
 \ GH ORV
MXGLRV
 KDVWD HO ILQ GHO PXQGR
 

/RVYHUVLFXORVDOQRVGHVFULEHQODWULEXODFLRQGHOSXHEORMXGLRGXUDQWHORVGLDVGHLQYDVLRQ\HO
YQRVVLQWHWL]DHQXQDSURIHFLDORTXHVHKDFXPSOLGRHVHQFLDOPHQWHFRQHOSXHEORMXGLRDORODUJRGH
ODKLVWRULD
(OVRPHWLPLHQWRRFDXWLYHULRDLMPDORWL]RGHORVMXGLRVSRUWRGDVODVQDFLRQHVHVXQDSURIHFLDQXHYD
FXPSOLGDPDJLVWUDOPHQWH
"4XHVLJQLILFDGRWLHQHHOTXH-HUXVDOHQVHUDKROODGDSRUORVJHQWLOHVKDVWDTXHORVWLHPSRVGHODV
QDFLRQHVVHFXPSODQ"XS
(OVLJQLILFDGRGH
OHURXVDOHPHVWDLSDWRXPHQHKLSRHWKQRQDFKULRXSOHURWKRVLQFDLURL
HWKQRQ!!!/FXSMXQWRFRQHOFRQWH[WRSRVWHULRULPSLGHXQDH[SOLFDFLRQFRPRODTXHDOJXQRV
QRVSURYHHQ
/DPD\RULDGHORVWUDGXFWRUHVKDQHYLWDGRHOPDWL]VXWLOTXHSXHGHKDEHUHQWUHHOXVRGH
FKURQRV\
>@
FDLURV
(VYHUGDGTXHHQDOJXQDRFDVLRQH[FHSFLRQDOHVFDVLLPSRVLEOHGLVWLQJXLUORVSHURQRHVHOFDVRTXH
QRVRFXSD
>@
9LQH KDVDELGRFRQGHQVDUHVWDGLIHUHQFLDFLRQ
(Q WHUPLQRV JHQHUDOHV FKURQRV H[SUHVD OD GXUDFLRQ GH XQ SHULRGR FDLURV GHVWDFD VX FDUDFWHUL]DFLRQ SRU FLHUWDV
SHFXOLDULGDGHV&KURQRVPDUFDFDQWLGDGFDLURVFDOLGDG!!!
(QODYHUVLRQFULWLFDDO1XHYR7HVWDPHQWRGH%RYHU2
&DOODJKDQKDTXHGDGRUHJLVWUDGDHVWDPDWL]DFLRQ
ODSOHURPD!!!SOHURWKRVLQXQDFDUDFWHULVWLFDGHORVJHQWLOHVTXHVXEUD\DODRWUDTXHWDPELHQ
WLHQHQODGHORVFDLURL!!!'LFKDWUDGXFFLRQYLHUWHDVLODXOWLPDSDUWHGHOWH[WR-HUXVDOHQVHUD
>@
SLVRWHDGDSRUORVJHQWLOHVKDVWDTXHDOFDQFHQVXSOHQLWXGORVWLHPSRVGHORVJHQWLOHV
>@
)HOL[3X]R GHOD8QLYHUVLGDG*UHJRULDQDGH5RPDFUHHPRVTXHKDFRPSUHQGLGRGRQGHHVWD
SXHVWRHOHQIDVLVFXDQGRWUDGXFHODXOWLPDIUDVHGLFLHQGRKDVWDTXHVHFXPSODQORVGHVWLQRVGHODV
JHQWHV!!!
>@
/DSOHURWKRVLQGHSOHURPD!!!GHQRWDSOHQLWXG ORVFDLURLLPSOLFDQXQDFDUDFWHULVWLFDTXH
LQYROXFUDQRODFDQWLGDGVLQRODFDOLGDGORRSRUWXQR!!!ORIDYRUDEOH!!!
7LHQHTXHOOHJDUDWHUPLQRDOJR"HOTXH""(OILQGHXQSHULRGRGHWLHPSRRHOILQGHVHJXLUWHQLHQGROD
>@
RSRUWXQLGDGDODVDOYDFLRQTXHVHFRQFHGHDORVJHQWLOHV""2DPERVDODYH]"-HDQ'DQLHO.DHVWOL
VHH[SUHVDGHHVWHPRGR
"4XH VLJQLILFDQ HVRV FDLURL HWKQRQ!!! 3RU XQD SDUWH HO LQWHUYDOR GH WLHPSR GXUDQWH HO FXDO ORV SDJDQRV VHUDQ ORV
GRPLQDGRUHVGHODFLXGDG6DQWD3HURHVWDPELHQHOWLHPSRGHVDOYDFLRQGH'LRVDOTXHDTXHOORVWLHQHQGHUHFKR!!!
/DLGHDGH.DHVWOLVLELHQHVWDPRVGHDFXHUGRSXHGHGHQXHYRFUHDUFRQIXVLRQGHVGHHOSXQWRGHYLVWD
GHODH[HJHVLV\GHOVHQWLGRGHORVFDLURLTXHQRWLHQHQTXHYHUFRQQLQJXQSHULRGRGHWLHPSR
GHWHUPLQDGRTXHLPSOLTXHGXUDFLRQRFDQWLGDG5HFRJHWHQLHQGRHQFXHQWDODVDOYHGDGKHFKDODLGHD
FRUUHFWDGHTXHORVFDLURLVHFDUDFWHUL]DQSRUODDFFLRQGHODVDOYDFLRQGH'LRVKDFLDODVJHQWHV
6HKDGLFKRTXH-HUXVDOHQVHUDSLVRWHDGDSRUORVJHQWLOHV!!!SHUR"KDVWDFXDQGR"(OILQGHORTXH
VLJQLILTXHHVHSLVRWHR!!!FRLQFLGLUDFRQHOILQGHODVRSRUWXQLGDGHVDODVDOYDFLRQTXHVHOHV
FRQFHGHDORVJHQWLOHV(OWLHPSRTXHHVWDPDUFDGRSRUODGXUDFLRQGHOSLVRWHRGH-HUXVDOHQGHDFXHUGR
DODIUDVH\-HUXVDOHQVHUDSLVRWHDGDSRUORVJHQWLOHV!!!WLHQHXQRULJHQHQHODQRG-HOILQDO
HVWDPDUFDGRQRSRUXQSHULRGRGHWLHPSRVLQRSRUXQDFLUFXQVWDQFLDTXHQRHVSUHFLVRUHFDOFDUHO
PRPHQWRSXHVWRTXHVXFXPSOLPLHQWRHVWDRULHQWDGRSRUWRGDOD%LEOLDTXHHOWHUPLQRGHOSLVRWHRKDGH
DFRQWHFHUDOILQDOGHOWLHPSRGHJUDFLDFRQFHGLGRDODVJHQWHV1XQFD,VUDHOVHYDDYHUOLEUHGHOD
SUHVHQFLDH[WUDQMHUDSRUTXHGLFKDSUHVHQFLDHVWDUDKDVWDTXHVHFXPSODODDFFLRQVDOYDGRUDGH'LRV
GHVSOHJDGDHQIDYRUGHORVSXHEORV\QDFLRQHVFX\DVJHQWHVDOJXQDVDFHSWDQHVDVDOYDFLRQ\RWUDV
VLJXHQSLVRWHDQGR!!!D-HUXVDOHQ\VHPDQWHQGUDQGHHVHPRGRKDVWDTXHVHGHFUHWHSRUSDUWHGH
'LRVTXH\DVHKDOOHJDGRDODSOHQLWXGGHODGLVSRVLFLRQIDYRUDEOH!!!DODVDOYDFLRQRWRUJDGDDODV
QDFLRQHV
1DGDGHHVWRSXGRWHQHUVXFXPSOLPLHQWRQLHQXQDIHFKDDQWHULRUDHVWHDFRQWHFLPLHQWRSRUTXHOD
SURIHFLDGH-HVXVQRDSXQWDDOSDVDGRVLQRTXHVXSULQFLSLRHVWDFRQFHELGRHQRFDVLRQGHODGHVWUXFFLRQ
GH-HUXVDOHQHQHODQRGHQXHVWUDHUDQLHQRHQFXDQWRDVXFRQFOXVLRQSRUTXHREYLDPHQWH
ODSURIHFLDGH-HVXVWRGDYLDHQHVWDHQSURFHVRGHFXPSOLPLHQWR
(VWDFRQILDQ]DHQQXHVWUDH[SRVLFLRQVHEDVDDGHPDVHQHOFRQWH[WRSRVWHULRUDQXHVWURSDVDMHHQ
GLVSXWDSRUTXHFXDQGRHVDVLWXDFLRQGHSOHQLWXGVHGHRFXDQGRHVHPRPHQWRRSRUWXQRRIDYRUDEOHVH
DFDEHVHKDQGHQRWDUXQDVHULHGHVHQDOHVFRVPLFDV\GHRWUDQDWXUDOH]DTXHYHWDQFXDOTXLHUVXJHUHQFLD
SHUHJULQDFRPRODGHDOJXQRVIXQGDPHQWDOLVWDVRGLVSHQVDFLRQDOLVWDV
(QORVYYVHQRVFRQILHUHXQDFHUWLWXGIXHUDGHWRGDSRVLEOHGXGD/DVVHQDOHVTXHVHQRV
HQXPHUDQQRSXHGHQSDVDUGHVDSHUFLELGDVSDUDQDGLH6HQDOHVHQHOVROHQODOXQD\HQODV
HVWUHOODV!!!/DVSRWHQFLDVGHORVFLHORVVRQFRQPRYLGDV!!!\HQWRQFHVYHUDQDO+LMRGHO
+RPEUHTXHYHQGUDFRQSRGHU\JUDQJORULDY(VWDVJHQWHVDQJXVWLDGDVHQODWLHUUDY
HVWRVKRPEUHVTXHFRQWHPSODQFRQH[SHFWDFLRQWRGRORTXHHVWDVXFHGLHQGRYYHUDQDO+LMRGHO
>@
+RPEUHYHQLUFRQSRGHU\JORULDY
(QFRQFOXVLRQ
6LVHSHUFDWDQ/XFDVVHOHFFLRQDVHQDOHVGHOILQTXHKDQGHGDUVHGHQWURGHORVOODPDGRVXOWLPRV
WLHPSRV\TXH0DWHRODVKDFHVHUYLUFRPRSXGLHQGRVHFXPSOLUGHVGHGHVSXHVGHODPXHUWHGH&ULVWR
KDVWDVXVHJXQGD9HQLGDFRPRLGHQWLILFDQGRH[FOXVLYDPHQWHSDUDHOWLHPSRSUHYLRDODGHVWUXFFLRQILVLFD
GH-HUXVDOHQ\GHO7HPSORSRUORVHMHUFLWRVURPDQRV/FFIVV3HURVLJDQREVHUYDQGR
FRPR/XFDVVDOWDGHODGHVWUXFFLRQILVLFDGH-HUXVDOHQ\HO7HPSORKDVWDHOILQGHOPXQGRSURORQJDQGR
HVDGHVWUXFFLRQKDVWDTXHORVWLHPSRVGHORVJHQWLOHVVHDFDEHQ/F
3HUR FXDQGR YLHUHLV D -HUXVDOHQ URGHDGD GH HMHUFLWRV VDEHG HQWRQFHV TXH VX GHVWUXFFLRQ KD OOHJDGR
(QWRQFHVORVTXHHVWHQHQ-XGHDKX\DQDORVPRQWHV\ORVTXHHQPHGLRGHHOODYD\DQVH\ORVTXHHVWDQHQORV
FDPSRVQRHQWUHQHQHOOD3RUTXHHVWRVVRQGLDVGHUHWULEXFLRQSDUDTXHVHFXPSODQWRGDVODVFRVDVTXHHVWDQ
HVFULWDV0DVD\GHODVTXHHVWHQHQFLQWDV\GHODVTXHFULHQHQDTXHOORVGLDVSRUTXHKDEUDJUDQFDODPLGDGHQ
OD WLHUUD H LUD VREUH HVWH SXHEOR < FDHUDQ D ILOR GH HVSDGD \ VHUDQ OOHYDGRV FDXWLYRV D WRGDV ODV QDFLRQHV \
-HUXVDOHQVHUDKROODGDSRUORVJHQWLOHVKDVWDTXHORVWLHPSRVGHORVJHQWLOHVVHFXPSODQ!!/F

"&XDQGRHVWRVWLHPSRVGHORVJHQWLOHVVHFXPSOHQ"&XDQGRVHKD\DWHUPLQDGRHOWLHPSRGHJUDFLDSDUD
HOORV"&XDQGR"$OILQGHOPXQGRKDVWDSUDFWLFDPHQWHODVHJXQGD9HQLGD
(VWDUHVSXHVWDTXHODSRGHPRVHQFRQWUDUHQRWURVOXJDUHVGHOD%LEOLD/XFDVPDJLVWUDOPHQWHXQHHO
TXHORVWLHPSRVGHORVJHQWLOHVVHWHUPLQHQFRQHOFXPSOLPHQWRGHODVVHQDOHVFRVPLFDV/F
TXHHQVXH[WUHPRILQDOGHFXPSOLPLHQWRVHXQHDODYH]FRQODVHJXQGD9HQLGD/F(VGHFLU
ORVWLHPSRVGHORVJHQWLOHVVHDFDEDQFXDQGRVHFDQFHODQODVVHQDOHVFRVPLFDV/FXS
'HVSXHVDSDUHFHORGHODSDUDERODGHODKLJXHUDTXH/XFDVORRULHQWDFRQUHODFLRQDORVTXHYLYDQ
HVWDQGRFHUFDHOUHLQRGH'LRVHQHOWLHPSRPLVPRGHOILQGHOWLHPSRGHORVJHQWLOHV/FFI
XS1RSDVDUDHVWDJHQHUDFLRQHQHOTXHVHFXPSOHQHVWDVVHQDOHVFRVPLFDVXQLGDVHQ
 >@
VXFXPSOLPLHQWRILQDODODVHJXQGD9HQLGD/FFI/F 3UHSDUDURV\QRRVGHMHLV
OOHYDUQLSRUODJORWRQHULDHPEULDJXH]\GHORVDIDQHVGHHVWDYLGDD\DSDUWH\YHQJDGH
>@
UHSHQWHDTXHOGLDHOGHO+LMRGHO+RPEUH/FFI'QFI/F
5D]RQHPRVXQSRFR
(O6HUPRQHVFDWRORJLFRQRVSURYHHXQDUJXPHQWRGHILQLWLYRUHVSHFWRGHDTXHOORVTXHLQWHUSUHWDQHOTXH
-HVXFULVWRFUH\HUDHQXQDLQVWDXUDFLRQGHO5HLQRGH'LRVHQVXHSRFDDOPDUJHQGHODTXHVHDQXQFLDDO
ILQDOGHORVWLHPSRV(O6HUPRQHVFDWRORJLFRHVWDFXLGDGRVDPHQWHFRQFHELGR\QRGDSRVLELOLGDGSDUD
XQDH[HJHVLVGHHVDQDWXUDOH]D
(O6HUPRQHVFDWRORJLFRUDWLILFDDQXPHURVRVSDVDMHVTXHPXHVWUDQTXHHO5HLQRGH'LRVTXHLQDXJXUD
-HVXFULVWRGHIRUPDHVSHFLDOHQVXSULPHUD9HQLGDVHUDFRPSOHWDGRFRQHVH5HLQRGH'LRVFRQHVH
*RELHUQRGH'LRVTXHOOHQDUDWRGRHO8QLYHUVRHQVX6HJXQGD9HQLGDGHVDUUROODQGRVHORVXOWLPRV
HSLVRGLRVSDUDTXHODWLHUUDUHQRYDGDVHDXQOXJDUVHJXUR
"'RQGHUDGLFDHOSUREOHPD"(QQRHQWHQGHUODHVFDWRORJLDTXHQRVSUHVHQWDHO1XHYR7HVWDPHQWR(Q
QXHVWUDFRQFOXVLRQJHQHUDODHVWDSDUWHYHUHPRVTXHHO1XHYR7HVWDPHQWRQRVSUHVHQWDXQDHVFDWRORJLD
SDUDODTXH\DQRVLUYHHO\DSHURWRGDYLDQR6DQGHUVQRVGHFLD\QRVLQXQDFLHUWDUD]RQPHQRVPDO
TXHOHFRQFHGRDOJR'HEHULDPRVQRWDUTXHQRHVHQDEVROXWRGLILFLOFRQFLOLDUODLGHDJHQHUDOGHO
SUHVHQWHFRQODGHIXWXUR/RTXHHVGLILFLOHVFRQVLGHUDUODPLVPDFRVDFRPRSUHVHQWH\FRPR
>@
IXWXUD!!!
/DHVWUXFWXUD\FRQWHQLGRGHOVHUPRQHVFDWRORJLFRQRVPXHVWUDXQDYH]PDVTXHUHVSRQGHDSDODEUDV
SURIHULGDV\RULHQWDGDVGHHVHPRGRSRU-HVXFULVWR/DDSRFDOLSWLFDGH'DQLHOPDQLILHVWDXQDHVFDWRORJLD
GHKLVWRULDFRQWLQXDSHURQRUHSHWLWLYD(OVHUPRQHVFDWRORJLFRLQGHSHQGLHQWHPHQWHGHORVDVSHFWRV
FRPXQHVTXHORVHYDQJHOLVWDVSRVHHQVHRULHQWDWHQLHQGRHQFXHQWDXQDHVFDWRORJLDGHKLVWRULDFRQWLQXD
FRPRHVHOFDVRGH/XFDVSHURSXGLHQGRFRQWHQHUHVWUXFWXUDOPHQWHKLVWRULDFRQWLQXDUHSHWLWLYD/XFDV
KDVHOHFFLRQDGRODVSDODEUDVGH-HVXVRULHQWDQGRODVGHVGHODGHVWUXFFLRQGH-HUXVDOHQSURORQJDQGROD
H[LVWHQFLDGH-HUXVDOHQKDVWDHOILQGHOPXQGRKDVWDODDSDULFLRQGHO+LMRGHO+RPEUH0DUFRVKDFHGHOD
GHVWUXFFLRQGH-HUXVDOHQODJUDQVHQDOSUHYLDDOUHWRUQRGH-HVXFULVWRKDFLHQGRGHFXDOTXLHUVHQDO
UHIHUHQFLDGHTXH-HUXVDOHQKDELDVLGRGHVWUXLGDILVLFDPHQWH\TXHORVYDORUHVGHHVWDKDQGHMDGRGH
WHQHUSHUPDQHQFLDFRQIRUPHVHSUHGLFDHO(YDQJHOLRGHO0HVLDV/DVHJXQGD9HQLGDGHO0HVLDVVHUDOD
FRQVWDWDFLRQGHTXHHO7HPSORIXHGHVWUXLGRILVLFDPHQWH\VXUHSUHVHQWDWLYLGDGTXHGDQGR
SHUPDQHQWHPHQWHVLQXVR,QGHSHQGLHQWHPHQWHGHTXHODUHOLJLRQMXGLDVLJDVLHQGRSUDFWLFDGDSRUFDGD
JHQHUDFLRQGHMXGLRVHOWHVWLPRQLRGHO(YDQJHOLRGHO5HLQROHVHQVHQDHOVLJQLILFDGRGHOFXPSOLPLHQWR
GHODSURIHFLDGHODGHVWUXFFLRQGH-HUXVDOHQ\HO7HPSOR\ODOOHJDGDGHO0HVLDVSURPHWLGRPXULHQGR\
WUD\HQGRHOILQGHOSHFDGR\ODMXVWLFLDHLQDXJXUDQGR\SRQLHQGRHQPDUFKDHO6DQWXDULR&HOHVWLDO'Q
SSFI'QHQOXJDUGHO6DQWXDULRGLYLQRWHUUHQDOWLSRGHDTXHO0DWHR
HVHOTXHPDJLVWUDOPHQWHKDXQLGRODKLVWRULDFRQWLQXDFRQORUHSHWLWLYRORJHQHUDFLRQDOORSHUVRQDO\
H[LVWHQFLDO
1DGDGHHVWRUHVSRQGHDOMXGDLVPRWUDGLFLRQDOQLDXQDFUHDFLRQGHOD,JOHVLDSRVWHULRUDFXDQGRVH
FRQIHFFLRQDURQ\SXEOLFDURQORVHYDQJHOLRV8QDSDUWHLPSRUWDQWHGHOVLJQLILFDGRGHHVWHVHUPRQ
HVFDWRORJLFRKDELDTXHGDGRHQHOROYLGR\HQODLQFRPSUHQVLRQ(QQLQJXQDSDUWHGHORVHYDQJHOLRVVH
PHQFLRQDTXHHVDSURIHFLDGH-HVXVVHKXELHVHFXPSOLGR"(VQRUPDOTXHGHKDEHUVHHVFULWRORV
HYDQJHOLRVGHVSXHVGHRFXUULGRVORVKHFKRVGHODGHVWUXFFLRQGH-HUXVDOHQ\HO7HPSORQRVHPHQFLRQH
FRPRTXHVHKXELHUHFXPSOLGRODJUDQSURIHFLDGH-HVXVGHVSXHVGHODGHOYDWLFLQLRGHVXPXHUWH\
SRVWHULRUUHVXUUHFFLRQHQWUHVGLDV"'HODPLVPDIRUPDTXHHOFXPSOLPLHQWRGHODSURIHFLDVREUHVX
UHVXUUHFFLRQWRGRVORVHYDQJHOLVWDVODWUDHQFRPRKDELHQGRVHFXPSOLGR"&RPRHVSRVLEOHTXHQRVHGLJD
QDGDUHVSHFWRDODGHVWUXFFLRQGH-HUXVDOHQ\HO7HPSORVLHVWRVHYDQJHOLRVVHKXELHVHQFRQIHFFLRQDGRHQ
ODVIHFKDVWDUGLDVTXHSURSRQHHOPHWRGRKLVWRULFRFULWLFR\ORVGHODWHUFHUDLQYHVWLJDFLRQ"
(QORVDQRVDOTXHVHKDVXSXHVWRTXHORVGLIHUHQWHVHYDQJHOLRVVHSXEOLFDURQHPSH]DQGRVHJXQ
VHKDHVWDGRFUH\HQGRHTXLYRFDPHQWHFRQHOHYDQJHOLRGH0DUFRV\DKRUDQLQJXQRGHHOORVSURSRQHHO
FXPSOLPLHQWRGHODSURIHFLDGH-HVXV(YLGHQWHPHQWHHVWRPXHVWUDTXHORVHYDQJHOLRVWRGRVHOORV\GH
DFXHUGRDQXHVWUDSURSXHVWDIXHURQHVFULWRVPXFKRDQWHVGHODQR
(QHOVHUPRQHVFDWRORJLFRVHGDQDGHPDVWUHVKHFKRVTXHHQODJOREDOLGDGGHO(YDQJHOLRVHFRQWLHQHQ
WDPELHQ
+D\SUHGLFFLRQHVTXHVHKDQGHFXPSOLUFRQODDFWXDFLRQGHODVLQDJRJDHQFRQWUDGHORVGLVFLSXORV
"4XHVHQWLGRWLHQHHOTXHVHFRPHQWHHVWHDVXQWRHQHODQRRFXDQGR\DODVLQDJRJDKDVLGR
GHVWUXLGD"
6LHOHYDQJHOLRHVSUHFLVRSUHGLFDUORHQFRQFUHWRDKRUDHOVHUPRQHVFDWRORJLFRSDUDDGYHUWLUD
WRGRVDTXHOORVTXHYLYDQDQWHVGHODGHVWUXFFLRQGH-HUXVDOHQTXHQRGHEHQKDFHUFDVRDWDORFXDO"GH
TXHVLUYHQHVWDVDGYHUWHQFLDVTXHGHEHULDQGHVHUFRQRFLGDVGHVGHGHVSXHVGHODPXHUWHGH-HVXV"/DV
FRPXQLGDGHVTXHVHYDQFUHDQGRGHEHULDQFRQRFHUFRSLDVGHHVWRVHYDQJHOLRVSDUDGHHVWHPRGR
WUDVPLWLUILGHGLJQDPHQWHORTXHVHOHVDGYLHUWHDHOORVTXHYLYHQDQWHVGHODGHVWUXFFLRQGH-HUXVDOHQ\
TXHVHHQFXHQWUDQHQORVOODPDGRVXOWLPRVGLDVHQWUHODSULPHUD\VHJXQGD9HQLGD
/DSURORQJDFLRQGHOWLHPSRGHVSXHVGHODPXHUWHGH-HVXVHVXQKHFKRLQFXHVWLRQDEOH\TXH
GHVEDUDWDFXDOTXLHUWHRULDRKLSRWHVLVGHTXH-HVXVSHQVDUDTXHWRGRIXHUDDRFXUULUHQVXHSRFD
(OPHWRGRKLVWRULFRFULWLFRMXQWRDORVGHODWHUFHUDLQYHVWLJDFLRQGHEHULDQFRUUHJLUVXRSWLFDSUREDGD
FRPRHTXLYRFDGDGHTXH-HVXVSHQVDUDGHTXHHO5HLQRGH'LRVVHKLFLHUDHQVXSURSLRWLHPSR7RGRV
ORVGLFKRVGH-HVXVH[SXHVWRVHQHVWHFRQWH[WRGHODGXUDFLRQGHOWLHPSRIDYRUHFHQODLGHDGHTXHHO
WLHPSRWUDQVFXUULULD\VHSURORQJDULDKDVWDVXVHJXQGD9HQLGD
6LVHFRPSDUDHVWHVHUPRQHVFDWRORJLFRTXH-XDQQRWUDHFRQORTXH-HVXVLQGLFD\TXH-XDQUHFRJH
HQWUHORVFDSLWXORVDOGHVX(YDQJHOLRQRVGDUHPRVFXHQWDWDOFRPR\DKHPRVHVWXGLDGRTXHVX
FRQWHQLGRUHVSHFWRDODSURORQJDFLRQGHOWLHPSR\DVXYROYHURWUDYH]HVWDQLQPHUVRV
LQGHSHQGLHQWHPHQWHGHODUD]RQ\WHVWLPRQLRTXHVHGDGHOSRUTXHVHKDHVFULWRHVH(YDQJHOLR
(QFRQFOXVLRQ(O6HUPRQHVFDWRORJLFRHVXQHMHPSORGHOHPSOHRGHXQDHVFDWRORJLDTXHQRUHVSRQGH
DOPROGHQRUPDO'HQWURGHORVXOWLPRVWLHPSRVTXHDEDUFDQGHVGHGHVSXHVGHODPXHUWHGH-HVXVKDVWDOD
OODPDGDVHJXQGD9HQLGDGHDFXHUGRDODRULHQWDFLRQTXHOHGD0DWHR\0DUFRVVHGDQODVVHQDOHV
GXUDQWHWRGRHVHWLHPSR(VGHFLUODVDGYHUWHQFLDV\VHQDOHVVHYDQDUHSHWLUHQODVGLIHUHQWHV
JHQHUDFLRQHV(QHOFDSLWXORVLJXLHQWHGHVFXEULUHPRVTXHODHVFDWRORJLDHQXQDKLVWRULDFRQWLQXDSXHGH
UHFLELUIRUPDVGLVWLQWDVVHQDODGDVHQHOSURSLRWH[WR
5D]RQHPRVHVWRXQSRFRWHQLHQGRHQFXHQWDHOVHUPRQHVFDWRORJLFRHVWXGLDGR
&ROHFWLYDPHQWH
$QLYHOFROHFWLYRJHQHUDFLRQDOHOILQRHOUHWRUQRGH-HVXFULVWRVHYHYLQFXODGRDXQDVVHQDOHVTXHVH
SUHVHQWDQFRPRWDOHVHQFDGDJHQHUDFLRQ&DGDFROHFWLYRJHQHUDFLRQDOVHUHSLWHHQODKLVWRULD&DGD
FROHFWLYRHLQGLYLGXRGHOFROHFWLYRVHYHRULHQWDGRSRUODVVHQDOHV\XELFDDODVVHQDOHV\VHXELFDHQODV
VHQDOHV
*HQHUDFLRQFROHFWLYDLQWHJUDGDSRULQGLYLGXRVTXHPXHUHQHQGLVWLQWRVPRPHQWRV
&DGDJHQHUDFLRQHVWDLQWHJUDGDSRULQGLYLGXRVTXHIRUPDQRWUDJHQHUDFLRQODGHOILQLQPHGLDWR\ODGH
ORVTXHPRULUDQ<HVRVHQHOOLPLWHGHODQRPXHUWH\PXHUWHH[SHULPHQWDQODLQFRQVFLHQFLDLQWHPSRUDO
LQVWDQWHQRWHPSRUDOTXHOHVOOHYDDODUHVXUUHFFLRQ\DOUHWRUQROLWHUDOGH&ULVWR/DVVHQDOHVHVWDQ
RULHQWDGDVGHWDOPRGRGHTXHDFDGDJHQHUDFLRQ\DFDGDSHUVRQDVHOHKDFHYLYLUHOILQRHOUHWRUQR
FRPRLQPLQHQWH
7RGRHVWDHQJOREDGRSRUODRULHQWDFLRQGHORVXOWLPRVGLDV
D9HQLGDD9HQLGD
8OWLPRVGLDV

Y6HQDOHVGHOILQSDUDHOFROHFWLYRJHQHUDFLRQDO\SDUDFDGDXQRHQSDUWLFXODUGHFDGDJHQHUDFLRQ\WHQLHQGRHQFXHQWDWRGDODKLVWRULD
Y$QLYHOSDUWLFXODUYLYHQFLDGHOUHWRUQRGH&ULVWRSDUDFDGDXQRSHUVRQDOPHQWH\HQFDGDJHQHUDFLRQ0WVVFI0W\VV
(QHOVHUPRQHVFDWRORJLFRVHGDXQDHVFDWRORJLDGHKLVWRULDFRQWLQXDUHSHWLWLYD3DUDFDGD
JHQHUDFLRQHVSUHFLVRLQGLFDUOHVODVDGYHUWHQFLDV\VHQDOHVTXHVHGDQHQWUHODSULPHUD9HQLGD\OD
VHJXQGD9HQLGD
3HURWDPELHQVHGDODHVFDWRORJLDGHKLVWRULDFRQWLQXD&XDQGRVHSUR\HFWDQORVGLDVGH
WULEXODFLRQTXHHPSLH]DQGHVGHGHVSXHVGHODPXHUWHGH-HVXVKDVWDODVVHQDOHVFRVPLFDVFX\R
FRPLHQ]RHYLGHQFLDHODFRUWDPLHQWRGHORVGLDV0WFI/F\TXH
FRQHFWDQODVVHQDOHVFRVPLFDVFRQODDSDULFLRQGHODVHQDOHQHOFLHORGHO+LMRGHO+RPEUH0W
FI'QFI'QXSFI'Q(VRVGLDVGHWULEXODFLRQDFRUWDGRVHVWDQLGHQWLILFDGR
SRUODDSRFDOLSWLFD'QFI$SFI$SFI$S\IRUPDQSDUWHGHO
WUDPRXOWLPRGHHVRVGLDVGHWULEXODFLRQ/RJLFDPHQWHORVTXHWXYLHUDQRSRUWXQLGDGGHFRQVXOWDUHVWH
DVXQWRHQODV6DJUDGDV(VFULWXUDVKDUWRGLILFLODXQTXHQRWRWDOPHQWHLPSRVLEOHHQHVRVWLHPSRVSRGULD
FRQVWDWDUVHH[FHSFLRQDOPHQWHTXHODVHJXQGD9HQLGDOLWHUDOPHQWHHVWDEDWRGDYLDHQHOIXWXURSHURHO
GHVFRQRFLPLHQWRHQFXDQWRHQTXHPHGLGDVHDFRUWDEDQORVGLDVGHWULEXODFLRQ0WGHMDEDLQWDFWD
ODH[SHFWDWLYD\ODQHFHVLGDGGHSUHSDUDUVHGHQWURGHXQDHVFDWRORJLDSHUVRQDO\H[LVWHQFLDO(QOD
PD\RULDGHORVFDVRVSRUQRGHFLUHQWRGRVKDVWDHOFXPSOLPLHQWRGHFLHUWDVSURIHFLDVFLIUDGDVFI'Q
'QSSTXHVHQDODEDQDORVDFRQWHFLPLHQWRV\SURWDJRQLVWDV
>@
LQYROXFUDGRVVHLPSRVLELOLWDEDVXFRPSUHQVLRQ'QFI /DHVFDWRORJLDGHKLVWRULD
FRQWLQXDUHSHWLWLYD\ODHVFDWRORJLDH[LVWHQFLDOSHUVRQDOGHELDQKDFHUVXDSDULFLRQSXHVWRTXHOHH[LJHQ
SUHSDUDUVHSDUDHVDVHJXQGD9HQLGDGHGRVPRGRVRELHQSRUTXHODPXHUWHDFRQWH]FDDQWHVR\DSRUTXH
IXHUDDGDUVHOLWHUDOPHQWHODVHJXQGD9HQLGDHQVXYLGDSHUVRQDORHQVXJHQHUDFLRQPLHQWUDVVXYLGD
WUDQVFXUUHFRQODH[SHFWDWLYDGHSRGHUVHGDU/DPXHUWHXQDYH]DFRQWHFLGDHOVLJXLHQWHVXFHVRKLVWRULFR
OOHYDDODSHUVRQDDODUHVXUUHFFLRQ\DODVHJXQGD9HQLGD8QDYH]PXHUWRHOFULVWLDQRH[SHULPHQWDOD
SULPHUDPXHUWH\DQWHODLQFRQVFLHQFLD\DQRKD\HVSDFLRWHPSRUDOTXHUHFRUUHUDXQFXDQGRSDUDORV
GHPDVYLYRVODKLVWRULDVLJDKDVWDODXOWLPDJHQHUDFLRQTXHHVWDUDYLYDFXDQGRHO+LMRGHO+RPEUHYHQJD
\SDUDDTXHOORVTXHKXELHUDQPXHUWRYXHOYHQDYLYLUHQRFDVLRQGHOUHWRUQRGH&ULVWR3RUORWDQWRHV
SUHFLVRVLHPSUHSUHSDUDUVHSDUDHVDVHJXQGD9HQLGDSRUFXDQWRQRVDEHVFXDQGRODPXHUWHSXHGH
SURGXFLUVHRHOSURSLRUHWRUQROLWHUDOGH-HVXFULVWRKD\TXHYLYLUODH[SHFWDWLYDGHODVHJXQGD9HQLGD
FRPRVLIXHUDDDFRQWHFHUDKRUD
/RVTXHHVWDQHQHOIUDJPHQWRILQDOGHHVRVXOWLPRVWLHPSRVTXHHPSH]DURQHQODSULPHUD9HQLGD\
WHUPLQDQHQODVHJXQGD9HQLGDREVHUYDQORVGLDVGHWULEXODFLRQDFRUWDGRVFXPSOLGRVODVVHQDOHV
FRVPLFDV0WFI/FTXHFRQHFWDQFRQHOUHWRUQRGHO+LMRGH+RPEUH0W
FI/FFXPSOLHQGRVHHQXQHVSDFLRWHPSRUDOGHWHUPLQDGRSHURGHVFRQRFLGR\DWHQWRVDVXWRWDO
FXPSOLPLHQWRSXHVWRTXHXQDYH]UHDOL]DGDVVHSURGXFLUDODVHJXQGD9HQLGDGH-HVXFULVWRR+LMRGHO
+RPEUHWDQDQRUDGD3RUORWDQWRHVWRVGHOILQDORGHOWLHPSRGHOILQGHOWLHPSRGHOILQRGHORVXOWLPRV
WLHPSRVKDQGHYLYLULJXDOPHQWHVXHVFDWRORJLDSHUVRQDO\H[LVWHQFLDO\ODFRUUHVSRQGLHQWHJHQHUDFLRQDO
<KDQGHSUHSDUDUVHSDUDHOSRVLEOHVXFHVRLQGLUHFWRGHODVHJXQGD9HQLGDTXHORSURGXFHHOREVWDFXOR
GHODPXHUWHRELHQSDUDHOVXFHVRTXHGLUHFWDPHQWHOHLQWURGXFLULDHQODSURSLDVHJXQGD9HQLGDGH
-HVXFULVWRVLVLHQGRGHODXOWLPDJHQHUDFLRQHVWXYLHUDYLYRVLQSDVDUSRUODPXHUWH
9HDPRVORVFXDGURVVLJXLHQWHVTXHLOXVWUDQORTXHYHQLPRVGLFLHQGR
35,0(5&8$'52
6(*81'2&8$'52
 7(5&(5&8$'52

6HQDOHVGHO)LQ
 'HILQLFLRQ GH HVFDWRORJLD \ OD IRUPD GH HQWHQGHU \ DSOLFDU OD
HVFDWRORJLDGHDFXHUGRDOHVWXGLRGHO(YDQJHOLR
+HPRVDQDOL]DGRXQDSDUWHLPSRUWDQWHGHODVSDODEUDVGH-HVXV7RGRVXPHQVDMHHQWUDHQOR
HVFDWRORJLFR<DHO0HVLDVSURPHWLGRVHDQXQFLDEDHVFDWRORJLFDPHQWH
/DPLVPDUHYHODFLRQHVHVFDWRORJLDSRUFXDQWRHQXQSURFHVRWHPSRUDOYDVGHVFXEULHQGR\FRQRFLHQGR
D'LRV\D-HVXFULVWRFRPLHQ]DVDH[SHULPHQWDUODYLGDHWHUQD\ODHVSHUDQ]DTXHVXVWHQWDHVDYLGD
HWHUQDTXHDXQTXHHQH[SHULPHQWRDJXDUGDVXPDQLIHVWDFLRQSOHQD'LRVDXQTXHFRQRFLGRDKRUD\
HQJHQGUDGRUGHYLGDHWHUQD-QVHFRQYLHUWHHQHVFDWRORJLFRSRUTXHWRGDHVSHUDHQDOJRTXHHVWD
HQHOIXWXURDJXDUGDDXQILQDO\HQJHQGUDXQDHVSHUDQ]D(VDYLGDHWHUQDH[SHULPHQWDGD\DDKRUDHVOD
EDVH\ODFHUWH]DGHTXHORTXHIDOWDRFXUULUDWDPELHQ/DUHDOLGDGKLVWRULFDGH-HVXFULVWRFRPRHVSHUDQ]D
PHVLDQLFDVHFRQYLHUWHHQHVFDWRQILQDO\HQODHVSHUDQ]DSDUDODYLGDGHOFUH\HQWH
(OPHQVDMHGHO5HLQRGH'LRVQRVUDWLILFDODQHFHVLGDGGHVXH[LVWHQFLDSDUDWRGDVODVJHQHUDFLRQHV
6XVSULQFLSLRVVRQFHOHVWHV<HVSUHFLVRDGTXLULUODYRFDFLRQFHOHVWHDILQGHHQWUDUHQHO
(OHVFDWRQHQWUHODSULPHUD\ODVHJXQGD9HQLGDVHOOHQDPHGLDQWHHOPLQLVWHULRVDFHUGRWDOGH-HVXFULVWR
HQHO6DQWXDULR&HOHVWLDO0W-QFI'QFIFI
TXHFRQYLHUWHHQHVFDWRORJLFR\HQHVSHUDQ]DODH[SHULHQFLDGHODVDOYDFLRQPHGLDQWHOD
H[SHULPHQWDFLRQGHODVDOXG/DYRFDFLRQFHOHVWHGHOFUH\HQWHHQODTXHWHLQWURGXFHVWHKDFHYLYLUGHWDO
PRGRTXHFRPSUXHEDVTXH-HVXVKDUHVXFLWDGR/RVFDPELRVTXHH[SHULPHQWDVFRPRIUXWRGHODYLYHQFLD
HQHVDYRFDFLRQFHOHVWH\HQODSHUPDQHQFLDHQODSDODEUDVRQODHYLGHQFLDGHTXHORTXHIDOWDYHQGUD"
&RPRVHYLYHWRGRHVR"
 /D HVFDWRORJLD VREUH OD 6HJXQGD 9HQLGD WDO FXDO OD
SUHVHQWD-HVXV\3DEOR

(O UHWRUQR GH -HVXFULVWR FRQ OD SDUDEROD GH ODV YLUJHQHV
HQ0W\GHODDFWXDFLRQGHORVHVFRJLGRVGH/F

,QWURGXFFLRQ
'HQWURGHHVWDSDUWHHVFDWRORJLFDQRVHQFRQWUDPRVFRQHOWHPDGHOUHWRUQRGH-HVXFULVWR(OVHUPRQ
HVFDWRORJLFRHVXQWHPDTXHWUDGLFLRQDOPHQWHVHKDXVDGRSHURFDVLVLHPSUHPH]FODGRFRQHO
FDWDVWURILVPRGHXQDVVHQDOHVTXHHQOXJDUGHHQFRQWUDUXQOXJDUUHODMDQWH\FXUDWLYRSURGXFHPLHGR<D
KHPRVYLVWRTXHODPD\RULDGHORVGDWRVTXHVHQRVGDEDQQRWHQLDQFRPRSURSRVLWRHOHVWDUDWHQWRVD
HOORVSDUDLQWHUSUHWDUTXH-HVXFULVWRHVWDEDFHUFDVLQRDOFRQWUDULRSDUDDGYHUWLUQRVTXHHVDVFRVDV
JXHUUDVWHUUHPRWRVSHVWHVHWFQRSURSRUFLRQDEDQODSUR[LPLGDGGHOILQVLQRVXPDQLSXODFLRQSDUD
HQJDQDUHQORUHODWLYRDVX9HQLGD
-HVXVQRVRIUHFLDXQPHQVDMHSDUDD\XGDUQRVDHVWDUSUHSDUDGRV6HQRVSUHVHQWDEDQWRGDXQDVHULHGH
KHFKRVFRQODILQDOLGDGGHTXHSXGLHUDPRVFRPSUHQGHUTXHHQWUHODSULPHUD\ODVHJXQGD9HQLGDHO
WLHPSRLEDDSURORQJDUVH<TXHFDGDSHUVRQDTXHVHLQVFULELDGHQWURGHXQDJHQHUDFLRQTXHVHGDED
HQWUHODSULPHUD\VHJXQGD9HQLGD\GHQWURGHORVOODPDGRVXOWLPRVGLDVGHELDYLYLUVXH[LVWHQFLD
SUHSDUDQGRVHSDUDHVDVHJXQGD9HQLGDSRUFXDQWRODPXHUWHQRVHVDEHFXDQGRVHYDDSURGXFLU'HHVWH
PRGRVHQRVPDQWHQLDHQXQDSRVLFLRQGHSHUPDQHQWHSUHSDUDFLRQ\GHWHVWLPRQLRGHODYLYHQFLD\
SUHGLFDFLRQGHO(YDQJHOLRGHO5HLQR/DVVHQDOHVFODUDVSDUDORTXHSURGXFLULDODGHVWUXFFLRQILVLFDGH
-HUXVDOHQ\GHO7HPSORFRQWRGRORTXHHVWHUHSUHVHQWDED\ORTXHDSRUWDEDSDUDHOILQ\HOUHWRUQRGH
-HVXFULVWR\ORVGLDVGHWULEXODFLRQTXHUHFRUULDQWRGRHOWLHPSRGHVGHGHVSXHVGHODPXHUWHGH
-HVXFULVWRKDVWDODVVHQDOHVDXWHQWLFDVSUHYLDVDOUHWRUQRFRQODFRQVLJXLHQWHYHQLGDGHO+LMRGHO+RPEUH
FXPSOLHQGRVHODVHQDOHQHOFLHORKDFLDQSHUPDQHQWHHVDHVSHUDQ]DGHODVHJXQGD9HQLGDGH-HVXFULVWR
SRUTXHFXDOTXLHUDTXHYLYLHUDHQFXDOTXLHUJHQHUDFLRQHVWDULDFRQWHPSODQGR\YLYLHQGRHVDVHJXQGD
9HQLGD
/RVGHOPHWRGRKLVWRULFRFULWLFR\ORVGHODWHUFHUDLQYHVWLJDFLRQYDQDWHQHURSRUWXQLGDGGH
FRPSUREDUGHFRPR-HVXVH[SUHVDHVWRPHGLDQWHXQDHVFDWRORJLDGHKLVWRULDFRQWLQXDUHSHWLWLYD9DQD
YLYLUODRFDVLRQXQDYH]PDVGHGHVFXEULUTXHODSDUDERODGHODVYLUJHQHVHVH[SUHVDGDSRU-HVXV1LHO
MXGDLVPRWUDGLFLRQDOQLODLJOHVLDSRVWSDVFXDOSXGLHURQKDEHUODFUHDGR$OJRTXHKDTXHGDGRHQFXDQWR
DVXLQWHUSUHWDFLRQHQODRVFXULGDGPDVDEVROXWDQRSXHGHVHUFUHDFLRQGHOD,JOHVLD/DSDUDERODGHODV
YLUJHQHVUHVSRQGHDXQHVTXHPDFDVLLPSRVLEOHGHUHSURGXFLU'LFKDSDUDERODVHFXPSOHHQFDGD
JHQHUDFLRQ'HVGHODDSRVWROLFDKDVWDQXHVWURVGLDV&DGDSHUVRQDHQSDUWLFXODUGHFDGDJHQHUDFLRQVHOD
SXHGHDSOLFDUSHUVRQDOPHQWH\FROHFWLYDPHQWHODFRPXQLGDGORFDORPXQGLDOGHFDGDPRPHQWRKLVWRULFR
ORPLVPR1RVHWUDWDGHKDFHUDSOLFDFLRQHVGREOHVQLWULSOHVIRUPXODSRURWUDSDUWHLPSURFHGHQWHVLQR
TXHHOSURSLRWH[WRLQWHQFLRQDOPHQWHFRQWLHQHODVFODYHVSDUDTXHFDGDJHQHUDFLRQ\SHUVRQDDO
HVWXGLDUODVLQURPSHUSDUDQDGDHOUHODWR\ODHVWUXFWXUDVHODSXHGDDSOLFDUVLQGHVFDUWDUODSRVLELOLGDG
GHKDEHUVHFXPSOLGRWDPELHQHQODHUDDSRVWROLFDRHQHOVLJOR;9,RHQHO;;,
&RQ/XFDVREVHUYDUHPRVWDPELHQFRPRFDGDJHQHUDFLRQGHFULVWLDQRVKDGHYLYLUVX
JHQHUDFLRQFRPRVLIXHUDODXOWLPDSXGLHQGRDSRUWDUHQHOFDVRTXHQRORIXHVHHOWUD]RKLVWRULFR
DGHFXDGRSDUDEHQHILFLRGHDTXHOODJHQHUDFLRQTXHVLHQGRODXOWLPDQHFHVLWDHOTXHQRVHURPSDOD
SUHSDUDFLRQ\VHLPSLGDODSHUSHWXDFLRQ
/DDQJXVWLDH[LVWHQFLDO\HOUHWRUQRGH-HVXFULVWR
/DPDQHUDGHH[SHULPHQWDUHOUHWRUQRGH-HVXFULVWRDGTXLHUHHQRFDVLRQHVHOURVWURGHODDQJXVWLD
H[LVWHQFLDO(VWHWLSRGHDQJXVWLDQRHVSDWRORJLFDSHURQHFHVLWDWUDVFHQGHUVHFRQODIH\ODHVSHUDQ]D
VHJXUDHQJHQGUDGDFRQODUHDOLGDGGHVHUXQHVFRJLGRSDUDODPLVLRQGHFRODERUDUHQHVDSURPHVDLQHGLWD
VREUHODVHJXQGD9HQLGDGH-HVXFULVWR
+D\XQDIRUPDGHDQJXVWLDH[LVWHQFLDOTXHFRQILJXUDODGHVHVSHUDFLRQ\ODLPSRWHQFLDOD
FRQWHPSODFLRQGHODWDUHDTXHHVSUHFLVRFXPSOLUSDUDTXHHOHYDQJHOLRVHKD\DSUHGLFDGRHQWRGRHO
PXQGR\WUDLJDHOFXPSOLPLHQWRKLVWRULFRGHOD6HJXQGD9HQLGDGH-HVXFULVWR
&XDQGRWHWRPDVODVFRVDVHQVHULR\FRQVLGHUDVTXHORVGHPDVWDPELHQGHEHQWRPDUVHOR\
FRPSUXHEDVTXHHOWLHPSRWUDQVFXUUH\ODSURPHVDGHVXDGYHQLPLHQWRODH[SHULPHQWDVFRPRUHWUDVDGD\
KDVILMDGRODLGHDGHDFXHUGRDODSURPHVDGHSRGHUHVWDUYLYRVLQSDVDUSRUODPXHUWHSDUDFXDQGR
-HVXFULVWRYHQJDODFRQWHPSODFLRQGHQRVHUMXQWRDODWDUHDLQDFDEDGDTXHLPSLGHHOTXHHOVHU
SHUPDQH]FDVLQPRULUSURGXFHODLPSRWHQFLDTXHWHGHVHVSHUD
$OKDFHUVHWHODKLVWRULDSUHVHQWHFRQPLOHVGHDQRVWUDQVFXUULGRV\DOQRWDUTXHVLHPSUHKDQH[LVWLGR
SHUVRQDVTXHFRQVLGHUDEDQFRPRLQPLQHQWHVXUHWRUQRVHSXHGHSUHVHQWDUHVDUHDOLGDGFRPRQHJDGRUDGH
DOJRGHWXFUHHQFLDHQHOVHJXQGRDGYHQLPLHQWRGHO0HVLDVTXHKDSRGLGRQRH[SHULPHQWDUVHFRPRUHDO
SRUVXQRUHDOL]DFLRQ
(VHYLGHQWHTXHVLHVWRVXFHGLHUDGHPRGRLQVLVWHQWHVHULDSRUTXHQRKDKDELGRFRQYHQFLPLHQWRGHOD
LQPLQHQFLDGHOUHWRUQRGH-HVXFULVWR3HUR"&RPR"6LSUHFLVDPHQWHODFUHHQFLDHQODLQPLQHQFLD\DQWHOD
WDUGDQ]DHVODTXHGHVGLEXMDODFUHHQFLDKDVWDDOFDQ]DUODLQGLIHUHQFLDHQHOOD"FRPRSXHGRDILUPDUTXH
QRKDKDELGRFRQYHQFLPLHQWRGHODLQPLQHQFLD"
3RGHPRVDFHSWDUXQDFUHHQFLDGHPRGRPHFDQLFRVLQODUHIOH[LRQDGHFXDGD6HQRVKDQSRGLGR
SUHVHQWDUXQDVHULHGHGHWDOOHVVHQDOHVSURIHFLDVFRQPDVRPHQRVLQJHQLR\VHQRVKDKHFKRFUHHU
TXHODSURPHVDGHVXUHWRUQRVHULDXQDUHDOLGDGHQXQWLHPSRPDVRPHQRVFRUWR6HQRVKDKHFKR
FUHHU&XDQGRVHQRVKDFHFUHHUHQDOJRHVSRVLEOHTXHQRVHDPRVQRVRWURVORVTXHKD\DPRVFUHLGR
VLQRTXHVHQRVKDYHUWLGRODFUHHQFLDGHORWURHQQRVRWURV1RHVWR\TXHULHQGRGHFLUTXHQRGHEDPRV
FRPXQLFDUQLDQXQFLDUDRWURVORTXHFUHHPRVSHURGHSHQGHGHFRPRORKDJDPRVTXHHORWURUHFLELUDXQD
LQIRUPDFLRQDGHFXDGDRQR6LODLQIRUPDFLRQTXHUHFLERVREUHODSUR[LPLGDGGHOUHWRUQRGH-HVXFULVWR
FRQVLVWHHQXQDSUHVHQWDFLRQGHGDWRVTXHSUHWHQGHQFHUWLILFDUHVDLQPLQHQFLDVLORVGDWRVGHODPDQHUD
FRQTXHORVKHFRPXQLFDGRVHYDQDEDMRODLQPLQHQFLDFRQVWUXLGDVREUHHVDPDQHUD\HVRVGDWRVVH
YHQGUDDEDMRWDPELHQ
$KRUDELHQFXDQGR\RSUHGLFRODLQPLQHQFLDGHOUHWRUQRGH-HVXFULVWREDVDGDHQODYLYHQFLDH
LQWHJUDQGROHDORWURHQHVDYLYHQFLDHQHOFRPRGHEHLQYROXFUDUVHSDUDKDFHUVX\DODFUHHQFLDQR
VRODPHQWHORVGDWRVORVFRQVWUXLUHORPDVDFHUWDGDPHQWHSRVLEOHVLQRTXHHVWDUDQLQVHUWDGRVHQOD
H[SRVLFLRQFRQXQDYLYHQFLDH[SHULPHQWDOTXHUHVXOWDUDHQODFUHHQFLDHQHOUHWRUQRGH-HVXFULVWRFRPR
LQPLQHQWH"<SRUTXH"3RUTXHODHVSHUDHQOD6HJXQGD9HQLGDGH-HVXFULVWRWLHQHFRPRUHIHUHQFLD
H[FOXVLYDPLSHUVRQD\PLHQWRUQRJHQHUDFLRQDO/DYLYHQFLDPHOOHYDUDDXQDYLGDFULVWLDQDHILFD]\
HIHFWLYDGHDFXHUGRDHVDYLYHQFLDHQORLQPLQHQWHGHODOOHJDGDGHXQDSHUVRQDTXHSRUWDWRGRXQ
FRQWHQLGRTXHWLHQHHQFXHQWDVXSULPHUD9HQLGD0,FUHHQFLDHQOD6HJXQGD9HQLGDQRSXHGHGHVOLJDUVH
GHODLGHRORJLDGH$TXHOTXHPHODSURSXVR<SRUORWDQWRHOWLHPSRGHODHVSHUDOROOHQDUH
LQYROXFUDQGRPHFRPRSURWDJRQLVWDGHORVTXHOHHVSHUDQGHORVTXHOHYHUDQYHQLUHQJORULD\QRSRGUD
LUPDVDOODGHORTXHSXHGHGXUDUXQDYLGD(OVLJXLHQWHDFRQWHFLPLHQWRKLVWRULFRGHVSXHVGHODPXHUWHVL
PHDFRQWHFLHVHHVXQFHUUDU\DEULUORVRMRVFXDQGRVHGDODUHVXUUHFFLRQ\OD6HJXQGD9HQLGD
(VXQLFDPHQWHFRQHVDH[SHULHQFLDGHODLQPLQHQFLDTXHSXHGRFRQVWUXLUODWDUHDHQFRPHQGDGDTXH
FRQWULEX\HSDUDGRMDDKDEHUVLGRSUHFRQRFLGR\XWLOL]DGRSDUDODUHDOL]DFLRQGHHVHDFRQWHFLPLHQWR
PDJQR
'XUDQWHWRGDODKLVWRULDVHKDHVWDGRYLYLHQGRXQDH[SHFWDWLYDTXHKDGDGRHVSHUDQ]DDOFULVWLDQROD
SURPHVDGHTXH-HVXFULVWRYROYHULDFI-Q'HVGHHOSDWULDUFD(QRF-XGFI'Q
VHSWLPRGHVGH$GDQ*Q+EKDVWDODDFWXDOLGDGGHORTXHDVXPHODUHSUHVHQWDWLYLGDGGH
ODLGHDGHO$GYLHQWRSDVDQGRSRUHOSURIHWD'DQLHOORV(YDQJHOLRV\HO$SRFDOLSVLVR5HYHODFLRQGH
-HVXFULVWRVHKDHVWDGRDQXQFLDQGRODSUR[LPLGDGGHODYXHOWDGH-HVXFULVWR
$SHVDUGHOWUD]RGHODKLVWRULDWUDQVFXUULGRFDGDJHQHUDFLRQGHFULVWLDQRVHVSHUDFRQDQKHORTXHHVWH
DFRQWHFLPLHQWRPDJQRVHFXPSODGHILQLWLYDPHQWH$SDUHQWHPHQWHSDUHFHULDH[SHULPHQWDUVHIUXVWUDFLRQ
SRUHOKHFKRGHTXHGHVSXHVGHWDQWRVDQRVWRGDYLDVHPDQWHQJDFRQIHHVDHVSHUDQ]D+D\WUHVFRVDVTXH
ODQXWUHQGHPRGRSHUVHYHUDQWH
/DLPSOLFDFLRQGHOFXPSOLPLHQWRGHODSURPHVD
/DSURPHVDOOHYDLPSOLFLWRHOILQGHDOJRTXHODKXPDQLGDGH[SHULPHQWDFRQXQGUDPDWLVPRVLQLJXDO
/DHQIHUPHGDG\ODPXHUWHVHSUHVHQWDQDQWHWRGDVODVSHUVRQDVFRPRXQDWUDJHGLDLQVXSHUDEOH/D
6HJXQGD9HQLGDGH-HVXFULVWRVHPXHVWUDDQWHHOFUH\HQWHFRPRODUHVSXHVWDDVXSHUDUODPXHUWHPHGLDQWH
HOSRGHUGH'LRVHQ-HVXFULVWRTXHSRVLELOLWDFRQVHUYDUODLGHQWLGDG/DLGHQWLGDGVXSRQHTXHHO
LQGLYLGXRFXDQGRGHVSLHUWDGHOVXHQRGHODPXHUWHQRGHILQLWLYDHVFRQVFLHQWHGHTXHHVHO
/DLGHRORJLDGH-HVXFULVWROOHQDGHO(VSLULWXOHKDFRQYHQFLGRKDVWDHOSXQWRGHTXHGHPRGR
FRQVHQWLGR\OLEUHVHYHDERFDGRDFUHHUVLQSRVLELOLGDGGHUHWURFHGHU(VDOJRLPSRVLEOHGHFRPSUHQGHU
DQRVHUTXHXQRVHLQYROXFUH1RVHWUDWDGHDOJRLUUDFLRQDOQLPHUDPHQWHVXEMHWLYR6HWUDWDGH
H[SHULPHQWDUXQSRGHUSDUDHOTXHODQDWXUDOH]DKXPDQDKDVLGRGLVHQDGD(QFDMDGHPRGRQDWXUDO(OVHU
KXPDQRVHKDDFRVWXPEUDGRDOSURSRVLWRSULPHURSRUHOTXHIXHFUHDGRDYLYLU$PDODH[LVWHQFLD<VL
VXVUHODFLRQHVFRQORVGHPDVFRQORVTXHH[SHULPHQWDSODFHUDOFRPXQLFDUVHVHILMDQFDGDYH]PDVFRPR
XQDQHFHVLGDGTXHUUDSHUSHWXDUODVSURORQJDUODVSDUDVLHPSUH3HURHVRTXHGDWUXQFDGRFRQODPXHUWH
3HURVHKDGHMDGRHQVHQDUFRPRVLHQGRLPSUHVFLQGLEOHTXHHOYLQFXORFRQ'LRVDOTXHDFHSWDFRPR
FUHDGRU\UHGHQWRUOHSURSRUFLRQDXQDVHJXULGDGTXHYDDPSOLDQGRVHGHTXHVXYLGDVHKDUDSUHVHQWHHQ
RFDVLRQGHOD6HJXQGD9HQLGDGH-HVXFULVWR
(OFXPSOLPLHQWRGHODSURIHFLDDSRFDOLSWLFDHQODTXHHVWDLQPHUVDODSURPHVDGHOUHWRUQR
/DSURIHFLDDSRFDOLSWLFDHVHOYHKLFXORXVDGRSRU'LRVSDUDWUDHUQRVODILUPHFRQYLFFLRQGHTXHOD
PDOGDGFRQVXVVLVWHPDVLPSHUDQWHVHQHVWHPXQGRVHDFDEDUDQFXDQGRKDJDDSDULFLRQ-HVXFULVWRHQVX
6HJXQGD9HQLGD0WFI/F0F'DQLHO\$SRFDOLSVLV$XQTXHXQD
FXDUWDSDUWHGHODKXPDQLGDGSDUHFHTXHKDWUDLGRHOFLHORDODWLHUUDFRQVXHVWDWXVHFRQRPLFR\VXVOH\HV
SURWHFWRUDVWUHVFXDUWDVSDUWHVGHODKXPDQLGDGSDVDQQHFHVLGDG\ODWUDJHGLDFRQODLQMXVWLFLDGHOPDO
GRPLQDQWHGHODHQIHUPHGDG\GHODPXHUWHVLJXHQFDPSHDQGRSRUVXVIXHURV\SURFODPDQGRTXHOD
LQMXVWLFLDUHLQDQWHUHFODPDODLQWHUYHQFLRQGHODMXVWLFLD\GHODERQDQ]DH[SUHVDGDSRUODYHUGDG
ELHQDYHQWXUDGDGHOD6HJXQGD9HQLGDGH-HVXFULVWRDQXQFLDGDSRUODSURIHFLD
/DSULPHUDYHQLGDVREUHODSURIHFLDGHO0HVLDVHVWDEDHQWURQFDGDWDPELHQHQODDSRFDOLSWLFD'LFKD
DSRFDOLSWLFDQRVRIUHFHHOHVSHFWDFXORGHXQSHULRGRFURQRORJLFRTXHLQLFLDGRHQODHSRFDSHUVDQRV
OOHYDULDDVXWHUPLQRFRQODDSDULFLRQGHO0HVLDV'QFI(VGVVFI
FRPSUREDQGRVHVXHVWDEOHFLPLHQWRFRQODSHUVRQDGH-HVXVGH1D]DUHW3HURHVWDSULPHUDYHQLGD
GHO0HVLDVODSURIHFLDODXQHFRQOD6HJXQGD9HQLGD'QFI'Q\
$SRFDOLSVLV/RVWUD]RVGHODKLVWRULDFXPSOLGRV\FRQWHPSODGRVKR\SRUQRVRWURVVRQVLQQLQJXQDGXGD
XQDJDUDQWLDGHTXHORTXHIDOWDSRUFXPSOLUVHVHUHDOL]DUD
 /D UHDOLGDG H[SHULPHQWDGD \ HO VLJQLILFDGR GH VX SULPHUD YHQLGD DVHJXUD OD FRQILDQ]D HQ OD
VHJXQGDYHQLGD
&XDQGRHOFUH\HQWHKDH[SHULPHQWDGRHQVXH[LVWHQFLDORTXHHO0HVLDV-HVXFULVWRH[SOLFDUHVSHFWRDOD
LGHRORJLDTXHOLEHUDHQWRQFHVDOFDQ]DVHJXULGDGUHVSHFWRDORTXHVHOHSUHGLFDTXHRFXUULUDHQHOIXWXUR
/RVSULQFLSLRVGHO5HLQRGH'LRVTXH-HVXFULVWRSURFODPDKDQFRQYHQFLGRDOFUH\HQWHSRUFXDQWRVX
YLYHQFLD\SXHVWDHQSUDFWLFDKDQGDGRFRPRUHVXOWDGRORTXHDQXQFLDEDQ
 "&RPRYLYR\RHOUHWRUQRGH-HVXFULVWR"
&RPRVL-HVXFULVWRIXHVHDYHQLUHQPLJHQHUDFLRQ
(VWDGHFODUDFLRQSUHVXSRQHXQFRPSURPLVRFRQODYHUGDGHUDIH6LVHREVHUYDHOWH[WRGH&RORVHQVHV
OD6HJXQGD9HQLGDGH-HVXFULVWRHVWDLQWLPDPHQWHUHODFLRQDGDFRQORTXH-HVXFULVWRKDKHFKR\DHQ
PL(QGLFKRVWH[WRVVHFRQHFWDODH[SHULHQFLDGHKDEHUQDFLGRGHQXHYRRGHDUULEDFRQODHVSHUDQ]DGHO
UHWRUQRGH-HVXFULVWR6LKHPRVH[SHULPHQWDGRHOKDEHUUHVXFLWDGRHVSLULWXDOPHQWHHQ&ULVWRVLKHPRV
PXHUWRDOSHFDGRHVWDUHPRVSRUODVFRVDVUHODFLRQDGDVFRQ'LRV\QRFRQODVUHODWLYDVDHVWDWLHUUDFI
&RO(VWDH[SHULHQFLDFRQILJXUDXQDPDQHUDGHVHU\GHSHQVDUTXHQRVGDVHJXULGDG6LHVWDPRV
RFXSDGRVSRUODVFRVDVGHDUULEDHVWDUHPRVYLYLHQGRHOUHWRUQRGH-HVXFULVWRSRUDQWLFLSDFLRQ$XQTXH
VLJDPRVH[LVWLHQGRHQHVWDWLHUUDHOKHFKRGHTXHQRQRVSUHRFXSHODPXQGDQDOLGDGGHHOODFID-Q
-QHVXQDHYLGHQFLDGHHVWDURFXSDGRHQODVFRVDVGHDUULEDVLHQGRQXHYDV
FULDWXUDVKDELHQGRDEDQGRQDGRODVYLHMDVFID&RU7RGRHVRQRVKDFHSHQVDUTXHQXHVWUDYLGD
UHSUHVHQWDGDHQXQDFRQGXFWD\XQDFLHUWDPDQHUDGHSHQVDUTXHODFUHHQFLDHQOD3DODEUDGH-HVXFULVWR
OOHQDGHO(VSLULWX6DQWRUHVXOWDHQSULQFLSLRVFRQYDOLGH]HWHUQDFI-QHVWDHVFRQGLGDFRQ&ULVWR
HQ'LRV&RO\TXHFXDQGR&ULVWRVHPDQLILHVWHHQVX6HJXQGD9HQLGDWDPELHQQRVRWURVVHUHPRV
PDQLIHVWDGRVFRQHOHQJORULD&RO
7RGRHVWRPHKDFHYLYLUHOUHWRUQRGH-HVXFULVWR\DDKRUDFRPRVLSXGLHUDDFRQWHFHUHQFXDOTXLHU
PRPHQWR3RUXQODGRYLYRXQDYLGDDXWHQWLFDHQORUHIHUHQWHDOKDEHUDFHSWDGRD-HVXFULVWR\SRURWUD
SDUWHHVRHVXQYHKLFXORTXHPHWUDQVSRUWDDOD6HJXQGD9HQLGDGH-HVXFULVWRTXHVHPHKDFH
FRQWLQXDPHQWHSUHVHQWHSRUFXDQWRPLYLYHQFLDHVXQDSUHSDUDFLRQFRQVWDQWHTXHWLHQHFRPRREMHWLYRHVD
6HJXQGD9HQLGD
(VHYLGHQWHTXHODH[SHULHQFLDGHKDEHUQDFLGRGHDUULEDFRQWRGRORTXHLPSOLFDHVWDXQLGDDXQD
YLYHQFLDFRQ-HVXFULVWRHQODTXHWLHQHQFDELGDWRGDVODVSURPHVDVODGHOD6HJXQGD9HQLGD\ODGHOD
UHVXUUHFFLRQ
4XH"FRPRYLYR\RHOUHWRUQRGH-HVXFULVWR"'HDFXHUGRDFRPRORHQVHQD-HVXFULVWR\DFRPROR
YLYLHURQRWURVFULVWLDQRVDQWHVTXH\R
&RPRPHHQVHQD-HVXFULVWR/DSUHSDUDFLRQ\HOYHODUORUHODFLRQDFRQVX6HJXQGD9HQLGD0W
FIVV"SRUTXH"
/DLGHDTXHORVWH[WRVQRVSUHVHQWDQHVTXHWRGRVORVFULVWLDQRVGHWRGDVODVHSRFDVGHEHQGHHVWDU
YHODQGRFRQVWDQWHPHQWHSRUFXDQWRQRVHVDEHQLHOGLDQLODKRUDGHVXYHQLGDFI0W1RWHVH
ELHQTXHODSDUDERODGHODVYLUJHQHVYDGLULJLGDHQSULPHUOXJDUDORVDSRVWROHVTXHOHHVWDQ
>@
HVFXFKDQGR /DSDUDERODWLHQHHQFXHQWDWUHVFLUFXQVWDQFLDV/DYLGD\PXHUWHSDUWLFXODUGHFDGD
XQR/DJHQHUDFLRQGHFULVWLDQRVPDUFDGDSRUXQDHSRFDGHWHUPLQDGDHOPRPHQWRKLVWRULFRGH
DTXHOORVTXHHVWDUDYLYRVFXDQGR&ULVWRYHQJD(QHIHFWRHQFDGDJHQHUDFLRQGHFULVWLDQRVVHKDGHGDU
HOFXDGURUHSUHVHQWDGRGHODSDUDERODGHODVYLUJHQHV'DGDVODVFDUDFWHULVWLFDVGHOWLHPSROLPLWDGRGH
FDGDFULVWLDQR\GHFDGDJHQHUDFLRQWRGDJHQHUDFLRQGHFULVWLDQRVGHFXDOTXLHUHSRFDYLYHVXJHQHUDFLRQ
FRPRVLIXHUDODXOWLPD6HWUDWDGHXQIHQRPHQRXQLFRHQODKLVWRULDHOWLHPSRVHFRPSULPHSDUD
DTXHOORVTXHYLYHQFRQDXWHQWLFLGDGODYHUGDGTXH-HVXFULVWROHVKDHQVHQDGR&ROFI-Q

>@
(OFULVWLDQRGHFDGDJHQHUDFLRQDGHPDVGHYLYLULQPHUVRGHQWURGHOSHULRGRGHODVERGDV VHKD
GHSUHSDUDUGHDFXHUGRDORVFRQWHQLGRVGHODSDUDERODGHODVYLUJHQHVFRPRVL-HVXFULVWRIXHVHDYHQLU
HQVXJHQHUDFLRQ3HUR"FRPRHVSRVLEOHHVR"'RVDVSHFWRVVHKDQGHWHQHUHQFXHQWDODSULPHUDYHQLGD
GH-HVXFULVWRSRVHHXQDWUDVFHQGHQFLDWDOTXHQRSXHGHGHVOLJDUVHGHVX6HJXQGD9HQLGD(VWRSHUPLWHD
ODPHQWHJR]DUVHHQORVGRVSXQWRVGHUHIHUHQFLDSRUORVTXHJLUDWRGDODKLVWRULDGHOFUH\HQWH(OWLHPSR
TXHVHSDUDDODXQDGHODRWUDHVWDOOHQDGRSRUODHVSHUDQ]D\HODQKHORVXVFLWDGRV<HVWRQRFRQRFH
WLHPSR(OIXWXURVHKDFHSUHVHQWHHQODPHQWHGHOFULVWLDQR$XQTXHHVFRQVFLHQWHVLKDWRPDGREXHQD
QRWDGHODQDWXUDOH]D\FDUDFWHULVWLFDVGHODSURIHFLDDSRFDOLSWLFDTXHSXGLHUDSURORQJDUVHHOWLHPSRPDV
DOODGHVXH[LVWHQFLDWHUUHQDHOQRSXHGHSUHVFLQGLUGHFRPELQDU\IXQGLUHVRVGRVH[WUHPRV(ORWUR
DVSHFWRHVWDXQLGRDODQWHULRUHOFUH\HQWHTXHYLYHDVLODGLPHQVLRQGHODSULPHUDYHQLGDYLQFXODGDDOD
VHJXQGDYHOD\VHSUHSDUDDXQTXHODPXHUWHOHSXGLHUDDFRQWHFHU(OVDEHTXHODVHJXQGDYHQLGDGH
-HVXFULVWRQRSXHGHLUPDVDOODGHOWLHPSRHQTXHHVFRQVFLHQWHGHVXH[LVWHQFLD$OPRULU\DQRKD\
WLHPSRQLHVSDFLRTXHUHFRUUHU(OVLJXLHQWHVXFHVRKLVWRULFRGHVSXHVGHPRULUHVODUHVXUUHFFLRQHQ
RFDVLRQGHODVHJXQGDYHQLGDGH-HVXFULVWR'HDKLTXHGHFXDOTXLHUIRUPD\HQFXDOTXLHUHSRFDKD\TXH
YLYLUODJHQHUDFLRQGHFDGDXQRFRPRVL-HVXFULVWRIXHUDDYHQLU\DDKRUDSXHVWRTXHODPXHUWHSXHGH
SUHVHQWDUVHHQFXDOTXLHUPRPHQWRGHPRGRLQHVSHUDGR8QDYH]OOHJDGDHVWDORVLJXLHQWHHVOD
UHVXUUHFFLRQFRQOD6HJXQGD9HQLGD(OFULVWLDQRKDGHVDEHUHVWR\KDGHYLYLUVXFULVWLDQLVPRGH
DFXHUGRDXQDYLYHQFLDTXHVHODSURSRUFLRQDODFUHHQFLD\H[SHULHQFLDHQODSULPHUDYHQLGDGH
-HVXFULVWRXQLGDLQVHSDUDEOHPHQWHDOD6HJXQGD9HQLGD/DSDUDERODGHODVYLUJHQHVFRQUHODFLRQDHVWH
FRQWH[WRYLHQHDGHFLUQRVHVDVVHQDOHVTXHKDEHLVHVFXFKDGRSUHYLDPHQWHFI0WQRVHVDEH
FXDQGRVHFXPSOLUDQSOHQDPHQWHSRUORWDQWRYHODG"SRUTXH"3RUTXHGHDFXHUGRDORTXHRVHVWR\
GLFLHQGRDKRUDFRQODSDUDERODGHODVYLUJHQHVRELHQYXHVWUDYLGDWHUUHQDHVWDUDOLPLWDGDSRUODPXHUWH
TXHSXHGHVXFHGHURVHQFXDOTXLHUPRPHQWR\HQWRQFHVODPXHUWHSDUDOL]DDOWLHPSR\DODFRQVFLHQFLD
LQWURGXFLHQGRODHQHOHVSDFLRLQWHPSRUDO\VLQTXHHOWLHPSRWUDQVFXUUDYROYHUDODH[LVWHQFLDHQRFDVLRQ
GHOD6HJXQGD9HQLGDRELHQVHUGHORVTXHHVWDUDQYLYRVFXDQGR&ULVWRYXHOYH\HQWRQFHVVLQSDVDUSRU
ODPXHUWHVHUWUDQVIRUPDGR\WUDVODGDGRMXQWRDORVTXHUHVXFLWDQHQHOXOWLPRGLDFI-Q
(OYHODUODSUHSDUDFLRQHVLPSUHVFLQGLEOH(VHYLGHQWHTXHHVWDPDQHUDFRQTXH-HVXFULVWR
FRQFLEHODH[SHULHQFLDSURIHWLFDHQVXPD[LPRH[SRQHQWHODGHODDSDULFLRQGHO0HVLDV\VXFRQVHFXHQWH
UHWRUQRLPSLGHODHVSHFXODFLRQ\HOVHQVDFLRQDOLVPRVREUHXQDIHFKDFHUUDGDRDSUR[LPDGDGHOILQGHO
PXQGRRVREUHODLOXVLRQGHTXHODVLQWHUSUHWDFLRQHVGRQGHVHLQYROXFUDQSHULRGRVFURQRORJLFRVTXHQRV
OOHYDULDQVHJXQFLHUWRSHQVDUDHVDIHFKDFHUUDGDRDSUR[LPDGDVHWUDWDULDVLHPSUHGHXQDKLSRWHVLV
HUUDGD/DLQPLQHQFLDGHOUHWRUQRGH-HVXFULVWRVHHQFXHQWUDHQQXHVWUDYLYHQFLDGHODVHJXQGDYHQLGD
EDVDGDHQHOVLJQLILFDGRGHODSULPHUD
/DH[SHULHQFLDGHODSDUDERODGHODVYLUJHQHVVXJLHUHGLVWLQWRVPRPHQWRV\DFWLWXGHVHQODYLGDGH
DTXHORDTXHOODDOTXHYDGLULJLGRHOPHQVDMH/DDFWLWXGGHWRPDUODVODPSDUDVFRQVXILFLHQWHDFHLWH
0WVXJLHUHWHQHUOX]FRQRFLPLHQWRGHODSDODEUDGH'LRVFI6DO3URY
JUDFLDVDTXHFRQHOFRPEXVWLEOHRDFHLWHVHSXHGHHIHFWXDUODODERUGHO(VSLULWX6DQWR-QFI$S
-Q
(OWRPDUODVODPSDUDVHVKDFHUXVRGHOFRQRFLPLHQWRELEOLFRLQWHJUDGRSRUHO(VSLULWX6DQWRDILQGH
VDOLUDUHFLELUDOHVSRVR"<TXHHVHVHVDOLUDUHFLELUHOHVSRVR"6HWUDWDULDGHXQFRQRFLPLHQWRGH'LRV
FI-Q\GHORVSULQFLSLRVGHO5HLQRGH'LRVGHO*RELHUQRGH'LRVGHODLGHRORJLDGLYLQD0W
TXHOHOOHYDDVDOLUDUHFLELUDOHVSRVRDPDQWHQHUXQDSUHSDUDFLRQDYLYLUSHUPDQHQWHPHQWHXQ
HQFXHQWURHVSLULWXDOFRQHOHVSRVRGHXQDH[SHULHQFLDSURIXQGDTXHKDFHLGHQWLILFDUWHFRQHOHVSRVR
HVVDOLUDOHQFXHQWURGHODPDQHUDTXHSLHQVDHOHVSRVRHVGHMDUWRGRSDUDVHUH[FOXVLYDPHQWHGHO
HVSRVR
/DSUXGHQFLDVHFRQILJXUDSRUORTXHWHSURYHHODODPSDUDHQFHQGLGDSRUHOFRPEXVWLEOH(QHIHFWR
DSDUHFHHOTXHUHUFRQRFHUOD3DODEUDGH'LRV\HO5HLQRGH'LRVFXDQGRVHDFHSWDODLQLFLDWLYDGLYLQD
PHGLDQWHHO(VSLULWX6DQWR(VHDFHSWDUUHTXLHUHXQDFWRYROLWLYRTXHVHHQJHQGUDHQHVDGLUHFFLRQ
FXDQGRQRVHUHFKD]DHVH(VSLULWX6DQWR\HOQRUHKXVDUORUHVXOWDHQXQGLVFHUQLPLHQWR\HQOD
FRQILJXUDFLRQGHODSUXGHQFLD/DFDSDFLGDGGHFRQVHQWLURUHSHOHUODSRVHHPRVWRGRVORVVHUHV
KXPDQRVFRQORTXHVHGHFLGHHOTXHHOVXILFLHQWHDFHLWHSXHGDJHQHUDUXQDODPSDUDRSDODEUDSRGHURVD
GHXWLOLGDGSDUDHOFUH\HQWH(O(VSLULWX6DQWRWHSURYHHODODPSDUDTXHFRQILJXUDODSUXGHQFLD
>@
/DSUXGHQFLDLPSOLFDODSRVLELOLGDGGHODUHIOH[LRQ\GLVFHUQLPLHQWRGHODIHFRPRFRQVHFXHQFLDGH
WHQHUDO(VSLULWX6DQWRGHKDEHUQDFLGRGHDUULEDRGHQXHYR(O(VSLULWX6DQWROHVSRVH\RDILQGH
GHMDUVHJXLDUSRUHO-QDILQGHWHQHUXQHQFXHQWURSHUPDQHQWHFRQHOHVSRVR
/DPHQWDEOHPHQWHVHJXQODSDUDERODWDPELHQVHGDRWURFROHFWLYRTXHVHOHVLGHQWLILFDFRPRVLHQGR
>@
LQVHQVDWDV FRPRWRPDQGRODVODPSDUDVSHURVLQVXILFLHQWHDFHLWH4XHHVWDQWRFRPRGHFLU
TXHQRSRVHHQHO(VSLULWX6DQWRQRKDQQDFLGRGHQXHYRQRSRVHHQSRGHUWUDQVIRUPDGRUQLHVWDEDQ
FDSDFLWDGDVSDUDGLVFHUQLUOREXHQRGHORPDOR<SRUORWDQWRODH[SHULHQFLDGHSUHSDUDFLRQ\FRQHO
HVSRVRKDVLGRGHILFLHQWHHLQVXILFLHQWH
3HURQRWHVHELHQODHVWUXFWXUDKHEUHDGHODSDUDERODHQVHQRVRIUHFHGHPRGRJOREDOXQDHVFHQD
TXHVHKDGHFXPSOLUDSDUWLUGHFRQWRGDXQDVHULHGHGHVHQODFHVPRWLYDGRVSRUORTXHVHQRV
>@
H[SOLFDHQWUH 7DQWRODVSUXGHQWHVFRPRODVLQVHQVDWDVVHGXHUPHQ6HWUDWDGHXQD
VLWXDFLRQTXHVHH[SUHVDVLPEROLFDPHQWHWUDQVPLWLHQGRVHXQDFRQGLFLRQGHDFWLYLGDGUHGXFLGDQR
FXPSOLHQGRVHORTXHLPSOLFDKDFHUXQXVRGHOFRQRFLPLHQWRGHODSDODEUD<SRUORWDQWRHVHVDOLUD
UHFLELUHOHVSRVRHVHOOHYDUDFDERXQSHUPDQHQWHHQFXHQWURFRQHOHVSRVRQRORFXPSOHQQLODV
SUXGHQWHVQLODVLQVHQVDWDV<HQWDOFDVRVHFRQILJXUDODWDUGDQ]DGHOHVSRVR0W(VHWDUGDUVHHO
HVSRVRQRSURYLHQHGHOHVSRVRVLQRGHODDFWLWXGGHHVSHUDLUUHVSRQVDEOH/DH[SHULHQFLDGHWDUGDQ]DOD
FRQILJXUDQDPEDVWDQWRODVSUXGHQWHVFRPRODVLQVHQVDWDVHVDH[SHULHQFLDHVSLULWXDOFRQHOHVSRVR
HVDYLYHQFLDGHORTXHVLJQLILFDHOHVSRVRGHVGHVXSHUVSHFWLYDGHODSULPHUD9HQLGDKDVWDOD6HJXQGD
9HQLGDQRKDVLGRPDQWHQLGDQRKDVLGRUHDOL]DGD
<"SRUTXH"3RUTXHKDVLGRGLVPLQXLGRUHGXFLGRHOFRQRFLPLHQWRGHODSDODEUD\FRQILJXUDOD
H[SHULHQFLDGHWDUGDQ]D\VRPQROHQFLDGHDFWLYLGDGUHGXFLGDQRVHKDQWRPDGRODVODPSDUDVQRVH
KDKHFKRXVRGHOFRQRFLPLHQWR6HQRVHVWDTXHULHQGRGHFLUTXHQRKDKDELGRXVRGHODODPSDUDTXHQR
KDKDELGRXQFRQRFLPLHQWRGHOD3DODEUDVXILFLHQWHPHQWHSHUPDQHQWHFRPRSDUDVDOLUDOHQFXHQWURGHO
HVSRVR\H[SHULPHQWDUSOHQD\DGHFXDGDPHQWHHQHVHHQFXHQWURODLGHQWLGDGFRQODPDQHUDGHSHQVDU\
GHVHUGHOHVSRVR
6HQRVDGYLHUWHSRUSDUWHGH-HVXVPLVPRTXHHQODH[SHULHQFLDH[LVWHQFLDOGHODIHYDDKDEHUXQ
HVWDQFDPLHQWRWDQWRGHODVSUXGHQWHVFRPRGHODVLQVHQVDWDV4XHODH[SHULHQFLDGHODFULVLVVHLQVFULEH
SDUDFDGDJHQHUDFLRQGHFULVWLDQRVDSHVDUGHODSUXGHQFLD\GHOSRVLEOHGLVFHUQLPLHQWRHVSLULWXDOFRQ
TXHHODFHLWHSXHGHSURYHHUOHV
/DGLIHUHQFLDHQWUHODSUXGHQFLD\ODLQVHQVDWH]LQGHSHQGLHQWHPHQWHGHOYDORUGHORV
FRQWHQLGRVTXHVLJQLILFDQODVSDODEUDVHVWDHQTXHXQDVVHKDQSURYHLGRGHDFHLWHGH(VSLULWX6DQWR\
ODVRWUDVQR
/DSDUDERODQRVGHVFULEHGHTXHHQODYLGDGHORVFULVWLDQRVGHFXDOTXLHUHSRFD\HQODSURSLDGHXQR
VHGDWDPELHQXQGRUPLUVH\XQGHVSHUWDU/DWDUGDQ]DGHOHVSRVRFRQILJXUDGDSRUODDFWLWXGLUUHVSRQVDEOH
GHODVYLUJHQHV0WOHVOOHYDDWRGDVSUXGHQWHVHLQVHQVDWDVDGRUPLUVH
3RUXQODGRODUHDOLGDGGHODSDUDERODWHHQVHQDTXHGHEHVYHODU\SRURWUDFRQVWDWDTXHWHGXHUPHV"
FRPRFRPSDWLELOL]DUHOYHODUFRQHOGRUPLUWH"6LHOGRUPLUWHKD\TXHHQWHQGHUORHQVHQWLGRILJXUDGRHO
YHODUKDEUDTXHKDFHUORWDPELHQ
&XDQGRXQDSHUVRQDHVWDGRUPLGDODLQDFWLYLGDGVHGDRODDFWLYLGDGFRQVFLHQWHHVWDFRPRSDUDOL]DGD
$OWUDVODGDUHVWRDOVHQWLGRILJXUDGRTXHODSDUDERODQRVH[LJHVHQRVTXLHUHGHFLUTXHODDSOLFDFLRQR
SUR\HFFLRQGHORTXHVXSRQHODSUHSDUDFLRQGHXQRPLVPRHQVXYLGDHVSLULWXDO\KDFLDORVGHPDVVHKD
UHGXFLGRHVWDFRPRGRUPLGD/DVDOLGDDOHQFXHQWURGHOHVSRVRTXHVXSRQHXQDH[LVWHQFLDHVSLULWXDO\
XQDUHODFLRQLGRQHDFRQHOHVSRVRQRKDFXOPLQDGRVHKDGHMDGRGHREUDUHVSLULWXDOPHQWHFRQHO
HVSRVR<HVWRVHWUDGXFHHQVXHQR/DQDWXUDOH]DGHOVXHQRGHODVSUXGHQWHVHQFRPSDUDFLRQDODV
LQVHQVDWDVWLHQHXQPDWL]GLIHUHQFLDOODVXQDVWLHQHQDFHLWHVXILFLHQWHFRPEXVWLEOH(VSLULWX6DQWRODV
RWUDVQRKDQGHVDUUROODGRDEXUULPLHQWRHVSLULWXDO\YLWDO
(OVXHQRUHSUHVHQWDXQDDFWLYLGDGUHGXFLGDUHVSHFWRDKDFHUXVRGHOFRQRFLPLHQWRGHOD3DODEUD1RVH
OHKDFHFDVRDOD3DODEUD\SRUORWDQWRQRVHODXVDHQVXUHODFLRQFRQHOHVSRVR(QODPHWDIRUDGHO
VXHQRDSDUHFHHOVHQWLGRGHODPXHUWHFI-Q<-HVXVQRVGHILQHODPXHUWHHVSLULWXDOFRPRXQ
HVWDGRGHQRFUHHUHQODSDODEUDQLFRQRFHUODFI-Q(VDHVODFRQGLFLRQGHODVLQVHQVDWDV
HOGHXQVXHQRPX\SUR[LPRDODPXHUWHHVSLULWXDOQRWLHQHQVXILFLHQWH(VSLULWX6DQWR\SRUORWDQWRQR
KDQKHFKRXQDH[SHULHQFLDFODUDGHFUHHQFLD\PHQRVGHSHUPDQHQFLD(QHOFDVRGHODVSUXGHQWHVVL
ELHQKDQOOHJDGRDOVRSRUGHOVXHQR\SRUORWDQWRQRSHUPDQHFHQHQODSDODEUDGXUDQWHHOWLHPSRGHVX
FULVLVSHUVRQDOFUHHQ3HURHVSUHFLVRTXHOOHJXHQDHVWDUSOHQDPHQWHYLYDVQRGRUPLGDV(VWDUYLYROR
GHILQH-HVXVHQ-XDQDGHPDVGHFUHHUHVQHFHVDULRSHUPDQHFHUHQOD3DODEUDWRPDUOD
>@
ODPSDUDFI0WKDFHUXVRGHOFRQRFLPLHQWRGHOD3DODEUD
$SHVDUGHHVWHUHVXOWDGRFLUFXQVWDQFLDOVHPHMDQWHHOGRUPLUVHDPEDVHOYHODUFRQVLGHUDQGRORHQ
VHQWLGRILJXUDGRVHVLJXHHIHFWXDQGRHQHOFDVRGHODVSUXGHQWHVSXHVWRTXHODFRPXQLFDELOLGDG\
UHODFLRQFRQHODFHLWHQRVHLQWHUUXPSHFRQHOVXHQR(O(VSLULWX6DQWROHVVLJXHSURWHJLHQGRPLHQWUDV
GXHUPHQ$VXQWRTXHQRVXFHGHFRQODVLQVHQVDWDV\DTXHDOQRKDEHUKDELGRH[SHULHQFLDFRQHO(VSLULWX
6DQWRDOQRKDEHUWHQLGRDFHLWHQRHVWDQSURWHJLGDV
/DUHGXFFLRQGHODDFWLYLGDGGDGDVODVFDUDFWHULVWLFDVGHODWDUGDQ]DQRKDLPSHGLGRDODVSUXGHQWHV
VHJXLUFRQHODQDOLVLVGHOD3DODEUD3URIHWLFD'HDKLTXHVHOHVKDJDDXGLEOHHOFODPRUGHOD3DODEUDHQ
FXDQWRDFRPRSXHGHQH[SHULPHQWDUODFHUFDQLDGHOHVSRVR\ODQHFHVLGDGGHUHFLELUOR0W
&RPSUREDUHLVODH[SHULHQFLDGHOGRUPLUVLPEROLFR\XQLFDPHQWHFRQODH[SHULHQFLDGHOGHVSHUWDUTXH
UHVXOWDGHRLUHOFODPRU KDFHUFDVRDOD3DODEUDOOHJDUHLVDKDFHUXVRGHOFRQRFLPLHQWRGHOD3DODEUD
H[SHULPHQWDUHLVODQHFHVLGDGGHVDOLUDUHFLELUDOHVSRVR VDOLUDOHQFXHQWURGHODPDQHUDGHSHQVDU
GHOHVSRVRTXHUHUYLYLUSHUPDQHQWHPHQWHXQHQFXHQWURHVSLULWXDOFRQHOHVSRVR
"<TXHVXSRQHHVR"
+DFHUFDVRGHOD3DODEUD\KDFHUXVRGHHOODSHUPDQHQWHPHQWHOOHJDUDKDFHUFDVRGHOD3DODEUDDSOLFDQGRODFRQYHQLHQWHPHQWHHQODYLGD
SHUVRQDO9LYLUSRUIHORPDVLQWHQVDPHQWHSRVLEOHHOLWLQHUDULRHVSLULWXDOGHODV%RGDV
(OFODPRUGHOD3DODEUDSSVHKDFHWDQDXGLEOHHOFRQWHQLGRGHOD3DODEUDOOHJDDVHUWDQ
FODUR\QHFHVDULRTXHORVTXHWLHQHQODVHQVDWH]GHO(VSLULWX6DQWRORVTXHVHKDELDQSURYLVWRGH
VXILFLHQWHDFHLWH\QRTXLHUHQFRQGXFLUVXYHKLFXORGHODYLGDEDMRORVHIHFWRVGHOFDQVDQFLR\GHOVXHQR
VHOHVKDFHSURYRFDUXQGHVSHUWDUXQUHDYLYDPLHQWR1RVHWUDWDGHODVHJXQGDYHQLGDGH-HVXFULVWRVH
KDGHFXPSOLUHQWRGDVODVHSRFDVLQFOX\HQGRFODURHVWDODJHQHUDFLRQXOWLPDTXHHVWDUDYLYDFXDQGR
&ULVWRYHQJD<HQWRGDVODVHSRFDVWDQWRFROHFWLYDFRPRSHUVRQDOPHQWHVHQRVLQVWDDGHVSHUWDUSRUOD
SUR[LPLGDGGHODPXHUWHDQLYHOSHUVRQDORGHOFROHFWLYRJHQHUDFLRQDOORFXDOVXSRQHODSUR[LPLGDGGH
OD6HJXQGD9HQLGDHVWDVHSURGXFLULDWUDVPRULUHQRFDVLRQGHODUHVXUUHFFLRQ2VLVHWUDWDVHGHOD
JHQHUDFLRQGHORVTXHHVWDUDQYLYRVFXDQGR&ULVWRKDGHYHQLUVHUHFODPDLJXDOPHQWHXQGHVSHUWDU
XUJHQWH(VHUHDYLYDPLHQWRRGHVSHUWDUHVWDPDUFDGRSRUHOFODPRU\VXFRQWHQLGR9LHQHHOHVSRVR
>@
6DOLGDUHFLELUOH(VHVDOLUDUHFLELUOHFRQVLVWHHQXQDUHQRYDFLRQGHXQDH[SHULHQFLDSURIXQGD
VREUHHOHVSRVRWUDVODSUXHEDGHOVXHQR(OVXHQROHVKDELDLQWURGXFLGRHQXQFLHUWRVRSRUHVSLULWXDO
HYLGHQFLDFODUDGHVXFRQGLFLRQGHQRKDEHUKHFKRFDVRDOD3DODEUD\GHQRKDEHUSHUPDQHFLGRHQHOOD
 /RTXHVHSUHWHQGHHQODSDUDERODHVUHIOHMDUGHTXHHQFDGDJHQHUDFLRQ\HQFDGDSHUVRQDTXHVH
FRQVLGHUDFULVWLDQDHQSDUWLFXODUVLVHTXLHUHYLYLUODH[SHULHQFLDGHVDOLUDUHFLELUHOHVSRVRKDGHVHU
WRPDQGRHQVHULRORTXHLPSOLFDWRPDUODODPSDUD<TXHWHQLHQGRHQFXHQWDORTXH-HVXVFRPRSURIHWD
FRQRFHQRVDGYLHUWHGHODFRQGLFLRQGHFULVLVTXHVHYDDH[SHULPHQWDUHQFDGDH[LVWHQFLDJHQHUDFLRQDO\
SHUVRQDO<TXHXQLFDPHQWHVXSHUDUDQODFULVLVORVTXHVHKD\DQSURYLVWRGHVXILFLHQWHFRPEXVWLEOH
(QVHQRVLQGLFDEDTXHHOUHLQRGHORVFLHORVLEDDVHUVHPHMDQWHDGLH]YLUJHQHVTXHWRPDQGRVXV
ODPSDUDVVDOLHURQDUHFLELUDOHVSRVR(VHDFWRGHVDOLUDUHFLELUDOHVSRVRHVXQDHVFHQDHVWDWLFDTXHVH
SHUSHWXDGXUDQWHWRGDODGLVSHQVDFLRQFULVWLDQD(QVHQRVUHYHODODVLWXDFLRQ\FRQGLFLRQGHHVDV
YLUJHQHVFXDQGRHQOXJDUGHYLYLUODH[SHULHQFLDGHORTXHVLJQLILFDVDOLUDUHFLELUDOHVSRVR
FRQILJXUDQSRUVXHVWDGRFRQWLQXRGHFDEHFHDU\GHOOHJDUDOVXHQRODFRQGLFLRQGHWDUGDQ]D6H
QRVGHVFXEUHWDPELHQODH[LVWHQFLDGHGRVWLSRVGHYLUJHQHVODVTXHWLHQHQ\ODVTXHQRWLHQHQDFHLWH
'HILQLWLYDPHQWHHOVDOLUDUHFLELUDOHVSRVRVHFXPSOHGHVSXHVGHKDEHUFRQVWDWDGRHQOD
YLGDSHUVRQDO\JHQHUDFLRQDOTXHODH[SHULHQFLDGHKDEHUFUHLGRHQOD3DODEUDQRVXSRQHQHFHVDULDPHQWH
KDFHUOHFDVRQLSHUPDQHFHUHQHOODDGHPDVGHKDEHUYLYLGRODH[SHULHQFLDGHOVXHQR\GHKDEHUVH
SUHVWDGRDWHQFLRQDOFODPRUGHOD3DODEUDTXHVLPXOWDQHDPHQWHOHVGHVSLHUWD/HVGHVSLHUWDHO
FODPRUGHOD3DODEUDLQWHJUDGDSRUHODFHLWHR(VSLULWX6DQWR(VHKDEHUVHSURYLVWRGHVXILFLHQWHDFHLWH
OHVKDSHUPLWLGRDJXDQWDUODFDEH]DGD<DKRUDDQWHHOFODPRUVHOHYDQWDQ\DUUHJODQODVODPSDUDV$QWH
ODH[FODPDFLRQGHTXHHOHVSRVRYLHQHSSDQWHHOGHVFXEULPLHQWRHQOD3DODEUDGHORTXHLPSOLFD
\VLJQLILFDHOHVSRVRYLHQHDQWHHOFRQWHQLGRHQIRUPDGHH[FODPDFLRQGHTXHODPDQHUDGHSHQVDU\
GHVHUGHOHVSRVRGHEHGHVHUDVXPLGRSRUHOODV\GHHVHPRGRUHFLELUOHXSVHOHYDQWDQ\
DUUHJODQODVODPSDUDV0WUHFRPSRQHQHOFRQRFLPLHQWRGHOD3DODEUDGH'LRVGHDFXHUGRD
YLYLUDODPDQHUD\DOSHQVDUGHOHVSRVR/OHYDQGROHVDODFHUWLWXGTXHVHDSRUODPXHUWHTXHOHVSXHGH
DFRQWHFHUHQFXDOTXLHUPRPHQWRRVHDSRUTXHYLYDQHQHOFXPSOLPLHQWRGHWRGDVODVVHQDOHVSUHYLDVDO
UHWRUQRGH-HVXFULVWRKDQGHSUHSDUDUVHDQWHODYHQLGDSHUPDQHQWHGHOHVSRVRUHFLELHQGROR
HVSLULWXDOPHQWHVDOLHQGRDOHQFXHQWURGHODPDQHUDGHSHQVDUGHOHVSRVRLGHQWLILFDQGRVHFRQORV
SULQFLSLRVGHO5HLQRGH'LRVFRQTXHVHUHFRQRFHODLGHRORJLDGHOHVSRVR6LVHREVHUYDFRPSDUDQGR
FRQKD\XQDGLIHUHQFLDH[LVWHQFLDO\WHPSRUDO\XQDPDWL]DFLRQGHFRQWHQLGR(QHOYVH
RPLWHORGHODYHQLGDGHOHVSRVRHQHOYVHKDEODGHODYHQLGDGHOHVSRVR/DH[SHULHQFLDGHVDOLUDO
HVSRVRHVODPLVPD(QHOYVHWUDWDGHXQDUHFXSHUDFLRQGHORVYDORUHVHVSLULWXDOHVTXHVXSRQHYLYLU
FRQVWDQWHPHQWHHQXQHQFXHQWURFRQWLQXRSOHQR\SURIXQGRFRQHOHVSRVR\TXHHOVXHQRKDELDPLWLJDGR
/DSDUDERODHVH[WUDRUGLQDULDQRVDGYLHUWHGHODH[SHULHQFLDGHOFUH\HQWH\GHVXFRQGLFLRQHQVX
HVWDQFLDHQHVWDWLHUUD\HQVXUHODFLRQFRQ'LRV\HQVXSUHSDUDFLRQSDUDXQHQFXHQWURGHILQLWLYRFRQVX
'LRV(OFRPRODH[LVWHQFLDQRVSXHGHKDFHUYLYLUXQFLHUWRDJRWDPLHQWRHVSLULWXDOTXHDXQTXHQR
LPSOLFDODSHUGLGDGHODIHOHUHGXFHDXQHVWDGRGHVRPQROHQFLDHVSLULWXDO3HURHQHVDPLVPDELRJUDILD
VHH[SHULPHQWDHOGHVSHUWDUKDELHQGRXQDFODULILFDFLRQGHOFRQRFLPLHQWRGHODYHUGDG\XQDQXHYD
YLYHQFLDFRQ&ULVWRGHDFXHUGRDOHVSLULWXTXH3DEORQRVHQVHQDEDHQ&RORVHQVHV
/DVLQVHQVDWDVVHGHVSLHUWDQSRUTXHODYR]FRPSXHVWDGHODVSDODEUDVGHTXHHOHVSRVRYLHQHHV
VXILFLHQWHHOHYDGD3HURKD\XQDGLIHUHQFLDHVHQFLDOQRFXDMDHOGHVSHUWDUHQXQDUHQRYDFLRQGHODYLGD
HVSLULWXDOHQXQDXWHQWLFRUHDYLYDPLHQWRQLHQXQDH[SHULHQFLDHVSLULWXDOFRQHOHVSRVR<"SRUTXH"
3RUTXHQRKLFLHURQSURYLVLRQGH(VSLULWX6DQWR1RGDEDQLPSRUWDQFLDDODQHFHVLGDGGHO(VSLULWX6DQWR
QRXWLOL]DEDQHOFDQDOGHODRUDFLRQSDUDSHGLUHO(VSLULWX6DQWR6XH[LVWHQFLDHVWDEDPRGHODGDSRUOD
PXQGDQDOLGDGRSRUODLQGLIHUHQFLD/DVLQVHQVDWDVTXHVHKDQOHYDQWDGRSRUHOUXLGRVHTXHGDQ
HVWXSHIDFWDVGHORTXHGLFHQ\DSUHFLDQODVSUXGHQWHV(OODVODVLQVHQVDWDVFRPSUXHEDQTXHQR
FRPSUHQGHQGHOPLVPRPRGRORTXHODVSUXGHQWHVHVWDQWUDQVPLWLHQGRFRPRIUXWRGHOUHDYLYDPLHQWRTXH
HVWDQH[SHULPHQWDQGR\HQFXDQWRDODYHQLGDGHOHVSRVR<HQWRQFHVUHFODPDQDODVSUXGHQWHV
FRQRFLPLHQWRPHGLDQWHODSHWLFLRQGHFRPEXVWLEOHGHODFHLWHGHO(VSLULWX6DQWR0W/DV
SUXGHQWHVOHVFRPHQWDQTXHHODVXQWRGHO(VSLULWX6DQWRHVLQWUDQVIHULEOHTXHVHWUDWDGHDOJRSHUVRQDO
TXHHVSUHFLVRDFXGLUDORVTXHYHQGHQKD\TXHSHGLUD'LRVHQHOQRPEUHGH-HVXFULVWRKD\TXHDFXGLUD
ORVSURIHWDVDOD3DODEUD0WSHURHVSUHFLVRKDFHUORHQODFRQGLFLRQGHELGD&XDOTXLHUDSXHGH
WHQHUDFFHVRGHDFXHUGRDODVFRQGLFLRQHVTXHOD3DODEUDRIUHFH
3HURODWUDJHGLDVHFLHUQHVREUHODVYLUJHQHVLQVHQVDWDVODGXGDGDGRHOFRPSRUWDPLHQWRGHODV
LQVHQVDWDVKDKHFKRPHOOD\VHKDLQVWDODGRGHILQLWLYDPHQWHHQOXJDUGHPRWLYDUIH\HQJHQGUDXQD
LQFDSDFLGDGGHDFHSWDUODLQWHUSUHWDFLRQTXHODVSUXGHQWHVRULHQWDGDVSRUHODFHLWHRHO(VSLULWX6DQWROHV
RWRUJD/DVLQVHQVDWDVVHYDQQRVHVDEHDGRQGHSHURKD\TXHLPDJLQDUVHTXHDFLHUWRVPDHVWURVTXH
OHVLQWHUSUHWDQGHGLVWLQWRPRGRTXHODVYLUJHQHVSUXGHQWHV/DVLQVHQVDWDVYXHOYHQSHURPLHQWUDVHOODV
VHKDELDQLGRYLQRHOHVSRVR0W"4XHHVORTXHYLQR"(YLGHQWHPHQWHQRVHWUDWDGHODVHJXQGD
9HQLGDWRGDYLDVLQRYLQRODLGHQWLGDGODFHUWH]DODVHJXULGDGGHODVDOYDFLRQGHILQLWLYD\ODVTXH
HVWDEDQSUHSDUDGDVODVTXHVHKDELDQGHVSHUWDGRWHQLHQGRVXILFLHQWH(VSLULWX6DQWRHQFRQWUDURQHQOD
SDODEUDODPDQHUDGHKDFHUSHUPDQHQWHHVDUHODFLRQ\HQFXHQWURHVSLULWXDOFRQHO(VSRVR<HQWUDURQD
ODVERGDVHVHHQFXHQWURHVSLULWXDOFRQHO(VSRVRWUDGXFHHOKDEHUHQWUDGRDODVERGDVYLYLU\
FRPSUHQGHUHOLWLQHUDULRGHODVERGDVDVXQWRLPSUHVFLQGLEOHSDUDQRSHUSHWXDUVHHQHVWHPXQGR\
>@
KDFHUSHUPDQHQWHODSDODEUD\ODYRFDFLRQFHOHVWLDO-QFI <VHFHUUROD
SXHUWD/DGHOFRQRFLPLHQWRODGHODVDOYDFLRQODGHWHQHUHO(VSLULWX6DQWR6LHPSUHKD\XQDSXHUWD
DELHUWD\XQDFHUUDGDGHSHQGHGHODDFWLWXGSHUPDQHQWHGHUHFKD]RRGHDFHSWDFLRQTXHVHEORTXHDOD
SXHUWDRVHDEUH0W
'HVSXHVYLQLHURQODVRWUDVYLUJHQHVGLFLHQGR6HQRUVHQRUDEUHQRV0W
'LULJLHQGRVHHQHOPRPHQWRLQDGHFXDGR\PRWLYDGDVSRUHOPLHGRODVLPSUXGHQWHVYXHOYHQFRPR
LQVHQVDWDV+DKDELGRDOJRHQODSUHGLFDFLRQGHODVSUXGHQWHVTXHDKRUDORHQWLHQGHQQRWDQWRSRUORTXH
KDQDQDOL]DGRVLQRSRUTXHVHOHVHYLGHQFLDHQHOFXPSOLPLHQWRGHFLHUWDVVHQDOHV\H[SHULHQFLDV
SHUVRQDOHVORTXHODVSUXGHQWHVOHVGLMHURQ(VWHYROYHUQRVWUDGXFHHOGUDPDGHOUHVXOWDGRILQDOTXH
FRQWHPSODODLQVSLUDFLRQUHVSHFWRDWRGRVDTXHOORVTXHOHMRVGHYHODUSUHSDUDUVHFRQWLQXDPHQWH\GH
SURYHHUVHVXILFLHQWHDFHLWH(VSLULWX6DQWRVHKDQLGRDEXVFDUORTXHXQLFDPHQWHHQOD3DODEUDGH'LRV\
HQXQDH[SHULHQFLDFRQ-HVXFULVWRSXHGHQHQFRQWUDU6HHQJHQGUDURQILMDFLRQHVGHWDOFDOLEUHTXHOHVIXH
LPSRVLEOHGHVDUUDLJDUODVSRUFXDQWRPDQWXYLHURQSHUPDQHQWHPHQWHVXQHJDWLYDDSURYHHUVHGHDFHLWHGHO
PRGRTXHOD3DODEUDGH'LRVQRVLQGLFD(OHVSRVRKDELDOOHJDGRHOWLHPSRGHKDFHUHVDH[SHULHQFLD
HVSLULWXDOVHKDELDDFDEDGRSRUFXDQWRGXUDQWHWRGRHOWLHPSRTXHDFRQWHFLRODDXVHQFLDGHODVYLUJHQHV
LQVHQVDWDVKDELDLPSHGLGRHOHQFXHQWUROODYHXQLFDSDUDSRGHUDEULUODSXHUWD\HQWUDU$KRUD
SRGHPRVHQWHQGHUHOYLDMHGHODVLQVHQVDWDV1RVHWUDWDGHXQPDUFKDUVHDDOJXQDSDUWHJHRJUDILFDVLQRD
XQDSRVLFLRQLGHRORJLFD1RIXHURQDOD3DODEUDXQLFROXJDUGRQGHHVWDLQWHJUDGRHO(VSLULWX6DQWRQL
XVDURQODRUDFLRQSRUHO(VSLULWX6DQWRFRPRHYLGHQFLDGHVXQHFHVLGDG\GHVHRGHFRPSUHQGHUVLQRD
XQHVWDGRTXHFLHUUDODSXHUWDGHOFRQRFLPLHQWRGHODYHUGDG\GHODVDOYDFLRQ(OFHUUDUVHODSXHUWD
XSORSURGXFHODQDWXUDOH]DGHODFLUFXQVWDQFLDGHLUVHDFRPSUDUTXHODVLQVHQVDWDVKDQ
HVFRJLGRQRHO(VSRVR
$QWHODGLV\XQWLYDGHVHUFRQVFLHQWHVSRUFRPSDUDFLRQDODVSUXGHQWHVTXHFRQVLJXLHURQDEULUOD
SXHUWDGHTXHODSXHUWDODHVWDQFHUUDQGRHOODVFODPDQDO6HQRUDEUHQRV3HURODSHWLFLRQ
SRUTXHVHDEUDFI0WQRFRLQFLGHFRQODSUDFWLFDGHHOODVPLVPDVGHHVWDUFHUUDQGROD
/DUHVSXHVWDDODH[SHULHQFLDGHYLYLUFRQODSXHUWDFHUUDGD\DODLQVLVWHQFLDDOHVSRVRSDUDTXHOHV
DEUDHVQHJDWLYDSRUTXHHQUHDOLGDGQRTXLHUHQHQWUDU"<FRPRVHVDEHHVR""3RUTXHHOHVSRVROHV
QLHJDODHQWUDGD""'HTXHPDQHUDVHKDKHFKRSUHVHQWHHOHVSRVRFXDQGRWRGDYLDQRVHKDSURGXFLGROD
6HJXQGD9HQLGD"
 /DSDUDERODHVWDXVDQGRXQOHQJXDMHILFWLFLRSDUDHQVHQDUQRVYHUGDGHVHVSLULWXDOHV/DVYLUJHQHV
SUXGHQWHVHQWUDQDODVERGDVSRUODIHVLJXLHQGRORTXHVHHVWDUHDOL]DQGRHQHO6DQWXDULR&HOHVWLDO
(QWUDUDODVERGDVVLJQLILFDTXHHQXQPRPHQWRGHWHUPLQDGRGHODH[LVWHQFLD\HQFXDOTXLHUHSRFD'LRV
FRQVLGHUDTXHHVDVYLUJHQHVSUXGHQWHVKDQHQWUDGRHQHOHYDQJHOLRGHO5HLQRDFHSWDQGROR\YLYLHQGROR
JR]DQGRVHHQHODYDQFH\DSURSLDQGRVHSHUPDQHQWHPHQWHGHOFRQWLQXRPLQLVWHULRVDFHUGRWDOGH
-HVXFULVWR(OHVSRVRVHKDFHSUHVHQWHPHGLDQWHODLGHQWLILFDFLRQTXHODYLUJHQSUXGHQWHUHDOL]D
FRQVWDQWHPHQWHFRQODLGHRORJLDGHO5HLQRGH'LRVTXHSURPXHYHHOHVSRVR/DPDQHUDGHSHQVDU\GH
VHUGHOHVSRVRVHWUDVOXFHHQDTXHOORVTXHSHUPLWHQDO(VSLULWX6DQWRFUHDUODPDQHUDGHSHQVDU\GHVHU
GH-HVXFULVWRHQHOORV5PFI(I3HURORTXHVXSRQHDODVYLUJHQHVSUXGHQWHVHVD
HVSHUDQ]DVHJXUD5PFI+EDODV
YLUJHQHVLQVHQVDWDVVHOHVFLHUUDODSXHUWD/DVTXHKDQSHUPDQHFLGRHQXQFRQWLQXRUHFKD]RVHOHVDFDED
VXWLHPSRGHJUDFLDDXQTXHQDGLHSXHGDVDEHUORQLVHQDODUOR'LRVHVFUXWDTXHKDQSHFDGRFRQWUDHO
(VSLULWX6DQWR0W/F0F\ORUHIOHMDFRPRXQDH[SHULHQFLDGHODVYLUJHQHV
LPSUXGHQWHVSXHVWRTXHVHSUHVHQWDQVLQODYHVWLPHQWDDGHFXDGDFI0W(QFDGD
JHQHUDFLRQ\PRPHQWRKLVWRULFRSHUVRQDOKD\XQILQDOGHOWLHPSRGHJUDFLDSDUDFLHUWDVSHUVRQDV
(QHOFRQWH[WRGHOILQGHOWLHPSRGHOILQFXDQGRVHGHQORVXOWLPRVGHODXOWLPDJHQHUDFLRQORVTXHKDQ
GHHVWDUYLYRVVLQYHUODPXHUWHHQRFDVLRQGHOUHWRUQRGH&ULVWRVHSURGXFHLJXDOPHQWHFRPRHQ
FXDOTXLHURWUDJHQHUDFLRQHOHVWDGRGHYLUJHQHVSUXGHQWHV\HOGHODVLQVHQVDWDV(QHVWHFDVRODV
YLUJHQHVSUXGHQWHVVRQVHOODGDVGHILQLWLYDPHQWHSDUDODVDOYDFLRQDOILQGHOWLHPSRGHJUDFLDTXHVH
DSOLFDGHPRGRFROHFWLYR\GHFLVLYRFHUUDQGRVHODSXHUWDGHODPLVHULFRUGLDFRQFOX\HQWHPHQWHSDUDODV
TXHVHKD\DQFRQVWLWXLGRFRPRYLUJHQHVLQVHQVDWDV
(QWUDUDODVERGDVDHVWDVDOWXUDVGHODKLVWRULDVXSRQGUDSDUDODVSUXGHQWHVVHJXLUSRUIHODVXOWLPDV
HVFHQDVTXHVHUHDOL]DQHQWUHHO(VSRVR\ODQXHYD-HUXVDOHQ+DFHQDFWRGHSUHVHQFLDSRUIHFRPR
LQYLWDGDVDODFRURQDFLRQDOUHFLELPLHQWRGHO5HLQRDOFDVDPLHQWRSHUSHWXRHQWUHHO(VSRVR\ORV
SULQFLSLRVGHO5HLQRGH'LRVUHSUHVHQWDGRVHQOD1XHYD-HUXVDOHQDILQGHVHUWUDVODGDGRVDOSXHEORGH
>@
'LRVTXHDVLVWHSRUIHLQYLWDGRFI'Q \TXHVHKDQDSURSLDGRGHOD
YHVWLPHQWDDGHFXDGDODMXVWLFLDGH-HVXFULVWRFI0W(VHFDVDPLHQWRGHILQLWLYRVHKDELD
SURORQJDGRFRPRFRQVHFXHQFLDGHODREUDGHSRQHUDORVHQHPLJRVGH'LRVEDMRHOGRPLQLRGH-HVXFULVWR
D&RU
/DLPSRUWDQFLDGHYHODUHVFDSLWDOHQFDGDHSRFD\SRUFDGDLQGLYLGXRHVSUHFLVRYHODUDVDELHQGDV
TXHVHKDGHSDVDUSRUODH[SHULHQFLDPDUFDGDSRUODSDUDEROD
9HODUSDUDODVSUXGHQWHVVLJQLILFDYLJLODU\SUHSDUDUVHDILQGHSHUPDQHFHUFRPRSUXGHQWH(OYHODU
SDUDODVLQVHQVDWDVHVUHFRQRFHUVXHVWDGR\WUDVODGDUVHDVHUSUXGHQWH(VYLJLODUDTXHQRVHKDJD
SHUPDQHQWHODLPSUXGHQFLDRODLQVHQVDWH](VLPSHGLUODILMDFLRQLUUHYHUVLEOHFRPRLPSUXGHQWHFRPR
FRQVHFXHQFLDGHLQVWDODUHOUHFKD]RGHO(VSLULWX6DQWR3RUGHVJUDFLDDXQFXDQGRH[LVWHODSRVLELOLGDGD
ORODUJRGHODKLVWRULDGHFDGDLQGLYLGXR\HQFDGDHSRFDTXHYLUJHQHVLQVHQVDWDVVHWUDVODGHQD
SUXGHQWHVDSDUHFHVLHPSUHHVDSHQRVDFRPSRVLFLRQGHXQFROHFWLYRTXHSHUPDQHFHFRPRYLUJHQ
LPSUXGHQWH
(QODSDUDERODGHODVYLUJHQHVPHHQVHQD-HVXFULVWRPHGLDQWHHOYHODUDFRQHFWDUPLYLYHQFLD
FULVWLDQDIUXWRGHOQXHYRQDFLPLHQWRHQHO5HLQRGH'LRVFRQOD6HJXQGD9HQLGDGH-HVXFULVWR9HODUHQ
SHUPDQHFHUHQHVDVDOYDFLRQTXHQRVPDQWLHQHYLQFXODGRVFRQODHVSHUDQ]DTXHVHLQWHJURDODFHSWDUD
-HVXFULVWR(OVHUFRQVFLHQWHVGHVHUQXHYDVFULDWXUDVFI&ROD&RU\H[SHULPHQWDUORHQ
XQFRQWLQXRYHODUFRPRYLUJHQSUXGHQWHQRVKDFHSUHVHQWHFRQWLQXDPHQWHODHVSHUDQ]DGHOD6HJXQGD
9HQLGDFRPRDOJRTXHVHDFWXDOL]DFRPRVHJXURDSRGHUVHUHDOL]DUHQFXDOTXLHULQVWDQWH8QDYH]HQWUDGR
HQHOSURFHVRGHODQXHYDFUHDFLRQDSDUHFHLQWLPDPHQWHXQLGRHOVLJQLILFDGRGHODSULPHUDYHQLGDFRQHO
FXPSOLPLHQWRGHOD6HJXQGD9HQLGD9HODU\ODFRKHUHQFLDGHODSUHSDUDFLRQQRVUHFXHUGD
FRQVWDQWHPHQWHODSURPHVDGHOD6HJXQGD9HQLGDGH-HVXFULVWR(VDVYLYHQFLDVQRVKDFHFRQFHELUOD
UHVXUUHFFLRQ\OD6HJXQGD9HQLGDFRPRDOJRTXHDFRQWHFHUDHQHOLQVWDQWHGHVSXHVGHODPXHUWHFID
&RURHVWDQGRYLYRVVLQSDVDUSRUODPXHUWHVLVRPRVODJHQHUDFLRQGHDTXHOORVTXH'LRV
SUHFRQRFLRFRPRTXHKDEULDQGHFXPSOLUODVFRQGLFLRQHVGHVHUORVSURWDJRQLVWDVGHHVDH[SHULHQFLDHQ
ODKLVWRULDGHVX6HJXQGD9HQLGD/FFI$SFI$S
0HYXHOYRDSUHJXQWDU"FRPRYLYR\RHOUHWRUQRGH&ULVWR"<PHFRQWHVWR
&RQRFLHQGRODVFODYHVGHODIH\ORVHVFRJLGRVSDUDUHFRQRFHUDORVTXHHVWHQYLYRVFXDQGR&ULVWR
YLHQH/F
(QODSDUDERODGHODYLXGD/FVVVHTXLHUHGHVWDFDUODQHFHVLGDGGHRUDUVLHPSUH\QR
GHVPD\DU/F-HVXVQRVOODPDODDWHQFLRQDORTXHGLMRHOMXH]LQMXVWR/FDILQGHVDFDUOD
OHFFLRQGHODSHUVHYHUDQFLDGHODYLXGD\GHODUHVSXHVWDGHOMXH]TXHDXQTXHDJQRVWLFRDQWHOD
LQVLVWHQFLDGHODYLXGDOHRIUHFHODVHQWHQFLDDVXIDYRU2LUDOMXH]LQMXVWRVLJQLILFDDSUHQGHUODOHFFLRQ
GHTXHVLHOMXH]VLHQGRLQMXVWRFRQWHVWRDODGHPDQGDGHODYLXGDFXDQWRPDV'LRVUHVSRQGHUDDVXV
HVFRJLGRVTXHOHFODPDQD(OGLD\QRFKH/F
+D\XQDGLIHUHQFLDHVHQFLDOHQWUH'LRV\HO-XH]LQMXVWR\HVTXH'LRVDVHJXUDTXHQRWDUGDUDHQ
UHVSRQGHUOHVVLQRTXHSURQWROHVKDUDMXVWLFLD/FXSSS3HUR-HVXFULVWRSODQWHDXQSUREOHPD
SDUDODHSRFDTXHFRUUHVSRQGHDOWLHPSRGHVXYHQLGDFXDQGRHO+LMRGHO+RPEUHYHQJD"KDOODUDIHHQOD
WLHUUD"/FXS
-HVXFULVWRFRPELQDHOVHUHVFRJLGRFRQODIH/RVHVFRJLGRVDXWHQWLFRVVHLGHQWLILFDQSRUTXHFODPDQGLD
\QRFKH<-HVXVOHVDVHJXUDTXH'LRVQRWDUGDUDHQUHVSRQGHUOHV3HURFXDQGRVHWUDWDGHHVSHFLILFDUHO
WLHPSRGHVXUHWRUQRVHSODQWHDHOLQWHUURJDQWHGHVLKDEUDIHHQODWLHUUD4XHHVWDQWRFRPRGHFLUGHVL
KDEUDHVFRJLGRVTXHHVWHQDWHQWRVDODQHFHVLGDGGHRUDUVLHPSUH\QRGHVPD\DU
(OLQWHUURJDQWHVLQUHVSXHVWDFRQTXH-HVXFULVWRDFDEDODOHFFLRQKLVWRULFDTXHREWLHQHGHODSDUDEROD
GHODYLXGDYLHQHDGHFLUQRVFXDQGRHVWHPRVHQODHSRFDGHODYXHOWDGHO+LMRGHO+RPEUH"KDEUD
HVFRJLGRV"FI/FXS<DQDGHXQHOHPHQWRTXHLGHQWLILFDDODFDUDFWHULVWLFDTXHGLVWLQJXHDORV
(VFRJLGRVOD)H(VGHFLUFXDQGRHO+LMRGHO+RPEUHYHQJD"KDOODUD)HHQODWLHUUD"/D)HGHORV
(VFRJLGRVGH'LRV7LWR"H[LVWLUDFXDQGRHO+LMRGHOKRPEUHYHQJD"(VD)HTXHHQWLHPSRVGH
3DEORSRUHMHPSORVHGLYXOJDEDSRUWRGRHOPXQGRFI5P(I"ODKDEUDFXDQGRHO+LMRGHO
+RPEUHYXHOYD"/DIHTXHQRVKDFHVHUILHOHVD'LRV\REHGLHQWHVDVX/H\ODTXHREUDSRUHODPRU"
H[LVWLUDFXDQGRHO+LMRGHO+RPEUHYHQJD"/DIHTXHQRVOOHYDDQRTXHUHUSHFDU\TXHQRVPDQWLHQH
>@
ILUPHVDQWHODVSUXHEDV"ODKDEUDFXDQGRHO+LMRGHO+RPEUHYHQJD"
-HVXFULVWRQRGDUHVSXHVWDDODSUHJXQWDORTXHQRVPXHVWUDTXHHOPRPHQWRDOTXHDOXGHHVWDRFXSDGR
SRUXQDVLWXDFLRQDODUPDQWHGUDPDWLFDUHVSHFWRDODYHUGDGHUDIH
-HVXFULVWRTXLHUHDGYHUWLUQRVTXHVHUDXQDHSRFDHQODTXHVHKDFHGLILFLOGLVWLQJXLUODIH'HDKLTXH
QRVIRUPXOHXQWHVWDILQGHFRPSUREDUODFRQGLFLRQGHDTXHOTXHFRQVLGHUDQGRVHFULVWLDQRHLQFOXVR
H[SUHVDQGRSURIHVLRQGHIHHQVX6HJXQGD9HQLGDPDQWHQJDXQDSRVLFLRQHQODTXHODYHUGDGHUDIH
HVWXYLHUDDXVHQWH3RUXQODGRQRVWUDVPLWHXQDVLWXDFLRQUHDOTXHVHGDUDHQHVDHSRFD3HURHOKHFKRGH
SRQHUORHQLQWHUURJDQWHHVSRUFXDQWRSRUXQODGRYDPRVDFRQVWDWDUHVHHVWDGRGHIDOWDGHIHSHURSRU
RWURODSRVLELOLGDGGHFRUUHJLUORHVSHFLDOPHQWHDTXHOORVTXHVHWRPDQHQVHULRODVSDODEUDVGH-HVXV
(OWHVWYDPDVDOODWRGDYLD(OWHVWVREUHQWLHQGHTXHORVTXHYLYDQHQODHSRFDGHODYXHOWDGH
-HVXFULVWRHVWDUDQDWHQWRVDODVVHQDOHVTXHSUHGLFHQHVHPRPHQWRFXOPLQDQWHGHOD+LVWRULD6LQ
HPEDUJRHOLQWHUURJDQWHVREUHODIHVHIRUPXODWDPELHQHQUHODFLRQDHVWHDVXQWR5HFXHUGHVHTXHODV
YLUJHQHVTXHSHUPDQHFHQFRPRLQVHQVDWDVQRVRQFDSDFHVGHFRPSUHQGHUORTXHODVSUXGHQWHVHQWLHQGHQ
VREUHODSDODEUDSURIHWLFDFRQUHODFLRQDOHVSRVR1RYLYHQODVVHQDOHVFRQODH[SHFWDWLYDGHELGD<HVR
VLJQLILFDULDQRHVWDUSURPRYLGRSRUXQDIHTXHOOHYDDODDWHQFLRQ\DODSURSDJDFLRQGHORTXH
SURPRFLRQD(OWHVWTXHVHFRQILJXUDFRQODVSDODEUDVGH-HVXVKDFHVREUHVDOLUDOHVFRJLGRGH'LRV\OR
YDORUDWHQLHQGRHQFXHQWDORTXHLPSOLFDVHUXQHVFRJLGR\ORTXHVHHYLGHQFLDULDHQODYLGDSLDGRVDH
LQWLPDGHGLFKRHVFRJLGRHVWDUFODPDQGRD'LRVGLD\QRFKH(VWRHVPDUDYLOORVRSRUTXH'LRVQRV
HVWDGHVFULELHQGRHQTXHHVWDUDRFXSDGRHOYHUGDGHURHVFRJLGR\SXHGHGHVGHDKRUDDSOLFDUVHORDVX
YLGDSHUVRQDO(OPHQVDMHHQSULQFLSLRQRVOOHYDDFRPSUREDUUHVSHFWRDORTXHHVWR\GHGLFDQGRPH"
&XDOHVVRQPLVSUHIHUHQFLDV""&XDQWRWLHPSRGHGLFRDHVWR\DORRWUR""4XHRFXSDHOSULPHUOXJDU""(Q
TXHHVWDQSXHVWRVQXHVWURVRMRV"+EFI6DOD7LPFI*DOD&RU
D-QD7HV6LQGXGDTXHHOLQWHUURJDQWHGH-HVXVH[LJHXQHVFXGULQDPLHQWRFRPR
QXQFDDQWHVGHQXHVWURHVWDGRHVSLULWXDO\GHQXHVWUDUHODFLRQFRQXQ'LRVTXHTXLHUHSURWHJHUQRV
DYLVDQGRQRVGHODH[LVWHQFLDGHXQDLQIOXHQFLDPXQGDQDOTXHQRVDUUDVWUDDGHVSRVHHUQRVGHOGRQGHODIH
(OFDPELR\HOHVIXHU]RGHVRPHWHUODYROXQWDGDODGLUHFFLRQGHO(VSLULWX6DQWRHQEDVHDODLGHRORJLDGH
-HVXFULVWRGHEHQVHUUDGLFDOHV\TXHHOKDEHUQDFLGRGHDUULEDFRQWRGRORTXHLPSOLFD\ODDVLVWHQFLD
GHO(VSLULWX6DQWRKDGHPDUFDUHOFDPLQR\ODPDUFKD1RVHDGPLWHQDUPLVWLFLRVGHQLQJXQDFODVHQLHO
DGHQWUDUQRVHQXQHVSDFLRQHXWUDOQDGDTXHQRVDWUDSH\QRVTXLWHWLHPSRSDUDYLYLUXQFRQWLQXRFODPDU
D'LRV
"4XHHVFODPDUD'LRV\FXDOHVHOFRQWHQLGRGHOFODPRU"
(OKHFKRGHTXHVHWHQJDTXHFODPDUD'LRVGLD\QRFKHQRVPXHVWUDHODVSHFWRILJXUDGRGHOD
H[SUHVLRQ\KDEUDTXHUHGXFLUODWHUPLQRORJLDDODUHDOLGDGTXHVHSUHWHQGHLQGLFDU(OFODPRUHVWD
UHODFLRQDGRFRQXQDMXVWLFLDTXHSUHFLVDPRVTXHVHQRVKDJD/F3DUHFHVHUTXHODDFWLWXG
YHUEDOGHDFFLRQGHJHVWRVGHORVHVFRJLGRVGHFXDOTXLHUHSRFDUHFODPDMXVWLFLDFI$S"<
SRUTXH"3RUTXHODFRQGXFWDODH[WHULRUL]DFLRQGHOGRQGHODIHTXH'LRVRWRUJDSRUPHGLRGHOD3DODEUD
HQUHVSXHVWDDODSHWLFLRQGHORVHVFRJLGRVFI5PHVXQFODPRUFRQWLQXRGHODQWHGH'LRVDTXH
VHOHVKDJDMXVWLFLDVDFDQGRORVGHHVWDWLHUUD\OLEUDQGRORVGHILQLWLYDPHQWHGHOSHFDGRGHODPXHUWHGHO
PDO\GHORVVLVWHPDVPXQGDQDOHVTXHSUHWHQGHQSHUSHWXDUODH[LVWHQFLDHQHVWDWLHUUDFRQWDPLQDGD
FDGXFD\XOWUDMDGDSRUHOORV\HWHUQL]DUDVLHOSHFDGRHOPDOODHQIHUPHGDG\ODPXHUWH
/DDFWLWXGGHXQHVFRJLGRKDGHVHUODGHFRQILJXUDUFRQVXDFWLYLGDG\FRPSRUWDPLHQWRXQFODPRUTXH
VHSURFODPDGHGLD\GHQRFKHTXHVHHYLGHQFLDWDQWRFXDQGRHVWDGHVSLHUWRGXUDQWHODOX]GHOGLDFRPR
FXDQGRHVWDGRUPLGRGXUDQWHODQRFKH(VHFODPRULQFOX\HXQDYLGDGHRUDFLRQLQWHQVDSRUWRGDOD
SUREOHPDWLFDTXHHQFLHUUDYLYLUHQXQDHSRFDGHGHVFRQVLGHUDFLRQGHOYHUGDGHUR'LRV\ODWDUHDGH
YLYHQFLD\SUHGLFDFLRQGHO(YDQJHOLRGHO5HLQRGHDFXHUGRDVXVGRQHV\SRVLELOLGDGHVHQHOFRQWH[WR
GHODJHQHUDFLRQTXHOHWRTXHYLYLUDGHPDVGHFRPSOHPHQWDUVHDODFDLGDGHODQRFKHFRQXQD
FRQFLHQFLDQHFHVLWDGDWUDVKDEHUFXPSOLGRODYROXQWDGGH'LRVGHDFXHUGRDVXFRQGLFLRQGHHVFRJLGR
GHTXHVHOHKDJDMXVWLFLDGHTXHUHUGHVFDQVDUFRQ&ULVWRHQORVOXJDUHVFHOHVWLDOHVGHTXHVHOHDUUDQTXH
GHHVHOXJDUHILPHURTXHGDGDVODVFRQGLFLRQHVGHKDELWDELOLGDGHLGHRORJLFDVOHPDQWLHQHQHQFRQVWDQWH
OXFKDFRQWUDHOPDO'HDKLTXHSRUODQRFKHPLHQWUDVGXHUPHHOVXHQRGHHVFRJLGR'LRVOHFRQWHPSOD
FRPRXQFODPRUTXHVHHOHYDKDFLD(ODODPDQHUDGHODVDOPDVPXHUWDVGHEDMRGHODOWDUFI$S
/DVHJXULGDGTXHQRVGD-HVXVHVTXHDVHPHMDQWHFRQGLFLRQ\DFWXDFLRQGHORVHVFRJLGRVGHFXDOTXLHU
HSRFDQRVHWDUGDUDHQUHVSRQGHUOHVVLQRTXHOHVFRQWHVWDUDSUHVWDPHQWH/RVTXHWHQHPRVODVHJXULGDG
GHYLYLUHQORVGLDVGHO+LMRGHO+RPEUHSUHYLRVDOGLDGHVX9HQLGD/FFI'Q
WHQHPRVKR\ODVHJXULGDGSHUPDQHQWHGHTXH'LRVDFWXDUD
SUHVWDPHQWH\DFXGLUDDODFLWDVLVRPRVORVTXH'LRVSUHFRQRFLRTXHH[LVWLULDQHQHVHPRPHQWRGHVX
9HQLGDVLVHGHVDUUROODODIHTXH-HVXFULVWRSRQHHQLQWHUURJDQWHSDUDHVRVXOWLPRVGHODJHQHUDFLRQILQDO
 "4XHHVKDFHUOHVMXVWLFLD\VDOLUDOHQFXHQWURGHODMXVWLFLD"
+DFHUOHVMXVWLFLDLPSOLFDSDUDORVLPSLRVXQOODPDPLHQWRDGHMDUVDOLUDVX3XHEOR<SDUDVX3XHEORHO
UHVFDWHGHILQLWLYRWDQWRSDUDORVHVFRJLGRVGHFXDOTXLHUHSRFDPHGLDQWHODVHJXULGDGGHODVDOYDFLRQ
SXHVWDHQVXFRQFLHQFLD\ODGHODUHVXUUHFFLRQSURJUDPDGDHQDTXHOORVTXHDFHSWDQODSDODEUDGHYLGD
HWHUQDGH-HVXFULVWR-QFI&ROFRPRSDUDORVHVFRJLGRVXOWLPRVGHODJHQHUDFLRQGHOILQ
SRUFXDQWR'LRVLGHQWLILFDDHVWRVHVFRJLGRVFRQORVTXHKDSUHFRQRFLGRTXHFXPSOLULDQFRQODPLVLRQGH
VHUODJHQHUDFLRQTXHKDULDSRVLEOHHOUHWRUQRGH-HVXFULVWR+DFHUOHVMXVWLFLDHVSHUPLWLUTXHOD
VREHUDQLDGLYLQDUHVSHFWRDODGHFLVLRQWRPDGDHQFXDQWRDOPRPHQWRGHOD9HQLGDGHO+LMRGHO+RPEUH
VHDXQDUHDOLGDGPDQLILHVWD
'XUDQWHWRGDODKLVWRULDFDGDJHQHUDFLRQGHFULVWLDQRVGHHVFRJLGRVKDQYLYLGRVXJHQHUDFLRQFRPRVL
IXHUDODXOWLPD'HDKLTXHVXYLYHQFLDWHVWLPRQLDUDFRPRVL-HVXFULVWRIXHVHDYHQLUHQVXJHQHUDFLRQ6H
SUHSDUDEDQSDUDOD6HJXQGD9HQLGDGH-HVXFULVWRSRUFXDQWRHVWDQRSRGLDSURORQJDUVHPDVDOODGHOR
TXHGXUDVHVXYLGD/DPXHUWHUHYHUVLEOHHUDODSDUDGDDQWHULRUDODFRQWHFLPLHQWRPDJQRGHODKLVWRULD
TXHWUDHULDVXUHVXUUHFFLRQVXYXHOWDDOWLHPSRH[LVWHQFLDO'HVSXHVGHHVDPXHUWHTXHOHVLQWURGXFHHQ
XQDLQFRQVFLHQWHHVSHUDLQWHPSRUDOHOVLJXLHQWHVXFHVRWUDVFHQGHQWDO\PHGLEOHSRUODFRQVFLHQFLD\HO
WLHPSRKLVWRULFRVHULDODUHVXUUHFFLRQHQRFDVLRQGHOD6HJXQGD9HQLGDGH-HVXFULVWR(OKHFKRGHTXH
H[SHULPHQWDUDQODPXHUWHQRLPSLGHHOTXHVHKXELHUHFXPSOLGRVXPLVLRQDSRUWDUDODKLVWRULDORVWUD]RV
QHFHVDULRV\DGHFXDGRVSDUDTXHXQGLDVHSXGLHUDGDUHVDJHQHUDFLRQTXHQRSDVDUDSRUODPXHUWH\TXH
FDQDOL]DUDODSRVLELOLGDGGHOUHWRUQRGH-HVXFULVWR
1RSXHGHKDEHUGHFHSFLRQHQHOFDVRTXH-HVXFULVWRQRKD\DYXHOWRHVWDQGRHQYLGD3RUFXDQWRORVTXH
YLYHQDQWLFLSDGDPHQWHVXJHQHUDFLRQFRPRVLIXHUDODXOWLPD\DTXHHVWDQGHQWURGHODHUDILQDOGHOD
HSRFDHVFDWRORJLFDTXH-HVXFULVWRKDLQDXJXUDGRHQVXSULPHUDYHQLGDQRH[LVWHQSHQGLHQWHVGHXQD
IHFKDVLQRGHXQDYLYHQFLDSHUVRQDO\SURIXQGDTXHKDDSRUWDGRDODKLVWRULDXQRGHORVHOHPHQWRVH
LQVWDQWHVQHFHVDULRSDUDTXHOD6HJXQGD9HQLGDGH-HVXFULVWRSXHGDUHDOL]DUVHFXDQGRUHDOPHQWH
DFRQWH]FD'LRVKDTXHULGRTXHOD6HJXQGDYHQLGDGH&ULVWRGHSHQGDGHODWHQVLRQHVFDWRORJLFDFRQOD
TXHGHEHQYLYLUORVFULVWLDQRVHQFDGDPRPHQWRGHODKLVWRULD\DTXHHQWUHRWUDVFRVDVODSUHSDUDFLRQ
SDUDHVHVHJXQGR$GYHQLPLHQWROOHYDLPSOLFLWRXQDDSRUWDFLRQ\XQSURJUHVRSDUDTXHHOUHWRUQRGH
>@
-HVXFULVWRVHSXHGDOOHYDUDFDER
'HFXDOTXLHUIRUPDFDGDJHQHUDFLRQGHFULVWLDQRVVLYLYHGHQWURGHODHUDHVFDWRORJLFDDGHPDVGH
YLYLU\DSRUDQWLFLSDFLRQORTXHODDSRFDOLSWLFDDQXQFLD\TXHHOSUHGLFDKDEUDSUR\HFWDGRHQOD
KLVWRULDMXQWRDORVDSRUWHVGHRWUDVJHQHUDFLRQHVORTXH'LRVSUHFRQRFLRTXHUHVXOWDULDGHSRQHUHQ
SUDFWLFDORTXH(OPLVPRRIUHFHSDUDODOOHJDGDGHILQLWLYDGHO5HLQRGH'LRV\GHO5H\GH5H\HV
-HVXFULVWR
7RGDVODVJHQHUDFLRQHVHVWDQFRQHFWDGDVFRQODYLYHQFLDHQHOUHWRUQRGH-HVXFULVWR\HVWDYLYHQFLD
FRQODH[SHULHQFLDGHORTXHVLJQLILFDODREUDHLGHRORJLDGH-HVXFULVWR7RGDJHQHUDFLRQGHHVFRJLGRV
VDOHDOHQFXHQWURGHHVDMXVWLFLDTXH'LRVHVWDSUHVWRDSUR\HFWDU3RUFXDQWRHVDMXVWLFLDQRHVRWUDFRVD
TXHHOUHFRQRFLPLHQWRGHORTXHHYLGHQFLDHOFODPRU(OWHVWTXHQRVSUHVHQWD-HVXVDOFDQ]DVXFHQLWHQOD
FRPSUREDFLRQGHOFODPRU\HQVXVFRQWHQLGRV(OFODPRULPSOLFDUHFRQRFHUTXHKHPRVQDFLGRGHDUULED\
TXHODVFRVDVYLHMDVSDVDURQ\\DQRWLHQHQDWUDFWLYRSDUDQRVRWURV&ROFID&RU<TXH
VRQODVFRVDVGHDUULEDDODVTXHGHGLFDPRVHOWLHPSRSXHVWRVORVRMRVHQ-HVXV\QRHQQLQJXQDRWUD
FRVDGHDTXLDEDMR+E6LVDOLPRVDOHQFXHQWURGHODMXVWLFLDHVODHYLGHQFLDGHTXHHVWDPRV
SDVDQGRHOWHVW6DOLUDOHQFXHQWURGHODMXVWLFLDLPSOLFDGDUVHFXHQWDGHOSODQWHDPLHQWRGH-HVXVFRQVX
LQWHUURJDQWHVLQUHVSXHVWDUHVSHFWRDVLKDEUDIHFXDQGRHOYHQJD<DGLMLPRVTXHHOLQWHUURJDQWHOOHYDDO
HVFUXWLQLRVREUHODQHFHVLGDGGHFRUUHJLUQXHVWUDSRVLEOHVLWXDFLRQLQDGHFXDGD\WUDVODGDUQRV
XUJHQWHPHQWHDODSRVLFLRQGHHVFRJLGR(VGHFLUQRVWRFDDORVFULVWLDQRVVHDPRVTXLHQHVVHDPRV
SHUWHQH]FDPRVDGRQGHSHUWHQH]FDPRVRDXQTXHVHYD\DSRUOLEUHHOH[DPLQDUQRVVLHVWDPRVYLYLHQGRHQ
>@
ODOLQHDGHODVFDUDFWHULVWLFDVTXHVHQDODQDORV(VFRJLGRV VLHQGRLPSUHVFLQGLEOH\XUJHQWHHOTXH
FRQVLGHUHPRVSURIXQGDPHQWHORVFRQWHQLGRVIXQGDPHQWDOHVGHOD9HUGDGSUHVHQWHD3HG
(VSUHFLVRVDOLUDOHQFXHQWURGHHVDMXVWLFLDFXDQGRHVWDQGRDWHQWRDOD3DODEUD3URIHWLFD\YLYLHQGR
LQWHQVDPHQWHGHDFXHUGRDODSURSLDWHQVLRQHVFDWRORJLFDLPSODQWDGDHQXQDDSRFDOLSWLFDTXHKDFH
FXHUSRFRQXQRPLVPRVHREVHUYDTXHHOHVSDFLRGHODHUDHVFDWRORJLFDVHYDDJRWDQGRSRUODRFXSDFLRQ
GHORVDFRQWHFLPLHQWRVTXHHVWDEDQDQXQFLDGRV\SLHQVDTXHSRGULDVHUSRVLEOHTXHHQVXJHQHUDFLRQVH
FXPSOLHUDQWRGDVODVVHQDOHVTXHIDOWDQ'HDKLTXHORVTXHHVWDQLQPHUVRVHQODVHQDOGHO+LMRGHO
+RPEUHHQHOFLHORFI0WRHQORV'LDVGHO+LMRGHO+RPEUHSUHYLRVDO'LDGHVX9HQLGD
GHILQLWLYD'QFI/FSURFXUDUDQFRQRFHUFXDOHVVRQODVFDUDFWHULVWLFDVTXHGHEHQ
H[SUHVDUVHHQODJHQHUDFLRQXOWLPDGHFUH\HQWHVHQ&ULVWR\TXHHVWDUDQYLYRVFXDQGR(OYHQJD(VDV
FDUDFWHULVWLFDVFRLQFLGHQFRQVXSUHSDUDFLRQFI0W/F(VEXHQRVDEHUTXH'LRV
>@
KDSUHFRQRFLGRDODJHQHUDFLRQXOWLPDGHODJHQHUDFLRQILQDO TXHSURWDJRQL]DUDHOFXPSOLPLHQWRGH
HVDVVLQJXODULGDGHVTXHOHVLGHQWLILFDQFRQORVTXHHVWDUDQYLYRVFXDQGR-HVXFULVWRYXHOYD(OVDEHUHQ
TXHFRQVLVWHORTXHFDUDFWHUL]DUDDORVTXHQRSDVDUDQSRUODPXHUWHSRUTXHHVWDUDQSUHVHQWHVFXDQGR
-HVXFULVWRYHQJDSRUVHJXQGDYH]OHVSHUPLWHXQDPRWLYDFLRQSUHYLVWDSRUHOSODQGH'LRV\VHHQWUHJDQ
>@
FRPRFROHFWLYRDXQDH[SHULHQFLDGHUHDYLYDPLHQWR\UHIRUPDVLQSUHFHGHQWHVHQODKLVWRULD \DXQD
SUHGLFDFLRQGHOHYDQJHOLRDVLVWLGRVSRUXQSRGHUHVSHFLDOSUR\HFWDGRSRUHO(VSLULWX6DQWR'HDKLTXH
DTXHOORVTXHSRGDPRVSUR\HFWDUQRVHOWHVWTXH-HVXFULVWRVXJLHUHGHEHULDPRVLQWHQWDUHVWXGLDUVL
HVWDPRVSUHVHQWDQGRODVFRQGLFLRQHVTXH'LRVKDSUHFRQRFLGRFRPRVLHQGRODVTXHHVWDULDQFXPSOLHQGR
DTXHOORVTXHHVWDUDQYLYRVFXDQGRHOYHQJD6LHVWXYLHUDPRVFXPSOLHQGRODVFRQGLFLRQHV'LRVODVKDEULD
SUHFRQRFLGR\HQWRQFHVKDEULDFRORFDGRVREHUDQDPHQWHODIHFKDGHVXUHWRUQRFRQDUUHJORDHVRTXHKD
SUHFRQRFLGR6LQROOHJDPRVDFXPSOLUODVFRQGLFLRQHV'LRVORKDEUDSUHFRQRFLGR\HOWLHPSRVH
SURORQJDUDWRGDYLDPDVKDVWDHOPRPHQWRHQTXHHODPELHQWH\ODDFWLWXGVHDODSURSLFLD\'LRVKDEUD
SUHFRQRFLGRHVDVLWXDFLRQLGRQHDSDUDVXYHQLGD/DIHFKDGHOUHWRUQRHVIUXWRGHODVREHUDQLDGLYLQD
GHFLGLGD\SUR\HFWDGDGHDFXHUGRDORTXHODVREHUDQLDKDHVFRJLGRFRPRSXQWRGHUHIHUHQFLDKLVWRULFR
HVHSXQWRGHUHIHUHQFLDHVSDUD'LRVODVFRQGLFLRQHVDODVTXHQRVLQVWDDLQYROXFUDUQRVVDQWLGDG+E
\ODIHTXHOOHYDLQVHSDUDEOHPHQWHHQWUHRWUDVFRVDVDODSUHGLFDFLRQGHOHYDQJHOLR0WFI
0F/FFI-Q(VGHFLUTXHODIHFKDVREHUDQDTXH'LRVKD
SXHVWRGHVXUHWRUQRGHSHQGHGHODVREHUDQDYROXQWDGGH'LRVGHTXHVHDFRPRIUXWRGHOFXPSOLPLHQWRGH
HVDVFRQGLFLRQHVHQODVTXHKDTXHULGRTXHHVWXYLHUDLQYROXFUDGRVX3XHEOR
/DGLIHUHQFLDFRQRWUDVJHQHUDFLRQHVHVWDHQODFROHFWLYLGDG'LRVUHTXLHUHDKRUDGHVX3XHEORXQ
UHDYLYDPLHQWR\UHIRUPDSDUDXQDSUHGLFDFLRQLQWHQVDGHOHYDQJHOLR$SFI*DODWRGRHO
PXQGR
/RVTXHHVWDPRVYLYLHQGRHQORVGLDVGHO+LMRGHO+RPEUHSUHYLRVDOGLDGHVXYHQLGD/F
FI'QHVXQSULYLOHJLR\XQDUHVSRQVDELOLGDG
XQLFDHQVXJHQHURVHUSURWDJRQLVWDYLYRVLQSDVDUSRUODPXHUWHGHODFRQWHFLPLHQWRPDVLPSRUWDQWHGHOD
KLVWRULD
(OKHFKRGHQRSDVDUSRUODPXHUWHUHVXOWDHQXQDH[SHULHQFLDXQLFDVHWUDWDGHH[SHULPHQWDUOD
SURORQJDFLRQGHORTXHLPSOLFDHOKDEHUWHSUHSDUDGRSDUDHVWDUSUHVHQWHHQHOPRPHQWRGHOUHWRUQRGH
-HVXFULVWRVLQTXHGLFKDPXHUWHSXHGDREVWDFXOL]DUHVDYLYHQFLD(VHWUD\HFWR\VLWXDFLRQVLQODSDUDGDGH
ODPXHUWHSURGXFHGHDFXHUGRDODREUD\SODQGH'LRVHQ&ULVWR-HVXVXQDDFWLWXG\SRVLFLRQ
>@
GHVFRQRFLGDSRUORVTXHPXHUHQD&RU
 /DSUHJXQWDFXDQGRHO+LMRGHO+RPEUHYHQJD"KDOODUDIHHQODWLHUUD"WLHQHXQDUHVSXHVWDHQOD
5HYHODFLRQGH-HVXFULVWRR$SRFDOLSVLVORV(VFRJLGRVGHODXOWLPDIDVHGHOD*HQHUDFLRQILQDOTXHVH
GHQRPLQDQVLPEROLFDPHQWHHO5HVWR$SRORV&LHQWR&XDUHQWD\&XDWUR0LO$SFI
>@
FI (VWRVVRQORVTXHSUHGLFDUDQHOHYDQJHOLR\VLJXHDOFRUGHURWHQLHQGRHQ
FXHQWDVXREUDTXHULHQGROHLPLWDU
(OWHVWTXH-HVXVQRVSUHVHQWDVREUHQWLHQGHHVWDSUHGLFDFLRQGHOHYDQJHOLR&XDQGRSODQWHDVLKDEUDIH
QRVHVWDVHQDODQGRXQDVLWXDFLRQDQRPDODTXHHVSUHFLVRFRUUHJLU3HURPLHQWUDVWDQWRVHHVWD
HYLGHQFLDQGRORTXHHOGHVFULEHFRQHVHLQWHUURJDQWH/DIHHVXQGRQTXHRIUHFHHO(VSLULWX6DQWR
LQWHJUDGRHQOD3DODEUDHVFULWDUHYHODGD6LHVD3DODEUDQRVHSUHGLFDQRVHPDQLILHVWDODIH3RUTXHODIH
VHLQLFLD\FUHFHSRUHORLUOD3DODEUDGH'LRV5P6LHVD3DODEUDQRVHSURFODPDDSDUHFHXQD
EUXPDTXHQRGHMDSDVDUODOX]HQVRPEUHFLHQGRODH[LVWHQFLDVREUHHVWHSODQHWD'HDKLTXHWHQJDTXH
SDVDUSRUODSUXHEDGHVLSUHGLFRRQRHOHYDQJHOLRGHDFXHUGRDPLFDSDFLGDG\SRVLELOLGDG
"<GHTXHOHVWLHQHTXHKDFHUMXVWLFLDWDQSUHVWDPHQWH"/FXS
+D\DOJRHQODDFWLWXGGHORVHVFRJLGRVTXHOOHYDD'LRVDLQWHUYHQLUGHILQLWLYDPHQWH/FXS$
SHVDUGHHVHHVWDGRLQGHILQLGR\GXGRVRORVHVFRJLGRVVHGDQHQODXOWLPDJHQHUDFLRQ$XQFXDQGR
VREUHVDOHXQDDFWLWXGODRGLFHQVHFI$S'LRVKDSUHFRQRFLGRODH[LVWHQFLDGHORV&LHQWR
&XDUHQWD\&XDWUR0LO\QRVORUHYHODXELFDQGRORVHQHOFRQWH[WRGHILQ$SVVVVWHQLHQGR
TXHDQXQFLDUODVEXHQDVQXHYDVHQXQDHSRFDGHSURIXQGDJOREDOL]DFLRQWDQWRGHOPDOFRPRGHODSROLWLFD
\ODHFRQRPLDFI'Q6HOOHJDDODVLWXDFLRQGHWHQHUTXHHVFRJHUHQWUHODPDUFDGHO
VLVWHPDPXQGDQDORSXHVWRDO*RELHUQRGH'LRVGHQRPLQDGROD%HVWLD$SHQODHSRFDGHOD
FXUDFLRQGHODKHULGDGHXQDGHODVFDEH]DV$STXHVHUHKDELOLWDHQXQDRFWDYDFI$S
\ODPDUFDGHODILGHOLGDGD'LRV$SDUHFHXQFRQIOLFWRHQHOTXHHO3XHEORGH'LRVDOWHQHUTXH
SUHGLFDUORVSULQFLSLRVGHO5HLQRGH'LRVGHO*RELHUQRGH'LRVFX\DDFHSWDFLRQVXSRQHHOQDFHUGH
DUULEDFI-QFI0WVHQDODODPDOGDG\ODLQFRKHUHQFLDFDPXIODGDGHGLFKRVLVWHPD/D
%HVWLDUHQDFLGDHQHOFRQWH[WRGHOILQDOGHOILQHQXQDRFWDYDFDEH]DTXHHUDXQDGHHQWUHODVVLHWH OD
TXHUHFLEHODKHULGD\OXHJRVHFXUD^$S`VHMXQWDFRQRWUDEHVWLDODGHGRVFXHUQRVOODPDGD
IDOVRSURIHWD$SFI\FRQHO'UDJRQR6DWDQDVTXHOHVKDGDGRYLGD$SFI
XS(VWRVVLVWHPDVHQFDUQDQXQDRULHQWDFLRQRSXHVWDDODGH'LRV6HSURGXFHXQFRQIOLFWRTXHYD
WRPDQGRSURSRUFLRQHVFDGDYH]PDVGUDPDWLFDV(O3XHEORGH'LRVDQXQFLDTXH'LRVTXLHUHDFDEDUFRQ
HOPDOUHLQDQWHTXLHUHKDFHUGHVDSDUHFHUODHQIHUPHGDGHOVXIULPLHQWRODPXHUWH3HURORGHVHDUHDOL]DU
FRQODLQVWDXUDFLRQGHVXUHLQRGHVXJRELHUQRGHVXPDQHUDGHSHQVDU\GHVHU6LQHPEDUJRHVWRV
VLVWHPDVTXHSHUVRQLILFDQHQWRQFHVDODDXWRULGDGHQHVWHPXQGRTXLHUHQSHUSHWXDUODH[LVWHQFLDGHHVWD
WLHUUDDSHVDUGHPDQWHQHUVHHOPDOODHQIHUPHGDG\ODPXHUWH\KDQEXVFDGRHOXOWLPRUHGXFWROD
XQLGDGPXQGLDOXQDHVSHFLHGHJOREDOL]DFLRQHQODTXHWRGDVODVQDFLRQHVVHYDQSOHJDQGRDHVRV
LQWHUHVHV0LHQWUDV'LRVTXLHUHOLEHUDUDVX3XHEORLQWHJUDGRHQODKXPDQLGDGGHODHQIHUPHGDGGHO
VXIULPLHQWR\GHODPXHUWH
(OPHQVDMHYLHQHDGHFLUOHVTXHGHSRQJDQVXDFWLWXGGHTXHUHUSURORQJDUODH[LVWHQFLDVREUHHVWH
SODQHWD4XHUHFRQR]FDQVXIUDFDVRGHKDEHUTXHULGRHOLPLQDUHOPDOHVWDU\ODLQMXVWLFLD4XHHOXOWLPR
LQWHQWRGHXQDJOREDOL]DFLRQPHGLDQWHXQQXHYRRUGHQDPLHQWRPXQGLDOQRKDUHVXHOWRODVGHVGLFKDV
KXPDQDVVLQRTXHODVKDDPSOLDGRFRQVLGHUDEOHPHQWH4XHVHYXHOYDQDO'LRVYHUGDGHURSLGDQSHUGRQ\
UHFODPHQVXD\XGDURJDQGRTXHKDJDDFWRGHSUHVHQFLDHQVX6HJXQGD9HQLGDSURPHWLGD4XHODDOLDQ]D
FRQODSULPHUD%HVWLD$SDFWXDOL]DGDHQXQDRFWDYDFDEH]D$STXHHUD
XQDGHODVVLHWHODTXHKDELDUHFLELGRODKHULGDPRUWDOFI$SFIFS\TXHVHKDFH
SDVDUFRPRRFXSDQGRHOOXJDUGH'LRVHQODWLHUUDFID7HVFI'QHVXQ
HQJDQRVDWDQLFR"1RRVGDLVFXHQWDTXHODPXHUWHODHQIHUPHGDG\HOVXIULPLHQWRDSDUHFHQFRPR
YHQFHGRUHV\TXHODXQLFDVROXFLRQSDUDHVWHPXQGRHVHO5HLQRGH'LRV"9ROYHRVYROYHRVD'LRV(O
0DOSHUVRQLILFDGRHQXQVHUTXHVHUHYHORFRQWUD'LRVKDGHVFHQGLGRDODWLHUUDFI$S
FDPXIODQGRVHHQYXHVWUDVDVDPEOHDVHLQVWDQGRDSDFWRVLQLFXRV
(OFRPSRUWDPLHQWRGHHVRVVLVWHPDVKDVLGRVLHPSUHHODFWXDUGHGLVWLQWRPRGRDORHVWDEOHFLGRSRU
'LRV1RHVWDQGLVSXHVWRVDDFHSWDUHO(YDQJHOLRGHO5HLQR'LRVKDTXHULGRPDQLIHVWDUVXPLVHULFRUGLD
UHVXOWDQGRHQXQDSURORQJDFLRQGHODH[LVWHQFLDHQHVWDWLHUUDDILQGHSUR\HFWDUVXSODQGHODVDOYDFLRQ
3HURDKRUDHOWLHPSRVHKDDJRWDGR/RVHVFRJLGRVHVWDQFODPDQGRSDUDTXHVHOHVKDJDMXVWLFLD1R
TXLHUHQTXHHOPDOVLJDFDPSHDQGRSRUVXVIXHURV(OHIHFWRGHVXSUHGLFDFLRQOHVHVWDRFDVLRQDQGR
UHDFFLRQHVQHJDWLYDVSRUSDUWHGHORVSRGHUHVGHHVWHPXQGR(OORVORVGHO3XHEORGH'LRVDPSDUDGRV
SRUXQDOOXYLDHVSHFLDOLQVLVWHQFRQVXFRQGXFWDIUXWRGHODREUDGHO(VSLULWX6DQWRFRQVXSUHGLFDFLRQ
FRQODRUDFLRQFRQWLQXDGHTXHVHOHVKDJDMXVWLFLDTXHVHFXPSODQODVSURPHVDVUHODWLYDVDOILQGHO
VXIULPLHQWRGHODHQIHUPHGDG\GHODPXHUWH/DSHUPDQHQFLDGHHVRVHQHPLJRVHVODHYLGHQFLDGHTXHHO
0DOLJQRWRGDYLDGRPLQD(VWDDFWLWXGGHORVHVFRJLGRVFRQIRUPDXQFODPRUTXH'LRVORUHVSRQGH
SUHVWDPHQWH
/DHILFDFLDHLQIOXHQFLDGHO3XHEORGH'LRVHVGHWDOQDWXUDOH]DTXHHOPXQGRGLULJLGRSRUORV
VLVWHPDVGHPDOGDGUHSUHVHQWDGRVSRUOD%HVWLDHO)DOVR3URIHWD\HO'UDJRQVHHQIUHQWDDHVWDSRVLFLRQ
DFWLYDGHORVHVFRJLGRV(VRHVORTXHVHOODPDHO$UPDJHGRQ$S(QXQPRPHQWR
GHWHUPLQDGRGHODKLVWRULDODKXPDQLGDGGHVKXPDQL]DGDFI$SUHSUHVHQWDGDSRUORVSRGHUHV
LPSHUDQWHVHQHOPXQGR(O'UDJRQOD%HVWLD\HO)DOVR3URIHWDVHHQIUHQWDDO3XHEORGH'LRV
RSULPLHQGROHQRGHMDQGROHH[LVWLUFRQVXFUHHQFLD\FRQVXYROXQWDGGHSUHGLFDUOD6RQLQVWDQWHV
GLILFLOHV(OFODPRUVHKDFHXQLYHUVDO'LRVHVFXFKDGLVSXHVWRDVRFRUUHUOHVSUHVWDPHQWHFI/F
SS6HKDOOHJDGRDFRPSOHWDUORVTXHWHQLDQTXHVHUPXHUWRVFI$S\HOMXLFLRTXHKDELDGH
FRPHQ]DUSRUORVPXHUWRVGHODFDVDGH'LRVVHKDILQDOL]DGRD3HG1RKD\QDGDTXHSXHGD
GHWHQHUODLQWHUYHQFLRQGH'LRV\DTXHHOFODPRUVHHVWDGDQGR(QWRQFHV'LRVODQ]DXQOODPDPLHQWR
FRPRHQDQWDQRGHMDDPLSXHEORVDOLU'HMDTXHPLSXHEOR\DQRSDUWLFLSHGHODPXHUWHQLGHOD
HQIHUPHGDGQLGHOVXIULPLHQWR\TXHYRVRWURVFRQYXHVWURSURFHGHUSROLWLFRHVWDLVTXHULHQGRSHUSHWXDU
/RVSRGHUHVLQVWLJDGRVSRUHO'UDJRQUHVSRQGHQTXHULHQGRVLOHQFLDUDO3XHEORGH'LRV<XWLOL]DQWRGRV
ORVUHVRUWHVDILQGHHPSOD]DUORVFRQOH\HVTXHUHFODPDQODPDUFDGHOD%HVWLDFI$S'LRV
LQVLVWH'HMDDPL3XHEORVDOLU$QWHODQHJDWLYDUHLWHUDGD'LRVDSDUHFH\VXSXHEORVHYHOLEUHGHORV
HQHPLJRVSURYHUELDOHVGHOSHFDGRGHODPXHUWHGHOPXQGRREVWLQDGRFRQWUD'LRV\GHO0DOLJQR/D
6HJXQGD9HQLGDHQ*ORULD\0DMHVWDGVHKDKHFKRXQDUHDOLGDG\KDFHSRVLEOHHOGHVHQFDGHQDPLHQWRGH
WRGDVODVSURPHVDVTXHKDFHQUHIHUHQFLDDOILQGHWRGRORPDOR\HODGYHQLPLHQWRGHODLQPRUWDOLGDGFRQ
WRGROREXHQRFI$S\/DSD]UHDOODSUHVHQFLDGH'LRVORVQXHYRVFLHORV\ODQXHYDWLHUUDHO
ILQGHODPXHUWHODLPSRVLELOLGDGGHTXHORVSHQVDPLHQWRVQHJDWLYRVRFXDOTXLHURWUDFRVDGHOSDVDGR
LQDGHFXDGDKDJDDFWRGHSUHVHQFLDHVXQDUHDOLGDG,VDFI$S\ODDOHJULDGHYHUVHXQRV\
RWURVWDQWRORVTXHPXULHURQDQWHVFRPRGHVSXHVOOHQDHOQXHYRPDUFRGHODH[LVWHQFLD
(QFRQFOXVLRQ
$OJXQRVQRKDQFRPSUHQGLGRTXHHO5HLQRGH'LRV\DHVXQDUHDOLGDGDKRUDGHVGHHOSXQWRGHYLVWDGH
ORTXHWUDMR-HVXV\TXHXQDYH]TXHWRGDVODVJHQHUDFLRQHVWHQJDQODRSRUWXQLGDGGHFRQRFHUHVH
>@
HYDQJHOLRGHO5HLQR \VHGHODJHQHUDFLRQXOWLPDGHFUH\HQWHVTXHGHQWHVWLPRQLRGHHVHHYDQJHOLR
GHOUHLQRDFDGDSHUVRQDFI$SHQWRQFHV'LRVLQWHUYHQGUDHQODKLVWRULDKXPDQDDODPDQHUD
TXHLQGLFDHQODDSRFDOLSWLFDHYDQJHOLFD<TXHHVH5HLQRGH'LRVSRVHHXQRVFRQWHQLGRVUHYHODGRVTXH
VRQORVTXHKDQGHHYLGHQFLDUORVVHJXLGRUHVGH-HVXVHQFDGDSUHVHQWHSDUDWUD]DUFRQHOSRGHUGH'LRV
HOSURFHVRTXHKDGHFRQGXFLUDODVHJXQGDYHQLGDGH-HVXFULVWR/DKXPDQLGDGGHVJUDFLDGDPHQWHQRVH
FRQYHUWLUDSXHVWRTXHVHWUDWDGHUHFKD]DUORVSULQFLSLRVGHOUHLQRGHHVWHPXQGRVXVWHQWDGR\GLULJLGR
SRUHOSULQFLSHGHHVWHPXQGR-QFI$STXHVHPDQWHQGUDQRSXHVWRVDORVSULQFLSLRVGHO
5HLQRGH'LRV0W1RHVFRQSULQFLSLRVKXPDQRVSRUPX\PRUDOHV\SROLWLFDPHQWHHWLFRVTXH
SXGLHUDQVHUTXHVHFRQVLJXHHO5HLQRGH'LRVVLQRSRUORVH[FOXVLYRVGHO5HLQRGH'LRVTXHHO0HVLDV
H[SOLFD0WDOFIFRQWRGRHOHYDQJHOLRSUHGLFDGRSRU-HVXFULVWRFI0WFI0F
/DHVFDWRORJLDDOXGHDORVDFRQWHFLPLHQWRVILQDOHVTXHKDQGHWHQHUILHOFXPSOLPLHQWRWDQWRSDUDOD
KXPDQLGDGFRPRDQLYHOFRVPLFR
6HSUHVHQWDFRPRXQDVLVWHPDWL]DFLRQGHODGRFWULQDGHODVFRVDVXOWLPDVGRQGHVHLQFOX\HWDPELHQHO
DSDUWDGRGHODVSRVWULPHULDV2ELHQSXHGHGHILQLUVHFRPRXQJHQHUROLWHUDULRGHRUGLQDULRSURIHWLFRTXH
HQWURQFDGHDOJXQPRGRFRQORDSRFDOLSWLFRGRQGHVHGHVFULEHORVKHFKRVILQDOHV\GHILQLWLYRVGHOD
KLVWRULD/DVSRVWULPHULDVLQGLYLGXDOHVLQFOX\HQODPXHUWHHOHVWDGRGHOKRPEUHHQHOODHOMXLFLR\HO
GHVWLQRFRQFOX\HQWHGHORVTXHDFHSWDQRUHFKD]DQODVDOYDFLRQ
(QODVSRVWULPHULDVFROHFWLYDVVHLQVHUWDQHOUHWRUQRGH&ULVWRSDUXVLDODUHVXUUHFFLRQGHORV
PXHUWRVHOMXLFLRXQLYHUVDOGHVHQWHQFLDVTXHKDFHYLVLEOHHOMXLFLRILQDOUHVXOWDQGRHQOD9LGD(WHUQD
SDUDXQRVRHQOD0XHUWH(WHUQDSDUDRWURV\ODUHDOL]DFLRQSOHQDGHO5HLQRGH'LRVFRQHOILQGHOPXQGR
\VXWUDQVIRUPDFLRQ
/DHVFDWRORJLDWLHQHFRPRFHQWURD-HVXFULVWR\HVHQEDVHDODH[LVWHQFLDKLVWRULFD\PLVLRQGH
-HVXFULVWRTXHODHVFDWRORJLDWLHQHH[LVWHQFLD\UHOHYDQFLDKLVWRULFDSXHVWRTXH-HVXFULVWRHVHO0HVLDV
HVFDWRORJLFRDQXQFLDGR\GHVGHVXSULPHUDYHQLGDQRVKDLQWURGXFLGRHQODHUDILQDOFIDGH-Q
+ED3HGD3HG(QFX\RUHFRUULGRHVSUHFLVRTXHVHFXPSODQWRGDVODV
H[SHFWDWLYDVTXHHVWDQLPSOLFDGDVHQHOUHFRUULGRKDVWDOD6HJXQGD9HQLGDGH-HVXFULVWR
(VSRUHOORTXHFDGDFULVWLDQRHQVXSUHVHQWHGHEHYLYLUHVFDWRORJLFDPHQWHSXHVWRTXHHVWD
VREUHQWHQGLGRTXHDTXHOORVTXHDFHSWDQD-HVXFULVWRORDFHSWDQGHQWURGHODHUDHVFDWRORJLFDTXH(OKD
LQDXJXUDGRFRQWRGDVXVLJQLILFDFLRQ
&DGDJHQHUDFLRQGHFULVWLDQRVHVFRQFHELGRGHQWURGHHVWDFRUULHQWHHVFDWRORJLFDTXHQRVSURSRUFLRQD
OD3DODEUDGH'LRVFRPRSRVH\HQGRXQSURWDJRQLVPRTXHKDVLGRSUHFRQRFLGRSRU'LRVFRPRLPSRUWDQWH
HLPSUHVFLQGLEOHSDUDTXHODVSURPHVDVVREUHHOILQLQWHJUDGDVHQVXPHQVDMHDSRFDOLSWLFRVHSXHGDQ
FXPSOLU(VSRUHOORTXHODH[SRVLFLRQGHODDSRFDOLSWLFDWHREOLJDDYLYLUVLHPSUHWRGRORUHODWLYRDODV
FRVDVXOWLPDVSRUDQWLFLSDFLRQ(VDDQWLFLSDFLRQDODTXHDOXGLPRVQRVHUHILHUHDSHUPDQHFHUHQDOJXQD
RDOJXQDVSDUWHVGHOIXWXURWHUUHVWUHVLQRDXQDYLYHQFLDHVSLULWXDOFRQHFWDGDFRQORTXHVLJQLILFDUDOD
VHJXQGD9HQLGDGH-HVXFULVWR7HOOHYDDYLYLUH[LVWHQFLDO\DQWLFLSDGDPHQWHODFXOPLQDFLRQGHODKLVWRULD
FRQODLQWHUYHQFLRQGHILQLWLYDGH'LRVSRUPHGLRGHO5HWRUQRGH-HVXFULVWROLWHUDOPHQWHHQ*ORULD\
0DMHVWDG
/RVFULVWLDQRVGHEHQYLYLUVXJHQHUDFLRQFRPRVLIXHUDODXOWLPD(VDVLFRPRQRVORSUHVHQWDHO1XHYR
>@
7HVWDPHQWR2VFDU&XOOPDQQ VHH[SUHVDGHOPRGRVLJXLHQWH
/D%LEOLDHQVHQDTXH-HVXFULVWRKDLQDXJXUDGRORVWLHPSRVXOWLPRVHQHOVHQWLGRWHPSRUDOGHO
WHUPLQR3DVDGRVORVWLHPSRVDSRVWROLFRVOD,JOHVLDROYLGDUDHVWHDVSHFWR&HVDUDGHFRUUHUHQHO
FXPSOLPLHQWRGHOILQSHUGHUDVXWHQVLRQFDUDFWHULVWLFD(O1XHYR7HVWDPHQWRGDFXHQWDGHHVWD
VLWXDFLRQSDUDGRMLFD(Q&ULVWRHOILQHVWD\DDKLSHURQRHVWDPDVTXHSRUDQWLFLSDFLRQOD
LJOHVLDGHMRHOWHUUHQRGHO1XHYR7HVWDPHQWR
(VWDDFWLWXGFDUDFWHUL]RDO&DWROLFLVPRXOWHULRUHQODQRFLRQGH,JOHVLDHQSDUWLFXODUVXIUHOD
DXVHQFLDGHODWHQVLRQ3HURODWHRORJLDSURWHVWDQWHQRKDHVFDSDGRDHVWHSHOLJUR!!<HVTXHQR
SXHGHVHUGHRWUDPDQHUD6LYHUGDGHUDPHQWHKHPRVFRQHFWDGRFRQODHUDILQDOTXH-HVXFULVWRKD
LQDXJXUDGRFRQVXSULPHUDYHQLGDQXHVWUDH[LVWHQFLDVRORWLHQHVHQWLGRVLQRVSUHSDUDPRVSDUDOD
UHDOL]DFLRQGHODSURPHVDFHQWUDOOD6HJXQGD9HQLGDGH-HVXFULVWRDQXQFLDGDSRUODDSRFDOLSWLFD6HQWLU
FRPRSUR[LPDHVD9HQLGDHVODHYLGHQFLDGHTXHHVWDVLQWHJUDGRGHQWURGHODHUDHVFDWRORJLFDTXH
-HVXFULVWRKDLQDXJXUDGRHQVXSULPHUDYHQLGD([SHULPHQWDVODLQVWDQFLDXUJHQWHGHFRODERUDUSDUDTXH
HVD6HJXQGD9HQLGDVHDXQDUHDOLGDGHQWXSURSLDJHQHUDFLRQ1RSXHGHKDEHUGHFHSFLRQHQHOFDVRTXH
-HVXFULVWRQRKD\DYXHOWRHVWDQGRHQYLGD3RUFXDQWRORVTXHYLYHQDQWLFLSDGDPHQWHVXJHQHUDFLRQFRPR
VLIXHUDODXOWLPD\DTXHHVWDQGHQWURGHODHUDILQDOGHODHSRFDHVFDWRORJLFDTXH-HVXFULVWRKD
LQDXJXUDGRHQVXSULPHUDYHQLGDQRH[LVWHQSHQGLHQWHVGHXQDIHFKDVLQRGHXQDYLYHQFLDSHUVRQDO\
SURIXQGDTXHKDDSRUWDGRDODKLVWRULDXQRGHORVHOHPHQWRVHLQVWDQWHVQHFHVDULRSDUDTXHOD6HJXQGD
9HQLGDGH-HVXFULVWRSXHGDUHDOL]DUVHFXDQGRUHDOPHQWHDFRQWH]FD'LRVKDTXHULGRTXHOD6HJXQGD
YHQLGDGH&ULVWRGHSHQGDGHODWHQVLRQHVFDWRORJLFDFRQODTXHGHEHQYLYLUORVFULVWLDQRVHQFDGD
PRPHQWRGHODKLVWRULD\DTXHHQWUHRWUDVFRVDVODSUHSDUDFLRQSDUDHVHVHJXQGR$GYHQLPLHQWROOHYD
LPSOLFLWRXQDDSRUWDFLRQ\XQSURJUHVRSDUDTXHHO5HWRUQRGH-HVXFULVWRVHSXHGDOOHYDUDFDER
1RVRWURVFUHHPRVTXH'LRVGHWHUPLQDODIHFKDGHOD6HJXQGD9HQLGDGH&ULVWR\(OXQLFDPHQWHOD
FRQRFH3HURHVWDGHWHUPLQDFLRQVREHUDQDQRHVWDDLVODGDGHRWUDVGHFLVLRQHVVREHUDQDVHQWUHODVTXHVH
HQFXHQWUDODSUHSDUDFLRQGHXQ3XHEORSDUDVX9HQLGD<HVDSUHSDUDFLRQHVHOUHVXOWDGRGHKDEHUVHOH
SUHGLFDGRHO(YDQJHOLRGHO5HLQR0FFI0W\GHODYLYHQFLDGHHVRVSULQFLSLRV
GHO5HLQRGH'LRVFI0F0WVV5P&RO'LRVLQWHJUDHQVX
VREHUDQLDHQGHWHUPLQDUODIHFKDGHVXYHQLGDODSUHGLFDFLRQGHO(YDQJHOLRDFDGDSHUVRQDTXHYLHQHD
HVWHPXQGRGHWDOPRGRTXH(OKDVREUHHQWHQGLGRHQHOFRPHWLGRGHODSUHGLFDFLRQGHO(YDQJHOLRODV
IOXFWXDFLRQHVTXHHQHOWLHPSRSXHGHQH[SHULPHQWDUVHFRPRFRQVHFXHQFLDGHOFXPSOLPLHQWRGHHVD
SUHGLFDFLRQ\GHORTXHVLJQLILFDHLPSOLFD3UHFLVDPHQWHSRUTXH'LRVKDSUHFRQRFLGRORVREVWDFXORVTXH
VHLEDQDLPSRQHUSRUHOPXQGRORVUHWUDVRVTXHVX,JOHVLDR5HPDQHQWHLEDDSUR\HFWDUQRVKDOHJDGR
SRUHVFULWRODSURIHFLDDSRFDOLSWLFDTXHQRVH[SOLFDTXH(O\DFRQRFLDWRGRHVR'LRVSRUXQODGR
SHUPLWHTXHHOVHUKXPDQRKDJDVXKLVWRULDHQOLEHUWDGGHDFXHUGRDVXHOHFFLRQ(OQRVSUHVHQWDFRPRORV
VHUHVKXPDQRVVHLQWHJUDQHQVXTXHKDFHUKLVWRULFRHQXQDGLQDPLFDTXHQRWLHQHHQFXHQWDDO5HLQRGH
'LRVJHQHUDQGRXQDGLUHFFLRQDOLGDGTXHVHRSRQHDGLFKR5HLQR3RURWUDSDUWH'LRVWDPELHQHVOLEUHGH
SUR\HFWDUVX5HLQRGHDFXHUGRDVXSODQ\DTXHORVTXHDFHSWDQGLFKR5HLQRGHEHQGHVHUSURWHJLGRVGH
ORTXHSXHGHVXSRQHUHOSUR\HFWDUODLGHRORJLDGHOUHLQRGHHVWHPXQGR/RVGRVUHLQRVHQVXGLQDPLFD
HQWUDQIUHFXHQWHPHQWHHQFRQIOLFWR7RGRHVWRJHQHUDXQWLHPSRTXH'LRVKDSUHFRQRFLGR\TXHWHQLHQGR
HQFXHQWDORTXHKDLQWHJUDGRHQVXSODQVREHUDQRKDGHFRQVXPLUVHDILQGHTXHVHYLVXDOLFH
GHILQLWLYDPHQWH\SDUDVLHPSUHVXGRPLQLRHWHUQR6LHOSXHEORMXGLRUHSUHVHQWDGRSRUVXVGLULJHQWHV
KXELHUDDFHSWDGRDO0HVLDV-HVXV'LRVORKXELHUDSUHFRQRFLGR\ODKLVWRULDVHKXELHUDHVFULWRGHGLVWLQWD
PDQHUD\ORVREVWDFXORVKXELHUDQVLGRGLIHUHQWHV6LODSHUVHFXFLRQH[SXHVWDHQHO$SRFDOLSVLVGH
-HVXFULVWRQRKXELHVHVXFHGLGR'LRVORKXELHUDSUHFRQRFLGR\HVDSURIHFLDQRODKXELHUDLQVSLUDGR
(VWRVVRQHMHPSORVGHFRPRVHH[WHULRUL]DHQHOWLHPSRODVREHUDQLDGLYLQDWHQLHQGRHQFXHQWDWRGROR
TXHHVWDVXSRQH/DVREHUDQLDGHTXHKD\DXQSXHEORSUHGLFDQGRHO(YDQJHOLRGHO5HLQRHVSULPRUGLDO\
RULHQWDHOUHVWRGHODVREHUDQLDGLYLQDUHVSHFWRDXQDIHFKDGHODYHQLGDGH-HVXFULVWR/DVREHUDQLD
GLYLQDQRHVFLHJDVLQRTXHHVVLPXOWDQHDDVXSUHFRQRFLPLHQWR
6L-HVXFULVWRQRYLHQHHVWDQGRHQYLGDSHURYLYHVWXH[LVWHQFLDFRPRVLIXHUDDYHQLUDSRUWDUDVDOD
KLVWRULDGHO5HLQRGH'LRVHOWUD\HFWRTXH(OKDSUHFRQRFLGRSDUDTXHXQGLDJUDFLDVDHVDFRQWULEXFLRQ
GHWRGRVORVFULVWLDQRVGHWRGDVODVHSRFDVVHDSRVLEOHODJHQHUDFLRQILQDO3RUTXHHVDJHQHUDFLRQILQDOVH
FRQILJXUDSRUODVHWDSDVFXPSOLGDVHQODKLVWRULDGHDFXHUGRDOSODQGH'LRV'HFXDOTXLHUIRUPDDXQTXH
WXYLHUDVTXHSDVDUSRUODH[SHULHQFLDGHODPXHUWHSDUDDTXHOORVTXHKDQYLYLGRHOUHWRUQRGH-HVXFULVWR
FRPRVLIXHUDDRFXUULU\DVXPXHUWHQRHVGHILQLWLYD-QFI0WQRWUDQVFXUUHHOWLHPSR
HQVXHVWDGRGHLQFRQVFLHQFLD\VXSUR[LPRDFRQWHFLPLHQWRKLVWRULFRTXHH[SHULPHQWDUDQVHUDHOYROYHUD
YLYLUHQHOPRPHQWRGHOUHWRUQRGH-HVXFULVWR-QFI&ROD7HV6LWX
YLYHQFLDFRLQFLGHH[DFWDPHQWHFRQHOLQVWDQWHHQTXHHVWDQGRYLYRVORVFUH\HQWHV&ULVWRYLHQHQRSDVDUDV
SRUODH[SHULHQFLDGHODPXHUWH\WHMXQWDUDVFRQORVTXHKDELHQGRPXHUWRPRPHQWDQHDPHQWHQRKD
WUDQVFXUULGRWLHPSR\HVWDUDQSUHVHQWHVFRQWLJRRFRQQRVRWURVHQHVHPRPHQWRGHOUHWRUQRGH-HVXFULVWR
PHGLDQWHODUHVXUUHFFLRQD&RUD7HV&RO1DGLHYDDSUHFHGHUDQDGLH
7RGRVFRLQFLGHQHQHODGYHQLPLHQWRGH-HVXFULVWR
'HFXDOTXLHUIRUPDFDGDJHQHUDFLRQGHFULVWLDQRVVLYLYHGHQWURGHODHUDHVFDWRORJLFDDGHPDVGH
YLYLU\DSRUDQWLFLSDFLRQORTXHODDSRFDOLSWLFDDQXQFLD\TXHHOSUHGLFDKDEUDSUR\HFWDGRHQOD
KLVWRULDMXQWRDORVDSRUWHVGHRWUDVJHQHUDFLRQHVORTXH'LRVSUHFRQRFLRTXHUHVXOWDULDGHSRQHUHQ
SUDFWLFDORTXH(OPLVPRRIUHFHSDUDODOOHJDGDGHILQLWLYDGHO5HLQRGH'LRV\GHO5H\GH5H\HV
-HVXFULVWR
3DUDOHODPHQWHDOHVWDUDWHQWRDOD3DODEUD3URIHWLFD\YLYLULQWHQVDPHQWHGHDFXHUGRDODSURSLD
WHQVLRQHVFDWRORJLFDLPSODQWDGDHQXQDDSRFDOLSWLFDTXHKDFHFXHUSRFRQXQRPLVPRREVHUYDTXHHO
HVSDFLRGHODHUDHVFDWRORJLFDVHYDDJRWDQGRSRUODRFXSDFLRQGHORVDFRQWHFLPLHQWRVTXHHVWDEDQ
DQXQFLDGRV\SLHQVDTXHSRGULDVHUSRVLEOHTXHHQVXJHQHUDFLRQVHFXPSOLHUDQWRGDVODVVHQDOHVTXH
IDOWDQ'HDKLTXHORVTXHHVWDQLQPHUVRVHQODVHQDOGHO+LMRGHO+RPEUHHQHOFLHORFI0WR
HQORV'LDVGHO+LMRGHO+RPEUHSUHYLRVDO'LDGHVX9HQLGDGHILQLWLYDFI/FSURFXUDUDQ
FRQRFHUFXDOHVVRQODVFDUDFWHULVWLFDVTXHGHEHQH[SUHVDUVHHQODJHQHUDFLRQXOWLPDGHFUH\HQWHVHQ
&ULVWR\TXHHVWDUDQYLYRVFXDQGR(OYHQJD(VDVFDUDFWHULVWLFDVFRLQFLGHQFRQVXSUHSDUDFLRQFI0W
>@
/F
(VEXHQRVDEHUTXH'LRVKDSUHFRQRFLGRDODJHQHUDFLRQXOWLPDGHODJHQHUDFLRQILQDOTXH
SURWDJRQL]DUDHOFXPSOLPLHQWRGHHVDVVLQJXODULGDGHVTXHOHVLGHQWLILFDQFRQORVTXHHVWDUDQYLYRV
FXDQGR-HVXFULVWRYXHOYD/DJHQHUDFLRQILQDOYLHQHPDUFDGDSRUXQFROHFWLYRGHFUH\HQWHVTXHYLYHQ
GHQWURGHODVHQDOGHO+LMRGHO+RPEUHLQDXJXUDGDSRUHO+LMRGHO+RPEUHGH'DQLHOHLGHQWLILFDGD
HQHO(YDQJHOLRSRUORVGLDVGHO+LMRGHO+RPEUHSUHYLRVDOGLDGHVXYHQLGDFI/F\VV\
TXHVHFDUDFWHUL]DQSRUXQDLGHRORJLDEDVDGDHQODVGRFWULQDV\SULQFLSLRVGHO5HLQRR*RELHUQRGH'LRV
FI0WHQVHQDGD\HMHPSOLILFDGDSRU-HVXFULVWRFX\RGHVHRGHLPLWDFLRQ\GHSUR\HFFLRQOROOHYD
DFDERHO(VSLULWX6DQWRHQHOTXHKDGHFLGLGRVRPHWHUVXYROXQWDGDODYROXQWDGGH'LRV
(OVDEHUHQTXHFRQVLVWHORTXHFDUDFWHUL]DUDDORVTXHQRSDVDUDQSRUODPXHUWHSRUTXHHVWDUDQ
SUHVHQWHVFXDQGR-HVXFULVWRYHQJDSRUVHJXQGDYH]OHVSHUPLWHXQDPRWLYDFLRQSUHYLVWDSRUHOSODQGH
'LRV\VHHQWUHJDQFRPRFROHFWLYRDXQDH[SHULHQFLDGHUHDYLYDPLHQWR\UHIRUPDVLQSUHFHGHQWHVHQOD
KLVWRULDDXQTXHLGHQWLFDDODGHFDGDFULVWLDQRGHFDGDJHQHUDFLRQTXHYLYLHQGRFRQHVDPLVPD
LQWHQVLGDGHOUHWRUQRGH-HVXFULVWRSRUDQWLFLSDFLRQKDGHYLYLUSHUPDQHQWHPHQWHODREUDTXHHO(VSLULWX
6DQWRKDFHHQHOHQEDVHDODYLGDPXHUWH\REUDGH-HVXFULVWRSUHSDUDQGRVHSDUDHQIUHQWDUVHDVX
SURSLDPXHUWH\DO-XLFLR1RKD\GLIHUHQFLDVXVWDQFLDOHQWUHORVTXHHVWDUDQYLYRVFXDQGR-HVXFULVWR
YHQJD\ORVTXHKDQPXHUWRHQ-HVXFULVWRHQPRPHQWRVSDVDGRV(OPLVPRSODQGHODVDOYDFLRQVHDSOLFDD
XQRV\DRWURVODVPLVPDVFRQGLFLRQHVEDVDGDVHQHOPLVPRHYDQJHOLRODPLVPDSUHSDUDFLRQWLHQHQTXH
UHDOL]DU6LQHPEDUJRODVGLVWLQFLRQHVYLHQHQLQGLFDGDVSRUORTXHVXSRQHWHQHUTXHSDVDUSRUODPXHUWH\
HOHVWDUYLYRVVLQSDVDUSRUODPXHUWHFXDQGR-HVXFULVWRYXHOYHGHDFXHUGRDVXVSURPHVDV
3HURHOKHFKRGHQRSDVDUSRUODPXHUWHUHVXOWDHQXQDH[SHULHQFLDXQLFDHQVXJHQHURVHWUDWDGH
H[SHULPHQWDUODSURORQJDFLRQGHORTXHLPSOLFDHOKDEHUWHSUHSDUDGRSDUDHVWDUSUHVHQWHHQHOPRPHQWR
GHOUHWRUQRGH-HVXFULVWRVLQTXHGLFKDPXHUWHSXHGDREVWDFXOL]DUHVDYLYHQFLD(VHWUD\HFWR\VLWXDFLRQ
VLQODSDUDGDGHODPXHUWHSURGXFHGHDFXHUGRDODREUD\SODQGH'LRVHQ&ULVWR-HVXVXQDDFWLWXG\
SRVLFLRQGHVFRQRFLGDSRUORVTXHPXHUHQD&RUSRUTXHODPXHUWHOHVLQWURGXFHHQOD
LQFRQVFLHQFLDGHODLQWHPSRUDOLGDGQRSHUPLWLHQGRHVDPLVPDYLYHQFLDGHORVFUH\HQWHVYLYRVFXDQGR
&ULVWRYLHQHSRUVHJXQGDYH]1RWHVHODWUDQVIRUPDFLRQHQYLGDGHORVFUH\HQWHVYLYRV\FRPRODGHORV
TXHHVWDQGRPXHUWRVVHOOHYDDFDERDWUDYHVGHODUHVXUUHFFLRQD&RU(VWDHVXQDGLVWLQFLRQ
TXHLPSOLFDXQDVLWXDFLRQWHRORJLFDGLIHUHQWH
3HURWHQJDVHHQFXHQWDTXHFDGDFUH\HQWHGHFXDOTXLHUHSRFDDOWHQHUTXHYLYLUVXJHQHUDFLRQFRPRVL
IXHUDODXOWLPDGHDFXHUGRDODSURPHVDGHOUHWRUQRGHVX6HQRU\WHQHUVHTXHSUHSDUDUSDUDHVH
PRPHQWRJORULRVRFI0W/FDOFDQ]DWRGRORTXHKDFHSRVLEOHHVDVLWXDFLRQGHORV
TXHSHUPDQHFHQYLYRVDO5HWRUQRGH-HVXFULVWRODFXDOVHSURGXFLULD\QRSRGULDVHUGHRWUDPDQHUDOR
PLVPRTXHHQORVFUH\HQWHVYLYRVDOPRPHQWRGHO5HWRUQRVLQRPHGLDUDODPXHUWHTXHHQHVRVHQWRQFHV
WRGDYLDVHPDQWLHQHDFWLYDFRPRFRQVHFXHQFLDGHQRKDEHUVHXOWLPDGRODGHVDSDULFLRQGHILQLWLYDGHO
SHFDGR/DUHVXUUHFFLRQGHORVPXHUWRVHQ&ULVWRFXDQGR(OYXHOYHSRUVHJXQGDYH]HOVLJXLHQWHLQVWDQWH
KLVWRULFRSDUDHOFUH\HQWHPXHUWRHQ&ULVWRSDUDHOTXHQRKDPHGLDGRWLHPSRHQWUHODSURSLDPXHUWH\OD
UHVXUUHFFLRQHVODGHPRVWUDFLRQGHTXHODUHDOLGDGGHORREWHQLGRHQ&ULVWR-HVXVDQWHVGHVXPXHUWHHV
LGHQWLFRDORTXHHOFUH\HQWHYLYRKDH[SHULPHQWDGRJUDFLDVDTXHODPXHUWHSHUVRQDOGHOFUH\HQWHHV
UHWLUDGDSDUDORVTXHHVWDQYLYRVFXDQGR&ULVWRYXHOYH
3UHFLRVDHVSHUDQ]DTXHXQLFDPHQWHSXHGHYLYLUVHDKRUDSRUODIH(OMXVWRYLYLUDODHVSHUDQ]DHQHOTXH
KDGHYHQLUSRUIH'LRVTXLHUHVDOYDU\KDGHSURORQJDUHOWLHPSRKDVWDTXHWHQJDUHXQLGRWRGRHOQXPHUR
GHVXVHVFRJLGRV&XDQGRHVRVXFHGDVXFODPRUVXELUDKDVWDVXSUHVHQFLD6HWUDWDGHXQDHVSHUDQ]DTXH
VHFUHHFRPRVHJXUD
/DIDOWDGHHVSHUDQ]DDXWHQWLFDVHGHWLHQHHQHOVXIULPLHQWRTXHULHQGRORFRQVHUYDU<ORTXHVH
PDQLILHVWDHQWRGRVXIULPLHQWRHVODGXGDODLQVHJXULGDG\ODVROHGDG(VDHVODVLWXDFLRQGHOPXQGR
FXDQGRTXLHUHSHUSHWXDUORPHGLDQWHIRUPXODVSROLWLFRHFRQRPLFDVTXHHYLWDQDO'LRVGH$EUDKDP\GH
-HVXVGH1D]DUHW
(QGRQGHIDOWDORTXHVHGHQRPLQDFRPRHVSHUDQ]DVHHYLGHQFLDTXHODWHQWDFLRQDODGHVHVSHUDFLRQKD
GDGRFRPRUHVXOWDGRODFDSLWXODFLRQXQRKDVDOLGRGHUURWDGRVXFXPELHQGRDQWHODWUDPSDVXWLOGH
DEDQGRQDUVHIUHQWHDODDGYHUVLGDGFXDOTXLHUDTXHVHDHVWD(OQRKD\UHPHGLRKDSUHYDOHFLGR/RV
UHVXOWDGRVGHHVWDFRQGLFLRQKDQSRGLGRVHUHVWXGLDGRVPRGHUQDPHQWHSHURVLQGXGDTXHKDQHVWDGR
SUHVHQWHVVLHPSUH
7RGDYHUGDGHUDHVSHUDQ]DHVWDLQVHSDUDEOHPHQWHXQLGDDODVROXFLRQGHQXHVWURSUREOHPD
KXPDQR
7RGDHVSHUDQ]DDQWHODHYLGHQFLDGHODH[SHULHQFLDKLVWRULFDWDQWRFROHFWLYDFRPRLQGLYLGXDOTXHQR
WHQJDHQFXHQWDODVXSHUDFLRQGHILQLWLYDGHODVLWXDFLRQGHPLVHULD\FRUUXSFLRQKXPDQDTXHQR
FRQVLGHUHDTXHOORTXHHYLWDFRQFOX\HQWHPHQWHHOTXHODPXHUWHVHHWHUQLFHRTXHHOVXIULPLHQWR\HOPDO
VHSHUSHWXHQQRHVWDPDQHMDQGRODHVSHUDQ]DDXWHQWLFD\SRUORWDQWRHVHWLSRGHHVSHUDQ]DHVSXULDQL
DOFDQ]DHOREMHWLYRQLREWLHQHORVUHVXOWDGRVGHVHDGRV
6LQHVSHUDQ]DQRKD\VHQWLGRDXWHQWLFRGHODYLGD\ODPXHUWH\ODHQIHUPHGDGVHSHUSHWXDQ8Q
PXQGRVLQHVSHUDQ]DHVHOTXHSRQHFRPRKRUL]RQWHVXEVLVWLUHWHUQL]DQGRODHQIHUPHGDG\ODPXHUWH
3HURHVWRHVWRWDOPHQWHRSXHVWRDOSODQGH'LRVTXHTXLHUHDFDEDUGHILQLWLYDPHQWHFRQHOPDO\HO
VXIULPLHQWR\VXVFRURODULRVGHODHQIHUPHGDG\ODPXHUWH
7HQHUIXWXURHVSRVHHUHVSHUDQ]D/DIDOWDGHHVSHUDQ]DYDFLDGHIXWXURDOKRPEUH3HURXQIXWXUR
TXHQRWHUPLQHFRQHOPDOODHQIHUPHGDGLQFXUDEOH\FRQODPXHUWHQRHVDXWHQWLFRIXWXUR\SRUORWDQWR
ODYHUGDGHUDHVSHUDQ]DHVWDUDDXVHQWHGHHVHPXQGRTXHSUHWHQGHFRQWLQXDUH[LVWLHQGRFRQYLYLHQGRFRQHO
PDOODHQIHUPHGDG\ODPXHUWH
<DTXLVHLQVFULEHODSURIHFLDDSRFDOLSWLFD/DSURIHFLDDSRFDOLSWLFDGH'DQLHO\$SRFDOLSVLV\ODGH
>@
3DEORHQD\DGH7HVDORQLFHQVHV VHFRQYLHUWHQHQHOPHWRGRHVFRJLGRSRU'LRVSDUD
WUDQVPLWLUQRVODHVSHUDQ]DGHTXHHVWHPXQGRGHGRORU\VXIULPLHQWRWHQGUDXQILQLQGHSHQGLHQWHPHQWH
GHOILQGHODYLGDSHUVRQDO4XHHOPDO\ODPXHUWHMXQWRDXQDQDWXUDOH]DGHWHULRUDGDDFDEDUDQ\TXHHO
KRPEUHUHERVDUDGHODYLGDHWHUQDTXHLQFOX\HHQWUHRWUDVFRVDVTXHRMRQRYLRQLRLGRR\RXQDVDOXG
SOHQDODLQPRUWDOLGDG\HOFRPSDQHULVPRFRQ'LRVSRUWRGDODHWHUQLGDG
"3HURTXLHQVHFUHHULDHVWRKR\""&RPRFUHHUVHORTXHVHKDPDQWHQLGRGXUDQWHPLOHVGHDQRV""&RPR
SRGHUGHVDUUDLJDUGHXQDPHQWHGHWHULRUDGDSRUODVILMDFLRQHVGHOPDOGHOVXIULPLHQWR\GHODPXHUWHTXH
HVRYDDVHUXQDUHDOLGDG""&RPRDFHSWDUDOJRTXHORVSURSLRVFKDUODWDQHV\YHQGHGRUHVGHLOXVLRQ
UHSLWHQXQD\RWUDYH]""&RPRURPSHUHOKHFKL]RDTXHWRGRFRQWLQXDUDLJXDOHOQDFLPLHQWRHOGHVDUUROOR
GHXQDYLGDFRQGRORU\HQIHUPHGDG\XQDPXHUWHVHJXUDHLPSHUHFHGHUDFRQTXHORVUHLQRVGHHVWH
PXQGRYRFLIHUDQTXHVHJXLUDRFXUULHQGRRFXOWDQGRODHVSHUDQ]D\HWHUQL]DQGRVXSURSLRWUDVLHJR
DILUPDQGRFRQVWDQWHPHQWHTXHHOWUDQVLWDUGHODKXPDQLGDGFRQVXVLPSHUIHFFLRQHV\FRUUXSFLRQHVQRHV
WUDQVLWRULRVLQRVLQILQ"
1RVHSXHGHYLYLUVLQODHVSHUDQ]DTXHQRVSURSRQH'LRV\DTXHHVRVHULDYLYLUFRQVFLHQWHPHQWHHO
LQILHUQRTXHVXSRQHHVWDYLGDFRPRFRQVHFXHQFLDGHODUHEHOGLD\ODILMDFLRQGHODDXWRLQGHSHQGHQFLDGHO
KRPEUHUHVSHFWRGH'LRV6HKDEUDTXHEXVFDULUUHPLVLEOHPHQWHHOFDXFHLGRQHRSDUDGDUIRUPDDOD
YHUGDGHUDHVSHUDQ]DTXHSRVLELOLWHHOILQGHODPXHUWH\GHODYLYHQFLDLQIHUQDOWHUUHVWUH(VWHILQHVWD
DQXQFLDGRHQIRUPDGHSURPHVDODPDVHVSHUDQ]DGRUDSRUHOUHVXOWDGRTXHVXSRQHVHGHQRPLQDOD
ELHQDYHQWXUDGDHVSHUDQ]DHOUHWRUQRGH-HVXFULVWROLWHUDOPHQWHHQJORULD\PDMHVWDGTXHSRQGUDILQ
DWRGRVORVPDOHV\VDFDUDDODOX]DODLQPRUWDOLGDGPHGLDQWHODUHVXUUHFFLRQGHYLGDHWHUQD
8QDYH]PDV"TXLHQSXHGHFUHHUVHDOJRTXHUHSRVDULDVHJXQDOJXQRVHQODVXEMHWLYLGDGGHODFUHHQFLD
SDUWLFXODUSHURTXHVHULDGLVWLQWDDORTXHHOPXQGRGXUDQWHPLOHVGHDQRVGHKLVWRULDKDEULDSUREDGR
FRPRLQFLHUWDDOVXFHGHUVHORVFLFORVFRQWLQXRVXQD\RWUDYH]VLQDOWHUDFLRQQLSDUDOL]DFLRQSRVLEOH"
/DXQLFDPDQHUDGHFRQYHQFHUDOKRPEUHGHORFRQWUDULR(OPRGRGHTXHEUDUHVDGHVHVSHUDQ]DHVD
IDOWDGHDXWHQWLFRIXWXURTXHSRVLELOLWHHOVXSHUDUODQDGDGHODPXHUWH\ODPROHVWLDGHODHQIHUPHGDGHV
H[SOLFDQGRPHGLDQWHODSURIHFLDTXHSRGHUHVRUHLQRVGHHVWHPXQGRWHQGUDQHOSURWDJRQLVPRHQOD
KLVWRULDSUHWHQGLHQGRKDFHUSHUPDQHQWHFRQODH[LVWHQFLDGHHVWHPXQGRHOPDOHOVXIULPLHQWROD
HQIHUPHGDG\ODPXHUWH\REVWDFXOL]DUODPDQLIHVWDFLRQGHILQLWLYDGHO5HLQRGH'LRV
&XDQGRQRVRWURVGHVFXEUDPRVHQODKLVWRULDTXHORTXHQRVDQXQFLDODSURIHFLDUHVSHFWRDODVSRWHQFLDV
TXHLEDQDKDEHUHQHVWHPXQGRFRQVXVFRPSRUWDPLHQWRVVHFXPSOHHQWRQFHVODGXGDHLQVHJXULGDG
GHVDSDUHFHQ\VHLQVWDODODFRQILDQ]D\FHUWH]DSHUPLWLHQGRQRVFUHHUTXHWDPELHQVHFXPSOLUDORTXHVH
QRVKDELDGLFKRTXHHOILQGHOVXIULPLHQWR\GHODPXHUWHFRQODOOHJDGDGHQXHVWUR6HQRU-HVXFULVWRFRQ
XQPXQGRPHMRU\GHODYLGDHWHUQDVHUDQXQDUHDOLGDG
&XDQGRSRQHPRVHQSUDFWLFDORVFRQWHQLGRVPRUDOHV\HVSLULWXDOHVFRQTXHHVWDQSURYLVWDVVXV
SURPHVDVVHREWLHQHQFDPELRVUDGLFDOHV\VXVWDQFLDOHVHOWHPRU\ODVXSHUVWLFLRQGHVDSDUHFHQ
$GTXLHUHVXQQXHYRVHQWLGR\RULHQWDFLRQHQWXYLGDTXHUHSHUFXWHSRVLWLYD\IDYRUDEOHPHQWHHQWXVDOXG
ILVLFDPHQWDO\HVSLULWXDO
$OLUH[SHULPHQWDQGRORTXHUHVXOWDGHOOHYDUDFDERORTXHWHDFRQVHMDODSURIHFLDDSRFDOLSWLFD
FHQWUDGDHQ-HVXFULVWRYDVUHFLELHQGRODVHJXULGDGHQEDVHDOR\DFXPSOLGRHQWXSHUVRQDGHTXHORTXH
WRGDYLDIDOWDSRUFXPSOLUVHVHDOFDQ]DUDHQHOPRPHQWRRSRUWXQR
7RGDYLDPDVDOUHYLVDUORVFXDGURVKLVWRULFRV\FRPSDUDUORVFRQODVH[LJHQFLDVGHODSURIHFLD
DSRFDOLSWLFDVHWHGHPXHVWUDFODUDPHQWHTXHTXLHQGLULJHODKLVWRULDKDFLDXQREMHWLYRGHVHDEOHH
LUUHYRFDEOHHV'LRVOR\DFXPSOLGRQRVGDODFHUWH]DFI+EGHTXHWRGRWHQGUDVXFXPSOLPLHQWR
FID3HG'HDKLTXHODHVSHUDQ]DTXHRWRUJDHODQDOLVLVGHOD6HJXQGD9HQLGDGH-HVXFULVWR
HQOD$SRFDOLSWLFDQRHVODHVSHUDQLGHODFDWDVWURIHQLGHODYHQJDQ]DVLQRODGHODOLEHUDFLRQGHOD
PXHUWHGHODHQIHUPHGDG\GHOSHFDGRSDUDORVTXHORTXLHUHQ(OFRPLHQ]RGHOFXPSOLPLHQWRGHO
SURSRVLWRGH'LRVFXDQGRVHQRVFUHR\TXHVHKDELDPDORJUDGRFRPRIUXWRGHOPDOXVRGHODOLEHUWDG
>@
 /D SURIHFLD DSRFDOLSWLFD FRPR KLVWRULD DQWLFLSDGD SDUD
>@
ILMDUODHVSHUDQ]DHQQXHVWUDH[LVWHQFLD
/DSURIHFLDDSRFDOLSWLFDQRHVRWUDFRVDTXHKLVWRULDDQWLFLSDGD<FRQIRUPHHVWDVHGHVDUUROOD
FRPSUXHEDVODUHDOLGDGGHORDQXQFLDGR&RQRFHUORVUDVJRVPDVLPSRUWDQWHVGHHOODFRQOOHYDYLYLU
FRQILDGR\HVSHUDQ]DGRGHTXHORTXHIDOWDSRUFXPSOLUVHVHKDUDGHOPLVPRPRGRTXHYHVFRPR
UHDOL]DGRVORVWUD]RVGHODKLVWRULDTXHHVWDEDQSUHFRQRFLGRV7RGRHVWRJHQHUDHVSHUDQ]DQRSHUPLWLHQGR
TXHHOWLHPSRTXHWUDQVFXUUHFRQILJXUHLQVHJXULGDG\GHVDOLHQWR
/DSURIHFLDDSRFDOLSWLFDHVWDGDGDSUHFLVDPHQWHSDUDTXHODVJHQHUDFLRQHVTXHYLYHQGLVWDQWHVD
FXDQGRVHGLHURQ\GHORVFROHFWLYRVJHQHUDFLRQDOHVSULPHURVQRVHFDQVHQ\VHLGHQWLILTXHQFRQORV
YDORUHVKLVWRULFRV\WHRORJLFRVTXHFRQWLHQHQ&RQODSURIHFLDDSRFDOLSWLFDVHDSRUWDQDGYHUWHQFLDVHQ
FXDQWRDODDFWXDFLRQGHORVVLVWHPDVGHPDOGDGTXHLQWHQWDUDQSRUWRGRVORVPHGLRVLQLPDJLQDEOHVKDFHU
SHUGHUODIH6LQRIXHUDSRUODSURIHFLDDSRFDOLSWLFDODKLVWRULDTXHVHYLYHVHHQWUHWHMHGHWDOPRGRTXH
ODFRQIXVLRQ\HOHQJDQRVHGXFHQKDVWDROYLGDUVHGHODUHDOLGDGGHODDXWHQWLFDYHUGDG'HDKLOD
LPSRUWDQFLDGHFRQRFHUODGHDFXHUGRDODVFDSDFLGDGHVGHFDGDXQRSDUDDFXPXODUODIRUWDOH]D
VXILFLHQWHDILQGHPDQWHQHUWHILUPH\ILHOIUHQWHDORVREVWDFXORVTXHGLFKRVVLVWHPDVPDOLJQRVSUHVHQWDQ
 &RQFOXVLRQ
/DDXWRDILUPDFLRQHVSLULWXDOIUHQWHDODYDFLHGDGFRQTXHVHSXHGHOOHJDUFRPRFRQVHFXHQFLDGHOD
SUHVHQWDFLRQGHODQDGDVHDOFDQ]DULDFXDQGRODSHUVRQDWLHQHDOJRTXHUHFRUGDUUHVSHFWRDOIXWXUR
&XDQGRODSHUVRQDHVFDSD]GHFRPSUREDUORVWUD]RVKLVWRULFRVFXPSOLGRVTXHODDSRFDOLSWLFDPRVWUDED
GHVGHDQRVDQWHVGH-HVXFULVWR\TXHVHFRPSOHPHQWDHQXQDOLQHDDFRUGHHQHO$SRFDOLSVLVGH-XDQ
\YLYHVXH[LVWHQFLDSHQGLHQWHGHOFXPSOLPLHQWRGHORTXHHOTXHGLULJHOD+LVWRULDQRVDILUPDHVD
SHUVRQDQRVXFXPEHDQWHODDQJXVWLDGHODQDGDTXHSUHWHQGHFRQILJXUDUVHHQWRGDH[LVWHQFLDTXHQRWLHQH
SURPHVDV\HVSHUDQ]DILMDGDVHQODPHQWH
&XDQGRODSHUVRQDH[SHULPHQWDHOGRORURVXIULPLHQWRFRWLGLDQR\QRKD\QDGDTXHOHDVHJXUHVX
GHVDSDULFLRQRFXDQGRODLQMXVWLFLDTXHFRQOOHYDODSURSLDH[LVWHQFLDQRVHUHVXHOYH\WHPDFKDFD
FRQWLQXDPHQWH\QRWLHQHXQUHIHUHQWHHQTXHFRQILDURFXDQGRODIDOWDGHFDULQRRODSUHVHQFLDGH
ODLQFRPSUHQVLRQVHKDFHQRWDUHOTXHVHSDVTXHKD\XQ'LRVTXHVHWHUHYHODTXHHVFRQVFLHQWHGH
WXVLWXDFLRQ\VDOHDOHQFXHQWURDILQGHTXHFRQR]FDVODKLVWRULDDQWLFLSDGDPHQWH\VHWHPDQLILHVWD
PHGLDQWHVX5HLQRVX*RELHUQRSULQFLSLRVLGHRORJLFRVTXHLQFLGHQHQWXKLVWRULD\HQODKLVWRULD
XQLYHUVDOQRFDEHGXGDTXHEURWDHODJUDGHFLPLHQWR\VHLQVWDODSHUPDQHQWHPHQWHODHVSHUDQ]D\
ODFRQILDQ]D
 (O6LVWHPDGHODLQLTXLGDGHQHOYHKLFXORGHODDSRVWDVLD
6DQ3DEORHQDGH7HVDORQLFHQVHVDOXGHHQSULQFLSLRDOHUURUGHDOJXQRVHQFXDQWRDSHQVDU
TXHHOUHWRUQRGH&ULVWRSXGLHUDHVWDUFHUFDQRSXHVWRTXHKDEULDGHYLVXDOL]DUVHODDSRVWDVLDHQXQD
>@ >@
KLVWRULDFRQFUHWD \PDQLIHVWDUVHHOPLVWHULRGHODLQLTXLGDG
&RQWHQLGRVGHO7H[WR
+D\XQDVVHFXHQFLDVTXHOOHQDQWRGRHOWLHPSRKLVWRULFR(OVXUJLPLHQWRGHODLGHDGHODLQPLQHQFLD
>@
VLQWLHPSRPHGLEOHGHOUHWRUQRGH&ULVWR /DFRQFUHWL]DFLRQGHXQDDSRVWDVLDSSFRPR
FRQVHFXHQFLDGHODDFFLRQPLVWHULRVDGHLQLTXLGDGSSSXHVWDHQPDUFKDHQODKLVWRULDPHGLDQWHOD
REUDVDWDQLFD\TXHVHFRQILJXUDHQXQSURWRWLSRRUHSUHVHQWDWLYRGHORKXPDQRTXHVHHQJDQFKDSRU
LQWHUHVHVDHVDDFFLRQKLVWRULFDDSRVWDWDRLQLFXDXQDSHUVRQLILFDFLRQGHODYQRPLDMRCDQTUZSRMWKM
DYQRPLDM^HOKRPEUHGHLQLTXLGDG`XSHODQRPRV^RCDQRPRM`SSSSXQVLVWHPD
TXHQRWLHQHHQFXHQWDHQWRGRDODOH\GHOJRELHUQRRUHLQRGH'LRV4XHODDXWRULGDGGH'LRVKDTXHGDGR
UHOHJDGDDFRVWDGHDFHSWDURWUDDXWRULGDGTXHQRWLHQHHQFXHQWDHQWRGRODDXWRULGDGGLYLQDPDQLIHVWDGD
HQVXOH\
'HVGHODRSFLRQLPSOLFDGDHQODWHUPLQRORJLDGHORTXHVLJQLILFDSHUWHQHFHUDOWHPSORGH'LRVVHOH
YHHQJDQFKDGRDOYHKLFXORGHODDSRVWDVLDHVGHFLUVXMHWRDRWUDDXWRULGDGTXHQRHVODGH'LRVXQ
VLVWHPDKXPDQRDQRPRM
DQRPRV VLQODDXWRULGDGGLYLQDPDQLIHVWDGDHQ6X/H\KDFHUVHSDVDU
SRU'LRVDVXPLHQGRODUHSUHVHQWDWLYLGDGGH'LRVD7HVDOHVWLORGHODDXWRULGDGVXSUHPD
GHODFRQFHSFLRQHVWDWDOTXHWUDHQORVLPSHULRVXQLYHUVDOHVGHODV%HVWLDVDSRFDOLSWLFDVFI'Q
GHDKLTXHQRSHUPLWDTXHVHOHYDQWHRWUDDXWRULGDGKXPDQDTXHDVXPDODDXWRULGDGVXSUHPDTXH
XQLFDPHQWHVHJXQHO'LRVOHKDFRQFHGLGRRSRQLHQGRVHFRQWUDWRGRORTXHSUHWHQGHDUURJDUVHORTXH
>@
LPSOLFD\VLJQLILFD'LRVRTXHHVREMHWRGHFXOWR
8ELFDFLRQ FURQRORJLFD GH ORV SDVDMHV HQ FXHVWLRQ SDUD LGHQWLILFDU PHMRU HO FDUDFWHU GH OD
SURIHFLD
3DEORHVWDKDEODQGRHQODHSRFDGHO,PSHULR5RPDQRHQORVRULJHQHVGHOD,JOHVLDSULPLWLYD<HO
VXFHVRGHODDSRVWDVLDTXHH[LVWHGHVGHODUHEHOLRQVDWDQLFDHVWDHQDFFLRQLQWHQWDQGRVHGXFLUDORV
GLULJHQWHVGHOD,JOHVLDFI+HFKFID-QVVDILQGHFDPELDUHOWLSRGHDXWRULGDG
FID7HVXSVLQSRGHUVHUXQDUHDOLGDGWRGDYLDSHURDFWXDQGRSDUDTXHORSXHGDOOHJDUDVHU
FXDQGRHOLPSHGLPHQWRWRNDWHFRQRCNDWHFZQVHDTXLWDGRGHHQPHGLR
>@
&XDQGRHVHREVWDFXORVHDVXSULPLGR HQWRQFHVVHPDQLIHVWDUDFRPRSRGHUDSRVWDWDSSOR
TXHQRORHUDPLHQWUDVVXEVLVWLHUDHOLPSHGLPHQWR\TXHGXUDUDHVHSRGHU HOLQLFXRKDVWDVX
GHVWUXFFLRQHQODVHJXQGD9HQLGDGH&ULVWRXS
/DPD\RULDGHORVFRPHQWDULVWDVVHDMXVWDQDOWH[WR\RSLQDQTXHODDFWXDFLRQGHHVHSRGHULPSOLFDXQ
>@
SURFHVRWHPSRUDOGHVGHODGHVDSDULFLRQGHOHVWRUERKDVWDODSDUXVLD
6LREVHUYDPRVHOWH[WRQRVGDUHPRVFXHQWDTXHODYLVXDOL]DFLRQGHODDFFLRQKLVWRULFDGHOPLVWHULRGH
LQLTXLGDGRDSRVWDVLDVHUHDOL]DDSDUWLUGHOPRPHQWRHQTXHHOLPSHGLPHQWRHVHFOLSVDGR<HVH
LPSHGLPHQWRHVWDH[LVWLHQGRHQWLHPSRVGH3DEORSXGLHQGRVHUFRQWHPSODGRSRUDTXHOORVTXHYLYHQHQ
HVRVPRPHQWRV(OLPSHGLPHQWRSRURWUDSDUWHQRSUHYDOHFHHQHOPRPHQWRHQTXHOD
PDQLIHVWDFLRQGHHVHSRGHUDSRVWDWDVHOOHYDDFDER3UHFLVDPHQWHHOPDQLIHVWDUVHKDVXSXHVWRHO
GHVYDQHFLPLHQWRGHOREVWDFXOR6HWUDWDSXHVGHDOJRTXHH[LVWLDHQWLHPSRVGH3DEORSHURTXH\DQR
VXEVLVWHFRPRWDODSDUWLUGHFLHUWRVLQVWDQWHV(OLPSHGLPHQWR\ODPDQLIHVWDFLRQGHOSRGHUFRPR
LQWHJUDGRHQODDSRVWDVLDQRSXHGHQVHUVLPXOWDQHRVPDVTXHHQHOILQDOGHXQR\HQHORULJHQGHORWUR6L
VHGDHOXQRQRSXHGHGDUVHHORWUR\YLFHYHUVD
(VWRQRVPXHVWUDTXHVLHOLPSHGLPHQWRH[LVWHHQODHSRFDGH3DEORHQODHSRFDGH5RPDLPSHULDO\
DOGHMDUGHH[LVWLUSHUPLWHPDQLIHVWDUVHHVDVFXDOLGDGHV\FDUDFWHULVWLFDVLPSOLFDGDVHQODDSRVWDVLD
FXDQGRODKLVWRULDH[KLEDHVDVWHQGHQFLDV\SHFXOLDULGDGHVQRVLGHQWLILFDUDHOOLPLWHGHODH[LVWHQFLDGHO
REVWDFXORHQFRQMXQFLRQFRQODDSDULFLRQGHO+RPEUHGHO3HFDGR
3RURWUDSDUWHHVHYLGHQWHSDUDQRVRWURVTXHODPDQLIHVWDFLRQGHHVHSRGHUWLHQHTXHYHUFRQHO
GHVWLQRGHODVSHUVRQDVTXHUHFLEHQRUHFKD]DQODYHUGDGTXHOHVVDOYDULD\HVWRQRHV
SULYDWLYRGHODHSRFDILQDOVLQRGHWRGDXQDIDVHWHPSRUDOTXHDFWXDLQYLVLEOHPHQWHHQODHSRFD
DSRVWROLFD\VXEVLJXLHQWH\TXHVHPDQLILHVWDGHXQDIRUPDDELHUWDFXDQGRHOLPSHGLPHQWRHVTXLWDGR
SURORQJDQGRVHKDVWDHOUHWRUQRGH&ULVWR
/D 1DWXUDOH]D GHOPLVWHULR GH LQLTXLGDG HO VLJQLILFDGR GH OD $SRVWDVLD \ GHOKRPEUH GH
SHFDGR
/DDFFLRQGHODLQLTXLGDG
(VHOPRYLPLHQWRGHLQILGHOLGDGGHUHEHOGLDGH6DWDQDVUHVSHFWRDODDXWRULGDGRJRELHUQRGH'LRV\
HVRHVWD\DHQPDUFKDHQODKLVWRULD\SRUORWDQWRHQWLHPSRVGH3DEORD7HVSS\HVFRQVLGHUDGD
SRUHVWHFRPRXQPLVWHULR
'HVGHHOFRPLHQ]RGHODKXPDQLGDGGHIRUPDPLVWHULRVDVHKDLGRWUDVPLWLHQGRODDSRVWDVLDTXH
VXSXVRODUHEHOLRQGH/X]EHOPHGLDQWHODVHPLOODLGHRORJLFDTXHHOYDFRORFDQGRHQODKXPDQLGDG\TXH
DSDUHFHGHIRUPDFODUDHQODPDQHUDGHFRPSRUWDUVHORVJRELHUQRVGHHVWHPXQGRUHSUHVHQWDWLYRVTXH
PDQLILHVWDQPDUFDUODGLUHFFLRQDOLGDGHQODKLVWRULDFRQXQDFRQFHSFLRQHVWDWDOTXHSUHWHQGHSRVHHUOD
DXWRULGDGVXSUHPDHLQGHSHQGLHQWHGHO'LRVTXHVHUHYHOD
/D$SRVWDVLD
(OSXQWRGHUHIHUHQFLDGHODDSRVWDVLDHVVXRULJHQ\QDWXUDOH]D\VXUHODFLRQFRQXQDLGHRORJLDTXH
>@
WLHQHHQFXHQWDWRGRWDQWRORHVSLULWXDOFRPRORWHPSRUDORSROLWLFR
>@
/RVGLIHUHQWHVDXWRUHVFRQVLGHUDQDODDSRVWDVLDUHODFLRQDGDFRQORUHOLJLRVR
/RVDXWRUHVLQWHUSUHWDQHOFRQWH[WRFRPRDOJRUHODFLRQDGRFRQORUHOLJLRVR\OD,JOHVLDHQHO
VHQWLGRGHDOJRTXHVXUJHDSDUWLUGHHOODGHXQDDSRVWDVLDGHORVFRQWHQLGRVLGHRORJLFRVGHOD,JOHVLD
>@

(OYDORUUHOLJLRVRHVLQGXGDEOHSHURHOWH[WRDOLGHQWLILFDUDODDSRVWDVLDD7HVSSFRQOD

DFFLRQKLVWRULFDGHXQPLVWHULRGHLQLTXLGDGTXHHVWDHQPDUFKDFISDUHFHLQGLFDUTXHODDSRVWDVLD
HVFRPRXQDFWRSUHYLRDOGHVRUGHQHVSLULWXDOTXHVHSURGXFH([LVWHDQWHVGHSURGXFLUVHHODFWRGHVOHDO\
SHFDPLQRVR(VGHFLUHOUHVXOWDGRGHVOHDO\SHFDPLQRVRHVODFRQVHFXHQFLDGHTXHODDSRVWDVLDTXHHVWD
HQPDUFKDHQODKLVWRULDKDWRPDGRIRUPD\OXJDUHQXQQXHYRVLVWHPD
6LHORULJHQ\WUDQVPLVLRQKLVWRULFDGHODDSRVWDVLDHVWDHQORTXHVLJQLILFDHLPSOLFDODUHEHOLRQ
VDWDQLFDFRQVLVWHQWHHQXVXUSDUODXQLFDDXWRULGDGVXSUHPDTXHUHVLGHHQ'LRVDUURJDQGRVHODHOH
LQGHSHQGL]DQGRVHGH'LRVHQXQDXQLRQRPH]FODGHDVSHFWRVLGHRORJLFRVHVSLULWXDOHVSRVLWLYRVFRQ
DVXQWRVLGHRORJLFRVLQYHQWDGRVKDFLHQGRVXUJLUXQDPDQHUDGHSHQVDUSURSLDGLVWLQWDGHODGH'LRV
FXDQGRHVDUHSUHVHQWDWLYLGDGKLVWRULFDFIXSDFHSWHODWHQWDFLRQVDWDQLFDVHKDEUDLQWHJUDGRHQOD
FRUULHQWHKLVWRULFDGHODDSRVWDVLD\VHPDQLIHVWDUDDSRVWDWDQGRFRPRKRPEUHGHSHFDGRHLQLFXR
XSSS\GHDTXHOORVSULQFLSLRVLGHRORJLFRVHVSLULWXDOHV\GRFWULQDOHVTXHGHPDQWHQHUVHLPSHGLULDQ
ODDFHSWDFLRQGHODWHQWDFLRQFI0W
&XDQGRXQFROHFWLYRFXDOTXLHUDH[SHULPHQWDSRUODLPSRUWDQFLDTXHFRQFLEHHQHOHOPDOLJQROD
WHQWDFLRQGHDFHSWDUHOYDORUSROLWLFRGHSRVHHUODDXWRULGDGVXSUHPDKDFLHQGRVHOHFUHHUGHTXHDVL
FXPSOLUDPHMRUVXPLVLRQ\GHVWLQR\VXFXPEHHVWDUDDFHSWDQGRHQWRQFHVODFRUULHQWHKLVWRULFDH
LGHRORJLFDLPSOLFDGDHQODDSRVWDVLDGHRULJHQ\QDWXUDOH]DVDWDQLFDVHPDQLIHVWDUDODILJXUDGHOKRPEUH
GHSHFDGRFRQHODEDQGRQR\GHVHUFLRQGHSULQFLSLRVFRUUHVSRQGLHQWHVDO5HLQRR*RELHUQRGH'LRV
/DDSRVWDVLDUHSUHVHQWDXQDDFWLWXGKLVWRULFDTXHGHVGHVXRULJHQVHKDFRPSRUWDGR\GLULJLGRSDUDOHOD
\RSXHVWDD'LRV\TXHHO$GYHUVDULRFID7HVXSODXVDDVXDQWRMRSDUDGHVWUXLUDO3XHEORGH
'LRVTXHVDOYDJXDUGDORVSULQFLSLRVGHO5HLQRGH'LRV(QHIHFWRODDFWXDFLRQVDWDQLFDFRQOD
LQWURGXFFLRQGHODDSRVWDVLDHQODKLVWRULDFRQWDPLQDDORVLPSHULRVXQLYHUVDOHVDODFRQFHSFLRQHVWDWDO
$SXSFID7HVHLQYLWDDLQVWDODUVHHQDTXHOODDORUHOLJLRVRGHOD,JOHVLDGH'LRV
HQFRQWUDQGRXQDUHVSXHVWDKLVWRULFDHQWUHORTXHVHIUDJXDSRUHOLGHDULRLPSHULDOURPDQRUHSUHVHQWDGRHQ
&RQVWDQWLQR\VXHQYLWHDOFROHFWLYRGHOD,JOHVLDHQ5RPDUHSUHVHQWDGRSRUHOGLULJHQWHHVSLULWXDOHQHOOD
/DDSRVWDVLDORHVHQVLPLVPDSRUODVLWXDFLRQDQWLQDWXUDOTXHVHGDFXDQGRORSROLWLFRORSDJDQROD
%HVWLDFI$SLPSRQHXQDGLUHFFLRQDOLGDGIRU]DQGRDDSRVWDWDUHQORVSULQFLSLRV
GRFWULQDOHVHLGHRORJLFRVGHO5HLQRGH'LRVGHDFXHUGRDODV6DJUDGDV(VFULWXUDV
,GHQWLGDGKLVWRULFDGHODDSRVWDVLD\GHOLPSHGLPHQWR
&XDQGRODDSRVWDVLDHQODTXHFRQYLYHHO,PSHULR5RPDQRVHWUDVSDVH\VXUWDHIHFWRHQHOFROHFWLYRTXH
\DKHPRVLGHQWLILFDGRVLPXOWDQHDPHQWHHOLPSHGLPHQWRTXHREVWDFXOL]DTXHVHSURGX]FDHVD
HIHFWLYLGDGGHODDSRVWDVLDHVTXLWDGR
(QHOPRPHQWRHQTXHDSRVWDVLD\HOFROHFWLYRFULVWLDQRTXH3DEORFRQRFHHLGHQWLILFDHQVXHSRFDD
7HVFI+HFKFI*DOVHLQWHJUHQFRPRFRQVHFXHQFLDGHODDFFLRQGHOPLVWHULR
GHLQLTXLGDGHQWRQFHVHOLPSHGLPHQWR\DQRGHWLHQH\DSDUHFHODSHUVRQLILFDFLRQKRPEUH
GHSHFDGRFRPRHOLQLFXRSSFIXS
(VHYLGHQWHTXHODDFFLRQKLVWRULFDGHLQLTXLGDGVHLGHQWLILFDFRQODQDWXUDOH]DGHODDSRVWDVLD
9LVXDOL]DFLRQGHODDSRVWDVLDFRQVXLQVWDODFLRQSSWUDHODPDQLIHVWDFLRQGHOKRPEUHGH
SHFDGRXSODSUHVHQFLDGHODDFFLRQKLVWRULFDGHOPLVWHULRGHLQLTXLGDGWUDHODPDQLIHVWDFLRQ
>@
GHOLQLFXRXKRPEUHGHSHFDGRSS
1RWHVHXQDYH]SXHVWRVHQSDUDOHORGHQXHYRTXHODLQVWDODFLRQHQRGHODDSRVWDVLDYSS
UHTXLHUHXQDDFFLRQPLVWHULRVDFXPSOLGDYSSSDUDTXHHOREVWDFXORNDWHMRQSXHGDGHVDSDUHFHUY
XS\GHHVWHPRGRODPDQLIHVWDFLRQGHO+RPEUHGHSHFDGRR+LMRGHODSHUGLFLRQYXSVH
PDQLILHVWHLQLFXDPHQWHYSS(VGHFLUODPDQLIHVWDFLRQGHO+RPEUHGHSHFDGRYXSVHUHDOL]D
>@
YSSXQDYH]GHVDSDUHFLGRHONDWHMRQLPSHGLPHQWRHVWRUERREVWDFXORYXS 8QDYH]
PDVVHLGHQWLILFDHONDWHMRQFRQDTXHOORTXHLPSLGHDTXHODDSRVWDVLDVHDXQDUHDOLGDGHQHVD
FRQIOXHQFLDKLVWRULFDGHWHUPLQDGD
(VWRQRVRIUHFHXQDLGHDFRPSOHPHQWDULDSDUDFRQVHJXLUXQDPHMRULGHQWLILFDFLRQKLVWRULFD/DSURSLD
DSRVWDVLDYSSTXHH[LVWHHQODDFFLRQKLVWRULFDRULJLQDGD\GHVDUUROODGDSRU6DWDQDVKDFHSRVLEOH
FXDQGRVHOHDFHSWDRVHLQVWDOHHQHOODODPDQLIHVWDFLRQGHOLQLFXRHQYHUVLRQKRPEUHGHSHFDGRR
LQLTXLGDG
DQRPLDV
/DDSRVWDVLDYSSRHOPLVWHULRGHLQLTXLGDG\DHQWLHPSRVGH3DEORHQDFFLRQKLVWRULFDY
SSHVRULJLQDGDSRUHOSURSLR6DWDQDVYXSWUD\HQGRHODGYHQLPLHQWRGHOLQLFXRXKRPEUHGH
LQLTXLGDGYSSFIYXS
 /DDFFLRQKLVWRULFDGHODDSRVWDVLDD7HVSSDGHPDVGHLQGLFDUXQDVLWXDFLRQGHFRQIOLFWR
UHVSHFWRGH'LRVSUHYLRDODOOHJDGDGHOKRPEUHGHSHFDGRRLQLTXLGDGTXHODSURSLDDSRVWDVLDXQD
YH]DFHSWDGDRXQDYH]LQVWDODGRHQHOODODKDFHSRVLEOHHVXQLQGLFDWLYRGHTXHODDFFLRQ6DWDQLFD
XSHVWDREUDQGRGHDFXHUGRDOSURSRVLWRGHORJUDUHOHQJHQGURGHOKRPEUHGHSHFDGR(VWRQRVSRQHHQ
GLVSRVLFLRQGHSRGHUDSRUWDUHOHPHQWRVKLVWRULFRVTXHDFODUHQODSURIHFLDWHQLHQGRHQFXHQWDWDPELHQOD
FRPSUHQVLRQGHORVSDVDMHVTXHQRVKDEODQGHODVFDUDFWHULVWLFDVGHOKRPEUHGHSHFDGR
3RUWRGRORGLFKRKDVWDDTXLSDUDQRVRWURVHORULJHQ\QDWXUDOH]DGHODDSRVWDVLDTXHHVWDHQDFFLRQHQ
ODKLVWRULDGHVGHTXHODLQWURGXMRODUHEHOLRQGH/X]EHOODVHUSLHQWHDQWLJXDHOGUDJRQ6DWDQDV\SRUOR
WDQWRHQODHSRFDGH3DEORHVWDREUDQGR\DFRQODLQWHQFLRQGHLQVWDODUVHHQODLQVWLWXFLRQFULVWLDQD
PHGLDQWHVXRIHUWDGHSRGHU(O,PSHULRURPDQRKDVHUYLGRGHYHKLFXORGHODDSRVWDVLDTXHGHVGHTXHOD
VLPLHQWHGHODVHUSLHQWHODLQWURGXMHUDHQODFRQFHSFLRQLGHRORJLFDGHORVUHLQRVGHHVWHPXQGRTXHWLHQHQ
UHOHYDQFLDKLVWRULFDPDUFDQGRODGLUHFFLRQDOLGDGGHODKLVWRULD%DELORQLD0HGR3HUVLD*UHFLD
PHGLDQWHODLPSRVLFLRQGHODDXWRULGDGVXSUHPDFRQHOILQGHREWHQHUODXQLGDGPXQGLDOKDJHQHUDGRXQ
VHQWLGRGHODKLVWRULDHQFRQWUDSRVLFLRQDOUHLQRRJRELHUQRGH'LRVWUDVODGDQGRORDVXKHUHGHURTXHHQ
YHUVLRQGH3DEORVHWUDWDGHXQVLVWHPDGHPDOGDGGHQRPLQDGRKRPEUHGHLQLTXLGDG/DVHQDOGHDVXPLU
ODDXWRULGDGVXSUHPDTXHXQLFDPHQWHSHUWHQHFHDO'LRVTXHVHUHYHODFRQODSUHWHQVLRQGHDOFDQ]DUOD
XQLGDGPXQGLDOFXPSOLHQGRFRQXQDPLVLRQTXHSUHWHQGHVHUODGHO'LRVTXHVHUHYHOD$VXYH]VHUYLUD
GHYHKLFXORSDUDFRQWDPLQDUGHODDSRVWDVLDDFXDOTXLHUDTXHDSUHQGLHQGRGHODKLVWRULDLQVSLUDGDSRUHO
'UDJRQVHFRQVWLWX\DFRPRUHSUHVHQWDWLYRGHODDXWRULGDGVXSUHPD\GHXQRUGHQDPLHQWRPXQGLDO(VH
KRPEUHGHSHFDGRKDUDVDEHUVLHPSUHTXHHVDDXWRULGDGOHSHUWHQHFHFX\RDGYHQLPLHQWRHVSRUREUDGH
6DWDQDVDXQFXDQGRODSXHGDFRPELQDU\GHOHJDUHQXQDXQLRQFRQHOSRGHUGHO(VWDGRTXHPDQLILHVWH
SRVHHUHOGRPLQLRTXHPDUFDODGLUHFFLRQDOLGDGGHODKLVWRULD
>@
/DFRQFHSFLRQHVWDWDO HQODIRUPDGHO,PSHULR5RPDQRTXHOOHYDLPSOLFLWDODHVWUXFWXUDGHOD
%HVWLD$SRFDOLSWLFDWUDVPLWHDOFROHFWLYRFULVWLDQRUHSUHVHQWDGRHQODGLUHFFLRQGHOD,JOHVLDHQ5RPD
>@
ODLQYLWDFLRQDVXELUVHDLQWHUFDODUVHHQODDSRVWDVLDRDLQWURGXFLUVHHQODDSRVWDVLDDODTXHHO
>@
PLVPRVHKDLQWHJUDGR\TXHGHEHWUDQVPLWLU &XDQGRHOFROHFWLYRUHSUHVHQWDWLYRGHOD,JOHVLDHQ
5RPDHQWURHQFRQQLYHQFLDFRQHO,PSHULR5RPDQR&RQVWDQWLQLDQRDFHSWRTXHVHOHGHVSRMDUDGHORV
HOHPHQWRVLGHQWLILFDWLYRVFULVWLDQRVHVHQFLDOHVFRPRORTXHLPSOLFDODFRQFHSFLRQGH5HLQRR*RELHUQR
GH'LRV'HHVWHPRGRVHTXLWRHOLPSHGLPHQWRNDWHMRQRNDWHMRQTXHREVWDFXOL]DEDDFRQVXPDUVHOD
>@
LQWHJUDFLRQHQODDSRVWDVLD
(O,PSHULR5RPDQRUHXQHHQVXFRPSOHMDHVWUXFWXUDODPDOLJQLGDGSRUH[FHOHQFLD\ODDSRVWDVLDSRU
DQWRQRPDVLDFRPRKHUHGHURGHODDSRVWDVLDVDWDQLFDRSRQLHQGRVHDOYHUGDGHUR'LRVKDFLHQGRVHSDVDU
SRU'LRVPHGLDQWHODGLYLQL]DFLRQGHORVHPSHUDGRUHV\REOLJDQGRKDVWDFRQODSHUVHFXFLRQUHOLJLRVDD
TXHVHOHGLHUDXQDHVSHFLHGHFXOWR+DELDLQWHJUDGRFLHUWDVIRUPDVUHOLJLRVDV\HVSLULWXDOHVHQVX
>@
FRQGXFWDSROLWLFD\VHFXODUVXVWLWX\HQGRODDXWRULGDGGHO'LRVTXHVHUHYHOD (O(VWDGRHVXQD
>@
DXWHQWLFDUHOLJLRQTXHFRQVLGHUDLPSLRVDORVTXHQRVHOHVRPHWHQ 7RGRHVWRHVODHYLGHQFLDGH
TXHHOPLVWHULRGHODLQLTXLGDGRDSRVWDVLDHVWDEDHQDFFLRQKLVWRULFDD7HV
3ULPHURGLFH3DEORKDGHKDFHUDSDULFLRQODDSRVWDVLDSSHVGHFLUXQDDFWLWXG\
GLUHFFLRQDOLGDGFRQWUDULDD'LRVTXHSUHWHQGHFRPSRUWDUVHHQOXJDUGH'LRV(VWDDSRVWDVLDHVWDHQ
DFFLRQ\DHQWLHPSRVGH3DEORSSHQORLPSOLFDGRHQHOLGHDULRLPSHULDOURPDQRDFDXVDGHOD
DFWLYLGDGGH6DWDQDVGHVGHHOFRPLHQ]RGHODKXPDQLGDGSS(VORSUHYLRDODPDQLIHVWDFLRQGHO
KRPEUHGHSHFDGR(VSUHFLVDPHQWHHVDDSRVWDVLDHQDFFLRQKLVWRULFDSRUPHGLRGHOLGHDULRLPSHULDO
URPDQRODTXHIUDJXDGXUDQWHXQWLHPSRODSRVLELOLGDGGHTXHVXUMDODILJXUDGHOKRPEUHGHOSHFDGRHQHO
SURSLRWHPSORGH'LRVUHSUHVHQWDWLYRGHOSXHEORGH'LRV^XSXS`KDVWDTXHHOHQJHQGUR
FUHDGRSRU6DWDQDVXWLOL]DQGRDO,PSHULR5RPDQRHVWHGLVSRQLEOHSDUDODKLVWRULD\VHPDQLILHVWHFRPR
XQ+RPEUHGHSHFDGR+LMRGHODSHUGLFLRQFRPRXQ,QLFXR
$WUDYHVGHO,PSHULR5RPDQR6DWDQDVREUDSDUDDSDUWDUDORVKRPEUHVGHOYHUGDGHUR'LRV(O,PSHULR
5RPDQRHVXQPLVWHULRGHLQLTXLGDGDQRPRVSRUTXHVHSDUDDORVKRPEUHVGHODYHUGDGHUD/H\GHOD
GH'LRVGHORVSULQFLSLRVTXHJRELHUQDQHQHO5HLQRGH'LRV6DWDQDVWLHQHVXWURQRHQHO,PSHULR
>@
URPDQRFI$SXS
3RUXQODGRHO,PSHULR5RPDQRGLULJLGRSRU6DWDQDVPDQLILHVWDHQVXVHQRODWUDQVPLVLRQGHOD
DSRVWDVLDFRPRODTXHKHPRVGHVFULWRSHURVLHOKRPEUHGHSHFDGRTXHVHKDGHPDQLIHVWDUGHVSXHVKD
GHVHQWDUVHHQHOWHPSORGH'LRVKDFLHQGRVHSDVDUSRU'LRVXSHO,PSHULR5RPDQROD
SRVLFLRQGHO&HVDUFRPRVLIXHUDGLRVFRQWRGRORTXHHOORLPSOLFDHQHOSODQRUHOLJLRVR\SROLWLFROD
H[LJHQFLDGHOVRPHWLPLHQWRLQFRQGLFLRQDODO(VWDGRURPDQR\ODPH]FODDERPLQDEOHGHORUHOLJLRVR\OD
SROLWLFDKDGHWUDQVPLWLUVHDILQGHTXHVHJHQHUHHOKRPEUHGHLQLTXLGDGTXHKDGHH[LVWLUGHVGHOD
>@
HSRFDURPDQDKDVWDODSDUXVLD /DDFHSWDFLRQGHHVDWUDQVPLVLRQTXLWDHONDWHMRQ
/DHVWUDWHJLDGH6DWDQDVFRQVLVWLDHQFRQVROLGDUSULPHURODDSRVWDVLDLQWHJUDGDVXVWDQFLDOPHQWHHQOD
VLJQLILFDFLRQGHO,PSHULRURPDQR
(O&ULVWLDQLVPRVLHQGRILHODODVSUHPLVDVGHO(YDQJHOLR\GHVX)XQGDGRUVLJXHXQDVSDXWDV
>@
WRWDOPHQWHRSXHVWDVDODVLPSOLFDFLRQHVDSRVWDWDVGHO,PSHULRURPDQR
:ROIKDUW3DQQHEHUJGHXQPRGRVXDYHUHVXPHODLPSOLFDFLRQGH&RQVWDQWLQR
(QODPRGHUQDOLWHUDWXUDWHRORJLFDVHKDKHFKR\DXQDFRVWXPEUHGHSORUDUODHSRFD&RQVWDQWLQLDQD6HODFRQVLGHUDFRPRXQD
FDLGD GHO FULVWLDQLVPR TXH GHVFHQGLR GH ODV DOWXUDV PRUDOHV GH OD LJOHVLD GH ORV PDUWLUHV KDVWD HO RSURELR \ OD FRUUXSFLRQ SRU VX
FRODERUDFLRQFRQHOLPSHULRSROLWLFROOHJDQGRDLGHQWLILFDUVHFRQHODSDUDWRGHVXSRGHU
0XFKRVRELVSRV\WHRORJRVFULVWLDQRV(VWDEDQGLVSXHVWRVGHEXHQDJDQDDDSR\DU\OHJLWLPDUHQFDVLWRGRVORVFDVRVD
OD DXWRULGDG LPSHULDO \ D VXV DFWRV $FHSWDEDQ OD LQMHUHQFLD PDV R PHQRV LQFLVLYD GHO SRGHU LPSHULDO HQ ORV DVXQWRV TXH HUDQ
>@
UHVSRQVDELOLGDGGHODVLJOHVLDV!!
/DDFFLRQVDWDQLFDTXH3DEORQRVH[SOLFDEDHVWDEDWUD]DGDHQWRGDVXYLUXOHQFLD/RTXHUHSUHVHQWDED
ODPD\RUSDUWHGHO&ULVWLDQLVPRVXFXPELR(ODQ]XHORGHO0DOLJQRIXHDWUDSDGRDSHVDUGHOGHVJDUURTXH
HVWRVXSRQLDSDUDODIH\ODGRFWULQD/DWHQWDFLRQHFXPHQLFDWDOFXDOHOGLDEOROHKDELDSUHVHQWDGRD
-HVXVFXDQGROHRIUHFLRWRGRHOPXQGRKDELDWHQLGRXQH[LWRIXOPLQDQWH6HKDELDGHMDGRSDVRDOWHUFHU
KHFKRKLVWRULFRDODDFHSWDFLRQ\FRQQLYHQFLDSRUSDUWHGHXQQXFOHRSHUWHQHFLHQWHDOFULVWLDQLVPRTXHVH
GHMDVHGXFLUSRUODDSRVWDVLD5RPDQD
/DDFWLYLGDGGHO$GYHUVDULRKDELDFRQVLVWLGRHQSULPHUOXJDUHQDVHJXUDUODDSRVWDVLD(VWDWDO5RPDQD
LPSUHJQDQGRODGHFLHUWRVIDFWRUHVUHOLJLRVRVTXHFRPRHOGHODGLYLQL]DFLRQGHOHPSHUDGRUIDYRUHFLDOD
DXWRULGDGDEVROXWLVWDGHHVWH\ODXQLGDGSROLWLFRLGHRORJLFD7RGRWHQLDTXHHVWDUVRPHWLGRDO&HVDUDO
3RQWLIH[0D[LPXV
(OVLJXLHQWHSDVRHUDWUDQVIHULUHVDSRVLFLRQDSRVWDWDDOFULVWLDQLVPRFXDQGRHVWRVXFHGLRFRQ
&RQVWDQWLQRQRVHQFRQWUDPRVHQORVXPEUDOHVGHODDSDULFLRQGHOVLVWHPDGHPDOGDGGHQRPLQDGR
JHQHULFDPHQWH+RPEUHGHSHFDGR
5RPD\FRQHOOR&RQVWDQWLQRQRHVPDVTXHXQLQVWUXPHQWRGHO3ULQFLSHGHHVWHPXQGR6HWUDWDEDGH
VDOSLFDUDOFULVWLDQLVPRFRQWRGDODIXHU]DGHODGLUHFFLRQDOLGDG\RULHQWDFLRQSROLWLFRUHOLJLRVDGHO
(VWDGRURPDQR&RQVWDQWLQRGLULJLGRHLQVSLUDGRSRUOD3HUVRQLILFDFLRQGHO0DOFRPSUHQGHTXHOR
PHMRUSDUDORJUDUODVXEVLVWHQFLDGHO,PSHULRGHODDSRVWDVLDTXHVHRSRQHDO'LRVYHUGDGHURHQOD
WLHUUDHUDDOLDUVHFRQHO&ULVWLDQLVPR3DUDHOORYDDVHUSUHFLVRLQYHQWDUXQDHVWUDWDJHPD$FHSWDUVX
WHUPLQRORJLDYDULDUGHDOJXQPRGRVXVLJQLILFDFLRQHLPSRQHUODVFRRUGHQDGDVGHODSROLWLFDLGHRORJLFD
LPSHULDO/DOLEHUWDGODVVXEYHQFLRQHVHFRQRPLFDVODFRQVWUXFFLRQGHWHPSORV\ORVSURSRVLWRV
OOHYDGRVDODSUDFWLFDHQIDYRUHFHUHODYDQFHGHODUHOLJLRQFULVWLDQDUHLQWHUSUHWDGDSRUHOSURSLR
&RQVWDQWLQRIDFLOLWDURQODIXVLRQDERPLQDEOH
8QDYH]GRPDGRHOFULVWLDQLVPRUHSUHVHQWDGRHQHORELVSDGRHQ5RPD\FRQYHUWLGRHQXQD,JOHVLD
>@
LPSHULDOHQUHOLJLRQGHO(VWDGR &RQVWDQWLQRYHFRQWUDQTXLOLGDGHOIXWXURHWHUQRGHO,PSHULR
3HURHVWHRUGHQDPLHQWRGHO,PSHULR5RPDQRSUHFLVDGR\DFRQEDVHOHJDOSRU&RQVWDQWLQRKD
FRQVWLWXLGRDOD,JOHVLDHQSDUWHGHOVLVWHPDMXULGLFRURPDQR\HVWDEDVXMHWDDOOHJLVODGRUHO&HVDU
>@
FRPRSDUWHLQWHJUDQWHGHODHVWUXFWXUDGHORUGHQDPLHQWRSXEOLFR
6HKDELDKHFKRXQWUDVYDVH\XQDPD\RULDFULVWLDQDTXHVHOHFRQVLGHUDORPDVLQIOX\HQWHVHIXQGLRHQ
ODDSRVWDVLD(VWDWDO5RPDQD
"4XHHVWDEDSDVDQGR""4XHKDELDRFXUULGR"
(VWHHOHPHQWRKLVWRULFRQRVPXHVWUDODLQWURGXFFLRQGHODDSRVWDVLD5RPDQDHQOD,JOHVLDHVGHFLUOD
SURSXHVWDDXQFROHFWLYRUHSUHVHQWDWLYRHFOHVLDVWLFRDTXHVHVXEDDOYHKLFXORGHODDSRVWDVLD
2EVHUYHQVHODVSDODEUDVRSRUWXQDVFRQTXHQRVGHVFULEHXQKLVWRULDGRUFDWROLFRHVHWUDVSODQWHGHOD
FRQFHSFLRQSROLWLFRUHOLJLRVDDSRVWDWD5RPDQDUHSUHVHQWDGDSRU&RQVWDQWLQRDOD,JOHVLDFULVWLDQD
+LVWRULFDPHQWH VLQ HPEDUJR HO DVXQWR VH SUHVHQWD GH PRGR GLIHUHQWH &RQVWDQWLQR QR H[SHULPHQWR QLQJXQD FRQYHUVLRQ QR
KD\LQGLFLRDOJXQRGHTXHFDPELDUDGHIH-DPDVGLMRGHVLPLVPRTXHVHKXELHUDYXHOWRDRWURGLRV0XFKRDQWHVGHVXGHFLVLRQHQ
IDYRU GHO FULVWLDQLVPR HO HPSHUDGRU WHQGLD \D PDV ELHQ HQ VX UHOLJLRVLGDG KDFLD HO PRQRWHLVPR GH IRUPD SHUIHFWDPHQWH FODUD \
FUHFLHQWHTXHSUDFWLFDEDHQHOFXOWRGHXQDGLYLQLGDGGHVFULWDFRQDWULEXWRVPX\DEVWUDFWRV$OWLHPSRGHVXEHQHYROHQFLDKDFLDHO
FULVWLDQLVPRHVDGLYLQLGDGHUDSDUDHOHO6RO,QYLFWXVHOGLRV6ROYLFWRULRVRFRQHOTXHVHKL]RUHSUHVHQWDUHQODVPRQHGDV
$ HVH GLRV 6RO QXQFD OR DEDQGRQR &RQVWDQWLQR  3DUD HO HOGLRV GH ORV FULVWLDQRV VH LGHQWLILFDED FRQ HO GLRV DO TXH HO GDED
FXOWR 'HVGH OD SHUVSHFWLYD FRQVWDQWLQLDQD HO (VWDGR UHTXHULD XQD UHOLJLRQ HVWULFWDPHQWH PRQDUTXLFD HQ VX LPDJHQ GH GLRV \ GHO
PXQGRTXHVHHQFDUQDVH\FRQWLQXDVHVREUHODWLHUUDFRQODPRQDUTXLDSROLWLFDGHOFHVDULVPRDEVROXWR(QVXLGHDGHORUGHQDPLHQWR
UHOLJLRVRSROLWLFR XQLYHUVDO KD\ XQ XQLFR \ VXSUHPR 'LRV TXH WLHQH HO JRELHUQR GHO PXQGR (O LQVWUXPHQWR GH VX VREHUDQLD HQ OD
WLHUUDHVHOXQLFRHPSHUDGRU\FRPRWDOKDEULDGHLPSRQHUVH&RQVWDQWLQRVREUHVXVULYDOHVTXHULJHHOLPSHULRXQLYHUVDOURPDQR
>@
<GHDFXHUGRFRQHVWRVFULWHULRVKL]R&RQVWDQWLQRVXHOHFFLRQ!!
3ULPHURKDGHYHQLUODDSRVWDVLD<DHVWDEDFRQVXPDGD$SDUWLUGH&RQVWDQWLQR\VXVFRQWLQXDGRUHV
ODLGHDDSRVWDWDGHO(VWDGR5RPDQRKDELDMXQWDGRHQXQDXQLFDFRQFHSFLRQSROLWLFRUHOLJLRVDDODPDV
LQIOX\HQWHGLUHFFLRQGHO&ULVWLDQLVPR\DOSURSLR(VWDGRURPDQR7RGRHOOREDMRODXQLFDFDEH]DGHO
(PSHUDGRUTXHDVXPHODPD[LPDDXWRULGDGHQODVIXQFLRQHVWDQWRSROLWLFDVFRPRUHOLJLRVDVGHDFXHUGRDO
VHQWLGRGHOWLWXOR3RQWLIH[0D[LPXV6XPR3RQWLILFH
/DDSRVWDVLDTXHVXSRQHHO,PSHULR5RPDQRHVWDEDHQDFFLRQHQWLHPSRVGHODSRVWRO3DEORKD
OOHJDGRDVXHWDSDILQDOIRU]DQGRDDSRVWDWDUDO&ULVWLDQLVPRSHURHVDPLVPDDSRVWDVLDGLULJLGDSRUHO
SURSLR,PSHULR5RPDQRFUHDODPDQLIHVWDFLRQGHO+RPEUHGHSHFDGR
(QHVDFRPELQDFLRQ&RQVWDQWLQLDQDDSDUHFHHOVLVWHPD+RPEUH
DQRPLDV/DDXWRULGDGVXSUHPDHO
SRGHUWHPSRUDO\HVSLULWXDOUHSUHVHQWDGRVHQXQDLQVWLWXFLRQKLVWRULFDSHUVRQLILFDGDGHVGH&RQVWDQWLQR
FRQVLGHUDGRFRPRHOGHFLPRWHUFHURDSRVWRO\3RQWLIH[0D[LPXVKDVWDWRGRVDTXHOORVTXHVHDUURJDURQ
>@
FRPRKHUHGHURVGHODDSRVWDVLD&RQVWDQWLQLDQDGLFKDDXWRULGDG
&DUDFWHULVWLFDV\QDWXUDOH]DGHOKRPEUHGHSHFDGRRGHLQLTXLGDG2ULJHQ\)LQDO
'HQDWXUDOH]DLQLFXD
/RVFRPHQWDULVWDVKDQSRGLGRKDFHUXQUHWUDWRGHODVFDUDFWHULVWLFDVGHOSHUVRQDMHVLPEROLFR
GHQRPLQDGRKRPEUHGHLQLTXLGDG
 )XQGLHQGRORTXHVHGLFHHQHOYXSFRQHOPLVWHULRGHLQLTXLGDGTXHORIUDJXDYSS\ORTXH
UHVXOWDVHUFRPRLQLFXRYSS
(OSHUVRQDMHHQFXHVWLRQWLHQHTXHYHUFRQXQFRPSRUWDPLHQWRGHPDOGDGSDUDFRQ'LRVHQHOTXHQRVH
WLHQHHQFXHQWDHOYDORUGHODDXWRULGDGGH'LRVGHVXJRELHUQRPDQLIHVWDGRHQVX/H\12WLHQHHQ
>@
FXHQWDHQWRGRDODOH\GH'LRVDQRPRV
(VWDDFWLWXGLQLFXDFUHDXQVLVWHPDSDUDOHOR\GHRSRVLFLRQD'LRVSXHVWRTXHVHDUURJDXQDDXWRULGDG
>@
\SRGHUTXHQROHFRPSHWH 6DEHPRVTXHDODFHSWDUODDSRVWDVLDTXHOHSURSRQHHOLGHDULRLPSHULDO
5RPDQR&RQVWDQWLQLDQRHQHOTXHVHKDGDGRODVLPELRVLVHQWUHHVHLGHDULR\WHUPLQRORJLD\FLHUWDV
FRQFHSFLRQHVFULVWLDQDVVHHYLGHQFLDODDFHSWDFLRQGHORTXHLPSOLFD\VLJQLILFDHO3RQWLIH[0D[LPXV
DXWRULGDGVXSUHPD\PLVLRQGLYLQDGHRUGHQDPLHQWRPXQGLDO
(VHKRPEUHGHSHFDGRRGHLQLTXLGDGTXHKDVLGRIHFXQGDGR\DOHFFLRQDGRSRUODDSRVWDVLD5RPDQD
UHSUHVHQWDGD\DPSOLDGDSRU&RQVWDQWLQRLEDDPDQLIHVWDUVHGHDFXHUGRDODDSRVWDVLDH\DFXODGD6DEULD
VXVWLWXLUODDXWHQWLFD/H\GH'LRVSRURWUDOH\TXHOODPDULDGH'LRVSHURTXHVHULDGLVWLQWDHQDTXHOORV
>@
SRUPHQRUHVTXHODKDFHQVHUGLIHUHQWH
2ULJHQ\'HVWLQR
6XRULJHQFRPR\DKDELDPRVDOXGLGRVHHQFXHQWUDHQODDSRVWDVLD5RPDQDSSFIXS
SS$SRVWDVLDGHO,PSHULR5RPDQRTXHVHDUUDVWUDGHVGHORVLPSHULRVXQLYHUVDOHV%DELORQLD0HGR
3HUVLD*UHFLDTXHWLHQHQVXRULJHQHQORTXHVLJQLILFDHLPSOLFDODUHEHOLRQGH6DWDQDV\TXHKDOODVX
PD[LPDHILFDFLDHQODHSRFD&RQVWDQWLQLDQDHQHODPDQFHEDPLHQWRFRQXQD,JOHVLDHQWUHJDGDDODV
GLUHFWULFHVFRUUXSWDVTXHLPSRQHODLGHRORJLD5RPDQDYLQFXODGDDO(PSHUDGRU6LHQGRHVWHHOYHKLFXOR
TXHODWUDQVSRUWDKDVWDHVHREMHWLYR(FOHVLDOSURYRFDQGRHQHOD\XQWDPLHQWRDQWLQDWXUDOGHXQD\RWUDOD
SHUVRQLILFDFLRQGHO+RPEUHGH3HFDGR
'HWUDVGHHVWHRULJHQ5RPDQRHVWDODILJXUDVLQLHVWUDGHODXWHQWLFRLQVSLUDGRU\SURGXFWRU(O
>@
$GYHUVDULRGHQRPLQDGR6DWDQDVSS
6XGHVWLQRILQDOHVWDH[SUHVDGRPHGLDQWHHOFDOLILFDWLYRGHKLMRGHODSHUGLFLRQXSVXILQVHUD
GHILQLWLYRHQRFDVLRQGHODVHJXQGD9HQLGDGH&ULVWRR3DUXVLDXS6LODSDUXVLDGHOKRPEUHGH
SHFDGRVHOOHYDDFDERJUDFLDVDODDFFLRQLQLFXDGH6DWDQDVVXGHVWUXFFLRQVHUDXQDUHDOLGDGHQOD
SDUXVLDGH-HVXFULVWR
/RVFRPHQWDULVWDVREVHUYDQODH[LVWHQFLDGHHVH+RPEUHGH3HFDGRFRPRXQSURFHVRTXHVHLQLFLDHQ
>@
HOPRPHQWRGHOVXUJLPLHQWR\OOHJDKDVWDODSDUXVLDGH-HVXFULVWR
&DUDFWHULVWLFDV
(OTXHVHHQIUHQWDRCDYQWLNHLPHQRM^DQWLNHLPHQRV`\HOTXHVHHQVDO]DXCSHUDLURPHQRM
^KXSHUDLURPHQRV`VREUHWRGRORTXHVHOODPD'LRVHYSLSDQWDOHJRPHQRQTHRQRFXOWRK

VHEDVPDTXHWLHQHUHODFLRQFRQORUHOLJLRVRSS

'HVGHXQDSHUVSHFWLYDUHOLJLRVDTXHHQFDUQDHVH+RPEUHGH3HFDGRODFRQVWLWX\HHQXQDH[FOXVLYDWDO
TXHVHRSRQHDFXDOTXLHURWUDDSDULFLRQTXHWHQJDXQDFRQQRWDFLRQUHOLJLRVD8QSRGHUTXHQRSHUPLWHGH
EXHQDJDQDRWUDUHOLJLRQTXHODVX\D
1RVHWUDWDGHLUHQFRQWUDGH'LRVGHPRGRGLUHFWRFRPRXQDDFFLRQDWHDVLQRGHELGRDVXDVXQFLRQ
GHSRVHHUODDXWRULGDGVXSUHPD\ODSUHWHQVLRQGHWHQHUODPLVLRQGLYLQDGHODXQLGDGPXQGLDOEDMRVX
DXWRULGDGQRSXHGHFRQFHELUFRPRYHUGDGHURODSRVLELOLGDGGHRWURFXOWRTXHSUHWHQGLHUDVHUHO
DXWHQWLFR6HHQIUHQWDGLDOHFWLFDPHQWHRHFXPHQLFDPHQWHRYLROHQWDPHQWHGHSHQGLHQGRGHODHSRFDR
GHODFLUFXQVWDQFLDVREUHFXDOTXLHULGHDUHOLJLRVDTXHSUHWHQGDVHUH[FOXVLYDGH'LRV<VHHQVDO]D
VREUHFXDOTXLHUWLSRGHGLRVRGHFXOWR6XHQVDO]DPLHQWRHVIUXWRGHXQLGHDULRTXHWLHQHFRPRREMHWLYR
HOGRPLQDU\GLULJLUHOPXQGR
7DQWRTXHHOHQHOWHPSORGH'LRVVHVLHQWDZ>VWHDXYWRQHLYMWRQQDRQWRXTHRX
NDTLVDL
(VWHHQVDO]DPLHQWRVHGHILQHSRUXQDIRUPDGHKDEODU\GHDFWXDUTXHOHKDFHXVXUSDUFRQOD
WHUPLQRORJLDHOOXJDUGHOWHPSORQDRQGH'LRVSRQLHQGRVXWURQR(VODDXWRULGDG\SRGHUFRQTXHVH
SUHVHQWDTXHVHQRVWUDQVPLWHFRPRDSR\DGR\EDVDGRHQORUHIHUHQWHDOVDQWXDULRGH'LRV
(VLUUHOHYDQWHHOLQWHQWDULGHQWLILFDUHVHWHPSORSXHVWRTXHHQHOOHQJXDMHDSRFDOLSWLFRHOHVFULWRU
LQVSLUDGRVHYHREOLJDGRDFRQVWUXLUXQVLJQLILFDGRSDUWLHQGRGHFRQFHSWRVTXHHOKRPEUHGHLQLTXLGDGR
SHFDGRVHDSURSLDFRPRVX\RVDXQFXDQGRQRUHVSRQGDQDXQDUHDOLGDG
(VLPSRVLEOHTXHHVWHKRPEUHGHLQLTXLGDGSURWRWLSRVHKDJDUHDOPHQWH'LRV3HURVXDFWLWXG
FRUUHVSRQGHDFRPRVLIXHUD'LRV7DPSRFRHVSRVLEOHTXHHOKRPEUHGHLQLTXLGDGHVWHUHDOPHQWHHQHO
WHPSORGH'LRVSHURVXVSDODEUDVJHVWRVDFFLRQHVVRQGHWDOQDWXUDOH]DTXHODLQVSLUDFLRQORWUDGXFH
FRPRVLHVWXYLHUDHQHOWHPSORGH'LRV
6HWUDWDGHXQDIDOVLILFDFLRQVLQSUHFHGHQWHVHQODTXHHOKRPEUHGHLQLTXLGDGXVDDSHVDUGHVXFDUJD
\WUD\HFWRULDDSRVWDWDXQDWHUPLQRORJLDVHOHFFLRQDGDTXHXWLOL]D'LRVHQVXWHPSORDWUHYLHQGRVHFRQOD
XWLOL]DFLRQGHXQOHQJXDMHTXHSHUWHQHFHDODYHUGDG\DORVDQWRDFRORFDUVXWURQRVLPERORGHVXSRGHU
\FRQWHQLGRDSRVWDWD'HQWURGHHVHWHPSORTXHODVSDODEUDVGHOKRPEUHGHLQLTXLGDGORKDQFRQILJXUDGR
>@
FRPRVLIXHUDHOGH'LRVLPSODQWDVXWURQRSURYRFDQGRHOVHUDGRUDGRFRPRVLIXHUD'LRV
(QVXSUHWHQVLRQHOKRPEUHGHLQLTXLGDGVHDUURJDDWULEXWRVTXHVRORSHUWHQHFHQDOD'HLGDG
6LVHKDWHQLGRHQFXHQWDORUHIHULGRSDUDODDSRVWDVLDTXHDUUDVWUDHO,PSHULR5RPDQRTXHHVODTXH
JHQHUDDHVWHKRPEUHGHLQLTXLGDGVHFRPSUREDUDTXHODVPDQHUDVGHVHUGHOKRPEUHGHLQLTXLGDGVRQ
XQDFRSLDGHODDSRVWDVLD5RPDQD/DGLYLQL]DFLRQGHO(PSHUDGRUFRQWRGDODFODYHKLVWRULFRSROLWLFR
UHOLJLRVDTXHFRQOOHYDOD$XWRULGDG6XSUHPDHQODGLUHFFLRQGHOPXQGR\HOVHUHOLQWHUSUHWHGHOD
GLYLQLGDGDSDUHFHHQHOKRPEUHGHLQLTXLGDG(OSRQHUVHSRUHQFLPDGHODSURSLD3DODEUDGH'LRV
FDPELDQGRPDQGDPLHQWRVRULJLQDQGRGRFWULQDVQXHYDVFUHDQGRXQVDFHUGRFLRTXHDGPLQLVWUDXQD
UHOLJLRQVDFUDPHQWDOGHPLVWHULRFRQVWLWX\HQGRVHHQRUJDQRYLVLEOHHLQIDOLEOHGHODGLYLQLGDGHVFRPR
KDFHUVH'LRVHQODWLHUUDDYSRGHLNQXQWDHCDXWRQR>WLHVWLQTHRM/DDSRVWDVLD5RPDQD
&RQVWDQWLQLDQDOHJRHVRVFRQWHQLGRVFDUDFWHULVWLFRVDORTXHDFHSWRVHPHMDQWHDERPLQDFLRQDOD
GLUHFFLRQGHOD,JOHVLDHQ5RPDFUHDQGRDOKRPEUHGHLQLTXLGDGFRQHVDKHUHQFLDTXHODDFFLRQVDWDQLFD
KDELDLGRHQJHQGUDQGRHQODLGHRORJLDGHO,PSHULR5RPDQR$KRUDHOKRPEUHGHLQLTXLGDGLEDDVHU
UHFRQRFLGRSUHFLVDPHQWHSRUTXHDVXPLULDHVRVPLVPRVFRQWHQLGRV
2EUDVPDUDYLOORVDV\SRUWHQWRVPLODJURV\SURGLJLRVGHPHQWLUDXS
/RPLODJURVRMXQWRFRQREUDVTXHVREUHVDOHQHQODPDQHUDGHDFWXDUKXPDQDVHULDXQPRGR
FRPSOHPHQWDULRSDUDLGHQWLILFDUDHVHKRPEUHGHLQLTXLGDG
/DVREUDVPDUDYLOORVDVUHODFLRQDQDOKRPEUHGHLQLTXLGDGFRQVXSURGXFFLRQFDUDFWHULVWLFDODGH
ORJUDUTXHWRGRVHOHVRPHWD/DGHRULHQWDUVXYROXQWDGHQHOTXHKDFHUGHODKXPDQLGDG6XREUDSRU
H[FHOHQFLDHVVXUHODFLRQFRQHO(VWDGRTXHHOPLVPRKDFRQIRUPDGRGHDFXHUGRDOVHQWLGRKLVWRULFR
>@
SURSRUFLRQDGRSRUODLGHRORJLD5RPDQD/DJHQLDOLGDG\HOSRUWHQWRGHVWDFDQHQHVDODERU
6HGXFHFRQXQDLGHRORJLDDSHVDUGHQRFRQWDUFRQHOUHVSDOGRHQWRGRGHOD/H\GH'LRVDWRGRV
ORVTXHQRSRQHQHODPRUDODYHUGDGHQSULPHUOXJDU
(OH[LWRGHHVWH3RGHUHVHQRUPH3XHGHHQJDQDUIDFLOPHQWHDWRGRVDTXHOORVTXHVHGHVSUHRFXSDQGH
XQDQDOLVLVGHORTXHHVYHUGDG\GHORTXHLPSOLFDODVDOYDFLRQ
3UHGRPLQDHO
DQRPRVODGHVFRQVLGHUDFLRQDODWRWDOLGDGGHOD/H\GHO'LRVYHUGDGHURPHGLDQWHOD
DQXODFLRQGHDOJXQRVGHORVPDQGDPLHQWRV6HUVLQOH\DQRPLDVKDFHUHIHUHQFLDDOKHFKRGHTXHHO
KRPEUHGHLQLTXLGDGQRVHVXMHWDFRPSOHWDPHQWHDOD/H\GH'LRV6HVLWXDHQXQSODQRVXSHULRUDOD
SURSLD/H\GH'LRV&RPRGLUDHOSURIHVRUGHOD8QLYHUVLGDG3RQWLILFLDODWHUDQHQVHGH5RPDFXDQGR
H[DPLQDHVRVSDVDMHVTXHODH[DOWDFLRQGHO+RPEUH,PSLRRGH3HFDGRHVFRPRVLHVWXYLHUDSRU
>@
HQFLPDGHWRGDVODVOH\HV\GHWRGDVODVIRUPDVGHUHOLJLRQ
"8QD3HUVRQDR3HUVRQLILFDFLRQ"8QD&ROHFWLYLGDG
>@
5DPRQ$OEDHQVXHVWXGLR'HO$QWLFULVWR SODQWHDODVGRVRSFLRQHVTXHVHKDQSUHVHQWDGR
UHVSHFWRDODLGHQWLGDGGHO$QWLFULVWRODSHUVRQDORLQGLYLGXDO\ODGHVHUXQ&XHUSR0RUDOR
&ROHFWLYLGDG
&LHUWRVDXWRUHVFDWROLFRVDQWLJXRVRPRGHUQRVVHDWLHQHQDODLQWHUSUHWDFLRQLQGLYLGXDO\FRORFDQOD
>@
OOHJDGDGHO$QWLFULVWRHQHOIXWXURGHODJHQHUDFLRQILQDO /DLQWHUSUHWDFLRQSURWHVWDQWH
GLVSHQVDFLRQDOLVWDGHVSXQWDHQHVWDSRVLFLRQTXHLGHQWLILFDDO+RPEUHGH3HFDGRFRQXQLQGLYLGXRGHOD
>@
HSRFDHVFDWRORJLFDGHQWURGHXQUHODWRGHDXWHQWLFDILFFLRQ
/DDOXVLRQDORVSDGUHVGHOD,JOHVLDQRSXHGHUHVROYHUHVWHDVXQWRSXHVWRTXHDGHPDVGHKDEHUXQD
>@
WUDGLFLRQHQHOVHQWLGRFRQWUDULRDODFRQFHSFLRQTXHKDFHGHO+RPEUHGH3HFDGRXQLQGLYLGXR ORV
OODPDGRV3DGUHVGHOD,JOHVLDFRQVLGHUDEDQTXHHOILQGHOPXQGRDFRQWHFHULDFRQHO&XDUWRUHLQRGH
'DQLHOTXHHOORVORLGHQWLILFDEDQDFDXVDGHVXIDOWDGHSHUVSHFWLYDKLVWRULFDH[FOXVLYDPHQWHFRQHO
,PSHULR5RPDQR
/RVUHIRUPDGRUHVSURWHVWDQWHVKDFHQXQDLQWHUSUHWDFLRQFROHFWLYDHQHOVHQWLGRGHFRQVLGHUDUDO
+RPEUHGH3HFDGRFRPRXQSRGHUKLVWRULFRTXHVHSHUVRQLILFDGHVGHODHSRFD&RQVWDQWLQLDQDKDVWDHO
>@
ILQDOGHORVWLHPSRV
(QFRQFOXVLRQ
(ORULJHQGHODDSRVWDVLD\GHODDERPLQDFLRQHVWDHQODUHEHOLRQGH/X]EHOFRQWUDHO'LRVTXHVH
UHYHOD/DQDWXUDOH]DGHODDERPLQDFLRQHVODVXVWLWXFLRQGHODDXWRULGDGSRUXQDDXWRULGDGVDWDQLFDTXH
ODYLHUWHHQODIRUPDGHDXWRULGDGVXSUHPDHQYHUVLRQ3RQWLIH[0D[LPXVHQHOSULPHULPSHULRXQLYHUVDO
TXHPDUFDODGLUHFFLRQDOLGDGGHODKLVWRULD%DELORQLD$SDUWLUGHDKLVHRULJLQDODDSRVWDVLDDFX\R
YHKLFXORVHLQWHJUDUDORTXHVHDUURJXHODDXWRULGDGVXSUHPDHO3RQWLIH[0D[LPXVFRQORTXHTXHGDUDQ
LGHQWLILFDGRVFRQHVDDSRVWDVLD/DVLPLHQWHGHODVHUSLHQWHVHWUDQVPLWHDXQDKXPDQLGDGTXHUHFRJHODV
FRQVLJQDVTXHHO'UDJRQLQVSLUDDODFRQFHSFLRQHVWDWDOTXHVREUHVDOHHQODKLVWRULDPDUFDQGRXQD
GLUHFFLRQDOLGDGPHGLDQWHVLVWHPDVGHPDOGDGTXHLGHD\KDFHFRQIOXLUHQODVFDEH]DVXQLYHUVDOHVTXH
GLULJHQODKLVWRULDFI$SXS(OOODPDGRKRPEUHGHLQLTXLGDGVHFRQVWLWX\HHQHO
KHUHGHURGHOLGHDULRLPSHULDOURPDQR(VHKHUHGHURVHKDFRQVWLWXLGRHQEDVHDXQFROHFWLYRFULVWLDQRFRQ
VHGHHQODGLUHFFLRQGHODLJOHVLDHQ5RPDTXHGDGDVODVFLUFXQVWDQFLDKLVWRULFDV\HORSRUWXQLVPR
SROLWLFRUHOLJLRVRTXHFRQIOX\HHQODHSRFD&RQVWDQWLQLDQDGHVSUHQGLHQGRVHGHORTXHKDFLDGH
REVWDFXORORVSULQFLSLRVGHO5HLQRGH'LRVTXHUHSUHVHQWDQDOJRELHUQR\DXWRULGDGGH'LRVVH
GHVSURWHJHXQLHQGRVHFRQHO(VWDGR&RQVWDQWLQLDQR\GDGDODFUHDFLRQGH&RQVWDQWLQRVHIXQGHGHWDO
PRGRTXHVDOGUDFRQODPDUFDGH3RQWLIH[0D[LPXVORJUDQGRTXHVHOHDFHSWHFRPRDXWRULGDGVXSUHPD
HVSLULWXDOTXHDEDUFDODWHPSRUDO\DSDUHFLHQGRFRPRVHQWDGRHQHOWHPSORGH'LRVKDFLHQGRVHSDVDU
SRU'LRV/DKLVWRULDGHVGHHQWRQFHVKDVWDODDFWXDOLGDGYDDVHUWHVWLJRGHVXSUHVHQFLDFXPSOLHQGRVH
ODVH[SHFWDWLYDVKLVWRULFRSURIHWLFDV/DPH]FODGHFULVWLDQLVPR\EDELORQLFRHVXQDFDUDFWHULVWLFDGH
HVWHFROHFWLYRKRPEUHGHSHFDGR1RLPSRUWDFXDOVHDHOSRUFHQWDMHGHYHUGDGDFHSWDGDRUHFKD]DGD
1RFDEHGXGDTXHHVXQDFUHDFLRQGHOPDOLJQR\HVWHVHKDSUR\HFWDGRHQODKLVWRULD\HQODV
LQVWLWXFLRQHVKXPDQDVFRQWDPLQDQGRODVGHWDOPRGRTXHVHSXHGHGHFLUGHHOTXHHVFDSD]GHHQJDQDUDO
PXQGRHQWHURFI$S<FXDQGRHVFDSD]GHHOORORKDFHFRQXQDJUDQGRVLVGHYHUGDGFULVWLDQD\
RWUDEDELORQLFD
(QFRQFOXVLRQ,QGHSHQGLHQWHPHQWHGHODVLGHDVYHUWLGDVSRUYDULRVUHVSHFWRDODLGHQWLGDGGHHVH
FROHFWLYRGHQRPLQDGRKRPEUHGHSHFDGR/RTXHQDGLHSXHGHQHJDUHVODDVXQFLRQSRUSDUWHGH3DEOR
HQODLQWHUSUHWDFLRQSURIHWLFDTXHKHUHGDGH'DQLHOXQDDSRFDOLSWLFDDODTXHVHLQWHJUDGLYHUVDVIRUPDV
GHKLVWRULDFRQWLQXD
 'HILQLFLRQGHHVFDWRORJLD
+HPRVGHVFXELHUWRHQQXHVWURVDQDOLVLVHQWRGDHVWDSDUWHTXHDSDUHFH8QD(VFDWRORJLDSUHVHQWH
SHUVRQDO\H[LVWHQFLDO6HFXPSOHHQFDGDSHUVRQDGHWRGDODJHQHUDFLRQGHHVHSUHVHQWH(VFDWRORJLD
SUHVHQWHGHFDGDJHQHUDFLRQFXPSOLHQGRVHHQFDGDJHQHUDFLRQ(VFDWRORJLDILQDOGHODSHUVRQDHQ
FDGDSUHVHQWHJHQHUDFLRQDO3RUORWDQWRKD\XQDHVFDWRORJLDUHSHWLWLYDDORODUJRGHODKLVWRULD
HQJHQGUDGDSRUFDGDHVFDWRORJLDSHUVRQDO\JHQHUDFLRQDO+D\XQDHVFDWRORJLDGHKLVWRULDFRQWLQXD
DVLPLODEOHHQJHQHUDOSRUODDSRFDOLSWLFDRKLVWRULDDQWLFLSDGD(VFDWRORJLDIXWXUDXQLGDDODSUHVHQWH
HQXQDKLVWRULDFRQWLQXD/DH[SHULHQFLDGHODVDOYDFLRQHVWDXQLGDDODH[SHULHQFLDHQODVHJXQGD
9HQLGDGH-HVXFULVWR/DEDVHGHHVWDH[SHULHQFLDVHHQFXHQWUDHQYLYLUORTXHVLJQLILFDODSULPHUD9HQLGD
SDUDODYLGD\VDOYDFLRQGHOFUH\HQWH
3RGHPRVGHILQLUOD(VFDWRORJLDFRPRHOSUHVHQWHXOWLPRTXHVHKDUHDOL]DGRFRQORTXHLPSOLFD\
VLJQLILFDODSULPHUDYHQLGDGH-HVXV\TXHHQXQSURFHVRTXHDEDUFDDWRGDVODVJHQHUDFLRQHVGH
FULVWLDQRVVHFRQILJXUDXQDHVSHUDQ]D\YRFDFLRQFHOHVWHTXHHQEDVHDORTXH\DVHKDYLYLGRORTXH
IDOWDSRUYHQLUHVWDXQLGRDHVHSURFHVRTXHVHFXPSOLUDWDPELHQ

5HVHQDKLVWRULFDGHODHSRFDGHODV,JOHVLDVOLWHUDOHV
/RVLPSHULRVXQLYHUVDOHVDSRUWDFLRQHVSDUDODGLUHFFLRQDOLGDGGHOD
KLVWRULD
'DQLHOQRVYDDSURSRQHUXQHVTXHPDSURIHWLFREDVDGRHQXQDKLVWRULDTXHSRVHHXQRULJHQEDELORQLFR
(VSUHFLVRHVWXGLDUHOFRQWH[WRKLVWRULFRHLGHRORJLFRFRQHOTXHVHHQFXHQWUD'DQLHOFXDQGRFRQYLYHHQ
%DELORQLD\GXUDQWHODHSRFD0HGR3HUVD/DLQVSLUDFLRQOHSHUPLWHFRQRFHUXQRULJHQSURJUDPDGRUSDUD
WRGDODKLVWRULDVXEVLJXLHQWH(VDKLVWRULDSRVWHULRUHOQRODFRQRFLRSHURVHOHGDQPHGLDQWHODV
FRRUGHQDGDVSURIHWLFDVXQDYLVOXPEUHTXHQRVRWURVKHPRVSRGLGRFRQVWDWDUDODQDOL]DUODKLVWRULD
&XDQGRVHHVWXGLDHVHRULJHQSURJUDPDGRUHQ%DELORQLDVLPXOWDQHDPHQWHDODVSURSXHVWDVGHODSURIHFLD
GH'DQLHOVREUHORVVLVWHPDVTXHKDQGHDSDUHFHUHQODKLVWRULDXQRTXHGDSHQVDWLYRDODYH]TXHDWRQLWR
DOFRPSUREDUFRPRODKLVWRULDVHKDGHOLQHDGRGHDFXHUGRDORVFRQWHQLGRVSURIHWLFRVLQVSLUDGRVSRUHO
'LRVTXHVHUHYHODVHQDODQGRHOFXPSOLPLHQWRGHORTXHHOGLRVGHHVWHPXQGR-REFI-Q
D&RUKDOOHYDGRDFDER\TXHHO'LRVTXHVHUHYHODQRVDGYLHUWHHQODSURIHFLDDODYH]
TXHQRVRIUHFHODVHJXULGDGGHFRPRDIURQWDUODVFULVLVTXHODKLVWRULDQRVSURSRQH
9DPRVDGHGLFDUHQHVWHFDSLWXORXQDPXHVWUDGHORTXHKDVXSXHVWRODPDUFKDGHODKLVWRULDWDOFXDO
HVWDVHQRVSUHVHQWDWDQWRHQORUHODWLYRDOD$XWRULGDGVXSUHPD\DOREMHWLYRGHOD8QLGDGPXQGLDODO
PLVPRWLHPSRTXHHQORVFDSLWXORVVXFHVLYRVFXDQGRFRPHQWHPRVHOWH[WRGHODSURIHFLDGH'DQLHO
FRPSUREHPRVTXHORTXH'DQLHODQWLFLSDFRLQFLGHHQVXVWUD]RV\PDUFDVVHQDODGDVFRQODKLVWRULD
FXPSOLGDKDVWDQXHVWURVGLDV
6LTXHUHPRVGHVFXEULUHOVHQWLGRKLVWRULFRTXHKDSHUPDQHFLGRLQDOWHUDEOHKDVWDQXHVWURVGLDV\TXH
H[SOLFDULDHOSRUTXHHOPXQGR2FFLGHQWDOOLGHUDGRSRU(VWDGRV8QLGRVHQSULPHUOXJDU\SRU(XURSDHQ
XQVHJXQGRWHUPLQRKDOOHJDGRKDVWDODDFWXDOLGDGHPHUJLHQGRFRPRXQDSRWHQFLDPXQGLDOKHJHPRQLFD
WHQGUHPRVTXHLQYHVWLJDUHQODHVHQFLDTXHKDKHFKRSRVLEOHVHPHMDQWHVLWXDFLRQ
$XQTXH\DKHPRVWUD]DGRHQQXHVWUDLQWURGXFFLRQDOJXQDGRFXPHQWDFLRQTXHSUXHEDODUHDOLGDG
KLVWRULFDGHODKHJHPRQLDGH2FFLGHQWHFRQ(VWDGRV8QLGRV\(XURSDDOIUHQWH\HQHVHRUGHQ\DXQTXH
>@
QRTXHGDQLQJXQDGXGDGHHVDSRVLFLRQFRQIRUPHHVWXGLDVODKLVWRULD HVLPSUHVFLQGLEOHTXH
HQFRQWUHPRVODFODYHTXHODKDKHFKRSRVLEOH$QWHODSHUVSHFWLYDGHXQ1XHYR2UGHQ0XQGLDO!!!
VHKDFHXUJHQWHXQDQDOLVLVGHORTXHODKLVWRULDQRVHQVHQDHQFXDQWRDOVHQWLGRTXHVHKDSURJUDPDGR
FRPRIUXWRGHXQDDFWLWXGLGHRORJLFDTXHVXE\DFHHQHOGHYHQLUGHHVDKLVWRULD(QHVWHH[DPHQQRVLUYH
TXHQRVSDUHPRVHQDVSHFWRVTXHSRUPX\LPSRUWDQWHVTXHSDUH]FDQVHUQRDSRUWDQQDGDSULPRUGLDODOD
FRQVHFXFLRQGHORTXHKDRULJLQDGRHOPRPHQWRDFWXDO6HWUDWDUDGHFRPSUREDUTXHHVORTXH
IXQGDPHQWDOPHQWHKDSHUPDQHFLGRGHWDOPRGRTXHKDLPSXOVDGRDFLHUWDVFROHFWLYLGDGHVKXPDQDVD
XQLUVHHQXQDGLUHFFLRQGHWHUPLQDGD
6LVHORJUDHVWRSRGUHPRVVDEHUSDUWLHQGRGHHVWHILQDOGHOVLJOR;;ODVGLUHFWULFHVFDUGLQDOHVTXH
QXHVWURPXQGR!!!YDDWRPDUHLQFOXVRDGRQGHOHYDDFRQGXFLUHQXOWLPDLQVWDQFLD
 8QVHQWLGRKLVWRULFRSURJUDPDGRU
>@
&XDQGRHODXWRU-RVH0DULD/DJXQDHQVX+LVWRULDGHOD&RPXQLGDG(XURSHD HQXQRVSDUUDIRV
GHVFULELHQGRODUHDOLGDGKLVWRULFDTXHSURGXMRORTXHKR\FRQWHPSODPRVUHVSHFWRD(XURSDVHH[SUHVD
GLFLHQGRTXHODFUHDFLRQGHODFLYLOL]DFLRQRFFLGHQWDOVHRULJLQDHQ2ULHQWHDRULOODVGHO
(XIUDWHVGHVSXHVSDVDUDD*UHFLDSDUDWUDVODGDUVHD5RPD\5RPDWUDQVPLWHORKHUHGDGRGH
>@
*UHFLD!!! \TXHOD&LYLOL]DFLRQ5RPDQDWXYRXQFDUDFWHUVRFLDO\VXSDSHOIXHXQLU!!!\TXH
5RPDGHVSLHUWDODQRFLRQGHKXPDQLGDGODGHXQDVRFLHGDGXQLYHUVDOQDFLRQHVDVRFLDGDV\
>@
5RPDRULHQWRDOFDWROLFLVPR!!! \TXHOD,QVWLWXFLRQRODDVRFLDFLRQLQVWLWXLGDSRUODIXHU]D
EDMRODGRPLQDFLRQURPDQDVHWUDQVIRUPDHQXQDRUJDQL]DFLRQGH(VWDGRVLQGHSHQGLHQWHVEDMRODHJLGD
>@
GHO3DSDGR!!! "TXHVHQRVHVWDTXHULHQGRPDQLIHVWDU"
4XHHOLGHDO\YRFDFLRQHXURSHDQRKDVXUJLGRDOD]DUTXHSDUDHQWHQGHUORHVQHFHVDULRUHPRQWDUVHD
XQRVRULJHQHVHQORVTXHVLQGXGDVHFRQVWDWDUDXQYHKLFXORWUDQVPLVRUFDUJDGRFRQXQOHJDGRSROLWLFR
LGHRORJLFRTXHKDFHUHDOLGDGORTXHKR\YLVOXPEUDPRV
6HPHMDQWHSODQWHDPLHQWRWHQGULDPRVTXHKDFHUDQWHODSUHJXQWD"&RPR2FFLGHQWHKDOOHJDGRD
FRQVWLWXLUVHHQXQEORTXHKHJHPRQLFR"6LQGXGDTXHODUHVSXHVWDHVWDHQODVUDLFHV\HQVXGHVDUUROOR(Q
DTXHOORTXHYDKHUHGDQGRVHFRPRXQOHJDGRSDUDODKXPDQLGDG\TXHVHYDWUDQVPLWLHQGRSHUPLWLHQGROD
FUHDFLRQGHXQDVSDXWDVSROLWLFDVVRFLDOHVPLOLWDUHVLGHRORJLFDV\UHOLJLRVDVTXHKDUDQSRVLEOHHO
HVSDFLRHXURSHR\SRVWHULRUPHQWHHOQRUWHDPHULFDQR
1RHVHODXWRUSUHFLWDGRHOXQLFRTXHVHKDGDGRFXHQWDGHORVRULJHQHVGHOPXQGRRFFLGHQWDO!!!
FRPRWHQGUHPRVRSRUWXQLGDGGHFRPSUREDU/DPD\RULDGHORVKLVWRULDGRUHVVHYHQREOLJDGRVD
UDVWUHDU!!!TXHHVORTXHVHKDFHSHUPDQHQWH\VLUYHSDUDFRQVHJXLUODXQLGDG\HO,PSHULR
8QLYHUVDO
3DUDFRQVHJXLUHVWHREMHWLYRUHVSRQGDPRQRVDGRVSUHJXQWDV"4XHHVORIXQGDPHQWDOGHHVHOHJDGRHQ
ORTXHVHUHILHUHDORSROLWLFRHLGHRORJLFR""'HTXHPDQHUDHVHQFLDOPHQWHHQWURQFDHO(XIUDWHV
%DELORQLD\3HUVLDFRQ*UHFLD\HVWDFRQ5RPD\GHDKLFRQOD,JOHVLD&DWROLFD5RPDQDR6LVWHPD
3DSDOSDUDTXHORVDXWRUHVHQFXHQWUHQXQDUHODFLRQVXVWDQFLDO"
 0HVRSRWDPLD%DELORQLD
>@
(VLPSRUWDQWHTXHQRVLQWURGX]FDPRVFRQODFRVPRJRQLDEDELORQLFD 1RVHQFRQWUDEDPRVFRQXQD
PDWHULDHWHUQD\TXHORVGLRVHV$SVX\7LDPDWTXHKLFLHURQSRVLEOHDRWURVVRQHOHPHQWRVGHODSURSLD
>@
0DWHULDUHSUHVHQWDQGROD DOLJXDOTXHORVSURSLRVGLRVHVVDOLGRVGHODXQLRQVH[XDOGHDTXHOORV
3ULPHURVXUJLUD$QXTXHDVXYH]HQJHQGUDD(D2WURVGLRVHVLUDQVXUJLHQGR$SVXSUHWHQGHDQLTXLODUD
ORVGLRVHVTXHKDELDHQJHQGUDGRSRUFXDQWRQROHGHMDQUHSRVDUQLGRUPLU(DOHGHVWUX\H\HQWDEODXQD
OXFKDFRQWUD7LDPDWGLULJLGDSRU0DUGXNKLMRGH(DTXHVHKDDVHJXUDGRVHUSURFODPDGRGLRV
VXSUHPR9LPRVTXH7LDPDWHVGHVWUXLGRSRU0DUGXN\GLYLGLGRHQGRVVXFDGDYHUXQDSDUWHVH
>@
FRQYLUWLRHQODERYHGDFHOHVWH\GHODRWUDVHIRUPRODWLHUUD
0DUGXNHULJLGRMHIHGHWRGRVORVGLRVHVGHFLGHTXHORVKRPEUHVYHQJDQDODH[LVWHQFLDPHGLDQWHOD
>@
VDQJUHGHXQRGHORVGLRVHVTXHHVWDEDHQHOEDQGRGH7LDPDW.LQJX 'HHVDVDQJUH(DIRUPDOD
KXPDQLGDG7DQWR0DUGXNFRPR7LDPDW.LQJX\ORVGHPDVHVWDQVREUHFDUJDGRVGHYDORUHVGHPRQLDFRV
>@

(VHYLGHQWHTXHHOFRVPRVSDUWLFLSDGHXQDPDWHULDTXHDYHFHVVHSUHVHQWDHQIRUPDGHGLYLQLGDG\
RWUDVGHXQDVXVWDQFLDSXUDPHQWHPDWHULDO3HURGHFXDOTXLHUPDQHUDWDQWRORXQRFRPRORRWURWLHQHXQ
RULJHQH[FOXVLYDPHQWHPDWHULDOGHXQD0DWHULDHWHUQDHQODTXHQRKD\H[LVWHQFLDSHUVRQDO\SHQVDQWH
SUHYLD3DUHFHULDTXHHVWDKDVXUJLGRDOD]DUGHODPDWHULDHWHUQD
(OKRPEUHGLVSRQHGHXQHOHPHQWRHVSLULWXDOGHQDWXUDOH]DGLYLQDVXHVSLULWXHOLOXOLWHUDOPHQWH
>@
GLRV
(VHHVSLULWXRDOPDWHQGULDTXHVHUREOLJDWRULDPHQWHLQPRUWDOSRUFXDQWRHVGHQDWXUDOH]DGLYLQD
>@
VREUHYLYLHQGRGHVSXHVGHODPXHUWH
3RURWUDSDUWHGHQWURGHODUHODFLRQTXHVHYDDSRGHUREWHQHUHQWUHODDQWURSRORJLD\ODGHLGDG
SROLWHLVWDEDELORQLFDVHSDPRVTXHORVGLRVHVFRQXQGLRVTXHSUHVLGHHVWDEOHFHQXQ*RELHUQRGH(VWDGR
8QLYHUVDO\HQFDUJDQDXQKRPEUHTXHFXLGHGHO2UGHQHQODWLHUUDFRQFHGLHQGROHODDXWRULGDG
>@
VXSUHPD\PDQGDQGROHTXHFRSLHHVH*RELHUQRGH(VWDGR8QLYHUVDO
 /DXQLGDGFHOHVWHWLSRGHODWHUUHVWUH
/DQHFHVLGDGGHODXQLGDG\GHXQD$XWRULGDG6XSUHPD
9DPRVDFRPSUREDUTXHHOKRPEUHVHJXQODFRQFHSFLRQEDELORQLFDVHKDFRQYHUWLGRHQGLRVTXH
DXQTXHLQIHULRUDVXVIRUPDGRUHVKDDUUDVWUDGRODQDWXUDOH]DGLYLQD\ODHWHUQLGDGGHODPDWHULDGHGRQGH
KDVDOLGR3HURHVWRREOLJDDTXHVHDFRQWURODGRSRUORVGLRVHVTXHDSDUWLUGHOQRPEUDPLHQWRGH0DUGXN
FRPRGLRVVXSUHPRPDQWLHQHQXQRUGHQR(VWDGRXQLYHUVDOHQHOTXHODXQLGDGDOUHGHGRUGHODDXWRULGDG
VXSUHPDHVSUHFLVRSUR\HFWDUWDPELHQHQODWLHUUD
&XDQGRH[DPLQDVODKLVWRULDGHODKXPDQLGDGORVFRQMXQWRVKXPDQRVFUHDQ,PSHULRVFRQODILQDOLGDGGH
DOFDQ]DUODXQLGDG
/D KLVWRULD GH OD DQWLJXHGDG DEXQGD HQ LPSHULRV  SURSRUFLRQDQ OD WUDPD GH OD HYROXFLRQ PDV LQPHGLDWDPHQWH YLVLEOH OD
HYROXFLRQSROLWLFD&DGDXQRGHHVWRVLPSHULRVHJLSFLRDVLULRSHUVDPDFHGRQLR\URPDQRFRQVLJXLRGRPLQDUXQYDVWRWHUULWRULR
PD\RUTXHHOGHVXLQPHGLDWRSUHGHFHVRU6HSRGULDFUHHUTXHFDGDYH]VDOLGDGHXQFHQWURQXHYR\PDVIXHUWHTXHHOSUHFHGHQWH
HOLPSXOVRVHDSUR[LPDEDPDVDXQLGHDOFRPXQDWRGRVORVFRQTXLVWDGRUHVHOLPSHULRXQLYHUVDO7DQWRPDVSRUFXDQWRHVWHHVIXHU]R
FRQWLQXDPHQWH UHQRYDGR SRGLD HQ SULQFLSLR UHSUHVHQWDU XQD WHQGHQFLD SHUPDQHQWH D UHDOL]DU XQD XQLGDG QR VROR WHUULWRULDO VLQR
>@
KXPDQD!!
(ODXWRUGHHVWDFLWDQRRIUHFHXQDDILUPDFLRQGHFRPRSRGLDHVWRVHUDVL3HURQRVRWURVFUHHPRVTXH
KDKDELGRXQDWHQGHQFLDSHUPDQHQWHDUHDOL]DUXQDXQLGDGGHODKXPDQLGDG4XHHVWDQRVHKD\D
ORJUDGR\WRGRLQWHQWRHVWDUDDERFDGRDOIUDFDVRQRHVXQDUJXPHQWRSDUDQHJDUXQDUHDOLGDGSDOSDEOHGH
WRGRVORVLPSHULRV/DKLVWRULDQRVPXHVWUDTXHKD\XQDLQWHQFLRQHQORVJREHUQDQWHVGHOPXQGRGH
>@
FRQYHUWLUVXLPSHULRHQDOJRLPSHUHFHGHUR/DOODPDGDHVWDWXDGHODVQDFLRQHV HVXQDLPDJHQ
XWLOL]DGDHQHO2ULHQWH0HGLRIDPLOLDUDORVDVWURORJRVHJLSFLRVUHSUHVHQWDQGRPHWDIRULFDPHQWHHO
GHVWLQRGHOPXQGRSRUPHGLRGHODQDFLRQYLFWRULRVD(OUH\GHWXUQRGHRULJHQGLYLQRSHQVDEDTXHVX
UHLQRVHSURORQJDULDKDVWDHOILQDOGHOPXQGR(ODUTXHRORJR6LU/HRQDUG:RROOH\KDGHMDGRFRQVWDQFLD
GHTXHHVWDLOXVLRQGHUHSUHVHQWDUSRUPHGLRGHXQDHILJLHHOSRGHUHWHUQRGHORVUH\HVHUDDOJRFRPXQHQ
>@
ODDQWLJXHGDG\TXH1DEXFRGRQRVRUHQ%DELORQLDHULJLRODVX\DSURSLD
(VHYLGHQWH\IDFLOPHQWHGHPRVWUDEOHTXHLQGHSHQGLHQWHPHQWHGHORVDVSHFWRVHFRQRPLFRV\VRFLDOHV
ORVUH\HVRJREHUQDQWHVLGHDUDQIRUPDVSROLWLFDVFRQODSUHWHQVLRQGHFRQVHJXLUODXQLGDG7RGRVVRQ
FRQVFLHQWHVGHTXHODFRKHVLRQSHUILODGDSRUXQDXQLGDGXQLFDHVORTXHSRGUDRWRUJDUHVWDELOLGDG\
VHJXULGDGHQODH[LVWHQFLDGHOLPSHULR/DSURSLDHFRQRPLD\VRFLHGDGTXHKDQFUHDGRXQHVWDGRGH
ELHQHVWDUSRGUDQSHUSHWXDUORVLORVFULWHULRVSROLWLFRVHLGHRORJLFRVVHXQLIRUPDQ
"&RPRDOFDQ]DUHVWR"
D /RV FRQFHSWRV GH$XWRULGDG 6XSUHPD \ GH 8QLGDG HQ OD FLYLOL]DFLRQ 0HVRSRWDPLFR%DELORQLFD
>@
\HOFRQWHQLGRLGHRORJLFRIXQGDPHQWDOTXHOHGDVRSRUWH
/DFLYLOL]DFLRQPHVRSRWDPLFDHVFRQWHPSRUDQHDDODHJLSFLD\SDUHFHVHUTXHDPEDVWLHQHQHQFRPXQ
>@
XQDFLYLOL]DFLRQSULPLWLYD (QHOODVHGHVDUUROOR\GHVWDFR%DELORQLDQRVRODPHQWHGHVGHHOSXQWR
GHYLVWDGHORTXHVLJQLILFDHVHQRPEUHHQFXDQWRDVXKHJHPRQLDSROLWLFRPLOLWDUHQHOPXQGRFRQRFLGR
GHHQWRQFHVD-VLQRSRUORTXHUHSUHVHQWDHQFXDQWRDDJOXWLQDUXQVLVWHPDSROLWLFRUHOLJLRVR
TXHDEDUFDWRGDVODVIRUPDVTXHWLHQHQTXHYHUFRQODFUHHQFLDHQORVGLRVHV
>@
$OH[DQGUH+LVORSKDGHPRVWUDGRODLQIOXHQFLDPXWXDHQWUH%DELORQLD\(JLSWR
5DOSK:RRGURZGHFODUD
%XQVHQ GLFH TXH HO VLVWHPD UHOLJLRVR GH (JLSWR IXH GHULYDGR GH$VLD \ GHO LPSHULR SULPLWLYR GH %DEHO (Q VX FRQRFLGR WUDEDMR WLWXODGR
1LQLYH \ VXV UXLQDV /D\DUG GHFODUD TXH WHQHPRV HO WHVWLPRQLR XQLGR GH KLVWRULD SURIDQD \ VDJUDGD TXH OD LGRODWULD RULJLQR HQ HO DUHD GH
>@
%DELORQLDHOPDVDQWLJXRGHORVVLVWHPDVUHOLJLRVRV!!
'HFXDOTXLHUIRUPDHOFRQJORPHUDGRGHLGHDVTXHQRVYLHQHQGH%DELORQLDHVIUXWRGHODXQLRQGHGRV
>@
HWQLDVODVXPHULD\ODDFDGLDGHGRQGHVHREWHQGUDODFXOWXUDEDELORQLFD
1RFDEHGXGDTXHHQODHSRFDGHPD\RUHVSOHQGRUXQLYHUVDOGH%DELORQLD1DEXFRGRQRVRU\VX
GLQDVWLDFXDQGRVHKDUHFRJLGRHQXQDQRUPDWLYDWHRORJLFDWRGRXQSURFHVRGHDQRVTXHDUUDQFDGHOD
>@
FXOWXUDPHVRSRWDPLFDGH6XPHULRV\$FDGLRV GHELHURQGHGDUVHHQWUDGDDRWUDVLQIOXHQFLDV
H[WHUQDVDODVGHODSURSLDDUHDPHVRSRWDPLFDSHURKDGHWHQHUVHHQFRQVLGHUDFLRQORTXHUHFRJHOD
+LVWRULD8QLYHUVDOGH2QFNHQTXHYHQGULDDFRLQFLGLUHQORHVHQFLDOFRQORTXHDTXLKHPRVUHFRJLGR
GHRWURVDXWRUHV
+HPRVYLVWRSXHVFRPRODVWUDGLFLRQHVGHFXOWXUDUHOLJLRQ\DUWHFRQILUPDQDXQDTXHHV%DELORQLD\QR(JLSWRHOSXHEORTXH
PDVSLHGUDVKDOOHYDGRDOSRUWHQWRVRHGLILFLRTXHOODPDPRVODFLYLOL]DFLRQ\TXHGH%DELORQLDDUUDQFRODFRUULHQWHGHFXOWXUDTXH
SDUWHSRUPDUSRUPHGLDFLRQGHORVIHQLFLRV\SDUWHSRUWLHUUDDWUDYHVGHO$VLD0HQRUDOFDQ]RDJULHJRV\URPDQRV\FRQHVWRV
>@
SRVWHULRUPHQWHDOD(XURSDURPDQD\JHUPDQLFD!!
/RTXHQRVLQWHUHVDDTXLQRREVWDQWHHVFRPSUREDUFRPRVHKDFHSHUPDQHQWHXQDLGHDSROLWLFR
UHOLJLRVDHQXQ,PSHULRFRQVLGHUDGRXQLYHUVDO\KHJHPRQLFRDVHPHMDQGRVHDDOJXQRWURFRQWHPSRUDQHR
\TXHKDGHUHFXSHUDUVHSRUVXXWLOLGDGSRURWURVLPSHULRVSRVWHULRUHV
+D\XQDPDWL]DFLRQPXFKRPDVVXWLOHQODFRQFHSFLRQEDELORQLFDGHODSROLWLFDHQUHODFLRQGLUHFWDFRQ
ORLGHRORJLFRUHOLJLRVRTXHQRVD\XGDUDFRPSUHQGHUODVIRUPXODVTXHVHYDQDGTXLULHQGRDWUDYHVGHOD
KLVWRULDFRQXQDILQDOLGDGSXUDPHQWHSROLWLFD'HVGHXQDGLYLQL]DFLRQFDVLHVHQFLDOFRPRHVHOFDVR
>@
HJLSFLRKDVWDODSHUVRQLILFDFLRQGHODGLYLQLGDGHQHO6REHUDQRTXHRFXUUHHQ%DELORQLD (VWH
>@
PDWL]TXHH[SOLFDUHPRVQRLPSLGHQLHOWUDWDPLHQWRGHGLRVSDUDHOVREHUDQR QLODXWLOL]DFLRQGH
>@ >@
WLWXORV DFWLWXGHVSRVWXUDV\JHVWRV SRUORVTXHVHOHLGHQWLILFDFRQORVGLRVHV\VHOHRWRUJD
>@
XQFXOWR
/DVDFUDOLGDGGHO6REHUDQRHVWDIXHUDGHWRGDGXGD
ODFRQGLFLRQVDFUDOGHOVREHUDQRPHVRSRWDPLFRHVWDDPSOLDPHQWHDWHVWLJXDGD/RVVXPHULRVFRQVLGHUDEDQODUHDOH]D
FRPR XQD LQVWLWXFLRQ GHVFHQGLGD GHO FLHOR WHQLD XQ RULJHQ GLYLQR \ HVWD FRQFHSFLRQ VH PDQWXYR KDVWD TXH VH H[WLQJXLR OD
FLYLOL]DFLRQDVLULREDELORQLFD
>@
<DDQWHVGHQDFHUORSUHGHVWLQDEDQORVGLRVHVSDUDHMHUFHUODVREHUDQLD!!
(UDXQKRPEUHSHURHPSDUHQWDGRFRQORVGLRVHVGHDFXHUGRDORULJHQKXPDQRSHURKDELDVLGR
HVFRJLGRSRUODGLYLQLGDGSDUDFXPSOLUODPLVLRQGHOJRELHUQRGH(VWDGR8QLYHUVDOOHFRQIHULDXQD
>@
DXUHROD
GLYLQD
FRQDWULEXWRVGLVWLQWRVDORVGHORVGHPDVVHUHVKXPDQRV 'HELGRDODVUHODFLRQHV
>@
TXHH[LVWLDQHQWUHHO6REHUDQR\ORVGLRVHVODLQIDOLELOLGDGHUDXQDFRQVHFXHQFLDQDWXUDO (VD
LQWHUFHVLRQHQWUHORVGLRVHV\ORVKRPEUHVDODTXH\DKHPRVDOXGLGRHQQRWDDSDUWHWHQLDODPLVLRQ
>@
HVSHFLDOGHH[SLDUORVSHFDGRVGHVXVVXEGLWRV /DSURWHFFLRQ\SURVSHULGDGGHHVWRVFRUUHD
FDUJRGHO6REHUDQR
7RGRHOVLVWHPDEDELORQLFRVHFHQWUDEDFRPRHOHJLSFLRDSHVDUGHOWLQWHGLIHUHQFLDOHQGHMDUFODUR
TXHHOUH\SDUWLFLSDGHODPRGDOLGDGGLYLQD5HSUHVHQWDEDDOGLRV\FRPRPHGLDGRUHQWUHHOPXQGRGHORVKRPEUHV\GH
ORV GLRVHV HO UH\  HQFDUQDED HQ VX SHUVRQD XQD XQLRQ ULWXDO HQWUH ODV GRV PRGDOLGDGHV GHO H[LVWLU OD GLYLQD \ OD KXPDQD!!
>@
 "3DUDTXH"3DUDTXHQRVHROYLGHSRUSDUWHGHORVVXEGLWRVODRPQLSRWHQFLDUHDO3XHVWRTXHVX
PHGLDFLRQVXLQVSLUDFLRQGHRULJHQGLYLQRSRUODTXHJRELHUQDDORVKRPEUHVVXUHSUHVHQWDWLYLGDGGHOD
GLYLQLGDGDTXLHQODWLHUUDH[LJHXQD
REHGLHQFLDLJXDOPHQWHFLHJDTXHOHGHEHQVXVVXEGLWRVHQHOFXPSOLPLHQWRGHODVWDUHDVTXHOHVLQFXPEHQ'HHVWDPDQHUDVX
>@
DXWRULGDGVHH[WLHQGHDWRGRVORVWHUUHQRVGHODYLGDFROHFWLYD!!
/DUHODFLRQHQWUHHOVREHUDQR\GLRVHVWDQHVWUHFKDTXHQRQHFHVLWDDTXHOGHMDUGHVHUKRPEUHSDUD
FRQVWLWXLUVH\VHUDFHSWDGRFRPRRUJDQRGHODGLYLQLGDG$WUDYHVGHODSHUVRQDKXPDQDVHWUDVOXFHXQD
PDMHVWDGXQDVDELGXULDXQSRGHU\XQDDXWRULGDGTXHUHIOHMDQDGLRV(VWRHVORIXQGDPHQWDOSDUDFUHDU
XQDIRUPXODSROLWLFDFDSD]GHVRPHWHUDWRGRV
 FRURQDGR FRQ OD DOWD WLDUD HQ PHGLR GH KRPEUHV  FRQ ODUJRV YHVWLGRV  SURWHJLGR SRU XQ SDUDVRO \ VHJXLGR GH
VHUYLGRUHV DJLWDQGR PRVTXHURV 6HQWDGR R GH SLH  VLHPSUH UHSUHVHQWD LPSDVLEOH \ VXQWXRVR OD RPQLSRWHQFLD GHO TXH KD VLGR
>@
HVFRJLGRSRUODGLYLQLGDGHQWUHORVKXPDQRVSDUDVHUVXSUHSRVLWRHQODWLHUUD!!
/DLQIOXHQFLDGH%DELORQLDHVSURYHUELDO6XVLQFUHWLVPR\HOKDEHUVDELGRHQJOREDUHQXQVLVWHPD
WRGDXQDVHULHGHFUHHQFLDVKDSURSLFLDGRODSUR\HFFLRQHQRWURVLPSHULRVSRVWHULRUHV(OVLJQLILFDGRGHO
GLRV6ROTXHWHQGUDXQDFRQWLQXLGDGHQRWURVPRPHQWRVWUDVFHQGHQWDOHVGHODKLVWRULDRFXSDQGRXQ
>@
OXJDUXQLFRHQODHSRFDEDELORQLFD \FRPRVLHQGRHOMXH]WDQWRGHOFLHORFRPRGHOD7LHUUD
>@
VHUYLUDFRPRPRGHORPRQRWHLVWD\WHQGUDXQDLQVHUFLRQHQHO,PSHULR5RPDQRKDVWDODHSRFD
&RQVWDQWLQLDQDHLQFOXVRPDVDOOD
$GHPDVGHWRGRHOVLVWHPDDVWURORJLFRKRURVFRSRVGHDGLYLQDFLRQ\GHRWURVDVSHFWRVGHORFXOWLVPR
TXHWDQWDLQIOXHQFLDLEDDWHQHUHQXQIXWXURSUR\HFWDGRLQFOXVLYHKDVWDQXHVWURVGLDVGRVHOHPHQWRVGHOD
PLWRORJLDPHVRSRWDPLFR%DELORQLFDQRVLQWHUHVDVREUHVDOWDUSDUDUHFRUGDUHQRWURPRPHQWR(OSULPHUR
HVHORULJHQHQHVWDFXOWXUDGHODUHSUHVHQWDFLRQGHOHPEOHPDGLYLQRHQXQDWLDUDGHFXHUQRV/DIXHU]D\
>@
ODWUDVFHQGHQFLDGLYLQDVHVLPEROL]DQPHGLDQWHORVFXHUQRV 3RURWUDSDUWHDFDGDSODQHWDOH
FRUUHVSRQGLDQXQPHWDO\XQFRORU$FDGDSODQHWDOHSHUWHQHFLDXQGLRVTXHVHUHSUHVHQWDEDSRUHOPHWDO
FRORUHDGRUHVSHFWLYR(OLQGLYLGXRVHVHQWLDSURWHJLGRPDQLSXODQGRULWXDOPHQWHXQREMHWRPHWDOLFR\XQD
>@
SLHGUDVHPLSUHFLRVDGHXQFRORUDGHFXDGR
/RTXHKDGHTXHGDUFODURQRREVWDQWHHVHOXVRTXHGHHVWHLGHDULRSROLWLFRUHDOL]DURQRWURVFRQOD
WHQGHQFLDVLHPSUHGHDVHJXUDUVHODVXSUHPDFLDVREUHHOPXQGR(VWDFODURTXHODLGHDUHOLJLRVDHVHQFLDO
TXHWUDVFLHQGHDODKLVWRULDUHVSHFWRDORTXHDSRUWDODLGHRORJLDPHVRSRWDPLFDFXDQGRHOLPSHULR
EDELORQLFRDOFDQ]DODKHJHPRQLDPXQGLDOD-HVHOYDORUSROLWLFRGHODUHSUHVHQWDWLYLGDGSOHQD
GHODGLYLQLGDGHQHOPRQDUFD3XHVWRTXHWDOFRPR\DKHPRVYLVWRHVWRVXSRQHVHUHOLQWHUPHGLDULR
XQLFR\HILFD]HQWUHODSURSLDGLYLQLGDG\HOUHVWRGHORVKRPEUHVFRQVWLWX\HQGRVHHQXQRUJDQRLQIDOLEOH
WRGRXQYLFDULRYLVLEOHGH'LRVHQODWLHUUD(VWDSRVLFLRQLPSOLFDXQDVSUHUURJDWLYDVHVSHFLDOHVSDUDHO
PRQDUFDDODYH]TXHXQRVREMHWLYRVSROLWLFRVTXHVHHYLGHQFLDQHQXQLQWHQWRGHSHUSHWXDUXQD
KHJHPRQLDPXQGLDOPHGLDQWHOD8QLGDG\HOGRPLQLR
>@
/DFRQFHSFLRQXQLWDULDGHOPXQGRHVWDHQFODYDGDFRPRFRQVHFXHQFLDGHOFXOWRD7DPPX] \
KHPRVGHVXSRQHUTXHVHUYLUDFRPRHOHPHQWRSURJUDPDGRUHQODDFWXDFLRQSROLWLFD
(QWUHODVDWULEXFLRQHVVHHQFXHQWUDHOGHKRQUDUDOPRQDUFDGHDFXHUGRDTXHHVHQWUHWRGRVORV
>@
PRUWDOHVHOHVFRJLGRSRUODGLYLQLGDG(QQRWDDSDUWH \DKHPRVDOXGLGRGHOFXOWRGH
DGRUDFLRQ
D
ORVUH\HVPHVRSRWDPLFRVWDQWRGHODHSRFDDVLULDFRPREDELORQLFD6LQHPEDUJRHVSUHFLVRUHFDOFDUHVWH
DVXQWRSRUHOWRQRLQJHQLRVRTXHHQFLHUUDWDOSUDFWLFD\SRUODWUDVFHQGHQFLDKLVWRULFDTXHFRPRYHUHPRV
WHQGUDHQHOIXWXUR/DWHRULDEDELORQLFDSHUPLWHSUHVFLQGLUGHXQDWHUPLQRORJLDFXOWLFDKDFLDHO6REHUDQR
DXQFXDQGRHQODSUDFWLFDVHHVWHUHDOL]DQGRDOLJXDOTXHODH[LJLGDSRUHO)DUDRQ0HGLDQWHORTXHOD
GLYLQLGDGVHYHREOLJDGDDFRQFHGHUDVXHVFRJLGRSXHGHVHUDGRUDGDDWUDYHVGHODSURSLDSHUVRQD
>@
HVFRJLGDDODTXHVHOHKDQRWRUJDGRIDFXOWDGHVFRPRDQLQJXQRWURVHU
/DGLVWLQFLRQUHVSHFWRDWRGRVORVGHPDVVHUHVKXPDQRVODFRQFHSFLRQGHOVREHUDQRSRUVXVVXEGLWRV
FRPRVLDTXHOIXHUDXQWDOLVPDQHOVHUHOHQFDUJDGRGHDVHJXUDUODEXHQDYROXQWDGGHORVGLRVHVSHUR
VREUHWRGRODSURSLDSUHWHQVLRQGHVHUHOVXVWLWXWRGHODGLYLQLGDGHQODWLHUUDFRQXQ3RGHUDEVROXWR\
XQD$XWRULGDGVXSUHPDFRQFHGLGDSRU'LRVHVKDFHUODVYHFHVGH'LRVHQODWLHUUDFRQVWLWX\HQGRXQ
REMHWRGHFXOWR\SURYRFDUGHXQPRGRQDWXUDOHOFXOWRDODSHUVRQD&XDOTXLHUIRUPDGH$EVROXWLVPR
PLWLJDGDRQRGHODVLGHDVRGHODIXHU]DEUXWDRGHDPEDVDODYH]SRUODTXHXQLQGLYLGXRSUHWHQGH
GLIHUHQFLDUVHGHORVGHPDVDVSLUDQGRRFXSDUHOOXJDUGH'LRVHQODWLHUUDTXHULHQGRLPSRQHUVX
LGHRORJLDHVWDUDXVXUSDQGRHOSXHVWRDOTXHVRORHO'LRVYHUGDGHURWLHQHDFFHVR\SRUORWDQWROD
SOHLWHVLDVHFRQYLHUWHHQXQDVXPLVLRQLQFRQGLFLRQDOHOHPHQWRH[WHULRUVLJQLILFDWLYRGHTXHVHHVWD
RIUHFLHQGRXQDDGRUDFLRQXQFXOWRHOGHODSHUVRQDTXHVRORSHUWHQHFHDOXQLFR'LRV&UHDGRU
/RVUH\HVEDELORQLFRVLPSRQGUDQHVWDOLQHDGHDFWXDFLRQFRPRPHGLGDSROLWLFD\VHWUDVSDVDUDDOD
SRVWHULGDGGHRWURVUHLQRVVHFXODUHVTXHOOHJDULDQWDPELHQDODKHJHPRQLDPXQGLDO'RVFLWDVWUDHPRV
DKRUDGHHVWHWUDVYDVHGHODGLYLQL]DFLRQRSHUVRQLILFDFLRQGHODGLYLQLGDGHQHOKRPEUH
HVFRJLGR
FRPR
-HIHVXSUHPRDVHPHMDQ]DGHORUGHQFHOHVWHGRQGHKD\XQGLRVVXSUHPRTXHIXHVHOHFFLRQDGR\DFHSWDGR
FRPRWDOSRUORVRWURVGLRVHVGHVGH%DELORQLDDORVSHUVDVJULHJRV\URPDQRV
1RVRWURVWHQHPRVHQ-HQRIRQWHODSUXHEDHQFXDQWRDTXHHVWDFRVWXPEUHGHORV3HUVDVYHQLDGH%DELORQLD(VFXDQGR&LUR
HQWURHQ%DELORQLDTXHORV3HUVDVSRUSULPHUDYH]GLHURQWHVWLPRQLRSRUVXDGRUDFLRQGHOUHVSHWRTXHHOORVWHQLDQSRUHODQWHVGH
HVRGLFH-HQRIRQWHQLQJXQ3HUVDKDELDDGRUDGRD&LUR
/D DGRUDFLRQ UHFODPDGD SRU $OHMDQGUR HO 0DJQR WHQLD HYLGHQWHPHQWH HVWH RULJHQ )XH GLUHFWDPHQWH HQ LPLWDFLRQ GH OD
>@
DGRUDFLRQUHQGLGDDORVUH\HVSHUVDVTXHHOSHGLDVHPHMDQWHKRPHQDMH!!
&XDQGR 5RPD VH FRQYLUWLR HQ XQ LPSHULR PXQGLDO HV XQ KHFKR FRQRFLGR TXH HOOD DVLPLOR GHQWUR GH VX VLVWHPD D GLRVHV \
UHOLJLRQHV GH WRGRV ORV SDLVHV SDJDQRV VREUH ORV FXDOHV UHLQDED &RPR %DELORQLD HUD HO RULJHQ GHO SDJDQLVPR GH HVWRV SDLVHV
SRGHPRVYHUFRPRODQXHYDUHOLJLRQGHOD5RPD3DJDQDQRHUDPDVTXHODLGRODWULDEDELORQLFDTXHVHGHVDUUROORGHYDULDVIRUPDV\
>@
EDMRGLIHUHQWHVQRPEUHVHQODVQDFLRQHVDODVTXHIXH!!
>@
$XQFXDQGRHQODFRQFHSFLRQDQWLJXDFRPRDSXQWD-RDQ2DWHV ODGLVWLQFLRQHQWUHDFWLYLGDGHV
VRFLDOHVUHOLJLRVDV\HFRQRPLFDVQRVHGDFRPRHQHOPXQGRPRGHUQR\DTXHHQODDQWLJXHGDGWRGRHUD
XQFRQMXQWR/DFRKHVLRQGHXQLPSHULRSDUWHGHTXHORVGLRVHVORKD\DQTXHULGR<HVWRVHFRPSUREDUD
SRUODVSRVLELOLGDGHVTXHHOPRQDUFDRGLULJHQWHHQFXHQWUH3HURQRFDEHQLQJXQDGXGDTXHODUHDOL]DFLRQ
GHXQ*RELHUQRHVWDEOH\KHJHPRQLFRVRORVHSXHGHREWHQHUSUR\HFWDQGRODLPDJHQGHXQXQLFRUHLQR
>@
FHOHVWHHQODWLHUUD(VWRORKHPRVYLVWRFRQ(JLSWR ORYHPRVFRQ%DELORQLDFXDQGR$QXKDFH
>@
GHVFHQGHUGHVGHHOFLHORDODKXPDQLGDGODLQVWLWXFLRQPRQDUTXLFD\VXVLQVLJQLDV <SRURWUDSDUWH
REVHUYDPRVWDQWRHQ(JLSWRFRPRHQ%DELORQLDGRVIRUPDVFRPSOHPHQWDULDVSDUDFRQVHJXLUODXQLGDG
ODDXWRULGDGVXSUHPD\REHGLHQFLDLQFRQGLFLRQDOGHORVVXEGLWRV
(QODXQDPHGLDQWHODSHUVRQDGLYLQDGHO)DUDRQVHHQFDUQDDO(VWDGRHQGLRVDGRDOTXHWRGRVGHEHQ
REHGLHQFLDLQFRQGLFLRQDO/DJHQWHVHULJHSRUHO(VWDGR'HHVWHPRGRHO(VWDGRUHFLEHXQFXOWR\OD
SHUVRQDTXHFRPRHO)DUDRQGLYLQRHQFDUQDDO(VWDGRUHFLEHWDPELHQFXOWR(VHQ(JLSWRGRQGHVH
LQYHQWDUHDOPHQWHHOVLJQLILFDGRGHODIUDVHHO(VWDGRVR\<R(JLSWRUHSUHVHQWDSRUPHGLRGHODILJXUD
GHO)DUDRQDO(VWDGRHQGLRVDGRTXHQRUHFRQRFHRWUR'LRVTXHHOVL(VWH'LRVVHSUHVHQWDVHFRPR
VLHQGRVXSHULRUDO)DUDRQHQVXVIXQFLRQHVGHXQLFR*REHUQDQWHTXHHMHFXWDFRPRVHUGLYLQR
(QHOFDVREDELORQLFRKD\XQDXVXUSDFLRQGHODUHSUHVHQWDWLYLGDGGHOYHUGDGHUR'LRV+DFLHQGRVH
SDVDUFRPRVLIXHUDODUHSUHVHQWDFLRQGH'LRVHQODWLHUUDVHFDPXIODSUHVHQWDQGRVHFRPRVL'LRV
HVWXYLHUDHQODWLHUUDHO3RGHUHO0DQGR$EVROXWRHLQFOXVRDWULEXWRVGLYLQRVORVUHFLEHGHSDUWHGH
'LRVSDUDFXPSOLUVXWDUHD(QHVH$EVROXWLVPRHOFXOWRDO(VWDGRVHGHVYLDKDFLDODSHUVRQDTXH
KDELHQGRVLGRHVFRJLGDSRU'LRVHVWDSRUHQFLPDGHOSURSLR(VWDGR1ROHKDULDIDOWDVHUGLYLQRSDUDTXH
FRQVX$XWRULGDGUHFLELGDGH
'LRV
PLVPRDEDUTXHDWRGR\DWRGRV
7DQWRHQXQFDVRFRPRHQRWURHQODSHUVRQDGHOUH\RGHOPDQGDWDULRVHFRQFHQWUDQPDQLIHVWDFLRQHV
GLYLQDVHVSHFLDOHVTXHQRFRUUHVSRQGHULDQVLPSOHPHQWHDVXQDWXUDOH]DGLYLQDTXHWDPELHQSRVHHQORV
GHPDV'LFKDVH[SUHVLRQHVVHUHFRQRFHQSRUODGXUDFLRQGHVXH[LVWHQFLDXQLGDDOH[LWRGHODSURVHFXFLRQ
GHODV
RUGHQHV
SROLWLFDVRLGHRORJLFDVHPDQDGDVGHHVWRVGRVWLSRVGH,QGLYLGXRVTXHLPSRQHQVXOH\
REOLJDQGRDTXHWRGRVODDFHSWHQ
(VWRVGRVPRGHORVVREUHYLYLUDQHQODKLVWRULDHLPSULPLUDQFRPR\DHVWDPRVYLHQGRXQ6HQWLGRXQD
GLUHFFLRQDOLGDG<QRSXHGHVHUGHRWUDPDQHUDSRUTXHFXDQGRXQD3HUVRQD6LVWHPD,QVWLWXFLRQ
,PSHULR5HLQRR3RGHUFRQVLGHUDUHDOPHQWHDXQFXDQGRQRIXHUHYHUGDGTXHKDUHFLELGRDXWHQWLFDPHQWH
GH'LRVXQREMHWLYRRPLVLRQKLVWRULFDDFXPSOLUGHOFDOLEUH\FRQWHQLGRVSDUHFLGRVDORVH[SXHVWRVVH
SRQHHQPDUFKDXQDPDTXLQDTXHVRORVHSDUDUDKDVWDKDEHUSXHVWRHQIXQFLRQDPLHQWRDTXHOORTXHOH
SURSRQLDODVXVRGLFKDGLYLQLGDGGXUDQGRKDVWDTXHOHIXQFLRQHODFXHUGDGHVWUX\HQGRVHRKDVWDTXH
FDLJDSRUHOSUHFLSLFLRHQPHQRVWLHPSRGHOTXHVHHVSHUDED$SHVDUGHORPXFKRRSRFRTXHSXHGD
GXUDUVHPHMDQWHSURSRVLWRKLVWRULFRWHQGUDXQILQDOQRGHVHDGR
E(OSRGHU\SURWHFFLRQGHORVGLRVHV\VXUHSUHVHQWDFLRQ
+DELDPRVDOXGLGRDQWHULRUPHQWHTXH%DELORQLDHQWUHRWUDVVHKDELDFRQVWUXLGRVXHVWDWXDGHODV
>@
QDFLRQHV (VWRSUHWHQGLDUHSUHVHQWDUHOSRGHUHWHUQRGHHVHLPSHULRTXHORVGLRVHVKDELDQRWRUJDGR
DOJREHUQDQWHGHWXUQR
2WURDVSHFWRLPSRUWDQWHGHOTXHVHQRVLQIRUPDGH%DELORQLD\TXHVHWUDVPLWLUDDORVLPSHULRVTXHOD
>@
VXVWLWX\DQHVHOHPEOHPDGLYLQRGHORVFXHUQRV TXHSUHWHQGLDVLPEROL]DUODIXHU]D\ODSRVHVLRQ
GHOHVSDFLRWRWDOGHODGHLGDG
7RGRVGHVGHHOPRQDUFDMXQWRDORVGHPDVLQGLYLGXRVSRGLDQUHFLELUODSURWHFFLRQGHORVGLRVHV
9DULDVFLXGDGHVEDELORQLFDVFRQWHQLDQVDQWXDULRVTXHOOHYDEDQHOQRPEUHGHXQLRQHQWUHHOFLHOR\OD
WLHUUD$KLVHSUDFWLFDEDXQDUHODFLRQFRQORVGLRVHVGHOFLHORPHGLDQWHODFXDOVHFRPSUHQGLDOD
FRUUHVSRQGHQFLDHLQIOXHQFLDGHORVSURWRWLSRVFHOHVWHVHQODWLHUUD
3RUPHGLRGHXQULWXDOTXHSDUWLDGHODFRQFHSFLRQGHTXHDFDGDSODQHWDOHFRUUHVSRQGLDXQPHWDO
FRQXQFRORUGHWHUPLQDGR\FDGDSODQHWDSHUWHQHFLDDXQGLRVUHSUHVHQWDGRSRUGLFKRPHWDOODSHUVRQD
>@
VHFRQVLGHUDEDEDMRODSURWHFFLRQGHXQGLRV
6LQWHVLV9DORUDFLRQHV\&RQFOXVLRQHVUHVSHFWRD%DELORQLD
/RVGLRVHVVRQHOHPHQWRVGHO&RVPRVGHOD0DWHULDTXHVHOHFRQVLGHUDHWHUQD,QFOXVRORVGRV
SULPHURV$SVX\7LDPDWTXHVDFDQDORVGHPDVVRQGH1DWXUDOH]DFRVPLFDVDOLGRVGHHOOD
3DUHFHULDVHUTXHHVWHVXUJLPLHQWRORFRQVLJXHODSURSLD0DWHULDDOD]DU
(VWRVGRVGLRVHVPHGLDQWHDFWLYLGDGVH[XDOHQJHQGUDQDRWURVGLRVHV\SRVLELOLWDQTXHVHHQJHQGUHQ
PDV
/RVGLRVHVGHFLGHQIRUPDUDORVKRPEUHVGHODVDQJUHGHXQGLRVSDUDGLULJLUORV\XWLOL]DUORV3RUOR
WDQWRHOKRPEUHVHJXQHVWRVHULDGHQDWXUDOH]DGLYLQD
'HWRGRHVWRVHFROLJHTXHWRGRHVGLRV1RKD\XQXQLFR'LRV&UHDGRU3HUVRQDO\7UDVFHQGHQWH
 /R7HUUHVWUHHVXQDLPDJHQGHOR&HOHVWHSUR\HFWDQGRVHXQDWHRORJLDVRODU(VWHSRVWXODGRVH
REVHUYDHQGRVSUR\HFFLRQHV$QLYHOLQGLYLGXDOORVVHUHVKXPDQRVKDQVDOLGRSRUYROXQWDGGHORV
GLRVHVGHXQDPDWHULDHWHUQDDPELYDOHQWHTXHGDEDVHDXQGXDOLVPR3RUXQODGRSRVHHQXQHVSLULWXR
DOPDLQPRUWDOTXHFRUUHVSRQGHDXQRULJHQGHQDWXUDOH]DGLYLQDXQDSDUWHGHODPDWHULDHWHUQDTXHKD
GDGROXJDUDODFRQVFLHQFLDLQPRUWDO\SRURWURVHWUDWDULDGHODSURSLDPDWHULDLPSHUHFHGHUDSHURTXHQR
VHGDHVDPLVPDVXVWDQFLDFRQVFLHQWHHLQPRUWDO
$QLYHOFROHFWLYRVHSUR\HFWDHQODWLHUUDHORUGHQXQLWDULRRJRELHUQRGH(VWDGR8QLYHUVDOGHOUHLQR
FHOHVWHGRQGHVHKDLPSXHVWRODXQLGDGHQEDVHDODJXHUUDHQWUHORVGLRVHVDUURJDQGRVHXQRGHHOORVOD
DXWRULGDGVXSUHPDUHODFLRQDQGRVHFRQHODVWURUH\TXHHVHO6RO'HDKLODWHRORJLDVRODUTXHKDUDDFWR
GHSUHVHQFLD\TXHVHSUR\HFWDUDHQHOIXWXURFUHDQGRXQDGLUHFFLRQDOLGDG\XQFRPSRUWDPLHQWRSROLWLFR
UHOLJLRVR
8QKRPEUHGRWDGRSRUORVGLRVHVGHODDXWRULGDGVXSUHPD\GHDWULEXWRVHVSHFLDOHVHVVHOHFFLRQDGR
SDUDFRQWURODUHORUGHQHQODWLHUUD\FRQVHJXLUODXQLGDGWDPELHQSURYRFDQGRXQFXOWRDODSHUVRQD
/RVFXHUQRVGHODQLPDOTXHVLPEROL]DODIXHU]DGHORVGLRVHVVRQSUHVHQWDGRVHQODWUDGLFLRQELEOLFD
>@
FRPRUHSUHVHQWDQGRDORVSRGHUHVGHORVLPSHULRVXQLYHUVDOHV\TXHDOXGLHQGRDORVGLRVHVTXH
SURWHJHQDGLFKDVQDFLRQHVVHYHQGHVWUXLGRVSRUODLQWHUYHQFLRQLQYLVLEOHGHO5HLQRGH'LRV
/RVPHWDOHVTXHVLPEROL]DQDORVGLRVHVSURWHFWRUHVWDQWRGHORVJREHUQDQWHVFRPRGHORV
LQGLYLGXRVMXQWRDODHVWDWXDGHODVQDFLRQHVTXHVHHULJLDFRPRUHSUHVHQWDWLYDGHOSRGHUHWHUQRGHO
LPSHULRHQFXHVWLRQWLHQHQVXUHSOLFDHQODHVWDWXDPHWDOLFDGH
'DQLHOGRQGHORVPHWDOHVTXHVLPEROL]DQSUHFLVDPHQWHDORVUHLQRVTXHWUDVPLWHQXQD
GLUHFFLRQDOLGDGHQODKLVWRULD\PDUFDQODVSDXWDVGHODKHJHPRQLDHQODKLVWRULDVHYHQDQLTXLODGRVSRU
ODSLHGUDTXHGDFRQWUDODHVWDWXDGHVWUX\HQGROD
/DFRQFHSFLRQSROLWLFDTXHVHGHVSUHQGHGHVHPHMDQWHDQWURSRORJLDHVODGHXQSRGHUDEVROXWLVWD
$XQTXHKD\WUD]RVHQODLQIRUPDFLRQEDELORQLFDUHVSHFWRDORVDVSHFWRVDQWURSRORJLFRVFRQORVTXH
VHSXHGHGHGXFLUXQDLQIOXHQFLDVREUHQDWXUDOPDOHILFDGHODTXHODV(VFULWXUDVLGHQWLILFDFRQORVSRGHUHV
VDWDQLFRV*QFI$S(ID&RU-QTXHVHKDFHQSDVDUSRU
DQJHOHVGHOX]D&RUKD\XQDH[SRVLFLRQHQODTXHVHPH]FODQFRQFHSWRVSXUDPHQWHKXPDQRV
HQORUHODWLYRDORULJHQGHORVGLRVHV\GHORVVHUHVKXPDQRV
7RGDODDQWURSRORJLDEDELORQLFDGHVFDQVDHQODFRQFHSFLRQGHRULJHQTXHVREUHHOKRPEUHRIUHFHQ
ORVGLRVHV(VGHFLUODDQWURSRORJLDWLHQHXQDUDL]UHOLJLRVDUHODFLRQDGDFRQODGHLGDGSROLWHLVWD\VXV
LPSOLFDFLRQHV
 >@
0HGR3HUVLD
/DLQIOXHQFLDGH%DELORQLDVREUHHOLPSHULRPHGRSHUVDKDTXHGDGRHVWDEOHFLGD(QSULQFLSLRGLJDPRV
TXHVHUDHQODHSRFDSHUVDGRQGHDSDUHFHQGHVDUUROODGDVSDUDGDUEDVHDVXWHRORJLDSROLWHLVWD\
>@
DQWURSRORJLDODVLGHDVEDELORQLFDV GHOPDFURFRVPRV\PLFURFRVPRVFRQORVRSXHVWRVGHOELHQ\
GHOPDOLQFRUSRUDGRV
9DPRVDFRPSUREDUWDPELHQTXHFRQ3HUVLDVHDPSOLDHOGXDOLVPRUHOLJLRVRDQDGLHQGRVHHOHPHQWRV
TXHVHWHQGUDQHQFXHQWDSRVWHULRUPHQWH
>@
(OGXDOLVPRILORVRILFRYDKXQGLUVXVUDLFHVHQHOGXDOLVPRUHOLJLRVR 3HUR"FRPRVHREWLHQH\
VHGHVFULEHHVHGXDOLVPRUHOLJLRVR"
0DQWHQLHQGRXQSDUDOHOLVPRGHLJXDOGDGHQWUHHO0DFURFRVPRVTXHHVHOXQLYHUVR\HOPLFURFRVPRV
TXHHVHOKRPEUH
"&RPRVHFRQFLEHHO0DFURFRVPRV"
0HGLDQWHODUHIOH[LRQWHRORJLFDVHUHGXFHDODVIXHU]DVTXHHPDQDULDQGHXQDIXHQWHVXSHULRUDOKRPEUH
\TXHVHHQFXHQWUDQHQHOPDFURFRVPRVFRQWULEX\HQGRDODH[SHULHQFLDGHODERQGDGRPDOGDGDGRV
SULQFLSLRVDQWDJRQLFRVHO%LHQ\HO0DOODOX]\ODVWLQLHEODVODYHUGDG\ORIDOVR
/DLQIOXHQFLDGHODILORVRILDWUDQVIRUPDUDDODVIXHU]DVRSXHVWDVHQHVSLULWX\PDWHULD
(VWDDQWLWHVLVKDVLGRSUR\HFWDGDHQHOPLFURFRVPRVTXHHVHOKRPEUHHQIXQFLRQGHXQDGREOH
VXVWDQFLDHOFXHUSR\HODOPDTXHVHDVHPHMDULDQDHVRVSULQFLSLRVDQWDJRQLFRVGH%LHQ\0DO
>@
(O=RURDVWULVPRSHUVDUHFRJH\IXQGDPHQWDORDQWHULRU GDQGRSRVLELOLGDGDOGXDOLVPRILORVRILFR
>@ >@
TXH3LWDJRUDV\ODVUHOLJLRQHVGHPLVWHULRV EDVDQGRVHWDQWRHQOREDELORQLFRGHOVDFHUGRFLR
>@ >@
FDOGHR FRPRHQOR3HUVDGH=RURDVWURLQIOXLUDHQODH[SHULHQFLDGHHVHGXDOLVPRILORVRILFR
 /D)LORVRILD3ROLWLFR5HOLJLRVD
0LUFHD(OLDGHUHFRQRFHTXHHOHVWXGLRGHODUHOLJLRQLUDQLDODGHOLPSHULR0HGR3HUVDHVGHJUDQ
>@
LQWHUHVSRUVXDSRUWDFLRQDODUHOLJLRVLGDGRFFLGHQWDO <HVWRSRUGRVDVSHFWRVIXQGDPHQWDOHV(O
XQRSRUHODSRUWHTXHVHKDFHGHVGHHOSXQWRGHYLVWDGHORSXUDPHQWHUHOLJLRVRTXHD\XGDDFUHDUXQ
VLVWHPDSROLWLFRHORWURSRUODSHUVLVWHQFLDGHXQDLGHRORJLDSROLWLFDTXHWLHQHHQFXHQWDSULQFLSDOPHQWH
ODVFUHHQFLDV
WHRORJLFDV
\TXHVHDVHPHMDDOR\DLQGLFDGRKDVWDDTXL
(OSULPHUDVXQWRTXHQRVOODPDODDWHQFLRQHVHQFXDQWRDORULJHQ\QDWXUDOH]DGHORVGLRVHV/RV
DQWLJXRVGLRVHVGHYDVIXHURQGHPRQL]DGRVFXDQGRSDUDOHODPHQWHHVRVPLVPRVGLRVHVHQOD,QGLDHUDQ
FRQVLGHUDGRVORVYHUGDGHURV/RVDVXUDVVRQFRQVLGHUDGRVGHPRQLRVHQOD,QGLDFXDQGRHQ,UDQVRQORV
EXHQRV7DQWRHVDVLTXHHOJUDQGHPRQLRKLQGX9DUXQDHVHOJUDQGLRV$KXUD0D]GDGH,UDQDGRUDGR
>@
SRUORVSHUVDV
(VWH$KXUD0D]GDHVHOGLRVOXPLQRVRGHOFLHORTXHFRQODFUHDFLRQGH0LWUDFRPRGLRV6RODUOH
VXVWLWXLUDHQPXFKDVGHVXVIXQFLRQHV6XSURPRFLRQHVGHWDOQDWXUDOH]DTXHDXQTXHDVRFLDGRD$KXUD
>@
0D]GDDOFDQ]DUDHOUDQJRGHJUDQGLRV (VLQWHUHVDQWHODTXHMDGH0LWUDD$KXUD0D]GDTXH
>@
VLHQGRSURWHFWRUSLGHTXHVHOHDGRUHUHFLELHQGRDSDUWLUGHHQWRQFHVODDGRUDFLRQ
0LWUDOOHJDDREWHQHUODFDWHJRULDGHOGLRVVXSUHPR3DUDHVWDDSRWHRVLVHOSURSLR$XUD0D]GDRILFLD
>@
XQFXOWRSDUD0LWUD DGHPDVGHFRQYHUWLUDOJORULRVRGLRV+DRPDDOTXHVHOHKDELDGDGRXQFXOWR
HVSHFLDOFRQVDFULILFLRVFUXHQWRVLQFOXLGRVHQXQVDFHUGRWHGH0LWUD
(VWHDVFHQVR\FXOWRGHLQQRYDFLRQGH0LWUDFRPRGLRV6RODUTXHPDUFDSRURWUDSDUWHXQ
FRQWLQXLVPRGHVGHODVFXOWXUDV0HVRSRWDPLFR%DELORQLFD\(JLSFLDHMHUFHUDXQDLQIOXHQFLDHQRUPHHQHO
IXWXURDGHPDVGHFRQVWLWXLUFRQWRGRVVXVFRQWHQLGRVFRQORVTXHVHOHDGRUQDUDXQDWHRORJLDTXHOOHJDUD
DFRQWDPLQDUHQORVSULPHURVVLJORV,,DO,9G-DXQDUDPDGHQRPLQDGDFULVWLDQD
(OGXDOLVPRHVRWURGHORVDVXQWRVTXHVHVXEUD\DHQODUHOLJLRQSHUVD3DUHFHVHUTXHHQODWHRORJLDGH
=DUDWXVWUDVHLQWHQWDDILUPDUTXH$KXUD0D]GDQRWLHQHXQDQWLGLRVVLQRTXHKDHQJHQGUDGRHQWUHORV
YDULRVGLRVHVGRV(VSLULWXVHO6SHQWD0DLQ\X(VSLULWXELHQKHFKRU\HO$QJUD0DLQ\X(VSLULWX
>@
GHVWUXFWRU/RXQR\ORRWURVHKDORJUDGRSRUHOHFFLRQ 6LQHPEDUJRODRSRVLFLRQFRQWLQXDHQWUH
XQR\RWUR(VSLULWX\HQXQUHJLPHQGHLJXDOGDG\SHUHQQHSUR\HFWDXQDWHQVLRQGHOXFKDHQWUHORVEXHQRV
\ORVPDORVLGHQWLILFDQGRSDUDHOORDORVPDORV\ORVEXHQRVFRQVLJXLHQGRVHXQDGLYLVLRQDWRGRVORV
>@
QLYHOHVWDQWRFRVPLFRVFRPRWHUUHVWUHV\DQWURSRORJLFRV
$OLQPRUWDOL]DUORV(VSLULWXVFRPRVLHQGRXQDHVSHFLHGHHPDQDFLRQGHGLRVHWHUQL]DVHO0DO\SRUOR
WDQWRSHUSHWXDVHOGXDOLVPR$SDUHQWHPHQWHODWHUPLQRORJLDSURFXUDGHMDUDXQODGRHOGXDOLVPRHVWULFWR
(QODSUDFWLFD\HQHOSURSLRYRFDEXODULRSDUDH[SOLFDUHVDSUD[LVVHFRQVDJUDHOGXDOLVPR
(ODUJXPHQWRULWXDOSRUHOTXHHQHO$QR1XHYRHUDSUHFLVRUHQRYDUDOPXQGRSRUPHGLRGHDFWRV
VLPEROLFRVTXHEDMRODLQIOXHQFLD0HVRSRWDPLFR%DELORQLFDFREUDUDHQ,UDQXQHVWDGLRSROLWLFRPDV
FODURVHSUHFLVDUHWHQHUSRUODLPSRUWDQFLDTXHUHVLGHHQHOKHFKRGHTXHHOPRQDUFDLUDQLRHUD
>@
UHVSRQVDEOHGHODFRQVHUYDFLRQ\UHJHQHUDFLRQGHOPXQGR!! \SDUDHOORHUDQHFHVDULROXFKDU
FRQWUDODVIXHU]DVGHOPDO\GHODPXHUWH(VWRVHMXQWRFRQHOVDFULILFLRHVFDWRORJLFRTXHOOHJRD
UHDOL]DUVHHQHO$QR1XHYRSXHVWRTXHHQODUHQRYDFLRQHVFDWRORJLFDVHSURGXFLUDODUHVXUUHFFLRQGHORV
FXHUSRVPXHUWRVUHFXHUGHVHTXHODVDOPDVVRQSUHH[LVWHQWHVHLQPRUWDOHVODV)UDYDVKLVTXHLQFOXVR
>@
UHFLEHQFXOWRGHLQYRFDFLRQHLQFOXVRD\XGDQD$KXUD0D]GDDTXHODKXPDQLGDGQRGHVDSDUH]FD
(VWRHUDGHVXPDLPSRUWDQFLDSDUDHO6REHUDQR0D]GHLVWDSXHVWRTXHODUHQRYDFLRQXQLYHUVDOVHUD
IUXWRGHXQVDFULILFLR\SDUDHOORVHUDSUHFLVRFRQWULEXLUDOREMHWLYRRUJDQL]DQGR\PDQWHQLHQGROD
SXULILFDFLRQHLQVWDXUDFLRQGHORVIXHJRVVDJUDGRVTXHIDFLOLWDQGLFKRVDFULILFLR\ODFUHDFLRQGH
FRPSOHMRVXUEDQLVWLFRVWHPSORVFRQODGRWDFLRQGHUHQWDV\VDFHUGRWHVTXHSHUSHWXDUDQDVLWRGRHOFLFOR
>@
LPSUHVFLQGLEOHSDUDHVDUHQRYDFLRQXQLYHUVDO
7RGRHVWRVXSRQHXQDPRWLYDFLRQSROLWLFDGHSULPHUDPDJQLWXGHLQVHUWDHQHOSURJUDPDGHFXDOTXLHU
PRQDUFDLUDQLRODEXVTXHGD\FRQVROLGDFLRQGHXQ,PSHULR8QLYHUVDOSDUDDWDMDUPHMRUORVSRGHUHVGHO
0DO\FRODERUDUHQHVDUHVWDXUDFLRQXQLYHUVDO\HVFDWRORJLFD
D/DDXWRULGDGVXSUHPDGHOVREHUDQR\HOFXOWRDODSHUVRQDOLGDG
<DKHPRVYLVWRFRPRVHDOLPHQWD3HUVLDGHODVFXOWXUDVXQLYHUVDOLVWDVSUHFHGHQWHVGHOD
>@
PHVRSRWDPLFREDELORQLFD\GHODHJLSFLD
/DVLGHDVUHOLJLRVDVMXHJDQXQSDSHOLPSRUWDQWHHQHOSODQRSROLWLFRGHOPRQDUFD8QDYH]PDVVH
FRQWHPSODFRPRODPLWRORJLD\ODFRQFHSFLRQWHRORJLFDVRQXQYHKLFXORDSURSLDGRSDUDTXHHOGLULJHQWH
SXHGDDVXPLUXQD$XWRULGDG6XSUHPDFRQHOILQGHFRQVHJXLUORVREMHWLYRVSURSXHVWRVGHUHQRYDFLRQ
8QLYHUVDO6RORPHGLDQWHXQ$EVROXWLVPRHVSRVLEOHPDQWHQHUOD8QLGDG\DOFDQ]DUXQGHVWLQR8QLYHUVDO
/DUHOLJLRQSHUVDSUHVHQWDEDDOUH\FRPRDFWXDQGRSRUHOIDYRUGH$KXUDPD]GD\HVWDUHIHUHQFLDGLYLQDGDEDVHQWLGRPRUDO
DOJRELHUQR
(OJUDQUH\HUDHOGXHQRDEVROXWRGHOSRGHUHQSD]\HQJXHUUD(UDHOUHSUHVHQWDQWHGH$KXUDPD]GDHOVXPRGLRVVREUHOD
WLHUUD\WHQLDKRQRUHVGLYLQRV$QWHHOGHELDKDFHUVHODSURVN\QHVLV HVWRHVSURWHVQDUVHDQWHVXVSLHVSRQLHQGRHOURVWURFRQWUD
>@
ODWLHUUD!!
(UDSUHFLVRGHDFXHUGRDHVDGLUHFFLRQDOLGDGTXHHVWDPRVYLHQGRTXHVHSUR\HFWDHQODKLVWRULD\TXHWDQWRVHUHODFLRQDUDFRQ
ODKLVWRULDKHJHPRQLFDGH2FFLGHQWHTXHREVHUYHPRVFRPRHOVLJXLHQWHLPSHULRXQLYHUVDOHO*ULHJR0DFHGRQLFRTXHVRVWHQGUDVX
SUHGRPLQLRPXQGLDOWUDVODFRQTXLVWDGHOLPSHULR3HUVDGHODOD-DSUR[LPDGDPHQWHDGTXLHUHHOVLJQLILFDGRLGHRORJLFRGH
ODGHLILFDFLRQGHOUH\WUDVSDVDQGRORD2FFLGHQWHSRUPHGLRGH$OHMDQGURHO0DJQR
$OHMDQGURVHFRQVLGHURHOKHUHGHURPDVTXHHOYHQFHGRUGHODGLQDVWLDDTXHPHQLGD7UDQVIRUPRVXYLGD\ODLQVWLWXFLRQ
GH OD PRQDUTXLD TXH DVXPLR FDUDFWHULVWLFDV WHRFUDWLFDV GHVFRQRFLGDV HQ OD UHDOH]D JULHJD 6H FRQYLUWLR HQ UH\ VXSUHPR
HQFDUQDFLRQ YLYLHQWH GH OD GLYLQLGDG \ DOUHGHGRU GH VX SHUVRQD FUHR XQ PLWR GRQGH FRQIOXLDQ ORV WHPDV GLRQLVLDFRV \ ORV ULWRV
>@
SHUVDV3RUXOWLPRSUHWHQGLRGHORVVX\RVODSURVN\QHVLVJHVWRWLSLFRGHODDGRUDFLRQRULHQWDO!!
1RIXHHVWRORXQLFRTXHVHKHUHGRGHO2ULHQWHSUR[LPRDWUDYHVGHODFRQTXLVWDGH3HUVLDSRU*UHFLD
$SHVDUGHORVFRQIOLFWRVTXHPDQWXYLHURQHQXQDVHJXQGDHWDSDWDQWRJULHJRVFRPRSHUVDVORVFRQWDFWRV
VHPDQWXYLHURQDKRUDFRQ$OHMDQGURVHFRQVLJXHDOPHQRVHQXQDJUDQSDUWH
IXVLRQDUHQHOSODQRFXOWXUDOORVFRPSRQHQWHVJULHJRV\SHUVDVRULHQWDOL]DQWHV\OHJRDOPXQGROD
>@
KHUHQFLDHVSLULWXDOGHO+HOHQLVPR!!
3RGULDPRVFDHUHQODWHQWDFLRQFXDQGRHVWXGLDPRVODKLVWRULDGHVFRQHFWDGDGHOSURSRVLWRTXHVXE\DFH
HQHOVHQWLGRTXHLPSULPHODLGHRORJLDKXPDQDTXHSDUHFHGLULJLGDKDFLDXQDPHWDGHWHUPLQDGDTXHHO
IUDFDVRGHORVGLIHUHQWHVLPSHULRVHQFXDQWRDREWHQHUHVD8QLGDG8QLYHUVDOTXHEXVFDQDSHVDUGHOR
VLJQLILFDWLYRGHVXLGHRORJLDSROLWLFRUHOLJLRVDVHULDXQDHYLGHQFLDGHODIDOWDGHXQSURJUDPD\GHOD
DXVHQFLDGHXQYDORUPHGLEOH\DFWLYDGRUHQORVFRQWHQLGRVGHORTXHSHUPDQHFHUHSHWLWLYDPHQWH
IXQGDPHQWDOHQHVHLGHDULRSROLWLFRUHOLJLRVR<DKDELDPRVGLFKRHQRWUROXJDUTXHODLQVXILFLHQFLDHQ
FXDQWRDORJUDUHVD8QLGDGSOHQDDQLYHOPXQGLDOQRLPSLGHODDVSLUDFLRQ\ODSURJUDPDFLRQSDUDHOOR
3HURQRQRVGHEHFDEHODPHQRUGXGDDWHQRUSRUORTXHHVWDPRVH[DPLQDQGRTXHVHQRVHVWDTXHULHQGR
FRPXQLFDUPHGLDQWHHOWUD\HFWRKLVWRULFRXQPHQVDMHHQFODYH+D\XQRV,PSHULRVTXHGRPLQDQOD
VLWXDFLRQGHOPXQGRFRQRFLGRPHUFHGDXQFRPSRUWDPLHQWRTXHVHEDVDHQXQFRQWHQLGRLGHRORJLFRTXH
HVHQFLDOPHQWHHVDSURYHFKDGRUHVSHFWRGHODQWHULRURDQWHFHVRUHVSRUHOSRVWHULRU'DQGRQRVDHQWHQGHU
TXHODSRVLELOLGDGGHODUHDOL]DFLRQKLVWRULFDGHHVD8QLGDGLGHDOEDMRXQD$XWRULGDG6XSUHPDTXH
GRPLQDHOHVFHQDULRPXQGLDOHVWDHQIRUPDFLRQPHGLDQWHODVXELGD\FDLGDGHORVLPSHULRVTXHPDQWLHQHQ
XQDKHJHPRQLDPXQGLDOGXUDQWHXQDHWDSDSHURTXHDSHVDUGHVXGHVYDQHFLPLHQWRLQ\HFWDQODIRUPXOD
HVHQFLDOTXHGDUDHOUHVXOWDGRDSHWHFLGRSRUDTXHOTXHVHSDHPSOHDUOD(VWDPRVYLHQGRTXHFDGDYH]
FRQIRUPHHOWLHPSRWUDQVFXUUHORV,PSHULRVVRQPDVFHUWHURVHQVXFRPHWLGR/RYHUHPRVDKRUDPHMRU
FRQ*UHFLDTXLHQVHVXSRDXQDUFRQORLPSUHVFLQGLEOHGH2ULHQWH3UR[LPR\SRVWHULRUPHQWHFRQXQ
,PSHULRHO5RPDQRTXHWRGDYLDVXEVLVWHKR\JUDFLDVDOOHJDGRGHO+HOHQLVPR*ULHJRHQXQDHWDSDILQDO
GHVXLQWHQWRFRQVWDQWHGHUHVWDXUDFLRQDWUDYHVGHDTXHOORV&RPSRQHQWHVTXHHO,GHDULR5RPDQRIRUMR\
TXHVHWUDQVIRUPDURQHQGLJQRVKHUHGHURVGHOOODPDGR6DFUR,PSHULR5RPDQR
(QFRQFOXVLRQTXHVLUYHSDUDWRGRVDTXHOORVTXHHQ2ULHQWHPDQWXYLHURQXQDKHJHPRQLDHQHOPXQGR
FRQRFLGR\TXHLPSULPLHURQXQDVFDUDFWHULVWLFDVHVHQFLDOHVSDUDODPDUFKDGHODKLVWRULDSRGHPRV
DQDGLUDQWHVGHQXHVWURDQDOLVLVGHOPHQVDMHFHQWUDOHQUHODFLRQDORTXHQRVRFXSDGHOOHJDGRGH*UHFLD
\GHO+HOHQLVPRORVLJXLHQWHTXHSHVHDORVLQFRQYHQLHQWHVTXHVHVXVFLWDQHQXQDKLVWRULDFRPRODGHOD
KXPDQLGDGUHSUHVHQWDGDSRUORV,PSHULRV1HR%DELORQLFR\0HGR3HUVDTXHLPSXVLHURQVXKHJHPRQLD
FRPRQXQFDDQWHVPDUFDURQXQDVSDXWDVSROLWLFRGRFWULQDOHVTXHVHWUDVPLWLHURQDODSRVWHULGDGFRQOD
LGHDVLHPSUHUHMXYHQHFLGDGHTXHODXQLRQGHODKXPDQLGDGHVSRVLEOH\TXHXQDDXWRULGDGVXSUHPD
FRQFHGLGDSRU'LRVRORVGLRVHVHVLPSUHVFLQGLEOHSDUDOHJLWLPDUGLFKD$XWRULGDG\ODH[LJHQFLDGHOD
REHGLHQFLDLQFRQGLFLRQDOGHORVVXEGLWRV
(VDFODYHSROLWLFDHVWDEDVDGDHQXQDFRQFHSFLRQVREUHORVGLRVHVWHRORJLFDSUR\HFWDQGRXQLGHDULR
UHOLJLRVRTXHDSRUWDXQDDQWURSRORJLDGHWHUPLQDGDTXHKLOYDQDDVXYH]XQDLGHRORJLDSROLWLFRUHOLJLRVD
6LQWHVLVYDORUDFLRQHV\FRQFOXVLRQHV
D6HSHUSHWXDQORVFRQFHSWRVGHO0DFURFRVPRV\0LFURFRVPRVHQHOVHQWLGR\DH[SXHVWRMXQWRDOR
TXHHVWRVLPSOLFDQGHXQLRQGHORVFRQWUDULRV%LHQ\0DO\TXHWLHQHQXQRULJHQEDELORQLFR
E/DGLIHUHQFLDHQWUHHOFXHUSR\HODOPDHVIUXWRGHXQSURIXQGRGXDOLVPREDVDGRSUHFLVDPHQWHHQHO
DQWDJRQLVPRGHHVRVGRVSULQFLSLRVGHO%LHQ\GHO0DO
F/DFUHHQFLDGHODLQPRUWDOLGDGGHODOPDFRQVXSUHH[LVWHQFLD\WUDVPLJUDFLRQ\TXHWLHQHWDPELHQXQ
RULJHQEDELORQLFRVHGHVDUUROODPDWL]DQGRVHFLHUWRVDVSHFWRV
G(OGLRVSULQFLSDOVLJXHHVWDQGRUHSUHVHQWDGRHQHOPRQDUFDTXHGHDFXHUGRDVXRULJHQGLYLQR\D
KDEHUVLGRHVFRJLGRGHIRUPDHVSHFLDOUHFLEHFXOWR
H6HRILFLDOL]DGHPRGRH[WUHPRODSURVN\QHVLVDUURGLOODUVHFXOWLFDPHQWHKDFLDHOPRQDUFDSHUVD
6LHQGRHOJHVWRXQHOHPHQWRSROLWLFRIXQGDPHQWDOHQHOTXHVHUHFRQRFHODDXWRULGDGVXSUHPDHQOD
WLHUUD
I/DFRPXQLFDFLRQGHORVPRQDUFDVFRQORVGLRVHV\ODDFWXDFLRQGHORVVDFHUGRWHVWDQWRSDUDODFRUWH
FRPRSDUDORVVXEGLWRV\ORVULWRVGHSXULILFDFLRQTXHWRGRVSXHGHQOOHYDUDFDERSDUDFRQVHJXLUOD
LQPRUWDOLGDGQRVSURYHHODEDVHGHOUHFRQRFLPLHQWRGHODH[LVWHQFLDGHXQDLGHRORJLDGHRULJHQH[WUD
WHUUHVWUHTXHVHFRPSUXHEDRSXHVWDDORVFRQWHQLGRVELEOLFRV
J/DLQIOXHQFLDGHODVIRUPXODVSROLWLFRUHOLJLRVDVGH3HUVLD\%DELORQLDVREUH*UHFLDVDOYDJXDUGDQHO
KLORFRQGXFWRUGHXQLGHDULRTXHXQDYH]DQDOL]DGRVHGHVFXEUHXQRULJHQ\FRQWHQLGRGLVWLQWRVDOD
WUDGLFLRQELEOLFD
K/DWHRORJLD6RODUFRQ0LWUDRFXSDXQOXJDUSUHSRQGHUDQWH(OGLRVDEVROXWR\VXSUHPRTXHFRQVLJXH
VHU0LWUDFRPRUHSUHVHQWDWLYRGHO6ROGHVDUUROODQGRVHXQDFRQFHSFLRQSROLWLFDUHOLJLRVDFRQVLVWHQWHHQ
XQRUGHQXQLWDULRHVWDEOHFLGRSRUORTXHLPSOLFDHODVWUR5H\6ROHQWRGRXQULWXDOVDFUDPHQWDOTXH
ILMDODDXWRULGDGVXSUHPDVDOYDGRUDGH0LWUD\HQXQDLGHRORJLDGRFWULQDOTXHLQFOX\HFRQFHSFLRQHV
SURSLDVLPSOLFDQGRXQDHWLFD\HVSLULWXDOLGDGDFRUGHDORTXHVXSRQHGLFKDWHRORJLD
 *UHFLD\HO+HOHQLVPR
(VHQHVDUHIOH[LRQVREUHODGLYLVLRQELSDUWLWDGHOPXQGRTXH\DORVVDFHUGRWHVEDELORQLFRV\ORV
>@
RUILFRVKDELDQSXHVWRVXIXQGDPHQWR \TXHODUHOLJLRQSHUVDFRQ=RURDVWURPDWL]D\DPSOLDTXHVH
IXQGDHOGRJPDGHODLQPRUWDOLGDGFHOHVWH\FRQVFLHQWHGHODVDOPDV
/DDGPLVLRQGHHVDSRVLFLRQVREUHODLQPRUWDOLGDGGHODOPDVHKDFHDPDQHUDGHSRVWXODGR\HQEDVHD
ODUHIOH[LRQWHRORJLFD6HUDHQODUHIOH[LRQILORVRILFDJULHJDTXHVHHQXQFLDUDGLFKRSRVWXODGRFRPR
>@
FRQVHFXHQFLDGHODQDWXUDOH]DGLYLQDGHODOPD
 *UHFLD\ODUD]RQKXPDQDDOVHUYLFLRGHORVGLRVHV\GH
ORVKRPEUHV
>@
(QXQOLEURHQFLHUWRVHQWLGRDSDVLRQDQWH:HUQHU-DHJHU LQWHQWDH[SOLFDUQRVTXHHOSULPLJHQLR
SHQVDPLHQWRJULHJRVREUHODQDWXUDOH]DGHOXQLYHUVRHUDIUXWRGHOPRGRGHFRQFHELUORTXHVHKDFH
VREUHVDOLUFRPR'LRVRFRPRORGLYLQR3RFRLPSRUWDVDEHUDTXLODFRQFHSFLRQTXHVHWLHQHVREUHHVH
GLRVORLQWHUHVDQWHHVFRQRFHUFRPRODFRQVWUXFFLRQGHODVLGHDV\HOSURSLROHQJXDMHILORVRILFRROD
PLVPDPDQHUDGHKDFHUILORVRILDFUHDWRGDXQDWHUPLQRORJLD
WHRORJLFD
TXHHVSUHFLVRWHQHUODHQFXHQWD
>@
VLVHTXLHUHHQWHQGHUODEDVHGHODLGHRORJLDDQWURSRORJLFD\ODSROLWLFD
/DWHRORJLDHVXQDSURGXFFLRQGHOHVSLULWXJULHJR\TXHWLHQHPXFKRTXHYHUFRQODLPSRUWDQFLDTXHVH
>@
OHDWULEX\HDOORJRV<VLHQGRHOSROLWHLVPRORTXHFDUDFWHUL]DWDQWRD3ODWRQFRPRD$ULVWRWHOHV
ORVGRVJUDQGHVSHQVDGRUHVXQLYHUVDOHVJULHJRVFRQVLGHUDUDQDODWHRORJLDFRPRODDSUR[LPDFLRQD
>@
'LRVRDORVGLRVHVSRUPHGLRGHOORJRVSDODEUD
(VWDFRQFHSFLRQLPSOLFDWRGDXQDUHIOH[LRQHVSHFXODWLYD/DWHRORJLDHQHOVHQWLGRJULHJRHVXQ
UD]RQDUSDUWLHQGRGHODSURSLDPHQWHGHOLQGLYLGXRTXHFRQVLGHUDGDFRPRGHUHDOL]DFLRQGLYLQDSUHFLVD
OOHJDUDOPD[LPRFRQRFLPLHQWR\VDEHU'LRV
"&XDOHVVRQORVPRYLOHV""<FXDOVHUDHOUHVXOWDGRGHWDOUD]RQDPLHQWR"/DKLVWRULDHVODTXHWLHQH
UHVSXHVWDVDHVWRVLQWHUURJDQWHV
(QHIHFWRHVSUHFLVRYHUDTXLORVHOHPHQWRVTXHVHXQHQWDQWRGHODSURSLDFXOWXUDJULHJDFRPRGHOD
RULHQWDO\FRPSUREDUHQTXHVHUHODFLRQDQ\TXHHVORTXHQRVPXHVWUDODKLVWRULDHQFXDQWRDORTXH
VXEVLVWHIXQGDPHQWDOPHQWHUHVSHFWRDODVFODYHVDQWURSRORJLFDV\SROLWLFDV
(QODFRQFHSFLRQTXH3ODWRQWLHQHGHO(VWDGRKD\GRVSXQWRVTXHGHEHPRVWHQHUHQFXHQWDDWHQRUSRUOD
FLWDGHXQDGHVXV&DUWDV
9L TXH HO JHQHUR KXPDQR QR OOHJDULD QXQFD D OLEHUWDUVH GHO PDO VL SULPHUDPHQWH QR DOFDQ]DEDQ HO SRGHU ORV YHUGDGHURV
>@
ILORVRIRVRORVUHFWRUHVGHO(VWDGRQRVHFRQYHUWLDQSRUD]DUGLYLQRHQYHUGDGHURVILORVRIRV!!
3DUD3ODWRQXQLFDPHQWHODILORVRILDSXHGHLQVSLUDUXQDFRPXQLGDGKXPDQDIXQGDGDHQODMXVWLFLD3HUR
REVHUYHVHTXHGHDFXHUGRDORTXH\DQRVGHFLD:DUQHU-DHJHU7DQWRHQOD5HSXEOLFDFXDQWRHQODV
>@
/H\HVVHSUHVHQWDODILORVRILDHQVXPDVDOWRQLYHOFRPRWHRORJLDHQHVWHVHQWLGR!! FRPRSRUOR
TXHVHVXVFULEHHQORVSDUUDIRVDQWHULRUHVVHWUDWDULDGHTXHORVGLRVHVFRQYLHUWDQDORVUHFWRUHVGHO
(VWDGRHQWHRORJRVDSDUHFHVHJXQQXHVWURFULWHULRXQDDUWLFXODFLRQTXHHVQHFHVDULDWHQHUODHQFXHQWDSDUD
FRPSUHQGHUHOXVRTXHGHHVWDSXGRKDFHU$OHMDQGURHO0DJQRGLVFLSXORGH$ULVWRWHOHVFRPRHVWHORIXH
GH3ODWRQ
3DUDFRPSUHQGHUGLFKDDUWLFXODFLRQHPSHFHPRVSRUGHFLUTXHODFDXVDGHOPXQGRQRWHH[SOLFDFRPR
>@
HVXQDGLYLQLGDGIRUPDGDSRUYDULRVGLRVHVRGHPLXUJR (VWHGHPLXUJRHVXQDHVSHFLHGHMHIH
MHUDUTXLFRTXHQRLPSLGHODH[LVWHQFLDHWHUQDGHRWURVGLRVHV\TXHKDUHDOL]DGRXQDQDWXUDOH]DD
VHPHMDQ]DGHOPXQGRGHOVHU7RGROREXHQRHORUGHQODUD]RQODEHOOH]DSHUWHQHFHDHVDFDXVDGLYLQD
>@
/RVDVWURVVHULDQORVFXHUSRVYLVLEOHVGHORVGLIHUHQWHVHQWHVGLYLQRVTXHH[LVWHQ
(VHQHVWDYLVLRQFRVPRORJLFDTXHQRVRWURVQRVYHPRVREOLJDGRVDUHVXPLUTXH3ODWRQWLHQHHQFXHQWD
 >@
HQVX5HSXEOLFD 3HURVLOD
UD]RQ
\ODLQWHOLJHQFLDGHODTXHSDUWLFLSDQORVVHUHVKXPDQRVKDVLGR
RULJLQDGDSUHSDUDGD\RULHQWDGDSDUDHVWHPXQGRGHDTXLDEDMRSRUHOGHPLXUJRFDXVDGRUTXLHUHHVWR
GHFLUTXHODUHIOH[LRQPHGLDQWHUD]RQDPLHQWRVILORVRIDQGRWHRORJLFDPHQWHVHSXHGHREWHQHUXQD
HVSHFLHGHVHJXULGDGHQWXVDVHUWRVSRUFXDQWRXWLOL]DVXQLQVWUXPHQWRTXHVLKDFHVXQEXHQXVR\HQHVWR
ODHGXFDFLRQHQHOILORVRIDUHVXQUHTXLVLWRSXHGHVORJUDUHOPD[LPRVDEHUVREUH'LRV\VREUHHO%LHQ
\DSOLFDUORDGHFXDGDPHQWHDOD3ROLWLFD\DO(VWDGR
'H3LWDJRUDVWRPR3ODWRQLGHDVIXQGDPHQWDOHV$TXHOKDELDFUHLGRHQODLQPRUWDOLGDGGHODOPDVX
>@
SUHH[LVWHQFLD\WUDVPLJUDFLRQHLQFOXVRHOFDVWLJR\H[SLDFLRQGHHVDVDOPDVHQHO+DGHV 3LWDJRUDV
KDELDVDELGRPH]FODUHQXQDPLVPDHVWUXFWXUDORVFRQRFLPLHQWRVFLHQWLILFRVFRQORVYDORUHVHWLFRV
PHWDILVLFRV\UHOLJLRVRVFRQVLJXLHQGRXQDFLHQFLDWRWDO3ODWRQGHVFXEULRHOVHQWLGRVDOYDGRU\
>@
H[LVWHQFLDODGHPDVGHORSXUDPHQWHFLHQWLILFRGHODUPD]RQTXH3LWDJRUDVOHSUHVHQWD 6HWUDWDGH
DJUXSDUWRGRVORVVDEHUHV\SRQHUORVDOVHUYLFLRGHOKRPEUHGHO(VWDGR3HURHVODFRQFHSFLRQ
SLWDJRULFDGHODXQLGDGXQLYHUVDO\HORULJHQFHOHVWHGHOKRPEUHPHGLDQWHHODOPDTXHVHVXSRQH
SHUWHQHFHUDOPXQGRLGHDO\HWHUQRORTXHOHSHUPLWLUDD3ODWRQMXQWRDFLHUWDVIXHQWHVRULHQWDOHV
EDELORQLFDVTXHXWLOL]DHODERUDUXQDPLWRORJLDGHODOPDTXHOHVHUYLUDSDUDDGHPDVGHFRQVHJXLU
>@
HOHPHQWRVHVFDWRORJLFRVPRVWUDUHQVX5HSXEOLFDODKRPRORJLDHQWUH$OPD(VWDGR\&RVPRV
1RROYLGHPRVGHOPLWRGHODFDYHUQDODGLIHUHQFLDTXHH[LVWHHQWUHHOPXQGRVHQVLEOH\HOPXQGRUHDO
GHOVHU\HVDHVWRTXHPHGLDQWHODHGXFDFLRQHVSUHFLVROOHJDU\GHHVWHPRGRFRQRFHUTXHHOPXQGR
GHOVHUHVHOPXQGRGHODXQLGDG\GHORUGHQDEVROXWR
(QVXFRQFHSFLRQGHO(VWDGR3ODWRQWHQGUDHQFXHQWDXQDLGHRORJLDSROLWLFRUHOLJLRVDFRKHUHQWHFRQVX
WHRULDDGDSWDGDGH3LWDJRUDVGH8QLGDG8QLYHUVDO\GH2UGHQ$EVROXWRTXHODUHOLJLRQDVWUDOVRODU
GHVSUHQGH
(QVX5HSXEOLFDQRVFRPHQWDUDTXHOD-XVWLFLDHVLPSUHVFLQGLEOHSDUDTXHSXHGDVXEVLVWLUFXDOTXLHU
(VWDGR\HVODXQLFDMXQWRDYDULDVYLUWXGHVTXHDEDUFDTXHSXHGHJDUDQWL]DUODXQLGDG\ODIXHU]DGHO
(VWDGR
6XFULWHULRGH(VWDGRMXVWR\SRUORWDQWRGHJDUDQWLDGH8QLGDGHVDTXHOHQHOTXHHOLQGLYLGXR
GHVDUUROODODWDUHDTXHOHHVSURSLD3HURSDUDHOORHO(VWDGRYDDVHUHOTXHYDWHQHUTXHWRPDU
GHFLVLRQHVSRUHOLQGLYLGXRSRUTXH"TXLHQGHFLGHORTXHOHHVSURSLR"2WURGHORVDVSHFWRVHVOD
DEROLFLRQGHODYLGDIDPLOLDUSRUHO(VWDGR/RUHODWLYRDODSURFUHDFLRQGHWDQVRORKLMRVVDQRVHVWD
UHJXODGRSRUHOPLVPR(VWDGRTXLHQHVWDEOHFHODVGLIHUHQWHVXQLRQHVHQWUHKRPEUHV\PXMHUHV/DFULDQ]D
\HGXFDFLRQFRUUHWDPELHQDFDUJRGHO(VWDGR
$XQFXDQGRDGPLWHODSURSLHGDG\ORVPHGLRVGHSURGXFFLRQ\GLVWULEXFLRQFRQVLGHUDQHFHVDULDOD
HOLPLQDFLRQWDQWRGHODSREUH]DFRPRGHODULTXH]DSXHVWRTXHHVWDVLPSLGHQFXLGDUVHGHODPLVLRQ
>@
HQFRPHQGDGD
(OJRELHUQRGHEHGDUVHDORVILORVRIRVVLVHTXLHUHDOFDQ]DUHOREMHWLYRGHXQ*RELHUQRMXVWRSHUR
HQWLHQGDVHDTXLXQDILORVRILDWHRORJLFD
&RQVHPHMDQWHVFRQGLFLRQHV\WHQLHQGRHQFXHQWDODXQLGDGXQLYHUVDO\HORUGHQDEVROXWR3ODWRQD
SHVDUGHVXJRELHUQRSHUIHFWRHVER]DGRHQ/D5HSXEOLFDHVFRJHUDFRPRVLHQGRHOPHMRUHOPRQDUTXLFR
3ODWRQLQWURGXFHXQ,GHDULR3ROLWLFRUHOLJLRVRTXHMXQWRDODUHIRUPDSURIXQGDTXHVXGLVFLSXOR
$ULVWRWHOHVKDUDVHUDDSURYHFKDGDSRUFRQYHQLHQWH\FRQODGHSXUDFLRQDGHFXDGDSRUHOPXQGR
RFFLGHQWDO
 $ULVWRWHOHVLQFOX\HXQDFLHUWDGHVPLWRORJL]DFLRQFXDQGRSRQHHOPHQVDMHGHOPLWRHQHOYHKLFXORGHOD
ILORVRILD6XLGHDGHOSULPHUPRWRURGHODSULPHUDFDXVDFRPRXQLQWHQWRHVSHFXODWLYRGHGHPRVWUDUD
>@
'LRV FRQVXVLPSOLFDFLRQHV\UD]RQDPLHQWRVWXYRSRU$JXVWLQGH+LSRQD\ODHVFRODVWLFDXQD
EXHQDDFRJLGDDOLJXDOTXHORVHVFULWRVGH3ODWRQ,QGHSHQGLHQWHPHQWHGHOXVRRGHODEXVRGHOILORVRIDU
FRPRXQHOHPHQWRWHFQLFRDOFDQ]DQGRXQDSDUHQWHULJRUFLHQWLILFR$ULVWRWHOHVQRSXGRHVFDSDUSDUDOD
SURVHFXFLRQGHVXILORVRILDFLHQWLILFDGHORVDQWHFHGHQWHVKLVWRULFRVTXHVHHQFXHQWUDQHQORVVLVWHPDV
>@
UHOLJLRVRVGHO2ULHQWH
<HQVXVHVFULWRVHVRWHULFRVH[SUHVDTXHWDQWRHOILORVRIRFRPRHOSROLWLFRGHELDQWHQHUHQFXHQWDORV
PRGHORVHWHUQRVGHORVTXHORVHQVLEOHQRHUDPDVTXHXQDSXUDLPLWDFLRQ
&RQ3LWDJRUDV\VXHVFXHODVHKDUDXQDFULWLFDGHOPLWRTXHDSDUHFHPH]FODGRFRQHOSRHPDSRHWLFR\
>@
TXHFRQYHUWLDQDORVGLRVHVFRQORVPLVPRVSUREOHPDVTXHORVVHUHVKXPDQRV
&RQ3ODWRQ\$ULVWRWHOHVVHGDH[SOLFDFLRQDODVFULVLVSROLWLFRUHOLJLRVDVSXHVWRTXHDOUD]RQDUVREUH
ODH[LVWHQFLDGHXQSULQFLSLRDEVROXWRHLQPXWDEOHVHUHFXSHUDODSRVLELOLGDGGHOFRQRFLPLHQWRREMHWLYR\
>@
HODWDTXHDOUHODWLYLVPR\HVFHSWLFLVPRGHORVVRILVWDV 3RURWUDSDUWHDOQRGHVGHQDUODPLWRORJLD\
SUHVHQWDQGRXQPLVLYDUD]RQDGDFRQODTXHVHSUHWHQGHOOHJDUDXQDFRQFOXVLRQVHPHMDQWHDOFRQWHQLGR
HVHQFLDOGHOPLWRVHGHVFXEUHHQHVWHFRPRXQDHVSHFLHGHKLVWRULDVDJUDGDHQHOTXHODVYHUGDGHVVH
>@
KLVWRUL]DQFRQXQURSDMHIDEXORVR
/DPLWRORJLDJULHJDLQIOXLGDHQQXPHURVRVDVSHFWRVSRUODGH2ULHQWH3UR[LPRWHQGUDMXQWRFRQOD
RULHQWDOXQDLPSRUWDQFLDFDSLWDOHQ5RPD
7RGDVHVWDVLGHDVQRVPXHVWUDQXQSODQTXHSURYHHUDDOIXWXURGHXQDFRQGXFWDTXHSRGUDVHUYLUSDUD
FRQYHQFHUDORVKDELWDQWHVGHXQ(VWDGRGHODQHFHVLGDG\REOLJDWRULHGDGGHXQWLSRGHSROLWLFD
GHWHUPLQDGR
D(QVHQDQ]DVTXHVHDSOLFDQSDUDOD3ROLWLFDGH(VWDGR
(QSULQFLSLRGLJDPRVTXHVLFRQORVSXHEORVRULHQWDOHVSUDFWLFDPHQWHVHGDEDWRGRKHFKRDO6REHUDQR
SRUSDUWHGHORVGLRVHVTXLHQHVHQWUDEDQHQFRQWDFWRFRQHO6REHUDQRHVFRJLGRDKRUDVHLQYROXFUDDOD
UD]RQKXPDQDVHVXSRQHTXHGLULJLGDSRUORVGLRVHVSDUDTXHPHGLDQWHODWHRORJL]DFLRQHO
FRQRFLPLHQWRGH'LRV\GHXQRPLVPRSXHGDDSRUWDUORVHOHPHQWRVQHFHVDULRVSDUDTXHHO
PRQDUFD
R
HOJRELHUQRFXPSODQDGHFXDGDPHQWH
/DLGHDGHODRPQLSRWHQFLDGHO(VWDGRSHUPDQHFHLQDOWHUDEOHLQFOXVRVHYLJRUL]DWDQWRSRU3ODWRQ
>@ >@
FRPRSRU$ULVWRWHOHV
/DILORVRILDOHVLUYHD3ODWRQSDUDHVWDEOHFHU\PDQWHQHUODXQLGDGGHO(VWDGR\FRPRTXLHUDTXH
3ODWRQYLQFXODHOPXQGRD'LRV\KDFHGHOSULQFLSLRGLYLQRXQDXQLGDG\FRPRWRGRWLHQHVXVHUHQ
>@
'LRV HO(VWDGRHVWDPELHQGHRULJHQGLYLQR\GHEHULDVHUXQRSDUDWRGRHOPXQGRDXQFXDQGRHO
KRPEUHVHDHQXOWLPDLQVWDQFLDUHVSRQVDEOHGHODEXHQDPDUFKDRQRGHHVH(VWDGR
(O(VWDGRFRPRIRUPDQGRSDUWHGHORVHQVLEOHGHEHUHVSRQGHUDORTXH$ULVWRWHOHVOODPDHOPRGHOR
HWHUQRGHDKLTXHVHDMXVWHDGHFXDGDPHQWHDODOH\DODPRUDODODMXVWLFLDDODYLUWXGDORUGHQDOELHQ
6LQHPEDUJRGHQLQJXQDGHHVWDVFDWHJRULDVVHVDEHRIUHFHUXQDGHILQLFLRQFRUUHFWDGHVXFRQWHQLGR
/DLGHDGHOSULPHUPRWRURGHODSULPHUDFDXVDFRQTXH$ULVWRWHOHVSUHWHQGHHQFRQWUDUHOSULQFLSLR
GLYLQRDSHVDUGHODSOXUDOLGDGFRQTXHFRQFLEHODGHLGDGSUR\HFWDUDHQHOPXQGRSROLWLFRODQHFHVLGDG
GHO8QRGHO8QLFRGHO3ULPHURGDQGREDVHILORVRILFRWHRORJLFDDODVPDWHPDWLFDVGH3LWDJRUDVWRGR
GHSHQGHGHO8QR\DOLGHDOLVPRGH3ODWRQUHVSHFWRGHOVXPR\XQLFR%LHQ\GHODYHQWDMDGHODOPDHQ
FXDQWRDOFXHUSR
$KRUDHOPXQGRLEDDDSUHQGHUDFRQMXJDUORTXHVHKDELDSURYLVWRPHGLDQWHODFLYLOL]DFLRQ
0HVRSRWDPLFR%DELORQLFD\3HUVDFRQHOVHQWLGRGHODPLWRORJLDJULHJDLQIOXLGDSRUDTXHOOD\ORTXH
UHVXOWDEDGHGDUULHQGDVXHOWDDOLQWHOHFWRILORVRIDQGRRWHRORJL]DQGR(QGHILQLWLYDVHKDELDDELHUWRXQD
EUHFKDDOPLVWHULRGHORUHOLJLRVRSXHVWRTXHDKRUDDOLQGLYLGXRVHOHSHUPLWLDSHQHWUDUPHGLDQWHHO
UD]RQDPLHQWR\ODUHIOH[LRQHQDTXHOORTXHKDVWDHQWRQFHVHVWDEDOLPLWDGRDXQDFDVWDVDFHUGRWDO\DO
6REHUDQR\TXHSRUPHGLRGHPLWRVGHPHQVDMHVFHUUDGRV\GHULWXDOHVHVRWHULFRV\RFXOWLVWDVVH
LQLFLDEDQHQORGHVFRQRFLGR\FHOHVWLDOSHURSRURWURODGRVHDEULDXQDSXHUWDDOSHOLJURGHODUD]RQDOD
GHFRQVWUXLUPHGLDQWHFRPSOLFDGRVPHFDQLVPRVSHQVDQWHVXQDVDOWHUQDWLYDVWDQWRGH3RGHUFRPRGH
$XWRULGDGFRQODVTXHVHSXGLHUDFUHDUHOYHKLFXORDGHFXDGRSRUHOTXHVHHULJLHUDXQPRGHUDGRU\
DUELWURGHORTXHHVYHUGDGRGHORTXHQRORHVHQYLUWXGGHXQDVXSXHVWD$XWRULGDGLQVSLUDGDR
VHOHFFLRQDGDSRU'LRV$GHPDVGHSURYHHUXQDOLQHDWHRORJLFDGHWHUPLQDGDHQODTXHHOUD]RQDPLHQWR
ILORVRILFRSXGLHUDGHVYLQFXODUVHGHXQDSRVLEOHUHYHODFLRQGLYLQDHIHFWLYDGLVWLQWDDODTXHGLFKDOLQHD
SURSXJQDVH
(O(VWDGRGHOD5HSXEOLFDGH3ODWRQHVRPQLSRWHQWHWHQLHQGRHOGHUHFKRGHLQWHUYHQLUKDVWDHQORV
PLQLPRVGHWDOOHV(QVHPHMDQWH(VWDGRQRKD\OLEHUWDGQLGHYLGDSULYDGDQLGHHGXFDFLRQ\QLPXFKR
PHQRVOLEHUWDGGHFRQFLHQFLDRUHOLJLRVD$QWHORVLQWHUHVHVGHO(VWDGR\GHOD$XWRULGDGWRGRGHELDGH
>@
FHGHU $ULVWRWHOHVKDELDHVFULWRHQVX3ROLWLFDSHQVDQGRVLQGXGDHQ$OHMDQGURGHOTXHHUD
PDHVWUR\GHOTXHHVWDEDYLHQGRFRPRVXFHVRUGH)LOLSR9GH0DFHGRQLDTXHFXDQGROOHJDUDHO
>@
VREHUDQRVXSUHPRVHULDXQGLRVHQWUHORVKRPEUHV $OHMDQGURHO0DJQRVHYDOGUDGHWRGRORTXH
ODFXOWXUDJULHJDOHRWRUJD\HVHYLGHQWHTXHODOHFFLRQTXHWDQWR3ODWRQFRPR$ULVWRWHOHVOHKDQGDGRVH
DSUHFLDUDHQHOPXQGRVXUJLGRDSDUWLUGHHO6XSRDPDOJDPDUORTXHSXGLHUDVHUYLUGHORV,PSHULRV
XQLYHUVDOHVSUHFHGHQWHVFRQORTXHOHSURSRUFLRQD*UHFLDSDUDFUHDUXQDSROLWLFDHFXPHQLFDXQ
YHKLFXORGHXQLRQGHWRGRHOJHQHURKXPDQR(QWHQGLRTXHFRQODFRQTXLVWDPLOLWDUVHSRGULDSRQHUHQ
SUDFWLFDODFRQTXLVWDPRUDOGHOPXQGRPHGLDQWHODKHOHQL]DFLRQ(QHVDKHOHQL]DFLRQQRWLHQH
LQFRQYHQLHQWHHQUHFXSHUDUWRGDORTXH2ULHQWHOHSXHGHSURSRUFLRQDU\TXHVHDQHFHVDULRMXQWRDOD
IXVLRQHWQLFD
IXHVH FXDO IXHVH OD FLYLOL]DFLRQ D OD TXH TXHULD UHVHUYDU HOSULQFLSDO OXJDU HVWDV PHGLGDV HUDQ LQGLVSHQVDEOHV SDUD FUHDU OD
>@
XQLGDGKXPDQD!!
0LUFHD(OLDGHKDGHMDGRFRQVWDQFLDGHHVWDREUDLQLFLDGD\SURJUDPDGDSRU$OHMDQGURHO0DJQR
LQGHSHQGLHQWHPHQWHGHODSHUVSHFWLYDGHVGHODTXHVHMX]JXHQODVFDPSDQDVGH$OHMDQGURHO0DJQRKD\TXHDGPLWLUTXH
VXV FRQVHFXHQFLDV IXHURQ SURIXQGDV H LUUHYRFDEOHV 'HVSXHV GH $OHMDQGUR TXHGR UDGLFDOPHQWH DOWHUDGR HO SHUILO KLVWRULFR GHO
PXQGR/DVHVWUXFWXUDVSROLWLFDV\UHOLJLRVDVDQWHULRUHVVHKXQGLHURQHQVXWRWDOLGDG(QVXOXJDUVHLPSRQHQSURJUHVLYDPHQWHOD
QRFLRQGHRLNRXPHQH\ODVWHQGHQFLDVFRVPRSROLWDV\XQLYHUVDOLVWDV$SHVDUGHFLHUWDVUHVLVWHQFLDVHUDLQHYLWDEOHHOGHVFXEULPLHQWR
>@
GHODXQLGDGIXQGDPHQWDOGHOJHQHURKXPDQR!
/DXQLILFDFLRQGHOPXQGRKLVWRULFRHVER]DGDSRU$OHMDQGURVHUHDOL]DULDHQXQSULPHUPRPHQWRSRUODHPLJUDFLRQPDVLYDGH
>@
ORVKHOHQRVKDFLDODVUHJLRQHVRULHQWDOHV\SRUODGLIXVLRQGHODOHQJXDJULHJD\ODFXOWXUDKHOHQLVWLFD!!
(VWDFRQFHSFLRQGH$OHMDQGURLPSOLFDEDHOSUR\HFWRGHXQ(VWDGRVXSUDQDFLRQDODGHPDVGHXQ
VLQFUHWLVPRFXOWXUDO\UHOLJLRVRTXHIXVLRQDEDORTXHVHFRQVLGHUDEDPDVYDOLRVR(VWHUHVSHWRWUD]RODV
OLQHDVGHXQDDVLPLODFLRQGHOVLJQLILFDGRGHORVGLRVHVHJLSFLRVEDELORQLRV\SHUVDV3HURHVWRQR
LPSHGLDODH[LJHQFLDGHXQDHVWULFWDFHQWUDOL]DFLRQGHO3RGHUHQHO-HIH$EVROXWRTXHHUDVXSHUVRQD
7ROHUDQWHHQPDWHULDGHUHOLJLRQ\FRVWXPEUHV$OHMDQGURQRORHUDHQPRGRDOJXQRFXDQGRVHWUDWDEDGHDXWRULGDGSROLWLFD
%DMRHVWDOX]KDGHYHUVHVXSUHWHQVLRQGHVHUURGHDGRGHKRQRUHVGLYLQRVVHJXQODWUDGLFLRQRULHQWDOEDMRHVWDOX]GHEHQMX]JDUVH
LQLFLDWLYDVFRPRODLPSRVLFLRQGHODSURVN\QHVLVXQSRGHUDEVROXWRGHRULJHQGLYLQRFRUUHPHQRVULHVJRVTXHXQDDXWRULGDG
>@
KXPDQDSRUJUDQGHTXHVHD!!
$OHMDQGURPXULRDORVDQRV\GHVSXHVGHDQRVGHOXFKDVHQWUHVXVJHQHUDOHVFRQHOSRGHUFHQWUDO
TXHPDQWHQLDODDXWRULGDGGHORVVXFHVRUHVOHJLWLPRVGH$OHMDQGURSULPHURXQDUHJHQFLD\GHVSXHVXQ
UHLQDGRGHOSURSLRKLMRGH$OHMDQGURVHSURGXMRXQDGLYLVLRQHQHO,PSHULR*ULHJRFRQXQD
>@
GHVYDORUL]DFLRQGHOSRGHUGHODTXHHQVXPRPHQWRVHDSURYHFKDULDHO,PSHULR5RPDQR
'HHVWDGLYLVLRQQRVLQWHUHVDFRQRFHUDTXHOORTXHVXSRUHFRJHUORHVHQFLDOGHODKHUHQFLDGH
$OHMDQGUR\TXHGHVSXHVVHWUDVPLWLULDFRPRXQSUR\HFWRSROLWLFRYDOLGRSDUDODSRVWHULGDG
$XQDSHVDUGHODGHELOLGDGTXHOOHYDURQFRQVLJRHVWRVUHLQRVORVTXHGHVWDFDURQGHQWURGHHVD
IORMHGDGLQWHQWDURQLPSRQHUVX$XWRULGDGXWLOL]DQGRHOVLJQLILFDGRHLPSOLFDFLRQSROLWLFDGHOD
>@
GHLILFDFLRQGHO6REHUDQR 'HHVWHPRGRHO(VWDGRHVXQDSRVHVLRQGHOD$XWRULGDGSHUVRQDO
FRQVWLWXLGD/DGLQDVWLDGHORV/DJLGDV3WRORPHRVHQ(JLSWR\ODGHORV6HOHXFLGDVHQ6LULD\$VLD
0HQRUDSURYHFKDURQ\DPSOLDURQHOGHUHFKR\ODVFRVWXPEUHVPRQDUTXLFDVTXH$OHMDQGURKDELDVDELGR
LQFRUSRUDUGHODFXOWXUDPHVRSRWDPLFREDELORQLFD\SHUVDSRUODTXHWDOFRPR\DKHPRVYLVWRVHDUURJR
VHUODSHUVRQLILFDFLRQGHGLRVLPSRQLHQGRHOFXOWRDODSHUVRQDOLGDGPHGLDQWHODSURVN\QHVLV
>@
SRVWUDFLRQ
(VWDVPRQDUTXLDVSUHWHQGHUDQFRQTXLVWDUHOHVSDFLRWRWDO\SDUDHOORGHEHQFRUUHJLUQRVRORODSURSLD
LGHRORJLDVLQRDQDGLUXQSULQFLSLRGHOHJLWLPLGDGHQEHQHILFLRGHODGLQDVWLD(VWRORFRQVLJXHQDSOLFDQGR
DOVREHUDQRODFXDOLGDGGHVXSHULRUKXPDQLGDGTXHVHUHFRQRFHPHGLDQWHODLQWHUYHQFLRQGHXQGLRVHQVX
>@
QDFLPLHQWRRFRQHOSURSLRIDYRUGLYLQR /DWUDGXFFLRQTXHUHVXOWDHVXQKRPEUHHOUH\
YHUGDGHUDPHQWHOLEUHHOXQLFRFDSD]GHDOFDQ]DUHOSOHQRGHVDUUROORGHODQDWXUDOH]DKXPDQDGHRULJHQ
>@
GLYLQR
(VWDOLEHUWDG\FDSDFLGDGGHDFWXDFLRQOHSHUPLWHDO6REHUDQRVHUHOTXHGLFWDPLQDODVOH\HVODPRUDO
ODFRQGXFWDGHWRGRV6XVDELGXULD
DOJR]DUGHODYHUGDGHUDOLEHUWDGQRSXHGHHTXLYRFDUVH\SRUOR
WDQWRSXHGHLPSRQHUODDORVGHPDVSRUTXHHQWUHRWUDVFRVDV
ORVGHPDV
QRVRQOLEUHV/DFRQFOXVLRQD
ODTXHOOHJDHODXWRUGHORVSDUUDIRVTXHWUDWDQHVWHDVXQWRHQOD+LVWRULDGHODV&LYLOL]DFLRQHVHVTXHFRQ
>@
HVWDVDFFLRQHVVHHVWDEOHFHHO$EVROXWLVPRPRQDUTXLFR 2UGHQR\PDQGR\HVSUHFLVRKDFHUOR
SRUFXDQWRWRGRORTXHGLPDQHGHHVD$XWRULGDGOHJLWLPDHVMXVWR
(O$EVROXWLVPRDXQFXDQGRQRVHSUHGLTXHFRQXQDWHUPLQRORJLDDSURSLDGDGHVHPERFD
LUUHPLVLEOHPHQWHHQHOFXOWRDODSHUVRQDOLGDG\GHO(VWDGR\DTXHHVWHFXOWRHVWDLQWHJUDGRHQODIRUPXOD
DEVROXWLVWD
(UDORJLFRTXHWDQWRORV3WRORPHRVHQ(JLSWRFRPRORV6HOHXFLGDVHQ%DELORQLD6LULD\$VLD0HQRU
KHUHGHURVSULPDULRVGHO,PSHULRJULHJRPDFHGRQLFR\SURSDJDGRUHVGHOKHOHQLVPRUHFLELHUDQXQFXOWR
GHDGRUDFLRQODGHLILFDFLRQSXHVWRTXHLPSOLFDXQWLSRGHJRELHUQR\GHSROLWLFD
(Q (JLSWR DO FXOWR DO VREHUDQR  YLQLHURQ D VXPDUVH  FXOWRV JULHJRV HO FXOWR D 3WRORPHR , ORV FXOWRV GH OD VHULH GH
SDUHMDVUHDOHVGLIXQWDV\SRUXOWLPRHOGHODSDUHMDUHLQDQWHKHUPDQR\KHUPDQDXQLGRVSRUPDWULPRQLR\DVRFLDGRVHQHOSRGHU
(QWUHORVVHOHXFLGDVFRQRFHPRVHOFXOWRGHORVDQWHSDVDGRVHOGHOUH\YLYLHQWH
\HOGHODUHLQDRUJDQL]DGRVSRUHO(VWDGRFRQXQVXPRVDFHUGRWH\XQDJUDQVDFHUGRWLVDHQFDGDVDWUDSLD'HHVWHPRGRSRUOR
PHQRV ORV ODJLGDV \ ORV VHOHXFLGDV VXSHUSXVLHURQ D XQD VHULH GH FXOWRV GH H[WUDRUGLQDULD YDULHGDG XQ FXOWR GH HVWDGR XQLIRUPH
JHQHUDOL]DGRDWRGDODH[WHQVLRQGHODPRQDUTXLDFRQXQFOHURHVSHFLDOFX\DVMHUDUTXLDVWHQLDQTXL]DHOHQFDUJRGHYLJLODUODV
FOHUHFLDV\ORVFXOWRVORFDOHVFRQREOLJDFLRQHVLPSXHVWDVDOFRQMXQWRGHORVVXEGLWRV(VWDHWDSDHVODFRQVHFXHQFLDILQDO\ORJLFD
>@
GHOVLVWHPDODILGHOLGDGGLQDVWLFDSRVWXODODGHYRFLRQKDFLDHOVREHUDQRUHLQDQWH!! 
 (ODXWRUYHFRPRXQDFRQVHFXHQFLDORJLFDTXHODILGHOLGDGDXQWLSRGHGLQDVWLDDEVROXWDOOHYHDOD

YHQHUDFLRQ
GHXQKRPEUHFRPRVLIXHUDXQGLRV<HVTXHSDUDKDFHUSHUPDQHQWHHODEVROXWLVPRHV
QHFHVDULRFUHDUWRGRXQFHUHPRQLDOWDQWRFLYLOFRPRUHOLJLRVRTXHVHDGDSWHDORTXHLPSOLFDXQFXOWRDOD
GLYLQLGDG\HOVXEGLWRDSUHQGDTXHHVWRGHEHKDFHUVHSRUTXHHOJREHUQDQWHHQFXHVWLRQKDVLGRHVFRJLGR
SRUODGLYLQLGDGSDUDUHSUHVHQWDUOH\SRUORWDQWRSDUDHMHUFHUODDXWRULGDGVXSUHPDTXHREOLJDDWRGRVD
ODREHGLHQFLDLQFRQGLFLRQDO
E6LJQLILFDGRIXQGDPHQWDOGHO+HOHQLVPR
(OKHOHQLVPRVHFRQYLUWLRHQXQYHKLFXORH[FHOHQWHQRVRORGHORSXUDPHQWHJULHJRVLQRGHWRGR
DTXHOORSRUORTXHVHVLQWLRLQIOXLGRSRU2ULHQWH3UR[LPR1RSXGRVXVWUDHUVHGHODVXSUHPDFLDUHOLJLRVD
GHO2ULHQWH\VXSRDPDOJDPDUDSURYHFKDQGRVHGHHVDDXWRQRPLDFXOWLFDRULHQWDOHQXQVLVWHPDELHQ
HVWUXFWXUDGRWRGRDTXHOORJULHJR\RULHQWDOTXHVHUYLULDSDUDODFUHDFLRQGHOPXQGRRFFLGHQWDODWUDYHV
GHO,PSHULR5RPDQR\GHOGHOD,JOHVLD&DWROLFD5RPDQD
3ULPHURUHVFDWRHQVXLUUXSFLRQDTXHOORUHOLJLRVR\ILORVRILFRTXHGLREDVHDXQDDQWURSRORJLDTXH
VXEVLVWHKR\HQHOHVSHFWURUHOLJLRVR\WHRORJLFRPDVUHSUHVHQWDWLYR\SRSXODUGHOPXQGRDFWXDOWDQWR
RFFLGHQWDOFRPRLVODPLFR3XVRORVIXQGDPHQWRVDXQDSROLWLFD\DXQDYRFDFLRQGHSRGHUTXHGXUR
LPSHUWXUEDEOHKDVWDOD5HYROXFLRQ)UDQFHVD
$ SHVDU GH ODV SUHFDXFLRQHV WRPDGDV SDUD VDOYDJXDUGDU OD SDUWH GH ORV HOHPHQWRV KHOHQLFRV OD DXWRQRPLD \ VXSUHPDFLD
UHOLJLRVD GHO 2ULHQWH SHUVLVWLHURQ GH PDQHUD LQGLVFXWLGD  VXV FXOWRV DWUDMHURQ ILHOHV JULHJRV 3RU VX PHGLDFLRQ HVWRV JDQDURQ
WHUUHQRKDFLDHO2HVWHSULPHURODVLVODVGHVSXHVODSURSLD*UHFLD%DELORQLDDSRUWRDOJRDHVWDLQYDVLRQ
7RGDV ODV UHOLJLRQHV RULHQWDOHV TXH PDV WDUGH DIOXLUDQ D 5RPD \ GHVGH HOOD VH GLIXQGLUDQ SRU ODV SURYLQFLDV RFFLGHQWDOHV GHO
,PSHULRHPSH]DURQVXWUDVODFLRQKDFLDHO2HVWHDQWHVGHODFRQTXLVWDURPDQDHQHVWHFRPRHQWDQWRVRWURVDVSHFWRVODGRPLQDFLRQ
URPDQDQRKL]RPDVTXHHQVDQFKDUHOFDPSRGHODHYROXFLRQDQWHULRU
3RU HOOR QR SDUHFH H[FHVLYR KDEODU UHVSHFWR D ORV JULHJRV GH XQD UHYROXFLRQ UHOLJLRVD LPSXOVDGD SRU ODV FRQTXLVWDV GH
$OHMDQGUR,QVWDODQGRORVHQXQPXQGRHQVDQFKDGRGHOTXHSXGLHURQVDFDUHQVHQDQ]DV'HVFXEULHURQDOSURSLRWLHPSRODV
ULTXH]DV PDWHULDOHV \ HVSLULWXDOHV GH 2ULHQWH TXH OHV IDVFLQDURQ GH PDQHUD GXUDGHUD  IXH QHFHVDULR TXH HQ VX FDOLGDG GH
>@
QRYLFLRVDFHSWDVHQODVHQVHQDQ]DVGHVXVVXEGLWRV!!
(QVHJXQGROXJDUHOKHOHQLVPRJULHJRUHFXSHURODHVWUXFWXUDSROLWLFDTXH2ULHQWHKDELDIRUPDOL]DGR
FRQODD\XGDGHORUHOLJLRVR
(Q2ULHQWHODPRQDUTXLDFRPELQDODLGHRORJLDGHOKRPEUHVXSHULRUFRQODGRFWULQDMXULGLFDGHODOHJLWLPLGDG
(VWD WHRULD FRQVWLWX\H XQD EDVH VROLGD SDUD HO DEVROXWLVPR GH GHUHFKR GLYLQR \ KXPDQR DO PLVPR WLHPSR \ SDUD OD VXFHVLRQ
KHUHGLWDULD TXH HYLWD OD DQDUTXLD \ SHUPLWH FRQMXUDU ORV GHVDVWUHV )XQGDGD VREUH HO DEVROXWLVPR SHUR WDPELHQ FRQVROLGDQGROR \
SHUPLWLHQGRORIXQFLRQDUVHHGLILFDWRGDXQDRUJDQL]DFLRQDGPLQLVWUDWLYDILQDQFLHUD\PLOLWDUFRURQDGDSRUHOFXOWRGLQDVWLFRFRQ
HOILQGHDVHJXUDUHOFXPSOLPLHQWRGHODVGHFLVLRQHVGHOUH\\GHFRQFHQWUDUHQODVPDQRVGHHVWHODVIXHU]DVPDWHULDOHV\PRUDOHVGH
>@
VXVWHUULWRULRV!!
(QWHUFHUOXJDUHOFRPSRQHQWHJULHJRGHODWHRORJLDILORVRILFDHVWUDVPLWLGRDXQDSRVWHULGDGTXH
LQYHQWDUD2FFLGHQWH\VXKHJHPRQLDSRUPHGLRGHO,PSHULR5RPDQR\GHODKHUHGHUDGHHVWHOD,JOHVLD
&DWROLFD5RPDQD
3DUWLHQGRGHHVWRVKHURLFRVFRPLHQ]RVIXHGHVRQYROYLHQGRVHODWUDQVIRUPDFLRQ\UHDYLYDFLRQILORVRILFDGHVGHODUHOLJLRQHQOD
WHRORJLDGH3ODWRQHQORVVLVWHPDVGH$ULVWRWHOHV\GHODVHVFXHODVKHOHQLVWLFDVHVWRLFRVHSLFXUHRVHWF\VREUHWRGRHQHOVLVWHPD
GHWHRORJLDTXHIXHSURGXFWRGHOFRQIOLFWR\ODFRPSHQHWUDFLRQGHODWUDGLFLRQJULHJD\ODUHOLJLRQMXGDLFD\RWUDVRULHQWDOHVKDVWD
SRU XOWLPR OD IH FULVWLDQD /DV EDVHV HVSLULWXDOHV GH HVWD FUHFLHQWH XQLGDG KXPDQLVWD GHO PXQGR IXHURQ  HO ,PSHULXP 5RPDQXP
PLHQWUDV VH VRVWXYR DSR\DGR HQ OD LGHD GH XQ JRELHUQR PXQGLDO GH OD OH\ \ GH OD MXVWLFLD  OD SDLGHLD JULHJD PLHQWUDV VH OD
FRQFLELRFRPRHOSXQWRGHSDUWLGDGHXQDFXOWXUDKXPDQDXQLYHUVDO\XQDWHRORJLDXQLYHUVDOFDWROLFDFRPRDUPD]RQUHOLJLRVD
GH VHPHMDQWH FLYLOL]DFLRQ /D WHRORJLD GH ORV SULPHURV SHQVDGRUHV JULHJRV UHSUHVHQWD FRPR UHFRQRFH FODUDPHQWH \ SURFODPD
>@
DOWDPHQWH6DQ$JXVWLQHQVX'HFLYLWDWH'HLHOKRQWDQDUGHHVWDWHRORJLDXQLYHUVDOTXHIXHGHVDUUROODQGRVHSDXODWLQDPHQWH!!
$SHVDUTXHSXGLHUDSDUHFHUXQIUDFDVRGHILQLWLYRODGLYLVLRQJULHJDVHKLFLHURQPDVSHUPDQHQWHVORV
IDFWRUHVQHFHVDULRVSDUDPDUFDUSHUSHWXDPHQWHODGLUHFFLRQDOLGDGKLVWRULFD
$ SDUWLU GHO DQR  D & FRPHQ]R 5RPD D LQWHUYHQLU HQ ORV DVXQWRV GH ORV UHLQRV KHOHQLVWLFRV 7HUPLQDULD SRU DEVRUYHU HO PXQGR
>@
PHGLWHUUDQHRHQVXWRWDOLGDG!! 
 >@
(OPXQGRWHQLDXQQXHYRDPR5RPD!!

6LQWHVLV9DORUDFLRQHV\&RQFOXVLRQHV
/DLQIOXHQFLDGHORVVLVWHPDVWDQWREDELORQLFRFRPRHO3HUVDLQIOX\HQFRQVLGHUDEOHPHQWHWDQWRHQ
3LWDJRUDVFRPRHQ3ODWRQ\HVWHXOWLPRHQ$ULVWRWHOHV
/DUHOLJLRQDVWUDO6RODUVHWUDVPLWHD*UHFLDDWUDYHVGHORTXH3LWDJRUDVUHFRJHGH%DELORQLD\GHOD
LQIOXHQFLDGH3HUVLDVREUH*UHFLDHQODFRQTXLVWDGHHVWDVREUHDTXHOOD
/DUD]RQKXPDQDVHFRQVDJUDSDUDDOFDQ]DUHOFRQRFLPLHQWRVREUH'LRV\ODH[LVWHQFLDSHUR"TXHWLSR
GHUD]RQKXPDQDHVHVDTXHSURFHGHGHHVDDOPDSUHH[LVWHQWHRGHHVDDOPDGLYLQDHWHUQDHLQFUHDGD"6L
ODVFRVDVIXHUDQFRPRODVTXHGHVFULEHQHLQWX\HQWDQWR3ODWRQFRPR$ULVWRWHOHVHODOPDTXHVRORSXHGH
YHUHODOPD3ODWRQRHODOPDHQVLHOLQWHOHFWRTXHVHGHEHDOSHQVDPLHQWRSRUTXHHVGLYLQR\HWHUQR
$ULVWRWHOHVVHWUDWDULDPDVELHQGHORTXHOHFRQILHUHHLQVSLUDHOVHUGLYLQRSODWRQLFRRDULVWRWHOLFR
>@

/DFHQWUDOL]DFLRQ\XQLGDGTXHH[LVWHHQHOFRVPRVEDMRODGLUHFFLRQGHXQVHUVXSUHPRTXHUHPLWHD
XQDFRQFHSFLRQSDQWHLVWD\FRQIXQGLGRFRQODPDWHULDHWHUQDSHURTXHVXVFLWDXQRUGHQXQLWDULRKDFH
FRQFHELUTXHODH[LVWHQFLD\VRFLHGDGWHUUHQDSDUWLFLSHWDPELHQGHXQRUGHQXQLFR\XQLWDULRSRUHOOROD
LGHRORJLDSROLWLFDGHEHWHQGHUDSUR\HFWDUHVDXQLGDG\DXWRULGDGVXSUHPDHVFRJLGDHLQVSLUDGDSRUOD
GHLGDGTXHFRQGX]FDDORTXHVHOODPDKXPDQLGDGDODXQLRQ
'HOPLVPRPRGRTXHODDQWURSRORJLDOOHYDDODOPDDUHWRUQDUDODXQLGDGSHUIHFWDGHOGLRVRGHOVHU
>@
VXSUHPRGHHVHPLVPRPRGRGHEHWHQGHUWRGRHOPXQGRHQVXFRQMXQWRKDFLDODXQLGDGSHUIHFWD
(O+HOHQLVPRVHFRQVWLWX\HHQHOYHKLFXORHFXPHQLFRSRUH[FHOHQFLD\UHLWHUDXQDGLUHFFLRQDOLGDGHQ
ODKLVWRULDTXHKDELDHPSH]DGRFRQ%DELORQLD\TXHHVSUHFLVRLQWHUSUHWDUSDUDFRPSUHQGHUODSURSLD
KLVWRULD\HOGHVWLQRGHODKXPDQLGDG
 (O LPSHULR URPDQR \ OD SUR\HFFLRQ HQ OD GLUHFFLRQDOLGDG
GHODKLVWRULDGHOSURJUDPDGHODDXWRULGDGVXSUHPD\GHOD
XQLGDGPXQGLDO
/DLQIOXHQFLDGH*UHFLD\GHVSXHVGHO+HOHQLVPRJULHJRVREUH5RPDUHVSHFWRDORUHOLJLRVRHVXQ
KHFKRLQFXHVWLRQDEOH
>@
6HDGRSWDQFRQQRPEUHVODWLQRVORVPLVPRVGLRVHVJULHJRV ODUHOLJLRQDVWUDOTXH3ODWRQKDELD
>@
GHVDUUROODGRHQORVPLWRVDODGRV ODSURPXHYH&LFHURQHQ(O6XHQRGH(VFLSLRQHO$IULFDQREDMR
>@
ODIRUPDGHXQ$SRFDOLSVLVQHRSLWDJRULFR \VHFHOHEURFRPRHOWHVWDPHQWRUHOLJLRVRGHO
>@
KHOHQLVPR 1RROYLGHPRVTXHHO0LWUDLVPRSHUVD\DODWHQLDHQVXVJHQHVTXHVHKDELDQDPROGDGR
SRUODFRVPRORJLDEDELORQLFD
 (O ,PSHULR 5RPDQR FRPR FXOPLQDFLRQ GH OD KLVWRULD
SDVDGDHLQLFLRGHOIXWXUR/DGHLILFDFLRQGHO(PSHUDGRU\
ODDXWRULGDGVXSUHPDFRPRFODYHVKLVWRULFDVGHODUHOLJLRQ
DVWUDO\GHODXQLGDGSROLWLFD
/DFRQFHSFLRQDQWURSRORJLFDQRTXHGDDJRWDGDSRUODH[SRVLFLRQGHORTXHVHHQWLHQGHUHVSHFWRDORV
FRPSRQHQWHVGHORTXHVHGHQRPLQDVHUKXPDQRVLQRDGHPDVSRUODUHODFLRQGHOKRPEUHFRQODGHLGDG
(VDUHODFLRQPXHVWUDXQFRPSRUWDPLHQWRVRFLDO\SROLWLFRSRUSDUWHGHOKRPEUH\GHODKXPDQLGDGHQ
JHQHUDO
/DGHLILFDFLRQGHO(PSHUDGRUQRVHULDRWUDFRVDTXHODHYLGHQFLDGHORULJHQ\QDWXUDOH]DHVHQFLDO
KXPDQDSURYHQLHQWHGHODPLVPDHVHQFLDGLYLQD3DUDHOORVHHVFRJHDOKRPEUHSURWRWLSRHOTXHKDGH
GLULJLUORVGHVWLQRVGHRWURVKRPEUHV&RQHOORVHDEXQGDHQODLGHDGHTXHWRGRVVRQGHHVHQFLDGLYLQD
FRQODGLIHUHQFLDGHTXHHOTXHKDVLGRVHOHFFLRQDGRSRUORVGLRVHVFRPRMHIHWLHQHHOUDQJRVXSHULRU
VDOLGRGHOGLRVVXSUHPR\TXHORUHSUHVHQWDHQODWLHUUDH[LJLHQGRDGRUDFLRQFRPRORVGHPDVGLRVHVGHO
&RVPRVULQGHQDGRUDFLRQ\REHGLHQFLDDOGLRVVXSUHPR
3RFRLPSRUWDTXHHVWRVHDFLHUWRRQRLQGHSHQGLHQWHPHQWHGHTXHFLHUWRVSXQWRVGHYLVWDFDPELHQHQ
FXDQWRDODGHVFULSFLRQGHQXHVWURRULJHQ\QDWXUDOH]DHVVXILFLHQWHFRQPDQWHQHUODVLGHDV
IXQGDPHQWDOHVODGHLGDGKDHVFRJLGRDXQUHSUHVHQWDQWHVX\RHQODWLHUUDSDUDHMHUFHUODDXWRULGDG
VXSUHPDVHOHKDGRWDGRGHDWULEXWRVGLYLQRV\HVSUHFLVRTXHVHOHULQGDREHGLHQFLD(VDSRVLFLRQ
UHVXOWDUDGHOPLVPRPRGRHQXQFXOWRDODSHUVRQDTXHVHDUURJXHWDOGLPHQVLRQ(QFXDOTXLHUOXJDU\
PRPHQWRTXHHVWRDSDUH]FDVHHVWDKDFLHQGRVREUHYLYLUORTXHORVLPSHULRVXQLYHUVDOHVGHVGH%DELORQLD
KDVWD5RPDQRVWUDVPLWLHURQ
/DWHUPLQRORJLDSXHGHYDULDUHQDOJXQRVDVSHFWRVSHURODLGHDSHUPDQHFH
'HLJXDOPDQHUDFXDQGRVHSUHVHQWDXQDFRQFHSFLRQGHLQPRUWDOLGDGHVHQFLDOGHODOPDHQODTXHOD
FRQVFLHQFLDSHUVLVWHDXQGHVSXHVGHKDEHUPXHUWRHOFXHUSRVHHVWDXWLOL]DQGRGHDFXHUGRDODVGLIHUHQWHV
PDWL]DFLRQHVORTXHODFRUULHQWHDQWURSRORJLFDGHVGH%DELORQLDSDVDQGRSRU0HGR3HUVLD\*UHFLD
KDVWD5RPDOHJDURQ
7HQLHQGRWRGRHVWRSUHVHQWHHVWXGLHPRVFRPRVHKLFLHURQORVWUDVYDVHVGHORTXH*UHFLDFRQVX
KHOHQLVPRWUDVPLWHDO,PSHULR5RPDQR\FRPRHVUHFRJLGRSRUHO&DWROLFLVPR5RPDQRWDQWROD
DQWURSRORJLDLQGLYLGXDOFRPRSROLWLFD
(QSULQFLSLRGLJDPRVTXH
>@
/DXQLILFDFLRQGHOPXQGRKLVWRULFRLQLFLDGDSRU$OHMDQGURVHFXOPLQDSRUHO,PSHULR5RPDQR
/DKLVWRULDQRVFRQILUPDTXH5RPDWUDVDSRGHUDUVHGHODVSRWHQFLDVKHOHQLVWLFDVVHFRQVWLWX\RHQHO
QXHYR,PSHULRKHJHPRQLFRPXQGLDO
5RPDFLHUUDHOFLFORGHODVJUDQGHVFXOWXUDVHLPSHULRVGHODDQWLJXHGDG7UDVHOIORUHFLPLHQWRGHODLQLJXDODEOHJHQLDOLGDG
FUHDGRUDGH*UHFLDHPSH]RDIRUMDUVHHOSRGHUGH5RPDHQ5RPDVHGHVSLHUWDXQLQFRQWHQLEOHHVSLULWXLPSHULDOLVWD\DULWPR
UDSLGRHLQLQWHUUXPSLGRLQFRUSRUDXQRWUDVRWURVDWRGRVORVSDLVHVGHO0HGLWHUUDQHRKDVWDFRQIRUPDUHQORVVLJORV,,\,DGH&HO
>@
,PSHULRPDVH[WHQVRGHFXDQWRVOHSUHFHGLHURQ\VLJXLHURQHQHOFXUVRGHODKLVWRULD!!
5RPDUHFRJHWRGRDTXHOORGHOSDVDGRTXHGDUDFRQVLVWHQFLDDODFRQVROLGDFLRQGHXQ,PSHULR6X
OHJDGRQRVXUJHFRPRXQDFDVXDOLGDG6XIULRODLQIOXHQFLDWDQWRGH%DELORQLD\(JLSWRFRPRGH3HUVLD\
HQHVSHFLDOGHOKHOHQLVPR*ULHJRTXHKDELDVDELGRIXQGLUHQXQDVRODFXOWXUDWRGRORTXHFRQVLGHUDURQ
DSURYHFKDEOHSDUDODSUR\HFFLRQGHODLGHDHFXPHQLFD
/RVFXOWRVRULHQWDOHVIXHURQDGLFLRQDQGRVHHQ5RPDPHUFHGDORVFRQWDFWRVFRPHUFLDOHVFXOWXUDOHV\
>@
PLOLWDUHV
/DUHOLJLRQDVWUDOTXHKDELDWHQLGRVXRULJHQHQODFXOWXUDPHVRSRWDPLFREDELORQLFDSDVRD*UHFLD
>@
SRUORWDQWRDWRGRHOPXQGRKHOHQLVWLFR\VHGHVDUUROORDPSOLDPHQWHSRUHO,PSHULR5RPDQR
>@
6HJXQHOFULWHULRGHORVUHGDFWRUHV3DOGHOD+LVWRULD8QLYHUVDOHO6ROHUDODGLYLQLGDGVXSUHPD
<DKHPRVYLVWRHOOXJDUSUHSRQGHUDQWHTXHRFXSDWDQWRHQ(JLSWRFRPRHQ%DELORQLD\GHVSXHVGHOD
HYROXFLRQTXHH[SHULPHQWDHQ3HUVLDSUDFWLFDPHQWHVHHULJHMXQWRD$XUD0D]GDFRPRHOGLRVVXSUHPR
$TXL\HQ5RPDUHFLELRHOQRPEUHGH0LWUDDXQTXHWDPELHQ$SRORVHOGLRV6ROGH&RQVWDQWLQRHO6RO
LQYLFWXV6XGLDGHILHVWDHQGRPLQJRMXQWRDVXDQLYHUVDULRHOGHGLFLHPEUHDGHPDVGHORVXVRV
VDFUDPHQWDOHVGHOSDQ\GHODJXDPHGLDQWHORVULWRVGHOEDXWLVPR\GHXQDHVSHFLHGHHXFDULVWLDQRVSRQHQ
>@
GHVREUHDYLVR
(OKLVWRULDGRUFRPSUXHEDTXHODLGHDGHXQ,PSHULRGHH[WHQVLRQXQLYHUVDOGHHWHUQDGXUDFLRQFRQXQ
JRELHUQRGHRULJHQGLYLQR\ULJLHQGRHQSD]SHUPDQHQWHDORVSXHEORVKHUPDQDGRVQRQDFHHQ5RPDVLQR
>@
HQ2ULHQWH\VLQWHWL]DGRSRUREUDGHOSHQVDPLHQWRJULHJR SHURTXH5RPDVDEUDVDFDUSDUWLGR
1RFDEHGXGDTXHVL5RPDIXHPDHVWUDHQHODUWHGHJREHUQDU\HOODWUD]DODVOLQHDVSDUDXQDHILFD]
UHDOL]DFLRQSROLWLFDVRFLDO\HFRQRPLFDTXHVHUYLUDGHPRGHORSDUDHOIXWXURVHGHEHDTXHVXSR
DJOXWLQDUFRQXQSRGHUVLQLJXDOODLGHDGHODXQLGDGGHORUGHQ\GHODSD]/RVOODPDGRVSLODUHVEDVLFRV
GHODHVWUXFWXUDGHO,PSHULR5RPDQRH[WHQVLRQLOLPLWDGDPHGLDQWHODFRQTXLVWD\URPDQL]DFLRQ
KHUPDQGDGGHWRGRVORVSXHEORVLQWHJUDFLRQGHWRGRVHQXQDFLXGDGDQLDURPDQDXQDSD]URPDQD\HO
GHUHFKRURPDQRVHULDXQDWDUHDLPSRVLEOHGHFXPSOLUVLQRVHWXYLHUDXQREMHWLYRFODUR\FRQFUHWR
LPSRQHUXQD$XWRULGDG6XSUHPDPHGLDQWHXQD8QLGDGLGHRORJLFD5RPDSRVHLDHOSRGHU\IXHU]D
VXILFLHQWHSDUDLQWHQWDUOOHYDUDFDERORTXHRWURVQRKDELDQSRGLGR
5RPDKDDSUHQGLGRODOHFFLRQGHOIUDFDVRGHORVLPSHULRVDQWHULRUHV/RTXHUHDOPHQWHKDIDOWDGRHV
3RGHU\8QLGDG(OKHOHQLVPRKDDFWXDGRFRPRYHKLFXORTXHOHRWRUJDORVLQJUHGLHQWHVLGHRORJLFRV
QHFHVDULRVSDUDSHUSHWXDUHVD8QLGDG
6HUDFRQ&HVDU\$XJXVWRTXHVHLQLFLD\HVWDEOHFHXQ,GHDULR,PSHULDOTXHKDUDSRVLEOHXQDREUDTXH
VHH[WLHQGHKDVWDHOGLDGHKR\
(O LGHDO GHO ,PSHULR 8QLYHUVDO URPDQR VLQ DEDQGRQDU ORV SULQFLSLRV WHRULFRV JULHJRV DGTXLHUH XQ VHQWLGR PDV SRVLWLYR \
>@
FRQFUHWREDMRHOLPSXOVRGH&HVDU\$XJXVWR!!
3DUD QRVRWURV ORV RFFLGHQWDOHV HV GREOHPHQWH VXJHUHQWH HVWH DQDOLVLV GHO SURFHVR KLVWRULFR TXH FRQWHPSOD WDOHV ORJURV SRU
5RPD 3ULPHUR SRU HO YDORU LQWULQVHFR \ SURSLR TXH YHQLPRV DQRWDQGR GH ODV LGHDV TXH DVXPLR GH ODV FXOWXUDV GH 2ULHQWH \ GHO
KHOHQLVPR\TXHQRVWUDVPLWLRDQDGLHQGRQRSRFDVDSRUWDFLRQHVRULJLQDOHV(QVHJXQGROXJDUSRUHOKHFKRGHVHUODPDVGLUHFWD
LQVSLUDGRUD GH QXHVWUR SDUWLFXODU GHYHQLU KLVWRULFR RFFLGHQWDO DO TXH WUDVPLWLR OHQJXD UHOLJLRQ ODV EDVHV GH ODV HVWUXFWXUDV
>@
QDFLRQDOHVXUEDQD\IDPLOLDUUHJLPHQGHSURSLHGDG!!
3HUR"FXDOHVHVH,GHDULRTXHKDVLGRFDSD]GHWHQHUXQDLQIOXHQFLDFDSLWDOHQHOVLVWHPDSROLWLFR
UHOLJLRVRGH2FFLGHQWH"
(V HYLGHQWH TXH OD DFWXDFLRQ PRQDUTXLFD GH &HVDU YLHQH GHWHUPLQDGD SRU XQ LGHDULR SROLWLFR SRU XQ SURJUDPD TXH KL]R
UHDOLGDG
&HVDUVHVLWXRSRUHQFLPDGHOSULQFHSVFLFHURQLDQR<VLHPSUHIXHGHFLGLGRDGYHUVDULRGHO6HQDGRDOTXHDWDFR\FHUFHQR
VXVSRGHUHV&HVDUPDVVLQFHUDPHQWHGHELGRDODVFODVHVSRSXODUHVHVPDVGLFWDGRURUH\(VXQFRQYHQFLGRGHODQHFHVLGDG
GHXQDPRQDUTXLDSDUD5RPDTXHEXVFRSDUDVL(QWRQFHVVHDSR\RHQODDXFWRULWDVTXHOHGLHURQVXVYLFWRULDVPLOLWDUHVHQ
VXSRGHUVDFURVDQWRGHSRQWLIH[PD[LPXVHQVXPDQGDWRWULEXQLFLR\HQODDVFHQGHQFLDGLYLQDGHODJHQV,XOLDTXHSDUDVXIDPLOLD
 >@
SURFODPD&HVDUSRUGRTXLHU!!
 DSRUWDED &HVDU OD DXFWRULWDV TXH OH GDED HO 6XPR 3RQWLILFDGR \ VX HQWURQTXH DFHSWDGR SRU OD FUHHQFLD JHQHUDOL]DGD
>@
HQWUHORVFLXGDGDQRVGHVXYLQFXODFLRQDORVGLYLQRVIXQGDGRUHVGH5RPD!!
$VLSXHVSRGHUPRQDUTXLFRGHRULJHQGLYLQR\DPSOLDEDVHSRSXODUVHUDQLGHDOHVGHOFHVDULVPRHQHOFDPLQRGHXQ,PSHULR
>@
XQLYHUVDO\HWHUQR!!
(VWH,PSHULRQDFLGRVHJXQHOSRHWDGHOSURYLGHQWHGHVWLQRGHORVGLRVHVVHUDXQLYHUVDO\HWHUQREDMRHOFHWURGHODGLYLQDUD]D
GH ORV HPSHUDGRUHV GH OD HVWLUSH GHO GLYLQR &HVDU GHVFHQGLHQWHV GH 9HQXV \ $HQDV HOORV OD JHQV ,XOD UHFLELUDQ FXOWR HQWUH ORV
GLRVHV TXH OHV VHUD WULEXWDGR SRU WRGRV ORV SXHEORV DVHJXUDQGR HO &XOWR ,PSHULDO TXH VH H[WHQGHUD HQWRGDV ODVSURYLQFLDV FRPR
>@
SULQFLSLRVXVWHQWDGRUEDVLFRGHODDXFWRULWDVLPSHULDO
/DFRQGXFWDGH&HVDUFRUUHVSRQGHUDDVXLGHDULR\WUDVPLWLUDXQD\RWURDODSRVWHULGDGTXHVHUDQ
UHRULHQWDGRV\SUR\HFWDGRVSRUHO,PSHULR
(QVXFDOLGDGGHGLFWDGRUGHVGHDODQRGLVSRQLDGHOHMHUFLWR\WRPDEDGHFLVLRQHVGHJXHUUDRSD]VLQSUHYLDFRQVXOWDDO
>@
6HQDGRRDO3XHEOR$GHPDVUHFLELRHOWLWXORGH,PSHUDWRUSHUSHWXR!!
(O PLVPR GHVHDED HMHUFHU HO FRQVXODGR GH PRGR FDVL SHUPDQHQWH \ VLQ FROHJD 'LFWDGRU HQ  FRQVXO HQ HO  GH QXHYR
GLFWDGRUSRUXQDQRHQHOGLFWDGRU\FRQVXOSRUGLH]DQRVHQHOHQODVPRQHGDVGHODQRDSDUHFHODHILJLHGH&HVDUFRQHO
WLWXORGH'LFWDWRUSHUSHWXXV
'HHVWHPRGR&HVDUDFDSDURGHKHFKR\GHGHUHFKRWRGDVODVSULQFLSDOHVSUHUURJDWLYDVDXWRULGDG\PDQGRHIHFWLYR\GLUHFWR
GHORVSRGHUHVYLJHQWHVHQ5RPDUHSXEOLFDQD\TXHKHUHGDUDQVXVVXFHVRUHVGHOSHULRGRLPSHULDOGH5RPDDVLVHKL]RWLWXODUFRQORV
QRPEUHVIDPLOLDUHVHQQREOHFLGRVDORVTXHDQDGHHOGH3RQWLIH[0D[LPXVHQVXFDOLGDGGHVDFHUGRWHVXSUHPR\DVXPLRHOWLWXOR
KRQRULILFRGH3DWHU3DWULDH
 \ VLWXR VXV HVWDWXDV HQ ORV WHPSORV \ SOD]DV GH 5RPD MXQWR D ODV GH ORV GLRVHV <  KDELWXDED D ODV JHQWHV D YHU D VX
>@
,PSHUDWRURFXSDUXQVLWLRHQWUHORVGLRVHV!!
/DKDELOSURSDJDQGDGH&HVDUEXVFRLQFXOFDUDOSXHEORVXVDQWHFHGHQWHVGLYLQRV\HODSR\RGHORVGLRVHVURPDQRVD
VXHVWLUSH,XOLD3URSDJDQGDTXHQRIXHLQXWLOSXHVSHUPLWLRD$XJXVWRHQVXFHVRUSUHGHVWLQDGRFRPRKLMRDGRSWLYR\KHUHGHURGH
&HVDU(VWDSUHWHQGLGDGLYLQL]DFLRQHVFLHUWRTXHDXQRODVDGYHUVDVYROXQWDGHVGHORVPDVUHWLFHQWHVHQWUHODDULVWRFUDFLDURPDQD
SHUROHLQYLVWLRGHXQDDXUHRODSRSXODUTXHVHGHILQLULDFRPRGHFLVLYDGHVGH$XJXVWRHQODYLQFXODFLRQGHODVSURYLQFLDVD5RPD\D
>@
VXHPSHUDGRUFRQMXQWDPHQWHGLYLQL]DGRV!!
(QORVSDUUDIRVTXHKHPRVVHOHFFLRQDGRGHODKLVWRULDVHFRPSUXHEDTXH$XJXVWRHVHODXWHQWLFR
KHUHGHURGH&HVDU\TXHLQDXJXUDODHSRFDLPSHULDOKDFLHQGRGHVDSDUHFHUODUHSXEOLFDHQGHWULPHQWR
WRGRHOORWDOFRPRORLQLFLDUD&HVDUGHOSRGHUGHOVHQDGR(VWDQXHYDRULHQWDFLRQSROLWLFDEDVDGDHQODV
OLQHDVPDHVWUDVGLVHQDGDVSRU-XOLR&HVDUOOHJDUDKDVWD&RQVWDQWLQRVREUHSDVDQGROHGHXQPRGR
HVSHFLDOFRPRYHUHPRVHQHOKHUHGHURGHO,PSHULR5RPDQR
<D KHPRV YLVWR D &HVDU DVHVWDU VHULRV JROSHV DO VLVWHPD WUDGLFLRQDO GH OD 5HSXEOLFD 5RPDQD $XJXVWR FRQVXPDUD HVWH
GHVPDQWHODPLHQWRGHODVLQVWLWXFLRQHVSDUDFRQILJXUDUODQXHYDHWDSDGHO,PSHULR5RPDQR
(Q HIHFWR $XJXVWR VHUD HO YHUGDGHUR DUWLILFH DO PHQRV HO VLVWHPDWL]DGRU GH HVWDV UHIRUPDV LQVWLWXFLRQDOHV \ GHO QXHYR RUGHQ
MXULGLFRGHVWLQDGRDSHUYLYLUFRQHVFDVDVYDULDQWHVGXUDQWHFDVLFLQFRVLJORV&LHUWRTXHEXHQDSDUWHGHHVWDVUHIRUPDVYHQLDQ\D
SUHFRQL]DGDV GH WLHPSRV DWUDV SDUWLFXODUPHQWH GHVGH &HVDU 3HUR XQD VHULH GH FLUFXQVWDQFLDV SHUPLWLHURQ FRQVROLGDU ODV
LQQRYDFLRQHV GH 2FWDYLR ORV FLQFXHQWD \ VLHWH DQRV GH JRELHUQR FRQ FXDUHQWD \ FXDWUR GH SRGHU PRQDUTXLFR \ SHUVRQDO HO
LQGLVFXWLEOHSUHVWLJLRDOFDQ]DGRDQWHVXSXHEORODSD]GHQWURGHODVIURQWHUDVODHOHYDFLRQJHQHUDOL]DGDGHOQLYHOGHYLGD\FXOWXUD
>@
TXHKDULDGHOD5RPDDXJXVWHDHOLGHDOGHWRGRVORVWLHPSRVGHO,PSHULR!!
>@
/DRPQLSRWHQFLDGH2FWDYLRHPDQDEDOHJDOPHQWH!!
VHUDDQWHWRGRHO3ULQFHSV(OSULQFLSDGRVXSRQHXQDFRQFHQWUDFLRQHQVXVRODSHUVRQDGHORVSRGHUHVUHDOHV\HIHFWLYRV
>@
SRUHQFLPDGHWRGDHYHQWXDOLGDG\GHWRGRVORVFROHJDVGHPDQGRSRGHUHVVXSUHPRV!!
MXVWLILFDQHVWRVSRGHUHVSRUODDXFWRULWDVGHTXHHVWDUHYHVWLGR\TXHKDFHTXHVXSUHVWLJLRVXFRQGLFLRQVREUHKXPDQD
VXVDWULEXFLRQHVGHWRGRWLSRVREUHSDVHQDWRGRVORVGHPDV(QXOWLPDLQVWDQFLDHVWDFRQGLFLRQGH2FWDYLRVXUJHGHVXRULJHQGLYLQR
>@
KHUHGDGRGH&HVDU\TXHOHKDFHDFUHHGRUDOVDFURVDQWRWLWXORGH$XJXVWXV!!
HUDHVSHFLDOPHQWHVLJQLILFDWLYRHOGH$XJXVWRHSLWHWRVDFURVDQWRDSOLFDGRDORVGLRVHV\HUDH[SUHVLYRGHTXHHQVX
SHUVRQDVHFRQFHQWUDEDQSRGHUHVPDJLFRV\ODLQLFLDWLYDHQWRGDDFFLRQTXHFRQOOHYDORVPHMRUHVDXVSLFLRV\JDUDQWL]DEDHOH[LWR
>@
GHWRGDHPSUHVDHPDQDGDGHHVWDVXLQLFLDWLYD!!
$XJXVWRQRVRORHVHOKHUHGHURGHOLGHDULRSROLWLFRGH&HVDUVLQRTXHDGHPDVVXSR\SXGRSRQHUORHQ
SUDFWLFD
 7RGDYLDPDV$XJXVWRUHFRJHODKHUHQFLDGHWRGRHOHVSDFLR1RUWH6XULQFOXLGRWRGRHOSURJUDPD
LGHRORJLFRTXHHVWRLPSOLFD&RQVROLGRODKHJHPRQLDPXQGLDOGH5RPDHQWRGRHOPXQGRFRQRFLGR\GH
DFXHUGRDODVFLWDVKLVWRULFDV\DSODVPDGDVHQRFDVLRQGHQXHVWURSODQWHDPLHQWRVREUH&HVDU\DKRUDFRQ
HOPLVPR$XJXVWRVXSRKHUHGDU\OHJDUWRGRHOVLJQLILFDGRSROLWLFRTXHLPSOLFDEDHO&XOWRDO(VWDGR
PHGLDQWHODGLYLQL]DFLRQGHO(PSHUDGRUFRQHOREMHWLYRSULPRUGLDOGHLQVWDXUDUSHUPDQHQWHPHQWHOD
XQLGDGGHO,PSHULRVDOYDJXDUGDQGRODDXWRULGDGVXSUHPDHQODSHUVRQDGHO(PSHUDGRU'HHVWHPRGRVH
FRQYLHUWHHQXQVLJQRGH8QLGDG\GH6XSUHPDFLDSXHVWRTXHFRPRUHSUHVHQWDQWHHIHFWLYRGH'LRVGDGR
HORULJHQGLYLQRGHORVSRGHUHVTXHVXVWHQWDGHEHVHUWDPELHQHOGXHQRDEVROXWRGHVXVVXEGLWRV(VHO
HMHPSORYLVLEOHGHOJRELHUQRGHGLRVHQWUHORVKRPEUHVGHDFXHUGRDODUHOLJLRQDVWUDO
$ULVWRWHOHVDSHVDUGHVXSROLWHLVPRKDELDOOHJDGRDODFRQFOXVLRQFRPR3ODWRQGHODH[LVWHQFLDGHXQD
MHUDUTXLDHQORVGLRVHVQHFHVDULDSDUDRUJDQL]DUHORUGHQ\HQVXFLWDIDPRVDFHUUDQGRHOOLEURGH
VX0HWDILVLFDTXHQRVUHFXHUGDDVXSULPHUPRWRULQPRYLOLQGLFDTXHQRHVEXHQRTXHPDQGHQPXFKRV
VLQRTXHKD\DXQVRORVHQRU(VGH$ULVWRWHOHVODLGHDGHTXHHOPXQGRWLHQHXQDFRQVWLWXFLRQ
PRQDUTXLFD\TXHGLRVODGLULJH\DTXHHQODGLYLQLGDGUHVLGHHOXQLFRSRGHUGHOSULQFLSLRVXSUHPR
$ULVWRWHOHVD\XGRDTXHVLGLRVHVODSRWHVWDV\DXFWRULWDVVHSUR\HFWDUDHQXQDDXFWRULWDVSROLWLFD6H
FRQWULEX\HDUDFLRQDOL]DUHO&XOWRDO6REHUDQRSXHVWRTXHHVDSRWHVWDG\DXWRULGDGVXSUHPD
UHVLGLHQGRHQXQKRPEUHQRSXHGHHQJHQGUDURWUDFRVDTXHHO$EVROXWLVPR\HO&XOWRDODSHUVRQD
>@
(O&XOWRDO6REHUDQR TXHFRPR\DKHPRVGRFXPHQWDGRVXILFLHQWHPHQWHVHKDRULJLQDGRHQ
2ULHQWH3UR[LPRVHUHFRJHSRU&HVDUSOHQLSRWHQFLDULRGH5RPDHQVXVFRQWDFWRVFRQORVGLDGRFRV\GH
DKLORKHUHGDUD$XJXVWRFUHDQGROD,GHD,PSHULDO
(VWDVHSURORQJDULDKDVWDODHSRFD&RQVWDQWLQLDQDHQODTXHH[SHULPHQWDULDXQDPDWL]DFLRQFRPR
FRQVHFXHQFLDGHOHQWURQTXHGHO,PSHULR5RPDQRFRQXQD,JOHVLDTXHVHGHQRPLQDUD&DWROLFD,PSHULDO\
5RPDQD
D&RQVHFXHQFLDVGHODDFWLWXGKLVWRULFDGHORV,PSHULRVTXHWXYLHURQXQDKHJHPRQLDXQLYHUVDO
(OOHJDGRGH2ULHQWH3UR[LPR\HOVHQWLGRGHODKLVWRULD
(OFRUGRQXPELOLFDOKDVHJXLGRXQLGRGHVGHODWHPSUDQDIHFKDGHORVDOERUHVGHODKLVWRULDGHOD
FXOWXUD0HVRSRWDPLFREDELORQLFDHOUH\GHOQRUWHFRQORVLQJUHGLHQWHVSURSLRVGH(JLSWRHOUH\GHO
VXUTXHDXQTXHQRWXYRXQLPSHULRGHFDUDFWHUHVXQLYHUVDOHVVXSRHQWURQFDUVHHQODPDUFKDGHOD
KLVWRULDPHGLDQWHODVDGDSWDFLRQHVEDELORQLFDV\RULJLQDOLGDGHVUHOLJLRVDV(VHFRUGRQKDSHUPDQHFLGR
ILUPHDSHVDUGHORVDYDWDUHV\QRVGLRDFRQRFHUGHVSXHVGHO,PSHULR%DELORQLFR\GHVXFDEH]D
LGHRORJLFDXQQXHYR,PSHULR\XQDQXHYDFDEH]DLGHRORJLFD0HGR3HUVLDTXHLQFRUSRUROR
DSURYHFKDEOHSDUDVXLQWHQFLRQDOLGDGSROLWLFDXQLYHUVDOLVWD'HVSXHVHOPXQGRTXHGRDEVRUWRSRU*UHFLD
FXDQGRORGRPLQDEDPLOLWDU\FXOWXUDOPHQWH/DFDEH]DJULHJDKDELDVDELGRKDFHUXQDSDVWDGHWRGRHO
VLVWHPDUHOLJLRVRSUHFHGHQWH\OHKDELDDQDGLGRXQQXHYRHOHPHQWRGLYLQRKXPDQRODWHRORJL]DFLRQHO
DFFHVRD'LRVPHGLDQWHODUD]RQKXPDQD
1XQFDDQWHVHOPXQGRKDELDFRQWHPSODGRODSRVLELOLGDGGHODUHDOLGDGGHVX8QLGDG-DPDVWDPSRFRVH
KDELDQGDGRXQDFRQIOXHQFLDGHWDQGLYHUVDVFDUDFWHULVWLFDV/DFRQTXLVWDPLOLWDUKDELDVLGRDFRPSDQDGD
FRPRDQWHULRUPHQWHQRVHKDELDFRQRFLGRGHXQDLGHRORJLDTXHUHVSHWXRVDFRQRWUDVIRUPDVGH
SHQVDPLHQWRHUDIUXWRGHXQDDPDOJDPDSUHWHQGLHQGRVHFRQYHUWLUODHQHFXPHQLFD*UHFLDSXVRDO
DOFDQFHGHOPXQGRWRGRVORVPHGLRVSDUDGHPRVWUDUTXHHVDXQLGDGXQLYHUVDOSRGLDORJUDUVH/DPXHUWH
GH$OHMDQGURWUDVWRFRPRPHQWDQHDPHQWHHVWHREMHWLYR/RVGLDGRFRVVXFHVRUHVGH$OHMDQGURDOQR
SRQHUVHGHDFXHUGRTXLVLHURQLPSRQHUVHXQRVDRWURV1RVRODPHQWHQRORFRQVLJXLHURQVLQRTXHVH
GHWHULRUDURQKDVWDHOH[WUHPRGHVXGHVWUXFFLRQ
$SDUHQWHPHQWHODXQLGDGXQLYHUVDOSDUHFLDSHUGLGD/DUHFXSHUDFLRQGHOHVSDFLRWRWDOGHOPXQGRTXH
LPSRQLDXQDGLUHFFLRQDODKLVWRULDDVDEHUODGHLPSRQHUXQD$XWRULGDG6XSUHPDVLPXOWDQHDPHQWHDXQD
8QLGDGSRUODTXHWRGRVULQGHQREHGLHQFLDVHHVIXPDEDSRUPRPHQWRV
$OHVWXGLDUWRGRHVWHWLHPSRGHKLVWRULDXQRFRPSUXHEDTXHKD\XQDVFRQVWDQWHVTXHVHUHSLWHQVLQ
FHVDUHVSHUDQGRTXHDOJXLHQODVHQWLHQGD\TXHODVXWLOLFHHQVXSURYHFKR
(QSULQFLSLRWHQHPRVXQDVHULHGHFRQWDFWRVTXHVHGLFHTXHVRQFRQODGLYLQLGDG\TXHYHPRVTXH
SURGXFHQXQVLVWHPDLGHRORJLFRFRKHUHQWH(VWRHVORPLVPRHQ(JLSWRFRPRHQ%DELORQLD\HQ3HUVLDR
HQ*UHFLD
6HREVHUYDHQHVWDV1DFLRQHVTXHVREUHVDOHQSRUVXSUHGRPLQLRXQFRPSRUWDPLHQWRVHPHMDQWHHQHO
TXHGHVWDFDQWUHVFRQGXFWDVLQDOWHUDEOHV'HDFXHUGRDXQPRGHORDVWUDOFRQHOTXHVHFRQILJXUDOD
GHLGDGDSDUHFHXQDYRFDFLRQGH3RGHUTXHVHHYLGHQFLDPHGLDQWHODLPSRVLFLRQGHXQD8QLGDGGH
WRGRVXQD$XWRULGDG6XSUHPDFRQXQVLVWHPDSROLWLFR$EVROXWLVWDTXHGLFHVHUGHRULJHQGLYLQR\TXH
HVWDUHSUHVHQWDGDHQODSHUVRQDGHXQ6REHUDQR\TXHH[LJHODREHGLHQFLDGHFDGDXQR\SRUXOWLPRXQD
FRPXQLFDFLRQHQWUHVLTXHSHUPLWHFRQRFHUSXQWRVHVHQFLDOHVGHORWURTXHVHLQFRUSRUDQXVDQGRVH
DTXHOORVTXHVRQPDVXWLOHVDVXDFFLRQKLVWRULFD
(VDDFWLYLGDGSDUHFHSURJUDPDGD\UHVSRQGHVLHPSUHDOPLVPRHVTXHPDODGLYLQLGDGXQD$XWRULGDG
6XSUHPDGHRULJHQGLYLQRXQVLVWHPDSROLWLFRDEVROXWLVWDXQDLPSRVLFLRQGHODXQLGDGGHOJHQHUR
KXPDQRDOUHGHGRUGHXQDLGHRORJLD\FULWHULRVTXHVXUJHQGHXQ3RGHU7HPSRUDORULHQWDGRGLVHQDGRFRQ
XQDLGHRORJLDSROLWLFRUHOLJLRVDRFRQWHQLHQGRODHQODTXHUHVDOWDQHOHPHQWRVPRUDOHV\HVSLULWXDOHV
(VYHUGDGTXHVLPLUDPRVVLPSOHPHQWHHOILQDOGHODKLVWRULDGHFDGD,PSHULRSRUVHSDUDGRSRGHPRV
FRQFOXLUTXHVHKDIUDFDVDGRHQHOLQWHQWRSHURVLFRQWHPSODPRVSDQRUDPLFDPHQWHHOHVFHQDULRYLVWR
GHVGHGRQGHQRVRWURVHVWDPRVDKRUDHOYHUHGLFWRFDPELDGHFRORUDXQFXDQGRQXQFDVHORJUHGLFKD
8QLGDG
3HUR"GHGRQGHVXUJHQHVDVHQWUHYLVWDVFRQOD'LYLQLGDG\ODVSUR\HFFLRQHVGHHVWDHQODYLGDGHORV
KRPEUHVTXHOHVHQVHQDXQDLGHRORJLD\XQDPRWLYDFLRQVXILFLHQWHPHQWHLPSRUWDQWHFRPRSDUDFRQTXLVWDU
HOPXQGR""2HVWRGRXQDILFFLRQDSHVDUGHOHQFDGHQDPLHQWRGHODVROLGH]GHORVFRQWHQLGRVGHOD
XQLGDGVXVWDQFLDOHQORVGLIHUHQWHVSXHEORV""2HVWRGRSXUDPHQWHXQLQYHQWRGHODPHQWHKXPDQD"1R
SRGHPRVHQHVWRVPRPHQWRVUHVSRQGHUVDWLVIDFWRULDPHQWHDHVWRVLQWHUURJDQWHVSHURHOSODQWHDPLHQWR\OD
UHVSXHVWDIRUPDQSDUWHGHOVHQWLGRGHODKLVWRULD
/RTXHVHREVHUYDGHVGHDTXLHVTXHHOSURSLRGHVHRGHDOFDQ]DUOD8QLGDG\GHLPSRQHUXQD
$XWRULGDG6XSUHPD0XQGLDOKDFUHDGRODSURSLDH[LVWHQFLDGLQDPLFDGHODKLVWRULD<HVWRHVSUHFLVR
UHVDOWDUORSRUFXDQWRHQHOOHJDGRGH*UHFLD\GH5RPDHOSUREOHPDGHOD8QLGDG\GHOD$XWRULGDG
6XSUHPDDFWXDQFRPRPRWRUHVSDUDVXUHDOL]DFLRQKLVWRULFD\HQODKHUHQFLDTXHGHMDQYXHOYHD
VREUHVDOLUODYRFDFLRQXQLYHUVDOLVWDSRUOD8QLGDG\ODLPSRVLFLRQSRUWRGRVORVPHGLRVGHOD
$XWRULGDG6XSUHPD\WRGRHOORHQLPLWDFLRQDXQDSUR\HFFLRQUHOLJLRVDEDVDGDHQODXQLGDG\RUGHQTXH
ORVGLRVHVKDQILMDGRHQORVDVWURVTXHORVUHSUHVHQWDQ\FRQORVTXHVHLGHQWLILFDQ
E(O&XOWR6RODU5RPDQRHQUHIHUHQFLDDODLQIOXHQFLDGHO0LWUDLVPR\VXSUR\HFFLRQ3ROLWLFR
5HOLJLRVD
(VLPSRUWDQWHUHVHQDUGHQWURGHHVWHHVWXGLRTXHSUHFLVDPHQWHHQODVIHFKDVGHOV,,G-VHHVWDQ
GDQGRSRUVHSDUDGRHQWUHHO,PSHULR\HOFROHFWLYRGHO2ELVSDGRGH5RPDTXHUHSUHVHQWDDO
&DWROLFLVPRURPDQRRDO3DSDGRWUHVFRQIOXHQFLDVTXHGDUDQVXIUXWRHQHOIXWXURFRUULHQWHDQWLMXGLD
IDYRUHFLGDHQXQRXRWURSRUODDFWLWXGMXGLDIUHQWHDOLPSHULDOLVPRURPDQRMXQWRDODUHDFFLRQGHHVWH
FRQWUDORVMXGLRVHVWRKDFHQHFHVDULRGLVWLQFLRQHVFODUDVHQWUHFULVWLDQRV\MXGLRV\SRUHOJQRVWLFLVPRH
LGHRORJLDVDSRUWDGDVSRUORVFXOWRVGHPLVWHULRV0LWUDLVPRHVHQFLDOPHQWHDFHSWDFLRQGHFLHUWRV
SXQWRVFODYHVTXHSXGLHUDQSHUPLWLUFRPSUREDUODVLGHQWLILFDFLRQHVRVHPHMDQ]DVHQWUHHO,PSHULR\HO
&DWROLFLVPRURPDQRGHDKLODDFHSWDFLRQGHXQDWHRORJLDVRODUFRQFDPELRVSHUWLQHQWHVHQHVDVIHFKDV
ORVOODPDGRVFULVWLDQRV\URPDQRVHVWDQDFHSWDQGRHOGLDGHO6ROHQOXJDUGHO6DEDGRRGH6DWXUQROD
VXVWLWXFLRQGHFLHUWRVULWRVSRUVDFUDPHQWRVDOHVWLORGHO0LWUDLVPRFRQTXHODVRFLHGDGURPDQD
SDUWLFLSD\XQDQXHYDFRQFHSFLRQDQWURSRORJLFD\ODQHFHVLGDGGHXQDIRUPXODTXHRWRUJXHODXQLGDG
(VWHHVWXGLRVHSURSRQHFRPSUREDUTXHVHYLHUWHXQDHVWUDWHJLDSROLWLFRHFOHVLDVWLFDHQODTXHVH
LQYROXFUDHOFRQFHSWR,JOHVLD\VXQDWXUDOH]DYDORUHVGRFWULQDOHVLQVXVWLWXLEOHV\XQFODXGLFDUDQWHODV
WHQWDFLRQHVVDWDQLFDVTXHQRVSUHVHQWDHO(YDQJHOLRUHODWLYDVDO3RGHU\DOD$XWRULGDGVREUHHOPXQGR
FI0W
(O2ULJHQ
0LWUDHVOODPDGRHO6ROLQYLFWXV(O0LWUDLVPRGHVDUUROODXQDUHOLJLRQGHPLVWHULRTXHHQYXHOYH
>@
FRQFHSWRVDVWURORJLFRV\HVFDWRORJLFRV TXHGHVHPERFDQHQSRVLFLRQHVDQWURSRORJLFDVGHFX\D
>@
LQIOXHQFLDHQHOPXQGRURPDQRHVWDVREUDGDPHQWHSUREDGR (O6RODSDUHFHFRPRHODVWUR5H\HO
$EVROXWR/DWHRORJLDVRODUTXHVHGHVDUUROODDOUHGHGRUGHHVWHDVXQWRHVWUDVFHQGHQWDOSDUDFRPSUHQGHU
WDQWRODDQWURSRORJLDLQGLYLGXDOSROLWLFD\VRFLDO
0LUFHD(OLDGHQRVSRQHXQHMHPSORGHORV0LVWHULRVGH0LWUDHOPRQDUFDHQODYLVSHUDGHVX
HQWURQL]DFLRQVHLQWURGXFLDHQXQDJUXWDPLHQWUDVTXHVXVVXEGLWRVOHYHQHUDEDQFRPRDXQQLQRGH
>@
RULJHQVREUHQDWXUDOPHUFHGDVXLGHQWLGDGFRQ0LWUD
(VLQGXGDEOHTXHFRQODDVXQFLRQSRUSDUWHGH5RPDGHOFXOWR6RODUSDWURFLQDGRSRUHO0LWUDLVPR
>@
RSRUFXDOTXLHURWURFXOWRRULHQWDOVHHVWDTXHULHQGRSUR\HFWDUHOYDORUGHOD8QLGDG\GHOD
$XWRULGDG6XSUHPDTXHHO6RO,QYLFWXV0LWUD+HOLRVR$SRORVUHSUHVHQWDDQLYHOFHOHVWH\HQWUHORV
GHPDVGLRVHV
3RFRLPSRUWDHOQRPEUHODWLQRJULHJRRSHUVDTXHVHOHGHDOGLRV6RO,QYLFWXVORLPSRUWDQWHHV
FRPSUREDUHOYDORUGHHVWHFXOWR6RODUTXHVHLQWURGXFHHQHO,GHDULR,PSHULDO5RPDQR\TXHGHVGH
$XJXVWRGLFKR,GHDULRUHFRJLGRGH&HVDUVHH[WHQGHUDFRQODVPDWL]DFLRQHVTXHHO&XOWRRULHQWDODO
6RO,QYLFWXVOHSURYHHKDVWD&RQVWDQWLQR\VXKHUHQFLD
>@
<D$XJXVWRDSDUWLUGHOD-GHGLFDGRVREHOLVFRVDO6RO
<HOFDOHQGDULRGHVXHSRFDOOHYDXQDGHGLFDWRULDDO6ROFRPRXQDGHPRVWUDFLRQPDVGHODLPSRUWDQFLD
>@
TXHVHOHGDEDHQVXSDQWHRQGHORVGLRVHV
>@
'HVGHHQWRQFHVHOFXOWR6RODUVHSUR\HFWDGHXQPRGRSUDFWLFDPHQWHQDWXUDO VLHQGR
>@
FRQWHPSRUDQHRDOFULVWLDQLVPR
0LUFHD(OLDGHQRVGLUD
/RV FXOWRV RULXQGRV GH (JLSWR \ GHO $VLD 0HQRU JR]DEDQ GH XQD VRUSUHQGHQWH SRSXODULGDG \ FRQWDEDQ DGHPDV FRQ OD
>@
SURWHFFLRQLPSHULDO!!
>@
0XFKRVHPSHUDGRUHVDSR\DURQDOPLWUDLVPRHVSHFLDOPHQWHSRUPRWLYRVSROLWLFRV!!
0-9HUPDVHUHQ
(VWH GHXV VRO LQYLFWXV GLRV VRO LQYLFWR ORJUDULD LPSRQHUVH FRPR SULQFLSDO GLRV VRODU VL ELHQ EDMR XQD IRUPD URPDQD \ QR
RULHQWDO \ DEVRUELR ODV GLYHUVDV WHQGHQFLDV KDFLD OD DGRUDFLRQ GHO 6RO HQ HO ,PSHULR URPDQR &RQ ORV VXFHVRUHV GH $XUHOLDQR
>@
LQFOXLGR&RQVWDQWLQRWRGRHOORVHYHULDLPSOLFDGRHQODSROLWLFD!!
"&XDOHVVRQHVRVPRWLYRVSROLWLFRV"
 (VHFXOWRVRODUSXEOLFRHVHOUHVXOWDGRGHODLGHQWLILFDFLRQGHO(PSHUDGRUFRQHO'LRV6ROVLHO6RO
SUHVLGHDORVGHPDVDVWURVGHDFXHUGRDODUHOLJLRQDVWUDORULHQWDO\GDXQLGDG\RUGHQVHHVWDRIUHFLHQGR
>@
XQDIRUPXODSROLWLFDGHSULPHUDPDJQLWXG PD[LPHTXHHOPLVWHULRGH0LWUDLQYROXFUDHQVX
H[SRVLFLRQXQLQWHUHVHVSLULWXDO\SROLWLFRGHDFXHUGRDODSUR\HFFLRQGHOPXQGRFHOHVWHHQHOWHUUHVWUH
/DH[LVWHQFLDGHHVWHFXOWR6RODUSXEOLFRVHSUXHEDSRUODH[LVWHQFLDGHOXJDUHVSDUDHVHFXOWR
>@
FRQFHOHEUDFLRQHVGHDOWRVLJQLILFDGRUHOLJLRVRDWUDYHVGHORVEDQTXHWHVVDJUDGRVGRQGHVH
SURIXQGL]DEDHQHOPLVWHULRGHDFXHUGRDXQPRGHORGLYLQR\TXHWHQGULDQTXHUHDOL]DUVHHQHOGLD
>@
DSURSLDGRDO&XOWR6RODU SRUODH[LVWHQFLDGHVGHHOV,G-GHXQDVHPDQDSODQHWDULDGRQGH
DSDUHFHQORVGLDVGHODVHPDQDDILOLDGRVDXQGLRVGHWHUPLQDGRHQHOTXHVREUHVDOHUHVSHFWRGHWRGRVHO
>@
6ROLV'LHV SRUODFRQPHPRUDFLRQHQHVH6ROLV'LHVTXHFRUUHVSRQGHDOSULPHUGLDGHOD
VHPDQDRGRPLQJRODILHVWDVHPDQDOSDUDORVFLXGDGDQRVURPDQRVGHVGHFRPLHQ]RVGHOV,,G-H
>@
LQFOXVRSDUDORVPLHPEURVTXHVHLGHQWLILFDQFRQOD,JOHVLDGH5RPDGHVGHPHGLDGRVGHOV,, 
>@
SRUODFRQVDJUDFLRQGHOGHGLFLHPEUHFRPRODIHFKDGHOQDFLPLHQWRGH0LWUDHO6RO,QYLFWXV 
SRUODDGDSWDFLRQGHHVHFXOWRVRODUSRUORVHPSHUDGRUHVTXHVHLGHQWLILFDQFRQHO'LRV6ROFRQXQ
>@
SURJUDPDGHDOWDVLJQLILFDFLRQSROLWLFRUHOLJLRVD OD8QLGDG\8QLYHUVDOLGDGTXHOHVSURYHHOD
HVWUXFWXUD6RODU\TXHFXOPLQDFRQODHWDSD&RQVWDQWLQLDQDSRUODWUDVFHQGHQFLDTXHVXSRQHSDUDHO
>@
IXWXURFUHDQGRXQD,JOHVLDGHDFXHUGRDO,GHDULR,PSHULDO5RPDQR TXHDVXPHHQVXLGHRORJLDODV
>@
FDUDFWHULVWLFDVHVHQFLDOHVGHODUHOLJLRQDVWUDO
 (O VLJQLILFDGR GHO &XOWR 6RODU HQ HO ,GHDULR ,PSHULDO 5RPDQR KDVWD &RQVWDQWLQR \ HQ VX
UHODFLRQFRQHO'LDGHO6ROR'RPLQJR\FRQOD,JOHVLDGH5RPD
7HQLHQGRHQFXHQWDODVQRWDVDSLHGHSDJLQDTXHKHPRVGHVDUUROODGRSUREDQGRODVDVHYHUDFLRQHVTXH
SUHFHGHQSRGHPRVFRQFOXLUDILUPDQGRTXHHO,PSHULR5RPDQRKDH[SHULPHQWDGRDWUDYHVGHOD
VRFLHGDGODLQIOXHQFLDGHORVFXOWRVRULHQWDOHVHVSHFLDOPHQWHGHO0LWUDLVPR'HQWURGHHOODORPDV
UHSUHVHQWDWLYRGHO*RELHUQRDGRSWDODWHRORJLD6RODUDSURYHFKDQGRVHGHHVWDFR\XQWXUDVRFLR
UHOLJLRVDSUR\HFWDQGRXQDHVWUXFWXUDSROLWLFDXQLWDULD\DEVROXWLVWDRUGHQDGDGHDFXHUGRDOD5HOLJLRQ
$VWUDO/DVLPSOLFDFLRQHVHQODDQWURSRORJLDLQGLYLGXDO\HQHOFRPSRUWDPLHQWRVRFLDO\UHOLJLRVRGHHVWH
WLSRGHSUDFWLFDVHWUDVOXFHHQODVFUHHQFLDVUHOLJLRVDVGHORVFLXGDGDQRV\SDUDOHODPHQWHHQOD,JOHVLDGH
5RPDTXHFRPRYHUHPRVVHJXLGDPHQWHVHYHHQXQSURFHVRKLVWRULFRLQIOXLGDSRUORIXQGDPHQWDOGHO
0LWUDLVPRFXOPLQDQGRHQODHSRFD&RQVWDQWLQLDQDHQODTXHHQYLUWXGGHO(PSHUDGRUDGRUDGRUGHO6RO\
GHSHQGLHQWHGHHVDWHRORJLD6RODUKDFHVXUJLUXQD,JOHVLD,PSHULDOHQODTXHFRPRYHUHPRVODV
WUDQVIRUPDFLRQHVTXHVHKDQRSHUDGRVRQHYLGHQWHV
9HDPRVWRGRHVWRPDVGHFHUFDHVSHFLDOPHQWHORUHODWLYRDOFRPSRUWDPLHQWRGH&RQVWDQWLQR\DHVD
,JOHVLDGH5RPDTXHFRQIOX\HQGRDPERVHQHVDHWDSDKLVWRULFDVHYLVXDOL]DHOUHVXOWDGRHYROXWLYRGH
WRGDXQDVHULHGHDFWLWXGHV\GHPDQHUDGHSHQVDU
D $QWHFHGHQWHV UHODWLYRV DO 'LD GHO 6RO R 'RPLQJR R SULPHU GLD GH OD VHPDQD \ OD FRUULHQWH
DQWLMXGLD
'HQXHVWURHVWXGLRSUHFHGHQWHVHGHMDFRQVWDQFLDGHTXH5RPDKDVLGRLQIOXLGDSRUHOFXOWRVRODUHQ
KRQRUD0LWUDDFHSWDQGRORVYDORUHVUHOLJLRVRVTXHOHLQWHUHVDQSDUDXQDDSOLFDFLRQSROLWLFDLQFOXLGRHO
GLDGHILHVWDFDUDFWHULVWLFRHOGLDGHO6ROHO'RPLQJRHOGLDGHO6HQRU0LWUDTXHUHSUHVHQWDODXQLGDG
GHOTXHSUHVLGHHQORVDVWURV
 3RUODVFLWDVGH-XVWLQRDOUHGHGRUGHODQRG-\7HUWXOLDQRDOUHGHGRUGHOG-TXHHQWUDQ
GHQWURGHXQDVHULHGHGRFXPHQWRVVREUHHOSDUWLFXODUVDEHPRVTXHHOGLDGHO6ROR'RPLQJRHUDHOGLD
IHVWLYRGHORVURPDQRV\DQWHULRUDODDGRSFLRQTXHOD,JOHVLDGH5RPDWRPDGHHVHPLVPRGLD\TXHHQ
ODHSRFDWDQWRGH-XVWLQRFRPRGH7HUWXOLDQRVHKDDGRSWDGRSRUGLFKD,JOHVLDGH5RPD/RTXH
GHPXHVWUDSRUODLGHQWLGDGFRQHOGLDGHO6ROFRQTXHXQR\RWURGHQRPLQDDOGLDGHILHVWDFULVWLDQRTXH
>@
KDVLGRLQIOXLGDWDPELHQSRUHO&XOWR6RODU
E /D FRUULHQWH JQRVWLFD GH FLHUWRV SDGUHV GH OD ,JOHVLD UHSUHVHQWDWLYRV \ OD OODPDGD JQRVLV
FULVWLDQDFRQVXLQWHUSUHWDFLRQHVSLULWXDOLVWDVLQFUHWLVWD\RSXHVWDDO6DEDGRODOLQHDDQWLMXGLDGH
ODJQRVLVFULVWLDQD\GHORVOODPDGRV3DGUHVGHOD,JOHVLDSDUDOHODDODGHO,PSHULR5RPDQR
/D,JOHVLDGH5RPDKDH[SHULPHQWDGRFDPELRVGHVGHGHVSXHVGHODPXHUWHGHORVDSRVWROHVFI+HFK
>@
D7HVWDQWRHQHOSODQRGRFWULQDOFRPRHQHOHVWUXFWXUDO\RUJDQL]DWLYR (Q
HIHFWRGLYHUVRVDXWRUHVKDQFRQVWDWDGRTXHVLELHQFLHUWRVHVFULWRUHVFULVWLDQRVDQWLJXRVUHSUHVHQWDWLYRV
GHXQDFLHUWDOLQHDRILFLDOHFOHVLDVWLFDVHRSRQHQDFLHUWDVIRUPDVFULVWLDQRJQRVWLFDVUHIXWDQGRODVHQ
>@
SDUWHVHYHQLQIOXLGRVSRUORTXHFRPEDWHQ KDVWDHOSXQWRTXHVHDGRSWDQLGHRORJLDVJQRVWLFDV\
FRVWXPEUHVTXHUHVSRQGHQDLGHDULRVDMHQRVDODV(VFULWXUDVRELHQVHDFHSWDGHVGHHOSULPHUPRPHQWR
>@
ODJQRVLVFRPRHOHPHQWRGHFRPSUHQVLRQGHOFULVWLDQLVPR (O*QRVWLFLVPRHVXQYHKLFXORGHO
>@
DQWLMXGDLVPR \DVLYHPRVFRPRHOVDEDGRHVFRQVLGHUDGRXQVLPEROR\HQFXDQWRDVXIRUPD
>@
H[WHUQD\OLWHUDOKDEULDVLGRDEROLGR (VLQWHUHVDQWHREVHUYDUFRPRHQHVDOLQHDHYROXWLYDHO
>@
JQRVWLFLVPRGH0DUFLRQ TXHUHFKD]DHOOODPDGR$QWLJXR7HVWDPHQWR\OD/H\GH'LRVRSRQLHQGR
FRQWLQXDPHQWHHOOODPDGR1XHYR7HVWDPHQWRDO$QWLJXRDFHSWDUDHOGLDGHO6RORGRPLQJRTXHORV
>@
JQRVWLFRVFHOHEUDEDQ HQOXJDUGHO6DEDGR(VWRTXHGDUHIUHQGDGRSRUFXDQWR0DUFLRQHVLQIOXLGR
FRPR\DVDEHPRVSRUHOJQRVWLFLVPR\HVWHLQIOXLUDDVXYH]VREUHHOPDQLTXHLVPRTXHVHGHVDUUROODSRU
0DQLKDFLDHODO\GHOTXH$JXVWLQGH+LSRQDGLUDTXHHVHQHOGLDGHOVROTXHWHQHLVHOKDELWR
>@
GHDGRUDU
/DRSRVLFLRQKHFKDDODLQVWLWXFLRQVDEDWLFDSRUHOPDQLTXHLVPR\HOLQIOXMRVREUHHVWHGHOJQRVWLFLVPR
>@
KDVLGRDPSOLDPHQWHFRQVWDWDGD ,QGHSHQGLHQWHPHQWHGHORVFDVRVH[WUHPRVTXHVXUMDQIRUPDQGR
XQDJQRVLVWRGDYLDPDVDOHMDGDGHOYHUGDGHURQXFOHRFULVWLDQROD*QRVLVGHQRPLQDGDFULVWLDQDWHQGUDODV
>@
PLVPDVFHOHEUDFLRQHVGRPLQLFDOHVGRQGHUHDOL]DQODPLVDHXFDULVWLFD ORTXHPXHVWUDODDVXQFLRQ
GHOGRPLQJRHXFDULVWLFRWDOFRPRODFRUULHQWHFULVWLDQDOODPDGDRUWRGR[D/DVGLIHUHQFLDVHQWUHXQD\RWUD
VRQSXUDPHQWHDGPLQLVWUDWLYDV<HVTXHWDQWRXQDFRPRRWUDHQXQJUDGRXRWURVHJXQORVFDVRVKDELDQ
UHFLELGRODLQIOXHQFLDGHODVUHOLJLRQHVGH2ULHQWHGHODILORVRILDJULHJDSODWRQLFD\GHODWHRVRILDMXQWRD
>@
XQFULVWLDQLVPRTXHLQWHQWDQKDFHUORFRPSDWLEOH
5HILULHQGRVHDOFXOWRVRODU\DVXVFRQVHFXHQFLDV)UDQFLV/HJJHDILUPDUD
/RVFULVWLDQRVPLVPRVQRSXGLHURQGXUDQWHPXFKRWLHPSRUHVLVWLUDHVWDLQYDVLRQ\XQRSXHGHFRQVWDWDUHOFRPSURPLVRSRUHOTXH
OD,JOHVLDFDWROLFDHQHVWDPDWHULDOOHJRDKDFHUFRLQFLGLUHOGLDGHO6HQRUFRQHOGLDGHOVROFRPRWDPELHQDODDGRSFLRQSRUOD
,JOHVLDGHOGHGLFLHPEUHGLDGHOQDFLPLHQWRGHOLQYHQFLEOHGLRVVROFRPRHOGLDGHODQLYHUVDULRGHOQDFLPLHQWRGH&ULVWR1RHV
SRUD]DUTXHORVHPSHUDGRUHVTXHKDQUHLQDGRLQPHGLDWDPHQWHDQWHVGHOHVWDEOHFLPLHQWRGHOFULVWLDQLVPRVHKD\DQGDGRDOFXOWRGHO
>@
GLRVVROODGLYLQLGDGSDUWLFXODUPHQWHUHYHUHQFLDGDSRUODIDPLOLDDODTXHSHUWHQHFLD&RQVWDQWLQR!!
$JRVWLQKRGH$OPHLGD3DLYDGLFH
(OSULPHUGLDGHODVHPDQDHOGRPLQJRHUDGHVGHKDFLDWLHPSRFRQVDJUDGRDOVROHVWRHVORTXHDILUPDQYDULRVDXWRUHVHOVRO
VLHQGRGLRVHO6HQRUSRUH[FHOHQFLDHOGRPLQJRYLQRDVHUOODPDGRHOGLDGHO6HQRUWDOFRPRRFXUULRPDVWDUGHHQHO
>@
FULVWLDQLVPR!!
>@
(VWRVHXQHDOKHFKRGHOGHVPDUTXHUHVSHFWRDORVMXGLRV 'DGDODFRUULHQWHDQWLMXGLDTXHHQHO
SURSLR,PSHULRVHHVWDRIUHFLHQGRHVLPSUHVFLQGLEOHGLIHUHQFLDUVHDEVROXWDPHQWHGHODVUDLFHVKHEUHDV
DILQGHTXHFLHUWDVHVWUDWHJLDVTXHHOFROHFWLYR&DWROLFRHQ5RPDYDDGTXLULHQGRHQFXDQWRDVX
>@
FRQFHSFLRQ0RQDUTXLFDDEVROXWLVWD\VXLQWHQWRGHXQLRQFRQ5RPD,PSHULDO SXHGDGDUVH6LQ
ROYLGDUHOGHVJDVWHTXHODVSHUVHFXFLRQHVSUR\HFWDQVREUHORVFULVWLDQRV
(VGHFLUDWHQRUSRUODGRFXPHQWDFLRQ\DLQGLFDGDVHHVWDQGDQGRWUHVDFRQWHFLPLHQWRVHQSDUDOHOR
TXHGHIRUPDQDWXUDO\HQEDVHDXQDLQWHQFLRQHOGRPLQJRGHVEDQFDUDDO6DEDGRHQXQSURFHVRTXH
HPSH]DUDHQOD,JOHVLDHQ5RPD\SRVWHULRUPHQWHFXDQGRODVFLUFXQVWDQFLDVVHDRSRUWXQDVVHDPSOLDUDD
WRGRHO,PSHULR
(QHIHFWR3RUXQODGRWHQHPRVWRGDXQDVHULHGHSDJDQRVTXHDFHSWDQODLJOHVLDSHURTXH\DYLHQHQ
FRQVXGLDGHO6RO
(V LQWHUHVDQWH REVHUYDU TXH 0LWUD HUD OODPDGR GRPLQXV R 6HQRU \ HO GRPLQJR GHELR GH VHU OODPDGR GLD GHO 6HQRU PXFKR
DQWHVGHODHUDFULVWLDQD(OGRPLQJRGHGLFDGRDOVROHUDVDJUDGRGHVGHKDFLDPXFKRWLHPSRSDUDQXPHURVDVUHOLJLRQHVSDJDQDV
(UD HQ SDUWLFXODU HO GLD VDQWLILFDGR SRU ORV DGRUDGRUHV GH 0LWUD TXH VLQ GXGD OR GHVLJQDEDQ WDPELHQ FRQ HO QRPEUH GH GLD GHO
6HQRUORVFULVWLDQRV3DUHFHTXHIXHURQLQIOXHQFLDGRVHQHVWHDPELWRFRPRHQWDQWRVRWURVSRUODFRVWXPEUHSDJDQD\TXH
HOGRPLQJRIXHDGRSWDGRSRUTXHORVDGRUDGRUHVGH0LWUD\GHPDVGLYLQLGDGHVVRODUHVFRQVLGHUDEDQTXHHVDGLDHUDVDJUDGR\TXH
>@
HUDLPSRVLEOHVXSULPLUDTXHOODDQFHVWUDOFRVWXPEUH!!
>@
HOGLDGHOVROVHFRQYLUWLRGHPDQHUDQDWXUDOHQHOGLDGHO6DOYDGRUHQWUHORVFULVWLDQRVOOHJDGRVGHOSDJDQLVPR!!
(VWDIRUPDQDWXUDOGHODTXHQRVKDEODHODXWRUSUHFLWDGRQRVHGDVLQPDV(VQHFHVDULRSRUXQODGR
TXHHOGLDGHOVROKD\DVLGRDGRSWDGRSRUHOSDJDQLVPR\TXHOD,JOHVLD&DWROLFDHQ5RPDKD\DUHQHJDGR
GHOVDEDGRFRPRIUXWRGHWRGDXQDDFWLWXGDQWLMXGLDTXHSUHSDUDHOWHUUHQRSDUDODDFRJLGDGHHVRV
>@
SDJDQRVFRQVXGLDGHO6RO $OUHGHGRUGHOG-VHQRVLQIRUPDSRUORVGRFXPHQWRVWDQWRGH
%HUQDEHHQVXHSLVWRODFRPRSRVWHULRUPHQWHDG-SRU-XVWLQRHQVX$SRORJLD\VX'LDORJRFRQWUD
>@ >@
7ULIRQ\GHVSXHVSRURWURVFRPR7HRILORGH$QWLRTXLDV,, ,UHQHRV,, TXHFXOPLQDQFRQ
>@ >@ >@ >@
7HUWXOLDQRDG- &OHPHQWHV,,, 2ULJHQHVV,,, &LSULDQR V,,,
HVDFRUULHQWHDQWLMXGLD\ODDFHSWDFLRQGHO'RPLQJRGHQRPLQDGRGLDGHO6ROFRPRODILHVWDVHPDQDOGH
ORVFULVWLDQRVGH5RPD(VWROOHJDDVHUXQDUHDOLGDGIUXWRGHHVDFRQIOXHQFLDGHSDJDQLVPRHQWUDQWH\GH
ORTXHSH\RUDWLYDPHQWHVHOODPDMXGDLVPRVDOLHQWH'HVGHHVDFRQYHUJHQFLDODHVWUDWHJLDGHXQLUVHFRQ
HOSDJDQLVPRURPDQRHQHOGLDGHO6RO\HQRWURVDVSHFWRVLPSOLFDGRVHQODWHRORJLD6RODUFREUDXQD
GLPHQVLRQTXHIUXFWLILFDUDFRQ&RQVWDQWLQR,QGHSHQGLHQWHPHQWHGHORVGRFXPHQWRVTXHHQQRWDDSDUWH
KHPRVFRQVLJQDGRQXPHURVRVDXWRUHVYDULRV\DFLWDGRVUHFRQRFHQODGHVDSDULFLRQGHODLQIOXHQFLD
ORJLFDGHORKHEUHRDILQGHILMDUVXVUHXQLRQHVGHRUDFLRQHQGRPLQJRGLDTXHREVHUYDEDQORV
>@
PLWUDLVWDV
F$QWLMXGDLVPR5RPDQR\HODEDQGRQRJUDGXDOGHOGLDGHGLFDGRD6DWXUQRFRPRSUHIHUHQFLDOFRQ
ODDFHSWDFLRQGHOGLDGHO6ROGDGDODDFHSWDFLRQGHODWHRORJLDVRODUPLWUDLFD
(QODHSRFDHQODTXHVHGDXQDFRUULHQWHDQWLMXGLDSRUSDUWHGHORVOODPDGRV3DGUHVGHOD,JOHVLDV,,
G-KDRFXUULGRXQFXPXORGHDFRQWHFLPLHQWRVSRUSDUWHGHO-XGDLVPRFRQWUDHOLQYDVRU5RPDQR'HVGH
ODGHVWUXFFLRQGH-HUXVDOHQHQHODQRMXQWRDWRGDVVXVUHYXHOWDVTXHFXOPLQDUDQHQODHSRFDGHO
>@
HPSHUDGRU$GULDQRDD ORVMXGLRVKDQVLGRPDOWUDWDGRV\SHUVHJXLGRV\HQHOIXWXUR
 >@
VXVGHUHFKRVDSUDFWLFDUVXUHOLJLRQKDQVLGRUHVWULQJLGRVDOPLQLPR 'HVGH$GULDQRVHKD
>@
SURKLELGRODFLUFXQFLVLRQ HOVDEDGR\HOHVWXGLRGHOD7RUD
(OSUREOHPDTXHVHVXVFLWDDFRPLHQ]RVGHOV,,HVTXHHO&ULVWLDQLVPRHVFRQIXQGLGRSRU5RPDFRPR
JUXSRMXGLRPDV1RWHVHODFLWDGHHVWHKLVWRULDGRUTXHH[SOLFDQGRODVLWXDFLRQFUHDGDSRUORVMXGLRVD
SDUWLUGHILQDOHVGHOVLJOR,FRQORTXHVHDQDGHGHFRPLHQ]RVGHOV,,QRVLQYLWDDUHIOH[LRQDUVREUHHO
HVWDGRGHODFXHVWLRQMXGLDFULVWLDQLVPR
2WUD FDXVD FRQWULEX\R D OD LQGLIHUHQFLD GHVSUHFLR \ UHSXJQDQFLD FRQ TXH ORV URPDQRV PLUDURQ GXUDQWH WDQWR WLHPSR DO
FULVWLDQLVPR(VWDFDXVDIXHODFUHHQFLDJHQHUDOGHTXHODQXHYDUHOLJLRQHUDVLPSOHPHQWHXQDUDPDGHODMXGLD\FRPRORVURPDQRV
FRQIXQGLDQDORVFULVWLDQRVFRQHOSXHEORMXGLRTXHWDQDQWLSDWLFRVHOHVKDELDKHFKRORVWUDWDURQDWRGRVGHODPLVPDPDQHUD$VL
SXHGH GHFLUVH TXH WRGDV ODV DWURFLGDGHV \ SHUVHFXFLRQHV TXH 1HURQ \ GHVSXHV 'RPLFLDQR  KLFLHURQ VXIULU D ORV FULVWLDQRV QR
>@
IXHURQFRPHWLGDVFRQWUDVHVWRVFRPRWDOHVVLQRFRPRRGLDGRVMXGLRV!!
6LVHREVHUYDFRQ'RPLFLDQROOHJDPRVDILQDOHVGHOV,\HOUHSODQWHDPLHQWRGHOFROHFWLYRFDWROLFR
URPDQRDODPXHUWHGHWRGRVORVDSRVWROHVUHVSHFWRDODFXHVWLRQMXGLDKDFHYLVOXPEUDUXQDQXHYDHWDSD
HQODTXHODGLVWLQFLRQFRQORVMXGLRVVHLPSRQH3HURWHQJDVHHQFXHQWDDGHPDVTXHGHVGHHOVLJOR,OD
WHRORJLDVRODUKDKHFKRPHOODHQORVHPSHUDGRUHV\HQODVRFLHGDGURPDQD(VDWHRORJLDVRODUHQVXOLQHD
HYROXWLYDKLVWRULFDOHVKDSURSRUFLRQDGRDORVURPDQRVXQDLGHRORJLDXQLWDULDFX\RGLDGHO6ROD
FHOHEUDUSRUWRGRVHVXQDUHDOLGDGUHSUHVHQWDWLYDGHODXQLGDG
7HQJDVHHQFXHQWDSRURWUDSDUWHTXHORVURPDQRVGHVGHPX\DQWLJXRFHOHEUDEDQFRPRGLDGHILHVWDHO
>@
VHSWLPRGLDRVDEDGRHQKRQRUD6DWXUQR \TXHHQXQSURFHVRTXHVHH[WLHQGHGHVGHHOV,YDQ
GHVSOD]DQGRHVHGLDSRUHOSULPHUGLDGHODVHPDQDRGLDGHO6ROTXHOHVSURSRUFLRQDODWHRORJLDVRODU
>@
GHO0LWUDLVPRGHORFXDOWDQWR-XVWLQRFRPR7HUWXOLDQRHQHOV,,G- GDQFXHQWDGHHOORFXDQGR
FRQVLGHUDQTXHORVURPDQRVORKDQDGRSWDGRHQIHFKDVDQWHULRUHVDOG-
/DSUHJXQWDTXHLPSRQHODFXHVWLRQMXGLDHV"&RPRGLVWLQJXLUVHGHORVMXGLRVDILQGHTXHORV
5RPDQRVQRQRVFRQIXQGDQ\SRGDPRVHMHUFHUQXHVWUDPLVLRQHYDQJHOL]DGRUDDFRUGHDQXHVWUR
SURSRVLWR"6LJXLHQGRODPLVPDFRQGXFWDTXHHO,PSHULR5RPDQRUHSUHVHQWDGRHQXQDGHODVFDEH]DVGHOD
%HVWLD$SRFDOLSWLFDFX\DDXWRULGDGHVGDGDSRUHO'UDJRQ$S/DGLVWLQFLRQFRQORVMXGLRVQR
DXWRUL]DDKDFHUORVDFULILFDQGRODVDXWHQWLFDV\SHUHQQHVUDLFHVKHEUHDVVLQRDFHSWDQGROD3DODEUDGH
'LRV\VLHQGRILHOHQWRGRD-HVXFULVWR(QUHDOLGDGFRPSUREDQGRHOGHVWLQR\UHVXOWDGRGHODVDFFLRQHV
OOHYDGDVDFDERHQHVDVWUDJLFDVIHFKDVVHGHVFXEUHTXHHOREMHWLYRHYDQJHOL]DGRUHVWDPHGLDWL]DGR\
DVRPEURVDPHQWHFDPELDGRVLVHWLHQHHQFXHQWDODH[LJHQFLDGHODILGHOLGDGD'LRV8QDHYDQJHOL]DFLRQ
TXHVXSRQJDGHVYDORUL]DUOD3DODEUDGH'LRVRWUDQVIRUPDUODHQSDODEUDGHKRPEUHQRHVODDXWHQWLFD
HYDQJHOL]DFLRQ<ODQDWXUDOH]D\HVWLORGHODHYDQJHOL]DFLRQTXHHO&DWROLFLVPR5RPDQRDSXQWDHVODGH
ODXQLRQFRQHO,PSHULR5RPDQR\SDUDHOORHVSUHFLVROOHJDUDFRLQFLGLUFRQHOHQORHVHQFLDODXQTXH
SDUDHOORKD\DTXHVDFULILFDUODYHUGDGSUHPLVDVGHYLWDOLPSRUWDQFLD(VRHVORTXHHVWDPRV
FRPSUREDQGR\ORTXHODKLVWRULDQRVGHPXHVWUD
(VVRUSUHQGHQWHTXHODFRQGXFWDGHO,PSHULR5RPDQRGHVGHHODQRKD\DVLGRDQWLVHPLWDRDQWLMXGLD
>@
DEDQGRQDQGRHOGLDGHODVHPDQDSODQHWDULDHO6DEDGRTXHVHGHGLFDD6DWXUQR DGRSWDQGRHO
SULPHUGLDGHODVHPDQDRGLDGHO6RO\TXHORPDVUHSUHVHQWDWLYRGHO&DWROLFLVPR5RPDQRSURSXJQH\
SURFODPHHQVXVHVFULWRVWDPELHQXQDDFWLWXGDQWLMXGLDDEDQGRQDQGRHOGLDVHSWLPRGHODVHPDQD
&UHDWLYD\DGRSWHGHOPLVPRPRGRHOSULPHUGLDGHODVHPDQDRGLDGHO6RO"&DVXDOLGDG""2HYLGHQFLD
GHORTXHUHDOPHQWHHVWDEDVXFHGLHQGR"1XHVWURHVWXGLRQRVHVWDSRQLHQGRVREUHODVSLVWDVGHODPD\RU
IDOVLILFDFLRQGHODKLVWRULDHQDUDVGHODSROLWLFD\SDUDODSUDFWLFDGHXQDSROLWLFDFRPXQDILQGH
REWHQHUXQHMHPSORGHJOREDOL]DFLRQ
 'HVSXHVGHHVWHWUDQVLWRHOVLJOR,9GHOTXHQRVKHPRVRFXSDGRHQRWUROXJDUVHUDGHILQLWLYRSDUDOD
FRQVDJUDFLRQGHOGLDGHO6RORSULPHUGLDGHODVHPDQDFRPRGLDGHO6HQRURGRPLQJR(QGLFKRVLJORORV
SURWDJRQLVWDVH[FHSFLRQDOHV(XVHELRGH&HVDUHDFRPRXQIDOVLILFDGRUVLQLJXDOHORELVSRGH5RPDGH
WXUQRODSURSDJDQGDGHORVRELVSRV\HVFULWRUHVPDVUHSUHVHQWDWLYRVORVFRQFLOLRV\HVSHFLDOPHQWHODV
OH\HVLPSHULDOHVFRQHOOLGHUD]JRHLGHDULR&RQVWDQWLQLDQRLPSRQGUDQSRUODIXHU]DTXHGDHOSRGHU
PXQGDQR\HOSURSLRHQJDQRHO'RPLQJR$SDUWLUGHHVHPRPHQWRVHERUUDUDFDVLWRGRYHVWLJLRGHO
6DEDGRTXHVLELHQVHPDQWHQGUDHQDOJXQRVOXJDUHVGHO,PSHULRKDVWDHOVLJOR9GHVDSDUHFHUDD
H[FHSFLRQGHFROHFWLYRVPLQRULWDULRV\GHFLHUWRVSHUVRQDMHVTXHKDUDQKRQRUDODILGHOLGDGTXHGHEHPRV
DO'LRVGHODFUHDFLRQ\GHOD5HGHQFLRQ
(Q&RQFOXVLRQQRVHQFRQWUDPRVFRQXQGHYHQLUKLVWRULFRHQHOTXHORVSULQFLSLRVLGHRORJLFRV
HPDQDGRVGHXQDUHOLJLRQGHWHUPLQDGDVHXWLOL]DQFRPRLQVWUXPHQWRVSROLWLFRVDILQFRQVHJXLUXQREMHWLYR
GHSRGHUGRQGHODXQLGDG\ODDXWRULGDGVXSUHPDHVWDQLQWHJUDGDVHQHVDFRQGXFWDKLVWRULFDDGTXLULHQGR
ODIRUPDGHYRFDFLRQGHSRGHU
+R\FXDQGRHOWLHPSRWUDQVFXUULGRSDUHFHLQVDOYDEOHSXHGHSDUHFHUVLQLPSRUWDQFLDSHURHVH
FRPSRUWDPLHQWRFRQWLHQHFODYHVTXHQRVD\XGDQDFRPSUHQGHUODKLVWRULD\HOFRPRSDUDFRQVHJXLUOR
TXHVHSUHWHQGHKDEHUVHUHFLELGRFRPRYLQLHQGRGH'LRVVHPDQLSXODQORVFRQFHSWRVUHYHODGRV\VH
VDFULILFDQHQDUDVDXQDPLVLRQGHXQLGDG\GHDXWRULGDGTXHVHMXVWLILFDQDILQGHREWHQHUORTXHVHGLFH
RULJLQDUVHHQ'LRVSHURTXHQXQFDVHSUXHEDQLFRQORVDFWRV\ODVFRQVHFXHQFLDVGHULYDGDVGHHVWRVQL
FRQORTXHVHDILUPDDFHSWDUODUHYHODFLRQGH'LRV
(QHVWDSURVHFXFLRQORTXHTXHUHPRVYDORUDUQRHVODDXWHQWLFLGDGGHXQGLDGHUHSRVRIUHQWHDRWUR
LQGHSHQGLHQWHPHQWHGHODLPSRUWDQFLDTXHSXHGHGDUVHVLQRFRPRXQDLGHRORJLDUHSUHVHQWDGDHQORV
YDORUHVVLJQLILFDWLYRVGHDXWRULGDGPRUDOLGDG\HVSLULWXDOLGDGGHO'LRVTXHVHUHYHODVHFDPELHQSRU
RWUDDXWRULGDG\ILQDOLGDGSROLWLFDTXHDXQTXHVHMXVWLILFDWHRULFDPHQWHGLFLHQGRSURYHQLUGHHVH'LRV
TXHVHUHYHODORFRQWUDGLFHHQHOFDPELR\HQORTXHVHHYLGHQFLDFRPRFRQVHFXHQFLDGHOFDPELR+D\
PDVWRGDYLD3DUHFHULDTXHVHKDQROYLGDGRORVYHUGDGHURVREMHWLYRVGHOFULVWLDQLVPRUHYHODGR(VH
FULVWLDQLVPRDSDUHFHFRPRLQFRPSDWLEOHFRQORVREMHWLYRVGHXQLGDGPXQGLDO\GHODSUHVHQFLDWHUUHQDGH
XQDDXWRULGDGTXHVHGLFHVXSUHPD\FRPRLQYHQWDGDSRU'LRV&UHHPRV\ORKHPRVSUREDGR
VREUDGDPHQWHHQRWUDGHQXHVWUDVREUDVTXHGHVGHHVDIHFKD&RQVWDQWLQLDQDHOFROHFWLYRURPDQRTXHVH
DXWRSURFODPDFULVWLDQRUHSUHVHQWDGRHQHORELVSDGRGH5RPDQRWLHQHHQFXHQWDODFRQFHSFLRQGH5HLQR
GH'LRVTXHPXHVWUDXQDGLUHFFLRQDOLGDGRSXHVWDDODGHOUHLQRGHHVWHPXQGR+DSHUGLGRHOQRUWHGHOR
TXHVLJQLILFDYLYLU\SUHGLFDUHOUHWRUQRGHO0HVLDVFRPRLQPLQHQWHSDUDFDGDH[LVWHQFLDTXHDFDEDFRQ
ODPXHUWH\TXHSRUWDQWRKDGHYLYLUXQDH[LVWHQFLDGHSUHSDUDFLRQSHURWHQLHQGRFRPRUHIHUHQFLDWRGR
ORTXHLPSOLFDHOWUD\HFWRLGHRORJLFRTXHGHVGHODSULPHUDYHQLGDKDVWDODVHJXQGDVHFLUFXQVFULEHGH
DFXHUGRDODVROD(VFULWXUDSDUDFDGDSHUVRQD\FROHFWLYRJHQHUDFLRQDO6XUJHXQD,JOHVLDGHSRGHUHQOR
HFRQRPLFRHQORVDFUDPHQWDO\HQHODSR\RGHOEUD]RVHFXODUTXHHOODPLVPDKDFUHDGRWUDQVIRUPDQGR
ODVIRUPXODVHVSLULWXDOHVHQFRQFHSFLRQHVSROLWLFDVTXHFRPRWDOHVOOHYDODPDUFDGHODDERPLQDFLRQ
(VWRHVODHYLGHQFLDGHTXHDOJRPX\JUDYHKDVXFHGLGR1RVHWUDWDGHXQDDSRVWDVLDUHVSHFWRDOD
YHUGDGVLQRGHDOJRTXHLQWURGXFHHOYHKLFXORGHODDSRVWDVLDTXHGHVGHODUHEHOLRQVDWDQLFDH[LVWH\VH
SUR\HFWDHQODKLVWRULD/DFRUULHQWHGHDSRVWDVLDRULJLQDGDHQHOFRVPRVSRUHO0DOFRQVLVWHHQVXVWLWXLU
ODDXWRULGDGHLGHRORJLDTXHVXVWHQWDHO*RELHUQRR5HLQRGH'LRVSRURWUDDXWRULGDGHLGHRORJLDTXHVH
DXWRHULJHFRPRDXWHQWLFD\TXHVHSUHVHQWDFRUULJLHQGR\PRGLILFDQGRORUHYHODGR\UHSUHVHQWDGRSRUHO
'LRVTXHVHUHYHOD/RPDVGUDPDWLFRVHSUHVHQWDFRPRUHSUHVHQWDQWHGHHVDDXWRULGDGGLYLQDSHURVXV
FRQWHQLGRVVXVPHWRGRVHYLGHQFLDGRVHQODKLVWRULDFRQWUDGLFHQDVXVDILUPDFLRQHV\VHLGHQWLILFDFRQ
ORVVLVWHPDVTXHODDSRFDOLSWLFDSURSRQH
(ODQDOLVLVTXHHVWDPRVKDFLHQGRQRVD\XGDDFRPSUHQGHUHOSURFHVRGHODJOREDOL]DFLRQTXH
HPSH]DQGRSRU%DELORQLDILQDOL]DHQQXHVWUDHSRFD/RVPLVPRVREMHWLYRVORVPLVPRVSURWDJRQLVWDVORV
PLVPRVLQWHUHVHVHVWDQSUHVHQWHVKR\FRPRORHVWXYLHURQHQODHSRFD&RQVWDQWLQLDQD6LVHSUHVWD
DWHQFLRQDWRGRHOSURFHVRKLVWRULFR\DFDGDPRPHQWRFXOPLQDQWHTXHSUR\HFWD\DILDQ]DOD
GLUHFFLRQDOLGDGKLVWRULFDVHFRPSUREDUDTXHLQGHSHQGLHQWHPHQWHGHORVYDORUHVHFRQRPLFRV\GHODV
QHFHVLGDGHVPDWHULDOHVKXPDQDVKD\XQDOXFKDLGHRORJLFDTXHHQIUHQWDGRVPRGRVGHFRQFHELUOD
H[LVWHQFLDODTXHSURSXJQDODSHUSHWXDFLRQHQHVWDWLHUUDGHOPDOGHOVXIULPLHQWRGHODHQIHUPHGDG\GH
ODPXHUWHPHGLDQWHXQDDFWXDFLRQKXPDQDTXHSUHWHQGHUHVROYHUODSUREOHPDWLFDKXPDQDPHGLDQWHXQ
RUGHQDPLHQWRPXQGLDOTXHIDFLOLWHODH[LVWHQFLDGHODKXPDQLGDGDXQTXHVLQFRQVHJXLUOR\ODTXH
HVWXGLDQGRODKLVWRULDFRPSUXHEDTXHXQLFDPHQWHHO5HLQRGH'LRVWUDLGRSRUHO0HVLDVHQVXSULPHUD
YHQLGD\FRPSOHWDGRFRQVXVHJXQGDYHQLGDOLWHUDOYLVLEOHSDUDWRGRHOFROHFWLYRKXPDQRVROXFLRQDUDOR
TXHVHKDSUHVHQWDGRLQVROXFLRQDEOH6LQHPEDUJRODXQLGDGQXQFDORJUDGDVHODFRQVLGHUDFRPRODFDXVD
HVHQFLDOGHORVIUDFDVRVKXPDQRV(QXQFRQWH[WRGHQDFLRQFULVWLDQDVHOOHYDDFDERXQDOHFWXUDTXHVL
ELHQORVLPSHULRVXQLYHUVDOHVKDELDQWHQLGRHQFXHQWDDVXVGLRVHVRDVXGLRVDKRUDVHLQYROXFUDDO'LRV
TXHVHUHYHODFRPRHORULJLQDGRUGHODPLVLRQGHREWHQFLRQGHODXQLGDGGHOJHQHURKXPDQR\HOGDGRU
GHODDXWRULGDGVXSUHPDDDOJXLHQTXHOHUHSUHVHQWDHQODWLHUUDVDFULILFDQGRDOSULQFLSH0HVLDVGHVXV
YDORUHVFHOHVWLDOHV-QFI'QFIH
LQWHUSUHWDQGRORFRPRXQDDXWRULGDGSROLWLFDWUDVODGDGDDHVWDWLHUUDDODPDQHUDDERPLQDEOHGHORV
LPSHULRVXQLYHUVDOHVTXHGHVGH%DELORQLDVHYLHUWHHQODKLVWRULD
7RGRHVWRKD\TXHYDORUDUORSDUDODFRPSUHQVLRQGHODDSRFDOLSWLFDGH'DQLHO\$SRFDOLSVLV6LELHQ
KHPRVVHOHFFLRQDGRHVWHFDSLWXORGHQXHVWUDSXEOLFDFLRQ/DYRFDFLRQGHSRGHUHQODHUDGHOD
JOREDOL]DFLRQODQHFHVLGDGGHODXQLGDGPXQGLDOFRPRVHQWLGRGHODKLVWRULDDFRQVHMDPRVVXHVWXGLR
>@
SDUDXQDPHMRUFRPSUHQVLRQGHODDSRFDOLSWLFD
 /RV YDORUHV KLVWRULFRV TXH QRV D\XGDQ D LQWHUSUHWDU OD
DFWLYLGDGGH5RPD\HOFXHUQRSHTXHQR

(O RULJHQ GHO VHQWLGR GH OD 6XSUHPDFLD 3DSDO RULHQWDQGR OD

KHJHPRQLD HQ 2FFLGHQWH (O ,PSHULR 5RPDQR \ OD +HUHQFLD
&RQVWDQWLQLDQD
$FWXDFLRQ GH &RQVWDQWLQR FRPR UHSUHVHQWDQWH GHO ,GHDULR ,PSHULDO
5RPDQR\GHVXSUR\HFFLRQHQOD,JOHVLDMXQWRD(XVHELRGH&HVDUHD\
ORVRELVSRVGH5RPD
&RQVWDQWLQRFRPRVXVSUHGHFHVRUHVVLJXHVLHQGR$XJXVWRXQ(PSHUDGRUTXHHQFDUQDHQVXSHUVRQD
>@
WRGRORTXHVLJQLILFD
5RPD
 (VDGHPDVXQSXHQWHWHQGLGR\FRPXQLFDWLYRKDFLDXQD,JOHVLDHQOD
>@
TXHVXVPD[LPRVUHSUHVHQWDQWHVHQ5RPDVRQSURFOLYHVDXQHQWHQGLPLHQWRFRQHO,PSHULR \TXH
WHUPLQDUDFODXGLFDQGR\DFHSWDQGRHOHQYLWH&RQVWDQWLQLDQR
'HVGHHOIDPRVRHGLFWRGH0LODQDFRQWHFHQWRGDXQDVHULHGHHYHQWRVTXHORVKLVWRULDGRUHVQRKDQ
WHQLGRPDVUHPHGLRTXHVHQDODUORVFRPRORVFDXVDQWHVGHOLQLFLRGHXQWLSRGH,JOHVLD,PSHULDODLPDJHQ
\VHPHMDQ]DGHODSURSLDDSRVWDVLD5RPDQD\TXHVHDSDUWDGHODVHVWUXFWXUDVHVHQFLDOHVGHODVIXHQWHV
>@
GHOFULVWLDQLVPR
>@
/RVDXWRUHVGH/D+LVWRULDGHOD,JOHVLD&DWROLFD GLFHQGHOHGLFWRGH0LODQ
(QHOSURJUDPDGH0LODQHVHYLGHQWHHOVHOORGHODYROXQWDGFRQVWDQWLQLDQDFRQILJXUDGRUDTXHGHDFXHUGRFRQODFRQFHSFLRQ
DQWLJXDFRQVLGHUDEDDOFULVWLDQLVPRFRPRJDUDQWLDGHELHQHVWDUSXEOLFR\ORYLQFXODEDDVXSROLWLFDLPSHULDO!!
"4XHLPSOLFRHVWDYLQFXODFLRQGHODUHSUHVHQWDFLRQHFOHVLDOOODPDGDFULVWLDQDDODSROLWLFD,PSHULDO"
6RORHOFRPSRUWDPLHQWR\DFWLWXGHVTXH&RQVWDQWLQRDVXPHFRQODFRQQLYHQFLDGHXQFROHFWLYRLJOHVLD
UHSUHVHQWDWLYRTXHDFHSWDVHUSDUWHLQWHJUDQWHGHODLGHD,PSHULDO5RPDQDTXH&RQVWDQWLQRHQFDUQD\TXH
GHQLQJXQPRGRDEDQGRQDUDHVVXILFLHQWHFRPRSDUDHVWXGLDUDHVHWLSRGH,JOHVLD\DORTXHUHVXOWHGHOD
LQWHJUDFLRQ
(QSULQFLSLRQRVOODPDODDWHQFLRQODFDQWLGDGGHIDYRUHVPHUFHGHVGLQHURHGLILFDFLRQHV
DXWRULGDGHVSUHIHFWXUDVHWFTXHDSDUWLUGHOHGLFWRVHRWRUJDQDXQD,JOHVLDTXHKDSHUGLGROD
RULHQWDFLRQGHTXLHQHVVXDXWHQWLFR-HIH
>@
(VWHHGLFWRIXHVHJXLGRGHPXFKDVRWUDVPHUFHGHVDIDYRUGHOD,JOHVLD!!
'HVGHHODQR&RQVWDQWLQRPDQLIHVWRXQD
VLPSDWLDDFWLYD
KDFLDHOFULVWLDQLVPRTXHVHH[SUHVRHQPXFKDVRFDVLRQHV\GH
IRUPDV GLYHUVDV SURSRUFLRQR  FRQVLGHUDEOHV VXPDV GH GLQHUR  SXVR D GLVSRVLFLRQ GH OD ,JOHVLD HO SDODFLR GH /HWUDQ 
SDUWLFLSRHQODHGLILFDFLRQGHPXFKDV,JOHVLDV/RVFULVWLDQRVSXGLHURQDVXPLUORVFDUJRVHVWDWDOHVPDVDOWRV
>@
PDQLIHVWRVXLQWHUHVSRUOD,JOHVLDOHJLVODQGRDVXIDYRU\OOHJDQGRDUHFRQRFHUOHXQHVWDWXWRSDUWLFXODU!!
(QVHJXQGROXJDUGHVFXEULPRVXQD$OLDQ]DTXHVXSRQHXQFRPSURPLVRGHHVD,JOHVLD
3RUWDQWRVHSXVRDODFDEH]DGHOQXHYRPRYLPLHQWR$OLDQGRVHFRQOD,JOHVLDSRGLDHVSHUDUTXHXVDQGRGHSUXGHQFLDDO
PLVPRWLHPSRTXHGHHQHUJLDODKDULDVHUYLUGHLQVWUXPHQWRSDUDODFRQVROLGDFLRQ\UHYLYLILFDFLRQGHOLPSHULR
(VWDV IXHURQ ODV LGHDV TXH GHWHUPLQDURQ D &RQVWDQWLQR D SURPXOJDU HO HGLFWR GH 0LODQ \ TXH LQVSLUDURQ VX SROLWLFD HQ
>@
DGHODQWH!!
 (VWHWLSRGHFRPSURPLVRYHQGUDPDUFDGR\FUHDUDXQFRQWHQLGRSRUODVDFWLWXGHVPDQLIHVWDGDVWDQWR
SRU&RQVWDQWLQRFRPRSRUHVD,JOHVLDTXHHVWDDGPLWLHQGRVXLQWHJUDFLRQ2EVHUYDPRVHQWRGDOD
FRQGXFWDGH&RQVWDQWLQRODLGHDGHVRPHWHUDOD,JOHVLDDOVHUYLFLRGHO,PSHULRPDVRPHQRVFRPRHO
6DFHUGRFLRSDJDQRGHODHSRFDLPSHULDOORKDELDHVWDGRDO(PSHUDGRU
(QXQUHFRUULGRGHODYLGDGH&RQVWDQWLQRGHDFXHUGRDODVWHVLVTXHVRVWLHQHQGLIHUHQWHV
LQYHVWLJDGRUHVVHUHYHODXQWHUFHUDVSHFWRTXHHQFLHUUDYDULDVGHVXVDFWLWXGHV\SRVLFLRQHVTXHQRV
SHUPLWHQVDEHUORTXHVXSXVRHVDYLQFXODFLRQGHOD,JOHVLDDO,PSHULR
1RKXERUXSWXUDFRQODUHOLJLRQSDJDQDGHODTXH&RQVWDQWLQRHUDDGHSWRJHVWDQGRVHXQ
HQWHQGLPLHQWRFRQXQD,JOHVLDTXHKDELDHYROXFLRQDGRGHDFXHUGRDODVSUHWHQVLRQHVGH8QLGDG,GHDO
TXHHO,PSHULR5RPDQRH[LJLD(OHGLFWRGH0LODQVHKDELDGDGRDSULPHURVGHODQRHQHOYHUDQR
PRULD'LRFOHFLDQR
>@
&RQVWDQWLQRSHUPLWLRTXHHO6HQDGRHQ5RPDGHFODUDUDGLYLQRDOGLIXQWR!!
(VWRFRQHOSURFHVRTXHVHLQLFLD\GHVDUUROODVLUYHSDUDFDWDORJDUOD,GHRORJLD&RQVWDQWLQLDQD\ORTXH
VHREWHQGUDGHVXDOLDQ]DFRQOD,JOHVLD
6HFRQVWLWX\HHQ-HIH\3RQWLIH[0D[LPXV6XPR3RQWLILFHRUJDQRYLVLEOHGHODGLYLQLGDGGHXQD
,JOHVLDGHODTXHQLWDQVLTXLHUDHVPLHPEUR
"5RPSLRSRUWDQWRHOSULPHUHPSHUDGRUFULVWLDQRFRQHOSDJDQLVPRWUDGLFLRQDOPHQWHXQLGRDO(VWDGRURPDQR"6HULDH[FHVLYR
>@
DILUPDUORHOSULQFLSHFRQWLQXRVLHQGRSRQWLIH[PD[LPXV!!
<DVDEHPRVODVFRQQRWDFLRQHVTXHSRVHHGLFKRWLWXORFRQHOFXOWRDO(PSHUDGRU\FRQOD-HIDWXUD
>@
DEVROXWDWDQWRGHORWHPSRUDOFRPRGHORUHOLJLRVR DKRUDFRPSUREDPRVTXH&RQVWDQWLQRVHHULJH
GHDFXHUGRDO,GHDULR,PSHULDO5RPDQRHQOD$XWRULGDG6XSUHPDGHODSURSLD,JOHVLD
EDMRODSUHVLRQGHODVQHFHVLGDGHVSROLWLFDVHLPSXOVDGRWDPELHQSRUXQDDFWLWXGUHOLJLRVD&RQVWDQWLQROOHJRDVHUVLQ
HPEDUJRHOSULPHUMHIHGHOD,JOHVLDGHOLPSHULRVRVWHQLHQGR\UHJHQWDQGRHVWD,JOHVLDFRQXQDDXVHQFLDGHHVFUXSXORVWDQJUDQGH
>@
FRPRSHOLJURVD!!
&RQODVXELGDGH&RQVWDQWLQR\FRQODIXVLRQGHOD,JOHVLDFULVWLDQD\GHVXVLQWHUHVHVFRQHOLPSHULR\ORVVX\RVDGTXLULROD
FRQWLHQGDQXHYDLPSRUWDQFLD\ODSROLWLFDLPSHULDOWXYRTXHLQIOXLUIRU]RVDPHQWHHQHOOD&RQVWDQWLQRDSURYHFKDQGRHOFLVPD
ORJUR VRPHWHU D VXV SODQHV SROLWLFRV DOD ,JOHVLD YHQFHGRUD \ KDFHU GH HOOD XQ LQVWUXPHQWR LPSRUWDQWH GH VX DXWRULGDG
>@
LPSHULDO!!
(QWRQFHV VH YLR TXH HO HPSHUDGRU VLQ VHU PLHPEUR GH OD ,JOHVLD QL VLTXLHUD H[WHULRUPHQWH HUD HO FHQWUR GLUHFWLYR GH ORV
GHEDWHV (O KDELD FRQYRFDGR HVWH SULPHU FRQFLOLR HFXPHQLFR ILMDQGR OXJDU \ WLHPSR GH OD UHXQLRQ  \ HO DEULR \ SUHVLGLR ORV
GHEDWHV
>@
$GHPDVVREUHODGHFLVLRQGRJPDWLFDILQDOGHHVWHFRQFLOLRHMHUFLR&RQVWDQWLQRXQDLQIOXHQFLDGHFLVLYD!!
(VWD-HIDWXUDQRHVVLPSOHPHQWHKRQRULILFDHVIUXWRGHOD$XWRULGDGTXHOHRWRUJDHOWLWXOR3RQWLIH[
0D[LPXV
 HO YXHOYH SXHV D WRPDU  OD LGHD GHO 3RQWLIH[ 0D[LPXV LPSHULDO TXH 'HFLR \ 'LRFOHFLDQR KDELDQ LQWHQWDGR DSOLFDU
XQLILFDQGRODYLGDUHOLJLRVDGHOLPSHULRVREUHODEDVHGHODDQWLJXDUHOLJLRQQDFLRQDOGH5RPD
([DFWDPHQWHFRPRHO3RQWLIH[0D[LPXVGHOSDVDGRHOVHVLHQWHOODPDGRHQVXFDOLGDGGHHPSHUDGRUGLYLQRDVHUHQODWLHUUDHO
>@
RUJDQRYLVLEOHGHOD'LYLQLGDG!!
(VWRLPSOLFDEDSHUSHWXDUGHDOJXQPRGRHOFXOWRDO(PSHUDGRUPRVWUDUXQFRQWLQXLVPRGHOD
UHOLJLRQVRODUGH&RQVWDQWLQRHLQWURGXFLUXQDGLUHFFLRQDOLGDG
(FOHVLDVWLFD
DFRUGHDOSDUDGLJPD
,PSHULDO
/RVKLVWRULDGRUHVFDWROLFRVGLUDQ
&RQVWDQWLQR HUD DGHSWR DO FXOWR VRODU FRPR IRUPD PDV HOHYDGD GHO PRQRWHLVPR HO FULVWLDQLVPR OH SDUHFLD FRPR XQD GH ODV
>@
IRUPDVGHODUHOLJLRQVRODUGHODTXHHUDDGHSWR\ORLQWHJURHQVXVFRQFHSFLRQHVUHOLJLRVDV!!
"3RUTXHOHSDUHFHULDD&RQVWDQWLQRTXHHOFULVWLDQLVPRGHOD,JOHVLDGH5RPDHUDXQDGHODV
IRUPDVGHOD5HOLJLRQ6RODU"
"1RVHULDSRUTXHDOJXQDVGHODVPDUFDVLGHQWLILFDGRUDVGHHVDUHOLJLRQVRODUHVWDEDQLQWHJUDGDVGH
DOJXQPRGRHQODLGHRORJLDGHOD,JOHVLDGH5RPD\TXHFRQODVDGLFLRQHV\UHWRTXHVTXHVHSXHGHQGDU
HQVXHSRFDSHUPLWLULDXQHQWHQGLPLHQWR\HPSDUHMDPLHQWR"
(OHVSHFLDOLVWDVREUHHOVLJQLILFDGRGH&RQVWDQWLQRSDUDHO&ULVWLDQLVPR$OLVWDLU.HHUHFRJHXQD
DILUPDFLRQSUREDGD
)XHGXUDQWHHOUHLQDGRGH&RQVWDQWLQRHO*UDQGHTXHHOFXOWRGHO'HXV6RO,QYLFWXVDOFDQ]RFRWDVH[WUDRUGLQDULDVGHWDOPRGR
TXHLQFOXVRVHGHFLDTXHVXUHLQDGRHUDHOLPSHULRGHO6RO&RQVWDQWLQRHUDODSHUVRQLILFDFLRQGHO'HXV6RO,QYLFWXVHQODWLHUUD\
>@
SRGLDFRQVLGHUDUTXHODHVWDWXDGHOVROTXHKDELDHQHO)RUR\OOHYDEDVXQRPEUHHUDXQDHVWDWXDGHHOPLVPR!! 
1RVRODPHQWHKD\XQDDVLPLODFLRQGHOFULVWLDQLVPRGHQWURGHVXUHOLJLRQVRODUVLQRTXH
FRQVHFXHQWHPHQWHKD\XQDSDJDQL]DFLRQGHORFULVWLDQRKDVWDHOSXQWRTXHKD\XQDPDWL]DFLRQVXWLOHQWUH
HOFXOWRDO(PSHUDGRU\ORTXHUHVXOWDGHSRQHUDHVWRHQFRQFRUGDQFLDFRQODQXHYDUHOLJLRQ
2EVHUYHVHORTXHORVKLVWRULDGRUHVGLFHQVREUHHOSDUWLFXODU
1RVRODPHQWH&RQVWDQWLQRQRDEROLRHOFXOWRGHO(PSHUDGRUVLQRTXHORSXVRHQDUPRQLDFRQHOFULVWLDQLVPR\FRQVLJXLRTXHOD
>@
,JOHVLDORDFHSWDUD!!
"'HTXHIRUPDORSXVRHQDUPRQLDFRQHOFULVWLDQLVPR""<TXHWLSRGHFULVWLDQLVPRSRGLDVHUHVHTXH
SHUPLWLDVHPHMDQWHDFWLWXG"
$OLVWDLU.HHHQXQDWHVLVHMHPSODUSRUVXULJRUQRVORH[SOLFDGHXQPRGRVRUSUHQGHQWH
$ SDUWLU GH $OHMDQGUR HO 0DJQR H[LVWLR XQD WUDGLFLRQ GH FXOWR LPSHULDO HQ OD FXDO HO (PSHUDGRU HUD GLYLQR $ SRFRV
HPSHUDGRUHVOHVLQWHUHVDEDVHUGLYLQRV/RLPSRUWDQWHSDUDHOORVHUDVLDVXSROLWLFDVHOHSRGLDFRQIHULUODFDWHJRULDGHGLYLQDHV
GHFLUVLSRGLDUHFODPDUXQDIXHU]DDEVROXWD(VWHHVHOSURSRVLWRTXHVXE\DFHHQHOFXOWRLPSHULDOQRHODEVXUGRGHFRQVLGHUDUTXH
XQKRPEUHHVGLYLQRVLQRRFXOWDUHORWURDEVXUGRHOGHDFHSWDUODSROLWLFDGHXQKRPEUHFRPRGLYLQD\SRUHQGHPHUHFHGRUDGH
>@
DFHSWDFLRQDEVROXWD!!
"<FRPRVHSRGLDUHFRQRFHUODSROLWLFDGHXQKRPEUHFRPRGLYLQD"
(O /RJRV GLULJH HO FRVPRV GHVGH HO FLHOR SHUR \ OOHJDPRV DKRUD DO FHQWUR GHO DUJXPHQWR GH (XVHELR HO /RJRV WLHQH XQ
UHSUHVHQWDQWHHQODWLHUUD
<HVWHPLVPR8QLFRTXHVHULDHO*REHUQDGRUGHWRGRHVWHFRVPRVHO8QLFRTXHHVWDSRUHQFLPDGHWRGRDWUDYHVGHWRGR\HQ
WRGR YLVLEOH H LQYLVLEOH HO RPQLSUHVHQWH /RJRV GH 'LRV GH TXLHQ \ D WUDYHV GH TXLHQ OOHYDQGR OD LPDJHQ GHO UHLQR VXSHULRU HO
VREHUDQRTXHULGRGH'LRVHQLPLWDFLRQGHO3RGHU6XSHULRUOOHYDHOWLPRQ\HQGHUH]DWRGDVODVFRVDVGHODWLHUUD
"+DELDSHUGLGRVXGLYLQLGDG"3HURTXHJDQDQFLDDKRUDVHOHGHFODUDEDVREHUDQRTXHULGRGH'LRVODLPLWDFLRQ
>@
HODJHQWH\KRPRORJRGHO/RJRVGLYLQRDTXLHQODWLHUUD!!
 &RQVWDQWLQR SXGR DOFDQ]DU VX REMHWLYR 3RU PHGLR GHO JUDQ FDPELR VX SROLWLFD SDVR D VHU FRQVLGHUDGD OD YROXQWDG GHO
/RJRV
 5HQXQFLR JXVWRVDPHQWH D OD GHLILFDFLRQ SHUVRQDO HQ DUDV GHO REMHWLYR PDV LPSRUWDQWH OD GHLILFDFLRQ GH WRGR OR TXH HO
>@
UHSUHVHQWDED!!
7RGDYLDQRFRPSUHQGHPRVSRUTXHVHOHRWRUJDHOVHUHOUHSUHVHQWDQWHGHO/RJRVRHO
DPLJRGH'LRV

>@

$OLVWDLU.HHQRVGDODFODYHDWUDYHVGHODSURSLDH[SOLFDFLRQGH(XVHELRHQVX9LGDGH&RQVWDQWLQR
'HO PLVPR PRGR TXH HO /RJRV KD JREHUQDGR HQ HO FLHOR VLJOR WUDV VLJOR 6X DPLJRJRELHUQD HQ OD WLHUUD GXUDQWH ODUJRV
>@
SHULRGRVGHDQRV!!
'HOPLVPRPRGRTXHHO6DOYDGRU8QLYHUVDOKDFHTXHWRGRHOFLHOR\WRGDODWLHUUD\HOUHLQRPDVHOHYDGRVHDQGLJQRVGH6X
3DGUHWDPELHQ6XDPLJRFRQGXFLHQGRDVXVVXEGLWRVHQODWLHUUDDO8QLJHQLWR\6DOYDGRU/RJRVORV KDFH LGRQHRV SDUD VX UHLQR
>@
!!
(OSDUDOHOLVPRFRQVWDQWHTXHUHDOL]D(XVHELRHQWUHODDFWXDFLRQGHO/RJRVGHVGHXQSXQWRGHYLVWD
FRVPLFR\HVSLULWXDO\ODVDFWLYLGDGHVGH&RQVWDQWLQRHQIDYRUGHOD,JOHVLDELHQOHJLVODQGRDIDYRUGH
HOODRELHQGHIHQGLHQGRODPHGLDQWHJXHUUDVYLFWRULRVDVIUHQWHDVXVHQHPLJRVHVORTXHOHSHUPLWH
GHQRPLQDUOHHO5HSUHVHQWDQWHGHO8QLJHQLWR/RJRVHQODWLHUUD
(XVHELRUHWRUQDDOWHPDGHTXHODYLFWRULDTXHHO/RJRVFRQVLJXHHQORVDVXQWRVHVSLULWXDOHVHVDOFDQ]DGDSRUHOVREHUDQRVX
>@
DPLJRHQHOPXQGRPDWHULDOFRQWUDORVHQHPLJRVGH'LRV
6XDPLJRDUPDGRFRQWUDVXVHQHPLJRVFRQHOHVWDQGDUWHGH(OTXHHVWDDUULEDVRMX]JD\FDVWLJDDORVRSRQHQWHVYLVLEOHVGHOD
>@
YHUGDGSRUODOH\GHOFRPEDWH!!
7RGRVHVWRVHOHPHQWRV\ODWHPDWLFDIRUPDQSDUWHGHODUHOLJLRQDVWUDORFRVPLFDGHODTXHHO
0LWUDLVPRKDGHMDGRFRQVWDQFLD
(O6HU6XSHULRUGHO&LHORHO/RJRVWLHQHXQUHSUHVHQWDQWHHQODWLHUUDHO(PSHUDGRU&RQVWDQWLQR
1RWHVHFRPRODJXHUUDVHKDFHQHFHVDULDSDUDLPSRQHUHORUGHQHQODWLHUUDGHDFXHUGRDODSUR\HFFLRQ
GHODUHOLJLRQDVWUDO
7RGRHVWRQRVHQVHQDXQDPDWL]DFLRQGHOFXOWR,PSHULDOSHURQRXQDUXSWXUD&RQVWDQWLQRMXQWRFRQVXV
&RQVHMHURVVXSRPHGLDQWHXQFDPELRGHWHUPLQRORJLDPDQWHQHUODVPLVPDVFRVWXPEUHVTXHDQWHVHQOR
UHODWLYRDHVWHFXOWR6HSXHGHKDVWDQHJDUFRQODSDODEUDTXHVHHVWHRIUHFLHQGRXQDDGRUDFLRQDOD
SHUVRQDSHURVHSXHGHQDVXPLUWRGRVORVULWRVGHOPLVPRPHGLDQWHHOWUXFRWHRORJLFRGHFXOWRV
LQIHULRUHVTXHQRSRUHVRGHMDQGHVHUFXOWRVGHDGRUDFLRQSUHWHQGLHQGRGLIHUHQFLDUORVGHOFXOWR
VXSHULRU(QHOFXOWRDO(PSHUDGRUH[LVWLDQWLWXORVFRPRVDOYDGRUVDQWLVLPR3RQWLIH[0D[LPXVHWF
VDOXGRFXOWLFRFRPRHOGHODJHQXIOH[LRQWRGRHVWR\PXFKRPDV&RQVWDQWLQRVLJXHDGPLWLHQGRSDUDVX
SHUVRQD
 &RQVWDQWLQR  KDFLHQGRVH OODPDU VDOYDGRU GHVLJQDGR SRU 'LRV HQYLDGR GHO 6HQRU  RUGHQR TXH VH OH ULQGLHUDQ
>@
KRQRUHVFRPR
UHSUHVHQWDQWHGH&ULVWR
YLFDULXV&KULVWL\TXHOHHQWHUUDVHQFRPR
GHFLPRWHUFHU$SRVWRO
!!
1RVRORVHKDFHOODPDU9LFDULRGH&ULVWRVLQRTXHVXSHUDQGRDORVHPSHUDGRUHVDQWHULRUHVGHQRPLQD
DVXSDODFLRWHPSORGLYLQRGRPXVGLYLQDSRUFXDQWRGHDOJXQPRGRYDDFRELMDUDQRVWUXPQXPHQ
>@
QXHVWUDGLYLQLGDGDGHPDVGHDGMXQWDUOHHOSUHGLFDGRGHVDFUDWLVVLPXVVDJUDGLVLPR
0HGLDQWHORVUHFRQRFLPLHQWRVTXHOD,JOHVLD,PSHULDOOHKDFHQDGDPHQRVTXHFRPRHOUHSUHVHQWDQWH
>@ >@
HQODWLHUUDGHO8QLJHQLWR/RJRV RELVSRGHWRGRVQRPEUDGRSRU'LRV \HO
FRQVHQWLPLHQWRGHODSHUPDQHQFLDGHDFWLWXGHV\PDQLIHVWDFLRQHVSDJDQDVGHOWLWXOR3RQWLIH[0D[LPXV
>@
FRQWRGRORTXHLPSOLFD VHQRVGHVFXEUHORTXHVXUHOLJLRQVRODUTXHQXQFDDEDQGRQRFRQILJXUD\
RULHQWDVXFRPSRUWDPLHQWRSROLWLFRUHOLJLRVRDUURJDQGRVHHQVXILJXUDKLVWRULFDODUHSUHVHQWDWLYLGDGGH
>@
'LRVHQODWLHUUDDOTXHVHOHSXHGHDGRUDUPHGLDQWHVXSHUVRQDTXHOHUHSUHVHQWD
(VGHHVWHPRGRTXHSXHGHHULJLUHQODQXHYD&RQVWDQWLQRSODXQDHVWDWXDTXHSULPHUROOHYDUDOD
>@
UHSUHVHQWDFLRQGHODFDEH]DGH$SROR\GHVSXHVODVX\DSURSLD HVWDWXDDODTXHVHOHGDUD
>@
DGRUDFLRQWDQWRSRUSDJDQRVFRPRSRUFULVWLDQRV \DOILQDOGHXQDYLGDGHDGHSWR6RODUPDWL]DGR
FRQWHUPLQRORJLDFULVWLDQD\DTXHOORTXHVHSXHGHLQFRUSRUDUUHFLEHHOEDXWLVPRGHOD,JOHVLD,PSHULDO
>@
TXHHOPLVPRKDELDIRUMDGRGHDFXHUGRDO,GHDULR,PSHULDO5RPDQR\DVXWHRORJLD6RODU GHVSXHV
HO6HQDGRYRWRVXGHLILFDFLRQOD,JOHVLD&DWROLFDJULHJDORGHFODUDXQQXHYRDSRVWRO\OD,JOHVLD&DWROLFD
>@
GH$UPHQLD\OD5XVDORYHQHUDQFRPR6DQWR
'HVGHODGHLILFDFLRQHQHOYHUDQRGHOGH'LRFOHFLDQRSRURUGHQGH&RQVWDQWLQRKDVWDVXEDXWLVPR\
GHLILFDFLRQHQHOOLPLWHDQWHULRU\SRVWHULRUDVXPXHUWHHVWDHYLGHQFLDQGRTXH&RQVWDQWLQRQRURPSLRFRQ
ODUHOLJLRQSDJDQDQLDFHSWRXQFULVWLDQLVPRJHQXLQRWDQVRORDSOLFRXQDIRUPXODGHFRQFRUGLDHQWUHXQD\
RWURVDFULILFDQGRORPDVHVHQFLDOGHODIHFULVWLDQDSULPLWLYD
5HVXOWDGRVGHODDSOLFDFLRQGHVX7HRORJLD6RODU
/DWHRORJLDVRODUHVXQDFODYHSROLWLFDSDUDFRQVHJXLUODXQLGDGGHXQ,PSHULRGLYLGLGR
LGHRORJLFDPHQWH(OFULVWLDQLVPRKDOOHJDGRDFRPLHQ]RVGHOV,9FRQXQDIXHU]DTXHVHRSRQHHQDOJXQRV
GHVXVSUHVXSXHVWRVDODFRQFHSFLRQGHO,GHDULR,PSHULDO5RPDQR+DKDELGRFRQIOLFWRVFRQODSROLWLFD
URPDQDHYLGHQWHV/DVSHUVHFXFLRQHVDXQTXHOLPLWDGDVQRKDQSRGLGRHYLWDUHOIOXMRGHOFUHFLPLHQWR
3RURWUDSDUWHOD,JOHVLDGH5RPDKDPDQLIHVWDGRXQDHYROXFLRQHQODTXHFLHUWRVFRPSURPLVRVELEOLFRV
KDQTXHGDGRDSDUFDGRV+DUHYHODGRTXHQRKDWHQLGRLQFRQYHQLHQWHDFRPRGDUVHDXQDWHRORJLDPDWL]DGD
SRUDOJXQRVGHORVSUHVXSXHVWRVGHODUHOLJLRQPLWUDLFDHQWUHORVTXHVHHQFXHQWUDHOGLDGHO6ROR
GRPLQJRDILQGHXQLUDWRGRVORVTXHYLHQHQGHODVRFLHGDGURPDQDFRQVXGLDGHO6RODXQ&DWROLFLVPR
URPDQRTXHKDDGRSWDGRHVHPLVPRGLDGHO6ROGHVSUHVWLJLDQGRHO6DEDGRGHOD5HYHODFLRQELEOLFD\
VHSDUDQGRVHGHVXVUDLFHVKHEUHDV(OGLDIHVWLYR\VDJUDGRHVXQHOHPHQWRGHXQLGDGGHSULPHURUGHQ
3HUPLWHSRQHUODVEDVHVSDUDXQLILFDUFULWHULRV\FRQWDFWDUVHPDQDOPHQWHFRQXQSXEOLFRTXHKDDFFHGLGR
SUHYLDPHQWHDGLFKRGLDHVFRJLGR\TXHSRUORWDQWRPDQWLHQHXQDUHODFLRQIDYRUDEOH\XQDFRQWLQXLGDG
DOLPHQWDGDSRUODLGHRORJLDGHOTXHOHVRIUHFHHVHGLDVLJQRGHXQLGDG
'HVGHDQWHVGHPHGLDGRVGHOV,,G-VDEHPRVTXHWDQWRHO&DWROLFLVPRURPDQRFRPRODVRFLHGDG
5RPDQDHVWDQWHQLHQGRHQFRPXQFXDWURDVSHFWRVLPSRUWDQWHVTXHPXHVWUDQODSRVLELOLGDGGHXQLRQHO
>@
GLDGHO6ROFRPRGLDIHVWLYR XQDRSRVLFLRQDORVMXGLRVFRQWRGRORTXHHOORLPSOLFDOD
LQWURGXFFLRQHLQIOXHQFLDGHOSHQVDPLHQWRKHOHQLFRFRQWRGDVVXVLPSOLFDFLRQHVFRQFLHUWRVFRQFHSWRVGH
ODWHRORJLDVRODULQYROXFUDGRVHQHOYHKLFXORKHOHQLFR\XQDHVWUXFWXUDFLRQPRQDUTXLFRDEVROXWLVWDHQ
>@
VXFRQFHSFLRQRUJDQL]DWLYDIUXWRGHHVDWHRORJLDVRODU
 9DORU GHO 6ROLV 'LHV FRPR UHSUHVHQWDWLYR GH OD SHUPDQHQFLD GH ODV LPSOLFDFLRQHV GH OD
,GHRORJLD6RODU
6HJXQHOFULWHULRGHORVH[SHUWRVODUHOLJLRQHVHQFLDOPHQWHRFXSDEDHOXOWLPROXJDUHQHOWUDWDPLHQWR
GH&RQVWDQWLQR\DTXHHVWDVHLQWHJUDSHUIHFWDPHQWHFRPRXQHOHPHQWRGHPDQLREUDSROLWLFD
/DSROLWLFDGH&RQVWDQWLQRQRHVWDGHWHUPLQDGDSRUODUHOLJLRQVLQRTXHHVWDYLHQHGHWHUPLQDGDSRUODSROLWLFDLPSHULDOOD
>@
UHOLJLRQIRUPDSDUWHGHVXHVWUDWHJLD!!
&XDQGRORVLQYHVWLJDGRUHVFRQVXOWDQHO&RGH[7KHRGRVLDQXVUHFRSLODFLRQGHHGLFWRVLPSHULDOHVVH
VRUSUHQGHQGHODDXVHQFLDGHHMHPSORVGHFRPSURPLVRFULVWLDQRSRUSDUWHGH&RQVWDQWLQRGHODPLJRGH
'LRVFRPROHOODPD(XVHELRFRVDTXHVLVHHQFXHQWUDHQVXVVXFHVRUHV<OODPDSRGHURVDPHQWHOD
DWHQFLRQODFURQLFDUHODWLYDDODOHJLVODFLRQVREUHHO'LHV6ROLV3ULPHURSRUFXDQWRVHWUDWDGHODSULPHUD
LPSRVLFLRQRILFLDOGHOGRPLQJRRSULPHUGLDGHODVHPDQDFRPRGLDGHUHSRVRGHDFXHUGRDODUHOLJLRQ
VRODUGHODTXH&RQVWDQWLQRHUDDGHSWR(QVHJXQGROXJDUSRUTXH(XVHELRHO2ELVSRDPLJRGH
&RQVWDQWLQRHQVD\DFRQVWDQWHPHQWH
GHLPSRQHUXQDLQWHUSUHWDFLRQFULVWLDQDDODVOH\HVFRQVWDQWLQLDQDVUHODWLYDVDOGRPLQJR6LQHPEDUJRFXDQGR&RQVWDQWLQR
SURPXOJD XQ HGLFWR TXH DFODUD OR TXH VH SXHGH R QR VH SXHGH KDFHU HQ GLFKR GLD XWLOL]D OD IRUPXOD SDJDQD GLHV VROLV SDUD
GHVFULELUOR
6HQFLOODPHQWHSRUTXH1RVSDUHFHGHORPDVLQGHFRURVRTXHHO'LDGHO6ROTXHVHFHOHEUDSRUVXSURSLDYHQHUDFLRQVHRFXSH
>@
FRQTXHUHOODVMXULGLFDV!!
>@
/DVSHUPXWDFLRQHVTXHVXFHGHQVHKDFHQPHGLDQWHODFULVWLDQL]DFLRQWHUPLQRORJLFDGHORSDJDQR
$OLVWDLU.HHKDSUREDGRVREUDGDPHQWHTXHHODPLJRGH&RQVWDQWLQRHO2ELVSR(XVHELRGH&HVDUHDHVHO
>@
IDOVLILFDGRUPDVJUDQGHGHWRGDODKLVWRULD KDFHDSDUHFHUD&RQVWDQWLQRFRPRXQFULVWLDQRGHYRWR\
FRQYHUWLGRSHURFXDQGRVHSURIXQGL]DHQHOWH[WR\HQODVDOWHUQDWLYDVTXHSRVHHPRVVREUHODYLGD\
KHFKRVGH&RQVWDQWLQRHODVXQWRFDPELDGHFDUL]
1RROYLGHPRVFRPR\DKHPRVYLVWRTXHODUHOLJLRQGH&RQVWDQWLQRQRHVODGHXQDGRUDGRUGH&ULVWR
>@
VLQRGHO6RO <FRQMXJDVXUHOLJLRQSHUVRQDOFRQODGHXQ&ULVWLDQLVPRWUDQVIRUPDGRDVXLPDJHQ\
VHPHMDQ]DSDUDDOFDQ]DUSHUPDQHQWHPHQWHVXREMHWLYRODFRQVHUYDFLRQGHOD
XQLGDGGHO,PSHULR
\SRU
HQGHGHOPXQGR
/DDFWLWXGDQWLVHPLWDGHOHPSHUDGRU&RQVWDQWLQRHVREOLJDGDPHQWHSROLWLFD/DVUDLFHVGHO
FULVWLDQLVPRHVWDQHQHOMXGDLVPRELEOLFRSHURODSROLWLFDGH&RQVWDQWLQRH[LJHGHTXHORVFULVWLDQRV
ROYLGHQHVDVDVFHQGHQFLDVSXHVWRTXHDOJXQDVGHVXVGRFWULQDVFRPXQHVDORVFULVWLDQRVQRVRQ
DGHFXDGDVSDUDODSROLWLFDGHOHPSHUDGRUEDVDGDHQODWHRORJLDVRODUTXHRIUHFHODXQLGDGQHFHVDULD(Q
VXHSLVWRODDO&RQFLOLRGH1LFHDH[SUHVD
>@
1RWHQJDPRVSXHVQDGDHQFRPXQFRQODGHWHVWDEOHPXOWLWXGMXGLD!!
&RQVWDQWLQRKDFRPSUHQGLGRTXHSDUDVXSROLWLFDGHXQLGDGHVFRQYHQLHQWHQRGLYLGLUDODVRFLHGDG\
ODUHOLJLRQPLQRULWDULDMXGLDORKDFLD
(VLQWHUHVDQWHFRPSUREDUXQHMHPSORUHSUHVHQWDWLYRGHODSROLWLFDXQLRQLVWD&RQVWDQWLQLDQDPHGLDQWH
XQDOHJLVODFLRQHQUHODFLRQDOGLDGHILHVWDTXHVHKDELDGHJXDUGDUFRQHVFUXSXORVLGDGHQWRGRHO
,PSHULR(O6DEDGRVHQDOQRVRORGHODUHOLJLRQMXGLDVLQRPRQXPHQWRDOD&UHDFLRQ\5HGHQFLRQTXH
QRVSURYHHODLGHQWLGDGH[WHUQDGHODSHUWHQHQFLDDO'LRVTXHVHUHYHODHQODV6DJUDGDV(VFULWXUDVHV
DUULQFRQDGRSRU&RQVWDQWLQRSDUDSURYHHUXQQXHYRGLD
(OGLDGHO6RODILQDO0LWUDLVPRGHRULJHQSHUVDUHOLJLRQDVWUDO\GHPLVWHULRVTXHHQHOSULPHUVLJOR
>@
D-\DVHKDELDLQWURGXFLGRHQODVOHJLRQHV\VRFLHGDGURPDQD \TXHHQXQDHYROXFLRQDQWLMXGLD
SRUSDUWHGHFLHUWRVFULVWLDQRVHQFXHQWUDVXFXOPLQDFLRQHQODOHJLVODFLRQLPSHULDOGH&RQVWDQWLQRDGHSWR
GHODUHOLJLRQVRODUTXHDGPLWHHO6ROLV'LHVRGRPLQJRFRPRGLDGHILHVWDREOLJDDOHJLVODUVREUHHO
'RPLQJRTXHGXUDQWHFHUFDGHGRVVLJORVOD,JOHVLD&DWROLFD5RPDQDKDPDQWHQLGRHQXQUHFKD]RGHO
6DEDGRMXQWRDOSURSLR,PSHULR5RPDQR3HURDKRUDHVSUHFLVRDSOLFDUORFRQIXHU]DGH/H\DWRGRHO
,PSHULR
&RQVWDQWLQRFRPRDGRUDGRUGHO'LRV6ROSUHVFULEHHVHGLDFRPRHOXQLFRIHVWLYRVHPDQDO
2EVHUYHVHSDUWHGHVXGHFUHWRGHO
>@
4XHWRGRVORVPDJLVWUDGRV\FLXGDGDQRVUHSRVHQHQHOYHQHUDEOHGLDGHOVRO\TXHFHVHQWRGRVORVWUDEDMRV!! 
6HQFLOODPHQWHSRUTXH1RVSDUHFHGHORPDVLQGHFRURVRTXHHO'LDGHO6ROTXHVHFHOHEUDSRUVXSURSLDYHQHUDFLRQVHRFXSH
>@
FRQTXHUHOODVMXULGLFDV!!
&RQVWDQWLQRHQWRGRVXGHFUHWRXWLOL]DODIRUPXODSDJDQD
'LHV6ROLV
VLQHPEDUJR(XVHELRGH&HVDUHD
HQVXDIDQGHTXHDSDUH]FDQORVWUXHTXHVFULVWLDQL]DGRVEDXWL]DDO
GLDGHOVRO
FRPRVLHQGRHO
GLDGHO
>@
6HQRU-HVXFULVWR

6HWUDWDUHDOPHQWHGHXQVREHUDQRGHODFDVDGHO6RO,QYLFWXVTXHLPSRQHSDUDWRGRHO,PSHULROD
REVHUYDQFLDSDJDQDGHO'LDGHO6ROH[WHQGLGR\DHQWRGRVX,PSHULRHQOXJDUGHOGLDGHO6DEDGR
LQVWLWXLGRHQOD&UHDFLRQREVHUYDGRSRUORVMXGLRV\PDJQLILFDGRSRU-HVXFULVWR\GHORVTXHHO
FULVWLDQLVPRSULPLWLYRKHUHGR
/DVXSHUYLYHQFLDGHO6DEDGRGLDGHUHSRVRDQFODGRHQODWUDGLFLRQMXGLD\FULVWLDQDSULPLWLYDVXSRQLD
XQDGLYLVLRQGHPDVLDGRIODJUDQWHSDUDODUHOLJLRQSDJDQDTXH&RQVWDQWLQRHVWDFUHDQGRUHPRYLHQGRORV
SLODUHVLGHRORJLFRV\RUJDQL]DWLYRVSULQFLSDOHVGHO&ULVWLDQLVPR9HDPRVODVFRQH[LRQHVHQWUHHOGLDGHO
6RO\ODHVWUXFWXUD,PSHULDO\HFOHVLDVWLFDTXH&RQVWDQWLQRFRQODD\XGDGHO2ELVSRGH5RPD\GH
(XVHELRGH&HVDUHDPDQLILHVWDQ
 (VWUXFWXUD 0RQDUTXLFD $EVROXWLVWD D WUDYHV GH OD $XWRULGDG 6XSUHPD PHGLDQWH HO WLWXOR
3RQWLIH[0D[LPXV\2UGHQ8QLWDULRTXHVHSUR\HFWDGHVGHHO&LHORDOD7LHUUD'HVYDORUL]DFLRQGH
OD SHUVRQD GH -HVXFULVWR \ GH OD ,JOHVLD SRU (O IXQGDGD \ RSRVLFLRQ D OD QDWXUDOH]D \ VHQWLGR GHO
5HLQRGH'LRV
1RFDEHQLQJXQDGXGDTXHHQODWUDQVIRUPDFLRQGHXQD,JOHVLDTXHWLHQHFRPR-HIHDEVROXWRDO
(PSHUDGRUTXHHVVHJXQ&RQVWDQWLQR\(XVHELRGH&HVDUHDHOUHSUHVHQWDQWHOHJLWLPRGHO8QLJHQLWR
/RJRVHQODWLHUUDKDWHQLGRTXHKDEHUXQGHVSRMRGHORTXHHQWLHQGHOD(VFULWXUDVREUHHOSURSLR
-HVXFULVWR\OD,JOHVLDQRYRWHVWDPHQWDULD(QSULQFLSLRKD\XQVRORUHSUHVHQWDQWHHQODWLHUUDGHO/RJRV
-HVXFULVWR\HVWHHVHO(VSLULWX6DQWRTXHVHPDQLILHVWDHQOD,JOHVLDWRGDHQWHUD(OUHSUHVHQWDQWHYLVLEOH
GH-HVXFULVWRQRHVQLQJXQKRPEUHVLQROD,JOHVLD
(QODRUDFLRQGHDODEDQ]DKDFLD&RQVWDQWLQR(XVHELRTXHVLJXHODVGLUHFWULFHVGHHVWHDILUPDOD
ILORVRILDSROLWLFDGHOQXHYRLPSHULRFULVWLDQRGHODIRUPDFRQTXHQRVORGHVFULEH1RUPDQ%D\QHV
/D EDVH GH HVD ILORVRILD SROLWLFD VH HQFXHQWUD HQ OD FRQFHSFLRQ GHO JRELHUQR LPSHULDO FRPR FRSLD WHUUHQDO GHO JRELHUQR GH
'LRVHQHOFLHORKD\XQ'LRV\XQDOH\GLYLQDSRUFRQVLJXLHQWHHQODWLHUUDWLHQHTXHKDEHUXQVRORJREHUQDQWH\XQDVRODOH\(VH
>@
JREHUQDQWHHOHPSHUDGRU5RPDQRHVHOYLFHUUHJHQWHGHO'LRVFULVWLDQR!!
(XVHELRFRQVLGHUDHQHVDDODEDQ]DDOUH\&RQVWDQWLQRLQVSLUDGRGHVGHHOFLHORSRU&ULVWRHO/RJRV
>@
<SUHVHQWDHOUHLQRHQODWLHUUDWRPDQGRFRPRPRGHORORTXHHOVXSRQHTXHGLFKRUHLQRHVHQHO
>@ >@
FLHOR /D0RQDUTXLDDEVROXWDDYHQWDMDDFXDOTXLHURWURWLSRGHFRQVWLWXFLRQRJRELHUQR
VHJXQODFRQFHSFLRQGHODUHOLJLRQDVWUDORWHRORJLDVRODUHVSRUHOORTXHHO/RJRVKDRIUHFLGRXQ
>@
PRGHORGHSRGHUUHDODOKRPEUH \HVHKRPEUHHV&RQVWDQWLQR7RGDVODVFRVDVTXHKDUHDOL]DGR
PDWDQ]DV\DVHVLQDWRVKDELDQVLGRGHFUHWDGDVSRUHO6XSUHPR6REHUDQRGHVGHHOFLHORFXDQGRSUHVHQWRD
>@
XQJXHUUHURLQYHQFLEOHFRPRD\XGDQWHVX\R /RVDXWRUHVVHKDQSHUFDWDGRTXHQDGDGHHVWR
SURFHGHGHOSHQVDPLHQWRELEOLFRVLQRGHODILORVRILDKHOHQLVWLFDGHODGLJQLGDGUHDOLQIOXHQFLDGDFRQOD
>@
UHOLJLRQDVWUDO
3DUDHVWDFRQFHSFLRQKDWHQLGRTXHKDEHUXQGHVSOD]DPLHQWRWDQWRGHORVFRQWHQLGRV\YDORUHVGH
-HVXFULVWRFRPRGHOD,JOHVLD
/D,JOHVLDVHKDWUDQVIRUPDGRHQXQDSDUFHODGHO,PSHULRGRPLQDGR\GLULJLGRSRUXQKRPEUHTXHVH
DXWRDUURJDOD$XWRULGDG6XSUHPDVREUHWRGRVWDQWRORUHODWLYRDORUHOLJLRVRFRPRDORSROLWLFR
H[WHULRUL]DQGRVHSRUPHGLRGHOWLWXOR3RQWLIH[0D[LPXV$ODYH]HVLQVSLUDGRGHVGHHOFLHORSRUHO
/RJRVFRQVWLWX\HQGROHD&RQVWDQWLQRHQVXUHSUHVHQWDQWHHQODWLHUUDSDUDFRQVROLGDUOD8QLGDGGHO
,PSHULRWDQWRHQPDWHULDSROLWLFDPLOLWDUFRPRUHOLJLRVDGHDKLTXHVHDXWRSURFODPH9LFDULRGH&ULVWR
\9LFHUUHJHQWHGH'LRV(VWRHYLGHQFLDTXHVHHVWDH[KLELHQGRXQ-HVXFULVWRWRWDOPHQWHGLVWLQWR\RSXHVWR
DOHVSLULWX\ODOHWUDGHO(YDQJHOLR<DQRFXHQWDSDUDQDGDHO-HVXFULVWR3DFLILFDGRUQL5HGHQWRU(OSODQ
GHOD6DOYDFLRQVHKDVXVWLWXLGRSRUXQ0HVLDVWHUUHQR&RQVWDQWLQRTXHOLEHUDDORVFULVWLDQRVGHVXV
>@ >@
HQHPLJRV \VDOYDDOPXQGR\DOD,JOHVLD GHVSOD]DQGRDOYHUGDGHUR&ULVWRGHOOXJDUTXH
OHFRUUHVSRQGH<ORPDVSHOLJURVRSRUODFRQIXVLRQTXHHQWUDQDHO5HLQRGH'LRVKDVLGRXVXUSDGR
SRUXQDPRQDUTXLDDEVROXWDTXHSUHWHQGHJURVHUDPHQWHLPLWDUOH'LRVKDHVWDEOHFLGRFODUDPHQWHTXHHO
5HLQRGH'LRVYLHQHDOILQDOGHORVWLHPSRV\QRSRUPDQRKXPDQDVLHQGRWRWDO\DEVROXWDPHQWHDMHQRD
FXDOTXLHUFRVDGHHVWDWLHUUD,QFOXVRODSURSLD,JOHVLDHYDQJHOLFDJHQXLQDOOHQDGHODHVSHUDQ]DGHO
$GYLHQWRQRLGHQWLILFD,JOHVLDFRQ5HLQRGH'LRVVLQRTXHHVVDOYDJXDUGDGRUDGHORVSULQFLSLRVTXH
ULJHQHQGLFKR5HLQRDQXQFLDGRUD\H[SHULPHQWDGRUDGHHOORVGHDFXHUGRDODSUHGLFDFLRQGH-HVXFULVWR
 >@
FXDQGRHQVXSULPHUDYHQLGDLQDXJXURHO5HLQRGH'LRVHQVXIDVHGHODJUDFLD
&XOWRDOD3HUVRQD
+HPRVYLVWRODGHLILFDFLRQGHO(PSHUDGRU\HOSDUDOHOLVPRHQWUHORFHOHVWHHO6RO\HOUHLQR
WHUUHVWUHUHSUHVHQWDGRSRUHO(PSHUDGRUTXHVHDFRJHDODUHOLJLRQDVWUDO
(OFXOWRDODSHUVRQDHVHOUHVXOWDGRQRUPDOGHDTXHOTXHVHDUURJDOD$XWRULGDG6XSUHPDFRQFHGLGD
SRUODGHLGDGUHSUHVHQWDGDHQHOWLWXOR3RQWLIH[0D[LPXV
$OVDOXGRTXHGLULJHQD&RQVWDQWLQRORVH[VROGDGRV&RQVWDQWLQR$XJXVWR4XHORVGLRVHVWH
>@
JXDUGHQSDUDQRVRWURV7XVDOYDFLRQHVQXHVWUDVDOYDFLRQ!! QRVHOHSRQHQLQJXQUHSDUR\ORVTXH
>@
ORHIHFWXDQQRYHQHQHOORDPHQD]DRFRQWUDVHQWLGRSDUDODUHOLJLRQTXH&RQVWDQWLQRWLHQH
'HODQWHGHODVHVFXOWXUDVGHVXSHUVRQDVHSRQHQODPSDUDV\FLULRV\VHRUDSDUDVROLFLWDUODFXUDFLRQ
>@
GHHQIHUPHGDGHV
 /D FUHHQFLD HQ OD LQPRUWDOLGDG GH VX SHUVRQD SUHVHQFLD SHUVRQDO HQ ORV FLHORVDO PRULU \ VX
FXOWR
>@
/DVLPDJHQHV\VXFXOWR\ODFUHHQFLDGHODHQWUDGDHQORVFLHORVDOPRULU DSDUHFHQFRPR
IRUPDQGRSDUWHGHODLGHRORJLDGH&RQVWDQWLQR
(VWDDFWLWXGHUDORJLFDSRUFXDQWRVHJXQODUHOLJLRQDVWUDOHOKRPEUHSRVHHXQDOPDLQPRUWDO\GH
DFXHUGRDOLGHDULRLPSHULDOURPDQRORV(PSHUDGRUHVVRQGLYLQL]DGRV\SRUORWDQWRDOPRULURFXSDQXQ
OXJDUSUHIHUHQFLDOHQHOFLHORUHFLELHQGRFXOWR
9LROHQFLD*XHUUD\3HUVHFXFLRQ5HOLJLRVD
(OFDVWLJRLQIOLJLGRFRQWUDHOHVFODYRRHOOLEHUWRTXHDFXVDDVXDPRRSDWURQHVODFUXFLIL[LRQ&RPR
FULVWLDQRPHHVLPSRVLEOHFRQFHELURDFHSWDUODSHQDGHPXHUWHQLODFUXHOGDGGHODTXH&RQVWDQWLQRKDFH
JDODSRUGLIHUHQWHVFDXVDVSHURTXHDGHPDVODSHQDOLGDGVHDODGHODFUXFLIL[LRQPDQLIHVWDULDORTXHORV
LQYHVWLJDGRUHVYHQHQ&RQVWDQWLQRXQDVLPSOHIDFKDGDHQODTXHHVFRQGHXQRGLRVHFUHWRKDFLDORV
YDORUHV\GRFWULQDVDXWHQWLFDPHQWHFULVWLDQDV
$KRUDELHQHVWDOHJLVODFLRQFRQVWLWXFLRQRFRQGXFWDVQRFRUUHVSRQGHQDORVFRQWHQLGRVGHOD/H\
GLYLQDPDQLIHVWDGDHQHO'HFDORJR\UDWLILFDGDHQHO1XHYR7HVWDPHQWR([-HUFI
+E6WJVLPSOHPHQWHDWDQHDXQSDJDQR
/DDFWLWXGPDQLIHVWDGDFRQWUDORTXHHOLQWHUSUHWDVHUKHUHMLDRFXDQGRFUHLDDPHQD]DGDVX$XWRULGDG
>@ >@
6XSUHPD PHGLDQWHHOXVRGHODSHUVHFXFLRQUHOLJLRVD RPDWDQGRHVXQDUJXPHQWRPDVHQ
FXDQWRDTXHORVYDORUHVFULVWLDQRVUHVSHFWRDODQRYLROHQFLDOLEHUWDGGHFRQFLHQFLD\HOQRPDWDUDV\D
>@
QRWLHQHQODPLVPDYLJHQFLD
/DVGRFWULQDVHYDQJHOLFDVKDQVXIULGRXQGHWHULRURWDQSDOSDEOHTXHORVDXWRUHVUHODWDQODGHJHQHUDFLRQ
>@
HQOD)HHYDQJHOLFDDOFDQ]DGDHQODHSRFD&RQVWDQWLQLDQD
0DV SURQWR VH YLR TXH HVWD PLVPD ,JOHVLD KDELD UHQXQFLDGR D VX LQGHSHQGHQFLD SULPLWLYD \ KDELD HQWUDGR HQ XQ SHULRGR
QXHYR HQ HO FXDO HO SRGHU WHUUHQDO HO LPSHULDO HPSH]R D HMHUFHU LQIOXHQFLD VREUH VX YLGD LQWHULRU \ DXQ VREUH VX HVHQFLD
>@
GRJPDWLFD!!

/RTXHH[WHULRUL]DODDVXQFLRQGHOGLDGHO6RO
 &RQFOX\HQGRHVWHDSDUWDGRSRGHPRVGHFLUTXHODUHOLJLRQDVWUDOHQVXYHUWLHQWHVRODUH[LJHSRUSDUWH
GHODGHLGDGXQFRPSRUWDPLHQWRFRPRHOTXHVHREVHUYDHQHOHPSHUDGRU&RQVWDQWLQR\TXHDTXLKHPRV
SRUPHQRUL]DGR<TXHSRUORWDQWRODDVXQFLRQGHOGLDGHO6RODGHPDVGHORTXHVXSRQHSRUVLPLVPR
HVWDLQWHJUDPHQWHXQLGRDXQDDFWLWXGTXHUHVSRQGHUDDXQDFRQGXFWD\DXQDLGHRORJLDTXHVHSURSRQH
DOFDQ]DUXQRVREMHWLYRV(OGLDGHO6ROQRORSRGHPRVDLVODUVLQPDVGHVXHIHFWRSXUDPHQWHIHVWLYRR
VDJUDGR(ODFWRGHUHFKD]DUDOJRTXHQRHVWDFRQWHPSODGRHQHORULJHQFI0WXS*Q
0FQLHQORVSULQFLSLRVGHOD/H\QDWXUDOSURPXOJDGDHQWLHPSRVGH0RLVHV([
SHURH[LVWHQWHGHVGHHOSULQFLSLRFID-QFI*Q\YLJHQWHSDUDORV
FULVWLDQRV0W5P(I6WJ
LPSOLFDXQPRWLYRTXHQRVHSXHGHRFXOWDUFRQXQDDUJXPHQWDFLRQSXUDPHQWHKXPDQDGHFRUDGDFRQ
WHUPLQRORJLDFULVWLDQD<HVHPRWLYRODKLVWRULDQRVORGHVFXEUHODSROLWLFDHFOHVLDVWLFDGH5RPDFRQVX
RELVSRDOIUHQWHDFHSWDHOGLDGHO6RORSULPHUGLDGHODVHPDQDRGRPLQJRSRUTXHHQWUHHOSURVHOLWR
MXGLR\HOURPDQRSUHILHUHDHVWHXOWLPRDGHPDVGHFRQIRUPDUVHDODSURSLDFRUULHQWHSROLWLFRUHOLJLRVD
GHO,PSHULRPDQLIHVWDGDHQXQDQWLMXGDLVPRTXHGHFODUDHQWUHRWUDVFRVDVDOVDEDGRFRPRSURVFULWRSRU
>@
ODOH\ \HQXQDDVXQFLRQGHFLHUWDVSUHPLVDVGHODWHRORJLDVRODU\HVWRFRPRXQTXHUHU
GLIHUHQFLDUVHGHODVUDLFHVKHEUHDV\FRPRXQHOHPHQWRHFXPHQLFRDILQGHDOFDQ]DUXQDSRVLEOHDOLDQ]D
FRQGLFKR,PSHULRTXHIDFLOLWDULDODWDUHDGHORTXHHQWLHQGHFRPRHYDQJHOL]DFLRQ
7KHRGRU=DKQH[SRQH
$QWHV LQFOXVR GH TXH &RQVWDQWLQR KXELHUD GHFLGLGR HOHYDU HO FULVWLDQLVPR DO UDQJR GH UHOLJLRQ GRPLQDQWH HQ HO LPSHULR HO
VRQDED FRQ XQD UHOLJLRQ GH HVWDGR PRQRWHLVWD GH OD FXDO HO FULVWLDQLVPR IRUPDULD SDUWH /D LQWURGXFFLRQ GHO GRPLQJR FRPR GLD
>@
JHQHUDOGHUHSRVROHSDUHFLRODH[SUHVLRQVLJQLILFDWLYD\HILFD]GHHVWDXQLRQ!!
7HQLHQGRHQFXHQWDWRGRORGLFKRSURIXQGLFHPRVPDVHQHOOR
/DDVXQFLRQGHOD5HOLJLRQ$VWUDO\ODLQIOXHQFLDGHOD7HRORJLD6RODUHQOD,JOHVLDGH5RPD
<DKHPRVYLVWRODXQLRQTXHVHGDHQWUH,JOHVLDH,PSHULR5RPDQRHQODHSRFD&RQVWDQWLQLDQD
7DPELHQHOFRPRVRQDFHSWDGDVODVFUHDFLRQHVTXHVHGDQSRUSDUWHGH&RQVWDQWLQRHQODFRQVWUXFFLRQ
GHXQD,JOHVLDLPSHULDOVLQGHMDUVXUHOLJLRQVRODU7DPELHQKHPRVHVWXGLDGRORVDQWHFHGHQWHVWDQWRGHO
,PSHULR5RPDQRKDVWDOOHJDUD&RQVWDQWLQR\ORVGHOD,JOHVLDGH5RPDHOFRPRKD\XQSDUDOHOLVPR
FRQYHUJHQWHDORODUJRGHFHUFDGHGRVVLJORVFRQXQDFRUULHQWHDQWLMXGLD\FRQODDVXQFLRQGHODWHRORJLD
VRODUHQODDFHSWDFLRQGHOGLDGHO6RORSULPHUGLDGHODVHPDQDMXQWRDRWURVDVSHFWRVTXHHVWDQ
LPSOLFDGRVHQHVDDFHSWDFLRQGHOGLDGHO6RO
/RTXHKDUHPRVDFRQWLQXDFLRQHVPRVWUDUTXHOD,JOHVLDGH5RPDHQDTXHOODHSRFDFRQVXVGLULJHQWHV
PDVUHSUHVHQWDWLYRVUHFRJHQXQDQWHFHGHQWHHYROXWLYRTXHVHKDFRPSRUWDGRHQORHVHQFLDOHQSDUDOHOR
DO,PSHULRHQXQSURFHVRGHDVLPLODFLRQGHORIXQGDPHQWDOGHOD5HOLJLRQ$VWUDOR6RODUDILQGHSRGHU
FRQIOXLUHQHOPRPHQWRKLVWRULFRRSRUWXQRFRQHO,PSHULR5RPDQR\GHHVWHPRGRFRLQFLGLUFRQHO
LGHDULR&RQVWDQWLQLDQR$GHPDVGHFUHDUHOIXWXURGHXQD,JOHVLD,PSHULDOTXHWLHQHFRPRVLJQRGHXQLGDG
HOGLDGHO6ROFRPRSULPHUGLDGHODVHPDQDR'RPLQJRHQEDVHDOHJLVODFLRQHVDORV2ELVSRVGH5RPD
GHOPRPHQWRMXQWRDRWURVHVFULWRUHV\SURWDJRQLVWDVUHSUHVHQWDWLYRV\D&RQFLOLRV7RGRHOORDSDUWHGH
OR\DLQGLFDGRQRVGDUDXQDLGHDGHODLPSRUWDQFLDHLPSOLFDFLRQHVTXHVXSXVRHVHGLDGHO6ROSDUDHO
HQJHQGURGHXQD,JOHVLD5RPDQDFRQWRGDXQDWHUPLQRORJLDFRQFHSWXDOFULVWLDQDTXHVLQXQD
SURIXQGL]DFLRQHQVXQDWXUDOH]DSUHPLVDVHKLVWRULDHYDGHVXLGHQWLGDG&RQVWDQWLQLDQD
/DDFHSWDFLRQGHO6ROLV'LHV'LDGHO6ROR'RPLQJR\HOVLPEROLVPRGHO6ROSDUDLGHQWLILFDUD
&ULVWR
&RQVWDQWLQR HUD DGHSWR DO FXOWR VRODU FRPR IRUPD PDV HOHYDGD GHO PRQRWHLVPR HO FULVWLDQLVPR OH SDUHFLD FRPR XQD GH ODV
>@
IRUPDVGHODUHOLJLRQVRODUGHODTXHHUDDGHSWR\ORLQWHJURHQVXVFRQFHSFLRQHVUHOLJLRVDV!!
 /RVDXWRUHVGHHVWDFLWDVXSRQHQDOPHQRVTXH&RQVWDQWLQRFRQIXQGLRDOFULVWLDQLVPRGHVXHSRFD
FRPRXQDGHODVIRUPDVGHODUHOLJLRQVRODU
/DFXHVWLRQHVVDEHUVLKDELDPRWLYRVSDUDHOOR
D(O6ROLV'LHVVHPDQDO\VXFRQWHQLGRSROLWLFRUHOLJLRVR
>@
3RUODFLWDGH-XVWLQR\7HUWXOLDQR VHGHPRVWUDEDTXHDSDUWLUGHXQFLHUWRPRPHQWROD,JOHVLDGH
5RPDVHDGVFULEHDO6ROLV'LHVGHDFXHUGRDORTXHUHVXOWDVHUWUDGLFLRQDOHQODVRFLHGDGURPDQD
$KRUDSRGHPRVFRPSUHQGHUDWHQRUGHORH[SXHVWRTXHODHOHFFLRQGHO6ROLV'LHVSRUOD,JOHVLDGH
5RPDHVXQDPHGLGDSROLWLFDGHSULPHURUGHQ&RQHO6DEDGRFRPRGLDGHILHVWDQRSXHGHRWRUJDUHVD
>@
8QLGDGTXH5RPD,PSHULDOKDHQFRQWUDGRHQHOFXOWRRULHQWDOGH0LWUD3XHVWRTXHHO6DEDGR
URPSHFRQODVRFLHGDGURPDQDTXHVHRSRQHDXQ-XGDLVPRSRURWUDSDUWHUHEHOGH\TXHWLHQHFRPRGLD
GHUHSRVRHO6DEDGR(O6DEDGRQRWLHQHHVHFDUDFWHUXQLYHUVDOLVWD\XQLWDULRTXHODSROLWLFDGHOPRPHQWR
GHPDQGDXQWLSRGHVRFLHGDGPXQGDQDTXHKDFRQILJXUDGRODWHRORJLD6RODUTXHSURYHHQODVUHOLJLRQHV
DVWUDOHVHQWUHODVTXHGHVWDFDQHO0LWUDLVPR(O'RPLQJRFRQORTXHLPSOLFDLGHRORJLFDPHQWHKD
HFKDGRUDLFHVWDQSURIXQGDVHQODVRFLHGDGURPDQDTXHHOTXHTXLHUDJDQDUODKDGHVHULQYROXFUDQGRVHHQ
ORVHOHPHQWRVIXQGDPHQWDOHVTXHODUHOLJLRQDVWUDOUHSUHVHQWDGDHVHQFLDOPHQWHSRUHO0LWUDLVPRKD
GHSRVLWDGRHQORVFRQGXFWRVTXHDGKLHUHQDODUEROVROLGDPHQWHVREUHODWLHUUD
'HDKLTXHDSDUWLUGHOV,,G-FLHUWRVDXWRUHVGHOD,JOHVLDGH5RPDDGYLHUWDQODQHFHVLGDGGHHVD
LQYROXFLRQ(QXQSURFHVRDOSULQFLSLROHQWRDXQTXHYLVLEOH\TXHUHFLELUDSOHQDIRUPDFRQ&RQVWDQWLQR
VHYDDGDSWDQGRHVHFULVWLDQLVPRDOSDJDQLVPRGH0LWUDDFHSWDQGRVHYDULRVHOHPHQWRVSULQFLSDOHVTXH
GHPXHVWUDQHVDGHSHQGHQFLDDODUHOLJLRQVRODUTXHHO,PSHULR5RPDQRSUR\HFWDHQVXVLWXDFLRQSROLWLFR
UHOLJLRVD
/DDVXQFLRQGHO6ROLV'LHVURPSHFRQHO-XGDLVPRDXQFXDQGRHO1XHYR7HVWDPHQWRVLJDHVWDQGR
>@
SHJDGRDHOHQWUHRWUDVFRVDVHQORTXHVHUHILHUHDO6DEDGR $FHSWDUHO6ROLV'LHVVXSRQH
UHFRQRFHUORFRPRUHSUHVHQWDWLYRGH8QLGDGFRQHO,PSHULR\GHVPDUTXHFRQHO-XGDLVPR8QLGDGFRQORV
FLXGDGDQRVGHO,PSHULRGRQGHVHKDELDSURSDJDGRHO&XOWR6RODU\FRQORV*REHUQDQWHVURPDQRVTXHKDQ
DFHSWDGRHVHGLDFRPRIHVWLYR\OLWXUJLFR
E(O&ULVWR6RO\HO6ROLV'LHV
1RHUDGLILFLOWDPSRFRHOLGHQWLILFDUD&ULVWRFRQHO6RO/DLQWHQFLRQDOLGDGGHHVWDFRQIOXHQFLDVH
PDQLILHVWDFXDQGRFRPSDUDVODVSLQWXUDVSDJDQDVPRVWUDQGRDOVROR0LWUDEDMRODIRUPDGHXQKRPEUH
FRQXQGLVFRGHWUDVGHODFDEH]DFRQHODQWLJXRPRVDLFRGHRULJHQFULVWLDQRUHSUHVHQWDQGRD&ULVWRFRQHO
>@
6ROVXELGRVREUHXQDFXDGULJD\FRQXQOLPERGHWUDVGHODFDEH]D
(OVLPEROLVPRVRODUHVHPSOHDGRSRUORVOODPDGRV3DGUHVGHOD,JOHVLDSDUDKDEODUGH&ULVWRFRPR
>@
6ROGH-XVWLFLDFRPR6ROGH2ULHQWHFRPRHOXQLFR6ROTXHVHOHYDQWDHQHOFLHOR
,QGHSHQGLHQWHPHQWHGHOFRQWHQLGRDSRORJHWLFRGHODVSUHGLFDFLRQHVFULVWLDQDVDORVSDJDQRVSDUDTXH
>@
VHFRQYLHUWDQDOYHUGDGHUR6ROQRVHSXHGHHYLWDUODFRQIXVLRQ <WRGDYLDPHQRVVLHVWDSURFHGH
GHXQDEDVHTXHQRHVFRKHUHQWHFRQHOWH[WRELEOLFR6HKDELDPDQLSXODGRHOGLDGHOVROSDJDQR
KDFLHQGRORFRLQFLGLUFRQHOGLDGH-HVXFULVWRHOGLDGHO6HQRU(UDORJLFRTXHVLVHTXHULDVHU
FRQVHFXHQWHFRQHOSDUDOHOLVPRHQWUHODUHOLJLRQDVWUDO\ORVTXHSURPXHYHQVHPHMDQWHFRPSDUDFLRQ
KDELDTXHOOHJDUDODFHOHEUDFLRQGHHVHGLDGHOVROFRPRIHVWLYRVLORVDGRUDGRUHVGH0LWUDHO6RO
,QYLFWXVFRQVDJUDQXQGLDHVSHFLDOSDUDVX'LRV6ROHO6ROLV'LHVR'RPLQJR\VLYRVRWURVDGRUDLVDO
'LRV6RO-HVXFULVWRHVORJLFRTXHFHOHEUHLVYXHVWURFXOWRHQXQGLDHVSHFLDOWDPELHQ3HUR"TXHGLDVH
HVWLSXODSDUDHO6RO""(O6DEDGRMXGLRTXHVHJXQODVHPDQDSODQHWDULDSDJDQDFRUUHVSRQGHD6DWXUQR""2
HOGRPLQJRTXHGHDFXHUGRDHVDPLVPDVHPDQDSODQHWDULDOHFRUUHVSRQGHHO6RO"
>@
3DUD-XVWLQRWDOFRPRLQGLFDEDPRVQRKDELDGXGD ODFUHDFLRQGHODOX]HQHOSULPHUDGLDGHOD
VHPDQD\ODUHVXUUHFFLRQGHO6ROGHMXVWLFLDHQHOSULPHUGLDGHODVHPDQDHVVXILFLHQWHSDUDDGRSWDUHO
>@
GLDGHO6ROFRPRGLDGHO6HQRU
(XVHELRGH&HVDUHDDPLJR\FRQVHMHURGH&RQVWDQWLQRTXHYLYHHQHOFRQWH[WRGHDOJXLHQ
&RQVWDQWLQRDGRUDGRUGHO6RO,QYLFWXVFRQWRGRORTXHLPSOLFDHOFXOWR6RODU\TXHVHJXQPDQLILHVWDHQ
>@
ODHSLVWRODDO&RQFLOLRGH1LFHD1RWHQJDPRVQDGDHQFRPXQFRQODGHWHVWDEOHPXOWLWXGMXGLD HV
GHHVSHUDUTXHVLJDORVFDPLQRVGHO(PSHUDGRU5RPDQR\UHWRPHORVDUJXPHQWRVGH-XVWLQR
3RUODQXHYDDOLDQ]DHO/RJRVKDWUDQVIHULGRODFHOHEUDFLRQGHO6DEDGRDODHFORVLRQGHODOX]1RVKDGDGRXQDLPDJHQGHO
YHUGDGHURUHSRVRHQVXGLDGHVDOYDFLRQHOSULPHUGLDGHODOX](QHVHGLDGHODOX]SULPHUR\YHUGDGHURGLDGHOVROELHQTXHQRV
UHXQLPRVGHVSXHVGHXQLQWHUYDORGHVHLVGLDV7RGRORTXHHVWDEDKDVWDHQWRQFHVSUHVFULWRSDUDHO6DEDGRQRVRWURVORKHPRV
WUDQVIHULGRDOGLDGHO6HQRUPXFKRPDVGLJQRGHKRQRUTXHHO6DEDGRMXGLR'HKHFKRHVHQHVWHGLDGHODFUHDFLRQGHOPXQGRTXH
>@
'LRVGLFH4XHODOX]VHD\ODOX]IXH(VWDPELHQHQHVWHGLDTXHHO6ROGHMXVWLFLDKDUHVXFLWDGRSDUDQXHVWUDVDOPDV!!
>@
6LVHDQDOL]DFRQYHQLHQWHPHQWHHOWH[WRWDQWRGH(XVHELRFRPRGHVSXHVGH-HURQLPR \$JXVWLQ
>@
GH+LSRQD TXHPDQWLHQHQODPLVPDH[SOLFDFLRQORTXHVHSUHWHQGHHVHQFRQWUDUSDUDHO'LDGHO6RO
TXH\DHVWDEDHVWDEOHFLGRSRUODUHOLJLRQGH0LWUDDQWHVGHOVLJOR,,DOJRTXHSUHVHQWDUTXHMXVWLILTXHOD
>@
DGRSFLRQGHOGLDGHO6RO
6LELHQOD,JOHVLDDSRVWROLFDQRQHFHVLWRVHPHMDQWHVDUJXPHQWRVODFR\XQWXUDVRFLRSROLWLFDDWUDSRD
FLHUWRVUHSUHVHQWDQWHVGHOD,JOHVLDGH5RPD
6HKDELDQGDGRGRVSDVRVSUHYLRVHOXQRHOUHFKD]RGHORKHEUHRLQFOX\HQGRHO6DEDGRDXQFXDQGR
VXRULJHQQRVHDMXGLRVLQRTXHVHRULJLQDHQODPLVPD&UHDFLRQHORWURHOLQWHQWDUFRPSDWLELOL]DUFLHUWRV
FRQWHQLGRVGH0LWUDFRQDOJXQRVVLJQLILFDGRVGHODYLGD\REUDGH-HVXFULVWR(OSHOLJURGHHVWD
VXVWLWXFLRQHVHOFRQVLGHUDUD-HVXFULVWRFRPRQRMXGLRTXHORHUDHLGHQWLILFDUORGHQWURGHOD7HRORJLD
6RODU(VWDFRQWUDGLFFLRQFRQORTXHLPSOLFDFRPRYHUHPRVQRVROROOHYRDODDGRSFLRQGHO6ROLV'LHV
VLQRDRWURVDVSHFWRVTXHGHQRWDQODPH]FODGHODUHOLJLRQVRODUFRQHOHPHQWRVFULVWLDQRV
F/D6DOLGDGHO6RO\OD2UDFLRQRULHQWDGDKDFLDHO(VWH
8QDYH]PDVODFRQIURQWDFLRQ&ULVWLDQLVPR\-XGDLVPRVHH[WHULRUL]DSRUODHOHFFLRQGHRUDUKDFLDHO
(VWHX2ULHQWHSRUSDUWHGHORVSULPHURVHQRSRVLFLRQDODFRVWXPEUHMXGLDGHKDFHUORKDFLD-HUXVDOHQ
(VWHDVXQWRTXHQRSDVDULDPDVTXHSRUVHUDQHFGRWLFRSRUTXHORVYHUGDGHURVDGRUDGRUHVDGRUDQHQ
HVSLULWX\HQYHUGDGFI-QDSRUWDXQHOHPHQWRPDVGHODLQIOXHQFLDGHOFXOWRVRODUVREUHOD
,JOHVLDGH5RPDSRUFXDQWRODSDWULVWLFDVHYHREOLJDGDDMXVWLILFDUOR
>@
(O(VWHVLPEROL]DDODOPDTXHVHYXHOYHKDFLDODIXHQWHGHODOX]!!
(VWDSDUWLFXODUIRUPDGHDGRUDUHVXQDDVLPLODFLRQGHOPRGRSDJDQRGHHIHFWXDUVXFXOWRVRODUHQHO
6ROLV'LHV
1RHVGHH[WUDQDUTXHORVFULVWLDQRVTXHDGRSWDQHVWDFRVWXPEUHSDJDQDSDUDODRUDFLRQFX\DSUDFWLFD
HVGLDULD\QRVHPDQDOSUR\HFWHQWRGRHOUHFRUULGRGHODHVWUXFWXUDVRODUGHOPLVPRPRGRTXHVH
FDPELDGH-HUXVDOHQVLPERORGHODVUDLFHVFULVWLDQDVKDFLDHO6ROSDUDRUDUFRQORFXDOKDWHQLGRTXH
KDEHUXQDWHRORJL]DFLRQGHDFXHUGRDODWHRORJLDVRODU\SURJUDPDFLRQHVSUHFLVROOHJDUFRQHOFXOWRD
XQGLDHVSHFLDOGRQGHHO6ROSUHVLGHODVHPDQDSODQHWDULDHO'RPLQJR\DVLWDPELHQDEDQGRQDUHO
6DEDGRGHOD5HYHODFLRQELEOLFDSRUHO'LDGHO6ROUHSUHVHQWDFLRQLQDGHFXDGDGHO6ROGHMXVWLFLDFRQ
TXHVHDGRUQDD-HVXFULVWRGHOOHYDQWDPLHQWRGHOD/X]GHODPXHUWHSRUODUHVXUUHFFLRQHQHOSULPHU
GLDGHODVHPDQDTXHFRLQFLGHFRQHO6ROLV'LHVR'RPLQJR
)$5HJDQWUDVDQDOL]DUORWH[WRVSDWULVWLFRVVREUHHOSDUWLFXODUFRQFOX\HGLFLHQGR
6HSXHGHHQFRQWUDUXQHMHPSORFODURGHODLQIOXHQFLDSDJDQDHQODFRVWXPEUHDGRSWDGDSRUORVFULVWLDQRVGHYROYHUVHKDFLD
2ULHQWHOXJDUGHODVDOLGDGHOVROSDUDRIUHFHUVXRUDFLRQSRUTXHHQHVWDHSRFDGHWUDQVLFLRQGHO6DEDGRDODFHOHEUDFLRQGHOGLD
GHO6HQRUQRVRODPHQWHORVSULPHURVFULVWLDQRVUHHPSOD]DURQHOVHSWLPRGLDSRUHOSULPHURVLQRTXHDGHPDVPRGLILFDURQODSUDFWLFD
>@
WUDGLFLRQDOMXGLDGHRULHQWDFLRQKDFLD-HUXVDOHQSDUDODRUDFLRQ!!

G(O6ROLV'LHV$QXDO\HO1DFLPLHQWRGH0LWUD
$QWHULRUPHQWH\DKHPRVDOXGLGRDODIHFKDGH1DYLGDGDGRSWDGDSRUOD,JOHVLDGH5RPD6HWUDWDGHO
GLDGHOQDFLPLHQWRGHO6RO,QYLFWXVFHOHEUDGRHOGH'LFLHPEUHHQKRQRUDOGLRV6RO0LWUD7RGRHVWR
QRVPXHVWUDTXHODDGRSFLRQGHODWHRORJLDVRODUSRUSDUWHGHOD,JOHVLDGH5RPDDOFDQ]DH[WHULRUPHQWHHO
UHFRUULGRTXHHO0LWUDLVPRPDQLIHVWDEDHQVXGHGLFDFLRQDO6RO
6HSXHGHREWHQHUSRUODV(VFULWXUDVTXHHOQDFLPLHQWRGH&ULVWRGHELRVHUDSUR[LPDGDPHQWHDILQDOHV
>@
GHOYHUDQRRFRPLHQ]RGHORWRQR SRUGHVFRQWDGRTXHQXQFDDILQDOHVGHGLFLHPEUH
>@
(VHYLGHQWHTXHODHOHFFLRQGHHVWDIHFKDHVIUXWRGHODLQIOXHQFLDGHOFXOWR6RODUGH0LWUD
1RFDEHGXGDTXHFLHUWRFROHFWLYRFULVWLDQRKDOOHJDGRDFRPLHQ]RVGHOV,9FXDQGR&RQVWDQWLQR
SURFHGHDFRQWDFWDURILFLDOPHQWHFRQHO2ELVSRGH5RPD\ORTXHUHSUHVHQWDDLGHQWLILFDUVHSOHQDPHQWH
FRQHOGLDGHODVHPDQDSODQHWDULDTXHFRUUHVSRQGHDO6RO\TXHORVDGRUDGRUHVGH0LWUDGHVGHHOV,OR
FHOHEUDEDQ
(QFXDQWRDODVHPDQDSODQHWDULDGHORVSDJDQRVTXHORVSULPHURVFULVWLDQRVHQFRQWUDURQHQ5RPDVXGLDHOPDVLPSRUWDQWH
TXH IXH GHVGH HO SULQFLSLR HO GH 6DWXUQR OOHJR D VHU HQ HO SULPHU VLJOR EDMR OD LQIOXHQFLD GHO 0LWUDLVPR  HO GLD GHO VRO
>@
&RUUHVSRQGLHQGROHHOSULPHUGLDGHODVHPDQD!!

H 9DORUDFLRQHV GH HVWH DSDUWDGR VREUH HO &XOWR 6RODU HQ UHODFLRQ DO 6ROLV 'LHV \ D ORV RWURV
DVSHFWRVTXHOHDFRPSDQDQ
3RUHVWHSULPHUSXQWRHVWDPRVFRPSUREDQGRTXHQRHVXQDFLUFXQVWDQFLDFDVXDOVLQRFDXVDOODTXHOOHYD
DXQVHFWRUFULVWLDQRUHSUHVHQWDWLYRDDGRSWDUXQFRPSRUWDPLHQWRVRFLDOGLVWLQWRDOGHVXVUDLFHV/D
DFHSWDFLRQGHXQGLDGHILHVWDVHPDQDORGHUHSRVRGLIHUHQWHDOTXHVHH[SRQHHQHO1XHYR7HVWDPHQWR\
HQHO'HFDORJRUHVSRQGHDXQDSRVWXUDSROLWLFRDQWURSRORJLFDURPDQDTXHURPSHFRQXQDSRVWXUD
DQWURSRORJLFD\FULVWRORJLFRKHEUHD
1RHVVLPSOHPHQWHHOFDPELRGHXQGLDSRURWURHVHOFDQMHTXHUHVXOWDGHXQDPDQHUDGHSHQVDUTXH
GLVFUHSDFRQORDQWHULRUPHQWHHVWDEOHFLGR(QGHILQLWLYDVHSHUPXWDODUHODFLRQFRQODGHLGDGSURYRFDQGR
XQ'LRVTXH\DQRHVHOPLVPR
([WHUQDPHQWHDSDUHFHXQGLDHQOXJDUGHRWUR3HURHVWRQRVHHIHFWXDVLQRKD\PRWLYRVSURIXQGRVTXH
HOTXHORKDFHFUHHTXHHVWDQMXVWLILFDGRV<DSRGHPRVDGRUQDUFRQWHUPLQRORJLD&ULVWRORJLFDHVHQXHYR
GLD\DSRGHPRVDUJXPHQWDUFRQHVSHFXODFLRQHV\FRQMHWXUDVVXEMHWLYDV\DSRGHPRVEXVFDU
LQWHUSUHWDFLRQHVDSRVWHULRULJUDWXLWDVVREUHHOSRUTXHVHUDODRULHQWDFLRQWHRORJLFDTXHDSDUHFH
VLPXOWDQHDPHQWH\TXHODKLVWRULDUHYHODODVTXHQRVH[SUHVDUDHOYDORUHLPSRUWDQFLDGHHVHFDPELR(O
GHVFXEULUHVDGLUHFFLRQDOLGDGQRVDSRUWDUDHOFRQRFLPLHQWRGHODVFRQVHFXHQFLDVFRQWUDLGDV\QRVSRGUD
VHQDODUXQDYH]PDVHOSHOLJURTXHVXSRQHVLHPSUHHOLUPDVDOODGHORTXHHVWDHVFULWRFID&RU
/D3DODEUDGH'LRVQRVHQVHQDLQGHSHQGLHQWHPHQWHGHORSHTXHQRTXHQRVSXHGDSDUHFHUXQ
PDQGDPLHQWRGH'LRVFI0WDVHUUHVSHWXRVRV\ILHOHVDOFRQWHQLGRGHOD(VFULWXUD\TXH
VLHPSUHTXHVHYXOQHUDODYROXQWDGGLYLQDWUDHHIHFWRVQRFLYRVSDUDHODQWURSRV
I /DV /H\HV ,PSHULDOHV ODV (SLVFRSDOHV URPDQDV \ ODV &RQFLOLDUHV UDWLILFDQ HO FDPELR
SUHVLRQDQGRDIDYRUGHOGRPLQJRRGLDGHO6RO\HQFRQWUDGHO6DEDGR
>@
7DQWRHO&RGLJRGH-XVWLQLDQR TXHUHFRJHODOHJLVODFLRQVREUHHOGLDGHO6ROTXH&RQVWDQWLQR
>@
RIUHFHFRPRHOGH7HRGRVLR TXHFRQWLHQHOH\HVGHORVVXFHVRUHVGH&RQVWDQWLQRSURPXOJDQD
IDYRUGHO'RPLQJR\HQFRQWUDGHORVREVHUYDGRUHVGHO6DEDGR
/DREUDGHORV&RQFLOLRVRFXSDQXQOXJDUSUHSRQGHUDQWHHVSHFLDOPHQWHDTXHOORVTXHHQYLGDGH
&RQVWDQWLQRVRQSUHVLGLGRVSRUHO
(O&RQFLOLRGH(OYLUDHQ(VSDQDHQHODPHQD]DFRQSHQDVHFOHVLDVWLFDVDORVTXHGHMHQGHDVLVWLU
>@
WUHVGRPLQJRVVHJXLGRVDODLJOHVLD
6HUDQORVFRQFLOLRVGH$UOHVD\HOGH1LFHDDORVTXHFRQODSUHVLGHQFLDGH
&RQVWDQWLQR\WUDWDQGRGHVROXFLRQDUODFRQWURYHUVLDSDVFXDOVHUHFODPHHOGRPLQJRFRPRFRPXQHQ
WRGRVORVOXJDUHVDILQGHFHOHEUDUODSDVFXDHQHVHPLVPRGLD/DVH[SUHVLRQHVTXHVHXWLOL]DQHQODFDUWD
TXHHOSURSLR&RQVWDQWLQRHQYLDUDSRVWHULRUPHQWHDWRGRVORVRELVSRVGRQGHVHH[SUHVDODVGHFLVLRQHV
WRPDGDVQRVLQYLWDDSHQVDUTXHHOGRPLQJRKDVLGRDVXPLGRFRPRILHVWDVHPDQDOFXDQGRVHLQGLFDTXH
QRVHWHQJDQDGDTXHYHUFRQORVMXGLRV\VHLQVLVWDDTXHVHDFHSWHHOGRPLQJRFRPRGLDGHSDVFXD
>@
TXHKDELDH[LJLGRHORELVSRGH5RPDHQVLJORVDQWHULRUHV
(O2ELVSRGH5RPDHVSHFLDOPHQWHHOSDSD6LOYHVWUHTXHFRLQFLGHHQSOHQDWUDQVIXVLRQ&RQVWDQWLQLDQD
DH[LJHODFHOHEUDFLRQGHWRGRVORVGRPLQJRVHQKRQRUGHODUHVXUUHFFLRQGH-HVXFULVWR\
>@
OHJLVORVREUHHOD\XQRHQVDEDGRSDUDFRQYHUWLUORHQXQGLDWULVWHVLQDWUDFWLYRDOJXQR
(QHO&RQFLOLRGH/DRGLFHDDVHYHQHQODREOLJDFLRQGHUHFRQRFHUHOVDEDGRFRPRXQDILHVWD
FHOHEUDGDHQKRQRUDODFUHDFLRQDXQFXDQGRVHOHVH[LMDDQRMXGDL]DUHVWDQGRRFLRVRVREOLJDQGROHVD
>@
WUDEDMDUHQVDEDGR\DGHVFDQVDUHOGRPLQJR
/HRQHO*UDQGHKDFHRLUVXDXWRULGDGSURSRQLHQGRHOSULPHUGLDGHODFUHDFLRQTXHORKDFHFRLQFLGLU
>@
FRQHOGHODUHVXUUHFFLRQGH-HVXFULVWR
7RGDVHVWDVOH\HVPXHVWUDQPX\FODUDPHQWHTXHHQQXPHURVRVOXJDUHVHO6DEDGRVHVLJXHFHOHEUDQGR
FRPRHOGLDGHO6HQRU/DSUHVLRQFRQTXHVHSUHWHQGHLPSRQHUHOGRPLQJRHVXQDHYLGHQFLDGHTXHOD
PHPEUHVLDHQJHQHUDOPDQWLHQHHOGLDTXHVHKDELDWUDQVPLWLGRFRQODV(VFULWXUDV+HEUHDV\TXHKDEULDQ
VLGRHVFXFKDGDVHQPDVGHXQDRFDVLRQSRUDTXHOORVTXHWHQLDQDFFHVRDHOODV/DHYROXFLRQ
H[SHULPHQWDGDSRUORVHVFULWRUHVUHSUHVHQWDWLYRVQRKDVLGRDEVRUELGDSRUODVGLIHUHQWHVFRPXQLGDGHV
$KRUDFRQHOSRGHUHVWDWDOVHXWLOL]DDHVWHSDUDUHFODPDUDFWLWXGHV\SRVLFLRQHVTXHFRQFXHUGHQFRQOD
XQLGDGSROLWLFRUHOLJLRVDTXH&RQVWDQWLQRKDLQYHQWDGRFRQHOEHQHSODFLWRGHO2ELVSRGH5RPD
9DPRVDFRPSUREDUDFRQWLQXDFLRQTXHODDGRSFLRQGHO6ROLV'LHVHVODPDQLIHVWDFLRQH[WHUQDGHOD
VXSHGLWDFLRQDXQDWHRORJLDVRODUGHRULJHQ5RPDQRUHFRJLGRGHORV,PSHULRVGHODVFDEH]DV
XQLYHUVDOHVDQWHULRUHV\HVWDEDVXSRQLHQGRXQDSHQGLHQWHHQODTXHVHWUDVWRFDEDQWRGRVORVHOHPHQWRV
IXQGDPHQWDOHVGHODWHRORJLDFULVWLDQD
 $FHSWDFLRQ GH XQD /LWXUJLD LGHQWLILFDGRUD FRQ ODV UHOLJLRQHV GH 0LVWHULRV 9DORUHV
6DFUDPHQWDOHV
1RSRGHPRVSHQVDUWDQDOWUXLVWLFDPHQWHHQHOVHQWLGRGHODFLWDTXHDFRQWLQXDFLRQH[SRQHPRV
  SDUD DOFDQ]DU D ODV JHQWHV HQ VX QXHYR FDPSR SDUHFLD D OD YH] QDWXUDO \ QHFHVDULR DGRSWDU HO GRPLQJR FRPR GLD GH
UHSRVR SDUDOD,JOHVLD(QHVWHPRPHQWRHUDSUHFLVRTXHOD,JOHVLDDGRSWHHOGLDGHORVJHQWLOHVRELHQOOHYDUDHVWRVDFDPELDUHO
GLD&DPELDUHOGLDGHORVJHQWLOHVKXELHUDFRQVWLWXLGRXQDLQMXULD\XQDSLHGUDGHHVFDQGDOR/D,JOHVLDSRGLDDOFDQ]DUOHVPHMRU
>@
REVHUYDQGRHOGLDJHQWLO!!
3HURODFLWDGHPXHVWUDTXHKDKDELGRXQFDPELR6LHVHFDPELRVHMXVWLILFDFRQHOKHFKRGHVHUPDV
IDFLOFRQYHUWLUDORVQRFUH\HQWHVTXHJXDUGDEDQHOGRPLQJRVHWHQGULDTXHGHPRVWUDU3RUGHVFRQWDGR
TXHKDELDXQDHVWUDWHJLDSDUDJDQDUDORVJHQWLOHVSHURSRUPHGLRGHXQSURFHGLPLHQWRTXHVXSRQH
VDFULILFDUXQDFUHHQFLDTXHORGHVPDUFDGHVXVDQFHVWURVORVKHEUHRVHOSXHEORGHO0HVLDVQRSDUHFH
FRUUHFWR"4XLHQVHLEDDFUHHUXQPHQVDMHRDFHSWDUORSRUHOPHURKHFKRGHFDPELDUGHGLDGHILHVWDVL
FRQHVHGLDQRVHOOHYDLPSOLFLWDXQDLGHRORJLDHQPXFKRVDVSHFWRVLGHQWLFDDODUHOLJLRQDVWUDOR
PLWUDLFD"
"7DQWRQWRVVXSRQLDQDORVSDJDQRVHVRVDUWLILFHVGHOSODQSDUDJDQDUORV"
7HQLDTXHKDEHUDOJRPDV8QFDPELRGHGLDQRFRQYHQFHDQDGLH$KRUDELHQVLHVHGLDOOHYDFRQVLJR
YDULDQWHVHQODSURSLDOLWXUJLDHODVXQWRSRGULDVHUFRQVLGHUDGRGHPRGRIDYRUDEOHSRUORVSURSLRV
JHQWLOHV(QHVWHFDVRHOFDPELRGHGLDQRVHVWDULDWUDGXFLHQGRTXHODHOHFFLRQGHHVHGLDGLVWLQWRHVOD
SUXHEDGHTXHKDKDELGRPRGLILFDFLRQHVVXVWDQFLDOHV
3DUDWRPDUODGHWHUPLQDFLRQGHOFDPELRGHGLDWLHQHQTXHKDEHUXQRVPRWLYRVFRQORVTXHVHSUHWHQGH
DOFDQ]DUXQRVREMHWLYRV
/D+LVWRULD8QLYHUVDOGH:DOWHU*RHW]QRVWUDVPLWHTXHHOFXOWR\ODOLWXUJLDKDELDQFDPELDGR
(O FXOWR GH ORV VDQWRV GH ODV UHOLTXLDV \ GH ODV LPDJHQHV HO FDOHQGDULR GH ODV ILHVWDV HFOHVLDVWLFDV \ DOJXQRV HOHPHQWRV GHO
ULWXDO \ GHO FHUHPRQLDO HFOHVLDVWLFR SURFHGHQ GH FRQFHSFLRQHV \ GH FRVWXPEUHV GH OD UHOLJLRQ DQWLJXD DQWHULRU DO FULVWLDQLVPR \
>@
SURORQJDQHQUHDOLGDGORTXHSUHWHQGHQVXEVWLWXLU!!
/RVVDFUDPHQWRVKDQOOHJDGRDVHUORFRPRFRQVHFXHQFLDGHTXHKDQVLGRWUDQVIRUPDGRVGHVGHXQD
VLJQLILFDFLRQSXUDPHQWHVLPEROLFDGHDFXHUGRDOWH[WRELEOLFRKDVWDXQVHQWLGRPDJLFRPLWLFR\
>@
PLVWHULRVR
(QHO6ROLV'LHVVHFHOHEUDEDXQDHXFDULVWLD\RWURVULWXDOHVTXHVHLGHQWLILFDQFRQORTXHOD,JOHVLDGH
5RPDGHQRPLQDVDFUDPHQWRV
>@
HQODPD\RUSDUWHGHORVFDVRVORVVDFUDPHQWRVVRQSUHVWDPRVSDJDQRVHVHQFLDOPHQWHGHODUHOLJLRQPLWUDLFD
6HWUDWDGHXQDOLWXUJLDGHPLVWHULRHQODTXHODLQIOXHQFLDPLWUDLFDHVHYLGHQWHHOYDORUVDFUDPHQWDO
WDQWRGHOEDXWLVPRFRPRGHODOODPDGDHXFDULVWLD\RWURVULWRVSDJDQRVTXHSDWURFLQDQFRQVXSURPRFLRQ
ODDGDSWDFLRQDXQDVRFLHGDGTXHQRTXLHUHGHVSHJDUVHGHILQLWLYD\WRWDOPHQWHGHDOJXQDVGHODV
LPSOLFDFLRQHVGHVXFXOWR6RODU
$TXLYHPRVGHQXHYRTXHWRGDODFRQFHSFLRQVRODUDVXPLGDSRUOD,JOHVLDGH5RPDHOKHFKRGHOD
DGRSFLRQGHODVILHVWDV\FRVWXPEUHVGHODUHOLJLRQVRODUHVWDLPSOLFDQGRWRGDXQDLGHRORJLDGLIHUHQWH
WDQGLVWLQWDFRPRORHVHOSDVDUGHO6DEDGRDO'RPLQJRGRVGLDVWRWDOPHQWHGLVWLQWRVTXHUHFODPDQXQD
LGHRORJLDGLIHUHQWHSDUDVRVWHQHUXQRXRWURGLDDODYH]GHXQDSROLWLFDJOREDOLPSOLFDGDHQODQHFHVLGDG
GHHVRVFDPELRV
(QHVWHFDVRVHREVHUYDXQDDOWHUDFLRQHLQQRYDFLRQVXVWDQFLDOGDUXQYDORUVRWHULRORJLFR\PLVWLFRD
ODPDQHUDGHODVUHOLJLRQHVGHPLVWHULRVDODVSUDFWLFDVUHODWLYDVDODFHOHEUDFLRQGHOD6DQWD&HQD
GRQGHRILFLDQGRXQVDFHUGRWHDOLJXDOTXHHQHOULWXDOSDJDQRWUDQVIRUPDHOSDQ\HOYLQRHQODFDUQH\
VDQJUHUHDOGHOGLRV\TXHWRPDGRSRUHOSDUWLFLSDQWHVHHQFXHQWUDWRWDOPHQWHHQJUDFLDGH'LRV\SRUOR
WDQWRVDOYDGR
6HWUDWDGHXQYHKLFXOROLWXUJLFRTXHVLUYHSDUDFRPSOHPHQWDUYDORUHVSROLWLFRV6HLQFRUSRUDDO
GRPLQJRXQDFHOHEUDFLRQHQODTXHUHSHWLGDVHLQFXOFDQHQVHQDQ]DVFRQODVTXHVHSUHWHQGHVXVWLWXLUORV
YDORUHVGHODDXWRULGDGGHO3ULQFLSH0HVLDVTXHUHFODPDQXQPLQLVWHULRVDFHUGRWDODMHQRDFXDOTXLHUWLSR
GHSROLWLFD\GHSRGHUSRQWLILFDOFRQODFUHDFLRQGHXQPRGHOROLWXUJLFRVDFUDPHQWDOFRQHOTXHVH
SUR\HFWDODLGHDGHKDEHUUHFLELGRXQPLQLVWHULRVDFHUGRWDOHPDQDGRGHO3ULQFLSH0HVLDVSRUHOTXH
UHFLELULDVHJXQHOFRQWHQLGRGHHVHPRGHOROLWXUJLFRHOVXPRSRQWLILFDGRXQDYH]TXHVHGHVYDORUL]DDO
3ULQFLSHGHDFXHUGRDVXPLQLVWHULRFRQWLQXR0HGLDQWHHVWDGHVYDORUL]DFLRQGHO3ULQFLSH0HVLDV\OD
SRVLELOLGDGGHHVDSUHVHQWDFLRQGHRWURPLQLVWHULRVDFHUGRWDODERQDGRSRUHVDOLWXUJLDLQFRUSRUDGD
SHURDVXPLHQGRFRPRUHSUHVHQWDQWHGHO3ULQFLSHGHVYDORUL]DGRHQFODYHSROLWLFDHOSRGHUHVSLULWXDO\
FHOHVWLDOFI0WFRPRSRGHUPXQGDQDODODPDQHUDGHODDSRVWDVLDEDELORQLFDD7HV
WUDVPLWLGDYLDLPSHULRVXQLYHUVDOHVKDVWD5RPD
(OGRPLQJRHXFDULVWLFRVHFRQYLHUWHHQUHSUHVHQWDWLYRGHXQFRQWHQLGRSROLWLFRH[SUHVDGRHQWHUPLQRV
HVSLULWXDOHVSHURFRQHFWDGRDODVIRUPXODVLGHRORJLFDVGHODWHRORJLDVRODU
8QD&RQFHSFLRQ0RQDUTXLFR$EVROXWLVWDGHOD,JOHVLDODDFHSWDFLRQGHOFXOWRDODSHUVRQD\
ODDGRSFLRQGHO3RQWLIH[0D[LPXVRGHOD$XWRULGDG6XSUHPD\HOPHWRGRFRHUFLWLYRSDUDLPSRQHU
VXLGHRORJLD
/D7HRORJLD6RODUWDOFRPR\DKHPRVLGRGHVFULELHQGRH[LJHTXHDOJXLHQSUHVLGD\PDQWHQJDXQD
$XWRULGDG6XSUHPDVREUHORVGHPDVGHOPLVPRPRGRTXHHO6ROSUHVLGH\GDRUGHQDORV3ODQHWDV
/D,JOHVLDGH5RPDKDLGRH[SHULPHQWDQGRXQDHYROXFLRQGHDFXHUGRDODLQIOXHQFLDGHOD7HRORJLD
6RODUTXHFRPR\DYLPRVVHUHPRQWDD%DELORQLD\VHWUDQVPLWHFRQODVPDWL]DFLRQHVGHFDGDPRPHQWR
KLVWRULFRDWUDYHVGH0HGR3HUVLD*UHFLD\5RPD,PSHULDO
8QFDPELRHQHOGLDGHUHSRVRFRQODDGRSFLRQGHO6ROLV'LHVGHPXHVWUDXQDPRWLYDFLRQ\HVWUDWHJLD
VXE\DFHQWHTXHWLHQHTXHYHUFRQSUHWHQVLRQHVGHGRPLQLR\SRGHU/DJDQDQFLDGHDOPDVVHGHEHOOHYDUD
FDERPHGLDQWHODSUHGLFDFLRQGHO(YDQJHOLR\ODLQVWUXFFLRQGHODSHUVRQDTXHVHSUHVHQWDFRPR
DFFHVLEOHKDFLHQGRODGLVFLSXORFI0F0WSHURQXQFDWUDQVLJLHQGRFRQDOJRTXH
VHRSRQHDOWH[WRELEOLFR8QDYH]PDVYDPRVDGHVFXEULUTXHOD7HRORJLD6RODUGHPDQGDXQD
FRQFHSFLRQPRQDUTXLFRDEVROXWLVWDGHOD,JOHVLD\TXHHVWRDSDUHFH\DHQHOV,,HQOD,JOHVLDGH5RPD
HQXQSURFHVRHYROXWLYRTXHFXOPLQDUDFRQ&RQVWDQWLQR\HQFRQWUDGHODRULHQWDFLRQGHPRFUDWLFDGHOD
,JOHVLDGHO1XHYR7HVWDPHQWR
D/DDSDULFLRQ\(YROXFLRQGHXQDFRQFHSFLRQ0RQDUTXLFR$EVROXWLVWDHQOD,JOHVLDGH5RPD
(ODXWRUFDWROLFR(ULF3HWHUVRQOOHJDDODVLJXLHQWHFRQFOXVLRQ
(OFRQFHSWRGHPRQDUTXLDGLYLQDHQFXDQWRVHDPDOJDPRFRQHOSULQFLSLRPRQDUTXLFRGHODILORVRILDJULHJDFREURSDUDHO
MXGDLVPR OD IXQFLRQ GH XQ VORJDQ SROLWLFRWHRORJLFR /D ,JOHVLD DO H[SDQGLUVH D WUDYHV GHO ,PSHULR 5RPDQR DVXPH HVH
>@
SURSDJDQGLVWLFRFRQFHSWRSROLWLFRWHRORJLFR!!
(ODXWRUUHFRQRFHTXHVLQODPH]FODTXHODILORVRILDJULHJDDSRUWRKXELHUDVLGRLPSRVLEOHXQDQRFLRQ
PRQDUTXLFDSDUDHOJRELHUQRGHODLJOHVLDFULVWLDQD\TXHDQDGLPRVQRVRWURVFRQODLQIOXHQFLDGHOD
7HRORJLD6RODUGHOSURSLR,PSHULR5RPDQRDVXPLRODIRUPXODTXHHOSURSLR,PSHULRSUR\HFWDED
:5,QJHH[SUHVDORVLJXLHQWH
 SRUTXH VL WXYLHUDPRV TXH HOHJLU XQ KRPEUH HQ FRQFHSWR GH IXQGDGRU GHO FDWROLFLVPR FRPR VLVWHPD WHRFUDWLFR QR
>@
FLWDULDPRVD6DQ$JXVWLQQLD6DQ3DEOR\PHQRVDXQD-HVXFULVWRVLQRD3ODWRQ!!
DOOODPDUD3ODWRQ
>@
GHVFXEULRHQHOORPLVPRTXHHQ*UHFLDODVUDLFHVGHODUHOLJLRQ\GHODILORVRILDSROLWLFDGHOD,JOHVLD!!
(QHIHFWRODUHOLJLRQDVWUDOKDVLGRUHFRJLGDSRU3ODWRQ\XWLOL]DGDSDUDVXFRQFHSFLRQPRQDUTXLFDGH
OD$XWRULGDGTXHSUHVLGHDQWHORVKRPEUHV(OVLVWHPDWHRFUDWLFRGHOD,JOHVLDGH5RPDHYROXFLRQDD
SDUWLUGHODDVXQFLRQHQORIXQGDPHQWDOGHHVDPLVPDUHOLJLRQDVWUDOTXHDQWHULRUPHQWHHQHO,GHDULR
,PSHULDO5RPDQRVHKDLQFRUSRUDGRFRQODLQIOXHQFLDGHOFXOWR6RODUGHODVUHOLJLRQHVGHPLVWHULRVHQWUH
ORVTXHGHVWDFDHO0LWUDLVPR\TXHSRUORTXHHVWDPRVYLHQGRSURGXFHXQDIDVFLQDFLRQQHFHVDULDHQOD
,JOHVLDGH5RPDLQIOX\HQGROHHQORVRUGHQHVPDVVLJQLILFDWLYRVKDFLHQGROHFDPELDUHQVXHVWUXFWXUD
DGPLQLVWUDWLYDKDVWDHOSXQWRGHQHJDUVXVSULPLWLYDVUDLFHVQRYRWHVWDPHQWDULDV
/DPDQHUDGHGHFLUQRVODKLVWRULDTXHHVRVFDPELRVVHSURGXMHURQHVODDSDULFLRQGHXQDHYROXFLRQ
TXHQDFHHQHOVLJOR,,VLQRULJHQQLDXWRULGDGELEOLFDWUDQVIRUPDQGRDOHSLVFRSDGRFRPRXQDLQVWLWXFLRQ
HFOHVLDVWLFDHQGHWULPHQWRGHOSUHVELWHURTXHVHOHFRQVLGHUDUDLQIHULRUDORELVSR
(Q,JQDFLRKDFLDHODQRHQFRQWUDPRVXQDLGHDGHVXFHVLRQDSRVWROLFDDMHQDDODUHYHODFLRQ(Q
>@
RSLQLRQGH,JQDFLRFDGDRELVSRUHSUHVHQWDULDD&ULVWR\HOFROHJLRGHSUHVELWHURVDORVDSRVWROHV
/RVDXWRUHVFDWROLFRVGHOD+LVWRULDGHOD,JOHVLDDQWHULRUPHQWHFLWDGDQRWDQDTXLHOQDFLPLHQWRGHO
HSLVFRSDGRPRQDUTXLFRVHJXQHOFXDOXQRELVSRHVWDHQHOYHUWLFHGHODFRPXQLGDG\XQFROHJLRGH
>@
SUHVELWHURV\GLDFRQRVOHHVWDVXERUGLQDGR!!
6LQHPEDUJRHVWDGLUHFFLRQFROHJLDOQRVLJQLILFDEDWRGDYLDORTXHVHSUHWHQGLRH[WUDHUSRVWHULRUPHQWH
GHODVIDPRVDVSDODEUDV
WXHUHV3HGUR
FI0WFRPRGLFHQORVDXWRUHVFDWROLFRVSUHFLWDGRVD
>@
PHGLDGRVGHOV,,QRH[LVWHWRGDYLDXQDVXFHVLRQH[SUHVDGHRELVSRVPRQDUTXLFRVRGH3HGUR 6LQ
HPEDUJR,JQDFLRGH$QWLRTXLDTXLHUHGHMDUFODURHOSUHVWLJLRGH5RPDSRUFXDQWRIXHRFXSDGDSRUOD
>@
DXWRULGDGGH3HGUR\3DEOR
(VWDUHODFLRQGH5RPD\GHOD$XWRULGDGGH3HGURVHUDDSURYHFKDGDSRU9LFWRU,RELVSRGH5RPD
DQRV'LFKRSHUVRQDMHGDUDOXJDUDODSULPHUDPDQLIHVWDFLRQHVFULWDTXHVHFRQR]FDSRUODTXH
PHGLDQWHXQDFRQWURYHUVLDVREUHODSDVFXDVHTXLVRLPSRQHUXQGHFUHWRDPSDUDQGRVHHQODSUHWHQVLRQGH
XQSULPDGRSRUSDUWHGHO2ELVSRGH5RPD/DVFULWLFDVTXHUHFLEHVRQODHYLGHQFLDGHXQRVOLPLWHVTXH
SRUHOPRPHQWRVHSXHGHQSRQHUDODDPELFLRQ5RPDQD3HURQRROYLGHPRVTXHHVDVFULWLFDVSURFHGHQ
SULQFLSDOPHQWHGHORVRELVSRVGH2ULHQWH
(VWHEDQDQRVDOTXHUHULPSRQHUVHVHSUHVHQWDFRPRHO2ELVSRSUHHPLQHQWH\FRQDXWRULGDG
>@ >@
VREUHWRGDVODV,JOHVLDV KDFLHQGRDOXVLRQDODVXFHVLRQGH3HGUR VLQHPEDUJR&LSULDQRVDOH
>@
DOSDVRGHODVSUHWHQVLRQHVGHORELVSRGH5RPD(OFDWROLFR-XOLR&DPSRV FRPHQWDFRPRUHVXPHQ
GHODFRQWURYHUVLDHQWUH&LSULDQR\HO2ELVSRGH5RPD
'HEHPRVSXHVFRQFOXLU\GHGXFLUTXH&LSULDQRFRQFHGLDDOD,JOHVLDGH5RPD\DVX2ELVSRXQDSULPDFLDSHURGHDQWLJXHGDG
>@
\GHSUHHPLQHQFLDGHKRQRUQRGHMXULVGLFLRQ\SRGHU!!
(VWDDFHSWDFLRQVXSRQLDFRQFHGHUXQGHUHFKRTXH5RPDQRORLQWHUSUHWDEDGHOPLVPRPRGRTXHHO
UHVWRGHODVLJOHVLDV'HHVHPRGR&LSULDQRVHLGHQWLILFDFRQODDGPLQLVWUDFLRQ5RPDQDHQVXFRQFHSFLRQ
PRQDUTXLFDHSLVFRSDOODXQLGDGGHOD,JOHVLDDXQTXHIXQGDGDHQHODSRVWRODGRVHKDGHEDVDUHQHO
HSLVFRSDGR\DXQFXDQGRODSURPHVDGH&ULVWRD3HGURHQ0DWHRQRIXHGDGDFRPRVLDTXHOIXHUD
MHIHGHORVDSRVWROHVHORILFLRDSRVWROLFRVHWUDQVPLWHPHGLDQWHODRUGHQDFLRQDORVRELVSRV<HVHVWH
RILFLRPRQDUTXLFRORTXHUHSUHVHQWDODXQLGDGGHOD,JOHVLD&DGDRELVSRHQHVWHFDVRVHULDVXFHVRUGH
>@
3HGURFRORFDQGRHQXQSODQRGHLJXDOGDGDWRGRVORVRELVSRV (VDFRQFHSFLRQPRQDUTXLFDHV
DMHQDDOD(VFULWXUD\VLELHQ&LSULDQRUHFKD]DHOFRQWHQLGRGHXQRELVSRPRQDUTXLFRSRUHQFLPDGHORV
GHPDVVXSURSLDDUJXPHQWDFLRQREOLJDDXQDHVWUXFWXUDGHQDWXUDOH]DDEVROXWLVWD\SUHVLGHQFLDOLVWD
3DUDOHODPHQWHDHVWRVKHFKRVVXFHGHQWUHVDFRQWHFLPLHQWRVTXHVRQORVTXHRULHQWDQXQDLQWHUSUHWDFLRQ
GH$XWRULGDGHFOHVLDVWLFDLQDGPLVLEOHSRUOD5HYHODFLRQELEOLFD(OSULPHURHVODDSOLFDFLRQGHORV
FRQFHSWRVGHO$QWLJXR7HVWDPHQWRDORVTXHSUHVLGLDQHQODV,JOHVLDV/DGLVWLQFLRQHQWUHHOFOHUR\HO
UHVWRGHORVPLHPEURVGHODLJOHVLDOOHYDLQKHUHQWHODGHIRUPDFLRQHQFXDQWRDFRQVLGHUDUODSUHHPLQHQFLD
GHDTXHOORV6HLQWURGXFHXQDLGHDDMHQDDO1XHYR7HVWDPHQWRFRQXQDVUHSHUFXVLRQHVQHJDWLYDVUHVSHFWR
DODDXWRULGDGHFOHVLDVWLFDUHIOHMDGDHQHO1XHYR7HVWDPHQWR/RVDXWRUHVFDWROLFRVGHOD+LVWRULDGHOD
>@
,JOHVLD&DWROLFD DILUPDQORVLJXLHQWH
/DRULJLQDULDUHVHUYDHQODDSOLFDFLRQGHOWHUPLQRVDFHUGRWHTXHHQHO1XHYR7HVWDPHQWRHVWDEDUHVHUYDGRD-HVXFULVWR
+HE\RWURV\DORVILHOHVHQHOVHQWLGRGHXQVDFHUGRFLRXQLYHUVDOD3HG$SGHVDSDUHFH\VH
DSOLFDQRVRORDOHJRULFDPHQWHDORELVSRRDOSUHVELWHUR(VWDIXQFLRQFXOWXDOOHRWRUJDEDXQDFXDOLGDGVDFHUGRWDOODFXDODVX
YH]ODGLVWLQJXLDGHOUHVWRGHODFRPXQLGDGHFOHVLDO!!
6LPXOWDQHDPHQWHDSDUHFHQODVSUHHPLQHQFLDVGHODVXUEHVHQWUHODVTXHVHFRORFDQHQSULPHUDILODODV
OODPDGDVVHGHVDSRVWROLFDV6HWHQLDHOFULWHULRGHKDEHUVLGRIXQGDGDVSRUORVDSRVWROHV/RJLFDPHQWHOD
RSLQLRQQRSUREDGDIHKDFLHQWHPHQWHGHTXH5RPDKXELHUDSRGLGRVHUIXQGDGDSRU3HGURGLRDHVWD
FRPXQLGDGXQGHVDUUROORPRQDUTXLFRSDUWLFXODUFRQILJXUDQGRVHMXQWRDODLPSRUWDQFLDGHODFDSLWDOGHO
,PSHULR\GHODDXWRULGDGVXSUHPDGHO(PSHUDGRUSDJDQRXQDDXWRULGDGHFOHVLDVWLFDTXHDMHQDDO1XHYR
>@
7HVWDPHQWRSDUHFHTXHUHUDVHPHMDUVHDODFRPSRVLFLRQPRQDUTXLFDGHO(VWDGR,PSHULDO5RPDQR
(QWHUFHUOXJDUHVWDQFLHUWDVUHODFLRQHVFRQOD$XWRULGDG,PSHULDOTXHVHLUDQKDFLHQGRPDVIUXFWLIHUDV
FRQIRUPHHOFULVWLDQLVPRDYDQFH'RVHMHPSORVSXHGHQFLWDUVHHOGH$XUHOLDQRDFRQVX
GHFLVLRQKLVWRULFDDORWRUJDUDO2ELVSRGH5RPD\DRWURVRELVSRVGH,WDOLDODSRVLELOLGDGGHGDUVX
>@
YHUHGLFWRUHVSHFWRDXQDVXQWRDGPLQLVWUDWLYRGHOD,JOHVLDGH$QWLRTXLD \ORVFRQWDFWRVFRQHO
,PSHULR5RPDQRWUDVODSHUVHFXFLRQGH'LRFOHFLDQRTXHFXOPLQDUDQFRQODDSRVWDVLD&RQVWDQWLQLDQD
3RUGHVFRQWDGRTXHQRYDPRVDHQFRQWUDUHQQLQJXQOXJDUGRQGHVHQRVGLJD\DKRUDGHMRODSRVLFLRQ
QRYRWHVWDPHQWDULD\DFHSWRODTXHVHPHSURSRQHSRUODWHRORJLDVRODU1RHVSUHFLVR&RQQXHVWUD
SHUVSHFWLYDKLVWRULFDVRPRVFDSDFHVGHGHVFXEULUTXHKD\XQDDGRSFLRQSDUDHOJRELHUQR\
DGPLQLVWUDFLRQGHOD,JOHVLDFDGDYH]PDVSDUHFLGDDODGHO,PSHULR5RPDQRODGHXQDFRQFHSFLRQ
PRQDUTXLFD9DPRVDFRPSUREDUTXHHQHVHSURFHVRHYROXWLYRGHDEDQGRQRGHODVSUHPLVDV
QRYRWHVWDPHQWHULDVVHDOFDQ]DHOSXQWRFXOPLQDQWHFRQHO(PSHUDGRUURPDQR&RQVWDQWLQRILHODO,GHDULR
,PSHULDO5RPDQR\DGVFULWRDOD7HRORJLD6RODUWDOFRPRVXVSUHGHFHVRUHV\TXHHULJLHQGRVHHQ
3RQWLIH[0D[LPXVR$XWRULGDG6XSUHPDWUDQVIRUPDGHILQLWLYDPHQWHDOD,JOHVLDGH5RPDHQJHQGUDQGRXQD
,JOHVLDGLVWLQWDDMHQDDO1XHYR7HVWDPHQWR
E/D3UHVHQFLDGHODV&ODYHVSROLWLFRUHOLJLRVDVIUXWRGHODLQIOXHQFLDGHOD7HRORJLD6RODUHQOD
,JOHVLDGH5RPDFRPRUHVXOWDGRGHOD7UDQVIHUHQFLD\3HUYLYHQFLDGHO,GHDULR,PSHULDO5RPDQR
&RQVWDQWLQLDQRHQGLFKD,JOHVLD
>@
6HKDOOHJDGRFRQ&RQVWDQWLQRDXQSURWRWLSRGH,JOHVLD\GHYLYHQFLDUHOLJLRVDHQGHFOLYH \
HVHQFLDOPHQWHWUDQVIRUPDGD
>@
(QXQDWHVLVPDJLVWUDOPHQWHGHIHQGLGD\H[SXHVWD$OLVWHU.HH \DFLWDGRHQRWURVOXJDUHV
GHPXHVWUDFRQXQHVWXGLRSURIXQGRGHODVIXHQWHVHOFDPELRVXIULGRSRUXQFLHUWR&ULVWLDQLVPRTXHVH
DXWRHULJHFRPRUHSUHVHQWDWLYRHQRFDVLRQGHODVXELGDDOSRGHUGHO,PSHULR5RPDQRHOOODPDGR
&RQVWDQWLQRHO*UDQGH&DPELRTXHVXSXVRVHJXQHODXWRUXQDWUDQVIRUPDFLRQIXQGDPHQWDOGHOD
LGHRORJLDFULVWLDQD+HDTXLDOJXQDVFLWDVGHGLFKDWHVLV
$OJR RFXUULR HQ HO UHLQDGR GHO HPSHUDGRU &RQVWDQWLQR TXH WUDQIRUPR WDQWR OD SROLWLFD FRPR OD UHOLJLRQ GH (XURSD \ VL
TXHUHPRV FRPSUHQGHU SRU TXH HVWDPRV GRQGH HVWDPRV \D VHD SRU VXHUWH R SRU GHVJUDFLD HQWRQFHV GHEHPRV DQDOL]DU HVWD
WUDQVIRUPDFLRQ(XURSDFRPRHQWLGDGSROLWLFDFDPELRGHELGRDHOODSHURORPLVPROHVXFHGLRDOFULVWLDQLVPR!!
DOUHFRJHUKLORVGHOSHQVDPLHQWRTXHDPHQXGR\DHVWDEDQSUHVHQWHVHQOD,JOHVLD\GHVDUUROODUORVGHFLHUWRPRGRVHXQLHURQ
SDUDKDFHUDOJRTXHKDVWDHQWRQFHVMDPDVVHKDELDKHFKRVXVWLWXLUODVQRUPDVGH&ULVWR\GHOD,JOHVLDSULPLWLYDSRUODVQRUPDVGH
ODLGHRORJLDLPSHULDO(OPRWLYRGHTXHDQWHULRUPHQWHVHKD\DFUHLGRTXH&RQVWDQWLQRHUDFULVWLDQRQRHVTXHHOFUH\HUDVHUORVLQR
TXHODVFRVDVHQTXHHOFUHLDDFDEDURQOODPDQGRVHFULVWLDQDV<HVWRUHSUHVHQWDEDHOWULXQIRGHODLGHRORJLD!!
8QDFRVDVHULDTXHODKLVWRULDGH(XURSDIXHUDJXLDGDSRUORVYDORUHVGH&RVQWDQWLQRHQYH]GHSRUORVGH&ULVWR\XQDFRVD
PX\GLVWLQWDVHULDTXHIXHVHJXLDGDSRUORVGH&RQVWDQWLQRDOPLVPRWLHPSRTXHVHVXSRQLDHUURQHDPHQWHTXHORVGRVHUDQORPLVPR
<ORPDVWUDJLFRGHWRGRVHULDTXHODSURSLD,JOHVLDVLJXLHQGRHODUJXPHQWRGH(XVHELRKLFLHUDVX\RVORVYDORUHVGH&RQVWDQWLQR\
FRQ HOOR QHJDUD ORV GH &ULVWR $XQTXH HVWR SXHGD SDUHFHU LQFRQFHELEOH HV OR TXH UHDOPHQWH KD VXFHGLGR GHVGH HO VLJOR ,9 
GHGLFDUHPRV WLHPSR D FRQWUDVWDU ORV YDORUHV GH &RQVWDQWLQR \ ORV GH &ULVWR \D TXH IXHUD FXDO IXHVH VX UHOLJLRQ HO HPSHUDGRU
FRQWUDGHFLDODVHQVHQDQ]DVIXQGDPHQWDOHVGH-HVXVGH1D]DUHW!!
(XVHELRSUHVHQWDD&RQVWDQWLQRFRPRHOQXHYR0HVLDVXQSURFHVRHQHOTXHGHKHFKR&RQVWDQWLQRVXVWLWX\HD&ULVWRVH
SURGXMR XQ IHQRPHQR PXFKR PDV VXWLO H LQVLGLRVR /RV YDORUHV GH &RQVWDQWLQR VXVWLWX\HURQ D ORV YDORUHV GH &ULVWR GHQWUR GHO
FULVWLDQLVPR!!
(OLPSHULRURPDQRGHVDSDUHFLRKDFH\DPXFKLVLPRWLHPSR\ORPLVPRHOEL]DQWLQR$QWHVGHTXHHOVLJORWRFDUDDVXILQ\DQR
IXHSRVLEOHFRQWHQHUDORVJRGRVSRUORTXHHOLPSHULRTXHGRDVXPHUFHG3HUR&RQVWDQWLQRFRQVLJXLRXQDFRQTXLVWDFX\RHIHFWR
FRQWLQXDYLYRHQQXHVWURVGLDVVXFRQTXLVWDPDVVRUSUHQGHQWH\DODYH]PHQRVUHFRQRFLGD$OFRQYHUWLUVH&RQVWDQWLQRDEUD]RVX
QXHYD UHOLJLRQ SDFWDGD \ SHUVRQDO VLPEROL]DGD SRU HO ODEDUR GHO SURSLR HPSHUDGRU   &RQTXLVWR OD ,JOHVLD FULVWLDQD /D
FRQTXLVWD IXH WRWDO \ DEDUFR OD GRFWULQD OD OLWXUJLD HO DUWH OD DUTXLWHFWXUD OD XUEDQLGDG HO HWRV \ OD HWLFD  6LQ DPHQD]DV QL
JROSHVORVFULVWLDQRVIXHURQOOHYDGRVDOFDXWLYHULRDODYH]TXHVXUHOLJLRQHUDWUDQVIRUPDGDHQXQQXHYRFXOWRLPSHULDO
3HURHVWDKD]DQDUHSUHVHQWDODPD\RUFRQTXLVWDGH&RQVWDQWLQRODXQLFDTXHKDSHUGXUDGRGHIRUPDLQGLVFXWLEOHDOR
ODUJRGHORVVLJORVHQ(XURSD\GRQGHTXLHUDTXHHOFULVWLDQLVPRHXURSHRVHKD\DSURSDJDGR!!
(UD WDQWR OR TXH RIUHFLD HO (PSHUDGRU RIUHFLD WDQWDV FRVDV TXH QR SRGLDQ QL VRQDU XQRV FULVWLDQRV TXH SRFR DQWHV VH
HQFRQWUDEDQEDMRXQDDPHQD]DFRQVWDQWH(QHIHFWROHVRIUHFLDFRPRPLQLPRSDUWLFLSDUHQORVUHLQRVGHHVWHPXQGR&XDQGRHV
6DWDQDVTXLHQRIUHFHVHPHMDQWHVUHFRPSHQVDVVHUHFKD]DODWHQWDFLRQ
1RHVTXHODWUDLFLRQWXYLHUDOXJDUHQXQPRPHQWR)XHXQSURFHVRJUDGXDO
VHOOHYRDFDERODWUDQVIRUPDFLRQFRPSOHWD/D,JOHVLDSDVRDVHUWRWDOPHQWHOHDODOHPSHUDGRUDOQXHYRVDOYDGRUTXHKDELD
ORJUDGRGHVSOD]DUDO-HVXVKLVWRULFR!!
&RQVWDQWLQRVLJXLRFRQJUDQHILFDFLDXQDSROLWLFDTXHOHSHUPLWLRFRQTXLVWDUDOD,JOHVLDTXHHUDODPD\RUGHWRGDVODVSUHVDV
XQD SUHVD TXH VH OH KDELD HVFDSDGR D VXV FDSDFLWDGRV SUHGHFHVRUHV  /R TXH KL]R GH HOOR XQD YLFWRULD QR IXH HO KHFKR GH TXH
&RQVWDQWLQRVHJUDQMHDUDHODSR\RGHOD,JOHVLDVLQRTXHHQHOFXUVRGHOSURFHVRDOWHURSRUFRPSOHWRODQDWXUDOH]D\ODEDVHGHODIH
FULVWLDQD
&RQVWDQWLQRQRVRORGHUURWRDOD,JOHVLDVLQRTXHORJURTXHOD,JOHVLDOHD\XGDUDDXQLILFDUHOLPSHULR<SRUVLHVWR
IXHUDSRFRFXDQGR&RQVWDQWLQRUHFRQVWUX\RHOFXOWRLPSHULDOHQYLUWXGGHOFXDOODVDELGXULDGHOPXQGR\ODDPELFLRQGHXQVROR
KRPEUHUHFLELHURQHOHVWDWXWRDEVROXWRGHOH\GLYLQDOD,JOHVLDSURFODPRGHKHFKRTXHHVWHFXOWRHUDHOFULVWLDQLVPR!!
"6HFRQYLUWLRHOLPSHULRHQXQ(VWDGR&ULVWLDQR"1RHOFULVWLDQLVPRYHQGLRVXVGHUHFKRVGHQDFLPLHQWRSRUXQDSHUVRQD\
VHWUDQVIRUPRHQODUHOLJLRQGHO(VWDGR'HKHFKRIXHHOFRPLHQ]RGHODKLVWRULDGHOFULVWLDQLVPRWDOFRPRORFRQRFHPRV(VWDEOHFLR
ODVQXHYDVQRUPDVSDUDLQWHUSUHWDUHOFULVWLDQLVPR
/D SURJUHVLRQ HUD ORJLFD H LQHYLWDEOH /D ,JOHVLD FRPHQ]R D LPLWDU DO (VWDGR 6H DFHSWR HO PRGHOR LPSHULDO GH DXWRULGDG GH
PDQHUD TXH ORV SULQFLSHV GH OD ,JOHVLD YLYLDQ HQ SDODFLRV \ HMHUFLDQ GRPLQLR VREUH XQ GLVWULWR DGPLQLVWUDWLYR  $FHSWDEDQ
HVWLSHQGLRVGHO(VWDGR\DGRSWDEDQHOWUHQGHYLGDSURSLRGHTXLHQHVVHUYLDQD&RQVWDQWLQR8QDYH]TXHGRWHUPLQDGRHVWHWUDVSDVR
GHYDORUHVWRGRORGHPDVYLQRDXWRPDWLFDPHQWHFULVWLDQRVTXHSRVHLDQHVFODYRV\UHFOXWDEDQVXVSURSLRVHMHUFLWRV\ILQDOPHQWHOD
DSDULFLRQGHORV(VWDGRVSRQWLILFLRV!!
(O UHLQDGR GH &RQVWDQWLQR HV XQ PRPHQWR FULWLFR IXQGDPHQWDO HQ OD KLVWRULD GH (XURSD \ QR VROR GH (XURSD 'HVGH DTXHO
WLHPSR OD LGHRORJLD LPSHULDO FRQ WRGR OR TXH VLJQLILFD SDUD OD DFXPXODFLRQ GH ULTXH]D \ HO HMHUFLFLR GHO SRGHU VREUH ORV GHELOHV
UHFLELR OHJLWLPDFLRQ UHOLJLRVD GH OD ,JOHVLD  $ ILQ GH OHJLWLPDU ORV YDORUHV LPSHULDOHV HUD QHFHVDULR TXH HO FULVWLDQLVPR VH
WUDQVIRUPDVHSRUFRPSOHWRGHVGHGHQWUR!!
/DKLVWRULDQRVFRQIURQWDXQDYH]PDVFRQODUHDOLGDG\QRVSRQHDOGHVFXELHUWRXQDFRQGXFWDTXHGDUD
VXVIUXWRVSDUDHOIXWXUR\TXHPDUFDUDXQDVSDXWDVRULJLQDQGRXQVHQWLGRLPSDUDEOHHLUUHSDUDEOH
&RQVWDQWLQRPDQWXYRODVSUDFWLFDV\FRVWXPEUHVGHODQWLJXRFXOWRLPSHULDOOREDUQL]RFRQXQD
WHUPLQRORJLDFULVWLDQDHKL]RTXHXQD,JOHVLDTXHVHDXWRGHQRPLQDEDFULVWLDQDVHFRQYLUWLHUDHQXQD
UHOLJLRQGHXQ(VWDGRTXHLPSRQLDXQDDSRVWDVLDHQHOVHQRGHHVD,JOHVLDTXHODDVXPLUD\ODSUR\HFWDUD
HQODKLVWRULD
(VWD,JOHVLDWHQGUDHOVHOORFDUDFWHULVWLFRGHORTXH&RQVWDQWLQRFRQVX,GHDULR,PSHULDO5RPDQROH
LPSULPH
/DKLVWRULDQRVGHPXHVWUDTXHODLGHDGH&RQVWDQWLQRIXHODGHQHXWUDOL]DUODSHOLJURVLGDGGHOD
>@
,JOHVLDSDUDHO(VWDGRXQLHQGRVHFRQHOOD!!
$QWKRQ\%XUJHVVQRVGLUDTXHSDUD&RQVWDQWLQR&ULVWRHUDXQ'LRVXWLOSHURVRORXQRHQWUHPXFKRV
>@
&RQVWDQWLQRIXHHOSULPHUJUDQFULVWLDQRSDJDQR!!
 /D,JOHVLDGH5RPDFRPRIUXWRGHVXSURSLDHYROXFLRQEDVDGDHQODLQIOXHQFLDTXHOHSUR\HFWDHO
,GHDULR,PSHULDO5RPDQR\TXHHQWURQFDFRQODWHRORJLDVRODUFRQIOX\HQGRHQXOWLPDLQVWDQFLDFRQOD
,GHD,PSHULDOTXH&RQVWDQWLQRRIUHFHEDVDQGRVHHQODUHOLJLRQDVWUDORWHRORJLDVRODUDSDUHFHHQXQ
>@
PRPHQWRGHWHUPLQDGRGHODKLVWRULDFRPRODKHUHGHUDGH&RQVWDQWLQR \GH5RPD
/DFDLGDGHO,PSHULR5RPDQRHQHOVLJOR9OOHYRDORVSDSDVDDVXPLUSURJUHVLYDPHQWHORVSRGHUHVHMHUFLGRVKDVWDHQWRQFHV
>@
SRUORVHPSHUDGRUHVGH2FFLGHQWH!!
(QHIHFWRWRGRHOLQYHQWR&RQVWDQWLQLDQRWLHQHXQDSHUIHFWDFRQWLQXLGDGHQOD,JOHVLDGH5RPD
7RGRVHUDFDOFDGR&XDQGRVHHVWXGLDORTXHDTXLKHPRVLQGLFDGRGH&RQVWDQWLQRHQUHODFLRQFRQVX
SROLWLFD\FRQOD,JOHVLDVHGHVFXEUHTXHHVRPLVPRDSDUHFHHQOD,JOHVLDSODQHDGD\SUHVLGLGDSRUHO
>@

"4XHYDLPSOLFDU"
5HFRUGHPRV\DGLFLRQHPRVDOJXQRVDVSHFWRVLPSRUWDQWHVGHODLGHRORJLDSROLWLFRUHOLJLRVDLPSHULDOGH
&RQVWDQWLQR
0HGLDQWHXQDJHVWLRQGH&RQVWDQWLQRTXHGDUDVXIUXWRHQHOFRQFLOLRGH$UOHVDLQGLFDTXHHO
&RQFLOLRUHFRPLHQGHDORELVSRGH5RPDODSURPXOJDFLRQGHORVGHFUHWRVGHODPHQFLRQDGDDVDPEOHDGH
HVWHPRGRVHOHHVWDFRQFHGLHQGRDGLFKRRELVSRXQSRGHUHVSLULWXDOYLUWXDOPHQWHVXSHULRUDOGHORV
>@
GHPDV DXQFXDQGRVLHPSUHLQIHULRUDOGH&RQVWDQWLQRTXHVLJXHRVWHQWDQGRHOGH6XPR3RQWLILFHGH
>@
ORVFULVWLDQRV FXDQGRGHVDSDUH]FDHO
NDWHMRQ
XREVWDFXORTXHVXSRQHOD5RPDVHFXODU
UHSUHVHQWDGDDKRUDSRU&RQVWDQWLQRDTXHOORVHXVDUDSRUHO2ELVSRGH5RPDSDUDH[LJLUVXVXSUHPDFLD
&XDQGR&RQVWDQWLQRVHUHWLUDD&RQVWDQWLQRSODSRGUDVHULQWHUSUHWDGRFRPRTXHVHGHMDWDPELHQOD
DXWRULGDGFLYLODO2ELVSRGH5RPD(QHIHFWRHODFWRGH&RQVWDQWLQRHQHOHQFXDQWRDSDVDUOD
FDSLWDOLPSHULDOD%L]DQFLRIDYRUHFLHQGRDORELVSRGH5RPDFRQODGRQDFLRQGHOSDODFLRGHO(PSHUDGRU
HVPX\VLJQLILFDWLYD(OFDUGHQDOFDWROLFR(GZDUG0DQQLQJUHFRQRFHHOYDORUVXE\DFHQWH\WUDVFHQGHQWDO
TXHUHVLGHHQHOKHFKRGHTXHHOHPSHUDGRUWUDVODGDQGRVHD%L]DQFLRGHMHDO2ELVSRGH5RPDRFXSDUFRQ
VXDXWRULGDGXQLFDODFDSLWDOLGDGGHO,PSHULRVLPERORGHODVXSUHPDFLDSROLWLFRUHOLJLRVD(ODXWRUQRV
PXHVWUDTXHFRQHVDDFFLRQ&RQVWDQWLQRHVWDWUDVSDVDQGRDO2ELVSRGHHVDFLXGDGORVSRGHUHVTXHHO
>@
HPSHUDGRUWHQLDHQ5RPD
&RQVWDQWLQRFRQWLQXDGRUGHO,GHDULRLPSHULDOLQLFLDGRFRQ-XOLR&HVDU\FRQVROLGDGR\GDGRDOD
>@
SRVWHULGDGSRU2FWDYLR$XJXVWRVHDUURJDUDHOWLWXORGH$XJXVWR FRPRWDPELHQKHPRVYLVWRHOGH
3RQWLIH[0D[LPXV9LFDULRGH&ULVWRUHSUHVHQWDQWHGHOXQLJHQLWR/RJRV2ELVSRGHORV2ELVSRVDO
FRQFOXLUODUHIRUPDGH'LRFOHFLDQRDOFDQ]DHODSRJHRGHODEVROXWLVPRFRQXQULJXURVRFHUHPRQLDO
FRUWHVDQRWHQGHQWHDGHVWDFDUHOFDUDFWHUGLYLQRGHOHPSHUDGRUWXQLFDGHRURGLDGHPDSURVN\QHVLV\
>@
VXERUGLQDFLRQDVXSHUVRQD!!
+HPRVFRPSUREDGRWDPELHQXQWRWDOLWDULVPRLPSHULDOURPDQRPDQLIHVWDGRHQXQDPRQDUTXLDDEVROXWD
&RQVWDQWLQROOHYRDWHUPLQRSDUWHGHODLGHDVUHQRYDGRUDVGH'LRFOHFLDQRGHVGHHOSXQWRGHYLVWDGHODILORVRILDSROLWLFD
>@
ORPDVLPSRUWDQWHHVTXHHOQXHYRHPSHUDGRULQVWLWXFLRQDOL]RHODEVROXWLVPR!!
>@
/RZH GLUDDOJRPX\VLJQLILFDWLYR
 &RQVWDQWLQR  VH FRQYLUWLR HQ ILJXUD LGHDO QR VROR GH XQ HPSHUDGRU FULVWLDQR VLQR GHO SULQFLSH FULVWLDQR SRU
DXWRQRPDVLD!!
 /D FRQWLQXLGDG HQ HO 3DSDGR GHO FXOWR D OD SHUVRQD \
VLJQLILFDGR GH ORV WLWXORV TXH &RQVWDQWLQR VH DVLJQD
3RQWLIH[0D[LPXV\$XJXVWR
+D\WUHVWHVLVLPSRUWDQWHVPDQWHQLGDVHQODFRQILJXUDFLRQLPSHULDOURPDQDLQIOXLGDSRUODWHRORJLD
VRODUGHODVTXH&RQVWDQWLQRVHKDUDSRUWDGRU\WUDQVPLVRU\TXHVRQUHLQWHUSUHWDGDV\DVXPLGDVSRUHO
2ELVSRGH5RPDGDQGRXQIUXWRKLVWRULFRHQHOTXHOD,JOHVLDGH5RPDDSDUHFHFRPRSRUWDGRUDGHO
PD[LPRSRGHU
/DSULPHUDHVODSHUYLYHQFLDGHODXQLRQGHOWURQR\GHODOWDUTXHPHGLDQWHHOWLWXOR3RQWLIH[
0D[LPXVORVHPSHUDGRUHVURPDQRVKDELDQPDQWHQLGRUHXQLHQGRHQVXSHUVRQDWDQWRHOSRGHUFLYLOFRPR
HOUHOLJLRVR
3RQWLIH[0D[LPXV\$XJXVWR
1RKD\SRVLELOLGDGGHXQDLQWHUSUHWDFLRQDSRVWHULRULFRPRYDOLGDGHOWLWXOR3RQWLIH[0D[LPXVR6XPR
>@
3RQWLILFH 6XRULJHQ\WUD\HFWRHVSOHQDPHQWHSDJDQR
>@
(OWLWXOR3RQWLIH[0D[LPXVVHORDWULEXLUDHO2ELVSRGH5RPD WUDVKDEHUDEGLFDGRGHHOHO
HPSHUDGRU*UDFLDQRHQHOVLHQGRDVXPLGRDSDUWLUGHHQWRQFHVSRUWRGRVHOORV/RVWLWXORVGH
$XJXVWR\9LFDULRGH&ULVWRLJXDOPHQWH
(OPLVPRWLWXORGH$XJXVWR\HOGH9LFDULRGH&ULVWRDSDUHFHQDGRVDQGRVHORHOSURSLR2ELVSRGH
5RPD(QXQDFLWDGHOWHRORJRHKLVWRULDGRUFDWROLFR-RVHI/HQ]HQZHJHUVHUHFRJHQHVWDVFRPRIRUPDQGR
SDUWHGHXQDWUDGLFLRQTXHFXOPLQDHQORV'LFWDWXV3DSDHGH*UHJRULR9,,0HUHFHODSHQDWUDHUODHQ
FRQVLGHUDFLRQ
0DQLIHVWRFRQFUHFLHQWHFODULGDG\URWXQGLGDGODSUHWHQVLRQGHTXHFRPRSDSDHUDHOYLFDULRGH&ULVWRHQODWLHUUD(VWH
&ULVWRHUDHQVXRSLQLRQVXFHVRUGHOHPSHUDGRU$XJXVWR3RUFRQVLJXLHQWHHOSDSDHVFRPSHWHQWHQRVRORHQODVFRVDVHVSLULWXDOHV
>@
VLQRWDPELHQHQORVDVXQWRVVHFXODUHV!!
(ULF3HWHUVRQGHMDELHQFODURODFUHDFLRQGHOWLWXOR$XJXVWR
HQWUHOD]R,PSHULR\&ULVWLDQLVPRFRPRWDOYH]QDGLHKL]R\ORVUHODFLRQRGHPDQHUDLPSUHVLRQDQWHYLQFXODQGR$XJXVWRD
&ULVWR(YLGHQWHPHQWHFRQHOORVHFULVWLDQL]DD$XJXVWR\VHURPDQL]DD&ULVWRTXHUHVXOWDVHUFLYLV5RPDQXV(OVHQWLGRSROLWLFRGH
>@
WDOFRQVWUXFFLRQHVREYLR!!
/DFRQIOXHQFLD&RQVWDQWLQLDQDDUUDQTXHGHXQDFRQVWDQWHKLVWRULFDHQODTXHVHGLEXMDSRUXQODGRHO
GRPLQLRGHO(PSHUDGRUVLHVWHDVXPHORTXH&RQVWDQWLQRUHSUHVHQWDFRPR$XWRULGDGFLYLO\ORTXH
VLPEROL]DFRPRSRGHUDEVROXWRWHPSRUDO\TXHVHWUDQVPLWLRGHDFXHUGRDOVHQWLGRKLVWRULFRLPSXHVWRSRU
HO\SRUORTXHVXSXVRODH[LVWHQFLDGHOD,JOHVLD&RQVWDQWLQLDQD\SRURWURODVXSUHPDFLDGHOD,JOHVLD
VREUHOD$XWRULGDGFLYLOVLHO2ELVSRGH5RPDDEVRUEHHQVXWRWDOLGDGORTXH&RQVWDQWLQRHQFDUQDHO
3RQWLIH[0D[LPXVTXHUHXQHWDQWRODVXSUHPDFLDWHPSRUDOFRPRODHVSLULWXDO
+D\XQSXQWRGHOOHJDGDDFDXVDGHORVSUROHJRPHQRVSODQWHDGRVFRQDQWHULRULGDG(Q&RQVWDQWLQRVH
HQWURQFDXQWLSRGH,JOHVLDTXHKDLGRHYROXFLRQDQGRGHVGHXQDFRQFHSFLRQSXUDPHQWHELEOLFDKDVWDXQD
PRQDUTXLFDVLQTXHKD\DXQDDXWRUL]DFLRQWH[WXDODVHPHMDQWHFRQILJXUDFLRQ/RVRELVSRVURPDQRVXWLOL]DQ
HOGHVDUUROORPRQDUTXLFRTXHVHH[SHULPHQWDDSDUWLUGHOVLJOR,,UHODFLRQDQGRORFRQXQDSULPDFLDGHOD
,JOHVLDGH5RPD\GHOTXHODSUHVLGH&RQVWDQWLQRKDUDSRVLEOHXQPRGHORGH,JOHVLDPRQDUTXLFR
DEVROXWLVWDHQFX\DFXVSLGHVHHQFXHQWUDHO3RQWLIH[0D[LPXV
3RURWUDSDUWHQRHVPDVTXHHOLQGLFLRGHORTXHVHFRQVHJXLUDSRVWHULRUPHQWHDODGHVDSDULFLRQGHO
,PSHULR5RPDQRUHSUHVHQWDGRSRUHOSRGHUGHO&HVDUTXHPDQWLHQHWDQWRHOWLWXORGHPD[LPD$XWRULGDG
&LYLOFRPR(VSLULWXDOGHQWURGHOWLWXOR3RQWLIH[0D[LPXV\TXHWDQWRXQDFRPRRWUDVHUDDVXPLGDSRUHO
2ELVSRGH5RPD
6HQWLGR\6LJQLILFDGRGHO3RQWLIH[0D[LPXV&XOWRDOD3HUVRQD\$XWRULGDG6XSUHPD
+DELDPRVKDEODGRGHWUHVWHVLVODSULPHUDODGHODSHUYLYHQFLDGHODXQLRQGHOWURQR\GHODOWDU
PHGLDQWHODDGRSFLRQGHOWLWXOR3RQWLIH[0D[LPXVTXHVHUHPRQWDD%DELORQLD\TXHGHDFXHUGRDOD
7HRORJLD6RODUTXHGHVGHHQWRQFHVVHWUDQVPLWHKDVWDOOHJDUD5RPD,PSHULDOLPSOLFDEDOD$XWRULGDG
6XSUHPD\FRPRFRQVHFXHQFLDHO&XOWRDODSHUVRQDODGHLILFDFLRQ(VWDVHUDODVHJXQGDWHVLVOD
GHLILFDFLRQGHOHPSHUDGRUSURGXFLHQGRHOFXOWRLPSHULDOHQODUHSUHVHQWDFLRQPDVVLJQLILFDWLYDGHOD
>@
,JOHVLDGH5RPD TXHHYLGHQFLDODLPSOLFDFLRQGHOD$XWRULGDG6XSUHPD(VWRVXSXVRFRPR\D
KHPRVLQGLFDGRXQHOHPHQWRSROLWLFRGHSULPHUDFDWHJRULDHQPDQRVGHORVDQWLJXRVHPSHUDGRUHV
>@
URPDQRVTXHSDVDUDLJXDOPHQWHDO2ELVSRGH5RPD
(OFXOWRDODSHUVRQDTXHFRQOOHYDXQSRGHUDEVROXWLVWDSOHQLSRWHQFLDULRDOFDQ]DPRPHQWRV
FXOPLQDQWHVGRQGHOLWHUDOPHQWHVHHQGLRVDDO3DSD(OTXHVHDGTXLHUDWRGRXQFHUHPRQLDO\VHH[LMDQ
JHVWRVFXOWXDOHVFRPRHOGHODJHQXIOH[LRQHOGHSRVWUDUVHHKLQFDUVHWRWDOPHQWHHQWLHUUDRHOGHEHVDU
ORVSLHVDOLJXDOTXHDORVHPSHUDGRUHVURPDQRVVRQSRVWXUDVGHXQDVXERUGLQDFLRQWRWDOHLQFRQGLFLRQDO
KDFLDODSHUVRQDGHO3DSD&XDQGRVHSUHWHQGHWHQHUXQD$XWRULGDG6XSUHPDDODTXHWRGRVGHEHQ
REHGHFHUFXDQGRVHFUHHXQRFRQHOGHUHFKRGLYLQRGHRWRUJDUSRUHVD$XWRULGDG6XSUHPDHOSRGHU
WHPSRUDODORVUH\HV\SULQFLSHVGHHVWHPXQGRFXDQGRVHDVXPHQSRVLFLRQHVSRUODVTXHXQVHUKXPDQR
VHDWULEX\HFDUDFWHULVWLFDVTXHSHUWHQHFHQDOD'LYLQLGDGFRPRHOGHSRVHHUXQPDJLVWHULRLQIDOLEOH
FXDQGRVHFUHHGRWDGRGHXQDIDFXOWDGFRQODTXHSXHGHSHUGRQDUSHFDGRVRFUHDUFXOWRVQXHYRVTXHQR
HVWDEDQFRQWHPSODGRVPHGLDQWHODPDWHULDOL]DFLRQGHOD(XFDULVWLDRODGHFODUDFLRQGHTXHDWDOKRPEUH
RPXMHUVHOHSXHGHQHOHYDUSOHJDULDVRUDFLRQHV\KRQRUHVFXOWLFRVFXDQGRVHSUHWHQGHEDVDQGRVHHQ
HVD$XWRULGDG6XSUHPDOD8QLRQGHOJHQHURKXPDQRLPSRQLHQGRSRUWRGRVORVPHGLRVKDELGRV\SRU
KDEHUXQDLGHRORJLDTXHVHVXSRQHYHQLGDGH'LRVPLVPRSHURTXHQRSXHGHSUREDUVHFRPRVLHQGRDVL
SRUORVSURFHGLPLHQWRVTXHWHQHPRVDQXHVWUDGLVSRVLFLRQFXDQGRWRGRHVRVHHVWDOOHYDQGRDFDEREDMR
XQD$XWRULGDGKXPDQDVHHVWDSURPRYLHQGRXQFXOWRDODSHUVRQD\VHHVWDWUDVODGDQGRODHVHQFLDGHO
>@
,GHDULR,PSHULDO5RPDQR 3RFRLPSRUWDTXHIDOWHQFLHUWDVSRVWXUDVRTXHVHQLHJXHODUHDOLGDGGHO
VLJQLILFDGRGHWRGDHVWDDFFLRQ/DVDFWLWXGHV\GHFODUDFLRQHVGHO3DSDGRDWUDYHVGHVXKLVWRULD
FRQILUPDQFRQWRGDVHJXULGDGTXHFRQHVWRVFRPSRUWDPLHQWRVVHHVWDEDKDFLHQGRUHDOLGDGHOHQJHQGURGH
>@
&RQVWDQWLQR\SRUHQGHHOFRQWLQXLVPR5RPDQR
(OJUDQSUREOHPDGHODREUDGH&RQVWDQWLQRHVODLQGXFFLRQGHPDQHUDDXWRPDWLFD\SURJUDPDGDDTXH
VHDFHSWHXQDOLQHDGHDFWXDFLRQTXHMDPDVVHUDDEDQGRQDGDSRUOD,JOHVLD&DWROLFD5RPDQD
/DOHFFLRQHVDSUHQGLGDGHWDOPRGRTXHHO2ELVSRGH5RPDYDUHHPSOD]DQGRDO&HVDUHQXQD
HYROXFLRQHQODTXHHO3RGHUHVSLULWXDOVHLPSRQGUDDO(VWDGRHQXQFRQIOLFWRFRQWLQXR\EDMRHOLGHDO
GHODXQLGDG(OSRGHUUHOLJLRVRFDWROLFRDGXFLUDVLHPSUHTXHSRVHHORVHOHPHQWRVXQLILFDGRUHV
QHFHVDULRVSDUDHOEXHQIXQFLRQDPLHQWRGHODLGHD(XURSHD\2FFLGHQWDO
(OHVSDQRO\SRHWD$QWRQLR0DFKDGRKDELDGLFKRTXH5RPDKDELDWRPDGRGH&ULVWRORLPSUHVFLQGLEOH
>@
SDUDGHIHQGHUVHGHHO
(VD5RPDTXHKDELDWRPDGRGHOFULVWLDQLVPRORLPSUHVFLQGLEOHSDUDSURGXFLUPHGLDQWHXQDVLPELRVLV
ODFRUUXSFLRQGHOFULVWLDQLVPRUHSUHVHQWDGRGHVGHHQWRQFHVSRUORVPDVGHVWDFDGRVOXJDUHVMHUDUTXLFRV
HLQIOX\HQWHVGHODPDVDPD\RULWDULDGLRFRPRUHVXOWDGROD,JOHVLD&DWROLFD5RPDQD
 >@
&RQODFHVLRQGHOWLWXORGH3RQWLIH[0D[LPXVDOTXHHOHPSHUDGRU*UDFLDQRUHQXQFLD HQHO
>@
DWULEX\HQGRVHORHO3DSD'DPDVR QRWDPRVODVGLUHFWULFHVLPSXHVWDVSRUHOSRGHUSDSDO
SDUDTXHVHDFHSWHQVXVSUHUURJDWLYDV\SULYLOHJLRV\VHOHFRQILHUDODPD[LPDDXWRULGDG
4XHUHPRVLQVLVWLUHQHOKHFKRGHTXHODSULPDFLDUHFODPDGDSRUHO2ELVSRGH5RPDQRSHUWHQHFHDOD
VLPSOHFDWHJRULDGHKRQRULILFDOOHYDHQVLPLVPDFRPRVLGHXQHPEULRQVHWUDWDVHWRGRORTXHSXHGH
VXSRQHUVHUHVSHFWRDODDXWRULGDGPD[LPDDODTXHWRGRVFOHULJRV\FLYLOHVRELVSRV\HPSHUDGRUHVGH
WRGRHORUEHGHEHQVXMHWDUVH
5HLYLQGLFDUHVHDOJRXQLFRSDUDODVHGHGH5RPDSRU'DPDVRMXQWRFRQODDGRSFLRQGHO3RQWLIH[
0D[LPXVLQILHUHFRQVWLWXLUVHFRPRRUJDQRGHODGLYLQLGDGWDOFXDODVXPLDQORVHPSHUDGRUHVURPDQRV
GHMDQGRHQVXVSHQVRHOFXOWRDOHPSHUDGRUTXHHVWRLPSOLFDED\VLQDQXODUORVHLQWHQWDSRQHUHQ
>@
FRQFRUGDQFLDFRQHOFULVWLDQLVPR /RLPSOLFLWRGHHVWHDFWRORYDPRVDYHUH[SOLFLWDPHQWH
GHVDUUROODGRFXDQGRHVWRVHDQHFHVDULR3RUORSURQWR'DPDVRXWLOL]DQXHYDVIRUPXODFLRQHVFRQ
DUJXPHQWRVWHRORJLFRVGHXQPDUFDGRFDUDFWHUMXULVWD<FRPRKDFHQRWDUHOSURIHVRUFDWROLFR1RUEHUW
%UR[VHDGRSWDQODVIRUPDVGHOGHFUHWRDXWRULWDULRTXHHUDQKDELWXDOHVHQHOFDPSRGHODSROLWLFDOD
FDQFLOOHULDSDSDOKDEORHQWRQFHVHQHOHVWLORGHODVGHFUHWDOHVGHOHPSHUDGRUHVGHFLUHQHOWRQR
>@
DXWRULWDULR\VXSHULRUGHGHFUHWRV\HGLFWRV
>@
6LULFLRRELVSRGH5RPDDGHVSXHVGH'DPDVRVHLQWLWXODRILFLDOPHQWH
3DSD

FRQVWLWX\HQGRVHHQHOSDGUHYHQHUDEOHGHWRGRHOPXQGRVHUDHOSULPHURHQPDQLIHVWDUODVSULPHUDV
>@
OHJLVODFLRQHVSRQWLILFLDVTXHSUHWHQGHQFRQVXDXWRULGDGLPSRQHUVHDWRGRV
&RQ7HRGRVLRDHO&DWROLFLVPR5RPDQRHVGHFODUDGRUHOLJLRQGH(VWDGRDHVWDVDOWXUDVVHJXQHO
>@
FDWROLFR$%RUUDVHOPHQVDMHHYDQJHOLFRVHKDKHOHQL]DGR\URPDQL]DGR
(ODILDQ]DPLHQWRGHOSDSDGRVHYDFRQVROLGDQGRFRQH[SUHVLRQHVTXHLGHQWLILFDQDODPD[LPDDXWRULGDG
VRPHWLHQGRDWRGRVORVGHPDVDHOODLQFOXVRDOSURSLRHPSHUDGRU
&XDQGR%RQLIDFLR,HOLJHODFDWHJRULDSROLWLFDGHSRGHUPHGLDQWHHOWHUPLQRSULQFLSDWXV
>@
LPSHULDO HVWDDUURJDQGRVHORTXHHQODWHRULDPRQDUTXLFDGHO,PSHULRGHVLJQDEDODVXSUHPD
>@
DXWRULGDGGHOHPSHUDGRU
(OHPSHUDGRU9DOHQWLQLDQR,,,TXHLQWHUYLHQHDIDYRUGHO3DSD/HRQ,HQVXGLVSXWDFRQ
+LODULRGH$UOHVGHMDHVWDEOHFLGDODVXSUHPDFLDGH5RPDFRQILULHQGROHDO2ELVSRGHHVDFLXGDGHO
SULPDWXV6HGLV$SRVWROLFDHDGHPDVGHFRQFHGHUHQHOHOTXHODVOH\HVGHOD,JOHVLDWXYLHUDQIXHU]D
>@
FLYLO 6LQHPEDUJRHQVXPRPHQWR/HRQ,KDFHYDOHUVXSULQFLSDWXV\DVXPHODVXFHVLRQGHO
>@
HPSHUDGRU\GHOLPSHULR $OXGLHQGRD3HGURSLGHSDUDVXVXFHVRUODSOHQLWXGGHSRWHVWDG
>@
SOHQLWXGRSRWHVWDWLV (VWDPDWL]DFLRQFRQFXHUGDFRQORVHOHPHQWRVTXHGHILQHQORVFRQFHSWRVGH
ODLGHRORJLDLPSHULDOURPDQDHYLGHQFLDQGRVHPHGLDQWHODDVXQFLRQGHOSURSLRFHUHPRQLDOSDODFLHJR\
>@
WUDGXFLHQGROD
VREHUDQLD
DOFDQ]DGD
(QODGRFWULQDGHOSULPDGRURPDQRHVWDEOHFLGDFODUDPHQWHSRUHO3DSD/HRQVXE\DFHODWHRULDGHO
SRGHUDEVROXWRGHO2ELVSRGH5RPDUDWLILFDGDSRUHOHPSHUDGRU9DOHQWLQLDQR,,,TXHSRQHDO(VWDGRHQ
VHUYLFLRGHOD,JOHVLD&DWROLFDD-\DXQFXDQGRDSDUHFHXQDJUDQUHVLVWHQFLDHQ&RQVWDQWLQRSOD
>@
PHGLDQWHODFUHDFLRQGHOVDFHUGRVLPSHUDWRUGDQGROXJDUDOFHVDURSDSLVPR ODGLUHFFLRQDOLGDG
HVWD\DFUHDGD7RGRORGHPDVVHUDQWUD]RVTXHDILUPDQODRULHQWDFLRQTXH5RPDH[LJH
&RQODFDLGDGHO,PSHULR5RPDQRHQHOG-QRKXERYDULDFLRQHVLPSRUWDQWHV/D6XSUHPDFLD
3DSDOVLJXHVXFXUVRDSHVDUGHODRSRVLFLRQGHDTXHOORVSXHEORVEDUEDURVFRQYHUWLGRVDOFULVWLDQLVPR
DUULDQR)UHQWHDHVWRVSHGLUDODD\XGDGHODHVSDGDGHO(VWDGRHQHVSHFLDOODGH&ORGRYHR\-XVWLQLDQR
KDVWDTXHHQHOXQDYH]YHQFLGRVORV/RPEDUGRVSRUORVJHQHUDOHVGH-XVWLQLDQRGHMHQGHVHUXQ
VHULRREVWDFXOR
(ODXWRUGHXQD+LVWRULDGHORV3DSDVGLUD
/RV EDUEDURV TXH KDELDQ LQYDGLGR ODV SURYLQFLDV GHO ,PSHULR EXVFDEDQ LJXDOPHQWH OD DPLVWDG GHO 3RQWLILFH (QWRQFHV HO
6DQWR3DGUHOLVRQMHDEDODDPELFLRQGHORVSULQFLSHVULYDOHV\YHQGLDVXDOLDQ]DDXQR\RWURSDUWLGR
ODVTXHMDVHUDQIDYRUDEOHPHQWHDFRJLGDVVLHPSUH\WDQWRTXHIDYRUHFLHVHQHORUJXOORVRSUR\HFWRGHFRQYHUWLUHOPXQGRHQOD
>@
PRQDUTXLDXQLYHUVDOWDQVRQDGDSRUORVSRQWLILFHV!!
5DPRQ&RPDVGLUDTXHFRQODLUUXSFLRQGHORVEDUEDURVOD,JOHVLDVHHULJHHQSURWDJRQLVWD\KHUHGHUD
>@
GHO,PSHULR5RPDQR
(OSDSD*HODVLR,HQXQDFDUWDHQYLDGDDOHPSHUDGRU$QDVWDVLROHH[SOLFDXQDOHFFLRQTXHOD
KLVWRULDQRGHEHROYLGDUTXHVLELHQKD\GRVSRGHUHVHOHFOHVLDVWLFR\HOFLYLOHOSULPHURHUDPD\RUTXH
>@
HOVHJXQGR
'HO3DSD6LPDFRHQXQGLVFXUVRSRU(XQRGLRVHGLFHTXHHO3RQWLILFHURPDQRIXH
>@
FRQVWLWXLGR-XH]HQOXJDUGH'LRV\YLFHUUHJHQWHGHO$OWLVLPR (VDVDWULEXFLRQHVGLYLQDVTXHVH
KDQLQFRUSRUDGRDO3DSDGR\TXHVXWLWXORGH3RQWLIH[0D[LPXVODMXVWLILFDQQRVRQRWUDFRVDTXH
FRQVHFXHQFLDVQRUPDOHVGHODWHRULDGHOSULPDGR8QDYH]TXHVHKDQSXHVWRFLHUWDVEDVHVWRGRHQWUDHQ
XQDORJLFDQHFHVDULD
/RVFXOWRVHVWDFLRQDOHVGHOSDSDGRTXHRFXSDQXQOXJDULPSRUWDQWH\DDILQDOHVGHOVLJOR9\
>@
FRPLHQ]RVGHO9, HQORVTXHLQWHUYLHQHQULWXDOHV\SRVWXUDVTXHQRVUHFXHUGDQORVKRQRUHVFXOWLFRV
UHFLELGRVSRUORVHPSHUDGRUHV\TXHHO3DSDDGRSWDFRPR6REHUDQR6XSUHPRTXHVXSRQHVHUHQOXJDU
GH'LRVHVHOJHVWRTXHVHLQFXOFDDODVPXOWLWXGHVSDUDTXHFRPSUHQGDQGRQGHUHVLGHODYHUGDGHUD
DXWRULGDG
(QHVWRVFXOWRVVHLQFOX\HHOVDFULILFLRGHODPLVDFRPRXQDUHSHWLFLRQTXHLQFOX\HODFRQYHUVLRQ
PDWHULDOHQHOFXHUSR\ODVDQJUHGH-HVXFULVWRGHOSDQ\GHOYLQRJUDFLDVDOSRGHUGHODVSDODEUDVGHO
6DFHUGRWHTXHRILFLD
-XQJPDQQQRVORVGHVFULEHGHOVLJXLHQWHPRGR
6RQQRWDEOHVORVKRQRUHVTXHVHWULEXWDQDOSDSDDOFRPHQ]DUODIXQFLRQUHOLJLRVD3RUHOVHXVDHOWK\PDWDULXPORPLVPRTXH
ORVVLHWHFLULRVGHORVDFROLWRVHVXQDGLVWLQFLRQTXHVHWHQLDDQWLJXDPHQWHSDUDFRQORVHPSHUDGRUHV
>@
(OSDSDDODUJDDPEDVPDQRVDORVGLDFRQRVTXHOHDFRPSDQDQTXLHQHVVHODEHVDQ\OHVRVWLHQHQDODQGDU!!
>@
(OGLDFRQRVHDFHUFDDODFDWHGUD\EHVDHOSLHGHOSDSDTXHOHGDODEHQGLFLRQ!!
(VWHEHVRHVPX\VLJQLILFDWLYR\DTXHVHWUDWDGHXQRVFXORTXHVHWULEXWDEDDQWHVVRORDOHPSHUDGRU\
>@
TXHDKRUDVHWULEXWDVRORDO3DSD
(VWRQRGHEHULDH[WUDQDUQRV\DTXHHVXQDFRQVWDWDFLRQGHODLGHRORJLDTXHVXE\DFHHQHOKHFKRGHTXH
HO3DSDKD\DUHPSOD]DGRODDXWRULGDGVXSUHPDGHO(PSHUDGRU5RPDQRDGMXGLFDQGRVHHOYDORUSROLWLFR
 >@
TXHVXSRQLDHOUHFLELUXQFXOWRDODSHUVRQD
(QUHDOLGDGHOUHHPSOD]RGHODDXWRULGDGVXSUHPDGHOHPSHUDGRUSRUHO3DSDHVIUXWRGHOD
LGHQWLILFDFLRQGHOVXPRVDFHUGRFLRGHO3ULQFLSH0HVLDVFRQODIRUPXODSDJDQD3RQWLIH[0D[LPXV$O
FRQVWLWXLUVHHQ9LFDULRGH&ULVWRRGHO0HVLDVPHGLDQWHXQDLQWHUSUHWDFLRQIXHUDGHOXJDUFI0W
GHEHSRVHHUODPD[LPDDXWRULGDGFI0W3HUR"FRPRHYLGHQFLDUODHLQFXOFDUOD
SXEOLFDPHQWH"
6LVHREVHUYDHQHOYDORUSROLWLFRGHHVWRVFXOWRVHVWDFLRQDOHV\GHODPLVDXQRVHGDUDFXHQWDTXH
PHGLDQWHODPLVDVHSUHVHQWDSRUXQODGRXQPLQLVWHULRVDFHUGRWDOGLVWLQWRDOTXH&ULVWRSRUVLVROR
UHSUHVHQWDSRURWUDSDUWHDOPRVWUDUXQ3ULQFLSH0HVLDVGHVYDORUL]DGRHQFXDQWRDVXPLQLVWHULR
VDFHUGRWDOFRQWLQXRHLUUHSHWLEOHVHSXHGHPDQLSXODUVXVXPRVDFHUGRFLRLQWUDQVIHULEOHDODPDQHUD
SDJDQDGHVXPR3RQWLILFH\DUURJDUVHODIRUPXODSROLWLFDGHO3RQWLIH[0D[LPXVTXHGHVGH%DELORQLD
KDVWD5RPDVHKDWUDVODGDGRHYLGHQFLDQGRHOYHKLFXORGHODDSRVWDVLD
6HWUDWDGHDOJRLQDFHSWDEOHGHVGHHOSXQWRGHYLVWDGHOHYDQJHOLRSRUFXDQWRVHSUHWHQGHTXH'LRVKD
RWRUJDGRHVDDXWRULGDGVXSUHPDFRQWHQLGDHQODIRUPXOD3RQWLIH[0D[LPXVHOSRGHUWRWDOHOWHPSRUDO\
HOHVSLULWXDO
3RQWLIH[0D[LPXV,PSRVLFLRQGHODDXWRULGDGVXSUHPDPHGLDQWHHOPHWRGRFRHUFLWLYR
/DWHUFHUDWHVLVDODTXHDOXGLDPRVHVHOPHWRGRFRHUFLWLYRTXHHO,PSHULR5RPDQRVXSRXWLOL]DUSDUD
GHVWUXLUDFXDOTXLHUDTXHVHLQWHUSXVLHUDHQORVREMHWLYRVLPSHULDOLVWDV\GHGRPLQLRPXQGLDOOD
SHUVHFXFLRQUHOLJLRVDRHOHPSOHRGHOHMHUFLWR\GHODJXHUUDVHLQVWLWXFLRQDOL]DQSDUDKDFHUSUHYDOHFHUOD
>@
RULHQWDFLRQLGHRORJLFDURPDQD (O2ELVSRGH5RPDFRPRGHIHQVRUGHODIHFDWROLFDDGRSWDUD
HVWDPHGLGDSDUDHYLWDU\FRPEDWLUORTXHVHSUHVXPHFRPRKHUHMLDRSDUDSURPRYHUODFRQTXLVWD
HVSLULWXDOGHORVSDJDQRVRLQILHOHV
/DFRQWLQXLGDGHQHO3DSDGRGHOLQVWUXPHQWRGHODSHUVHFXFLRQUHOLJLRVDSDUDODREWHQFLRQGH
ODXQLGDG
6L5RPDSHUVLJXLRVXKHUHGHUDGHELDKDFHUORWDPELHQ6L&RQVWDQWLQRSDUDVDOYDUODXQLGDGGHO
,PSHULRHQHOTXHHVWDEDQLQGLVROXEOHPHQWHXQLGRVORSROLWLFR\ORUHOLJLRVRSURPRYLRFXDQGRIXH
QHFHVDULRSDUDVXFULWHULRLGHRORJLFRODSHUVHFXFLRQWDQWRYLROHQWDFRPRQRVX,JOHVLDODTXHHOIXQGDUD
YDOLHQGRVHGHXQDPH]FODGHO,GHDULR,PSHULDO5RPDQR\GHFLHUWRVDVSHFWRVFULVWLDQRVVHULDWDPELHQHO
DUPDTXHGHVGHODIHFKDWHPSUDQD&RQVWDQWLQLDQDHO3DSDGRXVDULDFRQXQDPD\RUSURGLJDOLGDGTXHHO
>@
SURSLR,PSHULR5RPDQR
/DMXVWLILFDFLRQDSDUWLUGH&RQVWDQWLQRGHODJXHUUD\GHOVHUYLFLRPLOLWDU
3ULPHURUDWLILFRORUHODWLYRDODJXHUUD\DOVHUYLFLRPLOLWDUWUDWDGRHQHOFRQFLOLRGH$UOHVTXHDOILQ\
DOFDERVHOOHYREDMRHOEHQHSODFLWRGHORVRELVSRVUHXQLGRVDOUHGHGRUGH&RQVWDQWLQR
/DFRQGXFWDSRVWHULRUQRSRGLDVHURWUDTXHXQDFRQVHFXHQFLDGHHVHDFWR
+XERXQDJUDQLQWROHUDQFLDFRQWUDHOSDJDQLVPRKDVWDHOH[WUHPRGHRUGHQDUPDWDQ]DVLQFUHLEOHV
,QFOXVRHQHOEUHYHSDUHQWHVLVGHOOODPDGR-XOLDQRHODSRVWDWDHOQXHYRFULVWLDQLVPRRFDWROLFLVPRDWDFD
>@
DOSDJDQLVPRLQFHQGLDQGRXQRGHVXVFHQWURV
(ORELVSRGH$OHMDQGULD7HRILORHQRUJDQL]RXQDPDWDQ]DGRQGHGHVWUX\RWDPELHQHO7HPSORGH
>@
6HUDSLV\OD%LEOLRWHFDGHUHSXWDFLRQ8QLYHUVDO
7DPELHQXQDSHUVHFXFLRQVLQPLVHULFRUGLDXVDQGRHOHMHUFLWRFRQWUDORVSURSLRVFULVWLDQRVTXH
GLVHQWLDQGHODVRSLQLRQHV
FDWROLFDV

5HVSDOGDGRSRUHOSRGHUGHOLPSHULRVHLQWURGXMRFLHUWRHVSLULWXGHSHUVHFXFLRQ1RVRORVHFDVWLJRDORVMXGLRVPDQLTXHRV\
SDJDQRV VLQR D ORV KHUHMHV (V GHFLU D ORV FULVWLDQRV FRQ RSLQLRQHV GLVROYHQWHV (O GHVSRWLVPR GHO LPSHULR VREUH OD ,JOHVLD HQ OD
>@
HPSUHVDGHFRQWURODUHOSHQVDPLHQWRGHORVKRPEUHVWDQWRFRPRVXVDFWRV!!
$XQPDVQRVRORVHFRQWHQWDURQFRQSHUWHQHFHUDOHMHUFLWRLPSHULDOVLQRTXHHQHOHOHPSHUDGRU
7HRGRVLR,,OOHJRDH[SUHVDUXQGHFUHWRVHJXQHOFXDOXQLFDPHQWHORVFULVWLDQRVSRGLDQHQORVXFHVLYR
>@
IRUPDUSDUWHGHOHMHUFLWR
(QHIHFWRFRPRQRVGLFH+DUQDFNHQ0LOLFLDGH&ULVWR
'HVSXHVGHODYLFWRULDGH&RQVWDQWLQRIXHTXLWDGDODEDUUHUDHQWUHHOVROGDGRFULVWLDQR\HOHMHUFLWR(OVROGDGRGH&ULVWRVH
>@
WUDQVIRUPR
LSVRIDFWR
HQXQVROGDGRGHO&HVDU!!
$WDQDVLRGLFH
>@
(ODVHVLQDWRQRHVSHUPLWLGRSHURPDWDUHQJXHUUDDOHQHPLJRHVDFWRWDQOHJDOFRPRGLJQRGHDODEDQ]D!!
$WDQDVLRYLYLRGHODO"FRPRHQWHQGLRHOODVSDODEUDVGHOFRQFLOLRGH$UOHVSDUDDWUHYHUVHD
SURQXQFLDUORPHQFLRQDGR"
$PEURVLRTXHYLYLRGHODOVHH[SOLFDHQSDUHFLGRVWHUPLQRV
(O YDORU TXH SURWHJH D QXHVWUD SDWULD FRQWUD ORV EDUEDURV TXH GHILHQGH D ORV GHELOHV GH QXHVWURV KRJDUHV \ TXH VDOYD D
>@
QXHVWURVFDPDUDGDVGHORVEDQGROHURVHVHYDORUHVWDSOHQDPHQWHMXVWLILFDGR!!
$WDQDVLR\$PEURVLRSUHSDUDQHOFDPLQRD$JXVWLQGH+LSRQDDHOFXDOSRQGUDODVEDVHV
>@
GHODWHRULDGHODJXHUUDMXVWD
 &RQFOXVLRQHV\9DORUDFLRQHV
(VWRVWUHVPDWLFHVVHIXQGHQGDQGRFRPRUHVXOWDGRXQSRGHUSROLWLFRUHOLJLRVRTXHLQWHQWDSRUWRGRV
ORVPHGLRVDWUDYHVGHODKLVWRULDHOVHUUHFRQRFLGRFRPRSRWHVWDVDXFWRULWDVTXHHVIXHQWHGHGHUHFKR
DGLIHUHQFLDGHOSRGHUGHO(VWDGRTXHHVVLPSOHPHQWH
SRWHVWDV
ODFXDOQRFUHDVLQRTXHHMHFXWDOR
>@
RUGHQDGRSRUODDXFWRULWDV
(VWDXQLRQGHOD,JOHVLD\GHO(VWDGRTXH\DFRQ&RQVWDQWLQRVHSURGXMRSDVRHQORVSULPHURVHVWDGLRV
SRUGLYHUVDVYLFLVLWXGHVHQFXDQWRDOGRPLQLRGHXQR\RWUD$YHFHVHVHOFHVDURSDSLVPRORTXHSDUHFH
SULPDUHOFDVRGH&RQVWDQWLQR\-XVWLQLDQRSHURHVSODXVLEOHLQWHUSUHWDUSRVWHULRUPHQWHD&RQVWDQWLQR
TXHHVWRVHDIUXWRGHODSXHVWDHQSUDFWLFDGHODVSRVLEOHVFRPSHWHQFLDVGHODHVIHUDFLYLO\HFOHVLDVWLFD
DGHPDVGHOSURFHVRORJLFRTXHOOHYRFRQVLJRHODOFDQ]DUSRUSDUWHGHO2ELVSRGH5RPDVXSULPDFLDHQHO
RUEHFULVWLDQR
8QHVWXGLRDWHQWRGHODHSRFD&RQVWDQWLQLDQDWDOFRPR\DKHPRVSUHVHQWDGRQRVPXHVWUDTXHGDGRHO
SURFHVRTXHOD,JOHVLDGH5RPDKDLGRUHDOL]DQGRWHQLHQGRHQFXHQWDODLQIOXHQFLDTXHVREUHHOODHMHUFHOD
7HRORJLD6RODUIXHHOSURSLR&RQVWDQWLQRHOSURWDJRQLVWDSULQFLSDOGHHVHFDPELRSURGLJLRVRSRUHOTXH
VHFRQVLJXHVXVWLWXLUODVOH\HVGH&ULVWR\GHOD,JOHVLDSULPLWLYDSRUODVOH\HVGHODLGHRORJLDLPSHULDO
>@
LGHDULREDVDGRHQOD7HRORJLD6RODU
(VWHORJURVHKL]RPHUPDQGRSURIXQGDPHQWHODGRFWULQD\HOVHQWLGRFULVWLDQRWDOFRPRKDSUREDGR
$OLVWDLU.HHHQVXOLEUR\DFLWDGR
>@
(OFDWROLFR5DPRQ&RPDVKDEODGHODJUDQPXWDFLRQTXHH[SHULPHQWROD,JOHVLD
(VWHDXWRUWHQLHQGRHQFXHQWDDRWURVFRQVLGHUDTXHORTXHLPSRUWDUHDOPHQWHD&RQVWDQWLQRHVVX
>@
GRJPDSROLWLFRGHXQLGDG ODFRQIXVLRQGHOD,JOHVLD\HO(VWDGRHVWDFRPHQ]DQGRDIUDJXDU
>@ >@
/RPDVJUDYHVHJXQHVWHDXWRUVLJXLHQGRD+HHU KDOOHJDGRODSROLWL]DFLRQGHODUHOLJLRQ
<HVWRFRQWRGDODSHUGLGDGHODRUWRGR[LDTXHVXSRQH/DKHUHQFLDGH&RQVWDQWLQRHVODGHKDFHU
DGRUDUORSROLWLFRFRQHOEHQHSODFLWRGHXQDUHOLJLRQTXHGHMDGHVHUFULVWLDQD(OVRPHWLPLHQWRGHOR
FULVWLDQRDODVLGHDVSROLWLFDVGHO,PSHULRPHGLDQWHODGHVQDWXUDOL]DFLRQGHORPDVJHQXLQDPHQWH
FULVWLDQRKDHMHUFLGRXQDLQWHQVD\SHUGXUDEOHLQIOXHQFLDHQODKLVWRULDHXURSHD/DPLVPDLGHDGHO
>@
,PSHULRHVOLWHUDOPHQWHFRQVDJUDGD\KDVWDPX\WDUGLDPHQWHRLUHPRVKDEODUGHO6DFUR,PSHULR
&RQVWDQWLQRWHQLDXQVRORSURSRVLWRFRQHOFULVWLDQLVPR\TXHGHMDHQWUHYHU/DFWDQFLRFRQGXFLUD
WRGDVODVQDFLRQHVKDFLDODXQLGDGUHOLJLRVD\SRUHVWHPHGLRGHYROYHUODVDOXGDOPXQGRHQIHUPR!!
>@
3DUDHOORHUDSUHFLVRYHQFHUDOFULVWLDQLVPRGHVGHGHQWUR1RWRGRORFULVWLDQROHHUDXWLOHQVX
SROLWLFDGHGRPLQLR\GHXQLGDGGHOLPSHULRGHDKLTXHHOSURSLR&RQVWDQWLQRJUDQMHDQGRVHODDPLVWDG
GHORVFULVWLDQRV\FRQXQDSROLWLFDIDYRUHFHGRUDGHOFULVWLDQLVPRSHUPLWHODHQWUDGDDODFDUUHUD
>@
HFOHVLDVWLFDGHULFRVTXHQREXVFDEDQRWUDFRVDTXHHOSRGHU\ODULTXH]D 'HHVWHPRGRVH
>@
SXGLHURQFRORFDUHQOXJDUHVHVWUDWHJLFRVFOHULJRVFRQDILQLGDGHVKDFLDVXSROLWLFDUHOLJLRVD
&RQVWDQWLQRLQIOXLDWDQWRHQQRPEUDPLHQWRVFRPRHQGHSRVLFLRQHVGHFDUJRVLPSRUWDQWHV/D,JOHVLD
SDVRDHVWDURUJDQL]DGDHQXQVLVWHPDMHUDUTXLFRGHJRELHUQRTXHFRUULDSDUHMRDODDGPLQLVWUDFLRQGHO
>@
(VWDGR!! \WRGRHOORSRUREUD\JUDFLDGH&RQVWDQWLQR
 >@
/DVSHUPXWDFLRQHVTXHVXFHGHQVHKDFHQPHGLDQWHODFULVWLDQL]DFLRQWHUPLQRORJLFDGHORSDJDQR
$OLVWDLU.HHKDSUREDGRVREUDGDPHQWHTXHHODPLJRGH&RQVWDQWLQRHO2ELVSR(XVHELRGH&HVDUHDHVHO
>@
IDOVLILFDGRUPDVJUDQGHGHWRGDODKLVWRULD +DFHDSDUHFHUD&RQVWDQWLQRFRPRXQFULVWLDQRGHYRWR
\FRQYHUWLGRSHURFXDQGRVHSURIXQGL]DHQHOWH[WR\HQODVDOWHUQDWLYDVTXHSRVHHPRVVREUHODYLGD\
KHFKRVGHGH&RQVWDQWLQRHODVXQWRFDPELDGHFDUL]
1RROYLGHPRVFRPR\DKHPRVYLVWRTXHODUHOLJLRQGH&RQVWDQWLQRQRHVODGHXQDGRUDGRUGH&ULVWR
>@
VLQRGHO6RO <FRQMXJDVXUHOLJLRQSHUVRQDOFRQODGHXQ&ULVWLDQLVPRWUDQVIRUPDGRDVXLPDJHQ\
VHPHMDQ]DSDUDDOFDQ]DUSHUPDQHQWHPHQWHVXREMHWLYRODFRQVHUYDFLRQGHODXQLGDGGHO,PSHULR\SRU
HQGHGHOPXQGR
7DOFRPRHVWDPRVREVHUYDQGRVHQRVHVWDFRPXQLFDQGRTXHODLGHD&RQVWDQWLQLDQDVHKDELDWUDQVPLWLGR
FRQYHQLHQWHPHQWHDWUDYHVGHO2ELVSRGH5RPD
(O3RGHU7HPSRUDO\(VSLULWXDOORVUHFRJHXQD,JOHVLD,PSHULDOFUHDGDSRU&RQVWDQWLQRFRQOD
ILQDOLGDGGHTXHVHPDQWHQJDOD8QLGDGGHO,PSHULR(O6LVWHPD3DSDOHQFDUQDUDILHOPHQWHDHVD,JOHVLD
,PSHULDO\VHHQFDUJDUDGHKDFHUODSHUPDQHQWHFRQOD$XWRULGDG6XSUHPDTXHLPSOLFDHOOOHYDUDFDER
HVDJHVWLRQ/DGHOD8QLGDGFRQHODFFHVRGLUHFWR\XWLOL]DEOHWDQWRGHOSRGHUWHPSRUDO\HVSLULWXDO
>@

+HDTXLORVGRVDVSHFWRVIXQGDPHQWDOHVTXH&RQVWDQWLQRFRQHOLGHDULR,PSHULDO5RPDQRPDWL]DGR
FRQHOHQWURQTXHGHXQFULVWLDQLVPRWUDQVIRUPDGRSRUODSURSLDDSRVWDVLD5RPDQDTXHHOPLVPR
&RQVWDQWLQRGLULJHWUDVSDVDDODSRVWHULGDG8QDDFWLWXGSROLWLFDFDSDFLWDGD\JHQHUDGRUDGHODXQLGDG
FRQHOSUHPLRGHOSRGHUWHPSRUDO\HOHVSLULWXDO
$PERVVHUDQUHFRJLGRVSRUHO3DSDGRFUHDQGRXQDIRUPXODLQIHOL]ODSRVLELOLGDGGHODH[LVWHQFLDGH
XQ(VWDGRVRPHWLGRDXQD,JOHVLDTXHOHGHOHJDHOSRGHUWHPSRUDOVLHPSUH\FXDQGRUHVXFLWHHO,PSHULR
5RPDQRHQ2FFLGHQWH\VHVXSHGLWHFRQHVHSRGHUWHPSRUDOGHOHJDGRDO3RGHUHVSLULWXDOGHO3DSDGR
TXHHV6XSUHPR
3HURHVWRVRORSRGULDORJUDUVHWDOFRPRODSURIHFLDUHIOHMDPHGLDQWHHOTXLWDPLHQWRGHO&RQWLQXRGHO
3ULQFLSHGHORVSULQFLSHVSRUHO&XHUQR\ODXWLOL]DFLRQGHORTXHHVWHLPSOLFDVLQVX&RQWLQXRQL
6DQWXDULR
$XQFXDQGRODDQWLJXD5RPDGHVDSDUHFLHVHVLODLGHD&RQVWDQWLQLDQDKDVLGRFRQVWUXLGDVREUHEDVHV
ILUPHVWHQGULDTXHGDUVXIUXWR(VQHFHVDULRTXHOD8QLGDGVHPDQWHQJDDWRGDFRVWD6LHVWRVHORJUDOD
LGHD,PSHULDO5RPDQDQRGHVDSDUHFHUD3DUDHOORVHSUHFLVDORTXHGHVGH&HVDU\$XJXVWRVHQRVHVWD
TXHULHQGRGLIXQGLUTXHOD8QLGDGVHUDSRVLEOHVLVHPDQWLHQHXQDLGHRORJLDWDQWRSROLWLFDFRPRUHOLJLRVD
VRPHWLGDDXQDVROD$XWRULGDG6XSUHPD\$EVROXWDTXHUHSUHVHQWDDOD'LYLQLGDGHQODWLHUUD<HVWR
GHDFXHUGRDORTXHGHVGH%DELORQLDVHWUDQVPLWHHQUHODFLRQDXQD7HRORJLD6RODUTXHSUR\HFWDXQD
IRUPXODSROLWLFDWHUUHVWUH\TXHVHUDUHFRJLGDSRUORVLPSHULRVXQLYHUVDOHVKDVWD5RPD\SRVWHULRUPHQWH
SRUODKHUHGHUDGH5RPD
(O,GHDULR,PSHULDO5RPDQRHQFDUQDGRHQHVWDRFDVLRQSRU&RQVWDQWLQRHQFRQWURHQHO3DSDGRHO
VXVWLWXWRLGRQHRDOFDQ]DQGRVXREMHWLYRGHLQYDULDELOLGDGKDVWDILQDOHVGHOVLJOR,9
3RURWUDSDUWHHOGHVPRURQDPLHQWRGHO,PSHULRVHHVWDSURGXFLHQGR\DDOUHGHGRUGHHVHPRPHQWR1R
HVSUHFLVRHVSHUDUDOG-SDUDFRPSUREDUTXHHO,GHDULR,PSHULDO5RPDQR\DQRHVDSOLFDEOHPDV
TXHHQHOVHQWLGRTXHOD,JOHVLD&DWROLFD5RPDQDLPSRQHFRPRKHUHGHUDGHHVD,GHD,PSHULDO5RPDQD
>@
 &XDQGRHOSRGHUGHOXOWLPRHPSHUDGRUGH5RPDIXHDQLTXLODGRHORELVSRGHODFLXGDGSHUPDQHFLRDGTXLULHQGRHOWLWXORGH
SDSD\HOUDQJRPD[LPRHQWUHORVUHVWDQWHVRELVSRVGHOD,JOHVLD$GHPDVPLHQWUDVODDGPLQLVWUDFLRQGHO,PSHULRURPDQRVHKXQGLR
HQWRGR2FFLGHQWHKHFKRTXHVHLQLFLRDQWHVGHODVLQYDVLRQHVGHORVEDUEDURVHO3DSDGRVHFRQYLUWLRHQODLQVWLWXFLRQPDVHVWDEOH
GH ,WDOLD \ HQ PXFKDV FXHVWLRQHV DVXPLR HO SDSHO GH ORV DQWLJXRV HPSHUDGRUHV  (O 3DSDGR QR HV PDV TXH HO HVSHFWUR GHO
GHVDSDUHFLGR,PSHULR5RPDQR\VXFRURQDVHVXVWHQWDVREUHODWXPEDGHDTXHO(OSDSDKHUHGDGHOD5RPDSDJDQDHOERDWRGHORV
>@
URSDMHVODVFHUHPRQLDV\ODVLQVWDQFLDVDGPLQLVWUDWLYDVHUDODVHPLOODGHODFLYLOL]DFLRQURPDQD!!
(OOHJDGRGHODDQWLJXD5RPDIXHFRQVHUYDGRSRUOD,JOHVLDFDWROLFDGHO0HGLRHYRFHQWUDGDHQ5RPDTXHSUHVHUYROD
PD\RULD GH ODV OHQJXDV ODV OH\HV \ HO VHQWLGR GH OD XQLGDG URPDQD \ HO 6DFUR ,PSHULR URPDQR TXH VH HVIRU]R SRU UHVXFLWDU HO
>@
,PSHULRHQ2FFLGHQWH!!
$OKDFHUHVWHUHFRUULGRKLVWRULFRKHPRVFRPSUREDGRTXHODLQIOXHQFLDGHOD7HRORJLD6RODUTXH
DGHPDVGHO6ROLV'LHV'LDGHO6ROR'RPLQJRTXHSUHVLGHVREUHORV3ODQHWDV\TXHVLPEROL]DDO'LRV
6ROHQODUHOLJLRQDVWUDOTXHVHWUDQVPLWHWDOFRPR\DYLPRVGHVGH%DELORQLDH[LJHDGLFLRQDOPHQWHOD
DFHSWDFLRQGHXQDOLWXUJLDPLWUDLFDGHWUDGLFLRQ6RODUREVHUYDQGRVHODDGRSFLRQSRUSDUWHGHOD,JOHVLD
GH5RPDGHGLFKDOLWXUJLDWUDQVIRUPDQGRORVULWRVFULVWLDQRVPHUDPHQWHVLPEROLFRVGHDFXHUGRDO
FRQWHQLGRLGHRORJLFR\VDFUDPHQWDOGHODUHOLJLRQ6RODUFRQVHUYDQGRODWHUPLQRORJLDFULVWLDQD
/D7HRORJLD6RODULPSRQHXQDFRQFHSFLRQPRQDUTXLFDDEVROXWLVWDGH*RELHUQRFRQXQD$XWRULGDG
6XSUHPDFRPRIUXWRGHVHU3RQWLIH[0D[LPXVDEDUFDQGRWDQWRHOSRGHUWHPSRUDOFRPRHVSLULWXDO\HO
REMHWLYRGHDOFDQ]DUOD8QLGDG0XQGLDO$VXQWRVTXHKHPRVFRPSUREDGRTXHDSDUHFHQHQOD,JOHVLDGH
5RPDWUDVXQSURFHVRHYROXWLYR\TXHFXOPLQDQFRQODFUHDFLRQ&RQVWDQWLQLDQDGHXQD,JOHVLDLPSHULDO\
HO6LVWHPD3DSDOHQODILJXUDGHO2ELVSRGH5RPD
 2ULJHQ \ QDWXUDOH]D GH OD DSRVWDVLD &RQVWDQWLQLDQD \ VX
SUR\HFFLRQ HQ OD ,JOHVLD &DWROLFD 5RPDQD VLJQLILFDGR GH
&ORGRYHR\-XVWLQLDQR
/D XQLRQ GH OD ,JOHVLD \ HO (VWDGR "XQD$ERPLQDFLRQ GHVRODGRUD" FI 'Q    FI
   "4XH VH FRQILJXUD FRQ OR TXH VXSRQH OD IRUPXOD 3RQWLIH[ 0D[LPXV TXH
GHVGH%DELORQLDUHSUHVHQWDDODDXWRULGDGVXSUHPDGRQGHHOSRGHUWHPSRUDO \ HOHVSLULWXDO
UHVLGHHQXQDSHUVRQDTXHVHFRQVLGHUDHVFRJLGDSRU'LRVSDUDGHWHQWDUGLFKDDXWRULGDG"
+HPRVYLVWRHQSDJLQDVDQWHULRUHVTXHHQ&RQVWDQWLQRFRQIOX\HXQSURFHVRLGHRORJLFRGRFWULQDOGH
SDJDQL]DFLRQHQORUHODWLYRDORTXHGLFHUHSUHVHQWDUFLHUWRFULVWLDQLVPRGHDTXHOODHSRFD\SRURWUD
SDUWHXQLGHDULR,PSHULDO5RPDQRTXHWUDQVIRUPDGHILQLWLYDPHQWHDHVHFLHUWRFULVWLDQLVPRHQXQD,JOHVLD
,PSHULDODLPDJHQ\VHPHMDQ]DGHHVHLGHDOURPDQR&RQVWDQWLQLDQRFRQORVDQDGLGRVTXHODWHUPLQRORJLD
\FLHUWRVDVSHFWRVFULVWLDQRVDSRUWDQDODDSRVWDVLDURPDQDSURGXFLHQGRXQDLJOHVLDKLEULGDVLQOR
HVHQFLDOPHQWHFULVWLDQRDOFDQ]DQGRHQXQSURFHVRFRQWLQXDGRORTXHVHOODPDEDODFXOPLQDFLRQGHORV
SHFDGRV3HRVDCFI'QSS
(VFXULRVRREVHUYDUFRPRODILJXUDGH&RQVWDQWLQRHQFDUQDFRQHOLGHDULRLPSHULDOURPDQROD
DPDOJDPDGHDXWRHULJLUVHHQ3RQWLIH[0D[LPXV\GHFLPRWHUFHUR$SRVWROSUHVLGLHQGRODVDVDPEOHDV
FULVWLDQDVHQ5RPD\OHJLVODQGRDIDYRUGHXQFULVWLDQLVPRTXHHVWDVLHQGRPRGHODGRGHDFXHUGRDHVH
LGHDULRLPSHULDOURPDQRHQJHQGUDQGRXQD,JOHVLD8QLYHUVDO5RPDQR,PSHULDO(VFRQ&RQVWDQWLQRTXH
VHFXOPLQDXQSURFHVRHYROXWLYRGDQGRVHOHFDUWDOHJDOHQHOTXHODVFDUDFWHULVWLFDVGHODQDWXUDOH]DGHOD
LJOHVLDGHO1XHYR7HVWDPHQWRHVWDQDXVHQWHVWUDQVIRUPDQGRVHHQXQDQDWXUDOH]DGH,JOHVLDHQODTXHOR
PRQDUTXLFRDEVROXWLVWD\ORSURIXQGDPHQWHMHUDUTXL]DGRGHDFXHUGRDODRULHQWDFLRQLPSHULDORFXSDHO
SDSHOLPSRUWDQWHTXHUHJLUDHQODKLVWRULDIXWXUDFRQWRGDVODSRVLELOLGDGHVTXHGLFKD,JOHVLDSHUPLWH
GHVGHHQWRQFHV&DPELRVGRFWULQDOHV\DXVHQFLDVLPSRUWDQWHVGHODIHVHYDQFUHDQGRSRUHVWHSURWRWLSR
GHQXHYRFULVWLDQRTXHHQFDUQD&RQVWDQWLQR(VWHPRGHOR&RQVWDQWLQLDQRVHUYLUDGHHMHPSORSDUDHVD
SRVWHULGDGURPDQDTXHHQFDUQHODDXWRULGDGVXSUHPD&RQVWDQWLQRHVHOHMHFXWRUGHXQWUDVYDVHGHO
LGHDULRLPSHULDOURPDQRFRQWRGRORTXHLPSOLFDDGHPDVGHVDEHUORSRQHUHQDUPRQLDFRQXQ
FULVWLDQLVPRHYROXFLRQDGRTXHKDPDQLIHVWDGRTXHUHUHQWHQGHUVHFRQHO,PSHULR5RPDQR
(OVLJQLILFDGRGH3RQWLIH[0D[LPXVQRSDVDLQDGYHUWLGRSRVHHGRUGHOD$XWRULGDG6XSUHPDWDQWRGH
ODSROLWLFDFRPRGHODHVSLULWXDO8QDYH]PXHUWR&RQVWDQWLQR\GHVSXHVGHXQRVDQRVPDVHVHWLWXORVHUD
>@
UHFRJLGRSRUHOTXHUHSUHVHQWDODDXWRULGDGWHPSRUDO\HVSLULWXDOHQ5RPD\XVDGDFRPRWDO
<DFRPSUREDPRVFRPRHO2ELVSRGH5RPDVHKDELDDUURJDGRHO3RQWLIH[0D[LPXV<FRPRDSDUHFHOD
LQWHUSUHWDFLRQLQVROLWDGHOWXHUHV3HGUR\VREUHHVWDSLHGUDHGLILFDUHPL,JOHVLD0W
HQOD]DGDDOSDVDMHGHODFRQIHVLRQGHDPRUGH3HGURWUHVYHFHVHTXLYDOHQWH\HQDOXVLRQDVXWULSOH
>@
QHJDFLRQ-QFI-Q <HVWRUHODFLRQDGRDVXYH]FRQ0WGRQGH
-HVXVOHVGLFHKDEHUUHFLELGRWRGDSRWHVWDGGHOFLHOR\GHODWLHUUD'HWRGRHVWRSUHWHQGHREWHQHUOD
SULPDFLDVREUHWRGRV\ODFODYHSXUDPHQWHHVSLULWXDOGHODSRWHVWDGGHO0HVLDVHVWUDVWRFDGDDOD
PDQHUDGHORVSRGHUHVGHHVWHPXQGRFXDQGRFRQVLGHUDQGRVHYLFDULRGH-HVXFULVWRGLFHSRVHHUHVD
SRWHVWDGGHO3ULQFLSH0HVLDV<DVLVHSUHVHQWD
(QODKLVWRULDGHORTXHVXUJHWUDV&RQVWDQWLQRVHREVHUYDGHVSXHVGHKDEHUVHPDQLIHVWDGRGHVGH
%DELORQLDKDVWD5RPDXQDXQLRQHQWUHHOSRGHUWHPSRUDO\HOHVSLULWXDO(QWUHORTXHVXVWHQWDHOSRGHU
SROLWLFR\ORUHOLJLRVR(QHVWHSRGHUDXSDGR\FUHDGRSRU&RQVWDQWLQRUHIHUHQWHGHOLGHDULRLPSHULDO
URPDQRDSDUHFHFRPRFRPELQDQGRDPERVHQXQDHVWUDWHJLDDILQGHFRQVHJXLUVXPLVLRQ\REMHWLYR
KLVWRULFR
6DEHPRVTXHFRQODSUR\HFFLRQGHODRULHQWDFLRQ5RPDQR&RQVWDQWLQLDQDTXHDXQDHOLGHDULRLPSHULDO
URPDQRFRQHOHPHQWRVFULVWLDQRVVRVWHQLGRVSRUODMHIDWXUDHSLVFRSDOUHOLJLRVDFRQVHGHHQ5RPDVH
FRQILJXUDHOVLVWHPDSDSDOSURGXFLHQGRVHXQD,JOHVLDLPSHULDOGRQGHVHIDYRUHFHODLQVWDODFLRQFRPR
SURYLQLHQGRSRU'LRVGHXQHMHUFLFLRGHSRGHUFRQVLVWHQWHHQVXVWLWXLUODXQLFDDXWRULGDGVXSUHPDTXH
UHVLGHHQ'LRVRHO3ULQFLSHR0HVLDVSRUXQDDXWRULGDGVXSUHPDGHIDFWXUDKXPDQDSURYHQLHQWHGH
%DELORQLD\WUDVPLWLGDYLDORVLPSHULRVXQLYHUVDOHVDOLGHDULRLPSHULDOURPDQR\TXHVHUYLUDHQHO
PRPHQWRKLVWRULFRPDUFDGRSRUODKLVWRULDDQWLFLSDGDHQODSURIHFLDSDUDLPSRQHUODDERPLQDFLRQ\TXH
>@
UHVXOWDUDDSDUWLUGHOPRPHQWRKLVWRULFRFRPRFRQVHFXHQFLDGHODREUDGH&RQVWDQWLQR
/DREUDGH&RQVWDQWLQRHVODLQGXFFLRQGHPDQHUDDXWRPDWLFD\SURJUDPDGDDTXHVHDFHSWHXQDOLQHD
GHDFWXDFLRQTXHMDPDVVHUDDEDQGRQDGDSRUOD,JOHVLDTXH&RQVWDQWLQRHQJHQGUD
/DOHFFLRQHVDSUHQGLGDGHWDOPRGRTXHORTXHODKLVWRULDQRVRIUH]FDFRPRKHUHGHURGH&RQVWDQWLQR
YDUHHPSOD]DQGRDO&HVDUHQXQDHYROXFLRQHQODTXHHO3RGHUHVSLULWXDOVHLPSRQGUDDO(VWDGRHQXQ
FRQIOLFWRFRQWLQXR\EDMRHOLGHDOGHODXQLGDG
/DSUHVHQWDFLRQFRPRORUHSUHVHQWDWLYRGH'LRVHQODWLHUUDPHGLDQWHXQVXPRSRQWLILFDGRTXHGLFH
UHFLELUHQVXVWLWXFLRQFRPRYLFDULRGHOVXPRVDFHUGRFLRGHO3ULQFLSH0HVLDVPLQLVWHULRVDFHUGRWDOTXH
HO3ULQFLSH0HVLDVHMHUFHHQVX6DQWXDULR+EFI'QFI'Q
VXSRQHQRVRODPHQWHGHVYDORUL]DUDO3ULQFLSHTXHVXVWHQWDVX&RQWLQXR\HOVLJQLILFDGRGHVXREUD
HQHO6DQWXDULRVLQRDGHPDVHOKDEHUDGTXLULGRXQDLGHRORJLDLGHQWLFDDODTXHVHSURYHHGHVGH
%DELORQLDKDVWD5RPD,PSHULDOHOSRVHHUOD$XWRULGDG6XSUHPDPHGLDQWHHOWLWXORGH3RQWLIH[0D[LPXV
SDUDDOFDQ]DUODXQLRQGHOJHQHURKXPDQR(VWRFRQILJXUDXQDDERPLQDFLRQSDUD'LRVHOVXVWHQWDUVHUOR
UHSUHVHQWDWLYRGH'LRVHQXQHQWHQGLPLHQWRFRQHOUHLQRGHHVWHPXQGRVXFXPELHQGRDODWHQWDFLRQ
VDWDQLFDFI0W\GHVWUX\HQGRORPDVHVHQFLDOGHFXOWRD'LRVLQGHSHQGLHQWHPHQWHGHTXH
SUHYDOH]FDHQXQLQMHUWRKLEULGRODWHUPLQRORJLDFULVWLDQDFRQHFWDGDDFLHUWDVIRUPXODFLRQHVFULVWLDQDVFI
'Q
+HPRVFRPSUREDGRWDPELHQSRUODKLVWRULDTXHWUDVODFDLGDGHILQLWLYDGHO,PSHULR5RPDQRHQHO
G-HO3DSDGRDVXPHODDXWRULGDGHQ5RPD\DSDUWLUGHDKLVHPDQLIHVWDUDGHDFXHUGRDODFUHDFLRQ
&RQVWDQWLQLDQD\FRQODVPDWL]DFLRQHVSURSLDVTXHHOVLVWHPDSDSDOVXSRLQWURGXFLU
(O3RQWLIH[0D[LPXVRULJLQDGRSRU&HVDU\$XJXVWRUHXQLHQGRHOSRGHUSROLWLFR\HVSLULWXDODWUDYHV
GHODHVWUDWHJLDGHODGHLILFDFLRQDVLJQDUVHHQODSHUVRQDKXPDQDODUHSUHVHQWDWLYLGDGGLYLQDFRQORTXH
HOORLPSOLFDGHDFXHUGRDODWUDGLFLRQEDELORQLFDVHPEUDGRSRU&RQVWDQWLQRHQOD,JOHVLD&DWROLFD
5RPDQDTXHHOPLVPRHQJHQGUDFRQHOEHQHSODFLWRGHO2ELVSRGH5RPDTXHDFHSWDUDGLFKROHJDGR
5RPDQRSRUHOTXHLPSRQGUDOD$XWRULGDG6XSUHPDTXHVHJXQHOOHSHUWHQHFH
$OHVWDEOHFHUXQD$XWRULGDGVXSUHPDDOHVWLORGHORVHPSHUDGRUHVURPDQRV\EDELORQLFRVEDVDQGRVH
HQHO0HVLDV3ULQFLSHGHOTXHVHGLFH9LFDULRFRQYLHUWHDODLGHDGH'LRVFRPRXQDLGHDSROLWLFD
PXQGDQDO\DVX$XWRULGDGVXSUHPDFRPRYHQLGDSRUHO3ULQFLSHGHORVSULQFLSHV
'RVLQVWUXPHQWRVKDFHQHILFD]HVDKHJHPRQLDGHOSDSDGR8QRFRQHO)UDQFR&ORGRYHRFRQHOTXH
FRQVHJXLUDLPSRQHUVXDXWRULGDGSROLWLFDVHOODQGRXQSDFWRHQHOG-GRQGHVHLQLFLDODEDVHGHOR
TXHVXSRQGUDHOSRGHUSROLWLFRPLOLWDURFFLGHQWDOVRPHWLGRDODDXWRULGDGVXSUHPDGHO3DSDGR\TXH
SXHGHFRQVLGHUDUVHXQD\XQWDPLHQWRHQWUHHOWURQRFI$SFI$S\HO$OWDU\ODV
FRQVHFXHQFLDVDPDUJDVTXHVXSRQHODLPSRVLFLRQSRUODIXHU]DGHORTXHLPSOLFDOD$XWRULGDG6XSUHPD
FRQODTXHSUHWHQGHDUURJDUVHHO3DSDGR'RVHVFRQ-XVWLQLDQRTXHVHDOFDQ]DHOWUD]RHYROXWLYRHQHO
TXHODKHJHPRQLDUHOLJLRVDGHO3DSDGRVHKDFHUHDOLGDG(OUHFRQRFLPLHQWROHJDOSRUSDUWHGH-XVWLQLDQR
SRUHOTXHFRQILUPDDORELVSRGH5RPDFRPRFDEH]DGHWRGDVODVVDQWDVLJOHVLDV\FDEH]DGHWRGRVORV
>@
VDQWRVVDFHUGRWHVGH'LRVWDQWRGH2ULHQWHFRPRGH2FFLGHQWH (VWHDVHQWLPLHQWROHJDOOOHYD
>@
FRPRIHFKDHODQRG& SXGLHQGRVHOOHYDUDHIHFWRHQHO
"&RPRVHSURGXFHHVWHSURFHVRLGHRORJLFRDOPDUJHQGHO'LRVTXHVHUHYHOD"
(ODO]DPLHQWRSROLWLFRGHO3DSDGRHQHOG-SXGLHQGRLQVWDODUVXLGHRORJLDUHOLJLRVD
(O(VWDGRFRPRVHUYLFLRDOD,JOHVLD&DWROLFD5RPDQDKDVLGRXQDFRQVWDQWHKLVWRULFDHQORVSDLVHV
TXHJHQHUDQODPDUFKDGHODKLVWRULDXQLYHUVDO\TXHLQIOX\HQHQODSROLWLFD\HFRQRPLDPXQGLDOD
H[FHSFLRQGHFLHUWRVSDUHQWHVLVKLVWRULFRVTXHDSHVDUGHHOORQRKDQYDULDGRHVHLWLQHUDULRLPSXHVWRSRU
ODYROXQWDGKXPDQD
>@
$XQTXHHQXQSULQFLSLROD,JOHVLD&DWROLFD5RPDQDGHVSUHFLDUDHOPXQGREDUEDUR DQWHODFDLGD
GHILQLWLYDGHO,PSHULR5RPDQRVHFXODUVHSURGXFHXQFDPELRSXHVWRTXHFRPRGLUDHOKLVWRULDGRU
FDWROLFR$%RUUDV
>@
ORVSXHEORVJHUPDQRVSDUHFHQHOXQLFRPHGLRGHORJUDUODFRQYHUVLRQGHWRGRHOPXQGR!!
/DKLVWRULDQRVSUHVHQWDGRVDFRQWHFLPLHQWRVTXHPDUFDULDQSRUXQODGRHODO]DPLHQWRGHO3DSDGR
FRPRXQDVHQDOGHVXPLVLRQKLVWRULFD\GHOYDORUGHVXLQWURPLVLRQSROLWLFD\SRURWUDSDUWHHO
UHFRQRFLPLHQWROHJDOGHVXKHJHPRQLDVREUHWRGDVODV,JOHVLDVSHUPLWLHQGRTXHVXLGHRORJLDHVSLULWXDO
FRQVXSULPDFLDDEVROXWDSXGLHUDSUR\HFWDUVHHQWRGDVODV,JOHVLDVGHORUEHFULVWLDQR
&RQHO5HLQR)UDQFRGH&ORGRYHRUHSUHVHQWDGRFRQODFRQTXLVWDGH3DULV\FRQYHUWLGDHVWDHQHODQR
G-HQODFDSLWDOGHWRGRVXUHLQRFREUDVLJQLILFDGRUHDO\FXOPLQDQWHFRQTXHHO3DSDGRKDELD
EHQGHFLGR\DOHFFLRQDGRD&ORGRYHRFRPRVLHQGRHOVREHUDQRSURWHFWRUGHOD,JOHVLDODFXDOFRQOR
TXHUHXQH\UHSUHVHQWDORTXHVXSRQHODFDSLWDOLGDGGHOUHLQROOHJDULDHQHOIXWXURDQRWHQHUQHFHVLGDG
>@
GHGHSHQGHUGH%L]DQFLRSDUDVXVHUYLFLRGHKDFHUFXPSOLUVXFRPSURPLVRKLVWRULFR DODYH]TXH
>@
VHHYLGHQFLDSRUSULPHUDYH]XQDDOLDQ]DHQWUHHO3DSDGR\HOSRGHUSROLWLFRSURWHJLGRSRU'LRV
/RVKLVWRULDGRUHVKDQDGYHUWLGRTXHFRQ&ORGRYHRVHGDVHQWLGRDODPDUFKDGHODKLVWRULDXQLYHUVDOHQ
HOFDPLQRTXHWUD]DODVXSUHPDFLD3DSDO/DIXQGDFLRQGHOLPSHULRGHORV)UDQFRVHVXQVXFHVR
>@
FRQVLGHUDGRGHJUDQGLVLPDWUDVFHQGHQFLD /DFRQYHUVLRQGH&ORGRYHRDOFDWROLFLVPRPDUFDOD
SDXWDDVHJXLUSRUHOWURQRHQIDYRUGHODOWDU5HDOL]RODIXVLRQGHORODWLQR\ORJHUPDQLFRFRQWRGROR
>@
TXHHVWRLEDDLPSOLFDU 6HFRQYLUWLRHQHOGHIHQVRUGHORTXHHOVXSRQLDVHUODUHOLJLRQYHUGDGHUD
>@
FRQWUDORVKHUHMHV $FWRVHJXLGRGHVXFRQYHUVLRQHQXQDIHFKDSDUDQRROYLGDUSRUVXV
FRQVHFXHQFLDVHQHOH[WLUSRHODUULDQLVPRGHOD*DOLDFRPRVLGHXQDFUX]DGDGHOFDWROLFLVPRVH
>@ >@
WUDWDVH IXQGR3DULVFRPRFDSLWDOGHOUHLQR)UDQFR HQHVHPLVPRDQRGHO\HQHVH
>@
PLVPRPRPHQWRVHFRQVXPRXQVLVWHPDGHXQLRQLQGLVROXEOHHQWUHOD,JOHVLD\HO(VWDGR TXH
SHUPLWLULDODLQVWDODFLRQGHILQLWLYDGHO3DSDGRHQORVDVXQWRVWUDVFHQGHQWDOHVGHODSROLWLFDHVWDWDO\GH
HVHPRGRKDFHUYDOHUVXLGHRORJLDSURSLDFRQWRGRORTXHHVWDWLHQHGHUHOLJLRVD
/DVFRQVHFXHQFLDVGHHVDIHFKDHOKDQVLGRGHILQLGDVFRQSDODEUDVDXWHQWLFDPHQWHDPSXORVDV
>@
FRPRXQRGHORVVXFHVRVGHPD\RUHVFRQVHFXHQFLDVTXHUHJLVWUDODKLVWRULDGHOPXQGR <QRHV
SDUDPHQRV\DTXHVHSURGXMRXQDDOLDQ]DFRQOD,JOHVLD&DWROLFD5RPDQDTXHFRQGXMRDODFRQYHUVLRQGH
ORVSXHEORVJHUPDQLFRVDSHUSHWXDUHVHSDFWRHQWUHHO3DSD\ORVUH\HVPHURYLQJLRV\GHVSXHVFRQORV
FDUROLQJLRV\FRQVWUXLUDVLODPRGHUQDKLVWRULDHXURSHDFRQODUHVWDXUDFLRQGHO,PSHULR5RPDQR/D
XQLGDGGH(XURSDPHGLDQWHHOPRGHORGHODXQLGDGUHOLJLRVDUHSUHVHQWDGDSRUOD,JOHVLD&DWROLFD
5RPDQD/DVSDODEUDVGHOKLVWRULDGRU)HOL['DKQVRQDFHUWDGDV\YDOLGDVSDUDODPD\RULDGHODVLGHDV
H[SUHVDGDVFXDQGRUHILULHQGRVHD&ORGRYHR\VXODERUTXHKHPRVH[SXHVWRGLFHTXH1DGDGHHVWR
>@
KDEULDVXFHGLGRVL&ORGRYHRQRVHKXELHVHKHFKRFDWROLFR
$OLQWHUSUHWDUHVWHKHFKRHQWRGDVXH[WHQVLRQFXDQGR&ORGRYHRFRQVXVDFWRVHVWDEOHFHHOPHWRGRGH
SURWHJHUDOD,JOHVLD&DWROLFD5RPDQDGHDFXHUGRDODSHWLFLRQ\GHFODUDFLRQHVGHO3DSD$QDVWDVLR
>@
PDQLIHVWDGDVDQWHULRUPHQWHHQXQDFDUWD QRVYHPRVREOLJDGRVDDGPLWLUTXHHO3DSDGRGDGDOD
FXOPLQDFLRQTXHVHGDUHFLELRGHVGHHOG-ODVHQDOHVSHFLDOHQODTXHVHPH]FODQ\FRQMXJDQOR
VDJUDGR\ORSURIDQRFRQVLVWHQWHHQVHUDSR\DGR\DO]DGRLQVWDODGRFRQVXLGHRORJLDFRQODTXHGHVHD
GRPLQDUDWRGRHOPXQGRSRUHO(VWDGR(VODSULPHUDYH]TXHVHYHIDYRUHFLGRGHVSXHVGHODHUD
&RQVWDQWLQLDQD\GHODFDLGDGH5RPDRWRUJDQGRVHOHODD\XGDQHFHVDULDSDUDVXGHVSXQWH\OHYDQWDPLHQWR
GHILQLWLYRHQ2FFLGHQWH\TXHVHDFXQDUDSDUDVLHPSUHHQHOGHYHQLUGHODKLVWRULD(VODPDQLIHVWDFLRQGH
>@
TXHVHDFHSWDVX$XWRULGDGVXSUHPD IUXWRGHVXSUHVHQWDFLRQGHO3ULQFLSHGHORVSULQFLSHVVLQVX
&RQWLQXR(VWRHVXQDUHDOLGDGFRQVLJQLILFDGRKLVWRULFRGHVSXHVGHKDEHUGHMDGRFODUDVXVSUHWHQVLRQHV
GHVXSUHPDFLDPHGLDQWHHVFULWRV\DORFXFLRQHV\SRVWHULRUPHQWHDODGHVDSDULFLRQGHOOODPDGR,PSHULR
5RPDQRHQHOG-HQTXHLQWHJUDGRVORVHOHPHQWRVURPDQRVHQVXSHUVRQDOLGDG\IXQFLRQKLVWRULFD
\FRUULHQGRVXVXHUWHHQVROLWDULRDPHUFHGGHXQDHVSDGDWHPSRUDOODDUULDQDTXHPDQWLHQHXQD
LGHRORJLDGLVWLQWD
/D6XSUHPDFLDUHOLJLRVDGHO3DSDGROHJLWLPDGDMXULGLFDPHQWHSRU-XVWLQLDQRG-
(OUHFRQRFLPLHQWR\GHFUHWRGH-XVWLQLDQRHQHODQRGHOD6XSUHPDFLDGHO3DSDGRVREUHWRGDVODV
,JOHVLDVHVHOWULXQIRGHXQDLGHDTXHHVWDFLUFXQVFULWDHQGHWHQWDU\SUR\HFWDUWRGRHOSRGHUVXSUHPRTXH
LPSOLFDHOUHVXOWDGRGHXQDLQWHUSUHWDFLRQTXHHO2ELVSRGH5RPDKDUHVXHOWRDIDYRUGHXQDSRVLFLRQTXH
QRHQFXHQWUDHOUHVSDOGRELEOLFRDGHFXDGR
3RUWDQWRKHPRVVLGRGLOLJHQWHVHQVRPHWHU\XQLUDYXHVWUDVDQWLGDGHOFOHURGHWRGDODUHJLRQGHORULHQWH\HVQXHVWUDILUPD
UHVROXFLRQQRSHUPLWLUMDPDVTXHQLQJXQDVXQWRSHUWXUEHHOHVWDGRJHQHUDOGHODLJOHVLDQRLPSRUWDFXDQPDQLILHVWR\OLEUHGHGXGD
SXHGDVHUHVWHVLQQRWLILFDUORDYXHVWUDVDQWLGDGTXHHVODFDEH]DGHWRGDVODVVDQWDVLJOHVLDVOXFKDQGRVLHPSUHSDUDTXHHQWRGDV
>@
ODVFRVDVVHDPSOLHHOKRQRU\ODDXWRULGDGGHYXHVWUD6HGH!!
-XVWLQLDQRHQVX&RGLJRPXHVWUDTXHHVWDDOVHUYLFLRGHOD,JOHVLD&DWROLFD5RPDQDSDUDTXHHQWRGDV
ODVFRVDVVHDPSOLHHOKRQRU\ODDXWRULGDGGHYXHVWUD6HGH
(OFRQIOLFWRTXHVHDUUDVWUDEDFRQODVLJOHVLDVRULHQWDOHVHQFXDQWRDTXHHVWDVDFHSWDVHQODVXSUHPDFLD
GHODVHGHGH5RPDFRQWURYHUVLDTXHVHDJXGL]DED\FRQWUDVWDEDFRQODVSUHWHQVLRQHVGH3ULPDFLD
$EVROXWDTXHFRQVWDQWHPHQWHHO2ELVSRGH5RPDTXHULDKDFHUSUHYDOHFHUOOHJDURQDVXILQDOFRQHVWH
GHFUHWRGH-XVWLQLDQRHQHO'HVGHHQWRQFHVHVSHFLDOPHQWHDSDUWLUGHOFXDQGRHOVRVWHQGHOD
RSRVLFLRQDUULDQDKDGHMDGRGHWHQHUYDORUJUDFLDVDODHVSDGDVHUYLFLDOGH-XVWLQLDQRHQ,WDOLDFRPR
DQWHULRUPHQWHORIXHUD&ORGRYHRHQOD*DOLDHVDVXSUHPDFLDVHUDXQDUHDOLGDGKLVWRULFDUHFRQRFLGDSRU
ODPD[LPDDXWRULGDGHVWDWDOTXHODLPSRQHSDUDWRGRVILMDQGRODHQODKLVWRULD\GLEXMDQGRHOSURSRVLWR
GHXQDYROXQWDGKXPDQDTXHGHVHDFRQVHJXLUSRUWRGRVORVPHGLRVTXHVHDQQHFHVDULRVWDOFRPROD
KLVWRULDKDGHPRVWUDGRODDXWRULGDGGHVXLGHRORJLDUHOLJLRVDHLPSRVLFLRQVREUHWRGRVORVKRPEUHV
/DVUHSHUFXVLRQHVGHHVWDGHFLVLRQTXHKDELDHVWDGRGLVHQDGDSRUODUHSUHVHQWDWLYLGDGGHOFDWROLFLVPR
URPDQROOHJDQKDVWDQXHVWURVLJOR;;FXDQGRGHVSXHVGHXQSDUHQWHVLVKLVWRULFRHQHOTXHODLQMHUHQFLD
GHOD,JOHVLD&DWROLFD5RPDQDKDVLGRLPSRVLELOLWDGDSRUODGHVDSDULFLRQGHO$QWLJXR5HJLPHQSRUORTXH
VXSXVR\KDVXSXHVWRHOJROSHGHOD5HYROXFLRQ)UDQFHVD\1RUWHDPHULFDQDSHURTXHVLQHPEDUJROD
VLWXDFLRQSROLWLFDGHQXHVWUDHSRFDYXHOYHDVHUSURSLFLDSDUDTXHORVHVWUDJRVGHODXQLRQGHOD,JOHVLD\
HO(VWDGRYXHOYDQDUHSHWLUVH
>@
(OHVSHFLDOLVWDHQHVWDPDWHULD2OVHQ H[SUHVDTXHFRQODVSDODEUDVLQGLFDGDVSRU-XVWLQLDQRHQ
VX&RGLJRVHKDGHILQLGRHOWLSRGHHFXPHQLVPRGHOFDWROLFLVPRURPDQRVHKDELDQUHGXFLGRWRGDVODV
LJOHVLDVDHVDXQLGDGTXHUHLQDHQHOODVLHQGROD6HGHGH5RPDHQYHUGDGODFDEH]DGHWRGDVODV
,JOHVLDV
(VWDMXULVGLFFLRQXQLYHUVDOTXH-XVWLQLDQRUHFRQRFHSRUOH\SDUDHO2ELVSRGH5RPDHVGHXQYDORU
LQFDOFXODEOHSXHVWRTXHOHDWULEX\HHOSRVHHUODLGHRORJLDFRUUHFWDSDUDWUDQVPLWLUODDORVGHPDV\SRUOR
WDQWRODXQLFD6HGHFRQFDSDFLGDGGHFLVRULDGHH[WHQGHUVXGRPLQLRHVSLULWXDO
(OSURFHVRHYROXWLYRSDUDXQDDVLPLODFLRQDQLYHOGHODOHJDOLGDG\GHODVFRQFLHQFLDVKDELDOOHJDGR
FRQ-XVWLQLDQRDXQSXQWRVXILFLHQWHPHQWHFXOPLQDQWH-XVWLQLDQRFRQVXGHFLVLRQQRUPDWLYDPHQWHMXULGLFD
FLHUUDHOFLUFXORGHODVSUHWHQVLRQHVSDSDOHVSHUPLWLHQGRTXHHVWDVVHSUR\HFWHQVLQHOREVWDFXORGHO
(VWDGRQLGHQLQJXQRWURSRGHUHVSLULWXDOGLVWLQWRDOFDWROLFRURPDQR
&ORGRYHRFRQHOSDFWRLQVWLWXFLRQDOUHDOL]DGRFRQOD,JOHVLD&DWROLFD5RPDQD\FRQODVFRQVHFXHQFLDV
UHVXOWDQWHVGHHVWHSRQHLQFRQGLFLRQDOPHQWHDODSDUDWR(VWDWDOHQDSR\RSURWHFFLRQ\VHUYLFLRDO
3DSDGRVXMHWDQGRVHDORVUHTXHULPLHQWRVGHOD6HGHGH5RPDDO]DQGROD\OHJDOL]DQGRODVXSUHPDFLD
SROLWLFRWHPSRUDOGHO3DSDGRGHVGHHOKDVWDTXHORVGHVWLQRVKLVWRULFRVORSHUPLWHQ-XVWLQLDQR
PHGLDQWHVXGHFUHWRHQHOTXHVHSURPXHYH\HULJHDO2ELVSRGH5RPDFRPR&DEH]DGHWRGDVODV
,JOHVLDVFRQILUPDFRQIXHU]DGHOH\HLQFRUSRUDDODVXSUHPDFLDVREUHODDXWRULGDGFLYLOKHFKDSRVLEOH
JUDFLDVD&ORGRYHRTXHGHPXHVWUDVXVRPHWLPLHQWROD-HIDWXUD(VSLULWXDOVREUHWRGRVORVFULVWLDQRV\
VHGHVHSLVFRSDOHVHVWDEOHFLGDGHIRUPDLQGLVFXWLEOHDSDUWLUGHOG-
/D,JOHVLD&DWROLFD5RPDQDVHKDYDOLGRGHO(VWDGRSDUDDOFDQ]DUVXVREMHWLYRVSULRULWDULRVGH
6XSUHPDFLD3HURHVH(VWDGRHVXQDFRQFHSFLRQGHHOODFXDQGRHVWHFRPSUHQGLRTXHHQHO3DSDGR
UHVLGLDODDXWRULGDGVXSUHPDRWRUJDGDSRUXQ3ULQFLSHGHORVSULQFLSHVGHVYDORUL]DGRSUHVHQWDGRVLQHO
VLJQLILFDGR\VHQWLGRGHVXFRQWLQXRPLQLVWHULRVDFHUGRWDO
(VORJLFRQRREVWDQWHTXHHQHOWUD\HFWRKLVWRULFRVHSURGX]FDQHQFRQWURQD]RVSXHVWRTXHDFDGD
JHQHUDFLRQQXHYDHVSUHFLVRFRPXQLFDUHVDVXSUHPDFLD\HQFDGDRFDVLRQOD,JOHVLD&DWROLFD5RPDQD
FRQODLQVWLWXFLRQ3DSDODOIUHQWHKDGHKDFHUYDOHUVXVGHUHFKRV
"4XHHVORTXHSHUPLWLRHOUHFRQRFHUVHODDXWRULGDGVXSUHPDGHO3DSDGR"
(VLPSRUWDQWHTXHXQDYH]PDVFRPSUHQGDPRVSRUTXHHOVLVWHPDSDSDOUHFLEHHVWDD\XGDGHOSRGHU
VHFXODU\TXHVLJQLILFDGRWLHQHHVWR6LQRVGDPRVFXHQWDHQODDFWXDFLRQGH&ORGRYHRHVWDKDVLGR
PRWLYDGDSRUVXFRQYHUVLRQDOFDWROLFLVPR<DOJRKDFRPSUHQGLGRHQODSUHVHQWDFLRQTXHOHKDQKHFKR
GHHVHFDWROLFLVPRTXHSRQHODHVSDGDDVHUYLFLRGHODDXWRULGDGFDWROLFDUHSUHVHQWDGDHQHO6LVWHPD
3DSDO
"&RPRHVSRVLEOHXQFRPSRUWDPLHQWRGHHVWDQDWXUDOH]DVLORTXHVHSUHVHQWDHVWXYLHUDEDVDGRHQHO
(YDQJHOLR",PSRVLEOH3HURFDEHXQDSRVLELOLGDGGHTXHHO3ULQFLSHGHORV(MHUFLWRVFI'QDGHO
TXHVHGLFHTXHKDUHFLELGROD$XWRULGDGVXSUHPD6XPR3RQWLILFHWLWXORTXHSRVHHHOHPSHUDGRU
5RPDQRFI0WVHSUHVHQWHGHVSRMDGRGHORTXHVLJQLILFDVX&RQWLQXR6LHVWRVH
UHDOL]DODH[FOXVLYLGDGGHO6XPR6DFHUGRFLRTXHSRVHH-HVXFULVWR\TXHQRKDGDGRQLSXHGHGDUD
QDGLHSRUTXHVXDVXQFLRQHVSDUDOOHYDUDFDERXQDREUDGHLQWHUFHVLRQFRQWLQXDHQHO6DQWXDULR&HOHVWLDO
HQIDYRUGHFXDOTXLHUVHUKXPDQR\GHWRGRVORVTXHVHDFHUFDQDHOGLUHFWDPHQWHFI+E
SXHGHRFXOWDUVH\HQWRQFHVHO
VLJQLILFDGR\QDWXUDOH]DGHHVD$XWRULGDGLPSOLFDGDHQHO6XPR6DFHUGRFLRHWHUQRGH-HVXFULVWRHV
VXEYHUWLGDRWUDVWRFDGDSRUHOVLVWHPDSDSDOTXHORSUHVHQWDDODPDQHUDGHOVXPRSRQWLILFDGR
WUDVODGDQGRODDOWHUUHQRSROLWLFRPXQGDQDODOHVWLORGHORVLPSHULRVDQWHULRUHV\HQFRQFUHWRGHOD
DSRVWDVLDLPSHULDOURPDQDGHODFXDOKHUHGDHVWDGLUHFFLRQDGTXLULHQGRHO6XPR3RQWLILFHWLWXORTXH
SRVHHHOHPSHUDGRUURPDQRLPSOLFDQGRODDXWRULGDGVXSUHPD
$TXLVHYHFODUDPHQWHFRPRHOVLJQLILFDGRGHODVGRVLGHDV/DGHODXQLRQGH,JOHVLD\(VWDGRFRQ
WRGRORTXHLPSOLFD\ODGHTXLWDURGLVPLQXLUHO&RQWLQXR0LQLVWHULR6DFHUGRWDOGH-HVXFULVWRSRUHO
VLVWHPDKLVWRULFRKHUHGHURGHOLGHDULRLPSHULDOURPDQRSUHVHQWDQGRXQ3ULQFLSHGHORVSULQFLSHVVLQ
VX&RQWLQXR0LQLVWHULR6DFHUGRWDOGHDFXHUGRDORHVWLSXODGRSRUOD3DODEUD3URIHWLFDVXSRQH
LPSRQHUXQDDERPLQDFLRQGHVRODGRUDRSUHYDULFDFLRQGHVRODGRUDFI'QFI

(QHIHFWR'LRVSRVHHVX*RELHUQRR5HLQR\VHPDQLILHVWDHQHOHMHUFLFLRGHVX$XWRULGDGTXHVH
SUR\HFWDHQODWLHUUDPHGLDQWHVX5HYHODFLRQH[SUHVDGDHQODKLVWRULDSRUPHGLRGHODV(VFULWXUDV6XV
SULQFLSLRVLGHRORJLFRVLPSLGHQODXQLRQFRQFXDOTXLHUSRGHURUHLQRGHHVWHPXQGR6HSURGXFHXQD
DSRVWDVLDFXDQGRVHXWLOL]DHOFRQFHSWR'LRVGHVSRMDGRGHORVSULQFLSLRVGHO5HLQRGH'LRVSHUR
DSURYHFKDQGRVHGHORTXHVXSRQHHOYDORUGHOD$XWRULGDGGLYLQDSDUDWUDVODGDUODDOSODQRGHODSROLWLFD
WHUUHQDO
'HVGH%DELORQLDSDVDQGRSRU0HGR3HUVLD*UHFLDKDVWD5RPDVHKDFDPELDGRODDXWRULGDGGLYLQD
TXHSRVHHXQDQDWXUDOH]D\VLJQLILFDGRFRQFUHWRSUHWHQGLHQGRKDEHUODUHFLELGRHOPRQDUFDGHWXUQR\
XWLOL]DUODSDUDLPSRQHUXQDYROXQWDGSXUDPHQWHKXPDQDHQXQLQWHQWRGHXQLUDWRGRHOPXQGREDMRHVD
DXWRULGDGTXHVHFRQVLGHUDVXSUHPDFRPRUHSUHVHQWDWLYDGH'LRVSHURTXHSDUDHMHUFHUODRDFDSDUDUOD
VHKDSUHFLVDGRQHJDUORVSULQFLSLRVGHO5HLQRGH'LRV\HOYHUGDGHURVLJQLILFDGR\QDWXUDOH]DGHOD
$XWRULGDGGHO'LRVGH-HVXFULVWR(VWDDFWXDFLRQODYH'LRVFRPRXQDDSRVWDVLDDERPLQDEOH6HWUDWDGH
WUDVWRFDUHOSODQGH'LRV
/DKLVWRULDFRQWHPSODHVWXSHIDFWDTXHFXDQGRHO3ULQFLSHGHORV(MHUFLWRVRHO3ULQFLSHGHORV
SULQFLSHVVXUJHKLVWRULFDPHQWHHQODHSRFDGH5RPD\TXHGHVSXHVIXQGDVX,JOHVLDDVFHQGLHQGRDO
6DQWXDULR&HOHVWLDOTXHLQDXJXUD'QFI+EVHPDQLSXODHOVLJQLILFDGRGHVX$XWRULGDG
TXHHPDQDGHVX6XPR6DFHUGRFLRFI+E6HOHTXLWDHO&RQWLQXR0LQLVWHULR
6DFHUGRWDO'QTXHLGHQWLILFDODQDWXUDOH]D\VLJQLILFDGRGHO6XPR6DFHUGRFLRTXHHOVROR
SRVHH\GHOD$XWRULGDGTXHFRQWLHQH\VXSRQH'HHVWHPRGRGHVSRMDGRGHVX&RQWLQXRHO3ULQFLSH
FHOHVWLDO-HVXFULVWRVHWHUJLYHUVDODQDWXUDOH]DGHVX$XWRULGDG<VHPDQLSXODHVD$XWRULGDG
DSOLFDQGRVHODHQWHUPLQRVGHVXPRSRQWLILFDGRHQOXJDUGHOVXPRVDFHUGRFLRGHO0HVLDV\GHHVWHPRGR
LPSRQHUODFRPRVXSUHPDDORVSRGHUHVGHOPXQGRDOHVWLORGHORVLPSHULRVXQLYHUVDOHVDQWHULRUHV(VR
>@
ORFRQVLGHUD'LRVXQDDERPLQDFLRQ 'HDKLTXHHOVLVWHPDTXHKLVWRULFDPHQWHSUHVHQWDDXQ
3ULQFLSHGHVYDORUL]DGRSDUDDSURYHFKDUVHGHVXDXWRULGDGPDQLSXODQGRODSDUDVXVLQWHUHVHVGH
VXSUHPDFLDVXVWLWX\HQGRDODDXWRULGDGHVSLULWXDOGHO3ULQFLSH0HVLDVHQVXPLQLVWHULRVDFHUGRWDOGHO
6DQWXDULRFHOHVWLDOVHHVWDEOHFHVREUHHVHVXPRVDFHUGRFLR"<FRPR"0HGLDQWHHOFDPELRTXHVXSRQH
WUDVWRFDUHOVXPRVDFHUGRFLRGHO3ULQFLSH0HVLDVFRQORTXHLPSOLFD\VLJQLILFDSRUHOVXPR3RQWLILFDGR
R3RQWLIH[0D[LPXVKHUHGDGRGHOLGHDULRLPSHULDOURPDQRFRQXQVHQWLGR\VLJQLILFDGRGLVWLQWR\
RSXHVWRDOVDFHUGRFLRHWHUQRGHO0HVLDVSRQHRFRORFDLGHRORJLFDPHQWHFRQVXVFRQVHFXHQFLDV
>@
SUHYDULFDFLRQ RODDERPLQDFLRQ
(OTXLWDUHVHFRQWLQXRPLQLVWHULRSUHVHQWDXQ3ULQFLSHTXHQRSXHGHYDORUDUVXSHUVRQDREUD\
GRFWULQDGHIRUPDDGHFXDGD/DSURIHFLDKLVWRULFDYHHQODREUDGHO&XHUQR3HTXHQRFI'Q
XQVHFXHVWURGHOFRQWLQXRPLQLVWHULRVDFHUGRWDOGHO3ULQFLSHFHOHVWLDOFI+E
$SURYHFKDQGRVHGHODKLVWRULDGH-HVXFULVWRWDOFRPRHV
SUHVHQWDGDHQHO(YDQJHOLRSHURHQHOFRQWH[WRGHVXFRQWLQXRVHDSURSLDGHODDXWRULGDGTXHHVH
3ULQFLSHUHSUHVHQWDSHURVLQVXDXWHQWLFR\FRPSOHWR&RQWLQXR$OKDFHUORDVLHVD$XWRULGDGDXQTXH
SLHUGHVXQDWXUDOH]D\VLJQLILFDGRUHDOOHVLUYHSDUDUHFODPDUDQWHORVJRELHUQRVGHHVWHPXQGRVX
6XSUHPDFLD
3RUXQODGRWHQHPRVHOUHVXOWDGRGHKDEHUTXLWDGRHO&RQWLQXRKDFHUYDOHUVXGHUHFKRDOD
$XWRULGDG6XSUHPD(VWRORFRQVHJXLUDFXDQGRODKLVWRULDQRVFRQILUPHTXHVHKDSURGXFLGRHVD
DFHSWDFLRQGHOD$XWRULGDGVXSUHPDHQHOG-FRQ&ORGRYHRVHPDUFDHVDWUD\HFWRULD
FRPSOHPHQWDGDFRQORTXHVXSXVRWDPELHQHODSR\RGH-XVWLQLDQRHQG-<SRURWUDSDUWHOR
TXHVXSRQHTXLWDUHO&RQWLQXR0LQLVWHULR6DFHUGRWDOGH&ULVWRVXVWLWXLUHVWHSRUXQPLQLVWHULR
VDFHUGRWDOKXPDQR(VWRXOWLPRVHORJUDUDFXDQGRHO&XHUQRWULXQIHFRQXQDIRUPXODOLWXUJLFD
VDFULILFLDOHQODTXHHOVLJQLILFDGRGHO0LQLVWHULR6DFHUGRWDOGH&ULVWRHVGHVYDORUL]DGR\ORKDFH
>@
LQHILFD]SDUDODKXPDQLGDGDFRPLHQ]RVGHOV9,GHVSXHVGHXQDHYROXFLRQGXUDQWHHOV9 6LVH
REVHUYDHOFRQWHQLGRGHODQRWDDQWHULRUHQHVRVFXOWRVHVWDFLRQDOHVGRQGHVHGDODPLVDSDSDOVHLQFXOFD
FRQXQDVHULHGHJHVWRVFXOWXDOHVRIUHFLGRVDO3DSD\TXHDQWHVVHGDEDQDO&HVDU3RQWLIH[0D[LPXVOD
$XWRULGDG6XSUHPDTXHHO3DSDSRVHHFRPRQXHYR3RQWLIH[0D[LPXV
(OTXLWDUHOFRQWLQXRGHO3ULQFLSH0HVLDVDSDUHFHFRQODSUHVHQWDFLRQGHO3ULQFLSHVLQODYDORUDFLRQ
DGHFXDGDGHVXFRQWLQXRPLQLVWHULRVDFHUGRWDODILQGHUHFODPDUOD$XWRULGDGVXSUHPDTXHLPSOLFDULD
VHJXQHVWHVHQWLUHO6XPR3RQWLILFDGRGHO3ULQFLSHVXEYHUWLGR\HOWUDVODGRGHWRGRHVWRSDUDXQD
SROLWLFDPXQGDQDOVXSRQHXQDSUHYDULFDFLRQGHVRODGRUDRDERPLQDFLRQGHVRODGRUD(VODHYLGHQFLDGH
KDEHUVXFXPELGRDODWHQWDFLRQVDWDQLFD0DWHR
&RQVWDQWLQRKDELDSUHSDUDGRHOWHUUHQR+DELDWUDQVIRUPDGRDO/RJRV-HVXFULVWRHQDOJRUHSUHVHQWDWLYR
GHO,GHDULR,PSHULDO5RPDQR&RQVWDQWLQRHVHOFUHDGRUGHODVXFHVLRQGHO,GHDULR,PSHULDO5RPDQRFRQ
VXVPDWL]DFLRQHV\DSRVWDVLDHQVXKHUHGHURURPDQR/DMHIDWXUDUHOLJLRVDHSLVFRSDOURPDQR
&RQVWDQWLQLDQDVLJXHODWUD\HFWRULDLPSXHVWD\TXLWDHOYDORUQDWXUDOGHO&RQWLQXRGHO3ULQFLSH\
HVWDEOHFLHQGRVHVREUHHO&RQWLQXRVHVLUYHGHOD$XWRULGDGHVSLULWXDOWUDQVIRUPDQGRODFRQXQDPH]FOD
SROLWLFRUHOLJLRVDPHGLDQWHODDVXQFLRQGHO6XPR3RQWLILFDGRGHO3ULQFLSHVLQVX&RQWLQXRVLQVXYDORU
QDWXUDOHQYHUVLRQ&RQVWDQWLQLDQDRULJLQDQGRXQD$XWRULGDGVXSUHPDGHGLVWLQWDQDWXUDOH]DDODGHO
3ULQFLSHFRQVX&RQWLQXR/DQDWXUDOH]D\VLJQLILFDGRGHOD$XWRULGDGGHO6XPR6DFHUGRWH-HVXFULVWROD
WUDVWRFDKDELHQGRTXLWDGRHO&RQWLQXR\ODWUDVODGDDOFDPSRSROLWLFRPXQGDQDOFRPR6XPRSRQWLILFDGR
DOHVWLORGHORVLPSHULRVXQLYHUVDOHVHQXQDDPDOJDPDGHFRQFHSWRVHVSLULWXDOHV\SROLWLFRVPXQGDQDOHV
(VRHVFRQVLGHUDGRFRPRXQDSUHYDULFDFLRQRDERPLQDFLRQGHVRODGRUDSRUODSURIHFLDFI'Q
FI(VWRVHKDUDHIHFWLYRFXDQGRODSUR\HFFLRQHQODKLVWRULDVHKDJDUHDOLGDG&RQ
ORVGDWRVKLVWRULFRVFRUUHVSRQGLHQWHVXQDYH]DSOLFDGRVHLQWHUSUHWDGRVORVDFRQWHFLPLHQWRVUHODWLYRVDO
VHFXHVWURGHO&RQWLQXR\GHO6DQWXDULRGHO3ULQFLSHGHORVSULQFLSHV\HOHVWDEOHFLPLHQWRVREUHHOSRU
HOVLVWHPDKLVWRULFRKHUHGHURGH5RPDFRQORVFRPSOHPHQWRVQHFHVDULRVSRGHPRVFRQILUPDUTXHHVD
DFWLYLGDGGHOVLVWHPDKLVWRULFRKHUHGHURGHOD5RPD&RQVWDQWLQLDQDVHKDFHHIHFWLYDSUR\HFWDQGRVHHQOD
KLVWRULDVXEVLJXLHQWHDOD'LYLVLRQH[SHULPHQWDGDHQHOUHLQRFXDUWRFXDQGRHO,PSHULR5RPDQRRFXSDOD
SULPHUDIDVHGHHVHUHLQRFXDUWR$SDUWLUGHXQDVIHFKDV\DFRQWHFLPLHQWRVFODYHVGHFRPLHQ]RVGHOVLJOR
9,TXHUHVSRQGHQDORH[LJLGRSRUHOWH[WRTXHKHPRVFRPHQWDGR\HVWDPRVFRPHQWDQGR
/DPDTXLQDULDPLOLWDUDOVHUYLFLRGHODLPSRVLFLRQLGHRORJLFD
(OHPSOHRGHODHVSDGDWHPSRUDOSDUDTXHHVHUHFRQRFLPLHQWROHJDOGHODDXWRULGDGVXSUHPDSXHGDVHU
HIHFWLYRHVXQDGHODVSDJLQDVPDVKRUULEOHVGHODKLVWRULDSRUTXHOOHYDHOQRPEUHFULVWLDQLVPR1RKD\
H[FXVDQLMXVWLILFDFLRQSRVLEOHGHOHPSOHRGHODYLROHQFLDGHODFUX]DGDRGHODWRUWXUDRGHXQDJXHUUD
FRQHOHXIHPLVPRGHVDQWDRGHMXVWD1RKD\QLQJXQDJXHUUDMXVWD6LORVTXHVHOODPDQFULVWLDQRVVLHPSUH
VHKXELHUDQPDQWHQLGRGHDFXHUGRDORVSULQFLSLRVLGHRORJLFRVGHO5HLQRGH'LRVQXQFDVHKXELHUD
FRPHWLGRVHPHMDQWHSUHYDULFDFLRQR3HRVDCSHFDGRSURIXQGRDVLPLODGRDDERPLQDFLRQ
<DYLPRVHQXQFDSLWXORDQWHULRUODHYROXFLRQTXHVXSXVRHOTXH&RQVWDQWLQRFUHDUDOD,JOHVLD
,PSHULDOUHVSHFWRDOHPSOHRGHODJXHUUDRGHODYLROHQFLDDOVHUYLFLRGHODVLGHDV6LELHQHQXQD
SULPHUDHWDSDSDWULVWLFDDSDUHFHXQDFRUULHQWHQRYLROHQWDGHDFXHUGRDORVSULQFLSLRVSDFLILFDGRUHVGHO
>@
IXQGDGRUGHO&ULVWLDQLVPR HOHPSOHRGHODHVSDGDWHPSRUDOSRUORVUHSUHVHQWDQWHVGH5RPD3DSDO
HVXQDUHDOLGDG3HURORVUHLQRVEDUEDURVFRQUHOLJLRQDUULDQDWDPELHQODXVDEDQ\KDELDQSXHVWRVHULRV
REVWDFXORVDOFUHFLPLHQWR\GHVDUUROORGHOVLVWHPDSDSDO/DSDUWLFLSDFLRQGH&ORGRYHR\-XVWLQLDQRHQ
FRQWUDGHGLFKRVUHLQRVDUULDQRV\HQGHIHQVDGHODLGHRORJLDSDSDOVXSXVRHOWLHPSRGHOSDSDGRSDUD
SRGHUGHVDUUROODUHVDKHJHPRQLDGHOD$XWRULGDGVXSUHPD
<DYLPRVHOSURFHVR1HJDFLRQGHOXVRGHODVDUPDV$SDUWLUGH&RQVWDQWLQRVHLQWHJUDQDOJXQRV
HQHOVHUYLFLRPLOLWDUDFWLYRMXQWDPHQWHFRQORVQRFULVWLDQRV6HDSR\DDOFDWROLFLVPRHQFRQWUDGHO
DUULDQLVPR(QODHSRFDGH7HRGRVLRXQLFDPHQWHVHDGPLWHQDFULVWLDQRVHQHOVHUYLFLR
PLOLWDUDILQGHGHIHQGHUVHGHORVOODPDGRV%DUEDURV7DPELHQVHDWDFDQDORV%DUEDURV\DORV$UULDQRV
DIDYRUGHORVFDWROLFRV6HMXVWLILFDODJXHUUDPHGLDQWHXQDWHRULDGHJXHUUDMXVWDVXVFLWDGDSRU
$JXVWLQGH+LSRQDDQWHVGHODFDLGDGHILQLWLYDGHOOODPDGR,PSHULR5RPDQR
 6LJQLILFDGR GH OD GLYLVLRQ \ GH OD XQLGDG 4XH HUD \
VLJQLILFDEDHO,PSHULRURPDQRFRPRHOHPHQWRSHUPDQHQWH
HQ OD KLVWRULD \ TXH VXSXVR OD QRYHGDG SURSLFLDGD SRU OD
LQYDVLRQGHORVEDUEDURV
"4XHHUD\VLJQLILFDEDHO,PSHULRURPDQRFRPRHOHPHQWRSHUPDQHQWHHQODKLVWRULD\FRPR
VHDUWLFXODHVDSHUPDQHQFLD"
(QQXHVWURHVWXGLRVREUHODGLUHFFLRQDOLGDGGHODKLVWRULDGRQGHVREUHVDOLDQORVGRVPRWRUHVTXH
PXHYHQODPDUFKDGHODKLVWRULDODDXWRULGDGVXSUHPD\ODPLVLRQGHODXQLGDG\TXHLGHQWLILFDQDORV
TXHORSRVHHQFRPRWHQLHQGRHOGRPLQLR\FRPRDSRUWDQGRHOWUD]RFRUUHVSRQGLHQWHDHVD
GLUHFFLRQDOLGDGYLPRVTXHGHVGH%DELORQLDSDVDQGRSRU0HGR3HUVLD\*UHFLDVHJHQHUDHVHYHKLFXOR
KLVWRULFRTXHILMDHQHOGHYHQLUHVDVFDUDFWHULVWLFDVSURPRYLHQGRODQDWXUDOH]DGHODGLUHFFLRQDOLGDG
5RPDFRQVXVPDVGHDQRVGHKLVWRULDORJURXQLGHDULRTXHDFXPXODGRUGHORHVHQFLDOPHQWH
EDELORQLFRFRQODVPDWL]DFLRQHVFRPSOHPHQWDULDVTXHORVRWURVLPSHULRVFRQWULEX\HURQIXHGHWHUPLQDQWH
SDUDVXWUDVODGRDODSRVWHULGDG
(OKHUHGHURGH5RPDHOVLVWHPD3DSDOOOHYDXQDH[LVWHQFLDGHDQRV7XYRODRSRUWXQLGDGGH
DVXPLUORHVHQFLDOPHQWHURPDQRGHVXLGHDULRLPSHULDOUHFRJLGRGHOREDELORQLFRTXHOHWUDVSDVDQOR
PHGRSHUVD\ORJULHJRPDWL]DGRSRUFRQFHSWRVFULVWLDQRVUHLQWHUSUHWDGRVDODOX]GHOLGHDULRLPSHULDO
URPDQREDELORQLFR&RQVWDQWLQLDQR\GHLPSRQHUORPLHQWUDVSXGRKDVWDODDFWXDOLGDG
'XUDQWHDQRVHO,PSHULRURPDQR\OD,JOHVLD&DWROLFD5RPDQDFDPLQDURQMXQWRVKDVWDTXHOD
LQYDVLRQGHORVOODPDGRV%DUEDURVHQHOGLRILQDHVDFRPELQDFLRQ(UDHYLGHQWHTXHQXHYRV
SURWDJRQLVWDVDSDUHFLDQHQHOKRUL]RQWHGHODKLVWRULD3HURODIRUPXOD&RQVWDQWLQLDQDGLRUHVXOWDGR\HO
VLVWHPDSDSDOKHUHGHUR\UHSUHVHQWDQWHDKRUDHQVROLWDULRGHO,PSHULR5RPDQRVXSRUHFREUDUXQD
KHJHPRQLDHQSDFWRFRQHVRVUHLQRV%DUEDURVGHDFXHUGRDOLGHDULRLPSHULDOURPDQRTXHVHKDELD
LQVSLUDGRHQORHVHQFLDO\FDUDFWHULVWLFRTXHGHVGH%DELORQLDVHKDELDYHUWLGRHQODKLVWRULDHKL]R
VREUHYLYLUGHDOJXQPRGRDHVHLGHDULRLPSHULDOURPDQRREOLJDWRULDPHQWHPDWL]DGRSRUODSUHVHQFLDGH
HVRVUHLQRV%DUEDURV\SRUORVFRQFHSWRVFULVWLDQRVUHLQWHUSUHWDGRV\DGHVGH&RQVWDQWLQRSHUR
FRQVLJXLHQGRVHUXQYHKLFXORILHOGHODVFRQVLJQDVIXQGDPHQWDOHVGHO'LRV%DELORQLFR3HUVD*ULHJR\
5RPDQR
(O,PSHULR5RPDQRVHKDELDOOHJDGRDFUHHUSRUORVSURSLRVLQWHUHVHVSROLWLFRVLQYROXFUDGRVORPLVPR
TXHVXVSUHGHFHVRUHVGHVGH%DELORQLDTXHORVGLRVHVRXQ'LRVGHGLRVHVOHVKDELDFRPXQLFDGROD
PLVLRQGHODXQLGDGGHOPXQGR(VWDPRWLYDFLRQGHODXQLGDGGHOPXQGR\HOSRGHUSDUDORJUDUOR
FRQYHQFLDDVXVGXHQRVTXHHOGHVWLQRHVWDEDSUHILMDGRDILQGHREWHQHUHOREMHWLYR3HURQXQFDVHREWXYR
HVDXQLGDGSHURVHYLYLDVLHPSUHFRPRDQWLFLSDQGRODSRUHOSURSLRSURJUDPDTXHYHUWLGRHQODKLVWRULD
VHVRVWHQLDLPSDUDEOHKDVWDTXHODGLYLVLRQVHKDFLDWDQQRWRULDTXHQRGDEDWLHPSRDQHJDUVX
SUHVHQFLD
3HURORTXHFXHQWDUHVSHFWRDODXQLGDGQRHVVXORJURRQRVLQRVXFDSDFLGDGGHH[LVWHQFLDDSHVDUGH
FRQVWDWDUVHORFRQWUDULRODGLYLVLRQ(VHVDGLYLVLRQSHUPDQHQWHHQXQPXQGRSHTXHQRRJUDQGHORTXH
GDYLGDDODXQLGDG<HVDPLVLRQGHXQLGDGTXHGHVGH%DELORQLDVHSUR\HFWDFRQXQRVFRPSRQHQWHVTXH
ODSXHGHQKDFHUSRVLEOHHO,PSHULR5RPDQRGHPRVWURVXQHFHVLGDGFXDQGRQRVGHVFXEULRHOYDORUGHOD
XQLGDGSDUDXQPXQGRFDGDYH]PDVSREODGRDQFKR\GLYHUVR(LGHRMXQWRDORKHUHGDGRODFDSDFLGDG
SROLWLFDLGHRORJLFDGHFRQVHJXLUVHHVDXQLGDG(UDSUHFLVRLPSRQHUXQRUGHQPXQGLDO\SD[URPDQD
VHFUHDODLQVWLWXFLRQDOLGDGURPDQDGHOGRPLQLRJOREDODILQGHVXMHWDUWDQWRD2ULHQWHFRPRD
2FFLGHQWHPHGLDQWHODPDTXLQDULDPLOLWDUH[SHULPHQWDQGRHQSULQFLSLRSRUGLYHUVRVSXHEORVGHVRUGHQ
>@
PXQGLDO 5RPDKDFRPSUHQGLGRTXHHOGRPLQLRJOREDOVLJQLILFDXQDHFRQRPLDJOREDOSDUDORV
LQWHUHVHVGHVX,PSHULR$VXPHHLPSRQHHOFXOWRDODSHUVRQDOLGDGPHGLDQWHXQDSURSDJDQGDHILFD]
GRQGHVHGDXQDVHQVLEOHLQWHUDFWXDFLRQHQWUHUHOLJLRQ\HFRQRPLDHQODUHGUHODFLRQDOGHOSRGHU
>@
LPSHULDO 0HGLDQWHODSXEOLFLGDGGHODSD]\SURVSHULGDGTXHGLFHQREWHQHUVHFRQVLJXHTXHHO
>@
FXOWRDOHPSHUDGRUVHLPSRQJDGHPRGRQDWXUDO
(VWDDUWLFXODFLRQTXHKHPRVHQXPHUDGRFRQWHQLGDHQHOLGHDULRLPSHULDOURPDQRDILQGHREWHQHUOD
XQLGDGODOHJRDTXLHQOHKHUHGDUDSDUDTXHODSRVWHULGDGODSXGLHUDWHQHUSUHVHQWHHKL]RSHUPDQHQWHOD
FDSDFLGDGGHODXQLGDGIUHQWHDODGLYLVLRQ"<FRPR"1RWHQHVDSROLWLFDGHXQLGDGPXQGLDOWDQGHVHDGD
LQGHSHQGLHQWHPHQWHGHVXVORJURVQRFRQVLJXHGHILQLWLYD\SOHQDPHQWHHOREMHWLYRSRUFXDQWRQRKDELD
HQFRQWUDGRWRGDYLDODIRUPXODTXHODKDJDSHUPDQHQWH/DXQLRQGHUHOLJLRQ\SROLWLFDQRFRQYHQFHSRU
FXDQWRVHGHVFXEUHTXHODUHOLJLRQHVWDDOVHUYLFLRGHOSRGHUTXHFRQTXLVWD\VRPHWHSRUODIXHU]DHQ
GHWULPHQWRGHOGHELO\GHOSREUH/RTXHHVWDFRQVLJXLHQGRODLPSOLFDFLRQGHODGHLILFDFLRQGHO
HPSHUDGRUTXHUHSUHVHQWDHOSRGHULPSRVLWLYRWDQWRHQHOSODQRHVSLULWXDOFRPRWHPSRUDOHVPLHGR\
GDQRDORVLQWHUHVHVGHRWURVSXHEORV<HVTXHFXDQGRVHUHFLEHSRUTXLHQVHDORTXHVHSUHWHQGHFRPR
DXWRULGDGVXSUHPDKDGHDSUHQGHUDFRQMXJDUORMXVWRORFRUUHFWRORHWLFRFRQORHFRQRPLFROR
PDWHULDOHOHVWDGRGHELHQHVWDUGHWRGRV7RGDYLDQRVHKDELDH[SHULPHQWDGRXQDFRPELQDFLRQSRUOD
TXHDODVJHQWHVGHPRGRQDWXUDOVHOHVPRWLYDUDDXQLUVH
&XDQGROOHJDPRVDXQPRPHQWRGHWHUPLQDGRHQHOTXHHO&ULVWLDQLVPRSXHGHVHUFRQVLGHUDGRFRPR
XQDRSFLRQGHSRGHUSRUHO,PSHULR5RPDQRVHHVWDYLYLHQGRODFULVLVGHXQDXQLGDGURPDQDSXHVWDHQ
HQWUHGLFKRSRUODVHYLGHQFLDVTXHVXUJHQWDQWRGHQWURGHO,PSHULRFRPRSRUORTXHWRGDYLDQRVHFRQRFH
ELHQGHIXHUDGHODVIURQWHUDVVLHPSUHHQVDQFKDQGRVH
(OHVSHFWDFXORHQODHSRFDGH'LRFOHFLDQR\&RQVWDQWLQRDQWHVTXHOOHJDUDDOSRGHUQRGHMDEDGXGDV
GHQLQJXQDFODVHGHODFDOLGDGGHFRQYLFFLRQTXHHO&ULVWLDQLVPRHVWDSRVH\HQGRVREUHODVJHQWHV7DQWR
ORVHVFODYRVFRPRORVOLEHUWRVSXHGHQYLYLUXQLGRV\ORVSREUHV\GHVYDOLGRVVRQDFRJLGRV\D\XGDGRV
SRULJXDOUHVSHFWRDODPRUDOLGDG\ODFRQGXFWDKDVWDHQWRQFHV\TXHVHVHSDHVWDSRUHQFLPD
>@
JHQHUDOPHQWHGHODGHORVSDJDQRV <VLELHQQXPHULFDPHQWHVRQPLQRULDVXLQIOXHQFLDVREUHOD
>@
PD\RULDHVQRWRULD\GHVWDFDVREUHWRGRODXQLRQODIXHU]DPRUDO\ODRUJDQL]DFLRQ
'LRFOHFLDQRSRUVXSDUWHTXLHUHUHJHQHUDUHO,PSHULR\SDUDODUHVWDXUDFLRQ\SXULILFDFLRQGHO(VWDGR
VLELHQHQDOWHFHORVFXOWRVDQWLJXRVORVFULVWLDQRVKDQOOHJDGRDVHUXQDSRWHQFLDHQHO,PSHULR\SRUOR
WDQWRKDGHHVWXGLDUVHFRQFXLGDGRVXSRVLFLRQ\HOSRVLEOHLQWHUHVSDUDVXDFWLWXGUHIRUPDGRUD(O
DQDOLVLVSRUSDUWHGH'LRFOHFLDQRVHOOHYDDFDERPLQXFLRVDPHQWHHOHVFRQVFLHQWHDGHPDVGHORGLFKR
GHTXHHQODPLVPDFRUWHQRVRODPHQWHKDELDHVFODYRVVLQRDOWRVIXQFLRQDULRVFULVWLDQRVDORVTXHKDELD
GLVSHQVDGRGHORVVDFULILFLRVGHOFXOWRDQWLJXRHQODVVROHPQLGDGHVRILFLDOHVVXHVSRVDHKLMDVRQDGLFWDV
>@ >@
DOFULVWLDQLVPR 3HURHOHPHQWRVUHSUHVHQWDWLYRVGHOSDJDQLVPR ORVVDFHUGRWHVGHODUHOLJLRQ
DQWLJXDMXQWRDO&HVDU*DOHULRVXPDGUHHUDXQDIDQDWLFDSDJDQDHOJREHUQDGRUGH%LWLQLD+LHURFOHV
IDPRVRSROHPLVWD3RUILULRSHGLDQMXQWRDXQFROHFWLYRGHPDJRV\DXJXUHVPHGLGDVFRHUFLWLYDVSDUD
ORVFULVWLDQRVGDGRVHJXQHOORVHOSHOLJURTXHVXSRQLDQSDUDODHVWDELOLGDGGHO,PSHULR
3HURORTXHPDVWHPLD'LRFOHFLDQRMXQWDPHQWHFRQHOSDJDQLVPRHQWHURHUDODPDQFRPXQLGDG\XQLRQ
GHORVFULVWLDQRVSHVHDOYDULDGRSOXUDOLVPRGHJUXSRVGLVWLQWRVIUHQWHDODLGHRORJLDLPSHULDO
'LRFOHFLDQRVHGLRFXHQWDGHTXHHOFULVWLDQLVPRHUDXQ(VWDGRGHQWURGHRWUR(VWDGR8QDFROHFWLYLGDG
HQFX\DYLGDLQWHULRUQRWHQLDOXJDUODRPQLSRWHQFLDLPSHULDO/DREHGLHQFLDQRHUDLQFRQGLFLRQDOFRPR
SDUDHOUHVWRGHORVVXEGLWRVGHO,PSHULR
'LRFOHFLDQRHVFRQVFLHQWHGHOSRGHUGHO&ULVWLDQLVPR\FRQVXLGHRORJLDHVLPSRVLEOHFRQVWUXLUXQ
HQWHQGLPLHQWRSXHVWRTXHHVDLGHRORJLDDWHQWDGLUHFWDPHQWHDODXQLGDGGHO,PSHULR<HVHVDLGHRORJLD
ODTXHHVWDWHQLHQGRWDQWRH[LWR/DSUHGLFDFLRQGHODSD]\ODSUDFWLFDSDFLILFDGRUDFRQTXHORV
FULVWLDQRVVHSUHVHQWDQURPSHFXDOTXLHUSRVLELOLGDG/DV%LHQDYHQWXUDQ]DVQRSXHGHQDUWLFXODUQLQJXQD
SDUFHODGHSRGHU\IRUPDQSDUWHGHOQXFOHRLGHRORJLFRFULVWLDQR3RURWUDSDUWHODLGHQWLILFDFLRQGH
-HVXVFRPRHO0HVLDV\6HQRUGHORVFULVWLDQRVGLILFXOWDVHQVLEOHPHQWHODSRVLELOLGDGGHODDFHSWDFLRQ
GHO&HVDUFRPR3RQWLIH[0D[LPXVGRWDGRGHODDXWRULGDGVXSUHPDDOTXHVHOHGHEHREHGLHQFLD
LQFRQGLFLRQDOSXHVWRTXHUHSUHVHQWDDODGLYLQLGDGHQODWLHUUD3RUHVR'LRFOHFLDQRGHVDWRXQD
>@
SHUVHFXFLRQVHOHFWLYD
(O&ULVWLDQLVPRGHDTXHOODHSRFDUHSUHVHQWDGRHQFLHUWRVFROHFWLYRVPD\RULWDULRVKDVHJXLGR
DYDQ]DQGRFRQVLGHUDEOHPHQWHDSHVDUGHODSHUVHFXFLRQ\DTXHOKDGHVFXELHUWRVXYXOQHUDELOLGDG\OD
QHFHVLGDGGHTXHDFDEHHVWDDXQFXDQGRIXHVHFRQDOJXQDVFRQFHVLRQHVTXHVHHYLGHQFLDQSRFRVDQRV
GHVSXHVHQODHUD&RQVWDQWLQLDQD$SHVDUGHTXHODSHUVHFXFLRQKDVHQDODGRODVLWXDFLRQGHGHFDLPLHQWR
>@
HQDPSOLDV]RQDVGHOFULVWLDQLVPR VXLGHRORJLDFRQYHQFHDODVJHQWHV\VHH[WLHQGHSRUWRGRHO
,PSHULRHQHVDKRUDWDUGLD3HURVHGDFXHQWD5RPDWUDVHODWDTXHYLROHQWRGH'LRFOHFLDQRTXHHV
SUHFLVRPRGLILFDUDOJXQRVDVSHFWRVGHO&ULVWLDQLVPRVLVHTXLHUHDSURYHFKDUVXSXMDQ]D(VDIXHODREUD
GH&RQVWDQWLQRGHODTXH\DKHPRVKDEODGRHQRWUROXJDU\SDUDRWURFRQWH[WRODFUHDFLRQGHXQD,JOHVLD
,PSHULDOTXHSHUPLWLHUDDORHVHQFLDOGHOLGHDULRLPSHULDOURPDQRHQWUHORTXHVHHQFXHQWUD
IXQGDPHQWDOPHQWHODSHUPDQHQFLDGHXQDDXWRULGDGVXSUHPDTXHULGDSRU'LRV\HOREMHWLYRGHOD
XQLGDGTXHSHUPLWDDGPLQLVWUDUHO2UEH\GHIHQGHUVHGHODVSRVLEOHVUHYXHOWDV/DSHUPDQHQFLDGHOD
DXWRULGDGVXSUHPDH[LJHHLPSOLFDHOFRQVHJXLUVHODXQLGDG\SRUORWDQWRKDFHUSHUPDQHQWHHQOD
KLVWRULDODQHFHVLGDGGHODXQLGDGSDUDDFDEDUFRQWRGDSRVLELOLGDGGHGLYLVLRQ0LHQWUDVHVWHHQPDUFKD
HVHSURJUDPDLQWURGXFLGRGHVGH%DELORQLDHLPSXOVDGRSRU5RPDFRQODFDSDFLGDGRULJLQDO\
FRPSOHPHQWDULDTXHHVWDOHLPSULPHDSURYHFKDQGRVHGHWRGRDTXHOORTXHODH[SHULHQFLDKLVWRULFD\
SROLWLFDOHFRQFHGHODSRVLELOLGDGGHODXQLGDGHVXQDUHDOLGDGDSHVDUGHTXHODGLYLVLRQHVWHSUHVHQWH
\DTXHVLHPSUHODSRVLELOLGDGGHGHVWUXLUODHQYDQHFH\FRQYHQFHDODSROLWLFDTXHDFWXDFRQOD
FRQFLHQFLDGHSRVHHUODDXWRULGDGVXSUHPDDILQGHTXHYLYD\DFWXHGHDFXHUGRDFRPRVLODXQLGDGVH
KXELHUDFRQVHJXLGR
$KRUDELHQ"GHTXHXQLGDGHVWDPRVKDEODQGR"(VWDSHTXHQDGLVTXLVLFLRQTXHHVWDPRVKDFLHQGR
FRQVLVWHSRUXQODGRHQFRPSUREDUTXH5RPDKDELDSUR\HFWDGRXQSODQDILQGHPDQWHQHUODXQLGDGGHVX
LPSHULR6LQRVUHIHULPRVDOPDQWHQLPLHQWRGHODXQLGDGGHORTXH5RPDHVFRQVFLHQWHUHVSHFWRDORTXH
VLJQLILFDHLPSOLFDVXLPSHULRHVDXQLGDGH[LVWH0LHQWUDVQRH[SHULPHQWHODSRVLELOLGDGGHVHUDWDFDGD
VXXQLGDGSRUDOJRH[WHUQRDHVDXQLGDGVXXQLGDGH[LVWH
3HURHVHYLGHQWHTXHQRWRGRHOPXQGROHHVWDVRPHWLGR/RV3DUWRVMDPDVFODXGLFDURQDVX
LQGHSHQGHQFLD\PDQWXYLHURQHVWDHQMDTXHDODSUHWHQVLRQURPDQD<ORVSURSLRVUHLQRV%DUEDURVDQWHV
GHTXHSURYRFDUDQODFDLGDGH5RPDHYLGHQFLDQTXHKD\XQDH[LVWHQFLDHQHOPXQGRQRFRQTXLVWDGD(V
FLHUWRWDPELHQTXHORV3DUWRVQXQFDIXHURQXQSHOLJURQLDODXQLGDGTXHHQVXSURJUDPDOOHYDFRQVLJR
5RPDQLDODKHJHPRQLDTXHHVWDPDQLILHVWDQLDODGLUHFFLRQDOLGDGTXHHOGRPLQLRSURYRFD
(OSODQGHXQLGDGGH5RPDFRQVLVWHHQXQSURJUDPDTXHVDOYDJXDUGDVXXQLGDGHQODSURSRUFLRQGH
TXHHVDXQLGDGSRVHDHOREMHWLYRGHDEDUFDUDWRGRHOPXQGR<HVWDVHKDUDSHUPDQHQWHPLHQWUDVVHKDJD
YLDEOHHOSURJUDPDGHODXQLGDGTXHOOHYDFRQVLJRHOGHWHQWDUODDXWRULGDGVXSUHPD<DXQTXHQROR
FRQVLJXLHUD5RPDODFRQFHSFLRQGHXQLGDGVXVWHQWDGDSRUORTXHLPSOLFDVXLPSRVLFLRQGHDXWRULGDG
VXSUHPDVHSUR\HFWDUDHQODKLVWRULDSDUDTXLHQUHFRMDVXKHUHQFLD(VWRJDUDQWL]DULDODSURVHFXFLRQSRU
ODXQLGDGPXQGLDODXQTXHVHSDUWLHUDGHODGLYLVLRQ3HURVHUDODKLVWRULDTXLHQPXHVWUHHQXOWLPD
LQVWDQFLDKDVWDTXHSXQWRODGLUHFFLRQDOLGDGLPSXHVWDSRUHOTXHSUHWHQGHSRVHHUODDXWRULGDGVXSUHPD
GDGDVHJXQHOSRU'LRVDILQGHHIHFWXDUODPLVLRQGLYLQDGHODXQLGDGPXQGLDOFRQYLHUWHHQXQD
UHDOLGDGHOREMHWLYRSURJUDPDGR
/DPDUFKDGHODKLVWRULDGHVSXHVGH5RPDHVWDHQORVJHQHVGHORTXHHOODKDHQJHQGUDGRXQD,JOHVLD
,PSHULDO8QFROHFWLYRTXHXWLOL]DQGRXQDWHUPLQRORJLDH[WUDQDDODGHO,PSHULRSHURVLQSRGHUHIHFWLYR
HVWDEDGLVSXHVWRDVXELUVHDOFDUURGHODDXWRULGDGVXSUHPDDDGTXLULUODYRFDFLRQGHSRGHU\
UHFXSHUDUHOWLHPSRSHUGLGRSDUDODREWHQFLRQGHODXQLGDG3DUDHVWRHVD,JOHVLD,PSHULDORULJLQDGDHQ
&RQVWDQWLQRVHPDQLILHVWDGHXQPRGRDMHQRDOJHQXLQRFULVWLDQLVPR/DFRQFHSFLRQGH5HLQRGH'LRV
SULPRUGLDOSDUD-HVXFULVWRDSDUHFHPDUJLQDGD\KDELHQGRVHVHOHFFLRQDGRWHUPLQRV\FRQFHSWRV
FULVWLDQRVVHLQWHQWDPDQWHQHUHQDUPRQLDORTXHKDUHVXOWDGRGHOUHFKD]RGHO5HLQRGH'LRV\ORTXHOH
SHUPLWHMXVWLILFDUODDXWRULGDGVXSUHPDDXQTXHVHDGHVYDORUL]DQGRODSHUVRQD\REUDGHO3ULQFLSH
0HVLDV
"&RPRKDVLGRSRVLEOHVHPHMDQWHWUDQVIRUPDFLRQ""&RPRKDSRGLGRRFXUULUHVWHFDPELRWDQWRSRU
SDUWHGHOLPSHULRFRPRSRUSDUWHGHXQFROHFWLYRFULVWLDQRUDGLFDGRHQ5RPD\HQHOUHVWRGHOLPSHULR
>@
TXHHQXQRVSRFRVPHVHVDQWHV VHKDELDH[SHULPHQWDGRODSHUVHFXFLRQ"
/DUHVSXHVWDHVWDHQRWUROXJDUGRQGHPRVWUDPRVORVFRQWDFWRVTXHKDKDELGRFRQ&RQVWDQWLQR\TXH
(XVHELRQRVFXHQWDFRQSURIXVLRQ\ODHYROXFLRQTXHFRQXQFLHUWRVHQWLGRVHLPSULPHDODKLVWRULDSRUXQ
FROHFWLYRFULVWLDQRUHSUHVHQWDGRHQ5RPDTXHHVWXGLDFRQVWDQWHPHQWHODPDQHUDGHKDFHUVHHQWHQGHUFRQ
>@
HO,PSHULR /RTXHQRVLPSRUWDDKRUDHVVDEHUTXH&RQVWDQWLQRKDGHVFXELHUWRTXHODXQLRQFRQHO
FULVWLDQLVPRDSURYHFKDQGRVXVYDORUHVGHXQLGDGSHURVLQSHUGHUHO,PSHULRVXVLQWHUHVHVSROLWLFRVOD
DXWRULGDGVXSUHPD\ODPLVLRQGLYLQDGHODXQLGDGPXQGLDOSRGULDDOFDQ]DUHOREMHWLYR
'XUDQWHHOWLHPSRTXHFRQYLYHQMXQWRVGHVGH&RQVWDQWLQRVHDSUHFLDHOYDORUGHODXQLGDG5RPD
VDEHTXHXQDDGPLQLVWUDFLRQTXHWLHQHHQFXHQWDODXQLGDGSXHGHJREHUQDUPHMRU\FRQXQLGHDULRHWLFR\
HVSLULWXDOPRWLYDGRUSRGULDDOFDQ]DUDWRGRHOPXQGR
&RQVWDQWLQRHQEDVHDOLGHDULRLPSHULDOURPDQRTXHGHVGH&HVDU\$XJXVWRVHIRUPDOL]DTXLHUH
WUDVODGDUDODKLVWRULDHOPHFDQLVPRTXHSXHGHKDFHUSRVLEOHODSHUPDQHQFLDGHOORJURGHODXQLGDG
PHGLDQWHODLGHRORJLDXQLWDULDTXHGHPRGRQDWXUDOUHSRVDHQHO&ULVWLDQLVPR3HURHVWDOODIH\
FRQILDQ]DTXHWLHQHHQHOSURJUDPDGHFRPRDUWLFXODUODDXWRULGDGVXSUHPD\ODPLVLRQGHODXQLGDGTXHHO
LGHDULRLPSHULDOURPDQRRIUHFHTXHYDORUDODXWLOLGDGGHO&ULVWLDQLVPRSDUDVXVILQHVHQORTXHHVWH
HYLGHQFLDGHXQLGDG&RPRSROLWLFRGHOLGHDULRLPSHULDOURPDQRTXHQXQFDDEDQGRQRLGHRXQD
SURSXHVWDSDUDHOFULVWLDQLVPRHQFXDQWRDSRQHUORHQDUPRQLDFRQORVLQWHUHVHVGHO(VWDGRURPDQRVLQ
TXHHVWHSHUGLHUDQDGDGHVXHVHQFLDOLGDG
7DPSRFRVHKDELDH[SHULPHQWDGRSRUSDUWHGHOTXHSXGLHUDHVWDUSUHSDUDGRDOOHYDUHVHWLSRGH
XQLGDGHOFRPROHDIHFWDULDHQFRQQLYHQFLDFRQHOSRGHU\ORTXHSRGULDRFXUULUDOWHQHUTXH
VDOYDJXDUGDURGHIHQGHUHOSRGHUIUHQWHDFXDOTXLHUDTXHORDWDFDVHDODIXHU]D(QWRGRFDVRODWHQWDFLRQ
VDWDQLFDFI0WSODQHDVREUHHOFROHFWLYRFULVWLDQRUHSUHVHQWDWLYRHQ5RPD
3HURDVHJXUDUVHODXQLGDGGHOLPSHULRFRQODILQDOLGDGGHFRQVHJXLUODXQLGDGPXQGLDOPHGLDQWHORV
YDORUHVGHXQLGDGTXHDSRUWDHOFULVWLDQLVPRYDDLPSOLFDUODGHVWUXFFLRQGHDTXHOORTXHGDVRSRUWHD
TXHODXQLGDGVHDXQDUHDOLGDGHQHO&ULVWLDQLVPR<HVTXHODXQLGDGGHOFULVWLDQLVPRHVJUDFLDVDVX
LGHRORJLDGHO5HLQRGH'LRVGHOTXHHO0HVLDVHV5H\TXHKDQGHDFHSWDUWRGRVORVTXHTXLHUDQIRUPDU
SDUWHGHHO\SDUDHOORHVSUHFLVRQDFHUGHDUULEDDGTXLULUXQDYRFDFLRQFHOHVWHTXHORVLGHQWLILFDFRPR
KDELHQGRH[SHULPHQWDGRODDFFLRQGH'LRVFI-Q6LQRVHVDFULILFDHVWDSDUWH
IXQGDPHQWDOGHO&ULVWLDQLVPRQRKD\SRVLELOLGDGGHHQWHQGLPLHQWRFRQODSROLWLFDGHOUHLQRGHHVWH
PXQGR6LVHVDFULILFDHVWDSDUWHHVSHFLDO\VREUHVDOLHQWHSRUODTXHVHLGHQWLILFDDOFULVWLDQRHQWRQFHVOR
TXHGHXQLGDGSRVHHHOJHQXLQRFULVWLDQLVPRQRSXHGHWUDVODGDUVHDQLQJXQDFRQQLYHQFLDFRQODSROLWLFD
HVWDWDOGHHVWHPXQGR\SRUORWDQWRORTXHGHFULVWLDQLVPRKXELHUDTXHGDGRQRVLUYHSDUDODXQLGDG\HO
>@
IUDFDVRKLVWRULFRVHUDODUHDOLGDGHYLGHQWH
(Q&RQFOXVLRQ(O,PSHULR5RPDQRLQWURGXFHODSHUPDQHQFLDGHODXQLGDGPHGLDQWHVXXQLRQFRQXQ
FROHFWLYRFULVWLDQRFRQVHGHHQ5RPDFX\RVGLULJHQWHVDFHSWDQHOHQYLWH&RQVWDQWLQLDQRGHXQD,JOHVLD
LPSHULDOHQODTXHHOVXFHVRUGH&RQVWDQWLQRFRPR3RQWLIH[0D[LPXVQRVHUDHOGHOHJDGRGHO(VWDGR
VLQRHO2ELVSRGH5RPDHQFX\RFDVRODKLVWRULDHVWHVWLJRILHOGHHVHWUDVYDVH(OSRGHUWHPSRUDO\
HVSLULWXDOODDXWRULGDGVXSUHPDUHVLGHHQHVH2ELVSRGH5RPD(OFXDOMXQWRDODSXHVWDHQPDUFKDGH
XQDVLPELRVLVJHQLDOTXHOHDSRUWD&RQVWDQWLQRHQFXDQWRDODIXVLRQGHODLGHDLPSHULDO\ORQHFHVDULR
GHOLGHDULRFULVWLDQRSDUDWDODPDOJDPDFRQVWUXLUDXQDGHODVHVWUDWHJLDVSROLWLFRLGHRORJLFDVTXHOOHYD
FRQVLJRXQRUGHQDPLHQWRPXQGLDOSDUDXQLILFDUHOPXQGRHQXQDJOREDOL]DFLRQLGHRORJLFRHWLFD3DUD
HOORKDGHVDEHUFRQMXJDUFRQORTXHVHSUHVHQWDGHFULVWLDQR\ORLPSOLFDGRHQVXIXVLRQFRQORTXH
UHSUHVHQWDVHU3RQWLIH[0D[LPXV$ORODUJRGHXQSURFHVRTXHOOHJDKDVWDFRPLHQ]RVGHOVLJOR9,WUDVOD
GHVYDORUL]DFLRQGHO3ULQFLSH0HVLDVTXLWDQGRHOVLJQLILFDGRGHODXQLFDDXWRULGDGUHSUHVHQWDGDHQVX
PLQLVWHULRGHVXPRVDFHUGRFLRVXVWLWX\HQGRORSRUHO3RQWLIH[0D[LPXVSRQHHQHYLGHQFLDOD
DERPLQDFLRQSDUDFRQHO'LRVTXHVHUHYHODDODYH]TXHVHPDQLILHVWDHOVHQWLGRGHXQDXQLGDGPXQGLDO
\GHODDXWRULGDGVXSUHPDOHJDGDSRU5RPD+DFLHQGRODSHUPDQHQWHHQODKLVWRULDFRQWRGRORTXH
LPSOLFD\VLJQLILFD/OHJDUDDIRUPDOL]DUVXFUHHQFLDGHTXHHQHVDXQLRQFRQHO(VWDGR5RPDQR'LRVR
XQ'LRVKDLQWHUYHQLGR3DUDHOORORMXVWLILFDFUH\HQGRSRQHUHQDUPRQLDXQDDXWRULGDGVXSUHPDGH
QDWXUDOH]D\RULJHQEDELORQLFRFRQODQDWXUDOH]DGHODDXWRULGDGHQHO1XHYR7HVWDPHQWRHVSHFLILFDGD
H[FOXVLYDPHQWHHQHO3ULQFLSH0HVLDV$GLIHUHQFLDGHOUHFKD]RGHORIUHFLPLHQWRGHOSRGHUGHHVWHPXQGR
SRU-HVXVDILQGHFXPSOLUVXPLVLRQHYDQJHOL]DGRUD-QFI0WHOVLVWHPD3DSDO
DFHSWDQGRORSUHWHQGHFRPRTXHULGRSRU'LRVVXPLVLRQGHXQLGDGPXQGLDOPHGLDQWHORVFRQWHQLGRV
LGHRORJLFRVHWLFRVSROLWLFRVTXHSURPXHYHFRQVXLQWHUSUHWDFLRQTXHUHVXOWDGHXQDOHFWXUDGHXQ
HYDQJHOLRFX\RUHIHUHQWHVRQODVFRQVHFXHQFLDVGHVXXQLRQFRQHOLGHDULRLPSHULDOURPDQR
&RQVWDQWLQLDQR
8QDYH]LPSODQWDGDVREUHHO(VWDGRODDXWRULGDGVXSUHPDHVSLULWXDOGHDFXHUGRDODFODYHTXHHO
RELVSRGH5RPDKDUHFRJLGRGHODUWLILFH&RQVWDQWLQR\HOUHSUHVHQWDQWHGHOJRELHUQRWHUUHQDOOD
UHFRQRFHHVORJLFRTXHHVDDXWRULGDGVHDVXSUHPDUHVSHFWRDFXDOTXLHUDWHPSRUDO$VLORHQWHQGHUDHO
RELVSRGH5RPD\DVLORH[SOLFDUDFRQYLUWLHQGRDOSRGHUWHPSRUDOFRPRXQDGHOHJDFLRQVX\D\SXHVWDDO
VHUYLFLRGHOSRGHUHVSLULWXDOTXHVLHPSUHHVVXSHULRU1DGDGHHVWRLPSHGLUDXQDOXFKDFRQVWDQWHHQWUHHO
VLVWHPD3DSDO\HOSRGHUWHPSRUDOGHO(PSHUDGRUTXHVHVXSRQHLQIHULRU
/D LQYDVLRQ GH ORV %DUEDURV \ VX QRYHGDG LQWHJUDGRUD DFHSWDFLRQ GHO 3DSDGR HQ SDFWR
FRQWLQXR FRQ HO DOFDQFH JHRSROLWLFR GH OD GLYLVLRQ \ GLYLVLRQ FRQWLQXD UHSUHVHQWDWLYD GHO
PXQGRHQWHUR
/RV%DUEDURVVHYDQDVHQWDQGRLQWHQWDQGRFRQYLYLUFRQHO,PSHULRGHVSXHVSDVDUDQDODFRQTXLVWDGHO
,PSHULR5RPDQRHQHOHLQWURGXFHQODGLYLVLRQSHUPDQHQWH\FRQWLQXD
(OHVSHMLVPRGHODXQLGDGVLJXHGDQGREDQGD]RVSHURHQODXQLGDGKHUHGDGDSRUOD,JOHVLD,PSHULDO
&DWROLFR5RPDQDVXE\DFHODSURVHFXFLRQGHODXQLGDGPXQGLDO<PHGLDQWHHOFRQYHQFLPLHQWR\OD
FUX]DGDJXHUUHUDOOHYDGDDFDERSRUHOTXHRVWHQWDVHUVXGHOHJDGRWHPSRUDOHOHPSHUDGRURUH\RMHIH
HVWDWDOLUDGREOHJDQGRDHVWRVSXHEORVKDVWDFRQVHJXLUPHGLDQWHHOGRPLQLRTXHOHFRQILHUHVHU
3RQWLIH[0D[LPXVHOTXHDFHSWHQVXRULHQWDFLRQGHXQLGDG(QEDVHDODLGHRORJLDKHUHGDGDGHOLGHDULR
LPSHULDOURPDQR\GHFLHUWRVFRQFHSWRVFULVWLDQRVTXLHUHUHVXFLWDUODLGHDGHXQVDFURLPSHULRURPDQRD
ILQGHXQLUGHKDFHUGHSXHQWHHQWUHWRGRVORVWUR]RVGHKLHUURGHVSHUGLJDGRV3HURPDQLILHVWDVHUFRPR
EDUURHQHOLQWHQWRGHXQLUHOKLHUUR
/DXQLGDGSHUPDQHQWHTXHODKDFHSRVLEOHSRUVXUHSUHVHQWDWLYLGDGGHODKHUHQFLDURPDQDH[LVWHSRU
ODPRWLYDFLRQGHQHXWUDOL]DUODGLYLVLRQTXHORV%DUEDURVKDQLQWURGXFLGR<VLELHQHVRPXHVWUDOD
GLUHFFLRQDOLGDGTXHLPSOLFDSRVHHUODDXWRULGDGVXSUHPD\ODPLVLRQGHODXQLGDGHQHVHSURFHVRGH
FRQIOLFWRFRQWLQXRHQWUHXQLGDGTXHVHLPSRQHHLQGHSHQGHQFLDTXHOLEHUDGHOSRGHUTXHSUHWHQGHVHU
DEVROXWRKDVWDSDUDWXFRQFLHQFLDODUHDOLGDGTXHFRQVWDWDHVODGHODGLYLVLRQFDGDYH]PDVSURIXQGD
&DGDSDUWHWDQWRODTXHFRUUHVSRQGHDODXQLGDGFRPRDODGHODGLYLVLRQUHFODPDQXQDDXWRULGDGH
LQGHSHQGHQFLDGHWHUPLQDGD<HVWRJHQHUDUDFRQIOLFWRV<ODKLVWRULDKDVLGRWHVWLJRGHHOOR\WHQGUHPRV
RSRUWXQLGDGGHFRPSUREDUOR
(QHIHFWRODKLVWRULDPXHVWUDTXHHVDGLYLVLRQSURYRFDGDSRUODVGLIHUHQWHVQDFLRQDOLGDGHVEDUEDUDV
HQODHSRFDTXHSURGXMRODFDLGDGHOOODPDGR,PSHULR5RPDQRQRHVHVWDWLFD<TXHLQGHSHQGLHQWHPHQWH
GHODXQLGDGLGHDOFRQSUR\HFFLRQDORJUDUODXQLGDGPXQGLDOTXHPDQWLHQHHO,PSHULR5RPDQRHQVX
LQWHULRUWDPSRFRODREWXYRSRUFXDQWRODSUHVHQFLDGHODGLYLVLRQSRUDOJRH[WHUQRDORTXHVH
FRQVLGHUDEDLPSHULRURPDQRHUDODHYLGHQFLDGHODH[LVWHQFLDGHODGLYLVLRQ\SRUORWDQWRGHRWURV
SXHEORVTXHVLELHQQRVHGLHUDQDFRQRFHUHQODVLQYDVLRQHVH[LVWLDQIRUPDQGRSDUWHGHXQDGLYLVLRQ
GHVFRQRFLGDGHODWLHUUD
(VXQDGLYLVLRQFX\DQDWXUDOH]DVHHYLGHQFLDHQODSURJUDPDFLRQTXHVHSRQHHQPDUFKD3DUHFHULD
FRPRVLHVDGLYLVLRQTXHVHLQWURGXFHHQSULQFLSLRSRUORVOODPDGRVUHLQRVEDUEDURVTXLVLHUDKDFHUOD
FRPSHWHQFLDDODXQLGDGSURJUDPDGDHQHVDXQLRQDODTXH\DDQWHVQRVKHPRVUHIHULGR(VFRPRVL
OOHYDUDXQPHQVDMHFRGLILFDGRTXHGLMHUDQRKD\SRVLELOLGDGGHTXHODXQLGDGPXQGLDOVHSXHGDOOHYDU
DFDER\DXQFXDQGRSDUH]FDHQDOJXQPRPHQWRTXHVHKDFHLPSUHVFLQGLEOHQRHVORPHMRUSDUDOD
OLEHUWDG\SDUDFLHUWDPDQHUDGHSHQVDUGHOVHUKXPDQR3HURODGLYLVLRQLQGHSHQGLHQWHPHQWHGHVX
PHQVDMHDFWLYDPXFKRPDVODQHFHVLGDGGHODXQLGDGPXQGLDOSRUFXDQWRHVWDKDVLGRSURJUDPDGDDXQ
FXDQGRQRORFRQVLJXLHUDQXQFDDILQGHSUR\HFWDUVHFRPRVLHQGRHOREMHWLYRDDOFDQ]DU\VDEHTXHSDUD
TXHVXUHDOLGDGVHDPDQLILHVWDYDVHUSUHFLVRGHVWUXLUSUHYLDPHQWHFXDOTXLHUREVWDFXOR<HQHVWROD
GLYLVLRQHVXQVHULRLPSHGLPHQWR/DXQLGDGWDPELHQOOHYDXQPHQVDMHHQVXVJHQHVKDVWDDKRUDORTXH
ODKLVWRULDKDYLYLGRKDVLGRODDXVHQFLDGHXQDXQLGDGJOREDOGHMDGPHSUREDU(VORXQLFRTXHIDOWD
H[SHULPHQWDUFRPRRSFLRQDORVPDOHVGHHVWHPXQGR\TXHODGLYLVLRQKDSHUSHWXDGR3HURHQUHDOLGDG
ODFDXVDGHHVRVPDOHVHVODFRQGXFWDGHOVHUKXPDQRFXDQGRVHGHVOLJDGHVXVUDLFHVGLVHQR\GHVLJQLR
<HVWRGHVJUDFLDGDPHQWHVHGDULDWDQWRFRQXQLGDGPXQGLDOFRPRFRQGLYLVLRQ
/DKLVWRULDQRVFRQILUPDTXHHVWDQDWXUDOH]DGHGLYLVLRQOOHYDSURJUDPDGDVXSHUSHWXDFLRQ\VX
PXOWLSOLFDFLRQ'HODGLYLVLRQDFRPHWLGDSRUORVUHLQRV%DUEDURV\GHODDXVHQFLDGHSRGHUDJOXWLQDGRU
GHOLPSHULRURPDQRTXHSURYRFDQVXUJLUDQODVQDFLRQHVHXURSHDVFLHUWDVDIULFDQDVGHOOODPDGR2ULHQWH
0HGLRGH$VLD0HQRU\GH$UDELD\TXHSRVWHULRUPHQWHGDUDQOXJDUHQVXPHFDQLVPRGHGLYLVLRQ
LQGXFLGRHQHVDGLYLVLRQRULJLQDGDDODVQDFLRQHVDPHULFDQDVGHORVGRV&RQWLQHQWHVIUXWRGHO
FRORQLDOLVPRHXURSHR\DODVQDFLRQHVRFXSDGDVSRUHO,VODPFRPRIUXWRGHODRFXSDFLRQGH%L]DQFLR
GH(JLSWR0DXULWDQLD6LULD,UDN,UDQHWF\WRGRHOHVSDFLRGHOQRUWHGH$IULFD&RPRIUXWRGHO
QHRFRORQLDOLVPRHXURSHR\QRUWHDPHULFDQR\HOVXUJLPLHQWRGHXQDFRQFLHQFLDGHHVWDGRLQGHSHQGLHQWH
DSDUHFHUDPDVGLYLVLRQHQ$VLD2FHDQLD\$IULFD&RQORTXHODGLYLVLRQSUHVHQWHVLHPSUHHQWRGRHO
PXQGRDOFDQ]DDWRGRHOPXQGRFRQRFLHQGRVHVXVOLPLWHVXQDDOGHDIRUPDGDSRUVHUHVKXPDQRVFRQ
SUREOHPDVFRPXQHVDODTXHVHOHSXHGHJOREDOL]DUPHGLDQWHXQDXQLGDGPXQGLDOFDUJDGDFRQXQD
LGHRORJLDGHWHUPLQDGDSROLWLFRHFRQRPLFDILORVRILFRUHOLJLRVDHQODTXHFRLQFLGDQXQRVYDORUHV
XQLYHUVDOHVTXHSXHGDQVHUDFHSWDGRVSRUWRGRV
/DXQLGDGPXQGLDOSXHGHDWHQWDURFDVLRQDOPHQWHDFRQFLHQFLDVLQGLYLGXDOHVTXHQRSXHGHQVXMHWDUVHD
XQDFRQFLHQFLDJOREDO/RTXHSURPXHYHODXQLGDGPXQGLDOGHDFXHUGRDTXLHQRVWHQWDODDXWRULGDG
VXSUHPDVHKDYLVWRREOLJDGRDGHVFXEULUXQDLGHRORJLDSROLWLFRLGHRORJLFDHFRQRPLFDTXHHQFDMHGH
PRGRFRPXQ\XQLYHUVDOHQWRGRHOPXQGR<HVWRHVSHOLJURVRSRUTXHODXQLGDGPXQGLDODQWHORV
LQWHUHVHVHFRQRPLFRVSXHGHOOHJDUDVDFULILFDUODOLEHUWDGGHFRQFLHQFLDVLQGLYLGXDOHV\QRDGPLWLUOD
GLYLVLRQGHRSLQLRQHV/DXQLGDGPXQGLDOOOHYDHQVXVLVWHPDODGHVWUXFFLRQGHODGLYLVLRQ3XHGH
DFHSWDULQFOXVRXQSOXUDOLVPRFRQWDOGHTXHQRVHSRQJDHQHQWUHGLFKRHVDXQLGDGPXQGLDO"(V
QHFHVDULDODGHVWUXFFLRQGHODGLYLVLRQ""(OWHQHUODFDSDFLGDGGHLQGHSHQGHQFLDLQFOXVRGHODSURSLD
XQLGDGPXQGLDOQRHVLQFOXVRPDVGHPRFUDWLFR\OLEUH"$OJXQRVGHORVTXHSURPXHYHQHVDXQLGDG
PXQGLDO"QRIXHURQIUXWRGHXQDUHYROXFLRQTXHFRQVDJUDEDODLQGHSHQGHQFLDGHODXQLRQFRQ
(QFRQFOXVLRQFRQORVUHLQRVEDUEDURVODGLYLVLRQVHKL]RSDWHQWHHYLGHQFLDQGRVHVXSURJUDPDGHPDV
GLYLVLRQHVKDVWDODFUHDFLRQGHQXHVWURPXQGRDFWXDO3HURODPLVLRQGHXQLGDGFRQTXHVRQLQYHVWLGRV
DTXHORDTXHOORVTXHFUHHQSRVHHUODDXWRULGDGVXSUHPDVLJXHVXFXUVRHVSHUDQGRVXPRPHQWR
RSRUWXQR/DHUDGHODJOREDOL]DFLRQSDUHFHVHUHOWLHPSRDGHFXDGR$KRUDHVWDPRVYLHQGRORVJUDQGHV
HVIXHU]RVSDUDTXHODXQLGDGPXQGLDOVHDXQDUHDOLGDG<DXQTXHWRGRSDUHFHGHWHUPLQDGRSDUD
FRQVHJXLUOD"VHREWHQGUD"(VWXGLDUHPRVWRGRHOSURFHVRKLVWRULFRTXHSUHSDUDODHUDDFWXDO\QRV
HQVHQDODVGLIHUHQWHVFRRUGHQDGDV\ORVREVWDFXORVODFXOPLQDFLRQSDUDODXQLGDGPXQGLDO\OD
SUHVHQFLDGHODLQDFHSWDELOLGDG
 (O RULJHQ GHO ,VODP XQ HMHPSOR PDV GH OD WHQVLRQ GH
>@
XQLGDGGLYLVLRQ
8QDPHQFLRQEUHYHDO,VODPGHQWURGHOFRQWH[WRGHORTXHVXSXVRODGLYLVLRQHQODHSRFDGHO,PSHULR
>@
5RPDQR\ORTXHDSRUWDHQHVDWHQVLRQGHXQLGDGGLYLVLRQ
1RFDEHGXGDTXHODH[LVWHQFLDGHO,VODPHVXQDUHDOLGDGPDUFDGDSRUORTXHIXH\ORTXHSXGRKDEHU
VLGR(OFRPSRUWDPLHQWRGHO,VODPPDQLILHVWDSRVHHUHOPLVPRRULJHQTXHORTXHVXSXVR\KDVXSXHVWROD
H[LVWHQFLDGHOVLVWHPD3DSDOFRQ(XURSD'HVGHHOSULQFLSLRVHPDQLILHVWDFRQXQDWUD\HFWRULDVHPHMDQWHD
ODGHORVLPSHULRVXQLYHUVDOHV6HJXQVXFRQFHSFLRQ'LRVORVKDHVFRJLGRFRQODILQDOLGDGGHH[SUHVDU
HOWHVWLPRQLRGHXQPHQVDMHTXHLPSOLFDODDFHSWDFLRQGHXQDLGHRORJLDGLYLQDTXHOOHYDDOGRPLQLR\DOD
>@
XQLGDGPXQGLDO
6LKDFHPRVXQVHJXLPLHQWRGHVXWUD\HFWRQRVGDUHPRVFXHQWDTXHLQWHQWDQPDUFDUODGLUHFFLRQDOLGDG
HQODKLVWRULDHQRSRVLFLRQDODGLUHFFLRQDOLGDGTXH(XURSDFRQHO3DSDGRLPSRQHQ/DFUHDFLRQGH
QXHYDVSDUFHODVGHSRGHUHQGLIHUHQWHVQDFLRQHV\VXVFRQTXLVWDVJXHUUHUDVQRFRQVLJXLHURQPDUFDUOD
GLUHFFLRQDOLGDGHQODKLVWRULDQLGHVYLDUODTXHSURSLFLDORTXHVHFRQVLGHUDSRVHHUODDXWRULGDG
VXSUHPD
(O,VODPHVXQHMHPSORGHOYHUHGLFWRGHODKLVWRULDODGHQRSRVHHUODDXWRULGDGVXSUHPDODGHKDEHUOR
LQWHQWDGRVLQFRQVHJXLUORGHILQLWLYDPHQWH\ODGHHYLGHQFLDUTXHHVDDXWRULGDGVXSUHPDUHVLGHHQHO
SRGHUTXHHOHO,VODPQRSRVHH1RVHUSURWDJRQLVWDHQHOSUR\HFWRGHODGLUHFFLRQDOLGDGHQODKLVWRULD
VXSRQHHVWDUVRPHWLGRDORVTXHODSUR\HFWDQ\QRSRVHHUUHOHYDQFLDHQHOVHQWLGRGHODKLVWRULD<HVWR
LQGHSHQGLHQWHPHQWHGHORVPLOORQHVGHILHOHVTXHVHTXLHUDSRQHU\GHODYDORUDFLRQTXHVHKDJDGHVX
LGHRORJLDGRFWULQDO\GHOUXLGRGHOIXQGDPHQWDOLVPRHVODUHDOLGDGGHVXLPSRUWDQFLD
1RHVWDPRVDQDOL]DQGRORSRVLWLYRGHXQDHVSLULWXDOLGDGVHDGHOVLJQRTXHIXHUH\GHORVSUR\HFWRV
QREOHV\QRWDEOHVTXHKDQVHUYLGRGHD\XGDDPLOORQHVGHSHUVRQDVSHUWHQHFLHQWHVDO,VODPVLQRVLHO
,VODPWLHQHRQRTXHYHUFRQORTXHPDUFDODPDUFKDGHODKLVWRULD/DSROLWLFD\HFRQRPLDJOREDOVXUJH
GHODUHDTXHUHVXOWDGHKDEHUVHSUR\HFWDGRORVPRWRUHVGHODKLVWRULDODDXWRULGDGVXSUHPD\ODPLVLRQ
GHXQLGDGPXQGLDOGHOSRGHUTXHSUDFWLFDKR\ORTXHVXSRQHSRVHHUODDXWRULGDGVXSUHPDFRQOD
SRWHQFLDGHODHFRQRPLD\GHORPLOLWDU
6LQHPEDUJRHO,VODPMXQWDPHQWHFRQRWUDVIXHU]DVHVXQREVWDFXORKR\SDUDODXQLGDGPXQGLDO\SDUD
TXHHVDHFRQRPLDJOREDOL]DQWHVHDXQDUHDOLGDGVLQODVPDWL]DFLRQHVTXHVXSUHVHQFLDSXHGHUHFODPDU1R
FDEHGXGDTXHODLGHRORJLDHWLFDGHO,VODPLQGHSHQGLHQWHPHQWHGHTXHDOILQDODFHSWHODJOREDOL]DFLRQ
HVXQUHIHUHQWHTXHORVJOREDOLVWDVKDQGHWHQHUHQFXHQWDVLTXLHUHQTXHVXLGHDHVHQFLDOVHLPSRQJD
(O,VODPWHQGUDXQSDSHOQRWDEOHMXQWRFRQODVRUJDQL]DFLRQHVDQWLJOREDOLVWDVHQH[LJLUODV
PDWL]DFLRQHVRSRUWXQDVDXQFXDQGRVXSRQJDDOILQDOODDFHSWDFLRQGHORLPSOLFDGRSHURPDWL]DGRHQHO
LGHDULRJOREDOLVWD(QHOVHGLRXQDUHYROXFLRQLVODPLFD"ODXOWLPD"GRQGHGLIHUHQWHVJRELHUQRV
FD\HURQSRUODYROXQWDGGHOSXHEORHQEXVTXHGDGHXQDGHPRFUDFLD
/DSUHVHQFLDGHO,VODPQRVUHFXHUGDTXHHOHVSHMLVPRGHODXQLGDGHVXQDUHDOLGDGTXHVHPDQWLHQHD
FRVWDGHODGLYLVLRQTXHVHSHUSHWXDFRQIRUPHODXQLGDGSUHWHQGHLPSRQHUVH(O,VODPQRYHQFLRVREUHXQ
2FFLGHQWHGLYLGLGRTXHSUHWHQGLDODXQLGDGPXQGLDO3HURGHHVDGHUURWDODKLVWRULDOHKDGDGRXQD
YLFWRULDODGHVHUXQH[SRQHQWHFODURGHODGLYLVLRQ0LHQWUDVH[LVWDXQDFLYLOL]DFLRQLVODPLFDFRQODTXH
VHGHQRPLQDFULVWLDQDVHUHFRUGDUDTXHODGLYLVLRQH[LVWH3HURFXDQGRVHFRQVLJDXQHTXLOLEULRGHODV
GLIHUHQWHVFLYLOL]DFLRQHVHQHOTXHVHKDJDVREUHVDOLUORXQLYHUVDOORFRPXQORHVHQFLDOGHWRGDV
HQWRQFHVODLGHQWLGDGGHORSURSLR\ORSDUWLFXODUKDEUDSHUGLGRLQWHUHV\HOSHOLJURGHOD%HVWLDTXHVDOH
GHODELVPRHQXQDRFWDYDFDEH]DFRQODGHGRVFXHUQRVTXHVDOHGHODWLHUUDKDUDQFDXVDFRPXQFRQHO
>@
'UDJRQ
 &DSLWXOR,

(O0HQVDMH\3HUVRQDMH&HQWUDOGHO$SRFDOLSVLV
/D(VWUXFWXUD&RKHUHQWH\(QYROYHQWHGHO&RQMXQWRGHO$SRFDOLSVLV
6LQGHVFDUWDUODVHVWUXFWXUDVHQIRUPDGHTXLDVPRTXHDSDUHFHQHQQXPHURVRVOXJDUHVGHO
>@
$SRFDOLSVLV KHPRVSRGLGRSHUFDWDUQRVTXHODVGLIHUHQWHVHVWUXFWXUDVTXHSUHVHQWDQGLYHUVRV
>@
DXWRUHVVRQDUWLILFLDOHVHQQXPHURVRVFDVRV\QRUHVSRQGHQDXQDUHDOLGDGFRKHUHQWH
7HPLHQGRHQFXHQWDODHVWUXFWXUDOLWXUJLFD\ODH[SRVLFLRQDPDQHUDGH'UDPDTXHYHUHPRVHQRWURV
OXJDUHVODHVWUXFWXUDGHO$SRFDOLSVLVTXHGDULDFRPRVLJXH
$3URORJR/D5HYHODFLRQGH-HVXFULVWRTXH'LRVOHGLRD-XDQSRUVXDQJHOFRQXQDELHQDYHQWXUDQ]D
SDUDORVTXHODWRPHQHQVHULRGLULJLGDDOD,JOHVLDUHSUHVHQWDGDHQODLJOHVLDVOLWHUDOHVTXHVH
GHVDUUROODULDDWUDYHVGHOWLHPSR$S
%/D,JOHVLD0LOLWDQWHFRQXQDYLVLRQFHOHVWLDOSUHYLD$S
&/D$FWLYLGDGGH'LRVDWUDYHVGHORV6HOORVDEDUFDQGRGHVGHHOLQLFLRGHODHUDFULVWLDQDKDVWDOD
HSRFDHVFDWRORJLFD\FRQXQDYLVLRQSUHYLDGHO6DQWXDULRFHOHVWLDO\RWUDILQDOVREUHWRGRVORVVDOYRV\
ORVVHOODGRVSDUDHOWLHPSRGHOILQ$S
'/DDFWLYLGDGGHMXLFLRFRQGHQDWRULRGH'LRVVREUHORVSRGHUHVGHHVWHPXQGRSRUPHGLRGHODV
7URPSHWDVFRPSUHQGLHQGRGHVGHHOFRPLHQ]RGHODHUDFULVWLDQDKDVWDODHSRFDHVFDWRORJLFDFRQXQD
YLVLRQSUHYLDFHOHVWLDO\FRQXQILQDOHVSHFLDODWUDYHVGHODVH[WD7URPSHWDDQXQFLDQGRODVHSWLPD$S

((O(MH&HQWUDOGHO$SRFDOLSVLVFRQWHQLHQGRHOHPHQWRV
TXHDEDUFDQODSDUWHQRHVFDWRORJLFDGH$%&'\SDUWH
ODHVFDWRORJLFDTXHKDFHGHHVODERQWDQWRFRQODSDUWHQR
HVFDWRORJLFD\HVFDWRORJLFDTXHVHDQXQFLD
SRVWHULRUPHQWHDOFDSLWXOR$S
'
/RV3RGHUHVGHO0DOTXHDFWXDQFRQWUDOD,JOHVLD\ORVSULQFLSLRVGHO5HLQRGH'LRVGHVGHHO
SULQFLSLRKDVWDHOILQLGHQWLILFDGRV$S\
&
8QDYLVLRQDQWLFLSDGDGHORVTXHVHVDOYDQGHORV3RGHUHVGHO0DOGHOWLHPSRHVFDWRORJLFRILQDO
FRPRSURWRWLSRUHSUHVHQWDWLYRGHWRGRVORVVDOYRVGHWRGRVORVWLHPSRV$S
%
/D,JOHVLD7ULXQIDQWH\HO-XLFLRILQDOGHDGYHUWHQFLD\GHVDOYDFLRQSDUDDTXHOORVTXHIRUPDQR
IRUPDUDQOD,JOHVLDPLOLWDQWHHQHOWLHPSRHVFDWRORJLFRGHOILQ\GHFRQGHQDFLRQSDUDDTXHOORVTXH
SHUPDQHFHQFRQORVVLVWHPDVRSRGHUHVGHO0DOFRQVHQGRVMXLFLRVSDUFLDOHVTXHGHVWUX\HQDORVLPSLRV
\DODLGHRORJLDGHO0DO\GHORVVLVWHPDVGH0DOGDG$S
$
(SLORJR&RUURERUDFLRQGHTXHODVSDODEUDV\YLVLRQHVH[SUHVDGDVHQHO$SRFDOLSVLVLQVSLUDGDV
SRUHO'LRVGHORVSURIHWDV\WUDVPLWLGDVSRUVXDQJHOD-XDQFRQGHVWLQRDOD,JOHVLDGHWRGRVHOWLHPSR
VRQFLHUWDV$S
 ,QWURGXFFLRQ$S
>@
6HJXQDOJXQRV \QRVLQUD]RQODPHMRULQWURGXFFLRQVREUHHO$SRFDOLSVLVHVHVWHSULPHUFDSLWXOR
\HVIDFLOFRPSUREDUGRVGLYLVLRQHV(OSURORJRY/DSULPHUDYLVLRQYV
 /RVSHUVRQDMHV\OD5HYHODFLRQGH-HVXFULVWR
/DUHYHODFLRQGH-HVXFULVWRTXH'LRVOHGLRSDUDPDQLIHVWDUDVXVVLHUYRVODVFRVDVTXHGHEHQ
VXFHGHUSURQWR/DGHFODURHQYLDQGRODSRUPHGLRGHVXDQJHODVXVLHUYR-XDQ$S
&LQFRSHUVRQDMHVVHQRVSUHVHQWDQHQHVWHSULPHUYHUVLFXOR'LRVHO3DGUHGLVWLQJXLHQGRORGH
-HVXFULVWRORVVLHUYRVDORVTXHVHGLULJHHQXOWLPDLQVWDQFLDHOPHQVDMHHODQJHO\-XDQTXHHVHO
>@
YLQFXORXOWLPRSDUDODWUDVPLVLRQ
6HWUDWDGHODUHYHODFLRQGH-HVXFULVWRTXH'LRVHO3DGUHOHKDGDGR6LVHHVWXGLDHO(YDQJHOLRFRQ
GHWHQLPLHQWRGHVFXEULPRVTXHORVDQXQFLRVSURIHWLFRVTXHVHGHFLDQVREUHHO0HVLDVTXHLEDDUHYHODUD
WRGRHOPXQGRDWRGDVODVJHQWHVVHHPSH]DURQDFXPSOLUFRQVXREUDWHUUHVWUH\VHSURORQJDUDQPHGLDQWH
>@
XQDREUDFHOHVWH \HQFRQWDFWRFRQVX,JOHVLD
6LREVHUYDQFRQDWHQFLRQ-HVXFULVWRHQFXPSOLPLHQWRGHHVRVDQXQFLRVSURIHWLFRVLEDUHYHODUORTXHHO
3DGUHOHKDGDGR0W-HVXVHO+LMRGH'LRVLEDDUHYHODUVDQLGDGFRPRFRUUHVSRQGLDDORV
DQXQFLRVSURIHWLFRVFI-Q-HVXVFRPR+LMRGHO+RPEUHGLFHORTXHHO3DGUHOHGLMRTXH
WUDVPLWLHUDKDFLHQGRVLHPSUHORTXHOHDJUDGDFI-Q6XSHUVRQDHVUHYHODGRUDGHODYLGD
HWHUQDTXHHO3DGUHKDTXHULGRUHYHODU-QFI-Q
(VGHFLUODUHYHODFLRQGH-HVXFULVWRTXH'LRVOHGLRVHQRVLQGLFDHQHVWHSULPHUYHUVLFXORFRPR
VLHQGRODDXWRULDGHOFRQWHQLGRGHWRGDODUHYHODFLRQ$SRFDOLSVLVTXHUHFLEHGHO3DGUH\TXHOH
WUDVPLWHD-XDQSRUPHGLRGHVXDQJHO\VHKDFHHQFXPSOLPLHQWRGHORTXH\DKDELDVLGRSUHGLFKR
2EVHUYHQORVSDUUDIRVTXHVLJXHQ
D (O6LHUYRKDGHSURSDJDUHOFXOWR\ODUHOLJLRQM3
7KYPL^PLV3D`>NULVLQ@GH<DKYHHQWUH
ODVQDFLRQHV
<DKYHKDUDVDOLUVXOH\\VXPLV3D
E(O6LHUYRDSRUWDUDOD/H\R'RFWULQDWVVU$W^WRUDW`>QRPDWL@
<DKYHORPLVPRGDUDODOH\\ODOH\VDOGUDGHHO
F/DVLVODVHVFXFKDQODGRFWULQDGHO6LHUYR
<DKYHWDPELHQH[SDQGHVXGRFWULQD
G(O6LHUYRVHUDXQDOX]SDUDODVQDFLRQHV<DKYHHVOODPDGRDPHQXGRHQOD(VFULWXUDXQDOX],VD
H/DREUDGHO6LHUYRGHORVFXDWUR&DQWLFRVFRQVWLWX\HXQDREUDUHGHQWRUD\MXVWLILFDGRUDGHORVSHFDGRVGHRWURVFRLQFLGHQWHFRQ
HO5HGHQWRUTXHHV<DKYHFIFI,VDSHURHVSUHFLVRDGHPDVDFDEDUFRQORVHQHPLJRVGH'LRVHQXQD
REUDFHOHVWH6DOFI'QFI-Q
6LQRWDQFRQFXLGDGRHQVXREUDWHUUHVWUHIXHLPSRVLEOHFXPSOLUHVWDVH[SHFWDWLYDVWDQDPSOLDV
XQLFDPHQWHPHGLDQWHODREUDFHOHVWHTXHWDPELHQKDELDVLGRDQXQFLDGD\ODFRPXQLFDFLRQUHYHODGRUDGH
VXHYDQJHOLRRULHQWDQGRODUHIOH[LRQHQVXVGLVFLSXORVGHVXVFRQWHQLGRV\SURSDJDFLRQMXQWRDRWURV
HVFULWRVLQVSLUDGRUHVHLQVSLUDGRVFRQWHQLGRVHQHO1XHYR7HVWDPHQWR\HO$QWLJXR\VXPHQVDMH
PHGLDQWHHO$SRFDOLSVLVHQWUHJDGRD-XDQDILQGHWUDVPLWLUORDOD,JOHVLD\HVWDORSXHGDSURSDJDUWDO
FXDO
(O$SRFDOLSVLVRUHYHODFLRQGH-HVXFULVWRVHFRQYLHUWHGHHVWHPRGRHQORXOWLPRTXH'LRVUHYHOD
SDUDTXHWRGDVODVJHQWHVRQDFLRQHVSXHGDQFRQRFHUODOX]QHFHVDULDSDUDDIURQWDUODH[LVWHQFLDGLDULD/D
LJOHVLDGH-HVXFULVWRTXHVHSUHFLHFRPRWDOSURIXQGL]DUDHLQVWDUDDTXHVHFRQR]FDHVWDUHYHODFLRQ(V
LPSUHVFLQGLEOHTXHVHHVFXGULQH\VHSUR\HFWHORVKDOOD]JRVDOD,JOHVLD(VHPHQVDMHDOD,JOHVLD
FRQWHQLGRHQORVFDSLWXORV\KD\TXHLQYHVWLJDUORVFRPRQXQFDDQWHV\DSOLFDUORWDQWRGHIRUPD
FROHFWLYDFRPRSDUWLFXODUSDUDFDGDPLHPEUR7HQHPRVTXHFRQRFHUHVHPHQVDMH\HOTXHVHDGLFLRQD
FXDQGRVHGLFHTXHVHQRVYDDFRPXQLFDUORTXHHOSURIHWDKDELDYLVWRODVTXHVRQRHUDQSDUDODHSRFD
GHOSURIHWD\ODVTXHLEDQVHUGHVSXHVGHHVWDV$S
(VWDUHYHODFLRQGH-HVXFULVWRVHFRQYLHUWHHQXQWHVWLPRQLRSDUD-XDQ\SDUDWRGRVTXHFRPRHOKDELDQ
DFHSWDGRHO(YDQJHOLRHQXQWHVWLPRQLRGHTXH(OYLYH\TXHQRVHKDROYLGDGRGHQRVRWURV
2IUHFLHQGRQRVORTXHQHFHVLWDPRVSDUDVXSHUDUODSUXHEDGHQXHVWUDSHUPDQHQFLDWRGDYLDHQHVWDWLHUUD
1RVLPDJLQDPRVORTXHWXYRTXHVXSRQHUHQODYLGDGH-XDQFRPRHQODGH3DEORHOKDEHUUHFLELGRODV
UHYHODFLRQHVTXHWHQLDQVHQWLGR\VHUHODFLRQDEDQFRQWRGDODUHYHODFLRQ\VHUYLDQSDUDPDQWHQHU
ILUPHPHQWHODIH(VRPLVPRSRGHPRVH[SHULPHQWDUQRVRWURV+R\PDVTXHQXQFDQHFHVLWDPRVVDEHUTXH
-HVXFULVWRHVWDYLYRVXUHYHODFLRQQRVORFHUWLILFD7HQHPRVHOSULYLOHJLRGHFRPSUREDUHQHVWRV
DQRVWUDQVFXUULGRVFRPRVHKDQLGRFXPSOLHQGRORTXHVHQRVUHYHORSRUHOSURIHWD'DQLHO\SRUORTXH
-XDQQRVLQGLFDHQVX$SRFDOLSVLV&XDQGRSUHGLTXHPRVHO(YDQJHOLRHWHUQRFXDQGRGHPRVWHVWLPRQLR
GHORTXHHOPHQVDMHGH-HVXFULVWRWUDMRDQXHVWUDH[LVWHQFLDORKDJDPRVKDELHQGRH[SHULPHQWDGRHVD
UHYHODFLRQGH-HVXFULVWRTXHQRVUHILHUHHO$SRFDOLSVLVSRUTXHOOHYDUHPRVODVDOYDFLRQ\VHJXULGDG
HOSURSLRHYDQJHOLRHWHUQR
'HODVFRVDVTXHGHEHQVXFHGHUSURQWRE
(OPHQVDMHGHO$SRFDOLSVLVVHDFWXDOL]DHQFDGDJHQHUDFLRQGHFULVWLDQRV3DUDWRGRDTXHOTXHOROHH
VHDFXDQGRIXHUHVHWUDWDGHFRVDVTXHKDQGHVXFHGHUSURQWR(OPHQVDMHGH$SRFDOLSVLVKDGHVHUYLU
SDUDFXDOTXLHUHSRFDRSDUDFXDOTXLHUSHUVRQDTXHVHDFHUTXHDHO&XDQGR-XDQQRVGLFHGLULJLUVHDODV
LJOHVLDVTXHHVWDQHQ$VLD\HVFXFKDGHTXHGHEHHVFULELUHQXQOLEURORTXHYLHUD\HQYLDUORD
LJOHVLDVFRQFUHWDVGH$VLD0HQRUOHVHVWDGLFLHQGRTXHWRGDVHVDVFRVDVKDQGHVXFHGHUSURQWR
\FXDQGRVHOHGLFHGHTXHHVDVFRVDVTXHKDELDYLVWRHQWUHODVTXHVHHQFXHQWUDQODVTXHVRQODVTXH
HUDQHQHVRVPRPHQWRVWRGRHVRLEDDVXFHGHUSURQWR<DTXHOODVTXHWDPELHQVHHQFXHQWUDQ
HQWUHODVTXHYHQGUDQGHVSXHVGHHVWDVVRQWDPELHQGHODVTXHKDQGHVXFHGHUSURQWR$SFI
E3RUTXHHVHSURQWRQRORROYLGHPRVVHDSOLFDQRVRODPHQWHDHVRVPLHPEURVGHHVDV,JOHVLDV
OLWHUDOHVGH$VLD0HQRU\TXHVHPHQFLRQDQVXVQRPEUHVVLQRDWRGRVORVTXHVHOHVSRGULDLGHQWLILFDU
FRPRVLHQGRVXVVLHUYRVEHVRVVLHUYRVTXHVHFRQVWLWX\HQFRPRWDOHVGXUDQWHWRGRXQHVSDFLR
WHPSRUDOGHHVSHUD\HVSHUDQ]DHQHOFXPSOLPLHQWRGHOKHDTXLTXHYLHQHHQODVQXEHV\WRGRRMROR
YHUD\ORVTXHOHWUDVSDVDURQ\WRGRVORVOLQDMHVGHODWLHUUDKDUDQODPHQWDFLRQSRUHOFI<
HVRHVHUHWRUQRGH-HVXFULVWRLEDDVXFHGHUSURQWRWDQWRSDUDDTXHOORVGHHVDVLJOHVLDVOLWHUDOHVGH
$VLD\TXHKDQWUDQVFXUULGRFHUFDGHDQRVGHKLVWRULDVLQTXHVHKD\DSURGXFLGRHVDSURPHVDFRPR
SDUDWRGRVDTXHOORVTXHIXHUDQDH[LVWLUGXUDQWHHOWLHPSRGHODVFRVDVTXH-XDQKDELDYLVWR\TXHLEDQD
VXFHGHUGHVSXHVGHODVRWUDVTXHHVWDEDQVXFHGLHQGRFI(QWRQFHVFXDQGRQRVDMXVWDPRVD
FXDOTXLHUDGHHVRVGRVFRQWH[WRVWRGRYDDVXFHGHUSURQWR/RVTXHHVWHQYLYLHQGRHQHOWLHPSRGH
GHQWURGHODVFRVDVTXHVRQ\DFXDQGRODVYHDQFXPSOLUVHKDEUDQOOHJDGRDOFXPSOLPLHQWRGHVX
SURQWR\ORVTXHDODQDOL]DUVXWLHPSRGHDTXHOORTXHWXYLHUDTXHYHQLUGHVSXHVGHODVFRVDVTXH\D
IXHURQ\FRPSUREDEDQHQXQDUHDOLGDGKLVWRULFDLQFXHVWLRQDEOHTXHVHHVWDEDQFXPSOLHQGRHQVX
JHQHUDFLRQVHFXPSOLDWDPELHQSDUDHOORVORTXHKDELDGHVXFHGHUSURQWR<ORVTXHYLYLHUDQHQOD
JHQHUDFLRQTXHVHHVWXYLHUDFXPSOLHQGRORXOWLPRGHODVFRVDVTXHLEDQDKDEHUGHVSXHVGHODVTXH
IXHURQ\ORFRPSUREDUDQIHKDFLHQWHPHQWHGHDFXHUGRDORVGDWRV\FRQFHSWRVTXHHO$SRFDOLSVLVGH-XDQ
\GH'DQLHOFRWHMDGRVSRUODUHDOLGDGKLVWRULFDHQFXPSOLPLHQWRGHORTXHODDSRFDOLSWLFDDQWLFLSDQRV
SUHVHQWDQHOSURQWRHVWDULDDODVSXHUWDV
(OPHQVDMHGHO$SRFDOLSVLVWRGRHVODUHIHUHQFLDGHWRGRVORVTXHVHFRQVWLWX\DQHQVLHUYRVGH'LRV\
OHDQVXVFRQWHQLGRV\VHLQVFULEHHQGRVFRQWH[WRVTXHVLHPSUHSHUPLWHTXHORTXHKDGHVXFHGHU
VXFHGHUDSURQWR
(OSULPHUFRQWH[WRHVWDFODURHOTXHQRVRIUHFHHVWDLQWURGXFFLRQORVGLIHUHQWHVVLHUYRVTXHLEDQD
KDEHUGHVGHTXHODVFRVDVHUDQ\ODVTXHYHQGULDQGHVSXHV<HOVHJXQGRHVWHQHUHQFXHQWDHOVLJQLILFDGR
GHOSURQWRSDUD'LRV\HOFRPRFLHUWDVVHQDOHVSXHGHQSURORQJDUVHGHDFXHUGRDORVYDORUHVGHVX
FRQWHQLGR
'LRVWLHQHVXFRQWH[WRGHOSURQWRHQXQDEDQLFRGHSRVLELOLGDGHVKD\FLHUWDVVHQDOHVTXHSXHGHQ
SURORQJDUVHGHDFXHUGRDORVYDORUHVGHVXVFRQWHQLGRV/DVHQDOGHODSURSLDSUHGLFDFLRQGHOHYDQJHOLR
DWRGRHOPXQGRREVHUYDPRVTXH'LRVWLHQHHQFXHQWDWRGDVODVSRVLEOHVJHQHUDFLRQHVTXHSUHFRQRFHTXH
YDQDWHQHUTXHKDEHUDILQGHTXHVHOHVSUHGLTXHHVHHYDQJHOLRSRUORWDQWRHOWH[WRGH+HEUHRV
DXQXQSRTXLWR\HOTXHKDGHYHQLUYHQGUDQRWDUGDUDD7HVVHLQVFULELULDHQHVH
FRQWH[WRGLYLQR<HVDPHGLFLRQSDVDGHVDSHUFLELGDSRUHOTXHYLYHVXJHQHUDFLRQHQHVSHUDGHOUHWRUQR
GH-HVXFULVWR3RUORWDQWRORVTXHYLYHQVXJHQHUDFLRQFRQVLGHUDQGRHOFXPSOLPLHQWRGHOWLHPSRFI
*DOUHVSHFWRDORTXHFRUUHVSRQGHDODFURQRORJLDGHODSULPHUDYHQLGDGHO0HVLDVFI'Q
FRPRDORTXHIDOWDEDGHFURQRORJLDSRUFXPSOLUVHOLJDGRDHVDSULPHUDYHQLGD'Q
FISSVSSSFI$SYLYHQODSUR[LPLGDGGHODSURPHVDGHVXUHWRUQR
HQXQDFDWHJRULDGLVWLQWDDODGLYLQD3XHVWRTXHFXDQGRODFURQRORJLDVHDFDEDHOWLHPSRTXHIDOWD
XQLFDPHQWHORFRQRFH'LRV(OSURIHWDHQVXGHFODUDFLRQGHOWLHPSRVHKDYLVWRGLULJLGRSRUHOYDORUGH
HVHFRQWH[WRGLYLQR3HURHOSURQWRSRVHHRWUDGLPHQVLRQ$FDGDJHQHUDFLRQ\DFDGDFULVWLDQRGHVGHOD
SULPHUDYHQLGDVHOHREOLJDSRUODVSURSLDVH[LJHQFLDVGHOFRQWHQLGRGHODSURPHVD\GHODHVSHUDQ]DD
YLYLUHVHSURQWRFRQWULEX\HQGRFRQHOWHVWLPRQLRHYDQJHOLFR\ODH[WHQVLRQGHOHYDQJHOLRDFRLQFLGLU
FRQODSURSLDVHJXQGDYHQLGDRELHQDSRUWDUXQWUDPRGHODKLVWRULDGHODSUHGLFDFLRQGHOHYDQJHOLRTXH
KD\DSRGLGRVHUSUHFRQRFLGRSRU'LRVFRPRQHFHVDULRDILQGHTXHXQGLDOOHJXHODUHDOLGDGGHOD
VHJXQGDYHQLGDGH-HVXFULVWR(QHOSULPHUFDVRREVHUYDHQVXJHQHUDFLRQODVVHQDOHVUHODWLYDVDO
FRQWH[WRKLVWRULFRTXHYLYHQHQUHODFLRQDODVHJXQGDYHQLGDFRPRXQDUHDOLGDGTXHSRVLELOLWDOD
VHJXQGDYHQLGDGH-HVXFULVWR/RVTXHYLYHQ\DVLQDSR\RFURQRORJLFR\H[SHULPHQWHQHVDVLWXDFLRQKDQ
GHFRQRFHUPX\ELHQORVDFRQWHFLPLHQWRVKLVWRULFRVTXHKDQGHFXPSOLUVH\HQORVTXHHQWUDQFRPR
SURWDJRQLVWDVSULQFLSDOHV7HQGUDQTXHLGHQWLILFDUVHHQFXDQWRDVLHVWDQFXPSOLHQGRHOFRPHWLGRTXHOD
SURSLDDSRFDOLSWLFDH[LJH"(VWDQSUHSDUDQGRVHSDUDHOUHWRUQRGH-HVXFULVWR"6XH[LVWHQFLD"HVWD
VXSHGLWDGDDODYROXQWDGGLYLQD""&RQRFHQDGHFXDGDPHQWHHVDYROXQWDGGLYLQDDILQGHHQWUHJDUVHDHOOD
HQXQUHDYLYDPLHQWR\UHIRUPDGHVXVYLGDV""(VWDQH[SHULPHQWDQGRODOOXYLDWHPSUDQDHQXQDYLYHQFLD
SHUVRQDOFRQODSUHVHQFLD\DFFLRQGHO(VSLULWX6DQWRHQYLVWDGHUHFLELUODOOXYLDWDUGLD""$QDOL]DQHO
FRQWH[WRGH$SRFDOLSVLVDILQGHLGHQWLILFDUVHHQHVDSUHGLFDFLRQGHO(YDQJHOLRHWHUQRHQHOFRQWH[WR
GHOILQILQDO$S"
(OPHQVDMHVREUHODVHJXQGDYHQLGDGH-HVXFULVWRHQHVWHFRQWH[WRFDUHFHUDGHYDORUSDUDODSHUVRQD
VLHVWDQRHVWDLQYROXFUDGDHQODSURSLDVHQDOVREUHHOUHWRUQRGH-HVXFULVWRHQHOGDUWHVWLPRQLR\YLYLU
ORTXHLPSOLFDODSULPHUDYHQLGDHQODHVSHUDQ]DGHODVHJXQGD
/DSURORQJDFLRQHQHOFXPSOLPLHQWRGHXQDVHQDOHVDOJRTXHWDPELHQSXHGHGDUVHGHQWURGHHVWH
SULPHUFDVRFXDQGR\DHVWDDXVHQWHORFURQRORJLFR/DKHULGDPRUWDOTXHVHQRVGLFHTXHVXIUHXQDGHODV
FDEH]DVGHODEHVWLDGH$SRFDOLSVLVVHQRVSUHVHQWDFRPRTXHKDGHVHUFXUDGD/RJLFDPHQWHKD\TXH
HVWXGLDUPX\DWHQWDPHQWHORVVXFHVRV\FRQWHQLGRVKLVWRULFRVTXHFRQVWLWX\HURQODKHULGDSDUDGHHVWH
PRGRSRGHUKDFHUXQVHJXLPLHQWRORPDVVHJXURSRVLEOHVREUHORTXHFRQVLVWLUDODFXUDFLRQ
(QHOVHJXQGRFDVRVHDHQODHSRFDHQHOTXHORFURQRORJLFRH[LVWLHUDRLQFOXVRHQHOFRQWH[WRHQHO
TXHQRKD\\DDSR\RFURQRORJLFRHOLQYROXFUDUVHPXHVWUDHOLQWHUHVDXWHQWLFRUHVSHFWRDODVHJXQGD
YHQLGDGH-HVXFULVWR\VLHVWDQRVHSURGXMHUDHQYLGDVLQSDVDUSRUODPXHUWHPRULUGHDFXHUGRDOD
HVSHUDQ]DJHQHUDGDVXSRQHUHVXFLWDUHQRFDVLRQGHODVHJXQGDYHQLGDGH-HVXFULVWR(OWLHPSRHQWUHOD
PXHUWHDXVHQFLDGHFRQVFLHQFLD\ODUHVXUUHFFLRQQRH[LVWH3RUORWDQWRHOVLJXLHQWHDFRQWHFLPLHQWR
KLVWRULFRGHVSXHVGHODPXHUWHVHULDHVDUHVXUUHFFLRQSDUDFRQWHPSODUODVHJXQGDYHQLGDGH-HVXFULVWR
'HVSXHVGHKDEHUH[SXHVWRWRGDODUHYHODFLRQGH-HVXFULVWRVHOHGLFHD-XDQTXHVHOHKDGDGRWRGD
HVWDLQIRUPDFLRQSDUDPRVWUDUDVXVVLHUYRVODVFRVDVTXHGHEHQVXFHGHUSURQWR+HDTXLYHQJRSURQWR
$S8QDYH]TXHVHKD\DWRGRORTXHODUHYHODFLRQGH-HVXFULVWRSUHVHQWDDVXVVLHUYRVWDQWRD
ORVTXHVHHQFXHQWUDQHQHVDVLJOHVLDVGH$VLDFRPRDWRGRVORVGHPDVTXHLEDQDKDEHUGHVSXHVGHODV
FRVDVTXHHUDQHQHOHQWRQFHVGHOSURIHWD\GHODVLJOHVLDVGH$VLDODVHJXQGDYHQLGDHUDSURQWD
(OSURQWRHVXQUHIHUHQWHSDUDFXDOTXLHUDTXHYLYDGRQGHVHDRFXDQGRIXHUH(QORWRFDQWHDOR
SHUVRQDOHQFXDOTXLHUHSRFDHOSURQWRHVWDMXVWLILFDGRSRUORTXHVHH[SHULPHQWDTXHVHHVWDFXPSOLHQGR
GHORVGLIHUHQWHVDQXQFLRVSURIHWLFRV\SRUHOOLPLWHGHVXPXHUWHTXHORLQWURGXFHHQHOUHWRUQRGH
-HVXFULVWRGHVSXHVGHH[SHULPHQWDUODUHVXUUHFFLRQ'HVGHHOSXQWRGHYLVWDGHODJHQHUDFLRQILQDOORV
TXHFRQWHPSODQODVVHQDOHVSUDFWLFDPHQWHFXPSOLGDVORTXHKDGHRFXUULUHVSURQWRWDPELHQ/RVTXH
HVWHQYLYRVVLQSDVDUSRUODPXHUWH\KD\DDFRQWHFLGRORXOWLPRTXHTXHGDEDSRUFXPSOLUVHHVSURQWR\
ODVHJXQGDYHQLGDVHUD\DSURQWRHVWDQGRHQYLGDVLQSDVDUSRUODPXHUWH
<ODGHFODURHQYLDQGRODSRUPHGLRGHVXDQJHODVXVLHUYR-XDQXS
/DUHYHODFLRQGH-HVXFULVWRODOOHYDHOPHQVDMHURDQJHOLFRD-XDQ
(VDUHYHODFLRQKDVLGRPX\VRSHVDGD6HKDWHQLGRHQFXHQWDHOYDORUGHFDGDXQDGHODVSDODEUDV\GH
ODVDFFLRQHVTXHVHYLHUWHQ1RVHFRPRVHFRPSDJLQDODLQVSLUDFLRQFRQHOKHFKRGHTXHKD\DXQD
UHYHODFLRQGHFODUDGDSRUXQDQJHOHQYLDGRSRU-HVXFULVWR$OGHFLUTXHVHWUDWDGHXQDUHYHODFLRQGH
-HVXFULVWR\SRURWUDSDUWHGHXQDGHFODUDFLRQGHHVDUHYHODFLRQSRUXQDQJHOXQDQJHOTXHHVWDDO
VHUYLFLRGH-HVXFULVWRQRVSUHGLVSRQHDGHVFXEULUODPDQHUDHQFXDQWRDFRPRVHKDFHHVR<DHQOD
SULPHUDYLVLRQDSDUHFH-HVXFULVWRFRPR+LMRGHO+RPEUHFI$S\OHKDEODD-XDQTXHHVFULED
(QWRQFHV"HVHODQJHOTXHOHGHFODUDODUHYHODFLRQGH-HVXFULVWRHOTXHOHKDFHYLYLUHVDUHDOLGDG
GHODYLVLRQVREUHHO+LMRGHO+RPEUH"(ODQJHOOHKDFHH[SHULPHQWDUHVDVLWXDFLRQWDOFXDO"2HVD
SULPHUDYLVLRQHO+LMRGHOKRPEUHVHDSDUHFHSDUDDVHJXUDUOHODDXWRULDGH-HVXFULVWRFXDQGRHODQJHOOH
KDEOHHQODVGLIHUHQWHVYLVLRQHVFI"&UHHPRVHQHVWRXOWLPRGDGRWDPELHQORTXHH[SUHVD
VREUHODSUHVHQFLDUHDOGH-HVXVD-XDQLQGHSHQGLHQWHPHQWHGHTXHODUHYHODFLRQHQJHQHUDOOHKD\DVLGR
GDGDSRUHODQJHOGH-HVXV
4XHKDGDGRWHVWLPRQLRHPDUWXUHVHQGHODSDODEUDGH'LRV\GHOWHVWLPRQLRPDUWXULDQGH
-HVXFULVWR\GHWRGDVODVFRVDVTXHKDYLVWR
(VPX\FXULRVRORTXHVHQRVGLFH+DGDGRWHVWLPRQLRGHODSDODEUDGH'LRV/RVDXWRUHVDFODUDQ
>@
TXHQRVHWUDWDGHKDEHUVLGRPXHUWRSRUODSDODEUDGH'LRVGHXQPDUWLUVLQRGHDOJXLHQTXHKD
SHUVHYHUDGRILHOPHQWH6LQHPEDUJRHOKHFKRGHTXHVHHVFRMDXQDSDODEUDTXHWLHQHHOVHQWLGRGHDOJXLHQ
TXHHVFDSD]GHHQWUHJDUVXYLGDGHOOHJDUDVHUPDUWLUVLIXHUDQHFHVDULRSRUHOKHFKRGHGDUWHVWLPRQLR
HOYDORUGHHVWHWHVWLPRQLRRHOGHFXDOTXLHUDTXHVHFODVLILFDUDFRPRWDOHVWDSUR\HFWDGR\YLYLGRGHO
PRGRTXHVLHQFRQWUDUDHOREVWDFXORGHOPDUWLULRORHVFRJHULDFRPRDOJRQDWXUDOSRUFXDQWRODGHFLVLRQ
GHGDUWHVWLPRQLRGHODSDODEUDFRQOOHYDHVHGHVWLQRVLOOHJDUDHOFDVR-XDQQRXQLFDPHQWHKDGDGR
WHVWLPRQLRGHODSDODEUDGH'LRVVLQRWDPELHQGHOWHVWLPRQLRGH-HVXFULVWRTXHVXSXVRPDUWLULR
%LHQDYHQWXUDGRHOTXHOHH\ORVTXHR\HQODVSDODEUDVGHHVWDSURIHFLD\JXDUGDQODVFRVDVHQ
HOODHVFULWDVSRUTXHHOWLHPSRHVWDFHUFD
+HPRVGHHQWHQGHUTXH-XDQHVFULEHWHQLHQGRHQFXHQWDWRGDVODVJHQHUDFLRQHVTXHLEDQDH[LVWLU3RU
GHVFRQWDGRHOQRVDELDFXDQWDVLEDQDKDEHU3HURHYLGHQWHPHQWHHUDQHFHVDULRJXDUGDUODVFRVDVHQHOOD
HVFULWDVWDQWRODVTXHHUDQHQDTXHOHQWRQFHVFRPRODVTXHLEDQDVHUGHVSXHVGHHVDVSULPHUDV
FI(VHELHQDYHQWXUDGRHVHOTXHOHHR\H\JXDUGD6LELHQHVFLHUWRTXHDUHQJORQVHJXLGRVH
GLULJHDGHODVLJOHVLDVTXHKDELDHQ$VLDFIQRHVPHQRVFLHUWRTXHORVOHFWRUHVQRLEDQD
VHUVRODPHQWHORVGHHVDVLJOHVLDVDXQFXDQGRDFDEHGLFLHQGRHQTXHORTXHKDHQYLDGR-HVXVSRU
PHGLRGHVXDQJHOHVSDUDGDUWHVWLPRQLRHQODVLJOHVLDV(VWDFODURTXH-HVXFULVWRTXLHUHDWRGDFRVWDTXH
HO$SRFDOLSVLVVHOHDSRUHVDVSULPHUDVLJOHVLDVOLWHUDOHV\SURWRWLSR"3RUTXH"3RUTXHODDVXQFLRQGHORV
FRQWHQLGRVDFXPSOLUVHHQHOWUD\HFWRKLVWRULFRTXHYDHQWUHODSULPHUD\ODVHJXQGDYHQLGDDXQFXDQGR
QRWRGRORYLHUDQFXPSOLUVHHQVXHSRFDVLTXHHOPHQVDMHFHQWUDOVHFXPSOHWDQWRHQWRQFHVFRPR
GHVSXHV7HQLDQTXHFRPSUHQGHUORTXHHVWDEDLPSOLFDGRHQHOGHUDVSHVHU+LMRGHO+RPEUHGH
<DSOLFDUVHOR<HQWRQFHVWRGRHO$SRFDOLSVLVFREUDEDXQDUHDOLGDGSDUDHOORVFRPRSDUDFDGD
JHQHUDFLRQGHFULVWLDQRVHQFXDQWRDODDGTXLVLFLRQGHXQDYRFDFLRQFHOHVWHXQVHJXLUHVDKLVWRULD
PDUFDGDSRUODUHYHODFLRQGH-HVXFULVWR\XQDVXPLUWRGRDTXHOORTXHQRVSURWHJHIUHQWHDORVHQHPLJRV
GH'LRV
-XDQDODVVLHWHLJOHVLDVTXHHVWDQHQ$VLD$SSS
/DVGLIHUHQWHVHVFXHODVGHLQWHUSUHWDFLRQFXDQGRVHDWLHQHQGHPRGRULJLGRHLQFRPSOHWRDVXHVTXHPD
WUDGLFLRQDOQRSXHGHQGDUXQDH[SOLFDFLRQVXILFLHQWHPHQWHFRUUHFWDSDUDMXVWLILFDUTXHHVHPHQVDMHVL
ELHQHVWDGDGRSDUDWRGRVORVTXHVHFRQVWLWX\HQHQVLHUYRVGH-HVXFULVWRGHVGHODSULPHUDYHQLGD
KDVWDODVHJXQGDYHQLGDODLQVSLUDFLRQTXLHUHSHUVRQDOL]DUHVWDUHYHODFLRQGH-HVXFULVWR
GLULJLHQGRODDLJOHVLDVOLWHUDOHVGH$VLD"<SRUTXH"(QSULQFLSLRSRUTXHFXDQGRHO
OLEURVHOH\HUD\VHFRPSUHQGLHUDTXHVHWUDWDEDGHDOJRTXHD\XGDEDDSUHSDUDUVHSDUDHOUHWRUQRGH
-HVXFULVWR$SFI\REVHUYDUDQTXHKDELDFRVDVHQVXFRQWH[WRH[LVWHQFLDOTXHQRVH
FXPSOLDQHQVXVLWXDFLRQSUHVHQWHVHSXGLHUDWHQGHUDODLQGLIHUHQFLDRDODLQGROHQFLD
(OPHQVDMHGH$SRFDOLSVLVVHQDODFRPRPX\LPSRUWDQWHHOVHUGLULJLGRDGHODVLJOHVLDVTXHVH
HQFXHQWUDQHQ$VLDSRUFXDQWRD\XGDDFRPSUHQGHUPXFKRPHMRUHOHVTXHPDSURIHWLFR\HOYDORUGHTXH
VHFRQVLGHUHODUHYHODFLRQGH-HVXFULVWRFRPRGHLQWHUHVSULQFLSDOSDUDODVLJOHVLDV(VDVLJOHVLDVSRU
RWUDSDUWHVHSUHVHQWDQ$S\FRPRFRQWHQLHQGRPHQVDMHVTXHQRVHDSOLFDQXQLFDPHQWHSDUDFDGD
LJOHVLDHQSDUWLFXODUSRUFXDQWRVLHPSUHVHDFDEDHQHOPHQVDMHTXHVHGDDXQDLJOHVLDGHQRPLQDGDSRU
QRPEUHFRQFUHWRHOTXHWLHQHRLGRRLJDORTXHHOHVSLULWXGLFHDODVLJOHVLDVQRDHVDLJOHVLD
>@
VLPSOHPHQWHVLQRSDUDWRGDV
(VWRDSUHPLDDHVDVLJOHVLDVDGHVFXEULUPHGLDQWHHVDUHYHODFLRQHOFRPRHO$SRFDOLSVLVR
UHYHODFLRQGH-HVXFULVWROHVLQYROXFUDHQHOFXPSOLPLHQWRKLVWRULFRGHO$SRFDOLSVLV$OGDUQRVDQRVRWURV
HVHPHQVDMHTXHYLYLPRVHQHOVLJOR;;,QRVREOLJDDFRPSUHQGHUORVSDUDPHWURVHVFDWRORJLFRVTXHVH
HVWDQHVFRJLHQGRDILQGHTXHVHDPX\LPSRUWDQWHWDPELHQVDEHUGHTXHPRGRVLUYHSDUDHVDVLJOHVLDV
OLWHUDOHVSURWRWLSR\DOPLVPRWLHPSRSXHGDVHUYLUQRVSDUDQRVRWURV$OGDUVHHVHPHQVDMHGHODIRUPD
TXHVHGDVHFRQVWUX\HXQPRGHORGHFRPXQLFDFLRQTXHQRVHQVHQDPXFKRDORVTXHYLYHQHQXQDHSRFD
GLVWLQWDDODGHHVDVLJOHVLDVGH$VLD
&XDQGRODV,JOHVLDVOH\HURQORTXHVHGHFLDGHFDGDXQDGHHOODVFRPSUHQGLHURQTXHWDPELHQ
DSOLFDEDDWRGDVHOODV,QFOXVLYHHQHOFDVRGHTXHQRKXELHUDUHSURFKHDOJXQRHQDOJXQVHFWRUGHXQD
LJOHVLDHQSDUWLFXODU/RVLQGLYLGXRVDOOHHUHVHPHQVDMHSRGLDQDMXVWDUVHGHDFXHUGRDVXH[SHULHQFLD\
UHODFLRQFRQ'LRVDOFRQWHQLGR\H[SHULPHQWDUHODUUHSHQWLPLHQWRHQFRPSRUWDPLHQWRVTXHHVWXYLHUDQ
VHQDODGRVFRPRLQDGHFXDGRV3HURHVWHVHQWLGRTXHVHSUR\HFWDDODSRVWHULGDGKXELHUDVLGRLPSRVLEOHVL
QRVHKXELHUDFRQVWUXLGRHQEDVHDLJOHVLDVOLWHUDOHVTXHVHHQFRQWUDEDQHQ$VLD
&XDQGROOHJDUDQDOHHUHOGHUDVSHVHU+LMRGHO+RPEUHGHTXHSRVWHULRUPHQWHHVWXGLDUHPRV
HOORVFRPSUHQGHULDQODQHFHVLGDGGHDGTXLULUODYRFDFLRQFHOHVWHTXHHOHYDQJHOLRQRVSUHVHQWD-Q
FI0W\DFXGLUD'DQLHOGRQGHVHPRVWUDEDXQDREUDFHOHVWHDUHDOL]DUVHFRQ
UHSHUFXVLRQHQODWLHUUDUHODWLYDDWHUPLQDUFRQORVHQHPLJRVGH'LRVHQWUHORVTXHVHHQFXHQWUDQHO
SHFDGRODPXHUWHORVVLVWHPDVGHPDOGDG\HOPDOLJQRD&RSSFI+E
FI(VGHFLUHQWHQGHULDQFRPRHQWHQGHUHPRVQRVRWURVTXHHO$SRFDOLSVLVHVOD
UHYHODFLRQGH-HVXFULVWRFRQVLVWHQWHHQFRPR'LRVDFDEDFRQHVRVHQHPLJRVSDUDEHQHILFLRGHVX
>@
SXHEOR
(QFRQWUDULDQUDSLGDPHQWHFRQILUPDFLRQHQHOHVFHQDULRFHOHVWLDOGHORVFDSLWXORV\FRPRGHVGH
FLHUWROXJDUGHOFRVPRVTXHOODPDPRVFLHOR'LRVHVWDEDSUHVHQWHSUR\HFWDQGRHOSRGHUQHFHVDULRSDUD
ORVTXHOHGHPDQGDUDQD\XGD$SDUHFLDXQDREUDGHLQWHUFHVLRQTXHVHHVSHFLILFDFRQXQDVHULHGH
HOHPHQWRVILJXUDGRVSHURTXHVHFRQFUHWDFRQODSRVLEOHDSOLFDFLRQGHHVDLQWHUFHVLRQPHGLDQWHODV
RUDFLRQHVGHORVVDQWRVTXHVXEHQILJXUDWLYDPHQWHFRPRLQFLHQVR(VHPHQVDMHUHODWLYRDODREUD
FHOHVWHGHO+LMRGHO+RPEUH$STXHOOHQDFXDOTXLHUH[LVWHQFLDGHFXDOTXLHUHSRFD\TXH
FRLQFLGHFRQHOPHQVDMHFHQWUDOGHODUHYHODFLRQGH-HVXFULVWRHVWDEDVLHQGRGLULJLGRDHVDVLJOHVLDVGH
$VLDSDUDTXHDSUHQGLHUDQVXVPLHPEURV\GHHOORVORVGHPDVTXHLEDQDH[LVWLUGHVSXHVGHODVGHPDV
FRVDVTXHVRQODQHFHVLGDGGHYLYLUSHUPDQHQWHPHQWHHVDYRFDFLRQFHOHVWHLPSOLFDGDHQHOHVWXGLRGHO
$SRFDOLSVLVODYHUGDGGHOFRQRFLPLHQWRGH'LRV-QTXHVHUHYHODHQHO+LMRGHO+RPEUH
-HVXFULVWR-QFI&ROFI-QFI$S$OOLVXUJLDQORVVHOORV\ODV
WURPSHWDV$S/RVSULPHURVVHOORVHVDVLJOHVLDVFRPRQRVRWURVWHQLDQODSRVLELOLGDGGH
YLYLUORVFRQODPLVPDLQWHQVLGDGTXHFXDOTXLHUDGHFXDOTXLHUHSRFD(VXQPHQVDMHSDUDHVDV,JOHVLDVGH
$VLDSRUORWDQWRHOFRQWHQLGRGHHVRVVHOORVQRHVWDQFLUFXQVFULWRVHQVXFXPSOLPLHQWRHQXQDVIHFKDV
FHUUDGDVHQGLIHUHQWHVHWDSDVGHODKLVWRULD/DHVFDWRORJLDGHKLVWRULDFRQWLQXDUHSHWLWLYDTXHKHPRV
WHQLGRRFDVLRQGHH[SUHVDUODFRQHMHPSORVGHODUHYHODFLRQGH-HVXFULVWRHQHOHYDQJHOLRFRPRHQOD
SDUDERODGHODVYLUJHQHV\HQHOVHUPRQHVFDWRORJLFRSRVHHDTXLXQDDPSOLDDSOLFDFLRQ&DGDXQRGH
HVRVVHOORVHQVXWRWDOLGDGGHOFRQWHQLGRVHFXPSOHWDQWRHQHOVLJOR,FRPRHQHO;;,\HQFXDOTXLHU
RWUR"3RUTXHVHOHYDDSULYDUDPLHSRFDGHOYDORU\VLJQLILFDGRGHORVFRQWHQLGRVGHOSULPHUVHOOR"<
FRQUHODFLRQDOVHJXQGRVHOORQRPHGLJDQTXHHVRVFRQWHQLGRVLQGHSHQGLHQWHPHQWHGHORVYDORUHV
DSOLFDWLYRVTXHWHQJDQQRVHKDQGDGRHQFXDOTXLHUPRPHQWRKLVWRULFRVHDHQODHSRFDGHODLJOHVLD
SULPLWLYDRHQFXDOTXLHURWURGHXQDLJOHVLDPHQRVSULPLWLYD<KDEUDTXHLGHQWLILFDUHVRVPRPHQWRV\
FRPSUREDUFRPRORVFRQWHQLGRVFRQFHSWXDOHVGHFDGDVHOORTXHVHDSOLFDQHQFXDOTXLHUHSRFDDTXLHQR
DTXHLGHQWLILFDREVHUYDQGRGLVWLQWRVSURWDJRQLVWDVSHURORVPLVPRVFRQWHQLGRVTXHFDOLILFDQDOVHOOR
FRPRWDO<ORPLVPRSRGHPRVGHFLUGHOWHUFHUR\GHOFXDUWRYDPRVGHWRGRVHVRVFDEDOOLWRVDOJXQR
PDVIHR\KRUULEOHTXHRWURSHURTXHWLHQHODILQDOLGDGDOH[SHULPHQWDUORHOOOHYDUWHDODUHIOH[LRQ\DO
DUUHSHQWLPLHQWR<HOTXLQWRTXHFRPRYHUHPRVHQSURIXQGLGDGHQVXPRPHQWROHVDWDQHWDQWRDODV
LJOHVLDVOLWHUDOHVGH$VLDFRPRDQRVRWURVTXHYLYLPRVDOUHGHGRUGHDQRVGHVSXHV(VDVDOPDVTXH
HVWDQGHEDMRGHODOWDUUHSUHVHQWDQDWRGRVORVPXHUWRVGHODPXHUWHQRGHILQLWLYDFI-QFI
GHVGHODSULPHUDYHQLGDKDVWDHOPRPHQWRGHOILQGHOWLHPSRGHJUDFLDSRUFXDQWRVHKDGHGDU
WLHPSRDWRGRHOFRQWHQLGRGHOVHOORTXHDEDUFDDWRGRVORVTXHYDQPXULHQGRQRGHILQLWLYDPHQWHLQFOXVR
ODGHODHSRFDGHORVSURIHWDVTXHDSOLFDURQSRUHO0HVLDVDQXQFLDGRWDQWRHQORUHODWLYRDODWLSRORJLD
VDFULILFLDOGHOVDQWXDULRWHUUHQDOFRPRHQVXFRQRFLPLHQWR\DFHSWDFLRQGHORVDQXQFLRVSURIHWLFRV(O
FRQRFLPLHQWRGHORVSRUPHQRUHVGHORVFRQWHQLGRVGHHVWHVHOORHVLPSRUWDQWLVLPRWDQWRSDUDORV
PLHPEURVGHHVDVLJOHVLDVGH$VLDFRPRSDUDFXDOTXLHUDGHRWUDHSRFDSRUTXHHOVHOOROHDEDUFD\VH
FXPSOHGHIRUPDHVHQFLDO\HQUHIHUHQFLDDVXVFRQWHQLGRVHQFXDOTXLHUPRPHQWRKLVWRULFRGHOSULQFLSLR
KDVWDHOILQDO3HURHVHVHOOROHVGHFLDDOJRUHVSHFWRDHOORVTXHYLYLDQHQHVHFRQWH[WRKLVWRULFRGHOD
LJOHVLDSULPLWLYDTXHLEDQDPRULUFULVWLDQRVTXHQRHVWDULDQYLYRVVLQKDEHUSDVDGRSRUODPXHUWH<
HOORVTXHHUDQORVSULPHURVTXHH[LVWLDQGHVGHODDVFHQVLRQGH&ULVWRDSDUWHGHORVTXH'LRVLQFOX\DGH
ODHSRFDGHO$QWLJXR7HVWDPHQWRVHULDQGHHVDVDOPDVPXHUWDVSXHVWRTXHHOVHOORVHDEUHXQDYH]TXH
VHLQDXJXUDHO6DQWXDULRFHOHVWHHQODDVFHQVLRQ\DSDUHFHQWRGDVODVDOPDVPXHUWDVGHEDMRGHODOWDUTXH
KDVWDODDVFHQVLRQVHKDELDDFXPXODGR\ODVTXHVHYDQDQDGLHQGRGHVSXHVGHODDVFHQVLRQ\ODVRWUDV
TXHWRGDYLDIDOWDEDQGHOOHQDUHOFXSRSDUDODOLEHUDFLRQGHWRGDVHQHOILQGHOWLHPSRGHJUDFLDDOOLPLWH
GHOUHWRUQRGH&ULVWRFI
 'HOVH[WRVHOOR\GHOVHSWLPRQRORVKDELDPRVLQFOXLGRSRUFXDQWRHVREYLRTXHHOVH[WRLQWURGXFHXQDV
VHQDOHVSUHYLDVDOPD[LPRVREUHHOUHWRUQRGH-HVXFULVWRGHORFXDOGDUHPRVFXHQWDHQVXOXJDU\HO
VHSWLPRTXHLQWURGXFHHOVLOHQFLRILJXUDGRHQHOFLHORSRUFXDQWRQRVHR\H\DODREUDFHOHVWHGHDFDEDU
FRQORVHQHPLJRVGH'LRVGDQGRVHQRVDHQWHQGHUHOILQGHOWLHPSRGHJUDFLD\HOUHWRUQRGH
>@
-HVXFULVWR 3HURLQGHSHQGLHQWHPHQWHGHWRGRHVWRORVPLHPEURVGHHVDVLJOHVLDVGH$VLD
FRPSUHQGHQTXHHVHVHOORVH[WR\VHSWLPRQRHPSLH]DQLWHUPLQDHQVXHSRFDGDGRHOFRQWHQLGR\OD
FRPSDUDFLRQFRQORTXHVHOHVGLFHWDQWRDHOORVFRPRDQRVRWURVHQ$S3HURHOORVGHEHQYLYLUVX
H[LVWHQFLDFRPRFXDOTXLHUDHQRWURPRPHQWRSUHSDUDQGRVHSDUDHVHUHWRUQR3RUTXHDXQFXDQGRQRYHDQ
HQQLQJXQPRPHQWRGHVXH[LVWHQFLDFXPSOLUVHORVFRQWHQLGRVGHOVH[WRVHOOR\GHOVHSWLPRVHOOR
FRPSUHQGHQTXHDQXQFLDHOUHWRUQRGH-HVXFULVWRFRPRLQPLQHQWHPHQWHSUR[LPRV$S\SRUOR
WDQWRKDQGHSUHSDUDUVHSDUDPRULUHQYLVWDGHODUHVXUUHFFLRQTXHOHVOOHYDDODVHJXQGDYHQLGDGH
-HVXFULVWR
(OORVDOOHHUHOFDSLWXORGRQGHVHKDEODGHORVVHOODGRVHQYLGDFRPSUHQGHQYDULDVFRVDV
LPSRUWDQWHVORPLVPRTXHFDGDFXDOHQODJHQHUDFLRQTXHOHVWRFDYLYLUFRQDOJXQRVPDWLFHVGLVWLQWRV/HV
HUDHYLGHQWHTXHHVRVDSDUHFHQFRPRWDOHVHQWUHODVVHQDOHVLQPLQHQWHVGHOUHWRUQRGH-HVXFULVWR
GHOILQDOGHOFDSLWXOR\HOFDSLWXORTXHVHQRVSUHVHQWDXQVLOHQFLRILJXUDGRHQHOFLHOR
FRPSURPHWHGRUFRQODVHJXQGDYHQLGDGH-HVXFULVWR3RUORWDQWRHOORVQRYHLDQVXFXPSOLPLHQWRHQVX
JHQHUDFLRQ3HURFRPSUREDEDQTXHVHOHVFRORFDEDHOVHOORGH'LRVHQVXVIUHQWHVHQYLGDDHVRV
\TXHVXSHUDQHOFRQIOLFWRFRQOD%HVWLD\VXLPDJHQTXHFUHDRWUDEHVWLDODGHGRVFXHUQRV$S
YLHQGRVHOHVVDOYRVHQHO0RQWHGH6LRQVLPERORFHOHVWLDOFI$S
(VWRTXHORHVWXGLDPRVFRQGHWHQLPLHQWRPDVDGHODQWHOHVVHUYLDDHOORVTXH\DPDQWHQLDQXQDOXFKD
IUHQWHDOD%HVWLD\OD0XMHUTXHVHYHLDHQFLPDGHHOOD$SFI$SORPLVPRTXHDTXHOORV
(QWRQFHVHOORVFRPSUHQGLDQTXHWDPELHQGHELDQUHFLELUHOVHOORGH'LRVHOGHO(VSLULWX6DQWRD
ODVDOYDFLRQD&RU(IFRQILUPDGRKDVWDHOOLPLWHGHOILQDOGHODH[LVWHQFLD\OD
PXHUWHFI(I+EFRPRHYLGHQFLDGHTXHSDVDULDQHOMXLFLRIDYRUDEOHPHQWHSDUDOD
>@
UHVXUUHFFLRQ'QFID3HG
<ORPLVPRRFXUUHFRQODVWURPSHWDVSULPHUDV/RVGHVWLQDWDULRVGHHVDVLJOHVLDVGH$VLD
FRPSUHQGHQTXHODVWURPSHWDVHPSLH]DQWRGDVDOFRPLHQ]RGHODGLVSHQVDFLRQFULVWLDQD\VHH[WLHQGHQ
FDGDXQDGHHOODVHQHOWLHPSRGHVGHHOSULQFLSLRKDVWDHOILQ3RUORWDQWRORTXHSXHGDQVLJQLILFDUORV
WHUPLQRVVHFXPSOHQORPLVPRHQODSULPHUDJHQHUDFLRQODGHODVLJOHVLDVSURWRWLSRFRPRHQFXDOTXLHU
RWUD\DVLVXFHVLYDPHQWH'HDFXHUGRDOGHUDVSHVHU+LMRGHO+RPEUHVHQRVLQWURGXFHHQHOFRPRVH
DFDEDFRQORVHQHPLJRVGH'LRV<HVRVHQHPLJRVGH'LRVVRQORVPLVPRVWDQWRHQHVDHSRFDFRPRHQ
FXDOTXLHUD/DVWURPSHWDVFRQWLHQHQMXLFLRV\DFWXDFLRQHVGLYLQRVDHVRVHQHPLJRVGH'LRVTXHYDQ
DFDEDQGRORVKDELHQGRVHQRVSURWHJLGRSUHYLDPHQWHFRQORVFRQWHQLGRVGHO(YDQJHOLRDORVTXHVH
FRQVWLWX\HQFRPRVLHUYRV
(VRVFULVWLDQRVDORVTXH-XDQOHVHQWUHJDHQSULPHUDLQVWDQFLDHO$SRFDOLSVLVHVWDEDQPX\ELHQ
HQVHQDGRV&RPSUHQGHQTXHSRUHMHPSORORTXHYDFRQWUDODWLHUUDFRQWUDHOPDUFRQWUDORV
ULRVWLHQHXQYDORUVLPEROLFRTXHHVSUHFLVRUHGXFLUORDVXUHDOLGDG\WLHQHTXHYHUFRQHODFDEDU
FRQORVHQHPLJRVGH'LRV\HVRLGHQWLILFDFRPRYHUHPRVHQQXHVWURDQDOLVLVFRQFUHWRDORPLVPRWDQWR
HQHVDHSRFDFRPRHQODQXHVWUD\HQODVDQWHULRUHVJHQHUDFLRQHV6DEHQPX\ELHQTXHODHVWUHOODTXHFDH
\TXHKDELDFDLGRFXDQGRWRFDODWHUFHUDWURPSHWD\ODTXLQWDVVHVHOGUDJRQTXHVHOH
H[SXOVDGHILQLWLYDPHQWHGHOFLHORHQRFDVLRQGHODDVFHQVLRQGHO+LMRFI$S3RUOR
WDQWRVDEHQPX\ELHQXELFDUFURQRORJLFDPHQWHHVDVWURPSHWDVGHVGHODDVFHQVLRQKDVWDODIDOWDGH
FDSDFLWDFLRQGHDFFLRQGHHVHSHUVRQDMHPDOLJQRSDUDHOSXHEORGH'LRVHQRFDVLRQGHODVHJXQGDYHQLGD
GH-HVXFULVWR
(OORVWHQLDQVXILFLHQWHLQIRUPDFLRQHQ'DQLHOFRPRFRPSOHPHQWRGHO$SRFDOLSVLVFRPRORSRGHPRV
WHQHUKR\\SRGLDQOHHUORVHSLVRGLRVGHODV%HVWLD\GHOD0XMHU%DELORQLFDDVDELHQGDVGHTXHHVR
HVWDEDH[LVWLHQGRHQVXHSRFD\TXHVHJXLULDKDVWDHOILQDOHQODVGLIHUHQWHVJHQHUDFLRQHVGHVLHUYRVTXH
VHFRQVWLWX\HQFRPRWDOHV
$OOHHU$SRFDOLSVLVGHVGHHOSULQFLSLRKDVWDHOILQDOVHHQFRQWUDEDQFRQJUDQGHVVRUSUHVDV/D
SULPHUDHVTXHVHSUHVHQWDODH[LVWHQFLDGHXQWHPSORDODPDQHUDGHODWLSRORJLDGHOVDQWXDULRWHUUHQDO
LVUDHOLWD\HODWULRORSUHVHQWDQFRPRVLHQGRHVWDWLHUUDFRPRHQWUHJDGDDORVJHQWLOHVGXUDQWHPHVHV
$STXHFRUUHVSRQGHQDGLDVSURIHWLFRVHOWLHPSRGHSUHGLFDFLRQGHORVGRVWHVWLJRV
YHVWLGRVGHFLOLFLRHVGHFLUHQFRQGLFLRQHVGRORURVDV(OORVVDELDQSRUODFRUUHVSRQGHQFLDWDQWR
FRQ'DQLHOFRPRSRURWUDVSDUWHVGHO$SRFDOLSVLVTXHHVHWLHPSRHUDHOWLHPSRGHSHUVHFXFLRQOOHYDGRD
FDERSRUODFDEH]DTXHUHFLEHODKHULGDFRQWUDHOSXHEORGH'LRVTXHVRVWLHQHORVSULQFLSLRVGHO5HLQRGH
'LRV$SFI\TXHHQYHUVLRQGDQLHOLFDFRUUHVSRQGHDOIDPRVRFXHUQR
SHTXHQRTXH\DORKHPRVWUDWDGRHLGHQWLILFDGRHQQXHVWURDQDOLVLVGH'DQLHOFI'Q\TXH
YROYHUHPRVDDOXGLUFXDQGRWUDWHPRV$S\(OORVFRPSUREDEDQTXHODFLXGDGVDQWDFHOHVWLDOFI
$SVVSRVHHXQDFRUUHVSRQGHQFLDUHSUHVHQWDWLYDHQHVWDWLHUUDFRQORVVLHUYRVGH
'LRVGHFDGDJHQHUDFLRQTXHPDQWLHQHQXQDUHODFLRQFRQHVHWHPSORRVDQWXDULRFHOHVWH$SXS
FI$SFI
/DVHJXQGDVRUSUHVDFRQVLVWLDHQGHVFXEULUTXHHVRVSHULRGRVSURIHWLFRVHVWDEDQVLUYLHQGRGHYHKLFXOR
\GHVRSRUWHDWRGDXQDVHULHGHDFRQWHFLPLHQWRVTXHORVDEDUFDEDQHQXQSURFHVRWHPSRUDOODUJR\TXH
\D'DQLHOORVKDELDXWLOL]DGRFRPRVLHQGRGHYDORUGLD DQR\TXHQRVRWURVTXHYLYLPRVHQHOVLJOR
;;,ORVKHPRVHVWXGLDGR\WHQGUHPRVRSRUWXQLGDGGHFRLQFLGLUFRQORTXHHVDSULPHUDJHQHUDFLRQ
HQWHQGLDWHQLHQGRFRPRUHIHUHQFLDDODXWRUGHODWUDVPLVLRQGHO$SRFDOLSVLV\DOSURIHWD'DQLHO(VD
DFFLRQFRQFUHWDGHO'UDJRQGHVGHTXHHVDUURMDGRDODWLHUUDFRQVLVWHHQTXHUHUGHVWUXLUORVSULQFLSLRV
GHO5HLQRGH'LRVUHSUHVHQWDGRVHQOD0XMHUFHOHVWLDO\'LRVVHYHREOLJDGRDUHVJXDUGDUODDSDUWLUGHO
SULPHULQWHQWRIDOOLGRGHSHUVHFXFLRQ$SPHGLDQWHXQDEXVTXHGDGHOXJDUILJXUDGRDSURSLDGR
SDUDTXHQRVHDQGHVWUXLGRVORVSULQFLSLRVGHO5HLQRGH'LRVTXHODUHSUHVHQWDQHQODWLHUUD$S
\TXHVXSXHEORHVLGHQWLILFDGRFRPRVLHQGRHO5HVWRGHODGHVFHQGHQFLDGHHVD0XMHU$S
SRUVDOYDJXDUGDUHVRVSULQFLSLRVFI$SFI\TXHVHOHOODPDODFLXGDGVDQWDHQ
XS$OREVHUYDUHVWRVHYHLDQLGHQWLILFDGDVHVDVLJOHVLDVGH$VLD\GHVFXEULDQODH[LVWHQFLDSRVWHULRUD
HOODVFRPRLJOHVLDVOLWHUDOHV(QHIHFWR(OORVORVSHUWHQHFLHQWHVDODVLJOHVLDVGH$VLDREVHUYDEDQFRQ
LQWHUHV\VRUSUHVDTXHVLELHQHOYHUVLFXORHVWDEDHQSDUDOHORFRQHOHQWUHHOFXPSOLPLHQWRGHO\HO
VHOOHQDEDFRQHOY(OYHUVLFXOROHVPRVWUDEDDHOORV\DQRVRWURVTXHHVWDLQGLFDQGRODVXELGDDO
FLHORGHO+LMRHOHODUURMDPLHQWRGHO'UDJRQDODWLHUUDTXHVHQRVH[SOLFDFRQHOFRPLHQ]R
GHXQDSHUVHFXFLRQFRQWUDODPXMHUFHOHVWH(VDSHUVHFXFLRQOHVDWDQLDDHVRVVLHUYRV
SHUWHQHFLHQWHVDODVLJOHVLDVOLWHUDOHVGH$VLD(VDPXMHUFHOHVWHORYHUHPRVFXDQGRORHVWXGLHPRVPDV
SURIXQGDPHQWHUHSUHVHQWDDORVSULQFLSLRVGHO5HLQRGH'LRV\TXH-HVXFULVWRORVOHJRDO5HVWRGHOD
GHVFHQGHQFLDGHOD0XMHUFHOHVWHFI$S<TXHVHOHYHHQODWLHUUDSRUFXDQWRORVSULQFLSLRV
GHO5HLQRGH'LRVORVPDQWLHQHHO5HVWRGH-HVXFULVWR GHVFHQGHQFLDHVGHFLUOD,JOHVLDGH-HVXFULVWR
(QUHVXPLGDVFXHQWDVODSURWHFFLRQHVSHFLDOTXH'LRVVHYHREOLJDGRDGLVSHQVDUDVXSXHEORWHUUHVWUH
HQUHSUHVHQWDFLRQGHOD0XMHU&HOHVWHGHDODVGHDJXLODSDUDOOHYDUORDXQOXJDUVHJXURHVSDUDDIURQWDU
\VXSHUDUODSHUVHFXFLRQGXUDQWHORVGLDVSURIHWLFRVTXHHO'UDJRQLEDDRUTXHVWDUPHGLDQWHOD
TXLQWDFDEH]DTXHUHFLELULDODKHULGDDOILQDOGHHVHSHULRGRSURIHWLFRFI$SFIXS\
TXHHVSRVWHULRUDODSHUVHFXFLRQTXHVHQDODHO(VDODH[SHULPHQWDQORVPLHPEURVGHODVLJOHVLDV
GH$VLD\WRGRVORVGHPDVFULVWLDQRVTXHH[LVWHQHQDTXHOODHSRFD(OORVYLYHQHQODHSRFDGHODFXDUWD
FDEH]DGHOD%HVWLDTXHHV5RPDHQODHSRFDTXHYLYH-XDQ\TXHKDUHFLELGRODGHFODUDFLRQGHOD
UHYHODFLRQGH-HVXFULVWR3HURKD\DOJRPDVQRVRODPHQWHGHVFXEUHQTXHH[LVWHXQDHSRFDSRVWHULRUDOD
H[LVWHQFLDGHHOODVFRPRLJOHVLDVOLWHUDOHVVLQRTXHODFXDUWDFDEH]DDFDEDULDFXDQGRHPSLH]DODTXLQWD
\TXHHVWDYDLGHQWLILFDGDHQ$SSRUXQDVFDUDFWHULVWLFDVGHWHUPLQDGDV\XQSHULRGR
FURQRORJLFRGHGLDVRPHVHVSURIHWLFRV<TXHHQODYHUVLRQGH$SRFDOLSVLVOOHYDXQD0XMHU
SURVWLWXLGDHQFLPDGHOD%HVWLD6LELHQHOORVQRSRGLDQGHWHUPLQDUHVHILQDOGH5RPD\FRPLHQ]RGHOD
TXLQWDFDEH]DVDELDQTXHYLYLDQHQODHSRFDGH5RPD\TXHHOYLGHQWLILFDEDXQDSHUVHFXFLRQFRQWUD
ORVSULQFLSLRVTXHVRVWHQLDQ\TXHGHVSXHVKDEULDRWUDSHUVHFXFLRQGHXQDODUJDGXUDFLRQFRQSURWHFFLRQ
HVSHFLDOLQFOXLGDTXHOOHJDEDKDVWDGHVSXHVGHWRGDXQDVHULHGHDFRQWHFLPLHQWRVSRVWHULRUHVD
HVHSHULRGRGHODTXLQWDFDEH]D$SFITXHVHFRQWDELOL]DQFRPRSHUWHQHFLHQGRDO
PDQWHQLPLHQWRGHODKHULGD\VXSURFHVRGHFXUDFLRQGXUDQWHODVH[WD\VHSWLPDFDEH]D$S\
GHOD%HVWLDGHGRVFXHUQRV$S7RGRHVRQRORSRGLDQFRPSUHQGHUFRPR
WDPSRFRDOJXQRVGHORVTXHPHHVWDQOH\HQGRSHURSDFLHQFLDTXHDXQWHQHPRVTXHOOHJDUDHVRHQVX
PRPHQWR3HURVLTXHFRPSUHQGLDQORPLVPRTXHFXDOTXLHUDTXHWRGRHVRHVWDEDHQHOIXWXURGHHOORV<
TXHVLELHQQRSRGLDQFRPSUHQGHUWRGRVORVSRUPHQRUHVVLTXHVHOHVDGYHUWLDFRPRDQRVRWURV\DWRGRV
TXHHO'UDJRQODVHUSLHQWHDQWLJXDHOGLDEOR6DWDQDVHQJDQDDOPXQGRHQWHUR$SFI
<GHELDQDIHUUDUVHDORVSULQFLSLRVGHO5HLQRGH'LRVDWRGRVORVHOHPHQWRVFRQORVTXH'LRVQRVKD
SURWHJLGRHQ-HVXFULVWR4XHSDUDSRGHUHQJDQDUDOPXQGRHQWHURHVSUHFLVRSUHVHQWDUVHFRQFDVLWRGDOD
YHUGDG4XHLQWHQWDUDWRGRPHGLDQWHORVSURSLRVVLVWHPDVTXHKDFUHDGR\FRQWDPLQDGR$HOORVFRPRD
QRVRWURVVHOHVHQYLDEDHVHPHQVDMHWDQH[SOLFLWR\QHFHVDULRSDUDFXDOTXLHUHSRFD
3HURQRDFDEDEDQDTXLODVVRUSUHVDV(OORVGHVFXEULDQTXHFXDQGRVHLQLFLDEDODTXLQWDWURPSHWD
UHIHULGDDODHVWUHOODTXHFDHDODWLHUUDLGHQWLILFDGDFRPRHO0DOLJQRDQXQFLDGRWDOFRPR\DKHPRV
GLFKRHQVV\HPSLH]DHOSULPHU$\RGHVJUDFLDPDVWUDVFHQGHQWH$S\VHGDFRPR
WHUPLQDGR3HURFXDQGRWRFDODVH[WDWURPSHWDTXHLQLFLDHOVHJXQGR$\$SQRORGDFRPR
WHUPLQDGDKDVWDTXHQRKDSDVDGRWRGRHOWLHPSRGHDFRQWHFLPLHQWRVFRQWHQLGRHQHOFDSLWXOR\WRGR
HOFRQWHQLGRGHOFDSLWXORTXHFRQWLHQHORVPHVHVSURIHWLFRV$S$EDUFDGHVGHORDQWHULRU
DORVGLDVSURIHWLFRVORVGLDVSURIHWLFRV\ORSRVWHULRUDORVGLDVSURIHWLFRV&RQOR
FXDOVHOHVGHFLDDHOORV\DQRVRWURVTXHODWURPSHWDVH[WDVLJXHODPLVPDOLQHDTXHODVDQWHULRUHV
HPSH]DULDHQODDVFHQVLRQ\DUURMDPLHQWRGH6DWDQDVGHOFLHORKDVWDHOFRPLHQ]RGHODVHSWLPDTXHQDUUD
HOUHWRUQRGH-HVXFULVWRFXDQGRORVUHLQRVSDVDQDVHUGH'LRV\GHO0HVLDV$S
<SRUXOWLPRORPDVLPSRUWDQWHSDUDHOORV\SDUDQRVRWURVWHQLDQTXHDGRUDUHQHODOWDUGHOWHPSOR
FHOHVWLDOTXHVHSUHVHQWDHQHOFDSLWXOR7HQLDQFRQVWDQFLDGHODH[LVWHQFLDGHXQ6DQWXDULRFHOHVWLDO
QRXQLFDPHQWHSRUORTXH'DQLHO\DOHVKDELDDQWLFLSDGRVLQRSRUHVHGHUDVSHVHU+LMRGHO+RPEUHTXH
SRQHHQHYLGHQFLDHO6DQWXDULR\ODREUDFHOHVWHTXH\DKHPRVDOXGLGRDHOOD6HOHVUDWLILFDEDORTXHOD
HSLVWRODDORV+HEUHRVGHFLDSHURFRPSUHQGLDQTXHWRGRHO$SRFDOLSVLVHUDPRVWUDUHVDREUDFHOHVWHGHO
+LMRGHO+RPEUHSDUDDFDEDUFRQORVHQHPLJRVGH'LRV<TXHHOORVORPLVPRTXHQRVRWURVGHEHPRV
YLYLUXQDUHODFLRQSHUPDQHQWHFRQHVDREUDFRQHOPHQVDMHGHO$SRFDOLSVLV\VDOLUDOHQFXHQWURGHHVD
REUDSDUD\HQQRVRWURV+DELDTXHUHIOH[LRQDUVREUHHVDREUDGHUHVWDXUDFLRQTXHHO+LMRGHO+RPEUH
OOHYDEDDFDERHQHO6DQWXDULRFHOHVWH\TXHUHSHUFXWHHQODSHUVRQDTXHDFHSWDDHVH+LMRGHO+RPEUH
+HFKFI-QFI0WFI'QFI$S

&RQ$SRFDOLSVLVVLELHQHVWDULDQDXVHQWHVFXDQGRVHFXPSOLHUDQFLHUWDVHVFHQDVKLVWRULFDV
DQXQFLDGDVSDUDHOIXWXURSRGLDQFRPSUHQGHUTXHORVFRQWHQLGRVGHORVPHQVDMHVTXHUHFLELDQFRPR
LJOHVLDVXELFDGDVHQ$VLD0HQRU\ORTXHORVVHOORV\WURPSHWDVDQXQFLDEDQWHQLDQFXPSOLPLHQWRGXUDQWH
WRGRORTXHSXGLHUDFXEULUHO'UDJRQFRQHODSR\RGHODVFDEH]DV\FXHUQRVHQODKLVWRULDTXH
WUDQVFXUUH<TXHHOPHQVDMHVXE\DFHQWHGXUDQWHWRGRHVHWLHPSRGHOD%HVWLDTXHDSDUHFHWDQWRHQHO
FDSLWXOR\VHUYLDHQVXFRQWHQLGR\HUDORPLVPRSDUDHOORV\SDUDFXDOTXLHURWUDHSRFD6HOHV
HVWDEDGLFLHQGRTXHOD%HVWLDRULHQWDGDSRUOD0XMHU%DELORQLFDWDQWRHQVXHSRFDHQFDUQDGDSRUOD
FDEH]DGHWXUQRFRPRHQFXDOTXLHURWUDLQWHQWDULDDUUHEDWDUOHVHOSRGHUYLYLU\H[SHULPHQWDUORV
SULQFLSLRVGHOUHLQRGH'LRVTXHPLHQWUDVVHPDQWXYLHUDQILHOHVDHVRVSULQFLSLRVHYLWDULDQ\R
VXSHUDULDQORVPRPHQWRVFULWLFRVTXHVHLQVFULEHQHQHOFRQWH[WRGHODDFFLRQGHORVVLVWHPDVGHPDOGDG
&XDQGROH\HUDQ$SRFDOLSVLV\HVWDULDQYLHQGRDOD%HVWLDHQDFFLRQ8QD%HVWLDGHFDEH]DV\
FXHUQRV(UDQFRQVFLHQWHVTXHODFXDUWDEHVWLDGH'DQLHOLEDGHVGHGHVSXHVGHODWHUFHUDKDVWDHOILQ
GHPXQGRFI'Q\TXHVLODWHUFHUDHUD*UHFLDFI'QXSVVFIHVDFXDUWD
HPSH]DEDSRU5RPD\VHSURORQJDEDODFXDUWDPHGLDQWHHOFXHUQRSHTXHQR\ORVKDVWDHOILQ'Q
>@

$KRUDOHLDQHQ$SRFDOLSVLVTXHXQDGHODVFDEH]DVUHFLEHXQDKHULGDPRUWDO\TXHRFXSD
ODVPLVPDVFDUDFWHULVWLFDV\HVSDFLRWHPSRUDOTXHHOFXHUQRSHTXHQRGH'DQLHO\HOGHODVHJXQGD
>@
UHDOLGDGKLVWRULFDGH'DQLHO 6HGLFHTXHHVDFDEH]DKHULGDVHUDFXUDGDGHVSXHV3HUR
$SRFDOLSVLVOHVPDQWHQLDDOHUWDVUHVSHFWRDTXHHVDFDEH]DTXHVHULDKHULGD\GHVSXHVFXUDGDLEDDLU
HQFRQWUDGHOWDEHUQDFXORGH'LRVGHDOJXQPRGRVHFRQWDPLQDULDLGHRORJLFDPHQWHORVYDORUHVGHOR
LPSOLFDGRHQHOWDEHUQDFXORFHOHVWLDOGH'LRVFI$SFI$SFI$S\FI$S
FI-Q0WFI'QFI'QSSSSFI'Q(VWROHV
KDFLDHVWDUSHQGLHQWHVGHVXUHODFLRQFRQ'LRVHQFXDQWRDVXYLYHQFLDFHOHVWLDOFI&RODXQ
FXDQGRQRIXHUDQDHVWDUSUHVHQWHVFXDQGRUHDOHKLVWRULFDPHQWHVXFHGLHUDHVR<HVWRORVDELDQDO
LQWHUHVDUVHSRUORTXHOHVGHFLD$SRFDOLSVLVTXHYXHOYHDUHWRPDUHOWHPD(QHIHFWRFXDQGROH\HUDQ
TXHFLQFRFDEH]DVKDELDQFDLGR\XQDODVH[WDHV\ODRWUDODVHSWLPDWRGDYLDQRKDELDYHQLGRVH
REOLJDEDQDFRQWHPSODUD-XDQTXHYLYLDHQHOWLHPSRGHODFXDUWDFDEH]DDWHQHUTXHVHUHQYLDGRHQOD
YLVLRQHQODHSRFDGHODVH[WDDILQGHFRPSUREDUTXHFLQFRKDELDQFDLGR<\DTXHODTXLQWDKDELDGH
GXUDUGLDVRPHVHVQRSRGLDQLQWHUSUHWDUORGHDFXHUGRDOFRQWH[WRSURSLR\DOGH'DQLHOFRPR
VLHQGROLWHUDOHV$OJXLDUVHSRUORTXH-XDQOHVSXGLHUDGHFLUGHDFXHUGRDOXVRTXHKDFHGH'DQLHOODV
FDEH]DVTXHGDEDQLGHQWLILFDGDV%DELORQLD0HGR3HUVLD*UHFLD\5RPDRFXSDHOOXJDUGHODD
FDEH]DSULPHUDIDVHGHODFXDUWD%HVWLDGH'DQLHO/DDODTXHUHFLELULDODKHULGDPRUWDO\TXHWLHQH
XQHVSDFLRWHPSRUDOGHGLDVSURIHWLFRVOXHJRODVH[WDDODTXHHVHQYLDGR-XDQDILQGHFRQWHPSODU
TXHKDQFDLGRODDTXHQRKDELDYHQLGRDXQFXDQGRHVHQYLDGRDODYLVLRQGHODHSRFDGHODVH[WD<
WRGDYLDKDEULDXQDRFWDYDTXHHUDGHHQWUHODVTXHOOHJDULDFXDQGRVHFXUDUDODTXHKDELDUHFLELGROD
KHULGDPRUWDO$S$XQTXHHVWRQRHUDIDFLOHQWHQGHUORDOJXQRVGHHOORVTXL]DSXGLHURQ
FRQVXOWDUOHDOSURSLR-XDQ\QRVRWURVPDVDGHODQWHORFRPSUHQGHUHPRVPHMRUVLTXHVHSXHGHHQWHQGHU
\HOORVORSRGLDQVDEHUTXHOHVLEDDVHULPSRVLEOHSRGHUHVWDUHQORVPRPHQWRVGHDFWLYLGDGGHODD
FDEH]DQLHQQLQJXQDGHODVRWUDV
7RGRHVRPXHVWUDTXHHOPHQVDMHTXHVHFXPSOHGHORVVHOORV\GHODVWURPSHWDVHQODHSRFDGHODV
LJOHVLDVVLELHQVHDSOLFDGHODIRUPDTXH\DKHPRVLQGLFDGRSDUDHOORVFRPRGHOPLVPRPRGRSDUD
QRVRWURVSRGLDQGHVFXEULUTXHWDPELHQH[LVWLULDQRWURVVLHUYRVGH-HVXFULVWRGHRWUDVHSRFDVKDVWDOD
VHJXQGDYHQLGDGH-HVXFULVWR\TXHWHQGULDQDSOLFDFLRQDRWUDVSHUVRQDVGHRWURVPRPHQWRVKLVWRULFRV
GLVWLQWRVDOGHHOORV
$OOHHUHOFDSLWXORFRPSUHQGLDQODLPSRUWDQFLDGHODSUHGLFDFLRQGHO(YDQJHOLR(WHUQR$XQFXDQGR
HVDSUHGLFDFLRQHVWDEDGHQWURGHOFRQWH[WRGHODOOHJDGDGHOMXLFLR\GHODHSRFDGHOD%HVWLDFXDQGRVH
KDFHXQDLPDJHQGHOD%HVWLDSULPHUDSRUOD%HVWLDGHGRVFXHUQRVSDUDHOORVHUDLPSRUWDQWHVDEHUTXH
FDGDJHQHUDFLRQGHFULVWLDQRVGHEHQGHSUHGLFDUHO(YDQJHOLR(WHUQRSDUDVXJHQHUDFLRQ3RURWUDSDUWHOD
%DELORQLDTXHWHQLDQTXHVRSRUWDUKDEULDGHVHUGHVWUXLGDHQHOFRQWH[WRGHODSUHGLFDFLRQGHO(YDQJHOLR
HWHUQRGHOFDSLWXORGH$SRFDOLSVLV
 $OOHHUORGHODOOHJDGDGHOMXLFLRHQHOFRQWH[WRGHODGHVWUXFFLRQGHILQLWLYDGHOD%DELORQLD\GHOD
LPDJHQGHOD%HVWLDFRPSUHQGLDQTXHODVHVFHQDVTXHKDELDQOHLGRHQ$SRFDOLSVLVUHVSHFWRDOD
RFWDYDFDEH]DTXHHUDXQDGHODVODTXHKDELDUHFLELGRODKHULGD^$SFI`\SRU
ORWDQWRFXUDGDHVWDEDHQHOIXWXURGHHOORV\HQXQDHSRFDGLVWLQWD\GLVWDQWH(OORVFRPRWRGRV
QRVRWURVGHFXDOTXLHUHSRFDKDELDQH[SHULPHQWDGRHOMXLFLRGHOLEHUDFLRQTXHVXSRQHHOMXLFLR
FRQGHQDWRULRGHOUHLQRGHHVWHPXQGRFI-Q-HVXVFRPR\DYLPRVHQQXHVWURHVWXGLR
LQWURGXFWRULRVREUHODHVFDWRORJLDMX]JDEDORVYDORUHV\PDQHUDGHVHU\GHSHQVDUGHHVWHPXQGR
VHQDODEDORVPDOHVGHODSHUWHQHQFLDDHO\QRVLQVWDEDDVDOLUQRVGHHVHUHLQRDDUUHSHQWLUQRVGH
FRQWLQXDU\DSDVDUQRVXUJHQWHPHQWHDOUHLQRGH'LRVDOJRELHUQRGH'LRVDODPDQHUDGHSHQVDUGH'LRV
-QFI0F0W
$KRUDHVRVPLHPEURVGHHVDVLJOHVLDVGH$VLDFRPSUHQGLDQTXHHOMXLFLRGH$SRFDOLSVLVHUDHO
MXLFLRUHODWLYRDXQILQDOHVFDWRORJLFRSUHYLRDOUHWRUQRGH-HVXFULVWR\TXHHVWDEDGHQWURGHORTXH
VXSRQLDDFDEDUFRQORVHQHPLJRVGH'LRV\GHXQPLQLVWHULRFHOHVWHGHHVH+LMRGHO+RPEUHHQVX
6DQWXDULRFI+HFK\TXHODUHYHODFLRQGH-HVXFULVWRFRQVLVWLDSUHFLVDPHQWHHQH[SOLFDUFRPR
VHOOHYDDFDERHVRWHQLHQGRHQFXHQWDHOGHUDVSHVHU+LMRGHO+RPEUHGH$SDFRPSDQDGRHQHO
(YDQJHOLR(WHUQRGHOGHUDVSHVHUVHQWDGRDODGLHVWUDGH'LRV6DOFI0WFI-Q
FI+E\TXH'QFI'QFISS
SSHQWURQFDGHQWURGHXQSURFHVRGHMXLFLRDSDUWLUGHXQFRQWH[WRHVFDWRORJLFRILQDO(OORVSRGLDQ
HQWHQGHUTXHHVHMXLFLRORSDVDULDQHOORVXQDYH]PXHUWRVFI$SFID3HGDSDUWLUGHO
PRPHQWRPDUFDGRSRUODYROXQWDGGLYLQD$SFI'QFI
\SRUORWDQWRVHOHVHQVHQDEDDYLYLUXQDH[SHULHQFLDLQWHQVDGHSUHSDUDFLRQSDUDHVDPXHUWHQR
GHILQLWLYD\HVDUHVXUUHFFLRQD&RUTXHOHVOOHYDULDDUHFLELUODVHJXQGDYHQLGDGH
-HVXFULVWRFRQORVTXHHVWXYLHUDQYLYRVVLQKDEHUSDVDGRSRUODPXHUWHHQRFDVLRQGHVXUHWRUQRFID
7HV
/DVHVFHQDVGHORVFDSLWXORV\ODVOHLDQFRQHOPD[LPRLQWHUHVSRUFXDQWRVHWUDWDEDGHOD
GHVWUXFFLRQGHILQLWLYDGHOD%HVWLDGHODPLVPD%HVWLD\VXLPDJHQ$OD%DELORQLD\DODKDELDQYLVWR
GHVDSDUHFHUHQUHIHUHQFLDDODSUHGLFDFLRQGHO(YDQJHOLRHWHUQRHQHOFRQWH[WRGH$SRFDOLSVLV
VV\SHURDKRUDYHLDQORTXHKDELDQWHQLGRTXHVRSRUWDUHVRVTXHORVKDELDQYLVWR
DSDUHFHUHQWUHHOVH[WR\HOVHSWLPRVHOORVHOODQGRVHHQYLGD\OLEHUDGRVHQXQDHVFHQDXELFDGD
FHOHVWHPHQWH$S'HVSXHVGHKDEHUVRSRUWDGRHOFRQIOLFWRFRQOD%HVWLD\VXLPDJHQFI$S
VHGDEDQFXHQWDTXHHVDVLWXDFLRQWDPELHQVHULDODGHHOORV(OORVWHQLDQTXHDIURQWDUDOD%HVWLD
DFWXDOL]DGDHQVXFXDUWDFDEH]DFRPR5RPD\DOD0XMHU%DELORQLFDTXHDSDUHFHHQFLPDGHOD%HVWLD
1RORHVWDEDQSDVDQGRELHQFRPRWDPSRFRWRGRVDTXHOORVTXHYLYLDQHQODVHSRFDVGHODVRWUDVFDEH]DV
TXHDFWXDOL]DQDOD%HVWLDFRPRWDOLQGHSHQGLHQWHPHQWHGHOSHULRGRGHOD%HVWLDQRHVFI$S
SS(OORVVDELDQTXHWHQLDQHO(YDQJHOLR\OHVGDEDHOSRGHU\SURWHFFLRQQHFHVDULD<TXHWHQLDQ
TXHDIHUUDUVHFRPRHVRVORKDULDQ
&XDQGRFRQWHPSODEDQHVHPLOHQLRFHOHVWLDOGHOFDSLWXORSRGLDQDVHJXUDUVHHQHOSRUFXDQWRSRGLDQ
IRUPDUSDUWHGHORVTXHKDELDQUHFLELGRIDFXOWDGGHMX]JDUFID&RU\KDELDQGDGRWHVWLPRQLRGH
ODSDODEUDGH'LRVR\GH-HVXFULVWR\QRVHKDELDQVRPHWLGRDOVLVWHPDGHOD%HVWLD'HVSXHVYHQGULDOD
YLYHQFLDHQXQDWLHUUDQXHYDFRQOD-HUXVDOHQFHOHVWHFRPRWDEHUQDFXORGH'LRV$S7HQGULDQ
RSRUWXQLGDGGHH[SHULPHQWDUODLQPRUWDOLGDGFRQVHJXLGDSRU-HVXFULVWRPHGLDQWHHODUEROGHODYLGDXQ
UHSRVRHWHUQRFRQHO6KDEDWFHOHVWLDOHQFRPSDQLDGH'LRVHO6HQRU$SFI,VD\HO
&RUGHUR0HVLDVMXQWRDWRGRVORVFRPSDQHURV\VHUHVTXHULGRVVLQQDGDTXHSXHGDHYLWDUOD
IHOLFLGDG$SFI,VD
*UDFLD\SD]DYRVRWURVGHSDUWH
GHOTXHHV\TXHHUD\TXHKDGHYHQLU

GHORVVLHWHHVSLULWXV
TXHHVWDQGHODQWHGHVXWURQR
\GH
-HVXFULVWRHOWHVWLJRILHOHOSULPRJHQLWRGHORVPXHUWRV\HO
VREHUDQRGHORVUH\HVGHODWLHUUD$OTXHQRVDPDQRVKDODYDGRGHQXHVWURVSHFDGRVFRQVXVDQJUH
\QRVKL]RUH\HV\VDFHUGRWHVSDUD'LRVVX3DGUHDHOVHDJORULDHLPSHULRSRUORVVLJORVGHORV
VLJORV$PHQ
XS
<DGHVGHHOSULQFLSLR\FRPR\DKDELDPRVYLVWRHQHOSULPHUYHUVLFXORGHQWURGHXQDMHUDUTXLDGH
SHUVRQDOLGDGHV'LRV-HVXFULVWR$QJHO-XDQVLHUYRV$SDKRUDVHQRVHVWDGLIHUHQFLDQGRHQHVWH
VDOXGRWDQFRUGLDO$OTXHHVHUD\KDGHYHQLUDORVHVSLULWXVGH'LRV\D-HVXFULVWR
'LRVVHSHUVRQDOL]DHQHO$SRFDOLSVLVFRPRHO3DGUHSS\VHSUHVHQWDFRPRHOTXHHVHUD\KD
GHYHQLUGLIHUHQFLDQGRVHFRQ-HVXFULVWR\ORV(VSLULWXVXS(Q'LRVHO3DGUHVH
SUHVHQWDFRPRVLHQGRHODOID\ODRPHJDSULQFLSLR\ILQFRPRHO6HQRU(OTXHHVHUD\KDGHYHQLU
>@
DGMXQWDQGRVH(O7RGRSRGHURVR
(VWDGLIHUHQFLDFLRQHVSUHFLVRVXEUD\DUODSRUGRVDVSHFWRVHOXQRSRUODLQWHQFLRQDOLGDGTXHWLHQHHO
SURSLRWH[WRGHO$SRFDOLSVLVHQPDUFDUHVDGLIHUHQFLD(QHOFDSLWXORVHQRVSUHVHQWDDOSHUVRQDMHTXH
HVWDVHQWDGRHQHOWURQR\FRPRORVVHUHVYLYLHQWHV\ORVDQFLDQRVDGRUDQDOTXHHVWDVHQWDGR
HQHVHWURQR\VHQRVLGHQWLILFDFRPRHO6HQRU'LRV7RGRSRGHURVRHOTXHHVHOTXHHUDHO
TXHKDGHYHQLU$SXSFI\HOTXHYLYHSRUORVVLJORVGHORVVLJORVXS(O6HQRU
7RGRSRGHURVRTXHHVGLJQRFRPRVLHQGRHO6HQRU\'LRVGHQRVRWURVRNXULRVNDLRWKHRVHPRQGH
UHFLELUODEHLQODJORULD\ODKRQUD\HOSRGHUSRUTXHWXFUHDVWHWRGDVODVFRVDV\SRUWXYROXQWDGH[LVWHQ
\IXHURQFUHDGDV$SHVGHFLUHO3DGUHFI$S
&XDQGRYDPRVDOFDSLWXORVLJXLHQWHGRQGHDSDUHFH-HVXFULVWRVHQRVSUHVHQWDFRPRXQ&RUGHUR
LQPRODGRSHURWLHQHHOSRGHUFRPSOHWRGHELGRDSRVHHUHO(VSLULWX6DQWRSOHQDPHQWH$S7HQJDVH
HQFXHQWDTXHHQODHVFHQDDQWHULRUGHO3DGUHHO6HQRU'LRV7RGRSRGHURVRWHQLDGHODQWHGHOWURQRDORV
HVSLULWXVGH'LRV$S6HWUDWDGHDOJXLHQTXHQRVKDUHGLPLGRSDUD'LRV\SDUDUHLQDU<
DKRUDVHVXEUD\DTXHDO&RUGHURTXHIXHLQPRODGRSXHGHUHFLELURUHFRQRFHUVHOHTXHSRVHHHOSRGHU
JORULD\KRQUD\VHDQDGHDVXQWRVFRPRHOGHODULTXH]DVDELGXULD\IRUWDOH]D\ODDODEDQ]DTXHHV
SUHFLVRVXEUD\DUORVUHVSHFWRDO3DGUH$SFI<VHDQDGHXQDHVFHQDTXHQRVUHFXHUGD
)LOLSHQVHV3RUXQODGRVHVXEUD\DDOTXHHVWDVHQWDGRHQHOWURQR(O6HQRU'LRV
7RGRSRGHURVR\DO&RUGHUR\DKRUDWDQWRDOTXHHVWDVHQWDGRHQHOWURQRGHPRGRQDWXUDOSRUVHUTXLHQ
HVHOTXHHUDHOTXHHV\HOTXHKDGHYHQLUFRPRDOTXHDSDUHFHDOODGRGHOWURQRDO&RUGHUR$S
FIVHOHVSXHGHGDUDODEDQ]DKRQUDJORULD\SRGHU$S<FXULRVRVHWHUPLQD
GLFLHQGRSRUORVVLJORVGHORVVLJORVXS$PHQDQDGLHQGRVHTXHORVDQFLDQRVVHSURVWUDURQ
VREUHVXVURVWURV\DGRUDURQDOTXHYLYHSRUORVVLJORVGHORVVLJORVIUDVHTXHHQSULQFLSLRVHUHILHUH
DO3DGUHDOTXHHVWDVHQWDGRHQHOWURQR$SFI$SFI
&XDQGRQRWDPRVHVDVGLIHUHQFLDV\FRPSUREDPRVDOPLVPRWLHPSRODVHTXLYDOHQFLDVQRVREOLJDD
UHFRUGDUTXHHVH9HUERR/RJRVR3DODEUDTXHHUDHO/RJRVGH'LRV-QSSVSFI$SHO
PLVPR\XQLFR'LRV-QXSSULQFLSLRFUHDGRUFI$SQRRWUR'LRVQLXQVHJXQGR'LRVOOHJD
DVHUKXPDQRUHDO\WRWDOFRPRHOXQLFR+LMRHQVXHVSHFLHGHO3DGUHHO+LMRGH'LRV-QFI$S
(O+LMRTXHKDPDQWHQLGRVXSRVLFLRQH[LVWHQFLDOGHVGHVLHPSUHFRQ\HQHO3DGUH-Q
FI-QVV
(VDKXPDQLGDGODFRQWLQXDWHQLHQGRSRUODHWHUQLGDGSHURWDPELHQSRVHHORTXHHO/RJRVR9HUERR
3DODEUDR+LMRGH'LRVHVQDWXUDOH]DSOHQDGLYLQDDWULEXWRVGLYLQRVORVPLVPRVTXHHO3DGUH
(YLGHQWHPHQWHHVWRHVPX\GLILFLOLPSRVLEOHGHFRPXQLFDUORHQOHQJXDMHKXPDQR$OPLVPRWLHPSRTXH
VHSRQHHQHYLGHQFLDODLQIHULRULGDGGHORKXPDQRUHVSHFWRDO3DGUH\ODLJXDOGDGSOHQDFRQORVPLVPRV
DWULEXWRVTXHHO3DGUHFI&RO\)LOS
 3RUWRGRHOORHQ)LOLSHQVHVHODXWRUVHYHREOLJDGRDWHQHUTXHFRQVLGHUDUDO+LMRFRPRKXPDQR\
GLYLQR\DFDEDUGLFLHQGRTXHLQGHSHQGLHQWHPHQWHGHHVWDGLIHUHQFLDFLRQVLJXHPDQWHQLHQGRORVDWULEXWRV
GLYLQRV\SRUORWDQWRVHOHSXHGHDGRUDUWRGDURGLOODVHGREOHDQWHHODSDUWHGHTXHSRVHDHQVX
SHUVRQDOLGDGVXKXPDQLGDGXQLGDDODGLYLQLGDG
$KRUDHQHO$SRFDOLSVLVR5HYHODFLRQGH-HVXFULVWRVHLQWHQWDPHGLDQWHHOFRORULGROLWHUDULR\
OLQJXLVWLFRFDUDFWHULVWLFRWUDVPLWLUQRVHVDPLVPDUHDOLGDG
3RUXQODGRVHKDUHFRQRFLGRODVGLIHUHQFLDVHQWUHHO3DGUH\HO+LMRGHO+RPEUHR-HVXVR+LMRGH
'LRVR&RUGHURR/HRQGH-XGDSHURSRURWUDSDUWHSXHGHUHFLELUKRQUDJORULD\SRGHU\DODEDQ]D$S
FRPRDO3DGUHDOTXHHVWDVHQWDGRHQHOWURQRVXWURQRHOTXHYLYHSRUORVVLJORVGHORV
VLJORVHO$OID\OD2PHJDHO7RGRSRGHURVRHO6HQRU'LRV"3RUTXH"&XDQGRHODQJHOTXHKDVLGR
HQYLDGRSRUHO6HQRUHO'LRVGHORVHVSLULWXVGHORVSURIHWDVFRPSUXHEDTXHVHLQWHQWDSRVWUDUVHDQWHHO
VHOHFRQWHVWDTXHQRTXHXQLFDPHQWHGHEHDGRUDUD'LRV$SFI<QRHQWHQGHPRV
KDELHQGRVHQRVGLFKR\DHQHOFRPLHQ]RTXH-HVXFULVWRUHYHODULDSRUPHGLRGHVXDQJHOORTXHHO3DGUHOH
KDELDGDGR$S\DKRUDDSDUH]FDSRUXQODGRHO$QJHOGHO6HQRUGHO'LRVGHORVHVSLULWXVGHORV
SURIHWDVSDUDPRVWUDUODVFRVDVTXHGHEHQDFRQWHFHUSURQWR$S\SRURWUDSDUWHVHPHQFLRQDHQ
\R-HVXVKHHQYLDGRPL$QJHOSDUDGDURVWHVWLPRQLRGHHVWDVFRVDVHQODVLJOHVLDVHQDUPRQLD
FRQ$S"(QTXHTXHGDPRV""6HUDTXHHO+LMRGH'LRVHO+LMRGHO+RPEUHHO&RUGHURHOTXH
HVWXYRPXHUWR\DKRUDYLYHSRUORVVLJORVGHORVVLJORV$SXSSXHGHUHSUHVHQWDUOHDO3DGUHHQ
WRGRLQGHSHQGLHQWHPHQWHGHVXKXPDQLGDGSUHFLVDPHQWHSRUVHUHO+LMRGH'LRVH+LMRGHO+RPEUH\
SRVHHUORVPLVPRVDWULEXWRVGLYLQRV\VHTXLHUDWUDQVPLWLUHVHPHQVDMH"
2EVHUYHQGHVSXHVTXHVHKDQKHFKRODVGLIHUHQFLDVRSRUWXQDVVHWHUPLQDGLFLHQGRGHTXHHO&RUGHUR
DOLJXDOTXHHO3DGUHSXHGHUHFLELUORPLVPRTXHHO3DGUH3RGHUJORULDKRQUD\VHUDODEDGRSRUORV
VLJORVGHORVVLJORV<HVRTXHVRQ"HOHPHQWRVTXHHQWUDQHQODDGRUDFLRQ""3RGULDFODVLILFDUOHFRPR
VLHQGRXQFRQVLHUYRFRPRHODQJHOTXHUHFKD]DVHUDGRUDGR"1XQFDVHSUHVHQWDQLORSUHVHQWDQFRPR
VLHQGRXQFRQVLHUYRVLQRHO+LMRLQGHSHQGLHQWHPHQWHGHVHUHO6LHUYRGH<DKYHHVVXSHULRUDORV
DQJHOHVFI)LOSFI+EFI,VD"(QWRQFHV"
6LQRWDQFRQGHWHQLPLHQWRGHVSXHVTXHVHKDGLFKRTXHDO&RUGHURVHOHSXHGHDODEDU\UHFLELUJORULD
SRGHU\KRQUDFI\DOXQLVRQRFRQHO3DGUHFRQHOTXHHVWDVHQWDGRHQHOWURQRXSVH
GLFHTXHORVDQFLDQRVVHSRVWUDURQ\DGRUDURQDOTXHYLYHSRUORVVLJORVGHORVVLJORVH[SUHVLRQTXH
VHDGMXQWDDO6HQRU'LRV7RGRSRGHURVRDO3DGUHFI$S<GHOPLVPRPRGRTXHHO3DGUH$S
HVGLJQRGHUHFLELUODJORULD\ODKRQUD\HOSRGHUHO&RUGHURWDPELHQHVGLJQRGHUHFLELUORPLVPR
'HDKLTXHORVDQFLDQRVWDPELHQVHSRVWUHQDQWHHO&RUGHUR$S'HKHFKRHO+LMRGHO
+RPEUH$SHVHOSULPHUR\HOXOWLPRFI,VD\DXQTXHHVWXYRPXHUWRHQVX
KXPDQLGDGVHOHDGMXQWDORPLVPRTXHDO3DGUHTXHYLYHSRUORVVLJORVGHORVVLJORVFI$S"
6HUDTXHFXDQGRVHHVWDGLFLHQGRVHSURVWUDURQ\DGRUDURQDOTXHYLYHSRUORVVLJORVGHORVVLJORVVH
HVWXYLHUDUHILULHQGRDOD'HLGDGWDQWRDO3DGUHFRPRDO+LMR"
&XDQGRVHOHDGRUDD'LRVDOTXHYLYHSRUORVVLJORVGHORVVLJORV"1RVHHVWDUDDGRUDQGRDODPLVPD
\XQLFDGHLGDGUHSUHVHQWDGDHQHOTXHYLYHSRUORVVLJORVGHORVVLJORVH[SUHVLRQHVWDXOWLPDDSOLFDGD
WDQWRDO3DGUHFRPRDO+LMRHQODILJXUDGHO&RUGHUR"
(VFRUUHFWRWDPELHQTXHVHGLJDGHOWURQRGH'LRVHQUHIHUHQFLDDO3DGUH$SFIFI
FIFIFISHURGLFKRHVWRHVEXHQRVDEHUTXH-HVXFULVWRIXHDUUHEDWDGR
SDUD'LRV\VXWURQRDOWURQRGH'LRV$STXH\FRPSDUWH'LRVVXPLVPRWURQRFRQHO+LMRRHO
>@
&RUGHUR$S (O+LMRRHO&RUGHURWDPELHQHVWDMXQWRDO3DGUHHQHOWURQRGH'LRV(VWD
HQHOPHGLRGHOWURQR$S
 6HWUDWDHQGHILQLWLYDGH-HVXFULVWRHO+LMRGHO+RPEUHFHOHVWLDO$SVVTXHXQLGRD'LRV
HVWDSUHVHQWHDORODUJRGHWRGRHOOLEURFRQILULHQGRVHOHORVPLVPRVDWULEXWRVTXHDO3DGUH(ODOID\OD
RPHJDSULPHUR\XOWLPRTXHVHDSOLFDDO7RGRSRGHURVR$SFIVHDSOLFDWDPELHQDO
+LMRGHO+RPEUH-HVXFULVWR$SFI5HVSHFWRDOTXHYLYHSRUORV
VLJORVTXHVHPHQFLRQDSDUDHO7RGRSRGHURVR$SVHOHDWULEX\HWDPELHQD&ULVWR$S
(O6DQWRTXHVHDSOLFDHQXQFRQWH[WRDO6HQRUVHDWULEX\HWDPELHQD-HVXFULVWR$S
/RFLHUWRHVTXH-HVXFULVWRDSDUHFHGHVGHHOFRPLHQ]RFRPRHQODVGLYHUVDVSUHVHQFLDVHQIRUPDGH
WHRIDQLDVGHO'LRVGHO$QWLJXR7HVWDPHQWR$S'QFI6DO,VD
>@
<VXSRVLFLRQHQODVGLYHUVDVHVFHQDVDSRFDOLSWLFDV'QFI$S\
HYDQJHOLFDV0U0WVHQRVPXHVWUDFRPRFXPSOLHQGRODREUDGH'LRVPLVPR&ULVWR
HVSUHVHQWDGRSRUHO$SRFDOLSVLVFRPRVLHQGRHOSURWDJRQLVWDSULQFLSDOTXHUHDOL]DODVSURPHVDV\
SURIHFLDVGDGDVSRU'LRVD,VUDHOHQHO$QWLJXR7HVWDPHQWR6HWUDWDQRGHRWUR'LRVVLQRGHOD
UHSUHVHQWDWLYLGDGGHOPLVPR'LRVFRQWRGRVORVDWULEXWRVGLYLQRVTXHHO3DGUHSRVHH\VXKXPDQLGDG
UHDODGTXLULGDHQVXHQFDUQDFLRQ7RGRHOORHVLPSUHVFLQGLEOHDILQGHTXHHVDUHSUHVHQWDWLYLGDGSXHGD
OOHYDUVHDFDERVLQOLPLWHV
6HKDGLFKRWDPELHQTXH-XDQHQYLDXQDVDOXWDFLRQWDQWRGHOTXHHVHUD\KDGHYHQLUHO
7RGRSRGHURVR'LRV\WDPELHQGHSDUWHGHORVHVSLULWXVTXHHVWDQGHODQWHGHOWURQR\GHOSURSLR
-HVXFULVWR$S6HWUDWDGHSHUVRQDMHV/XHJRVHQRVGLFHTXHHVRVHVSLULWXVVRQORV
HVSLULWXVGH'LRV\TXHORVWLHQHHO&RUGHUR$S\HVRVHVSLULWXVTXHVRQGH'LRVVRQORV
HVSLULWXVODSOHQLWXGGHO(VSLULWXHO(VSLULWX6DQWR6HWUDWDGHRWUR&RQVRODGRU-QTXH
SURFHGHGH'LRVGHO3DGUHFI-Q\TXHHVWDQGHODQWHGHOWURQRGRQGHHVWD'LRVHO3DGUH
$S6HWUDWDGHRWUR&RQVRODGRUHO(VSLULWX6DQWR-QTXHHQYLDHO+LMRR-HVXFULVWRXQD
YH]HQVXYLGDFHOHVWH\TXHWRPDUDGHORVVX\RGHO+LMR-Q<TXHDKRUDVHQRVSUHVHQWD
HQWHUPLQRVILJXUDGRVSHURDELHUWRVDODUHDOLGDGTXHUHSUHVHQWDQFRPRORV(VSLULWXVGHODQWHGHVX
WURQRFRPRSHUVRQDMHGLIHUHQFLDGRWDQWRGHO3DGUHFRPRGHO+LMRR-HVXFULVWR$SXSFISSFI
SS&RPRORV(VSLULWXVGH'LRV$STXHHVWDQGHODQWHGHOWURQRGH'LRV$S\TXHORV
WLHQHDVXGLVSRVLFLRQHO&RUGHUR$SXSFI
\GH
-HVXFULVWRHOWHVWLJRILHOHOSULPRJHQLWRGHORVPXHUWRV\HOVREHUDQRGHORVUH\HVGHOD
WLHUUD$OTXHQRVDPDQRVKDODYDGRGHQXHVWURVSHFDGRVFRQVXVDQJUH\QRVKL]RUH\HV\
VDFHUGRWHVSDUD'LRVVX3DGUHDHOVHDJORULDHLPSHULRSRUORVVLJORVGHORVVLJORV$PHQ

XS
(QHVWDLQWURGXFFLRQSDUHFHFRPRVL-XDQWXYLHUDSULVDGHGHMDUFODURGHVGHHOSULQFLSLRTXH-HVXFULVWR
HVHOVREHUDQRGHORVUH\HVGHODWLHUUD1XQFDORVFULVWLDQRVORKDQSDVDGRELHQFRQORVUH\HVGHOD
WLHUUD3HURHQDTXHOHQWRQFHVQRKDELDH[FHSFLRQHVFRPRODVKD\DKRUD\SRUHOPRPHQWRHQORVSDLVHV
GHPRFUDWLFRV(QHVRVPRPHQWRVHOLGHDULRLPSHULDOURPDQRWDOFRPR\DKHPRVGHMDGRFRQVWDQFLDVH
DWULEX\RVLJXLHQGRODWUDGLFLRQEDELORQLFDODDXWRULGDGVXSUHPDSRGHUWHPSRUDO\HVSLULWXDO
DUURJDQGRVHHOVHU3RQWLIH[0D[LPXV'HDOJXQPRGRHVRVXSRQLDSRVHHUFLHUWRVDWULEXWRVGLYLQRV\OD
DFHSWDFLRQGHOFXOWRDODSHUVRQDSXHVWRTXHVHFRQVLGHUDEDGLRV\VREHUDQR$KRUD-XDQGHXQ
SOXPD]RGHVEDQFDDHVRVSRUTXHXQLFDPHQWH-HVXFULVWRHVHOVREHUDQR<SRUVLIXHUDSRFRQRVKDKHFKR
DFDGDXQRGHQRVRWURVUH\HV\VDFHUGRWHVSDUD'LRVVX3DGUH(OVDFHUGRFLRXQLYHUVDOTXHRVWHQWDPRV
ORVFUH\HQWHVD3HGVXSRQHVHUYLFLR\VDFULILFLRFI5P
'HDFXHUGRDODFRQVWUXFFLRQJUDPDWLFDOGHODIUDVH\DORVSURSLRVFRQWHQLGRVHVDJORVDILQDODHOVHD
ODJORULDHLPSHULRXSVHUHILHUHGHOTXHVHKDQHVWDGRDUUDVWUDQGRODVLGHDV-HVXFULVWR
+HDTXLTXHYLHQHFRQODVQXEHV7RGRRMRORYHUD\ORVTXHORWUDVSDVDURQ\WRGRVORVOLQDMHVGH
ODWLHUUDVHODPHQWDUDQSRUFDXVDGHHO6LDPHQ$S
(OWHPDFHQWUDOGHO$SRFDOLSVLVHVORTXHQRVSURSRUFLRQDHVWHFDSLWXORSULPHURUHVSHFWRDORTXH
LPSOLFDHO+LMRGHO+RPEUH\TXHH[SOLFDPRVHQGHWDOOHPDVDGHODQWH\DORTXHKHPRVDOXGLGRHQ
DOJXQDRFDVLRQDFDEDUFRQORVHQHPLJRVGH'LRVPHGLDQWHODREUDFHOHVWHTXHLPSOLFDHQWUHRWUDV
FRVDVODSUR\HFFLRQGHOUHLQRGH'LRVHQODWLHUUDSRUPHGLRGHVXSXHEORFRQODILQDOLGDGGHTXHVH
SURGX]FDODOLEHUDFLRQGHWRGDODKXPDQLGDGTXHKDGHELGRYHQLUDODH[LVWHQFLD\TXHVHKDFRQVWLWXLGR
HQVLHUYRVGH'LRV$S\HVWDUHSUHVHQWDGDHQHVDVLJOHVLDV<HQWRQFHVDSDUHFHHOHOHPHQWR
HVWUHOOD(OUHWRUQRGH-HVXFULVWR
(VWRQRVKDFDXWLYDGRDPLOORQHVGHSHUVRQDV&XDQGRPHFRQYHUWLDOFULVWLDQLVPRFRPSUHQGLOD
LPSRUWDQFLDTXHWHQLDODYHUGDGVREUHHOUHWRUQRGH-HVXFULVWR(QWRQFHVHUDPX\MRYHQ\TXLVH
LQYROXFUDUPHHQODWDUHDGHSURFODPDUXQDSUHSDUDFLRQSDUDXQDYHQLGDLQPLQHQWH(QDTXHOHQWRQFHVQR
FRPSUHQGLDORVGHWDOOHVGHODHVSHUD/RTXHKDELDVXSXHVWRHVHSURFHVRGHWDUGDQ]D\GHVSHUWDU
&XDQGRPLUDVKDFLDDWUDVHQODKLVWRULD\FXDQGRFRPSUXHEDVWXVDQRVSDVDGRV\QRWDVORTXHWHTXHGD
SRUGHODQWHVHFRQILJXUDODUHDOLGDGGHORTXHIDOWD/DVHJXQGDYHQLGDGH-HVXFULVWRHVWDSOHQDPHQWH
OLJDGDDODSUHSDUDFLRQGHXQSXHEORSDUDHVHUHWRUQR\DXQDSUHGLFDFLRQGHO(YDQJHOLRHQHOPXQGR
HQWHUR7RGDYLDQRVDEHPRVODVJHQHUDFLRQHVTXH'LRVTXLHUDYHQJDQDODH[LVWHQFLD\VLQHPEDUJROD
5HYHODFLRQGH-HVXFULVWRGLFHVLQDPELJXHGDGHVFRPRVLQDGDORTXHKDGHVXFHGHUSURQWR$S
HOWLHPSRHVWDFHUFD\KHDTXLYLHQHFLHUWDPHQWHYHQJRHQEUHYHVLYHQ6HQRU-HVXV

<DKHPRVH[SOLFDGRHVWR<GHVGHOXHJRQRVOOHQDGHHVSHUDQ]DDXQTXHWHQJDPRVTXHUHFXUULUHQ
RFDVLRQHVDORTXH\DVHQRVH[SOLFDSDUDWRGRVDTXHOORVTXHPXULHURQGHVGHODHSRFDGH-XDQHQHVD
HVSHUDQ]DFID7HV1RVOOHQDGHHVSHUDQ]DKDFLHQGRQRVFUHHUTXHSRGHPRVHVWDUYLYRVVLQ
SDVDUSRUODPXHUWHSDUDFXDQGRHOYHQJD6LJXHVLHQGRSDUDQRVRWURVXQDUHDOLGDGPDQLILHVWD3RUTXH
VHJXLPRVSHQVDQGRDQWHORXQLFRTXHIDOWDSRUFXPSOLUVHTXHODSUHGLFDFLRQGHOHYDQJHOLRDOPXQGR
HQWHURSXGLHUDGDUVHFRQODIRUPDFLRQGHHVRVTXHVHQRVGLFHTXHVHUHDOL]DHQWUHHOVH[WR\HO
VHSWLPRVHOOR$S3RGULDVHUXQDRSFLRQVHJXUDVLQRVFRQVWLWX\HUDPRVGHDFXHUGRDO
SUHFRQRFLPLHQWRGLYLQRHQDTXHOORVTXHVHQRVGLFHHQHO$STXHDQXQFLDQHO(YDQJHOLR(WHUQRHQ
WRGRHOFRQWH[WRGH$S
(VWDQGRHVWXGLDQGR&28PHSUHVHQWHDXQFRQFXUVROLWHUDULRGRQGHHVFRJLFRPHQWDUDOHVFULWRU
QLFDUDJXHQVH5XEHQ'DULRHQVXFDQWRGHHVSHUDQ]DGHOTXHKHVHOHFFLRQDGRHVWDVSRHWLFDVIUDVHV
/DWLHUUDHVWDSUHQDGDGHGRORUWDQSURIXQGR

TXHHOVRQDGRULPSHULDOPHGLWDEXQGR

VXIUHFRQODVDQJXVWLDVGHOFRUD]RQGHOPXQGR

9HUGXJRVGHLGHDOHVDIOLJLHURQODWLHUUD

(QXQSR]RGHVRPEUDODKXPDQLGDGVHHQFLHUUD

&RQORVUXGRVPRORVRVGHORGLR\GHODJXHUUD

2K6HQRU-HVXFULVWR"3RUTXHWDUGDVTXHHVSHUDV

SDUDWHQGHUWXPDQRGHOX]VREUHODVILHUDV

\KDFHUEULOODUDOVROWXVGLYLQDVEDQGHUDV"

6XUJHGHSURQWR\YLHUWHODHVHQFLDGHODYLGD
 6REUHWDQWDDOPDORFDWULVWHRHPSHGHUQLGD

4XHDPDQWHGHWLQLHEODVWXGXOFHDXURUDROYLGD

9HQ6HQRUSDUDKDFHUODJORULDGHWLPLVPR

9HQFRQWHPEORUGHHVWUHOODV\KRUURUGHFDWDFOLVPR

9HQDWUDHUDPRU\SD]VREUHHODELVPR

<WXFDEDOOREODQFRTXHPLURHOYLVLRQDULR

3DVH\VXHQHHOGLYLQRFODULQH[WUDRUGLQDULR

0LFRUD]RQVHUDEUDVDGHWXLQFHQVDULR

6LYHQ6HQRU-HVXV\SHUPLWHTXHSXHGDFRODERUDUFRPRFULVWLDQRHQWXYHQLGD
1XEHV6HWUDWDGHWHRIDQLD-HVXFULVWRYLHQHFRQQXEHVGHDQJHOHV
<WRGRRMRORYHUD
'HDFXHUGRDOD%LEOLDODUHVXUUHFFLRQGHMXVWRVHLPSLRVFI-QVHUHDOL]DHQGRVWLHPSRV
/DGHORVPXHUWRVHQ&ULVWR-QFID&RUD7HV\OD
GHORVLPSLRVGHVSXHVGHSDVDGRVDQRVDSDUWLUGHODVHJXQGDYHQLGDGH-HVXFULVWR$S

3RUORWDQWRVHJXQHVWRWRGRRMRORYHUDVHUHILHUHHQSULQFLSLRDORVUHVXFLWDGRVTXHYHQVX
YHQLGD\DORVTXHHVWHQYLYRVMXVWRVHLPSLRVFXDQGR-HVXFULVWRYHQJD
<ORVTXHOHWUDVSDVDURQ
'HQWURGHWRGRRMRORYHUDKDEULDTXHDQDGLUDHVWRVTXHOHWUDVSDVDURQ6HWUDWDWDOFRPRHOWH[WR
LQGLFDGHXQDPLQRULDGHSHUVRQDVTXHKDQWHQLGRDOJRHVSHFLDOTXHYHUHQODPXHUWHGH&ULVWR$TXL
WHQLHQGRHQFXHQWDORVYDORUHVILJXUDGRVTXHSXHGHQHQWUDUDIRUPDUSDUWHGHOOHQJXDMHDSRFDOLSWLFROD
IUDVHORVTXHOHWUDVSDVDURQSRGULDHVWDUKDFLHQGRPHQFLRQDORVTXHWXYLHURQTXHYHUGLUHFWDPHQWHHQ
ODFRQGHQDLQMXVWDGH-HVXV\DORVTXHHQODKLVWRULDKDQWUDVSDVDGRDDTXHOORVGHORVTXHUHSUHVHQWDQD
&ULVWRHQVXLWLQHUDULRKLVWRULFRHVSLULWXDOFI0W
(YLGHQWHPHQWHDXQTXHHVWDUHVXUUHFFLRQDFRQWHFHHQRFDVLRQGHVXYHQLGDFID&RUQRHQ
RWURPRPHQWRHVHYLGHQWHTXH-XDQLQFOX\HXQDUHVXUUHFFLRQGHFLHUWRVLPSLRV(O1XHYR7HVWDPHQWRQRV
SURYHHODUHVXUUHFFLRQGHORVMXVWRVHQRFDVLRQGHOUHWRUQRGH-HVXFULVWRQRVHQRVKDEODGHOD
UHVXUUHFFLRQGHORVLPSLRVPDVTXHH[FHSFLRQDOPHQWH-XDQSUHFLVDPHQWHHOTXHWUDVPLWHODVSDODEUDVGH
-HVXVUHVSHFWRDODUHVXUUHFFLRQHVHOTXHQRVFODULILFDHQRWURVWH[WRVODUHJODJHQHUDOGHODUHVXUUHFFLRQ
(OQRVKDELDGLFKRTXHKDEULDXQDUHVXUUHFFLRQJHQHUDOGHMXVWRVHLPSLRV-QSHURFODVLILFDOD
GHORVMXVWRVHQRFDVLRQGHODVHJXQGDYHQLGDGH-HVXFULVWRHQHOSRVWUHURGLD-Q
\ODGHORVLPSLRVDQRVGHVSXHVFI$S7RGRHVWRGHDFXHUGRDOD5HYHODFLRQGH
-HVXFULVWRTXHHVWDH[SRQLHQGRQRV/XHJRSRUORWDQWRHVDH[FHSFLRQHVODSURSLDUHYHODFLRQGH
-HVXFULVWRTXLHQQRVODSURYHHDVDELHQGDVGHORTXHHOSURSLR-HVXFULVWRQRVKDGLFKRHQVXHYDQJHOLR
FI-Q<HVWRHVWDHQFRQVRQDQFLDFRQ3DEORTXHQRUHFRQRFHUHVXUUHFFLRQSDUDORV
LPSLRV
3RURWUDSDUWHSRGULDPRVWHQHUXQSUHFHGHQWHGHHVWRHQHOKRPRORJRGH-XDQ'DQLHOHQVX
DSRFDOLSWLFD(QHIHFWR'DQLHOQRVGLFHTXHHQHOILQGHORVWLHPSRVDFRQWHFHUDODUHVXUUHFFLRQGHMXVWRV
HLPSLRV'QFI-QFID&RUFID7HV(VWDUHVXUUHFFLRQ
LQGHSHQGLHQWHPHQWHGHVXFRQWH[WR\FRQWHQLGRSXQWXDOKDGHLQWHUSUHWDUVHGHDFXHUGRDORTXHQRV
 >@
SURYHHHO1XHYR7HVWDPHQWR 3RGULDKDFHUPHQFLRQDODPLVPDUHVXUUHFFLRQTXH
WHUPLQRORJLFDPHQWHQRVGLFH-XDQVLQHVSHFLILFDUQRVFXDQGRDFRQWHFHODXQD\ODRWUD3HUR
WDPELHQSRGULDKDFHUPHQFLRQDODTXHLQFOX\HHVDH[FHSFLRQDOLGDGTXHQRVSUHVHQWD-XDQHQ$S(VH
PXFKRVGHORVTXHGXHUPHQPXFKRVTXHDQWHFHGHDOFRQWHQLGRVHSXGLHUDUHIHULUQRDWRGRV
FRPSOHWDPHQWH0XFKRVWRGRVORVMXVWRVWRGRVORVTXHHVWDQHVFULWRVHQHOOLEURGHODYLGDSHURQR
WRGRVORVLPSLRVVLQRDOJXQRV&RQORFXDOVHMXVWLILFDULDLJXDOPHQWHHOWHUPLQRPXFKRVSRUFXDQWR
WRGRVORVMXVWRVGHWRGRVORVWLHPSRVPDVXQDPLQRULDGHLPSLRVQRVHULDQHQHVWHFDVRWRGRVWRWDOPHQWH
QRWRGRVORVTXHGXHUPHQHQHOSROYRGHODWLHUUDSHURVLPXFKRVSRUFXDQWRQRHVWDULDQFRQWHPSODGRV
WRGRVORVLPSLRVVLQRDOJXQRVWDQVROR\VLHVWDULDQFRQWHPSODGRVWRGRVORVPXHUWRVGHWRGDVODVHSRFDV
TXHHVWDQHVFULWRVHQHOOLEUR
,QVLVWLPRV/DUHVXUUHFFLRQDYDODGDHQ$SQRURPSHHVWHHVTXHPD\DTXHVHWUDWDGHXQDDGLFLRQ
DFODUDWRULDGHODHVFULWXUDGHDFXHUGRDODVREHUDQLDGLYLQDGHTXHXQJUXSRUHGXFLGRGHORVTXH
KLFLHURQHVSHFLDOPHQWHORPDORORVTXHOHKDQWUDVSDVDGRHQODKLVWRULDGHVGHVXHVWDQFLDHQVX
SULPHUD9HQLGDKDVWDHOHQWRQFHVGHVXVHJXQGD9HQLGDFI0WVHUDQWHVWLJRVUHDOHV\
UHSUHVHQWDWLYRVGHHVDVHJXQGD9HQLGD3RUORWDQWRQRUHVXFLWDQHQRWUDUHVXUUHFFLRQGLVWLQWDDODVTXH
-HVXVPHQFLRQD\PRULUDQ\UHVXFLWDUDQHQODGHFRQGHQDFLRQ
<RVR\HO$OID\OD2PHJDSULQFLSLR\ILQGLFHHO6HQRUHOTXHHV\TXHHUD\TXHKDGHYHQLUHO
7RGRSRGHURVR$S
3DUDUDWLILFDUORTXHVHKDGLFKRGHODVHJXQGDYHQLGDGH-HVXFULVWRVHFLHUUDHOEORTXHFRQODDXWRULGDG
GHO7RGRSRGHURVR(O3DGUHHO'LRV7RGRSRGHURVRDOTXHVHDSOLFDHOFRQWHQLGRYLHQHHQODSHUVRQD
GHVX+LMR
<R-XDQYXHVWURKHUPDQR\FRPSDQHURHQODWULEXODFLRQHQHOUHLQR\HQODSHUVHYHUDQFLDGH
-HVXFULVWRHVWDEDHQODLVODOODPDGD3DWPRVSRUFDXVDGHODSDODEUDGH'LRV\GHOWHVWLPRQLRGH
-HVXFULVWR$S
1RVRWURVDFHSWDPRVODIHFKDWDUGLDGHFHUFDGHODQRSDUDODFRPSRVLFLRQGHO$SRFDOLSVLV\TXH
FRQ'RPLFLDQRTXHJREHUQRFRPRHPSHUDGRUGHOSDUHFHULDORPDVSUREDEOHSDUDHOWHVWLPRQLR
KLVWRULFRTXHQRVSUHVHQWD-XDQHQHVWHYHUVLFXOR\SDUDODFRPSRVLFLRQGHO$SRFDOLSVLVHQFRQWUDQGRVH
HQ3DWPRV3RUXQODGRVHQRVGLFHSRUHOKLVWRULDGRUURPDQR3OLQLRFHUFDGHODQRTXH3DWPRVHUD
XQDFRORQLDSHQDO\WDQWR9LFWRULDQRGH3HWDYLRFRPR(XVHELRFRPLHQ]RVGHOV,9QRVFRQFUHWDQTXH
-XDQIXHH[LOLDGRDHVDFRORQLDSHQDO3DWPRVSRU'RPLFLDQRTXHKDELDH[LJLGRODDGRUDFLRQFRPR
'LRV(OSURSLR(XVHELRQRVGLFHTXH-XDQIXHOLEHUDGRHQRFDVLRQGHODOOHJDGDGHOQXHYRHPSHUDGRU
1HUYDHQHOPRPHQWRHQTXHVHVDEHTXHIXHURQOLEHUDGRVORVTXHKDELDVLGRFRQGHQDGR
>@
LQMXVWDPHQWH\DQDGHTXH-XDQIXHD(IHVRHQVXOLEHUDFLRQ
(VWDQGR\RHQHO(VSLULWXHQHOGLDGHO6HQRURLGHWUDVGHPLXQDJUDQYR]FRPRGHWURPSHWD
$S
>@
.XULDNHKHPHUD"HOGRPLQJR"
$QDOLVLVGH$SRFDOLSVLV
/OHJXHDHVWDUHJXHQRPHQHQHVSLULWXHQSQHXPDWLHQHOGLDRHQODMRUQDGDKHPHUD6HQRULDONXULDNH\RL
$XVHQFLDHQHOWH[WRGHODSDODEUDGRPLQJRRSULPHUGLD
6HWUDWDGHXQDH[SUHVLRQXQLFDHQWRGDOD%LEOLD.XULDNHOLWHUDOPHQWH6HQRULDOHVXQDGMHWLYR
>@
IHPHQLQRHQGDWLYR DVRFLDGRDOVXVWDQWLYRHQGDWLYRKHPHUDGLDTXHHQJULHJRHVIHPHQLQR
1XHVWUDSULPHUDREMHFLRQDODGHFODUDFLRQGHODXWRUTXHKHPRVUHFRJLGRHQQRWDDSDUWHHQFXDQWRDTXH
HOGRPLQJRRSULPHUGLDGHODVHPDQDKDVLGROODPDGRGLDGHO6HQRUGHVGHORVWLHPSRVDSRVWROLFRV
GDQGRFRPRSUXHEDHOWH[WRGH$SRFDOLSVLVHVTXHHOWH[WRJULHJRGHGLFKRWH[WRQRWUDHODSDODEUD
GRPLQJRRSULPHUGLDGHODVHPDQD'LFKDH[SUHVLRQVHODLGHQWLILFDDUELWUDULDPHQWHFRQHOGRPLQJR
>@
PXFKRVDQRVGHVSXHVDFXDQGR-XDQHVFULEH 3DUDTXHODIUDVHHQFXHVWLRQSXGLHUDDVRFLDUVHDOD
LGHDGHTXHHOGRPLQJRRSULPHUGLDGHODVHPDQDIXHUDHOGLDGHO6HQRUVHULDSUHFLVRTXHKXELHUDXQ
SUHFHGHQWHDFXDQGR-XDQHVFULEHHO$SRFDOLSVLV<HVWHQRORKD\
6LODIUDVHHVWXYLHUDKDFLHQGRUHIHUHQFLDDXQGLDGHO6HQRUKDEULDTXHEXVFDUHVHSUHFHGHQWHHQOD
>@
HSRFDFRQWHPSRUDQHDGH-XDQRHQODTXHIXHURQHVFULWRVORV(YDQJHOLRV -XDQORPLVPRTXHORV
RWURVDSRVWROHVRORVTXHHVFULEHQHO(YDQJHOLRQXQFDLGHQWLILFDQDOSULPHUGLDGHODVHPDQDTXHDKRUD
VHOODPDGRPLQJRFRQXQOODPDGRGLDGHO6HQRU
(OPDJLVWHULRGHOD,JOHVLD&DWROLFDUHSUHVHQWDGRSRUHORUJDQRRILFLDOGHO&DUGHQDO*LEERQV\GHO
SURSLR9DWLFDQRHQ(VWDGRV8QLGRVH[SRQHODLPSRVLELOLGDGGHTXHDKLVHSXHGDDSOLFDUODSDODEUD
>@
GRPLQJRFRPRGLDGHO6HQRU
(VWDLPSHUWLQHQWHUHDOLGDGTXHQRVSUHVHQWDHOPDJLVWHULR&DWROLFRHQ(VWDGRV8QLGRVDYDODGRSRUHO
FDUGHQDO*LEERQV\SRUHOSURSLR9DWLFDQRHQ86$SDUHFHLQFUHLEOHSHURKD\GRVFRQFHSWRVTXHHV
SUHFLVRVREUHVDOWDUTXHGLFKRPDJLVWHULRDWHQLHQGRVHH[FOXVLYDPHQWHDODVROD(VFULWXUDUHFRQRFH
TXHQRKD\QLQJXQDSR\RHQODV(VFULWXUDVSDUDODLQVWLWXFLRQGHO'RPLQJRRSULPHUGLDGHODVHPDQD
FRPRGLDVDJUDGRTXHHOWH[WRGH$SRFDOLSVLVQRHVWDKDFLHQGRUHIHUHQFLDDOGRPLQJR\SRUOR
WDQWRDSHVDUGHODFLWDDSLHGHSDJLQDGHOPDJLVWHULRGH-XDQ3DEOR,,QRFRLQFLGHFRQHVHRWUR
PDJLVWHULRVREUHQWHQGLGRSDUDORV2ELVSRVGHOD,JOHVLD&DWROLFDHVSHFLDOPHQWHFXDQGRVHWUDWDGHXQ
UHSUHVHQWDQWHGHOPDJLVWHULRGHO9DWLFDQRHQ(VWDGRV8QLGRVFRPRHVHOFDVRGHO&DUGHQDO*LEERQV
HOPRWLYRGHHVWDVGHFODUDFLRQHVSUHWHQGLDQDOFDQ]DUSRUSDUWHGHOPDJLVWHULR&DWROLFRODHYLGHQFLDGH
TXHVLHQODV(VFULWXUDVQRKD\EDVHSDUDJXDUGDUHOGRPLQJRORVSURWHVWDQWHVHVWDULDQDFHSWDQGROD
>@
DXWRULGDGGHOD,JOHVLD&DWROLFDHQXQDVXQWRSDUDHOTXHQRKD\EDVHHQODVROD(VFULWXUD
(QHIHFWRVHYXOQHUDXQDGHODVUHJODVKLVWRULFDVTXHFXDOTXLHULQYHVWLJDGRUTXHVHSUHFLHGHWDOKD
GHWHQHUHQFXHQWDDODKRUDGHODLQWHUSUHWDFLRQGHXQDH[SUHVLRQFRPRODTXHQRVRFXSDQDGLHSXHGH
REWHQHUXQDFRQFOXVLRQFRPRTXHNXULDNHKHPHUDVLJQLILFDGLDGHOGRPLQJREDVDQGRVHHQTXH
SRVWHULRUPHQWHDYDULRVDQRVDFXDQGR-XDQHVFULEHDOJXLHQRIUH]FDDUELWUDULDPHQWHHVHSDUHFHU(VRQR
WLHQHQLQJXQYDORU1LHQORVHVFULWRVGH-XDQQLHQQLQJXQHVFULWRELEOLFRDOGRPLQJRRSULPHUGLDGHOD
VHPDQDVHOHOODPDGLDGHO6HQRU
(OSULPHUGLDGHODVHPDQDRGRPLQJRQXQFDHVOODPDGRGLDGHO6HQRUHQOD3DODEUDGH'LRV$S
FI0F,VDHVVLPSOHPHQWHHOSULPHUGLDGHODVHPDQD0WVS0F
/F-Q(UDSUHFLVRVHQDODUHVHSULPHUGLDGHODVHPDQDSXHVWRTXHVHKDELDDQXQFLDGR
XQDSURIHFLDHQFXDQWRDTXHHQHOWHUFHUGLDUHVXFLWDULDFI0W0F/FFI/F
/F
(OWH[WRGH$SRFDOLSVLVQRFRQWLHQHODSDODEUDGRPLQJR<ODXQLFDDXWRULGDGTXHSRGULDFRQFHGHU
HVHYDORUDODH[SUHVLRQGLDGHO6HQRUNXULDNHKHPHUDTXHDSDUHFHHQ$SRFDOLSVLVVHULDOD
VDJUDGD(VFULWXUD3HURHVWDORQLHJD
"+D\DOJXQGLDGHO6HQRUHVWDEOHFLGRSRU'LRV"6LHOSULPHUGLDGHODVHPDQDQRORHV"OD3DODEUDGH
'LRVFRQVLJQDDOJXQRWUR"
(OXQLFRGLDGHO6HQRUHVHO6DEDGRRVHSWLPRGLDGHODVHPDQD
 $YDQ]DQGRHQQXHVWURHVWXGLROD(VFULWXUDUHFRQRFHH[FOXVLYDPHQWHDO6DEDGRVHSWLPRGLDFRPRHO
GLDTXHSHUWHQHFHDO6HQRUHOXQLFRGLDDJXDUGDUVDQWR
(O6DEDGRVHSWLPRGLDTXHHVHOXQLFRGLDTXHVHSUHVHQWDFRPRVLHQGRGHO6HQRU,VD\GHO
TXH-HVXVVHOODPD6HQRU0FSXHVWRTXHHV6X&UHDGRU*QFI-Q&RO
([PDUFDODGLIHUHQFLDFRQHOSULPHUGLDGHODVHPDQD0W0F/F
-Q+HFK+E
>@
FI$S0W
(QFRQFOXVLRQSRUXQODGROD5HYHODFLRQELEOLFDQRDGPLWHQXQFDDOSULPHUGLDGHODVHPDQDR
GRPLQJRFRPRGLDGHO6HQRU\SRURWUDSDUWHDILUPDFDWHJRULFDPHQWHTXHHO6DEDGRVHSWLPRGLDGHOD
VHPDQDHVHOXQLFRGLDGHO6HQRU3RUWRGRHOORSRGHPRVDVHJXUDUTXHGHDFXHUGRDORTXHQRVGLFHOD
VRODHVFULWXUDHOGRPLQJRFRPRGLDGHUHSRVRRFRPRVLHQGRHOGLDGHO6HQRUQRWLHQHXQRULJHQ
DSRVWROLFR
"<TXHGHFLUGHORVDSR\RVTXHGHODSDWULVWLFDVHXWLOL]DQUHVSHFWRDTXH.XULDNHKHPHUDGH
$SRFDOLSVLVSXGLHUDVLJQLILFDUHOGRPLQJR"/D'LGDFKHFLWDXVDGDQRUPDOPHQWHQRPHQFLRQD
>@
SDUDQDGDODSDODEUDGLD LQGHSHQGLHQWHPHQWHGHTXHIXHHVFULWDSRVWHULRUPHQWHDO
>@
$SRFDOLSVLV (OWH[WRJULHJRWDPSRFRFRQWLHQHQLODH[SUHVLRQGRPLQJRQLTXHHOSULPHUGLDGHOD
VHPDQDIXHUDHOGLDGHO6HQRU
&XDQGRHQ$SRFDOLSVLVVHKDEODGHO6HQRULDONXULDNHYDDFRPSDQDGRH[FOXVLYDPHQWHGHGLD
KHPHUD1RVHUHSLWHVHQRULDOGHO6HQRU"3RUTXH"3RUTXHLQGHSHQGLHQWHPHQWHGHOVHQWLGRTXHSXHGD
WHQHUODIUDVHVHTXLHUHHVWDEOHFHUHOGLDGHO6HQRULDO6LQHPEDUJRHOFRQFHSWR6HQRULDOHQOD'LGDFKH
QRHVWDDVRFLDGRDQLQJXQDSDODEUDWHPSRUDOSRUFXDQWRHOWLSRGHUHXQLRQTXHDKLVHH[SUHVDQRUHTXHULD
HOWHQHUORTXHKDFHUHQXQVRORGLDGHWHUPLQDGR3HURODUHXQLRQHVWDPDUFDGDSRUORTXHSXHGDVLJQLILFDU
HO6HQRULDOWHQLHQGRHQFXDQWDHOFRQWHQLGRGHOWH[WR
&XDQGRUHDOL]DPRVXQDOHFWXUDGHODVIUDVHVGHOD'LGDFKHGHVFXEULPRVTXHVHKDFHPX\SRFR
IDYRUDODFRPSUHQVLRQGHOSDVDMHFXDQGRVHLQWHQWDXWLOL]DUHOVXEWHUIXJLRGHLQWURGXFLUXQWHUPLQRTXH
HVWDDXVHQWHHQHOWH[WRSUHWHQGLHQGRHQWHQGHUPHMRUODH[SUHVLRQVHQRULDOGHO6HQRUNXULDNHQNXULRX
(OHVFULWRHQFXHVWLRQQRVGLFH
(VWDQGRUHXQLGRVVHJXQNDWDHO6HQRULDOGHO6HQRUNXULDNHQGHNXULRXURPSHGHOSDQ\GDG
JUDFLDVGHVSXHVGHKDEHUFRQIHVDGRYXHVWURVSHFDGRV
"4XHVLJQLILFDODSDODEUD6HQRULDO"
/DSDODEUDFRQWLHQHHOVHQWLGRGHVREHUDQLDDXWRULGDGSRGHUGLUHFFLRQ
/DLGHDTXHHODXWRUGHOD'LGDFKHQRVTXLHUHGDUHVTXHFXDQGRXQRHVWDUHXQLGRVHJXQODDXWRULGDG
RVREHUDQLDNXULDNHQGHO6HQRUNXULRX'LRVHVHOTXHGLULJHHVDUHXQLRQRFXSDQGRVXOXJDUGH
6REHUDQR\HQWRQFHVVHFUHDHOPDUFRLGRQHRSDUDSRGHUFXPSOLUFRQKXPLOGDGORTXHLPSOLFD\VLJQLILFD
HVHUHFRUGDWRULRGHODPXHUWHGH-HVXVFXDQGRVHURPSHHOSDQUHFRQRFLPLHQWRGHORVSHFDGRV
FRQIHVLRQGHHVWRV\UHFRQFLOLDFLRQ&XDQGRPHVRPHWRD'LRVFXDQGRUHFRQR]FRVX6HQRULDOFXDQGR
HVWR\UHXQLGRVHJXQHVH6HQRULDOTXHSHUWHQHFHDO6HQRUHVWR\EDMRVXDXWRULGDG\GLUHFFLRQ
(VSUHFLVRUHXQLUVHVHJXQHO6HQRULDOGHO6HQRUSDUDSRGHUFXPSOLUHOURPSHGHOSDQ\ODFRQIHVLRQ(V
GHFLUHODXWRUSUHVHQWDHOHVSLULWXTXHGHEHUHLQDUHQHVDFODVHGHUHXQLRQHVXQHVSLULWXVHJXQHO
VHQRULDOGHO6HQRUVHJXQODDXWRULGDGODVREHUDQLDTXHSHUWHQHFHDO6HQRU
(QFRQFOXVLRQHOWH[WRGHOD'LGDFKHQRPEUDGRQRFRQWLHQHQLODSDODEUDGLD\QLPXFKRPHQRVHO
WHUPLQRGRPLQJRTXHVLJXHWHQLHQGRHOYDORUGHSULPHUGLDGHODVHPDQD\SRUORWDQWRQDGDGHQDGD
UHVSHFWRDXQGLDGHO6HQRU/D'LGDFKHQRSXHGHLQYRFDUVHHQQLQJXQOXJDUQLPRPHQWRFRQXQD
SUHWHQVLRQIDYRUDEOHUHVSHFWRDODH[LVWHQFLDGHOGRPLQJRFRPRWDOVLQHPEDUJRQRVIDFLOLWDXQ
WHVWLPRQLRDIDYRUGHODREVHUYDQFLDGHO6DEDGR(QHOFDSLWXORDILUPD
9XHVWURVD\XQRVQRVHDQDOWLHPSRTXHORKDFHQORVKLSRFULWDVSXHVHVWRVD\XQDQHOVHJXQGR\
TXLQWRGLDGHODVHPDQD9RVRWURVHPSHURD\XQDGHOGLDFXDUWR\HOGHODSUHSDUDFLRQSDUDVNHXHQ
(VHYLGHQWHSRUODQRPHQFODWXUDHPSOHDGDTXHHOGLDGHODSUHSDUDFLRQVHQDODDOGLDVLJXLHQWHFRPRHO
GLDHVWDEOHFLGRSRU'LRVSDUDVDQWLILFDUVHJXQGRGLDOXQHVTXLQWRMXHYHVFXDUWRPLHUFROHV\OD
H[SUHVLRQWHFQLFDSDUDVNHXHQFRUUHVSRQGLHQWHDQXHVWURYLHUQHV\TXHVLUYHSDUDGHQRPLQDUDOGLD
DQWHULRUDOGLDDVDQWLILFDUR6DEDGR
(ODXWRUFDWROLFR%HUQDUGLQR/ORUFDLGHQWLILFDDORTXHOD'LGDFKHOODPDGLDGHSUHSDUDFLRQFRQHO
YLHUQHVVREUHQWHQGLHQGRDO6DEDGRFRPRHOGLDDVDQWLILFDU
>@
/D'LGDFKHFRQPHPRUDHOPLHUFROHV\HOYLHUQHVFRPRGLDVHVSHFLDOPHQWHFRQVDJUDGRVDOD\XQRSRUORVFULVWLDQRV!!
1XHVWUDSUHJXQWDSODQWHDGDHQHVWHDSDUWDGROD'LGDFKH"KDEODGHOGRPLQJRFRPRGLDGHO
6HQRU"SRGHPRVUHVSRQGHUODVLQGXGDVGHQLQJXQDFODVH12/D'LGDFKHQRVRORQRKDEODGHOGRPLQJR
QLGHDOJXQGLDGHO6HQRUVLQRTXHQLVLTXLHUDLQFOX\HODSDODEUDGLDSRUORWDQWRDXQFXDQGRQRVHUYLULD
FRPRDXWRULGDGQRUPDWLYDGHKDEHUFRQWHQLGRVHPHMDQWHSURSRVLFLRQQRSXHGHWUDHUVHFRPRDSR\RSRU
-XDQ3DEOR,,FRPHWLHQGRHVWHXQIODJUDQWHHUURU/D'LGDFKHSRUHOFRQWUDULRDGHPDVGHVXPLQLVWUDUXQ
DUJXPHQWRDIDYRUGHODREVHUYDQFLDGHO6DEDGRLQFRUSRUDSRUHOHPSOHR\FRQVWUXFFLRQGHODIRUPXOD
NXULDNHQGHNXULRX\GHQWURGHXQFRQWH[WRGHWHUPLQDGRXQXVRGHNXULDNRVTXHGHVGH$SRFDOLSVLV
GHWHUPLQDXQVHQWLGRGHSHQGLHQGRVXVLJQLILFDGRGHILQLWLYRGHODSDODEUDFRQTXHHVWHDVRFLDGD
"<ODFLWDGHOD&DUWDD/RV0DJQHVLRV,;GH,JQDFLRGH$QWLRTXLDXQWHVWLPRQLRDIDYRUGHO
GRPLQJRHQGHWULPHQWRGHO6DEDGR"
6LQHQWUDUHQODGLVFXVLRQGHODDXWHQWLFLGDGGHGLFKDFDUWDMXQWRDRWUDVGHOPLVPRDXWRUFRPRVLHQGR
>@
GH,JQDFLRGH$QWLRTXLD\SRUORWDQWRQRDFRPHWLHQGRHOSUREOHPDGHODIHFKDGHFRPSRVLFLRQ OD
FLWDSUHVHQWDGDFRPRWHVWLPRQLRGHOGRPLQJR126,59("3RUTXH"3RUTXHGHQXHYRVHLQVHUWDOD
SDODEUDGLDGRPLQJR\VDEDGRHVWDQGRDXVHQWHV&LHUWRVDXWRUHVROYLGDQWRGRWLSRGHSUHFDXFLRQHV\
FXDQGRDSDUHFHHOWHUPLQRNXULDNHOHDSOLFDQHOYDORUTXHOHGLROD,JOHVLD&DWROLFD5RPDQDPX\
SRVWHULRUPHQWHDODDSDULFLRQGHHVRVHVFULWRV
/DFDUWDD/RV0DJQHVLRVQRGLFHHQQLQJXQOXJDUTXHKD\DTXHGHMDUGHJXDUGDUHOVDEDGRGHMDQGR
SDVRDOGRPLQJRFRPRHOGLDGHORVFULVWLDQRV1RWHVHHOWH[WRGHGRQGHVHSUHWHQGHWUDGXFLU1R
JXDUGDQGR\DHOVDEDGRVLQRYLYLHQGRVHJXQHOGRPLQJRPHNHWLVDEEDWLGVRQWHVDOODNDWDNXULDNHQ
GVRQWHV!!
&RPRSXHGHREVHUYDUVHHOWH[WRHQFXHVWLRQQRGLFHTXHGHMHPRVGHJXDUGDUHOVDEDGR1LWDPSRFRVH
PHQFLRQDGHQLQJXQPRGRDOGRPLQJRQLDODH[SUHVLRQGLD/DIUDVHDILUPDQRVDEDWL]DQGRVLQR
YLYLHQGRVHJXQHOVHQRULDO!!
'LFKDIUDVHHVWDXELFDGDGHOVLJXLHQWHPRGR
$KRUD ELHQ VL ORV TXH VH KDELDQ FULDGR HQ HO DQWLJXR RUGHQ GH FRVDV YLQLHURQ D OD QRYHGDG GH HVSHUDQ]D PHNHWL
VDEEDWLGVRQWHVDOODNDWDNXULDNHQGVRQWHVQRVDEDWL]DQGRVLQRYLYLHQGRVHJXQHOVHQRULDOHQORRHQHOTXHWDPELHQDPDQHFLR
ODYLGD"FRPRSRGHPRVYLYLUIXHUDGH$TXHODTXLHQORVPLVPRVSURIHWDVGLVFLSXORVVX\RVTXHHUDQ\DHQHVSLULWXOHHVSHUDEDQ
>@
FRPRDVXPDHVWUR"!!
&RPRSXHGHQRWDUVHQRVHHVWDGLFLHQGRQDGDHQFRQWUDGHVHJXLUJXDUGDQGRHO6DEDGRQLVHLQFOX\H
WDPSRFRQDGDHQUHODFLRQDOGRPLQJRRDODSDODEUDGLD<HVWRSRUTXHFXDQGROHHPRVHOFDSLWXOR
DQWHULRUGHOD&DUWDTXHHVWDPRVDQDOL]DQGRHOSURSLRDXWRUDILUPDGHORVSURIHWDVGHODHSRFDGHO
$QWLJXR7HVWDPHQWRORTXHVLJXH
  3RUTXH VL KDVWD HO SUHVHQWH YLYLPRV D HVWLOR GH MXGLRV FRQIHVDPRV QR KDEHU UHFLELGR OD JUDFLD (Q HIHFWR ORV SURIHWDV
>@
GLYLQLVLPRVYLYLHURQVHJXQ-HVXFULVWR!!
6DEDWL]DUHVXQHVWLORLQFRUUHFWRMXGLRGHJXDUGDUHO6DEDGR<ORVSURIHWDVTXHJXDUGDEDQHO6DEDGR
QRVDEDWL]DEDQVLQRTXHFRPRYLYLDQGHDFXHUGRD-HVXFULVWRQRHQWUDEDQGHQWURGHHVDDFXVDFLRQ
"4XHVLJQLILFDHQWRQFHVQXHVWUDIUDVHQRVDEDWL]DQGRVLQRYLYLHQGRVHJXQHO6HQRULDO"
8QDYH]PDVQRYHPRVQHFHVDULRWHQHUTXHDQDGLUXQDSDODEUDTXHD\XGHDFRPSUHQGHUORTXHHODXWRU
>@
HVWDSUHWHQGLHQGRH[SUHVDU
>@
(ODXWRUD/RV0DJQHVLRVDFDEDGHDILUPDUQRV TXHH[LVWHQGRVPDQHUDVGHRULHQWDUODYLGD
UHOLJLRVDFULVWLDQDGHDFXHUGRDXQHVWLORMXGLRLQDGHFXDGR\RWUDFRQIRUPHDOHVWLORMXGLRFRUUHFWRHO
>@
GHORVSURIHWDVTXHSUHFLVDPHQWHYLYLHURQVHJXQ-HVXFULVWR
>@
$KRUD DOXGLHQGRDDTXHOORVTXHH[LVWLHQGRHQHODQWLJXRRUGHQGHFRVDVQRVGLFHTXHVLHVWRVQR
VDEDWL]DEDQVLQRTXHYLYLDQVHJXQHO6HQRULDO"&RPRQRVRWURVYDPRVDVHUPHQRVTXHHOORV"
$OWHQHUHQFXHQWDHOFRQWH[WRGHVFXEULPRVTXHORTXHVHDILUPDGHORVSURIHWDVDQWLJXRVHQHOFDSLWXOR
9,,,UHIHUHQWHDYLYLUVHJXQ-HVXFULVWRVHLGHQWLILFDHQHOFDSLWXOR,;FXDQGRGLFHQRVDEDWL]DQGRVLQR
YLYLHQGRFRQDUUHJORDO6HQRULDO(VHYLGHQWHSXHVTXHORVSURIHWDVDOXGLGRVSRU,JQDFLRTXH
>@
FHOHEUDEDQHO6DEDGRVDQWLILFDQGRHOVHSWLPRGLD\YLYLDQVHJXQ-HVXFULVWR QRVDEDWL]DEDQQR
WHQLDQXQHVWLORMXGLRLQFRUUHFWRVLQRTXHYLYLDQVHJXQHO6HQRULDO/RTXHTXLHUHGHFLUTXHFHOHEUDUHO
6DEDGRHQHOVHSWLPRGLDFRPRKDFLDQORVDQWLJXRVSURIHWDVVHLQFOX\HHQHOYLYLUVHJXQ-HVXFULVWRRHO
6HQRULDO(VLPSRVLEOHTXHFRQQRVDEDWL]DUSXGLHUDLQIHULUVHTXHQRVHGHEHFHOHEUDUHOVDEDGR
>@
SXHVWRTXHORVSURIHWDVORVDQWLILFDEDQ\HVRQRHUDLPSHGLPHQWRSDUDYLYLUVHJXQ-HVXFULVWR (O
6HQRULDONXULDNHFXDQGRQRHVWDDVRFLDGRDXQDSDODEUDTXHORUHVWULQJHLQFOX\HWRGRORUHODWLYRDOD
DXWRULGDGDODUHDOH]DDODGLUHFFLRQDODVREHUDQLDDODDFWLWXGDODLGHRORJLDGHO6HQRU-HVXFULVWR
/D&DUWDD/RV0DJQHVLRVGH,JQDFLRGH$QWLRTXLDQRVXPLQLVWUDQLQJXQWLSRGHVRSRUWHSDUDGHIHQGHU
TXHHOGRPLQJRIXHUDLQWURGXFLGRSRUORVDSRVWROHV6RVWLHQHDOFRQWUDULRTXHHO6DEDGRHOGLDGHO6HQRU
>@ >@
GHORVSURIHWDV HVWDGHQWURGHODYLYHQFLDVHJXQ-HVXFULVWRRHO6HQRULDO \GHVFRQRFH
WRWDOPHQWHODH[LVWHQFLDGHXQGLDGHO6HQRUGLVWLQWRDO6DEDGRR6HSWLPRGLDGHODVHPDQD
&RQODVGRVFLWDVTXHQRVKHPRVYLVWRREOLJDGRVDDQDOL]DUSRUODSUHWHQVLRQGH-XDQ3DEOR,,
GHVFXEULPRVXQDFRQWULEXFLRQQRWDEOHDILQGHFRPSUHQGHUHOVLJQLILFDGRGHOOODPDGR6HQRULDOTXH
DSDUHFHHQ$SRFDOLSVLV
6HFRPSUXHEDTXHHO6HQRULDOWLHQHTXHYHUFRQ-HVXFULVWR\TXHWRGRORTXHLPSOLFD-HVXFULVWRFRPR
HO6HQRU.XULRV,GHRORJLDGRFWULQDSULQFLSLRV5H\5HLQR*RELHUQR6REHUDQLD6HQRULR3RGHU
$XWRULGDGDFWLWXGHV\PDQHUDGHVHU\SHQVDUVHLGHQWLILFDQFRQHVH6HQRULDO&XDQGRHVH6HQRULDOVH
HQFXHQWUDDVRFLDGRD6HQRUFRPRHVHOFDVRGHOD'LGDFKHQRVHVWDLQGLFDQGRTXHODSHUVRQDGH
-HVXFULVWROOHQD\DEDUFDWRGRORTXHSXGLHUDLPSOLFDUHO6HQRULDOTXH-HVXFULVWRHVXQDGLPHQVLRQ
VXSUHPDTXHHVWDSRUHQFLPDGHWRGR\GHFXDOTXLHUD\SRUORWDQWRHVHOTXHGHEHRULHQWDUQXHVWUD
DFWLWXG\FRQGXFWD
(QHOFDVRGHOD&DUWDDORV0DJQHVLRVKD\XQDLGHQWLGDGHQWUHHO-HVXFULVWRGHOFS9,,,\HO6HQRULDO
GHOFS,;SHURHQHOFRQWH[WRGHXQDYLYHQFLDVHJXQ-HVXFULVWR\SRUORWDQWRFRQIRUPHD6X6HQRULDO
(VH6HQRULDOTXHGHEHVHUWRGRHQODH[LVWHQFLDGHFDGDFULVWLDQRH[SOLFD\GHILQHORTXHVHULDYLYLUVHJXQ
-HVXFULVWR(VHYLGHQWHTXHGHVGHHO1XHYR7HVWDPHQWRVHSUHWHQGHFRQILJXUDUXQDSHUVRQDODGH
-HVXFULVWRFRPR$XWRULGDG6XSUHPDIUHQWHDFXDOTXLHURWUD(OUHLQRGHHVWHPXQGRWLHQHVX.XULRVVX
6REHUDQRHQODSHUVRQDGHO(PSHUDGRU\ODJHQWHSURJUDPDVXYLGDVRFLDOIDPLOLDUSXEOLFD\SULYDGDGH
>@
DFXHUGRDODVGLUHFWULFHVRSHUPLVLRQHVGHORTXHUHSUHVHQWD\HPDQDHVH(PSHUDGRU HVSUHFLVR
TXHHOFULVWLDQRQRVHDWHQJDDORTXHHOPXQGRVHVRPHWHVLQRTXHVXYLGDGHSHQGDH[FOXVLYDPHQWHGHO
6HQRULDOGHO6HQRU-HVXFULVWR\VHRULHQWHGHDFXHUGRDORTXHHVRVLJQLILFD3HURWDPELHQVHSXHGHQ
KDFHULQWHUSUHWDFLRQHVGHOD3DODEUDGH'LRVTXHQRVHVXMHWDQDODGLUHFFLRQDXWRULGDGDFWLWXG
LGHRORJLDGHORTXHLPSOLFDHO6HQRULDOGH-HVXFULVWR(QHVWHFDVRHVSUHFLVRUHFRUGDUTXHXQFULVWLDQR
TXHVHSUHFLHGHWDOGHEHYLYLUVHJXQ-HVXFULVWRDFRUGHDO6HQRULDO&RQODSDODEUD6HQRULDOVHSUHWHQGH
OOHQDUWRGRORTXHSHUWHQHFHD-HVXFULVWRVXGRFWULQDLGHRORJLDGRPLQLRSRGHU\DXWRULGDGVREHUDQD
"4XHVLJQLILFDGHILQLWLYDPHQWH$SRFDOLSVLV"
(OWH[WRHJHQRPHQOOHJXHDHVWDURDFDHUHQSQHXPDWLHQHVSLULWXRHQHOHVSLULWXHQWHHO
NXULDNHGHOVHQRULDOKHPHUDGLDRMRUQDGD/OHJXHDHVWDUHQHO(VSLULWXHQHOGLDGHO6HQRULDO
>@
.XULDNH
/DFRQGLFLRQGHOOHJDUDHVWDUHQ(VSLULWXRHQHO(VSLULWXFRQVLVWHHQDEVWUDHUVHGHODVFRVDV
WHUUHQDOHVVRORHVWDEDFRQVFLHQWHGHODVLPSUHVLRQHVTXHOHOOHJDEDQGHO(VSLULWX6DQWR/DSHUFHSFLRQ
>@
QDWXUDOGHORVVHQWLGRVIXHVXVWLWXLGDFRPSOHWDPHQWHSRUXQDSHUFHSFLRQHVSLULWXDO
<HVWRVXFHGHHQHOGLD6HQRULDO.XULDNHKHPHUD
"$TXHKDFHPHQFLRQHOGLD6HQRULDO""$O'RPLQJRRSULPHUGLDGHODVHPDQD",PSRVLEOH
<DKHPRVFRPSUREDGRTXHKD\WRWDOPHQWHDXVHQFLDGHODSDODEUDGRPLQJRRSULPHUGLDGHODVHPDQD\
TXHODH[SUHVLRQQRVHOHLGHQWLILFDGHHVHPRGRQLDQWHULRUPHQWHQLHQODHSRFDFRQWHPSRUDQHDD-XDQ
1RKD\QLQJXQDSRVLELOLGDGDTXHVHKDJDUHIHUHQFLDDOGRPLQJRRSULPHUGLDGHODVHPDQDFRPRGLDGHO
6HQRUSRUTXHQLHQODV(VFULWXUDVGRQGHDSDUHFHODUHIHUHQFLDDOGLDGHO6HQRUQLHQORVHVFULWRVGRQGH
VHXWLOL]DODIRUPXODVHPHMDQWHFRPRUHILULHQGRVHDO6HQRULDODORTXHOHSHUWHQHFHDO6HQRUVHDOXGH
DOGRPLQJRRSULPHUGLDGHODVHPDQDFRPRVXVLJQLILFDGR3RVHHPRVODVPLVPDVUD]RQHVGDGDVSDUD
UHFKD]DUHOGRPLQJRFRPRHOGLDVHQDODGRHQGLFKDIUDVHDGHPDVGHORTXHGLJDPRVSRVWHULRUPHQWHSDUD
LPSXJQDUHOTXHVHSUHWHQGLHUDLGHQWLILFDUDGLFKRGLDFRQHOGLDDQXDOUHFRUGDWRULRGHODUHVXUUHFFLRQ
>@
TXHWXYRXQDFLHUWDUHVRQDQFLDFRPRIUXWRGHODFHOHEUDFLRQGHODSDVFXDDQXDO
>@
"$OGLDGHO6HQRUHVFDWRORJLFR" 7DPSRFR
9DULDVUD]RQHVLPSRVLELOLWDQFRQWHVWDUDILUPDWLYDPHQWH8QDQXQFDVHGHQRPLQDDVLDOGLDGHOMXLFLR
GHO6HQRURHVFDWRORJLFRFID&RUD&RUD7HVD3HG1RFRPSUHQGHPRVSRU
TXHKDELHQGRXQDIRUPXODFDUDFWHULVWLFDSDUDHVWHDVXQWR-XDQKD\DSRGLGRFDPELDUSDUDUHIHULUVHDOGLD
>@
HVFDWRORJLFRDXQDH[SUHVLRQXQLFDHLQXVXDO 'RV/DFRQVWUXFFLRQGHODIUDVHWDOFRPRVH
SUHVHQWDQRUHVSRQGHDODSUHJXQWDDGRQGHOHOOHYDHO(VSLULWXVLQRFXDQGRWLHQHODH[SHULHQFLDHQHO
>@ >@
(VSLULWX /DUHVSXHVWDDODREMHFLRQTXHVHSRQH/77DOERW HQFXDQWRTXHFRPRSRGLD
HVFULELUVREUHODYLGDDFWXDOGHODV,JOHVLDVFRPRORKDFHHQORVFDSLWXORVGRV\WUHVVLKXELHUDVLGR
>@
HQYLDGRHQHOHVSLULWXDOJUDQGLDGH'LRVQRSXHGHVDWLVIDFHUQLDXQFRQHODSR\RGHRWURV /D
SUHSRVLFLRQHQGHODQWHGHXQHOHPHQWRWHPSRUDOFRPRHVGLDH[LJHHOGDWRFURQRORJLFRGHOPRPHQWRD
FXDQGRUHFLEHHVDSULPHUDYLVLRQFRQLQGHSHQGHQFLDGHTXHUHFLEDRWUDVHQRWURVLQVWDQWHVGHPRGR
VHPHMDQWH\QRVHHVSHFLILTXHHOGLDFRQFUHWRFI$S/DUD]RQHVHYLGHQWH(QHVDVRODRFDVLRQ
RFXUULRHQHOGLD6HQRULDO\HVSUHFLVRVXEUD\DUOR"3RUTXH"6LELHQKD\XQDVFLUFXQVWDQFLDVTXH
DQWHFHGHQDODDSDULFLRQGHODVSHFWRWHPSRUDO\TXH\DKHPRVDOXGLGRHQQRWDDSDUWHOXJDUFDXVD
VLWXDFLRQ\HOHVTXHPDUHFODPDHOPRPHQWRHQUHFLELUODSULPHUDYLVLRQQRHVPHQRVFLHUWRTXHVHXQHD
HVWDFR\XQWXUDRFDVLRQDOXQPRWLYRRFDVLRQDOLGHRORJLFRDGLFLRQDO"&XDO"/DUHVSXHVWDFRUUHVSRQGHD
QXHVWUDWHUFHUDUD]RQ'HVGHHOFRPLHQ]RKDVWDHOILQDOHO$SRFDOLSVLVHVXQFDQWRGHWULXQIRGHO5HLQR
GH'LRVVREUHORVUHLQRVGHHVWHPXQGR$TXLHQHOFRPLHQ]RVHSUHVHQWDD-HVXFULVWRFRPRHO6REHUDQR
GHORVUH\HVGHODWLHUUD$SFI\HQVXYHQLGDDSDUHFHHOQRPEUHGH5H\GHUH\HV\6HQRUGH
>@
VHQRUHV$S (VHYLGHQWHTXHGHVGHHOSULQFLSLRGHO$SRFDOLSVLVVHSUHWHQGHPRVWUDUOD
GLIHUHQFLDFRPSDUDWLYDHQWUH-HVXFULVWRFRQFXDOTXLHUVHUTXHSUHWHQGDDWULEXLUVHXQDDXWRULGDGVXSUHPD
(O(PSHUDGRUVHKDFRQVWLWXLGRFRPRVLHQGRHOVXPR6REHUDQRHQHOUHLQRGHHVWDWLHUUDVXWLWXOR
3RQWLIH[0D[LPXVWUDGXFHVXDXWRULGDGVXSUHPDWDQWRHQHODVSHFWRSROLWLFRRWHPSRUDOFRPRHQHO
HVSLULWXDO(VWH6REHUDQRSUHWHQGHVHUXQLFR\HMHUFHXQGRPLQLRWRWDOVREUHFXDOTXLHUFULDWXUD/D
VXPLVLRQLGHRORJLFDDHVWH6HQRUHUDLQFRQGLFLRQDOQRHQYDQRVHDUURJDHOQRPEUH.XULRV\7KHRV
>@ >@
7RGDYLDPDVHVWH6HQRU.XULRV(PSHUDGRU6HEDVWRV R6REHUDQRKDTXHULGRTXHVHOH
>@
GHGLTXHXQGLDHOGLDGHHVH(PSHUDGRUDOTXHVHOHFRQVLGHUDWDPELHQ6HQRU.XULRV (VORJLFR
TXH-XDQSRQJDOD5HDOH]DR6REHUDQLDHO6HQRULDOGH-HVXFULVWRFRQWRGRORTXHHVRLPSOLFDIUHQWHDOD
UHDOH]DRVREHUDQLDGHO(PSHUDGRU<HQHVHFRQWH[WRGRQGHVREUHVDOHODVREHUDQLD\HOUHLQRGH
-HVXFULVWRIUHQWHDFXDOTXLHUUH\RUHLQRGHHVWDWLHUUDFI$SVHDOXGHDOGLDGHQXHVWUR
6REHUDQRDOGLDTXHSHUWHQHFHDO6HQRUDVX6HQRULDO'HODPLVPDIRUPDTXHKD\XQGLDGHGLFDGRDO
HPSHUDGRUHQYLUWXGGHVXVREHUDQLD\FRPRPXHVWUDGHILGHOLGDGDGLFKRHPSHUDGRUORVFULVWLDQRVTXH
WLHQHQDOYHUGDGHURLQWUDQVIHULEOH\VXSUHPRVREHUDQR\UHLQDGRGHGLFDQWDPELHQXQGLDFDGDVHPDQDHO
>@
GLDTXHOHHVSURSLRGRQGHGHPXHVWUDQVXVHQDOGHILGHOLGDG
3RUWRGDVODVUD]RQHVH[SXHVWDVQRVHSXHGHDFHSWDUTXHVHUHILHUDDOGLDHVFDWRORJLFRQRUHVSRQGH
DODIRUPXODTXHVHHPSOHDSDUDKDEODUGHOGLDGHO6HQRUDOILQDOGHORVWLHPSRVODFRQVWUXFFLRQGHOD
IUDVHH[LJHXQGLDFRQFUHWRGHDFXHUGRDOFRQWH[WRFLUFXQVWDQFLDOHLGHRORJLFRUHFODPDHOGLD
HVSHFLILFRHQTXHRFXUUH
"$OGLDGHO6DEDGRFRPRGLDGHQXHVWUR6HQRU"(VODXQLFDVROXFLRQ
1XHVWURDQDOLVLVGH$SRFDOLSVLVMXQWRDORVDSR\RVGHOD'LGDFKH\GHODFDUWDDORV
0DJQHVLRV,;GHVFDUWDQWRGDSRVLELOLGDGUHVSHFWRDTXHSXHGDUHIHULUVHDOGRPLQJRRSULPHUGLDGHOD
VHPDQDFRPRVLHQGRHO'LDGHO6HQRU7DPSRFRVHSXHGHDFHSWDUODLQWHUSUHWDFLRQGHTXHHOGLDKDJD
DOXVLRQDOGLDGHO-XLFLRXOWLPR/DXQLFDLQWHUSUHWDFLRQYDOLGDHVTXHHOGLD6HQRULDODOTXHDTXLVH
LQGLFDVHDHOGLDTXH-XDQHOOODPDGR1XHYR7HVWDPHQWR\ODV(VFULWXUDV+HEUHDVFRQVLGHUDQFRPR
VLHQGRHOGLDTXHSHUWHQHFHDO6HQRU*Q([,VD(]T0F\
TXHVHFHOHEUDJXDUGDQGRORPHGLDQWHWRGRORTXHLPSOLFDHOUHSRVRHQKRQRU\UHFXHUGRGHO'LRV
&UHDGRU*Q-Q&RO+E(ID3HG6WJ-QD
-QFI*Q([+E
(O'LDGHO6HQRUSDUD-XDQ
-XDQHQVXVHVFULWRV(YDQJHOLR\&DUWDVGHMDFRQVWDQFLDGHWUHVFRVDVIXQGDPHQWDOHVTXHHQWHQGLD
HOSRUHOGLDTXHVHJXDUGDEDSDUD'LRV\GHTXHPRGRHVHGLDVHKDGHFHOHEUDUGHDFXHUGRDO6HQRU
ODGLVWLQFLRQLQHTXLYRFDHQWUHHOGLDTXHVHVDQWLILFDKDFLHQGR6DEDGRHQHOVHSWLPRGLD\HOOODPDGR
HVFXHWDPHQWHSULPHUGLDGHOD6HPDQD\HOFRQRFLPLHQWRTXHSRVHLDVREUHODOH\GH'LRVTXH
>@
LQFOXLDHOPDQGDPLHQWRGHO6DEDGR

.XULDNHKHPHUD"HO6DEDGR"6,
8QDYH]TXHKHPRVDQDOL]DGRWDQWRHOFRQWH[WRFRPRHOFRQWHQLGR\ODFRQVWUXFFLRQGHODIUDVHKHPRV
FRPSUHQGLGRODLPSRVLELOLGDGGHTXHVHKDJDUHIHUHQFLDDOSULPHUGLDGHODVHPDQDRGRPLQJRRDOGLD
HVFDWRORJLFRGHO6HQRU
+HPRVFRPSUREDGRHOVLJQLILFDGRGHODSDODEUD6HQRULDO&RQHOODVHHVWDUHIOHMDQGRWRGRORTXH
SHUWHQHFHDO6HQRU(O6HQRULDOHVLGHQWLILFDUWHFRQXQDYLYHQFLD(VODPDQHUDFRQTXHPXHVWUDVWX
ILGHOLGDG\VRPHWLPLHQWRDXQPRGRGHVHUFRPRHV-HVXFULVWR(O6HQRULDOWLHQHTXHYHUFRQOD$XWRULGDG
HLGHRORJLDGHO6HQRU\ODPDQHUDFRQTXHWHVRPHWHVDHVD$XWRULGDG\FXPSOHVORVSULQFLSLRV\
FRQWHQLGRVGHHVDLGHRORJLD
>@
"4XHVHQWLGRWLHQHDTXLHQODHSRFDGH-XDQ" 6LQGXGDTXHHVRVDXWRUHVSRVWHULRUHVKDQ
SUHWHQGLGREDVDUVHHQORTXHHOFRQWH[WRELEOLFROHVVXJHULD
&XDQGRDQDOL]DPRVHODGMHWLYRPDVFXOLQRTXHXWLOL]D3DEOR.XULDNRQGHLSQRQODFHQDGHO6HQRULDO
D&RU\REVHUYDPRVHOFRQWH[WRQRWDPRVXQDYH]PDVTXHVHSUHWHQGHH[SUHVDUTXHVHWUDWDGH
OD&HQDTXHFRUUHVSRQGHDO6HQRUFODULILFDQGRVHXQDPDQHUDRDFWLWXGTXHVHKDGHWRPDUHQHVDFHQDSRU
VHUOD&HQDGHO6HQRULDOFID&RU
(QHOWH[WRGH$SRFDOLSVLVHODGMHWLYR6HQRULDO.XULDNHVHDVRFLDDOGLDGHHVH6HQRULDO
7HQLHQGRHQFXHQWDHOFRQWH[WRODVDSOLFDFLRQHVLPSRVLEOHV\OR\DLQGLFDGRSRGHPRVDILUPDUOR
VLJXLHQWH
(O6HQRULDOHVORSURSLRGHO6HQRU-HVXFULVWRORTXHFRUUHVSRQGHDO6HQRU(OGLD6HQRULDOHVHOGLD
SURSLRRTXHFRUUHVSRQGHDO6HQRU(VHOGLDTXHVHYLYHGHDFXHUGRDO6HQRULDODODPDQHUDTXHRULHQWD
\VXSRQHVHUGHO6HQRU"<FXDOHVHOGLDTXHFRUUHVSRQGHDO6HQRU"(O-HVXFULVWR&UHDGRU\5HGHQWRU
WLHQHXQGLDFRPR5H\GHUH\HV\6HQRUGHVHQRUHV(VHOGLDGHVX5HDOH]DGHVX6HQRULDOGHVX5HLQRR
*RELHUQRHVHOGLD6HQRULDOHOTXHVHJXDUGDHQUHFXHUGR\KRQRUGHO6HQRU&UHDGRUTXHDGHPDV
LPSOLFDODUHFXSHUDFLRQGHFULDWXUDILOLDOPHGLDQWHODUHGHQFLRQ(QFRQWUDSRVLFLRQDOGLDGHO
(PSHUDGRUTXHVHFRQVLGHUD'LRV\6HQRU\TXHWLHQHXQGLDHQVXKRQRUKD\TXHUHFRUGDU\YLYLUHOGLD
GHO6HQRU-HVXFULVWRGHDFXHUGRDVX6HQRULDO(OGLD6HQRULDOHVHOGLDTXH'LRVKDHVWDEOHFLGRSDUD
PDQLIHVWDUVHFRPR6REHUDQR\XQLFR"SRUTXH"SRUTXHHQHVHGLDQRKD\QDGDQLQDGLHTXHSXHGDRFXSDU
VXWLHPSR\OXJDUWRGRJLUDDOUHGHGRUGH'LRV\VX2EUDHOVHUKXPDQRVHVLHQWHOLEUHGHDEDQGRQDUVXV
TXHKDFHUHVFRWLGLDQRV\GHHQWUDUHQODUHFRQFLOLDFLRQFRQ'LRVHQWRGRVORVRUGHQHVEXVFDQGRTXHQDGD
QLQDGLHSXHGDSULYDUOHGHODFRPXQLRQFRQ'LRV(VHOGLDGHODUHIOH[LRQHQODREUDFUHDGRUD\
UHFUHDGD\TXHQRVUHFXHUGDFRQVWDQWHPHQWHQXHVWUDGHSHQGHQFLDGHO6HQRU
"<FXDOHVHVHGLD"
'HVGHHO*HQHVLVKDVWDHO$SRFDOLSVLVVRORVHFRQRFHXQGLDGHO6HQRUHOGLDGHORVSURIHWDVHOGHO
6HQRU-HVXV\GHORV$SRVWROHVHO6DEDGRVHSWLPRGLDGHODVHPDQDTXHHVSUHFLVRREVHUYDUORGH
DFXHUGRDO6HQRULDODODVRULHQWDFLRQHVGHO6HQRU-HVXFULVWR*QFI0F([
,VD(]T-HU/F+HFK
>@
+EFI$S0W
7RGDYLDPDVDOLGHQWLILFDUVH+LMRGHO+RPEUHFRPRHO6HQRUGHO6DEDGR0WFI0F
HQYLUWXGGHOGHUDVSHVHU+LMRGHO+RPEUH\GHOVHQWDUVHDODGLHVWUDGH'LRV0W-Q
VHQRVPXHVWUDTXHHO6KDEDWWLHQHXQRULJHQFHOHVWLDO
 6H\HUUDDOGDUD$SRFDOLSVLVXQYDORUTXHHOWH[WRQRORDXWRUL]D6LVHDWXYLHUDTXLHQIXHUDDOD
VROD(VFULWXUD\QRDFHSWDUDSDUDOD'LGDFKH\ODFDUWDGH,JQDFLRXQDWUDGXFFLRQTXHQRFRUUHVSRQGHDO
WH[WRJULHJRVHULDPHQRVIDOLEOH+HPRVWHQLGRRSRUWXQLGDGGHFRPSUREDUTXHODEDVHLQLFLDOTXHVH
RIUHFHHVWRWDOPHQWHHUURQHD\WRGRVHFRQVWUX\HDSDUWLUGHXQFLPLHQWRTXHQRRIUHFHQLQJXQDSUXHEDQL
JDUDQWLDVROLGD7RGDVXKLSRWHWLFDWHVLVGHVFDQVDHQODDUHQD/DPHQWDPRVTXHFLHUWRVHVWXGLRVRVTXHKDQ
WUDEDMDGRFRQWDOHQWRDOJXQDVLQYHVWLJDFLRQHVOOHJDQGRDUHVXOWDGRVTXHIDYRUHFHQQXHVWURFRQRFLPLHQWR
QRVHDQFDSDFHVGHDWHQHUVHDODVSURSLDVUHJODVDVXPLGDVSRUHOORV\TXHODKLVWRULD\OD5HYHODFLRQ
H[LJHQHQUHODFLRQDDOJRTXHQRSXHGHHVWDUPDVFODURORUHODWLYRDODLQVWLWXFLRQGHOXQLFR\YHUGDGHUR
GLDGHO6HQRUHOVDEDGRHQHOVHSWLPRGLDGHODVHPDQDFRQVDJUDGRSRU'LRV\UHYHODGRHQODV6DJUDGDV
(VFULWXUDV
TXHGHFLD(VFULEHHQXQOLEURORTXHYHV\HQYLDORDODVVLHWHLJOHVLDVTXHHVWDQHQ$VLDD(IHVR(VPLUQD3HUJDPR
7LDWLUD6DUGLV)LODGHOILD\/DRGLFHD

(O FRPLHQ]R<RVR\HO$OID\OD2PHJDHOSULPHUR\HOXOWLPR QRYLHQHHQORVPDQXVFULWRV\ODV%LEOLDVDFWXDOHVQRORWUDHQ<D

KHPRVHVWXGLDGRFRPRVHSXHGHFRPSDUWLUHVHFRQWHQLGRWHQLHQGRHQFXHQWDRWURVSDVDMHVGHO$SRFDOLSVLV
/RTXHHVSUHFLVRUHFDOFDUHVTXHORTXHVHGHFLDHUDTXHVHHVFULELHVHHQXQOLEURORTXH-XDQYLHUD\
YHLD\ORHQYLDVHHVHOLEURDHVDVLJOHVLDVGH$VLD<"3RUTXH"3RUTXHHVHPHQVDMHWDOFRPR\D
KHPRVYLVWROHVVHUYLDDORVPLHPEURVGHODVGLIHUHQWHVLJOHVLDVORQHFHVLWDEDQ\SRURWUDSDUWHDOOHHUOR
VHGDEDQFXHQWDGHTXHVHFRQYHUWLDQFRPRLJOHVLDVHQSURWRWLSRVGHWRGDODLJOHVLDGHDTXHOHQWRQFHV\
GHOIXWXUR$GHPDVGHVHUYLUGLFKROLEURDWRGDVODVJHQHUDFLRQHVGHWRGDVODVHSRFDV&RPSUREDEDQ
FRPRLQGLFDUHPRVTXHHOPHQVDMHD(IHVRWDPELHQVHUYLDD/DRGLFHD\YLFHYHUVD-XDQ
LQGHSHQGLHQWHPHQWHGHOLQWHUHVTXHLEDDGHVSHUWDUSRUVXUHODFLRQFRQHOODVVHFRQYHUWLULDQHQODV
SURSDJDGRUDVGHOOLEURDRWURV\HVWRVRWURVDRWURV\DVLVXFHVLYDPHQWH
0HYROYLSDUDYHUODYR]TXHKDEODEDFRQPLJR<YXHOWRYLVLHWHFDQGHODEURVGHRUR\HQPHGLR
GHORVVLHWHFDQGHODEURVDXQRVHPHMDQWHDO+LMRGHO+RPEUHYHVWLGRGHXQDURSDTXHOOHJDEDKDVWD
ORVSLHV\WHQLDHOSHFKRFHQLGRFRQXQFLQWRGHRUR6XFDEH]D\VXVFDEHOORVHUDQEODQFRVFRPR
EODQFDODQDFRPRQLHYHVXVRMRVFRPROODPDGHIXHJR6XVSLHVHUDQVHPHMDQWHVDOEURQFHSXOLGR
UHIXOJHQWHFRPRHQXQKRUQR\VXYR]FRPRHOHVWUXHQGRGHPXFKDVDJXDV(QVXGLHVWUDWHQLDVLHWH
HVWUHOODVGHVXERFDVDOLDXQDHVSDGDDJXGDGHGRVILORV\VXURVWURHUDFRPRHOVROFXDQGR
UHVSODQGHFHFRQWRGDVXIXHU]D&XDQGRORYLFDLDVXVSLHVFRPRPXHUWR<HOSXVRVXGLHVWUDVREUH
PLGLFLHQGRPH1RWHPDV<RVR\HOSULPHUR\HOXOWLPRHOTXHYLYH(VWXYHPXHUWRSHURYLYRSRU
ORVVLJORVGHORVVLJORVDPHQ<WHQJRODVOODYHVGHODPXHUWH\GHO+DGHV$S
-XDQVHYXHOYHSDUDYHUDOTXHHPLWLDODYR]TXHKDEODEDFRQHOYLHQGRFDQGHOHURVGHRUR\
GHVFXEUHHQPHGLRGHHOORVDO+LMRGHO+RPEUHTXHHOWDQWDVYHFHVKDELDYLVWRHQODSHUVRQDGH-HVXV\
TXHWXYRRSRUWXQLGDGGHFRQWDUORHQVXHYDQJHOLR
$KRUDQRVRWURVYDPRVDWHQHURSRUWXQLGDGGHYHUORWDPELHQ/DH[SUHVLRQ+LMRGHO+RPEUHQRVD\XGD
DFRPSUHQGHUHOPHQVDMHGHO$SRFDOLSVLV6HWUDWDGHXQGHUDVSHVHUTXHHQHOHYDQJHOLR-Q
VHXQHDRWURGHUDVSHVHUHOGHVHQWDUVHDODGLHVWUDGH'LRVFI0W(OGHUDVSHVHU+LMR
GHO+RPEUHDSDUHFHHQHOHYDQJHOLRYHFHV\IXQFLRQDREOLJDQGRQRVDLUDO$QWLJXR7HVWDPHQWRDILQ
GHFRPSUREDUFXDOHVODLGHDFHQWUDOTXHDFRPSDQDDODIUDVHFRQVWLWXLGDFRPRGHUDVSHVHUHQHVWHFDVR
>@
+LMRGHO+RPEUH \WUDVODGDUODDO1XHYR7HVWDPHQWRGRQGHDSDUHFHHQHVWHFDVRHOGHUDVSHVHU
+LMRGHO+RPEUH\FRPSUREDUHOFRPSOHPHQWRHQULTXHFHGRUTXHVHQRVDSRUWD
>@
(OGHUDVSHVHU+LMRGHO+RPEUH\HOPLQLVWHULRVDFHUGRWDOGH-HVXFULVWR
+HPRVHVWDGRYLHQGRGXUDQWHWRGDHVWDSDUWHORVDVSHFWRVH[HJHWLFRVDILQGHFRPSUHQGHUORVYDORUHV
GRFWULQDOHV\SUDFWLFRVGHODVFRQFHSFLRQHVFHOHVWLDOHVFRQSUR\HFFLRQWHUUHVWUH7XYLPRVRSRUWXQLGDGGH
FRPSUREDUHQXQRGHORVFDSLWXORVFRPRSDUWLHQGRGHODHVFHQDGH0DWHR-HVXFULVWRLQVWDEDD
ODFODVHGLULJHQWHDSRGHUYHU\DGHVGHHQWRQFHVDO+LMRGHO+RPEUHYLQLHQGRHQODVQXEHV3DUDSRGHU
HQWHQGHUTXHVLJQLILFDHVHPLQLVWHULRVDFHUGRWDOQRWHPRVDKRUDDOJXQRGHORVSRUPHQRUHVTXHVHUYLUD
SDUDFRPSUHQGHUHQTXHFRQVLVWHHVHPLQLVWHULR6DFHUGRWDO
>@
-HVXFULVWRKDFHGHUDV \OHVHVWDGLFLHQGRPHHVWDLVPDWDQGR<FXDQGRHVRRFXUUDODPDTXLQDULD
GHO+LMRGHO+RPEUHVHSRQGUDHQPDUFKD3RGHLVDKRUD\DYHUDHVH+LMRGHO+RPEUHYLQLHQGRHQODV
QXEHV\VHQWDGRDODGLHVWUDGH'LRVLGDO$QWLJXR7HVWDPHQWR\FRPSUREDGGRQGHDSDUHFHHO+LMRGHO
+RPEUH\YHGFRQTXHHVFHQDVDSDUHFH\HQWRQFHVFRPSUHQGHUHLV
/DIXQFLRQDOLGDGTXHOOHYDFRQVLJRODH[SUHVLRQGLHVWUDGH'LRVHVWDIXHUDGHWRGDGXGD(VH
VLQWDJPDUHSUHVHQWDXQDIXQFLRQODTXHGHVDUUROODEDDTXHOTXHHVWDEDDODGLHVWUDGHOUH\\TXHDVXPLD
ODHMHFXFLRQGHODPLVLRQ(O0HVLDVDKRUDGHVSXHVGHPDWDUOH\DVFHQGHUWLHQHXQDPLVLRQFHOHVWHTXH
UHDOL]DU7RGRDTXHOORTXHVHKDELDDQXQFLDGRGHO0HVLDVLEDDKRUDDFRPSOHPHQWDUVHVXREUDWHUUHVWUH
VHDPSOLDFRQODFHOHVWH3DEORORKDELDHQWHQGLGRFRPRQRVRWURVORSRGHPRVKDFHU"4XHFRPSUHQGLR
3DEOR\GHGRQGHORREWXYR"
3DEORQRVGLFHHQ+HEUHRVTXHXQDYH]VHQWDGRDODGLHVWUDGH'LRVOOHYDDFDERXQDREUD
GHDFDEDUFRQORVHQHPLJRVGH'LRV<DYLPRVTXLHQHVHUDQORVHQHPLJRVGH'LRVHOSHFDGRFRQVXV
FRURODULRVGHODHQIHUPHGDGHOVXIULPLHQWRORVVLVWHPDVGHPDOGDGHO0DOLJQR\ODPXHUWHFID&RU
FI5P(Q+HEUHRVODLGHDVHUHSLWHWUDVVHQWDUVHDODGLHVWUDGH'LRV
DSDUHFHHODFDEDUFRQORVHQHPLJRVGH'LRV6LDKRUDOHHPRVFRQDWHQFLRQ+HEUHRVQRVGDUHPRV
FXHQWDTXHLQWURGXFHGHQXHYRODLGHDGHVHQWDUVHDODGLHVWUDGH'LRVSHURDGLIHUHQFLDGHFXDQGR
LQWURGXFHSDUDDFDEDUFRQORVHQHPLJRVGH'LRVDKRUDORTXHFRQWLQXDHVHOPLQLVWHULRGH-HVXFULVWR
HQHO6DQWXDULRFHOHVWLDO
"&RPRVHDFDEDFRQORVHQHPLJRVGH'LRV"0HGLDQWHHOPLQLVWHULRVDFHUGRWDOGH-HVXFULVWR
6LVHREVHUYD3DEORKDSDUWLGRGHODLGHDTXH-HVXVKDH[SUHVDGRDOVXPRVDFHUGRWHLVUDHOLWD'HVGH
DKRUDYHUHLVDO+LMRGHO+RPEUHVHQWDGRDODGLHVWUDGH'LRV\YLQLHQGRHQODVQXEHV-HVXVFRQVX
GHUDVLQVWDEDDTXHVHIXHUDDO$QWLJXR7HVWDPHQWR\VHFRPSUREDUDGRQGHDSDUHFHHO+LMRGHO+RPEUH
VHYLHUDFRQTXHHOHPHQWRVVHDFRPSDQDHQODHVFHQDDO+LMRGHO+RPEUH\VHFRPSUHQGLHUDHQWRQFHVHO
GHUDV
&XDQGRLEDPRVDOXQLFRVLWLRGRQGHDSDUHFHHO+LMRGHO+RPEUHHQ'DQLHOGHVFXEULDPRVOD
>@
YHQLGDHQQXEHVKDFLDHO$QFLDQRGH'LDV VHDFHUFDVHQWDQGRVHDODGLHVWUDGH'LRVVHDFHUFD
PDVVLJXLHQGRVHQWDGRDODGLHVWUDGH'LRV\VHDFHUFDPXFKRPDVVLJXLHQGRVHQWDGRDODGLHVWUDGH
'LRV/DIXQFLRQDOLGDGGHVHQWDUVHDODGLHVWUDGH'LRVRULHQWDODIXQFLRQDOLGDGGHHVRVWUHVYHUERV
VLQRQLPRV\TXHMXQWRDODIRUPDTXHHVWDSDUWHSRVHHHOYHUVRKHEUHRLQGLFDQXQLQFUHVFHQGRXQD
FHUFDQLDFDGDYH]PDVSUR[LPDH[SUHVDGDHQWHUPLQRVIXQFLRQDOHV(VGHFLUODOOHJDGDDO$QFLDQRGH
GLDVGHVGHODDVFHQVLRQHVSDUDDFDEDUFRQORVHQHPLJRVGH'LRVPHGLDQWHXQPLQLVWHULRFRQWLQXRTXH
'DQLHOGHVFXEUHTXHSRVHHHO3ULQFLSHHQVX6DQWXDULR\TXHHQ'DQLHODSDUHFHMXQWR
DO$QFLDQRGH'LDVFRPR+LMRGHO+RPEUH<TXHFXOPLQDHQXQDHVFHQDGHMXLFLRIDYRUDEOHSDUDHO
3XHEORGH'LRV\GHIRUPDFRQGHQDWRULDSDUDHOVLVWHPDGHPDOGDG&XHUQRSHTXHQRFI'Q
>@

(VDIRUPDGHGHVFULELUQRVORVWUHVYHUERVKHEUHRVODIRUPDIXQFLRQDOGHSUR[LPLGDGH[SUHVDWRGRHO
SURFHVRGHHVHPLQLVWHULRFRQWLQXRGHVGHHVDSRVLFLRQIXQFLRQDOMXQWRDO$QFLDQRGH'LDV'Q
6HDFHUFDFRQODWHRIDQLDGHODVQXEHV,QDXJXUDFLRQGHO6DQWXDULR&HOHVWLDO'QHQRFDVLRQGH
ODDVFHQVLRQ\HQEDVHDODYLGDPXHUWH\UHVXUUHFFLRQ6HDFHUFDPDVPLQLVWHULRFRQWLQXRGH
DFXHUGRDORTXHFRUUHVSRQGLDDOWLSRGHOOXJDUVDQWR+EFI'Q\/HKLFLHURQ
DFHUFDUVHGHODQWHGH(OVHDFHUFDPXFKRPDVGHQWURGHOPLQLVWHULRFRQWLQXRFRUUHVSRQGLHQWHVHJXQHO
WLSRDOGLDGHODVH[SLDFLRQHV+EFI/YFI'QFI'Q
XS
$KRUDFRPSUHQGHPRVTXHODDSRFDOLSWLFDKLVWRULDDQWLFLSDGDQRVPXHVWUDODPDQHUDGHHMHUFHUHVH
PLQLVWHULRSDUDDFDEDUFRQORVHQHPLJRVGH'LRVPHGLDQWHXQDDFWXDFLRQFRQFHUWDGDHQWUHHO3DGUH\HO
+LMRMXQWRDO(VSLULWX6DQWRTXHYDDUHSHUFXWLUHQODKLVWRULDFROHFWLYDHLQGLYLGXDOKXPDQD6DEHPRV
TXHHVHPLQLVWHULRRFXSDWRGRHOWLHPSRTXHWUDQVFXUUHODKLVWRULDHVHQFLDOGHODKXPDQLGDG\TXHVX
IRUPDGHHMHFXWDUORVHQRVSUHVHQWDHQODDSRFDOLSWLFD\HQHOPHQVDMHGH-HVXV1RWHVHFRPRFRUUHQHQ
SDUDOHORODVDFFLRQHVGHORVVLVWHPDVGHPDOGDG\ODVDFFLRQHVPLQLVWHULDOHVGHO3ULQFLSHR3ULQFLSH
0HVLDVR+LMRGHO+RPEUHR0LJXHO'QDIURQWDQGRDHVRVVLVWHPDVHQEHQHILFLRGHDTXHOORV
TXHWLHQHQFRPRUHIHUHQFLDORTXHLPSOLFD\VLJQLILFDEXVFDUODVFRVDVGHDUULEDGRQGHHVWDHO0HVLDV
VHQWDGRDODGLHVWUDGH'LRVFI&RO
$KRUDFDGDYH]TXH-HVXVXVHHOGHUDV+LMRGHO+RPEUHQRVHVWDUDLQVWDQGRDQXHVWUDYRFDFLRQFHOHVWH
DHOHYDUQRVSRUHQFLPDGHHVWHPXQGRWHUUHVWUHSDUDH[SHULPHQWDUORFHOHVWLDO\DORGHFLDPRVFRQYDULRV
WH[WRVMRDQLFRVHQXQFDSLWXORDQWHULRU&RPHUODFDUQH\EHEHUODVDQJUHGHO+LMRGHO+RPEUHFRQVLVWH
HQH[SHULPHQWDUODLGHRORJLDGHORTXHVXSRQHODUHIHUHQFLDDOPLQLVWHULRFHOHVWLDOFI-XDQFI
'Q
(OGHVFDQVRTXHQRVVXJLHUH-HVXV0WHVWDFRQHFWDGRFRQHO6HQRULRGHO+LMRGHO
+RPEUHUHVSHFWRDO6KDEDWFI0FTXHORFRQYLHUWHHQFHOHVWLDOSRUVHUHO+LMRGHO+RPEUH
TXHPLQLVWUDHQVX6DQWXDULR&HOHVWLDO\SRUODUHODFLRQFRQHOUHSRVRHWHUQRGH'LRVFI+E\FRQ
HVHPLQLVWHULRHQVX6DQWXDULR+E
/DVLPSOLFDFLRQHVGHOGHUDVHQ$SRFDOLSVLV
&XDQGROHHPRV$SRFDOLSVLVVVODPDUDYLOODGHHVWHPHQVDMHVHDPSOLD/DPLVPDUHYHODFLRQGHO
0HVLDV-HVXVLQWURGXFHHOGHUDV+LMRGHO+RPEUHSDUDDGYHUWLUQRVTXHWRGRHOPHQVDMH\DFFLRQGHO
0HVLDVGHDFXHUGRDORTXHVHQRVQDUUDHQHO$SRFDOLSVLVWLHQHHQFXHQWDHOPLQLVWHULRGHO+LMRGHO
+RPEUHHQHO6DQWXDULR&HOHVWLDO7RGRHO$SRFDOLSVLVQRVGHVFULEHHOPLQLVWHULRFRQWLQXRGHO+LMRGHO
+RPEUHGHO3ULQFLSHHQVX6DQWXDULR
/DSUHVHQWDFLRQGHO+LMRGHO+RPEUHWUDHFRQVLJRWRGRVXPLQLVWHULRFRQWLQXRGHVGHHOVLPEROLVPRGH
VXYHVWLPHQWDFI$SFRPRVXVDVSHFWRVUHODWLYRVDOGLDGHOMXLFLRSUHDGYHQLPLHQWR$SFI
'QFRPRHOUHVXOWDGRGHVXDFFLRQVDOYDGRUDDWHVWLJXDGDSDUDGHVSXHVGHOILQDOGHVXPLQLVWHULR
FRQHVDHVSDGDGHGRVILORV$SFI$S
7RGDODDFFLRQGHDQGDUHQWUHODVLJOHVLDVHVHOFDPLQRTXHPDUFDHO+LMRGHO+RPEUHGHVGHHO
6DQWXDULRHO+LMRGHO+RPEUHTXHOOHYDODVHVWUHOODVHOSRGHUGH'LRVTXHOHDFRPSDQDPHGLDQWHORV
DQJHOHVFI$S\TXHDQGDHQWUHORVFDQGHOHURVRLJOHVLDVXSHVDEULU
FDPLQRSDUD'LRVVLQRVWRPDPRVHQVHULRHVHPLQLVWHULRVDFHUGRWDO6LVHWLHQHFRPRUHIHUHQFLD
SHUPDQHQWHHVLPSRVLEOHTXHKDJDPRVFXDOTXLHUFRVDTXH(OQRKD\DSUHYLVWRHQVXPLQLVWHULRFRQWLQXR
6LVHREVHUYDKD\XQLQWHUHVHVSHFLDOHQFDGDXQRGHORVPHQVDMHVDODVLJOHVLDVHQUHSHWLUDOJXQDGH
ODVFDUDFWHULVWLFDVFRQTXHVHQRVSUHVHQWDHO+LMRGHO+RPEUH$SFI
GDQGRQRVDHQWHQGHUTXHWRGRVXFHGHFRPRVLHQGRHOHMHUFLFLRGHVXPLQLVWHULRVDFHUGRWDO
(OGHVSOLHJXHGHDFFLRQVDOYDGRUDTXHPHGLDQWHORVVHOORVVHHIHFWXD$S\IRUPDSDUWH
WDPELHQGHVXPLQLVWHULRVDFHUGRWDO\GHVGHHOWURQRTXHHVWDFRQHO3DGUHFS\6H
DVRFLDHOGHUDV+LMRGHO+RPEUHFRQHOWHUPLQR&RUGHURFRQHVHGHVSOLHJXHGHDFFLRQVDOYDGRUD
H[SUHVDGDHQORVVHOORV$SFIFIFIVVTXHDEDUFDGHVGHHO
SULQFLSLRKDVWDHOILQGHORVWLHPSRV/RPLVPRVXFHGHFRQODVWURPSHWDVORVMXLFLRVGH'LRVTXH
PDQLILHVWDQVXDFDEDUFRQORVHQHPLJRVGH'LRVDEDUFDQGHVGHVXDVFHQVLRQKDVWDHOILQGHORVWLHPSRV
$SFI$SFIHQFX\RHVSDFLRWHPSRUDOHVWDLQFOXLGDODDFWLYLGDGGHOD%HVWLD
SULPHUD\ODGHGRVFXHUQRV$SFI$SFIDODVTXHVHOHVMX]JD
\GHVWUX\H$SFIMXQWRDOD0XMHU%DELORQLFD$SFIFI

(OGHUDV+LMRGHO+RPEUHTXHVHKDLQWURGXFLGRHQHOSURORJRSDUDGDUQRVDHQWHQGHUTXHODREUD
PLQLVWHULDOGHO+LMRGHO+RPEUHHQVX6DQWXDULRHVXQDUHDOLGDGHQODKLVWRULDGHOD,JOHVLD\HQODGHOD
KXPDQLGDGDKRUDDSDUHFHFRURQDGRFRPRUH\HQVHQDOGHKDEHUDFDEDGR\DHVHPLQLVWHULR$SFI
HQHVHOLPLWHGHHVWDUFRURQDGRFRPRUH\VHSURGXFHHOUHVXOWDGRILQDOGHFRVHFKD
SDUDODVDOYDFLRQ$S\HOUHVXOWDGRILQDOGHOMXLFLRGHGHVWUXFFLRQGHODVREUDVGHPDOGDG
$SFI
&RQHVWDSDQRUDPLFDHOPHQVDMHHVH[WUDRUGLQDULRHOPLQLVWHULRFRQWLQXRGHO3ULQFLSHHQVX6DQWXDULR
'QRGHO+LMRGHO+RPEUHFRQHO$QFLDQRGH'LDV'QRGHO0HVLDVHQHO
6DQWXDULR&HOHVWLDO+EFIFRQVLVWHQWHHQDFDEDUFRQORVHQHPLJRVGH
'LRVSHFDGR^HQIHUPHGDGVXIULPLHQWR`VLVWHPDVGHPDOGDG\DVXRULJLQDGRU+E+E
FID&RUUHSHUFXWH\VHYLVXDOL]DHQRULHQWDUDOD,JOHVLD\DOFULVWLDQRHQ
SDUWLFXODUTXHHVWHQFRQHFWDGRVFRQORLPSOLFDGRHQHVHPLQLVWHULRFI&ROFI+E
FI$SUHSHUFXWLHQGRHQODKLVWRULDGHWDOPRGRTXHORVEHQHILFLDGRVH[SHULPHQWDQ
FRQRFLPLHQWRGH'LRVVHJXULGDGGHSHUGRQHVSHUDQ]DDXWHQWLILFDGDHQODH[SHULHQFLDUHDOHQODUHODFLRQ
FRQHVHPLQLVWHULR\HQORVTXHUHFKD]DQHVHPLQLVWHULRH[SHULPHQWDQODGHVSURWHFFLRQGHWDOPRGRTXH
VXVREUDVOOHYDQMXLFLRFRQGHQDWRULR
7RGRHO$SRFDOLSVLVHVODUHYHODFLRQGHOPLQLVWHULRFRQWLQXRGHO+LMRGHO+RPEUHPDQLIHVWDQGRVHHQ
XQDSUR\HFFLRQKLVWRULFDTXHUHSHUFXWHHQOD,JOHVLDHQODVSHUVRQDV\HQODKXPDQLGDGHQJHQHUDO
"&RPRUHSHUFXWHHVHPLQLVWHULRFRQWLQXRHQOD,JOHVLD"
&XDQGRVHQRVHVWDUHYHODQGRHVHPHQVDMHDOD,JOHVLDSRUPHGLRGHORHVSHFLILFDGRHQORVFDSLWXORV
\GRQGHVHH[KRUWDVHSURPHWHVHFRQGHQDVHQRVHVWDTXHULHQGRGHFLUTXHHOWUDEDMRGHVGHHO
6DQWXDULRYDDFRQVLVWLUHQORJUDUHVRVREMHWLYRVRHQHYLWDUFLHUWRVUHVXOWDGRV3DUDTXHHVDREUD
SUHDQXQFLDGDFRQVLJDVXFXOPLQDFLRQDOD,JOHVLDVHOHLQYLWDDSDVDUDODSUHVHQFLDGH'LRVDO6DQWXDULR
$S3HURDHVDSUHVHQFLDPLHQWUDVHVWDPRVHQODWLHUUDXQLFDPHQWHORJUDPRVWUDQVSRUWDUQRV
PHGLDQWHHOHQWHQGLPLHQWRRODUHWHQFLRQGHODSDODEUDGH'LRV-Q/FTXHQRVUHODFLRQD
FRQHO+LMRGHO+RPEUHVDOLHQGRDOHQFXHQWURGHVXLGHRORJLDGHO5HLQRFI0W\REUDLQWHUFHVRUD
-Q\FRQHOLQFLHQVRFI$S(VDREUDLQWHUFHVRUDHVXQDFRQWLQXDDFFLRQWDOFRPRQRV
ODGHVFULEH$SRFDOLSVLV/RV6HOORV$S\ODV7URPSHWDVFIFI
FIFIFIQRVRQPDVTXHODUHVSXHVWDDODSUHJXQWDTXHVHHPLWH
GHVGHHO6DQWXDULRFXDQGRHVWDPRVFRQHFWDGRVFRQHOHQORTXHVLJQLILFDHOTXHHO+LMRGHO+RPEUHHVWH
HQPHGLRGHORVFDQGHOHURVRLJOHVLDV"&RPRYDLVDSRGHUPDQWHQHURVILHOHVDOD,JOHVLDRFRPR
KDFHUIUHQWHDORVVLVWHPDVGHPDOGDGTXHREVWDFXOL]DQYXHVWUDH[LVWHQFLDFULVWLDQD"6LHVWDLVDWHQWRV
DODREUDLQWHUFHVRUDTXHHVWR\UHDOL]DQGR\TXHVHUHYHODHQHO$SRFDOLSVLVUHFLELUHLVHOSRGHUTXH
VXSRQHODDFFLRQVDOYDGRUDPDQLIHVWDGDSRUORV6HOORV<VLHVWDLVDWHQWRVDOVRQLGRGHODV7URPSHWDVQR
VRODPHQWHVHRVHQVHQDUDDGYHUWHQFLDVGHORVMXLFLRVTXHORVVLVWHPDVGHPDOGDG\ORVTXHFRQWULEX\HQD
HOORVUHFKD]DQGRODVDOYDFLRQ\REVWDFXOL]DQGRUHFLEHQVLQRTXHFRQIRUPHYHLVHQYXHVWUDH[LVWHQFLDTXH
VHYDFXPSOLHQGRORTXHRVPDQLILHVWRTXHRFXUULUDFRPRFRQVHFXHQFLDGHPLREUDLQWHUFHVRUD
DFDEDQGRFRQORVHQHPLJRVGH'LRVHQJHQGUDUHLVFRQILDQ]DHVSHUDQ]DVHJXULGDG\FRQRFLPLHQWRGH
'LRVFI-Q
 &XDQGRVHQRVGDQODVDGYHUWHQFLDVIUHQWHDORVVLVWHPDVGHPDOGDGOD%HVWLDHO'UDJRQHO)DOVR
SURIHWDOD0XMHU%DELORQLFDLQGLFDQGRQRVFRPRKDGHVHUQXHVWUDFRQGXFWDFRPRGHEHPRVSUHYHQLU\
UHVROYHUHOHQIUHQWDPLHQWRFRQHVRVVLVWHPDVVHHVWDSUR\HFWDQGRHOPLQLVWHULRVDFHUGRWDO(VGHFLUOD
DSRFDOLSWLFDKLVWRULDDQWLFLSDGDQRVSUHVHQWDTXHODDFFLRQVDOYDGRUDGH'LRVHQ&ULVWRSRUPHGLRGH
VXPLQLVWHULRVDFHUGRWDOVHQRVHVWDDQWLFLSDQGRGHDFXHUGRDFRPRHOPLQLVWHULRVDFHUGRWDOGH
-HVXFULVWRWHQLHQGRHQFXHQWDODWLSRORJLDGHO6DQWXDULRFI+EYDDGHVDUUROODUVHHQFDGD
PRPHQWRKLVWRULFRWDQWRSDUDHOFROHFWLYRFRPRSDUDFDGDFULVWLDQRHQSDUWLFXODU6HQRVHVWDGDQGRD
FRQRFHUSRUODSURIHFLDDSRFDOLSWLFDORVSHOLJURV\ODVEHQGLFLRQHV\TXHGHWHQHUVHHQFXHQWDVHHVWDUD
YLVXDOL]DQGRODLQWHUFHVLRQHOPLQLVWHULRFRQWLQXRVDFHUGRWDOSDUDHOLQGLYLGXR\SDUDHOFROHFWLYR,JOHVLD
RSXHEORGH'LRV\TXHHOLQFLHQVRXRUDFLRQHVGHORV6DQWRV$SFIHVODHYLGHQFLDGH
TXHVXSXHEOR\ORVTXHORVIRUPDQORKDQFRPSUHQGLGR\VHHVWDQEHQHILFLDQGRGHHVHPLQLVWHULR
FRQWLQXR
(QSUR[LPRVFDSLWXORVYHUHPRVHVWRWRGDYLDPHMRUPHGLDQWHHOVLVWHPDOLWXUJLFR\GUDPDMXGLFLDOTXH
HQWUDQHQHOHVTXHPDTXHHO$SRFDOLSVLVQRVSURSRQHDORIUHFHUQRVHOPHQVDMHGHOFRPR\GHOFXDQGR\
ODPDQHUDGHUHSHUFXWLUHQHO3XHEORGH'LRV\HQHOPXQGRGHHVHPLQLVWHULRFRQWLQXRGHO0HVLDVHQHO
>@
6DQWXDULR&HOHVWLDO
(VFULEHSXHVODVFRVDVTXHKDVYLVWRODVTXHVRQ\ODVTXHKDQGHVHUGHVSXHVGHHVWDV5HVSHFWR
DOPLVWHULRGHODVVLHWHHVWUHOODVTXHKDVYLVWRHQPLGLHVWUD\GHORVVLHWHFDQGHOHURVGHRURODVVLHWH
HVWUHOODVVRQORVDQJHOHVGHODVVLHWHLJOHVLDV\ORVVLHWHFDQGHOHURVTXHKDVYLVWRVRQODVVLHWH
LJOHVLDV$S
6HOHLQVWDD-XDQDHVFULELUORTXHKDYLVWRODVFRVDVTXHHVWDEDQRFXUULHQGRSDUDHVHHQWRQFHVODV
TXHVRQ\ODVTXHVHUDQGHVSXHVGHHVDVTXHVRQHQWRQFHV/RTXHKDYLVWRHVWDFRPSXHVWRGHORTXH
HVWDEDDFRQWHFLHQGRDODVLJOHVLDV\FXPSOLHQGRVHHQHVRVPRPHQWRV\ORTXHKDGHVHUGHVSXHVGHOR
TXHVHHVWDEDFXPSOLHQGR\TXHODVLJOHVLDVSRGULDQFRQRFHU\HQVHQDUOHVLQGHSHQGLHQWHPHQWHGHVX
FXPSOLPLHQWRGHVGHVXSUHVHQWHKDVWDVXIXWXUR$XQTXHKHPRVH[SOLFDGRHVWRDQWHULRUPHQWHQRV
UHLWHUDPRVGLFLHQGRTXHWRGRHOFRQWHQLGRGHO$SRFDOLSVLVVLUYHSDUDODVLJOHVLDVOLWHUDOHVVHWXYLHUDR
QRFXPSOLPLHQWRGHWRGRHQVXHSRFD/RYDPRVHVSHFLILFDUDKRUDHQFDGDDQDOLVLVTXHKDJDPRV
6LHWHDQJHOHVHVWUHOODV6LHWHFDQGHOHURV,JOHVLDV3RUXQODGRWHQHPRVTXHDYHFHVVHXWLOL]D
HOWHUPLQRDQJHOFRPRPHQVDMHUR0W/F0FD&RUSHURFRPRGLFH
HO&%$GHODVYHFHVTXH-XDQXWLOL]DHOWHUPLQRDQJHOQXQFDOHGDHOVHQWLGRGHXQPHQVDMHURKXPDQR
3HURWDPELHQHVFLHUWR"'HTXHIRUPD-XDQVHGLULJLULDDHVRVDQJHOHVHQHOFDVRGHTXHIXHUDQ
OLWHUDOPHQWHDQJHOHV"'HDKLTXHVHKD\DSUHIHULGRXWLOL]DUHOWHUPLQRDQJHOFRPRUHSUHVHQWDQGRXQD
>@
SHUVRQLILFDFLRQORVUHVSRQVDEOHVRGLULJHQWHVGHODV,JOHVLDV
(QSULQFLSLRQRVHQFRQWUDPRVTXHVLELHQVHKDEODGHLJOHVLDVVHHVWDUHSUHVHQWDQGRHOFRQMXQWRGH
>@
ODVLJOHVLDV <HOPHQVDMHQRVLUYHXQLFDPHQWHSDUDODVGH$VLDVLQRSDUDFDGDXQDTXHH[LVWLDHQ
DTXHOHQWRQFHVTXHGHELDFRPSUHQGHUORTXHDSOLFDEDDODFRQGXFWDGHHOOD\TXHUHVXOWDEDHQOD,JOHVLD
GH-HVXFULVWRGHHVHPRPHQWRKLVWRULFRFRPRWDPELHQDOD,JOHVLDHQHOFRUUHUGHORVVLJORV(VGHFLU
WRPDQGRHOQXPHURFRQVXYDORUVLPEROLFRRUHSUHVHQWDWLYRHVWDULDPRVH[SUHVDQGRODLGHDGHXQD
SOHQLWXG7RGDYLDPDVQRXQLFDPHQWHVHUHILHUHDODVLJOHVLDVGHVGHXQSXQWRGHYLVWDJHQHUDOVLQR
WDPELHQDFDGDXQRGHORVPLHPEURVSXHVWRTXHHOPHQVDMHDODSOLFDUORGHPRGRLQGLYLGXDOFDEHOD
SUR\HFFLRQSHUVRQDO<HODUUHSHQWLPLHQWRRQRGHODSHUVRQD(VHYLGHQWHSRURWUDSDUWHTXHOD
UHVSRQVDELOLGDGHQSULPHUDLQVWDQFLDUHFDHVREUHHODQJHO3DUHFHULDVHUTXHHODQJHOHVHOTXHGHEHULD
KDFHUORVRSRUWXQRVFDPELRVRQRFHGHUDOSHFDGR<HVWRHVLQFRPSDWLEOHFRQORVDQJHOHV(VWDFODUR
DSDUHQWHPHQWHDOPHQRVTXHKD\XQPHQVDMHVXE\DFHQWHORVGLULJHQWHVRUHVSRQVDEOHVGHWXUQRHQFDGD
PRPHQWRKLVWRULFRHQODKLVWRULDGHOD,JOHVLDGH-HVXFULVWRHQHOFRQMXQWRGHWRGDVODVLJOHVLDVORFDOHV\
GHFDGDXQRGHORVPLHPEURVHQSDUWLFXODUFXDQGRVHOHVFRQVWLWX\HFRPRPHQVDMHURVKDQGHWRPDUVHHQ
VHULRDVXVREHUDQR-HVXFULVWR\KDQGHUHVSRQGHUDORTXHLPSOLFDHOVLPERORGHHVWDUDODGLHVWUDGH
-HVXFULVWRDILQGHFXPSOLUFRQODPLVLRQHQFRPHQGDGD
2WURSXQWRTXHVREUHVDOHSDUHFHULDVHUTXHVLHOUHVSRQVDEOHGHODLJOHVLDFXPSOHFRQVXFRPHWLGR
ODVFRVDVIXQFLRQDQELHQFDVRGH)LODGHOILD\6PLUQD<VLODVFRVDVIXQFLRQDQPDOHVHOGLULJHQWHR
GLULJHQWHVORVDXWHQWLFRVUHVSRQVDEOHV(QHVWHFDVRHOYDORUGHODUHVSRQVDELOLGDGLQGLYLGXDOGHFDGD
PLHPEURGHVDSDUHFHULD"<QRVHUDTXHHODQJHOUHSUHVHQWDDORVGLULJHQWHVFRPRUHSUHVHQWDQWHVGHO
FRQMXQWR\GHFDGDXQRGHORVPLHPEURVGHOD,JOHVLD\TXHHOORVWDPELHQVRQPLHPEURV"4XH
UHVSRQVDELOLGDG'LRVPLR(QHVWHFDVRORTXHUHSUHVHQWDHODQJHOVRQORVGLULJHQWHV\OD
UHVSRQVDELOLGDGGHORTXHLPSOLFDQRPEUDUDOGLULJHQWHRGLULJHQWHVGHWXUQR6HWUDWDULDGHOD
UHSUHVHQWDWLYLGDGGHOD,JOHVLDHQVXFRQMXQWRGHPLHPEURVHQFDGDPRPHQWRKLVWRULFRHQHOFRUUHUGHOD
KLVWRULD\GHOD,JOHVLDXQLYHUVDO"<QRSRGULDVHUWDPELHQTXHHODQJHOHVORTXHVHFRQVWLWX\HHQ
PHQVDMHUR\FDGDPLHPEURHVXQPHQVDMHURXQDQJHOUHSUHVHQWDGRHQVXFRQMXQWRGHPHQVDMHURVHQXQ
DQJHOSURWRWLSRTXHGHEHUHVSRQGHUGHVXDFWLWXGGHVXFRQYHUVLRQGHVXGHVYLDFLRQRQRGHVX
GLUHFFLRQHQHOFDVRTXHODKXELHUD\GHVXDUUHSHQWLPLHQWRGHVGHODSRVLFLRQGHPHQVDMHURGLULJHQWHR
QR"
+D\DOJRPDVHQHVWHWLSRGHVLVWHPDGHLJOHVLD\TXHGHVSXHVVHQRVGHVDUUROODHQHOFDSLWXOR\
HVWDDXVHQWHXQDLJOHVLDMHUDUTXL]DGDR\PRQDUTXLFD(VHO+LMRGHO+RPEUHTXLHQWLHQHODVHVWUHOODVHQ
VXGLHVWUD\ORLQWHUSUHWHPRVFRPRORLQWHUSUHWHPRVQRKD\SRVLELOLGDGGHHQFRQWUDUXQVLVWHPDSDSDOFRQ
PDJLVWHULRLQIDOLEOH/DXQLFDUHIHUHQFLDTXHWLHQHQWRGRVHQHOFRUUHUGHODKLVWRULDGHODLJOHVLDHVHO
FRQWHQLGRTXHOHSURYHHHOPLQLVWHULRGHLQWHUFHVLRQGHO+LMRGHO+RPEUHHQVX6DQWXDULR\HVWH
PLQLVWHULRGHLQWHUFHVLRQFRPRYHPRV\YHUHPRVFRQVLVWHHQORTXHODSDODEUDGH'LRVQRVRIUH]FD
FRPRHOHPHQWRV\PRGRGHLQWHUFHVLRQ
(OKHFKRGHTXHVHGLJDGHWRGRVORVPLHPEURVGHOD,JOHVLDTXHVHOHVKL]RUH\HV\VDFHUGRWHV$S
HVXQDHYLGHQFLDTXHWDPSRFRHVXQDLJOHVLDGRQGHDSDUH]FDSRUXQODGRXQRUGHQVDFHUGRWDO
VDFUDPHQWDO\SRURWURXQGRPLQLRGHDOJXLHQVREUHORVGHPDV\DTXHWRGRVKHPRVGHVHUFRQVLGHUDGRV
UH\HVHQFXDQWRDOGRPLQLRVREUHHOSHFDGR\DQXHVWUDYLYHQFLDHQODWLHUUDQXHYDVLQREVWDFXORV\
SDUFHODVGHSRGHU7RGRVVRPRVVDFHUGRWHVHQHOVHQWLGRGHDGPLQLVWUDUHOYDORUGHODVDOYDFLRQ
SUHGLFDQGROD\GHXQVHUYLFLRVDFULILFDQGRIRUPDV\PDQHUDVGHSHQVDU\GHVHUDOHVWLORGH5P
 &DSLWXOR,,

(O0LQLVWHULRVDFHUGRWDOGH-HVXFULVWRHQHOPHQVDMH\HQ
ODDFWXDFLRQUHVSHFWRDODVLJOHVLDV$S\

(O6LVWHPD/LWXUJLFR
>@
-3HVFKHN FRQVLGHUDHOVHUYLFLRGHOWHPSORMXGDLFRFRPRUHIHUHQFLDDOHVTXHPDTXHHO
DSRFDOLSVLVQRVSUHVHQWD
(VWDLGHDQRHVWDGHVHQFDPLQDGD\GLYHUVRVDXWRUHVLQGLFDGRVHQQRWDODDSXQWDQFRPRXQDUHDOLGDG
>@
GHPDVLDGRHYLGHQWHFRPRSDUDVHUGHVFDUWDGD/XQG QRVPDQLILHVWDODGLYLVLRQGHO$SRFDOLSVLVHQ
GRVSDUWHVVLPHWULFDV\SUHFLVDPHQWHRIUHFHSDUDXQDSULPHUDPLWDGORVFDSVDO\SDUDXQDVHJXQGD
DO
1XHVWUDGLYLVLRQHQGRVSDUWHVQRDOXGHDXQDFXHVWLRQVLPHWULFDQLTXLDVPLFDVLQRTXHUHVSRQGHFRPR
MXVWLILFDUHPRVHQEUHYH\SRUHOPRPHQWRDXQDVSHFWRSXUDPHQWHOLWXUJLFR\FURQRORJLFR
-XVWLILFDFLRQ
'RVSDUWHVIXQGDPHQWDOHVTXHPDUFDQODH[LVWHQFLDGHOVLVWHPDOLWXUJLFR
6HJXQHOVLVWHPDOLWXUJLFRFRPSUREDPRVODGLYLVLRQHQGRVSDUWHV
$DOSS
$
VS
(VWDGLYLVLRQSXHGHSDUHFHUDPDVGHXQRDUWLILFLDO\DVLPHWULFDVLQHPEDUJRUHVSRQGHDXQRGHORV
FRQFHSWRVOLWXUJLFRVIXQGDPHQWDOHVDODOLWXUJLDGHO6DQWXDULRR7DEHUQDFXOR/XJDU6DQWR\6DQWLVLPR
>@

(QHODVSHFWRTXHHVWDPRVWUDWDQGRHOFDSLWXORHVODFODYHUHJXODGRUDGHHVWDVGRVSDUWHV
FODUDPHQWHGLIHUHQFLDGDV
&XDQGRXQRH[DPLQDFRQXQFLHUWRGHWHQLPLHQWRHO$SRFDOLSVLVGHVFXEUHTXHWRGRHOQRVSUHVHQWDXQ
FDPSXVIRUPDGRSRUHO&LHOR\OD7LHUUD/D7LHUUDVHULDHO$WULR\HQHO&LHORDSDUHFHXQ6DQWXDULR

&DGDVHFXHQFLDQXHYDVHYHGLULJLGDGHVGHHO7URQRTXHVHHQFXHQWUDHQHO6DQWXDULR&HOHVWLDO6LVH
REVHUYDVHFRPSUREDUDHVWRGHVGHODYLVLRQLQDXJXUDOGRQGHDSDUHFH-HVXFULVWRHQHO6DQWXDULRFHOHVWH
PLQLVWUDQGRSDUDODV,JOHVLDV$SFIFSV\\HQFDGDXQDGHODVRWUDVHVFHQDVTXHVH
SUHSDUDQGHVGHHO6DQWXDULR&HOHVWLDOFRQUHSHUFXVLRQHVHQHO$WULROD7LHUUD$SRFDOLSVLVFI$S
ORVVHOORVGHVGHHOOXJDUVDQWR/DHVFHQDVHFHUUDUDFRQXQDYLVLRQGHO7URQR&HOHVWLDO
/DQXHYDFDGHQDHVFHQLFDVDOGUDDSDUWLUGHXQDQXHYDDSHUWXUDGHO/XJDU6DQWRGHO6DQWXDULR&HOHVWLDO
/DV7URPSHWDVVLJQRGHDGYHUWHQFLDDQXQFLDEDQHQODDQWLJXDDOLDQ]DODSUHSDUDFLRQSDUDHO'LD
GHODV([SLDFLRQHVVLJQLILFDQGRHVWHXQGLDGHMXLFLR6LVHQRWDODXELFDFLRQGHODV7URPSHWDVFSV
VRQWRFDGDVSUHYLDPHQWHDOHVSDFLRWHPSRUDOTXHVHDEUHGHGLDVSURIHWLFRVGXUDQWHODQXHYD
IDVHDELHUWD\SRVWHULRUPHQWHDHVHSHULRGRSURIHWLFRPHQFLRQDGR(VHQHVDHWDSDTXHVHQRVGDD
FRQRFHUHOWHPSORGH'LRVDELHUWRHQHOFLHORFI(VFRQYHQLHQWHUHVHQDUTXHHVDSDUWLU
GHXQPRPHQWRSRVWHULRUDOSHULRGRGHORVGLDVSURIHWLFRVTXHKDFHVXDSDULFLRQHOWHPSORHQVX
FRQGLFLRQGHOXJDUVDQWLVLPRFI'HQXHYRDTXLHPSLH]DXQDQXHYD
VHFXHQFLDHQODTXHVHQRVGDDFRQRFHUGRVWLSRVGHSHUVRQDVORVTXHVLJXHQDO&RUGHUR$SFI
$S\H[SHULPHQWDQXQ-XLFLRIDYRUDEOHVVGHVGHHO7URQRSRUTXHVHKDQSURYLVWRGHO
SHUGRQ\ORVTXHVXIUHQXQMXLFLRGHVIDYRUDEOHFISRUDFWXDUFRQWUD'LRV\VX3XHEOR\
UHFKD]DUHOSHUGRQGLYLQR$SFIFSV/DVHFXHQFLDVHFLHUUDFRQXQDQXHYDDOXVLRQDO
7HPSOR
6LVHSUHVWDDWHQFLRQDOFSGHQXHYRDSDUHFHHOWDEHUQDFXOR\HOWHPSORFHOHVWLDOGHVGHGRQGH
VHSUHSDUDXQDQXHYDYLVLRQODGHODVSRVWUHUDVSODJDVTXHVHSUR\HFWDUDQFRQWUDORVVLVWHPDVGH
PDOGDGTXHDFWXDQHQODWLHUUDFDSV
'HQXHYRVHSXHGHYHURWUDHVFHQDGHO7URQRFHOHVWLDOSUHYLDDXQDQXHYDVHFXHQFLD
GRQGHVHUHDOL]DHOXOWLPRDFWRGHOGUDPDGHO'LDGHODV([SLDFLRQHVGRQGHHO
PDFKRFDEULRTXHFDLDODVXHUWHSRU$]D]HOVLPERORGHXQGHPRQLRHUDHQYLDGRDOGHVLHUWRGRQGHDO
ILQDOHUDGHVWUXLGRFI
<SRUXOWLPRODYLVLRQGHOD-HUXVDOHQ&HOHVWLDO\GHO7DEHUQDFXORGH'LRVHQXQD7LHUUD1XHYDFRQXQ
&LHOR1XHYRFSV\VLHQGRODPRUDGDHWHUQDGHORVUHGLPLGRV
6HQRVHQPDUFDHQXQDKLVWRULDFRQWLQXDORVSODQHVGLYLQRVTXHVXE\DFHQHQHOGHVDUUROORGHODKLVWRULD
MXQWRDORVPRPHQWRVKLVWRULFRV\DFWLWXGHVGHORVVLVWHPDVGHPDOGDGTXHVHRSRQHQDODVGLUHFWULFHV
GLYLQDVUHSHUFXWLHQGRHQODPDUFKDGHO5HLQRGH'LRVHOFXDOKDVLGRDFHSWDGRVDOYDJXDUGDGR\
UHSUHVHQWDGRHQODWLHUUDSRU6X,JOHVLDR3XHEORGH'LRV
(OOLEURHQVXYHUVLFXORSULPHURPXHVWUDHOSURSRVLWRGHHVWD5HYHODFLRQGH-HVXFULVWRDEDUFDQGR
GHVGHHOSUHVHQWHKDVWDHOIXWXURVLHQGRODVHJXQGD9HQLGDGH&ULVWRXQRGHVXVSXQWRV
IXQGDPHQWDOHV$SFISDUDGDUILQDOVXIULPLHQWR\DODPXHUWH\RWRUJDU
DOTXHSHUPDQH]FDILHOFRQHO3RGHUGH'LRVOD9LGDHWHUQD$S
6LVHFRQWHPSODQWRGRVORVFDSLWXORVHOOLEURGH$SRFDOLSVLVHVGHVGHHOSULQFLSLRKDVWDVXFSXQ
PHQVDMHGH-XLFLR\(VSHUDQ]DTXHDSDUWLUGHOD$VFHQVLRQGH&ULVWRDO6DQWXDULR&HOHVWLDO\GHVGHHO
&LHORVHHQYLDDOD7LHUUDWDQWRSDUDOD,JOHVLD\HO0XQGRGHWRGDVODVHSRFDVFRQODILQDOLGDGGHTXH
FDGDVHUKXPDQRVHDUUHSLHQWD\SHUPDQH]FDILHOD'LRV(VXQDYH]PDVODUHYHODFLRQTXH-HVXFULVWR
UHDOL]DGHVXPLQLVWHULRFRQWLQXRHQHO6DQWXDULR&HOHVWLDOHOFRPRVHDSOLFD\HQTXHFRQVLVWHHVH
PLQLVWHULR\ODIRUPDGHUHSHUFXWLUHQODVSHUVRQDVHQORVVLVWHPDVGHPDOGDG\HQHOFROHFWLYR,JOHVLD
/DFRPSUHQVLRQGHHVWHHVTXHPDIDFLOLWDHOHQWHQGLPLHQWRGHO$SRFDOLSVLV
6LODFRPSRVLFLRQUHVSRQGHDOPHFDQLVPRGHO6DQWXDULR,VUDHOLWDFRQVLGHUDQGRORWLSRORJLFDPHQWH
HQWRQFHVWHQGULDPRVDQXHVWURDOFDQFHODSRVLELOLGDGGHXQDXELFDFLRQFURQRORJLFDPDVDFHUWDGD\OD
UHODFLRQGHODVSDUWHVDQWHULRUHVDOFDSLWXORFRQODVSRVWHULRUHVDGLFKRFDSLWXORVHKDUDPXFKRPDV
FRPSUHQVLEOH
9DPRVDSURFHGHUSULPHUDPHQWHDLGHQWLILFDUOLWXUJLFDPHQWHHQHOVHQWLGRGHODILJXUDGHO6DQWXDULR
ORVSDVDMHVFRUUHVSRQGLHQWHV
/DV,JOHVLDVGLULJLGDVGHVGHHO6DQWXDULR
3RUORTXHVHUHILHUHDOFDSLWXORWUDVODLQWURGXFFLRQTXHQRVLGHQWLILFDDORVDXWRUHV\WUDQVPLVRU
$SIHOLFLWDQGRDORVTXHDFHSWDQOD5HYHODFLRQGH-HVXFULVWR$S\GRQGHVHQRVPXHVWUDD
ORVGHVWLQDWDULRV$SSS\DOSURWDJRQLVWDSULQFLSDOGHWRGRHOOLEUR$SVS\ODV
FLUFXQVWDQFLDVHQODVTXH-XDQUHFLEHHO$SRFDOLSVLV\HOPDQGDWRDHQYLDUORDODV6LHWH,JOHVLDV$S
DSDUHFHXQDYLVLRQGHO-HVXFULVWRDVFHQGLGRFRPR+LMRGHO+RPEUHPRVWUDQGRQRVXQDHVFHQD
UHSUHVHQWDWLYDGHORTXHFRUUHVSRQGLDDODIXQFLRQWLSRORJLFDGHOOODPDGR/XJDU6DQWRGHO6DQWXDULR
>@
&HOHVWLDO$SFI+ESS([ VLQTXHHVWHDMHQRORTXH
FRUUHVSRQGHDOOXJDU6DQWLVLPRSXHVWRTXHHOPHQVDMH\ODDFFLRQDODVLJOHVLDVHVXQLYHUVDO\GHDOFDQFH
KDVWDHOILQGHORVWLHPSRV$SFI$SSS\ODILJXUDGHO+LMRGHO+RPEUHGHUDVLFD
UHIHUHQWHVLHPSUHD'DQLHODEDUFDWRGRVXPLQLVWHULR$SFI'QFI'Q
FI'QSSSS\HOFRQWH[WRGHVXREUDPDUFDUDVXFRUUHVSRQGHQFLDIXQFLRQDOUHODWLYDDOD
WLSRORJLDGHOOXJDUVDQWRRGHOVDQWLVLPR
/DSDODEUDFODYHTXHLGHQWLILFDULDHOPLQLVWHULRFRQWLQXRHQHO6DQWXDULRHVODGHORV6LHWH
&DQGHOHURVVHPHMDQWHVDOFDQGHODEURGHVLHWHEUD]RVTXHVHHQFRQWUDEDHQHO/XJDU6DQWRGHO
6DQWXDULRGLYLQRLVUDHOLWD(YLGHQWHPHQWHGHQXHYRHOHPSOHRGHOQXPHURSDUDFDQGHOHURVR
FDQGHODEURVSDUDLJOHVLDVQRVHVWDULDGLFLHQGRTXHOD,JOHVLDVHH[WLHQGHKDVWDODSOHQLWXGGHOWLHPSR
<HVDSOHQLWXGGHOWLHPSRWLHQHHQFXHQWDWRGRVXPLQLVWHULRSDUDWRGDODKLVWRULD(QWRGDODKLVWRULDVH
GHVDUUROODHVHPLQLVWHULRFRQWLQXRVDFHUGRWDOWDQWRORTXHFRUUHVSRQGLDDOOXJDUVDQWRWLSRORJLFRFRPR
DOGHOGLDGHODVH[SLDFLRQHVFI+E
3HURVHKDGHUHVHQDUODWUDVFHQGHQFLDHQODLQWHUSUHWDFLRQGHO$SRFDOLSVLVGHORVGLIHUHQWHVHOHPHQWRV
HVFDWRORJLFRVTXHFRQWLHQHQORVPHQVDMHV\DFFLRQHVDOD,JOHVLDUHSUHVHQWDGDSRUODVLJOHVLDVHQHO
SURFHVRKLVWRULFRJHQHUDFLRQDODODYH]TXHVREUHVDOHXQFLHUWRPHQVDMHGHXQDGHHOODVHQHVHPRPHQWR
>@
GHWHUPLQDGRKLVWRULFR
(QHIHFWRDGHPDVGHORVPHQVDMHVXQLYHUVDOHVDSOLFDEOHVHQFXDOTXLHUHSRFD\GHORTXHLGHQWLILFDD
XQSHULRGRSDUWLFXODUGHODKLVWRULDGHOD,JOHVLDHQPDUFKD\GHORVMXLFLRVIDYRUDEOHVRGHVIDYRUDEOHV
QHJDWLYRVRSRVLWLYRVTXHVHYLHUWHQUHVSHFWRGHXQDVRGHRWUDVODWHQVLRQHVFDWRORJLFDVREUHVDOHHQ
FDGDXQDGHODV,JOHVLDV\VXDFWLWXGKDGHVHUODGHODILGHOLGDG\ODGHODYLYHQFLDGHODYHQLGDGH
-HVXFULVWRFRPRVLIXHUDSRVLEOHHQFDGDJHQHUDFLRQDVXQWRVFRQWHQLGRVHQHOOODPDPLHQWR\SURPHVD
IXWXUDFI$S3HURFXDQGRVREUHVDOHXQ
FRQWH[WRHVFDWRORJLFRGHSUR[LPLGDGGHOUHWRUQRGH-HVXFULVWRFISSFRPR
DSOLFDEOHHLGHQWLILFDQGRXQSHULRGRGHVLWXDFLRQGHWLHPSRGHILQHQWRQFHVHVHPLQLVWHULRFRQWLQXRGH
-HVXFULVWRHQHO6DQWXDULR&HOHVWLDOHVWDULDSUR\HFWDQGRVHGHDFXHUGRDOVHJXQGRPRPHQWRKLVWRULFRTXH
VHQDODWDQWRODWLSRORJLDGHO6DQWXDULRWHUUHQDOTXHDFWXDFRPRXQVLPERORGHODUHDOLGDGFI+E
FRPRHOGHUDVGH'DQLHOFIFIFI
 (VFULEHDOD,JOHVLDXQLYHUVDODFXDOTXLHUDSDUWLFXODU\DFDGDXQR
TXHVHKDFRQVWLWXLGRRTXLHUHFRQVWLWXLUVHFRPRVLHUYRFI$SR
PLHPEURGH,JOHVLD$S\
9DPRVDLQWHQWDUVLJXLHQGRHOPRGHORKLVWRULFRSURIHWLFRTXHQRVSURSRUFLRQD$SRFDOLSVLVHO
LQWHJUDUHOPHQVDMHDODV,JOHVLDVHQORVGLIHUHQWHVPRPHQWRVPDUFDGRVHVSHFLDOPHQWHSRUHVHUHFRUULGR
KLVWRULFR$OPLVPRWLHPSRYDPRVDLQWHQWDUREWHQHUOHFFLRQHVGHVGHHOSXQWRGHYLVWDLQGLYLGXDOTXH
SXGLHUDQVHUDSOLFDEOHVDFXDOTXLHUPLHPEURGH,JOHVLDGHFXDOTXLHUHSRFD/RTXHKHPRVUHVHQDGRHQHO
SDUUDIRDQWHULRUHVXQHMHPSORGHORTXHSXHGHGDUGHVLXQLQWHQWRGHHVWDQDWXUDOH]D
>@
(OPHQVDMHDODVLJOHVLDVVHFRQVWUX\HWHQLHQGRHQFXHQWDODKLVWRULDGHODFLXGDG HQDOJXQRV
FDVRVFRPRHOGH/DRGLFHDFRLQFLGHGHPRGRVRUSUHQGHQWH9DPRVDLQWHQWDUGHVFXEULUHVHSURFHVRH
KLOYDQDUORFRQHOPHQVDMH(VWXGLHPRVODKLVWRULDFRQHOPHQVDMHSULPHUR\OXHJRKDJDPRVXQD
DSOLFDFLRQGHOPHQVDMHGHPRGRXQLYHUVDOWHQLHQGRHQFXHQWDHOUHFRUULGRKLVWRULFRSURIHWLFRGH
>@
$SRFDOLSVLV
,JOHVLDGH(IHVR GHVHDEOH
>@
4XHUHPRVUHVHQDUDOJXQRVSXQWRVLPSRUWDQWHVGHODKLVWRULDGHHVWDFLXGDG
(OUHPLWHQWHGHODFDUWD\DOHSRQHHQJXDUGLDFRQHOWHPDHVFRJLGR(OTXHWLHQHODVHVWUHOODVHQ
VXPDQRGHUHFKDHOTXHFDPLQDHQPHGLRGHORVFDQGHOHURV2VYDLVDHQFRQWUDUFRQXQD
FLXGDGTXHSUHWHQGHSDVDUSRUODSULQFLSDOGHWRGD$VLD1RFDLJDLVHQODWHQWDFLRQGHGHMDURVLQIOXLUSRU
HOOD1RRVDGDSWHLVDVXVGHSRUWHVQLDVXVHVSHFWDFXORVQLDVXUHOLJLRVLGDGQLDVXVRPHWLPLHQWRDO
VLVWHPDLPSHULDOQRHQYDQRHQHOODUHVLGHODFDSLWDOLGDG3HURGHVFRQILDGSRUTXHORSRGHLVSHUGHUWRGR
&RQILDGHQORTXHLPSOLFDTXHRVOOHYHHQODSDOPDGHPLPDQRGHUHFKD\TXHFXLGHSHUPDQHQWHPHQWHD
ODVGHPDVLJOHVLDV\DODWX\D7HQHGPHFRPRUHIHUHQFLDFRQWLQXD
(OSXHUWRFRPHQ]RDGHFOLQDU\DSHUGHUVH(VWDUHDOLGDGKLVWRULFDMXQWRDORVGLYHUVRVFDPELRVTXH
ODSREODFLRQWXYRTXHKDFHUSRUORVGLIHUHQWHVHPSOD]DPLHQWRVDODTXHIXHVRPHWLGDODFLXGDGGHELRGH
LQIOXLUHQHOHVSLULWXSHQRVRGHORVHIHVLRV7RGRHOORQRVPXHVWUDFDPELRV\HVDFRQFHSFLRQVHWLHQHHQ
FXHQWDFXDQGRVHREVHUYDHQOD,JOHVLDGH(IHVRFDPELRVJUDYHV\HQWRQFHVVHXWLOL]DQDTXHOORVFRPR
YDORUOLWHUDULRSDUDGHVFULELUXQDFRQGLFLRQDODTXHOD,JOHVLDOOHJRVLJXLHQGRHOPLVPRFDPLQRTXHOD
KLVWRULDGHVXFLXGDG6HKDSHUGLGRHOSXHUWRTXHWDQLPSRUWDQWHHUDSDUDODYLGDFRPHUFLDO\HFRQRPLFD
GHODFLXGDG7XKDVSHUGLGRWXSULPHUDPRU$SWXSXHUWRWXHQFODYHWXPRWLYDFLRQ
FRQVWDQWHTXHWDQLPSRUWDQWHHVSDUDODFDOLGDGGHWXYLGDHVSLULWXDO5HFXHUGDGHGRQGHKDVFDLGR
DUUHSLHQWHWH\KD]YXHOYHDODVSULPHUDVREUDVSS<HQWRQFHVVHOHDGYLHUWHTXHGHOPLVPR
PRGRTXHVXFLXGDGVHYLRREOLJDGDDFDPELRVGHHPSOD]DPLHQWRFRQWRGRHOGHVRUGHQ\GHVJDVWHTXH
HVRVXSRQHVXFDQGHOHURYDDFDPELDUGHOXJDUVLQRVHDUUHSLHQWH
/DVUHIHUHQFLDVSDUDHODUUHSHQWLPLHQWRDSDUHFHQHQORVUHFRQRFLPLHQWRVTXHVHOHKDFHQHQXQ
SULQFLSLR\HQORUHIHUHQWHDORTXHVXSRQHODSDODEUDFDLGRHOYROYHUDODVSULPHUDVREUDV\OR
LPSOLFDGRHQODSHUGLGDGHOSULPHUDPRU
&RQR]FRWXVREUDVWXWUDEDMR7XSDFLHQFLDHOQRSRGHUVRSRUWDUODPDOGDG\ODPHQWLUDGHOD
IDOVDDSRVWROLFLGDGDERUUHFHVDORVQLFRODLWDV$S<PLHQWUDVWHKDVGHGLFDGRDHVWRHO
WHVWLJRILHOKDFRPSUREDGRTXHKDVVXIULGR\TXHQRKDVGHVPD\DGRSRUDPRUDVXQRPEUHDORTXH
LPSOLFDPLSHUVRQD3HURHVSUHFLVRSHUVHYHUDUFI-Q1RHVVXILFLHQWHTXHGXUDQWHXQ
WLHPSRKD\DVKHFKRHVR(VSUHFLVRPDQWHQHUWHILUPHHQWXSRVLFLRQGHFULVWLDQR
 (OFXOWRDODGLRVD$UWHPLV'LDQDSDUDORVURPDQRVOOHYRFDGDYH]PDVDOFXOWRDO(PSHUDGRUTXHHO
SURSLR'RPLFLDQRH[LJLR
/RVGH(IHVRVHHQRUJXOOHFLDQGHVHUODFLXGDGGRQGHPHMRU\PDVVHDGRUDEDDORVHPSHUDGRUHV<
HVWRUHFODPRODDWHQFLRQGHORVFULVWLDQRVTXHHQSULQFLSLRVHQHJDEDQDGLFKRFXOWRDSHVDUGHVHU
GHQRPLQDGRVDWHRV3HUR"+DVWDFXDQGRUHVLVWLULDQ"
(OSXHEORHUDDOWDPHQWHUHOLJLRVR\ODSUHGLFDFLRQGH3DEORGXUDQWHXQDHVWDQFLDGHDQRVDILDQ]RDOD
,JOHVLDFI+HFK6HFRPSUXHEDTXH3DEORKDELDWHQLGRTXHDIURQWDUVHULRV
SUREOHPDVHQ(IHVR+HFKFID&RU6LVHGDQFXHQWDDOQXFOHRMXGHR
FULVWLDQRHQVXIXQGDFLRQ+HFK(IVHOHDGYLHUWHGHODOOHJDGD
GHIDOVRVGRFWRUHVDORVTXHGHQRPLQDORERVIHURFHVTXHXWLOL]DUDQHOOHQJXDMHGHOHQJDQRSDUD
OOHYDUWUDVVLGLVFLSXORV+HFKFRQFRUGDQGRFRQHOPHQVDMHGH-XDQGHODIDOVD
DSRVWROLFLGDGFI$S-XDQIRUPDULDSDUWHMXQWRDRWURVFRPR7LTXLFR(IFI+HFKGH
XQDJHQHUDFLRQSRVWHULRUDODGH3DEOR
6LQRVGDPRVFXHQWDVHOHLQGLFDTXHODLJOHVLDKDFDLGR<TXHHUDSUHFLVRVDEHUHQGRQGHHQHO
FRPR7RGRVORVHORJLRVTXHGDQSRUHOPRPHQWRHQVXVSHQVR3RUFXDQWRODFDLGDVXSRQHHODEDQGRQRGH
ORSRVLWLYR(OFXPSOLPLHQWRGHODDGYHUWHQFLDGH3DEORHVWDVLHQGRXQDUHDOLGDG\VHFXHVWLRQDHO
HORJLRYXHOYHDWXVSULPHUDVREUDVDODSDFLHQFLDDOSULPHUDPRU"7RGDYLDPDQWLHQHVODREUDGHWX
RSRVLFLRQDORVIDOVRVDSRVWROHV""7RGDYLDVLJXHVVLQDFHSWDUDORVQLFRODLWDVDTXHOORVTXHSUHWHQGHQ
KDEHUUHFLELGRXQPHQVDMHHVSHFLDODSRVWROLFRPHGLDQWHODJQRVLVHOFRQRFLPLHQWRHQRSRVLFLRQDOD
DXWRULGDGDSRVWROLFDHVFULWDXWLOL]DQGRODFRPRDXWHQWLFDPHQWHQRUPDWLYD"
/DWHUULEOHUHDOLGDGHVXQDGREOHKLVWRULDTXHVHUHSLWHFRQVWDQWHPHQWH/DXQDHVUHIHULGDDOD
LQIOXHQFLDTXHVXSRQHODVRFLHGDGFLYLOHQODTXHVHGHVHQYXHOYHQORVFULVWLDQRVFRQVXLJOHVLD/D
FRQFHSFLRQHVWDWDOVHDODGHOFXOWRLPSHULDORODTXHHPLWHHO(VWDGRLQIOX\HQGRDOFLXGDGDQRFRQOH\HV
TXHDSR\DQODSHUPLVLRQODOLYLDQGDGFLHUWDLQPRUDOLGDG\FRUUXSFLRQHOUHODWLYLVPRWHUPLQDQSRU
VRFDYDUODLQWHJULGDG\ILGHOLGDGGHOFULVWLDQR\HQWRQFHVHOFULVWLDQRVHDGDSWDDGRSWDQGRIRUPDVQR
DFHSWDGDVSRUODSDODEUDGH'LRV6HDEDQGRQDQODVSRVLFLRQHVTXHDYDODQODLGHRORJLDGHOUHLQRGH
'LRV\VHLQVWDODHQODGHOPXQGR&XDQGRHVRVHFXPSOHHQXQDJHQHUDFLRQSUHVLRQDVREUHODLJOHVLD
WUDQVIRUPDQGRODHQRWUDFRVDGLVWLQWDDODSULPHUD<HQWRQFHVDSDUHFHHOJULWR0LUDHQGRQGHKDV
FDLGR$UUHSLHQWHWH\YXHOYHDWXSULPHUDPRUDORSULPHURDORTXHFRQVLVWLDQODVSULPHUDVREUDV
/DRWUDHVODGHOGHVJDVWH6LHOFULVWLDQRQRKDEDVDGRVXH[LVWHQFLDHQODYRFDFLRQFHOHVWHTXHHPLWHHO
+LMRGHO+RPEUHGHVGHHO6DQWXDULRFI&ROFI+EFIFI0W-Q
HQWRQFHVOOHJDGRHOWLHPSRHQWUDUDHQFULVLV\VXFXPELUD
6LQRWHDUUHSLHQWHV\YXHOYHVDODFRQGLFLRQDQWHULRUDFXDQGRSHUGLVWHHOSULPHUDPRUTXLWDUHWX
FDQGHOHURGHWXOXJDU
/DSHUGLGDGHOSULPHUDPRUHVODVHQDOGHTXHKDFDPELDGRODSRVLFLRQ6HWUDWDGHODSHUGLGDGHODPRU
HQWRGR(ODPRUDODYHUGDGHODPRUDODLJOHVLDHODPRUDOSURMLPRHODPRUSRUODHYDQJHOL]DFLRQHO
DPRUSRUXQSHUPDQHQWHUHDYLYDPLHQWR\UHIRUPDHQEDVHDODYRFDFLRQFHOHVWHTXHHO+LMRGHO+RPEUHR
0HVLDVQRVRIUHFHHODPRUSRUHOUHLQRGH'LRVHODPRUSRUORVHVSLULWXVTXHHVWDQGHODQWHGHOWURQR
HODPRUDO'LRVTXHVHUHYHOD(VWRHVWDQSHOLJURVRODDXVHQFLDGHOSULPHUDPRUTXHSXHGHOOHYDUVLQR
KD\XQDUUHSHQWLPLHQWRJHQXLQR\SURIXQGRDODSHUGLGDGHOFDQGHOHUR/DSHUVRQDR\ODLJOHVLDSXHGH
GHVDSDUHFHUSDUDVLHPSUHFRPRWDO(ODPRUHVODDFFLRQGH'LRVTXHWUDQVIRUPDHOFDUDFWHUGHDFXHUGRD
ODUHYHODFLRQGH-HVXFULVWR\GHOUHLQRGH'LRV\PRWLYDDOFDUDFWHUWUDQVIRUPDGR&XDQGRHVWDDXVHQWH
HVHDPRUKDGHVDSDUHFLGRWRGR
$OTXHYHQFLHUHVHOHGDUDDFRPHUHODUEROGHODYLGD$SXSFI$SFI*QSS

$KRUDHOPHQVDMHDODLJOHVLDSDUHFHLQGLYLGXDOL]DUVH$OTXHYHQFLHUH
(ODUEROGHODYLGDTXHVHPHQFLRQDHVHOTXHVHSHUGLRFRPRFRQVHFXHQFLDGHOSHFDGRGHODUXSWXUD
FRQ'LRV$KRUDVHQRVGLFHTXHVHUHFXSHUDUD3HURHVWDELHQDYHQWXUDQ]DHVPDVTXHORTXHVXSRQH
PHQFLRQDUOD/DSUDFWLFDGHOGHUDVSHVHUDSOLFDQGRODDODFLWDGHODUEROGHODYLGDQRVOOHYDDOD
SDQRUDPLFDGHODVDQLGDG/RVIUXWRVGHHVHDUERO\VXVKRMDVVHUYLDQSDUDPDQWHQHUODH[LVWHQFLDFRPR
FRPSOHPHQWRDXQDGLHWDYHJDQDTXHVHKDELDGDGRSUHYLDPHQWH*Q&XDQGRHODUEROGHODYLGD
WXYRTXHVHUTXLWDGRGHOOXJDUVHVXVWLWX\RSRUSODQWDVGHOFDPSR*QTXHKDEULDQGHVHUYLUELHQ
XWLOL]DGDVSDUDFXUDU
$OUHFXSHUDUHOSULPHUDPRURHOOOHYDUDFDERODVREUDVSULPHUDVRHOQRGHMDUODVVXSRQHWHQHUHQ
FXHQWDWRGRORUHODFLRQDGRFRQHODUEROGHODYLGD<HVWRLPSOLFDLGHQWLILFDUWHFRQODQXWULFLRQTXH
'LRVQRVSURSRQHFI*QFI0W\FRQHOFRQRFLPLHQWRVXILFLHQWHGHODVSODQWDVGHO
FDPSR/DSURPHVDVREUHHODUEROGHODYLGDWHQLDVHQWLGRSDUDODYLGDGHORVFULVWLDQRVGHDTXHO
HQWRQFHVVLOHVOOHYDEDDODUHIOH[LRQVREUHORTXHLPSOLFDEDHVHDUEROGHODYLGDHQWRGRVXFRQWH[WR
/DDFWXDOL]DFLRQ\SHUPDQHQFLDGHOUHFXHUGRGHODSURPHVDVREUHHODUEROGHODYLGDXQLFDPHQWHSXHGH
FRQILJXUDUVHGHDFXHUGRDORVFDQRQHVTXHPDUFDODYLYHQFLDGHORTXHVXSXVRODSHUGLGD\GHORTXH
FRQVWLWX\HODUHFXSHUDFLRQ<DTXLHOPRGRGHQXWULUPH\HOSUDFWLFDUODVDQLGDGGLYLQDLPSOLFDOD
YLYHQFLDGHORVSULQFLSLRVGHOUHLQRGH'LRV/DYDORUDFLRQGHODSURPHVDLQYROXFUDXQUHWRUQRGHQWURGH
ORVOLPLWHVDFWXDOHVGHODDOLPHQWDFLRQTXH'LRVGLVSXVRSDUDODQDWXUDOH]DKXPDQDFUHDGD
(OTXHWLHQHRLGRRLJDORTXHHO(VSLULWXGLFHDODVLJOHVLDV
(VHYLGHQWHTXHHOPHQVDMHGH(IHVRVHLQWHUFDODFRQHOGHWRGDVODVGHPDVLJOHVLDV\VLUYHSDUDWRGDV
ODVJHQHUDFLRQHVGHFULVWLDQRVWDQWRLQGLYLGXDOFRPRFROHFWLYDPHQWH
(OPHQVDMHTXHKDVLGRGDGRDOD,JOHVLDOLWHUDOGH(IHVRGHEHQGHFRQVLGHUDUORWDPELHQODVGHPDV
LJOHVLDVOLWHUDOHVGH$VLD\YLFHYHUVD<HVDSOLFDEOHWDQWRLQGLYLGXDOFRPRSDUDODLJOHVLDRSDUDFLHUWRV
VHFWRUHVGHODVLJOHVLDV
,JOHVLDGH(VPLUQD VXIULPLHQWR
7DPELHQSRVHLDXQEXHQSXHUWR<VHKDELDJDQDGRHOVLJQLILFDGRGHVXQRPEUH)XHVDTXHDGDSRUHO
UH\GH/LGLD$OLDWHVQRH[LVWLRGXUDQWHYDULRVVLJORV'HVSXHVGHUHFRQVWUXLGDVXIULRYDULRVWHUUHPRWRV
<\DHQQXHVWUDHUDHQHODQRIXHDVDOWDGDSDUDFDSWXUDUDXQRGHORVDVHVLQRVGH-XOLR&HVDU
>@
3DUHFHVHUTXHODOHDOWDGSROLWLFDKDELDVLGRSURYHUELDO(VPLUQDODILHO /DSULPHUDFLXGDGHQ
HULJLUXQWHPSORDODGLRVD5RPD3RVWHULRUPHQWHMXQWRFRQRWUDVSLGLRHOSULYLOHJLRGHHGLILFDUXQ
>@
WHPSORDOHPSHUDGRUUHLQDQWH'HVSXHVFRQVLJXLRKDFHUORSDUD7LEHULR\HO6HQDGR (OFXOWR
LPSHULDOIXHREOLJDWRULR\ORLPSXVRDWRGRVORVFLXGDGDQRV3RVHLDXQRGHORVJUDQGHVFHQWURV
FRPHUFLDOHV(QODVPHGDOODVVHGHFODUDEDDVLPLVPDFRPRODSULPHUDHQEHOOH]DDUTXLWHFWRQLFD
&RQVWUX\RYDULRVWHPSORV2UJXOORVRVSRUVXFLXGDG\SRUVXVHVFXHODVGHFLHQFLD\GHPHGLFLQD
TXHULHQGRVHUORVSULPHURVHQWRGRFXOWRLPSHULDOHQFXOWXUDHQFRQVWUXFFLRQHVHWFVHOHGHQRPLQR
(OSDUDLVRGHODYDQLGDGPXQLFLSDO$KRUD-HVXFULVWRHQVXLQWURGXFFLRQDOD,JOHVLDGH6PLUQDKDFH
XQDDOXVLRQDWRGRHVWRGLFLHQGROHV<RVR\HOSULPHUR\HOXOWLPRSS1RRVGHMHLVFDXWLYDUSRU
HOHPSHQRKXPDQR1RVLUYHSDUDODHGLILFDFLRQGHXQDYLGDHWHUQD3RGHLVDFRVWXPEUDURVDXQD
GHSHQGHQFLDGHOPXQGRDXQTXHDSDUHQWHPHQWHSDUH]FDTXHORHVWHLVKDFLHQGRDDOJRTXHHVQHXWURRV
UHVXOWDUDHQXQDSDUWDURVGHODYHUGDG0LUDGORTXHOHKDVXFHGLGRD(IHVR'HMRVXSULPHUDPRU\ODV
SULPHUDVREUDV
7RGDYLDPDV'HODPLVPDIRUPDTXHODFLXGDGGH6PLUQDKDELDVLGRGHVWUXLGD\FRQVWUXLGDGHQXHYR
WRWDOPHQWHGHVSXHVGHYDULRVVLJORV\TXHHOKLVWRULDGRU6WUDERQKDEODGHXQDPXHUWH\UHVXUUHFFLRQGH
>@
ODFLXGDG OHVGLFHDODLJOHVLDTXHHOWDPELHQIXHGHVWUXLGRPXHUWR\TXHKDUHVXFLWDGR\YLYH
$SXS(VWRHVORTXHLPSRUWD4XHFXDQGROOHJXHVDQRWHQHU\DFRQWHQWDPLHQWRDWRGRORTXHQRV
GHVFULEHHOVDELRGH(FOHVLDVWHVWXQRHVWHVDJDUUDGRDODWHOHYLVLRQSRUTXH\DQRSXHGHVLUD
ODLJOHVLDVLQRDOSULPHUR\DOXOWLPR(OVHJXLUDVLHQGRHOTXHFRQWLQXHPRWLYDQGRWH
&RQR]FRWXVREUDV2EUDVGHPLVHULFRUGLDKDFLDORVPDVSREUHV2EUDVLQVSLUDGDVSUHFLVDPHQWHHQ
HODPRUDOSURMLPR\KDFLDODYHUGDG2EUDVTXHVRQUHVXOWDGRGHXQDIHKDFLDHOUHLQRGH'LRV6HGHWX
SREUH]DDXQTXHHUHVULFRHVSLULWXDOPHQWHTXHFRQWUDVWDFRQORVHGLILFLRVHOHJDQWHVGHHVWDFLXGDG\
FRQHOPHQVDMHTXHOHVKHHQYLDGRDORVGH/DRGLFHD4XHPHQXGRVVLQYHUJXHQ]DV<DRVFRQWDUHPDV
DGHODQWH
7XWULEXODFLRQ(VWDLVVLHQGRVRPHWLGRVDSUHVLRQSRUYXHVWUDVFUHHQFLDV1RWHPDVSRU
ORTXHYDLVDSDGHFHUSRUDTXHOORVTXHOHVIDVWLGLDTXHMXGHRVYHUGDGHURVVHKD\DQFRQYHUWLGRDO
FULVWLDQLVPR1RRVSUHRFXSHLVVHWUDWDGHXQDUDELHWDGHODVLQDJRJDTXHDFWXDFRPRHODGYHUVDULRGH
IDOVRVMXGHRVGHMXGHRVTXHQRVRQ1RWHPDVWDPSRFRSRUORVGLDVGHSHUVHFXFLRQTXHYDVDSDGHFHU
SRUQRVRPHWHUWHHQWRGRDOVLVWHPDLPSHULDO6LYXHVWUDFLXGDGTXLHUHVHUILHODO.DLVDU.XULRVQRRV
VRPHWDLVDOUHTXHULPLHQWRGHOVDFULILFLR\GHOLQFLHQVR6HGILHOHVDYXHVWUR6HQRUDXQFXDQGRHVRSXHGD
VXSRQHURVSDGHFLPLHQWR
$OTXHYHQFLHUHQRVXIULUDGDQRGHODVHJXQGDPXHUWH
(YLGHQWHPHQWHHVXQDDOXVLRQDSURSLDGDDOUHVXOWDGRTXHSRGULDOOHJDUVHFRQODSHUVHFXFLRQSRUQR
VRPHWHUVHDOFXOWRLPSHULDO6LDQWHODSRVLELOLGDGGHOPDUWLULRORDIURQWDLVGLJQDPHQWH\OOHJDUDQ
DOJXQRVGHYRVRWURVDODPXHUWHSULPHUDODTXHHVUHYHUVLEOH-QFI7HQHLVDVHJXUDGRHO
QRWHQHUTXHSDVDUSRUODPXHUWHVHJXQGD\GHILQLWLYD9HQFHG&RQILDG
6PLUQDHVODTXHUHFLEHHORJLRV3HURFXLGDGR7RGRHOPHQVDMHHVXQDFRQVWDQWHGHUHVLVWHQFLD\GH
YLFWRULD$TXLODLQGLYLGXDOLGDGHVPDVFODUD3HUR(VPLUQDWLHQHTXHOHHUORVGHPDVPHQVDMHVDODVRWUDV
LJOHVLDV\REUDHQFRQVHFXHQFLD$OILQDOODGHFLVLRQGHFDGDXQRKDGHVREUHVDOLU
,JOHVLDGH3HUJDPR (OHYDFLRQ
(OTXHWLHQHODHVSDGDGHGRVILORVGLFHHVWRFIFISS
(QXQSULPHUPRPHQWRVHQRVSUHVHQWDHO+LMRGHO+RPEUHFRQWRGDXQDVHULHGHFDUDFWHULVWLFDV
\TXHGHVSXHVYDLQVHUWDQGRHQORVGLIHUHQWHVPHQVDMHVDODVLJOHVLDV$OILQDOODHVSDGDUHSUHVHQWD
ODOXFKDILQDOHQHO$UPDJHGRQ$SSSFIFI
(VXQDPDQHUDGHLQGLFDUODSURWHFFLRQTXHSXHGHQUHFLELUWRGRVDTXHOORVTXHUHWLHQHQODYHUGDGIUHQWH
DODSUXHED
&RQR]FRWXVREUDV\WRGDYLDPDVGRQGHPRUDV$S
"'RQGHPRUDED"
3HUJDPRKDELDVLGRFDSLWDOGH$VLD0HQRUKDVWDTXHIXHGLVSXWDGDSRU(IHVR3HURHVWRQRGLVPLQX\R
SDUDQDGDVXYLGDDUWLVWLFDOLWHUDULD\FLHQWLILFD3RVHLDHOJUDQWHVRURTXH/LVLPDFRXQRGHORVJHQHUDOHV
GH$OHMDQGUROHFRQILR6HFUHRXQDHVFXHODGHHVFXOWXUDWDOOHUHVSDUDWUDEDMDUHOPDUILO\SLHGUDV
SUHFLRVDV\SHUIXPHV\ORVIDPRVRVSHUJDPLQRVGH3HUJDPR6HFUHRXQDJUDQELEOLRWHFD\XQDJUDQ
LQGXVWULDDOUHGHGRUGHOXVRGHSLHOHVGHFDUQHURWUDWDGDVSDUDVHUYLUFRPRVXVWLWXWRGHOSDSLUR\
FRQIHFFLRQDUXQDJUDQFDQWLGDGGHOLEURVYROXPHQHV8QWHPSORSDUD$WHQHDODGLRVDGHOD
SRHVLD3RVHLDWHDWURV8QRGHHOORVSRGLDDOEHUJDUHVSHFWDGRUHV
3HURORTXHPDVQRVLQWHUHVDHVHVDYLGDUHOLJLRVDPH]FODGDPDJLVWUDOPHQWHFRQODSROLWLFD\FRQOD
YLYHQFLDVRFLDOTXHHQ3HUJDPRDGTXLULRXQDJUDQUHOHYDQFLDKDVWDHOSXQWRGHGHQRPLQDUDORV
KDELWDQWHVFULVWLDQRVGH3HUJDPRTXHYLYLDQGRQGHHVWDEDHOWURQRGH6DWDQDV$SSS<"3RU
TXH"
/RVWHPSORVHVWDEDQGHGLFDGRVDODVGHLGDGHVJULHJDV\DOHPSHUDGRUURPDQR/RVFXOWRVHVWDEDQ
IXQGLGRVFRQHOGHORV&HVDUHV(OFXOWRGHO=HXVVDOYDGRUVHXQLDDOGHOGLYLQR$XJXVWR<HOTXHOR
RILFLDEDHUDHOPLVPRVDFHUGRWHSDUDDPERV(OWHPSORGH(VFXODSLRHUDXQFHQWURPHGLFRFRQXQDIXHQWH
FXUDWLYD(VWHFHQWURFRQRFLGR\UHSXWDGRSRUHOPXQGRDQWLJXRGHVGHD-FXUDEDFRQEDQRVGHDJXD
VROPXVLFDVXJHVWLRQRUDFLRQHLQWHUSUHWDFLRQGHVXHQRV(OVLPERORGHOGLRV(VFXODSLRHUDOD
VHUSLHQWHFX\DHILJLHKDTXHGDGRFRPRUHSUHVHQWDWLYDGHODFLHQFLDPHGLFDRSDUDPHGLFD\ODVPRQHGDV
GHODFLXGDGWUDLDQHVHVLPEROR<FXULRVRORVHQIHUPRVVHDFRVWDEDQHQODQRFKHHQHOWHPSORHQHOFXDO
VHFULDEDQVHUSLHQWHVLQRIHQVLYDVODVFXDOHVVHVROWDEDQHQWUHORVHQIHUPRV<FXDQGRHVWDWRFDEDDORV
HQIHUPRVHUDODVHQDOGHTXHHOGLRV(VFXODSLRFXUDULD-XQWRDHVWRKDELDXQULWRGHDGLYLQDFLRQHUD
SUHFLVRGRUPLUFHUFDGHOWHPSORDILQGHUHFLELUXQVXHQRFRQSUHVFULSFLRQHVFXUDWLYDV(QXQRGHORV
KLPQRVDOGLRV(VFXODSLRVHGLFHKDEHUUHFLELGRXQQRPEUHQXHYRHQYLVWDVGHODFXUDFLRQ1R
ROYLGHPRVFLHUWRVGHWDOOHV
3RURWUDSDUWHHODOWDUGH=HXV6DOYDGRUGRPLQDEDWRGDODFLXGDGHLQGHSHQGLHQWHPHQWHGHTXHORV
GLRVHVJULHJRVKXELHUDQSHUGLGRFUHGLELOLGDGDILQDOHVGHOVLJOR,HOFXOWRDOHPSHUDGRUURPDQRDVRFLDGR
DOGLRVVDOYDGRUHUDXQDUHDOLGDG(QHODQRD-3HUJDPRKDELDUHFLELGRSHUPLVRSDUDHGLILFDUXQ
WHPSORD$XJXVWR\VLHQGRHOSULPHUVDQWXDULRSURYLQFLDOGHWRGRHOLPSHULRHQKRQRUGHXQHPSHUDGRU
YLYRVHFRQYLUWLRHQHOFHQWURGHOFXOWRLPSHULDOWDPELHQSDUD1HURQ\'RPLFLDQRTXHVHKDFLDOODPDU
VHQRU\GLRV(QORVFXOWRVGH3HUJDPRWDPELHQHV6PLUQD\(IHVRVHPHQFLRQDED3DODEUDGH'LRV
>@
(OGLDGHOVHQRUVHDVRFLDDOGLDGH$XJXVWR
1RFDEHGXGDTXHWRGRHVWRSHUPLWHFRQIHFFLRQDUORGHOWURQRGH6DWDQDV
/DFLXGDG\ODYLGDVRFLDO\SROLWLFDHVWDXQLGDDXQDUHOLJLRVLGDGTXHGRPLQDORVDVSHFWRVPDV
LPSRUWDQWHVGHOVHUKXPDQR/DFXUDFLRQHVWDUHODFLRQDGDFRQXQGLRVTXHXWLOL]DFRPRVLPEROR
SUHFLVDPHQWHODVHUSLHQWHFI*QFI$S(OGLRVSDJDQRGRPLQDWRGRVXVWLWX\HQGRDO'LRV
YHUGDGHURTXHVHUHYHOD(OGLDGHO6HQRUTXHODSDODEUDGH'LRV$SORDVRFLDFRQHOGLDGHO
+LMRGH+RPEUHFRQHO6KDEDWFHOHVWLDOVHPDQDO$SFI0F0WFI+E
FI0WODSDODEUDGHGLRVTXHVHH[SUHVDHQORVFXOWRVHQ3HUJDPRORDVRFLDDO
GLDGHOHPSHUDGRU(VHHPSHUDGRUVHDUURJDHOVHU6HQRU'LRV\6DOYDGRU3HURORVFULVWLDQRVQRWLHQH
PDVTXHXQ'LRVHO3DGUHFID&RUFI-Q)LOS&RO\XQVROR6HQRU
-HVXFULVWR\XQ6DOYDGRU-HVXFULVWR\TXHMXQWRDO(VSLULWX6DQWRFI$SSSXSVHQRVSUHVHQWD
HVDVDOYDFLRQFRQYHQFLHQGRQRVGHQXHVWUDVLWXDFLRQ\FRQGLFLRQFI-Q(VDIUHFXHQFLD
GHODVSDODEUDV6HQRU\VDOYDFLRQHQHO$SRFDOLSVLV
FRQWUDVWDFRQORTXHHQ3HUJDPRSUHWHQGLDQDUURJDUOHDO(PSHUDGRURDORVGLRVHV
$KRUDHQWHQGHPRVPHMRUORGHOWURQRGH6DWDQDVHPSOD]DGRHQ3HUJDPR(QUHDOLGDG-XDQTXLHUH
DGYHUWLUFRQODSXHVWDHQHVFHQDGHORVPRGHORV\YDORUHVGHOPXQGRTXHDKLVHHQFXHQWUDHOWURQRGH
6DWDQDV3HUJDPRHUDXQDUHSUHVHQWDFLRQGHORTXHHO0DOLJQRKDELDUHDOL]DGRKDELDFRQWDPLQDGRDOD
FLYLOL]DFLRQWHUUHVWUHVXDUWHVXFXOWXUDVXSROLWLFDVXILORVRILDVXUHOLJLRQWRGRVORVFRQWHQLGRVGH
HOODVHKDELDQSXHVWRDGLVSRVLFLRQGHHODILQGHGHVWUXLUDOD0XMHUDORVSULQFLSLRVGHO5HLQRGH'LRV
GHO*RELHUQRGH'LRVFI$S,QWHQWDUDGHVSUHVWLJLDUDO'LRVTXHVHUHYHODSURFXUDUDDUUDVWUDUDORV
TXHDFHSWDQODLGHRORJLDGH'LRVKDFLDDOJRTXHORSUHVHQWDFRPRORJLFRFLHQWLILFRDWUDFWLYRQRUPDO
WHPSHUDQWHFXUDWLYRFLYLFRSHURPH]FODGRFRQXQFDOGRGHFXOWLYRTXHHQVXPRPHQWRGDUDVXUHVXOWDGR
QHIDVWR$HVDFLYLOL]DFLRQWHUUHVWUHGHGRQGHVDOHQWRGDVODVLGHDV\DFWLWXGHVIDOVHDGDVODPRQWRVREUH
OD%HVWLDGHFDEH]DV\FXHUQRVFI$S\FI$S\(VXQDUHSUHVHQWDWLYLGDGGHO
SURSLRPDOLJQR/D%HVWLDFRPRYHUHPRVHQVXPRPHQWRVHSUHVHQWDHQ$SRFDOLSVLVFRPRVLHQGRHO
'UDJRQ\HQHOFRPRGDQGROHHOWURQR(QUHDOLGDGHVORPLVPRORTXHVXFHGHHVTXHHQ$S
ODVFDEH]DV\FXHUQRVDSDUHFHQ\DHQDFFLRQKLVWRULFDUHSUHVHQWDQGRDO'UDJRQ(VDVFDEH]DV\
FXHUQRVVRQGHFUHDFLRQVDWDQLFD\HVORTXHKDSRGLGRSUR\HFWDUVXGRPLQLRVREUHODWLHUUD(OJRELHUQR
GHHVWHPXQGRTXHHQFDGDPRPHQWRKLVWRULFRHVUHOHYDQWHPDUFDQGRODGLUHFFLRQDOLGDGHQODKLVWRULD
PHGLDQWHVXLGHRORJLDHVWDWDOFRQWDPLQDGDSRUHO'UDJRQHVORTXHFRQILJXUDDOD%HVWLD
6DWDQDVKDSXHVWRVXWURQRHQHVWHPXQGR\-XDQXWLOL]DD3HUJDPRFRPRXQHMHPSORGHOWURQRGH
6DWDQDVHQODFLYLOL]DFLRQWHUUHVWUH
(O+LMRGHO+RPEUHTXHWLHQHODHVSDGDGHGRVILORVOHUHFRQRFHVXVREUDV\TXHUHWLHQHHOQRPEUHGH
-HVXFULVWR\ODIH$S<HVWRKDVWDORVPRPHQWRVPDVFUXFLDOHVFRPRFXDQGRVHREOLJRDORV
FULVWLDQRVGHODLJOHVLDGH3HUJDPRDHFKDULQFLHQVRHQKRQRUDOHPSHUDGRU3HURVHQHJDURQFRPR
$QWLSDV3DUDQRVRWURVVHWUDWDULDGHXQDDSOLFDFLRQILJXUDGDQRODGHXQDSHUVRQDVLQRODDFWLWXG
>@
UHFRJLGDHQXQFROHFWLYR
/DVLWXDFLRQTXHVHQRVSUHVHQWDPHGLDQWH$QWLSDVHVXQDGHPRVWUDFLRQGHTXHOD,JOHVLDGH3HUJDPR
QRKDELDVXFXPELGRDOVLVWHPD1RVHKDELDDGDSWDGRDHVHPXQGRGHSRUWLYRQLFXOWXUDO1RHVTXH
ORVFULVWLDQRVQRHVWHQGHDFXHUGRFRQOREHOORQLFRQORVGRQHVTXHVHPDQLILHVWDQHQORVVHUHVKXPDQRV
\DXQHQHOORVPLVPRV6RQPXFKRV\DGHFXDGRV(OSUREOHPDQRHVWDHQHODUWHQLHQHOGHSRUWHSRU
PHQFLRQDUDOJRVLQRHQLQYROXFUDUWHGHWDOPRGRHQHOORTXHQRSHUFLEDVORTXHHVWDOLJDGRDHVHDUWH\D
HVHGHSRUWH\TXHOOHJDDFD]DUWHKDVWDHOSXQWRGHTXHIRUPDSDUWH\DGHWXYLGD&XDQGRHQQXHVWUDYLGD
-HVXFULVWRKDGHVHUHOSULPHUR\HOXOWLPR7RGRHQWRGR6LHQ3HUJDPRQRVHKXELHUDQWRPDGRPHGLGDV
HVSLULWXDOHVFRQWLHPSRVXILFLHQWHFXDQGROOHJRHOPRPHQWRGHODYHUGDGHQFXDQWRDGHPRVWUDUWX
VRPHWLPLHQWRDOVLVWHPDRQRVHKXELHUDVXFXPELGRDORTXHPDUFDEDHVHVLVWHPDHVWDWDOTXHKDELD
PH]FODGRWRGRHQSURGHVXUHOLJLRQ\FXOWRLPSHULDO
3HURWHQJRXQDVSRFDVFRVDVFRQWUDWL1RHVTXHQRVHDLPSRUWDQWHHOTXHVHHVWHSUDFWLFDQGRSRU
DOJXQRVODGRFWULQDGH%DODDP\TXHVHUHWHQJDWDPELHQSRURWURVQRWRGRVDORVQLFRODLWDV
ODJQRVLVDVDELHQGDVGHTXH'LRVORDERUUHFLDVLQRTXHHQFRQWUDVWHFRQORRWURSRVLWLYRHVSRFD
FRVD6HYLVOXPEUDTXHKD\XQFRQDWRGHKDFHUTXHORVPLHPEURVGHODLJOHVLDGH3HUJDPRDFHSWHQFLHUWDV
FRVWXPEUHVRSXHVWDVDODOH\GH'LRV\OHVOOHYHDHQWUHJDUVHDXQDFRQGXFWDTXHOHVLGHQWLILTXHFRQHO
PXQGRTXHHO0DOLJQRKDFUHDGRHQ3HUJDPR/DGRFWULQDGH%DODDPFRQVLVWLDHQVHGXFLUDORVLVUDHOLWDV
1PDILQGHTXHKLFLHUDQDOJRSDUDTXHORVGLYLGLHUD$KRUDORGH%DODDPUHSUHVHQWDXQ
PRGHORGHDFWXDFLRQGHJQRVLVOLEHUWLQDTXHSUHWHQGHGHVFRPSRQHUOD,JOHVLDSRUODKHUHMLD/R
LPSRUWDQWHQRVHULDORTXHVHSXHGDFRPHWHUKDFHUFRQODFDUQHSRUPX\SHFDPLQRVRTXHIXHUDVLQRHO
HVSLULWX'HHVWHPRGRVHSRGLDMXVWLILFDUFXDOTXLHUFRVD
3RUWDQWRDUUHSLHQWHWHSXHVVLQRYHQGUHDWLSURQWR\SHOHDUHFRQWUDHOORVFRQODHVSDGDGHPL
ERFD<HVWRORGLJRSDUDWRGDVODVGHPDVLJOHVLDVSRULJXDO
(VQHFHVDULRDUUHSHQWLUVH<VLQRKD\DUUHSHQWLPLHQWRGH"4XLHQ"2GH"4XLHQHV"3RUXQODGRVH
PDQGDHODUUHSHQWLPLHQWRDOD,JOHVLD(VGHFLUKD\TXHDUUHSHQWLUVHGHVHJXLUDFHSWDQGRFLHUWRVKHFKRV\
FRQGXFWDVHQHOVHQRGHODLJOHVLDSHURSRURWUDSDUWHVLQRORKXELHUDHVHDUUHSHQWLPLHQWRGHVHJXLU
SHUPLWLHQGRFLHUWDVDFWLWXGHVHQWRQFHVYHQGUDHO+LMRGHO+RPEUH\SHOHDUDFRQWUDHOORVQRFRQWUDWL
FRQODHVSDGDGHVXERFD&UHRTXHODLGHDUHVSRQGHDORVLJXLHQWHDUUHSLHQWHWHGHSHUPLWLUHVDV
FRVDVVLQRORKDFHVRVLQRWLHQHIUXWRHQHOORVWXDUUHSHQWLPLHQWRSHOHDUHFRQWUDHOORV/D,JOHVLDSXHGH
WRPDUHQRFDVLRQHVPHGLGDVSHUR"<VLORVGHPDVORVTXHPDQLILHVWDQWHQHUHOSUREOHPDQRTXLHUHQ
DUUHSHQWLUVH"'LRVHQWRQFHVLQWHUYHQGUD'HODPDQHUDTXH(OVDEH\SXHGH"4XHVLJQLILFDSHOHDUFRQOD
HVSDGDGHPLERFD"'LRVSXHGHHQYLDUVROXFLRQHVTXHDFWXDQFRQHOSRGHUGHODSDODEUDERFD\UHVXOWD
VHUFRPRXQDHVSDGDTXHGHILHQGHODYHUGDG\GHVWUX\HORLQFRUUHFWR
$OTXHYHQFLHUHOHGDUHDFRPHUGHOPDQDHVFRQGLGR(VGHFLUGHXQDYHUGDGHUDFRPLGDHVSLULWXDO
TXHVXSRQHVHU-HVXFULVWR-QFI&XDQGRODSHUVRQDFRPSUHQGHORLPSOLFDGRHQ
ODH[SUHVLRQ+LMRGHOKRPEUH\VHPDQLILHVWDHQHOODYRFDFLRQFHOHVWHHVWDFRPLHQGRHOPDQDTXH
VXSRQHKDEHUKHFKRHVDH[SHULHQFLDFRQ-HVXFULVWR\VXSDODEUD(VPX\LPSRUWDQWHTXHVHDPRV
SUHFDYLGRV1RVHWUDWDGHXQDYDULWDPDJLFD6HWUDWDGHXQDH[SHULHQFLDTXHFXDQGRODKDFHVUHVXOWDHQ
YLFWRULD&XDQGRVHFRQRFHD'LRV\D-HVXFULVWRUHVXOWDHQYLGDHWHUQD-Q\HVWRWHOOHYDD
H[SHULPHQWDUODYRFDFLRQFHOHVWH(OYHQFHUVXSRQHSDVDUSRUHVDH[SHULHQFLD&XDQGRODSHUVRQDSDVH
SRUHOORVDEUDH[SHULPHQWDUDHVDFRPLGD\FRPSUREDUDTXHKDYHQFLGR
/HGDUHXQDSLHGUHFLWDEODQFD\HQODSLHGUHFLWDHVFULWRXQQRPEUHQXHYR(QORVULWRVGH
LQLFLDFLRQVHPHQFLRQDQDYHFHVFLHUWDVH[SUHVLRQHVTXHQRVLUYHQGHQDGD$KRUDHQHOSDUDOHOLVPRGHO
PHQVDMHGHO+LMRGHO+RPEUHTXHHOFULVWLDQRWDPELHQUHFLEHDOJRFXDQGRVHKDLQLFLDGR\SURVLJXHHQOD
YLGDFULVWLDQDYLFWRULRVDJXLDGDSRUHO(VSLULWX6HXWLOL]DORGHXQDSLHGUHFLWDEODQFD3HUROR
LPSRUWDQWHHVTXHFRQWLHQHXQQRPEUHQXHYR/RQRWDEOHGHOQRPEUHHQOD%LEOLDHVORTXHHVWH
UHSUHVHQWDODSHUVRQDOLGDGHOFDUDFWHUODPDQHUDGHVHU\GHSHQVDU(VWRHVORTXHKDGHJUDEDUVHFRPR
IUXWRGHODQXHYDSHUVRQDOLGDGFHOHVWLDOTXHVHDGTXLHUHFXDQGRVHDFHSWDODLGHRORJLDGH-HVXFULVWRFI
D&RU
,JOHVLDGH7LDWLUD GXOFHVDERUGHOWUDEDMRRVDFULILFLRFRQWULWR
&RPRGLFHQORVDXWRUHV/DFDUWDPDVODUJDSDUDODLJOHVLDGHODFLXGDGPHQRVLPSRUWDQWH
/RSULPHURDUHVHQDUHVODSUHVHQWDFLRQ$SDUHFHFRQHOQRPEUH+LMRGH'LRV\FRQXQDGHVFULSFLRQ
GHO+LMRGHO+RPEUHHQHOPLQLVWHULRFHOHVWHRMRVFRPROODPDGHIXHJR\SLHVVHPHMDQWHVDOEURQFH
EUXQLGR$SFI$S
/DLPSRUWDQFLDGHHVWDFLXGDGQRUDGLFDEDQLHQODSROLWLFDQLHQODUHOLJLRQVLQRHQODYLGDFRPHUFLDO\
HFRQRPLFD$XQFXDQGRVXPH]FODGHJHQWHVGHGLYHUVRRULJHQVHDSURFOLYHDOVLQFUHWLVPR\DSDUH]FDXQ
WHPSORHULJLGRSDUDHOGLRV$SRORV'LRVVROUHSUHVHQWDQWHGHOHPSHUDGRU(VWHFXOWRVHSURORQJD
KDVWD&RQVWDQWLQRTXHIXHILHODGLFKRGLRV$SRORV\OHIXHVHQFLOORDPDOJDPDUD-HVXFULVWRHOVROGH
-XVWLFLDFRQVX$SRORVGLRVVRO
(ORULJHQGHODLJOHVLDFRPRWRGDVODVGHPDVHVWDEDHQODFRPXQLGDGMXGHD+DELDXQDVLQDJRJD\
/LGLDKDELDVLGRXQDSURVHOLWDMXGHDFI+HFK/DSXUSXUDHUDXQDGHODVLQGXVWULDVPDVSURVSHUDV
+DELDXQDJUDQFDQWLGDGGHRILFLRVTXHVHUHXQLDQHQFRUSRUDFLRQHVRJUHPLRV6HVDEHTXHKDELDVXV
UHXQLRQHVILMDGDVGLIHUHQWHVILHVWDV\EDQTXHWHVTXHHPSH]DEDQFRQRIUHQGDVGHVDFULILFLR\OLEDFLRQD
ORVGLRVHV\OXHJRVHWHUPLQDEDFRQRUJLDV(OFRQIOLFWRFRQHOFULVWLDQRHVWDEDSUHFLVDPHQWHHQOD
SUHVHQFLDGHOFRPHUFLDQWHRGHOMHIHGHWDOOHUHQHVDVUHXQLRQHVHQODVTXHQRSRGLDSDUWLFLSDUFRPR
FULVWLDQR
6HHPSLH]DUHFRQRFLHQGRHOFRPSRUWDPLHQWRGH7LDWLUD&RQR]FRWXVREUDVDPRUIH\VHUYLFLR<OR
TXHQRKDSRGLGRGHFLUGHQLQJXQDRWUDLJOHVLDDQWHULRU9DVSURJUHVDQGRHQWXREUDVODVXOWLPDVVRQPDV
TXHODVSULPHUDV3HURREVHUYRTXHKDVSHUPLWLGRWHQHUDOD-H]DEHOXQDFRUULHQWHGH
SHQVDPLHQWRTXHSHUPLWHMXVWLILFDUODPH]FODGHORVDQWR\ORSURIDQR8QDHVSHFLHGHVLQFUHWLVPRHQWUHOR
SDJDQR\ORFULVWLDQR3DUWLFLSDFLRQWDQWRHQODVFHUHPRQLDVSDJDQDVVLQGHWULPHQWRGHSDUWLFLSDUHQOR
FULVWLDQR(VWRSUHWHQGLDMXVWLILFDUDFLHUWRVPLHPEURVTXHVHYHLDQHQODWHVLWXUDGHDVLVWLUDODVILHVWDV\
EDQTXHWHVILMDGRVDSDUWLFLSDUHQORTXHIXHUDVLQSUREOHPDVGHFRQFLHQFLD3HURHOTXHHVFXGULQDOD
PHQWH\HOFRUD]RQFRQRFHORVSHOLJURVGHORTXHHVWRSXHGHVXSRQHU6HWUDWDGHWRGDXQD
IRUQLFDFLRQHVSLULWXDOHLGHRORJLFDGHXQDSHUYHUVLRQGHODUHDOLGDGGHORTXHVLJQLILFDHOLGROR
XS(OTXHHVFXGULQDWRGROHKDGDGRWLHPSRSDUDVXDUUHSHQWLPLHQWR\FDPELHGHOFULWHULR
SHUYHUVR\VHFRQYLHUWDDODYHUGDG6LQRORKLFLHUHOHPRVWUDUHDGRQGHFRQGXFHVHPHMDQWH
IRUPDGHSHQVDU\SUDFWLFDDOLQPRYLOLVPRPDVYHMDWRULR$WHQHUTXHHVWDUHQFDPDDWULEXODGDSRUVXV
SURSLRVSHQVDPLHQWRVFRUURPSLGRV\DH[SHULPHQWDUHVRPLVPRDORVTXHFRQHVDIRUPDGHSHQVDUKDQ
FRQVHQWLGRVLQRVHDUUHSLQWLHUHQDVXYH]XS/RVTXHVHKDQFRQYHUWLGRHQKLMRVGHHOODHQ
SURSDJDGRUHVGHHVDIRUPDGHSHQVDUYLYLUDQHOUHVXOWDGRGHORTXHVXSRQHWDOFRQGXFWDODPXHUWH
HVSLULWXDO\PHQWDOSS(VWDVLWXDFLRQXOWLPDGHVFULWDHVODH[SHULHQFLDGHWRGRDTXHOTXHSUHWHQGH
FRPSDJLQDUHOELHQ\HOPDOORPRUDOHLQPRUDOODOX]\ODVWLQLHEODV<HVWRORSRGUDQVDEHUWRGDVODV
LJOHVLDVFXDQGRRFXUUDHVDYLYHQFLDTXHGHVWUX\HHOQXFOHRGHORFULVWLDQR\GHODSHUVRQD\GHHVWH
PRGRFRPSUREDUTXHORTXHGLJRHVGHDOJXLHQTXHHVFXGULQDODPHQWH\HOFRUD]RQ\VDEHDFLHQFLD
FLHUWDDGRQGHFRQGXFHVHPHMDQWHIRUPDGHSHQVDUDODHQIHUPHGDGPDVPRUERVD$ODGHVDSDULFLRQGH
ODLGHQWLGDGHOQRVDEHUTXH\TXLHQHUHV$VXIULUHQXOWLPDLQVWDQFLDORTXHUHVXOWDGHVHPHMDQWH
SUDFWLFD7RGRHOVHUVHYHDIHFWDGRFXDQGRORTXHFRPHVRORTXHODSUDFWLFDVH[XDOOOHYDDFDERR
FXDOTXLHURWUDDFWLWXGPHQWDORHVSLULWXDOFRQWUDYLHQHDORVPDQGDPLHQWRVGH'LRV/RPDWHULDOHVWD
IXQGLGRFRQORHVSLULWXDOHQODDQWURSRORJLDELEOLFD1RKD\SRVLELOLGDGGHO\LQ\GHO\DQ/REXHQR\OR
PDORPH]FODGRVQRVHQHXWUDOL]DQVXUJHDOJRFRUURPSLGR\HQIHUPR/RWHPSHUDQWHRHTXLOLEUDGRQR
FRQVLVWHHQWRPDUSHTXHQDVFDQWLGDGHVGHWRGRVLQH[FHSFLRQVLQRGHUHFKD]DUFRQWXQGHQWHPHQWHWRGR
DTXHOORTXHSHUMXGLFD\GHOREXHQRVHUFRPHGLGR
7RGDVODVLJOHVLDVVDEUDQSS(VDH[SUHVLRQLQVHUWDGDDTXLHQODFDUWDD7LDWLUDHVXQD
HYLGHQFLDGHFRPRWRGRHOPHQVDMHDXQDLJOHVLDVLUYHDODVRWUDV
6HUHFRQRFHTXHQRWRGRVWLHQHQHVWDGRFWULQDGHODSURIXQGLGDGGH6DWDQDVHQ7LDWLUD3HUR
ORTXHWHQHLVUHWHQHGORKDVWDTXH\RYHQJD
(YLGHQWHPHQWHORVPHQVDMHVODVLJOHVLDVOLWHUDOHVGH$VLDWLHQHQTXHYHUSDUDWRGDODLJOHVLDGHWRGRV
ORVWLHPSRV5HWHQHGORKDVWDTXH\RYHQJD/DJHQHUDFLRQGHODLJOHVLDGHODHSRFDGH-XDQSDVR3HUR
HOORVORSXGLHURQUHWHQHUKDVWDTXHHOYLQLHUD/DPXHUWHOOHYDKDVWDTXHHOYHQJD\VHSURGX]FDOD
UHVXUUHFFLRQ<ORVGHFXDOTXLHUJHQHUDFLRQORPLVPR<ORVTXHYLYDQHQODXOWLPDH[SHULPHQWDUDQXQD
WUDQVIRUPDFLRQHQYLGDFID&RU\MXQWRDORVUHVXFLWDGRVPRVWUDUDQHOKDEHUUHWHQLGRORTXH
-HVXFULVWRQRVKDOHJDGRSDUDDIURQWDUODH[LVWHQFLDGLDULD
$OTXHYHQFLHUH\JXDUGDUHPLVREUDVKDVWDHOILQOHGDUHDXWRULGDGVREUHODJHQWHV
JUDFLDVDOSRGHUGHO3DGUHXS(QHOMXLFLRGH$SRFDOLSVLVVHFXPSOLUDHVWDSURPHVDSDUD
WRGRVORVFULVWLDQRV\ORVTXH'LRVLQFOX\DGHODHSRFDGHORVSDWULDUFDV\GHORVSURIHWDV
<OHGDUHODHVWUHOODGHODPDQDQD/DQXHYDH[LVWHQFLDGHXQQXHYRGLDDQXQFLDGRSRUOD
HVWUHOODGHODPDQDQD
-XDQQRKD\GXGDKDTXHULGRPRVWUDUHQVXFDUWDXQYDORUSDUWLFXODUSDUD7LDWLUDTXHRFXSDHOQRGH
XQDVHULHGHHVGHFLUODSRVLFLRQFHQWUDODGHPDVGHODODUJXUDGHOWH[WR+HPRVGHFRQVLGHUDUDOJXQRV
DVSHFWRVRULJLQDOHVGHOPHQVDMHDODLJOHVLDGH7LDWLUD6LELHQODLQIOXHQFLDGHOH[WHULRUH[LVWH\HVWRHV
DOJRTXHVREUHVDOHHQWRGDVODVLJOHVLDVLQFOXVRHQODGH7LDWLUDHOPD\RUSUREOHPDGH7LDWLUDHVTXHOD
LQIOXHQFLDH[WHUQDKDFXDMDGRLQWHUQDPHQWHHQXQVHFWRUTXHFRQILJXUDXQPRYLPLHQWRLGHRORJLFRTXH
SUHWHQGHDUUDVWUDUDOFRQMXQWRGHODLJOHVLD6LVHREVHUYDHVHOPHQVDMHDODLJOHVLDPDVFODURVREUH
DVSHFWRVLQGLYLGXDOHV3HURDYRVRWURV\DORVGHPDVTXHHVWDQHQ7LDWLUDDFXDQWRVQRWLHQHQHVD
GRFWULQD1RRVLPSRQGUHRWUDFDUJD+D\XQDVHSDUDFLRQHQWUHORVTXHUHWLHQHQHVDGRFWULQD
HLQFOXVRVLQRVHKDQDUUHSHQWLGRGHORGHODVSURIXQGLGDGHVGH6DWDQDV\ORVTXHQRWLHQHQHVD
GRFWULQD7LDWLUDDGHPDVSRUHOKHFKRTXHVHPHQFLRQHHQVXPHQVDMH\WRGDVODVLJOHVLDVVH
FRQYLHUWHHQXQDLJOHVLDWLSLFD/RVPHQVDMHVDFDGDXQDVHDSOLFDQDWRGDVODVGHPDV,QGHSHQGLHQWHPHQWH
GHTXHHOPHQVDMHDFDGDXQDGHHOODVVHDXQSURWRWLSRDHVFXFKDUSRUWRGRVORVPLHPEURV\
FROHFWLYLGDGHVGHWRGDOD,JOHVLDXQLYHUVDOHQHOFRUUHUGHOWLHPSR$GHPDVVHQRVHQVHQDTXHDSDUWHHO
PHQVDMHTXHVHLQGLYLGXDOL]DFRPRPDVDSURSLDGRH[LVWHHORWURTXHSRGULDDSOLFDUVHGHWRGDVODVGHPDV
LJOHVLDV<HVWRFXDQGRODVLJOHVLDVOLWHUDOHVGH$VLD\DQRH[LVWDQVHKDGHWHQHUPX\HQFXHQWD'HO
PHQVDMHGHFDGDLJOHVLDKDEUDTXHDSOLFDUORDODLJOHVLDHQVXGHVDUUROORKLVWRULFRSHURKDEUDDOJXQ
PHQVDMHHQSDUWLFXODUGHDOJXQDGHODVLJOHVLDVGH$VLDTXHVHDPDVDSURSLDGRSDUDXQDHSRFD
GHWHUPLQDGDGHODVTXHPHQFLRQD$SRFDOLSVLV
(OYRFDEXODULRHPSOHDGRGHPRGRLQVLVWHQWHUHPDUFDGRFDGDYH]SRUODFRQMXQFLRQ\HQHOJULHJR
7XDPRUGHPRVWUDFLRQGHODDFFLRQGH'LRVPHGLDQWHORVSULQFLSLRVGHO5HLQRR*RELHUQRGH'LRVTXH
KDWUDQVIRUPDGRHOFDUDFWHU\PRWLYDDOFDUDFWHUWUDQVIRUPDGRIHHQODYHUGDG\HQORTXHUHVXOWDGHOD
SHUPDQHQFLDHQOD3DODEUD\HQODDGTXLVLFLRQGHODYRFDFLRQFHOHVWHFI5P&RO
VHUYLFLRSUHGLFDFLRQGHO(YDQJHOLRHWHUQR\D\XGDDORVQHFHVLWDGRVSDFLHQFLDODGHORVVDQWRV^FI
$S`HQODDFWLWXGSDVWRUDO\FDGDYH]PDVREUDVHQEHQHILFLRGHORVGHPDV\DVLPLVPRFRPR
FRQVHFXHQFLDGHODDGTXLVLFLRQGHORVIUXWRVGHO(VSLULWX6DQWR*DOFI1RFDEH
GXGDTXHHVWRHVXQUHVXPHQGHODYLGDFULVWLDQD
(OQRPEUHFULVWRORJLFRXQLFRHQWRGRHO$SRFDOLSVLV(O+LMRGH'LRVMXQWRDOSRGHUGHPL
3DGUHXSFIHVRWUDGHODVVLQJXODULGDGHVTXHPDUFDODGLIHUHQFLDFRQORVFRQWHQLGRVGH
ODVRWUDVFDUWDVMXQWRDODDPSOLWXG\JUDQGH]DGHODSURPHVDTXHDVRFLDDOFUH\HQWHDOVHQRULR
GH-HVXFULVWR
/DVDGYHUWHQFLDVUHVSHFWRDODWHQGHQFLDGH-H]DEHOGHQWURGHOD,JOHVLDXQLYHUVDOGHWRGRVORVWLHPSRV
(OGLVFHUQLPLHQWRGHOPHQVDMHGHORV\GHODV-H]DEHOHVUHVXOWDUDHQUHVLVWLUIUHQWHDVDFULILFDUQXHVWUD
LGHQWLGDGQXHVWUDUD]RQGHVHUDORVLGRORVVHDQFXDOHVIXHUDQ6DFULILFDUODLGHQWLGDGFULVWLDQDHV
DUUDVWUDUVHDODVSURIXQGLGDGHVGH6DWDQDVTXHHO6HQRUOHUHSUHQGD
,JOHVLDGH6DUGLV HOUHVWR$S
/DLJOHVLDGH6DUGLVVREUHVDOHHQXQPHQVDMHLGRQHRUHVSHFWRDODVRFLHGDGHQODTXHYLYH&RPRHQ
WRGDVODVLJOHVLDVHOPHGLRDPELHQWHGHODFLXGDGKDHMHUFLGRXQDLQIOXHQFLDFDSLWDOHQODPDUFKDGHOD
,JOHVLD(Q6DUGLVVREUHVDOHLJXDODGRVRODPHQWHSRU/DRGLFHDHOFRPRODVFRQGLFLRQHVGHYLGDGHOD
FLXGDGDIHFWDQFRQVLGHUDEOHPHQWHWDQWRDOFROHFWLYRFRPRDOLQGLYLGXR
/RVYLDMHURVFRPHUFLDQWHVRQRQRWDQDWUDFFLRQSRU6DUGLVSRUVXVLWXDFLRQJHRJUDILFD\FRQGLFLRQHV
GHYLGD7DQWR+RPHURTXHODFDQWDHQVX,OLDGDFRPR+HURGRWRTXHODLQFOX\HHQVXVOH\HQGDVGDQXQD
PXHVWUDGHODYDORUDFLRQGHHVWDFLXGDG(ORURDWHVWLJXDGRSRUORVKLVWRULDGRUHV+HURGRWR\(VWUDERQ\
ODSLHGUDSUHFLRVDFRUQDOLQDFRQRFLGDFRPRODSLHGUDGH6DUGLV\ODVFRQILUPDFLRQHVGHODH[LVWHQFLD
GHPRQHGDVFRPRSURYHQLHQWHVGH6DUGLVGDQXQDLGHDGHODULTXH]DGHHVWDFLXGDG
3RURWUDSDUWHVXSRVLFLRQVREUHXQDHVSXHODURFRVDODKDFLDLQH[SXJQDEOHVLQHPEDUJRGHELGRDHVD
VHJXULGDG\FRQILDQ]DDTXHHUDLPSRVLEOHSHQHWUDUDOJRIRUWXLWROHKL]RD&LURHQWUDUHQHOOD\
>@
FRQTXLVWDUOD+HURGRWRQRVFXHQWD TXHODFDLGDGHXQFDVFRGHXQRGHORVFHQWLQHODV\ODPDQHUDHQ
TXHHOXWLOL]RODVUDPSDVURFRVDVSDUDUHFXSHUDUORVLUYLRDXQVROGDGRPHGRSHUVDVLJXLHQGROH
HQFRQWUDUODPDQHUDGHHQWUDU/RJLFDPHQWHODIDOWDGHYLJLODQFLDKL]RSRVLEOHGLFKDFRQTXLVWD<
FXULRVRHVDPLVPDIDOWDGHYLJLODQFLDOOHYRVLJORVGHVSXHVDTXHVHFRQTXLVWDVHGHQXHYR(O
KLVWRULDGRU3ROLELRQRVQDUUDTXHXQOXJDUTXHQRHVWDEDJXDUGDGRIXHGHVFXELHUWRSRUXQVROGDGR
GHQRPLQDGR/DJRUDV\VHSXGRFRQTXLVWDUGHQXHYRORLQH[SXJQDEOH
8QWHUUHPRWRWRPRGHVRUSUHVDDODSREODFLRQGH6DUGLV/DGHVWUX\RFRPSOHWDPHQWH3OLQLRQRVGLFH
GHODGLPHQVLRQGHHVWHWHUUHPRWRFRPRHOPDVJUDQGHVHLVPRGHODKLVWRULDKXPDQDKDVWDDTXHOHQWRQFHV
FODUR$XQTXHVHUHFRQVWUX\R\VHHULJLRXQWHPSORD7LEHULRSDUDHOFXOWRLPSHULDOFRPR
DJUDGHFLPLHQWRDODD\XGDJHQHURVDTXHHVWHDSRUWRQXQFDIXHORTXHKDELDVLGR
2WUDGHODVFDUDFWHULVWLFDVGHHVWDFLXGDGHUDVXYLGDGLVROXWD\OXMXULRVDMXQWRDODSURVWLWXFLRQ
VDJUDGDTXHVHSUDFWLFDEDHQHOFXOWRD&LEHOHV1DGDGHHVWRD\XGDEDDODPRUDOGHODFLXGDG<FRPR
GHFLDQDOJXQRVYLYLUHQ6DUGLVHUDOOHYDUXQDYLGDFRUUXSWRUD\VHGXFWRUD$OJXLHQOOHJRDGHFLUHOPDO
>@
FDUDFWHU\RGLRGHORVFLXGDGDQRVGH6DUGLV
$KRUDFRPSUHQGHPRVPHMRUHOPHQVDMHD6DUGLV
<RFRQR]FRWXVREUDVTXHWLHQHVQRPEUHGHTXHYLYHV\HVWDVPXHUWR/DFLXGDGGH6DUGLV
HVWDEDYLYDWUDVHOWHUUHPRWRSHUR\DQRHUDORTXHIXH9LYLDSHURHVWDEDPXHUWD<DWLODLJOHVLDWH
SDVDORPLVPR7LHQHVQRPEUHGHTXHYLYHVSHURHVFRPRVLHVWXYLHUDVPXHUWD7HKDVDFRVWXPEUDGRD
XQDYLGDWUDQTXLOD1RWLHQHVSHUVHFXFLRQQLWHYHVSUHVLRQDGDSRUHOFXOWRLPSHULDOHOVLVWHPD1DGLHVH
PHWHFRQWLJR1LVLTXLHUDWLHQHVTXHHQIUHQWDUXQDKHUHMLDVHULD7DQWRHQHOH[WHULRUFRPRHQHOLQWHULRU
QDGDWHSHUWXUED(VWDVHQXQDHVSHFLHGHSD]TXHQRHVFDSD]GHYHUODWRUPHQWDTXHVHDYHFLQD7HKDV
HQWUHJDGRGHWDOPRGRDXQDYLGDIDFLOTXHWHDUUDVWUDDVXFXPELUHQXQVLQILQGHWHQWDFLRQHVTXHLQWHUQHW
ODWHOHYLVLRQWHSURSRQH/DSRUQRJUDILDHVXQDGHHOODVODDTXLHVFHQFLDDODPDQHUDFRQTXHVHHQIUHQWD
ODLQPRUDOLGDGHVRWUDGHHOODV(VWDVPDQFKDGRHQODYLOH]DGHXQDFRQGXFWDTXHHQQDGDVHSDUHFHDO
UHLQRGH'LRVPDVELHQDOUHLQRGHODOXMXULD\GHORGLVROXWRFRQTXHVHYLYHKR\SS+DVOOHJDGR
LQFOXVRDMXVWLILFDUHODGXOWHULR1RSXGLVWHPDV7XWUDQTXLOLGDGWHKDOOHYDGRDTXHUHUFRQFUHWDU
FLHUWRVSHQVDPLHQWRVTXHWHSDVDQSRUODFDEH]D/DILGHOLGDGDODPXMHUGHWXMXYHQWXG\DQRODTXLHUHV
H[SHULPHQWDU3LHQVDVTXHQRGHEHVFRKLELUWHQLUHIUHQDUWHVLQRGDUULHQGDVXHOWDDWXOLEHUWDG"/LEHUWDG
KDVGLFKR"<DQRTXLHUHVDFRUGDUWHGHTXHODDXWHQWLFDOLEHUWDGHVHOIUXWRGHH[SHULPHQWDUODYHUGDGOD
SDODEUDSHUPDQHQWHPHQWHFI-Q
6HWHSLGHDKRUDYLJLODQFLDVHYLJLODQWH\DILUPDODVRWUDVFRVDVTXHHVWDQSDUDPRULUSS
&RPRFRQVHFXHQFLDGHWXPXHUWHHVSLULWXDOKD\FRVDVTXH\DHVWDQPXHUWDVTXH\DQRODVWLHQHVHQ
FXHQWD3HURWRGDYLDSXHGHVDILUPDUWHHQODVTXHHVWDQSDUDPRULUWDPELHQ7HQSUHVHQWHORTXHOHSDVRHQ
GRVRFDVLRQHVDWXFLXGDGSRUQRWHQHUYLJLODQFLD3RUFUHHUVHVHJXUD3RUGHMDUVHOOHYDUSRUODLQHUFLD"
4XLHUHVTXHWHVXFHGDORPLVPR"<RWDPELHQWHHVWR\DYLVDQGRYHFHV
6HYLJLODQWHSRUTXHQRKHKDOODGRWXVREUDVSHUIHFWDVGHODQWHGH'LRVXS/DVREUDV
TXHVRQIUXWRGHODIH/DIHTXHREUDSRUHODPRUODVREUDVIUXWRGHO(VSLULWX6DQWRVRQREUDVSHUIHFWDV
GHODQWHGH'LRV*DO&XDQGRHVWRQRVHGDHQWRQFHVDSDUHFHQODVREUDVGHODFDUQHFI*DO

7HORGLJRSRUVHJXQGDYH]VHYLJLODQWHDFXHUGDWHGHORTXHKDVUHFLELGR\RLGR"4XHKDV
UHFLELGR"4XHKDVRLGR"+DVUHFLELGRODSUHVHQFLDGHDTXHO$SSSTXHSRVHHSOHQDPHQWHDO
(VSLULWX6DQWRORVHVSLULWXVGH'LRV/DSOHQLWXGGHO(VSLULWXTXHVHKDPDQLIHVWDGRFRPRDOJR\
DOJXLHQGLVWLQWRD-HVXFULVWR$S\DO3DGUH\TXHVHHQFXHQWUDORVHVSLULWXVGHODQWHGHO
WURQRGH'LRVGHOTXHHVHUD\KDGHYHQLU$S(O7RGRSRGHURVR$SSS<TXHDGHPDV
OOHYDFXLGDGRVDPHQWHDODVHVWUHOODVRLJOHVLDVHQODPDQRFI$S"<TXHKDVRLGR"4XHYLYHV
SHURHVWDVPXHUWR4XHWXVREUDVQRVRQSHUIHFWDV\SRUORWDQWRQRWLHQHQQDGDTXHYHUFRQXQ
JHQXLQRFULVWLDQR
*XDUGDOR\DUUHSLHQWHWH
6LWXVFRQFLXGDGDQRVKXELHUDQJXDUGDGRDOJRWUDVFHQGHQWHTXHPHUHFLHUDODSHQDODVFRVDVWUDVHO
WHUUHPRWRKXELHUDQVLGRPRWLYDFLRQVXILFLHQWHSDUDQRHVWDUPXHUWR*XDUGDORTXHWHHVWR\GLFLHQGR\
PRVWUDUDVDUUHSHQWLPLHQWR\QROOHJDUDVDSHUGHUWHGHILQLWLYDPHQWHHQXQDSHQGLHQWHVLQOLPLWH
6LQRYHODVYHQGUHVREUHWLFRPRODGURQ\QRVDEUDVDTXHKRUDYHQGUHVREUHWL
,QGLYLGXDOPHQWHODPXHUWHSRGULDDFRQWHFHUDFXDOTXLHUD(QHVWHFDVRVHULDUHSHQWLQDVLQWLHPSRSDUD
QDGD6LQODGHELGDUHIOH[LRQVLQSRVLEOHDFWRGHFRQWULFLRQ6LQFDWDUVLV(OUHFKD]RGHODDPRQHVWDFLRQ
GLYLQDLPSOLFDXQHVWDGRGHHQWUHJDDOSHFDGRGHPRGRTXHODSHUVRQDQLVHHQWHUDGHVXVLWXDFLRQ6LJXH
\HQGRDODLJOHVLDJXDUGDQGRPDWHULDOPHQWHHOGLDGHUHSRVRVLJXHDGRSWDQGRHOQRPEUHGHFULVWLDQR
FRQORTXHSDUHFHTXHHVWDYLYRSHURKDDFHSWDGRXQFRPSURPLVRFRQXQDPDQHUDGHYLYLUTXHVHSDUHFH
QRVHQRWDODGLIHUHQFLDDODGHODVRFLHGDGHQODTXHYLYH
7LHQHVXQDVSRFDVSHUVRQDVHQ6DUGLVTXHQRKDQPDQFKDGRVXVYHVWLGXUDVSS
+D\XQGREOHPHQVDMHSRUXQODGRXQDPLQRULDGHOD,JOHVLDGH6DUGLVQRKDELDVLGRFRQWDPLQDGDSRU
ODYLGDTXHLPSHUDEDHQODVRFLHGDGSHURSRURWUDSDUWHVHUHYHODTXHODLQPHQVDPD\RULDGHODLJOHVLD
VHJXLDODRULHQWDFLRQGHOPXQGRGHDIXHUD(OUHVXOWDGRGHXQDYLGDDMHQDDODGHODSOHQLWXGGHO(VSLULWX
TXHQRVSXHGHFRQFHGHUHO+LMRGHO+RPEUHGHVGHORTXHLPSOLFDODUHODFLRQFHOHVWLDOHQWUHHO\FDGDXQR
GHODLJOHVLDFRQOOHYDXQDGHVSURWHFFLRQGHWDOQDWXUDOH]DTXHDOILQDOODVPDQFKDVDSDUHFHQHQODYLGD
GHOLQGLYLGXR
3DUDODPLQRULDTXHQRVHKDPDQFKDGRVHGLFHDQGDUDFRQPLJRFRQYHVWLGXUDVEODQFDVXS(O
TXHYHQFLHUHVHUDYHVWLGRGHYHVWLGXUDVEODQFDVSS(VWDUHSHWLFLRQLPSOLFDGRVWLSRVGHSHUVRQDV
/DSDUWHGHODLJOHVLDTXHQRVHKDPDQFKDGR\DOTXHYHQFLHUHGHORVTXHVHKDQPDQFKDGRSHURTXH
DFHSWDQODDPRQHVWDFLRQ\VHDUUHSLHQWHQ
/DLQGXVWULDGHODODQDHPEODQTXHFLGDHUDPX\LPSRUWDQWHHQ6DUGLV6DELDQGHTXHVHOHVHVWDED
KDEODQGR<RWHQJRXQDVYHVWLGXUDVEODQFDVHVSHFLDOHVWDQWRSDUDORVTXHQRVHKDQPDQFKDGRFRPR
SDUDORVTXHVHDUUHSLHQWDQ
<QRERUUDUHVXQRPEUHGHOOLEURGHODYLGD\FRQIHVDUHVXQRPEUHGHODQWHGHPL3DGUH\GHODQWHGH
VXVDQJHOHV
(VWRTXLHUHGHFLUTXHWRGDYLDQRVHKDSURGXFLGRXQMXLFLRGHILQLWLYRVREUHVXHVWDGR(O(VSLULWX6DQWR
\ODPXHUWHVHOODUDQODDFWLWXGILQDOTXHDVXPDQ3HURWRGDYLDVXQRPEUHHVWDHQHOOLEURGHODYLGD\OD
SRVLELOLGDGGHFRQIHVDUGHODQWHGHO3DGUHHOPDQWHQLPLHQWRGHOQRPEUHGHFDGDXQRGHHOORVHVSRVLEOH
(VWDPDQHUDGHSUHVHQWDUHO+LMRGHO+RPEUHHVWHWHPDQRVPXHVWUDTXHHOMXLFLRILQDOIDYRUDEOHSDUD
>@
HOSXHEORGH'LRVWRGDYLDHVWDHQHOIXWXURFI'QFI$SFID3HG
'HQXHYRHVHO(VSLULWXORVHVSLULWXVODSOHQLWXGGHO(VSLULWXHO(VSLULWX6DQWRXSHOTXHGLFH
HVWDVFRVDVDODVLJOHVLDVDOD,JOHVLDXQLYHUVDOGHWRGRVORVWLHPSRV\DFDGDXQRGHQRVRWURV
SHUVRQDOPHQWH
$OD,JOHVLDGH)LODGHOILD DPRUIUDWHUQDO
'HQXHYRHOPHQVDMHHVWDHODERUDGRSDUWLHQGRGHORHVHQFLDOGHODKLVWRULDGHODFLXGDG2FXSDEDXQD
SRVLFLRQHVWUDWHJLFDFRPHUFLDOSXHVWRTXHHUDODSXHUWDGHFRPXQLFDFLRQFRQ(XURSD\ODVFDUDYDQDV
MXQWRDORVGLIHUHQWHVFROHFWLYRVWHQLDQTXHSDVDUREOLJDWRULDPHQWHSRU)LODGHOILDSRURWUDSDUWHVX
IHUWLOLGDGSRUVHUVXHORYROFDQLFRHUDSURYHUELDO\DQFHVWUDOHVSHFLDOPHQWHODFXOWXUD\HOFXOWLYRGHOD
YLQD$SHVDUGHHOORQXQFDSRGLDFXEULUVXVQHFHVLGDGHVSXHVWRTXHHOFXOWLYRGHWULJRQRHUDVXILFLHQWH
SDUDKDFHUIUHQWHDOD]RWHGHOKDPEUH\FRQODSURGXFFLRQGHYLQHGRVUHFRUWDGDSRURUGHQGH'RPLFLDQR
DQRFI$SSUHVDJLDEDPRPHQWRVSUREOHPDWLFRV7HQLDQXQWHPSORGHGLFDGRDYDULRVGLRVHV\
GLRVDV-DQXHUDODGLYLQLGDGSURWHFWRUDGHODVSXHUWDV
&RPRFRQVHFXHQFLDGHOVXHORYROFDQLFRKDELDFRQVWDQWHPHQWHWHPEORUHVGHWLHUUD\HOWHUUHPRWRTXH
DUUDVRD6DUGLVWDPELHQOHDOFDQ]RD)LODGHOILDSHURFRQGLVWLQWDIRUWXQD/RVGH)LODGHOILDDXQFXDQGR
UHFLELHURQD\XGDGH7LEHULRQRSXGLHURQUHVDUFLUVHWDQSURQWR\ODFLXGDGH[SHULPHQWRXQFLHUWR
UHWURFHVRHFRQRPLFRDPSOLDGRSRUODVGLILFXOWDGHVHQODDJULFXOWXUD'HDKLTXHPXFKRVLQPLJUDUDQ
VDOLHQGRGH)LODGHOILDSDUDRWURVOXJDUHV
/DPLVLRQGH)LODGHOILDFRQVLVWLDHQH[SDQGLUODOHQJXDJULHJDKHOHQL]DUWHUULWRULRVHOSULQFLSDOGH
HOORV)ULJLD6LQHPEDUJRQRWXYLHURQH[LWRFRQ)ULJLDTXHUHKXVDURQVHUKHOHQL]DGRV
 3RUWRGRHOORHOPHQVDMHD)LODGHOILDHVIDFLOGHHQWHQGHU
(VWRGLFHHO6DQWRHO9HUGDGHURHOTXHWLHQHODOODYHGH'DYLGHOTXHDEUH\QLQJXQRFLHUUD$S
&RQR]FRWXVREUDV\KHSXHVWRGHODQWHGHWLXQDSXHUWDDELHUWDODFXDOQDGLHSXHGHFHUUDU

(VWRWLHQHTXHYHUFRQOD0LVLRQ/DFLXGDGGH)LODGHOILDHUDHODFFHVRPDVLPSRUWDQWHFRPRYLDGH
FRPXQLFDFLRQ6HHVWDSURSRQLHQGRODOODYHGH'DYLGTXHSUHILJXUDHOUHLQR$KRUDVHOHHVWD
IRUPXODQGRXQDFODYHGHDFFHVRDOUHLQRGH'LRVSRUHO(YDQJHOLRGH-HVXFULVWR'HOPLVPRPRGRTXHOD
FLXGDGWHQLDODPLVLRQGHSURFODPDUHOKHOHQLVPR\FRQYHUWLUDOLGLRPDJULHJRDORVH[WUDQMHURVVHOHHVWD
GLFLHQGRDODLJOHVLDTXHHOORVWLHQHQODPLVLRQGHSUHGLFDUHO(YDQJHOLRGHO5HLQRGH'LRVFI0F
FI0WFI-Q6HDVHJXUDD-HVXFULVWR\QR-DQXVFRPRODUHDOLGDGDXWHQWLFD\SURWHFWRUD
HQHODEULUODSXHUWDDO5HLQRGH'LRVFRPRHOTXHWLHQHODOODYHGHDEULUODVSXHUWDVDODYLGDHWHUQD1R
WHLPSRUWHODSRFDIXHU]DTXHSXHGDVWHQHUORLPSRUWDQWHHVTXHWHKDVPDQWHQLGRILHOJXDUGDQGRPL
SDODEUD-QFI0WFI/F\QRKDVQHJDGRPLQRPEUH0WFIORKDV
SURFODPDGRHQVXVHQWLGR\VLJQLILFDGR<HQFXDQWRDDTXHOORVTXHVHKDFHQSDVDUSRUMXGHRVVLQVHUOR
TXHSRQHQHQGXGDTXH\RWHKHDPDGROHVFRQYHQFHUHGHORFRQWUDULRDILQGHTXHWHORGHPXHVWUHQ
YLQLHQGRGHODQWHGHWL\VXSHGLWDQGRVHDWXH[SHULHQFLD\PHQVDMHSDUDFRQPLJR$S
3RUFXDQWRKDVJXDUGDGRODSDODEUDGHPLSDFLHQFLDWDPELHQWHJXDUGDUHGHSRVLEOHV
WHUUHPRWRVWUDVWRUQRVHLQHVWDELOLGDG\GHODKRUDGHODSUXHEDTXHKDGHYHQLUVREUHHOPXQGR
HQWHURSDUDSUREDUDORVTXHPRUDQVREUHODWLHUUD$S(VWHULWPRGHLGDV\YHQLGDVGH
HQWUDGDV\GHVDOLGDVFRQVWDQWHVFRPRFRQVHFXHQFLDGHODVSUXHEDVGHLQHVWDELOLGDGTXHVRVWHQLDQIUHQWH
DODQDWXUDOH]DDJUHVLYD\DOHVWDQFDPLHQWRGHOFXOWLYR\ODIDOWDGHVHJXULGDGKL]RTXHIRUPDUDSDUWHGH
ODYLGDFLXGDGDQDHOWHQHUTXHVDOLUFRQWLQXDPHQWHHQEXVTXHGDGHRWUDVRSRUWXQLGDGHV-HVXFULVWR
XWLOL]DQGROLWHUDULDPHQWHHVWRVVXSXHVWRVOHVKDEODTXHGHODKRUDGHSUXHEDGHXQJUDQVHLVPRVREUHHO
PXQGRHQWHUROOHJDUDSDUDSUREDUDWRGRVORVKDELWDQWHVGHODWLHUUD\HOQRVJXDUGDUD\RWH
JXDUGDUH\SDUDHOORDOTXHYHQFLHUH\ROHKDUHFROXPQDHQHOWHPSORGHPL'LRV$SD8QD
FROXPQDHVXQILUPHIXQGDPHQWRTXHRWRUJDVROLGH]\VHJXULGDGTXHORVFLXGDGDQRVGH)LODGHOILDQR
SRVHLDQ<QXQFDPDVVDOGUDGHDOOL$SE1XQFDPDVWHQGUDQHFHVLGDGGHLUDEXVFDURWUDV
RSRUWXQLGDGHVDRWUROXJDU<HVFULELUHVREUHHOHOQRPEUHGHPL'LRV\HOQRPEUHGHODFLXGDGGHPL
>@
'LRV/DQXHYD-HUXVDOHQODFXDOGHVFLHQGHGHOFLHORGHPL'LRV$SF \PLQRPEUHQXHYR
(VPX\FXULRVRHVWRXOWLPR(QODFLXGDGGH)LODGHOILDORVTXHKDELDQUHQGLGRXQVHUYLFLRLPSRUWDQWH
DO(VWDGRDODFLXGDGVHOHVLQFOXLDHQXQDOLVWDGHQRPEUHVLOXVWUHVFRPRPHPRULDOGHQWURGHOWHPSOR
6XQRPEUHDSDUHFLDFRPRFRQVHFXHQFLDGHKDEHUUHQGLGRXQVHUYLFLRLPSRUWDQWHDODFLXGDG$KRUD
-HVXFULVWROHVGLFHTXHHVFULELUDVREUHFDGDXQRGHHOORVHOQRPEUHGHPL'LRVHOQRPEUHGHODFLXGDG
GH-HUXVDOHQ\PLQRPEUHQXHYR
(OTXHWHQJDRLGRRLJDORTXHHO(VSLULWXGLFHDODVLJOHVLD$WRGDVODVGHHVDHSRFDDFDGDXQDGH
ODVTXHH[LVWLULDQHQFDGDJHQHUDFLRQ\HQSDUWLFXODUDFXDOTXLHUSHUVRQDTXHVHKDFRQVWLWXLGRFRPR
VLHUYRGH-HVXFULVWRRDFXDOTXLHULJOHVLDORFDO
+HDTXLXQDLJOHVLDPLVLRQHUD\VLQFRPSOLFDFLRQHV4XHDFHSWDD-HVXFULVWRFRPRHOHMH\HOFHQWURGH
VXH[LVWHQFLD/DH[SHULHQFLDFRQHOPHQVDMHGHOUHLQRGH'LRV\GHO&ULVWRUHVXFLWDGRTXHORFRPSUXHED
GLDDGLDFRPRSUHVHQWHHQWRGDDFWLYLGDGVHDUHOLJLRVDRFLYLFD6HWUDWDGHXQDLJOHVLDTXHQROHLPSRUWD
ODSREUH]DFRQWDOGHVHUILHO\QRQHJDUD-HVXFULVWR
,JOHVLDGH/DRGLFHD 3XHEORGHOMXLFLR$S
(VXQRGHORVFHQWURVFRPHUFLDOHVPDVULFRVGHWRGDODDQWLJXHGDG'HVGHHOD-IRUPDSDUWHGHO
LPSHULRURPDQR$GHPDVGHUHFLELUDVLGXDPHQWHODYLVLWDGHXQJREHUQDGRUURPDQRSDUDHMHUFHUOD
MXVWLFLD/DRGLFHDHVXQFHQWURHVWUDWHJLFRDGPLQLVWUDWLYR\FRPHUFLDOGHSULPHURUGHQ&RQWDEDFRQXQD
FRORQLDMXGHDQXPHURVDWUDEDMDGRUD\SXGLHQWHGHODTXHVDOLHURQORVSULPHURVFULVWLDQRVFRPR
FRQVHFXHQFLDGHOWUDEDMRPLVLRQHURGHOMXGHR(SDIUDV&RO'HVGH/DRGLFHD3DEORPDQGDXQD
FDUWDDORVGH&RORVDV&RO
/RVMXGHRVHUDQPX\LQIOX\HQWHVWDQWRTXHLPSXVLHURQDODVDXWRULGDGHVORFDOHVHOTXHVHOHVGLHUD
SOHQDOLEHUWDGSDUDHMHUFHUVXVFRVWXPEUHVHOVDEDGR\ORVDQWLJXRVULWRVVLQOLPLWDFLRQHV\DSHVDUGH
ODSURWHVWDVGHODSREODFLRQ
&XDQGRFRQWUDVWDPRVORVWH[WRVGHODFDUWDFRQODKLVWRULDGHODFLXGDG\GHVXVFRQWHQLGRVODV
HQVHQDQ]DVDVDFDUVRQH[WUDRUGLQDULDV(PSHFHPRVSRUHOSULQFLSLRQXQFDPHMRUGLFKR
+HDTXLHODPHQHOWHVWLJRILHO\YHUGDGHURHOSULQFLSLRGHODFUHDFLRQGH'LRVGLFHHVWR
(VWDVSDODEUDVLQWURGXFWRULDVQRVSRQHQHQJXDUGLDUHVSHFWRDODVWHRULDVJQRVWLFDVTXH-XDQSUHWHQGH
>@
FRQWUDUUHVWDU -HVXFULVWRVHLGHQWLILFDFRPRXQWHVWLJRILHO\YHUGDGHUR\FRPRVLHQGRHOSULQFLSLR
FUHDGRUSHUVRQDOHOTXHSUHVLGHODFUHDFLRQ\QRFRPRODJQRVLVSHQVDEDHQXQDHVSHFLHGHHPDQDFLRQ
GH'LRVORTXHSURGXFLULDODFUHDFLRQ
>@
(OVLJQLILFDGRGH$SRFDOLSVLVHQUHODFLRQDSULQFLSLR\D-XDQ
3RGHPRVHQWHQGHU$SRFDOLSVLVGRQGHVHGLFHGH&ULVWRHOSULQFLSLRKHDUMHGHODFUHDFLRQ
WHVNWLVHRVGH'LRVWRXWKHRX
/RJLFDPHQWHVL&ULVWR\DHUDDQWHVGHOSULQFLSLRQRSXHGHVHUHOSULQFLSLRSDVLYRVLQRHOSULQFLSLR
DFWLYRQRHOSULQFLSLRFUHDGRVLQRHOSULQFLSLR&UHDGRU6HWUDWDGHOSULQFLSLRJUDFLDVDOFXDOVHKDQ
REWHQLGRODVFRVDV&ULVWRHVHORULJHQRULJLQDGRUQRHORULJLQDGR/DFDXVDSRUODFXDOWRGDVODVFRVDV
>@
KDQOOHJDGRDVHU
(QHO$SRFDOLSVLV&ULVWRHVDVLPLODGRFRPRHOSULQFLSLR\HOILQHOSULPHUR\HOXOWLPRHO
>@
7RGRSRGHURVRTXHVHDSOLFDDO3DGUH$S (VWDFODURTXHODH[SUHVLRQHOSULPHUR\HO
XOWLPRVHDSOLFDH[FOXVLYDPHQWHD&ULVWRHQHO$SRFDOLSVLV/RTXHTXLHUHGHFLUTXH
HQHOFDSLWXORYGRQGHVHLGHQWLILFDODIRUPXOD$OID\2PHJDSULQFLSLR\ILQSULPHUR\XOWLPR
PRVWUDULDFRPRD-HVXFULVWRVHOHSHUPLWHVXVWHQWDUODUHSUHVHQWDWLYLGDGGHO'LRV3DGUHDXQFXDQGRVHD
HO+LMRGH'LRVGHO3DGUH3RURWUDSDUWHGLFKRYHUVLFXORHVWDXQLGRDOTXHOHDQWHFHGHHOFXDOGLFH
KHDTXL\RYHQJRSURQWRHUMRPDLWDMXIRUPXODHPSOHDGDSRU&ULVWRHQVXPHQVDMHDODVVLHWH
LJOHVLDVHQ$SLGHQWLFDH[SUHVLRQFXDQGRDOILQDOGHHVHPLVPRFDSLWXORILQGHO$SRFDOLSVLV
-XDQGLFHGH-HVXVFLHUWDPHQWHYHQJRHQEUHYH$S3HURQRROYLGHPRVTXHHO3DGUHWDPELHQ
UHSUHVHQWDGRSRUHO+LMR\HV'LRVHOTXHOHUHYHODD-HVXFULVWRHOFRQWHQLGRGHO$SRFDOLSVLV$S
7RGRHOORQRVPXHVWUDTXHHO$OID\OD2PHJDSULQFLSLR\ILQHVHO6HQRU7RGRSRGHURVRTXHVH
PHQFLRQDHQ$SRFDOLSVLVHVGHFLUHO3DGUHUHSUHVHQWDGRSRUWRGRVORVDWULEXWRVTXHWLHQHQHQ
FRPXQHQ&ULVWR-HVXVFI+E'HDKLTXHHOWHUPLQRSULQFLSLRDSOLFDGRD&ULVWRDO+LMRGH
>@
'LRVGHVGHVLHPSUHQRSXHGHWHQHUHOVLJQLILFDGRRUGLQDOTXHORVXQLWDULRVTXLHUHQGDUOH
/DVHJXQGDSDODEUDFODYHTXHVHUHODFLRQDFRQSULQFLSLRHQ$SRFDOLSVLVHV&UHDFLRQ\HV-XDQ
HQVXSURORJRTXHQRVD\XGDDHQWHQGHUTXHHOSULQFLSLRGHODFUHDFLRQGH'LRVQRHVHOSULQFLSLR
FUHDGRVLQRHOSULQFLSLR&UHDGRU
(QHIHFWRHQ-XDQVHDILUPDTXHWRGDVODVFRVDVIXHURQKHFKDVSRUHO/RJRV\TXHVLQHO/RJRV
QDGDVHKL]RGHFXDQWRVHKDKHFKR(VWHYHUVLFXORQRVRORDSR\DODLGHDGHODHWHUQLGDGGHO/RJRVVLQR
TXHQRVH[SOLFDHOVHQWLGRGHOSULQFLSLRWDQWRHQ-XDQFRPRHQ$SRFDOLSVLV/DDILUPDFLRQGH
-XDQH[FOX\HDO/RJRVGHVHUDOJRKHFKR(VSUHFLVDPHQWHHO/RJRVTXLHQKDFUHDGRWRGRORTXH
SXHGHOODPDUVHKHFKR2VHDORTXHSXHGHFDWDORJDUVHFRPRKHFKRKDVLGRUHDOL]DGRSRUHO9HUER
/XHJRHO9HUERQRHVDOJRTXHSXHGDFDWDORJDUVHFRPRKHFKRRFUHDGR7RGRORTXHSXHGHOODPDUVH
>@
FUHDGRKDVLGRKHFKRSRUHO9HUER
6LWRGRKDVLGRKHFKRSRUHO9HUER\VLQHOQDGDGHORTXHKDVLGRKHFKRIXHKHFKRQRTXHGDPDVTXH
XQDDOWHUQDWLYDHQGRVSURSRVLFLRQHVRHO9HUERVHKDFUHDGRDVLPLVPRTXHUHFKD]DPRVSRUDEVXUGDR
HO9HUERKDVLGR&UHDGRUGHWRGR/DDOWHUQDWLYDODXQLFDHVTXHHO9HUERHVHO&UHDGRUHORULJLQDGRU
>@
GHWRGRORTXHSXHGHGHQRPLQDUVHFRPRFUHDGR
3RUFRQVLJXLHQWHXQDYH]PDVGHFLPRVTXHHOSULQFLSLRGH$SRFDOLSVLVQRSXHGHVHUHO
>@
SULQFLSLRFUHDGRVLQRFUHDGRU\HVWRVLQWHQHUTXHDOXGLUDQLQJXQDILORVRILDJULHJD $FXGLUD
3URYHUELRVFRPRKDFHQDOJXQRVGHDFXHUGRDODYHUVLRQ6HSWXDJLQWDSDUDH[SOLFDU-XDQR
$SRFDOLSVLVFUHHPRVTXHHVXQHUURUKHUPHQHXWLFR(QWRGRFDVRVHULDDODOX]GH-QTXHKDEULD
>@
TXHH[SOLFDU3URY
/D7UDGXFFLRQGH3URYHUELRVHQUHODFLRQD-XDQ


(OYHUERKHEUHR\Q,QT
D ^TDQDQL`TXHOD6HSWXDJLQWDKDWUDGXFLGRSRUNWLVLVHNWLVHGH
>@
FUHDUQRWLHQHHOVHQWLGRGHFUHDUVLQRHOGHDGTXLULURSRVHHUSULQFLSDOPHQWHQXQFDFUHDU
/DWUDGXFFLRQFRUUHFWDQRHVFRPRODYLHUWHOD6HSWXDJLQWDVLQRFRPRODSUHVHQWDHOWH[WRPDVRUHWLFR<
HVWHHQ3URYHUELRVWLHQHHOVHQWLGRGHSRVHHUNWDRPDLQRNWL]RFUHRHVGHFLUSRVHHURDGTXLULU\
QRFUHDU/RTXHSUHWHQGHHODXWRUVDJUDGRHVFRPXQLFDUQRVTXHHQHOFRPLHQ]RGHODDFWLYLGDGGH'LRV
\DHVWDEDOD6DELGXULDFRQ(O-XDQQRVORUDWLILFDHQVXSURORJR/D6DELGXULDFRPROD3DODEUDQRKD
SRGLGRGHMDUGHSRVHHUODV'LRVSRUTXHOD3DODEUDHVHOPLVPR\XQLFR'LRVTXHKD\-Q(VWD
SRVHVLRQHVGHVGHWLHPSRLQGHILQLGRHVGHFLUGHVGHODHWHUQLGDG3U
/RTXHVHGLFHGHOD6DELGXULDHQ3URYHUELRVVHGLFHHQRWURVSDVDMHVGH'LRVPLVPR(OODHVOD
LQWHOLJHQFLD3RUHOODGRPLQDQORVUH\HV3URYFI'Q3RUYHUHGDVGHMXVWLFLD
JXLDUD%LHQDYHQWXUDGRVORVTXHJXDUGDQVXVFDPLQRV%LHQDYHQWXUDGRHOTXHODEXVFD\OH
R\H"<TXHWLHQHTXHRLU"4XHHOODHVODYHUGDG4XHHVDQWHVGHWRGR3URYFI
-Q4XHHOODHVOD9LGD\GHVGHVLHPSUHGHVGHODHWHUQLGDG3URYFID-Q
'LRVSRVHLD\DDOSULQFLSLRDUMHGHVXDFWLYLGDGDOD6DELGXULD
/DH[SUHVLRQGHVGHHOSULQFLSLRDQWHVGHODWLHUUDGHEHVHUFRPSUHQGLGDFRPRTXHVLQRV
UHPRQWDVHPRVDOSULQFLSLRGHWRGROD6DELGXULD\DHUDSRUFXDQWRGHVGHODHWHUQLGDGHVWDEDHQ
DFWLYLGDG([SUHVLRQHVLGHQWLFDVVHGLFHQGH<DKZHRGH'LRV(QHO6DOPRVHGLFHGH'LRVTXH
DQWHVTXHQDFLHVHQORVPRQWHVDQWHVTXHIRUPDVHVODWLHUUD\HOPXQGRWXHUHV'LRV(Q+DEDFXF
"1RHUHVWXGHVGHHOSULQFLSLRRK<DKZHK"
1RTXHGDRWUDDOWHUQDWLYDTXHODGHDFHSWDUDOD6DELGXULDFRPRDOJRHWHUQR\SRUORWDQWRQRFUHDGR
(OVHQWLGRGHTDQDQLDGHPDVGHOR\DYLVWRGHEHVHUHQWHQGLGRDODOX]GHOWHUPLQRHWHUQLGDGGHO
YHUVLFXOR
/DFRQFOXVLRQHQXQDFRPSDUDFLRQHQWUHOD6DELGXULD\-HVXFULVWRLQFOX\HQGRDHVWHFRPRHO/RJRV
SUHH[LVWHQWHHVODTXHQRVRIUHFH3DEOR\-XDQ(OXQRQRVGLFHTXH&ULVWRHVOD6DELGXULDGH'LRVD
&RU\SRGHUGH'LRV3UFI(ORWURQRVGLFHTXHHVHO/RJRVHWHUQR\ODYLGDHWHUQD
-QD-QFI3U(OFRPLHQ]RGHORTXHGHMDGHVHUHWHUQLGDG\SXHGHFDWDORJDUVH
FRPRWLHPSRDLRQDVKDVLGRHIHFWXDGRNDWDUWL]RSRUHO/RJRVGH'LRVOD3DODEUD+E(O
WLHPSRVXUJHJUDFLDVDODDFWLYLGDGGHOD3DODEUDGH'LRVGHO/RJRVGH'LRV(O/RJRVVHJXQ3DEORHV
DQWHULRUDOWLHPSRDLRQDVFI3U-REQRVKDEODGHOD6DELGXULDFRPRXQDFXDOLGDGGLYLQD-RE
-XDQ\3DEORQRVGLFHQGH&ULVWRFRPR$TXHOHQHOTXHKDELWDQODVFXDOLGDGHVRDWULEXWRV
GLYLQRVFRUSRUDOPHQWH-Q&RO
/D6HSWXDJLQWDVHWRPDXQDVOLEHUWDGHVHQRFDVLRQHVTXHGHPXHVWUDVHUXQDWUDGXFFLRQTXHLQWHUSUHWD\
YLHUWHHQDOJXQRVPRPHQWRVVXFRQFHSFLRQSURSLDUHVSHFWRDFLHUWRVSXQWRV&XDQGRKDGHWUDGXFLUHO
>@
YHUERKLOORKDFHHQ3URYHUELRVSRUSURHOWKHLQ HQFDPELRHQHOYHUVLFXORVLJXLHQWHSRU
>@
JHQQD&UHHPRVXQDYH]PDVTXHHOVHQWLGRGH+RODRO7LORGHEHGHGDUHOYGH3URYHUELRV
$GHPDVGHWRGDODRULHQWDFLRQTXHODSDODEUDKHEUHDQRVGHHQRWURVOXJDUHV/RJLFDPHQWHODWUDGXFFLRQ
GH\7LOO
B$[+RODRO7LGHVSXHVGHKDEHUYHUWLGROD6HSWXDJLQWDTDQDQLSRUFUHRQRSXHGHVHUSDUDHOOD
PDVTXHXQVLQRQLPR1RVHWUDWDULDWDPSRFRGHEXVFDUXQDLQWHUSUHWDFLRQTXHKDJDHOHQJHQGUDPLHQWR
SRUJHQHUDFLRQHWHUQDDOJRTXHQRVSDUHFHLPSRVLEOHDOPHQRVSDUDOD6HSWXDJLQWD
5HVSHFWRDODYHUVLRQKHEUHDVHQRVKDGLFKRTXHOD6DELGXULDODSRVHLD'LRVGHVGHHOSULQFLSLR
GHVGHODHWHUQLGDG<FRPRTXLHUDTXHGHVGHHOSULQFLSLRVRORH[LVWHOD'HLGDG+DE\
TXHSDUDFXDOTXLHUFODVHGHFUHDFLRQ\DHVWDEDOD6DELGXULDFRQ'LRVRUGHQDQGRORFRQVWUX\HQGROR\
KDFLHQGROR\TXHDQWHVGHODWLHUUD\HOPXQGRVRORH[LVWH'LRV6DOOD6DELGXULDWLHQH
TXHVHUHWHUQD
6HKDGHMDGRFRQVWDWDGRTXHOD6DELGXULDHVGHVGHODHWHUQLGDGHOVHQWLGRGH+RODRO7LQRSXHGH
VHUHOPLVPRTXHHOGHKDFHUSRLHVDLTXHVHHPSOHDSDUDGHVFULELUTXHHOPXQGRKDVLGRKHFKR
XS\SS(OVLJQLILFDGRGH+RODRO7LHQHVWHFDVRHVHOGHHVWDUDFWLYDDFWXDQGR
>@
PRYLHQGRVH
1LTDKQDKWLHQHHOVHQWLGRGHNWLVLVFUHDUTXHOHGDOD6HSWXDJLQWDSXHVWRTXHHVHOGHSRVHHUQL
WDPSRFR+RODRO7LWLHQHHOVHQWLGRGHSURHOWKHLQRJHQQDHQJHQGUDUTXHOHGDOD6HSWXDJLQWD\DTXHHV
HOGHHVWDUDFWLYDWDOFRPRHOFRQWH[WRPDVLQPHGLDWRQRVVXJLHUHDGHPDVGHOXVRTXHGLFKDSDODEUD
>@
QRUPDOPHQWHRIUHFHHQFDVLWRGRVORVSDVDMHVHQORVTXHDSDUHFH 'HWRGRHVWRSRGHPRVGHFLUTXH
OD6DELGXULDQRKDVLGRFUHDGDVLQRTXHH[LVWLDGHVGHODHWHUQLGDGFRQ'LRV3DGUHFRPRDVLPLVPR
VXFHGHFRQHO/RJRV
(O$QWLJXR7HVWDPHQWRDQXQFLDEDGHO0HVLDVWDOFRPR\DKHPRVFRPSUREDGRTXHVHULDSOHQDPHQWH
>@
GLYLQR6DOXSFI-QFI,VD \WDPELHQWRWDOPHQWHKXPDQR,VDSSFI-Q

>@
<HO9HUERR/RJRVHUD'LRV
(QFRQFOXVLRQHQFXDQWRDOPHQVDMHVREUHHORULJHQ\QDFLPLHQWRGH-HVXVHQ-XDQHVFODUR3RUXQODGR
LGHQWLILFDDOORJRVODSDODEUDODGDEDUFRQ'LRV\FRPRVLHQGRODSDODEUDHOORJRVORTXHKDFUHDGR
WRGR\SRURWUDSDUWHLGHQWLILFDDOORJRVHQWUDQGRHQXQLRQFRQORKXPDQR-Q\TXHVLQGHMDUGH
VHUORJRVRYHUERFIKDELWRHQWUHQRVRWURVVHYLVXDOL]DFRPRVLHQGRKXPDQR\FRPRJORULDGHO
XQLFRHQVXHVSHFLHGHO3DGUH-QXS$HVWHVHOHGHQRPLQD0HVLDV\-HVXV-Q
(OPHQVDMHHVH[WUDRUGLQDULRHORULJHQGHVGHVLHPSUHGHO0HVLDVHVWDHQ'LRV3UHFLVDPHQWH'LRVVH
KDKHFKRSUHVHQWHPHGLDQWHODSHUVRQDOLGDGGHOD3DODEUDGH'LRVTXHHVHOPLVPR\XQLFR'LRV4XH
FXULRVR(VRTXHGHVGHVLHPSUHVHKDELDHVWDGRSLGLHQGRHQFRQIDEXODFLRQFRQODLQFUHGXOLGDGTXH'LRV
VHKDJDSUHVHQWH\HQWRQFHVFUHHUHPRVVHKDKHFKRUHDOLGDGHQORKXPDQR(VDSHUVRQDOLGDGGHOD
3DODEUDFUHDGRUDKDQDFLGRFRPRKXPDQR-Q
(VD3DODEUDFUHDGRUDGHWRGDODKXPDQLGDGGHVGH$GDQKDVWD0DULDFI-QKDKHFKRSRVLEOHOD
>@
UHDOLGDGKXPDQDGHOKLMRGH0DULD-QFI
3RUORWDQWRHOSULQFLSLRGHODFUHDFLRQGH'LRVHVFRPR\DGLMLPRVHOSULQFLSLRGHGRQGHVDOHQ
WRGDVODVFRVDVHOSULQFLSLRFUHDGRU
<RFRQR]FRWXVREUDVTXHQLHUHVIULRQLFDOLHQWH2MDODIXHVHVIULRRFDOLHQWH$S3RU
FXDQWRHUHVWLELR\QRIULRQLFDOLHQWHWHYRPLWDUHGHPLERFD$S
/DGHELOLGDGGH/DRGLFHDHVWDEDHQHODSURYLVLRQDPLHQWRGHODJXD1RODWHQLD\ODGHELDKDFHUOOHJDU
SRUXQDFXHGXFWRGHVGH+LHUDSROLVTXHVDOLDDXQDWHPSHUDWXUDGHJUDGRV3HURVHSRGLDIDFLOPHQWHHQ
XQDVHGLRSDUDOL]DUVXOOHJDGD\FRQHOORODSRVLELOLGDGGHFRQVXPLUOD(VWRKDELDFUHDGRXQDHQWHQWH
FRUGLDOVLHPSUHFRQORVRWURV(OFDUDFWHUDFRPRGDWLFLR\XQDJUDQWROHUDQFLDKDFLDWRGR\WRGRV
VREUHVDOLDHQ/DRGLFHD
'HFXDOTXLHUIRUPDHVDDJXDOOHJDEDWLELD\SURYRFDEDQDXVHDVHQORVTXHODEHELDQ(OUHSURFKHHV
FHUWHUR\GHDFXHUGRDODVLWXDFLRQGHOODRGLFHQVH7XVREUDVQRFRUUHVSRQGHQDODGHXQDJXDIULDTXH
UHIULJHUD\FXUDXWLOL]DQGRODGHPDQHUDDGHFXDGD1LWDPSRFRFDOLHQWHTXHSXHGHUHVXOWDUHQVDQLGDG/D
WLELH]DQRSURGXFHVDOXGQLVDOYDFLRQ(OWLELRHVLQGLIHUHQWHDODVREUDVTXHWUDHQUHIULJHULR\VDQLGDG6H
FRQWHQWD\FRQIRUPDWDOFRPRHVWDQLVLQLQRVLQRWRGRORFRQWUDULR(OWLELRHVFRPRHODJXD
HVWDQFDGDTXHSLHUGHVXYLYH]D\VXUD]RQGHVHU\VHSHUSHWXD3HUSHWXDUVHFRPRWLELRHVHYLGHQFLDUTXH
QRKD\REUDVVLQRODVKD\WDPSRFRODIHVDOYDGRUDTXHODSURGXFHGHPRGRQDWXUDOSRUHO(VSLULWX\VL
QRKD\HVDVREUDVWDPSRFRKD\VDOYDFLRQ(VHVWDFRQGLFLRQORTXHOHKDFHGHFLUDO6HQRU2MDODIXHVHV
IULRRFDOLHQWHSHURSRUFXDQWRQRHUHVQLIULRQLFDOLHQWHWHYRPLWDUHGHPLERFD(VWRHVKRUULEOH<
ODHVFHQDPX\GLILFLOGHSUDFWLFDUSHURPX\IDFLOGHHQWHQGHU6HWUDWDGHH[SXOVDUDOJRTXHQRVHTXLHUH
4XHKDHVWDGRGHQWURGHXQR3HURQRSXHGHFRQWURODUHOTXHSHUPDQH]FDHQHO(VVXSHULRUDVXVIXHU]DV
(VDOJRDXWRPDWLFRSXHVWRTXHVHDOWHUDDOJRGHODILVLRORJLDGHODSHUVRQD
(OVLJXLHQWHUHSURFKHWLHQHTXHYHUFRQODDXWRVXILFLHQFLDGHOODRGLFHQVHTXHKDFRQWDPLQDGRDO
PLHPEURGHODLJOHVLD
3RUTXHWXGLFHV\RVR\ULFR\PHKHHQULTXHFLGR\GHQLQJXQDFRVDWHQJRQHFHVLGDG$S
SS
/DRGLFHDFRPRORVKLVWRULDGRUHVODSUHVHQWDQHUDXQDFLXGDGULFDJUDFLDVDODSURVSHULGDGGHVX
FRPHUFLRHLQGXVWULDV&LFHURQQRVPXHVWUDTXHHUDXQDFLXGDGGHEDQTXHURV&XDQGRKXERGHYLDMDUDO
>@
2ULHQWHSXGRFDPELDUHQ/DRGLFHDVXVOHWUDVGHFUHGLWR 6HVDEHTXHYDULDVIDPLOLDVSRVHLDQ
JUDQGHVIRUWXQDVFRQWULEX\HQGRDOELHQSXEOLFR&XDQGRIXHGHYDVWDGDHQORVWHUUHPRWRVGHODQR\
QRTXLVRQLQJXQDD\XGDQLVLTXLHUDODGHOHPSHUDGRU5HFKD]RODD\XGDTXH1HURQTXLVRKDFHUOH<HQORV
HGLILFLRVHPEOHPDWLFRVUHFRQVWUXLGRVSXVLHURQODLQVFULSFLRQSRUQXHVWURVSURSLRVHVIXHU]RV(VWHHUD
HOWDOHQWHGHOODRGLFHQVH<HVDGHELRVHUODLQIOXHQFLDTXHKHUHGRODLJOHVLDGH/DRGLFHDGHDKLTXHVH
UHIOHMHHVDDXWRVXILFLHQFLDHQODIUDVHGHOWHVWLJRILHOFXDQGROHUHSURFKDHVDFRQGLFLRQ7XGLFHV<RVR\
ULFR<QRWHQJRQHFHVLGDGGHQDGD/RTXH-HVXFULVWRHVWDYLHQGRHQODDFWLWXGGHOODRGLFHQVHHV
SUHFLVDPHQWHXQHVSLULWXLQGHSHQGLHQWHRUJXOORVR)ORUHFLDFRPRLJOHVLDDULHVJRGHYLYLUFRQODVQRUPDV
GHODVRFLHGDGHQODTXHVHGHVHQYXHOYHDFHSWDQGRXQDPDQHUDHFOHFWLFDGHFRQYLYHQFLD6XSDWULRWLVPR
OHOOHYDDORPDVEDMRDSUHVFLQGLUGHODRULHQWDFLRQGH-HVXFULVWRHQFXDQWRDODPRU\ODQRYLROHQFLD
3UHILHUHQDOJXQRVDSXQWDUVHDODJXHUUDGHO9LHWQDPRDODGH$IJDQLVWDQ1RKDFHGLIHUHQFLDHQWUHVX
FLXGDGDQLDFHOHVWH\ODWHUUHVWUH(QXQDSDODEUDSRUQRVHJXLUDKRUDHQHVDSHQGLHQWHGHUHDOLGDGHV
IXWXUDVVXDXWRVXILFLHQFLDQROHGHMDYHUODQHFHVLGDGGHXQDD\XGDGH&ULVWR
6HWUDWDGHXQDULTXH]DHQWRGRVORVVHQWLGRVHQHODVSHFWROLWHUDOSHUROLJDGDDWRGRORTXHSXHGH
LPSOLFDUVHHQORUHODWLYRDODYLGDHVSLULWXDO6R\ULFR3ORXVLRV^SORXVLRV`GHSORXWHR\VLJR
HQULTXHFLHQGRPH(VHVR\ULFR\VLJRHQULTXHFLGRHVXQDPDQHUDGHSHUFLELUTXHKD\DOJRGH
%DELORQLDHQHOODRGLFHQVHSXHVWRTXH%DELORQLDWDPELHQVHFRQVLGHUDULFDFI$S(VXQD
LQWHJUDFLRQHQWRGDODUHJODHQODVRFLHGDGGHFRQVXPRHQWUHRWUDVFRVDVTXHSUHFRQL]D%DELORQLD8QD
VRFLHGDGGHFRQVXPRTXHOHLQWURGXFHHQODVIRUPDV\IRQGRVEDELORQLFRV$S^HSORXWHVDQ
GHSORXWHR`/DVRFLHGDGGHFRQVXPROOHYDXQVRSRUWHLGHRORJLFRLPSHUFHSWLEOHHQXQSULPHUPRPHQWR
TXHOHFRQGXFHDDGRSWDUUHODWLYLVPRVIUHQWHDODPRUDODORGRFWULQDO\ORHVSLULWXDO/HKDFHROYLGDUGH
VXRULJHQQHFHVLWDGRGHOSHUGRQ\GHOFDPELRGHXQDYLGDWHUUHQDDRWUDFHOHVWLDO$FHSWDUD%DELORQLD
UHFXHUGHQTXHHVWDHQFLPDGHOD%HVWLDGHFDEH]DV\FXHUQRV^$S`HQFLHUWDVIRUPDV\
IRQGRVOHSXHGHOOHYDUDXQVRPHWLPLHQWRDOVLVWHPDKDVWDHOSXQWRGHPDQWHQHUVHDWDGRTXHQRSXHGD
SUHVFLQGLUGHHVHVLVWHPDFXDQGRVHHQFXHQWUHHQODSHQGLHQWHFULWLFDGHVXVDOYDFLRQ(QHOFRQWH[WRGHO
WLHPSRILQDOFXDQGRVHSXHGHUHFLELUODPDUFDGHOD%HVWLD$SODSHUVRQD\FROHFWLYRVFRQHVSLULWX
ODRGLFHQVHVHGHMDQGRPHVWLFDUGRPDUGHWDOPRGRTXHQRSXHGHQSUHVFLQGLUGHORTXHOHDWDDO
VLVWHPD6HKDQDFRVWXPEUDGRGHWDOPRGRDHOTXHQRSXHGHQSDVDUVLQHOFXDQGRORFRUUHFWRVHULD
PRVWUDUODVVHQDVGHODYRFDFLRQFHOHVWH1RH[SHULPHQWDODQHFHVLGDGGHSUHJXQWDUVH"&RPRVHUDHOILQ"
7RGRKDLGRWDQELHQTXHDXQTXHHQDOJXQPRPHQWRVHYHDPDOVLJXHSHQVDQGRTXHHOVLVWHPDOR
VROXFLRQDUD(VHVLVWHPDGHVHJXULGDGVRFLDO\GHVDQLGDGJUDWXLWDGHOX]\GHDJXD\GHORVDOLPHQWRV
EDVLFRV<HOWLHPSRWUDQVFXUUH\VLJXHVLQSUHJXQWDUVHHQFXDQWRDFRPRVHUDHOILQ3RUTXHDOJXQDYH]
HVRGHOUHWRUQRGH-HVXFULVWRVHKDGHFXPSOLU\HQWRQFHV"&RPRVHUDHOILQ""&XDOVHUDPLXELFDFLRQ"
"4XHRIUHFHODPDUFD""<DFDPELRGHTXH""&RPRPHSUHSDURDILQGHYLYLUHVRVPRPHQWRVGHOILQ"
6LQHPEDUJRHVDULTXH]DHQWRGDVXGLPHQVLRQQRGHVWDSDODUHDOLGDGGHODFRQGLFLRQGHOODRGLFHQVH
(OODRGLFHQVHVHFDPXIOD2FXOWDVXVSUREOHPDVGHSUHVLYRV6XHVWUHVQHJDWLYR6XVGHVHTXLOLEULRV6X
LQVHJXULGDG6XVWXUEDFLRQHVPHQWDOHV6XPDODOHFKH6XVGLYRUFLRV\DGXOWHULRV(VWDVXIULHQGRSRUOR
TXHVHDVLQVDEHUTXHKDFHU6HDUULPDDODLJOHVLDFDGD6KDEDWRFXSDVXUHVSRQVDELOLGDGKDVWDWUDEDMD
FRQ$'5$RFXDOTXLHURWUD21*(VROHGDXQDFLHUWDLPSRUWDQFLD3RUTXHODJHQWHDODTXHD\XGDQROH
UHFKD]DFRPRORKDULDGDQGRWHVWLPRQLRGHOWHVWLJRILHOGHO(YDQJHOLRHWHUQRGHO5HLQRGH'LRV
3RUTXHWDPSRFRVHKDSUHJXQWDGR\SRUORWDQWRQRKDREWHQLGRUHVSXHVWD"&RPRVHUDHOILQ""&RPR
DFRPHWHUGHPRGRRUJDQL]DGRRUGHQDGRFRQODGLUHFFLRQ\H[SHULHQFLDGHODOOXYLDWHPSUDQD\WDUGLD
ODHYDQJHOL]DFLRQILQDOHQHOFRQWH[WRGH$SVV"
/DUHDOLGDGHVWDOFRPRHOWHVWLJRILHOORLQGLFDQRVDEHVTXHHUHVXQGHVYHQWXUDGRPLVHUDEOH
SREUHFLHJR\GHVQXGR$SXS"'HVYHQWXUDGR\R"6,3UHFLVDPHQWHDOJXLHQDXWHQWLFDPHQWH
GHVGLFKDGR\GHVDIRUWXQDGR7HFUHHVULFRSHURQRWLHQHVODIRUWXQDTXHFRQOOHYDHOVDEHUXVDU
DGHFXDGDPHQWHHODJXDIULD\RODFDOLHQWH7XVREUDV\RODVFRQR]FR\VRQODVTXHFRUUHVSRQGHQDXQ
WLELRHVGHFLUQDGD<SRUHOORHVWDVGHVDPSDUDGRSHUGLGR7HFDVDVWHKDFHXQDQR\SRUODLJOHVLD<
\DHVWDLVTXHULHQGRRVGLYRUFLDU1RRVDJXDQWDLV"7HGDVFXHQWD"(UHVXQGHVYHQWXUDGRTXHQRKLFLVWHXQ
SDFWRPDWULPRQLDOGHDFXHUGRDFRPRPL3DGUHPDQGD
"<GLFHVTXHHUHVULFR"3HURVLHUHVXQPLVHUDEOH7HKDVFRQYHUWLGRHQXQPH]TXLQRHQXQWDFDQR\
ORTXHHVSHRUHQXQDYDUR<DQRSLHQVDVHQXQSODQGHDKRUURHQHOEDQFRFHOHVWLDOGHGLFDQGRWLHPSR
VDOXG\GLQHURDORVTXHPDVORQHFHVLWDQ"6DOXGGLFHV"3HURVLHVWR\IDWDO"<TXLHQPHFXUDDPL"(O
WHVWLJRILHOORKDKHFKRFRQWLQXDPHQWH\QRWHKDVHQWHUDGR7HKDGDGRXQRVSULQFLSLRVGHYLGDTXH
FRUUHVSRQGHQDO5HLQRGH'LRVTXHVLVHSUDFWLFDQDTXLHQODWLHUUDUHSHUFXWHQGHWDOPDQHUDTXHUHWUDVDQ
ODHQIHUPHGDGLQHYLWDEOHODPXHUWH\WHGDQYLWDOLGDGVDOXGVDOYDFLRQSDUDVHUWHVWLJR
 $VLTXHULFR"HK""&RPRFDOLILFDVHQWRQFHVWXLQFDSDFLGDGSDUDKDFHUDOJRSRUORVGHPDV"6LWXYLHUDV
DOJRGHULTXH]DDXWHQWLFDQRWHPDQLIHVWDULDVFRPRORTXHUHDOPHQWHHUHVSREUHSWRNKRV/RTXH
FXHQWDHVWX$'1\HOFRPRORRULHQWDVKDFLDHOODGRSRVLWLYRSRUTXHVLQRQRYDVDWHQHUXQDEXHQD
KHUHQFLDVHUDVXQGHVKHUHGDGR\SRUORWDQWRXQSREUHXQLQGLJHQWH)LMDWHDORTXHKDVOOHJDGRDVHU
XQGHFDGHQWH/DGHFDGHQFLDHVIUXWRGHODSREUH]DHVSLULWXDODODTXHWHKDOOHYDGRWXDXWRVXILFLHQFLD
7HFUHLDVULFRSHUR"HQTXH""(QYDORUHV\SULQFLSLRVTXHWHD\XGDQDFUHFHU\DPRWLYDUWH"&DUHFHVGH
ORFRQWUDULRDORTXHSUHVXPHVFRQWXULTXH]DHUHVXQDLJOHVLDFRQXQFDUDFWHUPRUDO\HVSLULWXDOWDQ
SREUHTXHOD/H\PRUDOGHODTXHKDEODVWDQWRDORVGHPDVWHVHQDOD(VDVHGXFFLRQSRUODULTXH]DWHKD
PDWDGRHODPRU(ODPRUUHDOSRUWRGRORTXHSUHGLFDV
"&XDQWDVYHFHVKDVWURSH]DGR\WHKDVFDLGR\ODVWLPDGR""1RKDVGHPRVWUDGRVHUXQFLHJR"/DWLELH]D
QRWHGHMDYHU<KDVOOHJDGRDODFHJXHUDPDVDEVROXWD"<FRPRVHWHKDPDQLIHVWDGR"$YHFHVFRPROD
GHXQSHUWXUEDGR+DVOOHJDGRDREVHVLRQDUWHGHWDOPRGRFRQWXVSXQWRVGHYLVWDGHULFRTXHWHRIXVFDVD
ODPLQLPD\WHHPSHFLQDVHQVHJXLUWXWUD\HFWRULD"7UD\HFWRULD"8QFLHJRILVLFDPHQWHSXHGHVHJXLUXQD
WUD\HFWRULDVLVHHVIXHU]DHQDSUHQGHU<HVHFLHJRSXHGHWHQHUXQDPHQWHULFD3HURUHFXHUGDTXHWXHUHV
WLELRSHURQRHQHOVHQWLGRGHVXDYH\WHPSODGRQRWXORHUHVHQODRWUDYHUWLHQWHHQODGHOD
QHJOLJHQFLD\IORMHGDG7HKDVGHVFXLGDGRGHPDVLDGR\DKRUDWHGDSHUH]DSDUDWRGR7RGRWHGDLJXDO<
WHKDELDVFUHLGRXQDLJOHVLDSHUIHFWD\ORJUDGD\VLQHPEDUJRHUHVLQGLIHUHQWHHLQGROHQWH(UHVXQD
LJOHVLDFLHJDWXSKORV(QHOVHQWLGRPRUDOWHKDIDOODGRHOGLVFHUQLPLHQWR
/DSURVWLWXWDGHO$SRFDOLSVLVHVWDYHVWLGDGHSXUSXUD\HVFDUODWD(VYHUGDGTXHHVWDOOHQDGH
DERPLQDFLRQHV\GHIRUQLFDFLRQ$S<WXQRKDVOOHJDGRDWDQWR3HURWXHVWDVGHVQXGDJXPQRV
"4XHSUHWHQGHV"/RVYHVWLGRVHPLWHQODFXDOLGDGLQWHULRUGHODSHUVRQD\HOTXHORYHORDSUHFLDGHHVH
PRGR3HURWXQLVLTXLHUDOOHYDVYHVWLGR(VWDVGHVQXGD"4XHHPLWHV""1RHPLWHVXQDGHVFDOLILFDFLRQ
FRPRSHUVRQDGHVQXGD""1RHVWDVGHVFXEULHQGRODYHUJXHQ]DGHXQDGHVQXGH]TXHWHGHJUDGD"FI$S
XS&XDQGRWHYLSRUSULPHUDYH]HVWDEDVGHVQXGD\DYHUJRQ]DGDH[WHQGLVREUHWLPLPDQWR
SDUDFXEULUWXGHVQXGH]MXUHDOLDQ]DFRQWLJRGLFHHO6HQRU\IXLVWHPLD(]TXS3HURDKRUD\D
QRHUHVODMRYHQDTXHOODTXHQRWHFRQRFLD-XUDVWHFRQPLJRXQSDFWR\DKRUDWHSRQHVGHVQXGD
SXEOLFDPHQWH(VWDVWUDLFLRQDQGRPLDPRU"$GRQGHTXLHUHVLUDSDUDU"
(VWDUDGLFDOLGDGGHORVDGMHWLYRVTXHHO7HVWLJRILHOHVFRJHHVGXUDSHURDSURSLDGDWRGRHOORLQFLGHHQ
ODJUDQQHFHVLGDGTXHWLHQHHOODRGLFHQVH(OODODLJOHVLDQRORFRQVLGHUDDVLVHDILUPDRUJXOORVDPHQWHHQ
QRQHFHVLWDUQDGD(VDQHFHVLGDGFRLQFLGHFRQHOFRQWUDVWH\RSXHVWRDORTXHHOODRGLFHQVHSUHWHQGHVHU
GHVYHQWXUDGRSUHFLVDPHQWHQRHVIHOL]HQVXHVWDGRGHULFR
(VWDYDORUDFLRQGXUDQRHVH[FOX\HQWHQLDPHQD]DQWHWLHQHFRPRREMHWRVXEUD\DUODUHDOLGDGGDUD
FRQRFHUORTXHQRVDEHHVWDLJOHVLDHVDSHUVRQD<HQIUHQWDUODFRQVXUHDOLGDGDILQGHTXHDFHSWHHO
FRQVHMRTXHYLHQHDFRQWLQXDFLRQ
>@
(VSRUHOORTXHFXDQGRODLJOHVLDQRYHVXHVWDGRUHDOHOWHVWLJRILHOOHDFRQVHMDFRPSUDUGHHO
2URUHILQDGRHQIXHJRNKUXVLRQSHSXURPHQRQHNSXURV
6HWUDWDGHXQRURTXHVDOHGHHOGH-HVXFULVWRGHOWHVWLJRILHOSHURTXHHVSUHFLVRSDUDOOHJDUDHVH
RURKDFHUXQWUDVYDVHXQDSXULILFDFLRQ6HWUDWDGHXQRURLQFDQGHVFHQWH7RPDGRHORURHQVHQWLGR
PHWDIRULFRVHWUDWDGHSXULILFDUORSDVDUORSRUHOIXHJR"&RPRVHORJUDHVR""&RPRVHSXHGHFRPSUDU
HVHRURSXULILFDGRD-HVXFULVWR""&XDVHVODVLWXDFLRQUHDOHQFXDQWRDORURGHOODRGLFHQVH"3RVHHXQRUR
TXHODVRFLHGDGGHFRQVXPREDELORQLFDUHLQDQWHHQ/DRGLFHDOHKDGDGR6LVHREVHUYDHQHO$SRFDOLSVLV
KD\GRVWLSRVGHRURHOLPSXURGHXQDVRFLHGDGUHSUHVHQWDGDHQXQDLGHRORJLDLQPXQGD\FRQVXPLVWDTXH
SURSRUFLRQD%DELORQLD$S\HOGHOD1XHYD-HUXVDOHQODFHOHVWLDO$S3RU
PHGLRGH-HVXFULVWRSRGHPRVDOFDQ]DUPHGLDQWHODYRFDFLRQFHOHVWHDGTXLULGDHQHOFRPR+LMRGHO
+RPEUHORTXHVLJQLILFDODSHUWHQHQFLDDOD1XHYD-HUXVDOHQ6HWUDWDGHSDVDUSRUODH[SHULHQFLDGHOD
SXULILFDFLRQGHODFDWDUVLV(OSDVRGHHVHRURTXHWXSRVHHVDORURGHOD1XHYD-HUXVDOHQLPSOLFD
FRQRFHUPHLPSOLFDHVWXGLDUORTXHVLJQLILFDORTXHHVWR\KDFLHQGRFRPR+LMRGHO+RPEUH(VWR\DTXLHQ
HO6DQWXDULR$SVVSDUDDFDEDUFRQWXVHQHPLJRVTXHVRQORVHQHPLJRVGH'LRV0LVRMRVVRQ
FRPROODPDGHIXHJR6HWUDWDGHDGTXLULUHVDIXHU]DDUGLHQWHGHODULTXH]DGH-HVXFULVWRGHVXPLQLVWHULR
VDFHUGRWDOHQHO6DQWXDULRFHOHVWH<FRQHVR\DQRSRGUDVVHUWLELR7HGDUDPRWLYDFLRQ\IXHU]DFI&RO

+DVWDDKRUDHOODRGLFHQVHVHKDYDOLGRGHORURGH%DELORQLDWLHQHTXHSDVDUVHDOD-HUXVDOHQFHOHVWH
SDUDVHUUHDOPHQWHULFRSS
&RPSUDPH9HVWLGXUDVEODQFDVSDUDFXEULUODYHUJXHQ]DGHWXGHVQXGH]$SVS
/DLQGXVWULDGHODODQDHUDPX\SURVSHUDHQ/DRGLFHDSHURHUDXQDODQDQHJUD<-HVXVDOXGHDKRUDD
YHVWLGXUDVEODQFDV/DYHUJXHQ]DGHVXGHVQXGH]GHPDQGDXQFXEULUVHSHURQRFRQFXDOTXLHUFRVD
8QLFDPHQWHFRQDOJREODQFRFI'Q$SSXUR\IHVWLYRVLQPDQFKDFI$S
FRPRFRUUHVSRQGHDDOJXLHQTXHVHDMXVWDDGHFXDGDPHQWHDOREODQFR$S(VPX\FXULRVR
ODVDOPDVPXHUWDVGHODPXHUWHUHYHUVLEOHVHOHVGHMDKDEODU\HPLWHQXQDHVSHFLHGHSURWHVWD"+DVWD
FXDQGR$SQRQRVKDFHVMXVWLFLD\QRVGHYXHOYHVODYLGD"/DUHVSXHVWDHVYHVWLGXUDV
EODQFDV\TXHVHHVSHUHQXQSRFRDTXHVHXOWLPHHOQXPHURGHORVTXHKDEULDQGHVHUVDOYRV1R
FDEHGXGDTXHHOUHVXOWDGRGHODFRPSUDGHODVYHVWLGXUDVEODQFDVQRDFRQWHFHULDSDUDORVPLHPEURVGH
WRGDVHVDVLJOHVLDVOLWHUDOHVGH$VLDKDVWDTXHQRVHOOHJDUDDHVHPRPHQWRGHOWUDQVFXUVRGHOVH[WRVHOOR
HQHOTXHVHH[SRQHHVHGLDORJR3DUDHQWRQFHVHVWDULDQPXHUWRVGHODSULPHUDPXHUWH(VGHFLUDKRUDHQ
YLGDHVSUHFLVRFRPSUDUHVDVYHVWLGXUDVEODQFDV"&RPRVHFRPSUDHVR"6HDGTXLHUHPHGLDQWHHO
DUUHSHQWLPLHQWR\HOSHUGRQFRPRFRQVHFXHQFLDGHKDEHUDFHSWDGRHOPHQVDMHGHO5HLQRGH'LRVSRU
-HVXFULVWRTXHOOHYDLPSOLFLWRODREUDGHVDOYDFLRQ<HQWRQFHVHQHVHPRPHQWRGHOWUDQVFXUVRGHOVH[WR
VHOORVHFXPSOHODSURPHVD1RFDEHGXGDTXHODLGHDGHMXLFLRFI'Q\H[DPHQGHO
YHVWLGRFI0WVHUHDOL]DXQDYH]PXHUWDXQDJUDQSDUWHGHVHUHVKXPDQRVHQWUHORVTXHVH
LQFOX\HQWRGRVDTXHOORVTXHIRUPDEDQSDUWHGHODVLJOHVLDVOLWHUDOHVGH$VLD\SDUDSRGHUSDVDUSRUHVH
MXLFLRHVSUHFLVROOHYDUODVYHVWLGXUDVEODQFDVFRPRVHQDOGHKDEHUDFHSWDGRODREUDGHDPRUVDOYLILFR
UHDOL]DGDSRUHO3DGUHHO+LMR\ORVHVSLULWXVFI$SVV
(VDVYHVWLGXUDVEODQFDVGHELDQDGTXLULUODVDKRUD\VHKDUDQHIHFWLYDVSDUDFXDQGRWHQJDPRVTXHSDVDU
SRUHOMXLFLR$KLDSDUHFHUDODLJOHVLDHQVXFRQMXQWR$TXHOODTXHHVWDIRUPDGDSRUWRGRVDTXHOORVTXH
DFHSWDURQHOYHVWLGRGHERGDTXHVHORFRPSUDURQD-HVXFULVWR(Q$SRFDOLSVLVVHQRVSUHVHQWDODV
FLXGDGVDQWDKROODGDSRUODVJHQWHVGXUDQWHPHVHV(VHOHTXLYDOHQWHDOWLHPSRHQTXHORV
GRVWHVWLJRVSUHGLFDQYHVWLGRVGHVDFR\FLOLFLR(OPLVPRTXHFRUUHVSRQGHDODSHUVHFXFLRQGHOD
0XMHUFHOHVWH/D0XMHUFHOHVWHHVOD-HUXVDOHQGHDUULEDODHVSRVDGHO&RUGHUR(V
HYLGHQWHTXHHVD0XMHUFHOHVWHHVODQXHYD-HUXVDOHQ$SHO7DEHUQDFXORGH'LRV
$SFI$S\HVWDUHSUHVHQWDGDHQODWLHUUDSRUVXSXHEOROD,JOHVLDTXHVDOYDJXDUGDORV
SULQFLSLRVLGHRORJLFRVGHO5HLQRGH'LRV\TXHVHKDGHYHVWLUFRPRFRUUHVSRQGHDORVHMHUFLWRVGHO
9HUER$S\DORVLQYLWDGRVDODVERGDVGHO&RUGHUR
8QJHWXVRMRVFRQFROLULRSDUDTXHYHDV
$OXVLRQDODIDPRVDIDFXOWDGGHPHGLFLQDTXHSRVHLD/DRGLFHD(QHOODVHKDELDHVFULWRXQWUDWDGRGH
RIWDOPRORJLD\HQHOODVHKDELDQKHFKRGRVXQJXHQWRVXQRSDUDORVRLGRVSDUDSRGHUHVFXFKDUGHVGHPDV
OHMRV\XQFROLULRSDUDORVRMRV
,QGHSHQGLHQWHPHQWHGHTXHQRVHWUDWHGHXQDFHJXHUDWRWDO(VXQDFHJXHUDUHYHUVLEOH/DFHJXHUD
HVSLULWXDOHVIUXWRGHQRKDEHUWHQLGRHQFXHQWDDO(VSLULWXTXHHVWDLQWHJUDGRHQOD3DODEUDHVFULWDSRU
FXDQWRODKDLQVSLUDGR/RVUHVXOWDGRVGHSHUPDQHFHUVLQXQDLGHQWLILFDFLRQFRQ-HVXFULVWRPHGLDQWHOD
3DODEUDHVODGHXQDFHJXHUDTXHSXHGHFXUDUVH3RURWUDSDUWHHQHO$SRFDOLSVLVORVRMRVVRQVLPEROR
GHO(VSLULWXFI-XDQQRVKDKDEODGRGHORVHVSLULWXVFRPRSRVH\HQGRSHUVRQDOLGDG
SRQLHQGRORHQODPLVPDOLQHDTXH(O3DGUHHO7RGRSRGHURVRHO+LMR-HVXFULVWR\DORVHVSLULWXVGH
'LRVFI$S/DFHJXHUDSXHGHYROYHUDVXVHUFRQHOFROLULRPHGLFLQDOHVSHFLDOVLPERORGHO
(VSLULWX6DQWR
<RUHSUHQGR\FDVWLJRDWRGRVORVTXHDPRVHSXHVFHORVR\DUUHSLHQWHWH$S
7RGDHVWDH[KRUWDFLRQ\UHSUHQVLRQHLQFOXVRODH[SHULHQFLDGHOFDVWLJRGHODFRUUHFFLRQHVWDPRWLYDGD
SRUHODPRUTXH-HVXFULVWRWLHQHSDUDODLJOHVLD\SDUDFRQFDGDXQRGHQRVRWURV$SSS(VXQ
DPRUXQLFRWDQSXUR\WDQSHUIHFWRTXHGHEHULDSURYRFDUFHORVGHDOJRTXHTXLVLHUDDUUHEDWDUQRVOR(V
XQDPRUWDQJUDQGHHOGHODPRUVDOYLILFRFID-QTXHQRSHUPLWLUHPRVTXHQDGDQRVOR
SXHGDTXLWDU3RHOORHOSHUPDQHFHUHQXQDSRVLFLRQHFOHFWLFDHOTXHUHUYLYLUHQ%DELORQLDDXQTXHQR
VHDPRV%DELORQLDSHURDGTXLULHQGRIRUPDVEDELORQLFDVQRVHVWDSULYDQGRGHODPRUGH'LRVHQ&ULVWR
$UUHSLHQWHWHGHURGHDUWHGHULTXH]DEDELORQLFDGHYHVWLUWHLQWHUQDPHQWHDORODRGLFHQVHPRVWUDQGROD
YHUJXHQ]DGHWXGHVQXGH]\GHGHVHQIRFDUWXYLVWDGHWDOPDQHUDTXHVHDXQDYLVWDDSDJDGDFLHJDSDUD
ODVFRVDVHVSLULWXDOHV
+HDTXL\RHVWR\DODSXHUWD\OODPR6LDOJXQRR\HPLYR]\DEUHODSXHUWDHQWUDUHDHO<
FHQDUHFRQHO\HOFRQPLJR$S
(VWDVSDODEUDVQRVUHFXHUGDQSRUXQODGRGHQXHYRDODFLXGDGGH/DRGLFHD3HVDEDVREUHHOODOD
REOLJDFLRQGHFHGHUDORMDPLHQWR\QXWULFLRQDODVROGDGHVFDURPDQDDVXSDVRSDUD5RPDGHVGH$VLDFRQ
ORVDEXVRVLQKHUHQWHVTXHHVRFRQOOHYDED3HURKHDTXLTXHHOWHVWLJRILHOQRPHQFLRQDQLQJXQD
REOLJDFLRQ6HWUDWDGHDOJRSXUDPHQWHYROXQWDULRVLDOJXQRR\HPLYR]\PHDEUHODSXHUWDHQWUDUH<VL
ORKLFLHUHWHQGUHPRVILHVWDFHQDUHFRQHO\HOFRQPLJR0HUHFXHUGDDOKLMRSURGLJRFXDQGRYXHOYH
YROXQWDULDPHQWHFI/F\HODPRU\ODPLVHULFRUGLDGHO3DGUHVHPDQLILHVWDGHXQPRGR
LQFRPSUHQVLEOHSDUDHOVHUKXPDQRTXHQRKDFRPSUHQGLGRWRGDYLDHOJUDQDPRUGH'LRVOHKDFHXQD
JUDQILHVWDDOHVWLORGHXQFRQIHVLRQDULRGRQGHVHSXHGHGHVDKRJDUFRQWDQGROHWRGRORVXFHGLGR\
FRPHUHODOLPHQWRHVSLULWXDOGHO3DGUH
<VLQRORKLFLHUHVLQRR\HVXYR]QLDEUHODSXHUWDHQWRQFHVVHJXLUHHVSHUDQGRDODPDQHUDFRQTXH
,VDLDVQRVGLFHWRGRHOWLHPSRHVWXYHFRQPLVPDQRVH[WHQGLGDVKDFLDXQSXHEORUHEHOGH\FRQWUDGLFWRU
5PFI,VD<HVWR'LRVPLR"+DVWDFXDQGR"
(OPHQVDMHVHHQYLDDODLJOHVLDSHUR'LRVWLHQHVXWLHPSR\VXQXPHUR
$OTXHYHQFLHUHOHGDUHTXHVHVLHQWHFRQPLJRHQPLWURQRDVLFRPR\RKHYHQFLGR\PHVHQWDGR
FRQPLSDGUHHQVXWURQR$S
(OPHQVDMHHVWDGLULJLGRDOD,JOHVLDSHUROOHJDXQPRPHQWRTXHQRWRGDODLJOHVLDUHVSRQGHDO
OODPDPLHQWRHVWRORKHPRVYLVWRWDQWRFRQ(VPLUQD\FRQ)LODGHOILD(QGHILQLWLYDODLJOHVLDYDDHVWDU
FRPSXHVWDSRUORVTXHYHQFLHUHQ
(QWRGRHOUHFRUULGRKLVWRULFRHQHOTXHODLJOHVLDVHVLWXDORVTXHVHDUUHSLHQWHQ\YHQFHQOOHJDQDO
ILQDOELHQSDVDQGRSRUODPXHUWHUHVXFLWDQGRHQRFDVLRQGHODVHJXQGDYHQLGDGH-HVXFULVWRRELHQ
HVWDQGRYLYRVVLQSDVDUSRUODPXHUWHFXDQGR&ULVWRUHWRUQD&RQUHODFLRQDHVWRVXOWLPRVTXHVRQORV
TXHDKRUDPHLQWHUHVDQSRUTXHYLYRHQHODQRFXDQGRODVFXDOLGDGHVGHORVHVWHQ
GLVSXHVWDV\VHKD\DGDGRGHDFXHUGRDODFRQWDGXULDGH'LRVVHSURGXFLUDODVHJXQGDYHQLGDGH
-HVXFULVWRFI$SVV"(VWDPRVDSHUFLELGRV""4XHUHPRVVHUGHORVTXHIRUPHQORV"
/DSURPHVDGHOWURQRHYRFDDODFLXGDGGH/DRGLFHD(VWDRWRUJRXQWURQRDOYHQFHGRU\TXHJUDFLDVD
VXUHVLVWHQFLDQRSHUPLWLRTXHODFLXGDGFD\HUDDQWHHOHQHPLJR-HVXFULVWRQRVSURPHWHWDPELHQD
QRVRWURVXQWURQRVLQRVXFXPELPRVDQWHHOHQHPLJR<QXHVWURHQHPLJRQRHVFDUQH\VDQJUHVLQR
SRWHVWDGHVFRQWUDORVJREHUQDGRUHVGHODVWLQLHEODVGHHVWHPXQGRFRQWUDKXHVWHVHVSLULWXDOHVGHPDOGDG
HQODVUHJLRQHVFHOHVWHVFI(I<SDUDHOORVHQRVGDQODVDUPDVGHOD3DODEUDGHO(YDQJHOLRGH
ODIH\XVDQGRODRUDFLRQSDUDHOXVRGHORVPHGLRVGHLQWHUFHVLRQTXH-HVXFULVWRQRVKDGHMDGR(I

2MR&XLGDGR1RVSRGHPRVDSUHQGHUODVH[SUHVLRQHVOLWHUDULDVTXHVHYLHUWHQDTXL<GHFLUTXHVH
HVWDUHFRQRFLHQGRODVLWXDFLRQ<HVRSXHGHVHUXQDWUDPSDPRUWDO(VWRYDGLULJLGRSULPHUDPHQWHDOD
GLUHFFLRQUHSUHVHQWDWLYDGHOD,JOHVLDWDPELHQDWRGDVODVGHPDV,JOHVLDVSRUHOFRPSRQHQWHTXH
SXGLHUDQWHQHUGHODRGLFHQVHV7DPELHQDFDGDPLHPEURHQSDUWLFXODU\SRUXOWLPRWRGRHVRPLVPRSDUD
OD,JOHVLDGHWRGRVORVWLHPSRV/DHYLGHQFLDTXHQRVDSOLFDPRVFROHFWLYDHLQGLYLGXDOPHQWHHOUHSURFKH
GHO7HVWLJRILHOHVTXHFDPELDPRVUDGLFDOPHQWHFRPRLQGLYLGXRV\FRPRLJOHVLD
"&RPRHQFDMDWRGRHVWRHQWRGDVODVGLIHUHQWHVJHQHUDFLRQHVGHFULVWLDQRVGHODLJOHVLDKDVWDHOILQ"
6LQRVGDPRVFXHQWDODJHQHUDFLRQGHFULVWLDQRVGHFXDOTXLHURWUDLJOHVLDGHODVPHQFLRQDGDVGH$VLDD
ODVTXH-XDQHQYLDHVWDFDUWDYLYHQDOUHGHGRUGHODQR&XDQGRHVWXGLDPRVODKLVWRULDGHOWUD\HFWR
TXHVHQRVSURSRQHHQ$SRFDOLSVLVVHQRVGDQXQDVSDXWDVFURQRORJLFDVTXHHVWXGLDUHPRVFRQPDV
GHWHQLPLHQWRFXDQGRFRPHQWHPRV$SRFDOLSVLV'LJDPRVDKRUDTXHDSDUHFHPDUFDGRWHPSRUDOPHQWH
ORTXHVXSRQHHOWLHPSRGHODLJOHVLDDSRVWROLFR-XGHDTXHH[LVWHGHVGHODIXQGDFLRQSRU-HVXFULVWRFRPR
SLHGUDDQJXODUMXGHDGHODSURSLD,JOHVLDTXHIXQGDFRPRUHSUHVHQWDQWHGHO5HVWRHVFRJLGRSRUJUDFLD
FI5P\DEDUFDULDKDVWDTXHORVDSRVWROHVYLYLHUDQ$SFI6LVH
VLJXHODOHFWXUDQRVGDUHPRVFXHQWDTXHHQWUHODDVFHQVLRQ-HVXFULVWR\DODTXHVHVLJXHHO
DUURMDPLHQWRDODWLHUUDGHO'UDJRQSSKDVWDHOFRPLHQ]RGHORVSURIHWLFRVRPHVHV
RWLHPSRV$SFIFIFITXHHVWDQRULHQWDGRVSRUODSHUVHFXFLRQGHO
&XHUQRSHTXHQR'QR&DEH]DKHULGD$SVHLQWURGXFHXQDSHUVHFXFLRQDQWHULRUGHO
'UDJRQ$S6LVHSHUFDWDQSRUHOWH[WRGH'DQLHOHO&XHUQRSHTXHQRGH'QVHLGHQWLILFD
FRQOD&DEH]DKHULGDGH$S(OSHULRGRFURQRORJLFRTXHVHOHGDGHDFWXDFLRQDO&XHUQR
SHTXHQRHVGHWLHPSRV\PHGLRRPHVHVRGLDV\HODUUDQTXHGHGLFKRPRPHQWRHVGHVSXHVGH
ODGLYLVLRQTXHH[SHULPHQWDODFXDUWDEHVWLDRFXDUWRUHLQR\HVWRQRSXGRVHUDQWHVGHOTXHHV
FXDQGRVHSURGXFHHOLQLFLRGHODGLYLVLRQSRUORVUHLQRVEDUEDURVGHO,PSHULR5RPDQRSULPHUDIDVHGHO
FXDUWRUHLQRRFXDUWDEHVWLD'QFI'Q/DSHUVHFXFLRQGHO
GUDJRQFRQWUDODPXMHUFHOHVWHVHSURGXFHQDGDPDVVHUDUURMDGRDODWLHUUDHQRFDVLRQGHODDVFHQVLRQ
GHO+LMR$SFI6HLQWHQWDHQHVDSHUVHFXFLRQFRQWUDORVLQWHUHVHVGHO5HLQRGH'LRV
TXHLGHQWLILFDODPXMHUFHOHVWHHQODWLHUUDGHVWUXLUORV/RJUDUVXLQRSHUDQFLD
&RPRFRQVHFXHQFLDGHHVDSHUVHFXFLRQFRQWUDORVTXHPDQWLHQHQORVSULQFLSLRVGHOUHLQRGH'LRVHQOD
WLHUUDHQUHSUHVHQWDWLYLGDGDODPXMHUFHOHVWH'LRVXQDYH]GHVDUUROODGDSRUSDUWHGHO'UDJRQHVD
SHUVHFXFLRQFRQWUDORVLQWHUHVHVGHOUHLQRGH'LRVHQFXHQWUDXQUHIXJLRSDUDODPXMHUUHSUHVHQWDGDHQOD
WLHUUDSRUOD,JOHVLDUHPDQHQWHDILQGHTXHQRVHDQGHVWUXLGRVHVRVSULQFLSLRVGHOUHLQR
3RVWHULRUPHQWHQDGDPDVDFDEDUODVLWXDFLRQWHPSRUDOGHGHVLHUWRGHGLDVSURIHWLFRV$S
ODVHUSLHQWHDUURMDFRPRXQULRVLPEROLFRSDUDTXHOD0XMHUUHSUHVHQWDGDHQODWLHUUDSRUORV
SULQFLSLRVGHOUHLQRGH'LRVTXHVRVWLHQHODLJOHVLDIXHVHQDUUDVWUDGRVFI3HURODWLHUUDD\XGRD
OD0XMHU<DOILQDOVHOOHQDGHLUDHO'UDJRQFRQWUDOD0XMHUFHOHVWHKDFLHQGRJXHUUDFRQWUDHO
UHVWRGHODGHVFHQGHQFLDGHHOOD
$QWHVGHTXHHPSLHFHQORVGLDVSURIHWLFRV$SHVWDODIDVHWHPSRUDOWDOFRPR\D
KHPRVLQGLFDGRPDUFDGDSRUODSHUVHFXFLRQSUHYLDDODGHORVGLDVGRQGH'LRVEXVFDUHIXJLR$S
GHVGHHVDHSRFDGHODV,JOHVLDVGH$VLDKDVWDHOFRPLHQ]RGHORVGLDVSURIHWLFRVVH
SURGXFHDOUHGHGRUGHOODLJOHVLDLPSHULDO&RQVWDQWLQLDQDFRQHOEHQHSODFLWR\DFHSWDFLRQGHO
RELVSDGRGH5RPDVXELHQGRVHDOYHKLFXORGHODDSRVWDVLD'HVSXHVGHODFDLGDGH5RPDSRUORV
%DUEDURVHQHOVHKDUDFDUJRGHHVWDHOVLVWHPDSROLWLFRUHOLJLRVRSDSDOTXHSRVWHULRUPHQWHWHQGUD
ODRSRUWXQLGDGGHLQDXJXUDUHOWLHPSRSURIHWLFRGHORVGLDVRDQRV<GHQWURGHHVHSHULRGR
SURIHWLFRGHGLDVVLPEROLFRVRFXSDGRSRUXQDLJOHVLDHQHODQRQLPDWRUHSUHVHQWDGDSRUORVGRV
WHVWLJRVVHGDUDLQLFLRDFROHFWLYRVIRUPDGRVSRULQGLYLGXRVTXHVHDUUHSLHQWHQ\SUR\HFWDQORTXH
FRPSUHQGHQGHORVGRVWHVWLJRV
'XUDQWHWRGRHVWHWLHPSRGHVGHODLJOHVLDGHODHSRFDGHODVLJOHVLDVGH$VLDKDVWDODDFWXDOLGDGVH
UHSLWHGHOPLVPRHVTXHPD3DUHFLDLPSRVLEOHSHURDKLHVWD
&RQFUHWHPRVGHVSXHVGHORTXH\DKHPRVGLFKRHQQXHVWURFDSLWXORSULPHUR/DVGLIHUHQWHVLJOHVLDVGH
$VLDGHODHSRFDGH-XDQUHFLEHQHOPHQVDMHGHOD5HYHODFLRQGH-HVXFULVWR6LUYHQFRPRSURWRWLSR\
FDQDOL]DFLRQSDUDTXHWRGDODLJOHVLDTXHQRHVWDQRPEUDGDHQHVDVLJOHVLDVWDQWRGHOWLHPSRGH-XDQ
FRPRGHFXDOTXLHUHSRFDSRVWHULRUKDVWDODVHJXQGDYHQLGDGH-HVXFULVWRUHFLEDHVHPLVPRPHQVDMH\VH
DSOLTXHDTXHOORTXHOHIXHUDQHFHVDULR<GHDFXHUGRDORTXHHO(VSLULWXGLFHDODVLJOHVLDVHQFDGD
ILQDOGHOPHQVDMHTXHDFDGDLJOHVLDVHOHRIUHFHFI3RURWUDSDUWH&ULVWR
VHGLULJHDODQJHOTXHUHSUHVHQWDDFDGDPLHPEURLQGLYLGXDOPHQWHRDODLJOHVLDFRPRXQDVRODXQLGDG
&ULVWRWUDWDFRQORVVHUHVKXPDQRVWDQWRHQVXFRQGLFLRQGHJUXSRVFRPRXQDLJOHVLDFRPRWDPELHQHQ
>@
XQDUHODFLRQSHUVRQDOGLUHFWDFRQHO <SRUXOWLPRQRKD\HQORVWH[WRVGHOPHQVDMHDHVDVLJOHVLDV
QDGDTXHQRVGLJDTXHFDGDLJOHVLDUHSUHVHQWDXQSHULRGRFURQRORJLFRFRQFUHWR\H[DFWR(OVLJQLILFD
WDOFRPR\DKHPRVUHFRJLGRGHGLIHUHQWHVDXWRUHVTXHHOPHQVDMHVHH[WLHQGHHQWRGDODSOHQLWXGGHO
WLHPSR9DDVHU$SRFDOLSVLVTXLHQPDUTXHGLIHUHQWHVSHULRGRVGHOD,JOHVLDWHQLHQGRHQFXHQWDHO
SDVRGHOWLHPSR\ODFRPSUHQVLRQGHFLHUWRVPRPHQWRV\PRGRVKLVWRULFRVTXHHVWDQHQQXHVWURSDVDGR
UHPRWR\PDVUHFLHQWH1RFDEHGXGDTXHODGLVLGHQFLDODKHUHMLDODLQILGHOLGDGODPRUDOHO
VRPHWLPLHQWRDOVLVWHPDPHGLDQWHHOFXOWRDO(PSHUDGRUODSHUVHFXFLRQODFRUUXSFLRQODWLELH]DOD
SHUGLGDGHOSULPHUDPRUHOPDQWHQLPLHQWRSHUPDQHQWHPHQWHGHODYHUGDGDSHVDUGHORV
LQFRQYHQLHQWHVRWURVDVSHFWRVTXHDQDOL]DUHPRV\WRGRHQHOFRQWH[WRURPDQRGHMRSDVRDQRV
GHVSXHVDXQDVLWXDFLRQKLVWRULFDFRQWH[WXDOGLVWLQWDHQODHSRFD&RQVWDQWLQLDQDGRQGHVHSUHWHQGLD
PH]FODUFULVWLDQLVPRFRQLGHDULRLPSHULDOURPDQR(QHVHFRQWH[WRVHSURGXMHURQFDPELRVGHWDO
QDWXUDOH]DTXHORVFULVWLDQRVWDQWRFROHFWLYD\HFOHVLDVWLFDPHQWH\FRPRLQGLYLGXRVDOOHHUHVHPHQVDMHD
ODVLJOHVLDGH$VLDHQFRQWUDEDQDSOLFDFLRQDVXVYLGDV\DODVJUDQGHVPHWURSROLVHFOHVLDVWLFDVGHODVTXH
LEDQWHQLHQGRFRQRFLPLHQWRTXHVHDSDUWDEDQGHODYHUGDGGHDFXHUGRDFRPR-HVXFULVWRGHFLDHQHO
PHQVDMHDHVDVLJOHVLDV\QRVHDUUHSHQWLDQFRQORFXDOODDSOLFDFLRQGHTXLWDUOHHOFDQGHOHUR$S
VHKDFLDHIHFWLYR/DVGLVSXWDVHQWUHFULVWLDQRVSRUFXHVWLRQHVGRFWULQDOHV\SRURWURVDVXQWRV
SURIDQRVVHJHQHUDOL]DQOOHJDQGRDXQDYLROHQFLDVLQLJXDO\DODSHUVHFXFLRQGHDTXHOORVJUXSRV
PLQRULWDULRVTXHQRHVWDEDQGLVSXHVWRVDSOHJDUVHQLDOHPSHUDGRUTXHSDUHFLDVHUTXHVHKDFLDFULVWLDQR
SHURTXHPDQWHQLDIRUPDVSOHQDPHQWHEDELORQLFDVQLDORVRELVSRVTXHSUHWHQGLDQKDEHUUHFLELGRXQD
DXWRULGDGHVSHFLDO\DOJXQRPDVWRGDYLDHULJLHQGRVHVREUHWRGRVHOORVTXHFRPSDUWLD\HVSDUFLDGH
DFXHUGRDORTXHODKLVWRULDQRVSUHVHQWDHOYLQRGH%DELORQLD(QHVWHFXDGURGHVWDFDOD-H]DEHOTXHYD
FRQWUDHOYHUGDGHURSURIHWLVPRKDVWDOOHJDUDPDWDU/DGRFWULQDGH%DODDPODGHFRQIXQGLU\HQJDQDUHQ
EDVHDODSURSLDSDODEUDGHYHUGDG\ODVGLIHUHQWHVKHUHMLDVWDQWRFODUDPHQWHJQRVWLFDVVHPLJQRVWLFDV\
GHFXDOTXLHURWUDLQGROHFODUDPHQWHVHQDODGDVSRUORQLFRODLWDV\SRUODVSURIXQGLGDGHVGH6DWDQDV8QD
YH]SDVDGRHVHWLHPSRDSDUHFHHOHVWDGRVRPEULRPDUFDGRSRUXQSHULRGRSURIHWLFRGHGLDVGRQGH
VHGDHOWLHPSRGHOD,JOHVLDHQHOGHVLHUWRGRQGHODIDOVDDSRVWROLFLGDG\DTXHOORVTXHVHSDVDQSRUVHU
MXGLRVVLQVHUORVHUHSLWHQFUHDQGRFRUUXSFLRQ\IRUQLFDFLRQHQWRGRVORVVHQWLGRVDGHPDVGHOD
SHUVHFXFLRQ\GHQXQFLDRUJDQL]DGDV7RGRHOORWDOFRPRVHSUHGHFLDXQDYH]PDVHQHOPHQVDMHDODV
,JOHVLDV3HURGHQWURGHHVD,JOHVLDHQHOGHVLHUWRGHODFODQGHVWLQLGDGVHYDGDQGRXQEURWHGHUHIRUPD
HVSHFLDOPHQWHHQDTXHOORVTXHUHWLHQHQHOQRPEUHGH-HVXFULVWR\QRQLHJDQODIHDSHVDUGHOD
SHUVHFXFLRQ\GHODWRUWXUD\PXHUWHGHORV$QWLSDVILHOHV\WRGRHOORWDOFRPRVHLQGLFDEDHQHOPHQVDMH
DODVLJOHVLDV<FRPLHQ]DDGDUVHXQWHVWLPRQLRGHUHIRUPDHVSLULWXDOTXHDEULUDFDXFHVGHOLEHUWDG
LQFRPSUHQVLEOHVLQWURGXFLHQGRQRVHQXQDHWDSDGHUHYROXFLRQHVSROLWLFDVGRQGHODWLHUUDD\XGDDOD
PXMHU3HURHQHVDVLWXDFLRQQXHYDGHPRFUDWLFDVHGDQGRVFRRUGHQDGDVDYHFHVVLPXOWDQHDV\RWUDV
VHJXLGDVODXQDGHWUDVGHODRWUD3RUXQODGRODWLELH]DHORUJXOORODDXVHQFLDGHODWHUDSHXWLFDGHODJXD
IULDRFDOLHQWHODGHODULTXH]DPHGLDQWHHOPDQWHQLPLHQWRGHOLQVWLWXFLRQDOLVPRDIXHU]DGHSHUSHWXDUVH
GHQRYHUODSREUH]D\ODGHVQXGH]HOSDVRWLVPRHOTXHVHQRVHVWHGRPHVWLFDQGRFRQWLQXDPHQWHDILQGH
TXHSLHUGDHILFDFLDQXHVWURWHVWLPRQLRHYDQJHOLFR3HUR3HURTXH+D\XQOODPDPLHQWRDO
DUUHSHQWLPLHQWR8QDUUHSHQWLPLHQWRDQRPDQWHQHUFRQQRVRWURVDORVTXHSRQHQWURSLH]RDOSXHEORGH
'LRVWDOFRPRHQVHQDED%DODDPD%DODFWROHUDQGRDGHPDVXQDOLQHDGHHQVHQDQ]DDOR-H]DEHO
VHGXFLHQGRFRQDSDULHQFLDFLHQWLILFD\WHRORJLFDDYDULRV\SHUPLWLHQGRXQDLJOHVLDGHQWURGHRWUDLJOHVLD
GLVWLQWD8QDUUHSHQWLUVHGHKDEHUDEDQGRQDGRHOSULPHUDPRUVLHQGRSUHFLVRHOYROYHUDODVSULPHUDV
REUDV$DTXHOORVPRPHQWRVGRQGHEULOODEDODVHJXULGDGGHQXHVWUDUD]RQGHVHU\QXHVWUDFRQFHSFLRQ
GHUHVWRGHUHPDQHQWHFXDQGRVHGDEDWHVWLPRQLRDGLHVWUDHL]TXLHUGDDWLHPSR\DGHVWLHPSR'HDKL
TXHVHDLPSRUWDQWHODYLJLODQFLD\ODGHKDFHUODVREUDVORPDVSHUIHFWDPHQWHSRVLEOH(VH
DUUHSHQWLPLHQWRQRVOOHYDDUHFRUGDUORTXHKHPRVUHFLELGR\DJXDUGDUOR\MXQWRFRQODVRWUDVSHUVRQDV
TXHQRKDQPDQFKDGRVXVYHVWLGXUDVSRUFXDQWRKDQJXDUGDGRODSDODEUDGHVXSDFLHQFLDVHQRVJXDUGDUD
GHODKRUDGHODSUXHEDTXHKDGHYHQLUVREUHHOPXQGRHQWHURDILQGHSUREDUDORVTXHPRUDQHQOD
WLHUUD8QDWLHUUDXQDVRFLHGDGTXHVHKDFRQYHUWLGRHQHOWURQRGH6DWDQDVGRQGH%DELORQLDVHFRQIXQGH
FRQODFLYLOL]DFLRQWHUUHVWUHFRQWDPLQDGDSRUHO'UDJRQ(OTXHHQJDQDDOPXQGRHQWHUR\FX\D%DELORQLD
VHVLHQWDVREUHOD%HVWLDGHFDEH]DVVXFHVLYDV\GLH]FXHUQRV<TXHLQIOX\HSRGHURVDPHQWHHQOD
LJOHVLDDFWXDO6LELHQHOPHQVDMHDHVDVLJOHVLDVGH$VLDVHDSOLFDHQFDGDJHQHUDFLRQGHFULVWLDQRV\KD
GHWHQHUORHQFXHQWD<KHPRVYLVWRFLHUWRVHOHPHQWRVTXHVHFXPSOHQPX\FRQFUHWDPHQWHHQFLHUWRV
PRPHQWRVKLVWRULFRV1RKD\SUDFWLFDPHQWHQDGDWDOFRPRKHPRVYLVWRTXHQRVHFXPSODHQQXHVWUD
HSRFD6LELHQHOPHQVDMHD(IHVR\/DRGLFHDWDOFRPRKDEUHPRVQRWDGRVHFXPSOHGHIRUPDHVSHFLDOHQ
HVWDHWDSDHQODTXH\RYLYRQRHVPHQRVFLHUWRWDOFRPR\DKHPRVH[SXHVWRTXHHQQXHVWUDHSRFDHV
SUHFLVRH[DPLQDUELHQORVPHQVDMHVSRUTXHVXDSOLFDFLRQHVSUDFWLFDPHQWHDEVROXWD
$SHVDUGHHOORKDKDELGRTXLHQHVQRVHKDQVRPHWLGRDOVLVWHPD\UHWLHQHQHOQRPEUHGH-HVXFULVWR\
QRKDQQHJDGRVXIH5HWHQJDPRVORTXHWHQHPRVDSHVDUGHORTXHSRGDPRVSDGHFHUSUREDQGRDDOJXQRV
HQODFDUFHO\GHODWULEXODFLRQGHGLH]GLDVTXHSXGLHUDPRVSDVDUSRUFXDQWRVHQRVGDUDQYHVWLGXUDV
EODQFDV\UHWHQGUHPRVQXHVWUDFRURQD
/DYHUGDGPHGLVWHSHQDHORWURGLDFXDQGRWHOHLHQXQDUWLFXORGH6SHFWUXPTXHWRGDYLDQRHVFRPR
ORVGH$GYHQWLVW7RGD\(ODUWLFXORFRQWDEDXQDKLVWRULDKRUURURVDTXHSHUPLWLDGXGDUGHVXH[LVWHQFLD
7HQLDVPLHGRDORTXHSXGLHUDKDFHUHO&RQIOLFWRGHORVVLJORVTXHXQGLULJHQWHLPSRUWDQWHKDSHGLGRVX
GLVWULEXFLRQDPLOORQHV<QRVQDUUDEDVHOFXHQWRGHXQDVHQRUDTXHWHKDELDFRQWDGRDVXYH]HOFXHQWR
GHOGDQRTXHOHKDELDKHFKRHO&RQIOLFWRSRUHVRGHOD%HVWLDHOFXHUQRSHTXHQRORVVLVWHPDVGHPDOGDG
YDPRV<SUHWHQGLDVFRQHVRFRQYHQFHUSDUDTXHQRKLFLHUDQWDOGLVWULEXFLRQFRPRTXHULHQGRGHFLUTXH
HOFRQIOLFWRLEDDKDFHUPXFKRPDO3HURQRVHLQGHSHQGLHQWHPHQWHGHODPDQHUDFRQTXHVHSXHGDQGHFLU
ODVFRVDVVLPHKDEUDVOHLGRDOJXQDYH]FXDQGRGLJRTXHQRKHYHQLGRDWUDHUSD]VLQRJXHUUDHQWUHORV
VHUHVKXPDQRVFRPRFRQVHFXHQFLDGHORTXHUHVXOWDGHDFHSWDUHO(YDQJHOLR(WHUQRIUHQWHDORVTXHOR
UHFKD]DQ&UHRTXHHQWUHQRVRWURVH[LVWHQPXFKRVTXHQRVRQGHORVQXHVWURV3HURFRPRRFXUULDFRQ
7LDWLUD\6DUGLV'LRVSDVDGHHOORVSHURGHEHPRVVHQDODUORVPDOHVGHHVDGRFWULQDVHFXODU\QR
WHQHUORVHQFXHQWDFRPRVLIXHUDQGHORVQXHVWURV
6LVHKDQGDGRFXHQWDHVRVPHQVDMHVVHFXPSOHQHQHOWLHPSR\ORTXHLPSRUWDHVPLHSRFD+HWRPDGR
QRWDGHWRGRORTXHGHERDSOLFDUPH\ORTXHHQFDMDSDUDODLJOHVLDGHOVLJOR;;,HQODTXHYLYR5HSDVD
FRQPLJRGHQXHYRVXOHFWXUD\REVHUYDORVDQDOLVLVTXH-HVXFULVWRUHDOL]D(VWXGLDORVHORJLRV\
DFXVDFLRQHV$JUXSDSRUVHSDUDGRODVLWXDFLRQHV\GLDJQRVWLFR\FRPSUXHEDODWHUDSLDORVOODPDPLHQWRV
ODVDPHQD]DV\MXLFLR\ODVSURPHVDVGHVDOYDFLRQ&DGDXQDGHODVLQGLFDFLRQHVSRGHPRVDSOLFDUORHQORV
GLIHUHQWHVHVWDGLRVGHODKLVWRULD\FRPSUREDUTXHHVHPHQVDMHTXHHO(VSLULWXRIUHFHDODVLJOHVLDVVH
FXPSOHVLHPSUHDXQFXDQGRSDUDDOJXQRVLQGLYLGXDORFROHFWLYDPHQWHVREUHVDOJDDOJRFRQFUHWR\HQ
HVSHFLDOGHDOJXQDRDOJXQDVGHHOODV
(VHYLGHQWHTXHHQODHSRFDTXHYLYH-XDQHOPHQVDMHTXHVHKDGHDSOLFDUDOD,JOHVLDWRGDHOODGHHVD
HSRFDHVWRGRORTXHHO(VSLULWXGLFHDHVDVLJOHVLDV<DVLHQHOFRUUHUGHOWLHPSR&DGDSHUVRQDFDGD
JHQHUDFLRQGHFROHFWLYRVFULVWLDQRVOD,JOHVLDHQFDGDPRPHQWRKLVWRULFRGHWHUPLQDGRIRUPDGDSRU
GLIHUHQWHVPLHPEURVHLJOHVLDVRJUXSRVORFDOHVKDGHHVWXGLDUFRQGHWHQLPLHQWRHOPHQVDMHDHVDV
LJOHVLDVGH$VLD\FRPSUREDUDTXHOHVVLUYHWDQWRLQGLYLGXDOFRPRFROHFWLYDPHQWH\VHKDGHDSOLFDU
LQGLYLGXDORFROHFWLYDPHQWHPDVHVSHFLDOPHQWHDTXHOORTXHVHDDSURSLDGRSDUDHORSDUDHOFROHFWLYR
HFOHVLDVWLFR(QHVDXELFDFLRQ\RDSOLFDFLRQSXHGHGDUVHHOFDVRGHLGHQWLILFDUVHPDVFRQDOJXQPRGHOR
>@
GHLJOHVLDSUHVHQWDGR
(QFRQFOXVLRQ(O0HQVDMHDODV,JOHVLDVWLHQHTXHYHUFRQXQDSUHJXQWD
"&RPRYDLVDSRGHUYLYLUHVDKLVWRULDGRPLQDGDSRUHOPDO"
/DUHVSXHVWD3HUWHQHFLHQGRDOD,JOHVLDIXQGDGDSRUHO+LMRGHO+RPEUH\TXHKDUHFLELGRVX
PHQVDMHGH6DOYDFLRQHQORVWHUPLQRVTXHQRVSUHVHQWDHO(YDQJHOLR(WHUQR\WHQLHQGRHQFXHQWDODV
REVHUYDFLRQHVTXHVHKDFHQDODVLJOHVLDVTXHHVWDQHQ$VLD\TXHLQGHSHQGLHQWHPHQWHGHOYDORUSDUD
HOODVWLHQHQDSOLFDFLRQXQLYHUVDOSDUDWRGRVORVWLHPSRV
 &DSLWXOR,,,

"&RPRVHDFDEDFRQORVHQHPLJRVGH'LRV"

,QWURGXFFLRQ D ORV VHOORV \ WURPSHWDV HQ UHODFLRQ D ORV

VLVWHPDVGHPDOGDG$SRFDOLSVLV\
9LVLRQGHOD$FWLYLGDG'LYLQDDWUDYHVGHORV6HOORV\TXHLQFOX\HDFWLWXGHVKXPDQDV\
UHSHUFXVLRQHVWHUUHVWUHV
&LHOR6DQWXDULR$S\7LHUUD
/DHVFHQDHVLPSUHVLRQDQWHDSDUHFHXQDSXHUWDDELHUWDHQHOFLHOR\-XDQDQWHODRUGHQGHVXELU
>@
SDUDFRQWHPSODUODVFRVDVTXHVXFHGHUDQGHVSXHVGHHVDVTXHHVWDEDYLHQGR WXYRTXHVHU
>@
WUDQVSRUWDGRHQ(VSLULWXD 9HXQ7URQREDVLHQWRGHOTXHUHLQDMX]JD\VDOYD\TXH
UHSUHVHQWDQODIXQFLRQDOLGDGGHOHMHUFLFLRGHHVHSRGHUVDOYDGRU/RVDQFLDQRV\ORVVHUHVYLYLHQWHV
>@
DGRUDQWDQWRDOTXHHVWDVHQWDGRHQHOWURQRFRPRDO&RUGHUR$SFI
(O7URQRHVWDRFXSDGRSRUHOTXHHVHUDKDGHYHQLUHO7RGRSRGHURVR\TXHYLYHSRUORVVLJORVGH
ORVVLJORVVLQKDEHUPXHUWRQXQFD$SGHVFULELHQGRVHQRVGHXQPRGRHVSHFLDOFRQSLHGUDV
SUHFLRVDV$SVHQDOGHHWHUQLGDG MDVSH\GHDPRUKDFLDODKXPDQLGDG FRUQDOLQD^FRORU
FDUQH`\FRQXQDUFRLULV*QFIVHQDOGHDOLDQ]DGHOSHUGRQ\GHODPLVHULFRUGLD
>@
GLYLQD\GHODJUDFLDGHVXSDFLHQFLDFI,VDFI(]T 6HWUDWDGHXQFRPSURPLVR
WRPDGRSRU'LRVKDFLDHOKRPEUHHQUHVSXHVWDDODREUDGH-HVXFULVWR/DVHQDOGHTXHQRKDEUDQDGDTXH
LQWHUUXPSDODSD]SDUDFRQHOKRPEUHXQDREUDGHUHFRQFLOLDFLRQUHFRQRFLGDSRUODYROXQWDGGLYLQDHQVX
PDQLIHVWDFLRQ\TXHHOVHUKXPDQRKDGHDFHSWDU
(VH7URQRHVHOXQLFRTXHKD\HQHO8QLYHUVRHVHOFHQWURGHVX6DQWXDULRHOOXJDUPDVVDQWR
>@
VDQWLVLPR <QRVUHFXHUGDTXHKD\XQDREUDGHVDOYDFLRQTXHVHHVWDDSOLFDQGRHQEDVHDOD
UHDOLGDGUHSUHVHQWDGDHQXQ&RUGHURLQPRODGRTXHVHQRVSUHVHQWDHQHVWDYLVLRQDOODGRDODGLHVWUD
GHOTXHHVWDVHQWDGRHQHO7URQR$SFI$SVVFI0WFI-QFI0F
FI+E+EFI+EFIFI'QFI'Q
FI'Q
(OTXHHO7URQRHVWHGRQGHGHEHGHHVWDUQRDQXODWRGDODIXQFLRQDOLGDGTXHVHHMHUFHHQHO6DQWXDULR
FHOHVWHWDQWRODUHODWLYDDODLPSOLFDGDHQODWLSRORJLDGHOOXJDUVDQWRFRPRODFRUUHVSRQGLHQWHDORTXH
VHQDODODWLSRORJLDGHOGLDGHODVH[SLDFLRQHVHQHOOXJDUVDQWLVLPR$SVVFI$SFI+E
SSFI'QFISSFI$S
5HFXHUGHVHDKRUDFRQVXPDDWHQFLRQ\WHQLHQGRHQFXHQWDWRGRVORVWH[WRVXWLOL]DGRVSUHYLDPHQWH
FRPRORVTXHKHPRVSUHVHQWDGRFXDQGRHVWXGLDEDPRVHOFS,GH$SRFDOLSVLVTXHHVORVTXHVHQRV
SUHWHQGLDSUHVHQWDUFRQHOGHUDVSHVHU+LMRGHO+RPEUH0RVWUDEDPRVODHVFHQDFHOHVWLDOGHHVH+LMR
GHO+RPEUHTXHFRQORVYHUERVIXQFLRQDOHVGHFHUFDQLDKDFLDHO$QFLDQRGHGLDV'QRULHQWDGRV
SRUODIXQFLRQDOLGDGGHVHQWDUVHDODGLHVWUDGH'LRVDFRPHWLDXQDREUDPLQLVWHULDOGHDFDEDUFRQORV
HQHPLJRVGH'LRVHOSHFDGRODPXHUWHORVVLVWHPDVGHPDOGDG\HO'UDJRQRGLDEORRVDWDQDV
7XYLPRVRSRUWXQLGDGFRQ$SRFDOLSVLVVVGHFRPSUREDUHVDREUDHQIDYRUGHODVLJOHVLDV\GHVXV
PLHPEURV$S\$KRUDVHQRVSUHVHQWDORPLVPRSHURFRPSOHPHQWDGRHQXQDHVFHQDFHOHVWLDO
GRQGHHOH[LVWHQWHSRUVLPLVPRQRVPXHVWUDVXFHQWURGHRSHUDFLRQHV$S\$OOLDSDUHFHXQ
VLPERORGHOOXJDUVDQWRWLSRORJLFRSHURVLQOLPLWHGHDFXHUGRDODH[SRVLFLRQUHSUHVHQWDGD\VLPEROL]DGD
HQHVH7URQR\6DQWXDULRFHOHVWHTXHHQJOREDWRGRHOPLQLVWHULRFHOHVWHGHO+LMRGHO+RPEUHFRQHOTXH
HVWDVHQWDGRHQHO7URQRODVODPSDUDVUHSUHVHQWDQGRDORVHVSLULWXVGH'LRVRODSOHQLWXGGHO
(VSLULWX6DQWR$SFI&RQHVRVHQRVTXLHUHHQVHQDUHVDREUDGHO(VSLULWX6DQWRHQFDUJDGRGH
FRQYHQFHUDOPXQGRGHSHFDGRFI-QGHOOHYDUOHVDODYHUGDGDORVTXHQRUHFKDFHQFI-Q
\GHOLEUDUOHVGHOMXLFLRGHFRQGHQDFLRQ-QFISUHSDUDQGRORV
>@
SDUDSDVDUHOMXLFLRIDYRUDEOH'QFID3HGFI+E (VWDREUDHVWD
PDUFDGDWDQWRHQHO$SRFDOLSVLVFRPRHQ'DQLHO+HEUHRV\HQHO(YDQJHOLRFRQHOGHUDVSHVHU+LMRGHO
+RPEUHWDOFRPR\DKHPRVPRVWUDGRVXILFLHQWHPHQWHHQGRVWLHPSRVFODUDPHQWHHVWDEOHFLGRVWDQWRHQ
ODWLSRORJLDGHO6DQWXDULRFRPRHQODUHDOLGDGGHO6DQWXDULRFHOHVWH\GHQWURGHXQDPLVPD\XQLFDOLQHD
PLQLVWHULDO(VGHFLUHQHVH7URQRGHO7RGRSRGHURVR\HQWRGDODGHVFULSFLRQFHOHVWHGHDGRUDFLRQ\GH
DFWLYLGDGSRUSDUWHGHORVDQFLDQRV\GHORVVHUHVYLYLHQWHV$SVHGDQWRGDVODV
SRVLELOLGDGHVSDUDTXHVHSURGX]FDHOPLQLVWHULRFRQWLQXRGHO+LMRGHO+RPEUHSDUDDFDEDUFRQORV
HQHPLJRVGH'LRV\GHOKRPEUH$SFIFIFI
6XEUD\RTXHVHGLFHGHO&RUGHURHVGLJQRGHWRPDUHOSRGHU$S\HVGLJQRGHWRPDUHOSRGHU
SRUTXHFRPRFRQVHFXHQFLDGHKDEHUVLGRLQPRODGRHQEDVHDHVDREUDVHQRVKDUHGLPLGRVHQRVKD
KHFKRSDUD'LRVUH\HV\VDFHUGRWHV6LVHREVHUYDVHHVWDFRQWHPSODGRWRGDODREUDFRPR
DFDEDGD3RUTXH"&XDQGRVRPRVUH\HV\VDFHUGRWHV"FRPRFRQVHFXHQFLD"'HTXHUHLQDUHPRVVREUHOD
WLHUUD"(YLGHQWHPHQWHHVWDVSDODEUDVVHSURQXQFLDQFXDQGRGHVSXHVGHTXHQDGLHHUDGLJQRGHDEULUHO
OLEUR\GHVDWDUORVVHOORVDSDUHFHHO/HRQGH-XGDHO&RUGHURLQPRODGRFRPRHOYHQFHGRUTXH
SXHGHDEULUHOOLEURGHORVVHOORV<DKRUDSRQJDPRVDWHQFLRQGHVGHHOPLVPRPHGLRGHO7URQR
HQHOTXHHVWDVHQWDGRHO7RGRSRGHURVR$SHVH&RUGHURWRPDHOOLEURGHODPDQRGHUHFKDGHO
TXHHVWDEDVHQWDGRHQHO7URQR\DSDUHFHXQDHVFHQDGHPLQLVWHULRFRQWLQXRGHLQWHUFHVLRQ\GH
DGRUDFLRQ$STXHVHSUR\HFWDHQWRGDODWLHUUDSRUHO(VSLULWX6DQWRODSOHQLWXGGHO(VSLULWXR
HVSLULWXVGH'LRV$SFI$S\TXHHVFRUUHVSRQGLGDFRQODVRUDFLRQHVGHORVVDQWRVGHVGH
ODWLHUUD$SXS
(OKHFKRGHTXHHOOLEURWRPDGRSRUHO&RUGHURORVRVWHQJDHQODPDQRGHUHFKDHOTXHHVWDVHQWDGR
HQHO7URQRURGHDGRGHWRGDXQDDFWLYLGDGHQIDYRUGHODKXPDQLGDGHVXQDHYLGHQFLDFODUDGHTXHHVH
OLEURGHORVVHOORVFRQWLHQHODDFWLYLGDGGLYLQDHQIDYRUGHODKXPDQLGDGSDUDDFDEDUFRQORVHQHPLJRV
GH'LRVGHQWURGHXQDREUDLQWHUFHVRUDGHSUHSDUDFLRQSDUDHOMXLFLR\GHXQMXLFLRIDYRUDEOHSDUDHO
SXHEORGH'LRVTXHVHKDGHGDUGHILQLWLYDPHQWH(O$SRFDOLSVLVXQDYH]PDVQRVYDDVHJXLUH[SOLFDQGR
FRPRVHDFDEDFRQORVHQHPLJRVGH'LRVWHQLHQGRHQFXHQWDODDFWLYLGDGGLYLQDGHVDUUROODGDHQHO
PLQLVWHULRFRQWLQXRGHO+LMRGHO+RPEUH\ORVVHOORVYDQDH[SOLFDUFRPRUHSHUFXWHQVXVFRQWHQLGRVHQ
HVDREUDGHDFDEDUFRQORVHQHPLJRVGH'LRV(VHDFDEDUFRQORVHQHPLJRVGH'LRV\DVHQRVKD
LQGLFDGRTXHGXUDWRGRHOWLHPSRTXHPHGLDHQWUHODDVFHQVLRQ$S\HOVHQWDUVHDODGLHVWUDGH
'LRV0W-Q0FFRQHODFHUFDUVHIXQFLRQDOPHQWHDO$QFLDQRGHGLDV'Q
FI+EFIKDVWDTXHVHSRQH0LJXHOGHSLHOR
RSXHVWRDHVWDUVHQWDGR'Q
7RGRHVWRQRVPXHVWUDFRPRORYHUHPRVWRGDYLDPDVFXDQGRWUDWHPRVORVVHOORVTXHHVWRVD
H[FHSFLRQGHOVH[WR\HOVHSWLPRVHDEUHQGHVGHHOOXJDUVDQWR\VHFXPSOHQFDGDXQRGHHOORVGXUDQWH
WRGRHOWLHPSRGHDFDEDUFRQORVHQHPLJRVGH'LRV
 /DHVFHQDQXHYDFHOHVWLDOGHORVDQJHOHVFRQWURPSHWDVTXHFRQWLHQHQMXLFLRVGLYLQRVFRQWUD
ORVSRGHUHVGHHVWDWLHUUD
&LHOR6DQWXDULR$S7LHUUD
/RVMXLFLRVGLYLQRVDORODUJRGHODGLVSHQVDFLRQFULVWLDQDFRQWUDORVSRGHUHVTXHVHLGHQWLILFDQ
SRVWHULRUPHQWH$S\TXHVHRSRQHQDORVSULQFLSLRVGHO5HLQRGH'LRV\FRQWUDHO
3XHEORTXHVDOYDJXDUGDQGRGLFKRVSULQFLSLRV/(UHSUHVHQWDHVWDQGHVFULWRVHQODV7URPSHWDV
DSRFDOLSWLFDV\VLUYHQFRPRDGYHUWHQFLDSDUDFDGDXQRGHOSXHEORGH'LRV(VRWUDPDQHUDGHH[SOLFDU
ODIRUPDGHSUR\HFWDUVH\GHUHSHUFXWLUODREUDPLQLVWHULDOGHO+LMRGHO+RPEUHHQVX6DQWXDULR
1RWDPRVGHQXHYRTXHFDGDXQDGHODV7URPSHWDVDH[FHSFLRQGHODXOWLPDVHLQLFLDVXWRTXHGHVGHOR
TXHVLJQLILFDHODOWDUGHOLQFLHQVRGHOOXJDUVDQWRFISHURVXVRQLGRDEDUFDGHVGHTXH
VHLQLFLDKDVWDHOILQDOGHODKLVWRULD<SRUORWDQWRVHQRVHVWDUDTXHULHQGRGHFLUTXHODREUDPLQLVWHULDO
GHO+LMRGHO+RPEUHHQVX6DQWXDULRLQGHSHQGLHQWHPHQWHGHTXHVHLQLFLHHQHOPRPHQWRKLVWRULFR
UHODWLYRDORTXHFRUUHVSRQGHDODIXQFLRQGHOOXJDU6DQWRWLSRORJLFRHQHOPLQLVWHULRFRQWLQXRGHHVH
6DQWXDULRFHOHVWLDOGHO0HVLDVR+LMRGHO+RPEUHDEDUFDULDWRGRVXPLQLVWHULRFRQWLQXRGHVGH\KDVWDOR
TXHLQGLFDWRGDODWLSRORJLDGHO6DQWXDULRFI+E\SRUORWDQWRHVHPLQLVWHULR
FRQWLQXRSUR\HFWDGRGHVGHHO6DQWXDULR&HOHVWLDORFXSDUDWDPELHQHQVXPRPHQWRGHWHUPLQDGRORTXH
FRUUHVSRQGDDOHVSDFLRWHPSRUDOUHODWLYRDHVHVHJXQGRPRPHQWRKLVWRULFRTXHVHQDODWDQWRODWLSRORJLD
GHO6DQWXDULRWHUUHQDOTXHDFWXDFRPRXQVLPERORGHODUHDOLGDGFI+EFRPRHOGHUDVGH
'DQLHOFIFIFI
/DV7URPSHWDVDGHPDVGHFRQWHQHUMXLFLRVGLYLQRVFRQWUDORVSRGHUHVGHHVWDWLHUUDGHQWURGHOPDUFR
OLWXUJLFRTXHHVWDPRVHVWXGLDQGRWHQLDQHOSURSRVLWRGHDGYHUWLUODSUHSDUDFLRQSDUDHO'LDGHODV
>@
([SLDFLRQHVGLDGHMXLFLRILQDOSDUDWRGRHO3XHEOR
(OKHFKRGHTXHODV7URPSHWDVVHRULJLQDQGHQWURGHOPDUFRGHO/XJDU6DQWR\WHUPLQHQFRQ
XQDYLVLRQGHO/XJDU6DQWLVLPRFX\DIXQFLRQDOLGDGFRUUHVSRQGLDDO'LDGHODV([SLDFLRQHV
DQWLWLSRVHULDXQDSUXHEDGHODXWLOL]DFLRQSRUODLQVSLUDFLRQHVWDFRQFHSFLRQTXHLPSOLFDXQPHQVDMH
HVFDWRORJLFRGHDFXHUGRDOXVR\YDORUTXHGHODQWLWLSRHO1XHYR7HVWDPHQWR\ODSURIHFLD$SRFDOLSWLFD
PDQLILHVWD
2/D5HODFLRQGHO6H[WR6HOORFRQOD6HSWLPD7URPSHWD
3HURDKRUDQRWHVHFRQVXPRFXLGDGRHOSDUDOHOLVPRGHLGHDVTXHDSDUHFHHQWUHHVHVH[WR6HOOR\HO
FRQWHQLGRGHOWRTXHGHOD7URPSHWDGHOVHSWLPRDQJHO
7DQWRHOVH[WR6HOORFRPRODVHSWLPD7URPSHWDFRQWLHQHQORTXHVHGHQRPLQDHOTXHODLUDGHO
&RUGHURRGH'LRVKDOOHJDGRXSSSFISS1RWRGRHOVH[WR6HOORHVWDXELFDGRHQOD
PLVPDSRVLFLRQFURQRORJLFDTXHHOWRTXHGHODVHSWLPD7URPSHWD0LHQWUDVTXHHVWDXOWLPD7URPSHWD
GHVGHHOSULPHUPRPHQWRDQXQFLDFRPRXQDUHDOLGDGTXHVHFXPSOHGHTXHORVUHLQRVGHHVWHPXQGRKDQ
YHQLGRDVHUGHQXHVWUR6HQRU\GHVX&ULVWRWUDWDQGRVHGHODLQWHUYHQFLRQILQDOGH'LRVFRQWUDODV
QDFLRQHVHOVH[WR6HOORFRQRFHXQDHWDSDSUHYLDHQODTXHVHVXFHGHQXQDVVHQDOHVFRVPLFDVTXHDYLVDQ
GHODOOHJDGDGHODLUDGH'LRV\GHO&RUGHURDODYH]TXHKD\XQWLHPSRGHQWURGHODHSRFD
FRUUHVSRQGLHQWHDOVH[WR6HOORHQHOTXHVHIRUPDOL]DHOVHOODPLHQWRGHORVFI$S\
25HODFLRQHVGHOTXLQWR6HOOR\HOFDSLWXORFRQOD6HSWLPD7URPSHWDLQFOXLGD
3HURHODVXQWRQRDFDEDDTXL(VSUHFLVRTXHGHPRVXQDH[SOLFDFLRQDKRUDEUHYHDSRUTXHHOFDSLWXOR
VHLQVHUWDHQWUHODVH[WD\ODVHSWLPDWURPSHWD
$WHQLHQGRQRVDKRUDDOPHQVDMHTXHSXHGHSURYHHUQRVHODVSHFWROLWXUJLFRGLJDPRVTXHHOFDSLWXOR
FRQWLHQHHQVXVGRVH[WUHPRVHQYROYLHQGRWRGRVORVDFRQWHFLPLHQWRVIXQGDPHQWDOHVGHODHUDFULVWLDQDHO
HVTXHPDGHORVOXJDUHV6DQWRVGHO6DQWXDULR$OOLDSDUHFHHO/XJDU6DQWR\HO/XJDU6DQWLVLPR

(OWLHPSRVLPEROLFRFDUDFWHULVWLFRGHSHUVHFXFLRQDO3XHEORTXHVDOYDJXDUGDORVSULQFLSLRVGHO5HLQR
GH'LRVHVGHPHVHVSURIHWLFRVORPLVPRTXHGXUDHOWLHPSRVLPEROLFRPRGHOLFRSRUHOTXHORVGRV
7HVWLJRVSURIHWL]DQ\DFWXDQHQFRQGLFLRQHVLQDGHFXDGDVGHVGHHOSXQWRGHYLVWDGHODOLEHUWDG&RQORV
GRV7HVWLJRVVHQRVLGHQWLILFDHQUHVXPHQHOSRUTXH\HORULJHQGHORVMXLFLRV\SURSRVLWRVGHORV
6HOORV\7URPSHWDVFI\VXUHODFLRQFRQORVPHQVDMHVDODV,JOHVLDV\FRQVXVLJQLILFDGR
$KRUDVDEHPRVTXHKDVWDXQWLHPSRSRVWHULRUDORVGLDVSURIHWLFRVTXHWDQWRHOSURIHWD'DQLHO
FRPRHO$SRFDOLSVLVH[SOLFDQVXFRPLHQ]R\ILQDOQRVHLQLFLDHOWLHPSRHVFDWRORJLFRHQHOTXHDSDUHFH
ODIXQFLRQGHO/XJDU6DQWLVLPR\ORVVXFHVRVXOWLPRVFRQWHQLGRVHQODVHSWLPD7URPSHWD
<ORTXHVLTXHWHQHPRVFODURDXQTXHKD\DTXHFRPSOHPHQWDU\PDWL]DUFRQRWURVSDVDMHVSDUDOHORVHV
TXHGHDFXHUGRDORTXHLPSOLTXHHOSHULRGRSURIHWLFRPRGHOLFRGHSHUVHFXFLRQRHOGHVDOYDJXDUGDU\
WHVWLPRQLDUORVSULQFLSLRVGHO5HLQRGH'LRVKD\XQRVDFRQWHFLPLHQWRVTXHVXFHGHQSRVWHULRUPHQWHDHVH
SHULRGRVLPEROLFR'LFKRPRPHQWRSRVWHULRUHVWDHQPDUFDGRSRUHOOXJDU6DQWLVLPRGHO6DQWXDULR
&HOHVWLDOFI
(OPHQVDMHGHOFDSLWXORHVFDSLWDOSXHVWRTXHXELFDFURQRORJLFDPHQWHDFRQWHFLPLHQWRVSDUDORVTXH
DSDUHFHXQDFRUUHVSRQGHQFLDHQHO/XJDU6DQWRRHQHO/XJDU6DQWLVLPR
6LDYDQ]DPRVXQSRFRPDV\WHQLHQGRHQFXHQWDORTXH\DKHPRVH[SOLFDGRGHOTXLQWR\VH[WR6HOOR
FRPSUREDPRVXQGHWDOOHDGLFLRQDO\HVTXHVLELHQQRSRGHPRVDILUPDUFRQORVGDWRVTXHXQLFDPHQWH
QRVSURYHHHO$SRFDOLSVLVHOLQVWDQWHHQTXHORVDFRQWHFLPLHQWRVKDFHQIXQFLRQDUHO/XJDU6DQWLVLPR
SRGHPRVGHFLUWUHVFRVDVIXQGDPHQWDOHVHO$SRFDOLSVLVVHHVWDWRPDQGRHQVHULRHOPHQVDMHGH'DQLHO
TXHFRPRKHPRVYLVWRHQHVWDSDUWHLQWURGXFWRULD\FRPSUREDUHPRVFRQHOHVWXGLRWH[WXDOVHKDEOD
GHOIXQFLRQDPLHQWRGHXQ6DQWXDULRTXHURPSHHOPDUFRFURQRORJLFRGHODHSRFDLVUDHOLWD\TXHVHKDEOD
GHVXLQDXJXUDFLRQSRUHO0HVLDV\HO1XHYR7HVWDPHQWRORUDWLILFDFRQOD$VFHQVLRQGH-HVXFULVWRDO
VHSDUDUFRQSDXWDV\VLJQRVORVVXFHVRVTXHRFXUUHQDWUDYHVGHODHUDFULVWLDQDGHORVTXHVHSURGXFHQ
HQPRPHQWRVHVFDWRORJLFRVDORVTXHSRGULDOODPDUVHWLHPSRGHOILQILQDOSRUPHGLRGHFODYHV
FRQVDJUDGDV\UHFRQRFLEOHVFRPRWDOHVHVWDGDQGRXQYDORUWLSRORJLFRDO6DQWXDULR,VUDHOLWDFI+E
5HFRUGDPRVTXHHQHO6DQWXDULR,VUDHOLWDODIXQFLRQGHO/XJDU6DQWLVLPRVHH[SUHVDEDHQ
HOGLDGHODV([SLDFLRQHVHOILQDOOLWXUJLFRGHXQDQR\HVWHHUDXQGLDGH-XLFLR
&XDQGRUHSDVDPRVHOTXLQWR6HOORQRVGLPRVFXHQWDTXHDFDEDEDFRQHOUHFLELPLHQWRSRUSDUWHGHORV
>@
PXHUWRVHQ&ULVWRGHODHUDFULVWLDQDKDVWDHVHPRPHQWRHVFDWRORJLFR ODVHQWHQFLDMXGLFLDOTXHOHV
SURILHUHXQDVYHVWLGXUDVEODQFDVVLPERORGHKDEHUH[SHULPHQWDGRHO-XLFLRILQDOIDYRUDEOH(OWLHPSR
WUDQVFXUUHWRGDYLDDSDUWLUGHOPRPHQWRHQTXHH[SHULPHQWDQHVH-XLFLRHVFDWRORJLFRSRUFXDQWRHV
SUHFLVRFRPSOHPHQWDUWRGDYLDFRQHVDVYHVWLGXUDVEODQFDVDRWURVKHUPDQRVTXHKDEULDQGHPRULUFRPR
HOORVFIXS
(VHYLGHQWHTXHSRUXQODGR$SRFDOLSVLVTXHHQYXHOYHWRGRVORVDFRQWHFLPLHQWRVGHODHUD&ULVWLDQD
KDVWDHOILQGHOWLHPSRGHQWURGHOHVTXHPDGHO6DQWXDULRFRORFDVLQHVSHFLILFDUH[DFWDPHQWHSDUD
GHVSXHVGHORTXHDEDUTXHHOSHULRGRVLPEROLFRGHORVGLDVSURIHWLFRVODIXQFLRQDOLGDGGHO
OODPDGR/XJDU6DQWLVLPRFRQHOWRTXHGHODXOWLPD7URPSHWDTXHWLHQHTXHYHUFRQODOOHJDGDGHOD,UDGH
'LRV\ODYHQLGDGHILQLWLYDGH-HVXFULVWRFISSSRURWUDSDUWHHOTXLQWR6HOOR
FRQWLHQHXQODUJRWLHPSRWUDQVFXUULGRSRUORVPXHUWRVHQ&ULVWRWHUPLQDFRQXQDHVFHQDGH-XLFLRILQDO
TXHKDGHFRPSOHPHQWDUVHHQHOWLHPSR\TXHUHFRJHWLSRORJLFDPHQWHHO-XLFLRILQDOHTXLYDOHQWHDOGHO
'LDGHODV([SLDFLRQHVTXHVHOOHYDEDDFDERHQEDVHDO/XJDU6DQWLVLPRGHO6DQWXDULR
/RTXHVHQRVPRVWUDULDTXHHOIXQFLRQDPLHQWRGHO/XJDU6DQWLVLPRVHLQLFLDULDHQXQWLHPSR
HVFDWRORJLFRSRVWHULRUPHQWHDORTXHLPSOLTXHFURQRORJLFDPHQWHORVPHVHVRGLDVSURIHWLFRV
$SFIFXDQGRVHKDQGHVDUUROODGRODPD\RULDGHORV6HOORV\7URPSHWDVSHUR
DQWHVGHOWRTXHGHOD7URPSHWDVHSWLPDSXHVWRTXHHO-XLFLRHVFDWRORJLFRLPSOLFDGRHQHOTXLQWR6HOOR\
TXHDOXGHWDPELHQDO/XJDU6DQWLVLPRGDXQPDUJHQGHWLHPSRSRVWHULRUSDUDFRQWLQXDUHVH-XLFLR
>@
HVFDWRORJLFRSDUDDTXHOORVTXHVLJDQPXULHQGR &RQWRGRORFXDOVHFRQVDJUDHOWLHPSRGHFDGDXQR
GHORVVHOORV\GHFDGDXQDGHODVWURPSHWDVDH[FHSFLRQGHORTXH\DKHPRVPDUFDGRSRUVXSURSLR
FRQWH[WRFRPRVXFHGLHQGRGXUDQWHWRGDODHUDFULVWLDQD
2/D5HODFLRQGHO6H[WR6HOOROD6HSWLPD7URPSHWD\$SRFDOLSVLVDO
<DKHPRVYLVWRODUHODFLRQGHOVH[WR6HOORFRQODVHSWLPD7URPSHWD\HOSXQWRGHFRQH[LRQWDQWR
WHPDWLFRFRPRFURQRORJLFR/DVHSWLPD7URPSHWDQRVGHVFULEHODLQWHUYHQFLRQILQDOGH'LRVFRQWUDODV
QDFLRQHVSUHYLDDODVHJXQGD9HQLGD\FRQHOODLQFOXLGDODDQXQFLDFRPRXQDUHDOLGDGTXHVHFXPSOH
/DVHSWLPD7URPSHWDFRPLHQ]DVXVRQLGRHQXQPRPHQWRSRVWHULRUQRHVSHFLILFDGRDOSHULRGR
PRGHOLFRGHSHUVHFXFLRQGHGLDVRPHVHVSURIHWLFRV\DSDUHFHHO7HPSORFRQHO/XJDU
6DQWLVLPRFI
$KRUDELHQODVHSWLPD7URPSHWDQRQRVLQGLFDORVSRUPHQRUHVGHFRPRVHOOHYDDFDERHVHXOWLPR
FRQIOLFWRHQWUHODVQDFLRQHV\'LRVFRQVX&ULVWRTXHGDFRPRUHVXOWDGRODWRPDGH3RGHU\GHO5HLQRGH
IRUPDGHILQLWLYD\WRWDOSRUSDUWHGH'LRV\-HVXFULVWRSURGXFLHQGRODGHVWUXFFLRQGHDTXHOORVTXH
TXHUULDQSHUSHWXDUODGHVRODFLRQ\PDOGDGHQODWLHUUDFI$S
(VFXDQGRFRPSDUDVODVHSWLPD7URPSHWDFRQODVXOWLPDVSODJDV\FRQORTXHVHLGHQWLILFDFRQ
HOODVTXHXQRWRGDYLDFRPSUHQGHPHMRUHOVLVWHPDOLWXUJLFRTXHHO$SRFDOLSVLVPDQWLHQHUHVSHFWRDO
6DQWXDULR'LYLQR
(QODYLVLRQSUHOLPLQDUDODVSRVWUHUDVSODJDVDSDUHFHQWUHVFXDGURVORVDQJHOHVFRQ
ODVXOWLPDVSODJDVORVTXHKDQYHQFLGRVREUHOD%HVWLD,PDJHQ\0DUFD\(O
7HPSORGH'LRVFRPSOHWR/XJDU6DQWR\6DQWLVLPRSHURFRQHVSHFLDOUHIHUHQFLDDO/XJDU
6DQWLVLPRSRUFXDQWROD*ORULDGH'LRVDODTXHVHDOXGHFRQFUHWDPHQWHVHPDQLIHVWDEDGHVGHHO
/XJDU6DQWLVLPR6HKDLQWHUSUHWDGRSRUGLIHUHQWHVDXWRUHVHOTXHQDGLHSXGLHUDHQWUDUHQHO
6DQWXDULR$SFRPRHOILQDOGHVXHMHUFLFLRTXHPDUFDULDHOILQGHOWLHPSRGHJUDFLD
6LVHHVWXGLDFRQGHWHQLPLHQWRVHQRWDUDTXHWUDVODREVHUYDFLRQDODVXOWLPDVSODJDVGRQGHVHDILUPD
TXHVLUYHQSDUDFRQVXPDUODMXVWLFLDGLYLQDDSDUHFHQHQXQDHVFHQDDQWLFLSDGDFRPRVDOYRVDORVTXH
KDQYHQFLGRDOD%HVWLD\HQUHODFLRQDORGHVXLPDJHQ\PDUFD
$FRQWLQXDFLRQHQXQDQXHYDHVFHQDVHKDFHQSUHVHQWHVORVOXJDUHV6DQWRVGHO6DQWXDULRKDFLHQGR
HQIDVLVHQHO/XJDU6DQWLVLPRFI$S'HO7HPSORYDQDVDOLUORVDQJHOHVFRQODVXOWLPDV
SODJDVSS
(VHYLGHQWHTXHODV3ODJDVFI$SVRQHODWDTXHILQDOGH'LRVFRQWUDOD%HVWLD\VXUHLQRFRQWUD
HO)DOVR3URIHWD\HO'UDJRQTXHUHSUHVHQWDQODIRUPDGHVHUODLGHRORJLDTXHLPSHUDHQHVWHPXQGRHQ
RSRVLFLRQDODIRUPDGHSHQVDU\GHVHUGH'LRVGHORVSULQFLSLRVGHO5HLQRGH'LRVGHVX
>@
*RELHUQR
(VWRV3RGHUHVR6LVWHPDVGH0DOGDGVHFRDOLJDQHQXQVROREORTXHSDUDGHVWUXLUDO3XHEOR
GH'LRVHQWRGDOD7LHUUDVDOLHQGRHQVXGHIHQVDHQXQDXOWLPDEDWDOOD(O'LRV7RGRSRGHURVR$S
(VWDEDWDOODWUDHFRPRFRQVHFXHQFLDODVHSWLPDSODJDTXHGHVWUX\HGHILQLWLYDPHQWHDOD&LXGDG
%DELORQLFDFRQWRGRORTXHSXHGDVLJQLILFDUHLPSOLFDU$XQTXHUHFXHUGHVHTXH%DELORQLD
KDFRQRFLGR\DVXGHVWUXFFLRQHQHOVHQWLGRGHQRFRQVLGHUDUOD\PDUJLQDUODJUDFLDVDODSUHGLFDFLRQGHO
(YDQJHOLRHQHOFRQWH[WRGH$SRFDOLSVLV$S\HOWRUPHQWRTXHORVFXHUQRVOHLQIOLJHQ
XQDYH]FRQRFLGDODUHDOLGDGGHORULJHQGHOD%DELORQLDFI$S
6LYROYHPRVDKRUDDOVH[WR6HOORMXQWRDODHVFHQDGHORVTXHSRGUDQVRVWHQHUVHHQ
SLHTXHVHGHVDUUROODHQHOFDSLWXORFRQIURQWDGDFRQORVTXHDSDUHFHQHQ$SRFDOLSVLV\
DQDGLPRVDOD6HSWLPD7URPSHWDTXHWHUPLQDFRQHO7HPSORDOGHVFXELHUWRYLHQGRVHHO/XJDU
6DQWLVLPRQRVGDUHPRVFXHQWDGHOSDUDOHOLVPRDVRPEURVRFRQODVHVFHQDVGHVFULWDVHQ$SRFDOLSVLV\
SRVH\HQGRXQRVOD]RVGHXQLRQFDUDFWHULVWLFRVHQHOVH[WR6HOOR\ODVHSWLPD7URPSHWDDSDUHFH
XQDHVFHQDGRQGHVHPDQLILHVWDTXHODLUDGH'LRVKDOOHJDGRSDUDODVJHQWHVLPSHQLWHQWHVGHODV
QDFLRQHVDFXUUXFDGDVSRUHOPLHGRDODSUHVHQFLDGHO-XLFLRGHILQLWLYRGLYLQRSSSS
SS
VHFRQVXPDODLUDGH'LRVHQHODUURMDPLHQWRGHODVSODJDVSHURQRSURGXFHQLQJXQWLSRGH
DUUHSHQWLPLHQWR
/RVTXHYDQDSRGHUVRVWHQHUVHHQSLHFXDQGR'LRV\HO&RUGHURKDJDQVXDSDULFLRQVRQ
VHOODGRVHQYLGDVHWUDWDGHORVTXHHQHOFDSLWXORVHLQVHUWDQHQXQDHVFHQD
FHOHVWLDODGHODQWDGDFRQWRGRVORVVDOYRVGHWRGRVORVWLHPSRVFI\TXHHQODYLVLRQDQWLFLSDGD
FHOHVWLDOGHOFSVHOHVLGHQWLILFDDGHPDVGHFRQHOQXPHURVLPEROLFRVHDOXGHDOQRPEUH
GLYLQRHQVXVIUHQWHVDTXHWRFDQDUSDV\FDQWDQFRPRXQFDQWLFRHQYHUVLRQQXHYD

7UDVODLQWURGXFFLRQGHORTXHYDQDVXSRQHUODVSODJDVFDWDORJDGDVFRPRODFRQVXPDFLRQGHODLUD
GH'LRVVHLQVHUWDXQDHVFHQDDQWLFLSDGDFHOHVWLDOFRQXQRVSHUVRQDMHVTXHVHHQFXHQWUDQHQ
SLHWRFDQGRDUSDV\FDQWDQGRHOFDQWLFRGH0RLVHV\GHO&RUGHURDQDGLHQGRVHTXHKDQ
YHQFLGRDORPDVUHSUHVHQWDWLYRGHO6LVWHPDGH0DOGDGHQHOPRPHQWRHVFDWRORJLFRILQDODOD%HVWLDD
ORUHODWLYRDVX,PDJHQ\DOD0DUFDSS
(O/XJDU6DQWLVLPRGRPLQDODGHVFULSFLRQGHODVHSWLPD7URPSHWD6HQRVLQIRUPDTXH
GLFKD7URPSHWDFRQWLHQHHODFRQWHFLPLHQWRGHXQDEDWDOODPDQWHQLGDSRU'LRV\VX&ULVWRFRQWUDODV
QDFLRQHVDLUDGDVTXHOHRWRUJDQHO3RGHU\HO5HLQR
DKRUDHQVVWUDVODYLVLRQGHORV/XJDUHV
6DQWRVHQHVSHFLDOGHO6DQWLVLPRVHQRVDQDGHORTXHHQODVHSWLPD7URPSHWDQRVHQRV
H[SOLFDEDHOFRPRGHHVDEDWDOODILQDOFRQWUDODVQDFLRQHVVHQRVGLFHTXHVHYDQDGHUUDPDUODV
XOWLPDVSODJDVTXHLQFOX\HHOHQIUHQWDPLHQWRILQDOGHWRGDVODVQDFLRQHV\'LRVFXDQGRVDOHHQ
GHIHQVDGHVX3XHEORTXHVHHQFXHQWUDHQWRGDODWLHUUDGHMDQGRSDUDHOXOWLPRURXQGDOD
>@
&LXGDG%DELORQLFD
(OSDUDOHOLVPRHLGHQWLILFDFLRQHVPDQLILHVWRDGHPDVGHORVHOHPHQWRVFRPSOHPHQWDULRVTXHWDQWRXQD
SDUWHFRPRRWUDDGLFLRQDQD\XGDQGRDFRPSUHQGHUPHMRUODGHVFULSFLRQGHODVHVFHQDVTXHVHH[SUHVDQ
3HURODLGHDFHQWUDOTXHHVWDPRVHVWXGLDQGRVREUHVDOHFRQLQXVLWDGDIXHU]DKD\XQDLQWHQFLRQDOLGDG
PDQLILHVWDHQXWLOL]DUORHVHQFLDOGHOPHFDQLVPROLWXUJLFRGHO6DQWXDULRSDUDWUDVPLWLUQRVXQPHQVDMHORV
KHFKRVTXHVXFHGHQDQWHVGHILQDOL]DUXQPRPHQWRSRVWHULRUDOSHULRGRFRQVDJUDGRFRQODIRUPXOD
GLDVSURIHWLFRVVHXVDODYLVLRQGHO/XJDU6DQWRGHO6DQWXDULRFXDQGRVHWUDVSDVDHVDFLIUD\GHDFXHUGR
DORTXHRWURVHOHPHQWRVSURIHWLFRVFRQVLJQDQVHKDFHSUHVHQWHHO/XJDU6DQWLVLPR/RVVXFHVRVTXHGH
DFXHUGRDODSURIHFLDDSRFDOLSWLFDVHGHWHUPLQDQFRPRGHQWURGHOOODPDGR7LHPSRGHO)LQFI'Q
PDUFDGRDSDUWLUGHORVSHULRGRVSURIHWLFRVGHOD$SRFDOLSWLFDGH'DQLHO
GLDVSURIHWLFRV'QFI\TXHHO$SRFDOLSVLVVREUHHQWLHQGHFI$S
VHORVFRQVLGHUDFRPRKHFKRVUHOHYDQWHVTXHLQWURGXFHQODXOWLPDHWDSDHQODTXHVHKD
DJRWDGRHOWLHPSRFURQRORJLFRUHVHQDGRSURIHWLFDPHQWHFRPRDGYHUWHQFLDGHTXHHOVLJXLHQWHSDVRHVOD
9HQLGDGH1XHVWUR6HQRU-HVXFULVWR3DUDHVRVKHFKRVHVSHFLDOPHQWHHVFDWRORJLFRV\TXH\DKHPRV
GHMDGRFRQVWDQFLDHO$SRFDOLSVLVSRQHHQHVFHQDORTXHHQHO'LDGHODV([SLDFLRQHVHUDREOLJDGRHO
/XJDU6DQWLVLPR
 >@
(O6LVWHPDGHO'UDPD-XGLFLDO
/DSXHVWDHQHVFHQDGHO&LHOR\OD7LHUUDHVXQDFRQVWDQWHHQWRGRHOOLEURGHO$SRFDOLSVLV
$9LVLRQ\0HQVDMHDODV,JOHVLDV
&LHOR6DQWXDULR$S7LHUUD
%9LVLRQGHOD$FWLYLGDG'LYLQDDWUDYHVGHORV6HOORV\TXHLQFOX\HDFWLWXGHVKXPDQDV\
UHSHUFXVLRQHVWHUUHVWUHV
&LHOR6DQWXDULR$S\7LHUUD
&9LVLRQGHO6HOODPLHQWRGHORVPLHQWUDVHVWDQHQOD7LHUUD\YLVLRQFHOHVWLDODQWLFLSDGD
GHWRGRVORVVDOYRVGHWRGDVODVHSRFDVDGRQGHVHLQWHJUDQORV
7LHUUD$S&LHOR6DQWXDULR
'9LVLRQGHVLOHQFLRHQHO&LHORSRUODDSHUWXUDGHOVHSWLPRVHOORFRQODHVFHQDQXHYDFHOHVWLDOGH
ORVDQJHOHVFRQWURPSHWDVTXHFRQWLHQHQMXLFLRVGLYLQRVFRQWUDORVSRGHUHVGHHVWDWLHUUD
&LHOR6DQWXDULR$S7LHUUD
(9LVLRQVREUHODFRQWLQXLGDGGHOD5HYHODFLRQFRQXQDLQWURGXFFLRQDODVHJXQGDSDUWHGHO
>@
$SRFDOLSVLVGRQGHVHVXFHGHQ HVFHQDVVHJXLGDVGH7LHUUD&LHOR7LHUUD&LHOR7LHUUD&LHOR
LQFOX\HQGRSDXWDVHVHQFLDOHVSDUDODFRPSUHQVLRQGHO0HQVDMHGH$SRFDOLSVLV
7LHUUD$S&LHOR7LHUUD$S
&LHOR$S7LHUUD$S&LHOR6DQWLVLPR$S
)/D+LVWRULDGHOD,JOHVLDWHUUHVWUHDWUDYHVGHODVYLFLVLWXGHVTXHVHUHIOHMDQGHXQD0XMHU
&HOHVWLDOUHSUHVHQWDWLYDGHORVSULQFLSLRVGHO5HLQRGH'LRV\TXHH[SHULPHQWDODYLROHQFLDGHO
'UDJRQPHGLDQWHODLGHRORJLDGHORVUHLQRVGHHVWHPXQGR
&LHOR&LHOR7LHUUD&LHOR7LHUUD7LHUUD&LHOR7LHUUD
&LHOR7LHUUD
*/D,GHQWLILFDFLRQGHOUHSUHVHQWDQWHWHUUHVWUHGHO'UDJRQTXHDWDFDDO3XHEORTXHGHILHQGHORV
SULQFLSLRVGHO5HLQRGH'LRV\ODOLEHUDFLRQGHHVH3XHEORGH'LRVGHOXOWLPRWLHPSRUHSUHVHQWDWLYR
GHOGHWRGDVODVHSRFDV
7LHUUD&LHOR7LHUUD&LHOR&LHOR7LHUUD
+6HQWHQFLDFRQGHQDWRULDFRQWUDORVSRGHUHVGHO0DOGHHVWHPXQGR\VXHMHFXFLRQFRQXQDVHULH
GHVHFXHQFLDVTXHUHWURFHGHQSDUDTXHFRQR]FDPRVPHMRUDORV6LVWHPDVGH0DOGDGXWLOL]DGRVSRU
HO'UDJRQFRQHOIHVWHMRDQWLFLSDGRGHOWULXQIRGLYLQR
&LHOR6DQWXDULR7LHUUD&LHOR7LHUUD&LHOR
7LHUUD
,/DFRQILQDFLRQGHO'UDJRQHQXQD7LHUUDFDRWLFD\YDFLDGHKDELWDQWHVFRQHO3XHEORGH'LRVHQ
HO&LHORODXOWLPDEDWDOODIXHUDGHOWLHPSRKLVWRULFRPXQGDQDO\HOMXLFLRHMHFXWLYRTXHGHVWUX\H
SDUDVLHPSUHHO0DO
7LHUUD&LHOR7LHUUD&LHOR7LHUUD
-/D1XHYD-HUXVDOHQ&HOHVWLDOFRPR6DQWXDULRGH'LRVHQOD7LHUUDQXHYDLQFRPSDWLEOHSDUD
QDGLHTXHQRKD\DVLGRVDOYRSRU-HVXFULVWR
 &LHOR7LHUUD
8Q'HFRUDGRFRQXQVLJQLILFDGRVXE\DFHQWH\HOSURWDJRQLVPRGHFLHUWRVSHUVRQDMHV
/RVSURWDJRQLVWDVRDUWLVWDVSULQFLSDOHVKDFHQVXDSDULFLRQDSDUWLUGHXQDHVFDODMHUDUTXLFDTXH
WLHQHHQFXHQWDWDQWRHOEDUHPRGHODXELFDFLRQFRPRHOGHOSURSLRSHUVRQDMHHO7URQRGRQGHHVWDHO
3DGUH\HO&RUGHURHO/XJDU6DQWLVLPRGRQGHVHPDQLILHVWDOD*ORULDGH'LRVHO6DQWXDULROD1XHYD
-HUXVDOHQROD0XMHU&HOHVWLDOVHUHVYLYLHQWHVDQFLDQRV&RURVGH$QJHOHV$QJHOHVTXHVDOHQ
GHO$OWDU$QJHOHVSRUWDGRUHVGHODDFWLYLGDGGLYLQDHO$WULRROD7LHUUDGRQGHVHGHVHQYXHOYHWRGRHO
GUDPDHQWUHOD0XMHU&HOHVWLDOOD'HVFHQGHQFLDGHOD0XMHUTXHHQFXHQWUDXQDUHSUHVHQWDFLRQGHQWURGH
OD,JOHVLDR5HVWRORV\ORV3RGHUHV0DOHO'UDJRQOD%HVWLDHOIDOVR3URIHWDOD0XMHU
%DELORQLFDTXHDWRVLJDQDWUDYHVGHODKLVWRULDDO3XHEORGH'LRVSHUVLJXLHQGRORWDQWRILVLFDFRPR
VLFRORJLFDPHQWH
3HURQDGDHVPHURGHFRUDGR(VWHKHFKRVLQJXODU\HYLGHQWHFRQWLHQHXQPHQVDMHVXE\DFHQWH
LPSRUWDQWLVLPRTXHLQWHQWDUHPRVUHVXPLUDFRQWLQXDFLRQ
(O0HQVDMH\MXVWLILFDFLRQGHO'UDPD
(OPHQVDMHGHWRGRHVWRHVHORFXHQWH(O&LHORPHGLDQWHHOPLQLVWHULRFRQWLQXRGHO+LMRGHO+RPEUH
HVWDLQWHUHVDGRSRUHOGHYHQLUKXPDQR4XLHUHLQFXOFDUDOKRPEUHTXH'LRVHVWDLGHQWLILFDGRFRQORV
SUREOHPDVGHODKXPDQLGDGGHWDOPDQHUDGHTXHVXDFWLYLGDGHVWDSURJUDPDGDSDUDOLEHUDUOHGHO0DO\
OOHYDUOHD(ODVXSUHVHQFLD(OSODQVHGHVDUUROODDORODUJRGHO$SRFDOLSVLV\VHQRVSUHVHQWDFRPRXQ
DXWHQWLFRGUDPDGHDFXHUGRDHVHPLQLVWHULRFRQWLQXRGHO3ULQFLSH0HVLDVTXHYDDYLVXDOL]DU\D
SUR\HFWDUHVHPLQLVWHULRFRQODVUHSHUFXVLRQHVHQODKXPDQLGDGHOKRPEUHKDVLGRDUUDVWUDGRSRUIXHU]DV
DMHQDVD'LRVTXHKDQFRPHWLGRXQDWHQWDGRLUUHYHUVLEOHHQVX*RELHUQRHQVX5HLQRSURGXFLHQGRXQD
VLWXDFLRQODPHQWDEOHTXHVHYDGHVFXEULHQGRFRQIRUPH'LRVGHVSOLHJDVXDFWLYLGDGDWUDYHVGHORV
PHQVDMHVDODV,JOHVLDVGHORV6HOORV\GHODV7URPSHWDV
$KLHOMXLFLRGLYLQRFRQODDFWLWXG\UHVSRQVDELOLGDGKXPDQDDSDUHFHQPH]FODGRVSXGLHQGRDQWHXQD
PHQWHSUHYLDPHQWHPDQLSXODGDSRUODVGHVGLFKDVWHUUHVWUHVQRHQWHQGHUORVFRORUHVGHODLUDGLYLQD
3HURODDFWLWXGGLYLQDHQHO'UDPD$SRFDOLSWLFRWLHQHFRPREDVHFXDWURHOHPHQWRVIXQGDPHQWDOHVTXH
QRVD\XGDQDFRPSUHQGHUWRGDOD2EUD
-HVXFULVWRVXYLGD\PXHUWHFRPRODGHXQLQRFHQWH$S
/DVHJXULGDG\FRQILDQ]DGHTXHHOSHQVDPLHQWR\DFWRGLYLQRHVMXVWRUHFWR\ERQGDGRVRFI

/DVLWXDFLRQWUDJLFDGHOVHUKXPDQRGRQGHHOVXIULPLHQWRODHQIHUPHGDG\ODPXHUWHKDQKHFKR
VXDSDULFLRQFRPRFRQVHFXHQFLDGHVHJXLUFRQVLJQDVFRQWUDULDVDODVGHO*RELHUQRR5HLQRGH'LRV
<ODLQFRPSDWLELOLGDGGHOFDUDFWHUGLYLQRFRQODSRVLELOLGDGGHTXHHO0DOFRQVXVFRURODULRVGH
ODHQIHUPHGDGVXIULPLHQWR\PXHUWHVHSHUSHWXHQ
-HVXFULVWRHO&RUGHURHVHO3HUVRQDMHMXQWRDVXPLQLVWHULRFRQWLQXRFHOHVWHVREUHHOTXHJLUDQWRGRV
ORVDFWRV\HQWUHDFWRVGHODSXHVWDHQHVFHQD
6HWUDWDGHDOJXLHQTXHKDGHUUDPDGRVXVDQJUHSRUQRVRWURV$S\TXHHQEDVHDHOORDSOLFDXQ
PLQLVWHULRVDFHUGRWDOHVWDSUHRFXSDGRSRUQXHVWUDVLWXDFLRQHQHVWDWLHUUD\SRUQXHVWURGHVWLQR
'HDKLTXHHQORVPHQVDMHVDODV,JOHVLDVVHDQH[SUHVDGRVSRUDOJXLHQTXHFRQRFHPX\ELHQOD
VLWXDFLRQPXQGLDOGHFDGDPRPHQWR\ODGHODYHUGDGHUDFRPXQLGDG&ULVWLDQD\DFRQVHMH\DPRQHVWHFRQ
ODILQDOLGDGGHTXHHOKRPEUHSXHGDVHUVDOYR
/DVLJXLHQWHSUHJXQWD
 "&RPRVHKDFRQVHJXLGRIRUPDUHVDLJOHVLD\GHVDUUROODUHQHOWLHPSR\VHKDORJUDGRTXHORV
PHQVDMHVDODLJOHVLDKD\DQSRGLGRVHUHILFDFHVDSHVDUGHOPXQGR\ORVSRGHUHVGHOPDO"
/DSULPHUDUHVSXHVWD/RVVHOORVGHVSOHJDQGRODDFWLYLGDGGLYLQDVDOYDGRUD
/DVHJXQGDUHVSXHVWDVHHQFXHQWUDHQODV7URPSHWDV
/DV7URPSHWDVGHVFULEHQHOMXLFLR\FRQGHQDSRUSDUWHGH'LRVGHORVVLVWHPDVGHPDOGDGTXHRSHUDQ
HQQXHVWURPXQGRRSRQLHQGRVHDODYDQFHGHO5HLQRGH'LRV\DODSHUPDQHQFLDGHVXVSULQFLSLRVHQ
DTXHOORVTXHIRUPDQGR6X3XHEORORVVDOYDJXDUGDQYLYHQ\SUHGLFDQ'LRVKDWHQLGRTXHLQWHUYHQLUHQOD
KLVWRULDKXPDQDPHGLDQWHHO5HLQRGH'LRVSDUDOLEHUDUDVX3XHEORGHODWLUDQLDGHODVQDFLRQHV
(VHYLGHQWHHOOHQJXDMHILJXUDGRGHORVWHUPLQRVDUEROHV\SODQWDVUHSUHVHQWDQGRDORVVHUHVKXPDQRV
-X6DO,VD-HU'Q$P-XGHOPDU\ORVULRVODIXHU]D
GHODPXFKHGXPEUH\GHORVHMHUFLWRVFI$SHQORVTXHVHDSR\DQORVUHLQRVGHHVWHPXQGRORV
DVWURVSULQFLSDOHVTXHLUUDGLDQOX]RODUHIOHMDQPHGLDQWHLGHRORJLDVGHWHUPLQDGDVUHFXHUGHVHHO6RO
UHSUHVHQWDWLYRGHODGLYLQLGDGIDUDRQLFD\EDELORQLFDGRFWULQDVRSXHVWDVDO5HLQRGH'LRVFI$S

3HURGLFKRVVLPERORVUHVSRQGHQDORSXUDPHQWHKXPDQRHQTXHVHDSR\DODIXHU]DGHOKRPEUH
7RGRDTXHOORTXHGDDSR\RDORVVLVWHPDVGHPDOGDGWRGRHQORTXHFRQILDQUHFLEHHOMXLFLRGLYLQR
/RVVLVWHPDVGH0DOGDGPDQLILHVWDQVXFRQILDQ]DHQORVSRGHUHVGHODWLHUUD'HDKLTXHODWLHUUDFRQVX
YHJHWDFLRQFRQWURODGDSRUHVRVSRGHUHVKXPDQRVTXHODKDQFRQYHUWLGRHQXQREMHWRSURSLR\HQXQD
UHSUHVHQWDFLRQGHVXSRGHUUHFLEHHOFDVWLJRGLYLQRMXQWRDOPLVPRVHUKXPDQRGHOTXHUHFLEHOD
SRVLELOLGDGGHVHUVXUHSUHVHQWDFLRQ
/DSHUPLVLRQGLYLQDSXHGHWHQHUHQFXHQWDFROHFWLYLGDGHVKXPDQDVTXHVHHQIUHQWDQFRQWUDXQ3RGHU
UHSUHVHQWDWLYRGHVWUX\HQGRORSDUDHMHUFHUVXMXLFLRHQOLEHUDFLRQGHVX3XHEORSDUDTXHSXHGDDYDQ]DU
HQVXSHUHJULQDU\FUHFHUHQEDVHDODSUHGLFDFLRQ\WHVWLPRQLRGHOD3DODEUDGH'LRV
(OPDUODVPXFKHGXPEUHV\SXHEORVTXHGDQDSR\RDORVVLVWHPDVGHPDOGDGTXHUHSUHVHQWDQDO
3RGHUTXHVREUHVDOH\TXHHVWDPDUFDQGRXQDGLUHFFLRQDOLGDGHQODKLVWRULDUHFLEHWDPELHQHOMXLFLR
GLYLQR(VWRSXHGHLQYROXFUDU\GHKHFKRDVLRFXUUHJXHUUDVTXHORVSURSLRVVHUHVKXPDQRVHQJHQGUDQ\
TXH'LRVVHYDOHSDUDFXPSOLUVXSURSRVLWRGHODFXOPLQDFLRQGHO5HLQRGH'LRVHQODKLVWRULDHQRFDVLRQ
GHOD6HJXQGD9HQLGDGH-HVXFULVWR
(OJUDQULR(XIUDWHVFI$STXHGDEDYLGD\FRELMRDOD%DELORQLDDQWLJXDVHKDFRQYHUWLGRHQHO
VLPERORUHSUHVHQWDWLYRGHODVJHQWHVTXHDSR\DQDOD%DELORQLDPLVWLFDFI$S\$KRUDHQXQ
FRQWH[WRFURQRORJLFRGLVWLQWRDOGHODVXOWLPDVSODJDVFI$SGLFKRVLVWHPDGHPDOGDGTXHVH
RSRQHFRQVXGRFWULQDDODGHOD0XMHU&HOHVWLDOUHFLEHHOMXLFLRGLYLQRPHGLDQWHODSHUPLVLRQGH
SRGHUHVFRQWUDSXHVWRVTXHDSDUHFHQHQHOHVFHQDULRKLVWRULFRPXQGLDOFRQHOREMHWLYRGHDO]DUVHFRQOD
>@
DXWRULGDGVXSUHPD
(VQHFHVDULRFRPSUREDUTXLHQHVGHVGHODHSRFDGH-XDQKDQDFWXDGRFRPRVLVWHPDVGHPDOGDGR
SRGHUHVUHSUHVHQWDWLYRVGHHVWHPXQGR\TXHVHKDQUHODFLRQDGRFRQ6X3XHEORHO5HVWRGHOD
'HVFHQGHQFLDGHOD0XMHUFI$SPDOWUDWDQGRORGHGLIHUHQWHVPRGRV
(O+HUHGHURGH5RPDRHO+RPEUHGH3HFDGRTXHVHJXQ3DEORLEDDH[LVWLUKDVWDOD3DUXVLDRHO
&XHUQR3HTXHQRGH'DQLHOTXHMXQWRD&XHUQRVLEDQDGHVDUUROODUVHHQXQDKLVWRULDTXHOOHJDKDVWD
HOILQ\FRQORTXHOHSHUPLWLUDD-XDQFRQIHFFLRQDUVX%DELORQLD\VX%HVWLD$SRFDOLSWLFDPDWL]DQGR\
FRPSOHPHQWDQGRFRQRWURVSRGHUHVGHXOWLPDKRUDODEHVWLDGHGRV&XHUQRVHQODYHUVLRQIDOVR
SURIHWD\KDFLHQGRHQIDVLVIXQGDPHQWDOPHQWHHQODHWDSDHQODTXHWRPDQGRDVXSHUVRQDFRPRSXQWRGH
UHIHUHQFLDVHH[WHQGHULDKDVWDHOILQLEDQGLFKRVSRGHUHVDHVWDUREVWDFXOL]DQGRDO3XHEORGH'LRV
KDFLHQGROHODYLGDLPSRVLEOHGHGLYHUVRVPRGRV
6LQHPEDUJR'LRVHQODV7URPSHWDVSURFODPDXQPHQVDMHGHFDVWLJRFRQWUDHVWRVVLVWHPDVGHPDOGDG
HQVXPLQLVWHULRGHDFDEDUFRQORVHQHPLJRVGH'LRV+EFID&RU
XVDQGRGHQWURGHVXVDELGXULD\MXVWLFLDODFRQIURQWDFLRQTXHOLEUHPHQWHODVIXHU]DVGHORVUHLQRVGH
HVWHPXQGRLEDQDGHVSOHJDUHQWUHVL(QODHSRFDGHOFXDUWRUHLQR'QFIHQ
VXSULPHUDIDVHGH5RPD,PSHULDO\GHVSXHVWRGRORTXHFRQYHUJHGHQWURGHHVHFXDUWRUHLQR\TXH
PDUFDODPDUFKDGHODKLVWRULDODOXFKDSRUOD$XWRULGDG6XSUHPDHQWUHHOSRGHUSROLWLFRUHOLJLRVR\HO
(VWDGR7DPELHQHQXQDVLPXOWDQHLGDGSRUHVDPHWDVREUHOD$XWRULGDG6XSUHPDKDUDDFWRGH
SUHVHQFLDHO,VODPTXHHQJHQGUDUDXQDDXWHQWLFDSODJDFRQWUDHO2FFLGHQWH&DWROLFR5RPDQR\SRU
XOWLPRGRVDFRQWHFLPLHQWRVTXHFUHDURQXQDVLWXDFLRQKLVWRULFDGHYDVWDGRUDWDQWRHQYLGDVKXPDQDVFRPR
HQGDQRLGHRORJLFRUHVSHFWRDO&DWROLFLVPR5RPDQR/D5HIRUPD3URWHVWDQWHODUHYROXFLRQ
QRUWHDPHULFDQD\OD5HYROXFLRQ)UDQFHVD(VWDVFRQFHSFLRQHVHQWUDURQHQFRQIOLFWRFRQHO6LVWHPD
3DSDOGDQDQGROHHQVXHVWUXFWXUD\QXFOHR$XQFXDQGRGHVSXHVFRQODD\XGDGHOSRGHUHVWDWDO
KHJHPRQLFRVHD\XGHHQODFXUDFLRQGHODKHULGD
(VLQGXGDEOHTXHHQODSURFODPDFLRQ\SUR\HFFLRQGHODDFWLYLGDGGLYLQDKDFLDOD,JOHVLD\DOPXQGR
GRPLQDGRSRUOD%DELORQLDPDQLIHVWDGRHQORV6HOORV\HQODV7URPSHWDVVHWLHQHQHQFXHQWDORVSRGHUHV
TXHPDUFDQODGLUHFFLRQDOLGDGGHODKLVWRULD\TXHHQRSRVLFLRQDO5HLQRGH'LRVFUHDQXQ
FRPSRUWDPLHQWRLPSLRGHOXFKDVHQWUHVLGHPHQWLUDGHRGLR\JXHUUD\XQDGLUHFFLRQDOLGDGFRQWUDULDD
ODYROXQWDGGLYLQDTXHDIHFWDFRQVLGHUDEOHPHQWHDO3XHEORGH'LRVYLHQGRVHHQODREOLJDFLRQ'LRVGH
DFXHUGRDVXSODQHWHUQR\6REHUDQRDLQWHUYHQLUPHGLDQWHVX5HLQRLQYLVLEOHDORVRMRVKXPDQRV
PHGLDQWHMXLFLRV\DFWLWXGHVH[SUHVDGDVHQORV6HOORV\7URPSHWDVTXHFRQWHPSODQWRGRHVWHHVFHQDULR
GHKLVWRULD\GHLQVWLWXFLRQHVTXHKHPRVVREUHHQWHQGLGR
(VGHVRODGRUHQHOFDVRGHODVSODJDVGHODVH[WD7URPSHWDTXHHVWDGHQWURGHOVHJXQGRD\
FIFRPSUREDUTXHQRVHDUUHSLQWLHURQ<HVTXHHOVLVWHPDGHPDOGDGTXH
UHSUHVHQWDDORTXHKDUHFLELGRDSR\RSRUHO(XIUDWHVVLPEROLFRPDQWLHQHHQVXKDEHUVXSURSLDILORVRILD
VLQTXHUHUODFDPELDULQYROXFUDQGRSRUGHVJUDFLDDSHUVRQDVTXHVHDGKLHUHQLQWHUHVDGDVFRQHVD
LGHRORJLDTXHVHSUHWHQGHLPSRQHUHQHOPXQGRHQWHUR
/DKLVWRULDELEOLFD\DQRVKDEODEDGHOHQGXUHFLPLHQWRGHOFRUD]RQGHO)DUDRQ(ODQXQFLR\ODSXHVWDHQ
SUDFWLFDGHODOLEHUDFLRQGHO3XHEORGH'LRVRSULPLGRSRU(JLSWRVLUYHFRPRFRQVHFXHQFLDGHOD
H[WUDQDLGHRORJLDGHSUHWHQGHUUHSUHVHQWDUD'LRVHQODWLHUUDSDUDHQGXUHFHUHOFRUD]RQGHO)DUDRQ(O
FUHHUVHXQVHUGLYLQRHQODWLHUUDRIDYRUHFLGRFRQDWULEXWRVGLYLQRVTXHFRQILJXUDQXQD$XWRULGDG
VXSUHPDOOHYDDORVVLVWHPDVGHPDOGDGHQFDUQDGRVHQSHUVRQDMHVKXPDQRVUHSUHVHQWDWLYRVD
GHVFDUWDUODSRVLELOLGDGGHHVWDUHTXLYRFDGRV\GHTXHRWURVIXHUDGHHOORVVHDWUHYDQDSURPXOJDUHO
HVWDUHQSRVHVLRQGHODVYHUGDGHVGLYLQDV<HVWROHVOOHYDVLHPSUHFXDQGRSXHGHQDXQDSHUVHFXFLRQX
RSUHVLRQIHUR]
&RQIRUWDVDEHUTXHHQODV7URPSHWDVDQWHULRUHVDXQTXHILHOHVHQVXVFRQWHQLGRVGHMXLFLR\FDVWLJR
KDFLDORTXHUHSUHVHQWDDO0DOHQODWLHUUDDOQRDOXGLUDHVWHQRDUUHSHQWLPLHQWRVLTXHGHELHURQREWHQHU
UHVXOWDGRVSRVLWLYRVUHVSHFWRDGHVFXEULUDXQGHQWURGHORVVLVWHPDVGHPDOGDG\GHFRQIXVLRQ
EDELORQLFDHOPHQVDMHGLYLQRDODVDOYDFLRQHQ-HVXFULVWR\DODQHFHVLGDGGHDILOLDUVHDO5HLQRGH'LRV
$SRFDOLSVLV  (O FDSLWXOR ELVDJUD TXH WH UHYHOD HO SRUTXH GH OD $FWLYLGDG 'LYLQD SRU PHGLR GH ORV 6HOORV \ GH ODV
7URPSHWDVODLGHQWLGDGGHO6LVWHPDGH0DOGDG
/DDFWLWXGGLYLQDTXHGDSOHQDPHQWHMXVWLILFDGD\H[SOLFDGDFXDQGRVHQRVSUHVHQWDHOFDSLWXOR
(VWHFDSLWXORHVDXWHQWLFDPHQWHHOHMHFHQWUDOSDUDFRPSUHQGHUWRGRHOGUDPDH[LVWHQWHHQHO
$SRFDOLSVLV
 6XXELFDFLRQ\FRQWHQLGRSURSRUFLRQDGRVPHQVDMHVODFRPSUHQVLRQGHODLGHQWLGDG\DFWXDFLRQGHORV
VLVWHPDVGHPDOGDGFRQWUDORVTXHORVMXLFLRVGLYLQRVKDQFDLGRDODYH]TXHHQVHQDODUHODFLRQHQWUHORV
6HOORV\ODV7URPSHWDVFRQORVSURWDJRQLVWDVGH0DOGDG
/DSUHJXQWDTXHQRVREOLJDDIRUPXODUQRVHOGUDPDDSRFDOLSWLFRREVHUYDGRFRQODV7URPSHWDV\TXH
VHYLQFXODFRQODRWUDSUHJXQWDTXHVHVXVFLWDEDUHVSHFWRDFRPRVHKDELDFRQVHJXLGRHOWULXQIRGHOD
,JOHVLD\ODVROXFLRQDORVSUREOHPDVTXHHVWDSUHVHQWDEDHVODVLJXLHQWH
"4XLHQHVVRQORVTXHDWDFDQDO3XHEORGH'LRVSDUDTXHDSDUH]FDXQDYLUXOHQFLDWDOHQORVFDVWLJRVGLYLQRV"
5HFRUGHPRVODVVHFXHQFLDVHOGUDPDJLUDDOUHGHGRUGHDTXHOORVTXHFRQILJXUDQHOSHUVRQDMH
,JOHVLD$S\TXHKDVLGRIRUPDOL]DGRSRUODDFWLYLGDGGH-HVXFULVWR(VWHSHUVRQDMHWLHQHJUDYHV
GLILFXOWDGHVHQHOPXQGRHQTXHVHGHVHQYXHOYH"&RPRFRQVLJXHYHQFHUODV"3RUODDFWLYLGDGGLYLQD
PHGLDQWHORV6HOORV\ODV7URPSHWDV
$KRUDELHQHQODV7URPSHWDVDSDUHFHQORVFDVWLJRVGLYLQRVGHXQPRGRPX\FRQFUHWRHLQWHQVR"3RU
TXH""7DQSHOLJURVR\JUDYHHVHODVXQWR"
/DVH[WD7URPSHWDDSDUHFHGHQWURGHXQSURFHVRWHPSRUDOFRPRIRUPDQGRSDUWHGHXQDVHULHGH
DFRQWHFLPLHQWRVKLVWRULFRVTXHVHXQHQDRWURVDEDUFDQGRORTXHVHGHQRPLQD
VHJXQGRD\
6LVHREVHUYDFXLGDGRVDPHQWHVHQRWDUDTXHORVDFRQWHFLPLHQWRVTXHIRUPDQSDUWHGHOVHJXQGRD\
FRQWHQLGRVHQHOFDSLWXORYYVXFHGHQDQWHVGHOSHULRGRGHORVPHVHVGHKROODPLHQWRGH
OD&LXGDG6DQWDUHSUHVHQWDWLYDHQHO&LHORGHORVSULQFLSLRVGHO5HLQRGH'LRVPDQWHQLGRVHQODWLHUUD
SRUHO3XHEORGH'LRVRGHORVGLDVSURIHWLFRVHQTXHORV'RV7HVWLJRVVHYHQREOLJDGRVDSUHGLFDU
ORVSULQFLSLRVGHO5HLQRGH'LRVHQFRQGLFLRQHVDQRUPDOHV
(QSULQFLSLRODVH[WDWURPSHWDSHUWHQHFLHQWHDOVHJXQGRD\HVFRORFDGDGHQWURGHXQSURFHVR
WHPSRUDOFRPRWRGDVODVGHPDVWURPSHWDV2EVHUYHVHODOLQHDGHFRQWLQXLGDGHVFDORQDGD
FURQRORJLFDPHQWHTXHVHLQLFLDHQ(VLQGXGDEOHTXHVHQRVKDEODGHXQSURFHVRWHPSRUDOHQHO
DFRQWHFHUGHODV7URPSHWDV<DKRUDQRWHVHHOSDUHQWHVLVGHOFDSLWXORTXHPXHVWUDODFRQH[LRQGHO
VHJXQGRD\GHODVH[WD7URPSHWD\HOWHUFHUD\GHOVRQLGRGHODVHSWLPD7URPSHWD(QWUHORTXHSXHGH
VLJQLILFDUGHTXHHOWLHPSRQRVHULDPDVSRUFXDQWRHODFRQWHFLPLHQWRGHODVH[WD7URPSHWD\D
KDEULDHPSH]DGRDVXFHGHUFI$SGHDFXHUGRDODGHVFULSFLRQGHOFDSLWXOR\GHEHGHHVWDU
LQWHJUDGRHQHOODDOJRUHODWLYRDTXHHOWLHPSRSURIHWLFR\DQRVHULDPDV\SRUORWDQWRFXDQGRHPSLHFH
ODVHSWLPDFIVHSUHVHQWDHOXOWLPRDFWRGHOGUDPDFRQHOUHWRUQRGH-HVXFULVWR
(VHYLGHQWHSRUORTXHKDVWDDKRUDSRGHPRVGHFLUTXHODVH[WDWURPSHWDHVDQWHULRUDODVHSWLPD\VX
VRQLGRVHHVFXFKDODDSOLFDFLRQGHVXFRQWHQLGRGXUDKDVWDHOLQVWDQWHHQTXHODVHSWLPDHPSLH]D
FI<ODVHSWLPDVHGDFXDQGRORVUHLQRVGHHVWHPXQGRKDQYHQLGRDVHUGHQXHVWUR'LRV
\GHVXXQJLGRHO&RUGHUR$SFI
7HQHPRVSXHVXQSULPHUHOHPHQWRDWHQHUHQFXHQWDTXHODVH[WD7URPSHWDDFDEDFXDQGRVHLQLFLDOD
VHSWLPD\HVWDXOWLPDHPSLH]DHQORVLQVWDQWHVLQPLQHQWHPHQWHILQDOHVGHODKLVWRULDGHHVWHPXQGR\TXH
HVWDQGHVFULWRVDVXYH]HQODVXOWLPDVSODJDVFIFI
6LHOWRTXHGHODVH[WD7URPSHWDLGHQWLILFDDOVHJXQGRD\FI<HVHVHJXQGRD\QRV
DFODUDHOFDSLWXORTXHHPSLH]DDVXFHGHUDQWHVGHORVDFRQWHFLPLHQWRVTXHVHGHVFULEHQGHVGH
FIHVGHFLUODVH[WD7URPSHWDWHQGUDPXFKRTXHYHUFRQORVVXFHVRVTXHVHGHVDUUROODQ
DSDUWLUGHKDVWDFXDQGRDOD%HVWLDVHOHKDFHFDHUHQXQDSRVLFLRQGHDELVPR3HURHVHYLGHQWHSRU
ODXELFDFLRQGHHVDVH[WDWURPSHWD\GHVXD\GXUDQWHWRGRHOUHFRUULGRGHOFDSLWXORSXGLHUD
GHFLUVHQRVTXHODVWURPSHWDVDOPHQRVKDVWDODVH[WDGXUDQGHVGHTXHVHLQLFLDQHQODHSRFDGH-XDQKDVWD
SUDFWLFDPHQWHHOILQDOGHORVWLHPSRV
 3RURWUDSDUWHHOFDSLWXORHQVXFRPLHQ]RDOWUDHUQRVDFRODFLRQXQDYLVLRQHQODTXHVH
SUHVHQWDODLPDJHQGHOWHPSORHODOWDU\DORVTXHDGRUDQHQHOHVWDUHPHPRUDQGRODYLVLRQGHODV
,JOHVLDVHQHO6DQWXDULRGRQGHVHHQFXHQWUDHO+LMRGHO+RPEUH
/RVGRV7HVWLJRVTXH\DKHPRVLGHQWLILFDGRHQRWUROXJDU\ORTXHUHSUHVHQWDDOD&LXGDG6DQWD
&HOHVWLDOFIHQODWLHUUDSRUKDEHUDFHSWDGRORVSULQFLSLRVGHO5HLQRGH'LRVHVGHFLUHO
3XHEORGH'LRVSDGHFHQGLDVRPHVHVSURIHWLFRV
(VHOWLHPSRTXHWUDQVFXUUHDSDUWLUGHXQFLHUWRPRPHQWRKLVWRULFR\TXHOOHJDKDVWDODVH[WD7URPSHWD
FXDQGRVHSXHGHGHFLUTXHHOWLHPSRSURIHWLFRQRVHULDPDVFI\TXHVHOHKDKHFKRFDHUDOD
%HVWLDHQXQDSRVLFLRQGHDELVPR/RTXHTXLHUHGHFLUTXHODVRWUDV7URPSHWDVDQWHULRUHVDOD
VH[WDVHLQLFLDQDEDUFDQGRGHVGHODYLVLRQGHODV,JOHVLDVRGHDTXHOORVTXHDGRUDQHQHO6DQWXDULR
&HOHVWLDOGHVGHODWLHUUD\FI(VGHFLUGHVGHODYLVLRQLQDXJXUDOTXH
WLHQHTXHYHUFRQOD,JOHVLDDWUDYHVGHODKLVWRULD$S\
$OWHUPLQDUHOFSFRQODVXOWLPDVHVFHQDVUHSUHVHQWDWLYDVGHODKLVWRULDGHHVWDWLHUUD
DVDEHUORVHSLVRGLRVSRVWHULRUHVDORVGLDVSURIHWLFRVDSDUWLUGHORVFXDOHVHQXQSURFHVR
WHPSRUDOHVWDQLQWHJUDGRVORVTXHFRQILJXUDQHOVHJXQGRD\GHOWRTXHGHODVH[WD7URPSHWD\
HOWHUFHUD\GHODVHSWLPD7URPSHWDMXQWRDXQDXOWLPDHVFHQDHQODTXHVHYHHO/XJDU
6DQWLVLPRVHQRVHVWDGDQGRODLGHDDGHPDVGHODXELFDFLRQHVFURQRORJLFDV\HVFDWRORJLFDVTXH
\DKHPRVWUDWDGRGHTXHODKLVWRULD\DFWLYLGDGGLYLQDPDQLIHVWDGDFRQODV,JOHVLDVORV6HOORV\ODV
7URPSHWDVDFRQWHFHQGHQWURGHOHVSDFLRWHPSRUDOPDUFDGRSRUHOFDSLWXORHVGHFLUGHVGHOD
DVFHQVLRQGH-HVXFULVWRDO6DQWXDULR&HOHVWLDOFIKDVWDVXVHJXQGD9HQLGDTXH
SDUDDTXHOHQWRQFHVHVWDHQIXQFLRQDPLHQWRHO/XJDU6DQWLVLPR
3HURFODURDOLQWURGXFLUDOVLVWHPDGHPDOGDGGHQRPLQDGR%HVWLDDWDFDQGRDORVGRV
7HVWLJRVGHVGHXQDSRVLFLRQGHDELVPRSRVLFLRQTXHVHGHVFULEHFRPRWDODSDUWLUGHFXDQGR
HVWHQDFDEDQGRHOWHVWLPRQLRGHORVGLDVSURIHWLFRVVHQRVHVWDLQYLWDQGRDTXHFRQR]FDPRVDHVH
VLVWHPDGHPDOGDGGHQRPLQDGR%HVWLDFXDQGRQRHVWDEDHQSRVLFLRQGHDELVPR\DSUHJXQWDUQRVTXLHQ
KR\DDOD&LXGDG6DQWDGXUDQWHPHVHVSURIHWLFRV\TXLHQHVHOTXHFUHDGLILFXOWDGHVDORVGRV
7HVWLJRVSDUDWHQHUTXHSUHGLFDUHQFLUFXQVWDQFLDVDGYHUVDVGXUDQWHHOPLVPRWLHPSRHQTXHOD&LXGDG
6DQWDHVKROODGDGXUDQWHGLDVSURIHWLFRV
/DUHVSXHVWDQRVYLHQHIXQGDPHQWDOPHQWHHQORVFDSLWXORV\DPSOLDQGRVHHQHO
(QHOFDSLWXORVHQRVSUHVHQWDDOD%HVWLDFRQODPXMHU%DELORQLFDHQFLPD\DOOLVHQRV
DFODUDGRVFRVDVHVHQFLDOHVSDUDQXHVWURHVWXGLRDFWXDOTXHOD%HVWLDTXHHVWDSDUDVXELUGHODELVPR
VO\TXH12(6KDELDVLGRDQWHV(5$SO\TXHFXDQGRDFRQWHFHHOTXHHVD%HVWLDTXH
HQWRQFHVQRHV\HVWDHQSRVLFLRQGHDELVPRVXELHQGRVOHVHOPRPHQWRHQTXHGHORVUH\HVR
UHLQRVKDQFDLGRSS
6LDKRUDXQLPRVFRQWRGRVXFRQWH[WRLQGLFDGRDOD%HVWLDGH$SRFDOLSVLVVOHQODSRVLFLRQGH
DELVPRVXELHQGRFRQOD%HVWLDHQODSRVLFLRQGHDELVPRVXELHQGRGH$SRFDOLSVLVSSQRVROR
HQFRQWUDPRVODLGHQWLILFDFLRQVLQRTXHDGHPDVVHQRVXELFDFURQRORJLFDPHQWHHOPRPHQWRHQTXHVHKD
SURGXFLGRWDQWRODFDLGDGHODTXLQWD&DEH]DLQWHJUDGDHQHOFRQMXQWRFLQFRKDQFDLGRFRPRHO
ODSVRHQTXHVHKDSURGXFLGRODFDLGDHQHODELVPRGHOD%HVWLDFXDQGRHVWHQDFDEDQGRORVGLDV
SURIHWLFRVSS
7RGDYLDPDVODFDEH]DKHULGDGHOD%HVWLDGH$SRFDOLSVLVSRVHHLQGHSHQGLHQWHPHQWHGHVX
IDVHEUHYHGHFXUDFLRQXQDHWDSDGHKHJHPRQLDGHPHVHVSURIHWLFRVGXUDQWHORVFXDOHVGHVDUUROODXQD
LGHRORJLDRSXHVWDDORVSULQFLSLRV\GRFWULQDVGHO*RELHUQRGH'LRVDGHPDVGHSHUVHJXLUDOSXHEORGH
ORV6DQWRV-XVWRHOWLHPSRHQTXHOD&LXGDG6DQWDHVKROODGD\ORVGRV7HVWLJRVVHYHQ
REOLJDGRVDSUHGLFDUHQVDFR\FLOLFLR\HQHOHVSDFLRWHPSRUDOHQTXHOD%HVWLDFDHHQHODELVPR

(OFXDGURVHQRVHVSHFLILFDPDVH[DFWDPHQWHVHQRVFRQFUHWDGHILQLWLYDPHQWHGHTXHODTXLQWD&DEH]D
HVODTXHUHFLEHODKHULGD\DGHPDVHOPRPHQWRGHODFDLGDHQHODELVPRDSDUWLUGHORVPHVHV
SURIHWLFRVGHKDEHUHVWDGR\HQGRHQFRQWUDGHO3XHEORGHORV6DQWRVFIFI
(VWD%HVWLDDFWXDQGRDWUDYHVGHODKLVWRULDPHGLDQWH&DEH]DVVXFHVLYDV\HQXQPRPHQWRGHWHUPLQDGR
SRUORV&XHUQRVGHPRGRGHVXQLGR\FROHFWLYDPHQWHFRQXQD0XMHU%DELORQLFDDOJDORSH\TXHWLHQH
XQDD\XGDHQODVXOWLPDVHVFHQDVSRUSDUWHGHXQD%HVWLDGH'RV&XHUQRV$SVHSUHVHQWDHQ
HOFDSLWXORFRPRVLHQGRRULJLQDGD\RULHQWDGDSRUHO'UDJRQHO'UDJRQHO'LDEORR6DWDQDVHVWD
GHWUDVHVWDVLHQGRHQFDUQDGRSRUORVSRGHUHVGHHVWHPXQGRTXHHQVXVXFHVLRQGHVGHXQSXQWRGHYLVWD
KHJHPRQLFROHUHSUHVHQWDQ'LFKRFDSLWXORKDFHHQIDVLVDOSHULRGRTXHVHGHVHQYXHOYHDSDUWLUGHOD
SULPHUD9HQLGDGH&ULVWR$KLVHQRVUHILHUHTXHOD%HVWLDLQVSLUDGDSRUHO'UDJRQDWHQWDD
ORODUJRGHODGLVSHQVDFLRQFULVWLDQDFRQWUDOD'HVFHQGHQFLDGHOD0XMHU&HOHVWLDOXSFRQWUD
ODSURSLD0XMHUHQUHSUHVHQWDFLRQGHVXVSULQFLSLRV\GHDTXHOORVTXHDFHSWDQGLFKRVSULQFLSLRV\TXH
VHGHQRPLQDQHO5(672'(/$'(6&(1'(1&,$'(/$08-(5,QGHSHQGLHQWHPHQWHGHRWURV
PRPHQWRVHVSHFLDOPHQWHHVDSHUVHFXFLRQUHOLJLRVDODHIHFWXDGXUDQWHWLHPSRVRGLDV
SURIHWLFRVFI
$KRUDVDEHPRVTXHSDUDOHODPHQWHDODH[LVWHQFLDGHSHUVRQDMHVUHSUHVHQWDWLYRVGH'LRV\GHVX
5HLQRDSDUHFHQORVHQHPLJRVGH'LRV\GHVX5HLQRKDFLHQGRODJXHUUDDO3XHEORTXHVDOYDJXDUGDORV
SULQFLSLRVGHO5HLQRGH'LRVHQODWLHUUDSRUXQODGRHVWDODOLQHDGH'LRVTXHVHLGHQWLILFDFRQOD0XMHU
&HOHVWLDOR5HLQRGH'LRVUHSUHVHQWDGDSRUODFDSLWDOGHO5HLQRR1XHYD-HUXVDOHQFI
-HVXFULVWROD'HVFHQGHQFLDGHOD0XMHU\XQRGHORV7HVWLJRV$SVSSSFIHO(VSLULWX
6DQWRHORWUR7HVWLJROD3DODEUDGH'LRVLQVSLUDGD\KHFKDUHDOLGDGSRUODOX]FRQRFLPLHQWR
GHORVGRV7HVWLJRVHO5HVWRGHOD'HVFHQGHQFLDGHOD0XMHUR,JOHVLD$SFI
SRURWUDSDUWHVHSUHVHQWDWRGRHO6LVWHPDRVLVWHPDVGH0DOGDGHQJHQGUDGRVSRUHO'UDJRQFIOD
%HVWLDUHSUHVHQWDGD\DFWXDQGRDWUDYHVGHODV&DEH]DV\ORV&XHUQRVMXQWRDOD0XMHU
%DELORQLFDTXHODPRQWD\TXHGHVGHODHSRFDGH-XDQKDVWDHOILQFRQRFHWUHVHWDSDV
>@
IXQGDPHQWDOHV OD%HVWLDGH'RV&XHUQRVR)DOVR3URIHWDDFWXDQGR
HVSHFLDOPHQWHHQXQWLHPSRHVFDWRORJLFRDSDUWLUGHODFXUDFLRQGHODKHULGDGHOD&DEH]DGHODSULPHUD
\ORV&XHUQRVFRPR&ROHFWLYR
(QUHVXPHQHOFDSLWXORHVWDKDFLHQGRSRUXQODGRPHQFLRQDODV7URPSHWDV\UHFRJLHQGRHQVX
FRQWH[WRFURQRORJLFRDODKLVWRULDTXHGHVGHOD$VFHQVLRQKDVWDODVHJXQGD9HQLGDGH&ULVWRHQFLHUUDHO
SHUHJULQDUGHVX3XHEOR\SRURWUDSDUWHDOXGHDOHQHPLJRGHO3XHEORGH'LRVHQODWLHUUDDOD%HVWLD
TXHDWUDYHVGHVXV&DEH]DV\&XHUQRVGDYLGDDGLIHUHQWHV3RGHUHVPDOLJQRV\TXHSRVWHULRUPHQWHVH
RIUHFHQORVGDWRVFRPSOHPHQWDULRVSDUDTXHLGHQWLILTXHPRVVLQOXJDUDGXGDVDHVD%HVWLDVXRULJHQ\
QDWXUDOH]DVXVFRPSDQHURVGHYLDMHOD0XMHU%DELORQLFD\OD%HVWLDGH'RV&XHUQRVR)DOVR3URIHWDHQ
HOWLHPSRHVFDWRORJLFRILQDO
(O -XLFLR GHILQLWLYR D IDYRU GHO 3XHEOR GH 'LRV \ HQ FRQWUD GH ORV 3RGHUHV 0DOLJQRV TXH DWHQWDQ FRQWUD ORV SULQFLSLRV GHO
5HLQRGH'LRV\FRQWUDDTXHOORVTXHORVVXVWHQWDQHQOD7LHUUD
6HQRVKDUHVSRQGLGRDODSUHJXQWDGHOSRUTXHGHOD$FWLYLGDGGLYLQDDOD6DOYDFLRQ\DORVMXLFLRV
SDUFLDOHVFRQWUDORVVLVWHPDVGHPDOGDGGHHVWHPXQGR$KRUDQRVGDPRVFXHQWDTXHSDUDGHIHQGHUDO
3XHEORGH'LRVGHODLUD\RGLRTXHHO'UDJRQGHVSLHUWDMXQWRFRQVXVVHFXDFHVOD%HVWLDOD0XMHU
%DELORQLFD\HO)DOVR3URIHWDHO7RGRSRGHURVR'LRVKDFUHDGRXQDUHSHUFXVLRQHQFRQWUDGHHVRV
VLVWHPDVGHPDOGDG'HODXQLFDIRUPDTXHWLHQHVX3XHEOR\VX3DODEUDORVGRV7HVWLJRVJDUDQWLDV
GHVDOLUDLURVRVHVHVD'HIHQVDTXHDFWXDDODYH]HQFRQWUDGHORVTXHTXLHUHQGHVWUXLUDORVTXH
UHSUHVHQWDQD'LRVHQOD7LHUUD6X3XHEOROD,JOHVLD\ORV3ULQFLSLRVGHO5HLQRGH'LRVTXHORV'RV
7HVWLJRVKDQHQJHQGUDGRGHVDUUROODGR\IRUPDOL]DGR
3HURPLHQWUDVHOFRQIOLFWRGHORVVLJORVVHVXFHGHKD\RWUDSUHJXQWDTXHVXUJHFRPRXQFODPRU
"+DVWD FXDQGR HO 0DO YD D FDPSHDU SRU VXV IXHURV" "+DVWD FXDQGR QR VHUD HO MXLFLR \ KDFHV MXVWLFLD D WDQWD LQMXVWLFLD" "
6LHPSUHYDDFRQWLQXDUWRGRLJXDOHOVXIULPLHQWR\HOGRORUTXHLQIOLJHQORVSRGHUHVGHHVWHPXQGRRULHQWDGRVSRUHO0DOLJQRD
ORVTXHPRUDQHQODWLHUUDSRUVHUILHOHVDWL"FI$S
/DUHVSXHVWDVHHQFXHQWUDHQORVFDSLWXORVDO
3ULPHURGDQGRVHQRVXQDHVFHQDDQWLFLSDGDGHORVTXHKDQSRGLGRVDOLUDLURVRVHQORVXOWLPRVLQVWDQWHV
ILQDOHVGHHVWDWLHUUDFIFRPRXQDUHSUHVHQWDFLRQGHHVDJUDQPXOWLWXGGHVDOYRVGHWRGDV
ODVHSRFDVFIUHVSHFWRDORVDWDTXHVGHOD%HVWLD\GHODGH'RV&XHUQRVTXHREOLJDDORV
KDELWDQWHVGHODWLHUUDDLGHQWLILFDUVHFRQXQDLGHRORJLDGHWHUPLQDGD\FRQFUHWL]DGDHQFLHUWRVDVSHFWRV
TXHFRQWUDGLFHQDOD/H\GLYLQDFI
(QVHJXQGROXJDURIUHFLHQGRXQDXOWLPDDGYHUWHQFLDDORVKDELWDQWHVGHHVWDWLHUUDSDUDTXHVH
GHFLGDQDHVWDUSUHSDUDGRVDQWHHO-XLFLRILQDOTXHFRPLHQ]DHVWDQGRYLYDWRGDXQDJHQHUDFLRQTXH
H[LVWHHQHOFRQWH[WRTXHREVHUYDQWUDVHOUHVXOWDGRGHODKHULGDTXHUHFLEHXQDGHODV&DEH]DVGHOD
%HVWLD\TXHFXOPLQDUDFRQVXFXUDFLRQ\WRGRHOORSDUDOHODPHQWHDOMXLFLRTXHVHHVWDFHOHEUDQGRTXH
ILMDGHILQLWLYDPHQWHODVLWXDFLRQ\SRVLFLRQGHDTXHOORVTXHDFHSWDQRTXHUHFKD]DQHOXOWLPRPHQVDMHGH
PLVHULFRUGLDSDUDHVWHPXQGRFI
(QWHUFHUOXJDUVHQRVPXHVWUDVLPXOWDQHDPHQWHDODFHOHEUDFLRQGHHVH-XLFLRILQDOFIXQ
MXLFLRXOWLPRFRQWUDODVQDFLRQHVFRQVLVWHQWHHQODVXOWLPDVSODJDV$S\TXHVLVHREVHUYD
FRQGHWHQLPLHQWRHO6H[WR6HOORFI\OD6HSWLPD7URPSHWDWDOFRPR\DYLPRVHQ
SDUWLFXODUHQRWUROXJDUVHVHQDODGHDOJXQPRGRHVRVLQVWDQWHVILQDOHVFRQWUDODVQDFLRQHVFXOPLQDQGR
FRQODVHJXQGD9HQLGDGH1XHVWURVHQRU-HVXFULVWR
&RQHOFS\VHQRVDPSOLDEDQORVGHWDOOHVHQVHQDGRVSRUHOILQDOGHOVH[WR6HOOR\SRUODVHSWLPD
7URPSHWD
$KRUDELHQORVLQVWDQWHVILQDOHVGHOD%HVWLD\GHO)DOVR3URIHWD\GHO'UDJRQ\GHOD0XMHU
%DELORQLFDUHIHULGRVHQODVH[WD\VHSWLPD3ODJDSUHFLVDQGHXQDDFODUDFLRQTXHDGHPDV
D\XGDUDDFRPSOHPHQWDUWRGRORUHODWLYRDHVWRV3RGHUHVXVDGRVSRUHO0DOLJQR'HDKLTXHDSDUWLU
GHOFDSFIVHQRVSRUPHQRULFHQFLHUWRVGHWDOOHVGHOD%HVWLDGHVXV&DEH]DV\VXV&XHUQRV
HVSHFLDOPHQWHGHODVGRV&DEH]DVXOWLPDVTXHDFRQWHFHQDSDUWLUGHORVGLDVSURIHWLFRV\TXH
RULHQWDQHODPELHQWHGHORVXOWLPRVPRPHQWRVGHHVWDWLHUUDFIXQRFWDYR
UHLQRXRFWDYD&DEH]DGHXQD%HVWLDSSTXHDXQTXHDSDUHQWHPHQWHDJRWDGDV\DODVFDEH]DVVH
UHFXHUGDTXHVHWUDWDGHXQDGHODV6LHWHQRSXHGHVHURWUDTXHODTXLQWDUHVWDXUDGDTXHVHKDELDYLVWR
FXUDGD^XSFI`ORV&XHUQRVTXHSRUSULPHUD\XOWLPDYH]DFWXDQFROHFWLYDPHQWH
\DOXQLVRQR\OD0XMHU%DELORQLFDTXHVHOHKDYLVWRPRQWDGDHQFLPDGHOD%HVWLD
>@
 
$SDUWLUGHDTXLHOSURIHWDLQVSLUDGR\DSXHGHUHIHULUQRVHOILQGHOD0XMHU%DELORQLFDSRUPHGLRGH
ORV&XHUQRVXQFROHFWLYRGHOD%HVWLDFI\TXHVHQRVGHVFULEH
FRQPDVGHWDOOHHQHOFSSDUWLHQGRGHODFDLGDHVFDORQDGDGHOD%DELORQLDTXHKDHQJDQDGRDOPXQGR
HQWHURFRQVXVGRFWULQDVHUURQHDVFI\TXHDQWHVGHTXHVHHMHFXWHHOMXLFLRGHILQLWLYR
FRQWUDHOODDQWHVGHOGHUUDPDPLHQWRGHODVSODJDV\TXHVHOHGHVWUX\DSRUPHGLRGHODSODJDXOWLPDFI
WRGDYLDH[LVWHHQHOWLHPSRSDUDOHORGHOXOWLPRPHQVDMHGH
DGYHUWHQFLDPLHQWUDVVHGHVDUUROODHO-XLFLRXOWLPRFIODSRVLELOLGDGGHHVFXFKDUHO(YDQJHOLR
(WHUQR\VDOLUGHHVD%DELORQLD(VHVDSUHGLFDFLRQGLULJLGDSRU'LRVODTXHLOXVWUDDORV
FXHUQRVGHODQRYLDELOLGDGGHOD%DELORQLD+DTXHGDGRGHVIDVDGDTXHPDGD$S
'HQXHYRODLQVSLUDFLRQHQHOFDSLWXORTXHLQWHQWDUHFXSHUDUFRPSOHPHQWDQGRODGHVFULSFLRQGHO
RULJHQGHODQDWXUDOH]D\FRPSRQHQWHVGHOD%HVWLD\ODIRUPDHQTXHVHKDUDODXOWLPDEDWDOODGHVFULWDHQ
VHQRVDVHJXUDGHTXHOD%HVWLDVHUDYHQFLGDSRUHO&RUGHUR+DELHQGRVHRFXSDGRGH
ODVXHUWHGHOD%DELORQLD\KDEHUVHYLVWRREOLJDGRDGHVDUUROODUORGXUDQWHHOFSUHWUDVDKDVWDHO
FDSLWXORHVDEDWDOODTXHKDELHQGRVHDQXQFLDGRHQHQRFDVLRQGHODVH[WDSODJDVHQRV
SUHVHQWDHQ
$KRUDHQHOFDSLWXORVHQRVGDQPDVGHWDOOHVGHHVDEDWDOODGHO$UPDJHGRQFI
(O&RUGHURDSDUHFHFRPRHO9HUERGH'LRV5H\GHUH\HV\6HQRUGHVHQRUHVHO)LHO\HO9HUGDGHUR
\YHQFHGHILQLWLYDPHQWHDOD%HVWLD\DO)DOVR3URIHWDTXHUHSUHVHQWDQDORV
SRGHUHVGHHVWHPXQGRTXHKDQFRQYHQFLGRSDUDVXFDXVDLGHRORJLFDDPXOWLWXGHVGHKRPEUHVVLUYLHQGR
FRPRSURWRWLSRGHWRGDODGXUDFLRQ\DFWXDFLRQGHOD%HVWLD\GHORTXH\GHORVTXHIRUPDQSDUWHGH
HOODDWUDYHVGHOWLHPSR(VHOSHQXOWLPRDFWRGHO'UDPDMXGLFLDOGHO$SRFDOLSVLV
0LHQWUDVTXHORVHMHUFLWRVGHJHQWHVGHODVQDFLRQHVTXHOD%HVWLD\HO)DOVR3URIHWDKDQGRPLQDGR\
GLULJLGRVRQGHVWUXLGRVOD%HVWLD\HO)DOVR3URIHWDVLPERORVUHSUHVHQWDWLYRVGHODLGHRORJLD
FRQWUDULD\RSXHVWDDODGHO*RELHUQRR5HLQRGH'LRVVRQFRQILQDGRVHQXQHVWDQTXHGHIXHJRFRPR
HYLGHQFLDGHVXLQHILFDFLDHLQH[LVWHQFLD\GHODLPSRVLELOLGDGGHTXHSXHGDQYROYHUDWHQHUYLGD
6LQHPEDUJRDO'UDPDOHIDOWDQGRVSDJLQDV(O-XLFLRXOWLPRWLHQHTXHDFDEDUFRQHORULJLQDGRUGHO
0DODVXSURSLDILORVRILDTXHKDHQJHQGUDGR\GDUVXPHUHFLGRDVXVDSR\RV\DGHPDVFRPSUREDUVHHO
FXPSOLPLHQWRGHODVSURPHVDV'LYLQDVSDUDORVTXHDFHSWDURQORVSULQFLSLRVGHO5HLQRGH'LRVTXHQR
VRQRWUDFRVDTXHORTXHHOKRPEUHKXELHUDGLVIUXWDGRVLQRVHKXELHVHLQWURGXFLGRHOSHFDGRHQHO
PXQGR
(QHIHFWRHOFDSLWXORQRVUHILHUHDO'UDJRQHQFDGHQDGRHQHODELVPRGHHVWDWLHUUD'HELGR
DTXH\DQRSXHGHWHQWDUDODVQDFLRQHVSXHVWRTXHKDQTXHGDGRGHVWUXLGDVFRQODYHQLGDGHO5HLQRGH
'LRVHQODSHUVRQDGH-HVXFULVWR$SFI'Q$S\ORVUHVXFLWDGRVHQ&ULVWRKDQ
>@
VLGRDUUHEDWDGRVDO&LHORD7HVFI$S $QWHODSURPHVDGHODUHVXUUHFFLRQ
WDQWRGHORVMXVWRVFRPRGHORVLPSLRVFI-QORVPXHUWRVHQ&ULVWRKDQUHVXFLWDGRDOPRPHQWR
GHOUHWRUQRGH-HVXFULVWR$SFI-QD7HVD&RUPLHQWUDV
TXHORVLPSLRVORKDUDQWUDVXQHVSDFLRWHPSRUDOTXHVHDEUHGHVSXHVGHODVHJXQGD9HQLGDGH
-HVXFULVWRGHQRPLQDGRDSRFDOLSWLFDPHQWHGHPLODQRV$S(VHQWRQFHVD
SDUWLUGHORVOODPDGRVPLODQRVTXHVHGDODSULPHUDHVFHQDGHOXOWLPRDFWRHODWDTXHGHO
2ULJLQDGRUGHO0DOMXQWRDORVLPSLRVUHVXFLWDGRVHQODVREUHHQWHQGLGDVHJXQGDUHVXUUHFFLRQFRQWUDOD
1XHYD-HUXVDOHQSSODTXHYHLD-XDQLUGHVFHQGLHQGRVREUHODWLHUUDGHVFULWRHODWDTXH
FRQWHUPLQRVHVFRJLGRVGHODJHRJUDILD\YLGDWHUUHVWUH
$TXLVHQRVDILUPDODH[WLQFLRQWRWDOWDQWRGH6DWDQDVFRPRGHORVTXHKDELDQH[SHULPHQWDGROD
UHVXUUHFFLRQ$SFI(]T+E
(QXOWLPDLQVWDQFLDODLGHRORJLDGHO0DOUHSUHVHQWDGDVLPEROLFDPHQWHSRUHOQRPEUHGHDTXHOTXHOR
RULJLQRHVODQ]DGRDOODJRGHIXHJRGRQGHHVWDQORVRWURVGRVVLPERORVGHO6LVWHPDGH0DOGDG
WHUUHVWUHOD%HVWLD\HO)DOVR3URIHWD$STXHULHQGRVHQRVGHFLUTXHODSUXHEDGHOWRUPHQWR
TXHVXSRQHHOODJRGHIXHJRTXHORGHVWUX\HWRGRVLUYHSRUORVVLJORVGHORVVLJORV\DQXQFDMDPDVOD
LGHRORJLDGHO0DOKDUDVXDSDULFLRQSRUFXDQWRVXVRULJLQDGRUHV\ODSURSLDFRUULHQWHILORVRILFDTXH
>@
LQYHQWDURQKDQVLGRGHVWUXLGRV
(O7RUPHQWRSDUD6LHPSUHMDPDVGHO'LDEORGHOD%HVWLD\HO)DOVR3URIHWD$S
 7HQHPRV\DWUD]DGRODFRPSUHQVLRQGHHVWHWH[WRXQDYH]DQDOL]DGRHOGH$SRFDOLSVLVD
+HPRVHVWDGRLQGLFDQGRFRQQXPHURVRVHMHPSORVTXHHOSDUDVLHPSUHRSHUSHWXDPHQWHRORTXHVHWUDGXFHDYHFHVSRUHWHUQRSRGLD
HVWDUDOXGLHQGRQRDXQSURFHVRWHPSRUDOVLQRDXQFRQWHQLGRTXHYDORUDHOUHVXOWDGRGHILQLWLYR7DPELHQKHPRVYLVWRTXHQRQHFHVDULDPHQWH
WHQLDTXHHQWHQGHUVHFRPRODSURORQJDFLRQGHOWLHPSRVLQILQVLQRTXHSRGLDWHQHUOLPLWHGHDFXHUGRDXQDVFRQGLFLRQHVFLUFXQVWDQFLDOHV\GHO
OHQJXDMHYDPRVDHVSHFLILFDUHVWHDVXQWRXQSRFRPHMRU
/RV WHUPLQRV TXH VH XWLOL]DQ HVSHFLDOPHQWH SDUD H[SUHVDU OD HWHUQLGDG R HO SDUD VLHPSUH HVRODP HQ KHEUHR WDPELHQ QHWVDM OHQHWVDM
QHWVDMLPHQHO1XHYR7HVWDPHQWRDLRQ
/RVDXWRUHVGHXQFRPHQWDULRFDWROLFRDO1XHYR7HVDPHQWRQRVDGYLHUWHQ
6LQ HPEDUJR OD SDODEUD KHEUHDRODPDLRQ HQ JULHJRWLHQH XQ VHQWLGR DPSOLR HQ KHEUHR \ JHQHUDOPHQWH VLJQLILFD XQ ODUJR ODSVR GH
>@
WLHPSR!! 
>@
(VWRHVWDVXVFULWRSRUORVGLIHUHQWHVLQVWUXPHQWRVGHWUDEDMRVREUHHOJULHJRGHO1XHYR7HVWDPHQWR
>@ >@
(QWRGRVHOORVVHGHVWDFDTXHHOWHUPLQRDLRQSXHGHUHIHULUVHWDQWRDXQWLHPSROLPLWDGRFRPRLOLPLWDGR 9LQH LQGLFDTXHDLRQLRV
GHVFULEHGXUDFLRQ\DLQGHILQLGDSHURQRVLQILQ
(VHOHVWXGLRDPSOLRGHOFRQWH[WRORTXHOHVKDOOHYDGRDORVDXWRUHVDUHIOH[LRQDUVREUHHOYDORUGHOWHUPLQRHQFXHVWLRQ3HURORTXHGHFLGH
HOVHQWLGRGHOWHUPLQRLQFOXVRFXDQGRVHHPSOHDHQIRUPXODVHQIDWLFDVFRPRHLVWRXVDLRQDVWRQDLRQRQHVHOSXQWRGHUHIHUHQFLDKDFLDOR
TXHVHGLULJHODIUDVHTXHFRQWLHQHHOWHUPLQRDLRQ(VGHFLUVLODUHIHUHQFLDHV'LRVFX\DYLGDQRVHDFDED\HVGHVGHVLHPSUHHVDSURSLDGR
>@ >@
WUDGXFLU SRU OD HWHUQLGDG SHUR QR OR VHULD VL D OR TXH FDOLILFD R VHQDOD QR HV GH QDWXUDOH]D HWHUQD  *HVHQLXV  GLFH VREUH2ODP
HTXLYDOHQWHDODLRQGHO17
/RTXHVHOODPDHOWHUPLQXVDGTXHPVHGHILQHVLHPSUHSRUODQDWXUDOH]DGHODFRVDPLVPD
>@
+*0RXOH
(ODGMHWLYRDLRQLRVWLHQGHDPDUFDUODGXUDFLRQHQFXDQWRDORTXHODQDWXUDOH]DGHODPDWHULDORSHUPLWH
7RGRGHSHQGHGHOREMHWRHQFXHVWLRQDOTXHVHDSOLFDHOYRFDEORDLRQRODIRUPXODHQIDWLFDORTXHGHWHUPLQDUDXQVHQWLGRWHPSRUDO
DEUHYLDGRRVLQILQRSXUDPHQWHDOJRTXHKDWHQLGRRWLHQHXQUHVXOWDGRHWHUQRTXHVLUYHSRUODHWHUQLGDGTXHVXVFRQVHFXHQFLDVVRQSDUD
VLHPSUHVLQTXHH[LVWDSURFHVRWHPSRUDODOJXQR
/D VXSRVLFLRQ GH TXH 6DWDQDV OR PLVPR TXH FLHUWRV VHUHV KXPDQRV SRVHHQ DOJR LQGHVWUXFWLEOH KD OOHYDGR D DOJXQRV D WUDGXFLU
LQFRUUHFWDPHQWHHQHOVHQWLGRGHWLHPSRLOLPLWDGR6LQHPEDUJRODV(VFULWXUDVQRVH[SUHVDQTXH6DWDQDVIXHFUHDGR\SRUORWDQWRQRSRVHHOD
LQPRUWDOLGDGLQQDWDHQHOVHQWLGRGHTXH'LRVQRSXHGDGHVWUXLUOH6XSHUPDQHQFLDHQXQDH[LVWHQFLDSHUVRQDOVLQILQQRSXHGHEDVDUVHHQVX
QDWXUDOH]D1RREVWDQWHHOVHQWLGRGHHLVWRXVDLRQRVWRQDLRQDVQRYDDGHSHQGHUFRPRYHUHPRVGHTXHFDOLILTXHD6DWDQDVFRPRSHUVRQD
VLQRDORTXHVLJQLILFDODFRQGLFLRQ\VLWXDFLRQGHOOODPDGRFROHFWLYR'LDEOR%HVWLD\)DOVR3URIHWDFXDQGRHVVRPHWLGRDODSUXHEDGHOPHWDO
WRUPHQWR
8QDYH]DFODUDGRVHVWRVSRUPHQRUHVFRPSUREHPRVHOFRQWHQLGRGH$SRFDOLSVLV
6HGLFHTXHHO'LDEORIXHODQ]DGRHQHO/DJRGH)XHJRHQHOPLVPROXJDUTXH\DHVWDEDQGHVGHHOUHWRUQRGH&ULVWRGXUDQWHXQRVPLO
DQRVDQWHVOD%HVWLD\HO)DOVR3URIHWDFI$S(VHYLGHQWHSDUDODFRPSUHQVLRQGHHVWHWH[WRDGHPDVGHWHQHUHQFXHQWDWRGROR
TXHKDVWDDTXLVHKDGLFKRTXHQRSHUGDPRVGHYLVWDHOOHQJXDMHILJXUDGR\IXHUWHPHQWHVLPEROLFRTXHVHXWLOL]DHQHVWHPRPHQWR(QHIHFWR
WDQWROD%HVWLDFRPRHO)DOVR3URIHWDQRVRQSHUVRQDVFRQFUHWDV\OLWHUDOHVVLQRVLVWHPDVGHPDOGDGTXHKDQVLGRFUHDGRVSRUHO0DOLJQR/D
LGHRORJLDGHO0DOWHQGHQFLRVD\FDSFLRVDJHQHURHQODWLHUUDXQDUHSUHVHQWDFLRQFDVLH[DFWDGHODSHUVRQLILFDFLRQGHO0DO
(O0DOQRHVFRPRVHORLPDJLQDQODVJHQWHVVLQRXQDHVSHFLHGHPH]FODGHOREXHQR\ORPDORGHORFRUUHFWRHLQFRUUHFWRIXVLRQDGR
WRGRHQXQDDPDOJDPDDQWLQDWXUDOSHURVXILFLHQWHPHQWHDWUDFWLYDFRPRSDUDKDFHUVXFXPELUDFDVLWRGRHOPXQGRFUHDGRSRU'LRVFI$S
\WRGRSDUDFRQVHJXLUXQREMHWLYRGHVKRQHVWRODJREHUQDELOLGDGGHO8QLYHUVR(OSODQGHHVWDFULDWXUDDQJHOLFDRULJLQDOPHQWHSULYLOHJLDGD
FI(]THVGHVEDQFDUD'LRVGHVX*RELHUQRR5HLQR3DUDHOORKDSUHWHQGLGRGHPRVWUDUTXHVXVRSFLRQHVVRQPHMRUHVTXHODVGH
>@
'LRV1RKDWHQLGRLQFRQYHQLHQWHSDUDORJUDUORTXHPHQWLU\PDWDU-Q \FUHDUDWUDYHVGHODVHGDGHVXQ1XHYR2UGHQ0XQGLDO
TXHKDLGRSURJUHVDQGRGHQWURGHXQSURFHVRGLQDPLFRKDVWDDOFDQ]DUORVPRPHQWRVDFWXDOHV
/RFLHUWRHVTXHLQGHSHQGLHQWHPHQWHGHVXH[LVWHQFLDSHUVRQDOVHFRQYLUWLRHQODUHSUHVHQWDWLYLGDGGHOPDOSRUH[FHOHQFLDKDVWDHOSXQWR
TXHHQVXQRPEUHVHUHFRJHHQVHQWLGRILJXUDGR$SWRGRORTXHODVRWUDVKXHVWHVDQJHOLFDV$SFI(IH$S
GHVDUUROODURQEDMRVXLQVSLUDFLRQ\WRGDODPDOGDG\SHUYHUVLRQTXHH[LVWHHQHOPXQGRHQHOTXHHOSXGRSUR\HFWDUVXLGHRORJLD\
SODQPDOHYROR$SFI$S
( OHVSLULWX GH PDO TXH UHLQD HQ HO PXQGR WHUUHVWUH \ KXPDQR GHO TXH QRV KDEOD 3DEOR (I   \ GHO TXH QRV WUDVPLWH -XDQ HQ HO
$SRFDOLSVLVFRQLPDJHQHVFDUJDGDVGHPHWDIRUDV\GHILJXUDVQRVSUHVHQWDQDXQ6DWDQDVVXSHUDGRSRUVXSURSLDREUDPDOLJQDVLHQGRHVWD
GHXQDGLPHQVLRQHVSLULWXDOWDQDPSOLDTXHHVSUHFLVRGHVWUXLUMXQWRDVXVFUHDFLRQHVPDVSDUHFLGDVDHOODGHOD%HVWLD\HO)DOVR3URIHWD$S
 FI     ^FI  `  D 7HV   'H WRGR HVWR VH GHVSUHQGH TXH HO WHUPLQR 'LDEOR TXH DSDUHFH HQ$SRFDOLSVLV
QR HV OD SHUVRQD GH 6DWDQDV VLQRHO VLPEROR GHO 0DO JHVWDGR SRU OD ODERU 6DWDQLFD TXH H[FHGH D VX SURSLD SHUVRQDOLGDG
UHSUHVHQWDGDILJXUDWLYDPHQWHSRUHOWHUPLQR'LDEOR9HDPRVHVWRXQSRFRPDVGHFHUFD
3ULPHUR OD %HVWLD \ HO )DOVR 3URIHWD QR VRQ SHUVRQDV SDUWLFXODUHV VLQR VLVWHPDV GH PDOGDG FUHDGRV SRU HO 0DOLJQR UHSUHVHQWDQGROH
YLVLEOHPHQWHHQODWLHUUD(QHVRVVLPERORVVXE\DFHWRGDXQDLGHRORJLDTXHDWUDYHVGHODKLVWRULDFI$S^FI'Q
`KDHVWDGRLPSHUDQGRHQHOPXQGRWHUUHVWUHHQFRQWUDSRVLFLRQDODLGHRORJLDGLYLQDR*RELHUQRGH'LRVR5HLQRGH'LRV&XDQGR
&ULVWRYXHOYHHQVXVHJXQGD9HQLGD$SREVHUYHVHTXHOD%HVWLD\HO)DOVR3URIHWDVRQDSUHVDGRV\ODQ]DGRVDO/DJRGH)XHJR$S
$TXLQRVHHFKDDQLQJXQDSHUVRQDHQSDUWLFXODUVLQRDODLGHRORJLDGHORVUHLQRVGHHVWHPXQGR\VLVWHPDVIDOVRVUHOLJLRVRVLQFOXLGRV
HQHVRVUHLQRVGHHVWHPXQGRSHURTXHHVSUHFLVRHVSHFLILFDUVLPEROL]DGRVSRUOD%HVWLDORVSRGHUHVGHHVWHPXQGRTXHDWUDYHVGHODKLVWRULD
LPSRQHQXQDLGHRORJLDGLVWLQWD\RSXHVWDDO*RELHUQRR5HLQRGH'LRV\HO)DOVR3URIHWDUHSUHVHQWDDOVLVWHPDIDOVRUHOLJLRVRTXHKDWHQLGRXQ
SURWDJRQLVPRHVSHFLDOHQHOXOWLPRWLHPSR'DQGRQRVDHQWHQGHUTXHHO/DJRGH)XHJRDFDEDGHILQLWLYDPHQWHFRQXQRVVLVWHPDVTXHWHQLDQHO
SURSRVLWRGHPDUFDUXQDVGLUHFWULFHVRSXHVWDVDO*RELHUQRGH'LRVR5HLQRGH'LRV'HDKLTXHHQODVHJXQGDUHVXUUHFFLRQODGHORVLPSLRV
$SQRDSDUH]FDQHQORVHMHUFLWRVGHO'LDEOR
/RVLQGLYLGXRVSDUWLFXODUHVTXHKDQIRUPDGRSDUWHGHODLGHRORJLDWUDVPLWLGDSRUORVUHLQRVGHHVWHPXQGR\RVLVWHPDVIDOVRVUHOLJLRVRVOD
%HVWLD \ HO )DOVR 3URIHWD VRQ GHVWUXLGRV HQ HVD VHJXQGD 9HQLGD  \ VRQ UHVXFLWDGRV SDUD FRQGHQDFLRQ FI -Q  XS GHVSXHV GH
WUDQVFXUULGRXQWLHPSRSRVWHULRUDODVHJXQGD9HQLGDGH-HVXFULVWRGHQRPLQDGRPLODQRV
6HJXQGR DO 'LDEOR \D VH OH KDELD YLVWR KDFLHQGR XQ FRQMXQWR FRPSDFWR FRQ OD %HVWLD \ HO )DOVR 3URIHWD \ VLPEROLFDPHQWH GHVFULWR HQ
RFDVLRQGH$SRFDOLSVLVLQVWDQWHVSUHYLRVDOUHWRUQRGH-HVXFULVWRFI
7HUFHUR6DWDQDVXQDYH]WUDQVFXUULGRHVHWLHPSRGHQRPLQDGRPLODQRVSRVWHULRUDO5HWRUQRGH-HVXFULVWRHQVXVHJXQGD9HQLGD
HQJDQDGHQXHYRDORVLPSLRVTXHKDQUHVXFLWDGRGHDFXHUGRDOSODQSUHYLVWRSRU'LRV\XQDYH]SDVDGRHVHWLHPSRGHQRPLQDGR0LO
DQRVWRGRVLQFOX\HQGRHOTXHORVGLULJLDODSHUVRQDGH6DWDQDV\ODVGHVXVDQJHOHVVRQDQLTXLODGRVFRQVXPLGRVSRU
HO)XHJRFID3HG(VWRHVWDFRUURERUDGRSRUOD%LEOLDTXHQRVGLFHGH6DWDQDVTXHVHULDGHVWUXLGR+EGHMDQGR
GHVHUSDUDVLHPSUH(]T^WUDVODILJXUDGHO5H\GH7LUR>(]TVV@DSDUHFHHO$QJHO/X]EHO`
&XDUWR'HDKLTXHORTXHVHDUURMDFRQODVRWUDVGRVILJXUDVVLPEROLFDVOD%HVWLD\HO)DOVR3URIHWDTXHUHSUHVHQWDQVLVWHPDVWHUUHVWUHV
GHPDOGDGQRHV6DWDQDVTXH\DKDVLGRGHVWUXLGR$SVLQRVX6LPERORODLGHRORJLDGHO0DOTXHVXSHURDOSURSLR0DOLJQROOHQDQGRWRGD
ODWLHUUD\SDUWHGHO8QLYHUVR(O0$/VXGLPHQVLRQVXSODQWHDPLHQWRVXVSULQFLSLRVVXVLVWHPDWL]DFLRQVXVFRQVHFXHQFLDVUHODWLYDVDOGRORU
\DOVXIULPLHQWRVXJRELHUQRRSXHVWRD'LRVUHSUHVHQWDGRVLPEROLFDPHQWHFRQHOQRPEUHGHOTXHOHGLRRULJHQ\H[WHQVLRQHVDUURMDGRDO)XHJR
HWHUQR GRQGH VXIUHQ HQ HO LQVWDQWH GH XQ GLD OD H[SUHVLRQ KHEUHD GLD \ QRFKHOD SUXHED GHO PHWDO HO WRUPHQWR HYDOXDWLYR GHO IXHJR
LQVXSHUDEOHGLFLHQGRQRVTXHVRPHWLGRVDOLQVWUXPHQWRGHFRPSUREDFLRQDOWRUPHQWRGHVHUDWRUPHQWDGRV^SDVDUSRUODSUXHEDGHOIXHJR`
QRODUHEDVDURQ\SRUORWDQWRHVWDQFRQGHQDGRVDSHUPDQHFHUHQHO/DJRGH)XHJRTXHHVODPXHUWHVHJXQGDODGHVWUXFFLRQGHILQLWLYD^$S
 XS  XS SRU ORV VLJORV GH ORV VLJORV SDUD VLHPSUHHWHUQDPHQWH (V GHFLU VX FRQGLFLRQ \ VLWXDFLRQ GH GHVWUXFFLRQ R DQLTXLODFLRQ HV
HWHUQDSDUDVLHPSUHQDGDQLQDGLHSRGUDUHYHUWLUWDOUHVXOWDGR6XFRQGLFLRQGHDQLTXLODPLHQWRHVLUUHYHUVLEOH1XFDMDPDVYROYHUDQDH[LVWLU
)LJXUDWLYDPHQWHHO'LDEOR\DGHVWUXLGR$STXHHQVXSDODEUDUHXQHODFRQFHSFLRQGHO0DOFRPRVLPERORGHOHQJDQR\
GHODPHQWLUDIXHODQ]DGRDOODJRGHIXHJRSDUDSDVDUSRUODSUXHEDGHOPHWDO WRUPHQWRMXQWRDOD%HVWLDVLPERORGHOVLVWHPDGH
PDOGDGWHUUHVWUH\HO)DOVR3URIHWDVLPERORGHOVLVWHPDUHOLJLRVRWHUUHVWUHIDOVRHQHOXOWLPRWLHPSR'DQGRQRVDHQWHQGHUTXHHQHO
OHQJXDMHILJXUDGRTXHGHVFULEHODSHUPDQHQFLDHQHOODJRGHIXHJRPHGLDQWHHOWRUPHQWRRSUXHEDGHOPHWDORPHWRGRGHHYDOXDFLRQ
VHQRVTXLHUHWUDVPLWLUTXHHVRVVLVWHPDVKDQTXHGDGRFRQILQDGRVHQXQIXHJRTXHORVGHVWUX\HSDUDVLHPSUH
>@
(O UHIRUPDGR SURWHVWDQWH $ $QWRPDUFKL'RULD  HQWUH RWURV FRLQFLGH FRQ OD LGHD GH OD DQLTXLODFLRQ GH DTXHOORV TXH UHFKD]DQ OD
VDOYDFLRQ
/D PXHUWH \ HO VHSXOFUR KDGHV PRUDGD GH ORV PXHUWRV FXDQGR KD\D GHYXHOWR WRGRV ORV PXHUWRV VX IXQFLRQ VH KDEUD
WHUPLQDGRORVPXHUWRVVHUDQDQLTXLODGRVSXHVHOODJRGHIXHJRGHVLJQDODVHJXQGDPXHUWHRPXHUWHGHILQLWLYD!!
>@
(ODU]RELVSRDQJOLFDQR:LOOLDP7HPSOH H[SOLFDEDHOPRWLYRSRUHOTXHFLHUWRVWHRORJRVDFHSWDQXQVXIULPLHQWRVLQILQLQIOLJLGRSRU'LRV
8QDFRVDSRGHPRVGHFLUFRQFRQILDQ]D(OWRUPHQWRHWHUQRGHEHVHGHVFDUWDGR6LORVKRPEUHVQR
KXELHUDQWRPDGRODQRFLRQJULHJDQRELEOLFDGHODLQGHVWUXFWLELOLGDGQDWXUDOGHODOPDGHOLQGLYLGXR\
OXHJROHLGRHO1XHYR7HVWDPHQWRFRQHVHFRQFHSWR\DHQVXVPHQWHVKDEULDQH[WUDLGRGHHO>GHO1XHYR
7HVWDPHQWR@XQDQXHYDFUHHQFLDQRHQHOWRUPHQWRHWHUQRVLQRHQODDQLTXLODFLRQ(VDOIXHJRTXHVHOR
OODPDDHRQLDQHWHUQRQRDODYLGDTXHVHODQ]DDHO!!
<SRUILQHO&DQWLFRHQHOPDUGHYLGULRTXH\DKDWHQLGRVXSUROHJRPHQRGXUDQWHHO0LOHQLR
&HOHVWLDO$SFIVHHWHUQL]DHQODQXHYDXELFDFLRQGHXQD7LHUUDUHQRYDGD$S
\SUHSDUDGDSDUDWDOHIHFWRSRU'LRVODPXHUWHHOGRORU\ODHQIHUPHGDG\DQRH[LVWLUDQPDV(O
&RUGHUR\VX3DGUHFRPRUHSUHVHQWDQWHPD[LPRGHOD'HLGDGVRQODVILJXUDVFHQWUDOHVGHORVUHGLPLGRV
(O5HLQRGH'LRVUHSUHVHQWDGRHQVXFDSLWDOOD1XHYD-HUXVDOHQ&HOHVWLDOVHHVWDEOHFHGHILQLWLYDPHQWHHQ
OD7LHUUDQXHYD
(OTXHGDWHVWLPRQLRGHHVWDVFRVDVGLFH&LHUWDPHQWHYHQJRHQEUHYH$PHQVLYHQ6HQRU-HVXV
$S
&RQFOXVLRQGHHVWHDSDUWDGR
(O'UDPDMXGLFLDOTXHGDDPSOLDPHQWHMXVWLILFDGR\QRVD\XGDDFRPSUHQGHUHOHVTXHPDGHO
$SRFDOLSVLV6XVHVFHQDVVXFHVLYDVUHVSRQGHQDWRGDXQDFRKHUHQFLDTXHGDVHQWLGR\VLJQLILFDGRDFDGD
XQDGHODVSDODEUDVHVFHQDV\DFWRVTXHVHSUHVHQWDQ\GHVHQYXHOYHQDORODUJRGHWRGRHOOLEUR
/DDXWRDILUPDFLRQHVSLULWXDOIUHQWHDODYDFLHGDGFRQTXHVHSXHGHOOHJDUFRPRFRQVHFXHQFLDGHOD
SUHVHQWDFLRQGHODQDGDVHDOFDQ]DULDFXDQGRODSHUVRQDWLHQHDOJRTXHUHFRUGDUUHVSHFWRDOIXWXUR
&XDQGRODSHUVRQDHVFDSD]GHFRPSUREDUORVWUD]RVKLVWRULFRVFXPSOLGRVTXHODDSRFDOLSWLFDPRVWUDED
GHVGHDQRVDQWHVGH-HVXFULVWR\TXHVHFRPSOHPHQWDHQXQDOLQHDDFRUGHHQHO$SRFDOLSVLVGH-XDQ
\YLYHVXH[LVWHQFLDSHQGLHQWHGHOFXPSOLPLHQWRGHORTXHHOTXHGLULJHOD+LVWRULDQRVDILUPDHVD
SHUVRQDQRVXFXPEHDQWHODDQJXVWLDGHODQDGDTXHSUHWHQGHFRQILJXUDUVHHQWRGDH[LVWHQFLDTXHQRWLHQH
SURPHVDV\HVSHUDQ]DILMDGDVHQODPHQWH
&XDQGRODSHUVRQDH[SHULPHQWDHOGRORURVXIULPLHQWRFRWLGLDQR\QRKD\QDGDTXHOHDVHJXUHVX
GHVDSDULFLRQRFXDQGRODLQMXVWLFLDTXHFRQOOHYDODSURSLDH[LVWHQFLDQRVHUHVXHOYH\WHPDFKDFD
FRQWLQXDPHQWH\QRWLHQHXQUHIHUHQWHHQTXHFRQILDURFXDQGRODIDOWDGHFDULQRRODSUHVHQFLDGHOD
LQFRPSUHQVLRQVHKDFHQRWDUHOTXHVHSDVTXHKD\XQ'LRVTXHVHWHUHYHODTXHHVFRQVFLHQWHGHWX
VLWXDFLRQ\VDOHDOHQFXHQWURDILQGHTXHFRQR]FDVODKLVWRULDDQWLFLSDGDPHQWH\VHWHPDQLILHVWD
PHGLDQWHVX5HLQRVX*RELHUQRSULQFLSLRVLGHRORJLFRVTXHLQFLGHQHQWXKLVWRULD\HQODKLVWRULD
XQLYHUVDOQRFDEHGXGDTXHEURWDHODJUDGHFLPLHQWR\VHLQVWDODSHUPDQHQWHPHQWHODHVSHUDQ]D\OD
FRQILDQ]D7RGRHVWRVHUDIUXWRGHOPLQLVWHULRFRQWLQXRGHO+LMRGHO+RPEUHHQHO6DQWXDULR&HOHVWLDO
 &DSLWXOR,9

(OPLQLVWHULRFHOHVWHGH-HVXFULVWRHQHOPHQVDMH\DFFLRQ
GHORV6HOORV\HOVHOODPLHQWRGHORV

$S\

>@
/RV6HOORV
/DLGHDGHOPLQLVWHULRFRQWLQXRGHO3ULQFLSH0HVLDVHQVX6DQWXDULRVLJXHGRPLQDQGRHQODYLVLRQ
SUHYLDDODDSHUWXUDGHORV6LHWH6HOORV$S/DVLPDJHQHV\HOPHQVDMHHVHQFLDOVHDUUDVWUDQKDVWD
HOYGHOFS
(QHIHFWRVLVHREVHUYDFRQGHWHQLPLHQWRODV6LHWH/DPSDUDV$SVLPERORUHSUHVHQWDWLYR
GHO/XJDU6DQWRSHUPDQHFHFRPRLQGLFDGRUGHTXHORVDFRQWHFLPLHQWRVHVWDQVLHQGRGLULJLGRV
LQLFLDOPHQWHGHVGHHVHOXJDU$S3HURHOPHQVDMHFRQWHQLGRHQFDGDXQRGHORVVHOORVDEDUFD
SDUDWRGDODKLVWRULDSRUORWDQWRHVHPLQLVWHULRFRQWLQXRSUR\HFWDGRGHVGHHO6DQWXDULR&HOHVWLDO
RFXSDUDWDPELHQHQVXPRPHQWRGHWHUPLQDGRORTXHFRUUHVSRQGDDOHVSDFLRWHPSRUDOUHODWLYRDHVH
VHJXQGRPRPHQWRKLVWRULFRTXHVHQDODWDQWRODWLSRORJLDGHO6DQWXDULRWHUUHQDOTXHDFWXDFRPRXQ
VLPERORGHODUHDOLGDGFI+EFRPRHOGHUDVGH'DQLHOFIFI
FI
6LDKRUDDQDOL]DPRVHOPHQVDMHFRQWHQLGRHQORVSDVDMHVTXHDEDUFDQKDVWDHOXOWLPRYHUVLFXOR
H[SXHVWRQRVGDUHPRVFXHQWDTXHODDGRUDFLRQTXHUHFLEHWDQWR'LRVFRPRHO&RUGHUR&HOHVWLDOHVSRU
ORTXHVHKDORJUDGRHQFXDQWRDODUHGHQFLRQKXPDQD\SRUORTXHHVGLJQRGHUHFLELUSHURTXHQRKD
UHFLELGRWRGDYLDFI<HVWRIRUPDSDUWHGHODPDQHUDGHSUR\HFWDUHO
PLQLVWHULRFRQWLQXRGHO+LMRGHO+RPEUHPDQLILHVWDQODDFWLWXGGLYLQDIUHQWHDXQRVGHVWLQDWDULRVTXH
DFHSWDQRUHFKD]DQORVSULQFLSLRVGHO5HLQRGH'LRVUHYHODQGRFRPSRUWDPLHQWRVGHXQRV\RWURV\TXH
VHGHMDWUDVOXFLUSRUODVFDUDFWHULVWLFDVGHFDGD6HOORSURYRFDQGRHQWUHRWUDVFRVDVXQUHVXOWDGRFRPRHO
>@
TXHVHREVHUYDHQHOFRQWHQLGRGHOTXLQWR6HOOR
&XDQGRODHVFHQDGHORV6HOORVVHSUHVHQWDFRQHOSUHDPEXORGHO6DQWXDULR&HOHVWLDOXQR
SRGULDHQXQDLQWHUSUHWDFLRQOLWHUDOLVWD\FRQIXVDGHOVLJQLILFDGRTXH'LRVDFWXDFRQXQDYLROHQFLD\
WHUURUIXHUDGHOXJDUSHURHQODEDVHGHODDFWLYLGDGTXHSDUHFHFRQWHQHUHO6HOORVHHQFXHQWUDSRUXQ
ODGRHO&RUGHURTXHIXHLQPRODGR\HO/HRQYHQFHGRUGHODWULEXGH-XGD\SRURWUDSDUWHOD
WHQVLRQGHGRVDFWLWXGHVFRQWUDSXHVWDVFRPRFRQVHFXHQFLDGHODOLEHUWDGKXPDQDHQDFHSWDURUHFKD]DUD
'LRV\DVX*RELHUQRTXH-HVXFULVWRKDYHQLGRDSURSRQHU\DKRUDDDSOLFDU(QORVTXHLPSXJQDQVH
SURYRFDUHKXVDQGRODPLVHULFRUGLDGLYLQDXQDFRUULHQWHLQWUDQVLJHQWH\GHLQPRUDOLGDGTXHUHSHUFXWH
GLUHFWDHLQGLUHFWDPHQWHDSRQHUREVWDFXORVDTXHHO*RELHUQRGH'LRVSXHGDVHUUHFLELGR\PDQWHQLGRV
VXVSULQFLSLRVSRUDTXHOORVTXHDGPLWHQFRQVLQWLHQGRORHO3ODQGH'LRVHQ-HVXFULVWRSDUDVXVYLGDV
 /RVFXDWURSULPHURVVHOORV
>@
(QORVFXDWUR&DEDOORV FRUUHVSRQGLHQWHVDORVFXDWURSULPHURV6HOORVVHHVWDWUDGXFLHQGR
PHGLDQWHHOPLQLVWHULRFRQWLQXRGHO+LMRGHO+RPEUHODDFWLWXGGHODVSRWHQFLDVGHO&LHORRSHUDQGR
HQWUHORVKDELWDQWHVGHHVWHPXQGRDWUDYHVGHODKLVWRULDFRQODXQLFDILQDOLGDGGHFRQIURQWDUORVFRQOD
GHFLVLRQTXHGHEHQWRPDUHQFXDQWRDVLUHVXHOYHQYROYHUD'LRVFRQWRGRORTXHVXSRQHGHVDOYDFLRQ\
YLGDHWHUQDRVLSUHILHUHQSHUPDQHFHUHQODDQJXVWLDHQIHUPHGDG\PXHUWHHWHUQDTXHHQJHQGUDHOSHFDGR
RUHEHOLRQFRQWUDORVSULQFLSLRVGLYLQRV3HURHO6HOORHQJOREDODUHDOLGDGGHODVLWXDFLRQGUDPDWLFD
KXPDQDFRPRFRQVHFXHQFLDGHODFRUUXSFLRQSURSLFLDGDSRUHO0DO<KR\FRQQXHVWUDSHUVSHFWLYD
KLVWRULFDSRGHPRVHQPDUFDUDGHFXDGDPHQWHORTXHKDGDGRGHVLODKLVWRULDGHQXHVWURSDVDGR
/RVPHQVDMHURVWUDHQXQPHQVDMHGHDUUHSHQWLPLHQWR\GHERQDQ]DSHURTXHWLHQHFRPRUHIHUHQFLDOD
VLWXDFLRQ\DFWLWXGKXPDQD/DFRRSHUDFLRQVLJQLILFDODYLGD\ODYLFWRULDGHDKLHOUHVXOWDGRGHORTXH
SXHGHVLJQLILFDUHO&DEDOOREODQFRFISHURODUHVLVWHQFLDLPSOLFDODGHUURWD\ODPXHUWHGH
DKLHO&DEDOOREHUPHMRRSDOLGR
'LRVHVWDOOHYDQGRODYLGDODYLFWRULD\HODUUHSHQWLPLHQWRDOKRPEUHFRQORFXDOORVTXHORKDFHQ
VX\RDOFDQ]DQODSURWHFFLRQ\ODVHJXULGDG3HURHVDPLVPDDFWLYLGDGLPSOLFDGDHQHO6HOORWLHQHFRQVLJR
SRGHUSDUDUHIUHQDUDOPDOYDGRGHDFXHUGRDODUHDFFLRQTXHWHQJDIUHQWHDOHVIXHU]RTXHVXSRQHHO
RIUHFHUOHVHODUUHSHQWLPLHQWR
$QWHODUHVLVWHQFLDDODJUDFLDGLYLQDTXHUHSHUFXWHVLHPSUHHQHO3XHEORGH'LRVSXHVWRTXHHO
KRPEUHHQWRQFHVSUR\HFWDXQDLGHRORJLDTXHVHRSRQHDORVSULQFLSLRVGHO5HLQRR*RELHUQRGH'LRVOD
DFWLYLGDGGLYLQDOOHYDMXLFLRV\XWLOL]DODVDIOLFFLRQHVTXHORVSURSLRVVHUHVKXPDQRVKDQVHPEUDGRSDUD
FRORFDUOHVIUHQWHDODUHDOLGDG\UHIOH[LRQHQVREUHODSRVLELOLGDGGHGHMDUVXVPDORVFDPLQRVTXH
UHSHUFXWHQQHJDWLYDPHQWHHQVXVYLGDV(QXOWLPDLQVWDQFLDHOSURSRVLWRHWHUQR\VREHUDQRGLYLQRVH
FXPSOHGHDFXHUGRDOSODQGHODVDOYDFLRQHQ-HVXFULVWR
(VHSRGHUGHTXLWDUODSD]GHODWLHUUD\GHPDWDUGHOVHJXQGR&DEDOORHQFXHQWUDXQ
SDUDOHOLVPRHQHOSDFLHQWH-HVXVGHO(YDQJHOLRGH3D]TXHVLQHPEDUJRVHSXHGHFRQYHUWLUHQJXHUUDR
HVSDGDFI0W/DSD]SURYRFDJXHUUDHQDTXHOORVTXHQRTXLHUHQYLYLUHQSD]
6LPSOHPHQWHSRUTXHORVVLHUYRVOOHYDEDQXQYHVWLGRHVSHFLDOHLGHQWLFRSDUDWRGRVORVVXEGLWRVLQYLWDGRV
DOD%RGDGHO5H\OOHJDURQGLFKRVVXEGLWRVHQRMDGRVLQFOXVRDPDWDUFI0W3DUHFHLORJLFRH
LQFUHLEOHSHURHVDVL(QODSDUDERODVHQRVWUDVPLWHHOPHQVDMHUHVSHFWRDORTXHSXHGHQOOHJDUFLHUWRV
KRPEUHVHQVXUHFKD]RGHXQRIUHFLPLHQWRJUDWXLWRDODVDOYDFLRQ
<DTXLHQHOFRORUGHHVWH&DEDOORHVWDUHSUHVHQWDGRHOUHVXOWDGRDOTXHOOHJDODDFWLYLGDGGLYLQDDOD
VDOYDFLRQFXDQGRHOKRPEUHLPSHQLWHQWHPHQWHUHSXGLDODVDOYDFLRQ)UXWRGHOFRQIOLFWRSHUPDQHQWHTXH
ORVUHLQRVGHHVWHPXQGRSUR\HFWDQGRVXLGHRORJLDLQVSLUDGDHQHO5HEHOGHVLQFDXVDVRVWLHQHQFRQHO
5HLQRGH'LRV\GHVX&ULVWRHQWUHORVKRPEUHVVHSURGXFHXQFRQWHQFLRVRTXHOHVOOHYDDODLQMXVWLFLD\
DODVJXHUUDVDODSHUVHFXFLRQUHOLJLRVD\DODLQWROHUDQFLDUHVSHFWRGHO3XHEORGH'LRVTXHVDOYDJXDUGD
ORVSULQFLSLRVGHO5HLQRGH'LRV
$QWHHVWHFXPXORGHSRVLFLRQHVHOPHQVDMHGH6DOYDFLRQHIHFWLYRUHSUHVHQWDGRHQXQ&DEDOOREODQFR
VHFRQYLHUWHSDUDDOJXQRVHQXQ&DEDOOREHUPHMRTXHSXHGHQRREVWDQWHDSHVDUGHTXHHOUHFKD]RGHO
PHQVDMHGH'LRVWUDLJDLQMXVWLFLDJXHUUDVYLROHQFLDV\GHUUDPDPLHQWRGHVDQJUHFRQVHJXLU
DUUHSHQWLPLHQWRVFXDQGRVHFRQWHPSODDO&RUGHURLQPRODGR3XHVWRTXHGHXQSHUVRQDMHWDOQRSXHGHQ
YHQLUQLQJXQWLSRGHLQMXVWLFLDVLQRERQGDG\DPRU
(QGHILQLWLYDDFHSWDUHOPHQVDMHGHVDOYDFLRQXUJHQWHPHQWHSRUTXHVLQRVHUHLVSUHVDGHYXHVWURV
SURSLRVFDPLQRVHQWUDUHLVHQFRQIOLFWRFRQHO5HLQRGH'LRVFRQVLJXLHQGRHYLWDUOD3D]\DWUDHUOD
PXHUWHRGHVWUXFFLRQ
/DRSRUWXQLGDGGHPHGLUVHGHFRPSUREDUPHGLDQWHOD%DODQ]DRHO\XJRTXHOOHYDHOFDEDOORQHJUR
>@
GHOWHUFHU6HOORVLVHHVWDIDOWRRQRWDQWRDQLYHOGH,JOHVLDFRPRLQGLYLGXDO HVODLQYLWDFLRQ
PLVHULFRUGLRVDGHOFRQWHQLGRGHOWHUFHU6HOOR3HURHOKHFKRGHTXHQRVHGHEDGDQDUQLHODFHLWHQLHO
>@
YLQR VREUHQWLHQGHTXHVLTXHKD\DOJRGDQDGR\HQSHOLJURGHVHUGDQDGR
$OJXQRVKDQYLVWRHQHOWHUPLQR]XJRQWUDGXFLGRSRUEDODQ]DHOVHQWLGRPHWDIRULFRTXHDSDUHFHHQ
0DWHRFI+HFK*DOD7LPFRQYDORUGH\XJR'HFXDOTXLHUIRUPDHOWHUPLQR
QRWLHQHXQYDORUOLWHUDOUHODFLRQDGRFRQHOSHVRVLQRFRQHOPHGLUVH(O\XJRSRGULDVLJQLILFDUOD
GHFDGHQFLDDODTXHOOHJDGRHOKRPEUHSRUHOSHFDGR<HVDHVVXPHGLGD(OFRORUQHJURGHOFDEDOORHV
XQVLPERORGHOSHFDGR/RTXHVHVHQDODULDVHULDODVLWXDFLRQGHOVHUKXPDQRGHFDGHQWHFRPR
FRQVHFXHQFLDGHOSHFDGR$KRUDVHOHLQYLWDDGHMDUHVDPHGLGDGHFDGHQWHSRUHOSHFDGR'HDKLTXHHO
WHUFHU6HOORVHDXQDLQYLWDFLRQDPHGLUVHUHVSHFWRDOPHQVDMHGLYLQR\DSURFXUDUVHUGHODYLQDGHO
6HQRURXQFRPEXVWLEOHGHDFHLWHTXHLUUDGLHODOX]YHUGDGHUD$SXS7RGRYDDGHSHQGHUGHO
XVRTXHKDJDGHOWLHPSR\GHORVWDOHQWRVTXHVHPHRIUHFHQJUDWXLWDPHQWHSRUTXHSRUXQGHQDULRHO
VDODULRGHXQGLDGHDTXHOODHSRFDGH-XDQSXHGRFRPSUDURGRVOLEUDVGHWULJRFRPLGDGHKRPEUHR
>@
VHLVGHFHEDGDIRUUDMHGHDQLPDOHV"4XHHVFRJHUH" /DHOHFFLRQGHEHVLJQLILFDUDOJRUHVSHFWRDO
]XJRQREDODQ]D(OPHQVDMHHVHYLGHQWH1RGHERHQWUHWHQHUPHFRQHOWULJR\ODFHEDGDSRUTXHYDQDVHU
GDQDGRV/RXQLFRTXHQRYDDVHUGDQDGRHVHOYLQR\HODFHLWH<SRUORTXHVHYHHVJUDWLV1RWHQJR
TXHHQUHGDUPHFRQHOWULJR\ODFHEDGD\GHGLFDUWRGRHOGLQHURGHXQDMRUQDGDGHWUDEDMR'HER
FHQWUDUPHHQTXLWDUPHHO\XJRGHODGHFDGHQFLD\SDUDHOORGHERGHVHUYLQD\ROLYRDFHLWH\YLQR
(VODYR]GHORVVHUHVYLYLHQWHVTXHLQWHUSRQHQORGHOGHQDULRHOWULJR\ODFHEDGD(OKRPEUH
HQWUHJDGRH[FOXVLYDPHQWHDODVXEVLVWHQFLDVHGDQDDVLPLVPRSRUTXHVHHVFODYL]DDXQ]XJRQDXQ\XJR
(ODFHLWHHVVLPERORGHODVDQWLGDG5PFI*Q([1P-XFI6DO
<HVPX\FXULRVRVLVHUHSDVDHOWH[WRGH1XPHURVDSDUHFHODRIUHQGDGHFHEDGDDQWH
XQSUREOHPDGHFHORV\VHLPSLGHTXHVHWUDLJD\VHSRQJDDFHLWHSRUTXHVHWUDWDGHXQDRIUHQGD
UHFRUGDWLYDTXHWUDHDODPHPRULDHOSHFDGR/DDFWLWXGGHHQWUHWHQHUPHFRQODFHEDGD\HOWULJRHVXQ
UHFRUGDWLYRGHXQDYLGDGHSHFDGRGHFDGHQWHGHVRPHWLPLHQWRDODPHGLGDGHXQ\XJRTXHHVFODYL]D\
TXHSHUSHWXDDODSHUVRQDDVXPXQGRVRFLDOQRDOPXQGRGH'LRV
(OYLQR\ODVDQWLGDGWLHQHQHOPLVPRRULJHQ\HVSXHVWRHQODVRIUHQGDVVDJUDGDV/Y1P
'W
'HFXDOTXLHUPDQHUDODDFWLYLGDGGLYLQDHQHVWH6HOORHVXQOODPDPLHQWRDODUHIOH[LRQSURIXQGDDOD
DXWRFULWLFDVREUHODSRVLFLRQGHXQR\GHOD,JOHVLDDWUDYHVGHOWLHPSRVLPEROL]DGRSRUHVWHWHUFHU6HOOR
'HODGHFLVLRQYDDGHSHQGHUOLEUDUVHGHOGDQRTXHYDDVXFHGHUDWRGRDH[FHSFLRQGHODYLQD\GHO
ROLYRTXHVLPEROL]DQODYLYHQFLDGHODVDQWLGDG\ODSHUWHQHQFLDDOSXHEORGH'LRV
(O&DEDOORDPDULOORHVVLPERORGHODPXHUWH\GHOLQILHUQRHVHOUHVXOWDGRILQDOSDUDDTXHOORV
TXHGHVHDQSHUPDQHFHUHQSHFDGRFI5PLQFRUUHJLEOHPHQWHREVWLQDGRVFRQWXPDFHV'HDKLOD
UHLWHUDFLRQGHORVLQVWUXPHQWRVGHPXHUWH
3HURHVDPXHUWHYDDVHUHWHUQD<FXDQGRVHSURGX]FD\DQRKD\SRVLELOLGDGGHVDOYDFLRQ'HDKLTXH
ODREUDGLYLQDGHVDOYDFLRQTXHHVWDFRQWHQLGDHQORV6HOORVJOREDOPHQWHFKRFDFRQWUDXQDKXPDQLGDG
FRUURPSLGD3HURDXQGHQWURGHHOODSXHGHQH[LVWLUUHVSXHVWDVDOOODPDPLHQWRGLYLQRSHURVLQRODPXHUWH
VHUD\HVODSDJDGHOSHFDGR
 (QWRGRVHVWRVPHQVDMHVKD\XQRVFRQWHQLGRVVXE\DFHQWHVFX\RSXQWRGHUHIHUHQFLDHV'LRV\
-HVXFULVWRTXHTXLHUHQVDOYDUTXHHQYLDQODVDOYDFLRQSRUPHGLRGHOPLQLVWHULRFRQWLQXRGHO+LMRGHO
+RPEUHRGHO3ULQFLSHGHORVHMHUFLWRVR3ULQFLSH0HVLDV$SVVFI'QFI'Q
(ORWURH[WUHPRDOTXHVHDOXGHHVXQDKXPDQLGDGFRQIURQWDGDFRQVLJRPLVPDVLQXQ
FRQRFLPLHQWRGHOD3DODEUDGH'LRVGHORVSULQFLSLRVGHO5HLQRGH'LRVTXHVXIUHODHQIHUPHGDG\OD
PXHUWHFRPRFRQVHFXHQFLDGHODFWRGHOUHFKD]RGHODVDOYDFLRQ\GHORTXHKDDFXPXODGR\SUR\HFWDHQ
HOGHYHQLUGHODKLVWRULD6RORSRGUDOLEUDUVHVLDFHSWDHOPHQVDMHGHVDOYDFLRQ/RVTXHQRDFHSWDQQR
VRORGHVDSURYHFKDQXQDRSRUWXQLGDGVLQRTXHDQDGHQXQDVLWXDFLRQGHFRQIOLFWRSHUPDQHQWHFRQ'LRVVX
5HLQR\VX3XHEORHQOD7LHUUD/RTXHOHVOOHYDDXQHQIUHQWDPLHQWRFRQOD6REHUDQLDGLYLQDTXHOR
UHVXHOYH'LRVHQEDVHDODVDOYDFLRQGHVX3XHEOR(VHQHVDVDOYDFLRQDVX3XHEOR\DOUHVSHWRDVX
*RELHUQRMXVWRTXHLPSLGHODSHUSHWXDFLRQGHO0DO(VHQHVHHQIUHQWDPLHQWRGHVDOYDFLRQ\GHUHFKD]R
GHODVDOYDFLRQHQODLQFRPSDWLELOLGDGHLPSRVLELOLGDGGHTXHODVGRVRSFLRQHVSXHGDQFRQYLYLUMXQWDV
TXHVHSURGXFHFRQHOYHUHGLFWR\VREHUDQLDGLYLQDODGHVWUXFFLRQGHO&ROHFWLYRRSXHVWRDO'LRV
YHUGDGHUR\TXHSUHWHQGHGHVWUXLUDO3XHEORGH'LRV
$KRUDFRPSUHQGHPRVPHMRUHO$FWR\(VFHQDGHODV,JOHVLDV$S\HOGHORV6HOORV$S\
HO(QWUHDFWRGH$SRFDOLSVLV
7RGRUHVSRQGHDXQDORJLFDDVRPEURVD'HVGHHO6DQWXDULR&HOHVWLDO'LRVQRVHQYLDHOPHQVDMHGH
TXHQRHVWDPRVVRORVGHTXHKD\XQDSUHRFXSDFLRQ\DFWXDFLRQFRQWLQXDSRUSDUWHGH(OGH-HVXFULVWR
GHO(VSLULWX6DQWR\GHWRGRVDTXHOORVTXHLQWHUYLHQHQHQODSXHVWDDSXQWRGHQXHVWUD6DOYDFLRQ$S

$QWHHOSULPHUDFWRHVFHQLILFDGRVHQRVPXHVWUDDXQD,JOHVLDIXQGDGDWRWDOPHQWHHQ-HVXFULVWRDXQTXH
FRQFLHUWDVGLILFXOWDGHVHQVXVHQRSHURFRQODVJDUDQWLDVGHVXWULXQIR/RVPHQVDMHVDOD,JOHVLDVRQ
LQHYLWDEOHVHLPSRVWHUJDEOHV(OH[LWRYDDGHSHQGHUGHODSXHVWDHQSUDFWLFDGHORVFRQVHMRVTXHVH
RIUHFHQ
/DSUHJXQWDTXHVHLPSRQH"&RPRVHKDFRQVHJXLGRIRUPDUHVD,JOHVLDDWUDYHVGHOWLHPSR\VH
KD\DORJUDGRTXHORVPHQVDMHVDOD,JOHVLDKD\DQSRGLGRVHUHILFDFHVDSHVDUGHOPXQGR\GHORV
SRGHUHVGHOPDO"
/DSULPHUDUHVSXHVWDHVHOVHJXQGR$FWRHOGHORV6HOORV3DUDSRGHUREWHQHUXQD,JOHVLDVLQPDQFKD
QLDUUXJDEDVDGDHQODVIXHQWHVILHODO&RUGHURGHSRVLWDULDGHORVSULQFLSLRVGHO5HLQRGH'LRVHQVX
SHUHJULQDUHQODWLHUUDKDVLGRSUHFLVRGHVSOHJDUODDFWLYLGDGGLYLQDVDOYDGRUDPDQLIHVWDGDHQHO
FRQWHQLGRGHORV6HOORVGHDFXHUGRDODOLQHDLQWHUSUHWDWLYDTXHKHPRVGDGR\DOSURJUDPDTXH\DVHQRV
KDGHMDGRHQHO(YDQJHOLR/DDWHQFLRQTXHSRQJDDO'LRVTXHVHUHYHOD\DODREUDGHO0HVLDVUHFRUGDGD
\HQVHQDGDSRUHO(VSLULWX6DQWRHVORTXHKDUDTXHSXHGDKDFHUIUHQWHDODSUREOHPDWLFDH[LVWHQFLDOTXH
VHSUHVHQWDDFDGDXQR\DODLJOHVLDHQHOPRPHQWRKLVWRULFRGHFDGDXQR
7RGRHVWRQRVPXHVWUDTXHORVSULPHURVVHOORV\HOTXLQWRVHDEUHQVLPXOWDQHDPHQWHXQRWUDVRWUR\
VRQDSOLFDEOHVDWRGRHOUHFRUULGRKLVWRULFRGHODKXPDQLGDGGHQWURGHOWLHPSRGHJUDFLDSDUDOD
VDOYDFLRQ"3RUTXHVHPHYDDSULYDUDPLGHORVDVSHFWRVSRVLWLYRVGHOSULPHUVHOOR"/DYLFWRULDOD
QHFHVLWR\RWDQWRFRPRFXDOTXLHUDGHFXDOTXLHUHSRFD/DQHFHVLGDGGHPHGLUPHHQUHODFLRQDOWHUFHU
VHOORGHVDEHUORTXHPHKDFHGDQRHQFXDQWRDSUHRFXSDUPHSRUODVFRVDVGHHVWDYLGDFI0W
HQGHWULPHQWRGHODVGH'LRVORQHFHVLWR\RWDQWRFRPRFXDOTXLHUFULVWLDQRGHOSULPHUVLJOR<ORTXH
VHSXHGHDSUHQGHUGHOVHJXQGRVHOORFXPSOLHQGRVHHQWRGRHOWLHPSRKLVWRULFRSRGHPRVFRPSUREDUOR
FDGDXQRGHVGHVXSHUVSHFWLYDKLVWRULFD(OUHFKD]RDOFRQRFLPLHQWRGHODVDOYDFLRQWUDHUDHOQR
DUUHSHQWLUVH\SRUORWDQWRODVSHUVRQDVVHGHVSURWHJHQ\ODREUDGHOPDOLJQRWLHQHVXIUXWR\ORVHQUROD
RELHQHQOD%DELORQLDRGHIRUPDDFWLYDHQORVUHLQRVGHHVWHPXQGRHQODVFDEH]DRHQORVFXHUQRVGH
OD%HVWLDSURGXFLHQGRVHORVGHVPDQHVHLQMXVWLFLDVKLVWRULFDVGHSHUYHUVLRQFRUUXSFLRQ\YLROHQFLDVGH
ODVQDFLRQHV
"<FXDOKDVLGRHOUHVXOWDGRGHWRGRHOOR"/DFRQWHVWDFLRQDHVWDSUHJXQWDWDPELHQHVHORFXHQWH
(VWHGHVHQODFHFRUUHVSRQGHDOVHOODPLHQWRGHORVHQXQFRQWH[WRHVFDWRORJLFR\ODVHJXULGDG
GHXQDPXOWLWXGGH6DOYRVDGRQGHHVWDQLQWHJUDGRVORVSURSLRV$S
6LSDUWLPRVGHOTXLQWR6HOORTXHDQDOL]DUHPRVDFRQWLQXDFLRQFRPSUHQGHUHPRVPHMRUODVUD]RQHVGH
FDGDHVFHQD\DFWR
(QHOTXLQWR6HOORVHQRVSUHVHQWDVLPEROLFDPHQWHDDTXHOORVTXHKDQPXHUWRSRUHOWHVWLPRQLRGHOD
>@
3DODEUDGH'LRV <HQXQFRQWH[WRHVFDWRORJLFRGH-XLFLRTXH\DKHPRVGHVFULWRVHOHVGHFODUD
MX]JDGRVGHILQLWLYDPHQWHFRPRVDOYRVYHVWLGXUDVEODQFDVSHURHQFXDQWRDODUHVXUUHFFLRQOD
PDQLIHVWDFLRQGHODYLGDHWHUQDVHOHVGLFHTXHGHEHQGHHVSHUDUXQSRFRWRGDYLDKDVWDTXHVH
FRPSOHPHQWHHOQXPHURGHORVTXHKDQGHVHUVDOYRVFRPRHOORV(VWRPXHVWUDTXHODDFWLYLGDG'LYLQDD
ODVDOYDFLRQKDVLGRHIHFWLYD
3HURHVHUHVXOWDGRTXHGDFRPSOHWDPHQWHHYLGHQFLDGRFRQODVHVFHQDVGHOFDSLWXORTXHWLHQHQHQ
FXHQWDWDPELHQHOVH[WR6HOOR
(QHIHFWRSDUDDTXHOORVTXHYLYDQHQHOFRQWH[WRGHOVH[WR6HOORTXHHQXQHQFDGHQDPLHQWR
GHVHQDOHVGHODSUR[LPLGDGGHOUHWRUQRGH-HVXFULVWRKDQGHFLGRDFHSWDUHOPHQVDMHGLYLQR\TXHVRQORV
TXHKDEUDTXHDQDGLUDORVTXHIDOWDQDORVTXHHQHOTXLQWR6HOORVHDOXGHVHQRVSUHVHQWDHOUHVXOWDGR
REWHQLGRGHODDFWLYLGDGGLYLQDDODVDOYDFLRQSRUSDUWHGHORTXHFRQWLHQHQ\VLJQLILFDQORV6HOORVHQHO
HQWUHDFWRGHOFDSLWXORVHYLVXDOL]DQDORVTXHIDOWDQSRUDQDGLUVHWRGDYLDVHJXQDQXQFLDHOTXLQWR6HOOR
\TXHVRQORVYLYHQHQHOFRQWH[WRGHOVH[WR6HOOR\TXHHVWDQLQWHJUDGRVHQODYLVLRQGHXQDPXOWLWXGGH
VDOYRVGHWRGDVODVHSRFDVLQFOXLGDODGHOVH[WR6HOOR\TXHDEDUFDDORVVHOODGRV
SHUWHQHFLHQWHVDOFROHFWLYRUHSUHVHQWDQWHGHODXOWLPDJHQHUDFLRQGHWHUPLQDGDSRUHOSURSLRFRQWH[WR
GHOVH[WR6HOORHOTXHSXHGHSHUPDQHFHUHQSLH\SRUORWDQWRHVWDUYLYRVFXDQGRHODFRQWHFLPLHQWR
GHOUHWRUQRGH-HVXFULVWRVHSURGX]FDFI
8QDXELFDFLRQGLVWLQWD\FRQFUHWDDSDUWLUGHXQPRPHQWRGHO4XLQWR6HOOR
6LDKRUDSDVDPRVDODDSHUWXUDGHOTXLQWRVHOOR$SGHVFXEULPRVXQFDPELRHVHQFLDO
DSDULFLRQGHO$OWDUGHODWULRGHO6DQWXDULRXQDUHFODPDFLRQGH-XLFLR\XQDHQWUHJDGHYHVWLGXUDV
EODQFDV
$TXLVHLQWURGXFHWUDVODPXHUWHTXHKDSRGLGRRFXUULUHQFXDOTXLHUHSRFDXQPRPHQWRGHWHUPLQDGR
PDUFDGRSRUODSRVLELOLGDGGHXQ-XLFLRFDUDFWHULVWLFRTXHSHUPLWHVHQWHQFLDUIDYRUDEOHPHQWH
PDQLIHVWDQGRVHFRPRUHDOL]DGRPHGLDQWHHOKDEHURWRUJDGRODVYHVWLGXUDVEODQFDV(VWDVHQWHQFLD
GHILQLWLYD\GHQWURGHOGHFRUDGROLWXUJLFRWLHQHXQFRORUTXHDOXGHDO'LDGHODV([SLDFLRQHVFXDQGRVH
>@
KDFLD-XLFLRILQDOVREUHHOSXHEORGH,VUDHOFI/Y /DHVFHQDFHOHVWLDOUHFRJHODVLWXDFLRQGH
LQMXVWLFLDTXHVXSRQHTXHXQRVVHUHVTXHKDQPXHUWRDFHSWDQGRD-HVXFULVWRWRGDYLDQRSXHGHQUHVXFLWDU
(VWDVLWXDFLRQFODPDSRUTXHVHOHVKDJDMXVWLFLD/DHVFHQDVHFRORFDHQXQFRQWH[WRHQHOTXHOOHYDQ
WLHPSRPXHUWRV\WRGDYLDVHOHVLQVWDDTXHHVSHUHQSRUORWDQWRKDGHWUDQVFXUULUWRGDYLDXQWLHPSR\
GHQWURGHOVLJQLILFDGRGHOVLPEROLVPRGHODOWDUGHOOXJDUVDQWRWLSRORJLFR3HURDKRUDVHOHVGD
YHVWLGXUDVEODQFDVFRVDTXHQRSRVHLDQKDVWDHQWRQFHVVLPERORGHOLPSLH]D\GHYLFWRULD
WUDVOXFLHQGRXQDVHQWHQFLDIDYRUDEOHVRQVDOYRVKDQVLGRUHGLPLGRV\SRUORWDQWRUHVXFLWDUDQSDUDYLGD
HWHUQDFI$S0WHVFHQDTXHWUDVOXFHORTXHFRUUHVSRQGDDOHVSDFLRWHPSRUDO
UHODWLYRDHVHVHJXQGRPRPHQWRKLVWRULFRTXHVHQDODWDQWRODWLSRORJLDGHO6DQWXDULRWHUUHQDOTXHDFWXD
FRPRXQVLPERORGHODUHDOLGDGFI+EFRPRHOGHUDVGH'DQLHOFI
FIFI
 (OTXLQWRVHOOR
>@
(OWHRORJRFDWROLFR;/HRQ'XIRXU HVFRKHUHQWHHQWRGDVXH[SRVLFLRQVREUHHODOPD\FXDQGR
OOHJDDFRPHQWDUORUHODWLYRD$SRFDOLSVLV\VVGLFHTXHODVDOPDVDJXDUGDQEDMRHODOWDUDOD
UHVXUUHFFLRQREUDGHO(VSLULWXGH9LGDQRGHXQDIXHU]DLQPDQHQWH!!\TXHHOKRPEUHHQWHURYHQGUDD
VHUDOPDYLYLHQWHUHVXFLWDUDHQVXLQWHJULGDGD&RU*Q!!
"3RUTXHHODXWRUFUHHUDGHHVWHPRGRUHVSHFWRDODVDOPDVGH$SRFDOLSVLVTXHFODPDQEDMRHODOWDU"
$S
(QSULQFLSLRSRUTXHHVFRQVHFXHQWHFRQHOFULWHULRDQWURSRORJLFRELEOLFRVHJXQHOFXDOHODOPDHVHO
UHVXOWDGRGHODXQLRQGHODVXVWDQFLDPDWHULDOTXHVHSDUDGDQRWLHQHQLYLGDQLGHVDUUROORGHDFWLYLGDG
SHQVDQWH\GHOHVSLULWXTXHDXQTXHHVXQSULQFLSLRYLWDOQRSRVHHHQVLPLVPRSHUVRQDOLGDGSURSLDQL
FRQVFLHQFLD*HQFI*Q3RUORWDQWRHODOPDTXHQRHUDKDVWDTXHODDVRFLDFLRQGH
ODVXVWDQFLDPDWHULDO\HOHVSLULWXVHGLRGHMDGHVHUFXDQGRVHSURGXFHODPXHUWH6DODXQ
FXDQGRFRPRWHUPLQRUHSUHVHQWDWLYRGHODSHUVRQDSXHGDVHJXLUVLHQGRXWLOL]DGRWDQWRSDUDDOXGLUDOD
SHUVRQDPXHUWDFRPRDODTXHXQGLDYLYLUD
>@
(ODXWRUSUHFLWDGR VDEHTXHHOKRPEUHQRWLHQHQDGDLQPRUWDOLQKHUHQWHPHQWHTXHKDJDUHIHUHQFLD
DXQDSHUVRQDOLGDGFRQVFLHQWHGHVSXHVGHODPXHUWHFI*QVLQRTXHHVDLQPRUWDOLGDGODUHFLEH
JUDFLDVD&ULVWR5PFID7LPHQRFDVLRQGHODUHVXUUHFFLRQGHORVPXHUWRVHQODVHJXQGD
9HQLGDGH-HVXFULVWRD7HVD&RU
(ODOPDSRGLDVHUGHVWUXLGD(]T\DFDEDUVHODVDFWLYLGDGHVGHOKDEOD\GHOSHQVDPLHQWR
6DO(FO6DO,VD
'HDKLTXHQDGLHKD\DVXELGRDOFLHORQLHQHOFXHUSRQLHQDOPD-Q+HFK
 "&RPRHQWHQGHUHOWH[WRGH$SRFDOLSVLV"
(OFDUDFWHUVLPEROLFRHVHYLGHQWHSRUHOFRQWH[WR\SRUHOSURSLR$SRFDOLSVLV$SVV
>@

>@
$OEHUWR%DUQHVHQVX&RPHQWDULR
1R GHEHPRV VXSRQHU TXH HVWR RFXUULR OLWHUDOPHQWH \ TXH -XDQ YLR GH KHFKR D ODV DOPDV GH ORV PDUWLUHV GHEDMR GHO DOWDU SRUTXH WRGD OD
UHSUHVHQWDFLRQHVVLPEROLFDWDPSRFRGHEHPRVVXSRQHUTXHORVRIHQGLGRV\PDOWUDWDGRVHVWHQGHKHFKRHQHO&LHORFODPDQGRSRUYHQJDQ]D
FRQWUDDTXHOORVTXHORVPDOWUDWDURQ!!
1RWHVHHQFRPSDUDFLRQFRQ$SORVWH[WRVVLJXLHQWHV*HQ+ED5H\-RE

&RQODVH[SUHVLRQHVTXHDKLVHXWLOL]DQDQDGLHVHOHRFXUUHSHQVDUTXHHVRVWH[WRVVHSXHGDQXVDUSDUD
DOXGLUDXQHVWDGRLQWHUPHGLRFRQVFLHQWHHQODPXHUWH/DVDQJUHVHKDFRQYHUWLGRHQXQDUHSUHVHQWDFLRQ
>@
GHODOPD SRUFXDQWRHODOPDHVODYLGDUHVXOWDQWHGHODXQLRQGHODVXVWDQFLDPDWHULDO\HVSLULWX\
GHUUDPDQGRVHODVDQJUHODYLGDVHHVIXPD'HDKLTXHODVDOPDVGHEDMRGHODOWDUFODPHQFRPRODVDQJUH
>@
GH$EHO
/DPXHUWHQRSXHGHGHVWUXLUHOWHVWLPRQLRTXHKHPRVGHMDGRPLHQWUDVHVWDEDPRVHQYLGDGHDKLTXH
DXQFXDQGR$EHOHVWHPXHUWRDXQGHVSXHVGHPXHUWRVXWHVWLPRQLRUHDOL]DGRPLHQWUDVHVWXYRYLYR
WRGDYLDKDEOD+E'HHVHPLVPRPRGRODVDOPDVODVYLGDVGHORVTXHIXHURQPXHUWRVDXQTXH
LQFRQVFLHQWHVRVLQH[LVWHQFLDSHUVRQDOVXWHVWLPRQLRGHPDUWLUHVSRU-HVXVKDEODFODPDQGRMXVWLFLDSRU
ODLQMXVWLFLDGHODPXHUWH&ULVWRODVKDMXVWLILFDGRGHEHULDQHVWDUVDOYDVUHVXFLWDGDV(VHOPRGRGH
DGYHUWLUTXHODHVSHUDQ]DGHOWHVWLJRGH&ULVWRWRGDYLDYLYRQRGHEHDOWHUDUVHDXQFXDQGRODPXHUWHGH
DTXHOORVTXH\DQRVKDQSUHFHGLGRSXHGDVHUFRQWHPSODGDFRPRQRKDELHQGRVHFXPSOLGRWRGDYLDVX
H[WHUPLQDFLRQD&RUGDGRTXHHOMXLFLRSRUHOTXH'LRVGHWHUPLQDUDODYXHOWDGHILQLWLYDDOD
YLGDHWHUQDQRVHKDSURGXFLGR
2WURVWHUPLQRVHVFRJLGRVSDUDGHVFULELUHVWDVLWXDFLRQDEXQGDQHQHVWHVHQWLGRTXHHVWDPRV
H[SOLFDQGR
(OFRQFHSWRVDFULILFLR\DOWDU
/RVFULVWLDQRVYLYHQVDQWDPHQWH\HVWRVXSRQHODSHUVHFXFLRQHOPDUWLULRFID7LP7RGRVORV
FULVWLDQRVVXIUHQGHDOJXQPRGRHOPDUWLULRODSHUVHFXFLRQ/DYLGDFULVWLDQDVXSRQHXQVDFULILFLR\
VHUYLFLRFI)LOS5P'HDKLTXH3DEORHQIUHQWHODPXHUWHFRPRVLIXHUDDVHUVDFULILFDGR
D7LPHLQVWHDVDEHUVRSRUWDUODVDIOLFFLRQHVD7LP/DGGGLUDTXHFDGDGLVFLSXORGH
>@
-HVXVHVHQHVHQFLDXQPDUWLU /DOXFKDTXHKDGHVRVWHQHUFRQWUDHOSHFDGRHOPXQGRHO0DOLJQR
\ODQDWXUDOH]DGHSHFDGR\VXYLFWRULDHQXOWLPDLQVWDQFLDHQ&ULVWRFRQYLHUWHDFLHUWRVUHWD]RVGHODYLGD
\DODSURSLDPXHUWHHQXQDXWHQWLFRPDUWLULRSRUODSDODEUDGH'LRV\SRUVXWHVWLPRQLRGHODSHUVRQDGH
&ULVWRFI0W
3RGHPRVGHFLUTXHODVDOPDVTXHDSDUHFHQHQHODOWDUVHUHILHUHQDWRGRVORVTXHKDQVLGRGHO3XHEOR
GH'LRVDORODUJRGHWRGDVODVHSRFDVKDVWDHVHPRPHQWRHQTXHVHFXPSOHQGLFKRVYHUVLFXORV
(O$SRFDOLSVLVQRVGHVFULEHDXQDOWDUGHRURGHODQWHGHOWURQRGH'LRV$S
VLHVWHDOWDUHVWDKDFLHQGRUHIHUHQFLDDODOWDUGHHVHYLGHQWHHOYDORUVLPEROLFRGHODVH[SUHVLRQHV
GHOPLVPRPRGRTXHODVRUDFLRQHVGHWRGRVORVVDQWRVGHODWLHUUDVHDQDGHQVREUHHODOWDU$SFI
$S+EVLPEROL]DGDVSRUHOLQFLHQVRHOUHFXHUGRGHODVSHUVRQDVDOPDVTXHIXHURQ
VDFULILFDGDVHQODWLHUUDHQHO$WULRGHO6DQWXDULR&HOHVWLDO^HQHOSDWLR$S`FI+E-Q
+EWDPELHQHVWDSUHVHQWHEDMRHVHDOWDU
6LQHPEDUJRVLQTXHGLVPLQX\DSDUDQDGDHOFDUDFWHUVLPEROLFRGHODHVFHQDQLHYLWDUODH[SOLFDFLRQ
TXHKHPRVGDGRODSDODEUDDOWDUSRGULDUHIHULUVHQRDODOWDUGHRURFHOHVWLDOVLQRDODOWDUWHUUHVWUH
FRPRUHSUHVHQWDWLYRGHDTXHOORVTXHVHKDQGHMDGRVDFULILFDUSRUHOVHUYLFLR\HOWHVWLPRQLRGHOD
3DODEUDGH'LRV
>@
6HJXQ/DGG (QHOULWXDOGHO$QWLJXR7HVWDPHQWRODVDQJUHGHODVYLFWLPDVGHORVVDFULILFLRV
HUDGHUUDPDGDHQODEDVHGHODOWDU/Y!!ORTXHHVWDULDKDFLHQGRUHIHUHQFLDDODWULRTXHHUDHO
>@
SDVRSUHYLRRODDQWHVDODDORVOXJDUHV6DQWRVHO6DQWR\HO6DQWLVLPR
(VHYLGHQWHTXHFXDQGRKDEODGHO7HPSORFHOHVWLDO\GHVXDOWDU$SKDEODGHXQSDWLRUHVSHFWR
GHHVWH7HPSORFHOHVWLDOTXHFRLQFLGHFRQHVWDWLHUUDSXHVWRTXHGXUDQWHPHVHVVLPEROLFRSURIHWLFRV
LEDDHVWDUGRPLQDGDSRUORVJHQWLOHV(VWRHVFRQWHPSODGRFRPRTXHODFLXGDG6DQWD&HOHVWLDO
UHSUHVHQWDWLYDGHORVSULQFLSLRVGHO5HLQRGH'LRVTXHVDOYDJXDUGDHOSXHEORGH'LRVOD1XHYD
-HUXVDOHQFI$SVHULDKROODGD$SSXHVWRTXHHVHGRPLQLRGHORVJHQWLOHV
UHSHUFXWHPX\QHJDWLYDPHQWHHQORVUHSUHVHQWDQWHVHQODWLHUUDGHHVD&LXGDG6DQWD6LQHQWUDUHQPDV
GHWDOOHVHVFODURTXHORFHOHVWLDOHVWUDVODGDGRDXQDSRVLFLRQWHUUHVWUHTXHUHSUHVHQWDHQODWLHUUDOR
VLJQLILFDWLYDPHQWHLPSOLFDGRSRUORFHOHVWH<ORWHUUHQDOHVWUDVODGDGRDXQDSRVLFLRQFHOHVWLDOVLQ
SHUGHUVHHOVHQWLGRWHUUHVWUH
(OWHUPLQRVDFULILFLRWLHQHXQDFRQQRWDFLRQWHUUHVWUHSXHVWRTXHHO$WULRGRQGHVHKDFLDQORV
VDFULILFLRVQRHUDHO6DQWXDULRGRQGHVHPDQLIHVWDEDODSUHVHQFLDGH'LRV$KRUDHO6DQWXDULRR7HPSOR
&HOHVWLDOFI+E$SWLHQHXQSDWLRRDWULRTXHHVODWLHUUD$SFRQ
XQDOWDUHQVHQWLGRILJXUDGRTXHHVHOFDOYDULR-Q\XQDYLFWLPDTXHHVHO&RUGHURGH'LRV
-Q(VWHHVHOUHSUHVHQWDQWHGHWRGRVDTXHOORVTXHKDQGHPRULUHQVXWHVWLPRQLRSRU(O(O
GHJXHOORRODLQPRODFLRQGH-HVXFULVWRHO&RUGHURGH'LRVTXHHVXQDHVFHQDWHUUHVWUHVHWUDVODGDDO
&LHOR$SVLQTXHSRUHVRQDGLHSLHQVHTXHKD\XQDQXHYDLQPRODFLRQQLXQFRUGHURUHDO
VLQRORVVLJQLILFDGRVLPSOLFDGRVHQHVRVWHUPLQRVFRQVDJUDGRV
>@
$ODPD\RULDGHORVDXWRUHVOHVKDVRUSUHQGLGRLQFOXVRGHQRPLQDQGRODFRPRLQVROLWD OD
H[SUHVLRQEDMRHODOWDURGHEDMRGHODOWDUKXSRNDWR(QSULQFLSLRSRUTXHVLHODOWDUKLFLHVHUHIHUHQFLD
DODOWDUGHRURQRVHFRPSUHQGHHVDXELFDFLRQHQHO&LHOR
/DH[SUHVLRQGHEDMRGHODOWDUWLHQHXQDFRQQRWDFLRQIXHUWHPHQWHWHUUHVWUH
>@
$GDP&ODUNHHODOWDUVHKDOODHQOD7LHUUD\QRHQHO&LHOR
'HOPLVPRPRGRTXHODVDQJUHGHODVYLFWLPDVRVDFULILFLRVHUDGHUUDPDGDHQODEDVHGHODOWDUGHODWULR
GHO6DQWXDULRWHUUHQDO/YODVDOPDVODVSHUVRQDVRORVTXHKDELDQH[SHULPHQWDGRODPXHUWHHQVX
WHVWLPRQLRSRU-HVXFULVWRKDELDQVLGRPXHUWRVODVFRQVLGHUDODLQVSLUDFLRQILJXUDGDPHQWHFRPR
HVWDQGREDMRHODOWDU/RTXHUHIRU]DULDODIRUPDVLPEROLFDGHPDQLIHVWDUODFRQGLFLRQPRUWDOGHHVDV
SHUVRQDVDOPDVTXHH[SHULPHQWDQGRHOPDUWLULRSRUVXILGHOLGDGD'LRVDXQTXHPXHUWDVHLQFRQVFLHQWHV
VXVDQJUHGHUUDPDGDGRQGHHVWDODVDQJUHGHUUDPDGDHVWDHODOPD>ODYLGD@GHUUDPDGD^FI/Y`
FODPDFRPRODVDQJUHGH$EHOSRUTXHVHKDJDMXVWLFLDDODLQMXVWLFLDFRPHWLGD
6HJXQWRGRHVWRHO
DOWDU
GRQGHKDQVLGRVDFULILFDGDVHVWDVSHUVRQDVKDULDXQEORTXHH[SUHVLYRFRQ
HVDVDOPDVRSHUVRQDVPDWDGDVKDFLHQGRVREUHVDOLUODHVFHQDWHUUHVWUHSHURHVWUDQVSRUWDGDDO&LHOR
SXHVWRTXHGHODPLVPDIRUPDTXHODVRUDFLRQHVWHUUHVWUHVFI+EGHORVVDQWRVHVFRPRHO
LQFLHQVRTXHVXEHDODOWDUGH'LRV$STXHULHQGRVHQRVGHFLUTXHVHKDFHQSUHVHQWHVGHODQWHGH
'LRVORTXHVXSRQHODLQMXVWLFLDFRPHWLGDFRQHVRVKLMRVGH'LRVPXHUWRVFODPDDO&LHOROOHJDQGRDOD
SURSLDSUHVHQFLDGH'LRVGDQGRVHQRVODVHJXULGDGGHTXH'LRVQRVWLHQHHQFXHQWDHQVXPHPRULDTXHHV
WDQWRFRPRGHFLUTXHDXQTXHODPDUFDGHSRVWUDFLRQHLQFRQVFLHQFLDVHQDODHOKDEHUSHUHFLGRQRKHPRV
SHUHFLGRGHILQLWLYDPHQWH\DTXH'LRVKDUDYROYHUDHVDVDOPDVSHUVRQDVPXHUWDVDODYLGDHQRFDVLRQ
GHODVHJXQGD9HQLGDGH&ULVWRFI$S
/DSUHJXQWD\ODUHVSXHVWD
/DSHWLFLRQGHOYHQFXDQWRDMX]JDU\KDFHUMXVWLFLDUHVSHFWRDVXPXHUWHWLHQHGRVUHVSXHVWDVXQD
TXHVHOHVGDYHVWLGXUDVEODQFDVTXHVXSRQHHOYHVWLGRDGHFXDGRGHDOJXLHQTXHKDVLGRMX]JDGR
IDYRUDEOHPHQWHUDWLILFDQGROHHQODYLGDHWHUQDMXLFLRGHOFUH\HQWHUHVSHFWRDOMXLFLRTXHKDQGH
H[SHULPHQWDUORVLPSLRVHVSUHFLVRHVSHUDUXQWLHPSRSRUFXDQWRSDUDHOORHVSUHFLVRTXHVHDQDGDQ
RWURVTXHKDQGHVHUPXHUWRVFRPRHOORV
/RTXHVXSRQHORDQWHULRUPHQWHGHVFULWRHVTXHODHVFHQDDFRQWHFHHQWUHXQWLHPSRHQHOTXHVHRIUHFH
XQYHUHGLFWRRMXLFLRIDYRUDEOHSDUDORVPXHUWRVVHOHVGLHURQYHVWLGXUDVEODQFDV\XQDHSRFDTXHKD
GHWUDQVFXUULUKDVWDILQDOL]DUODFXHQWDGHORVRWURVPXHUWRVTXHVHKDQGHDQDGLU\GDUVHOHVOD
FRQIRUPLGDGGHTXHWDPELHQVHOHVKDGDGR
YHVWLGXUDVEODQFDV

(VLPSUHVFLQGLEOHTXHFRPSUHQGDPRVHQTXHFRQWH[WRFURQRORJLFRVHGDQODVYHVWLGXUDVEODQFDV\
TXHVLJQLILFD
(QXQDLQWHUSUHWDFLRQFRPRODTXHHVWDPRVRIUHFLHQGRGHQWURGHXQFDUDFWHUPDUFDGDPHQWHVLPEROLFR
ODVYHVWLGXUDVEODQFDVQRVLJQLILFDULDQRWUDFRVDTXHODVHJXULGDGGHTXHVHOHVKDQVLGRDSOLFDGDV(O
FODPRUGHSRUTXHQRMX]JDVWLHQHXQDUHVSXHVWDLQPHGLDWDHQFXDQWRDOYHUHGLFWRIDYRUDEOHGHTXHVHOHV
GLHURQYHVWLGXUDVEODQFDVSRUFXDQWRHOMXLFLRVXSRQHQRVRODPHQWHODFRQGHQDFLRQGHOLPSLRVLQROD
VHQWHQFLDIDYRUDEOHHQFXDQWRDTXHHOLPSLRQRKDSRGLGRDERUWDUODSURPHVDSDUDHOWHVWLJRGH&ULVWR
PLHQWUDVVHHVWDEDHQYLGDGHTXHUHFLELULDODVYHVWLGXUDVEODQFDVFI$S$KRUDXQDYH]PXHUWR\
HQXQFRQWH[WRGHMXLFLRILQDOSUHYLRDOVHJXQGR$GYHQLPLHQWRGH&ULVWR'LRVGHWHUPLQDGHHVRVPXHUWRV
>@
HQ&ULVWRTXHGH(OGLHURQWHVWLPRQLRTXHWLHQHQDVHJXUDGDODMXVWLILFDFLRQDVXVSHFDGRV
(VHOPRPHQWRLGRQHRSDUDTXHODLQVSLUDFLRQGHMHWUDVOXFLUODUHLYLQGLFDFLRQTXHVXSRQHODVLWXDFLRQ
GHHVSHUDLQFRQVFLHQWHGHODVSHUVRQDVDOPDVTXHSHUGLHURQVXYLGDSRUHOWHVWLPRQLRGH-HVXVVLHQGR
FRPRXQPHQVDMHSDUDDTXHOORVTXHHVWHQYLYRVFXDQGROHDQHO$SRFDOLSVLVGHTXHODVHWDSDVVHYDQ
FXEULHQGRGHDFXHUGRDOSODQGH'LRV\TXHHQORTXHVHUHILHUHDOMXLFLR\DVHKDGDGRXQYHUHGLFWR
VDWLVIDFWRULRSDUDDTXHOORVTXHQRVSUHFHGLHURQHQODPXHUWH\TXHVLQRVRWURVORVFUH\HQWHVHQ&ULVWR
PRULPRVSRVWHULRUPHQWHDOFRQWH[WRWHPSRUDOTXHVXFHGHHOWH[WR\SRUORWDQWRVRPRVDQDGLGRVFI
$SXSWDPELHQWHQGUHPRVHVDVYHVWLGXUDVEODQFDV\ODVHJXULGDGGHTXH'LRVQRVWLHQHSUHVHQWHV
6LELHQKD\XQDUHVSXHVWDPHGLDQWHHVDYDORUDFLRQIDYRUDEOHVHQRVFRPXQLFDSRUPHGLRGHHVD
HVFHQLILFDFLRQUHSUHVHQWDWLYDHQTXHVHOHVGLFHTXHGHVDFDQVHQWRGDYLDXQSRFRPDVTXHWRGDYLD
TXHGDXQWLHPSRKDVWDFRPSOHWDUWRGRVORVTXHKDQGHPRULUSRUODPLVPDFDXVD\KDVWDQRKDEHUVH
FRQWDELOL]DGRWRGRVQRVHSXHGHFXPSOLUWRWDOPHQWHODSHWLFLRQUHFODPDGDHQ$S\TXHLQFOX\HHO
MXLFLRGHORVLPSLRV
(VWXGLRFURQRORJLFRHQFXDQWRDOFXDQGRGHODVYHVWLGXUDVEODQFDV\GHORVSHUVRQDMHVTXHODVUHFLEHQ
8QYHVWLGRGHWHUPLQDGRSDUDVXSHUDUODVLWXDFLRQGHMXLFLRHVWDFODUDPHQWHFRQVWDWDGRHQODWUDGLFLRQ
HYDQJHOLFDFI0WVVVV$TXLVHWUDWDGHOYHVWLGRGHERGDTXHHVSUHFLVRDFHSWDUSDUDSRGHU
DVLVWLUFRQYLGDGRDODERGDFHOHVWLDOTXHWUDQVFXUUHPLHQWUDVHQODWLHUUDODKXPDQLGDGVLJXHVXPDUFKD(O
>@
&RPHQWDULR6DQ-HURQLPR DILUPDTXHSDUDHVWDVILHVWDVHOWUDMHDGHFXDGRHUDXQDYHVWLGXUDEODQFD
>@
\OLPSLD/D%- LQGLFDGHOYDORUDOHJRULFRGHODSDUDEROD7RGRVFRQVWDWDQODLPSRUWDQFLDGHO
VLJQLILFDGRGHHVHYHVWLGRGHERGDVVLQHOFXDOHVLPSRVLEOHSDVDUHOHVFUXWLQLRGHO5H\HQXQDHVFHQD
DXWHQWLFDPHQWHGHMXLFLR6WUDXELQJHUKDEODGHOVHQWLGRGHOYHVWLGRFRPRVLJQLILFDQGRODJUDFLD
>@ >@
VDQWLILFDQWH /D%LEOLDGH(G/DERU OHDSOLFDVLQPDVHVSHFLILFDFLRQHOFRQFHSWRJUDFLD/D
>@
RSRVLFLRQH[LVWHQWHHQWUHFDWROLFRV\SURWHVWDQWHVTXH%RQQDUGHQVXFRPHQWDULR SDUHFHWUDVOXFLU
FXDQGRH[SUHVDTXHHOYDORUGHOYHVWLGRGHERGDVQRHVWDQLHQHOVHQWLGRSURWHVWDQWHGHMXVWLILFDFLRQQL
HQHOFDWROLFRGHREUDVPHULWRULDVKDVLGRVXSHUDGRKR\DIDYRUGHODWHRULDFDWROLFDFRPRUHILULHQGRVHD
>@
ODUHDOL]DFLRQGHODYROXQWDGGH'LRVPDQLIHVWDGRHQODVEXHQDVREUDV
(VHYLGHQWHTXHXQDOHFWXUDDWHQWDGHODSDUDERODQRVGHPXHVWUDTXHHOYHVWLGRGHERGDVQRSXHGHVHU
DSOLFDGRDQDGDUHODWLYRDODVEXHQDVREUDV/RVFRPHQWDULVWDV\SHUGRQHVHPHPLDSDUHQWHLQPRGHVWLD
QRKDQOOHJDGRDFRPSUHQGHUWUHVFRVDVIXQGDPHQWDOHV8QDTXHDXQTXHQRVHKDJDH[SOLFLWRHQOD
SULPHUDSDUWHGHODSDUDERODFIVHVREUHHQWLHQGHWHQLHQGRHQFXHQWDWRGRHOFRQMXQWRGHHOOD
TXHHOPRWLYRGHOUHFKD]RHVSUHFLVDPHQWHODDFWLWXGGHQRTXHUHUDFHSWDUHOYHVWLGRGHERGDTXHPDV
WDUGHHQODSDUDERODVHH[LJHFRPRFRQGLFLRQGHHQWUDGDFI
(VWRPRVWUDULDTXHHOYHVWLGRUHSUHVHQWDXQRIUHFLPLHQWRJUDWXLWRTXHVHKDFHDORVFRQYLGDGRVVLQTXH
WHQJDQTXHSUHRFXSDUVHQLGHDGTXLULUQLWHMHUVXVSURSLRVYHVWLGRVGHERGDVDVXQWRTXHUHSUHVHQWDDVX
YH]XQHVIXHU]RKXPDQR\PHULWRULR/DDVLVWHQFLDDODVERGDVVHKDGHKDFHUPHGLDQWHXQDLQYLWDFLRQ
JUDWXLWD+DFHUODYROXQWDGGH'LRVQRVLJQLILFDRWUDFRVDTXHDFHSWDUHVHYHVWLGRJUDWXLWRTXHQRVHKD
FRQVHJXLGRSRUDOJXQPHULWRGHWHUPLQDGR
'RVHQODVHJXQGDSDUWHVHPXHVWUDTXHORVFRQYLGDGRVIRUPDQXQJUXSRPX\KHWHURJHQHR
EXHQRVGHDFXHUGRDOSHQVDUGHOPXQGRVRFLDO\PDORVFRQGXFWDLQDSURSLDGDVHJXQODVFRPXQHV
SDXWDVGHODJHQWH(VWRVQRSXHGHQFRQVXFRPSRUWDPLHQWRSUHWHQGHUTXHUHXQHQORTXHLPSOLFDHO
YHVWLGRGHERGDQHFHVLWDQTXHVHOHVGHGLFKRYHVWLGR
7UHV$OILQDOHQODSDUDERODVHH[LJHHVHYHVWLGRFX\RVLJQLILFDGRQRSXHGHVHURWURTXHOD
SHUIHFWDMXVWLFLDGH&ULVWRDSOLFDGDDOFUH\HQWHTXHGHFLGHDFHSWDUODOLEUHPHQWH/DUHDFFLRQERFKRUQRVD
GHORVLQYLWDGRVXVDQGRODYLROHQFLD\HODVHVLQDWRGHO+LMRHVWDPRWLYDGDSUHFLVDPHQWHSRUFXDQWRVH
SUHVHQWDD-HVXFULVWRFRPRYHVWLGRHQOXJDUGHOSURSLR
1RFDEHGXGDTXHODDSURSLDFLRQGHOYHVWLGRYDLPSOLFDUXQFDPELRHQODVDFFLRQHVGHORVTXHKDQ
SHUPLWLGRTXHVHSUR\HFWDUDHQHOORVODSHUIHFWDMXVWLFLDGH&ULVWR
-HVXFULVWRHQVXPHQVDMHDOD,JOHVLDDWUDYHVGHOWLHPSRHYRFDXQDSURPHVDDORVTXHKDFHQ
SHUPDQHFHUVXVYHVWLGRVOLPSLRV$SSSTXHDQGDUDQFRQPLJRHQYHVWLGXUDVEODQFDV$S
XS(OUHVXOWDGRYLFWRULRVRHQPDQWHQHUDWRGDFRVWDHOYHVWLGRGHERGDSHUPLWLUDVHUYHVWLGRHQHO
IXWXURFRQYHVWLGXUDVEODQFDV$S$KRUDELHQHVDVYHVWLGXUDVEODQFDVVHQDOGHODYLFWRULDTXH
-HVXFULVWRKDFRQVHJXLGRJUDFLDVDVXSHUIHFWDMXVWLFLDSDUD\HQFDGDXQRTXHORDFHSWDSDUDTXHVHDQ
XQDUHDOLGDGHQHVHIXWXURHOFUH\HQWHKDGHSURYHHUHOPDUFRDGHFXDGRDVHJXUDQGRVHODVPHGLDQWHOD
FRPSUD$S(OPHWRGRGHDGTXLVLFLRQFI0WHVRUDUSRUHO(VSLULWX6DQWRSDUDTXH
WHJXLHDSHUPDQHFHUHQ-HVXFULVWRFI/F/DSUHVHQFLD\REUDGHO(VSLULWX6DQWRFI-Q
+HFK5RPVHPDQLIHVWDUDHQDFFLRQHVVDQWDVTXHVRQFRQWHPSODGDVGHVGH
HO&LHORFI$S
(VWDFODURSRUWRGRVORVWH[WRVSUHFLWDGRVTXHODVYHVWLGXUDVEODQFDVRWRUJDGDVSRUODYLGD\REUDGH
&ULVWRSRGULDQOOHJDUDFDPXIODUVHKDVWDHOSXQWRTXHSRUHOGHVSUHQGLPLHQWRYROXQWDULRGHHOODV
H[WHULRUL]DGRSRUXQRVUHVXOWDGRVHQORVTXHHVWDQDXVHQWHVORVREMHWLYRV\REUDVTXHVHDOFDQ]DQSRUOD
REUD\SRGHUGHO(VSLULWX6DQWRDFWXDQGRHQHOFUH\HQWHFI(IH\TXHVHGHWHUPLQDHQHO-XLFLR
HYLWDULDHOTXHVHOHVSXHGDFRQFHGHUDSHUSHWXLGDGHVDVVXVRGLFKDVYHVWLGXUDVEODQFDV4XHHOTXHKD
VLGRFRQVLGHUDGRFRPRFUH\HQWHHQ&ULVWRVHOHSXHGDDSOLFDUTXHKDFDLGRGHODJUDFLDFID&RU
*DOFD\HQGRHQORVPLVPRVHMHPSORVGHGHVREHGLHQFLDTXHORVFUH\HQWHVHQODDQWLJXHGDG
+EFIHLQFOXVRKDFHUVHSDVDUSRUWULJRVLHQGRFL]DQD0W\VVH[SOLFDULDHO
TXHWHQJDTXHVHUQHFHVDULRPHGLDQWHHOMXLFLRILQDOUDWLILFDUTXLHQHVKDQVLGRUHDOPHQWHYHQFHGRUHV\VH
OHVSXHGDSURPHWHUGHILQLWLYDPHQWHRGDUODVYHVWLGXUDVEODQFDVDSHUHQQLGDG
(VHQHVWHVHQWLGRTXHODVSHUVRQDVDOPDVPXHUWDVSRUHOWHVWLPRQLRGH-HVXVSXHGHQUHFLELUWUDVHO
PHQVDMHGHMXLFLRTXHGHVFULEHQ$SODVHJXULGDGGHTXHQRKDQVLGRKDOODGDVIDOWDVFID
3HG$STXHVHOHVKDIDYRUHFLGRFRQYHVWLGXUDVEODQFDV$SDXQDQWHVGHVHU
UHVXFLWDGDV(VODUHVSXHVWDGLYLQDTXHQRVDVHJXUDDWRGRVORVTXHOHHPRVHO$SRFDOLSVLVFRPR
FULVWLDQRVTXHVLSHUPDQHFHPRVHQ&ULVWRGHDFXHUGRDOYHVWLGRGHERGDRYHVWLGREODQFRFRQFHGLGR
WHQGUHPRVHQVXPRPHQWRYHVWLGXUDVEODQFDVSRUWRGDODHWHUQLGDG(OYHUHGLFWRUHVSHFWRGHDTXHOORV
TXHKDQPXHUWRVLHQGRILHOHVDOWHVWLPRQLRSRU-HVXFULVWR\GHOD3DODEUDGH'LRVVLHQGRODGHPRVWUDFLRQ
GHTXHHQYLGDSHUPDQHFLHURQVLHPSUHFRQODVYHVWLGXUDVEODQFDVODDFHSWDFLRQGHODMXVWLFLDGH&ULVWR
DSOLFDGDFRQORTXHLPSOLFDQRVFRQILUPDDQRVRWURVTXHDOLJXDOTXHHOORVWDPELHQUHFLELUHPRVHQ
PXHUWHVL-HVXFULVWRQRYLHQHDQWHVHVDPLVPDGHWHUPLQDFLRQHOTXHOOHYDUHPRVYHVWLGXUDVEODQFDV
SRUODHWHUQLGDGGDGRTXHKHPRVFXPSOLGRHQYLGDORVUHTXLVLWRV\DLQGLFDGRVPDVDUULEDTXHORKDFHQ
SRVLEOH
3HURHO$SRFDOLSVLVQRVHQVHQDGRVSXQWRVLPSRUWDQWHVHQUHODFLRQDHVWDVDOPDVTXHUHFLEHQHQ
PXHUWHPHGLDQWHXQDGHFODUDFLRQMXGLFLDOIDYRUDEOHODVYHVWLGXUDVEODQFDV1RVGLFHFXDQGR
H[DFWDPHQWHUHFLEHQODVYHVWLGXUDVEODQFDVDTXHOODVDOPDVTXHHVWDQGRPXHUWDVVHOHVKDELDJDUDQWL]DGR
\TXLHQHVVRQ
(VDVPLVPDVDOPDVDSDUHFHQHQXQFRQWH[WR$SHQHOTXHVHKDFXPSOLGRWRWDOPHQWHHOMXLFLR
HQORTXHVHUHILHUHDORVPXHUWRVHQ&ULVWR$S7DPELHQORVMXLFLRVGHILQLWLYRVFRQWUD
DTXHOORVVLVWHPDV\SHUVRQDMHVTXHORVPDQWLHQHQ\GHVDUUROODQHQXQDHSRFDTXHWRGDYLDWUDQVFXUUHOD
KLVWRULDKXPDQD$SFSVFXOPLQDQGRFRQHOMXLFLRGHVWUXFWLYRGHOPXQGRLPSLRHQRFDVLRQ
GHODVHJXQGD9HQLGDGH-HVXFULVWR$SFI/DHVFHQDGHO0LOHQLRVHLQWURGXFHDFWR
VHJXLGRGHO5HWRUQRGH&ULVWRODWLHUUDHVWDYDFLDGHKDELWDQWHV$SFIUHFXHUGHVH
TXHORVLPSLRVQRUHVXFLWDQHQODUHVXUUHFFLRQJHQHUDOTXHWDQWR3DEORFRPR-HVXFULVWRQRVH[SUHVDQSDUD
HOXOWLPRGLD^FID7HVD&RU-Q`ORVLPSLRVYLYRVPXHUHQHQHO
PRPHQWRGHO5HWRUQRGH&ULVWR>D7HVFI$S@VXUHVXUUHFFLRQVHUHDOL]DUDWUDVXQ
SHULRGRGHQRPLQDGRGHPLODQRV>$SFI-Q@ORTXHGXUDHOH[DPHQGHVXVYLGDVSRU
DTXHOORVTXHVHOHVKDGDGRODIDFXOWDGGHMX]JDUODV>FID&RU@'HWRGRHVWRVHGHVSUHQGHTXH
ODUHVXUUHFFLRQTXHQRVKDEOD$SHVODPLVPDTXHODUHIHULGDWDQWRSRU-HVXV-Q
FRPRSRU3DEORD7HVD&RU
3HURQRWHVHTXHODVDOPDVGHORVGHFDSLWDGRVSRUFDXVDGHOWHVWLPRQLRGH-HVXV$SHVWD
KDFLHQGRUHIHUHQFLDDODVDOPDVGH$S<VHGLFHGHHVDVDOPDVQRGHODIRUPDPDWHULDOQLGHO
HVSLULWXVLQRGHODVDOPDVTXHOOHJDQDWHQHUYLGDQRDOPRULUVLQRDOFRPLHQ]RGHOPLOHQLRHOFXDOVH
XELFDVXRULJHQHQHOPRPHQWRGHODVHJXQGD9HQLGDGH-HVXFULVWRD&RUFI$S

(VHQODGHVFULSFLRQFHOHVWLDOGHHVDJUDQPXFKHGXPEUHTXHLQFOX\HDWRGRVORVVDOYRVGHWRGRVORV
WLHPSRV\DOJUXSRQXPHUDOVLPEROLFRGHORVFI$S$S
UHSUHVHQWDQWHVVDOYRVGHODXOWLPDJHQHUDFLRQTXHDSDUHFHQODVYHVWLGXUDVEODQFDVSRUWDQGRODVWRGRV
HOORV
$KRUDELHQHOFRQWH[WRHQTXHDSDUHFHQHVRVSULPHUR\OXHJRODJUDQPXOWLWXGTXHLQFOX\H
WDPELHQDORVSURSLRVGHODXOWLPDJHQHUDFLRQMXQWRDWRGRVORVGHPDVVDOYRVGHWRGDVODV
HSRFDV/DPD\RULDGHORVDXWRUHVGDQLPSRUWDQFLDDODXELFDFLRQGHORVSDUUDIRV\DOFRQWH[WR
&URQRORJLFDPHQWHHVWDYLVLRQGHORVGHOFDSLWXORVHHQFXHQWUDHQWUHHOVH[WRVHOOR\HO
VHSWLPR
(OVH[WRVHOORKDILQDOL]DGRFRQXQDHVFHQDTXHQRVSUHVHQWDODSUR[LPLGDGGHOUHWRUQRGH&ULVWR
>@
\GHOOODPDGRMXLFLRILQDO 6HLQWURGXFHXQDFWRHQHOTXHDSDUHFHQXQRVDQJHOHVUHWHQLHQGRORV
DFRQWHFLPLHQWRVTXHLEDQDGDUOXJDUDOILQGHOPXQGRFI\
/DDFFLRQGHVWUXFWRUDVHUHWLHQHKDVWDTXHVHKD\DSURGXFLGRHOVHOODPLHQWRGHHVRV
/DILQDOLGDGGHHVWDVGRVYLVLRQHVHVSRQHUHQFRQWUDVWHOD,JOHVLDJORULRVD\SURWHJLGDGH'LRVFRQORVKDELWDQWHVGHODWLHUUDSUHVDGHO
>@
SDQLFRDQWHODLQPLQHQFLDGHOMXLFLR!!
6HWUDWDULDGHXQRVSHUVRQDMHVTXHYLYHQHQODHSRFDILQDO
>@
(OVH[WRVHOORDQXQFLDORVDFRQWHFLPLHQWRVTXHSUHFHGHUDQDOILQGHOPXQGR!!
>@ >@
/DGGHSRFDGHOILQPLVPR $QWRQLQR5RPHR WLHPSRGHOILQSUHYLRDOMXLFLR
$QWHODSUHJXQWDGHTXLHQVHSRGUDVRVWHQHUHQSLHDOILQDOGHOFDSLWXORDQWHULRUVHUHVSRQGHFRQORV
GHOFDSLWXOR
(QFXDQWRDOFDSLWXORVHXELFDHQWUHHO\HO$TXLDSDUHFHQ\DORVVHOODGRV\HQHO
FLHORGHODQWHGHOWURQRGH'LRV$S(VWHFRQWUDVWHWHUUHVWUH\FHOHVWHHQWUHORVGHOFS
>@ >@ >@
\ORVGHOHVWDUHFRQRFLGDSRU6WUDXELQJHU &DQWHUD,JOHVLDV :LNHQKDXVHU OR
>@
PLVPRTXH6WUXELQJHU HQWUHRWURVLGHQWLILFDFODUDPHQWHDORVGHOFS\
+DQVDOLGRDLURVRVGHODOXFKDILQDOPDQWHQLGDFRQOD%HVWLDTXHSUHWHQGLDPDUFDUOHVFRQVXVHOOR$S
>@
FIXS
/DLQWHQFLRQGHHVWDQXHYDYLVLRQHVPRVWUDUQRVDHVRVGH$SRFDOLSVLV\DVHOODGRV
YLFWRULRVRV\VDOYRV(OFRQWHQLGRGHHVWDYLVLRQ$SHVVLPEROLFR/DPD\RULDGHORVDXWRUHV
UHFRQRFHQTXHHOQXPHURHVXQDFLIUDLQWHQFLRQDGDPHQWHILJXUDGDTXHUHSUHVHQWDULDDWRGRHOSXHEORGH
>@
'LRVDOD,JOHVLDDOQXHYR,VUDHOGHODXOWLPDJHQHUDFLRQODGHODHSRFDGHOILQSUHYLDDOMXLFLR
/DJUDQPXFKHGXPEUHTXHDSDUHFHHQHOFRQWH[WRGHORVHQJOREDDWRGRVORV
FULVWLDQRVGHWRGDVODHSRFDVLQFOXVRDTXHOORVTXHVHLGHQWLILFDQFRPRGHODXOWLPDJHQHUDFLRQ
$OOLDSDUHFHQWRGRVORVVDOYRVTXHKDQVDOLGRGHODJUDQWULEXODFLRQTXHVXSRQHYLYLUILHOPHQWHHQ
FXDOTXLHUHSRFDORVSULQFLSLRVGHO5HLQRGH'LRVHQXQDVRFLHGDGHQTXHSULPDQORVSULQFLSLRVGHORV
UHLQRVGHHVWHPXQGR
7RGRVHOORVOOHYDQODV9HVWLGXUDV%ODQFDV\HOPRPHQWRHVSRVWHULRUDOVHOODPLHQWRGHORV
TXHDFRQWHFHHQODHSRFDILQDO\TXHOXHJRDSDUHFHQHQHO&LHOR\DVHOODGRV$SFRPR
SULPLFLDVVRQXQLFRVHQHOVHQWLGRGHTXHIXHURQWUDVODGDGRVFRQORVRWURVVDOYRVUHVXFLWDGRVVLQ
KDEHUYLVWRODPXHUWH
&RQFOX\HQGRODVDOPDV$SFRPRUHSUHVHQWDWLYDVFDGDXQDGHODWRWDOLGDGGHOVHUGHOD
SHUVRQDGHODYLGDTXHKDVLGRPXHUWD\TXHUHFLEHQODVHQWHQFLDIDYRUDEOHGHVXVDOYDFLRQPHGLDQWHOD
DILUPDFLRQGHWHQHUODVYHVWLGXUDVEODQFDVQRHVWDQWRGDYLDYLYDVVLQRPXHUWDVYXHOYHQDODYLGDDO
PRPHQWRGHOUHWRUQRGH&ULVWR$S\HQXQOHQJXDMHILJXUDGRVXVLWXDFLRQGHGRUPLFLRQH
LQFRQVFLHQFLDKDELHQGRVLGRUHGLPLGDVSRU-HVXFULVWRWLHQHXQVHQWLGR\PHQVDMHTXHODLQVSLUDFLRQKD
TXHULGRSODVPDUPHGLDQWHXQFODPRUSRUTXHVHOHVMX]JXHREWHQLHQGRXQDUHVSXHVWDGREOHTXHQRKDQ
VLGRROYLGDGDVTXHHQODPHQWHGH'LRVGHHVH'LRVGHYLYRV\QRGHPXHUWRVDSDUHFHQFRQYHVWLGXUDV
EODQFDVTXHHQODUHDOLGDGKLVWRULFDSURPRYLGDSRUODUHVXUUHFFLRQHQRFDVLRQGHOUHWRUQRGH&ULVWRODV
SRUWDUDQGHDFXHUGRDODYLVLRQGHOFDSLWXORXELFDGRHQODWLHUUDGXUDQWHXQDHSRFDSUHYLDDOILQ^
`\HQHOFLHORGHVSXHVGHOILQGHOPXQGRFITXHHQORTXHVHUHILHUHDOMXLFLRGHORV
LPSLRVWHQGULDQTXHSHUPDQHFHUKDVWDTXHVHSURGXMHUDHOQXPHURWRWDOGHDTXHOORVTXHWDPELHQLEDQD
VHUPXHUWRVFRPRHOORVXS
(VWHTXLQWRVHOORVHDEUHGHVGHHOFRPLHQ]RGHODIXQFLRQDOLGDGGHORTXHFRUUHVSRQGLDHOOXJDUVDQWR
\OOHJDKDVWDHOILQKDVWDHOXOWLPRLQVWDQWHHQTXHODPXHUWHWRGDYLDVHSURGX]FDFRPRFRQVHFXHQFLDGH
UHFRJHUDDTXHOORVTXHIDOWDQSRUPRULUFRPRHOORV\UHFLELUODVYHVWLGXUDVEODQFDVVHQDOHQWUHRWUDV
FRVDVGHTXHKDQVLGRMX]JDGDVGHVGHTXHVHLQWURGXFHHOUHFLELUODVYHVWLGXUDVEODQFDV(OVHOORQRV
SURSRUFLRQDODH[LVWHQFLDGHWRGRVORVPXHUWRVHQ&ULVWRVHDQDQWHULRUHVDHORSRVWHULRUHV\TXH
WRGDYLDQRKDELDQUHFLELGRODVYHVWLGXUDVEODQFDV/DVUHFLEHQDSDUWLUGHXQPRPHQWRGHWHUPLQDGRDOD
H[LVWHQFLDGHO6HOOR/DLQVSLUDFLRQVHYDOHGHODVSDODEUDVTXHWUDGXFHXQPXHUWRLQMXVWDPHQWH\UHWHQLGR
LQMXVWDPHQWHFRPRPXHUWRSDUDTXHVHSDPRVTXH'LRVHVVROLGDULRFRQHOSHVDUKXPDQRUHVSHFWRDOD
PXHUWH"3RUTXHVHPHWLHQHTXHUHWHQHUFXDQGRUHDOPHQWHKHVLGRUHGLPLGR"(VWDHVODFXHVWLRQTXH
SODQWHD'LRV\TXHVHODWUDVODGDDODVDOPDVPXHUWDVSDUDTXHVHDQHOODVHQVXHVWDGR\WLHPSRPHGLDGR
ODVTXHODWUDVPLWDQ(VWRQRVPXHVWUDTXH'LRVHVVDEHGRUGHORTXHSXHGHHVWDUVXSRQLHQGRSDUDHOTXH
YLYH\KDQWUDQVFXUULGRWDQWRVDQRVGHVGHTXH-HVXVGLMHUDTXHYROYHULD\WRGDYLDQRKDYXHOWR(QOD
UHVSXHVWDVHQRVGDODVROXFLRQDWDQWDHVSHUD+D\RWURVTXHGHEHQFRQRFHUHOHYDQJHOLR\OOHJDUDVHU
VDOYRV\SDVDUSRUYXHVWUDSURSLDH[SHULHQFLD6R\FRQVFLHQWHGHODVLWXDFLRQ\HVWHTXLQWRVHOORHVXQD
SUXHEDGHHOOR3HURRVGR\XQDHVSHUDQ]D+HKHFKRTXHHVWDHVFHQD\GLDORJRVXUJLHUDSUHFLVDPHQWH
FXDQGRHOMXLFLRILQDOKDHPSH]DGRSRUORVPXHUWRVGHODFDVDGH'LRVHVGHFLUGHDFXHUGRDORTXHQRV
SURSRUFLRQD'DQLHO
6LVHREVHUYDHOR6HOORWLHQHHQFXHQWDDWRGRVORVTXHPXULHURQSRUODSDODEUDGH'LRV\DORVTXHVH
KDQGHDQDGLUDSDUWLUGHFXDQGRVHSURGX]FDHOPRWLYRSRUHOTXHVHOHVGDURSDVEODQFDV\VHOHVGLFH
TXHHVSHUHQKDVWDFRPSOHWDUVHORTXHIDOWD(OTXHWHQJDHQFXHQWDHVWHDVXQWRTXHDFDEDPRVGHGHFLUVH
QRVHVWDTXHULHQGRDILUPDUTXHVHHVWDFRQVLGHUDQGRDWRGRVDTXHOORVTXHYLYLHURQHOVLVWHPDGH
VDFULILFLRVH[SXHVWRSRU'LRVGHVGH$EHOFI+EWRGRVORVKHURHVGHODIH+E\ORVTXHVH
EHQHILFLDURQWHQLHQGRHQFXHQWDHOVLJQLILFDGRGHO6DQWXDULRWHUUHQDOTXHDFWXDEDWLSRORJLFDPHQWH
UHVSHFWRDORLPSOLFDGRHQHO6DQWXDULR&HOHVWLDOGHO0HVLDVR+LMRGHO+RPEUH7RGRHVWR
LQGHSHQGLHQWHPHQWHGHTXHHOTXLQWRVHOORVHDDGPLQLVWUDGRGHVGHHO6DQWXDULR&HOHVWLDOGHQWURGHO
PLQLVWHULRFRQWLQXRGHO3ULQFLSH0HVLDVR+LMRGHOKRPEUH\VHSUR\HFWHWHPSRUDOPHQWHGHVGHTXHVH
DEUHHOVHOORFRPRORVGHPDVDEDUFDQGRORVGRVPRPHQWRVKLVWRULFRVIXQFLRQDOHVVHQDODGRVSRUHOWH[WR
ODFRQWHPSODFLRQGHORVPXHUWRVGHEDMRGHORTXHVLJQLILFDHOVLPERORGHODOWDUGHOOXJDUVDQWR$S
\ORUHODWLYRDOUHFLELPLHQWRGHYHVWLGXUDVEODQFDVTXHLPSOLFDODH[SHULHQFLDGHOMXLFLR
IDYRUDEOHSDUDORVPXHUWRVGHODFDVDGH'LRVFID3HGPDUFDGRHQODDSRFDOLSWLFDFRQHO
HVSDFLRWHPSRUDOUHODWLYRDHVHVHJXQGRPRPHQWRKLVWRULFRTXHVHQDODWDQWRODWLSRORJLDGHO6DQWXDULR
WHUUHQDOTXHDFWXDFRPRXQVLPERORGHODUHDOLGDGFI+EFRPRHOGHUDVGH'DQLHO
FIFIFI&XDQGRHO+LMRGHO+RPEUHVHDFHUFD
IXQFLRQDOPHQWHPXFKRPDVGHDFXHUGRDORTXHPDUFDHOWHUFHUYHUER'QDORVGLDV
>@
SURIHWLFRV'Q
 (O6H[WRVHOOR
/DQDWXUDOH]DGHOVH[WRVHOORHVGLIHUHQWHDORVVHOORVDQWHULRUHV&DGDVHOORH[SOLFDHQVXFRQWHQLGROR
TXHDEDUFDWHPSRUDOPHQWH(VWHVHOORVLQHPEDUJRHVWDPDUFDGRSRUXQEORTXHFRQILJXUDGRDVLGHVGHHO
SULQFLSLRGHVXDSHUWXUDFX\RVFRQWHQLGRVLQGLFDQXQFRQWH[WRSUHYLRDODVHJXQGDYHQLGDGH-HVXFULVWR
FI$S
(OVH[WRVHOORVHLQLFLDFRQXQDVVHQDOHVHVFDWRORJLFDVTXHDQXQFLDQODOOHJDGDGH-HVXFULVWRHQVX
6HJXQGD9HQLGDPRVWUDQGRQRVHQXOWLPDLQVWDQFLDXQFXDGURGRQGHVHLQWHUSUHWDSRUORVTXHHVWDQ
YLYLHQGRHVRVPRPHQWRVTXHORTXHFRQWHPSODEDQVHLGHQWLILFDFRQORTXHKDELDQHVFXFKDGRVREUHHO
UHWRUQRGH-HVXFULVWR\GHVXVFRQVHFXHQFLDVSDUDORVTXHHVWDQGRYLYRVHQHVRVPRPHQWRVHQODWLHUUD\
TXHWRGDYLDQROHKDQDFHSWDGR\ILQDOL]DFRQXQLQWHUURJDQWHTXHGHPDQGDXQDUHVSXHVWD/DFXDOVH
YLVXDOL]DHQHOFDSLWXORVLJXLHQWH"4XLHQHVSRGUDQHVWDUHQSLHFXDQGRHO&RUGHURYHQJDGHILQLWLYDPHQWH
FRPRMXH]GHODWLHUUDDEXVFDUDORVTXHKDQWHQLGRIHFI/F"/RVVHOODGRVFRQHO6HOORGH
'LRVFI\TXHH[LVWHQHQODHSRFDTXHVHGHVDUUROODHQWUHXQPRPHQWRGHWHUPLQDGRGHO
>@
VH[WR6HOOR\HOVHSWLPR6HOOR \TXHGHDFXHUGRDOLQWHUURJDQWHGHODXOWLPDIUDVHGHOFRQWHQLGRGHO
VH[WR6HOORHVWDQYLYRVSRUTXHVRQORVTXHSXHGHQVRVWHQHUVHHQSLHFXDQGRODSURPHVDGH-HVXFULVWR
GHVX6HJXQGD9HQLGDVHFXPSOD
(OVH[WRVHOORVHDEUHFXDQGRWLHQHVHQWLGRSDUDORVTXHYLYHQODVFLUFXQVWDQFLDVHVFDWRORJLFDV
GHVFULWDV(VHYLGHQWHSRUODORJLFDHVFDWRORJLFDTXHLQGHSHQGLHQWHPHQWHGHTXHORVVHOORVDQWHULRUHV
FDGDXQRGHHOORVDEDUTXHQWRGDODKLVWRULDWHQJDQDSOLFDFLRQSDUDGLIHUHQWHVPRPHQWRVKLVWRULFRVFRQ
ODGLIHUHQFLDPDUFDGDHQWUHORVSULPHURV\HOTXLQWR\DH[SXHVWDVHGHGLTXHXQVHOORGHQWURGHHVH
PLQLVWHULRFRQWLQXRGHO+LMRGHO+RPEUHSDUDDTXHOORVTXHYLYHQHQHOHVSDFLRWHPSRUDOUHODWLYRDHVH
VHJXQGRPRPHQWRKLVWRULFRTXHVHQDODWDQWRODWLSRORJLDGHO6DQWXDULRWHUUHQDOTXHDFWXDFRPRXQ
VLPERORGHODUHDOLGDGFI+EFRPRHOGHUDVGH'DQLHOFIFI
FI\TXHVHQDODXQDHSRFDSUHYLDGHSUHSDUDFLRQSDUDHOUHWRUQRGH-HVXFULVWRTXHVH
VHQDODHQHOVHSWLPRVHOOR
/RVDXWRUHVVHKDQSHUFDWDGRGHHOOR(OVH[WRVHOORKDILQDOL]DGRFRQXQDHVFHQDTXHQRVSUHVHQWDOD
>@
SUR[LPLGDGGHOUHWRUQRGH&ULVWR\GHOOODPDGRMXLFLRILQDO 6HLQWURGXFHXQDFWRHQHOTXH
DSDUHFHQXQRVDQJHOHVUHWHQLHQGRORVDFRQWHFLPLHQWRVTXHLEDQDGDUOXJDUDOILQGHOPXQGRFI
\
/DDFFLRQGHVWUXFWRUDVHUHWLHQHKDVWDTXHVHKD\DSURGXFLGRHOVHOODPLHQWRGHHVRV
/D ILQDOLGDG GH HVWDV GRV YLVLRQHV HV SRQHU HQ FRQWUDVWH OD ,JOHVLD JORULRVD \ SURWHJLGD GH 'LRV FRQ ORV KDELWDQWHV GH OD
>@
WLHUUDSUHVDGHOSDQLFRDQWHODLQPLQHQFLDGHOMXLFLR!!
6HWUDWDULDGHXQRVSHUVRQDMHVTXHYLYHQHQODHSRFDILQDO
>@
(OVH[WRVHOORDQXQFLDORVDFRQWHFLPLHQWRVTXHSUHFHGHUDQDOILQGHOPXQGR!!
>@ >@
/DGGHSRFDGHOILQPLVPR $QWRQLQR5RPHR WLHPSRGHOILQSUHYLRDOMXLFLR
/RVFRQWHQLGRVGHOVH[WRVHOORPDUFDQODGLIHUHQFLDHQFXDQWRDFXDQGRVHFXPSOH$SDUHFHQXQDV
VHQDOHVDSDUHQWHPHQWHFRVPLFDV$OJXQDVGHHOODV-HVXVODVKDELDSUHGLFKR\ODVKHPRVWUDWDGRHQ
QXHVWURFDSLWXORLQWURGXFWRULRHQFXDQWRDFRPRHQWHQGHUPHMRUHO$SRFDOLSVLVGRQGHH[SRQHPRVHOWHPD
HVFDWRORJLFR
6LVHFRPSDUDQORVWH[WRV0WFI0FFRQ$SSSVHFRPSUREDUDTXHODV
VHQDOHVFRVPLFDVTXH-HVXVUHILHUHHQHOHYDQJHOLRSRVHHQLQGHSHQGLHQWHPHQWHGHFXDOTXLHURWUD
SRVLELOLGDGXQDSUR\HFFLRQILVLFDVREUHODWLHUUD3RURWUDSDUWHODVVHQDOHVHQXPHUDGDVHQHOVH[WRVHOOR
VLJXHQXQDSDXWDFRVPLFD\GHVXFHVLRQWHPSRUDOPX\SDUHFLGDDODGH0DWHR$XQTXH0DWHRQR
PHQFLRQDHOWHUUHPRWR(QFXDQWRDODVSHFWROLWHUDULRGHODVYHFHVTXHVHPHQFLRQDWHUUHPRWRHQ
$SRFDOLSVLVHQGRVGHHOODVVHSUHVHQWDODH[SUHVLRQJUDQWHUUHPRWRHQHOWH[WRHQFXHVWLRQ\HQ$S
>@
 <FRQUHODFLRQD$SHO&%$QRVGLFHTXHHOVLPERORWHUUHPRWRVHXVDUHSHWLGDV
YHFHVHQODV(VFULWXUDVSDUDGHVFULELUODDJLWDFLRQ\SHUWXUEDFLRQTXHFDUDFWHUL]DUDQDOPXQGR
>@
LQPHGLDWDPHQWHDQWHVGHODVHJXQGDYHQLGDGH-HVXFULVWR <TXHGLFKRWHUUHPRWRVHFXPSOHHQOD
HSRFDGH)UDQFLDUHYROXFLRQDULDGHVGHHVHSXQWRGHYLVWDGHWUDQVIRUPDFLRQHV\WUDVWRUQRVVRFLDOHV
(Q$SRFDOLSVLVVHQRVPHQFLRQDXQJUDQWHUUHPRWRWDQJUDQGHFXDOQXQFDDQWHVKXER\TXHORV
>@
KRPEUHVKD\DQHVWDGRHQODWLHUUD<HVPX\FXULRVRHLQWHUHVDQWHTXHHO&%$ QRVGLJDGHHVH
WHUUHPRWRFRPROLWHUDO\DQDGDTXHDFRQWLQXDFLRQVHGDXQWHUUHPRWRILJXUDGRGHDFXHUGRDOD
GHVWUXFFLRQHQWUHVSDUWHVGHOD%DELORQLDTXHDOVHUXQDFRQFHSFLRQVHYHREOLJDGRDLQWURGXFLURWUR
WHUUHPRWRHQHVWHFDVRILJXUDGR(OSUREOHPDHVWDHQTXHHOWH[WRXQLFDPHQWHPHQFLRQDXQWHUUHPRWRHO
PDVJUDQGHGHWRGRV\FRPRFRQVHFXHQFLDGHHVHJUDQWHUUHPRWRVHGHVWUX\HHQWUHVSDUWHVOD%DELORQLD
ODJUDQFLXGDG<DFRQWLQXDFLRQVHPHQFLRQDTXHWRGDLVODKX\R\ORVPRQWHVQRIXHURQKDOODGRV
$S/LWHUDULD\FRQWH[WXDOPHQWHORGHWRGDLVODKX\R\ORVPRQWHVQRIXHURQKDOODGRVHVWD
YLQFXODGRDODGHVWUXFFLRQGH%DELORQLDTXHHO&%$QRVGLFHTXHGHEHPRVHQWHQGHUSDUDODGHVWUXFFLRQ
GH%DELORQLDXQWHUUHPRWRILJXUDGR7HUUHPRWRVHJXQHO&%$TXHGHVWUX\HDODFRQFHSFLRQEDELORQLFD
3HURDKLQRVRORPHKDEODGHODGLYLVLRQHQWUHVSDUWHVGHOD%DELORQLDVLQRTXHDGHPDVODV
FLXGDGHVGHODVQDFLRQHVFD\HURQ6LHOWHUUHPRWRKDVLGRWDQJUDQGHGHVGHHOSXQWRGHYLVWDILVLFRTXH
WRGDLVODOLWHUDOKX\R\ORVPRQWHVOLWHUDOHVQRIXHURQKDOODGRV$S\OXHJRHOJUDQL]RFDHVREUH
ORVKRPEUHV$S"'HGRQGHVDOHQHVWRVKRPEUHVTXHKDQH[SHULPHQWDGR\DTXHWRGDLVOD\
PRQWHVKD\DQGHVDSDUHFLGR""<ORVKRPEUHVQR"<SRUVLIXHUDSRFRHOJUDQL]RFRQVLGHUDGROLWHUDO
WRGDYLDORVGHMDYLYRVSRUFXDQWRWLHQHQWLHPSRGHEODVIHPDUFRQWUD'LRV<HQHIHFWRKD\XQSDUDOHOLVPR
FRQDOJXQDVGHODVLPDJHQHVTXHDSDUHFHQHQHOVH[WRVHOORDOPHQRVHQORUHODWLYRDORGHODVLVODV\
PRQWHVFI$S3HURHVSUHFLVRKDFHUPDWL]DFLRQHV6LGHERLQWHUSUHWDUOLWHUDOPHQWHHVWRGHOD
GHVDSDULFLRQGHORVPRQWHV\GHODVLVODVHYLGHQWHPHQWHQRHVORPLVPRVHUUHPRYLGRVTXHGHVDSDUHFHU
7DPSRFRHOWHUUHPRWRWDQJUDQGHFRPRQLQJXQRWUR$SSRGULDVHULGHQWLILFDGRFRQHO
SXHVWRTXHGHDFXHUGRDOSURSLR&%$VHXELFDQWHPSRUDOPHQWHGHGLVWLQWDPDQHUD(OGHVHGDHQ
ODVXOWLPDVSODJDVFXDQGRHO7HPSORGH'LRVGRQGHVHKDHVWDGRRUJDQL]DQGRHODFDEDUFRQORV
HQHPLJRVGH'LRVKDTXHGDGRYDFLR\QDGLHSXHGHHQWUDUVHQDOGHTXHODREUDGHODJUDFLDGHOD
>@
VDOYDFLRQVHKDDFDEDGR 0LHQWUDVTXHHOJUDQWHUUHPRWRGHVHGDWRGDYLDDQWHVGHO
VHOODPLHQWRGHORV
(QUHDOLGDGODFRQVWUXFFLRQGHOSDUUDIRGHOVH[WRVHOORORVDXWRUHVVHKDQGDGRFXHQWDTXHDEDUFD
GHVGHVXDSHUWXUDFRQHVHWHUUHPRWRJUDQGHKDVWDFLHUWDVVHQDOHVSUHYLDVDOUHWRUQRGH-HVXFULVWR3HURD
ODPDQHUDGHXQDQXQFLRSUHFXUVRU6RQORVJREHUQDQWHVGHODWLHUUDORVJUDQGHVHPSUHVDULRVGHORV
JUDQGHVWUXVWFXDOTXLHUVLHUYRROLEUHORVTXHLQWHUSUHWDQSRUORTXHHVWDQYLHQGR\H[SHULPHQWDQGR\OR
TXH\DKDELDQHVFXFKDGRSUHGLFDU$SHQGLIHUHQWHVPRPHQWRVGHVGHTXHODVGLIHUHQWHVVHQDOHV
WLHQHQVHQWLGRSDUDFDGDPRPHQWRGHWHUPLQDGR\GHQWURGHOGHVDUUROORGHOVHOORTXHHOGLDGHVXYHQLGD
HVFRPRVLKXELHUDOOHJDGR\DQDGHQ"<TXLHQSRGUDVRVWHQHUVHHQSLH"<ODUHVSXHVWDVHREWLHQHHQHO
FDSLWXORFRQORVVHOODGRV
3RUORWDQWRQRHVWRGDYLDHOUHWRUQRGH-HVXFULVWRORTXHVHDQXQFLDHQHVHVH[WRVHOORPDVELHQHVXQ
DYLVRDWRGRVTXHODVLWXDFLRQTXHVHHVWDYLYLHQGRGXUDQWHWRGRHVHVH[WRVHOOR\HVSHFLDOPHQWHFRQ
DTXHOORVTXHSXHGHQFRPSUREDUWRGRORTXHVHH[SRQHFRPRPDVRPHQRVFXPSOLGRHVORUHODWLYRDOD
LQPLQHQFLDGHHVHUHWRUQR\DODXUJHQFLDGHSUHSDUDUVHSDUDHVDVHJXQGDYHQLGDELHQSDVDQGRSRUOD
PXHUWH\UHVXFLWDQGRRSDUDVHUGHORVTXHSRGUDQVRVWHQHUVHHQSLHHVWDQGRYLYRVVLQSDVDUSRUOD
PXHUWH$TXHOORVTXHSXHGDQLGHQWLILFDUHQVXPRPHQWRKLVWRULFRSHUVRQDOTXHHOJUDQWHUUHPRWRKD
VXFHGLGRMXQWRDORGHOVRORVFXUHFLGR\ODOXQDVLQUHVSODQGRU\ODVHVWUHOODVFRPRFD\HQGRSXHGHQ
VDEHUTXHVHKDQLQWURGXFLGRHQHOVH[WRVHOORTXHILQDOL]DPRVWUDQGRVHQDOHVH[SHULPHQWDEOHVSRUWRGRHO
PXQGRGHTXHVXYHQLGDHVWDSRUOOHJDU\TXHWRGDYLDSXHGHQDFHSWDUHOPHQVDMHGHVDOYDFLRQSHUR
XUJHQWHPHQWH
3XHGHVHUTXHODVSHUVRQDVTXHYLHUDQHVDVVHQDOHVSULPHUDV\DPXULHURQ$S<DKRUDXQ
PXQGRTXHWRGDYLDSHUPDQHFHHQSLHH[SHULPHQWDORTXHLPSOLTXHHOTXHHOFLHORVHGHVYDQHFHFRPR
XQSHUJDPLQRTXHVHHQUROOD\REVHUYDQHVWXSHIDFWRVTXHORTXHVLJQLILTXHWRGRPRQWH\WRGDLVODVH
UHPXHYHGHVXVFLPLHQWRV$S<HVHPXQGRTXHFRQWHPSOD\YLYHHVDVLWXDFLRQSUHWHQGH
RFXOWDUVHHQODVSHQDV\FXHYDVGHHVRVPRQWHVTXHVHUHPRYLHURQGHVXFLPLHQWRGHODUHDOLGDGGHOR
TXHVXSRQHXQURVWURGH3DGUHTXHKDHVWDGRHVSHUDQGRHOUHWRUQRGHOKLMRSURGLJR\GHXQ&RUGHURTXH
DQXQFLDODLUDFRQWUDWRGDLQMXVWLFLD\FULPHQFXDQGROOHJXHHOGLDGHVXYHQLGD(VWDYLVLRQTXHHVH
PXQGRYLYHGHODUHDOLGDGGHORTXHFRQWHPSODOHKDFHUHDFFLRQDUH[SHULPHQWDQGRHVDVHJXQGDYHQLGD
FRPRLQPLQHQWH\TXHULHQGRVDEHUTXLHQSRGUDVRVWHQHUVHHQSLH$S6HOHHVWDGDQGROD
RSRUWXQLGDGODXOWLPDGHSRGHUIRUPDUSDUWHGHHVRVTXHSRGUDQVRVWHQHUVHHQSLHORVTXHVH
QRVPHQFLRQDQHQHOFDSLWXOR7RGDYLDHOPXQGRLPSHQLWHQWHGHWRGRVLHUYRRWRGROLEUHRHOQR
DUUHSHQWLGRGHODVLJOHVLDVGHODVIRUPDFLRQHVSROLWLFDV\GHOPXQGRHPSUHVDULDO\GHODV
PXOWLQDFLRQDOHV$SYDQDWHQHURSRUWXQLGDGGHHVFXFKDUHOHYDQJHOLRHWHUQRHQHOFRQWH[WRGH$S
GHVDOLUGH%DELORQLD\XQLUVHDORV
 "4XHVLJQLILFDQORVWHUPLQRVWHUUHPRWRVROFRPRWHODGHFLOLFLROXQD
FRPR GH VDQJUH HVWUHOODV TXH FDHQ HO FLHOR TXH VH SOLHJD FRPR XQ
SHUJDPLQR PRQWH H LVOD" "&XDQGR \ FRPR DFRQWHFHQ HVWDV
PDQLIHVWDFLRQHV"
+D\WUHVDVXQWRVTXHKDQTXHGDGRFODURV4XHHVWHVHOORHPSLH]DHQXQFRQWH[WRSUHYLRDOILQILQDO
XQDHSRFDGHWHUPLQDGDHQODTXHWLHQHQVHQWLGRHVWDVVHQDOHVSDUDDTXHOORVTXHODVSXHGHQLGHQWLILFDU
(OVLJQLILFDGRTXHWLHQHHOVHOORHVGHFLUHOPHQVDMHTXHVHQRVTXLHUHGDUVHSXHGHHQWHQGHU\ORKHPRV
H[SXHVWRVLQQHFHVLGDGGHH[SOLFDUHVRVWHUPLQRV/RVYDORUHVGHORVWHUPLQRVDSRFDOLSWLFRVQR
VLHPSUHVHSUHVHQWDQGHIRUPDFODUD\HVSUHFLVRDJRWDUWRGDVODVSRVLELOLGDGHV
3DUDQRVRWURVH[LVWHQEORTXHVGLIHUHQFLDGRV$SDEF\$SFRQXQDV
FRQVHFXHQFLDVSDUDHOSXEOLFRHQJHQHUDOUHVSHFWRDOWHUFHUEORTXH$S
(OSULPHUEORTXHVHQRVKDEODGHXQJUDQWHUUHPRWR0HGLUODJUDQGH]DGHXQWHUUHPRWRSRUODV
YLFWLPDVTXHSXHGHDFDUUHDURSRUHODUHDTXHSXHGHRFXSDUQRQRVSDUHFHQLDJUDGDEOHQLUHOHYDQWH
3HURODSDODEUDWHUUHPRWRGHQWURGHO$SRFDOLSVLVQRODSRGHPRVFLUFXQVFULELUH[FOXVLYDPHQWHDXQDV
IXHU]DVILVLFDVTXHPXHYHQDODWLHUUDILVLFD/DSDODEUDWHUUHPRWRHPSOHDGDSRUHO$SRFDOLSVLVKDGH
WHQHUHQFXHQWDHOFRQWH[WRDSRFDOLSWLFR(OXVRTXHVHGDQRUPDOPHQWHDOWHUPLQRWLHUUD\DOFRQFHSWR
PRYLPLHQWR/DVSHUVRQDVTXHYLYHQGHQWURGHODHSRFDGHOVH[WRVHOORWHQGUDQRSRUWXQLGDGGH
LGHQWLILFDUDHVWHJUDQWHUUHPRWR
(QXQSULQFLSLRHVWHJUDQWHUUHPRWRSUHYLRDOVROFRPRWHODGHFLOLFLR\OXQDFRPRGHVDQJUH\ODV
HVWUHOODVFD\HQGRHQWUDQGHQWURGHOPDUFRFRVPLFRTXH0DWHRQRVSUHVHQWD\TXHKHPRVHVWXGLDGRHQ
QXHVWURFDSLWXORLQWURGXFWRULR\TXHWHQLDQTXHHPSH]DUGHQWURGHORVGLDVGHWULEXODFLRQTXHWDPELHQ
KHPRVLGHQWLILFDGRFRPRORVTXHFRUUHVSRQGHDODREUDQHJDWLYDHQFRQWUDGHOSXHEORGH'LRVGHO
>@
OODPDGRFXHUQRSHTXHQRGH'Q\VHJXQGDUHDOLGDGKLVWRULFDGHOFXHUQRSHTXHQRGH'DQLHO
(VDVVHQDOHVFRVPLFDVTXHQRVPHQFLRQD0DWHRDFDEDQFRQODSUHVHQFLDGHODVHQDOGHO+LMRGHO+RPEUH
FXDQGRYLHQHDOLEHUDUDVXSXHEORHQVXVHJXQGDYHQLGD0WFI0W0FFI
'QFI'QFI+HFK +LMRGHOKRPEUHGHSLH3RURWUDSDUWHHOTXLQWRVHOORQRVKD
GDGRXQDSDXWDFURQRORJLFDFXDQGRHQHOGLDORJRGHUHFODPDFLRQVHOHVGDYHVWLGXUDVEODQFDVTXHQR
WHQLDQWRGDYLDDXQTXHHVWXYLHUDQPXHUWRV\GLFLHQGROHVTXHWRGDYLDGHELDQHVSHUDUDORVTXHPXULHUDQ
FRPRHOORV3DUDQRVRWURV\DORKHPRVPRVWUDGRHODOWDUQRVLQGLFDEDDORVPXHUWRVTXHPRULDQGHVGH
ODLQDXJXUDFLRQGHOPLQLVWHULRFHOHVWHGHO+LMRGHO+RPEUHUHFRJLHQGRDORVPXHUWRVDQWHULRUHVDHVD
SULPHUDYHQLGDGHO0HVLDVHQRFDVLRQGHODDVFHQVLRQKDVWDHOPRPHQWRTXHVHOHVGDYHVWLGXUDV
EODQFDVLQGLFDQGRQRVHOFRPLHQ]RGHOMXLFLRIDYRUDEOHGHQWURGHOPLQLVWHULRFHOHVWHGHO+LMRGHO
+RPEUH\HVWHVHLQLFLDXQSRFRGHVSXHVGHORVGLDVSURIHWLFRVGHGRPLQLRGHOFXHUQRSHTXHQR
FI'QSHULRGRSURIHWLFRTXHVHLGHQWLILFDQFRQORVGLDVGHWULEXODFLRQTXHQRVKDEOD0DWHR
6LHVDVVHQDOHVTXH0DWHRQRVUHILHUHVLQPHQFLRQDUORGHOWHUUHPRWRFRPLHQ]DQDVXFHGHU
>@
GHVSXHVGHORVGLDVGHWULEXODFLRQDFRUWDGRVFI0F \HVWRVGLDVTXHVH
LQFOX\HQGHQWURGHOEORTXHGHWULEXODFLRQVHLGHQWLILFDQFRPRORVGHOFXHUQRSHTXHQRRTXLQWDFDEH]D
$SFI'Q'QDFWXDQGRHQFRQWUDGHOSXHEORGH'LRV\OOHJDQWDO
FRPRKHPRVHVWXGLDGRHQRWURVOXJDUHVKDVWDILQDOHVGHOVLJOR;9,,,HVDVVHQDOHVSUHFXUVRUDVGHO
UHWRUQRGH-HVXFULVWRVHWHQGULDQTXHHPSH]DUDGDUDOUHGHGRUGHILQDOHVGHOVLJOR;9,,,
7RGDYLDPDV(VDVVHQDOHVSUHFXUVRUDVVHHVWDQGDQGRFRQODILQDOLGDGGHSRGHUVHUUHFRQRFLGDVSRU
DTXHOORVTXHSUHGLFDQHO(YDQJHOLRHWHUQRHQHOFRQWH[WRGHOMXLFLRILQDOFI$S3RUTXH
DOJXLHQWLHQHTXHHVWDUDQXQFLDQGRHVWHDVXQWR(VWDVVHQDOHVVLJXHQVXFXUVRGHDFXHUGRDODDSHUWXUDGHO
VH[WRVHOOR(PSLH]DQSRUXQWHUUHPRWRFRQWLQXDFRQHOVROFRPRVDFRGHFLOLFLRODOXQDWRGDFRPRGH
>@
VDQJUHFDLGDGHHVWUHOODV \HOFLHORTXHVHSOLHJDFRPRXQSHUJDPLQR
$TXHOORVTXHSUHGLFDQ\SUHGLFDURQHQHVHFRQWH[WRWHPSRUDOODSUHSDUDFLRQSDUDODSUR[LPLGDGGHO
UHWRUQRGH-HVXFULVWRGHDFXHUGRDORTXHHQWHQGLDQTXHHO$SRFDOLSVLVOHVGHFLDUHVSHFWRDORGHOD
VHJXQGDYHQLGDWHQLDQ\WLHQHQTXHLGHQWLILFDUHVDVVHQDOHV6LODLQVSLUDFLRQDQXQFLDHVDVDSDULFLRQHVHV
SRUTXHTXLHUHTXHVHLGHQWLILTXHQ\VLUYDGHDQLPRSDUDHOFUH\HQWHTXHVHKDWRPDGRHQVHULRODYHUGDG
GHOUHWRUQRGH-HVXFULVWR6HWUDWDGHXQRVTXHKDELHQGRYXHOWRDODVIXHQWHVSUHVHQWDQVXVFUHGHQFLDOHV
PRVWUDQGRVXLGHQWLGDG\UD]RQGHVHUGHDFXHUGRDORTXHODSDODEUDGHO'LRVTXHVHUHYHODSUHVHQWD\
SRUORTXHODSURSLDSURIHFLDUHFODPDFI'QFI'Q(OORVVHHQFXHQWUDQ
WDPELHQHOFRQWH[WRGHOSURSLRVH[WRVHOOR
/RVTXHSUHGLFDURQODSUHSDUDFLRQVREUHHOUHWRUQRGH-HVXFULVWR\WXYLHURQSUHVHQWHHOVH[WRVHOOR
YLYLHURQODHSRFDHQTXHVHGLRHVHJUDQWHUUHPRWRHVHVROFRPRVDFRGHFLOLFLRHVDOXQDFRPRGH
VDQJUH\ODFDLGDGHHVWUHOODV,GHQWLILFDURQHOJUDQWHUUHPRWRFRQHOWHUUHPRWRGH/LVERDGHORGHO
VROQHJURFRPRVDFRGHFLOLFLRODOXQDWRGDFRPRGHVDQJUHODTXHFRUUHVSRQGLRDOGLD\QRFKHGHO
GHPD\RGH\ODFDLGDGHPHWHRULWRVFRPRODFDLGDGHHVWUHOODVHQQRYLHPEUHGH3DUDHOORV\
SDUDQRVRWURVHVDVVHQDOHVHVWDEDQGHQWURGHOFRQWH[WRUHTXHULGR<FXPSOLHURQFRQFUHFHVODV
H[SHFWDWLYDVTXHGHPDQGDEDQWDQWRHOWH[WRGH0DWHRUHIHUHQWHDOVROOXQD\HVWUHOODVFRPRODVGHOVH[WR
VHOOR1XQFDDQWHVQLGHVSXHVWHQLHQGRHQFXHQWDHOFRQWH[WR\ODVXFHVLRQH[LJLGDGHORVKHFKRVKXERXQ
FXPSOLPLHQWRGHORTXHHOWH[WRGHOVH[WRVHOORUHFODPD6HFXPSOLRH[DFWDPHQWHWDOFRPRHOWH[WR\HO
FRQWH[WRGHOVH[WRVHOORLPSOLFD
7DPELHQVHGLHURQFXHQWDTXHORUHIHULGRDORVYYDOGHOVH[WRVHOORWRGDYLDQRKDELDWHQLGR
FXPSOLPLHQWR
1RVRWURVKR\HQHOVHJXLPRVFUH\HQGRTXH'LRVKDELDDQXQFLDGRHQHOVH[WRVHOORFLHUWDV
VHQDOHVTXHODVLGHQWLILFDQFRPRFXPSOLGDVDTXHOORVTXHVHFRQVLGHUDQSURWDJRQLVWDVGHQWURGHOVH[WR
VHOORHQFXDQWRDODLPSOLFDFLRQTXHGLFKRVH[WRVHOORSRVHHGHODSUHGLFDFLRQGHO(YDQJHOLRHWHUQR
>@
UHVSHFWRDOUHDYLYDPLHQWRVREUHHOUHWRUQRGH-HVXFULVWR\GHODLGHQWLGDGGHHVDVVHQDOHV 1RQRV
LPSRUWDVDEHUORVHIHFWRVTXH'LRVSXHGHSHUPLWLU\RXWLOL]DUGHIRUPDQDWXUDOSDUDHOFXPSOLPLHQWRGH
RULJHQVREUHQDWXUDOGHORVFRQWHQLGRVGHOVH[WRVHOORRGHFXDOTXLHURWURDVXQWR(QFDVLWRGRHO
>@
$SRFDOLSVLVDSDUHFHXQDLQVWUXPHQWDOL]DFLRQQDWXUDOXQLGDDODDFFLRQYROXQWDULDGH'LRV TXHHV
SURWHFWRUDGHODKXPDQLGDG$S\HQVXPLVHULFRUGLD\MXVWLFLDVDEHFRPRSUR\HFWDUVXVMXLFLRVHQ
IDYRUGHODYHUGDG\GHODVDOYDFLRQGHVXSXHEORFI$S3RUORWDQWRFXDOTXLHUGLUHFFLRQHQ
TXHUHUGHVYDORUL]DURDQXODUHVDLGHQWLILFDFLRQHVWDDERFDGDDOIUDFDVRGHTXLHQODSUDFWLFDUD<"3RU
TXH"3RUTXHVHWUDWDGHXQDH[SHULHQFLDYLYLGD\FRPSUREDGDKLVWRULFD\SURIHWLFDPHQWHSRUDTXHOORV
SDUDORVTXHWLHQHVHQWLGR<SDUDTXHWHQJDVHQWLGRVHKDGHHVWXGLDUWRGRORUHODWLYRDOYDORUFRQWH[WXDO
\FRQWHQLGRGHOVH[WRVHOOR<HVRVXSRQHKDFHUXQDH[SHULHQFLDFRQ'LRVHQFXDQWRDODUHYHODFLRQ
FRPSOHWDGH-HVXFULVWR
'LFKRWRGRHVWR\VLQGHVPHUHFHUSDUDQDGDORTXHVHKDGLFKRVREUHHOVH[WRVHOORDQDGDPRVTXHVH
SXHGHFRPSOHPHQWDUODLQWHUSUHWDFLRQHLGHQWLILFDFLRQGHHVDVVHQDOHV"&RPR"9HDPRVOR
/DWLHUUDSDUDHO$SRFDOLSVLVHVQRUPDOPHQWHDGHPDVGHODWLHUUDILVLFDODFLYLOL]DFLRQWHUUHVWUHHO
PXQGRVRFLDOKDELWDQWHV,VD6DO0W/F(VD
FLYLOL]DFLRQWHUUHVWUHKDSRGLGRVHUFRQWDPLQDGDLGHRORJLFDPHQWHSRUHOGUDJRQ$S\KDFHUVXUJLU
OD0XMHU%DELORQLFDTXHHVWDHQFLPDGHOD%HVWLDFI$SVV\TXHUHSUHVHQWDDO'UDJRQSRU
PHGLRGHODVFDEH]DV\ORVFXHUQRV3HURSRURWUDSDUWHHO5HLQRGH'LRVSUR\HFWDLGHDVSRUPHGLRGH
ORVGRVWHVWLJRVGH$SRFDOLSVLV\GHOD0XMHUFHOHVWHUHSUHVHQWDGDSRUORV
SULQFLSLRVGHOUHLQRGH'LRV$SVDOYDJXDUGDGRVSRUVX,JOHVLD\
DQXQFLDGRVPHGLDQWHHO(YDQJHOLR(WHUQR
&XDQGRHVHHYDQJHOLRVHKDSUHGLFDGR\VHKDYLYLGRWDPELHQKDSUR\HFWDGRXQJUDQWHUUHPRWR$S
FI6DOFI+DJHRTXHVLJXHHQXQDYHUWLHQWHDORWURJUDQWHUUHPRWRGHOVH[WRVHOOR
$SDLGHQWLILFDQGRVHFRQHO\GLIHUHQFLDQGRVHHQODRWUDYHUWLHQWH"4XHTXHUHPRVGHFLU"
+HPRVYLVWRDQWHULRUPHQWHTXHHQODPD\RULDGHODVRFDVLRQHVHOWHUPLQRWHUUHPRWRQRWLHQHSRUTXHVHU
ILVLFR\HQRWUDVQRWLHQHSRUTXHVHUXQLFDPHQWHILJXUDGR'HFXDOTXLHUIRUPDHOFRQWH[WRKLVWRULFR\
WH[WXDOGHEHGHFLGLUWHQLHQGRHQFXHQWDODDPELYDOHQFLDTXHSRVHHHOWHUPLQRRFRQFHSWRWHUUHPRWR6LOD
WLHUUDODFRQFHELPRVH[FOXVLYDPHQWHFRPRHODVSHFWRILVLFRODSDODEUDWHUUHPRWRODHQWHQGHULDPRVFRPR
XQDHVSHFLHGHVHLVPRILVLFRTXHGHVWUX\HFDVDV\SHUVRQDV3HUR"<VLODWLHUUDHVORTXHHVHQXQD
UHDOLGDGPDVFRPSOHWDFRPRFLYLOL]DFLRQWHUUHVWUH\FRPRPDWHULDILVLFD"&XDQGROHHPRVTXHODWLHUUD
D\XGRDOD0XMHUFHOHVWHUHSUHVHQWDGDHQODWLHUUDSRUOD,JOHVLDTXHVDOYDJXDUGDORVSULQFLSLRVGHO5HLQR
GH'LRVFI$S"4XHVLJQLILFDHVDWLHUUD""(ODVSHFWRILVLFRVLPSOHPHQWHRWDPELHQVLWXDFLRQHV\
SRVLFLRQHVLGHRORJLFDVTXHD\XGDQDOD0XMHUDTXHSXHGDGHVDUUROODUVHHQOLEHUWDG"(VWHYGHO
FDSLWXORHVWDSUHFLVDPHQWHHQSDUDOHORFRQHOFRPLHQ]RGHOVH[WRVHOORGHVSXHVGHWUDQVFXUULGRVORV
GLDVSURIHWLFRV^FI$S`
(OWHUUHPRWRTXHDSDUHFHHQHOVH[WRVHOORHVXQWHUUHPRWRHQODUHDOLGDGGHVXGREOHYHUWLHQWHFI
,VD+DJHRHQODTXHVHLPSOLFDXQJUDQPRYLPLHQWRGHWLHUUDWDQWRHQORILVLFRFRPRHQHO
WUDVWRUQRGHODVFRVDVGHOPXQGR*UDQGHVWUDQVIRUPDFLRQHV
(OYHKLFXOROLWHUDULR7HUUHPRWRVROQHJURFRPRWHODGHFLOLFLROXQDFRQVDQJUHHVWUHOODVTXH
FDHQVHKDGHGDUHQPDUFDGRHQHOSUR\HFWRGHVHQDOHVGHOILQTXHQRTXHGDDJRWDGRSRUXQVROR
VHQWLGR/DUHDOLGDGGHOFXPSOLPLHQWROLWHUDULRHQFLHUUDWDPELHQXQPHQVDMHGHDFXHUGRDVXV
FRQVHFXHQFLDVGHODYXOQHUDELOLGDGGHOKRPEUHFRQVHFXHQFLDVGHOWHUUHPRWRHQODYHUWLHQWHILVLFD\GH
FLHUWRVYDORUHVUHOLJLRVRVTXHVHGLVLSDQHQDUDVGHODGHVFRQILDQ]DSRUHORUGHQWUDGLFLRQDOHVWDEOHFLGR
FRQVHFXHQFLDVGHODYHUWLHQWHGHUHYROXFLRQHVSROLWLFDVRVRFLDOHV
(OJUDQWHUUHPRWRGHOVH[WRVHOORHPSLH]DHQVXGREOHYHUWLHQWHWHQLHQGRHQFXHQWDHOKHFKR
KLVWRULFRGHODYHUWLHQWHILVLFDHQXQDHSRFDFRQVWLWXLGDSRUXQJUDQWUDVWRUQRJHQHUDOGHODVFRVDVGHO
PXQGRVRFLDOFDPELRGHIXHU]DVHVWDEOHFLGDV\JXHUUDVTXHVHYDQVXFHGLHQGRHQWUH\FRQVHQDOHVILVLFDV
TXHYDQPRVWUDQGRORVFRQWHQLGRVFRQYXOVLYRVVRFLDOHVTXHWUDHODSHUGLGDGHYDORUHVLGHRORJLFRV
>@
HFRQRPLFRV\GHJRELHUQRV
&XDQGRORVTXHSUHGLFDQHOHYDQJHOLRHQHVWDHSRFDGHOVH[WRVHOORFRPSUXHEDQDOUHGHGRUGH
ODH[LVWHQFLDGHOWHUUHPRWRGH/LVERDGHMXQWRDODVVHQDOHVGHORVFXUHFLPLHQWRGHOVROGHOD
>@
OXQDVLQUHVSODQGRU\FDLGDGHHVWUHOODV^` SDUDHOORVWHQLHQGRHQFXHQWDHOFRQWH[WR
GHODVVHQDOHVTXH\DKHQRVHVWXGLDGRHUDVXILFLHQWHHQIRFDUVXLQWHUSUHWDFLRQHQXQVHQWLGR/RFXDOHV
FRUUHFWRSRUFXDQWRODVJUDQGHVWUDQVIRUPDFLRQHVHQHODPELWRSROLWLFRPRUDOUHOLJLRVRTXHWUDHHO
WHUUHPRWR\ORVGHPDVDVSHFWRVHQVXRWUDYHUWLHQWHQRPHUDPHQWHILVLFDQRKDQWHQLGRRFDVLRQGH
FRPSUHQGHUVH3DUDORVTXHYLYLPRVHQHOSURFHVRGHFXPSOLPLHQWRGHOVH[WRVHOORHQVX]RQDILQDO
WDQWRODUHYROXFLRQQRUWHDPHULFDQDLQIOXLGDSRUODUHIRUPDSURWHVWDQWH\GHSHQVDGRUHVLQJOHVHVIUXWRGH
ODUHYROXFLRQLQJOHVDFRPRHQHOSODQRSROLWLFRFRPRILORVRILFR\HFRQRPLFRSURGXMHURQXQJUDQ
WHUUHPRWRSURYRFDQGRXQDGLUHFFLRQDOLGDGUHYROXFLRQDULDFRPRODUHYROXFLRQIUDQFHVDTXHOD
LQVSLUDFLRQFRQWHPSODVXRULJHQHQXQDSUR\HFFLRQGHPDVGHGRVVLJORVDSDUWLUGHOJUDQWHUUHPRWRHQVX
YHUWLHQWHILVLFDHOGH/LVERDHQFX\RWHUPLQRWHUUHPRWRHPSOHDGRDEDUFDDODVGRVYHUWLHQWHVOD
ILVLFD\ODLGHRORJLFDXWLOL]DQGRVHXQPLVPRYHKLFXOROLWHUDULRSDUDWUDVPLWLUQRVTXHHOVHQWLGRILVLFRQR
DJRWDWRGDVODVSRVLELOLGDGHVGHOWH[WRDSRUWDQGRQRVXQHOHPHQWRFRPSOHPHQWDULRHOGHOVHQWLGRTXH
DIHFWRDWRGDODFLYLOL]DFLRQWHUUHVWUHGRPLQDGDHLGHQWLILFDGDSRUOD%DELORQLDFDPELDQGR
SURIXQGDPHQWHODPDQHUDGHSHQVDUHQHOSODQRGHODGHPRFUDFLDOLEHUWDGGHFRQFLHQFLD\UHOLJLRVD
SHUPLWLHQGRGHQWURGHHVHRWURVHQWLGRFRPSOHPHQWDULRGHOJUDQWHUUHPRWRGHMDUVHQRWDUODSUHGLFDFLRQ
GHOHYDQJHOLRHWHUQRHQSUHSDUDFLRQSDUDHOUHWRUQRGH-HVXFULVWR(VWHWHUUHPRWRTXHHVWDFRQWHPSODGR
HQHOYHKLFXOROLWHUDULRWHUUHPRWRGH$SLQIRUPD\GRFXPHQWDDOPXQGRHQWHURGHODSUR[LPLGDG
LQPLQHQWHGHODVHJXQGDYHQLGDGH-HVXFULVWR\SHUPLWHTXHODVJHQWHVDIURQWHQORTXHVXSRQGUDHO
FXPSOLPLHQWRGHODVHQDOHOFLHORVHGHVYDQHFLRFRPRXQSHUJDPLQRTXHVHHQUROOD\WRGRPRQWH\
WRGDLVODVHUHPRYLRGHVXOXJDU$S3HUPLWLHQGROHVKDFHUVHODSUHJXQWD"4XLHQSRGUD
VRVWHQHUVHHQSLH"$S\SRGHUHQHOFRQWH[WRGHODSUHGLFDFLRQGHO(YDQJHOLRGH$SRFDOLSVLV
DFHSWDUODVDOYDFLRQLQFOXVRIRUPDUSDUWHGHORV
6LQHPEDUJRWHQHPRVTXHGHFLUTXHHVHJUDQWHUUHPRWRTXHSXHGHSURGXFLUDUUHSHQWLPLHQWRDQWHOD
SHUPLVLRQGLYLQDGHVGHODYHUWLHQWHILVLFDWDPELHQSURGXMRRWUDVUHDFFLRQHVHQFRQWUDGH'LRV'HHVH
PLVPRPRGRHVDVUHYROXFLRQHVTXHWUDMHURQOLEHUWDG\GHPRFUDFLDWDPELHQDSRUWDURQJXHUUDVH
LQMXVWLFLDV\HQHVWRVGRVVLJORVHPSREUHFLPLHQWR\UHFKD]RGHODYHUGDG
(OVROVHSXVRQHJURFRPRWHODGHFLOLFLRE<ODOXQDVHYROYLRWRGDFRPRGHVDQJUH
'HVGHODYHUWLHQWHILVLFDTXLHUHGHFLUTXHQRGDODOX](QSOHQRGLDQRGDODOX]$TXHOORVTXHVH
HQFRQWUDEDQHQHVHFRQWH[WRFRQWHPSODURQDOJRLQXVXDO1RVHWUDWDEDGHXQHFOLSVHVRODUGHDFXHUGRDOD
>@
GRFXPHQWDFLRQTXHVHSRVHH (OFRQWH[WRSURIHWLFRHKLVWRULFRHQHOVHQWLGRGHORVTXHSUHGLFDEDQ
HOHYDQJHOLRHQUHIHUHQFLDDOUHWRUQRGH-HVXFULVWRSURSRUFLRQDHVHFXPSOLPLHQWRFRPRHODQXQFLDGRHQ
HVHVH[WRVHOORHOGLDRVFXURHQ(VWDGRV8QLGRVHOGHPD\RGHFRQXQDQRFKHGHOXQDFRPRGH
VDQJUH
3HURFRPRGLMLPRVFRQHOWHPDGHOWHUUHPRWR(VHVHQWLGRQRDJRWDWRGDVODVSRVLELOLGDGHVGHOWH[WR(O
VROSXHGHFRQVLGHUDUVHRELHQFRPRXQDIXHQWHGHFDORU\GHVXIULPLHQWR$SFI6DO,VD
FXDQGRUHSUHVHQWDDODWHRORJLDVRODUEDELORQLFD$SRFRPRXQDIXHQWHGHOX]\SRUHOOR
GHYHUGDG$SFI/DYHUGDGSXHGHVHURFXOWDGDSRUHOHUURU$S/DV
LJQRUDQFLDVQRYLHQHQPDVTXHGHODDXVHQFLDGHODYHUGDGFRPRHOFRQRFLPLHQWRYLHQHGHVXSUHVHQFLD
(YLGHQWHPHQWHHVHJUDQWHUUHPRWRGHVGHODYHUWLHQWHWUDQVIRUPDGRUDGHORUGHQSROLWLFRPRUDORVRFLDO
TXHKL]RSRVLEOHTXHODOX]EULOODUDPHGLDQWHODOLEHUWDGGHODSUHGLFDFLRQGHOHYDQJHOLRKL]RUHDFFLRQDU
DOGUDJRQFRQVXFLYLOL]DFLRQWHUUHVWUHFRQWDPLQDGDFRPR%DELORQLD\TXLVRFRQWUDUUHVWDUDOD0XMHU
FHOHVWHFI$S\SDUDHOORRFXOWRODOX]GHODYHUGDG$S
<ODOXQDFRPRUHIOHMRGHOVROHQODSRVLELOLGDGGHORWURVHQWLGRVLJQLILFDTXHWRGRDTXHOORTXH
GHSHQGHGHODYHUGDGVHYHWRWDOPHQWHGHWHULRUDGRODIDPLOLDODILORVRILD\ODHWLFDTXHVHFRQVWUX\HQHQ
EDVHDOFRQRFLPLHQWRGHODYHUGDGVHYLHURQDOWDPHQWHSHUMXGLFDGDV
<ODVHVWUHOODVDVWHUHVGHOFLHORFD\HURQVREUHODWLHUUD
/DFDLGDGHFXHUSRVFHOHVWHVRPHWHRULWRVTXHFD\HURQHQHVDQRFKHGHOGHQRYLHPEUHGHHQ
>@ >@
(VWDGRV8QLGRVHQWUHDSRUKRUD HQVHQDURQPXFKDVFRVDVDORVDVWURQRPRV
SHURDTXHOORVTXHKDELDQVLGRLGHQWLILFDGRVHQODSURIHFLDFRPRORVFRPXQLFDGRUHVGHODVYHUGDGHVTXH
HUDSUHFLVRHQVHQDUSDUDSUHSDUDUDXQSXHEORSDUDHOUHWRUQRGH-HVXFULVWR+HFKFI'Q
>@
 GHVSXHVGHKDEHUFRPSUREDGRODGHOWHUUHPRWR\ODGHOVRO\ODOXQDQRGDQGRVX
UHVSODQGRUFRPSUREDURQFRQVDWLVIDFFLRQTXHQRHUDXQDFDVXDOLGDGHVWDPHQFLRQHQODSURIHFLDTXH
HOORVHVWXGLDEDQ6HYLHURQLQYROXFUDGRVDWHQHUTXHUHIHULUHVWHDVXQWRFRPRXQHOHPHQWRPDVGHORTXH
'LRVSUHSDUDDILQGHTXHORVHUHVKXPDQRVVHFRPSURPHWDQHQHODQXQFLRVREUHODVHJXQGDYHQLGDGH
-HVXFULVWR
3DUDQRVRWURVKR\SRGULDSDUHFHUTXHHVRHVWDOHMRV3HURQRQXHVWUDPHQWHQRHVFDSD]GHUHWHQHU
WRGRVORVDFRQWHFLPLHQWRVTXHVXFHGHQHQXQDYLGDSHURORPDVVREUHVDOLHQWHORTXHPDVKDLPSDFWDGR
GXUDQWHHVHWLHPSRHVORTXHOOHQDQXHVWUDH[LVWHQFLD\KDFHTXHHVDYLGDKD\DWHQLGRVHQWLGR\HOWLHPSR
VHKD\DFRPSULPLGR\WRGRSDUH]FDTXHRFXUULRD\HUTXHODHGDGGHORVDQRVVHMXQWDFRQXQ
DFRQWHFLPLHQWRLPSRUWDQWHTXHWXUHFXHUGDVHQUHVXPHQ\TXHDFXPXODRWURVDQWHULRUHVDORV/R
PLVPRSDVDFRQODKLVWRULDFXDQWRPDVWLHPSRWUDQVFXUUHORVVXFHVRVGHOSDVDGRHVWDQPXFKRPDVFHUFD
GHWLDXQFXDQGRKXELHUHQSDVDGRDQRV3RUTXHSDUDPLHVRVKHFKRVVRQFRQILUPDFLRQHVGHTXH'LRV
VXVFLWDDXQSXHEORSDUDFXPSOLUXQDPLVLRQPX\FRQFUHWDODGHSUHSDUDUDXQFRQMXQWRGHSHUVRQDVSDUD
ODVHJXQGDYHQLGDGH-HVXFULVWR/DGLIHUHQFLDFRQODVHSRFDVDQWHULRUHVHVTXHVHWUDWDGHXQD
JHQHUDFLRQXOWLPDTXHVXUJHWUDVODGLVSHUVLRQGHOSRGHUGHOSXHEORVDQWRFI'QXS
&DUDFWHUL]DQGRVHSRUXQDVHULHGHFRQWHQLGRVYXHOWDSOHQDDODVIXHQWHVFRQORTXHLPSOLFDGH
UHFXSHUDFLRQGHWRGRDTXHOORQHFHVDULRSDUDHVWDUILUPHVVRVWHQLHQGRVHGHSLH+HFKSDUDHO
UHWRUQRGH-HVXFULVWR$SFI$SFI$SFRPXQLFDFLRQGHORTXHVLJQLILFDHLPSOLFD
GHVGHHOSXQWRGHYLVWDGHODH[HJHVLV\GHODWHRORJLDSUDFWLFDGHYLYHQFLDSHUVRQDO\FROHFWLYDTXH
OXHJRTXHVHDOFDQFHQORVGLDVSURIHWLFRVHO6DQWXDULRVHUDQLVGDT'QFIFI
0W-QFI-QDFDEDQGRFRQORVHQHPLJRVGH'LRVSHFDGRPXHUWH
VLVWHPDVGHPDOGDG\'UDJRQ^D&RUFI+EFI
>@
FI5P` \TXHODQDWXUDOH]DGHHVDGLVSHUVLRQYLHQHGDGD
SRUODFRQGLFLRQGHGHVLHUWR$S\ODLQH[LVWHQFLDGHXQFROHFWLYRODGHSUHGLFDUHOWULSOH
PHQVDMHDQJHOLFRSDUDVDOLUDOHQFXHQWURGHORTXHPDUFDHVDSUHGLFDFLRQ(OSRGHUGHOSXHEORVDQWRHV
ODXQLGDGFRQXQREMHWLYRGHWHUPLQDGRFXPSOLUFRQHOUHTXLVLWRGHODSUHGLFDFLRQGHOHYDQJHOLRHQHO
PXQGRHQWHUR0LHQWUDVQRVHSLHUGDHVDXQLGDGGHDFFLRQSDUDHOUHWRUQRGH-HVXFULVWR\ODIRUPDFLRQGH
ORVSDUDODXOWLPDSUHGLFDFLRQGHO(YDQJHOLRHWHUQRHQHOFRQWH[WRGHOFSGH$SRFDOLSVLV
SRFRLPSRUWDODH[LVWHQFLDGHORVTXHQRHVWDQSRUODODERUFRPRORVHVSHFWUXP\ORVWRGD\$OILQ\
DOFDERVLHPSUHVHUDQXQHVSHFWUR\XQKR\TXHKDTXHGDGRWUDVQRFKDGR\HQHOSDVDGR
/RVTXHYLYLPRVKR\FRQWHPSODPRVHOFLHORGHODVHVWUHOODVGHPRGRTXHDGHPDVGHORTXHQRVGLMR
SXQWXDOPHQWHHQHVDIHFKDGHOGHQRYLHPEUHGHWRFDQWHDORPDWHULDO\YLVLEOHGHHVWUHOODV
DVWURVFXHUSRVFHOHVWHVTXHFD\HURQQRVSXHGDGHFLUDOJRPDVSRUTXHFXDQGRODVHVWUHOODVGHOFLHOR
FDHQFRPRJXLDVHVSLULWXDOHV'QFIFI-GSLHUGHQODYLGDGHOHVSLULWXHLQFOXVRVX
OX]VXYHUGDG<HQHVDHSRFDDSDUWLUGHHVHPRPHQWRODGHFDGHQFLDGHPXFKRVTXHVHOHVFRQVLGHUDED
HVWUHOODVJXLDVHVSLULWXDOHVIXHURQFD\HQGRPDV\PDVPHGLDQWHHOUHFKD]RGHODYHUGDGPDUFDQGRXQ
FDXFHGHGHVSLVWHHQRFDVLRQHVLQWHQFLRQDGRKDVWDFRQWULEXLUDXQDJHQHUDFLRQFRPRODDFWXDO
LGHQWLILFDGDFRQHOVHFXODULVPR\HOSUDJPDWLVPR\UHODWLYLVPRPRUDO\HVSLULWXDO<HVWRHVORTXHVHYD
HQFRQWUDUHVHFLHORTXHVHSOLHJD\HVRVVHUHVKXPDQRVGHVGHHOPDVHQFXPEUDGRKDVWDHOVLHUYR
PDVOLEUHRHVFODYR
(OYLHQWR$SXSFRQTXHVRQDUUDVWUDGRVHVRVFXHUSRVFHOHVWHVHVXQPRYLPLHQWRYLROHQWR
GHODLUHSHUPLWLGRSRU'LRVSXHVWRTXHHOYLHQWRHVHOLQVWUXPHQWRLQYLVLEOHGH'LRVSDUDREUDUHQHO
>@
GRPLQLRGHODVFRVDVYLVLEOHV6DO-HU(]T
(OFLHORVHGHVYDQHFLRFRPRXQSHUJDPLQRTXHVHHQUROOD\WRGRPRQWH\WRGDLVODVHUHPRYLRGH
VXOXJDU$S
(QSULQFLSLRODPHWDIRUDGHXQFLHORTXHVHHYDSRUDFRPRXQSHUJDPLQRHQUROODGRSRVHHXQYDORU
DOWDPHQWHVLPEROLFRPRVWUDQGRQRVTXHHOFLHORVHFLHUUDFRPRXQSHUJDPLQR\ODYHUGDGHQWRQFHVTXHGD
>@
YHODGDVHHVFRQGH,VDFI(]T 3HUR"4XHFRQVHFXHQFLDVVHSXHGHQGHULYDU
GHVHPHMDQWHDFFLRQGLYLQD"(OTXHODVSRWHQFLDVGHORVFLHORVVHUDQFRQPRYLGDV0WXS/XFDV
QRQRVKDEODQLGHWHUUHPRWRQLGHVROQLOXQDTXHVHDSDJDQQLGHHVWUHOODVTXHFDHQVLQRGHVHQDOHVHQHO
VROODOXQD\HQODVHVWUHOODV$TXLHODVSHFWRILVLFROROOHQDWRGR&RQOOHYDQGRHQODWLHUUDDQJXVWLDGH
JHQWHVFRQIXQGLGDVSRUXQDPDQHUDUDUDGHFRPXQLFDUVHHOPDU\ODVRODV&UHDQGRGHVIDOOHFLPLHQWRHQ
ORVVHUHVKXPDQRVSRUHOWHPRU\H[SHFWDFLRQTXHVREUHYHQGUDDODWLHUUD/F(VDV
VHQDOHVOXFDQDVH[SOLFDQHOTXHODVSRWHQFLDVGHORVFLHORVVHDQFRQPRYLGDV6LXQLPRVWRGRVHVWRV
DVSHFWRVXELFDGRVGHDFXHUGRDOFRQWH[WR\FRQWHQLGRSRGHPRVIRUPDUXQFXDGURORVXILFLHQWHPHQWH
FRPSOHWRGHORTXHSRGULDVLJQLILFDU$S
(VDYHUGDGTXHVHHVFRQGHSSHVHOUHVXOWDGRGHORVDFWRVUHSHWLWLYRVGHXQDKXPDQLGDGTXH
FRQWLQXDPHQWHKDGHVRLGRHOPHQVDMHGLYLQR$OUHFKD]DUHOHYDQJHOLRHWHUQR$SVHKDQ
GHVSRVHLGRGHODSURWHFFLRQTXHOHVKXELHUDHYLWDGRODVFDODPLGDGHVDODVTXHVHKDOOHJDGRHQWRGDOD
UHGRQGH]GHODWLHUUDFUHDQGRDQJXVWLDVLQSUHFHGHQWHVGHVIDOOHFLPLHQWRHQXQDVLPXOWDQHLGDGGH
VHQDOHVFRVPLFDVTXHSDUHFHQSURWHVWDUFRQWUDWDQWDLQMXVWLFLD\GHVDJUDGHFLPLHQWR/FFI
0WXSTXHULHQGROHVWRGDYLDDYLVDUGHFDPELRVFRPRORVGHXQWHUUHPRWRFI$STXHOHV
KDULDYDULDUGHGLUHFFLRQKDFLDODYLGD(O(YDQJHOLRQRVROROHVKXELHUDSUHSDUDGRDGLIHUHQWHVVHUHV
KXPDQRVDDIURQWDUODVFULVLVHFRQRPLFDV\GHRWUDLQGROHHQODGLUHFFLRQGHODLPSRVLELOLGDGGHUHVROYHU
HOSUREOHPDKXPDQR\GHSHUSHWXDUVHDTXLHQODWLHUUDVLQRTXHDGHPDVOHVKXELHUDOOHYDGRDOD
SRVLELOLGDGGHYROYHUVHD'LRV\FODPDUSRUVXVHJXQGDYHQLGDXQLFDVROXFLRQSDUDXQPXQGR
GHFDGHQWHVXIULHQWHHQIHUPR\FRQODPXHUWHFDPSHDQGRSRUVXVIXHURV
(VDYHUGDGYHODGDFRPRFRQVHFXHQFLDGHODDFWLWXGKXPDQDTXH'LRVODUHIOHMDPHGLDQWHVXDFWR
UHYHODGRUHQ$SSSKDUHSHUFXWLGRGHWDOPRGRHQORVPRQWHVUHLQRV6DO,VD
FI=DFFI0LTFI,VDFI$S\HQODVLVODVVLPERORGHODSRWHQFLD
FRPHUFLDOHFRQRPLFDHQHOVHQRGHODSRWHQFLDVRFLDO6DO(]TVVFI$S
TXHVHWDPEDOHDQFRPRUHPRYLHQGRVHGHVXOXJDU$SXS<HQWRQFHVVHUHSURGXFHHO
FXDGURGH,VDLDVFI$S<VHYLVXDOL]DQODVVHQDOHVFRVPLFDVGHODVSRWHQFLDVGH
ORVFLHORVFRQPRYLHQGRVH/FFI0WXSFRPRFRQVHFXHQFLDGHXQFLHORTXHVHQRV
UHYHODFRPRKDELHQGROOHJDGRDOFDOOHMRQGHOUHFKD]RVLHQGRODVHQDOSDUDDFWLYDUVHGDQGROXJDUDWRGD
XQDVHULHGHVHQDOHVFXOPLQDQWHVHQORFRVPLFR\GHFRQGLFLRQHVPD[LPDVGHVHVWDELOL]DGRUDVHQOR
SROLWLFRVRFLDO\HFRQRPLFRGHORVUHLQRVRSRGHUHVRJRELHUQRV
/RVUH\HVGHODWLHUUDORVJUDQGHVORVULFRVORVFDSLWDQHVORVSRGHURVRVWRGRHVFODYR\WRGROLEUHVHHVFRQGLHURQHQODVFXHYDV\
HQWUHODVSHQDVGHORVPRQWHV\GHFLDQDORVPRQWHV\DODVSHQDV&DHGVREUHQRVRWURV\HVFRQGHGQRVGHOURVWURGHDTXHOTXHHVWD
VHQWDGRVREUHHOWURQR\GHODLUDGHO&RUGHURSRUTXHHOJUDQGLDGHVXLUDKDOOHJDGR\"TXLHQSRGUDVRVWHQHUVHHQSLH"$S

>@
3HURFRPR\DGLMLPRVHQHOFRPLHQ]RGHQXHVWUDH[SRVLFLRQ VHWUDWDGHOUHFRQRFLPLHQWRGHXQD
SDUWHLPSRUWDQWHGHODKXPDQLGDGFI$SXSGHTXHVHHVWDQFXPSOLHQGRFLHUWDVVHQDOHVTXH
VHKDELDQSUHGLFKRHQODSUHGLFDFLRQGHO(YDQJHOLR(WHUQRVREUHHOUHWRUQRGH-HVXFULVWR<TXHDKRUD
IXHUWHPHQWHFRQPRYLGRVH[SUHVDQODQHFHVLGDGGHSRGHUHVWDUHQSLH(QHVRVPRPHQWRVORVSUREOHPDV
VRFLDOHV\HFRQRPLFRVVRQGHWDOQDWXUDOH]DTXHQRKD\IRUPDGHHQGHUH]DUORVORVUHLQRVODVQDFLRQHV
UHPXHYHQGHVXOXJDU\ODVLVODVHQVXUHSUHVHQWDWLYLGDGFRPHUFLDO\HFRQRPLFDVHYHQGHVDVLVWLGDV
$OJXQRVVHUHVKXPDQRVVHGDQFXHQWDGHQWURGHOOLVWDGRTXHVHQRVSURSRQHHQ$SORTXHHO
(YDQJHOLRHWHUQROHVGHFLD\HQWRQFHVUHDFFLRQDQFRPRQRHVWDQGRSUHSDUDGRVSDUDYHUDO+LMRGHO
+RPEUHYLQLHQGRHQODVQXEHV3HURVHOHVGDXQDVDOLGDWRGDYLD/RVTXHSXHGDQVRVWHQHUVHHQSLHVH
VDOYDUDQ(OWHPDGH$SRFDOLSVLVHVSUHSDUDUHQXQXOWLPRPHQVDMHDHVDKXPDQLGDGDVDOLUGHOD
PXQGDQDOLGDGEDELORQLFD\VRVWHQHUVHHQSLHSDUDHVHDFRQWHFLPLHQWRPDJQRGHODVHJXQGDYHQLGDGH
-HVXFULVWR\DSRGHUVHXQLUFRPRIRUPDQGRSDUWHGHORVODJHQHUDFLRQTXHHVWDUDYLYDFXDQGR
&ULVWRYHQJD
(VWDFULVLVHFRQRPLFDTXHHVWDPRVYLYLHQGRGHVGHHODOQRVHVWDDYLVDQGRGHFRPRSRGUD
VHUHOILQ$KRUDWRGDYLDODKXPDQLGDGWLHQHODH[FXVDGHORVDMXVWHVTXHODJOREDOLGDGH[LJHSHURFXDQGR
VHKD\DQKHFKRHVWRV\VXUMDXQDQXHYDFULVLVJOREDO\DQRKDEUDQDGDTXHSUREDU<HQWRQFHVODLPDJHQ
TXHQRVSURSRUFLRQDHOFRQWHQLGRGHOVH[WRVHOORVHUHSURGXFLUD\'LRVWRGDYLDPDQLIHVWDUDVX
PLVHULFRUGLDGHDFXHUGRDORTXHH[SUHVDQHVHFRQMXQWRGHUHSUHVHQWDWLYLGDGHVKXPDQDV<
DQWHVTXHODLUDGHILQLWLYDGH'LRVVHFRQWHPSOH$SHOVH[WRVHOORRIUHFHVXXOWLPRFRQWHQLGRHO
VHOODPLHQWRGHORVTXHOOHYDUDQDFDERXQDSUHGLFDFLRQVLQSUHFHGHQWHVHQODKLVWRULDSDUDTXH
'LRVSXHGDUHFRJHUODPLHV\ODYHQGLPLDFI$SFI$S
 /RV\HO6HOODPLHQWR$SFI
/DUHVSXHVWDDODSUHJXQWDFRQTXHKDDFDEDGRHOFDSLWXOR4XLHQSRGUDVRVWHQHUVHHQSLH
HVWDHQHOFDSLWXORGH$SRFDOLSVLVUHIHUHQWHDORV
$KLVHQRVYDQDGHVFULELUDORVVHOODGRVHQWUHHOVH[WR\VHSWLPRVHOOR(VGHFLUHQWUHOD
VLWXDFLRQ\FRQGLFLRQTXHPRWLYDHVDIUDVHSRUSDUWHGHXQDKXPDQLGDGUHSUHVHQWDGDSRUTXLHQHVHVWDQ
H[SHULPHQWDQGRORTXHLPSOLFDHOTXHORVUHLQRV\ODVSRWHQFLDVVRFLDOHVHFRQRPLFDVSLHUGDQHO
HTXLOLEULR\ODHVWDELOLGDGGHXQPRGRUHFRQRFLGRFRPRLQVDOYDEOH\HOUHWRUQRGH-HVXFULVWRTXHWUDH
OLWHUDOPHQWHODDSHUWXUDGHO6HSWLPRVHOOR$S
(QFXDQWRDORV$SFIODPD\RULDGHORVDXWRUHVGDQLPSRUWDQFLDDOD
XELFDFLRQGHORVSDUUDIRV\DOFRQWH[WR
&URQRORJLFDPHQWHHVWDYLVLRQGHORVGHOFDSLWXORVHHQFXHQWUDHQWUHHOVH[WRVHOOR\HO
VHSWLPR(O&RPHQWDULR%LEOLFR6DQ-HURQLPRGLFHUHVSHFWRDODVYLVLRQHVGHORVXOWLPRVYHUVLFXORVGHO
FDSLWXOR\HO
/DILQDOLGDGGHHVWDVGRVYLVLRQHVHVSRQHUHQFRQWUDVWHOD,JOHVLDJORULRVD\SURWHJLGDGH'LRVFRQORVKDELWDQWHVGHODWLHUUD
>@
SUHVDGHOSDQLFRDQWHODLQPLQHQFLDGHOMXLFLR!!
>@
(OVH[WRVHOORDQXQFLDORVDFRQWHFLPLHQWRVTXHSUHFHGHUDQDOILQGHOPXQGR!!
&RQORVFRPSOHPHQWRVTXHHVSUHFLVRWHQHUHQFXHQWDGHDFXHUGRDOWH[WRHVWXGLDGRORVGLIHUHQWHV
DXWRUHVFRLQFLGHQHQTXHVHWUDWDGHXQFRQWH[WRGHWLHPSRGHOILQ\GHMXLFLR
3RGHPRVWRGDYLDPDWL]DUPDV(OVH[WRVHOORKDILQDOL]DGRFRQXQDHVFHQDTXHQRVSUHVHQWDOD
>@
SUR[LPLGDGGHOUHWRUQRGH&ULVWR\GHO-XLFLRILQDO $QWHORVVXFHVRVSURJUHVLYRV$S
TXHFXOPLQDQFRQORVFXDGURVH[SXHVWRVHQFI/FORVKDELWDQWHVGHODWLHUUDVHQRV
SUHVHQWDQFRPRKDFLHQGRXQDUHIOH[LRQVREUHODVLWXDFLRQGHOPRPHQWRTXHFRLQFLGHFRQORTXHDOJXQRV
KDQSUHGLFDGRUHVSHFWRDODPELHQWHGH-XLFLRGLYLQRFI$SFI$S
LQPHGLDWDPHQWHSUHYLRDO5HWRUQRGH-HVXFULVWR
$QWHODSUHJXQWDGHTXLHQVHSRGUDVRVWHQHUHQSLH$SXSFXDQGRWRGRVORVMXLFLRVGHOVH[WR
VHOORVHKD\DQFXPSOLGRVHUHVSRQGHFRQORVGHOFDSLWXOR
$FRQWLQXDFLRQVHLQWURGXFHXQDFWRHQHOTXHVHKDFHQSUHVHQWHVXQRVDQJHOHVUHWHQLHQGRHO
GHUUDPDPLHQWRGHXQDVSODJDVTXHGDULDQOXJDUDOILQGHOPXQGRRIUHFLHQGRODRSRUWXQLGDGDO
OHFWRUGHVDEHUTXHODDFFLRQGHVWUXFWRUDTXHFRORFDDODKXPDQLGDGIUHQWHDOD6HJXQGD9HQLGDGH
-HVXFULVWRFIVHUHWLHQHKDVWDTXHVHKD\DSURGXFLGRHOVHOODPLHQWRGHORV
ORTXHLPSOLFDUDSDUDTXHHVHVHOODPLHQWRVHSXHGDSURGXFLUXQDSUHGLFDFLRQGHO(YDQJHOLR(WHUQR
HQXQFRQWH[WRGH7LHPSRGHO)LQGRQGHVHDQXQFLDHO-XLFLRFRPROOHJDGRFI'Q
LQVWDQGRDODVSHUVRQDVDVDOLUGH%DELORQLDFI\DH[SOLFDUORTXHVLJQLILFDODPDUFDGH
OD%HVWLD\VX,PDJHQ
(QFXDQWRDVHXELFDHQWUHHO\HO(OKDWHUPLQDGRKDEODQGRQRVGHXQDFULVLVSDUDHO
3XHEORGH'LRVHQHOTXHVHOHTXLHUHREOLJDUDSRQHUVHXQDPDUFDVLPEROLFDTXHOHKDJDVRPHWHUVHDOD
,GHRORJLDGHOD%HVWLDFRQVX4XLQWD&DEH]DUHVWDXUDGDHQXQD2FWDYDSSFI
SHURHVWRVXSRQGULDXQDDSRVWDVLDDORVSULQFLSLRVGHO5HLQRGH'LRV
(VREOLJDGRTXHDSDUH]FDQORV\DVHOODGRV\HQHOFLHORGHODQWHGHOWURQRGH'LRV$S
>@
 GHPRVWUDQGRVHTXHKDQVDOLGRDLURVRVGHODOXFKDILQDOPDQWHQLGDFRQOD%HVWLDTXHSUHWHQGLD
 >@
VHOODUOHVFRQVXVHOORFIXS
/DLQWHQFLRQGHHVWDQXHYDYLVLRQ$SHVPRVWUDUQRVDHVRVGH$SRFDOLSVLV\D
VHOODGRVYLFWRULRVRV\VDOYRV3HURHOKHFKRGHTXHORVDSDUH]FDQHQSULQFLSLRVLQVHOODU$S
\TXHVHKD\DQUHWHQLGRODVXOWLPDVHVFHQDVGHMXLFLRGLYLQRDQXQFLDGRUDVGHODLQPLQHQFLDGHOILQ
GHILQLWLYR\DKRUDVHQRVSUHVHQWHQDORVVHOODGRVSUHYLDPHQWHDXQDSUHGLFDFLRQ
>@
TXHDQXQFLDHO-XLFLRILQDO UHODFLRQDGDSUHFLVDPHQWHFRQRWURVHOORHOGHOD%HVWLDDO
FRPSDUDUORVSDUDOHODPHQWHXQRGHVFXEUHTXHHVRVTXHYLYHQHQODJHQHUDFLRQXOWLPDGHHVWD
WLHUUDVHIRUMDQFRPRFRQVHFXHQFLDGHHVDSUHGLFDFLRQ$SFITXHOHVSUHYLHQHUHVSHFWR
DODPDUFDGHOD%HVWLDDOD%DELORQLD\DO-XLFLRGH'LRV
6HQHFHVLWDODSUHGLFDFLRQGHO(YDQJHOLRGHO5HLQRGH'LRVSRUFXDQWROD%HVWLDTXHWLHQHTXHYHUFRQ
ODPDUFD\FRQVX,PDJHQVLJXHXQRVSULQFLSLRVHQJDQRVRVGHDFXHUGRDORVUHLQRVGHHVWHPXQGRTXH
SUHWHQGHQFDPXIODUVHFRPRVLHQGR\UHSUHVHQWDQGRDORVSULQFLSLRVGHO5HLQRGH'LRV
&RQODLQWURGXFFLRQGHODSUHGLFDFLRQGHO(YDQJHOLR(WHUQRUHODFLRQDGRFRQORVVHQRVHVWD
TXHULHQGRGHFLUTXHDQWHVTXHVHORJUHHOVHOODPLHQWRGHORV\SRUORWDQWRGHVXVDOYDFLRQ\GHO
DUURMDPLHQWRGHODVSODJDVFRQWUDORVSRGHUHVGHO0DOHVSUHFLVROOHYDUDFDERHVHWULSOHPHQVDMH
DQJHOLFRSDUDGHVHQPDVFDUDUDOD%DELORQLD\DOD%HVWLDTXHKDQWRPDGRSDUDDTXHOHQWRQFHVXQD
WUD\HFWRULDTXHGHVHPERFDUDHQXQHQJDQRPDJLVWUDOGHWRGRHOPXQGRKDVWDHOSXQWRGHDFHSWDUODDFWLWXG
LGRODWULFDTXHVXSRQHODLPSRVLFLRQGHODPDUFDGHOD%HVWLD\GHODVSUHPLVDVSROLWLFRUHOLJLRVDVDODV
TXHVHREOLJDFRQGLIHUHQWHVPHWRGRVVHGXFWRUHV\FXDQGRQRSXQLWLYRVTXHWRGRHOPXQGRVHVRPHWDD
OD%HVWLDSULPHUDULQGLHQGROHSOHLWHVLDDHOOD\DVXSURSLD,PDJHQ7RGRHOORUHDOL]DGR\DSR\DGRSRUOD
%HVWLDGH'RV&XHUQRVRHO)DOVR3URIHWDFI
>@
/RVFLIUDVLPEROLFD\QROLWHUDO HQFDUQDQDOD,JOHVLDGH-HVXFULVWRDO5HVWRGHOD
'HVFHQGHQFLD$STXHUHVXOWDWUDVODSUHGLFDFLRQGHOWULSOHPHQVDMHDQJHOLFR$SHQ
ODXOWLPDJHQHUDFLRQTXHHVWDUDYLYDFXDQGR&ULVWRYHQJDGHDFXHUGRDVXSURPHVD\TXHSDVDQSRU
XQDVSUXHEDVHVSHFLDOHVUHODWLYDVDOFRQWH[WRGHOILQHQHOTXHYLYHQSHURVRQSURWHJLGRVSRU'LRV
PHGLDQWHHOVHOODPLHQWRHVFDWRORJLFRTXHHO(VSLULWX6DQWRHIHFWXDSDUDQRUHFLELUHVRVMXLFLRV
>@
DQXQFLDGRVSRUODVSODJDV
'XUDQWHHOWLHPSRGHODSUHGLFDFLRQGHHVHWULSOHPHQVDMHDQJHOLFRSRUHO5HVWRGHOD
'HVFHQGHQFLDGHVSXHVGHTXHHO3XHEORGH'LRVGHMDGHHVWDUGLVSHUVRSRVWHULRUPHQWHDORV
DQRVFI'QIXHURQPXFKRVORVTXHDFHSWDURQHVHPHQVDMHPXULHQGRHQODHVSHUDQ]DGH
ODUHVXUUHFFLRQFI$S\HQODVHJXULGDGGHTXHHVWDEDQSUHSDUDQGRDHVDJHQHUDFLRQTXHXQGLD
VHUDODXOWLPD\TXHYLYLULDORVDFRQWHFLPLHQWRVTXHWDQWR'DQLHOFRPR$SRFDOLSVLVGHVFULEHQ\TXH
HOORVHQORHVHQFLDOHQWHQGLHURQ\VHVLQWLHURQLQVWUXPHQWRVGH'LRVSDUDOOHYDUDFDERHVDREUDEHQGLWD
(OORVGHELGRDOFRQWH[WRGHODKRUDTXHOHVWRFDEDH[LVWLUYLYLDQODHVSHUDQ]DELHQDYHQWXUDGDGHOD
VHJXQGD9HQLGDGH-HVXFULVWRHQ*ORULD\0DMHVWDGFRPRVLIXHUDDDFRQWHFHUHQVXJHQHUDFLRQ&RPRVL
UHDOPHQWHHOORVPLVPRVODIXHUDQDH[SHULPHQWDU(VODH[SHULHQFLDORJLFDTXHHO(VSLULWX6DQWRSHUPLWH
TXHVHYLYDFRPRFRQVHFXHQFLDGHODPLVLRQ\FRQWHQLGRGHO(YDQJHOLRGHO5HLQR
&XDOTXLHURWUDJHQHUDFLRQGHFULVWLDQRVTXHVHDSUHVWDDOHVWXGLRGHOD3DODEUD3URIHWLFDQRWDUDOD
WHQVLRQHVFDWRORJLFDGHO\DSHURWRGDYLDQRSHURVLHPSUHFRQODFRQILDQ]DGHTXHVXJHQHUDFLRQSXGLHUD
VHUODGHODOLEHUDFLRQGHILQLWLYDGHOPDOGHOVXIULPLHQWR\GHODPXHUWH/RVTXHYLYHQHQHVHFRQWH[WR
GHOFXPSOLPLHQWRGHOWULSOHPHQVDMHDQJHOLFRREVHUYDQHOVHUSURWDJRQLVWDVGHXQDVLWXDFLRQXQLFDHQOD
KLVWRULDODGHSRGHUVHFRQVWLWXLUHQHVDJHQHUDFLRQILQDOHQODTXHWHQGUDQRSRUWXQLGDGGHYHUFRQVXV
SURSLRVRMRVVLQSDVDUSRUODPXHUWHFID7HVD&RUDO'HVHDGRGH7RGDVODV
*HQWHVD1XHVWUR6HQRU-HVXFULVWRHQVXYXHOWDOLWHUDO\JORULRVD\SRGUDQVDOXGDU\FRQJUDWXODUVHFRQOD
DOHJULD\HOJR]RGHODVDOYDFLRQFRQODJUDQPXFKHGXPEUHGHWRGDVODVHSRFDVGHODTXHHOORVIRUPDQ
>@
SDUWHWDPELHQ
 /DLGHQWLGDGGHORV\GHODJUDQPXOWLWXG
(QFXDOTXLHUH[HJHVLVGHEHPRVGHDJRWDUWRGDVODVSRVLELOLGDGHV\FRPSUREDUFXDOHQFDMDPHMRUHQHO
WH[WR
/DSULPHUDLQWHUSUHWDFLRQVHULDODTXHQRVSUHVHQWDFRPRPDVSUREDEOHHO6LPSRVLRVREUH
>@ >@
$SRFDOLSVLV \TXH+DQV./D5RQGHOOHDFHSWDFRPRODDGHFXDGD\XQLFD +DFHXQDGLIHUHQFLD
HQWUHTXHR\RHOQXPHURGHORVHOODGRV$S\TXHFXDQGRVHYXHOYHYHHQUHDOLGDGHO
QXPHURGHORVVHOODGRVTXHVHULDVHJXQHOGHDFXHUGRDOPDQHMRGHORVWH[WRVXQDJUDQPXOWLWXG$S
\ORFLUFXQVFULEHDOWLHPSRILQDOGHWULEXODFLRQ(VGHFLUHQHOFRQWH[WRGHORTXHVHQDUUDHQWUHHO
VH[WR\HOVHSWLPRVHOOR
(VWDLQWHUSUHWDFLRQLGHQWLILFDDODJUDQPXOWLWXGFRQORVGHOWLHPSRILQDO
>@
2WUDLQWHUSUHWDFLRQHVODTXHLGHQWLILFDDORVFRQODJUDQPXOWLWXGGHWRGRVORVWLHPSRV
(VWDLQWHUSUHWDFLRQHVLPSRVLEOHSXHVWRTXHORVH[LVWHQHQWUHHOVH[WR\HOVHSWLPRVHOOR
$SDUHFHQHQXQDHVFHQDULRWHUUHVWUH\ODJUDQPXOWLWXGHQXQHVFHQDULRFHOHVWHGRQGHLQFOX\HDWRGDVODV
JHQHUDFLRQHVGHVDOYRVLQFOX\HQGRDODXOWLPDJHQHUDFLRQGHQRPLQDGD
>@
/DWHUFHUDLQWHUSUHWDFLRQ HVODTXHGLIHUHQFLDHQWUHORV\ODJUDQPXOWLWXGQRSRUTXH
>@
VHDQGRVJUXSRVGLVWLQWRVHQFXDQWRDODH[SHULHQFLDGHODVDOYDFLRQ VLQRSRUTXHDOHVWXGLDUHOWH[WR
VHGDQFXHQWDTXHORTXHR\H-XDQHQFXDQWRDODFLIUDGHDFRQWHFHHQXQHVFHQDULRWHUUHVWUH
GRQGHVHOHVVHOODHVWDQGRHQYLGDHQWUHHOVH[WR\VHSWLPRVHOOR
$FRQWLQXDFLRQHOWH[WRQRQRVGLFHTXHVHYROYLHUD"3RUTXH"6LODDQWHULRUQRODHVWDPLUDQGRVLQR
R\HQGRQRKDFHIDOWDYROYHUVHDQLQJXQRWURODGR/DVHFXHQFLDHVELHQVHQFLOOD7HUPLQDHORLUHOQXPHUR
GHORVVHOODGRVGHQWURGHXQDHVFHQDWHUUHVWUH<SURVLJXHGHVSXHVGHHVWRPLUH<ORTXHYLR\DQR
HUDWHUUHVWUHVLQRFHOHVWH$S$TXL\DQRVHWUDWDGHDOJRTXHVHSXGLHUDPHGLUFRQWDQGR
(YLGHQWHPHQWHORVGHFDGDWULEXVHKDQWHQLGRTXHFRQWDUGHDOJXQPRGRDXQFXDQGROD
FLIUDVHDVLPEROLFD0LHQWUDVTXHDKRUDVHQRVGLFHTXHVHWUDWDGHXQDPXOWLWXGTXHQDGLHSRGLDFRQWDU
$QWHULRUPHQWHVHKDPHQFLRQDGRUHVSHFWRDORVGHWRGDVODVWULEXVGH,VUDHOGHODJUDQ
PXOWLWXGVHGLFHGHWRGDVQDFLRQHV\WULEXV\SXHEORV\OHQJXDV7RGRHVWRKDFHSHQVDUDDOJXQRVFRPRD
PLTXHQRSRGHPRVLGHQWLILFDUHVWDVGRVSUHVHQWDFLRQHVFRPRVLHQGRORPLVPR"4XHILQDOLGDGWHQGULD
HVWDGREOHSUHVHQWDFLRQVLIXHUDORPLVPR\HQHOPLVPRFRQWH[WR"6HSRGULDKDEHUDKRUUDGRXQDGHODV
GRV
3URVLJDPRVFXDQGRVHVLJXHHVWXGLDQGRHVWHDVXQWRWHQLHQGRHQFXHQWDDKRUDORTXHVHQRVGLFHGHOD
JUDQPXOWLWXG\GHORVGHVFXEULPRVTXHODJUDQPXFKHGXPEUHTXH
DSDUHFHHQHOFRQWH[WRGHORVHQJOREDDWRGRVORVFULVWLDQRVGHWRGDVODVHSRFDVLQFOX\HQGRD
HVRVGHHVDXOWLPDJHQHUDFLRQ$OOLDSDUHFHQWRGRVORVVDOYRVGHWRGRVORVWLHPSRVLQFOXVR
DTXHOORVTXHVHLGHQWLILFDQFRPRORV7RGRVKDQVDOLGRGHODJUDQWULEXODFLRQTXHVXSRQHYLYLU
ILHOPHQWHORVSULQFLSLRVGHO5HLQRGH'LRVHQXQDVRFLHGDGHQODTXHSULYDQORVSULQFLSLRVGHORVUHLQRV
GHHVWHPXQGR
/DGLIHUHQFLDUDGLFDHQHOWLHPSR\HQORTXHSXHGHLPSOLFDUGHHVSHFLDOHVHWLHPSRGHDTXHOORVTXHQR
SDVDUDQSRUODPXHUWHVLQRTXHHVWDQYLYRVFXDQGR-HVXFULVWRYXHOYHHQVX6HJXQGDYHQLGDSURPHWLGD
$SRFDOLSVLV\QRVH[SRQHQDDTXHOORVTXHHQODXOWLPDJHQHUDFLRQHVWDQYLYRVFXDQGR&ULVWRYLHQH\
HVWDQLQWHJUDGRVHQHVDJUDQPXFKHGXPEUHGHVDOYRVGHWRGDVODVHSRFDVLQFOXVRORVGHODXOWLPD
/RVSDVDMHVUHODWLYRVDORV\DODJUDQPXOWLWXG$S\SXHGHQWHQHUGRVOHFWXUDV
SDUWLHQGRVLHPSUHGHTXHORVHVXQQXPHURVLPEROLFRTXHVHFRQWDELOL]DSRUODFDOLGDGTXH
UHSUHVHQWDVXQXPHURHQXQFRQWH[WRGHOILQSRUHOTXHQRSDVDQSRUODPXHUWH\HQFRPSDUDFLRQFRQOD
RWUDKXPDQLGDGTXHUHFKD]DODSHUIHFFLRQHQ&ULVWR8QDGHODVOHFWXUDVVHULDWDOFRPRVHKDLQGLFDGRXQ
SRFRPDVDUULEDORVIRUPDULDQSDUWHGHXQDHVFHQDWHUUHVWUH\ODJUDQPXOWLWXGGHXQDHVFHQD
FHOHVWHTXHLQFOXLULDDWRGRVORVVDOYRVGHWRGDVODVHSRFDV\OXJDUHVLQFOX\HQGRDORVVDOYRVGHOD
JHQHUDFLRQIRUPDGDSRUORVTXHHVWDULDQHQJOREDGRVHQODJUDQPXOWLWXGGHVDOYRV/DVHJXQGD
OHFWXUDVHULDWHQLHQGRHQFXHQWDDOJXQDVFDUDFWHULVWLFDVFRQTXHDSDUHFHQORVHQ$SRFDOLSVLV
/DJUDQPXOWLWXGHVWDQDQWHHOWURQRGH'LRVFI$SORVGHOFSHVWDQDQWHHO
WURQRGH'LRVFDQWDQGRXQFDQWLFRSS/DJUDQPXOWLWXGKDODYDGRVXURSD\ODKDHPEODQTXHFLGR
HQODVDQJUHGHO&RUGHURXSORVGHOFSVRQVLQPDQFKDODJUDQPXOWLWXGHV
JXLDGDSRUHO&RUGHURDIXHQWHVGHDJXDYLYDORVGHOFSVLJXHQDO&RUGHURSRUGRQGH
TXLHUDTXHYD(YLGHQWHPHQWHODVFDUDFWHULVWLFDVIXQGDPHQWDOHVGHORVGHOFS
FRLQFLGHQFRQODVGHODJUDQPXOWLWXG"4XHUHSHUFXVLRQHVSRGULDWHQHUHVWRHQXQDLQWHUSUHWDFLRQGHORV
\ODJUDQPXOWLWXGGHOFS"3RGULDFROHJLUVHTXHODGHVFULSFLRQGHODJUDQPXOWLWXGVRQORV
(VGHFLUHOVLPEROLVPRQXPHULFRGHOFDSLWXORUHSUHVHQWDQGRDODJHQHUDFLRQ
SHUIHFWDHQ&ULVWRTXHHVWDUDYLYDFXDQGR&ULVWRYHQJDHQFRQWUDVWHFRQXQDKXPDQLGDGLPSLDVHYH
LQWHUSUHWDGDDFRQWLQXDFLRQHQVXFLIUDUHDOGHVDOYRVFRQODDSDULFLRQGHODJUDQPXOWLWXG$S
/DLGHQWLILFDFLRQSRUFLHUWRVSRUPHQRUHVLPSOLFDGRVGHORVFRQODJUDQPXOWLWXG$S
FIGDQGRXQDSRVLEOHOHFWXUDLQWHUSUHWDWLYDGLVWLQWDQRGHVFDUWDQHFHVDULDPHQWHODSULPHUD
OHFWXUD"3RUTXH"3RUTXHORVIRUPDQSDUWHGHODJUDQPXOWLWXG\DTXHHVWDULDQLQFOXLGRVWRGRVORV
VDOYRVGHFXDOTXLHUJHQHUDFLRQSRUORWDQWRLQFOXVRHVRVORVTXHHVWDUDQYLYRVHQRFDVLRQGHO
UHWRUQRGH&ULVWR'HDKLTXHORVSRUPHQRUHVTXHVHWLHQHQHQFXHQWDGHODJUDQPXOWLWXGDQWHHOWURQR
URSDHPEODQTXHFLGDHQODVDQJUHGHOFRUGHURVLQPDQFKDVRQJXLDGRVSRUHO&RUGHURRVLJXHQDO
&RUGHURTXHFRLQFLGHQFRQORVGHOFSVHQDODULDQWDPELHQDORVGHVFULWRVHQHOFS
SRUFXDQWRDOIRUPDUSDUWHGHODJUDQPXOWLWXGSRVHHQHVRVSRUPHQRUHV(QHVWHFDVRORVGHO
FSDSDUHFHULDQFRQHVRVSRUPHQRUHVSRUFXDQWRVHOHVHVWDWUDWDQGRDLVODGDPHQWHSHURDVDELHQGDVGH
TXHHVWDQLQFOXLGRVGHQWURGHODJUDQPXOWLWXGGHVDOYRV/DVHJXQGDOHFWXUDQRHVQLQHFHVDULDQL
REOLJDWRULD&UHHPRVTXHHOWH[WRGH$SRFDOLSVLVORVGLIHUHQFLD\HOGHOFDSLWXORORVLGHQWLILFDSRU
FXDQWRORVDXQTXHQRHVWRGDODJUDQPXOWLWXGVLTXHIRUPDSDUWHGHODJUDQPXOWLWXG
1LQJXQDGHODVLQWHUSUHWDFLRQHVTXHHOWH[WRQRVSHUPLWHUHDOL]DUURPSHFRQODVFLQFRLGHDVFHQWUDOHV
TXHVREUHORVVHQRVRIUHFHQ/RVHVWDQXELFDGRVGHQWURGHOWLHPSRGHOILQHQWUHHO
VH[WR\HOVHSWLPRVHOOR$SDUHFHQVHOODGRVDILQGHTXHQRVHOHVKDJDQLQJXQGDQRSHUPDQHFLHQGR
VLHPSUHYLYRV\DVDOYRHQHOPRQWHGH6LRQ$SFI(VXQQXPHURVLPEROLFRFX\D
UHDOLGDGDSXQWDKDFLDVXSHUIHFFLRQHQ&ULVWRHQXQDJHQHUDFLRQXOWLPDTXHHVWDUDYLYDHQRFDVLRQGHO
UHWRUQRGH&ULVWRUHFLEHQHOVHOODPLHQWRGHO(VSLULWX6DQWRFRPRFHUWLILFDFLRQGHVXVDOYDFLRQHQYLGD
\TXHFRQWUDVWDFRQODJHQHUDFLRQKXPDQDXOWLPDLPSLDTXHHVWDQGRHQYLGDHQRFDVLRQGHOUHWRUQRPRULUD
WRGDHOODHQRFDVLRQGHGLFKRHYHQWR'DGDODIDOWDGHIHFRQTXHHO0HVLDVYDWLFLQDDODJHQHUDFLRQ
XOWLPDTXHVHFRQVLGHUDFUH\HQWH$SFI/FVHHVSHFLILFDDODQDOL]DUSRUVHSDUDGRD
HVRV\DOHVWDUHQORVLQVWDQWHVXOWLPRVYLYRVVLQSDVDUSRUODPXHUWHTXHH[SHULPHQWDUDQODV
PLVPDVFDUDFWHULVWLFDV\HYHQWRVGHWRGRVORVVDOYRVFXDQGRKD\DQVLGROLEHUDGRV$SPXHVWUD
TXHODJUDQPXOWLWXGVHUHILHUHDWRGRVORVVDOYRVGHWRGDVODVQDFLRQHVWULEXVOHQJXDVGHWRGDVODV
HSRFDVGHWRGDVODVJHQHUDFLRQHVLQFOX\HQGRDORVGHODXOWLPDJHQHUDFLRQTXHQRSDVDUDQSRUODPXHUWH
\TXHVHOHVOODPD+DFLHQGRGLIHUHQFLDHQWUHHVDJUDQPXOWLWXGGHVDOYRVGHWRGDVODVHSRFDV\
JHQHUDFLRQHV\ORVVDOYRVGHODJHQHUDFLRQILQDOTXHIRUPDSDUWHGHFRPRXQDJHQHUDFLRQOD
XOWLPDGHWRGDVODVGHPDVJHQHUDFLRQHVGHODJUDQPXOWLWXG
 >@
'RQ)1HXIHOGHQ$GYHQWLVW5HYLHZ GHMDFODURGRVGHORVDVSHFWRVTXHDFDEDPRVGHPHQFLRQDU
(OXQRTXHVRQGRVJUXSRVGLVWLQWRVHOGHODJUDQPXOWLWXG\HOGHORVDXQFXDQGRHQODJUDQ
PXOWLWXGHVWHQLQFOXLGRVWDPELHQORV
4XHVRQGRVJUXSRVHVWDFODUDPHQWHH[SXHVWR/RVVRQUHSUHVHQWDGRVFRPRYLQLHQGRGHODVWULEXVGH,VUDHOPLHQWUDV
>@
TXHODJUDQPXOWLWXGFRPSUHQGHJHQWHGHWRGDVODVQDFLRQHV!! 
/DRWUDHVUHIHULGDDTXHORVVRQORVTXHVHUDQVDOYRVHQODXOWLPDJHQHUDFLRQ
8QDYH]TXHVHKDHVWXGLDGRHOVLPEROLVPRXQRGHEHSUHJXQWDUVHTXHRDTXLHQHVUHSUHVHQWDQORVVLPERORV/RVSRUPHQRUHV
ELEOLFRVVRQHVFDVRVSHURHOFXDGURTXHDSDUHFHHVTXHORVVRQDTXHOORVDTXLHQHV'LRVPDUFDSDUDODVDOYDFLRQHQHO
>@
XOWLPRSHULRGRGHWLHPSRFXDQGRVXVMXLFLRVHVWDQDOFDHU!! 
>@
0DULR9HORVRHQXQXOWLPROLEUR$SRFDOLSVLV\(VFDWRORJLD H[SRQLHQGRLJXDOPHQWHOD
GLIHUHQFLDHQWUHODJUDQ0XOWLWXG\ORVDILUPDGHHVWRVXOWLPRV
/RVFLHQWRFXDUHQWD\FXDWURPLOVHOODGRVRVDQWRVVRQORVTXHHVWDUDQFRQHO&RUGHURHQHOPRQWHGH6LRQSRUTXHVRQVLQ
PDQFKD$SRFDOLSVLV(OQXPHURHVVLPEROLFR5HSUHVHQWDDODWRWDOLGDGGHORVUHGLPLGRVGHOXOWLPRWLHPSR7RGRHO
>@
UHPDQHQWHGHOILQ!!
/DSURSLD&RQIHUHQFLD*HQHUDOSRUPHGLRGHOGHSDUWDPHQWR(OOHP:KLWH3XEOLFDWLRQV\ILUPDGRSRU
>@
$UWKXU/:KLWH SUHVHQWDXQH[KDXVWLYRWUDEDMRSRUHOTXHVHFRQFOX\HFRQORTXHVHDMXVWDPDVFRQ
ODSRVLFLRQGH(OHQD:KLWHUHVSHFWRDORV\TXHFRLQFLGHFRQORTXHQRVRWURVFUHHPRVWHQLHQGR
HQFXHQWDHOWH[WRELEOLFR
7RPHWKHZRUGLQJKHUHLVYHU\FOHDU7KRVHZKRDUHWREHFRXQWHGDPRQJWKHZLOOEH
WKRVHZKRDUHWUDQVODWHGIURQWKHHDUWKIURPDPRQJWKHOLYLQJ7KH\KDYHFRPHRXWRIJUHDW
WULEXODWLRQ7KH\KDYHSDVVHGWKURXJKWKHWLPHRI-DFRE
VWURXEOH7KH\KDYHVWRRGZLWKRXWDQ
LQWHUFHVVRUWKURXJKWKHILQDORXWSRXULQJRI*RG
VMXGJPHQWV7KH\KDYHZLWQHVVHGWKHVHYHQODVW
>@
SODJXHV,WKLQNZHFRXOGILQGQRHVFDSHIURPWKLVFOHDUFXWGHSLFWLRQ!!
(OWH[WRVREUHODJUDQPXOWLWXGHVXQLFR\ORGHEHPRVSUHVHUYDUWDOFXDOGLIHUHQFLDQGRORGHORV
DXQFXDQGRHVWRVIRUPHQSDUWHGHODJUDQPXOWLWXG(VPDUDYLOORVRVDEHUTXH'LRVWLHQHHQFXHQWD
QRVRODPHQWHDODJHQHUDFLRQILQDOGHVDOYRVVLQRDWRGRVORVVDOYRVGHWRGDVODVHSRFDV
3RUTXHODFLIUDGH
(IHFWLYDPHQWHHVXQDFLIUDFULSWLFDTXHTXLHUHUHFRUGDUHORULJHQ\ODEDVHGHOD,JOHVLD(VWD
FRQVWUXLGDPHGLDQWHODVFLIUDVDSRVWROHVMXGHRVSRUWULEXVGH,VUDHOPXOWLSOLFDGRVSRUHOQR
TXHUHSUHVHQWDXQDPXOWLWXGLQPHQVD6LVHREVHUYDIDOWDQGRVWULEXVODGH'DQ\(IUDLQFRQORFXDOQRHV
ODLQWHQFLRQGHODXWRUHOGHSUHVHQWDUOLWHUDOPHQWHWRGDVODVWULEXVGH,VUDHOVLQRODGHFRQVWUXLUOD,JOHVLD
EDVDGDHQHO+LMRGHO+RPEUHFI$SVVODSLHGUDMXGHDDQJXODUTXHKDGDGRODVLQVWUXFFLRQHV
DGHFXDGDVHQHOPHQVDMHDODV,JOHVLDV
3RUTXHODQRPHQFODWXUDWULEXVGH,VUDHO
(VQHFHVDULRUHFRUGDUHORULJHQ\HOGHVDUUROORGHHVDLJOHVLDIXQGDGDSRUHOMXGHR-HVXFULVWRWHQLHQGR
>@
HQFXHQWDDO2OLYR,VUDHOXQUHVWRHVFRJLGRSRUJUDFLDFI5P /DLJOHVLDQRKDVXVWLWXLGRD
,VUDHO/DLJOHVLDEDVDGDHQODSLHGUDDQJXODUGHO0HVLDVMXGHRHVODFRQWLQXDGRUDGHO2OLYR,VUDHO
>@
PHGLDQWHHOUHVWRMXGHRDSRVWROLFR(QHVRVPRPHQWRVGHVXIXQGDFLRQQRH[LVWHQJHQWLOHV (VD
,JOHVLDFRQWLQXDGRUDGH,VUDHODFRJHDSDUWLUGHVXIXQGDFLRQWDQWRDUDPDVQDWXUDOHVMXGHDVFRPRD
ROLYRVVLOYHVWUHVJHQWLOHVFI(IFI5P'HDKLTXHVHHVFRMDHOYRFDEXODULRDGHFXDGRDILQ
GHUHFRUGDUQXHVWURRULJHQ\QDWXUDOH]DHQHVHWLHPSRILQDOTXHKDEUDLQFRUSRUDFLRQHVWDQWRGHUDPDV
QDWXUDOHVMXGHDVFRPRGHROLYRVVLOYHVWUHVJHQWLOHVTXHVHEDVDQHQHOIXQGDPHQWRGHOMXGHR0HVLDV\HO
FROHFWLYRDSRVWROLFRMXGHR
/DFLIUD\QRPEUHGHWRGDVODVWULEXVGH,VUDHOHVODPDQHUDTXHODLQVSLUDFLRQHVFRJHGH
UHSUHVHQWDUDO,VUDHOHVSLULWXDOGHOXOWLPRWLHPSRORPLVPRTXHDOSULQFLSLR6WJ6HWUDWDGH
GHVFULELUDO5HPDQHQWHVHQDODGRSDUDHOILQDOGHOXOWLPRWLHPSR$SFI5PVVDO
UHPDQHQWHMXGHRFRQYHUWLGRDO0HVLDV\UHPDQHQWHJHQWLOFRQYHUWLGRDO0HVLDV'LRVFRQRFHTXLHQHVVRQ
UDPDVQDWXUDOHVMXGHDVTXHVHLQFRUSRUDQGXUDQWHHOWLHPSRGHODJHQHUDFLRQXOWLPD\ORVTXHVRQJHQWLOHV
FI5PWHUPLQDQGRVHGHFXPSOLUHOPLVWHULRGH,VUDHOHO2OLYRTXHDSHVDUTXHOD
UHSUHVHQWDWLYLGDGSRUODFODVHGLULJHQWHGH,VUDHOQDFLRQDOUHFKD]RDO0HVLDVFI0W\
SUR\HFWRXQDGLUHFFLRQDOLGDGFRQWUDULDDOFULVWLDQLVPRLQGHSHQGLHQWHPHQWHGHORVHUURUHV\KRUURUHVTXH
ODPD\RUSDUWHGHODOODPDGDFULVWLDQGDGFRQWULEX\RDHVDPDODLPDJHQKHDTXLHOPLVWHULRGXUDQWHWRGR
HVWHXOWLPRWLHPSRGHVGHODSULPHUDYHQLGDKDVWDODVHJXQGDYHQLGDLQFOX\HQGRHOWLHPSRGHOILQGHO
XOWLPRWLHPSR\HOILQGHOWLHPSRGHOILQGHOXOWLPRWLHPSRVHLQFRUSRUDUDQUDPDVQDWXUDOHVMXGHDVDO
UHPDQHQWHMXQWRDORVJHQWLOHVTXHWDPELHQVHYDLQFRUSRUDQGR
/DJUDQPXOWLWXGVRQSHUVRQDVGHWRGDVODVQDFLRQHVSXHEORVOHQJXDV\WULEXVGHODWLHUUDGHWRGRVORV
WLHPSRV\GHFDGDJHQHUDFLRQGHDQWHV\GHVSXHVGHODSULPHUDYHQLGDGHO0HVLDV3RUORWDQWRHVWDQ
LQFOXLGDVODVWULEXVGH,VUDHORODQDFLRQGH,VUDHOGHWRGRVORVWLHPSRVGHFDGDJHQHUDFLRQMXQWDPHQWH
FRQWRGDVODVGHPDVWULEXVQDFLRQHV\SXHEORVGHWRGDVODVGHPDVJHQWHVJHQWLOHV
$QWHVGHO0HVLDVMXGHRV\QRMXGHRVHVWRVXOWLPRVH[FHSFLRQDOPHQWHSRUORTXH3DEORGHQRPLQD
ORVTXHVHVXMHWDQSRUOH\QDWXUDO5PSXGLHURQVHULQFRUSRUDGRVDODVDOYDFLRQ
'HVSXHVGHO0HVLDV-HVXFULVWRIXQGDOD,JOHVLDVREUHHO2OLYR,VUDHOHOUHPDQHQWHHVFRJLGRSRUJUDFLD
5PEDVDGR\FRQWLQXDGRSRUHOFROHFWLYRMXGHRDSRVWROLFRDOTXHVHLQFRUSRUDQ
GXUDQWHWRGDODKLVWRULDUDPDVQDWXUDOHVMXGHDV\ROLYRVVLOYHVWUHVJHQWLOHV6LQGLIHUHQFLDVGHQLQJXQD
FODVH$JUXSDGRVGHQWURGHO,VUDHOHVSLULWXDOHO2OLYRUHSUHVHQWDGRHQHO0HVLDV-HVXFULVWR
/DWULEXODFLRQGHODJUDQPXOWLWXG\ODGHORV
/DWULEXODFLRQHVODPLVPDSRUFXDQWRORVHVWDQLQFOXLGRVHQODJUDQPXOWLWXG/DWULEXODFLRQGHO
XOWLPRWLHPSRTXHWLHQHQTXHSDVDUUHVSHFWRDODFDEH]DGHOD%HVWLDGH$SRFDOLSVLVFRQODTXLQWD
FXUDGDSRUOD%HVWLDGHGRVFXHUQRVTXHULHQGRVHLPSRQHUODPDUFDGHOD%HVWLDUHVXOWDVHUODPLVPD
WULEXODFLRQTXHH[SHULPHQWDQGXUDQWHDQRVGXUDQWHHOWLHPSRGHODTXLQWDFDEH]DORVTXHYLYHQHQ
HVDHSRFDGHODJUDQPXOWLWXG<GXUDQWHODFXDUWDFDEH]DGHOD%HVWLDODVLJOHVLDVGH$VLD\
SRVWHULRUPHQWHKDVWDODHSRFD&RQVWDQWLQLDQDH[SHULPHQWDURQORVFULVWLDQRVODSHUVHFXFLRQGHO'UDJRQ
PHGLDQWH5RPDLPSHULDO
$GHPDVODJUDQWULEXODFLRQLQGHSHQGLHQWHPHQWHGHHVRVGHVDILRVFRQFUHWRVFRQVLVWHHQDIURQWDUODIH
IUHQWHDOHQHPLJRSHFDGR\VXVFRURODULRVHQIHUPHGDG\VXIULPLHQWRODPXHUWH\ORVVLVWHPDVGHPDOGDG
TXHKHPRVPHQFLRQDGR7DQWRODJUDQPXOWLWXGGHWRGDVODVJHQHUDFLRQHVFRPRORVTXHHVWDQ
LQFOXLGRVFRPRSHUWHQHFLHQWHVGHODXOWLPDJHQHUDFLRQHQHVDJUDQPXOWLWXGSDVDQSRUODJUDQ
WULEXODFLRQFRQVLVWHQWHHQHQIUHQWDUDORVHQHPLJRVGH'LRVHOSHFDGRODPXHUWHORVVLVWHPDVGHPDOGDG
\DO'UDJRQ3DUDHOORGLVSRQHQWRGRORTXHLPSOLFDHOSODQGH'LRVPDQLIHVWDGRSRUHO+LMRGHO+RPEUH
(O$SRFDOLSVLVQRVH[SOLFD\QRVLPSUHJQDGHFRPRVHOOHYDHVDREUDGHVDOYDFLRQ
"4XHHVHOVHOODPLHQWRGHORV"
6HWUDWDGHOXQLFRVHOODPLHQWRTXHH[LVWHHOTXHHIHFWXDHO(VSLULWX6DQWRPHGLDQWHODYHUGDGTXH
>@
VDQWLILFD\VHOODSDUDODVDOYDFLRQD&RU-Q(IFI(ID&RU
7RGRVORVFULVWLDQRVGHWRGDVODVHSRFDVKDQVLGRVHOODGRVSRUHO(VSLULWX6DQWRHQHOWUDQVFXUVRGHVX
H[SHULHQFLDFRQODYHUGDGLQVSLUDGDSRUHO(VSLULWX6DQWR\TXHVDQWLILFDFRQHOSRGHUGHO(VSLULWXKDVWD
TXHOOHJDGDODPXHUWHVHFXOPLQDGHILQLWLYDPHQWHHOVHOODPLHQWRHQHVDVDOYDFLRQGHFDGDXQRHQ&ULVWR
6LWRGRVGHWRGDVODVHSRFDVVRQVHOODGRVHQODYHUGDGTXHVDQWLILFDFI-QSRUHO(VSLULWX6DQWR
ORVTXHHVWDQYLYRVFXDQGR&ULVWRYLHQHWDPELHQKDQGHVHUVHOODGRVSRUHO(VSLULWX6DQWR6LPSOHPHQWH
>@
TXHHVWRVQRSDVDQSRUODPXHUWH/RV UHFLEHQHQXQFRQWH[WRHVFDWRORJLFRHVWDQGRHQOD
WLHUUDHOVHOODPLHQWRGHILQLWLYRDODVDOYDFLRQSRUHO(VSLULWX6DQWRDILQGHTXHSXHGDQVXSHUDUHQYLGD
ODVSODJDVFRQWUDODWLHUUD\HOPDU$SFI$S\HQIUHQWDUWRGRORUHODWLYRDODEHVWLD
\DVXLPDJHQ\DVXPDUFDFI$STXHVHGDHQHOILQILQDOFI$SFRQILUPDQGRVX
YLFWRULDHLGHQWLGDGFRQHOQXHYRFDQWLFR$SFI$S/RTXHKDTXHGDGRHQHO
DFRQWHFLPLHQWRGHODPXHUWHVHOODGRSRUHO(VSLULWX6DQWRKDGHVXFHGHUFRQDTXHOORVTXHHVWDUDQYLYRV
VLQKDEHUSDVDGRSRUODPXHUWHFXDQGR-HVXFULVWRUHJUHVD
(OVHOODPLHQWRTXHH[SHULPHQWDQORVQRWLHQHQLQJXQDGLIHUHQFLDHVHQFLDOFRQHOVHOODPLHQWRGH
FXDOTXLHURWURFULVWLDQRHQFXDOTXLHURWUDJHQHUDFLRQ7RGRVORVFULVWLDQRVKDQGHUHFLELUHOVHOORGHO
(VSLULWX6DQWRTXHOHVFRQILUPHHQODVDOYDFLRQGHVGHHOLQLFLRGHVXDFHSWDFLRQKDVWDHOOLPLWHGHOD
PXHUWH(ID&RUFI+E
(OVHOODPLHQWRGH$SRFDOLSVLVUHIHUHQWHDORVHVHOTXHFRUUHVSRQGHDOVHOODPLHQWRSRUHO
(VSLULWX6DQWRTXHOHVFRQILUPDHQODVDOYDFLRQHQEDVHDKDEHUUHFLELGRODYHUGDG/RV
UHSUHVHQWDQDOSXHEORGH'LRVHQODXOWLPDJHQHUDFLRQTXHHVWDUDYLYDVLQSDVDUSRUODPXHUWHFXDQGR
&ULVWRYHQJD<FRPRORVFULVWLDQRVGHFXDOTXLHUJHQHUDFLRQUHFLEHQHOVHOODPLHQWRGH'LRVSRUHO
(VSLULWX6DQWRORVGHODXOWLPDJHQHUDFLRQSRUODPLVPDUD]RQTXHODVDQWHULRUHVWDPELHQVXVPLHPEURV
UHFLEHQHOPLVPRVHOODPLHQWRSRUHO(VSLULWX6DQWR"3RUTXHVHHVSHFLILFDHQWRQFHV"6LVHREVHUYDHQHO
VHOODPLHQWRGHWRGRVORVFULVWLDQRVGHFXDOTXLHUHSRFDVHUHDOL]DLQGLYLGXDOPHQWHGHVGHVXLQLFLRHQOD
VDOYDFLRQKDVWDHOOLPLWHGHODPXHUWHGHFDGDXQR&RQIRUPHVHFRQILUPDQHQODFUHHQFLDVRQVHOODGRV
3HURHQHOFDVRGHORVVLELHQHOVHOODPLHQWRGHO(VSLULWX6DQWRVHKDLGROOHYDQGRDFDER
LQGLYLGXDOPHQWHGHVGHTXHVHLQLFLDURQ\DFHSWDURQD-HVXFULVWROD3DODEUDGHYHUGDG-QFI-Q
UHFLEHQHOVHOODPLHQWRGHILQLWLYRTXHHQHOFDVRGHORVRWURVFULVWLDQRVVHOOHYDDFDERDOILORGH
ODPXHUWHGHXQPRGRFROHFWLYRHVWDQGRHQYLGD$SDUWLUGHOPRPHQWRHQTXHHOGHVLJQLRGH'LRVORV
LQWURGX]FDHQHOGHVWLQRGHHVWDUYLYRVVLQSDVDUSRUODPXHUWHFXDQGR&ULVWRYLHQHVRQVHOODGRV<OR
VRQLQGLYLGXDOPHQWHSHURFRLQFLGLHQGRHQXQHVSDFLRWHPSRUDOHQHOTXHH[LVWHQWRGRVFROHFWLYDPHQWH
WRGRVDTXHOORVTXHHQVXSUHGLFDFLRQGHO(YDQJHOLR(WHUQRVHYHQREOLJDGRVDWHQHUTXHDIURQWDUHO
VHOODPLHQWRGHODPDUFDGHODEHVWLD$S\DSUHGLFDUHOVDOLUGH%DELORQLD\
DQRUHFLELUODPDUFDGHODEHVWLD$SFI(QHVDHSRFDHQTXHHPSLHFHHO
VHOODPLHQWRSRUORVTXHKDQDFHSWDGRHO(YDQJHOLR(WHUQRVRQVHOODGRVGHILQLWLYDPHQWH6HOHVYDQ
DQDGLHQGRWRGRVDTXHOORVTXHYD\DQDFHSWDQGRHOPHQVDMHGHVDOLUGH%DELORQLD\WRGRORTXHVLJQLILFDQR
UHFLELUODPDUFDGHODEHVWLD
(VLPSRUWDQWHTXHFRPSUHQGDPRVTXHQRKD\XQQXHYR(YDQJHOLRHQODHSRFDGHOILQGHOD*HQHUDFLRQ
ILQDO"FXDOHVODUHVSRQVDELOLGDGGHFDGDFULVWLDQRGHFXDOTXLHUJHQHUDFLRQFRQUHODFLRQDOILQ"
7RGRVORVFULVWLDQRVGHFXDOTXLHUHSRFDVRQOOHQRVGHO(VSLULWX6DQWRHQEDVHDODYLGD\REUDGH
-HVXFULVWRPDQLIHVWDQGRODIHYHUGDGHUDFI5P*DOD&RU*DO7LWR
VHUDQILHOHVDORVPDQGDPLHQWRVGH'LRVFI$SDMXVWDQGRVHDODGRFWULQDTXH
FRUUHVSRQGHD6DQWRVFI-XG+HFKD7HVD7LP3UHGLFDUDQHO(YDQJHOLR
GHO5HLQRGH'LRVFI$S6RQDTXHOORVTXHKDELHQGRVLGROLEHUDGRVGHOGRPLQLRGHOSHFDGR
5PKDQQDFLGRGHDUULEDKDELHQGRVLGRHQJHQGUDGRVSRU'LRV-QFI
DGTXLULHQGRODYRFDFLRQFHOHVWH-QSDUDORVFXDOHVODVFRVDVYLHMDVSDVDURQD&RU
\SRUHOOROXFKDQFRQWUDHOSHFDGRFRQHOSRGHUGHO(VSLULWX6DQWR+EFI5
'HEHQPDQLIHVWDUXQDYH]UHFRQFLOLDGRV\MXVWLILFDGRVFRQORTXHHVRLPSOLFDFI5P
HOIUXWRGHODVDQWLILFDFLRQFI5PGHDKLTXHVLJDQODSD]\ODVDQWLGDGFI+E
'HDKLTXHSRGDPRVUHVXPLUGLFLHQGRTXH
/XFKDQFRQWUDHOSHFDGR\ORVGHIHFWRVGHOFDUDFWHUYHQFLHQGRORV
(VWDQSUHSDUDGRSDUDODWUDVODFLRQ
9LYHQ\SUHGLFDQGHDFXHUGRDVXHVSHUDQ]D\DODUHVSRQVDELOLGDGGDDSRUWDUDODKLVWRULDOD
SRVLELOLGDGGHTXHH[LVWDOD*HQHUDFLRQILQDO\ORVXOWLPRVGHGLFKD*HQHUDFLRQTXHHVWDUDQYLYRVFXDQGR
&ULVWRYHQJD3XGLHQGRFRLQFLGLUHQXQFLHUWRWLHPSRVXSUHGLFDFLRQ\FRQGXFWDFRQORVTXHHVWDUDQYLYRV
FXDQGR&ULVWRYLHQH
3UHFLVDPHQWHWRGRORTXHKHPRVGLFKRLQFOX\HQGRHVRVWUHVSXQWRVUHPDUFDGRVHQHOWH[WRTXHHVWDQ
VREUHQWHQGLGRVHQWRGRHOLGHDOGHORV(VFRJLGRVGHWRGDVODVHSRFDV7RGDVODVJHQHUDFLRQHVGHVGHOD
SULPHUDYHQLGDGH&ULVWRFXDQGRQRVLQWURGXMLPRVHQORVSRVWUHURVWLHPSRVFID-QGHEHQ
OXFKDUFRQWUDHOSHFDGRFI+E\YHQFHUVXVGHIHFWRVGHOFDUDFWHU5PD7LP
6WJ)LOS5PD&RUFX\RUHVXOWDGRDQRPDORHVIUXWRGHODREUDGHOSHFDGR5P
FI6WJ/DREUDGHO(VSLULWX6DQWR-QFI5PHQEDVHDOD
YLGDPXHUWH\REUDGH-HVXFULVWRQRVOLEHUDGHOGRPLQLRGHOSHFDGRSRVH\HQGRFRPRIUXWROD
VDQWLILFDFLRQ5P\GHHVWHPRGRFRQHOSRGHUGH'LRVVHJXLPRVODSD]\OD
VDQWLGDG+EKDFLHQGREXHQDVREUDVFRPRKHFKXUDGH-HVXFULVWRTXHVRPRVFI(I\FRQ
WRGRHOORGDGDODEHQGLFLRQHVSLULWXDOHQ&ULVWR-HVXV(IVHUVDQWRV\VLQPDQFKD(I
7RGRVORVFUH\HQWHVHQ&ULVWRGHEHQSURFXUDUODSHUIHFFLRQHLUODDOFDQ]DQGRFRQHOSRGHUGH'LRVD
&RU+E)LOSD7LP6WJD3HGSHUIHFFLRQDQGRODVDQWLGDGD&RU
FI6WJWHQLHQGRFRPRPRGHORDO3DGUH0W\D&ULVWR(I\VLJXLHQGRWRGRXQ
WUD\HFWRGHSHUIHFFLRQFRQWLQXRFI)LOSTXHVLQDEDQGRQDUDWRGRORTXHLPSOLFDODYLGDPXHUWH\
REUDGH-HVXFULVWRFI*DOQRVPDQWHQJDPRVSHUIHFWRVHQ-HVXFULVWRFI&ROGHDFXHUGRD
ODYROXQWDGGH'LRV&ROFUXFLILFDQGRHOPRGRGHVHUGHOPXQGR*DOODPDQHUDGHYLYLU
VHJXQODFDUQH*DOQRVLJXLHQGRVXVSDVLRQHVQLREUDV*DOQLRIHQGLHQGRGHSDODEUD
6WJVLQRVLJXLHQGRODVREUDVGHO(VSLULWX6DQWR*DO\PLUDQGRODSHUIHFWD/H\GH'LRV
6WJFI\HVSHUDQGRWRGDYLDDTXHYHQJDORSHUIHFWRFID&RU
(VHYLGHQWHSXHVTXHFXDOTXLHUFULVWLDQRGHFXDOTXLHUHSRFDTXHVHKDVXMHWDGRDODGLUHFFLRQGHO
(VSLULWX6DQWR-Q5PD7HVKDWHQLGRTXHH[SHULPHQWDUWDQWRHOTXHUHU
FRPRHOKDFHUSRUSDUWHGH'LRV\GHDFXHUGRDVXYROXQWDG)LOSFI6WJKDGHELGRFRQRFHUOD
(IFI+HFKGHELHQGRVRPHWHUVXYROXQWDGD'LRVFI6WJVLJXLHQGRHOHMHPSORGH
-HVXFULVWR-QFRQIRUPDQGRVHVLHPSUHDODYROXQWDGGH'LRVD-Q6WJ
$XQTXHVRQFRQVFLHQWHVTXHWLHQHQQDWXUDOH]DGHSHFDGR5PFIXSD-Q\DQR
SHFDQSHFDGRGHPXHUWHFID-QKDQVLGROLEHUDGRVGHOGRPLQLRGHOSHFDGR5P
FISURFXUDQGRFRQWLQXDPHQWHODVDQWLILFDFLRQ5P
7RGDVODVJHQHUDFLRQHVGHVGHODSULPHUDYHQLGDGH&ULVWRGHEHQSUHSDUDUVHSDUDODWUDVODFLRQSXHVWR
TXHORVTXHKDQFUHLGRGHYHUGDG-QFID-QWHQGUDQYLGDHWHUQDPHGLDQWH
ODUHVXUUHFFLRQGHYLGDFI-QSSTXHVHSURGXFHHVWDH[FOXVLYDPHQWHSDUDHOORVHQHOGLD
SRVWUHUR-QHQRFDVLRQGHODPDQLIHVWDFLRQGH&ULVWRHQVXVHJXQGD9HQLGD
&ROFID7HVSXHVWRTXHODWUDQVIRUPDFLRQSUHYLDDODWUDVODFLRQODKDQGH
H[SHULPHQWDUWRGRVWDQWRORVTXHHVWDQYLYRVFXDQGR&ULVWRYHQJDFRPRORVUHVXFLWDGRVTXHMXQWRFRQ
HOORVVLPXOWDQHDPHQWHKDQGHVHUWUDVODGDGRVD&RUFID7HV3RUORWDQWR
SUHYLDPHQWHDOUHWRUQRGH&ULVWRFXDOTXLHUFULVWLDQRGHFXDOTXLHUJHQHUDFLRQKDWHQLGRTXHHVWDU
SUHSDUDGRSDUDODWUDVODFLRQDQWHVTXHOHDFRQWH]FDODPXHUWH&ROGHDFXHUGRDWRGRORTXH
KHPRVGLFKRGHORV(VFRJLGRV
7RGRVWDPELHQSUHGLFDQ\YLYHQGHDFXHUGRDVXHVSHUDQ]DTXHHO(VSLULWX6DQWRKDVHPEUDGR\DOD
UHVSRQVDELOLGDGGHDSRUWDUDODKLVWRULDODSRVLELOLGDGGHTXHH[LVWDODXOWLPD*HQHUDFLRQ
/RVFULVWLDQRVGHO1XHYR7HVWDPHQWRYLYHQVX*HQHUDFLRQFRPRVLIXHUDODXOWLPDD7HVFI
$S6LELHQHVSUHFLVRHQRFDVLRQHVFODULILFDUSRVLFLRQHVUHVSHFWRDOWLHPSR\DOPRPHQWR\DORV
DFRQWHFLPLHQWRVD7HVFIWRGRHO$SRFDOLSVLV'QQRHVPHQRVFLHUWRTXHHO
FULVWLDQRVHYHLQYROXFUDGRFRQODSURIHFLD\VXUHVSRQVDELOLGDGSDUDFRQHOODDYLYLUSRUDQWLFLSDGROD
HVSHUDQ]DGHORVVLJORVHOILQGHOGRORU\GHODPXHUWHFRQODSUHVHQFLDYLVLEOHGHQXHVWUR6HQRU
-HVXFULVWR'HVGHTXHKLFLHUDSUHVHQFLD-HVXFULVWRHOGHVHQFDGHQDPLHQWRGHWRGRHVXQDUHDOLGDGTXH
SRVLELOLWDHOWUD\HFWRKDVWDODVHJXQGD9HQLGDGHO+LMRGHO+RPEUH&ULVWR-HVXVFXDQGR\DQRUHJLUDQLOD
PXHUWHQLHOVXIULPLHQWRQLHOPDO\ODYLYHQFLDGHHVDHVSHUDQ]DDQWLFLSDHOILQGHORPDORHQHOHVSDFLR
GHXQDH[LVWHQFLDVHDFXDOVHDHVWDVXGXUDFLRQSXHVWRTXHHOWHUPLQRGHODYLGDSDUWLFXODUGHFDGDXQR
HQFDGDJHQHUDFLRQFRQHFWDFRQGLFKRUHWRUQRGH-HVXFULVWRWUDVODSDUDGDLQWHPSRUDOHLQFRQVFLHQWHGH
ODPXHUWHDSDUWLUGHVXVXSHUDFLRQPHGLDQWHODUHVXUUHFFLRQ(VLQGXGDEOHTXHODSUHGLFDFLRQGHO
(YDQJHOLRGHO5HLQRFRQOOHYDHOPRVWUDUODFDXVDGHODVGHVGLFKDVKXPDQDV\ODVROXFLRQDOD
SUREOHPDWLFDFRQORTXHDUUDVWUDDOFUH\HQWHDYLYLUORTXHSUHGLFD\DDQKHODUTXHVHFXPSODWRGROR
UHODWLYRDODVSURPHVDVTXHFRORFDQDOFUH\HQWHPDVDOODGHODKLVWRULDLQWUDPXQGDQD3RURWUDSDUWHHV
ELHQVDELGRTXHODPXHUWHHVLQHYLWDEOHDH[FHSFLRQKHFKDGHORVTXHYLYDQORVXOWLPRVPRPHQWRVGHOD
*HQHUDFLRQILQDO'HDKLTXHODPXHUWHVHDODSDUDGDDQWHULRUDODFRQWHFLPLHQWRKLVWRULFRGHOUHWRUQRGH
-HVXFULVWR<SDUDFXDOTXLHUFUH\HQWHHQ&ULVWRHVDSDUDGDQRVXSRQHWLHPSRDWUDQVFXUULUVLQRXQD
HVSHUDHQODPHPRULDGH'LRV0WFI&ROHQODTXHHVWDUHVHUYDGDVXH[LVWHQFLD
HWHUQDFRQ&ULVWRHQ'LRV3HURHOFUH\HQWHGHFXDOTXLHUHSRFDTXHFXPSOHODVFRQGLFLRQHVTXHODSURSLD
GLQDPLFD\FRQWHQLGRGHO(YDQJHOLRLPSOLFDQKDGHYLYLUODWHQVLRQHVFDWRORJLFDFRQODPLVPDLQWHQVLGDG
TXHORVTXHHVWHQYLYRVFXDQGR&ULVWRYHQJDSXHVWRTXHODPXHUWHHQ&ULVWRHVVLPSOHPHQWHXQDYLVRGH
TXHODSUR[LPDVLWXDFLRQKLVWRULFDVHUDODGHYHUFXPSOLGDODSURPHVDTXHKDGHVWDFDGRGHQWURGHO
FRQWHQLGRGHVXSUHGLFDFLRQODELHQDYHQWXUDGDHVSHUDQ]DGHODVHJXQGD9HQLGDGH-HVXFULVWRHQJORULD\
PDMHVWDG6LVHREVHUYDFRQODD\XGDGHO$SRFDOLSVLV\GHOHYDQJHOLRGH-XDQHORUGHQTXH3DEORQRV
RIUHFHFRPSUHQGHUHPRVPHMRUHVWHDVXQWR
&ULVWRHVGHQRPLQDGRODVSULPLFLDVGHODUHVXUUHFFLRQRYLYLILFDFLRQD&RUSSFID&RU

7RGRVPXHUHQSRUHVWDUVXMHWRVD$GDQD&RUSSFISS
6HKDGHSURGXFLUODPXHUWHGHWRGRVORVKRPEUHVD&RUDH[FHSFLRQGHORVTXHHVWHQ
YLYRVFXDQGR&ULVWRYHQJDD&RUSSDQWHVTXHVHSURGX]FDODUHVXUUHFFLRQGHORVTXHVRQGH
&ULVWRD&RUSSFIXS/RVTXHQRPXHUHQTXHHVWDQYLYRVFXDQGR&ULVWRYHQJD
VRQOODPDGRVUHGLPLGRVGHHQWUHORVKRPEUHVFRPRSULPLFLDVSDUD'LRV\HO&RUGHURFI$S
/RVGHQRPLQDGRVLPSLRVORVTXHQRKDQPXHUWRHQ&ULVWR\QRKDQFUHLGRHQHOQRWLHQHQYLGD
HWHUQD-Q&RO\SRUORWDQWRQRSXHGHQSDUWLFLSDUGHODUHVXUUHFFLRQGHYLGD
FI-QSSXSODTXHFRUUHVSRQGHDOGLDSRVWUHUR-QFID7HV'H
DKLTXHORVTXHHVWHQYLYRVFXDQGR&ULVWRYHQJDQRSRGUDQVRSRUWDUHQYLGDVXSUHVHQFLD$S
FID7HV\ORVTXHHVWDEDQPXHUWRVSHUPDQHFHUDQHQODVWXPEDVKDVWDTXHOOHJDGRHO
PRPHQWRWRGRVORVFODVLILFDGRVFRPRLPSLRVSDUWLFLSHQGHODUHVXUUHFFLRQGHFRQGHQDFLRQ-QXS
TXHDFRQWHFHPX\SRVWHULRUPHQWHFXDQGRHVWDHVWLSXODGRHQOD(VFULWXUD$SDILQGHUHFLELU
HVDFRQGHQDFLRQTXHVHDQXQFLDHQHOWH[WRVLQHVSHFLILFDUVHHQHVHOXJDUHOWLSRGHFRQGHQDFLRQ
(VWDFODURTXHWRGRVORVTXHVHVXMHWHQD&ULVWRVHUDQYLYLILFDGRVRUHVXFLWDGRVD&RUXS
FIXS-QD7HVXSHQVXYHQLGDXS
/DWUDQVIRUPDFLRQHVVLPXOWDQHDDODUHVXUUHFFLRQWDQWRSDUDORVUHVXFLWDGRVFRPRSDUDORVTXH
HVWDEDQYLYRVVLQGRUPLUODPXHUWH\SRUORWDQWRFXDQGR&ULVWRYXHOYHD&RUFIXS
/DPXHUWH\DQRWLHQHSRGHUSDUDORVTXHKDQVLGRWUDQVIRUPDGRVFI
/DWUDVODFLRQGHORVPXHUWRVHQ&ULVWRUHVXFLWDGRVMXQWRDORVTXHHVWDEDQYLYRVVHUHDOL]D
VLPXOWDQHDPHQWHDFRQWLQXDFLRQD7HV
'HVSXHVFRPRFRQWLQXDFLRQDHVRVHYHQWRVHQRFDVLRQGHODVHJXQGD9HQLGDODHVFHQDVLJXLHQWHVH
VLWXDHQHOFLHORGHQWURGHXQPDUFRWHPSRUDOGHPLODQRV$SFI
/DHVFHQDILQDOGHOMXLFLRHPSH]DGRSUHYLDPHQWHDOUHWRUQRGH&ULVWRVHFRQVROLGDFRQODFRQGHQD
DQXQFLDGDDORVLPSLRV$SFI+E5P(]T0DOT
(OGHVFHQVRDODWLHUUDGHODOODPDGD1XHYD-HUXVDOHQ&HOHVWLDOTXHDFRJHDORV6DQWRVHVXQD
UHDOLGDGVLPXOWDQHDDOMXLFLRHMHFXWLYRFI
/DSUHVHQFLD\H[LVWHQFLDHQXQDQXHYDWLHUUDFRQXQQXHYRFLHORVHKDFHXQDUHDOLGDGXQDYH]
HOLPLQDGRWRGDSRVLELOLGDGGHPDO\HOUHFXHUGRGHWRGRVORVSHQVDPLHQWRVPDORV$SFI,VD

3RUORWDQWRQDGLHYDDSUHFHGHUDQDGLHFID7HUHVSHFWRDODVSURPHVDVRIUHFLGDVDORV
(VFRJLGRVGHFXDOTXLHUWLHPSR/RTXHUDWLILFDTXHQRKD\QLQJXQDGLIHUHQFLDHQFXDQWRDORVFRQWHQLGRV
GHOHYDQJHOLR\DODUHVSRQVDELOLGDGGHVXSUHSDUDFLRQHQWUHORV(VFRJLGRVGHFXDOTXLHUHSRFD/DXQLFD
GLVWLQFLRQVHHQFXHQWUDHQORTXHVXSRQHH[SHULPHQWDUODPXHUWH(VRPLVPRTXHKDGHDFRQWHFHU\TXH
KDQGHYLYLUORV(VFRJLGRVGHODHSRFDGH3DEORRGH-XDQRGH3HGURRGHFXDOTXLHURWURDSRVWROKDGH
VXFHGHUFRQORV(VFRJLGRVGHOD*HQHUDFLRQILQDO\FRQORVXOWLPRVGHGLFKD*HQHUDFLRQTXHHVWDUDQ
YLYRVFXDQGR&ULVWRYHQJD
/DOXFKDFRQWUDORVGHIHFWRVGHOFDUDFWHUYHQFHUHOSHFDGRVHUVLQPDQFKDJUDFLDVDODREUDGH'LRV
HQ&ULVWR-HVXV\DOSRGHUGHO(VSLULWX6DQWRVRPHWLHQGRQXHVWUDYROXQWDGD'LRV\GHFLGLHQGR
LQYROXFUDUQRVHQODREUDGHO(VSLULWX6DQWRTXHULHQGRLPLWDUD-HVXFULVWRQRSHUPLWLHQGRTXHHOSHFDGR
GRPLQHVXMHWDQGRQXHVWUR\RDORTXHVXSRQHHVWDUMXQWDPHQWHFUXFLILFDGRVFRQ-HVXFULVWRRKDEHU
PXHUWRDODVREUDVGHODFDUQHYLYLHQGRXQDYLGDVDQWD\SHUIHFWDVHKDGHGDUGHDFXHUGRDWRGROR
LQGLFDGRHQWRGR(VFRJLGRWDQWRGHORVTXHSDVDQSRUODPXHUWHFRPRORVTXHHVWDUDQYLYRV
(QHOFDVRGHORVPXHUWRVHQ&ULVWRODPXHUWHLPSLGHHOFRPSUREDUHOWULXQIRVREUHHOGRPLQLRGHO
SHFDGRHQEDVHDOSODQGHODVDOYDFLRQGHOD'HLGDGPDQLIHVWDGR\UHDOL]DGRWDQWRSRU-HVXFULVWRFRPR
SRUHO(VSLULWX6DQWR3HURODUHVXUUHFFLRQHQRFDVLRQGHODVHJXQGD9HQLGDGH-HVXFULVWRVHUDOD
HYLGHQFLDGHTXHODREUDGHODVDOYDFLRQHQHOFUH\HQWHKDREWHQLGRODYLFWRULDFI&RO(QHOFDVR
GHORVTXHHVWDQYLYRVFXDQGR&ULVWRYLHQHHVDYLFWRULDGHILQLWLYDVHDOFDQ]DHVWDQGRHQYLGDSHURFRQOD
PLVPDEDVH\SRGHUTXHKDDFWXDGRFRQFXDOTXLHURWURFUH\HQWH
/DLQVLVWHQFLDFRQTXHFLHUWRVFULVWLDQRVGRWDGRVGHFDULVPDVHVSHFLDOHVSRUHO(VSLULWX6DQWRH[KRUWDQ
DYHQFHUHOSHFDGRRORVGHIHFWRVGHOFDUDFWHUWLHQHHQFXHQWDHVWDVGRVVLWXDFLRQHVTXHVHGDQHQOD
HVSHUDGHFDGDFULVWLDQRILHO\HVSHUDQ]DGRODGHODPXHUWHRODGHHVWDUYLYRFXDQGR&ULVWRYLHQH/D
YLGDHVVXILFLHQWHPHQWHFRUWDDXQTXHOOHQDGHRSRUWXQLGDGHVDODVDOYDFLRQ\UHTXLHUHHVFXFKDUORV
OODPDPLHQWRVDODUUHSHQWLPLHQWRFI0F0W-QRDSHUPDQHFHUHQOD
VDOYDFLRQSRUSDUWHGHORVTXHKDQVLGRHVFRJLGRV\GRWDGRVFRQGRQHVHVSHFLDOHVHVSLULWXDOHV(I
FI+E\FSDXQTXHFDGDGLDGHEDPRVH[KRUWDUQRVORVXQRVDORVRWURVFI+E

/RVWH[WRVD-QGHMDPHULGLDQDPHQWHFODURTXHODQDWXUDOH]DGHO
SHFDGRFRQORTXHLPSOLFDHVWDSUHVHQWHKDVWDTXHHVWHVHUFRUUXSWLEOHVHDYHVWLGRGHLQFRUUXSWLELOLGDG
5PD&RU
(OOODPDPLHQWR\FRQWHQLGRDHVWDUSUHSDUDGRSDUDFXDQGRHO+LMRGHO+RPEUHYXHOYD0W
FI/FVLUYHSDUDWRGRVDTXHOORVGHFXDOTXLHUHSRFDSRUTXHODPXHUWHHVHOREVWDFXOR
SURYLVLRQDOTXHLPSLGHSURORQJDUODH[LVWHQFLDKDVWDHOUHWRUQRGH&ULVWR'HDKLTXHVHDKDVWDODPXHUWH
HOOLPLWHGHODVSRVLELOLGDGHVDODVDOYDFLRQILMDQGRVHHQWRQFHVODSUHSDUDFLRQGHFDGDXQRSDUDHOGLDHQ
TXHHO+LMRGHO+RPEUHKDJDVXDSDULFLRQHQODKLVWRULD
/RVTXHQRKDQGHSDVDUSRUODPXHUWHTXHHVWDQLQWHJUDGRVHQVXH[WUHPRXOWLPRHQOD*HQHUDFLRQ
ILQDOSUHFLVDQUHFLELUHODOLHQWRFRQWLQXRWDQWRGHVXVSURIHWDVFRPRGHVXVSDVWRUHVD&RU
(IFI+ESRUTXHODDGYHUWHQFLDDYHODU\WRGRORTXHVLJXHHQHOOODPDPLHQWR
TXHVHLQVFULEHHQORVHYDQJHOLRV0WFI/FYDOHGHURSDUDWRGDVODVHSRFDV
FREUDXQDUHDOLGDGXQLFDHQODKLVWRULDGHHVWHPXQGR\HVTXHHVH&ROHFWLYRLQWHJUDGRHQOD*HQHUDFLRQ
ILQDOODFXDOVHFDUDFWHUL]DSRUXQDLGHRORJLDUHVWDXUDGRUDGHWRGR\GHXQDYXHOWDDODVIXHQWHVVLQ
SUHFHGHQWHVHQODKLVWRULDGHOFULVWLDQLVPRFI+HFKD7HV$S'Q,VD
YDDVHUSURWDJRQLVWDHQYLGDGHODVXOWLPDVHVFHQDV\DQXQFLRVTXHVHUHODFLRQDQFRQVXOLEHUDFLRQ
GHILQLWLYDGHHVWHSODQHWDWRFDGRGHDODLUUHYHUVLEOHPHQWHDODYH]TXHVLJXHJUDFLDVD-HVXFULVWRFRQ
VX3DGUH\DOSRGHUGHO(VSLULWX6DQWRHQXQDOLQHDGHFRQWLQXDUVLHQGRMXVWR\VDQWR$S
/DJHQHUDFLRQILQDOHVWDIRUPDGDSRUORVTXHYLYHQHQORVGLDVGHO+LMRGHO+RPEUHSUHYLRVDO
UHWRUQRGH-HVXFULVWRSURPHWLGR/FFI'Q'QFI'Q
\H[SHULPHQWDQWRGRGHOPLVPRPRGRTXHHQFXDOTXLHURWUDJHQHUDFLRQ1RREVWDQWHHVRVGLDV
SUHYLRVDOGLDGHVXYHQLGDRULHQWDGRVSRUORVWH[WRVSUHFLWDGRVFRQILJXUDQXQDVFDUDFWHULVWLFDVXQLFDV
HQODKLVWRULD(OSXHEORGH'LRVYLYHHQXQDKLVWRULDHQODTXHOD%HVWLD\DQRHVORTXHHUDDXQTXH
YXHOYDDVHUORTXHIXHFI$S(VRVGLDVGHO+LMRGHO+RPEUHSUHYLRVDVXYHQLGDHVWDQ
LGHQWLILFDGRVFRPRVLHQGRORVGHO+LMRGHO+RPEUH(OKHFKRGHTXH-HVXFULVWRQRVORPHQFLRQHHV
SRUTXHHQEDVHDOD3DODEUDGH'LRVSRGHPRVLGHQWLILFDUDHVRVGLDVGHO+LMRGHO+RPEUHSUHYLRVDOGLD
GHVXYHQLGD8QDYH]GHWHUPLQDGRVVDEUHPRVSDUDTXHVLUYHQFXDOHVVRQVXVFRQWHQLGRV\FXDQWR
WLHPSRVHH[WLHQGHQ(VRVGLDVUHFRQRFLGRVFRPRORVGLDVGHO+LMRGHO+RPEUHRULHQWDQDWRGDXQD
JHQHUDFLRQTXHVHKDGHH[WHQGHUKDVWDHOPLVPRILQLQFOX\HQGRDWRGDXQDVHULHGHSHUVRQDVTXHGH
DFXHUGRDODGXUDFLRQGHOWLHPSRGHHVRVGLDVGHO+LMRGH+RPEUHXQRVSDVDQSRUODPXHUWH\RWURV
HVWDUDQYLYRVFXDQGR&ULVWRYHQJD7DQWRORVXQRVFRPRORVRWURVTXHGDQHQJOREDGRVHQODJHQHUDFLRQ
GHORVGLDVGHO+LMRGHOKRPEUHSUHYLRVDOGLDGHVX9HQLGD(VDJHQHUDFLRQUHVWDMXVWLILFDGDFRPRWDO
SRUTXHWLHQHFRPRUHIHUHQFLDDORVGLDVGHO+LMRGHO+RPEUH
(VRVGLDVGHO+LMRGHOKRPEUHSUHYLRVDOGLDGHVXYHQLGD/FFI'Q'Q
FI'QVRQSRVWHULRUHVDORVGLDVSURIHWLFRVRPHVHVRWLHPSRV
"4XHKDVXFHGLGRGXUDQWHHVHSHULRGRGHORVGLDVSURIHWLFRV"
'XUDQWHHVHWLHPSRHOSXHEORGH'LRVGLVSHUVRHQFXHQWUDFRELMRHQHOGHVLHUWRGHODQRQLPDWR\GHO
LQFRJQLWRH[SHULPHQWDQGRODSHUVHFXFLRQGHODIDOWDGHOLEHUWDGGHFRQFLHQFLD\HOGHWHQHUTXHRFXOWDUVH
\QRSRFDVYHFHVODWRUWXUD\ODPXHUWH$SFI6HSUHGLFDHOHYDQJHOLRHQ
FRQGLFLRQHVGHFLOLFLR$S9LYHQHQODHSRFDGHODKHJHPRQLDGHODFDEH]DTXHKDGHUHFLELU
ODKHULGDPRUWDODOILQDOGHHVHSHULRGR\TXHGHVSXHVKDGHFXUDUVH$S6HQRVRIUHFHXQD
LGHRORJLD\FRQGXFWDGLVWLQWDDODGH'LRVHLQVSLUDGDSRUXQ'UDJRQFDPXIODGR$SFI'Q
FI
/D%HVWLDFDHHQHODELVPRTXHULHQGRORVXELURHVWDQGRSRUVDOLU$SFIFI

 "4XHDFRQWHFLPLHQWRVVHGDQSRVWHULRUPHQWHDHVRVGLDVSURIHWLFRV"
3RVWHULRUPHQWHDHVHSHULRGRGHORVGLDVSURIHWLFRVVHKDQGHGDUORVVLJXLHQWHVDFRQWHFLPLHQWRV
6HGDQORVGLDVGHO+LMRGHO+RPEUHSUHYLRVDOGLDGHVX9HQLGDTXHDEDUFDQGHVGHGHVSXHVTXHVH
LQWURGX]FDHO+LMRGHO+RPEUHKDVWDHOGLDGHVX9HQLGD"&RPRSRGHPRVLGHQWLILFDUORV"
-HVXFULVWRQRVKDEODGHXQDHSRFDSUHYLDDVXUHWRUQRTXHVHUHFRQRFHFRPRODGHORV'LDVGHO+LMRGHO
+RPEUH
&XDQGRVHDQDOL]DQORVWH[WRVGH/XFDVHQHOFRQWH[WRGHODH[WHQVLRQHLQVWDXUDFLRQGHILQLWLYD
GHO5HLQRGH'LRVFI/F-HVXVTXHVHKDLGHQWLILFDGRHQGLYHUVRVOXJDUHVFRQHO+LMRGHO
+RPEUHFI0W0F/F0W0F/FPHQFLRQDDXQRVGLDVGHO+LMRGHO
+RPEUHSUHYLRVDOGLDHQTXHHO+LMRGHO+RPEUHFI/FYHQGUDGHQXHYRGH
DFXHUGRDORVFRQWHQLGRV\SURPHVDVGHODV(VFULWXUDVFI0W/F0F
1RWHVHHQ/XFDVFXDQGR-HVXFULVWRVHUHILHUHHQVLQJXODUDXQRGHORVGLDVGHO+LMRGHO+RPEUH
TXHDSDUHFHQORJLFDPHQWHHQSOXUDO'HVSXHVKD\XQFRQWUDVWHFRQWLQXRGHVLQJXODUSOXUDOHQWUHORVGLDV
GH1RHSUHYLRVDOGLDHQTXH1RHHQWURHQHODUFDFI/F\ORVGLDVGH/RWSUHYLRVDOGLDHQ
TXH/RWVDOLRGH6RGRPDFI/F\HQSDUDOHORFRQORVGLDVGHO+LMRGHO+RPEUH\HOGLDGHO
+LMRGHO+RPEUHFI/F
(VHYLGHQWHTXHGHDFXHUGRDHVWRVSDVDMHVKD\XQDHSRFDHVFDWRORJLFDGHQRPLQDGDSRUORVGLDVGHO
+LMRGHO+RPEUHSUHYLDDOGLDHQTXHHO+LMRGHO+RPEUHVHPDQLILHVWH
$KRUDELHQ"DTXHGLDVGHO+LMRGHO+RPEUHVHQDOD-HVXVGHORVTXHGHVHDULDQVXVGLVFLSXORVYHUXQR
GHHOORV"FI/F6RODPHQWHSRGHPRVDFXGLUDODSURIHFLDHVSHUDQ]DGRUD$ORVXQLFRVSDVDMHV
TXHQRVGHVFULEHQ\PHQFLRQDQDO+LMRGHO+RPEUHHQXQDHSRFDGHWHUPLQDGD\FRQXQDPLVLRQFRQFUHWD
FRQHFWDGDFRQODH[LVWHQFLDGHORV(VFRJLGRVHQODWLHUUD\XELFDGDHQXQWLHPSRSUHYLRDOUHWRUQRGH
-HVXFULVWR'QFI'Q,QGHSHQGLHQWHPHQWHGHOWUDWDPLHQWRTXHVH
SXHGDGDUDHVWRVWH[WRVDOXGLPRVDKRUDTXHHO+LMRGHO+RPEUHTXHDSDUHFHHQORVSDVDMHVGH'Q
LQFOX\HGRVPRPHQWRVFODUDPHQWHXELFDGRVHQHOWH[WRVHKDFHUHIHUHQFLDDXQDVLWXDFLRQ\HVFHQD
TXHFRQHFWDFRQXQMXLFLRTXHSUHVLGHXQ$QFLDQRGH'LDVFI\SRURWURFRQXQ
GDUVHOHGHILQLWLYDPHQWHHOGRPLQLR\HOUHLQRHQXQLQVWDQWHILQDOFXDQGRORVUHLQRVGHHVWHPXQGRGHMDQ
GHH[LVWLUFI
1RWHVHOH\HQGRFXLGDGRVDPHQWHORVSDVDMHVPHQFLRQDGRVTXHHO+LMRGHO+RPEUH'QVH
DFHUFDDO$QFLDQRGH'LDVHQXQPRPHQWRGHWHUPLQDGRTXHKDGHWUDQVFXUULUWHPSRUDOPHQWHXQ-XLFLR
'Q\TXHHVXQDYH]FXPSOLGRFXDQGRUHFLEHHOGRPLQLRJORULD\UHLQR(VHYLGHQWHTXH
HVWRVRORSXHGHVHUXQDUHDOLGDGGHILQLWLYD\SOHQDFXDQGRORVUHLQRVGHHVWHPXQGRKDQGHMDGRGHH[LVWLU
(QHIHFWRFXDQGRVHLQWHUSUHWDODGHVFULSFLRQGHODSURIHFLDVHGLFHTXHODV%HVWLDV'QTXH
LEDQDVXFHGHUHQODKLVWRULDVRQUH\HVRUHLQRVGHHVWHPXQGRFIFRPRUHSUHVHQWDWLYRVGHO
SRGHUPXQGDQRHQFRQWUDSRVLFLRQDO5HLQRGH'LRV2EVHUYHVHTXHGHVSXHVGHODVHULHGHODV%HVWLDV
ORTXHYLHQHDFRQWLQXDFLRQHVHO5HLQRGH'LRVGDGRDORV6DQWRVGHO$OWLVLPRSRVH\HQGRORDSDUWLUGH
HQWRQFHVKDVWDODHWHUQLGDGFI3HURHQODSURIXQGL]DFLRQGHODSURIHFLDTXHVHHQWUHWLHQHHQ
ODD%HVWLDR&XDUWRUHLQR\XOWLPR\TXHVHSURORQJDKDVWDHOILQGHODKLVWRULDKXPDQDPHGLDQWHHO
&XHUQR3HTXHQR\ORVFXHUQRVFIVHLQVHUWDXQDFRQWHFLPLHQWRSUHYLRFI
DOKHFKRGHUHFLELUHO5HLQRGH'LRVSRUORV6DQWRVTXHUHSUHVHQWDQDO+LMRGHO+RPEUH
FIXQ-XLFLRTXHFURQRORJLFDPHQWHHVDQWHULRUDORVLQVWDQWHVGHUHFLELUHO5HLQRORV6DQWRVGHO
$OWLVLPRHQUHSUHVHQWDFLRQGHO+LMRGHO+RPEUHDOILQGHOILQDOFI7RGRHVWR
FRLQFLGHFRQODSURSLDGHVFULSFLRQGHODSURIHFLD(O-XLFLRDFRQWHFHDSDUWLUGHXQPRPHQWRGHWHUPLQDGR
HQTXHVHHVWDSURGXFLHQGRODKLVWRULDGHO&XDUWR5HLQR\XOWLPRFI)LMHQVHTXHVH
LQVHUWDFXDQGRKDILQDOL]DGRODKHJHPRQLDGHGLFKR&XHUQRXSFIQRODH[LVWHQFLDGHHVH
&XHUQR3HTXHQRRSURWDJRQLVWDSULQFLSDOFISHUWHQHFLHQWHDODFRQILJXUDFLRQGHOD
%HVWLD6LQRVSHUFDWDPRVFRPSUREDUHPRVTXHODDFWXDFLRQGHO&XHUQRTXHVHQRVGHVFULEHHQ'Q
XSHVODPDQHUDGHUHVHQDUQRVODLGHRORJLDSRUODTXHFRQFUHWDVXKHJHPRQLD\HVWRHTXLYDOH\HV
SDUDOHORDORTXHVHQRVLQGLFDHQ'QGRQGHVHLQFOX\HORUHSUHVHQWDWLYRGHODLGHRORJLD\HO
SHULRGRFRQHOTXHVHH[WLHQGHHVDKHJHPRQLD<GHOPLVPRPRGRTXHXQDYH]DFDEDGDHVDIDVHGH
KHJHPRQLDVHLQWHJUDHO-XLFLRFIWDPELHQGHVSXHVGHORTXHFDUDFWHUL]DDODKHJHPRQLD
XSVHLQWHUFDODHO-XLFLRXS
8QDYH]FRQVLGHUDGRHVWRWRGDYLDSRGHPRVFRPSUHQGHUHVWHDVXQWRPHMRUHQXQDSURIXQGL]DFLRQ
XOWHULRUGHORVSDVDMHVGHVFULSWLYRV([DPLQHVHTXHFXDQGRHO-XLFLRKDFRPHQ]DGRWUDVODH[SRVLFLRQGH
ODKHJHPRQLDGHO&XHUQRXSFIVHUHWRPDHQSSORTXHSXQWXDOL]DED\GHWDOODEDOD
KHJHPRQLDGHO&XHUQRFRPRFXPSOLGDXSFISS7RPDQGRFRPRSXQWRGHDUUDQTXHHVWH
DVXQWRHQVXUHDOL]DFLRQGHVFXEULPRVTXHODDWHQFLRQSXHVWDSRUODLQVSLUDFLRQGXUDKDVWDTXHPDWDQD
OD%HVWLDXSGHODTXHIRUPDSDUWHHOSURSLR&XHUQR3HTXHQRFI'HDKLTXHGHDFXHUGR
DWRGRHVWRHO-XLFLRTXHVHFRORFDGHVSXHVGHDFDEDGRHOSHULRGRGHKHJHPRQLDGHO&XHUQRXS
FISSSSVHSURORQJDKDVWDHOILQDOGHOD&XDUWD%HVWLDR&XDUWR5HLQR
FXDQGRVHGHVWUX\HDO&XHUQR3HTXHQRTXHODUHSUHVHQWDXSFISSXS
SUHFLVDPHQWHFXDQGRHO+LMRGHO+RPEUHRORV6DQWRVGHO$OWLVLPRTXHOHUHSUHVHQWDQUHFLEHQHO5HLQR
SDUDWRGDODHWHUQLGDGXS'HVGHTXHVHGDSULQFLSLRDO-XLFLRSSFIXS
XSSOKDVWDODPXHUWHGHILQLWLYDGHOD&XDUWD%HVWLDR&XDUWRUHLQRXSVHKDGHGDUOR
TXHLPSOLFDHOPRYLPLHQWRHVFHQLFRGHODSUHVHQFLDGHO+LMRGHO+RPEUHHQHVH-XLFLRSRUHPSH]DU
WRGRHO-XLFLRHQVXH[WHQVLRQSO\HOSURFHVRWHPSRUDOTXHFRQOOHYDODV
HVSHFLILFDFLRQHVOHTXLWDUDQVXGRPLQLRSDUDVHUGHVWUXLGR\DUUXLQDGRKDVWDHOILQVS\XS
DVXQWRVTXHDOFXPSOLUVHOOHJDQDOOLPLWHFXDQGRHO+LMRGHO+RPEUHRORV6DQWRVGHO$OWLVLPRTXHOH
UHSUHVHQWDQUHFLEHQHO5HLQRSDUDVLHPSUHFI(VGHFLUWRGRHOWLHPSRTXHGXUD
HVHSUHVWDUDWHQFLRQSRUSDUWHGHODLQVSLUDFLRQGHVGHTXHLQDXJXUDHO-XLFLRKDVWDODGHVWUXFFLRQ
FRPSOHWDGHOD&XDUWD%HVWLD
/DFRQFOXVLRQUHVSHFWRDODXELFDFLRQWHPSRUDOGHODDFWLYLGDGGHO+LMRGHO+RPEUH&HOHVWLDO
TXHGDSOHQDPHQWHFODULILFDGD(O+LMRGHO+RPEUHDFXGHDOPRPHQWRGHOLQLFLRGHO-XLFLRFI
FX\RFRPLHQ]RTXHGDPDUFDGRGHVGHGHVSXHVGHOILQDOGHOSHULRGRGHKHJHPRQLDGHO&XHUQR
3HTXHQRXSSS\WHUPLQDFXDQGRDFDEDHVH-XLFLRSSFXDQGRVHUHFLEHHO
5HLQRGH'LRV\HOGRPLQLRSRUSDUWHSUHFLVDPHQWHGHHVH+LMRGHO+RPEUHRGHO3XHEORGHORV6DQWRV
FIXSFI(VLQGLVFXWLEOHTXHVHJXQHO1XHYR7HVWDPHQWRHO3XHEORGH'LRVUHFLEH
HO5HLQRHQRFDVLRQGHODVHJXQGD9HQLGDGH-HVXFULVWR0WFI$S
HQHOPRPHQWRGHODGHVWUXFFLRQGHODVQDFLRQHVTXHTXHULHQGRSHUSHWXDUHOPDOVH
RSRQHQDO5HLQRGH'LRVFI$S'HDKLTXHORVGLDVGHO+LMRGHO
+RPEUHSUHYLRVDOGLDHQTXH+LMRGHO+RPEUHVHPDQLILHVWDSRUVHJXQGDYH]DOILQDOGHWRGR/F
FIVHDQORVTXHVHJXQ'DQLHOHVWDQRFXSDGRVSRUHVH-XLFLR
&HOHVWLDO'QFI
/DDOXVLRQGH-HVXFULVWRHQ/XFDVDORVGLDVGHO+LMRGHO+RPEUHSUHYLRVDOGLDHQTXH(VH
+LMRGHO+RPEUHVHPDQLIHVWDULDPHGLDQWHVXSUHVHQFLDYLVLEOH\HQJORULDOLWHUDOQRVLQYLWDDVX
LGHQWLILFDFLRQ\DTXHVXSRQGULDSDUDDTXHOORVTXHYLYLHUDQHQGLFKDHSRFDGHORVGLDVGHO+LMRGHO
+RPEUHODFHUWLILFDFLRQ\VHJXULGDGGHVHUHVD*HQHUDFLRQ)LQDOTXHD\XGDHQEDVHDORTXHODV
(VFULWXUDVQRVSURSRQHQDSUHSDUDUVHSDUDHO5HWRUQRGH-HVXFULVWR
&RQHOWHUPLQR*HQHUDFLRQKHPRVTXHULGRUHVHQDUDOFROHFWLYRTXHFXPSOHODVFDUDFWHULVWLFDV
UHTXHULGDVSRUOD5HYHODFLRQ3URIHWLFDHQXQWLHPSRTXHFRQHFWDHQVXH[WUHPRXOWLPRFRQHOSURSLR
UHWRUQRGH-HVXFULVWRHQFX\RPRPHQWRGLFKD*HQHUDFLRQILQDOHVWDUHSUHVHQWDGDSRUORVTXHHVWDUDQ
YLYRVFXDQGR&ULVWRYHQJD\TXHODSURIHFLDQRVORVLGHQWLILFDFRQORV&LHQWR&XDUHQWD\&XDWUR0LOTXH
WDOFRPR\DKHPRVYLVWRFXPSOHQFRQXQDVFDUDFWHULVWLFDVGHWHUPLQDGDVD7HVFI$S
$S(OWHUPLQR*HQHUDFLRQUHFRJHVXUD]RQGHVHU\VLJQLILFDGRGHODVFDUDFWHULVWLFDVLPSOLFLWDV
HQORTXHLPSOLFDODLGHRORJLDGHHVRVGLDVGHO+LMRGHO+RPEUHFRQVXFRQWH[WRWHPSRUDO\WHRORJLFRTXH
QRVSURSRUFLRQDOD(VFULWXUD3RUGHVFRQWDGRTXHWRGRVHQWRGDVODVHSRFDVGHEHQGHSUHSDUDUVHSDUD
HVWDUOLVWRVSDUDHVHUHWRUQRGH-HVXFULVWR\DTXHORVTXHYLYHQHQXQDHSRFDHQODTXHOHVVREUHYLHQHOD
PXHUWHHQ&ULVWRD7HVKDQGHUHVXFLWDUHQODPDQLIHVWDFLRQGHODVHJXQGD9HQLGDGH&ULVWR
D&RUFI&RO3HUR'LRVHQVXPLVHULFRUGLDSDUDVXVHVFRJLGRVKDTXHULGRUHVHQDU
PHGLDQWHODSURIHFLDHVSHUDQ]DGRUDSDUDDTXHOORVTXHHVWHQH[LVWLHQGRHQHVHSURFHVRWHPSRUDOORV
FXDGURVFURQRORJLFRV\FDUDFWHULVWLFRVDILQGHTXHDORVTXHOHVFRUUHVSRQGDSXHGDQLGHQWLILFDUVHFRPR
ORVSURWDJRQLVWDVGHHVD*HQHUDFLRQ\FREUDUIHFRQILDQ]D\VHJXULGDGHQHOPHQVDMH\HQXQGHVWLQRHQ
HOTXHDQXQFLDGRHVWDDXVHQWHODPXHUWHHQIHUPHGDG\VXIULPLHQWRGHVWDFDQGRODFRPSDQLDGHQXHVWUR
5HGHQWRU\&UHDGRU'LRV\ODIHOLFLGDGHWHUQD
&XDQGRVHLQWHUSUHWDFURQRORJLFDPHQWH\GHDFXHUGRDOYDORUSURIHWLFRTXHVHQRVSURYHHMXQWRDOD
LGHQWLGDGFURQRORJLFDHLGHRORJLFDTXHQRVSUHVHQWDQORVHVTXHPDVSURIHWLFRVSXHVWRVHQSDUDOHOLVPR
GLUHFWR\HQTXLDVPR'QREWHQHPRVPHGLDQWHORVSHULRGRVFURQRORJLFRVLQVHUWDGRV'Q
FIXSFIFIHOFRPLHQ]RGH
HVRVGLDVGHO+LMRGHO+RPEUHRULHQWDGRVSRU'DQLHOFI/FSUHYLRVDOUHWRUQRGH
&ULVWR\TXHFRLQFLGHFRQHVD*HQHUDFLRQILQDOTXHYLYHHQODWLHUUDFXDQGRGLFKRVGLDVVHHVWDQ
FXPSOLHQGRIRUPDGDSRUORV(VFRJLGRVGHHVDXOWLPD*HQHUDFLRQTXHKDTXHGDGRFRQILJXUDGDSRUORTXH
LPSOLFDQHVRVGLDVGHO+LMRGHO+RPEUH'LFKRV(VFRJLGRVGHEHQFXPSOLUWRGDVODVFDUDFWHULVWLFDV\D
H[SXHVWDV\TXHWUDGXFHQXQLGHDULRTXHVHH[SUHVDGHDFXHUGRDODVROD\WRGD(VFULWXUD
+D\XQLQWHQWRGHODVHUSLHQWHDQWLJXDGHGHVWUXLUDODPXMHU$S\QRORFRQVLJXH
SRUTXHODVFRQGLFLRQHVGHOPXQGRVRFLDOWHUUHVWUHD\XGDQDODPXMHU$S\OD%HVWLD\DQRHV
ORTXHHUD\HVWDHQODSRVLFLRQGHDELVPRTXHULHQGRVXELUORFRQORTXHVHGDXQDVLWXDFLRQGHOLEHUWDG
UHOLJLRVD\GHFRQFLHQFLDFI$SDSHVDUGHORVDFRQWHFLPLHQWRVSXQWXDOHVGHOD%HVWLDTXHKD
FDLGRHQHODELVPRFRQWUDORVGRVWHVWLJRVFI$S(OSXHEORVDQWRTXHKDHVWDGRGLVSHUVRVH
DJOXWLQDFI'Q(VHSXHEORVDQWRRUHVWRGHODGHVFHQGHQFLDGHODPXMHUVHYLVXDOL]D
FROHFWLYDPHQWH\HQXQLGDG$SFI'Q'HDFXHUGRDORVFXDWURSXQWRV
DQWHULRUHVORVGLDVSURIHWLFRV\VXVVLPLODUHVVHLQLFLDQHQODSULPHUDIDVHGHODFXDUWDEHVWLDGH
'DQLHOTXHFRLQFLGHFRQXQWLHPSRSRVWHULRUDODFDLGDGHO,PSHULR5RPDQRDILQDOHVGHOVLJOR9FRQOR
TXHQRVLULDPRVDILQDOHVGHOVLJOR;9,,,FI'Q6LDHVWRDQDGLPRVTXHHOFRPLHQ]RGHOMXLFLRVH
H[WLHQGHPDVDOODGHHVHILQDOGHORVGLDVSURIHWLFRV'QFI'Q
FIDOILQDOGHXQSHULRGRGHGLDVSURIHWLFRVTXHKDQHPSH]DGRFRQHOSHULRGRGH
ODVVHPDQDVGHDQRVGRQGHVHLGHQWLILFDDO0HVLDVLQDXJXUDQGRXQ6DQWXDULR&HOHVWLDO'QFI
QRVYDPRVDOUHGHGRUGHPHGLDGRVGHOVLJOR;,;(VHYLGHQWHTXHHVRVGLDV
GHO+LMRGHO+RPEUHVHH[WLHQGHQGHVGHPHGLDGRVGHOVLJOR;,;KDVWDHOGLDGHVX9HQLGD
$OQRFRQVHJXLUGHVWUXLUORVSULQFLSLRVGHO5HLQRGH'LRVUHSUHVHQWDGRVHQOD0XMHUFHOHVWLDOHO
GUDJRQVHSRQHDJXHUUHDUFRQWUDHO5HVWRGHOD'HVFHQGHQFLDGHOD0XMHU$S(VH5HVWRTXH
UHSUHVHQWDDOD,JOHVLDRSXHEORGH'LRVVHOHLGHQWLILFDSRUTXHTXLHUHSHUPDQHFHUILHODORV
PDQGDPLHQWRVGH'LRV\DOWHVWLPRQLRGH-HVXFULVWR
(VRVGLDVVRQXQDDGYHUWHQFLDDPDQWHQHUHOUHFXHUGRGHORTXHFRQHFWDODSULPHUDYHQLGDFRQOD
VHJXQGDFI+EFS
DQRSHUGHUGHYLVWDHOVLJQLILFDGR\ODOHMDQLDGHODFRQWHFLPLHQWRGHODSULPHUD
9HQLGD(OWLHPSRGHHVRVGLDVGHO+LMRGHO+RPEUHSUHYLRVDOGLDGHVX9HQLGDGHDFXHUGRDORVWH[WRV
SUHFLWDGRV\ORVLPSOLFDGRVVHKDSURORQJDGRORVXILFLHQWHFRPRSDUDSUHSDUDUDORVXOWLPRVGHOD
JHQHUDFLRQILQDO
/DJXHUUDGHO'UDJRQFRQVLVWHHQFUHDUXQGHVDQLPRHQHOSXHEORGH'LRV8QLFDPHQWHPDQWHQLHQGR
YLYRHOVLJQLILFDGRHLPSOLFDFLRQGHODYLGDGHODPXHUWH\GHOPLQLVWHULRVDFHUGRWDOGH-HVXFULVWR
SXHGHQKDFHUIUHQWHDOFRQIOLFWRJHQHUDGRSRUHOPDO
3XGLHQGROHVVREUHYHQLUODPXHUWHRQRSRUXQODGRVHSUHSDUDQSDUDUHFLELUODPDUFDRHOVHOOR
HVFDWRORJLFRGH'LRVHQVXVIUHQWHV$SFIQRFRQWDPLQDQGRVHFRQGRFWULQDVIDOVDV
SXHVVLJXHQDO&RUGHURHQWRGR$SFRQXQLGHDULRTXHORVLGHQWLILFDFRPRORVTXHHVWDQDQXQFLDGR
HO(YDQJHOLRSXURGHO5HLQR$S\DGYLUWLHQGRGHODFRQIXVLRQUHOLJLRVD\GHODPH]FODGH
YHUGDG\HUURU$SFIYLYLHQGR\SUDFWLFDQGRODYHUGDG$SSS\KDQ
OOHJDGRDVHUFRQHOSRGHUGH'LRVHQ&ULVWRVLQPDQFKD$SXSFI(I\SRURWURHVSHUDQ
VLQSDVDUSRUODPXHUWHFID&RUD7HVUHFLELUPHGLDQWHODWUDQVIRUPDFLRQHQ
RFDVLRQGHODVHJXQGD9HQLGDGH&ULVWR&ROSSQXHVWUDYLGDTXHHVWDHVFRQGLGDFRQ&ULVWRHQ
'LRV&RO
 /DOODPDGDDQJXVWLDGH-DFREGHODXOWLPDJHQHUDFLRQ
8QDGHODVHQVHQDQ]DVSULPRUGLDOHVGH-HVXVIXHODGHOOHYDUQRVDGHVFDQVDUHQODSURYLGHQFLD(O
GHVWLQRSURGXFLGRSRUORVSHFDGRVTXHYROXQWDULD\YLFDULDPHQWHKDELDDVXPLGR-QFID&RU
$SOHLQWURGXFHQHQXQDH[SHULHQFLDWUDJLFDODGHDQJXVWLDUVHKDVWDODPXHUWH0W
(VRVWH[WRVFRQORVGHPDVTXHQRVSUR\HFWDQODH[SHULHQFLDGHO*HWVHPDQLMXQWRDODV
SDODEUDVHQVXFUXFLIL[LRQVREUHODH[SHULHQFLDGHODEDQGRQRGH'LRVQRVD\XGDQDDSUHQGHUGHOHMHPSOR
GH-HVXVFI0W
6LDQDOL]DPRV0DWHRFRQHFWDGRFRQ-HVXVHVWDH[SHULPHQWDQGRORGHVFRQRFLGRGHOD
PXHUWHFIXQGHVWLQRTXHQRPHUHFLDSHURDOTXHVHKDELDLQWHJUDGRSRUODPLVLRQGH
VDOYDUDODKXPDQLGDG/HGLFHDO3DGUHTXHVLHVSRVLEOHQRWHQHUTXHPRULUTXHOHOLEHUHGHHVD
H[SHULHQFLDIUXWRGHOSHFDGRTXHVLQFRPHWHUORKDDVXPLGRSHURTXHQRVHKDJDVXYROXQWDGVLQRODVX\D
(OKXELHUDTXHULGRQRWHQHUTXHSDVDUSRUODPXHUWH3RUTXHODPXHUWHOHGHVFRQHFWDFRQHO3DGUH<\D
HVWDQRWDQGRODVFRQVHFXHQFLDVGHOSHFDGR\FRPSUXHEDTXH'LRVHVWDDXVHQWH(OVLOHQFLRGLYLQRDOD
RUDFLRQDQJXVWLRVDGH-HVXVORJHQHUDODSURSLDPLVLRQKLVWRULFD(VRHVORPDVDQJXVWLRVRTXHOHSXHGH
DFRQWHFHUDXQDSHUVRQDTXHVHKDDFRVWXPEUDGRDH[SHULPHQWDUODSUHVHQFLDGH'LRVHQVXH[LVWHQFLD(V
LQVRSRUWDEOHXQDFDUJDGHHVDQDWXUDOH]DSRUTXHVHFRQILJXUDXQDGXGDDXWRPDWLFDVREUHVLSXHGHPRULU
FRQILDGR(OTXHVHSUHVHQWHQFLHUWRVSHQVDPLHQWRVDXWRPDWLFRVQRUHVSRQVDELOL]DQDODSHUVRQDSXHVWR
TXHHVWRVQRVRQFUHDGRVSRUODYROXQWDGVLQRTXHWLHQHXQRULJHQDMHQRDODSHUVRQD3HURVLTXHSXHGHQ
PRGLILFDUODTXLPLFDGHOFHUHEURGHELOLWDQGRODIXHU]DGHQXHVWUDUHDFFLRQ/DXQLFDVHJXULGDGFRQVLVWH
XQDYH]PDVHQODRUDFLRQ\HQHOFODPRUTXHHYLGHQFLDQXHVWUDIHHQ'LRV3RUHVR-HVXVUHVXHOYHVX
LQFRJQLWDDQWHVXQRTXHUHUPRULU0WHQWUHJDQGRVHLQFRQGLFLRQDOPHQWHDO3DGUHGLFLHQGROH
TXHVHKDJDVXYROXQWDG\QRODVX\D0WXI6LWHQJRTXHPRULUSDUDYLYLUFRQWLJR\TXHRWURV
YLYDQDFHSWDUHPLGHVWLQRFRQILDGRHQTXHVHKDFHWXYROXQWDG
(QODFUX]VHHYLGHQFLDQGRVUHDOLGDGHV0WTXHODSUHVHQFLDGH'LRVDSDUHFHFRQVX
DXVHQFLDHQ-HVXVTXH-HVXVVRODPHQWHKDWHQLGRXQSHQVDPLHQWR'LRV(OFODPRUGHVJDUUDGRUGHTXH
SRUTXHVLHVWDFXPSOLHQGRVHODYROXQWDGGH'LRV'LRVOHKDDEDQGRQDGRHVHOPRGRGHUHDFFLRQDUOD
QDWXUDOH]DKXPDQDGH-HVXVIUHQWHDOQRVHQWLPLHQWRVREUH'LRV6HWUDWDGHODH[SHULHQFLDPDVWUDJLFD\
DPDUJDTXHXQVHUKXPDQRSXHGHSDVDUSHURDOPLVPRWLHPSRHVODFRQVWDWDFLRQGHTXHVXVSHQVDPLHQWRV
YROXQWDULRVHVWDEDQFRQODLGHDGH'LRV
7RGRVORVFULVWLDQRVKHPRVGHSDVDUSRUQXHVWUDDQJXVWLDGH-DFRE\GHO*HWVHPDQLHQXQJUDGR
VXSHUDEOHVHWUDWDGHDOJRDXWRPDWLFRRFDVLRQDOGRVLILFDGR\UHYHUVLEOH$XQFXDQGRUHFLEDPRVHO
SHUGRQ\DOFDQFHPRVODUHFRQFLOLDFLRQFRQ'LRVQXHVWUDQDWXUDOH]DGHSHFDGR5P
DXQTXHSHUPDQHFHFRQGHQDGDHQODFDUQHFI5PSXHGHGDGDVFLHUWDVFLUFXQVWDQFLDVGHOD
H[LVWHQFLDFRQIDEXODUVH\FRQILJXUDUVHFRPRDQJXVWLD\GHVHVSHUDFLRQHQFLHUWRVPRPHQWRVSHQVDQWHV
FI+E(VWDVLWXDFLRQHVORJLFDFXDQGRWHWRPDVHQVHULRODVSURPHVDVGH'LRVHQFXDQWRDO
ILQGHODPXHUWH\GHVXUHWRUQRSDUDLQDXJXUDUXQQXHYRPXQGR&XDQGRVHYLYHFRQODGHELGDWHQVLRQORV
FRQWHQLGRVFULVWLDQRVTXHSURYRFDQFRQILDQ]D\HVSHUDQ]DSURGXFHQODFUHHQFLDHVSHUDQ]DGDHQVX
FXPSOLPLHQWR&XDQGRWXSURSLDH[LVWHQFLDWHUUHVWUHYLQFXODGDLQWLPDPHQWHDODHVSHUDQ]DREVHUYDFRPR
WXWLHPSRVHDFRUWD\ODWDUHDTXHIDOWDDJUDQGDUVHVHH[SHULPHQWDODWDUGDQ]D\ODGXGDDSDUHFH/D
GXGDVHHQIUHQWDDODIH\ODIHVHIRUWDOHFH3HURHQHVDHVFDUDPX]DODGXGDWUDHHOPRPHQWRGHWXPXHUWH
KDFLHQGRWHH[SHULPHQWDUHOHVWDUDXVHQWHFXDQGRODSUHGLFDFLRQGHOHYDQJHOLRDWRGRHOPXQGRVH
SURGX]FDFI0W\HVRVHLQWHUSUHWDHQHVHLQVWDQWHLQILQLWHVLPDOFRPRDQJXVWLD
SURYRFDQGRVHPRPHQWDQHDPHQWHXQDILVXUDFRQODLGHDDVXPLGDGHTXHODPXHUWHGHOFUH\HQWHQRHV
GHILQLWLYDQLLUUHYHUVLEOHVLQRTXHHVWDXQLGDDODUHVXUUHFFLRQ&XDQGRHQHVHWULVVHLQVLVWHHQWX
LQH[LVWHQFLDSXHGHDSDUHFHUHOYDFLRGH'LRVFRPRVL'LRVQRHVWXYLHUD(VHDXWRPDWLVPRSHQVDQWHTXH
VHSURGXFHHVLQFRQWURODEOH\XQLFDPHQWHODIHDFRPSDQDGDGHODRUDFLRQLQFHVDQWHSXHGHGHYROYHUQRVOD
VHJXULGDG\FRQILDQ]D
3DUDODJHQHUDFLRQTXHHVWDUDYLYDFXDQGR&ULVWRYXHOYDHVDH[SHULHQFLDGH-DFREFI*Q
FSVDO\GH-HVXVHQHO*HWVHPDQL\HQHO&DOYDULRVHDJXGL]DUD
7LHQHVXVHQWLGR/DVLWXDFLRQGHOPXQGRPDQLIHVWDUDHQODVJHQWHVXQDDQJXVWLDVLQSUHFHGHQWHV/F
FI'Q$S/RVVLVWHPDVGHPDOGDGRULHQWDGRVSRUHO0DOLJQRVHKDEUDQ
HQIUHQWDGRDOSXHEORGH'LRV$SFI<VLELHQGHWRGRHVHWUD\HFWRFRQIOLFWLYRFI
VDOGUDQOLEHUDGRV'QFI$SODGXGDVHFRQILJXUDUD
DQJXVWLRVDPHQWH7RGRHQIUHQWDPLHQWRWUDVFHQGHQWDOHQVLWXDFLRQGHFULVLVGRQGHODYHUGDGHVWDHQ
MXHJRWUDHVXDQJXVWLD1RWHVHTXHODDQJXVWLDTXHDSDUHFHHQODVHVFHQDVILQDOHVGHHVWDWLHUUD\TXH
H[SHULPHQWDHOPXQGRUHSHUFXWHLQGLUHFWDPHQWHHQHOSXHEORGH'LRV,QGLYLGXDOPHQWHHOSXHEORGH'LRV
VHYHGHDOJXQPRGRDPHQD]DGRSRUGRVOLQHDVTXHKDDVXPLGR$OH[SRQHUHO(YDQJHOLR(WHUQRFI
$SVHYHHQODREOLJDFLRQGHDQXQFLDUHOMXLFLRGH'LRV$STXHFRQOOHYDODVHJXULGDGGHOD
VDOYDFLRQSHURWDPELHQODOOHJDGDGHMXLFLRVILQDOHVGH'LRV$STXHHVWDQFD\HQGRVREUHODWLHUUD
FRPRXQDUHVSXHVWDDODVLHPEUDGHLPSLHGDGKXPDQD$SGHTXHUHUSHUSHWXDUODH[LVWHQFLD
LQMXVWD\PRUWDOGHVXIULPLHQWR\HQIHUPHGDGDOSUHGLFDUHOHYDQJHOLRDSDUHFHXQGHEDWHFRQWLQXRFRQ
HOVLVWHPDIDOVRUHOLJLRVRFI$SVVFUHDQGRVHDQLPRVLGDG\SUHSDUDQGRVHXQFDPLQRKDFLDHO
$UPDJHGRQHOFRQIOLFWRHVSLULWXDOTXHVHPDQWLHQHFRQODVIXHU]DVGHOPDORSRVLWRUDV\HQHOTXH'LRV
LQWHUYHQGUDDIDYRUGHFDGDXQRGHORVGHVX3XHEOR
$ODSDUHFHUODDQJXVWLDFRPRFRQVHFXHQFLDGHHVDVGRVOLQHDVVHFRPSOHPHQWDXQDWHUFHUDSHUVRQDOOD
GHODUHIOH[LRQVREUHVXSHUGRQ\VDOYDFLRQREWHQLGRFRQWRGDVHJXULGDGHQ-HVXFULVWR3HURHQHO
FRQIOLFWRVRVWHQLGRDQWHVFI$S\HOTXHKDGHVRVWHQHUGHVSXHVHQHO$UPDJHGRQ$S
\TXHKDGHRFXSDUHOOXJDUGHSURWHJLGRGH'LRVHQODEDWDOODHVSLULWXDOTXH'LRVGLULJHDVXIDYRUHQ
FRQWUDGHODVIXHU]DVGHOPDOFROLJDGDVODGHELOQDWXUDOH]DKXPDQDVHUHVTXHEUDMDGLEXMDQGRODGXGDHQ
FRQIOLFWRFRQODIH/DD\XGD\HOSRGHUGH'LRVPHGLDQWH0LJXHOFI'QOHOLEHUDQGHHVD
DQJXVWLDPRVWUDQGROHPHGLDQWHHO(VSLULWX6DQWRORFRQVHJXLGRSRU-HVXFULVWR\TXHHOORVORKDELDQ
DFHSWDGR\FRPSUHQGLGRVLJXLHQGRSRUIHHOVLJQLILFDGRGHOPLQLVWHULRVDFHUGRWDOGH-HVXFULVWRHQHO
6DQWXDULR&HOHVWLDO
-DFREGHDFXHUGRDODQDUUDFLRQELEOLFDKDYLYLGRLQWHQVDPHQWHXQDH[LVWHQFLDHQODTXHHOHQJDQR\HO
RSRUWXQLVPRFRQWUDULDQORVLQWHUHVHVGHVXKHUPDQR/RVGHUHFKRVGHSULPRJHQLWXUDTXHSHUWHQHFHQ
FXOWXUDO\OHJDOPHQWHD(VDXVXKHUPDQRJHPHOROHVRQDUUHEDWDGRVHQFRQGLFLRQHVDQRPDODVFUHDQGR
PDOHVWDUYHQJDQ]D\RGLRHQ(VDX(VDXSXGRPDQLIHVWDUSRFRLQWHUHVHQODSULPRJHQLWXUDSHUR-DFRE
SUHWHQGHMXVWLILFDUORVPHGLRVSRUFRQVHJXLUXQILQTXH'LRVKDELDSUHYLVWR\YDWLFLQDGRTXHRFXUULULD
DXQTXHQRFRQORVPHWRGRVKXPDQRVGH-DFRE(VODPHQWDEOHTXHVHDSURYHFKHGHOKDPEUHGHVXKHUPDQR
SDUDSURSRQHUOHDFDPELRGHVDFLDUORODYHQWDGHODSULPRJHQLWXUDSRUXQSODWRGHOHQWHMDV(VD
VLWXDFLRQTXHFXDOTXLHUDODLQWHUSUHWDULDFRPRXQDQHFHVLGDGSRUODTXHKD\TXHD\XGDUIUDWHUQDO\
VROLGDULDPHQWHSURYRFDHQ-DFREHQOXJDUGHXQDFWRDOWUXLVWDXQDSURYHFKDPLHQWR6LELHQHOUHODWR
ELEOLFRQRVSUHVHQWDHVWHKHFKRSDUDPRVWUDUHOYDORUTXH(VDXGDEDDVXSULPRJHQLWXUDQRWHQLD
GHPDVLDGDLPSRUWDQFLDHQWHUPLQRVOHJDOHVSDUDDUUHEDWDUOHGLFKRSULYLOHJLR3HURPXHVWUDDOPLVPR
WLHPSRODFDOLGDGGHODSHUVRQDOLGDGGHOVXVRGLFKR-DFRE<ODLPSRVLELOLGDGGHSRGHUKDFHUXVRGHHOOR
SRUFXDQWRGHVDFDUORDUHOXFLUQREHQHILFLDULDDVXUHSXWDFLRQ'HFXDOTXLHUIRUPDVHQRVPXHVWUDXQD
WUD\HFWRULDFRQGXFWXDOTXHFXOPLQDUDHQODPHQWLUD\VXSODQWDFLRQFRQODFRPSOLFLGDG\RULHQWDFLRQGHVX
PDGUHFXDQGRVHSHUPLWHTXHXQSDGUHFLHJRTXHOREHQGLFHOHGHODSULPRJHQLWXUDTXHKDVWDHVH
PRPHQWRSHUWHQHFHD(VDX(OSHUMXLFLRTXHHOSURSLR-DFREVHRFDVLRQDHVPD\RUTXHORTXHSXGLHUD
VXSRQHUHQHVRVPRPHQWRVODSULPRJHQLWXUD&RPRFRQVHFXHQFLDGHHOORDQWHODUHDFFLRQYLROHQWDGH
(VDXVHYHREOLJDGRDKXLUDEDQGRQDUHOKRJDUVXSRQHQRGLVIUXWDUGHODSULPRJHQLWXUD6LQGXGDTXHOD
FRQFLHQFLDUHJLVWUDHOQRKDEHUVDELGRHVSHUDUDTXLHQKL]RODSURPHVDVREUHTXHHOPD\RUVHUYLULDDO
PHQRU(VRGHPXHVWUDTXHVXUHODFLRQFRQ'LRVQRKDVLGRFRQVWUXLGDSDUDUHFRQRFHUODYR]GH'LRVHQ
VXFRQFLHQFLD6XDFWLWXGHVWDGHVSURYLVWDGHHVSHUDQ]D\HVVXVWLWXLGDSRUXQDDFWXDFLRQDOPDUJHQGH
'LRVPDQLSXODQGRODVFLUFXQVWDQFLDV/DDFWLWXGGH-DFREWDOFRPRHVWDPRVGHVFULELHQGRHQJHQGUD
SHUMXLFLRVSDUDVXSHUVRQDVHILMDQFRQGXFWDVHUURQHDVTXHFUHDQFRQIOLFWRHQWUHHOGHVLJQLRGH'LRV\HO
SURFHGHUGH-DFRE(VWROHGHVSURWHJHIUHQWHDVXVUHODFLRQHVSHUVRQDOHV6XFRQFLHQFLDUHFRJHODV
FRQVHFXHQFLDVTXHKDWUDLGRVXFRPSRUWDPLHQWR(OPLHGRHVODUHVSXHVWDDVXDFWXDFLRQFRQUHODFLRQDVX
KHUPDQR6XSULPHUHQFXHQWURFRQ'LRVGLJQRGHDQRWDUVHOHSURGXFHPLHGRFI*QVV6X
UHODFLRQFRQVXWLR/DEDQOHOOHYDDJDVWDUVHPHGLDQWHODVWUHWDVTXHXQR\RWURVHSURGLJDQDXQFXDQGR
HQHVWHFDVR-DFREVHUDYLFWLPDHQODPD\RULDGHODVRFDVLRQHV/DUHODFLRQFRQ'LRVKDPHMRUDGRSXHVWR
TXHODVLWXDFLRQOHKDOOHYDGRDUHIOH[LRQDUVREUHHOSRGHU\EHQGLFLRQGH'LRV*QFI
'LRVVHKDFHSUHVHQWHDQWHODVLQMXVWLFLDVVXIULGDVSRU-DFRE\OHRWRUJDVHJXULGDGUHVSHFWRDVX
OODPDPLHQWR\PLVLRQ\OHSLGHTXHDEDQGRQHHVHOXJDU\PDUFKHMXQWRDVXIDPLOLDGHRULJHQ*Q
-DFREFRPSUXHEDTXH'LRVLQWHUYLHQHHQVXYLGDSDUDIDFLOLWDUVXGHFLVLRQHQUHVSXHVWDDO
OODPDPLHQWRGLYLQRFI
(VWDUHDOLGDGQXHYDTXHFRQVFLHQWHPHQWHH[SHULPHQWD-DFREQRLPSLGHTXHDIORUHWRGRORTXHVHKD
DFXPXODGRGXUDQWHWRGRVHVRVDQRVGHVGHVXHSRFDFRQ(VDXKDVWDODGH/DEDQ/DVUHIOH[LRQHVUHVSHFWR
DOSDVDGRKDQILMDGRVXLQWHUSUHWDFLRQVREUHVXFRQGXFWD'LRVHVVDEHGRUGHHVWR\WHQLHQGRHQFXHQWDOD
IDOWDGHXQDUHYHODFLRQHVFULWD\DVDELHQGDVGHODDIOLFFLRQGH-DFRE\GHTXHVHOHDFHSWDVDOHDO
HQFXHQWURGH-DFRESDUDDQLPDUOH\RULHQWDUOH*QFI*Q/DH[SHULHQFLDGH%HWHOOH
PDUFRHQGLUHFFLRQD'LRV*Q'DWHVWLPRQLRGHVXUHODFLRQFRQOD'LYLQLGDGTXHVH
KDFHSUHVHQWHHQVXYLGD*QFI\REHGHFHDODYR]GH'LRVFXDQGROHLQGLFDTXHGHEH
VDOLUGHHVHOXJDU\UHWRUQDUDVXWLHUUDGHRULJHQ*Q<SUHYLDPHQWHDXQDGHVXVH[SHULHQFLDV
PDVGUDPDWLFDVSUHSDUDVXFDPLQRODSUHVHQFLDGHPHQVDMHURVFHOHVWLDOHV*Q1DGDGHHVWR
HYLWRODDQJXVWLDGH-DFRE*QFXDQGRVHDSUR[LPDVXHQFXHQWURFRQ(VDXFI(OPLHGR
OHVREUHFRJLRQRWDQWRSRUTXHVHDFHUFDUD(VDXFRQVROGDGRVVLQRSRUTXHFRPSUHQGHTXH(VDXQR
KDROYLGDGRORVHQJDQRVQRVHILDGHHO(QWRQFHVORVUHFXHUGRVVHDJROSDURQHQODPHQWH\OHDQJXVWLDQ
SRUFXDQWRQRSXHGHKDFHUQDGDSDUDHYLWDUODWUDJHGLDTXHVHFLHUQH(OHVFRQVFLHQWHGHTXHKD
FDPELDGRGHTXH\DQRHVHOPLVPR'LRVVHORKDKHFKRVDEHUPHGLDQWHVXSUHVHQFLDHQWRGRVXWUD\HFWR
GHIH(ODUUHSHQWLPLHQWRKDVLGRVLQFHUR\KDJR]DGRGHODUHFRQFLOLDFLRQFRQHOTXHMX]JDGHYHUGDG\
HQMXVWLFLD6LQHPEDUJRDKRUDVHGHVPRURQDIUHQWHDODFULVLVTXHKDGHHQIUHQWDUVXIHQRGLVLSDOD
SUXHED\HOJUDQWHPRUFUHDXQSDQLFRLQFRQWURODEOHFI(QWRGDDQJXVWLDDSDUHFHXQD
PRGLILFDFLRQTXLPLFDGHOFHUHEURTXHDIHFWDDQXHVWUDPDQHUDQDWXUDOGHSHQVDUSHURQRGHVWUX\HORV
SULQFLSLRVTXHODIHHQ'LRVKDLGRILMDQGRHQXQDFRQFLHQFLDPRGXODGD\PRGHODGDSRUODSUHVHQFLD
'LYLQD-DFREDQWHORGHVFRQRFLGRGHODH[SHULHQFLDWUDXPDWLFDQRVHSDUDOL]DHQHOSDVDGR\FODPD
FODPDDO'LRVGHVXVSDGUHV$HVH'LRVTXHOHKDGLFKRYXHOYHWHDWXWLHUUDDWXSDUHQWHOD\TXHHOVX
'LRVOHKDULDELHQFI*Q6LELHQHOVXEFRQVFLHQWHKDGHVWDSDGRODFDMDGHSDQGRUDVXIH
HQ'LRVOHSHUPLWHGRUPLUHVDQRFKH(OGHVFDQVRQROHGLRODVHJXULGDGTXHQHFHVLWDED3HUROD
KXPLOGDGTXHKDGHPRVWUDGRFXDQGRHQYLDDORVPHQVDMHURVGHODQWHGHHODQWH(VDXFRQVLGHUDQGRVH
VLHUYRGHHO*QODUHLWHUDFXDQGRVHOHYDQWDDOGLDVLJXLHQWHHQWRQFHVGLUDVHVXQSUHVHQWH
GHWXVLHUYR-DFRETXHHQYLDDPLVHQRU(VDXSRUTXHDSDFLJXDUHVXLUDFRQHOSUHVHQWHTXHYDGHODQWH
GHPL\GHVSXHVYHUHVXURVWURTXL]DOHVHUHDFHSWR*Q
(VWDVSDODEUDVVRQXQUHFRQRFLPLHQWRGHVXVHUURUHVGHDFWLWXGSDUDFRQ(VDX8QDFRPSUHQVLRQGHOD
SRVLEOHLUDDOPDFHQDGDHQVXKHUPDQRFRPRFRQVHFXHQFLDGHVXFRPSRUWDPLHQWRHJRLVWD3HURDOPLVPR
WLHPSRWUDGXFHQLQVHJXULGDG\]R]REUDSRUODGHVFRQILDQ]DTXHORVSHQVDPLHQWRVDXWRPDWLFRVFUHDQ/D
PHQWHOHKDFHVHOHFFLRQDUORQHJDWLYRGHVXFRQGXFWD$XQFXDQGRHVFRQVFLHQWHGHTXH'LRVOHKD
D\XGDGRKDVWDHVHPRPHQWRQROHHVSRVLEOHFRQFHELUHOSHUGRQGH'LRV\VXUHFRQFLOLDFLRQFRQHO<
DTXHOODRWUDQRFKHQRSXGRGRUPLU<VHGHVSHUWRWRPRDVXIDPLOLDODKL]RDGHODQWDUVHHQHOFDPLQR
KDFLDODWLHUUDGRQGHYLYLD(VDXPLHQWUDVHOTXHGRVROR/DVSHUFHSFLRQHVGHVXHVSLULWXOHKDFHQLQWXLU
ODQHFHVLGDGGHPDQWHQHUXQDOXFKDFRQ'LRVFRPRQXQFDDQWHVORKDELDKHFKR(OWHPRUODGXGDOD
LQVHJXULGDG\ODDQJXVWLDKDFHQPHOODHQHO<SUHFLVDUHVROYHUHVDVLWXDFLRQFRQ'LRV&RPRVLHPSUH
'LRVWLHQHODLQLFLDWLYD3ULPHUROHKDKHFKRH[SHULPHQWDUODDQJXVWLDDQWHDOJRTXHQRSXHGHGHMDUGH
HQIUHQWDUVHVXKHUPDQR\WRGRORTXHLPSOLFDED$KRUDVHDGHODQWDHQXQDOXFKDFRQ-DFREDOJXLHQTXH
QRVDEHTXLHQHVSHURTXHOHGHMDXQDVHQDO<DTXH-DFRELQVLVWHHQTXHUHUVHUEHQGHFLGR
SDUDORFXDOVHDJDUUD8QLFDPHQWHHOHPSOHRGHODIXHU]DGHVSURSRUFLRQDGDTXHHVHVHUFHOHVWLDOSXHGH
XWLOL]DUOHFDSDFLWDULDSDUDTXHVHVROWDUDSHURHVRVXSRQGULDKDFHUOHGDQR
(QODOXFKDTXHPDQWLHQHFRQHOVHUFHOHVWLDO*QKD\GRVFRVDVTXHOHSUHRFXSDQ\
DQJXVWLDQHOVHUEHQGHFLGRSRU'LRV\DOFDQ]DUODVHJXULGDGGHKDEHUVLGROLEHUDGRGHVX
DQJXVWLD'LRVOHGDODVHJXULGDGGHTXHKDOXFKDGRFRQ'LRV\TXHKDVXSHUDGRODSUXHEDKDVWD
HOSXQWRGHTXHSXHGHDIURQWDUD(VDX(QHVDOXFKDFRQ'LRVHQODTXHFXDOTXLHUVHUKXPDQRSXHGH
UHFODPDUXQDVHQDOGHODUHDOLGDGGHHVH'LRV-DFREUHFLEHODOLEHUDFLRQ$KRUDSRGUDHQIUHQWDUVX
GHVWLQRFRQYHQLHQWHPHQWH
(OVLPEROLVPR\FRORULGRDSRFDOLSWLFRGHOD5HYHODFLRQGH-HVXFULVWRQRVD\XGDDFRPSUHQGHUHVD
VLWXDFLRQQXHYDTXHDSDUHFHUDSDUDORVFUH\HQWHVGHORVLQVWDQWHVILQDOHVGHODKLVWRULDKXPDQD(VD
DQJXVWLDGH-DFREWUDVODGDGDDKRUDDXQDUHDOLGDGGHOILQ$XQFXDQGR\DWRGRHVWDUDGHFLGLGRDQXHVWUR
IDYRUJUDFLDVDODREUDGH-HVXFULVWRHOFDPLQRTXHQRVWUDVODGDDODOLEHUDFLRQWLHQHXQDSDUDGD
DQJXVWLRVDHQHO$UPDJHGRQ$STXHLPSLGHPRPHQWDQHDPHQWHGLVIUXWDUGHOD
YLVOXPEUHGHORTXHVHKDGHWHUPLQDGRIDYRUDEOHPHQWHSDUDQRVRWURVODVDOYDFLRQ/RVFRPSRQHQWHVGHO
SXHEORGH'LRVHVWDQH[SHULPHQWDQGRXQFRQIOLFWRGHGLPHQVLRQHVFRVPLFDV6DEHQTXHHVDEDWDOODVH
WLHQHTXHGDUSRUTXHOD3DODEUDSURIHWLFDVHOHVUHYHOD6DEHQTXH'LRVFRPEDWHFRQWUDODVIXHU]DVGHO
PDOFROLJDGDV6DEHQTXHORVSRGHUHVPDOLJQRVKDQLOXVWUDGRFRQYHQLHQWHPHQWHDORVGLULJHQWHVGHWRGDV
ODVQDFLRQHVHQFRQWUDGHXQDPLQRULDTXHTXLHUHSHUPDQHFHUILHOD'LRV0LQRULDTXHKDHVWDGR
SUHGLFDQGRHOHYDQJHOLRHWHUQR\TXHKDQFRQYHQFLGRGHORVHUURUHVGHOD%DELORQLD$SFI
/RFXDOKDHQFHQGLGRHOFHORYHQJDWLYRGHODVIXHU]DVHVSLULWXDOHVPDOLJQDVFI(I
6DEHQ\ORKDQGLFKRTXHQRKD\VROXFLRQSDUDHVWHPXQGR4XHQRH[LVWHQSURJUDPDVSROLWLFRVQLGH1HZ
$JHQLGHJOREDOL]DFLRQQLGH2FWDYD&DEH]DUHVWDXUDFLRQGHXQDGHODVVLHWH$SFI
QLGHO)DOVR3URIHWD$SFIXQLFDPHQWHHO(YDQJHOLR(WHUQR
SXHGHUHVROYHUHOSUREOHPDGHODKXPDQLGDGHYDQJHOLRTXHODVJHQWHVHQJHQHUDOKDQIDOVHDGR\
DGDSWDGRDVXVFRQYHQLHQFLDV$QWHHOSURJUDPDTXHSUHWHQGHSHUSHWXDUODH[LVWHQFLDHQHVWDWLHUUDFRQ
ORVFRURODULRVGHODPXHUWH\ODHQIHUPHGDGHOORVSURSRQHQVDOXG\FXUDFLRQGHILQLWLYDFRQHOUHWRUQRGH
-HVXFULVWRHQJORULD\PDMHVWDG6DEHQTXHHVDXOWLPDEDWDOODVHOLEUDSRUTXHHVDVIXHU]DVGHOPDOXWLOL]DQ
XQDWDFWLFDWRWDOPHQWHQXHYDHPSOHDQXQDGLDOHFWLFDHVSLULWXDOPH]FODGDFRQSRUWHQWRVSRGHURVRVTXH
LQWHQWDQQHXWUDOL]DUORVHIHFWRVGHVDVWURVRVTXHFRQOOHYDHOGHUUDPDPLHQWRGHODVXOWLPDVSODJDV$S
\TXHOHVFRQPLQDDSUHVHQWDUVXVFRORUHVHVSLULWXDOHVHQXQGHEDWHXQLYHUVDO/DPD\RULDKD
HQFRQWUDGRUHIXJLRHQOXJDUHVTXHVHKDFHQLQYLVLEOHV2WURVH[FHSFLRQDOPHQWHDXQHQODVFLXGDGHV\
>@
WUDQVDFFLRQHVFRPHUFLDOHVVHKDQRFXOWDGREDMRHODQRQLPDWRFI/F 7RGRV
HVWDQSDVDQGRSRUXQDSUXHEDLQVRSRUWDEOHHLQFRPSUHQVLEOH6HUHFODPDVXSUHVHQFLDSXEOLFDFRQHOILQ
GHDSODVWDUORVPRVWUDQGRVXVLQUD]RQ\HUURU(O$GYHUVDULRGH'LRVXQDYH]HQODWLHUUD\HQXQ
SURFHVRGHFRQVXPDFLRQGHOHQJDQRVHKDKHFKRSDVDUSRU&ULVWR$SFI0W
>@
FID&RUFI$S SRVLELOLWDQGRMXQWRFRQVXVRWUDVSRWHQFLDVHVSLULWXDOHV
GHPRQLDFDV$SUHXQLUDWRGRVFRQWUDHOSXHEORGH'LRVGHVSXHVGHLQVSLUDUOHV
LGHRORJLFDPHQWH6HOHVDPHQD]DFRQHOULGLFXOR\VHOHVVHQDODFRPRSHFDGRUHV8QGHFUHWRORVVHQDOD
FRPRWUDQVJUHVRUHVGHODOH\\HORUGHQFI$SFRPRVLHQGRFRQWUDULRVD'LRV\DVX
3DODEUD/DWHQVLRQHVJUDQGHWRGRHOPXQGRHVWDHQVXFRQWUD6DEHQTXHWLHQHQTXHOLEUDUHVDXOWLPD
EDWDOODHVSLULWXDOSHURODGXGD\ODDQJXVWLDORVGHVPRURQDQ)ODTXHDQSHQVDPLHQWRVDXWRPDWLFRVQR
FRQWURODEOHVDSDUHFHQHQODSDQWDOODGHVXFHUHEURVREUHODVDFXVDFLRQHV\VREUHVXLQGLJQLGDG3RUXQ
ODGRH[SHULPHQWDQVXIULPLHQWR\DIOLFFLRQPHQWDOSHURQRSXHGHQUHFRUGDUTXHWHQJDQSHFDGRVQR
FRQIHVDGRV\DUUHSHQWLGRV7RGRKDVLGRFRQIHVDGR\ODVHJXULGDGGHOSHUGRQKDTXHGDGRUDWLILFDGDHQHO
MXLFLRIDYRUDEOHGH'LRV'QFIFID-Q3HURODDIOLFFLRQVH
H[SHULPHQWDFRPRDQJXVWLDFRPRVLODVDOYDFLRQHVWXYLHUDDXVHQWH
(QORVWLHPSRVGHFULVLVRGHDQJXVWLDHOPD\RUKRUURUHVWDHQH[SHULPHQWDUODDXVHQFLDGH'LRV
&XDQGR'LRVQRUHVFDWDFXDQGRQRKDFHVHQWLUVXSUHVHQFLDFXDQGRVXXQLFDUHVSXHVWDDQXHVWURV
LQWHUURJDQWHVHVHOVLOHQFLRHODOPDVHYHDEUXPDGDSRUODGXGDODVGHVHVSHUDFLRQ\ODRVFXULGDG/D
JUDQOXFKDGHOWLHPSRGHDQJXVWLDHVWDHQWHQHUIHHQODVHQFLOODSDODEUDGH'LRVVLQQLQJXQDSUXHED
H[WHUQDQLLQWHUQDSDUDDSR\DUOD(VDIXHODOXFKDGH&ULVWRFXDQGRH[FODPR'LRVPLR'LRVPLR"3RU
TXHPHKDVGHMDGR"6XJULWRWULXQIDO&RQVXPDGRHVIXHXQDYLFWRULDGHODIHGHVQXGDVLQQLQJXQD
>@
HYLGHQFLDTXHODDSR\DUDVDOYRODSDODEUDGH'LRV!!!
3HURFODPDQFODPDQ\OXFKDQFRPR-DFREHQDTXHOODQRFKHSHUGLGD6XVSHQVDPLHQWRVYROXQWDULRVVH
DIHUUDQGH'LRVSLGLHQGROHODEHQGLFLRQTXHLQWHUYHQJDXUJHQWHPHQWHFRQWUDUUHVWDQGRDORVSHQVDPLHQWRV
DXWRPDWLFRVGHORVTXHQRVRQUHVSRQVDEOHV'LRVHQWRQFHVORVGHILHQGH\VHHQIUHQWDDHVWDWLHUUDHQHO
>@
$UPDJHGRQHVSLULWXDO\ORVOLEHUDSDUDVLHPSUH
 /DVLPSOLFDFLRQHVGHO6HOODPLHQWRHQODUHFHSFLRQGHO(VSLULWX6DQWR
SDUDODSUHGLFDFLRQGHO(YDQJHOLR\DIURQWDUODDQJXVWLDXOWLPD
/DH[SHULHQFLDFRQWLQXDGHO%DXWLVPRGHO(VSLULWX6DQWRPHGLDQWHVHUOOHQRVGHO(VSLULWX6DQWR/FFI+HFK
'LRVKDSURFXUDGRGRQHVFDULVPDWLFRVQRPHUDPHQWHQDWXUDOHVSDUDHGLILFDFLRQGHOD,JOHVLDD&RU
FI(I(YLGHQWHPHQWHORVGRQHVKDQVLGRGDGRVSDUDVHUYLFLRGHOD
LJOHVLDD&RUFI\KDQGHVRPHWHUVHDODVROD(VFULWXUDD&RUFID&RU
7RGRVGHEHULDPRVSURFXUDUORVPHMRUHVGRQHVGHDFXHUGRDODRULHQWDFLRQTXHQRVSXHGHQGDU
QXHVWURVSURSLRVGRQHVQDWXUDOHVVRPHWLGRVDOVHQRULRGH-HVXFULVWRFI/RVGRQHVVH
FRPSOHPHQWDQ7DQWRHOGHSDVWRUFRPRHOSURIHWLFR+HPRVYLVWRSRU(IHVLRVTXHHOSDVWRUVHOH
FODVLILFDFRPRGRQFDULVPDWLFR(VSRUHOORTXHVXDXWRULGDGHVSLULWXDOVXSRQHXQDVXMHFLRQFI+E

"4XHHVVHUOOHQRGHO(VSLULWX6DQWR"
(VDLQLFLDWLYDGLYLQDGHO(VSLULWX6DQWR-QSURGXFHGHVSHUWDU\QHFHVLGDGGHVHURULHQWDGR
SRUHO(VSLULWX6DQWRHQLGHQWLILFDFLRQFRQODSDODEUDGHYHUGDG-QD&RU-Q
FIFI-Q
(OGHVSHUWDUOOHYDFRQVLJRODFRQVLGHUDFLRQGHODVLWXDFLRQ5P5PFI5PFI
GRQGHVHGHVFXEUHODFRQGLFLRQGHSHFDPLQRVLGDG\HOPRGRGHVXSHUDUHOGRPLQLRGHOSHFDGR
PHGLDQWHHO(VSLULWX6DQWRHQ&ULVWR\ODUHODFLRQ\YDORUGHODOH\GH'LRVIUHQWHDHVDVGRVFRQGLFLRQHV
/DQHFHVLGDGGHVHURULHQWDGRSRUHO(VSLULWX6DQWRVHPDQLILHVWDHQODYLGDFI5P\WHVWLPRQLR
GHO0HVLDV-HVXVFX\RPHQVDMHQRVLQVWDDSHGLUHO(VSLULWX6DQWR/FFI-Q(VD
SHWLFLRQKDGHVXUJLUGHVGHODFRQGLFLRQGHTXHUHUSHGLUORHQHOQRPEUHGHO0HVLDV-QHV
GHFLUFRPSURPHWHUVHDHVWDUGHDFXHUGRFRQHOFDUDFWHU\PDQHUDGHVHUGHO0HVLDV\GHVHDUFXPSOLU
ORVPDQGDPLHQWRVGHO0HVLDV-QFID-QFRQVHFXHQFLDORJLFDGHWHQHUHVHFRPSURPLVR
(OUHVXOWDGRGHHVDSHWLFLRQTXHFXPSOHODVFRQGLFLRQHVLQGLFDGDVQRVOOHYDUDDODUUHSHQWLPLHQWR\
FRQIHVLRQGHORVSHFDGRV0FFI5PFI+HFKFID-Q+HFKD
TXHUHUQDFHUGHDUULEDDSDUWLFLSDUGHODYRFDFLRQFHOHVWLDO-QFI0W
FI+EVVFI&RO\SRUORWDQWRSHGLUD'LRVQDFHUGH
DUULED
"4XHLPSOLFDQDFHUGHDUULEDWHQHUHVDYRFDFLRQFHOHVWLDO"-Q
&RQRFHUD'LRV\D-HVXFULVWR-Q(OTXHHO(VSLULWX6DQWRGHVPRQWHOD/H\GHOSHFDGRVX
GRPLQLRODFLXGDGDQLDFDUQDO5P/RTXHQRVOOHYDDHVWDUHQ&ULVWRHQTXHUHUFRQVWLWXLUQRV
HQODFLXGDGDQLDFHOHVWLDOHVGHFLUHQSDODEUDVGH-XDQYHUHO5HLQRGH'LRV-Q&RQRFHUHO
5HLQRGH'LRV0WFI-QHLPSOLFDDVXYH]DGTXLULUODFLXGDGDQLDFHOHVWLDO\SRUORWDQWR
SRVHHUYRFDFLRQFHOHVWLDO(VWRQRVOOHYDDLQWHUHVDUQRVSRUHOJRELHUQRGH'LRVODPDQHUDGHSHQVDU\
GHVHUGH'LRVSRUORVSULQFLSLRVLGHRORJLFRVGHOJRELHUQRRUHLQRGH'LRVDVXMHWDUQRVDODOH\GH'LRV
FI5P(VHYLGHQWHTXHVLHO(VSLULWX6DQWRGHVPRQWDODFLXGDGDQLDFDUQDO\QRVRWRUJDOD
FHOHVWLDOQRVRFXSDUHPRVSHUPDQHQWHPHQWHGHO(VSLULWX6DQWRFI5PEXVFDUHPRVODVFRVDVGH
DUULEDDEDQGRQDQGRODVGHODWLHUUD&RO(VWDUVRPHWLHQGRODYROXQWDGDO(VSLULWX6DQWR-Q
FRQORTXHTXHUUHKDFHUXQSDFWRFRQ(OWHVWLPRQLDQGRORPHGLDQWHHOEDXWLVPRGHDJXD\GH
(VSLULWX-Q+HFK
"4XHHVHOEDXWLVPRGHO(VSLULWX6DQWR"
(VVHUVXPHUJLGRHQ(OFRPRIUXWRGHWRGDODREUDGHODVDOYDFLRQUHDOL]DGD
(VODFXOPLQDFLRQGHTXHHO(VSLULWXKDHVWDGRWUDEDMDQGRHQQXHVWUDVDOYDFLRQWHQLHQGRODLQLFLDWLYD
GHVSHUWDQGRQRVOOHYDQGRQRVDODUUHSHQWLPLHQWR\DODFRQIHVLRQDOFRQRFLPLHQWRGH'LRV\GHVXLGHDULR
GHO5HLQRDOVRPHWLPLHQWRD'LRVDQDFHUGHDUULEDRDGTXLVLFLRQGHODYRFDFLRQRFLXGDGDQLD
FHOHVWLDOGHFLVLRQGHOEDXWLVPR\EDXWLVPRGHDJXD\GHO(VSLULWX\HQWRQFHVVHFXPSOHHOUHFLELUHOGRQ
GHO(VSLULWX6DQWR+HFKFID&RU
"3DUDTXHHOGRQGHO(VSLULWX6DQWR"
&RPSUREDUTXHVHHVWDHQ&ULVWR5P
(VWDUHQ&ULVWRHVGHMDUVHOOHYDUSRUHO(VSLULWX\QRSRUODLGHRORJLDTXHPDUFDODFRQFLHQFLDFDUQDOR
QDWXUDO
"4XHRULHQWDFLRQWHQHPRVUHVSHFWRDODVREUDVGHODFDUQH"*DO
$ILQGHFRPSUREDUTXHVHWLHQHHOIUXWRGHO(VSLULWX6DQWR*DO
(OH[SHULPHQWDUHOVHUOOHQRVGHO(VSLULWX6DQWR(I(I&RO+HFK
6LORTXHVHUHILHUHDDQWHVGHUHFLELUHOGRQGHO(VSLULWX6DQWRVHKDKHFKRGHDFXHUGRDKDEHUVH
GHMDGRJXLDUSRUHO(VSLULWX6DQWRXQDYH]EDXWL]DGRWHRFXSDVGHO(VSLULWX6DQWRGHPRGRSHUPDQHQWH
FI5PSLGHVHO(VSLULWX6DQWRSDUDTXHWHOOHYHDFRQVROLGDUWXFRPXQLRQFRQ'LRVTXHUHU
FRQRFHUOHH[SHULPHQWDUVXSUHVHQFLDPHGLDQWHODH[SHULHQFLDGHODYRFDFLRQFHOHVWLDODO
UHFRQRFLPLHQWRGHORVGHIHFWRVGHGHOFDUDFWHU&XDQGROHSLGHVHO(VSLULWX6DQWRSRGHUSDUDOXFKDU
FRQWUDORVGHIHFWRVGHFDUDFWHU\UHFLEHVHOSRGHUQHFHVDULR
&XDQGRPDQLILHVWDVODQHFHVLGDGGHODMXVWLFLDLPSDUWLGDHQXQDVDQWLILFDFLRQFRQWLQXDHQ&ULVWRSRU
PHGLRGHO(VSLULWX6DQWR&XDQGRPDQLILHVWDVODQHFHVLGDGGHO(VSLULWX6DQWRSDUDVXSHUDUODWHQWDFLRQ
&XDQGRH[SUHVDVSUHFLVDUODREUDGHO(VSLULWX6DQWRSDUDUHFLELUSHUGRQHQ&ULVWRDQWHODVFDLGDV\
UHFDLGDV
&XDQGRHO(VSLULWX6DQWROOHYDDFDERWRGRHVWRGHVSXHVGHODH[SHULHQFLDGHOEDXWLVPR\WHFRQIURQWD
DQWH'LRV\GHVDUUROODHQEDVHD-HVXFULVWR6XREUDWHVWLILFDGDHQHOVXUJLPLHQWRGHORVIUXWRVGHO(VSLULWX
6DQWRHVWDVVLHQGROOHQRGHO(VSLULWX6DQWR
$OFDQ]DUVLFRUUHVSRQGHDODYROXQWDGGH'LRVORVWLHPSRVGHODUHVWDXUDFLRQGHWRGDVODVFRVDV\
HVWDUYLYRVFXDQGR&ULVWRYXHOYH+HFK2HQVXGHIHFWRH[SHULPHQWDUSHUPDQHQWHPHQWHHO
UHSRVRGLYLQR+EIUXWRGHYLYLUHQODSUHVHQFLDGH'LRV+EWXYRFDFLRQ
FHOHVWLDO+E
/DH[SHULHQFLDGHVHUOOHQRGHO(VSLULWX6DQWR
(OSXQWRGHUHIHUHQFLDHVHVWDUHQ&ULVWRQRVHUGRPLQDGRSRUHOSHFDGR\DJUDGDUD'LRVYLYLHQGR
VHJXQHO(VSLULWX6DQWR\QRVHJXQODFDUQHHVGHFLUVXMHWDQGRQRVDODOH\GH'LRVFI5P
"3DUDTXHHVDH[SHULHQFLDGHVHUOOHQR"3DUDFRQILUPDUKDEHUVLGRMXVWLILFDGRGHOSHFDGRPXULHQGRDO
PXQGR5PSDUDYHQFHUHOSHFDGRQRVHUGRPLQDGRSRUHOSHFDGR5PFISDUD
FUHFHUVLQTXHUHUSHFDU\VLQTXHGRPLQHHOSHFDGRVDQWLILFDFLRQD3HGFI5P\YLYLU
HOUHWRUQRGH-HVXFULVWRHQEDVHDODREUDTXH'LRVKDKHFKR&RO
&XDQGRXQDSHUVRQDVHGHMDOOHYDUSRUODH[SHULHQFLDPDUFDGDSRUHO(VSLULWX6DQWRGHDFXHUGRDOR
TXHODUHYHODFLRQQRVLQGLFD-Q5PVHSURGXFHHOVXPHUJLPLHQWREDXWLVPR
HQHO(VSLULWX6DQWR6HUOOHQRGHO(VSLULWX6DQWRVLJQLILFDH[SHULPHQWDUHOEDXWLVPRGHO(VSLULWX6DQWRHQ
WRGRHOLWLQHUDULRGHFUHFLPLHQWRTXHUHVXOWDGHGHMDUWHOOHYDUSRU(OHQFXPSOLPLHQWRGHODSURPHVDTXH
HO0HVLDVQRVLQGLFDHQORVWH[WRVSUHFLWDGRV<VROLFLWDUGHDFXHUGRDODH[SHULHQFLDUHDOL]DGDDSDUWLU
GHOEDXWLVPRGHO(VSLULWX6DQWR\GHVHUOOHQRHQFXPSOLPLHQWRHQHVHFUHFLPLHQWRHOSRGHUGHO(VSLULWX
6DQWRDILQGHDIURQWDUORVREMHWLYRVGHFUHFLPLHQWR\GHUHQRYDFLRQFRQWLQXDDQWHODVQXHYDVPHWDV\
FRPSURPLVRVTXHUHTXLHUHODSHUPDQHQFLDHQODYLGDFULVWLDQD\HQODSURVHFXFLRQGHORLPSOLFDGRHQOD
SUHGLFDFLRQGHO(YDQJHOLRHQFRQWULEXFLRQDOUHWRUQRGH-HVXFULVWR
/D/OXYLDWDUGLD
/DILQDOGHOILQGHOXOWLPRWLHPSR1RHVGHQDWXUDOH]DGLVWLQWD(VHOPLVPR(VSLULWX6DQWRSHURHQHO
FRQWH[WRGHOILQORVTXHHVWDQYLYRVFXDQGRHO0HVLDVYXHOYD\ORVTXHVHKDEUDQSUHSDUDGRGHDFXHUGRD
ORTXHKHPRVHVWXGLDGR\'LRVGHFLGDSUHVHUYDUORVVLQSDVDUSRUODPXHUWH<"SDUDTXH"3DUDSUHGLFDU
HO(YDQJHOLRHQHOFRQWH[WRGHWRGRHOPXQGRUHVLVWLUHQODVSODJDV\UHFLELUDO6HQRUHVWDQGRYLYRV
(O JUDQ GHUUDPDPLHQWR GHO (VSLULWX GH 'LRV TXH LOXPLQD WRGD OD WLHUUD FRQ VX JORULD QR DFRQWHFHUD KDVWD TXH WHQJDPRV XQ
SXHEOR LOXPLQDGR TXH FRQR]FD SRU H[SHULHQFLD OR TXH VLJQLILFD VHU FRODERUDGRUHV GH 'LRV &XDQGR QRV KD\DPRV FRQVDJUDGR
SOHQDPHQWH\GHWRGRFRUD]RQDOVHUYLFLRGH&ULVWR'LRVORUHFRQRFHUDSRUXQGHUUDPDPLHQWRVLQPHGLGDGHVX(VSLULWXSHURHVWR
>@
QRRFXUULUDPLHQWUDVTXHODPD\RUSDUWHGHODLJOHVLDQRFRODERUHFRQ'LRV!!
 (OVHSWLPR6HOOR
(OVHSWLPRVHOORVHDEUH$S\VHKDFHXQVLOHQFLRGXUDQWHXQWLHPSREUHYH(VWHVLOHQFLRHVOD
UHYHODFLRQGHTXH\DVHKDWHUPLQDGRHOVRQLGRTXHUHSUHVHQWDHOTXHKDFHUPLQLVWHULDOHQHO6DQWXDULRSRU
SDUWHGHO+LMRGHO+RPEUHHVSDFLRWHPSRUDOVLQDFWLYLGDG\DHQHO6DQWXDULR&HOHVWLDOGHO0HVLDVTXH
SUHFHGHDODVHJXQGDYHQLGDGH-HVXFULVWR
(VWHVLOHQFLRKDGHVSLVWDGRDODPD\RULDGHORVFRPHQWDULVWDV4XHUULDQQRWDUODFRQWLQXLGDG
DSDUHQWHPHQWHFDWDVWURILFDFRQTXHKDWHUPLQDGRHOVH[WR6HOORGHMDQGROXJDUDOVHOODPLHQWRHQYLGDGH
ORV<DVHQRVKDH[SOLFDGRHQHOVH[WRVHOORFRPSOHPHQWDQGRORFRQRWURVSDVDMHVFXDOVHUDOD
VLWXDFLRQTXHYLYHODKXPDQLGDGWDQWRHQORUHIHUHQWHDORFRVPLFRFRPRDORVRFLDOSROLWLFR\
HFRQRPLFR\GHSUHGLFDFLRQGHOHYDQJHOLR6LUHFRUGDPRVHOFDSLWXORVHLQWURGXFHFRQXQDHVFHQDTXH
QRVPXHVWUDFRPR'LRVKDHVWDGRUHWHQLHQGRORVYLHQWRV$SDILQGHTXHQRKLFLHUDHOPDO
GHILQLWLYR\DFXPXODGRSRUHOSURSLRVHUKXPDQR$S6RUSUHQGHQWH"9HUGDG"9DQDHVWDU
UHWHQLGRVKDVWDTXHVHVHOOHDORV3RUORWDQWRXQDYH]HOVHOODPLHQWRKD\DFRQFOXLGRODV
XOWLPDVHVFHQDVGHODREUDGHORVVHOODGRVSUHGLFDQGRHOHYDQJHOLRHWHUQRHQHO
FRQWH[WRGH$SRFDOLSVLVWUDHUDDFRQWLQXDFLRQORVMXLFLRVXOWLPRVGHODVXOWLPDVSODJDVDORV
TXHKHPRVDOXGLGR\TXHH[SOLFDUHPRVHQORVHVWXGLRVVREUHOD%HVWLD%DELORQLDOD%HVWLDGHGRV
FXHUQRVR)DOVR3URIHWDHO'UDJRQ
&XDQGRHOVHSWLPRVHOORVHDEUHHVSDUDGHFLUQRVTXHHOWLHPSRGHJUDFLDVHKDDFDEDGRGHDKLHO
VLOHQFLRHQHO6DQWXDULR\REUDGHO+LMRGHO+RPEUHFI$SVVILQDOL]DQGRHQODXOWLPDHWDSDHO
DFDEDUFRQORVHQHPLJRVGH'LRVFI$SFIFRQVX9HQLGDHQ
JORULD\PDMHVWDG
(YLGHQWHPHQWHHOTXHGLYLGLRHO1XHYRWHVWDPHQWRHQFDSLWXORV\YHUVLFXORVWXYRXQDFLHUWD
GHIRUPDFLRQDOVDFDUHOVHSWLPR6HOORGHOFDSLWXOR&UHHPRVTXHFUHLDTXHODVWURPSHWDVVDOLDQGHO
VHSWLPR6HOOR3HURQR(OVHSWLPR6HOORFXOPLQDDORVVHLV6HOORVDQWHULRUHVFHUUDQGRODKLVWRULDFRQHO
ILQGHODREUDPLQLVWHULDOHQHO6DQWXDULRGHVGHGRQGHDFWXDHO+LMRGHO+RPEUH\YROYHUHQVX6HJXQGD
9HQLGDFRQORVMXLFLRVXOWLPRVLPSOLFDGRV
(VWDXOWLPDHVFHQDGHORV6HOORVHVODPDQLIHVWDFLRQPLVHULFRUGLRVDGH'LRVHQHOVLOERDSDFLEOHGHVX
REUDFRQWUDVXVHQHPLJRVHOSHFDGRODPXHUWHORVVLVWHPDVGHPDOGDG\HO'UDJRQ
 &RQFOXVLRQDORV6HOORV
(OPHQVDMHDODV,JOHVLDVOLWHUDOHVGH$VLDGRQGHHVWDQUHSUHVHQWDGDVWRGDVODVGHPDVGHWRGDVODV
HSRFDVH[SHULPHQWDURQHOPHQVDMHGHORVVHOORVFRPRODVGHFXDOTXLHUHSRFDDH[FHSFLRQGHOVH[WR\
GHOVHSWLPRSRUODVHQFLOODUD]RQTXHYLYHQHOFRQWHQLGRGHOVHOORFXPSOLHQGRVHHQVXHSRFDGHDFXHUGR
DODKLVWRULDTXHHVWDQYLYLHQGR1RFDEHGXGDTXHHVDVLJOHVLDVOLWHUDOHVYLYHQHQODHSRFDGHOLPSHULR
URPDQRSHURHOSODQWHDPLHQWRGHOFRQWHQLGRGHOVHOORODDSOLFDFLRQ\UHIOH[LRQVRQORVPLVPRVTXHORV
TXH\RGHERGHHQIUHQWDUTXHYLYRHQHOWLHPSRGHOILQGHOXOWLPRWLHPSRTXHKDELDHPSH]DGRFRQOD
SULPHUDYHQLGD\TXHIHOL]PHQWHYLYRHQODHSRFDGHOVH[WRVHOORDSXQWRGHFXOPLQDU
&XDQGROHLDQHOPHQVDMHTXHVHOHVKDELDHQYLDGRFRPRLJOHVLDVVHGDEDQFXHQWDGHOFRQWHQLGRGHO
6HOOR\FRPRGHDSOLFDUVHORIDYRUHFLDHOFXPSOLPLHQWRGHOPHQVDMHTXHKDELDUHFLELGRSDUDODLJOHVLD
HQPDUFDGDHQODSOHQLWXGGHO7DQWRORVPLHPEURVLQGLYLGXDOPHQWHFRPRODLJOHVLDHQVXFROHFWLYLGDG
FRPSUHQGLDQORVYDORUHVH[SXHVWRVHQHO6HOOR\VXXUJHQWHDSOLFDFLRQ)XHUDHQHSRFDVGHSHUVHFXFLRQ
PDUFDGDVHQ$SRFDOLSVLVRHQHSRFDVGHIDOWDGHOLEHUWDGGHFRQFLHQFLDRGHOLEHUWDGRJXHUUDV\
YLROHQFLDHQODVTXHHO5HLQRGH'LRVDIURQWDED\RULHQWDEDKDELHQGRODVSURGXFLGRHOVHUKXPDQR/DV
FRQWLQXDVOXFKDVGHORVFXHUQRV\FDEH]DVUHSUHVHQWDGDVHQOD%HVWLDTXHSRQHQHQSHOLJURODREUDGH
VDOYDFLRQ'LRVPHGLDQWHVX5HLQRLQWHUYLHQHSDUDKDFHUYDOHUVXVGHVLJQLRVGHVDOYDFLRQHVFULELHQGR
GHUHFKRFRQORVUHQJORQHVWRUFLGRVFUXHOHVLQMXVWRVFULPLQDOHV\FRUUXSWRVTXHODVQDFLRQHVGHWXUQR
SRQHQHQVROIDFRQULHVJRDTXHHOSODQGHODVDOYDFLRQVHOOHYHDHIHFWR3RUHVRODLJOHVLDGHFDGDHSRFD
GHEHSURIXQGL]DUHQHOPHQVDMHDODVLJOHVLDV\DORVVHOORVFRPRWDPELHQDOGHODV7URPSHWDVTXH
WUDWDPRVHQHOSUR[LPRFDSLWXOR
/RVSUREOHPDVH[LVWHQFLDOHVODVPRGLILFDFLRQHVTXLPLFDVGHOFHUHEURODHQIHUPHGDG\HOVXIULPLHQWR
PHUPDQDILQGHFRPSUHQGHUDO'LRVGHVFRQRFLGRGHHVDPD\RULDGHODKXPDQLGDG\GHPXFKRVTXHVH
GHQRPLQDQFULVWLDQRV(O'LRVH[LVWHQWHHVXQ'LRVUHYHODGRU\FXDQGRVHOHFRQRFHOOHJDVHU
SUHFLVDPHQWHYLGDHWHUQDFI-QFIFI
 &DSLWXOR9

/DVWURPSHWDV\HO+LMRGHO+RPEUH$S\
/DVWURPSHWDVVHULDQDGYHUWHQFLDVGHSDUWHGH'LRVWHQLHQGRHQFXHQWDODGHVSURWHFFLRQTXHVHKD
SURGXFLGRHQHOPXQGRFRQWDPLQDGRSRUHO'UDJRQDOUHFKD]DUORVFDPELRVTXHOHSURSRQHQORVVHOORV
/RVVHOORVDXQTXHSDUDOHORVDODVWURPSHWDVLQVWDQDODDFHSWDFLRQGHORTXHLPSOLFDODLGHRORJLDGHO
UHLQRGH'LRV$KRUDHOFXPSOLPLHQWRGHODVWURPSHWDVVHFXPSOLULDLJXDOPHQWHFRPRIUXWRGHOD
GHVSURWHFFLRQ\ODHQWUHJDDODLGHRORJLDGHOPDO3HURHQWRQFHV'LRVHQFDX]DODWURPSHWDDILQGHTXH
SURGX]FDDUUHSHQWLPLHQWR<DXQFXDQGRHOPXQGRHQJHQHUDOGHVJUDFLDGDPHQWHVLJXHVXFXUVR\QRVH
DUUHSLHQWHPXFKRVGHVXKDELWDQWHVDFHSWDQHOOODPDPLHQWRGH'LRV
6HWUDWDGHDGYHUWHQFLDVGLYLQDVDORTXHUHDOPHQWHYDDRFXUULUFRPRFRQVHFXHQFLDGHODVDFWLWXGHV
KXPDQDVHQFRQIOLFWR\FRQWDPLQDGDVSRUHO'UDJRQ'LRVLQWHUYLHQHSDUDTXHFRQHODYDQFHGHVX5HLQR
KDVWDVXFXOPLQDFLRQVHSURFHGDHQFDGDPRPHQWRDDOLYLDU\OLEHUDUDVXSXHEORGHODVFRQIODJUDFLRQHV
TXHORVVLVWHPDVGHPDOGDGHQJHQGUDQ$QWHODKRVWLOLGDGGHHVRVVLVWHPDV\HOHPSHQRGHTXHUHU
LPSRQHUHOSRGHU\ODFRUUXSFLRQFRQODVLPSOLFDFLRQHVQHJDWLYDVTXHVXSRQHSDUDHOSXHEORGH'LRVHO
5HLQRGH'LRVHQVXWUD\HFWRULDGHOOHJDUDOD6HJXQGD9HQLGDGH-HVXFULVWR\DOREMHWLYRGHXQPXQGR
VLQPXHUWHQLHQIHUPHGDGRULHQWDVXYROXQWDGKDFLDHOUHVXOWDGRGHREWHQHUVXSURSRVLWR+DGHFRQMXJDU
ODOLEHUWDGKXPDQD\GHODVQDFLRQHVGHGHMDUVHLGHRORJL]DUSRUHOPDOFRQ6XSURSLDOLEHUWDGGHKDFHU
SRVLEOHODVREHUDQLDGHVX5HLQR'HHVWHPRGRSHUPLWHTXHHVRVVLVWHPDVGHPDOGDGGHVFXEUDQOD
LPSRVLELOLGDGGHVXDFWXDFLRQGHPRGRDMHQRDOJRELHUQRGH'LRVPHGLDQWHODH[SHULHQFLDKLVWRULFDGH
VXSURSLDGHVWUXFFLRQFRPRFRQVHFXHQFLDGHVXVDQWDJRQLVPRV\GHVXLQWHUHVGHKDFHUVHSUHYDOHFHU
FRPRDXWRULGDGVXSUHPDHQGHWULPHQWRGHORVOLPLWHVTXHOHPDUFDVXSURSLDH[LVWHQFLDKLVWRULFD\GH
ODVDOYDFLRQKXPDQD6DOYDFLRQTXH'LRVVHSURSRQHHQFDGDXQDGHVXVLQWHUYHQFLRQHVFRQVLJXLHQGRORHQ
DTXHOORVTXHVHDFRJHQDORVFRQWHQLGRVGHO(YDQJHOLRLQGHSHQGLHQWHPHQWHGHORVGHVRUGHQHVTXHHOPDO
HQJHQGUDPHGLDQWHORVGLIHUHQWHVVLVWHPDV/RVVHUHVKXPDQRVTXHHQWUDQGHQWURGHODRUELWDGHORV
SURSLRVVLVWHPDVTXHGRPLQDQQHFHVLWDQFRQRFHUHOWRTXHGHFDGD7URPSHWDFRQVXFRQWHQLGRDILQGH
TXHSXHGDQDUUHSHQWLUVH\DFHSWDUHOGHVWLQRGHOD9LGD(WHUQD
 (OWHPDGHODVWURPSHWDV\ODPHWRGRORJLDKLVWRULFLVWD
1RVRWURVKHPRVDGRSWDGRODPHWRGRORJLDKLVWRULFLVWDVLQGHMDUDXQODGRFLHUWDVDSRUWDFLRQHVTXHQRV
SXHGHQSHUPLWLURWURVPHWRGRVTXHQRVD\XGHQDDMXVWDUHOPHWRGRKLVWRULFLVWDDVXPHMRUUHDOLGDG<D
KHPRVH[SOLFDGRHQVXOXJDUODFRQFHSFLRQHVFDWRORJLFDTXHHO(YDQJHOLRQRVDSRUWDDILQGHKDFHU
DSOLFDFLRQHVVDELDVFRQHOPHWRGRGHODKLVWRULDFRQWLQXD6LQHPEDUJRWHQHPRVTXHUHFRQRFHUTXHHO
PHWRGRKLVWRULFLVWDQRWLHQHXQDSDWHQWHGHFRUVRSDUDLPSRQHUVHHQFRQWUDGHWRGDORJLFDWH[WXDO
>@
7DPSRFRSRGHPRVDGPLWLUFRQWUDGLFFLRQHVHYLGHQWHVHQODSURSLDDSOLFDFLRQGHOPHWRGR <SRU
XOWLPRQRSRGHPRVWDPSRFRPDQWHQHUQRVGHQWURGHXQDOLQHDTXHVHEDVDHQORTXHRWURVKDQGLFKR\
>@
VHJXLUDVLXQDWUDGLFLRQHQODTXHORVSRVLEOHVHUURUHVVHSHUSHWXDQ
>@
&XDQGROHRDGLYHUVRVDXWRUHV%+&DUUROO \QRYR\DFLWDUPDVTXHDOJXQRVPX\UHSUHVHQWDWLYRV
>@
0HUY\Q0D[ZHOOVDOYRFRQDOJXQRVYDULDQWHVLQWHUSUHWDQHQHOFDVRGH(GZLQ57KLHOH
/D5RQGHOOH5DQNR6WHIDQRYLFHVWRVGRVXOWLPRVVHDSDUWDQHQDOJXQRVPRPHQWRVGHODLQWHUSUHWDFLRQ
FODVLFDDXQFXDQGRPDQWLHQHQHOHQIRTXHTXHODV7URPSHWDVVRQVLPERORVGHOFDVWLJRGLYLQRVREUH
-HUXVDOHQ\ODQDFLRQ-XGLDSRUSRQHUVHHQFRQWUDGH&ULVWRD7URPSHWDODVHJXQGDORTXHYLQRDO
PXQGRURPDQRRFFLGHQWDOODWHUFHUDVREUHODOODPDGD,JOHVLDGH&ULVWRFXDQGRSHUPLWLRTXHOD
LQYDGLHUDODFRQWDPLQDFLRQ\GHHOODVXUJLHURQULRVGHPXHUWHHQOXJDUGHYLGDODFXDUWDUHSUHVHQWDOD
FRQVLJXLHQWHRVFXULGDGGHOD(GDG0HGLDODTXLQWDFRQVWLWX\HHOIODJHORGHOLVODPLVPRTXHEDUULRHO
>@
0HGLR2ULHQWH\FRPHQ]RDLQYDGLU(XURSD ODVH[WDHOIODJHORTXHFRQWLQXREDMRORVWXUFRV\OD
VHSWLPDODWHUURULILFDH[SORVLRQILQDOGHODSDVLRQ\HORGLRKXPDQRVTXHFDUDFWHUL]DQDOSHULRGRILQDOGH
>@
ODKLVWRULD
(VWDVLQWHUSUHWDFLRQHVQRHVWDQDXVHQWHVGHXQFLHUWRLQWHQWRGHH[SOLFDUHVRVMXLFLRVGH'LRV3RU
HMHPSOR0HUY\QQRVGLFH
'HPDQHUDTXH'LRVFDVWLJD$OHOLPLQDUDOJRGHVXSURWHFFLRQSDUDSHUPLWLUTXHQRV
FDVWLJXHPRVDQRVRWURVPLVPRV\DOHOLPLQDUDOJRGHVXSURWHFFLRQ\SHUPLWLUTXHRWURVSHFDGRUHVQRV
>@
FDVWLJXHQ!!!
/DYHUGDGHVTXHLQGHSHQGLHQWHPHQWHGHOLQWHUHVGHLQWHUSUHWDUORPHMRUSRVLEOHHVWRGHODV
7URPSHWDVQRHQWHQGHPRVFDVLQDGDGHORVTXHVHQRVGLFH
/RVTXHLQWHUSUHWDQQRVHDFXHUGDQGHORTXHDFDEDQGHGHFLUQRVHQFXDQWRDOPRWLYRGHODV7URPSHWDV
5HVXOWDTXHORTXHVLJQLILTXHQHVDV7URPSHWDVVHULDHQYLDGRSRU'LRVFRPRFDVWLJRSRUORTXHVHHVWD
KDFLHQGRFRQWUDVXSXHEOR3HURSUHFLVDPHQWHVHOHFDVWLJDDVXSXHEORSRUFXDQWRHVDVJXHUUDVRHVDV
DFWLYLGDGHVGLYLQDVTXHVHJXQGLFHQHVRVLQWHUSUHWHVVRQGLULJLGDVSRU'LRVDFDEDQVLHPSUHPDFKDFDQGR
DVXSXHEOR<DPHGLUDQXVWHGHVORTXHLPSOLFDSDUDVXSXHEORHVDRVFXULGDGGHOD(GD0HGLDFRQOD
TXHVHLQWURGXFHXQDPD\RUSHUVHFXFLRQTXHODGHOSURSLR,PSHULR5RPDQR
(O,PSHULR5RPDQRHVGLULJLGRSRU'LRVVHJXQHVWDLQWHUSUHWDFLRQSDUDFDVWLJDUHQXQSULQFLSLRQDGD
>@
PHQRVTXHD,VUDHO /DGHVWUXFFLRQGH-HUXVDOHQVHULDVHJXQHVWHSHQVDUKHFKDSRU'LRV\XWLOL]DQGR
QDGDPHQRVTXHDO,PSHULR5RPDQRTXHHVWDFODVLILFDGRSRU-XDQFRPRIRUPDQGRSDUWHGHOD%HVWLD
DSRFDOLSWLFDSRUFXDQWR,VUDHOVHJXQHVWRVKDSHUVHJXLGRDOFULVWLDQLVPR<OXHJRFXDQGRVHUHILHUHQD
ODXOWLPD7URPSHWDUHSUHVHQWDODWHUURULILFDH[SORVLRQILQDOGHODSDVLRQ\HORGLRKXPDQRV!!!"<
HVWRORSURGXFH'LRV"
(QGRVRFDVLRQHVHOWH[WRQRVLQWURGXFHDXQDHVWUHOODFDLGDGHOFLHORWDQWRHQODWHUFHUDFRPRHQOD
TXLQWD7URPSHWD<HVWRVDXWRUHVTXHLQWHUSUHWDQFRUUHFWDPHQWHHOVLPERORFRPRVLHQGR/X]EHOHO
$GYHUVDULRQRUHIOH[LRQDQVREUHORTXHHVRSXGLHUDVLJQLILFDUHVSHFLDOPHQWHGHVSXHVGHORTXH\DVH
>@
QRVH[SOLFDHQHOOLEURGH-RE $KRUDLPDJLQHQVHVLJXLHQGRHVDWUD\HFWRULDLQWHUSUHWDWLYDODQ]DQGRD
/X]EHO"FRPRFDVWLJRGHODKXPDQLGDG""(QTXHD\XGDDVXSXHEOR"7RGDVHVWDVFRQWUDGLFFLRQHV
GHEHULDQKDFHUPHGLWDU3HURFXDQGRDSDUHFHXQDHVSHFLHGHFRSLDGLFLHQGRPDVRPHQRVORPLVPRQR
VHDSRUWDFODULGDGTXHVXSRQJDHOFRQYHQFLPLHQWRGHOOHFWRU&ODURHVWDLQWHUSUHWDFLRQVREUHODV
WURPSHWDVKDGHMDGRGHVYDOLGDODOHFWXUDGHODVXOWLPDVSODJDV3RUTXHFRQFLHUWRVVLPERORVSDUHFLGRV
DKLQRSXHGHQPHWHUPDVTXHORTXHKD\HQHVRVXOWLPRVLQVWDQWHVGHODKLVWRULDKXPDQD
"3RUTXHQRVHKDQH[SOLFDGRDGHFXDGDPHQWHODV7URPSHWDV"3RUXQHUURUPHWRGRORJLFR+D\DOJRTXH
GRPLQDWRGRHO$SRFDOLSVLV\TXHQRVORSURSRUFLRQDWDQWR-XDQFRPR0DWHRHQVX(YDQJHOLR/D
SUHJXQWDFODYHFRQORV6HOORVHUD"3RUTXHORV6HOORV"/DFXHVWLRQDUHVDOWDUDKRUDFRQODV7URPSHWDVHV
"3RUTXHODV7URPSHWDV"/DUHVSXHVWDODWHQHPRVHQHOSULPHUFDSLWXORGH$SRFDOLSVLV$KLFRQOD
H[SUHVLRQ+LMRGHO+RPEUHVHLQWURGXFHXQGHUDVSHVHU\TXH\DKHPRVH[SOLFDGRVXILFLHQWHPHQWHHQ
>@
RWURVOXJDUHV (VHGHUDVSHVHUWDOFRPR\DKHPRVHVWXGLDGRFRPHQWDQGRHOSULPHUFDSLWXORGH
$SRFDOLSVLVVVTXHKDFHUHIHUHQFLDDODREUDGH'DQLHOFRQWRGRVVXVSDUDOHORVWDOFRPR
-HVXVPXHVWUDHQ0DWHR\-QFI0FHVWDXQLGRLGHRORJLFDPHQWHDORWURGHUDV
SHVHUVHQWDGRDODGLHVWUDGH'LRVXWLOL]DGRWDPELHQSRU-HVXV\SRU3DEOR0WFI+E
FI+EDSRUWDQGRHOYDORUGHHVHRWURGHUDVSHVHU3DUDDFDEDUFRQORV
HQHPLJRVGH'LRV(O$SRFDOLSVLVGH-XDQDOLQWURGXFLUODH[SUHVLRQ+LMRGHO+RPEUHWDQWRDO
FRPLHQ]R$SFRPRDOILQDO$SFRQWRGDODLPDJLQHULDGHPLQLVWHULRVDFHUGRWDOHVWD
WUDWDQGRGHGHFLUQRVGHODREUDLQWHUFHVRUDHQHO6DQWXDULRFHOHVWHGHVGHVX$VFHQVLRQKDVWDHOOLPLWHFRQ
VX6HJXQGD9HQLGDHQFXDQWRDFRPRDFDEDUFRQORVHQHPLJRVGH'LRV3RUORWDQWRWRGRHO$SRFDOLSVLV
FRPR\DGLMLPRVHVODPDQHUDGHFRQWDUQRVGHODREUDGHDFDEDU\HOFRPRVHWHUPLQDFRQORVHQHPLJRV
GH'LRV<DGLMLPRVSRUODVDSRUWDFLRQHVTXHQRVKDFHHO1XHYR7HVWDPHQWRLQFOX\HQGRHO$SRFDOLSVLV
TXLHQHVVRQHVRVHQHPLJRVHOSHFDGRODPXHUWHORVVLVWHPDVGHPDOGDG\HOGUDJRQD&RU

$KRUDSRGHPRVDFHUFDUQRVPHMRUDOWH[WR\DODFRPSUHQVLRQGHODV7URPSHWDV,QGHSHQGLHQWHPHQWHGH
ORVGLIHUHQWHVXVRV\TXHORVFRPHQWDULVWDVVHHQFDUJDQGHWUDHUDFRODFLRQWHQHPRVTXHYDORUDUOR
HVHQFLDOGHOVLJQLILFDGR\XQLUORDOFRQWH[WROLWXUJLFRTXHHOSURSLR$SRFDOLSVLVQRVRIUHFHHQVXPDUFR
GHO6DQWXDULRFHOHVWH$SFIVVVV
"4XHLPSOLFDWRGRHVWR"
/D7URPSHWDGHQWURGHHVWHPDUFRUHVSRQGHULDHQXQSULQFLSLRDHVWDUDWHQWRDQWHXQDDGYHUWHQFLDTXH
VHQRVYDKDFHUFI(]T-HU$PRV(QHOFRQWH[WRLPSOLFDULDTXHVHQRVDGYLHUWH
GHORTXH'LRVYDDOOHYDUDFDERHQFXDQWRDDFDEDUFRQHVRVHQHPLJRVTXHKHPRVHQXPHUDGR\TXH
QRVDWDFDQDORODUJRGHQXHVWUDH[LVWHQFLDSHUVRQDOHKLVWRULFD(VRVHQHPLJRV'LRVQRORVVXVFLWD(VWDQ
DKLHQQXHVWURPXQGRFDPSHDQGRSRUVXVIXHURV3RUORWDQWR'LRVQRSURGXFHODVJXHUUDVFI6WJQL
ODVHQIHUPHGDGHVQLODVSHVWHVQLRUGHQDDQDGLHTXHYD\DFRQWUDRWUR&RPRWDPSRFRSURGXFHHOSHFDGR
QLVXVFRQVHFXHQFLDV/D7URPSHWDQRVDGYLHUWHTXHYDQRFXUULUFLHUWRVKHFKRVHQODKLVWRULDSXHGHTXH
JXHUUDV\RWUDVFDWDVWURIHVRULJLQDGDVHQWUHORVSURSLRVVHUHVKXPDQRVQDFLRQHVVLVWHPDVTXHVHFUHHQ
FRQHOSRGHURWRUJDGRSRU'LRV\TXH(ODOSUR\HFWDUVX5HLQRTXHLQFOX\HHOSODQGHODVDOYDFLRQFRQ
TXHGDDVX,JOHVLD\DVXVPLHPEURVHQFXHQWUDGLILFXOWDGHV\REVWDFXORVSURYRFDGRVSRUHVDVQDFLRQHV
LQVSLUDGDV\GLULJLGDVSRUHO'UDJRQ$SFID&RUSRUHOSURSLRSHFDGR
KLVWRULFRHQJRUGDGRFRQORVFRPSRUWDPLHQWRVSRUXQDWLHUUDFRQWDPLQDGDSRUHOPDO\HQYHMHFLGDTXH
HVFXSHHQRFDVLRQHVODYDV\PRYLPLHQWRVVLVPLFRVTXHSXHGHQD]RWDUGHVJUDFLDGDPHQWHDODV
SREODFLRQHV(VWHFRQIOLFWRGHQDWXUDOH]DQHJDWLYD\SHUYHUVDFUHDGRSRUORVSURSLRVVHUHVKXPDQRV\HO
SURSLR'UDJRQORUHVXHOYH'LRVHQFDX]DQGRVX5HLQR\HQHVDRULHQWDFLRQ\FRQWUROGHODKLVWRULDVLQ
LPSHGLUODOLEHUWDGGHODVQDFLRQHV\GHORVVHUHVKXPDQRV'LRVVHGHGLFDGHDFXHUGRDO$SRFDOLSVLVD
PRVWUDUQRVFRPR\FXDQGRDFDEDFRQHVRVHQHPLJRVSURYHUELDOHVGH'LRV\GHOFUH\HQWH
(OSULPLWLYRVHQWLGRJXHUUHURTXHGHVGH-RVODV7URPSHWDVWHVWLPRQLDQGHODYLFWRULDDO
SUHVHQWHWULXQIDQGHILQLWLYDPHQWHGHO$GYHUVDULRFI$SFIFIFI
/DV7URPSHWDVKDFHQXQOODPDPLHQWRDFRQYRFDUVHFI([1P-HU$XQLUVH
SRQLHQGRVHHQPDUFKDHQXQDGLUHFFLRQGHWHUPLQDGDFI-HUKDFLDHOWRTXHGHXQDXOWLPD
7URPSHWDSRUTXHVHUDWRFDGDOD7URPSHWDGHVSXHVGHWRGDVHVWDVVLHWH7URPSHWDVODGHOD3DURXVLDOD
GHOD6HJXQGD9HQLGDGH-HVXFULVWRD7HVFI0WD&RU
<VHQRVLQVWDDHVWDFRQYRFDFLRQWHQLHQGRHQFXHQWDODVWURPSHWDVTXHVHWRFDEDQSUHYLDPHQWHDOGLD
GHODVH[SLDFLRQHV/HYFI1P'HDKLGHTXHFDGDJHQHUDFLRQGHFULVWLDQRVRQR
HVFXFKHHVWDV7URPSHWDV\VHDQXQOODPDPLHQWRDODFRQFLHQFLD\DODYROXQWDGGHFDGDXQR'HFXDOTXLHU
IRUPDHVWDV7URPSHWDVQRVDYLVDQDWRGRVGHWRGDVODVJHQHUDFLRQHVGHTXHQXHVWUDSUHSDUDFLRQGHEH
KDFHUVHHQYLGDHVWDPRVRELHQDQWHVGHOGLDGHOMXLFLRILQDOFRUUHVSRQGLHQWHDOGLDGHODVH[SLDFLRQHV
>@
DQWLWLSRHOGLDGHODOLEHUDFLRQGHILQLWLYD RHVWDPRVYLYLHQGRGXUDQWHHOGLDGHODVH[SLDFLRQHV
DQWLWLSR
 "&RPR UHSHUFXWH OD REUD GHO +LMR GHO +RPEUH HQ HO 6DQWXDULR
UHVSHFWRDORTXHVLJQLILFDHQHO$SRFDOLSVLV""&RPRVHFXPSOHORGH
DFDEDU FRQ ORV HQHPLJRV GH 'LRV" "(Q TXH FRQVLVWH OD LQWHUFHVLRQ GH
+LMRGHO+RPEUHDQWHHO$QFLDQRGHGLDV""&RPRVHKDFHHVR"
(OSULPHUPHQVDMHTXHVHQRVGDVREUHHOGHUDVSHVHU+LMRGHO+RPEUHHVTXHDGTXLUDPRVXQD
YRFDFLRQFHOHVWH(OVHJXQGRPHQVDMHWLHQHTXHYHUFRQODUHODFLRQFRQ'LRVPHGLDQWHODSURSXHVWDGHO
PLQLVWHULRVDFHUGRWDOGHO+LMRGHO+RPEUHLPSOLFDQGRFRQRFHUODVUHSHUFXVLRQHVTXHHVWHPLQLVWHULR
SXHGHWHQHUFRPRFRQVHFXHQFLDGHODREUDWHUUHVWUHTXHHO0HVLDVGHMRVXVSDODEUDV\DFFLRQHV
5HSHUFXVLRQHVSLULWXDO(VDUHODFLRQWHOOHYDDXQLQWHUHVSRUOD3DODEUDTXHSURGXFHFDPELRVHVSLULWXDOHV
5HSHUFXVLRQHQODHQVHQDQ]DGRFWULQDO7HKDFHFRQRFHUPHMRUDO'LRVTXHVHUHYHODORTXH(OKDUHYHODGR$PERVDVXQWRVWHSURWHJHQ
\GHILHQGHQIUHQWHDODPDOGDG
(OWHUFHUPHQVDMHHVODSURSXHVWDGHFRQRFLPLHQWR\GHYLYHQFLDUHVSHFWRDORTXHVLJQLILFDOD
LQWHUFHVLRQ/DLQWHUFHVLRQODHIHFWXDPHGLDQWHORTXHLPSOLFDODREUD\UHYHODFLRQTXHGHO3DGUHKD
TXHGDGRSRUHVFULWR6HQRVLQVWDDFRQRFHUDO3DGUHD'LRVSDUDTXHGHHVWHPRGRVHSDPRVFRPRSXHGH
LQWHUFHGHUHO+LMRGHO+RPEUHHQEDVHDORTXHQRVKDGHMDGRUHYHODGRGHO3DGUHFID7LP/RV
SULQFLSLRVGHOUHLQRGH'LRVH[SUHVDGRVHQVX/H\PRUDOHQHO6HUPRQGHO0RQWH\HQHOFRQRFLPLHQWR
GHO0HVLDVTXHQRVSURSRQHHO(YDQJHOLRGH-XDQ\HOUHVWRGHODVSDODEUDVGH-HVXVFRQWHQLGDVHQORV
HYDQJHOLRV\HQODLQWHUSUHWDFLRQDSRVWROLFD7RGRHVWRFXDQGRORHVWXGLDPRVFRQRUDFLRQUHFODPDQGRHO
SRGHU\RULHQWDFLRQGHO(VSLULWX6DQWRQRVSURWHJH\QRVGHILHQGH&XDQGRH[DPLQDPRVODVSDODEUDVGH
-HVXVODMXVWLILFDFLRQSRUODIH\WRGDODLQWHUSUHWDFLRQTXHHO1XHYR7HVWDPHQWRQRVKDFHGH-HVXV
FRPSUHQGHPRVHQTXHFRQVLVWHODLQWHUFHVLRQ\SRUORWDQWRHQFRPRYDDFDEDUFRQORVHQHPLJRVGH
'LRVTXHQRVDWDFDQ/DYHUGDGFI-QODVFUHHQFLDVHOFRQRFLPLHQWRGH'LRV-Q\ODV
HQVHQDQ]DVFRQTXH-HVXV0WFI0FFI0W\HO1XHYR7HVWDPHQWR\ORVSURIHWDV
QRVSURYHHQDFWXDQFRPRORVLQVWUXPHQWRVLQWHUFHVRUHVWHQLHQGRYDORU\DSOLFDFLRQSUHFLVDSRU
PHGLRGHODRUDFLRQ\GLDORJRTXHVHHQWDEODFRQHVDREUDPLQLVWHULDOTXHHO+LMRUHDOL]DFRQHO3DGUH
\FRQHOSRGHU\ODREUDGHO(VSLULWX6DQWR$OFRQRFHUHOSODQGHODVDOYDFLRQHQEDVHDORTXH-HVXVHO
0HVLDVQRVSUHVHQWDPHGLDQWHODREUDGHFRQYHQFLPLHQWRGHO(VSLULWX6DQWR\TXHUHUSHUPDQHFHUHQHO
HQHOSODQGHODVDOYDFLRQQRVYHPRVLPSHOLGRVSRUQXHVWUDQHFHVLGDGDRUDUDILQGHTXHOD
LQWHUFHVLRQGH-HVXFULVWRTXHKDTXHGDGRFRQILJXUDGDHQODUHDOLGDGGHVXSDODEUD\REUD\
DGPLQLVWUDGDDKRUDHQHVHPLQLVWHULRVDFHUGRWDOHQHO6DQWXDULRFHOHVWLDOFRQYHUMDHQQRVRWURVGHWDO
PRGRTXHSURGX]FDFDPELRVYLVLEOHV\QRWDGRVSRUQRVRWURVPLVPRVSURYRFDQGRVHJXULGDGFRQILDQ]D
VDOXGYLGDHWHUQD
&XDQGRHQWHQGHPRVHO$SRFDOLSVLVGHDFXHUGRDODFODYHTXHVHQRVGDGHOGHUDVSHVHU+LMRGHO
+RPEUHVXPHQVDMHORHQWHQGHPRVFRPRVLHQGRODREUDGHDFDEDUFRQORVHQHPLJRVGH'LRVSHFDGR
PXHUWHVLVWHPDVGHPDOGDG'UDJRQ/DV7URPSHWDVFRPRFXDOTXLHURWUDFRVDVHLQVFULEHQGHQWURGH
HVWDREUDGHDFDEDUFRQORVHQHPLJRVGH'LRV6HWUDWDULDGHDGYHUWHQFLDVHQFXDQWRDODREUDGHDFDEDU
FRQORVHQHPLJRVGH'LRV6HQRVDGYLHUWHGHO0DOLJQRHO$GYHUVDULRTXHVHDFDEDFRQHOHQSULQFLSLR
DUUHEDWDQGROHHOOXJDUGHSUHIHUHQFLDTXHWXYLHUDTXLWDQGROHFXDOTXLHUSRVLELOLGDGGHFRQWDFWDUFRQ
VHUHVGHRWURVPXQGRV\FHOHVWLDOHV\DUURMDQGROHMXQWRFRQVXVVHJXLGRUHVDQJHOLFRVWRWDOPHQWHGHODV
PRUDGDVFHOHVWHV\SXGLHQGROHFRQWURODUHQHODELVPRGHHVWDWLHUUD-HVXFULVWRHQVXREUDWHUUHVWUH\DKD
PDQLDWDGRDODGYHUVDULRGHPRGRTXHFRQHOSRGHUGHVXSDODEUDSRGDPRVSURWHJHUQRVGHIHQGHUQRVGHO
0DOLJQR0W(QVXREUDFHOHVWHPHGLDQWHORVSULQFLSLRVGHO5HLQRGH'LRVDQXHVWURDOFDQFH
\DOPRGRFRQTXH'LRVORSUR\HFWDQRVSURWHJH\QRVGHILHQGHSDUDTXHQRQRVSXHGDWRFDUD-Q
6LELHQHOPDOLJQRFUHDVXVLQVWUXPHQWRVODVFDEH]DV\ORVFXHUQRVGHVX%HVWLDXQDYH]DUURMDGR
DODWLHUUDSURGXFLHQGRGHVRUGHQ\DWDFDQGRDOSXHEORGH'LRV\DODVSHUVRQDVTXHIRUPDQSDUWHGHHVH
SXHEOR(OORFRQWUDUUHVWDGHWDOPRGRTXHQRSXHGDFDXVDUQLQJXQPDOLQHYLWDEOH/DWURPSHWDQRV
DGYLHUWHTXHHVRKDRFXUULGRTXHDOHVWDUOOHYDQGRDFDERHVDREUDGHDFDEDUFRQORVHQHPLJRVGH'LRV
DO'LDEORVHOHKDYHQFLGRLGHRORJLFDPHQWH\REOLJDGRDFLUFXQVFULELUVHPRPHQWDQHDPHQWHDODWLHUUD
TXHKDELDKHFKRVX\DFRQVWLWX\HQGRVHHQHOGLRVGHHVWHPXQGRD&RUFID&RU\
GHVFHQGLGRDODWLHUUD$SVV$S\DXQFXDQGRKDELDKHFKRVX\DDODFRQFHSFLRQ
FLYLOL]DFLRQWHUUHVWUHFRQWDPLQDQGROD\FRQYLUWLHQGRODHQOD%DELORQLDDVHQWDQGRODHQODVFDEH]DVGHOD
>@
%HVWLD\RULHQWDQGRODVGHDFXHUGRDOSODQGHO'UDJRQ DKRUD'LRVORKDFHPDQLILHVWRPHGLDQWHOD
WURPSHWD\HVWDQRVPXHVWUDFRPR'LRVRULHQWDODVFRVDVGHO5HLQRGH'LRVQRSHUPLWLHQGRTXHORV
VLVWHPDVGHPDOGDGFUHDGRVSRUHO'UDJRQVHVDOJDQFRQODVX\DGHVWUX\HQGRORV\KDFLHQGRVHORVDEHU
SRUODWURPSHWDDVXLJOHVLDDORVTXHVDOYDJXDUGDQGRORVSULQFLSLRVGHOUHLQRGH'LRVHQODWLHUUDVH
SURWHJHQGHOPDOLJQR
/DV7URPSHWDV
/RVMXLFLRVGLYLQRVDORODUJRGHODGLVSHQVDFLRQFULVWLDQDDIHFWDQDORVSRGHUHVTXHVHLGHQWLILFDQ
SRVWHULRUPHQWH$S\TXHVHRSRQHQDORVSULQFLSLRVGHO5HLQRGH'LRV\FRQWUDHO
3XHEORTXHVDOYDJXDUGDQGRGLFKRVSULQFLSLRV/(UHSUHVHQWD(VRVMXLFLRVHVWDQGHVFULWRVHQODV
7URPSHWDVDSRFDOLSWLFDV\VLUYHQFRPRDGYHUWHQFLDSDUDFDGDXQRGHOSXHEORGH'LRV(VRWUDPDQHUDGH
H[SOLFDUODIRUPDGHSUR\HFWDUVH\GHUHSHUFXWLUODREUDPLQLVWHULDOGHO+LMRGHO+RPEUHHQVX6DQWXDULR
1RWDPRVGHQXHYRTXHFDGDXQDGHODV7URPSHWDVDH[FHSFLRQGHODVHSWLPDVHLQLFLDVXWRTXHGHVGH
ORTXHVLJQLILFDHODOWDUGHOLQFLHQVRGHOOXJDUVDQWRFISHURVXVRQLGRDEDUFDGHVGH
TXHVHLQLFLDKDVWDHOILQDOGHODKLVWRULD<SRUORWDQWRVHQRVHVWDUDTXHULHQGRGHFLUTXHODREUD
PLQLVWHULDOGHO+LMRGHO+RPEUHHQVX6DQWXDULRLQGHSHQGLHQWHPHQWHGHTXHVHLQLFLHHQHOPRPHQWR
KLVWRULFRUHODWLYRDORTXHFRUUHVSRQGHDODIXQFLRQGHOOXJDU6DQWRWLSRORJLFRHQHOPLQLVWHULRFRQWLQXR
GHHVH6DQWXDULRFHOHVWLDOGHO0HVLDVR+LMRGHO+RPEUHDEDUFDULDWRGRVXPLQLVWHULRFRQWLQXRGHVGH\
KDVWDORTXHLQGLFDWRGDODWLSRORJLDGHO6DQWXDULRFI+E\SRUORWDQWRHVH
PLQLVWHULRFRQWLQXRSUR\HFWDGRGHVGHHO6DQWXDULR&HOHVWLDORFXSDUDWDPELHQHQVXPRPHQWR
GHWHUPLQDGRORTXHFRUUHVSRQGDDOHVSDFLRWHPSRUDOUHODWLYRDHVHVHJXQGRPRPHQWRKLVWRULFRTXH
VHQDODWDQWRODWLSRORJLDGHO6DQWXDULRWHUUHQDOTXHDFWXDFRPRXQVLPERORGHODUHDOLGDGFI+E
FRPRHOGHUDVGH'DQLHOFIFIFI
/DV7URPSHWDVDGHPDVGHFRQWHQHUMXLFLRVGLYLQRVUHVSHFWRDORVSRGHUHVGHHVWDWLHUUDGHQWURGHO
PDUFROLWXUJLFRTXHHVWDPRVHVWXGLDQGRWHQLDQHOSURSRVLWRGHDGYHUWLUODSUHSDUDFLRQSDUDHO'LDGHODV
>@
([SLDFLRQHVGLDGHMXLFLRILQDOSDUDWRGRHO3XHEOR
(OKHFKRGHTXHODV7URPSHWDVVHRULJLQDQGHQWURGHOPDUFRGHO/XJDU6DQWR\WHUPLQHQFRQ
XQDYLVLRQGHO/XJDU6DQWLVLPRFX\DIXQFLRQDOLGDGFRUUHVSRQGLDDO'LDGHODV([SLDFLRQHV
DQWLWLSRVHULDXQDSUXHEDGHODXWLOL]DFLRQSRUODLQVSLUDFLRQGHHVWDFRQFHSFLRQTXHLPSOLFDXQPHQVDMH
HVFDWRORJLFRGHDFXHUGRDOXVR\YDORUTXHGHODQWLWLSRHO1XHYR7HVWDPHQWR\ODSURIHFLD$SRFDOLSWLFD
PDQLILHVWD
2/D5HODFLRQGHO6H[WR6HOORFRQOD6HSWLPD7URPSHWD
3HURDKRUDQRWHVHFRQVXPRFXLGDGRHOSDUDOHOLVPRGHLGHDVTXHDSDUHFHHQWUHHVHVH[WR6HOOR\HO
FRQWHQLGRGHOWRTXHGHOD7URPSHWDGHOVHSWLPRDQJHO
7DQWRHOVH[WR6HOORFRPRODVHSWLPD7URPSHWDFRQWLHQHQORTXHVHGHQRPLQDHOTXHODLUDGHO
&RUGHURRGH'LRVKDOOHJDGRXSSSFISS1RWRGRHOVH[WR6HOORHVWDXELFDGRHQOD
PLVPDSRVLFLRQFURQRORJLFDTXHHOWRTXHGHODVHSWLPD7URPSHWD0LHQWUDVTXHHVWDXOWLPD7URPSHWD
GHVGHHOSULPHUPRPHQWRDQXQFLDFRPRXQDUHDOLGDGTXHVHFXPSOHGHTXHORVUHLQRVGHHVWHPXQGRKDQ
YHQLGRDVHUGHQXHVWUR6HQRU\GHVX&ULVWRWUDWDQGRVHGHODLQWHUYHQFLRQILQDOGH'LRVFRQWUDODV
QDFLRQHVHOVH[WR6HOORFRQRFHXQDHWDSDSUHYLDHQODTXHVHVXFHGHHQHOWLHPSRGHOILQGHHVRV
XOWLPRVWLHPSRVGHVGHODSULPHUDKDVWDODVHJXQGDYHQLGDXQDVVHQDOHVFRVPLFDVTXHDYLVDQGHOD
OOHJDGDGHODLUDGH'LRV\GHO&RUGHURDODYH]TXHKD\XQWLHPSRGHQWURGHODHSRFDFRUUHVSRQGLHQWHDO
VH[WR6HOORHQHOTXHVHIRUPDOL]DHOVHOODPLHQWRGHORVFI$S\
25HODFLRQHVGHOTXLQWR6HOOR\HOFDSLWXORFRQOD6HSWLPD7URPSHWDLQFOXLGD
3HURHODVXQWRQRDFDEDDTXL(VSUHFLVRTXHGHPRVXQDH[SOLFDFLRQDKRUDEUHYHDSRUTXHHOFDSLWXOR
VHLQVHUWDHQWUHODVH[WDFRPRKDELHQGRHPSH]DGR\D$SFRQODSURGXFFLRQGHOVHJXQGR
D\HQODILQDOL]DFLRQGHWRGRORTXHWUDQVFXUUHGXUDQWHHOFDSLWXOR$S\ODVHSWLPDWURPSHWD
$S
$WHQLHQGRQRVDKRUDDOPHQVDMHTXHSXHGHSURYHHUQRVHODVSHFWROLWXUJLFRGLJDPRVTXHHOFDSLWXOR
FRQWLHQHHQVXVGRVH[WUHPRVHQYROYLHQGRWRGRVORVDFRQWHFLPLHQWRVIXQGDPHQWDOHVGHODHUDFULVWLDQDHO
HVTXHPDGHORVOXJDUHV6DQWRVGHO6DQWXDULR$OOLDSDUHFHHO/XJDU6DQWR\HO/XJDU6DQWLVLPR

(OWLHPSRVLPEROLFRFDUDFWHULVWLFRGHSHUVHFXFLRQDO3XHEORTXHVDOYDJXDUGDORVSULQFLSLRVGHO5HLQR
GH'LRVHVGHPHVHVSURIHWLFRVORPLVPRTXHGXUDHOWLHPSRVLPEROLFRPRGHOLFRSRUHOTXHORVGRV
7HVWLJRVSURIHWL]DQ\DFWXDQHQFRQGLFLRQHVLQDGHFXDGDVGHVGHHOSXQWRGHYLVWDGHODOLEHUWDG&RQORV
GRV7HVWLJRVVHQRVLGHQWLILFDHQUHVXPHQHOSRUTXH\HORULJHQGHORVMXLFLRV\SURSRVLWRVGHORV
6HOORV\7URPSHWDVFI\VXUHODFLRQFRQORVPHQVDMHVDODV,JOHVLDV\FRQVXVLJQLILFDGR
$KRUDVDEHPRVTXHKDVWDXQWLHPSRSRVWHULRUDORVGLDVSURIHWLFRVTXHWDQWRHOSURIHWD'DQLHO
FRPRHO$SRFDOLSVLVH[SOLFDQVXFRPLHQ]R\ILQDOQRVHLQLFLDHOWLHPSRHVFDWRORJLFRHQHOTXHDSDUHFH
ODIXQFLRQGHO/XJDU6DQWLVLPR\ORVVXFHVRVXOWLPRVFRQWHQLGRVHQODVHSWLPD7URPSHWD<TXHODVH[WD
WURPSHWDKDWUDQVFXUULGRGHVGHDQWHVGHORVFRPLHQ]RVGHORVGLDVKDVWDPDVDOODGHOILQDOGHORV
GLDVSURIHWLFRV
<ORTXHVLTXHWHQHPRVFODURDXQTXHKD\DTXHFRPSOHPHQWDU\PDWL]DUFRQRWURVSDVDMHVSDUDOHORVHV
TXHGHDFXHUGRDORTXHLPSOLTXHHOSHULRGRSURIHWLFRPRGHOLFRGHSHUVHFXFLRQRHOGHVDOYDJXDUGDU\
WHVWLPRQLDUORVSULQFLSLRVGHO5HLQRGH'LRVKD\XQRVDFRQWHFLPLHQWRVTXHVXFHGHQSRVWHULRUPHQWHDHVH
SHULRGRVLPEROLFR'LFKRPRPHQWRSRVWHULRUHVWDHQPDUFDGRSRUHOOXJDU6DQWLVLPRGHO6DQWXDULR
&HOHVWLDO$SFI
(OPHQVDMHGHOFDSLWXORHVFDSLWDOSXHVWRTXHXELFDFURQRORJLFDPHQWHDFRQWHFLPLHQWRVSDUDORVTXH
DSDUHFHXQDFRUUHVSRQGHQFLDHQHO/XJDU6DQWRRHQHO/XJDU6DQWLVLPR
6LDYDQ]DPRVXQSRFRPDV\WHQLHQGRHQFXHQWDORTXH\DKHPRVH[SOLFDGRGHOTXLQWR\VH[WR6HOOR
FRPSUREDPRVXQGHWDOOHDGLFLRQDO\HVTXHVLELHQQRSRGHPRVDILUPDUFRQORVGDWRVTXHXQLFDPHQWH
QRVSURYHHHO$SRFDOLSVLVHOLQVWDQWHHQTXHORVDFRQWHFLPLHQWRVKDFHQIXQFLRQDUHO/XJDU6DQWLVLPR
SRGHPRVGHFLUWUHVFRVDVIXQGDPHQWDOHVHO$SRFDOLSVLVVHHVWDWRPDQGRHQVHULRHOPHQVDMHGH'DQLHO
TXHFRPRKHPRVYLVWRHQHVWDSDUWHLQWURGXFWRULD\FRPSUREDUHPRVFRQHOHVWXGLRWH[WXDOVHKDEOD
GHOIXQFLRQDPLHQWRGHXQ6DQWXDULRTXHURPSHHOPDUFRFURQRORJLFRGHODHSRFDLVUDHOLWD\TXHVHKDEOD
GHVXLQDXJXUDFLRQSRUHO0HVLDV\HO1XHYR7HVWDPHQWRORUDWLILFDFRQOD$VFHQVLRQGH-HVXFULVWRDO
VHSDUDUFRQSDXWDV\VLJQRVORVVXFHVRVTXHRFXUUHQDWUDYHVGHODHUDFULVWLDQDGHORVTXHVHSURGXFHQ
HQPRPHQWRVHVFDWRORJLFRVDORVTXHSRGULDOODPDUVHWLHPSRGHOILQILQDOSRUPHGLRGHFODYHV
FRQVDJUDGDV\UHFRQRFLEOHVFRPRWDOHVHVWDGDQGRXQYDORUWLSRORJLFRDO6DQWXDULR,VUDHOLWDFI+E
5HFRUGDPRVTXHHQHO6DQWXDULR,VUDHOLWDODIXQFLRQGHO/XJDU6DQWLVLPRVHH[SUHVDEDHQ
HOGLDGHODV([SLDFLRQHVHOILQDOOLWXUJLFRGHXQDQR\HVWHHUDXQGLDGHMXLFLRGHUHFRQFLOLDFLRQGH
VHJXULGDGHQODVDOYDFLRQ
&XDQGRUHSDVDPRVHOTXLQWR6HOORQRVGLPRVFXHQWDTXHDFDEDEDFRQHOUHFLELPLHQWRSRUSDUWHGHORV
 >@
PXHUWRVHQ&ULVWRGHODHUDFULVWLDQDKDVWDHVHPRPHQWRHVFDWRORJLFR ODVHQWHQFLDMXGLFLDOTXHOHV
SURILHUHXQDVYHVWLGXUDVEODQFDVVLPERORGHKDEHUH[SHULPHQWDGRHQHVHPRPHQWRHO-XLFLRILQDO
IDYRUDEOH(OWLHPSRWUDQVFXUUHWRGDYLDDSDUWLUGHOPRPHQWRHQTXHH[SHULPHQWDQHVH-XLFLR
HVFDWRORJLFRSRUFXDQWRHVSUHFLVRFRPSOHPHQWDUWRGDYLDFRQHVDVYHVWLGXUDVEODQFDVDRWURVKHUPDQRV
TXHKDEULDQGHPRULUFRPRHOORVFIXS
(VHYLGHQWHTXHSRUXQODGR$SRFDOLSVLVTXHHQYXHOYHWRGRVORVDFRQWHFLPLHQWRVGHODHUD&ULVWLDQD
KDVWDHOILQGHOWLHPSRGHQWURGHOHVTXHPDGHO6DQWXDULRFRORFDVLQHVSHFLILFDUH[DFWDPHQWHSDUD
GHVSXHVGHORTXHDEDUTXHHOSHULRGRVLPEROLFRGHORVGLDVSURIHWLFRVODIXQFLRQDOLGDGGHO
OODPDGR/XJDU6DQWLVLPRFRQHOWRTXHGHODXOWLPD7URPSHWDTXHWLHQHTXHYHUFRQODOOHJDGDGHOD,UDGH
'LRV\ODYHQLGDGHILQLWLYDGH-HVXFULVWRFISSSRURWUDSDUWHHOTXLQWR6HOOR
FRQWLHQHXQODUJRWLHPSRWUDQVFXUULGRSRUORVPXHUWRVHQ&ULVWRWHUPLQDFRQXQDHVFHQDGH-XLFLRILQDO
TXHKDGHFRPSOHPHQWDUVHHQHOWLHPSR\TXHUHFRJHWLSRORJLFDPHQWHHO-XLFLRILQDOHTXLYDOHQWHDOGHO
'LDGHODV([SLDFLRQHVTXHVHOOHYDEDDFDERHQEDVHDO/XJDU6DQWLVLPRGHO6DQWXDULR
/RTXHVHQRVPRVWUDULDTXHHOIXQFLRQDPLHQWRGHO/XJDU6DQWLVLPRVHLQLFLDULDHQXQWLHPSR
HVFDWRORJLFRSRVWHULRUPHQWHDORTXHLPSOLTXHFURQRORJLFDPHQWHORVPHVHVRGLDVSURIHWLFRV
$SFIFXDQGRVHKDQGHVDUUROODGRHOWUDQVFXUVRGHODPD\RULDGHORV6HOORV\
7URPSHWDVSHURDQWHVGHOWRTXHGHOD7URPSHWDVHSWLPDSXHVWRTXHHO-XLFLRHVFDWRORJLFRLPSOLFDGRHQ
HOTXLQWR6HOOR\TXHDOXGHWDPELHQDO/XJDU6DQWLVLPRGDXQPDUJHQGHWLHPSRSRVWHULRUSDUDFRQWLQXDU
>@
HVH-XLFLRHVFDWRORJLFRSDUDDTXHOORVTXHVLJDQPXULHQGR &RQWRGRORFXDOVHFRQVDJUDHOWLHPSRGH
FDGDXQRGHORVVHOORV\GHFDGDXQDGHODVWURPSHWDVDH[FHSFLRQGHORTXH\DKHPRVPDUFDGRSRUVX
SURSLRFRQWH[WRFRPRVXFHGLHQGRGXUDQWHWRGDODHUDFULVWLDQD
2/D5HODFLRQGHO6H[WR6HOOROD6HSWLPD7URPSHWD\$SRFDOLSVLVDO
<DKHPRVYLVWRODUHODFLRQGHOVH[WR6HOORFRQODVHSWLPD7URPSHWD\HOSXQWRGHFRQH[LRQWDQWR
WHPDWLFRFRPRFURQRORJLFR/DVHSWLPD7URPSHWDQRVGHVFULEHODLQWHUYHQFLRQILQDOGH'LRVFRQWUDODV
QDFLRQHVSUHYLDDODVHJXQGD9HQLGD\FRQHOODLQFOXLGDODDQXQFLDFRPRXQDUHDOLGDGTXHVHFXPSOH
/DVHSWLPD7URPSHWDFRPLHQ]DVXVRQLGRHQXQPRPHQWRSRVWHULRUQRHVSHFLILFDGRDOSHULRGR
PRGHOLFRGHSHUVHFXFLRQGHGLDVRPHVHVSURIHWLFRV\DSDUHFHHO7HPSORFRQHO/XJDU
6DQWLVLPRFI
$KRUDELHQODVHSWLPD7URPSHWDQRQRVLQGLFDORVSRUPHQRUHVGHFRPRVHOOHYDDFDERHVHXOWLPR
FRQIOLFWRHQWUHODVQDFLRQHV\'LRVFRQVX&ULVWRTXHGDFRPRUHVXOWDGRODWRPDGH3RGHU\GHO5HLQRGH
IRUPDGHILQLWLYD\WRWDOSRUSDUWHGH'LRV\-HVXFULVWRSURGXFLHQGRODGHVWUXFFLRQGHDTXHOORVTXH
TXHUULDQSHUSHWXDUODGHVRODFLRQ\PDOGDGHQODWLHUUDFI$S
(VFXDQGRFRPSDUDVODVHSWLPD7URPSHWDFRQODVXOWLPDVSODJDV\FRQORTXHVHLGHQWLILFDFRQ
HOODVTXHXQRWRGDYLDFRPSUHQGHPHMRUHOVLVWHPDOLWXUJLFRTXHHO$SRFDOLSVLVPDQWLHQHUHVSHFWRDO
6DQWXDULR'LYLQR
(QODYLVLRQSUHOLPLQDUDODVSRVWUHUDVSODJDVDSDUHFHQWUHVFXDGURVORVDQJHOHVFRQ
ODVXOWLPDVSODJDVORVTXHKDQYHQFLGRVREUHOD%HVWLD,PDJHQ\0DUFD\(O
7HPSORGH'LRVFRPSOHWR/XJDU6DQWR\6DQWLVLPRSHURFRQHVSHFLDOUHIHUHQFLDDO/XJDU
6DQWLVLPRSRUFXDQWROD*ORULDGH'LRVDODTXHVHDOXGHFRQFUHWDPHQWHVHPDQLIHVWDEDGHVGHHO
/XJDU6DQWLVLPR6HKDLQWHUSUHWDGRSRUGLIHUHQWHVDXWRUHVHOTXHQDGLHSXGLHUDHQWUDUHQHO
6DQWXDULR$SFRPRHOILQDOGHVXHMHUFLFLRTXHPDUFDULDHOILQGHOWLHPSRGHJUDFLD
6LVHHVWXGLDFRQGHWHQLPLHQWRVHQRWDUDTXHWUDVODREVHUYDFLRQDODVXOWLPDVSODJDVGRQGHVHDILUPD
TXHVLUYHQSDUDFRQVXPDUODMXVWLFLDGLYLQDDSDUHFHQHQXQDHVFHQDDQWLFLSDGDFRPRVDOYRVDORVTXH
KDQYHQFLGRDOD%HVWLD\HQUHODFLRQDORGHVXLPDJHQ\PDUFD
 $FRQWLQXDFLRQHQXQDQXHYDHVFHQDVHKDFHQSUHVHQWHVORVOXJDUHV6DQWRVGHO6DQWXDULRKDFLHQGR
HQIDVLVHQHO/XJDU6DQWLVLPRFI$S'HO7HPSORYDQDVDOLUORVDQJHOHVFRQODVXOWLPDV
SODJDVSS
(VHYLGHQWHTXHODV3ODJDVFI$SVRQHODWDTXHILQDOGH'LRVFRQWUDOD%HVWLD\VXUHLQRFRQWUD
HO)DOVR3URIHWD\HO'UDJRQTXHUHSUHVHQWDQODIRUPDGHVHUODLGHRORJLDTXHLPSHUDHQHVWHPXQGRHQ
RSRVLFLRQDODIRUPDGHSHQVDU\GHVHUGH'LRVGHORVSULQFLSLRVGHO5HLQRGH'LRVGHVX
>@
*RELHUQR
(VWRV3RGHUHVR6LVWHPDVGH0DOGDGVHFRDOLJDQHQXQVROREORTXHSDUDGHVWUXLUDO3XHEOR
GH'LRVHQWRGDOD7LHUUDVDOLHQGRHQVXGHIHQVDHQXQDXOWLPDEDWDOOD(O'LRV7RGRSRGHURVR$S
(VWDEDWDOODWUDHFRPRFRQVHFXHQFLDODVHSWLPDSODJDTXHGHVWUX\HGHILQLWLYDPHQWHDOD&LXGDG
%DELORQLFDFRQWRGRORTXHSXHGDVLJQLILFDUHLPSOLFDU
6LYROYHPRVDKRUDDOVH[WR6HOORMXQWRDODHVFHQDGHORVTXHSRGUDQVRVWHQHUVHHQ
SLHTXHVHGHVDUUROODHQHOFDSLWXORFRQIURQWDGDFRQORVTXHDSDUHFHQHQ$SRFDOLSVLV\
DQDGLPRVDOD6HSWLPD7URPSHWDTXHWHUPLQDFRQHO7HPSORDOGHVFXELHUWRYLHQGRVHHO/XJDU
6DQWLVLPRQRVGDUHPRVFXHQWDGHOSDUDOHOLVPRDVRPEURVRFRQODVHVFHQDVGHVFULWDVHQ$SRFDOLSVLV\
SRVH\HQGRXQRVOD]RVGHXQLRQFDUDFWHULVWLFRVHQHOVH[WR6HOOR\ODVHSWLPD7URPSHWDDSDUHFH
XQDHVFHQDGRQGHVHPDQLILHVWDTXHODLUDGH'LRVKDOOHJDGRSDUDODVJHQWHVLPSHQLWHQWHVGHODV
QDFLRQHVDFXUUXFDGDVSRUHOPLHGRDODSUHVHQFLDGHO-XLFLRGHILQLWLYRGLYLQRSSSS
SS
VHFRQVXPDODLUDGH'LRVHQHODUURMDPLHQWRGHODVSODJDVSHURQRSURGXFHQLQJXQWLSRGH
DUUHSHQWLPLHQWR
/RVTXHYDQDSRGHUVRVWHQHUVHHQSLHFXDQGR'LRV\HO&RUGHURKDJDQVXDSDULFLRQVRQ
VHOODGRVHQYLGDVHWUDWDGHORVTXHHQHOFDSLWXORVHLQVHUWDQHQXQDHVFHQD
FHOHVWLDODGHODQWDGDFRQWRGRVORVVDOYRVGHWRGRVORVWLHPSRVFI\TXHHQODYLVLRQDQWLFLSDGD
FHOHVWLDOGHOFSVHOHVLGHQWLILFDDGHPDVFRQHOQXPHURVLPEROLFRVHDOXGHDOQRPEUH
GLYLQRHQVXVIUHQWHVDTXHWRFDQDUSDV\FDQWDQFRPRXQFDQWLFRHQYHUVLRQQXHYD

7UDVODLQWURGXFFLRQGHORTXHYDQDVXSRQHUODVSODJDVFDWDORJDGDVFRPRODFRQVXPDFLRQGHODLUD
GH'LRVVHLQVHUWDXQDHVFHQDDQWLFLSDGDFHOHVWLDOFRQXQRVSHUVRQDMHVTXHVHHQFXHQWUDQHQ
SLHWRFDQGRDUSDV\FDQWDQGRHOFDQWLFRGH0RLVHV\GHO&RUGHURDQDGLHQGRVHTXHKDQ
YHQFLGRDORPDVUHSUHVHQWDWLYRGHO6LVWHPDGH0DOGDGHQHOPRPHQWRHVFDWRORJLFRILQDODOD%HVWLDD
ORUHODWLYRDVX,PDJHQ\DOD0DUFDSS
(O/XJDU6DQWLVLPRGRPLQDODGHVFULSFLRQGHODVHSWLPD7URPSHWD6HQRVLQIRUPDTXH
GLFKD7URPSHWDFRQWLHQHHODFRQWHFLPLHQWRGHXQDEDWDOODPDQWHQLGDSRU'LRV\VX&ULVWRFRQWUDODV
QDFLRQHVDLUDGDVTXHOHRWRUJDQHO3RGHU\HO5HLQR
DKRUDHQVVWUDVODYLVLRQGHORV/XJDUHV
6DQWRVHQHVSHFLDOGHO6DQWLVLPRVHQRVDQDGHORTXHHQODVHSWLPD7URPSHWDQRVHQRV
H[SOLFDEDHOFRPRGHHVDEDWDOODILQDOFRQWUDODVQDFLRQHVVHQRVGLFHTXHVHYDQDGHUUDPDUODV
XOWLPDVSODJDVTXHLQFOX\HHOHQIUHQWDPLHQWRILQDOGHWRGDVODVQDFLRQHV\'LRVFXDQGRVDOHHQ
GHIHQVDGHVX3XHEORTXHVHHQFXHQWUDHQWRGDODWLHUUDGHMDQGRSDUDHOXOWLPRURXQGDOD
>@
&LXGDG%DELORQLFD
(OSDUDOHOLVPRHLGHQWLILFDFLRQHVPDQLILHVWRDGHPDVGHORVHOHPHQWRVFRPSOHPHQWDULRVTXHWDQWRXQD
SDUWHFRPRRWUDDGLFLRQDQD\XGDQGRDFRPSUHQGHUPHMRUODGHVFULSFLRQGHODVHVFHQDVTXHVHH[SUHVDQ
3HURODLGHDFHQWUDOTXHHVWDPRVHVWXGLDQGRVREUHVDOHFRQLQXVLWDGDIXHU]DKD\XQDLQWHQFLRQDOLGDG
PDQLILHVWDHQXWLOL]DUORHVHQFLDOGHOPHFDQLVPROLWXUJLFRGHO6DQWXDULRSDUDWUDVPLWLUQRVXQPHQVDMHORV
KHFKRVTXHVXFHGHQDQWHVGHILQDOL]DUXQPRPHQWRSRVWHULRUDOSHULRGRFRQVDJUDGRFRQODIRUPXOD
GLDVSURIHWLFRVVHXVDODYLVLRQGHO/XJDU6DQWRGHO6DQWXDULRFXDQGRVHWUDVSDVDHVDFLIUD\GHDFXHUGR
DORTXHRWURVHOHPHQWRVSURIHWLFRVFRQVLJQDQVHKDFHSUHVHQWHHO/XJDU6DQWLVLPR/RVVXFHVRVTXHGH
DFXHUGRDODSURIHFLDDSRFDOLSWLFDVHGHWHUPLQDQFRPRGHQWURGHOOODPDGR7LHPSRGHO)LQFI'Q
PDUFDGRDSDUWLUGHORVSHULRGRVSURIHWLFRVGHOD$SRFDOLSWLFDGH'DQLHO
GLDVSURIHWLFRV'QFI\TXHHO$SRFDOLSVLVVREUHHQWLHQGHFI$S
VHORVFRQVLGHUDFRPRKHFKRVUHOHYDQWHVTXHLQWURGXFHQODXOWLPDHWDSDHQODTXHVHKD
DJRWDGRHOWLHPSRFURQRORJLFRUHVHQDGRSURIHWLFDPHQWHFRPRDGYHUWHQFLDGHTXHHOVLJXLHQWHSDVRHVOD
9HQLGDGH1XHVWUR6HQRU-HVXFULVWR3DUDHVRVKHFKRVHVSHFLDOPHQWHHVFDWRORJLFRV\TXH\DKHPRV
GHMDGRFRQVWDQFLDHO$SRFDOLSVLVSRQHHQHVFHQDORTXHHQHO'LDGHODV([SLDFLRQHVHUDREOLJDGRHO
/XJDU6DQWLVLPR
 (OHVFHQDULRGHGRQGHVDOHQODVWURPSHWDV$S
8QDYLVLRQFHOHVWHGHO6DQWXDULRGH'LRV$SGRQGHVHPXHVWUDODVRUDFLRQHVGHORVVDQWRV
SLGLHQGRDILQGHTXH'LRVLQWHUYHQJDHQVXIDYRU$SFI'LRVWLHQHSUHVHQWHHVDVRUDFLRQHV
HQGHPDQGDGHD\XGDUHDOL]DGDVGXUDQWHWRGDODKLVWRULD/DUHVSXHVWDGLYLQDDSDUHFHHQODV7URPSHWDV
$S\/DUHDFFLRQGHO$QJHOFDPELDQGRHOJXLRQUHVSHFWRDOLQFHQVDULRTXHDGLIHUHQFLDDOXVRTXH
KDFLDHO6DFHUGRWHGHVSXHVGHOVDFULILFLRTXHRIUHFLDLQFLHQVRVREUHHODOWDUGHOLQFLHQVRHQFDPLQDQGRVH
DOSXHEORSDUDEHQGHFLUORDTXLHO$QJHOOROOHQDGHIXHJRWLUDQGRORDODWLHUUD(VWDDFFLRQHVOD
FRQVWDWDFLRQSRUSDUWHGH'LRVGHODVDERPLQDFLRQHVTXHVHFRPHQWHQFRQWUDVXSXHEOR\GHOD
QHFHVLGDGGHWHQHUTXHPRVWUDUVXVDFFLRQHVGHMXLFLRHQIDYRUGHVXSXHEORTXHVHWUDGXFHQHQFRQWUDGH
ORVLQWHUHVHVGHXQDKXPDQLGDGUHEHOGH
(VHHFKDUIXHJRDODWLHUUDSSSUHSDUDODPDQHUDHQTXHVHSUHVHQWDQODVDFFLRQHVGH'LRV
XSHQUHVSXHVWDDODVRUDFLRQHVGHORVVDQWRVGHWRGDVODVHSRFDVDSDUHFHQWUXHQRV\YRFHV\
UHODPSDJRV\XQWHUUHPRWR(VWRVHSUHVHQWDGHQWURGHPDUFRGHXQ6DQWXDULRHQHOHMHUFLFLRGHORTXH
FRUUHVSRQGLDDOOXJDU6DQWR&XULRVRFXDQGRVHSUHVHQWDHOILQDOGHOHMHUFLFLRHQHO6DQWXDULROR
FRUUHVSRQGLHQWHOXJDU6DQWLVLPRDSDUHFHDOJRPX\VHPHMDQWHFRQDOJXQDVYDULDQWHVDSDUWHGHOFRQWH[WR
WHPSRUDO$S1RWHVHVHDOWHUDHORUGHQUHODPSDJRVYRFHVWUXHQRVXQWHUUHPRWR\VHDQDGH
JUDQGHJUDQL]R
 /DSULPHUDWURPSHWDVXVLJQLILFDGR\VHQWLGR
$QWHVGHHPSH]DUGLJDPRVTXHWRGDVODVWURPSHWDVWDOFRPR\DKHPRVLQGLFDGRHPSLH]DQD
H[FHSFLRQGHODVHSWLPDDOFRPLHQ]RGHOPLQLVWHULRVDFHUGRWDOGH-HVXFULVWR\HOFRQWHQLGRGHFDGDXQDVH
DSOLFDHQWRGDODKLVWRULD9DPRVDMXVWLILFDUHVWRSHURDOJXQDVGHODVLQGLFDFLRQHV\DODVGLPRVUHVSHFWR
DORVVHOORV6RQORVSURSLRVFRQWHQLGRVORVTXHGHFLGHQHOFRPLHQ]R\VXDSOLFDFLRQ$OJRTXHVH
SUR\HFWDSRUHMHPSORVREUHODWLHUUD"3RUTXHGHEHPRVUHVWULQJLUORDXQSHULRGRGHWHUPLQDGRXQDYH]
TXHGHVFXEUHVTXHVLJQLILFD\UHSUHVHQWDODWLHUUD"/DDSOLFDFLRQGHODWURPSHWDGXUDQWHWRGDOD+LVWRULD
QRVLJQLILFDTXHORVHOHPHQWRVHQWHVVLVWHPDV\FRQFHSFLRQHVKLVWRULFDVTXHHVWXYLHUDQLQYROXFUDGRV
WHQJDQTXHVHUVLHPSUHORVPLVPRV(OVLVWHPDGHPDOGDG5RPDTXHDFWXDPHGLDQWHXQDFDEH]DGHOD
%HVWLDQRLPSOLFDULDTXHHVWXYLHUDDFWXDQGRDOILQDOGHORVWLHPSRVFXDQGRHOSURWDJRQLVPRGHOVLVWHPD
GHPDOGDGHVWDSURWDJRQL]DGRSRUODVH[WDVHSWLPD\RFWDYDFDEH]D3HURHYLGHQWHPHQWHOD0XMHU
%DELORQLFDH[LVWHHQFLPDGHOD%HVWLDGHVGHHOLPSHULRQHREDELORQLFRKDVWDODRFWDYD&DEH]DDXQ
FXDQGRHQHVRVPRPHQWRVVHOHHVWHGHVPDQWHODQGR$SFIHVSHUDQGRDTXHHO
)DOVR3URIHWDRFXSHVXOXJDU$SFI7HQJDVHHQFXHQWDTXHHQHO$UPDJHGRQOD0XMHU
%DELORQLFDHVWDIXHUDGHMXHJRDXQFXDQGRYHQJDDODPHPRULDKDFLHQGROHGHVDSDUHFHUGHILQLWLYDPHQWH
HQRFDVLRQGHODVHSWLPDWURPSHWD$S
7HQJDVHHQFXHQWDSRUXOWLPRTXHODVWURPSHWDVVRQUHVSXHVWDDODVRUDFLRQHVGHORVVDQWRV"<TXH
SLGHQORVVDQWRV""$OJRTXHGHVWUX\DHODPRUDORVHQHPLJRVTXH-HVXFULVWRQRVHQVHQR""(OTXH'LRV
KDJDJXHUUDVHQYHQJDQ]DDORTXHVHOHHVWDKDFLHQGRDVXSXHEOR"FI/F"2SRUHOFRQWUDULR
SLGHQFRPRYHQFHUDVXVHQHPLJRVHOSHFDGRODPXHUWHHQIHUPHGDG\VXIULPLHQWRDORVVLVWHPDVGH
PDOGDG\DO'UDJRQ"'HDFXHUGR(QHVRVVLVWHPDVGHPDOGDGHVWDQLQYROXFUDGRVVHUHVKXPDQRVTXHHO
0DOLJQRORVXVDDVXDQWRMR3HUR"1RKDEUDDOJXQDRWUDPDQHUDGHFRQYHQFHUOHVSDUDTXHQRVH
FRPSURPHWDQDLUHQFRQWUDGHO5HLQRGH'LRV""1ROHLQWHUHVDD'LRVKDFHUDFWLYLGDGPLVLRQHUDFRQ
HOORVKDVWDSRGHUORVDWUDHUD(ODXQFXDQGRHQRFDVLRQHVORWHQJDTXHKDFHUSHUPLWLHQGRORTXHKDQ
VHPEUDGRHQODKLVWRULDFRQFRQWUROUHPRWR"/DV7URPSHWDVYDQDVHJXLUHVDOLQHDGHPLVHULFRUGLD\
MXVWLFLDGLYLQDFI5PUHVSHWDQGRODOLEHUWDGKXPDQDKDVWDGRQGHHVDOLEHUWDGQRVH
FRQYLHUWDHQXQDPDOGDG\SHUYHUVLGDGLUUHGLPLEOHSRQLHQGRHQSHOLJURVXSODQGHODVDOYDFLRQ
&RQWHQLGRJUDQL]R\IXHJRPH]FODGRVFRQVDQJUHIXHURQODQ]DGRVVREUHODWLHUUD\VHTXHPROD
WHUFHUDSDUWHGHORVDUEROHV\WRGDODKLHUEDYHUGH$S
6HDVXPHODWHUPLQRORJLDGHODVHSWLPDSODJDGH(JLSWR([
(OJUDQL]RRSXHVWRDODOOXYLDPDOGLRQEQGLFLRQVHDVRFLDVLHPSUHHQODVSURIHFLDVELEOLFDVDOD
LGHDGHXQDLQWHUYHQFLRQGH'LRV-RE6DO6DOFI,VD(]T
"4XHSUHWHQGH'LRVFRQVXLQWHUYHQFLRQ"
/LEHUDUDVXSXHEOR\KDFHUHYLGHQWHORRSXHVWRDODPDOGDGGHVXVRSUHVRUHV1RROYLGHPRV(O
$SRFDOLSVLVTXLHUHH[SOLFDUQRVFRPR'LRVQRVOLEHUDGHVXVHQHPLJRVTXHDFWXDQFRQWUDQRVRWURV<D
VDEHPRVTXLHQHVVRQORVHQHPLJRV
5HFXHUGHQODVDGYHUWHQFLDVGH'LRVDODVLJOHVLDVGHODJUDQSUXHEDTXHLEDDKDEHUVREUHHOPXQGR
HQWHUR<FRPRVHQRVLEDDJXDUGDUVLDFHSWDEDPRVVXVSUHPLVDVGHDUUHSHQWLPLHQWR5HFXHUGHQTXHLED
DKDEHUSHUVHFXFLRQ\HOHUURUGHDVLPLODUQRVDOPXQGR/RVVLVWHPDVGHPDOGDGFRPRODFDEH]DGHWXUQR
\%DELORQLDDWDFDQFRQYLUXOHQFLDDILQGHDSDUWDUQRVGHORTXHLPSOLFD'LRV\HO0HVLDV
(OJUDQL]RLQWHUYHQFLRQGH'LRVHVWDXQLGRDOIXHJR(OIXHJRORSRGHPRVDVLPLODUDO(VSLULWX6DQWR
0WFI+HFK5HFXHUGHQTXHORVHVSLULWXVGH'LRVRSOHQLWXGGHOHVSLULWXHVGHFLUHO
(VSLULWX6DQWR$STXHHVHQYLDGRSRUWRGDODWLHUUD$SSDUDOOHYDUDFDERHVD
LQWHUYHQFLRQGLYLQDFI-Q(VGHFLUHVDLQWHUYHQFLRQGLYLQDJUDQL]RFRQVLVWHQWHHQODREUDGHO
(VSLULWX6DQWRSDUDFRQVXPLUHOSHFDGRRUHYHODUODQDWXUDOH]DGHOREMHWRD&RU6HWUDWDGH
XQSRGHUSHUVRQDOGLYLQRDFWXDQWHIXHJRHVSLULWXUHYHODQGRHOREMHWR\FRQVXPLHQGRHOSHFDGR([
/Y'W(O(VSLULWX6DQWRWUDEDMDFRQORVHVSLULWXVDQJHOLFRV
HQODREUDGHVDOYDFLRQ\GHFRQWHQFLRQGHOPDOFI+E
/DVDQJUHH[WHQGLGDHVODYLGDGDGDRH[SXHVWDGHORVVDQWRVHQOXFKDFRQWUDHOPDO-RHO/F
(VDVDQJUHUHSUHVHQWDHOVXIULPLHQWRGHVXSXHEORFI*Q6DOFI*Q
SRUHVRODLQWHUYHQFLRQGH'LRV'LRVLQWHUYLHQHSRUTXHODVDQJUHHVUHFODPDGDFODPDD'LRV'HPRQRV
FXHQWDTXHODHVFHQDDQWHVGHWRFDUODVWURPSHWDVSUHVHQWDODREUDFHOHVWHPLQLVWHULDO\DSDUHFHQODV
RUDFLRQHVGHORVVDQWRVTXHVXEHQFRPRLQFLHQVRDODSUHVHQFLDGH'LRV(VDVRUDFLRQHVSRUWDQ
SHWLFLRQHV\DODEDQ]DVPRWLYDGDVSRUORTXHVXSRQHVXH[LVWHQFLDHQOXFKDFRQWUDHOPDO\SRUODV
EHQGLFLRQHVUHFLELGDVSRUODSDODEUD\SRUODVUHVSXHVWDVGH'LRV
'HVWLQR\FRQVHFXHQFLDVGHOFRQWHQLGRGHODWURPSHWD
(VWRVHHQYLDVREUHODWLHUUD/DWLHUUDWLHQHWUHVVHQWLGRVORVWUHVHVWDQH[SXHVWRVHQ$SHO
GHFLYLOL]DFLRQWHUUHVWUHFLHQFLDDUWHOLWHUDWXUDLQGXVWULDFXOWXUDUHOLJLRQILORVRILDHWLFDSROLWLFDHO
GHPRUDGDODYLGDPDWHULDOILVLFD\ODFROHFWLYLGDGGHORVVHUHVKXPDQRV
$TXLWLHQHHOVHQWLGRGHFLYLOL]DFLRQWHUUHVWUH$SFI,VD
FI-QFI-QFRQWDPLQDGD\PDQLSXODGDSRUHO'UDJRQDXQFXDQGRQRHVWD
GHVFDUWDGRHOGHODFROHFWLYLGDGGHORVVHUHVKXPDQRV(VWDDFFLRQGH'LRVPHGLDQWHHOIXHJRGHO
(VSLULWX6DQWRUHYHODODFRQGLFLRQHQODTXHVHHQFXHQWUDHVDFLYLOL]DFLRQWHUUHVWUH6LELHQKD\DVSHFWRV
SRVLWLYRVVHLGHQWLILFDQODVFRQGLFLRQHVIDOVHDGDVSRUHO'UDJRQGHHVDFLYLOL]DFLRQWHUUHVWUHOOHJDQGRD
VHQDODUODORVHVSLULWXVGH'LRVFRPR%DELORQLDFI$SVV(O(VSLULWX6DQWRPXHVWUDDOD
,JOHVLD\DVXVPLHPEURVHOSHOLJURGHDVRFLDUVHFRQHOOD(VODTXHDOLPHQWDDODVFDEH]DV\DORVFXHUQRV
TXHHO'UDJRQKDGHMDGRHQUHSUHVHQWDFLRQGHHOFRQLGHRORJLDVH[WUDQDVWDQWRGHVGHHOSXQWRGHYLVWD
SROLWLFRILORVRILFRFRPRUHOLJLRVR\WHRORJLFR/RJLFDPHQWHHO(VSLULWX6DQWRPHGLDQWHORVSULQFLSLRVGHO
5HLQRGH'LRVFRQTXHVHLGHQWLILFDOD0XMHUFHOHVWHHQVHQDDOSXHEORGH'LRVDODLJOHVLDDPDQWHQHUORV
YLYRVHQODPHQWHSDUDGHVHQPDVFDUDUDHVD%DELORQLD&RQIRUPHHVD%DELORQLDYDWRPDQGRIRUPDFDGD
YH]PDVHQWURPHWLGDLQFOXVRHQWUHDVSHFWRVFULVWLDQRVPH]FODQGRODYHUGDGFRQHOHUURUHO(VSLULWX
6DQWRHOIXHJRYDGHVWUX\HQGRVXFUHGLELOLGDG\YDTXHPDQGRVHQDODQGRORLQVHUYLEOH\ORHUURQHR(O
WH[WRQRVFRQFUHWDTXHODWHUFHUDSDUWHORTXHVHVHSDUDGHORUGHQGHODVFRVDVUHSUHVHQWDGDSRUWUHV\
>@
SRUFRQVLJXLHQWHOOHJDDVHUYROXQWDGUHEHOGH^(]TFI$SFI(]T` /DLGHD
HVWDWRPDGDGHODUHEHOGLDDQJHOLFDODWHUFHUDSDUWHGHORVDQJHOHV$SSS/DWHUFHUD
SDUWHGHORVDUEROHVVHUHVKXPDQRVFRQVLGHUDGRVHQVXVREUDV\IUXWRVFRPRUHEHOGHV-RE
,VD-HU(]T0WIXHURQTXHPDGRV(VGHFLUHO(VSLULWX6DQWRKD
VHQDODGRHQOD3DODEUDORVPDOHVGHORVIUXWRVGHFLHUWRVDUEROHVTXHIRUPDQSDUWHGHODFLYLOL]DFLRQ
WHUUHVWUHFRQWDPLQDGDSRUHO'UDJRQ\VHKDGHPRVWUDGR\'LRVKDUHFRQGXFLGRODVFRVDVGHWDOPRGR
TXHVHKDKHFKRHYLGHQWHORVHUURUHV\PDOHVSDUDODKXPDQLGDGFRPRFRQVHFXHQFLDGHODSUR\HFFLRQGH
HVDSDUWHUHEHOGH
+LHUEDYHUGHTXHPDGDYHJHWDFLRQODPXOWLWXGTXHQRSRVHHQLSHQVDPLHQWRQLYROXQWDG
>@
SURSLRV KRPEUHHQVXYLGDWHUUHVWUH\PRUWDO6DO,VDFID&RU
IXHURQGHMDGRVDVXVXHUWHFRPRFRQVHFXHQFLDGHOUHFKD]RUHLWHUDWLYRGHOIXHJRGHO(VSLULWX
$OUHFKD]DUHOFRQYHQFLPLHQWRGHO(VSLULWX6DQWR-QVVVHYLHURQSUHVDVGHXQDFLYLOL]DFLRQ
WHUUHVWUHTXHPDQLSXODGDSRUHO'UDJRQFI$SOHVDQTXLORVRHQVXVLWXDFLRQVXIULHQGRORTXH
VXSRQHODGHVSURWHFFLRQ
7RGRHVWRQRVPXHVWUDODPDQHUDFRQTXH'LRVDFWXDPHGLDQWHHO(VSLULWX6DQWR\ORVHVSLULWXV
DQJHOLFRVSDUDVDOYDJXDUGDUDODLJOHVLD\DVXVPLHPEURVDSURWHJHUVHIUHQWHDOPDOTXHOHSXHGHLQIOLJLU
ODFLYLOL]DFLRQWHUUHVWUH6HQDOD\RULHQWDODKLVWRULDGHWDOPRGRTXHLGHQWLILFDORVPDOHVTXHPDQGRORV
KDFLHQGRORVLQVHUYLEOHV'HPRVWUDQGRVXIDOVHGDG\VXSHOLJUR
'XUDQWHWRGDODKLVWRULD'LRVFRQVX5HLQRKDVDOYDJXDUGDGRVXVSULQFLSLRVIUHQWHDOD%DELORQLDTXH
ORVKDLQWHQWDGRWHUJLYHUVDU(QFXDOTXLHUHSRFDODFLYLOL]DFLRQWHUUHVWUHR%DELORQLDKDHVWDGRDFWXDQGR
$SDUWLUGH-HVXFULVWRFXDQGRH[LVWLDOD%HVWLDGHDFXHUGRDVXFXDUWDFDEH]D5RPDVHGHMDEDRULHQWDU
SRUODVLGHDVTXHOHHQJRUGDEDODFLYLOL]DFLRQWHUUHVWUHFRQWDPLQDGDSRUHO'UDJRQXQD%DELORQLD
VHGLHQWDGHVDQJUHTXHQRTXHULDSHUPLWLUTXHODLGHRORJLDGHOUHLQRGH'LRVVHYLHUDUHSUHVHQWDGDSRU
QDGLHTXHSXGLHUDYLYLUSDUDFRQWDUORRODTXLQWDFDEH]DSUR\HFWDQGRLQTXLVLFLRQ\SHUVHFXFLRQFRPR
FRQVHFXHQFLDGHXQD0XMHUTXHHVWDEDHQFLPDGHOD%HVWLDHEULDGHODVDQJUHVGHORVVDQWRV$S
RGXUDQWHODHSRFDGHODVH[WDRGXUDQWHODVHSWLPDFDEH]DRFXDQGROOHJXHODRFWDYDTXHHVODTXLQWD
UHVWDXUDGDHOFULVWLDQRFRPSURPHWLGRFRQORVSULQFLSLRVGHO5HLQRGH'LRVFRQODPXMHUFHOHVWHVHKD
YLVWRDYDVDOODGRHQRFDVLRQHVYLOLSHQGLDGR\SHUVHJXLGRSRUSULQFLSLRVHLGHDVDMHQDVDODYROXQWDGGH
'LRVTXHSUHWHQGLDQLPSRQHUVHVXJHULGDVVLHPSUHSRUODWLHUUDFRPRFLYLOL]DFLRQWHUUHVWUH
FRQWDPLQDGDSRUHO'UDJRQ'LRVKDEXVFDGRORVUHVRUWHVGHODKLVWRULDSDUDVXVFLWDU\SHUPLWLUTXH
FLHUWRVSRGHUHVGHVDSDUHFLHUDQ$KLWHQHPRV5RPDHOKHUHGHURGH5RPDTXHVHPDQWXYRDWUDQFDV\D
EDUUDQFDVGXUDQWHGLDVSURIHWLFRV6RQHMHPSORVGHFRPRORVVLVWHPDVGHPDOGDGGHWXUQR
>@
GHVDSDUHFLHURQHQWRGRHVHWLHPSRWUDQVFXUULGR$KRUDODVH[WDFDEH]DSDVRWDPELHQDODKLVWRULD \
YLYLPRVHQODHSRFDGHODVHSWLPDFDEH]DTXHHVQHFHVDULRTXHGXUHEUHYHWLHPSR\QRWDPRV\DOD
SUHVHQFLDGHOD%HVWLDGHGRVFXHUQRVSUHSDUDQGRQRVSDUDQRVRPHWHUQRVDOVLVWHPDGHWDOPRGRTXHVHD
IDFLOSRQHUODPDUFDGHOD%HVWLD0LHQWUDVWDQWR'LRVGDEDORVHOHPHQWRVLQWHUFHVRUHVTXH\DKHPRV
H[SXHVWRSDUDTXHVXSXHEORSXGLHUDUHVLVWLU\PDQWHQHUVHILHO6LQRORVUHFKD]DEDVHSURWHJLDGXUDQWH
FXDOTXLHUWLHPSR$KRUDFRPSUHQGHPRVODWUDQVFHQGHQFLDTXHSRVHHHOPHQVDMHDODVLJOHVLDVSDUD
WRGDVODVHSRFDV6LVHDFHSWDED\VHYLYLDODYRFDFLRQFHOHVWHUHSUHVHQWDGDHQHOLQFLHQVRGHODV
RUDFLRQHVTXHSLGHQLQWHUFHVLRQDQWHORVSUREOHPDVODDFFLRQJUDQL]RGH'LRVUHVSRQGLDFRQHOIXHJR
GHO(VSLULWX6DQWR\ODUHSUHVHQWDWLYLGDGGHXQDVDQJUHWHVWLPRQLDOPRVWUDQGR-Q
ORVHOHPHQWRVLQWHUFHVRUHVTXHVHQRVKDQGHMDGRSRUHVFULWR&XDQGRHVDILGHOLGDGVHDOFDQ]D
KD\SURWHFFLRQ\HOPXQGRVHOOHQDGHO(VSLULWXEDVDGRHQHO0HVLDV<DKLWHQHPRVFRPRHVDDFHSWDFLRQ
GHOPHQVDMHDODV,JOHVLDV\ODYLYHQFLDGHORV6HOORVHQHVDSULPHUDHSRFDGHODLJOHVLDYDFRQYHQFLHQGR
GHWDOPDQHUDTXHHOLPSHULRURPDQRHOVLVWHPDGHPDOGDGLQVSLUDGRSRUVXFLYLOL]DFLRQWHUUHVWUHR
%DELORQLDHPSLH]DDWDPEDOHDUVH'LRFOHFLDQRVHGDFXHQWDGHODJUDQFDQWLGDGGHFRQYHUVLRQHVDO
FULVWLDQLVPR'HWRGRHOLPSHULROHOOHJDQQRWLFLDVGHORVYDORUHVGHOFULVWLDQLVPR\FRPREXHQSROLWLFR
UHIOH[LRQD\VHGDFXHQWDGHODWUDVFHQGHQFLDTXHSXHGHWHQHUHVDFRQYHUVLRQPDVLYDRVLQLYDHQWUH
RWUDVFRVDVHQODGHIHQVDGHORVHQHPLJRVTXHLUUXPSHQODVIURQWHUDVGHOLPSHULR<HQWRQFHVDSDUHFH
XQDSHUVHFXFLRQTXHLQWHQWDGLVXDGLUDOFULVWLDQLVPR3HURHUDXQDEDWDOODSHUGLGD,QGHSHQGLHQWHPHQWHGH
TXHVHREVHUYDPDOHQWHQGLGRVHQWUHORVFULVWLDQRV\FRQDWRVVXEYHUVLYRVVHGDFXHQWDTXHHVDIXHU]DGHO
FULVWLDQLVPRFXDQGRHVWDRULHQWDGDSRUHOIXHJRGHO(VSLULWX6DQWRTXHHOGHVFRQRFLDDYDQ]D\OOHQDODV
FRQFLHQFLDVGHOSRGHUGH'LRVWUDQVIRUPDQGRVLQRVHUHFKD]DHOFRQWH[WRVRFLDODOTXHVHOHKD
SUR\HFWDGR3HURDKRUDHOTXHLQVSLUD\PDQLSXODDOD%DELORQLDFRPLHQ]DDXUGLUVXHVWUDWDJHPD9HPRV
TXHHOSRGHUGHODSDODEUDRULHQWDGRSRUHOIXHJRGHO(VSLULWXWUDQVIRUPRYLGDVTXHKLFLHURQTXHOD
WROHUDQFLDSDUDHOFULVWLDQLVPRVHDOFDQ]DVH<VLELHQFRPRYHUHPRVHQODKLVWRULDFDGDYH]TXHOD
DFFLRQGH'LRVDFWXDHO0DOLJQRUHDFFLRQDSDUDFUHDURWURDVSHFWRFRUURPSHGRU\GHVWUXFWRUGHO
FULVWLDQLVPRHQHVWHDOORJUDUTXH&RQVWDQWLQRLPSRQJDHOLGHDULRLPSHULDOURPDQRPH]FODGRFRQ
SUHPLVDV\WHUPLQRORJLDFULVWLDQD&RQVLJXLHQGRDWUDHUVHDO2ELVSRGH5RPDFRQWRGDVXLQIOXHQFLD\
FUHDUXQD,JOHVLDLPSHULDO5RPDQDTXHHVHOODGRRSXHVWRGHOFRQFHSWRGH,JOHVLD3HURHVWRHVWDED
VLHQGRVHQDODGRSRUHOIXHJRGHOR(VSLULWX6DQWRFRPRXQDFWRDERPLQDEOHTXHWUDHULDJUDQGHV
SHUYHUVLGDGHV\FULPHQHVDODKXPDQLGDG<VHFRQYHQFHULDQYLVOXPEUDQGRVHODDFFLRQGH'LRVHQOD
KLVWRULD
<HOIXHJRGHO(VSLULWXFRQODVDQJUHWHVWLPRQLDODYDQ]DED\FRQVHJXLDORLPSRVLEOH(VD%DELORQLD
PRQROLWLFDTXHKDELWDED\RULHQWDEDODVFDEH]DVGHWXUQRVHYLRDVRPEUDGDSRUODOLEHUWDGGHFRQFLHQFLD
ODGHPRFUDFLDODOLEHUWDGUHOLJLRVD,QGHSHQGLHQWHPHQWHGHTXHHO'UDJRQLQWHQWDUDRSRQHUVHPHGLDQWHHO
VHFXODULVPRHOUHODWLYLVPRPRUDO\HVSLULWXDOFLHUWDPXVLFDORSDVLRQDOGHOGHSRUWHDUUDVDQGROD
QRUPDOLGDGODVGURJDV'LRVSUHVHQWDEDRWURVIUHQWHVGHEDWDOODSDUDJDQDUDVXFDXVDDFLHQWLILFRV\D
SHUVRQDMHVHQFXPEUDGRVTXHPRVWUDUDQORVPDOHVGHODLQWHPSHUDQFLD6XVFLWDDOFRPXQLFDGRUTXH
H[SOLFDODSUHJXQWD\UHVSXHVWDGH'DQLHO\DOTXHYXHOYHDODVIXHQWHV+HFK
PRVWUDQGRHOYDORU\FDSDFLGDGGHXQDYRFDFLRQFHOHVWH\GHXQFRQRFLPLHQWRGHOD5HYHODFLRQGH
-HVXFULVWR$SRFDOLSVLVTXHD\XGDDGHYROYHUODFRUGXUD\KDFHUIUHQWHDORVSUREOHPDVH[LVWHQFLDOHV
SHUVRQDOHVDH[SHULPHQWDUODYHUGDGHUDFXUDFLRQHQHOSRGHUGHOSHUGRQGHORVSHFDGRV/DSUHGLFDFLRQ
GHOHYDQJHOLRVHKDFHH[WHQVLYDOOHJDQGRDWRGRHOPXQGRHVWRHVWDWRGDYLDHQHOIXWXURGH/D
DFFLRQGH'LRVUHSUHVHQWDGDHQHOJUDQL]R\HOIXHJRGHO(VSLULWX6DQWR\ODVDQJUHUHSUHVHQWDGDHQORV
PDOHVTXHVXIUHVXSXHEORHVWDQVLHQGRFRPEDWLGRVSRUWRGRORTXHLPSOLFDODREUDGHO(VSLULWX6DQWR\
ORVSULQFLSLRVGHO5HLQRGH'LRVFDQDOL]DGRV\SUR\HFWDGRVGHDFXHUGRDODYROXQWDGGLYLQD
3HURWRGRHVWRDOKDFHUVHHYLGHQWHSRUHOIXHJRGHO(VSLULWX\SRUODVDQJUHWHVWLJRGHORVLPSURSHULRV
\FUXHOGDGHVTXHVXIULDHOSXHEORGH'LRVLGHQWLILFDEDDORVPDOHV\DOFXOSDEOHGHHOORVXQD
FLYLOL]DFLRQWHUUHVWUHFRQWDPLQDGDSRUHO'UDJRQ(QWRQFHVOHGHVHQPDVFDUDED\VHSURGXFLDSDUD
DTXHOORVTXHORTXHULDQDFHSWDUODGHPRVWUDFLRQGHODLQFDSDFLGDGSDUDUHVROYHUSUREOHPDVKXPDQRVDOD
YH]TXHVHPRVWUDEDORVYDORUHVPDOLJQRV\SHUMXGLFLDOHV3RUORWDQWRVHDWHQWDEDHQHOQXFOHRGHVX
VHJXULGDG\HQHORULJHQGHVXSHUYHUVLRQREWHQLHQGRSURWHVWDV\FDXFHVLGHRORJLFRVTXHYDQGHVWUX\HQGR
DHVDWLHUUDDHVHPXQGRGRQGHGRPLQDHO'UDJRQ&XDQGRGHVSXHVGHHVD&DUWD0DJQDLQJOHVDTXH
REOLJDDORVUH\HVDFRQVXOWDUDVXVVXEGLWRVVXUJHODUHIRUPDIUXWRGHWRGDXQDOLQHDHVSLULWXDOTXHGD
SULRULGDGDODSDODEUDGH'LRVPHGLDQWH$OELJHQVHV\9DOGHQVHV\XQDFRQWLQXLGDGDQWHULRUTXH
SUHVHUYDOD%LEOLD</XWHURLQGHSHQGLHQWHPHQWHGHVXVHUURUHVIRUPXODDQWHHO(PSHUDGRU\ORV
JUDQGHVPDQGDWDULRVGHODSROLWLFD\GHXQDUHOLJLRQLQVSLUDGDSRUODPXMHUEDELORQLFDRFLYLOL]DFLRQ
WHUUHVWUHTXHDODKRUDGHHVWXGLDUODSDODEUDGH'LRVODFRQFLHQFLDLQGLYLGXDOLOXVWUDGDSRUHVD3DODEUD
GH'LRVHVWDEDSRUHQFLPDGHUH\HV\GHSDSDV\FXDQGRORVSXULWDQRVLQJOHVHVHQODHSRFDGH&URPZHOO
DSHVDUGHORVIDOORVREOLJDDXQUH\DVRPHWHUVHDXQSDUODPHQWRGHPRFUDWLFRUHSUHVHQWDQWHGHOSXHEOR
EDVDQGRVHHQODDXWRULGDGGHOD%LEOLD"4XHJUDQL]RHVWDEDDFWXDQGR"<FXDQGRODVMXQWDVGH,JOHVLDGH
ORVSHUHJULQRVTXHDUULEDQDODVFRVWDVGH(VWDGRV8QLGRVVHXWLOL]DQSDUDJREHUQDUVHGHPRFUDWLFDPHQWH
\FUHDUOH\HV\FXDQGR5RJHUV:LOOLDPVFUHDHOSULPHUGRFXPHQWRVREUHOLEHUWDGUHOLJLRVDEDVDQGRVHHQ
OD3DODEUDGH'LRV\FXDQGRVHFRQIHFFLRQDODGHFODUDFLRQGHLQGHSHQGHQFLDGHORV(VWDGRV8QLGRV
GRQGHHO'LRVTXHVHUHYHOD\GHODQDWXUDOH]DHVWDRPQLSUHVHQWHFUHDQGRODOLEHUWDGGHFRQFLHQFLD
UHOLJLRVD\HOJRELHUQRGHOSXHEORXQDGHPRFUDFLDTXHLQVSLUDUDDODDKLMDGDGHOSDSDGR)UDQFLDDXQD
UHYROXFLRQGHPRFUDWLFD"'HGRQGH\FRPRHVWDQVDOLHQGRHVRVSUR\HFWRV\DFWLYLGDGHVDSHVDUGHOD
PDQRKXPDQDFULPLQDOTXHVHPH]FOHHQHVDKRUDWDQWUDVFHQGHQWDOSDUDODREUDGH'LRVHQODWLHUUD""<
GHGRQGHVDOHQORVGHUHFKRVFLYLOHV\KXPDQRV""4XHHVORTXHWUDMRODDEROLFLRQGHODHVFODYLWXG"'LRV
HQDFFLRQJUDQL]RHQYLDODQ]DHOIXHJRGHO(VSLULWX\ORTXHLPSOLFDHOWHVWLJRGHODVDQJUHSRUWRGDOD
WLHUUD$SXS\KDFHFDPELDUDVHUHVKXPDQRVSUR\HFWDQGRXQDLGHRORJLDFRQWUDULDDORTXHHO
'UDJRQKDELDLQVSLUDGRPHGLDQWHVXFUHDFLRQEDELORQLFDGHOLGHDULRLPSHULDOURPDQRFRQVWDQWLQLDQRGH
XQLRQGHUHOLJLRQ\SROLWLFDGH,JOHVLD\(VWDGRGH$QWLJXR5HJLPHQGHOGHUHFKRGLYLQRGHORVUH\HVGH
ODSHUVHFXFLRQUHOLJLRVD\GHFRQFLHQFLDGHOVRPHWLPLHQWRGHODFRQFLHQFLDLQGLYLGXDODXQKRPEUHIXHVH
TXLHQIXHUD<FXDQGRHOFODULQGHOD6HJXQGD9HQLGDGH-HVXFULVWRGHVSRMDGRGHORLQVHUYLEOHVXVFLWDXQ
PRYLPLHQWRTXHSUHGLFDHO(YDQJHOLR\HODPRUHWHUQRFRPRQXQFDDQWHVPRVWUDQGRODQHFHVLGDGGHTXH
ORVHQHPLJRVGH'LRVHOSHFDGR\ODPXHUWHORVVLVWHPDVGHPDOGDG\HO'UDJRQQRSXHGHQSHUSHWXDUVH
HQHVWDWLHUUD\VHRUGHQDDOIDUDRQGHMDUVDOLUDVXSXHEORDQXQFLDQGRORTXHHOPXQGRHVWDYLYLHQGRKR\
HQODDQWHVDODGHHVDVHJXQGDYHQLGDHLQVWDQGRDODDFHSWDFLRQGHODYRFDFLRQFHOHVWHWDOFXDOHO
HYDQJHOLRQRVSUHVHQWD\H[SOLFDQGRODVSUHJXQWDV\UHVSXHVWDVGH'DQLHO"4XLHQVLQRHOIXHJR
GHO(VSLULWXHVWDOOHYDQGRDFDERHVDREUDLQGLFDGDDODYH]TXHLGHQWLILFDDOD%DELORQLDDFWXDO"<
PLHQWUDVVHTXLHUDVHUILHODOPHQVDMHDODVLJOHVLDVODDFFLRQGH'LRVPHGLDQWHHOIXHJRGHO(VSLULWX\
ODVDQJUHUHVXOWDGRGHOWHVWLPRQLRGHORVTXHVXIUHQDYDQ]DUDKDVWDHOILQ
 "'LRV HQ OD SULPHUD WURPSHWD XWLOL]D D 5RPD FRPR FDVWLJR FRQWUD
,VUDHO"
&RPRSRGHPRVFRPSUREDUHOWH[WRQRSXHGHUHIHULUVHDQLQJXQDJXHUUDVRVWHQLGDSRU5RPDVLVWHPD
GHPDOGDG HQHPLJRGH'LRVHQFRQWUDGHODQDFLRQGH,VUDHOTXHFRQWLHQHHO2OLYR6HQFLOODPHQWHHO
$SRFDOLSVLVPDUFDGHVGHHOSULQFLSLRHOSUR\HFWRGH'LRVUHVSHFWRDWHUPLQDUFRQORVHQHPLJRVGH'LRV
,VUDHOQRHVXQHQHPLJRGH'LRV<SRQHUHQERFDGH'LRVTXH(OHVHODXWRUGHOHQYLRGHHVWHFDVWLJR
FRQWUD,VUDHOHQYHQJDQ]DGHORTXH,VUDHOHVWDKDFLHQGRFRQWUDHOFULVWLDQLVPRHVWHUJLYHUVDUODKLVWRULD
(OMXGDLVPRQRMXVWLILFDLQGHSHQGLHQWHPHQWHGHODVGLIHUHQFLDVGRFWULQDOHVHQWUHXQRV\RWURVTXHVH
SHUVLJDSRUWXVLGHDVUHOLJLRVDVSHURODUHSUHVHQWDWLYLGDGGHOSXHEORHVRVGLULJHQWHV\SULQFLSDOHVKDELD
WHQLGRODRSRUWXQLGDGGHHVFRJHUHQWUHORTXHVHOHVSUHVHQWDEDFRPRHO0HVLDV\ODSHUSHWXDFLRQGHVX
PDQHUDGHVHJXLUKDFLHQGRVXUHOLJLRQTXHVHKDELDRULJLQDGRHQODUHYHODFLRQGLYLQD3HURTXH
GHVYLUWXDGDFRPRHVWDEDQRHUDQFRQVFLHQWHVGHODSRVLELOLGDGGHODUHDOLGDGGHODDSDULFLRQGHO0HVLDV
WDOFRPRWDPELHQODUHYHODFLRQLQGLFDED
6HQRVKDELDDQXQFLDGRTXHHVH0HVLDVUHSUHVHQWDQGRDO'LRVHO3DGUHLEDDWUDHUODVDOYDFLRQOD
PDQHUDGHYROYHUDO3DGUH,VDWDQWRHQVXPLQLVWHULRWHUUHVWUHFRPRFHOHVWH,VDFI'Q
3RURWUDSDUWHVHQRVSUHVHQWDDO0HVLDVFRPRUHSUHVHQWDQWHGHO5HPDQHQWHGH
,VUDHOHO,VUDHOHVSLULWXDO(O0HVLDVFRPRVLPLHQWHGH'DYLG\GH$EUDKDQ*Q
FI*DOHQFDUQDDO5HVWRILHOGH,VUDHO,VD-HU
6RI(O0HVLDVFRPRODVLPLHQWHGHODOLQHDGHODVLPLHQWHHPSH]DGDHQODGHVFHQGHQFLDGH
(YD*QFI$SKDFLDSRVLEOHODFUHDFLRQGHO,VUDHOGH'LRV*DOFI(IHFI
2VHQEDVHDORVDSRVWROHVMXGLRVYLVXDOL]DQGRVHHQOD,JOHVLDR,VUDHOGH'LRV
LQWHJUDGDSRUMXGLRV\JHQWLOHVFRQYHUWLGRVDO0HVLDV5P\FI(IH
/DOOHJDGDGHO0HVLDVHQ-HVXV'QFI*DOVLELHQHVUHFKD]DGDFRPRWDOSRUORV
SULQFLSDOHV\GLULJHQWHVGHHQWUHORVMXGLRVTXHUHSUHVHQWDQDODQDFLRQ'LRVQRUHFKD]DDOSXHEORMXGLR
FRPRSXHEORGH'LRV\DTXHHOUHFKD]RGHO0HVLDVSRUSDUWHGHODUHSUHVHQWDWLYLGDGGHODQDFLRQGH
,VUDHOFI0WQROHVSULYDSRUODVYHQWDMDVTXHOHVVXSRQHODVSURPHVDV\HOSDFWRSDUDFRQ
ORVSDGUHV5PVVFIODH[LVWHQFLDGHXQ5HPDQHQWHHVFRJLGRSRUJUDFLDHO2OLYROD
UDL]VDQWDFRQORTXHVHIXQGDUDOD,JOHVLDHQEDVHDODSLHGUDDQJXODUGHOMXGHR0HVLDV\ODSRVLELOLGDG
GHLQWHJUDUVHFRPRUDPDVQDWXUDOHVDO2OLYR5PORPLVPRTXHORVJHQWLOHVFRPRROLYRV
VLOYHVWUHV
/DVLWXDFLRQTXHVHVREUHQWLHQGHFXDQGROHHVORVFDSLWXORVGHOD(SLVWRODHVHVWDSUHFLVDPHQWHGRV
FRUULHQWHVGHQWURGHXQPLVPRFROHFWLYRTXHGHFLDKDEHUDFHSWDGRDO0HVLDV3DEORFRPSUXHEDQR
REVWDQWHTXHWHQLHQGRHQFRPXQD-HVXFULVWRVHGDQFRQWUDVWHV\RSRVLFLRQHVLQDGPLVLEOHV'HDKLTXHVH
YHDREOLJDGRDH[SRQHUORTXHDXWHQWLFDPHQWHGDVHQWLGRDO&ULVWLDQLVPRUHVSHFWRDO-XGDLVPR6LHO
&ULVWLDQLVPRTXHSUDFWLFDVQRHVFDSD]GHDVXPLUHQXQLGDGWDQWRDORVTXHIRUPDQSDUWHGHOSXHEORGHODV
SURPHVDVGH'LRVMXGHRVFRPRDORVTXHSXHGHQOOHJDUDVHUSXHEORGH'LRVHQFXPSOLPLHQWRGHHVDV
SURPHVDVJHQWHVTXHKDVWDHQWRQFHVHVWDEDQDMHQDVGHODVSURPHVDV\GHOSDFWRFRQ'LRVKD\DOJRTXH
HVWDULDIDOODQGRHQODVEDVHVTXHKDVSXHVWR
7RGDYLDPDVVLODDVXQFLRQGHO&ULVWLDQLVPRHQHOYHUGDGHUR0HVLDVQRSURGXFHHQVXSUR\HFFLRQXQD
DFWLWXG\UHDFFLRQSRVLWLYD\GHHVSHUDSDFLHQWHQRYLROHQWDGHHQWUHJDDQWHFXDOTXLHUFODVHGHJHQWH
GHFXDOTXLHUFRQGLFLRQHLGHRORJLDQRVHHVWDULDHYLGHQFLDGRODREUDGHVDOYDFLRQGHVDOXGGH
SURWHFFLRQGHUHGHQFLRQGHOLEHUDFLRQTXHVXSRQHDFHSWDUHLGHQWLILFDUWHFRQODPDQHUDGHVHU\GH
SHQVDUGHO0HVLDV\FRQODHQWUHJDKDVWDHOILQDOTXHKDVXSXHVWRHOORJURGHODPLVLRQGHO0HVLDV
(VH&ULVWLDQLVPRKDGHH[SUHVDUVHGHVGHHODQJXORGHODKLVWRULDHQXQDFRQGXFWDHMHPSODU\RGH
H[WHQVLRQGHOD%XHQD1XHYDTXHHO0HVLDVKDHQVHQDGRDILQGHGDUFRQRFHUDWRGRHOPXQGRORTXH
'LRVKDUHYHODGRHQHO0HVLDV
/RVFRQIOLFWRVHQWUHMXGHRV\MXGHRVFULVWLDQRV\FULVWLDQRVJHQWLOHV\RWURVVXEJUXSRVTXHVHSHUILODQ
HQWUHORVJUDQGHVJUXSRVFI5PDOHVXQDHYLGHQFLDGHXQFRPSRUWDPLHQWRLQDGHFXDGR
WDQWRSRUSDUWHGH-XGHRVFRPRGHJHQWLOHVVHGDODH[SXOVLRQGHWRGRVORVMXGHRVGH5RPDHQODHSRFD
GH&ODXGLR\TXH+HFKRVORUHJLVWUDHQRFDVLRQGHODSUHVHQWDFLRQGH3ULVFLOD\$TXLOD6XHWRQLR
QRVGDXQDFLWDKLVWRULFDFRPRPRWLYRGHGLFKDH[SXOVLRQ3XHVWRTXHORVMXGLRVSURYRFDEDQFRQVWDQWHV
>@
GLVWXUELRVSRULQVWLJDFLRQGH&KUHVWXVORVH[SXOVRGHODFLXGDG
"3RGULDPRVLQWHUSUHWDUTXHDFDXVDGHODSUHVHQWDFLRQGHO-HVXVMXGHRFRPR0HVLDVVHOHYDQWDURQ
FRQWLHQGDVWDQJUDQGHVHQWUHMXGHRVFULVWLDQRV\MXGHRVTXHDOWHUDUDQGHDOJXQPRGRHORUGHQSXEOLFR\HO
HPSHUDGRU&ODXGLRGHFLGLHUDVXH[SXOVLRQ"6LHVRRFXUULR\3DEORHQ5P\GHMDHQEXHQUHFDXGR
WRGRHVWHDVXQWR(VGHFLUVHRFDVLRQDXQDSHUVHFXFLRQSRUSDUWHGHOVLVWHPDGHPDOGDG5RPDD
FRQVHFXHQFLDGHGLVSXWDVHQWUHFULVWLDQRV\MXGHRV<ORVTXHSDJDQHVDVLWXDFLRQVRQORMXGHRV
LQGHSHQGLHQWHPHQWHGHTXHKXELHUDMXGHRVFRQYHUWLGRVDOFULVWLDQLVPR
(QHOOLEURGHORV+HFKRVVHUHJLVWUDWRGDXQDWUD\HFWRULDTXHSUHSDUDULDHOWHUUHQRD3DEOR\%HUQDEH
YDULRVGHORVHVSDUFLGRVSRUODSHUVHFXFLRQGHVDWDGDDFDXVDGHORGH(VWHEDQSUHGLFDQHOHYDQJHOLR
HQ)HQLFLD&KLSUH\$QWLRTXLDSUHGLFDQGRVRORD-XGHRV+HFKSDUDGHVSXHVDOJXQRVGHHVRV
HVSDUFLGRVMXGHRVDOFDQ]DUWDPELHQDJHQWLOHVGH$QWLRTXLD+HFK/DVSDXWDVHVWDEDQ
SUR\HFWDGDVSRUORTXH%HUQDEHDYLVDD3DEORSDUDTXHYHQJDD$QWLRTXLD+HFK\HVWH
WRPDEXHQDQRWDGHORTXHKDQUHDOL]DGRHVRVSUHGLFDGRUHVLWLQHUDQWHV\FDVLVLHPSUHSRUHOFDPLQR
HQVHQDGRSRUDTXHOORV\SRUODORJLFDFRPLHQ]DHQODVLQDJRJDMXGLD+HFKFI
LQGHSHQGLHQWHPHQWHGHRWUDVSRVLEOHVRSFLRQHVFIFISHURFDVL
VLHPSUHHPSLH]DQHQHOOXJDUQXHYRDOTXHYDQSRUODVLQDJRJDMXGHD+HFK
GRQGHVLHPSUHKD\FRQYHUVRVWDQWRMXGHRVFRPRGHJULHJRV+HFK
HLQFOXVRGHJUDQPXOWLWXGWDQWRGHMXGHRVFRPRGHJULHJRV+HFK+D\DOJRTXH
GHEHKDFHUQRVUHIOH[LRQDU\HVHOKHFKRFRQVWDWDEOHGHTXHHQHVWDVVLQDJRJDVMXGHDVKD\MXGHRV\
JULHJRVRJHQWLOHVFI+HFK\TXHODFRQYHUVLRQGHMXGHRVWUDHFRQYHUVLRQGHJHQWLOHV
+HFK<HOKHFKRGHTXH3DEORMXQWRD%HUQDEHKXELHUDQGLFKRDOFRPLHQ]RGHVX
PLQLVWHULRDQWHHOFRPSRUWDPLHQWRGHMXGHRVTXHVHYROYLDQDORVJHQWLOHV+HFK\DXQ
FXDQGRDSDUHFHHOOODPDPLHQWRGH'LRVSDUDXQDREUDGHWHUPLQDGD+HFKQRHVPHQRVFLHUWRTXH
DFWRVHJXLGRHQHOGHVHQYROYLPLHQWRGHODREUDDODTXHKDELDQVLGROODPDGRVSRU'LRVQRVHH[FOX\HOD
SUHGLFDFLRQHQODVVLQDJRJDV\DMXGHRVFI+HFK+HFK
(VYHUGDGTXHHQHVHPLQLVWHULRGHHQWUHORVMXGHRVVXUJHQGHHVWRVTXLHQHVQR
FUHLDQ\SHUVLJXHQD3DEORFI+HFKVVSHURGHHQWUHORV
JHQWLOHVWDPELHQVXUJHQREVWDFXORVHQFRQWUDGHVXPLQLVWHULRFI+HFKVV
<HQHOLQIRUPHGH3DEORDQWHVGHVHUGHWHQLGRHQ-HUXVDOHPGRQGHVH
YHREOLJDGRDDSHODUD&HVDUVHOHKDFHUHFRQRFHUD-DFRERHQVXTXHMDUHVSHFWRD3DEORODHQVHQDQ]D
FRQWLQXDHQWUHORVMXGHRV+HFK\6DQWLDJRPXHVWUDODJUDQFRQYHUVLRQGHMXGHRVHQ
-HUXVDOHPVLQTXHVHOHH[SUHVHQLVLTXLHUDSUREOHPDVGHFRQYLYHQFLD+HFK3DEORKDELDVDELGR
KDFHUVHMXGHRHQWUHORVMXGHRVSDUDJDQDUDOJXQRVMXGHRVD&RU\VHKDELDVRPHWLGRFLQFR
YHFHVDOFDVWLJRGHORVODWLJD]RVSRUVXSUHGLFDFLRQHQWUHORVMXGHRVD&RU3RUORWDQWR\SRU
WRGRHOORKHPRVGHDGPLWLUVLQGHVYDORUL]DFLRQGHQLQJXQDFODVHTXHODSUHGLFDFLRQGH3DEORVHUHDOL]D
WDQWRSDUDXQRVFRPRSDUDRWURV\HQHOFDVRGH5RPDDXQTXHHOQRKXELHUDSXHVWRORVFLPLHQWRVVDEH
SRUHOLQIRUPHTXHFRQWRGDVHJXULGDGOHGLHUDQORVMXGHRV$TXLOD\3ULVFLOD+HFKFI5P
TXHORVSUREOHPDVTXHVHKDELDQVXVFLWDGRUHVSRQGHQDOFRQIOLFWRTXHVHJHQHUDHQWUHMXGHRVGHOD
VLQDJRJDMXGHRVFULVWLDQRV\JHQWLOHVFULVWLDQRV'HDKLTXHDVDELHQGDVGHHVRVSUREOHPDV\FRQRFLHQGR
ODPDQHUDGHDIURQWDUORVODVWHPDWLFDVHVFRJLGDVHQOD(SLVWRODDORV5RPDQRVPRVWUDULDQXQRV
GHVWLQDWDULRVTXHVHLQVFULEHQGHQWURGHMXGHRV\JHQWLOHVTXHKDQDFHSWDGRDO0HVLDV<GHVGHOXHJR
GHQWURGHHVDHSLVWRODDORV5RPDQRV3DEORVDEHPX\ELHQPRVWUDUORVSUREOHPDVTXHWDQWRXQRVFRPR
RWURVWLHQHQ<GDDFDGDXQRORTXHVHPHUHFH3RU5RPDQRVVDEHPRVTXHMXGHRVFULVWLDQRV\
FULVWLDQRVJHQWLOHVQRKDELDQWHQLGRXQFRPSRUWDPLHQWRQLHMHPSODUQLDGHFXDGRUHVSHFWRDODDXWRULGDG
GHDKLVXFRQWHQLGR
&XDQGRHO1XHYR7HVWDPHQWRQRVSUHVHQWDHOIXWXURWDQWRSRUSDUWHGH-HVXVHQHOVHUPRQHVFDWRORJLFR
FRPRSRUSDUWHGH3DEORHQD7HVHQQLQJXQRGHHVWRVGRVDXWRUHVDSDUHFHQLQJXQDVRPEUDSURIHWLFD
UHVSHFWRDTXH,VUDHOVHUDDEDWLGRFRPRDOJRTXHULGRSRU'LRV,VUDHOFRPRQDFLRQVHGHVWUX\RDVL
PLVPR6HOHFFLRQDUWH[WRVFRPR/HY\(]T\WUDHUORVDKRUDSDUDHVDSULPHUDWURPSHWDHV
LPSURSLRGHXQDH[HJHVLVVHULD<PXFKRPHQRVXWLOL]DU/F-HUXVDOHQURGHDGDGHHMHUFLWRV2TXH
VXVDQJUHFDLJDVREUHQRVRWURV\QXHVWURVKLMRV6RQORVGLULJHQWHVORVTXHVHKDQRSXHVWRD-HVXVQRHO
FRPXQGHOSXHEOR<'LRVQRVHYDDEDVDUHQORTXHGLFHQXQRVIDQDWLFRVSDUDSRQHUORHQSUDFWLFD/DV
SDODEUDVGH-HVXVHQODFUX]VRQVXILFLHQWHV3DGUHSHUGRQDOHVSRUTXHQRVDEHQORTXHKDFHQ-HVXV
SUHFRQRFHVLPSOHPHQWHTXHORVHMHUFLWRVURPDQRVGHVWUXLUDQDOILQDOD,VUDHO3HURHVRQRVLJQLILFDTXHOR
YD\DDPDQGDU(ORVX3DGUH(VRVHULDHOFROPRGHORVFROPRVSHUGHUXQLPSHUGLEOH7RGRORTXH
DQXQFLDSURIHWLFDPHQWH-HVXVTXHYDDRFXUULUWHUUHPRWRVJXHUUDVKDPEUHVQRVLJQLILFDTXH'LRVYD\DD
VHUVXDXWRU
'HQLQJXQPRGRVHQRVDXWRUL]DPHGLDQWHHOWH[WRUHODWLYRDODSULPHUDWURPSHWDDLQFOXLUFRPR
REMHWLYRGHVWUXFWRUGH'LRVHQHVDSULPHUDWURPSHWDD,VUDHO/RVSULPHURVFULVWLDQRVSHUWHQHFLHQWHVD
HVDVLJOHVLDVGH$VLDMDPDVKXELHUDQSRGLGRHQWHQGHUHVRVSDVDMHVGHHVDPDQHUD/RVVLPERORVTXHVH
XWLOL]DQSRGLDQVHUHQWHQGLGRVGHOPRGRFRQTXHODSURSLDSDODEUDGH'LRVYDORUDDHVRVWHUPLQRV
 6HJXQGDWURPSHWD$S
(VWDVHJXQGDWURPSHWDDOLJXDOTXHODSULPHUDFXEUHWRGDODKLVWRULD\GHDFXHUGRDVXFRQWHQLGR\
VLJQLILFDGR
&RQWHQLGR8QDJUDQPRQWDQDRURV RURVOOHQDGHIXHJRDUGLHQGRHQIXHJR
6HWUDWDGHO5HLQRGH'LRVFIFRQHOIXHJRHO(VSLULWX6DQWR/DPRQWDQDVHGHVFULEHFRPRHO
DVLHQWRGHODVREHUDQLDGLYLQD\GHO5HLQRJRELHUQRGH'LRVUHSUHVHQWDGDHQODPRQWDQDGH6LRQ$S
FI5P+E6DO,VDFI=DF0LT
$EG
6HQRVHVWDFRPXQLFDQGRTXHHO5HLQRGH'LRVORVSULQFLSLRVGHUHLQRGH'LRVGHOJRELHUQRGH'LRV
ODPDQHUDGHSHQVDUGH'LRVFI0FFI0WVHUHYHODQ\DFWXDQHQORVKDELWDQWHVGHOD
WLHUUDSURGXFLHQGRVDOYDFLRQ\SURWHFFLRQHQWRGRVDTXHOORVTXHDFHSWDQHOPHQVDMHDODVLJOHVLDV\GH
ORV6HOORVIUHQWHDODDFFLRQGHOUHLQRGHHVWHPXQGRPDUFI-Q/RVYDORUHV\ODPDQHUDGH
SHQVDUGHOUHLQRGHHVWHPXQGRFX\RSULQFLSHHVHO'UDJRQFI$SHQWUDQHQFRQIOLFWRFRQORV
SULQFLSLRVGHOUHLQRGH'LRVOOHYDGRVUHFRUGDGRVSRUHOIXHJRGHO(VSLULWX6DQWR
(OGHVWLQRREMHWR\FRQVHFXHQFLDVGHOFRQWHQLGRGHODWURPSHWD
/DJUDQPRQWDQDFRQIXHJRVHSUHFLSLWDVREUHHO0DU$SSS
(YLGHQWHPHQWHQRWHQHPRVQRWLFLDGHTXHXQDJUDQPRQWDQDOOHQDGHIXHJRVHKD\DSUHFLSLWDGR
OLWHUDOPHQWHVREUHHOPDUOLWHUDO
(O0DURPXFKDVDJXDVHVXQVLPERORTXHUHSUHVHQWDPXFKHGXPEUHVSXHEORVQDFLRQHV\OHQJXDV
$SXSFI$SGRQGHVHVLHQWDOD0XMHUEDELORQLFD1RWHVHGRVDVSHFWRVLPSRUWDQWHVSDUD
FRQVROLGDUHOYDORUGHHVWHVLPEROR3RUXQODGRVHGLFHTXHOD0XMHUHVWDVHQWDGDVREUHPXFKDVDJXDV
$SGHILQLHQGRVHFRPRPXFKHGXPEUHVSXHEORVQDFLRQHV\OHQJXDV\SRURWUDVSDUWHVHOHYH
VHQWDGDVREUHXQDEHVWLD3RUORWDQWRODEHVWLDFRQVXVFDEH]D\FXHUQRVUHSUHVHQWDQD
PXFKHGXPEUHVSXHEORV\QDFLRQHV<VHQRVGLFHTXHOD0XMHUHVODJUDQFLXGDGTXHGRPLQDVREUHORV
UH\HVRJREHUQDQWHVGHODWLHUUD$SFI$SFI6H
WUDWDGHDTXHOORTXHKDVREUHVDOLGRFRPRVLHQGRODSULPHUDSRWHQFLDPXQGLDOHQFDGDPRPHQWRKLVWRULFR
\TXHPDUFDODGLUHFFLRQDOLGDGGHODKLVWRULDUHSUHVHQWDQGRFRQORVFXHUQRRUHLQRVRFDEH]DVGLUHFWRUDV
UHLQDQWHV^FDEH]D PRQWH UHLQRRUH\`FI$SDOUHLQRGHHVWHPXQGRHQFRQWUDSRVLFLRQDO
UHLQRGH'LRV\TXHDYHFHVVHVLQJXODUL]DODUHSUHVHQWDWLYLGDGHQXQUH\RJREHUQDQWHLQGLYLGXDOGH
WXUQRTXHKDSRGLGRVHUVDOYRQRUHFKD]DUODVDOYDFLRQ$SFI
/DWHUFHUDSDUWHGHO0DUVHFRQYLUWLRHQVDQJUH<DORKHPRVHVWXGLDGRDQWHULRUPHQWHUHVSHFWRD
TXHORTXHVHGHVJDMDGHODXQLGDGVHQDODULDODGLYLVLRQUHEHOGHORTXHVHVHSDUDGHORUGHQGHODVFRVDV
UHSUHVHQWDODSDUWHUHEHOGHFI$SSS1RWRGRVQLWRGDVGHHVDPXFKHGXPEUHRSHUVRQDVTXH
IRUPDQSDUWHGHHVDVQDFLRQHVVRQUHEHOGHVDO(YDQJHOLRQLDSR\DQDFWLYDPHQWHDOD0XMHU%DELORQLFD
/DFRQYHUVLRQHQVDQJUHHVORTXHUHVXOWDGHHQWUDUHQFRQIOLFWRLQWHUHVHVGHO5HLQRGH'LRV\HO
UHLQRGHHVWHPXQGRUHSUHVHQWDGRHQODSRWHQFLDPXQGLDOGHOPRPHQWRFUHDGDSRUHO'UDJRQ/D
SUHGLFDFLRQGHO(YDQJHOLRHWHUQRVDQJUDDOD%DELORQLDFDGDYH]TXHVHFRQWUDVWDODLGHRORJLDGH'LRV
FRQODLGHRORJLDEDELORQLFD
(OVHQWLGRGHHVWDVHJXQGDWURPSHWDHVWDFODUR'XUDQWHWRGDODKLVWRULDDTXHOORTXHKDVXSXHVWROD
SULPHUDSRWHQFLDPXQGLDOHQFDGDPRPHQWRKLVWRULFRWUDVFHQGLGDSRUHO'UDJRQPHGLDQWHOD0XMHU
%DELORQLFDHQWUDHQFRQIOLFWRFRQHOSXHEORGH'LRV\FRQODUHDOL]DFLRQGHODVDOYDFLRQ\GHO5HLQRGH
'LRV6HQRVDVHJXUDODOLEHUDFLRQGHHVDRSUHVLRQORJUDQGRTXHHVDVQDFLRQHVJHQWHVUHEHOGHVQR
FRQVLJDQORVREMHWLYRVGHSHUSHWXDUHOPDOHQGHWULPHQWRGHODVDOYDFLRQ\GHOSXHEORGH'LRV3HUR1R
KD\TXHROYLGDUHOPHQVDMHDODVLJOHVLDV\ORVFRQWHQLGRVGHORV6HOORVHVSUHFLVRDSURSLDUVHGHWRGR
8QLFDPHQWHDTXHOORVTXHKDQDGTXLULGR\FRQILJXUDGRODYRFDFLRQFHOHVWHUHSUHVHQWDGDHQHVD
LQWHUFHVLRQGHODVRUDFLRQHVGHORVVDQWRVSLGLHQGRD\XGDSDUDTXHHO(VSLULWX6DQWROHVHQVHQH\
UHFXHUGHOHVJXLHDODDFHSWDFLRQGHORVHOHPHQWRVLQWHUFHVRUHVTXHHO0HVLDVKDGHMDGRFRQVLJQDGRVHQ
ODV(VFULWXUDV
0XULRODWHUFHUDSDUWHGHORVVHUHVYLYLHQWHVTXHHVWDEDQHQHO0DU$SSS
'XUDQWHWRGDODKLVWRULDDTXHOORVTXHKDQDSR\DGRDFWLYDPHQWHDORTXHHVWDVHQWDGRHQHO0DURORV
TXHORKDQDFHSWDGRSRUVXLQGLIHUHQFLDHLQGROHQFLDKDFLDODYHUGDGODSDUWHUHEHOGHUHSUHVHQWDGDHQHO
VLPERORXQWHUFLRKDPXHUWRVLQHVSHUDQ]D$OTXHGDUVLQR[LJHQRLGHRORJLFRGLYLQR\QRSRGHU
UHVSRQGHUDODVSUHJXQWDVHWHUQDV\VLQDUJXPHQWRVHQFRQWUDGHODYHUGDGDOUHFKD]DUDOIXHJRGHO
(VSLULWXTXHOHVTXLHUHOOHYDUDOYHUGDGHURFRQRFLPLHQWRGH'LRV\GHO0HVLDVVHDFWLYDHQVXFRQFLHQFLD
\PHQWHODPXHUWH(QOD%DELORQLD\HQHODSR\RTXHUHFLEHGHSDUWHGHODVFDEH]DV\FXHUQRVGHOD
%HVWLDDSDUHFHQLGHDVDJQRVWLFDVDWHDVSROLWLFDVILORVRILFDVHWLFDVUHOLJLRVDVGHFUH\HQWHVRQRSHUR
TXHPH]FODQHOHUURUHQSURSRUFLRQHVPLQLPDVRPD[LPDVGHDFXHUGRDOSUR\HFWREDELORQLFR
<ODWHUFHUDSDUWHGHODVQDYHVIXHGHVWUXLGD
(VHYLGHQWHTXHHOWHUPLQRQDYHHVWDUHODFLRQDGRFRQHOPDU/DQDYHHVORTXHOOHYDDORVKRPEUHVGHO
PDU/RJLFDPHQWHHOVLPEROLVPRQRVGHEHOOHYDUDODFRPSUHQVLRQGHTXHODVQDYHVVLPEROLFDVGHXQ
PDUVLPEROLFRVLHQGRTXHHOPDUVRQJHQWHVPXOWLWXGHVSXHEORVQDFLRQHVVHULDQORVTXHHQOD
VRFLHGDGKXPDQDFRQGXFHQ6RQORVPHGLRVTXHXWLOL]DQODVQDFLRQHVUHSUHVHQWDWLYDV\OD%DELORQLD
LQVSLUDGDSRUHO'UDJRQSDUDUHFRQGXFLUDORVVHUHVKXPDQRVFRQORVDVSHFWRVHFRQRPLFRVPLOLWDUHV
SROLWLFRVHLGHRORJLFRV
(QHOWUD\HFWRGHODKLVWRULDPHGLDQWHORVOLGHUHVORVEXURFUDWDVORV6WDOLQORV+LWOHU\1DSROHRQHV
ORV1HURQHV\ORV'RPLFLDQRVORV$XJXVWRVODV&OHRSDWUDVORVFUHDGRUHVGHYHUVRV6DWDQLFRVDXQTXH
QRORUHFRQR]FDQORVTXHVHUHVSRQVDELOL]DQHQWLUDUERPEDVDWRPLFDV\HQKDFHUJXHUUDVSRUODVPDWHULDV
SULPDVRHOTXHJULWDTXHGLRVORTXLHUH\DUPDXQDFUX]DGDRHVFULEHXQDEXODLQTXLVLWRULDORHOTXH
GLEXMDXQDVRQULVDGHSRUFHODQD\PRQWDXQDSRVWXUD\RJXLFD\KDEODGHFRVDVHVSLULWXDOHVVLQFUHHUHQXQ
'LRVSHUVRQDO\WUDVFHQGHQWHTXHVHUHYHODRHOTXHVHGHGLFDDFUHDUWHUURU\RWURVPXFKRVPDVKDQ
VLGRGHVWUXLGRVSRUORTXHVXSRQHODPRQWDQDGHIXHJR(O5HLQRGH'LRVKDTXLWDGRVXYLGD\KDQVLGR
RVRQFRPRVLQRKXELHUDQH[LVWLGRSRUTXHODSDODEUDGH'LRVVHQDODHOIUDFDVRODFUXHOGDGOD
LQMXVWLFLDODSHUYHUVLGDG$XQFXDQGRKXELHUDQWHQLGR\WHQJDQVHJXLGRUHVSHURDOJXQRVDFWXDOHV
OOHJDUDQDORTXHOOHJR1DSROHRQ+LWOHUR1HURQDOGHVFRQRFLPLHQWRPDVDEVROXWR
 7HUFHUD7URPSHWD$S
&DLGDGHXQDJUDQHVWUHOOD
(VWDHVWUHOODFDLGD\TXHFDH-HVXV\DORKDELDYDWLFLQDGR<RYHLDD6DWDQDVFDHUGHOFLHORFRPRXQ
UD\R/FR$KRUDHOSULQFLSHGHHVWHPXQGRVHUDHFKDGRIXHUD-Q(Q$SVH
QRVSUHVHQWDHOPRPHQWRGHODUURMDPLHQWRDODWLHUUDXQDYH]DVFHQGLGRHO+LMRHVDUURMDGRHO0DOLJQR
>@
6DWDQDVHOGLDEORODVHUSLHQWHDQWLJXD$SFIFI 3RUORWDQWRXQDYH]
PDVODWURPSHWDHPSLH]DHQODDVFHQVLRQXQDYH]TXHVHVLHQWDDODGLHVWUDGH'LRV\FRPLHQ]DVX
PLQLVWHULRFHOHVWHHQHO6DQWXDULRSDUDDFDEDUFRQORVHQHPLJRVGH'LRV<GXUDKDVWDTXHWHQJDOD
SRVLELOLGDGGHWHQWDUKDVWDODVHJXQGD9HQLGDGH-HVXFULVWR
/DSUHJXQWDTXHVHLPSRQH6LHQGRTXHODVWURPSHWDVVRQMXLFLRVGH'LRVSDUDDFDEDUFRQORVHQHPLJRV
GH'LRV"&RPRHVSRVLEOHTXHORTXHVHQRVQDUUDDKRUDFRQVLVWDHQDUURMDUD6DWDQDVGHVXPHGLR
FHOHVWH\SUR\HFWDUHODUURMDGRVXFRQWDPLQDFLRQ\HVRHQWHQGHUORFRPRTXH'LRVHVWDDFDEDQGRFRQHVH
HQHPLJR"5HVSRQGDPRV\H[SOLTXHPRVHOVHQWLGRGHHVWDWURPSHWD
6LODVWURPSHWDVVRQMXLFLRVGH'LRVFRQWUDHOPDOVLPDQLILHVWDQODPDQHUDFRQTXH'LRVQRVH[SOLFD
FRPRVHGHVWUX\HQORVVLVWHPDVGHPDOGDG6LHO$SRFDOLSVLVFHQWUDGRHQHO+LMRGHO+RPEUHWUDHXQ
PHQVDMHGHVDOYDFLRQSDUDHOVHUKXPDQRTXHVHUHIXJLDHQ-HVXFULVWR\-HVXFULVWRKDIXQGDGRXQDLJOHVLD
DODTXHSURWHJH<VLODREUDTXHHVH+LMRGHO+RPEUHOOHYDDFDERVHSURORQJDEORTXHDQGRDOPDO
LQFDSDFLWDQGRORPHGLDQWHXQDREUDGHVWUXFWLYD
"4XHVHQWLGRWLHQHHOTXHVHDUURMHHVDHVWUHOODGHOFLHORDODWLHUUDFXDQGRXQDYH]DUURMDGDVH
QRVGLFHTXHHQJDQDDOPXQGRHQWHUR\OOHYDDFDERXQDREUDGHPDOGDGTXHUHSHUFXWHHQHOVHUKXPDQR
QHJDWLYDPHQWH\HQHOSURSLRFULVWLDQR""&RPRHQWHQGHUDTXLHOVHQWLGRGHMXLFLR\GHODREUDGHO+LMR
GHO+RPEUHVHQWDGRDODGLHVWUDGH'LRVSDUDDFDEDUFRQORVHQHPLJRVGH'LRV"
/DDFFLRQGH'LRVGHDUURMDUDHVDHVWUHOODDODWLHUUDHVODVHQDOGHTXH-HVXFULVWRKDYHQFLGR
LGHRORJLFDPHQWHDO0DOLJQR\TXHSRUORWDQWRHQHOFRQWHQFLRVRFI-REKDTXHGDGRLGHQWLILFDGRFRPR
HOFDXVDQWHGHOPDO6HOHREOLJDDQRSRGHUHVWDUHQQLQJXQOXJDUTXHQRVHDQXHVWURVLVWHPDSODQHWDULR\
QRVHUHQWHQGLGRTXH'LRVOHHVWXYLHUDDFHSWDQGRGDQGROHFRELMR7HQJDVHHQFXHQWDTXHHO0DOLJQR
>@
GHVGHODFDLGDKXPDQD*QVHDGXHQRGHHVWHSODQHWD-REFI(]T GHVSXHV
GHUHFKD]DUUHLWHUDGDPHQWHHODUUHSHQWLPLHQWR(VGHFLUHVWDEDHQHOFLHOR\VHJXLDKDFLHQGRVXREUD
SHUYHUVDHQODWLHUUDHUDLPSRVLEOHPDQWHQHUORVLVHOHTXHULDLGHQWLILFDUELHQ(VWROOHYDEDLPSOLFLWROD
LPSRVLELOLGDGGHWHQHUDFFHVRDDQJHOHV\DRWURVPXQGRV/DREUDVDWDQLFDGHFRQIXQGLU\HQJDQDUDO
8QLYHUVRKDTXHGDGRGHVWUXLGDSRUODREUDGH-HVXFULVWR(VRVDQJHOHV\HVRVPXQGRVKDQTXHGDGR
FRQYHQFLGRVGHODREUD\GHODLGHRORJLDGHO'LRVTXHVHUHYHODHQHO+LMR\HQVXSDODEUDLQVSLUDGDH
LQWHJUDGDSRUHO(VSLULWX6DQWR
$ODUURMDUOR'LRVQRVHVWDDGYLUWLHQGRGHODOFDQFHGHODREUDGHHVDHVWUHOOD+DFRQWDPLQDGRDOD
FLYLOL]DFLRQWHUUHVWUHWUDVWRUQDQGRODKDFLHQGRODIXHQWHGHPDWHULDOLVPRKXPDQLVPR\HVSLULWXDOLVPR
IDOVHDGRTXHSHUMXGLFDDVXVUDLFHV\GLVHQR+DFRQWDPLQDGRDODVRFLHGDGDOUHKXVDUODVRFLHGDG
SROLWLFD\VXVKDELWDQWHVDODREHGLHQFLDDO'LRVTXHVHUHYHODJRELHUQRV\RUJDQL]DFLRQHVODVIXHU]DV
>@
VRFLDOHVTXHVRQUHEHOGHVD'LRVOOHJDQDVHUDJHQWHVGHVXIULPLHQWR\PXHUWH +DFRQWDPLQDGRDO
SHQVDPLHQWR\DODUD]RQ
(VGHFLU'LRVQRVPXHVWUDTXHWRGRHVHWUDVWRUQRTXHDSDUHFHHQODKXPDQLGDGHVGHELGRDHVD
HVWUHOODSHURTXHORHQFDX]D\XWLOL]D'LRVSDUDTXHDTXHOORTXHHO0DOLJQRKDFUHDGR\FRQWDPLQDGRVH
KDJDHYLGHQWHSDUDDTXHOORVTXHOHKDQDFHSWDGRHQGHWULPHQWRGHODDFHSWDFLRQGHORTXH'LRVKD
RIUHFLGRSDUDSURWHJHUQRV
'LRVSDUDDIURQWDUHVWRKDGDGRDOVHUKXPDQRXQVHQWLGRHVSLULWXDOEDVDGRHQOD3DODEUDGH'LRV
UHYHODGDKDFLHQGROHFDSD]GHFRQRFHUODVUHDOLGDGHVLQYLVLEOHV\SUHYHQLUODVWHQWDFLRQHV\HQJDQRVGH
HVDHVWUHOODTXHVHKDFHSDVDUSRU'LRV/HLGHQWLILFDODFRQWDPLQDFLRQ3HURVLVHUHFKD]DHVWDHVWUHOOD
TXHKDFRQWDPLQDGRWDQWRODWHUFHUDSDUWHGHORVULRVFRPRODVIXHQWHVGHODVDJXDVFRQRFHUDOD
DPDUJXUDGHORGLRGHOPLHGRGHOVXIULPLHQWRHYLWDEOH$S
$UGLHQGRFRPRXQDDQWRUFKD$SE
(VWDHVWUHOOD\DQREULOODSRUODOX]FRQTXHIXHFUHDGDDKRUDHVODOX]GHXQDDQWRUFKDDUGLHQGRFRPR
FXDOTXLHUOX]GHIRJDWD
&D\RVREUHODWHUFHUDSDUWHGHORVULRV\VREUHODVIXHQWHVGHODDJXDV$SXS(O
QRPEUHGHODHVWUHOODHVDMHQMR<ODWHUFHUDSDUWHGHODVDJXDVVHFRQYLUWLRHQDMHQMR$S
SS
(ODJXDHVXQVLPERORGHODOLPHQWRHVSLULWXDOODLPDJHQGHODYLGD\GHOHVSLULWX,VD
(]TFID-Q3HURFXDQGRDHVWRVHOHHFKDHODMHQMRTXHHVHVWDHVWUHOOD
FRQWDPLQDQWHGHODVIXHQWHVGHHVDVDJXDVQRGHWRGDVVLQRGHXQDWHUFHUDSDUWHHQWRQFHVORVULRVGHDJXD
SURYHQLHQWHGHODIXHQWHFRQWDPLQDGDVHFRQYLHUWHQORJLFDPHQWHVLQYLGD\VLQHVSLULWX\SURGXFHQ
DPDUJXUD
(ODMHQMRTXHVLJQLILFDDPDUJXUDTXHOOHJDDPDWDU$SXSHVFRPRXQDHVSHFLHGHYHQHQRFRQ
VXVHIHFWRVVLPEROL]DQGRHORGLRODLQMXVWLFLD\VXIULPLHQWRVTXHVHGHVDUUROODQ-HU/DP
$PRV
7HQJDPRVHQFXHQWDTXH'LRVQRVKDDGYHUWLGRTXHHO'UDJRQHQJDQDDOPXQGRHQWHUR$S+D
FRQWDPLQDGRDTXHOORTXHGHSRUVLKDELDVLGRFUHDFLRQGLYLQD/DPLVPD3DODEUDUHYHODGDODGHODYLGD\
ODGHOHVSLULWXHVWDVLHQGRFRQWDPLQDGDSRULQWHUSUHWDFLRQHVTXHQRFRUUHVSRQGHQDODUHDOLGDGGHOWH[WR
$S(VSUHFLVRTXHSUHVWHPRVDWHQFLRQDOD5HYHODFLRQGH-HVXFULVWRTXHVHQRVGDHQHO
$SRFDOLSVLV<DFHSWHPRVORVLQVWUXPHQWRVLQWHUFHVRUHVTXHVHQRVSURSRQHQ0WFI0F
FI0WDO*DOFI6WJ\SUDFWLTXHPRVQXHVWUDYRFDFLRQFHOHVWHEXVFDQGRODVFRVDV
GHDUULED-QFI$SFI&RO
(OULRFRQWDPLQDGRSRUHOGUDJRQVHFRQYLHUWHHQXQDIXHQWHGHSUXHEDVGHWULEXODFLRQ\VXIULPLHQWR
LQMXVWLFLDVFI$S3HUR'LRVHQYLDUDSLGDPHQWHXQDD\XGDTXHDEVRUEHHVHULRSUREOHPDWLFR
$SODWLHUUDD\XGDDOD0XMHU
(VWRXOWLPRHQHOFRQWH[WRGHOILQGHVSXHVGHSDVDGRVORVGLDVSURIHWLFRV$S/D
WLHUUDD\XGRDODPXMHU
$QWHVGHORVGLDV\GXUDQWHORVGLDV\DKHPRVLQGLFDGRTXHORVTXHDFHSWDQILHOPHQWHHO
PHQVDMHDODVLJOHVLDV\HOFRQWHQLGRGHORV6HOORVOHVSHUPLWHJR]DUVHGHORTXHHOSRGHUGHODSDODEUD
HVFDSD]GHKDFHUHQXQPXQGRFRQWDPLQDGRSRUHO'UDJRQ
 &XDUWD7URPSHWD$S
)XHKHULGDODWHUFHUDSDUWHGHOVROODWHUFHUDSDUWHGHODOXQD\ODWHUFHUDSDUWHGHODVHVWUHOODV
5HFXHUGHQXQWHUFLRUHVSHFWRDODXQLGDGFI$S/2TXHVHVHSDUDGHORUGHQGHODVFRVDVHV
IUXWRGHUHEHOLRQFRQVWLWX\HQGRVHHQXQDSDUWHUHEHOGHFI(]T
&RQWUDHOVROFRQWUDODOXQDUHIOHMRGHXQVROWRFDGR\HVWUHOODVTXHWDPSRFRHPLWHQOX]&RPR
FRQVHFXHQFLDGHODREUDGHHVDHVWUHOODTXHFD\RHOVROVHYHDIHFWDGR\ODOX]\HOFRQRFLPLHQWRVH
KDFHQLQDGHFXDGRV(OVROVHSXHGHFRQYHUWLUHQXQPRPHQWRGHWHUPLQDGRHQXQDIXHQWHGHFDORU\
VXIULPLHQWR6DO,VD0W6WJ
3RUODIDOWDGHOX]\FRQRFLPLHQWRTXHUHVXOWDGHOREVFXUHFLPLHQWRGHOVROPRWLYDGRSRUODREUDGHOD
HVWUHOODFDLGDODYHUGDGVHGHELOLWDODFRQFLHQFLDHVIDOVHDGDHOLGHDOPRUDOUHGXFLGR6LJXLHQGRFRQOR
TXHQRVGDGHVLHOVLPEROLVPRGHOPLVPRPRGRTXHHOVROH[SXOVDODRVFXULGDGODYHUGDGH[SXOVDODV
WLQLHEODVGHOHUURU3HURVLVHDWDFDHVWRSSSDUDTXHVHREVFXUHFLHVHODWHUFHUDSDUWHGHHOORV
XSHQXQDSDUWHDODSDUWHUHEHOGHHVDVSHUVRQDVRHVRVFROHFWLYRVSHUPDQHFHQHQRVFXULGDG
"4XHVLJQLILFDWRGRHVWR""(QTXHFRQVLVWHHVHMXLFLRGH'LRVPHGLDQWHODWURPSHWD"(IHFWLYDPHQWHHVH
REVFXUHFLPLHQWRGHOVROGHOFRQRFLPLHQWR\GHODOX]YHUGDGHUDHVXQMXLFLRGH'LRVHQYLDGRHQHVD
WURPSHWD$PRV-RHO3HURHQWRQFHV"3RUTXHHVWR\GLFLHQGRTXHHVH
RVFXUHFLPLHQWROROOHYDDFDERODHVWUHOODFDLGD"
(QHVWDFXDUWDWURPSHWD'LRVKDFHHYLGHQWHODVFRQVHFXHQFLDVTXHVHGHULYDQDOGHVSURWHJHUVH(VD
HVWUHOODQRKDGDGRODOX]QLORVYDORUHVTXHSUHWHQGLD7RGRORFRQWUDULRDSDUHFHQORVGHIHFWRV\ORV
UHVXOWDGRVQHJDWLYRV\SHUMXGLFLDOHVTXHWUDHODGHVREHGLHQFLD(ORVFXUHFLPLHQWRGHODFRQFLHQFLDOHV
SULYDGHOFRQRFLPLHQWRGHODYHUGDG\VHSUHVHQWDXQDVHULDGHVDVLVWHQFLDHLQGHIHQVLRQUHVSHFWRDOD
VDOXGILVLFD\PHQWDODODH[LVWHQFLDHQFXDQWRDODIDPLOLDHOPDWULPRQLR\ODHQIHUPHGDG
(QXQSDUUDIRPDV'LRVKDFHHYLGHQWHODVHTXHGDGODREVFXULGDG\ORVUHVXOWDGRVQHIDVWRVSDUDOD
UD]DKXPDQDSRUVXGHVREHGLHQFLDQRKDELHQGRVHTXHULGRSURWHJHUIUHQWHDVXVDYLVRVGHO'UDJRQOD
HVWUHOODFDLGD\FRQGHQD\SHUSHWXDDHVDVLWXDFLRQPLHQWUDVQRKD\DDUUHSHQWLPLHQWR\VHTXLHUDQ
SURWHJHUFRQODVSURSXHVWDVGH'LRV7RGRVHVWRHVORJLFRTXHRFXUUDSXHVWRTXHODVUDLFHV\GLVHQRGHO
VHUKXPDQRUHVSRQGHQDORUGHQHVWDEOHFLGRSRU'LRVHQODFUHDFLRQ\UHGHQFLRQ&XDQGRHVHRUGHQVH
URPSHVHFRQVWLWX\HQHQUHEHOLRQ\VXIUHQODVFRQVHFXHQFLDV
 /RVWUHVD\GHORVWUHVWRTXHVGHWURPSHWDV$S

/DTXLQWD7URPSHWD$S
$\GHORVPRUDGRUHVGHODWLHUUDDFDXVDGHORVRWURVWRTXHVGHWURPSHWD9DKDEHUWUHVD\HV
VXFHVLYRVFRPRFRQVHFXHQFLDGHORVWRTXHVGHODTXLQWDODVH[WD\ODVHSWLPDWURPSHWD(VWRVD\HVQRV
D\XGDQDHPSOD]DUODVWURPSHWDV\HVSHFLDOPHQWHODVH[WD
1RVRWURVKHPRVRSWDGRFRPR\DORKLFLPRVFRQODPD\RULDGHORVVHOORVDH[FHSFLRQGHOFRQWHQLGR
GHOVH[WR\GHOVHSWLPR\ORHVWDPRVKDFLHQGRFRQODVWURPSHWDVSRUFRQVLGHUDUDFDGDWURPSHWD
FXEULHQGRWRGRHOHVSDFLRGHWRGDODKLVWRULDDH[FHSFLRQGHODXOWLPDTXHVHSUR\HFWDHQHOUHWRUQRGH
-HVXFULVWRPLVPR^$S`$KRUDVHQRVGLFHTXHHVRVWRTXHVGHWURPSHWDTXHIDOWDQVRQPX\
HVSHFLDOHVSRUORVD\HVTXHUHVXOWDQ3HURVHQRVGLFHD\SRUORVPRUDGRUHVGHODWLHUUD$S"
4XHPRUDGRUHVVRQORVTXHFRQWHPSOD-XDQ\TXHODLQVSLUDFLRQOHSUHVHQWD"(OWRTXHGHWURPSHWD
FXDQGRVHHIHFWXD"GHVGHGRQGH\GHVGHFXDQGR"(YLGHQWHPHQWHHVWDVSUHJXQWDVVHQFLOODVGHPDQGDQ
WDPELHQXQDUHVSXHVWDVLPSOH/RVPRUDGRUHVGHODWLHUUDQRVRQVRORXQRVFXDQWRVGHXQDHSRFD
GHWHUPLQDGDVLQRWRGRVORVTXHKDQH[LVWLGR(OVRQLGRGHODWURPSHWDFRQVXVRSRUWHGHFRQWHQLGRVHR\H
\VHH[SHULPHQWDSRUWRGDODWLHUUD3HURDKRUDDGHPDVODVH[WDWURPSHWDVHLQLFLDWH[WXDOPHQWHDQWHVGH
UHIHULUQRVHOFDSLWXOR$STXHOOHYDLQFOXLGRXQSHULRGRSURIHWLFRGHGLDV\HOVHJXQGR
D\VHHVFXFKDGHVSXHVGHHVHSHULRGRHQHOPRPHQWRGHXQJUDQWHUUHPRWRDOILQDOGHOWRTXHXQDYH]
SDVDGRWRGRXQHVSDFLRWHPSRUDO$SSRVWHULRUPHQWHDORVGLDVSURIHWLFRVFI$S

(OTXLQWRDQJHOWRFRODWURPSHWD\YLDXQDHVWUHOODODTXH\DKDELDFDLGRGHOFLHORDODWLHUUD\
VHOHGLRODOODYHGHODELVPR<DEULRHOSR]RGHODELVPR$SD
/RVFRPHQWDULVWDV\DKDQREVHUYDGRHOWLHPSRYHUEDOHQSDVDGRGHODFDLGDGHODHVWUHOODSHURQR
URPSHHOLQLFLRGHODWURPSHWD(VDDOXVLRQDODHVWUHOOD\DFDLGDREOLJDDUHIHULUVHDHOOROLWHUDULDPHQWH
HQSDVDGR
(OPDOLJQRKDVLGRDUURMDGRDODWLHUUDGHDFXHUGRD$SRFDOLSVLVHQODDVFHQVLRQGH-HVXFULVWR(VWD
FDLGDGHPXHVWUDTXHQRSXHGHFDPXIODUVHTXH'LRV\DKDVHQDODGRODLGHQWLGDGGHHVWHSHUVRQDMH-RE
\FI-QFIFI/FD&RUFID&RUFI(I'LRVVLQRVVRPHWHPRV
DVXYROXQWDGQRVKDSURWHJLGRIUHQWHDO0DOLJQRFI(IFRQORVLQVWUXPHQWRVGHYHUGDG\
HODFFHVRDVXREUDFHOHVWHODGHO+LMRGHO+RPEUH\ODREUDGHO(VSLULWX6DQWR$SXSFI-Q
(VWHHVHOHIHFWRGHHVWDODWURPSHWDIUHQWHDOPDOHOGHODLGHQWLILFDFLRQGHOSHUVRQDMHFRPR
VLHQGRFRQGHQDGRWRGRORTXHKDFH\ODGHODSURWHFFLRQGHOTXHDFHSWDD'LRVHQ-HVXFULVWR
/RJLFDPHQWHODKXPDQLGDGTXHUHFKD]DHOSODQGH'LRVVHGHVSURWHJHIUHQWHDO0DOLJQR\H[SHULPHQWD
HOMXLFLRGLYLQRIUHQWHDODSURWHFFLRQGHOSXHEORGH'LRV
/RVVLVWHPDVGHPDOGDGDSDUHFHQSRUHOFRQFXUVRGHO0DOLJQRFI$S\HQFDGDPRPHQWR
KLVWRULFRVRQLGHQWLILFDGRV\VHQDODGRVSDUDTXHORVPLHPEURVGHOD,JOHVLDSHUWHQHFLHQWHVDHVHSXHEOR
GH'LRVVHJXDUGHQGHWRGRPDOSXHVWRTXHFRQILJXUDQHOVLVWHPDPXQGDQDO\GHEHPRVQR
HQWUHJDUQRVQLDGDSWDUQRVDOVLVWHPD
(QHVDOXFKDFRQIOLFWLYDUHFLELPRVSURWHFFLRQ\SRGHUVLFRQRFHPRVODYROXQWDGGH'LRV\QRV
VRPHWHPRVDHOOD(VWRVD\HVVRQDWHQWDGRVDOD'LYLQLGDGFRPRVHFXHODGHODUHDFFLRQGHODQJHOTXH
HVH[SXOVDGR'LRVQRVDGYLHUWHGHORVHIHFWRVTXHWUDHQFRQVLJRORVMXLFLRVGLYLQRVVREUHORVHQHPLJRV
GH'LRV3HUR'LRV\DKDSUHYLVWRODSURWHFFLRQSDUDTXHODVFRQVHFXHQFLDVGHORVMXLFLRVGLYLQRVVREUH
ORVTXHVHFRQVWLWX\HQFRPRHQHPLJRVGH'LRVSHUPDQHQWHPHQWHHQFRQWUDGHODYHUGDGODYLGD\OD
VREHUDQLDGH'LRVEDMRODHJLGDGHODHVWUHOODFDLGDQRDIHFWHQDVXSXHEORUHVSHFWRDODVDOYDFLRQ\D
ODVHJXULGDGGHHVDYHUGDG\YLGD3RUODYLFWRULD\UHVFDWHGH0LJXHO'LRVUHVSRQGHSRUHOSURIHWLVPR\
ODFUHDFLRQGHXQDKXPDQLGDGQXHYD
3HURLQVLVWLPRVHQHVWD7URPSHWDGHHVWDHVWUHOODFDLGDVHQRVTXLHUHDGYHUWLUGHODPHQWLUDFRPRXQ
DWHQWDGRFRQWUDODYHUGDG$S"&RPRHVSRVLEOHTXHSXHGDHQJDQDUDOPXQGRHQWHUR"<"&RPRHV
SRVLEOHTXHQRVHUHIOH[LRQHORVXILFLHQWHFRQORVHOHPHQWRVTXHWHQHPRVDQXHVWUDGLVSRVLFLRQ"
<DGHVGHHOSULQFLSLRHVWDSRWHQFLDUHEHOGHVHQRVSUHVHQWDSULPHURDUUDVWUDQGRDXQDUHEHOGLD
FRVPLFDDODWHUFHUDSDUWHGHORVDQJHOHV$S6XLQJHQLRVXRUJXOOROOHJDKDVWDHOH[WUHPRGH
UHFKD]DUD'LRVFRPRFUHDGRUQLHJDVXRULJHQFUH\HQGRTXHHVHQODPDWHULDHWHUQDGRQGHHVWDVX
>@
RULJHQ <SRUORWDQWRHQVXSURSLDPHQWLUDSLHQVDOOHJDUDVXSODQWDUD'LRV\DVXSHUDUOR'HVSXHV
GHVHJXLUUHFKD]DQGRORVOODPDPLHQWRVDODUUHSHQWLPLHQWROOHYDGHVGHHOSULQFLSLRDODKXPDQLGDGDO
FDRV\PXHUWHTXHFRQRFHPRVKR\FI*Q$SDUWLUGHDKLHVWDSRWHQFLDUHEHOGHRVFXUHFLROD
YHUGDG\ORHVSLULWXDOGLVLPXODQGRORH[WHQGLHQGRHOHUURUSRUWRGRHOPXQGRFRQWDPLQDQGRDOD
FLYLOL]DFLRQWHUUHVWUH\XWLOL]DQGRODFRPRPHGLRSURVHOLWLVWDGHOHUURUDJREHUQDQWHV\UHLQRVDOD
FRQFHSFLRQ(VWDWDO<HVWRHVORTXHSURGXFHODVPLVHULDVPRUDOHVTXHGHYDVWDQDODKXPDQLGDG
8QLFDPHQWHORVVDQWLILFDGRVQRVHGHMDQHQJDQDU/RVRWURVQRTXHULHQGRUHFRQRFHUHQHOUHFKD]RGHOD
REUDGHO(VSLULWX6DQWR-QODFDXVDGHVXVVXIULPLHQWRVEXVFDQHQYDQRFXDOTXLHURWUDLPSRVLEOH
VROXFLRQ1RTXLHUHQGDUVHFXHQWDGHODUHDOLGDGGHTXHWRGRHOVXIULPLHQWRHQIHUPHGDGJXHUUDVHWF
YLHQHQGHOSDGUHGHODPHQWLUDGH6DWDQHOHQHPLJRGH'LRV/DVPHQWLUDVLQVLGLRVDV\VHGXFWRUDVGH
HVWHHQHPLJRKDORJUDGRODWUDJHGLDHQODYLGDWHUUHVWUH/DVLPDJHQHVPHWDIRUDV\VLPERORVTXHD
FRQWLQXDFLRQVHQRVGHVFULEHQQRHVSDUDRWUDFRVDTXHFRQILUPDUQRVODREUDPDOLJQDGHOD(VWUHOODFDLGD
HQVXPHQWLUD\HQJDQR\FRQIXVLRQUHVSHFWRDODYHUGDGGHO'LRVTXHVHUHYHOD'LRVFRQHVWDWURPSHWD
SUHWHQGHGHFLUQRVTXHWRGRHVRKDVLGRMX]JDGRSRUHO\FRQGHQDGR\TXHDOUHYHODUQRVHVWRSRUPHGLR
GHODWURPSHWDHVSDUDDVHJXUDUQRVTXHHVRVPDOHVGHOD(VWUHOODFDLGDHVWDQVLHQGRHYLGHQFLDGRVSDUD
TXHQRVSURWHMDPRV\QRFDLJDPRVHQODFRQGHQDFLRQ<VHSDPRVTXHHVWDVDOLGDGHO'UDJRQGHOFLHOR
REOLJDGDSRU'LRVHQWUDHQHOFRQWH[WRGHDFDEDUFRQORVHQHPLJRVGH'LRV\TXHHO$SRFDOLSVLVQRVYD
FRQFUHWDQGRFRPR\FXDQGRVHYDSURGXFLHQGRHVHDFDEDU
6HOHGLRODOODYHGHOSR]RGHODELVPRDEULHQGRORD
/ODYH$S6DOFI0WLQVWUXPHQWRSDUDDEULURFHUUDU(VXQD
PHWDIRUDUDELQLFDTXHLPSOLFDHMHUFHUWRGRHOSRGHUHQXQDFDVDRPRUDGD,VDFI0W
$ELVPRDEXVVRV(VHOOXJDUGHODGYHUVDULR$S$SFI
PRUDGDGHHVSLULWXVPDORVD3HG^WDUWDURR DEXVVRVDELVPR`TXHVHJXQODLGHDDQWLJXDHVWDED
>@
VLWXDGDHQHOLQWHULRUGHODWLHUUDFRPXQLFDQGRVHDODVXSHUILFLHFRQSR]RV -XDQWRPDHVWDKLVWRULD
FRQRFLGDSDUDGDUVHDHQWHQGHU(OTXHVHOHGLHUDODOODYHGHODELVPRQRVLJQLILFDTXHVHOHGD
GLUHFWDPHQWHVLQRTXHODKXPDQLGDGFDHFRQORVLQIOXMRVUHEHOGHVGHOTXHVHFRQVWLWX\RHQHOGLRVGHHVWH
PXQGR
(ODELVPRVHFRQYLHUWHHQODWLHUUDUHVSHFWRDOFLHORODWLHUUDVHRSRQHDOFLHOR5P
$EULUKDFHUDFFHVLEOHYLVLEOHDOFRQRFLPLHQWR,VD(]TFI*Q-REORTXH
SXHGHVDOLUGHODSURIXQGLGDGSHURDOWHUDGRSRUOD(VWUHOODFDLGD
+XPR/DJORULDGH'LRVVHPDQLILHVWDFRQKXPR$SFID&URQ([,VD

 (O$GYHUVDULRLQWHQWDLPLWDUHOKXPRGH'LRVFRPRXQKRUQR([*QSHURFRQ
PHQWLUD$SSSTXHVHUHYHODRVFXUHFLHQGRYHODQGR\RFXOWDQGRODOX]GHOHYDQJHOLRGHODYHUGDG
GHO'LRVTXHVHUHYHOD$SXS3HURHVHKXPRIDOVRTXHWDQWROD%HVWLDFRPROD%DELORQLD
SUR\HFWDQLQVSLUDGRVSRUHO'UDJRQODHVWUHOODFDLGD'LRVORFRQYHUWLUDHQODLPDJHQGHODGHVWUXFFLRQ
GHHVRVVHFXDFHVGHO'UDJRQ$S
(OVROVHRVFXUHFHXS6LORFRQVLGHUDPRVDOVROFRPRIXHQWHGHOX]HVHKXPRIDOVRORGHVILJXUD\
QRGDOX]QLEULOOD(VWDDJUHVLRQDOVROFRPRFRQVHFXHQFLDGHOKXPRHVXQDWHQWDGRDODYHUGDG1RVH
WUDWDFRPRDQWHVGHODWHUFHUDSDUWHGHOVROVHKDOOHJDGRDODDILUPDFLRQGH$SHQJDQDDO
PXQGRHQWHUR$OJRYHUGDGHUDPHQWHKRUULEOH\WHUULEOH"3RUTXHGRQGHHVWDPRVFDGDXQRGHQRVRWURV
XELFDGRV"
$LUHXS"&RPRVHRVFXUHFHHODLUH"&RQWDPLQDQGRVH\QRHMHUFLHQGRVXLQIOXHQFLDEHQHIDFWRUD
6LJXLHQGRFRQHOVLPLO(OR[LJHQRFRQWDPLQDGRQRSHUPLWHHMHUFHUHOSHQVDPLHQWRGHODYHUGDG
DGHFXDGDPHQWH&XDQGRHODLUHVHSHUYLHUWHDHIHFWRVGHOKXPRHVDFRUWLQDQRGHMDYHUELHQODFODULGDG
(IHVLRVQRVSUHVHQWDDOPDOLJQRFRPRSRWHVWDGGHODLUH\HVRQRVPXHVWUDTXHORVYDORUHVGHO
DLUHSRVHHQXQVHQWLGRILJXUDGR
<GHOKXPRVDOLHURQODQJRVWDVVREUHODWLHUUD\VHOHVGLRSRGHUFRPRWLHQHQORVHVFRUSLRQHVGH
ODWLHUUD$S
/DVODQJRVWDVTXHDUUDVDQDORVYHJHWDOHVGHVWUX\HQGRORWRGRFI6DOHVODLPDJHQTXHVH
QRVTXLHUHSUHVHQWDU\WLHQHQHOSRGHUGHORVHVFRUSLRQHV(OHVFRUSLRQVXFRODHVVLPERORGHSHUILGLD\
GHPHQWLUD$SFI,VD/DLPDJHQDTXLGHORVHVFRUSLRQHVGHODWLHUUDVHFRPSOHPHQWD
SRUVXDVRFLDFLRQDODREUDTXHKDFHQODVODQJRVWDVGHPRQLDFDV\SRUODDFWLWXGTXHDVXPHQGHSLFDU
SXGLHQGRSURGXFLUODPXHUWH\SRUORWDQWRVLPEROL]DDODVIXHU]DVGHVWUXFWRUDVREUDQGRHQODKXPDQLGDG
<VHOHVPDQGRTXHQRGDQDVHQDODKLHUEDGHODWLHUUDQLDFRVDYHUGHDOJXQDQLDQLQJXQDUERO
VLQRVRODPHQWHDORVKRPEUHVTXHQRWXYLHVHQHOVHOORGH'LRVHQVXVIUHQWHV$S
(VWHYHUVLFXORHVPX\LPSRUWDQWHHQHOUHODWR3RUTXHQRVSUHVHQWDFRPR'LRVSDUDOHODPHQWHKDHVWDGR
UHDOL]DQGRXQDREUDTXHKDGDGRVXUHVXOWDGRHQDUEROHVYHJHWDFLRQ\KLHUEDVHKDQSURWHJLGRGHWDO
PDQHUDTXHHOKRPLFLGD\SDGUHGHODPHQWLUDQRSXHGHKDFHUQDGDVREUHHOORVGHDKLTXHVHGHGLTXHQ
KDFLDORVTXHQRWLHQHQHOVHOORGH'LRVHQVXVIUHQWHV/DVSODJDVGHODQJRVWDVGHVWUX\HQWRGRSHURHQ
HVWHFDVRVRODPHQWHVHOHVSHUPLWHDORVTXHQRWLHQHQHOVHOORGH'LRVHQVXVIUHQWHV(VHYLGHQWH
<DKHPRVYLVWRTXHWDQWRODYHJHWDFLRQRODKLHUEDFRPRORVDUEROHVUHSUHVHQWDQDVHUHVKXPDQRV$TXL
QRVHWUDWDGHXQDSDUWHRGHXQWHUFLR3RUORWDQWRODLGHQWLGDGHVGLVWLQWDVHWUDWDGHXQDKXPDQLGDGTXH
SRVHHHOVHOORGH'LRVHQVXVIUHQWHV(VHVHOORGH'LRVQRHVWDULDKDFLHQGRUHIHUHQFLDXQLFDPHQWHDO
VHOODPLHQWRGHOFDSLWXORVLQRDWRGRHOHVSDFLRWHPSRUDOGHVGHTXHOD(VWUHOODFDLGDHVDUURMDGDDOD
>@
WLHUUD <OOHYDDFDERHVWDREUDGHODQJRVWDVGHPRQLDFDV\GHHVFRUSLRQHV\GHKXPRVIDOVHDGRV3RU
ORWDQWRHVWDREUDGHPHQWLUD\GHDQXODFLRQGHODYROXQWDGUHVSHFWRDSRQHUODHQVHUYLFLRD'LRVQROH
DIHFWDDHVWDYHJHWDFLRQR\KLHUEDQLDORVDUEROHV7RGRORTXHHVRUHSUHVHQWDVRQSHUVRQDVGH'LRV
<HVWRHVXQDGHPRVWUDFLRQ\HVWHHVHOPHQVDMHLPSRUWDQWHXQDYH]PDVTXHORVTXHVHSURWHJHQ
PHGLDQWHHOFRQRFLPLHQWRGHO'LRVTXHVHUHYHODRGHO0HVLDV-QDFHSWDQGRORVSULQFLSLRVGHO
5HLQRGH'LRV0WDGTXLULHQGRODYRFDFLRQFHOHVWLDO-QLGHQWLILFDQGRVX
H[LVWHQFLDFRQHO(YDQJHOLRHWHUQR-QQRSXHGHQVHUGHVWUXLGRVHQVXYHUGDGSRUODVODQJRVWDV
QLSLFDGRVSRUODVPHQWLUDV\YHQHQRVGHORVHVFRUSLRQHV8QLFDPHQWHORVTXHUHLWHUDGDPHQWHUHFKD]DQOD
REUDGHO(VSLULWX6DQWRVHQDODGDHQOD5HYHODFLRQSXHGHQVHUDWDFDGRVGHILQLWLYDPHQWHSRUHVWDREUDGH
PHQWLUD\HQJDQR
<OHVIXHGDGRQRTXHORVPDWDVHQVLQRTXHORVDWRUPHQWDVHQPHVHV\VXWRUPHQWRHUDFRPR
WRUPHQWRGHHVFRUSLRQFXDQGRKLHUHDOKRPEUH<HQDTXHOORVGLDVORVKRPEUHVEXVFDUDQODPXHUWH
>@
SHURQRODKDOODUDQ\DQVLDUDQPRULUSHURODPXHUWHKXLUDGHHOORV$S
+RUULEOHFXDGURTXHGHVGHTXHVHLQWURGXMHURQORVXOWLPRVWLHPSRVGHVGHODSULPHUDYHQLGDDOD
VHJXQGDYHQLGDVHKDUHSURGXFLGRSHUPDQHQWHPHQWH/RVKDELWDQWHVGHHVWDWLHUUDTXHFRQWHPSOD-XDQ
YLYHQHQXQFRQWH[WRGHDQVLHGDG\GHSUHVLRQVLQSUHFHGHQWHV(OVHQWLGR\VLJQLILFDGRGHODH[LVWHQFLDVH
OHVHVFDSD/DVPRWLYDFLRQHV\HODQLPRGHVDSDUHFHQ/DFUXHOGDGGHODHQIHUPHGDG\HOVXIULPLHQWRVH
FHEDQVREUHODVSHUVRQDV/DVLQMXVWLFLDV\FULPHQHVVHPXOWLSOLFDQ6HOHVDWRUPHQWDQFRQHOYDFLRFRQ
ODVLQUD]RQGHODQDGD6LHVWRKDVLGRXQDUHDOLGDGVLHPSUHFRQIRUPHHOWLHPSRKDWUDQVFXUULGR\
QXHVWUDPRUDGDHQHVWDWLHUUDVHKDFRQYHUWLGRHQXQDKDELWDELOLGDGJOREDOODVVHQDOHVDQXQFLDGRUDVGHO
PXQGRQXHYRGH'LRVGHMDYHUSDUDORVTXHODVDQXQFLDQXQFXDGURGHDQJXVWLD\WHPRUSRUODVFRVDV
TXHVREUHYLHQHQDODWLHUUDHQWHUD/F
"<TXLHQ\TXHKDSURGXFLGRHVWHPDUFRWDQFDRWLFR"
7RGDHVDFRQWDPLQDFLRQLGHRORJLFDWRGDHVDPHQWLUD\HQJDQRFRQTXHHO'UDJRQVHKDPDQLIHVWDGR
PHGLDQWHOD%DELORQLD\OD%HVWLD\HO&XHUQRRHO5H\GHOQRUWHRGHOVXUKDKHFKRVXHIHFWRQRFLYR
+D\DVLGRHQODHSRFDGH5RPDRHQODDOWDREDMDHGDG0HGLDRHQODGHOUHQDFLPLHQWR\UHIRUPDRHQ
ODGHODVJUDQGHVUHYROXFLRQHVDXQFXDQGR'LRVFRPR\DKHPRVLQGLFDGRPRVWUDEDORVYDORUHVGHOD
UHYHODFLRQGHO'LRVTXHVHUHYHODHLQVWDEDSRUHOSRGHUGHO(YDQJHOLRGHOUHLQRGH'LRV\GHO(VSLULWX
6DQWRDSURWHJHUVH\DDFHSWDUHVWHPHQVDMHHVSHFLDOGHO$SRFDOLSVLVGH-HVXFULVWRSDUDOD,JOHVLD\VH
ORJUDEDHOWULXQIRGHHVHUHLQRGH'LRVPRGLILFDQGRHVWUXFWXUDVHQXQPXQGRKDELWDGRSRUVX,JOHVLDOD
ILORVRILDDJQRVWLFD\DWHDHOGHLVPR\HOQLKLOLVPRHOUHODWLYLVPRPRUDOHOFRPXQLVPR\QDFLRQDOLVPRHO
VHFXODULVPRGHFXDOTXLHUHSRFDSUHFRQL]DEDQXQDYLGDVLQ'LRV\ODQDWXUDOH]DKXPDQDWHUPLQDSRU
UHVTXHEUDMDUVH/DJDQJUHQDGHODPHQWLUDPDWD6HWUDWDGHODPHQWLUDYLYLGDPDVWRGDYLDTXHODPHQWLUD
KDEODGD/RTXHOOHQDHOPXQGRGHODJULPDVGHYHUJXHQ]DV\GHUXLQDVQRHVRWUDFRVDTXHODPHQWLUD
>@
YLYLGD+DIDOVHDGRHOSHQVDPLHQWR\ORVVHQWLPLHQWRV<KDWRPDGRWRGDVODVIRUPDV
(OHVSLULWXLQIHUQDOVHKDGHGLFDGRDDWRUPHQWDUHOHVSLULWX\ODUD]RQGHORVKRPEUHV\HVWRVQR
HQFXHQWUDQODPDQHUDGHVDOLUGHVXVDWROODGHURV
(OFXPSOLPLHQWRGH$SVHGHVFULEHHQFIXSTXHDVXYH]WRPDHOHOHPHQWR
OLWHUDULRGH-RHO\GHWHUPLQRVSURSLRVGH-XDQSRUORWDQWRVHWUDWDGHGHVFULELUQRVORDWHUUDGRU
GHHVDVODQJRVWDVGHPRQLDFDVHOFDUDFWHUGDQLQR\H[WUDQRGHOSRGHUGHOPDO
(OUH\VREUHWRGRVHVWRVGHVWUXFWRUHVTXHDFWXDQFRPRODQJRVWDV\HVFRUSLRQHVHVHODQJHOGHO
DELVPRHQ+HEUHR$EDGRQ\HQJULHJR$SROLRQ$S
$EDGRQHVWDXQLGRDODLGHDGHPXHUWH\PRUDGDGHORVPXHUWRVVLJQLILFDQGRGHVWUXFFLRQ6DO
-RE3URY
$SROLRQHTXLYDOHQWHJULHJRGHOKHEUHRDEDGRQGHVWUXFWRUFRPRSDGUHGHODPHQWLUD\KRPLFLGDTXHHV
-Q(VHOSULQFLSHGHHVWHPXQGR-Q\HOSULQFLSHGHORVGHPRQLRV0WFI
(OSULPHUD\3DVRDXQYLHQHQGRVD\HVGHVSXHVGHHVWR$S
(OSULPHUD\KDSDVDGRGHVSXHVGHWUDQVFXUULGRWRGRHOFRQWHQLGRGHOVHOOR
(QFRQFOXVLRQDODTXLQWDWURPSHWD'LRVQRVSURWHJHIUHQWHDODH[LVWHQFLDGHOUHEHOGHVLQFDXVD
$XQFXDQGR'LRVVHHQFXHQWUDPHGLDQWHVXSUHVFLHQFLDTXHVXGHFLVLRQVREHUDQDGH&UHDUYDD
HQIUHQWDUVHFRQODGLV\XQWLYDGHOSHFDGRRUHEHOGLDRULJLQDGRSULPHURFRQ/X]EHO\GHVSXHVSRUOD
KXPDQLGDGHOJUDQDPRUGH'LRVVLJXHDGHODQWHDSHVDUGHTXHHOSHFDGRLEDDODFHUDUOH
/DFUHDFLRQSHUIHFWDGH'LRV*QFI(]TSRUVHUSHUIHFWDLPSOLFDEDXQULHVJRHOULHVJR
GHODOLEHUWDG(OSUREOHPDQRHVWDHQODOLEHUWDGPLVPDVLQRHQODOLEHUWDGGHXVDUODLQFRUUHFWDPHQWH
(ODPRUGH'LRVQRVRORVHPDQLILHVWDHQOD&UHDFLRQVHH[SUHVDHQVXDFWXDFLRQ\WUDWDPLHQWRFRQHO
RULJHQGHOSHFDGR
&XDQGR/X]EHOGHFLGLRVXSODQWDUD'LRVIDOVLILFDUODLGHRORJLDGLYLQDLQGHSHQGL]DUVHWHUJLYHUVDUOD
YROXQWDGGLYLQD\WUDVWRFDUORVSODQHVGH'LRVFI(]T\VV*Q$S-Q(I
D&RU-QD&RUD7HV\VV'LRVUHVSRQGHFRQDPRU
/DDFWLWXGGHO0DOLJQRKDELDVLGRODGHFULWLFDUHO*RELHUQRGH'LRVODGHLQVLQXDUTXHQRKDELD
>@
DXWHQWLFDOLEHUWDGSDUDKDFHUORFRQWUDULRDORTXH'LRVGHPDQGD VLQTXHHVDDFWLWXGPDOLJQDIXHVH
UHVSRQGLGDSRU'LRVFRQHOFDVWLJR\ODGHVWUXFFLRQ
/DUHVSXHVWDGLYLQDDODDFWLWXGSHFDPLQRVDGH/X]EHOIXHODGHODPRUQRVRORQRORGHVWUX\RVLQRTXH
DGHPDVSXVRDOGHVFXELHUWRODVYHUGDGHUDVPRWLYDFLRQHVGHO$GYHUVDULRORTXHHVHQUHDOLGDGOD
OLEHUWDG\ORTXHUHJXODHVDOLEHUWDG
"&RPRXQDFRVDSHUIHFWDSXHGHGDUOXJDUDODLPSHUIHFFLRQGHO0DO"FI(]T
>@
(VWDHVXQDGHODVFXHVWLRQHVTXHPXFKRVVHSODQWHDQ/DSHUIHFFLRQ QRGHMDGHVHUORSRUFXDQWRVH
LQLFLHDOJRFRQWUDULRDO3ODQGH'LRV3RUTXHHO3ODQGH'LRVHVWDGHOLQHDGRHQXQUHJLPHQGHDXWHQWLFD
OLEHUWDG
3HUIHFWRHQWUHRWUDVFRVDVHVWRGRDTXHOORTXHFRPRIUXWRGHVXFRQFHSFLRQSXHGHUHVSRQGHUDVX
SURSRVLWR\REMHWLYR/DSHUIHFFLRQGHOVHUHVWDGRPLQDGDSRUVXOLEUHDOEHGULR/DSHUIHFFLRQGHODREUD
FUHDGDSRU'LRVUHVLGHHQTXHPHGLDQWHXQDHOHFFLRQPRUDO\SHUVRQDOPHQWHOLEUHWHFRQYHQFHV\HMHFXWDV
HOSURSRVLWR\GHVLJQLRGH'LRV
(OKHFKRGHTXHH[LVWDODRSFLRQSRVLEOHGHQRHVFRJHUHQOLEHUWDGHOSURSRVLWR\GHVLJQLRGH'LRVVH
DILDQ]DODREUDGH'LRVFRPRSHUIHFWDSRUTXHHVORTXHGHWHUPLQDODGLIHUHQFLDTXHH[LVWHHQWUHODOLEUH
GHFLVLRQ\HODXWRPDWLVPR\HVORTXHGHVFXEUHODQRFLRQGHUHVSRQVDELOLGDG6L'LRVTXHULDKDFHUDOJR
DXWHQWLFDPHQWHSHUIHFWRTXHSXGLHUDUHVSRQGHUDODPRUTXHSUR\HFWDEDWHQLDTXHVHUDFRVWDGHFUHDUXQ
6HUOLEUH3HURXQLFDPHQWHQHJDQGRHQVXWRWDOLGDGORTXHLPSOLFDED\UHJXODEDODOLEHUWDGDLVODQGROD
OLEHUWDGGHOUHVWRGHORTXHVXSRQHVHUXQVHUSHQVDQWHHQOLEHUWDGSRGLDKDFHUVXUJLUXQDDOWHUDFLRQ
FRQWUDULDDO3ODQGH'LRV\GHODTXHDOVHUVHKDFLDUHVSRQVDEOH
6LQRKD\OLEHUWDG\UHVSRQVDELOLGDGQRKD\SHUIHFFLRQ\HQODREUDGH'LRVHVWRVGRVHOHPHQWRV
GHVWDFDQ
"3HURFRPRHVSRVLEOHORLPSRVLEOHGHXQPDOXVRGHODOLEHUWDG"
(OVXUJLPLHQWRGH6DWDQUHSHUFXWHHQODKLVWRULDGHWDOPRGRTXHVHKDFHQHFHVDULRXQ3ODQTXH
H[SOLTXHDORVHUHVILQLWRVHOFRPSRUWDPLHQWRGH'LRV
>@
(QHORULJHQGH6DWDQHVWDLPSOLFDGRORTXHVXSURSLRQRPEUHLQGLFDORDGYHUVDULRXRSXHVWR (Q
HIHFWRVXQRPEUHWUDGXFHORTXHLQYROXFUDHOVLJXLHQWHSHQVDPLHQWR"4XHKD\HQORRSXHVWRGHORTXH
GLFH'LRVFRPRELHQ""4XHVHRFXOWDHQORFRQWUDULRDORTXH'LRVGLFHTXHKDJDPRV"(OSODQWHDPLHQWR
GHHVWRVSHQVDPLHQWRVHVXQDHYLGHQFLDGHODIXQFLRQDOLGDGGHODOLEHUWDG/D5HYHODFLRQQRVSUHVHQWDHO
HUURUGH/X]EHOFRPRXQGHVOLJDUVHGHVXFDOLGDGGHFULDWXUD6LODSUHVHQFLDGHHVWRVUD]RQDPLHQWRV
SXGRGDUVHGHDFXHUGRDORTXHVXQRPEUHH[SUHVDHQQLQJXQOXJDUVHGLFHGHTXH/X]EHOFRQVXOWDUDD
'LRVWRGRORFRQWUDULR$SFI(]T(VODDILUPDFLRQGHVX
DXWRLQGHSHQGHQFLDFI*QORTXHVREUHVDOH\ORTXHOOHYRD/X]EHODDVXPLUXQDSRVLFLRQFRQWUDULD
D'LRV
 6LVHREVHUYDGHWHQLGDPHQWHHQHOFRQIOLFWRFRVPLFRTXH6DWDQPDQWLHQHFRQVWDQWHPHQWHFRQ'LRVFI
>@
$SVHWUDVOXFHQ\SUHYDOHFHQGRVLGHDVHQIRUPDGHVRILVPDV(O*RELHUQRGH'LRVHVLQMXVWR \
HVWRIXQGDPHQWDOPHQWHSRUTXHQRKD\DXWHQWLFDOLEHUWDGSXHVWRTXHQRSXHGHVKDFHUORTXHTXLHUHV
VLQTXHKD\DFDVWLJR
6LELHQODFULDWXUDUHVSRQGHDXQGHVLJQLR\DXQDQDWXUDOH]D\ODOLEHUWDGHVWDLQWLPDPHQWHXQLGDDO
>@
FRQRFLPLHQWRGHORVOLPLWHVGHHVDQDWXUDOH]D /X]EHOQRTXLVRGHSHQGHUGH'LRV"4XHLPSOLFDED
HVR"
/DOLEHUWDGHVWDLQVHSDUDEOHPHQWHOLJDGDDXQDQDWXUDOH]DGHFULDWXUD<SRUORWDQWRKD\XQD
GHSHQGHQFLDGHO&UHDGRU1RSXHGHVWUDVSDVDUORVOLPLWHVGHFULDWXUDVLQVXIULUODVFRQVHFXHQFLDV(V
LPSUHVFLQGLEOHHVDDVXQFLRQGHGHSHQGHQFLD/DGHSHQGHQFLDHVWDLQFUXVWDGDHQODSHUVRQDOLGDGGHOD
FULDWXUD\HVODFODYHSDUDFRPSUHQGHUODUD]RQGHODUHEHOLRQHVFRJHUODDXWRLQGHSHQGHQFLDUHFKD]DU
ODGHSHQGHQFLDUHVSHFWRGH'LRVODQRFLRQGHFULDWXUD/DQRFLRQGH&ULDWXUDGHODTXHGHEHVHU
FRQVFLHQWHHOLQGLYLGXRFUHDGRVLVHUHFKD]DUDVXUJHXQGHWHULRURGHODSURSLDQDWXUDOH]DGHOVHU
HYLGHQFLDQGRVHFRQVXDFWLWXGTXHQRVHFRQVLGHUDFULDWXUDUHFD\HQGRVREUHHOWRGRHOSHVRGHOD
UHVSRQVDELOLGDG/DH[SHULHQFLDGH6DWDQFRQWUDWRGDORJLFD\YROXQWDGGH'LRVKDVLGRODGHTXHUHU
GHPRVWUDUTXHWRGRIXQFLRQDULDPHMRUVLQDFHSWDUVXRULJHQILQLWR(VWRHVHULJLUVHFRPR'LRV/DV
FRQVHFXHQFLDVWUDJLFDVTXHHVWHSURFHGHUKDWHQLGRSDUDODKXPDQLGDGKDVLGRVXILFLHQWH\
GHVJUDFLDGDPHQWHH[SHULPHQWDGRSRUHOKRPEUH
'LRVUHJXODODOLEHUWDGPHGLDQWHOH\HV\SULQFLSLRVMXVWRVSDUDHYLWDUODDYHULDGHWRGRHOVLVWHPDGHO
VHU/DVHQDOGHTXHDOJRDQRPDORKDRFXUULGRHVHOVXIULPLHQWRTXHVHHYLGHQFLDFXDQGRQRVHFXPSOHHO
SURSRVLWRSDUDHOFXDOIXHGLVHQDGDGLFKDOLEHUWDG
/DOLEHUWDGQRHVHOKDFHUORTXHDXQROHGHODJDQD&RQVLVWHHQEDVHDVXQRFLRQ\UHFRQRFLPLHQWR
LQHOXGLEOHGHFULDWXUDHQFRQRFHU\FRPSUHQGHUODVOH\HVTXHULJHQHQWUHHO&UHDGRU\OD&ULDWXUD\HQHO
SURSLRVHUFULDWXUD\GHHVHPRGRFXPSOLUHOSURSRVLWRGLYLQR
/DSURSLDFDSDFLGDGGHFLVRULDHVWDRULHQWDGDSRUODLQWHJUDFLRQGHODGHSHQGHQFLDLPSRVLEOHGH
HVFDPRWHDUDQRVHUDEMXUDQGRGHODFRQGLFLRQGHFULDWXUD<VLELHQHQODOLEHUWDGHVWDODSRVLELOLGDGGH
HVFRJHUORFRQWUDULRDODYROXQWDGGH'LRVYROXQWDGTXHGHILQHHOSURSRVLWRGHORFUHDGRODYHUGDGHUD
FXDOLGDGGHODOLEHUWDGHVWDHQFRLQFLGLUFRQORTXHVXSRQHODQRFLRQGHFULDWXUD\GHVHUGHSHQGLHQWH
TXHVHPDQLILHVWDFXDQGRVHVXMHWDDSULQFLSLRV\OH\HVTXHHYLWDULDQHOVXIULPLHQWR\HOGHVFDODEURGHOD
QDWXUDOH]DFUHDGD8QLFDPHQWHDOWHUDQGR\WUDQVJUHGLHQGRYROXQWDULDPHQWHHVDVOH\HVRSULQFLSLRVGHO
*RELHUQRR5HLQRGH'LRVSRGLDHVWURSHDUVHODQDWXUDOH]DGHOVHU
1XQFDGHEHPRVGHROYLGDUFXDQGRSURIXQGL]DPRVHQHVWHPLVWHULRLQVRQGDEOHTXHH[LVWLDQGRV
RSFLRQHVHQOD&UHDFLRQGLYLQDGHORVVHUHVLQWHOLJHQWHVODGHFUHDUORVGRWDGRVGHODOLEHUWDGRODTXH
VXSRQHVHUXQDHVSHFLHGHURERW
(QORSULPHURKD\ODSRVLELOLGDGPHGLDQWHHOUHFKD]RGHODSURSLDFXDOLGDGHVHQFLDOTXHGHWHUPLQDOD
YHUGDGHUDOLEHUWDG\TXH\DKHPRVH[SOLFDGRHQTXHVHKDJDUHVSRQVDEOHPHQWHVXUJLUORFRQWUDULRGHO
ELHQ(VWDSRVLELOLGDGLPSRVLEOHGHUHDOL]DUVHPLHQWUDVHOVHUQRVHGHVSUHQGDYROXQWDULDPHQWHGHVX
FRQGLFLRQGHFULDWXUD\GHSHQGLHQWHGHPXHVWUDSRUXQODGRODH[LVWHQFLDGHODOLEHUWDG\SRURWURTXH
KD\XQRUGHQFRQSULQFLSLRVTXHGHWHUPLQDQHOXVRGHODOLEHUWDGSRUFXDQWRVLQRUHVSRQGHVXXWLOL]DFLRQ
DHVRVSULQFLSLRV\OH\HVVHGDQDDODQDWXUDOH]DGHFULDWXUD'HWRGRHVWRHUDFRQVFLHQWHHOVHUFUHDGR
SRUFXDQWRWRGRHOORHQWUDDIRUPDUSDUWHGHVXFRQVWLWXFLRQ<DTXLHVWDODSHUIHFFLRQFUHDUXQVHU
LQWHOLJHQWHFRQOLEHUWDG\TXHDQWHORLPSRVLEOHGHO0DOTXH'LRVKDELDPDUFDGRHQXQDFRQVWLWXFLRQ\
SUR\HFFLRQGHOVHUOLEUHGHKDFHUVHSRVLEOHFRPRIUXWRSUHFLVDPHQWHGHHVDREUDSHUIHFWDHQODTXHHVWD
LPSOLFDGDODOLEHUWDG\ODYROXQWDULHGDGGHOVHUFUHDGRODUHVSRQVDELOLGDGGHHVHHQJHQGURLPSRVLEOH
SRU'LRVKDEULDTXHDFKDFDUORDOVHUFUHDGR\DTXHODOLEHUWDGOHFRQVWLWX\HHQXQVHUUHVSRQVDEOH
6DWDQFRPR6DWDQQRHVFUHDFLRQGH'LRV(VXQDIDOVLILFDFLRQGHXQDGHODVFUHDFLRQHVGH'LRV6DWDQ
FRPRVXQRPEUHLQGLFDHVXQDGYHUVDULRGH'LRV<ODDGYHUVLGDGQRSXHGHFRH[LVWLUGHVGHODHWHUQLGDG
SRUFXDQWRORDGYHUVDULRKDGHWHQHUSUHYLDPHQWHXQDUHIHUHQFLDH[LVWHQWHDILQGHSRGHURSRQHUVHOH
>@
'HDKLTXHHVDDGYHUVLGDGVXUMDHQHOWLHPSR1RWLHQHH[LVWHQFLDRULJLQDO (OPDOVRORSXHGHYHQLUD
ODH[LVWHQFLDDSDUWLUGHODFUHDFLRQGHOELHQ(OPDOVXUJHHQHOWLHPSRFXDQGRXQDFULDWXUDTXLHUHHQ
EDVHDVXOLEUHDOEHGULRGHVSRMDUVHGHODGHSHQGHQFLDFRQODTXHHVWDLQVFULWDHQVXSURSLDOLEHUWDG\
>@
QDWXUDOH]DUHFKD]DQGRVHUFUHDFLRQ
(QWRGRHVWRVHREVHUYDHO$PRUSRUTXHODOLEHUWDGTXHHVODIDFXOWDGTXHQRVKDFHFRQVFLHQWHVGHVHU
SHUVRQDVHVWDEDUHJXODGDFRQOH\HV\SULQFLSLRVGHDPRUTXHSURFXUDEDQQRKLFLHUDPRVXQPDOXVRGH
HOOD\VLHVWRDFRQWHFLHVHVHPDQLIHVWDULDXQSHUMXLFLRHQQXHVWUDQDWXUDOH]DDODTXHHVWDLQWHJUDGDOD
OLEHUWDGDYLVDQGRQRVGHHVHPRGRGHQXHVWURPDOSURFHGHU
/DOLEHUWDGLPSOLFDODHOHFFLRQ\HOSHQVDUVREUHHOSURSLRELHQ$OSHQVDUVREUHHOSURSLRELHQ\
PDQWHQHUVXLGHQWLGDGGHFULDWXUDHQXQDUHODFLRQFRQHO&UHDGRUSRGLDUHFRQRFHU\GHWHUPLQDUFXDOTXLHU
FRVDTXHTXLVLHUDDXVHQWDUHOELHQXRSRQHUVHDHO/DSURSXHVWDGHODVHUSLHQWHHVDOJRFODUDPHQWH
LGHQWLILFDGRSRUHOVHUKXPDQRFUHDGRVHDVRFLDHOVDEHUVREUHHOELHQ\HOPDOFRQHOFXHVWLRQDUORTXH
HO'LRV&UHDGRUKDGLFKR(VHVDSHUPLVLRQSRUSDUWHGHOVHUKXPDQRGHTXHUD]RQDPLHQWRVFRQWUDULRVDO
SODQFUHDWLYRGH'LRVDFFHGDQDODPHQWHSRQLHQGRHQGXGD\FRQWUDGLFLHQGRODVSDODEUDVGHO&UHDGRU
TXHDLVODQDODUD]RQGHODIHHQ'LRVFRQYLUWLHQGRVHHQWRQFHVODUD]RQHQVXSUHPDHQXQLGRORTXH
GHVEDQFDD'LRV)XHHVDDSHUWXUDKDFLDODVHUSLHQWHVLQFRQVXOWDUFRQHO&UHDGRUTXHURPSHVXUHODFLRQ
\SHUPLWHODHQWUDGDGHODVHGXFFLRQ(VODIDOWDGHIHHQ'LRVGHFLGLUSUHVFLQGLUGH(OORTXHSURSXJQD
FRGLFLDHOTXHUHUH[SHULPHQWDUDOJRGLVWLQWRDOSODQGH'LRVLQGHSHQGL]DUVHGHORTXHLPSOLFDVHU
FULDWXUD6HUFULDWXUDVLJQLILFDVHUOLEUHGHFXDOTXLHUIRUPDGHPDO3XHVWRTXHODFULDWXUD\HVHOPHQVDMH
GHDGYHUWHQFLDTXH'LRVOHVGDFI*QQRSXHGHH[SHULPHQWDUHOPDOVLQVXIULUVXGHVWUXFFLRQ
HODQLTXLODPLHQWRGHODOLEHUWDGODPRGLILFDFLRQGHOHTXLOLEULRFRPRSHUVRQDHOVXIULPLHQWROD
HQIHUPHGDGODPXHUWHDWUR]RV1RKD\LJQRUDQFLDHQODFDLGDVLQRXQWRWDOGHVSUHFLRGHVXFRQGLFLRQGH
FULDWXUD\GHO&UHDGRUFI*Q(VXQDRIHQVDVREHUELDKDFLDVXH[LVWHQFLDFRPRWDO(VHOTXHUHU
SURSRQHUVHDSHUGHUODYLGD\WRGRSRUXQXVRLQDGHFXDGRGHODOLEHUWDGGHVOLJDGRGHVXUHODFLRQFRQ
'LRVTXHOHRWRUJDVXFRQGLFLRQGHFULDWXUDOLEUH1RKD\DXWHQWLFDOLEHUWDGVLVHSLHUGHRVHDUULHVJDOD
SRVLFLRQGHFULDWXUDDODTXHHVWDLQWHJUDGDODOLEHUWDG6LELHQODOLEHUWDGDSDUHFHFRPRSRVLEOHGH
XWLOL]DUODGHPRGRGLVWLQWRDOTXHODJUDQGH]DGHFULDWXUDUHFODPD\VHRULHQWDIXHFRQFHGLGDGHPDQHUD
LQGLVROXEOHHQODQDWXUDOH]DKXPDQDDILQGHTXHVHHYLGHQFLDUDPHGLDQWHODREHGLHQFLD\ILGHOLGDGD
'LRVHOUHVXOWDGRSRVLWLYR\GHELHQHVWDU<GHHVWHPRGRUHFRQRFHU\FRQYHQFHUVHILMDQGRORFDGDYH]
PDV\FUHFLHQGRHQODLGHDGHTXH'LRVHV%XHQR\&UHDGRU\TXHPHUHFHODSHQDSHUPDQHFHUOLEUHSDUD
HOELHQ\YLYLHQGRHQXQDH[LVWHQFLDSOHQDPHQWHGHFULDWXUDOLEUHVLQODWDUDGHODH[SHULHQFLDGHOPDO
TXHORGHVWUX\HWRGR
$OJXLHQVHSUHJXQWDUD"3RUTXHVHSHUPLWLRHVWR"&XDQGRVHHQJDQDHQORVWHUPLQRVTXHORKL]RHVWH
KRPLFLGDDODWHUFHUDSDUWHDQJHOLFD\FRORFDODGXGDHQODPHQWHGHVHUHVFUHDGRVHVSUHFLVRWLHPSR
SDUDTXLWDUHVDGXGD$GHPDVVHDQDGHHOKHFKRGHTXHH[LVWHHQODSHUVRQDOLGDGGH'LRVHOLQWHUHVGH
VDOYDUORGHOHUURUDSURYHFKDQGRVHHOKRPLFLGDSDUDH[WHQGHUVXSODQ\FUHHQFLDGHTXHHVFRPR'LRV
D7HVFI,VD\TXHHVSUHFLVRDUUHJODUODVFRVDVPHGLDQWHXQDOLEHUWDGDEVROXWD
TXHREOLJDDFRPSUREDUVH'LRVHQWRQFHVWLHQHTXHGHVSOHJDUVXSODQGHHPHUJHQFLD\H[SOLFDUWRGR
HVWRVLQGDQDU\UHVSHWDQGRODOLEHUWDGDILQGHUHVJXDUGDUDORVTXHOHDFHSWHQ\SHUPLWLUTXHVH
FRPSUXHEHVLVHDWHQWDDOGLVHQR\UDLFHVGHODQDWXUDOH]DFUHDGD
 (VWRHVORTXHHVWDPRVYLHQGRHQODVWURPSHWDV/RTXHKDVXFHGLGR\VXFHGHFRQOD(VWUHOODFDLGD
'LRVSRUXQODGRWLHQHTXHPRVWUDUDOXQLYHUVRTXHORTXHKDGLFKR\KHFKR6DWDQHVORTXHVHHYLGHQFLD
HQODH[LVWHQFLDSHUVRQDOGHFDGDXQR\HQHOPXQGRVRFLDO<ORTXHYHPRVHVWRGDHVWDWUDJHGLDWRGDOD
PHQWLUDODFRUUXSFLRQHOUHODWLYLVPRPRUDOODFRQIXVLRQHOHQJDQRODWRUWXUDHOWHUURULVPRODVJXHUUDV
ODGHVDSDULFLRQGHODJDSHSRUKDEHUVHPXOWLSOLFDGRODPDOGDG
<SRURWUDSDUWH'LRVDGHPDVGHODLGHQWLILFDFLRQGHWRGRVHVWRVPDOHVFRPRFRQVHFXHQFLDGHOD
UHEHOLRQPXHVWUDVXSODQGHVDOYDFLRQWRGRDTXHOORTXHHOKRPEUHSUHFLVDSDUDUHFXSHUDUODLPDJHQGH
'LRV<HO0HVLDV-HVXFULVWRDOPRVWUDUQRVHOFDPLQRGHYXHOWDKDFLDHO3DGUHHOUHFRQFLOLDUQRVFRQHVD
LPDJHQURPSLHQGRFRQODUXSWXUDFRQODYLGDTXHOOHYRODGHVREHGLHQFLDRHODSDUWDUVHGHO3DGUHOOHJR
FRQHVDYLGDLPSHFDEOH\GHREHGLHQFLDD'LRVKDVWDWHQHUTXHPRULUVLTXHULDVDOYDUQRVVLTXHULDTXH
KXELHUDVHQWLGRDORTXHKDELDYHQLGRDKDFHUHQYLDGRSRUHO3DGUH
3RUHVRHVWD7URPSHWDHVXQMXLFLRFRQWUDOD(VWUHOODFDLGDVHQDODQGRVXLGHQWLGDG\VXREUDSHUYHUVD
DILQGHGHVSHUWDUDORVVHUHVKXPDQRVDUHFRQFLOLDUVHFRQHO'LRVTXHVHUHYHODFRQORVPHGLRVTXHSRQH
DQXHVWUDGLVSRVLFLRQ
 6H[WD7URPSHWD$S
(OVH[WRDQJHOWRFRODWURPSHWD\RLXQDYR]GHHQWUHORVFXDWURFXHUQRVGHODOWDUGHRURTXH
HVWDEDGHODQWHGH'LRVGLFLHQGRDOVH[WRDQJHOTXHWHQLDODWURPSHWDGHVDWDDORVDQJHOHVTXH
HVWDQDWDGRVMXQWRDOJUDQULR(XIUDWHV<IXHURQGHVDWDGRVHVWDEDQSUHSDUDGRVSDUDODKRUDGLD
PHV\DQR$S
(VWDPRVFRPSUREDQGRTXHFDGDXQDGHODVWURPSHWDVKDVWDODVH[WDGXUDWRGRHOHVSDFLRGHOD
KLVWRULD1RKD\PRWLYRVHQHOWH[WRGHODVH[WDWURPSHWDSDUDYDULDUHVWDSHUVSHFWLYD
(QHOFDVRGHODVH[WDHPSLH]DGHVGHHODOWDUGHOLQFLHQVRDOTXHVHGLULJHQWRGRVGHWRGDVODVHSRFDV
HQSURFXUDGHUHODFLRQFRQ'LRV\GHD\XGD3HURORPDVLPSRUWDQWHHVTXHGHVSXHVGHH[SRQHUVH
ORVFRQWHQLGRVGHOWRTXHGHODWURPSHWDVHLQWURGXFHWRGRHOFRQWHQLGRGHOFDSLWXOR\GHOFDSLWXOR
GRQGHDSDUHFHHOSHULRGRSURIHWLFRGHGLDVVLPEROLFRV<GHVSXHVGHGHVFULELUQRVORVGLDV
QRVOOHYDDXQDHVFHQDTXHVHUHODFLRQDFRQ$S<GHVSXHVTXHHVRVFRQWHQLGRVVHFXPSOHQGH
DFXHUGRDOSURIHWDTXHQRVORHVWDSUHVHQWDQGRQRVGLFHTXHHOVHJXQGRD\SDVR$S6L
FXDQGRVHQRVDILUPDTXHHOSULPHUD\SDVRFI$SHVSDUDLQGLFDUQRVTXHDKLDFDERHO
FXPSOLPHQWRGHWRGRHOSURFHVRHQTXHVHQRVGHVFULEHODDFWXDFLRQGHODHVWUHOODFDLGDGHVGHVX
DUURMDPLHQWRGHOFLHORKDVWDHOILQDODKRUDVHQRVHVWDUDTXHULHQGRGHFLUORPLVPRUHVSHFWRDODVH[WD
WURPSHWD\DOVHJXQGRD\(OSURFHVRGHFXPSOLPLHQWRDTXLHVGHVGHTXHODWURPSHWDKDFHVRQDUVX
FRQWHQLGRHQHOFRPLHQ]RGHOPLQLVWHULRTXHFRUUHVSRQGLDDODWLSRORJLDGHOOXJDUVDQWRGHVGHHODOWDU
GHRURKDVWDPX\SDVDGRVORVGLDVVLPEROLFRV+DVWDHOOLPLWHLPSXHVWRGHOILQGHOWLHPSRGH
JUDFLD
6LQRVSHUFDWDPRVWRGRORTXHVHGLFHHQHVWDVH[WDWURPSHWDKDHVWDGRRFXUULHQGRHQODKLVWRULDGHVGH
ODSULPHUDYHQLGDGH-HVXFULVWR3RUORWDQWRHOVROWDUDORVDQJHOHVTXHUHWLHQHQDORTXHLPSOLTXHOR
GHO(XIUDWHVQRWLHQHVHQWLGRVLORUHWUDVDPRVDORVPRPHQWRVILQDOHVGHODKLVWRULD7DQWRHQODHSRFDGH
ODVLJOHVLDVOLWHUDOHVGH$VLDFRPRSRVWHULRUPHQWH\KDVWDDKRUDORVDQJHOHVKDELDQGHMDGRGHUHWHQHU
ORGHO(XIUDWHV1RFDEHGXGDTXHHVWRVDQJHOHVKDELDQHVWDGRKDFLHQGRXQPLQLVWHULRGHFRQWHQFLRQ
UHVSHFWRDXQDDPSOLD\OLEUHH[SRVLFLRQGHODVLGHDV%DELORQLFDV5HFXHUGHQTXHOD0XMHU%DELORQLFD
HVWDVHQWDGDHQOD%HVWLD\HQHOPDUGHJHQWH/D%HVWLDKDH[LVWLGRGHVGHHOSULPHULPSHULRTXHOD
%LEOLDQRVSUHVHQWDFRPRWDO'HVGHODHSRFDGH1DEXFRGRQRVRU
(OLPSDFWRGHOSURIHWLVPRGH,VUDHOFRQHODQXQFLRGHO0HVLDV\ODIDOWDGHFRRUGLQDFLRQ\SUR\HFFLRQ
KLVWRULFD\JHRJUDILFDFRQWURODGDSRUODSURYLGHQFLDGLYLQDGXUDQWHWRGDODKLVWRULDDQWLJXDMXQWRDOD
LPSUHVLRQLPERUUDEOHGHODVHQVHQDQ]DVGH-HVXFULVWRGLVWULEXLGDVSRUHOFROHFWLYRDSRVWROLFRIXHURQGH
WDOQDWXUDOH]DTXHFRQWXYRDODIXHQWHEDELORQLFDGHO(XIUDWHVFRPRHVWDQGRUHWHQLGDSXGLHQGRQRVHU
XQREVWDFXORVHULRHQHVHSULPHUPRPHQWR
"&XDQGRVHGHMDGHUHWHQHUODLQIOXHQFLDGHO(XIUDWHV"'HVGHHOFRPLHQ]RGHOPLQLVWHULRVDFHUGRWDO
GH-HVXFULVWR/DKLVWRULDQRVPXHVWUDTXHHOLPSHULR5RPDQRLQWURGXMRSRUGLIHUHQWHVPHGLRVLGHDV
EDELORQLFDVTXHHPSH]DURQDDFWXDUGHDFXHUGRDOSODQGHO'UDJRQ\DWUDMRDXQPXQGRVHFXODUL]DGRGH
DTXHOODHSRFD3HURWDPELHQODKLVWRULDQRVGLFHTXH3DEORMXQWRDRWURVHYDQJHOLVWDVLWLQHUDQWHVKDELDQ
OOHYDGRHOHYDQJHOLRSUDFWLFDPHQWHDWRGRHOPXQGRFRQRFLGRVXSHUDQGRDFXDOTXLHULGHRORJLD
EDELORQLFD\TXHDILQDOHVGHOVLJORWHUFHUR\FRPLHQ]RVGHOFXDUWRHO&ULVWLDQLVPRPRVWUDEDFRQHO
SRGHUGHO(YDQJHOLRTXHODVPHQWHVGHORVVHUHVKXPDQRVHVWDEDQHQXQDPD\RULDSURFOLYHVDOSODQGH
'LRV3HURFXDQGROOHJDPRVDHVDQHIDVWDHSRFDFRQVWDQWLQLDQDGH&RQVWDQWLQRHODXWROODPDGR
GHFLPRWHUFHUDSRVWROVLQKDEHUDEDQGRQDGRHOLGHDULRLPSHULDOURPDQRORTXHLPSOLFDVHU3RQWLIH[
0D[LPXVGHRULJHQEDELORQLFRDGRUDGRUGHO'LRVVROVHSURGXFHXQDVLPELRVLVPDJLVWUDOGHDUWH
OXFLIHULQRHQWUHLGHDVFULVWLDQDVHLGHDVEDELORQLFDVFRQORTXHHOLPSXOVREDELORQLFRJDQRJUDQGHV
GLYLGHQGRVDSRGHUDQGRVHGHOPXQGRHQWHURKDVWDSHUGHUVHHQODQHJUXUDGHODDOWD\EDMDHGDG0HGLD
3RUTXHFXDQGROOHJXHHORWURPD[LPRULYDOHO,VODPHVWHGHVGHHOSULQFLSLR\DHVWXYRPDUFDGRSRU
%DELORQLDLQGHSHQGLHQWHPHQWHGHVXVLGHDVPRUDOLVWDV\HVSLULWXDOLVWDV\GH$ODFRPRXQLFR'LRV\
0DKRPDVXSURIHWDFRPRWDPELHQODVWHQLDHOVLVWHPDSDSDO(VWRVGRVJUDQGHVGRPLQLRV
LQGHSHQGLHQWHPHQWHGHKDFHUVHODJXHUUDHQWUHVLHLQWHULRUPHQWHHQWUHHOORVPLVPRVYDQSURSDJDQGRVXV
LGHDVEDELORQLFDVDOPHMRUSRVWRUGHMDQGRTXHRWUDVLGHDVEDELORQLFDVPDVOHMDQDVFRPRHOKLQGXLVPR\
HOEXGLVPRYD\DQKDFLHQGRGHODVVX\DVKDVWDDOFDQ]DUHOHVSOHQGRUGHXQVLQFUHWLVPRHVSLULWLVWD\GH
1XHYD(UD
3HURFRQHO5HQDFLPLHQWR\ODUHIRUPDHOSRGHUODLFRVHGHMDRLU\VRODPHQWHFRQVXVUHDFFLRQHV
IUHQWHDOSRGHUHVWDEOHFLGRLQMXVWR\FUXHOHQODPD\RULDGHODVRFDVLRQHVFRQWUDULRDODOLEHUWDGGH
FRQFLHQFLD\GHORVGHUHFKRVKXPDQRVHO'LRVTXHVHUHYHODPHGLDQWHVXUHLQR\ORKHPRVYLVWRHQ
DOJXQRWURDSDUWDGRVLJXHFRQVWUX\HQGRGHVSXHVGHODREUDGHORVGRVWHVWLJRVVXPLVWHULRVD\H[WUDQD
REUD,VDXSTXHUHVXOWDUDHQODOLEHUWDGGHFRQFLHQFLD\UHOLJLRVD\GHGHUHFKRVKXPDQRV\
GHPRFUDFLDFI$S$OPLVPRWLHPSRHO'UDJRQVHUHYXHOYHFRQORVSURWDJRQLVWDVEDELORQLFRV\D
H[LVWHQWHVDSURYHFKDQGRVHGHODQXHYDFR\XQWXUDGHOLEHUWDGHVWUD\HQGRGHPRGRDJUHVLYRHOYLQRGH
%DELORQLDDWRGDVODVLQVWDQFLDVLQFOXVRFULVWLDQDV
3RUORWDQWRHVWDREUDGHGHVWUXFFLRQTXHVHDQXQFLDHQHVHGHMDUGHUHWHQHUDORGHO(XIUDWHVFI
>@
XSSUHSDUDGRSDUDXQPRPHQWRGLYLQDPHQWHDVLJQDGRHQHOWLHPSR ORTXHVLJQLILFDULDHVH
PRPHQWRSXQWXDOGHKRUDGLDPHV\DQRDFRQWHFHHQWRGRHOHVSDFLRWHPSRUDOGHVGHODDVFHQVLRQ\
FRPLHQ]RGHOPLQLVWHULRFHOHVWHGHO+LMRGHO+RPEUHSDUDDFDEDUFRQORVHQHPLJRVGH'LRVKDVWDHO
LQLFLRGHODVHSWLPDWURPSHWD
3DUDDFDEDUFRQORVHQHPLJRVGH'LRVHVQHFHVDULRLGHQWLILFDUORV\MXVWLILFDUODSHUYHUVLGDGGHHVRV
TXHVHKDQFRQVWLWXLGRHQHQHPLJRV<GHHVWHPRGRDGYHUWLUDVXSXHEORSDUDSRGHUDIURQWDUPHMRUVX
EDWDOODLGHRORJLFD\HVSLULWXDOIUHQWHDODVFRQWDPLQDFLRQHVGHO'UDJRQ<HVRHVORTXHSUHWHQGH'LRV
FRQODVH[WDWURPSHWD1RVLQYLWDDTXHFRQR]FDPRVFXDQWRKRUURU\HUURUKDFRPHWLGRORGHO(XIUDWHV
(XIUDWHV6XVDJXDVULHJDQ%DELORQLDFI-HU\VHXWLOL]DFRPRVLPERORSDUDWRGDOD
SRVWHULGDGGHODIXHQWHGHOSDJDQLVPR\GHOFI$SFI(VWRVLJQLILFD
TXHDSDUWLUGHOPRPHQWRLQGLFDGRSRU'LRVGHMDGHKDEHUUHWHQFLRQ\GHHVWHPRGRVHLGHQWLILFDDXQR
GHORVHQHPLJRVGH'LRV
-LQHWHVFDEDOORVFRUD]DVFDEH]DVOHRQHV
(OHQWUDPDGRTXHVHSUHVHQWDGHMLQHWHV\FDEDOORV$SVHQDOHVWRVGHDFFLRQGHIXHU]D
DSR\RDOFRPEDWHD5H\-RE,VDHVHOPLVPRTXHORTXHVHGLFH\
KDFHQODVODQJRVWDV\ORVHVFRUSLRQHV/DVODQJRVWDVGHPRQLDFDVVDOHQGHODELVPR\ORV
MLQHWHVVDOHQGHO(XIUDWHV3HURHO(XIUDWHVHVODPRUDGDDELVPDOGHO'UDJRQHOSULQFLSHGHORV
GHPRQLRV(VHOOXJDUGRQGHODLQVSLUDFLRQVDWDQLFDRULJLQDDOJUDQSURVHOLWLVWDFRQSUR\HFFLRQJOREDO\
UHFXHUGHQHOQRPEUHGHHVD(VWUHOODFDLGDGHVWUXFWRU"<SRUTXH"3RUTXHHVKRPLFLGD\SDGUHGHOD
PHQWLUD-QFI*Q<DKLHQ%DELORQLDVHSUR\HFWDUHSUHVHQWDWLYDPHQWHORTXHVHRULJLQR
GHVGHHOFRPLHQ]RGHODKXPDQLGDG*Q/RVGRVWDQWRODVODQJRVWDVFRPRHVWRVMLQHWHVWHQLDQ
FRUD]DVVHQDOGHSURWHFFLRQSDUDVXVDWDTXHVLGHRORJLFRV(VGHFLUVXREUDGHDSRGHUDUVHGH
ODVPHQWHVXQDYH]KHFKDHVFDVLLUUHEDWLEOH1XHVWUDGHIHQVD\SUHYHQFLRQHVWDHQOD3DODEUDGH'LRVOD
JUDQDUPDGXUD(IFIVV(OSRGHUGHXQRV\RWUDVHVWDHQVXVFRODV$SFI,VD
7DQWRORVHVFRUSLRQHVFRPRODVVHUSLHQWHVHVWDVXOWLPDVPDVVRUSUHQGHQSLFDQGRSRUGHWUDV
HVGHFLUXQLQVWUXPHQWRGHDVWXFLD\GHHQJDQRFRQHOTXHVHYDOHQSDUDHQYHQHQDU\PDWDUSDUDODYLGD
GH'LRV/DVODQJRVWDVSRVHLDQGLHQWHVGHOHRQ\ORVFDEDOORVFDEH]DVFRPROHRQHV$S
(VWRVMLQHWHVVRQXQHMHUFLWR$STXHSXHGHQDOXGLUDDQJHOHVEXHQRV6DOD5H\
FI+E\DFDLGRV'QFI'QFI$S/DVFDEH]DVVRQRUJDQRV
UHFWRUHVTXHSLHQVDQ\SUR\HFWDQVXSHQVDPLHQWR6LVHGDQFXHQWDHVWRVMLQHWHVDQJHOHVVHD\XGDQ
PHGLDQWHFDEDOORVIXHU]DDX[LOLDUHQODOXFKD(QHVWHFDVRORVMLQHWHVDQJHOHVXVDQLQVWUXPHQWRV
DX[LOLDUHVSRGHUHVKXPDQRVTXHWLHQHQFDEH]DVFI$STXHSLHQVDQ\SUR\HFWDQVX
SHQVDPLHQWRGHOHRQ(QHVWHFDVRWRGDVODVFDEH]DVVRQGHOHRQ
(OOHRQDSDUHFHFRPRVLPERORGHOD%HVWLD%DELORQLFDFI'QFI-HU\FRPRPHWDIRUDOD
ILHUH]DFRQTXHDWDFDDVXVYLFWLPDV8QDYH]HQYHQHQDGDVODVGHVKXHVDQ(QHVWHFDVRODPHWDIRUDQRV
OOHYDDLQWHUSUHWDUTXHODVFDEH]DVGHOD%HVWLDGH$SFI$SHVWDQLPSUHJQDGDVGHOR
EDELORQLFR\HQVXTXHKDFHUJXEHUQDPHQWDO\GHUHLQRORSUR\HFWDQHQODKLVWRULDFRPRDX[LOLDUHVHQOD
JXHUUDFDEDOORVGHOHMHUFLWRGHMLQHWHVDQJHOHVFDLGRVTXHPDQWLHQHQFRQWUD'LRV\VXVHMHUFLWR
FHOHVWH\VXDX[LOLDUHVWHUUHVWUHTXHVHKDQSURWHJLGRFRQORVHOHPHQWRVGHD\XGDTXH'LRVOHVSURYHHHQ
ODSDODEUDGH'LRV\TXH\DKHPRVGHVFULWRHQRWURVOXJDUHV5HFXHUGHQQRVRWURVWHQHPRVDO/HRQGH
-XGDTXHKDYHQFLGRFRPRFRUGHURLQPRODGR$SSRUHOSRGHUGHODSDODEUDGH'LRV\VX
VXMHFLRQDO3DGUH\HVQXHVWURHMHPSOR\QXHVWUDLQVSLUDFLRQLGHRORJLFDGHOUHLQRGH'LRV
(YLGHQWHPHQWHHVWDVH[WDWURPSHWDHVWDLGHQWLILFDQGRDORGHO(XIUDWHVFRPRHOLQVWUXPHQWRTXHSRVHH
OD(VWUHOODFDLGD<QRVPXHVWUDFRPRVHKDQHQJUDQGHFLGRORVSUR\HFWRVGHGHVWUXFFLRQGHOD
KXPDQLGDG$OSUHVHQWDUQRV'LRVHVWHFXDGURWDQHVSDQWRVR\H[WUDYDJDQWHHVSDUDLGHQWLILFDUQRV
FODUDPHQWHSRUTXHVHYDDGHVWUXLUDHVWHHQHPLJRFUHDGRSRUOD(VWUHOODFDLGD(QUHDOLGDGQRVRWURV
QRVDGHODQWDPRVFXDQGRDOOHHUORGHOD(VWUHOODFDLGD\HQEDVHDODSHUVSHFWLYDKLVWRULFDTXH
SRVHPRVH[SOLFDPRVVXPDQHUDGHDFWXDU3HURFXDQGRXQROHHHQWHQGLHQGRORVVLPERORVTXHVHPDQHMDQ
HQODGHVFULSFLRQGHODREUDGHHVD(VWUHOODFDLGDQRH[LVWHQGDWRVDKLSDUDVDEHUTXLHQKDFHHVRTXHVH
QRVGHVFULEHTXHYDDUHDOL]DUOD(VWUHOODFDLGD/RJLFDPHQWHHQHVWHSUR\HFWRGHODV7URPSHWDV'LRV
QRVSUHVHQWDHOLQVWUXPHQWRQXPHURXQRTXHSRVHHHO'UDJRQHQODWLHUUDSDUDOOHYDUDFDERVXREUD
GDQLQD\PDOLJQD3RUXQODGRHQOD7URPSHWDVHLGHQWLILFDHOPDOODSHUYHUVLGDGGHHVWHHQHPLJRTXH
KD\TXHDFDEDUFRQHO\SRURWURVHFRQWHPSODTXHODREUDUHVXOWDQWHHQORVVHUHVKXPDQRV$S
ORVTXHKDQH[SHULPHQWDGRFRQLQGLIHUHQFLDORVRWURVPXHUHQWUDJLFDPHQWH^$S`OD
FRQWDPLQDFLRQHQWRGRVORVRUGHQHVDQLPLFRVGHODDFWXDFLRQGHORGHO(XIUDWHVQRKDVHUYLGRSDUD
SURGXFLUXQDUHDFFLRQGHSHWLFLRQGHD\XGDTXHOHVKXELHUDSRGLGROOHYDUDODUUHSHQWLPLHQWR$S
VLQRTXHKDQPDQWHQLGRXQDH[LVWHQFLDGHSDVRWLVPRGHHQWUHJXLVPRDODVLGHDVEDELORQLFDV1R
H[LVWHXQFRPSURPLVRHQHOVHQWLGRGHDGKHULUVHRILFLDOPHQWHVDFDQGRVHXQDWDUMHWDLGHQWLILFDWLYD
FRPRHVHOFDVRGHHVDRWUDWHUFHUDSDUWH6HKDQYLVWRDUUDVWUDGRVSRUTXHHVDVLGHDV
EDELORQLFDVFRQVLGHUDGDVHQHOSODQRGHORHPRFLRQDO\GHOVHQWLPLHQWRDLVODGRGHOUDFLRFLQLR
GHVSHUWDURQFXDQGRQRKD\ODSURWHFFLRQGLYLQDODFRPSODFHQFLDORSDVLRQDOHOWUHQGHYLGDOD
RFXSDFLRQHQORSXUDPHQWHPXQGDQDOVLJXLHQGRODVFRQVLJQDVGHODFRQFHSFLRQHVWDWDOGHWXUQRFDEH]D
\GHVXVVHPHMDQWHVFXHUQRVRULHQWDGRWRGRHOORSRUODPXMHUEDELORQLFDFI$S

6LVHREVHUYDELHQHOWH[WRVHFRPSUXHEDQGRVWLSRVGHSHUVRQDVTXHVHYHQDOFDQ]DGDVSRUODRUELWD
GHORGHO(XIUDWHVXQDVFDWDORJDGDVFRPRODWHUFHUDSDUWHGHORVKRPEUHV\TXHVRQPDWDGRVSRUODV
SODJDVGHIXHJRD]XIUH\KXPR$S\ORVRWURVKRPEUHVTXHQRIXHURQPXHUWRVSRUHVDV
SODJDVGHIXHJRD]XIUH\KXPR$SSHURTXHQRVHDUUHSLQWLHURQ
(VDWHUFHUDSDUWHHVODSDUWHUHEHOGHFRQVFLHQWH\FRPSURPHWLGDFRQOREDELORQLFRTXH\DKHPRV
>@
GHVFULWRUHSUHVHQWDWLYDPHQWHFRQORGHODVFDEH]DVGHOHRQGHORVFDEDOORVGHORVMLQHWHV HO
HMHUFLWR(VHFRPSURPLVRHVWDOTXHVHOHVOOHJDDPDWDUFRPRVHUHVKXPDQRVFUHDGRVSRU'LRVFRQVX
GLVHQR\GHVLJQLRGHVDOYDFLRQPHGLDQWHODVWUHVSODJDVGHIXHJRD]XIUH\KXPR
/DVFDEH]DVGHOD%HVWLDGHHVWDIXHU]DDX[LOLDUGHORVMLQHWHVTXHVRQPRQWHVRUHLQRVRUH\HVFI
$SHVWDQHQYHQHQDGDVFRQODLGHRORJLDEDELORQLFD\PHGLDQWHVXGHVDUUROORHQODKLVWRULD
HVFXSHQHVDLGHRORJLDEDELORQLFDSRUVXERFDH[KDODQGRIXHJRD]XIUH\KXPR/RVKRPEUHV
FRPSURPHWLGRVHQHVRVUHLQRVDVXPHQ\VHGHMDQWUDVFHQGHUSRUHVHIXHJRD]XIUH\KXPRTXHORVPDWD
$SXS\VHFRQFUHWL]DFRPRVLHQGRHVHWHUFLRGHKXPDQLGDGUHEHOGH
(VHSRGHUGHPDWDUTXHSRVHHODIXHU]DDX[LOLDUGHOHMHUFLWRGHMLQHWHVHVWDHQVXERFDLGHRORJLFD
\HQVXVFRODVVHPHMDQWHVDVHUSLHQWHVWHQLDQFDEH]DV\FRQHOODVGDQDEDQ$S
%RFD'HODERFDGHO'UDJRQVDOHQFRPRULRVGHDJXDTXHSUHWHQGHQGHVWUXLUORVSULQFLSLRVGHO5HLQR
GH'LRVGHOD0XMHUFHOHVWHVDOYDJXDUGDGRVHQODWLHUUDSRUOD,JOHVLDGHO5HVWR$S(O
'UDJRQUHSUHVHQWDGRHQOD%HVWLDGH$SRFDOLSVLVDEUHVXERFDFRPRHO&XHUQRSHTXHQRKDEODQGR
JUDQGHVFRVDVFRQWUD'LRVFRQWUDVXQRPEUHWDEHUQDFXOR\GHORVTXHPRUDQHQHOFLHORFI'Q
FID7HV<HOWULXQYLUDWRPDOHILFR$SOLGHUDGRSRUHOSURSLR'UDJRQDUURMD
SRUVXERFDXQDSHVWLOHQFLDLQPXQGDEDELORQLFDTXHODKDFHSUHVHQWHDXOWLPDKRUD
3HURUHFXHUGHVHTXHQRVGHILHQGHXQDHVSDGDGHGRVILORVHOSRGHUGHODSDODEUDGH'LRVRGHORVGRV
WHVWLJRV$SFI+EFI$S7RGRHOORTXHVDOHGHODERFDGHO+LMRGHO+RPEUH
R9HUERGH'LRV$S
&RODVFRPRVHUSLHQWHV$TXLVHDXQDODFRODHOLQVWUXPHQWRGHDVWXFLD\HQJDQRTXHWDQWRHOHVFRUSLRQ
FRPRHVSHFLDOPHQWHODVHUSLHQWHWLHQHQ(QHVWHFDVRHVDFRODWLHQHXQDFDEH]DGHVHUSLHQWH/D
VHUSLHQWHVLPERORGHODGYHUVDULRGHQRPLQDGRGLDEORRVDWDQDVFI$S6HQRVSURSRQHFRQHVD
LPDJHQTXHHORULJHQGHHVHYHQHQRTXHLQRFXODULDGHDFXHUGRDODLPDJHQXWLOL]DGDSDUDODTXLQWD
WURPSHWDODGHOHVFRUSLRQHVWDFRQIRUPHDODVH[WDWURPSHWDHQODVHUSLHQWHDQWLJXDODJUDQFDEH]D
UHEHOGHTXHKDSUR\HFWDGRVXLGHRORJLD\UHEHOGLDHQHOPXQGRHQWHUR1RWHVHWRGDYLDPDVODLPDJHQ(O
YHQHQRGHODVHUSLHQWHRGHOHVFRUSLRQQHFHVLWDXQDQWLGRWRXUJHQWHVLQRODSHUVRQDPXHUHHQSRFRV
LQVWDQWHV(QHVWHFDVRILJXUDGRVHQRVDYDQ]DTXHHVDWHUFHUDSDUWHKXPDQDUHEHOGHFRPSURPHWLGD
SROLWLFD\UHOLJLRVDPHQWHVHKDGHMDGRSLFDUSRUODVHUSLHQWHUHFKD]DQGRODSURWHFFLRQGLYLQDFI-Q
VV\SHUPLWLHQGRHOHQYHQHQDPLHQWRLGHRORJLFR\SUR\HFWDQGRORVREUHODVPXFKHGXPEUHV\
SXHEORV
"4XHHVORTXHHVDVFDEH]DVVLPEROLFDV\HVRVFXHUQRVH[KDODQDHVHWHUFLRGHKXPDQLGDG
FRPSURPHWLGDHQHOTXHKDFHUSROLWLFRUHOLJLRVR"
)XHJRKXPR\D]XIUH
/DSDODEUDGH'LRVHVFRPRIXHJR-HUFI'LRVSRQHSDODEUDVHQODERFDTXHVRQIXHJR
-HUHVHOIXHJRGHO(VSLULWX6DQWRD&RU0WFI+HFKTXHSXULILFD
0DOT3HURWDPELHQKD\XQIXHJRH[WUDQRTXHWLHQHXQRULJHQGLVWLQWRD'LRV\TXHGHVWUX\H/Y

0HGLDQWHXQIXHJRHVSLULWXDOH[WUDQR\GHVWUXFWRUGHODYLGDQDWXUDOGLVHQDGDSRUHO'LRVTXHVHUHYHOD
FI$SVHSUHWHQGHFDPELDUGHOKRPEUHHOSURSRVLWRSRUHOFXDOIXHFUHDGRHQVHQDQGROHD
GHVRLUODREUDGHFRQYHQFLPLHQWRGHO(VSLULWX6DQWRFI-Q6HWUDWDGHOIXHJRGHO'UDJRQ$S
FI$SGHO(VSLULWXUHEHOGHTXHDFWXDFRQWUDHVWDKXPDQLGDG(I
+D\XQKXPRTXHPDQLILHVWDODJORULDGH'LRV$STXHVXEHFRPRLQFLHQVRGHODVRUDFLRQHVGH
ORVVDQWRV$S3HURFXDQGRVHLQWHQWDLPLWDUHOIXHJRGH'LRVRHOKXPRGH'LRVFRPRHVHOFDVR
HQHVWDVH[WDWURPSHWD\ODTXLQWD$SHQWRQFHVUHVXOWDHQPXHUWHSRUFXDQWRVHWUDWDGHXQ
KXPRTXHGHVWUX\HODOX]\RVFXUHFHHOHQWHQGLPLHQWR<HVRPDWDODVFHOXODVQHXURQDVGHOFHUHEUR
LPSLGLHQGRSHQVDPLHQWRVGLVWLQWRVDORTXHORGHO(XIUDWHVKDLQVSLUDGR
<SRUVLIXHUDSRFRHVWRFRQODSRWHQFLDGHOX]\FDORUTXHVXSRQHHOD]XIUHFRPRVLPEROR
GHVWUXFWRUVHDUUXLQDQODVLGHDVTXLWDODOODPDPRWLYDGRUDPHGLDQWHHOD]XIUHTXHPDGRVHOHDVIL[LD
GHMDQGROHVLQR[LJHQR
3RUHVWDVWUHVSODJDVIXHPXHUWDODWHUFHUDSDUWHGHORVKRPEUHV$S
$HVHWHUFLRUHEHOGHVHOHVKDPDWDGR6XFRPHGXUDGHFRFRHVGHWDOQDWXUDOH]DTXHVHOHVTXLWDHO
HVSLULWXSHQVDQWHDILQGHKDFHUIUHQWH
<DORVKHPRVGHVFULWRFRPRORVFRQWDPLQDGRVSRVH\HQGRXQFRPSRUWDPLHQWRLQGLIHUHQWHGH
HQWUHJXLVPRDOVLVWHPDGHSDVRWLVPR'RPHVWLFDGRVSRUHOVLVWHPDGHYLGDEDELORQLFR3HURDXQTXH
HVWDQYLHQGRORTXHUHVXOWDGHKDEHUVHWRPDGRHQVHULRODLGHRORJLDEDELORQLFDHQGHWULPHQWRGHODTXH
QRVRIUHFHQODV6DJUDGDV(VFULWXUDVHOORVVLJXHQWDOFXDO1RTXLHUHQGHMDUVXHVWDWXVTXHHVWDXQLGRDXQ
VRPHWLPLHQWRLQFRQGLFLRQDODOVLVWHPD/RVSUREOHPDVHFRQRPLFRVTXHHVWDQFUHDQGRDQJXVWLDSLHQVDQ
TXHVHUHVROYHUDQ\HQFDGDJHQHUDFLRQWLHQHQHMHPSORVGHTXHVHKDQUHVXHOWR3HURSRGULDQGHVFXEULU
TXHHQODYLGDGHFDGDXQRODFULVLVQXQFDVHKDUHVXHOWRVHKDQSXHVWRSDUFKHVSDLUWLUDQGRTXHQRHV
SRFR3HURODDQJXVWLD\RWURVHVWLPXORVQHJDWLYRVKDQHVWDGRSUHVHQWHHQGLIHUHQWHVSURSRUFLRQHVDXQ
FXDQGRDKRUDHQHVWDHSRFDGHOILQODHVFHQDGH$SRFDOLSVLVSUHYDOHFH
(VWRVGRVWLSRVGHSHUVRQDVKDQVLGRFDSWDGRVSRUHOSURVHOLWLVPRGHORVGHO(XIUDWHVWDOFRPR\D
KHPRVFRPSUREDGRGHGRVPDQHUDVGLIHUHQWHV$ORVXQRVVHOHVKDPDWDGRFRQHOQRSRGHUYLYLUGH
IRUPDQRUPDOGHDFXHUGRDXQDQDWXUDOH]DFUHDGDSRU'LRV0DOYLYHQVXH[LVWHQFLDSROLWLFRUHOLJLRVD
SUR\HFWDQGRJROSHVGHFLHJRHQXQDEXHQDPD\RULDGHYHFHVHQRWUDVODLQVDWLVIDFFLRQHODJRWDPLHQWR\
ODGHSUHVLRQKDFHPHOOD\ORTXHTXHGDVXVSUR\HFWRVVXHOHQVHUDFRPSDQDGRVGHLQMXVWLFLDV\
FRUUXSFLRQHV(QODVHSRFDV\OXJDUHVQRGHPRFUDWLFRVHODEVROXWLVPRHODXWRULWDULVPRGLFWDGXUDVKDQ
GHMDGRULRV\PDUHVGHVDQJUHGHUUDPDGD<HQGRQGHVHKDSUDFWLFDGRODGHPRFUDFLDVHSUHWHQGH
>@
GHIHQGHUDXOWUDQ]DXQHVWDWXVVRFLDOLPSRVLEOHGHPDQWHQHUGHIRUPDMXVWD
/RVRWURVORIXHURQSRUORGHODEXHQDYLGD<DKLORVWLHQHVHVSHUDQGRODPXHUWHFRQHOSURJUDPD
IDYRULWRGHWHOHYLVLRQ<PLHQWUDVWDQWRODYLGDVHYD<HOMXLFLRFRQGHQDWRULROHVSLOODFRPROHVSLOOD
7RGRHVWRTXHQRVRIUHFHODVH[WDWURPSHWDHYLGHQFLDHOQRKDEHUVHSURWHJLGR\HOKDEHUUHFKD]DGROD
D\XGDTXHVHOHVSURYHH
3HURDWRGRHVWRIDOWDHVDRWUDKXPDQLGDGTXHHQODTXLQWDWURPSHWDVHKDGLFKRGHHOORVTXHQRVH
OHVKLFLHVHQLQJXQWLSRGHGDQR$SSS(VWRVTXHVHYDQDQDGLHQGRGHFDGDHSRFDDODVDOYDFLRQ
DOJXQRVGHHOORVVRQGHORVTXHVHQRVSUHVHQWDQHQHOTXLQWRVHOOR\RWURVGHSHQGLHQGRGHOPRPHQWRTXH
PXHUHQVRQGHORVTXHVHDQDGHQDORVGHOTXLQWRVHOOR\TXHHVSHUDQDTXHVHDGLFLRQHQWRGRVORVTXH
IDOWDQSDUDUHVXFLWDU7RGRVHVWRVTXHKDQWHQLGRTXHHQIUHQWDUDORGHO(XIUDWHVDFHSWDURQODSDODEUD
GH'LRVHQVHQDGDSRUHO0HVLDV\DVHJXUDQGRODSRUODREUDGHO(VSLULWX6DQWR6HKDQSURWHJLGRGHWDO
PRGRTXHHO0DOLJQRQLORVWRFDD-QFISS
(OVHJXQGRD\SDVR\HOWHUFHUKD\YLHQHSURQWR
$OJXQLQWHUHVKDGHELGRWHQHU-XDQSDUDXELFDUHOFRPLHQ]RGHODVH[WDWURPSHWDDQWHVGHO
FDSLWXOR\HO(OVHJXQGRD\WUDVODGDUORSDUDGHVSXHVGHWRGRORWUDQVFXUULGRDORLQPHGLDWDPHQWH
DQWHULRUDOFRPLHQ]RGHODVHSWLPDWURPSHWDTXHUHILHUHHOFXPSOLPLHQWRGHOD6HJXQGDYHQLGDGH
-HVXFULVWR6HQFLOODPHQWHSDUDGHFLUQRVORTXHDEDUFDHVDVH[WDWURPSHWDGHVGHHOFRPLHQ]RGHODREUD
PLQLVWHULDOGH-HVXFULVWRHQRFDVLRQGHODDVFHQVLRQ\ODLQDXJXUDFLRQGHO6DQWXDULRFHOHVWHSDUDOOHYDUD
FDERXQDREUDGHILQGHORVHQHPLJRVGH'LRV\TXHVHQRVFXHQWDHQHO$SRFDOLSVLV
 /D6HSWLPD7URPSHWD$S
/DVHSWLPDWURPSHWDFRPLHQ]DDVRQDUODXQLFDHQRFDVLRQGHOOLPLWHFRQHOUHWRUQRGH-HVXFULVWR$S
/RVDQFLDQRVPHGLDQWHORVJHVWRVFXOWLFRVGHPXHVWUDQVXEHQHSODFLWRHLGHQWLGDGFRQ
HODFWRTXHHO'LRV7RGRSRGHURVRYDDOOHYDUDFDER
6HSRQHHQHYLGHQFLDTXHVHKDDFDEDGRFRQORVHQHPLJRVGH'LRVSRUTXHHO7RGRSRGHURVRKDWRPDGR
VXSRGHU\UHLQDVLQODUHEHOLRQHIHFWXDGD7DQWRHOSHFDGRFRPRODPXHUWHORVVLVWHPDVGHPDOGDG\HO
'UDJRQKDQVLGR\DYHQFLGRV\HO3ODQVHKDGHVDUUROODGRFRQYHQLHQWHPHQWH/RTXHIDOWDGHVWUXFFLRQ
WRWDOGHOSHFDGR\GHOTXHORVXVWHQWDVHKDGHHVSHUDUDOILQDOGHO0LOHQLR3HUR\DHVWDWRGRYHQFLGR
WRGRFODULILFDGR6XSXHEOR\DQRWLHQHTXHHQIUHQWDUDQLQJXQHQHPLJR$KRUDFRQODVHJXQGDYHQLGDVH
SURGXFHODOLEHUDFLRQWDQWRGHORVYLYRVFRPRGHORVPXHUWRVGHORVVLHUYRVSURIHWDVGHORVVDQWRVGH
ORVTXHVHKDQDSURSLDGRHOFDUDFWHUGH'LRVGHORVSHTXHQRV\GHORVJUDQGHV<GHH[WLQJXLUD
ORVTXHGHVWUX\HQODWLHUUDXS
<WRGRHVWRVHFRQILUPDWUDVHOILQGHOWLHPSRGHJUDFLDGXUDQWHODREUDHQHO6DQWXDULR
 &21&/86,21
'XUDQWHPXFKRVDQRVQRSXGHWHQHUXQDFFHVRDODFRPSUHQVLRQGHORVVHOORV\ODVWURPSHWDV+R\PH
FRPSODFHHOKDEHUSRGLGRHPSUHQGHU\WHUPLQDUHVWHHVWXGLR+DELDOHLGRYDULDVYHFHVHOUHODWRGHODV
WURPSHWDVSHURQXQFDSXGHGHGLFDUOHVGHPDVLDGRWLHPSR&XDQGRHVWXGLHODVXOWLPDVSODJDVGHODVTXH
WHQGUDQVXLQWHUSUHWDFLRQHQEUHYHGHVFXEULTXHODLQWHUSUHWDFLRQGHODVWURPSHWDVGHEHULDKDFHUVH
VLJXLHQGRHOPLVPRHQIRTXH'HVSXHVGHVFXEULDOJXQDVFRVDVLPSRUWDQWHVGHORVVHOORV7RGRHVWRVH
DSDUWDEDXQWDQWRGHOSXQWRGHYLVWDWUDGLFLRQDODXQTXHGHODVSODJDVQXQFDVHKDELDGDGRXQD
LQWHUSUHWDFLRQFRKHUHQWH\FRPSOHWD$KRUDPHJR]RFRQPL3DGUHFHOHVWLDOGHKDEHUSRGLGRDOFDQ]DUHO
REMHWLYR(OPHQVDMHDODV,JOHVLDVWDPSRFRKDELDSRGLGRSURIXQGL]DUFRPRKDVWDDKRUDQLVLTXLHUD
FRRUGLQDUWRGRHOPHQVDMHGHO$SRFDOLSVLV
(OPHQVDMHGHODVWURPSHWDVKDVLGRXQDGHOLFLDSRUTXHPHKDSHUPLWLGRFRQRFHUPHMRUDO3DGUHDO
+LMR\DO(VSLULWX6DQWRDORV(VSLULWXV^$SFI`(VSHURTXHKD\DSRGLGRRIUHFHUOHDO
OHFWRUWRGRORFRUUHFWR\HVHQFLDOTXHODV7URPSHWDVRIUHFHQ$'LRVVHDODJORULD
 &DSLWXOR9,

(QWUHODVH[WD\ODVHSWLPD7URPSHWD$S\

/D QXHYD SUHGLFDFLRQ GHO (YDQJHOLR HQ HO FRQWH[WR GHO

WLHPSRGHOILQGHOXOWLPRWLHPSR$S
(OFDSLWXORVHQRVLQWURGXFHFRQXQDQJHOFRPRRWURDQJHOIXHUWHTXHVHQRVGHVFULEHFRQ
FDUDFWHULVWLFDVFRPRHQRFDVLRQHVVHQRVSUHVHQWDD-HVXFULVWR<RQRPHDWUHYRDGHFLUTXHVHWUDWDGH
>@
-HVXFULVWR 1RVRWURVSDUDHYLWDUFRQIXVLRQHVSUHIHULPRVYHUHQHVWHDQJHOHODQJHOTXHUHSUHVHQWD
D-HVXFULVWRVXDQJHOHOTXHHOHQYLDSHUVRQDOPHQWHSDUDWUDVPLWLUHOPHQVDMH\SRUORWDQWRVHQRV
SUHVHQWDHQHVWDRFDVLRQFRQDOJXQDVGHODVFDUDFWHULVWLFDVFRQTXHVHUHSUHVHQWDD-HVXFULVWR6LJXH
WHQLHQGRSDUDQRVRWURVSULRULGDGXQYDORUGLVWLQWLYRHVSHFLDOHOTXHVHQRVGLJDRWURDQJHOIXHUWH
/RVSLHVVRQFRPRFROXPQDVGHIXHJRXSPXHVWUDODILUPH]DGHVXVEDVHVFIGHVXV
>@
YLDVMXGLFLDOHV /DVGRVFROXPQDVGHOWHPSORD&URQDILUPDEDQTXHHOWHVWLPRQLR
>@
GDGRD'LRVSRUHOFRQMXQWRGHVXFRQVWUXFFLRQVDJUDGDHUDYHUGDG
7HQLDHQVXPDQRXQOLEULWRDELHUWR$SSS
6HWUDWDGHOOLEURTXHGHVSXHVODYR]$SSSOHGLFHTXHVHORSLGDDODQJHOFI\TXHLEDD
VXSRQHUXQDH[SHULHQFLDVDWLVIDFWRULDSHURGHVSXHVDFDEDULDVLHQGRDPDUJD$S"3RUTXH"
(VRVSLHVTXHVRQFRPRFROXPQDVGHIXHJRHOGHUHFKRORSRQHVREUHHOPDU\HOL]TXLHUGRVREUHOD
WLHUUDXS/DDFWLWXGGHO$QJHOHVODGHDEDUFDUWRGRHOPXQGR/DEDVHSLHV\SLHUQDVHVWDQ
ILUPHVHQWRGDODWLHUUD\HOPDUWRGRORTXHVXSRQHODVRFLHGDGWHUUHVWUH\ODPXFKHGXPEUHGHJHQWHV
(VXQGHUHFKRGHSRVHVLRQVREUHWRGRHOPXQGRDOTXHKDEUDTXHGHFLUOHDOJRUHODFLRQDGRFRQHO
FRQWHQLGRGHOOLEULWRDELHUWRFX\RRULJHQSURFHGHGHOFLHOR
+D\XQDJUDQYR]FRPRHOGHUHFKRGHSURSLHGDGTXHHPLWHHOUXJLGRGHOOHRQSSFX\R
FODPRUGDVDOLGDDORVWUXHQRVFRQVXVYRFHVXS/RVWUXHQRVHVODSOHQLWXGGHOD
LQWHUYHQFLRQGHOWURQRFI$S6HWUDWDGHODSUR\HFFLRQGHOFRQWHQLGRGHODVYRFHVGHODDFFLRQ
GH'LRVFRQFDUDFWHUXQLYHUVDOTXHVHGHMDQRWDUFI$SFI-QFI6DOD
6DPFI-RE6DO
(OSURIHWDLEDDHVFULELUORTXHKDELDHVFXFKDGRHQODHPLVLRQGHHVRVWUXHQRVHVGHFLUHQOD
H[WHQVLRQSOHQDGHORVFRQWHQLGRVGHHVDDFFLRQGLYLQD$SSSSHURVHOHFRPXQLFDTXHQROR
HVFULED\TXHORVHOOHXS"<SRUTXH"3RUTXHORTXHVHKDGLFKRQRHVSUHFLVRHVFULELUOR\DTXH
FXDQGRVHOHGHHOOLEULWRDELHUWR\DORYDDSRVHHU
7RGDHVWDGHVFULSFLRQHVSDUDGHFLUQRVTXHHOFRQWHQLGRGHHVHOLEURDELHUWRTXHSURFHGHGHOFLHOR
OHYDQWDODPDQRDOFLHOR$SLQFOX\HXQPHQVDMHTXHHVSUHFLVRDQXQFLDUORDOPXQGRHQWHUR
4XHGHOWURQRGH'LRV$SGHHVHVDQWXDULRGHORVYDORUHVGHHVHVDQWXDULRGH'LRV$S
FIFI$SVHHPLWHQWUXHQRVYRFHVDFFLRQHVGH'LRVTXHFRQILJXUDQXQHYDQJHOLR
SURIHWLFR$SFI$SODSDODEUDSURIHWLFDFID3HGTXHHVSUHFLVR
SURFODPDU
 3HUR6HTXLHUHGHMDUELHQFODURTXHVLELHQHVWRHVWDSUHYLVWRFRPRWRGDYLDVHQRVH[SRQGUDXQSRFR
PDVDGHODQWHHOWLHPSRQRVHUDPDV\TXHQRVHSURORQJDUDPDVDOODGHOWRTXHGHODVHSWLPDWURPSHWD
3XHVWRTXHQDGDPDVFRPHQ]DUVHUDHOFXPSOLPLHQWRGHOUHWRUQRGH-HVXFULVWR$SFI

6HQRVGDODVHJXULGDGTXHHOWLHPSR\DQRVHULDPDVVLQRTXHHQORVGLDVFXDQGRHOVHSWLPRDQJHO
WRTXHODWURPSHWDHOPLVWHULRGH'LRVVHFRQVXPDUDWDOFRPRKDVLGRDQXQFLDGRSRUORVSURIHWDV

$TXLVHQRVSUHVHQWDXQDVXQWRTXHQRWHQGULDVHQWLGRVLQRVHQRVTXLVLHUDWUDVPLWLUDOJRHVSHFLDO
'HFLUTXHHOWLHPSRQRVHULDPDVVLQRTXHHQORVGLDVGHOVHSWLPRDQJHOFI$SVHDFDED
HOSODQGH'LRVQRVREOLJDDSUHJXQWDUQRVVREUHTXHWLHPSRVHQRVHVWDKDEODQGR6LVHHVWXYLHUD
UHILULHQGRDOILQDOGHOWLHPSRGHODVH[WDWURPSHWDQRQRVSDUHFHULDXQDUHYHODFLRQFRPRSDUDWHQHUOD
TXHMXUDU\SUHVHQWDUFRQHVHDODUGHWDQOOHQRGHWRTXHGHDWHQFLRQ'HVSXHVGHODVH[WDWURPSHWDTXH
OOHJDKDVWDHOOLPLWHGHODVHSWLPD$S\GHVSXHVTXHVHQRVPHQFLRQDXQDYH]TXHD-XDQVHOH
WUDVPLWDHOFRQWHQLGRGHODVHSWLPDWURPSHWDQRKD\RSFLRQSDUDSRGHUSHQVDUHQTXHHO
WLHPSRSXGLHUDSURORQJDUVHPDVDOODGHOFRPLHQ]RGHODVHSWLPD/RVVXFHVRVGHODVHSWLPDQRUHTXLHUHQ
XQSURFHVRHQHOTXHVHGHVDUUROOHHOWLHPSR/DVGHPDVWURPSHWDV\VHOORVDH[FHSFLRQWDPELHQGHOR
VHSURFHVDQ\SUR\HFWDQHQHOWLHPSRHQWUHODDYHQLGD\ODDYHQLGD(QRFDVLRQGHODVHSWLPDWURPSHWD
QRKDEUDXQSURFHVRWHPSRUDO<HVWRHVQHFHVDULRUHVHQDUORSRUFXDQWRHOVH[WRVHOORWDOFRPRYLPRV
QRVKDEODGHVHQDOHVGHODSUR[LPLGDGGHOUHWRUQRGH-HVXFULVWRTXHVHSURORQJDQGXUDQWHXQFLHUWR
WLHPSRTXHSHUPLWHHOWUDQVFXUVRGHOWLHPSRKDVWDHOVHOODPLHQWRGHORV<QDGDGHHVWR
VHLEDDSURGXFLUHQHOPRPHQWRGHVRQDUODVHSWLPDWURPSHWD&XDQGRHPSLHFHDVRQDUQRKDEUD
SURORQJDFLRQGHWLHPSR6HUD\DHOILQDOIHOL]3HURHVWRPLVPRQRDJRWDWRGDVODVSRVLELOLGDGHVGHO
VLJQLILFDGRHOWLHPSRQRVHUDPDV$S
,QVLVWLPRV"4XHWLHPSRHVHVH"
(QXQSULPHUPRPHQWRKD\XQPHQVDMHGHGLFDGRDODVDOPDVTXHDSDUHFHQGHEDMRGHODOWDU\TXHVX
PXHUWH\HVWDQFLDPXHUWDLQMXVWDPHQWHUHFODPDODOLEHUDFLRQ$S
/DFRQH[LRQHVHYLGHQWHHQWUHHVWHTXLQWRVHOORODVH[WDWURPSHWDWRGDYLDWUDQVFXUULHQGR\OD
VHSWLPDTXHFXDQGRHPSLH]DDFDEDGHILQLWLYDPHQWH
$QWHODSUHJXQWD"+DVWDFXDQGRQRQRVYDVKDFHUMXVWLFLD"/DUHVSXHVWDSRVHHXQDVHQDO
PDUFDGDPHQWHWHPSRUDO
3ULPHURVHOHVGDYHVWLGXUDVEODQFDV(VDVYHVWLGXUDVEODQFDVFRPR\DHVWXGLDPRVHVXQDUHIHUHQFLD
LQHTXLYRFDDTXHHQHVRVPRPHQWRVVHOHVMX]JDIDYRUDEOHPHQWH\VHOHVGDODVYHVWLGXUDVEODQFDVFRPR
VHQDOGHTXHHOMXLFLRKDHPSH]DGRSRUORVPXHUWRVGHODFDVDGH'LRVD3HG3HURHVHMXLFLR
SRVHHXQSHULRGRFURQRORJLFRFRQFUHWRTXHHPSLH]DFXDQGRWHUPLQDQGHWUDQVFXUULUORVGLDV
VLPEROLFRV'QFI'Q
(QVHJXQGROXJDUKDQGHHVSHUDUKDVWDTXHVHFRPSOHPHQWHHOQXPHURGHPXHUWRVFRPRHOORV
(QWHUFHUOXJDUVHOHVGLFHTXHGHEHQHVSHUDUXQSRFRPDVGHWLHPSR$SSS(VHSRFR
WLHPSRTXHIDOWDHVWDGHILQLGRSRUHOWLHPSRGHHVSHUDGHODVDOPDVGHVGHTXHUHFLEHQYHVWLGXUDVEODQFDV
KDVWDHOVRQDUGHODD7URPSHWD(VGHFLUGHVGHHOILQDOGHORVGLDVSURIHWLFRVKDVWDHOPLVPLVLPR
FRPLHQ]RGHOVRQDUGHODVHSWLPDWURPSHWD&XDQGRHVWXGLDPRV'DQLHOSXGLPRVFRPSUREDUTXHHVHILQDO
GHORVGLDVSURIHWLFRVHPSH]DEDHQ2VHDTXHGHVGHKDVWDHOVRQDUGHODVHSWLPD
WURPSHWDVHGHILQHWDOFRPRHQWHQGHPRVFRPRXQSRFRGHWLHPSR
$KRUDVHQRVHVWDGLFLHQGRDQRVRWURVHQUHVSXHVWDDHVDVDOPDVPXHUWDVTXHHVHWLHPSRSHTXHQRTXH
SDUWHGHOILQDOGHORVGLDVSURIHWLFRV\DQRVHULDPDVFXDQGRVXHQHODDWURPSHWD
"4XHWLHPSRHVHVH"3RUXQODGRFXDQGRVHOOHJDDOILQDOGHODVH[WDWURPSHWD$S\HO
FRPLHQ]RGHODVHSWLPD\DQRKDEUDPDVWLHPSR(VGHFLUTXHODGXUDFLRQGHHVHSRFR
WLHPSRTXHWLHQHQTXHHVSHUDUODVDOPDVPXHUWDVGHGHEDMRGHODOWDUFI$SSSORTXHVHWDUGDHQ
DJUXSDUDORVTXHIDOWDQSRUVHUPXHUWRVWRGDYLD$SXSDTXHOORVTXHUHFLEHQODVYHVWLGXUDV
EODQFDVHQVHQDOGHTXHKDQH[SHULPHQWDGRHOMXLFLRIDYRUDEOHFI'QFI'Q
3HURSRURWUDSDUWHVHQRVPXHVWUDTXH\DQRKD\WLHPSRTXHMXVWLILTXHXQQXHYRFRPSXWR
SDUDHVHSRFRWLHPSR$SXSTXHOHVTXHGDSRUHVSHUDUDODOLEHUDFLRQGHILQLWLYDPHGLDQWHOD
UHVXUUHFFLRQ&RQHOORVHHVWDVREUHQWHQGLHQGRTXH\DQRKD\QLQJXQRWURFRPSXWRSURIHWLFRSDUDHVH
WLHPSRTXHYDGHVGHHOILQGHOFRPSXWRGHORVGLDVSURIHWLFRVVLPEROLFRVKDVWDHOVRQDUGHODD
WURPSHWD
/DYR]TXHRLGHOFLHORKDEORRWUDYH]FRQPLJR\PHGLMRGHLQWHUHVDUPHFRQHO
OLEULWRTXHHVWDDELHUWRHQODPDQRGHODQJHOTXHHVWDEDQVXVSLHVVREUHODWLHUUD\HOPDU
(VHYLGHQWHTXHFRPR\DKHPRVGLFKRTXHHVHOLEURHVWDDELHUWRHQRSRVLFLRQDODRUGHQGHVHOODUOR
TXHKDELDHVFXFKDGRHOSURIHWD\TXHVHGLVSRQLDDHVFULELUFI$S
(VHOLEULWRDELHUWRGHQWURGHOFRQWH[WRSURIHWLFRFI$SHVWDKDFLHQGRUHIHUHQFLDDORWUROLEUR
TXHWDPELHQDOXGHHQSURIXQGLGDGDWRGRVORVDFRQWHFLPLHQWRVILQDOHVGHVGHODSULPHUDYHQLGDGHO0HVLDV
KDVWDODVHJXQGD3DUWLHQGRGHODREUDGHO0HVLDV\GHODPDUFKDGHODKLVWRULDGHVGH%DELORQLD0HGR
3HUVLD*UHFLD\HOFXDUWRUHLQRFX\DSULPHUDIDVHHV5RPD\ODVHJXQGDTXHVHSURORQJDKDVWDHOILQ
GHOPXQGRHQRFDVLRQGHODVHJXQGDYHQLGDFI'QFI'QQRVGHVDUUROOD
ODREUDGHOSXHEORGH'LRVRULJLQDGRHQHO0HVLDV\EDVDGRHQODREUDWHUUHVWUH\FHOHVWHGHO0HVLDV
'Q'Q'Q'QFI'Q\HQ
VXOXFKDFRQORVVLVWHPDVGHPDOGDGTXHHOPDOLJQRDLGHDGR
(VHOLEURLEDDHVWDUVHOODGRKDVWDHOWLHPSRGHOILQ(OWLHPSRGHOILQRORVXOWLPRVWLHPSRVVHKDQ
LQDXJXUDGRFRQODYHQLGDGHO0HVLDVTXH'DQLHOSURIHWL]DEDFID-Q+ED3HGD
7LPD7LP$KRUDHQORVXOWLPRVWLHPSRVLQLFLDGRVFRQODSULPHUDYHQLGDGH-HVXFULVWR\OD
OOHJDGDGHO$SRFDOLSVLVRUHYHODFLRQGH-HVXFULVWRHOOLEURGH'DQLHOKDTXHGDGRDELHUWR\DTXHOORVTXH
YLYHQHQHOWLHPSRGHOILQGHOXOWLPRWLHPSRSXHGHQFRQWHPSODUODDEHUWXUDPXFKRPHMRUWRGDYLD
<HVHOLEURDELHUWRVHOHLGHQWLILFDFRPRWDOSRUTXHDOFXPSOLUORTXHVHOHSLGHDOSURIHWDHQ$S
GHTXHHVQHFHVDULRTXHSURIHWLFHVRWUDYH]DWRGRHOPXQGRVHQRVSUHVHQWDDFRQWLQXDFLRQORV
FDSLWXORVDOGRQGHDSDUHFHQFRQWHQLGRVGHOOLEURDELHUWRGH'DQLHODPSOLDGRV\
FRPSOHPHQWDGRV$OPLVPRWLHPSRTXHDSDUHFHODWHPDWLFDGHOHYDQJHOLRHWHUQRHQHOFRQWH[WRGHOMXLFLR
$SFIFI'QFI'Q3UHGLFDFLRQTXHWLHQHQ
TXHDVXPLUSUHFLVDPHQWHDTXHOORVTXHVRQLGHQWLILFDGRVFRPRORVTXH'LRVVXVFLWDHQHVDHSRFDGHO
MXLFLR(Q'DQLHOKD\XQFRPSXWRHOGHORVGLDVSURIHWLFRVTXHVHUHODFLRQDFRQHOFRPXQLFDGRU
TXHH[SOLFDSUHFLVDPHQWHHOKDVWDFXDQGR\HOFRQWHQLGRGHODUHVSXHVWD'QHQUHODFLRQDOD
REUDGHXQFXHUQRSHTXHQR'Q(VHFRPXQLFDGRUTXHTXHGDLGHQWLILFDGRDXWRPDWLFDPHQWH
GHVGHHOPRPHQWRTXHFXPSOHFRQODH[LJHQFLDGHOWH[WR'QFI+HFKHVXQ
GHVWLQDWDULRVHJXURGHOPHQVDMHDODV,JOHVLDVHQHOFRQWH[WRGHO-XLFLRFI$S
"&RPRVHOOHJDGHVGHHOHVFXFKDUODYR]RWUDYH]TXHSURFHGLDGHOFLHORKDVWDODRUGHQGHSURIHWL]DU
RWUDYH]VREUHPXFKRVSXHEORQDFLRQHVOHQJXD\UH\HV"$S
 /D H[LVWHQFLD GH XQ OLEUR SHTXHQR TXH VH REOLJD D FRPHUOR DO SURIHWD \ TXH OR QRWD GXOFH DO SULQFLSLR \ DPDUJR HQ HO
YLHQWUHGHVSXHV
 8QDYH]H[SHULPHQWDGRORGXOFH\DPDUJRGHOFRQWHQLGRGHOOLEURVHOHGLFHDOSURIHWD(VQHFHVDULRTXHSURIHWLFHVRWUD
YH]VREUHPXFKRVSXHEORVQDFLRQHVOHQJXDV\UH\HV
 3RUXQODGRHOOLEURHVGXOFH$SXSSS-XDQH[SHULPHQWDXQDYH]FRPLGRHOOLEUR8QD
YH]TXHORDEVRUELGRORQRWDSULPHURGXOFH\GHVSXHVDPDUJR/RPLVPRTXHQRVSDVDDQRVRWURV"<
SRUTXH"3RUTXHQRVKDEODGHODREUDGHO0HVLDVVDOYDQGRDVXSXHEOR(VGXOFHSRUTXHIUHQWHDORV
SUREOHPDVH[LVWHQFLDOHVTXHVHOHHVWDQSUHVHQWDQGRDOFUH\HQWHHQFXHQWUDHQODSURIHFLDTXLHWXGJR]R\
HVSHUDQ]DTXHJHQHUDQVHJXULGDG\FRQILDQ]D(VGXOFHSRUTXHODREUDGH-HVXFULVWRGHO3ULQFLSHGHO
HMHUFLWRGHO3ULQFLSHGHORVSULQFLSHVGHO3ULQFLSH0HVLDVOOHQDGHWDOPDQHUDQXHVWUDVH[SHFWDWLYDVTXH
UHVSRQGHDQXHVWUDVPDVLQWLPDVQHFHVLGDGHV(VGXOFHSRUTXHREVHUYDPRVFRPR'LRVORFRPSOHPHQWD
FRQHO$SRFDOLSVLVODSURSLDUHYHODFLRQGHO0HVLDV-HVXV<WRGRVORVVLHUYRVGHWRGDVODVHSRFDVGH
WRGDODLJOHVLDHQHOWLHPSRSXHGHQDKRUDHQWHQGHUHVHOLEULWRTXHTXHGDDELHUWRSDUDORVTXHHVFXGULQDQ
ODUHYHODFLRQGH-HVXFULVWR
3RURWUDSDUWHXQDYH]VDERUHDGD\H[SHULPHQWDGDODGXO]XUDFRPRODPLHOGHVSXHVHOOLEURDELHUWR
DPDUJD$SSSXS
"<SRUTXHDPDUJD"
3RUTXHWRGDYLDTXHGDDOJRSRUFXPSOLUVHTXHQRVUHWLHQHDTXL7RGDYLDSRGHPRVFRQWHPSODUHOPDO\
H[SHULPHQWDUHOVXIULPLHQWRODHQIHUPHGDG\ODPXHUWH
<HOPHGLMR(VQHFHVDULRTXHRWUDYH]SURIHWLFHVDPXFKRVSXHEORVQDFLRQHVOHQJXDVUH\HV
$S
6LREVHUYDQWRGRHVRHVHTXLYDOHQWHDORTXHVHFRQWHPSODFRQODLPDJHQGHO$QJHOFRQXQSLHHQHO
PDU\RWURHQODWLHUUD\FRQHOOLEURDELHUWRHQODPDQRDO]DQGRODKDFLDHOFLHORFRPRSURFHGLHQGRHO
OLEURGHOFLHOR\GHVWLQDGRSDUDODVRFLHGDGWHUUHVWUH\ODVPXFKHGXPEUHVGHWRGDVODVQDFLRQHVFI$S

/DDPDUJXUDVHYHUDFDOPDGDFXDQGRVHFXPSODGHILQLWLYDPHQWHHVDSUHGLFDFLRQGHOHYDQJHOLRHWHUQR
TXHLQFOX\HWRGRORTXHDEDUFD\FRQWLHQHHOOLEULWR\TXHVHH[SRQHDFRQWLQXDFLRQGHVGHHOFDSLWXORDO
-XDQQRVSUHVHQWDDKLORVFRQWHQLGRVGHOOLEURGH'DQLHODPSOLDGRVGHDFXHUGRDODVDSRUWDFLRQHVH
LQWHUSUHWDFLRQHVTXHODUHYHODFLRQGH-HVXFULVWRQRVPXHVWUDGRQGHHVWDLQPHUVRWRGRHO(YDQJHOLRHWHUQR
FI$S/RVTXHYLYHQHQHOFRQWH[WRGHOILQDOGHODVH[WDWURPSHWD\GHORVHOORGXUDQWHHVH
SRFRWLHPSRTXHWUDQVFXUUHGHVGHTXHILQDOL]DQORVGLDVSURIHWLFRVFXDQGRUHFLEHQODVYHVWLGXUDV
EODQFDVHQVHQDOGHODLQDXJXUDFLRQGHOMXLFLR'QFI0WKDVWDHO
FRPHQ]DUGHOVRQLGRGHODVHSWLPDWURPSHWDSUHGLFDQHO(YDQJHOLRHWHUQRHQIUHQWDQGRHOFXPSOLPLHQWR
SURJUHVLYRGHWRGRORUHODWLYRDOILQGHILQLWLYRGH%DELORQLD\ODFUHDFLRQGHODPDUFDGHODEHVWLD\HO
VXUJLPLHQWRGHOD%HVWLDGHGRVFXHUQRVHQVXYHUVLRQIDOVRSURIHWD
$KRUDHQWHQGHPRVSRUTXHODLQVSLUDFLRQVHKDYLVWRREOLJDGDHQH[SOLFDUODVFRVDVD-XDQGHHVHPRGR
FRQTXHQRVHVFULEHGHTXHHOWLHPSRQRVHULDPDV,EDDKDEHUXQHVSDFLRWHPSRUDOOOHQDGRSRUXQ
DFRQWHFLPLHQWRVLQJXODU'HQXHYRKDEULDTXHSUHGLFDUHO(YDQJHOLR\HVWRSRGULDSDUHFHUTXHHO
WLHPSRVHSURORQJDED3HUR12'HVSXHVGHOILQDOGHOWLHPSRGHOXOWLPRFRPSXWRTXHHVWHFRQVLJQDGR\D
QRKDEUDQLQJXQRWUR3HURGHVGHTXHVHILQDOLFHYDDKDEHUXQDQXHYDSUHGLFDFLRQDSXHEORVQDFLRQHV
OHQJXDV\UH\HV$SFIFIKDVWDHOFRPLHQ]RGHODVHSWLPDWURPSHWD
SHURGHQWURGHOFRQWH[WRGHOWLHPSRGHOILQGHOXOWLPRWLHPSR,QVWDQGRDODSHUVRQDVDYDORUDUODOOHJDGD
GHOMXLFLRILQDO
 $SRFDOLSVLV

8QD9DUDSDUDPHGLUHOWHPSORHODOWDU\ORVTXHDGRUDQHQHO
/DPHGLFLRQGHVFULEHXQDREUDGHMXLFLR'HDFXHUGRDOVLPEROLVPRGHOVDQWXDULRWHUUHQDOORVSHFDGRV
UHSHUFXWLDQHQODSUHVHQFLDGH'LRVTXHVHPDQLIHVWDEDHQORVOXJDUHVVDQWRV'HDOJXQPRGRVHQRVHVWD
TXHULHQGRGHFLUTXHKD\XQUHFXHUGRGHODVDFFLRQHVFRPHWLGDVSRUORV6DQWRVTXHYDQDVHUPHGLGDV
FRQVLGHUDGDV(O$OWDUDOXGHDORVVDFULILFLRVTXHVHHIHFWXDEDQHQHODOWDUGHORVVDFULILFLRVGHO
6DQWXDULRWHUUHQDO$TXLQRVHVWDUHFRUGDQGRODVYLGDVVDFULILFDGDVSRUHOHYDQJHOLRFI5RP
)LOSD7LP\TXH\DKDQPXHUWR6HWUDWDGHPHGLUODVYDORUDUODV\MX]JDUODVIDYRUDEOHPHQWH
<SRUXOWLPRDORVTXHDGRUDQHQHOSHUVRQDVYLYDVTXHDGRUDQGHVGHODWLHUUDD'LRVTXHVH
PDQLILHVWDHQVX6DQWXDULR&HOHVWLDO
$SDUHQWHPHQWHQRVHVDEHFXDQGRVHHMHFXWDHVDRUGHQGHPHGLU(OYHUVLFXORQRVGDODFODYH

(O$WULRGRQGHKDELWDQORVUHSUHVHQWDQWHVGHODFLXGDG6DQWDQRGHELDVHUPHGLGRSRUFXDQWR
HVXQVLPERORGHORVJHQWLOHVTXHGXUDQWHPHVHVSURIHWLFRVDWHQWDULDQFRQWUDHVRVVDQWRV
SHUGXUDQGRGLFKRDWULRFRPRXQDUHSUHVHQWDFLRQWHUUHVWUH\PXQGDQDTXHQRSXHGHVHUPHGLGD
/DLQVSLUDFLRQVLWXDDOSURIHWDHQXQPRPHQWRHQHOTXHQRKDGHPHGLUHODWULRRSDWLR"SRUTXH"
3RUTXHVHKDFRQWHPSODGRHQORVJHQWLOHVXQFRPSRUWDPLHQWRFRQWUDULRDOSXHEORGH'LRVGXUDQWH
PHVHVSURIHWLFRVRDQRV<HVWDPHGLFLRQTXHYDORUDUDWLILFDQGRODYHUGDGHUDDGRUDFLRQODYLGD
VDFULILFDGDSRUHOHYDQJHOLR\ORVSHFDGRVFRQIHVDGRVQRSXHGHVHUYLUSDUDDTXHOORVTXHPDQLILHVWDQ
XQDDFWLWXGFRQWUDULDDORVSULQFLSLRVGHO5HLQRGH'LRVTXHVDOYDJXDUGDQORVKLMRVGH'LRV
(VWRQRVSHUPLWHXELFDUHVDPHGLFLRQSRVWHULRUPHQWHDDQRVTXHWDQWRHO3URIHWD'DQLHOFRPR
$SRFDOLSVLVWHLQGLFDGRQGHLQLFLDUORV\WHUPLQDUORV2IUHFLHQGRGHHVHPRGRHOFRPLHQ]RDSUR[LPDGR
GHGLFKRMXLFLR6HWUDWDGHDOJRIDYRUDEOHSDUDHO3XHEORGH'LRV
+ROODUDQOD&LXGDG6DQWD&XDUHQWD\GRVPHVHVXS
/D&LXGDG6DQWDTXHHVWDHQHO&LHORFI$SHVSHUDQGRVHUODDFRJHGRUDGHORVVDQWRVTXH
HVWDQHQODWLHUUDUHSUHVHQWDDTXLDORVSULQFLSLRVGHO5HLQRGH'LRVTXHHVWDQVLHQGRVDOYDJXDUGDGRVSRU
HO3XHEORGH'LRVSRUHO5HVWRSRUORVTXHVRQ,JOHVLDHQOD7LHUUD(OHQIDVLVHVWDSXHVWRDTXLHQORV
SULQFLSLRVGHO5HLQRGH'LRVSXHVWRTXHOD&LXGDG6DQWD\DYLPRVTXHHVODFDSLWDOHO5HLQRGRQGH
UHVLGHHO*RELHUQRGH'LRV\GHVGHGRQGHVHHPDQDQORVSULQFLSLRVGHO*RELHUQRGH'LRV
'XUDQWHPHVHVSURIHWLFRVLEDQDVHUKROODGRVHVRVSULQFLSLRVGHO5HLQR'HVSXHVGHXQSHULRGRGH
H[SDQVLRQGHO5HVWR,JOHVLDGHOD'HVFHQGHQFLD-HVXFULVWRGHOD0XMHU5HLQRGH'LRVLEDDGDU
UHVXOWDGRHOTXHODDSRVWDVLD5RPDQDFRQWDPLQDUDGHWDOPDQHUDDFLHUWRVUHSUHVHQWDQWHVGHO&ULVWLDQLVPR
TXHOOHJDUDDHQJHQGUDUVHXQD,JOHVLDSDUDOHODDODGHO5HVWROD,JOHVLD5RPDQR&RQVWDQWLQLDQD
SURGXFLHQGRXQKROODPLHQWRGHORVSULQFLSLRVGHO5HLQRGH'LRV\SDUDOL]DQGRORV7DQWRHVDVLTXHORV
'RV7HVWLJRVTXHQRVPHQFLRQDHOYSURIHWL]DULDQHQXQDVFRQGLFLRQHVGHSORUDEOHVYHVWLGRVGHVDFR
\FLOLFLR"4XHVHQRVSUHWHQGHGHFLUFRQHVWDILJXUD"

PLVGRVWHVWLJRVTXHSURIHWLFHQSRUPLOGRVFLHQWRVVHVHQWDGLDVYHVWLGRVGHFLOLFLR$S
(OKROODPLHQWRGHOD&LXGDG6DQWDSURYRFDHOTXHORVGRVWHVWLJRVWHQJDQTXHSUHGLFDUHQFRQGLFLRQHV
QRQRUPDOHV(QXQDVLWXDFLRQGHWULVWH]D\GHOXWR
$OKDEHUVLGRKROODGRVORVSULQFLSLRVGH5HLQRGH'LRVVHGDPX\SRFDRSFLRQDTXHPXFKRVFRQR]FDQ
OD9HUGDGGHHVRVSULQFLSLRV'XUDQWHHVHPLVPRSHULRGRORTXHLPSOLFDHOVLPEROLVPRGHO&XHUQR
3HTXHQRGH'DQLHO\HOHQVXVHJXQGDIDVHTXHFRLQFLGHFRQODHWDSDKHJHPRQLFDGHOD4XLQWD&DEH]D
FRQODTXHVHLGHQWLILFDQGH$SRFDOLSVLVTXHVRQXQPLVPR\XQLFRLQVWUXPHQWRSROLWLFRUHOLJLRVR
XWLOL]DGRSRUHO0DOLJQRSHUVLJXHDO3XHEORGHORV6DQWRVJHQHUDQGRXQRVSULQFLSLRV\RULHQWDFLRQ
GLVWLQWRVDORVGHO5HLQRR*RELHUQRGH'LRV3RUHVRORV'RV7HVWLJRVWLHQHQTXHSUHGLFDUHQHVD
FRQGLFLRQHVGHVFULWDVVLQODD\XGDGHXQ3XHEORGH'LRVTXHJRFHGHOLEHUWDGSDUDTXHPXFKRVSXHGDQ
FRQRFHUOD9HUGDG\VLQTXHORVSULQFLSLRVGHO5HLQRKDJDQPHOODHQORVFRUD]RQHVGHORVVHUHVKXPDQRV
\DTXHHVWRVVRQRDWHPRUL]DGRVRVHGXFLGRVSRUHO3RGHU\OD$XWRULGDGVXSUHPDTXHRVWHQWDHO&XHUQR
3HTXHQRROD4XLQWD&DEH]D
 "4XLHQHVVRQHVWRVGRV7HVWLJRV"
(QXQDSULPHUDDSUR[LPDFLRQGLUHPRVTXHHOILQDOGHOY\HOYHVWDQHQFDGHQDGRV(OKROODPLHQWR
SRUPHVHVREOLJDDXQDSUHGLFDFLRQGXUDQWHHOPLVPRHVSDFLRGHWLHPSRHQVLWXDFLRQGHYHVWLGRVGH
FLOLFLR/RV'RV7HVWLJRVTXHGDQLGHQWLILFDGRVFRQORTXHVLJQLILFDHLPSOLFDOD&LXGDG6DQWD
6LOD&LXGDG6DQWDUHSUHVHQWDDORVSULQFLSLRVGHO5HLQRGH'LRVORV'RV7HVWLJRVGHEHQLPSOLFDUHO
PLVPRFRQWHQLGR
/DVLPDJHQHVHVWDQVDFDGDVGHOSURIHWD=DFDULDVGRQGHHODFHLWHFRPEXVWLEOHSDUDREWHQHU
OX]HVVDFDGRGHORVROLYRV$TXLORVROLYRVVRQORVPLVPRVFDQGHOHURVTXHVLUYHQSDUDLUUDGLDUOX]$S
FI=DF(VHQHOFRQMXQWRGHWRGRORTXHKDFHTXHKD\DHVRVGRVXQJLGRV<D
DQWHULRUPHQWHODLQVSLUDFLRQKDELDSUHJXQWDGRDOSURIHWDVLQRVDELDTXHVLJQLILFDEDWRGRHVR=DFFI
/DUHVSXHVWDWLHQHTXHYHUQRFRQQDGDKXPDQRVLQRFRQDOJRTXHHVWDUHODFLRQDGRFRQHO3RGHU\
HO(VSLULWXGHO(WHUQR=DF
(VHYLGHQWHSXHVTXHORVGRV7HVWLJRVWLHQHQTXHYHUFRQHO3RGHU\HO(VSLULWXGH'LRV\FRQOD/X]
TXHLOXPLQDHOHQWHQGLPLHQWR
(OWH[WRGH$SRFDOLSVLVDODQDGLUTXHORVGRV7HVWLJRVSURIHWL]DQ\TXHWLHQHQ3RGHUSDUD
TXHQROOXHYDVLPEROLFDPHQWH\FRQYHUWLUODVDJXDVHQVDQJUHQRVHVWDD\XGDQGRDTXHORV
LGHQWLILTXHPRV
+HPRVYLVWRSRU=DFDULDVTXHWLHQHQXQRULJHQGLYLQRSRUORWDQWRVHGHVFDUWDXQDUHIHUHQFLD
KXPDQD
$OJRTXHQRVHDGHQDWXUDOH]DKXPDQD\TXHSURIHWLFHXQLFDPHQWHSXHGHDSOLFDUVHDOD3DODEUDGH
'LRV3HGURKDGHQRPLQDGRDOD3DODEUDGH'LRVOD3DODEUD3URIHWLFDD3HG
/DVH[SUHVLRQHVGHDJXDFRQYHUWLGDHQVDQJUHRGHTXHQROOXHYDHVWDQGLFKDVHQHO$QWLJXR
7HVWDPHQWRHQXQFRQWH[WRHQHOTXHDSDUHFHHO3RGHUGHOD3DODEUDGHO(WHUQR
/D/X]\HO$FHLWHDSDUHFHQLQYROXFUDGRVWDQWRHQ=DFDULDVFRPRHQ$SRFDOLSVLV\VRQ
HOHPHQWRVTXHVHFRPSDJLQDQXWLOL]DQGRVHLQGLVWLQWDPHQWHFRPRVLPERORVGH-HVXFULVWR\GHO(VSLULWX
6DQWRHQUHODFLRQFRQOD3DODEUDGH'LRVFI0W
(O(VSLULWX6DQWR\-HVXFULVWRHVWDQLQFOXLGRVSXHVWRTXHHO8QRKDLQVSLUDGROD3DODEUDGH'LRV\
HO2WURHVODSURSLD3DODEUDHQFDUQDGDTXHKDUHYHODGRWDQWRHO(YDQJHOLRGHO5HLQRFRPRHOSURSLR
$SRFDOLSVLVD3HG-Q$S$SFI0W0F
/D3DODEUD3URIHWLFDKDTXHGDGRFRQVLJQDGDGHWDOPDQHUDTXHWHVWLILFDWDQWRHQODHSRFDGHO
$QWLJXR7HVWDPHQWRSRUPHGLRGHSURIHWDVTXHIXHURQLQVSLUDGRVSRUHO(VSLULWX6DQWRFRPRHQODHSRFD
GHO1XHYR7HVWDPHQWRFX\RVHVFULWRUHVIXHURQLQVSLUDGRVWDQWRSRUHO(VSLULWX6DQWRFRPRSRUOD
SUHVHQFLDGHOD5HYHODFLRQGH-HVXFULVWR+HE
(VWRVVRQORVGRV7HVWLJRVUHSUHVHQWDGRV\FRPXQLFDGRVHQOD3DODEUD3URIHWLFDGHO$QWLJXR\
1XHYR7HVWDPHQWR-HVXFULVWRHO9HUERGH'LRV\HO(VSLULWX6DQWR-HVXFULVWR\HO(VSLULWX6DQWR
FDQGHOHURVLOXPLQDGRUHVGHOD9HUGDG\FRPEXVWLEOHHWHUQRROLYRVUHYHODGRUHVGHOD3DODEUD
3URIHWLFDILMDGDSRUHVFULWRGDQWHVWLPRQLRDWUDYHVGHHOODSUR\HFWDQGRODVGRFWULQDV\SULQFLSLRVGHO
5HLQRR*RELHUQRGH'LRV&RQWLQXDPHQWHGDQWHVWLPRQLRSXHVWRTXHVRQ7HVWLJRVGHODXQLFD9HUGDGGHO
*RELHUQRR5HLQRGH'LRV<HVHWHVWLPRQLRKDSHUPDQHFLGRSRUHVFULWRHQODV6DJUDGDV(VFULWXUDV

6LDOJXQRTXLHUHKDFHUOHVGDQRVHUDGHVWUXLGR
 7LHQHQSRGHUSDUDFHUUDUHOFLHOR\SDUDFRQYHUWLUODVDJXDV
/RVGRV7HVWLJRVKDQGHMDGRSRUHVFULWRSRUPHGLRGHORVSURIHWDVTXHDTXHOORVTXHLQWHQWHQTXLWDUR
WHUJLYHUVDUVXWHVWLPRQLRVHDQFRQGHQDGRV\TXHQRFRQVLJDQVXSURSRVLWR(VGHFLUOD3DODEUDGH'LRV
DQXQFLDSURIHWLFDPHQWHTXHQRSRGUDVHUQLDOWHUDGDQLGHVWUXLGDQLREOLJDGDDHVWDUHQVLOHQFLR<TXH
WRGRORTXHFRQWLHQHWHQGUDVXFXPSOLPLHQWR
(VHQHVD3DODEUDSURIHWLFDTXHVHSURFODPDQMXLFLRVVREUHODWLHUUDTXHXQDYH]FXPSOLGRV
GHPRVWUDUDQHOSRGHU\ODDXWRULGDGGHORVGRV7HVWLJRV

&XDQGRKD\DQDFDEDGRVX7HVWLPRQLROD%HVWLDTXHVXEHGHODELVPRKDUDJXHUUDFRQWUDHOORV\
ORVYHQFHUD\ORVPDWDUDYHUDQVXVFDGDYHUHVSRUWUHVGLDV\PHGLR
,QWHQWHPRVHQXQDSULPHUDDSUR[LPDFLRQFRPSUHQGHUHOWH[WRGHQWURGHOFRQWH[WRKLVWRULFRTXH\D
KHPRVH[SXHVWRHQRWURVOXJDUHV
+HPRVGHPRVWUDGRTXHORUHODWLYRDOILQDOGHOSHULRGRSURIHWLFRGHORVDQRVLQWURGXFHDOD
)UDQFLD5HYROXFLRQDULDFRPRODSRWHQFLDTXHVHQDODFRQVXLGHRORJLDXQDRULHQWDFLRQKLVWRULFD
GHWHUPLQDGD
6HJXQORLQGLFDGRHQHVGXUDQWHHOSHULRGRGHORVDQRVTXHLEDQDSUHGLFDUGHOXWR
$VXQWRTXHFRLQFLGHFRQODHSRFDGHHVWDQFLDGHOD0XMHUGH$SRFDOLSVLVHQHOGHVLHUWR
6LODSRWHQFLDTXHVHLQWURGXFHDOILQDOGHHVHSHULRGRSURIHWLFRHVDWRGDVOXFHVOD)UDQFLD
5HYROXFLRQDULD\TXHSURSLQDUDXQDKHULGDPRUWDODOD4XLQWD&DEH]D\RUJDQL]DUDWRGRXQSODQGH
GHVFULVWLDQL]DFLRQDWHQWDQGRSUHFLVDPHQWHFRQWUDOD%LEOLDUHGXFLHQGRODDOVLOHQFLRHQXQVHQWLGRTXH
KHPRVGHH[SOLFDUORVGLDV\PHGLRSURIHWLFRVDQRV\PHGLRUHDOHVGXUDQWHORVTXHVLPEROLFDPHQWH
ORVGRV7HVWLJRVSHUPDQHFHQFRPRFDGDYHUHVGHEHULDQGHHVWDULQFOXLGRVHQORVDQRV
6LKHPRVGHVHUFRKHUHQWHVFRQWRGRORLPSOLFDGRHQHOSHULRGRFURQRORJLFR\HQODSRVLFLRQGH
DELVPRGHOD%HVWLDTXHPDUFDXQDVLWXDFLRQQXHYD\ODDSDULFLRQGHXQD&DEH]DSROLWLFRPLOLWDU
QXHYDGHDFXHUGRDORTXH\DKHPRVHVWXGLDGRHVLPSRVLEOHDQDGLUORVGLDVSURIHWLFRVDORV
GLDVSXHVWRTXHRELHQVHYHULDREOLJDGRTXLHQORKLFLHVHDUHWUDVDUHOLQLFLRGHORVGLDV
SURIHWLFRVSHURHQWRQFHVHOJROSHGHODKHULGDPRUWDOQRSRGULDOOHJDUDH[LJLEOHHQRWUROXJDUFI
$SFRQORTXHVHHVWDULDFUHDQGRXQSHULRGRGLVWLQWRRVLVHDGLFLRQDQSDUWLHQGRGHOPLVPR
RULJHQTXHHQHVWHWUDEDMRKHPRVPRVWUDGRQRVLULDPRVPDVDOODGHGRQGHQRHQFRQWUDPRVQLQJXQ
PRPHQWRKLVWRULFRIDFWLEOHSDUDSRGHUXELFDUXQSHULRGRGHGLDVSURIHWLFRV
3RURWUDSDUWHHVWDFRKHUHQFLDQRVHQIUHQWDDXQDHVSHFLHGHFRQWUDGLFFLRQFRQHOWH[WRTXHHVSUHFLVR
VROXFLRQDUHQSOHQDFRQFRUGDQFLDFRQODFRKHUHQFLDPHQFLRQDGD\FRQWRGDVODVSRVLELOLGDGHVGHOWH[WR
TXHGHFRQVHJXLUVHVHULDWDQVRORXQDFRQWUDGLFFLRQDSDUHQWH
(QHIHFWR"FRPRLQFOXLUHVWHDVXQWRGHODPXHUWHGHORVGRVWHVWLJRVGHQWURGHXQSHULRGRHQHOTXHVH
GLFHTXHHVWDQSURIHWL]DQGRYHVWLGRVGHFLOLFLRROXWR\SRURWUDSDUWHGHFLUVHGHHOORVTXHHVWDQ
PXHUWRVGXUDQWHORVDQRVXS"
"&RPRHQWHQGHUODIUDVHGHSSWUDGXFLGDFXDQGRKD\DQDFDEDGRVXWHVWLPRQLR"
6LHOWHVWLPRQLRVHKDGHDFDEDUDOWHUPLQRGHORVDQRVVHULDORJLFRLQWHUSUHWDUTXHORVGLDV
SURIHWLFRVWXYLHVHQTXHVHUSRVWHULRUPHQWHDORTXHHQWUDULDHQFRQWUDGLFFLRQFRQODLQWHUSUHWDFLRQ
FRKHUHQWHTXHDQWHVDOXGLDPRV\TXHVHGHPXHVWUDWHQLHQGRHQFXHQWDORTXH\DKHPRVLQGLFDGRHQRWURV
OXJDUHV
3ULPHURGHILQDPRVGHTXHIRUPDVHSXHGHSURIHWL]DUDXQFXDQGRVLPEROLFDPHQWHVHOHVHVWDKDFLHQGR
ODJXHUUD\VHOHVPDWH"'HTXHPRGRVHOHVPDWR""4XHVLJQLILFDHVR"
$OLGHQWLILFDUVHDORVGRV7HVWLJRVFRPRVLHQGRWDQWROD5HYHODFLRQGH-HVXFULVWRFRPRODGHO(VSLULWX
6DQWRILMDGDHQOD3DODEUDGH'LRVGHODHSRFDGHOOODPDGR$QWLJXR7HVWDPHQWR\HO1XHYR7HVWDPHQWR
HVLPSRVLEOHSRUORTXHORVSURSLRVWH[WRVGLFHQFIKDFHUOHVDXWHQWLFDPHQWHGDQR(VGHFLUVX
ODERU\REMHWLYRGHSURIHWL]DUGXUDQWHORVDQRVYHVWLGRVGHOXWRQRSXHGHVHUDOWHUDGRDXQFXDQGR
VHOHVPDWH/RTXHKDQKDEODGRUHVSHFWRDHVWHSHULRGRVHFXPSOLUDDXQFXDQGRVHOHVKDJDODJXHUUDR
VHOHVPDWH(VLPSRVLEOHKDFHUOHVFDOODUUHVSHFWRDORTXH\DKDQGLFKRGLFHQRGLUDQ\TXHLQFOX\HXQD
SURIHFLDGHDQRVYHVWLGRVGHFLOLFLR/DVGLILFXOWDGHVFRQTXHHVRVGRV7HVWLJRVSURIHWL]DQGXUDQWH
DQRVVRQVLPEROL]DGDVPHGLDQWHHOYHVWLGRGHFLOLFLRROXWR<HVWRVLUYHLQFOXVRSDUDHOSHULRGR
GHFDGDYHUHVGHHVRVGRV7HVWLJRVFRPRIUXWRGHODDFWXDFLRQGHOD%HVWLDTXHVXEHGHODELVPR
SS
"4XHVLJQLILFDOOHJDUDVHUFDGDYHUHVRHOKDEHUVLGRPDWDGRV"
<DKHPRVGLFKRTXHORVFRQWHQLGRVSURIHWLFRVGHHVRVGRV7HVWLJRVQRSXHGHQVHUDOWHUDGRVGXUDQWH
WRGRHVHWLHPSRGHORVDQRV6LQHPEDUJRSXHGHQVHUUHGXFLGRVDOVLOHQFLRWRWDOUHVSHFWRDTXH
SXHGDQHVWDUYLYRVSDUDORVKRPEUHV
/D3DODEUDGH'LRVHO$QWLJXR\1XHYR7HVWDPHQWRHOWHVWLPRQLRGH-HVXFULVWR\HO(VSLULWX6DQWRQR
SXHGHQVHUGHVWUXLGRVMDPDV6LQHPEDUJRSXHGHVHUPDWDGDGLFKD3DODEUD"FRPR"VLHQGRDUUHEDWDGD
GHORVKRPEUHVQRSHUPLWLUWHQHUDFFHVRDHOOD'XUDQWHORVGLDVSURIHWLFRVTXHHVWDQGHQWURGHO
SHULRGRWRWDOGHORVGLDVSURIHWLFRVVHOHVOOHYDDOVLOHQFLRDILQGHTXHQRSXHGDVHUSUHVWDGD
DWHQFLRQUHVSHFWRDORVDVXQWRVTXHWLHQHQTXHYHUFRQHVHILQDOGHOSHULRGR
$ORODUJRGHORVDQRVDH[FHSFLRQGHORVDQRVORVKRPEUHVDXQFRQODVGLILFXOWDGHVSDUD
HVFXFKDUHOWHVWLPRQLRGHORVGRV7HVWLJRVYHVWLGRVGHOXWRVRQFDSDFHVHQFRQGLFLRQHVQRQRUPDOHV\
GLVPLQXLGDVDWHQGHUORLQKHUHQWHGHOPHQVDMHGHO5HLQR/DSURSRUFLRQGHORVTXHSXHGHQRLU\HQWHQGHU
HVPLQLPDWDOFRPRVXJLHUHHOVLPEROLVPR\HOFRQRFLPLHQWRKLVWRULFRSURIHWLFR&RQODDFWXDFLRQ
GXUDQWHHVRVDQRV\PHGLRGHOD%HVWLDTXHVXEHGHODELVPRDWUDYHVGHODVH[WD&DEH]DLGHQWLILFDGD
>@
HQHVDIDVHLQLFLDOFRQOD)UDQFLD5HYROXFLRQDULDVHOHVLPSLGHHVFXFKDUOHV(VWDEDQPXHUWRV
&XDQGRKD\DQDFDEDGRVXWHVWLPRQLRRFXDQGRHVWHQDFDEDQGR!!VXWHVWLPRQLRSS
'DQH0DQWH\HQVX*UDPDWLFD\-XDQ0DWHRVHQVX/H[LFRH[SRQHQODVGLILFXOWDGHVGHWUDGXFLUHO
DRULVWRVXEMXQWLYRWLHPSRYHUEDOTXHDSDUHFHHQHVWHSDVDMH1RVUHILHUHQORYHUVDWLOTXHSRGULDVHU
GDGDVODVFRQGLFLRQHVTXHSUHVHQWDHOJULHJR\HOFDPELRTXHSXHGHH[SHULPHQWDUGLFKRWLHPSRFXDQGR
HOFRQWH[WRGHXQDIUDVHORH[LJH
(ODRULVWRVXEMXQWLYRSXHGHWUDGXFLUVHFRPRXQDDFFLRQTXHHVWDRFXUULHQGRWRGDYLDWRPDQGRFRPR
SXQWRGHUHIHUHQFLDXQKHFKRTXHKDGHVXFHGHUHQHOWLHPSRTXHHVWHDFRQWHFLHQGRGLFKDDFFLRQ7DQWR
>@
'DQD0DQWH\HQVX*UDPDWLFDGHO1XHYR7HVWDPHQWR FRPR-XDQ0DWHRVHQVX/H[LFRGHO1XHYR
>@
7HVWDPHQWR MXVWLILFDQHVWDSRVLEOHWUDGXFFLRQ(OFRQWH[WRDOTXHDOXGHQORVDXWRUHVDOVHUXQ
DVXQWRGHSURIHFLDYDDGHSHQGHUGHODLQWHUSUHWDFLRQTXH\RKD\DUHDOL]DGRWHQLHQGRHQFXHQWDWRGDVODV
SRVLELOLGDGHVGHOWH[WR1RKD\QDGDHQHOWH[WRTXHSURKLEDDSOLFDUODSRVLELOLGDGTXHORVDXWRUHV
FLWDGRVLQYRFDQSDUDSRGHUWUDGXFLUHODRULVWRVXEMXQWLYRSRUHVWHQDFDEDQGRHQOXJDUGHKD\DQ
DFDEDGR(VSUHFLVDPHQWHDOWHQHUHQFXHQWDORTXHODSURIHFLDH[LJH\ORTXHODKLVWRULDRIUHFHTXHQRV
REOLJDPRVDWUDGXFLUGHOPRGRTXHWDQWR-XDQ0DWHRV\'DQD0DQWH\DGPLWHQFRPRSRVLEOH
(OFXPSOLPLHQWRKLVWRULFRGHORVGLDVSURIHWLFRVFXDQGROD%HVWLDTXHVXEHGHODELVPR
FRQVLJXHSRQHUHQVLOHQFLRSDUDPXFKRVDORVGRV7HVWLJRV
 /D%HVWLDTXHVXEHGHODELVPRSS
(VXQDSRVLFLRQXELFDGDKDFLDHOWHUPLQRGHORVDQRVFXDQGRVHSUHSDUDHOHVFHQDULRSUHYLRD
FXDQGROD4XLQWD&DEH]DUHFLELUDXQDKHULGDPRUWDO$SRFDOLSVLVQRVGLFHWDOFRPR\DYLPRV\
FRPRYHUHPRVHQHOSUR[LPRDSDUWDGRTXHHQODSRVLFLRQGHDELVPRGHOD%HVWLD&LQFR&DEH]DVKDQ
WUDQVFXUULGR\TXHVHGDOXJDUDOD6H[WD<FRPRTXLHUDTXHHVDSRVLFLRQGHDELVPR$SRFDOLSVLVOD
LQWURGXFHKDFLDHOILQGHORVDQRVSS\$SRFDOLSVLVYHDXQDGHODV&DEH]DV
KHULGDGHPXHUWHWUDVVXSHULRGRKHJHPRQLFRGHPHVHVSURIHWLFRVHVGHFLUGLDVSURIHWLFRVR
DQRVQDWXUDOHVODKHULGDWLHQHTXHVHUVXIULGDSRUOD4XLQWD&DEH]DSXHVWRTXH$SRFDOLSVLV
FRQVLGHUDFRPRFDLGDV\DD&LQFR&DEH]DVFXDQGROD%HVWLDHVWDHQSRVLFLRQGHDELVPR
SRVLFLRQHVDTXHDFRQWHFHDOILQDOGHORVDQRV
+LVWRULFDPHQWHODSRWHQFLDUHOHYDQWHTXHVHLQLFLDDOWHUPLQRGHOSHULRGRDQRVKDFLD
HV)UDQFLD5HYROXFLRQDULD\OD,GHRORJLDIXQGDPHQWDOTXHVHLQRFXODHQODKLVWRULDVRQORV
SULQFLSLRVUHYROXFLRQDULRVTXHFUHDUDQXQVHQWLGRKLVWRULFRSUHSRQGHUDQWH
/DSOD]DGHODJUDQFLXGDG
(QHO$SRFDOLSVLVODPXMHUUDPHUD$SHVOODPDGD%DELORQLDRODJUDQFLXGDG$S
TXHUHLQDVREUHORVUH\HVGHODWLHUUD$S(VXQVLPERORGHOVLVWHPDIDOVRUHOLJLRVRTXH
KDH[LVWLGRGHVGHORVFRPLHQ]RVGHODKXPDQLGDG/DLQVSLUDFLRQKDFHHQIDVLVHQHVD%DELORQLDTXH
LPSHUDDSDUWLUGHODHSRFDFULVWLDQD\TXHHMHUFHXQDLQIOXHQFLDGHFLVLYDSDUDODPDUFKDGHODKLVWRULD
(Q$SRFDOLSVLVHO(JLSWRHQVHQWLGRHVSLULWXDOKDFHUHIHUHQFLDDODSOD]DGHODJUDQFLXGDG6LOD
JUDQFLXGDGDOXGHDODPXMHUEDELORQLFDHQODHSRFDFULVWLDQDDSDUWLUGHODXWRUGHO$SRFDOLSVLV\
HVWDVHQWDGDVREUHOD%HVWLDTXHRFXSDWRGDODWLHUUDFI$SPHGLDQWHODVFDEH]DVFRQ
TXHOHWRFDDFWXDUHQFDGDPRPHQWRKLVWRULFRFIODSOD]DVHUDSDUWHGHOD%HVWLDGRQGHHVWD
DVHQWDGDODPXMHUEDELORQLFD
(VWRQRVPXHVWUDTXHHOWHUPLQRSOD]DDOXGHDXQFHQWURHVWUDWHJLFRGHODJUDQFLXGDG\TXHHQHO
PRPHQWRHQTXHVHGHVFULEHHQ$SRFDOLSVLVHQODHSRFDHQTXHOD%HVWLDHVWDHQHODELVPRDSXQWR
GHVXELUODVUHODFLRQHVQRVRQPX\ER\DQWHVSHURKDVWDHVHILQDOGHORVDQRVKDVLGRVX
>@
SOD]DVXOXJDUSUHIHULGR 6DEHPRVKLVWRULFDPHQWHTXH)UDQFLDGHQRPLQDGDODKLMDGHO
3DSDGRWXYRPXFKRTXHYHUWDQWRHQHORULJHQFRPRHQHOGHVDUUROORGHODLGHD3DSDOGH$XWRULGDG
VXSUHPD\GHODXQLRQGH,JOHVLD\(VWDGR5HFLELRXQFRQWLQXRDSR\RSRUSDUWHGHODPRQDUTXLDIUDQFHVD
TXHKL]RSRVLEOHFRQVROLGDUVX3RGHU
(QVHQWLGRHVSLULWXDOVHOODPD6RGRPD\(JLSWR
6RGRPDHVHOVLPERORGHODFRUUXSFLRQ\GHODLQPRUDOLGDG'HXQDVRFLHGDGVHFXODU\ODLFLVWDTXHQR
WLHQHHQFRQVLGHUDFLRQODVQRUPDVPRUDOHVGH'LRV(JLSWRGHVGHODDFWXDFLRQRUJXOORVDGH)DUDRQQR
DFHSWDQGRDO'LRVYHUGDGHURFRQILJXUDHOLQVWUXPHQWRKXPDQRGHVSURYLVWRGHWRGRDSR\RTXHQRVHDHO
PLVPR,VDFI-HUSURGXFHXQDWHLVPR\DJQRVWLFLVPRODDFWLWXGGHOSRGHU(VWDWDOHVODGH
LJQRUDUD'LRV(VWRHVORTXHVHUHFRJHHQHOVLPEROR(JLSWR
(VWRVGRVDVSHFWRVFDVDQPX\ELHQFRQOD)UDQFLD5HYROXFLRQDULD\FRQHOVHQWLGRLGHRORJLFRGHOD
5HYROXFLRQ)UDQFHVD7DOFRPR\DYLPRVHO$SRFDOLSVLVRIUHFHHOQXHYRYDORUTXHSRVHH(JLSWRFRPR
UH\GHO6XUKD\TXHFRQVLGHUDUORHQVHQWLGRHVSLULWXDO
/RVGRV7HVWLJRVFRPRVLIXHUDQFDGDYHUHVGXUDQWHDQRVVRQVHFXHVWUDGRV!!SDUDTXH
ORVKRPEUHVQRWHQJDQDFFHVRDHOORV(VRHVFRPRVLVHOHVPDWDUD$SXSSS
/DSURIHFLD\DORKHPRVGLFKRYDULDVYHFHVUHFRJHORPDVUHOHYDQWH\TXHPDUFDXQDGLUHFFLRQDOLGDG
TXHLQIOX\HHQODKLVWRULD4XLHUHUHIOHMDUDTXHOORTXHHVPDVVREUHVDOLHQWH\TXHWLHQHUHSHUFXVLRQHVHQ
ODPDUFKDGHODKLVWRULDXQLYHUVDORLQFOXVRFRQVLJQDXQKHFKRTXHHVHOUHVXOWDGRGHXQDFRQVWDQWH
KLVWRULFDTXHHVSUHFLVRHYLGHQFLDU
(VWRXOWLPRHQUHODFLRQFRQORRWURLQGLFDGRFRLQFLGHFRQORVXFHGLGRDORVGRV7HVWLJRVGXUDQWHOD
HSRFDGHOD)UDQFLD5HYROXFLRQDULD
/DSURIHFLDILMDHVWHVXFHVRHOTXHORVGRV7HVWLJRVQRWHQJDQDFFHVRDORVVHUHVKXPDQRVQRWDQWRSRU
ODUHDOLGDGJOREDOGHOKHFKRHQVLHQ$OHPDQLD,QJODWHUUDSDLVHVQRUGLFRV(VWDGRV8QLGRVOD%LEOLD
FLUFXODFRQOLEHUWDGVLQRSRUODVFLUFXQVWDQFLDVKLVWRULFDVHQODVTXHVHGDHOKHFKR9HDPRVHVWRPDVGH
FHUFD
/DSURIHFLDQRVHVWDLQWURGXFLHQGRDXQDQXHYDSRWHQFLDFIORVWH[WRVSDUDOHORVHQUHODFLRQDOD%HVWLD
HQVXSRVLFLRQGHDELVPRFRQXQDLGHRORJLDGHDOFDQFHXQLYHUVDOFRQUHSHUFXVLRQHVHQODGLUHFFLRQGHOD
KLVWRULD3HURSRURWUDSDUWHKDFHFDHUDXQDDQWHULRUSRWHQFLDTXHWDPELHQKDELDLQRFXODGRVXLGHRORJLD
HQODKLVWRULD(VWDSRWHQFLDHVODTXHFRUUHVSRQGHDOD4XLQWD&DEH]DR6LVWHPD3DSDO(VWD&DEH]D
KDELDSUHWHQGLGREDVDUVX3RGHU\$XWRULGDGHQOD3DODEUDGH'LRVHQOD%LEOLDHQORTXHORVGRV
7HVWLJRVKDELDQUHYHODGRUHSUHVHQWDQGRORVHQODWLHUUD7DQWRHO$EVROXWLVPRFRPRHO'HUHFKRGLYLQR
GHORV5H\HVFRQWRGRORTXHLPSOLFDTXHHO6LVWHPD3DSDOKDRULJLQDGR\GHVDUUROODGRHQODKLVWRULD
DXQTXHGHRULJHQ\QDWXUDOH]DEDELORQLFDTXHOHYLHQHDWUDYHVGH5RPD,PSHULDOKDELDVLGRKDELOPHQWH
FDPXIODGRSRUWRGDXQDVHULHGHHVWUDWDJHPDVWDQWRWHRORJLFDVFRPRSROLWLFDVKDFLHQGRFUHHUTXHVXEDVH
VHHQFRQWUDEDHQOD%LEOLD7DQFODUDPHQWHKDELDVLGRILMDGRHVWRHQODVPHQWHVGHXQDPD\RULDGHVHUHV
KXPDQRVWDQPDUFDGDVKDELDQVLGRODVDFWXDFLRQHVGHO6LVWHPD3DSDOHQVXSUR\HFFLRQSROLWLFRUHOLJLRVD
GHIHQGLHQGRVX$XWRULGDGVXSUHPDFRQORTXHHVWRFRQOOHYDHQJDQRVDPHQWHEDVDGRHQXQD
WHUJLYHUVDFLRQGHOWH[WRELEOLFRTXHORVTXHHPSUHQGHQOD5HYROXFLRQ)UDQFHVDGHFLGLHURQH[WHUPLQDUD
ORVGRV7HVWLJRV
(UDSUHFLVRUHVHQDUHVWHKHFKRSDUDVHQDODUDODSRWHQFLD3DSDOHLGHQWLILFDUODFRPRODFDXVDQWHGH
HVWHKHFKRLJQRPLQLRVR7HQHUODHQHOUHFXHUGR\FRQWHPSODUODVFRQVHFXHQFLDVTXHVHGHULYDQGHXQD
DFWLWXGPHQWLURVD\EDVDGDHQDOJRDMHQRDO'LRVYHUGDGHUR
>@
&RPRORKLFLHURQ\HOWLHPSRGHVXGXUDFLRQHQODKLVWRULD 
(OKLVWRULDGRUFDWROLFRFRPHQWDUHVSHFWRDOD5HYROXFLRQ)UDQFHVDHQ
6LQGXGDODUHYROXFLRQIUDQFHVDDOFDQ]RVXSXQWRFXOPLQDQWHHQ1RYLHPEUHFXDQGRVHVXSULPLRRILFLDOPHQWHHOFULVWLDQLVPR\
>@
VHLQWURGXMRHOFXOWRDODUD]RQ!!
1RSRGHPRVKDFHUGHPDVLDGRFDVRDFLHUWDVFRQVLJQDV
UHOLJLRVDV
TXHVHLQWURGXFHQWHPSUDQDPHQWH
SRUODVUHYRFDFLRQHV\FRQGXFWDVFRQWUDULDVTXHVHSURGXFHQDFRQWLQXDFLRQFRQWUDGLFLHQGRORTXH
DSDUHQWHPHQWHSUHWHQGLDQHVDVFRQVLJQDV3RUHMHPSORHQOD&RQYHQFLRQKDELDGHFODUDGROD
>@

OLEHUWDGGHFXOWRV
SHURVHWUDWRGHDOJRSXUDPHQWHIRUPDO\QRVHOOHJRDSRQHUHQYLJRU 3RU
FRQWUDODUHDOLGDGHVRWUDGHVGHMXQLRVHRULJLQDXQSHULRGRGHWHUURU\SHUVHFXFLRQUHOLJLRVDTXH
DFDEDUDFRQXQGHFUHWRSURKLELHQGRHOHMHUFLFLRGHWRGRVORVFXOWRVHOQRYLHPEUHGHR
>@
EUXPDULRGHO$QR,, (Q5REHVSLHUUHLPSODQWDHOFXOWRGHO
6HU6XSUHPR
FRPRRSXHVWRDO
DWHLVPR"SHURTXHTXLHUHGHFLUFRQHVR"(OVHUVXSUHPRHVODQDWXUDOH]DVXWHPSORHOXQLYHUVRVXFXOWR
>@ >@
ODYLUWXGHWF (QVHOHJLVODDIDYRUGHODOLEHUWDGGHFXOWRV 6LQHPEDUJRVHKDSUHFLVDGR
TXHVXVHUYLFLRGHEHVHUUHDOL]DGRGHDFXHUGRDODOH\HVGHFLUFRQIRUPHDO
FXOWRGHFLPDO
FDGDGLH]
>@
GLDVDGHPDVVHPDQWLHQHQODVUHVWULFFLRQHVILMDGDVSRUODOH\GHOGHIHEUHUR (O'LUHFWRULRTXH
 >@
WRPDHOSRGHUHQRFWXEUHGHHVFRPSOHWDPHQWHKRVWLODORUHOLJLRVR 
&RPRXQDHYLGHQFLDSUDFWLFDGHODUHDOLGDGGHODVLWXDFLRQUHOLJLRVDHVTXHKDVWDHOGHHQHURGH
>@
QRVHFHOHEUDSXEOLFDPHQWHSRUSULPHUDYH]HOFXOWRGHORVWHRILODQWURSRV \QRVHUDKDVWD
DJRVWRGHTXHHO2ELVSR/HFR]HQ
1RWUH'DPH
DXWRULGDGUHOLJLRVDFDWROLFDHQ
)UDQFLDLQWHUSUHWD\H[SUHVDSXEOLFDPHQWHTXHVHKD
UHVXFLWDGR
ODSRVLELOLGDGDXWHQWLFDGHHMHUFHUOD
UHOLJLRQ
/RVOLPLWHVHQWUHHQHURGH\$JRVWRGHPXHVWUDQODH[LVWHQFLDGHXQPDUFRQXHYR(O
SULPHURHVXQLQGLFDWLYRGHTXHXQFDPELRVHHVWDSURGXFLHQGRHOVHJXQGRHVODFRQVWDWDFLRQGHTXHHVH
FDPELRHVHQFLDOUHODWLYRDORUHOLJLRVR\DVHKDSURGXFLGR
/DQHFHVLGDGGHTXHODGLUHFFLRQUHSXEOLFDQDGLJDDOJRTXHFRQWUDGLJDDELHUWDPHQWHOD
GHVFULVWLDQL]DFLRQRILFLDOLQLFLDGDDILQDOHVGHVHLPSRQHHVWRVHUDSRVLEOHHQ0D\RGH
FXDQGRHO&RQVHMRGHORVQRPEUDULDXQDFRPLVLRQSDUDSUHSDUDUXQDQXHYDOH\FRQFHUQLHQWHDOFXOWR
>@
UHOLJLRVR (Q-XQLRGHVHSUHVHQWDHOLQIRUPH\SRVWHULRUPHQWHFRQHOLQIRUPH
SURJUDPDWLFR

GH&DPLOH-RUGDQDFHSWDGD\DGRSWDGDXQDQLPHPHQWHSRUHO&RQVHMRVHKDFHXQDH[SRVLFLRQTXHKDVWD
HQWRQFHVQRKDELDH[LVWLGRRSXHVWDDORTXHVXSXVRODVXSUHVLRQGHOFULVWLDQLVPRHQQRYLHPEUHGH
>@
SURSLFLDQGRVHODOLEHUWDGGHFXOWRVHQ)UDQFLD 'LFKRLQIRUPHDGRSWDGRGLFHORVLJXLHQWH
(VQHFHVDULDODUHOLJLRQSDUDODIHOLFLGDG\SURVSHULGDGGHXQDQDFLRQ/DIHHQ'LRVHVXQDJDUDQWLDPHMRUGHORUGHQSXEOLFR
TXH ODV PHMRUHV OH\HV /D YROXQWDG GHO SXHEOR HQ HVWH DVXQWR HV XQDQLPH FRQVWDQWH H LUUHVLVWLEOH /D UHOLJLRQ FRQ VX SHUVSHFWLYD
LQPRUWDO HV HO XQLFR FRQVXHOR GH XQD QDFLRQ HQ ORV GLVWXUELRV TXH DFRPSDQDQ XQD UHYROXFLRQ (V OD XQLFD IXHQWH GHO RUGHQ \ OD
PRUDO+HPRVSURPXOJDGRPLOODUHVGHOH\HVGXUDQWHORVXOWLPRVSRFRVDQRV"4XHKDQKHFKRSRUQRVRWURVVLQRKDVLGRLQXQGDUHVWH
EHOORLPSHULRFRQFULPHQ\GHVWUXFFLRQ"<"SRUTXH"3RUTXHODOH\TXHHQVHQDFRPRGLVFHUQLUHQWUHHOELHQ\HOPDOODOH\TXHVROD
GDYDORUDWRGDVODVRWUDVOH\HVKDVLGRDUUDQFDGDGHORVFRUD]RQHVGHOSXHEOR6LSHUPLWLPRVTXHWRGDVODVUHOLJLRQHVYXHOYDQD
FUHDUHVDOH\HQHOFRUD]RQGHODJHQWHORVOHJLVODGRUHVWHQGUDQSRFRPDVTXHKDFHU/DLGHDGHSURVFULELUWRGDUHOLJLRQHQ)UDQFLD
HVLPSLD4XHWRGRVQXHVWURVFLXGDGDQRVYXHOYDQDVHQWLUODVHJXULGDGTXHWRGRHOPXQGRFDWROLFR\SURWHVWDQWHORFRQVLGHUHOD
YROXQWDG GHO OHJLVODGRU \ HO GHVHR GH OD OH\ TXH VLJD OD UHOLJLRQ GH VX FRUD]RQ 3HUPLWLGPH TXH OHV UHSLWD HQ YXHVWUR QRPEUH OD
>@
SURPHVDVDJUDGDWRGDVODVIRUPDVGHFXOWRVHSHUPLWHQHQ)UDQFLD!!
(VWHLQIRUPHSUHVHQWDGRSRUODFRPLVLRQSDUDVXSRVWHULRUYRWDFLRQ\DGRSFLRQGHPXHVWUDTXHKDVWD
HVHPRPHQWRQRKDELDKDELGRXQDGHFODUDFLRQSRUXQODGRVXVWLWXWRULDGHODGH\SRURWURHIHFWLYD
HQFXDQWRDVXDSOLFDFLRQ
1DGDGHHVWRVLJQLILFDTXHODSUREOHPDWLFDHQJHQGUDGDFRQOD,JOHVLD&DWROLFDUHSUHVHQWDGDSRUHO3DSD
KD\DILQDOL]DGRSHURVLDOPHQRVHQPD\RMXQLRGHPDUFDHOILQGHXQ
VLOHQFLRFULVWLDQR
REOLJDGR
SRUODUHDFFLRQYLUXOHQWDGHOD5HYROXFLRQFRQWUDHO6LVWHPD3DSDO\TXHVHSUR\HFWDHQORPDV
UHSUHVHQWDWLYRGHODUHOLJLRQFULVWLDQDHQDTXHOORHQTXHHVWDVHIXQGDHQORVOLEURVVDJUDGRV
/DDFWLWXGGHSHUVHFXFLRQUHOLJLRVDFRQODTXHPDGH$QWLJXRV\1XHYRV7HVWDPHQWRVHVXQDUHDOLGDG
TXHFRQVWDWD\UDWLILFDXQSURJUDPDTXHHVLQWHUSUHWDGRSRUODSURIHFLDFRPRXQDPDWDQ]DRDWURSHOOR
>@
KDFLDORVGRV7HVWLJRV
3DUDPXFKRVSDUHFHLURQLFRTXHODJUDQDOLDGDGHO3DSDGR)UDQFLDVXUJLGDGHODQWLJXRUHLQRGHORV
)UDQFRVFRQ&ORGRYHRVHFRQYLHUWDSRUXQGHVWLQRLUUHYRFDEOHHQODHMHFXWRUDGHXQD
KHULGDPRUWDO

(VWRKDVLGRLQWHUSUHWDGRHQHOVHQWLGRGHXQFDVWLJRGLYLQRDODVDWURFLGDGHVFRPHWLGDVHQ)UDQFLDHQHO
>@
GLDGH6DQ%DUWRORPH

'HVSXHVGHDQRVHQWURHQHOORVHOHVSLULWXGHYLGDHQYLDGRSRU'LRV
 'HVGHILQDOHVGHQRYLHPEUHGHKDVWDPD\RMXQLRGHWUDQVFXUULULDQORVDQRVH[LJLGRV
SRUODSURIHFLD)XHGHVSXHVGHSDVDGRVORVDQRVHQMXQLRGHTXHRILFLDO\OHJDOPHQWHVH
GHYXHOYHODSOHQDOLEHUWDGSDUDORVGRV7HVWLJRV
7RGRVDTXHOORVTXHKDELDQWHUJLYHUVDGROD3DODEUDGH'LRVKDELDQKHFKRXQPDOXVRGHHOODORVTXHOD
KDELDQRFXOWDGRGHODPD\RULDGHORVKRPEUHV\ORVTXHODKDELDQPDWDGRPHGLDQWHOD
GHVFULVWLDQL]DFLRQDWHDWRGRVLQFOXLGRVFRPRHQHPLJRVSXGLHURQYHUTXHORVGRV7HVWLJRV\DQR
VHJXLDQSUHGLFDQGRYHVWLGRVGHOXWRVLWXDFLRQRFDVLRQDGDSRUOD4XLQWD&DEH]DGHOD%HVWLDQLHQ
FRPSOHWRVLOHQFLRSRUORTXHOD%HVWLDHQSRVLFLRQGHDELVPRKDELDUHDOL]DGRDWUDYHVGHOD6H[WD
&DEH]DHQXQWLHPSREUHYH\HQXQDDUHDUHVWULQJLGD
$HVRVGRVWHVWLJRV\DQDGLHOHVSRGULDDPRUGD]DUQLOLPLWDUVXFDPSRGHDFFLRQ<DQRSUHFLVDULDQ
XQGHVLHUWRFRPRUHIXJLRQLLEDQDHVWDULPSRVLELOLWDGRVSRUODDQJXVWLDGHODSHUVHFXFLRQGHDKLOD
YHVWLPHQWDGHOXWRRGHFLOLFLRFIXS$KRUDVHOHVWUDVODGDVLPEROLFDPHQWHDOFLHOR
GDQGRQRVDHQWHQGHUTXH\DQDGLHOHVSRGUDDOFDQ]DU\TXHDKRUDYDQDSRGHUJR]DUGHOLEHUWDGGH
PRYLPLHQWRV\DTXHWLHQHQWRGRHOHVSDFLRDHUHRDVXGLVSRVLFLRQSDUDGRPLQDUGHVGHORDOWRWRGDOD
WLHUUD(VGHFLUORVGRV7HVWLJRV\DQRWHQGUDQREVWDFXORVSDUDWHVWLILFDUVREUHORVSULQFLSLRVGHO5HLQR
GH'LRV

8QJUDQ7HUURPRWRVLPEROLFRUHSHUFXWHQHJDWLYDPHQWHVREUHOD&LXGDG%DELORQLFD\
SRVLWLYDPHQWHVREUHDTXHOORVTXHGDQJORULDDO'LRVYHUGDGHUR$S
>@
/DKLVWRULD H[SRQHFRQFODULGDGPHULGLDQDTXHSRVWHULRUPHQWHHQHVHOPRPHQWRHQHOTXH
VHGHVSRMDDOD,JOHVLD&DWROLFD5RPDQDHQODSHUVRQDGHO3DSDGHVX6REHUDQLD$XQFXDQGRHQOD
XQLILFDFLRQGH,WDOLDODUHGX]FDDXQ
VLPSOHHGLILFLR
ODEDVHIXHFRORFDGDFRQOD5HYROXFLRQ)UDQFHVD\
ODVLWXDFLRQGHVRODGDGHFRQWRGRORTXHYHQGUDGHVSXHVHVHOUHVXOWDGRGHOKXQGLPLHQWR
SURGXFLGRSRUODUHYROXFLRQIUDQFHVDTXHHQFRQWURVXPDJQRVLJQLILFDGRHQFRQHOJHVWROOHQRGH
VHQWLGRGHFRJHUSULVLRQHURDO3DSD\REOLJDUOHDWUDVODGDUVHGH5RPD)XHHQWRQFHVFXDQGRHOJHQHUDO
IUDQFHVOHKDFHVDEHUDO3DSDTXHKDSHUGLGRVX6REHUDQLD
/DVUHSHUFXVLRQHVGHHVWHKHFKRKLVWRULFRSDUDOD&LXGDGIXHURQHQRUPHV3HUGLRVXSRGHUWHPSRUDOVX
XQLRQFRQHO(VWDGRVHKXQGLRSDUWHGHOVLVWHPDHODSR\RGHO$EVROXWLVPRSURGXMRILVXUDVTXHKL]R
WDPEDOHDUVHDOD&LXGDGPXFKRVVHDSDUWDURQPXULHQGRSDUDHVDUHOLJLRQ\RWURVGLHURQJORULDD'LRV
SRUHOFRQRFLPLHQWRGHODYHUGDG\GHOHVWXGLRGHODSURIHFLD/DGXUDFLRQGHGLFKRWHUUHPRWROOHJR
KDVWDFXDQGRHO3DSDGRWUDVOLPLWDUORDVXVDSRVHQWRVLQLFLDXQDFLHUWDPHMRULDSDUDOD,JOHVLD
3DSDOHQRFDVLRQGHO&RQFLOLR9DWLFDQR,\TXHWHQGUDUHODFLRQFRQHOSURFHVRGHFXUDFLRQGHVXKHULGD
PRUWDOTXHHQORVDOERUHVGHOVLJOR;;,VHYLVOXPEUDFRPRGHILQLWLYR(VWRXOWLPRVHYHUHIOHMDGRHQ
$SRFDOLSVLV$TXLODLQVSLUDFLRQFRUWDHOUHODWRLQWURGXFLHQGRODVHVFHQDVILQDOHVGHHVWDWLHUUD
PHGLDQWHHOWRTXHGHODXOWLPD7URPSHWD

/D6HSWLPD7URPSHWD\ODGHVWUXFFLRQGHWRGRVORVUHLQRVGHHVWHPXQGRHQRFDVLRQGHO5HWRUQR
GH-HVXFULVWR\ODDSDULFLRQGHO6DQWXDULR&HOHVWLDO
(OPHQVDMHGHHVWRVSDVDMHVHVFRQFOX\HQWH\PXHVWUDQXQHVTXHPDPX\GLIHUHQWHDOTXHSUHWHQGHHO
VLVWHPD3DSDO/RVUHLQRVGHOPXQGRFDHQ\VRQGHVWUXLGRVLQVWDXUDQGRVHHO5HLQRGH'LRV
6HDODEDD'LRV\VHOHGDJUDFLDVSRUTXHUHLQH\WHUPLQHHOFDRVHQHOTXHHVWDEDVXPLGRHVWHPXQGR
 &DSLWXOR9,,

/RVHQHPLJRVGH'LRVDHVFHQD(O'UDJRQ$S
"4XLHQHVVRQORVHQHPLJRVGH'LRV"
(OSHFDGRODPXHUWHORVVLVWHPDVGHPDOGDG\HOGUDJRQ/RVVLVWHPDVGHPDOGDGVHQRVSUHVHQWDQHQ
ODDSRFDOLSWLFDFRQQRPEUHVILJXUDGRVRVLPEROLFRVFRQXQDVHULHGHGHWDOOHV\GDWRVSDUDTXHSRGDPRV
LGHQWLILFDUORVHQ\FRQODKLVWRULD
"<FRPRVHDFDEDFRQORVHQHPLJRVGH'LRV"
0HGLDQWHODREUDGHO+LMRGHO+RPEUHHQVXPLQLVWHULRFHOHVWHH[SOLFDGDHQHO$SRFDOLSVLV\FRQOD
SUHGLFDFLRQGHO(YDQJHOLRGHO5HLQRDWUD\HQGRDODVDOYDFLRQDORVTXHTXLHUHQ&XDQGRHO(YDQJHOLRGHO
5HLQRSUHGLFDGRIUXWRGHODYRFDFLRQFHOHVWHDGTXLULGD-QFI0WFI&RO
FI+EOOHYDDODVSHUVRQDVDO
DUUHSHQWLPLHQWRSRGHPRVGHFLUFRPRHOHYDQJHOLVWD/FFI-QTXHORVSHFDGRVKDQ
TXHGDGRGHUURWDGRVSRUHOSRGHUGH'LRV<VHREVHUYDSDVRDSDVRODYLFWRULDVREUH6DWDQJUDFLDVDO
SRGHUGH'LRVHQ-HVXFULVWR
/DOLQHDGHODVLPLHQWHGHODPXMHU\GHODVHUSLHQWH

>@
*HQHVLV\$SRFDOLSVLV 3ULQFLSLR\ILQGHODOLQHDGHODVLPLHQWHGHODPXMHU\GHODVHUSLHQWHODWUDQVPLVLRQ
GHODDSRVWDVLD\GHODDERPLQDFLRQ
(OWH[WRGH*HQHVLVVHLQWHUSUHWHFRPRVHKDJDVHHVWDDQXQFLDQGRXQDWUDQVPLVLRQDWUDYHVGH
>@
ODVLPLHQWHGHODVHUSLHQWH\GHODVLPLHQWHGHODPXMHU /DVHUSLHQWHYDDFUHDUXQWUD\HFWRPDOLJQR
TXHKDFHSRVLEOHODWUDQVPLVLRQGHODPDOGDG\H[SORWDUODWDUDKHUHGLWDULDGHODKXPDQLGDG
JHQHULFDPHQWHKDEODQGR
$SHVDUGHODFRQWDPLQDFLRQVXIULGDSRUODUD]DKXPDQDHVWDUHSUHVHQWDGDFROHFWLYDPHQWHSRUHO
WHUPLQRPXMHUYDDFRQWLQXDUHQXQUHFRUULGRTXHULGRSRU'LRVFI*QDFXPXODQGRHOWLHPSR\OD
LGHRORJLDQHFHVDULDWHRORJLFRSURIHWLFDSDUDGDUDOX]DODVLPLHQWHUHSUHVHQWDWLYDGH'LRVVHKDEUD
WUDQVPLWLGRHO*RELHUQRR5HLQRGH'LRVWRGRXQSODQPLVHULFRUGLRVRTXHHQPDQRVGHODVLPLHQWH
VHUYLUDSDUDDSODVWDUODLGHRORJLD\PDTXLQDFLRQPDOHYRODGHODFDEH]DGHODVHUSLHQWHVLQTXHHOOD
>@
SXHGDGHVWUXLUODWDQVROROHSRGUDKHULU6HWUDWDULDGHODVLPLHQWH0HVLDV
6LVHREVHUYDFRQGHWHQLPLHQWRHOFDSLWXORGH$SRFDOLSVLVFRPSOHPHQWDHOUHODWRGHO*HQHVLVFRQ
XQGHVDUUROORKLVWRULFRGHODVFRQVHFXHQFLDVTXHVHGHULYDQGHODVSRWHQFLDVLQYROXFUDGDV$SRFDOLSVLV
VHSUHVHQWDHQWUHRWUDVFRVDVFRPRH[SOLFDFLRQFRPSOHPHQWDULDGHOWHUPLQRPXMHU\GHODVLPLHQWHR
GHVFHQGHQFLD6HQRVD\XGDDFRPSUHQGHUHOWHUPLQRPXMHUVHUSLHQWHVLPLHQWHGHODPXMHU\
VLPLHQWHGHODVHUSLHQWHTXHDSDUHFHHQHO*HQHVLV
/DPXMHUGH*HQHVLVHVXWLOL]DGDFRPRXQYHKLFXORWHUUHVWUHUHSUHVHQWDWLYRTXHWUDQVSRUWDOD
SRVLELOLGDGGHXQDVLPLHQWHFDUJDGDFRQWRGDXQDOLQHDLGHRORJLFDTXHVHOHUHYHOD\TXHVHKDUDSDWHQWH
DWUDYHVGHODSURSDJDFLRQGHODHVSHFLH(VWDPXMHUHVODSUR\HFFLRQWHUUHVWUHGHOD0XMHU&HOHVWH
SRUTXHUHFRJHGHVGHHQWRQFHVODSRVLELOLGDGGHTXHHQVXWUD\HFWRULDKLVWRULFD\JHQHWLFDVHWUDVPLWDSRU
DTXHOORVHVFRJLGRVWRGDXQDVLPLHQWHELRORJLFDTXHOOHYDHOYDORULGHRORJLFRTXHVXSRQHOD0XMHU
&HOHVWHKDVWDTXHHVWDVHPDQLILHVWHHQODVLPLHQWHWDQWRGHOD0XMHUFHOHVWLDOGHGRQGHWLHQHVXRULJHQ
HVSLULWXDOFRPRGHODWHUUHVWUHTXHODUHSUHVHQWD
 (VWD0XMHUFHOHVWH$SFI*QTXHVLPEROL]DHQSULPHUOXJDUWDOFRPRVHGHPXHVWUD
>@
DQDOL]DQGRHOWH[WRDSRFDOLSWLFRDO5HLQRGH'LRV FRPXQLFD\PDQLILHVWDDSURYHFKDQGRORV
YDORUHV\WUD\HFWRTXHOHSURSRUFLRQDODOLQHDH[LVWHQFLDOHKLVWRULFDTXHVXUJHGHVGHODSULPHUDPXMHU
WHUUHVWUHXQDFRQWLQXLGDGGHVXLGHRORJLDSULQFLSLRV\REMHWLYRVUHODWLYRVDOSODQGH'LRVXWLOL]DQGRHVH
WHUPLQRPXMHUFRPRVRSRUWHUHSUHVHQWDWLYRGDGDVODVFDUDFWHULVWLFDVTXHVHGDQHQODSURSDJDFLRQGHOD
>@
HVSHFLHTXHUHFRJHULDODLGHRORJLDGHOD0XMHU&HOHVWH \TXHGHPXHVWUDVXLGHQWLGDGSUHFLVDPHQWH
SRUTXHDSDUHFHWRGDXQDGLUHFFLRQDOLGDGLQLQWHUUXPSLGDTXHKDFHSRVLEOHODVDVSLUDFLRQHVGH'LRVDO
PDUJHQGHHVDRWUDKXPDQLGDGUHSUHVHQWDGDSRUXQDPXMHUSURVWLWXWDFI$SVV
DODTXHODVHUSLHQWHKDLQRFXODGRVXVLPLHQWHLGHRORJLFD
(VD0XMHU&HOHVWLDO$SWLHQHXQDFRQWLQXLGDGHQODWLHUUDPHGLDQWHXQFROHFWLYR
UHSUHVHQWDWLYRKXPDQRUHFRJLGRHQHOWHUPLQRPXMHU*QFI$SDSDUWLUGH
ODSULPHUDPXMHUELRORJLFD(YD/DFXDOUHXQHSRUVXFDUDFWHULQLFLDO\FDSDFLWDGRUJHQHWLFROD
>@
SRVLELOLGDGKLVWRULFDGHHYLGHQFLDUODOLQHDHVSLULWXDO TXHDWUDYHVGHORVFRQWLQXRV
HQJHQGUDPLHQWRVILVLFRVKDUDVXUJLU\TXHSUHSDUDUDQODOOHJDGDGHOD6LPLHQWHFI*QRGHOD
'HVFHQGHQFLDFI$SXSDOTXHWLHQHFDUDFWHUH[FHSFLRQDO\TXHVHLGHQWLILFDFRQHO
0HVLDV*DOFI*Q
7RGRHVWRHVORTXHSHUPLWHDODLQVSLUDFLRQHOXWLOL]DUODH[SUHVLRQPXMHUHQXQVHQWLGRUHSUHVHQWDWLYR
/D0XMHU&HOHVWLDOHQWURQFDGDFRQODWHUUHQDOTXHOHUHSUHVHQWDSRUPHGLRGHHVHFROHFWLYRVHOHFWR
$SFI*Q\TXHDSDUHFHHQHVWDGRGHHPEDUD]RSRVHLDHQVXVHUXQDVHPLOOD
JHUPLQDO\WRGDXQDFRQFHSFLRQLGHRORJLFDTXHVHLGHQWLILFDHQHO+LMR\TXHVHFRQVWLWX\HHQOD
'HVFHQGHQFLDR6LPLHQWHFIDO
"4XLHQSXHGHVHUHVWH+LMRYDURQTXHOOHJDDHVWDUHQODWLHUUD\GHVSXHVDVFLHQGHDO&LHOR"3RUHVD
VLQJXODULGDGLQVROLWDUHXQLGDHQXQ3HUVRQDMHODH[SUHVLRQ+LMRYDURQVDWLVIDFHDODYH]DOVLPEROR\D
ODUHDOLGDGKLVWRULFDQRSXHGHKDEHUQLQJXQDGXGDVHWUDWDGHO&ULVWR-HVXVGHO&RUGHUR$S
FITXHHVWXYRHQODWLHUUD\GHVSXHVDVFHQGLRDORVFLHORVWUDV
PRULUUHGHQWRUDPHQWHFI$S\TXHKDGHMDGRXQUHPDQHQWHHOUHVWRGHOD'HVFHQGHQFLD
GHOD0XMHU$S
7HQHPRV\DLGHQWLILFDGDDOD6LPLHQWHR'HVFHQGHQFLDGHOD0XMHU-HVXFULVWR
$KRUDHVSUHFLVRLGHQWLILFDU\FRPSUREDUHQHVWHPLVPRUHODWRDSRFDOLSWLFRDOD6HUSLHQWH\DVX
6LPLHQWH
(Q$SRFDOLSVLVVHQRVKDEODGHXQ'UDJRQDOTXHVHOHLGHQWLILFDFRQOD6HUSLHQWHTXHYLHQHDVHU
HO'LDEORR6DWDQDV\DFWXDDWUDYHVGHOD%HVWLD$SRFDOLSWLFDXSFI$S
VVTXHUHSUHVHQWDDO*RELHUQRR5HLQRGHHVWHPXQGRTXHPDUFDODGLUHFFLRQDOLGDGGHODKLVWRULD
PXQGDQDSHUILODQGRXQDLGHRORJLDLQVSLUDGDSRUOD6HUSLHQWH$SFIUHSUHVHQWDGDSRUXQD
0XMHUSURVWLWXWD$STXHLQVWUX\HDOUHLQRGHHVWHPXQGR$S(OFXDOVH
PDQLILHVWDDORODUJRGHODKLVWRULDSRUPHGLRGHXQDVLPLHQWHGHOD0XMHUSURVWLWXWDTXHOD6HUSLHQWH
KDLQRFXODGR/D%HVWLDGHODV&DEH]DVR3RGHUHVTXHKDQWHQLGRODKHJHPRQLDFUHDQGRXQD
GLUHFFLRQDOLGDG\GHVWLQRRSXHVWRDOGHO5HLQRGH'LRVFI$SXQVLVWHPDGHPDOGDG
'LRVWLHQHXQD0XMHU&HOHVWHTXHUHFRJHHQVXVLPERORODLGHRORJLDGLYLQDORVSULQFLSLRVTXHULJHQ
HQHO*RELHUQRR5HLQRGH'LRV\TXHVHWUDQVPLWHQKXPDQDPHQWHSRUXQDVLPLHQWHRJHQHUDFLRQVDQWD
FRQIOX\HQGRHQOD6LPLHQWHR'HVFHQGHQFLD-HVXFULVWRTXH'LRVKDSURYLVWRDWUDYHVGHXQDOLQHD
UHSUHVHQWDWLYDGHOD0XMHUWHUUHVWUHTXHKDTXHGDGRHQWURQFDGDFRQOD0XMHU&HOHVWHGHHVHPLVPRPRGR
OD6HUSLHQWHR$GYHUVDULRGH'LRVSRVHHXQD0XMHUWHUUHVWUHSURVWLWXWDTXHUHFRJHHQVXVLPEROROD
LGHRORJLD\XQDWHRORJLDSROLWLFDGHOD6HUSLHQWHODVLPLHQWHGHPDOGDGHQIRUPDGHO5HLQRR*RELHUQR
>@
GHHVWHPXQGRUHFRJLGRHQHOVLPERORGHOD%HVWLD$SRFDOLSWLFD 6HWUDWDGHODFRQFUHWL]DFLRQGH
ODDSRVWDVLDRULJLQDGDSRUODUHEHOLRQGHO0DOLJQR\WUDQVPLWLGDHQODKLVWRULDKXPDQD
1RWDPRVTXHODH[LJHQFLDTXHUHFODPDHOWH[WRGH*HQHVLVGRQGHVHYHLQYROXFUDGDXQD
VLPLHQWHTXHVHSUR\HFWDULDHQODKLVWRULDFRPRVROXFLRQDOGUDPDKXPDQR\TXHODWUDGLFLRQMXGLDOD
FRQVLGHUDPHVLDQLFDHO$SRFDOLSVLVGRQGHVHQRVUHYHODHOILQDOGHODKLVWRULD\HOQXHYRSULQFLSLR
UHWRPDODKLVWRULDGHODPXMHUGHODVLPLHQWHRGHVFHQGHQFLDGHODPXMHUSURWRWLSR\GHODVHUSLHQWH
UHSUHVHQWDWLYDGHOPDOUHGXFLHQGRDUHDOLGDGHVSHUVRQDOHVORVYDORUHVVLPEROLFRVSUHVHQWDGRVH
LGHQWLILFDQGRDODVLPLHQWHRGHVFHQGHQFLDGHODPXMHUFRPRVLHQGRHO0HVLDVWDOFRPRODWUDGLFLRQ
KHEUHDKDELDLQWHUSUHWDGRGH*HQHVLV\WDOFRPRODWUDGLFLRQFULVWLDQDKDFRQVLGHUDGRVLHPSUH
>@

(VWDFRQFOXVLRQ\HYLGHQFLDWH[WXDOHVPX\LPSRUWDQWHSDUDXQDFRPSUHQVLRQGHORLPSOLFDGRHQHO
FRQFHSWRVLPLHQWH\GHOYDORUTXHSRVWHULRUPHQWHHQORVWH[WRVSURIHWLFRVVHGDUDDGLFKDVLPLHQWHVHDOD
TXHSURSLFLDHOPHVLDQLVPRFRPRODTXHWUDHODDSRVWDVLDFRQORVVLVWHPDVGHPDOGDGVXELGRVDHVWD
/DKLVWRULDGHOD,JOHVLDFRPRVDOYDJXDUGDGRUDGHORVSULQFLSLRVGHO5HLQRGH'LRV$S

&RQWHQLGRV\6LJQLILFDGRGH$SRFDOLSVLV(O'UDJRQ\HO5HLQR&XDUWR
6LHVWXGLDPRV$SRFREVHUYDUHPRVTXHKD\XQDGHVFULSFLRQGHODKLVWRULDGHOD,JOHVLDDWUDYHVGHO
WLHPSRKDVWDHOILQDOGHORVWLHPSRV

"4XLHQHVOD0XMHU&HOHVWLDO"
(QFXDQWRDOVLJQLILFDGRGHOD0XMHUTXHDSDUHFHHQODYLVLRQGHOFSKDVLGRPRWLYRGHJUDQ
SROHPLFDSRUORVGLIHUHQWHVFRPHQWDULVWDV\H[HJHWDVWDQWRFDWROLFRVFRPRSURWHVWDQWHV
(OKHFKRGHPDQWHQHUXQDOLQHDFRKHUHQWHFRQHOWH[WR\HOFRQWH[WROOHYDDORVGLIHUHQWHVDXWRUHVD
EXVFDUXQDVROXFLRQTXHUHVSRQGDORPDVDSUR[LPDGDPHQWHDOWH[WR
8QDGHODVLQWHUSUHWDFLRQHVTXHVHKDQGDGR\TXHWRGDYLDHQDOJXQRVDXWRUHVFDWROLFRVWLHQHVLPSDWLD
>@
HVODLQWHUSUHWDFLRQGHOD0XMHUFRQOD9LUJHQ0DULD 3DUDHOORRELHQGLIHUHQFLDDOD0XMHUGH
>@
ORVYVVTXHVHJXQHOORVVHULD0DULDFRQODTXHVHLQWURGXFHHQHOY TXHVHULDOD,JOHVLD2
ELHQKDFHQD0DULDUHSUHVHQWDQWHGHODVRFLHGDGGHO$QWLJXR7HVWDPHQWRVHULDXQDSHUVRQD
UHSUHVHQWDWLYDGHQWURGHXQDFROHFWLYLGDGH[LVWHQWHDQWHVGHOQDFLPLHQWRGH-HVXFULVWR/D0XMHUVHULD
ODVRFLHGDGGHO$QWLJXR7HVWDPHQWRTXHFRQYHUJHHQ0DULDHQXOWLPDLQVWDQFLDVHJXQ$QWRQLQR
>@
5RPHR
(OFRPHQWDULRFDWROLFRGH6DQ-HURQLPRMXQWRFRQRWURVFRPHQWDULVWDVFDWROLFRVSDUHFHULDTXH]DQMDQ
>@
HVWDFXHVWLRQ 'LFKRFRPHQWDULRGHVSXHVGHSUHVHQWDUDOD0XMHUFRPRXQVLPERORGHOD,JOHVLD
DOXGHDODLQWHUSUHWDFLRQGHDOJXQRVFDWROLFRVDFWXDOHVTXHKDFHQFRLQFLGLUD0DULDFRQOD0XMHU\
DQDGH
6LQHPEDUJRYDULRVGDWRVGHO&RQWH[WRQRFXDGUDQPX\ELHQFRQWDOH[SOLFDFLRQ'LILFLOPHQWHKDEUHPRVGHSHQVDUSRUHMTXH
0DULD VXIULHUD WHUULEOHV GRORUHV GH SDUWR Y  TXH KXELHUD GH UHIXJLDUVH HQ HO GHVLHUWR DO QDFLPLHQWR GH VX KLMR YY VV R
ILQDOPHQWHTXHIXHUDSHUVHJXLGDHQVXVRWURVKLMRVY
(OHQIDVLVHQODSHUVHFXFLRQGHOD0XMHUVRORWLHQHVHQWLGRVLHOODUHSUHVHQWDDOD,JOHVLD!!
 >@
%DUWLQDHQVX&RPHQWDULRVREUH$SRFDOLSVLV LQWHQWDVLQH[LWRFRQWUDUUHVWDUODRSLQLRQGHO
&RPHQWDULR&DWROLFRGH6-HURQLPR
(ODUJXPHQWRTXHXWLOL]DQHVWRVFRPHQWDULVWDVHVODUHDOLGDGFRQTXHFRPRSHUVRQDVHSUHVHQWDHO+LMR
9DURQ&RPRXQDH[SUHVLRQGH-HVXFULVWRYHQLGRHQFDUQH\TXHFRPRWDOOD0XMHUTXHOHGDDOX]
GHEHULDVHUXQDSHUVRQDILVLFDOLWHUDOSRUTXHOD,JOHVLDVHJXQHOORVIXHHQJHQGUDGDSRU&ULVWRQRDO
UHYHV
&ULVWRQRHQJHQGUDDOD,JOHVLDODIXQGDTXHQRHVORPLVPR-HVXFULVWRHVODGHVFHQGHQFLDRVLPLHQWH
GHOD0XMHU$S(OSUREOHPDHVWDHQLQWHUSUHWDUDOD0XMHUFRPROD,JOHVLD(VRQRFXPSOHWRGRV
ORVUHTXLVLWRV
(VWDVREMHFLRQHVQRVROXFLRQDQORVJUDQGHVUHSDURVTXHVHSUHVHQWDQSRVWHULRUPHQWHDODDVFHQVLRQGHO
+LMR9DURQVLPDQWHQHPRVHOVLJQLILFDGRGHOVLPERORGHOD0XMHUFRPROD9LUJHQ0DULD'HDKLTXH
DQWHHVWRFLHUWRVDXWRUHVFDWROLFRVRSWHQSRUODLQWHUSUHWDFLRQGHTXHOD0XMHUHVOD,JOHVLDSHURTXHQR
>@
TXHGDULDDJRWDGRHOVLPEROR\SRUORWDQWRSRGULDQDGPLWLUVHODVGRVLQWHUSUHWDFLRQHV $KRUDHO
PDJLVWHULRGHOSDSD%HQHGLFWR;9,KDYHQLGRDFRUURERUDUHVDLQWHUSUHWDFLRQGHTXHOD0XMHUHVOD
>@
9LUJHQ\OD,JOHVLD
(QSULQFLSLRHQHVWHFDVRFRQFUHWRQRSXHGHDGPLWLUVHXQDGREOHLQWHUSUHWDFLRQ2HVXQDFRVDRHV
RWUD/DLODFLRQGHWRGRHOFDSLWXOR\ODXQLGDGQRSHUPLWHVXSRQHUVLTXLHUDGLFKDLQWHUSUHWDFLRQGREOH
(OQRDJRWDPLHQWRGHOWHUPLQRDOTXHDOXGHQDOJXQRVFRPHQWDULVWDVQRLPSOLFDQXQFDXQDLQWHUSUHWDFLRQ
FRQWUDGLFWRULDXRSXHVWD(QHVWHFDVRROD0XMHUHVXQVLPERORRQRORHV2HVOLWHUDORHVVLPEROLFD
1RVDEHPRVHOSRUTXHGHXQLQWHUHVWDQDYLGRSDUDKDFHUDKLDOD9LUJHQ0DULDHOVLJQLILFDGRGHOD
0XMHU&HOHVWHVLHOFRQWH[WR\WRGDODGHVFULSFLRQVRQVLPEROLFRV
3RURWUDSDUWHODREMHFLRQGHTXHQRSXHGHVHUOD,JOHVLDSRUFXDQWRHVWDKDVLGRHQJHQGUDGDSRU
&ULVWR\QRDOUHYHVHVHDUJXPHQWRVHUYLULDVLOD,JOHVLDFRPRWDOKXELHUDWHQLGRVXSULPHURULJHQHQOD
>@
HSRFDGHO1XHYR7HVWDPHQWR
(O&RPHQWDULRGHORV3URIHVRUHVGH6DODPDQFDGLFH
/D0XMHUGHO$SRFDOLSVLVHVODSHUVRQLILFDFLRQGHOD,JOHVLDHQVXVGLYHUVDVIDVHV3ULPHURHQVXHVWDGLRLPSHUIHFWRGHO$7\
GHVSXHVHQVXHVWDGLRSHUIHFWRGHO17
>@
3RUTXHQRKD\PDVTXHXQD,JOHVLDTXHKDYHQLGRGHVDUUROODQGRVHDWUDYHVGHORVVLJORV!!
>@
(O&RPHQWDULRGH5DWLVERQDSDUWLFLSDGHHVWDPLVPDLGHD 3RUHVRHOFDWROLFR6WUDXELQJHUQRV
GLUDTXHOD0XMHUHVXQVLPERORWDQWRGH,VUDHOFRPRGHO1XHYR,VUDHO
(VWDSHUVRQLILFDFLRQGHODFRPXQLGDG7HRFUDWLFDHUDFRPRWUDGLFLRQDO2VHDV-HU(]HT\ODLPDJHQGH6LRQHQ
WUDQFHGHDOXPEUDPLHQWRQRHUDGHVFRQRFLGDGHO-XGDLVPR,VD!!
(VWHDXWRUFRQVLGHUDDOD0XMHUFRPRDOD,JOHVLDWDQWRGHODHSRFDGHO$QWLJXR7HVWDPHQWRFRPRODGHO
1XHYR(OHQJHQGUDPLHQWRDOTXHVHDOXGHHQSSVHULDVHJXQGLFKRDXWRUXQHQJHQGUDPLHQWR
>@
HVSLULWXDO
9HPRVTXHVLOD0XMHUFRPR,JOHVLDDEDUFDUDWDQWRODHSRFDGHO$QWLJXRFRPRODGHO1XHYR
7HVWDPHQWRQRKDEULDREMHFLRQDODSRVLELOLGDGGHOHQJHQGUDPLHQWRHVSLULWXDOGHO+LMR9DURQSRUSDUWH
GHHVD,JOHVLDTXHGXUDQWHODHSRFDGHO$7SUHSDURHKL]RSRVLEOHFRQVXDFWLWXGHQEDVHDOD3DODEUDGH
'LRVODDSDULFLRQGHO0HVLDV
6LHOHQJHQGUDPLHQWRHVHVSLULWXDOFI,VDQRYHPRVREMHFLRQDTXHVHDOD,JOHVLDHQOD
HSRFDGHO$7TXLHQGHDOX]D-HVXFULVWRDODPDQHUDTXHVHGDDOX]XQDLGHDRXQSODQHQHVWH
FDVRHOJUDQSODQGHGLRVHQODSHUVRQDGHVX+LMR
>@
$XQKD\RWURVTXHLGHQWLILFDQDOD0XMHUFRQ,VUDHOHO3XHEOR-XGLR&DVWHOODQL SRUHMHPSOR
DXQTXHQRGHVFDUWDWRWDOPHQWHODVRWUDVLGHDVSURSXHVWDV7DPELHQHOGLVSHQVDFLRQDOLVWDSURWHVWDQWH
>@
'RPLQJR)HUQDQGH]
(OLQWHQWRGHLQWURGXFLUDTXLDOSXHEORMXGLROLWHUDOFRPRSXHEORGH'LRVHVQRKDEHUHQWHQGLGRQR
VRORHOFSVLQRWRGRVDTXHOORVSDVDMHVTXHGHILQHQFODUDPHQWHTXHHO3XHEORGH'LRVHVWDIRUPDGRSRU
JHQWLOHV\SRUMXGLRVFRQYHUWLGRVD&ULVWRHVWHHVHO1XHYR,VUDHOGH'LRV\HOXQLFR
"4XLHQHVHQUHDOLGDGHVWD0XMHU"
(VWDH[SUHVLRQ0XMHUSURWRWLSRDSDUHFHHQHO$SRFDOLSVLVGHGRVPRGRVGLVWLQWRV\UHILULHQGRVHD
GRVQDWXUDOH]DVGH0XMHUFRQWUDVWDGDV\RSXHVWDV9HDPRVHVWRXQSRFRPDVGHFHUFD
(QSULQFLSLROD0XMHUTXHDSDUHFHHQHOFSHVXQD0XMHU&HOHVWH3RUFXDQWRORTXHODVHQDOD
DSDUHFLRHQHOFLHORQRHQODWLHUUD$S(VWDVHQDO&HOHVWHHVSDUDOHODDXQTXHGHVLJQRFRQWUDULR
DO'UDJRQGHOTXHWDPELHQVHPDQLIHVWRRWUDVHQDOHQHOFLHORGDQGRQRVDHQWHQGHUVXRULJHQFHOHVWLDO\
QRWHUUHQDOSS
(VWDLGHDGHOD0XMHU&HOHVWHWLHQHXQDFRUUHVSRQGHQFLD&HOHVWH7HUUHQDOHQRWURVSDVDMHV
(QHIHFWRHQ$SRFVHKDEODGHXQD-HUXVDOHQGHO&LHORGLVSXHVWDFRPRXQD0XMHU(VSRVDGHO
&RUGHUR&HOHVWLDOFI$TXLDODQXHYD-HUXVDOHQVHODLGHQWLILFDQRVRORFRQXQD0XMHU
(VSRVDVLQRDGHPDVFRQOD&LXGDG6DQWDFI\DOD&LXGDG$PDGD&LXGDG$PDGDTXH
UHSUHVHQWDXQ5HLQRHOGH'LRVFI$SVV(Q$SRFDOLSVLVXSDSDUHFHHO
DVSHFWRWHUUHVWUHGHOD&LXGDG6DQWD(QHOVHQWLGRGHTXHORVSULQFLSLRVGHO5HLQRGH'LRVKDQVLGR
WUDVODGDGRVDODWLHUUD\UHFRJLGRVSRUORVTXHIRUPDQSDUWHGHOD&LXGDG&HOHVWLDOSHURTXHPRUDQ
WRGDYLDHQHODWULR6HKDEODGHOD&LXGDG6DQWDFRPRVLHQGRKROODGDGXUDQWHPHVHVRGLDVR
WUHVWLHPSRV\PHGLRVLPEROLFRSURIHWLFRV<HVWRFRPRYHUHPRVHQVXOXJDUSRUFXDQWROD&LXGDG6DQWD
&HOHVWLDOHVWDUHSUHVHQWDGDSRUHO3XHEORGH'LRVTXHDXQHVWDQGRHQOD7LHUUDWLHQHVXVPLUDVSXHVWDV
HQOD&LXGDG&HOHVWLDOFI(I+HE*DO6LHPSUHTXHHO3XHEORGH'LRV
VDOYDJXDUGDORVSULQFLSLRVGHO5HLQRGH'LRVHVWDKDFLHQGRSUHVHQWHDOD&LXGDG&HOHVWLDO
(VHSHULRGRGHKROODPLHQWRHVHOWLHPSRGHGXUDFLRQGHOSRGHU\SHUVHFXFLRQHVSHFLDOGHOD%HVWLDGH
$SFRQWUDHOSXHEORGH'LRVRHOWLHPSRGHSHUPDQHQFLDHQODFRQGLFLRQGHGHVLHUWRGHOD0XMHU
&HOHVWHGH$SRF
&UHHPRVTXHWRGRVHVWRVSDVDMHVVHUHILHUHQDODPLVPD0XMHU&HOHVWLDOFRQGLIHUHQWHVPDWL]DFLRQHV
DGLFLRQDOHVGHDFXHUGRDOPRPHQWR\FLUFXQVWDQFLDVGHVXDSDULFLRQRSUHVHQFLD
9HPRVSXHVXQD0XMHU&HOHVWH8QD1XHYD-HUXVDOHQ&HOHVWH(VSRVD0XMHU&LXGDG6DQWD&LXGDG
$PDGD
(OFRQWUDVWHFRQODRWUD0XMHUTXHDSDUHFHHQHO$SRFDOLSVLVHVHYLGHQWHSHURODHVWUXFWXUDHVOD
PLVPD
$SRFDOLSVLVQRVGHVFULEHDXQD0XMHU7HUUHQDODXQD0XMHU5DPHUD7RGRHQHOODHV
7HUUHQR&DUQDOKDIRUQLFDGRFRQORVSRGHURVRVGHODWLHUUDSSKDHPEULDJDGRDWRGRVORV
PRUDGRUHVGHOD7LHUUDFRQHOYLQRGHVXGRFWULQDSURVWLWXLGDLQILHOXS6XSRGHUVHEDVD\UHFLEH
HODSR\RGHORV3RGHUHV3ROLWLFRVGHHVWDWLHUUD<VXVDGRUQRVOHMRVGHVHUFHOHVWHVVROOXQD
HVWUHOODVVRQSXUDPHQWHPXQGDQRV\PXQGDQDOL]DGRVVHWUDWDGHXQD0XMHU5DPHUD7HUUHQDO
TXHWDPELHQHV0DGUH\(VSRVDHQHVWHFDVRXQD0DGUH\(VSRVDSURVWLWXLGDHQJHQGUDGRUDGHUDPHUDV
\GHDERPLQDFLRQHV
(VWD0XMHU5DPHUD7HUUHQDOHVWDPELHQXQD&LXGDGOD*UDQ&LXGDG7HUUHQDO6HWUDWDGHOD
%DELORQLDPLVWLFD$SSSFIODJUDQFLXGDG*UDQ&LXGDGTXHWLHQHSOD]D$SSS\
SDUWHVSSXQDGHFX\DVSDUWHVGHHVD*UDQ&LXGDGTXHGRPLQDVREUHORVUH\HVGHODWLHUUD
VHOODPDHQVHQWLGRHVSLULWXDO6RGRPD\(JLSWRDO
(VWD0XMHU%DELORQLFDVHUDGHVWUXLGDFI(VWRSHUPLWLUDODUHDOL]DFLRQGH
ODV%RGDVGHO&RUGHURFRQOD0XMHU(VSRVD&HOHVWH
+HDTXLODVGRVPXMHUHVFRQWUDVWDGDV\FUHHPRVTXHODVGRVVRQXQLFDV1RKD\GRV0XMHUHV
FHOHVWLDOHVFRPRWDPSRFRKD\GRV%DELORQLDVPLVWLFRWHUUHQDOHV
6HJXQORGLFKRKDVWDDTXLOD0XMHU&HOHVWHVLPEROL]DDO5HLQRGH'LRVSHURWLHQHXQD
UHSUHVHQWDWLYLGDGWHUUHVWUHHQOD,JOHVLDHO5HVWR
FI
"4XLHQHVOD0XMHU&HOHVWHHQFRQWUDVWHFRQHO'UDJRQ&HOHVWH"(O5HLQR&XDUWRSHUVLJXHDOD
0XMHU&HOHVWHHQVXUHSUHVHQWDFLRQHQOD7LHUUDPHGLDQWHOD,JOHVLDFI
9ROYLHQGRDOD0XMHUFHOHVWLDOGH$S\WHQLHQGRHQFXHQWDORGLFKRKDVWDDTXLVHJXQQXHVWUR
FULWHULRLQWHQWHPRVGHVFXEULUWRGDYLDPDVHOVLJQLILFDGRGHHVWD0XMHUHVWXGLDQGRODVHJXQGDVHQDOTXH
DSDUHFHHQHO&LHOR6HWUDWDGHO'UDJRQTXHHVLQWHUSUHWDGRFRPR6DWDQDVHO$GYHUVDULR&RVPLFRGH
'LRV
(VFXULRVRQRWDUTXHHO'UDJRQTXHWRGDYLDHVWDHQHOFLHORVHSDUDIUHQWHDOD0XMHU&HOHVWLDO
XS\QROHKDFHQDGD\HVSHUDDTXHQD]FDHO+LMR9DURQ"3RUTXHDTXLHVWDQGRIUHQWHDHOODQROD
SHUVLJXHQLLQWHQWDGHVWUXLUOD\GHVSXHVHQRWURVSDVDMHVH[LVWHXQDSHUVHFXFLRQ
HQFDUQL]DGD"
(VWDFODURTXHHO'UDJRQ&HOHVWLDOQRSXHGHQDGDFRQWUDOD0XMHU&HOHVWLDO"(QWRQFHV"
1RWHPRVWDPELHQTXHGHOFLHORVHWUDVODGDODOXFKDDOD7LHUUD3HURYHDPRVWRGRGHWHQLGDPHQWH
(O'UDJRQ&HOHVWLDOIUHQWHDOD0XMHUQRLQWHQWDVLTXLHUDKDFHUOHQDGDSHURVLDOKLMRYDURQ"3RU
TXH"
3RUTXHGLFKRKLMRYDURQVHHQFXHQWUDHQODWLHUUDXS3HURDKRUDODVHVFHQDVKDQFDPELDGRHO
KLMRYDURQHVDUUHEDWDGRDORVFLHORVXS\OD0XMHU&HOHVWLDOVHYHREOLJDGDDKXLUDO
'HVLHUWR3DUHFHVHUTXHOD0XMHU&HOHVWLDODOLJXDOTXHHO'UDJRQ&HOHVWLDOVHHQFXHQWUDQHQXQD
XELFDFLRQQXHYD
&RQUHODFLRQDO'UDJRQHVFRPSUHQVLEOH\H[SOLFDGDHQORVYY(QHIHFWRSDUHFHVHUTXHHVH
KLMRYDURQYHQFHGRUIUHQWHDODVFDODPLGDGHVTXHHO'UDJRQOHKDKHFKRSDGHFHUPLHQWUDVHVWXYRHQOD
WLHUUD\KDELHQGRFXPSOLGRHOSODQGH'LRVGHDFXHUGRDODHVWUDWHJLDFRQYHQLGDFRQHO3DGUHKDFHVRQDU
ODKRUDXOWLPDGHOGLDEORHQHOFLHOR'HVSXHVGHOFRPSDVGHHVSHUDKDVWDVX$VFHQVLRQFXDQGRVXEHDO
FLHORHQVXFDOLGDGGH-HIH6XSUHPRGHODVKXHVWHVDQJHOLFDVFI'Q-XG
DUURMDSRUTXHOHKDYHQFLGRDO'UDJRQ\DVXVDQJHOHVDOD7LHUUDTXHLQFOX\HVXHVSDFLRDHUHRFHOHVWH
FI(I\DTXHQRKDELDUD]RQSDUDVXHVWDQFLDHQHOFLHOR$SXSFI/F\
-XDQ
(VWDFODURSRUHOYTXHHOYKD\TXHXELFDUORDFRQWLQXDFLRQGHODDVFHQVLRQGH&ULVWR
>@
XS
 YSSYXS
YSSYXS
7HQHPRVTXHHO'UDJRQRWURUD&HOHVWLDOKDFDPELDGRGHXELFDFLRQDKRUDHVWDHQOD7LHUUD\DTXH
KDVLGRH[SXOVDGRGHOFLHOR6LQHPEDUJRDWHQRUSRURWURVWH[WRVSDUDOHORVSUHVHQWDGRV\GHOSURSLR
$SRFDOLSVLVHO'UDJRQDXQTXHH[SXOVDGRDOD7LHUUDHVWDDEDUFDVXVSURSLDVUHJLRQHVDHUHDVRFHOHVWHV
GRQGHVHXELFDSUHIHUHQWHPHQWHHO'LDEOR\VXVDQJHOHVFI(I
$KRUDQRWHPRVFRPRDFWXDEDHO'UDJRQ&HOHVWHHQVXVLWXDFLRQFHOHVWLDO\FRPRDFWXDHQVX
VLWXDFLRQWHUUHQDO
(QUHODFLRQDOLQWHQWRGHGHYRUDUDOKLMRYDURQFXDQGRQDFLHVHXSORKDFHPHGLDQWHHO
LQVWUXPHQWRKXPDQRWHUUHVWUHPHGLDQWHXQDGHODV&DEH]DVHQHVWHFDVR5RPD3DJDQDHQODSHUVRQDGH
+HURGHVHO*UDQGHWLWHUHGH5RPDGH3LODWRVSURFXUDGRUURPDQR\GHODUHSUHVHQWDFLRQMXGLDTXHVH
DGVFULEHD5RPDFI-Q/DSHUVHFXFLRQLQLFLDGDFRQWUDORVFULVWLDQRVSRVWHULRUPHQWHDOD
$VFHQVLRQGH&ULVWR\DQWHVGHOSHULRGRGHGLDVSURIHWLFRVHQHOGHVLHUWRHQODQXHYD
XELFDFLRQWHUUHVWUHGHO'UDJRQDFRQWHFHPHGLDQWHXQDGHODV&DEH]DVTXHHQHVWHFDVRVLJXHVLHQGR
5RPD6LQHPEDUJRDTXLHQ$SRFDOLSVLVVHKDFHHQIDVLVHQTXHVHWUDWDGHO'UDJRQ\HQUHDOLGDGDVL
ORHVSHURVLHPSUHPHGLDQWHLQVWUXPHQWRVKXPDQRVHQORVTXHVHHQFLHUUDRGLULJHDVXDQWRMRFI

(OWLHPSRGHWULEXODFLRQVXIULGRSRUOD0XMHUHQHO'HVLHUWRHVSURGXFLGRSRUHO'UDJRQ&HOHVWH
HQVXVLWXDFLRQ7HUUHQDOHVWRHVORTXHQRVWUDQVPLWHHOWH[WRGH$SYORPLVPRTXHHOLQWHQWRGH
DKRJDUDOD0XMHU&HOHVWLDODOILQDOGHORVGLDVSURIHWLFRV6LQHPEDUJRHQ$SVH
GHVFULEHTXHRWUD&DEH]DGLVWLQWDD5RPD3DJDQDTXHKDDVXPLGRODKHJHPRQLDGHOPXQGRFRQRFLGRR
GHOPXQGRDOTXHLQIOX\HRULHQWDQGRODPDUFKDGHODKLVWRULDHVODTXHPDWHULDO\UHVSRQVDEOHPHQWH
HMHFXWDODVRUGHQHVGHO'UDJRQ&HOHVWHHQVXVLWXDFLRQWHUUHQDO$SVV6DEHPRVTXHGXUDQWHHO
WLHPSRGHHVWDQFLDHQHOGHVLHUWRGHOD0XMHU&HOHVWHXQDGHODV&DEH]DVGHOD%HVWLDTXHUHFLEHOD
KHULGDPRUWDO\DODTXHHO'UDJRQOHKDGDGRHOSRGHUXSDFWXDFRQWUDOH3XHEORGH'LRV
GXUDQWHGLDVSURIHWLFRVRPHVHVSS
(VGHFLUHO'UDJRQHVHOYHUGDGHURFDXVDQWH\OD%LEOLDORSRQHDOGHVFXELHUWRDXQFXDQGRHQOD
7LHUUDVXVDFWXDFLRQHVSDVHQGHVDSHUFLELGDVHLQYLVLEOHV\DSDUH]FDQ&ROHFWLYLGDGHV3ROLWLFDVTXH
HMHUFHQHOSRGHUVREUHORVKXPDQRV(O'UDJRQ&HOHVWHHVWDFODURTXHHVXQVLPERORGHDOJRUHDO\
SHUVRQDOGHO'LDEORGH6DWDQDVGHODGYHUVDULRGH'LRV3HUR"<OD0XMHU&HOHVWLDO"
"4XHSDVDFRQOD0XMHU&HOHVWLDO""'HTXHIRUPDVLHQGR&HOHVWLDOSXHGHDSDUHFHUHQOD7LHUUD
DQXQFLDQGRSDSHOHVFRPRHOGHODKXLGDHOGHHVWDUDSXQWRGHSHUHFHUDKRJDGDHWF"
(QSULQFLSLRGLJDPRVTXHGHOPLVPRPRGRTXHGHO'UDJRQ&HOHVWHVHGLFHTXHDFWXDSHUVLJXLHQGR
FDXVDQGRWULEXODFLRQHVVLQTXHDSDUH]FDHQJHQHUDOYLVLEOHPHQWHHQOD7LHUUD\YHPRVTXHDXQDFWXDQGR
5RPD3DJDQDVHGLFHTXHHVHO'UDJRQGHHVHPLVPRPRGROD0XMHU&HOHVWLDOSXHGHVHUWUDLGDFRPR
HVWDQGRHQOD7LHUUDVLQTXHHOODQHFHVDULDPHQWHVHDODTXHDFWXHYLVLEOHPHQWHVLQRTXHVHDUHSUHVHQWDGD
SRUHO3XHEORGH'LRVHOLQVWUXPHQWRKXPDQRGHOD0XMHU&HOHVWLDO/D%LEOLDGHVFXEUHTXHOD
SURWDJRQLVWDUHDOHVOD0XMHU&HOHVWLDO\DTXHODVDFWXDFLRQHVGHO3XHEORGH'LRVVRQH[SHULPHQWDGDV
DFDXVDGHOD0XMHU&HOHVWLDOGHDKLTXHVXQRPEUHDSDUH]FDHQUHSUHVHQWDFLRQGHO3XHEORGH'LRV
DXQFXDQGRHVHO&ROHFWLYRKXPDQRGH'LRVHOTXHUHDOPHQWHVXIUHRH[SHULPHQWDOLEHUWDGGH
PRYLPLHQWRVRSHUVHFXFLRQ
6LVHREVHUYD$SVHPHQFLRQDDOD&LXGDG6DQWDFODUDDOXVLRQDOD1XHYD-HUXVDOHQ&HOHVWLDOOD
&LXGDG6DQWDOD0XMHU(VSRVD&HOHVWLDOFI$OOLVHGLFHTXHGLFKD&LXGDG6DQWD
HVKROODGDSRUODVQDFLRQHVRJHQWHVGXUDQWHPHVHVUHIHUHQFLDDOSHULRGRHQTXHORVSULQFLSLRVGHO
5HLQRGH'LRVLEDQDHVWDULPSHGLGRVSURGXFLHQGRVHVLPXOWDQHDHLQHYLWDEOHPHQWHXQDWULEXODFLRQGHO
3XHEORGH'LRVTXHVDOYDJXDUGDORVSULQFLSLRVGHO5HLQRGH'LRVGXUDQWHVXHVWDQFLDHQHOGHVLHUWRR
HOWLHPSRHQTXHHO'UDJRQLQYLVWHDOD%HVWLDGH$SGHXQDDXWRULGDG\SRGHUHVSHFLDOSDUDTXH
GHVWUX\DDOD0XMHU&HOHVWLDO
$TXLVHHVWDXWLOL]DQGRODH[SUHVLRQVLPEROLFD&LXGDG6DQWDTXHVHLGHQWLILFDFRQOD0XMHU&HOHVWLDO
HQVXVWLWXFLRQGHO3XHEORGH'LRVHQHOWLHPSRHQTXHVHGLFHHQ$STXHOD0XMHU&HOHVWLDO
H[SHULPHQWDVXKXLGDDOGHVLHUWR\VXHVWDQFLDHQHO<HOORSRUTXHOD0XMHU&HOHVWLDOVLPERORGHO
5HLQRGH'LRVWLHQHXQDUHSUHVHQWDFLRQHQOD7LHUUDPHGLDQWHOD,JOHVLDHO3XHEORGH'LRVTXH
VDOYDJXDUGDGLFKRVSULQFLSLRVDFHSWDQGRODV(VFULWXUDV
(QXQDSDODEUDDXQFXDQGROD0XMHUHVWHHQHOFLHORDOJRVX\RKD\HQOD7LHUUDTXHSHUPLWH\MXVWLILFD
DODLQVSLUDFLRQHOGHFLUTXHOD0XMHUHVWDDFWXDQGRHQOD7LHUUD/RTXHKD\HQOD7LHUUDSHUWHQHFHGH
WDOPRGRDOD0XMHU&HOHVWLDOTXHDXQFXDQGRVHDHO&ROHFWLYRGHO3XHEORGH'LRVKXPDQRHOTXH
H[SHULPHQWDODWULEXODFLRQORHVFRPRXQLQVWUXPHQWR\FRPRXQKLMRGHOD0XMHU&HOHVWLDO"3RU
TXH"3RUTXHDGHPDVGHORGLFKRODLGHRORJLDGHOD0XMHU&HOHVWHHVODTXHHVWDHQOD7LHUUD\XQ
SXHEORODKDDQXQFLDGR3HURODLQVSLUDFLRQTXLHUHGHMDUFODURTXHODGXHQD\PDGUHGHHVDLGHRORJLDHV
OD0XMHU&HOHVWLDO3RUTXHHODWDTXHGHO'UDJRQVLELHQVHKDFHYLVLEOHFRQWUDHO3XHEORGH'LRVOR
KDFHHQODSURSRUFLRQGHTXHHVWHKDDQXQFLDGRHOVLJQLILFDGRHOFRQWHQLGRHOYDORUGHORTXHVXSRQHVHU
OD0XMHU&HOHVWLDOTXHKDSUHGLFDGRODLGHRORJLDGHHVD0XMHU&HOHVWLDODODSURSLD0XMHU
&HOHVWLDO(VWRHVORTXHHQFROHUL]DD6DWDQDV\VXDWDTXHHVFRQWUDOD0XMHU&HOHVWLDOTXHKDQ
DQXQFLDGR\DFHSWDGRXQ&ROHFWLYRKXPDQR\TXHSRUHOOROHVKDFHVHUGH'LRV
(O9HUVWRGDYLDQRVD\XGDDFRPSUHQGHUPHMRUODGLIHUHQFLDFLRQTXHH[LVWHHQWUHOD0XMHU
&HOHVWLDO\OD,JOHVLDDODYH]TXHFRPSUHQGHUHPRVTXHHVDGLIHUHQFLDFLRQQRHYLWDHOTXHOD,JOHVLDHVWH
LQYROXFUDGDHQFDGDXQDGHODVYLFLVLWXGHVGHOD0XMHU&HOHVWLDOSRUFXDQWROD,JOHVLDHVHOLQVWUXPHQWR
TXHWLHQHOD0XMHU&HOHVWLDOSDUDVXDFWXDFLRQHQOD7LHUUD
1RWHVHELHQTXHODLUDTXHHO'UDJRQWLHQHFRQWUDOD0XMHU&HOHVWLDOVHSUR\HFWDHQXOWLPDLQVWDQFLD
FRQWUDVX'HVFHQGHQFLD/RTXHTXLHUHGHFLUTXHKD\XQDGLIHUHQFLDHQWUHOD0XMHU&HOHVWLDO\VX
'HVFHQGHQFLDDTXLHQOD7LHUUD(VD'HVFHQGHQFLDHVHQSULPHUOXJDUHO+LMRYDURQ-HVXFULVWRFI
SS\QROD0XMHU&HOHVWLDO
(OYHUVQRVGLFHTXHHODWDTXHUHVSHFWRDOPRPHQWRHQTXHVHFXPSOHGLFKRYHUVLFXORHVFRQWUDHO
5HVWRGHOD'HVFHQGHQFLD
'DQGRQRVDHQWHQGHUTXHHO'UDJRQTXHKDSHUVHJXLGRDOD0XMHU&HOHVWLDOHQHOSDVDGRHQOD
SHUVRQDGHVX'HVFHQGHQFLDHVGHFLUSULPHURDO+LMR9DURQGHVSXHVORKDFHDO5HVWRGHVX
'HVFHQGHQFLDTXHHVOD,JOHVLD(QHOYODHPSUHQGHFRQWUDXQ5HVWRTXHKDTXHGDGRGHHVD
'HVFHQGHQFLDDOILQDOGHORVWLHPSRVHVGHFLUHO5HVWRILHODODVFRQVLJQDVGHOD0XMHU&HOHVWLDO
TXHYLYHSRVWHULRUPHQWHDOWLHPSRGHGXUDFLRQGHORVGLDVSURIHWLFRV
(O+LMR9DURQTXHVLPEROL]DD&ULVWRDXQTXHVHWUDWDGHXQDSHUVRQDUHXQHSRUVXJUDQGLRVLGDGOD
UHSUHVHQWDWLYLGDGGHXQFROHFWLYR'Q\FI(VODSULPHUD'HVFHQGHQFLDGHOD0XMHU
&HOHVWH\UHSUHVHQWDFRPRLQGLYLGXRFROHFWLYRDO5HLQRGH'LRVHQOD7LHUUDPLHQWUDVHVWXYR
SUHVHQWHWHUUHQDOPHQWH'HVSXHVGHVX$VFHQVLRQGHMRVXOHJDGRDO5HVWRTXHTXHGRHQVXVWLWXFLRQGH
-HVXFULVWROD,JOHVLD$WUDYHVGHODVHSRFDVVLHPSUHKDKDELGRXQ5HVWRTXHUHSUHVHQWDILHOPHQWHORV
LQWHUHVHVGHO5HLQRGH'LRVHQOD7LHUUD/RTXHVXFHGHHVTXHGXUDQWHHOSHULRGRGHGLDV
SURIHWLFRVHO5HVWRGHOD'HVFHQGHQFLDGHOD0XMHU&HOHVWHTXHOHUHSUHVHQWDHQODWLHUUDDOHVWDUHQXQD
VLWXDFLRQGHGHVLHUWRVHPLRFXOWRQROHHVSRVLEOHKDFHUVHYLVLEOHFRPRDFRQWHFHHQODHWDSDILQDOGH
ODKLVWRULDSRVWHULRUDORVGLDVSURIHWLFRV0DVELHQVRQORVGRV7HVWLJRVFIORVTXH
YLVXDOL]DQDOD0XMHU&HOHVWLDOHQODWLHUUD(VSRUHOORTXHDOILQDOGHORVWLHPSRVODLQVSLUDFLRQFUHH
FRQYHQLHQWHLGHQWLILFDUDO5HVWRGH-HVXFULVWRFRPRORVTXHJXDUGDQORVPDQGDPLHQWRVGH'LRV\WLHQHQOD
IHGH-HVXVGDGDVXFRQGLFLRQGHYLVLELOLGDGTXHORVWLHPSRVILQDOHVKDQSURSLFLDGR
$KRUDWUDVHVWHDQDOLVLVSRGHPRVGHFLUTXLHQHVRTXHHVOD0XMHU&HOHVWLDO
/D0XMHUTXHDSDUHFHHQHO&LHORHVXQDVHQDOYLVLEOHTXHSURSRUFLRQDXQDYLVLRQD-XDQGHDOJR
VXSUDWHUUHQRVHWUDWDSDUDQRVRWURVHQEDVHDWRGRORTXHKHPRVSUHVHQWDGRXQVLPERORGHO5HLQRGH
'LRVUHSUHVHQWDGRSRUOD&LXGDG&HOHVWLDOOD-HUXVDOHQGHDUULED/D0XMHU(VSRVD
'LFKDUHDOLGDGVHXELFDHQOD7LHUUDFXDQGRHO5HLQRGH'LRVVHH[WLHQGHSRUWRGDODWLHUUDJUDFLDVD
ODSUHVHQFLDGH-HVXFULVWR\DODSUHGLFDFLRQGHO(YDQJHOLR'HDKLTXHOD0XMHU&HOHVWLDODSDUH]FDHQ
OD7LHUUD\TXHVHDHOEODQFRGHODVLUDVGHOGLDEOR3RUTXHHOGLDEORORTXHHQUHDOLGDGTXLHUHHV
HOLPLQDUHO5HLQRGH'LRVTXHVHKDLPSODQWDGRHQOD7LHUUDPHGLDQWHODREUDGH&ULVWR\HVWDDFWXDQGR
HQDTXHOORVTXHORDFHSWDQPHGLDQWHVXVSULQFLSLRV"4XHRFXUUH"(O3XHEORGH'LRVHVGHFLUOD,JOHVLD
KDDQXQFLDGRHVH5HLQRGH'LRVPHGLDQWHODDFHSWDFLRQGHO*RELHUQRGH'LRV\GHVXVSULQFLSLRV
FRQWHQLGRVDVXQWRVTXHGHILQHQGLFKR5HLQR'HDKLTXHODLQVSLUDFLRQGHMHHQWUHYHUHQSULQFLSLRXQD
OXFKDGHO'UDJRQFRQWUDOD0XMHU&HOHVWLDOSRUFXDQWRHVWDUHXQHODLGHRORJLDGHO5HLQREDVHGHOD
DFWLWXG\GHODFRQGXFWDGHOD,JOHVLDFRQODLQWHQFLRQGHGHVWUXLUHVDLGHRORJLD
$KRUDELHQHVRQRSXHGHKDFHUORPLHQWUDVQRGHVWUX\DDDTXHOORVTXHKDQDFHSWDGRGLFKR5HLQRGH
'LRV
/RVTXHKDQDFHSWDGRHVH5HLQRGH'LRVVRQHO5HVWROD,JOHVLDTXHVXVWLWX\HD-HVXFULVWROD
GHVFHQGHQFLDGHOD0XMHU&HOHVWLDOHQOD7LHUUD\TXHVHFRQVWLWX\HHQHOUHSUHVHQWDQWHDTXLHQOD
7LHUUDGHHVD0XMHU&HOHVWLDOR5HLQRGH'LRV7RGDODKLVWRULDGHOD,JOHVLDVHUHVXPHHQXQ
LQVWDQWHSRUSDUWHGHOGLDEORHQDUUHEDWDUDO3XHEORGH'LRVR,JOHVLDHO*RELHUQRGH'LRVTXHULJHHQ
>@
HOORV
>@
/DDG FRLQFLGHHQORIXQGDPHQWDOFRQQXHVWURFULWHULRUHVSHFWRDOD0XMHU6HWUDWDULDQRGHOD
,JOHVLDH[DFWDPHQWHQLGHO$7QLGHO17LQGHSHQGLHQWHPHQWHTXHFXDQGRHVWHQLQYROXFUDGDV\OD
UHSUHVHQWHQHQOD7LHUUDVLQROD0XMHU&HOHVWLDOHVGHFLUOD-HUXVDOHQFHOHVWLDOOD6LRQLGHDOHO
UHSUHVHQWDQWHFHOHVWLDOGHO3XHEORGH'LRV!!
(VWD0XMHU&HOHVWLDOUHSUHVHQWDGDHQOD7LHUUDSRUVX'HVFHQGHQFLDHVGHFLU-HVXFULVWR\
FXDQGR$TXHOHVDVFHQGLGRSRUVX5HVWROD,JOHVLDR3XHEORGH'LRVHVHOVLPERORXVDGRHQHO
$SRFDOLSVLVSDUDUHIHULUVHDOD&LXGDG5HLQRGH'LRVDOD&LXGDG6DQWDDOD-(586$/(1
&(/(67,$/&LXGDG-HUXVDOHQ&HOHVWLDOTXHFRPRFDSLWDOGHO5HLQRGH'LRVFRQYHUJHHQHOODHO
*RELHUQRGH'LRVODLGHRORJLDSULQFLSLRV\FRQWHQLGRVTXHULJHQGLFKR5HLQRMXQWRFRQOD
PDWHULDOLGDGTXH'LRVKD\DTXHULGRSRQHUOHFIVV

/DSHUVHFXFLRQGHO5HVWRGHOD'HVFHQGHQFLDGHOD0XMHU&HOHVWLDOWDQWRDQWHVFRPRGXUDQWH\
GHVSXHVGHOSHULRGRGHORVGLDVRWLHPSRV\RPHVHVSURIHWLFRV,GHQWLILFDFLRQGHO
&XDUWR5HLQR
/DSHUVHFXFLRQHQUHVXPHQHVXQSHULRGRGHWLHPSRTXHXQHXQDHSRFDSRVWHULRUDOD$VFHQVLRQGH
&ULVWRFRQXQDIDVHHVFDWRORJLFDHQODTXHDSDUHFHHO5HVWRGHOD'HVFHQGHQFLDGHOD0XMHU&HOHVWLDO\
TXHWDPELHQHVSHUVHJXLGRDOILQDOGHORVWLHPSRVSRVWHULRUPHQWHDORVGLDVRWUHVWLHPSRV\
>@
PHGLR
 8ELTXHPRVHVWHSHULRGR\ORVDFRQWHFLPLHQWRVGHVFULWRVHQOD3URIHFLDD\XGDQGRQRVFRQODKLVWRULD
(VWHHVSDFLRWHPSRUDOVHKDGHLQLFLDUGHVSXHVGHGRVDFRQWHFLPLHQWRVTXHSRGHPRVXELFDUHQOD
KLVWRULDGHDFXHUGRDODVH[LJHQFLDVGHOWH[WRXQROD$VFHQVLRQGH&ULVWR$SRWUROD
SHUVHFXFLRQGHOD,JOHVLDSRVWHULRUPHQWHDOD$VFHQVLRQGH&ULVWR2EVHUYHVHTXHHVWDSHUVHFXFLRQHV
SUHYLDVHJXQHOWH[WR$SFI$SDOLQLFLRGHOSHULRGRSURIHWLFRGHGLDVRWUHV
WLHPSRV\PHGLRRPHVHV
(QWHUFHUOXJDUOD,JOHVLDSRVWHULRUDHVDSHUVHFXFLRQGHOD,JOHVLDDSRVWROLFD\SRVWDSRVWROLFDVHYH
REOLJDGDDEXVFDUUHIXJLRSDUDQRVHUGHVWUXLGDWRWDOPHQWHDXQFXDQGRHO'UDJRQROD%HVWLDORLQWHQWDVHQ
\ORFRQVLJXLHUDQSDUFLDOPHQWHHQDOJXQDVRFDVLRQHVGXUDQWHHVHSHULRGRSURIHWLFR
2EVHUYHVHTXHHQODGHVFULSFLRQVHSDVDGHXQDVXQWRHOGHODSHUVHFXFLRQLQLFLDGDHQXQPRPHQWR
GHWHUPLQDGRSRVWHULRUDOD$VFHQVLRQDRWURDVXQWRHOGHODKXLGDDOGHVLHUWR3DUDTXHORVYHUVLFXORV
\SXHGDQLQLFLDUVHHVQHFHVDULRTXHSUHYLDPHQWHVHKD\DFXPSOLGRODSHUVHFXFLRQGHOYHUVLFXOR
TXHVHHQFXHQWUDHQWUHOD$VFHQVLRQ\ODKXLGDDO'HVLHUWR
/D SHUVHFXFLRQ GH OD 'HVFHQGHQFLD GH OD 0XMHU HQ OD SHUVRQD GHO +LMR 9DURQ \ HO LQWHQWR GH KDFHU GHVDSDUHFHU VX 2EUD
DFRQWHFHHQODHSRFDGHO,PSHULR5RPDQRFISS
3XQWXDOLFHPRVHOSULPHUDFRQWHFLPLHQWRSUHYLRDHVHSHULRGRSURIHWLFRVLPEROLFRGHGLDVOD
$VFHQVLRQGH&ULVWRDODTXH\DQRVKHPRVUHIHULGRHQYDULDVRFDVLRQHV\TXHHOSURSLRWH[WRDSRUWD
8QDSHUVHFXFLRQDQWHULRUDOFRPLHQ]RGHOSHULRGRGHORVGLDVSURIHWLFRV
(OVLJXLHQWHDFRQWHFLPLHQWRSUHFHGHQWHHVODSHUVHFXFLRQHQODSHUVRQDGHO5HVWRTXH-HVXFULVWR
LQVWLWX\HFRPRVXUHSUHVHQWDQWHHQODWLHUUDOD,JOHVLDR3XHEORGH'LRVHVWRDFRQWHFHKLVWRULFDPHQWHHQ
ODHSRFDGHO,PSHULR5RPDQROD%HVWLD'UDJRQHVWDDFWXDQGRPHGLDQWHXQDGHVXV&DEH]DV7DQWROD
,JOHVLDDSRVWROLFDFRPRODPDVFHUFDQDDORVDSRVWROHVVLQWLRHO]DUSD]RGHO'UDJRQ%HVWLD$SRF

'LRVUHVJXDUGDDOD0XMHURDORTXHOHUHSUHVHQWDHQODWLHUUDHQXQ'HVLHUWRGXUDQWHGLDVRWLHPSRVSURIHWLFRV
$S
1RWHVHTXHHOWH[WR$SRFQRVWUDHODOLEHUDFLRQGHORTXHUHSUHVHQWDDOD0XMHU
SRVWHULRUPHQWHDHVDSHUVHFXFLRQGHVFULWDHQHOY(VDOLEHUDFLRQFRQVLVWHHQODLPSRVLELOLGDGSRU
SDUWHGHOGUDJRQTXHDFWXD\DFRQRWUD&DEH]D>ODGHODEHVWLDTXHVHDFWXDOL]DSRUPHGLRGHRWUDFDEH]D
ODTXHUHFLEHODKHULGDPRUWDOFI@GHGHVWUXLUGHILQLWLYDPHQWHDOD0XMHU\DVXUHSUHVHQWDQWH
HQOD7LHUUDOD,JOHVLDYHUGDGHUD\TXHGHQRKDEHUVLGRSRUHVDDFWXDFLRQGHSDVRDOGHVLHUWROR
KXELHVHFRQVHJXLGR'XUDQWHHVHSHULRGRFLHUWRVSDSHOHVKDQFDPELDGRVLHQGRODSHUVHFXFLRQWRGDYLD
PDVYLUXOHQWDTXHODTXHVHVXIULRGXUDQWHHOWLHPSRDQWHULRUDOLQLFLRGHHVWHSHULRGRSURIHWLFR
HVSHFLILFR3HUR'LRVUHVJXDUGDDOD0XMHUORVSULQFLSLRVGHO5HLQRGH'LRV\DVXUHSUHVHQWDQWHHQOD
7LHUUDHO3XHEORGH'LRVTXHSRVHHHOWHVWLPRQLRGHORVGRVWHVWLJRVFI$SOD3DODEUDGH
'LRVDOD,JOHVLDHQXQDFRQGLFLRQGH'HVLHUWRGXUDQWHGLDVSURIHWLFRVRWUHVWLHPSRV\PHGLR
(OPLVPRWLHPSRHQTXHVHSHUPLWLULDDO'UDJRQGDUDXWRULGDGDOD%HVWLD$S\TXHSHUVHJXLULD
FRQHOREMHWLYRGHGHVWUXLUDORV6DQWRV$S\
3RUORWDQWRHVHSHULRGRGHGLDVSURIHWLFRVRWUHVWLHPSRV\PHGLRRPHVHVWLHQHTXHLQLFLDUVH
HQXQWLHPSRSRVWHULRUDODH[LVWHQFLDGHO,PSHULR5RPDQR
/D$VFHQVLRQGH&ULVWRVXFHGHHQODHSRFDGHO,PSHULR5RPDQR
(OWH[WRQRVGLFH$STXHWUDVODVXELGDGHO+LMRYDURQHQJHQGUDGRSRUOD0XMHU&HOHVWLDO
HVWDIXHSHUVHJXLGD\HVWRFRUUHVSRQGHDODHSRFDHQTXHVHGHVDUUROODHO,PSHULR5RPDQR6DEHPRVSRU
ODKLVWRULDTXH5RPDLPSHULDOSHUVLJXHDORVFULVWLDQRVGXUDQWHODHSRFDGHVXH[LVWHQFLD7RGRHOOR
DFRQWHFHHQODHSRFDHQTXHOD&XDUWD%HVWLDGH'DQLHOR&XDUWR5HLQRKDKHFKR\DVXDSDULFLRQ
 $FRQWLQXDFLRQKD\XQFDPELRTXHKDTXHGDGRUHIOHMDGRHQODKLVWRULD\TXHHOWH[WRORUHFRJH$S
(OSRGHUSHUVHJXLGRUTXHKDELDVLGRSURWDJRQLVWDWDQWRHQORVGLDVGHO+LMRYDURQFRPRHQORV
TXHVXFHGHQDVX$VFHQVLRQLQWURGXFHXQDQXHYDVLWXDFLRQSURFODPDQGRDO&ULVWLDQLVPRUHOLJLRQOLFLWD
SURSLFLDGDSRUXQHQWHQGLPLHQWRHQWUH&RQVWDQWLQRHQFDUQDFLRQGHO,GHDULR,PSHULDO5RPDQR\FLHUWR
&ROHFWLYRTXHVHFRQVWLWX\HFRPRUHSUHVHQWDWLYRGHORTXHFRQVLGHUDQ&ULVWLDQLVPR'HXQPRGRRILFLDO
ORTXHQRPLQDOPHQWHVHDXWRGHQRPLQD&ULVWLDQLVPR\TXHDKRUDSDUHFHHQWHQGHUVHFRQHO(VWDGRGHMRGH
VHUSHUVHJXLGR
(VSRUHOORTXHHOWH[WRVDJUDGRUHIOHMDGHXQPRGRPDJLVWUDOHVWDQXHYDVLWXDFLRQHQYH]GHKDEODUHQ
WHUPLQRVGHSHUVHFXFLRQGHXQPRGRGLUHFWR\FODURFRPRKDGLFKRHQVHKDEODGHXQSHULRGRGH
WLHPSRGHFXLGDGRHVSHFLDOKDFLDOD0XMHU&HOHVWLDOOOHYDQGRODDOGHVLHUWRSDUDHYLWDUVXGHVWUXFFLRQ
/DSHUVHFXFLRQVLVWHPDWLFDTXHFRQWUDOD0XMHU&HOHVWLDOVHHVWDOOHYDQGRDFDERHQODVSHUVRQDVGHVX
UHSUHVHQWDQWHHQOD7LHUUDDSDUWLUGHODPLVPD$VFHQVLRQGH&ULVWRQRVXSRQLDXQSHOLJUR
UHVSHFWRDXQDSRVLEOHGHVDSDULFLRQGHORVSULQFLSLRVGHO5HLQRGH'LRVFRQWHQLGRVHQHOWHVWLPRQLRGH
ORVGRV7HVWLJRVFISHURDKRUDFRQODOODPDGDSD]&RQVWDQWLQLDQDVHSURGXFLUDQXQDV
FRQVHFXHQFLDVJUDGXDOHVSHURHIHFWLYDVTXHDFDEDQSRUHVWDEOHFHUXQPRGXVYLYHQGLHQWUHORTXHVHHVWD
GHQRPLQDQGRFRPRFULVWLDQR\HO,PSHULR5RPDQRFRQWHPSODQGRODLQVSLUDFLRQHOSHOLJURTXHSDUDXQ
IXWXURSURJUDPDGR\HQSURFHVRSRGULDVXSRQHUHQUHODFLRQDORVFRQWHQLGRVGHORVSULQFLSLRVGHO5HLQR
GH'LRVTXHVLPEROL]DOD0XMHU&HOHVWLDO\TXHVX'HVFHQGHQFLD-HVXFULVWRXSFXDQGRHVWXYR
HQOD7LHUUDOHJRDXQ5HVWRFRQVWLWXLGRFRPRVXVWLWXWRYLVLEOHGH(OFI(VLPSUHVFLQGLEOH
VDOYDJXDUGDUDHVD0XMHU&HOHVWLDOHQXQ'HVLHUWR\DVLSHUPLWLUTXHORVFRQWHQLGRVGHO
WHVWLPRQLRGHORVGRV7HVWLJRVFISXHGDQVHUFRQVHUYDGRVLQDOWHUDEOHV\SXHGDQFXPSOLU
VXVH[LJHQFLDVDSHVDUGHTXHORKDJDQYHVWLGRVGHVDFR\FLOLFLR\TXHORVYHUGDGHURVDGRUDGRUHVGHO
WURQRFHOHVWLDOTXHKDQDFHSWDGRORVSULQFLSLRVGHO5HLQRR*RELHUQRGH'LRVHQVXVFRUD]RQHVVH
HQFXHQWUHQHQHO$WULROD7LHUUDGHO7HPSORR6DQWXDULR&HOHVWLDO\VHDQKROODGRVFI'Q

7RGRHVWRGHPRVWUDULDTXHHO&XDUWR5HLQRHQVXIDVHGH5RPD,PSHULDO\TXHVHKDELDFDUDFWHUL]DGR
SRUSHUVHJXLUWDQWRDO+LMRFRPRDOD0XMHUGHVSXHVGHOD$VFHQVLRQGH$TXHOHQXQPRPHQWR
GHWHUPLQDGRGHMDGHKDFHUORFRPRWDO\GHPRGRLQGHSHQGLHQWH
/DKLVWRULDHQWRQFHVGHVGHHOV,9QRVRIUHFHXQDSDQRUDPLFDHQODTXHDTXHOODTXHVHGHQRPLQD
,JOHVLDTXHFRQYLYH\FRH[LVWHFRQHO(VWDGRGHODHSRFD&RQVWDQWLQLDQD\SRVWHULRUQRHVXQD,JOHVLD
TXHQHFHVLWHVHUOOHYDGDDXQ'HVLHUWRQLVHFDUDFWHUL]DSRUORTXHVLJQLILFDHVWDUUHVJXDUGDGDGXUDQWH
GLDVSURIHWLFRV<QLPXFKRPHQRVSXHGHGHFLUVHTXHVHWUDWHGHXQDUHSUHVHQWDQWHILHOGHOD
0XMHU&HOHVWLDOSRUFXDQWRQRPDQWLHQHHQDOWRHOHVWDQGDUWHGHO*RELHUQRGH'LRVUHDOLGDGHWHUQD
VLPEROL]DGDSRUOD0XMHU&HOHVWLDO/RTXHKDFHHVVHJXLUHO*RELHUQRGHHVWHPXQGRTXHHVWDHQ
RSRVLFLRQDO*RELHUQRGH'LRV
3RUORWDQWRHUDSUHFLVRUHIOHMDUFRQHOWH[WRHVWDSDUWLFXODULGDGSRQLHQGRDOGHVFXELHUWRTXHORTXH
UHSUHVHQWDILHOPHQWHHQHVWDWLHUUDWDQWRDOD0XMHU&HOHVWLDOFRPRDVX'HVFHQGHQFLDLEDGHVGHOD
$VFHQVLRQDVXIULUODSHUVHFXFLRQGHVSXHVVLQTXHGHMDUDGHKDEHUODQHFHVLWDULDGHXQWLHPSR
SURORQJDGRWRWDOL]DGRSRUODFLIUDGHGLDVRWLHPSRVSURIHWLFRVSDUDUHVJXDUGDUVHHQHO
'HVLHUWRORVSULQFLSLRVGHO5HLQRGH'LRVRORVFRQWHQLGRVGHO7HVWLPRQLRGHORVGRV7HVWLJRVMXQWRD
ORVTXHKDFLDQVX\RVHVWRVSRUPHQRUHVGHEHULDQH[SHULPHQWDUGHXQFXLGDGRHVSHFLDOSRUSDUWHGHOD
SURYLGHQFLDSDUDHYLWDUVXGHVWUXFFLRQFRPSOHWD3HURHOWH[WRVHQDODGHXQPRGRSURGLJLRVRTXHWRGR
DTXHOORTXHQRSXGLHUDHVWDUGHQWURGHORTXHLPSOLFDVHUSHUVHJXLGRFRPR5HLQRGH'LRVRFRPR
UHSUHVHQWDQWHILHOGHHVH5HLQRRFRPRSHUPDQHFLHQGRHVFRQGLGROHMRVGHORVUHLQRVGHHVWHPXQGR
WHQGULDTXHFRQWDELOL]DUVHFRPRFRQWUDULRDO3ODQGH'LRV'HDKLTXHHVDVHXGR,JOHVLDYLVLEOHTXH
FRQWHPSRUL]DIOLUWHD\DGXOWHUDFRQORVJRELHUQRVGHHVWHPXQGRVHULDXQDHYLGHQFLDSRUXQODGRGHTXH
HOYKDWHQLGRVXFXPSOLPLHQWRHQHOVHQWLGRGHOFRQWHQLGRGHORVWH[WRVXQDSHUVHFXFLRQFODUD\
GLUHFWDSRUSDUWHGH5RPD,PSHULDO3DJDQDSHURSRURWUDSDUWHORTXHHOWH[WRYVLJXHGLFLHQGRHV
TXHHVDSHUVHFXFLRQVHSURORQJDSHURDKRUDFRQODQHFHVLGDGLPSOLFLWDGHWHQHUTXHHYLWDUODGHVWUXFFLRQ
GHORVSULQFLSLRVGHO5HLQRGH'LRVRORVFRQWHQLGRVGHO7HVWLPRQLRGHORVGRV7HVWLJRVMXQWRDORVTXH
KDFLDQVX\RVHVWRVSRUPHQRUHVSHUR12GHDTXHOVLVWHPDTXHDUURJDQGRVHHOQRPEUHGH,JOHVLDGH
'LRV\DKDHQFRQWUDGRXQHVWDEOHVVLPHQWXQFRELMRHQHO(VWDGR\TXHVHJXQQRVSUHVHQWDODKLVWRULDQR
HVSHUVHJXLGDVLQRWRGRORFRQWUDULRHVSHUVHJXLGRUD6HWUDWDDGLIHUHQFLDGHORTXHKDEXVFDGRHO
DSR\RGHO(VWDGRGHXQ5HVWRTXHSHUPDQHFLHQGRILHOHQVDOYDJXDUGDUHOWHVWLPRQLRGHORVGRV7HVWLJRV
UHSUHVHQWDQGRDOD0XMHU&HOHVWLDOHQOD7LHUUD\DOD'HVFHQGHQFLDGHHOOD6X2ULJLQDGRUVHYH
REOLJDGRGHDFXHUGRDODSURYLGHQFLDGLYLQDDEXVFDUUHIXJLRQRHQORVSRGHUHVGHHVWHPXQGRVLQR
HQHO'HVLHUWRVLPERORGHLQKDELWDELOLGDG\GHDXVHQFLDGHODFRQFXUUHQFLDGHODVJHQWHVGHHVWHPXQGR
HYLWDQGRDVLVXDQLTXLODFLRQ
(VDSHUVHFXFLRQTXHVHSURORQJDWUDVODGH5RPD,PSHULDO3DJDQD\TXHPRWLYDODLQWHUYHQFLRQ
PLODJURVDGH'LRVSDUDUHVFDWDUDOD,JOHVLDUHSUHVHQWDQWH\FRQVHUYDGRUDGHODLGHRORJLDGHOD0XMHU
&HOHVWLDOGHVXDQLTXLODFLRQQRSXHGHHPSH]DUDFXPSOLUVHPDVTXHGHVSXHVGHODGHVDSDULFLRQGHOD
5RPD,PSHULDO3DJDQD(OSHULRGRGHGLDVSURIHWLFRVQRSRGULDLQLFLDUVHDQWHVGHOG-
(QHVHWLHPSRHQTXHVHLQLFLDUDGLFKRSHULRGRGHOD0XMHUHQHO'HVLHUWR\GHVXUHSUHVHQWDQWHOD
,JOHVLDODKLVWRULDUHFRQRFH\FRQWHPSODODH[LVWHQFLDGHORV3RGHUHVSHUVHJXLGRUHV\GHORVSHUVHJXLGRV
>@
TXHVRQVXVWHQWDGRVHQHOGHVLHUWR 
/RTXHFRQWLQXRGHVSXHVGHODFDLGDGHO,PSHULR5RPDQRORKHPRVYLVWRWDQWRSRUODGRFXPHQWDFLRQ
SURIXVDTXHGHODKLVWRULDKHPRVSUHVHQWDGRHQQXHVWUDSULPHUD6HFFLRQFRPRORTXHQRVSURYHHHOWH[WR
GHOSURIHWD'DQLHO&RQVWDQWLQRVXSRHQJHQGUDUXQD,JOHVLDTXHGHMRGHODGRHOHPHQWRVHVHQFLDOHVSRUORV
TXHKDGHFDWDORJDUVHODYHUDFLGDG\DXWHQWLFLGDGGHOD,JOHVLDGH-HVXFULVWR+HPRVVDELGRTXHGHDKL
VXUJLRHO6LVWHPD3DSDOFRPRKHUHGHURSULQFLSDOGHO,GHDULR,PSHULDO5RPDQR\TXHMXQWRDODGLYLVLRQ
SROLWLFD\GLVJUHJDFLRQTXHH[SHULPHQWR5RPDWUDVODLQYDVLRQGHORV%DUEDURVDSDUHFLRWDPELHQXQ
&ROHFWLYRGHFXHUQRVTXHKDELDDEVRUELGROR5RPDQR\TXHHO6LVWHPD3DSDOPRGHOR\XWLOL]R
FRPRUHSUHVHQWDWLYRGHODLGHDGHO,PSHULR5RPDQR
(VWH6LVWHPD\HVH&ROHFWLYRIXHURQORVSURWDJRQLVWDVGHODSURVHFXFLRQGHXQD(XURSDTXHDSHVDUGH
VX'LYLVLRQ\GLVSXWDVFRQVLJXLHURQDOFDQ]DUODKHJHPRQLDGH2FFLGHQWHWDQWRSROLWLFDPLOLWDU\
HFRQRPLFDPHQWHPDQWHQLHQGRHQHVHSURFHVRWRGRHOSURJUDPDGH8QLGDGGH$XWRULGDGVXSUHPD\GH
LGHRORJLDEDELORQLFRURPDQDUHFRJLGR\SUR\HFWDGRSRUHO6LVWHPD3DSDO
3DUDHOORJURGHHVWHREMHWLYRVHYDOLRFRPR\DKHPRVGRFXPHQWDGRVXILFLHQWHPHQWHGHOLQYHQWRGHVHU
OD,JOHVLDTXH-HVXFULVWRIXQGDUD3DUDHOORHUDSUHFLVRWHUJLYHUVDUOD5HYHODFLRQ\PDQWHQHUVHHQHO
PRGHORGH,JOHVLDKHUHGDGRGH&RQVWDQWLQR3HURHVWDDFWLWXGFUHDEDFRQVWDQWHPHQWHXQFRQIOLFWRFRQHO
7HVWLPRQLRGHORVGRV7HVWLJRVFIFX\RFRQWHQLGRGHVHQPDVFDUDEDDGLFKD,JOHVLDFRPRXQ
SUR\HFWRIDOVRUHVSHFWRDORVUHTXHULPLHQWRVGLYLQRV(VWRHQJHQGUDEDXQDWHQVLRQFRQWUDWRGRVDTXHOORV
TXHDFHSWDEDQHOWHVWLPRQLRGHHVRVGRV7HVWLJRVFI'QSHUVLJXLHQGRORV
\GHUUDPDQGRODVDQJUHGHHOORVFIHLQFOXVRSURFXUDQGRWDSDUHOWHVWLPRQLRGHGLFKRV7HVWLJRV
ELHQSRUPHGLRGHVXRFXOWDPLHQWRGHORVKRPEUHVELHQSURYRFDQGRFRQWUDHOORVDILQGHVLOHQFLDUORVR
ELHQFUHDQGRXQDVLWXDFLRQGHLQHILFDFLD&RPRFRQVHFXHQFLDGHVXPDOHYRODDFWLWXG\DILUPDUTXHVX
$XWRULGDGSURYHQLDGHOD3DODEUDGH'LRVHO3RGHU(VWDWDOUHSUHVHQWDWLYRGHXQDHSRFDOOHJRDDWDFDUOD
%LEOLDFRQODILQDOLGDGGHPDWDUODFI$QWHODLPSRVLELOLGDGGHVLOHQFLDUODGHILQLWLYD\
WRWDOPHQWHFUHRXQPHWRGRKHUPHQHXWLFR\XQPDJLVWHULRTXHKDFLDLQDFFHVLEOHDQXPHURVDVSHUVRQDVTXH
VHFRQWHQWDEDQFRQXQDSRVLFLRQLQGLIHUHQWHUHVSHFWRDOFRQRFLPLHQWRGHOD9HUGDG
 8QLQWHQWRGHGHVWUXFFLRQGHOD0XMHURORTXHHOODUHSUHVHQWDHQOD7LHUUDGHVSXHVGHORVGLDVSURIHWLFRV
7UDQVFXUULHQGR\WHUPLQDQGRVHGHWUDQVFXUULUHVRVGLDVRWUHVWLHPSRV\PHGLR$S
HOGUDJRQLQWHQWDGHQXHYRGHVWUXLUDOD0XMHUFHOHVWLDOHQODSHUVRQDGHORTXHPDQWLHQHODLGHRORJLDGHO
5HLQRGH'LRVHQQXHVWURPXQGRSHURHQHVDRFDVLRQODWLHUUDHVWDGHVXSDUWH$S
2EVHUYHVHTXHGHQXHYRKD\XQFDPELRGHDFRQWHFLPLHQWR\TXHVHQDODTXHHOWLHPSRGHODHVWDQFLDHQ
HOGHVLHUWRKDDFDEDGR
(OGHVLHUWRKDSURWHJLGRDOD0XMHU&HOHVWLDO\DORTXHOHUHSUHVHQWDHQOD7LHUUDGXUDQWHGLDV
SURIHWLFRVSHURODFDQWLGDGGHDJXDFI$STXHHVHQYLDGDDHVHUHIXJLRGHVLHUWRKDVWDHQWRQFHV
KXELHUDVLGRFDSD]GHLQXQGDUORVLQRKXELHUDKDELGRXQDLQWHUYHQFLRQGHODWLHUUDSURYLGHQFLDOTXH
DEVRUELRWRGDHVDDJXD
(OVLJQLILFDGRGHODD\XGDGHODWLHUUD
2EVHUYHVHHOFRQWUDVWHGHORVVLPERORV(OGHVLHUWRODFRQGLFLRQTXH'LRVFRQVLJXHSDUD
VDOYDJXDUGDUDOD0XMHU&HOHVWLDORDORTXHOHUHSUHVHQWDDTXLHQHVWHPXQGRVRFLDOGXUDQWHORV
GLDVSURIHWLFRVHVFRQWUDUUHVWDGDSRUHO'UDJRQPHGLDQWHHODJXDDEXQGDQWHGHXQULRTXHWUDQVIRUPDHO
'HVLHUWRHQDOJRTXH\DQRHVXQ'HVLHUWR
>@
(O$JXDTXHHQ$SHVXQVLPERORGHPXOWLWXGHVJHQWHV\SXHEORV VHUYLULDSDUD
WUDQVIRUPDUHOGHVLHUWRHQDOJRPXQGDQR\SRFRVHJXUR
>@
(OVHQWLGR%LEOLFRTXHHO$7QRVRIUHFHVREUHHOWHUPLQR$JXDVHULDHOGHODVWULEXODFLRQHV
VLQHPEDUJRODVWULEXODFLRQHVVRQGLULJLGDVSRUDOJXLHQ\FRQDOJR3UHIHULPRVHVFRJHUVLQGHVFDUWDU
WRWDOPHQWHHOVHQWLGRGHODVWULEXODFLRQHVHOGHTXHFLHUWDVJHQWHV\QDFLRQHVFRPLHQ]DQDSUHVLRQDU
VREUHDTXHOORVTXHYLYHQHQODFRQGLFLRQGHGHVLHUWR\VHYHQREOLJDGRVDDEDQGRQDUHVDFRQGLFLRQ
SRUTXHKDGHMDGRGHVHUVHJXUD(VODKRUDGHOILQDOGHORVGLDVSURIHWLFRVWDOFRPR'LRVKDELD
SUHYLVWR
3DUDQRVRWURVVHQFLOODPHQWHVHQRVHVWDTXHULHQGRGHFLUTXHHOWLHPSRGHOD,JOHVLDHQHO'HVLHUWRVH
HVWDDFDEDQGRWLHPSRTXHKDELDVLGR\DSUHYLVWRSRU'LRVFRQXQDGXUDFLRQOLPLWDGD$SDUWLUGHDKRUD
VHUDODWLHUUDODTXHD\XGDUDDODPXMHU
(QFXDQWRDOVLPEROR7LHUUDSRGULDWHQHUYDULRVVLJQLILFDGRV+D\TXLHQORLQWHUSUHWDHQHVWHOXJDU
>@
FRPRODHVFHQDGHOJRELHUQRRUJDQL]DGRVREUHODWLHUUDSURIHVDQGRHVWDUHQUHODFLRQFRQ'LRV
>@
2WURVDOXGLHQGRDOWH[WRHQFXHVWLRQ$SOHGDQXQVHQWLGROLWHUDOVXHOR
$KRUDELHQHO$SRFDOLSVLVXWLOL]DWHUPLQRVGHDFXHUGRDXQFULWHULRTXHHVSUHFLVRGHVFXEULUORHQEDVH
DORVFRQWH[WRV3RUORTXHVHREVHUYDDTXLOD7LHUUDHVXQVLPERORGHD\XGDDO3XHEORGH'LRV\HVWDUD
HQRSRVLFLRQDO0DUQRVRORSRUORTXHQDWXUDOPHQWH\DGHSRUVLOOHYDFRQVLJRVLQRSRUTXHGHO0DU
VXUJHOD%HVWLDSHUVHJXLGRUD$S\HVOD*UDQ5DPHUDODTXHWDPELHQHVWDVHQWDGDVREUHPXFKDV
DJXDV$S
3RURWUDSDUWHOD7LHUUDWDPELHQVHRSRQHDO&LHOR\DTXHHVODPRUDGDPDWHULDO5HVSRQGHDODYLGD
PDWHULDOILVLFD\FDUQDOWDPELHQHVHOHQYROWRULRGHORVKRPEUHVKDFLHQGRGHHVWRVXQDFROHFWLYLGDGHO
PXQGR
<SRUXOWLPRQRROYLGHPRVTXHOD%HVWLDDGH$SRFDOLSVLVH[FHSFLRQDOPHQWHVXUJHGHOD7LHUUD
$S
(QSULQFLSLRSXHVOD7LHUUDHQHVHFRQWH[WRGH$SHVXQDD\XGDSDUDHO3XHEORGH'LRV\HVWD
HQFRQWUDVWHGLUHFWRFRQHO0DUFRPRVLPERORGHFLYLOL]DFLRQ\VXVLPSOLFDFLRQHVODFLHQFLDHODUWHOD
>@
OLWHUDWXUDODLQGXVWULDODSREODFLRQSXHEORVTXHGDQDSR\R\DFRJLGDDOD%HVWLDHWF /XHJROD
7LHUUDHQFRQWUDVWHFRQHO0DU\SDUDTXHHODJXDGHO5LRSRGULDKDEHUVLGRHO(XIUDWHVVLPERORGHODV
QDFLRQHVTXHKDQVXVWHQWDGR\VXVWHQWDQWUDGLFLRQDOPHQWHDOD*UDQ5DPHUDTXHHQVHQWLGRVLPEROLFR\
PLVWLFRVHOODPD%DELORQLD^FI$S\`SXGLHUDVHULQRFXDVHSUHFLVDTXHGLFKD7LHUUD
VHDXQVXHORPDVYDFLRGHKDELWDQWHV\GHSXHEORVTXHORTXHVXSRQHHO0DURHO(XIUDWHV\TXH
SXHGDDFRJHUVLQSHOLJURDDTXHOORVTXHKDQYLVWRLQXQGDUVHVXUHIXJLRGHOGHVLHUWR(QRSRVLFLRQDO
VLJQLILFDGR0DUOD7LHUUDVHUDDOJRLQFLSLHQWHWDQWRLGHRORJLFDPHQWHFRPRJHRJUDILFDPHQWHTXHGD
DFRJLGDDORVTXHVRQSHUVHJXLGRVSRUHO5LRTXHSRVHHXQDLGHRORJLDSHUVHJXLGRUDGHVSXHVGHORV
GLDVSURIHWLFRV
"&RPRVHFXPSOHHVWRKLVWRULFDPHQWH"
1RWHPRVGHQXHYRVHJXQHOWH[WRFRPRDOILQDOGHOSHULRGRGHORVGLDVSURIHWLFRVVHFRQHFWDFRQ
XQDVLWXDFLRQHQODTXH\DQRHVSUHFLVRODHVWDQFLDHQHOGHVLHUWRHO'UDJRQTXHLQWHQWD
WUDJDUVHDOD0XMHURORTXHOHUHSUHVHQWDHQOD7LHUUDPHGLDQWHDFWXDFLRQHVHVREVWDFXOL]DGRSRUOD
WLHUUD
6DEHPRVTXHODSURFODPDFLRQGHODOLEHUWDGUHOLJLRVD\ODVGHPRFUDFLDVFRPLHQ]DQDFRQFUHWDUVHHQ
XQDD\XGDHIHFWLYDDOD0XMHUFHOHVWLDO\DVXUHSUHVHQWDQWHHQOD7LHUUDOD,JOHVLDDSDUWLUGHILQDOHVGHO
V;9,,,\FRPLHQ]RGHO;,;
(QHIHFWRODSHUVHFXFLRQUHOLJLRVDRHOTXHUHULPSRQHULGHDVXQLODWHUDOHVWXYRXQGLTXHGHFRQWHQFLRQ
HIHFWLYRDSDUWLUGHOPRPHQWRHQTXHHOPXQGRVRFLDOGLRXQJLURHVSHFWDFXODUHQIDYRUGHODOLEHUWDGGH
FRQFLHQFLD<HVWRKLVWRULFDPHQWHHPSH]RDYDORUDUVHDSDUWLUGHODUHYROXFLRQ1RUWHDPHULFDQD\
UHYROXFLRQ)UDQFHVD,QGHSHQGLHQWHPHQWHGHFLHUWRVPHWRGRVHPSOHDGRVHQDOJXQRVPRPHQWRV
GHWHUPLQDGRV\GHODVLPSOLFDFLRQHVQHJDWLYDVTXHXQD\RWUDSXGLHUDRSXHGDWHQHU'LRVVXSRXWLOL]DU
PHGLDQWHODDFWXDFLRQLQYLVLEOHGHO5HLQRGH'LRVXQDVLWXDFLRQSDUDSURYHFKRGHVX,JOHVLD\GHVXV
LQWHUHVHVDTXLHQOD7LHUUD\HQXQLQVWDQWHWDPELHQHVSHFLILFRODKLVWRULDUHIOHMDORTXHHOWH[WRSURIHWLFR
SURYHHHQHVWHOXJDUTXHDQDOL]DPRV'LRVFDQDOL]RHVHSDUHQWHVLVWHPSRUDO\FLHUWDVFRQVHFXHQFLDV
GHULYDGDVGHHVRVDFRQWHFLPLHQWRVSDUDHOELHQGHOD0XMHU&HOHVWLDOUHSUHVHQWDGDHQOD7LHUUDHQVXV
LGHDVSRUXQD,JOHVLDR5HVWRTXHPDQWLHQHORVSULQFLSLRVGHO5HLQRGH'LRVH[SXHVWRVHQOH7HVWLPRQLR
GHORVGRV7HVWLJRV
6RPRVGHXGRUHV\QRTXHUHPRVGHMDUGHDOXGLUORDWRGRORSRVLWLYRTXHWXYROD5HIRUPDSURWHVWDQWH
(VFLHUWRTXHHVWDSUHSDURHOFDPLQRSDUDHVDOLEHUWDGGHFRQFLHQFLD\HQFLHUWRVOXJDUHVFRQFUHWRVGHOD
7LHUUDVHD\XGRDOD0XMHU3HURORTXHIXHUHVROXWLYRGHXQPRGRJHQHUDODORTXHOD5HIRUPD
SURWHVWDQWHKDELDVHPEUDGRORTXHPDUFRHOPRPHQWRRSRUWXQRSDUDTXHODWLHUUDD\XGDUDDOD0XMHUGH
PRGRHILFD]IXHURQOH\HVTXHODSURSLD7LHUUDHPDQRHQIDYRUGHOD0XMHU\GHWRGRORTXHHOOD
LPSOLFDHQOD7LHUUD
(VHVD7LHUUDFRQVXVOH\HVIDYRUHFHGRUDVGHODOLEHUWDGGHFRQFLHQFLD\HVSDFLRVYLUJHQHVOXJDUHV
GRQGHVHUHVSHWDEDQODOLEHUWDGUHOLJLRVD\ORVGHUHFKRVKXPDQRVGRQGHVHSRGLDQRVRORDGRUDUD'LRV
GHDFXHUGRDODFRQFLHQFLDLOXPLQDGDSRUOD%LEOLDVLQRDGHPDVH[SUHVDUOLEUHPHQWHODVFRQYLFFLRQHV
>@
SHUVRQDOHVUHOLJLRVDVRQRVLQYHUWHDFRVDGRSRUQLQJXQD%HVWLDR'UDJRQ
$QDGDPRVTXHODVUHDOL]DFLRQHVTXHODSURIHFLDQRVSUHVHQWDQRVRQLQVWDQWDQHDVVHKDQHVWDGR
SUHSDUDQGR\VHKDQGHGHVDUUROODU(VHQHOPRPHQWRTXHODSURIHFLDPDUFDFXDQGRHPSLH]DDVXUWLU
HIHFWR
1RFDEHGXGDTXHORTXHGHSRVLWLYRWXYLHURQORVPRYLPLHQWRVUHYROXFLRQDULRVGHPRFUDWLFRVKDEULD
TXHUHPRQWDUVHQRVLPSOHPHQWHDOVLJORGHODV/XFHVVLQRFRPR\DKHPRVFRQVWDWDGRDOGHODSURSLD
5HIRUPD3URWHVWDQWHSHURHVWRVQRFXDMDQRQRWHUPLQDQGHJHVWDUVHFRQHOSURSRVLWRDOTXHVHUYLUDQ
UHVSHFWRDO3XHEORGH'LRVKDVWDILQDOHVGHOVLJOR;9,,,\FRPLHQ]RVGHO;,;FXDQGROD7LHUUDSULPHUR
\IXQGDPHQWDOPHQWHORV(VWDGRV8QLGRV\ODVLGHDVUHYROXFLRQDULDVGHVSXHVSURJUHVLYDPHQWHODV
GHPRFUDFLDV(XURSHDVVLUYLHURQSDUDUHIXJLDUFRQVXIHSHUVHJXLGDDPLOHVGHFULVWLDQRVSURYHQLHQWHV
GHODHVWDQFLDHQHO'HVLHUWRTXHKDELDVLGRLQXQGDGDSRUXQ5LRGHJHQWHVHLGHDVDOVHUYLFLRGHOD
%HVWLD\GHOD5DPHUD
/DSURWHFFLRQHVGHGRVPRGRVFODURVGHXQPRGRILVLFR\GHXQPRGRTXHVXUJHFRPRUHVXOWDGRGHOD
>@
SUR\HFFLRQ\DSOLFDFLRQGHXQDVOH\HVHQIDYRUGHODOLEHUWDGGHFRQFLHQFLD
'HQWUR GH HVWH SHULRGRSRVWHULRU D ORV  GLDV SURIHWLFRV KD\ XQD FHVXUD HQ OD TXH VH LQWURGXFHQ HOHPHQWRV \
DFRQWHFLPLHQWRVQXHYRVTXHFRQHFWDQGLUHFWDPHQWHFRQODXOWLPDDFWXDFLRQGHOD%HVWLDGLULJLGDSRUHO'UDJRQHQFRQWUDGHO
3XHEORGH'LRV
(QHVWHSHULRGRSRVWHULRUPHQWHDORVGLDVSURIHWLFRVVLPEROLFRVVXUJHXQ5HVWRGHOD
'HVFHQGHQFLDGHOD0XMHU&HOHVWH$SFIXSXSXS/DVFDUDFWHULVWLFDVPDV
VREUHVDOLHQWHVTXHVHUYLUDQSDUDLGHQWLILFDUDHVH5HVWRHQXQFRQWH[WRPXQGLDOGHJUDQFRQIXVLRQHVVX
ILGHOLGDGDORV0DQGDPLHQWRVGH'LRV\DODSRVHVLRQGHO7HVWLPRQLRGH-HVXFULVWRFI$S
(VWH5HVWRTXHVHKDLGRJHVWDQGRFRPRIUXWRGHODD\XGDGHOD7LHUUDDOD0XMHU&HOHVWHWDPELHQ
UHFLELUDDOILQDOODYLVLWDGHODLUDGHO'UDJRQ$S
(QHIHFWR\DHQHOSHULRGRILQDOHO'UDJRQROD%HVWLDDODGHVHVSHUDGDLQWHQWDGHVWUXLUDOD
'HVFHQGHQFLDGHOD0XMHU&HOHVWLDOPHGLDQWHXQDJXHUUDFRQWUDXQ5HVWRGHODGHVFHQGHQFLDRGHO
KHUHGHURGHOD'HVFHQGHQFLDGHHVD0XMHUFHOHVWLDO$S
1RWHVHTXHVHKDHVWDGRHYLWDQGRHOSURQXQFLDPLHQWRGHO5HVWRDORODUJRGHWRGRXQFDSLWXOROOHQRGH
VHFXHQFLDVWHPSRUDOHVFRQVXFHVRVKLVWRULFRVFRQFUHWRV"SRUTXH"
3RUORTXHVHDTXHDFRQWLQXDFLRQH[SRQGUHPRVHOSURWDJRQLVPRGHO5HVWRGHOD'HVFHQGHQFLDQR
UHVXOWDQHFHVDULRHOUHPDUFDUORSXHVWRTXHHQODHSRFDDSRVWROLFD\SRVWDSRVWROLFDQRKD\GHPDVLDGRV
SXQWRVGHUHIHUHQFLDHQORVTXHVHKDJDGLILFLOGHVFXEULUDO5HVWR(QVHJXQGROXJDUKD\XQDFRQVWDQWH
FRQXQPHQVDMHVXE\DFHQWHDORODUJRGHWRGRHVWHFDSLWXORTXHODLQVSLUDFLRQTXLHUHILMDUSURIXQGDPHQWH
HQWRGRVDTXHOORVLQWHUHVDGRVHQOD9HUGDGHOSUREOHPDGLIHUHQFLDOHQWUHORVTXHVRQILHOHVD'LRV\ORV
TXHQRORVRQUDGLFDHQODDFHSWDFLRQHVWULFWDRHQVXGHIHFWRHQHOUHFKD]RSRUPLQLPRTXHVHDGH
ORVSULQFLSLRVGHO5HLQRGH'LRVVLPEROL]DGRVSRUOD0XMHU&HOHVWLDOODHVSRVDGHO&RUGHUR
$KRUDHOSDQRUDPDPXQGLDOKDFDPELDGRGHVGHTXHVHLQLFLDUDOD5HIRUPDGLYLQDHQODTXHRFXSDXQ
OXJDULPSRUWDQWHHO3URWHVWDQWLVPR6HHVWDUHFXSHUDQGRSRUORVKRPEUHVDJUXSDGRVDOUHGHGRUGHOD
3DODEUDGH'LRVGHO7HVWLPRQLRGHORVGRV7HVWLJRV^$S`ODLPDJHQFRPSOHWDGHHVH5HVWRR
,JOHVLDGHO'LRVYLYLHQWHTXH-HVXFULVWROHJRDODSRVWHULGDGFRPR'HVFHQGHQFLDGHOD0XMHU&HOHVWLDO
TXHHUD\TXHHO'UDJRQDWUDYHVGHO6LVWHPD3DSDOGHVILJXUR
(QHVD5HIRUPDTXHVHFRQVWLWX\HFRPRQHFHVDULDDSDUWLUGHOKHFKRGHTXHPXFKRVVRQHQJDQDGRVHQ
ODHSRFDGHODKHJHPRQLD3DSDOFRPRSHUWHQHFLHQGRDXQD,JOHVLDJHQXLQDSXHGHDSDUHFHU
WDQWRHORURFRPRORTXHQRORHVODUHDOLGDG\HOFDPXIODMHHOHVWDQFDPLHQWRLQVWLWXFLRQDOL]DGRFRPRHO
DXWHQWLFRSURJUHVRGHOFRQRFLPLHQWRGHODYHUGDG(LQFOXVRORVUHVLGXRVHQJDQRVRVGHODVXOWLPDV
FROHWDGDVGHO'UDJRQTXHHQJDQDDOPXQGRHQWHURFI
$QWHHVWDVLWXDFLRQTXHHQHVDHWDSDDODTXHHOWH[WRDOXGHVHLEDDYLVOXPEUDU\TXHHQQXHVWUDHSRFD
SRGHPRVFRQWHPSODUVHLEDDKDFHULPSUHVFLQGLEOHGHVWDFDUFODUDPHQWHDO5HVWRGHOD'HVFHQGHQFLDGH
OD0XMHU,EDVHUSUHFLVRHYLGHQFLDUORTXHLGHQWLILFDDO5HVWRR,JOHVLDGH-HVXFULVWR
8QDILGHOLGDGDWRGRVORVSULQFLSLRVGHO5HLQRGH'LRVVLPEROL]DGRVSRUOD0XMHU&HOHVWLDO(VSRVD
GHO&RUGHUR-HVXFULVWR\TXHHO5H\\DKDH[SOLFDGRVXILFLHQWHPHQWHHQHO(YDQJHOLR
8QGHVHRH[SOLFLWRGHJXDUGDUWRGRVORV0DQGDPLHQWRVGH'LRV
/RV0DQGDPLHQWRVGH'LRVQRVRORKDFHQUHIHUHQFLDDORVSUHFHSWRVGHOD/H\5HDOGH'LRVODGHOD
OLEHUWDGFI6WJVLQRDWRGDVVXVHQVHQDQ]DHQODVTXHVHLQFOX\HQGRFWULQDVEHQHIDFWRUDV
SDUDHOVHUKXPDQR\TXHWUDGXFHQSRVHHUORVSULQFLSLRVGHO5HLQRGH'LRV
3RVHHUHO7HVWLPRQLRGH-HVXFULVWR
(O5HVWRGHOD'HVFHQGHQFLDGHOD0XMHU&HOHVWLDOVLHQGRDOJRLQVWLWXLGRSRU-HVXFULVWRGHEHULD
UHWHQHUSDUDVXXVR\WHVWLPRQLRWRGRHOYDORUGHOD3DODEUD3URIHWLFDTXHVXSRQHVHUORVGRV7HVWLJRVGHO
7HVWLPRQLR$SSS3DUDTXHHVDYDORUDFLRQGHORVGRV7HVWLJRV-HVXFULVWR\HO(VSLULWX6DQWR
>@
LQVSLUDGRUHVGHODV(VFULWXUDVGHO$QWLJXR\1XHYR7HVWDPHQWR VHSXHGDOOHYDUDFDERGHOPRGR
PDVFRPSOHWRSRVLEOHVHSUHFLVDGHO(VSLULWXGH3URIHFLD'HDKLTXHHO7HVWLPRQLRGH-HVXFULVWRVH
LGHQWLILTXHFRQHO(VSLULWXGHOD3URIHFLD$S(O(VSLULWXHO(VSLULWX6DQWRTXHKDLQVSLUDGRD
OD3URIHFLDFRQWHQLGDHQHO7HVWLPRQLRGHORVGRVWHVWLJRVVHSUHFLVDULDPDQLIHVWDUVHGHIRUPDHVSHFLDO
HQHO5HVWRGH-HVXFULVWRFRPRODDXWRULGDGTXHRWRUJDXQGRQJHQXLQRGHO(VSLULWX6DQWRHQHOXOWLPR
WLHPSRSDUDXQDFRUUHFWDLQWHUSUHWDFLRQGHORTXHLPSOLFDQODVYHUGDGHVHWHUQDVFRQWHQLGDVHQOD3DODEUD
GH'LRVHQUHODFLRQDORVVXFHVRVSURIHWL]DGRV\TXHVHGHVDUUROODQHQXQSURFHVRKLVWRULFRTXHKDGH
FXOPLQDUFRQHOILQGHOWLHPSRFRQORVUHLQRVGHHVWHPXQGRLQVWDXUDQGRVHHO5HLQRGH'LRV
$OLJXDOTXHRWURVPXFKRVORKLFLHURQHQHOSDVDGRORVFUH\HQWHVTXHGHVHDPRVVHUFRKHUHQWHV\
FRQVHFXHQWHVFRQQXHVWUDFUHHQFLDHQXQ'LRVSHUVRQDO\WUDQVFHQGHQWH\TXHDQKHODPRVGHDFXHUGRDOD
LQLFLDWLYDGLYLQDSXHVWDHQQRVRWURVODVDOYDFLRQKHFKDUHDOLGDGJUDFLDVD-HVXFULVWRQRVKHPRVGHYHU
REOLJDGRVLQGHSHQGLHQWHPHQWHGHODVRUJDQL]DFLRQHVUHOLJLRVDVDODVTXHSHUWHQH]FDPRVDDVHJXUDUQRV
PHGLDQWHHO7HVWLPRQLRGHORVGRV7HVWLJRV\GHORVSULQFLSLRVGHO5HLQRGH'LRV\GHODV(QVHQDQ]DVGH
'LRVTXHQRSHUWHQHFHPRVDOD%DELORQLDPLVWLFD\VLDVLIXHUDDVDOLUGHHOODFI$S
IRUPDQGRSDUWHGHORTXHVHQRVGHVFULEHFRPRVLHQGRHO5HVWRGHOD'HVFHQGHQFLDGHOD0XMHU&HOHVWLDO
$S
(OYDORUGHORVWLHPSRVSURIHWLFRVORVGLDVRWLHPSRV\PHGLR$S
(QSULQFLSLRGLJDPRVTXHDOUHSHWLUHQORVGRVYHUVLFXORVODPLVPDLGHD\VHFXHQFLDVHLGHQWLILFDQODV
FLIUDV(VGHFLUORVGLDVFRUUHVSRQGHQDWLHPSRV\/RTXHTXLHUHGHFLUTXHVLORVGLDV
FRUUHVSRQGHQD\DQRVGHGLDVODQRPHQFODWXUDWLHPSRV\HVHTXLYDOHQWHWDPELHQDDQRV
>@
\PHGLR 
(QVHJXQGROXJDUKHPRVYLVWRTXHHVHSHULRGRSURIHWLFRGHGLDVRDQRV\SURIHWLFRV$S
VHLQVHUWDQHQXQWLHPSRTXHWUDQVFXUUHHQWUHXQODSVRGHKLVWRULDGHOFULVWLDQLVPRHQXQRGH
FX\RVH[WUHPRVVHOOHJDDOD$VFHQVLRQ\SUHVHQFLDGH-HVXFULVWR$S\SRUHORWURKDVWDOD
XOWLPDLQYHVWLGDGHO'UDJRQFRQWUDOD,JOHVLDGHQRPLQDGDHO5HVWRGH-HVXFULVWR$S
(OSULPHUHVSDFLRWHPSRUDODQWHULRUDOFRPLHQ]RGHORVGLDVRWUHVDQRV\SURIHWLFRVHVWD
RFXSDGRSRU5RPD,PSHULDO\SRUORVSUROHJRPHQRVTXHFRQILJXUDQDOD5RPD3DSDO(OXOWLPRKXHFR
WHPSRUDOSRVWHULRUDORVGLDVSURIHWLFRVHVWDOOHQDGRSRUXQDHSRFDTXHLQWURGXFHXQFDPELR
VXVWDQFLDOHQODDFWLWXGLGHRORJLFDGHO*RELHUQRUHSUHVHQWDWLYRGHORVSRGHUHVGHHVWHPXQGRDSDUHFHQ
ORVSULQFLSLRVGHPRFUDWLFRVOD7LHUUDD\XGDDOD0XMHUHQFRQWUDSRVLFLRQDOOODPDGR$QWLJXR
5HJLPHQFDUDFWHUL]DGRSRUHO$EVROXWLVPR\GHOOODPDGRGHUHFKRGLYLQRGHORV5H\HVTXHDSR\RDO
6LVWHPD3DSDOHQGHWULPHQWRGHODOLEHUWDGGHFRQFLHQFLD\GHORVGHUHFKRVKXPDQRV
(OWHUFHUDVSHFWRHOSHULRGRGHKHJHPRQLDTXHOOHQDHO&XHUQRSHTXHQRHQFX\DHSRFDGLFKR&XHUQR
SHTXHQRKDFHJXHUUDDORVVDQWRVSHUVLJXLHQGRORVHVWDPELHQGHWUHVDQRV\SURIHWLFRV\WDPELHQ
DEDUFDEDDSDUWLUGHXQPRPHQWRGHODGHVPHPEUDFLRQGHO,PSHULR5RPDQRKDVWDXQDHVFHQDGH-XLFLR
TXHFRQHFWDFRQHOILQGHOPXQGR\GHOSURSLR&XHUQRFI'Q
&XDUWR9LPRVTXHODVFDUDFWHULVWLFDVGHOD&DEH]DGH$SRFDOLSVLVTXHUHFLEHXQDKHULGDPRUWDO\
TXHVHPDQWLHQHHQMDTXHGXUDQWHPHVHVSURIHWLFRVRGLDVVRQFRLQFLGHQWHVFRQODVGHO&XHUQR
SHTXHQRGH'DQLHO\HOGHODVHJXQGDIDVHGH'DQLHO
4XLQWRSXQWRFXDQGRHVWXGLDEDPRV'DQLHO\GHPRVWUDPRVVXFRUUHVSRQGHQFLD\UHODFLRQFRQ
'DQLHO/DFLIUDSURIHWLFDTXHDKLDSDUHFLDODGHODVVHPDQDVVRORWHQLDVHQWLGRVLVHWHQLDHQ
FXHQWDHOTXHORVGLDVGHODVVHPDQDVWXYLHUDQFDGDXQRXQYDORUGHXQDQR'HVFXEULDPRV\DOOL
UHPLWLPRVDOOHFWRUVLORQHFHVLWDTXH'DQLHOFRQVXFLIUDSURIHWLFDIRUPDEDSDUWHGHWRGRXQSURJUDPD
SURIHWLFRFRQWHQLGRHQ'DQLHOLQVHUWDQGRXQDFODYHTXHQRVKDFLDFRPSUHQGHUHOSULQFLSLR
GLDSRUDQR\DSOLFDUORDODVSURIHFLDVFLIUDGDVVLHVWDVFXPSOLDQFRQXQDVFRQGLFLRQHVTXHHOSURSLR
FRQWH[WRH[SOLFDED
(QHOFDVRTXHQRVRFXSDGHELGRDODLGHQWLGDGFRQ'DQLHOGRQGHVHFRQVDJUDHVDFLIUDMXQWRFRQ
RWUDVSDUDDEDUFDUXQSHULRGRFURQRORJLFRGHODUJRDOFDQFH\GDGDVODVFRQGLFLRQHVFRQWH[WXDOHVGH
$SRFDOLSVLVVHQRVREOLJDDSHQVDUTXHHVWDPRVQRXQLFDPHQWHDQWHXQSHULRGRGHODUJRDOFDQFH
VLQRHQHOPLVPRHQTXHHQ'DQLHOVHRIUHFHODGXUDFLRQKHJHPRQLFDGHO&XHUQRSHTXHQRHVGHFLU
WLHPSRV\PHGLRSURIHWLFRVRORTXHHVLJXDOGLDVSURIHWLFRVFX\RYDORUUHDOHVGHDQRV
QDWXUDOHV
$KRUDVDEHPRVTXHHUDHO'UDJRQTXLHQHVWDEDGHWUDVGHODDFWXDFLRQGHO&XHUQRSHTXHQR\TXH
PLHQWUDVHVWHGXUDQWHHVRVDQRVPDQWXYRXQDJXHUUDDPXHUWHFRQWUDHO3XHEORGH'LRV'LRVHQWUHJR
XQUHIXJLRDOD0XMHUTXHHUDUHSUHVHQWDGDHQOD7LHUUDSRUHO3XHEORTXHVDOYDJXDUGDEDORVSULQFLSLRV
GHO5HLQRGH'LRV\SRUORVGRV7HVWLJRVOD3DODEUDGH'LRVTXHFRQWHQLDQHO7HVWLPRQLRGHHVRV
SULQFLSLRVGHO5HLQR
>@
+R\VDEHPRVTXHDODSOLFDUDFDGDGLDSURIHWLFRXQDQR \WHQLHQGRHQFXHQWDODVH[LJHQFLDVGH
ORVWH[WRVSURIHWLFRVVREUHHVWHSDUWLFXODUTXHHVWDPRVWUDWDQGR\ORTXHQRVDSRUWDODKLVWRULD\TXH\D
KHPRVGRFXPHQWDGRVXILFLHQWHPHQWHHQRWURVOXJDUHVGLFKRSHULRGRDEDUFDGHVGHHOKDVWD
)HFKDVHQODVTXHVHSXHGHGHFLUTXHSRUXQODGRHQODGHOVHTXLWDQWRGRVORVREVWDFXORVVHULRV
SDUDTXHODVXSUHPDFLD3DSDO\DGHVHDGD\H[SUHVDGDSXHGDSUR\HFWDUVHGHDFXHUGRDXQSODQ
SUHFRQFHELGRDOTXHVHLUDQDQDGLHQGRRWURVDVSHFWRV\SRURWUDSDUWHGDWRFRQFOX\HQWH\REYLR
KLVWRULFDPHQWHSRUHOTXHVHPDQLILHVWDGHIRUPDIHKDFLHQWHHOILQGHODKHJHPRQLD3DSDO\OD
LQWURGXFFLRQGHXQDHSRFDQXHYDFRQWUDULDDORVLQWHUHVHVGHO3DSDGR
'XUDQWHHVWDHSRFD'LRVVHYLRREOLJDGRDFXLGDUHQOXJDUVHJXURHQHO'HVLHUWRDOD0XMHURDOR
TXHOHUHSUHVHQWDEDHQOD7LHUUD&RQHOILQGHHVRVDQRVDSDUWLUGHORVSULQFLSLRV
GHPRFUDWLFRV\GHOLEHUWDGGHFRQFLHQFLDSURSLFLDGRVSRUOD5HYROXFLRQ1RUWHDPHULFDQD\)UDQFHVD
LQLFLDQXQDVLWXDFLRQQXHYDTXHVHLUDLPSODQWDQGRJUDGXDOPHQWHSHURGHVGHHVHLQVWDQWHVLQHQHO
LPSHGLPHQWRLQHYLWDEOHGHOVLVWHPD3DSDODTXHHO3XHEORGH'LRVSXHGDGHVDUUROODUVHOLEUHPHQWH
3DUDIUDVLVGH$SRFDOLSVLVWHQLHQGRHQFXHQWDORHVWXGLDGRKDVWDDTXL
8QDJUDQVHQDODSDUHFLRHQHO&LHOR
8QD0XMHU(O5HLQRGH'LRVRHO*RELHUQRGH'LRVUHSUHVHQWDGDSRUHO3XHEORGH'LRVTXH
VDOYDJXDUGDGLFKRVSULQFLSLRVGHO5HLQR\TXHHPDQDSULQFLSLRV\SODQHV([LVWHGHVGHVLHPSUHWDQWRHQ
ODHSRFDGHO$QWLJXR7HVWDPHQWRFRPRHQODGHO1XHYR
9HVWLGDGHO6ROLOXPLQDGRVRSXHVWRVDOGHVFXELHUWRFRQODOX]SHUIHFWDGHO(YDQJHOLRGHO5HLQR
GDGRSRU-HVXFULVWR\ORVFRQWHQLGRVSURIHWLFRVDQXQFLDGRVSRUORVSURIHWDVLQVSLUDGRVSRU'LRV
 >@
6RO 5HYHODFLRQFRPSOHWDWRGDODOX]GHOD3DODEUDGH'LRV FRQODOXQDFRQORTXHQRWLHQH
OX]SURSLDQLSRGHUQLGDVDOXGQLFDORUDOXVLRQGLUHFWDDODVUHOLJLRQHVQRFULVWLDQDVTXHIDOVHDQOD
YHUGDGFRQDOJXQRVUHIOHMRVLPSHUIHFWRV\HUURQHRVGHDTXHOOD
'HEDMRGHVXVSLHVQRIRUPDQSDUWHGHQLQJXQDPDQHUDGHOD0XMHUHVWDIXHUDGHHOODGHEDMRGH
>@
VXVSLHV
<VREUHVX&DEH]DXQDFRURQDGHGRFHHVWUHOODV/D&DEH]DHOSHQVDPLHQWRODLGHRORJLDGHHVWD
PXMHUHVWDDGRUQDGDFRQXQDFRURQD VLPERORGHYLFWRULDXQLGDDODLGHDGHVDOYDFLRQ$S
>@
FID&RUD7LP6WJ GHGRFHQXPHUR
>@
VLPEROLFR HVWUHOODVJXLDVHVSLULWXDOHVTXHLOXPLQDQHOFDPLQR$OXVLRQDO,VUDHOGH'LRV
UHSUHVHQWDGRHQODV'RFHWULEXVTXHWRWDOL]DQDO,VUDHOGH'LRV(VDVGRFHWULEXVVRQUHSUHVHQWDGDVHQORV
'RFH$SRVWROHVFRPRHO5HVWRGHO,VUDHOGH'LRVFI6WJ*DO5PIXQGDGR
SRU-HVXFULVWR
(OSHQVDPLHQWRRODLGHRORJLDGHODPXMHUHVWDSRUODVDOYDFLRQGHODVGRFHWULEXVGHO,VUDHOGH'LRV
>@
GHO3XHEORGH'LRVGHDKLHVDFRURQDGHGRFHHVWUHOODVSXHVWDHQVXFDEH]DGHDGRUQR
<HVWDQGRHQFLQWDODLPDJHQDSDUHFHHQHO$QWLJXR7HVWDPHQWREDMRHOVLPERORWLSLFRGHOD6LRQ
GH'LRV^,VD0LTFI$SD3HGTXHSXHGHGDUDOX]QDFLRQHVJHQWHV<
SRUORWDQWRSODQHVLGHDVHWF
&ODPDEDFRQGRORUHVGHSDUWRHQODDQJXVWLDGHODOXPEUDPLHQWRH[SUHVDODLGHDGHODQHFHVLGDG
\XUJHQFLDGHSDULUDTXHOORGHORTXHHUDSRUWDGRUD
RWUDVHQDOHQHOFLHOR
8QJUDQ'UDJRQHVFDUODWDHO'LDEORR6DWDQDVOD6HUSLHQWHDQWLJXDXQSHUVRQDMHUHDOFRQTXHVH
QRVWUDGXFHHOVLJQLILFDGRGHVXVLPERORFRPR'UDJRQ^FI`TXHWHQLDFDEH]DVVXFHVLRQ
FRPSOHWDGHODVGLYHUVDVIRUPDVGH*RELHUQRLGHRORJLFRTXHKDQWHQLGRODKHJHPRQLDHQHVWHPXQGR\
TXHKDQVLGRLQVSLUDGDVSRU6DWDQDV\XWLOL]DGDVSRUHO^FI$S`SDUDPDUFDUXQWUD\HFWR
KLVWRULFRLGHRORJLFRGHDFXHUGRDVXVSODQHV
'LH]FXHUQRVFI'QUHLQRVRSRGHUHVTXHDXQTXHGLYLGLGRVIRUPDQXQ&ROHFWLYR
(QODFXDUWD%HVWLDGH'DQLHODSDUHFHQFRPRGLYLGLHQGRDO&XDUWRUHLQRTXHKDVWDHQWRQFHVKDELD
PDQWHQLGRXQDFRKHVLRQPHGLDQWHOD8QLGDG5RPDQD(QWUDQGHQWURGHXQDFRQILJXUDFLRQODGHOD&XDUWD
%HVWLDR&XDUWR5HLQRTXHODSURORQJDQMXQWRDOOODPDGR&XHUQRSHTXHQRKDVWDHOILQGHOPXQGRFI'Q
UHSUHVHQWDQGRDSDUWLUGHHQWRQFHVOD'LYLVLRQGHO,PSHULR5RPDQR\GHDOJXQ
PRGRVXLGHDOSROLWLFRRULHQWDGRSRUHO&XHUQRSHTXHQR
(VWHFRQMXQWRGHDVXPHODFLIUDGHPDQHUDLQDOWHUDEOHWDOFRPR\DYLPRVHQRWUROXJDU
H[SUHVDQGROD'LYLVLRQSHUIHFWD
(Q'DQLHOVHQRVGHFLDVLPSOHPHQWHTXHRFDVLRQDEDQODGLVJUHJDFLRQHQOD&XDUWD%HVWLDR&XDUWR
UHLQR
$KRUDGHQXHYRDSDUHFHQHQODIDXQDEHVWLDOTXHHO$SRFDOLSVLVQRVSUHVHQWD
/DVFDEH]DV\ORVFXHUQRVVRQORVSRGHUHVTXHKDQWHQLGRXQDUHOHYDQFLDWDOTXHPDUFDQODPDUFKDGHOD
KLVWRULD\TXH6DWDQDVKDJHVWDGRSDUDORJUDUVXVSURSRVLWRV
(OKHFKRGHTXHDSDUH]FDDTXLHO'UDJRQHVSDUDPRVWUDUQRVODLQVSLUDFLRQTXHWUDVORVUHLQRVR
SRGHUHVGHHVWHPXQGRTXHKDQWHQLGRODKHJHPRQLDRTXHKDQWHQLGRXQDUHOHYDQFLDKLVWRULFDHQUHODFLRQ
DOSODQDMHQRD'LRVVHHQFXHQWUDSUHFLVDPHQWH6DWDQDVHO$GYHUVDULRGH'LRV
<HQVXVFDEH]DVVLHWHGLDGHPDVLQVLJQLDGHUHDOH]D^D5H\D6DP-HU`
TXHQRKD\TXHFRQIXQGLUFRQODFRURQDTXHHVLQVLJQLDGHYLFWRULD/DFRORFDFLRQGHODGLDGHPDVREUH
>@
ODVFDEH]DVGHOD%HVWLD'UDJRQGHVFULEHHODWHQWDGRDOD6REHUDQLDGLYLQD
\VXFRODDUUDVWUDEDODWHUFHUDSDUWHGHODVHVWUHOODVGHOFLHORVHUHVFHOHVWLDOHV DQJHOHV^FI
-RE\ODVDUURMRDODWLHUUD
<HOGUDJRQ6DWDQDVVHSDURIUHQWHDOD0XMHUHO5HLQRR*RELHUQRGH'LRVTXHHVWDEDSDUD
GDUDOX]SDUDFRQFHELUXQSODQGLYLQRFRQUHSHUFXVLRQHVHQODWLHUUDDILQGHGHYRUDUDVXKLMR
VXFRQFHSFLRQWDQSURQWRFRPRQDFLHVH
<HOODOD0XMHU 5HLQRR*RELHUQRGH'LRVFRQFLELRXQKLMRYDURQDOXVLRQDWRGDOD
LGHRORJLDPHVLDQLFDTXHFREUDUHDOLGDGKLVWRULFDHQODSHUVRQDGHO0HVLDV-HVXVGH1D]DUHWTXHUHJLUD
FRQYDUDGHKLHUURDWRGDVODVQDFLRQHV\VXKLMRHO0HVLDVIXHDUUHEDWDGRSDUD'LRV\VX7URQR
DOXVLRQDOSRGHU5HDOGH*RELHUQRGH'LRV\GH-XLFLR^FI*Q(VW6DO-HU
+HE`
<OD0XMHUHO5HLQRR*RELHUQRGH'LRVKX\RDO'HVLHUWR LPDJHQGHOXJDUHVVROLWDULRVGH
VLOHQFLR\GHUHFRJLPLHQWR^YHUQRWD`DOXVLRQDTXHORVSULQFLSLRVGHO5HLQRGH'LRVVXVWHQWDGRVSRU
HO3XHEORGH'LRVHQODWLHUUDHVWDQUHVJXDUGDGRVHQOXJDUVHJXURIXHUDGHODOFDQFHGHO'UDJRQOXJDU
SUHSDUDGRSRU'LRVSDUDTXHDOOLODVXVWHQWHQGXUDQWHGLDV GLDVSURIHWLFRV^FI
'Q'Q`DORVTXHVHOHVDSOLFDHOSULQFLSLRGHGLDSRUDQRDQRV
'QFI(]T1P
3DUHQWHVLVTXHQRVUHODWDGHDFXHUGRDORVFRQWHQLGRVGHOWH[WR\DOSDUDOHOLVPRHQTXLDVPRGHO
YHUVLFXORTXHDQWHFHGH\GHOTXHVLJXHDHVWHEORTXHHOPRPHQWRGHODH[SXOVLRQGHO0DOLJQR
>@
GHO&LHORSRUSDUWHGH0LJXHO
'HVWDFDPRVORVVLJXLHQWHVSRUPHQRUHV
3RUHOOLEURGH-REVDEHPRVTXH6DWDQDVWRGDYLDWHQLDDFFHVRDODSUHVHQFLDGH'LRV-REDQWHV
GHOD$VFHQVLRQGH-HVXFULVWRVLQHPEDUJRHOSURSLR-HVXFULVWRQRVDQXQFLDODFDLGDGHILQLWLYD\XUJHQWH
GHO'LDEORHQVXPLQLVWHULRSXEOLFRHQODWLHUUDFI/F-Q6HJXQHOSDUDOHOLVPRHQ
TXLDVPRGHQRWDODH[SXOVLRQGH6DWDQDVGHO&LHORVHSURGXFHWUDVOD$VFHQVLRQGH-HVXFULVWRDOD
SUHVHQFLDGHO3DGUHFI
/DJXHUUDTXHVHHQWDEODHQHO&LHORHVXQDOXFKDLGHRORJLFD(O5HLQRR*RELHUQRGH'LRV
UHSUHVHQWDGRHQODSHUVRQDGHO0HVLDV-HVXVGH1D]DUHWKDYHQFLGR\VHKDLPSXHVWRHQOD7LHUUDFRPR
FRQVHFXHQFLDGHODDFHSWDFLRQSRUXQDVHULHGHSHUVRQDVGHQRPLQDGDV,JOHVLDR3XHEORGH'LRVGHO
5HLQRR*RELHUQRGH'LRV/DREUDGH-HVXFULVWRVXYLGDLPSHFDEOHVXPXHUWHYLFDULDVX(YDQJHOLRGHO
5HLQRKDGHVHQPDVFDUDGRDODGHO'UDJRQ<DQRKD\DUJXPHQWRTXHOHYDOJDD6DWDQDVSDUDSHUPDQHFHU
HQHO&LHOR(VWDH[SXOVLRQDQWLFLSDODYLFWRULDWRWDOTXHVREUHHO'LDEORVHWHQGUDFXDQGRVHDGHVWUXLGR
>@
GHILQLWLYDPHQWHFI$S(]T5P+E
<DKHPRVHVWXGLDGRFRQVXILFLHQWHGHWDOOHORVFRQWHQLGRVGHORVWH[WRV\HOYDORUGHORV
VLPERORVQXHYRVQRWUDWDGRVKDVWDHQWRQFHV5HPLWLPRVDORVOXJDUHVUHVSHFWLYRV
 (VWUXFWXUDGH$SRFDOLSVLV
6LXQRFRQWHPSODHODUTXHWLSRGH$SRFDOLSVLVREVHUYDUDWUHVSDUWHVFODUDPHQWHGLIHUHQFLDGDVD
DD(VWRUHVSRQGHHQSHTXHQRDXQDDUTXLWHFWXUDTXHVHUHSLWHWDQWR
JOREDOFRPRSDUWLFXODUPHQWHHQWRGRHOOLEUR8QDLQWURGXFFLRQFRQWHQLHQGRHQUHVXPHQHOSURFHVR\ORV
SHUVRQDMHVSULQFLSDOHVXQGHVDUUROORPDVDPSOLRGHFDGDXQRGHORVHOHPHQWRVPDVIXQGDPHQWDOHV
1RWDPRVHQSULQFLSLRTXHHQORVVHLVSULPHURVYHUVLFXORVFRQVWLWX\HQXQEORTXHGRQGHVH
SUHVHQWDQORVSURWDJRQLVWDVSRUXQODGROD0XMHU&HOHVWLDOMXQWRDO+LMRTXHUHSUHVHQWDQDORVSULQFLSLRV
GHO5HLQRGH'LRVFUHDQGRXQ3XHEORILHOHQOD7LHUUD6HGHVWDFDXQDSHUVHFXFLRQTXHOOHYDDOWLHPSR
GHOILQ
(QHOVHJXQGREORTXHVHDPSOLDODGHVFULSFLRQGHORVGRVSHUVRQDMHVHQGLVSXWDFI
HOXQRHO+LMRFRQOD0XMHUGHQRPEUH0LJXHO\HORWURHO'UDJRQFRQVXV$QJHOHVDOTXHVHOH
LGHQWLILFDFRQ6DWDQDV/DFRQVHFXHQFLDPDVLQPHGLDWDGHOQDFLPLHQWRGHO+LMR\GHVX$VFHQVLRQDORV
&LHORVGDFRPRUHVXOWDGRHOWULXQIRGHO+LMRVREUHHO'UDJRQDOTXHVHOHH[SXOVDGHILQLWLYDPHQWHGHO
&LHOR
(QHOWHUFHUEORTXHODHVFHQDVHWUDVODGDDODWLHUUDSRUFXDQWRHO+LMRKDGHMDGRXQ5HVWRTXHOH
UHSUHVHQWDPDQWHQLHQGRHQDOWRORVSULQFLSLRVGHO5HLQRGH'LRVFIHQHOVHQDUUDQODV
SHULSHFLDVGHOD0XMHUUHSUHVHQWDGDDKRUDHQODWLHUUDSRUHVH5HVWR\HO7HVWLPRQLRGHORVGRV7HVWLJRV
$SDUHFHXQDDPSOLDFLRQDORVGLDVSURIHWLFRVGRQGHFRPRFRQVHFXHQFLDGHODFRQGLFLRQGH
'HVLHUWRORVGRV7HVWLJRVVHKDELDQYLVWRREOLJDGRVDSUHGLFDUHQVLWXDFLRQPX\OLPLWDGDFI\HO
5HVWRGHHVDHSRFDOHWRFDUHVLGLUHQFRQGLFLRQHVWDQDGYHUVDVTXHQRSXHGHHQXQUHJLPHQGHOLEHUWDG
DQXQFLDUORVSULQFLSLRVGHO5HLQRGH'LRV3HURHQHVDDPSOLDFLRQVHQRVFRQILUPDODD\XGDGHODWLHUUD
SHUPLWLHQGRODYLVLELOLGDGVLQOLPLWHVGHO5HVWRILHOSXGLHQGRVHPDQLIHVWDUFRQSOHQDOLEHUWDG
SXGLHQGRVHLGHQWLILFDUFODUDPHQWHSRUODVFDUDFWHULVWLFDVKLVWRULFRSURIHWLFDV\GRFWULQDOHV
 &RQFOXVLRQ2EMHWLYR\6LJQLILFDGRGHO&DSLWXOR
(O&DSLWXORKDELDLQWURGXFLGRXQKROODPLHQWRFRQXQDGXUDFLRQGHPHVHVSURIHWLFRVGHO
&RQWHQLGRIXWXURGHOD1XHYD-HUXVDOHQTXHVHHQFXHQWUDHQSHUHJULQDFLRQHQOD7LHUUD1RV
DQXQFLDEDXQSHULRGRLGHQWLFRSHURH[SUHVDGRHQGLDVSURIHWLFRVFRPRHVSDFLRWHPSRUDOSDUDOD
SUHGLFDFLRQGHORVGRV7HVWLJRV<QRVKDEODEDGHXQD%HVWLDTXHWHQLDTXHVXELUGHODSRVLFLRQGH
DELVPRHQODTXHVHHQFRQWUDED\DODTXHKDELDOOHJDGRDOILQDOGHORVGLDV\TXHDSHVDUGHVX
SRVWHUJDFLRQDOWLHPSRGHFXPSOLUVHORVGLDVSURIHWLFRVPDWDULDDORVGRV7HVWLJRV
(OFDSLWXORLEDDH[SOLFDUTXLHQHUDHVD%HVWLDHQUHDOLGDGFRQTXHSURSRVLWRDFWXDED\ODUHODFLRQ
HQWUHOD0XMHUOD&LXGDG6DQWDTXHVHHQFXHQWUDHQHO&LHORTXHVLUYHSDUDUHSUHVHQWDUDO3XHEORGH'LRV
HQOD7LHUUD\YLFHYHUVDHO3XHEORGH'LRVFRPRUHSUHVHQWDQWHHQOD7LHUUDGHOD0XMHUFHOHVWLDO
'HVGHORVGRORUHVGHSDUWRGHOD0XMHU&HOHVWLDOGXUDQWHODHSRFDHQTXHHO5HLQRGH'LRVVHKDFH
YLVLEOHSULQFLSDOPHQWHDWUDYHVGHOSXHEORGH'LRV-XGLRSDVDQGRSRUVXDOXPEUDPLHQWRHQHOWLHPSRGH
ODQDYLGDGGHO0HVLDV\GHODJHQHVLVGHOD,JOHVLDTXH-HVXFULVWRIXQGDUDVHQRVSUR\HFWDXQVLFRGUDPD
KLVWRULFRHQHOTXHODVVHFXHQFLDVVHVXFHGHQFRPRHVFHQLILFDQGRODSHUVHFXFLRQGHORVSRGHUHVGHHVWH
PXQGRLQVWUXPHQWDOL]DGRVSRUHO0DOHQFRQWUDGHORTXHUHSUHVHQWDDOD0XMHU&HOHVWLDOHQOD7LHUUD
ORVSULQFLSLRVGHO5HLQRR*RELHUQRGH'LRV\HO3XHEORGHHVH'LRVTXHVXVWHQWDGLFKRVSULQFLSLRV(Q
ODXOWLPDHWDSDGHHVWHPXQGRVHQRVSUHVHQWDDXQ5HVWROD,JOHVLDTXHUHVWDHQOXJDUGH-HVXFULVWRTXH
SHUPDQHFHILHODORVPDQGDPLHQWRVGH'LRV\TXHGHPXHVWUDTXHORVFXLGDGRVTXH'LRVKDWHQLGRSDUD
FRQOD0XMHUFHOHVWLDOUHSUHVHQWDGDHQODWLHUUDSRUOD,JOHVLDKDQVXUWLGRHIHFWRSXHVWRTXHKDVWDHO
PLVPRLQVWDQWHILQDOORVSULQFLSLRVGHO5HLQRGH'LRVVRQVDOYDJXDUGDGRVGDQGRVHWHVWLPRQLRGHOD
9HUGDG
 "4XH YDORU WLHQHQ ORV WLHPSRV R GLDV R VHPDQDV SURIHWLFDV FXDQGR
HVWDQLQVHUWDGRVHQXQFRQWH[WRTXHPDUFDXQODUJRDOFDQFH"
(OSHULRGRSURIHWLFRHVWDLQVHUWDGRGHWDOPRGRHQHOSURFHVRGHOFXPSOLPLHQWRGHORVDFRQWHFLPLHQWRV
KLVWRULFRVTXHODSURIHFLDPDQWLHQHTXHHVHFRPSXWRQRHVWDGHVOLJDGRHQQLQJXQPRPHQWRGHOSURSLR
GHVDUUROORKLVWRULFRSURIHWLFR(QODSURSLDKLVWRULDSURIHWLFDVHKDGHFRPSUREDUHOSHULRGRDXQFXDQGR
QRVHLQGLTXHHODVSHFWRFURQRORJLFR/RFURQRORJLFRVHLQWHJUDFRPRDOJRTXHUDWLILFD\ILMDHOSDUHQWHVLV
WHPSRUDOKLVWRULFRTXHDSDUHFHGHPRGRQDWXUDOHQHOSURSLRRUGHQDPLHQWRKLVWRULFRSURIHWLFR9HDPRV
HVWRXQSRFRPDVGHFHUFD\VDTXHPRVFRQFOXVLRQHVSDUDVXDSOLFDFLRQHQODVGLIHUHQWHVSURIHFLDV
DSRFDOLSWLFDV
/DSRVLELOLGDGGHTXHORVSHULRGRVFURQRORJLFRVLQVHUWDGRVHQORVFDSLWXORVUHVSRQGDQDOYDORUGHXQGLD DQR

>@
/DHFXDFLRQXQGLDSRUXQDQR 8WLOL]DFLRQGHGLDVRGLDSRUDQRVRSRUDQR
>@
:LOOLDP+6KHD QRVLQWURGXFHHQHOXVRTXHHO$QWLJXR7HVWDPHQWRKDFHHQODVQDUUDFLRQHV
KLVWRULFDV\SRHWLFDVGHXQDLGHQWLILFDFLRQGHOWHUPLQRGLDVRGLDFRQHOYDORUGHDQRRDQRV
/RVWH[WRVTXHHQFLHUUDQHOSULQFLSLRGHXQGLDSRUXQDQR

/HYLWLFR
(VWRVSDVDMHVUHFRJHQXQDOHJLVODFLRQOHYLWLFDSRUODTXHVHLQVWLWX\HSDUDODVRFLRHFRQRPLDDJULFROD
XQDQRVDEDWLFRFDGDDQRVGHVLHPEUD\FRVHFKDGHELDGHFRQWLQXDUXQRHORGXUDQWHHOFXDOQLQJXQ
FXOWLYRQLVLHPEUDQLDOPDFHQDPLHQWRVHUHDOL]DULD\ORTXHFUHFLHUDSRUVLPLVPRVHUYLULDFRPR
DOLPHQWRDORVQHFHVLWDGRVDOH[WUDQMHURHLQFOXVRDOSURSLRGXHQR
(VHYLGHQWHTXHGLFKRDQRVDEDWLFRHVWDFRQVWUXLGRHQEDVHDODVHPDQDOLWHUDOGHOPLVPRPRGRTXH
KD\VHLVGLDVOLWHUDOHV\GHVSXHVXQUHSRVRRVDEDGRFRUUHVSRQGLHQWHDOVHSWLPRGLDKDEULDDQRVGH
WUDEDMRHQODWLHUUD\XQVHSWLPRDQRRUHSRVRRVDEDWLFRGHHVDWLHUUDFI/Y
/DDOXVLRQDXQVDEDGRGHUHSRVRVROHPQHVKDEEDWKVKDEEDWKRQHQORVYVHQIDWL]DPDV
WRGDYLDODEDVHGHODFRQVWUXFFLRQGHODQRVDEDWLFRDSDUWLUGHORVGLDVGHODVHPDQDFRQHOVHSWLPR
FRPRVDEDGRSXHVWRTXHODH[SUHVLRQVDEDGRVROHPQHXQLFDPHQWHVHDSOLFDDXQGLDOLWHUDOELHQDO
VDEDGRVHSWLPRGLDGHODVHPDQD/YFI([RELHQDFXDOTXLHURWURVDEDGR
FHUHPRQLDOTXHFRUUHVSRQGLDDXQGLDWDPELHQOLWHUDO/Y(QHOFDVRGHHVWRV
XOWLPRVQRSXHGHQVHUYLUFRPRPRGHOREDVLFRSXHVWRTXHFRPRVHREVHUYDSRUORVWH[WRVFLWDGRVWDQWR
HOGLDGHODV([SLDFLRQHVFRPRHOGHOD7URPSHWDVFRPRORVGHODILHVWDGHODV&DEDQDVSRGLDQFDHUHQ
FXDOTXLHURWURGLDTXHQRIXHUDHOVDEDGR\QRHVWDQHGLILFDGRVEDMRODIRUPXOD 
7RGRHOORQRVSURSRUFLRQDODH[LVWHQFLDGHXQDUHODFLRQGLUHFWDHQWUHGLD\DQRSXHVWRTXHHODQR
VDEDWLFR/YHVWDDFXQDGRDSDUWLUGHOGLDVDEDGRVHPDQDO(ORGLDVDEDGRTXHYLHQHGHVSXHV
GHGLDVTXHGHELDVHUXQVDEDGRRUHSRVRVROHPQH/YVHFRQYLHUWHHQXQRDQRHOGHODQR
VDEDWLFRTXHKDGHYHQLUGHVSXHVGHDQRVGHFXOWLYRGHODWLHUUDVLHQGRLJXDOPHQWHXQVDEDGRDQXDO
GHUHSRVRVROHPQHSDUDODWLHUUD/Y
/HYLWLFR
(OWH[WRQRVPXHVWUDFRPRKDELDGHFRQWDELOL]DUVH\REWHQHUVHHODQRMXELODUPHGLDQWHODIRUPXODGH
PXOWLSOLFDUVDEDGRVGHDQRVSRUFRQORTXHREWHQGULDPRVDQRV[ 
8QDWUDGXFFLRQOLWHUDOGHHVWHSDVDMHVHJXQHOHVSHFLDOLVWD:LOOLDP6KHDVHULDDVL7XFRQWDUDVVLHWH
VDEDGRVGHDQRVVLHWHDQRVVLHWHYHFHV\ORVGLDVGHORVVDEDGRVGHDQRVVHUDQSDUDWLDQRV
>@
 (VHYLGHQWHTXHORVGLDVGHODVHPDQDMXQWRDOVDEDGRRGLDTXHKDQVHUYLGRFRPREDVHSDUDOD
FRQVWUXFFLRQGHODQRVDEDWLFRGHVSXHVGHDQRVVHPDQWLHQHQFRPRSLODUHVSDUDODFUHDFLRQGHODQR
MXELODU
8QVDEDGRGHDQRVVLPLODUDXQDVHPDQDGHDQRVHOVDEDGRVHFRQYLHUWHDTXLHQUHSUHVHQWDWLYRGH
GLDV DQRVGHDFXHUGRDODH[SOLFDFLRQGHODVHJXQGDIUDVHGHOWH[WRDEDUFDDQRVDQRVTXHVHKDQ
FRQVHJXLGRDVXYH]VHJXQHOUHVXOWDGRGHODQRVDEDWLFRGHOPRGHORGHODVHPDQDGHVLHWHGLDV'HDKL
TXHHQHOSDVDMHHQFXHVWLRQFDGDRGLDRVDEDGRVHKDWRPDGRFRPRUHIHUHQFLDGHXQRDQR$OLJXDO
TXHHOVDEDGRHVHORGLD\XOWLPRGHODVHPDQDFRQORTXHVHQRVWUDQVPLWHTXHKDQWUDQVFXUULGRGLDV
DQWHULRUPHQWH\TXHFRQHOVDEDGRKDFHQORTXHKDFHGHOVDEDGRUHSUHVHQWDWLYRGHGLDVDKRUDHQHO
SDVDMHMXELODUHOVDEDGRKDVLGRDGDSWDGRSDUDVLJQLILFDUHOVHSWLPRDQRGHXQSHULRGRGHDQRVDQRV
WUDQVFXUULGRVSUHYLDPHQWHPDVHOVDEDGRTXHKDFH'HHVHPLVPRPRGRFDGDGLDGHODVVHPDQDVODV
TXHILQDOL]DQFRQHVRVVDEDGRVDORODUJRGHOFLFORMXELODUUHSUHVHQWDQXQDQRGLDVGHVHPDQDV
DQRV(VGHFLUFDGDGLDGHODVVHPDQDVRVLHWHVDEDGRVVHDSOLFDFRPRXQDQR\FRQVDJUDDOD
SRVWHULGDGODQRPHQFODWXUDGHVHPDQDRVDEDGRGHDQRVTXHVHFRQVWUX\HDVXYH]FRQIRUPHDOSURWRWLSR
HPSOHDGRSDUDHODQRVDEDWLFRXQGLDLJXDODXQDQR
1XPHURV(]HTXLHO
(OSULQFLSLRGLDSRUDQRLQYROXFUDGRHQHVWRVGRVWH[WRVHVHOPLVPRLQGHSHQGLHQWHPHQWHGHTXHORV
GLDVSURIHWLFDPHQWHIXWXURVGH(]HTXLHOVHGHULYHQGHORVDQRVKLVWRULFDPHQWHSDVDGRVPLHQWUDVTXHHQ
1XPHURVORVDQRVGHMXLFLRFRPRUHVXOWDGRGHODDSOLFDFLRQGHOSULQFLSLRGLDSRUDQRVLJDQDORVGLDV
GHPDOGDG
(QDPERVOXJDUHVDXQFXDQGRVHXWLOLFHSDUDPRPHQWRVGLIHUHQWHVGHELGRDTXHXQRDOXGHDOSDVDGR\
HORWURDOIXWXURODSURSRVLFLRQTXHVHXVDSDUDH[SUHVDUHOSULQFLSLRHPSOHDGRHVHOPLVPRSDUDORVGRV
GLDSRUDQR(]HTXLHOQRGLFHDQRSRUGLD\1XPHURVGLDSRUDQRFXDQGRGHWHUPLQDODIRUPXOD
LQGLFDGDFRPREDUHPRVLQRTXHGHODPLVPDPDQHUDHQORVGRVVLWLRVDILUPDLGHQWLFDQRUPDWLYDGLD
SRUDQRGLDSRUDQR\RPODVVDQD\RPODVVDQD
(O3ULQFLSLRGLDSRUDQRHQOD3URIHFLD$SRFDOLSWLFD
(VYHUGDGTXHHQWRGRVHVWRVFDVRVGRQGHDSDUHFHHOSULQFLSLRGHXQDQRSRUFDGDGLDGLDSRU
DQRHOSURSLRWH[WRWHUHVXHOYHPHGLDQWHHOFRPSXWRRIUHFLGRDUHQJORQVHJXLGRODIRUPXODGHTXHDKL
VHHVWDUHILULHQGRDXQDQRSRUFDGDGLD
3HURHVWRHVGHELGRDTXHHQORVFRQWH[WRVHQTXHVHLQVHUWDQHVWRVHMHPSORVHQORVTXHVHDSOLFDHO
SULQFLSLRGLDSRUDQRVHXWLOL]DHOOHQJXDMHQDWXUDOGHXQDQDUUDFLRQKLVWRULFD\HVGHREOLJDGD
SUHFLVLRQHOWHQHUTXHPHQFLRQDUHQHVHPLVPRHVWLORHOYDORUGHHVRVGLDV$KRUDELHQ"TXHGHFLUGHORV
SHULRGRVFURQRORJLFRVFLIUDGRVGHPDQHUDLQXVXDOHQODSURIHFLDDSRFDOLSWLFD""(VTXHORVGLDV
SURIHWLFRVRORVGHWDUGH\PDQDQDRORVGHORVWUHVWLHPSRV\PHGLRRORVGHODVVHPDQDVVLVRQ
VLPEROLFRVKDEULDDOJXQDFODYHSRUGHVFXEULULQWHJUDGDHQODPLVPDGHVFULSFLRQFX\RJHQHUR
DSRFDOLSWLFRHQFLHUUD"9HDPRVHVWRPDVGHFHUFD
8Q &RQWH[WR 6LPEROLFR FRQ 8QLGDGHV GH 7LHPSR 6LPEROLFDV H ,QXVXDOHV MXQWR D XQ &RQWH[WR GH 1DUUDFLRQ +LVWRULFD FRQ
8QLGDGHVGH7LHPSR/LWHUDOHV\HQXVR
&XDQGRDQDOL]DPRVFLHUWRVSDVDMHVELEOLFRVTXHFRQWLHQHQFLIUDVFURQRORJLFDVWDQWRHQORVUHODWRV
KLVWRULFRVFRPRHQORVSURIHWLFRVQRDSRFDOLSWLFRVHLQFOXVRHQODVSDUWHVKLVWRULFDVGH'DQLHO\OR
FRPSDUDPRVFRQODVFLIUDVTXHVHSUHVHQWDQHQODSURIHFLDDSRFDOLSWLFDGH'DQLHO\HQ$SRFDOLSVLVHO
FRQWUDVWHHVHYLGHQWH\VHGHMDWUDVOXFLUXQPHQVDMHVXE\DFHQWHTXHVHUDSUHFLVRGHVFXEULUVLTXHUHPRV
HQWHQGHUPHMRUODSURIHFLDGH'DQLHO\$SRFDOLSVLV
6LVHREVHUYDODSURIHFLDGH*HQHVLVUHVSHFWRDODRSUHVLRQTXHVXIULULDQHQ(JLSWRORV
GHVFHQGLHQWHVGH$EUDKDPFRPSUREDPRVODOLWHUDOLGDGGHODQDUUDFLRQ\GHODFLIUDDQRV\VX
FXPSOLPLHQWROLWHUDO(['HOPLVPRPRGRSRGHPRVGHFLUGHOSHULRGRSURIHWLFRLQYROXFUDGRHQ
-HUHPLDVFID5H\(VGFXDQGRVHYDWLFLQDHOH[LOLROLWHUDOGHORVLVUDHOLWDVSRUXQ
SHUVRQDMHOLWHUDO1DEXFRGRQRVRU\FRQXQDGXUDFLRQOLWHUDOGHDQRV'DQLHOHQVXVSDUWHVKLVWRULFDV
LQGHSHQGLHQWHPHQWHGHODFRPSOHMLGDGGHOXVRGHFLHUWDVFLIUDVOLWHUDOHVHQ
>@
FRPELQDFLRQFRQGLDVVLPEROLFRV HPSOHDODOLWHUDOLGDGQXPHULFDGHQWURGHXQFRQWH[WROLWHUDO
>@
 ,QFOXVRHQODSURIHFLDVREUH1DEXFRGRQRVRUGHOFDSLWXORLQVHUWDXQ
JXDULVPRGHWLHPSRVRDQRVTXHWRGRHOFRQWH[WRH[LJHODOLWHUDOLGDGGHOSHUVRQDMH1DEXFRGRQRVRUGHO
>@
DFRQWHFLPLHQWRSURIHWL]DGR\GHOHOHPHQWRFURQRORJLFRH[SUHVDGR
6LVHDQDOL]DDKRUDODSURIHFLDDSRFDOLSWLFDXQRFRPSUXHEDTXHHOYHKLFXORVLPEROLFRHVORTXH
VREUHVDOHSDUDUHSUHVHQWDUDORVUHLQRVRSRWHQFLDVQRSHUVRQDVLQGLYLGXDOPHQWHTXHLEDQDGRPLQDUHO
HVSHFWURPXQGLDOFRQRFLGR
/DDFFLRQ\HOSHUVRQDMHVLPEROLFRH[LJLULDGHQWURGHODGLQDPLFDQDWXUDOTXHHVWDFRPSRVLFLRQ
HQJHQGUDXQDVFLIUDV\SHULRGRVTXHGHKDEHUORVVHFRQVLGHUDVHQVLPEROLFRVWDPELHQFI'Q

&XDQGRVHKDEODGHOD&XDUWD%HVWLDGH'DQLHOXQRFRPSUXHEDTXHODDFWXDFLRQGHO
&XHUQRSHTXHQRTXHHQWUDGHQWURGHODFRQILJXUDFLRQGHGLFKD%HVWLDODSURORQJDMXQWRDORVGLH]
FXHUQRVKDVWDHOWLHPSRGHOILQFXDQGRUHFLEHXQDVHQWHQFLDFRQGHQDWRULD\SRVWHULRUPHQWHODGHVWUXFFLRQ
FIFI/DGHVFULSFLRQTXHVHKDFHGHVXVDFWLYLGDGHVGXUDQWHHVHWLHPSRHQ
TXHGLODWDODH[LVWHQFLDGHOD&XDUWD%HVWLDDODTXHHVWDLQWHJUDGRFITXHFRLQFLGHFRQ
VXHWDSDGHHXIRULDHVUHFRQRFLGDSRUXQHVSDFLRWHPSRUDOGHQRPLQDGRWLHPSRWLHPSRV\ODPLWDGGH
XQWLHPSR(VWDGHWHUPLQDFLRQGHODGXUDFLRQGHODDFWLYLGDGSRUXQDFLIUDQRVGDDHQWHQGHUTXH
HVDVDFFLRQHVRFXSDQVLPXOWDQHDPHQWHXQSHULRGRTXHYDGHVGHDSUR[LPDGDPHQWHODLQYDVLRQGHORV
EDUEDURVHOVXUJLPLHQWRGHORVGLH]FIKDVWDODDSDULFLRQGHO-XLFLR&HOHVWLDOHQHOWLHPSRGHO
ILQ(VGHFLUTXHODFLIUDTXHVHLQWHJUDSDUDOHODPHQWHDORVDFRQWHFLPLHQWRVTXHVH
LQLFLDQDODFDLGDGHODSULPHUDIDVHGHGLFKD&XDUWDEHVWLDTXHKDFRPHQ]DGRGHVSXHVGHOD7HUFHUD
*UHFLDVHJXQHOSURSLRWH[WRGH'DQLHOFIHQXQDWUD\HFWRULDSURIHWLFDPRVWUDGDSRU'DQLHO
MXQWRDORVGDWRVTXHQRVSURSRUFLRQDODKLVWRULDWHQGULDTXHHVWDUUHIOHMDQGRHOHVSDFLRGHVGHGHVSXHV
GH5RPD,PSHULDOKDVWDXQWLHPSRGHOILQ(VWDFDQWLGDGQXPHULFDGHWLHPSRWLHPSRV\ODPLWDGGHXQ
WLHPSRQRSXHGHHQWUDUHQXQFDOFXOROLWHUDOVLQRVLPEROLFR
/RPLVPRVXFHGHFRQHOFLFORGHORVGLDVGH'DQLHOTXHVHFRORFDHQSDUDOHORFRPRGXUDFLRQD
ORTXHVHH[WLHQGHGHVGHHOUHLQRGHO&DUQHURHOGHO0DFKR&DEULR\HOGHO&XHUQRSHTXHQRTXHOOHJD
KDVWDHOILQFI
&RQUHODFLRQDODVVHPDQDVVHSUHVHQWDXQSODQWHDPLHQWRLGHQWLFRGHDFXHUGRDOFRQWH[WR\DO
FRQWHQLGRGHODSURIHFLDVXRULJHQVHHQFXHQWUDHQXQPRPHQWRHVSHFLILFRGHOUHLQDGRSHUVDFI
DODUJDQGRVHKDVWDHO0HVLDV3ULQFLSHDOTXHVHOHTXLWDULDODYLGDWUDQVFXUULGDVVHPDQDVDODPLWDG
GHODVHPDQDVHWHQWD6RORFXDQGRVHLGHQWLILFDDO0HVLDV3ULQFLSHFRQ-HVXFULVWRXQRKDOODHO
FXPSOLPLHQWRSURIHWLFRGHPRGRFRUUHFWRHKLVWRULFR\HVWRDFDHFLRHQODHSRFDGHO,PSHULR5RPDQR1L
ODFRQVWUXFFLRQGHXQDFLXGDGQLFDGDXQRGHORVFRQWHQLGRVTXHH[LJHHOWH[WRSXHGHQUHDOL]DUVHHQXQD
VHPDQDRVHWHQWDVHPDQDVOLWHUDOHV(QHOWH[WRVHLQYROXFUDPDVGHXQUHLQRUHVSHFWRDORTXHOOHQDHO
ODSVRGHWLHPSRTXHKD\HQWUH3HUVLD\5RPD,PSHULDO/DFLIUDGHDFXHUGRDODQDWXUDOLGDGGHOD
H[SRVLFLRQWH[WXDOLPSRQHVXYDORUVLPEROLFR
(VWRVSHULRGRVSURIHWLFRVQRVRORDSDUHFHQHQXQFRQWH[WRVLPEROLFR\HQSDUDOHORDODH[WHQVLRQ
WHPSRUDOGHORVDFRQWHFLPLHQWRVGHORVSHUVRQDMHVRVLVWHPDVTXHVHGHVDUUROODQDWUDYHVGHXQDKLVWRULD
FRQWDELOL]DGDSRUUHLQRVGLVWLQWRVTXHDEDUFDQFLHQWRV\DXQPLOHVGHDQRVVLQRTXHDGHPDVVHSUHVHQWDQ
HQIRUPDGHXQLGDGHVGHWLHPSRWRWDOPHQWHLQXVXDOHVORVFRQMXQWRVWDUGHVPDQDQDVVHPDQDV
WLHPSRV\PHGLRCL''DQRWLHPSRVHQFRQH[LRQFRQFDQWLGDGHVTXHVHH[SUHVDQGHPDQHUDQR
QRUPDOHQGLDVVHPDQDVRFRQHOYRFDEORWLHPSRVPRCHGCL''DQVHPDQDV
WLHPSRV\PHGLRFXDQGRODORJLFDOLWHUDO\QRUPDOGHVHUDVLSHGLULDXQDH[SUHVLRQOLWHUDO\QDWXUDO
HQOXJDUGHGLDVDQRVPHVHV\GLDVHQYH]GHVHPDQDVDQR\PHVHV\PHGLRSRUORV
GLDVDQRV\PHVHVHWF
(QXQDDSUR[LPDFLRQDOFRQWHQLGRHQFODYHTXHSXGLHUDKDEHULPSOLFLWRHQHVDVFLIUDVVHQRVUHYHODHO
YDORUVLPEROLFRGHSHULRGRVFURQRORJLFRVSURIHWLFRVTXHVHHQFXHQWUDQHQSDUDOHORDXQRV
DFRQWHFLPLHQWRVURGHDGRVGHFRORULGRVLPEROLFR\UHDOL]DGRVSRUSHUVRQDMHVRVLVWHPDVUHSUHVHQWDGRV
SRUXQDVLPERORJLDHVSHFLDOTXHDEDUFDQXQSURFHVRWHPSRUDODODUJDGRTXHQRTXHGDMXVWLILFDGRFRQODV
FLIUDVGHWLHPSRTXHVHSUHVHQWDQVLHVWDVVHWXYLHUDQTXHHQWHQGHUOLWHUDOPHQWH
(O6LJQLILFDGRGHODV6HWHQWD6HPDQDVGH'DQLHO
(OWH[WRRULJLQDOGH'DQLHOQRWUDHGHPRGRQDWXUDOODH[SUHVLRQVHPDQDVGHDQRVVLQ
HPEDUJRQXPHURVRVH[HJHWDVODVLQWHUSUHWDQGHHVHPRGR
(OFDWROLFR$OIUHG:LNHQKDXVHUHQVX&RPHQWDULRVREUHHO$SRFDOLSVLVDOH[DPLQDUODVFLIUDVGHORV
SHULRGRVFURQRORJLFRVDSRFDOLSWLFRVDXQFXDQGRKDJDXQDDSOLFDFLRQDQXHVWURHQWHQGHUHTXLYRFDGD
H[SUHVDTXH
>@
ODVHPDQDGHHVXQDVHPDQDGHDQRV!!
/DPD\RULDSRUQRGHFLUWRGRVODFRQVLGHUDQFRPRXQDFLIUDVLPEROLFD
(O&RPHQWDULR6DQ-HURQLPR
>@
6HWHQWDVHPDQDV2VHWHQWDSHULRGRVVDEDWLFRV(OFDPELRGHORVVHWHQWDDQRVGH-HUHPLDVDODVVLHWHYHFHVVHWHQWDDQRV!!
(O1XHYR&RPHQWDULR6DQ-HURQLPR
VHWHQWDVHPDQDVRELHQVHWHQWDSHULRGRVVDEDWLFRV(OFDPELRTXHVHSURGXFHGHORVDQRVGH -HUHPLDV SRU  YHFHV 
DQRVVHIXQGDPHQWDHQHOKHFKRGHTXHODIDOWDGHXQDUUHSHQWLPLHQWRFRPSOHWRSRUSDUWHGH,VUDHOMXVWLILFDEDHVWHVHSWXSORFDVWLJR
/YSHURWDPELHQHQD&URQGRQGHVHFRQHFWDODSURIHFLDGH-HUHPLDVFRQORVDQRVVDEDWLFRVGHORVTXHKDEODQ/Y
>@
YVXPDULRGHWRGRHOSHULRGRGHDQRV!!
(OFRPHQWDULRGHOD%LEOLD&DWDODQDHQQRWDDSLHGHSDJLQDHQXQDWUDGXFFLRQLQWHUFRQIHVLRQDOGH

>@
/RVVHWHQWDDQRVGHODSURIHFLDGH-HUHPLDVVHKDQWUDQVIRUPDGRHQVHWHQWDSHULRGRVGHVLHWHDQRV!!
(OWUDGXFWRUHQSDUDIUDVLVGH/D%LEOHGH$OOLDQFH%LEOLTXH8QLYHUVDOOH
>@
8QSHULRGRGHVHWHQWDYHFHVDQRVKDVLGRILMDGRSDUDWXSXHEOR\SDUDOD&LXGDG6DQWD!!
6WUDXELQJHU
>@
/RVH[SRVLWRUHV\FRPHQWDULVWDVGHVGHODHUDSDWULVWLFDWRPDQHVWHQXPHURHQHOVHQWLGRGHVHPDQDVDQRV!!
(OH[SRVLWRUGHODVQRWDVGHODYHUVLRQELEOLFDGH(GLFLRQHV3DXOLQDV
>@
(OSHULRGRGHODVVHWHQWDVHPDQDVGHDQRV!!
(ODXWRUGHODVQRWDV\FRPHQWDULRVD/D6DJUDGD%LEOLD9DFFDUL
>@
/DVVHPDQDVTXHVHGDQFRPRWHUPLQRDODDFWXDFLRQGHWDOHVKHFKRVKD\TXHHQWHQGHUODVVHQFLOODPHQWHFRPRVHPDQDVGHDQRV!!
(QXQDQRWDFRUUHVSRQGLHQWHDOWH[WRHQFXHVWLRQHQODYHUVLRQGH&DQWHUD,JOHVLDV
>@
1XPHURVLPEROLFR7HFQLFDH[HJHWLFDVHPHMDQWHVHKDOODHQHOOLEURGHORVMXELOHRV\HQODOLWHUDWXUDGH4XQUDP!!
/D%LEOLDGH-HUXVDOHQ
 >@
6HWUDWDGHXQQXPHURSHUIHFWRGHVHPDQDGHDQRV!!
(VWRVDXWRUHVFRPRFXDOTXLHUDTXHFRQVXOWHPRVVREUHQWLHQGHFRPRXQKHFKRLUUHIXWDEOHGHTXHVHWUDWD
GHVHPDQDVGHDQRVVLQHPEDUJRQRWHH[SOLFDQSRUTXH
(VWRHVXQSUHFHGHQWHKHUPHQHXWLFRJUDYHVLQRMXVWLILFDPRVVXILFLHQWHPHQWHHOPRWLYRSRUHOFXDODKL
HVSUHFLVRHQWHQGHUVHPDQDVGHDQRV
6LQGXGDTXHHOFRQWHQLGRH[LJLGRSRUORVWH[WRVHQFXHVWLRQ\HOFXPSOLPLHQWRGHORDQXQFLDGRHQOD
SHUVSHFWLYDGHDTXHOORVTXHQRVHQFRQWUDPRVFRQWHPSODQGRHOYHQFLPLHQWRFRPRUHDOL]DGRQRVSHUPLWH
FRQFOXLUTXHODLQWHUSUHWDFLRQTXHVHKDDSOLFDGRVLQVDEHUSRUTXHKDWHQLGRXQFRUUHFWRUHVXOWDGR
3HURHVWRQRHVGHWHUPLQDQWHQLVDWLVIDFWRULRSXHVWRTXHODXQLGDGGHOOLEURGH'DQLHOODUHODFLRQGH
WRGDVODVSURIHFLDVTXHGLFKROLEURFRQWLHQHHQEDVHDXQPLVPRHVTXHPD\ODFRQWLQXLGDGHQHO
FRQWHQLGRFRPRVHYDGHPRVWUDQGRGHOFDSLWXORUHVSHFWRGHOFRPRH[SOLFDQGR\UHVSRQGLHQGRDOR
TXHVHKDGHMDGRVLQUHYHODUHQGLFKRXOWLPRFDSLWXORPHQFLRQDGRQRVREOLJDDUHODFLRQDUODFLIUDGHODV
VHWHQWDVHPDQDVFRQORVGLDVORVRWLHPSRVORVGLDV\/RFXDOREOLJDULDD
SURGXFLUXQFRPSXWRSDUDHVRVGLDVSURIHWLFRVGHOPLVPRHVWLORTXHORTXHKDJDSRVLEOHHOTXHVH
SXGLHUDQWUDQVIRUPDUODVVHPDQDVHQDQRV'HDKLODJUDQLPSRUWDQFLDSDUDHOH[HJHWDGHLQWHQWDU
FRPSUHQGHU\H[SOLFDUDGHFXDGDPHQWHHOSRUTXHDKLVLQTXHHOWH[WRH[SOLFLWDPHQWHORGLJDVHKD
FRQPXWDGRXQDH[SUHVLRQTXHUH]DVHPDQDVRGLDVSRUVHPDQDVGHDQRVRDQRV
"3RUTXHODSURIHFLDGHODVVHPDQDVSXHGHVHUFRQVLGHUDGDFRPRWUDVSDVDQGRHOOLPLWHGHGLDVOLWHUDOHV"
6LHQHVDSURIHFLDVHDGPLWHGLFKDLQWHUSUHWDFLRQHVSUHFLVRSUHJXQWDUQRVHQEDVHDTXH"(QEDVHDTXH
H[LVWHQXQRVFRQWHQLGRVTXHH[LJHQTXHORVGLDVVHDQWUDQVIRUPDGRVHQDQRV"
&XDQGRHVWRVXFHGHHOH[HJHWDVHSUHJXQWD"HVTXHH[LVWHQRWURVHMHPSORVHQOD%LEOLDDORVTXHVHGH
XQXVRVHPHMDQWH"
3RUORVFRQWHQLGRVIXWXURVTXHDQXQFLD\TXH-HVXVGH1D]DUHWLQWHUSUHWD
+D\SDUDQRVRWURVXQFRPSRQHQWHPXFKRPDVGHDFXHUGRDODFRUUHFWDH[HJHVLV\KHUPHQHXWLFD\HVHO
HVWXGLRH[HJHWLFDHKLVWRULFDPHQWHGHOFRQWHQLGR(QHOFDVRGH'DQLHOQRVRODPHQWHORVFRQWHQLGRV
VRQFODUDPHQWHPHVLDQLFRVVLQRTXHORVFRQWHQLGRVSXUDPHQWHPDWHULDOHVFRPRORVGHOD
>@
HGLILFDFLRQGHODFLXGDGXS QRVHSXHGHQUHDOL]DUHQVHPDQDV\RVHPDQDVOLWHUDOHV
"4XLHQSXHGHFXPSOLUHQGLDVOLWHUDOHVODVH[LJHQFLDVGHO'HFUHWR'LYLQR'QWDOFRPRVH
GHWDOODQHQ'DQLHO"&XDOTXLHULQWHQWRGHKDFHUORFRLQFLGLUFRQDOJXQDFRQWHFLPLHQWRKLVWRULFR
GHQWURGHXQSHULRGROLWHUDOGHGLDVHVWDDERFDGRDOIUDFDVR7RGRHVWRGLILFXOWDHOTXHVHSXHGD
KDFHUXQDLQWHUSUHWDFLRQOLWHUDO(VWRKDKHFKRTXHODPD\RULDGHORVLQWHUSUHWHVVHKD\DQGLULJLGRDRWUDV
SRVLEOHVLQWHUSUHWDFLRQHVVREUHWRGRSRUODLQFOXVLRQGHO0HVLDVTXHDSDUHFHHQHOWH[WR2EVHUYDQTXHOD
DSOLFDFLRQGHXQSHULRGRGHVHPDQDVDQRVHQYH]GHODVOLWHUDOHVWLHQHXQVHQWLGRHQXQDLQWHUSUHWDFLRQ
PHVLDQLFD3HURGDUXQDLQWHUSUHWDFLRQGHVHPDQDVGHDQRVHVSRQHUXQSUHFHGHQWHKHUPHQHXWLFRTXH
>@
REOLJDDSRQHUXQDVEDVHVSDUDVXSRVLEOHXWLOL]DFLRQHQRWURVOXJDUHV
-HVXVDOXGHDHVWDSURIHFLD\QRDRWUDHQ0DUFRVFI0W/F\ODPHQFLRQD
HQORUHODWLYRDO'HVWUXFWRUGH-HUXVDOHQVLQTXHVHKXELHVHFXPSOLGRORDQXQFLDGRUHVSHFWRDHVWHDVXQWR
(VHYLGHQWHTXHVL-HVXVDSOLFDHVWRVWH[WRVDORVDFRQWHFLPLHQWRVGH'DQLHOXSXS\WRGDYLD
HVWDEDQHQHOIXWXURGH-HVXVQRSRGHPRVLQWHUSUHWDUODGHIRUPDOLWHUDOVLQRDSOLFDQGRXQPHWRGRGLVWLQWR
TXHGHVFDUWDODLQWHUSUHWDFLRQOLWHUDO

(OVLJQLILFDGRGHVDEXDC >:EDY

/DSDODEUDVDEXDCVHPDQDLQGHSHQGLHQWHPHQWHTXHVHGHULYHGHODSDODEUDVLHWHVLECD
^K>
BEYL`MDPDVWLHQHHOVHQWLGRGHVLHWHVVHSWHQDVKHSWDGDVRKHEGRPDGDV(OTXH
SURYHQJDGHVLECDVLHWHORKL]RFRPRXQWHUPLQRSDUDVHUDSOLFDGRH[FOXVLYDPHQWHDXQDXQLGDGGH
>@
WLHPSRGHQRPLQDGDVHPDQD 'HDKLODYRFDOL]DFLRQGLVWLQWDTXHOHRWRUJDHVDHVSHFLDOL]DFLRQ
WHPSRUDO
/DSDODEUDVDEXCLPa\>L
EXY
VHSUHVHQWDYHFHVHQHO$QWLJXR7HVWDPHQWRGHODVFXDOHV
IXHUDGH'DQLHOHQWRGDVWLHQHHOVHQWLGRGHVHPDQDV(QGHVXVXVRVHVWDFRQHFWDGDFRQOD)LHVWD
GHODVVHPDQDVR3HQWHFRVWHVQRVHGLFH)LHVWDGHORVVLHWHV(Q'DQLHOVHHVSHFLILFDHOWLHPSR
HQTXH'DQLHOVHDIOLJLR\VHDEVWXYRGHFLHUWRVDOLPHQWRVVHWUDWDEDGHWUHVVHPDQDVVDEXCLPGHGLDV
>@
ORTXHFRQWUDVWDULDVLQPRWLYRGHWUDGXFLUODVVHLVYHFHVHQTXHDSDUHFHHQ'DQLHOGH
GLVWLQWRPRGRDORTXHHOYRFDEORVDEXCLPVHKDFRQVDJUDGRWDQWRHQ'DQLHOFRPRHQORVRWURV
VLWLRVHQTXHDSDUHFH
/DHYLGHQFLDOLQJXLVWLFDFRPSDUDWLYDQRVGHEHOOHYDUDODWUDGXFFLRQQDWXUDO\QRUPDOTXHHOSURSLR
WHUPLQRKHEUHRLPSRQHVHPDQDV
(OTXHHQWRGRVORVHPSOHRVGHHVWDSDODEUDVDEXCLPFRPRHQRWUDVSDUWHVGHO$QWLJXR7HVWDPHQWR
KHEUHRHQORVWH[WRVSURYHQLHQWHVGHO4XPUDQHQODSURSLD6HSWXDJLQWD\HQHOPLVPR'DQLHOUHILHUHQHO
VHQWLGRGHVHPDQDV\QRRWUDFRVDHVORTXHSURGXFHTXHLUUHPLVLEOHPHQWHODPD\RULDGHORVDXWRUHVVHDQ
FRKHUHQWHVWUDGXFLHQGRSRUVHPDQDV
(VWDFRUUHFWDWUDGXFFLRQHYLWDODDUELWUDULHGDGFXDQGRVHSHUPXWDQODVVHWHQWDVHPDQDVHQVHPDQDVGH
DQRVSXHVWRTXHHOTXHWUDGXFHSRUVLHWHVVHYHREOLJDGRDVXSRQHUTXHHOHVFULWRUVDJUDGRHVWD
VREUHQWHQGLHQGR\DGHIRUPDOLWHUDOVLHWHVGHDQRV(VWDIRUPXODQRVHSUHVHQWDGHPDQHUDOLWHUDOGH
PRGRTXHVLQQLQJXQDLQGLFDFLRQWHQJDPRVTXHHQWHQGHUHODQDGLGRGHDQRVFRPRKLSRWHWLFDPHQWH
VHULDHOFDVRTXHQRVRFXSD6LODFLIUDVHFRQVLGHUDVHFRPROLWHUDOGHQWURGHXQDGHVFULSFLRQSURIHWLFD
GHJHQHURDSRFDOLSWLFRHQWRQFHVHVREOLJDGDODHVSHFLILFDFLRQGHDQRVQRVLUYHODRPLVLRQ6LQRVH
HVWLPDORUHGDFWDGRFRPRVLHQGRGHJHQHURDSRFDOLSWLFR\ODFLIUDVHDFHSWDFRPROLWHUDOLJXDOPHQWH
VHULDSUHFLVRDGLFLRQDUYLVLEOHPHQWHORGHDQRV8QLFDPHQWHFXDQGRVHWUDGXFHFRUUHFWDPHQWHGH
DFXHUGRDODGLIHUHQFLDTXHHOWH[WRKHEUHRWUDHSDUDHQXPHUDUVLHWHVLECD\SDUDGHWDOODUVHPDQDV
VDEXCLPVHSRGULDDSDUWLUGHOYRFDEORVDEXCLPVHPDQDVLPSOLFDUHOSULQFLSLRGLDSRUDQR\
REWHQHUDVLVHPDQDVGHDQRVRDQRVSHURQXQFDEDVDQGRQRVHQXQDWUDGXFFLRQLQDGHFXDGDTXH
SURYRFDDVXSRVLFLRQHV\VRVSHFKDV
9DORUGHODV6HWHQWD6HPDQDVVLHVWDQFRQVWUXLGDVHQEDVHDOSULQFLSLRGLDSRUDQR
/DVVHPDQDVGH'DQLHOFRPR\DKHPRVPHQFLRQDGRVRQXWLOL]DGDVFRPRXQSHULRGRFURQRORJLFRGH
VHPDQDVGHDQRV/DVUD]RQHVTXHGDQORVDXWRUHVSDUDFRQVLGHUDUGLFKDVVHPDQDVFRPRGHDQRV
VRQPX\SDUFDV\HVWDQDXVHQWHVGHDUJXPHQWRVMXVWLILFDWLYRV
/RVFRQWH[WRVLQPHGLDWRVQRVPXHVWUDQODLPSRVLELOLGDGGHTXHORVFRQWHQLGRVSXHGDQHQWUDUHQXQD
LQWHUSUHWDFLRQOLWHUDOGHODFLIUD6LQHPEDUJRQRVSUHJXQWDPRV"SRUTXHVHPDQDVRGLDVVHKDQGH
FRQWDELOL]DUHQWRWDOFRPRDQRV""+D\DOJXQRWURSUHFHGHQWHHQOD%LEOLDGHXQXVRHQHOTXHDXQGLD
VHOHGHXQYDORUGHXQDQR"
5HODFLRQLQWHUQDHQWUHORVDQRVGH-HUHPLDV'QFI-HU\ODVVHPDQDVGH'DQLHO
6HWUDWDGHODDOXVLRQDOFRPLHQ]RGHOFDSLWXORGHODSURIHFLDGHORVDQRVGH-HUHPLDV
"&XDOHVODUHODFLRQGHHVWRVGRVSHULRGRVGHWLHPSR"
:LOOLDP6KHDQRVH[SRQHHQSULQFLSLRGRVUHODFLRQHVHOTXHDPERVVRQGHQDWXUDOH]DSURIHWLFD\
 >@
TXHHOXOWLPRVHGLRHQUHVSXHVWDDODRUDFLRQDFHUFDGHOSULPHUR
>@
(OPLVPRDXWRU VXJLHUHWDPELHQODFRUUHVSRQGHQFLDGHODXELFDFLRQHQSRVLFLRQHVVLPLODUHVHQ
XQDHVWUXFWXUDOLWHUDULDGHQDUUDFLRQ
Y$$
YV
DQRVY%%
VHPDQDVY
5HVWRGHODRUDFLRQGH'DQLHO&&
5HVWRGHODSURIHFLDGH*DEULHO
(VWDHVWUXFWXUDQRVPXHVWUDXQDLQWHQFLRQDOLGDGODGHKDFHUHQIDVLVHQHOFRPLHQ]RGHODSURIHFLDGH
'DQLHOTXHVHLQLFLDFRQXQIDFWRUWHPSRUDOSDUDFUHDUHOHIHFWRGHOD\X[WDSRVLFLRQHQWUHHO
SHULRGRGHODVVHPDQDVFRQORTXHOHSUHFHGHHOSHULRGRGHDQRV\ODRUDFLRQGH'DQLHO
2EVHUYHPRVDGHPDVFRPRGLFH'RXNKDQTXHWDQWRODLQWURGXFFLRQFRPRODFRQFOXVLRQGHHVWHFDSLWXOR
>@
FIUHYHODODPLVPDHQFXHVWDDGHPDVGHJLUDUVREUHXQPLVPRQXPHURHO
>@
/DUHODFLRQLQWHUQDHQWUHORVGRVWH[WRVSURIHWLFRVHVUHFRQRFLGDSRUYDULRV
'HHVHPRGRVHQRVREOLJDDFRPSUHQGHUHOSDUDOHOLVPRTXLDVPLFRTXHVHSURGXFHHQKHEUHRSRUOD
FRQVWUXFFLRQVLPHWULFDHQRUGHQLQYHUVRHQEDVHDORVFRPSRQHQWHVTXHQRVRIUHFHQHOY\HQWUHHO
VLECLP^`VDQD^DQRV`GHOY\HOVDEXCLP^VHPDQDV`VLECLP^`
>@
(VWHSDUDOHOLVPRHQTXLDVPRRHQWUHFUX]DGR REVHUYHVH$$
\%
%TXHGDFRPRVLJXH
$VLECLP%VDQDDQRV
%
VDEXCLPVHPDQDV$
VLECLP
(VWHSDUDOHOLVPRHQTXLDVPRWDQIUHFXHQWHHQ'DQLHOQRVGHVFXEUHTXHFDGDGLDGHHVDVVHPDQDV
WLHQHQXQYDORUGHXQDQR:LOOLDP6KHDQRVFRPHQWDHVWHKHFKRGLFLHQGRTXHHVWDDVRFLDFLRQFRPXQFRQ
HOPLVPRQXPHURQRHVXQDVHOHFFLRQFDVXDO
(OXOWLPRKDVLGRPRGHODGRGLUHFWDPHQWHFRQIRUPHDOSULPHUR(OXOWLPRSHULRGRGHWLHPSRODVVHWHQWDVHPDQDVHVVLPEROLFR(OSULPHURHO
SHULRGRGHDQRVHVOLWHUDOFXDQGRVHEXVFDXQDXQLGDGGHWLHPSROLWHUDOFRPRHOPHGLRSRUHOFXDOLQWHUSUHWDUORVGLDVGHODVVHPDQDV
VLPEROLFDVODVUHODFLRQHVGLUHFWDVHQWUHHVRVGRVSHULRGRVGHWLHPSRUD]RQDEOHPHQWHVXJLHUHQTXHVHSXHGHQHVFRJHUORVDQRVGHOSULPHUR
>@
SDUDVHUYLUDHVDIXQFLRQ!!
(VWRQRVUHYHODULDTXH'DQLHOHVWDFRPXQLFDQGRQRVXQDGHODVFODYHVSDUDTXHHQWHQGDPRVTXHDKL
HVWDIXQFLRQDQGRHOSULQFLSLRGLDSRUDQR/DPDQHUDIXQGDPHQWDOGHWUDQVPLWLUODDSRFDOLSWLFDGH
'DQLHOTXHODFLIUDGHODVVHPDQDVRGLDVVRQDQRVHVFUHDQGRXQPRGHORGHUHODFLRQLQWHUQDHQWUH
ORVGRVYDORUHVQXPHULFRVODGHODSURIHFLDGH-HUHPLDVFLWDGDHQ'DQLHO\ODGH
$KRUDELHQ"HQEDVHDTXHKDVXUJLGRODSURIHFLDGHORVDQRVGHFDXWLYLGDGGH-HUHPLDV"
6HWHQWDDQRVGH&DXWLYHULRFRUUHVSRQGHQD6HWHQWDDQRV6DEDWLFRVQRFXPSOLGRV
/DSURIHFLDGH-HUHPLDVTXHKDFHUHIHUHQFLDDODQR6DEDWLFR/YVHUHODFLRQDFRQHOFDVWLJR
TXHVHOOHYDULDFDERFRQWUD,VUDHOHQHOFDVRGHTXHORVPDQGDPLHQWRVGH'LRVHQWUHHOORVORVGLDVGH
UHSRVRQRVHFXPSODQFI/YVVGHDKLTXHFXDQGRHOSRVLEOHFDVWLJROOHJXHODWLHUUD
JR]DUDVXVGLDVGHUHSRVRWRGRVORVGLDVTXHHVWHDVRODGD/Y'HVFDQVDUDODWLHUUDSRUORTXHQR
UHSRVRHQORVGLDVGHUHSRVRRDQRVVDEDWLFRV/Y/DSURIHFLDGH-HUHPLDVKDFHUHIHUHQFLDDO
DQR6DEDWLFR\DOFDVWLJRTXHVHVXIULULDVLQRVHFXPSOLDHOUHSRVRGHODWLHUUDFDGDDQRVQRWHQVH
GLFKRVWH[WRVD&URQFI-HU\/Y
(ODQRVDEDWLFRTXHKDFLDHOGHVSXHVGHVHLVDQRVGHFXOWLYRHVGHFLU VHFRQYLHUWHHQXQ
FDVWLJRGHGHVRODFLRQGXUDQWHDQRV\GHUHSRVRGHODWLHUUDSRUORTXHQRKDELDUHSRVDGR3XHVWRTXH
HODQRVDEDWLFRHVXQDQR\VL-HUHPLDVUHIOHMDFRQORVDQRVGHFDXWLYHULRHOFDVWLJRSRUWRGRVORV
DQRVVDEDWLFRVTXHODWLHUUDQRUHSRVR/YFID&URQHVWDULDDILUPDQGRQRVTXH
VRQDQRVVDEDWLFRVORVTXHQRVHJXDUGDURQ
5HFRUGHPRVDTXLTXHSDUDODFRQVWUXFFLRQGHODQRVDEDWLFRVHKDXWLOL]DGRHOSULQFLSLRGLDSRUDQR
HQEDVHDORVGLDVGHODVHPDQD
DQRVVDEDWLFRVDEDUFDQXQSHULRGRGHDQRVGHGHVREHGLHQFLD\TXHEUDQWDPLHQWRWDQWRGHORV
>@
DQRVVDEDWLFRVFRPRGHORVMXELOHRV ORTXHLPSOLFDHOSHULRGRGHDQRVMXELOHRVTXHVH
FRQVWUX\HQHQEDVHDODQRVDEDWLFR\HVWHDVXYH]DOSULQFLSLRGLDSRUDQR
/DUHODFLRQLQWHUQDHQWUHORVDQRV\ODVVHPDQDVLGHQWLILFDDORVDQRVTXHSURYRFDURQ
ORVDQRVGHFDVWLJRRFDXWLYHULRFRQORVGLDVGHODVVHPDQDVGHODVLJXLHQWHPDQHUD
DQRVGHFDVWLJRRFDXWLYHULRFRUUHVSRQGHQDDQRVVDEDWLFRVTXHQRVHJXDUGDURQ\TXHVH
>@
FRQVWUX\HQHQEDVHDOSULQFLSLRGLDSRUDQRWRWDOL]DQGRDQRV
/RVDQRVGH-HUHPLDVFI'QVHFRUUHVSRQGHQDVXYH]GHDFXHUGRDODHVWUXFWXUDGHOTXLDVPR
\DODUHODFLRQLQWHUQDFRQODVVHPDQDV3HURVLORVDQRVFRUUHVSRQGHQDDQRVGH
GHVREHGLHQFLDODVVHPDQDVTXHHVWDQDVRFLDGDVLQWHUQDFRQFHSWXDO\OLWHUDULDPHQWHDORVDQRVGH
FDVWLJRSRUORVDQRVVDEDWLFRVTXHEUDQWDGRV^DQRV`DODVVHPDQDVODVHVWDQLGHQWLILFDQGR
SRUODSURSLHGDGFRQPXWDWLYDDDQRV
8QDYH]PDVVHQRVHVWDWUDGXFLHQGRTXHDFDGDGLDGHHVDVVHPDQDVOHFRUUHVSRQGHQXQDQR
UHVXOWDQGRDQRVUDWLILFDQGRQRVODFODYHLQVHUWDGDGHOSULQFLSLRDSOLFDGRGHGLDSRUDQR
/RV  DQRV VRQ IUXWR GH  DQRV VDEDWLFRV WUDQVJUHGLGRV \ TXH LPSOLFDQ  MXELOHRV [[ ODV  VHPDQDV HVWDQ
FRQVWUXLGDVFRQODHVWUXFWXUDGHODQRMXELODU[[ [ \HODQRMXELODUVHHGLILFDHQEDVHDODQRVDEDWLFR
<DKHPRVYLVWRTXHORVDQRVGHFDXWLYHULRTXHSUHGLFH-HUHPLDV\TXH'DQLHOWUDHDFRODFLRQ
KDQVLGRSURYRFDGRVSRUHOTXHEUDQWDPLHQWRGHDQRVVDEDWLFRVWDQWRVDQRVVDEDWLFRVTXHODWLHUUDQR
UHSRVRDVLKDGHVHUYXHVWURFDVWLJR(VWRVXSRQHMXVWRMXELOHRV[[ODPLVPDHVWUXFWXUDTXHOD
GHODVVHPDQDVGH'DQLHO[[+HPRVFRPSUREDGRODUHODFLRQLQWHUQDORTXHQRVSHUPLWLD
FRQFHELUTXHDKLVHHVWDEDLQVHUWDQGRHQFODYHHOSULQFLSLRGLDSRUDQRSDUDDSOLFDUORDODVHJXQGD
SDUWHGHOFDSLWXORGH'DQLHO
$KRUDELHQHQODVHJXQGDSDUWHGH'DQLHOVHKDEODGHXQMXELOHRDOILQDOGHOSHULRGRGHODV
>@
VHPDQDVGHXQDOLEHUDFLRQGHOSHFDGR /DFLIUDGHVHWHQWDVHPDQDVTXHVRQGLDVSURIHWLFRV
KDFHQUHIHUHQFLDDOMXELOHROHYLWLFR/YGHOPRGRVLJXLHQWH[[O SDUDOHODPHQWHDOD
DOXVLRQTXH-HUHPLDVKDFHDORVDQRVVDEDWLFRV3HURUHFRUGHPRVTXHHOMXELOHRVHFRQVWUX\HHQEDVHDO
DQRVDEDWLFRVHPDQDVGHDQRVHQEDVHHVWRDVXYH]DTXHFDGDGLDGHODVHPDQDHVLJXDODXQDQRFI
/Y
7RGRHVWRQRVKDFHGLVFHUQLUTXHHQODDOXVLRQDHVHILQDOMXELODUTXHODSURIHFLDGH'DQLHO
FRQWHPSODVXE\DFHHOPHQVDMHFURQRORJLFRTXHHOSHULRGRMXELODUH[LJH'HDKLTXHOOHJXHPRVDOD
FRQFOXVLRQTXHFRQODHVWUXFWXUDGHOMXELOHRLPSUHVDHQODH[SUHVLRQVHPDQDV[[\ODLGHRORJLD
MXELODUTXHHOWH[WRUHFRJHVHHVWDQLPSOLFDQGRXQDQRSRUFDGDXQRGHORVGLDVGHHVDVVHPDQDV
SURIHWLFDV
(OGHVJORVHFRQWLHQHXQPHQVDMHHQFODYHGHOSULQFLSLRGLDSRUDQRDSOLFDGRLPSOLFLWDPHQWHDODVVHWHQWDVHPDQDVGH
'DQLHO
"3RUTXHHVWHPRGRGHSUHVHQWDUODVVHPDQDV""1RVHUDSDUDVHQDODUQRVFRQHVDVSULPHUDVVLHWH
VHPDQDV[ ORTXHWRWDOL]DDXQMXELOHRVLVHFRQWDELOL]DDUD]RQGHXQGLDSRUXQDQR"
"(OSRUTXHGHODXOWLPDVHPDQD""1RVHUDSDUDPDUFDUQRVXQDQRVDEDWLFR[ TXHVLUYHSDUD
FRQVWUXLUHOSHULRGRMXELODU\DVXYH]ILMDUTXHGLFKRDQRVDEDWLFRVHHODERUDDSDUWLUGHXQDVHPDQD
GHODTXHFDGDGLDHVLJXDODXQDQR"
/RTXH,VUDHOQRFXPSOLRUHVSHFWRDO-XELOHRORFXPSOLULD'LRVFRQXQ-XELOHRHQRFDVLRQGHODYHQLGD\REUDGHO0HVLDVHQOD
XOWLPDVHPDQDGHODVVHWHQWDFI/F
7RGRQRVKDFHSHQVDUTXHD'DQLHOVHOHHVWDLQVSLUDQGRSDUDTXHFRQVWUX\DXQDFLIUDHQEDVHDXQD
UHIHUHQFLDGHVHPDQDVGHDQRV\HQUHODFLRQLQWHUQDFRQODSURIHFLDGH-HUHPLDVTXHHVWDDVXYH]KDFH
UHIHUHQFLDDODQRVDEDWLFREDVHDVXYH]GHOMXELOHR1RHVH[WUDQRQRWDUTXHORVDQRVVDEDWLFRVTXH
SURGXFHQHVRVDQRVGHFDVWLJRVXSRQHQDQRVHQWRWDO&LIUDLGHQWLFDDOSHULRGRGHHVDV
VHPDQDVTXHJHQHUDQXQDHVWUXFWXUD\JXDULVPRLGHQWLFRDORTXHVXSRQHQDQRVVDEDWLFRVR
MXELOHRV [[REOLJDQGRDXQDLGHQWLILFDFLRQFRQORVDQRV
(OYDORUGHHVWDFDQWLGDGHVWDULDHQTXHHOMXELOHRDXWHQWLFRYHQGULDUHDOPHQWHSDUD,VUDHOQRDOILQDO
GHORVDQRVGHFDVWLJRVLQRDOILQDOGHOSHULRGRTXHVXSRQHDQRVVDEDWLFRVHVGHFLUDQRV
TXHVHULDQDGLFLRQDOHVDSDUWLUGHXQPRPHQWRSRVWHULRUDOSHULRGRGHFDVWLJRWDOFRPRLQGLFDOD
SURIHFLDDODVDOLGDGHXQDRUGHQFRQFUHWD
'HHVHPRGRVHQRVREOLJDDFRQFHELUODFLIUDGHODVVHPDQDVRGLDVFRPRDQRV
$OILQDOGHHVHSHULRGRORTXH,VUDHOQRKDELDFXPSOLGRUHVSHFWRDO-XELOHRORHIHFWXDULD'LRVFRQOD
YHQLGDGHO0HVLDVTXHVHLQFOX\HFRPRILJXUDFHQWUDOHQHOFRQWHQLGRSURIHWLFRGH'DQLHO
/DVVHPDQDVGH'DQLHOVRQVHPDQDVGHDQRVHQIXQFLRQGHOSULQFLSLRLQVHUWDGRHQFODYHGHGLDSRUDQR
(OXVRGHXQGLDLJXDODXQDQRTXHVHGDHQHOSDVDMHSURIHWLFRGH(]HTXLHO\HQRWURVOXJDUHV
1XP/YVHYHIRUWDOHFLGRFRQ'DQLHOGHWDOPRGRTXHSRGHPRVREWHQHUXQ
SULQFLSLRVHJXQHOFXDOORVSHULRGRVFURQRORJLFRVHQPDUFDGRVGHQWURGHODSURIHFLDSXHGHQWHQHUXQ
YDORUUHDOKLVWRULFRHQEDVHDOFRPSXWRGHXQGLDLJXDODXQDQRVLHPSUH\FXDQGRFXPSODQXQDV
FRQGLFLRQHVTXHFRPRHQODVGH'DQLHOVRQHYLGHQFLDGDV\H[LJLGDVSRUHOSURSLRFRQWH[WRLQWHUQR\
H[WHUQRGHODSURSLDSURIHFLDHQFXHVWLRQ
3RGHPRVGHFLUTXHSRUORVGLIHUHQWHVFRQWH[WRVGH'DQLHOMXQWRFRQODFRPSRVLFLRQHQIRUPDGH
TXLDVPRTXHVHSURGXFHSRUODUHODFLRQLQWHUQDHQWUHODDOXVLRQD-HUHPLDV\HO'HFUHWRGH'DQLHO
XQLGRVDPERVSRUXQDVHFXHQFLDGHSUHJXQWDUHVSXHVWD\SRUODSUHVHQFLDGHOPLVPRQXPHUR
^`GHOPLVPRWHPD\SRUODVLPSOLFDFLRQHVUHVSHFWRDOMXELOHR\DODQRVDEDWLFREDVHGHDTXHO
SRGHPRVREWHQHUODSRVLEOHLQWHUSUHWDFLRQGHTXHORVGLDVGHODVVHPDQDVRGHORVGLDVVRQDQRV
HQWRWDOVHPDQDVGHDQRVRDQRV
/RVGLDVVRQVLPEROLFRVFRQXQYDORUGHFDGDXQRGHHVRVGLDVGHXQDQR
3RGHPRVGHVSHMDUHOSRVLEOHLQWHUURJDQWHUHVSHFWRDVLORVGLDVGH'DQLHOHUDQOLWHUDOHVR
VLPEROLFRV/DFRQFOXVLRQHVREYLDDKRUD'HVSXHVGHWRGRHVWHUHFRUULGRORVGLDVVRQ
UHSUHVHQWDWLYRVGHODPLVPDFLIUDSHURWUDQVIRUPDGRVHQDQRV\HVWRHQYLUWXGGHOFRQWHQLGRHQFODYHHQ
HOJHQHURDSRFDOLSWLFRGHOSULQFLSLRGLDSRUDQR
(VHYLGHQWHTXHSDUDSRGHUFRUWDUDQRVGHXQDFLIUDVLPEROL]DGDSRUODH[SUHVLRQGLDV
HVRVGLDVWLHQHQTXHSRVHHUXQYDORUGHDQRV
'HHVWHPRGRGHELGRDODVFRQH[LRQHVHLGHQWLILFDFLRQHVWHUPLQRORJLFDVFRQFHSWXDOHVWHPDWLFDV
H[HJHWLFDVHKLVWRULFDVTXHDSDUHFHQHQWUHORVFDSLWXORV\VHGHVFXEUHTXHODLQVSLUDFLRQOHHVWD
WUDQVPLWLHQGRD'DQLHOXQDVHULHGHHOHPHQWRVFRRUGLQDGRVHQWUHVLSDUDTXHHOOHFWRULQWHUHVDGRHQ
FRQRFHUODYHUGDGVHSDYDORUDUDGHFXDGDPHQWHHOVHQWLGRGHHVDVFLIUDV
 7HUPLQDPRVHVWHODUJREORTXHGHDSDUWDGRVFDXVDGRSRUODQHFHVLGDGGHFRPSUHQGHUHOVHQWLGRGHORV
GLDVFRQXQDFLWDTXHUHVXPHFRQYHQLHQWHPHQWHHODVXQWR
/DSDODEUDGHWHUPLQDGDVGHHVWHYHUVLFXORYLHQHGHODSDODEUDKHEUHD 7L[ ^+7DN`*HVHQLRHOFHOHEUHOH[LFRJUDIRKHEUHROD
GHILQHFRPRVLJXH6HUHILHUHSURSLDPHQWHDFRUWDUGLYLGLU\DVLGHWHUPLQDURGHFUHWDU7RGRVORVHVWXGLDQWHVGHOD%LEOLDHVWDQGHDFXHUGRHQ
TXHHVWDSDODEUDTXLHUHGHFLUOLWHUDOPHQWHFRUWDU3RUORWDQWRHVWDQFRUWDGDVVREUHWXSXHEORORVMXGLRV\VREUHWXVDQWDFLXGDG-HUXVDOHQ
"'HTXHHVWDQFRUWDGDVODVVHWHQWDVHPDQDV"+DQGHHVWDUFRUWDGDVGHDOJXQSHULRGRPDVODUJR(QVHJXLGDVHGHGXFHTXHIRUPDQSDUWHGHO
SHULRGRGHORVGLDVGHOFXDOVHUDQFRUWDGDV
3RUORWDQWRODVVHWHQWDVHPDQDVFRQVXVYDULDVGLYLVLRQHVFRQVWLWX\HQXQSXQWRGHUHIHUHQFLDSDUDORVGLDV\VLVHGHWHUPLQDOD
IHFKDH[DFWDGHOSULQFLSLRGHHVWRVVHHOLPLQDWRGDIHFKDHUURQHDTXHVHSXHGDVXJHULU&RQILUPDODYLVLRQDOHVWDEOHFHUXQDIHFKDFRUUHFWDGH
ODFXDOVHFRPLHQ]DDFDOFXODUORVGLDV6LQXQSXQWRGHSDUWLGDHOSHULRGRQRVHULDGHQLQJXQYDORUSDUDUHYHODUHOWLHPSRGHOD
SXULILFDFLRQGHOVDQWXDULR/DIHFKDGHOPDQGDPLHQWRGHUHVWDXUDU\HGLILFDUD-HUXVDOHQHVXQDGHODVPHMRUHVWDEOHFLGDVGHODKLVWRULD'LFKR
GHFUHWRIXHSXEOLFDGRHQHOVHSWLPRGH$UWDMHUMHV/RQJLPDQRDGH-&(VG4XHHODQRVHSWLPRGH$UWDMHUMHVIXHDGH-&VH
>@
FRPSUXHEDSRUORVFDOFXORVGHOFHOHEUHDVWURQRPR7RORPHR6XFURQRORJLDHVUHFRQRFLGDSRUODFRQFRUGDQFLDGHPDVGHHFOLSVHV!!

/RV  \  WLHPSRV R  GLDV GH 'DQLH \  OD ,QWHUSUHWDFLRQ GH -HVXFULVWR HQ HO$SRFDOLSVLV \ OD UHODFLRQ HQWUH HO
FDSLWXOR\HOGH'DQLHO
+HPRVGHPRVWUDGRTXH'DQLHOFRQWLHQHODIRUPXODDGHFXDGDSDUDFRPSUHQGHUHOSULQFLSLRGLDSRU
DQRDSOLFDGRDODVFLIUDVDSRFDOLSWLFDVTXHFXPSOHQXQDVFRQGLFLRQHVFRQWH[WXDOHVLGRQHDVSDUD
FRQVLGHUDUODVFRPRVLPEROLFDV\GHDKLIUXWRGHODFODYHLQVHUWDGDWUDQVIRUPDUHVRVGLDVGHWHUPLQDGRV
HQDQRV
7DPELHQGHVFXEULPRVODH[LVWHQFLDGHODXQLGDGTXH'DQLHORWRUJDDWRGDVXGHVFULSFLRQSURIHWLFD
7RGRGHSHQGHGHOHVTXHPDGH'DQLHODPSOLDQGRVHHQODVRWUDVYLVLRQHV\SURIHFLDVTXHDSDUHFHQ
OLJDGDVXQDFRQRWUDPRVWUDQGRVXKRPRJHQHLGDG&XDQGRHVWXGLDPRV'DQLHO\FRPSUREDEDPRVOD
LGHQWLGDGGHO&XHUQRSHTXHQRGH'DQLHOFRPRFRUUHVSRQGLHQGRDOD6HJXQGD5HDOLGDGKLVWRULFDGHO
&XHUQRSHTXHQRGH'DQLHODODYH]TXHREVHUYDEDPRVTXHHO-XLFLR&HOHVWLDOQDUUDGRSRU'DQLHO
TXHDFRQWHFHSDUDOHODPHQWHDODH[LVWHQFLDGHOD&XDUWDEHVWLDR&XDUWRUHLQR\XOWLPRDSDUHFLDXQDYH]
TXHHOSHULRGRGHKHJHPRQLDGHO&XHUQRSHTXHQRKXELHUDDFDEDGROOHJDQGRKDVWDHOLQVWDQWHHQTXHHO
+LMRGHO+RPEUHHQWUHJDHO5HLQRGH'LRVDVXV6DQWRV\HQFXHQWUDHQ'DQLHOXQD
FRUUHVSRQGHQFLDVLPLODUHQODSXULILFDFLRQGHXQ6DQWXDULR
7RGRHVWRQRVPRVWUDULDTXHHOSHULRGRFURQRORJLFRUHFRJLGRHQ'DQLHOVHULDGHODPLVPDQDWXUDOH]D
TXHORVGLDVGH'DQLHO\TXHODVVHPDQDVGH'DQLHO
7UHVWLHPSRV\PHGLRRGLDVVLPEROLFRVHOWLHPSRGHODGXUDFLRQKHJHPRQLFDGH&XHUQRSHTXHQRDOFDQ]DQGRKDVWDHO
WLHPSRGHOILQ
(Q'DQLHOVHKDEODGHXQFXHUQRSHTXHQRTXHFRPR\DYLPRVVHLQLFLDHQ5RPDHQOD&XDUWD
EHVWLD'Q\VHH[WLHQGHKDVWDODOOHJDGDGHO5HLQRGH'LRVFRQXQMXLFLRSUHYLR
DOILQDOGHORVWLHPSRV'Q
"3RGHPRVLQWHUSUHWDUHOSHULRGRSURIHWLFRGHWLHPSRV\PHGLRDSOLFDQGRHOPLVPRSULQFLSLR
TXHVHXWLOL]DHQ'DQLHOFRQORVGLDVFXDQGRORVFRQWHQLGRVGH'DQLHOUHVSHFWRDO&XHUQR
SHTXHQRVHH[WLHQGHQGHVGH5RPDKDVWDHOILQDOGHORVWLHPSRV"(VWDFODURTXHHOFRQWH[WRGHODSURIHFLD
GH'DQLHOQRVHVWDH[LJLHQGRDSOLFDUHOPLVPRSULQFLSLRTXHKHPRVDSOLFDGRHQ'DQLHO
6HJXQHVWR\ORTXH\DLQGLFDEDPRVFXDQGRDQDOL]DEDPRVORVSHULRGRVTXHRFXSDEDHO&XHUQR
SHTXHQR"SRGHPRVDSOLFDUHOPLVPRSULQFLSLRTXHHOPLVPRDXWRUUHVHQDGRDQWHULRUPHQWHDSOLFDHQ
'DQLHO"
(VGHFLUODSURIHFLDGH'DQLHOSRUVXHVWUXFWXUD\FRQWHQLGRVVHLQLFLDFRQORVFXDWURLPSHULRV
%DELORQLD0HGR3HUVLD*UHFLD\5RPD\ILQDOL]DDOILQDOGHORVWLHPSRV/DSURIHFLDLQWURGXFHDXQ
&XHUQRSHTXHQR'QTXHSHUVLJXHDOSXHEORGH'LRV'Q6XRULJHQORWLHQHHQHO
&XDUWRUHLQRR&XDUWDEHVWLD'Q\VXILQDODOWHUPLQRGHXQMXLFLRFHOHVWLDOTXHSHUPLWHTXH
ORVVDQWRVUHFLEDQHO5HLQR'Q7RGRVHVRVHOHPHQWRVHVFDWRORJLFRVQRV
VXJLHUHQXQDSURIHFLDSDUDHOILQGHORVWLHPSRV1RFDEHGXGDTXHVLOD&XDUWDEHVWLDHV5RPDHQXQD
SULPHUDIDVHGLFKR&XHUQRSHTXHQRQRGHVSXQWDKDVWDTXH5RPDFRPRLPSHULRIXHVHGHVWUXLGD
'Q(VWRKLVWRULFDPHQWHDFRQWHFHDSDUWLUGHOG-
(OSHULRGRFURQRORJLFRTXHVHPHQFLRQDHQ'DQLHOQRVKDEODQRWDQWRGHODGXUDFLRQWRWDOGHO
&XHUQRVLQRPDVELHQGHXQSHULRGRGHKHJHPRQLDVREUHHOSXHEORGH'LRVVHUDQHQWUHJDGRVHQVXV
PDQRV6DEHPRVTXHHO&XHUQRSHTXHQRVXUJHFRPRSRWHQFLDSHUVHJXLGRUDGHIRUPDFRQVROLGDGDDSDUWLU
GHOPRPHQWRHQTXH5RPDSDJDQDGHVDSDUHFH3RUORWDQWRKDGHVHUSRVWHULRUPHQWHDO
'HEHULDPRVGHVFXEULUHQHOGHYHQLUKLVWRULFRQRPXFKRGHVSXHVDOG-ODSURVHFXFLRQGHXQD
WUD\HFWRULDSROLWLFRUHOLJLRVDGRQGHDSDUH]FDODLPSRVLFLRQGHORTXHVXSRQHODDERPLQDFLRQHVSDQWRVD
'QFIFIFIRODSUHYDULFDFLRQGHVRODGRUD'QFX\RVLJQLILFDGR
LPSOLFDODXQLRQGHOSRGHUPXQGDQRFRQDTXHOORTXHDSDUHQWDUHVSRQGHUFRQORUHOLJLRVR\FRQ'LRV\
TXHVHH[WHQGHULDHQHOWLHPSRGHDFXHUGRDORVHOHPHQWRVKLVWRULFRVHQVXFHVLRQ\DOFRPSXWR
FURQRORJLFRPDUFDGR(QXQDIHFKDPDVDOODGHO\GHVSXHVGHXQSDUHQWHVLVWHPSRUDOTXHSHUPLWDHO
FRPLHQ]RGHOGHVSXQWHGHO&XHUQR3HTXHQRTXHHQWUDGHQWURGHODFRQILJXUDFLRQGHOD&XDUWD%HVWLD\
TXHODFXDOHQVXRULJHQVHPDQLILHVWDFRQ5RPD,PSHULDOVHWLHQHQTXHGDUORVFXPSOLPLHQWRVKLVWRULFRV
TXHQRVYLVXDOLFHQGHHVDFRQVROLGDFLRQGHO&XHUQR8QVLVWHPDFRQXQDDXWRULGDGVXSUHPDTXHGH
DFXHUGRDOWH[WRVXVWLWX\HD5RPD,PSHULDO\TXHYDFUHFLHQGR\DFWXDGRGHDFXHUGRDORVFRQWHQLGRVGH
ORVWH[WRV\TXHFRQILUPDUHPRVHQQXHVWURHVWXGLRWH[WXDO
/DUHIHUHQFLDKLVWRULFDSDUDXELFDUHOSHULRGRFURQRORJLFRGHORVWUHVWLHPSRV\PHGLRSURIHWLFRVVHUD
FRPRVLJXHGHVGHHQWRQFHV\GHXQDIRUPDLQLQWHUUXPSLGDHOSXHEORGHORVVDQWRVVHULDHQWUHJDGRHQVXV
PDQRV'Q
3RUGHVFRQWDGRTXHGLFKRSHULRGRQRSXHGHVHULQWHUSUHWDGRGHIRUPDOLWHUDOQLGHMDUGHVHU
LQWHUSUHWDGR(VWRQRVPXHVWUDTXHHOSHULRGRFURQRORJLFRWLHQHVXUD]RQGHVHU6LELHQHOSHULRGRGH
ODUJRDOFDQFHYLHQHGHWHUPLQDGRSRUORVFRQWHQLGRV\HOHPHQWRVHVFDWRORJLFRVTXHDSDUHFHQHQHOWH[WR\
SRGHPRVXELFDUHOSHULRGRKHJHPRQLFRGHO&XHUQRDSUR[LPDGDPHQWHHQWUHODFDLGDGH5RPDHQHO
KDVWDXQLQLFLRFHOHVWLDOTXHLQWURGXFHHQVXILQDOHO5HLQRGH'LRV\VXHQWUHJDDORVVDQWRVQRHVPHQRV
FLHUWRTXHHOSHULRGRFURQRORJLFRFRQFUHWRWLHQHHOPHQVDMHSRUXQODGRGHDGYHUWHQFLDHQFXDQWRDOD
GXUDFLRQGHRSUHVLRQGHOSXHEORGHORVVDQWRV\SRURWURODHVSHUDQ]DGHTXHXQDYH]ILQDOL]DGRGLFKR
SHULRGRKDEUDXQDFDOPDTXHSRVLELOLWDUDODOLEHUDFLRQGHILQLWLYDGHORVVDQWRV
6LQRVGDPRVFXHQWDSDUDSRGHUILMDUHQODKLVWRULDORVFRQWHQLGRVTXHODDFWLYLGDGGHO&XHUQR
HQJHQGUD\SXHGDVHUUHFRQRFLGRSRUDTXHOODHVSUHFLVRXQWLHPSRVXILFLHQWHPHQWHSURORQJDGRTXHQR
VHDDQRVOLWHUDOHV
(O$SRFDOLSVLVWHVWLPRQLDTXHORVGLDVRWUHVWLHPSRV\PHGLRHVWDVXRULJHQHQHOIXWXURWRGDYLDOHMDQRDODXWRU\DOD
HSRFDGHO$SRFDOLSVLV
(QHOPLVPR$SRFDOLSVLVVHPHQFLRQDHOPLVPRSHULRGRDSOLFDGRDODSHUVHFXFLRQTXHVXIUHHO3XHEOR
GH'LRVTXHVDOYDJXDUGDORVSULQFLSLRVGHO5HLQRGH'LRV$S\DOWLHPSRTXHXQDEHVWLDD
WUDYHVGHXQDGHVXVFDEH]DVSHUVLJXHDOSXHEORGH'LRV$S
2EVHUYHPRVDOJXQRVGHWDOOHV
6LXQRFRPSDUDHOSHULRGRGHKHJHPRQLDGXUDQWHHOFXDOHO&XHUQRSHTXHQRGH'DQLHOYDDSHUVHJXLU
DOSXHEORGH'LRVREVHUYDUDTXHHVHOPLVPRSHULRGRTXHVXIUHQSHUVHFXFLRQORVSULQFLSLRVGHO
5HLQRGH'LRVUHSUHVHQWDGRVHQOD0XMHU&HOHVWLDOHQ$SRFDOLSVLV$S8QSHULRGRHQHO
TXHHVVXVWHQWDGD\UHVJXDUGDGDHQHOGHVLHUWR(VWDFODURTXHHOSHULRGRGHH[LVWHQFLDGHODLJOHVLD
SHUVHJXLGDFRUUHVSRQGLHQWHDOPLVPRSHULRGRTXHH[SHULPHQWDQSHUVHFXFLRQORVSULQFLSLRVGHO5HLQRGH
'LRV$SFI'Q$SQRFRUUHVSRQGHDWUHVDQRV\PHGLROLWHUDOHVTXH
VXSRQGULDQORVGLDVVLQRTXHHOFRQWHQLGRGH$SRFDOLSVLVVXSRQHWRGRXQSHULRGRTXHFXOPLQD\
VHUHODFLRQDFRQXQILQDOHVFDWRORJLFR$S
1RWDPRVTXHODUHSHWLFLRQHQHVWHFSGHODPLVPDFLIUDTXHHPSOHD'DQLHOQRHVSRUFDVXDOLGDG
6HWUDWDGHOPLVPRSHULRGR\HOPLVPRVXIULHQWHORVSULQFLSLRVGHO5HLQRGH'LRVVDOYDJXDUGDGRVSRUHO
5HVWRGHOD'HVFHQGHQFLDGHOD0XMHU/D0XMHUFHOHVWLDOHVHOVLPERORGHORVSULQFLSLRV
GHO5HLQRGH'LRVUHSUHVHQWDGRVHQODWLHUUDSRUOD'HVFHQGHQFLDGHOD0XMHUTXHHV-HVXFULVWRHQ
SULPHUOXJDUFI-HVXFULVWROD'HVFHQGHQFLDGHOD0XMHUGHMDXQDUHSUHVHQWDQWHHQODWLHUUDD
OD,JOHVLDHOSXHEORGH'LRVTXHHVGHQRPLQDGRHO5HVWR
6HDQDGHQGHWDOOHVPX\LQWHUHVDQWHVTXHFRPSOHPHQWDQD'DQLHO$TXLVHQRVGDDFRQRFHUTXHHO
&XHUQRSHTXHQRGH'DQLHOHVXQPHURLQVWUXPHQWRGH6DWDQDVTXHKDSHUPLWLGRTXHORGLULMD\FRQWUROH
SDUDVXVILQHV$SRF
(OVHJXQGRDVSHFWRHVTXHGHQWURGHODSHQXULDGHODSHUVHFXFLRQYDDKDEHUXQGHVLHUWRSDUDORV
SULQFLSLRVGHO5HLQRGH'LRVTXHSHUPLWLUDDHVWRVVREUHYLYLU$SSSMXQWRDORVTXHORV
VDOYDJXDUGDQXQWHUFHUDVSHFWRHVODDSDULFLRQGHODPLVPDFLIUDGH'DQLHOTXHVHUHSLWHHQGRV
RFDVLRQHV\GHGRVPDQHUDVGLVWLQWDVGLDV\WUHVWLHPSRV\PHGLRRDQRV$SRFXS6L
VHWUDQVIRUPDQORVWUHVDQRV\PHGLRHQGLDVDUD]RQGHGLDVSRUDQRVHREWLHQHODFLIUDGHGLDV
TXHDSDUHFHHQHOY8QD\RWUDVHUHILHUHQDOPLVPRSHULRGR/DXQDVHHQFXHQWUDHQODSDUWHUHVXPLGD
GHODSURIHFLD\ODRWUDHQODSDUWHTXHGHVDUUROODODSDUWHUHVXPLGD
/DUD]RQGHVHUGHHVWDQXHYDUHSHWLFLRQHVODGHLQFXOFDUQRVODLGHDGHXQDFLIUDUHDOTXHVHFRQVDJUD
DXQSHULRGRHVSHFLILFRGHODSURIHFLDTXHVHUHODFLRQDFRQHOSXHEORGH'LRV1RVHWUDWDGHXQDFLIUD
GHFRUDWLYD3XHVWRTXHXQDYH]SDVDGRHVHSHULRGRGHSHUVHFXFLRQHQTXHODPXMHUWLHQHTXHKXLUDO
GHVLHUWRDRFXOWDUVHVXUJHHQODKLVWRULDGHODLJOHVLDRGHODPXMHUXQ5HVWR$SGHOD
'HVFHQGHQFLD-HVXFULVWRGHOD0XMHUHO5HLQRGH'LRV(Q'DQLHOVHQRVGHVFULEHSULQFLSDOPHQWH
DODSRWHQFLDSHUVHJXLGRUDFRQXQSHULRGRGHDFWXDFLRQDVXVDQFKDVGHWHUPLQDGRWUHVWLHPSRV\PHGLRR
WUHVDQRV\PHGLRRGLDV$TXLHQ$SRFDOLSVLVVHQRVSXQWXDOL]DODFLIUDTXHUHSUHVHQWDHO
WLHPSRHQHOTXHHOSXHEORGH'LRVLEDDVXIULUODSHUVHFXFLRQ(Q$SRFDOLSVLVUHVSHFWRDODSHUVHFXFLRQ
VHKDFHHQIDVLVHQODLGHRORJLDHQORVSULQFLSLRVGHO5HLQRGH'LRV(VWDFLIUDHVODPLVPDTXHGHILQHHO
SHULRGRGHRSUHVLRQGHO&XHUQRSHTXHQRGH'DQLHO
(Q$SRFDOLSVLVOD%HVWLDTXHDSDUHFHWLHQHXQSRGHUGHDFWXDUGHPHVHV[ GLDV(V
HOLQVWUXPHQWRGHSHUVHFXFLRQDFWXDFLRQTXHXWLOL]DHO'UDJRQTXHHQYH]GHVHUXQ&XHUQRHVXQD%HVWLD
TXHDFWXDDWUDYHVGHVXVFDEH]DVTXHRFXSDQFLHUWRVPRPHQWRVKLVWRULFRV(Q'DQLHOVHKDFHHQIDVLVHQ
ORVRULJHQHVKXPLOGHV\HQ$SRFDOLSVLVHQHOGHVDUUROORGHHVWHSRGHUTXHSUR\HFWD\DQRXQDLPDJHQ
GHXQ&XHUQRVLQRGHXQDDXWHQWLFD%HVWLDTXHVHDFWXDOL]DHQFDGDFDEH]D\VLUYHSDUDGHILQLUWRGRVORV
SRWHQFLDVGHHVWHPXQGRTXHKDQFUHDGRXQDGLUHFFLRQDOLGDGHQODKLVWRULD3RUORVFRQWHQLGRVGHOD
FDEH]DTXHVHDFWLYDFRQSUHSRQGHUDQFLDGXUDQWHWUHVWLHPSRV\PHGLRRPHVHVRGLDV\TXHD
SDUWLUGHHVHILQDOHVKHULGDLGHQWLILFDQGRVHFODUDPHQWHFRQHO&XHUQRSHTXHQRGH'DQLHO
7RGDVHVWDVFLIUDVQRVHQVHQDQYDULRVSXQWRVDWHQHUHQFXHQWDTXHORVDQRVHQHVWDVSURIHFLDVVH
FRQWDELOL]DQFRPRGHGLDVTXHORVPHVHVVHPLGHQFRPRGHGLDVTXHFRQOOHYDQXQPHQVDMH
LQVHUWDGRMXQWRFRQODFLIUDHQXQRVFRQWHQLGRVSURIHWLFRVTXHSRUVLVRORVGLFKRVFRQWHQLGRVDEDUFDQ
XQDSURIHFLDGHODUJRDOFDQFHTXHOOHJDKDVWDHOWLHPSRGHOILQRHVFDWRORJLFRTXHODUHSHWLFLRQGHOD
PLVPDFLIUDHQGLIHUHQWHVSURIHFLDVSHURUHIHULGDVDODVPLVPDVFLUFXQVWDQFLDVSHUVRQDMHV\FRQWHQLGRV
QRHVXQDPHUDFDVXDOLGDGWRGDVHVWDQGHQWURGHXQPLVPRPDUFRHVFDWRORJLFRTXHVHSURORQJDKDVWDHO
WLHPSRGHOILQODSURSLDHVFUXSXORVLGDGGHTXHUHULQFXOFDUQRVSRUODGHELGDFRPELQDFLRQGHODVFLIUDV
HQORVGLIHUHQWHVWH[WRVTXHQRVRQDQRVGHGLDVQLPHVHVGHGLDVSDUHFHVREUHQWHQGHUTXH
GLFKDVFLIUDVVHGDQSDUDVXXVR\TXLHUHQDGYHUWLUQRVGHTXHQRKDJDPRVXQDXWLOL]DFLRQHTXLYRFDGD
XQDYH]FRPSUHQGLGRTXHVRQSDUDVXXVR\SDUDFRPSOHPHQWDUHOPHQVDMHSURIHWLFRQRVREOLJDQSRUORV
FRQWHQLGRVGHODVSURSLDVSURIHFLDVDQRSRGHULQWHUSUHWDUGLFKDVFLIUDVGHPRGROLWHUDO
$WRGRHVWRHVSUHFLVRDQDGLUTXHORVGLIHUHQWHVDXWRUHVVHDQFDWROLFRVRSURWHVWDQWHVFXDQGRDQDOL]DQ
HO$SRFDOLSVLV\HQFRQFUHWRHOFDSLWXORFRQWUDGLFHQVHULDPHQWHHOHVTXHPDTXHRWURVH[HJHWDVGHODV
PLVPDVGHQRPLQDFLRQHVHPSOHDQSDUDFHQWUDUWRGDVODVSURIHFLDVGH'DQLHODOUHGHGRUGHODILJXUDGH
$QWLRFR,9\ILMDUFRPRKRUL]RQWHSURIHWLFRHOVLJOR,,D-
>@
(QHIHFWR6WUDXELQJHU LGHQWLILFDDOD%HVWLDGH$SRFDOLSVLVFRQHO&XHUQRSHTXHQRGH
'DQLHOWDQWRSRUHOSHULRGRFURQRORJLFRTXHOHGDXQYDORUVLPEROLFRTXHGXUDULDKDVWDODSDUXVLDGH
&ULVWRFRPRGDQGRVLJXLHQGRDORV3DGUHVXQVLJQLILFDGRGH$QWLFULVWRWDQWRDOD%HVWLDGH
$SRFDOLSVLVFRPRDO&XHUQRSHTXHQRGH'DQLHO\
&DQWHUD,JOHVLDVGDXQYDORUVLPEROLFRDOSHULRGRSURIHWLFRGHORVWUHVWLHPSRV\PHGLRORUHODFLRQD
FRQ'DQLHO\\ORFRQWHPSODFRPRVLHQGRODGXUDFLRQGHSHUVHFXFLRQGHOD,JOHVLDPLHQWUDVHVWHHQOD
>@
WLHUUD
%RYHU&DQWHUDFRQVLGHUDHOQXPHURFRPRVLPEROLFRLGHQWLILFDQGROD%HVWLDFRQHODQWLFULVWR\FRQ
>@
'DQLHO
>@
/RVDXWRUHVGHODVQRWDVGHODYHUVLRQGH(GLFLRQHV3DXOLQDV LGHQWLILFDQORGHVFULWRHQ
$SRFDOLSVLVFRQ'DQLHO
>@
3X]R9DFFDUL FRQYLHUWHDOD%HVWLDGH$SRFDOLSVLVHQXQWLSRGHSHUVHJXLGRU\ODLGHQWLILFD
FRQODGH'DQLHO
>@
$OIUHG:LNHQKDXVHU HVPDVH[SOLFLWRWRGDYLDHLGHQWLILFDDODV%HVWLDVGH$SRFDOLSVLV\
FRPRVLHQGRODPLVPDWDPELHQORVSHULRGRVFURQRORJLFRVGH\HLQWHUSUHWDQGRORV
FRPRODGXUDFLRQGHODDFWLYLGDGGHO$QWLFULVWR\GHODJUDQWULEXODFLRQGHOD,JOHVLDUHODFLRQDQGRDOD
%HVWLDFRQHOILQGHORVWLHPSRVHLGHQWLILFDQGRDOD%HVWLDGH$SRFDOLSVLVFRQOD&XDUWDGH'DQLHO
>@
&DVWHOODQL LJXDODDOD%HVWLDGH$SRFDOLSVLVFRQHO$QWLFULVWR\FRQHO&XHUQRSHTXHQRGH
'DQLHOOOHJDQGRVXDFWLYLGDGKDVWDORVXOWLPRVWLHPSRV
>@
6DOYDWRUH*DUDIDOR$QWRQLQR5RPHR FRQVLGHUDQORVSHULRGRVFURQRORJLFRVFRPRVLPEROLFRV
HLQGLFDQGRODGXUDFLRQGHSHUVHFXFLRQHVDOD,JOHVLDHLGHQWLILFDDOD%HVWLDGH$SRFDOLSVLVFRQOD
&XDUWDGH'DQLHO
"4XHQRVHQVHQDWRGRHVWR"
6LOD%HVWLDGH$SRFDOLSVLVHVLGHQWLILFDGDFRQOD&XDUWDGH'DQLHORFRQHO&XHUQRSHTXHQRWDQWR
GH'DQLHOFRPRVHJXQDOJXQRVDXWRUHVFRQHOGH'DQLHOWDPELHQVHHVWDGHVFDUWDQGRTXHHO
KRUL]RQWHSURIHWLFRVHDHOVLJOR,,D-\$QWLRFR,9HOSURWDJRQLVWDSULQFLSDOHQORUHODWLYRDOD&XDUWD
%HVWLD\HO&XHUQRSHTXHQRGH'DQLHO(VWRGHPRVWUDULDFRQVHFXHQWHPHQWHTXHHOPHWRGRKLVWRULFR
FULWLFRDSOLFDGRDODSURIHFLDGH'DQLHOHVWDHTXLYRFDGR\TXHORVSHULRGRVFURQRORJLFRVUHFXSHUDGRVHQ
HO$SRFDOLSVLVR5HYHODFLRQGH-HVXFULVWRVHSUR\HFWDQHQXQIXWXURPDVDOODQRVRORGH'DQLHOGHOVLJOR
,,D-\GHOD,JOHVLDSULPLWLYDVLQRTXHHVVLPEROLFR\DEDUFDXQDH[WHQVLRQTXHOOHJDDOWLHPSRGHOILQ
'DGDODFODYHTXH'DQLHOQRVRIUHFH\YLVWRTXH-HVXFULVWRXWLOL]DXQDVFLIUDVLGHQWLFDVSDUD
DFRQWHFLPLHQWRVDXQTXHDPSOLDGRVLJXDOHV\DKRUDDSOLFDGDVDXQDHSRFDGHSHUVHFXFLRQDOD,JOHVLD
TXHUHSUHVHQWDD-HVXFULVWRHQODWLHUUDHVORJLFRSHQVDUTXHVHHVWDEDVREUHQWHQGLHQGRHOSULQFLSLRGLD
SRUDQR
'DQLHO\ODUHODFLRQFRQORVSHULRGRVFURQRORJLFRVGH'DQLHO
(Q'DQLHOVHSXHGHFRPSUREDUGHHQWUDGDDXQTXHORSURIXQGLFHPRVHQORVFDSLWXORVVXEVLJXLHQWHV
TXHODYLVLRQKH+D]RQDEDUFDGHVGHHOFDUQHUR\PDFKRFDEULRTXHVRQLQWHUSUHWDGRVSRU'DQLHOFRPR
0HGR3HUVLD\*UHFLDFRPSOHWD'QKDVWDHOWLHPSRGHOILQ'Q$OLQWHUSUHWDU
ORVFRQWHQLGRVQRWDPRVTXHHO&XHUQRSHTXHQRGHHVWHFDSLWXORVHLQWURGXFHXQDYH]GLYLGLGD*UHFLD
'Q(VSUHFLVDPHQWHHVWH3RGHUHOTXHVHDQH[LRQDODVSDUWHVGLYLGLGDVGHO,PSHULR*ULHJR
DLQFOXVRWLHQHXQHQJUDQGHFLPLHQWRSRVWHULRUKDVWDHOSURSLRHMHUFLWRGHOFLHOR(VWHSRGHU
GHQRPLQDGR&XHUQRSHTXHQRSRUVXVFRPLHQ]RVKXPLOGHVVLVHREVHUYDDKRUDDXQTXHVHDGHSDVDGDVH
HQJUDQGHFHGHWDOPDQHUDTXHVHSURORQJDKDVWDHOWLHPSRGHOILQ
(QHIHFWRGLFKR&XHUQRSHTXHQRVHSURORQJDHQXQDODERUFRQWUDHOPLVPR3ULQFLSHGHORVSULQFLSHV
FRQWUDHOFRQWLQXRGHOSULQFLSHGHORVHMHUFLWRVVS\FRQWUDHO6DQWXDULRGH'LRV6HKDFLDXQD
SUHJXQWD"+DVWDFXDQGRODYLVLRQ+D]RQODYLVLRQTXHHPSLH]DFRQHOFDUQHURKDVWDFXDQGRHO
FRQWLQXR\KDVWDFXDQGRODSUHYDULFDFLRQ"/DUHVSXHVWDHUDXQDFLIUD\XQDFRQWHFLPLHQWR+DVWD
GLDV\GHVSXHVHO6DQWXDULRVHUDSXULILFDGR
$KRUDELHQHVWDFLIUDGHORVGLDVVHLGHQWLILFDEDGHDOJXQPRGRFRQHOWLHPSRGHOILQ1RWHPRV
GHQXHYRD'DQLHOOHSUHRFXSDODYLVLRQ+D]RQFRPSOHWD8QSHUVRQDMHUHFLEHHQWRQFHVOD
RUGHQGHHQVHQDUODYLVLRQSHURDTXL\DQRVHWUDWDGHODYLVLRQJHQHUDO+D]RQVLQRGHODYLVLRQPDU
(GHORVGLDVSS(Q'QSSVHGLFHODPDU(GHODVWDUGHV\PDQDQDV
8QDYH]GDGDODRUGHQGHHQVHQDUODYLVLRQPDU(GHODVWDUGHV\PDQDQDVFIYSSHQ
EDVHDODSUHRFXSDFLRQSRUFRPSUHQGHUODYLVLRQJHQHUDO+D]RQ*DEULHOOHGLFHFRPSUHQGH
E(DK
^KDEHQ`SRUTXHODYLVLRQ+D]RQHVSDUDHOWLHPSRGHOILQ&RPSUHQGHTXHHO
SHULRGRGHORVGLDVFI\SSDEDUFDODYLVLRQJHQHUDO+D]RQ\HVWDODYLVLRQ
KH+D]RQHVSDUDHOWLHPSRGHOILQFI/DPLVPDLGHDVHUHSLWHHQODSDUWHLQWHUSUHWDWLYD
/DYLVLRQPDU(GHODVWDUGHV\PDQDQDVTXHVHKDUHIHULGRHVYHUGDGHUDSHURWXJXDUGDODYLVLRQ
KH+D]RQSRUTXHHVSDUDPXFKRVGLDVSS\XS
6HJXQHVWR\DSRGHPRVSUHVHQWDUXQDSULPHUDFRQFOXVLRQVLQVLTXLHUDLQWHUSUHWDUHOWH[WR/DYLVLRQ
KH+D]RQTXHHPSLH]DFRQ0HGR3HUVLD\TXHVHSURORQJDPDVDOODGHOILQDOGHOLPSHULRJULHJR\TXH
HVDEDUFDGDSRUXQSHULRGRFURQRORJLFRGHGLDVGHQRPLQDGRODYLVLRQPDU(GHODVWDUGHV\
PDQDQDVSSFIQRSXHGHQVHUGLDVOLWHUDOHVSXHVWRTXHWDQVRORFRQ0HGR3HUVLD\
*UHFLDFRQVXVGLYLVLRQHVVXSRQHPDVGHDQRV$OLQYROXFUDUDODYLVLRQPDU(GHODV
WDUGHV\PDQDQDVFRQODYLVLRQKH+D]RQTXHOOHJDKDVWDHOWLHPSRGHOILQODSURIHFLDQRVREOLJDD
LQWHUSUHWDUHVWDFLIUDQRGHIRUPDOLWHUDOVLQRVLPEROLFD<ODIRUPDVLPEROLFDVHJXQXQFLHUWRXVRHVXQ
GLDLJXDODXQDQR
3RUORVFRQWHQLGRVKLVWRULFRVWDOFRPRVHKDQLQWHUSUHWDGRHQEDVHDODSURORQJDFLRQGHO&XHUQR
SHTXHQRKDVWDHOWLHPSRGHOILQFRPSUREDPRVTXH5RPDHQXQDSULPHUDIDVHHVODXQLFDTXHSXHGH
FXPSOLUORVUHTXLVLWRVGHODSURIHFLD\TXHHQ'DQLHOHOVLPERORGHO&XHUQRSHTXHQRVHFRQWHPSODHQ
GRVIDVHVWHPSRUDOHVFRQGRVUHDOLGDGHVKLVWRULFDV/DVHJXQGDUHDOLGDGKLVWRULFDTXHDVXPHHOQRPEUH
REMHWLYRVHLGHRORJLDGHODSULPHUDUHDOLGDGKLVWRULFDDQDGLHQGRORVFRPSOHPHQWRVSURSLRVGHOWLHPSR
VHSURORQJDFRPRKHPRVSRGLGRFRPSUREDUKDVWDHOWLHPSRGHOILQ
4XHUHPRVSUHVHQWDUXQXOWLPRDUJXPHQWRTXHQRVREOLJDDLQWHUSUHWDUODFLIUDGHORVGLDVQRVROR
FRQXQYDORUUHDOVLQRDGHPDVGDQGRXQYDORUGHXQDQRDFDGDGLDSURIHWLFR6LREVHUYDPRVHOFDSLWXOR
GH'DQLHOQRWDUHPRVTXHFRQHOYWHUPLQDODYLVLRQTXHKDHPSH]DGRHQHOFDSLWXOR\TXHVH
SURORQJDKDVWDHVWHWH[WR
(OYHUVLFXORQRVPXHVWUDTXH'DQLHOUHFLEHODRUGHQGHVHOODUHOOLEURKDVWDHOWLHPSRGHOILQ$SDUWLU
GHDKLYDQDVXUJLUSUHJXQWDVUHVSXHVWDVH[SOLFDFLRQHV\DPSOLDFLRQHVEUHYHVGHDOJXQRVDVSHFWRVTXHVH
KDQWUDWDGRDORODUJRGHWRGRHOOLEURGH'DQLHO\GHOTXHVHJXQHOYKDUHFLELGRODRUGHQGHVHOODU
(QHOYVHSODQWHDODSUHJXQWD"&XDQGRVHUDHOILQGHHVWDVPDUDYLOODV"KHFKRVSRUWHQWRVRV6H
>@
UHILHUHDODVPDUDYLOODVFI'Q TXHFRQWUDHOSXHEORGH'LRVLEDDUHDOL]DUXQSRGHU
TXHWLHQHXQSHULRGRGHKHJHPRQLDGXUDQWHHOFXDORSULPHDOSXHEORGH'LRV'QFI'Q
E\'Q(OSHULRGRGHKHJHPRQLDHVHOGHWUHVDQRV\PHGLRRGLDV
SURIHWLFRV'QFI'Q\E
1RQRVGHEHH[WUDQDUHOLQWHUHVGHODSURIHFLDSRUHVWH3RGHUTXHKDFHPDUDYLOODVTXHVH
UHODFLRQDQFRQODGLVSHUVLRQGHOSRGHUGHOSXHEOR6DQWR\TXHGLFKDGLVSHUVLRQRFDVLRQDGDSRU
ODSHUVHFXFLRQWHQGUDXQILQDOFI
3HURORTXHQRVLQWHUHVDDTXLVHQDODUVRQGRVDVSHFWRVLPSRUWDQWHV&XDQGRVHPHQFLRQDODFLIUDGH
WLHPSRWLHPSRV\WLHPSRVHFRQVWUX\HHQEDVHDODSDODEUDKHEUHDPRCHGTXHLPSOLFDXQ
>@
WLHPSRGHWHUPLQDGR VXHTXLYDOHQWHDUDPHRCL''DQSDODEUDTXHUHFDOFDHOKHFKRGHTXHHOVHU
FHOHVWLDOKDEODGHXQWLHPSRHVSHFLILFDGRRGHILQLGRDSDUHFHHQ'DQLHOFXDQGRVHUHILHUHDORV
WUHVDQRV\PHGLRSURIHWLFRVGXUDQWHORVFXDOHVHO&XHUQRSHTXHQRPDQWLHQHHQVXVPDQRVDOSXHEORGH
>@
'LRV
7RGDYLDPDV'DQLHODQWHODFLIUD\ORTXHFRQHOODVHUHODFLRQDTXHGDSHUSOHMRXQDYH]PDV
\VHSUHJXQWDUHVSHFWRDOILQGHHVWDVFRVDVTXHDOXGH'QGRQGHVHLQFOX\HHO
SHULRGRFURQRORJLFR/HSUHRFXSDHODVSHFWRWHPSRUDOHOILQFRQORTXHFRQOOHYD\HOFRQWHQLGRTXHOD
LQVSLUDFLRQOHRIUHFHLGHQWLILFDQGRDOSHUVRQDMHTXHKDFHODVPDUDYLOODVFRQHOFXHUQRSHTXHQR
GH'DQLHO(VHQWRQFHVFXDQGRVHOHUHVSRQGHTXHHVDVSDODEUDVSDODEUDVTXHKDQPHQFLRQDGRHQWUH
RWUDVFRVDVXQDFLIUDGHILQLGD\UHDOHVWDQFHUUDGDV\VHOODGDVKDVWDHOWLHPSRGHOILQ/RTXHQRV
PXHVWUDSRUXQODGRTXHGLFKRSHULRGRHVXQWLHPSRUHDORFXSDGRSRUXQSRGHUTXHVHSURORQJDKDVWD
HOWLHPSRGHOILQ\TXHGLFKDFLIUDDEDUFDGHVGHHOPRPHQWRHQTXHHOWH[WRDXWRULFHDLQLFLDUORSRU
VXUHODFLRQHVWUHFKDFRQHOSRGHUTXHRFXSDHVHSHULRGRGHWHUPLQDGR\GXUDKDVWDHOWLHPSRGHOILQ
3RURWURODGRHVHQXPHURUHDO\DEDUFDQWHGHVGHXQSXQWRLQLFLDOKDVWDHOWLHPSRGHOILQVHQRVH[LJH
SRUHOWH[WRGH'DQLHODGHVYHODUODSRUFXDQWRYDDHVWDUFHUUDGD\VHOODGDKDVWDHOWLHPSRGHO
ILQ/XHJRTXLHUHGHFLUQRVTXHODFLIUDHQFXHVWLRQHVFRQFHGLGDSDUDLQWHUSUHWDUODHQHVHWLHPSRGHOILQ
7LHPSRGHOILQTXHYHQGUDGHWHUPLQDGRSRUODDSDULFLRQGHWRGRORTXHHOOLEURGH'DQLHOQRVUHILHUH
/DLQVSLUDFLRQVLJXHD\XGDQGROHDFRPSUHQGHUDOVLVWHPDGHPDOGDGTXHKDFHODVPDUDYLOODV
DSRUWDQGROHRWUDLGHQWLILFDFLRQODQDWXUDOH]DGHODVPDUDYLOODVFRQVLVWHHVHQFLDOPHQWHHQTXLWDUHO
FRQWLQXR\HOSRQHUODDERPLQDFLRQGHVRODGRUD3HURHOTXLWDUHOFRQWLQXRUHODFLRQDGRFRQ
XQDSUHYDULFDFLRQGHVRODGRUDORUHDOL]DHOFXHUQRSHTXHQRGH'DQLHOHQVXVHJXQGDIDVH'Q
\HOUH\GHO1RUWH'QTXHVHKDLQWURGXFLGREDMRODILJXUDGHOVHUGHVSUHFLDEOHFI
VV&RQHOORODLQVSLUDFLRQHVWDLGHQWLILFDQGRDOVLVWHPDGHPDOGDGFXHUQRSHTXHQRGH'DQLHO
'QFI'QFRQHOVLVWHPDGHPDOGDGFXHUQRSHTXHQRGH'DQLHOFI
HQVXVHJXQGDIDVHDODYH]TXHFRQHOUH\GHO1RUWHGH'DQLHOFI
TXHOOHJDKDVWDHOILQGHODKLVWRULDGHHVWHPXQGR3DUDODLQVSLUDFLRQVHWUDWD
GHXQPLVPR\XQLFRVLVWHPDGHPDOGDG3HURDOLGHQWLILFDUDORVVLVWHPDVHVWDUHODFLRQDQGRORV
DFRQWHFLPLHQWRV\ORVSHULRGRVFURQRORJLFRVTXHVHLQVHUWDQFRQORVSHUVRQDMHV\VXFHVRV
 (VWRQRVREOLJD\QRVDXWRUL]DDLQWHUSUHWDUODFLIUDGHPRGRVLPEROLFR<ODIRUPDVLPEROLFDSRUOR
TXHVHUHILHUHDOJHQHURDSRFDOLSWLFRGH'DQLHOHVODGHGDUXQXVRDOGLDSRUXQDQR
1RVKDELDPRVLQWURGXFLGRHQXQXOWLPRDUJXPHQWRSDUDFRPSUREDUTXHORVGLDVQRHUDQOLWHUDOHV
VLQRDQRV'HDKLTXHQRVSUHJXQWHPRV"TXHUHODFLRQJXDUGDHVWRFRQORVGLDV"(QVHJXLGDOR
YHUHPRV
(QHOYVHPHQFLRQDXQHVSDFLRWHPSRUDOGHGLDVHQUHODFLRQDO&RQWLQXR\OD$ERPLQDFLRQ
GHVRODGRUD(OWH[WRHQFXHVWLRQGLFHOLWHUDOPHQWH
>@
<GHVGHHOWLHPSRTXHVHDTXLWDGRHOFRQWLQXRSDUDSRQHUODDERPLQDFLRQGHVRODGRUDKDEUDGLDV
/RTXHQRVLQWHUHVDVHQDODUGHHVWHWH[WRHVTXHWDQWRODFLIUD\DPHQFLRQDGDFRPRHVWDGHORV
GLDVHVWDQHQXQFRQWH[WRHVFDWRORJLFR'QWRPDQGRFRPRSXQWRGHUHIHUHQFLDD'DQLHO
7RGDYLDPDVVLXVWHGHVREVHUYDQODDSDULFLRQGHODVXQWRUHODFLRQDGRFRQHOFRQWLQXRDFRQWHFHSRU
SULPHUDYH]HQ'DQ<HVFXULRVRFRPSUREDUTXHGHQWURGHODYLVLRQTXHHPSLH]DFRQ0HGR
3HUVLDOOHJDQGRKDVWDHOWLHPSRGHOILQ\DEDUFDGDFRPR\DYLPRVSRUHOSHULRGRGHORVGLDV
DSDUHFHHQXQDVHJXQGDSDUWHGHORVGLDV'DQGHVSXHVGHODSULPHUDIDVHGHO&XDUWR
UHLQRSRUORWDQWRSRVWHULRUPHQWHD5RPDSDJDQD\DOG-HODVXQWRGHOFRQWLQXR(VGHFLU
VLJXLHQGRHOWH[WRGH'DQLHOWDOFRPRODHVWUXFWXUDQRVSURYHH\FRPRKHPRVLQWHUSUHWDGRHQRWUR
OXJDUHODVXQWRGHOFRQWLQXRRFXSDXQSHULRGRGHWLHPSRTXHVHLQLFLDGHVGHGHVSXHVGHODSULPHUD
IDVHGHO&XDUWRUHLQRRSULPHUDUHDOLGDGKLVWRULFDRFXSDGDSRU5RPDLPSHULDO\TXHVHFRQVROLGD
SRUODVHJXQGDUHDOLGDGKLVWRULFDRKHUHGHUDGH5RPDKDVWDHOWLHPSRGHOILQPDUFDGRSRUHOILQDOGH
VXWLHPSRGHKHJHPRQLDGLDVSURIHWLFRV\HOWHUPLQRGHORVGLDVTXHORHQJORED
(VWHSHULRGRHVHTXLYDOHQWHDORVGLDVTXHVHPHQFLRQDQHQ'DQLHOFRQXQDGLIHUHQFLDGH
DQRVSXHVWRTXHFRPRYHUHPRVHQHODQDOLVLVGHOWH[WRHPSLH]DDQRVDQWHV\TXHVHHQFXHQWUDHQVX
ILQDOFRQHOILQGHOWLHPSRGHKHJHPRQLDGHO&XHUQRSHTXHQR
/RPLVPRVXFHGHFRQORVWUHVDQRV\PHGLRRGLDVSURIHWLFRVDQDOL]DGRVHQORTXHSUHFHGHDHVWR
XOWLPRTXHHVWDPRVWUDWDQGR
6DEHPRVTXHHOSHULRGRGHKHJHPRQLDUHVSHFWRDOSXHEORGHORVVDQWRVGHO&XHUQRSHTXHQRGH'DQLHO
>@
GXUDKDVWDHOWLHPSRGHOILQ'QFI 3HURHO&XHUQRSHTXHQRGH
'DQLHOHVRFXSDGRSRUODVHJXQGDIDVHGHO&XHUQRSHTXHQRGH'DQLHOORTXHQRVPXHVWUDTXHFXDQGR
DSDUHFHODVHJXQGDUHDOLGDGKLVWRULFDRKHUHGHUDGH5RPDFRQVROLGDGDHQ'DQLHOKDVWDHOILQDOGH
ORVGLDVKD\DSUR[LPDGDPHQWHGLDVSURIHWLFRVODGLIHUHQFLDVHYHFRPSOHWDGDSRUORV
GLDVDQRVTXHDSDUHFHQHQ'DQLHOFRQHFWDGRVFRQDTXHOORV
/DGLIHUHQFLDHQWUHORVGLDV\ORVGLDVYLHQHGHWHUPLQDGDSRUHODVXQWRGHO&RQWLQXR(O
VHFXHVWURGHO&RQWLQXRFI'QDFRQWHFHHQGLVWLQWRPRPHQWRDOKHFKRGHTXHHOSXHEORGHORV
VDQWRVFRPHQ]DUDDHVWDUHQWUHJDGRDODKHUHGHUDGH5RPDLPSHULDO'QVHLQFRUSRUDHQHO
GHVDUUROORGHODSURIHFLDSRVWHULRUPHQWHD0HGR3HUVLD*UHFLDHLQFOXVRGH5RPD,PSHULDO
>@
6LHOILQGHODVPDUDYLOODV GHO&XHUQRSHTXHQRFI'QRGHO6HU'HVSUHFLDEOH
VLPERORVTXHUHSUHVHQWDQDO3RGHUR6LVWHPDTXHVXVWLWX\HD5RPD,PSHULDO\TXHOOHJDQ
KDVWDHVHWLHPSRGHOILQQRLEDDVHUPDVDOODGHORVGLDVSURIHWLFRVFIORV
GLDVSURIHWLFRVIUXWRGHODUHVSXHVWDDODPLVPDSUHJXQWDTXHVXVFLWDHOILQGHORVGLDVSURIHWLFRV\
TXHQRHQWHQGLD'DQLHOVHUHIHULUDQDOPLVPR3HUVRQDMHR6LVWHPD\HVWDQUHODFLRQDGRV
FRQFUHWDPHQWHFRQGRVGHORVHOHPHQWRVPDUDYLOORVRVTXHGLFKR6LVWHPDKDUHDOL]DGRHOTXLWDUHO
FRQWLQXRSDUDSRQHUODDERPLQDFLRQFIQRSXHGHQLUWDPSRFRPDVDOODGHOILQGHORV
GLDVSURIHWLFRV(VGHFLUHOILQDOGHORVGLDVKDGHFRLQFLGLUFRQHOILQDOGHORVGLDV
$PERVSHULRGRVHVWDQUHODFLRQDGRV\FRQHFWDGRV
3HURHOWH[WRFRQHFWD\KDFHGHSHQGHUDORVGLDVFIGHORVGLDVORVFXDOHVD
VXYH]ORHVWDQFRQORVGLDVRWLHPSRVSURIHWLFRVFRQORTXHVHFRQFOX\H
PRVWUDQGRODGHSHQGHQFLD\UHODFLRQDOLGDGGHORVWUHVSHULRGRVSURIHWLFRV
3RURWUDSDUWH'DQLHOPXHVWUDTXHORVGLDV'QVHUHODFLRQDQFRQHO&RQWLQXRGHO
3ULQFLSHGHORV(MHUFLWRVTXHWLHQHTXHYHUFRQHORUGHQDPLHQWRGHXQ6DQWXDULRTXHVHHQFXHQWUD
HQXQFRQWH[WRFHOHVWLDO\TXHHO&XHUQRSHTXHQRKDGHVHVWDELOL]DGRFRQVXVRSFLRQHV\DOWHUQDWLYDV
GRFWULQDOHV\GHFXOWRTXLWDQGRORGHODPHQWHGHORVVHUHVKXPDQRV
(QODHVWUXFWXUDSDUDOHODGH'DQLHO\VHREVHUYDFRPRODVFDUDFWHULVWLFDVWDQWRLGHRORJLFDVFRPR
WHPSRUDOHVDFWLYLGDGHV\FRQGXFWDGHO&XHUQRSHTXHQRGH'DQLHO\TXHHVWDQOLPLWDGDVDXQSHULRGR
GHKHJHPRQLDGHGLDVRWLHPSRVSURIHWLFRVFRLQFLGHQFRQODVHJXQGDIDVHWHPSRUDORVHJXQGD
UHDOLGDGKLVWRULFDGHO&XHUQRSHTXHQRGH'DQLHOLGHQWLILFDQGRVHDPERVFODUDPHQWH
/RTXHTXLHUHGHFLUTXHORVGLDVSURIHWLFRVHVWDQLQWHJUDGRVGHQWURGHORVGLDVSURIHWLFRV
TXHKDELHQGRHPSH]DGRHQODHSRFD0HGR3HUVD'QFIWUDQVFXUUHQDOR
ODUJRGHODJULHJDGHODSULPHUDIDVHGHO&XHUQRSHTXHQRGH'DQLHO\GHODVHJXQGDIDVHGHGLFKR
&XHUQRSHTXHQRTXHKDGHOOHJDUKDVWDHOILQDOGHORVWLHPSRVDOUHGHGRUGHODOFDQFHDOTXHOOHJDQOR
GLDVSURIHWLFRV(QFX\RILQDOFURQRORJLFRVHDQXQFLDHOILQGHOVHFXHVWURGHO&RQWLQXR\GHORTXH
HVRLPSOLFDFRLQFLGHQWHFRQHOLQLFLRSRUSDUWHGH'LRVGHODSXULILFDFLRQRUHVWDXUDFLRQRSXHVWRHQVX
GHUHFKRGH6X6DQWXDULRDOTXHKDUHSHUFXWLGRHQVXDFWLYLGDGFXOWXDOODVDFWXDFLRQHVGHO&XHUQR
SUR\HFWDGDVHQORVVHUHVKXPDQRVTXHVHGLULJHQD'LRVRLPSLGLHQGRTXHHVWRVWHQJDQXQDFFHVR
FRUUHFWR\DGHFXDGRD'LRV
7HQHPRVSXHVTXHORVGLDVSURIHWLFRVHVWDQLQWHJUDGRV\UHODFLRQDGRVFRQORVGLDV
SURIHWLFRVHQVXSDUWHILQDO<HVWRVGLDVVHUHODFLRQDQFRQODVROXFLRQDORGHO&RQWLQXR
$KRUDHQ'DQLHODSDUHFHHOSHULRGRGHORVGLDVRWLHPSRVSURIHWLFRVFRQHFWDGRFRQHO
GHGLDV\TXHKDQGHFRLQFLGLUHQVXILQDO\DTXHVHUHILHUHQDOPLVPR6LVWHPD\QRSXHGH
VREUHSDVDUVHWHPSRUDOPHQWHXSUHVSHFWRDVXREUDGHKDFHUPDUDYLOODV/DUHODFLRQHQWUH
ORVWLHPSRVSURIHWLFRVRGLDVFRQORVGLDVHVWDIXHUDGHWRGDGXGD3RUVLIXHUDSRFRORV
GRVHOHPHQWRVPDUDYLOORVRVUHSUHVHQWDWLYRVGHO6HUGHVSUHFLDEOHFI'QR&XHUQRSHTXHQR
VHOHFFLRQDGRVSRUODLQVSLUDFLRQHQUHODFLRQFRQORVGLDVSURIHWLFRVVRQHOTXLWDUHO
&RQWLQXR\ODLPSRVLFLRQGHOD$ERPLQDFLRQ'QFI7RGRHOORQRVUDWLILFDTXH
HOSHULRGRGHORVGLDVDOLJXDOTXHHOGHORVGLDVRSURIHWLFRVHVWDLQWHJUDGR\
HQJOREDGRFRQORTXHLPSOLFDHQHOSHULRGRGHORVGLDVSURIHWLFRV<SXHVWRTXHORVGLDV\
GLDVHVWDQUHODFLRQDGRVHQVXWHUPLQRFRQHOWLHPSRGHOILQHQHOVHQWLGRGHOILQDOGHODKHJHPRQLD
GHO&XHUQRSHTXHQRRGHO6HU'HVSUHFLDEOHORVGLDVSURIHWLFRV'QTXHGHSHQGHQWH[WXDO\
OLWHUDULDPHQWHGHORV\SRUORWDQWRGHORVGLDVSURIHWLFRVFIHVWDQSRUORPLVPR
LQYROXFUDGRVHQHOSHULRGRGHORVGLDVSURIHWLFRV\VRQORVGLDVORVTXHHQVXILQDOQRV
GHVFXEUHQTXHORTXHVXSRQH'DQLHOFXDQGRVHKD\DFXPSOLGRHOSHULRGRGHORVGLDV
SURIHWLFRVHVXQDELHQDYHQWXUDQ]D\DTXHHVSRVLEOHFRQWHPSODUTXHHO6DQWXDULRTXHKDELDHVWDGR
IXQFLRQDQGRKDVWDHQWRQFHVHQIDYRUGHORVVHUHVKXPDQRVGHDFXHUGRDOSODQGH'LRVVHKDFHHIHFWLYR
SRUFXDQWRVHOHVGHYXHOYHDHVWRVHOFRQRFLPLHQWRGHILQLWLYRGHOYDORUGHO&RQWLQXRHQUHODFLRQDO
FRQWHQLGRGRFWULQDO\SUDFWLFRTXHVXSRQHGLFKR6DQWXDULR\TXHHO&XHUQRKDELDTXLWDGR'Q
FRLQFLGLHQGRFRQODREUDGH'LRVHQGLFKR6DQWXDULRGHSXULILFDFLRQGHHVWHFRQWRGRORTXH
LPSOLFDHQVXUHODFLRQ\SUR\HFFLRQFRQHO3XHEORGH'LRV(VRHVXQDELHQDYHQWXUDQ]D'QFI
TXHTXHGDILMDGDSDUDVLHPSUHHQWRGRVDTXHOORVTXHYLYDQHVHPRPHQWRRTXHORSXHGDQ
FRQWHPSODUSRUIHHQOD3DODEUDSURIHWLFDEHQHILFLDQGRVHGHODVEHQGLFLRQHVTXHVXSRQHODIHOLFLGDGTXH
UHSRUWDGHHVWDUVHJXURVTXH'LRVKDFXPSOLGR\DSDUDHVH3XHEORTXHFRQWHPSODHQVXKLVWRULDGLFKR
FXPSOLPLHQWR
7DQWRXQSHULRGRGLDVFRPRHORWURGLDVRFXSDQHQ'QODSDUWHTXHFXPSOHOD
VHJXQGDIDVHGHO&XHUQRSHTXHQRTXHFRPLHQ]DFRQODKHUHGHUDGH5RPDLPSHULDOFRQVROLGDGDXQDYH]
TXHODVSUHYDULFDFLRQHVOOHJDURQDOFROPR\OOHJDVXREUDVLQREVWDFXORVFRQWUDHO&RQWLQXRKDVWDHO
ILQDOGHXQSHULRGRGHGLDVTXHVHKDLQLFLDGRHQODHSRFDGH0HGR3HUVLD0LHQWUDVTXHORV
>@
GLDV\GLDVVHLQLFLDQGHVSXHVGHOG- ORVFRPLHQ]DQHQODHSRFD0HGR3HUVDHQ
HOV9D-
7RGDYLDPDVHVWDPRVYLHQGRTXHHOVLVWHPDTXHTXLWDHOFRQWLQXRSDUDSRQHUODDERPLQDFLRQ
GHVRODGRUDHVORTXHFRLQFLGHFRQHOFXHUQRSHTXHQRGH'DQLHOHQVXVHJXQGDIDVH
FRLQFLGHQWHDVXYH]FRQHOUH\GHO1RUWHHQVXYHUVLRQVHUGHVSUHFLDEOH'Q
TXHVHSURORQJDGHVGHTXHVHQRVLQWURGXFHHQODKLVWRULDTXHUHSUHVHQWDQORVWH[WRV
KDVWDHOPLVPRILQGHODKLVWRULDLQWUDPXQGDQD3RUORWDQWRODVDQGDGXUDVGHO
VLVWHPDHQFXHVWLRQFXEUHQXQWLHPSRTXHVHH[WLHQGHHQSDUDOHORDORVGLDV\DORV
GLDVTXH\DHVWDEDQWUDQVFXUULHQGRFXDQGRHOVLVWHPDFXHUQRSHTXHQR\ODDFFLRQFRQWUDHOFRQWLQXRVH
LQFRUSRUDQGHDFXHUGRDOFRQWHQLGRSURIHWLFRGHVGHGHVSXHVGHODHSRFDGHODFDLGDGH5RPDKDVWDHO
PLVPRILQGHODKLVWRULDKXPDQD(VHYLGHQWHTXHHVDVFLIUDVTXHHVWDQGDGDVFRQHOILQGHD\XGDUD
LGHQWLILFDUODGXUDFLRQGHORVDFRQWHFLPLHQWRVTXHHOVLVWHPDGHPDOGDGSURGXFHGHQWURGHWRGDHVDODUJD
HSRFDQRVRQFLIUDVGHFRUDWLYDVQLOLWHUDOHVVLQRTXHDSDUHFHQFRQHOILQGHTXHOHVGHPRVXQYDORU
GLVWLQWRDODOLWHUDOLGDGGHDFXHUGRDOXVRTXHHQDOJXQRVOXJDUHVVHSUHFRQL]D'Q(]T
1P
7RGRHVWRQRVUDWLILFD\QRVDXWRUL]DDWUDQVIRUPDUORVGLDVSURIHWLFRVHQDQRVVRODUHV6ROROD
>@
WUDQVIRUPDFLRQHQDQRVHVYDOLGD
&RQFOXVLRQGHHVWHDSDUWDGR
&RQFOXLPRVHVWHDSDUWDGRGLFLHQGRTXHHOPHWRGRLQWHUSUHWDWLYRGHGDUXQYDORUGHGLDSRUDQRDORV
SHULRGRVGHWLHPSRSURIHWLFRVGH'DQLHO\$SRFDOLSVLV\QRVHEDVDHQXQD
LQWHUSUHWDFLRQQLIDOVDQLFDSULFKRVDVLQRTXHUHVSRQGHDXQPHWRGRH[HJHWLFR\KHUPHQHXWLFRGHDFXHUGR
DODVHYLGHQFLDV\H[LJHQFLDVGHOWH[WRVDJUDGR7DPSRFRHQHVWRFRPRHQRWUDVFRVDVQRVHQFRQWUDPRV
DLVODGRVGHOUHVWRGHWHRORJRVTXHDWUDYHVGHORVWLHPSRVWXYLHURQDELHQHOHVWXGLDUGLFKRVFDSLWXORV
8QDJUDQFDQWLGDGGHHVWXGLRVRVWDQWRFDWROLFRVFRPRSURWHVWDQWHVMXGLRVFRLQFLGHQFRQQXHVWUD
>@
SRVLFLRQ
+D\GRVFRVDVTXHHOFDSLWXORLQFOX\HVLQTXHODXQDQHFHVDULDPHQWHHOLPLQHDODRWUD8QDOD
DOXVLRQDODSURIHFLDGHORVDQRVGH-HUHPLDV\XQDRUDFLRQTXHDFWXDFRPRXQDLQWURGXFFLRQR
SDUHQWHVLVHQWUHHOILQDOGHOFDSLWXOR\ORVYHUVLFXORVGHOFDSLWXOR/DRWUDHVODH[SOLFDFLRQD
ORTXH'DQLHOQRKDHQWHQGLGRGHOFDSLWXOR
$XQDSHVDUGHORVDQRVHOFDSLWXORVHSUHVHQWDFRPRLQFRQFOXVRHLQFRPSUHQGLGR/RVHOHPHQWRV
GHVHVWDELOL]DGRUHVGHO6DQWXDULRRGHOSXHEORGH'LRVTXHLQWHUYLHQHQHQGLFKRFDSLWXORFKRFDDO
SURIHWDTXHYLYH\D\WRGDYLDXQVDQWXDULR\XQSXHEORGH'LRVGHVHVWLPDGR
/DFDXWLYLGDGTXH'DQLHOYLYHHVHOFXPSOLPLHQWRGHXQDSURIHFLDGH-HUHPLDV3URIHFLDTXHFRQWLHQH
ODSURPHVDGHXQDOLEHUDFLRQ/RTXHVHOHHVWDRIUHFLHQGRHQHVDYLVLRQGHOFDSLWXORQRHV
SUHFLVDPHQWHXQDOLEHUDFLRQVLQRXQFRQWLQXRFDXWLYHULRGHOSXHEORGH'LRVVREUHWRGRDSDUWLUGHOD
GLYLVLRQGHODVPRQDUTXLDVJULHJDVSRUPHGLRGHXQ&XHUQRSHTXHQRTXHVHSURORQJDKDVWDHOWLHPSRGHO
ILQ(VDH[SRVLFLRQLQWURGXFWRULDGHOFDSLWXORPDQLILHVWDODDQJXVWLD\HOVHQWLUGHOSURIHWD
 3RUXQODGRHOFDSLWXORKDILQDOL]DGRVLQFRPSUHQGHUVH(OFDSLWXORVHLQLFLDFRQODDOXVLRQDOD
SURIHFLDGH-HUHPLDV\XQDRUDFLRQSDUDTXHHO6DQWXDULR\OD&LXGDGDVRODGDVHUHVWDEOH]FDQ
'LRVYDDUHVSRQGHUFODUDPHQWHD'DQLHO(QSULQFLSLROHGLFHTXHYDDKDFHUOHHQWHQGHUODYLVLRQTXH
QRKDELDHQWHQGLGRGHOFDSLWXORDGHPDVGHXQDRUGHQRGHFUHWRGLYLQRSRUHOFXDO-HUXVDOHQ
FRQWRGRORTXHLPSOLFDVHUDUHVWDXUDGDDWDOFRPRODSURPHVDGH-HUHPLDVVREUHHQWLHQGH'HELD
FRPSUHQGHUODYLVLRQPDU(TXHQRHQWHQGLDTXHGHORVDQRVDQRVRVHPDQDVGHDQRV
VHLEDQDFRUWDU\HVWDULDQGHGLFDGDVDVXSXHEORDOSXHEORMXGLRD$SDUWLUGHDKLVHLQWURGXFLD
XQVDQWXDULRTXHVHULDLQDXJXUDGRSRUXQ0HVLDV3ULQFLSHTXHKDULDFHVDUHOVDFULILFLR\ODRIUHQGDGHO
VDQWXDULRWHUUHQDO6DQWXDULRTXHVHULDGHVWUXLGRGHVSXHVGHORVDQRVVLQHVSHFLILFDUVHHO
PRPHQWRH[DFWR/DODERUGHHVH0HVLDV3ULQFLSHHQXQVDQWXDULRGLVWLQWRDOWHUUHQDOVHLQLFLDULD
ILQDOL]DQGRVHODVVHPDQDVGHDQRVPDVODPHGLDVHPDQDGHOD6HSWXDJLQWD3RUORWDQWRODGLIHUHQFLD
KDVWDORVDQRVUHFRJHULDXQDREUDPLQLVWHULDOSRUHO0HVLDVTXHKDELDLQDXJXUDGRHO6DQWXDULRHV
GHFLUSRQGULDHQPDUFKDHOVLVWHPDGHXQVDQWXDULRFI+ETXHDOFDQ]DULD
VXSXULILFDFLRQFI5PDOILQDOGHORVWLHPSRVLGHQWLILFDQGRVHHVDODERU
FRQHO-XLFLRILQDOFHOHVWLDOGHVFULWRSDUDOHODPHQWHHQ'DQLHOFI
/DWHUPLQRORJLDVLPLODUODVSHUVSHFWLYDVFXOWXDOHV\OD]RVFRQFHSWXDOHVODUHVSXHVWDDORTXHIDOWDED
HQHOFDSLWXORVLHQGRODSURIHFLDGHODVVHPDQDVGHOFSODH[SOLFDFLRQTXHVHQHFHVLWDEDSDUD
HQWHQGHU\FRPSOHWDUODYLVLRQGHOFDSLWXOR
/RVGRVSXQWRVIXQGDPHQWDOHVTXHKDELDQTXHGDGRVLQHQWHQGHUVHDVDEHUHOFRPLHQ]R
H[DFWRGHORVDQRV\ORTXHLPSOLFDEDODSXULILFDFLRQGHO6DQWXDULRTXHGDQDKRUDFRPSUHQVLEOHV
/RVDQRVDEDUFDQ\VHLQLFLDQDOPLVPRWLHPSRTXHODVVHPDQDVGHDQRV'HHVWDYLVLRQTXHWX
QRHQWHQGLDVODGHODVWDUGHV\PDQDQDVHVGHFLUODGHORVDQRVTXHHUDSDUD
PXFKRVGLDV\SDUDHOWLHPSRGHOILQVHKDGDGRXQDRUGHQRGHFUHWRSRUHOTXHVHGHFLGHTXHDQRV
HVWDQFRUWDGRVRGHWHUPLQDGRVGHHVRVDQRVSDUDWXSXHEORD'HVGHODVDOLGDGHODRUGHQ
KDVWDHO0HVLDV3ULQFLSHSDVDUDQDQRV
8QDYH]GHPRVWUDGDODUHODFLRQHQWUHHOFDSLWXOR\HOFRPSUHQGHPRVWRGDYLDPHMRUTXHORVGLDV
TXHH[SUHVDQHOSHULRGRGHODVWDUGHV\PDQDQDVVRQGLDVSURIHWLFRVFRQXQYDORUGHXQDQRSRU
FDGDGLD
&XDQGRHVWXGLHPRVHOWH[WRGH'DQLHOSURSRQGUHPRVODIHFKDH[DFWDGHLQLFLRGHHVWHSHULRGRTXH
HVFRPSXWDEOHWDQWRSDUDODVVHPDQDVGHDQRVFRPRSDUDORVDQRVGHORVTXHKD\TXHFRUWDU
SUHFLVDPHQWHDTXHOODV
&RQHODQDOLVLVHVWUXFWXUDO\ORTXHYHQLPRVGLFLHQGRGLH]SXQWRVTXHGDQFODURVXQDYH]DQDOL]DGRV
HVWRVSRUPHQRUHV
/DUHODFLRQHQWUH'DQLHO\
'HVGHHOSXQWRGHYLVWDFURQRORJLFRVHWUDVSDVDODHSRFDGHO0HVLDV-HVXVGH1D]DUHWWHQLHQGRHQ
FXHQWDORVVLPERORV\ODVH[SOLFDFLRQHVGHOFDSLWXOR
/DREUDTXHVHUHDOL]DVHJXQHOFSQRHVXQDREUDHVWDWLFDVLQRPRYLEOH
/DYLVLRQGH'DQLHOWLHQHXQDUHVSXHVWDDORODUJRGHORVFDSLWXORV\
(OFDSLWXORHVODH[SOLFDFLRQGHODUHVSXHVWDTXHVHGDHQHOYHUVLFXORGHOFDSLWXORHQHO
VHQWLGRGHODREUDGHO0HVLDVHQHVWDWLHUUD\SRVWHULRUPHQWHODTXHVHUHDOL]DHQHO6DQWXDULR&HOHVWLDO
TXHVHLQDXJXUD
(OFS\UHFRJHQODREUDGH5HGHQFLRQGHXQ0HVLDVHQHO6DQWXDULRGH'LRV
 'HELGRDODREUDGHO&XHUQRFUHDQGRXQVDQWXDULRFRQXQDIRUPDGHDGRUDFLRQ\XQDPDQHUDGH
VDOYDFLRQSURSLD'LRVUHPDUFDODH[LVWHQFLDGH6X6DQWXDULR\GHXQ0LQLVWHULRFHQWUDGRHQHO
0HVLDV
/DODERUGHO&XHUQRQRHVGHILQLWLYD9DDWHQHUXQILQ6XLQWURGXFFLRQGHXQVDQWXDULRFRQWRGRORTXH
LPSOLFDGHKHFKXUDKXPDQDQRWHQGULDH[LWR"SRUTXH"
3RUTXHKD\XQVDQWXDULRGLYLQRTXHVHUDUHLYLQGLFDGRFRQWRGRORTXHHVWRSXHGDLPSOLFDUDOILQDOGH
XQSHULRGRGHGLDVSURIHWLFRV8QDHYLGHQFLDGHTXHHVWRVHULDDVLHVTXHDODVVHPDQDV
SURIHWLFDVGHHVRVGLDVSURIHWLFRVFRQFUHWDPHQWHGHVSXHVGHORVDQRVVHYDQDSRQHUODVEDVHV
KDFLHQGRVHORQHFHVDULRSDUDTXHVHSXHGDWHUPLQDUFRQODSXULILFDFLRQFRQHOSHFDGR\ODLQLTXLGDGFRQ
ODLQMXVWLFLD\RIUHFHUFODULGDGDODYLVLRQ\DODSURIHFLDHLQDXJXUDUHOOXJDU6DQWLVLPR&RQHOYDORU
WLSRORJLFRGHOYMXQWRFRQHOYDORUWHFQLFRGHOXQJLPLHQWRGHO6DQWLVLPRVHQRVDFODUDODSXHVWDHQ
IXQFLRQDPLHQWRGHO6DQWXDULR&HOHVWLDOHQEDVHDODPXHUWHGHO0HVLDVYVSSSS4XHVHWUDWD
GHO6DQWXDULR&HOHVWLDOHVWDFODURSRUFXDQWRHOWH[WRQRVGLFHTXHVHYDDXQJLUHO6DQWRGHORVVDQWRV
ORVOXJDUHVVDQWRVGHO6DQWXDULRXSSRUXQ0HVLDVTXHWDPELHQKDUDFHVDUHOVDFULILFLR\OD
RIUHQGDGHRWURVDQWXDULRSSSS\TXHGHVSXHVGHODVVHPDQDVGHDQRVXQVDQWXDULRVH
GHVWUXLUDXS(O0HVLDVTXHPXHUHDODPLWDGGHODVHSWXDJHVLPDVHPDQDGHDQRVLQDXJXUDHO
6DQWXDULR&HOHVWLDO<FRQHOYDORUWHFQLFRGHODSXULILFDFLRQGHO6DQWXDULR'DQLHOVHQRVDFODUD
WHQLHQGRHQFXHQWDHOSHULRGRFURQRORJLFRLQKHUHQWHODSXHVWDHQPDUFKDGHORTXHHOWLSRGHOGLDGHODV
H[SLDFLRQHV/YQRVLQGLFDED(OUHVWRGHODV(VFULWXUDVQRVD\XGDQDFRPSUHQGHUODUHDOLGDGGHXQ
6DQWXDULRFHOHVWLDOGRQGHHO0HVLDVHVYLFWLPD\VDFHUGRWHDODYH]FI+E\\TXHHQEDVHDVX
VDFULILFLRUHDOL]DGRHQHODWULRGHHVWDWLHUUDHQHODOWDUGHOFDOYDULRKHFKRXQDVRODYH]\YDOHGHURSDUD
VLHPSUHVHOOHYDDFDERHQGLFKRVDQWXDULRFHOHVWLDOXQPLQLVWHULRVDFHUGRWDOGHLQWHUFHVLRQH[SLDFLRQ\
SXULILFDFLRQHQORVFLHORVWHQLHQGRHQFXHQWDGHTXHHOVDQWXDULRWHUUHQDOHUDXQDILJXUDGHOFHOHVWLDOFRQ
WRGRORTXHHVRSXGLHVHLPSOLFDU\TXHODSURIHFLDGH'DQLHO\FRQWLHQHORVHOHPHQWRVFURQRORJLFRV
WLSRORJLFRVKLVWRULFRV\GRFWULQDOHVSDUDFRQRFHUORVPRPHQWRVGHODVIDVHVGHHVHVDQWXDULRFHOHVWLDO\
FRPSOHPHQWDUDOUHVWRGHODHVFULWXUDHQORTXHVHUHILHUHDOFRQWHQLGRHLPSOLFDFLRQHVGHHVDVIDVHV
6HGHVFXEUHDXQTXHWRGDYLDVHKDGHFRPSUREDUPHMRUFXDQGRHVWXGLHPRVHOWH[WRTXHOD
DSRFDOLSWLFDLQWHJUDHQVXFDSDFLGDGWH[WXDOXQDXQLFDSRVLELOLGDGPHWRGRORJLFDLQWHUSUHWDWLYDOD
OODPDGDKLVWRULDHQVXFHVLRQRFRQWLQXD
4XHHOFRQFHSWRKHUPHQHXWLFRGHKLVWRULDFRQWLQXDGHODDSRFDOLSWLFD\DOOHYDHOIXWXUR
LQVHUWDGRGHPRGRQDWXUDOHQHOSURSLRFRQWHQLGRGHOWH[WR(VWRLPSOLFDODLPSRVLELOLGDGGHXQD
LQWHUSUHWDFLRQHQODTXHVHLQYHQWHXQDUHSHWLFLRQGHOPLVPRSHULRGRDSOLFDEOHSDUDGRVDFRQWHFLPLHQWRV
GLVWLQWRVRFXPSOLPLHQWRGREOH/DSURIHFLDDSRFDOLSWLFDHQEDVHDVXSURSLDFRPSRVLFLRQSRVHHHO
UHFXUVRGHH[WHQGHUVHHQVXVFRQWHQLGRVVLIXHUDQHFHVDULRSDUDRIUHFHUQRVXQFRPSOHPHQWRDPSOLDGR
VREUHXQSHUVRQDMHRVLPERORSURIHWLFRFRQVXVDFWLYLGDGHVLQFOXLGDV-DPDVHQODDXWRULGDGGHOWH[WRVH
QRVGDXQDDXWRUL]DFLRQVHPHMDQWHDODGHKDFHUXQDDSOLFDFLRQGREOHGHXQPLVPRSHULRGRSURIHWLFR(O
DQDOLVLVTXHKHPRVKHFKRQRVSURSRUFLRQDXQDVUHJODV\QRUPDVTXHSXHGDQDSOLFDUVHDGHFXDGD\QR
DUELWUDULDPHQWH1RQRVHVWDSHUPLWLGRQDGDTXHQRSRGDPRVMXVWLILFDUFRQODSURSLDDXWRULGDG
LQWHUSUHWDWLYDTXHQRVSURYHHHOSURSLRWH[WR(VGHOSURSLRWH[WRDSRFDOLSWLFRTXHQRVRWURVGHEHPRV
VDFDUORVSULQFLSLRVKHUPHQHXWLFRV1RSRGHPRVLQYHQWDUORV(VSUHFLVDPHQWHHQHODQDOLVLVHVWUXFWXUDO\
HVWXGLRGHOWH[WRUHODWLYRDORVSHULRGRVFURQRORJLFRVSURIHWLFRVTXHKHPRVFRPSUREDGRTXHHVWRV
UHVSRQGHQDODH[LJHQFLDGHOFRQWHQLGRWH[WXDOGHQWURGHXQDSURIHFLDTXHYDWHQLHQGRVXFXPSOLPLHQWRHQ
WRGDXQDVHULHGHVHFXHQFLDVKLVWRULFDVTXHVHGHVDUUROODQHQHOWLHPSR3RUORWDQWRHOSHULRGR
FURQRORJLFRHVLQDPRYLEOH\DTXHHVWDVXMHWRDODH[FOXVLYLGDGTXHOHPDUFDQORVDFRQWHFLPLHQWRV
KLVWRULFRVFRQORVTXHHVWDUHODFLRQDGR\TXHOHVHQDODQHOHVSDFLRFRQFUHWRKLVWRULFRHQHOTXHHVWD
LQVHUWDGRHQODVHFXHQFLDKLVWRULFDGHWHUPLQDGD\XQLGDLQVHSDUDEOHPHQWHFRQODVGHPDVVXFHVLRQHV
+HPRVYLVWRTXHHOSHULRGRFURQRORJLFRSURIHWLFRHVSXUDPHQWHUDWLILFDGRUPHGLDQWHODPDWL]DFLRQH[DFWD
GHORTXH\DHVWDLQYROXFUDGRHQODLPSOLFDFLRQKLVWRULFDTXHVHQDODODSURIHFLDDSRFDOLSWLFD'HDKLTXH
HOSHULRGRFURQRORJLFRSURIHWLFRVHGDH[FOXVLYDPHQWHSDUDHPSOHDUVHGHQWURGHOSURSLRFRQWH[WRHQHO
TXHHVWDLQVHUWDGR\DTXHVLUYHH[FOXVLYDPHQWHSDUDUHDILUPDUORTXHVHSUHGLFH(QXQDSDODEUDFDGD
SHULRGRFURQRORJLFRSURIHWLFRHVWDDQXQFLDGRDQWLFLSDGDPHQWHHQODVXFHVLRQKLVWRULFDTXHSUR\HFWDOD
SURIHFLD6XSUHVHQFLDFRQFUHWDHVWDOLJDGD\HQFDMDGDHQODSURSLDVXFHVLRQKLVWRULFDTXHKDELHQGR
SURYLVWRHOKXHFRWHPSRUDOGDSDVRDOSHULRGRFURQRORJLFRDILQGHPDWL]DU\HVSHFLILFDUODVXFHVLRQ
KLVWRULFDHQFXHVWLRQFRQYDORUHVFURQRORJLFRV(VWDHVODUHJODUHVSHFWRDHVWHDVXQWRTXHQRVOHJD
'DQLHOHLPSRVLELOLWDODWHRULDLQDSOLFDEOHGHOGREOHFXPSOLPLHQWRGHQWURGHODSURIHFLDDSRFDOLSWLFD
>@

(OSHULRGRFURQRORJLFRSURIHWLFRQRVHSXHGHDLVODUGHVXUHODFLRQDOLGDGFRQWH[WXDO\DTXHHVWDHV
ODTXHGHWHUPLQDVLHVVLPEROLFRROLWHUDO'HOHVWXGLRGHODDSRFDOLSWLFDGH'DQLHOVHGHVSUHQGHDTXH
HOIXWXURVLHPSUHVHPDQLILHVWDHQODSURIHFLDDSRFDOLSWLFDPHGLDQWHDFRQWHFLPLHQWRVDFWLWXGHV\
FDUDFWHULVWLFDVTXHVHGHVDUUROODQ\FXPSOHQHQXQDOLQHDLQLQWHUUXPSLGDKLVWRULFDKDVWDOOHJDUDOIXWXUR\
HQODPD\RULDGHODVRFDVLRQHVVHQDODGR\UDWLILFDGRSRUGDWRVFURQRORJLFRVTXHVHH[SUHVDQ
LQYDULDEOHPHQWHHQXQDQXPHURORJLDVLPEROLFDEFXDQGRQRVHQFRQWUHPRVFRQXQSHULRGRFURQRORJLFR
SURIHWLFRGHQWURGHODH[SRVLFLRQDSRFDOLSWLFDGHDFXHUGRDORHVWXGLDGRGHEHULDPRVVHJXLUORV
VLJXLHQWHVSDVRVLQYHVWLJDUVXFRQWH[WRUHODFLRQDOVLDSXQWDDOIXWXURVHUDSUHFLVRHQWHQGHUOR
VLPEROLFDPHQWHXQLFDPHQWHFXDQGRHOFRQWH[WRUHODFLRQDOGHOSHULRGRSURIHWLFRQRVHQDODDOIXWXUR
VLQRDOSUHVHQWHGHOSURIHWDHOYDORUQXPHULFRGHOSHULRGRFURQRORJLFRVHULDOLWHUDOHOSULQFLSLRGH
FRKHUHQFLDPDQLIHVWDGRHQ'DQLHOQRVGHEHOOHYDUDTXHORLQWHUSUHWDGRFRPRIXWXURQRVGDUDXQD
UHODFLRQFRQWH[WXDOHQODTXHVHDGPLWHH[FOXVLYDPHQWHXQSHULRGRFURQRORJLFRSURIHWLFRVLPEROLFRHO
SHULRGRFURQRORJLFROLWHUDOH[LJHXQDUHODFLRQFRQWH[WXDOSDUDHOSUHVHQWHGHOSURIHWDQXQFDSDUDHO
IXWXURFRQWRGRHVWRMXQWRDORTXHQRVKDGDGRGHVLDQDOL]DUHOWH[WRGHORVSHULRGRVFURQRORJLFRV
VHGHVFXEUHTXHODSURIHFLDQHFHVLWDDILQGHTXHHOSHULRGRWHQJDVXUD]RQGHVHUSHUPLWLUTXHOD
VLWXDFLRQKLVWRULFDVHQDODGDSRUODSURSLDSURIHFLDWHQJDWLHPSRDGHVDUUROODUVHHQODKLVWRULD\SXHGD
FRQWDELOL]DUVH'HDKLTXHKD\DPRVGLFKRTXHHVLQFRPSDWLEOHHOIXWXURFRQXQSHULRGROLWHUDO3XHVWR
TXHWRGRIXWXURGHODSURIHFLDDSRFDOLSWLFDHVWDDQWLFLSDGRSRUWRGRXQGHVDUUROORKLVWRULFRHQHOTXHVH
LQWHJUDHOSHULRGRFURQRORJLFR\GHHVWHPRGRSXHGHVFRQFHELUWDQWRHOFRPLHQ]RFRPRHOILQGHO
SHULRGRFRQORVGDWRVTXHHVWDQLQYROXFUDGRVHQODSURSLDKLVWRULDHQODTXHVHDFRSODHOSHULRGR
FURQRORJLFR6LVHLQWURGXMHUDXQSHULRGRFURQRORJLFRFRPRFXPSOLHQGRVHHQHOIXWXURPDVDOODGH
QXHVWURSUHVHQWHDFWXDOGDQGROHXQYDORUOLWHUDOVHYXOQHUDULDQWRGRVORVUHTXLVLWRVTXHODSURSLD
SURIHFLDDSRFDOLSWLFDUHFODPD\VHYHULDREOLJDGRHOTXHWDOKLFLHUDDFRORFDUHOSULQFLSLR\HOILQGHO
SHULRGRGHPRGRFDSULFKRVR\DUELWUDULR"SRUTXH"3RUWRGRORTXHYHQLPRVGLFLHQGRSRUTXHHOIXWXUR
HVWDGDGRHQXQDVXFHVLRQKLVWRULFDTXHVHGHVDUUROODHQHOWLHPSR\H[LJHVLKXELHUDXQSHULRGR
FURQRORJLFRDXELFDUVHGHQWURGHODSURSLDVXFHVLRQKLVWRULFDGRQGHVHRIUHFHQGHWDOOHVSDUDVDEHUHO
SULQFLSLR\HOILQGHGLFKRSHULRGR&XDQGRVHGDXQYDORUOLWHUDODXQSHULRGRFURQRORJLFRSURIHWLFR
TXHVHSUHWHQGHFRORFDUHQHOIXWXURH[FOX\HVDOSHULRGRFURQRORJLFRGHVXDPELHQWHQDWXUDO\
HQWRQFHVSLHUGHVODVHJXULGDGTXHVRORHQODUHODFLRQFRQWH[WXDO\HQODKLVWRULDHQVXFHVLRQSXHGHV
HQFRQWUDU\FRPRFRQVHFXHQFLDODPHQWHGHODSHUVRQDSULYDGDGHORTXHHOWH[WRDSRUWDSDUDXQD
FRPSUHQVLRQDGHFXDGDXQDYH]GHVJDMDGRHVHSHULRGRFURQRORJLFRGHWRGRHOUHFRUULGRKLVWRULFRTXHOH
DPSDUDHVWDDPHUFHGGHODH[WUDYDJDQFLD3RUVLIXHUDSRFRHVWRODQHFHVLGDGFRQTXHGHIRUPDQDWXUDO
WHVDWLVIDFHHOWH[WRDSRFDOLSWLFRFXDQGRORLQWHUSUHWDVGHQWURGHORVSURSLRVFDQRQHVTXHHOSURSLRWH[WR
JHQHUDVHSLHUGH\DTXHHOIXWXURFRPRODFXOPLQDFLRQGHWRGRXQSURFHVRKLVWRULFRFRQWHPSODGRHQOD
SURSLDSURIHFLDDSRFDOLSWLFDDOGHVOLJDUORGHVXFRQWH[WRQDWXUDOQRWHSHUPLWHDVLPLODUHOFXPSOLPLHQWR
SXQWXDOGHOSULQFLSLR\ILQGHFDGDSHULRGRFURQRORJLFRSURIHWLFRFRVDTXHVLVXFHGHFXDQGRHQXQD
LQWHUSUHWDFLRQSDUDHOIXWXURHOSHULRGRHVVLPEROLFR\WDOFRPRHOWH[WRH[LJH(QWRQFHVWRGRHQFDMD/D
>@
KLVWRULDODYDVYLHQGRWUDQVFXUULUORSUHGLFKRYDWHQLHQGRVXFXPSOLPLHQWR\WXORFRPSUXHEDV HO
SHULRGRFURQRORJLFRSURIHWLFRDOHVWDULQVHUWDGRHQHVDVXFHVLRQKLVWRULFDORFRQWHPSODVFRPRFXPSOLGR
+D\VXILFLHQWHSHUVSHFWLYDKLVWRULFD\QRFDEHHOHUURU3HURFXDQGRDOSHULRGRFURQRORJLFROR
GHVDUWLFXODVGHVXLQVHUFLRQHQODKLVWRULDTXLHEUDVVXQDWXUDOH]DGHVHU\VXFRPLHQ]R\VXILQDODGPLWH
WDQWDVSUREDELOLGDGHVTXHFXDOTXLHUHOHFFLRQVHUDTXLPHULFD,QGHSHQGLHQWHPHQWHGHTXHOD
LPSRVLELOLGDGODWUDHHOQRKDEHUUHVSHWDGRODVFRQGLFLRQHVTXH\DKHPRVH[SOLFDGRHQTXHHVWDGDGR
WRGRSHULRGRFURQRORJLFRSURIHWLFR
&RQH[LRQLGHRORJLFDHQWUHHOFDSLWXOR\
&RQHFWDDGHPDVFRQHOFDSLWXORGRQGHVHQRVGHVFULEHHQWUHRWUDVFRVDVDTXHFODVHGHVDQWXDULRVH
HVWDUHILULHQGR<DQRVHWUDWDGHXQDWULR\XQDOWDUSUHIDEULFDGRVWDOFRPRHUDHOVDQWXDULRGHODWLHUUD
GRQGHVHUHDOL]DHOVDFULILFLRFI1LODYLFWLPDHVXQFRUGHURVLQRXQ0HVLDV6HWUDWD
>@
GHXQ0HVLDVTXHHQWUHRWUDVFRVDVH[SLDUDRSXULILFDUDODLQLTXLGDGFI/Y
<XQ6DQWXDULRFX\R/XJDU6DQWLVLPRVHUDXQJLGRHQRFDVLRQGHVXLQDXJXUDFLRQSRUHVH0HVLDV
GHVSXHVGHVXPXHUWH'QSS0XHUWHTXHKDELDKHFKRFHVDUHOVDFULILFLR\RIUHQGDGHRWUR
6DQWXDULRFI6DQWXDULRTXHGHILQLWLYDPHQWHLEDDVHUGHVWUXLGRMXQWRFRQODFLXGDGSRUOD
>@
SULPHUD5HDOLGDGKLVWRULFDGHO&XHUQRSHTXHQRDSFI
"'LDVOLWHUDOHVRSURIHWLFRV"
3RUODFRPELQDFLRQGHORVYHUVLFXORVVHLGHQWLILFDEDODYLVLRQKH+D]RQSDUDHOWLHPSRGHOILQ
FRQHOSHULRGRGHORVGLDVDOTXHVHOHFRQVDJUDODH[SUHVLRQYLVLRQPDU(GHODV
WDUGHV\PDQDQDVSS<TXHODYLVLRQKH+D]RQTXHHUDSDUDHOWLHPSRGHOILQVHLGHQWLILFDFRQ
ODH[SUHVLRQGHTXHODYLVLRQKH+D]RQHVSDUDPXFKRVGLDVXS
(OVHQWLGRVLPEROLFRGHHVHSHULRGRQRVLPSRQHDWHQHUHQFXHQWDHOSULQFLSLRGLDSRUDQRTXH
GLYHUVRVWHRORJRVGHGLIHUHQWHVWHQGHQFLDVVHKDQYLVWRREOLJDGRVDUHFRQRFHU/DDSOLFDFLRQGHO
SULQFLSLRGLDSRUDQRQRGHSHQGHGHODDUELWUDULHGDGGHOH[HJHWDVLQRGHOFXPSOLPLHQWRGHXQDV
FRQGLFLRQHVGHWHUPLQDGDVFRQWH[WXDOHV/RVWH[WRVGH1XP\(]TQRGHFLPRVQLTXHVHDORV
XQLFRVDWHQHUHQFXHQWDSDUDHVWHSULQFLSLRKHUPHQHXWLFRQLTXHGLJDQTXHKD\DXQDUHJODRSULQFLSLR
SDUDLQWHUSUHWDUODVSURIHFLDVGHOD%LEOLDDUD]RQGHDQRSRUGLDFRPRSUHWHQGHQDOJXQRVVLQR
VLPSOHPHQWHTXHKD\XQXVRTXHXWLOL]DHOHVFULWRUVDJUDGRGHGDUXQYDORUGHXQDQRDXQFLHUWRGLDTXH
VHUHODFLRQDFRQXQDQXQFLRSURIHWLFR\TXHGLFKDXWLOL]DFLRQYLHQHDYDODGDSRUXQDFRVWXPEUHTXHVH
SUHVHQWDHQOD%LEOLD\TXHDFDERHQFLHUWRVFDVRVILMDQGRVHFRPRXQDUHDOLGDGFURQRORJLFD\GH
>@
FRPSXWRSURIHWLFR
/RVSXQWRVTXHKDQTXHGDGRHVWDEOHFLGRV\GHPRVWUDGRVHQFXDQWRDTXHORVGLDVLQVHUWDGRVHQOD
YLVLRQVHDSOLFDQHOSULQFLSLRGLDDQR\TXHSRUORWDQWRFRUUHVSRQGHQDDQRVKDQVLGR
/DXWLOL]DFLRQGHGLDVRGLDSRUDQRVRSRUDQR
/RVWH[WRVTXHHQFLHUUDQHOSULQFLSLRGHXQGLDSRUXQDQR
/DDSOLFDFLRQLQVSLUDGDGHO3ULQFLSLRGLDSRUDQRHQOD3URIHFLD$SRFDOLSWLFDPHGLDQWHXQ
FRQWH[WRVLPEROLFRFRQXQLGDGHVGHWLHPSRVLPEROLFDVHLQXVXDOHVMXQWRDXQFRQWH[WRGHQDUUDFLRQ
KLVWRULFDFRQXQLGDGHVGHWLHPSROLWHUDOHV\HQXVR
&RQHOVLJQLILFDGRGHODV6HWHQWD6HPDQDVGH'DQLHOSXGLPRVFRPSUREDUHOYDORUGHXQDQRSRU
FDGDGLDSURIHWLFRGHQWURGHOFRQWH[WRDGHFXDGRPRVWUDQGRVHQRVTXHHOSURIHWDXWLOL]DEDHVHEDUHPR\
VLPERORJLDHQ'DQLHO
/DUHODFLRQHLGHQWLILFDFLRQGH'DQLHOFRQHO\HVWHFRQHO\WRGRVFRQHOUHFXHUGHVHOD
HVWUXFWXUDGHSDUDOHOLVPRVGLUHFWRV\HQTXLDVPRVQRVSHUPLWHFXPSOLHQGRODVFRQGLFLRQHVFRQWH[WXDOHV
GHELGDVGHWHUPLQDUODVFLIUDVWDQWRHQ'DQLHOFRPRHQ'DQLHOFRPRVLPEROLFDV\FRQYDORUGH
DQRVGHORVGLDV
'HPRVWUDEDPRVTXHODVVHPDQDVGH'DQLHOVRQVHPDQDVGHDQRVHQIXQFLRQGHOSULQFLSLR
LQVHUWDGRHQFODYHGHGLDSRUDQR
([SOLFDEDPRV\GHPRVWUDEDPRVODFRQWLQXLGDGGHOFDSLWXORHQHOGRQGHVHGHWHUPLQDHOYDORUGH
ORVGLDVDQRVHQEDVHDODV6HWHQWD6HPDQDVGHDQRV<SRUORWDQWRGHODUHODFLRQHQWUHORV
FDSLWXORV\GH'DQLHO8QOD]RGHXQLRQWHUPLQRORJLFR\FRQFHSWXDOHQWUH'DQLHO\ODV6HWHQWD
6HPDQDVORVGLDV\OD,QWHUSUHWDFLRQGH-HVXFULVWRHQHO1XHYR7HVWDPHQWR
([DPLQDEDPRVSXHVWRVHQSDUDOHORORVGRVFDSLWXORV\FRPSUREDEDPRVTXHH[LVWHXQDWHUPLQRORJLD
VLPLODUHQWUHHOFDSLWXOR\
/D3HUVSHFWLYD&XOWXDO\OD8QLRQ&RQFHSWXDOGHORVFDSLWXORV\YHLDPRVTXHHUDXQDUHDOLGDG
6HQRVDFODUDEDHLGHQWLILFDEDKLVWRULFDPHQWHHQHOFDSLWXORORUHODWLYRDO&XHUQR3HTXHQRHQVX
SULPHUD5HDOLGDGKLVWRULFD\GHORPDVLPSRUWDQWHGHO(MHUFLWRGHO&LHORDOTXHHVWDSULPHUD5HDOLGDG
KLVWRULFDSLVRWHDRULHQWDQGRODWUD\HFWRULDGHHVH&XHUQR3HTXHQRHQVX6HJXQGD5HDOLGDGKLVWRULFD
9HLDPRVWDPELHQORVDVSHFWRVFURQRORJLFRVFRPXQHVHQWUH'DQLHO\TXHSHUPLWLDLGHQWLILFDU
GLFKRVFDSLWXORV
(VWXGLDEDPRVHOVHQWLGRGH7L[QQH+7DNFRUWDGDVGHODVVHPDQDV'DQLHO
SSTXHUHODFLRQDEDXQDYH]PDVHOFDSLWXOR\HOPRVWUDQGRQRVTXHKDELDTXHHQWHQGHUDODV
VHPDQDVGHDQRVRGLDVDQRVFRPRFRUWDGDVRVDFDGRVGHOWRWDOGHORVGLDVDQRV
/RVGLDVFRQFOXLDPRVGHVSXHVGHWRGRXQUHFRUULGRH[HJHWLFRTXHHUDQVLPEROLFRVFRQXQ
YDORUGHFDGDXQRGHHVRVGLDVGHXQDQR
'DGDODUHODFLRQDOLGDGGHODVGLIHUHQWHVYLVLRQHVGH'DQLHOGHDFXHUGRDODHVWUXFWXUDGHO
SDUDOHOLVPRGLUHFWR\DORVTXLDVPRV\DODVFRLQFLGHQFLDVGHFRQWHQLGRVOLQJXLVWLFRVGH
DFRQWHFLPLHQWRV\SURWDJRQLVWDVVHUHODFLRQDQLJXDOPHQWHORVSHULRGRVSURIHWLFRVFURQRORJLFRV
LQVHUWDGRVHQODSURSLDSURIHFLDDILQGHDSR\DUODGXUDFLRQGHFLHUWRVDFRQWHFLPLHQWRV\DFWRUHV
SULQFLSDOHV
'HDKLTXHSXGLHUDPRVREVHUYDUODLGHQWLGDGGHOSHULRGRSURIHWLFRWLHPSRVRGLDVHQ
>@
'DQLHO\\SRUORWDQWRODUHODFLRQDOLGDGFRQORVGLDVDQRVGH'DQLHO
'HMDEDPRVFODURTXHORVWUHVWLHPSRV\PHGLRRGLDVVLPEROLFRVHOWLHPSRGHODGXUDFLRQ
KHJHPRQLFDGH&XHUQRSHTXHQRDOFDQ]DQGRKDVWDHOWLHPSRGHOILQ
(O$SRFDOLSVLVWHVWLPRQLDTXHORVGLDVRWUHVWLHPSRV\PHGLRHVWDVXRULJHQHQHOIXWXUR
WRGDYLDOHMDQRDODXWRU\DODHSRFDGHO$SRFDOLSVLV\UHODFLRQDHLGHQWLILFDVXVFLIUDVRSHULRGRV
SURIHWLFRVFURQRORJLFRVFRQODVFLIUDVSURIHWLFDVGH'DQLHO
3UHVHQWDEDPRVODRSLQLRQGHYDULRVDXWRUHVWDQWRFDWROLFRVFRPRSURWHVWDQWHVTXHDGPLWLDQODQR
OLWHUDOLGDG\HOYDORUVLPEROLFRGHODVFLIUDVFURQRORJLFDVSURIHWLFDVPRVWUDQGRHQYDULRVHOYDORUGLD
DQRRFRPRDSXQWDQGRXQSURFHVRWHPSRUDOSURORQJDGRKDVWDHOWLHPSRGHOILQ
5HDOL]DEDPRVXQHVWXGLRTXHWRGDYLDFRPSOHPHQWDUHPRVPDVGRQGHVHGHPRVWUDEDODUHODFLRQH
LGHQWLGDGGHFLHUWRVFRQFHSWRVLGHRORJLFRVGH'DQLHO\FRQ\FRQORV
SHULRGRVFURQRORJLFRVGH'DQLHO
+HPRVGHPRVWUDGRTXH'DQLHOFRQWLHQHODIRUPXODDGHFXDGDSDUDFRPSUHQGHUHOSULQFLSLRGLDSRU
DQRDSOLFDGRDODVFLIUDVDSRFDOLSWLFDVTXHFXPSOHQXQDVFRQGLFLRQHVFRQWH[WXDOHVLGRQHDVSDUD
FRQVLGHUDUODVFRPRVLPEROLFDV\GHDKLIUXWRGHODFODYHLQVHUWDGDWUDQVIRUPDUHVRVGLDVGHWHUPLQDGRV
HQDQRV
7DPELHQGHVFXEULPRVODH[LVWHQFLDGHODXQLGDGTXH'DQLHORWRUJDDWRGDVXGHVFULSFLRQSURIHWLFD
7RGRGHSHQGHGHOHVTXHPDGH'DQLHODPSOLDQGRVHHQODVRWUDVYLVLRQHV\SURIHFLDVTXHDSDUHFHQ
OLJDGDVXQDFRQRWUDPRVWUDQGRVXKRPRJHQHLGDG&XDQGRHVWXGLDPRV'DQLHO\FRPSUREDEDPRVOD
LGHQWLGDGGHO&XHUQR3HTXHQRGH'DQLHOFRPRFRUUHVSRQGLHQGRDOD6HJXQGD5HDOLGDGKLVWRULFDGHO
&XHUQR3HTXHQRGH'DQLHODODYH]TXHREVHUYDEDPRVTXHHO-XLFLR&HOHVWLDOQDUUDGRSRU'DQLHO
TXHDFRQWHFHSDUDOHODPHQWHDODH[LVWHQFLDGHOD&XDUWDEHVWLDR&XDUWRUHLQR\XOWLPRDSDUHFLDXQDYH]
TXHHOSHULRGRGHKHJHPRQLDGHO&XHUQR3HTXHQRKXELHUDDFDEDGROOHJDQGRKDVWDHOLQVWDQWHHQTXHHO
+LMRGHO+RPEUHHQWUHJDHO5HLQRGH'LRVDVXV6DQWRV\HQFXHQWUDHQ'DQLHOXQD
FRUUHVSRQGHQFLDVLPLODUHQODSXULILFDFLRQGHXQ6DQWXDULR
7RGRHVWRQRVPRVWUDULDTXHHOSHULRGRFURQRORJLFRUHFRJLGRHQ'DQLHOVHULDGHODPLVPDQDWXUDOH]D
TXHORVGLDVGH'DQLHO\TXHODVVHPDQDVGH'DQLHO
 &DSLWXOR9,,,

/RVHQHPLJRVGH'LRVVLVWHPDVGHPDOGDG

&RQWHQLGRV\6LJQLILFDGRGH$SRFDOLSVLV

(OHPHQWRV FRPSOHPHQWDULRV D OD %HVWLD DSRFDOLSWLFD \ DO

&XDUWR5HLQRVHJXQHOFDSLWXOR
/D%HVWLDTXHVXEHGHO0DU$S
<DKHPRVGHPRVWUDGRODLGHQWLGDGGHODV%HVWLDV/DTXHDSDUHFHHQHOFS\HVXQD\OD
>@
PLVPD%HVWLD
6LVHREVHUYD$SRFDOLSVLVWHQLDFRPRSURSRVLWRLQGLFDUQRVODQDWXUDOH]DVDWDQLFDGHOD%HVWLD
'HWUDVGHOSRGHUKXPDQRPDQLIHVWDGRHQODVFDEH]DV\ORVFXHUQRVVHHQFXHQWUDHO'UDJRQTXHKDELD
WHQLGRXQRULJHQFHOHVWLDO
$KRUDDOD%HVWLDLJXDOPHQWHFRQVXVFDEH]DV\FXHUQRVDXQFXDQGRHVWRVXOWLPRVDFWLYDGRVFRQ
>@
ODVGLDGHPDV VHOHYHVXELUGHOPDUFI'Q
(O0DUUHFLSLHQWHGHPXFKDVDJXDVHVXQVLPERORGHSXHEORVPXFKHGXPEUHV\JHQWHVFI$S
&RQHOORVHQRVHVWDTXHULHQGRGHFLUTXHHORULJHQGHOD%HVWLDHVWDHQHVWDWLHUUDFDLGDFRQILJXUDGD
SRUODLGHRORJLDKXPDQDTXHQRWLHQHHQFXHQWDD'LRV\TXHOHVXVWLWX\HFI'QGHDKLODV
>@
FDEH]DVVLPSOLILFDFLRQGHODVHGHGHOSHQVDU\GHOSRGHUGLUHFWRUFRQQRPEUHVGHEODVIHPLD
/D%HVWLDDWUDYHVGHODV&LQFRSULPHUDV&DEH]DV$SSSSSFISSSS

/DGHVFULSFLRQGHOD%HVWLDKDVWDHOWUDVPLVRUGHO$SRFDOLSVLV$SSS
/DLQVSLUDFLRQKDUHFRJLGRFRPROD%HVWLDUHSUHVHQWDWLYDGHO*RELHUQRKXPDQRGHWDOOHVGHODVGH
'DQLHOHO/HRQHO2VR\HO/HRSDUGRSUHFLVDPHQWHFXDGURVIRWRJHQLFRVGHORTXHDQWHFHGHDODHSRFD
DQWHULRUDODTXHVHHQFXHQWUD-XDQ
-XDQYLYHHQODHSRFDGHO,PSHULR5RPDQR
"$TXHFRUUHVSRQGHOD&DEH]DTXHUHFLEHODKHULGDPRUWDO"/DD&DEH]D$SSS
<DKHPRVH[SOLFDGRHQRWURDSDUWDGRTXHODVFDEH]DVVRQUHLQRVRSRGHUHVVXFHVLYRVTXHKDQSRVHLGR
ODKHJHPRQLD\KDQPDUFDGRODPDUFKDGHODKLVWRULDXQLYHUVDOFI
(VHYLGHQWHTXHVLOD%HVWLDDWUDYHVGHODV&DEH]DVQRVPXHVWUDHO*RELHUQRLGHRORJLFRPLOLWDU
KXPDQRTXHKDWHQLGRXQDKHJHPRQLDVLQJXODUHLQIOX\HQWHHQHOGLVHQRKLVWRULFRGHVGHVXRULJHQKDVWD
QXHVWURVGLDVVRQODVFDEH]DVTXHVHKDQVXFHGLGRKDVWDODHSRFDHQTXH-XDQHVFULEHHO$SRFDOLSVLV\
TXHWDQWRSRUODKLVWRULDFRPRSRUORTXHQRVUHILHUH'DQLHOHVH*RELHUQRKXPDQRDMHQRDO'LRV
>@
YHUGDGHURVHLQLFLDHQHO,PSHULR\FLYLOL]DFLRQ%DELORQLFD 
6LFRQVLGHUDPRVDO,PSHULR5RPDQRFRPRHOTXHH[LVWHHQODHSRFDGH-XDQ\FRPRKDELHQGRWHQLGR
XQDKHJHPRQLDXQLYHUVDOWHQGUHPRVHQWUHORVGRVH[WUHPRV%DELORQLD\5RPDODVFXDWURSULPHUDV
&DEH]DV%DELORQLD0HGR3HUVLD*UHFLD5RPDHOPLVPRHVTXHPDSUHVHQWDGRSRU'DQLHOVLXQRVH
DWLHQHDOWH[WR\FRQVLGHUDQGRKDVWDODSULPHUDIDVHGHOD&XDUWD%HVWLDR&XDUWR5HLQRFRQODVHJXQGD
IDVHODGHO&XHUQRSHTXHQROOHJDDOILQGHOPXQGR
6LVHREVHUYDOD&DEH]DTXHUHFLEHODKHULGDHVXQD&DEH]DTXHH[LVWHSRVWHULRUPHQWHDODTXHFRLQFLGH
FRQODHSRFDGH-XDQTXHHVOD&XDUWD(VWD&DEH]DSRVWHULRUDOD&XDUWDKDGHWHQHUDQWHVGH
H[SHULPHQWDUODKHULGDPRUWDOODDXWRULGDGTXHHO'UDJRQOHGDGXUDQWHPHVHVSURIHWLFRV$S
XS
6LWHQHPRVHQFXHQWDD'DQLHOHVHOWLHPSRGHGXUDFLRQKHJHPRQLFDTXHSRVHHHO&XHUQRSHTXHQRTXH
VHLQLFLDHVWHHQXQPRPHQWRSRVWHULRUDODGHVPHPEUDFLRQGHO,PSHULR5RPDQR
(VHOPLVPRWLHPSRWUDQVFXUULGRSRUOD0XMHU&HOHVWLDOUHSUHVHQWDGDHQODWLHUUDSRUDTXHOORVTXH
VRVWLHQHQORVSULQFLSLRVGHO5HLQRGH'LRV$S$FRQWHFLPLHQWRTXHFRPR\DYLPRVHV
SRVWHULRUDODSHUVHFXFLRQGHOD,JOHVLDSRU5RPD,PSHULDO,GHQWLFDGXUDFLRQTXHODWULEXODFLRQGH
KROODPLHQWRTXHVXIUHOD&LXGDG6DQWDFHOHVWLDOHQODSHUVRQDGHO3XHEORGH'LRVHQODWLHUUDHQVX
FRQGLFLRQGHGHVLHUWR$SFIREOLJDQGRDORVGRV7HVWLJRVDSUHGLFDUDORODUJRGHLJXDO
WLHPSRYHVWLGRVGHVDFRV\FLOLFLR$S
&XDQGRHVWXGLHPRVFRQGHWHQLPLHQWR$SRFDOLSVLVFRPSUREDUHPRVTXHHVD&DEH]DTXHKDELDVLGR
XQDGHODVVLHWHHVSUHFLVDPHQWHODTXHUHFLELRODKHULGDPRUWDO\TXHUHDSDUHFHXQDYH]TXHVHKD
WHUPLQDGRODVXFHVLRQGHODVVLHWHFDEH]DVFRPRVLIXHUDXQDRFWDYD
3HURORTXHGHWHUPLQDHLGHQWLILFDLUUHPLVLEOHPHQWHDHVD&DEH]DKHULGDPRUWDOPHQWHFRPRODD
&DEH]DHVHOSRQHUHQSDUDOHOLVPRORVWUHVFDSLWXORV\HQORUHIHUHQWHDODSRVLFLRQGH
DELVPRTXHDVXPHOD%HVWLDFXDQGRUHFLEHHVDKHULGDPRUWDOXQDGHVXV&DEH]DV9HDPRVORGHFHUFD
6HJXQ$SRFDOLSVLVODLPDJHQGHODSRVLFLRQGHOD%HVWLDTXHVXEHGHODELVPRVHLQWURGXFH
WHUPLQDQGRVHHOSHULRGRGHGLDVSURIHWLFRVFI$S1RWHVHFRQFXLGDGRTXHHQHOWLHPSRTXH
OD%HVWLDHVWDSDUDVXELUGHODELVPRGH$SRFDOLSVLVSSKDQWUDQVFXUULGR&,1&2&$%(=$6
$SSS
/RTXHTXLHUHGHFLUTXHVLDOD&DEH]DKHULGDGH$SRFDOLSVLVSSVHOHKDELDFRQFHGLGRSRUHO
'UDJRQXQDDFWXDFLRQKHJHPRQLFDGHPHVHVSURIHWLFRVLGHQWLFDFLIUDTXHGLDVSURIHWLFRV
XS\HVDFDEDQGRVHHVHWLHPSRSURIHWLFRFXDQGRHVYLVWDOD%HVWLDHQSRVLFLRQGHDELVPR\HQGLFKD
SRVLFLRQVHFRQWDELOL]DTXHKDQSDVDGR&,1&2&$%(=$6OD&DEH]DKHULGDGH$SRFDOLSVLVSS
FRUUHVSRQGHDODD&DEH]DORFXDOFRLQFLGHFRQODLQIRUPDFLRQTXHQRVSURYHH'DQLHOHOSURIHWDHQVX
FDSLWXOR
1RKD\QLQJXQDGXGDGHTXHVHWUDWDGHODD&DEH]DODTXHYLR-XDQHQYLVLRQKHULGDGHPXHUWH
6HQRVGDQWRGRVORVGHWDOOHVQHFHVDULRVSDUDTXHODLGHQWLILTXHPRVVLQHUURUSRUFXDQWRLEDDUHYLYLU
\HOLQWHUHVGHODYLVLRQTXHVHOHRIUHFHD-XDQHVWDSUHFLVDPHQWHHQHVDUHVWDXUDFLRQGHHVD&DEH]DTXH
LEDDWHQHUGHQXHYRXQSURWDJRQLVPRJUDFLDVDODSR\RTXHUHFLELULDGHOD%HVWLDGHGRV&XHUQRV
FIXS\GHO&ROHFWLYRGHORVDKRUDXQLGRVFI
(OHVFULWRUVDJUDGRLQVSLUDGRSRUXQODGRFRQOD\DUHIOHMDGRHQ$S\TXHUHPLWHQD'DQLHO
HYLWDGDUQRVGHWDOOHVGHODVFDEH]DVDQWHULRUHVDOSHULRGRFURQRORJLFRGHORVGLDVRWUHVWLHPSRV\
PHGLRRPHVHV<SRURWUDSDUWHDOTXHUHUODLQVSLUDFLRQFHQWUDUVHHQHOSHULRGRGHOD%HVWLDHQTXH
DFWXDVDQDGDOD&DEH]DTXHIXHKHULGD$SVHYHREOLJDGDDGHVFULELUQRVDOJXQDVGHODV
FDUDFWHULVWLFDVGHHVD&DEH]DDQWHVGHUHFLELUODKHULGD\TXH\D'DQLHOKDXELFDGRSHUIHFWDPHQWH
FRPRDFRQWHFLHQGRGXUDQWHGLDVRWUHVWLHPSRV\PHGLR\SRVWHULRUPHQWHDO,PSHULR5RPDQR
'QFI$S$S\$S




(Q$SRFDOLSVLVDSDUHFLDOD%HVWLDFRPRXQ'UDJRQ\DKHPRVGLFKRVXVLJQLILFDGR3HURHQ
$SRFDOLSVLVDSDUWLUGHOPRPHQWRHQTXHOD%HVWLDDFWXDSRUPHGLRGHXQDGHVXVFDEH]DVODTXH
UHFLEHODKHULGD\GHVSXHVVHFXUDOD%HVWLD\DQRVHSUHVHQWDGHPRGRGLUHFWRFRPRVLIXHUDHO'UDJRQ
(VFXULRVRREVHUYDUTXHHO'UDJRQVHKDGHVSOD]DGRGHVXWURQRLQFOXVRVHKDGHVYHVWLGRGHVX
DXWRULGDG
$XQFXDQGRVLHPSUHHQODVXFHVLRQGHODVGLYHUVDVFDEH]DVOD%HVWLDKD\DUHFLELGRGHO'UDJRQVX
7URQR3RGHU\$XWRULGDGVHWUDWDGHVDEHUHOFRPRVHSXGRUHDOL]DUHQHOPRPHQWRHQTXHVHQDUUDOD
KHJHPRQLDGHOD&DEH]DTXHUHFLEHODKHULGDPRUWDO\TXHGHVSXHVVHFXUDDVXQWRTXHVHPHQFLRQDHQ
RFDVLRQGHOSURWDJRQLVPRGHOD%HVWLDSRUPHGLRGHOD&DEH]DTXHH[SHULPHQWDHOJROSHPRUWDOGHOTXH
SRVWHULRUPHQWHVHUHDQLPDFISS
(QXQDSDODEUDGXUDQWHODH[LVWHQFLDGHOD%HVWLDHQVXDFWXDFLRQDQWHULRUDOD&DEH]DTXHUHFLEHOD
KHULGDPRUWDO\TXHGHVSXHVVHFXUR6DWDQDVHVWDEDVHQWDGRHQVXWURQRHQHOPLVPRWURQRGHODV
QDFLRQHVRLPSHULRVKHJHPRQLFRV(UD6DWDQDVPLVPRTXLHQGHELDHQFDUQDUODGLUHFFLRQ\SUR\HFFLRQ6X
DFWLWXGHUDODGHDSURSLDUVHGHOWURQRGHODHVHQFLD\GHOSXQWRFHQWUDOTXHKDFHSRVLEOHPDQLSXODUOD
KLVWRULD\HOGHVWLQRGHODVQDFLRQHV7RGRHVWRORVDELDPRVSRU$SRFDOLSVLV
3HURDKRUDXQDYH]TXH6DWDQDVREVHUYDODHYROXFLRQGHORVDFRQWHFLPLHQWRVUHVSHFWRDOD&DEH]DTXH
>@
HVWDDFWXDQGRHQODHSRFDGHOWUDVPLVRUGHO$SRFDOLSVLVTXHQRHVRWUDTXH5RPD,PSHULDO \GHO
3RGHUTXHYDVXUJLHQGR\FUHFLHQGRGHQWURGHOSURSLR,PSHULR5RPDQRHO&ULVWLDQLVPRFRPSUXHED
HVWXSHIDFWRHOWH[WRWLHQHODLQWHQFLRQTXHOOHJXHPRVDHVWDFRQFOXVLRQORTXHQXQFDDQWHVKDELD
VXFHGLGRODSURSDJDFLRQDFHSWDFLRQ\H[WHQVLRQGHXQDLGHRORJLDVLQTXHHOKD\DFRORFDGRVXWURQR
+DVWDDKRUDVHKDELDDSURSLDGRGHOWURQRGHODVQDFLRQHVDKRUDVHPDWL]DHOGDUHOWURQRFHGLHQGROR
>@

(VWRHVPX\VLJQLILFDWLYR\DTXHQRVRIUHFHXQDFDUDFWHULVWLFDLPSRUWDQWHTXHQRVSHUPLWHXELFDUPHMRU
HORULJHQGHOD&DEH]DTXHUHFLEHXQDKHULGDPRUWDO\TXHWLHQHORVWUD]RVGHO$QWLFULVWRRGHO+RPEUHGH
3HFDGRGHD7HVDORQLFHQVHVRGHO&XHUQR3HTXHQRGH'DQLHO\FI\TXHVHH[WLHQGHPDV
DOODGHODHSRFDGHO,PSHULR5RPDQR
/DVHFXHQFLDFRQVXFRQWHQLGRLGHRORJLFRVHULDODVLJXLHQWHOD%HVWLDTXHDFWXDPHGLDQWHOD&DEH]D
TXHWRGDYLDH[LVWHHQODHSRFDGH-XDQHV5RPD,PSHULDOHQHVDHSRFD6DWDQDVPLVPRRFXSDHOWURQRGH
ORV&HVDUHVXSDKRUDFXDQGRYDDDFWXDUPHGLDQWHOD&DEH]DTXHUHFLEHODKHULGD\TXHGHVSXHV
VHFXUDFHGHVXWURQRSRGHU\DXWRULGDGXSDOD&DEH]DTXHVHLQWURXFHGHVSXHVGH5RPD
,PSHULDOUHFLELHQGR\DFHSWDQGRHOWURQRGH5RPD
&RQHVWRVHQRVHVWDTXHULHQGRGHFLUTXHODJHVWDFLRQGHOD&DEH]DTXHVLJXHDODGH5RPD,PSHULDO
WLHQHVXRULJHQHQOD$SRVWDVLD5RPDQD6HWUDWDULDGHXQDVXVWLWXFLRQ\XQDFRQWLQXLGDGFRQODDGLFLRQGH
XQDLGHRORJLDTXHFRQODDFHSWDFLRQGHOWURQRSRGHU\DXWRULGDGTXHHO'UDJRQOHFHGHVHUYLULDSDUDVXV
SURSRVLWRVGHRSRVLFLRQDO'LRVYHUGDGHURFRQVLJXLHQGRVHXQDWUDVPXWDFLRQ
1RHVQHFHVDULRTXHKD\DXQDLQWHQFLRQFRQVFLHQWHFRQWUD'LRVSDUDMXVWLILFDUODVH[SUHVLRQHV
FRQWUDULDVDODLGHRORJLDGLYLQD&XDQGRVHDVXPHQSRVLFLRQHVTXHQRWLHQHQHQFXHQWDORTXH'LRV
HVWDEOHFHHQVX3DODEUD3URIHWLFDHVVXILFLHQWHSDUDFUHDUXQDFRUULHQWH\GLUHFFLRQDOLGDGRSXHVWDDOSODQ
GH'LRVGHVDOYDUDODKXPDQLGDG
 (QRWURVDQDOLVLVSURIHWLFRVHKLVWRULFRVKHPRVGHVFXELHUWRTXHHOWURQRVDWDQLFRTXHVHHQFXHQWUDHQOD
HSRFD\JRELHUQRGHODXJXVWR&RQVWDQWLQRHQJHQGUDFRQHODSR\R\DTXLHVFHQFLDGHHOHPHQWRV
UHSUHVHQWDWLYRVTXHVHDXWRGHQRPLQDQFULVWLDQRVXQD,JOHVLD&RQVWDQWLQLDQDH,PSHULDO5RPDQDSDUDOHOD\
GLVWLQWDDODTXHOD'HVFHQGHQFLDGHOD0XMHU&HOHVWLDOKDGHMDGRFRPRVXFHVRUDGHVX'RFWULQD\
2EUD(QHVWRFRQVLVWHODFHVLRQGHOWURQRGHOSRGHU\ODDXWRULGDGVDWDQLFDHQODFUHDFLRQGHXQD
,JOHVLDHQODTXHVHGDXQDVLPELRVLVDSRVWDWDSHUIHFWDHQWUHHOLGHDULR,PSHULDO5RPDQR\FLHUWRV
FRQFHSWRVGHRULJHQ\QDWXUDOH]DFULVWLDQDTXHVLUYHFRPRUHFODPRLPSXGLFRSDUDTXHXQ&ROHFWLYR
GHGLULJHQWHVFULVWLDQRVVXFXPEDDQWHODWHQWDFLRQGHDFHSWDUXQDDPDOJDPDFRQHO(VWDGR,PSHULDO
5RPDQRFRQODSURPHVDGHTXHJUDFLDVDOD$XWRULGDGHO3RGHU\HO7URQRFRQORTXHHVDV
IXQFLRQHVLPSOLFDQ\TXHSRVHH5RPD,PSHULDOVHSRGUDFRQTXLVWDUHOPXQGRHQWHURDODLGHRORJLD
FULVWLDQD6HSURSRQHODFHVLRQDODFODVH'LULJHQWHFULVWLDQDTXHSXHGHLQIOXLUGDGDVODV
FDUDFWHULVWLFDVTXHVHKDQDOFDQ]DGRSDUDDTXHOHQWRQFHVDTXHODXQLRQ\ODPH]FODGHLGHRORJLD
,PSHULDO5RPDQD\&ULVWLDQDSXHGDVXUWLUHIHFWRDSHVDUGHTXHVHWHQJDTXHVDFULILFDUSULQFLSLRV
LQDOLHQDEOHVGHO&ULVWLDQLVPR(VHYLGHQWHSRUODKLVWRULDTXHHQWUHHODWUDFWLYRVHGXFWRUTXH&RQVWDQWLQR
SURSRQHGH8QLRQ\GHSRQHUHOWURQRSRGHU\DXWRULGDG5RPDQDHQDSR\RGHO&ULVWLDQLPRKDVWDTXHVH
GLRODFHVLRQGHILQLWLYDGHO7URQR$XWRULGDG\3RGHUHUDSUHFLVRXQDHYROXFLRQTXHSHUPLWLHUDHO
HQJHQGUR&RQVWDQWLQLDQRGH,JOHVLD,PSHULDO5RPDQDFRQHODSR\RGHFLHUWRVFULVWLDQRVUHSUHVHQWDWLYRV\
HOWUDVSDVRHQXQPRPHQWRGHWHUPLQDGRGHHVH7URQR$XWRULGDG\3RGHU/DKLVWRULDQRVFRQILUPDHVWH
KHFKRGHPRGRSURIXVR\ELHQGRFXPHQWDGRHQODTXHVHREVHUYDDO6LVWHPD3DSDODFHSWDQGRFRPRXQ
UHVXOWDGRQDWXUDOGHOHQJHQGUR&RQVWDQWLQLDQR\GHO2ELVSRGH5RPDHO3RGHUOD$XWRULGDG\HO7URQR
>@
TXH6DWDQDVKDELDFRQIHULGRDO,PSHULR5RPDQR 

>@
3DODEUDVDUURJDQWHVTXHSUHWHQGHQWUDVWRFDUODYHUGDGGH'LRV\HOFXOWRGHELGRD(O <D
>@
DOJXLHQTXHKHPRVFLWDGR7KLHOLFNH QRVDGYHUWLDGHTXHODVEODVIHPLDVQRHUDQXQLFDPHQWH
GRFWULQDVHUURQHDVVLQRHVSHFLDOPHQWHSUHWHQGHUHGLILFDUXQDUHOLJLRQ\KDEODUFRPR'LRVDVSHFWRVTXH
ORVUHFRJHFRPR\DKHPRVYLVWRHQRWURFDSLWXORDGH7HVDORQLFHQVHVHQUHODFLRQDOKRPEUHGH
SHFDGR
%ODVIHPLDVFRQWUD'LRVUHODWLYDVDVX1RPEUH
&RQHO1RPEUHGH'LRVORVHVFULWRUHVELEOLFRVSUHWHQGHQH[SOLFDUQRVODQDWXUDOH]DUHSXWDFLRQ
FDUDFWHU\SRGHUGH'LRV(VHQODDFWLWXGGLYLQDKDFLDQXHVWUDVDOYDFLRQGRQGHVHFRQRFHHO1RPEUHGH
'LRVDO&UHDGRU\5HGHQWRUFI(['HDKLTXHVHEHQGLJDHO1RPEUHGH'LRV6DORVH
DODEH6DORLQYRTXH6DORVHDQXQFLH([FRQRFLHQGRDFHSWDQGR\SURFODPDQGR
HOSRGHUGLYLQRPDQLIHVWDGRWDQWRHQOD&UHDFLRQFRPRHQOD6DOYDFLRQFI-HU([
(Q,VDLDVVHQRVGLFHTXHFRQRFHUHPRVHO1RPEUHGH'LRVFXDQGR(OVHKDJDSUHVHQWH\HO
FXPSOLPLHQWRGHORVPDQGDPLHQWRVGLYLQRVVXSRQLDSDUD,VUDHOHOFRQRFHUD<+:+([\VV\
'LRVSURFODPDVX1RPEUH([DWUDYHVGHVXVDFWXDFLRQHVPDUDYLOORVDVGRQGHVHREVHUYD6X
2PQLSRWHQFLD\0LVHULFRUGLD
&XDQGRHOSURIHWD(]HTXLHOFIQRVUHODWDFRPRODGLVSHUVLRQGHO3XHEORGH'LRV
VXSRQHXQDSURIDQDFLRQGHO1RPEUHGH'LRVQRVRIUHFHODSDXWDHQFXDQWRDFRPRVHVDQWLILFDHO1RPEUH
GH'LRV/DPDQLIHVWDFLRQGHOSRGHUGH'LRVUHXQLHQGR\UHVWDXUDQGRDO3XHEORGH'LRVVDQWLILFDHO
1RPEUHGH'LRV&XDQGR'LRVPXHVWUHVX6DQWLGDGHQHO3XHEORHVHQWRQFHVFXDQGRVHVDQWLILFDHO
1RPEUHGH'LRV
/DVDQWLGDGGHO'LDGH5HSRVRR6DEDGRGHVFDQVDSUHFLVDPHQWHHQODSUHVHQFLDGH'LRVTXHOR
VDQWLILFDGHVGHOD&UHDFLRQ([(O1RPEUHGH'LRVHVVDQWLILFDGRFXDQGRDOJRFRQVWLWXLGR
FRPRVDQWRSRU(OVLUYHSDUDFRQJUHJDUDO3XHEORGH'LRVHQXQFXOWRGHDGRUDFLRQDO(WHUQR\UHFXHUGD
HOSRGHUHOFDUDFWHUODQDWXUDOH]D\PLVHULFRUGLDGH'LRVHQXQDSDODEUDUHFXHUGDHO1RPEUHGH'LRV
(OUHSRVRVHPDQDOR6DEDWVHFRQYLHUWHGHHVHPRGRHQXQDVHQDOGHVDQWLGDGGHTXHHO1RPEUHGH'LRV
6X3RGHUKDORJUDGRVDFDUDOKRPEUHGHVXSHFDGR\OOHYDUORDO'HVFDQVRWULGLPHQVLRQDOILVLFRPHQWDO
HVSLULWXDOTXHOHSUHSDUDSDUDHO5HSRVR&HOHVWLDOFI+HEDGHPDVVHFRQVWLWX\HHQXQ
PRQXPHQWRDOD&UHDFLRQ\5HGHQFLRQPDUDYLOODVTXHHYLGHQFLDQHO1RPEUHGH'LRV
'LRVVLJXLHQGRHVDOLQHDGHOSURIHWD(]HTXLHOVDQWLILFDVX1RPEUHUHXQLHQGRUHQRYDQGR\
VDQWLILFDQGRDVX,JOHVLDHQORVXOWLPRVGLDV&XDQGR'LRVOODPDDODVJHQWHVFRPRVX3XHEORVXPLGDVHQ
OD%DELORQLDPLVWLFDFI$SVLPERORGHOHUURU\GHOSHFDGRFODPDQGROHVTXHVDOJDQ\
UHWRUQHQDODGRFWULQDYHUGDGHUDDORVSULQFLSLRVGHO5HLQRGH'LRVDTXHOORTXHHVXQDHYLGHQFLDGHO
3RGHU\0LVHULFRUGLDGH'LRVVHHVWDUHYHODQGRHO1RPEUHGH'LRV
/DVEODVIHPLDVUHVSHFWRHO1RPEUHGH'LRVHVWDUDQGLULJLGDVHQSULPHUOXJDUFRQWUDHO3RGHU\OD
$XWRULGDG'LYLQD&XDQGRVHSUHWHQGHGHVLJQDUVHSRVLFLRQHVTXHVRORSHUWHQHFHQD'LRV
&XDQGRDOJXLHQRDOJRVHDXWRSURFODPDRUJDQRGHOD'LYLQLGDGLQFOXVRFRQDWULEXWRVFRPRHOGHOD
LQIDOLELOLGDGRHOGHSHUGRQDUSHFDGRVRLQFOXVRFUHDUDOJRQXHYRFRPRVXFHGHFRQODWUDQVXVWDQFLDFLRQ
VHHVWDEODVIHPDQGRFRQWUDHO1RPEUHGH'LRVSXHVWRTXHODVJHQWHVDODVTXHVHSUR\HFWDVHPHMDQWH
PHQVDMHLQGHSHQGLHQWHPHQWHGHVXIDOVHGDGVHOHVLPSLGHVDQWLILFDUHO1RPEUHGH'LRV\H[SHULPHQWDU
OD$XWRULGDG\3RGHUGH'LRV
&XDQGRDOJXLHQRDOJRVHFRQVWLWX\HHQXQD$XWRULGDG6XSUHPDDLPDJHQ\VHPHMDQ]DDODGHORVUHLQRV
GHHVWHPXQGRHVWDEODVIHPDQGRFRQWUDHO1RPEUHGH'LRV3XHVWRTXHOD$XWRULGDGGH'LRVVH
PDQLILHVWDDWUDYHVGH6X5HLQRR*RELHUQRFX\RVSULQFLSLRVQDGDWLHQHQTXHYHUFRQODVPDQHUDVGHORV
JREHUQDQWHVGHHVWHPXQGR\DFWXDGHPDQHUDLQGHSHQGLHQWHGHVYLQFXODGRWRWDOPHQWHGHO3RGHUKXPDQR
DWUDYHVGHXQD,JOHVLDR5HVWRDMHQDDXQDFRQVWLWXFLRQPRQDUTXLFDGHFRUWHDEVROXWLVWD
(QVHJXQGROXJDUFXDQGRVHSUHWHQGHXQLILFDUDOPXQGR\FRQJUHJDUORKDFLHQGRODVYHFHVGHO5HLQRGH
'LRVVHHVWDVXSODQWDQGRDO*RELHUQRGH'LRV\VHHVWDEODVIHPDQGRHO1RPEUHGH'LRV/DVDQWLILFDFLRQ
GHO1RPEUHGH'LRVKDGHWHQHUHQFXHQWDHOHOHPHQWRHVFDWRORJLFRTXHGLFKR1RPEUHFRQOOHYD\HVTXH
ODKLVWRULDQRSXHGHWUDQIRUPDUDODVRFLHGDGTXHQRWLHQHHQFXHQWDHO5HLQRGH'LRV\TXHKDVHJXLGR
ODVSDXWDV\FRQGXFWDVTXHHO(VWDGRHPDQD(VXQDEODVIHPLDSUHWHQGHUFRQYHUWLUDO(VWDGRSXHVWRTXH
HQODSURSLDLQLFLDWLYDVXE\DFHODQDWXUDOH]DVDWDQLFDHYLGHQFLDQGRVHTXHHORULJHQGHTXLHQSUHWHQGHWDO
DVXQWRHVWDSUHFLVDPHQWHHQODDSRVWDVLD(VWDWDOTXHOHLQFXOFRORVJHQHVGHVXDWUDFFLRQKDFLDOD8QLRQ
GH(VWDGR\5HOLJLRQ
<HQWHUFHUOXJDUVHEODVIHPDFRQWUDHO1RPEUHGH'LRVFXDQGRORVHOHPHQWRVFXOWLFRV\GHDGRUDFLRQ
TXHGHPXHVWUDQXQDPDUFDRVLJQRGHILGHOLGDG\GHSHQGHQFLDGH'LRVVHDQXODQRFDPELDQSRURWURVTXH
QRFRUUHVSRQGHQDODH[SUHVLRQFRQWHQLGDHQORV0DQGDPLHQWRVGHOD/H\GH'LRVRHQODV'RFWULQDVRHQ
OD9HUGDGTXHLPSOLFDKDEHUDFHSWDGRD-HVXFULVWR

&XDQGRHVWXGLDEDPRV'DQLHOFRPSUREDEDPRVODDFWLYLGDGIXQHVWDGHODVHJXQGDIDVHGHOVLPEROR
GHQRPLQDGR&XHUQR3HTXHQRTXHOOHJDQGRKDVWDHOILQGHVHVWDELOL]DEDHO6DQWXDULRGH'LRV(O
FRQWHQLGRQRVOOHYDEDPDVDOODGHOVDQWXDULRWHUUHQDOLVUDHOLWD&RPSUHQGLDPRVTXHVHWUDWDEDGHO
6DQWXDULR&HOHVWLDO/DHSLVWRODGHORV+HEUHRVQRVFRQILUPDEDODH[LVWHQFLDGHXQ6DQWXDULRHQORV
&LHORVFRQWRGDXQDVLJQLILFDFLRQSURIXQGDTXHWLHQHTXHYHUFRQODDGRUDFLRQGHORVFULVWLDQRV\FRQOD
H[SHULHQFLDGHO-XLFLRIDYRUDEOHSDUDHOORV$KRUDODLQVSLUDFLRQQRVFRQILUPDHQHO$SRFDOLSVLVTXHOD
D&DEH]DTXHVHGHVHQYXHOYHSRVWHULRUPHQWHDOD&XDUWDODFXDOVHLGHQWLILFDFRQ5RPD,PSHULDO\TXH
WLHQHXQDGXUDFLRQKHJHPRQLFDGHPHVHVSURIHWLFRVRGLDVSURIHWLFRVHTXLYDOHQWHDODGHO
&XHUQRSHTXHQRGH'DQLHOVHGHGLFDDEODVIHPDUFRQWUDORTXHVLJQLILFDHLPSOLFDHO7DEHUQDFXORR
6DQWXDULRGH'LRVTXH-XDQORKDYLVWRHQHO&LHOR$S
(O7DEHUQDFXORR6DQWXDULRGH'LRVHQFLHUUDWRGDODYHUGDGGH'LRVUHIHUHQWHDOSODQGHOD6DOYDFLRQ\
GHO-XLFLR3RUHOORFXDQGRVHGHVYDORUL]DODVDOYDFLRQRVHJHQHUDXQVDQWXDULRGHKHFKXUDKXPDQD
VXVWLWX\HQGRHO0LQLVWHULR6DFHUGRWDOGH-HVXFULVWRGHOXQLFR6XPR6DFHUGRWHR3RQWLILFHRFXDQGRVH
LPSLGHHODFFHVROLEUHDOFRQRFLPLHQWRGHHVH6DQWXDULRGH'LRVVHHVWDEODVIHPDQGRFRQWUDHO
7DEHUQDFXORGH'LRV

&RQXQFXOWRGHDGRUDFLRQIDOVRTXHGHJUDGDWDQWRDOD'HLGDGFRPRDORVDQJHOHVVHEODVIHPDFRQWUD
ORVTXHPRUDQHQHO&LHOR
&XDQGRVHSURSDJDXQFXOWRDODVLPDJHQHVRVHOHFRQFHGHKRQUD\FXOWRGHKLSHUGXOLDWDQWRDOD
9LUJHQ0DULDFRPRGHGXOLDDORV6DQWRV\DORVDQJHOHVRFXDQGRVHFRQFHGHQKRQRUHVDXQVHUWHUUHQR
TXHVRORVHGHEHQD'LRVVHHVWDEODVIHPDQGRFRQWUDORVTXHPRUDQHQHO&LHOR
&XDQGRVHSURQXQFLDQSDODEUDVFRPRODVTXHVLJXHQFRQODDTXLHVFLHQFLDGHORVTXHODVUHFLEHQHV
EODVIHPDUFRQWUDORVTXHPRUDQHQHO&LHOR
(QYHUGDGODH[FHOHQFLD\HOSRGHUGHOURPDQRSRQWLILFHQRHVVRODPHQWHHQODHVIHUDGHODVFRVDVFHOHVWLDOHVGHODVWHUUHQDOHV\GHODV
>@
UHJLRQHVLQIHULRUHVVLQRDXQVREUHORVDQJHOHVVREUHTXLHQHVHOHVPDVJUDQGH!! 


/RVTXHVHPDQWLHQHQILHOHVDORVUHTXHULPLHQWRVGLYLQRVDFXVDQFRQVX
FRPSRUWDPLHQWR\DFWLWXGKRQHVWD\YHUD]ODFRQGXFWDLUUHJXODU\PDOHYRODGHHVWDD&DEH]DTXH
SURGXFHXQDUHDFFLRQYLROHQWDLQMXVWLILFDEOHFRQWUDHO3XHEORGH'LRVSRUSDUWHGHGLFKD&DEH]D/D
SHUVHFXFLRQUHOLJLRVDVHOHJDOL]D
(O'UDJRQOHKDGDGRGLFKD$XWRULGDG\DSHVDUGHORVDYDWDUHVKLVWRULFRVMXQWRDODLQWHUYHQFLRQGHO
5HLQRGH'LRVTXHSXVRFRQWHQFLRQDHVHSURSRVLWRVDWDQLFRVHFRQVWUX\HXQDDFWLWXG\SUHWHQVLRQFRPR
ODTXHVHLQILHUHSRUHOWH[WR

7DOFRPR\DYLPRVFRQVXILFLHQWHGRFXPHQWDFLRQKLVWRULFDFRLQFLGHFRQODSRVWXUDWDFWLFDSROLWLFDH
LGHRORJLDUHOLJLRVDSUDFWLFDGDSRUHO6LVWHPD3DSDODORODUJRGHXQDKLVWRULDHQODTXHSRVH\RXQ
GRPLQLRTXHOHSHUPLWLULDODKHJHPRQLDDQWHVGHUHFLELUODKHULGDPRUWDO\HOGLVHQRGHXQSUR\HFWRTXH
HQHOIXWXURDSDUWLUGHVXFXUDFLRQWHQGULDVXSURWDJRQLVPR
7RGRHVWDDFWLWXGDSDUHFHSRVWHULRUPHQWHDOD&XDUWD&DEH]DTXHHV5RPDXQDYH]TXHHO'UDJRQ
FXPSOLHUDFRQVXSURSRVLWRKLVWRULFRGHRWRUJDUVX7URQR3RGHU\$XWRULGDGDVXQWRTXHDFRQWHFH
FXDQGRWUDVHOHQJHQGUR\VLPELRVLV&RQVWDQWLQLDQDHO7URQR3RGHU\$XWRULGDGVHWUDVODGDVHGH5RPD
>@
,PSHULDODO2ELVSRGH5RPD 'HVSXHVGHXQSURFHVRWHPSRUDOHVWRIXHSRVLEOHDSDUWLUGHO
FRPLHQ]RGHORVPHVHVSURIHWLFRVRGLDVRWLHPSRVSURIHWLFRV


6LVHKDFHXQHVWXGLRVXSHUILFLDOGHHVWHFDSLWXOR\QRVHWLHQHHQFXHQWDQLDOSURIHWD'DQLHOQLORTXH
VXSRQHHOSHULRGRGHOD&DEH]DDQWHVGHUHFLELUODKHULGDFRPRORTXHWUDQVFXUUHGHVSXHVGHKDEHUOR
VLGR\ORTXHGXUDDSDUWLUGHVXFXUDFLRQQRVHHQWHQGHUDHOPHQVDMH\QRVHXELFDUDQDGHFXDGDPHQWH
ORVGLIHUHQWHVPRPHQWRVQLVHKDEUDVLGRFRKHUHQWHFRQODVGLIHUHQWHVFLIUDVTXHWDQWR'DQLHOFRPR-XDQ
HQHO$SRFDOLSVLVXWLOL]DQ
 
(QHOFDSLWXORVHQRVKDELDHQVHQDGRTXHHO'UDJRQHVWDEDGHWUDVGHODDFWXDFLRQGHOD%HVWLDKDVWD
HOSXQWRGHVHUXQDFUHDFLRQVX\D\XQDUHSOLFDGHHO(QHOVHQRVH[SOLFDTXHHVD%HVWLDTXH\DKD
VXSHUDGRORVHVWDGLRVTXHVXSRQHODHSRFDGH-XDQUHFLEHODDXWRULGDGWURQR\SRGHUGHO'UDJRQHQVX
DFWXDFLRQVXFHVLYDGHVXV&DEH]DVFI3HURHOHVFULWRULQVSLUDGRVHGHWLHQHHQODDDODTXH
VHOHGDHOWURQRSRGHU\DXWRULGDGXSSHURKDGHUHFLELUXQDKHULGDSS\VHDQWLFLSDHQ
UHVXPHQFIXSHOREMHWLYRSULQFLSDOGHOFDSLWXORGHVFULELUQRVDHVDD&DEH]DXQDYH]FXUDGD
GHVXKHULGDPRUWDOXSXS
(VDDQWLFLSDFLRQHVWDMXVWLILFDGDSRUFXDQWRHOSURWDJRQLVPRGHHVDD&DEH]DHVVLQJXODU\VREUHVDOH
VREUHODVRWUDVVHWUDWDGHXQD&DEH]DTXHDQWHVGHUHFLELUODKHULGDHO'UDJRQOHKDGDGRXQDDXWRULGDG
GHPHVHVSURIHWLFRVFDUDFWHUL]DQGRVHSRUXQFRPSRUWDPLHQWRLGHQWLFRDOGHO&XHUQRSHTXHQRGH
'DQLHOFI$SSS\TXHKHPRVHVWXGLDGR\H[SXHVWRXQSRFRPDVDUULED
$QWHVGHH[SOD\DUVHHVSUHFLVRGDUGHWDOOHVGHHVDD&DEH]DSDUDTXHORVTXHWHQJDQVXILFLHQWH
SHUVSHFWLYDKLVWRULFDSXHGDQUHFRQRFHUODFODUDPHQWH
+HPRVGHPRVWUDGRTXHOD&DEH]DTXHUHFLEHODKHULGDHUDODD\TXHVHLQLFLDGHVSXHVGH5RPD
,PSHULDO\SUHFLVDPHQWHKHPRVYHULILFDGRFRQHOWH[WRTXHODSRVLFLRQGHDELVPRODDOFDQ]DOD%HVWLD
WHUPLQDQGRVHHOSHULRGRGHPHVHVSURIHWLFRVRGLDVSURIHWLFRV\HVHQWRQFHVTXHVH
QRVGHFODUDTXH&,1&2&$%(=$6KDELDQFDLGR$SSS
(VHYLGHQWHSXHVTXHORVPHVHVSURIHWLFRVUHIHULGRVHQ$SRFDOLSVLVFXHQWDQSDUDODD
&DEH]DDQWHVGHUHFLELUODKHULGDPRUWDOHVXQSHULRGRTXHVXSRQHWUDQVIRUPDGRVORVPHVHV[
GLDVSURIHWLFRVRWLHPSRVRDQRVSURIHWLFRV[ GLDVHOPLVPRWLHPSRGH
KHJHPRQLDTXHSRVHHHO&XHUQRSHTXHQRGH'DQLHO\OOHQDGRWDPELHQSRUODVPLVPDVFDUDFWHULVWLFDV
>@
'QXSFI$SSS 
(OYHVWDXQLGROLWHUDULDPHQWHHLGHRORJLFDPHQWHDOYXS6HQRVDPSOLDHOUHVXOWDGRGHUHFLELUHO
3RGHUHO7URQR\OD$XWRULGDGSRUSDUWHGHO'UDJRQGHFLUFRVDVFRQWUDULDVDODVTXH'LRVKDGLFKRHQ
VX3DODEUD\XQWLHPSRH[DFWRGHDFWXDFLRQFRQODDXWRULGDGGH6DWDQDVDQWHVGHUHFLELUODKHULGDPRUWDO
HOGHPHVHVSURIHWLFRV

'LIHUHQWHVDXWRUHVUHSUHVHQWDWLYRVWDQWRFDWROLFRVFRPRSURWHVWDQWHVUHFRQRFHQTXHHOSHULRGR
GHQRPLQDGRWUHVWLHPSRVDQRV\PHGLRRGLDVRPHVHVHVXQQXPHURVLPEROLFRTXHVLUYHSDUD
GHWHUPLQDUXQWLHPSRGHSHUVHFXFLRQUHDOL]DGRVSRUORVSRGHUHVGHOPDORGHO$QWLFULVWRTXHVH
GHVDUUROODQDORODUJRGHODKLVWRULDGHODLJOHVLD\TXHFRQHFWDQGHDOJXQPRGRFRQHOWLHPSRGHOILQ
>@
$OGDUXQYDORUVLPEROLFRDOSHULRGRSURIHWLFRFRQXQFRQWHQLGRGHSHUVHFXFLRQRGHWULEXODFLRQ
GHOD,JOHVLDUHODFLRQDGRHVWHFRQHOWLHPSRGHOILQKDFHTXHGLFKRSHULRGRWHQJDXQYDORUGHODUJR
DOFDQFHSDUDODPD\RULDGHHVRVDXWRUHV,QFOXVRDOJXQRVDOUHODFLRQDUGLFKRVSHULRGRVFRQODVFLIUDV
SURIHWLFDVGH'DQLHOREWLHQHQHOYDORUGHXQGLDSURIHWLFRLJXDODXQDQRHQORVOXJDUHVHQORVTXHHO
>@
SURSLRFRQWH[WRWHREOLJDDXQDLQWHUSUHWDFLRQGHODUJRDOFDQFH
(QXQDSDODEUDHOWLHPSRGHWULEXODFLRQGHHVWDQFLDHQHO'HVLHUWRGHQRPLQDGRGLDVRWUHV
WLHPSRVDQRV\PHGLRGH$STXHVHLQLFLDQSRVWHULRUPHQWHDODFDLGDGH5RPD$S
FRLQFLGHFRQHOSHULRGRGHKHJHPRQLD\SHUVHFXFLRQGHO$QWLFULVWRPDQLIHVWDGRSRUODD&DEH]D
$SVLHQGRHVWHWLHPSRSURIHWLFRVLPEROLFRGHODUJDGXUDFLRQ
3RGHPRVGHFLUVHJXQHOHVWXGLRSUHVHQWDGRFXDQGRDQDOL]DEDPRVDOSURIHWD'DQLHOTXHORVGLIHUHQWHV
FRQWH[WRVGH'DQLHOMXQWRFRQODFRPSRVLFLRQHQIRUPDGHTXLDVPRTXHVHSURGXFHSRUODUHODFLRQ
LQWHUQDHQWUHODDOXVLRQD-HUHPLDV\HOGHFUHWRGH'DQLHOHQFXDQWRDOPLVPRQXPHURHOPLVPR
WHPD\ODVDOXVLRQHVDOMXELOHR\DODQRVDEDWLFREDVHGHDTXHOSRGHPRVREWHQHUODSRVLEOH
LQWHUSUHWDFLRQGHTXHVHWUDWDQRGHVHPDQDVRGLDVVLQRGHVHPDQDVGHDQRVRDQRV
+HPRVGHPRVWUDGRODUHODFLRQGHOFSFRQHO\HOGH'DQLHODODYH]TXHFRPSUREDPRVOD
UHODFLRQGH$SRFDOLSVLVFRQHOFSGH'DQLHO\WHQLHQGRHQFXHQWDORTXH\DVHKDGLFKRGHOD
UHODFLRQGHORVFDSLWXORV\GH$SRFDOLSVLVORVPHVHVSURIHWLFRVHVLJXDODGLDV
SURIHWLFRVTXHDSOLFDQGROHHOSULQFLSLRGHXQDQRSRUGLDVXSRQHQDQRV
7HQLHQGRHQFXHQWDODVFDUDFWHULVWLFDVGHHVWDD&DEH]DTXH\DVHKDQHVWXGLDGRTXHFRLQFLGHQHQ
WRGRFRQORGLFKRSDUDHO&XHUQRSHTXHQRGH'DQLHO\FRQVLGHUDQGRHOPRPHQWRHQTXHVHKL]RXQD
UHDOLGDGKLVWRULFDHOWUDVSDVRGHOD$XWRULGDGTXHLPSOLFDEDHO,PSHULR5RPDQRDO2ELVSRGH5RPDORV
PHVHVSURIHWLFRVRDQRVVHLQLFLDQHQHOD-\OOHJDQKDVWDTXHHO3DSDGRUHFLEHODKHULGD
PRUWDOSURSLQDGDSRUOD5HYROXFLRQ)UDQFHVDHQ7RGRHVWRORKHPRVHVWXGLDGRQRVRORHQQXHVWUD
SDUWHKLVWRULFDVLQRHQQXHVWURHVWXGLRVREUH'DQLHO\TXHUHFRUGDPRVFRQODVFLWDV\GHVDUUROORTXHVH
>@
YLHUWHQHQQRWDDSDUWH

/DD&DEH]DDOUHFLELUODKHULGDPRUWDODSDUWLUGHORVPHVHVRGLDVSURIHWLFRV$SSS
XSFI$SSSVHVXPHHQXQDSRVLFLRQTXHUHVXOWDVHUGHDELVPR(VHQHVWDVLWXDFLRQGH
SRVWHUJDFLRQ$SSSTXHVHKDFHGHFLUHQWUHRWUDVFRVDVTXH&,1&2&$%(=$6KDQFDLGR\D
$SSS
>@
'XUDQWHVXDELVPRRVXELHQGRGHODELVPR KDFHTXHOD%HVWLD126($ORTXH(5$SO\
TXHOD%HVWLDVLHQGR12(6VO\WRGDYLDHQHODELVPRVHPDQLILHVWHSRUOD&DEH]DGHODTXHVH
GLFH812(6ODDODTXHYDGHVSXHVGHODV&,1&2TXH\DKDQFDLGRSS
(VHYLGHQWHTXHODLQVSLUDFLRQKDTXHULGRWUDVODGDUD-XDQDFRQWHPSODUGHVSXHVGHORVDQRVGH
KHJHPRQLDGHODD&DEH]DFXDQGRUHFLEHODKHULGDDODVXFHVLRQGHODD\HQHVHPRPHQWRDOTXHVH
OHWUDVODGDODDQRKDELDWRGDYLDHPSH]DGRSHURVHOHLQIRUPDTXHFXDQGRORKDJDGXUDUDEUHYH
WLHPSR
&XDQGRHVWXGLHPRV$SRFDOLSVLVDQDOL]DUHPRVHOVLJQLILFDGRGHSRUTXH-XDQH[SUHVDSRUXQODGR
GHODDTXHDXQQRKDOOHJDGRSHURSRURWUDSDUWHVDEHTXHFXDQGRYHQJDGXUDUDSRFRWLHPSR
/RTXHLPSRUWDDKRUDDODLQVSLUDFLRQHVVHQDODUTXHHQODSRVLFLRQWRGDYLDGHDELVPRODD&DEH]DQR
H[LVWHFRPRWDOSXHVWRTXHKDUHFLELGRODKHULGD\TXHVLQHPEDUJRODDHVWDIXQFLRQDQGRHQVXOXJDU
DXQFXDQGROD%HVWLD12(6ORTXHHUD$S/DLQVSLUDFLRQTXLHUHGHWHQHUVHDKLSRUTXHVHKD
LQDXJXUDGRXQDHSRFDUDGLFDOPHQWHGLVWLQWDDODTXHH[LVWLDFXDQGRODD&DEH]DHVWDEDHQVXDSRJHR
DQWHVGHUHFLELUODKHULGDPRUWDO
$QWHVFRQODD&DEH]DOD%HVWLD(5$DKRUDXQDYH]SDVDGDFRQODDOD%HVWLD12(6\HVSRU
HOORTXHDOSHUVLVWLUHQHVHPRPHQWRFUXFLDOGHODKLVWRULDTXHKDRULJLQDGRXQDH[LVWHQFLDPXQGLDO
GLVWLQWDPLHQWUDVODDIXQFLRQHREOLJDDOSURIHWDDFRQWHPSODU\TXHGDUVHSRUODWUDVFHQGHQFLDTXH
WLHQHHQHVHPRPHQWRLQIRUPDQGRVHOHTXHODDDXQQRKDYHQLGR\TXHFXDQGRYHQJDHVSUHFLVRTXH
GXUHEUHYHWLHPSR$SXS
(VHYLGHQWHWDPELHQTXHFXDQGRODD&DEH]DDFWXH\TXHKDGHGXUDUEUHYHWLHPSRSDUWLFLSDWRGDYLD
HQVXFRQILJXUDFLRQGHD&DEH]DGHQWURGHODSRVLFLRQGH%HVWLDVXELHQGRGHODELVPR\WRGDYLDOD
%HVWLDHVWDVLHQGR12(6ORTXH(5$(VGHFLUTXHGXUDQWHODD&DEH]DVHJR]DGHHVDVLWXDFLRQ
LQXVXDOGHOD%HVWLDTXHKDFHGHFLUDODLQVSLUDFLRQTXH12(5$ORTXH(6<DTXHQRKD\QLQJXQD
YDULDFLRQUHVSHFWRDORTXHVHKDLQWURGXFLGRFRQODD/DYDULDQWHYHQGUDDSDUWLUGH$SRFDOLSVLV
MXQWRDORVSDVDMHVTXHQRVKDEODQGHODUHVXUUHFFLRQGHODKHULGDGH$SRFDOLSVLV


/DD&DEH]DVDEHPRVTXHVHLQWURGXMRGHVSXHVGHO,PSHULR5RPDQR7DQWRHQOD6HFFLRQKLVWRULFD
FRPRORSUREDGRHQQRWDGHMDPRVFRQVWDQFLDTXHHOSHULRGRGHKHJHPRQLDGHGLFKD&DEH]DGXUD
PHVHVSURIHWLFRVRDQRVGHVGHHOKDVWD(VWRTXHGDUDWLILFDGRSRUFXDQWRGXUDQWHWRGRHVH
WLHPSRPDUFDGRSRUODSURIHFLDFRUUHVSRQGLDDOD%HVWLDTXH(5$HVGHFLUHOHVSDFLRTXHGXUDQODV
&,1&2SULPHUDV&DEH]DV$SSS\XSSSFI$S
1RWHVHFRQFXLGDGRFRPRHQ$SRFDOLSVLVVHQRVGLFHTXHOD%HVWLDTXHWLHQHDXWRULGDGGXUDQWH
PHVHVSURIHWLFRVRDQRVSDUDEODVIHPDUFRQWUD'LRVDVXVDQFKDVVLQREVWDFXORVSHUVHJXLUDORV
6DQWRV\DFWXDULPSXQHPHQWHVHOHDFDEDHVDDXWRULGDGDOILQDOGHHVHSHULRGRSURGXFLHQGRVHOHXQD
KHULGDPRUWDOSSSS
(VWRHVORPLVPRTXHGHFLUTXHOD%HVWLDTXH(5$HVRTXH(5$\TXHORVYHUVLFXORVFLWDGRV
LQFOX\HQGHMDGHVHUORSRUFXDQWRUHFLEHHVDKHULGD
6LDKRUDYDPRVD$SRFDOLSVLVVHQRVGLFHORPLVPRFRQRWUDVSDODEUDV/DEHVWLDTXHHVWDDFWXDQGR
DOILQDOGHORVGLDVSURIHWLFRVRDQRVFRQWUDORVGRV7HVWLJRVTXHSURIHWL]DQHVOD%HVWLDHQ
ODSRVLFLRQGHVXELHQGRGHODELVPRSS\HQ$SVHQRVFRPSOHPHQWDGLFLHQGRTXHHVD
SRVLFLRQGHDELVPRGHOD%HVWLDFRUUHVSRQGHDOSHULRGRGHOD%HVWLDTXH12(6ORTXH(5$\
FRLQFLGHQWHFRQTXH&,1&2KDQFDLGR\D
/RTXHHYLGHQFLDDOFRPSDUHVHORVSDVDMHV\FRPSUREDUVXLGHQWLGDGHVTXHOD%HVWLDDOUHFLELUOD
KHULGDGHMRGHVHUORTXH(5$FD\HQGRDXQDSRVLFLRQGHDELVPRVLHQGR12(6
"4XHHUDOD%HVWLDGXUDQWHHOSHULRGRGHODDFDEH]DDWUDYHVGHDQRV"3HUVHJXLGRUD\OOHQDGH
3RGHUSDUDLPSRQHUVXVSXQWRVGHYLVWDLGHRORJLFRV\QRSHUPLWLHQGRORJLFDPHQWHHOTXHVHWXYLHUD
OLEHUWDGGHFRQFLHQFLD\GHH[SUHVLRQ
/DKHULGDPRUWDOGHMDDOD%HVWLDVLQVHUORTXH(5$FRORFDQGRODHQXQDSRVLFLRQLQXVXDOGHDELVPR
HQXQSRORRSXHVWROD%HVWLD12(6ORTXH(5$
$SDUWLUGHUHFLELUODKHULGDDXQTXHOD%HVWLDFRPHWDDWURSHOORVSRUVXSURSLDQDWXUDOH]D\GHVWLQR\D
QRHVSHUVHJXLGRUD\DQRYDFRQWUDODOLEHUWDGGHFRQFLHQFLDPLHQWUDVVHPDQWHQJDHQODSRVLFLRQGH
DELVPR\ODKHULGDQRVHDFXUDGD
7RGRHVWRWHQGULDTXHHPSH]DUDRFXUULU\HVWDULDGDQGRVHHFORVLRQDOUHGHGRUGHOILQDOGHORVPHVHV
SURIHWLFRVRDQRV$SSSFI
"4XHQRVGLFHODKLVWRULDDILQDOHVGHOVLJOR;9,,,UHVSHFWRDTXHKXELHUDXQFDPELRSROLWLFRGHWDO
QDWXUDOH]DTXHVHLQLFLDUDXQDQXHYDHUDHQODTXHORVGHUHFKRVKXPDQRVVHLPSXVLHUDQJUDGXDOPHQWHHQ
2FFLGHQWHUHVSHWDQGRVHODVLGHDVSXGLHQGRVHSURPXOJDU\GLYXOJDUDXQFXDQGRIXHUDQGLVWLQWDVDORTXH
VHKDELDSUHWHQGLGRLPSRQHUFRPRYHUGDGLQFOXVRDODIXHU]DSRUPHGLRGHODD&DEH]D"
$XQFXDQGRODWLHUUD\DKDELDHVWDGRGDQGRVLQWRPDVGHFDQVDQFLRUHVSHFWRDODEVROXWLVPR\ODIDOWD
>@
GHOLEHUWDGGHFRQFLHQFLD HOFDPELRQROOHJDUDDVHUXQDUHDOLGDGKLVWRULFDHYLGHQWHKDVWD
TXHGLFKDOLEHUWDGGHFRQFLHQFLDPDQLIHVWDGDWDQWRHQODOLEHUWDGGHFXOWRV\GHH[SUHVLRQMXQWRFRQOD
VHSDUDFLRQGHOD,JOHVLD\HO(VWDGRVHSODVPHQHQODVGRVFRQVWLWXFLRQHVGHORVGRVSDLVHVPDV
UHSUHVHQWDWLYRVGHHVDWLHUUDDILQDOHVGHOVLJOR;9,,,DVDEHUOD)UDQFLD5HYROXFLRQDULDTXHRFXSDUDOD
KHJHPRQLDPXQGLDOHQHVRVPRPHQWRV\ORV(VWDGRV8QLGRVGH$PHULFDTXHODWHQGUDGHVSXHV)XHURQ
HVWRVFRQVXVLGHDVUHYROXFLRQDULDVTXHSURSDJDURQSRUWRGRHOPXQGR\VXVDFWLWXGHVGHOLEHUWDGORV
TXHD\XGDURQDOD0XMHU&HOHVWLDOFI$S
/DSULPHUDOD)UDQFLD5HYROXFLRQDULDFRQODSURSDJDFLRQGHVXVLGHDV\GHVXGHVDUUROORSROLWLFR
PLOLWDUDVHVWDEDXQGXURJROSHDODD&DEH]DKLULHQGROHGHPXHUWH
/DLPSRUWDQFLDGHOD5HYROXFLRQ)UDQFHVDHVXQKHFKRTXHQRSXHGHQLRFXOWDUVHQLDOWHUDUVH/D
WUDVFHQGHQFLDQRUHVLGHHQHODFRQWHFLPLHQWRSXQWXDOGHXQKHFKRVLQRHQVXVFRQVHQFXHQFLDVH
LQIOXHQFLDV/DKLVWRULDILHODORVDFRQWHQFLPLHQWRVQRKDWHQLGRPDVUHPHGLRTXHUHVHQDUHOFDPELR
>@
SURIXQGRTXHVXSXVRGLFKRVXFHVR\ODQDWXUDOH]DGHOJROSHTXHUHFLELRODD&DEH]D 
6HULDQHFHVDULRWDOFRPRKHPRVLQGLFDGRHQQRWDQRTXHHVHJROSHGHVWUX\HUDODLGHRORJLDTXHHVD
D&DEH]DKDELDSURSXJQDGRHLQVSLUDGR(O$EVROXWLVPRFRQHOOODPDGR$QWLJXR5HJLPHQEDVDGRHQHO
'HUHFKR'LYLQR&XDQGRXQRFRPSDUDHODUWLFXODGRGHOD$VDPEOHD1DFLRQDO)UDQFHVDTXHUHFRQRFH
XQRVGHUHFKRVIXQGDPHQWDOHVGHOKRPEUH\GHOFLXGDGDQRFRPRHOGHODOLEHUWDGGHH[SUHVLRQ\GH
FXOWRVHQSUHVHQFLD\EDMRORVDXVSLFLRVGHO6HU6XSUHPRFRQHO6\OODEXVGH3LR,;RFRQVX(QFLFOLFD
4XDQWD&XUDXQRFRPSUHQGHGRQGHHVWDYHUGDGHUDPHQWHHOSUREOHPD\ODHVHQFLDGHOJROSHPRUWDOTXH
WUDVWRFDWRWDOPHQWHORVSDSHOHV/DFRPSDUDFLRQVLUYHSDUDFRPSUREDUODVGRVLGHRORJLDVFRQWUDSXHVWDV
>@
ODTXHUHFLEHODKHULGD\ODGH$TXHOTXHVHODDVHVWD
/DKHULGDFRQVLVWHSRUXQODGRHQVRFDYDUUDGLFDOPHQWHODLGHRORJLDTXHKDELDSHUPLWLGRDO3DSDGR
DO]DUVHFRQODKHJHPRQLDGHDKLTXHVHLPSRQJDODOLEHUWDGGHFRQFLHQFLDORVGHUHFKRVKXPDQRV\OD
GHPRFUDFLDVHURPSDFRQODXQLRQGHOD,JOHVLD\HO(VWDGR\VHGHVWUX\DHOSRGHUWHPSRUDOGHOFOHUR
&XDQGRVHOHHVWDGHVSRMDQGRDO3DSDGRGHWRGRHVWHDYLWXDOODPLHQWRVHOHHVWDEDODFHUDQGR
/RTXHUHSUHVHQWDEDHQHVHPRPHQWRDO6LVWHPD3DSDOODVPLOLFLDVWHUURULVWDVHQPXFKDVRFDVLRQHV
TXHKDELDQDSXQWDODGRHOSRGHUGHO3DSDGRGHVGHOD5HIRUPDSURWHVWDQWHKDVWDHOPRPHQWRGHOD
5HYROXFLRQ)UDQFHVDHO-HVXLWLVPRVHULDYDSXOHDGRFRQODD\XGDGHOSURSLR3DSDGRTXHVHHVJULPLDDVL
>@
PLVPRVXSURSLRVXLFLGLR
3HURODSURIHFLDWDQWRHQ'DQLHOFRPRHQ$SRFDOLSVLVSSXSQRVGHFLDTXHHO
SURWDJRQLVWDGHHVHSHULRGRTXHKDELDDVXPLGRDOSRGHUDSDUWLUGHOPRPHQWRHQTXH5RPD,PSHULDO
HQWUDQGRHQFRQFLHUWRVFRQHO\RIUHFHUOHHOWURQRHOSRGHU\ODDXWRULGDGGHVDSDUHFLDGHOHVFHQDULR
KLVWRULFRSRVLELOLWDQGRODDVXQFLRQSRUODD&DEH]DR3DSDGRGHHVHWURQRSRGHU\DXWRULGDGFX\R
RULJHQ\QDWXUDOH]DVHHQFXHQWUDHQHO'UDJRQXS\GHVDUUROODQGRXQDSROLWLFDGHSHUVHFXFLRQ
UHOLJLRVD\DEVROXWLVWDHQXQ2FFLGHQWHTXHHVWDPDUFDQGRODWUD\HFWRULDGHODKLVWRULD3UHFLVDPHQWHHO
PXQGRFRQWHPSODULDFRPRVHQDOLQHTXLYRFDGHHVDFDLGDTXHDODFDEDUHOWLHPSRSURIHWLFRGHORV
PHVHVSURIHWLFRVRDQRVFRQFUHWDPHQWHHQKDFLHQGRVHMXLFLRDODKLVWRULDGHHVDD&DEH]D
>@ >@
TXHVHKDELDMDFWDGRGHVXRPQLSRWHQFLD \UHSOHWDGHHUURUHVKRUURUHV\FULPHQHV XQD
PDQRLQYLVLEOHGHMDEDGHUHWHQHUODVLUDVDFXPXODGDVSRUODVJHQWHVGHODVQDFLRQHVKDFLHQGROHSHUGHUVX
$XWRULGDGFRQORTXHLPSOLFDED\KXPLOODQGROHHQVXPD[LPRUHSUHVHQWDQWHHQODSHUVRQDGHOSURSLR
3DSDFRJLHQGROHSULVLRQHUR\DUUHEDWDQGROHGHWRGRVX3RGHU7RGRHOORVHWUDGXFHHQXQDKHULGDPRUWDO
$SXSSSXS
7HQHPRVXQSHULRGRGHPHVHVSURIHWLFRVHVGHFLUDQRVTXHLEDDGXUDUHOWLHPSRGHOD
$XWRULGDGKHJHPRQLFDTXHHO'UDJRQRWRUJDEDDODD&DEH]DILQDOL]DQGRDOUHFLELUODKHULGDPRUWDO(Q
HOG-VHLQLFLDEDHVDKHJHPRQLDODKHULGDVHUDHQHQSOHQRDSRJHRGHOD)UDQFLD
5HYROXFLRQDULD\GDQGRHOPD\RUVHQWLGRDOJROSHVREUHHO3DSDGRHQODSURSLDSHUVRQDGHO3DSDTXHVH
OHFRJHSULVLRQHUR\VHOHREOLJDDLUD)UDQFLDFRPRXQDH[WHULRUL]DFLRQGHTXHOD6REHUDQLD\SRGHU
WHPSRUDOGHORV3DSDVKDOOHJDGRDVXILQ
 
/DUHDSDULFLRQGHHVWD&DEH]DTXHKDELDVLGRKHULGDPRUWDOPHQWHQRVORH[SOLFD$SRFDOLSVLVGHO
VLJXLHQWHPRGROD%HVWLDTXHKDELDVLGRODTXHFRUUHVSRQGHD(5$\TXH12(5$DSDUWLUGHXQ
FLHUWRPRPHQWRODTXHFRUUHVSRQGHDOD12(6OOHJDULDDYROYHUD6(5ODTXHFRUUHVSRQGHD
6(5$FI$SSSXSFXDQGRHVWRRFXUULHUDFXDQGRIXHUDRWUDYH]VHULDHO2&7$92\
KDEULDVLGR\DXQDGHODV6,(7(FDEH]DV$S
(OPHQVDMHHVFODUR6HQRVHVWDTXHULHQGRGHFLUTXHHVD&DEH]DTXHKDELDVLGRKHULGD\TXHVHQRV
DGYLHUWHTXHLEDDVHUFXUDGDORKDULDXQDYH]TXHKXELHUDQSDVDGRODV6,(7(VXFHVLYDV\HVSRUHOOR
TXHVHULDXQ2&7$92DGHPDVGHVHUXQDGHODV6,(7(
/DD&DEH]DKDELDRFXSDGR\DVXOXJDU\VXIULGRXQDKHULGDPRUWDO3HURHQYH]GHGHVDSDUHFHU
GHILQLWLYDPHQWHWHQGULDXQDUHVWDXUDFLRQ'HDKLTXHVHSXHGDGHFLUTXHHVGHHQWUHODV6,(7(SHUROD
2&7$9$SRUFXDQWRKDEULDQWUDQVFXUULGRODV6,(7(




/RSULPHURTXHVHREVHUYDDOOHHUORVWH[WRVHVODLPSUHVLRQ\UHDFFLRQTXHWLHQHQORVKDELWDQWHVGHOD
WLHUUDFXDQGRDTXHOODD&DEH]DTXHKDELDVLGRKHULGDHVVDQDGDVHGLFHTXHVHPDUDYLOODWRGDODWLHUUD
\TXHFRPRFRQVHFXHQFLDVHVLJXHDOD%HVWLDVLPERORGHO*RELHUQRGHHVWHPXQGRHQRSRVLFLRQDO
*RELHUQRGH'LRVR5HLQRGH'LRVFIHVWHVHJXLPLHQWR\DGPLUDFLRQSRUODD&DEH]DFXUDGDHV
LQWHUSUHWDGRFRPRXQDDGRUDFLRQDHVWD\FRPRFRQVHFXHQFLDDO'UDJRQTXHOHKDELDGDGRODDXWRULGDG

6HQRVDVHJXUDQRREVWDQWHTXHORVTXHWLHQHQVXVQRPEUHVHVFULWRVHQHOOLEURGHODYLGDGHO&RUGHUR
12$'25$1DOD%HVWLD
7DOFRPRKHPRVPDQLIHVWDGRHQQXHVWUDVVHFFLRQHVKLVWRULFDVHO6LVWHPD3DSDOSHUGLRFRPR
FRQVHFXHQFLDGHODKHULGDSURSLQDGDSRUOD5HYROXFLRQ)UDQFHVDWRGRVVXVSULYLOHJLRVTXHKDELD
VRVWHQLGRHQXQSHULRGRDQWHULRU7HQHUXQDSR\RH[FOXVLYRSRUSDUWHGHO(VWDGRDWUDYHVGHVXXQLRQ
FRQHOHO3RGHUWHPSRUDOODSURSLDXQLRQ&DWROLFD\GHOD&ULVWLDQGDGFRQVLGHUDGDSRUHO3DSDGR
FRPRDTXHOODTXHRWRUJDOD8QLRQGHORTXHHOUHSUHVHQWDFRQHO(VWDGRTXHORRULHQWDGHDFXHUGRDXQD
LGHRORJLD0RUDO\3ROLWLFRUHOLJLRVDHOLQWHQWRGHXQD8QLGDGLGHDOGHWRGRHOPXQGRTXHHVWD
SURJUDPDGDHQODSURSLDUD]RQGHVHUGHVXVJHQHV5RPDQR,PSHULDOHVFRQODILQDOLGDGGHSUR\HFWDUVX
$XWRULGDGKHJHPRQLFDHLGHRORJLFD
/DKHULGDQRVHFXUDVLQXQSURFHVRGHWUDWDPLHQWR6HUDODUHFXSHUDFLRQGHHVRVDVSHFWRVHQXPHUDGRV
FRPRFRQVHFXHQFLDGHORVHQIRTXHV\DSOLFDFLRQHVTXHSUR\HFWDTXHORJUDUDHQVXGLDODFXUDFLRQ
GHILQLWLYD1XHVWURVHVWXGLRVGHQXHVWUDVVHFFLRQHVKLVWRULFDVKDQLQWHQWDGRSURYHHUDOOHFWRUOD
GRFXPHQWDFLRQVXILFLHQWHVREUHODRULHQWDFLRQTXH2FFLGHQWHKDHVWDGRGDQGR\VXHQWURQTXHFRQORTXH
HO3DSDGRHQODKRUDDFWXDOKDFRQVHJXLGR\RIUHFH
&UHHPRVGHDFXHUGRDORTXH\DKHPRVSURYLVWRTXHHO6LVWHPD3DSDOHVWDDSXQWRGHFHUUDUVXKHULGD
/RVDYDQFHVDOFDQ]DGRVVRQXQDUHDOLGDGODUHFXSHUDFLRQGHO3RGHUWHPSRUDO\DDGTXLULGRHQHSRFDGH
0XVROLQLHOGHREWHQHUFRQODD\XGDGHXQ0RYLPLHQWR(FXPHQLFRHQWUHJDGRODXQLRQGHOD&ULVWLDQGDG
HQJHQHUDOTXHDFHSWDODSULPDFLDGHO5RPDQR3RQWLILFHODXQLRQFDWROLFDFRQWRGRORTXHLPSOLFDGH
SROLWLFDPRUDO\UHOLJLRVDPHGLDQWHXQD8QLGDG(XURSHDTXHVHODSRQHHQEDQGHMD\ODXQLRQGHHVD
VXSHU,JOHVLDHQFDUQDGDHQHO6LVWHPD3DSDO\HO(VWDGRPDVLPSRUWDQWHGHHVWDWLHUUD(VWDGRV8QLGRV
TXHMXQWRDO&ROHFWLYR(XURSHRYDQLPSRQLHQGRXQ1XHYR2UGHQ0XQGLDOIDFLOLWDQGRHOTXHHVDD
&DEH]DKHULGDVHUHVWDXUHHQXQ2&7$92
 (OKHFKRSXQWXDOGHODVYLVLWDVSDSDOHVDGLIHUHQWHVOXJDUHVGRQGHHVDFRJLGRHQRORUGHPXOWLWXGHV
MXQWRDVXWUDEDMRSDVRDSDVRFRQORVJREHUQDQWHVPDVUHSUHVHQWDWLYRVGHHVWDWLHUUDLQLPDJLQDEOHHQXQ
SDVDGRDQWHULRUDO&RQFLOLR9DWLFDQR,,HVXQDGHPRVWUDFLRQGHOPRPHQWRGRQGHQRVHQFRQWUDPRV

7HQLHQGRHQFXHQWDODSHUVSHFWLYDKLVWRULFDTXHORVHVWXGLDQWHVGHODSURIHFLDKDQWHQLGRDORODUJRGH
ODKLVWRULDKDQRIUHFLGRXQDXRWUDLQWHUSUHWDFLRQ/RVTXHLQWHUSUHWDQOD%HVWLDFRPRVLHQGRVLPSOHPHQWH
HO,PSHULR5RPDQRFHQWUDQDOD%HVWLDGHGRVFXHUQRVHQVXHSRFD3DUDORVFDWROLFRV-RVH6DOJXHUR
>@
%DUWLQD\-HDQ/RXLV'
$UDJRQ OD%HVWLDGHGRVFXHUQRVVHULDHOVDFHUGRFLRSDJDQRGH$VLD
0HQRUTXHDSR\DULDDOD%HVWLD5RPDQD/RVTXHXWLOL]DQHOPHWRGRSUHWHULWDFRPRHOEDXWLVWD5D\
>@
6XPPHUVORKDFHQFRLQFLGLUHQODHSRFDGHO,PSHULR5RPDQRLJXDOPHQWH 7DQWR-RDTXLQ)ORUHV
>@
;,,FRPRHO-HVXLWD/DFXQ]DV;9,,ODLGHQWLILFDQFRQHOFOHURFDWROLFR /XWHUR\2VLDQGHUV
>@
;9,ODLGHQWLILFDQFRQHO3DSDGRHQJHQHUDO
(VDSDUWLUGHOD5HYROXFLRQ)UDQFHVDSUHFLVDPHQWHFXDQGRVHKDFXPSOLGRHOSHULRGRGHORVPHVHV
>@
SURIHWLFRVTXHORVHVWXGLRVRVGHODSURIHFLDFRPLHQ]DQDYLVOXPEUDUXQDLQWHUSUHWDFLRQGLVWLQWD
<DDILQDOHVGHOVLJOR;9,,HOSURWHVWDQWH7KRPDV*RRGZLQSUHVLGHQWHGHO0DJGDOHQ&ROOHJHGH
2[IRUG\YLFHFDQFLOOHUGHODXQLYHUVLGDGGH2[IRUGLGHQWLILFDDOD%HVWLDGHGRV&XHUQRVFRQXQ
>@
3URWHVWDQWLVPRTXHGDULDDSR\RDODSULPHUD%HVWLD
(QHOIXQGDGRUGHOPHWRGLVPR-RKQ:HVOH\HQXQSHUVSLFD]FRPHQWDULRH[SRQHUHILULHQGRVHD
OD%HVWLDGHGRV&XHUQRV
(VWDSRWHQFLDQRKDOOHJDGRWRGDYLDSHURVXDGYHQLPLHQWRQRHVWDOHMRV3XHVVXDSDULFLRQGHEHWHQHUOXJDUDOILQGHORV
>@
PHVHVGHODSULPHUD%HVWLD!!
(OSURWHVWDQWH-RVLDV/LWFKDFRPLHQ]RVGHOV;,;DILUPDTXHOD%HVWLDGHGRVFXHUQRVWHQGULDTXHVHU
>@
XQDSRWHQFLDQRFDWROLFDURPDQDFX\DDSDULFLRQQRSRGLDWDUGDU
+LUDP6&DVHHQLGHQWLILFDDOD%HVWLDGHGRVFXHUQRVFRQXQFRQJORPHUDGROODPDGR5RPD
>@
3URWHVWDQWHEDMRVXIRUPDUHSXEOLFDQDVLQPHQFLRQDUSDUDQDGDDORV(VWDGRV8QLGRV
6HUDXQDQRGHVSXHVFXDQGRHOWDPELHQSURWHVWDQWH-RKQ1$QGUHZVGHVLJQDSRUSULPHUDYH]DORV
>@
(VWDGRV8QLGRVFRPRHO3RGHUDOTXHKDULDUHIHUHQFLDHOVLPERORGHOD%HVWLDGHORVGRVFXHUQRV
$SDUWLUGHHVHPRPHQWR\FRQIRUPHODKLVWRULDIXHGHVSOHJDQGRODDFWLWXGGH/RV(VWDGRV8QLGRVFRQ
ORTXHLPSOLFDHQSDUDOHORDO&ROHFWLYR(XURSHR\DOSURSLR3DSDGRTXHFLHQWRVGHDXWRUHVHQWUHORV
TXHVHHQFXHQWUDHODXWRUGHHVWDREUDQRKDQWHQLGRPDVUHPHGLRVLJXLHQGRORTXHHOWH[WRQRVRIUHFH
TXHLGHQWLILFDUDOD%HVWLDGHGRVFXHUQRVFRQODTXHKR\HVODSULPHUDSRWHQFLDPXQGLDO(VWDGRV
>@
8QLGRV



/RSULPHURTXHWHQHPRVTXHGHFLUHVTXHOD%HVWLDGHGRVFXHUQRVVXUJHSRVWHULRUPHQWHDODSULPHUD
%HVWLD
'RVVRQORVHOHPHQWRVWH[WXDOHVTXHQRVREOLJDQDHQWHQGHUTXHVHWUDWDGHXQD%HVWLDTXHVXUJH
WHPSRUDOPHQWHGHVSXHVGHORVPHVHVSURIHWLFRV(OSULPHURHVHOUHODWLYRDTXHHMHUFHODDXWRULGDGGH
ODSULPHUD%HVWLDHQSUHVHQFLDGHHOOD$SSS6LODDXWRULGDGGHODSULPHUD%HVWLDFXDQGROD
WXYRDQWHVGHUHFLELUODKHULGDODHMHUFLDHOODPLVPDHVFRQFOX\HQWHGHTXHVHWUDWDGHXQPRPHQWR
SRVWHULRUDORVDQRVHVGHFLUD
3HURHVHPLVPRY$SXSDQDGHXQGHWDOOHTXHQRGHEHULDSDVDUSRUDOWR\HVTXHHVH
HMHUFLFLRGHODDXWRULGDGHQSUHVHQFLDGHODSULPHUD%HVWLDORKDFHHQXQPRPHQWRHQTXHODKHULGDKD
VLGR\DVDQDGD
(VWRVDVSHFWRVSURYHHQGHLQIRUPDFLRQVXILFLHQWHFRPRSDUDFRPSUHQGHUTXHODKHJHPRQLDWRWDOGH
HVWD%HVWLDGHGRV&XHUQRVFRLQFLGHFRQODFXUDFLRQGHODKHULGDGHODD&DEH]D<HVWRVRORSXHGH
VXFHGHUHQDOJXQPRPHQWRGHVSXHVD
(VWRQRVLQYLWDDSHQVDUTXHOD%HVWLDGHGRV&XHUQRVWHQLDXQDH[LVWHQFLDDQWHULRUDHVHLQVWDQWHHQ
TXHFRPLHQ]DDHMHUFHUODDXWRULGDGHQVXVWLWXFLRQGHODSULPHUD%HVWLD(QHIHFWRHOYQRVH[SUHVD
XQDDFWLWXGTXHRFXSDXQWLHPSRDQWHULRUDOHMHUFLFLRGHHVDDXWRULGDGHQSUHVHQFLDGHODSULPHUD%HVWLD
ODGHGDUVHDFRQRFHUFRQDSDULHQFLDGH&RUGHUR\KDEODQGRFRPR'UDJRQ

7RGRHVWRHVWDOOHQRGHPHQVDMHVVLXQRWLHQHHQFXHQWDRWURVSDVDMHVSDUDOHORVTXH\DORVKHPRV
FRRUGLQDGRHQRWUDVRFDVLRQHV
/DSULPHUDSDUWH$SKDGHMDGRFODURTXHODSULPHUD%HVWLDUHFLEHXQDKHULGDDOILQDOGHORV
PHVHVRDQRV
6DEHPRVSRUODLQIRUPDFLRQGH$SRFDOLSVLVTXHDFDEDQGRVHHOWLHPSRGHORVDQRV$S
OD%HVWLDFDHHQXQDSRVLFLRQGHDELVPRSS(VWRFRLQFLGHFRQHOILQDOGHORVPHVHV
SURIHWLFRVRDQRVGHHMHUFLFLRGHDXWRULGDGGHOD%HVWLDDQWHVGHUHFLELUODKHULGD$SSS
XS5HFLELUODKHULGDHVLJXDODFDHUHQHODELVPRORJUDQGRVHTXHOD%HVWLDTXH(5$VHD12(6$S
(VWRTXHGDUDWLILFDGRFRPRYLPRVSRU$SRFDOLSVLVFXDQGRQRVLQGLFDTXHHVWDQGROD%HVWLD
HQHVDSRVLFLRQGHDELVPR&,1&2&DEH]DVKDELDQFDLGR$SSSSS(VHYLGHQWHTXHODDR
ODTXHUHFLEHODKHULGDWLHQHTXHHVWDULQFOXLGDHQWUHHVDVFLQFR
3HURQRWHPRVXQHOHPHQWRPDVTXHFODULILFDHVWHDVXQWRHQWUHHOPRPHQWRTXHOD%HVWLD12(6HV
GHFLUTXHHVWDHQHODELVPRSRUTXHKDUHFLELGRODD&DEH]DODKHULGD\HOVXUJLPLHQWRGHXQDD
SSTXHPXHVWUDTXHVHKDDJRWDGRODVXFHVLRQGHODV6,(7(\TXHVHLGHQWLILFDFRPRXQDTXHKDELDVLGR
GHODV&,1&2DSDUHFHXQHVSDFLRWHPSRUDOOOHQDGRSRUODD\D&DEH]D$S
(VHYLGHQWHTXHODDHVXQUHVXUJLPLHQWRGHODDSXHVWRTXH\DWHGLFHHOWH[WRTXHKDELDVLGRGH
HQWUHODV6,(7($SSS/XHJRHVWDULDWUDGXFLHQGRODFXUDFLRQGHODKHULGDGHODTXHKDELDVLGR
GHHQWUHODV6,(7(
(VWRQRVLQIRUPDTXHDQWHVTXHHVWRVXFHGDHVGHFLUDQWHULRUPHQWHDODFXUDFLRQGHODKHULGDKDGH
WUDQVFXUULUSUHYLDPHQWHHOHVSDFLRGHOD%HVWLDHQVXSRVLFLRQGHDELVPRRFXSDGRSRUODD\D&DEH]D
SSFISS
/XHJRSRGHPRVDILUPDUTXHHOHMHUFLFLRGHODDXWRULGDGGHOD%HVWLDGHGRV&XHUQRVHQSUHVHQFLDGH
ODSULPHUD%HVWLDFX\DXQDGHVXV&DEH]DVKDELDUHFLELGRODKHULGD\TXHIXHVDQDGDWLHQHTXHVHU
SRVWHULRUPHQWHDOPRPHQWRTXHUHFLEHODKHULGDDOILQDOGHORVDQRVHVGHFLUGHVSXHVGH
WLHQHTXHWUDQVFXUULUGHVSXHVGHHOWLHPSRTXHGXUDOD%HVWLDHQVXSRVLFLRQGHDELVPRRGH12(6
FRPRFRQVHFXHQFLDGHODKHULGDGHODDRORTXHHVORPLVPRHVSUHFLVRTXHSDVHHOWLHPSRGHODD
\D&DEH]DFXDQGRUHVXUJHODDHQXQDDORHVHQHOPLVPRWLHPSRHQTXHOD%HVWLDGHGRV&XHUQRV
D\XGD\H[DOWDDODSULPHUD%HVWLDGHOD&DEH]DKHULGDSHUR\DVDQDGD
 
6LVHFRPSDUDQHOYVSSFRQHO\HOFRQHOXSVHREVHUYDUDSRUXQODGRTXHHO
FRQWHQLGRGHOYTXHQRVKDEODGHODKHULGDVDQDGD\GHOHMHUFLFLRGHODDXWRULGDGSRUOD%HVWLDGHGRV
&XHUQRVHQSUHVHQFLDGHODSULPHUD%HVWLDFRQFXHUGDWHPDWLFD\WHPSRUDOPHQWHFRQYXSVHWUDWDULD
GHODHSRFDGHODKHULGDVDQDGDSRURWUDSDUWHORLQPLQHQWHPHQWHDQWHULRUDOY\XSHVHOYSS
TXHQRVKDEODGHOPRPHQWRGHUHFLELUODKHULGDHVRFRQFXHUGDFRQHOY/RTXHVHQRVHVWDULD
WUDVPLWLHQGRTXHODVXELGDGHODWLHUUDGHODEHVWLDGHGRV&XHUQRVDFRQWHFHULDHQODHSRFDHQTXHOD
SULPHUD%HVWLDUHFLEHODKHULGDDOUHGHGRUGH
(OWHPDGHODVVHQDOHVDXQTXHDFRQWHFLGDVHQGLVWLQWRPRPHQWRWDPELHQFRQFXHUGDFRQODV
VHQDOHVRDFWXDFLRQHVGHODSULPHUD%HVWLDSS
/DDGRUDFLRQGHODLPDJHQGHOD%HVWLDSULPHUDWLHQHVXSDUDOHORHQXS

(OFRQWUDVWHHQWUHODSULPHUD%HVWLDTXHVXEHGHO0DU\ODGH'RV&XHUQRVHVHYLGHQWHSRUFXDQWR
HVWDVXEHGHOD7LHUUD(VFLHUWRTXHHOVHQWLGRGHOWHUPLQR7LHUUDQRHVFRPSOHWDPHQWHKRPRJHQHRHQ
HO$SRFDOLSVLVSXGLHQGRWHQHUGLIHUHQWHVVLJQLILFDGRVGHDFXHUGRDOFRQWH[WR\DORVSURWDJRQLVWDV6LQ
HPEDUJRDTXLDOUHODFLRQDUDODVGRV%HVWLDVKD\XQSURSRVLWRGHILQLGRDOWUDVPLWLUQRVTXHXQDVXEHGHO
0DUVLPERORGHPXOWLWXGHVSXHEORVQDFLRQHVFI/F'QGHVFULELHQGRQRVXQD
]RQDWHUUHVWUHPX\KDELWDGD\ODRWUDHQXQHVSDFLRDXVHQWHGHPXFKDVDJXDV6LHVWRHVDVLODVXELGD
GHOD7LHUUDSRURSRVLFLRQDO0DUUHSUHVHQWDUDODLQYHUVDODDXVHQFLDGHQDFLRQHVGHSXHEORVGH
PXOWLWXGHV
+D\XQHOHPHQWRDGLFLRQDOTXHYDORUDHOWHUPLQR7LHUUDHQFRQWUDVWHFRQHO0DURFRQODVPXFKDV
DJXDV\TXHDSDUHFHXELFDGRFURQRORJLFDPHQWHHQHOPLVPRLQVWDQWHHQTXHVHLQWURGXFHOD%HVWLDGH
'RV&XHUQRV(QHIHFWRHQ$SRFDOLSVLVGHVSXHVGHOWUDQVFXUVRGHORVDQRVDSDUHFHHO
WHUPLQR7LHUUDHQFRQWUDVWHFRQXQ5LRFDUJDGRGH$JXD/D7LHUUDSURWHJHDORTXHUHSUHVHQWDOD0XMHU
&HOHVWLDO+HPRVYLVWRTXHOD%HVWLDGH'RV&XHUQRVVHRULJLQDHQODHSRFDHQTXHUHFLEHODKHULGDODD
&DEH]DGHODSULPHUD%HVWLDHVGHFLUGHVSXHVGHTXHHVDSULPHUD%HVWLDKXELHVHWHUPLQDGRVXSHULRGR
GHKHJHPRQLDGHPHVHVSURIHWLFRVRDQRV(VREYLRTXHHVWHSDUDOHOLVPRLGHQWLILFDODV
H[SUHVLRQHV(OVLJQLILFDGRTXHGDEDPRVDHVDWLHUUDTXHD\XGDDOD0XMHUHUDHOFDUDFWHUGHSURWHFFLRQ
KDFLDOD0XMHUKDFLDORVSULQFLSLRVGHO5HLQRGH'LRV(O5LRGH$JXDTXHHO'UDJRQKDELDHFKDGRFRQ
ODILQDOLGDGGHGHVWUXLUDOD0XMHUIXHWUDJDGR(VGHFLUODULDGDGHKDELWDQWHVTXHDIOX\HDHVHOXJDUSXGR
VHUQHXWUDOL]DGRSRUODVFDUDFWHULVWLFDVTXHVXSRQHOD7LHUUD8QOXJDUTXHVHOHFRQVLGHUDHQHVDSULPHUD
HWDSDGHVXGHVDUUROORFDSD]GHSRGHUD\XGDUDTXHORVSULQFLSLRVGHO5HLQRGH'LRVSXHGDQVHU
FRQRFLGRVVLQHOREVWDFXORGHODSHUVHFXFLRQ\SRURWUDSDUWHSXHGHWUDJDUVHODULDGDGHKDELWDQWHV
GDQGRQRVDHQWHQGHUTXHQRSXHGHQHMHUFHUVLWXDFLRQHVFRQWUDULDVDOD0XMHU&HOHVWLDO\DTXHVHWUDWDGH
DOJRGLIHUHQWHDODVRFLHGDGGHO0DU(QHVWHFDVRODWLHUUDVHWUDWDULDGHDOJRTXHHVWDFRPHQ]DQGR
GHPRGRGLVWLQWRDODVRFLHGDGGHO0DUVLQFDVLKDELWDQWHVSXHVWRTXHKD\VXILFLHQWHWLHUUDFRPRSDUD
GHMDUVHFRDO5LR0X\GLVWLQWRVLHO5LRGHKDELWDQWHVKXELHUDGHVHPERFDGRHQHO0DUGHPXOWLWXGHV<
GLIHUHQWHDODRUJDQL]DFLRQVRFLRSROLWLFDTXHVXSRQLDQODVQDFLRQHVVLPEROL]DGDVSRUHO0$5
7RGRHVWRFRPSDJLQDFRQHOOXJDUJHRJUDILFRTXHVHFRQRFHULDFRQ/RV(VWDGRV8QLGRV
$XQTXHHOFUHFLPLHQWRKDVLGRVHQVDFLRQDODSDUWHGHODSREODFLRQDXWRFWRQD\GHORVSULPHURV
FRORQL]DGRUHVHVSDQROHVDFRPLHQ]RVGHOVLJOR;9,HPLJUDQWHVTXHHPSH]DURQDOOHJDUHQFRQHO
IDPRVR0D\IORZHUHQ(VWDGRV8QLGRVWHQLDWDQVRORPLOORQHVGHKDELWDQWHV\VHLQLFLDEDFRQ
XQDFRQVWLWXFLRQGHPRFUDWLFDTXHSURWHJLDDORVSULQFLSLRVGHO5HLQRGH'LRVFX\RVLJQLILFDGRSURYHQLD
GHOVLPEROR0XMHU&HOHVWLDOSULQFLSLRVTXHLEDQDVHUVDOYDJXDUGDGRVSRUHOUHSUHVHQWDQWHGHHVD
0XMHUHO5HVWROD,JOHVLD
 

<DKHPRVHVWXGLDGRVXILFLHQWHPHQWHHOVLPERORGHORV&XHUQRVFX\RVLJQLILFDGRHUDHOGH3RGHUR
5HLQR$TXLSRUHOWUDWDPLHQWRGHOWH[WROD%HVWLDVHXVDGHXQPRGRJOREDOVLQTXHDSDUH]FDQVXFHVLRQ
GHUHLQRV/RV&XHUQRVHVWDULDQVLJQLILFDQGRORVGRVSRGHUHVHVSHFLDOHVTXHHQFRQMXQWRXWLOL]DHVWD
VHJXQGD%HVWLDXQ*RELHUQRPXQGDQRGHFDUDFWHUKHJHPRQLFR6HWUDWDGHODVSHFWR3ROLWLFRYDORUHV
GHPRFUDWLFRV\5HOLJLRVRORVYDORUHVGHOSURWHVWDQWLVPR(VSUHFLVRUHFRQRFHUTXHHVWRVGRV
HOHPHQWRVVRQORVGRVFRPSRQHQWHVIXQGDPHQWDOHVGHODH[LVWHQFLDQDWXUDOH]D\GHVDUUROORGHODTXHKR\
HVODSULPHUDSRWHQFLDPXQGLDO(VWDGRV8QLGRV/DLQIOXHQFLDWDQWRGHORUHOLJLRVRFRPRORLPSOLFDGRHQ
VXTXHKDFHUSROLWLFRKDVLGR\HVHVHQFLDO
(OKHFKRGHTXHVHXWLOLFHODILJXUDGHOFRUGHURSDUDGHVFULELUQRVVXV&XHUQRVR3RGHUHVHQWUD\D
IXHUWHPHQWHFRQWUDVWDGDFRQHO/HRQ%DELORQLFRHO2VR0HGR3HUVDHO/HRSDUGR0DFHGRQLFRRFRQOD
&XDUWD%HVWLDLQGHVFULSWLEOHGH'DQLHOUHFRJLGDV\DJUXSDGDVGHDOJXQPRGRHQXQDPLVPDHVWUXFWXUD
WRGRHOFRPSHQGLRGHO5HLQRGHHVWHPXQGREDMRHOVLPERORGHOD%HVWLDDSRFDOLSWLFD$S

(OFRUGHURHVXQVLPERORGHGXO]XUDHLQRFHQFLD<ODLQVSLUDFLRQKDHPSXMDGRD-XDQDHVFRJHUHVWH
WHUPLQRWDQVLQJXODUSRUFXDQWRWLHQHODLQWHQFLRQGHGDUQRVXQGREOHPHQVDMH3RUXQODGRXQDLGHQWLGDG
PX\GLVWLQWDDODGHODRWUD%HVWLDIHUR]6LDTXHOODVHKDELDFDUDFWHUL]DGRSRUORVSRGHUHVDEVROXWLVWDV
HVWDORVHULDSRUORRSXHVWR'HVGHVXRULJHQVHPDQLILHVWDFRQODSULPHUDFRQVWLWXFLRQGHPRFUDWLFDVDOLGD
GHOOLEUHFRQVHQWLPLHQWR3HURODLQVSLUDFLRQQRVDGYLHUWHSRURWUDSDUWHTXHVHWUDWDGHXQD%HVWLD\
FRPRWDOVHRSRQGUDDO5HLQRGH'LRV/RVDVSHFWRVSRVLWLYRVTXHVLQGXGDVHUDQYDOLGRVSDUDHO3XHEOR
GH'LRVQRGHEHQFUHDUXQDIDOVDRSWLFDSXHVWRTXHVLELHQORVGHUHFKRVKXPDQRV\ODGHPRFUDFLDVRQ
TXHULGRV\XVDGRVSRU'LRVSDUDODSUHGLFDFLRQGHO(YDQJHOLRHQXQUHJLPHQGHOLEHUWDGSXHGHQVHU
GHVQDWXUDOL]DGRV'HDKLTXHVHQRVDFODUHTXHKDEODEDFRPRXQ'UDJRQ
(VYDOLGRSDUDQRVRWURVODRSLQLRQTXHUHFRJHHOSURWHVWDQWH-HDQ=XUFKHUUHVSHFWRDTXHKDEODEDFRPR
XQ'UDJRQ
/RVFXHUQRVVHPHMDQWHVDORVGHXQ&RUGHUR\HOOHQJXDMHGHO'UDJRQLQGLFDQHQHVWD%HVWLDXQDFRQWUDGLFFLRQVRUSUHQGHQWH
HQWUH OD SURIHVLRQ GH IH \ ORV DFWRV GH OD QDFLRQ TXH HOOD UHSUHVHQWD (V SRU VXV OH\HV \ VXV GHFLVLRQHV MXGLFLDOHV TXH XQD QDFLRQ
KDEOD(VSRUHVWRVRUJDQRVTXHHOODGDUDXQGLDHOGHVPHQWLGRDORVSULQFLSLRVOLEHUDOHV\SDFLILFRVTXHHOODKDSXHVWRHQODEDVH
GHODVXQWRSXEOLFR/DSUHGLFFLRQGHTXHHOODKDEODUDFRPRXQ'UDJRQ\TXHHOODHMHUFHUDWRGDODDXWRULGDGGHODSULPHUDEHVWLD
HQVXSUHVHQFLDDQXQFLDFODUDPHQWHODDSDULFLRQGHXQHVSLULWXGHLQWROHUDQFLD\GHSHUVHFXFLRQDQDORJRDOHVSLULWXPDQLIHVWDGR
>@
SRUODVQDFLRQHVUHSUHVHQWDGDVSRUHOGUDJRQ\HOOHRSDUGR!! 


(VWD%HVWLDGHGRV&XHUQRVH[LVWHDSDUWLUGHVXFRQVWLWXFLRQHQ/DLQVSLUDFLRQODHQIRFDDSDUWLU
GHOILQDOHQTXHODSULPHUD%HVWLDWHUPLQDGHHMHUFHUVX$XWRULGDGGXUDQWHDQRVHQGLFKRH[WUHPR
DFRQWHFHODKHULGDPRUWDOGHOD&DEH]DGHOD%HVWLDTXHFRPR\DYLPRVVHODLQIOLJLDOD)UDQFLD
5HYROXFLRQDULD
(OFXPSOLPLHQWRFURQRORJLFRGHOYQRFRLQFLGHFRQHVHPRPHQWRGHOILQDOGHORVDQRV"SRU
TXH"+DGHFXPSOLUFXDWURDVSHFWRVIXQGDPHQWDOHVTXHHOWH[WRQRVH[LJH
(MHUFHUWRGDODDXWRULGDGGHODSULPHUD%HVWLD2EVHUYHVHTXHSDUDTXHHVWRSXHGDOOHYDUVHD
FDERHVSUHFLVRSUR\HFWDUXQDDXWRULGDGFRPRODTXHWXYRODSULPHUD%HVWLDGXUDQWHORVWLHPSRVHQTXH
KDEODEDJUDQGHVFRVDVSHUVHJXLDDOSXHEORGHORV6DQWRVHLPSRQLDXQDGRFWULQDFRQWUDULDD'LRVFI
$SSS(VWRORJLFDPHQWHQRVHFXPSOLRDSDUWLUGH&XDQGRGLFKD%HVWLDGHGRV&XHUQRV
VHFRPSRUWHUHVSHFWRDOHMHUFLFLRGHOD$XWRULGDGGHHVHPLVPRPRGRHQTXHORKLFLHUDODSULPHUD
%HVWLDFXDQGRFRQVXTXLQWD&DEH]DKDFLD\GHVKDFLDSROLWLFD\UHOLJLRVDPHQWHLQFOXVRDFWXDQGRHQ
FRQWUDGH'LRV\XWLOL]DQGRODSHUVHFXFLRQUHOLJLRVDDWHQWDQGRFRQWUDORVSULQFLSLRVGHOLEHUWDGGH
FRQFLHQFLDHQWRQFHVHVWDUDUHDOL]DQGRODFRQGLFLRQTXHLPSOLFDHMHUFHUWRGDODDXWRULGDGGHODSULPHUD
%HVWLD7RGDYLDQRVHKDHPSH]DGRDFXPSOLUDXQTXHVHHVWDWHQGLHQGRKDFLDHOOR
(QSUHVHQFLDGHHOOD&RQHVWDH[SUHVLRQVHQRVHVWDTXHULHQGRGHFLUTXHFXDQGRHVWHQXHYR
3RGHUHMHU]DODDXWRULGDGWDOFRPROD%HVWLDSULPHUDORGHVHPSHQDEDORKDUDFRQHOEHQHSODFLWRGH
HOOD(VWDQGRHQSOHQDFRQFRUGDQFLDFRQHOODHQSUHVHQFLDGHHOOD(VHYLGHQWHTXHHVWRQRRFXUULRD
SDUWLUGH\QLVLTXLHUDDKRUDHQDXQFXDQGRVHHVWDQGDQGRSDVRVLUUHYHUVLEOHVSDUDTXH
OOHJXHDVHUXQDUHDOLGDG
2EOLJDDORVPRUDGRUHVGHODWLHUUDDTXHDGRUHQDODSULPHUD%HVWLD(VWRVRORSXHGH
UHDOL]DUVHFXDQGRVHKDDVXPLGRXQDLGHQWLGDGHQFXDQWRDODPDQHUDGHSHQVDUGHOD%HVWLDSULPHUD/D
LGHRORJLDGHOD%HVWLDSULPHUDKDVLGRDFHSWDGDWRWDOPHQWHSRUOD%HVWLDGHGRV&XHUQRV6LQHVDDFWLWXG
VHULDLPSRVLEOHWRPDUXQDGHWHUPLQDFLRQFRPRODTXHVXSRQHKDFHUTXHWRGDODWLHUUD\VXVPRUDGRUHVOD
DGRUHQ
/DDGRUDFLRQQRFRQVLVWHHQORVJHVWRV\HQODVIRUPDVVLQRHQXQDFODXGLFDFLRQHQDTXHOORTXH
GHEHPRVD'LRV(QHVHPRPHQWRWDQFUXFLDOHQTXHVHGHHVWDVLWXDFLRQGHVFULWDSRUHOWH[WRSURIHWLFR
ORVVHUHVKXPDQRVHVWDUDQUHFKD]DQGRSULQFLSLRVFRQFUHWRVTXH'LRVGHPDQGDGHQXHVWUDVFRQFLHQFLD/D
DFWLWXGGHODKXPDQLGDGVHUDODGHXQDGHVYLDFLRQUHVSHFWRDORTXHXQLFDPHQWHVHGHEHGHGDUD'LRV$O
LJXDOTXHORKLFLHUDODSULPHUD%HVWLDPHGLDQWHHOVLVWHPD3DSDOKDUDLQMHUHQFLDVHQHOGRPLQLRGHOD
FRQFLHQFLD\GHOD/H\GLYLQDLPSRQLHQGRSRUHOFDUDFWHUGHVXSRWHQFLDOLGDGHLQIOXHQFLDTXHORV
GLIHUHQWHVKDELWDQWHVDFHSWHQODVSUHPLVDVGHOD4XLQWD&DEH]D&XDQGRFRPRUHVXOWDGRGHHVD
LPSRVLFLRQORVVHUHVKXPDQRVUHFRQR]FDQODLGHRORJLDTXHUHSUHVHQWDOD4XLQWD&DEH]DHQWRQFHVVH
HVWDUDULQGLHQGRXQDSOHLWHVLDTXHHVFRQVLGHUDGDFRPRXQDDGRUDFLRQSRUFXDQWRVXSRQHUHFRQRFHUOR
KXPDQRHQGHWULPHQWRGHOD3DODEUDGH'LRV
%HVWLDFX\DKHULGDPRUWDOIXHVDQDGD(VWHHVRWURGHWDOOHLPSRUWDQWHSDUDFRPSUHQGHUHO
PRPHQWRHQTXHOD%HVWLDGHGRV&XHUQRVHMHUFHVXDXWRULGDGHQSUHVHQFLDGHODSULPHUD%HVWLD6HWUDWD
GHOSHULRGRHQTXHOD%HVWLD\DQRHVWDKHULGD
(VHQHOPRPHQWRWDOFRPRKHPRVGHPRVWUDGRKLVWRULFDPHQWHTXHUHFXSHUDWRGRORTXHKDELDSHUGLGR
FRPRFRQVHFXHQFLDGHOJROSHUHFLELGRSRUOD5HYROXFLRQ)UDQFHVD'HVGHDHOVLVWHPD3DSDO
QROHYDQWRFDEH]D6XUXLQDHUDJHQHUDO\SDUHFLDTXHQRVHOHYDQWDULDQXQFD$SDUWLUGHO&RQFLOLR
9DWLFDQR,WUDVODSURFODPDFLRQGHOGRJPDGHODLQIDOLELOLGDGHQVHLQLFLDXQDHWDSDGHOXFKD
FRQWUDODPXHUWHTXHQRVOOHYDD(O3DSDGRFRPR\DHVWXGLDPRVOOHYDDFDERXQDFHUFDPLHQWRFRQ
ODVGLIHUHQWHVQDFLRQHVFRQIUDFDVRV\DOJXQRVH[LWRVLQWHUQDFLRQDOHV/DSROLWLFDGHFRQFRUGDWRVVH
HVWDEOHFH\DXQTXHOHQWDGDUDVXVIUXWRVHQHOIXWXUR$SDUHFHGHVSXHVXQODUJRSHULRGRGH
FRQYDOHFHQFLDHQHOTXHFLHUWDVOLQHDVPDHVWUDVGHSROLWLFDFDWROLFDFUHDFLRQGHSDUWLGRV
SROLWLFRVFDWROLFRVRULHQWDGRVSRUODRSWLFD3DSDOTXHLUDQGRPLQDQGRHOHVSHFWURSROLWLFRGHODV
GHPRFUDFLDVPRGHUQDVUHFXSHUDFLRQGHOSRGHUWHPSRUDOFRQXQDLQIOXHQFLDGHSULPHUDILODHQFXDQWRD
REMHWLYRVFRPROD8QLGDG(XURSHD
$SDUWLUGHFRQHO&RQFLOLR9DWLFDQR,,DVLVWLPRVDXQUHVXUJLPLHQWRGHO3DSDGRFUHDQGRXQ
SURFHVRGH&XUDFLRQGHODKHULGDTXHGHMDDWRQLWRVDWRGRVORVTXHHVWXGLDQODKLVWRULD(VHWUD\HFWR
OOHYDFRQVLJRWRGRXQSURJUDPDTXHOOHYDLPSOLFLWDOD&XUDFLRQGHILQLWLYD\WRWDOFXDQGROD%HVWLDGH
'RV&XHUQRVKDJDXQDDOLDQ]DFRQHO6LVWHPD3DSDO

7RGRXQPRYLPLHQWRGHSURGLJLRVWDQWRIDOVRVFRPRJHQXLQRVDXQTXHGHXQDSURFHGHQFLDDMHQDD'LRV
\TXHVHLGHQWLILFDQFRPRPLODJURVHVWDQOOHQDQGRQXHVWURPXQGRGHHQJDQRV(Q(VWDGRV8QLGRVFRPR
\DKHPRVDQDOL]DGR\FULWLFDGRVHKDHVWDGRFRQWHPSODQGRODFUHDFLRQWDQWRGHWHQGHQFLDRQRPHQFODWXUD
FULVWLDQDFRPRSDJDQDOD1HZ$JHGHWRGDXQDRULHQWDFLRQGHPLODJURVTXHVHLGHQWLILFDQFRQFDULVPDV
RFRQIXHU]DVVXSUDQRUPDOHVTXHVHJXQGLFHQDFWXDQHQODYLGDKXPDQD
/DH[SUHVLRQTXHKDFHGHVFHQGHUIXHJRGHO&LHORSRGULDHVWDUDOXGLHQGRDXQDLPLWDFLRQIDOVDGHO
SRGHUGHO(VSLULWX6DQWR<DVDEHPRVTXHHQRFDVLRQGHO3HQWHFRVWHVHO(VSLULWXVHPDQLIHVWRFRPR
OHQJXDVGHIXHJRTXHYHQLGDVGHOR$OWRVHSRVDURQVREUHORV$SRVWROHVFI+HFK
(VWDRSHUDFLRQGHPLODJURVFODVLILFDGRVFRPRIDOVRVRHQJDQRVRVWLHQHQHOSURSRVLWRGHVHGXFLUDORV
KDELWDQWHVGHOD7LHUUDDILQGHOOHYDUORVDFRQVWUXLUXQDLPDJHQGHOD%HVWLDDTXHOODTXHWHQLDODKHULGD
PRUWDO\FXUR(VGHFLUVHWUDWDULDGHKDFHUXQDUHSOLFDGHODLPSOLFDFLRQGHODWHRFUDFLD3DSDOWDO
FRPRKDELDH[LVWLGRGXUDQWHHOWLHPSRDQWHULRUDUHFLELUODKHULGDPRUWDO
'HQXHYRHOPRPHQWR\HOFRQWHQLGRVRQHORFXHQWHV(VWRGDXQDVHFXHQFLDTXHDFRQWHFHFXDQGROD
%HVWLDSULPHUDKDFXUDGRVXKHULGD3RUORWDQWRDSDUWLUGHTXHOD%HVWLDGHGRV&XHUQRVSDFWDFRQOD
TXLQWD&DEH]DVDQDGD(VGHFLUFXDQGRVHSURGX]FDOD8QLRQGHOD,JOHVLDPDVSRGHURVDGHOPXQGR
UHSUHVHQWDGDSRUHO3DSDGRFRQHO(VWDGRPDVSRGHURVRGHHVWD7LHUUD(VWDGRV8QLGRV/DHGLILFDFLRQ
GHODLPDJHQVXSRQGUDODGHVWUXFFLRQGHODOLEHUWDGSOHQDGHODFRQFLHQFLD\GHORVGHUHFKRVKXPDQRV
SDUDIDYRUHFHUODLPSODQWDFLRQGHOVLVWHPD3DSDO
(O0RYLPLHQWR(FXPHQLFRFRQPD\RULDSURWHVWDQWH\VXWHQGHQFLDDHQWUHJDUOD$XWRULGDGDO3DSDGR
TXHMXQWRDO&DWROLFLVPR\DXQVHFWRUPD\RULWDULRGHOSURWHVWDQWLVPRQRUWHDPHULFDQRUHSUHVHQWDUDQDO
VLVWHPD3DSDOHQ(VWDGRV8QLGRVPXHVWUDQXQFRPSRUWDPLHQWRKLVWRULFRDFRUGHDODVOLQHDVGHDFWXDFLRQ
TXHODSURIHFLDGHHVWRVYHUVLFXORVPDQLILHVWDQ(O*RELHUQRDSR\DGRSRUHVD0D\RULDRHVD0D\RULD
LQVWDODGDUHSUHVHQWDWLYDPHQWHHQHO*RELHUQRGH(VWDGRV8QLGRVLPSRQGUDXQDVLWXDFLRQ\DFWLWXG
FDOFDGDGHOFRQWHQLGRSROLWLFRUHOLJLRVRGHOVLVWHPD3DSDO(VWDFRQFRUGDQFLDHQORVUHTXHULPLHQWRV
LGHRORJLFRVGHO6LVWHPD3DSDOFRQILJXUDQXQD,PDJHQGHOD%HVWLD


(Q$SRFDOLSVLVXSDSDUHFHODFRQVWUXFFLRQGHXQD,PDJHQGHXQD%HVWLDTXHUHSUHVHQWD
DXQVLVWHPDGH$XWRULGDGVXSUHPD
$TXLODUHDOLGDGGHOD%HVWLD\GHVX,PDJHQVHVXSHUSRQHQSDUDH[LJLUODDGRUDFLRQXSFI

/DHVFHQDWDOFRPRYLPRVDSDUHFHDOILQDOGHORVWLHPSRV&XDQGROD%HVWLDGH'RV&XHUQRVDVXPH
WRGDODDXWRULGDGHQSUHVHQFLDGHOD%HVWLDTXHUHFLEHODKHULGDPRUWDOHQXQDGHVXVFDEH]DV2EOLJDD
WRGRVDDGRUDUDHVD%HVWLDTXHKDUHYLYLGRFRQODFXUDFLRQGHODKHULGD(VWRVXSRQHODDFHSWDFLRQ
LQFRQGLFLRQDOGHORTXHSURFODPDHVD%HVWLDTXHKDELDVLGRKHULGD\DKRUDUHYLYH
(OLQVWUXPHQWRTXHOD%HVWLDGH'RV&XHUQRVHVFRJHSDUDTXHVHDGRUHDODSULPHUD%HVWLDHV
SUHFLVDPHQWHODFUHDFLRQGHDOJRTXHHVXQDLPDJHQLGHQWLFDGHODSULPHUD%HVWLD
5HSUHVHQWDWDQHILFD]PHQWHDODSULPHUD%HVWLDTXHREOLJDDTXHHOPXQGRVHOHVRPHWD
6HWUDWDGHLPSRQHUFRQFDUDFWHUREOLJDWRULRODLGHRORJLDGHHVDSULPHUD%HVWLDKDFLHQGROR
H[WHULRUL]DUFRQXQDFRQGXFWD\DFWLWXGTXHUHVSRQGHDODPDUFDRDORTXHVLQJXODUL]DDHVDSULPHUD
%HVWLD
7RGRHVWRQRVPXHVWUDTXHHOSRGHUKHJHPRQLFRR%HVWLDGH'RV&XHUQRVVHKDDOLDGRFRQORTXH
UHSUHVHQWDOD&DEH]DKHULGDSHURVDQDGDGHOD%HVWLD<TXHQRUHVSHWDODFRQFLHQFLDGHORVKDELWDQWHVGH
ODWLHUUDREOLJDQGROHVDDFHSWDUDORTXHVLJQLILFDHVDSULPHUD%HVWLDDXQHQFRQWUDGHVXFRQFLHQFLD
'RFWULQDVIXQGDPHQWDOHVHYDQJHOLFDV\ODYHUGDGGHOD/H\GH'LRVHVWDUDQHQFRQIOLFWRFRQORTXHOD
%HVWLD\VX,PDJHQSUHGLFDQ+DEUDTXHGHFLGLUVHHQWUHSHUPHQHFHUILHOD'LRVRDORV3RGHUHVGHHVWH
PXQGRORVFXDOHVWHQGUDQXQOHQJXDMHH[WUHPDGDPHQWHHVSLULWXDO
 
(QSULQFLSLRODPDUFDHVWDLJXDODGDFRQHOQRPEUH\HOQXPHURGHOD%HVWLDFI<HVWHHVHO
FI
3RURWUDSDUWH'LRVWDPELHQWLHQHVX1RPEUH<QRFDEHGXGDTXHHOVLJQLILFDGRGHORVGRV
QRPEUHVHOGHOD%HVWLD\HOGH'LRVHVWDQHQFRQWUDSRVLFLRQ
/DEODVIHPLDFRQWUDHO1RPEUHGH'LRVVXSRQHWDOFRPR\DYLPRVHQWUHRWUDVFRVDVODFUHDFLRQGHXQ
QRPEUHHOGHOD%HVWLD3XHVWRTXHHQGHILQLWLYDODEODVIHPLDFRQWUDHO1RPEUHGH'LRVVXSRQH
/DVEODVIHPLDVUHVSHFWRHO1RPEUHGH'LRVHVWDUDQGLULJLGDVHQSULPHUOXJDUFRQWUDHO3RGHU\OD$XWRULGDG'LYLQD&XDQGR
VHSUHWHQGHGHVLJQDUVHSRVLFLRQHVTXHVRORSHUWHQHFHQD'LRV
&XDQGRDOJXLHQ R DOJR VH DXWRSURFODPD RUJDQR GH OD 'LYLQLGDG LQFOXVR FRQ DWULEXWRV FRPR HO GH OD LQIDOLELOLGDG R HO GH
SHUGRQDU SHFDGRV R LQFOXVR FUHDU DOJR QXHYR FRPR VXFHGH FRQ OD WUDQVXVWDQFLDFLRQ VH HVWD EODVIHPDQGR FRQWUD HO 1RPEUH GH
'LRVSXHVWRTXHODVJHQWHVDODVTXHVHSUR\HFWDVHPHMDQWHPHQVDMHLQGHSHQGLHQWHPHQWHGHVXIDOVHGDGVHOHVLPSLGHVDQWLILFDUHO
1RPEUHGH'LRV\H[SHULPHQWDUOD$XWRULGDG\3RGHUGH'LRV
&XDQGR DOJXLHQ R DOJR VH FRQVWLWX\H HQ XQD $XWRULGDG 6XSUHPD D LPDJHQ \ VHPHMDQ]D D OD GH ORV UHLQRV GH HVWH PXQGR HVWD
EODVIHPDQGR FRQWUD HO 1RPEUH GH 'LRV 3XHVWR TXH OD $XWRULGDG GH 'LRV VH PDQLILHVWD D WUDYHV GH 6X 5HLQR R *RELHUQR FX\RV
SULQFLSLRVQDGDWLHQHQTXHYHUFRQODVPDQHUDVGHORVJREHUQDQWHVGHHVWHPXQGR\DFWXDGHPDQHUDLQGHSHQGLHQWHGHVYLQFXODGR
WRWDOPHQWHGHO3RGHUKXPDQRDWUDYHVGHXQD,JOHVLDR5HVWRDMHQDDXQDFRQVWLWXFLRQPRQDUTXLFDGHFRUWHDEVROXWLVWD
(QVHJXQGROXJDUFXDQGRVHSUHWHQGHXQLILFDUDOPXQGR\FRQJUHJDUORKDFLHQGRODVYHFHVGHO5HLQRGH'LRVVHHVWDVXSODQWDQGR
DO *RELHUQR GH 'LRV \ VH HVWD EODVIHPDQGR HO 1RPEUH GH 'LRV /D VDQWLILFDFLRQ GHO 1RPEUH GH 'LRV KD GH WHQHU HQ FXHQWD HO
HOHPHQWRHVFDWRORJLFRTXHGLFKR1RPEUHFRQOOHYD\HVTXHODKLVWRULDQRSXHGHWUDQVIRUPDUDODVRFLHGDGTXHQRWLHQHHQFXHQWDHO
5HLQR GH 'LRV \ TXH KD VHJXLGR ODV SDXWDV \ FRQGXFWDV TXH HO (VWDGR HPDQD (V XQD EODVIHPLD SUHWHQGHU FRQYHUWLU DO (VWDGR
SXHVWRTXHHQODSURSLDLQLFLDWLYDVXE\DFHODQDWXUDOH]DVDWDQLFDHYLGHQFLDQGRVHTXHHORULJHQGHTXLHQSUHWHQGHWDODVXQWRHVWD
SUHFLVDPHQWHHQODDSRVWDVLD(VWDWDOTXHOHLQFXOFRORVJHQHVGHVXDWUDFFLRQKDFLDOD8QLRQGH(VWDGR\5HOLJLRQ
<HQWHUFHUOXJDUVHEODVIHPDFRQWUDHO1RPEUHGH'LRVFXDQGRORVHOHPHQWRVFXOWLFRV\GHDGRUDFLRQTXHGHPXHVWUDQXQDPDUFD
R VLJQR GH ILGHOLGDG \ GHSHQGHQFLD GH 'LRV VH DQXODQ R FDPELDQ SRU RWURV TXH QR FRUUHVSRQGHQ D OD H[SUHVLRQ FRQWHQLGD HQ ORV
0DQGDPLHQWRVGHOD/H\GH'LRVRHQODV'RFWULQDVRHQOD9HUGDGTXHLPSOLFDKDEHUDFHSWDGRD-HVXFULVWR!!
1RROYLGHPRVTXHOD%HVWLDHVXQVLPERORGHOD$XWRULGDGPXQGDQDOFRQFHGLGDSRUHO'UDJRQFRQHO
TXHVHLGHQWLILFDDWUDYHVGHODKLVWRULD/D%HVWLDDFWXDSRUHO'UDJRQ(QFDGDHSRFDOD%HVWLDRHO
'UDJRQVHPDQLILHVWDDWUDYHVGHORVSRGHUHVSROLWLFRVLGHRORJLFRVRUHOLJLRVRVSXGLHQGRVHFRQVLGHUDU
ODSDUWHFRPRXQWRGR'HDKLTXHOD%HVWLDRHO'UDJRQTXHHVWDGHWUDVWLHQHXQ1RPEUHR0DUFDTXH
UHSUHVHQWDVXQDWXUDOH]DUHSXWDFLRQ\FDUDFWHUTXHVHLGHQWLILFDFRQODQDWXUDOH]DUHSXWDFLRQ\FDUDFWHU
GHOTXHODKDRULJLQDGR6DWDQDVRHO'UDJRQ&X\DHVSHFLDOLGDGPDVFDUDFWHULVWLFDHVODGHHQJDQDUVLQ
TXHVHSXHGDSHUFLELUGLFKRHQJDQRDQRVHUHQXQDVXMHFLRQWRWDODOD3DODEUDGH'LRV(VWRPLVPR
DFRQWHFHFRQOD%HVWLDHQJHQGUDGD\PDQLSXODGDSRUHO'UDJRQHQFDGDHWDSDKLVWRULFDRFXSDGDSRUXQ
SRGHUHVSHFLILFR(QHVWHFDVR\PRPHQWROD%HVWLDHVWDUHSUHVHQWDGDSRUVX4XLQWD&DEH]DTXH\D
VXSLPRVTXHDFWXRKHJHPRQLFDPHQWHGXUDQWHXQSHULRGRGHDQRV'HVSXHVGXUDQWHXQWLHPSRHQTXH
SHUPDQHFHKHULGDHQSURFHVRGHFXUDFLRQ\SRVWHULRUPHQWHVDQDGD
/DPDUFDRHOQRPEUHGHOD%HVWLDLPSOLFDHOFRQVWLWXLUVHHQXQD$XWRULGDG6XSUHPDTXHXVXUSDODGH
'LRVFXDQGRSUHWHQGHVXVWLWXLUODDWUDYHVGHORTXHHO3RGHUKXPDQROHDUURJD\DOLPHQWD2ELHQFXDQGR
JHQHUDGRFWULQDVTXHOHVRQSURSLDV\TXHVHVHQDODQFRPREURWDGDVSRUVXPLVPDDXWRULGDG6HFRQILHUH
FRQVX0DUFDR1RPEUHODDXWRULGDGGHSRGHUFDPELDUORTXHOD0DUFDRHO1RPEUHGH'LRVLPSOLFD
+DELDPRVGLFKRTXHHQ,VDLDVVHQRVGLFHTXHFRQRFHUHPRVHO1RPEUHGH'LRVFXDQGR(OVH
KDJDSUHVHQWH\HOFXPSOLPLHQWRGHORVPDQGDPLHQWRVGLYLQRVVXSRQLDSDUD,VUDHOHOFRQRFHUD<+:+
([\VV\'LRVSURFODPDVX1RPEUH([DWUDYHVGHVXVDFWXDFLRQHVPDUDYLOORVDV
GRQGHVHREVHUYD6X2PQLSRWHQFLD\0LVHULFRUGLD
3RUHOFRQWUDULRFRQRFHUHPRVOD0DUFDRHO1RPEUHGHOD%HVWLDFXDQGRVHKDJDSUHVHQWHDWUDYHVGH
VXVPDQGDPLHQWRV\GHVXVDFWXDFLRQHV$OJXQRVGHHVRVPDQGDPLHQWRV\DFWXDFLRQHVYDQDLPSOLFDU
FRQWHQLGRVFRQWUDULRVDOD/H\GH'LRV\DOVLVWHPDGHDGRUDFLRQ\GHVDOYDFLRQTXH'LRVKDHVWDEOHFLGR
/D0DUFDRHO1RPEUHGHOD%HVWLDHQFXDOTXLHUSHULRGRGHVXH[LVWHQFLDPDQWLHQHHOPLVPRFRGLJR
LGHQWLILFDGRU\GHDFWXDFLRQDVXPLUOD$XWRULGDGVXSUHPDHQVXVWLWXFLRQDODGH'LRV\FDPELDUVX/H\
VX*RELHUQRGHXQPRGRTXHSXHGDQRSDUHFHUORORJUDQGRHQDTXHOORVDVSHFWRVRSXHVWRVRGLVWLQWRVD
ORVGH'LRVH[SOLFDFLRQHVTXHOHGDQXQYLVRGHUHDOLGDG\TXHVRORXQFRQRFLPLHQWRGHWRGRORTXH
LPSOLFDHO1RPEUHR0DUFDGH'LRVHVGHFLUGHVX$XWRULGDGR*RELHUQRGHVX/H\RGHVXLGHRORJLD
GRFWULQDOSRGULDVHQDODUGLFKDVH[SOLFDFLRQHVFRPRHUURUHV\PHQWLUDV
(O6LVWHPD3DSDOLGHQWLILFDGR\DFRPRODUHDOLGDGKLVWRULFDGHOD4XLQWD&DEH]DKDUHFRJLGRFRPR
UHSUHVHQWDQWHGHOD%HVWLDGXUDQWHXQSHULRGRFRQFUHWRWRGDODQDWXUDOH]D\FDUDFWHUGHHVWD\VHKD
PDQLIHVWDGRDWUDYHVGHODKLVWRULDFRPRRSXHVWDDORVSULQFLSLRVGHO5HLQRR*RELHUQRGH'LRV
PDQWHQLHQGRXQD$XWRULGDGSXUDPHQWHPXQGDQDO\FUHDQGRXQVLVWHPDGHDGRUDFLRQ\VDOYDFLRQIDOVR\
GLVWLQWRDOGH'LRV
&RQVXDFWLYLGDGKDFHSUHVHQWHOD0DUFDRHO1RPEUHGHOD%HVWLDODH[WHULRUL]DDTXHOORTXHOH
FDUDFWHUL]DFRPRHQJHQGUDGDSRUHO'UDJRQHOFRQVWLWXLUVHHQOXJDUGH'LRVIDOVLILFDQGRDOD$XWRULGDG
'LYLQD
/D0DUFDR1RPEUHGHOD%HVWLDVLQSHUGHUVXFRQFHSFLRQJOREDOHQODHSRFDGHOD4XLQWD&DEH]DVH
KDGHPDQLIHVWDUH[WHUQDPHQWHFRQDOJRTXHPXHVWUD\UHSUHVHQWDVX3RGHU\$XWRULGDGLPLWDQGR
IDOVDPHQWHD'LRVWDQWRHQHOSRGHUFUHDWLYRFRPRUHGHQWRU$OFRQVWLWXLUFRPRVDQWRVXGLDFXOWLFR
DOUHGHGRUGHXQDGRFWULQDDMHQDD'LRVFRPROD7UDQVXVWDQFLDFLRQFUHDQGRHO'RPLQJR(XFDULVWLFR
PDQLILHVWDVXHQJDQRVRSRGHUFUHDGRUFXDQGRGLFHWUDQVIRUPDUHOSDQ\HOYLQRHQFDUQH\VDQJUHKXPDQD
LPSOLFDQGRDODYH]XQVDFULILFLRHOGHODPLVD\ODQHFHVLGDGGHUHFLELUHOSHUGRQGHVXVSHFDGRVSRU
PHGLRGHODDEVROXFLRQTXHOHFRQILHUHXQKRPEUH\TXHOHLPSRQHXQDSHQLWHQFLDHYLGHQFLDQGRFRQWRGR
HOORVLPXOWDQHDPHQWHXQHUURQHR\PHQWLURVRSRGHUUHGHQWRU(VHVWRORTXHVHFRQVLGHUDFRPRXQDVHQDO
GHOD$XWRULGDGGHO3DSDGR(VWRKDFHSUHVHQWHXQDYH]PDVHO1RPEUHR0DUFDGHOD%HVWLD
(O'RPLQJR(XFDULVWLFRVHFRQVWLWX\HHQXQVLPERORH[WHUQRGHOD$XWRULGDG\3RGHU3DSDODOPLVPR
WLHPSRTXHSRUVXVLPSOLFDFLRQHVLQKHUHQWHVVHQDODQDOD0DUFDRDO1RPEUHGHOD%HVWLDRDORTXHHVWD
GHWUDVGHHOODOD0DUFDRHO1RPEUHGHO'UDJRQR6DWDQDV
(VLPSRUWDQWHUHFRUGDUWUD\HQGRORDFRODFLRQORTXHVLJQLILFDFRPRFRQWUDVWHHOGLDGHFXOWRGH'LRV
HQUHODFLRQFRQHO1RPEUHR0DUFDGH'LRV
/DVDQWLGDGGHO'LDGH5HSRVRR6DEDGRGHVFDQVDSUHFLVDPHQWHHQODSUHVHQFLDGH'LRVTXHOR
VDQWLILFDGHVGHOD&UHDFLRQ([(O1RPEUHGH'LRVHVVDQWLILFDGRFXDQGRDOJRFRQVWLWXLGR
FRPRVDQWRSRU(OVLUYHSDUDFRQJUHJDUDO3XHEORGH'LRVHQXQFXOWRGHDGRUDFLRQDO(WHUQR\UHFXHUGD
HOSRGHUHOFDUDFWHUODQDWXUDOH]D\PLVHULFRUGLDGH'LRVHQXQDSDODEUDUHFXHUGDHO1RPEUHGH'LRV
(OUHSRVRVHPDQDOR6DEDWVHFRQYLHUWHGHHVHPRGRHQXQDVHQDOGHVDQWLGDGGHTXHHO1RPEUHGH'LRV
6X3RGHUKDORJUDGRVDFDUDOKRPEUHGHVXSHFDGR\OOHYDUORDO'HVFDQVRWULGLPHQVLRQDOILVLFRPHQWDO
HVSLULWXDOTXHOHSUHSDUDSDUDHO5HSRVR&HOHVWLDOFI+HEDGHPDVVHFRQVWLWX\HHQXQ
PRQXPHQWRDOD&UHDFLRQ\5HGHQFLRQPDUDYLOODVTXHHYLGHQFLDQHO1RPEUHGH'LRV

8QHVWXGLRTXHQRWHQJDHQFXHQWDXQDVDQDH[HJHVLV\HOFRQWH[WRWDQWRELEOLFRFRPRHOKLVWRULFR
WHQGHUDDODIDQWDVLD/DPDUFDKDVLGRLQWHUSUHWDGDVDFDGDGHVXFRQWH[WRFRPRORTXHFRUUHVSRQGHD
XQQXPHURGHXQDWDUMHWDGHFUHGLWR\DOD%HVWLDFRPRXQDJUDQFRPSXWDGRUDTXHUHFRJHULDWRGRVORV
QRPEUHVGHWRGRVORVKDELWDQWHVGHODWLHUUDFRGLILFDGRVFRQXQQXPHURTXHGHDOJXQPRGRHQFODYH
GDULDHOHOQXPHURGHOD%HVWLD6RORHVWRVSRGULDQGLVSRQHUGHGLQHURSDUDFRPSUDU\YHQGHU
OLWHUDOPHQWH(VWRHVWRWDOPHQWHLQDGPLVLEOH1LOD%HVWLDHVXQDFRPSXWDGRUDVLQRXQVLPERORTXHGHVGH
HORULJHQGHORVLPSHULRVXQLYHUVDOHVDSDUWLUGHODHSRFDEDELORQLFDUHSUHVHQWDODUHDOLGDGKLVWRULFDGHO
*RELHUQRGHHVWHPXQGRFRQVXLGHRORJLDSROLWLFRUHOLJLRVDTXHVHYLHUWHHQHOGHYHQLUKLVWRULFRHO
FXDOVHRSRQH\HVGLYHUJHQWHDO5HLQRR*RELHUQRGH'LRV<HOQXPHURRQRPEUHRPDUFDGHOD%HVWLD
KDGHFRLQFLGLUFRQHO1RPEUHR0DUFDGH$TXHOTXHKDFUHDGRDOD%HVWLD\TXHODGLULJH(O
'UDJRQR6DWDQDV6HWUDWDULDGHODVLPSOLFDFLRQHV\VLJQLILFDGRGHO1RPEUHGH6DWDQDVTXHFRUUHVSRQGH
DXQQXPHURHQLJPDWLFRHO\GHOTXHKDEODUHPRVHQXQSUR[LPRDSDUWDGR(O1RPEUHR0DUFDGHOD
%HVWLDHQJHQGUDGDSRUHO'UDJRQVHFRQWUDVWDFRQHOVLJQLILFDGR\ODLPSOLFDFLRQGHO1RPEUHGH'LRV
(OWH[WRQRVDILUPDTXHQDGLHSRGUDFRPSUDUQLYHQGHUDQRVHUTXHWHQJDODPDUFDRHO
QRPEUHRHOQXPHURGHVXQRPEUH
(QHVWHOHQJXDMHVLPEROLFR\HQHOFRQWH[WRLGHRORJLFRTXH\DKHPRVPHQFLRQDGRQRSRGHPRVHQWHQGHU
FRPRXQLFRVLJQLILFDGRXQDFRPSUDRYHQWDOLWHUDODXQFXDQGRHQHOVLJQLILFDGRSULPHURTXH
FRPSUREDUHPRVDFRQWLQXDFLRQSXGLHUDHVWDULPSOLFDGRSRUODVFRQVHFXHQFLDVTXHVHGHULYDQGHOD
>@
FRPSUHQVLRQGHOFRPSUDURYHQGHU 
(QHOOLEURGH3URYHUELRVVHQRVGLFHTXHFRPSUHPRVODYHUGDG\TXHQRODYHQGDPRV(Q
,VDLDVVHKDEODGHFRPSUDUVLQGLQHURXQYLQR\XQDOHFKHTXHYLHQHDVHUHOELHQGHOD
3DODEUDGH'LRV<HQXQFRQWH[WRHVFDWRORJLFRVHPHMDQWHDOTXHHVWDPRVHVWXGLDQGRODV
YLUJHQHVSUXGHQWHVTXHVHKDQSURYLVWRGHVXILFLHQWHDFHLWHVLPERORGHODOX]TXHSURYHHHO(VSLULWX
6DQWRHQEDVHDOD3DODEUDGH'LRVDFRQVHMDQGDGDVODVFLUFXQVWDQFLDVDODVYLUJHQHVLQVHQVDWDVTXH
YD\DQDFRPSUDUDFHLWHDORVTXHORYHQGHQORVSURIHWDV\ORVHVFULWRUHVLQVSLUDGRVGHOD%LEOLD0W

1RFDEHODPHQRUGXGDTXHODFRPSUD\ODYHQWDGH$SRFDOLSVLVSSVHUHODFLRQDFRQHVWD
PDQHUDGHFRPSUDU\YHQGHUVLPEROLFDDODTXHQRVKHPRVUHIHULGR/DVWUDQVDFFLRQHVGHFRPSUDUOD
9HUGDG\GHUHFLELUODYHQWDSRUSDUWHGHOD3DODEUDGH'LRVHOFRQRFLPLHQWRGHOD9HUGDGDWUDYHVGH
HOODPHGLDQWHHORIUHFLPLHQWRGHORVTXHIRUPDQSDUWHGHO3XHEORGH'LRVHVWDUDQSURKLELGDVSRU
FXDQWRQRKDQDVXPLGRODPDUFDGHOD%HVWLDRHOQRPEUHRHOQXPHURGHVXQRPEUHHVGHFLUQLVX
$XWRULGDGHQODPDQHUDSDUWLFXODUGHLQWHUSUHWDUOD%LEOLDFRQWUDULDDORVSULQFLSLRV\GRFWULQDVGHO
5HLQRR*RELHUQRGH'LRVQLVXLGHRORJLDSROLWLFRUHOLJLRVDTXHVHPDQLILHVWDHQODDERPLQDFLRQGHOD
DOLDQ]DHQWUH,JOHVLD\(VWDGRFRQVXVLPSOLFDFLRQHVQLHQVXFRQFHSFLRQFXOWLFD\VDOYLILFDTXHHQHVWD
XOWLPDHWDSDVHPDQLILHVWDH[WHUQDPHQWHDXQTXHFRQLPSOLFDFLRQHVVXE\DFHQWHWUDQVFHQGHQWDOHVFRQVX
'RPLQJR(XFDULVWLFR(OQROOHYDUDFDERHVWDDVXQFLRQLPSLGHHOTXHSXHGDQSRUWDUODPDUFDRHO
QRPEUH\SRUORWDQWRWDPSRFRHOQXPHURDVXQWRVTXHFRPR\DKHPRVYLVWRUHSUHVHQWDQHLQYROXFUDQOD
QDWXUDOH]DFDUDFWHUDXWRULGDG\FRQWHQLGRVSRUORVTXHVHOHLGHQWLILFDDOD%HVWLD<HVWROHVVXSRQHQR
JR]DUGHODOLEHUWDGGHFRQFLHQFLDSDUDSRGHUFRPSUDU\YHQGHU$OHVWDUVHQDODGRVFRQXQPRGR
SDUWLFXODUGHYLYLUOD)HFULVWLDQD\GHUHFKD]DUODPDQHUDIDOVDGHGLIXQGLUXQPHQVDMHTXHOD%HVWLD
WDQWRODSULPHUDFRPRODGH'RVFXHUQRVORKDFHSDVDUFRPRGHRULJHQGLYLQRVLQVHUORVHOHVTXLWDHO
GHUHFKRGLYLQRLQDOLHQDEOHGHSRGHUSUHGLFDUHOHYDQJHOLRGHO5HLQRGH'LRV3DUDSRGHUOOHYDUDFDER
HVWRKDQWHQLGRTXHVXVFLWDUOH\HVHQFRQWUDGHODOLEHUWDGUHOLJLRVDHLQGLYLGXDOLQYROXFUDQGROD
SHUVHFXFLRQUHOLJLRVD\UHVXOWDQGRHQXQDPDUJLQDFLRQWRWDOHQODTXHODSURKLELFLRQGHFRPSUDU\
YHQGHUHVHOH[SRQHQWHPDVFODURGHODIDOWDGHOLEHUWDGSDUDODVXSHUYLYHQFLDWDQWRHVSLULWXDOFRPR
FLYLFD\KXPDQD<DTXLSXHGHHVWDUHQWURQFDGRFRPRXQUHVXOWDGRFRQVHFXHQWHDVSHFWRVPDWHULDOHVHQ
FXDQWRDSRGHUHMHUFHUWRGRVORVGHUHFKRVKXPDQRVVLQOLPLWDFLRQHOGHFRPSUDU\YHQGHU\OLWHUDOPHQWH
DOLPHQWRV
1RWLHQHQOLEHUWDGSDUDFRPSUDU\YHQGHUHVGHFLUSDUDUHFLELU\RIUHFHUOD3DODEUDGH'LRVHO
PHQVDMHTXHLGHQWLILFDDOD$XWRULGDG6XSUHPDFRQFHGLGDSRUOD%HVWLDGHGRV&XHUQRVDODSULPHUD
%HVWLDHQODSHUVRQLILFDFLRQGHOD4XLQWD&DEH]D\HQOD,PDJHQTXHGHHVD%HVWLDVHHIHFWXDSDUDWRGRV
ORVKDELWDQWHVGHOPXQGRFRQODDTXLHVFHQFLDGHGLFKDSULPHUD%HVWLDUHSUHVHQWDGDSRUOD4XLQWD&DEH]D
1RVHOHVSHUPLWHSUHGLFDUHO(YDQJHOLR3XURTXHGHVHQPDVFDUDULDDGLFKD%HVWLD'XUDQWHXQWLHPSRKDQ
SRGLGRKDFHUORUHSUHVHQWDQGRXQSHOLJURSDUDORVSURSRVLWRV\FRQWHQLGRVLGHRORJLFRVWDQWRGHOD%HVWLD
GHGRV&XHUQRVFRQWRGRORTXHHVWDUHSUHVHQWDFRPRSDUDODSULPHUD%HVWLDFRQWRGRORTXH
UHSUHVHQWDHLPSOLFD

$QWHVGHLQWHQWDUGDUXQDVROXFLRQDOHQLJPDWLFRDQXOHPRVODVLQWHUSUHWDFLRQHVTXHQRFDEHQHQ
XQDH[HJHVLVWH[WXDOQRUPDO\DSRUWHPRVHOHPHQWRVFODULILFDGRUHV
3ULPHURTXHUHUHQFRQWUDUHOHQHOYDORUQXPHULFRGHXQQRPEUHVLQPDVHVSXUDPHQWH
HVSHFXODWLYR(VWHQXPHURSRGUDVHUDSOLFDGRXQLFDPHQWHDDTXHOVLVWHPDTXHFXPSODWRGDVODV
FDUDFWHULVWLFDVTXHHOWH[WRRIUHFHDORODUJRGHWRGRHOFDSLWXORGH$SRFDOLSVLV7RGRDTXHOORTXHQR
UHVSRQGDDODFDUDFWHULVWLFDGHO*RELHUQRPXQGDQDOTXHLQVSLUDGR\HQJHQGUDGRSRUHO'UDJRQVHKD
GHVDUUROODGRGHMDQGRHQODKLVWRULDXQHOHPHQWRFRPXQ\TXHHQODXOWLPDHWDSDGHODKLVWRULDVH
PDQLILHVWDIXQGDPHQWDOPHQWHDWUDYHVGHXQD4XLQWD&DEH]DFODUDPHQWHLGHQWLILFDGDHQQXHVWURHVWXGLR
GHEHVHUUHFKD]DGR
(QVHJXQGROXJDUHOQXPHURQRSXHGHVHULGHQWLILFDGRFRQXQDSHUVRQDHQSDUWLFXODUSXHVWRTXHVH
WUDWDGHXQDSHUVRQLILFDFLRQKLVWRULFDGHXQVLVWHPDGHLQLTXLGDGGHXQDFRUULHQWHLGHRORJLFDODGHO
*RELHUQRPXQGDQDOHQFRQWUDSRVLFLRQDODGHO5HLQRR*RELHUQRGH'LRVTXHDFWXDDWUDYHVGHFDEH]DV
LGHRORJLFDV\SRGHUHVSROLWLFRV
(QWHUFHUOXJDUREVHUYHPRVTXHHOQXPHURHVWDLGHQWLILFDGRGHOPLVPRPRGR\FRQHOPLVPRYDORUDO
QRPEUH\DODPDUFDHVHOQXPHURGHVXQRPEUHORTXHTXLWDLPSRUWDQFLDDOYDORUQXPHULFRHQVL/R
TXHVHSUHWHQGHULDGHVWDFDUFRQHOVLPEROLVPRQXPHULFRVHULDXQPHQVDMHFRQFHSWXDOTXHHVWDULD
HQFHUUDGRHQODFODYHQXPHULFD\TXHLQVLVWLULD\UDWLILFDULDHQHOVLJQLILFDGRGHO1RPEUHRGHOD0DUFD

<HOFXDUWRDVSHFWRDFRQVLGHUDUHVTXHVHREVHUYHWHQLHQGRHQFXHQWDWRGRORGLFKRKDVWDDTXLTXHHO
1XPHURTXHKDGHWHQHUXQVLJQLILFDGRLGHQWLFRDO1RPEUHRDOD0DUFDHVHOQXPHURGHOD%HVWLD
1RHOQXPHURGHOD4XLQWD&DEH]DFRQVLGHUDGDLQGHSHQGLHQWHPHQWHGHOD%HVWLDVLQRGHOD%HVWLDRGH
FXDOTXLHUDGHODVFDEH]DVLQFOX\HQGRDOD4XLQWDHQHOVHQWLGRGHODUHSUHVHQWDWLYLGDGTXHFDGDXQDGH
HOODVKDFHGHOD%HVWLD
"<TXLHQHVOD%HVWLDHQUHDOLGDG"7RGDQXHVWUDLQWHUSUHWDFLRQKDGHMDGRFODURTXHOD%HVWLDDFWXDSRU
PHGLRGHVXVFDEH]DV\GHVXVFXHUQRVFI$SVV\TXHHQFDGDXQDGHODVHWDSDVGHOD%HVWLDD
WUDYHVGHOWLHPSR\GHODDFWXDFLRQGHFDGDXQDGHVXVFDEH]DVVHKDGHPDQLIHVWDUHOVLJQLILFDGRGHO
1RPEUH\GHOD0DUFDGHOD%HVWLD3HURHVHFRPSRUWDPLHQWRTXHVHQDODOD0DUFDRHO1RPEUHHVOD
0DUFDRHO1RPEUHGHOD%HVWLDHQVXVHQWLGRJHQHULFRORTXHLQGLFDODQDWXUDOH]D\HORULJHQGHGLFKD
%HVWLD"<TXLHQKDRULJLQDGRDOD%HVWLD""4XLHQHVWDGHWUDVGHOD%HVWLD""4XLHQODGLULJH\OHGDOD
$XWRULGDG"(O'UDJRQ6DWDQDV'HDKLTXHHOQXPHURHVHOQXPHURGH6DWDQDVGHVX
>@
SRGHUGHVXJRELHUQR\GHODUHEHOLRQTXHKDLQLFLDGRFRQWUD'LRV!! 
>@
(VWHQXPHURGH6DWDQDV VHWUDVODGDDOD%HVWLDTXHOHUHSUHVHQWDDTXLHQODWLHUUDDODTXHKD
GDGRVX$XWRULGDG\3RGHU\FRPSHQGLDWRGDODLQLTXLGDGRPDOGDGKXPDQD
(VWHWULSOHTXLHUHH[SUHVDUQRVHQEDVHDODFRQGLFLRQGHODQXPHURORJLDELEOLFDTXHQRDOFDQ]DDO
WULSOHVLPERORGHOSRGHUFUHDWLYRGH'LRV6HWUDWDGHXQQXPHURGHKRPEUHXSGHXQD
KXPDQLGDGTXHUHFKD]DD'LRV(OKHFKRTXHVHUHSLWDWUHVYHFHVHVSDUDGHFODUDUQRVTXHHOTXH
UHSUHVHQWDDOKRPEUHDORKXPDQRQRKDWUDVSDVDGRVXWUD\HFWRLPSHUIHFWRDFHSWDQGRD'LRVVLQRTXHVH
DVHJXUDFRQHVDUHSHWLFLRQWULSOHVXFRQGLFLRQKXPDQDVLQ'LRV
(OWHRORJRFDWROLFR$QWRQLQR5RPHRUHFRJHUHVXPLHQGRODLGHDTXHODSDWULVWLFDH[SUHVDVREUHHO
HQHOVHQWLGRVLJXLHQWH
FRPSHQGLD WRGD OD LQLTXLGDG KXPDQD FRPR REVHUYDED 6DQ ,ULQHR VLHQGR HO VHLV HO VLPEROR GH OD DSRVWDVLD SRUTXH
FRQWUDULDPHQWHDVLHWHGHVLJQDVHJXQSRQGULDQGHUHOLHYH%HGD\$OEHUWR0DJQRODFUHDFLRQQRVDQWLILFDGDSRUHOVDEDGRHO
>@
KRPEUHVLQ'LRV!! 
/DLGHDTXHGHOREWLHQHGLFKRWHRORJRPHQFLRQDGRODGHODFUHDFLRQQRVDQWLILFDGDSRUHO
VDEDGRH[SUHVDULDQRYDORUDUDO&UHDGRUVHQWLUVHDXWRVXILFLHQWHTXHSUHVFLQGHGH'LRVHQHOVHQWLGR
GHQRDFHSWDUODVOH\HVTXHULJHQHQVX*RELHUQRRSRQLHQGRXQDLGHRORJLD\*RELHUQRKXPDQR1HJDUOD
FUHDFLRQVDQWLILFDGDSRUHOVDEDGRHVQHJDUODSOHQDVREHUDQLDGH'LRV1RLPSRUWDTXHVHFUHDHQ'LRV
WDPELHQORVGHPRQLRVFUHHQRTXHVHOHPHQFLRQH/DFXHVWLRQHVWDHQFRPRVHFUHHVLVHQLHJDDOJR
SRUORTXHHVH'LRVH[SUHVDVX$XWRULGDG\6REHUDQLDVHHVWDXVXUSDQGRDOJRGHHVD6REHUDQLD
FRQVWLWX\HQGRVHHQOXJDUGH'LRV
8QDYH]PDVYHPRVODLGHQWLILFDFLRQTXHODLQVSLUDFLRQKDFHWDQWRGHODPDUFDFRPRGHOQRPEUHGHOD
%HVWLD\HOQXPHUR/DPDUFD\HOQRPEUHGHOD%HVWLDLPSOLFDQHOUHFKD]RGHOD6REHUDQLDGLYLQDOR
PLVPRTXHLPSOLFD\VLJQLILFDHO
&RQOD0DUFDRHO1RPEUHGHOD%HVWLDVHHVWDEDH[SUHVDQGRXQDLGHRORJLD\XQD$XWRULGDGTXH
FRQWUDVWD\VHRSRQHDOD0DUFDRDO1RPEUHGH'LRV8QD$XWRULGDG6XSUHPDTXHSUHWHQGHVXVWLWXLUDOD
6REHUDQLDGLYLQD/RPLVPRTXHVHH[SUHVDFRQHO1XPHURGHOD%HVWLD
7DQWROD%HVWLDFRQVLGHUDGDJOREDOPHQWHFRPRSRUFDGDXQDGHVXVSDUWHVRFDEH]DVTXHOD
UHSUHVHQWDQHQODKLVWRULDPDQLILHVWDQHQVXDFWXDFLRQHOQRPEUHODPDUFDRHOQXPHURGHVXQRPEUH
XS6HWUDWDGHOQXPHURGHVXQRPEUH(VGHFLUHOVLJQLILFDGRGHOQRPEUHVHH[SUHVDSRUPHGLR
GHXQDQXPHURORJLDTXHVLJQLILFDORPLVPRTXHHOQRPEUH/DLQVSLUDFLRQKDHVFRJLGRHVHWULSOHSDUD
TXHGHVFXEUDPRVHQFRQWUDVWHFRQHOWULSOHXQPHQVDMHHQFHUUDGRHQFODYHQXPHULFDTXHKDGH
FRLQFLGLUFRQORTXHVLJQLILFDHO1RPEUHROD0DUFDGHOD%HVWLDSXHVWRTXHHVORPLVPRODPDUFDRHO
QRPEUHRHOQXPHURGHVXQRPEUH<DKHPRVH[SOLFDGRVXILFLHQWHPHQWHHOVLJQLILFDGRGHO1RPEUHRGHOD
0DUFDGHOD%HVWLD\HTXLYDOHDORTXHVLJQLILFDHOQXPHURGHOD%HVWLD1RSRGLDVHUGHRWUDPDQHUD
SRUTXHHOQXPHURHVHOQXPHURGHVXQRPEUH
/D4XLQWD&DEH]DTXH\DODKHPRVLGHQWLILFDGRFRQHO6LVWHPD3DSDOUHSUHVHQWDDOD%HVWLDGXUDQWHXQD
HSRFDKHJHPRQLFDTXHUHFLEHODKHULGDPRUWDOHQHOSHULRGRGHOD5HYROXFLRQ)UDQFHVD\TXHSLHUGHHVD
$XWRULGDG\3RGHUKDVWDTXHVXKHULGDIXHFXUDGDUHFXSHUDQGRWRGRORTXHOHIXHTXLWDGR(QHVH
PRPHQWROD%HVWLDGHGRV&XHUQRVOHRWRUJDXQ3RGHU\$XWRULGDGFRPSDUWLGRVHQXQDXQLRQGH,JOHVLD\
(VWDGR$ORODUJRGHWRGRVXKLVWRULDOHVH6LVWHPD3DSDOR4XLQWD&DEH]DKDPDQLIHVWDGRFRQODDVXQFLRQ
GHXQD$XWRULGDG6XSUHPDTXHVXSRQHXQDFRQGXFWDSROLWLFDUHOLJLRVD\XQRVFRQWHQLGRVGRFWULQDOHV
GLVWLQWRVDOSURJUDPDGHO5HLQRR*RELHUQRGH'LRVXQUHFKD]RGHOD6REHUDQLDGLYLQD\SRUORWDQWRGH
OD0DUFDR1RPEUHR1XPHURGHOD%HVWLD1XHVWUDH[SRVLFLRQKDGHMDGRVLQOXJDUDGXGDVFODURHVWH
DVXQWR
 (VFXUVXV
/D5HYROXFLRQ)UDQFHVD\OD+HULGD0RUWDODO3DSDGR
1XHVWUDLQWHQFLRQHQHOHVWXGLRGHOD5HYROXFLRQIUDQFHVDRGHFXDOTXLHURWURHOHPHQWRKLVWRULFRGH
LPSRUWDQFLDHVFRPSUREDUVLVXDFWXDFLRQDSRUWDDOJRGHYDORUDODGLUHFFLRQDOLGDGHQODKLVWRULD/D
5HYROXFLRQIUDQFHVDFRPROD1RUWHDPHULFDQDHMHUFHQFRQVX&RQVWLWXFLRQGRQGHVHGHVWDFDOD
VHSDUDFLRQGH,JOHVLD\(VWDGRXQDWDTXHIURQWDODODQDWXUDOH]DGHOSRGHU\GHODVSUHWHQVLRQHV
>@
XQLYHUVDOLVWDVGHO3DSDGR
'XUDQWHODWUDQVLFLRQGHODFRQWHFLPLHQWRGHOD5HYROXFLRQQRVHSXGRFRQWDUFRQXQJRELHUQRHVWDEOHQL
LQVWLWXFLRQHVSROLWLFDVSHUPDQHQWHVSHURVHGHVWUX\RHOGHVSRWLVPRDEVROXWRDSODVWDQGRORVSULYLOHJLRV
>@
GHOD,JOHVLD\GHODQREOH]DGLVWULEX\HQGRVHWLHUUDDORVFDPSHVLQRV GHDTXLTXHHOVLJQLILFDGR
GHOD5HYROXFLRQQRGHVFDQVHHQODVLQVWLWXFLRQHVSROLWLFDVDTXHGLROXJDUVLQRHQODVLGHDVTXHHYRFR\
GLVHPLQRHQWRGRHOPXQGRHVDVLGHDVIXHURQODVEDVHVGHOSHQVDPLHQWRSURJUHVLVWD\VXVSDUWLGDULRV
HUDQORVHQHPLJRVGHFODUDGRVGHOGHVSRWLVPR\ORVSULYLOHJLRVKDVWDTXHHOIDVFLVPRORJUR
HVWDEOHFHUVHQLQJXQPRYLPLHQWRFRQWUDUUHYROXFLRQDULRSXGRHQFRQWUDUXQFUHGRFDSD]GHLQVSLUDUDODV
PDVDV/D5HYROXFLRQQRUWHDPHULFDQDKDELDKHFKRQDFHUHVSHUDQ]DVHQPLOORQHVGHLQGLYLGXRVHO
DQRORVSXVRHQPRYLPLHQWRSDUDODERUDUHQODWDUHDGHDOFDQ]DUODOLEHUWDGSROLWLFDODLJXDOGDG\OD
>@
IUDWHUQLGDG
8QD +HULGD D ORV VLVWHPDV GH DSR\R GHO $EVROXWLVPR 3DSDO $O $QWLJXR 5HJLPHQ \ D ORV
-HVXLWDV
'LYHUVRVDXWRUHVUHFRQRFHQFRQH[SUHVLRQHVFRPRJROSHDJRQLDDQLTXLODFLRQKHULGDORTXHOD
5HYROXFLRQ)UDQFHVDSURGXMRHQHO6LVWHPD3DSDO
'HVGHDVHDVHVWDEDSULPHURXQJROSHFHUWHURVREUHHO$QWLJXR5HJLPHQEDVDGRHQOD
PRQDUTXLDDEVROXWDTXHKDELDVLGRLQVSLUDGDSRUHOSURSLRSDSDGRDVXLPDJHQ\VHPHMDQ]D
(O SDSDGR KDELD VRVWHQLGR HO DEVROXWLVPR QR VROR HQ OD ,JOHVLD VLQR HQ HO (VWDGR /RV WHUULEOHV H[FHVRV GH OD 5HYROXFLRQ
IXHURQ OD SURWHVWD GHVHVSHUDGD FRQWUD XQ VLVWHPD TXH KDELD SHUGXUDGR SRU VLJORV \ GHO FXDO HO SDSDGR KDELD VLGR VX
>@
GHIHQVRU!!
(O JUDQ SULQFLSLR GH OD VHSDUDFLRQ GH OD ,JOHVLD \ HO (VWDGR TXH OD 5HYROXFLRQ IUDQFHVD KDELD GH GHMDU HQ HO IRQGR GH VX
FULVRO GHVSUHQGLGR GH ORV HOHPHQWRV LPSXURV TXH VH OH PH]FODURQ SURFODPDGR GHVGH HQWRQFHV SRU ORV ILORVRIRV \ SXEOLFLVWDV VH
DQXQFLDEDGHVGHOHMRVSRUPHGLGDVTXHKLULHQGRHOSRGHUSROLWLFRGHOD,JOHVLDHQHOVHQRGHFDGDUHLQR]DSDEDQSRUVXEDVHHOGHO
>@
SDSDGR!!
/RVDWDTXHVSROLWLFRVFRQWUDHO3DSDGRKDELDQVLGRGLULJLGRVFRQWUDORV-HVXLWDVSRUVHUHVWRVHQHVD
HSRFDORVTXHPDVLQIOXLDQHQUHSUHVHQWDFLRQGHOD,JOHVLD3DSDOHQGLIHUHQWHVSDLVHVFDWROLFRV/DQIUH\
GHVFULEHVDJD]PHQWHTXHFXDQGRODVFRUWHVGH)UDQFLD(VSDQD3RUWXJDO\1DSROHVVHUHXQLHURQSDUD
>@
SHGLUDORVSDSDVODVXSUHVLRQGHODFRPSDQLDGH-HVXVSHGLDQUHDOPHQWHHOVXLFLGLRGHOSDSDGR
6LQHOVRSRUWHUHQRYDGRUGHORV-HVXLWDV\FRQODFDLGDGHO$QWLJXR5HJLPHQHO3DSDGRVHTXHGDED
VLQQLQJXQDSR\ROD5HYROXFLRQSRGLDDKRUDGHVFDUJDUXQXOWLPRPD]D]RDGHFLUGH/DQIUH\HOGHOD
>@
FDLGDGHODVREHUDQLDSROLWLFDGHORVSDSDV
8QD+HULGDDOD,JOHVLD&DWROLFDFRPR,QVWLWXFLRQ
(OKLVWRULDGRUFDWROLFR-6FKPLGOLQGHVFULEHORV]DUSD]RVGHOD5HYROXFLRQ)UDQFHVDTXHKXQGLHURQD
OD,JOHVLD&DWROLFD
 'HDODRODGHVWUXFWRUDGHODUHYROXFLRQIUDQFHVDKRVWLODOD,JOHVLDDPHQD]RFDGDYH]PDV
DOSDSDGR\DORV(VWDGRVGHOD,JOHVLDVHTXHULDTXHHOSDSDGHVDSDUHFLHUDFRPSOHWDPHQWH\TXHVX
UHOLJLRQIXHUDHQJXOOLGDFRQHO
&XDQGRHOVLJORGHODVOXFHVWDQULFRHQDFRQWHFLPLHQWRV\WDQSHVDGRHQFRQVHFXHQFLDVDOFDQ]DVXGHFOLYHOD,JOHVLDSDUHFLD
WDPELHQGHVOL]DUVHDODWXPEDFRQVXMHIHVXSUHPRSDUDXQHWHUQRVXHQRGHPXHUWH
8QDEDWLPLHQWRVLQSDUDOHORGHOD,JOHVLDVHPDQLIHVWDEDWDPELHQHQGLYHUVRVSDLVHV(QVXPDHOFDWROLFLVPRHQVXFRQMXQWR
>@
SDUHFLDDJRQL]DQWH!!
/RVVXFHVRVDFDHFLGRVHQHVRVDQRVWXUEXOHQWRVHVWDQOOHQRVGHFRQIXVLRQ3XHVWRTXHHQXQSHULRGR
UHODWLYDPHQWHFRUWRRFXUUHQFDPELRVYHUWLJLQRVRVHQODFXSXODGHOSRGHULQVWDXUDQGRVHHOWHUURUSRU
GRTXLHU/DVGHFLVLRQHVVHGHFUHWDQ\VHDQXODQFRQODPLVPDUDSLGH]RSUHFLVDQGHFRQILUPDFLRQHV
SRVWHULRUHVGHDKLTXHHQORWRFDQWHDORSXUDPHQWHUHOLJLRVRVHDSUHFLVRDWHQHUVHDGHFUHWRVTXH
VREUHVDOHQSRUXQDYDOLGH]DWHVWLJXDGDSRUGHFODUDFLRQHV\FRQGXFWDVFRKHUHQWHVDHVRVGHFUHWRV
'HHVWHPRGRSRGHPRVLQGLFDUTXHHQHODQR,,UHYROXFLRQDULRFRUUHVSRQGLHQWHDORWRQRGH
>@
VHLQLFLDXQSHULRGRTXHKDSURYRFDGRFRPRQLQJXQRWURMXLFLRVFRQWUDGLFWRULRV\SDVLRQHVGH
WRGRVORVFDOLEUHVVHWUDWDGHOWHUURUTXHLQWHQWDVLOHQFLDUWRGRORTXHQRVHDELHQYLVWRSRUOD
>@
5HYROXFLRQ
-HDQ3LHUUH%RLVHGHVFULEHKLVWRULFDPHQWHFRPRHQHORWRQRGHQDGLHHVFDSDGHHVHWHUURU
LPSXHVWR
7HUURUUHOLJLRVRQRVRORVHKRVWLJDDORVUHIUDFWDULRV
(OWHUURUVHYXHOYHDQWLUUHOLJLRVRWRPDQODLQLFLDWLYDGHKDFHUFHUUDUODVLJOHVLDV
'HVSXHVGHORVVDFHUGRWHVODUHOLJLRQHQVLPLVPD(OGHQRYLHPEUHHQODKDVWDHQWRQFHVFDWHGUDOVHGHGLFDXQDFHUHPRQLD
DOD5D]RQUHSUHVHQWDGDSRUXQDEDLODULQDGHODRSHUD
HQ2FWXEUHXQQXHYRFDOHQGDULRKDVXVWLWXLGRDOFDOHQGDULRUHOLJLRVR
(OGH1RYLHPEUHHOFDOHQGDULRGH)DEUHG
(JODQWLQHVHLPSRQHHQWRGD)UDQFLD
>@
(OWLHPSRVHFRQYLHUWHHQGHFLPDO!!
(VWHSHULRGRGHGHVFULVWLDQL]DFLRQLQLFLDGRHQHVLPSRUWDQWHUHVHQDUOR(VUHFRJLGRSRUWRGRV
>@
ORVDXWRUHVDOFDQ]DQGRVXPD[LPDYLUXOHQFLDHQHOPHVGH2FWXEUH1RYLHPEUH FXDQGRHV
>@
LQWURGXFLGDOD5D]RQOD/LEHUWDGOD,JXDOGDG\OD5HSXEOLFDFRPRXQLFRREMHWRGHFXOWR \
KDELHQGRVHURWRHQHVHPLVPRDQRFRQDTXHOORVVLPERORVUHOLJLRVRVPDVUHSUHVHQWDWLYRVFRPROD%LEOLD
>@
\HO(YDQJHOLRTXHVHTXHPDQSXEOLFDPHQWH
/DSHUVHFXFLRQUHOLJLRVD\ODDFWLWXGWDQKRUULEOHFRQWUDOD,JOHVLDFDWROLFDKDVLGRLQWHUSUHWDGD
LQGHSHQGLHQWHPHQWHGHOIDQDWLVPRFULPLQDOGHORVTXHODHMHFXWDURQFRPRODFRSLDH[DFWDGHOSURWRWLSR
TXHHOSURSLRFDWROLFLVPRKDELDLQIOLJLGRDORVSURWHVWDQWHVIUDQFHVHVFXDQGRHQODQRFKHWUDJLFDGH6DQ
>@
%DUWRORPHPDVDFUDURQDORVKXJRQRWHV
/D5HYROXFLRQ)UDQFHVDGHVSRMRGHORVSRGHUHVKDELWXDOHVDOD,JOHVLD&DWROLFD5RPDQD'HXQD
,JOHVLDGH(VWDGRTXHVLUYH\FRQWURODDODVRFLHGDGFLYLOVHSDVRQRVRORDXQ(VWDGRFRQWURODGRUGHOD
,JOHVLDVLQRTXHDGHPDVVHTXLVRPHGLDQWHODGHVFULVWLDQL]DFLRQGHVWUXLUODWRWDOPHQWH(QGH
DFXHUGRDODVFLWDV\DH[SXHVWDVUHYLHUWHODVLWXDFLRQSHURHVSUHFLVRXQDGHFODUDFLRQFODUDRSXHVWDDOR
GLFKR\UHDOL]DGRDSDUWLUGHILQDOHVGH
8QD+HULGDDODSHUVRQDGHO3DSDTXHHQFDUQDOD6XSUHPDFLD3DSDO
/DFRQFRUGLDFRQORVDVSHFWRVUHOLJLRVRV\ODOLEHUWDGGHFRQFLHQFLDQRHVFRPSDWLEOHFRQXQD,JOHVLD
TXHFRPROD&DWROLFDH[LJLDHQHVRVPRPHQWRVGHORV(VWDGRVVHUODXQLFDUHFRQRFLGD\IDYRUHFLGD
LQFOXVRFRQVHJXLUODGHVDSDULFLRQGHDTXHOORVRWURVFXOWRVTXHORVFRQVLGHUDIDOVRVHLQFRUUHFWRV/D
SURFODPDFLRQGHGHOSUHVLGHQWHGHODFRPLVLRQ&DPLOH-RUGDQQRVRORVLJQLILFDEDHOILQGHILQLWLYR
GHOVLOHQFLRDOTXHVHKDELDVRPHWLGRDOIXQGDPHQWRGHODUHOLJLRQUHYHODGDVLQRTXHDXJXUDEDHOWHUPLQR
GHORVSULYLOHJLRVGHOR&DWROLFR5RPDQR\GHORVWUDFLVPRDOTXHVHKDELDDUULQFRQDGRHQHOSDVDGRD
ODVGHPDVLGHRORJLDVUHOLJLRVDV
(VWRHUDHODQXQFLRGHODLQGHSHQGHQFLDGHO(VWDGRUHVSHFWRGHFXDOTXLHURWUDLQMHUHQFLD<GHOPLVPR
PRGRTXHOD5HYROXFLRQLOXVWURGHPDQHUDSDOSDEOHFDGDXQDGHVXVSRVWXUDVFRQORUHOLJLRVRDKRUDQR
VHULDPHQRV
(QHIHFWRHQWUDVODKHULGDUHFLELGDFRQODGHVWUXFFLRQGHO$QWLJXR5HJLPHQ\GHODSHUVHFXFLRQ
FRQWUDOD,JOHVLDGHODTXHHO3DSDGRHUDVXPD[LPRUHSUHVHQWDQWHDKRUDVHSUHWHQGHGDUHOJROSHGH
JUDFLDKLULHQGRPHGLDQWHODKXPLOODFLRQPDVSURIXQGDDODPLVPLVLPDSHUVRQDTXHHQFDUQDHO3RGHUGH
OD,JOHVLD&DWROLFD5RPDQDODSURSLDILJXUDGHO3DSD
&LHUWRVDXWRUHVFDWROLFRVYHQDVLORVDFRQWHFLPLHQWRV
ORVDFRQWHFLPLHQWRVGH,WDOLDOHSHUPLWHQGDUXQJROSHGHOTXHSDUHFHTXHOD,JOHVLD&DWROLFDQRVHOHYDQWDUDMDPDV
(OGHHQHUR>@HOJHQHUDO%HUWKLHUHQWUDHQOD&LXGDG(WHUQDSULPHUDVDQFLRQ(OGHIHEUHURVLJXHXQDVHJXQGD
LQILQLWDPHQWHPDVJUDYH%HUWKLHUSUHVLRQDD3LR9,DTXHDEDQGRQH5RPD\OHGHSRUWDD7RVFDQD
>@
5DUDPHQWHGXUDQWHWRGDVXKLVWRULDOD,JOHVLDKDELDFRQRFLGRXQDVLWXDFLRQPDVFULWLFD!!
6LQ HPEDUJR OR HVHQFLDO RFXUUH TXL]DV HQ 5RPD ORV IUDQFHVHV  VRQ DOOL KDUWR LPSRSXODUHV  ORV ]HODQWL LQFLWDQ D OD
SREODFLRQFRQWUDHOORV7UDVXQDYLROHQWDDOJDUDGDDILQDOHVGHGLFLHPEUHVHURPSHQODVUHODFLRQHVGLSORPDWLFDVFRQOD6DQWD6HGH
HOGHHQHURGH%HUWKLHURFXSD5RPD\HOGHIHEUHURVHFXHVWUDDOSDSD3LR9,UHOHJDGRD6LHQDOXHJRD)ORUHQFLDDQWHV
>@
GHVXWUDVODGRD9DOHQFH(O6DFUR&ROHJLRKDVLGRGLVSHUVDGR3RGULDFUHHUVHDQLTXLODGDOD,JOHVLD&DWROLFD!!
(QHVHWLHPSRGLILFLOHOSDSDHVWDEDFRQIXVR(QJHQHUDO3LR9,WUDWRGHDSR\DUDORVPRYLPLHQWRVFRQWUDUUHYROXFLRQDULRV7UDV
ODVYLFWRULDVGH1DSROHRQHQHOQRUWHGH,WDOLDODVLWXDFLRQQRGHMRGHHPSHRUDUSDUDHOSDSDHQ1DSROHRQGLFWRODSD]
GH 7ROHQWLQR  (VH PLVPR DQR HPSHRUR DXQ PDV OD VLWXDFLRQ FXDQGR IXH DVHVLQDGR HQ 5RPD HO JHQHUDO IUDQFHV 'XSKRW (O
GLUHFWRULRPDQGRRFXSDU5RPDHQ\SURFODPDUODUHSXEOLFD(OSDSDGRSDUHFLDDQLTXLODGR(OGHVGLFKDGRSDSD%UDVFKL
>@
IXHOODPDGR3LRVH[WR\XOWLPR!!
(VWHXOWLPRDFWRGHXQDWUDJHGLDSURQRVWLFDGDHVHOVLJQLILFDGRLQYHUVRGHXQD&DQRVDDOUHYHV6LORV
JHVWRVGHORVHPSHUDGRUHVDFXGLHQGRD5RPDELHQFDSLWXODQGRFRPR(QULTXH,9HQ&DQRVD,WDOLDDQR
\DVHDUHFLELHQGRODFRURQDFLRQGHOD$XWRULGDG\3RGHUTXHHPDQDGHO3DSDVRQXQD
GHPRVWUDFLRQGHOD6REHUDQLDSOHQLSRWHQFLDULDGHHVWHORVXFHGLGRHQHVODFRQWUDVHQDGHOD
SHUGLGDGHHVD6REHUDQLDWHPSRUDO\KHJHPRQLFDFRQODTXHKDELDGRPLQDGRDORTXHLQIOX\H\GHVWDFD
>@
HQODPDUFKDGHODKLVWRULDXQLYHUVDO
/D+HULGDTXH6DQJUD
6HKDOOHJDGRHQPHQRVGHDQRVDODSURFODPDFLRQSRUSDUWHGH1DSROHRQ\WHQLHQGRHQFXHQWDXQ
&RQFRUGDWRDQRUHDOL]DGRFRQHO3DSDGRDUHFRQRFHUDOD,JOHVLD&DWROLFDFRPRODUHOLJLRQGHOD
>@
PD\RULDGHORVIUDQFHVHV SHURFRQWLQXDQGREDMRFRQWUROGHO(VWDGR\DILUPDQGRODOLEHUWDGWRWDO
>@
GHWRGRVORVFXOWRV
(QFXPSOLHQGRVHHOPLOHQDULRGHODFRURQDFLRQGH&DUORPDJQR1DSROHRQKDRUGHQDGRDO3DSD
TXHOHFRURQHQRHQ5RPDVLQRHQ3DULV(O3DSDURGHDGRGHFDUGHQDOHVDJXDUGDODFHUFDQLDGH
1DSROHRQSHURFXDQGRHVWHHVWDSUR[LPR\WRGRVHVSHUDQTXHGREOHODVURGLOODVDQWHHOSRQWLILFHSDUD
TXHOHFRORTXHODFRURQDHQODVVLHQHV1DSROHRQOHDUUDQFDODFRURQDGHVXVPDQRV\GDQGRODHVSDOGD
DO3RQWLILFH\DODOWDUVHODLPSODQWDHOPLVPR'HVSXHVKDFHORSURSLRDODHPSHUDWUL]DUURGLOODGD
>@
GHODQWHGHHO
7RGDYLDFRPRFRQVHFXHQFLDGHOD5HYROXFLRQ)UDQFHVDWRFDQWHDODVSHFWRUHOLJLRVRVHSHUIHFFLRQDURQ
ODVUHODFLRQHVHQWUHOD,JOHVLD\HO(VWDGROOHJDQGRVHDLPSRQHUHQHOSULQFLSLRGHODLFLGDGTXHULJH
>@
ODVUHODFLRQHVHQWUHORVFXOWRV\HOSRGHU (QGLFKDRFDVLRQHOSDUODPHQWRYRWRODSOHQDVHSDUDFLRQ
>@
HQWUHODV,JOHVLDV\HO(VWDGR
/RDFRQWHFLGRSRUOD5HYROXFLRQIUDQFHVD\SRUODQRUWHDPHULFDQDHVGHWDOHQYHUJDGXUDTXHQR
SRGHPRVFRPSUHQGHUORDQRVHUTXHHVWXGLHPRVILMDPHQWHODKLVWRULD\ODSURIHFLDELEOLFD/RVKHFKRV
VXFHGHQGHWDOPRGRTXHQDGLHSXHGHYHULILFDUVXFRQWUDVWH/RVTXHKLFLHURQ\YLYLHURQOD5HYROXFLRQ
)UDQFHVDQRSXGLHURQH[SHULPHQWDUHQVXLQWHJULGDGORVUHVXOWDGRVGHHVWD/RVTXHQRVKHPRVSHUFDWDGR
GHORVUHSHUFXVLRQHVGHHVWDQRSRGHPRVFRPSUHQGHUGHVGHQXHVWUDSRVLFLRQQLODVYHUGDGHUDVFDXVDVQL
HOVHQWLGRSURIXQGR6RORXQHVWXGLRDWHQWRGHODKLVWRULDGHVGHODHSRFD&RQVWDQWLQLDQDFRQORVMDORQHV
GH&ORGRYHRHQHO\GH-XVWLQLDQRHQHOFRQWRGDVODVOXFKDVPDQWHQLGDVFRQORVDOWRV\ORV
EDMRVKDVWDQXHVWURVGLDVGHWHQLHQGRQRVHQOD5HYROXFLRQ)UDQFHVDHQWRGDVXSUR\HFFLRQTXHIXHFRPR
XQDDQWHVDODDOJUDQMXLFLRGHODKLVWRULDGHODOODPDGDHUDFULVWLDQD\TXHVLJXLRVLHQGRXQDSDXWDGHODV
QDFLRQHVSXHGHFRQVXOWDQGRVLPXOWDQHDPHQWH\FRQDWHQFLRQODSURIHFLDELEOLFDGHVFXEULUHOYHUGDGHUR
>@
VLJQLILFDGRGHHVDKLVWRULD
/DV3URSRUFLRQHVGHOD+HULGDLQIOLJLGDHQ\VXUHSHUFXVLRQHQOD5DWLILFDFLRQGH
OD3HUGLGDGHO3RGHU7HPSRUDOHIHFWLYRFRQODUHFXSHUDFLRQGHORV(VWDGRV3RQWLILFLRVSRU
SDUWHGH,WDOLD
$XQFXDQGRHO&RQJUHVRGH9LHQDGHYROYLRORV(VWDGRV3RQWLILFLRVTXHOHKDELDQVLGR
DUUHEDWDGRVSRU1DSROHRQODKHULGDVHJXLDVDQJUDQGR'HVGHKDVWDHO3DSDGRSDUHFH
>@
LUUHFXSHUDEOH/RVOHYDQWDPLHQWRVHQORV(VWDGRV3RQWLILFLRVVHVXFHGHQ )UHQWHDHVWRODV
>@
DFWLWXGHVGHORV3DSDVVLJXHQVLHQGRDEVROXWLVWDV\DQDFURQLFDV *UHJRULR;9,DO
TXHKHPRVDOXGLGRHQRWURDSDUWDGRVLHQGRSUHIHFWRGH3URSDJDQGDKDELDHVFULWRHQXQOLEUR
WLWXODGR(OWULXQIRGHOD6DQWD6HGHHQHOTXHGHIHQGLDODLQIDOLELOLGDG\ODPRQDUTXLDDEVROXWDGHO
>@
SDSD 1RHVGHH[WUDQDUTXHXQDYH]3DSDHVFULEDODHQFLFOLFD0LUDULYRVD\FDOLILTXHD
ODOLEHUWDGGHFRQFLHQFLDGHHUURUFRUUXSWRU\DODXWLOLGDGSDUDOD,JOHVLDGHODOLEHUWDGGHRSLQLRQGH
>@
GHVYHUJXHQ]DVXSUHPD &RQWLQXDEDPDQWHQLHQGRTXHORV(VWDGRV3RQWLILFLRVHUDQQHFHVDULRVSDUD
>@
HOHMHUFLFLRGHVXPLQLVWHULR
/DFULVLVDQXQFLDODDQH[LRQSRUORVHMHUFLWRVGH9LFWRU0DQXHOTXHSURFXUDODXQLILFDFLRQLWDOLDQD/D
OOHJDGDDOVROLRSRQWLILFLRGH3LR,;QRLPSLGHTXHHQVHSURGX]FDODUHYROXFLRQHQ
ORVHVWDGRVSDSDOHVTXHMXQWRDOPRYLOGHODXQLGDGGH,WDOLDSURYRFDUDQVXOLTXLGDFLRQWRWDOHQ
>@
 6LHPSUHHVWDUDMXQWRDODVDJXDVTXHPHMRUOHSHUPLWDQQDGDUSHURHQGHWRGRVVXV
>@
(VWDGRV\DVRORSRVHHUD5RPDTXHVHHQFXHQWUDSURWHJLGDSRU)UDQFLD 'HVSXHVGHODWDTXHDOD
>@
3XHUWD3LDD\GHODGHIHQVDSDSDOPHGLDQWHDOJXQDVHVFDUDPX]DVEHOLFDV \DQRTXHGDQL
ODVRPEUDGHVXVLPEROLFRSRGHUWHPSRUDO(OPHFDQLVPRGHOD5HYROXFLRQ)UDQFHVD\HOJROSHGH
HIHFWRSURSLQDGRHQSRUOD)UDQFLDUHYROXFLRQDULDDODSHUVRQDGHO3DSDH[LJLHQGROHHODEDQGRQR
GHVX6REHUDQLDHVODH[SORVLRQSRUVLPSDWLDGHWRGRDTXHOORTXHVHHQFXHQWUDHQHOUDGLRGHDFFLRQGH
ODERPEDUHYROXFLRQDULD
/DKHULGDKDELDVHJXLGRVDQJUDQGRSHUR"FRPRSHUPDQHFHUDVL\QRPRULUGHILQLWLYDPHQWH"
 /D UHSHUFXVLRQ GHO JHVWR KLVWRULFR GH  SHUGLGD GHO GRPLQLR
H[SHULPHQWDGRSRUHO3DSDGRHQFXDQWRDODSULYDFLRQGHODXQLRQGH
,JOHVLD \ (VWDGR FRQ HO GHVFRQWURO \ FDUHQFLD GH ORV (VWDGRV
3RQWLILFLRVSHUGLGDGHOSRGHUWHPSRUDOFRQHOWUDVIRQGRGHODXQLGDG
GH,WDOLD OD YLVXDOL]DFLRQ KLVWRULFD GHO -XLFLR
DO6LVWHPD3DSDO
1RLPSRUWDSDUDODWUD\HFWRULDGHODKLVWRULDODVOXFKDVTXHVHVRVWLHQHQDORODUJRGHHOODHQWUHOD
,JOHVLD\HO(VWDGR1RDIHFWDWDPSRFRHOTXHHQXQPRPHQWRGHWHUPLQDGRXQHPSHUDGRU-XVWLQLDQRSRU
HMHPSORDVXPDXQSRGHUSROLWLFRUHOLJLRVRHQIUHQWDQGRVHDXQ3DSD1LTXHKD\DVLGRUHFKD]DGDSRU
DPSOLRVVHFWRUHVVXVSUHWHQVLRQHVGH6XSUHPDFLDXQLFD(VWRQRLQYDOLGDSDUDQDGDHOSRGHUDEVROXWRGHO
3DSDGRFRPRUHSUHVHQWDQWHOHJLWLPRVHJXQHOGHOSRGHUGH'LRV
/RTXHWLHQHYDORU\PDUFDHOFDPLQRDVHJXLUSRUODKLVWRULDHVVXFRQGXFWDTXHFRQWLHQHXQD
LGHRORJLDTXHSRUVLPLVPDVHYHREOLJDGDDSUR\HFWDUODHLPSRQHUODSDUDORJUDUHOREMHWLYRGHILQLWLYR
/DXQLRQGHWRGRVEDMRHOVLVWHPDUHOLJLRVRUHSUHVHQWDGRSRUOD,QVWLWXFLRQ3DSDO$SHVDUGHORVDOWLEDMRV
KDFXPSOLGRFRQFUHFHVVXFRPSURPLVRKLVWRULFR\WRGDYLDTXHGDXQDSDJLQDKLVWRULFDSRUFXEULU
DTXHOODTXHHVWDLQWHJUDGDHQVXSURSLRRULJHQ\UD]RQGHVHU
<HVTXHPLHQWUDVSHUVLVWDHOPRWLYRRFDXVDVTXHOHLQIOLJLHURQODKHULGDDVDEHUODSHUGLGDGHVX
GRPLQLRWHPSRUDO\HVSLULWXDOODKHULGDVHPDQWHQGUD
/RVHIHFWRVGHOD5HYROXFLRQ)UDQFHVDDXVSLFLDGRVSRUOD1RUWHDPHULFDQDSURGXMHURQXQDVHSDUDFLRQ
GHOD,JOHVLD\HO(VWDGRVHSURFODPRODSOHQDOLEHUWDGGHFRQFLHQFLD\GHWRGRVORVFXOWRV\VHDQXORQR
VRORODLQMHUHQFLDLQIOX\HQWHGHORUHOLJLRVRVLQRDGHPDVODSRVLELOLGDGGHODH[LVWHQFLDGHXQDHQWLGDG
LQGHSHQGLHQWHTXHSUHWHQGLHUDGLULJLU\RUGHQDUHOFRPSRUWDPLHQWRGHOD$XWRULGDGFLYLO(VWDVSHUGLGDV
\QXHYDVVLWXDFLRQHVDODTXHVHOHREOLJDDXQ3DSDGRPDOWUHFKRDQXQFLDEDQXQSURFHVRGHGHWHULRUR
VHQDODQGRGHTXHHQFXDOTXLHUPRPHQWRVHVHQWHQFLDULDDOSDSDGRDSHUGHUHOGRPLQLR\ILMDUORHQOD
KLVWRULDD\XGDQGRDODFRQILJXUDFLRQGHXQMXLFLRKLVWRULFRFXDQGRSHUGLRWRGDMXVWLILFDFLRQGHPDQWHQHU
FRPRFRQVHFXHQFLDGHORV(VWDGRVSRQWLILFLRVODGLYLVLRQHQ,WDOLD&XDQGRODUHYROXFLRQVHLQVWDODHQ
ORVIHXGRVTXHHOODPLVPDVHKDELDFUHDGRFRPRUHSUHVHQWDWLYRVGHVXSRGHUWHPSRUDODSDUHFHHQOD
KLVWRULDXQDHVSHFLHGHVHQWHQFLDFRQGHQDWRULDFXDQGRHQHQODHSRFDGHOSDSD*UHJRULR;9,VH
OHDUJXPHQWDPHGLDQWHXQDVHULHGHDFWRVUHYROXFLRQDULRVDFXPXODGRVKDVWDDKLGHVGHODUHYROXFLRQ
QRUWHDPHULFDQD\IUDQFHVD\ODDFWXDFLRQGHODVSRWHQFLDVHXURSHDVDSR\DQGRRFRQWUDYLQLHQGRDORV
UHYROXFLRQDULRVLWDOLDQRVTXHODSHUPDQHQFLDGHHVRV(VWDGRVSRQWLILFLRVSRUHO3DSDGHPXHVWUDQ\
UHSUHVHQWDQHQVXFRQILJXUDFLRQHOGHVSRWLVPRODVLQUD]RQODLQFRPSDWLELOLGDGFRQHOJHQXLQR
FULVWLDQLVPRODVUDLFHVGHVXRULJHQ&RQVWDQWLQLDQR&XDQGRODUHDOLGDGUHYROXFLRQDULDHQFRQWUDGHHVD
DFWLWXGVHKDFHHYLGHQWHHQODKLVWRULDHQHVDVIHFKDVHVFXDQGRVHSRQHQODVEDVHVGHODSHUGLGDGHVX
SRGHUWHPSRUDOHQRFDVLRQGHVHUDHORFDVR\ODUDWLILFDFLRQGHHVDVHQWHQFLDFRQGHQDWRULD
TXHDFWLYLGDGHVUHYROXFLRQDULDVYLVXDOL]DQ\DFXPXODQHQ'HVGHODSHUGLGDGHWRGRDTXHOORTXH
KL]RSRVLEOHVXGRPLQLR\WUDVFHQGHQFLDKLVWRULFDPHGLDQWHHOLQYHQWRGHOGHUHFKRGLYLQRHQODHSRFDGH
ODUHYROXFLRQIUDQFHVDDXVSLFLDGDSRUODQRUWHDPHULFDQDVHSUHSDUDDODKLVWRULDSDUDTXHSXHGD
FRPSUREDUVHORVXFHGLGR(Q\DKHPRVGHMDGRFRQVWDQFLDGHHOORFXDQGRODUHSUHVHQWDWLYLGDGGHO
VLVWHPDSDSDOHQODSHUVRQDGHOSDSDVHOHGHWLHQHSRUDSR\DUDORVPRYLPLHQWRVFRQWUDUUHYROXFLRQDULRV
GHVSRMDQGRVHOHGHVXDXWRULGDGLQYDGLHQGR5RPD\SURFODPDQGRXQDUHSXEOLFDOOHYDQGRORSULVLRQHURD
)UDQFLDFRPRXQVLJQRGHODSHUGLGDGHODSRVLELOLGDGGHSRGHUXVDUVXLQIOXHQFLDHQFRQWUDGHODV
JHQWHVTXHSXGLHUDQSHQVDUSUHGLFDU\DFWXDUFRQWUDORVLQWHUHVHVLGHRORJLFRVSROLWLFRVUHOLJLRVRV
GHHOGHO3DSDGR\TXHGHVGHHQWRQFHVVHLUDUDWLILFDQGRPHGLDQWHXQSURFHVRTXHDFDEDUDFRQOD
SHUSHWXDFLRQGHODSHUGLGDGHOGRPLQLRHQIHFKDHQODTXHGLYHUVRVDFRQWHFLPLHQWRVFXOPLQDQ\
FRQILJXUDQXQMXLFLRKLVWRULFRFRQWUDHO3DSDGRSURORQJDQGRVHWRGDXQDVHULHGHFRQVHFXHQFLDVTXH
DOFDQ]DQDGRQGHVHYLVXDOL]DODUHDOLGDGGHODSHUGLGDGHOSRGHUWHPSRUDOUHSUHVHQWDGRHQORTXH
LPSOLFDEDODSRVHVLRQGHORV(VWDGRV3RQWLILFLRVTXHGHVGHDQWHV\DQRGRPLQDEDHYLGHQFLDQGRVHOD
VHQWHQFLDFRQGHQDWRULDGHODKLVWRULD&XDQGR\DHPSH]DGRHOQXHYRVLJORHQREOLJDDHVWDU
SUHVHQWHHQODFRURQDFLRQGH1DSROHRQDSDUHFHHOJHVWRVLJQLILFDWLYRSHURRSXHVWRDORTXHUHSUHVHQWDED
GHDXWRULGDGGLYLQDVREUHHOTXHLEDDVHUFRURQDGRGHTXHHO3DSDQRWLHQHQLQJXQDDXWRULGDGVREUHORV
HPSHUDGRUHVFXDQGR1DSROHRQOHDUUHEDWDODFRURQD\VHODFRORFDHOPLVPR6HHVWDEDFDGDYH]PDV
GHPRVWUDQGRORTXHVXKHULGDKDELDPDUFDGRHQSUHSDUDQGRDOD,JOHVLD&DWROLFD5RPDQDVLQ
FRPSHWHQFLDOHJDODOJXQD
/DFXUDFLRQRUHVWDXUDFLRQGHHVDKHULGDKDGHVXSRQHUODUHFXSHUDFLRQGHVX6REHUDQLDWHPSRUDO
>@
HOUHVWDEOHFLPLHQWRGHUHODFLRQHVXQLODWHUDOHVFRQODVSULQFLSDOHVSRWHQFLDVPXQGLDOHVTXHIRUMDQ
OD+LVWRULDSURSLFLDQGRVH\REWHQLHQGRVHSULYLOHJLRV\IDYRUHVGHDFXHUGRDVXSURPXOJDFLRQ\VHQWLGR
GHFRQVLGHUDUVHODXQLFD,JOHVLDYHUGDGHUDORJUDQGRODXQLRQGHOD,JOHVLD\HO(VWDGR\DOFDQ]DQGRXQ
HVWDWXVGHPD[LPD$XWRULGDGPRUDOSDUDUHJLUORVGHVWLQRVGHOPXQGR
"&XDOHVHVD&DXVDSHQGLHQWH"/D&DXVDSHQGLHQWHHVODXQLRQ/DOXFKDPDQWHQLGDDWUDYHVGHOD
KLVWRULDSRUSDUWHGHO6LVWHPD3DSDOLQWHJUDGRHQOD,JOHVLD&DWROLFD5RPDQDKDVLGRVLHPSUHODGH
FRQVHJXLUODXQLRQGHWRGR\GHWRGRVEDMRODJXLDPRUDOHVSLULWXDO\GRFWULQDOGHO5RPDQR3RQWLILFH
FRPRVXFHVRUGH3HGURVXVWLWXWRYLFDULRGH&ULVWRHQODWLHUUD\UHSUHVHQWDQWHVXSUHPRGHOD,JOHVLD
&DWROLFDGRWDGRVHJXQHVWHSHQVDUGHOD,QIDOLELOLGDG\GHXQ3RGHU\$XWRULGDGTXHWRGRVGHEHQ
DFDWDU\REHGHFHUGHQWURGHODVFRQGLFLRQHVTXHODVSURSLDVDWULEXFLRQHVH[LJHQ6DEHPRVTXHODV
PDWL]DFLRQHVLPSXHVWDVSRUORVFRQWH[WRVVRFLRSROLWLFRVDHVDVSUHWHQVLRQHVVRQXQDUHDOLGDGTXHQR
FDPELDODHVHQFLDGHOREMHWLYR
3DUHFHHYLGHQWHSRUODKLVWRULDTXHODXQLGDGKD\DSHUPLWLGRDODKXPDQLGDGORJUDUREMHWLYRVPDVGH
DFXHUGRDOELHQFRPXQ1RGHEHPRVROYLGDUQRREVWDQWHTXHHVDXQLGDGKDVLGRPRWLYRSDUDDSODVWDU
ODVPLQRULDVRODVFRQFLHQFLDVGHDTXHOORVTXHQRHVWDEDQGHDFXHUGRFRQODVGLUHFWULFHVGHODDXWRULGDG
XQLIRUPLVWD(OIUDFDVRSRURWUDSDUWHGHOXQLWDULVPRURPDQRRGHOJULHJRRGHOEDELORQLFRGHEHULD
VHUYLUSDUDUHVROYHUFXDOTXLHUGXGDUHVSHFWRDORVSURWRWLSRVSROLWLFRVTXHSURFXUDQUHVWDXUDUXQD
XQLGDGODTXHVHDSUHWHQGLHQGRFRQHOORDOFDQ]DUPHMRUHVPHWDVVRFLRHFRQRPLFDV
6LVHSHQVDVHTXHHOIDOORHVWDEDSRUODDXVHQFLDGHOPRYLOUHOLJLRVRQRVHULDSUHFLVRLQYHQWDUORSXHVWR
TXHODKLVWRULDGHOD,JOHVLD&DWROLFDFRQVLVWHHQFRPSUREDUHVHLQWHQWRIDOOLGR
/D8QLGDGPHGLHYDOPHGLDQWHOD6REHUDQLD3DSDOIUXWRFRPRKHPRVYLVWRGHXQSURFHVRKLVWRULFR\
SXQWRGHSUR\HFFLRQSDUDHOIXWXURKDGHPRVWUDGRQRVRORVXLQHILFDFLDVLQRVHUHOPRYLOGHOGHVRUGHQ
GHODLQMXVWLFLD\GHXQDVHGGHOLEHUWDGLQVXSHUDEOH
/DKLVWRULDHXURSHDKDVWDOD5HYROXFLRQ)UDQFHVDKDFHUWLILFDGRKDVWDODVDFLHGDGTXHQLQJXQSUR\HFWR
LGHRORJLFRVHDUHOLJLRVRRSROLWLFRRSROLWLFRUHOLJLRVRKDSRGLGRVHULQFXOFDGRGHXQPRGRJHQHUDOQL
VLTXLHUDPHGLDQWHODSHUVHFXFLRQRODWRUWXUD1DGDQLQDGLHSRGUDGREOHJDUDTXHORVVHUHVKXPDQRVTXH
IRUPDQSDUWHGHXQDFRPXQLGDGFXOWXUDOGHWHUPLQDGDTXHGHWHQWDODKHJHPRQLDSROLWLFRHFRQRPLFDVH
VRPHWDQDXQSURJUDPDLGHRORJLFRHQHOTXHSULPDQDFWRVYDORUHV\FRQWHQLGRVUHOLJLRVRVHVSHFLILFRV
/D,JOHVLD&DWROLFD5RPDQDVHGHVHQYXHOYHHQVXVRULJHQHVGHQWURGHODKHJHPRQLDGHO,PSHULR
5RPDQR<DKHPRVYLVWRVXVHQODFHVFRQHOSRGHUURPDQRHQODHSRFD&RQVWDQWLQLDQD/D8QLGDG5RPDQD
OHFRQILHUHHOPRGHORHFOHVLDVWLFRDVHJXLU3DUDHOORHVSUHFLVRFHQWUDOL]DUHVD8QLGDGHQHO2ELVSRGH
5RPD6HLQWHUSUHWDTXHODPLVLRQGHODSUHGLFDFLRQGHOHYDQJHOLR\GHORVILQHVGHOD,JOHVLDFRQHO
(VWDGRVHYDDSRGHUGHVDUUROODUPHMRU\SRUORWDQWRVHGHVSUHQGHTXHGHDFXHUGRDODYROXQWDGGH
'LRVVLVHXWLOL]DHVHSDWURQURPDQR$OSRQHUVHHQSUDFWLFDGHVFXEUHQTXHFUHDWHQVLRQHVHQWUHORV
FULVWLDQRVWDQWRHQODFRPXQLGDGSROLWLFDFRPRUHOLJLRVD3UREOHPDVGHGLYHUVRLQGROH/DDXWRULGDGGHO
2ELVSRGH5RPDQRVHDFHSWDIDFLOPHQWHDOJXQRVGLILHUHQHQFLHUWRVFRQFHSWRVGRFWULQDOHV\GLFKD
DXWRULGDGODFRQVLGHUDQLPSRVLWLYD
(QWRQFHVVHYHQHQODQHFHVLGDGGHXVDUSRUXQODGRORTXHFRQVLGHUDQXQDSR\RSULPRUGLDOHOOHJDGR
GH3HGUR\SRURWURHOVRSRUWHGHORVHPSHUDGRUHVSDUDGDUYDORUOHJDODVXVDVSLUDFLRQHV
(VDWLUDQWH]HQWUHHOREMHWLYRH[SXHVWRSRUHO2ELVSRGH5RPD\ODVUHDFFLRQHVGHORVTXHQRHVWDQ
FRQIRUPHSRUGLIHUHQWHVPRWLYRVVHVDOGDPHGLDQWHODSUHVLRQ\ODFRHUFLRQ\FXDQGRQRPHGLDQWHOD
>@
LQWULJDHOHQJDQRODSHUVHFXFLRQ\HOKRPLFLGLR
3RURWUDSDUWHDOXQLVRQRGHOWLHPSRTXHWUDQVFXUUHVHSUHFLVDPDWL]DUODSRWHVWDG\VREHUDQLDGHO
3DSDGRDGHPDVGHMXVWLILFDUVXVDFWXDFLRQHVSXHVWRTXHODVQXHYDVJHQHUDFLRQHV\ORVSUREOHPDV
LQHGLWRVTXHVHVXVFLWDQUHTXLHUHQILMDUSDUDODSRVWHULGDGODGRFWULQD3DSDO
7RGRVORVPDOHVKDELGRV\SRUKDEHUVHJXQODLQWHUSUHWDFLRQFDWROLFRURPDQDWHQGUDQFRPRFXOSDEOH
HVDIDOWDGHXQLGDGTXHVROROD,JOHVLD&DWROLFDFRQHO3DSDSXHGHQRWRUJDU
/D5HYROXFLRQIUDQFHVD\ODQRUWHDPHULFDQDFRQODVLPSOLFDFLRQHVGHDPEDVGHVWUX\HURQ
GHILQLWLYDPHQWHODSRVLELOLGDGGHHVDXQLGDGSRUHOWUDWDPLHQWRUHDOL]DGRFRQWUDHOLGHDULRIXQGDPHQWDO
&DWROLFR5RPDQR
3DUDQRVRWURVQRFDEHSODQWHDUQRVVLHOSDUDGLJPDHFOHVLDVWLFRSROLWLFRSURSXHVWRSRUHO&DWROLFLVPR
5RPDQRWLHQHSRVLELOLGDGHVGHHMHFXFLRQRGHH[LWR
/RSULPHUR\IXQGDPHQWDOHVVDEHULQGHSHQGLHQWHPHQWHGHODLQWHUSUHWDFLRQGHFLHUWRVWH[WRVELEOLFRV
VLHOPHWRGRXWLOL]DGR\ODHVWUDWHJLDHVFRJLGDSRUOD,JOHVLD&DWROLFD5RPDQDHQEDVHDVXFRQFHSFLRQH
LPSOLFDFLRQGHOD6XSUHPDFLD3DSDOHVHOSHUPLWLGR\TXHULGRSRU'LRV'HVGHOXHJRTXHORVWH[WRV
ELEOLFRVDSHVDUGHWRGDVODVSRVLEOHVPDQLSXODFLRQHVQRLQVLQXDQVLTXLHUDQLQJXQDGHODVSUHWHQVLRQHV
>@
3DSDOHV 3HURQRGHEHULDVHUQHFHVDULRUHFXUULUDFLHUWRVSDVDMHVFRQFUHWRVGHO1XHYR
7HVWDPHQWR(VODKLVWRULDODTXHKDGDGRVXYHUHGLFWR6LHVDGRFWULQDFRQVXVIRUPXODFLRQHV\
DSOLFDFLRQHVKDOOHJDGRDVLWXDFLRQHV\DFWLYLGDGHVWDQQHIDVWDV"QRGHEHULDVHUVXILFLHQWHFRPRSDUD
DGPLWLUODHTXLYRFDFLRQ"<VLVX'LRVOHVUHYHODDKRUDHOSURFHGLPLHQWRPDVDGHFXDGRSDUDOOHYDUODD
FDER"SRUTXHQRORKL]RFRQDQWHULRULGDG"6LHVWDPRVSHQGLHQWHVGHODKLVWRULDMDPDVSRGUHPRVDFHSWDU
XQDGRFWULQDWDO6RORHOLJQRUDUODKLVWRULDSDVDGDSRGULDHQVXGHELGRPRPHQWRUHFLELUFRPR
JHQXLQDPHQWHDGPLVLEOHODSURSXHVWDGHOD6XSUHPDFLD3DSDOFRQWRGRVXVHQWLGR
/RTXHVLTXHKDEULDTXHHVWDEOHFHUFRQHOWH[WRELEOLFRHVVLODWHQWDFLRQHMHUFLGDSRU6DWDQDVVREUH
-HVXFULVWRUHVSHFWRDTXHDFHSWHHOSRGHUGHOPXQGR0WFI-Q\ODVRUGHQDQ]DV
FRQFUHWDVGH-HVXFULVWRDUHFKD]DUFXDOTXLHUWLSRGHDXWRULGDG\SUHHPLQHQFLDVHPHMDQWHDODGHORV
UHLQRVGHHVWHPXQGR/FHVWDQLQYROXFUDGDVHQORTXHVXSRQHODDFWLWXGKLVWRULFD\
GHVHQYROYLPLHQWRGHOD6XSUHPDFLD3DSDO-HVXFULVWRYHQFLRHVDWHQWDFLRQ\DGYLUWLRPX\FODUDPHQWHD
VXVGLVFLSXORVGHOUHFKD]RTXHGHELDQKDFHUDQWHFXDOTXLHUVXJHUHQFLDGHHVHJHQHUR"6HUDOD
6XSUHPDFLD3DSDOFRQVXVRULJHQHV\VXFHVRVKLVWRULFRVHOHMHPSORGHPRGHORFULVWLDQRTXHKD
VXFXPELGRIUHQWHDODVHGXFFLRQVDWDQLFDTXHHQWUHJDHOSRGHUDOHVWLORGHORVUHLQRVGHHVWHPXQGR"
+DFLHQGRVHFDVRRPLVRDODKLVWRULD\DTXHHVLPSRVLEOHUHQGLUOHREHGLHQFLDFXDQGRHOTXHGHEHULD
KDFHUORSUHWHQGHFRQVWUXLUODODLQWHUSUHWDFLRQ&DWROLFR5RPDQDSURPXHYHODSRVLELOLGDGGHTXH
DGPLWLGDVXSRVLFLRQGHVHUODXQLFD,JOHVLD9HUGDGHUD\GHKDEHUUHFLELGRSRUSDUWHGH'LRVXQ
0DJLVWHULRSDUDHQVHQDUWDQWRDORVPLHPEURVFRPRDODVRFLHGDGDODTXHHVWDQLQVFULWRVHVRVPLHPEURV
\GDGRTXHVX$XWRULGDGOOHJDGRHOFDVRHVLQIDOLEOH\SRUORWDQWREDVDGDFRUUHFWDPHQWHHQOD
5HYHODFLRQGH'LRVGHDFHSWDUVHVXVPD[LPDV\SULQFLSLRVUHGXQGDULDHQEHQHILFLRGHOELHQFRPXQ\GH
ODKXPDQLGDGHQWHUD
3DUWLHQGRGHHVWDORJLFDVLORVPLHPEURVTXHIRUPDQSDUWHGHXQD&RPXQLGDGGHWHUPLQDGDVRQ
PLHPEURVFDWROLFRVFRPRWDOHVHVWDUDQVXMHWRVDODDXWRULGDG\VREHUDQLD3DSDO6LHVRVPLHPEURVHVWDQ
LQWHJUDGRVHQGLIHUHQWHVQDFLRQHVFRPRFDWROLFRVWDPELHQHVWDQVXMHWRVDODDXWRULGDG3DSDO1RFDEH
GXGDTXHODLGHDFDWROLFD\ODFRKHVLRQ\XQLGDGTXHHVWDLPSOLFDSXHGHOOHJDGRHOFDVRKLVWRULFRHQ
TXHORVLQWHUHVHVSROLWLFRV\HFRQRPLFRVORH[LMDQRIUHFHUDODVSRWHQFLDVRFFLGHQWDOHVORTXHHO3DSDGR
GHVGHVXVRULJHQHVOHVKDSURSXHVWR
$SDUWLUGHOFRQFLOLR9DWLFDQR,FRQVXFRQFHSFLRQHFOHVLRORJLFD\VXSRVLFLRQH[FHSFLRQDOUHVSHFWR
DO5RPDQR3RQWLILFHMXQWRFRQHOPDJLVWHULRGHWRGRVORV3DSDVSRVWHULRUHVSDVDQGRSRUORWUDVFHQGHQWDO
GHO&RQFLOLR9DWLFDQR,,\OOHJDQGRKDVWDHOV;;,VHSRQHQODVEDVHV\VHUHFRQGXFHODKLVWRULDGHOD
TXHHO3DSDGRHVSURWDJRQLVWDSDUDUHFXSHUDUODLGHDGHODXQLGDGQXQFDDOFDQ]DGDDOUHGHGRUGHORTXH
VLJQLILFDODILJXUDGHO3RQWLILFH5RPDQRFRPRDUTXHWLSRGHHVDXQLGDG
/DFDXVDSHQGLHQWHFRQTXHKHPRVWLWXODGRHVWDLQWURGXFFLRQRFXSDUDHOWUD\HFWRKLVWRULFRTXHVXSRQH
ODFXUDFLRQGHODKHULGDSHURHVDFXUDFLRQOOHYDLPSOLFLWDODFDXVDSHQGLHQWH\SDUDOHODPHQWHLPSOLFD
ODUHFXSHUDFLRQGHO3RGHU7HPSRUDOFRQODXQLRQGHORVFDWROLFRVDOUHGHGRUGHODLGHDGHOD6XSUHPDFLD
3DSDO\VXDFHSWDFLRQVLJQLILFDODSURPRFLRQGHODXQLRQ(XURSHDFRQVWLWX\HQGRVHHQODDXWRULGDGPRUDO
TXHGDUDFRKHVLRQ\HOWRTXHILQDOUHSUHVHQWDODXQLRQGHWRGRVORVFULVWLDQRVEDMRODDXWRULGDGGHOD
SULPDFLDGHO3DSDGR\HOUHWRUQRGHODXQLRQGHOD,JOHVLD\HO(VWDGRSHUGLGRWRGRHOOR
GHILQLWLYDPHQWHPHGLDQWHODKHULGDLQIOLJLGDSRUOD5HYROXFLRQ)UDQFHVD\SRUODFRQFHSFLRQ
GHPRFUDWLFDGHVDUUROODGD\DSOLFDGDIXQGDPHQWDOPHQWHHQORVSDLVHVTXHULJHQORVGHVWLQRVKXPDQRVD
LQVWDQFLDVGHOD5HYROXFLRQ)UDQFHVD\GHOD1RUWHDPHULFDQD
+HPRVHVWXGLDGRORVSHOLJURVTXHKDVXSXHVWRODIDOWDGHOD/LEHUWDG5HOLJLRVDFRPRFRQVHFXHQFLDGH
TXHUHULPSRQHUXQDVLGHDVVREUHRWUDVEDMRHOSULVPDGHTXHDTXHOODVVRQPHMRUHVTXHHVWDV/D
FRQVWDQWHKLVWRULFDGHODSHUVHFXFLRQUHOLJLRVDKDVLGRDOLPHQWDGDSRUODXQLRQGHOD,JOHVLD\HO(VWDGR\
KDVLGRHMHUFLGDKDVWDHOWLHPSROLPLWHHQTXHHVDFRQFHSFLRQKDSUHYDOHFLGR6RORFXDQGRODVH[LJHQFLDV
GHODRVFLODFLRQKLVWRULFDKDREOLJDGRDFDPELDUGHWDFWLFDVHKDFRQVHJXLGRHUUDGLFDUGHXQDFULVWLDQGDG
PDGXUDOOHJDGDDDGXOWDODLQWROHUDQFLD\ODLQWUDQVLJHQFLD"1RVHULDHVWRVXILFLHQWHSDUDQRLQWHQWDU
QLQJXQWLSRGHDYHQWXUDTXHVXSXVLHUDHOUHWRUQRGHORVEUXMRV"
+HPRVYLVWRWDPELHQTXHODFRQFHSFLRQTXHKDFHSRVLEOHHVDXQLRQGHOD,JOHVLD\HO(VWDGRGHO$OWDU
\OD(VSDGDKDUHVLGLGRHQODLGHDGHODVXSUHPDFLD3DSDO&XDQGRHVWDKDVLGRUHFKD]DGDR
VLPSOHPHQWHQRDFHSWDGDORVYLHQWRVKDQVRSODGRHQGLUHFFLRQGHODFRQFRUGLD\GHODOLEHUWDGGH
FRQFLHQFLD"SRUTXHVHUD"
&XDQGRXQRDQDOL]DODGLUHFFLRQHPSUHQGLGDSRUHO6LVWHPD3DSDOGHVGHHVDVKRUDVEDMDVGH\
HVWXGLDFRQDWHQFLRQHOJLURDFRPHWLGRGHVSXHVGHODVHJXQGDJXHUUDPXQGLDOSRUODVQDFLRQHVPDV
SRGHURVDVGHODWLHUUDTXHLQIOX\HQHQODPDUFKDGHODKLVWRULDXQLYHUVDO\UHIOH[LRQDHQORV
DFRQWHFLPLHQWRVSXQWXDOHV\DKHFKRVXQDUHDOLGDGHQQXHVWUDKLVWRULDDFWXDOXQ&RQFLOLR0XQGLDOGH
,JOHVLDVSDWURFLQDGRSRUHO0RYLPLHQWR(FXPHQLFRXQ3DUODPHQWR(XURSHRVLPERORUHDOGHOD
SHUPDQHQFLDGHOD8QLGDG(XURSHD\DSUDFWLFDPHQWHDFHSWDGDSRUORVGLIHUHQWHVSDLVHVHXURSHRVXQ
&DWROLFLVPRFDGDYH]PDVFRPSDFWRXQLGRXQLYHUVDOLVWD\URPDQRVLPXOWDQHDPHQWH\TXHQRKD
GHFOLQDGRGHQLQJXQRGHVXVDODUGHVKLVWRULFRVSUHFRQL]DGRVSRUHO6LVWHPD3DSDOXQ(VWDGRHOGHORV
(VWDGRV8QLGRVGH$PHULFDHOHYDGRDSULPHUDSRWHQFLDPXQGLDOSRUREUD\JUDFLDGHORVGLRVHVGHO
HVIXHU]RGHXQDYROXQWDGJXLDGDSRUHOGHVWLQRGHOGLQHURGHODUPDPHQWRGHOSRGHU\GH
YD\DXVWHGD
VDEHU
\TXHJDODQWHDFRQORPDVUHSUHVHQWDWLYRGHO&DWROLFLVPR5RPDQRHO6REHUDQR3RQWLILFHGHPX\
SDUHFLGDPDQHUDDFRPRGHELRKDFHUORHQVXVFRPLHQ]RV&RQVWDQWLQRXQPRYLPLHQWRLUUDFLRQDO
HVSLULWXDOLVWDTXHQRSXHGHVHUYHULILFDGRSRUODVQRUPDVFLHQWLILFDVQLHVWDGLVSXHVWRDWHQHUHQFXHQWDD
ODDXWRULGDGGHOD5HYHODFLRQFULVWLDQD\GHXQUHVWRGHOPXQGRFDGDYH]PDVREOLJDWRULDPHQWH
GHSHQGLHQWHGHODVGHFLVLRQHVLGHRORJLFDVSROLWLFDV\HFRQRPLFDVGHORVVXVRGLFKRVHQWHVPHQFLRQDGRV
HQORVSDUUDIRVDQWHULRUHVVHWLHQHHOGHUHFKR\ODREOLJDFLRQDSUHJXQWDUVHTXHVLJQLILFDQHVWRV
IHQRPHQRVTXHDSDUHFHQFRPRHQOD]DGRV\TXHFRQVWLWX\HQXQVHQWLGRKLVWRULFRGHSULPHUDPDJQLWXG"
4XHPHQVDMHVHQRVHVWDUDTXHULHQGRGHFLUFRQODH[LVWHQFLD\GLQDPLFDGHWRGRHVWHGHVILOHGH
SURGLJLRV""7LHQHQDOJRTXHYHUFRQODOLEHUWDGUHOLJLRVD\GHFRQFLHQFLD""$QXQFLDQODYXHOWDDOD
XQLGDGLGHDOERUGDGDEDMRODSURWHFFLRQGHOD6XSUHPDFLD3DSDO"
+D\DOJRTXHGHEHGHTXHGDUFODURDQWHVGHSURIXQGL]DUHQHVWDVHFFLRQTXHORTXHOD5HYROXFLRQ
)UDQFHVDGHVEDUDWRODDFHSWDFLRQGHOD8QLRQGHOD,JOHVLD\HO(VWDGRGHOD6XSUHPDFLD3DSDOHIHFWLYD
\HODEVROXWLVPRFRQVXVFRURODULRVSRGHUWHPSRUDOHWFVXSXVRSDUDHOPXQGRHOILQGHODWLUDQLD\
WUDMRODDSOLFDFLRQGHODOLEHUWDGGHFRQFLHQFLD6LHQHODOJXQPRPHQWRGHODKLVWRULDVHGHYXHOYH
DTXHOORTXHHQVXDXVHQFLDSURYRFRHOTXHKXELHUDOLEHUWDGUHOLJLRVD\GHFRQFLHQFLDHVWDVVHSHUGHUDQ
\YLYLUHPRVGHQXHYRXQDDQJXVWLDGH-DFREFRPRQXQFDDQWHV3HURODPDQHUDGHDFRQWHFHUHVWRQRVHUD
FODUDODIDOWDGHOLEHUWDGGHFRQFLHQFLDVHKDUDPHGLDQWHODSHUYLYHQFLDGHODHVWUXFWXUDGHPRFUDWLFD\
GHXQSOXUDOLVPRLPSRVLWLYR(QFDSLWXORVVXEVLJXLHQWHVH[SOLFDUHPRVHVWDQXHYDIRUPXODSROLWLFR
UHOLJLRVDTXHSHUPLWHDPSDUDUVHHQHOODVLQTXHVHSXHGDVRVSHFKDUQXQFDPDVTXHFRQUHVXOWDGRV
LQHYLWDEOHVGHTXHODOLEHUWDGGHFRQFLHQFLDGHOFLXGDGDQRSXHGHVHUOLPLWDGDVLQTXHVRODPHQWHOR
H[SHULPHQWHQDTXHOORVTXHUHFKD]DUDQXQVLVWHPDRSXHVWRDO5HLQRR*RELHUQRGH'LRV
(VDIUDVHGHODXWRUFDWROLFRTXH\DKHPRVFLWDGRHQHODSDUWDGRVREUHODUHYROXFLRQIUDQFHVDFRQTXH
UHVXPLDHOOLPLWHGHODUHYROXFLRQIUDQFHVDVREUHHO3DSDGR(OSDSDGRSDUHFLDDQLTXLODGRHO
>@
GHVGLFKDGRSDSD%UDVFKLIXHOODPDGR3LRVH[WR\XOWLPR WUDGXFHODUHDOLGDGGHOGHVDPSDURDO
TXHKDOOHJDGRHO3DSDGRUHVSHFWRDVXSUHWHQVLRQGHSRGHUHMHUFHUODKHJHPRQLD
3RUXQODGRWHQHPRVODSHUGLGDGHODKHJHPRQLDTXHODVUHYROXFLRQHVKDQSUHSDUDGRKDVWDTXHHQ
VHFXOPLQDFRQHODSULVLRQDPLHQWRGHO3DSDGRWDQWRSROLWLFDFRPRSHUVRQDOPHQWHDSDUHFLHQGRXQD
PRGLILFDFLRQGHVXSRVLFLRQDQWHULRU6HYDDFRPSUREDUHQODKLVWRULDXQDLQYROXFLRQHQXQVLVWHPD
SROLWLFRUHOLJLRVRTXHKDPDQWHQLGRVXGRPLQLRXQLGRFRQORVJRELHUQRVTXHPDUFDQODGLUHFFLRQDOLGDGGH
ODKLVWRULD/DVHQWHQFLDFRQGHQDWRULDVREUHHO3DSDGRTXHVHYLVXDOL]DHQODKLVWRULDYDDWHQHUYDULDV
DSUHFLDFLRQHVTXHMXVWLILFDQHVDH[LVWHQFLDGHVHQWHQFLDFRQGHQDWRULD/RVVXFHVRVTXHYDQDFRQWHFLHQGR
GHVSXHVGHODSHUGLGDGHODKHJHPRQLDYDQFRQILUPDQGRHVDTXLHEUDSHURFXDQGRODVHQWHQFLDVHGH
GHQWURGHOPDUFRGHHVDDFXPXODFLRQGHKHFKRVKLVWRULFRVWHQGUDXQDUHSHUFXVLRQDSHUPDQHFHUHQVX
>@
FRQGLFLRQGHPHUPDGHGRPLQLRTXHVHKDELDSURGXFLGRHQODIHFKDUHSUHVHQWDWLYDGH (O
MXLFLRTXHVHYLVXDOL]DHQODKLVWRULDFRQWUDHO3DSDGROHVHQWHQFLDSRUXQODGRDH[LVWLUVLQSRGHUHVWDU
XQLGRDOSRGHUHVWDWDOKHJHPRQLFR(VHMXLFLRKLVWRULFRFXDQGRVHGDHQXQPRPHQWRGHWHUPLQDGRVHYHUD
PDUFDGRSUHYLDPHQWHSRUXQSURFHVRGHGHVFRPSRVLFLRQGHOVLVWHPDSDSDOTXHYDGHFD\HQGRGHVGH
KDVWDODVHQWHQFLDTXHVHYLVXDOL]DFRQHOUHFKD]RGHODEVROXWLVPRSDSDOGHSHQGHQFLDGHOSDSDD
SRWHQFLDVH[WUDQMHUDVFRQHOGHVRUGHQFDWROLFRHQWRGDOD(XURSDRFFLGHQWDO\HVSHFLDOPHQWHFRPR
UHSUHVHQWDWLYDGHOMXLFLRODUHDOLGDGGHODSHUGLGDGHORVHVWDGRVSRQWLILFLRVDVXQWRVWRGRVTXHQRKDEUD
TXHHVSHUDUDFXDQGRVHOHGHHOILQLTXLWRVLQRFXDQGRWRGD,WDOLDPRGHORGHKDELWDELOLGDGSDSDOVH
HQFLHQGHHQFRQWUDGHO3DSDGR
'HVGHHOSDSD*UHJRULR;9,SLGHODD\XGDGHSRWHQFLDVH[WUDQMHUDVSDUDUHSULPLUHO
>@
GHVFRQWHQWRGHORVKDELWDQWHVGHHVRVPDOOODPDGRV(VWDGRVSRQWLILFLRV
 (QWUH\VHSXEOLFDHOSULPDGRPRUDO\FLYLOGHORVLWDOLDQRVGRQGHVHLQVWDDORUJXOOR
>@
QDFLRQDO (QWUHHVHSDUHQWHVLVWHPSRUDOORVFRQJUHVRVFLHQWLILFRVTXHVHGDQHQ,WDOLDHQ
3LVDHQ7XULQHQ)ORUHQFLDHWFDOLPHQWDQODUHYROXFLRQSROLWLFDHQFRQWUDGHO3DSDGR
DILUPDQGRVXFRQGHQDFRQWUDHOHQ\VHGDQORVQXHYRVSUR\HFWRVGHILQLWLYRVSDUDHQFHQGHUOD
>@
UHYROXFLRQHQ,WDOLDSRU0DQ]LQL)DEUL]L5LFFLDUGL\3HSH FRQORTXHVHPDUFDHQHVDIHFKDGH
XQFHQLWHQODFRQGHQDFLRQKLVWRULFDGHO3DSDGRFRQHVHUHFKD]RFRQWHVWDWDULRGRQGHVHVHQDODHO
SHFDGRGHVXDEVROXWLVPR\GHXQDVREHUDQLDTXHVHDWDFDFRPRQRSURYLQLHQGRGH'LRV
DUUHEDWDQGRVHODFXDQGRVHVHQDODDHVRV(VWDGRVSRQWLILFLRVHVHQFLD\UHSUHVHQWDFLRQVHJXQHOSDSDGR
GHODDXWRULGDGGLYLQDFRQFHGLGDFRPRXQURER\XQHQJDQR(OMXLFLRKLVWRULFRFRQWUDHOSDSDGRTXHVH
YDYLVXDOL]DQGRHQODKLVWRULDDSDUWLUGHVHLQVWDODHQHVDIHFKDODSHUSHWXDFLRQ\UDWLILFDFLRQGHOD
SHUGLGDGHOGRPLQLRGHO3DSDGRTXHKDELDWHQLGRXQDYLVXDOL]DFLRQFXOPLQDQWHGHQWURGHXQSURFHVRGH
GHWHULRURHVSLULWXDOHQ
0RQWDOHPEHUWSURQXQFLRHQHQOD&DPDUDDOWDGHOSDUODPHQWRIUDQFHVVXVWUHVJUDQGHVGLVFXUVRV
>@
TXHKDQTXHGDGRFRQVLJQDGRVSDUDODKLVWRULD (QHOSULPHURGHHOORVVREUHODVLWXDFLRQGHOD
,JOHVLDDXQFXDQGRODGHILHQGHPXHVWUDODFRQGLFLRQGHSORUDEOHHQODTXHVHHQFXHQWUDFRPRIUXWRGHO
GHVSUHFLR\GHOUHFKD]RTXHODKLVWRULDUHJLVWUDGHORVSURSLRVJRELHUQRVHXURSHRVUHSUHVHQWDWLYRV
3DUDQRVRWURVWRGRHVWRHVXQDWUDGXFFLRQGHODVHQWHQFLDFRQGHQDWRULDTXHODKLVWRULDFRQILHUHDHVWH
SRGHU\FRPRVL'LRVHVWXYLHVHHQHOORUDWLILFDQGRTXH\DQDGDVHUDLJXDOUHVSHFWRDOGRPLQLRTXHHQHO
SDVDGRHVWHSRGHUKDELDWHQLGR<TXHDXQTXHFRQRFLHUDHQHOIXWXURXQDFLHUWDFXUDFLRQGHVXKHULGD
HVSLULWXDO\SROLWLFDLQIOLJLGDVXUHVXUUHFFLRQVHUDEUHYHVLQSRGHULPSHGLUQLUHYHUWLUODSURFODPDFLRQ\
>@
FRQVHFXHQFLDVGHOMXLFLRGHODKLVWRULD
/DSHUGLGDGHODKHJHPRQLDSRUSDUWHGHOSDSDGRHQFRQTXHVHKDELDFXOPLQDGRHO
GLVWDQFLDPLHQWRSROLWLFRGHORTXHSURSXJQDEDQODUHIRUPDSURWHVWDQWHUHYROXFLRQLQJOHVD
QRUWHDPHULFDQD\IUDQFHVDSUHSDUDHOWHUUHQR\QRVDGYLHUWHTXHHOMXLFLRGHODKLVWRULDVREUHHO3DSDGR
>@
VHHVWDJHVWDQGR\DSXQWRGHYLVXDOL]DUVH(QHIHFWRHVDSHUGLGDGHLQIOXHQFLDHQWUHODVQDFLRQHV
UHSUHVHQWDWLYDVGHODGLUHFFLRQDOLGDGKLVWRULFD\TXHHO3DSDGROHVKDELDLQ\HFWDGRKDFHDHVDV
QDFLRQHVGHVHQWHQGHUVHGHHOOHGRPLQDQREOLJDQGROHDDOFDQ]DUXQDSRVLFLRQGHDFXHUGRDVXVSURSLRV
LQWHUHVHVDMHQRVDORVGHHO<ODSDJLQDLWDOLDQDVHFRQYLHUWHHQXOWLPDLQVWDQFLDSRUORVLJQLILFDWLYRGH
UHVLGLUHQ,WDOLDORUHSUHVHQWDWLYRGHOSRGHUWHPSRUDOSDSDOHQHOGHVHQFDGHQDQWHYLVXDOGHFRPRVHYD
FRQILJXUDQGRHQODKLVWRULDORTXHDFDEDUDHQXQDVHQWHQFLDFRQGHQDWRULDGHOSDSHOUHSUHVHQWDGRSRUHO
3DSDGR\GHFRPRUHSHUFXWHHQODKLVWRULDSDSDOGLFKDVHQWHQFLDFRQGHQDWRULD
/DUHYROXFLRQLWDOLDQDTXHVHKDSXHVWRHQPDUFKDGHVGHDSUR[LPDGDPHQWHGHVGH\HQEDVHD
WRGRXQSURFHVRSROLWLFRUHYROXFLRQDULRGHODXQLILFDFLRQGH,WDOLDTXHDUUDQFDGHVGHODHSRFD
>@ >@
QDSROHRQLFD FRQORVPRPHQWRVDOJLGRV\DGHVFULWRVGHVGH \TXH
HO3DSDGRVHQLHJDDFRQFHGHUSRUQRSHUGHUVXSRGHUWHPSRUDOUHIOHMDGRHQODSRVHVLRQGHORVHVWDGRV
3RQWLILFLRV\HQPDQWHQHUXQDUHODFLRQVREHUDQDVREUHHOUHVWRGH,WDOLDDOFDQ]DUDDORVWXPXOWRV
>@
UHSXEOLFDQRVGHTXHOHREOLJDDO3DSDGRDKXLUGH5RPD (VWHHVXQSULPHUDFWRSRUHOTXH
VHYLVXDOL]DODODPHQWDEOHFDLGDGHO3DSDGR\ODUHSHUFXVLRQKLVWRULFDFX\DWUDVFHQGHQFLDODKDFHQ
>@
LGHQWLILFDUFRPRXQDVHQWHQFLDFRQGHQDWRULDTXHVHSURFODPDULDGHVGHHO&LHOR
/DFDLGD\ODSRVWHUJDFLRQGHO3DSDGROHOOHYRDUHIOH[LRQDU3ULPHURKXERXQDUHDFFLRQFRQLUD
GHVSXHVXQDDFHSWDFLRQGHORVKHFKRV<FXDQGRHQODVWURSDVUHYROXFLRQDULDVLWDOLDQDVHQWUDURQHQ
5RPDGHVSRMDQGROHGHWRGRVHFRQILUPDEDHOMXLFLRGLYLQRHQODKLVWRULDGHDTXHOTXHGLFLHQGRVHUVX
DXWRULGDGGHRULJHQGLYLQR\VXSUHPDVHDXWRSURFODPDEDPHGLDQWHXQDGHFODUDFLRQH[FDWHGUDSRVHHU
HODWULEXWRGHODLQIDOLELOLGDGFRQTXHORVUHSUHVHQWDQWHVGH'LRVHQODWLHUUDGHVGH%DELORQLDVHKDELDQ
DUURJDGR/OHJDGRVKDVWDDTXLVHPRVWUDEDQGRVFRVDVLPSRUWDQWHV6HKDELDGHPRVWUDGR\VHKDELD
VHQWHQFLDGRHQOD+LVWRULDTXHVXDXWRULGDGQRSURYHQLDGH'LRV4XHVXVDFWRVUHVXOWDEDQHQXQVDOGRWDQ
QHJDWLYRTXHODVQDFLRQHVOHKDELDQUHFKD]DGR\TXHORTXHSUHWHQGLDUHSUHVHQWDUHVHQFLDOPHQWHOD
SURWHFFLRQGLYLQDXQSRGHUWHPSRUDOVHOHKDELDDWDFDGRGXUDQWHHVWHVLJOR;,;FRQHOFHQLW\D
H[SXHVWR3RUORWDQWRHOVHJXQGRDVXQWRTXHDVRPDEDHQHOKRUL]RQWHKLVWRULFRPRVWUDEDVXRULJHQQR
GLYLQR<TXHVXDQDOLVLVGHODUHDOLGDGTXHOHOOHYDUDGHVGHDXQSURFHVRGHFDPELRVDILQGH
LQFOXLUVHGHQXHYRHQXQIDFWRUSURWDJRQLVWDGHODGLUHFFLRQDOLGDGHQODKLVWRULDFXDQGRYD\D
UHFXSHUDQGRORSHUGLGRHOPXQGRWHQGULDRSRUWXQLGDGGHFRPSUREDUTXHHVDUHFXSHUDFLRQVXSRGHU
WHPSRUDOORDGTXLHUHFRPRIUXWRGHXQRVSDFWRVFRQDTXHOORVTXHPXHYHQXQDLGHRORJLDFDWDORJDGDFRPR
VDWDQLFDHOIDVFLVPRGH+LWOHU\0XVVROLQL<TXHSDUDFRPSUHQGHUDKRUDVXUXPERVHKDGHWHQHUHQ
FXHQWDWRGDHVDKLVWRULDLQLFLDGDHQODIHFKDLQLFXD&RQVWDQWLQLDQD1RHVFXHVWLRQGHSDUDUVHHQKHFKRV
DLVODGRVSRVLWLYRVTXHKXELHUDQKDELGRQLHQODVSHUVRQDVTXHOODPDQGRVHFDWROLFDVKD\DQSRGLGRWHQHU
XQDUHOHYDQFLDSRVLWLYDVHHVWDMX]JDQGRDXQSRGHUDXQVLVWHPDTXHUHSUHVHQWDGRHQHO3DSDGRKD
SUHWHQGLGRWHQHUXQRULJHQHQHO'LRVTXHVHUHYHOD3RUORWDQWRHVHVH'LRVTXHVHUHYHODTXHSRUPHGLR
GHODKLVWRULD\GHVX5HYHODFLRQOHKDVRPHWLGRDXQH[DPHQULJXURVRVHQWHQFLDQGRORFRPRFRQGHQDGR
$KRUDORYDPRVDYHUGHVGHHQXQDPDUFKDYHUWLJLQRVDLQWHQWDQGRUHKDELOLWDUVHWDQWRSROLWLFD
FRPRHVSLULWXDOPHQWHHQXQDGLUHFFLRQDFRUGHDVXVYHUGDGHUDVUDLFHV\DVXVDXWHQWLFRVSURSRVLWRVTXH
>@
HOVXFXPELUDODWHQWDFLRQVDWDQLFDHQODIHFKDWHPSUDQD&RQVWDQWLQLDQDOHSURJUDPR (VH
SURJUDPDOHOOHYDDVROXFLRQDUODFDXVDSHQGLHQWHHOYROYHUDLQWHQWDUFRQVHJXLUWRGRORSHUGLGROD
XQLRQGH,JOHVLD\(VWDGR\VXSUR\HFWRGHXQLGDGPXQGLDOHQPDQFRPXQLGDGFRQODFRQFHSFLRQHVWDWDO
PDVSRGHURVDGHOPXQGR6DEHPRVTXHVLELHQDOILQDOQRUHVXOWDUDVXVPRYLPLHQWRVGHILFKDLUDQHQHVD
GLUHFFLRQFRQHOORJURGHHVDXQLRQGH,JOHVLD\(VWDGRDILQGHHMHFXWDUVHHOVXHQRTXHQXQFDSDVDUDGH
DKLDXQTXHSDUH]FDORFRQWUDULRGHODXQLGDGPXQGLDO9DPRVDHVWXGLDUODVFRRUGHQDGDVKLVWRULFDVTXH
VHYDQSUHVHQWDQGRDSDUWLUGH\FRPSUREDUDVLWRGRXQSURFHVRTXHDFDEDUDFRQODLQWHUYHQFLRQ
GHO5HLQRGH'LRVHQRFDVLRQGHODVHJXQGD9HQLGDGH-HVXFULVWROLEHUDQGRDVX3XHEORTXHVHFLHUQH
VREUHHOODDQJXVWLDGHVSXHVGHKDEHUOXFKDGRLGHRORJLFDPHQWH\KDEHUVRSRUWDGRODDFWXDFLRQQHJDWLYD
GHOD%HVWLD
>@
(OVHQWLGR\ODGLUHFFLRQDOLGDGLPSXHVWDSRUODKLVWRULD
&RPSUREDPRVTXHODGLUHFFLRQDOLGDGLPSXHVWDHQODHSRFD&RQVWDQWLQLDQD\SUR\HFWDGDSRUHO3DSDGR
GHVGHTXHSXGRHMHUFHUVXPLVLRQFRQVLGHUDGDSRUHOFRPRGLYLQDVLQREVWDFXORVVHULRVHVYLVXDOL]DGD
FRPRGHMDQGRVXSURWDJRQLVPRDILQDOHVGHOVLJOR;9,,,
<DKHPRVGLFKRTXHHQHVDGLUHFFLRQDOLGDGDSDUHFHQXQRVSURWDJRQLVWDVTXHVREUHVDOHQFLHUWDV
QDFLRQHVHXURSHDVTXHDFDWDQR\DSR\DQGHDOJXQPRGRDO3DSDGRGXUDQWHWRGRHVWHSHULRGRKLVWRULFR
LQGLFDGRH,QJODWHUUDTXHVHSDUDQGRVHHQODHSRFDGH(QULTXH9,,,LQLFLDXQSURFHVRDOTXHVHLQWHJUDOD
5HIRUPDSURWHVWDQWHFXOPLQDQGRFRQODUHYROXFLRQLQJOHVD\SRUODKRUDUHYROXFLRQDULDQRUWHDPHULFDQD\
IUDQFHVDFUHDQGRVHXQDWUD\HFWRULDTXHFRQILJXUDXQDLGHRORJLDRSXHVWDDODGHO3DSDGRODGHORV
GHUHFKRVKXPDQRVODOLEHUWDGGHFRQFLHQFLD\ODGHODGHPRFUDFLDSROLWLFD(VDWUD\HFWRULDLPSULPHOD
PDUFKDGHODKLVWRULDHLQWURGXFHFRPRSRWHQFLDVPXQGLDOHVWDQWRD,QJODWHUUDFRPRD)UDQFLD\
HVSHFLDOPHQWHD(VWDGRV8QLGRV(VWHXOWLPRDVXPLUDODDXWRULGDGVXSUHPDXQDYH]TXHHO3DSDGRUHFLED
ODKHULGDPRUWDOSRUOD)UDQFLDUHYROXFLRQDULDDOSULQFLSLRHQFRPSDQLDGH,QJODWHUUD\)UDQFLDGHVSXHV
HQVROLWDULRPDUFDQGRODPDUFKDGHODKLVWRULD(VDGLUHFFLRQDOLGDGTXHVHPDQLILHVWDFRQORTXHHV
UHOHYDQWHVLJXHHVWDQGRHQORTXHVHSUR\HFWDHQODKLVWRULDGHVGHTXHHO3DSDGRKHUHGHURGHOLGHDULR
LPSHULDOURPDQRFUHDPHGLDQWHODFRQFHSFLRQGHODDXWRULGDGVXSUHPD\HOREMHWLYRGHODXQLGDGHVD
GLUHFFLRQDOLGDG(XURSDHVXQHQJHQGURSURGXFWRGHODGLYLVLRQTXHVHH[SHULPHQWDHQODHSRFDGH
5RPD\GHDFWXDFLRQGHO3DSDGR3RUORWDQWRHOSURWDJRQLVWDDFWXDOHVIUXWRGHHVDKLVWRULDYLYLGD\
FRPSDUWLGDSRUHO3DSDGR\HQFXDOTXLHUPRPHQWRHO3DSDGRSXHGHDVXPLUXQSURWDJRQLVPRGHQXHYR
FXDQGRODVLWXDFLRQKLVWRULFDUHFRPLHQGHGHQXHYRODXQLRQGH,JOHVLD\(VWDGR
(QFRQFOXVLRQDOFDSLWXORGLJDPRVTXHQRVLQWURGXFLPRVHQXQDQXHYDHWDSDKLVWRULFDIDYRUHFLGDSRU
ODUHYROXFLRQQRUWHDPHULFDQD\IUDQFHVDHQODTXH(XURSDFRQ,QJODWHUUD\)UDQFLDHVSHFLDOPHQWH
GHVSXHVFRQ(VWDGRV8QLGRVDVXPHQODUHSUHVHQWDWLYLGDGGHODGLUHFFLRQDOLGDGKLVWRULFD\PDUJLQDQDO
3DSDGRH[FOXVLYDPHQWHDXQDH[LVWHQFLDDJRQLFDTXHLQIOX\HGHFLHUWDPDQHUDHQODYLGDHVSLULWXDOGHVXV
PLHPEURVSHURFDVLQDGDHQORVDVXQWRVLQWHUQDFLRQDOHVGHODVQDFLRQHVLQGHSHQGLHQWHPHQWHGHVXV
LQWHQWRV\GHXQSURFHVRGHUHFXSHUDFLRQTXHHVWDPRVHVWXGLDQGRHQ$SRFDOLSVLV
 &DSLWXOR,;

>@
/D SURIHFLD DSRFDOLSWLFD FRPRKLVWRULDDQWLFLSDGD
/D%HVWLD\ODFRQFHSFLRQHVWDWDO
/DSURIHFLDDSRFDOLSWLFDQRHVRWUDFRVDTXHKLVWRULDDQWLFLSDGD<FRQIRUPHHVWDVHGHVDUUROOD
FRPSUXHEDVODUHDOLGDGGHORDQXQFLDGR&RQRFHUORVUDVJRVPDVLPSRUWDQWHVGHHOODFRQOOHYDYLYLU
FRQILDGR\HVSHUDQ]DGRGHTXHORTXHIDOWDSRUFXPSOLUVHVHKDUDGHOPLVPRPRGRTXHYHVFRPR
UHDOL]DGRVORVWUD]RVGHODKLVWRULDTXHHVWDEDQSUHFRQRFLGRV7RGRHVWRJHQHUDHVSHUDQ]DQRSHUPLWLHQGR
TXHHOWLHPSRTXHWUDQVFXUUHFRQILJXUHLQVHJXULGDG\GHVDOLHQWR
/DSURIHFLDDSRFDOLSWLFDHVWDGDGDSUHFLVDPHQWHSDUDTXHODVJHQHUDFLRQHVTXHYLYHQGLVWDQWHVD
FXDQGRVHGLHURQ\GHORVFROHFWLYRVJHQHUDFLRQDOHVSULPHURVQRVHFDQVHQ\VHLGHQWLILTXHQFRQORV
YDORUHVKLVWRULFRV\WHRORJLFRVTXHFRQWLHQHQ&RQODSURIHFLDDSRFDOLSWLFDVHDSRUWDQDGYHUWHQFLDVHQ
FXDQWRDODDFWXDFLRQGHORVVLVWHPDVGHPDOGDGTXHLQWHQWDUDQSRUWRGRVORVPHGLRVLQLPDJLQDEOHVKDFHU
SHUGHUODIH6LQRIXHUDSRUODSURIHFLDDSRFDOLSWLFDODKLVWRULDTXHVHYLYHVHHQWUHWHMHGHWDOPRGRTXH
ODFRQIXVLRQ\HOHQJDQRVHGXFHQKDVWDROYLGDUVHGHODUHDOLGDGGHODDXWHQWLFDYHUGDG'HDKLOD
LPSRUWDQFLDGHFRQRFHUODGHDFXHUGRDODVFDSDFLGDGHVGHFDGDXQRSDUDDFXPXODUODIRUWDOH]D
VXILFLHQWHDILQGHPDQWHQHUWHILUPH\ILHOIUHQWHDORVREVWDFXORVTXHGLFKRVVLVWHPDVPDOLJQRVSUHVHQWDQ
9DPRVDFRPSUREDUHOKHFKRGHODXWLOLGDGGHODSURIHFLDDSRFDOLSWLFDDILQGHGLVFHUQLUGHQWURGHO
>@
FRQIOLFWRKLVWRULFRORTXHFRUUHVSRQGHDO'LRVTXHVHUHYHOD\ORSURSLRGHOUHEHOGHVLQFDXVD
(OREMHWLYRHVHQFLDO'LRVFRQYHQFH\YHQFHDO0DOLGHQWLILFDGRFRQOD%HVWLD
(OREMHWLYRGHHVWDKLVWRULDDQWLFLSDGDHVFRPXQLFDUQRVTXH'LRVH[LVWH\TXHODKLVWRULDVHLQVFULEHGH
DFXHUGRDOSODQGH'LRVGHOLEHUDUQRVGHOPDO\GHODPXHUWHPHGLDQWHHO0HVLDVFI'Q
>@
\TXHVLELHQDSDUHFHUDQIXHU]DVRSRVLWRUDVDORVGHVLJQLRVGH'LRVTXHVHUHODFLRQDQFRQQXHVWUR
GLVHQRHLQWHUHVHVMXQWRFRQFRQIOLFWRVTXHUHSHUFXWHQSHUVRQDOPHQWHREVWDFXOL]DQGRORVFRQWHQLGRVGH
QXHVWUDVDOYDFLRQODSUHVHQFLDGHO5HLQRGH'LRVWDQWRLGHRORJLFDPHQWHFRPRYLQLHQGRHQVX
LQVWDXUDFLRQGHILQLWLYDHMHFXWDUDVX-XLFLRGHDFXHUGRDVXSURJUDPD(VGHFLUORVPRPHQWRVFUXFLDOHV
GHFDGDKLVWRULDSDUWLFXODUVRQGHWDOQDWXUDOH]DTXHHQRFDVLRQHVDOVHUKXPDQRFUH\HQWHOHSDUHFHTXH
HVWDVRORFRPRVL'LRVVHKXELHUDLQKLELGRGHODKLVWRULDRFRPRVL'LRVDGHFLUGHORVGHLVWDVQRV
KXELHUDGDGRPDUFKD\QRVKXELHUDGHMDGRDQXHVWUDVXHUWHFRQQXHVWURFHUHEURFUHDGRSRU(/SHURDO
PLVPRWLHPSRGHWHULRUDGRSRUXQDKHUHQFLDTXHWLHQHXQRULJHQPDOLJQR(VWRTXHHQRFDVLRQHVTXLHUH
LPSRQHUVHHVGHVWUXLGRSRUORVFRQWHQLGRVGHODSURIHFLDDSRFDOLSWLFDTXHJHQHUDQHVSHUDQ]D\WH
LQ\HFWDQXQDPRWLYDFLRQTXHWHKDFHH[SHULPHQWDUDO'LRVTXHVHUHYHODFRPRYLHQGRDO,QYLVLEOH
(QHVDKLVWRULDDQWLFLSDGDQRVHQRVGDQLQJXQFRQWHQLGRTXHIDYRUH]FDDXQDQDFLRQRDXQDSROLWLFD
GHWHUPLQDGD7RGRORFRQWUDULR$SDUHFHHOPXQGRSROLWLFR\VRFLDORULHQWDGRSRUXQD%HVWLDTXHVHOD
LGHQWLILFDFRQODVHUSLHQWHDQWLJXD6DWDQDVHO$GYHUVDULRGH'LRVDOTXHVHOHOODPD'UDJRQ
HVFDUODWDFRQFDEH]DV\FXHUQRV$SFX\DILQDOLGDGSULPDULDHVODGHHQJDQDUDO
PXQGRHQWHURFI$SXSSXGLHQGRQRVOLEUDUPHGLDQWHHOFRQRFLPLHQWRGH'LRV\GHOD3DODEUD
SURIHWLFD-QFID3HG(VHQHVWD%HVWLDGHRULJHQQDWXUDOH]D\SUR\HFWR
VDWDQLFRTXHWLHQHVXDVLHQWRHVGHFLUVXSRGHU\DXWRULGDGOD0XMHUHVFDUODWD$S'HOPLVPR
PRGRODVUDLFHVGHODVFDEH]DV\GHORVFXHUQRVHVWDQHQHVWD%HVWLDHVFDUODWD$SFI
(VHYLGHQWHTXHWDQWRODVFDEH]DVFRPRORVFXHUQRVFRQORTXHUHSUHVHQWHQ\VLJQLILTXHQUHFLEHQVHOHV
FRPXQLFDODLGHRORJLDGHO'UDJRQ(VLQWHUHVDQWHFRPSUREDUTXHOD%HVWLDGH$SRFDOLSVLVTXHWLHQH
ODPLVPDFRQILJXUDFLRQGHFDEH]DV\FXHUQRV$SDODYH]TXHUHFRJHFRPRHQJOREDQGRORHO
>@
VHQWLGR\VLJQLILFDGRGHODV%HVWLDV'DQLHOLFDV VHGLFHTXHUHFLEHGHO'UDJRQVXSRGHU\VXWURQR
$SXS$OILQDO'LRVFRQYHQFH\YHQFH$S
$QDOLVLVSRUPHQRUL]DGRGHOD%HVWLDFRQWHQLGRV\VLJQLILFDGRDILQGHGDUWHDFRQRFHUODLQWHUYHQFLRQGH'LRVHQODKLVWRULD\
HOFRPRFRQWURODUORH[LVWHQFLDO
/D%HVWLDR6DWDQDVSUR\HFWDVXFRQFHSFLRQLGHRORJLFDHQODWLHUUDGHWDOPRGRTXHVHVXVFLWDXQ
VLVWHPDFRQFHSWXDOTXHVHLGHQWLILFDFRQHVD%HVWLDGH$SRFDOLSVLV/DVFDEH]DVVHGHVWDFDHOSRGHU
>@ >@
FRQLGHRORJLDVGHWHUPLQDGDV \ORVFXHUQRV TXHUHSUHVHQWDQUHLQRVRSRGHUHVGLULJLGRV
SRULQGLYLGXRVRJREHUQDQWHVVRQFRPRYDVRVFRPXQLFDQWHVHQXOWLPDLQVWDQFLDGHODLGHRORJLDTXH
GLPDQDGHOD%HVWLDHVFDUODWD\TXHGDQYLGDH[LVWHQFLDDHVD%HVWLDHVFDUODWDHQODWLHUUDHQORTXHVH
JHQHUDFRPR%HVWLDGH$SRFDOLSVLV3DUDTXHOD%HVWLDHVFDUODWDHQVXSUR\HFWRGH%HVWLDGH
$SRFDOLSVLVVHDFWLYHHQGLIHUHQWHVPRPHQWRVKLVWRULFRVORVLQGLYLGXRVRJREHUQDQWHVTXHHVWDQ
HQJDQFKDGRVDODFRQFHSFLRQTXHHO'UDJRQKDSUR\HFWDGRSUHFLVDQVHUWUDVFHQGLGRVSRUHVDFRQFHSFLRQ
RLGHRORJLDDILQGHTXHOD%HVWLDVHDFWLYHGHDFXHUGRDOSURSRVLWRGHVXFUHDFLRQSRUHO'UDJRQ"4XH
TXHUHPRVGHFLUFRQTXHVRQWUDVFHQGLGRV"&XDWURFXHVWLRQHVVHSUHFLVDQH[SOLFDUSUHYLDPHQWHDILQGH
FRQWHVWDUDOLQWHUURJDQWHSODQWHDGR
/DSULPHUD"(QTXHFRQVLVWHHVDFRQFHSFLRQTXHYLHUWHHO'UDJRQVREUHODKXPDQLGDGDILQGH
GLULJLUDHVWDHQFRQWUDSRVLFLRQDOSODQGH'LRV"
(O'UDJRQH[LVWHGHVGHHOFRPLHQ]RGHODKLVWRULDKXPDQD*QFI$S<VLVHREVHUYD
GHVGHTXHODLGHRORJLDGHO'UDJRQFXDMDHQXQDKXPDQLGDGRUJDQL]DGDSDUDWDOSURSRVLWRDSDUHFHQODV
%HVWLDV'DQLHOLFDVFRPRYHKLFXORVGHXQDFRQFHSFLRQHVWDWDOHQODTXHSULPDHOHPHQWRV
IXQGDPHQWDOHVHOGHODDXWRULGDGVXSUHPD\HOGHODPLVLRQDHIHFWXDUODFUHDFLRQGHXQRUGHQ
PXQGLDOTXHXQLILTXHDOPXQGRFRQXQDLGHRORJLDXQLYHUVDOLVWDDSURSLDGDSDUDFXPSOLUFRQHVHILQ
>@
$VXQWRVDPERVTXHGLFHQKDEHUUHFLELGRGH'LRVRGHORVGLRVHV<HVWRLQGHSHQGLHQWHPHQWHGH
RWURVYDORUHVTXHLQFLGHQHQORTXHSRGULDPRVGHQRPLQDUFRPRJRELHUQR\TXHDFFHGHQGHPRGR
QDWXUDOFRPRFRQVHFXHQFLDGHORVREMHWLYRVVHJXQHOORVFRQTXHKDQVLGRLQYHVWLGRV\SRUORTXH
SXGLHUDUHSHUFXWLUHOSUR\HFWR5HLQRGH'LRV
(VHYLGHQWHSRUORTXHQRVPXHVWUDODRULHQWDFLRQ'DQLHOLFDUHFRJLGD\HQJOREDGDHQOD%HVWLD
>@
$SRFDOLSWLFD TXHORVSRGHUHVRUHLQRVTXHVHVXFHGHQVRQHQWRWDO\GHVSXHVUHFLEHHO5HLQR
>@
HOSXHEORGH'LRV (VDV%HVWLDVHVWDQVLHQGRYLVXDOL]DGDVSRUXQDFRQGXFWDHVWDWDOTXHVLJXHXQD
WUD\HFWRULDFRQWUDULDDOSODQGH'LRV(VWRORUHFRJH-XDQPHGLDQWHXQDVROD%HVWLDTXH\DVHQRVKD
UHYHODGRTXHWLHQHXQRULJHQ\QDWXUDOH]DVDWDQLFD/D%HVWLDVHULD6DWDQDVUHSUHVHQWDGRHQHOVLVWHPD
SROLWLFRLGHRORJLFRUHOLJLRVRTXHULJHHQHOPXQGRVRFLDODORODUJRGHWRGDODKLVWRULDHQRSRVLFLRQD
ODGLUHFFLRQ\YROXQWDGGLYLQDFXDQGRHVWUDVFHQGLGRSRUODLGHRORJLDFRQWDPLQDGRUDVDWDQLFDTXHYLHUWH
>@
\FRPXQLFDHQODFRQILJXUDFLRQGHFRQWHQLGRV\SRGHUGHODVFDEH]DV\ORVFXHUQRV
/DVHJXQGD"4XHVLJQLILFDTXHOD%HVWLDFDLJDHQXQPRPHQWRGHWHUPLQDGRKLVWRULFRHQHODELVPR
$SFI\TXHGHDFXHUGRDOYHUERJULHJRDSDUWLUGHTXHODVFDEH]DVSULPHUDVKD\DQ
FDLGR\KDVWDTXHQRVXUMDOD2&7$9$TXHHVGHHQWUHODVOD%HVWLDHVWDHQSRVLFLRQGHDELVPR
 >@
SHURVLHPSUHGHPRGRLQWHUPLWHQWHFRPRTXHULHQGRVDOLUGHODELVPR"

&RQFUHWDQGRHOUHFLELPLHQWRGHODYLVLRQ\ORVFRQWHQLGRVQHFHVDULRVDILQGHFRPSUHQGHUOD
KLVWRULDTXHD\XGDDVXSHUDUFXDOTXLHUSUREOHPDH[LVWHQFLDO
,QGHSHQGLHQWHPHQWHGHORVYDORUHVKLVWRULFRV\WHPSRUDOHVTXHGHPRVDHVDVFDEH]DVHVHYLGHQWHTXH
-XDQUHFLEHODYLVLRQHQVXHSRFD3RUORWDQWRWLHQHODRSRUWXQLGDGGHYLYLUHQODHSRFDGH5RPDTXH
FRUUHVSRQGHULDDXQDGHODVFDEH]DVKDQWUDQVFXUULGRODVDQWHULRUHVTXHH[LVWLHURQDQWHVGH5RPD\TXH
'DQLHOWLHQHPXFKRTXHGHFLUUHVSHFWRDVXLGHQWLGDG\HVHQYLDGRHQODYLVLRQDODHSRFDTXHGLVWLQWDD
ODGH5RPDVHGDFRPRWHUPLQDGDOD48,17$FI$SSSXS-XDQKDGHVDEHUTXH
KDQSDVDGR&,1&2\TXHXQD(6$SSOHVWDVLHQGRHQHOLQVWDQWHKLVWRULFRDOTXHKDVLGR
HQYLDGR<HVWRSDUDFHUWLILFDUOHTXHOD48,17$KDSDVDGR\H[SOLFDUOHORGHODVRPEUR3DUDSRGHU
VDEHUDTXHLQVWDQWHV\DFRQWHFLPLHQWRVHVHQYLDGRHQHVSLULWX-XDQFI$SDILQGHSRGHUYHUOR
>@
TXHVHOHTXLHUHPRVWUDUGHEHPRVKDFHUXQDOHFWXUDGHOWH[WRFXLGDGRVD
(OYLYHHQODHSRFDGH5RPDSRUORWDQWROD%HVWLDTXHVHKDFRQIHFFLRQDGRFRPRWDOGHVGHODHSRFD
EDELORQLFDKDKHFKRWUDQVFXUULU\DYDULDVFDEH]DVTXHFRPR\DGLMLPRVUHSUHVHQWDQDOSRGHUTXH
PXHVWUDSRVHHUOD$XWRULGDGVXSUHPD\VHYHHPSXMDGRHQXQDPLVLRQGHRUGHQDPLHQWRFRQHOILQGH
FRQVHJXLUODXQLGDGPXQGLDO3HURDOPLVPRWLHPSRVHOHKDGHFRPXQLFDUORTXHWLHQHTXHYHUFRQHOILQ
GHOWLHPSR\FRQWRGRORTXHFRQHFWDFRQHVHILQGHVGHODHSRFDHQTXHWUDQVFXUUHODFDEH]DTXH
UHSUHVHQWDDODHSRFDHQTXHHVWDYLYLHQGR
/DSUHVHQWDFLRQ\VLJQLILFDGRGHOD0XMHU(VFDUODWDFRQOD%HVWLD
6HOHSUHVHQWDXQD0XMHU(VFDUODWDDVHQWDGDHQXQD%HVWLDTXHDFWXDFRPRXQWURQRSDUDHOODRFRPR
EDVHLGHRORJLFD\TXHWLHQHFDEH]DV\FXHUQRV$SFI$SSS\TXHSRURWUD
SDUWHVHOHFRQFHGHHOOOHYDUODVULHQGDVJXLDGRUDVGHHVD%HVWLDHQVXFDOLGDGUHVXOWDQWHGHKDEHU
ORJUDGRTXHODVFDEH]DV\ORVFXHUQRVWHQJDQVXUDLFHVHQHOOD3RUXQODGROD0XMHUHVFDUODWDDSDUHFH
FRPRVXEVLGLDULDGHOD%HVWLDHVWDDVHQWDGDVREUHHOODUHFXHUGHVHOD%HVWLD'UDJRQ\SRURWURDSDUHFH
FRPRVXVWLWX\HQGRDODSURSLD%HVWLDHQVXTXHKDFHURULHQWDGRUGHODV&DEH]DV\ORV&XHUQRV$S
FIFI$SSS
(VHYLGHQWHODFXDOLGDGGHODLGHRORJLDGHOD0XMHUDSHJDGDDOD%HVWLDHVFDUODWD$SFI$S
SS\TXHUHSUHVHQWDULDORTXHOD%HVWLDFRQWLHQHFRPREDVHWURQRRDVLHQWRLGHRORJLFRGHOD
0XMHUHVFDUODWDPH]FODFRQIXVLRQDERPLQDFLRQIUXWRGHDGXOWHUDUSURVWLWXLURUHFKD]DUODVYHUGDGHV
GHOXQLFR'LRVTXHVHUHYHODUHVXOWDQGRHQXQHQWUHVLMRLGHRORJLFRSURSLRGHO'UDJRQ$S
FISS$SDUHFHFRPRDGRUQDGDFRQORPDVYDOLRVRGHOSHQVDPLHQWRFI$SSSSHUR
FRQWDPLQDGRHQVXUDL]SRUODVDERPLQDFLRQHVTXHUHVXOWDQGHODVDSOLFDFLRQHVGHEHEHU\GHKDFHUEHEHU
HQHOFDOL]PH]FODGRU\WUDQVIRUPDGRUYLVXDOL]DQGRVHODSRUQHLDMHVGHFLUODLGRODWULDTXHDEDUFDWRGR
ORTXHSXHGHSURGXFLUODLQFUHGXOLGDGSURIHVLRQDOFRQGXFWDVLQPRUDOHVHLQILGHOLGDGDO8QLFRTXHQR
DGPLWHPH]FOD
(VGHFLUODLGHRORJLDHVWDFRPSXHVWDSRUGLIHUHQWHVFRUULHQWHVGHSHQVDPLHQWRTXHOOHJDQD
DPDOJDPDUVHHQXQPRGRGHSHQVDU\GHVHU\TXHHORULJLQDGRUGHOD%HVWLDKDSODVPDGRHQOD
LGHRORJLDSROLWLFRUHOLJLRVDGHODFRQILJXUDFLRQ0XMHUHVFDUODWDDFWXDQGRFRPRUHSUHVHQWDWLYDGHO
RULJLQDGRUGHOD%HVWLD\KDFLHQGRSHUPDQHQWHODLGHRORJLDGHOD%HVWLDHQORVLQVWUXPHQWRVFDEH]DV\
FXHUQRVTXHHQWUDQHQODFRQILJXUDFLRQGHODSURSLDEHVWLDSRUODFRPXQLFDFLRQ\DVFHQGHQFLDTXHHO
'UDJRQKDVDELGRFUHDUHQODKLVWRULDGHODVQDFLRQHVUHSUHVHQWDWLYDVGHVXGLUHFFLRQDOLGDG(VWH
SUR\HFWRGHXQLILFDFLRQFRPRVLGHXQDLGHRORJLDSURSLDVHWUDWDUDDSDUHFHHQFRQWUDVWHFRQODXQLGDGGH
YDORUHVGHO5HLQRR*RELHUQRGH'LRV
 6HOHYHDOD0XMHUHEULDGHODVDQJUHGHDTXHOORVTXHKDQSDGHFLGRVLVWHPDWLFDPHQWHFRPR
FRQVHFXHQFLDGHODDSOLFDFLRQGHODLGHRORJLDTXHVXVWHQWDHOLQYHQWRVDWDQLFRFRQILJXUDGRHQXQD0XMHU
(VFDUODWD(VWDLGHRORJLDGHOD0XMHUHVWDHQFRQWLQXDRSRVLFLRQDODLGHRORJLDGHO5HLQRGH'LRV\SRU
ORWDQWRFRQWUDWRGRVDTXHOORVTXHVXVWHQWDQGLFKRVSULQFLSLRVFI$SSSFI$SXS
(VWD0XMHUHVFDUODWDHVORTXHLGHRORJLFDPHQWHKDFUHDGRHO'UDJRQSDUDTXHVXREMHWLYR\SODQVH
SHUSHWXHHQHOSURSLRUHIOHMR\FRPSOHMR%HVWLDOTXHOHUHSUHVHQWDHQ&DEH]DV\&XHUQRV3RUXQODGRHO
'UDJRQLQGXFHHLQVSLUDXQDLGHRORJLDJOREDOFRQWDPLQDQWHTXHODLQVSLUDFLRQGLYLQDQRVORVHQDOD
SODVPDGRHQORTXHGHQRPLQD0XMHUHVFDUODWD\SRURWUDSDUWHVHQRVLQGLFDTXHHVHSUR\HFWR
FRQILJXUDGRSRVHHXQDVUHSHUFXVLRQHVHQORVUHLQRVGHOPXQGRGHODVFDEH]DV\GHORVFXHUQRVSRUORTXH
ODLPDJHQGHODVFDEH]DV\GHORVFXHUQRVHQUDL]DGRVHQOD%HVWLDGDQWDPELHQUHSUHVHQWDWLYLGDG\YLGDD
OD%HVWLDHVFDUODWDDO'UDJRQFRQORTXHODLQVSLUDFLRQQRVORFRQILJXUDFRPRUHSUHVHQWDQGRDOD%HVWLD
'UDJRQHQHOPXQGRSROLWLFR\VRFLDO
-XDQHVWDYLHQGRWRGRHQXQSULPHUSODQR\VHDVRPEUDGHORTXHLPSOLFD\VLJQLILFDHVD0XMHU
(VFDUODWDFRQUHODFLRQDXQD%HVWLDTXHSRUXQODGRUHFLEHGHHOODVXH[LVWHQFLDFRQFHSWXDO\TXHSRU
RWURODPDQHMDHQVXUD]RQGHVHURWRUJDGRHQHOREMHWLYRGHFRQWDPLQDUFRQWUDULDPHQWHDODUHYHODFLRQ
LGHRORJLFDGH'LRVDODV&DEH]DV\&XHUQRVHQUDL]DGRVHQODFRQILJXUDFLRQ%HVWLDHVFDUODWD6HWUDWDGH
XQFRQMXQWRDUPRQLFR\XQLGRRULJLQDGRSRUHO'UDJRQTXHKDELDDSDUHFLGRHQ$SRFDOLSVLVFRPR
VLHQGRODPLVPD%HVWLD$KRUDHQ$SRFDOLSVLV\VHQRVSUHVHQWDFRPRVHORJUDFRQILJXUDUOD
LGHRORJLDVDWDQLFDGHIRUPDSHUPDQHQWHHQHOGHYHQLUGHODKLVWRULDKXPDQDHOFRPRORVFRQWHQLGRV\
SURSRVLWRVGHO'UDJRQSXHGHQVHUWUDVFHQGLGRVDORVVHUHVKXPDQRVFXDQGRHOSRGHU\ODDXWRULGDGGHO
'UDJRQFRQILJXUDQFDEH]DV\FXHUQRVFRUULHQWHVGHSHQVDPLHQWR\SRGHUHVSRUGRQGHVHYLHUWH\VH
FDQDOL]DQORVSURSRVLWRV\GHVLJQLRVGHO'UDJRQ(VWRVHKDIDYRUHFLGRGHVGHTXHODFRUULHQWH
EDELORQLFDSROLWLFRUHOLJLRVDVHLQVHUWDUDHQODKLVWRULDFRQILJXUDQGRODLGHRORJLD\SURSRVLWRGHO
'UDJRQ\WUDVODGDQGRORDWRGRDTXHOORTXHYHDPRVHQODKLVWRULDTXHSUHWHQGHRFXSDUHOOXJDUGH'LRV
UHSUHVHQWDUPHGLDQWHXQD$XWRULGDGVXSUHPD\XQDPLVLRQDFXPSOLUGHXQLGDGPXQGLDO
7HQJDVHHQFXHQWDTXHODGHVFULSFLRQGHODVFDEH]DVFRPRVXFHVLYDVDUUDQFDDSDUWLUGHOPRPHQWRHQ
TXH-XDQVHDVRPEUDGHDOJRDQWHODSUHVHQWDFLRQJHQHUDO\HQVXFRQMXQWRGHORVFRPSRQHQWHVGHOD
YLVLRQ\GHOFRPSRUWDPLHQWRFRUUXSWR\FULPLQDOGHOD0XMHU%DELORQLFD(VFDUODWDVHQWDGDVREUHOD
%HVWLD(VFDUODWDFI$S"'HTXHVHSRGLDDVRPEUDUFXDQGR\DKDWHQLGRODRSRUWXQLGDGGH
FRPSUREDU\VDEHUORGHOD%HVWLD\OD0XMHUGXUDQWHWRGRHOWLHPSRTXHKDYLYLGRHQHOWUDQVFXUVRGHO
,PSHULR5RPDQR"&XDQGRFRPSUHQGHPRVTXHOD0XMHUHVFDUODWDEDELORQLFDHVXQDFRUULHQWHGH
SHQVDPLHQWRHLQYHQWR6DWDQLFRTXHGHVGHHORULJHQGHODKLVWRULDKDSHUSHWUDGRHOLQWHUHVGHVX
LQVSLUDGRU\HMHFXWRUHQODWLHUUDTXHFRPSHQGLDWRGDODLGHRORJLDSROLWLFRUHOLJLRVD\TXHVHDFWXDOL]D
GHIRUPDHVSHFLDOHQFDGDPRPHQWRKLVWRULFRGHFDGDFDEH]DHQWRQFHVFRPSUHQGHUHPRVHODVRPEURGH
-XDQ7HQJDVHHQFXHQWDTXHHOFDUDFWHUHVHQFLDOGH6DWDQDVHVHQJDQDUDOPXQGRHQWHURFI$SFI
D&RU<SDUDHOORFRQWDOGHFRQVHJXLUORXWLOL]DODPLVPDYHUGDGPDQLSXODQGROD\
PH]FODQGRODDUWLVWLFDPHQWHFRQODPHQWLUDFDPXIODGD
&RQVLGHUHVHDGHPDVTXHOD0XMHU(VFDUODWDFI%HVWLD(VFDUODWD^`\'UDJRQ(VFDUODWD
^`HVXQDFRQFHSFLRQVLPEROLFDTXHUHVXOWDGHORTXHHO'UDJRQR6DWDQDVFRQILJXUDHQHOODVH
FRPSHQGLDJOREDOPHQWHXQDLGHRORJLDSROLWLFRUHOLJLRVDTXHWLHQHSRUPLVLRQODGHDSDUWDUDOVHUKXPDQR
GHO5HLQRR*RELHUQRGHO'LRVTXHVHUHYHODHQ-HVXFULVWR\HQHO(VSLULWX6DQWRLQVSLUDGRUHVGHOD
(VFULWXUD%LEOLFD\WDOFRPR\DKHPRVUHIHULGRORTXHDSDUHFHUDHQORVGLIHUHQWHVPRPHQWRVKLVWRULFRV
GHWHUPLQDGRVSRUFDGDXQDGHODVFDEH]DVFRQTXHVHDFWXDOL]DDOD%HVWLD\TXHVLUYHDODLQVSLUDFLRQ
SDUDWUDVPLWLUD-XDQVHUDODLGHRORJLDSROLWLFRUHOLJLRVDFRPR0XMHUEDELORQLFDFRQTXHHO'UDJRQ
YLHUWHVXSODQHQODWLHUUDGHODVFDEH]DV\GHORVFXHUQRV
 &XDQGRVHDVRPEUDSXHVGHODDFWXDFLRQGHOD0XMHU(VFDUODWDWHQHPRVTXHHQWHQGHUORFRPRHVWDQGR
HQFRQQLYHQFLDFRQOD%HVWLDHQODTXHHVWDDVHQWDGDFI$SFIFRPXQLFDQGROHODLGHRORJLD
GHO'UDJRQPHGLDQWHORVYDVRVFRPXQLFDQWHVGHODVFDEH]DV<GHDFXHUGRDODGHVFULSFLRQTXHVHQRV
KDFHHODVRPEURVHUHILHUHDXQDHWDSDGHOD%HVWLDGHWHUPLQDGDSRUXQDGHODVFDEH]DV
(VSHFLILFDFLRQFURQRORJLFDGHODVRPEURGH-XDQ$SXSFIXS
&HQWUHPRQRVPX\FXLGDGRVDPHQWH\FRPSUXHEHVHFXDQGRVHLQWURGXFHHOWHUPLQRDVRPEURRPDUDYLOOR
>@
HYTDXPDVTK^HWKDLPDVWKH` UHODWLYRDOD%HVWLD
6HLQWURGXFHXQDYH]SUHVHQWDGDHQ$SRFDOLSVLVOD%HVWLDGHFDEH]DV\FXHUQRVFRQDVSHFWRV
HQJOREDGRVHLQGLFDWLYRVGHODV'DQLHOLFDV\GHODTXHVHGLFHKDEHUUHFLELGRHOSRGHUWURQR\
DXWRULGDGGHO'UDJRQ$S
1RWHVHELHQTXHVHLQIRUPDHQTXHDSDUHFHOD%HVWLDDFWXDOL]DGDHQXQDGHODVFDEH]DVTXH
UHFLEHXQDKHULGDGHPXHUWHTXHVHUDFXUDGDPRWLYDQGRHODVRPEURRPDUDYLOODGHWRGDODWLHUUD\
ODDGRUDFLRQDO'UDJRQ\DVX%HVWLDGRQGHKDSODVPDGRVXLGHRORJLDHQFDGDXQDGHODVFDEH]DVFRQTXH
DFWXDOL]DVXGHYHQLUHQODKLVWRULD
(VWDDGRUDFLRQVHSURGXFHGHXQPRGRQDWXUDO&XDQGRVHDFHSWDODLGHRORJLDTXHULJHHQFDGD&DEH]D
FXDQGRVHDFHSWD\VHVRPHWHDODLGHRORJLDGHOD%HVWLDHVGHFLUFRPR\DKHPRVH[SOLFDGRFXDQGROD
LGHRORJLDHVWDWDOUHSUHVHQWDGDHQFDGDFDEH]DTXHPDUFDODGLUHFFLRQDOLGDG\DYDQFHHQODKLVWRULDHO
YHKLFXORFRQFHSWXDORULJLQDGRHLQVSLUDGRSRUHO'UDJRQSHURWHQLHQGRHQFXHQWDXQDPDQHUDGHSHQVDU
KXPDQDSXHGHKDEHUDVXQWRVSRVLWLYRV\MXVWRVQHJDWLYRVLQFRUUHFWRVLQMXVWRV\QRWHQLHQGRHQ
FXHQWDHQWRGRD'LRVFXDQGRVHUHFKD]DHO5HLQRR*RELHUQRGH'LRVTXHDFWXDHQODKLVWRULDPHGLDQWH
VXSXHEOR\VXVSULQFLSLRVLGHRORJLFRVVHGHVSURWHJH\VHDGPLWHODPDQLSXODFLRQGHO'UDJRQHQWRQFHV
ORVJREHUQDQWHV\JREHUQDGRVVHYHQWUDVFHQGLGRV\DFWLYDQGRHOFRPSRUWDPLHQWRGHOD%HVWLD
PDQLIHVWDQGRVHGHPRGRSOHQRODRSRVLFLRQDODLGHRORJLDGLYLQD(VRVHFRQYLHUWHHQXQDLGRODWULDKDFLD
HO(VWDGRHQGHWULPHQWRGHODXQLFDDGRUDFLRQTXHVHGHEHDODPDQHUDGHSHQVDU\GHVHUGH'LRV
(VWD&DEH]DFRQHODSR\RGHORTXHVLJQLILTXHHLPSOLTXHHQHVHPRPHQWRKLVWRULFRORVFXHUQRV\
TXHUHFLEHODKHULGDPRUWDOYLHQHSUHFHGLGDGHXQDDFWXDFLRQ\SRVLFLRQLGHRORJLFD$SFI'Q
KDVWDTXHUHFLEHHVDKHULGDPRUWDOGXUDQWHPHVHVSURIHWLFRVGRQGHVHLQRFXODOR
HVHQFLDOPHQWHFRQWUDULRDOSODQGH'LRV\SUR\HFWDQGRXQDGLUHFFLRQDOLGDGGLVWLQWD\RSXHVWDDO5HLQRR
*RELHUQRGH'LRV
)LMDFLRQ FURQRORJLFD GHO DVRPEUR \ DGRUDFLRQ TXH VXPLQLVWUD $S  \
YDORUDFLRQGHOFRQRFLPLHQWRGHO'LRVTXHVHUHYHODHQOD$SRFDOLSWLFD
1RWHQVHGHHQWUDGDYDULRVDVXQWRV
/D FDXVD GHO DVRPEUR 8QD GH ODV FDEH]DV VH YH FRPR KHULGD GH PXHUWH \ GHVSXHV
VDQDGD
(ODVRPEURVHGHVSLHUWD\SUHVHQWDDFWRVHJXLGRXSGHKDEHUVHFRPXQLFDGRTXHODFDEH]D
H[LVWHQWHHQVXDFWXDFLRQKDUHFLELGRXQDKHULGDPRUWDO\DQDGLUTXHVHUDVDQDGDSS
/D DGRUDFLRQ D OD %HVWLD FRQILJXUDGD SRU HO 'UDJRQ H LGHQWLILFDGD FRQ HO FXDQGR VH
DFWLYDQORVPHFDQLVPRVLGHRORJLFRVLQVSLUDGRVSRUHO'UDJRQ
$FRQWLQXDFLRQVHFRPXQLFDORGHODDGRUDFLRQDOD%HVWLDFRPRFRQVHFXHQFLDGHODPDUDYLOOD
GHDKLHODVRPEURGHXQDFDEH]DTXHKDELDVLGRKHULGDPRUWDOPHQWH\TXHVLQHPEDUJRVHFXUD
<WHQJDVHHQFXHQWDFRPRUHVXOWDGRGHHVRVHDVRPEUDWRGDODWLHUUD
2ULJHQGHVDUUROOR\PHWDPRUIRVLVGHOD&DEH]DTXHUHFLEHODKHULGDPRUWDO
 $KRUDGHDFXHUGRDOHVWLORDSRFDOLSWLFRGHVSXHVGHKDEHUVHQRVDILUPDGRTXHXQDGHODVFDEH]DV
UHFLELRXQDKHULGDPRUWDO\TXHVHULDVDQDGDVHQRVLQGLFDHORULJHQGHHVD&DEH]D\VXVFDUDFWHULVWLFDV
&DUDFWHULVWLFDVQDWXUDOH]DRULJHQ\GXUDFLRQTXHFRLQFLGHQFRPR\DKHPRVPRVWUDGRFRQODDFWXDFLRQH
LGHRORJLDTXHVHSUHVHQWDSRUHO&XHUQRSHTXHQRGHOD&XDUWD%HVWLD'DQLHOLFD$SSSFI'Q

6LQHPEDUJRHQ$SXSVHDGLFLRQDTXHWDPELHQVHOHGLRDXWRULGDGVREUHWRGDWULEXSXHEOR
OHQJXD\QDFLRQ(VHYLGHQWHTXHHQVXDFWXDFLRQDQWHULRUDUHFLELUODKHULGDPRUWDOVLELHQOD%HVWLDHVWD
HQFDUQDGDHQHVD&DEH]DLGHRORJLFD\MXQWRDORPDVUHSUHVHQWDWLYRGHORVFXHUQRVPDUFDQODPDUFKD
GHODKLVWRULDSRVH\HQGRORTXHODDSRFDOLSWLFDFRQWDELOL]DFRPRKHJHPRQLD\GHDFXHUGRDOGHVLJQLR
GHO'UDJRQQRH[LVWHIRUMDGRWRGDYLDXQFULWHULRXQLILFDGRUGHOD%HVWLD'UDJRQ&DEH]D
UHSUHVHQWDWLYDFRUUHVSRQGLHQWHDSOLFDEOHSDUDWRGDODWLHUUDXSSRUORTXHVHSXHGDGHFLUTXH
KD\DXQDDXWRULGDGVREUHWRGDODWLHUUDXSFIXS(VRIXHLPSRVLEOHSDUDHVHSHULRGRGH
PHVHVSURIHWLFRV3HURFXDQGRVHGDODFXUDFLRQGHODKHULGDXSHVD&DEH]DKHULGD\VDQDGD
H[SHULPHQWDHQVXUHVWDXUDFLRQXQDPHWDPRUIRVLVHVSHFLDODODTXHFRQWULEX\HOD%HVWLDGH'RV&XHUQRV
FIODGHLQFXOFDUODLGHRORJLDGHOD%HVWLDFRQXQFULWHULRSOXUDOLVWD\HQYROYHQWH
XQLYHUVDOPHQWHFRQODILQDOLGDGGHDOFDQ]DUXQRUGHQDPLHQWRGHXQLGDGPXQGLDO<TXHQRFRQVLJXHSRU
ODRSRVLFLRQGHORVTXHVXVWHQWDQORVSULQFLSLRVGHO5HLQRGH'LRV
<REVHUYHQFRQVXPRFXLGDGRDFWRVHJXLGRGHHVHUHFRQRFLPLHQWRXQLYHUVDOLVWDGHOD%HVWLD
XSDSDUHFHXQDDGRUDFLRQSSFRPR\DGLMLPRVXQDVXSHGLWDFLRQDODVSUHPLVDVSROLWLFR
LGHRORJLFDVDOD%HVWLDHQFDUQDGDHQHVD&DEH]DTXHKDELDUHFLELGRODKHULGDPRUWDO\GHVSXHVOD
FXUDFLRQSRUWRGRVORVGHODWLHUUDDH[FHSFLRQGHORVTXHHVWDQHVFULWRVHQHOOLEURGHOFRUGHUR
TXHIXHLQPRODGRGHVGHHOSULQFLSLRGHOPXQGRXS(VGHFLUVHKDOOHJDGRDXQFRQVHQVR
LGHRORJLFRHQWRGRHOPXQGRFRQVLVWHQWHHQXQDLGHDOL]DFLRQGHODVSUHPLVDVHVWDWDOHVFRQWRGDOD
LGHRORJLDSROLWLFRUHOLJLRVDTXHUHTXLHUHHOPRPHQWRPHGLDQWHXQRUGHQDPLHQWRGHSXQWRVFRPXQHVTXH
JOREDOL]DDWRGDVODVQDFLRQHVSHURVLQORJUDUWRGDYLDXQDXQLRQGHILQLWLYDFDQDOL]DGRSRUORTXHLPSOLFD
\VLJQLILFD%HVWLD8QDGHODVFDEH]DVGHOD%HVWLDTXHKDVLGRSURWDJRQLVWDGXUDQWHPHVHVSURIHWLFRVR
GLDVSURIHWLFRVRDQRVSURIHWLFRV\TXHUHFLEHXQDKHULGDPRUWDOTXHDFDEDFRQVXGRPLQLRGH
PHVHVSURIHWLFRVVHYDWLFLQDTXHVHUDFXUDGD\VHOHYHFXUDGDHQFRQVRQDQFLDHQXQLRQLQWLPDFRQ
XQD%HVWLDGHGRVFXHUQRVFI
$SRFDOLSVLV XSHVWDLGHQWLILFDGRSDUDOHODPHQWHDXS\$SRFDOLSVLVHVWD
LGHQWLILFDGRSDUDOHODPHQWHD
(OTXLDVPRTXHVHRULJLQDTXHGDFRPRVLJXH
+HULGDVDQDGD$SXS\DVRPEUR$GRUDFLRQGHWRGRVDOD%HVWLD
$GRUDFLRQWRGRVDOD%HVWLD$XWRULGDGVREUHWRGRVXS
6HLGHQWLILFDQHQWUHFUX]DGDPHQWHORVDFRQWHFLPLHQWRV\ORVSURWDJRQLVWDVODKHULGDVDQDGDGHODFDEH]D
TXHSURGXFHDVRPEURVHLGHQWLILFDFRQWHQHUDXWRULGDGVREUHWRGRV$PEDVFRVDVODKHULGDVDQDGDFRQHO
DVRPEUR\ODDXWRULGDGVREUHWRGRVSURYRFDODDGRUDFLRQGHWRGDODWLHUUD
,GHQWLGDG GH$S   FRQ$S   \ FRQ   \ OD DGRUDFLRQ GH OD
SULPHUD%HVWLD
7RGDYLDPDVODDGRUDFLRQGHODWLHUUD\GHVXVPRUDGRUHVDOD%HVWLDHQUHVSXHVWDDODFXUDFLRQGHOD
KHULGD\PDQLIHVWDFLRQGHVXDXWRULGDGJOREDOXSHVWDLGHQWLILFDGDFRQODREUDTXHUHDOL]DOD
%HVWLDGHGRVFXHUQRVTXHKDFHDGRUDUDOD%HVWLDSULPHUDFXDQGRYXHOYHDHQFDUQDUVHHQXQDGHVXV
FDEH]DVTXHKDELDUHFLELGRODKHULGD\TXHVHUHVWDXUDHQVXFXUDFLRQ$SFI
/DLGHQWLGDGGHOD%HVWLDGHGRVFXHUQRV
 1RWHVHTXHHVWD%HVWLDGHGRVFXHUQRVHMHUFHHQXQRGHORVPRPHQWRVGHODKLVWRULDILQDO$S
FIFI$SVVFIODDXWRULGDGGHODSULPHUD%HVWLDHQFDUQDGD
HQODFDEH]DTXHUHFLEHODKHULGD\TXHDKRUDVHKDFXUDGRHQSUHVHQFLDGHHOODSSHVGHFLUHQ
FRQQLYHQFLDFRQHOOD
/D%HVWLDGHGRVFXHUQRVHVFUHDFLRQKXPDQDFI6HQRVSUHVHQWDDVLSRUFXDQWRVX
LQGHSHQGHQFLDRULJLQDOHVPDQLILHVWDVDOHGHODWLHUUDSHURVXSURIXQGL]DFLRQHQVX
VXSHUYLYHQFLD\HVWDWXVGHSRGHUOHOOHYDDOHQFXHQWURGHLGHQWLGDGFRQODLGHRORJLDTXHKDEODHO
'UDJRQHVGHFLUODLGHRORJLDSROLWLFRUHOLJLRVDGHODSULPHUD%HVWLDFI$SFI(O
FRQWUDVWHHQWUHDVHPHMDUVHDXQFRUGHUR\KDEODUFRPRXQ'UDJRQFI$SQRSXHGHVHUPDV
DOHFFLRQDGRUHOFRUGHURUHSUHVHQWDODVXPLVLRQ\GHSHQGHQFLD,VDFI-Q-Q
D6DP6LQHPEDUJRDOGHVFULELUVHQRVDOD%HVWLDFRQGRVFXHUQRVVHPHMDQWHVDXQ
FRUGHURHQFRQWUDVWHFRQHOKDEODUFRPRXQ'UDJRQVHHQULTXHFHHOPHQVDMHSDUHFHULDVHUTXHHOSRGHU
FXHUQRGHHVWD%HVWLDUDGLFDULDHQHOKDEODUGHVXPLVLRQWUDVFHQGHQWH8QKDEODUTXHVHEDVDHQORTXH
SUHWHQGHVHURSXHGHKDFHU3HURVXOHQJXDMHGHSRGHUVHSUHVHQWDVDOSLFDGRSRUODVHPHMDQ]DDXQ
FRUGHURSRUODVXPLVLRQ\GHSHQGHQFLDDODUHIHUHQFLD'LRVSHURORTXHUHVXOWDHQUHDOLGDGHVOD
LGHRORJLDGHO'UDJRQ$S
/DPLVLRQGHHVWD%HVWLDGHGRVFXHUQRVGHHMHUFHUODDXWRULGDGXQLYHUVDOGHODSULPHUD%HVWLD
ORJUDQGRFXOPLQDUTXHVHYLVXDOLFHODFXUDFLRQGHODKHULGDTXHVHOHSHUPLWDHQVXHVSDFLRGHRULJHQHO
TXHVHH[SHULPHQWHQVHQDOHVFRPRYLQLHQGRGHOFLHOR\GHHVWHPRGRHQJDQDUDWRGRVORVPRUDGRUHVGH
ODWLHUUD\REOLJDUFRQVXHILFD]\HIHFWLYRSRGHUWRWDOHLGHRORJLFRDLGHQWLILFDUVHLQFRQGLFLRQDOPHQWH
FRQHOSURJUDPD\PLVLRQGHODSULPHUD%HVWLDHQFDUQDGDHQOD&DEH]DFXUDGD$S7RGRHVWR
>@
OHFRQILHUHHOHVWDWXVGHSULPHUDSRWHQFLDPXQGLDO
"4XHHVDGRUDUDODSULPHUD%HVWLD"
$GRUDUDODSULPHUD%HVWLDFRPRFRQVHFXHQFLDGHORTXHLPSOLFD\VLJQLILFDODFXUDFLRQGHODKHULGD
VXSRQHDVXPLU\ILMDUPHQWDOPHQWHORVFRQWHQLGRVLGHRORJLFRVTXHUHSUHVHQWDQHOSRGHU\ODDXWRULGDG
FRQTXHGLFHQWDQWROD%HVWLDGHGRVFXHUQRVFRPRODSULPHUD%HVWLDHVWDULQYHVWLGRVFI$S
/DWHQWDFLRQGHFRQYHUWLUDODFRQFHSFLRQ(VWDWDOXQLYHUVDOLVWDHQXQLGRORVLHPSUHKDHVWDGRSUHVHQWH
FXDQGRODVLOXHWDGHOD%HVWLDHVWDWDOXQLYHUVDOLVWDSUHWHQGHUHSUHVHQWDUD'LRVHQODWLHUUD\H[LJHFRQVX
DSDUDWRLGHRORJLFRWRWDOLWDULRXQDVXPLVLRQ\GHSHQGHQFLDTXHLJQRUDQXHVWUDXQLFDGHSHQGHQFLDDO'LRV
TXHVHUHYHOD/DQRYHGDGFRQODDFWXDOLGDGKLVWRULFDSUHVHQWHFRQTXHVHJXQFUHHPRVVHSUR\HFWDHO
WH[WRTXHHVWDPRVHVWXGLDQGRFRQVLVWHHQODFDSDFLGDG\FR\XQWXUDFLUFXQVWDQFLDOWDQWRHFRQRPLFDFRPR
SROLWLFDDILQGHGDUVHODSRVLELOLGDGGHTXHODLGHRORJLDHVWDWDOGRPLQHXQLYHUVDO\JOREDOPHQWH(VD
LGHRORJLDHVWDWDOVHSUHVHQWDFRPRQHFHVDULD\DGDOLGDILQGHPDQWHQHUHOHVWDWXVGHELHQHVWDUFRQTXH
ORVSDLVHVSOHQDPHQWHGHVDUUROODGRVKDEUDQDOFDQ]DGR\GHFXPSOLUODSURPHVDSDUDFRQORVSDLVHV
PHQRVIDYRUHFLGRVSRUXQDSROLWLFD\HFRQRPLDORFDOHQIUHQWDGDVLHPSUHDOGRPLQLRGHODVQDFLRQHV
ULFDV/DJOREDOL]DFLRQSUHWHQGHHQUHVXPHQFRRUGLQDUXQDSROLWLFDHFRQRPLFDSDUDORVSDLVHVTXHQR
KDQSRGLGRHVWDEOHFHUORVGHUHFKRVKXPDQRVEDVLFRVSRUFXDQWRHVODXQLFD\XOWLPDIRUPXODDILQGH
ORJUDUSRUXQODGRODSHUPDQHQFLDGHOHVWDWXVGHELHQHVWDUGHORVSDLVHVGHVDUUROODGRV\SRURWUDVDFDU
GHODSHQXULDDORVSDLVHVQHFHVLWDGRVFXEULHQGRORVGHUHFKRVKXPDQRVEDVLFRV<HVWRXQLFDPHQWH
SXHGHUHDOL]DUVHFRQODDVXQFLRQGHORVYDORUHVGHPRFUDWLFRV
3RUGHVFRQWDGRTXHODILMDFLRQGHOHVWDWXVGHELHQHVWDU\ODVDOLGDGHODSHQXULDH[WUHPDSHUSHWXDULD
HOGHVWLQRSROLWLFRHFRQRPLFRGHXQRV\RWURV"<SRUTXHORVXQRVKDQGHSRVHHUHVDSRVLFLRQKROJDGDD
FRVWDGHODILMDFLRQGHXQDSROLWLFDHFRQRPLFDVHUYLOGHORVRWURV"/DUHVSXHVWDGHOD%HVWLDQRVHGHMDUD
HVSHUDU2VHVWDPRVOLEHUDQGRGHYXHVWUDSRVLFLRQHPSREUHFLGDTXHSHUPDQHFHULDFDVLLQWDFWDVLQHO
UHFXUVRJOREDOLVWDTXHVHRVSURSRQH/DVWHQVLRQHVTXHVHHVWDQYLYLHQGRHQODDFWXDOLGDGSRUORV
PRYLPLHQWRVQRJOREDOLVWDVYDQHQODGLUHFFLRQGHFRQVHJXLUUHPRYHUORVFULWHULRVFRQTXHVHSUHWHQGH
LQFXOFDUXQDSRVLFLRQTXHGHVGHHOSULQFLSLRHVLQWHUSUHWDGDFRPRDUELWUDULDSRUFXDQWRVHSDUWHGHOD
LGHDGHPDQWHQHUHOHVWDWXVGHELHQHVWDUGHFLHUWRVSDLVHVHQGHWULPHQWRGHODLPSRVLELOLGDGGHTXH
RWURVORSXHGDQDOFDQ]DUSRUTXHKDQGHVHUFRQVLGHUDGRVPHUFDGRVVHUYLOHVWDQWRGHVXVSURSLDV
>@
PDWHULDVSULPDVFRPRGHODVSURSLDVQHFHVLGDGHVGHFRPSUDSDUDVXEVLVWLU
(VYHUGDGWDPELHQTXHFRPRIUXWRGHOFRORQLDOLVPR\QHRFDSLWDOLVPRWRGRHOPXQGRHVWDKR\
>@
JOREDOL]DGR\DPHUFHGGHORTXHUHVXOWDGHODLPSODQWDFLRQGHODVPXOWLQDFLRQDOHV \GHVX
UHODFLRQWDQWRFRQORVSDLVHVGHRULJHQFRPRGHGHVWLQRD\XGDQGRDFUHDUODVGHXGDVH[WHUQDVTXH
GLILFXOWDQHOPRYHUILFKDIXHUDGHOUHFRUULGRLQVWDODGRSUHYLDPHQWHSRUORTXHPDQHMDUHDOPHQWHVX
>@
HFRQRPLD
/DSROLWLFDGHLQPLJUDFLRQH[LVWHQWHHQODDFWXDOLGDGQRHVWDSHUPLWLHQGRDMXVWDUODHFRQRPLDPXQGLDO
GHOPRGRFRQTXHTXHUULDODKLSRWHVLVJOREDOL]DGRUD3HURDDTXHOODOHTXHGDSRFRWLHPSRPLHQWUDVGXUH
ORTXHFDGDSDLVKDGHFRQWULEXLUHQVXVOLPLWHV\H[SDQVLRQ\HQXOWLPDLQVWDQFLDSHUPLWLUDXQPD\RU
HTXLOLEULR
<WRGDYLDHVLQFLHUWRHOSDSHOILQDOGH&KLQD\OD,QGLDORVSDLVHVPDVSREODGRVGHODWLHUUDSHUR
FXDQGRVHFRQR]FDHOWHFKRGHHVWRVSDLVHV\ORDGPLWDQGHQWURGHOFRQJORPHUDGRGHQDFLRQHVORVGLH]
FXHUQRVDXQTXHOLGHUDGRVSRUORTXHPDUFDHOQXHYRRUGHQDPLHQWRPXQGLDOODSUHWHQVLRQGH
JOREDOL]DFLRQWHQGULDOX]YHUGH
(OWHUURULVPRGHOIXQGDPHQWDOLVPRLVODPLVWDDFDEDUDFXDQGRHOSUR\HFWRGHJOREDOL]DFLRQFUXFHHO
XPEUDOGHORVSDLVHVHQTXLVWDGRVGHO2ULHQWH0HGLR\VHHPSLHFHXQDSROLWLFDFRRUGLQDGRUDGHPHMRUD
>@
GHODVUHLYLQGLFDFLRQHV\VHGHPXHVWUHTXHHOWHUURULVPRQXQFDSRGULDFRQVHJXLUOR
3HURWRGDVHVWDVVROXFLRQHVTXHHQSULQFLSLRDSDUHQWDQVHUWHRULFDV\FRQWLPLGRVFXPSOLPLHQWRV\TXH
HVWDQVLHQGRSUHFHGLGDVSRUWRGRXQSURJUDPDGHJOREDOL]DFLRQQRUHVROYHUDQHOSUREOHPD
DXWHQWLFDPHQWHKXPDQRHOGHODPXHUWHHOGHODVPRGLILFDFLRQHVTXLPLFDVGHOFHUHEURHOVXIULPLHQWR\
ODHQIHUPHGDGFDPSHDQSRUVXVIXHURV3HUROD%HVWLDGHGRVFXHUQRVVHJXLUDKDEODQGRPHGLDQWH
FRPSOLFDGDVFXHQWDVQXPHULFDV\FRPXQLFDUDVXSURPHVDGHTXHGHODPLVPDIRUPDTXHH[LVWHQ
GLIHUHQFLDVHQWUHORVKDELWDQWHVGHORVUHVSHFWLYRVSDLVHVGHVDUUROODGRVSHURWHQLHQGRFDGDXQROD
OLEHUWDGGHLQFRUSRUDUVHDXQDSRVLFLRQPHMRUDEOHGHHVHPLVPRPRGRORVGLIHUHQWHVSDLVHVFRQVXV
SURSLDVSREODFLRQHVWDPELHQSRGUDQ/DVQDFLRQHVHVWDUDQWRGDVWDQFRPSURPHWLGDVFRQODWHODGHDUDQD
TXHODSURSLDHFRQRPLDPXQGLDOKDHQWUHWHMLGRTXHFRPSUREDUDQFRPRPHMRUGHFLVLRQODGHXQLUVHDOD
SURSXHVWDTXHGXUDQWHDQRVOOHYDSURSXJQDQGRVHGHQWURGHXQSURFHVRHYROXWLYRGHQXHYRRUGHQDPLHQWR
PXQGLDO&DGDSDLVDOWHQHUTXHKDFHUIUHQWHDODVH[LJHQFLDVUHDOHVGHVXVKDELWDQWHVREVHUYDUDFRPR
XQLFRUHFXUVRYLDEOHODSURSXHVWDHFRQRPLFDTXHHOYHKLFXORGHORVGHUHFKRVKXPDQRVHQFLHUWD
LGHRORJLDGHPRFUDWLFDWUDQVSRUWD1XQFDDQWHVODVXSHUYLYHQFLDKDHVWDGROLJDGDDODVSURSXHVWDVGH
JOREDOL]DFLRQTXHODVLQVWLWXFLRQHVVXSUDQDFLRQDOHVSURSRQHQ3HURQXQFDDQWHVHOVLVWHPDTXHLPSHUD
HQHOPXQGRKDWHQLGRWDQWRH[LWRHQVRPHWHUDODSREODFLRQ(VHHVWDWXVGHELHQHVWDU\ODOLEHUWDGVRQ
XVDGRVFRPRPRQHGDGHFDPELRHQXQSURJUDPDSROLWLFRHFRQRPLFRTXHSURYRFDHQDPSOLRVVHFWRUHV
GHOPXQGRUHSHUFXWLHQGRHQHOUHVWRXQDJUDQLQVHJXULGDGDQJXVWLD\WHUURUORJUDQGRHOVHQWLPLHQWRGH
HVWDUGHVERUGDGR\GHHVHPRGRUHFODPDUDOVLVWHPDSURWHFFLRQ<HQWRQFHVHOVLVWHPDQRVUHVSRQGH
TXHHOXQLFRPRGRGHSURWHJHUQXHVWUDOLEHUWDG\VHJXULGDGILQDQFLHUDHVPHGLDQWHXQSURJUDPDSROLWLFR
HFRQRPLFRJOREDOTXHVHQRVYDDVXJHULU7RGRHVWDFD\HQGRDPHUFHGGHHVHSODQTXHSUHWHQGH
JOREDOL]DUWRGRKDVWDODGLUHFFLRQDOLGDGGHQXHVWUDPDQHUDGHSHQVDUPHGLDQWHODWHOHYLVLRQHO
SURFHGLPLHQWRHGXFDWLYR\XQDLGHRORJLDHVWDWDORPQLSUHVHQWHTXHQRVGRPDGLFLHQGRQRVTXHHVSUHFLVR
HOLPLQDUGHQXHVWUDPDQHUDGHVHUODSRODULGDGODGLVWLQFLRQFRQODPD\RULD/DVFDWHJRULDVPRUDOHVGHOR
EXHQRRORPDORGHEHQVHULQWHUSUHWDGDVHQUHIHUHQFLDDODSURSXHVWDHVWDWDOGHORTXHHVXWLOSDUDHO
VLVWHPDTXHVHJXQHVWHSHQVDUHQXOWLPDLQVWDQFLDORVHULDWDPELHQSDUDHOLQGLYLGXR
$GRUDFLRQ\FXUDFLRQGHODKHULGD
/DFXUDFLRQGHODKHULGDHVUHFRQRFHU\GHYROYHUDODSULPHUD%HVWLDODDXWRULGDG\HOSURWDJRQLVPR
TXHGLFHSRVHHU/D&DEH]DTXHUHFLELRODKHULGD\TXHDFWXRGXUDQWHPHVHVSURIHWLFRV$SKD
DEVRUELGRSOHQDPHQWHODLGHRORJLDGHO'UDJRQHORULJLQDGRU\DUWLILFHGHOD%HVWLD$SFI$S
FITXHFRPXQLFDDORVYDVRVFRPXQLFDQWHVGHODV&DEH]DVVXLGHRORJLDHQJDQRVD6HQRV
GDQORVGHWDOOHVVXILFLHQWHVSDUDLGHQWLILFDUDHVWD&DEH]DFRQHO&XHUQRSHTXHQRGH'DQLHO\FRQHOGH
'DQLHOHQVXVHJXQGDUHDOLGDGKLVWRULFD$SSSFI'QFI'Q
\GHDFXHUGRDODSURSXHVWDKLVWRULFRWH[WXDOHVH&XHUQRSHTXHQRVXUJHHQODHSRFD
URPDQDMXQWRFRQORVFXHUQRV\VXSHULRGRSURIHWLFRGHGRPLQLRPHVHVRDQRVSURIHWLFRVVH
FRPSXWDGHVGHGHVSXHVGHODFDLGDGH5RPDGHVSXHVGHODQRGHQXHVWUDHUDDSDUWLUGHODGLYLVLRQ
TXHVHH[SHULPHQWDHQHO&XDUWRUHLQR\GHOTXLWDPLHQWRGHOREVWDFXORGHFXHUQRVHQWUHSULQFLSLRV\
DQWHVGHPHGLDGRVGHOVLJOR9,G-FXDQGRORVSRGHUHVSROLWLFRLGHRORJLFRV\PLOLWDUHVTXHREVWDFXOL]DQ
HOFUHFLPLHQWRGHOFXHUQRVHDQXODQ(VWRQRVOOHYDULDDILQDOHVGHOVLJOR;9,,,UHFLHQWHUPLQDGDVOD
5HYROXFLRQQRUWHDPHULFDQD\IUDQFHVDFXDQGRGDGDVODVSUHPLVDVGHQXHYRRUGHQPXQGLDOHQWUHRWUDV
FRVDVVHHOLPLQDHOHVWDWXVSROLWLFRLQYHQWDGRSRUHVH&XHUQRSHTXHQR\&DEH]DDQWHVGHUHFLELUOD
KHULGD<TXHVHKDELDHYLGHQFLDGRHQODKLVWRULDFRQODFUHDFLRQGHXQUHJLPHQSROLWLFRTXHWLHQHHQ
FXHQWDODSURSXHVWDTXHGHVGH%DELORQLDSDVDQGRSRU0HGR3HUVLD\*UHFLDVHUHFRJHPDWL]DGRHQHO
LGHDULRLPSHULDOURPDQR\TXH&RQVWDQWLQRFRPRUHSUHVHQWDQWHGH'LRVHQODWLHUUDFRQTXHVH
UHJDODEDVXSRWUDVODGDUDVX,JOHVLD,PSHULDOPHGLDQWHODVXSHUYLYHQFLDGHODVLJQLILFDFLRQH
LPSOLFDFLRQGHODIRUPXOD3RQWLIH[0D[LPXV&X\DSRVHVLRQGHGLFKRWLWXORWUDVPLWHHOWHQHUOD
$XWRULGDGVXSUHPDWDQWRHOSRGHUWHPSRUDOFRPRHVSLULWXDO(VGHFLUODXQLRQGHODSROLWLFD\OD
UHOLJLRQ$XQDU\PH]FODUWRGDLGHRORJLDHQODXQLFDDXWRULGDGVHJXQHORWRUJDGDSRU'LRV<TXHD
SDUWLUGHOD,JOHVLD&RQVWDQWLQLDQDDSDUHFHUDFRPRSUR\HFWRKLVWRULFRFRQORTXHVHGHQRPLQDXQLRQGH
,JOHVLD\(VWDGR3RGHUWHPSRUDO\HVSLULWXDOXQLGRVEDMRODXQLFDDXWRULGDGVXSUHPDTXHRVWHQWDHOVXPR
SRQWLILFDGR3RQWLIH[0D[LPXVUHIHUHQFLDSHUPDQHQWHHQODKLVWRULDSDUDUHFRQRFHUGLFKDDXWRULGDG
+DELDFRQVHJXLGRLQFXOFDUODLGHDGHTXHWRGDSRWHVWDGGHOFLHOR\GHODWLHUUDVHOHKDELDFRQIHULGR
FI0WVHJXQGLFKRSRGHUFRPRUHSUHVHQWDQWHGHO&ULVWRHQODWLHUUD+DELHQGRSUHVHQWDGRDQWH
ORVJREHUQDQWHVGHHVWHPXQGRDXQ3ULQFLSH0HVLDVGHVYDORUL]DGRFI'QWUDVODGD
DVLVX$XWRULGDGGHO6DFHUGRFLRHWHUQRGH6XPR6DFHUGRWHFI+EXQLFDHLQWUDQVIHULEOH
DXQDDXWRULGDGVXSUHPDDODPDQHUDGHORVLPSHULRVXQLYHUVDOHV\FRPRKHUHGHUDGH5RPDLPSHULDO
DIDVHGHOD&XDUWD%HVWLDGDQLHOLFD^'Q`FRQILJXUDQGRVHODIRUPXOD
DERPLQDEOH3RQWLIH[0D[LPXV6XPR3RQWLILFHGRQGHHOSRGHUWHPSRUDO\HVSLULWXDOVHIXQGHQHQHVD
DXWRULGDGVXSUHPD(OPDWL]DGLFLRQDOTXHVHYLHUWHHQODKLVWRULDPHGLDQWHHVD&DEH]DGHODEHVWLDTXH
OOHJDDUHFLELUODKHULGDPRUWDO\TXHODDSRFDOLSWLFDGH'DQLHOODLGHQWLILFDPHGLDQWHHOVLPERORGHXQ
&XHUQRSHTXHQR'QFIHVHOGHGHOHJDUHOSRGHU
WHPSRUDOHQXQDPRQDUTXLDGHFUHDFLRQSURSLDTXHODFRQYLHUWHGHGHUHFKRGLYLQRFX\DUHIHUHQFLD
VLHPSUHHVHO3RQWLIH[0D[LPXVGRQGHUHVLGHHORULJHQGHWRGDDXWRULGDG\TXHUHSUHVHQWDDOD
DXWRULGDGVXSUHPDTXHGLFHKDEHUUHFLELGRGH'LRVDILQGHLQVWDXUDUHOUHLQRGH'LRVHQODWLHUUDFXDQGR
GLFKDDXWRULGDG\ORVFRQWHQLGRVGHVXPLVLRQVHKD\DQSURSDJDGRHQWRGRHOPXQGR4XHSDUDGRMD/D
5HYROXFLRQQRUWHDPHULFDQD\IUDQFHVDGDQGRDOWUDVWHGHILQLWLYDPHQWHFRQHVH$QWLJXR5HJLPHQFUHDGR
SRUHVHVLVWHPDUHFLELHQGRGHHVHPRGROD&DEH]DTXHORFUHR\VXVSUHWHQVLRQHVXQLYHUVDOLVWDVGHXQ
UHLQRGH'LRVHQODWLHUUDXQDKHULGDPRUWDO/DUHIRUPDSURWHVWDQWHKDELDSUHSDUDGRHOWHUUHQR
SDUDGRMLFRWDPELHQSDUDHVDKHULGDTXHUHFLELUDDILQDOHVGHOVLJOR;9,,,
 <GHFLPRVSDUDGRMDSRUTXHVHSURIHWL]DTXHODKHULGDVHUDFXUDGD\TXHOD%HVWLDGHGRVFXHUQRV
FRQVXSRGHUSROLWLFRHFRQRPLFRSURSXJQDUDDWRGDVODVQDFLRQHVDTXHOHKDJDQLPDJHQDOD%HVWLD
TXHWLHQHODKHULGDGHHVSDGD\YLYLR$SXS\OHDGRUHQ<HVWRVHKDUDEDMRHOFRQGXFWRGHOD
LGHRORJLDSROLWLFRUHOLJLRVDTXHLPSHUDHQHODUHDGHOD%HVWLDGHGRVFXHUQRVFRQYLUWLHQGRVHHVD
%HVWLDGHGRVFXHUQRVHQXQ)DOVR3URIHWDFXDQGRORUHSUHVHQWDWLYRTXHOLGHUDHVHPRYLPLHQWRSROLWLFR
>@
UHOLJLRVRKD\DVLGRWUDVFHQGLGRSRUHO'UDJRQ$SFI$SFI
/DKHULGDFRQVLVWLRSULQFLSDOPHQWHHQHOUHFKD]RGHOUHJLPHQLPSXHVWRSRUOD&DEH]DR&XHUQR
SHTXHQRTXHOOHYDDFDERHVDXQLRQFRQVXSUR\HFWRGXUDQWHPHVHVSURIHWLFRV/DFXUDFLRQHVOD
GHYROXFLRQGHHVDDXWRULGDGVXSUHPDSDUDTXHD\XGHHQHOSUR\HFWRGHJOREDOL]DFLRQRGHXQLGDG
PXQGLDOHQHOTXHHVWDHQYXHOWDOD%HVWLDGHGRVFXHUQRVRSULPHUDSRWHQFLDPXQGLDOGHOPRPHQWR
KLVWRULFRILQDO/DFRQVLGHUDFLRQGHORTXHGLFHVHUHVD&DEH]DHQFXDQWRDVXRULJHQ\PLVLRQXQLYHUVDO
LQWHUHVDDORVSODQHVJOREDOL]DGRUHVGHOD%HVWLDGHGRVFXHUQRVRSULPHUDSRWHQFLDPXQGLDOGHHVH
PRPHQWRKLVWRULFRILQDO/DFXUDFLRQKDOOHJDGRDVXFHQLWFRQODHOLPLQDFLRQGHODVHSDUDFLRQGH,JOHVLD
\(VWDGR\ODSURPXOJDFLRQGHODYXHOWDDODXQLRQGH,JOHVLD\(VWDGRGHSROLWLFD\UHOLJLRQGHOSRGHU
WHPSRUDO\HVSLULWXDOXQLGRVHQXQSUR\HFWRGHPRUDOL]DUODYLGDVHFXODUVLQSUHFHGHQWHVGHFRQILJXUDU
FRQHOXVRFDUQDOGHOD/H\GH'LRV\GHOUHLQRGH'LRVTXHGLFHHQFDUQDUHQVX$XWRULGDGHLGHRORJLD
PDJLVWHULDOXQDHVSHFLHGHWHRFUDFLDWDQWRTXHFDXVDDVRPEUR\TXHFRQODSURPRFLRQGHOD%HVWLDGH
GRVFXHUQRV\ODVVHQDOHVFRQTXHVHOHDVLVWH$SWRGDODWLHUUDHQJDQDGDSRUHOSUR\HFWR\
YHKLFXORLGHRORJLFRVLQLJXDOVHSRQHDVXDFHSWDFLRQLQFRQGLFLRQDODOFXOWRDOD$XWRULGDGPRUDO\
HVSLULWXDOPDJLVWHULDOSULPDULDHLQIDOLEOH\TXHVHJXQVHGLFHXQDYH]PDVUHSUHVHQWDD'LRVHQOD
WLHUUD/DFXUDFLRQGHODKHULGDVHHVWDSHUSHWUDQGRGHVSXHVGHWRGRXQSURFHVRGHWUDWDPLHQWR
WHUDSHXWLFR'HVGHOD5HYROXFLRQQRUWHDPHULFDQD\IUDQFHVDKDGHMDGRFODURVORVSXQWRVSURSLRVSRUORV
TXHQRWUDQVLJLUDKDVDELGRDGDSWDUVHDODFRQYLYHQFLDFRQHOSOXUDOLVPRSROLWLFR\WHRORJLFRVHKD
DPROGDGRDODGHPRFUDFLD\GHUHFKRVKXPDQRVSRUFXDQWROHGHMDQPXFKRPDUJHQSDUDPDQLREUDUGHQWUR
>@
GHVXSURSLDFRQFHSFLRQGHGHPRFUDFLD\GHGHUHFKRVKXPDQRV /RVTXHHVSHUDQFRPRUHVXOWDGR
GHHVDFXUDFLRQGHODKHULGDXQD%HVWLDRJURVHFRQIXQGLUDQ6HUDXQDFRPELQDFLRQGH%HOOD\GH%HVWLD
LUUHVLVWLEOH<TXHXQLFDPHQWHXQDQDOLVLVDFHUWDGRGHODKLVWRULDDFWXDO\GHOWH[WRELEOLFRVDEUD
LGHQWLILFDU\PDWL]DUFRQYHQLHQWHPHQWHHVHUHVXUJLU
6HQDOHVHQJDQR\FUHDFLRQGHODLPDJHQGHOD3ULPHUD%HVWLDTXHHQFDUQDOD&DEH]D
KHULGD\FXUDGD$S
6HSUHFLVDSXHVXQDHWLFD\XQDDXWRULGDGPRUDO\HVSLULWXDODILQGHSRGHUHQFDX]DUDXQPXQGRFRQ
HVDVGLIHUHQFLDVFXOWXUDOHV\UHOLJLRVDVWDQSDOSDEOHV\FRQXQDVQHFHVLGDGHVHVSLULWXDOHV\PDWHULDOHV
WDQWRLQGLYLGXDOFRPRFROHFWLYDPHQWH7RGRORFXDOUHFODPDGHVGHXQSXQWRGHYLVWDKXPDQRVROXFLRQHV
>@
LUUHQXQFLDEOHV
/D%HVWLDGHGRVFXHUQRVWRPDQGRFRPRLQVWUXPHQWRDODSULPHUD%HVWLDHQFDUQDGDHQODFDEH]D
FXUDGDGHODKHULGDPRUWDOTXHKDELDUHFLELGRDOILQDOGHXQSHULRGRDQWHULRU$SFI
SSFRQVLJXHPHGLDQWHVHQDOHV$SHQJDQDUDORVPRUDGRUHVGHODWLHUUD$SFI
SDUDTXHDFHSWHQHOPRGHORSROLWLFRUHOLJLRVRGHXQLRQHQWUHORTXHSXGLHUDVLJQLILFDUHLPSOLFDUOD
&DEH]DGHODSULPHUD%HVWLDKHULGDSHURFXUDGDSRUOD%HVWLDGHGRVFXHUQRV$OWRPDUHVRFRPR
PRGHORRLPDJHQHOUHVWRGHODVQDFLRQHVGHOJORERHVWDUDDGRUDQGRDHVDLPDJHQGHOD%HVWLD$S
>@

(VHPRGHORGHOD%HVWLDHQFDUQDGDHQOD&DEH]DTXHKDELDH[LVWLGRGXUDQWHHOSHULRGRGHORVPHVHV
SURIHWLFRV$SSSFI'QXSVSXSXSVHKDELDFDUDFWHUL]DGRSRUSUHWHQGHU
SRVHHUXQHVWDWXVGHDXWRULGDGSROLWLFRUHOLJLRVD
/DLGHQWLGDGGHHVD%HVWLDGHGRVFXHUQRVFRPR\DGLMLPRVVHQRVSURSRQHSRUXQDPLVLRQKDFLDHO
ILQGHODKLVWRULDFI$SFIVVVV\TXHHVRTXHVH
SURIHWL]DXQLFDPHQWHSXHGHKDFHUORTXLHQSXHGDVHUODSULPHUDSRWHQFLDPXQGLDOTXHPDQWHQJDVX
KHJHPRQLDDILQGHFXPSOLUFRQODPLVLRQTXHSUHWHQGHKDEHUUHFLELGRSRUODSURYLGHQFLDODGHFUHDU
>@
XQSODQJOREDOSROLWLFRHFRQRPLFR
(VGHFLUODTXHORVHDHVRTXHDFWXDFRPRSULPHUD\XQLFDSRWHQFLDPXQGLDOSURPXHYH\SURPRFLRQD
DODSULPHUD%HVWLDTXHUHVXOWDHQODUHKDELOLWDFLRQGHOD&DEH]DKHULGDFI\ORSUR\HFWDHQ
SULQFLSLRHQWRGRVXHVSDFLRSRGHURVR\GHPRGRQDWXUDOUHSHUFXWHHQWRGDODWLHUUD(VDFRQFHSFLRQ
SROLWLFRUHOLJLRVDTXHKDELDGRPLQDGRGXUDQWHPHVHVSURIHWLFRVVHWRPDDKRUDFRPRPRGHORRLPDJHQ
GHXQDUHFRQVWUXFFLRQLGHRORJLFDPDWL]DGDSHURFRQODVXVWDQFLDDQWHULRU
(VXQDSDUDGRMDTXHVHDORTXHHVWDKDFLHQGRGHSULPHUDSRWHQFLDPXQGLDOR%HVWLDGHGRVFXHUQRVOD
TXHFXOPLQDODFXUDFLRQGHODKHULGDDILQGHTXHVHDIDYRUHFLGRHOSURJUDPDTXHOOHYDEDFRQVLJRGXUDQWH
HOWLHPSRDQWHULRUDUHFLELUODKHULGDPRUWDO
$KRUD\VLJXHODSDUDGRMDHQHODUHDHQODTXHVHGHVHQYXHOYHOD%HVWLDGHGRVFXHUQRVDODTXHVHOH
>@
OODPDWDPELHQ)DOVRSURIHWDFI$SPHGLDQWHXQDWHRORJLDGHGRPLQLR \GHFRDOLFLRQ
>@
FULVWLDQDHQFRQWUDGHODVHSDUDFLRQGH,JOHVLD\(VWDGR VHHVWDSUHWHQGLHQGRWUDHUHOUHLQRGH
'LRVHQODWLHUUDSDUDTXHGRPLQHHQHOPXQGRHQWHURSXGLHQGRHQWURQFDUHQODSUHSDUDFLRQGHHVD
VLPELRVLVGHOD%HVWLDGHGRVFXHUQRV\GHODSULPHUD%HVWLD<DXQFXDQGRH[SHULPHQWDUDQHVDV
WHRORJLDVSRSXODUHVFDPELRVLUUHYHUVLEOHVREOLJDGRVSRUORVSDFWRVFRQOD1XHYD(UD\FRQRWUDV
LQIOXHQFLDVHVSLULWXDOHVDJQRVWLFDV\GHODVOODPDGDVUHOLJLRQHVPXQGLDOHVFRPRHO,VODPHO+LQGXLVPR
HWFODFXUDFLRQGHODKHULGD\ODSURSXHVWDGHWRPDUODFRPRPRGHORRLPDJHQHVWDVLHQGRXQDUHDOLGDG
HQODSURSRUFLRQHQTXHVHHVWHSUHSDUDQGRHOWHUUHQRHQHODUHDGHODTXHKR\VHLGHQWLILFDFRPROD
>@
SULPHUDSRWHQFLDPXQGLDO
1RFDEHGXGDTXHVHWUDWDGHXQUHLQRGH'LRVTXHQRFRUUHVSRQGHQLDODXWHQWLFR*RELHUQRGH'LRVQL
DO'LRVTXHVHUHYHOD/DLGHRORJLDUHOLJLRVDVDFDGDGHOHYDQJHOLR\WUDVODGDGDDODSROLWLFDHVVXFXPELU
DQWHODWHQWDFLRQVDWDQLFDFI0W<RSXHGRYLYLHQGRHOHYDQJHOLRSUR\HFWDUXQDH[LVWHQFLD
SROLWLFDSHUVRQDOFRUUHFWDFXDQGRODSROLWLFDUHVXOWDQWHGHPLYLYHQFLDGHQXHYRQDFLPLHQWRFI-Q
ODILMRFRPRXQVHUYLFLRDODFRPXQLGDGVLQODSUHWHQVLRQGHTXHHVDFRPXQLGDGFDUQDO
DFHSWHFROHFWLYDPHQWHODVSUHPLVDVTXHXQLFDPHQWHXQQDFLGRGHDUULEDSXHGHUHFRQRFHU\YLYLU\TXHVH
DOFDQ]DGHPRGRSHUVRQDO\OLEUHSRUHOQRUHFKD]RGHODLQLFLDWLYD\SURVHFXFLRQGHODDFFLRQGHO
(VSLULWX6DQWRFI/FFI-Q<HVWRQRORSXHGHVREOLJDUQLLPSRQHUPHGLDQWHHO
LQVWUXPHQWRHVWDWDO/DVLWXDFLRQFDUQDOFRQGLFLRQQDWXUDOGHFDGDVHUKXPDQRFI5PQRSXHGH
FXPSOLUOD/H\GH'LRVFI5P1LQDGLHSXHGHWUDQVIRUPDUDXQFDUQDOHQHVSLULWXDOXQLFDPHQWHHO
(VSLULWX6DQWRVLODSHUVRQDTXLHUHUHDOPHQWH\QRUHFKD]DODLQLFLDWLYDGLYLQD5PFI-Q
5P$XQDFRPXQLGDGSROLWLFDTXHVHOHSUHVHQWHFRPRLGHDOFLHUWRVSULQFLSLRVGHO
5HLQRGH'LRVQRSXHGHDFHSWDUORVGHIRUPDQDWXUDO6LVHSUHWHQGHSUR\HFWDUORV\QRSHUPLWHTXHHO
(VSLULWX6DQWROHFRQYHQ]DSXHVWRTXHSHUWHQHFHQH[FOXVLYDPHQWHDODYLGDHVSLULWXDOXQLFDPHQWHOR
FRQVHJXLUDPHGLDQWHODLPSRVLFLRQORFXDOVHULDFRQWUDULRDORVIUXWRVGHO(VSLULWX6DQWRTXHGHEHQ
UHVXOWDUGHQXHVWURQDFHUGHDUULED*DOFID&RU
/DUHDOLGDGSOHQDHKLVWRULFDGHO5HLQRGH'LRVQRHVQLSROLWLFDQLGHHVWHPXQGRDXQFXDQGRVH
SUHWHQGDUHDOL]DUFRQWHUPLQRORJLDELEOLFDDGDSWDGDDFRQFHSFLRQHVKXPDQDV3HURHVDPDQHUD
GLVWRUVLRQDGDGHSUHVHQWDUHO5HLQRGH'LRVVHUYLUDFRQODVPDWL]DFLRQHVQHFHVDULDVSRUHOPRPHQWR
SDUDHOSDFWRHQWUHORVDXWHQWLFRVHMHVGHOPDOFI$SFRQYHUWLUHQXQYHKLFXORXQLYHUVDO
LGHRORJLFRDFHSWDEOHSDUDWRGDVODVQDFLRQHVODGHOOHJDOLVPRGHOD/H\GH'LRVGHVSRMDGRGHOD
JHQXLQDFRQYHUVLRQ6HWUDWDUDGHODDFHSWDFLRQGHXQFRGLJRGH/H\TXHVHSUHWHQGHVHUGH'LRV\TXH
VLUYHSDUDSURFODPDUTXHODWLHUUDKDDFHSWDGRHO5HLQRGH'LRVPHGLDQWHODDFHSWDFLRQGHXQDQXHYD
FRQVWLWXFLRQXQLYHUVDODPSDUDGD\RULHQWDGDSRUHOHVSDFLRRULJLQDOGHOD%HVWLDGHGRVFXHUQRVR
)DOVR3URIHWDRSULPHUDSRWHQFLDPXQGLDOHQFRQQLYHQFLDFRQODSULPHUD%HVWLDHQFDUQDGDSRUOD
>@
&DEH]DTXHUHFLELRODKHULGDSHURTXHVHFXUR
(VWDSULPHUD%HVWLDHQFDUQDGDHQOD&DEH]DKHULGDFXUDGDVHHQFDUJDUDGHSUHVHQWDUDOPXQGRXQD
LGHRORJLDSROLWLFRUHOLJLRVDXQLYHUVDOTXHGHQWURGHXQPDUJHQGHSOXUDOLGDGVHGHVWDSDUDXQUHLQR\
OH\GH'LRVUHLQWHUSUHWDGRVDVHTXLEOHSDUDWRGDVODVFXOWXUDVUHOLJLRVDV\SRVWXUDVHWLFRPRUDOHVTXH
KDGHVHUYLUGHPHGLRSDUDKDFHUUHDOLGDGODSXHVWDHQFRPXQGHXQDSROLWLFDGHPRFUDWLFRHFRQRPLFD
JOREDO
(OSRGHUGHOD%HVWLDGHGRVFXHUQRVRSULPHUDSRWHQFLDPXQGLDOSRQGUDWRGRVXSUHVWLJLRH
LQIOXHQFLDDOVHUYLFLRGHODSULPHUD%HVWLDDILQGHTXHODSROLWLFD\HFRQRPLDVHHQWUHPH]FOHQFRQOD
FRUULHQWHGHSHQVDPLHQWRGHWHUPLQDGDSRUODSULPHUD%HVWLDDILQGHFRQVHJXLUXQDSOHQDDTXLHVFHQFLD
GHDFXHUGRDODYROXQWDGGHODSULPHUDSRWHQFLDPXQGLDOR%HVWLDGHGRVFXHUQRVR)DOVR3URIHWD\
GHHVHPRGRODVQDFLRQHVFRQVXVSDUODPHQWRVGHPRFUDWLFRVFRQVHJXLGRVSUHYLDPHQWHVHDGDSWHQDOD
LGHRORJLDSROLWLFRUHOLJLRVDTXHSHUSHWXDODH[LVWHQFLDHQODWLHUUDFRQXQUHLQR\OH\TXHQRHVSOHQDPHQWH
\DXWHQWLFDPHQWHHO5HLQR\OD/H\UHDOGH'LRV0WFI6WJ\TXHPDQWLHQHOD
YROXQWDGGHSHUSHWXDUORVFRURODULRVGHODPXHUWH\HOVXIULPLHQWR/D/H\GH'LRVGHVSURYLVWDGHOD
REUDGHO(VSLULWX6DQWREDVDGDHQODYLGDSDFLILFDGRUD\SULQFLSLRVGHOUHLQRGH'LRVHQVHQDGRVSRUHO
0HVLDV-HVXVHQHO6HUPRQGHO0RQWHQROLEHUDQLUHFRQFLOLDQLFXUDDQDGLHFID&RUVH
DOFDQ]DUDVLPSOHPHQWHXQFRGLJRGHFRPSRUWDPLHQWR\GHDVHQWLPLHQWRSDUDXQSUROHWDULDGRPD\RULWDULR
IXQGDPHQWDOLVWD
"4XHVHQDOHV"
8QDYH]PDVORVYDORUHVUHOLJLRVRVVHYHQHQWUHPH]FODGRVHQHVWHTXHKDFHUGHOD%HVWLDGHGRV
FXHUQRV<DKHPRVDOXGLGRGHVXVHPHMDQ]DDXQFRUGHURDKRUDVHQRVSURSRQHXQDVHQDOFHOHVWLDO
GHVFHQVRGHIXHJRDODWLHUUDFI$S8QLQWHQWRGHLPLWDUDO'LRVTXHVHUHYHODFXDQGRKDFH
GHVFHQGHUHOIXHJRGHO(VSLULWX6DQWRFI+HFK6LWHQHPRVHQFXHQWD$SGRQGHVHQRV
LGHQWLILFDDRWUDVHQDOGHOFLHORFRPRODSUHVHQFLDGHO'UDJRQHQVXSUR\HFWRWHUUHVWUHTXHWHUPLQDFRQ
VHUDUURMDGRDODWLHUUDDSDUWLUGHODDVFHQVLRQGH&ULVWR$SFIFI/F-Q
DILUPDQGRVHQRVTXHHQJDQDDOPXQGRHQWHUR$S\ORFRPSDUDPRVFRQODVJUDQGHVVHQDOHV
GH$SSSTXHVHKDFHQDIDYRUGHOSURJUDPDGHOD%HVWLDGHGRVFXHUQRVHQWUHODVTXHVH
VHOHFFLRQDGHVFHQGHUIXHJRGHOFLHORWHQGUHPRVXQFXDGUREDVWDQWHFRPSOHWRGHODVJUDQGHVVHQDOHV
SURSLFLDGDVSRUHO'UDJRQTXHVHYDQDSUR\HFWDUHQHOPXQGRGHORVKRPEUHVDILQGHVHUHQJDQDGRV
>@
$SSS
/DFXUDFLRQGHODKHULGDHVXQDVHQDOGHOSRGHUGHO'UDJRQDFWXDQGRVREUHODSULPHUDSRWHQFLD
PXQGLDOR%HVWLDGHGRVFXHUQRV(O'UDJRQKDVDELGRFRPXQLFDUDOD%HVWLDTXHOHUHSUHVHQWDHQOD
WLHUUDWRGRVXDUWHDILQGHUHVXOWDUDWUDFWLYD
(QHODUHDGHODSULPHUDSRWHQFLDPXQGLDOVHHVWDTXHULHQGRWUDVODGDUOD/H\GH'LRVDOGRPLQLRFLYLO
\HVWDWDOFRQODSUHWHQVLRQGHDOFDQ]DUXQDHVSHFLHGHWHRFUDFLD\GHHVWHPRGRSUHWHQGHUD\XGDUD'LRV
DLPSRQHUVXUHLQRGHDVXQWRVTXHFXPSOHQSRUXQODGRODH[LJHQFLDGHOWH[WRDSRFDOLSWLFRFXDQGRVH
SLGHKDFHUXQDLPDJHQGHODSULPHUD%HVWLDFXDQGRDFWXRDQWHVGHUHFLELUODKHULGD\SRURWUDSDUWHSRU
ORTXHODLGHRORJLDSROLWLFRUHOLJLRVDTXHVHSURPXHYHHQORTXHVHOODPDKR\SULPHUDSRWHQFLDPXQGLDO
/DWHRORJLDGHGRPLQLR\ODOODPDGDFRDOLFLRQFULVWLDQDVRQXQDHYLGHQFLDGHORDQWHULRU(O
>@
PRYLPLHQWRFDULVPDWLFRHQVXYHUVLRQSHQWHFRVWDO\QHRSHQWHFRVWDOFXPSOHQ$S
/DVVHQDOHVSSSSSRURWUDSDUWHFRQVLVWHQFRQODLQVSLUDFLRQGHO'UDJRQHQFRQYHQFHU
FRQODLGHRORJLDUHFXHUGHVHTXHKDEODFRPRHO'UDJRQ^FI`GHVXPLVLRQHVWDWDO\FRQWHQLGR\
SDUDHOORHVSUHFLVRTXHDGRUHQDODSULPDUD%HVWLDHQFDUQDGDHQXQD&DEH]DTXH\DKDELDH[LVWLGR
KDELDUHFLELGRXQDKHULGDPRUWDOSHURTXHDKRUDVHFXUDFI/HDGRUHQHVGHFLUVHVXSHGLWHQOH
KDJDQFDVRLQFRQGLFLRQDOPHQWHHQHOHMHUFLFLRGHODPLVLRQTXHGLFHWHQHUXQDODERUDJOXWLQDGRUDGH
ODVGLIHUHQWHVFRUULHQWHVGHSHQVDPLHQWRDILQGHFRQVHJXLUHVHRUGHQDPLHQWRXQLILFDGRUPXQGLDO(V
SUHFLVRGHVYDORUL]DUODVSRVLEOHVGLIHUHQFLDVHQEHQHILFLRGHODJOREDOLGDG\GHOHFXPHQLVPR6REUH
WRGRFXDQGRODHFRQRPLD\SROLWLFDFRQVLGHUDGDVJOREDOPHQWHSXHGHQEHQHILFLDUWDQWRDXQRVFRPRD
RWURV3HURGHEHDOFDQ]DUVHPHGLDQWHXQSUR\HFWR\FRQVHQVRFRQYLVRVGHGHPRFUDFLDDOPHQRVOD
SDODEUDIRUPDSDUWHWDQWRGHODPLVLRQFRPRGHFLHUWRVFRQWHQLGRV6HQHFHVLWDORVFRQFHSWRV\WHUPLQRV
FRPROLEHUWDGGHFRQFLHQFLDUHOLJLRVDGHUHFKRVKXPDQRV3XHVWRTXHVLQHVWRVYHKLFXORVVHULD
LPSRVLEOHTXHWRGRHOPXQGROOHJDUDDUHFRQRFHUHVDPLVLRQVHWLHQHTXHGDUODFLUFXQVWDQFLDGHTXHHQ
FDGDQDFLRQ\HQFDGDSDUODPHQWRHVFRJLGRSRUHOSXHEORSDUDGHVSXHVFDQDOL]DUDOSXHEORHVH
UHFRQRFLPLHQWRGHODSULPHUD%HVWLD\GHOD%HVWLDGHGRVFXHUQRV/RTXHHVWHRFXUULHQGRVLPXOWDQHD\
SRVWHULRUPHQWHUHVSHFWRDODUHDOLGDGGHHVDGHPRFUDFLD\GHORVGHUHFKRVKXPDQRVHVXQDVXQWRD
GHVFXEULUHQODKLVWRULD3HURQXQFDDQWHVHOPXQGRVHKDEUDHQFRQWUDGRPDVRUJXOORVR\HQIHUYRUHFLGRGH
VDEHUTXHVXGHPRFUDFLDKDFHSRVLEOHXQFRQVHQVRXQLYHUVDOGHXQLRQDXQFXDQGRSDUDODDSOLFDFLRQ
GHILQLWLYDGHHVDXQLRQVHWHQJDTXHGDUXQ$UPDJHGRQFI$STXH
GHVEDUDWDUDHQXOWLPDLQVWDQFLDORVSODQHVGHTXHUHUPDQWHQHUFRQILQDGRDO3XHEORGHO'LRVTXHVHUHYHOD
GHQWURGHHVDSRVLEOHSUHPLVDJOREDO\HFXPHQLFD
/DSURSLDSUHVHQWDFLRQGHXQLGDGPXQGLDOFRQHOSURSRVLWRGHFUHDUXQPXQGRPHMRU\SHUSHWXDUOR
LGHQWLILFDDORVTXHQRDFHSWHQHVHSURJUDPDFRPRVXEYHUVLYRV/DPDQHUDGHLGHQWLILFDUODVXEYHUVLRQ
QRVHKDUDPHGLDQWHPHWRGRVYLVLEOHPHQWHFRHUFLWLYRV(OSOXUDOLVPRH[LVWHQWH\HQYROYHQWHSHUPLWH
SHQVDUHQDOJXQRVSXQWRVWDQWRSROLWLFRVFRPRUHOLJLRVRVGHGLVWLQWRPRGRDODPD\RULDVLQTXHVHWHQJD
TXHGDUSHUVHFXFLRQRLQWROHUDQFLD1RFUHRTXHORV-XGLRVRUWRGR[RV\ORV0XVXOPDQHVFDPELHQSRU
HMHPSORVXGLDGHUHSRVRTXHWUDGLFLRQDOPHQWHVHOHVKDOHJDGRRTXHFLHUWDVIRUPDVOLWXUJLFDVRFLHUWRV
FRQWHQLGRVWHRORJLFRVTXHVHFRQVLGHUDUDQFXOWXUDOHVSRUODPD\RULDWHQJDQREOLJDWRULDPHQWHTXH
HOLPLQDUVHRFDPELDU(OSUREOHPDQRUDGLFDUDQHFHVDULDPHQWHHQHVRVLQRVLJXLHQGRHOHMHPSOR
DQWHULRUVLPLPDQHUDGHH[SHULPHQWDUHOUHSRVRHWHUQRGH'LRVHQFDGDVHPDQD\6KDEDWFHOHVWLDOGHO
+LMRGHO+RPEUH0FFI+EFI*QFI0WORTXHFRQVLGHURLQWUDQVIHULEOHH
LQGLVFXWLEOHPHOOHYDDVHQDODUHQFRQWUDSDUWLGDFRPRLQDGHFXDGRXQGRPLQJRHXFDULVWLFRGHGRPLQLR
SRUHMHPSOR6HSRGUDDODUGHDUGHODYDORUDFLRQFRPRDFHSWDEOH\IDFWLEOHGHHVH6KDEDWPLHQWUDVVH
UHVSHWH\DFHSWHFRPREXHQR\FRUUHFWRHOTXHQRVHVLJDHVH6KDEDW\VHUHFODPH\VHVLJDRWUD
RULHQWDFLRQGHWLHPSRVDJUDGRFRQVXVLPSOLFDFLRQHVWHRORJLFDV\SROLWLFDVGHGRPLQLR\GHDXWRULGDG
VXSUHPD
(QUHDOLGDGORTXHHQWUDHQOL]DHVXQFRQIOLFWRGHLQWHUHVHV/DLGHRORJLDGHOD%HVWLDVHSUHWHQGHUD
LPSRQHUFRQODPRWLYDFLRQGHKDEHUUHFLELGRGHSDUWHGH'LRVODPLVLRQGHXQLILFDUORVGLIHUHQWHV
FULWHULRVFRQHOYHKLFXORGHXQDLGHRORJLDHVWDWDOGRPLQDGRUD\XQLYHUVDOLVWDTXHSUHWHQGHUDDPSDUDU
>@
JOREDOPHQWHODVXSHUYLYHQFLD\HVWDWXV
/DFRPSUHQVLRQGHODVRPEURTXHDSDUHFHHQ$SRFDOLSVLVFRQODD\XGDGH$SRFDOLSVLV

 <DKRUDFRPSUXHEHQHOSDUDOHOLVPRUHYHODGRUHQHVWHFDSLWXOR\HQHO\FRPSUHQGDPRVFXDQGR
KDGHFRQWDELOL]DUVHHODVRPEUR
(ODVRPEURSRUODFXUDFLRQGHODKHULGD\ODDGRUDFLRQFRPRFRQVHFXHQFLDGHORTXHVXSRQHVX
FXUDFLRQWRGDYLDQRVHKDGDGRKLVWRULFDPHQWHDXQFXDQGR-XDQORYLYHRH[SHULPHQWDHQYLVLRQYLHQGR
FRPRVHDVRPEUDQ\DGRUDQORVTXHH[LVWHQHQHVRVLQVWDQWHV
5HFXHUGHQHODVRPEURGHWRGDODWLHUUDVHJXQ$SRFDOLSVLV\TXHSURGXFHXQDDGRUDFLRQXQLYHUVDO
$SXSHVFXDQGRVHSURGXFHODFXUDFLRQGHODKHULGDLQWURGXFLHQGRVHXQDLGHDDGLFLRQDO
ODDOXVLRQDTXHDGRUDURQORVTXHQRHVWDEDQHVFULWRVHQHOOLEURGHOFRUGHURTXHIXHLQPRODGRGHVGHHO
SULQFLSLRGHPXQGRFI$S
7UDVGHFLUQRV-XDQODLGHQWLGDGGHOD0XMHUHVFDUODWDTXHODYHFRPRWUDYHVWLGDGHO'UDJRQ$S
>@
 QRVDQDGHTXHODYLRHEULDGHODVDQJUHGHORVVDQWRV\GHORVPDUWLUHVGH-HVXVSS
(VHYHUJOREDOPHQWHDOD0XMHUHQFLPDGHOD%HVWLDFRPRDEVRUELGDGHODLGHRORJLDEDELORQLFD\TXHKD
>@
GDGROXJDUDXQYHKLFXORTXHWUDQVSRUWDORTXH'LRVFRQVLGHUDDERPLQDFLRQHV OHKDFHDVRPEUDUVH
PHDVRPEUH^HYTDXPDVTK>FRQJUDQGHDVRPEURTDXPDPHJD@`
5HFXHUGHVHTXHHODVRPEURSRUWRGDODWLHUUDHQ$SFIHVFXDQGROD&DEH]DTXHKDELD
VLGRKHULGDGHVSXHVGHVXDFWXDFLRQKLVWRULFDGXUDQWHPHVHVSURIHWLFRVVHFXUDSRUOD%HVWLDGHGRV
FXHUQRV
$KRUDFXDQGRKDWUDQVFXUULGRWRGRHOWLHPSRGHOD%HVWLDHO(5$HO12(6HOGH68%,5'(/
$%,602RHO6(5$$SSSFI$SXSTXHVHLGHQWLILFDFRPR\DGLMLPRVFRQ(5$12
(6\OD2&7$9$TXHHVGHHQWUHODVFI$SVHQRVGLFHTXHORVPRUDGRUHVGHODWLHUUD
DTXHOORVFX\RVQRPEUHVQRHVWDQHVFULWRVGHVGHODIXQGDFLRQGHOPXQGRHQHOOLEURGHODYLGD$S
VSVHDVRPEUDUDQTDXPDVTKVRQWDLYLHQGRDOD%HVWLDHQVXVXOWLPRVPRPHQWRVGHODKLVWRULDODTXH
KDELHQGRVLGR\QRVLHQGRGHVSXHVGHKDEHUVLGRHOWLHPSRHVSHFLDODOTXHHVHQYLDGRHQODYLVLRQHO
SURIHWDSHURTXH6(5$HQXQD2&7$9$TXHHVGHHQWUHODV6,(7(\HQWRQFHVORVKDELWDQWHVGHOD
WLHUUDVHDVRPEUDULDQ&XDQGROOHJXHOD2&7$9$TXHHVFXDQGR6(5$\TXHHVGHHQWUHODV6,(7(
WRGDODWLHUUDVHDVRPEUDUD\HVWRFRLQFLGHFRQHOPRPHQWRGHODFXUDFLRQGHOD&DEH]DTXHKDELDVLGR
KHULGDFI$SHQORVPLVPRVLQVWDQWHVKLVWRULFRVHQTXHOD%HVWLDGHGRVFXHUQRVKDFHTXHWRGD
ODWLHUUDDGRSWHODLGHRORJLDGHODSULPHUD%HVWLD$S
(VWDVLGHQWLGDGHVHQWUHORVWH[WRVGH$S\LGHQWLILFDQDOD2&7$9$FDEH]DTXHHVGHHQWUHODV
FRQODXQLFD&DEH]DTXHVHUHSLWHODTXHUHFLELRODKHULGDVLHQGR48,17$\DSDUHFHFXUDGDHQXQD
2&7$9$TXHVHOHFRQVLGHUDFRPRXQDGHODV6,(7((LGHQWLILFDDVXYH]ORVPRPHQWRVGHODVRPEUR
GH$SRFDOLSVLV\FXDQGROD&DEH]DKHULGDVHFXUDHQXQD2FWDYD\WRGDODWLHUUDORVTXHQRHVWDQ
HVFULWRVHQHOOLEURGHODYLGDODDGRUDQ$SFIVHVRPHWHQDVXLGHRORJLD
SURPRFLRQDGD\PDWL]DGDSRUOD%HVWLDGHGRVFXHUQRVR)DOVRSURIHWD^$SFIFI
>@
`<WRGRHVWRWLHQHTXHYHUFRQORVXOWLPRVPRPHQWRVGHODKLVWRULDGHHVWDWLHUUD
/RVFRQWHQLGRVGHO$VRPEUR
'HVSXHVGHKDEHUDFWXDGRUHVXOWDHVWDUHEULDGHODVDQJUHGHORVVDQWRV\GHODGHORVPDUWLUHVGH
-HVXVHQXQFLHUWRPRPHQWRFRPSUXHEDTXHQRSHUVLJXHFRPRQRWDSHUPDQHQWHHQFRQWUDVWHFRQOD
DFWLYLGDGQRUPDOGHOD%HVWLDHQRWURPRPHQWRYHTXHYXHOYHDODDFWLYLGDGDQWHULRUREVHUYDTXH
GHQWURGHODLGHRORJLDGHOD0XMHUTXHFRPXQLFDDOD%HVWLDH[LVWHQFRQFHSWRV\WHUPLQRVFULVWLDQRVTXH
VHXWLOL]DQPH]FODGRVFRQWRGDXQDVHULHGHHOHPHQWRVTXHQRSXHGHQVXVFULELUVHFRPRFULVWLDQRV9HD
OD0XMHU(VFDUODWDPRGLILFDQGRVXLGHRORJLDLQWHUFDODQGRORVSULQFLSLRVDIDYRUGHORVGHUHFKRV
KXPDQRVSHURDUUHJODQGRORVGHDFXHUGRDVXVSUHIHUHQFLDV\QHFHVLGDGHV(ODVRPEURPD\RUYH
DSDUHFHUXQDRFWDYDTXH\DODKDELDYLVWRDQWHVFRPRKHULGD\TXHVHOHKDELDGLFKRTXHVHFXUDULD\TXH
ODFXUDODEHVWLDGHGRVFXHUQRVLGHQWLILFDGDORJLFDPHQWHFRPRXQDGHODV<ODJUDQVRUSUHVD
FRQVLVWH\SRUHVRVHOHHVSHFLILFDHOYHUDOD0XMHU(VFDUODWDGHVWUXLGDSRUOD%HVWLDHQODVXOWLPDV
HVFHQDVGHODKLVWRULD\ORPDVVRUSUHQGHQWHODSURSLDRFWDYDTXHRFXSDHOOXJDUGHOVHUDHOYROYHUDVHU
GHOD%HVWLD\TXHHVODTXHKDELDUHFLELGRODKHULGDPRUWDOFRQWULEX\HDHVDGHVWUXFFLRQGHOD0XMHU
(VFDUODWD<HVWRFRQLQGHSHQGHQFLDGHTXHHOSXHEORGH'LRVVHHQFXHQWUHDFWLYR
LGHRORJLFDPHQWHFRODERUDQGRFRQVXSUHGLFDFLRQVLQILVXUDVHQODGHVWUXFFLRQGHODLGHRORJLDEDELORQLFD
$SODFRQILJXUDFLRQGHORTXHVXSRQHHLPSOLFDOD0XMHU(VFDUODWD
(QFRQFOXVLRQHODVRPEURVHSURGXFHHQODHSRFDGHODFXUDFLRQGHODKHULGDGHXQDGHODVFDEH]DV
TXHKDELDH[LVWLGR$SFRLQFLGHQWHFRQHOVXUJLPLHQWRGHXQDRFWDYDTXHHVXQDGHODV
VLHWHFXDQGRVHGDHOSHULRGR6(5$FI$SSSXS\ODVXELGDGHODELVPR
SURGXFLHQGRVHXQDVHQWLPLHQWRSRUWRGDODWLHUUDDODLGHRORJLDGHOD%HVWLDFXDQGRWRGRVDGRUDQPHQRV
HOSXHEORGH'LRV$SFI
/RVGLIHUHQWHVSHULRGRVGHDFWXDFLRQGHOD%HVWLD\VXFRPSRUWDPLHQWR
(OFRPSRUWDPLHQWRQRUPDOGHOD%HVWLDHVHOGHVHUSHUVHJXLGRUD\QRHVWDUGHDFXHUGRSOHQDPHQWHFRQ
ORGHUHFKRVKXPDQRV5HVWULQJHODOLEHUWDGGHFRQFLHQFLDWDQWRHQORLGHRORJLFRFRPRHQORUHOLJLRVRTXH
VHDGLVWLQWRDORTXHOHHVWDUHSUHVHQWDQGRHQODWLHUUDGHODVFDEH]DV\GHORVFXHUQRV6LQHPEDUJRHO
5HLQRGH'LRVQRVHKDLQKLELGR\GLULJHODKLVWRULDGHVXSXHEORFI$SFI'Q
>@
KDVWDHOSXQWRGHTXHKDPHWLGRDOD%HVWLDHQHODELVPRSDUDTXHORTXHHUD
QRVHDGHVGHODHQWUDGDHQHODELVPR\GXUDQWHXQFLHUWRSHULRGRKLVWRULFRTXHGXUDODSRVLFLRQGH
>@ >@ >@
DELVPR \DXQFXDQGRVDOLHQGRGHODELVPR YXHOYDDVHUORTXHIXH$S
GXUDQWHXQDHWDSDPX\EUHYH\PX\SUR[LPDDOILQGHODKLVWRULDLQWUDKXPDQDHOPXQGRHQWHURSRGUD
FRQVWDWDUFRPRODLGHRORJLDUHSUHVHQWDGDHQOD0XMHU(VFDUODWDTXHKDVXVWLWXLGRDO'UDJRQ\DQRWLHQH
SRGHUSDUDRULHQWDUDOD%HVWLDGHODPLVPDPDQHUDTXHDQWHV$S
/DWHUFHUDODDFWXDOL]DFLRQGHOD%HVWLDHQFDGDXQDGHODVFDEH]DVVXFHVLYDVHKLVWRULFDV\ODGH
OD0XMHU(VFDUODWDHQFDGDPRPHQWRKLVWRULFRGHHVDDFWXDOL]DFLRQGHOD%HVWLD/D0XMHU
(VFDUODWDVXVWLWXLGDSRUOD%HVWLDGHGRVFXHUQRVR)DOVR3URIHWDHQODHSRFDILQDOFXDQGRVXUJHOD
%HVWLDGHODELVPRHQXQD2FWDYDFDEH]DXQDGHODV6LHWHODTXHVHFXUD
<DORGLMLPRVHQXQDQRWDDSDUWHOD%HVWLDVHDFWXDOL]DHQFDGDXQDGHVXVFDEH]DVGHWDOPRGRTXHVH
SXHGHGHFLUTXHOD%HVWLDHVHOLPSHULRQHR%DELORQLFRFXDQGRDFRQWHFLRODHSRFDGHODFDEH]DGHOUHLQR
%DELORQLFRORPLVPRFRQ0HGR3HUVD*UHFLD5RPDHO+HUHGHURGH5RPD6H[WDFDEH]D6HSWLPD
&DEH]D\OD2FWDYDR+HUHGHURGH5RPD
>@ >@
7HQJDVHHQFXHQWDTXHSDUDODLGHQWLGDGWDQWRGHO+HUHGHURGH5RPD FRPRGHOD6H[WD \
>@
OD6HSWLPD KDGHFRQVLGHUDUVHTXHFDGDFDEH]DLGHQWLILFDDODSRWHQFLDPXQGLDOTXHVREUHVDOH\
PDUFDODGLUHFFLRQDOLGDGHQODKLVWRULD\UHFRJHGRUDGHODOLQHDTXHVHKDPDUFDGRGHVGH%DELORQLD
KDVWD5RPD$TXHOORTXHKDSUHWHQGLGRSRVHHUODDXWRULGDGVXSUHPD\ODPLVLRQGHFUHDUXQ
RUGHQDPLHQWRPXQGLDOXQLWDULR
(QFXDQWRDODSUR\HFFLRQGHOD0XMHU(VFDUODWDWDPELHQVHOHYHDFWXDOL]DQGRVHGHDFXHUGRDOD
DEVRUFLRQTXHODVFDEH]DVUHDOL]DQGHODLGHRORJLDVDWDQLFD/D0XMHU(VFDUODWDHVHOUHIHUHQWHGHOD
LGHRORJLDGHO'UDJRQHLQVSLUD\SUR\HFWDVREUHODFLYLOL]DFLRQWHUUHVWUHFI$SXSFI
ODVSDXWDV\HOVHJXLPLHQWRFRQTXHVHWLHQHTXHFRQGXFLU(VHYLGHQWHTXHODFRQILJXUDFLRQ\
FRQFHSFLRQ0XMHU(VFDUODWDSUHVHQWHXQUHIHUHQWHLGHRORJLFRSROLWLFRHFRQRPLFRUHOLJLRVRGHDFXHUGRD
FDGDHSRFDHQTXHVHGHVHQYXHOYHODFLYLOL]DFLRQWHUUHVWUHUHSUHVHQWDGDHQFDGDXQDGHODVFDEH]DV(O
WLSRGHLGHRORJLDSROLWLFRUHOLJLRVDILORVRILFRHFRQRPLFDTXHHQFDGDHSRFDVREUHVDOJDHVORTXH
>@
FRQILJXUDDOD0XMHU%DELORQLFD
'XUDQWHHOSHULRGR12(6OD%HVWLDHQVXSRVLFLRQGHDELVPRPDUFDXQDGLUHFFLRQDOLGDGLGHRORJLFD
REOLJDGDSRUHO5HLQRGH'LRV\ODLGHRORJLDGHOD0XMHU(VFDUODWDFRQWUDVWDFRQORVSULQFLSLRVGHORV
GHUHFKRVKXPDQRV\OLEHUWDGGHFRQFLHQFLDFI$SXS3HURHODVRPEURGH-XDQVREUHOD0XMHU
(VFDUODWDDEDUFDWDPELHQHOFRPRODLGHRORJLDVDWDQLFDFRQTXHVHVXVWHQWDDOD0XMHU(VFDUODWDVHYD
PRGLILFDQGRHQODGLUHFFLRQGHHVRVGHUHFKRVKXPDQRV
6LVHREVHUYDFRQGHWHQLPLHQWROD0XMHU(VFDUODWD%DELORQLFDUHIHUHQWHGHODLGHRORJLDGHO'UDJRQ
YDDVHUVXVWLWXLGDSRUOD%HVWLDGHGRVFXHUQRVGHQRPLQDGDWDPELHQ)DOVRSURIHWDHQODHSRFDHQTXHOD
%HVWLDUHVXUJHGHODELVPRHQXQDRFWDYDTXHHVGHHQWUHODVVLHWHFXDQGRODFDEH]DTXHUHFLEHODKHULGD
VHFXUD\ORVFXHUQRVVHDFWLYDQHQODDFFLRQFRPXQGHUHFKD]DUDODLGHRORJLDLPSRVLWRUDGHOD0XMHU
>@
(VFDUODWD$SFI
1RWHVHFRPRVHLGHQWLILFDDOOODPDGR)DOVR3URIHWDFRQOD%HVWLDGHGRVFXHUQRV$S\
FRPSUXHEHVHFRPRVHLGHQWLILFDDOD%HVWLDHQXQDRFWDYDDSUHVDGD\TXHVHDUUDVWUDHQHOUHODWRGHVGH
$SRFDOLSVLVFRQOD%HVWLDGH$SRFDOLSVLVFX\DKHULGDPRUWDOHQXQDGH
VXVFDEH]DVVHFXUD$S
/DFXDUWDHO&XDUWRUHLQR\XOWLPRVHJXQODRULHQWDFLRQ'DQLHOLFDDEDUFDULDODVFDEH]DV
>@
XOWLPDVGHODVHQWRWDOHVGHFLUGHODVPDVODTXHKDFHRFWDYDTXHUHSLWHXQDGHODV
>@
"3RUTXH"6LVHILMDQHQHOWH[WRGH'DQLHO VHQRVHVWDTXHULHQGRGHFLUTXHXQDYH]LQWURGXFLGR
HO&XDUWRUHLQROD&XDUWD%HVWLDR&XHUQRSHTXHQRGH'QRHOVHUGHVSUHFLDEOHTXHKDFHPDUDYLOODV
^'QFIFI'QVVFI`ODFDUJDLGHRORJLFDTXHDUUDVWUDHVH
&XDUWR5HLQRGDGHVL\RULHQWDDHVDVFDEH]DVTXH\DHQHO&XDUWRUHLQRVHKDQGDGRORVWUDVYDVHV
EDELORQLFRVDGHFXDGRVUHFXHUGHVHORGHOD0XMHUEDELORQLFDHVFDUODWD^$S`SDUDTXHFRQODV
PDWL]DFLRQHVLQFOXLGDVKDVWDLQWURGXFLGRHO&XDUWRUHLQRVHSXHGDQREWHQHUODVGLYHUVDVFRPELQDFLRQHV
LGHRORJLFDVUHSUHVHQWDGDVHQHVDVFDEH]DVGHOD%HVWLD
/DWUDVFHQGHQFLDGHOD%HVWLD
$KRUD\DSRGHPRVKDFHUQRVHQWHQGHUUHVSHFWRDORGHODWUDVFHQGHQFLDGHOD%HVWLD
/D%HVWLDQRHVXQDSHUVRQDVLQRXQDFRQFHSFLRQWDOFRPRHOWH[WRQRVLQGLFDSHURHOSUR\HFWRGH
6DWDQDVSUHVHQWDGRFRPRHODXWHQWLFRRULJLQDGRUGHOD%HVWLD$SFIHVHOTXHFLHUWRV
KXPDQRVTXHDVXPHQHOSRGHUGHO(VWDGRHQODVQDFLRQHVRHOGHSUHWHQGHUSRVHHUOD$XWRULGDGVXSUHPD
FRQODPLVLRQGHORJUDUXQRUGHQDPLHQWRPXQGLDODILQGHFXPSOLUVXSURJUDPDGHGRPLQLRTXHVH
WUDGXFHVHJXQHOORVFRPRVLHQGRGHD\XGDSDUDODVJHQWHVLQFOXVRGHVDOYDFLRQXWLOL]DQGRWHUPLQRORJLD
\FRQFHSFLRQELEOLFDRFRUDQLFDVHYHDQWUDVFHQGLGRVSRUOD%HVWLD\GHHVWHPRGRSRGHUFXPSOLUOR
TXHLPSOLFDULDHOSURSRVLWRGHO$GYHUVDULRGH'LRV
6LQHPEDUJRHVSUHFLVRUHDOL]DUDOJXQDVPDWL]DFLRQHV/DVSHUVRQDVTXHWUDEDMDQHQXQJRELHUQR
RULHQWDGRSRUODFRUULHQWHLGHRORJLFDHVWDWDOVLELHQHVVXLQWHQFLRQFXPSOLUFRQXQSURSRVLWREHQHILFLRVR
SDUDODVJHQWHVGHVXSDLV\ORFRQVLJXHQHQPXFKDVRFDVLRQHVDSDUHFHQVLWXDFLRQHV\FRQGLFLRQHVHQ
TXHODLGHRORJLDHVWDWDOLQVSLUDGDSRUHO'UDJRQOHVWUDVFLHQGH\HQWRQFHVVLQRVHUHFKD]DVHYHQ
LQYROXFUDGRVHQORVSURSRVLWRVGHO'UDJRQ6LHVHSRGHUGHJRELHUQRSRVHHFDSDFLGDGGHLQIOXLUHQHO
PXQGRGHPRGRXQLYHUVDO\VHGHMDWUDVFHQGHUSRUODLGHRORJLDGHO'UDJRQTXH\DHVWDULDYHUWLGDHQOD
&DEH]DTXHUHSUHVHQWDULDDHVHSRGHUTXHOHFRQILHUHVHUODSRWHQFLDGRPLQDQWHGHOPRPHQWRHVWDULD
FRQILJXUDQGRDODDFFLRQGHOD%HVWLDFX\RRULJHQ\QDWXUDOH]DHVVDWDQLFD&XDQGRORVJREHUQDQWHVVH
GHMDQWUDVFHQGHUSRUODLGHRORJLDGHO'UDJRQFXDQGRSHUPLWHQGHVSURWHJLHQGRVHGHODLGHRORJLDGHO
'LRVTXHVHUHYHODODLQWHUYHQFLRQVDWDQLFDHQVXVYLGDV\HQVXTXHKDFHUSROLWLFRVHUDXQDUHDOLGDG\ODV
UHSHUFXVLRQHVHQODFLYLOL]DFLRQWHUUHVWUHVHUDGHDFXHUGRDOPRGHORTXHHO'UDJRQKDGLVSXHVWR<
HQWRQFHVHVWDUDQHMHFXWDQGR\DFWLYDQGRDORTXHLPSOLFD\VLJQLILFDOD%HVWLDHQFXDOTXLHUDGHVXV
YHUVLRQHVVHDFRPRFDEH]DVRFRPRFXHUQRVRFRPRDPEDVDODYH]\WDOFRPRVHQRVSUHVHQWDHQOD
>@
$SRFDOLSWLFD\TXHKHPRVYLVWRHQODKLVWRULD
/D%HVWLDHQFDUQDGDHQXQD2FWDYDFRUUHVSRQGLHQWHDOD&DEH]DKHULGDSHURFXUDGDFRQORV
FXHUQRVDFWLYDGRV\HO&RUGHURFRQVX3XHEORGH'LRVHQHOFHQLWGHOWLHPSRGHJUDFLD
,GHQWLGDGGHORV&XHUQRV
/RV'LH]&XHUQRVDSDUHFHQHQODFRQILJXUDFLRQGHOD&XDUWD%HVWLDGH'DQLHO<DLQGLFDPRVVX
VLJQLILFDGR$GLIHUHQFLDGHODV&DEH]DVSHUPDQHFHQVLHPSUHFRPRXQFROHFWLYR\UHSUHVHQWDQORTXH
LPSOLFDOD'LYLVLRQ\ORTXHDUUDVWUDQGHVXH[SHULHQFLDFXDQGRHVWDEDQHQJOREDGRVHQODSULPHUDIDVH
GHHVD&XDUWD%HVWLDGH'DQLHOTXHVHLGHQWLILFDFRQHO,PSHULR5RPDQR
6XDSDULFLRQDTXLQRLPSLGHTXHKD\DSRGLGRWHQHUVXSURWDJRQLVPRDORODUJRGHODKLVWRULD
6LPSOHPHQWHQXQFDORWXYLHURQFRPRXQ&ROHFWLYRXQLGR\FRKHUHQWH+DELDQDFWXDGRWHQLHQGRHQFXHQWD
HOVLPERORGHOJUXSRSHURGHXQPRGRDQDUTXLFRSRUPHGLRGHODVDFWLYLGDGHVSROLWLFRPLOLWDUHVGH
GLYHUVDVSDUWHVGHORTXHLPSOLFD\VLJQLILFDHVH&ROHFWLYRSHURQXQFDHQXQ&RQMXQWRDUPRQLFRHQEDVH
DVXVUDLFHVKRPRJHQHDV\DXQDPRWLYDFLRQ\REMHWLYRFRPXQ
'LH]&XHUQRVR'LH]5H\HVR'LH]5HLQRVR*RELHUQRVR3RGHUHVTXHQRKDQUHFLELGR
5HLQRR*RELHUQRSS
5HFRUGHPRVTXHOD&XDUWD%HVWLDGH'DQLHOVXVWLWX\HD*UHFLDHQHOSUHGRPLQLRGHOPXQGR'Q
FIVVVHWUDWDGHO&XDUWR5HLQR'QFI\OOHJDKDVWD
HOILQGHOPXQGR
3UHFLVDPHQWHHVDSURORQJDFLRQKDVWDHOILQGHO&XDUWR5HLQRVHUHDOL]DJUDFLDVDXQD'LYLVLRQGH
'LH]'QFI\HVSHFLDOPHQWHSRUXQ&XHUQR3HTXHQR'QTXHOR
KHPRVLGHQWLILFDGRSRUORVGDWRVVXPLQLVWUDGRVHQ$SRFDOLSVLV\FRQOD4XLQWD&DEH]D
/DDSDULFLRQWDQWRGHO&XHUQR3HTXHQRFRPRGHORTXHHQJOREDHO'LH]VHOOHYDDFDERHQOD
KLVWRULDDSDUWLUGHODGHVDSDULFLRQGH5RPD,PSHULDOTXHWLHQHHOSURWDJRQLVPRHQXQDSULPHUDIDVH
GHOD&XDUWD%HVWLDDFRQWLQXDFLRQGH*UHFLD7DQWRHO&XHUQR3HTXHQRFRPRORTXHVHOODPD'LH]
HQFDUQDQHQXQSULPHUPRPHQWRKLVWRULFRODUHSUHVHQWDWLYLGDGGHORHVHQFLDOGHO,GHDULRGHO
GHVDSDUHFLGR,PSHULR5RPDQR\SRVWHULRUPHQWHVLQDEDQGRQDUHVDFDUDFWHULVWLFDVHYDUHDOL]DQGRXQD
'LYLVLRQSHUPDQHQWH\PRYLEOH(VWH&RQMXQWRGH'LH]VHLGHQWLILFDFRQDTXHOORTXHWLHQGHDUHFREUDUOD
81,'$'\ODVLPSOLFDFLRQHVIXQGDPHQWDOHVGHODUDL]5RPDQDTXHHO&XHUQR3HTXHQRKDVDELGR
UHVFDWDUHLQFXOFDUGXUDQWHXQDHWDSDLPSRUWDQWHHQORPDVUHSUHVHQWDWLYRGHO&ROHFWLYR'LH]
(O,PSHULR5RPDQRTXHUHSUHVHQWDDOD&XDUWD%HVWLDHQXQDSULPHUDIDVHH[SHULPHQWDXQD'LYLVLRQ
VLPEROL]DGDHQ'LH]DGHPDVGHHQJHQGUDUDHVH&XHUQR3HTXHQRTXHKHUHGDODRULHQWDFLRQ5RPDQD
\GLULJHIXQGDPHQWDOPHQWHHOFRPSRUWDPLHQWRGHODSDUWHPDVUHSUHVHQWDWLYDGHHVH&ROHFWLYRVLPEROLFR
GH'LH]
/DDFWLWXGKLVWRULFDGHHVH'LH]HVKDVWDHVHLQVWDQWHTXHQRVUHILHUH$SRFDOLSVLVSSFRPROR
TXHQRVGHVFULEH'DQLHOFISSSSODGHXQDGLYLVLRQFRQWLQXDLPSLGLHQGRVHXQ
*RELHUQRHQ8QLRQ(VGHFLUKDVWDTXHILQDOL]DODVXFHVLRQKLVWRULFDGHODV6LHWH&DEH]DVTXHGDQYLGD
DOD%HVWLD$SRFDOLSWLFDDWUDYHVGHODKLVWRULDXQSRFRDQWHVGHTXHODKHULGDPRUWDOGHOD4XLQWD
&DEH]DVHFXUHGHILQLWLYDPHQWHSUDFWLFDPHQWHHQHOOLPLWHGHOILQFXDQGROD%HVWLDYDDLQLFLDUVXHWDSD
TXHOHOOHYDUDDODSHUGLFLRQFI$SVVHVH&ROHFWLYR'LH]WRGDYLDSHUPDQHFHGH
DFXHUGRDORTXHVXSRQHXQDDFWLYLGDGHQ'LYLVLRQQRFRQMXQWDGD/DVSDUWHVRSRGHUHVTXHORLQWHJUDQ
IXQFLRQDQVHSDUDGDPHQWH\SRUORWDQWRSXHGHGHFLUVHTXHFRPRWDO&ROHFWLYRQRKDQUHFLELGRUHLQR
/RTXHHVWDLQYROXFUDGRHQHVH&RQMXQWRHVWDGHVXQLGRQRKDORJUDGRWRGDYLD*2%(51$5(1
>@
FRQMXQFLRQ
3HURSRUXQDKRUDUHFLELUDQDXWRULGDGFRPRUH\HVMXQWDPHQWHFRQOD%HVWLDXS
+D\SXHVGRVDVSHFWRVTXHPDUFDQGRVPRPHQWRVGLVWLQWRVHQUHODFLRQDHVDFLIUDGH'LH](OXQR
HVHOTXHQRVWUDQVPLWH'DQLHOODDFWXDFLRQGHVGHODGHVPHPEUDFLRQGHO,PSHULR5RPDQRGHHVH
&RQMXQWR'LH]HQ'LYLVLRQVLQSRVLELOLGDGGHYROYHUVHDXQLU'QHORWURHOUHVXUJLPLHQWR
GHHVH&ROHFWLYRUHSUHVHQWDWLYRGH'LH]$SXSHQODHSRFDGHOD%HVWLDTXHYDDSHUGLFLRQ
SSXSFXDQGRVHFXUDODKHULGDGHOD4XLQWD&DEH]DVVFI\TXHDFWXDFRPR
VLIXHUDXQRFWDYRSS
/DLQVSLUDFLRQGHFLDSRUHOSURIHWD'DQLHOTXHHVD'LYLVLRQH[SHULPHQWDGDHQHO,PSHULR5RPDQRTXH
RFXSDODSULPHUDIDVHGHOD&XDUWD%HVWLD\UHSUHVHQWDGDSRUODFLIUD'LH]VHFDUDFWHUL]DULDDSDUWLUGH
VXRULJHQSRUXQDSROLWLFDGHDOLDQ]DV'Q\TXHKDULDQGHO&XDUWR5HLQRDSDUWLUGHHQWRQFHVXQD
FRQWLQXLGDGGHIUDJLOLGDG\IRUWDOH]DDODYH]'Q\TXHVXLQWHQWRGHXQLRQVHULDIUXVWUDGR'Q
XS(VWDGHFODUDFLRQQRFRQWUDGLFHDORTXHVHH[SUHVDHQ$SRFDOLSVLVXS
(VHOWUD\HFWRKLVWRULFRORTXHFXHQWDSDUD'DQLHO/DLQVSLUDFLRQVHYHREOLJDGDFRPRFRQVHFXHQFLD
GHODFRQIXVLRQTXHSRGULDFUHDUVHGHLQVHUWDUVHHQ'DQLHOORTXH$SRFDOLSVLVQRVPHQFLRQDHQOD
XOWLPDOLQHDGHODSDJLQDWHUPLQDOGHODKLVWRULDGHHVWHPXQGR
(QHIHFWR/DH[FHSFLRQDOLGDGTXHDSRUWD$SRFDOLSVLVQRURPSHODFDUDFWHULVWLFDIXQGDPHQWDO\
FRQVWDQWHTXHDSDUHFHDORODUJRGHWRGDODKLVWRULDGHODH[LVWHQFLDGHORTXHVLJQLILFDHOVLPERORGHORV
'LH]ODLPSRVLELOLGDGGHTXHVHYXHOYDQDXQLU
(QHVHLQWHQWRXQDYH]PDVGHLUFRQWUDODYROXQWDGGH'LRVUHVSHFWRDVX81,21FRQVLJXHQ
FRQMXQWDUVHPHGLDQWHODLGHRORJLDTXHOHVHVFXSHODSULPHUD%HVWLDSURPRFLRQDGDSRUOD%HVWLDGHGRV
FXHUQRVGXUDQWHXQDKRUDXQLQVWDQWHHILPHURFRQORTXHVHGHPXHVWUDVXQRXQLGDG5HFLEHQ
XSSRUSDUWHGHO'UDJRQXQDDXWRULGDGGHJREHUQDUMXQWDPHQWHFRQOD%HVWLDPHGLDQWHDOLDQ]DVKXPDQDV
FI'Q(VGHFLUVLQTXHSXHGDLQWHUSUHWDUVHFRPRUHDOHVDXQLRQFI'QXSHOOOHYDUD
FDERXQPLVPRSURSRVLWRHQWUHJDUHOSRGHU\ODDXWRULGDGDOD%HVWLDOHVKDFHDGTXLULUHOSRGHU
JREHUQDUHQ&RQMXQWRSHURORVDFRQWHFLPLHQWRVKLVWRULFRVHYLGHQFLDUDQDSHVDUGHORVSUHSDUDWLYRVSDUD
ORJUDUXQDXQLRQGXUDGHUD\SOHQDODVILVXUDV\ODLPSRVLELOLGDGGHTXHVHSXHGDQSHJDUUHDOPHQWHDXQ
FXDQGRVHDQDFWLYDGRVSDUDXQ*RELHUQRFRPXQLWDULRTXHSHUPLWDDSR\DUDOD%HVWLD
"&RPRVHFXPSOLUDKLVWRULFDPHQWHHVWR"
3RUORTXH\DKHPRVGLFKRDTXL\HQRWURVOXJDUHVHVHUHSUHVHQWDWLYRGHDTXHOORTXHSHUPDQHFLR
FRPRWHQLHQGRHQFXHQWDODUDL]5RPDQDHYROXFLRQRHVHQFLDOPHQWHKDFLDXQDFRQFHSFLRQSROLWLFD
UHSUHVHQWDGDHQYDULDVQDFLRQHVHXURSHDVHLVODPLFDVSDVDQGRSRUXQDGLYLVLRQSHUPDQHQWH\FRQVWDQWH
PHGLDQWHHOVXUJLPLHQWRGHRWUDVQDFLRQHVGHODUHDQRUWHDPHULFDQDFHQWURDPHULFDQDVXGDPHULFDQD\
$XVWUDOLDIUXWRGHOFRORQLDOLVPRHXURSHRQRUWHDIULFDQDVGH$VLDPHQRU\2ULHQWHPHGLRSURGXFWRGH
ODLQIOXHQFLDGHO,VODP\VHJXLUOXHJRFRQODVQDFLRQHVVXUJLGDVGHXQFRORQLDOLVPR\QHRFRORQLDOLVPR
HXURSHR\QRUWHDPHULFDQRODVQDFLRQHVDIULFDQDV\DVLDWLFDVFRQORTXHVHOOHJDDWRGRHOPXQGR&RQHO
LGHDULRTXHVHKHUHGRGH5RPD\DWUDYHVGHGLYHUVDVIRUPXODVSROLWLFDV\PLOLWDUHVVHSUHWHQGLROD
 >@
XQLRQGDQGRVHFRQWLQXDPHQWHUHVXOWDGRVIDOOLGRV
$KRUDXQDYH]PDVFXDQGROD4XLQWD&DEH]DTXHFRLQFLGHFRQODILJXUDGHO&XHUQR3HTXHQRGH
'DQLHOUHVXFLWDGHVXKHULGDVHGDHQHVD'LYLVLRQVLPEROL]DGDSRUHO'LH]WUDVXQSURFHVR
SROLWLFRHFRQRPLFRWHQGHQWHKDFLDXQDXQLRQXQDELVPRLQVDOYDEOHDSHVDUGHTXHWRGRSDUHFHGHFLUTXH
ODXQLRQHVXQDUHDOLGDG6HUDHQWRQFHVFXDQGROD4XLQWD&DEH]DUHVWDXUDGDHQXQD2FWDYDLPSHOLGD\
SURPRFLRQDGDSRUOD%HVWLDGHGRVFXHUQRVFI$SRWRUJDUDDHVH
FRPSHQGLRVLPEROL]DGRSRU'LH]ODSRVLELOLGDGGHGHVDUUROODUXQ*2%,(512HQFRQMXQWR
DWUDYHVGHXQDFRQFHSFLRQSROLWLFRHFRQRPLFRHWLFRUHOLJLRVDDLPDJHQGHODSULPHUD%HVWLDSHUR
DXSDGD\RULHQWDGDHQVXXQLRQFRQOD%HVWLDGHGRVFXHUQRV6HWUDWDGHXQ*RELHUQRHQFRPXQFRQHO
REMHWLYRH[FOXVLYRGHUHLQDUMXQWDPHQWHFRQOD%HVWLDXSTXHDHVWDVDOWXUDVVHOHKDQDFDEDGR
\DWRGDVODV&DEH]DV\VRORVHSXHGHDFWXDUFRQXQDDQDGLGDOD2FWDYDTXHHVXQDGHHQWUHODV6LHWH
REOLJDWRULDPHQWHWLHQHTXHVHUODTXHUHFLELRODKHULGDPRUWDOGHODTXHVHKDELDDQXQFLDGRVXFXUDFLRQ
(VWD&DEH]DODKHPRVLGHQWLILFDGRFRQOD4XLQWD\DHVWDFRQHO&XHUQR3HTXHQRGH'DQLHO\OD
VHJXQGDIDVHGHO&XHUQR3HTXHQRGH'DQLHO6HWUDWDUDGHHMHUFHUXQD$XWRULGDGMXQWRFRQOD4XLQWD
&DEH]DUHVWDXUDGDROD2FWDYDTXHUHSUHVHQWDHQHVHXOWLPRPRPHQWRKLVWRULFRDOD%HVWLDSULPHUD
7LHQHQXQSURSRVLWRHQWUHJDUVXSRGHU\DXWRULGDGDOD%HVWLD
$SR\DUDQDOD4XLQWD&DEH]DUHVWDXUDGDHQXQD2FWDYD\UHSUHVHQWDWLYDGHOD%HVWLDHQVXFRQFHSFLRQ
SROLWLFRUHOLJLRVDHQVXVDVXQWRVUHODWLYRVDLPSRQHUVXVSXQWRVGHYLVWDSROLWLFRHFRQRPLFRHWLFR
ILORVRILFRVUHOLJLRVRVTXHUHVXOWDQVHUHQDOJXQRVGHVXVH[WUHPRV\HVHQFLDOPHQWHHQVXFRQMXQWR
GLVWLQWRV\RSXHVWRVDORVGHO5HLQRGH'LRVSHURTXHVLUYHQSDUDDJOXWLQDUDWRGRHVHHQMDPEUHGH
QDFLRQHVWDQGLVSDU
3HOHDUDQFRQWUDHO&RUGHUR\HO&RUGHURORVYHQFHUDFRPR5H\GHUH\HV
"&RPRSHOHDUDQFRQWUDHO&RUGHUR"
$ODSR\DUDOD%HVWLDLPSRQHQXQDFRUULHQWHLGHRORJLFDSROLWLFRUHOLJLRVDRSXHVWDDORVLQWHUHVHVGHO
5HLQRGH'LRVSHUVLJXLHQGRDORVTXHVDOYDJXDUGDQORVSULQFLSLRVGHO5HLQRR*RELHUQRGH'LRV'H
HVWHPRGRFRPEDWHQFRQHO&RUGHURTXHHVHO5(<GHUH\HVXSFI
"&RPROHVYHQFHHO&RUGHUR"
3ULPHURDWUDYHVGHODUHVLVWHQFLDLGHRORJLFDPHGLDQWHOD3DODEUDGH'LRVGHDTXHOORVTXHOH
UHSUHVHQWDQHQOD7LHUUD\TXHDOSHUPDQHFHUILHOHVGHPXHVWUDQTXHKDQVLGRHOHJLGRV\OODPDGRVSRU
'LRVXS3HURODYLFWRULDGHILQLWLYDVHKDUDHQHO$UPDJHGRQTXHVHDPSOLDHQHO
FDSLWXORFXDQGRHO5HLQRR*RELHUQRGH'LRVVHKDUDYLVLEOHHQRFDVLRQGHOD6HJXQGD9HQLGD
GH-HVXFULVWR/RVYHQFHFRPR5H\GHUH\HVFIFXDQGRLQVWDXUDVX5HLQRVLQREVWDFXORV
GHQLQJXQDFODVHLQWHUYLQLHQGRHQODKLVWRULDKXPDQDDOILQDOGHORVWLHPSRVPHGLDQWHVX6HJXQGD9HQLGD
HQ*ORULD\0DMHVWDG
1RROYLGHPRVTXHORV&XHUQRVSHUWHQHFHQDODFRQILJXUDFLRQGHOD%HVWLDSRUORWDQWRHQHVD
EDWDOODTXHVHQRVUHODWDWDQWRHQ$SRFDOLSVLVFRPRHQHQODTXHOD%HVWLDHV
GHVWUXLGDDFRQWHFHHOTXHHO&RUGHURYHQ]DGHILQLWLYDPHQWHDORVSRGHUHVHQFDUQDGRVHQORV&XHUQRVGH
OD%HVWLD
/RV'LH]&XHUQRVGHVWUX\HQDOD0XMHU(VFDUODWD6LVWHPD%DELORQLFR
(OGRPLQLRGHHVWRV&XHUQRVOHVOOHYDHQVXDSR\RDOD4XLQWD&DEH]DUHVWDXUDGDHQXQD2FWDYDD
GHVWUXLUDOD%DELORQLDHVGHFLUWRGRWLSRGHLGHRORJLDTXHKDELDLQVSLUDGRHO'UDJRQ\FRQILJXUDGRHQHO
VLPEROR0XMHU(VFDUODWD\TXHOD%HVWLDPHGLDQWHVXV&DEH]DVKDELDHVWDGRDEVRUELHQGRPDQHMDGDSRU
GLFKD0XMHU(VFDUODWD
 6LQRVGDPRVFXHQWDHVWDFRQFHSFLRQRFRQILJXUDFLRQ0XMHU(VFDUODWDOOHJDDVHUUHFRQRFLGDSRUORV
UHVXOWDGRVIXQHVWRVTXHODVQDFLRQHVKDQH[SHULPHQWDGRVLJXLHQGRVXVLQVWUXFFLRQHVLGHRORJLFDV\DKRUD
HQORVXPEUDOHVGHOILQ\DQRTXLHUHQVDEHUQDGDGHHOODODPDUJLQDQODGHVFRQVLGHUDQODUHFKD]DQ
FRPRLQVHUYLEOH$S6HWUDWDGHXQVLPERORTXHFRQILJXUDWRGDODLGHRORJLDVDWDQLFD\TXHHO
>@
'UDJRQKDVDELGRXWLOL]DUSDUDFRQWDPLQDU\FUHDUXQDFLYLOL]DFLRQWHUUHVWUHDVXPHGLGD
(VWDGHVWUXFFLRQGHOD0XMHU(VFDUODWDDQWLFLSDGDHQHOFDSLWXORSRUFXDQWRLQWHUHVDWUDQVFULELUQRV
>@
TXHVXFHGHHQODHSRFDGHOD2FWDYD&DEH]DVHQRVGHVFULEHDPSOLDPHQWHHQHOFDSLWXOR
(OWH[WRQRVPXHVWUDTXHHQVXDSR\RDOD%HVWLDUHSUHVHQWDGDHQOD4XLQWD&DEH]DUHVWDXUDGDHQOD
2FWDYDHO&ROHFWLYRGHORV'LH]&XHUQRVVHYHREOLJDGRDDERUUHFHU\DDEDQGRQDUORVHOHPHQWRV
GRFWULQDOHVKDVWDHOSXQWRGHQRSHUPLWLUTXHOD5DPHUD%DELORQLFDVLJDRULHQWDQGRDOSRGHUSROLWLFR
PLOLWDUGHOD%HVWLD\DTXHHVWDSRUORTXHDHVH&ROHFWLYROHFRQFLHUQHQRKDJDFDVRDVXVFRQVLJQDV
EDELORQLFDV'HHVWHPRGRODUD]RQGHODH[LVWHQFLDGHOD5DPHUD%DELORQLFDGHMDGHVHU
"4XHHVORTXHLQIOX\HHQODGHVWUXFFLRQGHOD0XMHU%DELORQLFDSRUSDUWHGHORVFXHUQRVGHOD
%HVWLD"
/DJUDQVRUSUHVDHVFRQRFHUODVGRVIXHU]DVTXHFRODERUDQDTXHORVFXHUQRVHOPXQGRHQWHUR
UHFKDFHGHILQLWLYDPHQWHDODFRQFHSFLRQ0XMHU(VFDUODWD
3RUXQODGR$SQRVGLFHTXH'LRVKDLQWHUYHQLGRHQODHMHFXFLRQSRUSDUWHGHORVFXHUQRV
GHOD0XMHU(VFDUODWD<TXHSHUPLWHHOGRPLQLRGHOD%HVWLDKDVWDTXHVHFXPSODQODVSDODEUDVGH
'LRV
3RURWUDSDUWH$SRFDOLSVLVLQWURGXFHDODPD\RULDGHO3XHEORGH'LRVFRPRWHQLHQGRTXHVDOLUGH
ODLQIOXHQFLD%DELORQLFDHQHVHFRQWH[WRILQDOFI\OOHYHDFDERXQDDFFLRQLGHQWLILFDGRUDGHORV
SULQFLSLRVEDELORQLFRV'HWDOPRGRTXHVLVHREVHUYDHQSDUDOHOR$S\VHSXHGH
FRPSUREDUTXHODVQDFLRQHVUHSUHVHQWDGDVHQORVFXHUQRVVHGDQFXHQWDGHODPDOGDGGHOD
FRQFHSFLRQ0XMHU(VFDUODWDGHVXRULJHQ\QDWXUDOH]DJUDFLDVDODSUHGLFDFLRQGHOSXHEORGH'LRVHQXQ
FRQWH[WRGHGHVSHUWDUFRPRQXQFDDQWHVFI$S
"4XH HV OR TXH VXVWLWX\H D OD 0XMHU %DELORQLFD \ TXH SURSLFLD HO$UPDJHGRQ \ ODV XOWLPDV
SODJDV"
(O'UDJRQHVWDDODGHVHVSHUDGDHVWDYLHQGRFRPRXQDGHVXVFRQFHSFLRQHVDQFHVWUDOHVTXHOH
UHSUHVHQWDEDHVWDVLHQGRGHVWUXLGDSRUORVLQVWUXPHQWRVHQUDL]DGRVHQVXSURSLDFRQFHSFLRQ%HVWLDOOR
TXHHOPLVPRKDLQVSLUDGR\IRUMDGRPHGLDQWHODV&DEH]DV\ORVFXHUQRV3HURORPDVDODUPDQWHSDUD
HOHVTXHHVDGHVWUXFFLRQGHODLGHRORJLDEDELORQLFDVHKDJDPHGLDQWHORVSULQFLSLRVGHO5HLQRGH'LRV
$SVVTXHVXVWHQWDHOSXHEORUHPDQHQWH\TXHHOWDQWRKDSURFXUDGRVXGHVWUXFFLRQVLQ
>@
FRQVHJXLUOR$S (OPXQGRVHYHLOXPLQDGRSRUODIXHU]DGHODYHUGDG$S
FIFRQPD\RULQWHQVLGDGTXHFXDQGRVHHPSH]RDSUHGLFDUHOWULSOHPHQVDMHDQJHOLFR$KRUD
HQHOFRQWH[WRGHOILQILQDO
(OGUDJRQWRPDODLQLFLDWLYDTXHOHSHUPLWHOD%HVWLDGHGRVFXHUQRVR)DOVRSURIHWD\OD2FWDYDTXH
HUDXQDGHODV6LHWH<HQJDQDXQDYH]PDVDWRGRVORVGHODWLHUUDFXPSOLHQGRVHORTXH\DKHPRV
GHVFULWRUHODWLYRDODLPDJHQGHOD%HVWLD\DVXODERUSURVHOLWLVWDSURSLFLDGDSRUOD%HVWLDGHGRV
FXHUQRVFI$S
/D%HVWLDGHGRVFXHUQRVVXVWLWX\HDOD0XMHU(VFDUODWD\HQVXFRPSOHWRDSRJHRVHFRQYLHUWHHQXQ
)DOVR3URIHWDSXGLHQGRLPSRQHUODPDUFDGHOD%HVWLD\REOLJDUDTXHOD%HVWLDSULPHUDVHOHDGRUH\
SXHGDUHDOL]DUXQD,PDJHQGHOD%HVWLDSULPHUDFI$S)RUPDSDUWHGHOWULR
PDOLJQRTXHDSDUHFHHQHO$UPDJHGRQ$S
/DHSRFDGHORLQPLQHQWHPHQWHDQWHULRUDODFDLGDGHODVSODJDV
/DLQVSLUDFLRQGHVSXHVGHKDEHURIUHFLGRORVGHWDOOHVGHOD4XLQWD&DEH]DGHVXKHULGD\GHVX
FXUDFLRQ$SQRVLGHQWLILFDOD&DEH]DKHULGDFRQOD4XLQWDDPSOLDODHSRFDGHODKHULGDRFXSDGD
SRUOD6H[WD\6HSWLPD&DEH]D\QRVRIUHFHODHWDSDGHOD2FWDYDFI$STXHHVOD4XLQWD
UHVWDXUDGD\TXHSHUWHQHFHDOPRPHQWRHQTXHOD%HVWLDGH'RV&XHUQRVDVXPHOD$XWRULGDGEDMRHO
EHQHSODFLWRGHOD%HVWLDSULPHUDTXHHVWDUHSUHVHQWDGDSRUOD4XLQWDUHVXFLWDGDRVDQDGDFI$S

(O3XHEORGH'LRVGXUDQWHHOWLHPSRDQWHULRUDODFDLGDGHODVSODJDV\HQORVLQVWDQWHVGHVXFDLGD
7UDVODYLVLRQGHOFDSLWXOR\GH$SRFDOLSVLVGRQGHDSDUHFHQODVXOWLPDVHVFHQDVTXHVHYDQD
OOHYDUDFDERFRQWUDHO3XHEORGH'LRVSRUSDUWHGHORV6LVWHPDVGH0DOGDGVHLQWURGXFHSRUXQODGRXQD
FLIUDUHODWLYDDFLHUWRVSHUVRQDMHVVDOYRVORVLQPHUVDHQXQDHVFHQDFHOHVWLDO$S3HUR
DSDUWLUGHOYVHLQLFLDXQDSUR\HFFLRQHVFHQLFDWHUUHVWUHODGHODSUHGLFDFLRQGHO(YDQJHOLRGHO5HLQR
HQXQFRQWH[WRGH-XLFLRDODTXHVHDQDGHRWURFXDGURHQUHODFLRQDODFDLGDGH%DELORQLD
TXH\DYLPRVTXHVXFHGHHQHOFRQWH[WRGHOWLHPSRGHOILQ\RWUDPDVDGLFLRQDOTXHWLHQHTXHYHUFRQHO
FXPSOLPLHQWRGHREOLJDUDSRQHUVHXQDPDUFD\GHDGRUDUODLPDJHQGHOD%HVWLDDVXQWRVTXHVH
UHDOL]DUDQGHPRGRLPSRVLWLYRDSDUWLUGHODFXUDFLRQGHODKHULGDGHOD4XLQWD&DEH]DGHOD%HVWLD
(VWDVGRVHVFHQDVVHKDQUHXQLGRFRQODILQDOLGDGGHTXHODVUHODFLRQHPRV\DOFRPSDUDUODVFRQORV
>@
SDVDMHVTXHLQFOX\HQORVPLVPRVFRQWHQLGRVSRGDPRVXELFDUODVDGHFXDGDPHQWH
$FRQWLQXDFLRQVHLQWURGXFHXQDFWRHQHOTXHVHKDFHQSUHVHQWHVXQRVDQJHOHVUHWHQLHQGRHO
GHUUDPDPLHQWRGHXQDVSODJDVTXHGDULDQOXJDUDOILQGHOPXQGRRIUHFLHQGRODRSRUWXQLGDGDO
OHFWRUGHVDEHUTXHODDFFLRQGHVWUXFWRUDTXHFRORFDDODKXPDQLGDGIUHQWHDOD6HJXQGD9HQLGDGH
-HVXFULVWRFIVHUHWLHQHKDVWDTXHVHKD\DSURGXFLGRHOVHOODPLHQWRGHORV
ORTXHLPSOLFDUDSDUDTXHHVHVHOODPLHQWRVHSXHGDSURGXFLUXQDSUHGLFDFLRQGHO(YDQJHOLR(WHUQR
HQXQFRQWH[WRGH7LHPSRGHO)LQGRQGHVHDQXQFLDHO-XLFLRFRPROOHJDGRFI'Q
LQVWDQGRDODVSHUVRQDVDVDOLUGH%DELORQLDFI\DH[SOLFDUORTXHVLJQLILFDODPDUFD
GHOD%HVWLD\VX,PDJHQ
(QFXDQWRDVHXELFDHQWUHHO\HO(OKDWHUPLQDGRKDEODQGRQRVGHXQDFULVLVSDUDHO
3XHEORGH'LRVHQHOTXHVHOHTXLHUHREOLJDUDSRQHUVHXQDPDUFDVLPEROLFDTXHOHKDJDVRPHWHUVHDOD
,GHRORJLDGHOD%HVWLDFRQVX4XLQWD&DEH]DUHVWDXUDGDHQXQD2FWDYDSSFI
SHURHVWRVXSRQGULDXQDDSRVWDVLDDORVSULQFLSLRVGHO5HLQRGH'LRV
(VREOLJDGRTXHDSDUH]FDQORV\DVHOODGRV\HQHOFLHORGHODQWHGHOWURQRGH'LRV$S
>@
 GHPRVWUDQGRVHTXHKDQVDOLGRDLURVRVGHODOXFKDILQDOPDQWHQLGDFRQOD%HVWLDTXHSUHWHQGLD
>@
VHOODUOHVFRQVXVHOORFIXS
 (OFXPSOLPLHQWRGH$SRFDOLSVLV
+HPRVFRPSUREDGRHQHOWH[WRGH$SRFDOLSVLVTXHORTXHTXLHUH'LRVHVTXHORVFXHUQRV
HQHOSRGHUGHVXFRQMXQWRVHSRQJDQGHDFXHUGRFRQOD%HVWLDHQYHUVLRQRFWDYDFDEH]D\KDJDQTXHHO
UHLQR\HOSRGHUFROHFWLYDPHQWHORGHQORVFXHUQRVDOD%HVWLD"3DUDTXH"3DUDGHVWUXFFLRQGH
OD5DPHUD$S(YLGHQWHPHQWHOD%HVWLDHQVXYHUVLRQRFWDYDHVODUHVXUUHFFLRQGHODTXLQWD
FDEH]DKHULGDFXUDGDSRUOD%HVWLDGHGRVFXHUQRVTXHVHKDWUDQVIRUPDGRHQXQDIDOVRSURIHWD$S
FI
5HFXHUGHVHTXHSDUDTXHODRFWDYDFDEH]DVXUMDIDVHVHUDYROYHUDDVHUHVSUHFLVRTXHOD
%HVWLDVXEDGHODELVPR$SXSFISSFI+DVWDODVHSWLPDFDEH]DOD%HVWLDHVWDHQ
SRVLFLRQGHDELVPROD%HVWLDQRHVORTXHHUD\VHUHVSHWDQORVSULQFLSLRVGHPRFUDWLFRVGHOLEHUWDGGH
FRQFLHQFLD\UHOLJLRVD/DVHSWLPDFDEH]D\DGLMLPRVTXHHUD/RV(VWDGRV8QLGRV(QHOOLPLWHHQWUHHO
ILQDOGHODVHSWLPDFDEH]D\HOFRPLHQ]RGHODRFWDYDVHGDQORVFRQWHQLGRVGH$S\SDUWHGHO
FXPSOLPLHQWRGH$S(QHVRVSULPHURVLQVWDQWHVVHUHVSHWDQGHDOJXQPRGRORVSULQFLSLRVGHOLEHUWDG
UHOLJLRVDSHURPX\UHVWULQJLGRSRUODVQXHYDVOH\HVHQSURGHODVLWXDFLRQJOREDOSROLWLFRUHOLJLRVD
HFRQRPLFD\WRGDYLDHVWDPRVHQHOWLHPSRGHJUDFLD
/DFRQWULEXFLRQGH'LRVDODGHVWUXFFLRQGHOD0XMHU%DELORQLFDSRUORVFXHUQRVTXHUHSUHVHQWDQ
JOREDOPHQWHDWRGDVODVQDFLRQHVGHODWLHUUDHVODGHSUHSDUDUSRUPHGLRGHVXUHLQRHVWHFXDGUR
KLVWRULFRDODYH]TXHOOHQDGHORV(VSLULWXVDWRGRVXSXHEORSDUDSUHGLFDUHO(YDQJHOLRHQWRGDOD
WLHUUDHLGHQWLILFDUDOD0XMHU%DELORQLFD\FRQWULEXLUDVXGHVWUXFFLRQ
/DPXMHU%DELORQLFDKDGDGRORJLVWLFDRULHQWDFLRQHLQVSLUDFLRQDODVFDEH]DVGHWXUQR\DORV
GLIHUHQWHVUHLQRVHLGHRORJLDVTXHVXUJHQHQODKLVWRULD
5HFXHUGHVHTXHOD0XMHU%DELORQLFDHVFUHDFLRQVDWDQLFDPHGLDQWHVXLQVSLUDFLRQ\PDQLSXODFLRQGHOD
FLYLOL]DFLRQWHUUHVWUHGRQGHVHLQFOX\HQWRGDVODVIRUPDVGHSHQVDPLHQWRFXOWXUDOHVVRFLDOHVSROLWLFDV
HWLFDVPRUDOHVILORVRILFDVUHOLJLRVDVFRQPH]FODGHWRGRORHQXPHUDGRDQWHULRUPHQWH
$WRUPHQWDUOHTXHPDUOHGHYRUDUOH$SFIVLJQLILFDLGHQWLILFDUPHGLDQWHHO(YDQJHOLR
GHO5HLQRVXVHUURUHV\KRUURUHV\PDUJLQDUODLQXWLOL]DUODQRWHQHUODHQFXHQWDSDUDQDGD<RIUHFHUOR
TXHDXWHQWLFDPHQWHWLHQHYDORUGHYLGDHWHUQDHO(YDQJHOLRHWHUQR(VWDHVODREUDGHODSUHGLFDFLRQGHO
(YDQJHOLRHQHVHFRQWH[WRLQPLQHQWHPHQWHGHOILQTXHQRVSODQWHD$SRFDOLSVLV
7RPHPRVEXHQDQRWD'HQXHYRVHKDEODGHOPRPHQWRGHODFDLGDGH%DELORQLD&DGDYH]TXH
VHSUHGLFDFXPSOLHQGRORTXHODSURIHFLDQRVHQVHQD\VHQDODOD0XMHU%DELORQLFDVHUHVTXHEUDMD
$KRUDVHKDFHXQOODPDPLHQWRDVDOLUGH%DELORQLDDVXSXHEOR7UDGLFLRQDOPHQWHHVWHSDVDMHVH
KDLQWHUSUHWDGRFRPRUHIHULGRH[FOXVLYDPHQWHDOPXQGRHYDQJHOLFRDOTXHVHOHKDFHGHVSHUWDUHQXOWLPD
LQVWDQFLDSDUDTXHVDOJDGH%DELORQLDSHURKD\TXLHQHVGHQWURGHORTXHVHOODPDLJOHVLDUHPDQHQWHTXH
QRVHKDQHQILODGRFRPRVLHQGRGHORV1LVLTXLHUDVDEHQORTXHHVRLPSOLFDQLORGHO
VHOODPLHQWRTXHVHKDGHH[SHULPHQWDUSUHFLVDPHQWHSDUDSRGHUGDUHVWHPHQVDMHTXHDTXLVHQRVLQGLFD
<HVWDQDGRSWDQGRIRUPDVEDELORQLFDV\VHHVWDEHELHQGRGHOYLQRGH%DELORQLD&UHHPRVTXHOD
VLWXDFLRQDODTXHKDQOOHJDGRDOJXQRVFROHFWLYRVRLQGLYLGXRVDORVTXHVHDSOLFDHQWUHRWURVPHQVDMHVD
ODVLJOHVLDVHORIUHFLGRD/DRGLFHDWDPELHQDSOLFDHOGHVDOLUGH%DELORQLD1RHVTXHODLJOHVLDVHD
%DELORQLDSHURKDQOOHYDGR%DELORQLDDODLJOHVLD\FRQYLYHQFRQHOOR(VWHSXHEORPLRVRQPXFKRVGH
ORVTXHKR\YLYHQRPDOYLYHQGHQWURGHXQD,JOHVLDTXHHQHOWRGDYLDYLYHSHUSHWXDQGRVH
6LXVWHGHVREVHUYDQODWDUHDFRQVLVWHHQGDUOHDHOODORTXHHOODQRVKDGDGR\SDJDUOHHOGREOHVHJXQ
VXVREUDVSS(QHOFDOL]HQTXHHOODSUHSDUREHELGDSUHSDUDGOHDHOODHOGREOHXS
6HPXHVWUDFODUDPHQWHTXHORTXHHOODQRVKDGDGRKDVLGRXQDLGHRORJLDTXHPDQWLHQHHOSHFDGR\OR
FUHD$KRUDQRVRWURVWDPELHQOHWHQHPRVTXHGDUXQDLGHRORJLDODGHO5HLQRGH'LRVODEHELGDGHORTXH
LPSOLFDEHEHUODVDQJUHGH-HVXFULVWR$EVRUEHUODSHUVRQDGH-HVXFULVWRGHDFXHUGRDOGHUDVSHVKHU
+LMRGHO+RPEUH\DGTXLULUODYRFDFLRQFHOHVWH-QFI-QFI0WFI
&RO+E(VWRVWH[WRVQRVHVWDQPRVWUDQGRTXHWRGD
ODWLHUUDVHKDOOHQDGRGH%DELORQLD<TXHSRUORWDQWRDOSUHGLFDUHOHYDQJHOLRGHOUHLQRVHOHDWRUPHQWD
\VHOHLGHQWLILFDWRGDVXPDOGDG<HVRHVFRPRVLVHOHTXHPDUDVHOHGHVWUX\HUDFI

(OGHVSOLHJXHGHHIHFWLYRVHQHVRVPRPHQWRVGHODSUHGLFDFLRQHQHVWHFRQWH[WRGH$SRFDOLSVLVHV
DSRWHRVLFR(OPXQGRVHYHLOXPLQDGRSRUHO(YDQJHOLR/RVJREHUQDQWHVVHTXHGDQGHSLHGUD+DQ
HPSH]DGRDH[SHULPHQWDUHOFRQWHQLGRGHODVLPDJHQHVGH$S<HOVHOODPLHQWRGHORV
VHKDHIHFWXDGRFI$S<HQWRQFHVPXFKRVVHFRQYHQFHQGHOYDORU\GHODUHDOLGDGGHORVFRQWHQLGRV
GHO(YDQJHOLR\GHOD5HYHODFLRQGH-HVXFULVWR(VFRPRXQDQXHYDGHFODUDFLRQGHLQGHSHQGHQFLD
&XDQGRHQHOFXUVRGHORVDFRQWHFLPLHQWRVKXPDQRVVHKDFHQHFHVDULRSDUDXQFROHFWLYRFULVWLDQR
UHPDUFDUFRPRQXQFDDQWHVVXGLVWLQFLRQUHVSHFWRDOOXJDUTXHOHKXELHUHQGHVLJQDGR\DVXPLUHQWUHORV
SRGHUHVGHODWLHUUDSRVLFLRQHVTXHOHVLQJXODUL]DQDORFXDOWLHQHGHUHFKRVHJXQOD5HYHODFLRQ\HO'LRV
GHOD5HYHODFLRQHOUHVSHWRGHELGRDODVRSLQLRQHVGHLJOHVLDVUHOLJLRQHV\GLIHUHQWHVLGHRORJLDVH[LJH
TXHVHGHFODUHQODVFDXVDVTXHREOLJDQDHVWHFROHFWLYRDODGLVWLQFLRQ\DFODPDUD'LRVSRUVX
OLEHUDFLRQGHILQLWLYDGHHVWDWLHUUD
6RVWHQHPRVFRPRYHUGDGHVHYLGHQWHVTXHWRGRVORVKRPEUHVHVWDQGRWDGRVSRUVX&UHDGRUGHFLHUWRV
GHUHFKRVLQDOLHQDEOHVHQWUHORVTXHVHHQFXHQWUDQHOGHUHFKRDODYLGDDODOLEHUWDG\DODOFDQFHGHOD
IHOLFLGDG\VLELHQHVFLHUWRTXHORVGLIHUHQWHVJRELHUQRV\HOTXHKDPDQWHQLGRHQFDGDPRPHQWR
KLVWRULFRODDXWRULGDGVXSUHPDKDQSURFXUDGRGHDFXHUGRDFLHUWDVSRVLELOLGDGHVHLQGHSHQGLHQWHPHQWH
GHODVH[FHSFLRQHVHOELHQHVWDUVRFLDOFXDQGRHVRVJRELHUQRVOLGHUDGRVSRUORTXHVXSRQHSRVHHUOD
DXWRULGDG\HFRQRPLDVXSUHPDSHUSHWXDQXQDHVWDQFLDJOREDOHQODWLHUUDGHVXIULPLHQWRHQIHUPHGDG\
PXHUWHQRUHFRQRFLHQGRVXLPSRWHQFLDLQFDSDFLGDGHLQFRPSHWHQFLDSDUDUHYHUWLUHVHFDRVSHUPDQHQWH
HVQXHVWURGHEHU\GHUHFKRVHQDODUHVDFRQGLFLRQGHGHVSURWHFFLRQ\FODPDUD'LRVTXHXUJHQWHPHQWH
LQWHUYHQJDPHGLDQWHVXSURPHVDGHOD6HJXQGD9HQLGD\URPSDFRQHVHEHQHSODFLWRPDOLJQRGH
SHUSHWXDUVHHQODWLHUUDPHGLDQWHVLVWHPDVGHJRELHUQRVUHOLJLRVRVHFRQRPLFRVTXHGXUDQWHVLJORV\
VLJORVLQGHSHQGLHQWHPHQWHGHORVDMXVWHV\FRPSRVWXUDVKDQUHVXOWDGRHQXQDFDGHQDGHDEXVRV\FULVLV
TXHVHYDQVXFHGLHQGRWUD\HQGRODUHGXFFLRQDOSXHEORDXQGHVSRWLVPRGHODLQPRUDOLGDG\GHOD
LJQRUDQFLDGHODYHUGDGSURORQJDQGRLQYDULDEOHPHQWHODDJRQLDGHODPXHUWHGHODHQIHUPHGDGGHO
VXIULPLHQWRODSREUH]DFRQVWDQWHFRQHOKDPEUHHQODPD\RUSDUWHGHODSREODFLRQ\ODDXVHQFLDGHOGRQ
PDVSUHFLRVRHOGHODYHUGDGTXHQRVKDFHOLEUHV
6LELHQHVFLHUWRTXHHQHVWDXOWLPDHWDSDGHODKLVWRULDGHODKXPDQLGDGVHLQWURGXMRJUDFLDVDOD
UHYROXFLRQQRUWHDPHULFDQDSULPHUR\IUDQFHVDGHVSXHVXQDHSRFDGHOLEHUWDGHV\GHPRFUDFLDFRQORTXH
VHEHQHILFLRODH[SDQVLRQGHOHYDQJHOLRQRVHKDSRGLGRDOWHUDUHOIOXMR\HOUHIOXMRGHODFULVLVHO
UHODWLYLVPRPRUDO\ODLQHVWDELOLGDGH[LVWHQFLDOSURYRFDQGRFRQWLQXDPHQWHHQODVIDPLOLDVHLQGLYLGXRV
]R]REUDVHLQVHJXULGDG/DVLQMXVWLFLDVVHKDQLGRVXFHGLHQGR$TXHOORVTXHSURFODPDEDQHOGHUHFKRDOD
YLGDDODOLEHUWDG\DODIHOLFLGDGKDQSURGXFLGRXQDUHDOLGDGFRQWUDULDJXHUUDVFRUUXSFLRQHV\PXHUWH
FRQYLUWLHQGRVHHQDEXVRVFRQVWDQWHVSDUDORVTXHQRKDKDELGRVROXFLRQ'XUDQWHVLJORVORVGLVFLSXORVGH
&ULVWRKDQVHQDODGRHVWRVGHVRUGHQHVPRVWUDQGRVROXFLRQHVHQODDFHSWDFLRQ\FXPSOLPLHQWRGHO
(YDQJHOLRGHO5HLQRGH'LRVHLQYROXFUDQGRVHGHPRGRSUDFWLFRHQODSURVHFXFLRQGHXQELHQHVWDUSDUD
ORVPDVGHVIDYRUHFLGRV\D\XGDQGRDODVRFLHGDGHQODVFRQVHFXHQFLDVQHJDWLYDVGHVXVSURSLDV
DFFLRQHV&RPRUHVSXHVWDVHQXOWLPDLQVWDQFLDKHPRVFRQVHJXLGRSHUVHFXFLRQHVEXUODV\UHFKD]R
6LELHQKDKDELGRSHUVRQDVGHEXHQDYROXQWDGTXHEDVDQGRVHHQODSDUWHSRVLWLYDGHODFRQFHSFLRQ\VX
TXHKDFHUHVWDWDOKDQFRQWULEXLGRDXQTXHUHUPHMRUDUQXHVWURPXQGR\DXQFXDQGRVHKDGLFWDGRFLHUWDV
QRUPDVTXHEHQHILFLDQDODKXPDQLGDGFUHDQGRVLWXDFLRQHVVRFLDOHVSRVLWLYDVVHJXULGDGVRFLDOGLJQD\
XQFLHUWRVLVWHPDHGXFDWLYRQHXWURGHQWURGHXQSURFHVRWRGRHOORGHWULVWH]DVDPELJXHGDGHV
SHUMXGLFLDOHVFRQIXVLRQHVEDELORQLFDVGHFDGHQFLDKDFLHQGRSUHVHQWHHORFDVRGHODSHUVRQD\GHOD
SHUVRQDOLGDG\HVWRHVLQHYLWDEOHGHFLUORFRPRFRQVHFXHQFLDTXHVHPDQWLHQHXQDFRQFHSFLRQHVWDWDO
TXHHVWDHQDELHUWDUHEHOGLDUHVSHFWRGHO'LRVTXHVHUHYHOD\GHORDQXQFLDGRHQOD3DODEUDGH'LRVHQ
FXDQWRDODFRQILJXUDFLRQGHODPXMHUEDELORQLFDFXHUQRSHTXHQR\SULPHUDEHVWLDODEHVWLDGHGRV
FXHUQRV\IDOVRSURIHWDVLPERORVTXHUHSUHVHQWDQUHDOLGDGHVLGHRORJLFDVTXHVHRSRQHQ
VLVWHPDWLFDPHQWHD'LRVDVXPLGDVWDQWRSRUODFRQFHSFLRQHVWDWDOWUDVFHQGLGDSRUHOGUDJRQFRPRSRUOD
FLYLOL]DFLRQWHUUHVWUHFRQWDPLQDGDSRUHOGUDJRQFRPRSRUHOIDOVRSURIHWDTXHVXVWLWX\HHQVXPRPHQWR
DODPXMHUEDELORQLFDPDUJLQDGD\TXHPDGD\TXHVHYDRSRQLHQGRPHWRGLFDPHQWHDOSODQGH'LRV
DVXQWRVWRGRVHVWRVTXHODKLVWRULDDQWLFLSDGDPHGLDQWHODSURIHFLDUHYHODGDSRU-HVXFULVWRSDUDHOXOWLPR
WLHPSRHQODV(VFULWXUDVQRVGHVFXEUHQ
&RQWRGRORGLFKRKD\TXHKDFHUXQDFODUDGLIHUHQFLDHQWUHODVSHUVRQDVTXHVRVWLHQHQODFRQFHSFLRQ
HVWDWDOSHURVLQGHMDUVHWUDVFHQGHUSRUHOGUDJRQSXGLHQGRWUDHUDVSHFWRVSRVLWLYRVDODFRPXQLGDGORFDO
HLQFOXVRPXQGLDO\HVRVVLPERORVTXHUHSUHVHQWDQDVLVWHPDVIRUPDGRVSRUSHUVRQDVTXHVHGHMDQ
WUDVFHQGHUSRUHOGUDJRQFRQWDPLQDQGRVH\SUR\HFWDQGRVHGHDFXHUGRDOHVSLULWX\DFWLWXGTXHQRVUHILHUH
SDUDHVRVVLPERORVFRQVXVUHDOLGDGHVGHQRPLQDGRVPXMHUEDELORQLFDFXHUQRSHTXHQRSULPHUD
EHVWLDEHVWLDGHGRVFXHUQRVIDOVRSURIHWD\FRPRSRVH\HQGRODDXWRULGDGVXSUHPD\HOOLGHUD]JR
JOREDOGHQWURGHOQXHYRRUGHQPXQGLDO'HDKLTXHFXDQGRXQDODUJDFDGHQDGHDEXVRV\XVXUSDFLRQHVTXH
SHUVLJXHQLQYDULDEOHPHQWHHOPLVPRREMHWLYRKDFHSDWHQWHODLQWHQFLRQGHUHGXFLUDOPXQGRDXQDXQLGDG
JOREDOSHUSHWXDQGRORDVHJXLUH[SHULPHQWDQGRHOGHVSRWLVPRGHOUHODWLYLVPRPRUDOGHOVXIULPLHQWROD
HQIHUPHGDG\ODPXHUWHHQOXJDUGHSURFODPDUODLPSRVLELOLGDGGHUHVROYHUORVJUDQGHVSUREOHPDVWDQWR
GHOPXQGRFRPRGHODVSHUVRQDV\FODPDUDO'LRVGHODUHYHODFLRQVXLQWHUYHQFLRQHVQXHVWURGHUHFKR
WHQLHQGRHQFXHQWDORDQWHULRUGHDGYHUWLUORVVLJXLHQWHVKHFKRVDQWHXQPXQGRTXHQRORVFRQRFH
/DVJXHUUDVOLEUDGDVSRUORVTXHHQFDGDPRPHQWRKLVWRULFRKDQSUHWHQGLGRSRVHHUODDXWRULGDG
VXSUHPDRHOGHVHRGHDSRGHUDUVHGHODVPDWHULDVSULPDVRGHORVWHUULWRULRVGHORVGHPDVKDQVLGR
VLHPSUHLQMXVWDVDXQFXDQGRVHKD\DQGLVIUD]DGRGHMXVWLFLD
/DSREUH]D\HOKDPEUHDVRODQDODPD\RUSDUWHGHQXHVWURPXQGR
/DSHUVHFXFLRQVHDGHFXDOTXLHULQGROHHVGHVSHUWDGDSRUHOIDQDWLVPR\HOPLHGRDTXHVHVHQDOHHO
HUURUSRUHOTXHVRVWLHQHVXDXWRULGDG\SRGHU
+D\LQVWLWXFLRQHVVXSUDQDFLRQDOHVDSR\DGDVSRU1DFLRQHV8QLGDVTXHHVWDQFUHDQGRXQDQXHYD
UHOLJLRQFRQODVFDUDFWHULVWLFDVVHOHFFLRQDGDVVLJXLHQWHV
/DVUHOLJLRQHVFRQVLGHUDGDVFRPRPD\RULWDULDV\XQLYHUVDOHVDFHSWDQHOUHVSHWRGHODV]RQDV
LPSXHVWDVSRUFDGDUHOLJLRQPD\RULWDULDHQVXWHUULWRULR(VWRFRQOOHYDDQRSRGHUH[WHQGHUHO
(YDQJHOLRPDVDOODGHOD]RQDTXHXQDUHOLJLRQGRPLQD
/DSUHGLFDFLRQGHO(YDQJHOLRHQWHQGLGDFRPRSURVHOLWLVPRHVWDULDSURVFULWD
8QLFDPHQWHVHSRGULDSUHGLFDUHO(YDQJHOLRGHQWURGHOD,JOHVLDRGHODFDVDRGHFXDOTXLHUOXJDU
GHFXOWR\SDUDDTXHOORVTXHVLQVHUGHHVDUHOLJLRQGHWHUPLQDGDSLGLHUDQFRQRFHUOD&XDOTXLHURWUD
FRVDVHFRQVLGHUDULDFRDFFLRQHLPSRVLFLRQORTXHHVWDULDFRQGHQDGRSRUOH\
8QDQXHYDXQLRQGH,JOHVLD\(VWDGRGHUHOLJLRQ\SROLWLFDYROYLHQGRDODHSRFDGHORVGLDV
SURIHWLFRVFRQODVLPSOLFDFLRQHVTXHHVWROOHYDFRQVLJRGHLPSRVLFLRQ\GHDFRVR
$QWHHOFRQIOLFWRTXHVHGHVSLHUWDGHHQWUDGDHQWUHDTXHOORVTXHFRQVLGHUDQXQGHEHUHOSUHGLFDUHO
(YDQJHOLR(WHUQRHQHOFRQWH[WRGHODSUR[LPLGDGGHOUHWRUQRGH-HVXFULVWRWUDHUDFRPRFRQVHFXHQFLDGH
TXHODEHVWLDSULPHUDHQVXYHUVLRQRFWDYDDSR\DGDSRUODGHGRVFXHUQRVKDUDVXUJLUGHQWURGH
XQFRQWH[WRDSDUHQWHPHQWHGHPRFUDWLFROH\HV\GHFUHWRVTXHPHUPDUDQHQXQVHQWLGRDPSOLRODOLEHUWDG
GHFRQFLHQFLD\UHOLJLRVDSDUDODSUHGLFDFLRQ\FXPSOLPLHQWRGHORVPDQGDPLHQWRVGH'LRV\GHODIHGH
-HVXV
+DEUDXQDXQLRQHQWUHHO(VWDGRPDVSRGHURVRGHODWLHUUDFRQODUHOLJLRQPDVLPSRUWDQWHGHHVWH
PXQGRFRLQFLGHQWHFRQHOVXUJLPLHQWRGHOD2FWDYDFDEH]DTXHHVXQDGHHQWUHODVVLHWH
$QWHVGHO$UPDJHGRQ\GHOVXUJLPLHQWRGHOH\HVFRHUFLWLYDV\GHOD6HJXQGD9HQLGDGH-HVXFULVWRVH
SUHGLFDUDHO(YDQJHOLR(WHUQRHQHOFRQWH[WRGHOD5HYHODFLRQGH-HVXFULVWRVV\
LOXPLQDQGRVHWRGDODWLHUUDFRQORVFRQWHQLGRV\H[WHQVLRQGHO(YDQJHOLRDWRGDVODVJHQWHVTXHSXHEODQ
HVWDWLHUUD0XFKDVSHUVRQDVLQIOX\HQWHVVHQFLOODV\WDQWRGHOPXQGRSROLWLFRFRPRHVWDWDO\GH
FXDOTXLHURWUDLQGROHDFHSWDUDQHVH(YDQJHOLRHQODVHVFHQDVSUHYLDVDOD6HJXQGD9HQLGDGH-HVXFULVWR
(O$UPDJHGRQODXOWLPDEDWDOODVRVWHQLGDVREUHHVWDWLHUUDVHUHDOL]DHQWUHHO'LRVTXHVHUHYHOD\HO
SRGHUHVWDEOHFLGRHQHVWHPXQGRFXDQGRHVH'LRVTXHVHUHYHODPHGLDSRUVX3XHEOR\ORTXLHUHOLEUDU
GHILQLWLYDPHQWHGHODPXHUWHGHODHQIHUPHGDG\GHOVXIULPLHQWR
&RPRHQDQWDQRDQWHVGHODJHVWDFLRQGHILQLWLYDGHO$UPDJHGRQHQHOWLHPSRGHJUDFLD'LRV
PHGLDQWHVX5HYHODFLRQVHGLULJLUDDO)DUDRQ\OHGLUD'HMDVDOLUDPLSXHEOR(VGHFLUQRTXLHUDV
SURORQJDUPDVWXH[LVWHQFLDVREUHHVWDWLHUUDSHUSHWXDQGRHOPDOHOVXIULPLHQWRODHQIHUPHGDG\OD
PXHUWH'HFODUDWHLQVROYHQWHHLQFDSD]GHJHQHUDUXQDMXVWLFLDDMHQDDODGH0L5HYHODFLRQ<HO
)DUDRQOHFRQWHVWDUD"4XHPHPXHVWUDVSDUDTXH\RWHQJDTXHFUHHU"<HQWRQFHVVHLOXPLQDUDWRGDOD
WLHUUDFRQODOX]GHO(YDQJHOLR(WHUQR\FRQHOSRGHUGHO(VSLULWX6DQWRVHSUHVHQWDUDDWRGRVORVTXH
HVWDQHQHVHPXQGRUHEHOGHDO'LRVGHOD5HYHODFLRQGHODYHUGDGHWHUQDTXHQRVKDFHOLEUHV\
FRPSUREDUDODVDOYDFLRQFRPRQXQFDDQWHV\GHOHQJDQRGHODPXMHUEDELORQLFD5HYHODFLRQGH
-HVXFULVWRFI5HYHODFLRQGH-HVXFULVWR/RVJRELHUQRV\JREHUQDQWHVGHHVH
PRPHQWRKLVWRULFRPRWLYDGRVSRUODOX]GH(YDQJHOLR(WHUQRGHVWUXLUDQDOFRQFHSWR\FULWHULRLGHRORJLFR
PXMHUEDELORQLFDTXHPDQGRORHVGHFLUPDUJLQDQGROR\DSDUDVLHPSUHQRGDQGROHQLQJXQWLSRGH
FDQFKD<PXFKDVJHQWHVWDQWRGHORVJRELHUQRVFRPRQRDFHSWDUDQHO(YDQJHOLRGHVDOYDFLRQEDMRHVD
OOXYLDWDUGLDVLQSUHFHGHQWHV3HURHO)DOVRSURIHWDR%HVWLDGH'RVFXHUQRVTXHHVWDKDFLHQGRXQD
LPDJHQGHODSULPHUD%HVWLD5HYHODFLRQGH-HVXFULVWRFI5HYHODFLRQGH-HVXFULVWR
VXVWLWXLUDDOD0XMHU%DELORQLFDHQXOWLPDLQVWDQFLDFUHDQGROH\HVFRQODSULPHUD%HVWLDHQVX
YHUVLRQ2FWDYDTXHHVXQDGHODVVLHWHODTXHKDELDUHFLELGRODKHULGDPRUWDO\KDGHYROYHUD
FXUDUVHTXHDWHQWDUDQGHDOJXQPRGRDOSXHEORGH'LRVDODYH]TXHUHDOL]DPDUDYLOODVTXHVRQ
HQWHQGLGDV\H[SHULPHQWDGDVFRPRSURYHQLHQWHVGHO&LHOR
'HVSXHVGHHVDH[SHULHQFLDPDUDYLOORVDGHODFRQIURQWDFLRQFRQHO(YDQJHOLR(WHUQRHO3XHEORGH
'LRVPHGLDQWHOD5HYHODFLRQFRQILJXUDUDGHQXHYRXQOODPDPLHQWRSDUDHO)DUDRQ'HMDVDOLUDPL
SXHEOR(VGHFLU"1RWHGDVFXHQWDTXHVHHVWDGHVWUX\HQGRODWLHUUDFRPRFRQVHFXHQFLDGHWXVDFWLWXGHV
FI5HYHODFLRQGH-HVXFULVWR\TXHVHHVWDSUR\HFWDQGRFRPRQXQFDDQWHVHOPDO\ODHQIHUPHGDG
\TXHDSHVDUGHWRGRVORVLQWHQWRVVHIUDFDVD"'HFODUDWHLQVROYHQWHHLQFDSD]GHUHVROYHUODSUREOHPDWLFD
KXPDQD\GHXQPXQGRJOREDO&ODPDD0LSRUOD6HJXQGD9HQLGDQRTXLHUDVSHUSHWXDUWHDTXLFRQWXV
REUDVGHGHVDUUROORSHUPDQHQWH(O)DUDRQFRQWHVWDUD12QRTXLHURKDFHUWHFDVRSRUFXDQWRQRVHTXH
WLSRGH'LRVHUHV"4XLHQHVHVH'LRV"(VWR\XQLGRFRQHO'LRVTXHVHUHSUHVHQWDHQHOVLVWHPDSROLWLFR
UHOLJLRVRFXUDGRUHVXFLWDGR\HOKDUHDOL]DGRSUXHEDV\WHVWLPRQLRVFRPRSURYHQLHQWHVGHO&LHOR"4XH
KDFHV7XDFDPELR"
(QWRQFHVHO'LRVGHOD5HYHODFLRQ\OD5HYHODFLRQOHGLUD0LSXHEORJLPH\HVWDDQJXVWLDGROD
HQIHUPHGDG\ODPXHUWHOHFRQVXPHTXLHUROLEUDUORGHILQLWLYDPHQWHGHORVPDOHVGHHVWHPXQGR6HKD
OOHJDGRDXQSXQWRTXHQRSXHGHJR]DUVH\DGHORTXHLPSOLFDODFXUDFLRQGHO(YDQJHOLR\<262<
WHVWLJRKR\GHTXHVHWHKDRIUHFLGRODVDOYDFLRQ\QRODTXLVLVWH<DQRKD\WLHPSRTXHSHUGHUHVD
JHQHUDFLRQLQFUHGXODKDOOHJDGRDVXRFDVRVRORVHOHGDUDODSUXHEDGHORVDQJHOHVQRUHWHQLHQGRORV
YLHQWRVFRQORTXHVHSURYRFDUDODFDLGDGHODVXOWLPDVSODJDVORTXHVHKDVHPEUDGR\DFXPXODGROR
XWLOL]DUHGRQGHVHPRVWUDUDODLPSRVLELOLGDGGHODYLDELOLGDGGHHVWHPXQGRFRUURPSLGR\FDGXFR8QDGH
HVDVXOWLPDVSODJDVHVHO$UPDJHGRQ
(VSRUWRGRHOORTXHDX[LOLDGRVSRUHVH'LRV\VRPHWLGRVYROXQWDULDPHQWHD(OLQVWDPRVDWRGDOD
WLHUUDDKRUDTXHWRGDYLDKD\WLHPSRSDUDFUHFHUHVSLULWXDOPHQWH\SUHSDUDUDXQSXHEORSDUDHOUHWRUQRGH
-HVXFULVWRDODDFHSWDFLRQGHO(YDQJHOLR(WHUQRDILQGHD\XGDUDFRQRFHUDO'LRVTXHVHUHYHOD\VX
5HLQRUHYHODGRSRU-HVXFULVWR\UHFRUGDGRSRUHO(VSLULWX6DQWRHQORVWHUPLQRVVLJXLHQWHV
4XHDOTXHUHUYLYLUHO5HSRVRHWHUQRGH'LRVTXHQRVHQVHQD-HVXFULVWRGXUDQWHOD6HPDQD\HQFDGD
6KDEDWFHOHVWLDOVHPDQDOGHVSURYLVWRVHQWRQFHVGHODVREUDVGHSHFDGR\GHWUDEDMR
LQGHSHQGLHQWHPHQWHGHORTXHVXSRQHDGLIHUHQFLDGHORTXHQRLPSOLFDODH[SHULHQFLDGHO5HSRVRHWHUQR
GH'LRVQRWDPRVODVGLILFXOWDGHVTXHODVLWXDFLRQ\FRQGLFLRQDFWXDOSURSRQHDILQGHH[SHULPHQWDUHVH
5HSRVRHWHUQRGH'LRV\YRFDFLRQFHOHVWHLQGXFLGRVSRUODREUDWHUUHVWUH\FHOHVWHGHO+LMRGHO
+RPEUHR0HVLDV-HVXVH+LMRGH'LRV
4XHHVH5HSRVRHWHUQRGH'LRVYLHQHSURSLFLDGRSRUOD9LGDHWHUQDREWHQLGDHQ-HVXFULVWR\D
DKRUDRWRUJDQGRQRVYLWDOLGDG\VDOXGILVLFDPHQWDO\HVSLULWXDOSHURGDGDVODVFLUFXQVWDQFLDVDFWXDOHV
PLHQWUDVHVWHPXQGRGHVHTXLOLEUDGRH[LVWDQRVUHFXHUGDFRQVWDQWHPHQWHHQVXSURORQJDFLRQFXDQGRHQ
RFDVLRQGHOD6HJXQGD9HQLGDGH-HVXFULVWRVHDPRVLQWURGXFLGRVHQODUHVXUUHFFLRQGHORVPXHUWRVHQ
&ULVWRHQQXHYRVFLHORV\QXHYDWLHUUDGRQGHHOWUDEDMRQXQFDIDOWDUDODPXHUWHRHQIHUPHGDGQR
H[LVWLUDQ\ORVYDORUHVTXHDOLPHQWDQ\GDQYLGDDQXHVWUDH[LVWHQFLD\HTXLOLEULRMDPDVGHMDUDQGHVHU
FRQORTXHHOGHUHFKRDODYLGD\DODIHOLFLGDGVHUDQODUHDOLGDGQRUPDOSHUPDQHQWHPHQWHFRQVWDWDEOH
4XHHO'LRVTXHVHUHYHODQRVGLFHHO0HVLDV-HVXVQRHVXQ'LRVGHPXHUWRVVLQRGHYLYRV(VWR
TXLHUHGHFLUTXHDSHVDUGHODPXHUWHTXHWUDHODLQFRQVFLHQFLD'LRVQRVWLHQHSUHVHQWHVHQVXPHPRULD
FRPRYLYRVUHGLPLGRVFRQORTXHHVDPXHUWHQRHVGHILQLWLYDVLQRUHYHUVLEOHHQ\FRQODUHVXUUHFFLRQ
WUDVODGDQGRDOQXHYRFLHOR\QXHYDWLHUUDHQRFDVLRQGHVX6HJXQGD9HQLGDDORVUHVXFLWDGRV\DORVTXH
HVWHQYLYRVHVSHUDQGRVXUHWRUQR<WRGRHVWRHQVXGHELGRRUGHQ
4XHODH[SHULHQFLDGHODYRFDFLRQFHOHVWH\GHODPRUVDOYLILFRHQ-HVXFULVWRUHFODPDXQDH[LVWHQFLD
FULVWLDQDGHDFXHUGRDODPRUDOSURMLPR\DORVSRVLEOHVTXHVHSUHVHQWHQFRPRHQHPLJRVDXQDFRQGXFWD
JHQHUDGDSRUORVFRQWHQLGRVGHO5HLQRGH'LRVRGHORVFLHORVH[SUHVDGRVHQHOLGHDULRGHO6HUPRQGHO
0RQWH
4XHODFHOHEUDFLRQ\YLYHQFLDGHXQSDFWRPDWULPRQLDOKDGHFRLQFLGLUFRQHOPDWULPRQLRTXHULGRSRU
'LRVTXHOOHYDFRQVLJRODHOHFFLRQDGHFXDGDSDUDHOFXPSOLPLHQWRGHHVHSDFWR\SDUDODFRQVROLGDFLRQ
GHODIDPLOLDHQFXDQWRDODYROXQWDGGH'LRV
(VSRUWRGRHOORTXHDQWHODSHUSHWXLGDGGHOPDOTXHDVRODDODWLHUUDDQWHODVWHUULEOHVGHVJUDFLDVDQWH
ORVPDOXVRVGHODQDWXUDOH]D\DQWHODH[SHULHQFLDTXHVLHPSUHKDVLGRDVL\TXHQRKD\SRVLELOLGDG
KXPDQDGHYDULDELOLGDG\DQWHODVSURPHVDVTXHQRVGHYXHOYHQHOGHUHFKRDODYLGD\ODIHOLFLGDG\TXH
\DKHPRVFRPSUREDGRHQSDUWHHQ&ULVWRHQQXHVWUDPLVLRQGHODSUHGLFDFLRQGHO(YDQJHOLR(WHUQR
GHFODUDPRVTXHQRTXHUHPRVSHUSHWXDUQRVHQHVWHPXQGR\HVSHUDPRVQXHYRVFLHORV\QXHYDWLHUUD
GRQGHQRKDEUDPXHUWHQLHQIHUPHGDGHLQVWDPRVDWRGRVORVVHUHVKXPDQRVFRQVXVJRELHUQRVUHOLJLRQHV
HLGHDVILORVRILFDV\FXOWXUDOHVDSHODQGRDO-XH]6XSUHPRTXHVHDUUHSLHQWDQ\VHYXHOYDQDO'LRVTXHVH
UHYHOD\FRQVLGHUHQOD6HJXQGD9HQLGDGH-HVXFULVWRFRQORTXHLPSOLFDFRPRODXQLFDVROXFLRQDOD
SUREOHPDWLFDJOREDOKXPDQD!!!
 (OOORURSRUOD0XMHUEDELORQLFD
$XQTXHHVWHPHQVDMHHVDFHSWDGRSRUPXFKRV\OD0XMHU%DELORQLFDKDTXHGDSOHQDPHQWHQRTXHDGDH
LQVHUYLEOHODRFWDYDFDEH]DVHUHYXHOYH\HO)DOVR3URIHWDRULHQWDGRSRUHO0DOLJQRVXVWLWX\HDOD0XMHU
%DELORQLFDFI$SFI$SFI/DPDUJLQDFLRQWRWDOGHOD0XMHUEDELORQLFD
SURSLFLDXQDFULVLVHFRQRPLFDFDQWDGD\OORUDGDSRUODVJUDQGHV&OXEV\/REELHV\RUJDQL]DFLRQHV
VXSUDQDFLRQDOHVMXQWDPHQWHFRQODPD\RULDGHORVHPSUHVDULRV\OLGHUHVGHORVVLVWHPDVHFOHVLDVWLFRV\
UHOLJLRVRVTXHKDELDQYLYLGRDODPSDURGHHOOD$S
6LVHKDHVWDGRHVWXGLDQGRWRGRORDQWHULRUHQUHODFLRQDOD0XMHU%DELORQLFD\UHVSHFWRDOD%HVWLD\
GHVXVFDEH]DV\FXHUQRVSRGHPRVFRPSOHWDUHOFXDGURGHORLPSOLFDGRHQHVD0XMHU%DELORQLFD/D
PD\RULDGHORVFRPHQWDULVWDVTXHHVWXGLDQHOVLPERORGHOD0XMHU%DELORQLFDQRWLHQHQHQFXHQWDTXHOD
0XMHU%DELORQLFDVHQRVSUHVHQWDVHQWDGDVREUHXQD%HVWLDUHSUHVHQWDWLYDGHOSRGHUHVWDWDORGHORTXH
SRVHHODDXWRULGDGVXSUHPDGRPLQDQWHHQFDGDPRPHQWRKLVWRULFRVHQDODGRHQFDGDFDEH]D<TXHGHVGH
HVHFRPLHQ]RKLVWRULFRHQHOTXHVHFRQILJXUDOD%HVWLDGHDFXHUGRDORVDSRUWHVGH'DQLHOPHGLDQWHORV
GRPLQLRVGH%DELORQLD0HGR3HUVLD*UHFLD5RPD4XLQWD&DEH]D6H[WD6HSWLPD\OD2FWDYDR
4XLQWDUHVWDXUDGDRFXUDGDOD0XMHU%DELORQLFDVHQWDGDVREUHHVDFRQILJXUDFLRQKDHVWDGRH[LVWLHQGR
3RUORWDQWRVLHOFRQFHSWREDELORQLFRUHFRJHWRGDXQDFRQGLFLRQLGHRORJLFDIDOVHDGDGHVGHORV
FRPLHQ]RVGHHVDKXPDQLGDGGHODVFDEH]DV\FXHUQRVTXHVHPXHYHGHDFXHUGRDHVD
FRQWDPLQDFLRQVDWDQLFDOD0XMHU%DELORQLFDDVHQWDGDVREUHOD%HVWLDGHODVFDEH]DV\FXHUQRV\
RULHQWDQGROHQRSXHGHVHURWUDTXHODFLYLOL]DFLRQWHUUHVWUHTXHFRQWDPLQDGDSRUHO'UDJRQFRQWLHQH
WRGRHOYHKLFXORLGHRORJLFR\FXOWXUDOOOHQRGHHOHPHQWRVSRVLWLYRVSHURFRQWDPLQDGRVHQDOJXQD
SURSRUFLRQSRUHOSULQFLSHRHOGLRVGHHVWHPXQGR-QFID&RUFI$S(VD0XMHU
EDELORQLFDVHYDDFWXDOL]DQGR\HQFDUQDQGRHQFDGDPRPHQWRKLVWRULFRHQTXHOD%HVWLDVHDFWXDOL]D\
HQFDUQDDVXYH]HQFDGDXQDGHVXVFDEH]DV(OSURWDJRQLVPRGHHVD0XMHU%DELORQLFDGHQWURGHHVD
GLUHFFLRQDOLGDGEDELORQLFDYDFDPELDQGRGHDFXHUGRDODDFWXDOL]DFLRQGHOD%HVWLDHQFDGDXQDGHVXV
FDEH]DV(YLGHQWHPHQWHOD0XMHU%DELORQLFDRFLYLOL]DFLRQWHUUHVWUHFRQWDPLQDGDSRUHOGUDJRQQRHVWD
SURWDJRQL]DGDSRUORPLVPRTXHVREUHVDOHHQODHSRFDGHODFXDUWDFDEH]DR5RPDFRPLHQ]RGHO
FXDUWRUHLQR^VHJXQ'DQLHO>'Q@`TXHFXDQGRVHSUHVHQWDXQDQXHYDFDEH]D
ODDRODDRODDRODDDUHVWDXUDGD6LWXDFLRQHVHVWDVGLVWLQWDVWDQWRHQHOWLHPSRFRPRHQHO
SURWDJRQLVPRGHOLGHUD]JRGHORPDVUHSUHVHQWDWLYRGHHVD0XMHU%DELORQLFDHQODVGLIHUHQWHVHSRFDV
TXHH[LVWH&LHUWRVDXWRUHVQRKDQVDELGRGHVSHJDUVHGHFLHUWDVGHGXFFLRQHVGHDOJXQDVOHFWXUDVTXHQR
VRQVRODHVFULWXUD&XDQGRDOJXLHQFRQXQDDXWRULGDGLQGLVFXWLEOH\QHFHVDULDQRVGLMHUDSRUHMHPSOR
TXHOD%HVWLDGH$SRFDOLSVLVHVHOSDSDGRQRQRVHVWDULDTXHULHQGRGHFLUTXHWRGDOD%HVWLDGH
$SRFDOLSVLVHVHOSDSDGRVLQRTXHOD%HVWLDTXHVHDFWXDOL]DHQFDGDXQDGHVXVFDEH]DVHQWRQFHV
FXDQGRHVWXYLHUDWUDWDQGRODHSRFDSRUHMHPSORGHODDFDEH]DVHULDFRUUHFWRGHFLUTXHOD%HVWLDGH
$SRFDOLSVLVDFWXDOL]DGDHQVXD&DEH]DHVHOVLVWHPDSDSDO3RUTXHFXDQGROD%HVWLDHVWXYLHUD
DFWXDQGRPHGLDQWHODDFDEH]DHOSURWDJRQLVPRGHOD%HVWLDDFWXDOL]DGDHQODFXDUWDHV5RPDLPSHULDO
3RGHPRVGHFLUTXHOD%HVWLDGXUDQWHODSULPHUDFDEH]DHV%DELORQLDGXUDQWHODVHJXQGDHV0HGR3HUVLD
ODWHUFHUD*UHFLD\DVLVXFHVLYDPHQWH/D%HVWLDVHDFWXDOL]DHQFDGDXQDGHVXVFDEH]DVGHFDGD
PRPHQWRKLVWRULFRSURWDJRQL]DGRSRUORTXHUHSUHVHQWHFDGDXQDGHHVDVFDEH]DV\TXHSRGHPRV
LGHQWLILFDUORHQODKLVWRULD
6LODD&DEH]DRVLVWHPDSDSDOUHFLEHXQDKHULGDPRUWDOWDOFRPR\DYLPRV\HVHOVLVWHPDSROLWLFR
UHOLJLRVRD\XGDGRSRUDOJXQRVGHORVFXHUQRVTXHVHYHRULHQWDGRGXUDQWHODHSRFDGHODD&DEH]D
SRUOD0XMHU%DELORQLFDFX\RSURWDJRQLVPRORRFXSDSULQFLSDOPHQWHOD,JOHVLD&DWROLFD5RPDQDVLQ
GHVFDUWDURWURVFRQWHQLGRVLGHRORJLFRVIDOVHDGRVHVFRQFOX\HQWHTXHFXDQGRVHUHFLEHHVDKHULGDPRUWDO
SRUODVH[WDFDEH]DSLHUGHWDQWRHOSURWDJRQLVPRODDFDEH]DFRPROD0XMHU%DELORQLFDHQVX
SURWDJRQLVPRFRQFUHWR0XMHU%DELORQLFDTXH\DKHPRVGHPRVWUDGRTXHVLHQGRODFLYLOL]DFLRQWHUUHVWUH
DEDUFDPXFKRPDVTXHXQVLVWHPDUHOLJLRVRIDOVHDGR\FRQWDPLQDGRSRUHO'UDJRQ"4XLHQRFXSDHO
SURWDJRQLVPRHQOD0XMHU%DELORQLFDGXUDQWHODHSRFDGHODVH[WD\GHODVHSWLPD"(YLGHQWHPHQWH12OD
,JOHVLD&DWROLFD5RPDQD/DKHULGDGHODD&DEH]DQRKDVLGRFXUDGDWRGDYLDGXUDQWHODVH[WD\EXHQD
SDUWHGHODVHSWLPD+DVWDTXHQROOHJXHOD2&7$9$TXHDFWXDOL]DDOD%HVWLDGXUDQWHHVHSHULRGRGH
ODRFWDYDTXHHVXQDGHODVQROOHJDODFXUDFLRQ<HQWRQFHVOD%HVWLDDFWXDOL]DGDHQODRFWDYD
YXHOYHDVHUORTXHIXHFI$S
'XUDQWHODHSRFDGHODVH[WDFDEH]DHOSURWDJRQLVPRGHOD0XMHU%DELORQLFD\DQRHVSULQFLSDOPHQWH\
HQFRQFUHWRORUHOLJLRVRIDOVHDGR(QODHSRFDGHODVH[WDFDEH]DVXUJHXQPRYLPLHQWRUHYROXFLRQDULR
TXHVHYDLPSRQLHQGRHQHOPXQGR/DFRQFUHFLRQSROLWLFDILORVRILFD\HWLFDODLQVSLUDHVD0XMHU
%DELORQLFDR&LYLOL]DFLRQWHUUHVWUHFRQWDPLQDGD\PDQLSXODGDSRUHO'UDJRQ(QFDVLWRGRVVXVH[WUHPRV
URPSHFRQODWUD\HFWRULDLGHRORJLFDLPSXHVWDSRUHOSURWDJRQLVPRGHOD0XMHU%DELORQLFDGXUDQWHOD
HSRFDGHODD&DEH]DRVLVWHPDSDSDO
'XUDQWHODVHSWLPDFDEH]DVLJXHQLPSRQLHQGRVHODVFODXVXODVUHYROXFLRQDULDVMXQWRDORLPSOLFDGR
HQORTXHVXSRQHODLGHRORJLDGHODJOREDOL]DFLRQRULHQWDGDVSRUHOQXHYRSURWDJRQLVPRGHOD0XMHU
%DELORQLFD3DUWHGHODHSRFDGHODVH[WD\HQODVHSWLPDFRQWHPSODPRVXQUHVXUJLPLHQWRGHORV
UHOLJLRVRIDOVHDGRHQGLIHUHQWHVIUHQWHV&DWROLFLVPR(FXPHQLVPRSURWHVWDQWH%XGLVPR\1XHYD(UD
DWHLVPRHVSLULWXDOH,VODPSULQFLSDOPHQWH/RUHOLJLRVRVHDGHODWHQGHQFLDTXHVHDQXQFDHVWDOLEUHGH
DGLFLRQHV\PDWL]DFLRQHVSROLWLFDVILORVRILFDVHWLFDV\HFRQRPLFDV\VLHVIDOVHDGRWRGDYLDVRQ
PD\RUHV\PD\RUVXIDOVHDPLHQWR(VWDPRVDVLVWLHQGRDQWHXQ,VODPTXHLQGHSHQGLHQWHPHQWHGHVXV
YDORUHVUHOLJLRVRVDOWDPHQWHFRQWDPLQDGRVSRUODSROLWLFD\SRUHO'UDJRQKDFRQRFLGRXQDSULPDYHUD
DUDEHFX\DH[LJHQFLDHVODSURPRFLRQGHYDORUHVGHPRFUDWLFRVDXWHQWLFRV7DPELHQHVWDPRV
SUHVHQFLDQGRFRPRHOSRGHUPHGLDQWHOREELHVILQDQFLHURVLPSRQHQVXYROXQWDGDORVJRELHUQRV\
HVSHFLDOPHQWHDODFRQFHSFLRQHVWDWDOTXHHQFDUQDDOD%HVWLDHQVXDFDEH]DLQIOX\HQGRWDPELHQHQVX
TXHKDFHUSROLWLFRHFRQRPLFRDORTXHVHUDODRFWDYDFDEH]DTXHHVODDFXUDGDRUHVWDXUDGD7DPELHQHO
GHSRUWHHVSHFWDFXOR\GHPDVDV\ODVSURSLDVUHGHVVRFLDOHVGH,QWHUQHW\HOSURSLR,QWHUQHWVHYHQ
PDQLSXODGRVSRUHO'UDJRQGHWDOPRGRTXHFRQVWLWX\HQXQDED]DLPSRUWDQWHEDELORQLFDDILQGHSDUDOL]DU
DOSXHEORGH'LRV
&XDQGRVHLQVWDOHFRPSOHWD\GHILQLWLYDPHQWHODRFWDYDTXHHVGHHQWUHODVVLHWHVHFXUDODFDEH]D
TXLQWDTXHHVODXQLFDTXHQRKDELDVLGRGHVWUXLGDWRWDOPHQWHVLQRKHULGD$SSS\TXH
KDELDVLGRFXPSOLGDSRUHOVLVWHPDSDSDOGXUDQWHGLDVRWLHPSRVSURIHWLFRV3DUDHQWRQFHVWDO
FRPRKHPRVHVWXGLDGROD%HVWLDGHGRVFXHUQRVHQFDUQDGDSRUHOIDOVRSURIHWDVXVWLWX\HDOD0XMHU
%DELORQLFDSRUFXDQWRHVWDHQHVRVPRPHQWRVHVGHVWUXLGDSRUORVFXHUQRV\HOSURSLR'LRV$S
GLULJLHQGRODSUHGLFDFLRQGHO(YDQJHOLRGHQWURGHORTXHQRVH[SOLFDHOFRQWH[WRGH$S
DWRUPHQWDGDPDUJLQDGDQRVHOHKDFHFDVRFRPRVLQRH[LVWLHUD
9ROYLHQGRDHVDDXWRULGDGHVSLULWXDOTXHWDQVRORPDQHMDPRVSDUDTXHQRVHQWLHQGDHOTXHQRVTXLHUD
\SXHGDHQWHQGHU'HODPLVPDIRUPDTXHFXDQGRGLFHTXHODEHVWLDGH$SRFDOLSVLVHVHOSDSDGROR
HVWDGLFLHQGRHQHOFRQWH[WR\SHULRGRGHODTXLQWDFDEH]DFXDQGRGHVFULEHDOD0XMHU%DELORQLFD
FRPRVLHQGROD,JOHVLD&DWROLFD5RPDQD\VXVKLMDVODVSURWHVWDQWHVDSRVWDWDGDVORHVWDGLFLHQGRHQHO
FRQWH[WRGHOSHULRGRGHODTXLQWDFDEH]D\SRVLEOHPHQWHFXDQGRODTXLQWDVHFXUH\UHVWDXUHHQOD
RFWDYDTXHHVGHHQWUHODVVLHWH&XDQGRODTXLQWDVHUHVWDXUHHQODRFWDYDQRSXHGHSUHFLVDUVHFXDQWR
WLHPSROD0XMHU%DELORQLFDH[LVWLUDFRQHOSURWDJRQLVPRGHODOODPDGD,JOHVLD&DWROLFD5RPDQD\HOGHO
HFXPHQLVPR3URWHVWDQWH<DTXHOD0XMHU%DELORQLFDGHDFXHUGRDORVWH[WRV\DFLWDGRV\H[SOLFDGRVGH
$SRFDOLSVLVVHUDGHVWUXLGDSRUORVFXHUQRVTXHDEDUFDQ\UHSUHVHQWDQDODGLYLVLRQGHWRGDVODV
QDFLRQHVGHOPXQGRHQWHUR3RUORWDQWRGHOPLVPRPRGRTXHOD%HVWLDVHDFWXDOL]DHQFDGDXQDGHVXV
FDEH]DVOD0XMHUEDELORQLFDVHDFWXDOL]DHQFDGDSHULRGRKLVWRULFRPDQWHQLGRSRUFDGDDFWXDOL]DFLRQGH
OD%HVWLDHQFDGDXQDGHVXVFDEH]DV/DDFWXDOL]DFLRQVHUHILHUHDOSURWDJRQLVPRQXHYRRDODV
PDWL]DFLRQHVGHXQSURWDJRQLVPRTXHDSDUHFHHQHVHSHULRGRKLVWRULFRLQVWDXUDGRSRUFDGDPRPHQWR
KLVWRULFRGHFDGDFDEH]DVXFHVLYD(OFRQWHQLGRLGHRORJLFRUHSUHVHQWDGRHQOD0XMHU%DELORQLFDHVPX\
YDULDGR\GLVSDUDXQFXDQGRVLHPSUHKD\DDOJRTXHVREUHVDOH\OLGHUDXQSURWDJRQLVPR
7RGRHVWRKDVLGRH[SHULPHQWDGRSRUXQDKXPDQLGDGJOREDOTXHOORUDHOMXLFLRGHODJUDQ%DELORQLD
$S<WRGRVORVWUXVWPXOWLQDFLRQDOHVOREELHVRUJDQL]DFLRQHVGLYHUVDVPDILDVSHUVRQDV
SHUWHQHFLHQWHVDODVGLIHUHQWHVUHOLJLRQHVDWRGRV\DWRGRORTXHKDYLYLGRDODPSDURGHHVDFLYLOL]DFLRQ
JOREDOPDQLSXODGD\FRQWDPLQDGDSRUHO'UDJRQVHODPHQWDQGHODFULVLVSURIXQGDLUUHYHUVLEOHTXHHVH
PXQGRJOREDOKDDOFDQ]DGRPHGLDQWHHOMXLFLRLQYLVLEOHGLYLQRFI$SSHURYLVXDOL]DGR\
H[SHULPHQWDGRSRUWRGDVODVJHQWHVFRPRDOJRSHUGLGRHLQVRVWHQLEOH$S/D
HFRQRPLDKDOOHJDGRDXQFUDFFRQVWDWDGR\YLYLGRFRPRLUUHFXSHUDEOH/DVDSOLFDFLRQHVWDQWRSRUSDUWH
GHOOLGHUGHODSROLWLFDFRPRGHORUHOLJLRVRKDQKHFKRDJXDVSRUWRGDVSDUWHV<DQRKD\QDGDPDVTXH
QDXIUDJRV/DVLGHRORJLDV\DQRVLUYHQSDUDOHYDQWDUQLFRUUHJLU<DQRKD\UHVFDWHVSDUDQDGLH/RV
FXHUQRVDXQDGRVHQXQDFROHFWLYLGDGJOREDOKDQSHUGLGRWRGDVXHVSHUDQ]D\ODVSODJDVXOWLPDVFI$S
OHVPDFKDFDQ\FRQVXPDQVXH[LVWHQFLD0XFKRVGHWRGRVHVWRVWXYLHURQXQDXOWLPDRSRUWXQLGDGGH
DFXHUGRDODGHVFULSFLRQGHODVXOWLPDVHVFHQDVGHOVH[WRVHOORHQDFHSWDUODVDOYDFLRQ\SXGLHURQUHFLELU
GHQWURGHXQPXQGRWRGDYLDHQDTXHOHQWRQFHVGHJUDFLDPLVHULFRUGLRVDHOPHQVDMHGHORV
VHOODGRVFRQHOVHOORGHO(VSLULWX6DQWRHQYLGDSDUDVDOYDFLRQ<SXGLHURQDILOLDUVHDORVGH
DFXHUGRDOFRQWH[WRGH$SFI$SFI$SGRQGHDSDUHFH
XQDSUHGLFDFLRQGHOHYDQJHOLR\XQDOOXYLDGHO(VSLULWXVLQSUHFHGHQWHVHQ\SDUDHVRV3HUR
PXFKRVRWURVVLQOX]MXQWDPHQWHFRQDTXHOORVFRQWHPSODQHOFDRV\ODDQDUTXLDGHHVWHPXQGR
6RODPHQWHTXHGDODOOHJDGDGHO'HVHDGRGHWRGDVODV*HQWHVSHURWRGDYLDHO'UDJRQTXLHUHKDFHUDFWR
GHSUHVHQFLD\RUJDQL]DXQWULWHLVPRFRQOD%HVWLDHQVXYHUVLRQRFWDYD\OD%HVWLDGHGRVFXHUQRVHQVX
YHUVLRQ)DOVR3URIHWDFI\VHFROLJDQHQXQDVLPELRVLVSHUIHFWDTXHULHQGRDFDEDU$S
FRQORTXHKDTXHGDGRYLYRGHOUHPDQHQWHFI$S'LRVLQWHUYLHQHHQXQDEDWDOOD
HVSLULWXDOXQLFDHQODKLVWRULDHQHVRVLQVWDQWHVILQDOHVDILQGHOLEHUDUDVX3XHEOR$SFI

 6HJXULGDGSDUDHOSXHEORGH'LRV
6HQRVLQIRUPDGHODGHVDSDULFLRQGHILQLWLYDGHODPXMHU%DELORQLFD
/DDXWRDILUPDFLRQHVSLULWXDOIUHQWHDODYDFLHGDGFRQTXHVHSXHGHOOHJDUFRPRFRQVHFXHQFLDGHOD
SUHVHQWDFLRQGHODQDGDVHDOFDQ]DULDFXDQGRODSHUVRQDWLHQHDOJRTXHUHFRUGDUUHVSHFWRDOIXWXUR
&XDQGRODSHUVRQDHVFDSD]GHFRPSUREDUORVWUD]RVKLVWRULFRVFXPSOLGRVTXHODDSRFDOLSWLFDPRVWUDED
GHVGHDQRVDQWHVGH-HVXFULVWR\TXHVHFRPSOHPHQWDHQXQDOLQHDDFRUGHHQHO$SRFDOLSVLVGH-XDQ
\YLYHVXH[LVWHQFLDSHQGLHQWHGHOFXPSOLPLHQWRGHORTXHHOTXHGLULJHOD+LVWRULDQRVDILUPDHVD
SHUVRQDQRVXFXPEHDQWHODDQJXVWLDGHODQDGDTXHSUHWHQGHFRQILJXUDUVHHQWRGDH[LVWHQFLDTXHQRWLHQH
SURPHVDV\HVSHUDQ]DILMDGDVHQODPHQWH
&XDQGRODSHUVRQDH[SHULPHQWDHOGRORURVXIULPLHQWRFRWLGLDQR\QRKD\QDGDTXHOHDVHJXUHVX
GHVDSDULFLRQRFXDQGRODLQMXVWLFLDTXHFRQOOHYDODSURSLDH[LVWHQFLDQRVHUHVXHOYH\WHPDFKDFD
FRQWLQXDPHQWH\QRWLHQHXQUHIHUHQWHHQTXHFRQILDURFXDQGRODIDOWDGHFDULQRRODSUHVHQFLDGHOD
LQFRPSUHQVLRQVHKDFHQRWDUHOTXHVHSDVTXHKD\XQ'LRVTXHVHWHUHYHODTXHHVFRQVFLHQWHGHWX
VLWXDFLRQ\VDOHDOHQFXHQWURDILQGHTXHFRQR]FDVODKLVWRULDDQWLFLSDGDPHQWH\VHWHPDQLILHVWD
PHGLDQWHVX5HLQRVX*RELHUQRSULQFLSLRVLGHRORJLFRVTXHLQFLGHQHQWXKLVWRULD\HQODKLVWRULD
XQLYHUVDOQRFDEHGXGDTXHEURWDHODJUDGHFLPLHQWR\VHLQVWDODSHUPDQHQWHPHQWHODHVSHUDQ]D\OD
FRQILDQ]D
"/DGHPRFUDFLD\ODGHVWUXFFLRQGHODUHOLJLRQ"5HOLJLRQ\
GHPRFUDFLD\ODGHVWUXFFLRQGHOD0XMHU%DELORQLFD
3RUXQODGRHVWDPRVGLFLHQGRTXHVHHVWDJHVWDQGRXQDUHOLJLRQXQLYHUVDOFX\RPRGHORSRGULDVHUOD
UHOLJLRQHFXPHQLFDUHVXOWDQWHGHODXQLRQGHODFULVWLDQGDGFDWROLFRSURWHVWDQWHFRQHOPRYLPLHQWR
JQRVWLFRDJQRVWLFRDSR\DGR\RULHQWDGRSRUODFRQFHSFLRQHVWDWDOHVWDGRXQLGHQVH3RURWUDSDUWHKHPRV
SUHVHQWDGRODFRQILJXUDFLRQVLPEROLFD0XMHU%DELORQLFDFRPRUHSUHVHQWDQGRDODFLYLOL]DFLRQ
WHUUHVWUHFRQWDPLQDGDSRUHO'UDJRQ&LYLOL]DFLRQWHUUHVWUHTXHDEDUFDWRGRORTXHLPSOLFDOR
>@
LGHRORJLFRORFXOWXUDOILORVRILFRUHOLJLRVRHWF 7DPELHQKHPRVGLFKRTXHHVDPXMHUEDELORQLFD
YDDVHUGHVWUXLGDPHGLDQWHODQRFRQVLGHUDFLRQGHHOODHLGHQWLILFDQGRVXVHUURUHV
&XDQGRODSROLWLFDGHPRFUDWLFDVHPDQLILHVWDSUDJPDWLFDFRQXQHVWDWXVGHELHQHVWDUTXHOHSHUPLWH
LGHQWLILFDUORTXHHVPDVXWLOSDUDHVHHVWDWXVYDGHVWUX\HQGRODUHOLJLRQHQORUHODWLYRDVXLPSRUWDQFLD
UHGXFLHQGRODDDTXHOORTXHOHFRQYLHQH/RJLFDPHQWHGHVWUX\HVXGRJPDWLVPR\ODDOHMDGHVXV
SUREOHPDVPRUDOHV\VROXFLRQHVPHGLDQWHXQYLQFXORUHODWLYLVWD'HHVWDPDQHUDDOD0XMHU%DELORQLFD
VHOHWRUWXUDSRUTXHDSDUHFHPHUPDGDHQVXPRWLYR\FRQFHSFLRQ/D0XMHU%DELORQLFDTXHODKDFUHDGR
HO'UDJRQFRQODILQDOLGDGGHDEDUFDUORTXHVHKDGHQRPLQDGRODYHUGDGGHXQDUHOLJLRQLGHRORJLDV
ILORVRILFRHWLFDVHVSLULWXDOLVWDVFXOWXUDOHV6HKDSUHWHQGLGRHQHVHSURSRVLWRTXHWRGDVODV
FRQFHSFLRQHV\FDGDXQDTXHIRUPDQSDUWHGHHVDPXMHUEDELORQLFDSUHWHQGLHUDSRVHHURWHQHUOD
YHUGDG<FODURFRPRHVRHVLPSRVLEOHTXHDOJXLHQVHORFUHDORTXHLQVSLURDODPXMHUEDELORQLFDWHQLD
HOSURSRVLWRGHTXHFDGDXQDVHORFUH\HUDSRUVL\SDUDVLPLVPD/DGHPRFUDFLDHQHOVLJOR;9,,,SRQH
>@
HQFXHVWLRQORVFLPLHQWRVGHODFULVWLDQGDG \SRURWUDSDUWHIXHJHQHUDQGRHQORVLQGLYLGXRV\HQ
FROHFWLYRVKXPDQRVODGXGDODFRQIXVLRQ\ODIUXVWUDFLRQ3HURDOPLVPRWLHPSRSUHVHQWDXQDLGHRORJLD
QXHYDUHVSHFWRDORTXHHO'UDJRQKDELDLQVSLUDGRDODOODPDGDPXMHUEDELORQLFDTXHGXUDQWHVX
FRPSRUWDPLHQWRKLVWRULFRKDELDFRQIRUPDGRXQDFRUULHQWHFXOWXUDO\FXOWXDOQRGHPRFUDWLFD\FRQWUDULD
DORVGHUHFKRVKXPDQRV\DVLODKDELDSODVPDGROD%HVWLDGUDJRQLDQD
 $GHFLUGH<YHV/HGXUHFRQODOOHJDGDGHODGHPRFUDFLDHOSRGHUSROLWLFRVHKDFHDXWRQRPR\\DQRWLHQHTXHHQFRQWUDU
VXOHJLWLPLGDGHQODLQVWDQFLDUHOLJLRVD/DGHPRFUDFLDHQFXHQWUDHQHOODPLVPDVXIXQGDPHQWRHQVXUHIHUHQFLDDOGHPRVDOSXHEOR
>@
DOVHUYLFLRGHOFXDOGHEHHMHUFHUVH

(VWHDXWRUSUHFLWDGRMHVXLWDFDWROLFRFRPSUXHEDTXHODGHPRFUDFLDKDWUDLGRODVREHUDQLDDOSXHEOR\
KDLQYHUWLGRVLPEROLFDPHQWHHORUGHQGHOPXQGR\TXHHVWRVXSRQHXQYLDFUXFLVTXHOD,JOHVLD
>@
&DWROLFDGHEHUDUHFRUUHUDQWHVGHDFHSWDUHOSULQFLSLRGHPRFUDWLFR (VWHUHFRQRFLPLHQWR
LPSOLFDULDGHDFXHUGRDODXWRUTXHOD,JOHVLD&DWROLFDQRKDOOHJDGRDDFHSWDUHVHSULQFLSLRGHPRFUDWLFR
JHQXLQR\SOHQR3HURTXL]DGHVFRQR]FDTXHHOSULQFLSLRGHPRFUDWLFRVXIULUDFRPRFRQVHFXHQFLDGHXQD
*OREDOL]DFLRQTXHKDGHUHSHUFXWLUSRVLWLYDPHQWHHQHOPDQWHQLPLHQWRGHOOLGHUD]JRGH(VWDGRV8QLGRV\
SRURWUDVHUFRQVLGHUDGDORPDVMXVWDSRVLEOHSDUDORVLQWHUHVHVGHORVSREUHV\GHPDVQDFLRQHVGHOD
WLHUUD(VHWLSRGHVXIULPLHQWRFRQVLVWLULDHQXQDMXVWHHQWUHODFRQFHSFLRQFDWROLFDUHGXFWRUDGHOD
GHPRFUDFLD\ODQHFHVLGDGTXHHOPRPHQWRKLVWRULFRH[LMDDODFRQFHSFLRQ(VWDWDOGHPRFUDWLFD
RFFLGHQWDO
3HURORTXHPROHVWDDXWHQWLFDPHQWHDORVFROHFWLYRVFULVWLDQRVDOD,JOHVLD&DWROLFDHQJHQHUDO\DO
>@
SURWHVWDQWLVPRHVWDGRXQLGHQVHHVODH[FOXVLRQGHORUHOLJLRVRHQODHVIHUDSROLWLFD <VLELHQSDUD
HO(VWDGRGHOPXQGRRFFLGHQWDOGHPD\RULDGHFLXGDGDQRVFULVWLDQRVVHFRPSURERTXHODDXWRIXQGDFLRQ
GHODGHPRFUDFLDLPSRQHDOKRPEUHVHUGXHQRGHVXGHVWLQRVLQSRVHHUODVFODYHVGHVXVLJQLILFDFLRQ
>@
QRHVPHQRVFLHUWRTXHHOIDFWRUUHOLJLRVRSUHFRQL]DGRSRUHOFDWROLFLVPRSHUMXGLFRDODV
QDFLRQHV\JRELHUQRVTXHVHGHQRPLQDEDQFULVWLDQRVFXDQGRORUHOLJLRVRVHLPSRQLDHQODHVIHUDSROLWLFD
(ODXWRUFX\RHVWXGLRHVWDPRVDQDOL]DQGR\DQRVKDELDGLFKRTXHHVHWLSRGHVLWXDFLRQGHLPSRVLFLRQ
TXHVHGDHQXQDXQLRQGHUHOLJLRQ\SROLWLFDQRHVFRUUHFWD\DGHPDVFRQWUDULDDOIXQGDGRUGHO
>@
FULVWLDQLVPR
$KRUDELHQ"4XHVHTXLHUHGHFLUFRQODH[FOXVLRQGHORUHOLJLRVRHQODHVIHUDSROLWLFD"/DVLGHDVGHO
DXWRUTXHHVWDPRVDQDOL]DQGRQRVSUHVHQWDQDOPRYLOGHHVDH[FOXVLRQDOODLFLVPRIUDQFHVUHSUHVHQWDQGR
ODLGHDGHVHSDUDFLRQGHOD,JOHVLD\HO(VWDGRTXHVHJXQHOKDEULDTXHFXHVWLRQDUOD3DUDHODXWRU"1RHV
ORPLVPRXQLRQGH,JOHVLD\(VWDGRFX\DVHSDUDFLRQKDEULDTXHFXHVWLRQDUODTXHODXQLRQGHUHOLJLRQ\
SROLWLFDDODTXHKDEULDTXHGHVXQLU""4XHVHSUHWHQGHUHDOPHQWHFXDQGRVHDUJXPHQWDGHODQHFHVLGDGGH
LQFOXLUORUHOLJLRVRHQODHVIHUDSROLWLFD""(QORVUHJLPHQHVGHPRFUDWLFRVQRKD\OLEHUWDGSDUDH[SUHVDU\
SUR\HFWDUWXVFRQYLFFLRQHVUHOLJLRVDV\VXVFRQWHQLGRVHQD\XGDVRFLRHVSLULWXDOGHORVTXHUHFRQRFHQOD
QHFHVLGDGHOORV"
6HQRVSRQHFRPRHMHPSORSUREOHPDWLFRHOVLVWHPDHGXFDWLYRIUDQFHVTXHLPSLGHTXHORUHOLJLRVR
LQWHUYHQJDHQHVHVLVWHPDHGXFDWLYR(VWDWDO
"1RKD\OLEHUWDGSDUDTXHFDGDSDUURTXLDLQVWUX\DHQORUHOLJLRVRDFDGDFDWROLFR""(VRHVUHOHJDUORD
ODHVIHUDGHORSULYDGR"$SURYHFKDUVHGHO(VWDGRHLQGXFLUDHVFXFKDUDWRGRVORVGHXQDFODVHORV
FRQWHQLGRVGHXQDPDQHUDGHSHQVDUUHOLJLRVDSRUFXDQWRHO(VWDGRVHKDDYHQLGRDODH[LJHQFLDGH
OLEHUWDGUHOLJLRVDTXHHVDPDQHUDGHSHQVDUHFOHVLDVWLFDSRVHH"QRVHULDFRQWUDYHQLUORVGHUHFKRV
KXPDQRV\SRUORWDQWRUHGXFLUODGHPRFUDFLDDORTXHHQWLHQGHHVD,JOHVLD""3RUTXHORTXHQR
FRQVLJXHQHQODVSURSLDVSDUURTXLDVHOGHDWUDHUDWRGRVORVMRYHQHV\DGXOWRVEDXWL]DGRVFRPRFDWROLFRV
VHSUHWHQGHORJUDUORPHGLDQWHODQRVHSDUDFLRQGH,JOHVLD\(VWDGRVHSDUDFLRQTXHKDGHPRVWUDGRVHUXQR
GHORVSLODUHVGHODDXWHQWLFDGHPRFUDFLDKXPDQD\GHODDXVHQFLDGHSHOLJURHQFXDQWRDTXHQRVH
UHVSHWHQORVGHUHFKRVKXPDQRV""<DQRVHDFXHUGDQGHORTXHVXSXVRHVDHWDSDODUJXLVLPDGRQGHOD
,JOHVLD\ORUHOLJLRVRHVWDEDQLQFOXLGRVFRPRREOLJDWRULRVHQODHVIHUDSROLWLFD"
 /DGHPRFUDFLDSRQHDSUXHEDDODUHOLJLRQ
'HVGHODDSDULFLRQGHODUHYROXFLRQQRUWHDPHULFDQDFRQVXLQIOXHQFLDHQODDSDULFLRQ\DSOLFDFLRQGH
ODVOLEHUWDGHV\GHUHFKRVKXPDQRVVHKDHVWDGRSRQLHQGRDSUXHEDHQFXDQWRDVLODUHOLJLRQ
UHSUHVHQWDWLYD\XQLYHUVDOLVWDHVFDSD]GHFRH[LVWLUGHPRFUDWLFDPHQWHFRQORVHFXODU\ODLFLGDG/RV
UHVXOWDGRVKDQVLGRHYLGHQWHV8QDVODVTXHKDQFRQYLYLGR\FRH[LVWLGRKDQOOHJDGRDFRKDELWDUGHWDO
PDQHUDTXHHVDGHPRFUDFLDOHVKDLGRDUUDQFDQGRWRGDWUDVFHQGHQFLDHQHOVHQWLGRGHSRGHUGHFLUDOJR
>@
VLJQLILFDWLYRDORTXHODGHPRFUDFLDFRQVXVGHUHFKRVOLEHUWDGHV\HFRQRPLDSUHWHQGHRIUHFHU /D
GHPRFUDFLDKDDUUDVWUDGRGHWDOPDQHUDDORVGLIHUHQWHVPLHPEURVGHODVGLVWLQWDVGHQRPLQDFLRQHV
UHOLJLRVDVHVSHFLDOPHQWHFULVWLDQDVTXHHVWRVFRQVXFRPSRUWDPLHQWRKDQSURYRFDGRDVXVUHOLJLRQHV
UHVSHFWLYDVFDPELRVFRQVLVWHQWHVHQXQDQXHYDHVSHFLILFDFLRQGHORVYDORUHVHVSLULWXDOHV\HWLFRVFRQ
UHSHUFXVLRQHVHQODPRUDOGRFWULQDOHQXQDFRQYLYHQFLDSROLWLFDGRQGHORSXUDPHQWHELEOLFRVH
VHFXODUL]D\RHQXQDSDUDOL]DFLRQGHORVREMHWLYRVHVHQFLDOHVGHSUHGLFDFLRQGHOHYDQJHOLR\GH
SUHSDUDFLRQSDUDORTXHOD,JOHVLDSULPLWLYDHUDVXPD[LPDODHVSHUDHVSHUDQ]DGDHQHOUHWRUQRGHO
0HVLDV
/DGHPRFUDFLDRFFLGHQWDOWUDHHQSDUDOHORODHPHUJHQFLDGHXQVHFXODULVPRTXHKDFHLQRSHUDQWHOD
DFWLYLGDGGHXQDFRQFHSFLRQRUWRGR[DGHORVSULQFLSLRVUHOLJLRVRVSDUWLFXODUHVGHXQDUHOLJLRQ(Q
GHILQLWLYDODUHOLJLRQFRPRWDOWLHQGHDVXGHVWUXFFLRQRGHVYDORUL]DFLRQFRQODFRQFHSFLRQGHPRFUDWLFD
RFFLGHQWDO(QHIHFWRVHFRPSUXHEDTXHODVSHUVRQDVHQODFXOWXUDRFFLGHQWDODFHSWDQODUHOLJLRQFRPR
XQHOHPHQWRPDVGHORVRFLDO\PLHQWUDVQRSUHWHQGDLPSRQHUVHIUHQWHDORTXHHOPLHPEURFRQVLGHUDXWLO
HQVXPDQHUDGHYLYLUVHFXODUPHQWH(VHVHSUDJPDWLVPRSRUORTXHFRQVLGHUDXWLO\FRQYHQLHQWHORTXH
GHWHUPLQDVXSHUWHQHQFLDDXQDUHOLJLRQGHWHUPLQDGD3HURODVRFLHGDGVHFXODUWRPDIRUPDV\SUR\HFWD
WDPELHQVXSURSLDLGHRORJLDTXHYDFRQYHQFLHQGRGHODLQHILFDFLDGHFLHUWRVGRJPDVRSRVWXUDVUHOLJLRVDV
SDUDVXIHOLFLGDGHQODWLHUUD9DFRQYLUWLHQGRHQEDQDOLGDGORTXHODRUWRGR[LDWHRULFDFRQVLGHUD
>@
IXQGDPHQWDO (QHVWHVHQWLGRKDREOLJDGRDTXHORVLQGLYLGXRVFUHHQVXSURSLRHVWLORUHOLJLRVR
FRPRFRQVHFXHQFLDGHVXRULHQWDFLRQVHFXODUHVWDWDO\TXHQDGDWLHQHTXHYHUHQJHQHUDOFRQOD
UHDOLGDGGHODVSUHWHQVLRQHVGHODVQRUPDVGHODVGLIHUHQWHVLJOHVLDVKDVWDHOSXQWRTXHKDORJUDGRXQD
UXSWXUDHQWUHODYLGDSXEOLFDRULHQWDGDSRUODSROLWLFD\ORVRFLDO\ODYLGDLQWLPD\SULYDGDDORTXH
OLPLWDFXDOTXLHUSUR\HFWRGRFWULQDO\HVSLULWXDO3HURWHQJDVHHQFXHQWDTXHODUXSWXUDQRKDVLGRDOJR
LQWHQFLRQDOSXHVWRTXHHQORVUHJLPHQHVRFFLGHQWDOHVODPD\RULDGHVXSREODFLRQSURIHVDXQDUHOLJLRQ
FRQPD\RULDSURWHVWDQWHRFDWROLFD\VLVHWUDWDGH(VWDGRV8QLGRVODVLJOHVLDVSUROLIHUDQYLYHQVX
UHOLJLRVLGDGFRQODPD[LPDSXEOLFLGDGORTXHQRVPRVWUDULDTXHSRUXQODGRHO(VWDGRHVWDGHDOJXQ
PRGRVXVWHQWDGRSRUXQDUHOLJLRVLGDGSROLWLFDTXHSRGULDLQIOXLUHQVXPDQHUDGHJREHUQDUSHURSRURWUD
SDUWHORVSURSLRVPLHPEURVUHOLJLRVRVVHGHVYLDQUHVSHFWRDORTXHPDUFDODPRUDO\ORGRFWULQDOFRQOR
TXHSXHGHQFUHDUYDFLRVOHJDOHVTXHFXEUDQGHDOJXQPRGRHVDVGHVYLDFLRQHV
(YLGHQWHPHQWHODUHOLJLRQKDLGRSHUGLHQGRWHUUHQRUHGXFLHQGRVHFRPRFRQVHFXHQFLDGHODSUDFWLFD
>@
LQGLYLGXDOSUDJPDWLFD\GHXWLOLGDGGHFDGDLQGLYLGXR <ODVRUJDQL]DFLRQHVUHOLJLRVDVFULVWLDQDV
VHKDQKHFKRFDGDYH]PDVDLPDJHQ\VHPHMDQ]DDXQDFXOWXUDSROLWLFDHVWDWDOHQFX\DVULHQGDVGRPLQDQ
LQGLYLGXRVTXHSDVDQSRUVHUFULVWLDQRVRVHFRQVLGHUDQUHSUHVHQWDQWHVGHXQDPD\RULDFULVWLDQDTXH
FRQIRUPDODSREODFLRQ(QHVWDWHVLWXUDORGRFWULQDORORSURSLDPHQWHLGHQWLILFDWLYRSLHUGHVHQWLGR
&XDQGRVHVXFXPEHDQWHHOPXQGRVHFXODURULHQWDGRSRUODFRQFHSFLRQHVWDWDOVHSLHUGHHOYDORU
DXWHQWLFRGHODPLVLRQFULVWLDQDTXHLQFXOFRHO0HVLDVFRQVXVSULQFLSLRVGHO5HLQRGH'LRVRGHO
*RELHUQRGH'LRV"<FRPRVHVXFXPEH"&XDQGRHOFULVWLDQRVHYHDWUDLGRSRUXQDWDUHDSROLWLFDRVRFLDO
>@
GHWHUPLQDGD21*VLQWHUYHQFLRQDFWLYDHQSROLWLFDGHWHUPLQDGDHWF VHFHQWUDGHWDOPDQHUDHQ
HVHTXHKDFHUTXHORVXVWLWX\HSRUODSUHGLFDFLRQGHO(YDQJHOLRGHO5HLQR2EVHUYDTXHHQHVHWUDEDMRHV
DFHSWDGR\UHFRQRFLGRPLHQWUDVTXHOHGHVHFKDULDQVLSUHWHQGLHUDHQVHQDUVXVFRORUHVRSWDHQWRQFHVSRU
ODSHUGLGDGHVXLGHQWLGDG\PLVLRQSURYRFDQGRXQDSDUDOL]DFLRQGHOREMHWLYRGHVXUD]RQGHVHU/D
FRUULHQWHGHVLPSDWLD\ORVVHQWLPLHQWRVGHVSHUWDGRVGHQWURGHODVQHFHVLGDGHVUHDOHVGHQXHVWURPXQGR
OHDWUDSDQGHWDOPRGRTXHSLHUGHYLVWDHOPDQGDWRGH-HVXVGHSUHGLFDUHO(YDQJHOLRGHO5HLQR0W
FI0F
/DSUHGLFDFLRQGHOHYDQJHOLR\ODPLVLRQGHSUHVHQWDUORVSULQFLSLRVGHO5HLQRGH'LRVOOHYDFRQVLJR
HOKDFHUHOELHQDORVGHPDVHOD\XGDUVRFLDOPHQWHHOSURFXUDUHOELHQGHODFLXGDGVHFXODUSHURVLQ
GHMDUGHODGRQLSRUXQLQVWDQWHWRGRHOPHQVDMHHVHQFLDOGH'LRVFI+HFK\TXHUHVXOWDVHU
GHXWLOLGDGSDUDFDGDVHUKXPDQR
(OFRQWDFWRGHOFULVWLDQLVPRFRQODGHPRFUDFLDORKDUHGXFLGRDXQDUHOLJLRQVHFXODUDSHVDUGHOXVR
GHXQDWHUPLQRORJLDFULVWLDQD\GHOXVRGHOYRFDEOROH\GH'LRV/DWHUPLQRORJLDHVFULVWLDQDSHUROD
SUDFWLFDHVVHFXODUSDJDQDLQGHSHQGLHQWHPHQWHGHTXHSDUDHVWDIRUPDGHYLGDVHKDQWHQLGRTXH
VDFULILFDUSULQFLSLRVHVSLULWXDOHV\GRFWULQDOHVYDOLGRVSDUDODFRQYHUVLRQDODFLXGDGDQLD)LOS\
YRFDFLRQFHOHVWLDO+EVVVV
/DUHOLJLRQSRQHDSUXHEDDODGHPRFUDFLD
>@
/DUHOLJLRQDSDUHFHGHFDSLWDGD SRUXQODGRKD\YDORUHVFULVWLDQRVTXHVHKDQUHGXFLGRDOD
>@
FDVLQDGD\SRURWUDSDUWHRWURVYDORUHVVHKDQEDUQL]DGRFRQODVHFXODUL]DFLRQ FRQORTXHVH
>@
DERQDODWHVLVTXHHVWDPRVGHIHQGLHQGR 6LQHPEDUJRODGHPRFUDFLDWDPELHQHVWDH[SHULPHQWDQGR
XQFDPELRHQFRQWDFWRFRQWRGRXQFROHFWLYRFULVWLDQRTXHQRTXLHUHSHUGHUVXRSRUWXQLGDGGHXWLOL]DU
FLHUWRVHQWLGRFRQFHSWXDOFULVWLDQRDILQGHRULHQWDUDODSROLWLFDGHPRFUDWLFD6HWUDWDGHDTXHOORVTXHKDQ
H[SHULPHQWDGRODLQIOXHQFLDVHFXODUL]DGRUDSHURTXHPDQWLHQHQVXFUHHQFLDFULVWLDQDWHUPLQRORJLFD
LQWDFWDSUHWHQGLHQGRTXHHVWDSRVHHXQSRGHUWUDQVIRUPDGRUGHODVRFLHGDGGHLPSRQHUVHFRPR
UHJXODGRUDGHODYLGDFLXGDGDQD
$QWHODFULVLVGHYDORUHVFRQTXHORVSDLVHVGHPRFUDWLFRVSDGHFHQVHSUHWHQGHHFKDUOHODFXOSDDOD
DXVHQFLDGHORVYDORUHVFULVWLDQRV
$OUHOHJDUHOIXQGDPHQWRFULVWLDQRGHHVWRVYDORUHVDODHVIHUDGHORSULYDGRODSROLWLFDVHSDUDD
>@
HVWRVYDORUHVGHVXIXHQWH
/RVSUREOHPDVTXHFRQOOHYDHQHOVLVWHPDHGXFDWLYRIUDQFHVVRQHOPHMRUHMHPSORSXHVDOGHQHJDUDORUHOLJLRVRWRGDIXQFLRQGH
RUGHQVRFLDOODSROLWLFDVHHQFXHQWUDKXHUIDQDGHYDORUHVTXHVRQHVHQFLDOHVWDQWRSDUDODFRKHVLRQVRFLDOFRPRSDUDODHVWHWLFDHQ
ODTXHVHHQFXDGUDVXYLGDFXOWXUDO
>@
&XDQGRORVYDORUHVQRVRQFRQVWDQWHPHQWHDOLPHQWDGRVHVGHFLUUHIHULGRVDVXIXHQWHGHJHQHUDQ\DJRWDQ
(VWRHVTXHUHUHVFDPRWHDUODUHDOLGDG/DUHDOLGDGGHORVHFXODUQRHVSRUXQVLVWHPDHGXFDWLYRIUDQFHV
TXHVHSUHVHQWDFRPRHMHPSOR\SURWRWLSRGHXQDGHPRFUDFLDHQGHFDGHQFLDVLQRSRUTXHODVUHOLJLRQHV
LQVWLWXFLRQDOHVQRKDQORJUDGRFRQVXVFRQWHQLGRVQLFRQYHQFHUQLFRQWUDUUHVWDUDOPXQGRVHFXODU(QOXJDU
GHFRQYHUWLUVHQDFHUGHDUULEDORKDQUHFKD]DGR\VHKDQFRQYHUWLGRHOORVHQVHFXODUHV
1RVHWUDWDGHTXHGHQHJDQGRDORUHOLJLRVRWRGDIXQFLRQGHRUGHQVRFLDOODSROLWLFDVHHQFXHQWUH
KXHUIDQDVLQRHOQRKDEHUQDFLGRGHDUULEDORVPLHPEURVTXHVHOODPDQFULVWLDQRV
"6HGHQLHJDDORUHOLJLRVRWRGDIXQFLRQGHRUGHQVRFLDO"
6HTXLHUHVHUYLUGHODIDOWDUHDOGHORVDXWHQWLFRVYDORUHVFULVWLDQRVTXHQRVHFLWDQ\TXHSXGLHUDVHU
TXHQRORVFRQR]FDQSDUDTXHODVLWXDFLRQFULWLFD\GHFULVLVHQODTXHVHHQFXHQWUDODFRQFHSFLRQHVWDWDO
JREHUQDGDHQVXPD\RULDSRUFULVWLDQRVKDJDFDHUHQODFXHQWDDHVRV(VWDGRV\*RELHUQRVTXHWRGRHVR
HVGHELGRDTXHQRVHOHHVWDGDQGRDOD,JOHVLD&ULVWLDQDFRPRLQVWLWXFLRQXQOXJDUSULYLOHJLDGRHQHO
SUR\HFWRGHSRGHU\GHDXWRULGDGGHO(VWDGR
(QUHDOLGDGVHTXLHUHQFDUJDUHOFRQFHSWRDXWHQWLFRGHOLEHUWDGGHFRQFLHQFLD\GHLQGHSHQGHQFLDGHOR
UHOLJLRVR\ORHVWDWDO6HSUHWHQGHDKRUDDERJDUXQDYH]FRQVHJXLGDODGHPRFUDFLD\ORVGHUHFKRV
KXPDQRVFRQODXQLRQGH,JOHVLD\(VWDGRDILQGHFRPSUREDUOREHQHILFLRVRTXHVHULDHVSHFLDOPHQWH
SDUDUHVROYHUODFULVLVGHYDORUHV(VWDWDO/DFULVLVGHYDORUHV(VWDWDOODHVWDQDXVSLFLDQGRQROD
GHPRFUDFLDHQWHQGLGDFRPRKDVWDDKRUDVLQRODVSURSLDVFRQFLHQFLDVGHORVFLXGDGDQRVFULVWLDQRV
VHFXODUL]DGRV"&RPRSUHWHQGHULDQHQFDMDUHVRVYDORUHVTXHQRHVWDQUHIHULGRVDVXIXHQWH""&RPRVH
ORJUDHOTXHODSROLWLFDQRVHSDUHHVRVYDORUHVGHVXIXHQWH""6HGDQFXHQWDTXHHVRVXSRQGULDLPSRQHU
HVRVYDORUHVUHIHULGRVDVXIXHQWH\PDOWUDWDUODOLEHUWDG\ORVGHUHFKRVKXPDQRVGHDTXHOORVTXHQR
TXLHUHQORVYDORUHVUHIHULGRVDVXIXHQWH"
6DEHPRVTXHHVWR\DHVWXYRIXQFLRQDQGRDVL\QRIXQFLRQR3HURHQWRQFHVGLUDQTXHHQDTXHOHQWRQFHV
QRVHWHQLDFODURQLH[LVWLDODGHPRFUDFLD<DQWHODFULVLVDFWXDOKDEULDTXHSUREDUHLQWHQWDUDOPHQRV"<
VLODGHPRFUDFLDHOVLVWHPDGHOLEHUWDGHVTXHWHQHPRVDFWXDOPHQWHHVIUXWRGHTXHHVRVYDORUHVQR
HVWXYLHUDQUHIHULGRVDVXIXHQWH""'HTXHYDORUHVHVWDPRVKDEODQGR"'HVGHHOPRPHQWRTXHFODXGLFDPRV
HQVHJXLUPDQWHQLHQGRODVHSDUDFLRQGH,JOHVLD\(VWDGRGH5HOLJLRQ\3ROLWLFDHVWDPRVPRVWUDQGRXQD
SURJUDPDFLRQPHQWDOTXHQRFRLQFLGHFRQORVSULQFLSLRVGHOHYDQJHOLRTXHSUHGLFDVLQOXJDUDGXGDVHVD
VHSDUDFLRQ\ODLPSRVLELOLGDGGHTXHORVFULVWLDQRVOOHJXHQDFRQVWLWXLUVHFRQHOSRGHU\ODDXWRULGDG
>@
HVWDWDO
<YHV/HGXUHHQXQDWHPDWLFDVHPEUDGDGHLQH[DFWLWXGHVFRQFHSWXDOHVQRVSUHVHQWDGHTXHODOLEHUWDG
UHOLJLRVDHVODJDUDQWLDXOWLPDGHODFRQFLHQFLDLQGLYLGXDOIUHQWHDODVORJLFDVLQIHUQDOHVGHODVLGHRORJLDV6LQOLEHUWDGUHOLJLRVD
>@
TXHGDDPHQD]DGDODOLEHUWDGGHPRFUDWLFD

"&XDOHVVRQHVDVORJLFDVLQIHUQDOHVGHODVLGHRORJLDV""<TXHUHODFLRQKD\HQWUHOLEHUWDGUHOLJLRVD\OD
OLEHUWDGGHPRFUDWLFD"
&XDQGRDFRQWLQXDFLRQVHUHILHUHTXHSDUDTXHODGHPRFUDFLDIXQFLRQHFRQDUPRQLD\HTXLOLEULRHVGHFLUSRUR
JUDFLDVDODDXWRQRPLDGHVXVFLXGDGDQRVWLHQHQHFHVLGDGGHXQDLQVWDQFLDTXHDQLPH\UHJXOHODVFRQFLHQFLDVLQGLYLGXDOHVXQD
LQVWDQFLDVXSHULRUTXHDSRUWHHOSOXVGHYDORULQGLVSHQVDEOHSDUDODGHPRFUDFLD(VWDDSHODFLRQDORXOWLPRRDEVROXWRWLHQHVX
>@
FDPSRGHDSOLFDFLRQHQODUHIHUHQFLDUHOLJLRVDGHOGHVWLQRGHOKRPEUH "1RVHQRVHVWDUDGHILQLHQGROD
QDWXUDOH]DGHHVDOLEHUWDGUHOLJLRVD"
6HKDELDGLFKRDQWHULRUPHQWHTXHSDUDTXHODOLEHUWDGGHPRFUDWLFDH[LVWDHUDSUHFLVDODOLEHUWDG
UHOLJLRVD\DKRUDLQWURGXFHHOWLSRGHOLEHUWDGUHOLJLRVDTXHGHEHULDH[LVWLUDTXHOODTXHSHUPLWHTXHOD
GHPRFUDFLDIXQFLRQH<SDUDTXHIXQFLRQHODGHPRFUDFLDVHULDSUHFLVRODLQWURGXFFLRQHWLFD\HVSLULWXDO
TXHHVDOLEHUWDGUHOLJLRVDFRQOOHYDULDODOLEHUWDGUHOLJLRVDGHSRGHUFXPSOLUFRQODWDUHDGHLPSUHJQDUD
ODGHPRFUDFLDHVWDWDOGHXQDLQVWDQFLDTXHDQLPH\UHJXOHDODVFRQFLHQFLDLQGLYLGXDOHVXQDLQVWDQFLD
VXSHULRUTXHDSRUWHHOSOXVGHYDORULQGLVSHQVDEOH
'HWRGRHVWRVHHYLGHQFLDTXHPLHQWUDVHVWRQRVHKDHVWDGROOHYDQGRDFDERQRKDH[LVWLGRXQD
DXWHQWLFDGHPRFUDFLDSXHVWRTXHOHKDIDOWDGRXQIXQFLRQDPLHQWRFRQDUPRQLD\HTXLOLEULR7DPSRFR
XQDDXWHQWLFDOLEHUWDGUHOLJLRVDSXHVWRTXHPLHQWUDVODOLEHUWDGUHOLJLRVDLGHDGDSRUODGHPRFUDFLD\ORV
GHUHFKRVKXPDQRVKDUHFKD]DGRODXQLRQRFRPELQDFLRQGH,JOHVLD\(VWDGRQRKDFRQFHGLGRHVDOLEHUWDG
UHOLJLRVDGHFXPSOLUFRQODPLVLRQGHORJUDUHOIXQFLRQDPLHQWRGHODGHPRFUDFLDFRQDUPRQLD\
HTXLOLEULR
6HULDFRQODUHOLJLRQHQODSROLWLFDHVWDWDOTXHVHJHQHUDULDXQDIHFRPXQPRVWUDQGRVXIDFWRUGH
>@
XQLGDG
 6LQHPEDUJRHVSUHFLVRSUHJXQWDUDODKLVWRULDSXHVWRTXHWLHQHXQDUHVSXHVWDFODUD\FRQFOX\HQWH
VREUH"TXHWLSRGHOLEHUWDGUHOLJLRVD\GHGHPRFUDFLDVHDFWXRFXDQGRHVDLQVWDQFLDVXSHULRUFXDQGROD
UHIHUHQFLDUHOLJLRVDFXDQGRODUHOLJLRQQRHVWDEDGLVRFLDGDGHODSROLWLFD"$K\D(QWRQFHVQRHVWDEDOD
GHPRFUDFLDWHFRQWHVWDQ3HURHQWRQFHV"HVHIDFWRUUHOLJLRVRGHXQLGDGQRWUDMRODGHPRFUDFLDQLORV
GHUHFKRVKXPDQRV""<DKRUDHVRVPLVPRVHOHPHQWRV\YDORUHVYDQDVHUFDSDFHVGHGDUDODGHPRFUDFLD
XQDFRQVLVWHQFLDHVSHFLDOGHDUPRQLD\HTXLOLEULR""1RVHUDSRUTXHWRGRYDORUUHOLJLRVRTXHSUHWHQGH
XQDFRPELQDFLRQFRQODSROLWLFDHVWDWDOOOHYDSURJUDPDGDXQDORJLFDLQIHUQDOLGHRORJLFD"
/RVPDOHVTXHVHREVHUYDQHQODGHPRFUDFLDQRVHSXHGHQVROXFLRQDUFRQDOJRTXHSUHWHQGDDOWHUDUHO
PHFDQLVPRGHODOLEHUWDGUHOLJLRVDTXHKDQWUDLGRODGHPRFUDFLD\ORVGHUHFKRVKXPDQRV
(VRVPLVPRVPDOHVH[LVWLULDQFRQFXDOTXLHURWUDSUHVXSRVLFLRQ6RQORVSURSLRVLQGLYLGXRVFXDQGR
UHFKD]DQODVOH\HV\HOELHQKDFHUGHODGHPRFUDFLDFRPRIUXWRGHXQDFRQGLFLRQKXPDQDGHVHTXLOLEUDGD
\DXVHQWHGHORVYDORUHVHVSLULWXDOHVGHOHYDQJHOLRGHO0HVLDVTXHSURYRFDWDUGHRWHPSUDQRXQGHVJDVWH
\XQDSDUDOL]DFLRQGHODKLVWRULDHQFXDQWRDKDFHUSHUPDQHQWHODDUPRQLD\HOHTXLOLEULR3HURWDPSRFROD
LQWURPLVLRQGHHVRVYDORUHVHQODSROLWLFD(VWDWDOORFRQVHJXLULDSRUTXHH[LJHSUHYLDPHQWHXQD
FRQYHUVLRQHQODWHQGHQFLDGHHVDQDWXUDOH]DKXPDQDSHFDPLQRVDSURGXFWRUDGHORVPDOHVGHOD
JREHUQDELOLGDGHVWDWDO&XDOTXLHUFRPELQDFLRQGHIDFWRUHVUHOLJLRVRVHYDQJHOLFRVR\GHRWUDLQGROHGH
FRPSDWLELOL]DUVHFRQODSROLWLFD(VWDWDOPRVWUDULDXQDYH]PDVTXHVHWUDWDULDGHUHIHUHQFLDVUHOLJLRVDV
DMHQDVDORVSULQFLSLRVLGHRORJLFRVGHO5HLQRGH'LRV
7HQLHQGRHQFXHQWDORLQGLFDGRSDUHFHULDTXHORVGLIHUHQWHVDXWRUHVTXHDGHODQWDQHVHIXWXURGHXQD
UHOLJLRQXQLYHUVDOTXHODJOREDOL]DFLRQSURYRFDSDUWLHQGRGHXQHFXPHQLVPRFULVWLDQRTXHVLUYHGH
SURWRWLSRSDUDODFRQFHSFLRQGHHVDUHOLJLRQXQLYHUVDO\GHXQDFRQFHSFLRQ(VWDWDOSDUDGLJPDWLFDOOHQD
GHODSOHQLWXGGHSRGHUHVWXYLHUDQSUHSDUDQGRHOWHUUHQR\DGYLUWLHQGRQRVGHORTXHHQXQIXWXUR
SUR[LPRVHUDXQDUHDOLGDG6LELHQVHHVWDDFWXDQGRFRPRVLQHFHVLWDUDPRVTXHVHQRVHVWXYLHUD
SUHSDUDQGRSDUDGLFKDHFORVLRQGHXQLRQGHOD,JOHVLDPDVUHSUHVHQWDWLYDUHVXOWDGRGHXQHFXPHQLVPR
FULVWLDQRFRQHO(VWDGRPDVUHSUHVHQWDWLYRUHVXOWDGRGHOPD\RUSRGHUFRQFHQWUDGRQRHVPHQRVFLHUWR
TXHHVWDSUHWHQVLRQTXHFDGDYH]PDVVHQRVHVWDSUHVHQWDQGRFRPRIDFWLEOHHVWDVLHQGRXQDUHDOLGDG
LQGHSHQGLHQWHPHQWHGHORVHUURUHV\SHOLJURVTXHHOORVXSRQHFRPRXQSUR\HFWRSDUDWRGRORTXHVXSRQH
ODJOREDOL]DFLRQ(VWDQRFXUULHQGRFXDWURKHFKRVSDUDOHORVTXHOOHJDUDQDFRQYHUJHU
3RUXQODGRORV(VWDGRVFRQPD\RULDFULVWLDQDVRQFRQVFLHQWHVTXHQHFHVLWDQRWURVYDORUHVDILQGH
JREHUQDUFRQYHQLHQWHPHQWHWDQWRH[WHUQDFRPRLQWHUQDPHQWH+DKDELGRXQSURFHVRGHGHWHULRURDSHVDU
GHORVHOHPHQWRVSXUDPHQWHGHPRFUDWLFRVODLFRV<DXQFXDQGRORVGHUHFKRVKXPDQRVVHKD\DQ
SUR\HFWDGRODFRQGXFWDVRFLDOGHPDQGDXQDHWLFD\PRUDOTXH\DQRSXHGHQSURSRUFLRQDUODORVLQWHUHVHV
TXHSULPDQHQHVDVRFLHGDGGHPRFUDWLFD/RSDUDGRMLFRHVTXHPXFKRVGHORVSUR\HFWRVSROLWLFRVVXHOHQ
VHUKHFKRVSRUPHQWHVTXHVHGHQRPLQDQFULVWLDQDV\VLQHPEDUJRQRKDQVLGRFDSDFHVGHFRQWHQHUHVH
>@
SURFHVRGHGHWHULRUR
(ORWURKHFKRTXHHVWDVXFHGLHQGRWLHQHTXHYHUFRQHOSHQVDPLHQWRGHORVGLIHUHQWHVFROHFWLYRV
FULVWLDQRVTXHVRQPD\RULDHQQXHVWURPXQGR\HVSHFLDOPHQWHHQ(VWDGRV8QLGRV\(XURSD/DVSHUVRQDV
GHHVWRVFROHFWLYRVVHKDQHPSDSDGRGHVXYLYHQFLDGHPRFUDWLFD/HVHVLPSRVLEOHFRQFHELUTXHHVWD
SXHGDDGXOWHUDUVHRUHGXFLUVHSRUHOKHFKRGHTXHHO(VWDGRVHYDOJDSDUDJREHUQDUGHWRGRDTXHOORTXH
OHVKDVHUYLGRDHOORVFRPRFLXGDGDQRVFULVWLDQRV\GHPRFUDWLFRV<SRURWUDSDUWHGHVGHVXSHUVSHFWLYD
FULVWLDQDHQODTXHKDQREVHUYDGRFLHUWRVDYDQFHV\FDPELRVSRVLWLYRVHQVXVH[LVWHQFLDVSDUWLFXODUHVOHV
LPSRVLEOHFUHHUHQRWUDFRVDGLVWLQWDDORVUHVXOWDGRVEHQHILFRVTXHVXSRQGULDSDUDVXQDFLRQ\SDUDOD
KXPDQLGDGVLHVRVSULQFLSLRVUHFWRUHVPRUDOHV\HVSLULWXDOHVVHLQWHUFDODUDQHQHOTXHKDFHUSROLWLFR\GH
JRELHUQRFRPRFXDOTXLHURWUDLGHDSROLWLFD
 (OWHUFHURHVTXHHVRPLVPRHVWDLQFXOFDQGRHO,VODPQHFHVLWDGRGHODSULPHUDSRWHQFLDPXQGLDO\GH
(XURSDSDUDVXVXEVLVWHQFLD\GHVDUUROORHVWDEOH(O,VODPVLHPSUHKDXQLGRUHOLJLRQ\SROLWLFDQR
SRUTXHKD\DOOHJDGRDFRQVLGHUDUODQHFHVLGDGHLPSRUWDQFLDGHHVDFRPELQDFLRQVLQRSRUTXHGHVGHHO
RULJHQ\SRUQDWXUDOH]DHO,VODPHVHOUHVXOWDGRGHXQSURJUDPDTXHGHVGHVXJHQHVLV\GHVDUUROORHVWD
SUR\HFWDGRGHHVHPRGR<HQODSURSRUFLRQHQODTXHVHVHSDUHODFLRQDUVHFRQHO,VODP\VXDUHD\VH
HVWXGLHHVWHIHQRPHQR\VHUHODFLRQHFRQORTXHHOVLVWHPDSDSDOVXSXVRSDUDODGLUHFFLRQDOLGDGGHOD
KLVWRULDFRQVXVSUHWHQVLRQHVGHDXWRULGDGVXSUHPDFRQFHGLGDSRU'LRV\GHVXSUR\HFWRGHXQLGDGFRQ
VXIRUPXODGHXQLRQGH,JOHVLD\(VWDGRVHFRQVHJXLUDXQFDPLQRGHVLPELRVLVHQWUHORTXHVHSDUDDO
,VODP\DO&ULVWLDQLVPRTXHQRVHULDRWURTXHHOGHODFUHDFLRQGHHVDUHOLJLRQXQLYHUVDOTXHGLFKD
&ULVWLDQGDGSDWURFLQDUDFRQHOEHQHSODFLWRGHXQ,VODPDOTXHVHOHUHFRQRFHUDVXVORJURVDMXVWDQGRVHD
HVDUHOLJLRQXQLYHUVDOGRPLQDQGRHQVXDUHDGHSURWDJRQLVPR\RIUHFLHQGROHVXOXJDUQHFHVDULRHQHO
GHVDUUROOR\HVWDELOLGDGHFRQRPLFD
(OFXDUWRKHFKRHVHOGHOD*OREDOL]DFLRQ"&RPRJOREDOL]DUHVRVWUHVDFRQWHFLPLHQWRVDQWHULRUHVFRQ
ODVGLIHUHQFLDVH[LVWHQWHVHQWUHODVGLIHUHQWHVUHOLJLRQHVFRQVLGHUDGDVFRPRXQLYHUVDOHVRPXQGLDOHVR
PD\RULWDULDVGHQWURGHXQPXQGRHQHOTXHODVUHSHUFXVLRQHVSROLWLFDV\HFRQRPLFDVGHODSULPHUD
SRWHQFLDPXQGLDO(VWDGRV8QLGRVFRQVXPRQDJXLOOR(XURSDVRQFRQVWDQWHVHMHUFLHQGRXQDLQIOXHQFLD
SRVLWLYDRQHJDWLYDHQWRGDVODVQDFLRQHV\HQODVX\DSURSLDIRUWDOHFLHQGRORFRPRSULPHUDSRWHQFLD
PXQGLDO\FRPRGLUHFWRUDGHHVDJOREDOL]DFLRQ"
(YLGHQWHPHQWHDQWHODVFLUFXQVWDQFLDVTXHH[LJHODJOREDOL]DFLRQVHLPSRQHXQDUHOLJLRQXQLYHUVDOVL
VHTXLHUHTXHODSROLWLFDGHPRFUDWLFDDODTXHHVWDULDQLQFOXLGRVHVRVIDFWRUHVUHOLJLRVRVTXHVHJXQVH
FUHHGDUDQXQLGDGSURGX]FDXQGHVDUUROORHFRQRPLFRVRVWHQLGRDQLYHOJOREDO\WHQLHQGRHQFXHQWDODV
FDUDFWHULVWLFDVTXH\DHVWXGLDPRVHQHOFDSLWXORFRUUHVSRQGLHQWHDOD*OREDOL]DFLRQ
$OH[DQGHU.LQJQRVGHFLDUHVSHFWRDODQHFHVLGDGGHXQOLGHUJOREDOSDUDQXHVWURPXQGR
&UHRTXHORVYDORUHVWUDGLFLRQDOHVVREUHORVTXHVHDVLHQWDQXHVWUDFLYLOL]DFLRQVLJXHQVLHQGR
YDOLGRVSHURKD\TXHWUDQVIRUPDUORVDGDSWDUORVDORVWLHPSRVTXHKR\YLYLPRV!!
1RREVWDQWHHVWR\FRQYHQFLGRTXHODVRFLHGDGPXQGLDOTXHDFWXDOPHQWHHVXQDJUDQQDYHFRQ
FDSLWDQHV\UXPERVGLVWLQWRVUHTXLHUHXQDXQLFDGLUHFFLRQXQJUDQFDSLWDQTXHJXLHODWLHUUD
>@
KDFLDXQGHVWLQRFRPXQ!!
'HVGHODHSRFDGH3DEOR9,KDVWDODDFWXDOLGDGHQQXHVWURVLJOR;;,WDQWRHOSURWHVWDQWLVPR
QRUWHDPHULFDQRFRPR/RV(VWDGRV8QLGRVHVFRJHULDQDO3DSDGRFRPRODUHSUHVHQWDFLRQGHHVHOLGHUD]JR
>@
PRUDO\HVSLULWXDOTXHHOPXQGRQHFHVLWD
(O:DVKLQJWRQ3RVW
(OFDWROLFLVPRQRUWHDPHULFDQRKDKHFKRHQRUPHVDYDQFHVHQDQRVUHFLHQWHV)LQDOPHQWHHVWDHQ
FRQGLFLRQHVGHGHVHPSHQDUXQSDSHOPX\LPSRUWDQWHHQXQDVRFLHGDGTXHGHVHVSHUDGDPHQWHQHFHVLWD
>@
XQOLGHUD]JRLQWHOHFWXDO\HVSLULWXDOFRPRHOTXHODLJOHVLDSXHGHSURSRUFLRQDU!!
)UDQFH4XHUH
(O3DSDQRHVVRODPHQWHHOSDGUHHVSLULWXDOGHORVFDWROLFRVFDGDYH]PDVVHKDGHVHQWLUHOUHVSRQVDEOHGHXQDPLVLRQPDVYDVWD
>@
6HUODFRQFLHQFLDYLYDGHOPXQGRUHXQLUDORVKRPEUHVHQVXGLYHUVLGDG !!
7LPH
>@
(O3RQWLILFHHVWDVXUJLHQGRFRPRHOOLGHUOXPLQRVRTXHHOPXQGRDQVLD !!
(QFRQVHFXHQFLDQRHVH[WUDQRTXHVXUMDHQHOPXQGRQRVRORFRPRXQDIXHU]DHVSLULWXDOVLQRWDPELHQSROLWLFD3RUTXHWRGRV
ORVRWURVGLRVHVSROLWLFRV\HFRQRPLFRVKDQIUDFDVDGR\HO3DSDKDEODDHVHJHQHUDOL]DGRVHQWLPLHQWRGHSHQDHQHOPXQGR
>@
RFFLGHQWDOFRQUHODFLRQDOOHJDGRHVSLULWXDOTXHVHKDSHUGLGR!!
6LVHKDOOHJDGRDOSXQWRHQFXHVWLRQHVLQGLVFXWLEOHTXHVHSUHFLVDXQDGLUHFFLRQPRUDO\HVSLULWXDO
TXHOLGHUHODVDFFLRQHVHFRQRPLFDV\GHPRFUDWLFDVMXQWRDOTXHFUHDHVDVDFFLRQHV(OFUHFLHQWHSRGHU
>@
JOREDOGHOD,JOHVLD&DWROLFDFRQHOOLGHUD]JRGHO3DSDGRHVXQDUHDOLGDGHQODDFWXDOLGDG
(O3DSDGRHQHOVLJOR;;,GHVWDFDHOSDSHOTXHOD6RFLHGDGGH1DFLRQHVGHEHUHDOL]DUDILQGH
>@
FRQVWLWXLUVHHQHOJDUDQWHFRUUHFWRGHWRGDVODVQDFLRQHV 3DUDORFXDOHO3DSDGRSXHGHRIUHFHUVXV
VHUYLFLRVDILQGHFRQWULEXLUDTXHODV1DFLRQHV8QLGDVUHDOLFHFDGDYH]GHIRUPDPDVHILFD]ODWDUHD
>@
SDUDODTXHIXHIXQGDGDODGHVHUXQFHQWURGHDUPRQL]DFLRQ 3HURGHMDELHQFODURTXHOD218HQ
VX'HFODUDFLRQGHORVGHUHFKRVKXPDQRVHVWDFRQVLGHUDQGRXQDIRUPDGHFRPSURPLVRPRUDODVXPLGR
SRUODKXPDQLGDGHQWHUD'LFKRVGHUHFKRVQRGHEHQVHUHQWHQGLGRVVLPSOHPHQWHFRPRIXQGDGRVHQOD
GHFLVLRQGHODDVDPEOHDTXHORVKDDSUREDGRVLQRHQODQDWXUDOH]DPLVPDGHOKRPEUH\HQVXGLJQLGDG
>@
LQDOLHQDEOHGHSHUVRQDFUHDGDSRU'LRV 'HDKLODLPSRUWDQFLDGHOD,JOHVLDFRPRWXWHODGHOD
>@
WUDVFHQGHQFLDGHODSHUVRQDKXPDQD TXHDGYLHUWH\YHODSDUDTXHQRVHKDJDXQDLQWHUSUHWDFLRQ
SRVLWLYLVWDGHORVGHUHFKRVKXPDQRV\VHSLHUGDHOIXQGDPHQWRQDWXUDOGHORVGHUHFKRVGHOKRPEUH
>@

,JXDOPHQWHSDUDODQDFLRQPDVSRGHURVDGHOPXQGRTXHIXQGRHKL]RUHDOLGDGODRUJDQL]DFLRQGHODV
1DFLRQHV8QLGDV(VWDGRV8QLGRVVHOHUHFRQRFHUHVSHFWRDOPXQGRODDGTXLVLFLRQGHXQDQXHYD
>@
VXSHULRULGDGWDQWRSROLWLFDHFRQRPLFDFRPRPLOLWDU 3HURQRGHEHUDROYLGDUTXHDSHVDUGH
KDEHULQLFLDGRFRQVXUHYROXFLRQ\&RQVWLWXFLRQODOLEHUWDGUHOLJLRVD\GHFRQFLHQFLDKDGHHQWHQGHUVH
HVWDFRUUHFWDPHQWHWDOFRPROD,JOHVLDFUHHHQWHQGHUODVHSDUDGDGHODYHUGDGGHODSHUVRQDKXPDQDOD
OLEHUWDGGHFDHHQODYLGDLQGLYLGXDOHQOLEHUWLQDMH\HQODYLGDSROLWLFDHQODDUELWUDULHGDGGHORVPDV
>@
IXHUWHV\HQODDUURJDQFLDGHOSRGHU <HVDYHUGDGVHJXQHO3DSDGRXQLFDPHQWHODSXHGHRIUHFHU
HLQWHUSUHWDUFRUUHFWDPHQWHHOPDJLVWHULRFDWROLFR
<DKHPRVYLVWRFRPRHO3DSDGRGHOVLJOR;;,DUWLFXODODDXWHQWLFDOLEHUWDGFRQODYHUGDG\ODPRUDO
3DUDTXHH[LVWDOLEHUWDGVHJXQHOHVSUHFLVRTXHODYHUGDGHVWHXQLGDWDQWRDODOLEHUWDGLQGLYLGXDOFRPR
DODVRFLDORSROLWLFDVLHVWRQRVHUHDOL]DUDDSDUHFHULDHOOLEHUWLQDMHHQODYLGDLQGLYLGXDO\HQODYLGD
>@
SROLWLFDODDUELWUDULHGDG
1RWHVHODVOLQHDVPDHVWUDVGHHVWDFRQFHSFLRQTXHDXQTXH\DDOXGLPRVDHOODHVSUHFLVRUHFRUGDUOD\
DFWLYDUODSDUDODFRPSUHQVLRQGHHVWHSURFHVRGHXQLRQGHOSRGHUSROLWLFR\HOHVSLULWXDO
9LYLUODOLEHUWDGTXHORVLQGLYLGXRV\ORVSXHEORVEXVFDQHVXQJUDQGHVDILRSDUDHOFUHFLPLHQWRHVSLULWXDOGHOKRPEUH\SDUDOD
YLWDOLGDGPRUDOGHODVQDFLRQHV/DFXHVWLRQIXQGDPHQWDOTXHKR\WRGRVGHEHPRVDIURQWDUHVODGHOXVRUHVSRQVDEOHGHODOLEHUWDG
WDQWR HQ VX GLPHQVLRQ SHUVRQDO FRPR VRFLDO (V QHFHVDULR SRU WDQWR TXH QXHVWUD UHIOH[LRQ VH FHQWUH VREUH OD FXHVWLRQ GH OD
HVWUXFWXUDPRUDOGHODOLEHUWDGTXHHVODDUTXLWHFWXUDLQWHULRUGHODFXOWXUDGHODOLEHUWDG
/DOLEHUWDGSRVHHXQDORJLFDLQWHUQDTXHODFXDOLILFD\ODHQQREOHFH(VWDRUGHQDGDDODYHUGDG6HSDUDGDGHODYHUGDGGH
OD SHUVRQD KXPDQD OD OLEHUWDG GHFDH HQ OD YLGD LQGLYLGXDO HQ HO OLEHUWLQDMH \ HQ OD YLGD SROLWLFD HQ OD DUELWUDULHGDG GH ORV PDV
IXHUWHV\HQODDUURJDQFLDGHOSRGHU3RUHVROHMRVGHVHUXQDOLPLWDFLRQRDPHQD]DDODOLEHUWDGODUHIHUHQFLDDODYHUGDGVREUHHO
KRPEUHYHUGDGTXHSXHGHVHUFRQRFLGDXQLYHUVDOPHQWHJUDFLDVDODOH\PRUDOLQVFULWDHQHOFRUD]RQGHFDGDXQRHVHQUHDOLGDGOD
>@
JDUDQWLDGHOIXWXURGHODOLEHUWDG!!
&XDOTXLHUDTXHOHDHVWRVHDVRPEUDUDGHOYDORUGHODGHFODUDFLRQ<HVWDPRVGHDFXHUGRSOHQDPHQWH
FRQVXFRQWHQLGR3HUR\DORLQGLFDPRVDQWHULRUPHQWH(VSUHFLVRVDEHUTXHWLSRGHYHUGDGHVHVHFRPR
ODHQWLHQGHOD,JOHVLD&DWROLFD\FRPRODKDHQWHQGLGRHQWRGRVXSDVDGRTXHQRKDFDPELDGR7RGDYLD
PDVVLXWLOL]RHVDYHUGDGSDUDMX]JDUODOLEHUWDGHVWDUHKDFLHQGRXQPDOXVRGHODYHUGDG\DOILQDO
GHVWUXLUHODOLEHUWDG(OFRQRFLPLHQWRGHODYHUGDGWDPELHQGHSHQGHGHOXVRGHODOLEHUWDGHQTXHUHU
FRQRFHUOD/DGLVRFLDFLRQHQWUHOLEHUWDG\YHUGDGTXHVHPHSURSRQHODPHQWDEOHPHQWHGHIRUPDQDWXUDO
HQPLFRQGLFLRQGHWHULRUDGDFXDQGRYHQJRDHVWHPXQGRQRPHSHUPLWHFRPRDVHJXUDHOHVFULWRSDSDO
>@
FRQRFHUHVDYHUGDGJUDFLDVDODOH\PRUDOLQVFULWDHQHOFRUD]RQ \PD[LPHFXDQGRVHSXHGH
LQWHUSUHWDUHVDOH\PRUDOHQODUHYHODFLRQFRQXQDRSWLFDGLVWLQWD
(QUHDOLGDGHVDSUHVHQWDFLRQGHODOLEHUWDGVXSRQHXQDFULWLFDDODQDWXUDOH]DGHODOLEHUWDGTXHQRV
WUDMROD&RQVWLWXFLRQQRUWHDPHULFDQDDODYH]TXHXQDSURSXHVWDVREUHODOLEHUWDGWDOFRPRODHQWLHQGHOD
,JOHVLD&DWROLFD/DSURSLDOLEHUWDGHVXQDYHUGDGPRUDO\VXHVWUXFWXUDPRUDOVXSRQHHQSULPHUOXJDU
\DQWHVGHQDGDHOUHVSHWRGHODFRQFLHQFLDLQGLYLGXDODDFHSWDURUHFKD]DUFXDOTXLHUFRVDTXHVH
SUHVHQWHFRPRYHUGDG(VWDPRVGHDFXHUGRHQTXHODOLEHUWDG\ODYHUGDGHVWDQGLVRFLDGDVHQQXPHURVDV
RFDVLRQHVSHURVXDVRFLDFLRQGHSHQGHGHXQDUHIOH[LRQ\GHFLVLRQWRPDGDHQOLEHUWDG<RQRSXHGR
DFHSWDUVLQPDVHQHOHMHUFLFLRGHPLOLEHUWDGTXHGHERLQFOXLUXQDYHUGDGODTXHVHDVLQDQWHV
FHUFLRUDUPHGHVXQHFHVLGDG\ERQGDGSDUDPLSHUVRQD<VLHQXOWLPDLQVWDQFLDQRSXGLHUDUHFRQRFHUHVD
YHUGDGDXQTXHORIXHUDODOLEHUWDGLQGLYLGXDOVHULDVREHUDQD3RUGHVFRQWDGRTXHODOLEHUWDGVHRULJLQD
>@
HQOD&UHDFLRQGHOVHUKXPDQRSRU'LRV <SRUVXELHQHOVHUKXPDQRGHEHULDDYHULJXDUQRHQOD
OH\PRUDOLQVFULWDHQVXQDWXUDOH]DGHWHULRUDGDSRUTXHHVDOH\PRUDOVLQODD\XGDGHODUHYHODFLRQHVXQ
YHVWLJLRVLQRHQODUHYHODFLRQGLYLQDSDUDDSUHQGHUHQOLEHUWDGFXDOHVVRQORVFRQWHQLGRVGHHVDYHUGDG
TXHGHEHDVRFLDUVHDODOLEHUWDG6L'LRVWLHQHODLQLFLDWLYDGHHQWUDUHQFRQWDFWRFRQODFRQFLHQFLDGH
FDGDVHUKXPDQRFI-Q+HFKVHPHGDUDODRSRUWXQLGDGGHSRGHUYLYLUODOLEHUWDG
HQODPHMRUFRQGLFLRQSRVLEOHGHDFXHUGRDOFRQRFLPLHQWRGHODYHUGDGSHURGHERUHVSHWDUHOTXHRWURV
VHUHVKXPDQRVUHFKD]DQGRHVDLQLFLDWLYDGLYLQDQRFRPSDUWDQPLSXQWRGHYLVWD6XOLEHUWDGSXUDPHQWH
KXPDQDVLQODYHUGDGFRPR\RODHQWLHQGRSXHGHVHUPXFKRPHMRUSDUDHOTXHVLVHOHLPSRQHXQD
YHUGDGVLQVHUORWRWDOPHQWHDXQFXDQGRSUHWHQGDH[SRQHUVHHQWHUPLQRVPRUDOHV\HVSLULWXDOHV<GHVGH
OXHJRODYHUGDGSURSLFLDGDSRUHOVLVWHPDSDSDOSXHGHVHUVXYHUGDGSHURSDUDODTXH\RFRQFLERHQPL
DQDOLVLV\UHIOH[LRQGHMDPXFKRTXHGHVHDU
(VHFRQFHSWRGHOLEHUWDGSURPRYLGRSRUHO3DSDGRDVHJXUDVHJXQHOODSD]GHODSHUVRQD\ODXQLGDG
>@
GHORVSXHEORVFRQVXVFXOWXUDVGLIHUHQFLDGDVVLQDPELJXHGDG
1RWHQVHHVWDVGRVFLWDVTXHPXHVWUDQXQDYH]PDVHOLQWHUHVGHO3DSDGRDTXHVHOHKDJDFDVR\OD
RSRUWXQLGDGTXHOHEULQGDODVLWXDFLRQLQWHUQDFLRQDO\GHODVGHPRFUDFLDVHXURSHD\QRUWHDPHULFDQDHQ
GHFDGHQFLD
1RHVQHFHVDULRWHQHUPLHGRGHODGLYHUVLGDGFDGDFXOWXUDHQHIHFWRHVXQWHVWLPRQLRGHOHVIXHU]RLQFHVDQWH\VXEOLPH
UHDOL]DGRSRUOD+XPDQLGDGSDUDLQWHUSUHWDUHOPLVWHULRGH'LRVGHOPXQGR\GHOKRPEUH(QHVWHFDPLQRTXHVHWUDGXFHSDUDWRGD
QDFLRQHQYDORUHVLQVWLWXFLRQHVFXOWXUDSXHGHQH[LVWLUWDPELHQOLPLWDFLRQHV\HUURUHVTXHODOH\PRUDOXQLYHUVDOLQVFULWDHQHO
FRUD]RQKXPDQR\HOPLVPRLQWHUFDPELRLQWHUFXOWXUDOD\XGDUDQDVXSHUDU&RQWHPSODGDVEDMRGLFKDRSWLFDODVGLIHUHQFLDV
>@
KXPDQDVVHFRQYLHUWHQHQXQDULTXH]DFRPXQGHWRGDOD+XPDQLGDG!!
/DSHUVRQDKXPDQDFRUD]RQGHODSD](QHIHFWRHVWR\FRQYHQFLGRGHTXHUHVSHWDQGRDODSHUVRQDVHSURPXHYHODSD]<
TXHFRQVWUX\HQGRODSD]VHSRQHQODVEDVHVSDUDXQDXWHQWLFRKXPDQLVPRLQWHJUDO
  ,JXDOPHQWH OD DILUPDFLRQ GHO GHUHFKR D OD OLEHUWDG UHOLJLRVD SRQH GH PDQLILHVWR OD UHODFLRQ GHO VHU KXPDQR FRQ XQ
3ULQFLSLRWUDVFHQGHQWHTXHORVXVWUDHDODDUELWUDULHGDGGHOKRPEUHPLVPR(OGHUHFKRDODYLGD\DODOLEUHH[SUHVLRQGHODSURSLD
IH HQ 'LRV QR HVWDQ VRPHWLGRV DO SRGHU GHO KRPEUH /D SD] QHFHVLWD TXH VH HVWDEOH]FD XQ OLPLWH FODUR HQWUH OR TXH HV \ QR HV
GLVSRQLEOHDVLVHHYLWDUDQLQWURPLVLRQHVLQDFHSWDEOHVHQHVHSDWULPRQLRGHYDORUHVTXHHVSURSLRGHOKRPEUHFRPRWDO!!
8QFRPSURPLVRGHLPSRUWDQFLDSULPRUGLDOSDUDODFRQVWUXFFLRQGHODSD]HVHOUHFRQRFLPLHQWRGHODLJXDOGDGHVHQFLDOHQWUH
ODVSHUVRQDVKXPDQDVTXHQDFHGHVXPLVPDGLJQLGDGWUDVFHQGHQWH(QHVWHVHQWLGRODLJXDOGDGHVSXHVXQELHQGHWRGRVLQVFULWR
HQHVDJUDPDWLFDQDWXUDOTXHVHGHVSUHQGHGHOSUR\HFWRGLYLQRGHODFUHDFLRQXQELHQTXHQRVHSXHGHGHVDWHQGHUQLGHVSUHFLDU
 >@
VLQSURYRFDUJUDYHVFRQVHFXHQFLDVTXHSRQHQHQSHOLJURODSD]!!

/D,JOHVLD&DWROLFDDQWHVGHVXGHVDSDULFLRQFXDQGRGHVDSDUH]FDOD%DELORQLDFRPRRUJDQL]DFLRQ
LGHQWLILFDGDFDGDYH]PDVFRQHOVLVWHPDSDSDOFDPLQRILUPHFRQHOQXHYR3DSD%HQHGLFWR;9,-RVHSK
>@
5DW]LQJHU(ODQWLJXRSUHIHFWRGHOD&RQJUHJDFLRQSDUDOD'RFWULQDGHOD)HDQWLJXD,QTXLVLFLRQ
IXHXQSURIXQGRWHRORJR\SHQVDGRUVXSRVDEHUHVWDUGXUDQWHWRGRHOUHLQDGRGH-XDQ3DEOR,,\HODERUDU
GLYHUVRVGRFXPHQWRV\HOIDPRVR&DWHFLVPRDILQGHUHJXODUODIHFDWROLFD,QGHSHQGLHQWHPHQWHGHOD
QXHYDWUD\HFWRULDTXHVHLPSULPHGXUDQWHHOWLHPSRTXHIXH&DUGHQDOFRQFUHWDGDHQODYLVSHUDGHO
>@
FRQFODYHPHGLDQWHXQVHUPRQHQHOTXHKDEORGHODGLFWDGXUDGHOUHODWLYLVPR 6LQHPEDUJRHO
SURSLR+DQV.XQJYDORUDPX\SRVLWLYDPHQWHVXSULPHUDFRPSDUHFHQFLDGHVSXHVGHVHUHVFRJLGR3DSD
PHGLDQWHODSULPHUD(QFLFOLFDJDQDQGRVHHOVHUOODPDGRHO3DSDGHODPRU<+DQV.XQJKDFLHQGRVHHFR
GHPXFKRVRWURVVHSUHJXQWDVLHVDFDUWDTXHTXHUULDVHUFRPRSURJUDPDWLFD"WHQGUDFRQVHFXHQFLDVHQ
ODHVWUXFWXUDGHOD,JOHVLD\ODUHJODPHQWDFLRQMXULGLFDDVLFRPRHQODUHODFLRQDPRURVDFRQORVJUXSRV
>@
PDUJLQDGRVHQOD,JOHVLD"
>@
+DQV.XQJGHVFULEHHQXQDHQWUHYLVWDSHUVRQDOFRQHOQXHYR3DSD ODVSRVLELOLGDGHVGHTXHHVWH
3DSDVHFRQYLHUWDHQHO3DSDGHODHVSHUDQ]D(QGLFKDHQWUHYLVWDVHSUHVHQWDHOHQIRTXHGHXQDLJOHVLD
>@
IXWXUD"&XDOHVVRQODVSDXWDVTXHVHQRVSUHVHQWDQ" /DUHVSXHVWDWLHQHTXHPXFKRTXHYHUFRQOD
SROLWLFDPXQGLDO(QXQSULPHUSXQWRWHQLHQGRHQFXHQWDODUDFLRQDOLGDGGHODIHGH5DW]LQJHU\VX
FRLQFLGHQFLDFRQORVHVIXHU]RVGH.XQJGHHQFRQWUDUHOSXQWRUHODFLRQDOHQWUHFLHQFLDVHFXODU\IHD
ILQGHDEULUXQVLJQLILFDGRSROLWLFRFRQXQDSRVLFLRQGHOD,JOHVLD&DWROLFDTXHDSR\HHOGHVDUUROORGHOD
>@
LQYHVWLJDFLRQFRQHPEULRQHV\HOFRQWUROGHQDWDOLGDGHLQVHPLQDFLRQDUWLILFLDO (O3DSDGRVH
FRQYHUWLULDGHHVHPRGRHQXQDUHIHUHQFLDVLHPSUHSRVLWLYDFRPRJDUDQWHGHXQGHVDUUROORGHORVDYDQFHV
GHXQDPHGLFLQD\FLHQFLDVVRFLDOHVTXHD\XGDULDQHQODSHUSHWXDFLRQGHODH[LVWHQFLDHQODWLHUUDDO
PDUJHQGHODPXHUWH\GHODHQIHUPHGDGDODVTXHVHSUHWHQGHULDFRQWURODU
(OVHJXQGRDPELWRGHHVD,JOHVLDIXWXUDSDUDHOTXH5DW]LQJHUSRGULDLQIOXLUFRQVLGHUDEOHPHQWHHVWDULD
HQHOGLDORJRHQWUHODVUHOLJLRQHV5DW]LQJHUHVWDFRQYHQFLGRGHTXHHVSUHFLVRHYLWDUHOFKRTXHGH
>@
FLYLOL]DFLRQHV 7DPELHQHVWDFRQYHQFLGRGHTXHQRKDEUDSD]HQWUHODVQDFLRQHVVLQXQDSD]
>@
HQWUHODVUHOLJLRQHV\QLQJXQDSD]HQWUHODVUHOLJLRQHVVLQXQGLDORJRHQWUHODVUHOLJLRQHV
(OWHUFHUHOHPHQWRLPSRUWDQWHHVWDULDHQXQDHWLFDFRPXQDODKXPDQLGDGVHWUDWDULDGHLOXPLQDUORV
YDORUHVPRUDOHVHQORVFXDOHVFRQYHUJHQFRQWRGDVVXVGLIHUHQFLDVODVJUDQGHVUHOLJLRQHVGHOPXQGRTXH
GHVGHVXUDFLRQDELOLGDGFRQYLQFHQWHWDPELHQSXHGHQVHQDODUDODUD]RQVHFXODUFRPRXQPRGHOR
>@
YDOLGR (VDHWLFDXQLYHUVDOTXHWDQWRKDKHFKRSRUHOOD.XQJGHPDQGDD%HQHGLFWR;9,TXHOD
KDJDVX\DSDUWLHQGRGHOFRQYHQFLPLHQWRGHODYHUGDGGHODSURSLDUHOLJLRQFRQHOUHVSHWRSRUODYHUGDG
GHODVRWUDVUHOLJLRQHV"(VSRVLEOHVHPHMDQWHPH]FOD"'HDFXHUGRDORTXHKHPRVHVWXGLDGRQRVHVWDPRV
HQFDPLQDQGRKDFLDHOOR(VSRVLEOHXQDVHOHFFLRQGHORFRPXQDWRGDVODVUHOLJLRQHVGHORXQLYHUVDOGH
XQDHWLFDHFRQRPLFD\SROLWLFDEDUQL]DGDSRUHVDUHOLJLRQXQLYHUVDOUHSUHVHQWDGDHQYDORUHVPRUDOHV
FRPXQHV8QLFDPHQWHVHSUHFLVDXQDDXWRULGDGVXSUHPDTXHODOOHYHDFDER.XQJVHORSRQHPX\FODUR
\IDFLO&RQFHSWXDOPHQWHVHUHTXHULULDFRQVWLWXLUVHHQJDUDQWHGHODOLEHUWDG\ODIUDQTXH]DHQOD,JOHVLD
\DTXHSDUDHOORKDEULDTXHFRQVHJXLUODXQLGDGGHODFULVWLDQGDGSHURQRPHGLDQWHHOGRPLQLRGLUHFWR
VLQRPHGLDQWHHOVHUYLFLRDHOOD7RGRHVWRTXHORHVFULELDPRVHQHOORYHPRVDKRUDUHIOHMDGRHQHO
 >@
HQXQDUWLFXORSXEOLFDGRSRUHORUJDQRRILFLDOGHOD,JOHVLD&DWROLFD $QWHODQHFHVLGDGGHXQD
UHIRUPDGHOVLVWHPDILQDQFLHUR\PRQHWDULRLQWHUQDFLRQDOVHSUHFLVDULDXQDDXWRULGDGSXEOLFDFRQ
FRPSHWHQFLDXQLYHUVDO(ODUWLFXORHQFXHVWLRQQRWLHQHQLQJXQGHVSHUGLFLR(QHOSDUWLHQGRGHOD3DFHQ
LQWHUULVGH-XDQ;;,,,GRQGHVHSURFODPDODQHFHVLGDGGHFRQVWLWXLUXQD$XWRULGDGSROLWLFDPXQGLDO
GDGDODDGYHUWHQFLDGHOSURSLR-XDQ;;,,,GHTXHHOPXQGRVHHVWDEDGLULJLHQGRKDFLDXQDXQLILFDFLRQ
FDGDYH]PD\RUVHSUHFLVDULDSDUDHOELHQFRPXQXQLYHUVDOXQD$XWRULGDGSXEOLFDPXQGLDO(O3RQWLILFLR
&RQVHMR-XVWLFLD\3D]UHFRJHHVWDQHFHVLGDGSURSXHVWDSRU-XDQ;;,,,VLQRDGHPDVFRQODLQWHUSUHWDFLRQ
DGLFLRQDOTXH%HQHGLFWR;9,DQDGHDQWHODFULVLVHFRQRPLFD\HWLFDTXHYLYHHOPXQGRJOREDOGHKR\
%HQHGLFWR;9,LQGLFDFRQSUHFLVLRQHQOD&DULWDVLQYHULWDWHFRPRGHEHVHUHVHJRELHUQRGHOD
JOREDOL]DFLRQ<OD1RWDGHO3RQWLILFLR&RQVHMR-XVWLFLD\3D]DERUGDHO*RELHUQRPXQGLDODOTXHQRV
>@
GLULJLPRV\ODVFDUDFWHULVWLFDVTXHGHEHULDWHQHU
/DSURSXHVWDGH+DQV.XQJSDUD%HQHGLFWR;9,FRQIOX\HFRQODQHFHVLGDGDFWXDOGHXQD$XWRULGDG
PXQGLDOFRQODTXHHO3DSDGR\DSRVHHH[SHULHQFLD\TXHVHSUHVHQWDGHQWURGHXQVHUYLFLRSDUDXQ
PXQGRJOREDOSDUDHOTXHODVXEVLVWHQFLDUHTXLHUHYDORUHVWDQWRSROLWLFRVHWLFRVFRPRHVSLULWXDOHVGHQWUR
>@
GHXQDOLQHDHVSLULWXDOPXQGDQD
+DQV.XQJDSURYHFKDHVWDFR\XQWXUDHQHOGLDORJRFRQHFWDQGRORFRQHOFRQYHQFHUHQHVHVHUYLFLR
+DEULDTXHFRQVHJXLUXQDDXWHQWLFDFROHJLDOLGDGHSLVFRSDOFRQYHUWLUVHHQXQFDSHOODQDPLJRGHODV
PXMHUHVSDUDVXSRVLEOHRUGHQDFLRQJDUDQWL]DUHOGHUHFKRDOPDWULPRQLRGHORVVDFHUGRWHVVLQSHUGHUVX
RUGHQDFLRQFRUUHJLUVXFRQFHSFLRQGHLQIDOLELOLGDGUHFRQRFHUWDQWRDVDFHUGRWHVSURWHVWDQWH\
DQJOLFDQRV\GHURJDUODVUHSUREDFLRQHVGHOWLHPSRGHODUHIRUPD\ODH[FRPXQLRQGH0DUWLQ
>@
/XWHUR (VHVHUYLFLRVHULDGHPXFKDXWLOLGDGSDUDHOOLGHUD]JRSROLWLFRGHODSULPHUDSRWHQFLD
PXQGLDOFRQODTXHKDEULDTXHSRQHUVHGHDFXHUGRDSRUWDQGR\UHFLELHQGRLGHDVDILQGHVHUXQILHO
PLVLRQHURSDUDVXSROLWLFD\HFRQRPLDJOREDOL]DGRUD3HURWDPELHQVHULDQHFHVDULRVHJXQ.XQJSHUGHU
>@
ODLGHDGHTXHORVQRFULVWLDQRVYLYHQREMHWLYDPHQWHHQXQDGLILFLOVLWXDFLRQGHILFLWDULD \
KDEULDVHJXQHOLQGHSHQGLHQWHPHQWHGHORTXHKXELHUDTXHLQVWUXLUDRWUDVUHOLJLRQHVDSUHQGHUGHHOODV
GHVXVWUDGLFLRQHVHVWHWLFDVHVSLULWXDOHVOLWXUJLFDVHWLFDV\WHRORJLFRILORVRILFDV\HVWRVLQVLQFUHWLVPR
>@

&RQ-RUMH%HUJRJOLRVHOHKDSUHSDUDGRHOWHUUHQRHVSHFLDOPHQWHSRUODGLPLVLRQLQHVSHUDGDGH
5DW]LQJHUSRUQRSRGHUOOHYDUDFDERHOPLQLVWHULRSHWULQR/D%DQFD9DWLFDQD\DHVWDUHDOL]DQGRODV
UHIRUPDVRSRUWXQDV"(QODOLQHDOHJDOGHORVOREELHVILQDQFLHURV"/DVLQPRUDOLGDGHVGHQWURGHORVPXURV
YDWLFDQRVVHOHVHVWDQFHUFDQGRDILQGHHOLPLQDUODV
&XDQGRWHQHPRVHQFXHQWDWRGDHVWDWUD\HFWRULDPRVWUDGDSRUWRGDVODVFLWDVHQVXFRQMXQWR\OD
>@
SURSXHVWDGHO3DSDGRGHVHUOD,JOHVLDFRPRWXWHODGHODWUDVFHQGHQFLDGHODSHUVRQDKXPDQD \
>@
VHUODLOXPLQDGRUDGHODYLGDSROLWLFD <TXHODYHUGDGUHVLGHHQOD,JOHVLD&DWROLFDGHDFXHUGR
DODLQWHUSUHWDFLRQGHOPDJLVWHULR3DSDO\HSLVFRSDOHQFRPXQLRQFRQHO3DSDXQRFRPSUHQGHPHMRU
FRPRVHHVWDSURPRFLRQDQGRWDQWRXQDUHOLJLRQXQLYHUVDO\XQTXHKDFHUSROLWLFRGHWHUPLQDGRFRQOD
LOXPLQDFLRQGHOPDJLVWHULRGHOD,JOHVLD&DWROLFD
'HHVHPRGRODOLEHUWDGSURPRYLGDSRUHO3DSDGRWDOFRPR\DYLPRVQRVRORPRGLILFDULDHOFRQFHSWR
GHOLEHUWDGGHOD&RQVWLWXFLRQ1RUWHDPHULFDQDVLQRODSURPRYLGDSRUODSURSLD2183HURHVWRVH
FRPSHQVDULDFRQORTXHUHVXOWDULDGHLQWHJUDUVHHO3DSDGRHQHOTXHKDFHUSROLWLFR(VWDGRXQLGHQVH
 >@
FRQVHJXLUVHOD3D]PXQGLDO\ODXQLGDGFRQODQRDUELWUDULHGDGQLDUURJDQFLDGHOSRGHUHVWDWDO
(VHQHVHVHQWLGRTXHVHHVWDSURPRYLHQGRODOLEHUWDGUHOLJLRVDSRUHO3DSDGRFDGDYH]PDV<GH
DFXHUGRDORTXHPDJLVWHULDOPHQWHVHKDGLFKR\DORTXHODKLVWRULDJOREDOSURSRQJDHQORUHODWLYRDHVD
UHOLJLRQXQLYHUVDODPROGDUDXQDYH]PDVVXVSUHPLVDVDODQXHYDUHDOLGDGSRUFXDQWRODVSURSLDV
QDFLRQHVUHFWRUDVGHDPELWRFULVWLDQRVHYHQREOLJDGDVDVXVFULELUORSRUHOFRQIOLFWRFXOWXUDOHOH[WHUQR
>@
HLQWHUQRSDUDHOTXHHO3DSDGRDVXPHHOSDSHOGHPLVLRQHURGLYLQRDVHUYLFLRGHODVQDFLRQHV D
>@
ILQGHHQFRQWUDUHODMXVWHQHFHVDULRGHQWURGHODJOREDOL]DFLRQHQWUHQDFLRQHVULFDV\SREUHV
(VDOLEHUWDGUHOLJLRVDODSRGUDHQWHQGHUUHVSHWDQGRODVGLIHUHQFLDVTXHODVKD\FRQXQGLDORJRGRQGH
VHSUHVHQWHORFRPXQ\ORGLVWLQWRFRPRQHFHVDULRSDUDODPDUFKDGHODJOREDOLGDG3RUILQHO3DSDGR
KDEUDHQFRQWUDGRXQPXQGRTXHOHUHVSHWHFRPRDXWRULGDGVXSUHPD\SDUDGLJPDGHODXQLGDG
5HVSHWDQGRHODVXYH]XQDSOXUDOLGDGGHORHVHQFLDOPHQWHFRPXQ\GHORSDUWLFXODUPHQWHGLIHUHQWH3HUR
ODOLEHUWDGUHOLJLRVD\GHFRQFLHQFLDUHEDMDGDDKRUDFRQODDSRUWDFLRQ3DSDOWLHQHXQOLPLWH
FDUDFWHULVWLFRQRFRQWULEXLULGHRORJLFDPHQWHDODGHVDSDULFLRQGHODFRQFHSFLRQHVWDWDOTXHKD
SURPRYLGR\GHVDUUROODGRODOLEHUWDGUHOLJLRVD\GHFRQFLHQFLDFRQHOUHVSHWRDORVGHUHFKRVKXPDQRV\
HQWHQGLGRWRGRHOORFRQODSURSXHVWDSDSDOTXHHQHVRVPRPHQWRVLQWHUHVDUDDOD+XPDQLGDG(VWHHVXQ
OLPLWHTXHOOHJDGRHOFDVRGHXQDFRQGXFWDWHRORJLFDTXHFULWLFDODREUDGHHVDFRQFHSFLRQHVWDWDOSRU
FXDQWRLQWHUSUHWDDDOJXQDVGHVXVDFFLRQHV\SURSRVLFLRQHVFRPRSHOLJURVDVSUHFLVDPHQWHSDUDOD
OLEHUWDGUHOLJLRVD\GHFRQFLHQFLDSRGULDFRQVLGHUDUVHSRUORVVDOYDJXDUGDGRUHVGHHVDFRQFHSFLRQ
HVWDWDOFRPRXQDLQMHUHQFLDFRQWUDHO(VWDGR\YHUVHREOLJDGRFRPRFRQVHFXHQFLD\GHDFXHUGRDVX
SURSLDLQWHUSUHWDFLRQGHODVXQWRDWRPDUPHGLGDVVHULDVHQFRQWUDGHHVDWHRORJLDFULWLFD(VDDFWLWXGSRU
SDUWHGHO(VWDGRSRGULDFDOLILFDUVHSUHFLVDPHQWHFRPRFRQWUDULDDODOLEHUWDGUHOLJLRVD
&XDQGRODUHOLJLRQRFXSHXQOXJDULPSRUWDQWHHQODSROLWLFDHVWDWDOSDUDGLJPDWLFDVHWHQGHUDDXQLILFDU
WRGRORLGHRORJLFRUHOLJLRVR/DLGHDGHXQDUHOLJLRQXQLYHUVDOWHQGUDFRPRHSLFHQWURHOHMHPSORGHXQD
FULVWLDQGDGXQLGDTXHSHUPLWHHQVXVHQRXQSOXUDOLVPRHQPDUFDGRHQTXHQRVHVHQDOHFRPRHUURQHROR
TXHVHVXVWHQWDHQHVHVHQRFRPRSDUWLFXODUPHQWHSOXUDO&XDQGRHQODH[SRVLFLRQGHXQDFUHHQFLD
SDUWLFXODUGHQWURGHHVHSOXUDOLVPRSHUPLWLGRDWDTXHFXDOTXLHURWUDSDUWLFXODULGDGVHFRQVLGHUDUDFRPR
YXOQHUDGRUDGHODOLEHUWDGGHFRQFLHQFLDGHORWUR<HQWRQFHVODOLEHUWDGUHOLJLRVDGHMDUDGHDSOLFDUVH
SDUDHVHFROHFWLYRFRQVLGHUDGRDJUHVRU/DGHPRFUDFLDFRQHOGHUHFKRDGLVHQWLU\ODDSOLFDFLRQGHORV
GHUHFKRVKXPDQRVVHHYLGHQFLDUDQFRQVXQRH[LVWHQFLD&XDQGRODUHOLJLRQVHDODTXHIXHUHRFXSDXQ
OXJDUSUHSRQGHUDQWHHQODSROLWLFDGHOSRGHULPSLGHHOGHVDUUROORQRUPDOGHXQDGHPRFUDFLDHQODTXH
ORVGHUHFKRVKXPDQRVVHLQKLEHQIDYRUHFLHQGRVHXQDGHPRFUDFLDFDPXIODGD
/DGHVDSDULFLRQGHXQPRGHORLGHRORJLFRUHOLJLRVRHQXQDUHOLJLRQHFXPHQLFDRXQLYHUVDOTXH
LPSRQHVXVUHJODV
/DDFHSWDFLRQGHWRGDUHOLJLRQFRPREXHQDVHVRVWHQGUDSRUXQODGRHQODFUHHQFLDGHXQPLVPR'LRV
FRQXQRVYDORUHVHWLFRVTXHVHKDUDQFRLQFLGLUFRQORTXHVHLQWHUSUHWHFRPROH\QDWXUDOYHUFLWDVPDV
DUULED\SRURWURHQODQHFHVLGDGGHPDQWHQHUXQRUGHQHFRQRPLFRXQLGR3HURHVWROOHYDFRQVLJROD
GHVDSDULFLRQGHXQDFRQFHSFLRQGHFLYLOL]DFLRQWHUUHVWUHHQODTXHHVWDEDLQWHJUDGRWRGRFDGDGLVWLQWRR
GLIHUHQWHFRQSUHWHQVLRQGHVHUXQLFR\YHUGDGHUR(O'UDJRQKDELDVLGRFDSD]GHFUHDUHVDFRQIXVLRQ
XQLWDULDFRQHOREMHWLYRGHYDORUDUWRGRHQGHWULPHQWRGHORXQLFRYHUGDGHUR$OSODVPDUHQOD0XMHU
%DELORQLFD$SFIWRGRORTXHLEDDGDUGHVLODFRUULHQWHFXOWXUDOGHODFLYLOL]DFLRQ
WHUUHVWUHFRQWDPLQDGDSRUHOFI$SVHGLOXLDORTXHUHSUHVHQWDHQODWLHUUDDOSXHEORTXH
HQFDUQDEDORVSULQFLSLRVGHO5HLQRGH'LRVFI$S(VDPH]FRODQ]DVLQRUGHQQL
FRQFLHUWRTXHWHQLDFRPRILQDOLGDGHOGHFUHDUODFRQIXVLRQ\ODLQGHWHUPLQDFLRQPHGLDQWHODSUHWHQVLRQ
GHODH[FOXVLYLGDGFRQTXHFDGDXQRHQDUERODEDVXLGHDFRPRXQLYHUVDOODPHMRU\FRPRYHUGDGHUD
SURGXFLDORFRQWUDULRWRGRHVORPLVPRRWRGRGDLJXDO<GDEDSDVRDODEXVTXHGDGHQWURGHOD
SOXUDOLGDG\PDQWHQLHQGRODDORTXHVHVXSRQHTXHHUDFRPXQ\HVHQFLDODWRGR
(QHIHFWRHQODFUHDFLRQGHHVDUHOLJLRQXQLYHUVDOKD\XQDGHVWUXFFLRQGHORTXHUHSUHVHQWDOD0XMHU
%DELORQLFDFI$SSRUSDUWHGHORVFXHUQRVTXHHMHFXWDQORTXH'LRVTXLHUHFI
>@
 (OOODPDGRSXHEORGH'LRVFRQWULEXLUDDVXGHVWUXFFLRQVHQDODQGRFODUDPHQWHVXVPDOHV
HQXQDSUHGLFDFLRQXQLYHUVDOVLQSUHFHGHQWHVGRQGHHQVHQDUDVXVFRORUHVFODUDPHQWH$S
/D0XMHU%DELORQLFDVHUDVXVWLWXLGDSRUODFRQILJXUDFLRQ)DOVR3URIHWDR%HVWLDGHGRVFXHUQRVFI
$SFITXHKDVLGRDOHFFLRQDGRSRUHO'UDJRQSDUDHVWDQXHYDKRUD
/DVXVWLWXFLRQGHOD0XMHU%DELORQLFDSRUHO)DOVR3URIHWDWUDHUDSUREOHPDVDOFROHFWLYRVHQDODGRHQ
OD$SRFDOLSWLFDFRPRSXHEORGH'LRV$SFIFI<VHOHUHFRUGDUDFRPR
KDELHQGRFRQWULEXLGRHQVHQDODUORVHUURUHVGHDTXHOODFRQXQDH[SRVLFLRQWRUWXUDGRUD\GHPROHGRUDGH
ORVPDOHVGHHVD0XMHU%DELORQLFD3RUHVRHOFRPSURPLVRGHORV&XHUQRVDGMXQWRVHQOD%HVWLD\
RULHQWDGRV\OLGHUDGRVSRUODYHUVLRQ2FWDYDTXHUHSUHVHQWDMXQWRDORVDOD%HVWLDWUDVFHQGLGDHQHO
PXQGRHQWHUR\SRUODFRQILJXUDFLRQ)DOVR3URIHWDVHUDHOGHKDFHUFXPSOLUORVUHTXLVLWRVLPSOLFLWRVHQ
ODQXHYDLPSODQWDFLRQUHOLJLRVRLGHRORJLFDHFXPHQLFDRXQLYHUVDO$SFRQODV
DGLFLRQHVHFRQRPLFDV\HWLFDVQXHYDV(OSXHEORGH'LRVHVWDUDFODUDPHQWHLGHQWLILFDGRHQVXHQIDVLVHQ
VHQDODUORVPDOHVGHODFRQILJXUDFLRQFRQFHSWXDO0XMHU%DELORQLFDR&LYLOL]DFLRQ7HUUHVWUH$S
FI$S<VHUDYLJLODGR\DGYHUWLGRFI$SFI
7HQJDVHHQFXHQWDTXHODREUDGHOOODPDGR)DOVR3URIHWDTXHDSDUHFHHQ$SRFDOLSVLVOOHYDQGRD
FDERXQDREUDGHXQLRQDOUHGHGRUGHODSULPHUD%HVWLD$SFI\TXHVHSUHVHQWD
PHGLDQWHODUHKDELOLWDFLRQGHOD&DEH]DKHULGD XQDGHODVHQYHUVLRQ2FWDYD^$S`
FRQVLVWHHQODDFHSWDFLRQGHXQDREUDJOREDOUHSUHVHQWDGDHQODXQLRQGHODSROLWLFD\UHOLJLRQ\
HQFDUQDGDSUHFLVDPHQWHFRPRUHIHUHQFLDFHQWUDOHQODXQLRQFRQODSULPHUDSRWHQFLDPXQGLDOGHO
PRPHQWR<DKHPRVGLFKRTXHHVDUHOLJLRQHFXPHQLFD\GHDFXHUGRDODVWHQGHQFLDVKLVWRULFDV\D
HVWXGLDGDV\SUREDGDVWHQGUDFRPRFHQWUR\HMHPSORDXQDFULVWLDQGDGXQLGDFRQHOOLGHUD]JRGHO3DSDGR
\ODSULPHUDSRWHQFLDPXQGLDO3DUDOOHYDUDFDERHVDREUDGHJOREDOL]DFLRQVHUDSUHFLVRUHVSHWDUHVH
SOXUDOLVPRJOREDOL]DGRSRUODFRQFHSFLRQGHHVDUHOLJLRQHFXPHQLFDDXVHQFLDGHSURVHOLWLVPRHQ
FXDQWRDFRQYHQFHUDRWURGHWXVLGHDVSURKLELFLRQGHVHQDODUHUURUHVHQHORWURUHVSHWRSRUOD
YLYHQFLDGHWXUHOLJLRQGHQWURGHODUHDHVWLSXODGD6HVHQDODUDFRPRIDQDWLVPRHOSUHGLFDUOLEUHPHQWHHO
PDQGDWRGH-HVXFULVWR0W0FFRQVLGHUDQGRORFRPRQRUHVSHWDQGRODV
SDUWLFXODULGDGHVGHORVGHPDV
3RUXQODGRHVWRGHVWUX\HWRGDLGHDILORVRILFDUHOLJLRVDSROLWLFDFXOWXUDOUHSUHVHQWDGDHQOD0XMHU
%DELORQLFDTXHGHVGHORSDUWLFXODUSUHWHQGDSUR\HFWDUORXQLYHUVDOPHQWH(O)DOVR3URIHWDR%HVWLDGH
GRVFXHUQRVHQFDUQDGRHQXQDFRQFHSFLRQSROLWLFRUHOLJLRVDFI$SVVMXQWRDODSULPHUD
%HVWLDVDOLGDGHODELVPRFRPRRFWDYD&DEH]DXQDGHODVVLHWHODTXHIXHKHULGD$SKDQ
DQDOL]DGRWRGRVORVOLPLWHVLGHRORJLFRVWRGRORTXHVHSXHGHRQRSHUPLWLU3HURHVRVOLPLWHVHQPDUFDGR
GHQWURGHXQDSROLWLFDUHOLJLRVDGHLQWHUHVHVVHUDLPSRVLEOHFXPSOLUORSRUHOFROHFWLYRHFOHVLDOTXH
HQFDUQD\UHSUHVHQWDDORVSULQFLSLRVGHO5HLQRGH'LRVFX\RVSULQFLSLRVHVWDQHQDELHUWDRSRVLFLRQDORV
SULQFLSLRVTXHHPDQDQGHOD%HVWLD\TXHWUDVFLHQGHQHQHOKDELWDWHVWDWDOSDUDGLJPDWLFRHQFDUQDGRSDUD
HVHHQWRQFHVHQXQDXQLRQGH,JOHVLD\(VWDGR
/DVUHJODVLPSXHVWDVGHXQDUHOLJLRQXQLYHUVDORHFXPHQLFDFUHDUDSUREOHPDVDWRGRDTXHOTXHHQ
OLEHUWDG\HQGHPRFUDFLDDXWHQWLFDVVHQDOHFRPRHUURQHRHVDLPSRVLFLRQ\HOFRQWHQLGRGHODVUHJODV
HOHYDGRHQWRQFHVDFDWHJRULDGHOH\XQLYHUVDO3RURWUDSDUWHODYLYHQFLDGHXQDSDUWLFXODULGDG
GHWHUPLQDGDFRQVLGHUDGDFRPRYHUGDGHUDSRUORVTXHODH[SHULPHQWHQSHURGLVWLQWDHQORVYDORUHV
GHVFULSWLYRV\HQVXVHQWLGRHVHQFLDOFRQORTXHSURSXJQHHOUHIHUHQWHGHOSRGHUFUHDUDFRQIOLFWRV
JUDYHVTXHGHVHQFDGHQDUDQODLQWHUYHQFLRQGLUHFWDHKLVWRULFDGH'LRVHQHO$UPDJHGRQHVSLULWXDOFRQ
UHSHUFXVLRQHVWRWDOHV\SOHQDVHQODVSHUVRQDVWUDVFHQGLGDVSRUHO'UDJRQPHGLDQWHOD6HJXQGD9HQLGD
GH-HVXFULVWR$SFI
 &DSLWXOR;

(OHYDQJHOLR(WHUQRHQHOFRQWH[WRGHOMXLFLR$S
/DLQWHQFLRQGHHVWDQXHYDYLVLRQ$SHVPRVWUDUQRVDHVRVGH$SRFDOLSVLV\D
VHOODGRVYLFWRULRVRV\VDOYRV/RVDSDUHFHQHQSULQFLSLRVLQVHOODU$SVHKDQUHWHQLGRODV
XOWLPDVHVFHQDVGHMXLFLRGLYLQRDQXQFLDGRUDVGHODLQPLQHQFLDGHOILQGHILQLWLYR<DKRUD
VHQRVSUHVHQWDQDORVVHOODGRVSUHYLDPHQWHDXQDSUHGLFDFLRQTXHDQXQFLDHO-XLFLRILQDO
>@
 UHODFLRQDGDSUHFLVDPHQWHFRQRWURVHOORHOGHOD%HVWLD$OFRPSDUDUORVSDUDOHODPHQWHXQR
GHVFXEUHTXHHVRVTXHYLYHQHQODJHQHUDFLRQXOWLPDGHHVWDWLHUUDVHIRUMDQFRPRFRQVHFXHQFLD
GHHVDSUHGLFDFLRQ$SFITXHOHVSUHYLHQHUHVSHFWRDODPDUFDGHOD%HVWLDDOD
%DELORQLD\DO-XLFLRGH'LRV
6HQHFHVLWDODSUHGLFDFLRQGHO(YDQJHOLRGHO5HLQRGH'LRVSRUFXDQWROD%HVWLDTXHWLHQHTXHYHUFRQ
ODPDUFD\FRQVX,PDJHQVLJXHXQRVSULQFLSLRVHQJDQRVRVGHDFXHUGRDORVUHLQRVGHHVWHPXQGRTXH
SUHWHQGHQFDPXIODUVHFRPRVLHQGR\UHSUHVHQWDQGRDORVSULQFLSLRVGHO5HLQRGH'LRV
&RQODLQWURGXFFLRQGHODSUHGLFDFLRQGHO(YDQJHOLR(WHUQRUHODFLRQDGRFRQORVVHQRVHVWD
TXHULHQGRGHFLUTXHDQWHVTXHVHORJUHHOVHOODPLHQWRGHORV\SRUORWDQWRGHVXVDOYDFLRQ\GHO
DUURMDPLHQWRGHODVSODJDVFRQWUDORVSRGHUHVGHO0DOHVSUHFLVROOHYDUDFDERHVHWULSOHPHQVDMH
DQJHOLFRSDUDGHVHQPDVFDUDUDOD%DELORQLD\DOD%HVWLDTXHKDQWRPDGRSDUDDTXHOHQWRQFHVXQD
WUD\HFWRULDTXHGHVHPERFDUDHQXQHQJDQRPDJLVWUDOGHWRGRHOPXQGRKDVWDHOSXQWRGHDFHSWDUODDFWLWXG
LGRODWULFDTXHVXSRQHODLPSRVLFLRQGHODPDUFDGHOD%HVWLD\GHODVSUHPLVDVSROLWLFRUHOLJLRVDVDODV
TXHVHREOLJDFRQGLIHUHQWHVPHWRGRVVHGXFWRUHV\FXDQGRQRSXQLWLYRVTXHWRGRHOPXQGRVHVRPHWDD
OD%HVWLDSULPHUDULQGLHQGROHSOHLWHVLDDHOOD\DVXSURSLD,PDJHQ7RGRHOORUHDOL]DGR\DSR\DGRSRUOD
%HVWLDGH'RV&XHUQRVRHO)DOVR3URIHWDFI
 (O(YDQJHOLRHWHUQR
6HWUDWDGHO(YDQJHOLRGHVLHPSUH(VH(YDQJHOLRTXHFRQRFLDQELHQODVLJOHVLDVGH$VLD<FXDQGR
UHFLELHURQHVWRVSDVDMHVGH$SVHGDEDQFXHQWDWDPELHQTXHVLELHQHOORVGHELDQGHSUHGLFDUHO
(YDQJHOLRHQHOFRQWH[WRTXHVHHQFRQWUDEDQODSUHGLFDFLRQTXHVHDQXQFLDEDDTXLHUDODGHODHSRFDGHO
>@
MXLFLRILQDO$VLORHQWLHQGHQGLIHUHQWHVHVWXGLRVRV
(VWHWULSOHPHQVDMHDQJHOLFRKD\TXHSUHGLFDUOR\GHEHPRVFRQVWLWXLUQRVHQSURWDJRQLVWDV(VSUHFLVR
KDFHUYROYHUDODVSHUVRQDVD'LRVSRUTXHODKRUDGHVXMXLFLRKDOOHJDGR\HVQHFHVDULRVDOLUGHOD
RUELWDGH%DELORQLD\KD\TXHSUHSDUDUVHSDUDHQIUHQWDUDOD%HVWLD\DVXLPDJHQ$S
(QORVPHQVDMHVGHORVVHOORV\GHODVWURPSHWDVMXQWDPHQWHFRQHOPHQVDMHVREUHOD%HVWLD\OD0XMHU
EDELORQLFDKHPRVFRPSUHQGLGRFRPRGHEHPRVGHJXDUGDUQRVSDUDQRVXMHWDUQRVDOVLVWHPDRULHQWDGRSRU
%DELORQLDTXHKDVLGRLQYHQWDGDSRUHO'UDJRQ8QLFDPHQWHHO(YDQJHOLRGH-HVXFULVWRORVSULQFLSLRVGHO
5HLQRGH'LRVODYRFDFLRQFHOHVWHQDFLHQGRGHDUULEDSXHGHORJUDUHOPDQWHQHUQRVHQODYHUGDG\HQOD
VDOYDFLRQ&XDQGRDFHSWDPRVHO(YDQJHOLRH[SHULPHQWDPRVHOJR]R\HODPRUGH'LRVGHWDOPRGRTXH
QRVOLEHUD\QRVFXUD<HVRQRVOOHYDDSUHGLFDUHO(YDQJHOLR
/RVWH[WRVQRVPXHVWUDQODQHFHVLGDGGHSUR\HFWDUHO(YDQJHOLRDWRGRHOPXQGR\SRUORWDQWRD
H[WHQGHUORDWRGDVODVSHUVRQDV(OWH[WRKDFHHQIDVLVHQHOWHVWLPRQLRHQQXHVWURHMHPSORFRPR
FULVWLDQRVTXHKHPRVH[SHULPHQWDGRODIH([WHQGHUHOHYDQJHOLRVLJQLILFDSRQHUVHXQEODQFRGHWUDEDMR\
GHWLHPSR3RUGHVFRQWDGRTXHYDQDVXUJLULQWHUHVDGRVTXHTXHUUDQSURIXQGL]DU\EDXWL]DUVH3HUR
QXHVWURFRPHWLGRSULQFLSDOHVDVHJXUDUQRVGHH[WHQGHUHOWHVWLPRQLRGH-HVXFULVWR
6L\RKHGHSUHGLFDUGHTXHHOMXLFLRKDOOHJDGRPHORWHQJRTXHFUHHU\YLYLUGHDFXHUGRDHVD
H[SHULHQFLDHVRVHWUDVPLWH<ORVRWURVORFRPSUHQGHUDQ(VHMXLFLRHVXQMXLFLRIDYRUDEOHSDUDDTXHO
TXHDFHSWDHOPHQVDMH\HVWDXQLGRDOUHWRUQRGH-HVXFULVWR
7HPHGD'LRV\GDGOHKRQUDSRUTXHODKRUDGHVXMXLFLRKDOOHJDGR\DGRUDGDDTXHOTXHKL]R
HOFLHORODWLHUUDHOPDU\ODVIXHQWHVGHODVDJXDV$S
/DVSURSRVLFLRQHVTXHDTXLVHQRVSUHVHQWDQVRQH[WUDRUGLQDULDVSDUDDTXHOORVTXHODVSXHGHQ
FRQWHPSODUFRPRFXPSOLHQGRVHHQVXKLVWRULDSDUWLFXODU"3RUTXHHVWHPHQVDMHWDQDSDUHQWHPHQWH
FRQRFLGR""3RUTXHVHHVWDSLGLHQGRTXHVHWHPDD'LRV\TXHVHOHGHJORULD""(OSRUTXHGHXQDHVSHFLH
GHDGRUDFLRQTXHSDUHFLHUDXQDH[LJHQFLDSUHVXPLGD""4XHYDORUWLHQHHVHUHFODPRGHDGRUDUDOFUHDGRU
\UHGHQWRU"+HPRVGLFKRTXHHVWHPHQVDMHVHLQVFULEHGHQWURGHOFRQWH[WRGH-XLFLRILQDOSHURHVWRQR
VLJQLILFDTXHODLJOHVLDTXHYLYHHQXQDKLVWRULDDQWHULRUDHVWHFRQWH[WRQRSXHGDUHFLELUEHQGLFLRQGH
HVWDOHFWXUD(QWRGDODKLVWRULDGRQGHVHGHVSOLHJDODLJOHVLDGHODHSRFDGH-XDQ\ODGHODHGDGPHGLD
PRGHUQD\FRQWHPSRUDQHDKDQWHQLGRTXHDIURQWDUORTXHDTXLVHGHVFULEHHQHOFRQWH[WRGHOMXLFLRILQDO
(VXQPHQVDMH\FRQWHQLGRUHSHWLWLYR/DVLJOHVLDVOLWHUDOHVUHSUHVHQWDWLYDVGHWRGDODLJOHVLDFULVWLDQD
GHVXHSRFD\GHODVVXEVLJXLHQWHVWLHQHQTXHDIURQWDUODH[LJHQFLDGHOFXOWRDODSHUVRQDOLGDGGHO
GLULJHQWHGHWXUQRGHODVLPSOLFDFLRQHVGHOSRGHU\GHVXSUR\HFFLRQ&XDQGRVHQRVGHVFULEHODVH[WD
WURPSHWDTXHDEDUFDFRPR\DYLPRVWRGDODKLVWRULDVHQRVGLFHDQWHVGHOD\TXHWRGRVHVWDEDQ
DGRUDQGRDOJRGLVWLQWRDORTXHLPSOLFDODDGRUDFLRQD'LRVTXHKDFUHDGRWRGRFI$S
&XDQGRDSDUHFHQODVHVFHQDVGHORVDQFLDQRVTXHGDQSHUPDQHQWHPHQWHHMHPSORGHODDGRUDFLRQDO
TXHKDFUHDGRWRGR$SQRHVXQHMHPSORJUDWXLWRQLPHJDORPDQRGHXQ'LRVTXHVHYLHUD
SUHFLVDGRGHHVHGDUOHDGRUDFLRQ\JORULD12/DDGRUDFLRQD'LRVHVXQUHFRQRFLPLHQWRGHQXHVWUDV
QHFHVLGDGHVGH$TXHOTXHQRVFUHR(VHOPDQWHQLPLHQWRSHUPDQHQWHGHXQDUHODFLRQFRQ$TXHOTXHVDEH
FXDOHVQXHVWURGLVHQR\TXHSRUORWDQWRHQHVDUHODFLRQUHFLELPRVODPDQHUDGHDIURQWDUXQDH[LVWHQFLD
TXHGHELGRDODKLVWRULDUHEHOGHVHQRVKDFHGLILFLOHLPSRVLEOH/DDGRUDFLRQ\GDUOHJORULDQRHVDOJR
TXH'LRVQRVRUGHQHTXHKDJDPRVVLQRHOUHVXOWDGRQDWXUDOGHKDEHUH[SHULPHQWDGRORTXHLPSOLFDOD
FUHDFLRQ\UHGHQFLRQ6LQRVHOHDGRUDQLVHOHGDJORULDHVODHYLGHQFLDGHTXHQRKHPRVH[SHULPHQWDGR
ODVDOYDFLRQQLODSUHVHQFLDGHO'LRVTXHVHUHYHODHQQXHVWUDYLGD<SRUORWDQWRODSHUVRQDVHHQFXHQWUD
SHUGLGDFRQGHQDGDGHVWUXLGD'HDKLTXHVHLQVWHDXQDUHIOH[LRQSURIXQGD\VLQFHUDGHFXDOHVOD
SRVLFLRQ\ODFRQGLFLRQGHFDGDVHUKXPDQR<TXHVLTXLHUHYHUVHSURWHJLGRIUHQWHDOPDOHOVXIULPLHQWR
ODHQIHUPHGDG\ODPXHUWHHVQHFHVDULRYROYHUVHD'LRVFRQRFHUOHFI-Q\DOYLYLUGHDFXHUGRD
ORTXHUHVXOWDGHHOORHVWDUHPRVDGRUDQGROH\GDQGROHJORULDWHPLHQGROHHVGHFLUUHVSHWDQGRVX
FUHDFLRQ\UHGHQFLRQ\GDQGROHKRQUDDTXHWRGRHVRTXHDKRUDHVWDUHSHUFXWLHQGRSRVLWLYDPHQWHHQPL
H[LVWHQFLDSURFHGHGHO'LRVTXHVHUHYHOD
3RUORWDQWRWRGRVORVVLHUYRVGH'LRVGHWRGDVODVHSRFDVKDQGHELGRHQWHQGHUHVWR<ORVGHOSDVDGR
VHJR]DEDQDOOHHUHVWDVSDODEUDVGLULJLGDVHQHOFRQWH[WRGHOMXLFLRDXQFXDQGRFRQWHPSODUDQHVWHHQHO
IXWXUR
3HURDTXHOORVTXHHVWDQYLYLHQGRHQODHSRFDGHORVHOORHVSHFLILFDPHQWHFXDQGRVHOHVGDDODV
SHUVRQDVPXHUWDVHQ&ULVWRODVYHVWLGXUDVEODQFDVHQVHQDOGHKDEHUVHFRPHQ]DGRHOMXLFLRILQDOSXHGHQ
HQWHQGHUTXHHVWDQYLYLHQGRHQHVHSRFRWLHPSRTXHIDOWDSDUDODOLEHUDFLRQGHILQLWLYDGHWRGRVORV
PXHUWRV<HQWRQFHVVHOHVHVWDLQVWDQGRDTXHHQVXYLYHQFLDSHUVRQDO\HQVXSUHGLFDFLRQGHO(YDQJHOLR
HWHUQRTXHWHQJDQHQFXHQWDHODGRUDUD'LRV\GDUOHJORULDWHPHGOH\GDUOHKRQUD$OJRPX\HVSHFLDO
GHEHHVWDUDFRQWHFLHQGRSDUDTXHODUHYHODFLRQGH-HVXFULVWRH[SUHVHHQHVRVWHUPLQRVWDQFRQFUHWRVOD
DGRUDFLRQD'LRVFRQORTXHLPSOLFD<HIHFWLYDPHQWHHQHVDHSRFDTXHWUDQVFXUUHHQWUHFRPLHQ]R
GHOMXLFLRILQDO\ODUHFRJLGDGHODPLHV$SVHHVWDYLYLHQGRXQDVLWXDFLRQTXHKDVWDLQFOXVR
DOJXQRVGHORVTXHIRUPDQSDUWHGHVXSXHEORSUHFLVDQGHHVDDPRQHVWDFLRQFODUDFI$SFI$S
(VDHSRFDODHVWR\YLYLHQGR\R\ODHVWDVYLYLHQGRWX\HOHQJDQRHVWDVLHQGRWDQFDUDFWHULVWLFR
FI$STXHQLVHGLVWLQJXHQLVHGLVFLHUQHOREXHQRGHORPDORORTXHHVFRUUHFWRGHORTXH
DSDUHQWHPHQWHHVFRUUHFWRORQHXWUR\ORTXHH[DFWDPHQWH'LRVGHPDQGDHOSHFDGR\ORTXHQRHV
SHFDGRORPRUDOGHORUHODWLYDPHQWHPRUDOGHORTXHHV'LRV\ORTXHHVHOLGROR/DDPELJXHGDGOD
FRQIXVLRQODQHXWUDOLGDGODLQVHJXULGDGODGHVFRQILDQ]DEULOODQHQOXJDUGHODYHUGDG\GHODOLEHUWDGGH
ORVKLMRVGH'LRV-QFI5P$KRUDHVWDPRVYLYLHQGR\HQWHQGLHQGRTXHSRUKDEHUVH
PXOWLSOLFDGRODPDOGDGHODPRUGHPXFKRVGHVDSDUHFHUD0W$KRUDHQWHQGHPRVHOPHQVDMH
GHORVVHOORV\GHODWURPSHWDVORTXHFDGDFULVWLDQRGHFDGDHSRFDWXYLHUDTXHHQIUHQWDUHVGHWDO
QDWXUDOH]D\HQYHUJDGXUDTXHHVSUHFLVRREOLJDWRULDPHQWHSURWHJHUQRVFRQODYHUGDGGHOUHLQRGH'LRV
TXH-HVXFULVWRQRVWUDHOOHJDQGRDYLYLUXQDYLGDLPSHFDEOH\PXULHQGRVLQPHUHFHUORFRPRXQSHFDGRU
$KRUDHQHVWHWLHPSRTXHPHGLDGXUDQWHODGXUDFLRQHOMXLFLRILQDOUHODWLYRDODFDVDGH'LRVKD\TXH
DIURQWDUSUXHEDVGXUDVFRPRODVGHVLHPSUHSHUR"3HURTXH"$KRUDQRWHQHPRVSHUVHFXFLRQSRUORV
SRGHUHVUHLQDQWHV$KRUDKDGDGRWLHPSRDTXHVHQRVGRPHVWLTXHSRUXQPXQGRVRFLDOTXHQRVRIUHFH
FRVDVEXHQDV\PDODV$KRUDVHQRVHVWDLPSLGLHQGRODSUHGLFDFLRQQRSRUTXHVHQRVSURKLED
H[SUHVDPHQWHVLQRSRUTXHPXFKRVKDQSHUGLGRODQHFHVLGDG\SUHVLRQDQGHDOJXQPRGRVREUHHOUHVWR
SDUDTXHGHVLVWDQGHOHPSHQRTXHSXGLHUDKDEHUKDELGR1RVHGDQFXHQWDGHOWLHPSRHQTXHYLYLPRVVX
YLGDFULVWLDQD\DQRVHGLVWLQJXHGHODGHVXVYHFLQRV7RGRSDUHFHLJXDODXQTXHQRORVHD/DSURWHFFLRQ
GLYLQDQRVHKDFXPSOLGR
3HURVHQRVGLFHTXHQRVYROYDPRVD'LRVTXHOHGHPRVHOYDORUTXHSRVHHHQQXHVWUDFUHDFLRQ\
UHGHQFLRQ6HQRVDILUPDTXH'LRVKDFUHDGRWRGR\ORGLFHFRQODVPLVPDVSDODEUDVTXH*HQHVLV6HQRV
HVWDUHFRUGDQGRTXH%DELORQLDHVWDSUR\HFWDQGRVHHQWRGRVORVFDPSRVGHOVDEHU\HVWDFRQWDPLQDQGR
WRGRFRQYLVRVGHYHUGDG<VHQRVTXLHUHGHFLUTXHUHIOH[LRQHPRVHQHVDFUHDFLRQTXHVHGHVDUUROODHQ
XQDVHPDQDVDQWDFRQXQ6KDEDWFHOHVWLDOVDQWRSUHFLVDPHQWHDKRUDFXDQGRHOMXLFLRKDOOHJDGR\FXDQGR
OD%DELORQLDKDLQWURGXFLGRWHRULDVKLEULGDVTXHVLQSRGHUODVGHPRVWUDUFLHQWLILFDPHQWHDWDFDQORTXH
'LRVKDLQVSLUDGRFRQVXDXWRULGDGFUHDWLYD
 +DFDLGRKDFDLGR%DELORQLD$S
(OPHQVDMHSURJUHVLYR\HVFODUHFHGRUOOHYDDODFDLGDGH%DELORQLD'XUDQWHWRGRHOWLHPSRGHOD
SUHGLFDFLRQ%DELORQLDVHYDUHVTXHEUDMDQGR/DVJHQWHVYDQGHVFXEULHQGRORTXHQRVHYH
DSDUHQWHPHQWHHQHOFRPSRUWDPLHQWRGH%DELORQLD%DELORQLDTXH\DODKHPRVGHVFULWRHQXQFDSLWXOR
DQWHULRUVHKDFDPXIODGRFRQXQDFLYLOL]DFLRQWHUUHVWUHTXHHO'UDJRQKDFRQWDPLQDGR<GRQGHODPH]FOD
GHORFRUUHFWRHLQFRUUHFWRGHORSXUR\GHORLPSXURORFRUURPSHWRGR6XSUR\HFFLRQHQHOPXQGRHV
WRWDOWDQWRHQODYLGDGHOSHQVDPLHQWRFRPRHQODSROLWLFDFRPRHQORSROLWLFRUHOLJLRVRILORVRILFR
FLHQWLILFRRHWLFRFRQXQDPH]FODGHWRGRFRQWDPLQDGRSRUHO'UDJRQ\XQLFDPHQWHODSUHGLFDFLRQGHO
(YDQJHOLRGHO5HLQRSXHGHGHVHQPDVFDUDUWRGRVORVPDOHVTXHKDSURGXFLGRDODKXPDQLGDG\ORVTXH
HVWDSURYRFDQGRPLHQWUDVH[LVWDPLHQWUDVVHOHGHFUHGLWR3HURHVDSUHGLFDFLRQTXHVHGHVDUUROODHQHVH
SRFRWLHPSRTXHIDOWDFXOPLQDUDFRQORVFRQWHQLGRVGH$S'RQGHODPXMHUEDELORQLFDGHVDSDUHFH
GHOPDSDGHVXLQIOXHQFLD
6LDOJXQRDGRUDDOD%HVWLD\DVXLPDJHQ\UHFLEHVXPDUFD$S
<DORH[SOLFDPRV/DDGRUDFLRQDOD%HVWLDRDVXLPDJHQRHOUHFLELUVXPDUFDYDDFRQWHFLHQGRVLOD
SHUVRQDVHVRPHWHDOVLVWHPDLQFRQGLFLRQDOPHQWH&XDQGRKD\HQWUHJXLVPRQRKD\SURWHVWDDQWHORTXH
%DELORQLDSUR\HFWDHQHOPXQGRVRFLDOTXHYDHQFRQWUDGHOSODQGH'LRVFDPXIODGRFRQFRVDVSRVLWLYDV
VHYDSUHSDUDQGRHOWHUUHQRSDUDTXHODPDUFD\HOVRPHWLPLHQWRDOD%HVWLDVHDXQDUHDOLGDGVLQTXHOD
SHUVRQDSXHGDFRQWURODUFXDQGRVHKDJDXQDUHDOLGDGPDQLILHVWD'HDKLTXHVHQRVSLGDTXHDGRUHPRVD
'LRVTXHQRVYROYDPRVD(OFRQWRGRORTXHLPSOLFDQXHVWURGLVHQR\GHVLJQLR$VXFRQRFLPLHQWRDVX
SDODEUDDVX5HLQR
 3DUDORVTXHQRYLYHQHOHYDQJHOLR\QRVHDUUHSLHQWHQRSDUDORVTXH
ORUHFKD]DQGHFRQILUPDUVHOHVLQVWDODHQXQDFRQGHQDFLRQDWHVWLJXDGD
SRUDOJRTXHUHSUHVHQWDKDEHUVHSURGXFLGR
6LQRVHYLYHHVWHHYDQJHOLRRVLVHUHFKD]DVHGLFHTXHVHEHEHUDGHOFDOL]GHODLUDGH'LRV<TXHOHV
LQWURGXFLUDHQXQDFRQGHQDFLRQHWHUQDTXHHVSDUDVLHPSUH
(QHVWHWH[WRVLPEROLFRGH$SRFDOLSVLVVHKDEODTXHHOKXPRGHOWRUPHQWRGHORVLPSLRVVXEHSDUD
VLHPSUHMDPDV$S\TXHSUHYLDPHQWHKDELDQVLGRDWRUPHQWDGRVFRQIXHJR\D]XIUH\ORV
TXHKDQUHFLELGRODPDUFDGHOD%HVWLDQRWLHQHQUHSRVRQLGHGLDQLGHQRFKH
"4XHVLJQLILFDWRGRHVWR"
(QSULQFLSLRGLJDPRVTXHDODKRUDGHLQWHUSUHWDUXQWH[WRGHEHPRVFRQFUHWDUHOOHQJXDMHTXHVHHVWD
XVDQGR(VLQGXGDEOHTXHHOSRHWDSXHGHWUDVPLWLUQRVXQPHQVDMHFDUJDGRGHPHWDIRUDV,QFOXVRHO
HVFULWRUVDJUDGRHQODGHVFULSFLRQGHORHVFDWRORJLFRSXHGHUHFXUULUDIRUPXODVFDUJDGDVGHLPDJHQHVTXH
UHSUHVHQWDQXQDUHDOLGDGGHDFXHUGRDORVSHUVRQDMHV\HOHPHQWRVTXHHQWUDQHQIXQFLRQ'HDKLTXHHQHO
JHQHURDSRFDOLSWLFRUHSOHWRGHHPEOHPDV\ILJXUDVWHQJDPRVTXHDFWXDUFXLGDGRVDPHQWH3RURWUDSDUWH
ORTXHGLMLPRVHQRWUROXJDUHVYDOLGRGHQXHYRDTXL6LQRVRWURVFRQVHUYDPRVHOSXQWRGHYLVWDTXH
H[SUHVDWRGDOD%LEOLDHQVXFRQMXQWRUHVSHFWRDODQDWXUDOH]DGHOVHUKXPDQR\HQFXDQWRDODV
FRQGLFLRQHVSDUDTXHVHSURGX]FDXQDYLGDRH[LVWHQFLDVLQILQORVWHUPLQRVFRPRWRUPHQWREDVDQRV
^DWRUPHQWDU EDVDQL]R`RSDUDVLHPSUHKHEUHRRODPJULHJRDLRQWHQGUDQGHQWURGHXQHQXQFLDGR
ILJXUDGRXQDGLPHQVLRQPX\GLVWLQWDDODTXHWUDGLFLRQDOPHQWHVHRIUHFH
3DUDFRPSUHQGHUHVWRHQUHODFLRQDOWH[WRTXHQRVRFXSDGLJDPRVWUHVFRVDVGHHQWUDGD
/DSULPHUDHQUHODFLRQFRQODH[WHQVLRQWHPSRUDOGHOOODPDGRWRUPHQWRTXHH[SHULPHQWDQORVTXHKDQ
DGRUDGRDOD%HVWLD\DVX,PDJHQQRVHQRVGLFHVXGXUDFLRQ$S$KRUDELHQHOKHFKRGHTXH
GLFKRWRUPHQWRVHHIHFWXHFRQIXHJR\D]XIUHSDUHFHHVWDUDOXGLHQGRDXQDFRQWHFLPLHQWRSRVWHULRUDO
5HWRUQRGH&ULVWRXQDYH]WUDQVFXUULGRVORV0LODQRVTXH$SRFDOLSVLVQRVUHILHUH
&RQUHVSHFWRDTXHQRHQFXHQWUDQUHSRVRQLGHGLDQLGHQRFKHQRVHQRVHVSHFLILFDGHVGHFXDQGRQL
KDVWDFXDQGRSHURODGHVFULSFLRQHQSUHVHQWHTXHVHUHDOL]DDSDUWLUGHODVHJXQGDIUDVHGHOY
DQWHULRUPHQWHHQIXWXURSDUHFHTXHUHULQGLFDUQRVTXHH[LVWHHQDTXHOORVTXHKDQDGRUDGRDOD%HVWLD\D
VX,PDJHQ\UHFLEHQVXPDUFDXQDVLWXDFLRQGHDQJXVWLD\GHLQVHJXULGDGDSDUWLUGHOPRPHQWRHQTXH
GHVDUUROODQHVDSOHLWHVLD
'RVPRPHQWRVSDUDORVTXHDGRUDQDOD%HVWLD\DVX,PDJHQODDGYHUWHQFLDGHXQMXLFLRSDUDHOIXWXUR
$SD\ODFRQVWDWDFLRQGHTXH\DHQHOSUHVHQWHWHUUHVWUHGHDTXHOORVTXHYLYHQHQXQDHSRFD
UHODFLRQDGDFRQHOMXLFLRILQDOHQTXHVHGDODDGRUDFLRQDOD%HVWLD\DVX,PDJHQUHFLELHQGR
VXPDUFDQRWLHQHQUHSRVRQLGHGLDQLGHQRFKHXS
/DVHJXQGDWLHQHTXHYHUFRQORTXHSRGHPRVDSUHQGHUGHXQSDVDMHVHPHMDQWHGHO$7,VD
$OOHHUORQRVGDUHPRVFXHQWDTXHWXYRXQDDSOLFDFLRQORFDO$OHVWXGLDUORHQHVHFRQWH[WRVHQRVHQVHQDQ
GRVOHFFLRQHVTXHQRGHEHULDQROYLGDUVH8QDODVILJXUDVWHPSRUDOHVQRVHDSDJDUDQLGHQRFKHQLGH
GLDSHUSHWXDPHQWHVXELUDVXKXPRQXQFDMDPDVSDVDUDQDGLHSRUHOODQRWLHQHQXQYDORUPHGLEOH
UHDOSXHVWRTXHQLHOIXHJRQLHOKXPRFRQWLQXDQUHDOL]DQGRODODERUTXHGHHOORVVHSUHGLFH(OQXQFDHO
MDPDVQDGLH\FRPRYHUHPRVPDVDGHODQWHVLHPSUHRSHUSHWXDPHQWHWLHQHQHQPXFKDVRFDVLRQHV
XQYDORUUHODWLYR\QRDEVROXWRGHSHQGLHQGRGHOSXQWRGHUHIHUHQFLDDOTXHKDFHQPHQFLRQ6LWRPDPRV
FRPRHMHPSORSDUDLOXVWUDUHVWRODGHFODUDFLRQGHOHYDQJHOLRGHTXHD'LRVQDGLHOHYLRMDPDV-Q
QRVGDUHPRVFXHQWDTXHODVIRUPDVDEVROXWDVQDGLH\MDPDVVHFRQYLHUWHQHQUHODWLYDVVLODV
VDFDPRVGHOREMHWRDOTXHKDFHQDOXVLRQORVDQJHOHVYHQHOURVWURGHO3DGUH0W0RLVHVYLR
ODVHVSDOGDV,VDLDVYLRD<DKYH,VD
'RVHVDVILJXUDVWHPSRUDOHVH[SUHVDGDVEDMRODIRUPDLQGHILQLGDRLOLPLWDGDQRLPSLGHQXQD
FRQFOXVLRQGHGHVWUXFFLRQWUDQVIRUPDQGRDODILJXUDWHPSRUDOHQXQYHKLFXORGHFRUDWLYRFRQXQD
YDORUDFLRQGHDFXHUGRDOFRQWH[WR\DOPDWHULDOGHVWUXFWLEOH\SHUHFHGHURDOTXHVHGLULJHQ
<HOWHUFHUDVXQWRTXHTXHUHPRVSODQWHDUDQWHVGHSURIXQGL]DUHQHOVHQWLGRGHORVWH[WRVHVOR
DFFLGHQWDOGHOKXPRGHVXWRUPHQWRTXHVXEHSDUDVLHPSUH
<DKHPRVSRGLGRGDUQRVFXHQWDGHOYDORUUHVWULQJLGRTXHSRVHHHQHOWH[WRGH,VDLDVHOVXVRGLFKR
KXPRSDUDVLHPSUH$KRUDELHQ"TXHHVHOKXPR"ODFRQWUDVHQDGHTXHODRSHUDFLRQVHKDOOHYDGRD
FDERGHDFXHUGRDORSUHYLVWRODHYLGHQFLDGHTXHHOIXHJRKDUHDOL]DGRVXDFWLYLGDGGHVWUXFWLYD<HVWR
VHKDSHUSHWXDGR\DHVSDUDVLHPSUH(QXQFRQWH[WRORFDOFRPRHQODHSRFDGH,VUDHOHOSDUDVLHPSUH
TXHGDFLUFXQVFULWRDOKRUL]RQWHGHXQDYLGDD6DP([-RERGH
XQDJHQHUDFLRQ([RGHOOLPLWHTXH'LRVPLVPRKDLPSXHVWROHDVH,VD\FI
(QXQFRQWH[WRHVFDWRORJLFRHOSDUDVLHPSUHSXHGHWHQHUHQFXHQWDHVWRVGRVFRQFHSWRVHOGH
XQYHUHGLFWRRVHQWHQFLDRMXLFLRTXHXQDYH]UHDOL]DGRKDTXHGDGRILMDGRSDUDVLHPSUHHVLQPXWDEOHR
HVRPLVPRMXQWRFRQODQHFHVLGDGGHTXHGXUDQWHXQWLHPSRGHWHUPLQDGRKDVWDTXHKDFXPSOLGRHO
REMHWLYRLPSXHVWRHVWHVHULDHOOLPLWHGHOSDUDVLHPSUHVHSURORQJXHODFRQWHPSODFLRQYLVXDORPHQWDO
GHORVUHVXOWDGRVGHODGHVWUXFFLRQ
(OVHJXQGRDVSHFWRDWHQHUHQFXHQWDSDUDODFRPSUHQVLRQGHORVSDUUDIRVHQFXHVWLRQHVTXHHO
FRQWH[WRPDVLQPHGLDWRQRVKDEODGHORVLPSLRVFRPRTXHVRQGHVWUXLGRVHQHOPRPHQWRGHODVHJXQGD
YHQLGDGH&ULVWR$SFI$S<XQDYH]UHVXFLWDGRVSDUDUHFLELUVXFRQGHQDGHILQLWLYD
-QXSFI$SVLQSRVLELOLGDGGHXQDWUDQVIRUPDFLRQHQLQPRUWDOLGDGHLQFRUUXSWLELOLGDGTXH
VRORSHUWHQHFHDORVFUH\HQWHVHQ&ULVWRFID7HVD&RUD-QD
7LP5PVRQGHYRUDGRVFRQVXPLGRVSRUHOIXHJR$SVXIULHQGRHOMXLFLRGHOD
VHJXQGDPXHUWHRDQLTXLODFLRQGHILQLWLYD$S$HVWRWLHQHTXHUHIHULUVHHOWLSRGHWRUPHQWR
TXHVHDOXGHHQ$SRFDOLSVLV(QHIHFWRGHQXHYRSRGHPRVFKRFDUDTXLFRQHOSUHMXLFLRREVHVLYR
GHTXHHOWRUPHQWRWLHQHTXHVHUQHFHVDULDPHQWHXQVXIULPLHQWRVLQILQSHURHQODYLGDUHDOWHUUHVWUHVH
SXHGHQH[SHULPHQWDUWRUPHQWRVTXHRFDVLRQDQODGHVWUXFFLRQGHODH[LVWHQFLDWHUUHQDO<HQFLHUWRV
PRPHQWRVVHKDQSRGLGRLQIOLJLUFLHUWRVWRUPHQWRVFRQHOILQGHOLEHUDGRGHSURYRFDUODPXHUWH'HDKL
TXHHOWRUPHQWRSXHGDLPSOLFDUGHVWUXFFLRQDXQFXDQGRODFRPSUHQVLRQGHODFDOLGDGGHOWRUPHQWR
SXHGDVHUGLIHUHQWHGHELGRDOFDUDFWHUGH'LRV
<HQWHUFHUOXJDUQRVYHPRVREOLJDGRVDUHFXUULUDODSURFHGHQFLDGHOVLJQLILFDGRRULJLQDOGHOWHUPLQR
>@
JULHJREDVDQRVWRUPHQWRTXHHVWDUHODFLRQDGRFRQODUDL]KHEUHDEKQ
(OWHUPLQRJULHJREDVDQRVSURYLHQHGHXQDSDODEUDHJLSFLDTXHVLJQLILFDSLHGUDGHWRTXHSDUDHORUR
>@
HVWDQGRDWHVWLJXDGRVXXVRHQHOJULHJRSURIDQRHLPSOLFDQGRHOVHQWLGRGHOLQVWUXPHQWRGH
>@
SUXHEDSRUHOTXHVHVDELDVLXQDPRQHGDHUDGHRURRSODWD
>@
(OKHEUHREDKRQTXHVHUHODFLRQDFRQHOJULHJREDVDQRV UHSURGXFHHVWDSUXHEDGHORURHQHO
WH[WRGH-HUHPLDVVV
>@
(VFXULRVRTXHODYHUVLRQJULHJDGHO$QWLJXR7HVWDPHQWR HQQLQJXQRGHORVWH[WRVD6DP
(]TGRQGHDSDUHFHODH[SUHVLRQJULHJDEDVDQRV
WLHQHXQDFRQQRWDFLRQFRQHOVHQWLGRTXHVHVXHOHGDUDODSDODEUDWRUPHQWRPDVELHQVHUHODFLRQDFRQ
HOPHWRGRRLQVWUXPHQWRGHSUXHEDTXHGHQRVXSHUDUVHRVDWLVIDFHUSURYRFDODPXHUWHGHVWUXFFLRQR
HOIXURU
(QHO1XHYR7HVWDPHQWRQRWLHQHSRUTXHSHUGHULQGHSHQGLHQWHPHQWHGHODFRQQRWDFLRQFRQHOGRORU
HVWHYDORUGHSUXHED
(OKHFKRGHTXHHOWH[WRTXHQRVRFXSDHVWDGHQWURGHXQOHJXDMHILJXUDGRGHEHGHVWDFDUVHOD
LQWHUSUHWDFLRQHVSLULWXDOGHOWHUPLQREDVDQRVWRUPHQWRGHDFXHUGRDORTXH-6FKQHLGHUQRVGLFHHQHO
>@
*UDQGH/HVVLFRGHO1XRYR7HVWDPHQWR
0HWDIRULFRSHURDXQDVLEDVWDQWHFHUFDQRDORFRQFUHWR\RULJLQDOHVHOVLJQLILFDGRGHEDVDQRVHQHO
DPELWRHVSLULWXDOGRQGHLQGLFDHOLQVWUXPHQWRFULWHULRGHYDORUDFLRQ!!
/DILQDOLGDGGHODSUXHEDTXHVHSURSRQHRVHDHOVHJXUDUVHGHVXDXWHQWLFLGDGSXGRKDEHU
FRQWULEXLGRDODWUDQVIRUPDFLRQVHPDQWLFDGHEDVDQRV/DWRUWXUDGHKHFKRDQWHVTXHVHUXQLQVWUXPHQWR
GHFDVWLJRHVXQPHGLRSDUDGHVFXEULUODYHUGDGRVHDXQLQVWUXPHQWRGHSUXHED!!
(VHYLGHQWHTXHODSDODEUDWRUPHQWRWLHQHRULJLQDULDPHQWHXQVLJQLILFDGRUHODWLYRDORTXHSXHGD
VXSRQHUXQPHGLRGHSUXHEDFX\DDSOLFDFLRQQRUHSURGXFHHOUHVXOWDGRGHILQLWLYRKDEUDTXHHVSHUDUDVL
HOREMHWRVREUHHOTXHVHSUR\HFWDHVHWRUPHQWRRPHWRGRGHSUXHEDVXSHUDHOEDUHPRSURSXHVWR(O
WRUPHQWRHQVLPLVPRQRFRQGXFHREOLJDWRULDPHQWHDXQDSURORQJDFLRQGHOVXIULPLHQWRWRGRGHSHQGHUDGH
ODQDWXUDOH]DGHODSUXHEDWRUPHQWR\GHODQDWXUDOH]DGHORTXHH[SHULPHQWDHOWRUPHQWRRPHWRGRGH
HYDOXDFLRQ6LHOLQVWUXPHQWRGHSUXHEDHVHOIXHJRXRWURHOHPHQWRGHVWUXFWRU\HOTXHORUHFLEHHV
GHVWUXFWLEOHSRUTXHQRWLHQHODLQFRUUXSWLELOLGDGQLODLQPRUWDOLGDGQRSDVDUDODSUXHED\VHSRGULD
DQDGLUTXHHOGLFWDPHQGHHVHWRUPHQWRRHYDOXDFLRQHVHWHUQRSDUDVLHPSUHRTXHVLUYHSRUORVVLJORV
GHORVVLJORV
$KRUDHVWDPRV\DFDSDFLWDGRVSDUDSRGHUGDUXQVHQWLGRORPDVDFHUWDGRSRVLEOHDOWH[WRHQFXHVWLRQ
$SD
/RVLPSLRVSDVDUDQSRUODSUXHEDWRUPHQWRGHOIXHJR(OKXPRVHQDOGHTXHHOIXHJRKDDFDEDGR
FRQVXPLVLRQGHVWUXFWLYDFID3HGHQ177DWHVWLJXDUDSRUWRGDODHWHUQLGDGTXHQRKDQVXSHUDGR
ODHYDOXDFLRQGHOIXHJR(VHWHVWLPRQLRGHTXHVXGHVWUXFFLRQVHKDFXPSOLGRSDUDVLHPSUH\DQRKD\
SRVLELOLGDGGHKDFHUGHVDSDUHFHUODGHVWUXFFLRQFRPRRFXUUHFRQODSULPHUDPXHUWHHVWDUDHQHO
UHFXHUGRWDQWRWLHPSRFRPRHOTXH'LRVKD\DGLVSXHVWRFRPROLPLWHGHOSDUDVLHPSUH
$TXLHVWDODSDFLHQFLDGHORVVDQWRV/RVTXHJXDUGDQORVPDQGDPLHQWRVGH'LRV\ODGH-HVXV
7HQLHQGRHQFXHQWDHVWDRULHQWDFLRQTXH-HVXFULVWRQRVGDHQHOHYDQJHOLRHQ$SRFDOLSVLV\
HOSURSLR-HVXFULVWRFI$SQRVSUHVHQWDDOSXHEOR5HPDQHQWHUHSUHVHQWDQGRDOD,JOHVLD
YHUGDGHUDHQXQFRQWH[WRHVFDWRORJLFR\VHORUHILHUHLGHQWLILFDGRIUHQWHDORVVLVWHPDVGHPDOGDG
FRPRJXDUGDQGRORVPDQGDPLHQWRVHYQWRODMGH'LRV6LSRURWUDSDUWH-HVXFULVWRHQHO(YDQJHOLR
QRVKDELDLGHQWLILFDGRDORVFULVWLDQRVGHFXDOTXLHUHSRFDFRPRVLHQGRILHOHVDOD/H\GH'LRVFI0W
\VLODVSHUVRQDVTXHYLYHQHQXQFRQWH[WRHVFDWRORJLFRGHILQGHOWLHPSRVHFDUDFWHUL]DQSRU
VHUWUDQVJUHVRUDVGHOD/H\GH'LRV0WDKRUDHQ$SRFDOLSVLVHQHVHPLVPRFRQWH[WRVH
FRQWUDVWDDHVRVWUDQVJUHVRUHVGHOD/H\GH'LRVFRQORVTXHJXDUGDQORVPDQGDPLHQWRVGH'LRVFRQORV
TXHQRVRQWUDQVJUHVRUHVGHOD/H\GH'LRV$S/RVPDQGDPLHQWRVGH'LRVDOXGLGRV
KDFHQDOXVLRQDOD/H\GH'LRVGHO'HFDORJRGHDFXHUGRDOVHQWLGRTXH-HVXFULVWRGDHQHO(YDQJHOLRDO
PDQGDPLHQWRHYQWRODM
(VWRTXHGDUHIUHQGDGRGHGRVPDQHUDVSRUHOSURSLRFRQWH[WRGH$SRFDOLSVLV\SRU
ODRULHQWDFLRQTXHHOSURSLR-XDQDXWRUGHO$SRFDOLSVLV(YDQJHOLR\HSLVWRODVRIUHFH9HDPRVHVWR
 (OFRQWH[WRGH$SRFDOLSVLV\HVODSURFODPDFLRQGHO(YDQJHOLRHWHUQR$S
GHQWURGHXQDGHVFULSFLRQTXHHQFDGHQDODHSRFDGHOMXLFLR$SFRQHODEDQGRQRGHODLGHRORJLD
GHORVVLVWHPDVGHPDOGDG$STXHLPSHUDQHQHOPXQGR$SVV\ODDFHSWDFLRQGHOD
YHUGDGHUDDGRUDFLRQD'LRV(VWDSUHGLFDFLRQGHOMXLFLRFRPROOHJDGRQRLPSLGHHOWUDQVFXUVRGHO
WLHPSRKDVWDTXHVHGHODVHQWHQFLDGHILQLWLYDVREUHHVWDWLHUUD\VXVKDELWDQWHV$S3HUROR
LPSRUWDQWHHVVDEHUTXHHOUHYHODGRUGHO$SRFDOLSVLVHVHOPLVPRTXHSUHGLFRODSDUDERODGHODFL]DQD
0WGRQGHVHKDEODGHODVHQWHQFLDMXGLFLDOILQDOHQRFDVLRQGHVXVHJXQGD9HQLGD'LFKR
MXLFLRHQVXYHUWLHQWHGHVIDYRUDEOHVHUDSDUDORVTXHVLUYHQGHWURSLH]R\ORVTXHKDFHQLQLTXLGDG
DYQRPLDQ DQRPLDQHVGHFLUSDUDORVWUDQVJUHVRUHVGHOD/H\GH'LRV0WTXHVHJXQ-HVXV
QRKDYHQLGRDDEURJDU0W\TXHFRLQFLGHFRQOD/H\GH'LRVGHO'HFDORJR0WFI
3RUORWDQWRHQHVDSUHGLFDFLRQGHO-XLFLR\GHO(YDQJHOLRHWHUQRVHKDGHDGYHUWLUGHORVTXH
VHFDUDFWHUL]DQSRUTXHXQDYH]QDFLGRVGHDUULEDHLQVWDODGDODREUDGHO(VSLULWX6DQWR-Q
JXDUGDQORVPDQGDPLHQWRVGH'LRVGHO'HFDORJRLQWHJUDGRSRUHO(VSLULWX6DQWR$STXH
WUDHHOKDEHUDFHSWDGRHO(YDQJHOLRHWHUQR$SFI0W
\ORVTXHVRQMX]JDGRVGHDQRPLDGHWUDQVJUHGLUOD/H\GH'LRV$SFI0W
FI$S
-XDQHODXWRUTXHHVFULEHHOHYDQJHOLRTXHOOHYDVXQRPEUH\HO$SRFDOLSVLVGHPXHVWUDHQVX
SULPHUDHSLVWRODTXHSDUDSRGHUFXPSOLUHOPDQGDPLHQWRGHODPRUTXHHVWDHQODEDVHGHOD/H\GH'LRV
LGHQWLILFDQGRVHFRQHOODHVSUHFLVRQRSHFDUD-QQRFRPHWHUDQRPLD<QRSHFDU
HVQRWUDQVJUHGLUOD/H\GH'LRVD-Q<VLQRVHWUDQVJUHGHOD/H\GH'LRVVHJXDUGDUDQORV
PDQGDPLHQWRVHQWROHGH'LRVRULHQWDGRVHLQWHJUDGRVSRUHODPRUD-Q'LHFLQXHYHYHFHV
GLVWULEXLGRVHQWUHFHWH[WRVHPSOHD-XDQHQVXVHSLVWRODVODSDODEUDHQWROHPDQGDPLHQWRR
PDQGDPLHQWRV(VWDSDODEUDFRQVXVLJQLILFDGRHVWDFRQWLQXDPHQWHUHODFLRQDGDFRQHODPRUOD
REVHUYDQFLDGHORVPDQGDPLHQWRVHOFRQRFHUD'LRVKDEHUQDFLGRGH'LRVKDFHU
ODYROXQWDGGH'LRVFIQRSHFDU\QRWUDQVJUHGLUOD/H\GH'LRV3HUROR
TXHGDVHJXULGDGDHVHDPRUHVTXHVHJXDUGHQORVPDQGDPLHQWRVGH'LRVSRUTXHHVRVPDQGDPLHQWRV
OOHYDQLPSOLFLWRVHODPRU
6LVHOHFFLRQDPRVXQRVHMHPSORVFRPSUHQGHUHPRVPHMRUHVWHDVXQWR(ODPRUGH'LRVQRVKDKHFKR
KLMRVGH'LRVD-QRQDFLGRVGH'LRVSSFISS-XDQGHILQHHOSHFDGRFRPROD
DYQRPLDDQRPLDWUDQVJUHVLRQGHOD/H\GH'LRVD-QFRQWLQXDGLFLHQGRTXHWRGRDTXHOTXH
SHUPDQHFHHQ-HVXFULVWRQRWUDQVJUHGHOD/H\GH'LRVQRSHFDFI<DKRUDQRWHVHTXHOR
FRQWUDULRDQRWUDQVJUHGLUOD/H\GH'LRVHVKDFHUODMXVWLFLDGHDFXHUGRDTXH-HVXFULVWRHVMXVWRD-Q
FIFI+E
5HFRUGHPRVTXHHOLQIRUPHTXHQRVRIUHFHHOWH[WRPHVLDQLFRWDQWRHOSURIHWLFR6DOFRPRHQ
VXFXPSOLPLHQWR+EHVHOTXHDILUPDGHO0HVLDV-HVXVGHO+LMRGH'LRVTXHLEDDERUUHFHUHO
WUDQVJUHGLUOD/H\GH'LRV\DPDUODMXVWLFLDHOFXPSOLPLHQWRGHOD/H\GH'LRV7DQWRHQHO6DOPR
FRPRHQ+HEUHRVVHLGHQWLILFDHODPDUODMXVWLFLDFRQHODERUUHFHUODWUDQVJUHVLRQGHOD/H\GH'LRV/R
TXHLJXDODDODMXVWLFLDFRQODILGHOLGDGDOD/H\GH'LRV
/DMXVWLFLDHVWDHQSDUDOHORSHURRSXHVWDPHQWHDODWUDQVJUHVLRQDOD/H\GH'LRV+DFHUMXVWLFLDHVVHU
ILHODOD/H\GH'LRV
D-QSXHVWRHQSDUDOHORFRQQRVUHSRUWDHOPLVPRPHQVDMHODSUDFWLFDKDELWXDOTXH
GHPXHVWUDHOGRPLQLRGHOSHFDGRHVXQDDFWLWXGFRPRODGHOGLDEORSHURHOKLMRGH'LRVSSRHO
QDFLGRGH'LRVSSTXHVHOHKDGDGRHODPRUGHO3DGUHQRHVGRPLQDGRSRUHOSHFDGR\QR
SXHGHVHUGRPLQDGRDWUDQVJUHGLUOD/H\GH'LRVFI"3RUTXH"SRUTXHSUHFLVDPHQWHHVQDFLGR
GH'LRVXS\FRPRKLMRGH'LRVRVLPLHQWHGH'LRVTXHSHUPDQHFHHQHOVSVDOYDJXDUGDHO
DPRUGH'LRVHQWUHJDGRSS<HVRHVHOWHVWLPRQLRGHTXHKDFHMXVWLFLD8QDYH]PDVDO
SRQHUHQSDUDOHORHVWRVWH[WRVMXVWLFLD\ILGHOLGDGDOD/H\GH'LRVVHLJXDODQ
(ODERUUHFLPLHQWRDOKHUPDQRHVODWUDQVJUHVLRQGHOPDQGDPLHQWRGHOD/H\GH'LRVGHO'HFDORJRTXH
DILUPDQRPDWDUDVD-Q/RTXHTXLHUHGHFLUTXHHODPRUDOKHUPDQRLPSOLFDUDHVWDUGHDFXHUGR
FRQORVPDQGDPLHQWRVGHOD/H\GH'LRVGHO'HFDORJR(QODFRQGLFLRQGHDPRUJXDUGDPRVORV
PDQGDPLHQWRVHQWRODVSRUTXH'LRVSHUPDQHFHHQQRVRWURV\QRVRWURVHQ(O3HUR-XDQQRV
KDELDGLFKRTXHHOTXHSHUPDQHFHHQ(OHVVLPLHQWHGH'LRV\QRSHFD<QRSHFDUHVQR
WUDQVJUHGLUOD/H\GH'LRVD-Q3RUORWDQWRJXDUGDUORVPDQGDPLHQWRVHQWRODVHVQRWUDQVJUHGLU
OD/H\GH'LRVGHO'HFDORJR
D-QHVWDXQLGRDD\DGDQGRQRVDHQWHQGHUTXHHODPRUDXWHQWLFRHVDTXHOTXHVH
H[SUHVDQRSHFDQGRQRWUDQVJUHGLHQGROD/H\GH'LRVGHO'HFDORJR
D-QTXHHVWDOLJDGRDDDORHVWDWDPELHQD6HWUDWDGHOQDFLGRGH'LRV(VH
QDFLGRGH'LRVFITXHQROHGRPLQDHOSHFDGRSRUTXHQRWUDQVJUHGHOD/H\GH'LRV
\SRUORWDQWRREVHUYDORVPDQGDPLHQWRVHQWROHGH'LRV
7RGRHVWRQRVPXHVWUDVLQH[FHSFLRQTXHFDGDYH]TXHDSDUHFHHQWRODVHQWROHPDQGDPLHQWRVR
PDQGDPLHQWRHQODVHSLVWRODVGH6DQ-XDQHVWDQKDFLHQGRUHIHUHQFLDDORVPDQGDPLHQWRVGHOD/H\GH
'LRVGHO'HFDORJRLQWHJUDGDSRUHO(VSLULWX6DQWRTXHQRVKDVLGRGDGRFID-QFID-Q

3RGHPRVFRQFOXLUGLFLHQGRTXHORVPDQGDPLHQWRVHQWRODVDORVTXHVHKDFHDOXVLRQHQ$SRFDOLSVLV
\VHUHILHUHQDORVPDQGDPLHQWRVGHOD/H\GHO'HFDORJRLQWHUSUHWDGRVSRU-HVXFULVWR\
ILMDGRVHQODPHQWHSRUHO(VSLULWX6DQWR
/DSDFLHQFLDGHORVVDQWRV6HPDQLILHVWDHQHVWHFRQWH[WRGHO$SRFDOLSVLVHQWHQHUTXHDSUHQGHUD
HVSHUDUHOUHWRUQRGH-HVXFULVWR(OFUH\HQWHHQ-HVXFULVWRKDGHVHUSDFLHQWHUHVSHFWRDODVHJXQGDYHQLGD
GH-HVXFULVWRVLQGHMDUGHGDUWHVWLPRQLR(QQXHVWURSUHIDFLRLQWURGXFFLRQKHPRVKDEODGRGHHVD
SDFLHQFLD\GHODLPSDFLHQFLD/DSDFLHQFLDQRQRVGHEHOOHYDUDSHUYHUWLUOD&RSLRXQSDUUDIRGHORTXH
GHFLDPRVHQWRQFHV
&XDQGRHVDSDFLHQFLDVHKDSHUYHUWLGRHQWRQFHVVHGLILHUHDOJRFRQYLUWLHQGRVHHQXQVLJQRGHUHFKD]R
GHDOJRTXHVHULDLPSRUWDQWHSDUDODXUJHQFLD<DTXLDSDUHFHODILJXUDGHOLPSDFLHQWH1RVHWUDWDDKRUD
GHODLPSDFLHQFLDGHODTXHDQWHVLQGLFDEDPRV\SRUODTXHODVDQWLGDGHVWDGHVSURYLVWD\SRUORWDQWR
KDFHTXHODSHUVRQDGLJD\KDJDWRQWHULDVVLQRGHODLPSDFLHQFLDTXHWLHQHHQIUHQWHXQDSDFLHQFLD
SHUYHUWLGDSRUHOWUDQVFXUULUGHHVWHVLJORTXHOOHJDDQDUFRWL]DUGHWDOPRGRTXHDPRGRUUDDORV
SURWDJRQLVWDVGHHVDJHVWDGHYLYLUODSULPHUD9HQLGDGH-HVXFULVWRDQXQFLDQGROD6HJXQGD9HQLGDGH
-HVXFULVWR6HWUDWDGHQHXWUDOL]DUFRQHOGHVSHUWDUODWDUGDQ]DTXHVHH[SHULPHQWD\DODTXHVH
FRQWULEX\HHQJRUGDQGRODFRQHOSDVRWLVPR\HOVLHPSUHORPLVPRGHOFRQWLQXLVPRGHODHVSHUD/D
LPSDFLHQFLDXQLFDPHQWHHVDFHSWDEOHFXDQGRHVUD]RQDEOH\FXDQGRVHEDVDHQODSDFLHQFLDGHVRSRUWDU
ODSHUSHWXDFLRQGHDTXHOORVTXHGLODWDQSDFLHQWHPHQWHODHVSHUD<HQWRQFHVODLPSDFLHQFLDVHFRQYLHUWH
HQXQDVDFXGLGDGHODVFRQFLHQFLDV(QXQGHVSHUWDUGHXQVXHQRHQHOTXHHOLPSDFLHQWHSDFLHQWHVHKD
YLVWRLQYROXFUDGR\HQWRQFHVSURWHVWDVROHPQHPHQWHGHVXYLYHQFLDGRUPLGD\UHODMDGD\SUR\HFWDOD
H[SHULHQFLDGHOFODPRUGHPHGLDQRFKHFI0W/DIHGHORVLPSDFLHQWHVHVWDSUHFHGLGDSRUHO
HMHPSORGH-HVXV'HXQEDXWLVPRWHQJRTXHVHUEDXWL]DGR\FXDQWRPHLPSDFLHQWRKDVWDTXHVHFXPSOD
/F(QRFDVLRQHVDODEDHVDIHLPSDFLHQWHWDQWRGHODPXMHUGHOIOXMRGHVDQJUHFRPRHQHOFLHJR
TXHJULWDEDSRUFXUDFLRQ(VHLPSDFLHQWDUVHUHFODPDXQFDPELRXUJHQWHDSHVDUGHTXHVHHVWXYLHUD
SDVDQGRSRUXQDFULVLVGHIH-HVXVFRPRYHUHPRVPDVDPSOLDPHQWHHQHOVLJXLHQWHQXPHURQRVPXHVWUD
XQFXDGURQDGDKDODJDGRU"&XDQGRHO+LMRGHO+RPEUHYHQJDKDOODUDIHHQODWLHUUD"FI/F/RV
FRQWHQLGRVGHHVHFDSLWXORQRVD\XGDQDUHFXSHUDUHVDIHSHUGLGDFXDQGRORFRPSDUDPRVFRQ5HYHODFLRQ
GH-HVXFULVWR6RPRVFRQVFLHQWHVTXHHOWLHPSRWUDQVFXUULGRQRVKDJROSHDGRDWRGRV
3HURHOWLHPSRIDWDOQRORSRGHPRVFDPELDUSHURVLTXHSRGHPRVFDPELDUQXHVWURSDUDGLJPDGH
H[LVWHQFLD1RSRGHPRVFRQWLQXDUGHOPLVPRPRGRTXHKDVWDDKRUD\TXHWDQWRVSUREOHPDVQRVKDWUDLGR
'HEHPRVVHUSDFLHQWHVHQFXDQWRDVHJXLUOXFKDQGRQRGHFDHUQRUHDFFLRQDUGHIRUPDHVWUDPERWLFDR
VHQVDFLRQDOLVWD3HURQRSRGHPRVSHUPLWLUTXHODSDFLHQFLDVHSHUYLHUWDHQXQDSHUSHWXDFLRQDQTXLORVDGD
2LXQDYR]GHOFLHORTXHPHGHFLDHVFULEH%LHQDYHQWXUDGRVGHDTXLHQDGHODQWHORVPXHUWRVTXH
PXHUHQHQHO6HQRU6LGLFHHO(VSLULWXGHVFDQVDUDQGHVXVWUDEDMRVSRUTXHVXVREUDVFRQHOORV
VLJXHQ$S
7RGRVORVTXHVHKDQYLVWRLQYROXFUDGRVHQHVWDREUDGHSUHGLFDFLRQDQXQFLDGDFI$SFI
\TXHSUHSDUDSDUDHOUHWRUQRGH-HVXFULVWRGHEHULDQQRPRULUSHURDTXLHQHOSDVDMHVHDGYLHUWH
TXHHVRSRGULDRFXUULU\VLVXFHGLHUDVRQELHQDYHQWXUDGRVSRUTXHHVWDUDQSUHSDUDGRVSDUDUHVXFLWDU
(VWDREUDTXHDQXQFLDODOOHJDGDGHOMXLFLR\TXHHPSLH]DSRUORVPXHUWRVGHODFDVDGH'LRVOHVLQFOX\H
DHOORVSRUTXHGHPXHVWUDQDOSUHGLFDUHVWHPHQVDMHTXHVHKDQWRPDGRHQVHULRORVFRQWHQLGRVTXH
SUHGLFDQ6XVREUDVFRQHOORVVLJXHQ(VDREUDGHD\XGDUDTXHODVSHUVRQDVFRQR]FDQHOPHQVDMHGHO
UHWRUQRGH-HVXFULVWROOHYDFRQVLJRHOTXHODVSHUVRQDVVHFXUHQ\VHJRFHQGHVDEHUTXHHOILQGHO
VXIULPLHQWRGHODHQIHUPHGDG\GHODPXHUWHHVLQPLQHQWHWDQWRSDUDHOORVFRPRSDUDWRGRVORVTXH
PXULHURQHQHOSDVDGR/DVVHQDOHVDQXQFLDQTXHORTXHHVWDQSUHGLFDQGRUHVSRQGHDODUHDOLGDGGHOD
VHJXQGDYHQLGDGH-HVXFULVWR3RUHVRVXVREUDVFRQHOORVVLJXHQ
 /DVLHJD\ODYHQGLPLDILQDO
0LUH\YLXQDQXEHEODQFD\HQHOODXQRVHQWDGRVREUHXQDQXEHHO+LMRGHO+RPEUHTXHWHQLD
XQDFRURQDGHRUR\HQODPDQRXQDKR]DJXGD$S
<VHGLRHOWLHPSRGHODVLHJDSRUFXDQWRODPLHVHVWDEDPDGXUD\VHVHJR$S
3ULPHUDPHQWHPLHQWUDVHO+LMRGHO+RPEUHSHUPDQH]FDHQSRVLFLRQIXQFLRQDOGHVHQWDGRWRGDYLDHO
WLHPSRGHJUDFLDHVWDWUDQVFXUULHQGR
$TXLVHQRVHVWDGHVFULELHQGRHOPRPHQWRGHODVLHJDHQSDUDOHORD0DWHRFI0W
0F8QDVLHJDTXHORVSURIHWDVDQWLJXRV\DGHVFULEHQWDQWRGHEXHQRVFRPRGHPDORV
-HU2V1DK-HVXVGHILQHXQDPLHVTXHLPSOLFDORSRVLWLYR\IDYRUDEOHTXHSXGLHUD
FROHJLUVHGHXQSUR\HFWRGHMXLFLRVREUHHVDPLHV0WFI/F
(VDDFFLRQILJXUDGDGHODKR]VREUHODPLHVYDGLULJLGDKDFLDODVSHUVRQDVTXHVRQMX]JDGDV
IDYRUDEOHPHQWH1RWUDWDDKLODGHORVLPSLRV(VWRVYDQDHVWDUUHSUHVHQWDGRVHQHOMXLFLRGH
ODYLQDTXHVXSRQHODWLHUUDFI
(VHYLGHQWHTXHVHQRVTXLHUHKDFHUYHUODGLIHUHQFLDGHORTXHVXSRQHODVLHJDGHO+LMRGHO+RPEUH
VHQWDGRDODGLHVWUDGH'LRVLGHQWLILFDQGRVXPLHV$SFI0WFRQHOFDPELRTXHVH
HIHFWXDDFWRVHJXLGRGHRWURDQJHOSRUWDQGRRWUDKR]YHQGLPLDQGRORVUDFLPRVGHODWLHUUD$S

/DLPDJHQGHHVWHODJDUHVODLPDJHQGHXQDXYDRXQJUDQRUHSUHVHQWDQGRDOKRPEUHQDWXUDO&XDQGR
,VDLDV\-HUHPLDVXWLOL]DQODLPDJHQGHODYLQDTXHHV,VUDHOSHUYHUWLGD,VD-HUHVWD
GDQGRD-XDQODEDVHSDUDFRQVWUXLUODLPDJHQGHODYLQDGHHVWDWLHUUDTXHKDELHQGRVLGRFUHDGD\
UHGLPLGDKDGDGRIUXWRVFRUURPSLGRVUHVSHFWRDOIUXWRQDWXUDOTXH'LRVVHSURSXVR,VUDHOFRPRQDFLRQ
FRUURPSLGDGHODYHUGDGUHSUHVHQWDWLYDDKRUDHQLPDJHQGHWRGDODWLHUUDGHODVQDFLRQHVTXHKDQ
UHFKD]DGRD'LRV(VWDVVHKDQFRQYHUWLGRWRGDVHOODVHQXQD%DELORQLDFXDOTXLHUDRHQSURWDJRQLVWDVGH
OD%HVWLDVRQDKRUDYHQGLPLDGDV\HFKDGRVXIUXWRHQHOODJDUGHODLUDGH'LRV$SFI
<VHVDOHGHOPDUFRGHOODJDUWRGRGHVGHTXHORVSLHVGHORVFDEDOORVSLVRWHDQGRORVUDFLPRVFXEULHQGR
KDVWDHOIUHQRTXHVHHQFXHQWUDHQHOKRFLFR<ORUHIXHU]DHOWRGRFRQODDPSXORVDFLIUDGH
HVWDGLRV
7UDJLFDVXHUWHGHHVWDVQDFLRQHVLPSHQLWHQWHV\TXHVHHQIUHQWDQFRQWUD'LRVHQVXXOWLPDEDWDOODHQ
XQDHYLGHQFLDGHOUHFKD]RGH'LRV\GHVXPHQVDMHSURWHFWRU$SFI$S
$SFI-HU,VDFI-RHO
 &DSLWXOR;,

/DV XOWLPDV SODJDV $S  \   (O$UPDJHGRQ \ HO

0LOHQLR$S\ODWLHUUDQXHYD
"6HDOFDQ]DUDODXQLGDGHQXQJRELHUQR\HWLFDRUHOLJLRQPXQGLDO"
(QXQGLVFXUVRGH%HQHGLFWR;9,DORVSDUWLFLSDQWHVGHOD5HXQLRQGH&RPXQLGDGHV&ULVWLDQDV
0XQGLDOHV&DGDSDVRHQODXQLGDGFRQWULEX\HDODSURFODPDFLRQGHO(YDQJHOLR\DXQTXHVHVLHQWDOD
WHQWDFLRQGHOGHVDOLHQWRFXDQGRHOSURJUHVRKDFLDODXQLGDGHVOHQWRQRKD\TXHYROYHUDWUDVSRUTXHOR
>@
TXHKD\HQMXHJRHVGHPDVLDGR
%HQHGLFWR;9,ORPLVPRTXHVXVDQWHFHVRUHVKDQFRPSUHQGLGRTXHSDUDUHFXSHUDUODDFHSWDFLRQ
SHUGLGDKDVLGRQHFHVDULRWRGRHVWHSURFHVRGHVGHHO&RQFLOLR9DWLFDQR,\,,3HURHVSUHFLVDODXQLRQ
GHWRGRVORVFULVWLDQRVDXQFXDQGRVHDGHQWURGHXQDFRQGLFLRQSOXUDOVLHPSUH\FXDQGRVHOHUHFRQR]FD
DO3DSDGRFRPRODDXWRULGDGPRUDO\HVSLULWXDOVLJQRGHWRGDDXWRULGDG\GHXQLGDG<DKHPRVHVWXGLDGR
HOYDORUUHSUHVHQWDWLYRTXHVXSRQGUDHVWDXQLRQHQORV(VWDGRV8QLGRV\(XURSD<HVWRWDQWRHQORTXH
VHUHILHUHDOPRGHOR\SURWRWLSRGHODUHOLJLRQXQLYHUVDOTXHJOREDOL]DUD\FRRUGLQDUDDUPRQLFDPHQWHODV
GLIHUHQWHVWHQGHQFLDVFXOWXUDOHV\UHOLJLRVDVFRPRDODUTXHWLSRGHXQLRQGHOD,JOHVLDHFXPHQLFD
HVWDGRXQLGHQVHGLULJLGDSRUHO3DSDGRSRUODDTXLHVFHQFLDGHOSURWHVWDQWLVPR\GHODJQRVLVFRQHO
>@
(VWDGRGH(VWDGRV8QLGRV(VWRVHUHSURGXFLUDLJXDOPHQWHHQ(XURSD FRPRFRQVHFXHQFLDGHO
DSR\RXQLWDULRSROLWLFRFXOWXUDO\HFRQRPLFRTXHOHVXQH(OWUDEDMRFRQODVRWUDVUHOLJLRQHVRFXOWXUDV
HVSHFLILFDVHO,VODP%XGLVPR+LQGXLVPR&RQIXFLRQLVPR-XGDLVPRHVDUGXR\SHUPDQHQWH\GDUDVX
IUXWRHQFRPELQDFLRQFRQODREUDGHJOREDOL]DFLRQTXHRULHQWD(VWDGRV8QLGRVFRQVXPRQDJXLOOR
(XURSD'HKHFKRODREUDGHJOREDOL]DFLRQLQFOX\HFRPR\DKHPRVHVWXGLDGRVREUDGDPHQWHWDQWRHO
DVSHFWRHFRQRPLFRFRPRHOSROLWLFRUHOLJLRVR<QRVHUDXQDUHDOLGDGKDVWDVHKD\DORJUDGRHVH
HFXPHQLVPRSURWRWLSR\QRVHSUR\HFWH\H[WLHQGDPXQGLDOPHQWH(QHVWRHO3DSDGRGHDFXHUGRDORV
DQDOLVLVUHDOL]DGRVWHQGUDPXFKRTXHYHU\HVSHFLDOPHQWHFRPELQDGRFRQ/RV(VWDGRV8QLGRV\(XURSD
(O1XHYR2UGHQ0XQGLDOHVSURSLFLDGRSRUODJOREDOL]DFLRQFRPRXQDUHDOLGDGTXHHVWDHQPDUFKD
3HURODKLVWRULDKDFRQRFLGRVLHPSUHQXHYRVRUGHQHVPXQGLDOHVFRQODSUHWHQVLRQGHKDFHUSRVLEOHOD
JREHUQDELOLGDGPXQGLDO<QXQFDVHKDORJUDGROD8QLGDGWDQDQRUDGD(QHVWDRFDVLRQSDUHFHULDHVWDUD
SXQWRGHFRQVHJXLUVH1XQFDDQWHVVHKDWHQLGRODSRVLELOLGDGGHXQDLGHRORJLDFRPXQ\ODQHFHVLGDGGH
XQDHFRQRPLDJOREDOFRPRDKRUDSDUHFHDGYHUWLUVH3HURHOJUDGRGHHVWDWXVGHELHQHVWDUQRVHSXHGH
HTXLSDUDUSRULJXDOHQWRGDVODVQDFLRQHVGHODWLHUUD<HVWDQXQFDKDHVWDGRWDQGHWHULRUDGDFRPRKDVWD
DKRUD/DVFRQVHFXHQFLDVGHHVDHFRQRPLD\SURJUHVRJOREDOSDVDUDQIDFWXUDWDQWRDQLYHORUJDQLFR
LQGLYLGXDOFRPRHVWUXFWXUDO<ODJOREDOLGDGHVSLULWXDOTXHVHSURSRQHHVDMHQDDQXHVWUDVUDLFHV\
>@
GLVHQRV\GLVWLQWDDORVFRQWHQLGRVGHOPDQGDWRGHSUHGLFDUHO(YDQJHOLRGHO5HLQRGH'LRV
'HDFXHUGRDORTXHODDSRFDOLSWLFDQRVHQVHQDQRKD\VROXFLRQKXPDQDSDUDHOPXQGR<VHQRV
RIUHFHXQDSDQRUDPLFDGLVWLQWDDODVSURSXHVWDVGHODJOREDOL]DFLRQ
(OHVWDEOHFLPLHQWRGHILQLWLYRGHHVDUHOLJLRQXQLYHUVDOQRVHUDDQWHVGHOFXPSOLPLHQWRGH$S\SXHVWRTXHORTXHVHKD
FRQVWLWXLGRFRPRSXHEORGH'LRVKDGHFRQWULEXLUFRQVXSUHGLFDFLRQHQOLEHUWDGDODPDUJLQDFLRQGHOD0XMHU%DELORQLFDGRQGHVHLGHQWLILFDUD
FODUDPHQWHHOHUURUGHHVWD3HURODQXHYDYDULDQWHTXHHO)DOVR3URIHWDSUHVHQWDSUHWHQGHUDLPSHGLUTXHHOSXHEORGH'LRVVLJDH[SRQLHQGROD
YHUGDGTXHFXUD\TXHVHQDODHOHUURUGHODQXHYDUHOLJLRQXQLYHUVDOSDWURFLQDGDSRUHO)DOVR3URIHWD\OD2FWDYDFDEH]DTXHHVXQDGHODV
VLHWHUHKDELOLWDGD
 (OKHFKRUHOLJLRVRGHFDGDVHUKXPDQR\GHORVFROHFWLYRVQRVHSXHGHQHJDU\ORVHVWDPHQWRV
RFFLGHQWDOHVKDQWHQLGRTXHGDUFDELGDDHVWHFRQVXVSRVLEOHVSUR\HFFLRQHVSROLWLFDV\HFRQRPLFDV
>@
SHURVLHPSUHUHGXFLGRDORTXHODGRFWULQDVHFXODUGHOPRPHQWRKD\DSUHYLVWRRFDVLRQDQGROHXQD
PHUPDTXHUHSHUFXWHJOREDOPHQWHHQODHVWDELOLGDGGHORTXHVXSRQHHOFRQFHSWRGHQRPLQDGRHQOD
DSRFDOLSWLFD0XMHU%DELORQLFDTXHDFDEDUDHQGHVXVRPDUJLQDGR\VXVWLWXLGRSRUORTXHHO(VWDGR
>@
SDUDGLJPDWLFR\OD,JOHVLDSDUDGLJPDWLFDUHSUHVHQWDWLYRVGHOSRGHUVXSUHPRGLVSRQJDQ
3HURFODURVLHOQXFOHRFHQWUDOGHWRGDUHOLJLRQHVHO'LRVTXHVHUHYHODFXDQGRODVRFLHGDGVHFXODU
SUR\HFWDHVDLGHRORJLDDMHQDDORTXHUHVSRQGHHOGLVHQRFRQTXHFDGDVHUKXPDQRIXHFUHDGR
HQJHQGUDQGRFRQGLFLRQHV\VLWXDFLRQHVGHFRQYLYHQFLDSHUMXGLFLDOHVSDUDODSURSLDVRFLHGDGHQWRQFHVOD
GLPHQVLRQUHOLJLRVDTXHSXHGHWHQHUHQFXHQWDGHDOJXQPRGRDHVHQXFOHRFHQWUDOVHQDODTXHHOPRWLYR
HVHOKDEHUWUDQVJUHGLGRODVOH\HVGH'LRVODUHOLJLRQHQVXPD<VLDGHPDVKXELHUDXQFRQIOLFWRSROLWLFR
FRQRWUDVFUHHQFLDVFRPRSRGULDVHUHO,VODPHQWRQFHVLQWHQWDGHVFXEULUFRPRORJUDUUHVROYHUHVRV
FRQIOLFWRVSROLWLFRHFRQRPLFRVDPSDUDQGRVHHQHOIHQRPHQRUHOLJLRVRVXVWHQWDGRSRUODPD\RULDPRUDO
\QRPLQDOGHVXSREODFLRQ
3HURWHQJDVHHQFXHQWDTXHFDGDUHOLJLRQSXHGHFRQVLGHUDUVXSURSLR'LRVTXHVHUHYHODGHDKLTXHVH
LPSRQJDODEXVTXHGDGHOHQWHQGLPLHQWRVREUHORTXHHVFRPXQ\HVHQFLDODWRGDVHVDVIRUPDVGHHVH'LRV
TXHVHUHYHODHQFDGDXQDGHODVUHOLJLRQHVRFUHHQFLDV&RQHVHHQWHQGLPLHQWRVHDERJDULDHQOD
GHVWUXFFLRQRHQODPDUJLQDFLRQGHORTXHQRHVHVHQFLDOQLFRPXQFRQORTXHOD0XMHU%DELORQLFD
GHVFULWDHQHO$SRFDOLSVLVTXHGDEDFDELGDDWRGDVXHUWHGHLGHRORJLDVFRQYDORUSURSLR\XQLFRFDGD
>@
XQDGHVDSDUHFH 6XFUHDFLRQ\H[LVWHQFLDQRWHQLDRWUDILQDOLGDGTXHODGHFUHDUODLQVHJXULGDG\
GHVFRQILDQ]DHLPSRVLELOLGDGGHTXHXQDSRUVLVRODSXGLHUDVHUUHFRQRFLGDFRPRDXWHQWLFD\TXHULGDSRU
HO'LRVTXHVHUHYHODGDGRHOFRQJORPHUDGRGHLGHDVHQODPD\RULDGHODVRFDVLRQHVFRQIXVDVTXH
FRQIRUPDQODFLYLOL]DFLRQWHUUHVWUH<HQHVWHFDVRWDOFRPRKHPRVGHVFULWRHQRWURVOXJDUHVVHGDSDVR
DODVXVWLWXFLRQGHOD0XMHU%DELORQLFDSRUQRQHFHVLWDUVHVXH[LVWHQFLDFI$SSRUHO)DOVR
3URIHWDTXHWLHQHTXHYHUFRQODFUHDFLRQGHODLPDJHQGHODSULPHUD%HVWLDTXHKDELDUHFLELGRXQD
KHULGDHQXQDGHVXVFDEH]DVFI$S^FI`
7HQHPRVSXHVTXHODGHPRFUDFLD\ODOLEHUWDGGHFRQFLHQFLDSURSLFLDQXQDLGHRORJLDVHFXODUTXHWLHQGH
DGHVWUXLUODLPSRUWDQFLDGHODUHOLJLRQHQVXVGRFWULQDV\GRJPDVSHFXOLDUHVHVSHFLDOPHQWHORVTXHQR
VLJXHQRWURVRQRVLUYHQSDUDODFRQYLYHQFLDSROLWLFD\VRFLDO9DORUDQGRHQHOODVXFRODERUDFLRQ\
WHQLHQGRHQFXHQWDORVDVSHFWRVSRVLWLYRVTXHHQFDMDQHQHOVLVWHPDSROLWLFR\VRFLDOUHDILUPDQHVD
GHVWUXFFLRQSRUFXDQWRQRYDORUDQORVRWURVDVSHFWRVTXHGHILQHQVXSDUWLFXODULGDG\UD]RQGHVHUFRPR
>@
YDOLRVRV <SRURWURODGRORVGHVPDQHVGHSUR\HFWDUHOHPHQWRVSROLWLFRV\DXQHWLFRVDMHQRVDO
GLVHQRGHOVHUKXPDQRHQORVSDLVHVGHJUDQHVSHFWURGHFUHHQFLDFULVWLDQDJHQHUDSHUMXLFLRVSDUDOD
HVWDELOLGDGVRFLDOTXHODUHOLJLRQORLQWHUSUHWDFRPRXQSHFDGRFRQWUD'LRV<VLDGHPDVGHELGRDO
FRQWH[WRVRFLRORJLFRODUHOLJLRQVHFRQYLHUWHHQXQDIXHU]DHVHQFLDOSDUDTXHHOHVWDWXVGHELHQHVWDU
HFRQRPLFRUHJHQHUDFLRQPRUDO\HVSLULWXDOSHUPDQH]FDHQWRQFHVORSROLWLFRWLHQGHDDUULQFRQDUVH\D
XWLOL]DUODUHOLJLRQ3HURHQWRQFHVHVDUHOLJLRQWLHQHTXHFODXGLFDUGHQWURGHORVSULQFLSLRVGHPRFUDWLFRV
\GHGHUHFKRVKXPDQRVHQTXHVHGHVHQYXHOYH2FFLGHQWHUHVSHFWRDORTXHQRHVFRQVLGHUDGRFRPR
HVHQFLDOSDUDODSROLWLFDFRQORTXHVHDYDQ]DHQODGHVWUXFFLRQHQODPDUJLQDFLRQGHDTXHOORTXH
IRUPDEDSDUWHGHHVHIHQRPHQRUHOLJLRVRGHWHUPLQDGR
&XDQGRVHWUDWDGHO(VWDGRUHSUHVHQWDWLYRFRPRSULPHUDSRWHQFLDPXQGLDO\GHXQD,JOHVLDTXHKD
FRQVHJXLGRDJOXWLQDUDWRGRVORVFULVWLDQRV\DUHODFLRQDUVHFRQODVJUDQGHVUHOLJLRQHVPXQGLDOHV
HQWRQFHVDSDUHFHUDODPHGLGDGHYDORUTXHKDEUDTXHGDUOHDHVDXQLRQRFRODERUDFLRQSHUPDQHQWH\HQ
WRGRVORVRUGHQHVGH,JOHVLD\(VWDGR\FRPRUHSHUFXWLUDHQODJOREDOL]DFLRQ
>@
/DXQLRQGHOD,JOHVLDSDUDGLJPDWLFDFRQHO(VWDGRSDUDGLJPDWLFR HVWDEOHFHUDXQDUHOLJLRQ
XQLYHUVDOFRQODILQDOLGDGGHD\XGDUDOGHVDUUROORGHWRGRVORVSDLVHVHQFX\RSURJUDPDOOHQD
UHTXLVLWRVTXHOHLQWHUHVDQDO,VODP8QSURJUDPDSROLWLFRHFRQRPLFRJOREDOTXHSRUXQODGRKDFH
SHUPDQHQWHHOHVWDWXVGHELHQHVWDUGHODVQDFLRQHVGHVFROODQWHVGHODUHDRFFLGHQWDOSRURWURPHMRUD
QRWDEOHPHQWHHOGHODUHDGHO,VODPFRQODJDUDQWLDGHTXHHQXQSURFHVRGHFRUWRDPHGLRSOD]R
>@
GHSHQGLHQGRGHVXVDMXVWHVLUDOFDQ]DQGRXQHVWDWXVGHELHQHVWDUFDGDYH]PDVHVWDEOH 6HOH
UHFRQRFHDWRGRVORVHIHFWRVTXHODHVHQFLDGHVXSODQWHDPLHQWRUHOLJLRVRIRUPDSDUWHGHHVDUHOLJLRQ
XQLYHUVDO6HUHVSHWDQVXVSHFXOLDULGDGHV\QRH[LVWHODSRVLELOLGDGJDUDQWL]DGRSRUOH\GHTXHVH
KDJDSURVHOLWLVPRFRQODILQDOLGDGGHREWHQHUPLHPEURVHQFXDOTXLHUDUHDGRQGHHVWXYLHUHLPSODQWDGR
6HOHUHFRQRFHFRPRFRQVHFXHQFLDREYLDGHOTXHKDFHHVHSUR\HFWRODQHFHVLGDGGHXQLU5HOLJLRQ\
(VWDGRHQORVSDLVHVGHPD\RULDPXVXOPDQDWHQLHQGRTXHUHVSHWDUODVFUHHQFLDVGHODVPLQRULDVSHUR
>@
SXGLHQGRSUR\HFWDUVXQRFLRQGH(VWDGR
/DFUHDFLRQGHXQDUHOLJLRQXQLYHUVDOTXHUHFRQR]FDORHVHQFLDOGHFDGDXQDGHHOODVFRPRFRPXQD
WRGDV\TXHWLHQHHQFXHQWDORSDUWLFXODUGHFDGDXQDGHHOODVDILQGHTXHSXHGDQYLYLUOR\
H[SHULPHQWDUORGHQWURGHORVPDUJHQHVGHVXDUHDIDPLOLDU\HFOHVLDVWLFD\TXHKDGHUHVSHWDUODV
SDUWLFXODULGDGHVGHORWURDXQFXDQGRQRFRLQFLGDQFRQODVSURSLDV\TXHQRSUHWHQGDFRQYHQFHUDORWUR
GHORVX\ROOHYDLPSOLFLWRODGHVWUXFFLRQGHORTXHUHSUHVHQWDHOVLPEROR0XMHU%DELORQLFD\SRUOR
WDQWRVHKDUDLPSRVLEOHHOSUHGLFDUHOHYDQJHOLRGH-HVXFULVWRGHDFXHUGRDORTXHODSHUVRQDFRQVLGHUH
FRPRFRUUHFWR6HGHVYDORUL]DODOLEHUWDGUHOLJLRVD\GHFRQFLHQFLDDTXHXQFROHFWLYRDXQFXDQGRVH
FRQVLGHUHSRUVXUD]RQGHVHU\VXVUDLFHVHQODVIXHQWHVGHOFULVWLDQLVPRTXLHUDSUHGLFDUHOHYDQJHOLRGH
DFXHUGRDODLQWHUSUHWDFLRQDODTXHOLEUHPHQWHKXELHUDSRGLGROOHJDUXWLOL]DQGRWRGRVORVLQVWUXPHQWRV
TXHHOSURSLRHYDQJHOLROHVRIUHFH
2EVHUYHVHXQDFLWDFRPRXQDPDVHQWUHPXFKDVUHVSHFWRDHVDUHOLJLRQXQLYHUVDORHFXPHQLFDVXUJLGD
FRPRIUXWRGHOGLDORJRLQWHUUHOLJLRVR
/DVUHOLJLRQHVVLQGHMDUGHVHUHOODVPLVPDVSDUHFHTXHYDQDUHQRYDUVHUDGLFDOPHQWHGHVGHQXHYDVSHUVSHFWLYDVHFXPHQLFDV
HQHOKRPEUH\ODPXMHUFRPRHQORVJUXSRVUHOLJLRVRVVHDFHQWXDFRPRQXQFDDQWHVORKDELDQKHFKRHOPLVWHULRGHO$EVROXWR
VREUHODVIRUPXODFLRQHV\ODVPHGLDFLRQHVGHFDGDXQDGHODVWUDGLFLRQHVUHOLJLRVDV
/DFRQYHUJHQFLDHQODH[SHULHQFLDGHO$EVROXWRTXHDWRGRVVREUHSDVDQRVLJQLILFDODSHUGLGDGHODLGHQWLGDGHVUHOLJLRVDV
VLQR GH VXV GRJPDWLVPRV \ SUHWHQVLRQHV H[FOX\HQWHV SURSLDV GH XQD KLVWRULD PDUFDGD SRU HO DLVODPLHQWR H LJQRUDQFLD OD
FRQIURQWDFLRQ\HOVHFWDULVPR
/DH[SHULHQFLDGHO$EVROXWRLPSXOVDUDDODUHFXSHUDFLRQGHDTXHOODVGLPHQVLRQHVPLVWLFDVGHWRGDUHOLJLRQVLQODVFXDOHVVH
FRQYLHUWHQ HQ LGHRORJLDV \ DQLPDUD D ORV FUH\HQWHV HQ HO VHUYLFLR GH OD KXPDQLGDG TXH HV UHIOHMR KXHOOD GHO 'LRV FUHDGRU!!
>@
1R HV OLFLWD OD SUHWHQVLRQ GH QLQJXQD UHOLJLRQ GH RFXSDU HO FHQWUR H[FOXVLYR HQ XQ SRVLEOH GLDORJR SRVHHU OD UHYHODFLRQ
H[FOX\HQWHODXQLYHUVDOLGDGDEVROXWDRODHOHFFLRQIDYRULWLVWDFRQGHQDQGRDODVRWUDVDOUHGXFWRGHUHOLJLRQHVIDOVDVSULYDGDVGH
>@
UHYHODFLRQGHVHQWLGR\YHUGDG!!
/DVHGGHDOPDVTXHDQWHVODQ]DEDDORVPLVLRQHURVSRUHOPXQGRSRUTXHGHORFRQWUDULRODVDOPDVVHSHUGHULDQ\DQR
>@
VHSXHGHMXVWLILFDUWHRORJLFDPHQWH!!
(VWDVFLWDVQRVPXHVWUDQODUHDOLGDG\RULHQWDFLRQGHOSHQVDPLHQWRUHVSHFWRDODUHOLJLRQXQLYHUVDOHO
XOWLPRSDUUDIRQRWLHQHGHVSHUGLFLR
6R\FRQVFLHQWHTXHDXQFXDQGRH[LVWHQHQODJOREDOL]DFLRQGHODVQDFLRQHVORVSDUDPHWURVGHOTXH
-HVXVOODPDSULQFLSHGHHVWHPXQGR-QTXH3DEORGHQRPLQDGLRVGHHVWHVLJORD&RU
\TXHODDSRFDOLSWLFDSODVPDFRPREHVWLD$SFIVVFSDQWHVGHOD
LQDXJXUDFLRQGHXQQXHYRPXQGRFRQOD6HJXQGD9HQLGDGH-HVXFULVWRKDGHH[SHULPHQWDUVHXQDVROXFLRQ
DOFRQIOLFWRDFWXDOGHFLYLOL]DFLRQHV<HVWRGHQWURGHXQSURFHVRTXHVLELHQVHWLHQHQHQFXHQWDHVRV
SDUDPHWURVSRUODKXPDQLGDGODLQWHUYHQFLRQGH'LRVSRUPHGLRGHVX3XHEORKDUDTXHQRLPSLGDQHO
TXHODLGHRORJLDGHO5HLQRGH'LRVTXHVX3XHEORVXVWHQWDFRODERUHHQODLGHQWLILFDFLRQGHORTXHVXSRQH
OD0XMHU%DELORQLFDHQFXDQWRDOPDQWHQLPLHQWRGHOFRQIOLFWRGHFLYLOL]DFLRQHV\HQFXDQWRDODFUHDFLRQ
GHOD5HOLJLRQHFXPHQLFDOLGHUDGDSRUHO)DOVR3URIHWD\OD2FWDYD&DEH]D'LRVPLVPRHVWDGHDFXHUGR
HQTXHORVGLH]FXHUQRVHQHOSRGHUGHVXFRQMXQWRVHSRQJDQGHDFXHUGR\GHQDODEHVWLDHOSRGHUGH
UHLQDU$S\DXQFXDQGRGHVSXHVORVFXHUQRVGHOD%HVWLDTXHUHSUHVHQWDQDOPXQGRHQWHUR
KD\DQGHSHOHDUFRQWUDHO&RUGHURGH'LRV\HO&RUGHURORVYHQ]D$SFIFI
6HWUDWDGHXQDVROXFLRQDHVHFRQIOLFWRGHFLYLOL]DFLRQHVDOHVWLORTXHODKXPDQLGDGHVFRJH
SHUPLWLHQGRD\XGDUVHSRUHO3XHEORGH'LRVTXHFRODERUDFRPRUHSUHVHQWDQWHGH'LRVHQODWLHUUD6H
WUDWDGHODVROXFLRQDOFRQIOLFWRFRQFUHWRVLQTXHGHVDSDUH]FDQORVRWURVPDOHVFRPRORTXHHVWDUD
VXSRQLHQGRODFUHDFLRQGHHVDUHOLJLRQXQLYHUVDORHFXPHQLFDTXHVHHQIUHQWDUDHQODSHOHDHVSLULWXDOFRQ
>@
HO3XHEORGH'LRV3HOHDSDUDODTXHXQLFDPHQWHOD6HJXQGD9HQLGDGH-HVXFULVWRGHFLGLUD
/DUHVSXHVWDDODSUHJXQWDTXHSODQWHDEDHOWLWXORGHQXHVWURDSDUWDGRHVFODUD\VHQFLOOD12QRKDEUD
SRVLELOLGDGGHDOFDQ]DUVHODXQLGDGWRWDOSDUDXQDJREHUQDELOLGDGPXQGLDO/RVHVIXHU]RVGHOD
JOREDOL]DFLRQWHQGHUDQDFRQVHJXLUHVDXQLGDGH[LVWLHQGRXQDXQLGDGGHFULWHULRSDUDHQFDX]DUOD
SHUPDQHQFLDGHODH[LVWHQFLDHQQXHVWURPXQGRPHGLDQWHXQDLGHRORJLDSROLWLFDHFRQRPLFD\FXOWXUDO
JOREDOL]DGRUD3HURHOSXHEORGH'LRVHQVXHPSHQRGHSUHGLFDFLRQGHO(YDQJHOLRGHO5HLQRDWRGRHO
PXQGRGHDFXHUGRDODVIXHQWHVGHOFULVWLDQLVPRVHUDXQREVWDFXORVHULRFI$S&XDQGRHO
SXHEORGH'LRVVHDHQIUHQWDGRSRUOD%HVWLD\HO)DOVR3URIHWDLQVSLUDGRV\DFRPSDQDGRVSRUHO'UDJRQ
'LRVLQWHUYHQGUDHQOD+LVWRULDPHGLDQWHODEDWDOODGHO$UPDJHGRQ\FXDOTXLHUSUHWHQVLRQGHXQLGDG
PXQGLDO\GHSHUSHWXDUODH[LVWHQFLDGHHVWDWLHUUDVLQHO'LRVTXHVHUHYHODVHUDWRWDO\UDGLFDOPHQWH
GHVYDQHFLGD
(QWUHHO$UPDJHGRQTXHGLOXFLGDODSHUSHWXDFLRQGHODPXHUWH\OD6HJXQGD9HQLGDGH-HVXFULVWRTXHLQVWDODODSRVLELOLGDG
GHILQLWLYDGHOD9LGD(WHUQDVLQHQIHUPHGDGQLPXHUWH
(O$UPDJHGRQUHSUHVHQWDODFXOPLQDFLRQGHODOXFKDHQWUHGRVLGHDVFRQWUDSXHVWDVODVLPSOLFDFLRQHV
GHXQUHLQRGH'LRVWHUUHQR\ODGHXQ5HLQRGH'LRVGHOFLHOR(OUHLQRGH'LRVWHUUHQRRULHQWDGRSRUOD
%HVWLD'UDJRQTXHXWLOL]DDGLIHUHQWHV&DEH]DV\&XHUQRVFRPRUHSUHVHQWDWLYRVGHSRGHUHVSURWRWLSRV
GHPDOGDG\TXHHQXOWLPDLQVWDQFLDSRODUL]DDODKXPDQLGDGHQGRVEDQGRVWRGRXQPXQGRTXHVLJXHODV
FRQVLJQDVGHO'UDJRQFI$S\HOTXHQRVHSOLHJDDGLFKDVFRQVLJQDVVLJXLHQGRORV
SULQFLSLRVLGHRORJLFRVGHO5HLQRGH'LRVR*RELHUQRGH'LRVFI$SUHSUHVHQWDGR\
FRPDQGDGRSRUHO&RUGHURR0HVLDV$SFIFI(VDVGRVLGHDVHVWDQ
FRQILJXUDQGRVHGHVGHODIDWLGLFDIHFKDGHODUHEHOLRQGH/X]EHO'XUDQWHHVWRVVHLVPLODQRVGHKLVWRULD
VHKDLQWHQWDGRLPSRQHUXQUHLQRGH'LRVWHUUHQRDODYH]GHTXHHO'LRVTXHVHUHYHODKDPRVWUDGR6X
5HLQR6XJRELHUQR7RGRHVHFRQIOLFWRGHORVVLJORVTXHVHKDFRQRFLGRHQHOGHVDUUROORGHODKLVWRULD
KXPDQDSRVHHXQHSLFHQWURHOWULXQIRGHODPRUGH'LRVDODKXPDQLGDGPHGLDQWHHO0HVLDV-HVXV$KLVH
DQWLFLSRODYLFWRULDGHOELHQVREUHHOPDO\TXHYDFXOPLQDQGRHQXQSURFHVRKLVWRULFRFDUDFWHUL]DGRSRU
XQPLQLVWHULRVDFHUGRWDOHQHO6DQWXDULR&HOHVWLDOTXHHIHFWXDHO0HVLDVHQEDVHDVXYLGDLPSHFDEOH\
PXHUWHOLEHUDGRUDVFRQVLVWHQWHHQXQDFDEDUGHILQLWLYDPHQWHFRQWRGRVORVHQHPLJRVGH'LRVHOSHFDGR
ODHQIHUPHGDGHOVXIULPLHQWRORVVLVWHPDVGHPDOGDG/D%HVWLDR'UDJRQFRQVXV&DEH]DV\&XHUQRV
0XMHU%DELORQLFD%HVWLDGHGRVFXHUQRVR)DOVR3URIHWD^\ORPDVUHSUHVHQWDWLYRHO&XHUQR3HTXHQRR
4XLQWD&DEH]DX2FWDYD&DEH]DX+RPEUHGH3HFDGR`\ODPXHUWH+EFI+E
FID&RU5PFI$SFIFIFI$S
FI$SVV
>@
(QORVSUHYLRVDO$UPDJHGRQ\DODVXOWLPDVSODJDV DSDUHFHODOXFKDHVSLULWXDOHQWUHHOSXHEOR
GH'LRVD\XGDGRSRUHO&RUGHURTXHHVWDDOXQLVRQRSURYLVLRQDOPHQWHFRQORVTXHUHSUHVHQWDQ
SDUDHVHHQWRQFHVDOPXQGRHQWHURIUHQWHDOD0XMHU%DELORQLFDDODTXHPHGLDQWHODSUHGLFDFLRQGHO
(YDQJHOLRVLQSUHFHGHQWHVHQODKLVWRULDVHOHGHVWUX\HVXFRQILJXUDFLRQ$SFI
FIGHMDQGRGHVHUGHILQLWLYDPHQWHFI
$FRQWLQXDFLRQVHDFWLYDSRGHURVDPHQWHODFRPELQDFLRQ%HVWLDGHGRVFXHUQRV$S^FI
`PHGLDQWHODFRQILJXUDFLRQ)DOVR3URIHWD$SFIFRQOD%HVWLD
SULPHUD$SHQYHUVLRQ2FWDYD&DEH]DTXHHVGHHQWUHODVVLHWH$SR&DEH]D
KHULGDFXUDGD$SFIFRQVLVWHQWHHQLPSRQHUXQDSHUSHWXDFLRQGHODKLVWRULD
KXPDQDFRQORTXHVXSRQHHOPDQWHQLPLHQWRGHODPXHUWH\GHODHQIHUPHGDG\GHVX3XHEORHQXQPXQGR
SODJDGRGHHUURUHVHLQMXVWLFLDV3DUDHVHHQWRQFHVVHKDFXOPLQDGRWRGRHOSURFHVRGHXQDUHOLJLRQ
XQLYHUVDOGHQWURGHWRGRXQSURJUDPDGHJOREDOL]DFLRQGRQGHODGHPRFUDFLDUHGXFLGDXQDOH\PRUDOGH
'LRVUHEDMDGDXQDHFRQRPLDJOREDOFX\RVHOHPHQWRVTXHODVRVWLHQHQH[WHULRUL]DQORVH[FHVRVUHODWLYRVD
ORVGHVHTXLOLEULRVHQWRGRVORVVHQWLGRVWUDHQHOFODPRUSRUTXHVHKDJDMXVWLFLD\VHOHOLEHUHD6X
3XHEORGHILQLWLYDPHQWH\SDUDVLHPSUH
+D\XQFODPRUSUHYLRDODVSODJDVGLULJLGRDO)DUDRQ'HMDVDOLUDPLSXHEOR(VGHFLUUHFRQRFHTXH
QRKD\VROXFLRQDORVSUREOHPDVKXPDQRV&RQILHVDTXHSURORQJDUODH[LVWHQFLDGHHVWHPXQGRVXSRQH
GLODWDUHOPLHGRDOIXWXUROD]R]REUDGHVLKDEUDWUDEDMRODLPSRVLELOLGDGGHOPDQWHQLPLHQWRGHXQ
HVWDWXVHFRQRPLFRDGHFXDGRDSHVDUGHOQRPEUDPLHQWRGHXQDDXWRULGDGSXEOLFDFRQFRPSHWHQFLD
XQLYHUVDOFRQODH[WHQVLRQGHODHQIHUPHGDGHOVXIULPLHQWR\ODPXHUWH(O)DUDRQHQWRQFHVSUHJXQWD
TXLHQHUHVWXSDUDTXHGHMHVDOLUDWXSXHEOR/DUHVSXHVWDQRWDUGDUDHQUHVSRQGHUVHVHLOXPLQDUDOD
WLHUUDFRQODSUHGLFDFLRQGHO(YDQJHOLR(WHUQRTXHFRQYHQFHUDDJREHUQDQWHV\JREHUQDGRV
LQGHSHQGLHQWHPHQWHGHVXVUHDFFLRQHVILQDOHV
(O3XHEORGH'LRVDQXQFLDFRPRQXQFDDQWHVODQHFHVLGDGGHOD6HJXQGD9HQLGDGH-HVXFULVWRSDUD
GHMDUSDVRDODDFWXDFLRQGLYLQDHQODUHVROXFLRQGHOSUREOHPDKXPDQR6HQDODHOROYLGRGHO'LRV
YHUGDGHURODVXSODQWDFLRQTXHHVWDH[SHULPHQWDQGROD9HUGDGGH'LRVPHGLDQWHODSUHGLFDFLRQGHOR
TXHLPSOLFD\VLJQLILFDHO(YDQJHOLR(WHUQRFI$SFIHOYDORUHLPSOLFDFLRQHVGHOD
6HPDQD\6KDEDW&HOHVWLDO+E^0W`FI0FFI+E
FI'QFI\ODEDVHSDUDTXHVHGHODUHVXUUHFFLRQGHORV
PXHUWRVHQ&ULVWR\VHYLVXDOLFHHOGRQGHODLQPRUWDOLGDG
6HKDELDLQWHQWDGRIUHQDUDO3XHEORGH'LRVLQFOX\HQGRORGHQWURGHXQSOXUDOLVPRUHOLJLRVRFRQWDOGH
TXHYLYLHUDODUHOLJLRQFRPRPDUFDEDQODVOH\HVGHPRFUDWLFDVGHDTXHOHQWRQFHVHQVXFDVD\HQOD
LJOHVLD/RVGHFUHWRVPRYLGRVSRUORVSHRQHVGLDEROLFRVTXHHO'UDJRQKDLGRFRORFDQGRHQFRQWUDGHO
3XHEORGH'LRVVHVXFHGHQ&ODPDWDQWRFRPRHQXQDDQJXVWLDSUHYLDGH-DFREFRPRHQODILQDO'LRV
R\HHOFODPRUGHVX3XHEOR\VHFRQILJXUDODHVFHQDDSRFDOLSWLFDGHODVSODJDV\GHO$UPDJHGRQ'LRV
LQWHUYLHQHHQOD+LVWRULDFRQIXQGLHQGRDO)DUDRQ\SLGLHQGRTXHOLEHUHQDVX3XHEOR'HMDVDOLUDPL
3XHEOR3HURHO)DUDRQUHVSRQGH"4XLHQHUHV7XSDUDTXHGHMHVDOLUDWX3XHEOR"<HQWRQFHVVHVXFHGHQ
ODVSODJDV$S'LRVKDELDUHWHQLGRORVYLHQWRVFI$SSDUDTXHORTXHKDELDQ
FRQIHFFLRQDGRORVSURSLRVVHUHVKXPDQRVWDQWRLGHRORJLFDPHQWHFRPRSRUVXVSUR\HFWRVWHFQLFRV\
HFRQRPLFRVFI$SQRGDQDUDQKDVWDTXHVX3XHEORHVWXYLHUDOLVWR
'HMDVDOLUDPL3XHEOR\HO)DUDRQUHVSRQGHFRQXQTXHUHUSHUSHWXDUVHHQHVWDWLHUUD3HURHVD
RULHQWDFLRQVXSRQHSHUSHWXDUODH[LVWHQFLDGHVXSXHEORFRQODPXHUWHODHQIHUPHGDG\HOVXIULPLHQWR<
'LRVTXLHUHOLEHUDUDVXSXHEORGHILQLWLYDPHQWHGHHVDVLWXDFLRQ3HUROD%HVWLD\HO)DOVR3URIHWDTXLHUHQ
UHWHQHUDVX3XHEOR'LRVFRQODVSODJDVYDGHVWUX\HQGRODFRQILDQ]D\VHJXULGDGHQODVLGHRORJLDVTXH
VXVWHQWDQWDQWROD%HVWLDFRPRHO)DOVR3URIHWD(O'UDJRQGHFLGHSHUVRQDUVHPHGLDQWHHVSLULWXV
GLDEROLFRVPDWHULDOL]DGRVHQORVSDUODPHQWRVGHOPXQGRGLULJLGRVGHVGHODVHGHGHOD%HVWLDGHGRV
FXHUQRV\GHODSULPHUD%HVWLDFI$S6HSUHVLRQDSDUDTXHVDOJDXQGHFUHWRGHPXHUWH
3HURQRKD\SRVLELOLGDGSDUDVXHMHFXFLRQ'LRVLQWHUILHUHHOSURSRVLWRGHO)DOVR3URIHWD\GHODSULPHUD
%HVWLDUHSUHVHQWDGDHQOD2FWDYD&DEH]DSUHVHQWDQGROHVEDWDOODPRVWUDQGROHVTXHWRGDVXFRQILDQ]D
WDQWRHQODWHFQLFDFRPRHQODFLHQFLDVLQHWLFDDOVHUYLFLRGHORVLQWHUHVHVPXQGDQRVFRPRHQOD
FLYLOL]DFLRQWHUUHVWUHHVHDPDVLMRGHFXOWXUDVVLQHO'LRVTXHVHUHYHODFRQORTXHVHSUHWHQGLD
SHUSHWXDUODH[LVWHQFLDQRKDVHUYLGRGHQDGD6X3XHEOR\DORHVWDEDDGYLUWLHQGR\VHOHDWDFD6HOH
REOLJDDOVLOHQFLRDVRSRUWDUODLQFOHPHQFLDGHXQDH[LVWHQFLDHQXQHVSDFLRFRQWUDULRDODYROXQWDGGH
'LRV<'LRVPDQLILHVWDVXPLVHULFRUGLDKDFLDVX3XHEORTXHULHQGROROLEHUDUDXQHQFRQWUDGHOD
YROXQWDGGHORTXHKDFHGHYRFHURGHODSULPHUD%HVWLD\GHO)DOVR3URIHWD\HQWRQFHVODQHFHVLGDGGHVX
3XHEORSUHYLVWRHQVXSODQGHOD6DOYDFLRQOHKDFHLQWHUYHQLUGLUHFWDPHQWHD'LRVHQ-HVXFULVWRHQ
RFDVLRQGHVX6HJXQGD9HQLGD<VHOLEHUDDVX3XHEOR$S
1XHVWURPXQGRFDPLQDKDFLDODUHDOL]DFLRQGHODXOWLPDSUXHEDDILQGHORJUDUODXQLGDG&UHHPRVTXH
QRSRGUD\TXHFUHDUDORVSUREOHPDVTXH\DKHPRVHQXPHUDGRHQRWURVOXJDUHV'LRVKDLQWHUYHQLGRHQOD
KLVWRULD(O0HVLDV-HVXVGH1D]DUHWQRVKDGDGRVXPHQVDMH<QRVKDSURYLVWRGHO5HLQRGH'LRVTXHHV
RSXHVWRDOGHHVWHPXQGR<QRSRGHPRVSHUWHQHFHUDORVGRVDODYH]RDOXQRRDORWUR3HUWHQHFHUDO
5HLQRGH'LRVQRVSURWHJH\QRVD\XGDDSURJUDPDUXQDH[LVWHQFLDTXHVLUYHSDUDHQIUHQWDUQRVDOD
DQJXVWLDH[LVWHQFLDO\DODYDFLHGDGFRQTXHVHQRVSUHVHQWDODYLGD
/DOXFKDHVSLULWXDOTXHDSDUHFHUDHQHVWHWUHFKRXOWLPRGHODKLVWRULD\DVHKDHVFULWR<ODKLVWRULD
DQWLFLSDGDSRUODDSRFDOLSWLFDWLHQHPXFKRTXHGHFLUQRV/HVLQYLWRDUHSDVDUORVFRQWHQLGRVH[SXHVWRV
FRPSDUHQORVFRQODKLVWRULDTXHVHHVWDYLYLHQGR\DQDOLFHQODVFRRUGHQDGDVTXHHO'LRVTXHVHUHYHOD
QRVSUHVHQWDHQVX3DODEUD&UHHPRVTXHKHPRVFRQWULEXLGRFRQODSUHVHQWDFLRQKLVWRULFDTXHKHPRV
UHDOL]DGRDGHVFXEULUODUHDOLGDGGHODKLVWRULD\QRVPRWLYDDFRQRFHUPDVSURIXQGDPHQWHODGHO5HLQR
GH'LRV
>@
/DXQLFDXQLGDGHVODTXHQRVSURSRQH-HVXFULVWRDOUHGHGRUGHORVSULQFLSLRVGHO5HLQRGH'LRV \GHVXFXPSOLPLHQWR
SOHQRHQRFDVLRQGHOD6HJXQGD9HQLGD

'XUDQWHWRGDODKLVWRULDVHKDHVWDGRYLYLHQGRXQDH[SHFWDWLYDTXHKDGDGRHVSHUDQ]DDOFULVWLDQROD
SURPHVDGHTXH-HVXFULVWRYROYHULDFI-Q'HVGHHOSDWULDUFD(QRF-XGFI'Q
VHSWLPRGHVGH$GDQ*Q+EKDVWDODDFWXDOLGDGGHOPRYLPLHQWRTXHDVXPHOD
UHSUHVHQWDWLYLGDGGHODLGHDGHO$GYLHQWRSDVDQGRSRUHOSURIHWD'DQLHOORV(YDQJHOLRV\HO
$SRFDOLSVLVR5HYHODFLRQGH-HVXFULVWRVHKDHVWDGRDQXQFLDQGRODSUR[LPLGDGGHODYXHOWDGH-HVXFULVWR
$SHVDUGHOWUD]RGHODKLVWRULDWUDQVFXUULGRFDGDJHQHUDFLRQGHFULVWLDQRVHVSHUDFRQDQKHORTXHHVWH
DFRQWHFLPLHQWRPDJQRVHFXPSODGHILQLWLYDPHQWH$SDUHQWHPHQWHSDUHFHULDH[SHULPHQWDUVHIUXVWUDFLRQ
SRUHOKHFKRGHTXHGHVSXHVGHWDQWRVDQRVWRGDYLDVHPDQWHQJDFRQIHHVDHVSHUDQ]D+D\WUHVFRVDVTXH
ODQXWUHQGHPRGRSHUVHYHUDQWH
/DLPSOLFDFLRQGHOFXPSOLPLHQWRGHODSURPHVD
/DSURPHVDOOHYDLPSOLFLWRHOILQGHDOJRTXHODKXPDQLGDGH[SHULPHQWDFRQXQGUDPDWLVPRVLQLJXDO
/DHQIHUPHGDG\ODPXHUWHVHSUHVHQWDQDQWHWRGDVODVSHUVRQDVFRPRXQDWUDJHGLDLQVXSHUDEOH/D
6HJXQGD9HQLGDGH-HVXFULVWRVHPXHVWUDDQWHHOFUH\HQWHFRPRODUHVSXHVWDDVXSHUDUODPXHUWHPHGLDQWH
HOSRGHUGH'LRVHQ-HVXFULVWRTXHSRVLELOLWDFRQVHUYDUODLGHQWLGDG/DLGHQWLGDGVXSRQHTXHHO
LQGLYLGXRFXDQGRGHVSLHUWDGHOVXHQRGHODPXHUWHQRGHILQLWLYDHVFRQVFLHQWHGHTXHHVHO
/DLGHRORJLDGH-HVXFULVWROOHQDGHO(VSLULWXOHKDFRQYHQFLGRKDVWDHOSXQWRGHTXHGHPRGR
FRQVHQWLGR\OLEUHVHYHDERFDGRDFUHHUVLQSRVLELOLGDGGHUHWURFHGHU(VDOJRLPSRVLEOHGHFRPSUHQGHU
DQRVHUTXHXQRVHLQYROXFUH1RVHWUDWDGHDOJRLUUDFLRQDOQLPHUDPHQWHVXEMHWLYR6HWUDWDGH
H[SHULPHQWDUXQSRGHUSDUDHOTXHODQDWXUDOH]DKXPDQDKDVLGRGLVHQDGD(QFDMDGHPRGRQDWXUDO(OVHU
KXPDQRVHKDDFRVWXPEUDGRDOSURSRVLWRSULPHURSRUHOTXHIXHFUHDGRDYLYLU$PDODH[LVWHQFLD<VL
VXVUHODFLRQHVFRQORVGHPDVFRQORVTXHH[SHULPHQWDSODFHUDOFRPXQLFDUVHVHILMDQFDGDYH]PDVFRPR
XQDQHFHVLGDGTXHUUDSHUSHWXDUODVSURORQJDUODVSDUDVLHPSUH3HURHVRTXHGDWUXQFDGRFRQODPXHUWH
3HURVHKDGHMDGRHQVHQDUFRPRVLHQGRLPSUHVFLQGLEOHTXHHOYLQFXORFRQ'LRVDOTXHDFHSWDFRPR
FUHDGRU\UHGHQWRUOHSURSRUFLRQDXQDVHJXULGDGTXHYDDPSOLDQGRVHGHTXHVXYLGDVHKDUDSUHVHQWHHQ
RFDVLRQGHOD6HJXQGD9HQLGDGH-HVXFULVWR
(OFXPSOLPLHQWRGHODSURIHFLDDSRFDOLSWLFDHQODTXHHVWDLQPHUVDODSURPHVDGHOUHWRUQR
/DSURIHFLDDSRFDOLSWLFDHVHOYHKLFXORXVDGRSRU'LRVSDUDWUDHUQRVODILUPHFRQYLFFLRQGHTXHOD
PDOGDGFRQVXVVLVWHPDVLPSHUDQWHVHQHVWHPXQGRVHDFDEDUDQFXDQGRKDJDDSDULFLRQ-HVXFULVWRHQVX
6HJXQGD9HQLGD0WFI/F0F'DQLHO\$SRFDOLSVLV$XQTXHXQD
FXDUWDSDUWHGHODKXPDQLGDGSDUHFHTXHKDWUDLGRHOFLHORDODWLHUUDFRQVXHVWDWXVHFRQRPLFR\VXVOH\HV
SURWHFWRUDVWUHVFXDUWDVSDUWHVGHODKXPDQLGDGSDVDQQHFHVLGDG\ODWUDJHGLDFRQODLQMXVWLFLDGHOPDO
GRPLQDQWHGHODHQIHUPHGDG\GHODPXHUWHVLJXHQFDPSHDQGRSRUVXVIXHURV\SURFODPDQGRTXHOD
LQMXVWLFLDUHLQDQWHUHFODPDODLQWHUYHQFLRQGHODMXVWLFLD\GHODERQDQ]DH[SUHVDGDSRUODYHUGDG
ELHQDYHQWXUDGDGHOD6HJXQGD9HQLGDGH-HVXFULVWRDQXQFLDGDSRUODSURIHFLD
/DSULPHUDYHQLGDVREUHODSURIHFLDGHO0HVLDVHVWDEDHQWURQFDGDWDPELHQHQODDSRFDOLSWLFD'LFKD
DSRFDOLSWLFDQRVRIUHFHHOHVSHFWDFXORGHXQSHULRGRFURQRORJLFRTXHLQLFLDGRHQODHSRFDSHUVDQRV
OOHYDULDDVXWHUPLQRFRQODDSDULFLRQGHO0HVLDV'QFI(VGVVFI
FRPSUREDQGRVHVXHVWDEOHFLPLHQWRFRQODSHUVRQDGH-HVXVGH1D]DUHW3HURHVWDSULPHUDYHQLGD
GHO0HVLDVODSURIHFLDODXQHFRQOD6HJXQGD9HQLGD'QFI'Q\
$SRFDOLSVLV/RVWUD]RVGHODKLVWRULDFXPSOLGRV\FRQWHPSODGRVKR\SRUQRVRWURVVRQVLQQLQJXQDGXGD
XQDJDUDQWLDGHTXHORTXHIDOWDSRUFXPSOLUVHVHUHDOL]DUD
 /D UHDOLGDG H[SHULPHQWDGD \ HO VLJQLILFDGR GH VX SULPHUD YHQLGD DVHJXUD OD FRQILDQ]D HQ OD
VHJXQGDYHQLGD
&XDQGRHOFUH\HQWHKDH[SHULPHQWDGRHQVXH[LVWHQFLDORTXHHO0HVLDV-HVXFULVWRH[SOLFDUHVSHFWRDOD
LGHRORJLDTXHOLEHUDHQWRQFHVDOFDQ]DVHJXULGDGUHVSHFWRDORTXHVHOHSUHGLFDTXHRFXUULUDHQHOIXWXUR
/RVSULQFLSLRVGHO5HLQRGH'LRVTXH-HVXFULVWRSURFODPDKDQFRQYHQFLGRDOFUH\HQWHSRUFXDQWRVX
YLYHQFLD\SXHVWDHQSUDFWLFDKDQGDGRFRPRUHVXOWDGRORTXHDQXQFLDEDQ
/DSULPHUDYHQLGDHVWDXQLGDDODVHJXQGDYHQLGD6LVHYLYHODSULPHUDYHQLGDGHDFXHUGRDWRGROR
TXHKDVXSXHVWRODREUDHLGHRORJLDGH-HVXVVHH[SHULPHQWDUDODVHJXQGDSRUDQWLFLSDGRSRUFXDQWROD
YLYHQFLDGHOVHQWLGRGHODSULPHUDOHOOHYDDXQDSUHSDUDFLRQSDUDODVHJXQGDYHQLGD7RGRHVWROOHQDOD
+LVWRULDDXWHQWLFDGHFDGDFUH\HQWH(VWDHVOD+LVWRULDUHDOGHOFUH\HQWHYLYLUHOVHQWLGRGHOSUHVHQWH
XOWLPRTXHVHKDUHDOL]DGRFRQODSULPHUDYHQLGDGH-HVXV\TXHHQXQSURFHVRTXHDEDUFDDWRGDVODV
JHQHUDFLRQHVGHFULVWLDQRVFRQILJXUDXQDHVSHUDQ]DTXHHQEDVHDORTXH\DVHKDYLYLGRORTXHIDOWDSRU
>@
YHQLUHVWDXQLGRDHVHSURFHVR\VHFXPSOLUDWDPELHQ
 3UROHJRPHQRVDODVSODJDV
&RQHOFS\VHQRVDPSOLDEDQORVGHWDOOHVHQVHQDGRVSRUHOILQDOGHOVH[WR6HOOR\SRUODVHSWLPD
7URPSHWD
$KRUDELHQORVLQVWDQWHVILQDOHVGHOD%HVWLD\GHO)DOVR3URIHWD\GHO'UDJRQ\GHOD0XMHU
%DELORQLFDUHIHULGRVHQODVH[WD\VHSWLPD3ODJDSUHFLVDQGHXQDDFODUDFLRQTXHDGHPDV
D\XGDUDDFRPSOHPHQWDUWRGRORUHODWLYRDHVWRV3RGHUHVXVDGRVSRUHO0DOLJQR'HDKLTXHDSDUWLU
GHOFSFIVHQRVSRUPHQRULFHQFLHUWRVGHWDOOHVGHOD%HVWLDGHVXV&DEH]DV\VXV&XHUQRV
HVSHFLDOPHQWHGHODVGRV&DEH]DVXOWLPDVTXHDFRQWHFHQDSDUWLUGHORVGLDVSURIHWLFRV\TXH
RULHQWDQHODPELHQWHGHORVXOWLPRVPRPHQWRVGHHVWDWLHUUDFIXQRFWDYR
UHLQRXRFWDYD&DEH]DGHXQD%HVWLDSSTXHDXQTXHDSDUHQWHPHQWHDJRWDGDV\DODVFDEH]DVVH
UHFXHUGDTXHVHWUDWDGHXQDGHODV6LHWHQRSXHGHVHURWUDTXHODTXLQWDUHVWDXUDGDTXHVHKDELDYLVWR
FXUDGD^XSFI`ORV&XHUQRVTXHSRUSULPHUD\XOWLPDYH]DFWXDQFROHFWLYDPHQWH
\DOXQLVRQR\OD0XMHU%DELORQLFDTXHVHOHKDYLVWRPRQWDGDHQFLPDGHOD%HVWLD

$SDUWLUGHDTXLHOSURIHWDLQVSLUDGR\DSXHGHUHIHULUQRVHOILQGHOD0XMHU%DELORQLFDSRUPHGLRGH
ORV&XHUQRVHQFROHFWLYRGHOD%HVWLDFI\TXHVHQRVGHVFULEH
FRQPDVGHWDOOHHQHOFSSDUWLHQGRGHODFDLGDHVFDORQDGDGHOD%DELORQLDTXHKDHQJDQDGRDOPXQGR
HQWHURFRQVXVGRFWULQDVHUURQHDVFI\TXHDQWHVGHTXHVHHMHFXWHHOMXLFLRGHILQLWLYR
FRQWUDHOODDQWHVGHOGHUUDPDPLHQWRGHODVSODJDV\TXHVHOHGHVWUX\DSRUPHGLRGHODSODJDXOWLPDFI
WRGDYLDH[LVWHHQHOWLHPSRSDUDOHORGHOXOWLPRPHQVDMHGH
DGYHUWHQFLDPLHQWUDVVHGHVDUUROODHO-XLFLRXOWLPRFIODSRVLELOLGDGGHHVFXFKDUHO
(YDQJHOLR(WHUQR\VDOLUGHHVD%DELORQLD
'HQXHYRODLQVSLUDFLRQHQHOFDSLWXORTXHLQWHQWDUHFXSHUDUFRPSOHPHQWDQGRODGHVFULSFLRQGHO
RULJHQGHODQDWXUDOH]D\FRPSRQHQWHVGHOD%HVWLD\ODIRUPDHQTXHVHKDUDODXOWLPDEDWDOODGHVFULWDHQ
VHQRVDVHJXUDGHTXHOD%HVWLDVHUDYHQFLGDSRUHO&RUGHUR+DELHQGRVHRFXSDGRGH
ODVXHUWHGHOD%DELORQLD\KDEHUVHYLVWRREOLJDGRDGHVDUUROODUORGXUDQWHHOFSUHWUDVDKDVWDHO
FDSLWXORHVDEDWDOODTXHKDELHQGRVHDQXQFLDGRHQHQRFDVLRQGHODVH[WDSODJDVHQRV
DQXQFLDEDHQ
2WUDVHQDOJUDQGH\DGPLUDEOH$QJHOHVTXHWHQLDQODVSODJDVSRVWUHUDV(QHOODVVH
FRQVXPDEDODLUDGH'LRV$SFI
(ODFRQWHFLPLHQWRSRUVXFHGHUKD\TXHVHQDODUORFRPRDOJRJUDQGH(VDLUDGH'LRVDSXQWRGH
PDQLIHVWDUVHTXHQRVUHILHUHHOILQDOGHOVH[WRVHOOR$STXHKDHVWDGRSUHFHGLGDSRUWRGDXQDVHULH
GHVHQDOHVHVSHUDQ]DGRUDVSDUDORVTXHYLYHQHQHVRVPRPHQWRVFI$SQRHUDHOILQDOGHO
PLVPLVLPRVH[WRVHOORVLQRTXHVHQRVUHYHODGHQWURGHOSURSLRVH[WRVHOORWRGDODUHIHUHQFLDGHO
VHOODPLHQWRGHORV\GHVXSUHGLFDFLRQHQHOFRQWH[WRILQDOGHDFXHUGRD$SFI
$S\TXH\DKHPRVGHMDGRFRQVWDQFLDHQVXOXJDU$KRUDVHQRVGLFHTXHHVWRVDQJHOHVSRVHHQ
ODVXOWLPDVSODJDVGRQGHVHFRQVXPHODLUDGH'LRV
0DUGHYLGULRORVTXHDOFDQ]DQODYLFWRULDVREUHOD%HVWLDLPDJHQPDUFD\QXPHURFDQWDQ
FDQWLFRGH0RLVHV\GHO&RUGHUR$S
$FRQWLQXDFLRQDSDUHFHHOPDUGHYLGULR$SFIDGRQGHVHOHVLQVWDODHQODHVFHQDDORV
TXHKDELDQDOFDQ]DGRODYLFWRULDVREUHODEHVWLDVREUHORTXHLPSOLTXHVXLPDJHQ\UHVSHFWRDVX
PDUFDGHODEHVWLD\VXQXPHURFRQDUSDV\FDQWDQGRHOKLPQRGHYLFWRULDWDQWRGH0RLVHVVLHUYRVGH
'LRVFRPRGHO&RUGHUR
6LVHGDQFXHQWDFXDQGRFRPLHQ]DHOFDSLWXORVHQRVSUHVHQWDXQDHVFHQDFHOHVWLDOGHORV
FRPXQLFDQGRQRVTXHKDQVLGRVDOYRV<HVWRVHKDFHDFRQWLQXDFLRQGHODFULVLVTXHJHQHUDOD%HVWLDHQ
ORVXOWLPRVPRPHQWRVGHODKLVWRULDFXDQGRHO)DOVRSURIHWDR%HVWLDGHGRVFXHUQRVOOHYDDFDERXQD
LPDJHQGHODSULPHUDEHVWLDUHYLYLHQGRODKHULGD$SFI(UDSUHFLVRUHVHQDU
TXHHVRVVHOODGRVHQORVXOWLPRVLQVWDQWHVGHODKLVWRULDPHQFLRQDGDDOILQDOGHOVH[WRVHOORFI
$SVV\TXHWLHQHQTXHDIURQWDUODVGLILFXOWDGHVGHVFULWDVHQ$S\KDQ
VDOLGRDLURVRV$KRUDODHVFHQDVHUHSURGXFHSUHFLVDPHQWHHQHOOLPLWHGHODPDQLIHVWDFLRQGHILQLWLYDGH
ODLUDGH'LRVFRQODVXOWLPDVSODJDV/DLQVHUFLRQGHODHVFHQDFHOHVWLDOGHOPDUGHYLGULRGRQGH
DSDUHFHQHVRVTXHOOHYDQDUSDV\TXHFDQWDQHOFDQWLFRGH0RLVHV\GHO&RUGHURGHVSXHVTXHVHQRV
LQIRUPDTXHKDQDOFDQ]DGRODYLFWRULDVREUHOD%HVWLD\VXLPDJHQ\UHVSHFWRDVXPDUFD\QXPHURHVXQD
HYLGHQFLDGHTXHWDQWRHVWRVFRPRORVVRQHOPLVPRFROHFWLYR/DLGHDDH[SUHVDUFRQHVDHVFHQD
HVSDUDDTXHOORVTXHHVWDQDVLVWLHQGRDODUHDOLGDGKLVWRULFDGHORVDFRQWHFLPLHQWRVTXHVHQRVDQWLFLSDQ
UHVSHFWRDOHQIUHQWDPLHQWRFRQOD%HVWLD\VXVDILQHV<SUHWHQGHFXDQGROHDQSUHFLVDPHQWHHVDSDJLQDHQ
XQRVPRPHQWRVDXWHQWLFDPHQWHGHFULVLVTXH'LRV\DORVHVWDFRQVLGHUDQGRVDOYRVHQHOPDUGHYLGULR
TXHHVWDGHODQWHGHOSRGHU\DPRUTXHHPDQDQGHVXWURQRTXHODVSODJDVXOWLPDVQRWLHQHQQDGDSDUDFRQ
HOORV\TXHQRSDVDUDQSRUODPXHUWHVHOHVSUHVHUYDUDYLYRVKDVWDODVHJXQGD9HQLGDGH-HVXFULVWRTXH
HVWDQDQXQFLDQGRHQHVHFRQWH[WRWHPSRUDO<TXHODFULVLVDQJXVWLRVDTXHSXGLHUDQHVWDUSDVDQGRHVWD
DOWDPHQWHFRPSHQVDGDSRUODVHJXULGDGTXHOHVGDKDEHUSRGLGROHHUFRQDQWHODFLRQTXHWRGRORTXHHVWD
VXFHGLHQGR\TXHVXPHQWHUHIOH[LYDFRQWHPSODVHHVWDFXPSOLHQGRJHQHUDQGRODHVSHUDQ]DGHTXHOR
TXHIDOWDSRUFXPSOLUVHODOLEHUDFLRQGHILQLWLYD\VXHVWDQFLDHQHOPDUGHYLGULRWDPELHQVHUHDOL]DUDQ
([WUDRUGLQDULRSRUTXHQRVRWURVKR\HVWDPRVYLYLHQGRPX\FHUFDQRVDHVHFXPSOLPLHQWRGHFULVLV'LFKD
FULVLVVHDFHOHUDUDFXDQGRHVRVVHOODGRVVHGLVSRQJDQDFXPSOLUVXSDUWHGHSUHGLFDFLRQGHO
(YDQJHOLRGHVDOYDFLRQSDUDODVJHQWHVGHHVHFRQWH[WRGHOILQILQDODSHVDUGHODVGLILFXOWDGHVTXHHO
PRPHQWRUHFODPD
'HVSXHVGHHVWRDSDUHFHRWUDHVFHQDVREUHHO6DQWXDULR&HOHVWHFRQWHQLHQGRORVDFRQWHFLPLHQWRV
GHODVXOWLPDVSODJDV\HOILQGHOWLHPSRGHJUDFLDFRQHOFHUUDUVHODDFWLYLGDGHQHO6DQWXDULR$S

 /$63/$*$6$S
6HWUDWDGHODVXOWLPDVSODJDVTXHDFRQWHFHQHQHOILQGHOWLHPSR$S/DVSODJDVVHLQVFULEHQ
FRPRUHVSXHVWDDODDFWLWXGGHVSOHJDGDFRQWUDHOSXHEORGH'LRVSRUODEHVWLDGHFDEH]DV\FXHUQRV
RULHQWDGDSRUODJUDQUDPHUDFI$S\SRUODEHVWLDGHGRVFXHUQRVHQVXXOWLPDHWDSDFI
$SKRVWLJDGDV\GLULJLGDVSRUHO'UDJRQ$S/DVSODJDVDFWXDQGHDFXHUGR
DO$SRFDOLSVLVFI$SGHQWURGHXQPDUFRKLVWRULFRHQHOTXHODVIXHU]DVGHOPDODGTXLHUHQXQ
SURWDJRQLVPRHVSHFLDO$S$SDUHFHHO'UDJRQOD%HVWLDUHSUHVHQWDGDSRUORVTXH\DKD
VXELGRGHODELVPR^$SFISSHQXQDRFWDYDTXHHVGHHQWUHODVVLHWHFI$SFI
`PHGLDQWHODFXUDFLRQGHODKHULGDGHXQDFDEH]DGHODVVLHWH^FI$S`OD
FRQILJXUDFLRQ)DOVRSURIHWDTXHFRLQFLGHFRQOD%HVWLDGHGRVFXHUQRVHQODHWDSDILQDOGHHVWD\TXH
FRQWULEX\HDODFXUDFLRQGHODKHULGDXQDYH]KHFKDODLPDJHQGHODSULPHUDEHVWLD^$SFI
`VXVWLWX\HMXQWRDOPLVPR'UDJRQ$SFIFIDODFRQILJXUDFLRQ
PXMHUEDELORQLFDFI$SFSVVFXDQGRVHYDDGDU\VHHVWDGDQGRHO
$UPDJHGRQ$SFIFI$S7RGRVHVWRVVLVWHPDVVHXQHQFRQWUDHO3XHEOR
GH'LRVDILQGHSUHVLRQDUORDTXHVHGHVOLJXHGHVXFUHHQFLDHQOD5HYHODFLRQGH'LRV/DLQWHUYHQFLRQ
OLWHUDOGH'LRVHQVXUHVFDWHHVWDGHILQLGRSRUXQDEDWDOODGHQRPLQDGDHO$UPDJHGRQ
(O$UPDJHGRQHVODWRSRQLPLDVLPEROLFDGRQGHVHGDODEDWDOODGHOJUDQ'LRV7RGR3RGHURVRTXH
UHSUHVHQWDDWRGDODWLHUUD6HWUDWDGHXQFRQIOLFWRGHLQWHUHVHVHQWUHHOSDFLILFR3XHEORGH'LRV\ORV
VLVWHPDVJREHUQDQWHVGHOPXQGRGHHQWRQFHVTXHVHKDQGHWHUPLQDGRGHILQLWLYDPHQWHHQFRQWUDGHOD
LGHRORJLDGHO5HLQRGH'LRVUHSUHVHQWDGDHQHO3XHEOR5HPDQHQWHGH'LRV
8QKXPDQLVPRDJQRVWLFR\DWHRMXQWRDXQDLGHRORJLDSROLWLFRUHOLJLRVDDMHQDDOSODQGH'LRVH
LQVSLUDGD\GLULJLGDSRUHO'UDJRQFI$SVHHQIUHQWDQDO3XHEORGH'LRVFRQOH\HV
LQMXVWDV\FRQWUDULDVDODOLEHUWDGGHFRQFLHQFLD\DORVSULQFLSLRVGHPRFUDWLFRV$S
/DVSODJDVVLELHQSRVHHQXQDDSOLFDFLRQOLWHUDOXQDYH]TXHUHGXFHVHOVLPEROLVPRDSRFDOLSWLFRDVX
UHDOLGDGPDQLILHVWDQHVSHFLDOPHQWHYDORUHVLGHRORJLFRVVXE\DFHQWHVHQODUHSUHVHQWDWLYLGDG\
VLPEROLVPRGHORVWHUPLQRV'HFXDOTXLHUIRUPDKD\TXHUHGXFLUHOVLPERORDWRGDODUHDOLGDGTXHHVH
UHSUHVHQWD/DVSODJDVGLULJLGDVSRU'LRVLQWHQWDQPDQLIHVWDUODSUHWHQVLRQPDOLJQDGHTXHUHUVXVWLWXLUDO
YHUGDGHUR'LRVFRQXQDLGHRORJLDTXHLGRODWUDDODVIXHU]DVGHODQDWXUDOH]DFRQODFRQYLFFLRQGHTXHHO
SRGHUKXPDQRSXHGHFRQWURODUWRGRORTXHLPSOLFDHOYLYLUHQHVWHPXQGRSHUSHWXDQGRODH[LVWHQFLD
PHGLDQWHWHRULDVHFRQRPLFDVSROLWLFDV\FLHQWLILFDVWDPELHQLGHDQGRXQDPRUDO\HVSLULWXDOLGDG
SURFHGHQWHGHXQDUHLQWHUSUHWDFLRQSXUDPHQWHQDWXUDO\KXPDQDDXQFXDQGRVHPHQFLRQHXQDWHUPLQRORJLD
ELEOLFDEDVDGDHQXQDWHRORJLDVRODU\SDJDQDTXHUHFKD]DHOSODQPRUDO\HVSLULWXDOGH'LRVEDVDGRHQ
ORVSULQFLSLRVGHVX5HLQRR*RELHUQR'LRVTXHKDGHFLGLGRVDOYDUDODKXPDQLGDGGHOPDO\KD
HVSHUDGRKDVWDHOOLPLWHGHODSRVLELOLGDGGHTXHHVWDSXHGDVDOYDUVHLQWHUYLHQHHQRFDVLRQGHOD
6HJXQGD9HQLGDDILQGHOLEHUDUDVX3XHEORGHOVXIULPLHQWRHQIHUPHGDGGHOPDO\GHODPXHUWHTXH
ODPHQWDEOHPHQWHXQDPD\RULDKXPDQDTXLHUHSHUSHWXDU
(VFXDQGRORVVLVWHPDVJREHUQDQWHVSROLWLFRUHOLJLRVRVHQXQDFRQVSLUDFLRQXQLYHUVDOVHGHMHQ
DUUDVWUDUSRUORVSRGHUHVPDOLJQRVHQFRQWUDGHO5HPDQHQWHGH'LRV$SFI$S
UHSHUFXWLHQGRHQHOORVHOPHQVDMHGLULJLGRDWRGDVODVQDFLRQHVGHQRSRGHUFRPSUDUQLYHQGHUFI$S
6HWUDWDFRPR\DKHPRVYLVWRGHXQPHQVDMHTXHOD%HVWLDGHGRVFXHUQRVHQYLDDWRGDVODV
QDFLRQHVSRUPHGLRGHODSULPHUD%HVWLD/DVQDFLRQHVQRSRGUDQHQWUDUHQODDOLDQ]DGHFRPHUFLRGH
LQWHUFDPELRVHFRQRPLFRV\GHLGHDVVLQRDFHSWDQODVSUHPLVDVSROLWLFRHWLFRHFRQRPLFDVTXHH[SRQH
ODSULPHUD%HVWLDSURPRFLRQDGDSRUODGHGRVFXHUQRV/DPDUFDGHOD%HVWLDHVXQDVHQDOGH
ILGHOLGDGDXQFRGLJRLGHRORJLFRSROLWLFRHWLFRUHOLJLRVRTXHVHFRQYLHUWHHQXQLYHUVDOGDGDVODV
FRQGLFLRQHV/DVUHSHUFXVLRQHVHQLQGLYLGXRVHVWDPDUFDGDSRUODLPSRVLFLRQHVTXHHQFDGDSDLVVH
DSOLTXHQHQORUHODWLYRDODPDUFDGHOD%HVWLD\TXHDEDUFDUDWRGRHODEDQLFRPDWHULDOLGHRORJLFR
HVSLULWXDOFRPSUDU\YHQGHUODYHUGDGSUHGLFDUHQFRQWUDGHOSURJUDPDGHOD%HVWLDGHGRVFXHUQRV
SULPHUD%HVWLDVXSRQGUDLUHQFRQWUDGHODOH\QRGHMDQGROHVSUHGLFDUOLEUHPHQWHQRSRGHUOOHYDUD
FDERQLFROHFWLYDQLLQGLYLGXDOPHQWHSURJUDPDVGHWUDEDMRHPSUHVDULDODQRVHUTXHVHDFHSWHOD
LGHRORJLDGHOD%HVWLD$SFI$SVHQDODQGRORVLQMXVWDPHQWHFRPRFXOSDEOHVGH
FRPSRUWDPLHQWRV\VLWXDFLRQHV\DSOLFDQGROHVOH\HVTXHDWHQWDQDVXUHODFLRQFRQ'LRVHVHQWRQFHVTXH
>@
'LRVGHFLGHVROWDUORVYLHQWRVTXHHOHUURU\PDOGDGKXPDQDKDELDQVHPEUDGRFI$S \
TXHKDVWDHQWRQFHVKDELDHVWDGRUHWHQLHQGRDILQGHSURWHJHUDHVDKXPDQLGDG(VRVYLHQWRVTXHHOSURSLR
VHUKXPDQRKDVHPEUDGRGHWHUURU$SFI(]TDFXPXODQGRWRUEHOOLQRFI2VVH
VXHOWDQDKRUDSHUPLWLHQGR'LRVTXHVLUYDQSDUDHYLGHQFLDUHOUHFKD]RDODUUHSHQWLPLHQWRGHODVQDFLRQHV
$SFIRHQVXGHIHFWRGDGRHOUHFKD]RSRUSDUWHGHHVDVQDFLRQHVSDUDD\XGDUDVX
>@
3XHEORHQVXOLEHUDFLRQGHILQLWLYD$SFI
/DVSODJDVDWHQWDQFRQWUDWRGRDTXHOORTXHODKXPDQLGDGGLULJLGDSRUORVVLVWHPDVGHPDOGDGSUHWHQGLD
FRQWURODU/DDXWRULGDGHQHVWHPXQGRFRQILDHQORKXPDQR/DVSODJDVDWDFDQDWRGRORTXHGD
FRQVLVWHQFLDDODKXPDQLGDG7HQJDVHHQFXHQWDTXHGHDFXHUGRDXQDGHODVSODJDVFI$SORV
HVSLULWXVPDOLJQRVKDQHVWDGRRULHQWDQGRHLQVSLUDQGRDORVGLULJHQWHVKXPDQRV\HO'UDJRQFI$S
DSDUHFHFROLJDGRFRQORTXHUHSUHVHQWDDODKXPDQLGDGTXHQRDFHSWDDOYHUGDGHUR'LRVODEHVWLD\
HOIDOVRSURIHWDTXHDQWHULRUPHQWHKDELDQVLGRGLULJLGRVSRUOD%DELORQLDPLVWLFDHVFDUODWDLGHRORJLD
TXHRULHQWDHOVDEHUKXPDQRHQWRGDVVXVSUR\HFFLRQHV\TXHVHOHFRQVLGHUDIDOVD/DVLGHRORJLDVTXH
GHVYDORUL]DQHODFWRFUHDGRUPHGLDQWHWHRULDVHYROXWLYDVFI$S\TXHLGHQWLILFDQDODQDWXUDOH]D
FRQODHWHUQLGDGVHYHQUHSUHVHQWDGDVHQHVRVSRGHUHVTXHGRPLQDQHQODKXPDQLGDG\TXHSUR\HFWDQOD
GLUHFFLRQDOLGDGKLVWRULFDKXPDQD$OLJXDOTXHRFXUULHUDHQ(JLSWRFRQ)DUDRQTXHVHFUHHSRVHHGRUGH
OD$XWRULGDGVXSUHPD\TXHLQYHVWLGRGHDWULEXWRVGLYLQRVSLHQVDTXHSXHGHFRQWURODUODPDWHULD\DODV
IXHU]DVGHODQDWXUDOH]DVHYHHQIUHQWDGRDOYHUGDGHUR'LRVTXLHQOHUHFODPDTXHGHMHHQOLEHUWDGDVX
SXHEOR7RGRDTXHOORTXHSLHQVDTXHHVWDEDMRVXGRPLQLRYDDVHUWUDVWRUQDGR
/DSULPHUDSODJDYDFRQWUDODWLHUUD\UHVXOWDVHUPX\GRORURVDFRPRVLIXHUDXQDXOFHUDSDUDORVTXH
KDQDGRSWDGRODPDUFDGHODEHVWLD\DGRUDEDQVXLPDJHQ$S$GRSWDUODPDUFDGHODEHVWLD\
DVXPLUORTXHUHSUHVHQWDLPSOLFDDFHSWDU\UHFRQRFHUODLGHRORJLDGHHVDEHVWLDTXHVHSUHFLDGHVHUOD
UHSUHVHQWDWLYDGHODFLYLOL]DFLRQWHUUHVWUH(OWHUPLQRWLHUUDSXHGHVHUXVDGRHQYDULRVVHQWLGRVHQHO
GHFLYLOL]DFLRQ\VXVSURGXFWRVFLHQFLDDUWHOLWHUDWXUDLQGXVWULDFI,VD'QFI
>@
$S HQFRQWUDVWHFRQHOPDUHQHOVHQWLGRDSRFDOLSWLFR0DUFRPRVLPERORGHQDFLRQHV
\PXOWLWXGHVWLHUUDFRPRVLPERORTXHFRQWUDVWDFRQPXOWLWXGHV\QDFLRQHVXQOXJDUTXHSHUPLWHXQ
GHVDUUROORVLQODVLQIOXHQFLDVGHHVDVQDFLRQHV\PXOWLWXGHV$SFI$SHOVLPERORHVFRJLGR
SDUDODVDOLGDGHODEHVWLDGHGRVFXHUQRVODWLHUUDFRPRPRUDGDGHODPDWHULDGHODYLGDPDWHULDO\
ILVLFDFDUQDO$SHOOXJDUFRQTXHVHGHQRPLQDDOHVSDFLRHQHOTXHKDELWDQORVVHUHV
KXPDQRVGHDKLWDPELHQHOQRPEUHGHFROHFWLYLGDGKXPDQDPXQGR$S
'HDOJXQDPDQHUDODSODJDDWHQWDFRQWUDHVDFLYLOL]DFLRQWHUUHVWUHSURYRFDQGRFDRV\SDUDOL]DFLRQGH
ODHFRQRPLDHLQGXVWULDGHODFLYLOL]DFLRQGHORFLR(OVHUKXPDQRKDELDFRQILDGRHQVXVORJURVKDVWDHO
SXQWRTXHDGRUDDODEHVWLDFI$SFRQVLGHUDQGRODFRPRODDUWLILFHGHHVDFLYLOL]DFLRQ
DFHSWDQGRVXLGHRORJLDSROLWLFRUHOLJLRVDHVHQFLDOUHSUHVHQWDGDHQVXPDUFDRDXWRULGDG6HXWLOL]DHO
WHUPLQRWLHUUDFRPRXQVLPERORSDUDKDFHUVXUJLUDODEHVWLDGHGRVFXHUQRVFI$S%HVWLDTXH
LQIOX\HSRGHURVDPHQWHDILQGHTXHVHVRPHWDQLQFRQGLFLRQDOPHQWHDODSULPHUDEHVWLDODTXHXQDGHVXV
FDEH]DVKDELDVLGRKHULGDGHPXHUWH\TXHODEHVWLDGHGRVFXHUQRVFRQWULEX\HDVXFXUDFLRQGHILQLWLYD
FUHDQGRXQDLPDJHQYLYDGHHVDSULPHUDEHVWLDKDFLHQGRTXHVHOHDGRUHDGRSWDQGRXQDPDUFD
LGHQWLILFDWLYDFI$S(VHYLGHQWHTXHODSODJDHVWDOLPLWDGDVREUHHVDWLHUUDTXHKDGDGR
RULJHQDODEHVWLDGHGRVFXHUQRV\TXHUHSUHVHQWDHOSRGHUHLGHRORJLDTXHKDKHFKRSRVLEOHODFXUDFLRQ
GHODKHULGDFUHDFLRQGHHVDLPDJHQ\FRORFDFLRQGHODPDUFD/DSODJDFUHDXQWUDVWRUQRHQHVHSRGHU
GHWDOQDWXUDOH]DTXHUHSHUFXWHQHJDWLYD\GRORURVDPHQWHHQWRGRVDTXHOORVTXHDGRSWDURQODPDUFDGHOD
EHVWLD\TXHDGRUDEDQVXLPDJHQFI$S/RTXHVXFHGHHQHVDWLHUUDGHODEHVWLDGHGRVFXHUQRV
FRPRFRQVHFXHQFLDGHODSODJDWLHQHUHSHUFXVLRQHVHFRQRPLFDVILVLFDV\HQORVSURSLRVVHUHVKXPDQRV
TXHPDVHVWDQOLJDGRVDODPDUFDGHODEHVWLD\DODDGRUDFLRQGHVXLPDJHQ(OPDOXVRGHODFLHQFLD\GH
ODLQGXVWULDWDPELHQKDFUHDGRGHVHTXLOLEULRVHQODWLHUUDTXHUHSHUFXWHQQHJDWLYDPHQWHHQVXH[LVWHQFLD
\HQODGHVXPRUDGRU7UHVQLYHOHVLQGLYLVLEOHVSULQFLSDOPHQWH
8QDXOFHUDHQORVQHJRFLRV\PXQGRPHUFDQWLO8QDXOFHUDHQXQDWLHUUDGRORULGDSRUORV
GHVDMXVWHVHFRORJLFRV\5HSHUFXVLRQHVHQVHUHVKXPDQRVTXHPRWLYDGRVVXVRUJDQLVPRVSRUHVD
FRQVHFXHQFLDVFRQIOLFWLYDV\GHVHTXLOLEUDGRUDVVHWUDGXFHHQVLQWRPDVGRORURVRVGHXOFHUDV
7RGRHVWRHQVXFRQMXQWRFUHDXQPDOHVWDULQVRSRUWDEOHHQODSURSLDH[LVWHQFLDKXPDQDTXHVH
UHSUHVHQWDPHGLDQWHODUHDOLGDGGHOPDO\GHOGRORUGHXQDXOFHUDHQORVTXHKDQFRQILDGRHQOD%HVWLD
(VWDUHDOLGDGGHOGRORU\GHOPDOGHXQDXOFHUDHVWDSURYRFDGDSRUODVLWXDFLRQLQWROHUDEOHHQODTXH
YLYHQORVVHUHVKXPDQRVTXHHVWDQUHFRJLHQGRORTXHKDQVHPEUDGR'HVGHTXHVHH[SHULPHQWDDQLYHO
PHQWDOORLQWROHUDEOHVHHVWDQRWDQGRHOGRORUGHORTXHKDVXSXHVWRYLYLUFRPRVLHOYHUGDGHUR'LRVQR
H[LVWLHVH\HQWRGRVXSURFHVRKDVWDODSURGXFFLRQGHXQDXOFHUDOLWHUDOHQDOJXQRVGDGDVODVFRQGLFLRQHV
PDOVDQDVSURYRFDGDVVHSXHGHWUDGXFLUHQFXDOTXLHUDGHVXVHWDSDVODH[SHULHQFLDGHOGRORU\GHOPDO
GHXQDXOFHUD
/DVHJXQGDSODJDYDGLULJLGDFRQWUDHOPDU$S(QHOVHQWLGROLWHUDOHOPDUHVXQDH[WHQVLRQGH
DJXD(QHOVHQWLGRVLPEROLFRHOPDUVLUYHSDUDLGHQWLILFDUHORULJHQGHODEHVWLDGHFDEH]DV\
FXHUQRV$SEHVWLDDVXYH]TXHVLUYHGHDVLHQWRDODJUDQUDPHUD$STXHHVWDVHQWDGD
VREUHPXFKDVDJXDV$S\TXHVHGHILQHQFRPRSXHEORVPXFKHGXPEUHVQDFLRQHV\OHQJXDV$S
(VHYLGHQWHFXDQGRFRPSDUDPRVXSFRQ\TXHODEHVWLDRFXSDHOOXJDUGHODV
PXFKDVDJXDVVREUHORTXHVHDVLHQWDODUDPHUD\TXHSRUORWDQWRGDGRHOVLJQLILFDGRTXHDODVPXFKDV
DJXDVOHGD$SODEHVWLDDFWXDOL]DGDHQORVGLIHUHQWHVPRPHQWRVKLVWRULFRVSRUODVFDEH]DV
DSDUHFHFRPRDJOXWLQDQGRDORVSXHEORVRQDFLRQHVGLULJLHQGRORV/DEHVWLDUHSUHVHQWDULDHOJRELHUQRGH
QDFLRQHVOLGHUDGDVSRUHOSRGHUSROLWLFRUHOLJLRVRTXHVHGHVWDFDHQODGLUHFFLRQDOLGDGGHODKLVWRULD
LQGLFDGRSRUFDGDFDEH]DHQFDGDPRPHQWRKLVWRULFR
(QXQSULPHUVHQWLGRODLGHDVHULDTXHODSODJDSURGXFHHQORVHOHPHQWRVGHODVRFLHGDGSROLWLFDTXH
HVWDDSR\DQGRDOD%HVWLDXQDGHVRUJDQL]DFLRQDILUPDQGRVH\H[WHQGLHQGRVHHQHVHGHVRUGHQ"4XHKD
RFXUULGRHQORVXOWLPRVLQVWDQWHVGHODKLVWRULD"4XHODFXUDFLRQGHODKHULGDVHKDHIHFWXDGR$S
FIFRQORTXHODXQLRQGHOD,JOHVLD\(VWDGRVHKDFRQVXPDGR(VDSODJDH[SUHVDHOMXLFLR
GH'LRVVREUHHVHJRELHUQRSROLWLFRUHOLJLRVRTXHKDFRPSOHWDGRODDERPLQDEOHPH]FODGH,JOHVLD\
(VWDGRFI$SSURYRFDQGRODPXHUWHGHILQLWLYDGHVHPHMDQWHXQLRQ$SFI
/DSODJDSHUPLWHGHVEDUDWDUODFRQGLFLRQTXHOD%HVWLDKDELDUHFXSHUDGRFXDQGRDOFDQ]DODSRVLFLRQVHUD
YROYHUDVHUORTXHHUDORTXHIXHVDOLHQGRGHODELVPR$SHLUDDSHUGLFLRQSSFI
XS&XDQGRUHFLELRODKHULGDODEHVWLDFDHHQHODELVPR$SFI\SLHUGHHO
HVWDWXVTXHHUD/RTXHKDELDSUHGRPLQDGRHQHOPXQGRPHGLDQWHODFDEH]DTXHUHFLEHODKHULGD\
HODSR\RGHDSDUWLUGHVXLQWURGXFFLRQSHURVLQVLWXDFLRQJOREDOIXHODXQLRQGH,JOHVLD\(VWDGR(Q
ODFXUDFLRQVHUHFXSHUDHVDSRVLFLRQ\ODSODJDORGHVWUX\HGHILQLWLYDPHQWH(VWRKDFHTXHHOPDUVH
FRQYLHUWDHQVDQJUHFRPRGHPXHUWR\TXHPXHUDWRGRVHUYLYRGHOPDU(VHPDUTXHGDRULJHQDOD
EHVWLDWHQJDVHFXHQWDTXHHO(XIUDWHVHVOODPDGRPDU^-HU`\SRGULDHVWDUDOXGLHQGRDORULJHQ
EDELORQLFRGHODEHVWLD\GHOD*UDQ5DPHUD\TXHKDGDGROXJDUDODFRPSRVLFLRQGHPXOWLWXGHV\
QDFLRQHVTXHUHSUHVHQWDQODPDUFKDGHODKLVWRULDOLGHUDGDVSRUXQDFDEH]DTXHDFWXDOL]DDODEHVWLDHQ
FDGDPRPHQWRKLVWRULFRGHWHUPLQDGR\TXHHQODXOWLPDHWDSDKLVWRULFDFRQVXPDGHQXHYRODXQLRQGH
,JOHVLD\(VWDGRVHFRUURPSH\PXHUHFRPRODVDQJUHGHXQPXHUWRFRPRFRQVHFXHQFLDGHOMXLFLR
GLYLQRPHGLDQWHODSODJD(OSRGHUGHHVDVQDFLRQHVUHSUHVHQWDGDVHQXOWLPDLQVWDQFLDKLVWRULFD
JOREDOPHQWHSRUHOVLPEROLFRFI$STXHUHVLGHHQHOJRELHUQRGHODEHVWLDHQYHUVLRQRFWDYD
FDEH]DFI$SMXQWRDOSDGULQD]JRGHODEHVWLDGHGRVFXHUQRVHQYHUVLRQIDOVRSURIHWD$S
FI$SLQWHJUDGRVSRUXQVLVWHPDIDOVRUHOLJLRVREDELORQLFR\HFXPHQLFRTXHSUHFRQL]D
ODUDPHUDRPXMHUEDELORQLFDFI$SVHGHVHVWDELOL]D\VHURPSHODXQLRQGH,JOHVLD
\(VWDGR/DYLGDGHHVDVPXOWLWXGHV\QDFLRQHVTXHIRUPDQODPDUGHJHQWHVHSLHUGHWRWDOPHQWH/D
XQLRQTXHKDELDGDGRODH[LVWHQFLDDORVVHUHVYLYRVTXHIRUPDEDQHOPDUPXHUHQDOFDHUODSODJD\
SURYRFDQHOTXHEUDQWDPLHQWRGHGLFKDXQLRQFI$S/DXQLRQDQWLQDWXUDOTXH\DHQHOSDVDGR
DQWHVGHUHFLELUODKHULGDPRUWDOODTXLQWDFDEH]DGHODEHVWLDRULHQWDGDSRUORPDVGLVWLQWLYRHQHVD
HWDSDGHODPXMHUUDPHUD^HOVLVWHPDLGHRORJLFRFRQILJXUDGRSRUHO'UDJRQ`VHKDELDHIHFWXDGRFRQOR
PDVUHSUHVHQWDWLYRGHORVKDELDUHVXOWDGRHQXQDGLFWDGXUDDEVROXWLVWDGRQGHODSHUVHFXFLRQ\OD
DXVHQFLDGHORVGHUHFKRVKXPDQRVIXHURQODFDUDFWHULVWLFDSULQFLSDOTXHGHWHUPLQDEDVXHVWUHSLWRVR
IUDFDVR
3HURQRDFDEDDTXLORTXHWUDGXFHHVWDSODJD(QHVWHMXLFLRGH'LRVVHGHVWDSDQORVHUURUHV
DFXPXODGRVSRUODVQDFLRQHVFI$SXS(OFDRV\ODDQDUTXLDWDQWRHQORSROLWLFRFRPRHQOR
JHRJUDILFRVHKDH[WHQGLGRHQXQDEXHQDSDUWHGHODFRPXQLGDGLQWHUQDFLRQDOPDVUHSUHVHQWDWLYD\ORV
HUURUHVSURYRFDQGDQRDOPDUOLWHUDORFDVLRQDQGRODPXHUWHGHORVDQLPDOHVGHODSDUWHGHORVPDUHV
GRQGHUHSHUFXWHHOMXLFLRGLYLQR-XLFLRTXHKDFRQVLVWLGRXQDYH]PDVUHSHWLPRVHQGHMDUGHUHWHQHUORV
YLHQWRVTXHORVSURSLRVVHUHVKXPDQRVKDQLGRVHPEUDQGR<SHUPLWLUTXHVHHYLGHQFLHQODV
UHSHUFXVLRQHVGHOMXLFLRGLYLQRVREUHODUDPHUDRVLVWHPDIDOVRUHOLJLRVR$SFI
TXHVHDFWXDOL]DWDPELHQHQFDGDPRPHQWRKLVWRULFRHYLGHQFLDQGRVHHOVLVWHPDIDOVR
UHOLJLRVRTXHHQFDGDRFDVLRQKLVWRULFDGRPLQD
/DWHUFHUDSODJDYDFRQWUDORVULRV\ODVIXHQWHVGHODVDJXDV$S$OPDUYDQDSDUDUODV
DJXDVGHORVULRV\ORVULRVVHRULJLQDQHQIXHQWHV(QODVHJXQGDSODJDVHGHVWDFDHOMXLFLRVREUHOD
FRQIOXHQFLDGHODVPXFKDVDJXDVSURYHQLHQWHVGHULRVTXHVHRULJLQDQHQGLYHUVDVIXHQWHV\TXHFRQILJXUDQ
HQVXGHVHPERFDGXUDHOHVFHQDULRVLPEROLFRGHOPDUGRQGHHPHUJHODEHVWLDGHFDEH]DV\FXHUQRV
TXHWUDHHQFDGDFDEH]DHOSRGHUTXHGRPLQDUDHQXQPRPHQWRKLVWRULFRGHWHUPLQDGRVREUHODVQDFLRQHV
PDUFDQGRHOVHQWLGR\ODGLUHFFLRQDOLGDGGHODKLVWRULD/RVULRVTXHDUUDVWUDQODIXHU]DGHOFDXGDOGHVX
IXHQWH\SRVHHQFRQWHQLGRV\TXHWDQWRSXHGHQWUDHUDJXDSRWDEOH\FDOPDUODVHGFRPRWUDHUWR[LFRV\
HQYHQHQDUVLUYHQFRQVXVIXHQWHVGHVLPERORSDUDH[SOLFDUHOFRQGXFWR\ODFRUULHQWHGHOSHQVDPLHQWR
/DVDJXDVHQIXQFLRQGHVXIXHQWHQXWUHQDOHQWHQGLPLHQWRGDQGROHYLWDOLGDGHVSLULWXDORFRQIXVLRQ,VD
-HU=DF-Q(Q$SRFDOLSVLVVHKDEODGH
ULRVTXHWUDHQODPXHUWHHVSLULWXDOGHORVVHUHVKXPDQRVFRPRFRQVHFXHQFLDGHLGHRORJLDVIDOVDVDODVTXH
VHOHVKDFHSDUWLFLSDU
6DEHPRVTXHOD*UDQ5DPHUDOODPDGDPLVWLFDPHQWH%DELORQLD$SHVWDUHJDGDSRUHOJUDQ
ULR(XIUDWHVTXHORVHVFULWRVLQVSLUDGRVORFRQVLGHUDQFRPRVLIXHUDXQPDUFI-HU\FRPROD
IXHQWH\VXEVLVWHQFLDGHOSDJDQLVPRFI-RV(O(XIUDWHVWDOFRPRSURIXQGL]DUHPRVHQHO
FRPHQWDULRDODVH[WDSODJDVLPEROL]DDODFRUULHQWHGHSHQVDPLHQWRTXHKDSURGXFLGRODEDVHGHOD
LGHRORJLDGHOD*UDQ5DPHUDFI$SFRQODTXHKDFRQWDPLQDGRDODEHVWLDHQVXVGLIHUHQWHV
HWDSDVKLVWRULFDV$S
 (OULRVHSUHVHQWDVLPEROLFDPHQWHFRPRXQDFRUULHQWHGHSHQVDPLHQWRTXHSXHGHDUUDVWUDU\
FRQWUDUUHVWDUODLQIOXHQFLDGHODLGHRORJLDGHOUHLQRGH'LRVUHSUHVHQWDGDSRUODPXMHUFHOHVWLDOFI$S
(VWDFRUULHQWHGHSHQVDPLHQWRTXHSXHGHDUUDVWUDUFRPRXQULRTXHHO'UDJRQYLHUWHDILQGHKDFHU
LQRFXRORVYDORUHVTXHODPXMHUFHOHVWLDOSUR\HFWDVREUHODKXPDQLGDGLQIOX\HVREUHORVGLULJHQWHV
KXPDQRV(QHVWDRFDVLRQODWLHUUDVLPEROLFDPHQWHKDEODQGRD\XGRDODPXMHU$SDX[LOLRDTXH
HO5HPDQHQWHRUHVWRGHODGHVFHQGHQFLDGHODPXMHUTXHOHUHSUHVHQWDHQODXOWLPDHWDSDKLVWRULFD
PHGLDQWHORVSULQFLSLRVGHO5HLQRGH'LRVVXVWHQWDGRVSRUGLFKR5HPDQHQWHSXGLHUDH[LVWLU\GHVDUUROODU
VXPLVLRQDSHVDUGHODLUDFRQTXHHO'UDJRQGLVSRQHFRQWUDHO$S
(QHVWDWHUFHUDSODJDVHTXLHUHGHVWDFDUHOMXLFLRUHVSHFWRDORULJHQDODIXHQWHGHODLGHRORJLDTXHGD
VRSRUWHDODVGLIHUHQWHVIRUPDVGHSHQVDPLHQWRGHODKXPDQLGDGDMHQDVDODYROXQWDGGH'LRV1RVHHVWD
LGHQWLILFDQGRH[FOXVLYDPHQWHDODFRUULHQWHGHSHQVDPLHQWRGHQRPLQDGR(XIUDWHVVLQRDODVGLIHUHQWHV
ILORVRILDVKXPDQDVTXHDXQWHQLHQGRXQRULJHQEDELORQLFRKDQHQFRQWUDGRXQFDXFHDJOXWLQDGRU
UHFXHUGHVHODILORVRILDGHOD1HZ$JHFRQVXVGLIHUHQWHVUDPLILFDFLRQHV\DOHFXPHQLVPRFLHQWLILFR
DJQRVWLFRDGPLWLGRGHQWURGHOSOXUDOLVPREDELORQLFRGHOPRPHQWR(OMXLFLRGLYLQRSURYRFDHVWXSRUSRU
FXDQWRODVSUHPLVDVGHHVWDVFRUULHQWHVGHOSHQVDPLHQWRVHHVWDQYRODWLOL]DQGRDQWHORVDFRQWHFLPLHQWRV
TXHHOMXLFLRGLYLQRXOWLPRGHVFXEUH/DVDQJUHHVHOUHVXOWDGRGHOIUDFDVRGHHVDVILORVRILDVHQWRGR/DV
WHRULDVHKLSRWHVLVTXHVHVRVWHQLDQFRPRVLHQGRDXWHQWLFDPHQWHFLHQWLILFDVVHVHQDODQFRPRHUURQHDVDO
FRPSUREDUVHTXHVXDSOLFDFLRQQRKDLPSHGLGRHOGHWHULRURGHODKXPDQLGDGHQJHQHUDOQLWDPSRFRGHOD
>@
SURSLDQDWXUDOH]D /DUHDOLGDGGHODFRQYHUVLRQHQVDQJUHGHODJXDGHORVULRVDEDUFDFRPRIUXWR
GHOIUDFDVRGHODVLGHRORJLDVVXVWHQWDGDVSRUXQPXQGRGLULJLGRSRUODV%HVWLDV\OD*UDQ5DPHUD
LQVSLUDGRVWRGRVSRUHO'UDJRQFIGHVGHODLQFDSDFLGDGGHVXVLGHRORJLDV
SURYRFDQGRODLQHILFDFLD\SRUORWDQWRVXPXHUWHSUHFRQL]DGDSRUODFRQYHUVLRQGHODJXDVLPEROLFDHQ
VDQJUHVLPEROLFDKDVWDODVFRQVHFXHQFLDVWUDJLFDVGHHVDILORVRILD\FLHQFLDLQRSHUDQWHTXHOHMRVGH
VROXFLRQDUORVGHVHTXLOLEULRVSURGXFLGRVSRUODDSOLFDFLRQGHXQDPDQHUDGHSHQVDUDOVHUYLFLRGHOD
LQGXVWULD\GHVXFLHQFLDHFRQRPLFDLQGXFHDODPXHUWHHQORVULRVOLWHUDOHVDJUDYDQGRVHWRGRDKRUD
FXDQGRHOMXLFLRGLYLQRGHHVWDWHUFHUDSODJDGHVDWDORVYLHQWRVQRUHWHQLHQGRORV
&RPRFRQVHFXHQFLDGHHVWDWHUFHUDSODJDVHLQVWDDODUHIOH[LRQ$S(VWDDFWLWXGKXPDQD
GHVKXPDQL]DGDHVWDPDQHUDGHSHQVDUKDSUR\HFWDGRODPXHUWHGHORVVDQWRV\GHORVTXHSURIHWL]DQ
SUHGLFDQHQHOQRPEUHGH&ULVWRWDQWRHQODDSOLFDFLRQGHXQDILORVRILD\FLHQFLDSHUMXGLFLDOSDUDOD
VDOXGVHKDQYLVWRLQPHUVRVHQXQPXQGRGHVHTXLOLEUDGR\HQFRQIOLFWRFRQWLQXRFRQVXYHUGDGHUDUD]RQ
GHVHU\GHH[LVWLUFRPRFXDQGRVRQSHUVHJXLGRVSRUFDXVDGHVXGLVFRQIRUPLGDGFRQHOUHLQRGHHVWH
PXQGR\VHVXVFLWDQOH\HVFRQGHQDQGRORVLQMXVWDPHQWH5HFXHUGHVHTXHHQHOFRQWH[WRGHOILQGHOWLHPSR
ODEHVWLDGHGRVFXHUQRVPDQGDVRPHWHUVHDODLPDJHQGHODEHVWLDGHFUHWDQGRVHPDWDUDWRGRDTXHOTXH
QROHULQGDSOHLWHVLDFI$S(OTXHDKRUDVHMX]JXHPHGLDQWHODWHUFHUDSODJDVHFRQVLGHUDFRPR
MXVWLILFDGRSXHVWRTXHODSURSLDILORVRILD\FLHQFLDTXHKDSHUMXGLFDGRDORVVDQWRVLQFOXVRFRQODSURSLD
YLGDYDDKRUDDSHUPLWLU'LRVVLQUHVWULFFLRQHVTXHVXIUDQODVFRQVHFXHQFLDVDTXHOORVTXHKDQKHFKR
SRVLEOHORVPDOHVFRQVXPDQHUDGHSHQVDU\GHDSOLFDUODSROLWLFDHFRQRPLFD'HVGHHOSXQWRGHYLVWDGH
ODSROLWLFDUHOLJLRVDVHVXVFLWDQHQHOPRPHQWRGHODFDLGDGHODVSULPHUDVSODJDVOH\HVFRQGHQDWRULDVD
PXHUWHDORVTXHQRDGRUHQODLPDJHQGHODEHVWLDFI$SHOOHQJXDMHDSRFDOLSWLFRORFRQVLGHUD
>@
FRPRXQKHFKRDXQFXDQGRQROROOHJDUDQDUHDOL]DUGLUHFWDPHQWH (OWLHPSRYHUEDOKDFHPHQFLRQD
ODVDQJUHGHUUDPDGD\DDQWHULRUPHQWHDODVSODJDVVLQH[FOXLUDORVSRVLEOHVGHFUHWRVTXHHQHOFRQWH[WR
GHODVSODJDVVHSXGLHUDQSURGXFLU
/DFXDUWDSODJDVHGHUUDPDVREUHHOVRO$S(OVROHVODIXHQWHGHOX]GHFDORU\GHYLGD
&RPRWDOHVXVDGRHQPXFKDVRFDVLRQHVFRPRXQVLPERORRFRPRUHSUHVHQWDWLYRGHODOX]GHO
FRQRFLPLHQWR\GHODYHUGDG\GHODYLGD$S(VHQEDVHDTXHODOX]GHOGLDVHUHFLEHGHOVRO
-HUFI(FO,VDTXHGLFKDOX]GHOVROVHXWLOL]DFRPRVLPERORTXHVLUYHSDUD
LOXPLQDUODFRQFLHQFLD'HDKLTXHVHSXHGDKDEODUGHOVROGH-XVWLFLDFI0DOTGHTXHHO(WHUQR
'LRVVHDFRPRVRO\HVFXGRSURWHFWRU6DO\TXHHOSRGHUODDXWRULGDG\VDELGXULDTXHHPDQDQ
GHOWURQRGH'LRVVHDFRPRHOVROSDUDHOVDOPLVWD6DO$SDUWLUGHDKLHVDOX]TXHSURYLHQHGHO
VROVHXWLOL]DFRPRUHSUHVHQWDWLYD\VLPEROLFDGHODFRQFLHQFLDLOXPLQDGDSRUODOX]GH'LRV6DO
,VD,VD&RPRFRQVHFXHQFLDGHHOORODVHQGDGHOMXVWRHVFRPRODOX]GHOVRO
QDFLHQWH3URY\HOSXHEORGH'LRVRULHQWDGRSRUHO0HVLDVVHUDOX]SDUDODVJHQWHV,VD
-HVXFULVWRDILUPDGHVXVGLVFLSXORVTXHVRQODOX]GHOPXQGR0WTXHKDGHVHUYLU
SDUDLOXPLQDUODVPHQWHV\ODVFRQFLHQFLDVGHORVVHUHVKXPDQRV
(VHYLGHQWHSRUORVWH[WRVVHOHFFLRQDGRVTXHHOVROFRQVXOX]VLUYHSDUDUHSUHVHQWDUODLQVWUXFFLRQTXH
UHFLEHODFRQFLHQFLDKXPDQD(OVROSXHGHFRQVLGHUDUVHHQHVDUHSUHVHQWDWLYLGDGVLPEROLFDFRPRXQD
LGHRORJLDTXHDSRUWDFRQRFLPLHQWRTXHLOXPLQDDODPHQWHFUHDXQDFRQFLHQFLDXQDFRUULHQWHGHRSLQLRQ
XQDFUHHQFLDLQFOXVRXQDWHRORJLD
3HURH[LVWHXQDFRQWUDSDUWLGDVXWLOTXHQRVRIUHFHHOVLPEROLVPRGHOVRO\HOWDOFRPRIXHQWHGHOX]\
GHFDORUTXHGHJHQHUDHQSHUMXLFLRVSDUDODKXPDQLGDGVLHQGRIXHQWHGHGLILFXOWDGHV\GHSUXHEDVGH
DIOLFFLRQHVGHIXHJRTXHTXHPDRVHFDFI6DO,VD6WJ3XGLHQGRVHUYLU
LJXDOPHQWHFRPRXQVLPERORGHOPDO\GHOHUURUGHODIDOWDGHHQWHQGLPLHQWRGHXQDFRQFLHQFLD
HTXLYRFDGD'HDKLTXHVHSXHGDGHFLUGHORVSURIHWDVIDOVRVTXHSURILHUHQHUURU\FRQIXVLRQTXHVHOHV
KDSXHVWRHOVRODOFDQ]DQGRODRVFXULGDG\ODIDOWDGHHQWHQGLPLHQWRGHODDXWHQWLFDYHUGDGFI0LT

(OVROGHQWURGHODILORVRILDEDELORQLFDTXHVHSUR\HFWDGHVGHODDQWLJXHGDGKDVWDQXHVWURVGLDVVH
>@
XWLOL]DFRPRXQHOHPHQWRGHDGRUDFLRQFRQILJXUDQGRVHXQDWHRORJLDIDOVDXQDWHRORJLDVRODU
/DUHYHODFLRQVHKDFHHFRHQHOFRQWH[WRGHODKLVWRULDGH,VUDHOPRVWUDQGRODFRQWUDULHGDG\OD
FRQGHQDFLRQFID5H\D&URQ,VD(]T\ODKLVWRULDSRVWHULRU
QRVORSUHVHQWDWUDVODGDGR\SODVPDGRHQODUHOLJLRQ0HGR3HUVDGHOGLRVVRO0LWUDTXHLQIOXLUDHQ
>@
XQDWHRORJLDVRODUHQODHSRFDLPSHULDOURPDQD\HQHOVLVWHPDTXHKHUHGDUDDHVWH
(OSURIHWDDQWLJXRKDELDFULWLFDGRHOFRPSRUWDPLHQWRGH,VUDHOFRPRVHJXLGRUGHLGHDVWUDLGDVGH
GRQGHVDOHHOVROFI,VD(VDWHQGHQFLDVHREVHUYDUDODPHQWDEOHPHQWHHQODFLYLOL]DFLRQ
RFFLGHQWDOTXHPDUFDUDODGLUHFFLRQDOLGDGGHODKLVWRULD
(O0LWUDLVPRKHUHGHURGHXQDWHRORJLDVRODURULJLQDGDHQ%DELORQLDSRVHHXQRVFRPSRQHQWHV
SROLWLFRVDQWURSRORJLFRVFXOWLFRV\OLWXUJLFRVTXHDSDUHFHQHQODSRVWHULGDG\RFDVRGHO,PSHULR
5RPDQRXQDLGHRORJLDTXHKDFHSRVLEOHHOREMHWLYRGHDOFDQ]DUODXQLGDGGHOJHQHURKXPDQR\OD
SUR\HFFLRQGHXQDDXWRULGDGVXSUHPDGXDOLGDGGHOVHUKXPDQRVHJXQHVWHSHQVDUHVWDULDFRPSXHVWRGH
FXHUSR\DOPDHODOPDVHULDLQPRUWDO\SHUYLYLULDGHVSXHVGHODPXHUWHSXULILFDQGRVHKDVWDOD
UHVXUUHFFLRQGHORVFXHUSRVXQDOLWXUJLDGHPLVWHULRXQDHXFDULVWLDHQODTXHHOSDUWLFLSDQWHFRPHDO
GLRV0LWUDPHGLDQWHORVHOHPHQWRVFRQVDJUDGRVDORVTXHHVWUDQVIHULGRSURGXFLHQGRVHXQD
WUDQVXVWDQFLDFLRQXQDFHOHEUDFLRQGHOPLVWHULRGHO0LWUDGRPLQLFDOHQHOGRPLQJRRGLDGHOVRO
>@
FRQVDJUDGRD0LWUD
/D7HRORJLD6RODUFRQ0LWUDFRSLDGDGH%DELORQLDRFXSDXQOXJDUSUHSRQGHUDQWH(VHOUHVXOWDGRGH
SUR\HFWDUHOGLRVVROFRQVXRUGHQXQLWDULRFHOHVWHHQODWLHUUD'HOPLVPRPRGRTXHKD\XQDDXWRULGDG
VXSUHPDFRQHVHRUGHQXQLWDULRTXHVHPDQLILHVWDHQHOVROHODVWURUH\GHHVDPDQHUDKDGHKDEHUXQD
DXWRULGDGVXSUHPDHQODWLHUUDFRQHOREMHWLYRGHDOFDQ]DUODXQLGDGPXQGLDO'HDKLTXHHVDWHRORJLD
FHOHVWHUHFODPHXQUHSUHVHQWDQWHHQODWLHUUDTXHFXPSODFRQHVRVREMHWLYRVDGHPDVGHSDUWLFLSDUGH
DWULEXWRV\GHSULQFLSLRVLGHRORJLFRVTXHLGHQWLILFDQHORULJHQ\QDWXUDOH]DGHHVHGLRVRWHRORJLD(OGLRV
DEVROXWR\VXSUHPRTXHFRQVLJXHVHU0LWUDJUDFLDVD$XURPD]GDYHUVLRQSHUVDGHOGLRVVROEDELORQLFR
0DUGXNFRPRUHSUHVHQWDWLYRGHOVROGHVDUUROODXQDFRQFHSFLRQSROLWLFRUHOLJLRVDFRQVLVWHQWHHQXQ
RUGHQXQLWDULRHVWDEOHFLGRSRUORTXHLPSOLFDHODVWUR5H\6ROHQWRGRXQULWXDOVDFUDPHQWDOTXHILMDOD
DXWRULGDGVXSUHPDVDOYDGRUDGH0LWUD\HQXQDLGHRORJLDGRFWULQDOTXHLQFOX\HFRQFHSFLRQHVSURSLDV
LPSOLFDQGRXQDHWLFD\HVSLULWXDOLGDGDFRUGHDORTXHVXSRQHGLFKDWHRORJLD(VWDFRQFHSFLRQVHUD
KHUHGDGDFRQODVPDWL]DFLRQHVSURSLDVSRUHOLGHDULRLPSHULDOURPDQR\HVWHDVXYH]ORSUR\HFWDUDHQ
>@
WRGRDTXHOTXHOHVXVWLWX\DHQODKLVWRULD\UHFRMDVXSDWURFLQLR
/DVFRPSRVLFLRQHV\FRRUGHQDGDVEDELORQLFDVTXHHVWDQSUHVHQWHVHQODFXOWXUDSROLWLFRUHOLJLRVD
RFFLGHQWDOUHSUHVHQWDGDHVWD\OLGHUDGDSRUHOSRGHUTXHKHUHGRORURPDQRFRQILJXURWRGDXQD7HRORJLD
6RODUGHRULJHQ\QDWXUDOH]DEDELORQLFDDPSDUDGDSRUXQDWHUPLQRORJLDFRQFHSWXDOFULVWLDQDTXHKD
FRQWDPLQDGRFDVLWRGRHOSHQVDPLHQWRGHQRPLQDGRFULVWLDQR\TXHKDPDUFDGRHOGHUHFKR\ODLGHRORJLD
HVHQFLDOHQHOSURJUHVRSROLWLFRUHOLJLRVRRFFLGHQWDO\HQHOPXQGRHQHOTXHHVH2FFLGHQWHSUR\HFWDVXV
SUHPLVDVSROLWLFDVHFRQRPLFDV\PLOLWDUHV<TXHGHVGHODFDLGDGHO,PSHULR5RPDQRSDVDQGRSRUWRGR
HOSURFHVRKLVWRULFRLPSUHVFLQGLEOHKDPDQLIHVWDGRVXYRFDFLRQXQLYHUVDOLVWD\JOREDOFRQHOREMHWLYR
GHDOFDQ]DUXQDXQLGDGPXQGLDOUHSUHVHQWDGD\OLGHUDGDSRUXQDDXWRULGDGVXSUHPDTXHGLFHKDEHU
UHFLELGRGH'LRV(VWHSRGHUSROLWLFRUHOLJLRVRKDPDQLIHVWDGRXQDYRFDFLRQGHTXHUHUFRPSDUWLUOD
DXWRULGDGVXSUHPDTXHOHFRQFHGHVXDXWRULGDGPRUDO\HVSLULWXDOTXHGLFHKDEHUUHFLELGRGH'LRV
FRQODSRWHQFLDSROLWLFDHFRQRPLFD\PLOLWDUTXHVREUHVDOHHQHOPRPHQWRKLVWRULFR\TXHGHDOJXQ
PRGRGDGDVODVSRVLFLRQHV\FRQGLFLRQHVKLVWRULFDVOHLQWHUHVDODXQLRQ
(VDFXDUWDSODJDVHGHUUDPDFRQWUDHOVROSURGXFLHQGRTXHPDGXUDVFRPRGHIXHJRHQORVVHUHV
KXPDQRV(VWHMXLFLRGLYLQRYDHQSULQFLSLRFRQWUDODLGHRORJLDEDELORQLFDTXHORVVLVWHPDVGHSRGHU
PDQWLHQHQHQHVWHPXQGR'LRVOHVGHVFXEUHORVSHFDGRVTXHKDVXSXHVWRHVDWHRORJLDVRODUHVHPDQWHQHU
HOHPHQWRVFXOWLFRVHLGHRORJLFRVTXHWLHQHQVXEDVHHQXQDWHRORJLDVRODU(O(VSLULWX6DQWRWLHQHOD
FDSDFLGDGGHUHYHODUFRPRFRQIXHJRODYHUGDGHUDQDWXUDOH]DGHOREMHWRFIDGH&RU0W
\GHFRQVXPLUHOSHFDGR+E'HODPLVPDIRUPDTXHDFLHUWRVSURIHWDVTXHVHUHYHODQ
IDOVRVVHOHVTXLWRHOVRO\VHTXHGDURQVLQHQWHQGLPLHQWR0LTDKRUDVHOHVGHVFXEUHHOHUURUVLQ
TXHWHQJDQFDSDFLGDGGHUHDFFLRQ/DYHUGDGOHVTXHPD6XSURSLDFRQFHSFLRQVRODUDQWHHOMXLFLRGLYLQR
VREUHHOODTXHGDVLQDSR\RVVLQUDLFHV\HOVROVXLGHRORJLDVRODUHQHVDFRQGLFLRQFUHDGDSRUHO
MXLFLRGH'LRVOHVTXHPDDOQRSRGHUKDFHUIUHQWHQLFRQDUJXPHQWRVQLFRQQDGDDODYHUGDGTXHKDELD
VLGRDQXQFLDGDSRUHOSXHEORGH'LRVSHURTXHKDELDVLGRUHFKD]DGDODOX]GHVXSXHEORDFWXDHQHVWH
FDVRFRPRIXHJRFI,VDFI0WFI1RWHVHTXHHOVROTXHTXHPDHVWD
VXVWLWXLGRHQODLQWHUSUHWDFLRQSRUODDIOLFFLRQ(OMXLFLRGH'LRVHQHVDFXDUWDSODJDOHVFRQIURQWDFRQOD
DXWHQWLFDYHUGDG(VDLGHRORJLDQRKDUHVXHOWRORVSUREOHPDVKXPDQRV(OPXQGRSRUGRTXLHUVH
HQFXHQWUDVLQODYHUGDGHUDOX]\FRQXQDUHDOLGDGTXHVHOHVKDSUHGLFDGR\DKRUDDOWHQHUODTXHKDFHU
IUHQWHPHGLDQWHODVLWXDFLRQJHQHUDGDSRUHOMXLFLRGH'LRVVHGDQFXHQWDTXHVXVSUHPLVDVQRSXHGHQ
VRSRUWDUVH\HVWRJHQHUDHQHOORVXQDUGRUFRPRGHIXHJRTXHOHVTXHPDFI(]T3UR
6XXQLFDUHVSXHVWDDODYHUGDGGHOVROGHMXVWLFLD\GHODOX]VRODUGHOYHUGDGHURHYDQJHOLRHV
UHFKD]DUOD(VHUHSXGLRVLQFRKHUHQFLDQLEDVHKDELHQGRHVWDGRPRWLYDGRSRUHOLGHDULRGRFWULQDOGHO
HYDQJHOLRHWHUQRTXHOHVFRQIURQWDFRQILJXUDODEODVIHPLD7RGDUHVSXHVWDHQFRQWUDGHODYHUGDGTXH
HQPDUFDHLGHQWLILFDDHVDLGHRORJLDEDELORQLFDVRODUVHFRQYLHUWHDXWRPDWLFDPHQWHHQXQDEODVIHPLD$S
/RVKRPEUHVEODVIHPDURQHOQRPEUHGH'LRV(OQRPEUHGH'LRVTXHH[SUHVDVXFDUDFWHUHO
FXDOVHPDQLILHVWDHQORVSULQFLSLRVGHVXJRELHUQR\UHLQR\VHSUR\HFWDHQXQDOH\PRUDO\HVSLULWXDOVH
YHEODVIHPDGRFXDQGRVHLPSXJQDFXDOTXLHUDGHORVPDQGDPLHQWRVHWHUQRVGHHVDOH\GLYLQD
3HURODLGHRORJLDVRODUSURSXJQDGDHQXQDQXHYDHUDEDELORQLFDKDDFXPXODGRSRUVXVSROLWLFDV
HFRQRPLFDVLQGXVWULDOHV\PLOLWDUHV\HQVXVREMHWLYRVGHXQLGDGPXQGLDO\JOREDOL]DFLRQHUURUHV\
PDOHVGHWDOQDWXUDOH]DTXHQRVHOLPLWDQDDVSHFWRVLGHRORJLFRVTXHDWHQWDQFRQWUDODYHUGDGVLQRTXH
DGHPDVGHUHSHUFXWLUHQODFRQGXFWDSHUVRQDOWDPELHQDFRQWHFHHQHOVROOLWHUDO/DFDSDGHR]RQRVHKD
YLVWRDOWHUDGDKDVWDHOSXQWRGHTXHORVVHUHVKXPDQRVHQHOMXLFLRGLYLQRGHHVDFXDUWDSODJDVHTXHPDQ
OLWHUDOPHQWH/HHFKDQODFXOSDD'LRVUHFKD]DQGROHFRPR&UHDGRU3HUR'LRVVLPSOHPHQWHHVWDGHMDQGR
GHVFXEULUORTXHHOSURSLRVHUKXPDQRKDHVWDGRVHPEUDQGR3HURKD\PDVHQHVDLGHRORJLDEDELORQLFD
TXHVHSURSXJQDHQHVDKRUDKLVWRULFDKD\XQDYHUWLHQWHTXHKDVLGRDFHSWDGDHQODSUDFWLFDODGH
FRQVLGHUDUDODPDWHULDFRPRHWHUQD\DOVROFRPRHODVWURUH\GRQGHVHUHSUHVHQWDODHPDQDFLRQGLYLQD
(OVRODGHPDVGHVHUXQDUHPLQLVFHQFLDWHRORJLFDSDJDQDUHSUHVHQWDWLYDGHXQDLGHRORJLDEDELORQLFD
PH]FODGDHQXQDYHUWLHQWHFRQWHUPLQRORJLD\FRQFHSWRVFULVWLDQRVGHVYDORUL]DGRV\HQRWUDFRQ
HOHPHQWRVEXGLVWDV\KXPDQLVWDVRFXSDXQOXJDUSUHIHUHQFLDOGHQWURGHODFRQFHSFLRQSDQWHLVWDGHOD1HZ
$JH7DQWRHVWDLGHRORJLDEDELORQLFDFRPRODRWUDFRQXQFRPSRQHQWHFULVWLDQRGHYDOXDGR\FRUURPSLGR
SUHWHQGHQSHUSHWXDUODH[LVWHQFLDLQWHQWDQGRFRQWURODUHOHVSDFLR\ODWLHUUD$KRUDHQHOMXLFLRGLYLQR
FRPSUXHEDQTXHDTXHOORTXHIXHFUHDGRSDUDVHUXQELHQVHKDWUDVWRUQDGRDFDXVDGHOFRPSRUWDPLHQWR
GHOSURSLRVHUKXPDQR$SHVDUGHOPDOWUDWRFRQWUDODQDWXUDOH]DSHQVDQGRGRPLQDUODVHOHKDGDGRXQD
LPSRUWDQFLDFDSLWDODOPDUJHQGHO&UHDGRU'LRVHMHFXWDXQMXLFLRGRQGHPDQLILHVWDDOKRPEUHVXV
HUURUHVHQFRQWUDGHODQDWXUDOH]DDODYH]TXHHPHUJHFRPRHODXWHQWLFR&UHDGRUPRVWUDQGRODV
GHELOLGDGHVGHXQXQLYHUVRFULDWXUDTXHQRSXHGHH[LVWLUVLQODSURYLGHQFLDGLYLQD
/DTXLQWDSODJD$SVHGHUUDPDVREUHHOWURQRGHODEHVWLD$SSS
"4XHHVRTXLHQHVODEHVWLD"$XQTXHKHPRVHVFULWRYDULDVSDJLQDVFRQUHODFLRQDHVWHDVXQWR
GLJDPRVFRQODEUHYHGDGTXHVHUHTXLHUHDKRUDTXHODEHVWLDDSRFDOLSWLFDVHVLQJXODUL]DHQ$SRFDOLSVLV
6LVHREVHUYDHVDEHVWLDKDFHDOXVLRQSRUXQODGRDODEHVWLDGH$SRFDOLSVLVHOFDSLWXOR
\HVXQDH[WHQVLRQGHOFDSLWXORSRURWUDSDUWHHOKHFKRTXHVHSUHVHQWHHQFRPSDQLDGHOIDOVR
SURIHWDDOXGLHQGRDORTXHHVWHKDELDKHFKRHQSUHVHQFLDGHHOODGHODEHVWLDUHILULHQGRVHDORGHOD
PDUFD\DORGHODDGRUDFLRQGHODLPDJHQQRVPXHVWUDTXHODEHVWLDGH$SRFDOLSVLVTXHVHLGHQWLILFD
FRQODGH$SRFDOLSVLVWDPELHQHVWDDQXQFLDQGRDODGH$SRFDOLSVLVVV7RGDYLDPDVOD
SRVLFLRQGHODEHVWLDGH$SRFDOLSVLVRFXSDXQDSRVLFLRQFRPRHVWDQGRHQHODELVPRFI$S
TXHHVODPLVPDTXHODTXHRFXSDODGH$SRFDOLSVLVSS(VWRQRVHVWDULDFRPXQLFDQGRTXHVHWUDWD
GHXQD\XQLFDEHVWLD/RVKHFKRVDGLFLRQDOHVTXHFRPSOHPHQWDPRVDQDGHQHOHPHQWRVTXHFRQILUPDQOD
LGHQWLGDGGHWRGDVODVEHVWLDVTXHVHPHQFLRQDQHQHOWH[WRGH$SRFDOLSVLVDH[FHSFLRQGHODEHVWLDGH
GRVFXHUQRVRIDOVRSURIHWD$SVVFI$S"&XDOHVVRQHVRVVXSOHPHQWRV"/DEHVWLD
GH$SRFDOLSVLVTXHWLHQHFDEH]DV\FXHUQRV\TXHDSDUHFHDOILQDOGHVXKHJHPRQLDFRQXQDGH
ODVFDEH]DFRPRKHULGDGHPXHUWHSHURTXHKDGHVDQDU$SFRQODFRQWULEXFLRQGHODEHVWLDGHGRV
FXHUQRVRIDOVRSURIHWD$SFIVHFRQHFWDFRQODYHUVLRQGH$SRFDOLSVLVTXHWLHQH
WDPELHQFDEH]DV\FXHUQRVDQDGLHQGRVHXQDRFWDYDTXHVHGLFHTXHHVXQDGHODVVLHWHFI$S
FODUDDOXVLRQDHVDFDEH]DGHODYHUVLRQGH$SRFDOLSVLVTXHUHFLEHODKHULGDGHVSXHVGHVX
GRPLQLR\TXHVHFRQYLHUWHHQXQDRFWDYDXQDYH]UHVWDXUDGDODTXHIXHKHULGD/DRULJLQDOLGDGGHODGH
ODYHUVLRQGH$SRFDOLSVLVHVWUDQVPLWLUQRVTXHGHWUDVGHODEHVWLD\GHVXVFRQILJXUDFLRQHVWDHO
'UDJRQR'LDEORR6DWDQDV$SFIXSXSSHURHOSHULRGRGHSHUVHFXFLRQVLQJXODUFRQ
TXHDUUHPHWHHO0DOLJQRSRUPHGLRGHHVDFRQILJXUDFLRQGHFDEH]DVVXFHVLYDVHQODKLVWRULD\ORV
FXHUQRVFRQWUDHOSXHEORGH'LRVHVHOPLVPRTXHORTXHOHSHUPLWHDODEHVWLDPHGLDQWHXQDGHODV
FDEH]DVPDQLIHVWDUHVHGRPLQLRVLQJXODU$SFI$SFI'Q7RGRHVWR
UDWLILFDXQDYH]PDVODLGHQWLGDGGHODVEHVWLDVFRPRXQD\XQLFDEHVWLD
/DSODJDYDFRQWUDHOWURQRGHODEHVWLD"4XHHVHOWURQRGHODEHVWLD"
(OWURQRHVGRQGHVHDVLHQWDHOSRGHUODVREHUDQLD(OWURQRPDQLILHVWDTXHKD\XQGRPLQLRRUHLQRSRU
SDUWHGHDOJXLHQTXHSUR\HFWDODIXQFLRQGHUHLQDU(OWURQRH[SUHVDODDXWRULGDGFRQTXHHVWDLQYHVWLGRHO
TXHUHLQD
(QHO$SRFDOLSVLVDSDUHFHFRPRWURQRGHODEHVWLDHOSRGHURUHLQRVDWDQLFR(VRVHWUDVODGDDOD
%HVWLDTXHUHSUHVHQWDD6DWDQDV/DPXMHUEDELORQLFDTXHKDVLGRHQVHQDGDSRUHO'UDJRQ\FRQILJXUDGD
GHDFXHUGRDVXLGHRORJLDGLULJHDOD%HVWLDGDQGRGHEHEHUDODV&DEH]DV\ORVFXHUQRVTXHHQJOREDQD
ODVQDFLRQHV$SFI/DPXMHUHVWDPRQWDGDVREUHODVQDFLRQHVRHQFLPDGHODEHVWLD$S
(VODTXHGLULJHDODEHVWLDUHSUHVHQWDGDHQFDEH]DV\FXHUQRVFRQODVEULGDVGHVXLGHRORJLD
EDELORQLFD\VHGLFHGHHVDPXMHUTXHHVODJUDQFLXGDGTXHUHLQDVREUHORVTXHGRPLQDQHQOD
WLHUUDVLHQGRGHFRORUHVFDUODWDFRPRHO'UDJRQ$SFI3RURWUDSDUWHHO'UDJRQKD
FHGLGRVXWURQRDODEHVWLD$SXSTXHHVORPLVPRTXHGHFLUTXHKDFHGLGRDODPXMHUEDELORQLFD
DODEHVWLD3DUDORFXDOGLFKDPXMHUEDELORQLFDKDVLGRLQVSLUDGDSOHQDPHQWHSRUHO'UDJRQ\DFWXD
FRPRHOFHQWURRWURQRGRQGHLUUDGLDODLGHRORJLDTXHKDFHSRVLEOHHOSRGHUGHODEHVWLD
/DFRQVHFXHQFLDLQPHGLDWDHVTXHDTXHOORVREUHORFXDOUHLQDRGRPLQDVHFXEULRGHWLQLHEODV$S
VS
(VWDSODJDWLHQHFRPRPLVLRQSULPRUGLDO\H[FOXVLYDVHQDODUFRQSURIXQGDHYLGHQFLDTXHODEDVHGHO
GRPLQLRRUHLQRGHODEHVWLDODLGHRORJLDVDWDQLFD\DQRSXHGHVRVWHQHUQLDODEHVWLDVDWDQLFD
UHSUHVHQWDGDHQODWLHUUDHQODVLGHRORJLDV\SRGHUHVFRQILJXUDGRVHQFDEH]DVQLDODSURSLDPXMHU
EDELORQLFDTXHKDVLGRFUHDFLRQRFRQILJXUDFLRQGHO'UDJRQ/DSODJDSRVHHODFDUDFWHULVWLFDXVDQGROD
SURSLDVLHPEUDGHODPXMHUEDELORQLFDVHFXQGDGDSRUORVLQVWUXPHQWRVRSRGHUHVUHSUHVHQWDWLYRVGHHVWH
PXQGRFUHDGRVSRUODEHVWLDVDWDQLFDFI$S\GHGHVFXEULUORVPDOHVSROLWLFRV\UHOLJLRVRV
TXHGDQDOWUDVWHFRQODERQDQ]D\VHJXULGDGVRFLDOTXHVHKDELDSURSDODGRDORVFXDWURYLHQWRVWDQWRSRU
ODPXMHUEDELORQLFDFRPRSRUODEHVWLD/DLGHRORJLD\DQRSXHGHFRQYHQFHUDQDGLH\HVWRVHWUDGXFHHQ
WLQLHEODV/DJHQWHDOSRGHUFRQWUDVWDUODLGHRORJLDGHODPXMHUEDELORQLFDGHIHQGLGDSRUODEHVWLDFRQOR
TXHSDUDHVDKRUDSUHVHQWDOD3DODEUDGH'LRVVHTXHGDUDVLQOX]FRQIXQGLGDHVSHFLDOPHQWHSRUTXHORV
PDOHVDFXPXODGRV\TXH'LRVGHMDWUDVOXFLUFRQWRGDVXYLUXOHQFLDHQHVDSODJDVROWDQGRORVYLHQWRVQR
SXHGHQUHVROYHUVHFRQODRULHQWDFLRQGRPLQDQWHFRQTXHODPXMHUEDELORQLFDHQHVDKRUDXOWLPDKDELD
SUHWHQGLGR/DLQVHJXULGDGKDFHPHOODHQHODQLPRGHORVJREHUQDQWHV<ODUDELDHVWDQJUDQGHTXHVXV
SDODEUDVWUDGXFHQODLQFDSDFLGDG\ODLQFRPSHWHQFLDFRPRVLVHPRUGLHUDQGHGRORUVXVOHQJXDVTXHKDQ
GHWUDQVPLWLUVHJXULGDG\VROXFLRQSHURTXHFRPSUXHEDQDQWHORVWULVWHVVXFHVRVORVJUDYHVHUURUHVFRQ
TXHHOWURQRKDLUUDGLDGR(VWRWUDQVPLWHODFDLGDGHOWURQRGHODEHVWLDTXHHVORPLVPRGHDFXHUGRD
ORVWH[WRVDQWHULRUPHQWHHVWXGLDGRVTXHGHFLUODFDLGDGHILQLWLYDGH%DELORQLD\TXHVHQRVUHODWDHQ
>@
$SRFDOLSVLV GRQGHVHUHODFLRQDODTXLQWDSODJDFRQ$SFDLGDTXHVHKDELDHVWDGR
JHVWDQGR\YDWLFLQDQGRFRQODSUHGLFDFLRQGHO(YDQJHOLR(WHUQRGXUDQWHGHFDGDVFI$S\TXH
GHVGHODTXLQWDDODVHSWLPDVHHYLGHQFLDGLFKDFDLGD
%ODVIHPDURQFRQWUDHO'LRVGHOFLHORSRUVXVGRORUHV\SRUVXVXOFHUDV$SSS
"&RPREODVIHPDQFRQWUDHO'LRVGHOFLHOR"$S5HFKD]DQGRODYHUGDGGHO5HLQRGH'LRV\
TXHULHQGRLPSRQHUVXYHUGDGGHOUHLQRGHHVWHPXQGRTXHSUHWHQGHFDPXIODUVHFRPRVLHQGRODGHO'LRV
YHUGDGHUR/DTXLQWDSODJDH[SRQHHOUHVXOWDGRILQDODOTXH'LRVKDOOHJDGRGHORTXHKDVXSXHVWRHO
GHVHQPDVFDUDPLHQWRGHODLGHRORJLDGHO'UDJRQUHFRJLGD\DPSDUDGDSRUODFRQGXFWDEDELORQLFDGHOD
EHVWLDTXHVHKDGHMDGRRULHQWDUSRUODVGRFWULQDV\SULQFLSLRVLGHRORJLFRV$SGHODPXMHU
EDELORQLFD$S
<DKHPRVYLVWRFRPRVHFRQILJXUDXQDEODVIHPLDUHFKD]DQGRODYROXQWDGGH'LRV3XHGHVHUTXHORV
TXHUHSUHVHQWDQDODEHVWLD\DODPXMHUEDELORQLFDQRFRQVLGHUHQTXHHVWHQ\HQGRFRQWUDHO'LRV
YHUGDGHUR3HURVHHVWDQRSRQLHQGRDOD3DODEUDGH'LRV\DORTXHFODUDPHQWHVHOHVVHQDODFRPRODV
DXWHQWLFDVFDXVDVGHVXVGRORUHV\XOFHUDVPRWLYDGRVWDQWRSRUORPHQWDOILVLFRFRPRSRUORHVSLULWXDO
/DRSRVLFLRQDOD3DODEUDGH'LRV\ODLQVHJXULGDGTXHGHVHQFDGHQDQORVMXLFLRVGLYLQRVFUHDXQD
DQJXVWLDPHQWDOWDOTXHVHKDFHSURSLFLRHOEURWHGHXOFHUDV\GRORU
<QRVHDUUHSLQWLHURQGHVXVREUDV/DVSODJDVHPLWHQXQMXLFLRYDORUDWLYRTXHGHPXHVWUDHOHVWDGR
DOTXHKDQOOHJDGRORVTXHSDUWLFLSDQGHODLGHRORJLDHPDQDGDSRUHO'UDJRQ+DQILMDGRGHWDOPRGRXQD
FRQGXFWDDMHQDDODGHO5HLQRGH'LRVTXHOHVLPSLGHDUUHSHQWLUVHFID7HV
1RWHVHHOLQIRUPHH[WHQVRTXHVHQRVGDHQ$SRFDOLSVLV\HOEDODQFHGHODVSODJDVFRQWUDORTXH
UHSUHVHQWDODPXMHUEDELORQLFDFI$S/DVSODJDVXOWLPDV$SVVYDQHVSHFLDOPHQWH
FRQWUDODPXMHUEDELORQLFD$SFI$SDILQGHTXHUHSHUFXWDFRQWUDWRGRORTXHVH
VXVWHQWDGHHOOD7HQJDVHHQFXHQWDTXHGHVSXHVGHTXHODPXMHUEDELORQLFDH[SHULPHQWDHOMXLFLRGHODV
XOWLPDVSODJDVWRGDYLDKD\WLHPSRTXHWUDQVFXUUHDILQGHTXHORVKDELWDQWHVGHODWLHUUDH[SUHVHQVX
UHIOH[LRQOHHU$S&XDQWRGXUDUDHVHWLHPSRQRORVDEHPRVSHURKD\XQWLHPSRHQWUHODVFLQFR
SODJDVXOWLPDV\ODVH[WD\ODVHSWLPD/DFRQGLFLRQHQODTXHTXHGDOD%DELORQLDSRUODSUHGLFDFLRQGHO
(YDQJHOLRFRQODOODPDGDOOXYLDWDUGLD\SRUHOGHUUDPDPLHQWRGHODVVLHWHXOWLPDVSODJDVVHQRVQDUUD
HQHOFDSLWXORFI$S/DVH[WDSODJDUHSUHVHQWDGDIXQGDPHQWDOPHQWHSRUHOVHFDPLHQWRGHO
(XIUDWHV\TXHFXOPLQDFRQORVSUHSDUDWLYRVGHODEDWDOODGHO$UPDJHGRQ$SVHSDUDOL]D
HVWDWLFDPHQWHHQORVXPEUDOHVGHODFHOHEUDFLRQGHODEDWDOOD$S%DWDOODTXHVHFXPSOLUD
>@
GHVSXHVGHGHUUDPDGDODVHSWLPDSODJD\TXHVHQRVQDUUDH[WHQVDPHQWHHQ$S /D
GHVWUXFFLRQGHILQLWLYDGHODPXMHUEDELORQLFDVHUHDOL]DEDMRODVHSWLPDSODJD$S\VH
FRPSOHPHQWDFRQ$SRFDOLSVLVDORTXHVLJXHORVDOHOX\DVSRUFXDQWRVHFHUWLILFDTXHHO6HQRU
'LRV7RGRSRGHURVRUHLQD$S&RQODGHVWUXFFLRQGHODPXMHUEDELORQLFD\ODSUHVHQFLDGHO
5H\GHUH\HVHQRFDVLRQGHVXOODPDGD6HJXQGD9HQLGDVHGDSRUFRQFOXLGDODKLVWRULDKXPDQDGHHVWD
WLHUUD$SFHQWUDQGRVHWRGRVREUHORXOWLPRODGHVWUXFFLRQGHO'UDJRQ\GHODPXHUWH\OD
IDVHHMHFXWLYDGHOMXLFLRXOWLPR$S
/DFHOHEUDFLRQGHODEDWDOODGHO$UPDJHGRQVHUHDOL]DDOILQDOGHODVH[WDSODJDHQOLPLWHFRQOD
VHJXQGDYHQLGD\FRPSOHPHQWDGRFRQ$SQRVSUHVHQWDHOUHWRUQRGH-HVXFULVWR$SFI
$SFI'QDILQGHSRQHUODVFRVDVHQRUGHQ\GHFRQWLQXDUHOMXLFLRFHOHVWLDO'Q
FRQODSUHVHQFLDGHORVVDQWRVUHGLPLGRV$SFID&RUGXUDQWHHOOODPDGR
PLOHQLRFHOHVWLDO$STXHVLJXHDOUHWRUQRGH-HVXFULVWR$SFID7HVD
7HV
/DVH[WDSODJDVHGHUUDPDVREUHHOJUDQULR(XIUDWHV$SSS/DFRQVHFXHQFLDPDVLQPHGLDWD
GHHVWHMXLFLRHVTXHHOSRGHUGHHVWDDJXDTXHHUDODYLGDGHODFLXGDGGH%DELORQLDVHKDVHFDGR<DQR
IOX\H(VWDVLWXDFLRQSUHSDUDDORVUH\HVTXHVDOHQGHOVROXS
<DKDELDPRVYLVWRTXHODVDJXDVHQIXQFLRQGHVXIXHQWHQXWUHQDOHQWHQGLPLHQWRGDQGROHYLWDOLGDG
HVSLULWXDORFRQIXVLRQ,VD-HU=DF-Q(Q
$SRFDOLSVLVVHKDEODGHULRVTXHWUDHQODPXHUWHHVSLULWXDOGHORVVHUHVKXPDQRVFRPR
FRQVHFXHQFLDGHLGHRORJLDVIDOVDVDODVTXHVHOHVKDFHSDUWLFLSDU
6DEHPRVTXHOD*UDQ5DPHUDOODPDGDPLVWLFDPHQWH%DELORQLD$SHVWDUHJDGDSRUHOJUDQ
ULR(XIUDWHVTXHORVHVFULWRVLQVSLUDGRVORFRQVLGHUDQFRPRVLIXHUDXQPDUFI-HU\FRPR
ODIXHQWH\VXEVLVWHQFLDGHOSDJDQLVPRFI-RV(O(XIUDWHVVLUYHSDUDHOSURIHWDDILQGH
WUDQVPLWLUQRVODFRUULHQWHGHSHQVDPLHQWRTXHKDSURGXFLGRODEDVHGHODLGHRORJLDGHOD*UDQ5DPHUD
FI$SFRQODTXHKDFRQWDPLQDGRDORVLQVWUXPHQWRV&DEH]DV\&XHUQRVGHOD%HVWLDHQVXV
GLIHUHQWHVHWDSDVKLVWRULFDV$S
(OULRVHSUHVHQWDVLPEROLFDPHQWHFRPRXQDFRUULHQWHGHSHQVDPLHQWRTXHSXHGHDUUDVWUDU\
FRQWUDUUHVWDUODLQIOXHQFLDGHODLGHRORJLDGHOUHLQRGH'LRVUHSUHVHQWDGDSRUODPXMHUFHOHVWLDOFI$S

$GHPDVHO(XIUDWHV$SSSFRQVXVDJXDVVHPHMDQWHDXQPDUFI-HUKDQXWULGR
FRQPXOWLWXGGHJHQWHVRQDFLRQHVDODJUDQUDPHUDEDELORQLFD$S(O(XIUDWHVKDSHUPLWLGRHO
HQULTXHFLPLHQWRGHODJUDQUDPHUDQRVRODPHQWHLGHRORJLFDPHQWHVLQRWDPELHQHFRQRPLFDPHQWH(O
(XIUDWHVVLUYHSRUXQODGRSDUDUHSUHVHQWDUODLGHRORJLDEDELORQLFDPDWL]DGD\FRPSOHPHQWDGDSRUORV
SRGHUHVTXHIXHURQVXUJLHQGRPDUFDQGRODGLUHFFLRQDOLGDGGHODKLVWRULD\SRURWURDORVSRGHUHV\
QDFLRQHVGHSULPHUDOLQHDTXHKDQUHFLELGRODRULHQWDFLRQEDELORQLFDSDUDODFRQFHSFLRQHVWDWDO\TXH
DSR\DQDGLFKDPXMHUUDPHUD
/DLQWHUYHQFLRQGH'LRVPHGLDQWHHVDVH[WDSODJDFRQVLVWHHQGHMDUVLQUDLFHVVLQLGHRORJLDDODJUDQ
UDPHUDDGHPDVGHTXLWDUVXVDSR\RVQDWXUDOHV'HVSXHVGHKDEHUDWDFDGRVXUD]RQGHVHUFRPRWURQR
KDKHFKRLQVHUYLEOHVXGRPLQLRRVXUHLQR/RVUHVXOWDGRVQHIDVWRVGHKDEHURULHQWDGRFRQVXLGHRORJLD
EDELORQLFDKDQOOHJDGRDYLVXDOL]DUVHSRUODTXLQWDSODJD\ODEHVWLDFXPSOLHQGRORVSURSRVLWRVGH'LRV
GHVWUX\HGHILQLWLYDPHQWHHQXQSURFHVRTXHVHSURORQJDKDVWDODVHSWLPDSODJDDODJUDQUDPHUD
EDELORQLFD$SFI$OTXHGDUVLQUHLQDGRODPXMHUEDELORQLFD
'LRVPDFKDFDFRQXQDQXHYDSODJD/DILQDOLGDGGHHVWDVH[WDSODJDHVTXHVHKDJDQHYLGHQWHVHQVX
FRQMXQWRORVUHVXOWDGRVGHODVSODJDVDQWHULRUHVDILQGHTXHODLQIOXHQFLDEDELORQLFDVXFHQWURORJLVWLFR
\GHRSHUDFLRQHVMDPDVSXHGDXWLOL]DUVH<TXHORVDSR\RVTXHKDHVWDGRWHQLHQGRSRUSDUWHGHOD
FRQFHSFLRQ(VWDWDOVHURPSDQWRWDOPHQWHJHQHUDQGRVHPHGLDQWHHODERUUHFLPLHQWR\GHVRODFLRQXQ
TXHGDUVHGHVQXGDGHYRUDGDFRPRTXHPDGDSRUIXHJRLQVHUYLEOHGHVWUXLGD\SHUPLWLUTXHKLFLHUDQVX
DSDULFLRQORVUH\HVTXHVDOHQGHOVRO$SXS&RPRFRQVHFXHQFLDGHORTXH'LRVHVWDSRQLHQGR
DOGHVFXELHUWRDOUHWLUDUORVYLHQWRV\GLULJLUORTXHHUURQHDPHQWH\FRQPDOGDGKDQVHPEUDGRORVTXH
UHSUHVHQWDQDODGLUHFFLRQGHHVWHPXQGRVHKDFHSDWHQWHHOGHVFDODEUR/DEHVWLDHQVXYHUVLRQRFWDYD
FDEH]DFRQILJXUDGDGHQXHYRSRUORV\HOIDOVRSURIHWDDQWHORVDFRQWHFLPLHQWRVXOWLPRV\ORV
UHVXOWDGRVHQJDQRVRVGHODJUDQUDPHUDTXH'LRVFRQODVSODJDVKDGHMDGRWUDVOXFLUKDQLQWHUSUHWDGR
TXHHOVLVWHPDSROLWLFRHFRQRPLFRHWLFRUHOLJLRVRILORVRILFRRPXMHUEDELORQLFD\DQRHVDSWDSDUDLQIOXLU
HQORVDVXQWRVGHOPXQGRSROLWLFRSXHVWRTXHHOGHVDVWUHJOREDOHVORTXHSULPD(OVLVWHPDIDOVRJOREDO
FX\RRULJHQEDELORQLFRKDELDHVWDGRWHQLHQGRXQDSUHSRQGHUDQFLDFDSLWDOVHYLHQHDEDMR(OODLFLVPR
UHSUHVHQWDGRSRUORVGLH]$SKDGHYRUDGRDOVLVWHPDTXHKDELDHVWDGRLPSHUDQGRGHXQPRGRR
GHRWURHQODSROLWLFDGHFDGDPRPHQWRKLVWRULFRVHGHVHPEDUD]DGHODPXMHUUDPHUDDERUUHFLHQGROD
DEDQGRQDQGROD\GHVWUX\HQGRVXLQIOXHQFLDGRPLQDQWHGHMDQGRODGHVQXGD\HQXOWLPDLQVWDQFLD
TXHPDQGRODKDFLHQGRODLQVHUYLEOHFRPRVLVWHPDGLULJHQWH\RULHQWDGRUDVXPLHQGRHQFRQMXQWRHO
UHLQDGR/RPDVUHSUHVHQWDWLYRGHORVLQWHUHVHVGHWRGRHOPXQGRORVGLH]FXHUQRVRWRUJDQGHDFXHUGRD
HVRVLQWHUHVHV\DVXSHUVSHFWLYDODGLUHFFLRQ\GRPLQLRDODEHVWLDHQVXYHUVLRQRFWDYDTXHHUDXQDGH
ODVVLHWHODTXHKDELDUHFLELGRODKHULGD\TXHFXURFI$S\DOIDOVRSURIHWDREHVWLDGHGRV
FXHUQRVTXHKDRULHQWDGRHQXOWLPDLQVWDQFLDDGLFKDFDEH]DREHVWLDSULPHUDUHVXUJLGDGHVXKHULGD$S
FI(VHYLGHQWHTXHDHVWDVDOWXUDVKLVWRULFDVODSURSLDFDEH]DRFWDYDRTXLQWD
UHVWDXUDGDVHKDGHVYLQFXODGRHVHQFLDOPHQWHGHVXHVHQFLD\DSDUHFHVLQODYHVWLPHQWDUHOLJLRVDGH
DFXHUGRDORVLQWHUHVHVGHORVHQVXFRQMXQWR$S\GHOIDOVRSURIHWDTXHDXQTXHLQFOXLGRHQ
ORVGDGRVXSURWDJRQLVPRVREUHVDOLHQWHVHSUHFLVDHVSHFLILFDU$SVV(OIDOVR
SURIHWD$SFIKDVDELGRSROLWL]DUGHWDOPDQHUDORUHOLJLRVRFI$S
TXHFXDQGRHOMXLFLRGLYLQRHQHVWDSODJDVHPDQLILHVWDVHSHUPLWHTXHHOVLVWHPDGRFWULQDODEDQGHUDGR
SRUODHVHQFLDUHOLJLRVDGHODEHVWLDRFWDYDFDEH]D\TXHIRUPDEDSDUWHGHODJUDQUDPHUDVHGHVYLQFXOH
GHORVYDORUHVUHOLJLRVRVTXHHQWRUSHFHULDQDTXHVXDXWRULGDGVXSUHPDFRPSDUWLGDHQXQLRQFRQHOIDOVR
SURIHWDREHVWLDGHGRVFXHUQRVVHH[SUHVH<TXHGDGDVXLGHQWLGDGFRQORVFXHUQRVTXHFRQILJXUDQD
ODEHVWLDFI$SXSKDGHFRQWULEXLUHQFXPSOLPLHQWRGHODYROXQWDGGLYLQDDOD
GHVWUXFFLRQGHODJUDQUDPHUDFI$SFX\RVSULQFLSLRVHVHQFLDOHVKDELDFRPSDUWLGRGXUDQWH
HOSHULRGRGHODTXLQWDFDEH]D\GHVXSURFHVRGHFXUDFLRQXQDYH]KHULGD$S
/DSODJDGHVFXEUHHOSURFHVRGHGHVFRPSRVLFLRQXOWLPRTXHH[SHULPHQWDHOVLVWHPDUHOLJLRVR
FRQILJXUDGRHQHOVLPEROLVPRGHXQDPXMHUUDPHUDTXHKDELDVLGRIRUMDGDHLQVSLUDGDSRUHOSURSLR
'UDJRQ\TXHUHVXOWDHQHOVHFDPLHQWRGHO(XIUDWHV6HKDQDERUGDGRWRGRVORVSULQFLSLRVLGHRORJLFRV
TXHODJUDQUDPHUDKDELDSUR\HFWDGRHQODVRFLHGDG\VHKDQVHQDODGRSRUHOSURSLRSXHEORGH'LRVFRQ
DQWHULRULGDGDOGHUUDPDPLHQWRGHODSODJD\DQWHVGHODLPSRVLFLRQGHQRSRGHUFRPSUDUQLYHQGHU
FRPRLQFRUUHFWRVHLQHILFDFHVFI$S/D%HVWLDPHGLDQWHORVVHHQFDUJDGHVDFDUORVDOD
OX]GHYRUDQVXUD]RQGHVHUFRQORTXHVHORJUDPRVWUDUVXGHVQXGH]GHVWUX\HQGRWRWDOPHQWHVX
LQIOXHQFLDFRPRVLODTXHPDUDQFRQIXHJRFI$S&RQWRGRHOORVHSURYRFDHOVHFDPLHQWRGHO
(XIUDWHVHOUHWLUDUHODSR\RDODPXMHUUDPHUD
(OWH[WR$SSUHVHQWDDKRUDXQDFRQVHFXHQFLDTXHQRHVIDFLOHQWHQGHUOD/DVHFXHQFLDHVOD
VLJXLHQWH/DSODJDVHODQ]DVREUHHOULR(XIUDWHV(ODJXDGHHVWHVHVHFD\"SDUDTXH"3DUD
TXHHVWXYLHVHSUHSDUDGRHOFDPLQRDORVUH\HVGHORULHQWH
<DKHPRVH[SOLFDGRORTXHVLJQLILFDHOULR(XIUDWHV\VXVHFDPLHQWR3HURDKRUDHOWH[WRQRVGLFHTXHOD
SODJDVHODQ]DFRPRILQILQDOSDUDSUHSDUDUHOFDPLQRDORVUH\HVGHORULHQWH"'HTXHPDQHUDODSODJD
TXHFDXVDHOVHFDPLHQWRGHO(XIUDWHVSURGXFHODSUHSDUDFLRQGHOFDPLQRDORVUH\HVGHORULHQWH"
$QWHVGHUHVSRQGHUVHUDSUHFLVRGHWHUPLQDUDTXLHQKDFHUHIHUHQFLDODH[SUHVLRQUH\HVGHRULHQWH(O
&%$WUDGXFHFRPRORVUH\HVGHODVDOLGDGHOVRO(VHYLGHQWHTXHHVWRVUH\HVDORVTXHVHHVSHFLILFD
QRSXHGHUHIHULUVHDXQOXJDUJHRJUDILFRWHUUHVWUHVLQRDDOJRTXHVHUHODFLRQDFRQHOVLPEROLVPRGHO
(XIUDWHV(VWRVUH\HVHVWDQHQFRQWUDVWHFRQORVUH\HVGHODWLHUUDHQWRGRHOPXQGR$SDORV
TXHYDQGLULJLGRVORVHVSLULWXVLQPXQGRVRGHGHPRQLRV(VWRVUH\HVGHODWLHUUDGHWRGRHOPXQGR\D
LQFOX\HQWDQWRDORVGHRFFLGHQWHFRPRDORVGHRULHQWHGHVGHXQSXQWRGHYLVWDSXUDPHQWHJHRJUDILFR
(VWDGHQWURGHOOHQJXDMHDSRFDOLSWLFRHOTXHFLHUWDVIUDVHVH[SOLTXHQHOOHQJXDMHFLIUDGRRVLPEROLFR
(OWH[WRHVSURIXQGDPHQWHKHUPHWLFRHLQLFLDXQDFRPSRVLFLRQQDUUDWLYDDSRFDOLSWLFDTXHHQORV
YHUVLFXORVVLJXLHQWHVPDQWHQLHQGRHOHVWLORLQWURGXFHODVROXFLRQHQFXDQWRDODLGHQWLILFDFLRQGHHVRV
UH\HV9HDPRVHVWRPDVGHFHUFD
8QDYH]TXHWHUPLQDODIUDVHSDUDTXHHVWXYLHVHSUHSDUDGRHOFDPLQRSDUDORVUH\HVTXHSDUWHQGH
ODVDOLGDGHOVROVHHYLGHQFLDQGRVDVXQWRVODUHODFLRQGHODIUDVHFRQORDQWHULRU\FRQORSRVWHULRU6L
HO(XIUDWHVKD\TXHHQWHQGHUORGHXQPRGRVLPEROLFRRILJXUDGR\VXVHFDPLHQWRORPLVPR\DPERV
DVSHFWRVILJXUDGRVVHXQHQFRQHOHQXQFLDGRUHODWLYRDODSUHSDUDFLRQGHOFDPLQRDORVUH\HVTXH
SDUWHQGHODVDOLGDGHOVROKD\TXHHQFRQWUDUHOVLJQLILFDGRGHHVDH[SUHVLRQWHQLHQGRHQFXHQWDOD
YLQFXODFLRQTXHH[LVWHHQWUHHOVHQWLGRILJXUDGRGHO(XIUDWHV\VHFDPLHQWRFRQHVRVUH\HVGHO2ULHQWHRGH
ODVDOLGDGHOVRO
1RFDEHGXGDSDUDQRVRWURVWHQLHQGRHQFXHQWDOR\DLQGLFDGRTXHHVRVUH\HVFI,VDKDQWHQLGR
TXHYHUFRQODLGHRORJLDGHO(XIUDWHVVLPEROLFRTXHVHHQFXHQWUDVLJXLHQGRHOVLPEROLVPRHQEDVHDXQD
UHDOLGDGOLWHUDOHQHO2ULHQWHVLPEROLFRRVDOLGDGHOVRO\TXHKDQVLGRORVTXHKDQGDGRSRUXQODGR
LQVSLUDFLRQ\SRURWURDSR\RDOD%DELORQLDPLVWLFD\TXHDKRUDOHKDQUHWLUDGRVXVRVWHQ
(OYHUVLFXORGHOFSWHUPLQDGLFLHQGRQRVTXHHOVHFDPLHQWRGHO(XIUDWHVSURSLFLDXQ
SURWDJRQLVPRHVSHFLDOGHORVOODPDGRVUH\HVTXHHVWDQUHODFLRQDGRVFRQODLGHRORJLDGHO(XIUDWHV
VLPEROLFRFX\RRULJHQHVWDHQORTXHVLJQLILFDHOVHQWLGRILJXUDGRGHO2ULHQWHTXHVHHYLGHQFLDHQXQD
LGHRORJLDIDOVD
6LDKRUDSDVDPRVDVHQRVLGHQWLILFDDHVRVUH\HVGHODVDOLGDGHOVROTXHSURFHGHQGHO2ULHQWH
TXHPDQWLHQHQXQDUHODFLRQLGHRORJLFDFRQHOVHQWLGRILJXUDGR(XIUDWHV\VXVHFDPLHQWR(O'UDJRQOD
%HVWLD\HO)DOVR3URIHWD
(OVHFDPLHQWRGHO(XIUDWHVHQVXVHQWLGRILJXUDGRKDWUDLGRDHVRVUH\HVTXHKDQDGRSWDGRXQD
LGHRORJLDEDELORQLFDXQDLGHRORJLDFRPRODSDJDQDGHO2ULHQWHPDWL]DGD\WUDQVIRUPDGDGHDFXHUGRD
ODGLIHUHQFLDTXHVXUJHHQWUHHOVLPEROR\ODUHDOLGDGHQXQOHQJXDMHDSRFDOLSWLFR
&XDQGRVHLQWURGXFHODILQDOLGDGGHOVHFDPLHQWRSDUDTXHHVWXYLHVHSUHSDUDGRHOFDPLQRDORVUH\HV
GHO2ULHQWHORVTXHVHKDQFRQILJXUDGRSDUWLHQGRGHORUHSUHVHQWDWLYRGHXQDLGHRORJLDVRODUWH
HVSHFLILFDORTXHYHHOSURIHWDFRPRVLHQGRORVUH\HVGHO2ULHQWHHO'UDJRQOD%HVWLD\HO)DOVR3URIHWD
>@
$S\ORVYHLQYRFDQGRDHVSLULWXVLQPXQGRVRGHPRQLDFRV$SSS
(OVHFDPLHQWRKDFRQVLVWLGRHQUHWLUDUHODSR\RDODLGHRORJLDEDELORQLFDSUHVHQWDGDSRUODJUDQ
UDPHUD$ODJUDQUDPHUDTXHHVXQVLPERORGHODUHOLJLRQIDOVDFRQTXHKDLQVSLUDGRHLQIOXLGRHQORV
JRELHUQRVUHSUHVHQWDWLYRV\GLUHFWRUHVGHHVWHPXQGRVHOHREOLJDSRUORVUHVXOWDGRVGHODSODJDGLULJLGD
SRUHOMXLFLRGLYLQRTXHORTXHVLJQLILFD\KDELDFRQILJXUDGRVXVLPERORFRPRJUDQUDPHUDQRHQWUH\D
HQORVLQWHUHVHVGHHVRVUH\HVRGRPLQDGRUHVUHSUHVHQWDGRVHQORVVLPERORVGHO'UDJRQGHOD%HVWLD\
GHO)DOVR3URIHWD<SURSLFLDHOTXHGLFKRVUH\HVVHQDODGRVHQORVVLPERORVLQGLFDGRVDVXPDQ
>@
GLUHFWDPHQWHGDGDODLQYRFDFLRQORTXHORVGHPRQLRVHQVHQDQ\GLULJHQ
6HWUDWDHQHOSURFHVRGHGHVWUXFFLRQGHODJUDQUDPHUDGHODOFDQFHGHXQSXQWRFXOPLQDQWH'LRVKD
XWLOL]DGRHQHVWDSODJDXQSODQTXHWUDVOXFHHOTXHHOVLVWHPDIDOVRUHOLJLRVRPXQGLDOFRPRHO
HFRQRPLFR\WRGRORUHODFLRQDGRFRQORTXHLGHRORJLFDPHQWHVHKXELHUHFRQIHFFLRQDGRQRWHQJD
FRQVLVWHQFLDQLVHDXVDGR\DMDPDV/RVJREHUQDQWHV\ORVSXHEORVVHGHVHPEDUD]DQGHODJUDQUDPHUD\
ODGHYRUDQ6HLQGHSHQGL]DQSOHQDPHQWH\QROHGDQQLWXUQRQLOXJDU/RUHOLJLRVRTXHKDFDPXIODGR\
RULHQWDGRORSROLWLFRHFRQRPLFR\HWLFRSULQFLSDOPHQWH\TXHKDELDLPSHUDGRWDQWRHQHOSHQVDPLHQWR
LQGLYLGXDOFRPRFROHFWLYRGHMDGHWHQHUYDORUDHVWDVDOWXUDVFRPRFRQVHFXHQFLDGHORVDFRQWHFLPLHQWRV
TXHODSODJDGLULJLGDSRUHOSRGHUGLYLQRSURGXFH$SFI$S<HVWRDXQ
FXDQGRVHODPHQWHQSDWRORJLFDPHQWHDTXHOORVTXHYLYLHURQDFRVWDGHVXLGHRORJLD$S

6HWUDWDGHXQRVUH\HVTXHSDUWHQGHODVDOLGDGHOVROTXHKDQWHQLGRTXHYHUFRQODIRUPDFLRQ\
FRQVROLGDFLRQGHO(XIUDWHVHQWUHORVTXHVHHQFXHQWUDHOLQVSLUDGRUGHOD%DELORQLDPLVWLFDHO'UDJRQ\
TXHKDQXWULGRDOVLVWHPDUHOLJLRVREDELORQLFRUHSUHVHQWDGRSRUHO(XIUDWHV\ODVQDFLRQHVPDV
UHSUHVHQWDWLYDVTXHKDQFRQILJXUDGRDOD%HVWLD\DO)DOVR3URIHWDJXLDGDVSRUHO'UDJRQ/DVQDFLRQHVR
JHQWHVTXHDSR\DEDQDOD%DELORQLDPLVWLFDKDQGHMDGRGHKDFHUORFI$S&RPR
FRQVHFXHQFLDGHHOORVHKDFHSRVLEOHODSUHVHQFLDOLWHUDOGHGHPRQLRVHQHVDVQDFLRQHVFI$S
/DSODJDKDKHFKRSRVLEOHVHFDUODFRUULHQWHGHSHQVDPLHQWREDELORQLFRFRPRRULHQWDGRUDGHODV
QDFLRQHVDODYH]TXHREOLJDDTXHXQDGHODVXOWLPDVHVFHQDVSUHYLDVDOUHWRUQRGH-HVXFULVWRVHWHQJD
TXHFXPSOLUDILQGHTXHODSUHVHQFLDGH'LRVPHGLDQWHOD6HJXQGD9HQLGDVHDXQDUHDOLGDGKLVWRULFD
SDUDHOXOWLPRGUDPDGHOFRQIOLFWRGHORVVLJORV/DGHVDSDULFLRQGHODPXMHUUDPHUDHVFDUODWDKDFH
SRVLEOHODSUHVHQFLDOLWHUDOGHGHPRQLRVTXHYDQDORVUH\HVGHWRGDODWLHUUDDILQGHHQJDQDUORV\TXHVH
HQIUHQWHQFRQWUD'LRVHQODVSHUVRQDVGHVXVKLMRVHQODWLHUUD$STXHKDQWHQLGRPXFKRTXH
YHUFRQVXSUHGLFDFLRQGHODLGHQWLILFDFLRQGHORVHUURUHVGHODJUDQUDPHUDFRPRVLHQGRODVFDXVDVGH
>@
ORVPDOHVGHODVRFLHGDG
6LVHREVHUYDKD\GRVYHUWLHQWHVTXHFRQWULEX\HQDODSUHSDUDFLRQGHODVSODJDVTXHGHVWUX\HQORTXH
KDFHSRVLEOHODFRQILJXUDFLRQGHODPXMHUUDPHUDQRVHROYLGHTXHODPXMHUUDPHUDHVXQVLPERORGHXQD
UHDOLGDGKLVWRULFDTXHVHKDFDUDFWHUL]DGRSRUXQDLGHRORJLDSROLWLFRHWLFDILORVRILFDFXOWXUDOUHOLJLRVD
IDOVDTXHKDLQVSLUDGRDODVQDFLRQHV\JREHUQDQWHV8QDYHUWLHQWHODKHPRVDQDOL]DGR\DODXWLOL]DFLRQ
SRUSDUWHGH'LRVGHORVUHQJORQHVWRUFLGRV\HUURQHRVTXHORVSURSLRVVLVWHPDVGHPDOGDGKDQ
JHQHUDGR\HPSOHDUGHHVHPRGRDODSURSLD%HVWLDFRPRSDUWLFLSDQWHGHHVDVSUR\HFFLRQHVFRQWUDULDVD
ODYROXQWDGGH'LRVDILQGHTXHFRQWULEX\DDODGHVWUXFFLRQGHHVDUHDOLGDGKLVWRULFDGHQRPLQDGD
%DELORQLDFI$SFI/DRWUDHVODFRQIURQWDFLRQGHOSXHEORGH'LRVPHGLDQWH
ODLGHRORJLDGHO5HLQRGH'LRVTXHHO(YDQJHOLRGH-HVXFULVWRQRVRIUHFH(QHIHFWR$SRFDOLSVLV
FI$SQRVSUHVHQWDODGHQXQFLDGHORTXHLPSOLFDOD%DELORQLD\ORTXHKDLQVSLUDGR
DODVJHQWHV\JREHUQDQWHV\HOOODPDPLHQWRQRVRODPHQWHDVDOLUGHHOODORVTXHVRQSXHEORGH'LRV$S
VLQRDGHPDVDGDUOHFRPRHOODQRVKDGDGR\SDJDUOHGREOHVHJXQVXVREUDV\HQHOFDOL]TXH
HOODSUHSDUREHELGDSUHSDUDUOHDHOODHOGREOH$S6LORTXHHOODQRVKDGDGRKDFHUHIHUHQFLDD
XQDLGHRORJLDDXQRVFRQWHQLGRVDXQDVDFWLWXGHVFRQXQVLJQLILFDGR\DXQDREUD\VHQWLGRKLVWRULFRTXH
KDQOOHQDGRWRGDODWLHUUDFRQHOHQJDQRGHXQDIDOVDYHUGDGGHXQYLQRHUURQHR$S
ORVTXHVRQVX3XHEORKDQGHPDQLIHVWDUXQFRQRFLPLHQWRGH'LRV\GHODXWHQWLFRHYDQJHOLRHWHUQRTXHHQ
XQDSUR\HFFLRQVLQSUHFHGHQWHVD\XGDGRVSRUODOOXYLDWDUGLDGHO(VSLULWX6DQWR$SFI2V
=DFFI-RHOFI-RHOFI+HFKVHYLHUWHHQHOPXQGRHQWHURHOPHQVDMHGH
'LRVSDUDHVHWLHPSRILQDOGHODKLVWRULDKXPDQD7RGDODWLHUUDTXHGDLPSUHJQDGDGHOHYDQJHOLRHWHUQR
GHWDOPDQHUDTXHOHSURGXFHWRUPHQWR\OODQWRDOD%DELORQLDPLVWLFD$S6HLGHQWLILFDOD
DXWHQWLFDYHUGDGTXHOOHYDDYLGDHWHUQD\VHVHQDODQVXVHUURUHV8QDJUDQFDQWLGDGGHSHUVRQDVTXH
HVFXFKDQDEDQGRQDQORVFXDUWHOHVGHOD%DELORQLDHFXPHQLFD$S7RGDODWLHUUDVHOOHQDGHO
FRQRFLPLHQWRGHOYHUGDGHURHYDQJHOLR7RGRHOPXQGRWLHQHODRSRUWXQLGDGGHVDEHUODLGHRORJLDGHO
5HLQRGH'LRV\ORVHUURUHVGHOD%DELORQLD3HURHOPD\RUGRORU\OODQWR$SVVVH
SURYRFDFXDQGRHQHOFRQWH[WRGHHVWDVSODJDVXOWLPDV$SFIVVFXDQGR\DQRKD\
RSRUWXQLGDGGHDUUHSHQWLPLHQWRFI$SODPXMHUUDPHUDFRPSUXHEDTXHHOUHWLURGHODSR\R
SRUSDUWHGHODVQDFLRQHVTXHOLGHUDQHORUGHQJOREDOKDVLGRSRUTXHODYHUGDGTXHVHKDSUHGLFDGRHQHO
FRQWH[WRGHXQDOOXYLDWDUGLDVLQLJXDOFI$SVLELHQQROHVKDOOHYDGRQLDOD%HVWLD
QLDO)DOVR3URIHWDFRQORTXHLPSOLFDQ\UHSUHVHQWDQDODUUHSHQWLPLHQWRVLDOPHQRVOHVKDFRQYHQFLGR
GHORVJUDYHVHUURUHVGHODJUDQUDPHUD'LRVPHGLDQWHODSODJDIXHUDGHODSRVLELOLGDGGHO
DUUHSHQWLPLHQWRKDFHSRVLEOHTXHVHHYLGHQFLHQORVJUDYHVHUURUHVGHODJUDQUDPHUDTXHKDELDQVLGR
H[SXHVWRVSRUVXSXHEORDQWHVGHOGHUUDPDPLHQWRGHGLFKDVSODJDVGHQWURGHOOODPDGRSHULRGRGH
JUDFLD\XWLOL]DQGRODVLWXDFLRQDQDUTXLFD\FRQIXVDTXHH[LVWHREOLJDUHQEDVHDTXHFRQRFHORV
LQWHUHVHVGHODEHVWLD\GHOIDOVRSURIHWDDTXHOHUHWLUHQVXDSR\R\ORJUDUTXHVHVHTXHHO(XIUDWHV\GH
HVWHPRGRHPSXMDUDTXHODVXOWLPDVHVFHQDVTXHOHOOHYDUDQD(ODDFWXDUDIDYRUGHVXSXHEORVH
SURGX]FDQ"&XDOHVVRQHVDVHVFHQDVXOWLPDV"
/DSUHSDUDFLRQGHOFDPLQRDORVUH\HVTXHSDUWHQGHOVROGHODLGHRORJLDVRODUTXHGDQLPSRUWDQFLDD
ODPDWHULDFRQVLGHUDQGRODFRPRSHUGXUDEOH/DJUDQUDPHUDYDDVHUVXVWLWXLGDHQWRGRSRUHOSURSLR
'UDJRQOD%HVWLDHQVXYHUVLRQRFWDYDFDEH]D\HO)DOVR3URIHWD(VWRVVLPERORVTXHUHSUHVHQWDQ
SRGHUHVUHDOHVWDQWRHQHOPXQGRHVSLULWXDOUHEHOGHFRPRHQHOGHODKXPDQLGDGFDLGDDSDUHFHQFRPR
LQYRFDQGRDHVSLULWXVLQPXQGRV$SFRQYLUWLHQGRVHHQXQDUHDOLGDGGHPRQLDFD6HKDOOHJDGRD
XQDLGHQWLGDGWRWDOSRUSDUWHGHOD%HVWLD\HO)DOVRSURIHWDFRQHOSURSLR'UDJRQ$SXSFI
XSSS/RVVLPERORVVHWUDQVIRUPDQHQGHPRQLRVUHDOHVTXHYDQDORVJREHUQDQWHVGHWRGDODWLHUUDD
FRQYHQFHUOHVTXHGHEHQSUHVHQWDUEDWDOODDORVFRQWHQLGRVLGHRORJLFRVTXHHOSXHEORGH'LRVKD
DQXQFLDGR7RGDODWLHUUDHVFRPRXQ$UPDJHGRQ7RGDVODVQDFLRQHVFRQVXVJHQWHVVRQLOXVWUDGDVHQODV
YHUGDGHVGHO'UDJRQ\ORVGHPRQLRVGLULJLGRVSRUHOSURSLR6DWDQDVKDFHQDFWRGHSUHVHQFLD
PDWHULDOL]DGRVDQWHORVGLULJHQWHVGHODVQDFLRQHVDILQGHSUHSDUDUOHVLGHRORJLFDPHQWHSDUDODEDWDOOD
ILQDOFI$SODTXH'LRVHVWDUDGHOODGRGHVXSXHEOR
/RVGLULJHQWHVRUH\HVKDQKHFKRSRVLEOHHQHVRVXOWLPRVLQVWDQWHVHOTXHVHJHQHUHXQDLQYRFDFLRQD
ORVHVSLULWXV1RWHQVHFXDWURDVXQWRVLPSRUWDQWHV
 &XDQGRVHGHVWUX\HDODPXMHUUDPHUDDOVLVWHPDIDOVRUHOLJLRVRVHVHFDHO(XIUDWHVORTXHVH
SURSLFLDODDFWXDFLRQGHODFRQFHSFLRQHVWDWDOJOREDOPHGLDQWHORVVLVWHPDV%HVWLDHQVXYHUVLRQRFWDYD\
)DOVR3URIHWDDOLDGRVHLQVSLUDGRVHQVXFRQILJXUDFLRQ\FRQFHSFLRQLGHRORJLFDSRUHO'UDJRQFI$S
FIXS
&XDQGRVHGDYLDOLEUHDODFRQFHSFLRQJOREDOHVWDWDOVLQQLQJXQDUHWHQFLRQGLYLQDHQWRQFHVHO'UDJRQ
ORPDQLSXODDVXDQWRMR\HVHLGHDULRTXHUHSUHVHQWD\FRQILJXUDDHVRVVLVWHPDVGHPDOGDGLQVSLUDGR\
GLULJLGRSRUHO'UDJRQ\TXHVHKDLQWHJUDGRHQHOTXHKDFHUGHODJREHUQDELOLGDGHQVXVREMHWLYRV
SULPRUGLDOHVGHSUR\HFWDUODDXWRULGDGVXSUHPD\REWHQHUODXQLGDGPXQGLDOUHFODPDGLFKRLGHDULR
LQYRFDFRPRVLKLFLHUDVDOLUGHVXERFDHVSLULWXVLQPXQGRVGHPRQLRV
/DSODJDSRQHHQHYLGHQFLDDWRGRHOPXQGRUHOLJLRVRTXHKDPDQLSXODGRDODSROLWLFDEHVWLDO
GRPLQDQGROD0RGLILFDQGRHVWDDFWLWXGKDVWDHOH[WUHPRTXHVHGHVWUX\HODFRPSHWHQFLDTXHKDELD
SRVHLGRUHVSHFWRDOD%HVWLDGHHVHPXQGRUHOLJLRVRVLPEROL]DGRHQODPXMHUEDELORQLFDHVFDUODWD$S
5HFXHUGHVHTXHXQDGHODVFDEH]DVGHODEHVWLDODTXHUHFLEHODKHULGDPRUWDOFI$S
TXHGHVSXHVVHUDFXUDGDHQXQDRFWDYDTXHHUDGHHQWUHODVVLHWH$SVHFDUDFWHUL]DSRUXQD
DPELYDOHQFLDHQODTXHVXFRQGLFLRQVHSUHVWDWDQWRDORSROLWLFRIDOVHDGR\FRUURPSLGRFRPRDOR
UHOLJLRVRFI$S
'HVFXEULPRVSRUORVWH[WRVSUHVHQWDGRVTXHHQHOSURFHVRGHLQKDELOLWDFLRQ\HQODSURSLD
GHVWUXFFLRQGHOVLVWHPDIDOVRUHOLJLRVRGHODPXMHUUDPHUDFI$SUHSHUFXWHWDQWRHQOD
QDWXUDOH]DGHODFXUDFLRQGHODKHULGDODXQLRQGHO)DOVR3URIHWDFRQORTXHUHSUHVHQWDOD4XLQWDFDEH]D
UHVWDXUDGDHQXQD2FWDYD$SFIFRPRHQODVOH\HVUHVWULFWLYDVKDFLDHOSXHEORGH
'LRVFRQVLGHUDGRFRPRXQVLVWHPDUHOLJLRVRPDV\TXHHVVHQDODGRFRPRFRQWUDSURGXFHQWHDORV
LQWHUHVHVGHHVDXQLRQGHO)DOVR3URIHWDFRQOD%HVWLDYHUVLRQ2FWDYD(OSXHEORGH'LRVUHFKD]DHO
DFHSWDUODPDUFDGHODEHVWLDFRQWRGRORTXHLPSOLFD\HOVRPHWHUVHWDQWRDODEHVWLDFRPRDORTXH
VLJQLILFDHOSUR\HFWDUVHODLPDJHQGHODEHVWLDFI$S
/DXQLRQGHO)DOVR3URIHWDFRQOD%HVWLDHQRFDVLRQGHODFXUDFLRQGHODKHULGD$S
ODGHODYHUVLRQ2FWDYDTXHHVXQDGHODV6LHWH$SFI$SQRHVXQDXQLRQ
FRQYHQFLRQDOGHXQD,JOHVLDFRQHO(VWDGRVLQRODXQLRQGHXQD,JOHVLDTXHDGPLWHXQDSOXUDOLGDGGH
LGHDVWDOFRPROHFRQYHQJDDO)DOVR3URIHWDR%HVWLDGHGRVFXHUQRVFI$SFRQWDOTXHVHOH
DGPLWDFRPRSRVHHGRUDGHOD$XWRULGDG6XSUHPDUHSUHVHQWDWLYDVHJXQOD2FWDYDFDEH]DGHOPLVPR
'LRV(VD2FWDYDFDEH]DKDGHDSDUHFHUGHVSRMDGDGHWRGRDTXHOORTXHPRWLYDODGHVWUXFFLRQGHOD
0XMHU5DPHUDDODTXHKDUHSUHVHQWDGRMXQWRDRWUDVHQVXSUR\HFFLRQLGHRORJLFDEDELORQLFRUHOLJLRVD
\TXHYDFRQWUDORVLQWHUHVHVGHODUD]RQGHVHUGHO(VWDGR)DOVR3URIHWD/D2FWDYDFDEH]DR4XLQWD
UHVWDXUDGDKDGHFXPSOLUFRQODVQHFHVLGDGHVTXHWLHQHHO)DOVR3URIHWD\SDUDHOORKDGHFRQWULEXLUDOD
GHVWUXFFLRQGHOD0XMHU5DPHUDFRQODTXHVHHVWDEDLGHQWLILFDQGR\DFWXDOL]DQGRDQWHVGHODFXUDFLRQGH
ODKHULGDGDGDODDPELYDOHQFLDSROLWLFRUHOLJLRVDTXHQHFHVDULDPHQWHVHGDHQFXDOTXLHUWLSRGH
LGHRORJLDDXQFXDQGRHQHVWHFDVRHQORTXHVHUHILHUHD%DELORQLDHVWHIDOVHDGR/DFXUDFLRQGHOD
KHULGDHIHFWXDGDSRUHO)DOVRSURIHWDR%HVWLDGHGRVFXHUQRV$SFIKDGHSDJDUODFRQ
HVDPRQHGDGHFDPELRODGHODEDQGRQRGHWRGRDTXHOORUHOLJLRVRTXHKDVHUYLGR\SXHGDVHUYLUSDUDOD
H[LVWHQFLDGHXQD0XMHU5DPHUDTXHVHKDFRPSUREDGRFRPRLQHILFD]\TXHODVSODJDVODGHVFXEUHQ
FRPRGHVWUXLGDHLQVHUYLEOHSRUOD%HVWLDHQVX2FWDYDFDEH]DPHGLDQWHODFRQILJXUDFLRQGHVXV
FXHUQRVFI$SFI'HFXDOTXLHUIRUPDKD\DVSHFWRVGHHVDUHOLJLRVLGDG
EDELORQLFDTXHSHUPDQHFHQLQDOWHUDEOHVSRUFXDQWRVHKDQSROLWL]DGRGHWDOPRGRTXHOHLQWHUHVDDOD
%HVWLDGH'RVFXHUQRVR)DOVR3URIHWDWRGRORUHODWLYRDORTXHSXHGHVLJQLILFDUODLPDJHQGHODEHVWLD\
VXPDUFDFI$S
(O'UDJRQTXHKDELDVLGRDUURMDGRDODWLHUUDGHVGHXQSRFRGHVSXHVGHODDVFHQVLRQGH&ULVWR$S
FI\DXQFXDQGRVXSUHVHQFLDVHKDGHELGRFRQWUDUUHVWDUFRQHOSRGHUGH'LRVFI
(IQRVHKDELDYLVXDOL]DGRKDVWDHVWHPRPHQWRGHOILQ$S3HURHQHVRV
GUDPDWLFRVPRPHQWRVVHQRVDVHJXUDTXH'LRVHVWDUDGHQXHVWUDSDUWH$SXSTXHHVWDQWR
FRPRGHFLUTXHQRYDDSHUPLWLUTXHQRVVXFHGDQDGDPDOR
(OPDOVHUDGHVWUXLGRHQGRVWLHPSRVSULPHURSDUDGHVSXHVGHODVHSWLPDSODJDORVVLVWHPDVGH
PDOGDG\ORVTXHVHKDQDGKHULGRDHOFI$SOXHJRGHVSXHVGHPLODQRVHQORVTXHHVWDUD
LPSHGLGRHO'UDJRQHQVROLWDULRDILQGHFRPSUREDUVXVPDOHVVHUDGHVWUXLGRHORULJLQDGRUGHOPDO$S

/DVH[WDSODJDUHVXOWDHQHOMXLFLRGLYLQRFRQWUDODPXMHUUDPHUDTXHKDFHSRVLEOHXWLOL]DQGRORV
UHVRUWHVTXHODSURSLDEHVWLD\IDOVRSURIHWDKDQVHPEUDGRHOTXHVHDDEDQGRQDGD\GHVQXGD$S
XSORTXHVLJQLILFDQODVSDODEUDVGHVRODGD\GHVQXGDVHFXPSOHQHQHVWDVH[WDSODJD/RVTXHOLGHUDQ
HOPXQGRVRFLDO\SROLWLFROHTXLWDQGHILQLWLYDPHQWHHODSR\RHO(XIUDWHVVLPEROLFRVHVHFD\HQ
FRQVHFXHQFLDVHGDRSRUWXQLGDGGHTXHHO'UDJRQOD%HVWLDHVFDUODWDTXHKDVLGRPDQLSXODGDDORODUJR
GHWRGDODKLVWRULDSRUHOSURSLR'UDJRQ$SFIXS\HO)DOVR3URIHWDTXHKDDSUHQGLGRD
KDEODUFRPRHOGUDJRQDVXPHQODGLUHFFLRQDOLGDGLQYRFDQGRDORVHVSLULWXVGHPRQLDFRVTXH
KDFHQDFWRGHSUHVHQFLDGHPRGROLWHUDODQWHORVJREHUQDQWHV$S/DOLQHDGHFRPSRUWDPLHQWR
PDOLJQDTXHDSDUHFHHQQXHVWURPXQGR\TXHIXHFUHDGDSRUODSHUVRQDOL]DFLRQGHOPDOSRVHHIXHU]D
SURSLDDXQTXHKDVLGRPDQWHQLGD\GLULJLGDSRUHOTXHODFUHR/RVVLPERORV%HVWLD\%HVWLDGHGRV
FXHUQRVR)DOVRSURIHWDVRQHOUHVXOWDGRGHXQDFRQFHSFLRQLGHRORJLFDLQVSLUDGDSRUHO0DOLJQR
GHQRPLQDGR6DWDQDVR$GYHUVDULRGH'LRVTXHKDWUDVFHQGLGRDORVLQGLYLGXRVTXHKDQDFHSWDGRHO
SRGHUFRQODGLQDPLFDKLVWRULFDGHORTXHVXSRQHHMHUFHUOD$XWRULGDG6XSUHPD/DFRQFHSFLRQHVWDWDO
TXHQRWLHQHHQFXHQWDHQWRGRDO'LRVYHUGDGHURTXHVHSUR\HFWDHQODKLVWRULDGHVDUUROODQGRVH\
PDWL]DQGRVHFRPRXQD$XWRULGDGVLQQHFHVLGDGGH'LRVDSDUHFHFRPRVLHQGRRULHQWDGDSRUHO'UDJRQ
FIFIXSSSFIFIXWLOL]DQGR&DEH]DV\&XHUQRVTXHVRQ
VLVWHPDVGHSRGHURUHLQRV\TXHUHSUHVHQWDQ\SDUWLFLSDQGHHVDLGHRORJLDTXHGLULJLGDHLQVSLUDGDSRU
HO'UDJRQWUDQVFLHQGHWDQWRDORVLQGLYLGXRVFRPRDODVSURSLDVQDFLRQHV+D\XQDUHYHODFLRQPDOLJQD
TXHVHYLHUWHHQORVRULJHQHVGHODKLVWRULDSDUDOHOD\FRQWUDULDDODUHYHODFLRQGLYLQD\TXHFRQILJXUDHVD
FUHDFLRQHVWDWDOFRQODILQDOLGDGGHPRYHUDODKLVWRULDKDFLDHOREMHWLYRGHODXQLGDGPXQGLDOTXH
SHUPLWHODDFHSWDFLRQGHXQPRGRJOREDOGHORTXHLPSOLFDODFRQFHSFLRQHVWDWDOTXHQRSXHGHWHQHUHQ
FXHQWDHQWRGRD'LRV\TXHVHPDQLILHVWDFRPRQRWHQLHQGRQHFHVLGDGGH'LRV
/DYRFDFLRQGHSRGHU\GH$XWRULGDG6XSUHPDHVSUHFLVDSDUDOOHYDUDFDERHVWDPLVLRQGHORJUDUOD
XQLGDGPXQGLDOLPSRQLHQGROD$XWRULGDG6XSUHPDLQWHJUDGDHQODFRQFHSFLRQHVWDWDO6LVHREVHUYDHO
WH[WRGH$SRFDOLSVLVVHSUR\HFWDXQDSROLWLFDGHPRQLDFDJOREDOVHYDDORVJREHUQDQWHVGHWRGRHO
PXQGRDILQGHFRQYHQFHUOHVHQXQDDFFLRQXQLWDULDPXQGLDO
(VSUHFLVROOHQDUHOYDFLRGHSRGHULGHRORJLFRGHODPXMHUUDPHUD\HOWH[WRQRVSUHVHQWDORTXH
VXVWLWX\HDODPXMHUUDPHUDTXHKDGHMDGRGHWHQHULQIOXHQFLDFI$S$OSURGXFLUVHHVRFRPR
FRQVHFXHQFLDGHOMXLFLRGLYLQRHQHVDVH[WDSODJDORVVLPERORVUHSUHVHQWDWLYRVGHOSRGHU\GHOD
DXWRULGDGVHYHQREOLJDGRVDDFXGLUDORTXHKDQFRPSUHQGLGRDHVWDVDOWXUDVTXHHVHORULJHQ\
QDWXUDOH]DGHVXH[LVWHQFLDORVHVSLULWXVTXHOD%LEOLDORVLGHQWLILFDFRQDXWHQWLFRVGHPRQLRV/RV
VLVWHPDVGHPDOGDGTXHSRVHHQXQDSUR\HFFLRQKLVWRULFDUHFODPDQFRPRFRQVHFXHQFLDGHORTXHOHV
IDOWDSRUFRQVHJXLUDORVHVSLULWXVTXHKDJDQDFWRGHSUHVHQFLDDILQGHSRGHUFXPSOLUFRQORVREMHWLYRV
SDUDORTXHHVWDEDQSURJUDPDGRV(VRHVFRQWHPSODGRSRUHOOHQJXDMHDSRFDOLSWLFRFRPRLQYRFDQGRDORV
HVSLULWXVTXHQRVRQRWUDFRVDTXHGHPRQLRVDQJHOHVFDLGRVFI$S(VDLQYRFDFLRQGHHVSLULWXV
TXHOD%LEOLDSURKLEH\FRQGHQDHVOOHYDGDDFDERSRUHVDDFWLWXGTXHHQHVHHQWRQFHVORVJREHUQDQWHV
DVXPHQHQUHSUHVHQWDFLRQGHODKXPDQLGDGDTXLHVFHQWH6HKDFRQILJXUDGRXQWLSRGHKXPDQLVPR
UHOLJLRVRVXVWLWXWRULRGHXQDLQWHUSUHWDFLRQWHRORJLFDEDVDGDHQXQDOHFWXUDUHOLJLRVDGHHVFULWXUDV
GHQRPLQDGDVVDJUDGDVGHGRQGHREWHQLDQXQDFRQFHSFLRQUHOLJLRVDSROLWLFRUHOLJLRVDEDELORQLFD6HKD
GDGRSDVRDTXHODPHQWHLQGLYLGXDOVHLGHQWLILTXHFRQORTXHHOORVGHQRPLQDQHVSLULWXVVHDQHVWRV
HUURQHDPHQWHFRQVLGHUDGRVFRPRVDQWRVPXHUWRVRYLUJHQHVDQJHOHVFDLGRVTXHVLPXODQVHUJHQXLQRV
H[WUDWHUUHVWUHVTXHVHKDQSUHVHQWDGRFRPRVLHQGRVLQVHUORGHRWURVPXQGRVPDVDYDQ]DGRVRORV
OODPDGRVHVSLULWXVGHPXHUWRVTXHQXQFDH[LVWLHURQSHURTXHHO(VSLULWLVPROD1HZ$JH\ORTXH
UHSUHVHQWDOD&DEH]DKHULGDFXUDGDMXQWRDO)DOVR3URIHWDKDQFUHDGRGHHVDVGLIHUHQWHVIRUPDVGDQGR
SLHDORTXHOD5HYHODFLRQGH-HVXFULVWRGHQRPLQDGHPRQLRV
(O5HLQRGH'LRVGHQWURGHODVREHUDQLD\SURYLGHQFLDGLYLQDKDREVWDFXOL]DGRDTXHHOPDOVHKLFLHUD
LQWROHUDEOH\KDSHUPLWLGRGHDFXHUGRDVXUHVSHWRSRUODOLEHUWDGKXPDQDTXHVXH[LVWHQFLDVHOLPLWDUDD
H[SUHVDUVXVHUURUHV\XQDYH]FXOPLQDUDGLFKRPDOHQVXSHUILGLDSRGHUVHUMX]JDGR'XUDQWHODVSODJDV
VHHVWDHIHFWXDQGRXQMXLFLRGHVHQWHQFLDVFRQWUDORVVLVWHPDVGHPDOGDGUHSUHVHQWDWLYRVTXHHQVX
FXPSOLPLHQWRHYLWDQODGHVWUXFFLRQGHOSXHEORGH'LRV&XDQGRVHGDODVH[WDSODJDORVSRGHUHVGHOPDO
VHFROLJDQDILQGHUHXQLUDORVJREHUQDQWHVGHODWLHUUDFRQWUDHOSXHEORGH'LRVDFDXVDGHODILGHOLGDG
GHHVWH6HWUDWDGHGDUEDWDOODFRQWUD'LRVHQODVSHUVRQDVGHVXVKLMRV3DUDHVHHQWRQFHVVHHVWDQ
GHVSOHJDQGRHQVXIDVHPDVH[WUHPDODVHVFHQDVGH$SRFDOLSVLV(OSXHEORGH'LRVUHFKD]D
WRGRORTXHLPSOLFDHOVRPHWLPLHQWRLQFRQGLFLRQDODORTXHLPSOLFD\H[LJHODLPDJHQGHODEHVWLD6H
WUDWDGHUHSXGLDUDOD%HVWLDSULPHUDHQXQDSUR\HFFLRQVHPHMDQWHDODPDQHUDGHVHU\DFWXDUGXUDQWHVX
SHULRGRKHJHPRQLFRGHPHVHVSURIHWLFRVDQWHULRUDFXDQGRUHFLELRODKHULGDPRUWDO
$XQFXDQGRDOJXQRVGHORVKLMRVGH'LRVGDGDVODVOH\HVUHVWULFWLYDVGHDTXHOHQWRQFHVH[SHULPHQWHQ
DQJXVWLDHQHVWDIDVHXOWLPDQRVRODPHQWHQRWLHQHQQDGDTXHWHPHUVLQRTXHVHQRVDVHJXUDODSUHVHQFLD
GH-HVXFULVWRHQRFDVLRQGHVXVHJXQGDYHQLGD
(VWDVH[WDSODJDRMXLFLRGLYLQRKDSHUPLWLGRHOVHFDPLHQWRGHO(XIUDWHV\DFHOHUDUHOTXHORVUH\HV
VLPEROLFRVGHO2ULHQWHVLPEROLFRTXHUHVXOWDQHQGHPRQLRVKDJDQDFWRGHSUHVHQFLDSUHSDUDQGRVHSDUD
OLEUDUODEDWDOODGHQRPLQDGDGHO'LRV7RGRSRGHURVR$SXSFI%DWDOODGHO'LRV
7RGRSRGHURVRTXHHVWDUDUHSUHVHQWDGDSRU-HVXFULVWRYLQLHQGRFXDQGRFDVLQDGLHORHVSHUDYHQGUDFRPR
ODGURQFI$SSDUDWRGRVDTXHOORVTXHQRVRQVXSXHEOR/DFHOHEUDFLRQGHODEDWDOODFRPR\D
GLMLPRVQRVHUHDOL]DUDKDVWDGHVSXHVGHODVHSWLPDSODJDFI
(OMXLFLRPHGLDQWHODSODJDDGHPDVGHSURYRFDUHOTXHODVQDFLRQHVQRDSR\HQDOD%DELORQLDPLVWLFD
SRQHHQHYLGHQFLDODVYHUGDGHUDVLQWHQFLRQHVGHDTXHOORVDORVTXHUHSHUFXWHODSODJDFI$S
7RGDHVWDLQWHUSUHWDFLRQTXHKHPRVIDYRUHFLGRSRGULDDOWHUQDUVH\DOWHUDUVHTXHHOVHFDPLHQWRGHO
(XIUDWHVWDOFRPRORKHPRVH[SOLFDGRIDYRUHFHULDODHQWUDGDGHORVUH\HVTXHVDOHQGHOVROFRPR
LGHQWLILFDQGRDO9HUER\VXVDFRPSDQDQWHVTXHQRVQDUUDHOFDSLWXORFI
(QHVWHFDVRHOVLJQLILFDGRGHOVHFDPLHQWRGHO(XIUDWHVSURSLFLDODHQWUDGDGHORVSURWDJRQLVWDVGHO
FDSLWXORFIXSLGHQWLILFDGRVHQHVWHFDVRFRPRVLHQGRORVUH\HVGHOD
VDOLGDGHOVROILJXUDWLYDPHQWH\SURYRFDDVXYH]ODHQWUDGDGHO'UDJRQ\ODGHOD%HVWLDHQVXYHUVLRQ
RFWDYD\ODGHOIDOVRSURIHWDFRQORVHVSLULWXVGHGHPRQLRVLQYRFDGRV&RQORTXHODH[SOLFDFLRQ
>@
DQWHULRUTXHKHPRVGDGRKDVWDHOILQDOVHJXLULDVLUYLHQGRLQVHUWDQGRHVWHFRPSOHPHQWR
/DVHSWLPDSODJDFDHFRQWUDHODLUHSURYRFDQGRXQDVDOLGDGHYR]GHOWHPSORGHOFLHORGHOWURQR
GLFLHQGR+HFKRHVWD$S
/DIXHU]DILJXUDGDGHHVWDSODJDVHFRPSUXHEDSRUORTXHUHVXOWDXQDJUDQYR]TXHDUWLFXODXQKHFKR
HVWD'HDKLTXHHODLUHORWHQJDPRVTXHHQWHQGHUGHXQPRGRUHSUHVHQWDWLYR6LHOMXLFLRFRQWUDHODLUH
SURYRFDXQDYR]\HVWDGDOXJDUDUHODPSDJRV\WUXHQRVDXQWHUUHPRWR\DYRFHVFI$S
UHIXHU]DODLGHDGHFRPRGHEHPRVHQWHQGHUHODOFDQFHGHOMXLFLRGLYLQR(OWHUUHPRWRHVWDQJUDQGHTXHVH
PLGHFRPRTXHQRKDELDKDELGRRWURSURYRFDQGRHOTXHODJUDQFLXGDG$SSSFI
VHGLYLGDHQWUHVSDUWHVWUDVWRUQDQGRFRQHOORDODVFLXGDGHVGHODVQDFLRQHV$SFI
6DEHPRVTXHOD%DELORQLDHVXQVLPERORTXHUHSUHVHQWDDXQVLVWHPDLGHRORJLFRSROLWLFRUHOLJLRVR
IDOVHDGRSRUORWDQWRHOWHUUHPRWRQRSXHGHVHUWDPSRFRFRQVLGHUDGRDTXLFRPRVLHQGRILVLFDPHQWHDXQ
FXDQGRORTXHVLJQLILTXHWHQJDLPSOLFDFLRQHVJOREDOHV
(OWHUUHPRWRVLUYHSDUDGHVWUXLUDOJRTXHVHFRQVLGHUDXQVLPEROR6HWUDWDGHH[WLQJXLUXQDLGHRORJLD
TXHKDGDGRVXVWHQWRDODSROLWLFDGHODVQDFLRQHV6HPXHVWUDODGLYLVLRQGHXQVLVWHPDTXHKDSUHWHQGLGR
SRVHHUHQODXQLGDGVXIXHU]D(OTXHVHDILUPHXQDGLYLVLRQHQWUHVSDUWHVSRVHHXQYDORUDEVROXWRHQHO
OHQJXDMHDSRFDOLSWLFR/DUHSHWLFLRQGHDOJRWUHVYHFHVH[SUHVDXQJUDGRVXPR1P\FXDQGR
VHDSOLFDDDOJRKXPDQRVHSUHWHQGHH[SRQHUHOLQWHQWRGHSDUHFHUVHDODGLYLQLGDGRGHFUHHUWHQHUXQD
DXWRULGDGGDGDSRU'LRVFI'Q
6LHOWUHVGDGDODLPSOLFDFLRQFXELFDGHQRWDXQDGLPHQVLRQVROLGDVXVWDQFLDOUHDOFRPSOHWD\HQWHUD
YHU(:%XOOLQJXHU&RPRHQWHQGHU\H[SOLFDUORVQXPHURVGHOD%LEOLDHG&OLH7HUUDVVD
%DUFHORQDSHOTXHXQVLVWHPDGHQWURGHOOHQJXDMHDSRFDOLSWLFRVHDGLYLGLGRHQWUHVSDUWHV
VLJQLILFDTXHVHGHVWUX\HHVDGLPHQVLRQHVSDFLDO\QRTXHGD\DQDGDGHORTXHVHFDOLILFDEDFRPR
FRPSOHWRRHQWHUR<DQRH[LVWHDTXHOORFRQORTXHVHSHUPLWLDVHUDOJRUHDO
1RWHVHHOFRPLHQ]RGHWRGRFRPRIUXWRGHKDEHUODQ]DGRHVHMXLFLRFRQWUDHODLUHVHSURGXFHWRGDXQD
VHULHGHIHQRPHQRVUHODPSDJRVWUXHQRVYRFHV\XQWHUUHPRWRTXHOOHYDDODGHVWUXFFLRQGH%DELORQLD
\SRUORWDQWRODVLVODV\PRQWHVTXHGHSHQGLDQGHHOODVHYHQDOWHUDGRVGHVXHVWDWXV
<DKHPRVH[SOLFDGRODQDWXUDOH]DGHOWHUUHPRWR\VXFRQVHFXHQFLDPDVLQPHGLDWD3URIXQGLFHPRV"
&RPRDOJRODQ]DGRFRQWUDHODLUHSXHGHSURYRFDUODGHVWUXFFLRQGHXQDFLXGDGVLPEROLFDFRQ
UHSHUFXVLRQHVWDQSURIXQGDVHQORVUHLQRVPRQWHV\HQHOFRPHUFLRRHFRQRPLDLVODV"
6DEHPRVTXHHODLUHKDVLGRHVFRJLGRSRUHOPDOFRPRODVHGHGHODSRWHVWDGPDOLJQDFI(I
'HDKLTXHHOHVSDFLRDHUHRKD\DTXHGDGRFRPRUHSUHVHQWDWLYRGHHVHSRGHUPDOLJQRFI$S
(OMXLFLRGLYLQRFRQWUDHODLUHLGHQWLILFDDORVSRGHUHVHVSLULWXDOHVPDOLJQRV\ORVSDUDOL]D
VLQTXHSXHGDQLQVSLUDU\QXWULUDOD%DELORQLDFRQVLJXLHQGRVXGLYLVLRQ'LRVHVWDVDFDQGRDUHOXFLU
WRGRDTXHOORTXHREOLJDDFDPELRVSURIXQGRV\UDGLFDOHVHQODKXPDQLGDG/D%DELORQLDHQHVWDSODJDVH
KDTXHGDGRGHVHFKDSRUTXH'LRVDVLORKDELDHVWDEOHFLGR(QHOSURFHVRGHGHVWUXFFLRQGHOD%DELORQLD
FRQWRGRORTXHLPSOLFDVHFRPSOHWDHQHVDSODJDHOTXHSXHGDFXPSOLUVHHOVHUGHYRUDGD\TXHPDGDHQ
HOIXHJR$SFI'LRVFRQVLJXHTXHDTXHOORTXHKDELDVLGRFUHDGR\PDQLSXODGRSRUOD
RULHQWDFLRQHLQVSLUDFLRQPDOLJQDTXHGHHYLGHQFLDGRFRPRWDOSRUODJUDQSUHGLFDFLRQTXHHQODHSRFD
DQWHULRUDODFDLGDGHODVSODJDVGHODQJHOSRGHURVRGH$SRFDOLSVLVVHUHDOL]DFI$S
6HKDGHVHQPDVFDUDGRDOD%DELORQLD\'LRVORXWLOL]DHQHOODQ]DPLHQWRGHHVWDSODJDFRQWUDORTXH
UHSUHVHQWDODVHGHGHORVHVSLULWXVGHPRQLDFRV\GHDFXHUGRDOSODQGH'LRVOD%HVWLDPHGLDQWHORTXH
UHSUHVHQWDQORVFXHUQRV\TXHHQFDUQDHQHOUHLQRSROLWLFRODVGLUHFWULFHV\SODQHVGHO0DOLJQR
FXPSOHODVHQWHQFLDGLYLQD$SFIHOTXHOD%DELORQLDSLHUGDVXXQLGDG\FRKHUHQFLDFRQ
TXHKDELDSUHWHQGLGRDJUXSDUDXQDSOXUDOLGDGGHFUHGRVHLGHRORJLDVUHOLJLRVDVTXHGDEDQRULHQWDFLRQH
LQWHJUDFLRQDODSROLWLFDPXQGDQDO
$KRUDFRPSUHQGHPRVPHMRUODDFWXDFLRQGHO'UDJRQGLULJLHQGRDOD%HVWLD\DO)DOVR3URIHWDHQOD
VH[WDSODJD(O'UDJRQVHHVWDGDQGRFXHQWDGHTXHOD%HVWLD\HO)DOVR3URIHWDVHHVWDQYLHQGRREOLJDGRV
SRUODDFWXDFLRQGHORVMXLFLRVGLYLQRVDFXPSOLUFRQHOGHVLJQLRGH'LRVGHTXHGHVWUX\DQDOD%DELORQLD
PLVWLFDFI$S(VHSURFHVRGHGHVWUXFFLRQWLHQHXQDFXOPLQDFLRQHQODVHSWLPDSODJD(O
0DOLJQRHVWDLQWHQWDQGRVXVWLWXLUODVPHQWLUDVGHOD%DELORQLDSRUODVGHGHPRQLRVOLWHUDOHVFI$S
TXHLQVSLUDQHQHVDXOWLPDKRUDGHODWLHUUDDORVJREHUQDQWHVGHODWLHUUDTXHFRQVXVSODQHV
GHILQLWLYDPHQWHVHGHFLGLHURQFRQWUD'LRV\VX3XHEOR
/DDFFLRQGH'LRVGHDFXHUGRDXQSODQSURJUDPDGRFRQODSODJDVHYLVXDOL]D'HDKLTXHHPSOHHHO
WHUPLQRUHODPSDJRFRPRVLPERORHQ$SRFDOLSVLVVHDFRPSDQDDOUHODPSDJRFRQODYR]$S
DILQGHLQGLFDUHOFDUDFWHULUUHVLVWLEOH\XQLYHUVDOGHODDFFLRQGH'LRVFI([6DO

(OWUXHQRFRQTXHVHDFRPSDQDDUHODPSDJR\DODYR]VLUYHFRPRYR]GH'LRVTXHWUXHQDVXDQXQFLR
FI6DOD6DP-REFI-Q\TXHDOXQLUVHDOUHODPSDJR\DODYR]FI6DO
QRVHSUHWHQGHRWUDFRVDTXHHQIDWL]DUODH[WHQVLRQGHODDFFLRQGLYLQDVXYLDELOLGDG\
FRQFUHFLRQ
(OWHUUHPRWRFRQVHFXHQFLDGHODDFFLRQGLYLQD\TXHVHLGHQWLILFDVXQDWXUDOH]DSRUHOREMHWLYR
UHVXOWDQWH GHVWUXFFLRQGHOD%DELORQLDVLELHQSXHGHGDUOXJDUDWRGRXQWUDVWRUQRTXHSXHGHLUGHVGH
HOHVWUHPHFLPLHQWRGHODVHQWUDQDVGHODWLHUUDKDVWDHOWUDVWRUQRJHQHUDOGHODVFRVDV\GHOPXQGRSROLWLFR
\VRFLDOFI$SDTXLFI$SVHWUDWDGHODFRQPRFLRQGHODVIXHU]DVHVWDEOHFLGDV
GHXQDWUDQVIRUPDFLRQGHORUGHQSROLWLFR\VRFLDOUDGLFDO$SFI6DO3URYVV
+DJHRFI$SSRUHOTXHODVQDFLRQHVH[SHULPHQWDQXQFDPELRHQODHVWUDWHJLD
LGHRORJLFDPRWLYDGRSRUODGHVDSDULFLRQGHODVGLUHFWULFHVGHOD%DELORQLD
/DVFRQVHFXHQFLDVGHOWHUUHPRWRFRQWUDORTXHVLPEROL]D\UHSUHVHQWD%DELORQLDVHSUR\HFWDQWDPELHQ
FRQWUDORVPRQWHV\WRGDLVOD$S
(OTXHVHXWLOLFHXQDH[SUHVLRQFRPRTXHWRGDLVODKX\RPXHVWUDWRGDYLDPDVHOFDUDFWHUILJXUDGR\OD
QHFHVLGDGGHTXHORUHGX]FDPRVDILQGHHQFRQWUDUODUHDOLGDGGHORTXHUHSUHVHQWD(OWHUPLQRLVOD
DGHPDVGHVXYDORUJHRJUDILFROLWHUDOVHXWLOL]DFRPRUHSUHVHQWDWLYRGHOFRPHUFLR,VD(]T
VV&XDQGRVHQRVQDUUDPDVH[WHQVDPHQWHORVXFHGLGRDOD%DELORQLDODVFRQQRWDFLRQHV
ILJXUDGDVGHODPHUFDGHULDLGHRORJLFDTXHKDELDYHQGLGRDODVJHQWHVHVWDQHQODEDVHGHOGHVDVWUHTXH
UHVXOWDGHODVSODJDVRMXLFLRVTXH'LRVHQYLDDHVWHVLVWHPDGHPDOGDG$S(VDLGHRORJLD
SROLWLFRUHOLJLRVDTXHVHYLQFXODILJXUDWLYDPHQWHFRQHOPHUFDQWLOLVPRYDGHVGHDVXQWRVGHSROLWLFD
HFRQRPLFD\VRFLDOKDVWDORVLGHDULRVUHOLJLRVRVTXHFRQWLHQHQSULQFLSLRVQRUPDWLYRVPRUDOHV\
HVSLULWXDOHVTXHLQIOX\HQHQHOFRPSRUWDPLHQWRSROLWLFR\FLYLFR3HURTXHDKRUDSRUPHGLRGHOMXLFLR
GLYLQRPDQLIHVWDGRHQODSODJDVHGHVFXEUHQFRPRQRFLYRVHLQWUDVFHQGHQWHVSDUDORVSUREOHPDVTXHKD
GHHQIUHQWDUOD%HVWLD\HO)DOVR3URIHWD<HOXVRGHQDYHVHQHOPDU$SHQHOOHQJXDMH
DSRFDOLSWLFRFI$SWLHQHXQPDUFDGRYDORUVLPEROLFR\UHSUHVHQWDWLYR(OPDUVLPERORGHJHQWHV\
QDFLRQHVFRQWLHQHQDYHVVLPERORGHFRQGXFFLRQHQHVHPDUGHJHQWHV6HWUDWDGHUHSUHVHQWDUDOD
XWLOL]DFLRQGHODLGHRORJLDFRQGXFWRUDGHODSDUWHGLULJHQWHRFRQGXFWRUDGHODPXFKHGXPEUHKXPDQD
'HQWURGHODQDUUDFLRQDSRFDOLSWLFDHVWRVVLJQLILFDGRVWLHQHQVHQWLGRSXHVWRTXHVHPH]FODHOVLPEROLVPR
\ODVUHDOLGDGHVHQHOPLVPRUHODWRDILQGHD\XGDUHQODFRPSUHQVLRQGHOPHQVDMHGHXQWHUPLQR
GHWHUPLQDGRRGHXQFRQMXQWRQDUUDWLYRFRPHUFLDQWHVPHUFDGHUHVFRQVXVPHUFDGHULDV\QHJRFLRV$S
MXQWRDODVQDYHV\HOPDUGRQGHVHHQFRQWUDEDLQVWDODGDOD%DELORQLD$S
/RVPRQWHVRUK$SQRFROLQDVERXQRMFI/FHVORTXHVLJQLILFDUHLQRV
$SFI$S
(VWDDFWXDFLRQGH'LRVFRQWUD%DELORQLD\VXVHQWRUQRVVHWUDGXFHHQODFDLGDGHPRQWHVUHLQRV\
SHUGLGDGHOOXJDUGHODVLVODVODDFWXDFLRQSUHIHUHQFLDOGHPHUFDGHRSROLWLFRUHOLJLRVR\HFRQRPLFRFI
$S\FRPRVLKXELHUDFDLGRJUDQL]RFRQWUDORVKRPEUHVFI$S(VHYLGHQWHTXHHO
OHQJXDMHVLJXHVLHQGRILJXUDGR6HQRVHVWDRIUHFLHQGRORTXHKDVXSXHVWRHVDSODJDFRQWUD%DELORQLD8Q
JUDQL]ROLWHUDOGHHVHWDPDQRFRQWUDORVKRPEUHVQRGDULDSDUDTXHGHVSXHVSXGLHUDQSURWHVWDU
EODVIHPDQGR(OSURIHWDXQDYH]PDVFRQRFHOD3DODEUDGH'LRV\VDEHHPSOHDUORVWHUPLQRVDGHFXDGRV
(OVDOPLVWDXWLOL]DQGRHOSDUDOHOLVPRSRHWLFRKHEUHR6DOQRVKDEODGHOWUXHQRGH'LRVGDQGRD
HQWHQGHUTXHVHR\RVXYR]\ORFRPSDUDFRQHOJUDQL]R\FDUERQHVDUGLHQWHV/RVSURIHWDVDQWLJXRVXVDQ
ODDFFLRQGH'LRVFRPRVLIXHUDJUDQL]RFI,VD(]TWRPDQGRFRPREDVHODSODJD
FRQWUDHO)DUDRQ([(OGLFFLRQDULRUHFRJHODDFHSFLRQILJXUDGDGHJUDQL]RUHILULHQGRVHDOD
PXFKHGXPEUHGHXQDFRVD'LRVKDGLULJLGRXQDDFFLRQTXHDJUXSDWRGDXQDVHULHGHDVXQWRVFRQWUD
%DELORQLD(OGHVHQPDVFDUDU\FRQGHQDUD%DELORQLDKDVXSXHVWRODSUHVHQWDFLRQGHSUXHEDV\HO
GHVFXEULPLHQWRGHORVPDOHVTXHHVWDKDRFDVLRQDGRDOPXQGR+DVWDHOSXQWRGHTXHHVDFRQFHSFLRQ
PXQGDQDOTXHVHKDELDEHQHILFLDGRKDVWDHQWRQFHVVHYHREOLJDGDHQODVSHUVRQDVTXHKDQDVXPLGROD
GLUHFFLRQDOLGDG\ODDXWRULGDGHQODKLVWRULDDUHFKD]DUODDGHVQXGDUODDDERUUHFHUODDTXHPDUODFI
$S8QDPXFKHGXPEUHGHFRVDVXQDJUDQL]DGDGHSUXHEDVDFXVDFLRQHVMXVWLILFDGDVORV
SHUMXLFLRVRFDVLRQDGRVORVUHVXOWDGRVTXHPXHVWUDQORVPDOHVGHXQDLGHRORJLDTXHQRKDIDYRUHFLGRDO
VHUKXPDQRVRQFRPRXQJUDQL]RGHSHVRGHXQWDOHQWR\VHODQ]DFRQWUDORPDVUHSUHVHQWDWLYRGHORV
KRPEUHVTXHGHILHQGHQ\KDQDFHSWDGRDOD%DELORQLDSURYRFDQGRVXGHVWUXFFLRQVXH[LVWHQFLDFRPRWDO
 /RVFRPSOHPHQWRVGHO$S
$KRUDHQHOFDSLWXORVHQRVGDQPDVGHWDOOHVGHHVDEDWDOODGHO$UPDJHGRQFI
(O&RUGHURDSDUHFHFRPRHO9HUERGH'LRV5H\GHUH\HV\6HQRUGHVHQRUHVHO)LHO\HO9HUGDGHUR
\YHQFHGHILQLWLYDPHQWHDOD%HVWLD\DO)DOVR3URIHWDTXHUHSUHVHQWDQDORV
SRGHUHVGHHVWHPXQGRTXHKDQFRQYHQFLGRSDUDVXFDXVDLGHRORJLFDDPXOWLWXGHVGHKRPEUHVVLUYLHQGR
FRPRSURWRWLSRGHWRGDODGXUDFLRQ\DFWXDFLRQGHOD%HVWLD\GHORTXH\GHORVTXHIRUPDQSDUWHGH
HOODDWUDYHVGHOWLHPSR(VHOSHQXOWLPRDFWRGHO'UDPDMXGLFLDOGHO$SRFDOLSVLV
0LHQWUDVTXHORVHMHUFLWRVGHJHQWHVGHODVQDFLRQHVTXHOD%HVWLD\HO)DOVR3URIHWDKDQGRPLQDGR\
GLULJLGRVRQGHVWUXLGRVOD%HVWLD\HO)DOVR3URIHWDVLPERORVUHSUHVHQWDWLYRVGHODLGHRORJLD
FRQWUDULD\RSXHVWDDODGHO*RELHUQRR5HLQRGH'LRVVRQFRQILQDGRVHQXQHVWDQTXHGHIXHJRFRPR
HYLGHQFLDGHVXLQHILFDFLDHLQH[LVWHQFLD\GHODLPSRVLELOLGDGGHTXHSXHGDQYROYHUDWHQHUYLGD
6LQHPEDUJRDO'UDPDOHIDOWDQGRVSDJLQDV(O-XLFLRXOWLPRWLHQHTXHDFDEDUFRQHORULJLQDGRUGHO
0DODVXSURSLDILORVRILDTXHKDHQJHQGUDGR\GDUVXPHUHFLGRDVXVDSR\RV\DGHPDVFRPSUREDUVHHO
FXPSOLPLHQWRGHODVSURPHVDV'LYLQDVSDUDORVTXHDFHSWDURQORVSULQFLSLRVGHO5HLQRGH'LRVTXHQR
VRQRWUDFRVDTXHORTXHHOKRPEUHKXELHUDGLVIUXWDGRVLQRVHKXELHVHLQWURGXFLGRHOSHFDGRHQHO
PXQGR
(QHIHFWRHOFDSLWXORQRVUHILHUHDO'UDJRQHQFDGHQDGRHQHODELVPRGHHVWDWLHUUD'HELGR
DTXH\DQRSXHGHWHQWDUDODVQDFLRQHVSXHVWRTXHKDQTXHGDGRGHVWUXLGDVFRQODYHQLGDGHO5HLQRGH
'LRVHQODSHUVRQDGH-HVXFULVWR$SFI'Q$S\ORVUHVXFLWDGRVHQ&ULVWRKDQ
>@
VLGRDUUHEDWDGRVDO&LHORD7HVFI$S $QWHODSURPHVDGHODUHVXUUHFFLRQ
WDQWRGHORVMXVWRVFRPRGHORVLPSLRVFI-QORVPXHUWRVHQ&ULVWRKDQUHVXFLWDGRDOPRPHQWR
GHOUHWRUQRGH-HVXFULVWR$SFI-QD7HVD&RUPLHQWUDV
TXHORVLPSLRVORKDUDQWUDVXQHVSDFLRWHPSRUDOTXHVHDEUHGHVSXHVGHODVHJXQGD9HQLGDGH
>@
-HVXFULVWRGHQRPLQDGRDSRFDOLSWLFDPHQWHGHPLODQRV (VHQWRQFHV
DSDUWLUGHORVOODPDGRVPLODQRVTXHVHGDODSULPHUDHVFHQDGHOXOWLPRDFWRHODWDTXH
GHO2ULJLQDGRUGHO0DOMXQWRDORVLPSLRVUHVXFLWDGRVHQODVREUHHQWHQGLGDVHJXQGDUHVXUUHFFLRQ
FRQWUDOD1XHYD-HUXVDOHQSSODTXHYHLD-XDQLUGHVFHQGLHQGRVREUHODWLHUUDGHVFULWRHO
DWDTXHFRQWHUPLQRVHVFRJLGRVGHODJHRJUDILD\YLGDWHUUHVWUH
$TXLVHQRVDILUPDODH[WLQFLRQWRWDOWDQWRGH6DWDQDVFRPRGHORVTXHKDELDQH[SHULPHQWDGROD
UHVXUUHFFLRQ$SFI(]T+E
(QXOWLPDLQVWDQFLDODLGHRORJLDGHO0DOUHSUHVHQWDGDVLPEROLFDPHQWHSRUHOQRPEUHGHDTXHOTXHOR
RULJLQRHVODQ]DGRDOODJRGHIXHJRGRQGHHVWDQORVRWURVGRVVLPERORVGHO6LVWHPDGH0DOGDG
WHUUHVWUHOD%HVWLD\HO)DOVR3URIHWD$STXHULHQGRVHQRVGHFLUTXHODSUXHEDGHOWRUPHQWR
TXHVXSRQHHOODJRGHIXHJRTXHORGHVWUX\HWRGRVLUYHSRUORVVLJORVGHORVVLJORV\DQXQFDMDPDVOD
LGHRORJLDGHO0DOKDUDVXDSDULFLRQSRUFXDQWRVXVRULJLQDGRUHV\ODSURSLDFRUULHQWHILORVRILFDTXH
LQYHQWDURQKDQVLGRGHVWUXLGRV
<SRUILQHO&DQWLFRHQHOPDUGHYLGULRTXH\DKDWHQLGRVXSUROHJRPHQRGXUDQWHHO0LOHQLR
&HOHVWLDO$SFIVHHWHUQL]DHQODQXHYDXELFDFLRQGHXQD7LHUUDUHQRYDGD$S
\SUHSDUDGDSDUDWDOHIHFWRSRU'LRVODPXHUWHHOGRORU\ODHQIHUPHGDG\DQRH[LVWLUDQPDV(O
&RUGHUR\VX3DGUHFRPRUHSUHVHQWDQWHPD[LPRGHOD'HLGDGVRQODVILJXUDVFHQWUDOHVGHORVUHGLPLGRV
(O5HLQRGH'LRVUHSUHVHQWDGRHQVXFDSLWDOOD1XHYD-HUXVDOHQ&HOHVWLDOVHHVWDEOHFHGHILQLWLYDPHQWHHQ
OD7LHUUDQXHYD
 (OTXHGDWHVWLPRQLRGHHVWDVFRVDVGLFH&LHUWDPHQWHYHQJRHQEUHYH$PHQVLYHQ6HQRU-HVXV
$S
 (O0LOHQLR%DVHVGHOD+LVWRULDGHO%LHQ\ILQGHOD+LVWRULDGHO0DO
>@
'HVSXHVGHORVVXFHVRVKLVWRULFRVGHVFULWRVXQDYH]TXHOD6HJXQGD9HQLGDGH-HVXFULVWRVHKD
SURGXFLGR\VXSXHEORWDQWRHOUHVXFLWDGR^D&RU`FRPRHOFROHFWLYRYLYRFXDQGR(OYLHQH
^D&RUFID7HV`KDVLGROOHYDGRDXQOXJDUGHOOODPDGR&LHORFID7HV
ODWLHUUDTXHGDGHVLHUWDGHKDELWDQWHV$SFIFRQYLUWLHQGRVHHQHO
DELVPRGHO$GYHUVDULRGH'LRV$S
(O0LOHQLRHVWDMXVWLILFDGRGHQWURGHXQDFRUULHQWHLGHRORJLFDGHQHFHVDULDUHIOH[LRQTXHLPSULPHHO
SODQGH'LRV*LUDGDQGRVHQWLGR\YDORUDODVSDODEUDVGH-HVXV-QFI-QFI
>@
D7HV HQUHIHUHQFLDDGRVUHVXUUHFFLRQHVODGHDTXHOORVTXHKDQUHVXFLWDGRHQ
RFDVLRQGHVX6HJXQGD9HQLGD\YLYHQUHVXFLWDGRVFRQVDJUDGRVDO5HLQRGH'LRVGXUDQWHHVH0LOHQLR
$SVLQODSRVLELOLGDGGHH[SHULPHQWDUODVHJXQGDPXHUWH$SFI\ORV
>@
TXHODPHQWDEOHPHQWHUHVXFLWDQGHVSXHVGHWUDQVFXUULGRHO0LOHQLR$S
/DLQWURVSHFFLRQGHORVVDOYRVJLUDVREUHHODPRU\PLVHULFRUGLDGH'LRV6HOHVKDUHVWDEOHFLGRGH
QXHYRDODYLGDFRQORTXHTXHGDFODURTXHODH[LVWHQFLDVLQILQQRGHSHQGHGHDOJRSURSLRVXEVWDQFLDO
VLQRGHPDQWHQHUVHILHOHVDXQDUHODFLRQFRQHORULJHQGHWRGDYLGD(VDUHODFLRQKDVLGRUHFXSHUDGD\
PDQWHQLGDSRUORTXHHO0HVLDVKDREWHQLGRSDUDHOORVODLQPRUWDOLGDG3HURQRVHWUDWDGHXQD
LQPRUWDOLGDGTXHOHVFRQILHUDGHPRGRLQPDQHQWHVLQRFRPRIUXWRGHSUHVHUYDUOHVGHODPXHUWH\GHO
PDOHQXQFRQWH[WRGRQGHVHOHVSURYHH\HQVHQDFRQVWDQWHPHQWHDSHUPDQHFHUILHOHVDODUHODFLRQFRQ
'LRV1RKD\REVWDFXORVGHQLQJXQDFODVHDILQGHTXHSRUHOSRGHUGHOD3DODEUDODYLGDHWHUQDVH
HWHUQLFHSDUDHOORV(OKHFKRGHTXHQRKD\DDOPDVLQPRUWDOHVTXHSXOXOHQHQXQSXUJDWRULRRHQXQ
LQILHUQRVLQRFDGDYHUHVUHSUHVHQWDWLYRVGHHQWHVSHUVRQDOHVHQODVWXPEDVGHXQDWLHUUDTXHWRGDYLDQRKD
VLGRGHPROLGDGHILQLWLYDPHQWH\TXHVHOHVGDODSRVLELOLGDGGHYLVXDOL]DUFRPRHQXQDSHOLFXODOD
KLVWRULDSHUVRQDOGHHVRVQRUHVXFLWDGRVWRGDYLDPLHQWUDVYLYLHURQFI$SSSOHVFRQILUPDHO
YDORUGHODYLGDHWHUQDGRQDGD
3HURHO0LOHQLRHVODVLWXDFLRQ\SRVLFLRQTXHVHPDQWLHQHDILQGHSRGHUFRQRFHUWRGRORTXHQRVHKD
SRGLGRFRQRFHUFI+E+D\PXFKRVTXHVRQGHFODUDGRVVDOYRVGHODHSRFDGHO$QWLJXR
7HVWDPHQWRTXHQRFRQRFLHURQDO0HVLDVPDVTXHUHODWLYDPHQWH<RWURVWDQWRHQHVDHSRFDFRPRHQOD
TXHVHOOHYDDFDERHO1XHYR7HVWDPHQWR\VHGDDFRQRFHUTXHQRWXYLHURQXQJUDGRGHFDSDFLGDGFRPR
FRQVHFXHQFLDGHODVOLPLWDFLRQHVTXHODVFRQVHFXHQFLDVGHOSHFDGRRFDVLRQDURQ<FXDOHVTXLHUDRWURV
TXHSUHFLVDQGHXQPD\RUHQWHQGLPLHQWRGHODVDFWXDFLRQHVGLYLQDV7RGRVQHFHVLWDQILMDUFRQFODULGDG
PHULGLDQDTXHODDFFLRQGH'LRVWDQWRSDUDORVLPSHQLWHQWHVFRPRSDUDHOORVPLVPRVMXVWLILFDHODPRUOD
PLVHULFRUGLD\ODMXVWLFLDGLYLQD
(OKHFKRGHTXHVHOHVGHDXWRULGDGSDUDMX]JDUVHLPSOLFDWRGDXQDUHIOH[LRQ\SURIXQGL]DFLRQHQHO
SODQGH'LRV\HQODVKLVWRULDVGHFDGDXQDGHODVSHUVRQDVTXHVHOHVSHUPLWHDQDOL]DU\FRQRFHU(V
GHFLUHVSUHFLVRORJUDUFRQXQDQDWXUDOH]DVLQSHFDGR\ODLGHRORJLDGLYLQDXQDLQPXQLGDGTXHSURWHJH
UHVSHFWRDODSRVLELOLGDGGHUHFXHUGRVQHJDWLYRVRFDVLRQDGRVSRUHOSHFDGR/DREUDFHOHVWLDOGHO0HVLDV
HQHO6DQWXDULRKDFRQVLVWLGRPHGLDQWHODLQWHUFHVLRQEDVDGDHQVXREUDVXILFLHQWHSOHQDHLUUHSHWLEOH
WHUUHVWUHHQDSOLFDUHQFDGDYLGDHOYDORUTXHWLHQHODREUDWHUUHVWUH\FHOHVWHHQFXDQWRDQRGHMDUVH
GRPLQDUSRUHOSRGHUGHOSHFDGRHOTXHQRDSDUH]FDHOREVWDFXORGHXQDFRQFLHQFLDFXOSDEOHHQIRUPD
SHUPDQHQWH\ODHOLPLQDFLRQGHOSHFDGRGHODQDWXUDOH]DKXPDQDHQRFDVLRQGHODVHJXQGD9HQLGDGH
-HVXFULVWRD&RU5P$KRUDHQODRULHQWDFLRQGHXQDSURIXQGL]DFLRQVLQLJXDO
JXLDGDSRUODPLVPD'HLGDGVHGHVFDUWDODSRVLELOLGDGGHILMDUFXDOTXLHUUHFXHUGRQHJDWLYRFRQORTXH
VHKDFHSRVLEOHHOFXPSOLPLHQWRGH,VDLDV\$SRFDOLSVLVFI$STXHUHJLUDSDUDODWLHUUD
QXHYDTXHVHLQDXJXUDUDGHVSXHVGHO0LOHQLR
'XUDQWHHO0LOHQLR6DWDQDVHVWDDWDGR$SVRORD3HG-GFI$S6H
WUDWDGHHVWDUDWDGRDQRSRGHUKDFHUQDGDTXHQRVHDHOVHUIRU]DGRDUHIOH[LRQDUVREUHVXFRQGLFLRQ"
'RQGHHVWDVXSRGHU""'RQGHVXRULJHQ\QDWXUDOH]D""1RVHFUHLD'LRV""1RKDELDSHQVDGRSRVHHUHO
PLVPRSRGHUTXHORTXHVHOODPDED'LRV&UHDGRU""3RUTXHQRSXHGHGHVKDFHUVXVLWXDFLRQ
GHVIDYRUDEOHFRQWUDULDDVXREMHWLYR\TXHOHSRVWUDDODLQDQLFLRQPDVDEVROXWDWDQWDGHTXHQRSXHGH
UHSRQHUVHSDUDFRQWLQXDUHQVXREUDU"
3UHFLVDWLHPSRVXILFLHQWHDILQGHGHVPRQWDUODILMDFLRQREVHVLYDGHVHUFRPR'LRV$OILQDOWUDVXQD
DXWRFULWLFDVHULD\SURIXQGDGHFRPSUREDFLRQGHTXHQRSXHGHVDOLUSRUQLQJXQSRGHUVHFRQYHQFHGHVX
LPSRWHQFLDHLQFDSDFLGDGGHFULDWXUDFDLGD
1RWHVHFRPRHOYDORUGHODDWDGXUD\GHODGHVDWDGXUDWLHQHFRPRSXQWRGHUHIHUHQFLDHOQRSRGHU
KDFHURKDFHUODIDHQDDODTXHKDELDHVWDGRFRQVDJUDGRGHVGHVXILMDFLRQGHFUHHUVH'LRVPLHQWUDVHVWD
DWDGRQRVHOHLPSOLFDHOSRGHUWHQWDUDODVHWQLDVSRUFXDQWRQRKDQUHVXFLWDGRUHFXHUGHVHORVTXH
HVWDEDQYLYRVVLQKDEHUDFHSWDGRD-HVXFULVWRHQRFDVLRQGHVX6HJXQGD9HQLGDPXHUHQ\ORVTXH
HVWDEDQPXHUWRVVLQKDEHUFRQRFLGRSOHQDPHQWHD'LRVHQ-HVXFULVWRSRUPHGLRGHO(VSLULWX6DQWR
LQWHJUDGRHVHQFLDOPHQWHHQOD3DODEUDUHVWDQHQODVWXPEDVSHURDKRUDXQDYH]TXHUHVXFLWDQORVTXHQR
KDELDQH[SHULPHQWDGRODUHVXUUHFFLRQSULPHUD$SDOFDERGHHVRVDQRVVHQRVGLFHTXH
6DWDQDVHVVXHOWRGHVXSULVLRQ$SVLPXOWDQHDPHQWHDODUHVXUUHFFLRQGHORVRWURVPXHUWRV
0XHUWRVTXHQRVRQGHORVGLFKRVRVTXHH[SHULPHQWDQHOYLYLU\UHLQDUFRQ&ULVWRGXUDQWHORV
DQRVFI(VWRVUHVXFLWDGRVGHVSXHVGHORVDQRVGHPXHVWUDQTXHODVHJXQGDPXHUWHWLHQH
SRGHUVREUHHOORVSRUFXDQWRVRQFRQYHQFLGRVSRUHO0DO\GHVWUXLGRVPRVWUDQGRXQD
YH]PDVVXQRDUUHSHQWLPLHQWR
>@
/DGHVWUXFFLRQHWHUQDGHO0DO
(O7RUPHQWRSDUD6LHPSUHMDPDVGHO'LDEORGHOD%HVWLD\HO)DOVR3URIHWD$S
>@
7HQHPRV\DWUD]DGRODFRPSUHQVLRQGHHVWHWH[WRXQDYH]DQDOL]DGRHOGH$SRFDOLSVLVD
+HPRVHVWDGRLQGLFDQGRFRQQXPHURVRVHMHPSORVTXHHOSDUDVLHPSUHRSHUSHWXDPHQWHRORTXHVHWUDGXFHDYHFHVSRUHWHUQRSRGLD
HVWDUDOXGLHQGRQRDXQSURFHVRWHPSRUDOVLQRDXQFRQWHQLGRTXHYDORUDHOUHVXOWDGRGHILQLWLYR7DPELHQKHPRVYLVWRTXHQRQHFHVDULDPHQWH
WHQLDTXHHQWHQGHUVHFRPRODSURORQJDFLRQGHOWLHPSRVLQILQVLQRTXHSRGLDWHQHUOLPLWHGHDFXHUGRDXQDVFRQGLFLRQHVFLUFXQVWDQFLDOHV\GHO
OHQJXDMHYDPRVDHVSHFLILFDUHVWHDVXQWRXQSRFRPHMRU
/RV WHUPLQRV TXH VH XWLOL]DQ HVSHFLDOPHQWH SDUD H[SUHVDU OD HWHUQLGDG R HO SDUD VLHPSUH HVRODP HQ KHEUHR WDPELHQ QHWVDM OHQHWVDM
QHWVDMLPHQHO1XHYR7HVWDPHQWRDLRQ
/RVDXWRUHVGHXQFRPHQWDULRFDWROLFRDO1XHYR7HVDPHQWRQRVDGYLHUWHQ
6LQHPEDUJRODSDODEUDKHEUHDRODPDLRQHQJULHJRWLHQHXQVHQWLGRDPSOLRHQKHEUHR\JHQHUDOPHQWHVLJQLILFDXQODUJRODSVRGH
>@
WLHPSR!! 
>@
(VWRHVWDVXVFULWRSRUORVGLIHUHQWHVLQVWUXPHQWRVGHWUDEDMRVREUHHOJULHJRGHO1XHYR7HVWDPHQWR
>@ >@
(Q WRGRV HOORV VH GHVWDFD TXH HO WHUPLQRDLRQ SXHGH UHIHULUVH WDQWR D XQ WLHPSR OLPLWDGR FRPR LOLPLWDGR  9LQH  LQGLFD TXH
DLRQLRVGHVFULEHGXUDFLRQ\DLQGHILQLGDSHURQRVLQILQ
(VHOHVWXGLRDPSOLRGHOFRQWH[WRORTXHOHVKDOOHYDGRDORVDXWRUHVDUHIOH[LRQDUVREUHHOYDORUGHOWHUPLQRHQFXHVWLRQ3HURORTXHGHFLGH
HOVHQWLGRGHOWHUPLQRLQFOXVRFXDQGRVHHPSOHDHQIRUPXODVHQIDWLFDVFRPRHLVWRXVDLRQDVWRQDLRQRQHVHOSXQWRGHUHIHUHQFLDKDFLDOR
TXHVHGLULJHODIUDVHTXHFRQWLHQHHOWHUPLQRDLRQ(VGHFLUVLODUHIHUHQFLDHV'LRVFX\DYLGDQRVHDFDED\HVGHVGHVLHPSUHHVDSURSLDGR
>@ >@
WUDGXFLU SRU OD HWHUQLGDG SHUR QR OR VHULD VL D OR TXH FDOLILFD R VHQDOD QR HV GH QDWXUDOH]D HWHUQD  *HVHQLXV  GLFH VREUH2ODP
HTXLYDOHQWHDODLRQGHO17
/RTXHVHOODPDHOWHUPLQXVDGTXHPVHGHILQHVLHPSUHSRUODQDWXUDOH]DGHODFRVDPLVPD
>@
+*0RXOH
(ODGMHWLYRDLRQLRVWLHQGHDPDUFDUODGXUDFLRQHQFXDQWRDORTXHODQDWXUDOH]DGHODPDWHULDORSHUPLWH
7RGRGHSHQGHGHOREMHWRHQFXHVWLRQDOTXHVHDSOLFDHOYRFDEORDLRQRODIRUPXODHQIDWLFDORTXHGHWHUPLQDUDXQVHQWLGRWHPSRUDO
DEUHYLDGRRVLQILQRSXUDPHQWHDOJRTXHKDWHQLGRRWLHQHXQUHVXOWDGRHWHUQRTXHVLUYHSRUODHWHUQLGDGTXHVXVFRQVHFXHQFLDVVRQSDUD
VLHPSUHVLQTXHH[LVWDSURFHVRWHPSRUDODOJXQR
/D VXSRVLFLRQ GH TXH 6DWDQDV OR PLVPR TXH FLHUWRV VHUHV KXPDQRV SRVHHQ DOJR LQGHVWUXFWLEOH KD OOHYDGR D DOJXQRV D WUDGXFLU
LQFRUUHFWDPHQWHHQHOVHQWLGRGHWLHPSRLOLPLWDGR6LQHPEDUJRODV(VFULWXUDVQRVH[SUHVDQTXH6DWDQDVIXHFUHDGR\SRUORWDQWRQRSRVHHOD
LQPRUWDOLGDGLQQDWDHQHOVHQWLGRGHTXH'LRVQRSXHGDGHVWUXLUOH6XSHUPDQHQFLDHQXQDH[LVWHQFLDSHUVRQDOVLQILQQRSXHGHEDVDUVHHQVX
QDWXUDOH]D 1R REVWDQWH HO VHQWLGR GH HLV WRXV DLRQRV WRQ DLRQDV QR YD D GHSHQGHU FRPR YHUHPRV GH TXH FDOLILTXH D 6DWDQDV FRPR
SHUVRQDVLQRDORTXHVLJQLILFDODFRQGLFLRQ\VLWXDFLRQGHOOODPDGRFROHFWLYR'LDEOR%HVWLD\)DOVR3URIHWDFXDQGRHVVRPHWLGRDODSUXHED
GHOPHWDOWRUPHQWR
8QDYH]DFODUDGRVHVWRVSRUPHQRUHVFRPSUREHPRVHOFRQWHQLGRGH$SRFDOLSVLV
6HGLFHTXHHO'LDEORIXHODQ]DGRHQHO/DJRGH)XHJRHQHOPLVPROXJDUTXH\DHVWDEDQGHVGHHOUHWRUQRGH&ULVWRGXUDQWHXQRVPLO
DQRVDQWHVOD%HVWLD\HO)DOVR3URIHWDFI$S(VHYLGHQWHSDUDODFRPSUHQVLRQGHHVWHWH[WRDGHPDVGHWHQHUHQFXHQWDWRGROR
TXHKDVWDDTXLVHKDGLFKRTXHQRSHUGDPRVGHYLVWDHOOHQJXDMHILJXUDGR\IXHUWHPHQWHVLPEROLFRTXHVHXWLOL]DHQHVWHPRPHQWR(QHIHFWR
WDQWROD%HVWLDFRPRHO)DOVR3URIHWDQRVRQSHUVRQDVFRQFUHWDV\OLWHUDOHVVLQRVLVWHPDVGHPDOGDGTXHKDQVLGRFUHDGRVSRUHO0DOLJQR/D
LGHRORJLDGHO0DOWHQGHQFLRVD\FDSFLRVDJHQHURHQODWLHUUDXQDUHSUHVHQWDFLRQFDVLH[DFWDGHODSHUVRQLILFDFLRQGHO0DO
(O0DOQRHVFRPRVHORLPDJLQDQODVJHQWHVVLQRXQDHVSHFLHGHPH]FODGHOREXHQR\ORPDORGHORFRUUHFWRHLQFRUUHFWRIXVLRQDGR
WRGRHQXQDDPDOJDPDDQWLQDWXUDOSHURVXILFLHQWHPHQWHDWUDFWLYDFRPRSDUDKDFHUVXFXPELUDFDVLWRGRHOPXQGRFUHDGRSRU'LRVFI$S
\WRGRSDUDFRQVHJXLUXQREMHWLYRGHVKRQHVWRODJREHUQDELOLGDGGHO8QLYHUVR(OSODQGHHVWDFULDWXUDDQJHOLFDRULJLQDOPHQWHSULYLOHJLDGD
FI(]THVGHVEDQFDUD'LRVGHVX*RELHUQRR5HLQR3DUDHOORKDSUHWHQGLGRGHPRVWUDUTXHVXVRSFLRQHVVRQPHMRUHVTXHODVGH
>@
'LRV 1R KD WHQLGR LQFRQYHQLHQWH SDUD ORJUDUOR TXH PHQWLU \ PDWDU -Q   \ FUHDU D WUDYHV GH ODV HGDGHV XQ1XHYR 2UGHQ
0XQGLDOTXHKDLGRSURJUHVDQGRGHQWURGHXQSURFHVRGLQDPLFRKDVWDDOFDQ]DUORVPRPHQWRVDFWXDOHV
/RFLHUWRHVTXHLQGHSHQGLHQWHPHQWHGHVXH[LVWHQFLDSHUVRQDOVHFRQYLUWLRHQODUHSUHVHQWDWLYLGDGGHOPDOSRUH[FHOHQFLDKDVWDHOSXQWR
TXHHQVXQRPEUHVHUHFRJHHQVHQWLGRILJXUDGR$SWRGRORTXHODVRWUDVKXHVWHVDQJHOLFDV$SFI(IH$S
GHVDUUROODURQEDMRVXLQVSLUDFLRQ\WRGDODPDOGDG\SHUYHUVLRQTXHH[LVWHHQHOPXQGRHQHOTXHHOSXGRSUR\HFWDUVXLGHRORJLD\
SODQPDOHYROR$SFI$S
( OHVSLULWX GH PDO TXH UHLQD HQ HO PXQGR WHUUHVWUH \ KXPDQR GHO TXH QRV KDEOD 3DEOR (I   \ GHO TXH QRV WUDVPLWH -XDQ HQ HO
$SRFDOLSVLVFRQLPDJHQHVFDUJDGDVGHPHWDIRUDV\GHILJXUDVQRVSUHVHQWDQDXQ6DWDQDVVXSHUDGRSRUVXSURSLDREUDPDOLJQDVLHQGRHVWD
GHXQDGLPHQVLRQHVSLULWXDOWDQDPSOLDTXHHVSUHFLVRGHVWUXLUMXQWRDVXVFUHDFLRQHVPDVSDUHFLGDVDHOODGHOD%HVWLD\HO)DOVR3URIHWD$S
 FI     ^FI  `  D 7HV   'H WRGR HVWR VH GHVSUHQGH TXH HO WHUPLQR 'LDEOR TXH DSDUHFH HQ$SRFDOLSVLV
QR HV OD SHUVRQD GH 6DWDQDV VLQRHO VLPEROR GHO 0DO JHVWDGR SRU OD ODERU 6DWDQLFD TXH H[FHGH D VX SURSLD SHUVRQDOLGDG
UHSUHVHQWDGDILJXUDWLYDPHQWHSRUHOWHUPLQR'LDEOR9HDPRVHVWRXQSRFRPDVGHFHUFD
3ULPHUR OD %HVWLD \ HO )DOVR 3URIHWD QR VRQ SHUVRQDV SDUWLFXODUHV VLQR VLVWHPDV GH PDOGDG FUHDGRV SRU HO 0DOLJQR UHSUHVHQWDQGROH
YLVLEOHPHQWHHQODWLHUUD(QHVRVVLPERORVVXE\DFHWRGDXQDLGHRORJLDTXHDWUDYHVGHODKLVWRULDFI$S^FI'Q
`KDHVWDGRLPSHUDQGRHQHOPXQGRWHUUHVWUHHQFRQWUDSRVLFLRQDODLGHRORJLDGLYLQDR*RELHUQRGH'LRVR5HLQRGH'LRV&XDQGR
&ULVWRYXHOYHHQVXVHJXQGD9HQLGD$SREVHUYHVHTXHOD%HVWLD\HO)DOVR3URIHWDVRQDSUHVDGRV\ODQ]DGRVDO/DJRGH)XHJR$S
$TXLQRVHHFKDDQLQJXQDSHUVRQDHQSDUWLFXODUVLQRDODLGHRORJLDGHORVUHLQRVGHHVWHPXQGR\VLVWHPDVIDOVRVUHOLJLRVRVLQFOXLGRV
HQHVRVUHLQRVGHHVWHPXQGRSHURTXHHVSUHFLVRHVSHFLILFDUVLPEROL]DGRVSRUOD%HVWLDORVSRGHUHVGHHVWHPXQGRTXHDWUDYHVGHODKLVWRULD
LPSRQHQXQDLGHRORJLDGLVWLQWD\RSXHVWDDO*RELHUQRR5HLQRGH'LRV\HO)DOVR3URIHWDUHSUHVHQWDDOVLVWHPDIDOVRUHOLJLRVRTXHKDWHQLGRXQ
SURWDJRQLVPRHVSHFLDOHQHOXOWLPRWLHPSR'DQGRQRVDHQWHQGHUTXHHO/DJRGH)XHJRDFDEDGHILQLWLYDPHQWHFRQXQRVVLVWHPDVTXHWHQLDQHO
SURSRVLWRGHPDUFDUXQDVGLUHFWULFHVRSXHVWDVDO*RELHUQRGH'LRVR5HLQRGH'LRV'HDKLTXHHQODVHJXQGDUHVXUUHFFLRQODGHORVLPSLRV
$SQRDSDUH]FDQHQORVHMHUFLWRVGHO'LDEOR
/RVLQGLYLGXRVSDUWLFXODUHVTXHKDQIRUPDGRSDUWHGHODLGHRORJLDWUDVPLWLGDSRUORVUHLQRVGHHVWHPXQGR\RVLVWHPDVIDOVRVUHOLJLRVRVOD
%HVWLD \ HO )DOVR 3URIHWD VRQ GHVWUXLGRV HQ HVD VHJXQGD 9HQLGD  \ VRQ UHVXFLWDGRV SDUD FRQGHQDFLRQ FI -Q  XS GHVSXHV GH
WUDQVFXUULGRXQWLHPSRSRVWHULRUDODVHJXQGD9HQLGDGH-HVXFULVWRGHQRPLQDGRPLODQRV
6HJXQGR DO 'LDEOR \D VH OH KDELD YLVWR KDFLHQGR XQ FRQMXQWR FRPSDFWR FRQ OD %HVWLD \ HO )DOVR 3URIHWD \ VLPEROLFDPHQWH GHVFULWR HQ
RFDVLRQGH$SRFDOLSVLVLQVWDQWHVSUHYLRVDOUHWRUQRGH-HVXFULVWRFI
7HUFHUR6DWDQDVXQDYH]WUDQVFXUULGRHVHWLHPSRGHQRPLQDGRPLODQRVSRVWHULRUDO5HWRUQRGH-HVXFULVWRHQVXVHJXQGD9HQLGD
HQJDQDGHQXHYRDORVLPSLRVTXHKDQUHVXFLWDGRGHDFXHUGRDOSODQSUHYLVWRSRU'LRV\XQDYH]SDVDGRHVHWLHPSRGHQRPLQDGR0LO
DQRVWRGRVLQFOX\HQGRHOTXHORVGLULJLDODSHUVRQDGH6DWDQDV\ODVGHVXVDQJHOHVVRQDQLTXLODGRVFRQVXPLGRVSRU
HO)XHJRFID3HG(VWRHVWDFRUURERUDGRSRUOD%LEOLDTXHQRVGLFHGH6DWDQDVTXHVHULDGHVWUXLGR+EGHMDQGR
GHVHUSDUDVLHPSUH(]T^WUDVODILJXUDGHO5H\GH7LUR>(]TVV@DSDUHFHHO$QJHO/X]EHO`
&XDUWR'HDKLTXHORTXHVHDUURMDFRQODVRWUDVGRVILJXUDVVLPEROLFDVOD%HVWLD\HO)DOVR3URIHWDTXHUHSUHVHQWDQVLVWHPDVWHUUHVWUHV
GHPDOGDGQRHV6DWDQDVTXH\DKDVLGRGHVWUXLGR$SVLQRVX6LPERORODLGHRORJLDGHO0DOTXHVXSHURDOSURSLR0DOLJQROOHQDQGRWRGD
ODWLHUUD\SDUWHGHO8QLYHUVR(O0$/VXGLPHQVLRQVXSODQWHDPLHQWRVXVSULQFLSLRVVXVLVWHPDWL]DFLRQVXVFRQVHFXHQFLDVUHODWLYDVDOGRORU
\DOVXIULPLHQWRVXJRELHUQRRSXHVWRD'LRVUHSUHVHQWDGRVLPEROLFDPHQWHFRQHOQRPEUHGHOTXHOHGLRRULJHQ\H[WHQVLRQHVDUURMDGRDO)XHJR
HWHUQR GRQGH VXIUHQ HQ HO LQVWDQWH GH XQ GLD OD H[SUHVLRQ KHEUHD GLD \ QRFKHOD SUXHED GHO PHWDO HO WRUPHQWR HYDOXDWLYR GHO IXHJR
LQVXSHUDEOHGLFLHQGRQRVTXHVRPHWLGRVDOLQVWUXPHQWRGHFRPSUREDFLRQDOWRUPHQWRGHVHUDWRUPHQWDGRV^SDVDUSRUODSUXHEDGHOIXHJR`
QRODUHEDVDURQ\SRUORWDQWRHVWDQFRQGHQDGRVDSHUPDQHFHUHQHO/DJRGH)XHJRTXHHVODPXHUWHVHJXQGDODGHVWUXFFLRQGHILQLWLYD^$S
 XS  XS SRU ORV VLJORV GH ORV VLJORV SDUD VLHPSUHHWHUQDPHQWH (V GHFLU VX FRQGLFLRQ \ VLWXDFLRQ GH GHVWUXFFLRQ R DQLTXLODFLRQ HV
HWHUQDSDUDVLHPSUHQDGDQLQDGLHSRGUDUHYHUWLUWDOUHVXOWDGR6XFRQGLFLRQGHDQLTXLODPLHQWRHVLUUHYHUVLEOH1XFDMDPDVYROYHUDQDH[LVWLU
>@
)LJXUDWLYDPHQWHHO'LDEOR\DGHVWUXLGR$S TXHHQVXSDODEUDUHXQHODFRQFHSFLRQGHO0DOFRPRVLPERORGHOHQJDQR\GH
ODPHQWLUDIXHODQ]DGRDOODJRGHIXHJRSDUDSDVDUSRUODSUXHEDGHOPHWDO WRUPHQWRMXQWRDOD%HVWLDVLPERORGHOVLVWHPDGHPDOGDG
WHUUHVWUH\HO)DOVR3URIHWDVLPERORGHOVLVWHPDUHOLJLRVRWHUUHVWUHIDOVRHQHOXOWLPRWLHPSR'DQGRQRVDHQWHQGHUTXHHQHOOHQJXDMHILJXUDGR
TXHGHVFULEHODSHUPDQHQFLDHQHOODJRGHIXHJRPHGLDQWHHOWRUPHQWRRSUXHEDGHOPHWDORPHWRGRGHHYDOXDFLRQVHQRVTXLHUHWUDVPLWLUTXH
HVRVVLVWHPDVKDQTXHGDGRFRQILQDGRVHQXQIXHJRTXHORVGHVWUX\HSDUDVLHPSUH
>@
(O UHIRUPDGR SURWHVWDQWH $ $QWRPDUFKL'RULD  HQWUH RWURV FRLQFLGH FRQ OD LGHD GH OD DQLTXLODFLRQ GH DTXHOORV TXH UHFKD]DQ OD
VDOYDFLRQ
/DPXHUWH\HOVHSXOFURKDGHVPRUDGDGHORVPXHUWRVFXDQGRKD\DGHYXHOWRWRGRVORVPXHUWRVVXIXQFLRQVHKDEUDWHUPLQDGRORV
PXHUWRVVHUDQDQLTXLODGRVSXHVHOODJRGHIXHJRGHVLJQDODVHJXQGDPXHUWHRPXHUWHGHILQLWLYD!!
>@
(O DU]RELVSR DQJOLFDQR :LOOLDP 7HPSOH  H[SOLFDED HO PRWLYR SRU HO TXH FLHUWRV WHRORJRV DFHSWDQ XQ VXIULPLHQWR VLQ ILQ LQIOLJLGR SRU
'LRV
8QDFRVDSRGHPRVGHFLUFRQFRQILDQ]D(OWRUPHQWRHWHUQRGHEHVHGHVFDUWDGR6LORVKRPEUHVQRKXELHUDQWRPDGRODQRFLRQJULHJDQR
ELEOLFDGHODLQGHVWUXFWLELOLGDGQDWXUDOGHODOPDGHOLQGLYLGXR\OXHJROHLGRHO1XHYR7HVWDPHQWRFRQHVHFRQFHSWR\DHQVXVPHQWHVKDEULDQ
H[WUDLGRGHHO>GHO1XHYR7HVWDPHQWR@XQDQXHYDFUHHQFLDQRHQHOWRUPHQWRHWHUQRVLQRHQODDQLTXLODFLRQ(VDOIXHJRTXHVHOROODPD
DHRQLDQHWHUQRQRDODYLGDTXHVHODQ]DDHO!!
/D7LHUUD1XHYD\HO&LHOR1XHYR
8QD7LHUUDQXHYD\XQ&LHORQXHYRDSDUHFHQ5HDOHVQRFRPRODILORVRILDPDU[LVWDWRPDQGR
ODWHUPLQRORJLDELEOLFDQRVSURPHWLD/RVTXHVHKDELDWRPDGRHQVHULRDO0HVLDV\ORVTXHVLQ
FRQRFHUORPDQLIHVWDURQHQVXFLUFXQVWDQFLDUHFRQRFHUOHGHDFXHUGRDVXFDSDFLGDG\SRVLELOLGDGTXHQR
VHHQFXHQWUDQGHQWURGHODSRVLFLRQVRPEULDTXHQRVGHVFULEH$SRFDOLSVLVFI\TXH
-HVXFULVWRKDSRGLGRGLJQLILFDUORVFRPRSDUDHVWDUHQHO/LEURGHOD9LGD$SUHVXFLWDURQHQ
RFDVLRQGHVX6HJXQGD9HQLGDWUDQVIRUPDGRVHQXQDQDWXUDOH]DVLQSHFDGRFID&RUSDUD
H[SHULPHQWDUSOHQDPHQWHHOSDFWRFHOHVWLDO+EFI$S\GHHVWHPRGRVHUHQVHQDGRV
FRQXQDQDWXUDOH]DVLQSHFDGRDUHLQDUFRQ-HVXFULVWRDFRPSUHQGHUOLEUH\YROXQWDULDPHQWHWRGDODREUD
FUHDGD\UHGHQWRUDGH'LRV
/D1XHYD-HUXVDOHQ&HOHVWLDOHVHO7DEHUQDFXORGH'LRVGRQGHFRPLHQ]DXQDQXHYDSOHQD\FRPSOHWD
UHODFLRQFRQ'LRV$S(O$UEROGHODYLGDYXHOYHDSDUHFHUFRPRXQDUHDOLGDGWHPSRUDO\
>@
HVSDFLDO(VQHFHVDULRFDGDPHV WRPDUGHO$UEROGHOD9LGDSDUDH[SHULPHQWDUODLQPRUWDOLGDG
FRQVHJXLGDSRU-HVXFULVWR\UHFRUGDUSHUPDQHQWHPHQWHTXHHVDLQPRUWDOLGDGIXHREWHQLGDSRUVXYLGD
LPSHFDEOH\PXHUWHH[SLDWRULDV(VDH[SHULHQFLD\SURIXQGL]DFLRQOOHQDUDQOHFFLRQHVFRQWLQXDVGHO$PRU
GH'LRVHQ-HVXFULVWR
8QD7LHUUDDWUDEDMDU\DGLVIUXWDUFRQHOFRPSDQHULVPRGHOD'HLGDGSRUWRGDODHWHUQLGDG
PDQLIHVWDGDHQXQWLHPSR\HVSDFLRFHOHVWLDO
 &RQFOXVLRQ
/DDXWRDILUPDFLRQHVSLULWXDOIUHQWHDODYDFLHGDGFRQTXHVHSXHGHOOHJDUFRPRFRQVHFXHQFLDGHOD
SUHVHQWDFLRQGHODQDGDVHDOFDQ]DULDFXDQGRODSHUVRQDWLHQHDOJRTXHUHFRUGDUUHVSHFWRDOIXWXUR
&XDQGRODSHUVRQDHVFDSD]GHFRPSUREDUORVWUD]RVKLVWRULFRVFXPSOLGRVTXHODDSRFDOLSWLFDPRVWUDED
GHVGHDQRVDQWHVGH-HVXFULVWR\TXHVHFRPSOHPHQWDHQXQDOLQHDDFRUGHHQHO$SRFDOLSVLVGH-XDQ
\YLYHVXH[LVWHQFLDSHQGLHQWHGHOFXPSOLPLHQWRGHORTXHHOTXHGLULJHOD+LVWRULDQRVDILUPDHVD
SHUVRQDQRVXFXPEHDQWHODDQJXVWLDGHODQDGDTXHSUHWHQGHFRQILJXUDUVHHQWRGDH[LVWHQFLDTXHQRWLHQH
SURPHVDV\HVSHUDQ]DILMDGDVHQODPHQWH
&XDQGRODSHUVRQDH[SHULPHQWDHOGRORURVXIULPLHQWRFRWLGLDQR\QRKD\QDGDTXHOHDVHJXUHVX
GHVDSDULFLRQRFXDQGRODLQMXVWLFLDTXHFRQOOHYDODSURSLDH[LVWHQFLDQRVHUHVXHOYH\WHPDFKDFD
FRQWLQXDPHQWH\QRWLHQHXQUHIHUHQWHHQTXHFRQILDURFXDQGRODIDOWDGHFDULQRRODSUHVHQFLDGHOD
LQFRPSUHQVLRQVHKDFHQRWDUHOTXHVHSDVTXHKD\XQ'LRVTXHVHWHUHYHODTXHHVFRQVFLHQWHGHWX
VLWXDFLRQ\VDOHDOHQFXHQWURDILQGHTXHFRQR]FDVODKLVWRULDDQWLFLSDGDPHQWH\VHWHPDQLILHVWD
PHGLDQWHVX5HLQRVX*RELHUQRSULQFLSLRVLGHRORJLFRVTXHLQFLGHQHQWXKLVWRULD\HQODKLVWRULD
XQLYHUVDOQRFDEHGXGDTXHEURWDHODJUDGHFLPLHQWR\VHLQVWDODSHUPDQHQWHPHQWHODHVSHUDQ]D\OD
FRQILDQ]D
+D\XQVHQWLGRGHOD+LVWRULD\XQDUD]RQGHVHU3HURKD\GRV+LVWRULDV
/DXQDQRWLHQHHQFXHQWDODYROXQWDGGH'LRVVHKDGHMDGRWUDVFHQGHUSRUHO0DOKDOOHJDGRDOOLPLWH
GHVXSRVLELOLGDGHOGHLQWHQWDUDOFDQ]DUXQDXQLGDGDILQGHREWHQHUXQDJREHUQDELOLGDGPXQGLDOFRQHO
REMHWLYRGHSHUSHWXDUODH[LVWHQFLDVREUHODWLHUUD+HPRVH[SOLFDGRFRQYHQLHQWHPHQWHHVDKLVWRULD
KXPDQDTXHQRWLHQHHQFXHQWDHQWRGRD'LRV6HKDJXLDGRSRUDTXHOORTXHOHWUDVFLHQGH$YHFHVFLHUWRV
VHUHVKXPDQRVVHKDQGHMDGRJXLDUSRUORTXHFRQRFLDQGHO'LRVTXHVHUHYHOD\KDQREWHQLGR
EHQGLFLRQHVHQODPDQHUDGHFRQFHELUODJREHUQDELOLGDG\HOPRGRGHLPSDUWLUMXVWLFLD3HURHQOD
PD\RULDGHODVRFDVLRQHVHOVHUKXPDQRGHHVDKLVWRULDVHKDGHMDGRWUDVFHQGHUSRUHO0DO(VH0DO
SUR\HFWRGHVGHHORULJHQGHODKXPDQLGDGXQYHKLFXORGHDSRVWDVLDDOTXHVHIXHURQLQFRUSRUDQGRWRGRV
DTXHOORVTXHVXFXPELDQDQWHODLQVSLUDFLRQHLQIOXHQFLDGHO0DO'HQWURGHHVDLQIOXHQFLDVHFUHDURQ
FROHFWLYRVKXPDQRVTXHKLFLHURQVXUJLUFRQODLQVSLUDFLRQGHO0DO&DEH]DV\&XHUQRVVLVWHPDVGH
SRGHU\PDOGDGDFWLYDGRVFXDQGRHOJRELHUQRKXPDQRRODDXWRULGDGVHGHMDQWUDVFHQGHUSRUHO0DO
FX\DVUDLFHVHVWDEDQHQOD%HVWLDRULJLQDQGRVHXQDGLUHFFLRQDOLGDGFRQVLVWHQWHHQPDUFDUODPDUFKDGH
ODKLVWRULDPHGLDQWHORTXHLPSOLFDED\VLJQLILFDEDOD$XWRULGDGVXSUHPD\HOREMHWLYRQXQFDFRQVHJXLGR
GHOD8QLGDGPXQGLDO/RVGLULJHQWHVGHHVRVSRGHUHVUHSUHVHQWDWLYRVHQOD%HVWLDSUR\HFWDEDQHQOD
KLVWRULDHOKDEHUUHFLELGRSRUSDUWHGHO'LRVGHHVWHPXQGROD$XWRULGDG6XSUHPDSDUDFXPSOLUOD
PLVLRQGHODXQLGDGJOREDORPXQGLDO'DORPLVPRODQDWXUDOH]DGHOJRELHUQRKXPDQRTXHKD\DSRGLGR
H[LVWLUPRQDUTXLFRDEVROXWLVWDRFRQVWLWXFLRQDOGHPRFUDWLFRRGLFWDWRULDOHOFRPHWLGRVLHPSUHVHULDHO
PLVPRDTXHOORGRQGHVHPDQLILHVWDHOKDEHUUHFLELGROD$XWRULGDGVXSUHPDVHFRQVLGHUDUDGRWDGRSDUD
XQDPLVLRQGLYLQDTXHKDFHSURJUHVDUDODKLVWRULDHQODGLUHFFLRQ\VHQWLGRTXHKHPRVH[SXHVWR
/DRWUD+LVWRULDWLHQHHQFXHQWDODYROXQWDGGHO'LRVTXHVHUHYHODODFRPSDUWHFRQORVGHODRWUD
+LVWRULDDILQGHTXHODFRQR]FDQ\VHWUDVODGHQDHOODORVTXHTXLVLHUDQ6HWUDWDGHOD+LVWRULDGHO5HLQR
GH'LRVGHO*RELHUQRGH'LRVFX\DUD]RQGHVHUHVODGHFRPSDUWLUFRQHOVHUKXPDQR6XLGHRORJLD6X
PDQHUDGHSHQVDU\GHVHUFRQODILQDOLGDGGHTXHVHDGVFULEDQDGLFKRJRELHUQR\VHVDOYHQ(VOD
+LVWRULDTXHSUHWHQGHH[SRQHUHOVHQWLGRGHODUHEHOLRQGHOVHUKXPDQRIUHQWHD6X&UHDGRUODV
FRQVHFXHQFLDVWUDJLFDVTXHVHGHULYDURQGHGLFKDUHEHOLRQ\HOSODQGHDPRU\PLVHULFRUGLDTXH'LRV
SURJUDPDMXQWRDO0HVLDV-HVXV
 (OILQGHODKLVWRULDKXPDQDQRVHUDFRPR)XNX\DPDLQWHQWDEDGDUQRVDFRQRFHU(OILQGHODKLVWRULD
FRQRFHUDGRVHWDSDVFODUDPHQWHGLIHUHQFLDGDV/DXQDGHFUHDFLRQSXUDPHQWHPXQGDQDTXHKDGHVRLGRHO
SODQGHO'LRVHQ-HVXFULVWR6HUDHVWDSULPHUDIUXWRGHXQDFRDOLFLRQHQWUHODVIXHU]DVPDVSRGHURVDV
TXHKDQWHQLGRTXHYHUFRQODPDUFKDGHODKLVWRULD\FRQXQ2FFLGHQWHTXHRFXSDODKHJHPRQLDPXQGLDO
'HDFXHUGRDODVFRRUGHQDGDVKLVWRULFDV\DODGLUHFFLRQDOLGDGPDUFDGD(VWDGRV8QLGRV\HO3DSDGR
FRPRSULPHUDVSRWHQFLDVPXQGLDOHVHQFDGDXQDGHVXVDUHDVHLQYROXFUDGDVHQORVREMHWLYRVJOREDOHV
QHFHVDULRVSDUDODFRQWLQXLGDGGHOIXQFLRQDPLHQWRGHOPXQGRFXPSOHQHOFRPHWLGRLQWHJUDGR\GHVFULWR
HQODKLVWRULDDQWLFLSDGDGHODDSRFDOLSWLFDELEOLFD
(OVHQWLGRGHOD+LVWRULDVHJXQHOGHFLUGHDOJXQRVTXH\DKHPRVDOXGLGRHQRWURVOXJDUHVKDVLGR
>@
FRQIHFFLRQDGR\GLULJLGRSRUXQH[WUDQRSRGHUVREUHQDWXUDO (VWDRSLQLRQFRLQFLGHFRQOD3DODEUD
3URIHWLFDFXDQGRQRVRIUHFHGRVKLVWRULDVVLPXOWDQHDVODGHOD&UHDFLRQ\5HGHQFLRQGH'LRV\ODGHO
LQWUXVLVPRGHOD6HUSLHQWHDQWLJXDTXHVHOODPD'LDEOR\6DWDQDV\TXHLQWURGXFHODKLVWRULDGHODFDLGD
FX\RSURWDJRQLVPROROOHQDORTXHUHVXOWDHQXQDLQVSLUDFLRQSROLWLFRUHOLJLRVDTXHSDUWLHQGRGHO(GHQVH
SURSDJD\DPSOLDGHVGHODFXOWXUDEDELORQLFDKDVWDHOVLVWHPDKHUHGHURGHOLGHDULRLPSHULDO5RPDQR
&RQVWDQWLQLDQRKDELHQGRSDVDGRSRU(JLSWR3HUVLD*UHFLD\5RPDTXHHQJHQGUDVXKHUHGHUR
YDOLHQGRVHGHFLHUWDVSUHPLVDVTXHFRLQFLGHQFRQODFULVWLDQGDG
(VDGLUHFFLRQDOLGDGFRQVLVWHQWHHQLPSRQHUXQD$XWRULGDG6XSUHPDFDUJDGDFRQXQDLGHRORJLD
GHWHUPLQDGDTXHORJUHOD8QLGDGPXQGLDOKDOOHJDGRDVXILQ7RGRHOSURFHVRVHKDFXPSOLGR\ORV
REVWDFXORVKDQVLGRGHVSHMDGRV1XQFDKDELDFRLQFLGLGRODQHFHVLGDGGHOD8QLRQFRQHOSURSRVLWR
LQRFXODGRHQOD+LVWRULDGHGRPLQDUHOHVSHFWURPXQGLDO$XQTXHODVLQMXVWLFLDVVHGDUDQWRGRVH
FRQIRUPDUDSXHVWRTXHVHWUDWDGHODXOWLPDRSRUWXQLGDGSDUDFRQVHJXLUWDQDQRUDGRREMHWLYR\ODSURSLD
VXEVLVWHQFLDGHOSODQHWDTXHJLUDDOUHGHGRUGHORVLQWHUHVHVGHORVTXHGHWHQWDQHO3RGHUHFRQRPLFR
SROLWLFRUHOLJLRVR\PLOLWDU
+HPRVGHVFXELHUWRTXHHO3DSDGRTXHVXEVLVWHGHVGHODHSRFDURPDQD&RQVWDQWLQLDQDWXYRTXH
FRQILJXUDUVXSURSLDKLVWRULDFXOPLQDGDHQWUHVDFWRV(OXQRFRQODLQIDOLELOLGDG/DLQIDOLELOLGDG
HQFLHUUDODSUHWHQVLRQGHVHUHOMXH]GHODKLVWRULD'HTXHHOGRJPDTXHUHVXOWDGHODLQHUUDQFLDVXSHUD\
GHUURWDDODKLVWRULD(VWHIXHHOJULWRGHO&DUGHQDO0DQQLQJHQHODXODFRQFLOLDUFXDQGRHODWULEXWRGLYLQR
GHODLQIDOLELOLGDGTXHVHKDELDVREUHHQWHQGLGRTXHSRVHLDQORVURPDQRVSRQWLILFHVSRUVXV
GHFODUDFLRQHV\DFWXDFLRQHVDKRUDVHLQWHQWDEDTXHVHUHVKXPDQRVILQLWRVORWUDQVIRUPDUDQHQGRJPD
0DQQLQJGLMR
<DHVKRUDGHTXHODVSUHWHQVLRQHVGHODFLHQFLDKLVWRULFD\GHORVKLVWRULDGRUHVFLHQWLILFRVTXHGHQUHGXFLGRVDVXVYHUGDGHURVOLPLWHV
HOPDJLVWHULRGLYLQRHVVXSHULRUDWRGDKLVWRULDKXPDQDGHODTXHQRGHSHQGHHQPRGRDOJXQR

>@
HOGRJPDGHEHVXSHUDUDODKLVWRULDKDGHUURWDGRODKLVWRULD!!

<HORELVSRGH*LQHEUDGLMR
>@
/DLQIDOLELOLGDGOLEHUDDORVSXHEORVGHODKLVWRULD!!
"&RPRHVSRVLEOHXQDGHFODUDFLRQGHHVDQDWXUDOH]DFXDQGRHVSUHFLVRFRPSUREDUHQOD+LVWRULDHO
DFRQWHFLPLHQWRGHO0HVLDVTXHGDUDRULJHQDODKLVWRULDGHOD,JOHVLD"
/RVFRQWHQLGRVVREUHHO0HVLDVDQXQFLDGRVHQHO$QWLJXR7HVWDPHQWRXWLOL]DQHOYHKLFXORGHOD
+LVWRULDSDUDGDUQRVDFRQRFHUODLGHQWLGDGGHO0HVLDV\HOSRGHUUHFRQRFHUORHQOD+LVWRULDFXDQGR
DSDUHFLHUD/DYHUDFLGDGGHODVSDODEUDVGHO$QWLJXR7HVWDPHQWRUHVSHFWRDODYHQLGDGHO0HVLDVUHVWD
HQHQWUHGLFKRKDVWDTXHVHSXGLHUDFRPSUREDUVXFXPSOLPLHQWRHQOD+LVWRULD<HO1XHYR7HVWDPHQWR
FXDQGRDILUPDODUHDOL]DFLRQHQ-HVXVGH1D]DUHWGHODLGHQWLGDG\PLVLRQTXHVREUHHO0HVLDVVH
SURIHWL]DEDHQHO$QWLJXR7HVWDPHQWRQRVREOLJDDXQHVFUXWLQLRGHOD+LVWRULDUHVSHFWRDORTXHVH
GHVFULEHHQHOUHODWRHYDQJHOLFRVREUHHO0HVLDV-HVXVGH1D]DUHW<HVSUHFLVDPHQWHHVHDQDOLVLVHOTXH
QRVOOHYRDFRPSUHQGHUHOPRGHORGH,JOHVLDTXH-HVXFULVWRIXQGD\TXHFDUDFWHULVWLFDVGHEHULDQSRVHHU
VXVVHJXLGRUHVDILQGHFRQVLGHUDUOHVILHOHVDOLGHDULR\FRPRGHEHULDVHUHOFRPSRUWDPLHQWRDILQDORV
SULQFLSLRVGHO5HLQRGH'LRV'HHVWHPRGRDOFRQVXOWDUOD+LVWRULDTXHODVIXHQWHVGHO&ULVWLDQLVPRQRV
WUDHQGHVFXEULPRVODLPSRVLELOLGDGHLQFRPSDWLELOLGDGFRQFXDOTXLHUFRPSRQHQGDFRQODDXWRULGDG
(VWDWDO\PXFKRPHQRVSUHWHQGLHQGRSRVHHUXQDDXWRULGDGVXSUHPDVHDHVWDPRUDOHVSLULWXDORGH
FXDOTXLHURWUDLQGROHDILQGHGHLPSRQHUODRSURSRQHUODHQFRPELQDFLRQFRQHO3RGHUVHFXODU
8QDYH]TXHVHKDDFHSWDGRVHJXQHOVHQWLGRGHODVGHFODUDFLRQHVTXHHO&DWROLFLVPRRIUHFHHQFXDQWR
DTXHODLQIDOLELOLGDGOLEHUDGHODKLVWRULDVHSHUPLWHDOFDQ]DUHOVHJXQGRDFWRHOTXHQRVUHILHUHHO
RUJDQRRILFLDOGHOD,JOHVLD&DWROLFDHQ(VSDQD(FFOHVLDFXDQGRDILUPDUHVSHFWRDO3DSDGR
>@
-XDQ3DEOR,,DVXPHVXSDSHOGHLQWHUSUHWHGHODKLVWRULDKXPDQD!!
7RGRHVWRQRVPRVWUDULDGHVHUFLHUWRTXHQRORHVTXHODKLVWRULDQRSRGULDMX]JDUDO6LVWHPD3DSDO
<TXHFXDOTXLHUMXLFLRQHJDWLYRSRUPX\SUREDGRTXHHVWXYLHVHVLSXVLHUDHQGXGDVXPLVLRQRVX
QDWXUDOH]DRFRQWHQLGRLGHRORJLFRWDOFRPRHOLQWHUSUHWDHVWRVDVXQWRVHVWDULDHTXLYRFDGR
(VWDSUHWHQVLRQHVGHXQDQDWXUDOH]DTXHXQLFDPHQWHOD3DODEUD3URIHWLFDSXHGHLGHQWLILFDUODFRPR
HUURQHD6LQHPEDUJRHO5HLQRGH'LRVKDSHUPLWLGRTXHHOWUDQVFXUVRGHOD+LVWRULDVHDVXILFLHQWHPHQWH
HORFXHQWHFRPRSDUDDGYHUWLUDORVVHUHVKXPDQRVTXHORTXHHQFLHUUDXQVLVWHPDTXHSUHWHQGHH[FOXLUVH
GHVHUMX]JDGRSRUODKLVWRULDHQWRGDVXYHUWLHQWHQRPHUHFHVHUFRQVLGHUDGRGHHQWUDGDFRPR
SURYLQLHQGRGHO'LRVGHOD+LVWRULD6LGHMDPRVXQVRORLQVWDQWHGHFRQVLGHUDUOD+LVWRULDSRGULD
IDFLOPHQWHFRQIXQGLUQRVFXDOTXLHUIDVHHQODTXHODIXHU]DGHODVFLUFXQVWDQFLDVREOLJDDGLFKRVLVWHPDD
XQDDFWXDFLRQDFRPSDQDGDFRQFLHUWDVGHFODUDFLRQHVTXHOHSXHGHQKDFHUSDVDUIDFLOPHQWHFRPR
>@
FDPXIODGRHQORSRVLWLYRGHFLHUWDVDFFLRQHV\GLVFXUVRV (VLPSUHVFLQGLEOHWHQHUHQFXHQWDWRGD
ODKLVWRULDWDQWRODGHODVIXHQWHVGHO&ULVWLDQLVPRFRPRODVHFXODU/RVFRQWHQLGRVGHOD3DODEUD
3URIHWLFDXWLOL]DQWRGDXQDVHULHGHUHSUHVHQWDFLRQHV\VLPERORVSDUDLGHQWLILFDUDO3RGHUHQOD+LVWRULD
6HQRVSURYHHGHVXILFLHQWHVGDWRV\FDUDFWHULVWLFDVDILQGHFRPSUHQGHUFRQODKLVWRULDFXPSOLGDDTXLHQ
\DTXHVHOHHVWDVHQDODQGR&DGDJHQHUDFLRQGHFULVWLDQRVLQFOX\HQGRODXOWLPDVHOHGHVFULEHFRPR
WHQLHQGRTXHHQIUHQWDUGLYHUVDVWHQWDFLRQHVTXHVXUJHQGHO3RGHUUHSUHVHQWDGRHQODV%HVWLDV\HQORV
&XHUQRV3DUDFDGDPRPHQWRKLVWRULFRKD\GRVUHYHODFLRQHVHVSHFLDOHVDILQGHDIURQWDUHOSRVLEOHWHPRU
RDQJXVWLD1RVXFXPELUDODWHQWDFLRQGHFRPELQDUWHFRQHO3RGHURGHXVDUORTXHHYLGHQFLDULDOD
YLROHQFLD\ODLQMXVWLFLD6HUILHODORVSULQFLSLRVGHO*RELHUQRGH'LRVTXHHO(YDQJHOLRGHO5HLQRGHO
0HVLDVKDWUDLGR\SDUDHOORHO0HVLDVWHRIUHFHHOSRGHUGHO'LRVTXHVHUHYHOD
(O3DSDGRWLHQHPLHGRDVXKLVWRULDSRUHVRVHTXLHUHHULJLUHQLQWHUSUHWHGHODKLVWRULD3HURVLHVWDVH
GHVILJXUDVHRVHFRQWDUDGHPRGRGLVWLQWRDFRPRDFRQWHFLRWHQGULDPRVODRSRUWXQLGDGVLQRV
HMHUFLWDPRVHQFRQRFHUODGHLGHQWLILFDUORVSRVLEOHVHUURUHV(OGRJPDLQYHQWDGRGHODLQIDOLELOLGDGOH
RWRUJDXQSUHWHQFLRVRGHUHFKRWDPELHQLQH[LVWHQWHSHURTXHORXWLOL]DFRPRVLOHIDFXOWDUDSDUD
>@
GHVHQWHQGHUVHGHORTXHOHSXGLHUDDFXVDU\FRQGHQDU
(O3DSDGRQRKDFDPELDGR+DVWDXQWLHPSRUHFLHQWHKDVWDODGHFDGDGHOGHOVLJOR;;VHPDQWXYR
DQFODGRHQVXSRVLFLRQGHLQWUDQVLJHQFLDHLQWROHUDQFLDFRQWRGRORTXHHOORLPSOLFDGHQWURGHOD
LGHRORJLD\SURJUDPDGHVXVLVWHPD$SDUWLUGHO&RQFLOLR9DWLFDQR,,KHPRVGHPRVWUDGRTXHQRKXER
FDPELRVVXVWDQFLDOHVVLPSOHPHQWHVHYDULRHOOHQJXDMH\VHDGDSWRDORVQXHYRVWLHPSRV6LTXHULD
DFFHGHUDORTXHOD5HYROXFLRQ)UDQFHVDOHKDELDDUUHEDWDGRHUDSUHFLVRJHQHUDUXQDWDFWLFDQXHYD
SDUWLHQGRGHOLQPRYLOLVPRGRFWULQDOHLGHRORJLFR8QDJUDQSDUWHGHO3URWHVWDQWLVPRKDFDLGRHQVX
WUDPSD
 3RURWUDSDUWHORVSHRQHVGHO3DSDGRQXPHURVRVWHRORJRV\VDFHUGRWHVORVTXHWHQLDQTXHFRQWDFWDU
FRQRWURVGLULJHQWHVGHRWUDVGHQRPLQDFLRQHVQRFDWROLFDVKDELDQKHFKRXQDLQWHUSUHWDFLRQPX\GLVWLQWDD
ODTXHHO9DWLFDQR,,GDGHVL\KDQJHQHUDGRXQDSRVLFLRQFRQWUDULDDODTXHHO3DSDGRHVWDGLVSXHVWRD
UHFRQRFHUSHURKDHVWDGRVLUYLHQGRDODFDXVD&DWROLFR5RPDQDHQHOVHQWLGRGHTXHODGRFWULQDFDWROLFD
KXELHVHFDPELDGR\TXHSRUORWDQWRODXQLRQHVIDFWLEOH
(QFXDQGRDORVGHUHFKRVKXPDQRV\ODOLEHUWDGGHFRQFLHQFLD\DORYLPRVTXHVHKDDFHSWDGROD
WHUPLQRORJLD\TXHVHXWLOL]DSURSDJDQGLVWLFDPHQWHGHOPLVPRPRGRTXHODOLWHUDOLGDGGHFXDOTXLHU
FRQVWLWXFLRQGHPRFUDWLFDSHURHVSUHFLVRWHQHUHQFXHQWDTXHODFRQFHSFLRQGH/LEHUWDGHQOD,JOHVLD
&DWROLFD5RPDQDQRHVODTXHJHQHUROD5HYROXFLRQ1RUWHDPHULFDQD\)UDQFHVD(QHVWHDVSHFWRHV
SUHFLVRWHQHUPX\HQFXHQWDODVGHFODUDFLRQHVPDJLVWHULDOHV\FDQRQLFDVGHOD,JOHVLD&DWROLFD5RPDQD\
VHREVHUYDFRPR\DGHPRVWUDPRVGHDOJRPX\GLVWLQWRDXQDDXWHQWLFDOLEHUWDGGHFRQFLHQFLD/RTXHKD
VXFHGLGRHVTXHODKLVWRULDOHDUULQFRQRDQWHODVFXHUGDV\VHYLRREOLJDGDDUHFODPDUSDUDVXREMHWLYR
JOREDOHVD/LEHUWDGTXHFLYLOPHQWHFRQWUDVXYROXQWDGVHKDELDLPSXHVWRHQHOVHFWRUPDVGHVDUUROODGR
GH2FFLGHQWH\TXHHQQXPHURVRVOXJDUHVQLHOODPLVPDSRVHLDSDLVHVFRPXQLVWDVVHFWRUHVGRPLQDGRV
SRUOD,JOHVLD2UWRGR[D*ULHJDSDLVHVPXVXOPDQHV\FLHUWRVDIULFDQRV\DVLDWLFRV3HURFXDQGRORV
REMHWLYRVGH3RGHU\$XWRULGDGVXSUHPDVHKD\DQFRQTXLVWDGRHO3DSDGRQRSRGUDUHQXQFLDUDVX
KLVWRULDDODTXHOHPDUFDXQFRPSRUWDPLHQWRGHSRGHUDEVROXWRDXQFXDQGRVHDGPLWDXQFLHUWR
SOXUDOLVPRWHRORJLFR\XQFLHUWRVHQWLGRGHPRFUDWLFR\GHOLEHUWDGGHFRQFLHQFLD$HVDTXHFRPR
FRQVHFXHQFLDGHOGRJPDGHODLQIDOLELOLGDGFRQWUDGLFHDODYHUGDGHUDKLVWRULD3XHVWRTXHHOGRJPDGHOD
LQIDOLELOLGDGHVIUXWRGHXQDKLVWRULDTXHQRFRUUHVSRQGHDXQDUHDOLGDGYHUD](VDKLVWRULDTXHFROPDGD
GHDFRQWHFLPLHQWRVLQMXVWRV\FUXHOHVLPSLGHYHUODRWUD+LVWRULDODUHDOODTXHOHDFXVD\OHFRQGHQD\
VHQDODDHVHGRJPDFRPRGHRULJHQQRELEOLFR
8QHMHPSORGHHVWHWUDWDPLHQWRTXHRFXOWDODVYHUGDGHUDVLQWHQFLRQHVKLVWRULFDVFRQTXHHO3DSDGRVH
YHUDREOLJDGRDFHUUDUHOSHQXOWLPRFDSLWXORGHODKLVWRULDPXQGDQDHVHOOLEURGHO3DSD-XDQ3DEOR,,
>@
&UX]DQGRHO8PEUDOGHOD(VSHUDQ]D (VWRHVORTXHFRUUHVSRQGHDOWHUFHUDFWRHOVDEHU
PH]FODUWHPDVELEOLFRVGHXQPRGRDEVWUDFWRFRQHUURUHVFRQFUHWRV/DVDEVWUDFFLRQHVTXHVREUHHODPRU
ODYHUGDGH[SOLFDGRVGHXQPRGRJHQHUDORUHVSHFWRDODILJXUDGH-HVXFULVWRVLQTXHVHH[SUHVHXQ
FRPSURPLVRGRFWULQDOGHQRWDQXQDPDHVWULDVLQLJXDO3XHVWRTXHJHQHUDHQODPHQWHGHOOHFWRURGHO
R\HQWHTXHFXDOTXLHURWUDFRVDQRWLHQHLPSRUWDQFLD\TXHFRQORTXHVHHVWDH[SUHVDQGRHVVXILFLHQWH
$GHPDVORVHUURUHVDFRPSDQDGRVGHXQDWHRULDFULVWLDQDQRVHFRQWHPSODQFRPRVLHQGRWDQHUURUHV
(YLGHQWHPHQWH\QRWHQHPRVQLQJXQSXGRUHQDGPLWLUORTXHKDKDELGRSHUVRQDVFDWROLFDVGHWRGD
FRQGLFLRQ\HQFXPEUDPLHQWRTXHLQGLYLGXDOPHQWHKDQWHQLGRFRPSRUWDPLHQWRVVDQWRVFRUUHFWRV$QDOLVLV
WHRORJLFRVGHJUDQFDOLGDG\GHDFXHUGRDODYHUGDG7RGRVDTXHOORVTXHKDQTXHULGRLQVSLUDUVX
H[LVWHQFLDHQOD%LEOLDKDQGDGRUHVXOWDGRVSRVLWLYRV<KDKDELGRSDSDVTXHFRPRSHUVRQDVWDOFRPR\D
KHPRVLQGLFDGRHQRWURVOXJDUHVKDQPDQLIHVWDGRDFWLWXGHV\SDODEUDVSRVLWLYDVSDUDODKXPDQLGDG3HUR
WRGRHVWRYLVWRGHDFXHUGRDODVLQGLYLGXDOLGDGHV\DVXUHVSXHVWDSHUVRQDODODYROXQWDGGH'LRV
PDQLIHVWDGDHQOD5HYHODFLRQ3HURQDGDGHHVWRTXLWDXQDSLFHDODWUD\HFWRULDFUHDGDSRUHOUHJLPHQ
FDWROLFR&RQVWDQWLQLDQRDVXPLGRHQODKLVWRULDSRUHO3DSDGRFRPRVLVWHPD&XDQGRODSHUVRQD
IRUPDQGRSDUWHGHHVHVLVWHPDVHGHMDWUDVFHQGHUSRUHOTXHRULJLQDHLQVSLUDDHVHUHJLPHQ
&RQVWDQWLQLDQRDOTXHVHLQWHJURHORELVSDGRGH5RPDHQHVDWHPSUDQDIHFKD\DHVWXGLDGDHQVX
VLJQLILFDFLRQFXPSOHHOSUR\HFWRKLVWRULFRGHOTXHORRULJLQRHLQVSLURDODPDQHUDGHFXDOTXLHUDRWUDGH
ODVFDEH]DVRGHORVFXHUQRVGHOD%HVWLDDSRFDOLSWLFD
(O5HLQRGH'LRVHO*RELHUQRGH'LRVTXHVHKDPDQLIHVWDGRDWUDYHVGHODKLVWRULDHQFLHUWRV
PRPHQWRVFODYHVTXHOD3DODEUD3URIHWLFDGH'LRVQRVKDUHYHODGRKDFLHQGRQRVFRPSUHQGHUFLHUWRV
VXFHVRVKLVWRULFRV\TXHWXYRVXPD[LPDH[SUHVLRQHQRFDVLRQGHODSULPHUD9HQLGDGH-HVXFULVWRHVWDD
SXQWRGHUHYHODUVHSRUPHGLRGHOD6HJXQGD9HQLGDGH-HVXFULVWR
/D3DODEUD3URIHWLFDQRVLQGLFDEDTXHORVSULQFLSLRVGHO5HLQRGH'LRVHVWDEDQVLHQGRVDOYDJXDUGDGRV
SRUXQ5HVWRILHOOD,JOHVLDTXH-HVXFULVWROD'HVFHQGHQFLDGHOD0XMHU&HOHVWLDOVLPERORGHO5HLQR
GH'LRVKDELDGHMDGRHQOD7LHUUDFRPRUHSUHVHQWDQWHYLVLEOHGH(//DKLVWRULDGHHVWH5HVWRQR
FRUUHVSRQGHDODGHFLHUWDV2UJDQL]DFLRQHV3RGHURVDVTXHVHOODPDQ,JOHVLDV\TXHKDQWHQLGR\WLHQHQ
XQFRQWLQXRPRGXVYLYHQGLFRQHO(VWDGRXQDHVSHFLHGHDUUHJORVFRQHO(O5HVWRLEDDVHUSHUVHJXLGR
FRQVWDQWHPHQWHVDOYRXQSDUHQWHVLVHOGHOD%HVWLDTXH12(6YLHQGRVHREOLJDGRWDPELHQD
UHVJXDUGDUVHHQHOUHIXJLRTXHODSURYLGHQFLDOHSURYHH'XUDQWHHVHHVSDFLRGHOLEHUWDGVHFRQVHJXLULD
XQDPDQLIHVWDFLRQHVSHFLDOGHO(VSLULWX6DQWRFRQFUHWDGDHQXQDSUHGLFDFLRQVLQLJXDOGHOSXUR
(YDQJHOLRORVSULQFLSLRVGHO5HLQRGH'LRVGRQGHVHLQVWDDORVKRPEUHVDDFHSWDUOD6DOYDFLRQHQ
-HVXFULVWRHQHOFRQWH[WRGHO-XLFLRILQDO\GHODSUR[LPLGDGGHO5HWRUQRGH-HVXFULVWR$S(QOD
XOWLPDHWDSDGHODKLVWRULDKXPDQDHO5HVWRVHYHULDGHQXHYRHQIUHQWDGRDXQDGHVYDORUL]DFLRQ\
VHQDODPLHQWRFRPRVHFWDFRQODVFRQVDELGDVFRPSOLFDFLRQHVUHODWLYDVDOFRQILQDPLHQWRLGHRORJLFR\DO
SHOLJURGHOPDOWUDWRSVLFRORJLFR\ILVLFRWUDVHOIXHUWHSUHJRQTXHFRQJUHJDDPXOWLWXGHVTXHUHFRQRFHQ
OD9HUGDGSUHVHQWHVDOLHQGRGHOD%DELORQLDPLVWLFD$S6HWUDWDGHXQDSUHGLFDFLRQFRPR
\DYLPRVHQRWUROXJDUGHHVWDXOWLPDVHFFLRQXQLFDHQODKLVWRULD
&XDQGROD%HVWLDVXEHGHODELVPR$SSSFRQHOUHVXUJLUGHODTXHKDELDUHFLELGRODKHULGD
PRUWDO$SPHGLDQWHODYHUVLRQRFWDYDFDEH]DFISSFI\WRGRSRUOD%HVWLD
GHGRVFXHUQRVR)DOVR3URIHWDFI'LRVVHSRQHGHDFXHUGRHOTXHOD%HVWLD
HMHFXWHFRQORVUHQJORQHVWRUFLGRVDILQGHHVFULELUGHUHFKRSDUDFRQVX3XHEORODGHVWUXFFLRQGHOD
0XMHU%DELORQLFD$SFRQILJXUDFLRQSODVPDGDSRUHO'UDJRQHQODFLYLOL]DFLRQWHUUHVWUH(VH
FRQFLHUWRGLYLQRHYLGHQFLDODVLPXOWDQHLGDGFRQTXHHOSXHEORGH'LRVHQXQDQXQFLRXQLYHUVDOVLQ
SUHFHGHQWHVSUHGLTXHHLGHQWLILTXHODIDOVHGDGGHODLGHRORJLDVXVWHQWDGD\FRQILJXUDGDHQOD0XMHU
%DELORQLFD$S7RGRHVWRFRLQFLGLUDFRPR\DGLMLPRVFRQODFUHDFLRQGHODUHOLJLRQ
XQLYHUVDOFX\RVDUWLILFHVSULQFLSDOHVOD%HVWLDGHGRVFXHUQRVR)DOVRSURIHWD\OD%HVWLDSULPHUDHQ
VXYHUVLRQRFWDYDFDEH]DTXHHVGHHQWUHGHODVVLHWHRODTXHIXHKHULGDUHVWDXUDGDFRPELQDGDVHQXQD
XQLRQHVSHFLDOVHFRQYLHUWHQHQODUHIHUHQFLDRUHSUHVHQWDWLYLGDGGHHVDUHOLJLRQXQLYHUVDO
(QHVWHSURFHVRDSDUHFHXQHVSDFLRDPSOLRGHVHUHVKXPDQRVTXHFRQYLYHQHQGLIHUHQWHVUHOLJLRQHV
FRQGHQRPLQDFLRQFULVWLDQDRGHRWUDFODVHTXHHVWDQSDVDQGRXQDFULVLVGHGHVHVSHUDQ]D\GH
LQVHJXULGDG<TXHPXHVWUDQODQHFHVLGDGGHTXHVHFXPSODORTXH$SRFDOLSVLVUHILHUH
>@
$OIUHG.XHQHQVXOLEUR,QWURGXFFLRQDOD(FOHVLRORJLD GHGLFDVXVXOWLPDVSDJLQDVDODJUDQ
>@
FULVLVGHODVLJOHVLDVHYDQJHOLFDVHXURSHDV /DVSDODEUDVUHFRJLGDVPXHVWUDQHOGHVHQFDQWRTXHKD
VXSXHVWRXQDUHIRUPDTXHKDVLGRVXSHUDGDSRUXQD,JOHVLD&DWROLFDTXHVHHULJHFRPRSDUDGLJPDD
VHJXLU3HURHQHVHSURWHVWDQWLVPRWRFDGRGHODOD\DXQKDELHQGRGHMDGRGHVHUHYDQJHOLFRWDOFRPRVH
UHFRQRFHSRUVXVHVFULWRUHVPDVUHSUHVHQWDWLYRVQRHVWDDXVHQWHODQHFHVLGDGODLGHQWLGDGGHVX
VROXFLRQ\HOGHVLQWHUHVSRUHOFDPLQRWULOODGRTXHPDUFDULDXQHFXPHQLVPRVHFXODUL]DGR\RULHQWDGR
FDGDYH]PDVSRUXQVLVWHPDSDSDODYLGRGHUHFXSHUDUVXSRVLFLRQSULYLOHJLDGDHQHOPXQGR
>@
VRFLRSROLWLFR /RLPSRUWDQWHHVHOUHFRQRFLPLHQWRTXHVHKDFHGHXQDUHDOLGDGTXHSUHSDUDSDUD
>@
XQDDXWHQWLFDUHIRUPDHQHOFRQWH[WRGHODDSRFDOLSWLFD
(VWDFRQGLFLRQUHFRQRFLGDSRUGLIHUHQWHVGLULJHQWHVGHOSURWHVWDQWLVPRHVXQDUHDOLGDGGHODKLVWRULD
DFWXDOWDOFRPRKHPRVFRPSUREDGRHQQRWDDSDUWH\TXHHQWURQFDFRQHOOODPDPLHQWRTXHVHUHDOL]DHQ
$SRFDOLSVLV\FRQODSUHGLFDFLRQTXHHOSXHEORGH'LRVUHDOL]DLGHQWLILFDQGRDOD%DELORQLD
PLVWLFD$S
 <DKHPRVYLVWRFRQODKLVWRULDDQWLFLSDGDTXHHVODDSRFDOLSWLFDTXHKD\XQSHULRGRTXHGHDFXHUGRDO
OHQJXDMHDSRFDOLSWLFR\GHVREHUDQLDGLYLQD'LRVPLVPRSUHSDUDXWLOL]DQGRODVLWXDFLRQGHJOREDOLGDG
UHSUHVHQWDGDSRUORVFXHUQRVGHOD%HVWLDHOTXHVHFXPSODWRGRORUHODWLYRFRQODGHVWUXFFLRQGHOD
%DELORQLD\ODSUHGLFDFLRQVLQSUHFHGHQWHVGHO3XHEORGH'LRVLGHQWLILFDQGRORVPDOHV\HUURUHVGHHVD
%DELORQLD$SFI3HURGHQWURGHHVHFRQIOLFWRGHORVVLJORVHQWUHODUHEHOGLD
FRQWUD'LRV\HO'LRVTXHVHUHYHODHQHO0HVLDVORDSURYHFKDHO'UDJRQSDUDDFWLYDUHQOXJDUGHOD
%DELORQLDDOD%HVWLDGHGRVFXHUQRVHQVXYHUVLRQ)DOVR3URIHWD\KDFHUVXUJLUGHODELVPRDOD%HVWLD
HQVXYHUVLRQRFWDYD$SFITXHHVGHHQWUHODVVLHWHXS\TXHSRUORWDQWR
FRLQFLGHFRQODFDEH]DKHULGD$STXHHQFDUQDHQVXUHKDELOLWDFLRQDOD%HVWLDSULPHUD$S
\TXHHVFXUDGDSRUHO)DOVR3URIHWD$S(VRVXFHGHDSDUWLUGHFXDQGROD%HVWLD
VXEHSOHQDPHQWHGHODELVPR\YXHOYHDVHUORTXHKDELDVLGRDQWHV$S
5HWRPDQGRHOKLOR(VHFRQIOLFWRHVSLULWXDOTXHDFRQWHFHHQWUHHOSXHEORGH'LRVDSR\DGRSRU'LRV
SHUPLWLHQGRTXHORVFXHUQRVQRLPSLGDQODDFWXDFLRQGHSUHGLFDFLRQGHO3XHEORGH'LRV
GHVHQPDVFDUDQGRGHILQLWLYDPHQWHDOD%DELORQLD\KDFLHQGRTXHVHFXPSODQODVSDODEUDVGH'LRV$S
FI$SORDSURYHFKDHO'UDJRQGHOPRGRTXHGHFLDPRVSDUDFUHDUHVDFRQGLFLRQ
XQLYHUVDOTXHDSDUHFHHQ$S\$SGRQGHSRUPHGLRGHODYHUVLRQRFWDYDFDEH]DVH
HQFDUQDDODSHUIHFFLRQ$SFIFIFUHDQGRXQDVLWXDFLRQ
XQLYHUVDOSURSLFLDSDUDODFRQILJXUDFLRQGHXQDLGHRORJLDJOREDODPDQHUDGHUHOLJLRQHFXPHQLFDTXHOD
KLVWRULDDFWXDOWDOFRPR\DKHPRVHVWXGLDGRQRVPXHVWUDHQFLHUQHV
(OFRQIOLFWRHVSLULWXDOFRQHOSXHEORGH'LRVVHSUHVHQWD(O&RUGHURGH'LRVUHSUHVHQWDFLRQGHO
0HVLDV\D\XGDGHO3XHEORGH'LRVSHOHDUDFRQWUDODFRQILJXUDFLRQUHSUHVHQWDWLYDGHXQDVRFLHGDGGH
QDFLRQHVHQFXHUQRVFI$S3HURHVWDSHOHDTXHUHVXOWDHQXQDYLFWRULDGHILQLWLYDOOHYDXQ
SURFHVR\SURJUHVLRQGHQWURGHOSHULRGRILQDOPHGLDQWHODXWLOL]DFLRQHLQVSLUDFLRQTXHSUR\HFWDVREUH
VXSXHEORSDUDTXHLGHQWLILTXHFODUDPHQWHDODYHUGDG\DOD%DELORQLDGHVWUX\HQGRODFRPRH[LVWHQFLD
LGHRORJLFD$SFI0HGLDQWHODLPSOLFDFLRQGHOUHVXOWDGRILQDOGHOD
%RGDGHOD&HQDGHO&RUGHUR$STXHVXSRQHODVHQWHQFLDIDYRUDEOHGHVX3XHEORHQHO
-XLFLRILQDO$SFIFISURVHJXLGRGHXQDLQWHUYHQFLRQPHGLDQWHODV
>@
XOWLPDVSODJDV$SFI FRQWUDORVVLVWHPDVGHPDOGDGTXH
SUHWHQGHQPHGLDQWHVXLGHRORJLDLQGHSHQGHQWLVWDORTXHSURSRUFLRQDXQFLHQWLILFLVPRJOREDOUHOLJLRQ
>@
JOREDOFRPHUFLR\HFRQRPLDJOREDOSHUSHWXDUODH[LVWHQFLDHQODWLHUUD HQRSRVLFLRQDOPHQVDMH
GHOSXHEORGH'LRV\HQFXDQWRDODLQWHUYHQFLRQGHO*RELHUQRGH'LRVHQRFDVLRQGHODEHQGLWD
HVSHUDQ]DGHOUHWRUQRGH-HVXFULVWRHQJORULD\PDMHVWDGHVWDQGRGHVFULWRSDUDODVQDFLRQHVTXH
>@
VHFXQGDQDOVLVWHPDWULSDUWLWR'UDJRQ%HVWLD \)DOVR3URIHWDFRPRXQ-XLFLRKLVWRULFRTXHORV
VHQWHQFLDGHILQLWLYDPHQWHDVXGHVDSDULFLRQHQRFDVLRQGHOD6HJXQGD9HQLGDGH-HVXFULVWR$S
FSFSFI$S
(VDVXOWLPDVHVFHQDVVXSRQHQSDUDHO3XHEORGH'LRVHQIUHQWDUXQDSHUVHFXFLRQHQHVSHFLDOPHQWDO\
HVSLULWXDOXQLFDHQODKLVWRULDFI$S/DOXFKDLGHRORJLFDVHUDWHUULEOH\HQ
RFDVLRQHVGHQWURGHXQSHULRGRFRUWRSHURODUJRSDUDODPHQWHWHQGUDTXHDIURQWDUDGHPDVGHODDQJXVWLD
TXHVXSRQHYHUVHLGHQWLILFDGR\DFXVDGRGHQWURGHXQDSDUHQWHPXQGRSOXUDO\GHPRFUDWLFRFRPR
IDQDWLFR\VHFWDULDPHQWHSHOLJURVRODVSHQXULDVILVLFDV\PHQWDOHVTXHSRGUDVXSRQHUODDSOLFDFLRQGH
FLHUWDVOH\HVUHVWULFWLYDVSDUDVXOLEHUWDGSOHQD\GHFLHUWRVGHUHFKRVKXPDQRVLPSUHVFLQGLEOHV3HURHO
FXPSOLPLHQWRGHODVVHQDOHVTXHSUHYLHQHQHLGHQWLILFDQODOLEHUDFLRQGHILQLWLYDOHVDOLPHQWDUDGH
HVSHUDQ]D\YLGDHWHUQDFI$SPRVWUDQGRFRPRHYLGHQFLDDFXPSOLUVH
XUJHQWHPHQWHXQH[WUHPRILQDOXQDFRQWHFLPLHQWRVREUHQDWXUDOTXHOHVOLEHUDUDGHILQLWLYDPHQWHGHORV
SRGHUHVSHUVHJXLGRUHVODEDWDOODGHO$UPDJHGRQFIFSV\VV(O$UPDJHGRQGHVFULEHOD
LQWHUYHQFLRQGH'LRVHQIDYRUGHO5HVWRGHVX3XHEORHQORVXOWLPRVLQVWDQWHVGHODKLVWRULDGDQGRSDVR
DOD6HJXQGD9HQLGDGH-HVXFULVWRHQJORULD\PDMHVWDG
/RVVLVWHPDVTXHDSDUHFHQHQ$SRFDOLSVLVUHSUHVHQWDQSRUXQDODGRDOYHUGDGHURLQVSLUDGRU
SS\SRURWURDORVGHVWLQDWDULRVGHVXLQVSLUDFLRQTXHORVUHSUHVHQWDQHQODWLHUUDDTXHOORVR
DTXHOODVLQVWLWXFLRQHVTXHSUHWHQGLHQGRSRVHHUODDXWRULGDGVXSUHPDFRPRVLKXELHUDVLGRFRQFHGLGDSRU
'LRVHO3RGHUSROLWLFRUHOLJLRVRSRUH[FHOHQFLDGHVGHODHSRFD&RQVWDQWLQLDQDFRPELQDGRFRQHO)DOVR
SURIHWDR%HVWLDGHGRVFXHUQRVFX\DLGHQWLGDGOHYLHQHSRUVHUODSULPHUDSRWHQFLDPXQGLDOGHO
PRPHQWR\TXHDJOXWLQDDODUHSUHVHQWDWLYLGDGHVSLULWXDOLVWDGHODUHOLJLRQHFXPHQLFDODVFRUULHQWHV
UHOLJLRVDVPDVSURPLQHQWHVHQODWLHUUDGHHVDSULPHUDSRWHQFLDPXQGLDOGHOPRPHQWR(VDFRPELQDFLRQ
GHDPERVDUUDVWUDQHQVXRULHQWDFLRQ\FRRUGLQDFLRQDOPXQGRVRFLDOSROLWLFRHFRQRPLFR\
HVSLULWXDOLVWD<SUR\HFWDQXQSODQSDUDOHOR\GLYHUJHQWHDORTXHOD3DODEUD3URIHWLFDQRVSUHVHQWDGHO
5HLQRGH'LRV/RTXHQRVSUHVHQWDOD3DODEUDGH'LRVUHVSHFWRDO3XHEORGH'LRVHVPX\GLIHUHQWHDODV
DFWLWXGHV\SRVLFLRQHVTXHKDWRPDGR\HVWDWRPDQGRHVRV3RGHUHVFRPELQDGRV<DKHPRVYLVWRHVH
FRPSRUWDPLHQWRHQQXHVWUDVGLIHUHQWHVVHFFLRQHVSHURWHQJDVHHQFXHQWDHVWHFRQWUDVWHSDUDLGHQWLILFDU
FODUDPHQWHDOJHQXLQR3XHEORGH'LRV\DORTXHGHVWDFDHQHOVLVWHPDGHOD0XMHU%DELORQLFDR
FLYLOL]DFLRQWHUUHVWUHUHSUHVHQWDQGRIXQGDPHQWDOPHQWHODFXOWXUDUHOLJLRVDFRQWRGRORTXHLPSOLFD\D
VXVXVWLWXWR)DOVR3URIHWDTXHKDFHUHVXUJLUDODFDEH]DKHULGDRSULPHUD%HVWLDHQYHUVLRQRFWDYDTXHHV
GHHQWUHODVVLHWH
(VWULVWHWHQHUTXHFRQVWDWDUHVWHKHFKRTXHHVWDVXFHGLHQGRHQQXHVWURPXQGR/DVLWXDFLRQGHFULVLV
SHUPDQHQWHDXQTXHQRQRVOOHYDDXQFUX]DUQRVGHEUD]RVQRVREOLJDDLQWHUSUHWDUODFRPRDOJRLQVHUWDGR
HQHOGHYHQLUKXPDQRFRPRFRQVHFXHQFLDGHVXUHEHOLRQFRQWUD'LRV\GHVXUHFKD]RGHO*RELHUQRGH
'LRV
/DDFWXDOVLWXDFLRQGHFULVLVQRHVLQIHULRUDODVDQWHULRUHV\DXQDSHVDUGHODYROXQWDGKXPDQD\OD
FLUFXQVWDQFLDGHSUREDUORTXHWRGDYLDQRVHKDELDGDGRHQQXHVWURPXQGRHOUHVXOWDGRQRVHUDGLVWLQWR
(VHOIUDFDVRHOVLQRGHODKXPDQLGDGFXDQGRVHSUHVFLQGHGHO3ODQGH'LRV1RKD\VROXFLRQHVKXPDQDV
DORVSUREOHPDVKXPDQRV3RUTXHHORULJHQ\ODQDWXUDOH]DGHOSUREOHPDKXPDQRHQJHQGUDGRUGHWRGRV
ORVGHPDVHVGHLQGROHHVSLULWXDO
3HURHVDHVSLULWXDOLGDGQRWLHQHQDGDTXHYHUFRQODTXHQRVSXHGHSUHVHQWDUHO6LVWHPD
&RQVWDQWLQLDQRROD1HZ$JHVLQRDOJRTXHVHUHODFLRQDFRQODDFHSWDFLRQYROXQWDULDGHO*RELHUQRGH
'LRVGHVX5HLQR(VWHIXHHOPHQVDMHFHQWUDOGH-HVXFULVWRFXDQGRLQVWDFRQXUJHQFLDDEXVFDUHO5HLQR
GH'LRV\VX-XVWLFLD\DVDOLUGHOUHLQRGHHVWHPXQGR6HWUDWDGHGRVLGHRORJLDVFRQWUDSXHVWDVTXHQR
DGPLWHFRPSRQHQGDV(OUHLQRGHHVWHPXQGRWLHQHVXPDQHUDGHSHQVDU\ODWHQGHQFLDDTXHVHOH
LGRODWUH(O(VWDGR\ORVTXHFRKDELWDQFRQHOGHVGHVLHPSUHLQGHSHQGLHQWHPHQWHGHORVHVSDFLRV\
PRPHQWRVSRVLWLYRVKDQPDQLSXODGRDWUDYHVGHVXVSRGHUHVSUHQVDUDGLRWHOHYLVLRQFRVWXPEUHV
FLHUWRVSUR\HFWRVSROLWLFRVOH\HVHWFSDUDUHFRQGXFLUXQPRGRGHFRQGXFWD\FRQIRUPDUXQWLSRGH
SHUVRQDTXHSXHGHSUHVFLQGLUGHO'LRVYHUGDGHURGHVX5HLQRGHVX*RELHUQR+HPRVOOHJDGRDOD
FXOPLQDFLRQGHHVHSURFHVRTXHKDUDLUUHYHUVLEOHHOSRGHUVHYROYHUDO*RELHUQRGH'LRVDO5HLQRGH
'LRV3UHFLVDPHQWHHQODSUHWHQVLRQGHJHQHUDUHVH1XHYR2UGHQ0XQGLDOFRPRFRQVHFXHQFLDGHOD
JOREDOL]DFLRQ\GHXQDJREHUQDELOLGDGJOREDOTXHFRQWUROH\DGPLQLVWUHHVDGHPRFUDFLDHFRQRPLFD
>@
JOREDO DODTXHVHYHQREOLJDGRVODVSRWHQFLDVSROLWLFRUHOLJLRVDVRFFLGHQWDOHVVHYROYHUDD
VXVFLWDUXQDDERPLQDFLRQHVSDQWRVDTXHUHSHUFXWLUDPX\QHJDWLYDPHQWHHQHO3XHEORGH'LRVJHVWDQGR
XQDVRFLHGDGDWHQWDH[FOXVLYDPHQWHDORTXHOHSURILHUDHO'UDJRQSRUPHGLRGHOD%HVWLDGH'RV
&XHUQRVOD,PDJHQGHOD%HVWLD\OD%HVWLDSULPHUDHQVXYHUVLRQRFWDYDTXHHVGHHQWUHODVDVLHWH
\TXHKDEUDUHFLELGRSDUDHQWRQFHVODFXUDFLRQGHVXKHULGDFI$S\VV(VHVDFODVHGH
VRFLHGDGTXHFRPRUHVXOWDGRGHHVHDOLQHDPLHQWRTXHYDVXIULHQGRSRUSDUWHGHORVVLVWHPDVTXH
PDQWLHQHQOD$XWRULGDGSROLWLFRUHOLJLRVD\DODTXHOHKDQLQVHUWDGRSUHPLVDVGHDFXHUGRDHVHREMHWLYR
JOREDOTXHH[LJHHO1XHYR2UGHQ0XQGLDOTXHFRQILJXUDQXQSURWRWLSRGHHVSLULWXDOLGDGDMHQRDOGHO
5HLQRGH'LRVDOGHO*RELHUQRGH'LRVTXHQRVSUHVHQWD-HVXFULVWRHO+LMRGHO+RPEUH
(VDSHUPDQHQWHFULVLVLQVHUWDGDHQODQDWXUDOH]DKXPDQDQRSRGUDDUUHJODUODVJULHWDVGHO3ODQHWDQR
UHVROYHUDODVLQMXVWLFLDVQLGHVWUXLUDHODUVHQDOPLOLWDUGLVXDVRULRRFFLGHQWDOQLUHSDUWLUDHTXLWDWLYDPHQWH
ODVULTXH]DVGHODWLHUUDQLVROXFLRQDUDODSREUH]DQLHOKDPEUHQLORTXHJHQHUDODLQGXVWULD\OD
WHFQRORJLDHQHOHFRVLVWHPDQLVLTXLHUDODFULVLVHFRQRPLFDFI$SSRUHOFRQWUDULRHOFRQWURO
SROLFLDOHQWRGRVORVDVSHFWRVVHKDUDFDGDYH]PDVVRIRFDQWHORVSULQFLSLRVGHPRFUDWLFRVVHOLPLWDUDQ
SODJDVGHVWUXFWRUDVOOHJDUDQDVHUIUHFXHQWHV\VHSURFODPDUDQOH\HVUHVWULFWLYDVFRQWUDDTXHOORVTXH
SUHVHQWHQORVSULQFLSLRVGHO5HLQRGH'LRVGHO*RELHUQRGH'LRVGHODV/H\HVGH'LRVGHO(YDQJHOLR
SXURGH-HVXFULVWR
3RUHVRHOHYDQJHOLVWDQRUWHDPHULFDQR%LOO\*UDKDPDILUPDEDHQODOLQHDGHTXHQRKD\VROXFLRQHV
KXPDQDV
(QPHGLRGHWRGRHOSHVLPLVPRODRVFXULGDG\ODIUXVWUDFLRQTXHSUHYDOHFHQHQORVFLUFXORVLQWHOHFWXDOHVKD\XQDHVSHUDQ]DODSURPHVD
GH&ULVWRGHYROYHUDHVWDWLHUUD(OGLMR<VLPHIXHUH\RVSUHSDUDUHOXJDUYHQGUHRWUDYH]'HWRGRVORVWHPDVHQVHQDGRVHQOD%LEOLDHVWH
>@
HVXQRGHORVPDVJUDQGHV!!

(VWDHVODJUDQHVSHUDQ]DGHO&ULVWLDQLVPR6HKDLQWHQWDGRSRUWRGRVORVPHGLRVDERUWDUODWDQWRGHVGH
GHQWURFRPRGHVGHIXHUD)DOVDVLQWHUSUHWDFLRQHVKDQGHVGLEXMDGRHOUHWRUQRGH&ULVWR(O,QVSLUDGRUGHO
HUURUVDELDTXHODSURORQJDFLRQGHOWLHPSRHUDLPSUHVFLQGLEOH\VHDSUHVWRDJHQHUDUXQDKHUPHQHXWLFD
>@
HTXLYRFDGDSDUDTXHXQGLDSDVHGHVDSHUFLELGDRFRQVLGHUDGDFRPRLQVHUYLEOH (VHVDOXGR
GHQRPLQDGR0DUDQ$WKDFRQTXHORVSULPHURVFULVWLDQRVVHH[SUHVDEDQODHVSHUDQ]DGHORVVLJORV
GHQRWDEDXQDQKHOR\FRQILDQ]DTXHOOHQDEDVXVYLGDVHLQVSLUDEDVXVDFFLRQHV6LQHPEDUJRVHSHUGLR
SDUDODPD\RULDGHODVJHQWHVFXDQGRHVH,QVWLJDGRUGHOHUURURULJLQRXQD,JOHVLDVDFUDPHQWDOHQODTXH
SRUDUWHGHPDJLDGHLGHQWLFDPDQHUDDODDFWLYLGDGSDJDQDGHODDOTXLPLDODPDWHULDGHOSDQ\GHOYLQR
VHSUHWHQGHTXHVHKDWUDQVIRUPDGRHQODFDUQH\VDQJUHGH-HVXFULVWR
$OJXQRVSRUIDOWDGHFRQRFLPLHQWRQRFRPSUHQGLHURQTXHHUDSUHFLVRYLYLUODHVSHUDQ]DGHO$GYLHQWR
HQXQDFRQVWDQWHWHQVLRQ(OFULVWLDQRGHELDYLYLUHQVXH[LVWHQFLDFDGDGLD\FDGDPRPHQWRGHDFXHUGRD
VXFLXGDGDQLDGHO5HLQRGH'LRVFRPRVLODSURPHVDGH-HVXFULVWRGHYROYHUSRUVHJXQGDYH]VH
FXPSOLHUDHQWRQFHV(VHVDYLYHQFLDODTXHGLVLSDFXDOTXLHUH[SHFWDWLYDIDOVDHYLWDQGRFRQFHSFLRQHV
HUURQHDVFRPRODGHILMDUIHFKDVOLPLWHVRODGHLQYHQWDUFRQWH[WRVILFFLRQ/DHVSHUDQ]DSRUHO$GYLHQWR
UHFKD]DUDGHPRGRQDWXUDOHOYLYLUSHQGLHQWHGHXQDIHFKDSUHGHWHUPLQDGDVLPXOWDQHDPHQWHYLYLUDVXIH
SDUDTXH-HVXFULVWRYXHOYDHQVXJHQHUDFLRQSHURQRSHUGHUDVXFRPSRVWXUDGHVHJXLUHVSHUDQGRFRPR
SUR[LPDVXYHQLGDDXQFXDQGRFRPSUXHEHTXHOHHVWDIDOWDQGRHOXOWLPRKDOLWRGHYLGD'HHVWHPRGR
WUDVPLWLUDHVDHVSHUDQ]DDODVSRVLEOHVJHQHUDFLRQHVSRVWHULRUHV(OQRPLGHHOWLHPSRQXQFDFRPROHMDQR
DXQFXDQGRSXGLHUDUHWUDVDUVH
([SHULPHQWDUHQFDGDLQVWDQWHHVDHVSHUDQ]DELHQDYHQWXUDGDWHPRWLYDFRQWLQXDPHQWH\WHKDFHDSRUWDU
DODKLVWRULDHOHOHPHQWRQHFHVDULRSDUDTXHODWDUHDTXHQRVVHSDUDGHHVHSXQWRKLVWRULFR\UHDOGH
YROYHUDWHQHUSUHVHQWHGHPRGROLWHUDO\JORULRVRD1XHVWUR6DOYDGRU-HVXFULVWRWHQJDVXFXPSOLPLHQWR
GHDFXHUGRDODYROXQWDGGHO3DGUH/D6REHUDQLDGH'LRVKDFRQWHPSODGRSRUSUHVFLHQFLDDOD
JHQHUDFLRQXOWLPDTXHFXPSOLULDODVFRQGLFLRQHVRSRUWXQDVGHDFXHUGRDVXSODQGHOLQHDGRHQODKLVWRULD
/D3DODEUD3URIHWLFDSRQHDGLVSRVLFLRQGHOFUH\HQWHWRGRORTXHQHFHVLWDVDEHUSXHVWRTXHHOPD\RU
HQJDQRGHODKLVWRULDKDHVWDGRSUHSDUDQGRVHGXUDQWHVLJORVSDUDHOPRPHQWRLQPHGLDWDPHQWHDQWHULRUD
ODDSDULFLRQJORULRVDGH1XHVWUR6HQRU-HVXFULVWRVHWUDWDGHODIDOVLILFDFLRQGHOUHWRUQRGH&ULVWR
 (VLPSUHVFLQGLEOHTXHHVWHPRVDWHQWRVDORTXH3HGUROODPDOD3DODEUD3URIHWLFDSDUDTXHQRVHDPRV
HQJDQDGRV$S/D6HJXQGD9HQLGDGH&ULVWRVHUDSHUVRQDOOLWHUDOHLQWUDQVIHULEOH1RFDEHD
WHQRUSRUORVWH[WRVELEOLFRVGHXQDYHQLGDGHDFXHUGRDODWHRULDHUURQHDGHODUHHQFDUQDFLRQ6HWUDWD
GHOPLVPR-HVXFULVWRUHVXFLWDGR\JORULILFDGRQRGHRWUR7DPSRFRSXHGHVHUXQDYHQLGDHVSLULWXDO1L
XQDYHQLGDLPSHUVRQDOHQHOVHQWLGRGHTXHHOWULXQIRGHOD,JOHVLD&DWROLFD5RPDQDVREUHXQPXQGRTXH
>@
OHDFHSWDUDVHDORYLVLEOHGHXQDSUHVHQFLDLQYLVLEOHGH-HVXFULVWR
6LDPDPRVODH[LVWHQFLD\QRTXHUHPRVODHQIHUPHGDG\HOVXIULPLHQWRFDPSHHQ\TXHODPXHUWHQRV
VLJDVHSDUDQGRGHQXHVWURVVHUHVTXHULGRVKHPRVGHFODPDUDILQGHTXHSRGDPRVVHSURWDJRQLVWDV
HVFRJLGRVGHDQXQFLDUHOHYDQJHOLRHWHUQRHQHOFRQWH[WRGHODSUR[LPLGDGGHOUHWRUQRGH-HVXFULVWR'H
DKLODLPSRUWDQFLDGHSHUFDWDUQRVGHORTXHOD3DODEUD3URIHWLFDQRVDQXQFLDUHIOH[LRQDUHQGLFKD3DODEUD
UHYHODGDSRU'LRVGHOLEHUDUSURIXQGDPHQWHSHGLUVDELGXULDGHOR$OWRUHFODPDUFRQYHUGDGHUD
KXPLOGDGODVSURPHVDVGLYLQDVGHFLGLUFXPSOLUODVFRQGLFLRQHVGLYLQDVLQVHUWDGDVHQOD3DODEUDGH'LRV
\HVWDUGLVSXHVWRVDVRPHWHUQXHVWUDYROXQWDGH[FOXVLYDPHQWHDO(VSLULWX6DQWRTXHKDLQVSLUDGRODV
6DJUDGDV(VFULWXUDV\TXHQRVOOHYDUDDUHFRQRFHU\DDFHSWDUORVSULQFLSLRVGHO5HLQRGH'LRVGHO
*RELHUQRGH'LRVTXH-HVXFULVWRH[SOLFR\HMHPSOLILFR\TXHQRVORVWUDHUDFRQVLJRHQVX6HJXQGD
9HQLGDOLWHUDOHQ*ORULD\0DMHVWDGSDUDXQ0LOHQLRFHOHVWLDO\XQ1XHYR0XQGRTXHKDGHVDOLUGHODV
PDQRVGHO&UHDGRULQWHJUDGRSRUODPLULDGDVGHFUH\HQWHVGHWRGDVODVHSRFDVGRQGHODPXHUWHHO
VXIULPLHQWRODHQIHUPHGDG\HOGRORU\DQRH[LVWLUDQMDPDV/D9LGD(WHUQDGHILQLWLYDVHUDXQDUHDOLGDG
\DQRKDEUDSREUH]DQLKDPEUHQLLQMXVWLFLDVMDPDV(O$PRUGH'LRVLQXQGDUDQXHVWUDH[LVWHQFLD<
-HVXFULVWRVHUDQXHVWUR5H\\6HQRUHQXQD7LHUUD1XHYD\XQ&LHOR1XHYR$0(10$5$1$7+$
(/6(1259,(1(6,6(1259(1352172
 %,%/,2*5$),$

3$5$/$,17(535(7$&,21'(/$32&$/,36,6

*OREDOL]DFLRQ  (FRQRPLD $VRFLDFLRQHV GH 'RPLQLR *OREDO GH

FRQWUROHFRQRPLFR\SROLWLFR
$/2162 *$5&,$ 5LFDUGR 7UDWDGR GH OLEUH &RPHUFLR 0HUFRVXU \ &RPXQLGDG (XURSHD
6ROXFLRQ GH FRQWURYHUVLDV H LQWHUSUHWDFLRQ XQLIRUPH0F*UDZ  +LOO,QWHUPDULFDQD GH (VSDQD
0DGULG
$/7(51$7,9$6 5HYLVWD GH DQDOLVLV \ UHIOH[LRQ WHRORJLFD  (Q YLVWDV DO WHUFHU PLOHQLR (G
/DVFDVLDQD0DQDJXD
BBB*OREDOL]DFLRQ"5HVSXHVWDRGHVDILR"(G/DVFDVLDQD0DQDJXD
$57$',-XDQ0DULD5D]RQHFRQRPLFD\UD]RQHWLFD)H\6HFXODULGDG6DO7HUUDH6DQWDQGHU
$57852 &+$9(6 -RUJH  'H OD XWRSLD D OD SROLWLFD HFRQRPLFD3DUD XQD HWLFD GH ODV SROLWLFDV
HFRQRPLFDV6DQ(VWHEDQ(GLEHVD6DODPDQFD
$8725(69DULRV218DQR;;HG7HFQRV0DGULG
%$75$5DYL/D*UDQ'HSUHVLRQGH*ULMDOER%DUFHORQD
%85.(77/DUU\7KH&RPLQJ(FRQRPLF(DUWKTXDNH0RRG\3UHVV&KLFDJR
&$3,//$/XLV/D&RPLVLRQ7ULODWHUDO(O*RELHUQRGHO0XQGRHQODVRPEUD0DGULG
&+85&+,// :LQVWRQ 6$OED GH OLEHUDFLRQ GLVFUXVRV SURQXQFLDGRV SRU HO SULPHU PLQLVWUR
EULWDQLFRGXUDQWHHODQR/RVOLEURVGHQXHVWURWLPHSR%DUFHORQD
&,32/$&DUOR/D([SORVLRQ'HPRJUDILFD&ROHFFLRQJUDQGHV7HPDVHG6DOYDW%DUFHORQD
&21&,/,805HYLVWD,QWHUQDFLRQDOGH7HRORJLD")XHUDGHO0HUFDGRQRKD\6DOYDFLRQ"1R
$EULO
&217( $UWKXU <DOWD R HO UHSDUWR GHO PXQGR 5REHUW /DIIRQW \ (G &DUFRPR +QRV 0DGULG

&5,67,$1,60( , -867,&,$ YDULRV DXWRUHV "0XQGLDOL]DFLRQ R FRQTXLVWD"6DO 7HUUDH
6DQWDQGHU
&5,67,$1,60(,-867,&,$9DULRVSRQHQWHV" 0XQGLDOL]DFLRQRFRQTXLVWD"3UHVHQFLD6RFLDO
6DO7HUUDH6DQWDQGHU
BBBBBBBBBBBBB*OREDOLW]DFLR\RWURVWHPDV)XQGDFLR/OXLV(VSLQDO%DUFHORQD
'(3$=%$1(=0DQXHOD(FRQRPLD0XQGLDOHGLF3LUDPLGH0DGULG
(678/,1'DQLHO/DYHUGDGHUD+LVWRULDGHO&OXE%LOGHUEHUJHG3ODQHWD%DUFHORQD
)252 ,JQDFLR GH (OODFXULD /D *OREDOL]DFLRQ \ VXV H[FOXLGRV HG 9HUER 'LYLQR (VWHOOD
1DYDUUD(VSDQD
)5$77,1,(ULF218+LVWRULDGHODFRUUXSFLRQHG(VSDVD0DGULG
+D\XQDDPSOLD%LEOLRJUDILDVREUHOD218(VXQDREUDYDOLRVDSDUDFRQRFHUORTXHKDGDGRGHVL\
ORTXHSXHGHGDUGHVL
)8.8<$0$)UDQFLV/DJUDQUXSWXUDHGLF%%DUFHORQD
*$$<)2570$1%DVGH./(,1*2/'(:,-.%HUPD 'LRV\ODVFRVDV/DHFRQRPLDJOREDO
GHVGHXQDSHUVSHFWLYDGHFLYLOL]DFLRQ3UHVHQFLD6RFLDO6DO7HUUDH6DQWDQGHU
*$/%5$,7+-.(OQXHYRHVWDGRLQGXVWULDOHG$ULHO%DUFHORQD
BBBBBBBBBBBBBBBBB/DHUDGHODLQFHUWLGXPEUH3OD]D -DQHV%DUFHORQD
BBBBBBBBBBBBBBBBB/DSREUH]DGHODVPDVDV3OD]D -DQHV%DUFHORQD
BBBBBBBBBBBBBBBBB/D$QDWRPLDGHO3RGHU3OD]D-DQHV%DUFHORQD
*$0%/($QGUHZ:$/7213DXO(OFDSLWDOLVPRHQFULVLVHG6LJOR;;,0DGULG
*())5( &ODXGH 3DUD XQ &ULVWLDQLVPR 0XQGLDO HQ 6HOHFFLRQHV GH 7HRORJLD QR  -XOLR 
6HSWLHPEUHSS
*5(1210LFKHO/DFULVLVPXQGLDOGHODHQHUJLD$OLDQ]D(GLWRULDO0DGULG
+(51$1'(= 6$1'2,&$ (OHQD/D 2UJDQL]DFLRQ GH ODV 1DFLRQHV 8QLGDV HG 3ODQHWD
%DUFHORQD
+250$11.DUO'LFFLRQDULRGH0RUDOFULVWLDQD+HUGHU%DUFHORQD
+80( 'DYLG,QYHVWLJDFLRQ VREUH ORV 3ULQFLSLRV GH OD 0RUDO &ROHHFLRQ$XVWUDO (VSDVD &DOSH
0DGULG
-$85(*8,*XUXW]/DGHPRFUDFLDHQODHQFUXFLMDGDHG$QDJUDPD%DUFHORQD
-2//<5LFKDUG,QIRUPHVREUHGHVDUUROORKXPDQR3URJUDPDGHODV1DFLRQHV8QLGDVSDUD
HOGHVDUUROORHG0XQGL3UHQVD0DGULG
.$+*DU\+5XPERDODRFXSDFLRQ0XQGLDOHG8QLOLW0LDPL
.81* +DQV 8QD HWLFD PXQGLDO SDUD OD HFRQRPLD \ OD SROLWLFD HG 7URWWD 0DGULG 
RULJLQDOPHQWH
/$&52,; 0LFKHO ( O+XPDQLFLGLR (QVD\R GH XQD PRUDO SODQHWDULD 3UHVHQFLD 6RFLDO  6DO
7HUUDH6DQWDQGHU
/(*8,1(&+(0DQXHO$QWHVODSDWULDTXHODYHUGDG(O3DLVGLJLWDO
/,( 7U\JYH^SULPHU VHFUHWDULR JHQHUDO GH 1DFLRQHV 8QLGDV`/D FDXVD GH OD SD]$+5 %DUFHORQD

/,1'%(&.$VVDU'HVLJXDOGDG\SROLWLFDUHGLVWULEXWLYDHGLF2UELV%DUFHORQD
BBB&RPSRUWDPLHQWRSROLWLFR\SROLWLFDHFRQRPLFDHGLF2UELV%DUFHORQD
/2=$120DUWLQ(O1XHYR2UGHQ0XQGLDO *HQHVLV \ GHVDUUROOR GHO FDSLWDOLVPR PRGHUQR HG
$OED/RQJD9DOODGROLG(VSDQD
/2=$12 %$572/2==, 3HGUR 1XHYRV ,PSHULRV \ UHYROXFLRQ 0XQGLDO HG 0LWUH %DUFHORQD

0$57,1&ULVWLQD(O&OXE%LOGHUEHUJ$UFR3UHVV
0$57,1(= -RVH 0LD*5$8 -RVH  ,JOHVLD 6RFLHGDG \ (WLFD &ULVWLDQD (GLF (YDQJHOLFDV
(XURSHDV%DUFHORQD
0$6&$5(1$6 -XDQ  *21=$/(= 6DUD(O 6LVWHPD 0RQHWDULR (XURSHR HG (XGHPD
6DODPDQFD
0(+/5RJHU(WLFD&DWROLFD\(WLFD3URWHVWDQWH+HUGHU%DUFHORQD
0$5'21(6-RVH0LD&DSLWDOLVPR\UHOLJLRQ/DUHOLJLRQSROLWLFDQHRFRQVHUYDGRUD6DO7HUUDH
3UHVHQFLD6RFLDO6DQWDQGHU
0($'(-(/DHFRQRPLDMXVWDHGLF2UELV%DUFHORQD
0($'2:6'RQHOOD+0($'2:6'HQQLV/5$1'(56-RUJHQ0DVDOODGHORVOLPLWHVGHO
FUHFLPLHQWR(O3DLV$JXLODU0DGULG
0,6+$1(-)DODFLDVHFRQRPLFDVSRSXODUHVHG$ULHO%DUFHORQD
08//(5 -RKDQQHV,JOHVLD 0XQGLDO FRPR &RPXQLGDG GLVFHQWH "0RGHOR GH XQD JOREDOL]DFLRQ
KXPDQL]DGD"HQ6HOHFFLRQHVGH7HRORJLDQR(QHUR0DU]R
3(6+ 5\ /2+),1. *$Q ,KUHQ )UXFKWHQ VROOW LKU VLH HUNHQLUHQ SRU VXV IUXWRV ORV
FRQRFHUHLVHG:DOWHU2OWHQXQG)UHLEXUJLUQ%UHLVJDX
3(7(5/DXUHQFH-5D\PRQG+XOO(O3ULQFLSLRGH3HWHU3OD]D-DQHV%DUFHORQD
38*(6/OXLV0(FRQRPLD%HQHILFLR\(WLFDHG+LVSDQR(XURSHD%DUFHORQD
5$1'(56 -RUJHQ  %(+5(16 :LOOLDP :  /RV OLPLWHV GHO FUHFLPLHQWR )RQGR GH &XOWXUD
(FRQRPLFD0H[LFR
52%/(6 /HRQDUGR/D FDUD RFXOWD GH OD JOREDOL]DFLRQ 6DQWR 'RPLQJR 5HSXEOLFD 'RPLQLFDQD

6&$521('DQLHO(OQXHYRRUGHQPXQGLDO$3,$0LDPL86$
6(0$1$%,%/,&$(63$12/$;;,;/D(WLFD%LEOLFD&6,&0DGULG
6,1*(53HWHU(WLFD3UDFWLFDHG$ULHO%DUFHORQD
63$$.3DXO +HQUL SDUWLFLSD HQ OD FUHDFLRQ GH OD 218&RPEDWHV VLQ DFDEDU (VSDVD &DOSH
0DGULG
63,12=$(WLFD$JXLODU$UJHQWLQD%XHQRV$LUHV
635$1*(5(GXDUGR)RUPDVGH9LGD5HYLVWDGH2FFLGHQWH0DGULG
67(:$575(/)(0DU\(O1XHYRVLVWHPD0RQHWDULRHG&OLH7HUUDVVD%DUFHORQD
67,/*/(5 *HRUJH -(O HFRQRPLVWD FRPR SUHGLFDGRU 9ROV \ RWURV HQVD\RV HGLF 2UELV
%DUFHORV
7+8*(1'+$7&KULVWRSKHU/DVHPSUHVDVPXOWLQDFLRQDOHV$OLDQ]D(GLWRULDO0DGULG
7,1%(5*(1-DQ+DFLDXQDHFRQRPLDPXQGLDOHGLF2UELV%DUFHORQD
9(*$ 0DQXHOFRRUGLQDGRU2UJDQL]DFLRQ (FRQRPLFD ,QWHUDPHULFDQD HGLF 3LUDPLGH 0DGULG

758<2/<6(55$$QWRQLR/D6RFLHGDG,QWHUQDFLRQDO$OLDQ]D(GLWRULDO0DGULG
   
   


%$521(QULTXH(XURSDHO5DSWRGHO)XWXUR3OD]D-DQHV%DUFHORQD
%('-$28,0RKDPPHG1XHYR2UGHQ0XQGLDO\FRQWUROGHOHJDOLGDGGHORVDFWRVGHO&RQVHMRGH
VHJXULGDG,9$39LWRULD
&/8%'(520$/D3ULPHUD5HYROXFLRQ0XQGLDO3OD]D-DQHV%DUFHORQD
&+206.<1RDP(O1XHYR2UGHQ0XQGLDO\HO9LHMR*ULMDOER0RQGDGRUL%DUFHORQD
BBB/D6RFLHGDGJOREDOHGXFDFLRQPHUFDGR\GHPRFUDFLD/20(GLF&KLOH
'( *$$< )2570$1 %DV  ./(,1 *2/'(:,-. %HUPD 'LRV \ ODV &RVDV /D HFRQRPLD
JOREDOGHVGHXQDSHUVSHFWLYDGHFLYLOL]DFLRQ6DO7HUUDH6DQWDQGHU
(6&8'(520DQXHO(QEXVFDGHOEXHQ*RELHUQR(VSDVD0DGULG
)(55(5&RQFHSFLR/D8WRSLDG
(XURSDHG0HGLWHUUDQLD%DUFHRQD
)252 ,JQDFLR (OODFXULD YDULRV DXWRUHV/DJOREDOL]DFLRQ\VXVH[FOXLGRV HG 9HUER 'LYLQR
(VWHOOD1DYDUUD
*21=$/(=)$86-RVH,JQDFLR"6RQFULVWLDQDVODVUDLFHVGH(XURSD"HG6DO7HUUDH6DQWDQGHU
(VSDQD
*857290HO3ROLWLFD+XPDQLVWD*OREDOHGLF3RPDUHV&RUUHGRU%DUFHORQD
+256/(<5LFKDUG$-HVXV\HO,PSHULRHG9HUER'LYLQR(VWHOOD1DEYDUUD
+817,1*7216DPXHO3(O&KRTXHGHODV&LYLOL]DFLRQHV3DLGRV%XHQRV$LUHV
BBBBB/DWHUFHUDROD3DLGRV%XHQRV$LUHV
/$1$5(6 3LHUUH)DLUH )DFH DX GHVRUGUH PRQGLDO (GLWLRQV 9LH HW 6DQWH 'DPPDULH OHV /\V
)UDQFH
/(&(5) -HDQ 3ULQFLSLRV GH OD 8QLGDG (XURSHDHGLF ,QYHQWDULRV 3URYLVLRQDOHV /DV 3DOPDV GH
*UDQ&DQDULD
/2=$120DUWLQ(O1XHYR2UGHQ0XQGLDO*HQHVLV\GHVDUUROORGHOFDSLWDOLVPRPRGHUQR$OED
/RQJD(GLWRULDO9DOODGROLG
25(-$0DUFHOLQR(XURSD"SDUDTXH"HG3OD]D-DQHV%DUFHORQD
35,25$ -XDQ &DUORV(O1XHYR2UGHQ0XQGLDO\HO)LQGHOD+LVWRULD 8QLYHUVLGDG$GYHQWLVWD
GHO3ODWD$UJHQWLQD
BBB/D1DWXUDOH]DGHO+RPEUH\HO)LQGHOD+LVWRULD8$3
5,&+211,(5 0LFKHO/DVPHWDPRUIRVLVGH(XURSDGHDOHG(VSDVD&DOSH0DGULG

6$1&+(=9$//(-20DULD$QWRQLDFRODERUDRILFLQDGHO3DUODPHQWR(XURSHR\UHYLVDGRSRU
'LHJR/RSH]*DUULGRSUHJXQWDVVREUH0$$675,&+70DGULG
7$0$0(65DPRQ/D8QLRQ(XURSHD$OLDQ]D8QLYHUVLWDULD0DGULG
BBB8Q1XHYR2UGHQ0XQGLDOODVHQGDFULWLFDGHODUD]RQ\HOJRELHUQRPXQGLDO(VSDVD&DOSH
0DGULG
 9,&(17(%22-XDQ/DUHQRYDFLRQSURWHVWDQWHPDUFDHOUXPERGHODSROLWLFDQRUWHDPHULFDQD
$%&0DGULG
9,//$/%$$QJHO(O9RWR&DWROLFRHQ(VWDGRV8QLGRVHQ(FFOHVLDGH2FWXEUHGH
:(//(66XPQHU/D+RUDGHOD'HFLVLRQHG6XGDPHULFDQD%XHQRV$LUHV
:,//.,(:HQGHOO/8QPXQGRHGLF$\PD%DUFHORQD



$5$8-2-RDTXLQ;;,6LJORGHODHFRORJLD(VSDVD0DGULG
%251+HGZLJ\0D[&LHQFLD\FRQFLHQFLDHQODHUDDWRPLFD$OLDQ]D(GLWRULDO0DGULG
&$,51&5266)UDQFHV/DVFXHQWDVGHODWLHUUD(FRQRPLDYHUGH\UHQWDELOLGDGPHGLRDPELHQWDO
$FHQWRHGLWRULDO0DGULG
&217,/DXUD"4XHHVODHFRORJLD"HG%OXPH%DUFHORQD
'5(8;3KLOLS,QWURGXFFLRQDOD(FRORJLD$OLDQ]D(GLWRULDO0DGULG
('(7$1,$ (VWXGLRV \ SURSXHVWDV GH HGXFDFLRQ 0RQRJUDILFR VREUH HGXFDFLRQ DPELHQWDO
9DOHQFLD
,1)250( '(/ :25/':$7&+ ,167,787(  'LULJLGR SRU /HVWHU 5 %URZQ  9DULRVDXWRUHV
/DVLWXDFLRQGHOPXQGR,FDULD(GLWRULDO%DUFHORQD
BBB6LJQRV 9LWDOHV /DV WHQGHQFLDV TXH JXLDUDQ QXHVWUR IXWXUR *$,$ SUR\HFWR  0DGULG
YDULRVQXPHURV
6$,170$5&3+LOLS6RFLDOL]DFLRQGHODQDWXUDOH]D*XDGLDQDSXEOLFDFLRQHV0DGULG
7+( ($57+ :25.6 *5283  FRVDV VHQFLOODV TXH WX SXHGHV KDFHU SDUD VDOYDU OD WLHUUD
&RQRFHU%DUFHORQD
7+((&2/2*,67HQHVSDQRO(QHUR0DU]RSXEOLFDFLRQWULPHVWUDO



$+2-DPHV$7KH 3ROLWLFV RI 5LJKWHRXVQHVV ,GDKR &KULVWLDQ 3DWULRWLVP$ 6DPXHO DQG$OWKHD
6WURXP%RRN8QLYHUVLW\RI:DVKLQJWRQ3UHV6HDWWOHDQG/RQGRQ:DVKLQJWRQ
$,17215RQDOG+7KH7UDYDLORI5HOLJLRXVOLEHUW\1HZ<RUN+DUSHU %URWKHUV
$/2162)217(//$&DUORV/D(VFODYLWXGDWUDYHVGHOD%LEOLD&6,&0DGULG
$16&20%( ( 1XFOHDU :HDSRQV DQG &KULVWLDQ &RQVFLHQFH HG:DOWHU 6WXQ 0HUOLQ 3UHQ
/RQGUHV
$5$1*85(1-RVH/XLV(WLFD\SROLWLFDHGLF2UELV%DUFHORQD
$5,6727(/(6/D3ROLWLFDFROHFFLRQ$XVWUDOHVSDVD&DOSH0DGULG
$/2162=$/',9$5&DUORV(O%RPEDUGHR\OD1DYLGDG(O3DLVGLJLWDO
$1'(56213HUU\(O(VWDGR$EVROXWLVWD6LJOR;;,GH(VSDQDHGLWRUHV0DGULG
$18$5,2&,33D]0LOLWDUL]DFLRQ\&RQIOLFWRV,FDULD(GLWRULDO%DUFHORQD
%$,17215RQDOG+7KH7UDYDLORI5HOLJLRXVOLEHUW\1HZ<RUN+DUSHU %URWKHUV
%$<(7$OEHUW 3DFLILVPHHW&KULVWLDQLVPHDX[SUHPLHUVVLHFOHV %LEOLRWHTXH 5DFLRQDOLVWH 3DULV

%,%/,$<)(5HYLVWDGHWHRORJLDELEOLFD,QVWDXUDUOD-XVWLFLDYRO;9,,PD\RDJRVWR
%850$1(GZDUG/RV6HFUHWRVGHOD,QTXLVLFLRQHGLF0DUWLQH]5RFD%DUFHORQD
&(%5,$1-RVH/XLV'HPRFUDFLD\*XHUUD(O3DLVGLJLWDO
&$+(1&1RWHVVXUO
KLVWRLUHGHVFURLVDGHVHWGHO
2ULHQWODWLQEXOOHWLQGHODIDFXOWHGH/HWWUHV
6WUDVERXJ
&$'28;7KH(DUO\&KXUFKDQGWKH:RUOG(GLPERXUJ
&$55&DOHE/DVOHFFLRQHVGHOWHUURU2ULJHQHVKLVWRULFRVGHOWHUURULVPRLQWHUQDFLRQDO(GLF%
%DUFHORQD
&$6UHFRSLODGRU(:KLWH\ORV3UREOHPDV3ROLWLFRV\/DERUDOHV6DJXQWR9DOHQFLD
&/(9(/$1'+DUODQ1DFLPLHQWRGHXQPXQGRQXHYR(O3DLV$JXLODU0DGULG
&2/(&7,926LFRORJLD3ROLWLFD%DUUDO(GLWRUHV%DUFHORQD
&203721 5REHUWR /D 7HRORJLD GH OD /LEHUDFLRQ &DVD %DXWLVWD GH 3XEOLFDFLRQHV (O 3DVR
7H[DV86$
&283(5'DYLG/DPXHUWHGHODIDPLOLD3ODQHWD$JRVWLQL%DUFHORVQD
&2; +DUYH\7KH 6HFXODU &LW\ &ROOLHU %RRNV 0DFPLOODQ 3XEOLVKLQJ &RPSDQ\ 1HZ<RUN 

BBB/DFLXGDGVHFXODUHGLF3HQLQVXOD%DUFHORQD
BBB(OFULVWLDQRFRPRUHEHOGHHG0DURYD0DGULG
&8//0$112(O(VWDGRHQHO1XHYR7HVWDPHQWRHG7DXUXV0DGULG
BBBBBBBBBBBBB'LHXHW&HVDU3DULV
BBB(LQKHLW LQ GHU 9LHOIDOW LP OLFKWH GHU +LHUDUFKLH GHUDKU KHLWHQ *ODXEH LP 3UR]HQ &ULVWVHLQ
QDGUGHP,,9DWLNDQXP
&+(180'/
(YROXWLRQGHOD7KHRORJLHGH*XHUUH/XPLHUHHW9LH/\RQ
'(&25$-RVH0DQXDOGHO3HUIHFWR3ROLWLFR(VSDVD&DOSH0DGULG
'(0$57,$/*/H0\WKHGHV*XHUUHVGH/HJLWLPH'HIHQVHHG05LYLHUH3DULV
'(0< 7LPRWK\ -  67(:$57 *DU\ 3 3ROLWLFV DQG 3XEOLF 3ROLF\$ &KULVWLDQ 5HVSRQVH
.UHJHO3XEOLFDWLRQV*UDQG5DSLGV0,86$
'(6&+1(5.+LVWRULDFULPLQDOGHOFULVWLDQLVPRHG0DUWLQH]5RFDYROV%DUFHORQD

'85.+(,0(PLOH/DVUHJODVGHOPHWRGRVRFLRORJLFRHGLF2UELV%DUFHORQD
('8$5'72'7+HLQ]/23(=3,1$$QWRQLR 'HUHFKRV+XPDQRV'HUHFKRV)XQGDPHQWDOHV
HGLF600DGULG
(,167(,1$OEHUW\)5(8'6LJPXQG"3RUTXHOD*XHUUD"HG0LQLVFXOD%DUFHORQD
),25(1=$)UDQFLV5HOLJLRQ\3ROLWLFDHGLF600DGULG
)81'$&,21 6,67(0$ YDULRV DXWRUHV(O 6RFLDOLVPR GHO )XWXUR 5HYLVWD GH GHEDWH 3ROLWLFR
YRO,QR0DGULG
)86,$8=3858$-XDQ3DEOR/DJXHUUD\(XURSD(O3DLVGLJLWDO
*(567(1.251 +5 :HOWOLFK5HJLPHQW=ZLVFKHQ*RWHVUHLFKXQG 7HXIHOVPDFKW 'LH VWDDWV
7FKHRUHWLVFKHQ$XIIDVVXQJHQ0DUWLQ/XWKHUVXQGLKUHSROLWLVFKH%HGHQWXQJ%RQQ
*,/(6-(%DVHV%LEOLFDVGHOD(WLFD&%3
*21=$/(=0217(6$GROIR5HOLJLRQ\1DFLRQDOLVPRODGRFWULQDOXWHUDQDGHORVGRVUHLQRV
FRPRWHRORJLDFLYLO8QLYHUVLGDG3RQWLILFLDGH6DODPDQFD6DODPDQFD
*5$06&,$QWRQLR/DSROLWLFD\HO(VWDGRPRGHUQR3ODQHWD$JRVWLQL%DUFHORQD
*5832 =(7$ 9DULRV DXWRUHV /DV 7UDPDV 6HFUHWDV GH OD *XHUUD GHO *ROIR HGLF % VHULH
5HSRUWHU%DUFHORQD
BBB'HVSXHVGHOD7RUPHQWDHGLF%VHULH5HSRUWHU%DUFHORQD
+$51$&.0LOLWLD&KULVWL-&00RKU7XELQJHQ
BBBBBBBBBB(VHQFLDGHO&ULVWLDQLVPR%DUFHORQD
+(&.(/5(O&ULVWLDQR\HO3RGHUHG(VWHOD%DUFHORQD
+(50(7*X\(O3XHEORFRQWUDOD'HPRFUDFLD,QVWLWXWRGH(VWXGLRV(FRQRPLFRV0DGULG
+(51$1'(=*20(=0(QWUHOD&UX]\OD+RJXHUD*XDGDODMDUD-DOLVFR0H[LFR
BBBBBBBBBBBBBB"0HVLDVRIDUVDQWH"*XDGDODMDUD-DOLVFR0H[LFR
+(5=2*-DLP/DV*XHUUDV$UDEH,VUDHOLHV/D6HPDQD
+,/%(5*5'LH9HUQLFKWXQJGHUHXURSDLVFKHQ-XGHQ'LH*HUDPPJHVFKLFKWHGHV+RORFDXVW 
%HUOLQ
+25./+(,0(5 0D[6RFLHGDG HQ WUDQVLFLRQ  HVWXGLRV GH ILORVRILD VRFLDO 3ODQHWD$JRVWLQL
%DUFHORQD
+25186-HDQ0LFKHO(YDQJHOLOHHW/DEDUXP/DERUHW)LGHV*HQHYH
 -2%/,1-RVHSK/D,JOHVLD\OD*XHUUDHG+HUGHU%DUFHORQD
/$1'$8(ODLQH2VDPD%LQ/DGHQ(O7HUURULVPRGHOV;;,HG3ODQHWD%DUFHORQD
/$55$<$-RVH0LJXHO9$/(1=8(/$-DYLHU/D27$1GHOVLJOR;;,QDFHHQ.RVRYR(O3DLV
GLJLWDO
/(21 3257,//$ 0LJXHO 9LVLRQ GH ORV YHQFLGRV VREUH OD FRORQL]DFLRQ GH$PHULFD +LVWRULD
0DGULG
/(51(5 0LFKDHO 7KH 3ROLWLFV RI 0HDQLQJ 5HVWRULQJ +RSH DQG 3RVVLELOLW\ LQ DQ $MH RI
&LQLFLVPH$GGLVRQ:HVOH\3XEOVKLQJ&RPSDQ\0$86$
/(6%$83,1,YR/D%LHQDYHQWXUDQ]DGHOD3HUVHFXFLRQ(GLF/D$XURUD%XHQRV$LUHV
/,1'0LOODU5HVSXHVWDDODJXHUUD+HUDOG3UHVV%XHQRV$LUHV
/,9(7*HRUJHV/DV*XHUUDVGH5HOLJLRQ"4XHVH"HGLF2LNRV7DX%DUFHORQD
/2+),1.1\2WURV/D*XHUUDHQUHYLVWD&RPPXQLRHGLF(QFXHQWUR1RY'LF
0$57,1(= -RVH 0LD*5$8-RVH ,JOHVLD 6RFLHGDG \ (WLFD &ULVWLDQD (GLF (YDQJHOLFDV
(XURSHDV%DUFHORQD
0$6&$//(/&ULVWLDQLVPRVHFXODUL]DGRHG.DLURV$ULHO%DUFHORQD
0$<(85-HDQ0DULH/D6HSDUDFLRQGHOD,JOHVLD\HO(VWDGR(GLF&LG0DGULG
0(+0(7 &$1(5 (UJXQ)(7+, &$1(5 (PLU <LMDG &ULVWLDQD (GLWRULDO 3RUWDYR] *UDQG
5DSLGV0LFKLJDQ86$
0(1'2=$(GXDUGR/DJXHUUD\ORVLQWHOHFWXDOHV(O3DLVGLJLWDO
0,&+$/ %HUQDUG/RV JUDQGHV HQLJPDV GH OD JXHUUD IULD  YROV /RV $PLJRV GH OD +LVWRULD
HGLWLRQVGH&UHPLOOH*HQHYH0DGULG
1,;215LFKDUG/D9HUGDGHUD3D]3ODQHWD%DUFHORQD
BBBB/D9HUGDGHUD*XHUUD3ODQHWD%DUFHORQD
BBBB1RPDV9LHWQDPVHG3ODQHWD%DUFHORQD
BBBB9LFWRULDVLQJXHUUD3ODQHWD%DUFHORQD
1,(%8+55H\QKROG&KULVWLDQLW\DQG3RZHU3ROLWLFV&DUOHV6FULEQHU
V6RQV1HZ<RUN
BBB$Q,QWHUSUHWDWLRQRI&KULVWLDQ(WKLFV+DUSHU6DQ)UDQFLVFR6DQ)UDQFLVFR
2/'(1%285*=RH/H%XFKHUGH0RQWVHJXU*DOOLPDUG
3(5(=9,//$18(9$-RDTXLQ/D,QTXLVLFLRQ(VSDQROD6LJOR;;,0DGULG
3(6+ 5\ /2+),1. * $Q ,KUHQ )UXFKWHQ VROOW LKU VLH HUNHQLUHQ SRU VXV IUXWRV ORV
FRQRFHUHLVHG:DOWHU2OWHQXQG)UHLEXUJLUQ%UHLVJDX
3,$*(7-HDQ(VWXGLRVVRFLRORJLFRV3ODQHWD$JRVWLQL%DUFHORQD
3,17$&8'$(QQLR%UHYHFXUVRGHSROLWLFD3UHVHQFLD6RFLDO6DO7HUUDH6DQWDQGHU
3/$721/D5HSXEOLFD(GLFRPXQLFDFLRQ%DUFHORQD
35$:(5 -  /HV &URLVDGHV HW OH 3UHPLHU 5R\DXPH /DWLQ HGLWLRQV GX FHQWUH 1DWLRQDO GH OD
5HFKHUFKH6FLHQWLILTXH3DULV
5$+1(5+/
(JOLVHHW/
(WDWGDQVOH&KULVWLDQLVPH3ULPLWLI/HV(GLWLRQVGX&HUI3DULV
 5$0,5(=3HGUR-(OFKXUURDPHULFDQR(O0XQGRHQ,QWHUQHW
BBB/DJXHUUDGH-DYLHU(O0XQGRHQ,QWHUQHW
58,='(/$526$)HUQDQGR3ROLWLFD\5HOLJLRQHG&DULEH1DVKYLOOH71(8$
528;+/
(YDQJLOHGX5R\DXPH*HQHYHDHG
583(5(=-DYLHU'LOHPDV,UDTXLHV(O3DLVGLJLWDO
5,77(5*HUDUG(OSUREOHPD(WLFRGHO3RGHU5HYLVWDGH2FFLGHQWH0DGULG
52866($8 'LVFXUVR VREUH HO RULJHQ \ IXQGDPHQWRV GH OD GHVLJXDOGDG HQWUH ORV KRPEUHV 
$OKDPEUD/RQJPDQ0DGULG
528;+/
(YDQJLOHGX5R\DXPH*HQHYHDHG
52866(73/HVRULJHQHVHWOHVFDUDFWHUHVGHODSUHPLHUHFURLVDGH1HXFKDWHO
6$%$7(5)HUQDQGR3DUDODDQDUTXLD\RWURVHQIUHWDPLHQWRV(GLF2UELV%DUFHORQD
6$/20-XOLR/D*XHUUD)ULDHG3ODQHWDHGLWRUD1DFLRQDO%DUFHORQD
6&+:$1$OH[DQGHU/HJLWLPDFLRQHGLF600DGULG
6($5/(%$7(605HOLJLRXV/LEHUW\$Q,QTXLU\1<DQG/RQGRQ+DUSHU %UXWKHUV
6&+:$1$OH[DQGHU/HJLWLPDFLRQHGLF600DGULG
6(&5(7$10)/H&KULVWLDQLVPHGHVSUHPLHUVVLHFOHVHWOH6HUYLFH0LOLWDLUH3DULV
68$5(=)UDQFLVFR'HOHJLEXVGHQWURGH2HXYUHV&RPSOHWHVYROVHGLF9LYHV3DULV

BBBBBBBB'H%HOOR&6,&0DGULG&RQWHQLGRHQ7HRULDGHOD*XHUUDHQ)UDQFLVFR6XDUH]SRU
/XFLDQR3HUHQD9LFHQWH
7(67$6*X\\7(67$6-HDQ/D,QTXLVLFLRQFROHFFLRQ"TXHVH"%DUFHORQD
7(578/,$12'H&RURQDHGLFLRQGH-)RQWDLQH7HUWXOLHQ6XUODFRXURQQH(UDVPHQ3DULV

7,//,&+3$PRU3RGHU\-XVWLFLDHGLF$ULHO%DUFHORQD
752&0($/
([SXOVLRQGHVPDUFKDQGVGX7HPSOH176*LQHEUD
BBBBBBBBBBBBBB-HVXV&KULVWHWOD5HYROXWLRQQRQYLROHQWH/DERUHW)LGHV*HQHYH
9$&$1'$5'(/D4XHVWLRQGXVHUYLFH0LOLWDLUHFKH]OHVFKUHWLHQVGHVSUHPLHUVVLHFOHV3DULV

9,&(170DQXHO/DFUXHOGDG(O3DLVGLJLWDO
9,'$/0DUFLDQR(WLFDVRFLDO\SROLWLFDHGLF3DXOLQDV\9HUER'LYLQR0DGULGYROV
9,725,$)UDQFLVFR5HOHFWLRGH,QGLV&6,&0DGULG
BBBB5HOHFWLRGH,XUH%HOOL&6,&0DGULG
:$/6+:+/D(WLFD+HJHOLDQD)HUQDQGR7RUUHVHGLWRU9DOHQFLD
:(%(5 0D[(QVD\RV GH 6RFLRORJLD &RQWHPSRUDQHD  9ROV 3ODQHWD  $JRVWLQL %DUFHORQD

BBB/DHWLFDSURWHVWDQWH\HOHVSLULWXGHOFDSLWDOLVPRHG&RORIRQ0H[LFR
 BBB6REUHODWHRULDGHODVFLHQFLDVVRFLDOHV3ODQHWD$JRVWLQL%DUFHORQD
:,1'$666WDQOH\(O&ULVWLDQLVPRIUHQWHDOD9LROHQFLDHGLF0DURYD0DGULG
:+,7(+($'-2+1:/D/LEHUWDGEDMR)XHJR&OLH7HUUDVVD%DUFHORQD
<2'(5-RKQ+-HVXV\OD5HDOLGDG3ROLWLFDHGLF&HUWH]D'RZQHUV*URYH,OOLQRLV86$

+,6725,$
$&7$'(/260$57,5(6%$&0DGULG
$*8,/(5$&21&+$FRRUGLQDGRUD$OHMDQGURHO*UDQGHHG6DUSH0DGULG
BBBBBBBBBBBBBBB(O3RGHUGHORV3DSDV6DUSH0DGULG
BBBBBBBBBBBBBBBB(O,PSHULR5RPDQR6DUSH0DGULG
%(11(66$5%DUWRORPH/
,QTXLVLWLRQ(VSDJQROH;9;,;VLHFOH+DFKHWWH)UDQFH
%5,*+7-RKQ/D+LVWRULDGH,VUDHO'HVFOHHGH%URXZH%LOEDR
%52;1REHUW+LVWRULDGHOD,JOHVLD3ULPLWLYD+HUGHU%DUFHORQD
%850$1(GZDUG/RV6HFUHWRVGHOD,QTXLVLFLRQHGLF0DUWLQH]5RFD%DUFHORQD
&$+(1&1RWHVVXUO
KLVWRLUHGHVFURLVDGHVHWGHO
2ULHQWODWLQEXOOHWLQGHODIDFXOWHGH/HWWUHV
6WUDVERXJ
&$67(//$*DVWRQ+LVWRULDGHORV3DSDV(VSDVD&DOSHYROV0DGULG
&/8%,17(51$&,21$/'(//,%52 (O$EVROXWLVPRHQ*UDQ+LVWRULD8QLYHUVDOYRO;9,,
HGLF1DMHUD0DGULG
&21&,/,29$7,&$12,,(O%$&0DGULG
&21&,/,80+LVWRULDGHOD,JOHVLD(GDG$QWLJXD\(GDG0HGLDHGLF&ULVWLDQGDG0DGULG
QR
BBBBBBBBBBBBB+LVWRULDGHOD,JOHVLDHGLF&ULVWLDQGDG0DGULGQR
BBBBBBBBBBBBB+LVWRULD GHOD ,JOHVLD /D LQWHUYHQFLRQ GH OD &RPXQLGDG HQ ODV GHFLVLRQHV GH OD
,JOHVLDHGLF&ULVWLDQGDG0DGULGQR
&21*$5  <0 -  < 2WURV  /H &RQFLOH HW OHV &RQFLOHV &RQWULEXWLRQ D O
+LVWRLUH GH OD YLH
FRQFLOLDLUHGHO
HJOLVH(GLWLRQVGX&HUI%HOJLTXH
&21*$5<2WURV/RVFULVWLDQRVKDFHQOD+LVWRULDHGLF3DODEUD0DGULG
&280217 )  7H[WHV HW PRQXPHQWV ILJXUHV UHODWLIV DX[ 0\VWHUHV GH 0LWKUD %UXVHODV 

&528=(70DXULFH+LVWRULD*HQHUDOGHODV&LYLOL]DFLRQHVHGLF'HVWLQR%DUFHORQD
'( &(6$5($ (XVHELR +LVWRULD (FOHVLDVWLFD  YROV HGLF ELOLQJXH SUHSDUDGD SRU $UJLPLR
9HODVFR'HOJDGR%$&0DGULG
'(,526 3DEOR $OEHUWR +LVWRULD GHO &ULVWLDQLVPR HQ $PHULFD /DWLQD IUDWHUQLGDG WHRORJLFD
/DWLQRDPHULFDQD%XHQRV$LUHV
'(/$&,(59$5LFDUGR /DV3XHUWDVGHOLQILHUQR/D+LVWRULDGHOD,JOHVLDMDPDVFRQWDGD(G
)HQL[0DGULG
'(/$&+$75(0+LVWRULDGHORV3DSDV\GH/RV5H\HVYROVHG&OLH7HUUDVVD%DUFHORQD

'(/,0$8-HDQ/D5HIRUPD1XHYR&OLRHG/DERU%DUFHORQD
BBBBBBBBBBBBBBBBBBB(O &DWROLFLVPR GH /XWHUR D 9ROWDLUH  1XHYD &OLR HG /DERU %DUFHORQD

'(9$8;5RODQG+LVWRULD$QWLJXDGH,VUDHOYROV(GLFLRQHV&ULVWLDQGDG0DGULG
'(6&+1(5 .DUOKHLQ] +LVWRULD &ULPLQDO GHO &ULVWLDQLVPR SXEOLFDGRV  YROV HGLF0DUWLQH]
5RFD%DUFHORQD
'(6*5$9(6/RXLV5HSHUWRLUVGHV2XYUDJHVGH&RQWURYHUVHHQWUH&DWKROLTXHVHW3URWHVWDQWVHQ
)UDQFH  (FROH 3UDWLTXH GHV +DXWHV (WXGHV +WHPPH 6HFWLRQ 7RPH ,   FLWDV
ELEOLRJUDILFDV7RPH,,FLWDVELEOLRJUDILFDV/LYUDLULH'UR]*HQHYH
',&.6215RJHU((O2FDVRGHORV,QFUHGXORV&OLH7HUUDVVD%DUFHORQD
'85$1'(+8(6&$/LEHUFRQWUD0DQLFKHRV/RXYDLQSRU&KULVWLQH7KURX]HOOLHU
(/,$'( 0LUFHD +LVWRULD GH ODV &UHHQFLDV \ GH ODV ,GHDV 5HOLJLRVDV  YROV HG &ULVWLDQGDG
0DGULG
BBBBBBBBBBBBBBBB0LWR\5HDOLGDGHG/DERU*XDGDUUDPDSXQWR2PHJD%DUFHORQD
(48,323$/GH5HGDFFLRQ+LVWRULD8QLYHUVDO(O0XQGR*ULHJRHGLF0HQVDMHUR%LOEDR
)(%95(/XFLHQ&RPEDWHVSRUOD+LVWRULD(G$ULHO(VSOXJXHVGH/OREUHJDW%DUFHORQD
)/,&+($XJXVWLQ0$57,19LFWRU +LVWRULHGH/
(JOLVHYROV%ORXG *D\HGLWHXUV3DULV
VV
BBBBBBBBBBBBBBB3XEOLFDGDHQHVSDQROSRUHG(GLFHSYROV9DOHQFLD(VSDQD
)8.8<$0$)UDQFLV(O)LQGHOD+LVWRULD\GHOXOWLPRKRPEUHHG3ODQHWD%DUFHORQD
*$5&,$&$5&(/5LFDUGR2ULJHQHVGHOD,QTXLVLFLRQ(VSDQRODHO7ULEXQDOGH9DOHQFLD
HGLF3HQLQVXOD%DUFHORQD
*$5&,$'(&257$=$5)HUQDQGR/26$'$(63,126$ +LVWRULDGHO0XQGRDFWXDO
$OLDQ]D(GLWRULDO0DGULG
*2(7=:DOWHUGLULJLGDSRU+LVWRULD8QLYHUVDO9ROV(G(VSDVD&DOSH0DGULG
*21=$/(=&$59$-$//XLV/RV6LJQRVGHORV7LHPSRV(G6DO7HUUDH6DQWDQGHU
*21=2$*$-DYLHU&RQFLOLRV9ROV,QWHUQDWLRQDO3XEOLFDWLRQV0LFKLJDQ86$
*5,*8/(9,&+,(O3DSDGR6LJOR;;(G3URJUHVR0RVFX
*52866(75HQH/D(SRSH\DGHODV&UX]DGDVHGLF3DODEUD0DGULG
*5832 =(7$ 9DULRV DXWRUHV  /DV 7UDPDV 6HFUHWDV GH OD *XHUUD GHO *ROIR HGLF % VHULH
5HSRUWHU%DUFHORQD
BBBBBBBBBBBBBBBB'HVSXHVGHOD7RUPHQWDHGLF%VHULH5HSRUWHU%DUFHORQD
+$(&.(57KHRGRU(O&ULVWLDQR\OD+LVWRULDHG5LDOS0DGULG
+$16(1*XQWKHU(O0XQGRGHO1XHYR7HVWDPHQWR(GLF&ULVWLDQGDG0DGULG
+$<'HQ\V(XURSDHQORVVLJORV;,9\;9HG$JXLODU0DGULG
+((5)UHGULFK/
8QLYHUVGHOD0R\HQ$JH)D\DUG3DULV
 +()(/(/(&/(54+LVWRLUVGHV&RQFLOHV3DULV
+(5*(152(7+(5(O&DUGHQDO+LVWRULDGHOD,JOHVLDYROV0DGULG
+,6725,$'(/081'202'(512GH&DPEULGJHHG6RSHQDYROV%DUFHORQD
+,6725,$81,9(56$/6LJOR;;,YROV0DGULG
+,6725,$ 81,9(56$/ 6$/9$7  )UDQFHVF 1DYDUUR GLUHFFLRQ HGLWRULDO 6DOYDW (GLWRUHV 
YROV%DUFHORQD
+8(57$63LODU/D,QTXLVLFLRQ7ULEXQDOFRQWUUDORVGHOLWRVGHODIHHG/LEVD0DGULG
,1*( :5  (O /HJDGR GH *UHFLD HGLWDGR SRU 6LU 5LFKDUG /LYLQJVWRQH 8QLYHUVLGDG GH 2[IRUG
(GLF3HJDVR0DGULG
-$(*(5 :DUQHU /D 7HRORJLD GH ORV 3HQVDGRUHV *ULHJRV (GLFLRQHV )RQGR GH &XOWXUD
(FRQRPLFD0DGULG
-2+16213DXO(O1DFLPLHQWRGHO0XQGR0RGHUQR-DYLHU9HUJDUDHGLWRUHGLF%*UXSR=HWD
%DUFHORQD
BBBBBBBBBBBBB7LHPSRV0RGHUQRV/D+LVWRULDGHOV;;GHVGHKDVWDODGHFDGDGHORV
9HUJDUDHGLWRUHGLF%*UXSR=HWD%DUFHORQD
-2+16721 ' \ 6$03621 & /D UHOLJLRQ HO IDFWRU ROYLGDGR HQ OD VROXFLRQ GH FRQIOLFWRV
33&0DGULG
-26()2)ODYLR&RQWUD$SLRQ(G$JXLODU0DGULG
BBBBBBBBBBBBBB$QWLJXHGDGHV-XGLDV&OLH7HUUDVVD%DUFHORQDYROV
BBBBBBBBBBBBBB/DV*XHUUDVGHORV-XGLRV&OLH7HUUDVVD%DUFHORQDYROV
-263( 5DSKDHO :$*1(5 6WDQOH\ 0HGLWRUHV  *UHDW 6FKLVPV LQ -HZLVK +LVWRU\ &HQWHU IRU
-XGDLF6WXGLHV8QLYHVLW\RI'HQYHU.7$9SXEOLVKLQJ+RXVH1HZ<RUN
.(($/,67(5&RQVWDQWLQRFRQWUD&ULVWR0DUWLQH]5RFD%DUFHORQD
.(//(5:HUQHU+LVWRULDGHOSXHEORMXGLRHGLF2PHJD%DUFHORQD
.5$0(1/D,QTXLVLFLRQ(VSDQRODHGLF*ULMDOER%DUFHORQD
.81*+DQV(O&ULVWLDQLVPR\ODV*UDQGHV5HOLJLRQHV/LEURV(XURSD0DGULG
BBBBBBBBBBBBB(O-XGDLVPRHGLWRULDO7URWWD0DGULG
/$7285(77(.(11(7+LVWRULDGHO&ULVWLDQLVPR&DVD%DXWLVWDGH3XEOLFDFLRQHVHO3DVR
7H[DV
/($ +HQU\ & +LVWRULD GH OD ,QTXLVLFLRQ (VSDQROD  YROV )XQGDFLRQ 8QLYHUVLWDULD (VSDQROD
0DGULG
/(1=(1:(*(5 - \ 2WURV EDMR OD GLUHFFLRQGH +LVWRULD GH OD ,JOHVLD &DWROLFD HG +HUGHU
%DUFHORQD
/2%2-RVH$QWRQLRHGLWRU(O&ULVWLDQLVPRHQHOKRUL]RQWHGHOVLJOR;;,(GLWRULDO6DQ(VWHEDQ
6DODPDQFD
/25(17( -XDQ$QWRQLR+LVWRULD &ULWLFD GH OD ,QTXLVLFLRQ (VSDQROD  YROV (GLF +LSHULRQ
0DGULG
//25&$9,//26/$'$0217$/9$1 +LVWRULD GH OD ,JOHVLD &DWROLFD %$& 0DGULG 

0,1*8(=-RVH0LD/DV&ODYHVGHO3HULRGR&DUROLQJLR3ODQHWD%DUFHORQD
0217(1(*52$QJHOFRRUGLQDGRU*UDQ+LVWRULD8QLYHUVDOHG1DMHUD0DGULG
1,(/)HUQDUG$OELJHRLVHW&DWKDUHV3UHVVHV8QLYHUVLWDLUHVGH)UDQFH3DULV
127+0DUWLQ+LVWRULDGH,VUDHO(GLFLRQHV*DUULJD%DUFHORQD
BBBBBBBBBBBBBBB(O0XQGRGHO$QWLJXR7HVWDPHQWRHGLF&ULVWLDQGDG0DGULG
2$7(6-RDQ%DELORQLDHGLF0DUWLQH]5RFD%DUFHORQD
21&.(1 *XLOOHUPR GLULJLGD SRU +LVWRULD 8QLYHUVDO 0XQWDQHU \ 6LPRQ (GLWRUHV  9ROV
%DUFHORQD
21,(9$$QWRQLR-&HVDU%RUJLD&RPSDQLD%LEOLRJUDILFD(VSDQROD0DGULG
32:5&.( 30  (O /HJDGR GH OD (GDG 0HGLD 8QLYHUVLGDG GH 2[IRUG  (GLF 3HJDVR 0DGULG

35(9,725721+LVWRULD0HGLHYDOGH&DPEULGJHYROVHG6RSHQD%DUFHORQD
5$0260DUFRV$QWRQLR3DQRUDPDGHO3URWHVWDQWLVPRHQ&XEDHG&DULEH86$
5$33)UDQFLV/D,JOHVLD\OD9LGD5HOLJLRVDHQ2FFLGHQWHDILQHVGHOD(GDG0HGLD1XHYD&OLR
HG/DERU%DUFHORQD
5(021'21 5RJHU /D FULVLV GHO ,PSHULR URPDQR GH 0DUFR $XUHOLR D $QDVWDVLR HG /DERU
%DUFHORQD
5,&&$5',$QGUHD(O6LJORGHORV0DUWLUHV3OD]D -DQHV%DUFHORQD
6+$)) 3KLOOLS+LVWRU\ RI WKH &KULVWLDQ &KXUFK 0HGLHYDO &KULVWLDQLW\ *UDQG 5DSLGV 0LFKLJDQ
9P%(HUPDQV3XEOLVKLQJ&RPSDQ\
6,0210DUFHO\%(12,7$QGUH(O-XGDLVPR\HO&ULVWLDQLVPR$QWLJXR1XHYD&OLRHG/DERU
%DUFHORQD
602/,16.<+HULEHUW+LVWRULDGHOD,JOHVLD0RGHUQDHG+HUGHU%DUFHORQD
62/$1$-RVH0LD9DULRV*UDQ+LVWRULD8QLYHUVDO9RO,,\,91DMHUD0DGULG
729$5$QWRQLR+LVWRULDGHO$QWLJXR2ULHQWH(G0XQWDQHU\6LPRQ%DUFHORQD
72<1%(( $UQROG GLULJLGD SRU$XWRUHV YDULRV (O &ULVRO GHO &ULVWLDQLVPR DGYHQLPLHQWR GH
XQD1XHYD(UDHG/DERU9LWRULD
9(5$7251(//5LFDUGR+LVWRULD8QLYHUVDOGHOD&LYLOL]DFLRQ(G5DPRQ6RSHQD%DUFHORQD

9(5*8(5-DFTXHV/D$OWD(GDG0HGLDHG6DUSH0DGULG
9(5'2< $OIUHGR  6LQWHVLV GH OD +LVWRULD GH OD ,JOHVLD  8QLYHUVLGDG 3RQWLILFD GH
&RPLOODV0DGULG
9(50$6(5(1 0- (O &ULVRO GHO &ULVWLDQLVPR DGYHQLPLHWR GH XQD1XHYD (UD HG /DERU
9LWRULDSSD\VV
:$/48(5 :LOOLVWRQ +LVWRULD GH OD ,JOHVLD &DVD 1D]DUHQD GH 3XEOLFDFLRQHV .DQVDV &LW\
0LVVRXUL
:,/+(,0)UDQN+LVWRULDGHOD,JOHVLD0HGLHYDO+HUGHU%DUFHORQD
 :,/.(15REHUW/7KH&KULVWLDQVDVWKH5RPDQV6DZ7KHP<DOH8QLYHUVLW\3UHVV1HZ+DYHQ
DQG/RQGRQ
:22'6-57KRPDV(&RPROD,JOHVLDFRQVWUX\RODFLYLOL]DFLRQRFFLGHQWDO &LXGDGHODOLEURV
0DGULG
:5(1&+7(7KH0DUFKRI&LYLOL]DWLRQ$QFLHQWDQG0DGLHYDO:RUOG1HZ<RUN
=$%2528 0LMDLO+LVWRULD GH ODV &UX]DGDV 0(+/ 5RJHU(WLFD &DWROLFD \ (WLFD 3URWHVWDQWH
+HUGHU%DUFHORQD
=,(/,16.,7+LVWRULDGHOD&LYLOL]DFLRQ$QWLJXDDHGLFHGLW$JXLODU0DGULG

(67$'26 81,'26 < 5(92/8&,21 1257($0(5,&$1$

3HQVDPLHQWR\DFWLWXGHV1XHYR2UGHQ0XQGLDO
(Q PL ELEOLRWHFD SDUWLFXODU WHQJR PDV GH  YROXPHQHV VREUH HO WHPD GH /RV (VWDGRV 8QLGRV TXH
DEDUFD GHVGH OD 5HYROXFLRQ 1RUWHDPHULFDQD KDVWD OD HSRFD GH %XVK KLMR \ 2EDPD SDVDQGR SRU HO
HVWXGLR KLVWRULFR GH ORV GLIHUHQWHV SUHVLGHQWHV \ PLOHV GH DUWLFXORV DUFKLYDGRV \ RUJDQL]DGRV VREUH
(VWDGRV 8QLGRV VX SROLWLFD OD WHPDWLFD GH OD *OREDOL]DFLRQ 1XHYR 2UGHQ 0XQGLDO ODV JXHUUDV GH
$IJDQLVWDQ \ GH ,UDN HO WHUURULVPR LQWHUQDFLRQDO HWF PH KH YLVWR REOLJDGR D VHOHFFLRQDU ORV WLWXORV
VLJXLHQWHV7RGRHOORHVLPSRUWDQWHFRQHOILQGHSRGHUFRPSUHQGHUODGLUHFFLRQDOLGDGHQODKLVWRULDGH
/RV(VWDGRV8QLGRV\VXSUR\HFWRSROLWLFR9HUWDPELHQHODSDUWDGR&2148,67$'($0(5,&$
$1.(5%(5* -RKQ:(/'21 -RKQ 2QH :RUOG %LEOH 3URSKHF\ DQG 7KH 1HZ :RUOG 2UGHU 
0RRG\3UHVV&KLFDJR86$
$5$0%(55,-XOLR(OJUDQSX]]OHDPHULFDQR(VWDGRV8QLGRVHQHOFDPELRGHVLJORHGLFLRQHV(O
3DLV$JXLODU0DGULG
$8725(69$5,26(GLWHGE\5REHUW%DVLO0DU\%HWK*HKHUPDQ7LP0DGLJDQ 2Q WKH
%DUULFDGHV5HOLJLRQDQGIUHHLQTXLU\LQFRQIOLFW3URPHWKHXV%RRNV1HZ<RUN
%$'(/ 3HSD  *$5&,$ /832 5RJHOLR +(55(5$ 3DEOR  ,*1$&,2 /23(= /XLV  0$&
/,0$1$GULDQ-26(3(521$-XDQ/DVWUDPDVVHFUHWDVGHOD*XHUUDGHO*ROIRHGLF%*UXSR
=HWD%DUFHORQD
%$'(/ 3HSD  *$//(*2 )HUPLQ  *$5$<2$ -RVH 0LJXHO  +(55(5$ 3DEOR  ,*1$&,2
/23(=/XLV*$63$5,1,-XDQ-26(3(521$-XDQ'HVSXHVGHOD7RUPHQWD/DVFODYHVGH
ODSRVJXHUUDHGLF%*UXSR=HWD%DUFHORQD
%$55&+,'6(<'RQDOG/D,QGHSHQGHQFLD1RUWHDPHULFDQD%XHQRV$LUHV
%(55<+,// 'DOH $  7KH 0HGLD +DWHV &RQVHUYDWLYHV+XQWLQJWRQ +RXVH 3XEOLVKHUV /DID\HWWH
/RXLVLDQD86$
%/80:LOOLDP(O(VWDGRDJUHVRU/DJXHUUDGH:DVKLQJWRQFRQWUDHOPXQGR%LOEDR
%522.(7DO:KHQ WKH :RUOG :LOO %H DV 2QH  7KH &RPLQJ 1HZ :RUOG 2UGHU +DUYHVW+RXVH
3XEOLVKHUV(XJHQH2UHJRQ
%58&(6WHYH5HOLJLRQLQWKH0RGHUQ:RUOG2[IRUG8QLYHUVLW\1HZ<RUN86$
%85.(77/DUU\7KH,OOXPLQDWL7KRPDV1HOVRQSXEOLVKHUV1DVKYLOOH7HQQHVVHH86$
&$0$&+26DQWLDJR/DVFORDFDVGHO,PSHULRORTXH(VWDGRV8QLGRVRFXOWDDOPXQGRODHVIHUD
GHORVOLEURV0DGULG
 &$1(48(&DUORV'LRVHQ$PHULFD(GLF3HQLQVXOD%DUFHORQD
&$3,//$/XLV/D&RPLVLRQ7ULODWHUDO(O*RELHUQRGHO0XQGRHQOD6RPEUD0DGULG
&+206.,1RDP$QR/D&RQTXLVWDFRQWLQXD/LEHUWDQLDV3URGKXIL0DGULG
BBBBBBBBBBBBBBBBB/DUHVSRQVDELOLGDGGHORVLQWHOHFWXDOHVHGLF$ULHO%DUFHORQD
BBBB+HJHPRQLDRVXSHUYLYHQFLDHGLF%%DUFHORQD
&/(0(17,+HEH)RUPDFLRQGHODFRQFLHQFLDDPHULFDQDODSOH\DGH%XHQRV$LUHV
&/$5.(5LFKDUG$&RQWUDWRGRVORVHQHPLJRVHGLF6DQWLOODQD0DGULG
&21125-DPHV2\YDULRV,PSHULDOLVPRHGLF3HULIIULD%XHQRV$LUHV
&2167,78&,21 /$ GH ORV (VWDGRV 8QLGRV GH $PHULFD DQRWDGD FRQ OD MXULVSUXGHQFLD \
DQRWDFLRQHV GH FDVRV GHFLGLGRV SRU OD &RUWH 6XSUHPD GH ORV (VWDGRV 8QLGRV HG*XLOOHUPR .UDIW 
YROV%XHQRV$LUHV
'$9,621 +817(5 -  $PHULFDQ (YDQJHOLFDOLP &RQVHUYDWLYH 5HOLJLRQ DQG 7KH 4XDQGDU\ RI
0RGHUQLW\5XWJHUV1HZ-HUVH\
'5$3(5 7KHRGRUH $EXVR GH SRGHU 8Q DQDOLVLV G HOD SROLWLFD H[WHULRU QRUWHDPHULFDQD HG
&XDGHUQRVSDUDHO'LDORJR0DGULG
(,6(1+2:(5 'ZLJKW ' 0LV DQRV HQ OD &DVD %ODQFD3ULPHU \ VHJXQGR PDQGDWR 
HG%UXJXHUD%DUFHORQD
(33(56215DOSK7KH1HZ:RUOG2UGHU3XEOLXV3UHVV7XFVRQ$UL]RQD86$
)$/:(/-HUU\/LVWHQ$PHULFD'RXEOHGD\1<
)21(5 3KLOLS 6 /D *XHUUD KLVSDQRFXEDQRDPHULFDQD \ HO QDFLPHQWR GHO LPSHULDOLVPR
QRUWHDPHULFDQRYROV$NDOHGLWRU0DGULG
)8.8<$0$)UDQFLV(O)LQGHOD+LVWRULD\GHOXOWLPRKRPEUHHG3ODQHWD%DUFHORQD
)8/%5,*+7:LOOLDP/D$UURJDQFLDGHO3RGHUHGLF&LG0DGULG
)8&+6/+-RKQ).HQQHG\DQG$PHULFDQ&DWKROLFLVP0HUHGLWK3UHVV1HZ<RUN
*$558&&,2/XGRYLFR/D(UD.LVVLJHUHGLF*XDGDUUDPD0DGULG
*2/'67(,1&OLIIRUG"8QDQDFLRQEDMRODDXWRULGDGGH'LRV"$&(6%XHQRV$LUHV
BBBB(O'LDGHO'UDJRQ$VRFLDFLRQ3XEOLFDGRUD,QWHUDPHULFDQD0LDPL)ORULGD
BBB0DQRVVREUHHO$ELVPR&DWROLFRV\3URWHVWDQWHVGHUULEDQODVSDUHGHVGHOD5HIRUPD 333$

BBB7KH6DYLQJRI$PHULFD333$
BBB(QWUHHO&RUGHUR\HO/HRQ$3,$
BBB2QH1DWLRQ8QGHU*RG"%LEOH3URSKHF\:KHQWKH$PHULFDQ([SHULPHQWIDLOV333$
BBB(OJUDQFRPSURPLVR$3,$0LDPL)O86$
,16%(5*%HQMDPLQ7KH)DWDO(PEUDFH-HZVDQGGWKH6WDWH7KH8QLYHUVLW\RI&KLFDJR3UHVV
&KLFDJRDQG/RQGRQ
*5$8%$5'6WHSKHQU.LVVLQJHU'RSHVD%DUFHORQD
*8//21 'DYLG 3 $Q ,QYHVWLJDWLRQ RI 'LVSHQVDWLRQDO 3UHPLOOHQQLDOLVP DQ DQDO\VLV DQG
(YDOXDWLRQ RI WKH (VFKDWRORJ\ RI -RKQ ) :DOYRRUG  'LVVHUWDWLRQ DGYLVHU +DQV . /D5RQGHOOH
$86$76
+$// 6XH *  2:(16 5REHUW 7 (O 3HQVDPLHQWR 3ROLWLFR GH 5REHUW .HQQHG\ 6DJLWDULR GH
(GLFLRQHV%DUFHORQD
+256/(<5LFKDUG$ -HVXV \ HO ,PSHULR (O 5HLQR GH 'LRV \ HO QXHYR GHVRUGHQ PXQGLDO HG
9HUER'LYLQR(VWHOOD1DYDUUD(VSDQD
+8'621:LQWKURS65HOLJLRQLQ$PHULFD)RXUWK(GLWLRQ0DFPLOODQ3XEOLVKLQJ&RPSDQ\1HZ
<RUN
-$< 3HWHU  67(:$57 0LFKHO  $SRFDOLSVLV  "'HFDGHQFLD (FRQRPLFD \ VXLFLGLR GH OD
GHPRFUDFLD"(GDI0DGULV
-())(5621 7KRPDV HVFULWRV SXEOLFDGRV SRU HO &RQJUHVR 1DFLRQDO7KH :ULWLQJV RI 7K
-HIIHUVRQ EHLQJ KLV DXWRELRJUDSK\ FRUUHVSRQGHQFH UHSRUWV  PHVVDJHV DGUHVVHV DQG RWKHU ZULWLQJV
RILFLDODQGSULYDWH9RO:DVKLQJWRQ
BBB(VFULWRVGH7KRPDV-HIIHUVRQUHFRSLODFLRQGH(GZDUG'XPEDXOGHG'LDQD0H[LFR
BBB(VFULWRV\GRFXPHQWRVGH7KRPDV-HIIHUVRQ UHUFRSLODGRV SRU -RKQ 6 3DQFDNH (GLFLRQHV
%DUFHORQD
+DQ KDELGR YDULDV HGLFLRQHV HQ LQJOHV SRVWHULRUPHQWH \ TXH V HSXHGHQ FRQVXOWDU HQ ODV GRV
UHFRSLODFLRQHVDQWHULRUHV
-2+16721'<6$03621&(GLWRUHV&$57(5-LPP\SURORJDGR/D5HOLJLRQHOIDFWRU
ROYLGDGRHQODVROXFLRQGHFRQIOLFWRV33&0DGULG
-28,1 (UQHVW HGLF FULWLFD GH/RV 3URWRFRORV GH ORV 6DELRV GH 6LRQ HGLWRUD /DWLQR$PHUHFDQD
0H[LFR
-2+16213DXO(VWDGRV8QLGRVOD+LVWRULD-DYLHU9HUJDUDHGLWRUJUXSR]HWD%DUFHORQD
-21(60DOGZ\Q$+LVWRULDGH(VWDGRV8QLGRV&DWHGUD0DGULG
-8/,(1&ODXGH/
(PSLUH$PHULFDLQ*UDVVHW3DULV
-81*.5REHUW/H)XWXUHDGHMDFRPPHQFHHG$UWKDXG3DULV
.(11('<3DXO+DFLDHO6LJOR;;,3OD]D-DQHV%DUFHORQD
.(11('<-RKQ)(VWUDWHJLDGHODSD]3OD]D-DQHV%DUFHORQD
BBB/D1XHYD)URQWHUD3OD]D -DQHV%DUFHORQD
BBBB(O 'HEHU \ OD *ORULD 7HVWDPHQWR 3ROLWLFR GH -RKQ ) .HQQHG\  UHFRSLODGR SRU1(9,16
$OODQHG%UXJXHUD%DUFHORQD
.(11('<5REHUW+DFLDXQPXQGRQXHYR$\PD%DUFHORQD
BBBB(O 3HQVDPLHQWR 3ROLWLFR GH 5REHUW .HQQHG\ UHFRSLODGR SRU325+$// 6XH *  2:(16
5REHUW76DJLWDULRGH(GLFLRQHV%DUFHORQD
BBB(OHQHPLJRHQFDVD3OD]D -DQHV%DUFHORQD
.,66,1*(5+HQU\$3ROLWLFD([WHULRU$PHULFDQD3OD]D -DQHV%DUFHORQD
.12&. 7KRPDV -7R HQG DOO :DUV :RRGURZ :LOVRQ DQG WKH 4XHVW IRU D 1HZ :RUOG 2UGHU
3ULQFHSWRQ8QLYHUVLW\3UHVV3ULQFHSWRQ1HZ-HUVH\86$
/$ +$<( 7LP )DLWK RI 2XU )RXGLQJ )DWKHUV :ROJHPXWK+\DWW 3XEOLVKHUV ,QF%UHQWZRRG
7HQQHVVHH
0$',621VREUH7KH&RPSOHWH0DGLVRQ3$'29(56.HGLWRU1HZ<RUN
0$5(6&$-XDQ(WLFD\3RGHUHQHO)LQGHOD+LVWRULDGH&DWDORJRV%XHQRV$LUHV
0$5,$6-XOLDQ$QDOLVLVGH/RV(VWDGRV8QLGRVHGLF*XDGDUUDPD0DGULG
0$57,1025(12)UDQFLVFR/DVFLFDWULFHVGHO9LHQWRHGLF%*UXSR=HWD%DUFHORQD
0$57< 0DUWLQ ($33/(%< 5 6FRWW HGLWRUHV  )XQGDPHQWDOLVPV DQG WKH 6WDWH 6SRQVRUHG
E\ 7KH $PHULFDQ $FDGHP\ RI $UV DQG 6FLHQFHV 7KH 8QLYHUVLW\ RI &KLFDJR &KLFDJR86$  YROV

0$66,02 &$/'(5$==,$QWRQLR /D 5HYROXFLRQ 1HJUD HQ /RV (VWDGRV 8QLGRV HG %UXJXHUD
%DUFHORQD
0F&$57+<(XJHQH/RVOLPLWHVGHOSRGHU/OLEUHV6LQHUD%DUFHORQD
0F(2,1*DU\1XHYRVGHVDILRVDOFDWROLFLVPRQRUWHDPHULFDQRHGLF3HQLQVXOD%DUFHORQD
0,//$5'&DWKHULQH7KH5HZULWLQJRI$PHULFD
V+LVWRU\+RUL]RQ+RXVH3XEOLVKHUV&DPSV+LOO
3HQQV\OYDQLD86$
0,//(57LPRWK\HGLWRU$PHULFD
V$OWHUQDWLYH5HOLJLRQV6WDWH8QLYHUVLW\RI1HZ<RUN3UHVV
$OEDQ\1HZ<RUN
0225(0LFKHO"4XHKDQKHFKRFRQPLSDLVWLR"HGLF%%DUFHORQD
1$,56DPL(O,PSHULRIUHQWHDODGLYHUVLGDGGHOPXQGR&LUFXORGH/HFWRUHV%DUFHORQD
1(9,16 $OODQ (O 'HEHU \ OD *ORULD 7HVWDPHQWR 3ROLWLFR GH -RKQ ) .HQQHG\  HG %UXJXHUD
%DUFHORQD
18(67527,(032(O'HVDILRDPHULFDQRGH-XDQ3DEOR,,QR2FWXEUHGH
1817,80 /D HUD GH /RV (VWDGRV 8QLGRV 3RQWLILFLD 8QLYHUVLWD /DWHUDQHQVH HQ HVSDQRO SRU
)XQGDFLRQ8QLYHUVLWDULD6DQ3DEORDQR,,QR0DGULG0DU]R
2',1$0HUFHGHV+$/(9,*DEULHO$PHULFDVRFLHGDGDQRQLPDHG3ODQHWD%DUFHORQD
23272:6.<6WDQ(O*RELHUQR.HQQHG\3OD]D -DQHV%DUFHORQD
3$'29(56.HGLWRU7KH&RPSOHWH0DGLVRQ1HZ<RUN
3$1&$.( -RKQ 6 7KRPDV -HIIHUVRQUHYROXFLRQDULR )LORVRIR ,QWURGXFFLRQ DO SHQVDPLHQWR GH
7KRPDV-HIIHUVRQDWUDYHVGHXQDVHOHFFLRQGHGRFXPHQWRV9HU-HIIHUVRQ
3$< 0DUW\ DQG '21$/'621 +DO 'RZQIDOO 6HFXODUL]DWLRQ RI D &KULVWLDQ 1DWLRQ 1HZ /HDI
3UHVV%HUU\YLOOH$5B86$
3/$1(//-DLPH/DFXHVWLRQUHOLJLRVDHQODFDPSDQDHOHFWRUDOGHOSUHVLGHQWH.HQQHG\ (XQVD
3DPSORQD1DYDUUD(VSDQD
5((' 5DOSK $FWLYH )DLWK +RZ &KULVWLDQV DUH &KDQJLQV WKH 6RXO RI $PHULFDQ 3ROLWLFV 7KH
)UHH3UHVV$'LYLVLRQRI6LPRQ6FKXVWHU1HZ<RUN
5(<(6 -RVH $/RV +LVSDQRV HQ /RV (VWDGRV 8QLGRV 8Q 5HWR \ XQD RSRUWXQLGDG SDUD OD
,JOHVLD:KLWH:LQJ3XEOLVKLQJ+RXVHDQG3UHVV&OHYHODQG7HQQHVVHH86$
52%(57621 3DW $PHULFD
V 'DWHV :LWK 'HVWLQLW\ 7KRPDV 1HOVRQ 3XEOLVKHUV 1HZ <RUN86$

 5226(9(/7 VREUH  /D H[SHULHQFLD 5RRVYHOW VHJXQ HO HVWXGLR GH 7KH (FRQRPLVW /RQGUHV
HG(VSDQROD6DQ6HEDVWLDQ
6$*1$&3KLOLSSH/D)LQGHO
$QFLHQ5HJLPHHWOD5HYROXWLRQ$PHULFDLQH3UHVVHV
8QLYHUVLWDLUHVGH)UDQFH3DULV
6&+/(6,1*(5$UWKXU0/DSUHVLGHQFLDLPSHULDO'RSHVD%DUFHORQD
BBB/DSROLWLFDGHODOLEHUWDG(OFHQWURYLWDO'RSHVD%DUFHORQD
6&+(//+$6 %RE*8,//(63/( HGLW GH&RQWUDFW :LWK $PHULFD7KH %RO 3ODQ  7LPHV
%RRNV5HQGRP+RXVH1HZ<RUN
6+((+$11HLOLQYHVWLJDFLRQ /RV 'RFXPHQWRV GHO 3HQWDJRQR WDO FRPR KD VLGR SXEOLFDGR SRU
7+(1(:<25.7,0(63OD]D -DQHV%DUFHORQD
6217$* )UHGHULFN  527+ -RKQ . /D 5HYROXFLRQ \ OD 5HOLJLRQ HQ OD YLGD GHO SXHEOR
DPHULFDQR1(0$HGLWRUHV0H[LFR
67,// :LOOLDP 7  1HZ :RUOG 2UGHU 7KH $QFLHQ 3ODQ RI 6HFUHW 6RFLHWLHV +XQWLQJWRQ +RXVH
3XEOLVKHUV/DID\HWWH/RXLVLDQD86$
686.,1'5RQ(O3UHFLRGHODOHDOWDG*HRUJH:%XVKOD&DVD%ODQFD\ODHGXFDFLRQGH3DXO
2
1HLOO3HQLQVXOD$WDOD\D%DUFHORQD
7$,%2&DUORV"+DFLDGRQGHQRVOOHYD(VWDGRV8QLGRV"(GLF%%DUFHORQD
7$</257HOIRUG\YDULRV/RVFULPHQHVGHJXHUUDHQ9LHWQDPJUDQLFDHGLWRU$UJHQWLQD
758<2/<6(55$$QWRQLR/D6RFLHGDG,QWHUQDFLRQDO$OLDQ]D(GLWRULDO0DGULG
:$76215LFKDUG$'HPRFUDFLD$PHULFDQD1RULHJDHGLWRUHVHG/LPXVD0H[LFR
:+,7(50$56+'DU\ODQQ:H&DQ&KDQJH$PHULFD +DQQLEDO %RRNV +DQQLEDO 0LVVRXUL 86$

:,6('DYLG/D3ROLWLFDGHODPHQWLUDHQ((88HG/D3OH\DGH%XHQRV$LUHV
:22':$5' %RE  /DV *XHUUDV 6HFUHWDV GH OD &,$ (GLF % VHULH 5HSRUWHU GHO JUXSR =HWD
%DUFHORQD
:22':$5'%RE%(5167(,1&DUO(OHVFDQGDOR:DWHUJDWHHG(XURV%DUFHORQD
 


$'$060HOYLQ:&DPELRVTXHDPHQD]DQODOLEHUWDGUHOLJLRVD5$6HQHUR
$1*(/2==,*$5,%2/',*LRUJLR3LR;,,+LWOHU\0XVVROLQLHG$FHUYR%DUFHORQD
$5,$6-XDQ/D3HQDFDQRQLFDHQOD,JOHVLDSULPLWLYD(XQVD3DPSORQD
%$(=$$OYDUR(O2URGHO,,,5HLFK9DWLFDQR1D]LV\-XGLRV$%/3UHVV0DGULG
%$1'(5$$UPDQGR/D,JOHVLDDQWHHO3URFHVRGHOD/LEHUDFLRQ%$&0DGULG
%$51(6(UQHVW:LOOLDP7KH5LVHRI&KULVWLDQLW\/RQGUHV
%$<1(61RUPDQ (XVHELXVDQG7KHFKULVWLDQHPSLUHUHLPSUHVLRQHQ%\]DQWLQHVWXGLHVDQGRWKHU
HVVD\V7KH$WKORQH3UHVV
%(55<+,// 'DOH $ 7KH 0HGLD +DWHV &RQVHUYDWLYHV +XQWLQJWRQ +RXVH 3XEOLVKHUV /DID\HWWH
/RXLVLDQD86$
%(7$1&2857/RV(VWDGRV8QLGRV\HO9DWLFDQR9)
%/$6&+.( -,%$1(= -03216 33 /D &DLGD GHO ,PSHULR GHO 9DWLFDQR 5RELQ %RRN
%DUFHORQD
%2))/HRQDUGR,JOHVLD&DULVPD\3RGHUHG6DO7HUUDH6DQWDQGHU
BBB1XHYD(UD/D&LYLOL]DFLRQ3ODQHWDULDHG9HUER'LYLQR(VWHOOD1DYDUUD(VSDQD
%522.( 7DO:KHQWKH:RUOG:LOO%HDV2QH7KH&RPLQJ1HZ:RUOG2UGHU +DUYHVW+RXVH
3XEOLVKHUV(XJHQH2UHJRQ
%58&(6WHYH5HOLJLRQLQWKH0RGHUQ:RUOG2[IRUG8QLYHUVLW\1HZ<RUN86$
&$0$&+26DQWLDJR%LRJUDILDQRDXWRUL]DGDGHO9DWLFDQRHGLF050DGULG
&$67(//$*DVWRQ+LVWRULDGHORV3DSDV(VSDVD&DOSHYROV0DGULG
&21&,/,29$7,&$12,,(O%$&0DGULG
&21&,/,80+LVWRULDGHOD,JOHVLDHGLF&ULVWLDQGDG0DGULG
&$6&,$525$0,5(=-0LD,JOHVLD\3XHEORGH'LRV&DUDFWHULVWLFDVGHODSURFODPDFLRQGHO
5HLQR;,;6HPDQD%LEOLFD&6,&0DGULG
&$6752=$)5$$QWRQLR/RV&LUFXORVGHO3RGHU(G3RSXODU0DGULG
&(5)$8;/\721'5,$8-/H&XOWHGHV6RXYHUDLQV'HVFOHHHGLWHXUV%HOJLTXH
&2/(&7,92
BBB3HGURHQHO1XHYR7HVWDPHQWRHG6DO7HUUDH6DQWDQGHUFDWROLFRV\SURWHVWDQWHV
BBB%DSWHPH(XFKDULVWLH0LQLVWHUHOH&HQWXULRQ3UHVVGH7DL]H3DULV
&20$65DPRQ(O(VWDGR\ODV,JOHVLDVSRU6HSDUDGR(GLWRULDO1RYD7HUUD%DUFHORQD
&20081,2 5HYLVWD &DWROLFD ,QWHUQDFLRQDO&ULVWLDQLVPR \ 2UGHQ 3ROLWLFR (GLF (QFXHQWUR
0DGULGMXOLRDJRVWR
&21*$5<0-'LH:HVHQVHLJHQVFKDIWHQGHUNLQGKHHQ0\6DO,9
 0LQHVWHUHVHW&RPXQLRQHFFOHVLDOH
(JOLVH&DWKROLTXH /D)UDQFH0RGHUQH+DFKHWWH3DULV
&211(5.HYLQ-7KH&KXUFKLQWKH1HZ7HVWDPHQW%LEOH*LIW6KRSV3RUWODQG2UHJRQ
&8//0$112VFDU6DLQW3LHUUH'HODFKDX[1LHVWOH1HXFKDWHO
&8/9(5 5REHUW '6XVDQ )RK:DWWHU /LHIHOG$OEHUD 0LFNHOVHQ :RPHQ LQ 0LQLVWU\
,QWHUYDUVLW\3UHVV,OOLQRLV86$
&+(9$/,(5-HDQ/D3ROLWLFDGHO9DWLFDQR$<0$6$(GLWRUD%DUFHORQD
'(/$&,(59$5LFDUGR-HVXLWDV,JOHVLD\0DU[LVPR3OD]D-DQHV%DUFHORQD
BBB/DV3XHUWDVGHOLQILHUQRHG)HQL[0DGULG
'(1=,1*(5((O0DJLVWHULRGHOD,JOHVLDYHUVLRQGH'DQLHO
5XL]%XHQR(G+HUGHU%DUFHORQD
'(526$3HWHU9LFDULRVGH&ULVWRHGLF0DUWLQH]5RFD%DUFHORQD
',$=6$/$=$55DIDHO,JOHVLD'LFWDGXUD\'HPRFUDFLDHGLF+2$&0DGULG
',&&,21$5,2 '(7(;726 62&,$/(6 < 3217,),&,26  &RPSDQLD %LEOLRJUDILFD (VSDQROD
0DGULG
',(675(*,/$QWROLQ(O6HQWLGRGHOD+LVWRULD\OD3DODEUD3URIHWLFD&OLH7HUUDVVD%DUFHORQD

(VWDREUDKDVLGRDPSOLDGD\FRUUHJLGDSRUHODXWRUHQFRQHOWLWXORTXHOOHYDHVWDREUDGRQGH
DSDUHFHHVWDELEOLRJUDILD
',)21'2/XLJL0LFKHOH6LQGRQD(O%DQTXHURGH6DQ3HGURHG3ODQHWD%DUFHORQD
',6&,38/26'(/$9(5'$'$ODVRPEUDGHO3DSDHQIHUPRHGLF%%DUFHORQD
BBBB0HQWLUDV\FULPHQHVHQHO9DWLFDQRHGLF%%DUFHORQD
'5$.()25'-RKQ:3VLFRORJLD\5HOLJLRQ&DVD%DXWLVWDGH3XEOLFDFLRQHVHGLF&DVWHOODQD

'85$1'(+8(6&$/LEHUFRQWUD0DQLFKHRV/RXYDLQSRU&KULVWLQH7KURX]HOOLHU
(33(56215DOSK7KH1HZ:RUOG2UGHU3XEOLXV3UHVV7XFVRQ$UL]RQD86$
)$/:(/-HUU\/LVWHQ$PHULFD'RXEOHGD\1<
)$/&$2 0LJXHO/DV 3URKLELFLRQHV PDWULPRQLDOHV GH FDUDFWHU VRFLDO HQ HO ,PSHULR 5RPDQR
(XQVD3DPSORQD
)5$77,1, (ULF/D 6DQWD$OLDQ]D+LVWRULDGHO(VSLRQDMH9DWLFDQRGH3LR9D%HQHGLFWR;9, 
HG(VSDVD&DOSH0DGULG
)8.8<$0$)UDQFLV(O)LQGHOD+LVWRULD\GHOXOWLPRKRPEUHHG3ODQHWD%DUFHORQD
*$0'(5*/C(YDQJLOHGH/(JOLVH3DULV
*$5&,$ '( &257$=$5 )HUQDQGR \ /25(1=2 (63,126$ - 0D/RV 3OLHJXHV GH OD
7LDUD$OLDQ]D(GLWRULDO0DGULG
*$5,-2 *8(0%( 0LJXHO 0/D&RPXQLRQGHORV6DQWRV)XQGDPHQWRHVHQFLD\HVWUXFWXUD
GHOD,JOHVLDHG+HUGHU%DUFHORQD
 *,16%(5*%HQMDPLQ7KH)DWDO(PEUDFH-HZVDQGGWKH6WDWH7KH8QLYHUVLW\RI&KLFDJR3UHVV
&KLFDJRDQG/RQGRQ
*21=$/(=6(55$/XLV(O3RGHU\OD3DODEUDHG7HFQRV0DGULV
*8(1,15/
$GYHQWLVPHIDFHDO
RHFXPHQLVPH6$6VG
*8,&+$5'$ODLQ/RV-HVXLWDV'RSHVD%DUFHORQD
*8,//(5021$ODLQ/RV-HVXLWDV"TXHVH"2LNRVWDXHGLF%DUFHORQD
*8//(<1RUPDQ&ULVWRYLHQH$&(6%XHQRV$LUHVWUDGXFLGRGHOLQJOHVHQ
*85:,1/DUU\(O&DVR&DOYLHGLF9HUVDO%DUFHORQD
*87,(55(=0$5,10DQXHO)H\$FFLRQHG,UPD\RO0DGULG
-2+16213DXO+LVWRULDGHO&ULVWLDQLVPRHG9HUJDUD%DUFHORQD
-21(6$ORQ]R 7 7KH7ZR5HSXEOLFVRU5RPHDQGWKH8QLWHG6WDWHVRI$PHULFD 5+3$ 
SXEOLVKHGE\3DUDGLVH9LHZ
B B B7KH *UHDW (PSLUHV RI 3URSKHF\ IURP %DE\ORQ WR WKH IDOO 5+3$  SXEOLVKHG E\
3DUDGLVH9LHZ
BBB(FFOHVLDVWLFDO(PSLUH5+3$VISXEOLVKHGE\3DUDGLVH9LHZ
+&+,QQRYDFLRQHVGHO5RPDQLVPR0DGULG
+$/6%(5*+(*DVWRQ+7KHFXOWRI6RO,QYLFWXV/HLGHQ(-%ULOO
+$1621 (ULF 27KH &DWKROLF &KXUFK LQ :RUOG 3ROLWLFV 3ULQFHQWRQ 8QLYHUVLW\ 3UHVV
3ULQFHQWRQ1HZ-HUVH\
+$<1(6:LOOLDP/$1HZ:RUOG2UGHULVFRPLQJ*ROGHQ)HDWHU%RRNV&DOLIRUQLD
+((5,1**-7KH)DOORI&KULVWLDQLW\)HOORZV3XEOLFDWLRQV$PHULFDQHGLWLRQ
+(&.(/5(O&ULVWLDQR\HO3RGHUHG(VWHOD%DUFHORQD
+2%(57+'LH,QYHQWDUHGHU3DSVWOLFKHQ6FKDWVHVHQ$YLJQRQ5RPD
+2&++87+5ROI(O9LFDULR&ROHFFLRQQRUWH0H[LFR
+2))(7)UHGHULF3ROLWLTXHURPDLQHHWGHPLVVLRQGHVSURWHVWDQWV
+2*8(-RKQ(OXOWLPR3DSDHG(GDI0DGULG
+2/%522. )UDQN %7KH (QLJPD RI ,VUDHO 6RXWKHUQ 3XEOLVKLQJ $VVRFLDWLRQ 1DVKYLOOH
7HQQHVVHH
+2/0(6'HUHN7KH3DSDF\LQWKHPRGHUQZRUOG/RQGRQ
+202/'HOD5RPD3DLHQQHDOD5RPD&KUHWLHQQH3DULV
+21(<&877'ZLJKW&DWROLFLVPR5RPDQRHG0XQGR+LVSDQR(O3DVR7H[DV86$
+23( %$&21 0DUJDUHW 0DWKHVV RI )HPLQLVP 7KH +LVWRU\ RI 4XDNHU :RPHQ LQ$PHULFD
+DUSHU5RZ3XEOLVKHUV6DQ)UDQFLVFR\1HZ<RUN
+8'621:LQWKURS 6 5HOLJLRQ LQ $PHULFD )RXUWK (GLWLRQ 0DFPLOODQ 3XEOLVKLQJ &RPSDQ\
1HZ<RUN
+817 'DYH 7KH 5RPDQ &DWKROLF &KXUFK DQG WKH /DVW 'D\V $ :RPDQ 5LGHV WKH %HDVW
SXEOLVKHGE\+DUYHVW+RXVH3XEOLVKHUV(XJHQH2UHJRQ86$
 ,/+$5&2-RDR)DWLPDGHVHQPDVFDUDGDDHGLFLRQ&RLPEUD
,//,&+,YDQ/D&RQYHQFLRQDOLGDG%DUUDOHGLWRUHV%DUFHORQD
,1*(:5 (O/HJDGRGH*UHFLDHGLWDGRSRU6LU5LFKDUG/LYLQJVWRQH8QLYHUVLGDGGH2[IRUG
(GLF3HJDVR0DGULG
,1,*8(=-RVH$QWRQLR(O$OWDU&ULVWLDQR(XQVD3DPSORQD
-$(*(5 :DUQHU/D 7HRORJLD GH ORV 3HQVDGRUHV *ULHJRV (GLFLRQHV )RQGR GH &XOWXUD
(FRQRPLFD0DGULG
-())5(< *UDQW 53ULQFH RI 'DUNQHVV $QWLFKULVW DQG WKH 1HZ :RUOG 2UGHU )URQWLHUV
5HVHDUFK3XEOLFDWLRQV7RURQWR2QWDULR&DQDGD
-(:(77 3DXO .0DQ DV 0HO DQG IHPDOHV :LOOLDP % (HUPDQV 3XEOLVKLQJ &RPSDQ\ *UDQG
5DSLGV86$
-2+11(1+$165LFKDUG&LWDHQ5RPDHG*ULMDOER%DUFHORQD
-8$1 3$%/2 ,, \ 0DJLVWHULR &DWROLFR/D )H &ULVWLDQD IHUPHQWR GH OD 1XHYD (XURSD HQ
(FFOHVLDGHDJRVWR
BBB7H[WRVGH-XDQ3DEOR,,VREUH(XURSDHQ(FFOHVLDDJRVWRGH
BBB/LQHDPHQWDSDUDOD6HJXQGD$VDPEOHD(VSHFLDOGH(XURSDGHO6LQRGRGHORV2ELVSRVEDVDGR
HQGRFXPHQWDFLRQGH-XDQ3DEOR,,HQ(FFOHVLD\GHDJRVWRGH
BBB&RQRFHU0HMRUHO'HVWLQRGH(XURSD(VER]RSDUDODUHIOH[LRQSUHYLDDOD$VDPEOHD(VSHFLDO
SDUD(XURSDGHO6LQRGRGHORV2ELVSRVHQ(FFOHVLDGHMXQLRGH
BBB(XURSDDQWHHOWHUFHU0LOHQLRHQ(FFOHVLDGHGLFLHPEUHGH
BBB+RUL]RQWHGHOD1XHYD(XURSDHQ(FFOHVLDGH1RYLHPEUHGH
B B B-XDQ 3DEOR ,, DVXPH VX SDSHO GH LQWHUSUHWH GH OD KLVWRULD KXPDQD HQ (FFOHVLD  GH
VHSWLHPEUH
BBB/DUHVSRQVDELOLGDGGHORVFDWROLFRVDQWHORVGHVDILRVGHODFWXDOPRPHQWRKLVWRULFR&DUWDGH
-XDQ 3DEOR ,, D ORV RELVSRV LWDOLDQRV DUWLFXOR PX\ LPSRUWDQWH GRQGH VH UHIOHMD OD LGHQWLGDG GH
(XURSDFRQHOSDWULPRQLR\SULPDGRGH3HGURHQ(FFOHVLDGHHQHURGH
BBB/D218)DPLOLDGH1DFLRQHV'LVFXUVRGH-XDQ3DEOR,,DOD$VDPEOHD*HQHUDOGH1DFLRQHV
8QLGDVHQ1XHYD<RUNHQ(FFOHVLDGHRFWXEUH
BBB+R\ H[LVWH XQD QXHYD (XURSDGHOFDUGHQDO$QJHOR6RGDQRHQ(FFOHVLDGH2FWXEUHGH

BBB&UHFLHQWHLPSRUWDQFLDGHOSDSHOGHORV(VWDGRVXQLGRVGH$PHULFDHQHOPXQGRGLVFXUVRGH
-XDQ3DEOR,,DVXOOHJDGDD(VWDGRV8QLGRVHQ(FFOHVLDGHRFWXEUHGH
BBB8Q1XHYR6LQRGRSDUD(XURSDHQ(FFOHVLDGHMXOLRGH
BBB8QLGDG&XOWXUDO\(VSLULWXDOGH(XURSDHQ(FFOHVLD
BBB(V XQ KRQRU SDUD )UDQFLD FHOHEUDU ORV YDORUHV TXH PRGHODURQ VX SDVDGR \ TXH RULHQWDQ VX
IXWXURGLVFXUVRGH-XDQ3DEOR,,DOSUHVLGHQWHGHOD5HSXEOLFDIUDQFHVDHQ(FFOHVLDGHRFWXEUH
GH
BBB4XH QLQJXQD QDFLRQ TXHGH IXHUD GH OD (XURSD TXH HVWDLV FRQVWUX\HQGR 0HQVDMH GH -XDQ
3DEOR,,HQ(FFOHVLDGHMXQLRGH
 BBB /D FRQVWUXFFLRQ HXURSHD WHQGULD TXH KDFHUVH VREUH SULQFLSLRV FULVWLDQRV GHFODUDFLRQ GH
PRQVHQRU0DUWLQRREVHUYDGRUSHUPDQHQWHGHOD6DQWDVHGHHQOD218HQ(FFOHVLD
BBB([KRUWDFLRQDSRVWROLFDSRVWVLQRGDOGH-XDQ3DEOR,,PRQRJUDILFRGH(FFOHVLDVREUH$PHULFD
\SDUD$PHULFD(FFOHVLDGHIHEUHURGH
BBB(XURSDQHFHVLWDHVSHUDQ]DPHQVDMHGH-XDQ3DEOR,,DOFRQJUHVRHXURSHRHQ(FFOHVLDGH
DEULOGH
BBB9HUGDG0HPRULD\6ROLGDULGDGFODYHSDUDOD3D]\ODUHFRQFLOLDFLRQPHQVDMHGHODFRPLVLRQ
GH&RQIHUHQFLDVHSLVFRSDOHVGHOD8QLRQ(XURSHD&20(&(VREUHODSD]HQ(FFOHVLDGHDEULOGH

B B B&RQVWUXLU (XURSD VREUH YDORUHV PRUDOHV \ HVSLULWXDOHV 'LVFXUVR GH -XDQ 3DEOR ,, D OD
$VDPEOHDSDUODPHQWDULDGHO&RQVHMRGH(XURSDHQ(FFHVLDGHPD\RGH
BBB0HQVDMHGHO,,6LQRGRGH(XURSDHQ(FFOHVLDGH2FWXEUHGH
-8/,(1&ODXGH/
(PSLUH$PHULFDLQ*UDVVHW3DULV
-81*.5REHUW/H)XWXUHDGHMDFRPPHQFHHG$UWKDXG3DULV
.(( $OLVWDLU &RQVWDQWLQR FRQWUD &ULVWR HG 0DUWLQH] 5RFD HO RULJHQ GH OD DOLDQ]D HQWUH OD
,JOHVLD\HOSRGHUSROLWLFR%DUFHORQD
.(11('<3DXO+DFLDHO6LJOR;;,3OD]D-DQHV%DUFHORQD
.(11(7+*$/%5$,7+-RKQ/D$QDWRPLDGHO3RGHU3OD]D-DQHV%DUFHORQD
.(3(/*XLOOHV/D5HYDQFKDGH'LRVHG$QD\D0DGULG
BBBB/DV3ROLWLFDVGH'LRV$QD\D 0DULR0XFKQLN0DGULG
.8(1$OIUHG-HEDWLUHPRQHJOLVHHGLWLRQV(PPDXV6DLQWOHJLHUVXU9HYH\6XLVVH+D\
WUDGXFFLRQHVSDQRODSRUHGLWRULDO&OLH7HUUDVVD%DUFHORQD
.81*+DQV/D,JOHVLDHG+HUGHU%DUFHORQD
BBB,QIDOLEOH+HUGHU%XHQRV$LUHV
BBB(O-XGDLVPRHG7URWWD0DGULG
/$&28785(-HDQ-HVXLWV&RXQWHUSRLQW:DVKLQJWRQ
/$&8(9$ )UDQFLVFR /D ,JOHVLD FXHUSR GH &ULVWR /LWHUDWXUD HYDQJHOLFD HG &OLH 7HUUDVVD
%DUFHORQD
/$ +$<( 7LP )DLWK RI 2XU )RXGLQJ )DWKHUV :ROJHPXWK+\DWW 3XEOLVKHUV ,QF %UHQWZRRG
7HQQHVVHH
/$0(73HGUR0LJXHO/D5HEHOLRQGHORV7HRORJRV3OD]D-DQHV%DUFHORQD
/$1$5(63LHUUH4XLGRPLQDUDOH0RQGH6GW'DPPDULHOHV/\V)UDQFH
/$1)5(<3LHUUH+LVWRULD3ROLWLFDGHORV3DSDV3URGXFFLRQHV(GLWRULDOHV%DUFHORQD
/(*,'2 /23(= 0DUFHOLQR /D ,JOHVLD GHO 6HQRU XQ HVWXGLR GH HFOHVLRORJLD SDXOLQD
8QLYHUVLGDG3RQWLILFLDGH6DODPDQFD6DODPDQFD
/(21'(+213'LDULRGHO&RQFLOLR9DWLFDQR,HGLWGHO5HLQRGHO&RUD]RQGH-HVXV0DGULG

/(21$5'%LOO-/D1DWXUDOH]DGHOD,JOHVLD&%3
 /(3(//(<&/
(PSLUHURPDLQHWOHFKULVWLDQLVPH3DULV
/(:,*XHQWHU/D,JOHVLD&DWROLFD\OD$OHPDQLD1D]L&ROHFFLRQ1RUWH0H[LFR
/2&.:$5'$OIRQVR$OJXQDV&UXFHV$OWDVFRQHO/LEURGHODV3URIHFLDVGH&ULVWREDO&RORQHG
8QLOLW0LDPL)OULGD86$
/20%$5',$3HGUR/HFWXUDVGHO'HUHFKR(FOHVLDVWLFRGHOHVWDGRHVSDQROSDUDXVRLQWHUQRGH
ORVDOXPQRVGHOD)DFXOWDGVIQO
/87(520DUWLQ'HOD$XWRULGDG&LYLOKDVWDGRQGHVHOHGHEHREHGLHQFLD
BBBB/D&RQIXVLRQGHORVGRV5HLQRVHGLFOD$XURUD%XHQRV$LUHV
BBBB2EUDVGH/XWHURHQ$OHPDQ:$
BBBB(QFDVWHOODQRYHUELEOLRJUDILDHVSHFLDO
//$'2-RVH0LD3ROLWLFDSDUD&DWROLFRVHGLF&HGUR%DUFHORQD
0$18(/9,'$/-RVH,QWULJDV9DWLFDQDV5%$%DUFHORQD
0$11,1*+HQ\(GZDUG7KH7HPSRUDO3RZHURIWKH9LFDURI-HVXV&KULVWDHGLF
0$5& +HQU\ %211(7/D SDSDXWH FRQWHPSRUDLQH 3UHVVHV 8QLYHUVLWDLUHV GH )UDQFH 3DULV

0$5(6&$-XDQ(WLFD\3RGHUHQHO)LQGHOD+LVWRULDHG&DWDORJRV%XHQRV$LUHV
0$57< 0DUWLQ ($33/(%< 5 6FRWW HGLWRUHV )XQGDPHQWDOLVPVDQGWKH6WDWH 6SRQVRUHG
E\7KH$PHULFDQ$FDGHP\RI$UVDQG6FLHQFHV7KH8QLYHUVLW\RI&KLFDJR&KLFDJR86$YROV

0$57,10DODFKL(O&RQFODYHHG%UXJXHUD%DUFHORQD
BBBB/RV-HVXLWDV/DVVHU3UHVV0H[LFR
BBBB/DV/ODYHVGHHVWD6DQJUH/DVVHU3UHVV0H[LFR
BBBB:LQGVZHSW+RXVH$9DWLFDQ1RYHOSXEOLFDGDSRU'RXEOHGD\1HZ<RUN
BBBB(O8OWLPR3DSDHG3ODQHWD%DUFHORQD
0$57,10$57,1(=,'HUHFKR&DQRQLFR(XQVD1DYDUUD
0$;:(//$6)LQGHOD/LEHUWH6G7DEULOSS
0$;:(////(:RPHQLQ0LQLVWU\9LFWRU%RRNV:KHDWRQ,/86$
0$<(85-HDQ0DULH/D6HSDUDFLRQGHOD,JOHVLD\HO(VWDGR(GLF&LG0DGULG
0F.$<-RKQ$&KULVWLDQ5HDOLW\DQG$SSHDUDQFH.QR[3UHVV
0F.(1=,(-RKQ//D$XWRULGDGGHOD,JOHVLD(GLWRULDO0HQVDMHUR%LOEDR
0,&.(/6(1 $OYHUD (GLWRUD:RPHQ $XWKRULW\WKH %LEOH  ,QWHUYDUVLW\ 3UHVV ,OOLQRLV86$

0,/(1$5,26/RV(O9DWLFDQRFRQWUD'LRVHGLF%JUXSR=HWD%DUFHORQD
02//$7$/HV3DSHVG
$YLJQRQ3DULV
02176(55$77255(16(OGHVDILRFULVWLDQR$QD\D 0XFKQLN0DGULG
0225(0DUYLQ(O'HVDILRGHO7LHPSR)LQDO$3,$
 BBB(O$QWLFULVWR\HO1XHYR2UGHQ0XQGLDO$&(6
12%(&2857-DFTXHV(O9LFDULR\OD+LVWRULDHG9LFHQV9LYHV%DUFHORQD
1256.29 2/6(1 9 6XSUHPDFLD 3DSDO \ OLEHUWDG 5HOLJLRVD $VRFLDFLRQ 3XEOLFDGRUD
,QWHUDPHULFDQD 0LDPL)ORULGD 2$7(6 :D\QH /D 5HOLJLRQ D OD /X] GH OD 6LFRORJLD (GLW
0XQGR+LVSDQR
2/'(1%285*=RH/H%XFKHUGH0RQWVHJXU*DOOLPDUG
2/0,0D[LPR3LR;,,/RV*UDQGHV3URWDJRQLVWDVGHOD6HJXQGD*XHUUD0XQGLDOHGLF2UELV
%DUFHORQD
3$%/2,,-XDQ&UX]DQGRHO8PEUDOGHOD(VSHUDQ]D3OD]D-DQHV%DUFHORQD
BBBBB7KH 6RXUFHV RI 5HQHZDO ,PSODQWDWLRQ RI 9DWLFDQ ,, .DURO :RMW\OD1 +DUSHU5RZ
SXEOLVKHUV1HZ<RUN
BBBBB/D6DELGXULDGHO3DSD7HUWLR0LOOHQLR$GYHQLHQWHLJQRGH&RQWUDGLFFLRQ(GDI
0DGULG
BBBBB&DUWD$SRVWROLFD'LHV'RPLQL(FFOHVLD1R-XOLR$JRVWR0DGULG
BBBBB7HUWLR0LOOHQQLR$GYHQLHQWHSXEOLFDGRSRU5LFKDUG-RKQ1HXKDXVHG*ULMDOER%DUFHORQD
S
/DVHSDUDFLRQRULJLQDOGHOD,JOHVLDSRUHO(VWDGRHQ(VWDGRV8QLGRVVLQGXGDQRIXHXQLQWHQWRGH
GHVWHUUDUWRGDVODVFRQYLFFLRQHVUHOLJLRVDVGHODHVIHUDSXEOLFDXQDHVSHFLHGHGHVWLHUURGH'LRVGHOD
VRFLHGDGFLYLO$GHFLUYHUGDGODLQPHQVDPD\RULDGHORVQRUWHDPHULFDQRVVHDQFXDOHVVHDQVXV
FUHHQFLDVUHOLJLRVDVHVWDQFRQYHQFLGRVGHTXHODFRQYLFFLRQUHOLJLRVD\HODUJXPHQWRPRUDOLQVSLUDGR
SRUODUHOLJLRQWLHQHXQSDSHOLPSRUWDQWLVLPRHQODYLGDSXEOLFD
3$&$80DUFHO/D3DSDQWHGHVRULJHQHVDQFRQFLOHGH7UHQWH)D\DUG/\RQ
3$/$148( -HDQ5HP\ 'H &RVWDQWLQ D &KDUORPDJQH D 7UDYHUV GX FKDRV %DUEDUH /LEUDLULH
$UWKHPH)D\DUG3DULV
3$//(1%(5*&RUUDGR/DV)LQDQ]DVGHO9DWLFDQR$\PD%DUFHORQD
3$5(-$)HOL[0/D5HOLJLRVLGDG0XVXOPDQD%$&0DGULG
3$5,6(GPRQ/H9DWLFDLQFRQWUH/C(XURSHOLEUDLULH)LVEDFKHU3DULV
3$6&$/3LHUUH/D9LH&DWKROLTXHHQ)UDQFLD
3$6725/XGRYLFR+LVWRULDGHORV3DSDVHGLF**LOLYROV%XHQRV$LUHV
3$< 0DUW\ DQG '21$/'621 +DO 'RZQIDOO 6HFXODUL]DWLRQ RI D &KULVWLDQ 1DWLRQ 1HZ /HDI
3UHVV%HUU\YLOOH$5B86$
3(5(=9,//$18(9$-RDTXLQ/D,QTXLVLFLRQ(VSDQROD6LJOR;;,0DGULG
3(7$9(=2//,))(QPDQXHO/D/RLGXSURJUHV'HODFKHXU[HW1LHVWOH1HXFKDWHO
3(7(5621(ULF7UDWDGRV7HRORJLFRVHGLF&ULVWLDQLGDG0DGULG
321&(&8(//$50LJXHO/D1DWXUDOH]DGHOD,JOHVLDVHJXQ6DQWR7RPDV(816$3DPSORQD

328/$7(PLOH8QH(JOLVH(EDQOHH&DVWHUPDQ)UDQFH
32:5&.(30(O/HJDGRGHOD(GDG0HGLD8QLYHUVLGDGGH2[IRUG(GLF3HJDVR0DGULG

 32=27$0$0(65/D,JOHVLD\VX(FRQRPLDHG3ODQHWD%DUFHORQD
35,(67/(<-RVHSK2EUDV&RUUXSFLRQHVGHO&ULVWLDQLVPR
38(17( 2-('$ *RQ]DOR,PSHULXP &UXFLVFRQVLGHUDFLRQ VREUH OD YRFDFLRQ GH SRGHU HQ OD
,JOHVLD&DWROLFD.DLGHODHGLFLRQHV0DGULG
BBBB)HFULVWLDQD,JOHVLDSRGHU6LJOR;;,GH(VSDQD(GLWRUHV0DGULG
5$))(57<-DPHV3URSKHWLF,QVLJKWVF/LJKW%HDUHUV5HVRXUFH&HQWHU:DVKLQJWRQ
5$+1(55$7=,1*(5(SLVFRSDGR\3ULPDGRHGLWRULDO+HUGHU%DUFHORQD
5$6$/2)20$62$1'52+HQUL/D/H\GHO'RPLQJR5$(
5((' 5DOSK$FWLYH )DLWK +RZ &KULVWLDQV DUH &KDQJLQV WKH 6RXO RI$PHULFDQ 3ROLWLFV 7KH
)UHH3UHVV$'LYLVLRQRI6LPRQ6FKXVWHU1HZ<RUN
5(,'(GZDUG(OGRPLQJRTXHYLHQH$3,$0LDPL
5+2'(6$QWKRQ\(O9DWLFDQRHQOD(UDGHORV'LFWDGRUHV(G(XURV%DUFHORQD
5,(5$5,86-DXPH(XURSD\OD,JOHVLD/D9DQJXDUGLDHQ,QWHUQHW
5,//(7-HDQ7XHV3LHUUHHGLWLRQ/DERUHW)LGHV*HQHYH
5,77(5*HUDUG(OSUREOHPD(WLFRGHO3RGHU5HYLVWDGH2FFLGHQWH0DGULG
5,9,(5(-/H3UREOHPHGH/
(JOLVHHWGH/
(WDWDXWHPSVGH3KLOOLSH/H%HO/RXYDLQ
52%(576213DW$PHULFD
V'DWHV:LWK'HVWLQLW\7KRPDV1HOVRQ3XEOLVKHUV1HZ<RUN86$

52785($8*(QF\FORSHGLH&DWKROLFLVPHKLHUDXMRXUG
KXLGHPDLQ/HWRXUH\HW$QH3DULV

528*,(5 /RXLV(O &RQIOLFWR GHO &ULVWLDQLVPR SULPLWLYR \ GH OD &LYLOL]DFLRQ DQWLJXD (GLF GH
1XHYR$UWH7KRU%DUFHORQD
6$1&+(='5$*2)HUQDQGR&DUWDGH-HVXVDO3DSDHG3ODQHWD%DUFHORQD
6$5$1<$1$ -RVH ,JQDFLR -RDTXLQ GH )LRUH \ 7RPDV GH$TXLQR +LVWRULD 'RFWULQDO GH XQD
3ROHPLFD(816$3DPSORQD(VSDQD
6&+(//+$6 %RE*8,//(63/( HGLW GH&RQWUDFW :LWK $PHULFD 7KH %RO 3ODQ7LPHV
%RRNV5HQGRP+RXVH1HZ<RUN
6&+1$&.(0%85* 5XGROI/D ,JOHVLD HQ HO 1XHYR 7HVWDPHQWR 7DXUXV (GLFLRQHV 0DGULG

6($5/(%$7(605HOLJLRXV/LEHUW\$Q,QTXLU\+DUSHU %UXWKHUV1<DQG/RQGRQ
6(0$1$%,%/,&$(63$12/$;,;&RQFHSWRGHOD,JOHVLDHQHO1XHYR7HVWDPHQWR0DGULG

6,0216)UDQFLV,QIDOLELOLGDG\(YLGHQFLD(GLFLRQHV$ULHO%DUFHORQD
67,// :LOOLDP 71HZ :RUOG 2UGHU 7KH$QFLHQ 3ODQ RI 6HFUHW 6RFLHWLHV +XQWLQJWRQ +RXVH
3XEOLVKHUV/DID\HWWH/RXLVLDQD86$
7(67$6*X\\7(67$6-HDQ/D,QTXLVLFLRQFROHFFLRQ"TXHVH"%DUFHORQD
7,//,&+3$PRU3RGHU\-XVWLFLDHGLF$ULHO%DUFHORQD
 :+,7(50$56+'DU\ODQQ:H&DQ&KDQJH$PHULFD+DQQLEDO%RRNV+DQQLEDO0LVVRXUL86$

:,//6 *DUU\ 3HFDGR 3DSDO /DV GHVKRQHVWLDGHV PRUDOHV GH OD ,JOHVLD &DWROLFD HGLF %
%DUFHORQD
7+20$6*25'21025*$10$;(O$QRGHO$UPDJHGRQ3OD]D-DQHV%DUFHORQD
9$//(63,1)HUQDQGR+LVWRULDGHOD7HRULD3ROLWLFD$OLDQ]D(GLWRULDO0DGULG
9(5&(6,(UQHVWR3LR,;/XLVGH&DUDOWHGLWRU%DUFHORQD
:$/6+0LFKDHO(O0XQGR6HFUHWRGHO2SXV'HL3OD]D-DQHV%DUFHORQD
:22'52:5DOSK%DELORQLD0LVWHULR5HOLJLRVR(YDQJHOLVW$VVRFLDWLRQ5LYHUVLGH&DOLIRUQLD
86$
:22':$5'.HQQHWK/D)DEULFDFLRQGHORV6DQWRVHGLFLRQHV%%DUFHORQD
;$9,(5$GUR%RQLIDFLR9,,,(G3HWURQLR%DUFHORQD
<$//23'DYLG(QHO1RPEUHGH'LRVHG'LDQD0H[LFR

(&/(6,2/2*,$ \ 18(92 25'(1 081',$/ 3HQVDPLHQWR 

$FWLWXGHV\6LVWHPD3DSDO
$/7(51$7,9$6 5HYLVWD GH DQDOLVLV \ UHIOH[LRQ WHRORJLFD  7HRORJLD /DWLQRDPHULFDQD
HYDOXDFLRQUHWRV\SHUVSHFWLYDV(G/DVFDVLDQD0DQDJXD
BBB3OXUDOLVPRV\7HRORJLDVHQGLDORJR(G/DVFDVLDQD0DQDJXD
BBB1XHYRVSDUDGLJPDV\YLGDUHOLJLRVD(G/DVFDVLDQD0DQDJXD
$1*(/2==,*$5,%2/',*LRUJLR3LR;,,+LWOHU\0XVVROLQLHG$FHUYR%DUFHORQD
$5$1*85(1-RVH/XLV/&RQWUDOHFWXUDGHOFDWROLFLVPRHG3ODQHWD%DUFHORQD
$5,$6-XDQ(O(QLJPD:RMW\ODHGLF(O3DLV0DGULG
BBBBBBBBBBB/D3HQDFDQRQLFDHQOD,JOHVLDSULPLWLYD(XQVD3DPSORQD
%$(=$$OYDUR/D&RQWUD9HULWD&RPSORW&DOYL,25$PEURVLDQR$%/(GLWRU0DGULG
BBBBBBBBBBBBBBB/DLQFUHLEOH+LVWRULDGHO(VWDGR9DWLFDQR$%/(GLWRU0DGULG
BBBBBBBBBBBBBBBB7RSRV\(VSLDVHQHO9DWLFDQR$%/HGLWRU0DGULG
%$/7+$6$58UVYRQ7HRORJLDGHOD+LVWRULDHGLF*XDGDUUDPD0DGULG
%$1'(5$$UPDQGR/D,JOHVLDDQWHHO3URFHVRGHOD/LEHUDFLRQ%$&0DGULG
%(51+$57-RVHSK,O9DWLFDQR3RWHQ]D0RQGLDOH(GLWULFH9DOHQWLQR%RPSLDQL0LODQR
%/$6&+.( -,%$1(= -03216 33 /D &DLGD GHO ,PSHULR GHO 9DWLFDQR 5RELQ %RRN
%DUFHORQD
%2))/HRQDUGR,JOHVLD&DULVPD\3RGHU(G6DO7HUUDH6DQWDQGHU
BBBBBBBBBBBBBBBB1XHYD (UD/D &LYLOL]DFLRQ 3ODQHWDULD GH 9HUER 'LYLQR (VWHOOD1DYDUUD
(VSDQD
%28//(3LHUUH/D([WUDQD&UX]DGDGH)HGHULFR,,3OD]D -DQHV%DUFHORQD
%28<(5/RXLV/DGHVFRPSRVLFLRQGHOFDWROLFLVPRHG+HUGHU%DUFHORQD
 &$%$//$5,$OEHUWR(O9DWLFDQRTXHFDPELD3OD]D -DQHV%DUFHORQD
&$03$5LFFDUGR/DV1XHYDV+HUHMLDVHGLF,VWPR0DGULG
&$6&,$525$0,5(=-0LD,JOHVLD\3XHEORGH'LRV&DUDFWHULVWLFDVGHODSURFODPDFLRQGHO
5HLQR;,;6HPDQD%LEOLFD&6,&0DGULG
&$6752=$)5$$QWRQLR/RV&LUFXORVGHO3RGHU(G3RSXODU0DGULG
&(5)$8;/\721'5,$8-/H&XOWHGHV6RXYHUDLQV'HVFOHHHGLWHXUV%HOJLTXH
&20$65DPRQ(O(VWDGR\ODV,JOHVLDVSRUVHSDUDGRHGQRYDWHUUD%DUFHORQD
&20081,2 5HYLVWD &DWROLFD ,QWHUQDFLRQDO &ULVWLDQLVPR \ 2UGHQ 3ROLWLFR HGLF (QFXHQWUR
0DGULG
&21&,/,80 5HYLVWD QR  (O 0RQRWHLVPR 3UREOHPD 3ROLWLFR HGLF &ULVWLDQGDG 0DGULG

&21*$5<0-'LH:HVHQVHLJHQVFKDIWHQGHUNLQGKHHQ0\6DO,9
BBBBBBBB(JOLVH&DWKROLTXH /D)UDQFH0RGHUQH+DFKHWWH3DULV
&21*5(62 '( 7(2/2*,$ ,;,JOHVLD \ GHUHFKRV +XPDQRV YDULRV SRQHQWHV HYDQJHOLR \
OLEHUDFLRQVHSWLHPEUH0DGULG
&+(9$/,(5-HDQ/D3ROLWLFDGHO9DWLFDQR$<0$6$(GLWRUD%DUFHORQD
&+,1,*20LFKDHO/DV(QVHQDQ]DVGHO3DSD-XDQ3OD]D -DQHV%DUFHORQD
'$/0$8-RVHSK$JRQLDGHODXWRULWDULVPRFDWROLFRHG*ULMDOER0H[LFR
'$1,(/28-XDQ\RWURV8QLGDGGHORVFULVWLDQRV\FRQYHUVLRQGHOPXQGRHG&DWROLFD0DGULG

'(&$5/,)(558&&,23LR;\VX7LHPSR3OD]D -DQHV%DUFHORQD
'(*2'2<=RHHGLWRU 3UREOHPDVGHODJXHUUD\GHODSD]SRU3LR;,,HG6XUFR%DUFHORQD

'(/$&,(59$(OGLDULRVHFUHWRGH-XDQ3DEOR,HG3ODQHWD
BBBBBBBBBBBBBBBB-HVXLWDV,JOHVLD\0DU[LVPR3OD]D-DQHV%DUFHORQD
BBBBBBBBBBB/DV3XHUWDVGHOLQILHUQRHG)HQL[0DGULG
'(1=,1*(5((O0DJLVWHULRGHOD,JOHVLDYHUVLRQGH'DQLHO5XL]%XHQR(G+HUGHU%DUFHORQD

'(25%$1(-$)HUQDQGR/RTXH2FXOWDOD,JOHVLD%UDQGHGLWRULDO0DGULG
'(526$3HWHU9LFDULRVGH&ULVWRHGLF0DUWLQH]5RFD%DUFHORQD
',$=6$/$=$55DIDHO,JOHVLD'LFWDGXUD\'HPRFUDFLDHGLF+RDF0DGULG
',&&,21$5,2 '( 7(;726 62&,$/(6< 3217,),&,26  &RPSDQLD %LEOLRJUDILFD (VSDQROD
0DGULG
',(=$/(*5,$-RVH0DULD/D&DUDRFXOWDGHO&ULVWLDQLVPR'HVFOHHGH%URXZHU%LOEDR
',)21'2/XLJL0LFKHOH6LQGRQD(O%DQTXHURGH6DQ3HGURHG3ODQHWD%DUFHORQD
',6&,38/26 '( /$ 9(5'$'0HQWLUDV \ FULPHQHV HQ HO 9DWLFDQR (GLF % JUXSR =HWD
%DUFHORQD
 '20(1(&+ 0$7,//2 5RVVHQG0DUFLQNXVODVFODYHVVHFUHWDVGHODVILQDQ]DVGHO9DWLFDQR
HGLFLRQHV%*UXSR=HWD%DUFHORQD
'5(<)86 )UDQFRLV*HRUJHV 'HV HYHTXHV FRQWUH OH 3DSH HVVDL VXU OD FULVH GX FDWKROLFLVPH
IUDQFDLV%HUQDQUG*UDVVHW3DULV
)$%(55RPDQ(O9DWLFDQRHGLF6WRFN%DUFHORQD
)(648(7+HQULHQYLDGRHVSHFLDOGH/H0RQGH'LDULR GHO &RQFLOLR HG QRYD WHUUD %DUFHORQD

)/25,67$1 &DVLDQR  7$0$<2 -XDQ -RVH HGLWRUHV  (O 9DWLFDQR ,, YHLQWH DQRV GHVSXHV 
HGLF&ULVWLDQGDG0DGULG
)5,('/$1'(56DXO3LH;,,HWOH,,,H5HLFK'RFXPHQWVHGLWLRQVGX6HXLO3DULV
*$/($==,  /,6, 5LFDUGR'DQV O
RPEUH HW GDQV OD OXPLHUH GH 3LH ;,, )ODPPDULRQ HGLWHXU
3DULV
*$5&,$ '( &257$=$5 )HUQDQGR \ /25(1=2 (63,126$ - 0D /RV 3OLHJXHV GH OD
7LDUD$OLDQ]D(GLWRULDO0DGULG
*$5&,$ (6&8'(52 -RVH 0LD (O (VFDQGDOR GHO &ULVWLDQLVPR 'HVFOHH GH %URXZHU %LOEDR

*$5&,$/25(17(3HGUR UHFRSLODGRU \ WUDGXFWRU(VSLRQDMH 6RYLHWLFR HQ OD,JOHVLD &DWROLFD
(ODIIDLUH3D[7H[WRV\'RFXPHQWRV$IURGLVLR$JXDGR6$(GLWRUHV/LEUHURV0DGULG
*$5,-2*8(0%(0LJXHO0/D&RPXQLRQGHORV6DQWRV)XQGDPHQWRHVHQFLD\HVWUXFWXUDGH
OD,JOHVLDHG+HUGHU%DUFHORQD
*5$1),(/'3DWULFN/RV/LPLWHVGHO3DSDGR'HVFOHHGH%URXZHU%LOEDR
*8,&+$5'$ODLQ/RV-HVXLWDV'RSHVD%DUFHORQD
*8,//(5021$ODLQ/RV-HVXLWDV"TXHVH"2LNRVWDXHGLF%DUFHORQD
*85:,1/DUU\(O&DVR&DOYLHGLF9HUVDO%DUFHORQD
+&+,QQRYDFLRQHVGHO5RPDQLVPR0DGULG
+$/6%(5*+(*DVWRQ+7KHFXOWRI6RO,QYLFWXV/HLGHQ(-%ULOO
+$1621(ULF27KH&DWKROLF&KXUFKLQ:RUOG3ROLWLFV3ULQFHQWRQ8QLYHUVLW\3UHVV3ULQFHQWRQ
1HZ-HUVH\
+$<:$5')HUQDQG/HRQ;,,,/XLVGH&DUDOWHGLWRU%DUFHORQD
+((5)ULHGULFK7HUURU5HOLJLRVR7HUURU3ROLWLFRHG)RQWDQHOOD%DUFHORQD
+((5,1**-7KH)DOORI&KULVWLDQLW\)HOORZV3XEOLFDWLRQV$PHULFDQHGLWLRQ
+,/'(%5$1''LHWULFKYRQ(O&DEDOORGH7UR\DHQOD&LXGDGGH'LRVHGLF)D[0DGULG
+2&++87+5ROI(O9LFDULR&ROHFFLRQQRUWH0H[LFR
+2))(7)UHGHULF3ROLWLTXHURPDLQHHWGHPLVVLRQGHVSURWHVWDQWV
+2/0(6'HUHN7KH3DSDF\LQWKHPRGHUQZRUOG/RQGRQ
+21(<&877'ZLJKW&DWROLFLVPR5RPDQRHG0XQGR+LVSDQR(O3DVR7H[DV86$
,*1$&,26(&2/XLV/DKHUHQFLDGH0RQV(VFULYDGH%DODJXHUHG0DJLVWHULR(VSDQRO3UHQVD
(VSDQROD(GLWRUD1DFLRQDO0DGULG
 ,/+$5&2-RDR)DWLPDGHVHQPDVFDUDGDDHGLFLRQ&RLPEUD
,167,787 3,( ;, /D 3DSDXWH HW OHV 4XHVWLRQV ,QWHUQDWLRQDOHV /LEUDLULH %ORXG  *D\ 3DULV
VG
-$3$6 6DOLP +HUHMLD &RORQ \ OD ,QTXLVLFLRQ &UHDWLRQ (QWHUSULVHV ,QWHUQDWLRQDO 6LORDP 6SULQJV
$UNDQVDV86$
-())5(<*UDQW53ULQFHRI'DUNQHVV$QWLFKULVWDQGWKH1HZ:RUOG2UGHU)URQWLHUV5HVHDUFK
3XEOLFDWLRQV7RURQWR2QWDULR&DQDGD
-2+11(8+$865LFKDUG&LWDHQ5RPDHG*ULMDOER0RQGDGRUL%DUFHORQD
-8$1;;,,,0DULD0DGUHGH'LRVQXHVWUDPDGUHHGLF3DXOLQDV
-8$13$%/2,,/D3DODEUDGHO3DSD:RMW\ODHGLF$FHUYR%DUFHORQD
BBBBBBBBBBBBBB(QVHQDQ]DVDO3XHEORGH'LRV  /LEUHULD(GLWULFH 9DWLFDQD &LWWD GHO
9DWLFDQR%$&0DGULG
BBBBBBBBBBBBBB-XDQ3DEOR,,+DEODGHOD9LUJHQ(XQVD3DPSORQD(VSDQD
.8(1$OIUHG,QWURGXFFLRQDOD(FOHVLRORJLDHGLWRULDO&OLH7HUUDVVD%DUFHORQD
.81*+DQV/D,JOHVLDHG+HUGHU%DUFHORQD
BBBBBBBBBBBB,QIDOLEOH+HUGHU%XHQRV$LUHV
.81*+75$&<'0(7=-% +DFLDHO9DWLFDQR,,, /RTXHHVWDSRUKDFHUVHHQOD,JOHVLD
HGLF&ULVWLDQGDG0DGULG
/$&28785(-HDQ-HVXLWV&RXQWHUSRLQW:DVKLQJWRQ
/$&8(9$ )UDQFLVFR /D ,JOHVLD FXHUSR GH &ULVWR /LWHUDWXUD HYDQJHOLFD HG &OLH 7HUUDVVD
%DUFHORQD
/(%(&(ULF+LVWRULD6HFUHWDGD'LSORPDFLD9DWLFDQDHGLWRUD9RFHV3HWURSROLV
/(72851($8'RPLQLTXH(O2SXV'HL2LNRVWDXVDHGLFLRQHV%DUFHORQD
/(:5<23VPXQG7HRORJLDGHOD+LVWRULDHGLF3DXOLQDV0H[LFR
/20%$5',$3HGUR*21=$/(='(/9$//(-RVH0LD  /HFWXUDV GHO 'HUHFKR HFOHVLDVWLFR
GHOHVWDGRHVSDQROSDUDXVRLQWHUQRGHORVDOXPQRVGHOD)DFXOWDGVO\VI
/260,/(1$5,26(O9DWLFDQRFRQWUD'LRV(GLF%*UXSR=HWD%DUFHORQD
.(($OLVWDLU&RQVWDQWLQRFRQWUD&ULVWRHG0DUWLQH]5RFDHORULJHQGHODDOLDQ]DHQWUHOD,JOHVLD
\HOSRGHUSROLWLFR%DUFHORQD
/$0(73HGUR0LJXHO/D5HEHOLRQGHORV7HRORJRV3OD]D-DQHV%DUFHORQD
/$1)5(<3LHUUH+LVWRULD3ROLWLFDGHORV3DSDV3URGXFFLRQHV(GLWRULDOHV%DUFHORQD
/(*,'2/23(=0DUFHOLQR/D,JOHVLDGHO6HQRUXQHVWXGLRGHHFOHVLRORJLDSDXOLQD8QLYHUVLGDG
3RQWLILFLDGH6DODPDQFD6DODPDQFD
/(21'(+213 'LDULRGHO&RQFLOLR9DWLFDQR,HGLWGHO5HLQRGHO&RUD]RQGH-HVXV0DGULG

/(21$5'%LOO-/D1DWXUDOH]DGHOD,JOHVLD&%3
/(3(//(<&/
(PSLUHURPDLQHWOHFKULVWLDQLVPH3DULV
 /(:,*XHQWHU/D,JOHVLD&DWROLFD\OD$OHPDQLD1D]L&ROHFFLRQ1RUWH0H[LFR
/2%2 0(1'(=*RQ]DOR (O +RPEUH \ OD 3ROLWLFD 7HRORJLD GH OD &RPXQLGDG 3ROLWLFD (G
0DJLWHULR(VSDQRO(G3UHQVD(VSDQROD(G1DFLRQDO0DGULG
/20%$5',$3HGUR/HFWXUDV GHO 'HUHFKR (FOHVLDVWLFR GHO HVWDGR HVSDQROSDUDXVR LQWHUQR GH
ORVDOXPQRVGHOD)DFXOWDGVIQO
//$'2-RVH0LD3ROLWLFDSDUD&DWROLFRVHGLF&HGUR%DUFHORQD
0$11,1*+HQ\(GZDUG7KH7HPSRUDO3RZHURIWKH9LFDURI-HVXV&KULVWDHGLF
0$5& +HQU\  %211(7/D SDSDXWH FRQWHPSRUDLQH 3UHVVHV 8QLYHUVLWDLUHV GH )UDQFH 3DULV

0$5(7 +HQU\ /
(JOLVH HW /
(WDW &RXUV GH 6RERUQH LQHGLW ^` &156 DX[ (GLWLRQV
%HDXFKHVQH3DULV
0$57,10DODFKL(O&RQFODYHHG%UXJXHUD%DUFHORQD
BBBBBBBBBBBBBBBB/RV-HVXLWDV/DVVHU3UHVV0H[LFR
BBBBBBBBBBBBBBBB7KH .H\V RI WKLV %ORRG 7RXFKVWRQH 6LPRQ  6FKXVWHU %XLOGLQJ 1HZ <RUN
86$
BBBBBBBBBBBBBBBB/DV/ODYHVGHHVWD6DQJUH/DVVHU3UHVV0H[LFR
BBBBBBBBBBBBBBBB:LQGVZHSW+RXVH$9DWLFDQ1RYHOSXEOLFDGDSRU'RXEOHGD\1HZ<RUN
0$57,10$57,1(=,'HUHFKR&DQRQLFR(XQVD1DYDUUD
0$7+,(8526$<-HDQ/RV3DSDVHGLF5LDOS0DGULG
0F.(1=,(-RKQ//D$XWRULGDGGHOD,JOHVLD(GLWRULDO0HQVDMHUR%LOEDR
0(7=5$+1(5&2;$660$117HRORJLD,JOHVLD\3ROLWLFDHGLWD=HUR0DGULG
0,//$6-RUJH(OGHVDILRHVSLULWXDOGHODVRFLHGDGGHPDVDVHGLFGHOD8QLYHUVLGDGGH&KLOH
6DQWLDJR
0,6,21$%,(57$ UHYLVWD SXEOLFDGD SRU ORV &ODUHWLDQRV,QYROXFLRQ HQ OD ,JOHVLD 'HIHQVD GH OD
FRQFLHQFLDFULWLFD0DGULGIHEUHURGH
02//$7$/HV3DSHVG
$YLJQRQ3DULV
021&$'$$OEHUWR(O2SXV'HL,QGLFHHGLWRULDO0DGULG
02176(55$7 7255(16 -RVH (O GHVDILR FULVWLDQR ODV UD]RQHV GHO SHUVHJXLGRU HG$QD\D
0DGULG
0216(*8 %HUQDUGR 3RVFRQFLOLR +HFKRV \ FXHVWLRQHV SROHPLFDV  YROV 6WYGLYP
0DGULG
0853+<3DXO\$5/,1*72155HQH/D3DSLVD3OD]D -DQHV%DUFHORQD
1$7,9,'$'526$/(6-RVH 0LVLRQVHFUHWDHQHO9DWLFDQRVREUH3LR;,,\-XDQ;;,,,/LEUR
0H[(GLWRUHV0H[LFR
12%(&2857-DFTXHV(O9LFDULR\OD+LVWRULDHG9LFHQV9LYHV%DUFHORQD
2
'2129$1 2OLYHU DQG 2
'2129$1 -RDQ /RFNZRRG HGLWRUV  $ 6RXUFHERRN LQ &KULVWLDQ
3ROLWLFDO7KRXJKW)URP,UHQDHXVWR*URWLXV:LOOLDP%(HUGPDQV3XEOLVKLQJ&RPSDQ\*UDQG5DSLGV
0LFKLJDQ&DPEULGJH8.86$
 2/0,0D[LPR3LR;,,/RV*UDQGHV3URWDJRQLVWDVGHOD6HJXQGD*XHUUD0XQGLDOHGLF2UELV
%DUFHORQD
256</ (O 'HEDWH 7HRORJLFR VREUH OD HQVHQDQ]D GHILQLWLYD/D DXWRULGDG GH ORV GRFXPHQWRV
HFOHVLDVWLFRV (VWXGLR D SURSRVLWR GH OD &DUWD $SRVWROLFD $G WXHQGDP ILGHP HQ 6HOHFFLRQHV GH
7HRORJLD2FWXEUH'LFLHPEUHQR
BBBBBBBBBB$FODUDFLRQHVD2UV\GHO&DUGHQDO-RVHSK5DW]LQJHUHQ6HOHFFLRQHVGH7HRORJLDQR
BBBBBBBBBB5HVSXHVWDDO&DUGHQDO5DW]LQJHUSRU/2UV\HQ6HOHFFLRQHVGH7HRORJLDQR
3$%/2,,-XDQ&UX]DQGRHO8PEUDOGHOD(VSHUDQ]D3OD]D-DQHV%DUFHORQD
BBBBBBBBBBBBBBBB7KH 6RXUFHV RI 5HQHZDO ,PSODQWDWLRQ RI 9DWLFDQ ,, .DURO :RMW\OD1
+DUSHU5RZSXEOLVKHUV1HZ<RUN
BBBBBBBBBBBBBBBB/D 6DELGXULD GHO 3DSD 7HUWLR 0LOOHQLR$GYHQLHQWH  LJQR GH &RQWUDGLFFLRQ
(GDI0DGULG
3$&$80DUFHO/D3DSDQWHGHVRULJHQHVDQFRQFLOHGH7UHQWH)D\DUG/\RQ
3$/$148( -HDQ5HP\ 'H &RVWDQWLQ D &KDUORPDJQH D 7UDYHUV GX FKDRV %DUEDUH /LEUDLULH
$UWKHPH)D\DUG3DULV
3$//(1%(5*&RUUDGR/DV)LQDQ]DVGHO9DWLFDQR$\PD%DUFHORQD
3$5,6(GPRQ/H9DWLFDLQFRQWUH/C(XURSHOLEUDLULH)LVEDFKHU3DULV
3$6&$/3LHUUH/D9LH&DWKROLTXHHQ)UDQFLD
3$6725/XGRYLFR+LVWRULDGHORV3DSDVHGLF**LOLYROV%XHQRV$LUHV
3$6725/RXLV+LVWRLUHGHV3DSHVYROV/LEUDLULH3ORQ3DULVVV
3(7(5621(ULF7UDWDGRV7HRORJLFRVHGLF&ULVWLDQLGDG0DGULG
3,(;6DLQW(FULWV'RFWULQDX[HGLWLRQV7HTXL3DULV
3,(75,*DVWRQ(O&DWROLFLVPRGHVDILDGRSRUODGHPRFUDFLDHG6DO7HUUDH6DQWDQGHU
3,7$548()HOLSH&XUVRGH6RFLRORJLD3RQWLILFLDHG&DVXOOHUDV%DUFHORQD
321&(&8(//$50LJXHO/D1DWXUDOH]DGHOD,JOHVLDVHJXQ6DQWR7RPDV (816$3DPSORQD

328/$7(PLOH8QH(JOLVH(EUDQOHH&DVWHUPDQ)UDQFH
32=27$0$0(65/D,JOHVLD\VX(FRQRPLDHG3ODQHWD%DUFHORQD
38(17( (*,'2 - 3HUVRQDOLGDG ,QWHUQDFLRQDO GH OD &LXGDG GHO 9DWLFDQR &6,& 0DGULG

38(17( 2-('$ *RQ]DOR ,PSHULXP &UXFLV FRQVLGHUDFLRQ VREUH OD YRFDFLRQ GH SRGHU HQ OD
,JOHVLD&DWROLFD.DLGHODHGLFLRQHV0DGULG
5$+1(55$7=,1*(5(SLVFRSDGR\3ULPDGRHGLWRULDO+HUGHU%DUFHORQD
5$''$7=)ULW]6XPPD,QMXULD7RUPHQWDVREUHHO9LFDULR&ROHFFLRQ1RUWH0H[LFR
5$+1(5 .  02/70$11 -  0(7= -%  $/9$5(= %2/$'2 $  'LRV \ OD &LXGDG
1XHYRV3ODQWHDPLHQWRVHQ7HRORJLD3ROLWLFD
5$66,1,(53DXOHGLF$FHUYR%DUFHORQD
 5$7=,1*(5-RVHSK/D8QLGDGGHODV1DFLRQHVDSRUWDFLRQHVSDUDXQDWHRORJLDSROLWLFDHGLF
)D[0DGULG
5+2'(6$QWKRQ\(O9DWLFDQRHQOD(UDGHORV'LFWDGRUHV(G(XURV%DUFHORQD
5,&&$ 3 (O3DSDGRD'HEDWH(VSHUDQ]DV\SHUVSHFWLYDVSDUDHOWHUFHUPLOHQLRHQ6HOHFFLRQHV
GH7HRORJLDQR
5,//(7-HDQ7XHV3LHUUHHGLWLRQ/DERUHW)LGHV*HQHYH
BBBBBBBBBBBB9DWLFDQ,,HGLWLRQV*HQHUDOHV*HQHYH
5,9,(5(-/H3UREOHPHGH/
(JOLVHHWGH/
(WDWDXWHPSVGH3KLOOLSH/H%HO/RXYDLQ
6&,$&&$0)/D,JOHVLD\OD&LYLOL]DFLRQ0RGHUQD/XLV0LUDFOHHGLWRU%DUFHORQD
6&+1$&.(0%85*5XGROI/D,JOHVLDHQHO1XHYR7HVWDPHQWR7DXUXV(GLFLRQHV0DGULG
6(*$55$)UDQFLVFR/D,JOHVLD\HO(VWDGR(G7LS&DW&DVDOV%DUFHORQD
6(/(&&,21(6 '( 7(2/2*,$5HYLVWDYDULRVDXWRUHVQR7HRORJLD3ROLWLFD$EULO-XQLR

6(0$1$%,%/,&$(63$12/$  ;,;&RQFHSWRGHOD,JOHVLDHQHO1XHYR7HVWDPHQWR  0DGULG

7$3,$0DGHO&DUPHQ8QD9LGDHQHO2SXV'HLVHULH%%DUFHORQD
7$</25 0\URQ &  ,QWURGXFWRU \ QRWDV H[SOLFDWLYDV3LR ;,, \ 5RRVHYHOWVX FRUUHVSRQGHQFLD
GXUDQWHODJXHUUD(GLFLRQHV\SXEOLFDFLRQHV(VSDQRODV0DGULG
<$//23'DYLG(O3RGHU\OD*ORULD/DKLVWRULDRFXOWDGHO3DSDGRGH-XDQ3DEOR,,HG3ODQHWD
0DGULG
>@
(GLWDHODXWRU\OD$VRFLDFLRQ&RPLVLRQWHRORJLFDVHUYLU\VDOXG:HEZZZFRPWHRORJLFDVHVDORUJ
>@
&DWKHULQH&KDOLHU/DSDFLHQFLD(GLF&DWHGUD6HULH0RUDOHV0DGULGS
>@
2SFS
>@
3DXO&ODXGHO,QWURGXFWLRQDO
$SRFDO\SVH(JORII3DULVS%DUFOD\QRVRORQRVKDEODGHODVGLILFXOWDGHVTXHWLHQHODOHFWXUDGHO
$SRFDOLSVLV RS F S   VLQR TXH MXQWDPHQWH FRQ .XHQ WUDH D FRODFLRQ HO UHFKD]R GH ORV UHIRUPDGRUHV KLVWRULFRV /XWHUR =XLQJOLR \
&DOYLQR/RVGRVSULPHURVGHIRUPDFODUD\H[SUHVLYD(OXOWLPRDSDUFDQGROR\QRFRPHQWDUORSDUDQDGD
>@
 4XH QDGLH VDTXH OD FRQFOXVLRQ TXH SRU FXDQWR QR HQWLHQGHQ HO$SRFDOLSVLV QR VRQ VLHUYRV GH 'LRV (O KHFKR GH TXH VH DFHSWH SRU IH HO
PHQVDMHGH$SRFDOLSVLVHVVXILFLHQWH8QDJUDQFDQWLGDGGHJHQWHVHQFLOODDFHSWDQHOPHQVDMHXQLYHUVDOTXHVHWUDQVFULEHGHO$SRFDOLSVLV
>@
 (O FRPHQWDULVWD TXH PDV LQIOX\R D SDUWH GH ORV PLVPRV HVFULWRUHV ELEOLFRV FXDQGR PH PXHVWUDQ ORV GLIHUHQWHV PRGRV GH HQWHQGHU OD
HVFDWRORJLDHQODKLVWRULDDTXHSURIXQGL]DUDHQDOJXQRVDVSHFWRVGHOPHWRGRGHODKLVWRULDFRQWLQXDIXH(OHQD:KLWHTXHHVFULELREDVWDQWH
VREUHSURIHFLDDSRFDOLSWLFD\H[KRUWRDTXHVHDQDOL]DUDQORVOLEURVGH'DQLHO\$SRFDOLSVLV
(QFRQWUHHQDOJXQRVGHVXVHVFULWRVORVLJXLHQWHUHVSHFWRDHVWHDVXQWRTXHHVWDPRVWUDWDQGR
/RVQRPEUHVGHHVWDVVRQXQVLPERORGHOD,JOHVLDHQGLIHUHQWHVSHULRGRVGHODHUDFULVWLDQD(OQXPHURLQGLFDDOJRFRPSOHWR\VLPEROL]DHO
TXHORVPHQVDMHVVHH[WLHQGHQKDVWDHOILQGHOWLHPSRPLHQWUDVTXHORVVLPERORVXVDGRVUHYHODQODFRQGLFLRQGHODLJOHVLDHQGLIHUHQWHVSHULRGRV
GHODKLVWRULD+$S(VHYLGHQWHTXHQRXWLOL]DHOQRSDUDLQGLFDUVLHWHSHULRGRVGHLJOHVLDSUHFLVRVFRQIHFKDVLQRTXHVLPEROL]DHO
TXHORVPHQVDMHVVHH[WLHQGHQKDVWDHOILQGHOWLHPSR&DQGRODDXWRUDWUDWDHVRVPHQVDMHVORVDSOLFDDFXDOTXLHUWLHPSRGHODKLVWRULDGHOD
LJOHVLDHQIDWL]DQGRFLHUWRVPHQVDMHVSDUDWRGDODKLVWRULD\SDUDXQWLHPSRGHWHUPLQDGRSDUDODLJOHVLDTXHREVHUYDTXHODDSOLFDFLRQGHELHUD
VHUPDVQHFHVDULD9HG+$SSWDPELHQ(:5HYHODWLRQRSFSS
>@
9HG7URPSHWDGH)LODGHOILD(QHURGHS
>@
,G
>@
(QHVWRVPRPHQWRVFUXFLDOHVGHODKLVWRULDGHO&ULVWLDQLVPRVHHVWDH[SRQLHQGRKDVWDTXHSXQWRFLHUWRVHUURUHVGRFWULQDOHVDSDUHQWHPHQWH
RFXOWRVVHH[WHULRUL]DQSRUDFWLWXGHV\FRQGXFWDVWHRORJLFDPHQWHHUURQHDV&UHRTXHKDOOHJDGRODHSRFDHQODTXHWRGDVODVGHQRPLQDFLRQHV
FULVWLDQDV YXHOYDQ D UHFRQVLGHUDU VXV SRVLFLRQHV \ KDFHU XQD DXWRFULWLFD \ OLPSLH]D GH WRGR DTXHOOR TXH QR SXHGD FRQIRUPDUVH DO SULQFLSLR
SURWHVWDQWH GH OD6ROD (VFULWXUD$TXHOOR TXH KD SRGLGR VHU FRQVLGHUDGR VLQ LPSRUWDQFLD SHUR TXH WUDGXFH XQD ILGHOLGDGDO HVFULWR HVWD
GHEHULD VHU DGRSWDGR XUJHQWHPHQWH< OR TXH QR UHVLVWH OD SUXHED GHO HVFULWR HVWD WHQGULD TXH VHU UHFKD]DGR D OD PD\RU EUHYHGDG /RV
JUDQGHVFDPELRVTXHVHHVWDQHIHFWXDQGRHQHOKRUL]RQWHSROLWLFRUHOLJLRVRFRQYLHQHTXHQRVFRMDDWRGRVDTXHOORVTXHDPDPRVVLQFHUDPHQWH
ODYHUGDGTXHDYLGDHWHUQDFRQGXFHXQLGRVDGRUDQGRHQHVSLULWX\HQYHUGDG
(VWD HVSHFLH GH DOHJDWR TXH DFDEDPRV GH HQXQFLDU VLUYH SDUD WRGRV SHUR HVSHFLDOPHQWH SDUD XQD FRUULHQWH GH SHQVDPLHQWR WHRORJLFR TXH
KDELHQGRVHLQILOWUDGRHQFDVLWRGDVODVUDPDVGHOSURWHVWDQWLVPR\DXQTXHQRHVSUHFLVRH[DJHUDUKDFRQWULEXLGRDSODVPDUHLQRFXODUWRGRXQ
VLVWHPDHUURQHRHQWRGRORUHIHUHQWHDODHVFDWRORJLD\DODVLPSOLFDFLRQHVTXHHVWDSXHGDVXSRQHUSDUDHOSODQGHODVDOYDFLRQDVLFRPRGH
RWUDVHTXLYRFDFLRQHVGHXQJUDGRGHLPSRUWDQFLDLQIHULRU
(OGDQR\HOSHOLJURQRGLVPLQX\HQDXQFXDQGRUHFRQR]FDPRVORVYDORUHVSRVLWLYRV\FULVWLDQRVGHYDULRVGHORVWHRORJRVTXHVHDGVFULEHQDHVWH
VLVWHPDSHURFRPRGHFLD:DOWHU0DUWLQ/DFRQWURYHUVLDSRUFDXVDGHODYHUGDGHVXQPDQGDPLHQWRGLYLQR(VWHSULQFLSLRKDOOHYDGRD
XQD FULWLFD GH ORV IXQGDPHQWRV LQDGPLVLEOHV ELEOLFDPHQWH GH OD FRUULHQWH GLVSHQVDFLRQDOLVWD SRU QXPHURVRV DXWRUHV GH GLIHUHQWHV
GHQRPLQDFLRQHVFULVWLDQDV
1XHVWUD DOXVLRQ DTXL DO 'LVSHQVDFLRQDOLVPR HV PRWLYDGD HVHQFLDOPHQWH SRUTXH LPSOLFD XQD LQWHUSUHWDFLRQ IXWXULVWD \ OLWHUDOLVWD GH OD SURIHFLD
ELEOLFD FHQWUDQGRVH HQ TXH ,VUDHO GHVGH  HQ TXH VH DVHQWR HQ 3DOHVWLQD FRQ OD REWHQFLRQ GH VX LQGHSHQGHQFLD HVWD FXPSOLHQGR ODV
SURIHFLDV UHODWLYDV D OR TXH HO$QWLJXR 7HVWDPHQWR DQXQFLDED SDVDQGR ROLPSLFDPHQWH GH OR TXH HO 1XHYR 7HVWDPHQWR QRV UHILHUH VREUH HO
1XHYR,VUDHOGH'LRVIRUPDGRSRUJHQWLOHV\MXGLRVFRQYHUWLGRVD&ULVWR(VWHDVXQWRORKHPRVGHMDGRFODURHQQXHVWURHVWXGLRVREUH,VUDHO(Q
HVH OXJDU DGYHUWLDPRV \ DTXL HVWDQ QXHVWURV WHPRUHV GH TXH XQD LQWHUSUHWDFLRQ FRPR OD TXH HO GLVSHQVDFLRQDOLVPR KDFH UHVSHFWR GH ,VUDHO
REOLJDED D HQFDMRQDU ORV DFRQWHFLPLHQWRV PRGHUQRV VREUH ,VUDHO FRQ XQD OHFWXUD OLWHUDOLVWD GH OD SURIHFLD ELEOLFD 6HJXQ HVWH SHQVDU HUD
SUHFLVR KDFHU FRLQFLGLU OR TXH VXFHGH DFWXDOPHQWH FRQ ,VUDHO FRQ OR TXH VH VXSRQH TXH GLFH HO WH[WR FXDQGR HO SURFHVR GHEHULD VHU OR
FRQWUDULRQRWDUHOFRQWHQLGRUHDODOFDQFH\OLPLWHGHOWH[WR\FRPSUREDUVLHQORVVXFHVRVKLVWRULFRVDFWXDOHVH[LVWHQEDVHVIHKDFLHQWHVTXH
FXPSODQHOWHVWLPRQLRELEOLFR
3HURHOSUREOHPDQRHVWDVLPSOHPHQWHHQXQDLQWHUSUHWDFLRQPDVGHOD%LEOLDVLQRWDOFRPR)UDQFRLV*RQLQHQOD5HYLVWD5HIRUPDGDGHVFXEUH
HQODLQIOXHQFLDTXHVREUHODSROLWLFDHVWDHMHUFLHQGRGLFKDKHUPHQHXWLFD\HQHODFWLYLVPRGHFRQTXLVWDGHWRGRHOSURWHVWDQWLVPRPXQGLDO
TXHPDQLILHVWD
<DYLPRVORVGHVFDODEURVTXHWDQWR)DOZHOOFRPR/LQGVD\WXYLHURQHQVXVUHVSHFWLYRVOLEURV\DFLWDGRVHQRWUROXJDUFXDQGRKDEODEDQGHOD
FHUFDQLDGHO$UPDJHGRQSDUDDQWHVLQFOXVRGHODSURSLDJXHUUDGHO*ROIR\FRPR5XVLD\ORVDUDEHVFRDOLJDGRVLEDQDVHUORVLQYDVRUHVGH
,VUDHO\FRPRORV(VWDGRV8QLGRVLQWHUYHQGULDQDIDYRUGH,VUDHOOLEHUDQGROR\GHVWUX\HQGRDVXVHQHPLJRVFRQHODSR\RGHOD'LYLQLGDG$KL
HQDOJXQPRPHQWRKDFLDQHQFDMDUODXOWLPDVHPDQDGHODVVHWHQWDGH'DQLHO\ODSUHVHQFLDGHO$QWLFULVWRTXHVHULDDQLTXLODGRSRUHOSRGHUGH
'LRV(OSURSLR3DW5REHUWVRQVHULR\FLUFXQVSHFWR\FRKHUHQWHHQGLYHUVRVDVXQWRVWDPELHQVHFRQWDJLRGHFODUDQGRSRUWHOHYLVLRQHQHQ
UHODFLRQ D OD LQYDVLRQ GH ,VUDHO GHO /LEDQR TXH HUD HO SULQFLSLR GHO DQKHODGR ILQDO \ TXHWRGDV ODV SLH]DV HQFDMDQ SXHGH RFXUULU HQ
FXDOTXLHUPRPHQWR3HURKDFLDHORWRQRRFXUULUDDOJRVLQGXGDTXHFXPSOLUDODVSURIHFLDVGH(]HTXLHO &XDQGRXQSUHVLGHQWHGHORV
(VWDGRV8QLGRVFRPR5HDJDQKDELDGLFKRFXDQGRWRGDYLDHUD*REHUQDGRUTXH/LELDVHKDELDKHFKRFRPXQLVWDH[DFWDPHQWHFRPRKDELD
SUHGLFKR (]HTXLHO \ TXH HVRHV XQ VLJQR GH TXH HO GLD GH $UPDJHGRQ QR HVWD OHMRVXQR VH SHUFDWD GH OD LQIOXHQFLD TXH FLHUWDV
SRVLFLRQHVHUURQHDVWLHQHQVREUHDOJXLHQTXHSXHGHGLULJLUORVGHVWLQRVGHODQDFLRQPDVSRGHURVDGHOPXQGR'XUDQWHVXFDPSDQDHOHFWRUDOHQ
 5HDJDQ GLMR DO WHOHYDQJHOLVWD -LP %DNNHU TXH KR\ VH HQFXHQWUD FXPSOLHQGR FRQGHQD FDUFHODULD TXH SRGULDPRV VHU OD JHQHUDFLRQ TXH
YHD HO$UPDJHGRQ \ XQ FRPHQWDULVWD GHO 1HZ<RUN 7LPHV H[SUHVDED TXH 5HDJDQ KDELD GLFKR TXH ,VUDHO HUD HO XQLFR OXJDU GRQGH VH
SRGLDSURGXFLUHO$UPDJHGRQ7RGRHVWRQRHVDOJRVLQLPSRUWDQFLD3RUTXHKD\XQDVSDXWDVTXHYDQPDUFDQGRODWUD\HFWRULDGHODSROLWLFD
QRUWHDPHULFDQD<KR\VHHVWDXWLOL]DQGROD%LEOLDFRQODLQWHQFLRQGHLQWHUIHULUHQODVOH\HV\FRQGXFWDVGHODSROLWLFDHVWDWDOHVWDGRXQLGHQVH"
+DVWDFXDQGRHO(VWDGRQRUWHDPHULFDQRVHUDFDSD]GHDJXDQWDUODSUHVLRQTXHVHOHHVWDHMHUFLHQGRHQGLYHUVDVGLUHFFLRQHV"1RORSRGHPRV
SURQRVWLFDU FRQ XQD IHFKD FHUUDGD SHUR VLQ GXGD TXH VH HVWDQ GDQGR ORV PHFDQLVPRV QHFHVDULRV SDUD TXH FLHUWDV WHRORJLDV LPSRQJDQ VXV
REMHWLYRV &XDQGR HO YRWR GH XQD UHOLJLRQ FRPSDFWD FRQ XQDV LGHDV ILMDV \ XQ SURJUDPD D DOFDQ]DU VH KDJD LPSUHVFLQGLEOH ORV GLTXHV VH
URPSHUDQ
(O 'LVSHQVDFLRQDOLVPR KD IUDFDVDGR HVWUHSLWRVDPHQWH SRU FXDQWR HO HVTXHPD SURIHWLFR TXH KDELD SODQWHDGR FRQ VX PHWRGRORJLD VDOWR KHFKR
DQLFRVFRQORVQXHYRVDFRQWHFLPLHQWRVKLVWRULFRVSHUR"'HTXHVHUDFDSD]WRGDYLDVLQRFDPELDVXVWDQFLDOPHQWHVXKHUPHQHXWLFD"7RGDYLDHO
GLVSHQVDFLRQDOLVWD -RKQ ) :DOYRRU SXVR DO GLD HQ  VX $UPDJHGRQ 2LO DQG WKH 0LGGOH (DVW &ULVLV TXH KDELD SXEOLFDGR HQ 
\VLQFDPELDUQLQJXQRGHVXVSXQWRVGHYLVWDWUDGLFLRQDOHVTXLVRSUREDUVXHUWHSDUDHVD*XHUUDGHO*ROIR3HURVX$UPDJHGRQQRVH
FXPSOLRHQWRQFHVQLVHFXPSOLUDQXQFDHQORVWHUPLQRVTXHVHKDHVWDGRSURSDJDQGR3HURVXVLGHDVHPSXMDQHLQIOX\HQWDQWRHQXQRVFRPR
RWURV(VWDPRVYLYLHQGRODHSRFDHQTXHWDORFXDOSROLWLFDQHFHVLWDODMXVWLILFDFLRQGHODWHRORJLDGHODUHOLJLRQ(VWRHVLPSDUDEOHYHGXQD
FULWLFDWDQWRDOGLVSHQVDFLRQDOLVPRFRPRDORVSURSLRVFRQWHQLGRVGH-RKQ):DOYRRUHQODWHVLVGRFWRUDOVRVWHQLGDSRU'DYLG3*XOORQ $Q
,QYHVWLJDWLRQ RI 'LVSHQVDWLRQDO 3UHPLOOHQQLDOLVP DQDQDO\VLV DQG (YDOXDWLRQ RI WKH (VFKDWRORJ\ RI -RKQ ) :DOYRRUG  'LVVHUWDWLRQ
DGYLVHU+DQV./D5RQGHOOH$86$760L86$
(O 'LVSHQVDFLRQDOLVPR FRQ VX OLWHUDOLVPR HQ OD LQWHUSUHWDFLRQ GH OD SURIHFLD FRQ VX PHQVDMH LQWHUSUHWDWLYR GH OD SURIHFLD ELEOLFD SRU HO TXH
HPSOD]DD/RV(VWDGRV8QLGRVFRPRHOSURWDJRQLVWDSULQFLSDOHQHOTXHKDFHUSROLWLFRPXQGLDO\SRUHOTXHWUDQVIRUPDD/RV(VWDGRV8QLGRVHQ
XQLQVWUXPHQWRGLYLQRSDUDORJUDUODYROXQWDGGH'LRVHQODWLHUUDFRQVLJXLHQGRFRQVXDSR\RODLPSODQWDFLRQGHXQFRGLJRPRUDOTXHHUUDGLTXH
ORV SHFDGRV \ YLFLRV HVWD FRQWULEX\HQGR D FRQIXQGLU HO 5HLQR GH 'LRV FRQ HO 5HLQR GH HVWH PXQGR \ D JHQHUDU XQD VHULH GH DFWLWXGHV TXH
PRGHODUDQXQFLHUWRWLSRGH1XHYR2UGHQ0XQGLDO
3RURWUDSDUWHHQVXERVTXHMROLWHUDOLVWDSURIHWLFRVHLGHQWLILFDQOLWHUDOPHQWHDTXHORDTXHOORVTXHVHRSRQGUDQD/RV(VWDGRV8QLGRVSXGLHQGR
REOLJDUFRQHOORDWRPDUSRVLFLRQHVIUHQWHDHVRVHOHPHQWRVVHQDODGRVSURYRFDQGRWRGRXQSURJUDPDTXHOOHYDUDLPSOLFLWRWRGRXQFRQWHQLGR
LQVSLUDGRHQODVIXHQWHVFRQWDPLQDGDVGHO'LVSHQVDFLRQDOLVPR
9HUHVWDODUJDOLVWDGHHVFULWRUHVTXHDQDOL]DQ\UHIXWDQODVSRVLFLRQHVGLVSHQVDFLRQDOLVWDV
27$OOLV3URSKHF\DQGWKH&KXUFK7KH3UHVE\WHULDQDQG5HIRUPHG3XE&R3KLODGHOSKLDSSRSF
$3LHWHUV7KH6HHGRI$EUDKDP(HUGPDQV3XE&R*UDQG5DSLGV
/XLV%HUNKRI7KH6HFRQG&RPLQJ(HUGPDQV*UDQG5DSLGV
-%ULJKW7KH.LQJGRPRI*RG$ELQJGRQ&RNHVEXU\3UHVV1DVKYLOOH
: ( &R[%LEOLFDO 6WXGLHV LQ )LQDO 7KLQJV $Q ([DPLQDWLRQ RI 'LVSHQVDWLRQDOLVP  \$PLOHQLDOLVPH 7RGD\ 
SXEOLFDGDVSRU3UHVE\WHULDQDQG5HIRUPHG
/RXLV$'H&DUR,VUDHO7RGD\)XOILOOPHQWRI3URSKHF\"3UHVE\WHULDQDQG5HIRUPHG3KLODGHOSKLD
:''DYLHV7KH*RVSHODQGWKH/DQG(DUO\&KULVWLDQLW\DQG-HZLVK7HUULWRU\'RFWULQH8QLYRI&DOLIRUQLD3UHVV%HUNHOH\&$
$QWRQLR$+RHNHPD/D%LEOLD\HO)XWXURRSFSSGRQGHVHKDFHXQDQDOLVLVFULWLFRGHOSUHPLOHQLDOLVPRGLVSHQVDFLRQDOLVWD
)UDQFRLV*RQLQ4XHOTXHVUHPDUTXHVDSURSRVGHVYXHVGLVSHQVDWLRQQDOLVWHVHQ5HYXH5HIRUPHH7RPH;;,;SS
*HRUJH(OGRQ/DGG(O(YDQJHOLRGHO5HLQRRSF
' 3 )XOOHU *RVSHO DQG /DZ &RQWUDVW RU &RQWLQXXP" 7KH +HUPHQHXWLFV RI 'LVSHQVDWLRQDOLVP DQG &RYHQDQW 7KHRORJ\ :P %
(HUGPDQV
+DQV/D5RQGHOOH7KH,VUDHORI*RGLQ3URSKHF\3ULQFLSOHVRI3URSKHWLF,QWHUSUHWDWLRQRSF
7 ( 0F&RPLVNH\ 7KH &RYHQDQWV RI 3URPLVH $ 7KHRORJ\ RI WKH 2OG 7HVWDPHQW &RYHQDQWV  %DNHU %RRN +RXVH *UDQG 5DSLGV 0,

5DOSK:RRGURZ /DV*UDQGHV3URIHFLDVGHOD%LEOLD3XHGHSHGLUVHD:ULJKWZD\7UDQVODWRUV 32%R[63)/'0$
86$
%UXFH . :DOWNH'LVSHQVDWLRQDOLVP ,VUDHO DQG WKH &KXUFK 7KH 6HDUFK IRU 'HILQLWLRQ  HGV &UDLJ$ %ODLVLQJ DQG 'DUUHOO / %RFN
=RQGHUYDQ3XEOLVKLQJ+RXVH*UDQG5DSLGV0,
*HUKDUG)+DVHO,VUDHOLQ%LEOH3URSKHF\HQ-RXUQDORIWKH$GYHQWLVW7KHRORJLFDO6RFLHW\SS
1RUPDQ 5 *XOOH\'LVSHQVDWLRQDO %LEOLFDO ,QWHUSUHWDWLRQ ,WV 3DVW DQG 3UHVHQW +HUPHQXWLFDO 6\VWHPV  HQ -RXUQDO RI WKH $GYHQWLVW
7KHRORJLFDO6RFLHW\SS
%UXFH . :DOWNH SURIHVRU GH$QWLJXR 7HVWDPHQWR GHO 5HJHQW &ROOHJH H[SXVR (Q PL RSLQLRQ ORV WUDEDMRV GH /D5RQGHOOH \ +RHNHPD
SHUPDQHFHQFRPRORPHMRUGHOWHPDRSFS'H/D5RQGHOOHDQDGHTXHVXOLEURHVPDJQLILFRXQDPLQDGHLQIRUPDFLRQVREUHHO
WHPDLG < +H OHLGR HO OLEUR GH /D5RQGHOOH PDV GH XQD YH] \ KH REWHQLGR PXFKRV SHQVDPLHQWRV TXH VH HQFXHQWUDQ GHWUDV GH ODV
LGHDVSUHVHQWDGDVHQHVWHDUWLFXOR(OOLEURPHD\XGRDUHDOL]DUXQHVWXGLRSURIXQGRGHODVIXHQWHVELEOLFDV\GLVSHQVDFLRQDOLVWDVDVL
FRPRODDQWLGLVSHQVDFLRQDOLVWDUHODWLYDVDOWHPD3RUWRGRHOORGHERGDUOHJUDFLDVD+DQV/D5RQGHOOHFLWDGRSRU1RUPDQ5*XOOH\
RSFSQRWD
1RVRWURV \D KHPRV XVDGR D /D5RQGHOOH HQ UHODFLRQ DO DVXQWR GH ,VUDHO \ OD ,JOHVLD HQ FXDQWR D SULQFLSLRV GH LQWHUSUHWDFLRQ \ TXH VH KD
H[SXHVWRSULQFLSDOPHQWHHQQXHVWURDSDUWDGRVREUH,VUDHO\ODSURIHFLDGH'DQLHO(VSUHFLVRPDWL]DUDOJXQDVFRQVLGHUDFLRQHVUHVSHFWRGH
,VUDHO\TXHQRVRWURVH[SRQHPRVHQXQFRPHQWDULRVREUHURPDQRV/DLGHQWLGDGFULVWLDQDIUHQWHDODSHUSHWXDFLRQGHORVFRQIOLFWRVHQOD
(SLVWRODDORV5RPDQRVHGLWDHODXWRU=DUDJR]D
5HVSHFWR DO 'LVSHQVDFLRQDOLVPR YHG$ 'LHVWUH/D YRFDFLRQ GH SRGHU HQ OD HUD GH OD JOREDOL]DFLRQ /D QHFHVLGDG GH XQ JRELHUQR
PXQGLDO\HOVHQWLGRGHODKLVWRULD&766=DUDJR]DSS
>@
$SRFDOLSVLV6HDFHUFDVXPDJQLILFDFXOPLQDFLRQ:DWFK7RZHU%LEOHDQG7UDFW6RFLHW\RI1HZ<RUN%URRNO\Q1HZ<RUN86$

>@
9HGVXVFRPHQWDULRVH[SXHVWRVHQODELEOLRJUDILDJHQHUDO
>@
/D5RQGHOOHHQ/DV3URIHFLDVGHO)LQRSFS
>@
/
$SRFDO\SVHGH-HDQHQ,QWURGXFWLRQDOD%LEOH/H1RXYHDX7HVWDPHQW9RO,9/DWUDGLWLRQMRKDQQLTXH3DULVSS
>@
(QOD%LEOLDGHHG/DERUYRO,,,%DUFHORQDSS
>@
 9DPRV D FRPSUREDU \ GHPRVWUDU TXH OD UHDOLGDG WHRORJLFD RUHOLJLRVD KD HVWDGR VLHPSUH SUHVHQWH ELHQ LPSRQLHQGRVH R ELHQ VLHQGR
DWDFDGDHQORTXHPDUFDHODYDQFHGHODKLVWRULD\FRQXQDLQWHQFLRQDOLGDGFODUDGHTXHUHUKDFHUODKLVWRULD
>@
$VLVHH[SUHVD%DUFOD\RSFYRO,SS\
>@
(:&%$YROS\HQ+G$SS
(O OLEUR GHO$SRFDOLSVLV UHYHOD DO PXQGR OR TXH KD VLGR OR TXH HV \ OR TXH KD GH YHQLU HV SDUD QXHVWUD LQVWUXFFLRQ SDUD TXLHQHV KDQ
DOFDQ]DGRORVILQHVGHORVVLJORV'HEHHVWXGLDUVHFRQWHPRUUHYHUHQWH7HQHPRVHOSULYLOHJLRGHFRQRFHUORTXHHVSDUDQXHVWUDLQVWUXFFLRQ
!!
(QHO$SRFDOLSVLVHVWDQGHVFULWDVODVFRVDVSURIXQGDVGH'LRV6XVYHUGDGHVHVWDQGHVWLQDGDVDORVTXHYLYHQHQORVXOWLPRVGLDVFRPR
DVLPLVPR D ORV TXH YLYLDQ HQ ORV GLDV GH -XDQ $OJXQDV GH ODV HVFHQDV GHVFULWDV HQ HVWD SURIHFLD SHUWHQHFHQ DO SDVDGR RWUDV VH HVWDQ
FXPSOLHQGRDKRUDRWUDVDGHPDVWLHQHQTXHYHUFRQHOGHVHQODFHGHOJUDQFRQIOLFWRHQWUHORVSRGHUHVGHODVWLQLHEODV\HO3ULQFLSHGHOFLHOR\
RWUDVUHYHODQORVWULXQIRV\DOHJULDVGHORVUHGLPLGRVHQODWLHUUDQXHYD!!
(Q XQ HVWXGLR SUHSDUDGR SRU OD%LEOLFDO 5HVHDUFK ,QVWLWXWH&RQIHUHQFH *HQHUDO RI 7KH 6HYHQWKGD\$GYHQWLVW 'HVGH HO FRPLHQ]R ORV
$GYHQWLVWDVGHOVHSWLPRGLDKDQVHJXLGRHOPHWRGRKLVWRULFRGHLQWHUSUHWDFLRQSURIHWLFDSDUDH[SOLFDUORVVLPERORV\VXVVLJQLILFDGRV$
YHFHV HVWH HQIRTXH UHFLEH HO QRPEUH GH PHWRGRKLVWRULFLVWD R PHWRGRKLVWRULFR FRQWLQXR HQ (OHQD GH :KLWH \ OD LQWHUSUHWDFLRQ GH
'DQLHO\$SRFDOLSVLVSUHVHQWDGRSRU)UDQN+ROEURRN0D\RS
>@
(Q7KH'D\VRI9HQJHDQFH$QH[SRVLWLRQRIWKH%RRNRI5HYHODWLRQ)RUW:RUWK'RPLQLRQ3UHVVS
>@
6REUHHVWRYHUWDPELHQD.XHQ,QWURGXFWLRQDX1RXYHDX7HVWDPHQW/
$SRFDO\SVHRSFS$3RKO'LH2IIHQEDUXQJGHV
-RDQQHV:XSSHUWDO%URFNKDXVSS
>@
9HUD.XHQRSFS
>@
&OLOWRQRSFS
>@
(QORTXHQRSRGHPRVHVWDUGHDFXHUGRFRQ.XHQHVTXHXWLOLFHXQDFLWDGHO3$OORFDWDORJDQGRODFRPRXQYHUHGLFWRGHFLVLYRHQFRQWUD
GHOPHWRGRKLVWRULFLVWDFXDQGRGLFH
'HWRGRVORVVLVWHPDVH[HJHWLFRVHVHVWHHOTXHGHVFRQRFHDOPDVDOWRJUDGRHOREMHWLYR\HOHVSLULWXGH6DQ-XDQFLWDGRSRU.XHQHQRS
&SDSLHGHSDJLQD
6HQWLPRV TXH D GLFKR DXWRU OH KD\D SURGXFLGR HO PHWRGR KLVWRULFLVWD HO OOHJDU D HVD FRQFOXVLRQ WDQ KRUULEOH SDUD QRVRWURV 3HUR OH SRGHPRV
DVHJXUDUTXHQXHVWUDSRVLFLRQKLVWRULFLVWDQRXQLFDPHQWHFXPSOHFRQWRGRVORVFDQRQHVH[HJHWLFRVTXHHO$SRFDOLSVLVH[LJHVLQRTXHWLHQHHQ
FXHQWDODVFODYHVSDUDHQWHQGHUHO$SRFDOLSVLVLQGHSHQGLHQWHPHQWHTXHQRVRWURVWDPSRFRHVWHPRVGHDFXHUGRFRQDOJXQRVXVRVTXHFLHUWRV
LQWHUSUHWHVKLVWRULFLVWDVHPSOHDQ1XHVWURFRPHQWDULRHVWDSRUYHUVH
>@
9HUVREUHHOJHQHUROLWHUDULRD.XHQRSFSS
>@
.XHQRSFS
>@
+5RVVLHU/HQJXDMHVLPEROLFRGHO$SRFDOLSVLVHGLF%LEOLFDV3HUUR\6XL]DS
>@
3DUDSURIXQGL]DUHQODVGLIHUHQFLDVTXHH[LVWHQHQWUHODDSRFDOLSWLFDELEOLFD\ODTXHQRORHVYDPRVDRIUHFHUHQHVWDQRWDODVGLIHUHQFLDV
TXHDSDUHFHQHQWUHHOOLEURGH'DQLHO\ODDSRFDOLSWLFDMXGLDQRFDQRQLFDFHQWUDQGRQRVHQXQDQDOLVLVGHORIXQGDPHQWDOGHOOLEURDSRFULIRGH
+HQRF
(VWXGLHPRVSDUDFRPSUHQGHUHVWRPHMRUODDQJHRORJLD\HOJHQHURDSRFDOLSWLFRGHOOLEURGH'DQLHO\VXVGLIHUHQFLDVHVHQFLDOHV
FRQODDSRFDOLSWLFDDSRFULIDMXGLD\VXUHODFLRQFRQODDSRFDOLSWLFDELEOLFD
(OJHQHURDSRFDOLSWLFRHVHQWHQGLGRGHQWURGHOD&LHQFLD%LEOLFDFRPRXQDFRUULHQWHGHOSHQVDPLHQWRUHOLJLRVRTXHVHLQLFLDULDFRQ'DQLHOHQHO
V,,D-\VHSURORQJDULDKDVWDHOV,,G-RIUHFLHQGRXQDSHULRGL]DFLRQGHODKLVWRULDSDVDGD\XQDQXQFLRGHOWLHPSRGHILQLWLYRLQPLQHQWH
SXHVWRV FRPR SURIHFLD HQ ERFD GH DOJXQD SHUVRQDOLGDG UHOLJLRVD GHO SDVDGR 9HU D * )ORU 6HUUDQR/ $ORQVR 6FKRNHO 'LFFLRQDULR
7HUPLQRORJLFRGHOD&LHQFLD%LEOLFDHGLF&ULVWLDQGDG0DGULGS
(VXQDPDQLDLQFXUDEOHSRUSDUWHGHGLIHUHQWHVFULWLFRVODGHLQFOXLUDOSURIHWD'DQLHOFRPRVLHQGRXQSHUVRQDMHGHDFXHUGRDODGHILQLFLRQGHO
JHQHUR OLWHUDULR DSRFDOLSWLFR TXH DQXQFLDULD OD KLVWRULD \D SDVDGD FRPR VL IXHUD SURIHFLD \ DFRPRGDUOR D ORV RWURV OLEURV GHQRPLQDGRV
DSRFDOLSWLFRVHQODOLQHDDSRFULID\VHXGRHSLJUDIH
/DSURIHFLDGH'DQLHOGHPXHVWUDTXHQRHVGHOV,,D-VLQRGHOV9,D-SHURDOFULWLFRQROHLQWHUHVDTXHHOFRQWHQLGRWH[WXDOGH'DQLHO
VHDORTXHGLFHVHU3ULPHURHOFULWLFRVHKDLQYHQWDGRVLQEDVHKLVWRULFD\OLQJXLVWLFDTXHHOOLEURGH'DQLHOIXHFRQIHFFLRQDGRHQODHSRFD
PDFDEHD GHVSXHV OR LQWURGXFH GHQWUR GH XQD DSRFDOLSWLFD DSRFULID TXH IORUHFLR GHVGH HO V ,, D - KDVWD HO V ,, G - GH HVWH PRGR VH YH
REOLJDGRDWUDWDUHOWH[WRGHVGHXQSXQWRGHYLVWDSRVWHYHQWX3HURFRPRYHUHPRVPDVWDUGHHVWDHUURQHDLQWHUSUHWDFLRQVHHYLGHQFLDFRPR
WDOSUHFLVDPHQWHFRQHOWUDWDPLHQWRGHOWH[WR\TXHHQFDSLWXORVSRVWHULRUHVFRPSUREDUHPRV
4XHUHULQWURGXFLUHQHOPLVPRJUXSR(O/LEURGH(QRF(O$SRFDOLSVLVGH(VGUDVDGH(VGUDV(O$SRFDOLSLVGH%DUXFKDGH%DUXFK
(O /LEUR GH ORV -XELOHRV OLEURV TXH HYLGHQFLDQ XQD IDOVLILFDFLRQ GH OD DXWHQWLFD DSRFDOLSWLFD FRQ HO OLEUR LQVSLUDGR \ FDQRQLFR GH 'DQLHO
UHFRQRFLGRSRU-HVXFULVWRWDQWRHQHO(YDQJHOLRFRPRHQVXSURSLD5HYHODFLRQDSRFDOLSWLFDGDGDD-XDQHVFUHDUXQDFRQIXVLRQ\HQJDQRVLQ
SUHFHGHQWHVHQODKLVWRULDELEOLFD
3RUXOWLPRGLJDPRVTXHDXQFXDQGRHODGMHWLYRDSRFDOLSWLFRVHKDXWLOL]DGRHQRFDVLRQHVFRPRPHWDIRUDUHVSHFWRDQXHVWUDFRQGLFLRQKXPDQD
HQ HO V ;; TXH UHXQH ODV FRQGLFLRQHV GH FULVLV DJRQLD \ DQVLHGDG QHFHVDULDV SDUD WDO WUDWDPLHQWR OR DSRFDOLSWLFR VH KD UHODFLRQDGR FRQ HO
FDWDVWURILVPRGHLQGLYLGXRV\JUXSRVDGTXLULHQGRXQVHQWLGRSH\RUDWLYR
'LVWLQFLRQHVHQWUHOD$SRFDOLSWLFD%LEOLFD\ORV$SRFDOLSVLVH[WUDELEOLFRV\VHXGRHSLJUDIHV
'HVGH HO SXQWR GH YLVWD HVWULFWDPHQWH ELEOLFR \ FDQRQLFR HO JHQHUR DSRFDOLSWLFR DEDUFD HVHQFLDOPHQWH 'DQLHO \$SRFDOLSLV \ FRQ DOJXQDV
PDWL]DFLRQHV YDULRV FDSLWXORV GH ,VDLDV FSV  GH (]HTXLHO FSV  -RHO FS  =DFDULDV  0DWHR  \ VXV SDUDOHORV D
7HVDORQLFHQVHV
(VORJLFRHQSULQFLSLRUHFRQRFHUTXHORVDSRFDOLSVLVDSRFULIRVPDQWHQJDQHOHPHQWRVFRPXQHVFRQODDSRFDOLSWLFDELEOLFDSRUFXDQWRDTXHOORV
KDQFRSLDGRGHODDSRFDOLSWLFDFDQRQLFDDXQTXHGHIRUPDQGRODHQVXH[SRVLFLRQSURSLDODVGLIHUHQFLDVQRREVWDQWHVRQHQRUPHV
&RPSDUDQGR'DQLHOFRQODDSRFDOLSWLFDDSRFULIDXQRFRPSUXHEDHQDTXHOHOHOHPHQWRSDVWRUDOPHVLDQLFRVREULHGDGHQODLPDJLQHULDUHSXGLR
GHWRGRHVRWHULVPRFDUHQFLDGHVHXGRQLPLDDILUPDFLRQGHODKLVWRULDFODULGDGSURIHWLFD\HOVHOORGHODLQVSLUDFLRQGLYLQD
D/DGLVWLQFLRQVHSURIXQGL]DGHPRGRJHQHUDOSRUVLHWHDVSHFWRVLPSRUWDQWHV
 /D SURIHFLD DSRFDOLSWLFD ELEOLFD HO FDVR GH 'DQLHO VH SXHGH VHJXLU FRQ OD KLVWRULD 3RU XQ ODGR HO SURIHWD VH PH]FOD HQ XQD
VLPELRVLVSHUIHFWDFRQVXKLVWRULDSUHVHQWH\FRQORVSHUVRQDMHVHVSHFLDOHVTXHFRQYLYHQFRQHO
3RURWUDSDUWHVHRIUHFHQHOHPHQWRVVXILFLHQWHVFRPRSDUDXELFDUDGHFXDGDPHQWHORVDFRQWHQFLPLHQWRV
(OSXHEORGH'LRVSXHGHHQFRQWUDUHQHOVHJXLPLHQWRGHHVDKLVWRULDODVHJXULGDGGHTXH'LRVFXPSOLUDORDQXQFLDGR
8QDILORVRILDGHODKLVWRULDGLULJLGDSRU'LRV9HUD-=XUFKHU /D3URSKHWLH%LEOLTXHHWOD3KLORVRSKLHGHO
+LVWRLUH 6G7
SWDPELHQD-RVHI3LHSHUHQ(O)LQGHO7LHPSR+HUGHU%DUFHORQDSSFRQXQFRQWHQLGRFODURHVFDWRORJLFRHQODTXHHO
5HLQRGH'LRVVHKDFHYLVLEOH
+D\XQFXUVRGLYLQDPHQWHRUGHQDGRGHORVHYHQWRV\DXQFXDQGRQLQJXQDGHFLVLRQKXPDQDSXHGHFDPELDUODGLUHFFLRQDOLGDGTXHODKLVWRULD
WRPD HO GHVWLQR GHO LQGLYLGXR QR HV SUHGHWHUPLQDGR /RV LQGLYLGXRV GHQWUR GHO FRQWH[WR GH OD LQHYLWDEOH UHYHODFLRQ GHO FXUVR GH OD KLVWRULD
SXHGHQHMHUFHUODOLEHUWDGSHUVRQDOHLQIOXHQFLDUHQVXGHVWLQRGHVDOYDFLRQRSHUGLFLRQHWHUQD9HUD$-)HUFK 'DQLHORQ6ROLG*URXQG
RSFSS
,QFOXVRODGLUHFFLRQDOLGDGGHODKLVWRULDODFUHDQORVSURSLRVLQGLYLGXRVPHGLDQWHXQDDFWLWXGSURJUDPDGDFRQWUDULDDOSODQGLYLQR\GHODTXH
'LRVVHYDOGUDHMHUFLHQGRVXGRPLQLR
3HURORTXHPDUFDODGLIHUHQFLDHVTXHKD\XQHVTXHPDXQGLVHQRKLVWRULFRTXHSRGHPRVLGHQWLILFDUPHGLDQWHODKHJHPRQLDGHXQDVQDFLRQHV
TXHLPSULPHQODPDUFKD\HOFRPSRUWDPLHQWRGHODKLVWRULD
/DDXVHQFLDGHOHOHPHQWRPLWLFRQRKLVWRUL]DGR/RVDXWRUHVTXHHVWXGLDQHVWHDVXQWR9HUD0DWKLDV'HOFRUHQ 0LWR\7UDGLFLRQHQ
OD /LWHUDWXUD $SRFDOLSWLFD HGLF &ULVWLDQGDG 0DGULG  SS VH YHQ REOLJDGRV D UHFRQRFHU TXH FLHUWD DOXVLRQ D WHUPLQRV TXH
DSDUHFHQHQODPLWRORJLDSRUSDUWHGHORVDSRFDOLSVLVFDQRQLFRVFI,VDVHXWLOL]DQFRPRURSDMHSXUDPHQWHOLWHUDULRFRQYLUWLHQGRORVHQ
KLVWRULD
(QHOFDVRGH'DQLHO\$SRFDOLSVLVODV%HVWLDVHMHPSORUHSUHVHQWDWLYRQRVRODPHQWHQRWLHQHQXQSDUDOHOLVPRFRQORVPRQVWUXRVPLWLFRVVLQR
TXHVLUYHQFRPRPHURVVLPERORVGHSRGHUHVSROLWLFRV\PLOLWDUHVFI'Q/DPHQFLRQGHO0DUFRPRDOXVLRQDODQWLJXRPLWRGHTXHHVWHHV
JHQHUDGRUGHPRQVWUXRVSLHUGHVXYDORU\VHXVDH[FOXVLYDPHQWHFRPRXQVLPERORGHPXFKHGXPEUHV\JHQWHVFI$SGHGRQGHVH
JHQHUDQODVSRWHQFLDVKRVWLOHVD'LRV/DV%HVWLDVUHSUHVHQWDQDORVUHLQRVTXHPDUFDUDQODVSDXWDVGHODKLVWRULD\XQDGLUHFFLRQDOLGDGTXHVH
RSRQHDO5HLQRGH'LRV\TXHHQXOWLPDLQVWDQFLDVHUDQGHVWUXLGRV/D&XDUWDODXOWLPDORVHUDHQODHSRFDHVFDWRORJLFD
/DDQJHRORJLDFXDQGRXQRHVWXGLDD'DQLHOFRPSUXHEDTXHMXQWRDORVHVFULWRVGHOH[LOLRFI(]TFSV=DF
VHH[SUHVDXQDFRQFHSFLRQGHODVSRWHQFLDVFHOHVWHV\GHVXVDFWLYLGDGHV'QSI

/RV DXWRUHV FRPR 2WWR 3ORHJHU 'DV %XFK 'DQLHO *XWWHUVORKHU  S  GRQGH HO DXWRU IDYRUHFH OD RSLQLRQ GH OD VREULHGDG GH OD
DQJHRORJLD GH 'DQLHO FLWDGR SRU 6 - 6FKZDQWHV4XHVWLRQV'HEEDWXHV RS F S  VH KDQ YLVWR REOLJDGRV HQ OD FRPSDUDFLRQ GH ORV
DSRFULIRV \ VHXGRHSLJUDIHV GHO SHULRGR LQWHUWHVWDPHQWDULR FRQ HO OLEUR GH 'DQLHO D WHQHU TXH DGPLWLU TXH XQD GH ODV FDUDFWHULVWLFDV GH OD
DQJHRORJLD GH 'DQLHO HV OD VREULHGDG \ TXH GLFKR OLEUR VHJXQ 1 3RUWHRXV VH HQFXHQWUD QR DO ODGR GH ORV TXH SUROLIHUDQ HQ HO SHULRGR
LQWHUWHVWDPHQWDULR\DXQGHVSXHVVLQRTXHHVDILQDORVOLEURVGH(]HTXLHO\=DFDULDV1RUPDQ3RUWHRXV'DV'DQLHOEXFK*RWWLQJHQS
WRPDODLGHDGH$&:HOFKFXDQGRDILUPDTXHHOOLEURGH'DQLHOVHFRPSUHQGHPHMRUHQIXQFLRQGHORVTXHOHKDQSUHFHGLGRTXH
GHORVTXHOHKDQVHJXLGRLQGLFDQGRFRQHOORTXHKD\PDVDILQLGDGFRQ(]HTXLHO\=DFDULDV-RHOH,VDLDVTXH
FRQ+HQRFORV6LELOLQRVHWFUHFRJLGRSRU6-6FKZDQWHV4XHVWLRQV'HEEDWXHVRSFS/DDSRFDOLSWLFDWDUGLDQRFDQRQLFDKD
LQWHQWDGRLPLWDUD'DQLHO\DRWURVVLQFRQVHJXLUURPSHUHODELVPRTXHH[LVWHHQWUHHVWH\DTXHOOD
8QDFURQRORJLDTXHDFRPSDQDDODFRQWHFLPLHQWRKLVWRULFRTXHSXHGHVLGHQWLILFDUPHMRUJUDFLDVDOHOHPHQWRWLHPSR
8QDILQDOLGDGGHD\XGDUDFRQYHUWLUDOKRPEUHDO'LRVTXHUHYHODDSRFDOLSVLVSDUDPHGLDQWHHO(VSLULWXTXHLQVSLUDHOPHQVDMH\HOSURSLR
PHQVDMHGHVSHUWDUOHRPDQWHQHUOHILHODODVDOYDFLRQ\DODYHUGDGGHOD/H\GH'LRV
/DDSDULFLRQGHXQSHUVRQDMHFHQWUDOTXHFRQORVGDWRVTXHVHDSRUWDQORSXHGHVLGHQWLILFDUFRQHO0HVLDV\FRQHO+LMRGHO+RPEUH
-HVXFULVWRGHO1XHYR7HVWDPHQWR
E'LIHUHQFLDVHVHQFLDOHVHQWUHHOOLEURGH+HQRFK\ODDSRFDOLSWLFDFDQRQLFDELEOLFD
(OOLEURGH(QRFIXHHVFULWRSUREDEOHPHQWHHQHOV,,D-YHU'LFFLRQDULR+HUGHURSFSHQKHEUHRRDUDPHRDXQTXHHVWDPELHQ
SRVLEOH TXH OR IXHUD HQ HO V , \ ,, G - SXHVWR TXH QR VHUD KDVWD 7HUWXOLDQR V ,,, G - TXH QR VH OH FLWDUD 6X LQIOXHQFLD HQ ORV FLUFXORV
NDEDOLVWLFRVHVRWHULFRV\JQRVWLFRVQRVGDXQDLGHDGHXQFRQWHQLGR\QDWXUDOH]DGHOOLEURQRFULVWLDQR
/D YHUVLRQ FDVWHOODQD TXH KHPRV XVDGR IXH SXEOLFDGD SRU XQD HGLWRULDO GHGLFDGD D OLEURV HVRWHULFRV (GLWRULDO   (O /LEUR GH +HQRFK
%DUFHORQDVHWUDWDGHXQDWUDGXFFLRQGHODHGLFLRQIUDQFHVDWUDGXFLGDGHOWH[WRHWLRSHHQSRU)UDQFRLV0DUWLQ/HOLYUHG
+HQRFK
/HWRX]H\HW$QH(GLWHXUV3DULV
/D,JOHVLDHWLRSHORFRQVLGHUDFRPRXQOLEURVDJUDGRHLQFOXLGRFRPRXQOLEURFDQRQLFRGHQWURGHO$QWLJXR7HVWDPHQWRTXHGLFKD,JOHVLDXVDD
SHVDUGHQRHVWDUUHFRQRFLGRSRUHOFDQRQFULVWLDQR(O/LEURGH+HQRFKS;,,
,GLRPD\FRPSRVLFLRQGHOOLEURDSRFULIRHVSXUHRQRVHFUHWRGH+HQRFK
6HVXSRQHTXHIXHHVFULWRHQKHEUHRHQHOV,,D-SHURQRSXHGHGHPRVWUDUVHSRUFXDQWRQRKD\QLUDVWURGHGLFKDYHUVLRQHQKHEUHR(Q
FXDOTXLHUFDVRODDOXVLRQD'DQLHO+HQRFKVVQRVPXHVWUDTXHHUDFRQRFLGRSRUHODXWRU\SRUORWDQWRDQWHULRU+D\FRSLDVJULHJDV
ODWLQDV\HWLRSHV/DYHUVLRQHWLRSHHVPDVODUJDTXHODJULHJD\WLHQHYDULDQWHVLPSRUWDQWHV9HULQWURGXFFLRQ(O/LEURGH+HQRFKS;,
/RTXHGLVSRQHPRVQRVOOHYDDFRQVLGHUDUDOOLEURGH+HQRFKFRPRXQDUHFRSLODFLRQHQVLHWHSDUWHVTXHGHDFXHUGRDORVHVWXGLRVRVSURFHGHULD
GHGLIHUHQWHVSHULRGRVFRPSRVLFLRQHV\DXWRUHV,GS;,RSLQLRQGHO$U]RELVSRDQJOLFDQR/DZUHQFHHQ7KH%RRNRI(QRFK2[IRUG
FRQILUPDGDGHVSXHVSRU0XUUD\HQHQVX+HQRFK5HVWLWXWXV
(ODXWRUVHKDYLVWRHQODQHFHVLGDGGHLQYHQWDUVHXQQRPEUHIDPRVRGHOSDVDGRSDUDGDUFUHGLELOLGDGDVXUHYHODFLRQ
(VLPSUHVFLQGLEOHTXHUHIOH[LRQHPRVVREUHHVWHDVXQWRSXHVWRTXHGHOOLEURGH+HQRFKVHWLHQHQRWLFLDVHQHSRFDSRVWFULVWLDQD/DPHQFLRQD
XQDSURIHFLDGH(QRFHQHOOLEURFDQRQLFRGHO1XHYR7HVWDPHQWRGH-XGDVYVTXHVHKDELDWUDVPLWLGRFRQVXHWXGLQDULDPHQWHQRWLHQH
QDGDTXHYHUFRQTXHHOIDOVR(QRFODUHFRMDWDPELHQ+HQRFK
1RQHJDPRVQRREVWDQWHHOTXHHQODSURGXFFLRQGHOOLEURGH+HQRFKKD\DSRGLGRKDEHUXQDLQVSLUDFLRQVREUHQDWXUDODMHQDDODELEOLFD\HO
KHFKR GH TXH HO DXWRU GHO OLEUR PDQWHQJD VX RULJHQ HQ OD HSRFD GHO SDWULDUFD +HQRFK VLQ SUXHEDV QL QDGD TXH OR SXHGD FRQILUPDU HV XQD
HYLGHQFLDGHODDXVHQFLDGHORULJHQGLYLQRFRQHOTXHSUHWHQGHFDPXIODUVH
'DQLHO\$SRFDOLSVLVSRUHOFRQWUDULRSUHVHQWDXQDFRKHUHQFLD\XQLGDGSHUIHFWDDGHPDVGHGHPRVWUDUSRUHOSURSLRWH[WRVXDXWRULDRULJHQ\
H[LVWHQFLDFRPRVLHQGRHOTXHGLFHVHUHQHOWH[WR
(VWLOR\QDWXUDOH]D5HVSRQGHDORTXHVXSRQHVHUXQOLEURHVRWHULFRKHUPHWLFR\JQRVWLFRGDQGRSLHDODFRQMHWXUD\DTXHXQRSXHGD
LQWHUSUHWDUFRPRFUHDFRQYHQLHQWHVLQTXHVHSURSRUFLRQHXQDKHUPHQHXWLFDTXHD\XGHDODFRPSUHQVLRQGHOWH[WR+D\XQDIDOWDGHFODULGDG
FRQPH]FODGHWHPDWLFDVQRLQWHUSUHWDGDV
(OHVWLORGH+HQRFKUHVSRQGHHQXOWLPDLQVWDQFLDDOUHVXOWDGRGHXWLOL]DUODKLVWRULD\DFXPSOLGDFRPRVLIXHUDSURIHFLDHOYDWLFLQLDH[HYHQWX
(OPHWRGRKLVWRULFRFULWLFRREWXYRXQSURFHGLPLHQWRSURWRWLSRGHVXHVWXGLRGHODDSRFDOLSWLFDDSRFULIDTXHORKDLPSXHVWRVLQGLVWLQFLRQDWRGD
ODDSRFDOLSWLFDVHDHVWDFDQRQLFDRQR'HDKLTXHDSOLTXHODSUHVHQWDFLRQGHODKLVWRULDFXPSOLGDFRPRSURIHFLDFRPRXQSURFHVRHVWLOLVWLFRDO
TXHUHFXUULULDHQFRPXQWRGRORTXHSXHGHHQJOREDUVHFRPRDSRFDOLSWLFD
6LQHPEDUJRQDGDGHHVWRFDEHQLHQ'DQLHOQLHQ$SRFDOLSVLVQLHQHOUHVWRGHDSRFDOLSVLVELEOLFRV
(Q'DQLHODSDUHFHXQDHVWUXFWXUD\XQDUHODFLRQDOLGDGHQWUHORVFDSLWXORV\ORVWHPDV<XQFRQWHQLGRWH[WXDOTXHVREUHSDVDVXHSRFD\ODGHO
SURSLR-HVXFULVWRGHOTXHXWLOL]DXQDGHVXVSURIHFLDVFRPRDFXPSOLUVHWRGDYLDHQHOIXWXURGLVWDQWHGHODYLGDGHOSURSLR-HVXVGH1D]DUHW(O
HPSOHR SRU RWUD SDUWH GHO OLEUR GHO 1XHYR 7HVWDPHQWR GHQRPLQDGR 5HYHODFLRQ GH -HVXFULVWR R$SRFDOLSVLV GH YDULDV GH ODV LPDJHQHV \
FRQWHQLGRV GH 'DQLHO FRPR XQ FRPSOHPHQWR SDUD OD FRPSUHQVLRQ GH VX SURSLD SURIHFLD FRQVDJUD D 'DQLHO FRPR XQ DXWHQWLFR SURIHWD TXH
SUHGLFHHOIXWXURTXHKDGHFXPSOLUVHHQXQWUD\HFWRKLVWRULFRTXHDEDUFDGHVGHVXHSRFDKDVWDHOOODPDGRILQGHOPXQGR
$SDUHFH XQDDSUHFLDFLRQ PDV QHJDWLYD GH OD KLVWRULD \ XQD LQWHQVLILFDFLRQ GH ODV WHQGHQFLDV GXDOLVWLFDV HQ OD DSRFDOLSWLFD DSRFULID $-
)HUFK'DQLHORQ6ROLG*URXQGRSFS
8QHVWXGLRPDVSRUPHQRUL]DGRGH(O/LEURGH+HQRFHQFRQWUDVWHFRQ(O/LEURGH'DQLHO\GHO$SRFDOLSVLVDUURMDORVVLJXLHQWHVUHVXOWDGRV
+HQRFK
7RGRDSUHQGLGRGHORVDQJHOHV6LVHREVHUYDHOWH[WRQRVHWUDWDSURSLDPHQWHGHXQDUHYHODFLRQVLQRGHXQDSUHQGL]DMH\GHXQFRQRFLPLHQWR
HVSHFLDOTXHORVDQJHOHVOHFRQFHGHQ$TXL\DHQXQFRPLHQ]RTXHPDUFDXQVHQWLGRVHQRWDHOHVRWHULVPR\HOJQRVWLFLVPR
'DQLHOFRQWUDVWDPRVWUDQGRTXHHV'LRVPHGLDQWHXQDUHYHODFLRQRXQDYLVLRQTXH
HQDOJXQDRFDVLRQSUHFLVDHOLQVWUXPHQWRGHXQDQJHOSDUDGHVFULELUOD\H[SOLFDUODFIHOTXHUHYHODXQPHQVDMHFI$S1RWHVH
TXH HO SURIHWD HQ QLQJXQ PRPHQWR VH GLULJH D XQ DQJHO VLQR D 'LRV  VV \ HV 'LRV TXLHQ HQYLD DO DQJHO SDUD TXH HQ FLHUWRV FDVRV
GHWHUPLQDGRVOHHQVHQHODYLVLRQTXH'LRVKDGDGR
+HQRFKFSV
1DUUDFLRQHVIXHUDGHWRQRGHOXJDULQH[WHQVDVFDUJDGDVGHSDODEUDVLQQHFHVDULDV
3RUHOFRQWUDULRODDSRFDOLSWLFDELEOLFDUHVXPHPDJLVWUDOPHQWHLGHDVFRQFHSWRVHKLVWRULDDSRUWDQGRWRGRDTXHOORTXHSXHGHLGHQWLILFDUDO
DXWRUFRQODHSRFDHQTXHHVFULEH\XQFRQWHQLGRLPSUHVFLQGLEOHSDUDODFRPSUHQVLRQGHDTXHOORVTXHOHOHDQ
+HQRFK
(OPLWR\QRPEUHVQXHYRVGHVFRQRFLGRVSDUDFLHUWRVDQJHOHV\FRQXQDDOXVLRQDOGLOXYLRLQYHQWDQGRXQHVFHQDVH[XDOGHDQJHOHVFRQPXMHUHV
KXPDQDVTXHQRDSDUHFHHQOHWH[WRELEOLFRQRVPXHVWUDODQHJOLJHQFLD\HOLQWHQWRGHLQFXOFDUFRQFHSWRVHUURQHRV
(O&%$YRO,SH[SOLFDVXILFLHQWHPHQWHODLPSRVLELOLGDGGHTXHHVDHVFHQDVHKD\DSRGLGRSURGXFLUGLJDPRVQRREVWDQWH
(OWH[WRELEOLFRFI*QQRGLFHTXHVHWUDWDGHDQJHOHVVLQRGHKLMRVGH'LRV
6LELHQDYHFHVVHGHQRPLQDQDORVDQJHOHVKLMRVGH'LRVFI-REHVHOFRQWH[WRTXHGDDHQWHQGHUTXHHVRVKLMRVGH'LRVVH
UHILHUHQDDQJHOHVQRWHVHDTXLHQ-REFRPRLQFOX\HD6DWDQTXHHVLGHQWLILFDGRHQRWURVOXJDUHVFRPRXQDQJHOFDLGRFI$S
(OFRQWH[WRGH*QLPSRVLELOLWDTXHVHSXHGDKDFHUXQDDSOLFDFLRQGHHVWDQDWXUDOH]DSXHVWRTXHVLVHREVHUYDVRQORVVHUHVKXPDQRVORV
TXHVRQFDVWLJDGRVQRORVDQJHOHVFI*QOXHJRVHWUDWDGHXQDVXQWRGHQWURGHODHVIHUDKXPDQD
 /D H[SUHVLRQ KLMRV GH 'LRV VH DSOLFD WDPELHQ D VHUHV KXPDQRV \ HQ HO FRQWH[WR GH *HQHVLV D OD GHVFHQGHQFLD GH 6HW TXH FRPHQ]R D
LQYRFDUD'LRV\DDSOLFDUVHVHUKLMRGH'LRV*QFI(['HXW
 3RU OR WDQWR KXELHUD VLGR SUHFLVR LPSOLFDU HO WHUPLQR DQJHO GH KDEHUVH TXHULGR FRQVLJQDU FRPR WDO VL QR VH KD KHFKR HV SRUTXH QR VH
UHILHUHDHOORVFI33S
5HFXHUGHVHTXHORVDQJHOHVQRVHFDVDQFI0WQRVHD\XQWDQVH[XDOPHQWH
$GLIHUHQFLDGHODXWRUGHOOLEURGH+HQRF'DQLHO\$SRFDOLSVLVQRDQDGHQQDGDTXHQRSXHGDVHUYHULILFDGRRFRQWUDVWDGRFRQODV6DJUDGDV
(VFULWXUDV
+HQRFK
,QWHUYHQFLRQGHDQJHOHVEXHQRVGHVFRQRFLGRVSRUODV(VFULWXUDVFDQRQLFDV5DIDHO\8ULHO
1RWHVH HO SURFHVR FRQWUDULR D 'DQLHO 'DQLHO VH GLULJH D 'LRV HQ RUDFLRQ  VV \ 'LRV RUGHQD TXH VH OH H[SOLTXH $TXL HQ
+HQRFKVLQHPEDUJRHOSURFHGLPLHQWRHVWDDOWHUDGRORVKRPEUHVVHODPHQWDQDQWHORVDQJHOHV\HVWRVKDEODQD'LRVLQWHUFHGLHQGRSRUHOORV
+HQRFK
$QDFURQLVPRUHVSHFWRDOHQFDGHQDPLHQWRGH$]D]HORGHO'LDEORQRHQODHSRFDGH1RHVLQRFRQ&ULVWR\GXUDQWHHO0LOHQLR
8QDFRQFHSFLRQGHOLQILHUQRDMHQDWRWDOPHQWHDOD%LEOLD
(O'LOXYLRQRHVHOXQLFRLQVWUXPHQWRGHGHVWUXFFLRQGHODKXPDQLGDGVLQRXQDDFWLWXGGHVWUXFWRUDTXHHO'LRVGH+HQRFKLPSRQHHQWUHORV
KDELWDQWHVGHOPXQGR
+HQRFK
$TXLVHFRPSUXHEDXQDDSDULFLRQIDQWDVWLFDOHJHQGDULD\RFXOWLVWDGH+HQRFKGLDPHWUDOPHQWHRSXHVWDDODDFWLWXGGHORVDXWRUHVDSRFDOLSWLFRV
ELEOLFRV
7DPELHQDTXLKD\VLWXDFLRQPRGLILFDGDHOPHQVDMHGLYLQRTXHKDGHVHUHQYLDGRFRQWUDORVDQJHOHVPDORVHVRIUHFLGRSRUHOKRPEUH+HQRFK
+HQRFKFSV
,QWHUFHVLRQGH+HQRFKSDUDORVDQJHOHVXQVXHQRSDUDUHSUHQGHUDORVDQJHOHV\XQDPLVLRQSDUDKDEODUFRQORVDQJHOHV
7RGRHOORGHVFRQRFLGRSRUODOLWHUDWXUDFDQRQLFDELEOLFD
/DYLVLRQGHORVFDSLWXORV\HVSOHQDPHQWHJUDWXLWDQRDSRUWDQDGDSDUDODKLVWRULDQLSDUDHO3XHEORGH'LRV
+HQRFK
8QSURWDJRQLVPRFRQWUDVWDGRFRQODKXPLOGDGGHORVDXWRUHVDSRFDOLSWLFRVELEOLFRVFI'Q
+HQRFKFSV
&RQFHSWRDQWURSRORJLFRGLVWLQWRDOELEOLFRODVDOPDV\ORVHVSLULWXVSXHGHQYLYLUVLQHOFXHUSR\ODUHVXUUHFFLRQSXHGHHVWDURFXUULHQGRGHVSXHV
GHODPXHUWH
(OPLWRGHORVGUDJRQHVFRQWLQXDVLQKLVWRULDUVH
/DPDQVLRQGHODVDOPDV\GHORVHVSLULWXVFRQVXVVHSDUDFLRQHVVHGDDHQWHQGHUVXVXSHUYLYHQFLD
+HQRFKFSV
6LPERORJLDYDFLDGDGHFRQWHQLGR
+HQRFKFSV
+HUPHWLVPR\HVRWHULVPR
+HQRFKFSV
(MHPSOR GH OD LQFRPSUHQVLRQ GHO PHQVDMH GH +HQRFK 1R VH SURSRUFLRQD ORV PHGLRV SDUD FRPSUHQGHU ORV VLPERORV \ QR KD\ UHYHODFLRQ GHO
VLJQLILFDGRWRGRORFRQWUDULRDORTXHRFXUUHFRQ'DQLHO\ORVRWURVDSRFDOLSVLVFDQRQLFRV
&XDQGR HQ HO FDSLWXOR  VH KDEOD GH ODV  VHPDQDV GHVGH HO QDFLPLHQWR GH +HQRFK KDVWD HO ILQ GHO PXQGR QR QRV GD QLQJXQD FODYH SDUD
FRPSUHQGHUHOYDORUGHODVVHPDQDV(VHYLGHQWHODIDOVHGDG\FDSULFKRGHODFLIUD
0X\ GLVWLQWR D OD H[SRVLFLRQ GH 'DQLHO TXH LQWHJUD HQ OD SURSLD SURIHFLD HO PRGR SDUD LQWHUSUHWDU ORV GLDV SURIHWLFRV FI 'Q  \
FRPRHO$SRFDOLSVLVVLJXHODWUD\HFWRULDFURQRORJLFDGH'DQLHO
+HQRFK
(VSLULWLVPRSXUR
/DFRQFHSFLRQGHOGLDEORRGHO0DOLJQRHVWDUGLR1RDSDUHFHHQ'DQLHOHVXQDFDUDFWHULVWLFDGHORVDSRFULIRVDSRFDOLSWLFRV
>@
6REUHODDXWRULDQRKXELHUDPRVTXHULGRGHGLFDUWLHPSR(OKHFKRGHTXHKD\DVLGRDFHSWDGRHQHOFDQRQHVXQDHYLGHQFLDSDUDDTXHOORV
TXHORKLFLHURQGHTXHHODXWRUHVTXLHQGLFHTXHHV<HOTXHQRUHYLQGLTXHQLQJXQWLWXORVLQRHOGHVHUYLGRU\VHKDJDOODPDUOODQDPHQWH-XDQ
HQ FXDWUR RFDVLRQHV FRPR VLHQGR FRQRFLGR QR DGPLWH GXGD (V GHFLU FXDOTXLHU RWUR -XDQ TXH QR KXELHUD VLGR HO$SRVWRO QR KDEULD HVWDGR
DXWRUL]DGR SDUD UHFLELU HO PHQVDMH TXH H[SUHVD QL SDUD SRGHUOR UHSDUWLU 3UHFLVDPHQWH DKRUD FXDQGR HO DXWRU QR KDFH XVR GH DXWRULGDG
DSRVWROLFDVLQRPDVELHQHOQRPEUHGHXQDH[SHULHQFLDFRQRFLGDHQWRQFHVVHSUHWHQGHXWLOL]DUHODUJXPHQWRGHODQHJDFLRQGHDXWRULD<HV
TXHHOGHFLUTXHHVDSRVWROQRHVORTXHJDUDQWL]DXQHVFULWRVLQRHOKHFKRGHTXHVHLGHQWLILTXHSRUVXQRPEUHGHSLOD\PXHVWUHORTXHUHFLEH
FRPR UHYHODGR \ TXH ODV LJOHVLDV GHO PRPHQWR KLVWRULFR OR DFHSWHQ FRPR WDO SRU FXDQWR HO HV HO HQODFH TXH KDFH SRVLEOH OD WUDVPLVLRQ D
DTXHOORV GH OD LJOHVLD FRQRFLGRV GH HO \ TXH OR GLVWULEX\HQ D RWURV FRQRFLGRV GH HOORV \ GH HO GH RWUDV LJOHVLDV 6LQ GXGD TXH
LQGHSHQGLHQWHPHQWHGHDTXHOORVTXHSRUFLUFXQVWDQFLDVQRHVWXYLHURQYLQFXODGRVGHVGHHOSULPHUPRPHQWRFRQ-XDQ\SXGLHUDQKDEHUSXHVWR
DOJXQWLSRGHREMHFLRQQRIXHHVFXFKDGDQLSRUODPD\RULDQLSRUORVGLULJHQWHVSRUTXHHYLGHQWHPHQWHHOOLEURHQWURHQHOFDQRQ6HWUDWDGH
DOJXLHQ TXH GD WHVWLPRQLR GH OR TXH KD YLVWR \ GH OD SDODEUD GH 'LRV $S  FI D -Q   ,QGHSHQGLHQWHPHQWH TXH DOXGLUHPRV HQ HO
HVWXGLRGHOWH[WRDODVDOXVLRQHVGHODWHUPLQRORJLDHPSOHDGDSRU-XDQHQHO(YDQJHOLRVRQXQLFDVGHDOJXLHQTXHHVHOPLVPRDXWRU7DQWRHO
YRFDEXODULRFRPRHOHVWLORHVHOGH-XDQVDOYDQGRODGLVWDQFLDHQWUHORTXHSXHGHVXSRQHUHOJHQHURDSRFDOLSWLFR\ORTXHQRHVSHURHOJXVWR
SRUORDOHJRULFRHQVX(YDQJHOLRVHPXHVWUDHQHO$SRFDOLSVLV<ORV HUURUHVJUDPDWLFDOHVWDQJDUUDIDOHV TXHDOJXQRVLQGLFDQGHOJULHJRGHO
$SRFDOLSVLVSDUDUHLYLQGLFDURWURDXWRUGHPXHVWUDQQRKDEHUVHGHWHQLGRORVXILFLHQWHDILQGHFRQWHPSODUTXHHVRVHUURUHVVRQLQWHQFLRQDGRVQR
IUXWRGHODLJQRUDQFLDYHGVREUHHVWRHOH[FHOHQWHHVWXGLRGH&ODXGH7UHVPRQWDQW^$SRFDO\SVHGH-HDQ2(,/3DULVHGLWLRQSS
`\D'*XWKULHHQ1HZ7HVWDPHQW,QWURGXFWLRQ,QWHU9DUVLW\3UHVV/RQGRQSS/DLQWHQFLRQDOLGDG
GHPXHVWUDTXHTXLHUHGHMDUFODUDVGRVFRVDVSLHQVDHQKHEUHR\HOJULHJRQRSXHGHH[SUHVDUORTXHUHFLEHHQYLVLRQRSRUUHYHODFLRQGHPRGR
FRQYHQLHQWH 6DEH TXH VH GDUDQ FXHQWD \ TXH VH YHUDQ REOLJDGRV HQ HVRV FDVRV FRQFUHWRV D WHQHU TXH FRPSUREDU OR TXH HO KHEUHR
PDQLIHVWDULDYDORUDQGRVHPHMRUHOFRQWHQLGRGHOWH[WR
(OTXH-XDQXWLOLFHXQDWHRORJLDGHORTXHUHVXOWDGHDSOLFDUGHUDVSHVHU+LMRGHO+RPEUH\VHDIXHUDGHODYH]GH+HFKRVGHORV$SRVWROHV
^`HOXQLFRMXQWRDORVHYDQJHOLRVTXHORXVDHQHOUHVWRGHO1XHYR7HVWDPHQWRFRQODLQWHQFLRQGHSUR\HFWDUXQDPDQHUDSURSLDGH-HVXV
DILQGHHQWHQGHUVXPHQVDMHPHMRUHVXQDHYLGHQFLDFODUDGHODXWRU$OPLVPRWLHPSRQRVREOLJDDVDEHUSRUTXHORXWLOL]DDOLQLFLRGHOPHQVDMH
GHO$SRFDOLSVLVTXHUHJXODWRGDVODVYLVLRQHV\ODPDQHUDGHFRPSUHQGHUHVHOLEURFRQVXPHQDMH$SVV\SRUTXHORXVDDOILQDOHQHO
FRQWH[WRGHOILQGHORVXOWLPRVWLHPSRV$S/RJLFDPHQWHXWLOL]DFRQWLQXDPHQWHHOGHUDVSHVHUDQWRORJLFR\RWURVFRQHOXVRGHORV
GLYHUVRVWH[WRV\DOXVLRQHVDO$QWLJXR7HVWDPHQWRSRUORFXDOVHQRVYDDKDFHUPHMRUHQWHQGLEOHHOPHQVDMH\FRQWHQLGRVGHO$SRFDOLSVLV1L
OD LJOHVLD SULPLWLYD QL OD FDWROLFD VH HQWHUDURQ GH HVD WHFQLFD 8QLFDPHQWH DKRUD D ILQDOHV GHO VLJOR ;; VH HPSH]R D YLVOXPEUDU FRPR
FRQVHFXHQFLD SULQFLSDOPHQWH SRU HO HVWXGLR GH FLHUWDV REUDV KHEUHDV TXH GHVGH ORV SURSLRV SURIHWDV 4XQUDP \ RWURV OR XWLOL]DURQ FRQ
SURIXVLRQ(ODVXQWRDKRUDHVDSOLFDUORFRQYHQLHQWHPHQWHHQHO$SRFDOLSVLV
/DRULJLQDOLGDGGHODVSDODEUDVFRPRHOFRQFHSWR/RJRVGDEDUUE
'HQKHEUHR^SDODEUD`&RUGHUR-QVV$S7HVWLPRQLR
HQHOHYDQJHOLR\HQHO$SRFDOLSVLV0DQD-QFI$SHOFRQMXQWRGHSDUDOHORV-Q$S-Q$S-Q
-Q$S-Q$SGHPHWDIRUDV-QVVFI$SGHDQWLWHVLV\FLHUWRVDVSHFWRVWHFQLFRV
XVXDOHVWDQWRHQ-XDQFRPRHQHO$SRFDOLSVLVMXQWRDODHVFDWRORJLDH[LVWHQFLDOTXHSUHGRPLQDWDQWRHQXQRFRPRHQRWURUHDILUPDVLQQLQJXQD
GXGD OD DXWRULD GH -XDQ HO PLVPR TXH KLFLHUD GH DXWRU SDUD HO HYDQJHOLR GHO PLVPR QRPEUH \ GH ODV HSLVWRODV GHO GLVFLSXOR TXH HVWDED
UHFRVWDGRFRQ-HVXVGHOTXHODWUDGLFLRQSDWULVWLFDQRVUHILHUH&ODURWRGRHVWRSRQHHQHQWUHGLFKRODIDQWDVLDGHXQFLUFXORMRDQLFRFRPR
DXWRUGHO(YDQJHOLRGH-XDQHLPSRVLEOHGHKDFHUORWDQWDUGLRFRPRHO$SRFDOLSVLV3XHVWRTXHHOFRQWH[WRKLVWRULFRGHFLHUWDVSDODEUDVGH-XDQ
GRQGHVHGDHQWHQGHUHQHOLQLFLRGHOOLEURQRVPRVWUDULDODHSRFDGH'RPLFLDQR<ORJLFDPHQWHHVH-XDQWHQGULDTXHVHUFRQRFLGR\SDUDHOOR
ODV(SLVWRODVWXYLHURQTXHVHUDQWHULRUHV\HO(YDQJHOLRPXFKRDQWHVTXHGLFKDVHSLVWRODV
>@
9HUOD6DJUDGD(VFULWXUDYRO,,,1XHYR7HVWDPHQWRRSFS
>@
)-HQNLQV7KH2OG7HVWDPHQWLQWKH%RRNRI5HYHODWLRQ*UDQG5DSLGV0LFKLJDQ
&ODXGH7UHVPRQWDQWKDSXEOLFDGRXQOLEUR/
$SRFDO\SVHGH-HDQ$X[HGLWLRQV2(,/3DULVGRQGHGHPXHVWUDTXHGLFKROLEURIXH
HVFULWRSULPHURHQKHEUHR\SRVWHULRUPHQWHVHWUDGXMRDOJULHJR(VWDREVHUYDFLRQHVSUHFLVRKDFHUODSRUFXDQWRXQDWUDGXFFLRQFRUUHFWDKDGH
WHQHUHQFXHQWDODWHUPLQRORJLDKHEUHDVXVHQWLGR<TXHQRVLHPSUHHVSRVLEOHRIUHFHUHVHVHQWLGRSDUWLHQGRGHOJULHJR1RVRWURVYDPRVD
WHQHUHQFXHQWDHVWHDVXQWRHQQXHVWURDQDOLVLVGHO$SRFDOLSVLV
>@
(VFODVLFR\SHUWLQHQWHHOHVWXGLRGH$9DQKR\H /
XWLOLVDWLRQGX/LYUHG
(]HFKLHOGDQVO
$SRFDO\SVHHQ%LEOLFDSS
GRQGHQRVSUHVHQWDREMHWLYDPHQWHHOXVRTXHGHORVWH[WRVGH(]HTXLHOUHDOL]DHODXWRUGHO$SRFDOLSVLV
>@
 9HU % 0DUFRQFLQL HQ /
XWLOL]]D]LRQHGHO7H[WXV0DVRUHWLFXVQHOOHFLWD]LRQLLVDLDQHGHOO
$SRFDOLVVH GDQV5LYLVWD%LEOLFD
SS
>@
(O&RPHQWDULR6DQ-HURQLPRYRO,9SGLFH
GHVXVYHUVLFXORVFRQWLHQHQDOPHQRVXQDUHIHUHQFLDDO$7/RVOLEURVTXHPDVLQIOXLGRHQHO$SVRQORVSURIHWLFRVSULQFLSDOPHQWH
'Q(],V=DFORV6DOPRV\([!!
>@
9HUVREUHHVWHUHGXQGDUD 3URIHVRUHVGH6DODPDQFD YRO9,,RSFS6DJUDGD(VFULWXUDYRO,,,1XHYR7HVWDPHQWRRSF
S
>@
3XHGHFRQVXOWDUVHD+DQV/D5RQGHOOH3ULQFLSHV+HUPHQHXWLTXHVGHO
(VFKDWRORJLH%LEOLTXH HQ(WXGHV VXU /
$SRFDO\SVH RS F
SS
>@
(QQXHVWURFRPHQWDULRSURIXQGL]DUHPRVHQHVWRVFRQFHSWRV
>@
9HUDOJXQDVLGHDVUHODWLYDVDODVJXHUUDVFRQWUDORVHQHPLJRVGH,VUDHOHQ,VDLDVHQ+DQV/D5RQGHOOH &KDULRWVRI6DOYDWLRQRSFSS
VV
>@
,GSSHQUHODFLRQDORV6DOPRV
>@
(:%XOOLQJXHU&RPRHQWHQGHU\H[SOLFDUORVQXPHURVGHOD%LEOLD&OLH7HUUDVVD%DUFHORQDSS
>@
6REUHHO'LDGH<DKYHSXHGHYHUVHD$QWROLQ'LHVWUH*LOHQ&XDQGRHO+LMRGHO+RPEUH9HQJD"KDOODUDIHHQODWLHUUD"YRO,,
>@
 /D FXHVWLRQ GH VLQ PXURV VHUD KDELWDGD \ ORV OLPLWHV TXH DSDUHQWHPHQWH VH SUHVHQWDQ SDUD OD QXHYD -HUXVDOHQ QR RIUHFHQ XQD
FRQWUDGLFFLRQ LQVXSHUDEOH =DFDULDV WUDWD HO DVXQWR WRPDQGR FRPR SXQWR GH UHIHUHQFLD ORV FRQWRUQRV GH XQD FLXGDG QRUPDO GDQGRQRV D
HQWHQGHUTXHQRHVXQDFLXGDGFRPRODTXHKDELDVLGRFRQXQDFDSDFLGDGHVWUHFKD'HVGHXQDSHUVSHFWLYDWLSRORJLFDHO$SRFDOLSVLVDOGDU
XQDVFLIUDVSDUDXQDFLXGDGTXHVXSHUDQODH[WHQVLRQGH.PQRVHVWDGLFLHQGRORPLVPR(VDVFLIUDVDSRFDOLSWLFDVHQFLHUUDQXQ
PHQVDMHVXE\DFHQWHODLPSRVLELOLGDGGHSRGHULGHQWLILFDUDODFLXGDGGH'LRVDODVDQWD-HUXVDOHQFRQDOJRSXUDPHQWHWHUUHQDO6XXELFDFLRQ
URPSHFRQFXDOTXLHUHPSOD]DPLHQWRJHRJUDILFROLWHUDO
>@
 9HU VREUH HVWD GHVFULSFLRQ VDFHUGRWDO UHIHULGD DO +LMR GHO +RPEUH D$QWRQLQR 5RPHR HQ HO $SRFDOLSVLV GHQWUR GH OD%LEOLD GH HG
/DERUYRO,,,RSFS
>@
9HU+DQV/D5RQGHOOH3ULQFLSHV+HUPHQHXWLTXHVGHO
(VFKDWRORJLH%LEOLTXHHQ(WXGHVVXU/
$SRFDO\SVH^YRO,`RSFS
>@
 (Q HO HVWXGLR GHO WH[WR GH $SRFDOLSVLV GHMDPRV VXILFLHQWH FRQVWDQFLD GH TXH OD 1XHYD -HUXVDOHQ HV OD FDSLWDO GHO 5HLQR GH 'LRV
5HSUHVHQWDGRUD GH ORV SULQFLSLRV GHO *RELHUQR GH 'LRV 'HO PLVPR PRGR TXH OD -HUXVDOHQ DQWLJXD UHSUHVHQWDED DO UHLQR GH ,VUDHO DKRUD
HQFLHUUDHQVXWHUPLQRDO5HLQRGH'LRV/RVFRQWHQLGRVGHHVH5HLQRVRQORVTXHKDFHQGHFLUTXHGHODQXHYD-HUXVDOHQVHLUUDGLDODJORULDGH
'LRV \ OD OX] QHFHVDULD SDUD ODV QDFLRQHV TXH KDQ VLGR VDOYDV FI$S     (VD OX] HO FRQRFLPLHQWR GH OD YHUGDG SOHQD ORV
SULQFLSLRVTXHULJHQHQODLGHRORJLDGHO*RELHUQRGH'LRVOHVRQFRQIHULGRVSRU'LRV\HO&RUGHUR$S
>@
9HU+DQV/D5RQGHOOH3ULQFLSHV+HUPHQHXWLTXHVGHO
(VFKDWRORJLH%LEOLTXHHQ(WXGHVVXU/
$SRFDO\SVHRSFS
>@
 6REUH OD FRLQFLGHQFLD GHO +LMR GH 'DQLHO   FRQ$S   YHU D 'RPLQJR 0XQR] /HRQ HQ'HUDV ORV FDPLQRV \ VHQWLGRV GH OD
SDODEUDGLYLQDHQOD(VFULWXUD&6,&0DGULGS
>@
7DPELHQHVWHDXWRUFLWDGRLQGLFDVLQPDVGHWDOOHVSHURVXILFLHQWHVTXHODILJXUDGHO+LMRGHO+RPEUHGH'DQLHOH[SUHVDXQDVLWXDFLRQ
GHMXLFLRHTXLYDOHQWHDODTXHDSDUHFHHQ$SVVLGS
>@
/DH[SUHVLRQ5H\QRVLJQLILFDXQUH\LQGLYLGXDOVLQRPDVELHQXQ5HLQRRSRGHUODHYLGHQFLDGHHVWRHVTXHHVWDVXFHVLRQGH5H\HV
OOHQDSUDFWLFDPHQWHWRGRHOSHULRGRGHODKLVWRULDGHVGHHOWLHPSRHQTXH'DQLHOLQLFLDODVXFHVLRQGHSRWHQFLDVPXQGDQDOHVFI'Q
XSKDVWDQXHVWURVGLDV'HELHQGRVDEHUHVFRJHUPHGLDQWHODKLVWRULDORVSRGHUHVTXHKDQHMHUFLGRXQDLQIOXHQFLD\KHJHPRQLDFDSLWDO
&XDQGR'DQLHOQRVSUHVHQWDODLQWHUSUHWDFLRQGHODV%HVWLDVFI'QQRVGLFHTXHVRQUH\HV3HURREVHUYHVHTXHGHVSXHVGHOXOWLPR
UH\VHLQWURGXFHHOILQGHOPXQGRFRQODOOHJDGDGHO5HLQRGHO$OWLVLPR'Q\TXHFXDQGRVHGHVFULEHHQSDUWLFXODUHO&XDUWRVHGLFH
QRXQ&XDUWRUH\VLQRHO&XDUWRUHLQR\XOWLPRTXHKDEUDHQODWLHUUD'Q
3RU RWUD SDUWH REVHUYHVH TXH OD %HVWLD DSRFDOLSWLFD $S  OOHJD D FRQVWLWXLUVH HQ XQ RFWDYR FXDQGR KDQ WUDQVFXUULGR \D ORV  \
DGHPDVHVHRFWDYRTXHVHLGHQWLILFDFRQOD%HVWLDXQDYH]WUDQVFXUULGRORVKDELDVLGRXQRGHORV(VWRQRVPRVWUDULDODLPSRVLELOLGDGGH
ODH[LVWHQFLDGHXQ5H\HQHOVHQWLGROLWHUDOTXHSXGLHUDFXPSOLUFRQHVRVUHTXLVLWRV6HWUDWDGHPRQWHVQRFROLQDV\HOWHUPLQRPRQWHHV
VLQRQLPRGHUHLQR
9HUHQODLQWHUSUHWDFLRQGHOWH[WRGHO$SRFDOLSVLVH[SOLFDFLRQFRPSOHPHQWDULD
>@
9HUD+5RVVLHU/HQJXDMH6LPEROLFRGHO$SRFDOLSVLVRSFSS
>@
6REUHODFDSDFLGDGLGHRORJLFDYHUD0PH%HQMDPLQ(VFDQGHHVVDLVXUOHODQJDJHV\PEROLTXHRSFS
>@
2SFYRO,9S
>@
(Q$SRFDOLSVLVGHO&RPHQWDULRGH5DWLVERQDRSFSS
>@
 &DVWHOODQL$SRFDOLSVLV RS F SS $QWRQLQR 5RPHR QRWDV DO$SRFDOLSVLV GHHG/DERU RS F SS     
9DFFDULQRWDVDO$SRFDOLSVLVHQ6DJUDGD%LEOLDRSFSS&DQWHUD,JOHVLDVHQ1RWDVDOD%LEOLDRSFSSHWF
>@
(Q(O(VWDGRHQHO1XHYR7HVWDPHQWRRSFSS
>@
 6L VH FRPSDUD HO &XHUQR 3HTXHQR FRQ OD %HVWLD $SRFDOLSWLFD HQ VX DFFLRQ PHGLDQWH OD &DEH]D TXH HV KHULGD \ GHVSXHV VDQDGD
FRPSUREDPRVXQDLGHQWLGDGWRWDO
(O&XHUQRSHTXHQRSURILHUHSDODEUDVDUURJDQWHVFRQWUDHO$OWLVLPR'QSSSSXS
/RTXHUHSUHVHQWDOD&DEH]DGHOD%HVWLDDSRFDOLSWLFDSURQXQFLDSDODEUDVDUURJDQWHV\EODVIHPLDVFRQWUD'LRVSSSS
(O&XHUQR3HTXHQRYDFRQWUDORVWLHPSRVODOH\\HO6DQWXDULR'QSS
/D%HVWLDDSRFDOLSWLFDSRUVX&DEH]DUHSUHVHQWDWLYDVHGHFODUDSRUVXERFDFRQWUDULDD'LRVDORTXHVLJQLILFDHLPSOLFDHO1RPEUHGH'LRV
\DO6DQWXDULRGLYLQR$S
(O&XHUQRKDFHJXHUUDFRQWUDORV6DQWRV'QSSSS
/D&DEH]DSURWDJRQLVWDGHOD%HVWLD$SRFDOLSWLFDKDFHJXHUUDFRQWUDORV6DQWRVSS
(OWLHPSRGHGXUDFLRQKHJHPRQLFDGHO&XHUQRSHTXHQRHVGHDQRV\SURIHWLFRVRGLDVRPHVHVSURIHWLFRV'QXS
 (O WLHPSR GH DXWRULGDG GH OD &DEH]D FRUUHVSRQGLHQWH GH OD %HVWLD DSRFDOLSWLFD HV GH  PHVHV SURIHWLFRV R  DQRV \  R  GLDV
SURIHWLFRV
(O&XHUQR3HTXHQRUHFLEHXQSDURQDVXVDFWLYLGDGHVDXWRULWDULDVDSDUWLUGHORVGLDVSURIHWLFRVRWUHVWLHPSRV\GHVXSHULRGRGH
KHJHPRQLDWUDGXFLHQGRVHHQXQDSHUGLGDGHVX3RGHUTXHGDQGRFRQILUPDGRSRUODVUHSHUFXVLRQHVTXHWLHQHHOFRPLHQ]RGHXQ-XLFLR&HOHVWLDO
'Q
/D%HVWLDDSRFDOLSWLFDUHFLEHXQDKHULGDPRUWDOHQOD&DEH]DSURWDJRQLVWD\TXHVHQRWDHQODSDUDOL]DFLRQGHVXDXWRULGDGDORVPHVHV
SURIHWLFRV$SSSXS\VHOHSRVWHUJDDXQDSRVLFLRQGHDELVPRFISSFDUDFWHUL]DGDDSDUWLUGHHQWRQFHV\GXUDQWHXQ
WLHPSRFRPROD%HVWLDTXHQRHVORTXHHUDSS
(O&XHUQR3HTXHQRSURORQJDVXH[LVWHQFLDGHVSXHVGHWHUPLQDGRVXSHULRGRGHKHJHPRQLDKDVWDTXHILQDOL]DHO-XLFLR&HOHVWLDO\ORV6DQWRV
UHFLEHQHO5HLQRGHILQLWLYDPHQWHDOILQGHODKLVWRULD'QFI
/D%HVWLDDSRFDOLSWLFDVHOHFXUDGHODKHULGDTXHVX&DEH]DUHSUHVHQWDWLYDKDELDUHFLELGR$SDVHJXUDQGRVHQRVVXUHDSDULFLRQ
XSGHVSXHVGHSDVDGDVODV&DEH]DVKDFLHQGRFRPRXQDRFWDYDSHURTXHHUDGHHQWUHODVVDFDQGRFRQODD\XGDGHORV
FXHUQRVDFWLYDGRVGHVXSRVWHUJDFLRQDELVPDODOD%HVWLDSHURVHHQFDPLQDUDDVXGHVWUXFFLRQXS
>@
 &RQ .DQW  LQGHSHQGLHQWHPHQWH GH DOJXQRV DFLHUWRV HQ VX FRQFHSFLRQ PRUDO VH GDUD RULJHQ D XQD LGHD TXH GHVSXHV VHUD
UHFRJLGDSRUWHRORJRVVREUHODHVSHUDQ]DWDQWR0ROWPDQQFRPR*XVWDYR*XWLHUUH]TXHLQWHQWDUDQVLVWHPDWL]DUFRQOD%LEOLDORV
YDORUHVPRUDOHVSROLWLFRV\VRFLDOHVTXHKDQGHKDFHUUHDOLGDGSUHVHQWHHO5HLQRGH'LRV
.DQWVHOLPLWDDLOXVLRQDUVHGHTXHODKXPDQLGDGDYDQ]DKDFLDODSHUIHFFLRQ\HOSURJUHVR"3URJUHVRKDFLDORPHMRU""$OFDQFHGHXQD
HVWUXFWXUD PRUDO" "0HGLDQWH TXH" 5HVSRQGHUD LQJHQXDPHQWH  (O UHLQR HVSLULWXDO GH OD UD]RQ  'H OD YLUWXG  'H OD SD] < GH OD
OLEHUWDGXQLYHUVDO
<HODFDEDUFRQODPXHUWH"TXH""SDUDFXDQGR"
>@
 /D LGHD GH 6FKZHLW]HU HQ(O 6HFUHWR +LVWRULFR GH OD 9LGD GH -HVXV  HGLF 6LJOR ;; %XHQRV$LUHV  SRGHPRV UHVXPLUOD GHO
VLJXLHQWHPRGR-HVXVGXUDQWHXQSULPHUSHULRGRHVSHUDEDHQYLGDHO5HLQRGHIRUPDLQPLQHQWH(ODUUHSHQWLPLHQWRGHEHULDVHUODSUHSDUDFLRQ
SDUDHVDOOHJDGDRSFSS(QHOHQYLRGHORVGLVFLSXORVHQODJLUDPLVLRQHUDSHQVDEDTXHYHQGULDHO5HLQR3HURQRYLQR<
VLHPSUHVHJXQ6FKZHLW]HUHVWRGHVHQFDGHQDUDODSULPHUDFULVLVSS(ODXWRUFRPHQWDTXHDOJRGHELRRFXUULUHQODPHQWHGH
-HVXV\DOJRGHELRFDOODUSRUFXDQWRVHJXQ6FKZHLW]HUOHVGLFHDORVGLVFLSXORVFI0FTXHDOJXQRVQRPRULULDQFXDQGRGHEHULDKDEHUOHV
GLFKR
WRGRVYLYLUHLV
S<DQDGH
(OHQYLRGHORV'RFHHUDHOXOWLPRDFWRTXHGHELDIRU]DUHODGYHQLPLHQWRGHO5HLQR&XDQGRHOORVYXHOYHQ\OHWUDHQORVH[LWRV\OHFXHQWHQ
FRPRKDQFRQVHJXLGRGRPDUORVHVSLULWXVLQPXQGRV-HVXVHQWLHQGHTXH!!S(O5HLQRHQORLQPHGLDWRTXHHVSHUDED-HVXVQR
OOHJR3DUDODWUDGLFLRQKLVWRULFDHYDQJHOLFDHVDSULPHUDSRVWHUJDFLRQGHODHVFDWRORJLDIXHIDWDOS
6FKZHLW]HUFRQVLGHUDTXHODPLVLRQGH-HVXVKDVLGRXQIUDFDVR/DYXHOWDGHVXVGLVFLSXORVGHODJLUDPLVLRQHUDHQODTXHWHQLDTXHLUUXPSLUHO
5HLQRGH'LRVQRDFRQWHFLR'HDKLQRVVHJXLUDGLFLHQGRHODXWRUTXH-HVXVILMDUDODYHQLGDGHO5HLQRFRQVXSURSLDPXHUWH\UHVXUUHFFLRQ
SS\VV\
(VWDLQWHUSUHWDFLRQFULWLFDGDSRUYDULRVFRPRXQDFRQMHWXUD&XOOPDQQRFRPRODVLVWHPDWL]DFLRQGHXQHUURU(%UXQQHUSDUWHGHODSUHPLVD
GH TXH HO 5HLQR GH 'LRV WHQLD TXH VHU WDQ LQPLQHQWH FRPR SDUD SURGXFLUVH H[FOXVLYDPHQWH \ GH PRGR GHILQLWLYR HQ WLHPSRV GH -HVXV 7DO
LQWHUSUHWDFLRQ VROR VH SXHGH GDU PDUJLQDQGR WRGD OD WHQGHQFLD GHO HYDQJHOLR \ DLVODQGR ODV SUHGLFFLRQHV LQPHGLDWDV FRQ XQD LQWHUSUHWDFLRQ
VHOHFWLYD\TXHYDFLDGDGHWRGRHOFRQWH[WRLPSLGHGLVSRQHUGHOPDWHULDOVXILFLHQWHFRPRSDUDVDEHUFUHDUODH[HJHVLVDGHFXDGD
5%XOWPDQQVHDGVFULEHD6FKZHLW]HUSHURLQWHQWDFRQFLOLDUORFRQ'RGG(ODQXQFLRGHOUHLQRFRQWHQGULDVLHPSUHHOIXWXURGHWHUPLQDQGRFDGD
SUHVHQWHGHFXDOTXLHUHSRFD$TXLVHGHVPDUFD%XOWPDQQWDQWRGHXQRFRPRGHRWURHQOXJDUGHUHFRQFLOLDUORV/RVKDFHFRLQFLGLUFXDQGRVH
OLPLWDQORVLQVWDQWHVDORVPRPHQWRVKLVWRULFRVUHODWLYRVDODHSRFDGH-HVXV+D\DOJRUHVFDWDEOHQRREVWDQWHHQODSURSXHVWDHVFDWRORJLFDGH
%XOWPDQQYHDVHPDVDGHODQWH
(36DQGHUVHQODDFWXDOLGDGUHVXFLWDHQHVHQFLDODSRVLFLRQGH6FKZHLW]HUDXQFXDQGRSUHWHQGDDQDGLUDOJRQXHYR -HVXV\HOMXGDLVPR
RSFSS
(OQHJDUODDXWHQWLFLGDGGHORVSDVDMHVHQTXHVHEDVDED6FKZHLW]HUTXHORVFUHLDFRPRVLHQGRDXWHQWLFRVQRUHVXHOYHHOTXHORVDUJXPHQWRV
GH6DQGHUVVHDQFRUUHFWRV6XVYDULDQWHVQRVROXFLRQDQHOTXHODGHPROHGRUDFULWLFDGH6FKZHLW]HUDWRGDODLQYHVWLJDFLRQDQWHULRUMXVWDPHQWH
VREUHHVWHWHPDVHDFLHUWDLGS\HQODTXH6DQGHUVVHEDVDVLQXQPLQLPRGHDQDOLVLV/DDFHSWDSRUTXHOHLQWHUHVDQHJDUHQWUH
RWUDVFRVDVODKLVWRULFLGDGGHOSURFHVRFRQWUD-HVXV\HQHVSHFLDOVREUHODSUHJXQWDGHOVXPRVDFHUGRWHTXHVHYHULDREOLJDGRDUHFRQRFHU
DTXHOOR D OR TXH VH QLHJD HVWXGLDU OD H[SUHVLRQ +LMR GHO +RPEUH LG S  $FHSWDU FRPR SURIHFLDV H[ HYHQWX ODV SUHGLFFLRQHV GHO
VXIULPLHQWRGHORVGLVFLSXORV\GHODSURSLDPXHUWHGH-HVXVLGSGHPXHVWUDVLQXQPLQLPRGHULJRUORTXHRWURVKDQKHFKRDSDUWDU
FRPR QR DXWHQWLFR R GH FUHDFLRQ GH OD LJOHVLD WRGR DTXHOOR TXH OHV PROHVWD SDUD H[SUHVDU VXV SXQWRV GH YLVWD \ TXH GLFKRV SDVDMHV TXH
UHFKD]DQ LGHQWLILFDULD FRPR HUURU VLVWHPDWLFR HVDV RSLQLRQHV (V GHFLU FUHDQ OD WHRULD VLQ SUREDUOD HQ QLQJXQ PRPHQWR GH OR TXH VHULD
SDODEUDVDXWHQWLFDVGH-HVXV\ORTXHQRVHULD'HFLGHQUHFKD]DUDTXHOODVSDODEUDVTXHSUHYLDPHQWHKDQPDUJLQDGRSDUDTXHDLVODQGRODV
QR PDWLFHQ FRUUHFWDPHQWH D ODV RWUDV SDODEUDV HQ ODV TXH VH EDVDQ DKRUD VDFDQGRODV GH VX FRQWH[WR \ ODV XWLOL]DQ SDUD DSR\DUVX JUDQ
RSLQLRQ<OXHJRDXQHQFLPDVHOHVWUDWDGHHVSHFLDOLVWDV6DQGHUVPDQLSXODVXWLWXODFLRQHQKLVWRULDGHODVUHOLJLRQHVFRPRHVSHFLDOLVWDHQHO
MXGDLVPRDQWLJXRSDUDKDFHUXQDPDODWHRORJLDTXHSDVDSRUEXHQDSHQVDQGRTXHHVWDKDFLHQGRKLVWRULD
6DQGHUVVHDFRJHDODWHRULDGH6FKZHLW]HUHQHVHQFLDQLPDVQLPHQRV\SDUDHVRQRVHQHFHVLWDVHUFDWHGUDWLFRGH5HOLJLRQQLHVSHFLDOLVWD
HQQDGD6LPSOHPHQWHOHHUVHD6FKZHLW]HUDFHSWDUOR\PDWL]DUORHQDTXHOORTXHVHKDSUHWHQGLGRVHURULJLQDO
>@
/DGLIHUHQFLDHQWUHXQD\RWUDHVTXHODGH6FKZHLW]HUDXQTXHLQPHGLDWDPHQWHIXWXUDSRUORTXHGHKDEHUVHGDGRVHKDEULDGDGRHQHO
WLHPSRGH-HVXVSHURDOQRGDUVHIXHXQDHYLGHQFLDSDUD6FKZHLW]HUGHOIUDFDVRGH-HVXVHQHOFDVRGH'RGGQRKDEULDIUDFDVR\DTXHOD
HVFDWRORJLDTXHDQXQFLD-HVXVHVSUHVHQWHUHDOL]DGD7RGRORTXHQRUHVSRQGLHUDDHVHHVTXHPDVHULDFUHDFLRQGHOD,JOHVLD
0LHQWUDV TXH SDUD 6FKZHLW]HU HO 5HLQR VH UHDOL]D HQ HO IXWXUR SHUR LQPHGLDWR &+'RGG HQ/DV 3DUDERODV GHO UHLQR HGLF &ULVWLDQGDG
0DGULGORYHLQDXJXUDGRFRPSOHWDPHQWHHQHOSURSLRPLQLVWHULRGH-HVXV'RGGDUJXPHQWDTXHQRKD\QLQJXQDVHQWHQFLDHQFXDQWRD
TXHHO5HLQRGH'LRVYHQGUDSDUDFRQWUDSHVDUODDILUPDFLRQGHTXHHO5HLQRGH'LRVKDYHQLGRRSFS(O5HLQRGH'LRVKDOOHJDGR\D
VLQSRVLELOLGDGGHHVSHUDUDQLQJXQRWURKDHQWUDGRGHILQLWLYDPHQWHHQODKLVWRULDDVXPLHQGR-HVXVHOSDSHOHVFDWRORJLFRGHO+LMRGHO+RPEUH
7RGR KD OOHJDGR \D OD IHOLFLGDG \ HO MXLFLR SS         /D FRPXQLGDG GH ORV DSRVWROHV VHJXQ 'RGG QR KD
FRPSUHQGLGRODSUHGLFDFLRQGH-HVXV(OVLFODUR(OODGHELDHVSHUDUHOILQLQPLQHQWH\DOQRSURGXFLUVHVHKLFLHURQDQDGLGXUDVDOWH[WRSDUD
H[SOLFDUGHRWURPRGRHOIDOORGHLQWHUSUHWDFLRQTXHGHODVSDODEUDVGH-HVXVKDELDQKHFKRLQYHQWDQGR0DUFRVODUHHODERUDFLRQGH0DWHR\
HO$SRFDOLSVLVGH-XDQ<WRGRHOORFRPRIUXWRGHODOHFWXUDOLWHUDOGHOHYDQJHOLRGH-HVXVSS\VV
'RGGDXQTXHUHFRQRFHXQIXWXURSDUDHO+LMRGHO+RPEUHVHWUDWDGHDFRPRGDFLRQHVGHOOHQJXDMHS'RGGGHVFXLGDHOKHFKRGHTXH
-HVXV KD SUHGLFDGR OD HVSHUD HQ HO ILQ HQ XQ IXWXUR WHPSRUDO \ DSRFDOLSWLFR \ QR HQ XQ VHQWLGR PHUDPHQWH VLPEROLFR GH DFRPRGDFLRQ GHO
OHQJXDMH3HURVLDOJXQRVGLVFLSXORVVHHTXLYRFDURQDODKRUDGHLQWHUSUHWDUD-HVXV\DQDGLHURQSDODEUDVSDUD
DPDQDU
HOUHODWRVHJXQ'RGG"
&RPRSRGHPRVWHQHUODVHJXULGDGKR\GHORTXHUHDOPHQWHGLMRRQRGLMR-HVXV"(VDHVODFXHVWLRQSDUDORVTXHXVDQSDUFLDORFRPSOHWDPHQWH
HOPHWRGRKLVWRULFRFULWLFRHVWDQKHFKRVXQOLRSRUTXHQRVDEHQORTXHHVDXWHQWLFRGH-HVXV\ORSHRUSUHWHQGHQOLDUDORVGHPDV
>@
$ODQDOL]DUODVSUHGLFFLRQHVLQPHGLDWDVXQRFRPSUXHEDODOLQHDTXHHVWDPRVVLJXLHQGR\ODHTXLYRFDFLRQWDQWRGHODSRVLFLRQFRQVHFXHQWH
FRPRGHODUHDOL]DGD
$QDOLFHPRV0DUFRVFI0W/F
7DPELHQOHVGLMRGHFLHUWRRVGLJRTXHKD\DOJXQRGHORVTXHHVWDQDTXLTXHQRJXVWDUDQODPXHUWHKDVWDTXHKD\DQYLVWRHO5HLQRGH'LRV
YHQLGRFRQSRGHU!!
+D\DOJXQDVYDULDQWHVGHHVWHWH[WRWDQWRHQ0DWHRFRPRHQ/XFDV/XFDVRPLWHYHQLGRFRQSRGHU0DWHRRPLWHFRQSRGHUSHURHQVX
OXJDUDQDGHDO+LMRGHO+RPEUHYLQLHQGRHQVX5HLQR(OFRQWH[WRHQORVWUHVHVLGHQWLFR-HVXVFRPLHQ]DDGHFODUDUORVDPDUJRVVXFHVRVTXH
YDQDDUURVWUDU<ORVWUHVDFWRVHJXLGRGHOSURQXQFLDPLHQWRGHODVSDODEUDVTXHQRVRFXSDQUHODWDQHODFRQWHFLPLHQWRGHODWUDQVILJXUDFLRQ
/DLQWHUSUHWDFLRQGHDTXHOORVTXHQLHJDQXQ5HLQRIXWXURFRLQFLGHQHQH[SUHVDUTXH-HVXVHVWDKDEODQGRGHO5HLQRGH'LRV\DHQJORULD
FRQ
SRGHU
OLVWRDPDQLIHVWDUVHDQWHVTXHPXHUDQDOJXQRVGHORVGLVFLSXORVTXHHVWDQHVFXFKDQGR6HJXQHVWRVRELHQODVH[SHFWDWLYDVGH-HVXV
IUDFDVDURQ6FKZHLW]HURELHQORDFRQWHFLGR\DFRQ-HVXVHVWRGRORTXHKDELDHVSHUDU'RGG
/DLQWHUSUHWDFLRQGH.%DUWKTXHDSOLFDHOWH[WRDOPRPHQWRGHODUHVXUUHFFLRQ\DVFHQVLRQGH-HVXV%DVOHU0LVVLRPPDJD]LQS
&LWDGR HQ/D 6DOXW GDQV O
+LVWRLUH RS F S  WLHQH HQ FXHQWD OD YDULDQWH +LMR GHO +RPEUH FI 0W  6H SRGULD DFHSWDU FRPR
FRPSOHPHQWDULDSHURWHQJDVHHQFXHQWDGHTXHYLYHQWRGRVORVGLVFLSXORVTXHHVWDEDQFRQ-HVXVFXDQGRSURQXQFLRHVDVSDODEUDV\WRGRVYHQ
HVDDVFHQVLRQ\UHVXUUHFFLRQ\HOWH[WRHQFXHVWLRQQRVGDDHQWHQGHUTXHQRWRGRVORYHULDQVLQRWDQVRORDOJXQRVWLQHV<HVRVDOJXQRVTXH
YLHUDQHO5HLQRGH'LRVYHQLGRFRQSRGHUVHULDDQWHVGHJXVWDUODPXHUWH
0LFKDHOLV LQWHUSUHWD TXH HO 5HLQR GH 'LRV YHQLGR FRQ SRGHU HV HO SRGHU GH OD SUHGLFDFLRQ GHO HYDQJHOLR GH HVH 5HLQR 6HULD DKL TXH VH
FRPSUREDULDODSRWHQFLD(VHYHQLUFRQSRGHUORFRORFD0LFKDHOLVFXDQGRFDVLWRGRVHVWDULDQPXHUWRVH[FHSWR-XDQ\DOJXQRWUR'HU+HUU
9HU]LFK PLFKW GLH 9HUKHLVVXQJ   S  \ VV &LWDGR HQ/D6DOXW S  3RGHPRV REMHWDU D HVD LQWHUSUHWDFLRQ OR PLVPR TXH D .
%DUWK&UHHPRVTXHWRGRVORVGLVFLSXORV\QRWDQVRORDOJXQRVSXGLHURQYHUHVHPLVPRSRGHUDSDUWLUGHO3HQWHFRVWHV
6HJXQORV3DGUHVHO5HLQRGH'LRVYHQLGRFRQSRGHUVHUHILHUHDODWUDQVILJXUDFLRQ9HDVHD2&XOOPDQQ /D6DOXWRSFSTXH
DOXGH D OD LQWHUSUHWDFLRQ GH &OHPHQWH GH$OHMDQGULD &ULVRVWRPR 7KHRSKLOR HWF 1RVRWURV FRLQFLGLPRV FRQ HVD RSLQLRQ DXQTXH KDEULD TXH
PDWL]DUOR/DLGHDVHULDHVHUHLQRGH'LRVYLQLHQGRFRQSRGHUTXHHPSH]DUDDPDQLIHVWDUVHHQODUHVXUUHFFLRQ\DVFHQVLRQGHPRGRLQYLVLEOH
SHUR DQXQFLDGR HQ ODV (VFULWXUDV FI 'Q       \ TXH WHQGUD VX SOHQLWXG HQ RFDVLRQ GH OD VHJXQGD 9HQLGD DOJXQRV GH
YRVRWURVYDLVDWHQHUXQDYLVOXPEUHDQWLFLSDGDPHGLDQWHODYLVLRQGHODWUDQVILJXUDFLRQ
(V FLHUWR TXH D HVWD LQWHUSUHWDFLRQ VH REMHWD TXH QR SRGLD UHDOL]DUVH HQ WLHPSRV GH -HVXV \ SRU OR WDQWR QR SRGULD VHU HO PRPHQWR GH OD
WUDQVILJXUDFLRQ SRU FXDQWR HO WH[WR VREUHHQWHQGHULD TXH OD PD\RULD HVWDULDQ PXHUWRV \ WDQ VROR DOJXQRV DQWHV GH PRULU YHULDQ HVH 5HLQR
YHQLGR FRQ SRGHU 'HVGH OXHJR VHJXQ HVD LQWHUSUHWDFLRQ GHVGH TXH VH SURQXQFLDQ HVDV SDODEUDV KDVWD OD WUDQVILJXUDFLRQ TXH VH UHDOL]D
SUDFWLFDPHQWHDFWRVHJXLGRQRKDGDGRWLHPSRDTXHQDGLHVHPXULHUD
+D\ TXH UHFRQRFHU HQ SULPHU OXJDU TXH HO WH[WR QR GLFH TXH QHFHVDULDPHQWH WXYLHUDQ TXH PRULU DQWHV FLHUWRV GLVFLSXORV SDUD TXH ORV RWURV
YLHUDQ HO 5HLQR YHQLGR FRQ SRGHU DQWHV GH VX PXHUWH 7DQ VROR VH GLFH TXH DOJXQRV GH ORV TXH HVWDEDQ FRQ -HVXV HVFXFKDQGR WHQGULDQ
RSRUWXQLGDGGHYHUHO5HLQRDQWHVGHPRULUYHQLGRFRQSRGHULQGHSHQGLHQWHPHQWHTXHORVGHPDVPXULHUDQRQR<HVWRVHSXHGHFXPSOLUHQHO
PRPHQWR GH OD WUDQVILJXUDFLRQ GDGR TXH SDUD YHUOD DFRQWHFH XQD VHOHFWLYLGDG 8QLFDPHQWH OD YH \ OD H[SHULPHQWD HO JUXSR LQWLPR GH
GLVFLSXORV(VDWUDQVILJXUDFLRQTXHHVUHODWDGDSRUORVWUHVVLQRSWLFRVHQHOPLVPRFRQWH[WR\DFRQWLQXDFLRQGHOWH[WRTXHHVWDPRVDQDOL]DQGR
HVDXWHQWLFDPHQWHXQDYLVOXPEUHGHO5HLQRGHOD*ORULDLUUHSHWLEOH8QDHVFHQDLGHQWLFDDDOJXQDVGHODVTXHVHUHDOL]DUDQFXDQGRHO+LMRGHO
+RPEUH YHQJD HQ VX *ORULD DO ILQDO GH ORV WLHPSRV 'H DKL OD YDULDQWH GH 0DWHR  (Q HVD WUDQVILJXUDFLRQ DSDUHFH XQD YLVLRQ UHDO \
DQWLFLSDGDGHO&ULVWRYHQFHGRUVREUHODPXHUWHSUHVHQWDQGRFRPRVLPERORVUHDOHVDO0RLVHVUHVXFLWDGRFRPRUHSUHVHQWDQWHGHORVUHVXFLWDGRV
IXWXURV \ D (OLDV HOWUDVODGDGR FRPR UHSUHVHQWDQWH GH DTXHOORV TXH HVWHQ YLYRV GH OD JHQHUDFLRQ XOWLPD FXDQGR &ULVWR YXHOYD \ TXH
MXQWDPHQWH FRQ ORV UHVXFLWDGRV VHUDQ WUDVODGDGRV VLQ SDVDU SRU OD PXHUWH FI D 7HV  $FRQWHFLPLHQWR HO GH OD UHVXUUHFFLRQ \
WUDVODFLRQGHORVFUH\HQWHVFDUDFWHULVWLFRGHHVH5HLQRGH*ORULD'HDKLTXH/XFDVRPLWD
YHQLGRFRQSRGHU
SXHVWRTXHFRQFLEHHO5HLQRGH
'LRVFRPRIXWXURHOGHOD*ORULD/XFDVVREUHHQWLHQGHHQHOPRPHQWRTXHHVFULEHTXHHO5HLQRGH'LRVTXHFLHUWRVSULYLOHJLDGRVDQWHVGH
PRULUKDELDQREVHUYDGRVHWUDWDEDGHO5HLQRGH'LRVIXWXURKHFKRSUHVHQWHGHIRUPDDQWLFLSDGD
/DREMHFLRQTXHVHKDSXHVWRDOWH[WRGH0DUFRV\DOGHORVRWURVVLQRSWLFRVHQFXDQWRDTXHVLVHWUDWDGHDOJXQRVWLQHVORVTXHQRLEDQD
PRULUDQWHVGHYHUYHQLUHO5HLQRGH'LRVFRQ3RGHUVHSUHFLVDEDVREUHQWHQGHUTXHODPD\RULDHVWDULDPXHUWD\TXHSRUOR WDQWR QR SRGLD
UHIHULUVHDOPRPHQWRGHODWUDQVILJXUDFLRQSRUFXDQWRQRKDGDGRWLHPSRDPRULUVHDQDGLHFDUHFHGHYDORU(VWDREMHFLRQVHULDYDOLGDVLOD
YLVOXPEUHGHO5HLQRGH'LRVYHQLGRFRQSRGHUWXYLHUDQTXHYHUODQHFHVDULDPHQWHWRGRVORVGLVFLSXORV(VDYLVLRQGHO5HLQRGHOD*ORULDQRVROR
HV LUUHSHWLEOH VHJXQ VH HYLGHQFLD SRU HO WHVWLPRQLR ELEOLFR VLQR TXH DGHPDV VROR HV REVHUYDGD \ H[SHULPHQWDGD SRU XQ JUXSR UHGXFLGR GH
GLVFLSXORVTXHVRQSUHFLVDPHQWHDORVTXHDQWHVGHJXVWDUODPXHUWHVHOHVSRVLELOLWRHOYHUHVH5HLQRGH'LRVYHQLGRFRQ3RGHUHQHOPRPHQWR
GHODWUDQVILJXUDFLRQ
5HPDUTXHPRV DOJXQDV UHIOH[LRQHV 6L OD ,JOHVLD QDFLHQWH FRQ /XFDV D OD FDEH]D SUHWHQGLHUD MXVWLILFDU FRPR DOJXQRV GLFHQ HO UHWUDVR GH OD
SDUXVLD"FRPRHVSRVLEOHTXHHVWHWH[WRGHVLJQLILFDUORTXHDOJXQRVSUHWHQGHQSDVHLQDGYHUWLGRSRUHVD,JOHVLDORGHMH\QRORWUDQVIRUPHGH
DFXHUGRDODKLSRWHVLVGHOR\DPDQLSXODGRHQRWURVOXJDUHV"(QVHJXQGROXJDUGLJDPRVTXHORVWUHVVLQRSWLFRVQRKDQFRORFDGRSRUFDVXDOLGDG
ODHVFHQDGHODWUDQVILJXUDFLRQDFWRVHJXLGRGHODSUHGLFDFLRQLQPHGLDWDGH-HVXV
,QGXGDEOHPHQWH VHJXQ QXHVWUR FULWHULR HV XQD SHUFHSFLRQ UHDO GHO 5HLQR GH 'LRV IXWXUR HO GH OD *ORULD TXH VH KD KHFKR SUHVHQWH
RFDVLRQDOPHQWH SDUD IRUWDOHFHU DO JUXSR GH ORV GLVFLSXORV LQWLPRV GH -HVXV \ TXH WDQWD LPSRUWDQFLD WHQGULDQ GHVSXHV FRPR
FROXPQDV GH OD
,JOHVLD

/DLQWHUSUHWDFLRQGH0DWHRGHSHQGHGHFXDOHVVHDQORVGHVWLQDWDULRVGHODVSDODEUDVGH-HVXVVLVXVGLVFLSXORVRDTXHOORVTXHORIXHUDQD
ORODUJRGHOWLHPSR7HQLHQGRHQFXHQWDODXOWLPDSRVLELOLGDGODLQWHUSUHWDFLRQVHULDTXHODSUHGLFDFLRQGXUDULDKDVWDHOILQGHOWLHPSR\GXUDQWH
HVWHWLHPSRWRGDYLDKDEULDSXHEORVVLQKDEHUHVFXFKDGRODSDODEUD(VWDVHULDODLQWHUSUHWDFLRQPDVVLPSOH\TXHORJLFDPHQWHQRVDWLVIDFHDORV
WHRORJRV
FRQVHFXHQWHV
 QL D ORV
UHDOL]DGRV
 /D LQWHUSUHWDFLRQ GH HOORV VHULD TXH -HVXV SHQVDED TXH VHULD HQ WLHPSR GH ORV DSRVWROHV OD
PDQLIHVWDFLRQ GH OD YHQLGD GHO +LMR GHO +RPEUH 2WURV KDQ LQWHUSUHWDGR : 0LFKDHOLV RS F S  TXH HVH DQWHV TXH YHQJD HO +LMR GHO
+RPEUHFRUUHVSRQGHULDDODYXHOWDGH-HVXVGH1D]DUHWHQRFDVLRQGHVXUHVXUUHFFLRQ
1RVSDUHFHTXHODLQWHUSUHWDFLRQ6FKQDFNHPEXUJFRQWLHQHXQDLGHDPDVFRUUHFWDFRQHOFRQWH[WR(Q*RWWHV+HUUVVFKDIWXQG5HLFK
SS\VV&LWDGRHQ/D6DOXWS(ODXWRUQRVH[SOLFDTXHVHHVWDKDFLHQGRUHIHUHQFLDDSRGHUHQFRQWUDUVLHPSUHXQUHIXJLRHQ
FDVRGHSHUVHFXFLRQHQFXDOTXLHUDGHODVFLXGDGHVRSXHEORVGH3DOHVWLQDDQWHVGHTXHHO+LMRGHO+RPEUHYHQJD/DLGHDVHULDVHDFXDQGR
IXHVH HVD YHQLGD VHD WDUGH R SURQWR WHQGUHLV LQYDULDEOHPHQWH XQ UHIXJLR \ QR ODV KDEUHLV DFDEDGR GH UHFRUUHU (O HQIDVLV QR HVWDULD HQ
VXEUD\DUHOWLHPSRGHODYHQLGDGHO+LMRGHO+RPEUHVLQRHQWHQHUXQOXJDUGHFRELMRSRUPX\JUDQGHTXHIXHVHODSURORQJDFLRQGHOWLHPSRGH
OD YXHOWD GHO +LMR GHO +RPEUH 3DUD YRVRWURV HVD SURORQJDFLRQ QR SXHGH LU PDV DOOD GH OR TXH SXHGH GXUDU YXHVWUD YLGD 3RU OR WDQWR QR
DJRWDUHLVODVFLXGDGHVGH,VUDHOVLWXYLHUDLVTXHKDOODUUHVJXDUGRDXQFXDQGRYLYLHUHLVKDVWDODSURSLDYHQLGDGHO+LMRGHO+RPEUH(VWDQRFLRQ
VHUYLULD WDPELHQ SDUD OD FXHVWLRQ GH OD SUHGLFDFLRQ FXDQGR DQXQFLDQGR HO HYDQJHOLR RV SHUVLJDQ HQ XQD FLXGDG LG D OD RWUD SRUTXH RV GLJR
DXQTXHVHSURORQJDVHYXHVWUDYLGDKDVWDTXHHO+LMRGHO+RPEUHYROYLHVHQRODVKDEULDLVDFDEDGR
(YLGHQWHPHQWH HO FRQWH[WR HV FRQ UHODFLRQ DO PRPHQWR HQ TXH -HVXV OHV LPSDUWH SRGHU SDUD SUHGLFDU HO HYDQJHOLR GHO 5HLQR HQ HVD JLUD
PLVLRQHUDFI0W3RUORWDQWRVHWLHQHHQFXHQWDDORVGLVFLSXORV/DHVFDWRORJLDWDOFRPRODSUHVHQWD-HVXV\ORYDPRVDYHU
HQ HVWD WHUFHUD SDUWH WLHQH HQ FXHQWD QR VRODPHQWH OD SUHVHQWH \ OD IXWXUD SHUVRQDO VLQR OD JHQHUDFLRQDO /D JHQHUDFLRQ GH ORV DSRVWROHV
SDVDULD\YHQGULDQRWUDVJHQHUDFLRQHVDODVTXHKDEULDTXHSUHGLFDUHOHYDQJHOLRWDQWRHQ3DOHVWLQDFRPRHQFXDOTXLHURWUDSDUWHGHOPXQGR
VXUJLULDQQXHYRVKDELWDQWHVKDVWDTXHVHOOHJXHDHVHILQFRQFHELGRSRU'LRV3HURFODURFXDQGR-HVXVRHO1XHYR7HVWDPHQWRHO$SRFDOLSVLV
HVSHFLDOPHQWHVHGLULJHDVXDXGLWRULRORHVWDKDFLHQGRDFDGDJHQHUDFLRQTXHYDDWHQHUTXHOHHUHO$SRFDOLSVLV\WRGDVHOODVVHDODGHOVLJOR,
R;;,VHHQFXHQWUDQFRQHOPLVPRIRUPDWRHVFDWRORJLFRYHQJRHQEUHYH<HVTXHHVHYHQJRHQEUHYHLQGHSHQGLHQWHPHQWHGHFRVDVTXH
VHKD\DQFXPSOLGRRQRDSXQWDDODYLGDSHUVRQDOGHFDGDXQR\DODJHQHUDFLRQTXHHQWUD\TXHGHVDSDUHFHDOFDERGHRDQRV
<HVHHVHOWLHPSRGHSUHSDUDUVH\HQHOTXHWLHQHVHQWLGRYHQJRHQEUHYH3RUTXHGHVSXHVGHODPXHUWHGHFDGDLQGLYLGXR\DQRKD\PDQHUD
GHSUHSDUDUVH3RUORWDQWRSDUDDQWHVGHTXHYHQJDSDUDYRVRWURVHO+LMRGHO+RPEUHWHQHLVYXHVWURWLHPSRSDUDSUHSDUDURV<HVH+LMRGHO
+RPEUHHVFRPRVLYLQLHUDHQRFDVLRQGHYXHVWUDPXHUWHSXHVWRTXHGHVSXHVGHODPXHUWHGRQGHQRKD\HVSDFLRWHPSRUDOTXHUHFRUUHUHO
VLJXLHQWHDFRQWHFLPLHQWRKLVWRULFRHVODUHVXUUHFFLRQJHQHUDO\ODYHQLGDGHO+LMRGHO+RPEUHSDUDWRGDVODVJHQHUDFLRQHVTXHKXELHUDQPXHUWR
<HVWDH[SOLFDFLRQQRPHODHVWR\LQYHQWDQGRDILQGHUHVROYHUXQDSUREOHPDWLFDTXHSUHVHQWDVHHOHYDQJHOLR(VWRPHORSURSRUFLRQDHOSURSLR
HYDQJHOLRFXDQGRDQDOL]RWRGDVODVSURSXHVWDVHVFDWRORJLFDVTXHVHPHSUHVHQWDQHQHO$VLTXHVU6DQGHUVFUHRTXH\DKDEUDHPSH]DGRD
FDOHQWDU PRWRUHV WDO FRPR \D OH LQGLFDGR DOJXQD RWUD YH] 3RUTXH OR IDFLO SDUD XVWHG SDUHFH VHU TXH HV FRQFLOLDU OD LGHD JHQHUDO GH
SUHVHQWHFRQODGHIXWXUR!!/RTXHVHULDGLILFLOSDUDXVWHGHVFRQVLGHUDUODPLVPDFRVDFRPRSUHVHQWH\FRPRIXWXUD!!DODYH]YHG
6DQGHUV-HVXV\HO-XGDLVPRRSFS3XHVYR\DLQWHQWDUGDUOHDOJXQDOHFFLRQVREUHHVRFRQODILQDOLGDGGHTXHSXGLHUDFRQYHUWLUVHDO
(YDQJHOLRGH-HVXFULVWR
(Q FXDQWR D /XFDV   LQGHSHQGLHQWHPHQWH TXH SRGULD HVWDU DOXGLHQGR DO 5HLQR GH 'LRV HQ VX FRQFHSFLRQ SUHVHQWH VLQ TXH SRU HOOR
ROYLGHPRV WRGR OR TXH \D KHPRV HVWXGLDGR GHO FRQFHSWR IXWXUR GHO 5HLQR GH 'LRV QR HV PHQRV FLHUWR TXH /XFDV SDUHFH UHIHULUVH
SUDFWLFDPHQWH VLHPSUH DO 5HLQR HQ VX SURORQJDFLRQ IXWXUD \ QR DO SUHVHQWH GH OD HSRFD GH -HVXV (O FRQWH[WR HV FODUR HQ PDQLIHVWDU HVH
IXWXUR (VWR OR KD GHMDGR WUDVOXFLU +DHULQJ FXDQGR DQDOL]D GLFKR WH[WR (Q/H 5R\DXPH GH 'LHX HW VD 9HQXH  RS F SS  \ VV 6L
REVHUYDPRVHOYVHQRWDUDODLGHDVXE\DFHQWHHQFXDQWRDTXHHO5HLQRWRGDYLDHVWDSRUOOHYDUVHDFDER/RVUHVWDQWHVYVVKDVWDHOHQ
GRQGHVHKDEODGHORVGLDVGHO+LMRGHO+RPEUH\GHODYHQLGDGHHVH
GLD
HQTXHHO+LMRGHO+RPEUHVHPDQLIHVWDUD\SRUORWDQWRODYHQLGD
GHO 5HLQR HVWDQ WRGRV HQ IXWXUR LG S  (O VHQWLGR KDFLHQGR XQD SDUDIUDVLV H[SUHVDULD HO 5HLQR GH 'LRV QR YHQGUD FRQ DGYHUWHQFLD QL
GLUDQDTXLRDOOLHVWDVLQRTXHFXDQGRDFRQWH]FDHO5HLQRORVDEUHLVSRUTXHHVWDUDHQWUHYRVRWURV&XDQGROOHJXHDFRQWHFHUHO5HLQRGH'LRV
QRWHQGUDQTXHGHFLUTXHHVWDDOOLRDTXLSRUTXHHQWRQFHVYHUDQRQRWDUDQRQRWDUHLVTXHHVWDHQWUHYRVRWURV1RVRWURVKHPRVGHGLFDGRWRGR
XQ FDSLWXOR D GHPRVWUDU WRGR HO SURFHVR GH IXWXUR GHVGH OD DVFHQVLRQ KDVWD OD VHJXQGD YHQLGD $OXGLUHPRV D HVWRV SDVDMHV HQ QXHVWUR
SODQWHDPLHQWRHVFDWRORJLFR
0DUFRV  FRQ VXV SDUDOHORV QR SXHGH VLJQLILFDU RWUD FRVD TXH OR TXH VHQDOH HO FRQWH[WR< GH FXDOTXLHU IRUPD TXH VH PLUHHO FRQWH[WR
PDUFDDXQPRPHQWROHMDQRDOPLQLVWHULRGH-HVXV2ELHQVHHVWDKDFLHQGRPHQFLRQDODGHVWUXFFLRQGH-HUXVDOHQRDODGHOILQGHOPXQGRROR
TXHHVPDVSUREDEOHDODVGRVSHURQRHQHOVHQWLGRGHXQGREOHFXPSOLPLHQWR(OYDORUTXHGDDJHQHUDFLRQOD6HSWXDJLQWDHVGHDEDUFDU
PXFKDVJHQHUDFLRQHV&RKHQH\RWURV'LFFLRQDULR7HRORJLFRGHO17RSF9RO,,S(QHO1XHYR7HVWDPHQWRWLHQHGRVVHQWLGRVHO
WHPSRUDO\HOGHOLQDMHRFRQMXQWRGHSHUVRQDVLG
1RSDVDUDHVWDJHQHUDFLRQTXHWRGRVHVWRQRDFRQWH]FDVHDSOLFDULDDODVGRVDODHSRFDMXGLDQRSDVDUDHVWDUD]DGHJHQWHVLQTXHWRGR
HVWR DFRQWH]FD /RV MXGLRV FRPR SXHEOR JHQHD LEDQ D H[LVWLU LEDQ D VHU WHVWLJRV GH TXH OD GHVWUXFFLRQ GH -HUXVDOHQ RFXUULULD (Q OD
JHQHUDFLRQILQDOKDEUDXQWLSRGHJHQWHHOSXHEORGH'LRVGHODJHQHUDFLRQHVFDWRORJLFDTXHVHFDUDFWHUL]DUDSRUKDEHUYLYLGR\SUHGLFDGR
ODVVHQDOHVGHOILQ(VDJHQHUDFLRQWHVWLJRTXHLQFOX\HDHVHWLSRGHJHQWHHVSHFLDOQRSDVDUDVLQTXHWRGRORSURIHWL]DGRVHKD\DFXPSOLGR
5RELQVRQLQWHUSUHWDHOWH[WRGH0DWHRFRPRFXPSOLGRHQODDVFHQVLRQ\ORFRQHFWDFRQODVHVFHQDVHQODVQXEHVGHO+LMRGHO+RPEUHGH
'DQLHOTXHVHDSUR[LPDDO$QFLDQRGH'LDV(VWDLQWHUSUHWDFLRQHVLQFRPSOHWDSHURVLUYHSDUDFRPSUHQGHUHODVXQWR
/DDVFHQVLRQVXSRQHXQDOOHJDGDDQWHHO3DGUHLQGLFDGDSRUWUHVYHUERVTXHH[SOLFDODFHUFDQLDHQSURJUHVLRQ\HQWHUPLQRVGHIXQFLRQDOLGDG
HPSH]DQGRGHVGHSRQHUVHDODGLHVWUD$TXLHQ0DWHRODHVFHQDHPSLH]DGRQGHILQDOL]DODGHODDVFHQVLRQHQODGLHVWUDGH'LRV
FI
0F\DFDEDYLQLHQGRHQODVQXEHVQRDJRWDQGRVHFRQODOOHJDGDKDFLDDO3DGUHVLQRDGHPDVKDFLDORVVHUHVKXPDQRVYHUVREUHHVWROD
VHFFLRQLQWURGXFWRULDHOFDSLWXOR,VREUHHO+LMRGHO+RPEUH
"<FRPRLEDQDYHUGHVGHHVRVPRPHQWRVDO+LMRGHO+RPEUHYHQLUDFRQWHFLPLHQWRTXHHVWDEDHQHOIXWXUR"(QODUHVSXHVWDSRGHPRVYHUHO
VHQWLGRGHODUHODFLRQGH0DWHR\'DQLHO
'HHVWHPRGRORSRGHPRVHQWHQGHU0HHVWDLVMX]JDQGRDPLTXHVR\HO+LMRGHO+RPEUH&HOHVWLDOTXHDSDUHFHHQODSURIHFLDGH'DQLHO
'HVGH HVWH PRPHQWR HVWDLV SXGLHQGR KDFHU UHDOLGDG OD YLVLRQ FHOHVWLDO HQ OD TXH VH GHVFULEH HO FRPLHQ]R GHO MXLFLR -X]JDQGRPH D OD
GHVWUXFFLRQHVWDLVFXPSOLHQGRODSURIHFLDTXHDQXQFLDEDODPXHUWHGHO0HVLDV,VDFI'Q\SRUORWDQWRSRGHLVFRQWHPSODUPHGH
DFXHUGRD'DQLHOFIGHVSXHVGHPLSUHVHQFLDDQWHHO3DGUHHO$QFLDQRGH'LDV'QUHFLELUHHO5HLQRFRQSRGHU
SOHQDPHQWHHQUHSUHVHQWDFLRQGHO3XHEORGHORV6DQWRVORTXHVLJQLILFDPLYXHOWDDOD7LHUUDSDUDHQWUHJDUHO5HLQRDORVVDQWRVGHO$OWLVLPR
&RQFOX\HQGRJOREDOPHQWHSRGHPRVGHFLUTXHQLQJXQDGHHVWDVSUHGLFFLRQHVLQPHGLDWDVURPSHHOHVTXHPDGHO
\DSHURWRGDYLDQR
TXHWDQWRHO
$7FRPRHO17QRVSUHVHQWDQ(VHDVSHFWRSUHVHQWHIXWXURGHO5HLQRGH'LRVHVXQDFDUDFWHULVWLFDFRQVWDQWHGHWRGDOD%LEOLD(O5HLQRGH
'LRVH[LVWHGHVGHTXHHOJRELHUQRGH'LRVIXHXQDUHDOLGDG1RHVDOJRTXHQRKD\DTXHHVSHUDUDXQDSHVDUGHTXHWHQJDPRVTXHDILUPDUOR
FRQWLQXDPHQWHSUHVHQWH7RGDYLDHVSUHFLVRRUDU
9HQJDWX5HLQR

>@
9HG%LEOLRJUDILD\7HRORJLDGHO1XHYR7HVWDPHQWR(GLF6LJXHPH6DODPDQFD
>@
9HG7HRORJLDGHOD(VSHUDQ]DHGLF6LJXHPH6DODPDQFD
$XQTXH0ROWPDQQQRVGLJDTXH
'HOFRPLHQ]RDOILQ\QRVRODPHQWHHQHOHSLORJRHOFULVWLDQLVPRHVHVFDWRORJLDHVSHUDQ]DPLUDGDWHQGLGDKDFLDHOIXWXUR\HQGR
KDFLDDGHODQWH\DVLUHYROXFLRQDQGRWDPELHQHOSUHVHQWH\WUDQVIRUPDQGROR/RTXHKDPDUFDGRDODHVFDWRORJLDQRHVXQHOHPHQWR
GHO FULVWLDQLVPR VLQR HO YHKLFXOR PLVPR GH OD IH FULVWLDQD  3XHV OD IH FULVWLDQD YLYH D SDUWLU GH OD UHVXUUHFFLRQ GH XQ &ULVWR
FUXFLILFDGR\WLHQGHKDFLDODVSURPHVDVGHOIXWXURXQLYHUVDOGH&ULVWR0DVELHQODSHUVSHFWLYDHVFDWRORJLFDHVODFDUDFWHULVWLFD
GHWRGDSURFODPDFLRQFULVWLDQDGHWRGDH[LVWHQFLDFULVWLDQD\GHWRGDOD,JOHVLD!!
(VWDFLWDKDEUDTXHHQWHQGHUODDODOX]GHODRWUD
1R SXHGH H[LVWLU XQD GRFWULQD VREUH ODV FRVDV XOWLPDV VL SRU GRFWULQD VH HQWLHQGH XQ FRQMXQWR GH HQXQFLDGRV GRFWULQDOHV TXH
SRGHPRVFRPSUHQGHUEDVDQGRQRVHQH[SHULHQFLDVTXHVHUHSLWHQVLHPSUH\TXHFXDOTXLHUKRPEUHSXHGHWHQHU/DH[SUHVLRQJULHJD
ORJRV VH UHILHUH D OD UHDOLGDG TXH HVWD DKL \ TXH HV UHGXFLGD D OD YHUGDG HQ OD SDODEUD TXH OH FRUUHVSRQGH (Q HVWH VHQWLGR QR
UHVXOWDSRVLEOHQLQJXQORJRVGHOIXWXURDQRVHUTXHHVWHVHDODFRQWLQXDFLRQRODUHSHWLFLRQVLPHWULFDGHOSUHVHQWH3HURVLHOIXWXUR
KXELHUDGHWUDHUDOJRQXHYR\VRUSUHQGHQWHHQWRQFHVQRHVWDSHUPLWLGRGHFLUQDGDVREUHHOSXHVVRORHQORSHUPDQHQWH \HQORTXH
VHUHSLWHFRQUHJXODULGDG\QRHQORQXHYR\FRQWLQJHQWHSXHGHUHVLGLUXQDYHUGDGH[SUHVDEOHHQXQORJRVRSFS
0ROWPDQQ QR SXHGH HQWHQGHU HQ OR TXH HO SURSLR /RJRV HQFDUQDGRKD UHYHODGR TXH FXDQGR XQR FRPSUXHED HQ OD SURIHFLD DSRFDOLSWLFD TXH
'LRVKDWUD]DGRXQGHVWLQRHWHUQR'QFI$SFSV\SDUDWRGRVDTXHOORVTXHVHGHVPDUFDQGHOGLVHQRPXQGDQRTXH
ODV IXHU]DV GHO PDO KDQ HQJHQGUDGR DUUDVWUDQGR D ODV QDFLRQHV D GLEXMDU XQD KLVWRULD RSXHVWD D OD GHO 5HLQR GH 'LRV D OD GH VX *RELHUQR
6REHUDQRVXUJHODHVSHUDQ]D"3RUTXH"3RUFXDQWRDKRUDFRPSUHQGHTXHODVGHVGLFKDVGHODKXPDQLGDG\ODVSURSLDVGHXQRHVWDQGHQWURGH
XQDGLUHFFLRQDOLGDG\FRPSRUWDPLHQWRKLVWRULFRTXHORVKRPEUHV\ODVQDFLRQHVKDQVXVFLWDGRFRPRIUXWRGHVXDFWLWXG\FRQGXFWD
(VH'LRVHWHUQRHQEDVHDVXSUHFRQRFLPLHQWRGHHVDDFWXDFLRQOLEUHGHODVQDFLRQHVKDFHYLVLEOHDKRUDVX9ROXQWDG6REHUDQDHQODIRUPDGH
ODSURIHFLD$SRFDOLSWLFDGLFLHQGRQRVTXHORVVHUHVKXPDQRVTXHORGHVHHQSXHGHQDFRJHUVHDO3ODQGH'LRVPDQLIHVWDGRHQVX5HLQR\HQOD
3HUVRQDTXHORHQFDUQD'Q$S\VV\DTXHODVQDFLRQHVYDQDERFDGDVDOIUDFDVR\DODGHVWUXFFLRQ'Q
FI$S4XHDSHVDUGHOVXIULPLHQWRODHQIHUPHGDG\ODPXHUWHDFWXDOKD\VROXFLRQSDUDFDGDXQRTXHVHDFRMDDHVH3ODQ'LYLQR
'LRV VH FRPSURPHWH FRQ OD KLVWRULD GHO 3XHEOR GH 'LRV UHSUHVHQWDGR HQ XQ 3HUVRQDMH VLQJXODU TXH VREUHVDOH \ VH LGHQWLILFD HQ OD SURIHFLD
DSRFDOLSWLFD'Q$SDSHVDUGHTXHODVQDFLRQHV$S\KD\DQFUHDGRVXKLVWRULDFRQOD
D\XGDGHXQ5HEHOGHVREUHQDWXUDO'Q$SFI
7H GD D FRQRFHU D XQ 'LRV PLVHULFRUGLRVR TXH PDQLILHVWD HVWDU SUHRFXSDGR SRU ORV VHUHV KXPDQRV 'H DKL TXH VH DQXQFLH D WUDYHV GH OD
SURIHFLDDSRFDOLSWLFDGDQGRDHQWHQGHUGHTXHH[LVWH\TXHQRHVHOFDXVDQWHGHORVVXFHVRVTXHODKXPDQLGDGH[SHULPHQWD7HDSRUWDGHWDOOHV
TXH KDFHQ PDV FRPSUHQVLEOH OD YHUGDG GRFWULQDO \ HVSLULWXDO FI 'Q   $S   DQLPDQGRWH D SRQHUWH HQ
UHODFLRQFRQHO'LRVTXHODLQVSLUDSURYRFDQGRWHDXQDSUDFWLFDQDWXUDOGHORVSULQFLSLRVTXHDTXHOODHPDQD7HFRQYHQFHGHTXH'LRVGRPLQD
ODVLWXDFLRQLQGHSHQGLHQWHPHQWHGHODDFWLWXGHUURQHDTXHVHFRQILJXUDHQODVQDFLRQHVPRYLOL]DGDVSRUHO0DOLJQRHQXQDWUD\HFWRULDFRQWUDULD
DO5HLQRGH'LRV
(QXQDSDQRUDPLFDHVTXHPDWLFDWHKDFHYLVLEOHHOFRQIOLFWRGHORVVLJORVHODQWDJRQLVPRGHOPDOUHVSHFWRGHO%LHQ8QDGHODVFULDWXUDVGH
'LRV OH KD TXHULGR GLVSXWDU DO &UHDGRU GHO 8QLYHUVR PHGLDQWH HO HQJDQR \ PDOLJQLGDG OD 6REHUDQLD TXH VROR D (O OH SHUWHQHFH 3DUD HOOR HO
PDOSHUVRQLILFDGRVHHQFDUQDHQVLVWHPDVGHPDOGDGTXHHMHUFHQXQDLQIOXHQFLDQHIDVWDHQODVPHQWHVGHORVVHUHVKXPDQRV(O'UDJRQOD
6HUSLHQWHDQWLJXDOODPDGRHO'LDEORR6DWDQDV$SFI'Q(]T,VD*QXWLOL]DDORTXH
SROLWLFDPHQWHJRELHUQDHQODV1DFLRQHV(]TFSVFI$S$S'QOD
LGHRORJLDHVWDWDOFXDQGRFRQWDPLQDGDORVTXHODHMHUFHQVHGHMDQWUDQVFHQGHUSRUHOPDOFUHDQGRXQDFRUULHQWHDERPLQDEOHXQDDSRVWDVLDTXH
FRQILJXUDHQHOPXQGRKXPDQRXQDGLUHFFLRQDOLGDGFRQWUDULDDO5HLQRGH'LRVFID7HV
/DHYLGHQFLDGHWRGRHVWRWHGDVHJXULGDG\FRQILDQ]D3RUTXHFRPSUXHEDVTXH'LRVSUHFRQRFLHQGRHVRVWUD]RVGHOFRPSRUWDPLHQWRKLVWRULFR
WH ORV DQXQFLD SUHGLFWLYDPHQWH SDUD TXH DGTXLHUDV FRQILDQ]D HQ HO 'LRV TXH VH UHYHOD 7H LQWURGXFH HQ XQD GLPHQVLRQ QXHYD \D TXH
VLPXOWDQHDPHQWH WH PDUFD XQDV OLQHDV GLVWLQWDV D HVD DFWLWXG GH ODV QDFLRQHV SDUD TXH WX QR FDLJDV GHQWUR GH VX RUELWD WH GLFH OR TXH HV
GHVHFKDEOH \ DFHSWDEOH OR TXH HV EHQHILFLRVR \ SHUMXGLFLDO SRU FXDQWR SRQH D WX DOFDQFH XQD HVWUXFWXUD GH FRQGXFWD TXH DXQTXH JOREDO WH
D\XGDDSURJUDPDUXQVHQWLGRGHH[LVWHQFLDSHFXOLDU\GLYHUJHQWHDOPRVWUDGRSRUODVQDFLRQHV\GHDFXHUGRDOD6REHUDQLDGLYLQDPDQLIHVWDGD
HQVX5HLQRR*RELHUQR
&XDQGR SRQHPRV HQ SUDFWLFD ORV FRQWHQLGRV PRUDOHV \ HVSLULWXDOHV FRQ TXH HVWDQ SURYLVWDV VXV SURPHVDV VH REWLHQHQ FDPELRV UDGLFDOHV \
VXVWDQFLDOHV HO WHPRU \ OD VXSHUVWLFLRQ GHVDSDUHFHQ $GTXLHUHV XQ QXHYR VHQWLGR \ RULHQWDFLRQ HQ WX YLGD TXH UHSHUFXWH SRVLWLYD \
IDYRUDEOHPHQWHHQWXVDOXGILVLFDPHQWDO\HVSLULWXDO
$O LU H[SHULPHQWDQGR OR TXH UHVXOWD GH OOHYDU D FDER OR TXH WH DFRQVHMD OD SURIHFLD DSRFDOLSWLFD FHQWUDGD HQ -HVXFULVWR YDV UHFLELHQGR OD
VHJXULGDGHQEDVHDOR\DFXPSOLGRHQWXSHUVRQDGHTXHORTXHWRGDYLDIDOWDSRUFXPSOLUVHVHDOFDQ]DUDHQHOPRPHQWRRSRUWXQR
7RGDYLDPDVDOUHYLVDUORVFXDGURVKLVWRULFRV\FRPSDUDUORVFRQODVH[LJHQFLDVGHODSURIHFLDDSRFDOLSWLFDVHWHGHPXHVWUDFODUDPHQWHTXH
TXLHQGLULJHODKLVWRULDKDFLDXQREMHWLYRGHVHDEOHHLUUHYRFDEOHHV'LRVOR\DFXPSOLGRQRVGDODFHUWH]DGHTXHWRGRWHQGUDVXFXPSOLPLHQWR
FID3HG
6L OD SURIHFLD DSRFDOLSWLFD QR HV FDSD] GH HQJHQGUDU DPRU \ SD] VHUD SRUTXH VH OH KD GHVFROJDGR GHO FHQWUR GH VX PHQVDMH < HVWH HV
-HVXFULVWR
7RGDDSRFDOLSWLFDTXHVHEDVDHQORVUD\RV\WUXHQRVGHXQ$UPDJHGRQTXHFUHDSDQLFRHQHOFUH\HQWHQRWLHQHQLQJXQYDORUWUDQVIRUPDGRU<
ORTXHQHFHVLWDPRVHVDOJRTXHPRGLILTXHXQDVLWXDFLRQTXHFRPRODDFWXDOHVWDOOHQDGHPLHGRSRUHOIXWXUR
(VYHUGDGTXHORVVLPERORVSXHGHQHVWDUFDUJDGRVGHMXLFLRVHVFDEURVRV\GHWHUURU3HURHVWRVVXFHGHQVLHPSUHLQFOXVRHOHVFDWRORJLFRSDUD
FRPEDWLUHOPDODORVVLVWHPDV\DODVJHQWHVTXHTXLHUHQSHUSHWXDUHOVXIULPLHQWRODHQIHUPHGDGODLQLTXLGDG\ODPXHUWH(OMXLFLRFRQVXV
UHVXOWDGRV XOWLPRV SXULILFD \ DQLTXLOD WRGR DTXHOOR TXH SHUMXGLFD DO KRPEUH \ OR DUUDVWUD D OD QDGD /D DSRFDOLSWLFD ELEOLFD HVWD HVFULWD
IXQGDPHQWDOPHQWHSDUDDTXHOORVTXHTXLHUDQFUHHU\DFHSWDUD-HVXFULVWR3DUDHVWRVHO$UPDJHGRQORVFRORFDDOODGRGHXQ'LRVTXHORV
GHILHQGH\ORVOLEHUDGHDTXHOORVTXHORVSHUVLJXHQ\OHVTXLHUHQKDFHUGDQR(O-XLFLRXOWLPRKDVLGR\HVSDUDHOORVMXVWLILFDGRU\IDYRUDEOH
JUDFLDVD-HVXFULVWR
<WRGRHVWRHQEDVHDO(YDQJHOLRGH-HVXFULVWR)LMHVHFRPRVHFRQHFWD(O(YDQJHOLRDOSUHVHQWDUQRVDO+LMRGHO+RPEUHRDO0HVLDVRDO
+LMRGH'LRVORKDFHFRQODLQWHQFLRQGHHQWURQFDUODVFRVDVFHOHVWLDOHV-QFI-QFI0WFI/FFI0W
FI0WFI'Q6DOFRQODSUHVHQFLDHQODWLHUUDGHO6HQRUGH
'DYLGGHO0HVLDV'HHVWHPRGRVU0ROWPDQQQRVYHPRVREOLJDGRVDUHFRUUHUWRGDXQDKLVWRULDTXHVHQRVSUHVHQWDSRUDQWLFLSDFLRQ\TXH
ODSRGHPRVHQGLIHUHQWHVJHQHUDFLRQHVREVHUYDUFRPRFXPSOLGDOOHQDGHDFRQWHFLPLHQWRVTXHUHSHUFXWHQHQWXYLGDSHUVRQDO\JHQHUDFLRQDO
>@
 6REUH %ORFK(OSULQFLSLRGHODHVSHUDQ]DHG$JXLODU0DGULG\ (O IXWXUR GH OD HVSHUDQ]D HQ FRODERUDFLRQ HGLF 6LJXHPH
6DODPDQFD
1RYDPRVDGHVFULELUQLVLTXLHUDDVLQWHWL]DUODVKLSRWHVLVTXHVXVWHQWDED%ORFKSRUTXHKDQTXHGDGRWDQREVROHWDVHLPSRVLEOHGHFXPSOLUVHGH
DFXHUGRDODUHIHUHQFLDPDU[LVWDOHQLQLVWDTXHQRPHUHFHODSHQD6LQHPEDUJRHVSUHFLVRUHVHQDUTXHODPHWDILQDOTXHQRVSURSRQLDSRUOR\D
DOFDQ]DGRHQODVUHYROXFLRQHVVRFLDOLVWDVVHULDODHYLGHQFLDGHODUHDOLGDGGHODOOHJDGDGHOUHLQRKXPDQRHQFRQWUDSDUWLGDDOUHLQRGH
'LRVHVDPHWDILQDOTXHGHQLQJXQPRGRVHULDLOXVRULD<HVWRGHELGRDTXHGLFKRWUD\HFWRKDVWDODPHWDILQDOQRSXHGHUHFRUUHUVHFRQXQD
GLVFLSOLQDOLEHUDOVLQRDEDVHGHDXWRULGDGRUWRGR[LDILGHOLGDGDODOLQHDPDUFDGDSRUHO(VWDGR$XQTXHQLHOQL0DU[GHVFULEHQFRQGHWDOOHHVH
HVWDGLRWHUPLQDOORUHVXPHFRQDEXQGDQFLDGHLPDJHQHVFDOFDGDVGHOD%LEOLD(OSREUHGH%ORFKTXHORSDVRPX\PDOHQVXVXOWLPRVDQRVFRQ
HOUHJLPHQFRPXQLVWDGHVXSDLVGHELRWHQHUODRSRUWXQLGDGGHFRPSUREDUTXHHOSURFHVRGHUHFRQYHUVLRQQRVRORQRVHHVWDEDUHDOL]DQGRSRU
ODUHYROXFLRQVRFLDOLVWDVLQRTXHORPDFKDFDEDDHOTXHWDQWRKDELDDUJXPHQWDGRDIDYRUGHXQDVRFLHGDGSHUIHFWDVLQFODVHVGHDFXHUGRDOD
XWRSLDPDU[LVWDOHQLQLVWD(YLGHQWHPHQWH%ORFKQRWXYRRSRUWXQLGDGGHFRPSUREDUODUHYROXFLRQOLEHUDOGH*RUEDFKRYDEMXUDQGRGHOPDU[LVPR
\ GHO OHQLQLVPR \ SDVDQGRVH D OD GHPRFUDFLD GHO QHRFDSLWDOLVPR < OR PDV FXULRVR HO SURFHVR GH JOREDOL]DFLRQ TXH SUHWHQGH WUDHU OD
SHUSHWXDFLRQGHODH[LVWHQFLDHQODWLHUUDHO(VWDGRVHUDHOTXHORHMHFXWH3HURQXQFDSRGULDTXLWDUODPXHUWH\ODHQIHUPHGDG
0ROWPDQQDOSUHWHQGHUVDOLUDOHQFXHQWURGHODVSURPHVDVGLYLQDVPHGLDQWHODWUDQVIRUPDFLRQGHODKXPDQLGDGVRFLDO\SROLWLFDPHQWHHQEDVH
DORVFRQFHSWRVGHOUHLQRGH'LRVQRVHGDFXHQWDTXHHVRVSULQFLSLRVGHOUHLQRGH'LRVXQLFDPHQWHSXHGHQVHUYLUSDUDORVTXHKDQQDFLGRGH
DUULED<SDUDHVHQDFHUGHDUULEDHVSUHFLVRDFHSWDUODFRQFHSFLRQTXHSRVHHQORVHYDQJHOLRVVREUHHO5HLQRGH'LRV\ODDGTXLVLFLRQGHOD
YRFDFLRQFHOHVWH-Q1RKD\SRVLELOLGDGTXHORVFULVWLDQRVWUDLJDQHO5HLQRGH'LRV(OUHLQRGH'LRVVLHPSUHKDHVWDGR\HVSHFLDO\
HYLGHQWHPHQWHGHVGHTXHHO0HVLDV-HVXVHVWXYR3RUORWDQWRVRPRVQRVRWURVTXLHQHVGHEHPRVFRQRFHUODVFDUDFWHULVWLFDV\SDVDUQRVDHO
GHMDQGRHOUHLQRGHHVWHPXQGRTXHWDPELHQHVWHHQWUHQRVRWURVVHUHODFLRQDQH[FOXVLYDPHQWH
>@
 6L VH REVHUYD \D OR LQGLFDPRV PDV DGHODQWH DSDUHFHQ GRV PRPHQWRV KLVWRULFRV SDUD OD REUD GHO &RQWLQXR GHO 3ULQFLSH 0HVLDV HQ VX
6DQWXDULRTXHVHLGHQWLILFDEDFRQHO+LMRGHO+RPEUH
9HGWDPELHQODFHUFDQLDIXQFLRQDOKDFLDHO$QFLDQRGH'LDVH[SOLFDGD
(O OODPDGR $QWLJXR 7HVWDPHQWR QRV KDEOD GH OD H[LVWHQFLD GH XQ 6DQWXDULR WHUUHQDO ([  FI +E  FX\R PLQLVWHULR \ VHUYLFLR D
UHDOL]DUVHVHJXQHO1XHYR7HVWDPHQWRGHELDHQWHQGHUVHFRPRXQVLPERORGHO6DQWXDULR&HOHVWLDO+EFIVV
>@
:LOOLDP6KHDHQ/H-XJHPHQWHQ'DQLHORSFSORKDKHFKR
>@
,G
>@
(OIDPRVRHLPSRUWDQWHFRPHQWDULRD0DUFRVGH9LFHQW7D\ORU (YDQJHOLRVHJXQ6DQ0DUFRVHGLF&ULVWLDQGDG0DGULGSS
KDFRPSUHQGLGRHQWUHRWURV-$7 5RELQVRQ-HVXVDQG+LV&RPLQJ/RQGUHVSS7)*ODVVRQ 7KH6HFRQG$GYHQW
/RQGUHVSSTXHQRGHVFULEHXQDEDMDGDVLQRXQDSUHVHQWDFLRQDQWHHO$QFLDQRGH'LDV\FLWDQGRD*ODVVRQ\D5RELQVRQGLUD
TXHHVWRVYHQXQDUHIHUHQFLDDODYHQJDQ]DMXLFLRGH'LRV\QRDODSDUXVLDHOSDUHQWHVLVHVQXHVWUR
(V HYLGHQWH TXH HVD YHQLGD HQ ODV QXEHV WLHQH FXDWUR PRPHQWRV FODUDPHQWH GHILQLGRV  /D YHQLGD R FHUFDQLD IXQFLRQDO HQ QXEHV HQ OD
$VFHQVLRQ VHQWDQGRVH D OD GLHVWUD GH 'LRV 'Q  SULPHU YHUER LQDXJXUDQGR HO 6DQWXDULR FI 'Q     6LJXH VHQWDGR D OD
GLHVWUDGH'LRVSURGXFLHQGRVHXQFRPSOHPHQWRFRQHODFHUFDUVHPDVDO$QFLDQRGH'LDV'QVHJXQGRYHUERFI'QDILQ
GH UHDOL]DU OD VLJXLHQWH IXQFLRQ LPSOLFDGD HQ HO PLQLVWHULR HQ HO 6DQWXDULR LQDXJXUDGR  (O GHDFHUFDUVHPXFKR PDV DO$QFLDQR GH 'LDV
PDUFDGDGHQWURGHOVHQWDUVHDODGLHVWUDGH'LRVGRQGHVHGDSURFHVRDOMXLFLRFXDQGRHO+LMRGHO+RPEUHFRPLHQ]DVXIXQFLRQDOLGDGGHMXLFLR
'QFI-Q\GHQWURGHVXSRVLFLRQILJXUDGDGHHVWDUVHQWDGRDODGLHVWUDGH'LRVHQVX6DQWXDULR'QFI6DO
SHURDSDUWLUGHOPRPHQWRTXHKDGHHPSH]DUHVHMXLFLRHVFDWRORJLFRGHO+LMRGHO+RPEUH'Q\(VDYHQLGDHQODVQXEHV
WLHQHVXFRQWLQXLGDGFXDQGRUHFLEHHOSRGHU\HQWUHJDHO5HLQRDORV6DQWRVGHO$OWLVLPRFIFI0WXS
/DFURQRORJLD\VHFXHQFLDGLVWLQJXHFODUDPHQWHORVPRPHQWRV\DFRQWHFLPLHQWRV
-HVXVHO6HQRUGHVSXHVGHKDEHUVHOHVDSDUHFLGR0F\KDEODGRFRQORVGLVFLSXORVDVFLHQGHDGRQGHHVUHFLELGRDUULED0FSS
\HVWRVHUHDOL]DPHGLDQWHXQDQXEHTXHOHRFXOWRGHVXVRMRV+HFK
/DSULPHUDYHQLGDHQODVQXEHVHVORTXHVXSRQHODDVFHQVLRQ
8QD YH] TXH \D HV UHFLELGR DUULED PHGLDQWHQXEHV VHVLHQWD D OD GLHVWUD GH 'LRV 0F  XS 7HQJDVH HQ FXHQWD HO VLJQLILFDGR H
LPSOLFDFLRQ GH HVWDU VHQWDGR D OD GLHVWUD GH 'LRV \ QRWHVH TXH HO WH[WR GH -HVXV D ORV GLULJHQWHV MXGLRV 0W  SS DUUDQFD
SUHFLVDPHQWHHQHVDVLJQLILFDFLRQSRVLFLRQDO
(VWDQGR\DVHQWDGRDODGLHVWUDGH'LRV0WSS\HMHUFLHQGRVXDXWRULGDG\PLVLRQGHDFXHUGRDORTXHLPSOLTXHVLJXHYLQLHQGRHQ
ODVQXEHV3HURHVHHVWDUYLQLHQGRHQODVQXEHV TXH ORV GLULJHQWHV SRGULDQYHUFRPRFRQVHFXHQFLDGHHVWDUHMHUFLHQGRVXPLVLRQGHHVWDU
VHQWDGR D OD GLHVWUD HV XQD DOXVLRQ FODUD D 'DQLHO < 'DQLHO  LGHQWLILFD HVD YHQLGD HQ ODV QXEHV QR KDFLD OD WLHUUD VLQR KDFLD HO
$QFLDQRGH'LDVTXHVHOHXELFDHVWDUHQXQFRQWH[WRWHPSRUDOVHQWDGRSDUDHMHUFHUMXLFLR\VHXELFDHOFRPLHQ]RGHHVWHMXLFLRFRPR\D
YLPRVHQXQPRPHQWRSRVWHULRUPHQWHFHUFDQRDOILQDOGHOSHULRGRGHGRPLQLRGHO&XHUQRVREUHHOSXHEORGHORV6DQWRV'Q
/R TXH TXLHUH GHFLU TXH YHQLU HQ ODVQXEHV DO$QFLDQR GH 'LDV VH KDFH GHVGH OD DVFHQVLRQ KDVWD OOHJDU D OD SRVLFLRQ ILJXUDGD IXQFLRQDO H
LGHRORJLFDGHHVWDUVHQWDGRDODGLHVWUDGH'LRV\GHVGHDOOLHQXQSURFHVR\FRQWH[WRWHPSRUDOTXHDOFDQ]DODXELFDFLRQGHO-XLFLRGH'Q
FI$OLQGLFDUQRVHVWDFHUFDQLDKDFLDHO$QFLDQRGH'LDVHQQXEHVGHOFLHORGHVGHODDVFHQVLRQ
\GHVGHODSRVLFLRQGHHVWDUVHQWDGRDODGLHVWUDGH'LRVHVSDUDWUDVPLWLUQRVTXHKD\XQDQXHYDIXQFLRQDOLGDGDXQTXHFRQWLQXDUHVSHFWRD
ORTXHLPSOLFDHVWDUVHQWDGRDODGLHVWUDGH'LRV\HMHUFHUHQXQPLQLVWHULR&RQWLQXRHQHO6DQWXDULRFISS
3RVWHULRUPHQWHDHVWDFHUFDQLDDO$QFLDQRGH'LDVHQODQXEHV\HMHUFHUHQHVHPLQLVWHULR&RQWLQXRGHO3ULQFLSHVXFRQWLQXLGDG GH QXHYD
IXQFLRQDOLGDGHQHO6DQWXDULRFHOHVWHDQWHODSUHVHQFLDGHO$QFLDQRGH'LDVHQEDVHDOOODPDGRGLDGHODVH[SLDFLRQHVWLSRORJLFRGHO6DQWXDULR
WHUUHQDO/YFI'QFI'QHOWH[WRQRVGLFHTXHHO+LMRGHO+RPEUHGHVGHVXSRVLFLRQLGHRORJLFDGH
HVWDUVHQWDGRDODGLHVWUDGH'LRV HMHUFLHQGR VX0LQLVWHULR&RQWLQXR6DFHUGRWDOGHDFXHUGRDVXQXHYDIXQFLRQDOLGDGPLQLVWHULDOUHFLEH
GHILQLWLYDPHQWHHOGRPLQLR\HOUHLQR\FRPRUHSUHVHQWDQWHGHOSXHEORGH'LRVVHSUHSDUDSDUDYHQLUFRQHVHGRPLQLR\SRGHU RQXEHVD
UHVFDWDUDVXSXHEORFDXWLYRHQODWLHUUD\GDUOHSDUWLFLSDFLRQHQHVHGRPLQLR\SRGHU'Q/RVWH[WRVHYDQJHOLFRV
DOXVLYRV DOUHWRUQR GHO +LMR GHO +RPEUH D OD WLHUUD HQQXEHV 0W  XS $S  FI 0W  SRVWHULRUPHQWH D OD OOHJDGD HQ
QXEHVDQWHHO$QFLDQRGH'LDV'QHVWDQKDFLHQGRPHQFLRQDHVHILQDOGHODKLVWRULDGHHVWDWLHUUDTXHQRVGHVFULEH'DQLHO

(QHVDFRUUHVSRQGHQFLDGH'DQLHOFRQWHPSODGDGHVGHOD$VFHQVLRQGH-HVXFULVWRKDFLDHO$QFLDQRGH'LDVVHQRVHVWDULDFRPXQLFDQGR
TXHODSUHVHQFLDHQHO-XLFLRGHO+LMRGHO+RPEUHHVWDDVHJXUDGDSRUOD$VFHQVLRQTXHUHJLVWUD HO HYDQJHOLR \ VX IXQFLRQ GH VHQWDUVH D OD
GLHVWUDGH'LRV1DGDGHHVWRLPSOLFDTXHHQWRQFHVHPSH]DUDHO-XLFLRVLPSOHPHQWHVHQRVSUHVHQWDDOSURWDJRQLVWD+LMRGHO+RPEUHFRPR
H[LVWHQWH\FRPRHVWDQGRSUHVHQWHHQHO-XLFLR\DTXHKDEULDSUHYLDPHQWHXQDYHQLGDHQODQXEHVKDFLDHO$QFLDQRGH'LDV(OHYDQJHOLRHQ
0WMXQWRDRWURVWH[WRVGHO1XHYR7HVWDPHQWRQRVLGHQWLILFDDO+LMRGHO+RPEUHFRQ-HVXFULVWRDVFHQGLGRSDUDHMHUFHUODIXQFLRQGH
VHQWDUVH D OD GLHVWUD GH 'LRV (O SURIHWD 'DQLHO QRV DQXQFLD GHVSXHV GH RWRUJDUQRV ORV HOHPHQWRV QHFHVDULRV D ILQ GH XELFDU
FURQRORJLFDPHQWH HVH -XLFLR &HOHVWLDO 'Q        FRPR VLHQGR KLVWRULFDPHQWH GHVSXHV GHO SHULRGR GH KHJHPRQLD GHO
VLVWHPDGHPDOGDGFXHUQRSHTXHQR\XQLGRHQXQRGHVXVH[WUHPRVGHVXGXUDFLRQFRQHOILQGHOPXQGRHQRFDVLRQGHOUHWRUQRGHO+LMRGHO
+RPEUHDODWLHUUDHQRFDVLRQGHODHQWUHJDGHOUHLQRDO3XHEORGHORV6DQWRVFI'Q
6LVHGDQFXHQWDODLQWURGXFFLRQGHODHVFHQDGHO+LMRGHO+RPEUHHVGHVSXHVGHKDEHUXELFDGRHO-XLFLR(LQGLFDUQRVTXHODODERUGHO+LMRGHO
+RPEUH FHOHVWLDO HV GHVGH VX LQLFLR HQ ODDVFHQVLRQ VHQWDQGRVH D OD GLHVWUD GH 'LRV MXQWR DO$QFLDQR GH 'LDV KDVWD UHFLELU HO 5HLQR SDUD
RWRUJDUVHORDO3XHEORGHORV6DQWRV3RUORWDQWRVLGHVGHHOLQLFLRGHVXODERUHVWDFRQHO$QFLDQRGH'LDVWDPELHQHVWDUDHQODHSRFDTXH
FRPLHQ]D\GXUDHO-XLFLRFHOHVWLDO<DKHPRVYLVWRTXHODPDQHUDGHHVWDUMXQWRDO$QFLDQRGHGLDVYDULDGHDFXHUGRDORVYHUERVKHEUHRV\D
ODPHWULFDHPSOHDGDPRVWUDQGRXQFDPELRGHIXQFLRQDOLGDGHQFDGDFHUFDQLDMXQWRDO$QFLDQRGHGLDVPDUFDGDSRUODPDWL]DFLRQGHFDGD
YHUERKHEUHRHPSOHDGR
/DVLPERORJLDGHODSDODEUDQXEHFRPRWUDVPLWLHQGRXQDUHDOLGDGGHSRGHU\UHYHODFLRQGH'LRVHVPDQLILHVWDHQODSDODEUDGH'LRVFI([
D5H\FI0W
(Q/
$SRFDO\SVH'RFXPHQWGHOD5HGHQSWLRQHVVDLVXUOHODQJDJHV\PEROLTXH/H[LTXHGH0PH*%HQMDPLQ(VFDQGH3DULV%HUJHU
/HYUDXOW(GLWHXUVSVHGLFH
/DQXEHHVODLPDJHQGHOHQYROWRULRH[WHULRUGH$TXHOTXHQRVHPXHVWUDSRUVLPLVPRVLQRTXHTXLHUHPRVWUDUVXSRWHQFLD\DFFLRQ
/D QXEH R JORULD HV WDPELHQ OODPDGDVKHNLQD SDODEUD KHEUHD GHO 7DOPXG YLQLHQGR GH XQD SDODEUD TXH VLJQLILFD KDELWDU \ GHVLJQD OD
SUHVHQFLDODPDQLIHVWDFLRQYLVLEOHGHODLQYLVLEOHPDMHVWDGGH'LRVVREUHHO/XJDU6DQWLVLPR\VREUHHO3DEHOORQGHO(WHUQR6REUHHOYDORUGH
ODSDODEUDVKHNLQDHQORVWDUJXPLPGHO3HQWDWHXFRSXHGHFRQVXOWDUVHD'RPLQJR0XQR]/HRQ*ORULDGHOD6KHNLQDHQORVWDUJXPLPGHO
3HQWDWHXFR&6,&0DGULG
/DLGHDDUHFRJHUHVODVLJXLHQWH/DJORULD\HOSRGHUGH'LRVVHPDQLILHVWDHQWUHRWUDVFRVDVPHGLDQWHODQXEH'LRVFXDQGRUHYHODVXSRGHU
ORFDQDOL]D\H[WHULRUL]DPHGLDQWHORLPSOLFDGRHQODQXEHPHWDIRULFD6LQRVSHUFDWDPRVGH0DWHR\/XFDVFRPSUREDUHPRVTXHOD
JORULDRQXEH\HOSRGHUFRQTXHHO+LMRGHO+RPEUHVHUHYHODVHKDFHFRQODFRPSDQLDGHORVDQJHOHV
1RWHVHHO7H[WRGH'DQLHO/DVQXEHVFRQTXHVHDFRPSDQDDO+LMRGHO+RPEUHKDFLDHO$QFLDQRGH'LDVVHFRQYLHUWHHQ'DQLHOHQ
HOGRPLQLRJORULD\UHLQRQXEHVTXHVHKDQGHGDUDOSXHEORGHORV6DQWRV6LDKRUDMXQWDPRVHVWRFRQODVLJXLHQWHGHVFULSFLRQGH
0DWHRGHVFXEULUHPRVODLGHQWLGDGGHVLJQLILFDGRHQWUHQXEHVSRGHUJORULD\DQJHOHVFRPRWUDQVSRUWDQGRHVHUHLQR\SRGHUKDFLDORV
FUH\HQWHV GH OD WLHUUD (O WH[WR GH 0DWHR  GHVSXHV GH DFRQWHFLGD OD VHQDO HQ HO &LHOR GHO +LMR GHO +RPEUH ODV WULEXV GH OD WLHUUD VH
ODPHQWDUDQ\YHUDQDO+LMRGHO+RPEUHYHQLUHQODVQXEHVFRQSRGHU\JUDQJORULD-XVWRORTXHQRVGLFH'DQLHOFXDQGRYXHOYHGHKDEHU
HVWDGRFRQHO$QFLDQRGH'LDVDOTXHKDELDLGRFRQQXEHV9HQLUFRQGRPLQLRJORULDSRGHU\UHLQRSDUDGDUVHORDOSXHEORGHORV6DQWRVTXH
KDELD WHQLGR SUREOHPDV FRQ HO &XHUQR FI   HV OR HTXLYDOHQWH D YHQLU HQ QXEHV SHUR HQ HVWH FDVR D HVWD WLHUUD HQ RFDVLRQ GH VX
6HJXQGD9HQLGD0WXSDSDUHFLHQGRODFRPSDQLDGHDQJHOHVFRPRH[WHULRUL]DFLRQGHODDFFLRQSRGHURVDGLYLQD
'HQXHYRGHQWURGHOXVRGHOPHWRGRGHUDVLFR'RPLQJR0XQR]/HRQ'HUDVRSFSQRVGLUD
(QFRQFOXVLRQSRGHPRVGHFLUTXHORVDXWRUHVGHO1XHYR7HVWDPHQWRUHFXUULHURQD'DQLHOFRQODFRQYLFFLRQGHTXHEDMRODILJXUDGHO+LMRGHO
KRPEUHHVWDEDDQXQFLDGDODSHUVRQDGH-HVXVODFRQFHSFLRQGH-HVXVVHQWDGRDODGHUHFKDGHO3DGUH\TXHYLHQHVREUHODVQXEHVGHO
FLHORFRQWHQGULDHQERFDGH&ULVWR\GHODFRPXQLGDGSDOHVWLQHQVHXQDIRUPDGHH[SUHVDUODGLYLQLGDGGH&ULVWR/DLGHDGHTXH-HVXVHO+LMR
GHOKRPEUHYROYHUDDFRPSDQDGRGHVXVDQJHOHV0WVV0F/FVVVLJQLILFDDSOLFDU
D&ULVWRXQDSUHUURJDWLYDGLYLQDVHUDFRPSDQDGRGHDQJHOHV(OIXQGDPHQWRSDUDHOORVHULD'QHQTXHVHKDEODGHTXHHO$QFLDQRGH
GLDVFRPXQLFDDO+LMRGHOKRPEUHHOSRGHUOD*ORULDHWF
>@
 /D LGHQWLGDG GHO 0HVLDV -HVXV FRQ HO +LMR GHO +RPEUH HVWD DWHVWLJXDGD SRU QXPHURVRV WH[WRV TXH GH DFXHUGR D ORV FRQWH[WRV GRQGH
DSDUHFHQQRVSURYHHQXQFRQRFLPLHQWRGH'LRV\GHORVFRQWHQLGRVGHVX3DODEUDDILQGHTXHGHVFXEUDPRVHOFRPRILMDUQXHVWUDYRFDFLRQ
FHOHVWLDO7RGRHVWRHOGHODLGHQWLGDGGH-HVXVHO0HVLDVFRQHO+LMRGHO+RPEUH\ORUHODWLYRDODYRFDFLRQFHOHVWLDOORWUDWDPRVHQSURIXQGLGDG
HQFDSLWXORVVXEVLJXLHQWHV
>@
(QHOFDSLWXORVLJXLHQWHHVWXGLDUHPRVHVWRHQSURIXQGLGDG
>@
 /RV FRPHQWDGRUHV KHEUHRV HQ OD%LEOH FRPPHQWHH 'DQLHO ^VHJXQ ODV IXHQWHV WDOPXGLFDV PLGUDVLFDV \ UDELQLFDV RS F S `
LGHQWLILFDDO+LMRGHO+RPEUHFRQHO0HVLDV
>@
 'RPLQJR 0XQR] /HRQ 'HUDV ORV FDPLQRV \ VHQWLGRV GH OD 3DODEUD GLYLQD HQ OD (VFULWXUD RSF SS  VH H[SUHVD GHO
VLJXLHQWHPRGR
ODUHIHUHQFLDD'QHVLQGXGDEOHPHQWHHOSXQWRGHSDUWLGDSDUDXQDDFWXDOL]DFLRQGHUDVLFDHQTXHODD%HVWLDHV5RPD\HO+LMRGHO
+RPEUHHVHO0HVLDV
(OHPSOHRGHODGHQRPLQDFLRQGH
+LMRGHO+RPEUH
DSOLFDGDD-HVXV\SXHVWDHQERFDGHOPLVPR-HVXVSRUORVHYDQJHOLVWDVHQWUDQDXQ
UHFXUVRDODILJXUDGDQLHOLFD'Q(VFLHUWRTXHHVWDGHQRPLQDFLRQVHHPSOHDDYHFHVVLQUHODFLRQGLUHFWDFRQODVFRQQRWDFLRQHVGHODILJXUD
HQ'DQLHOHQORVFRQWH[WRVGHSDVLRQ\UHVXUUHFFLRQSHURKD\RWURVFRQWH[WRV
HO ORJLRQ GH -HVXV HQ HO WULEXQDO MXGLR
YHUHLV DO +LMR GHO +RPEUH YHQLU VREUH ODV QXEHV GHO &LHOR 0W  0F  FRQWLHQH OD
SURFODPDFLRQGHOFXPSOLPLHQWRPHVLDQLFRGHODILJXUDGHO+LMRGHO+RPEUHHQODSHUVRQDGH-HVXVDXQTXHVXUHDOL]DFLRQHQSDUWHVHUHPLWHDO
IXWXUR
(QHOHYDQJHOLRGH-XDQHOOXJDUVLQGXGDSULQFLSDOHVODIUDVHGH<VHOHKDGDGRHOGHMX]JDUSRUTXHHVHO+LMRGHOKRPEUH/DDOXVLRQD
ODILJXUDGHO+LMRGHOKRPEUHDOTXHVHOHHQWUHJDHOMXLFLRHQ'DQLHOHVWDPELHQDTXLQLWLGD
1RTXHUHPRVHQWUDUHQGHWDOOHVVREUHHVWDVFLWDV(OPRWLYRHVSDUDPRVWUDUHOUHFXUVRGHUDVLFRTXHHOHYDQJHOLRUHDOL]DUHVSHFWRGH'DQLHO\
HOVHQWLGRTXHORVDXWRUHVRIUHFHQ1RWHVHDOJXQDVSHFXOLDULGDGHVHODXWRUGHHVWDVFLWDVDQXODODSRVLELOLGDGGHTXH$QWLRFR,9SXHGDHVWDU
UHIHULGRHQ'DQLHO/DFXDUWD%HVWLDQRHVVRODPHQWH5RPDVLQRWRGRORTXHGDGHVLHOTXHODFXDUWD%HVWLDHVXQFXDUWR5HLQRTXHYD
GHVGHGHVSXHVGHOWHUFHURKDVWDHOILQGHOPXQGRFI'Q^YHGQXHVWURFRPHQWDULRD'DQLHO`/RVWH[WRVGH0DWHR\0DUFRV
VRQFRQVLGHUDGRVFRPRFXPSOLHQGRVHHQSDUWHHQHOIXWXURVLQDOXVLRQDODVHJXQGDYHQLGD/DLPSOLFDFLRQGHOMXLFLRSDUDFRQHO+LMR
GHO+RPEUHGH'DQLHODSOLFDGRD-HVXV
>@
(O+LMRGHO+RPEUHGH'DQLHOVHLGHQWLILFDSRUODVDFFLRQHV\FDUDFWHULVWLFDVFRQHO3ULQFLSHGHOHMHUFLWRGH'DQLHO\HVWHFRQHO
3ULQFLSHGHORVSULQFLSHVGH'DQLHO$VXYH]HVWRVXOWLPRVFRQHO3ULQFLSH0HVLDVGH'DQLHOFX\DDFWLYLGDGUHFODPDXQDFRQWLQXLGDG
H[SXHVWDHQ'DQLHO\0LJXHOGHQRPLQDGRHOSULQFLSDO3ULQFLSH'Q3ULQFLSHGHOSXHEORGH'LRV'QHOJUDQ3ULQFLSH
VHYHLQYROXFUDGRHQHOPLVPRFRQWH[WRGHOUH\GHOQRUWHHQYHUVLRQVHUGHVSUHFLDEOH'QTXHVHLGHQWLILFDFRQHO
FXHUQRSHTXHQRFI'QFI\TXHOOHYDDFDERXQDREUDHQFRQWUDGHOFRQWLQXRSRQLHQGRODDERPLQDFLRQ'Q
VVFIFRQORTXHODLGHQWLGDGGH0LJXHOFRQHO3ULQFLSHGHOHMHUFLWRRHO3ULQFLSHGHORVSULQFLSHVGH'DQLHOHVWDFODUDPHQWH
H[SXHVWD<SRUXOWLPRODSLHGUDGH'DQLHOTXHGDVREUHODLPDJHQGHODVQDFLRQHVGHVWUX\HQGRODKDFLHQGRVHXQJUDQPRQWH'QR
UHLQRGH'LRV'QVHLGHQWLILFDFRQHO+LMRGHO+RPEUHTXHUHFLEHHO5HLQRGH'LRVDOILQDOGHWRGR'Q
>@
$TXHOORVTXHPLUDEDQDODVHUSLHQWHGHEURQFHFRQIHHQVXFXUDFLRQHUDQVDQDGRVGHHVHPRGRORVTXHFRQVLGHUDUDQFRQIHHOYDORU\
FRQWHQLGRGHODREUD\GHSUHGLFDFLRQGH-HVXFULVWRWDPELHQSRGULDQDOFDQ]DUODFXUDFLRQGHVXFRQGHQD6HHVWDXWLOL]DQGRGHQXHYRXQGHUDV
SHVHU
>@
9HGHOFRPHQWDULRD'DQLHOGRQGHVHLGHQWLILFDDO+LMRGHO+RPEUHFRQHO0HVLDV
>@
(VPX\LPSRUWDQWHFRPSUREDUORVSDUDOHOLVPRVTXHH[LVWHQFRQODHSRFDDFWXDOUHSUHVHQWDGDHQORVFULVWLDQRVTXHGLFHQDFHSWDUD-HVXV\
TXHUHU FXPSOLU FRQ OD PLVLRQ GH SUHSDUDU D XQ SXHEOR SDUD OD VHJXQGD YHQLGD GH -HVXFULVWR /RV TXH HQ YHUGDG FUHHQ HVR WHQGUDQ TXH
GHPRVWUDUOR FXPSOLHQGR OR TXH LPSOLFD VX UD]RQ GH VHU VL QR FXPSOLPRV FRQ HVD REUD VHULD SRUTXH QRV KHPRV SDUDOL]DGR PHGLDQWH OD
SHUSHWXDFLRQHQHVWDWLHUUD/RVGLULJHQWHVTXHUHSUHVHQWDQHVHLGHDULRWHQGULDQTXHUHFRQYHUWLUVHDODUD]RQGHVHU\DEDQGRQDUWRGRDTXHOOR
TXH OHV SHUSHWXD LQVWLWXFLRQDOLVPR GLQHUR SRGHU 3RU RWUD SDUWH GHEHULDQ UHIOH[LRQDU VREUH OD SURJUDPDFLRQ TXH KDQ ILMDGR PLHQWUDV VH
SHUSHWXDEDQ\FRPSUREDUODVPHWRGRORJLDVHPSOHDGDVSDUDHOFXPSOLPLHQWRGHVXUD]RQGHVHUVXMHWRVDODSHUSHWXDFLRQ6LQGXGDTXHHVDV
PHWRGRORJLDVFRQWULEX\HQDVXYH]DODSHUSHWXDFLRQSRUFXDQWRVHKDQLGHDGRGHQWURGHODSURJUDPDFLRQGHSHUSHWXDUVH
>@
9HDVHQXHVWURFRPHQWDULRVREUH'DQLHOUHVSHFWRDHVWRVDVXQWRV
>@
7HQJDVHHQFXHQWDSDUDHOYDORUGHHVWRVGLDVSURIHWLFRVGHDFXHUGRDOFRQWH[WR\DORTXHQRVDSRUWDHOWH[WRDSRFDOLSWLFRHQRWUROXJDU
WUDWDPRVHVWHDVXQWR9HDVHWDPELHQQXHVWURFRPHQWDULRVREUH'DQLHO
>@
1RWHVHTXHORTXHUHFLEHWUDWDPLHQWRHVHOSHFDGRHQODVGLIHUHQWHVYHUVLRQHV\TXHGHDOJXQPRGRWLHQHVROXFLRQ/DVSHUVRQDVELHQSRU
HO2ULJLQDGRUGHOSHFDGRLQIOX\HQGRHLQVSLUDQGRDOVLVWHPDGHPDOGDG&XHUQRSHTXHQRRELHQPHGLDQWHODXWLOL]DFLRQGHRWURVLQVWUXPHQWRV
PXQGDQRVRULHQWDGRVWDPELHQSRUHOSURSLR2ULJLQDGRUGHOSHFDGRVHYHQHQHOGHVFRQRFLPLHQWRGHOSODQGH'LRV\GHVSURWHJLGRVUHVSHFWR
DHQFRQWUDUVROXFLRQDVXSUREOHPDWLFDH[LVWHQFLDOKXPDQDJHQHUDQGRSHFDGR\GHVFRQH[LRQFRQ'LRV6HQRVPXHVWUDSRUORTXHHVWDPRV
YLHQGRTXHODSXHVWDHQPDUFKDGHO6DQWXDULRGHO3ULQFLSH0HVLDV'QFISSFIUHVXHOYHODVLWXDFLRQGH
SHFDGRFUHDGD6LQHPEDUJRQRWHVHTXHODDERPLQDFLRQ:4DYL^VLTTXF`QRSXHGHUHFLELUWUDWDPLHQWRSRUFXDQWRVHWUDWDGHXQDVXQWR
UHDOL]DGR SRU XQVLVWHPD GH SHQVDPLHQWR TXH QR DGPLWH DUUHSHQWLPLHQWR \ TXH VH SUHVHQWD FRPR DOJR TXH VH SHUSHWXD LQDOWHUDEOH HQ HO
WLHPSR KDVWD HO ILQ (VD REUD GHO 0HVLDV FRQVHJXLUD WHUPLQDU FRQ HO SHFDGR \ OD SUREOHPDWLFD GH OD KXPDQLGDG MXQWR D ODV SUHYDULFDFLRQHV
SURYRFDGDV HQ RWURV SRU HO &XHUQR LQFOXVR DXQ DQWHV GH TXH HO &XHUQR YHQJD D VX H[LVWHQFLD \ KDJD VX REUD GHVHVWDELOL]DGRUD VREUH HO
6DQWXDULRGH'LRV(QHIHFWRHVDREUDGHO3ULQFLSH0HVLDVDORVDQRVGHODVDOLGDGHODRUGHQGLYLQDHQODHSRFD3HUVDFRQORVDXVSLFLRV
GHFUHWDGRVSRUORVSURSLRVPRQDUFDVORJUDHOILQGHOSRGHUGHOSHFDGR\VXHOLPLQDFLRQHQORTXHVHUHILHUHDVXSDUWHDFWLYDHQHOOR\WHQGUD
VXILQGHILQLWLYRHQEDVHDHVDREUDUHGHQWRUDSOHQDVXILFLHQWH\YDOLGDSDUDVLHPSUHTXHUHDOL]RHQODVHSWXDJHVLPDVHPDQDGHDQRVDOILQDO
GHOWLHPSRFXDQGRHVWHVHUPRUWDOVHDYHVWLGRGHLQPRUWDOLGDG\HVWHVHUFRUUXSWRVHDYHVWLGRGHLQFRUUXSWLELOLGDGHQRFDVLRQGHOD6HJXQGD
9HQLGDGHO0HVLDVFID&RU
7DPSRFRROYLGHPRVORKHPRVYLVWR\ORYHUHPRVDKRUDWRGDYLDPDVFODURIXHUDGHHVWDQRWDODDSDUHQWHSDUDGRMDGHFRPRODDFWXDFLRQGHO
&XHUQRTXHOOHJDKDVWDHOILQGHOD&XDUWD%HVWLDHVGHFLUKDVWDHOPLVPRILQGHOPXQGRTXHFRQRFHPRVUHFLEHVXPHUHFLGRDOILQDOGHORV
DQRVXQMXLFLRFRQGHQDWRULR'QFI'QFI'QUDWLILFDQGRTXHVX
SHUGLGDGHGRPLQLRDOILQDOGHORVDQRVHVGHILQLWLYDLQGHSHQGLHQWHPHQWHGHODFXUDFLRQGHODKHULGDLQIOLJLGDHQODHSRFDGHODUHYROXFLRQ
QRUWHDPHULFDQD\IUDQFHVDTXHVHUDH[FHSFLRQDOEUHYH\FR\XQWXUDO$SFI'Q
>@
3XHGHYHUVHQXHVWURFRPHQWDULRD'DQLHOFXDQGRDQDOL]DPRVORVWH[WRVGH'DQLHO
>@
$XQTXHVDFULILFRFHUGRVHQHOWHPSORIXHYHQFLGRSRUORV0DFDEHRVFRQORTXHLPSRVLELOLWDVHUHVH&XHUQRSHTXHQRTXHVHJXQHOWH[WR
SURIHWLFRWHQLDTXHYHQFHU\QRVHUYHQFLGR
>@
(O5H\GHO6XUUHSUHVHQWDDOFRQFHSWR(VWDGRTXHVHGHVDUUROODHQODKLVWRULDSUHWHQGLHQGRSRVHHUODDXWRULGDGVXSUHPDHQSXJQDFRQOD
LGHRORJLD SROLWLFR  UHOLJLRVD GHO 5H\ GHO 1RUWH 6H WUDWD GH VLVWHPDV TXH LPSRQHQ OD GLUHFFLRQDOLGDG HQ OD KLVWRULD (Q RFDVLRQHV HO FRQFHSWR
(VWDGRKDVLGRIRUMDGRRULHQWDGRSRUODLGHRORJLDSROLWLFRUHOLJLRVDTXHHQFDUQDHO5H\GHO1RUWHR&XHUQRSHTXHQRRUH\$OWLYRGHURVWUR(Q
RWUDVHO5H\GHO6XUVHGHVOLJDGHODLQIOXHQFLDGHO5H\GHO1RUWH'HFXDOTXLHUIRUPDSUHWHQGHQXQLUVHHQXQDFDXVDFRPXQSHURQRORJUDQ
SHUSHWXDUVH DXQ FXDQGR HQ FLHUWRV PRPHQWRV KLVWRULFRV SUHWHQGHQ DFWXDU DO XQLVRQR YHU VREUH HVWRV DVSHFWRV D$QWROLQ 'LHVWUH *LO HQ/D
YRFDFLRQGHSRGHUHQODHUDGHODJOREDOL]DFLRQ\HOVHQWLGRGHODKLVWRULDLPSULPH/XVDU=DUDJR]DHGLFLRQ
(VWRVVLVWHPDVGHPDOGDGWLHQHQXQRULJHQVDWDQLFR\FRQWDPLQDQFRQGLFKDLGHRORJLDHOHVSHFWURPXQGLDO
>@
 /D SUHYDULFDFLRQ VH FRQILJXUD GH DFXHUGR DO WH[WR FI   SRU OD REUD GHO FXHUQR HQ FRQWUD GHO &RQWLQXR \ GHO 6DQWXDULR GHO
3ULQFLSH
>@
(VHYLGHQWHTXHORTXHVHSUHGLFHHQFXDQWRDTXHVHOHTXLWDUDODYLGDDO0HVLDVGHVSXHVGHODVVHPDQDVVHFRQILUPDHQSS
(VXQDEDUEDULGDGHQFUHDURWURSULQFLSHSDUDHVHY(LGHQWLILFDUORFRPRKDFHODWHRULDHVSHFXODWLYDGLVSHQVDFLRQDOLVWDFRQHODQWLFULVWR
GHVJDMDQGRGHOEORTXHODXOWLPDVHPDQDGHODV/DQRHVSHFLILFDFLRQGHFXDQGRVHOHTXLWDODYLGDDO0HVLDVHQH[LJHUHVSHFWRDO
FXPSOLPLHQWR WLSRORJLFR OD PLWDG GH OD VHPDQD GH DQRV FRQWHPSODGR HQ  /D DXVHQFLD GH DUWLFXOR HQ HO SULQFLSH GHO Y  HV SURSLD GHO
HVFULWR SRHWLFR WDO FRPR DTXL VH UHIOHMD ,QGHSHQGLHQWHPHQWH GH TXH OD VLQJXODULGDG GH HVWH 3ULQFLSH 0HVLDV KD VLGR \D LQWURGXFLGD HQ 
8WLOL]DU GHVSXHV HO WDSDERFDV GH TXH HO 0HVLDV -HVXV QR FRQILUPR HO SDFWR FRQ PXFKRV HQ HVD PLWDG GH OD VHPDQD HV RWUD EDUEDULGDG GH
SURSRUFLRQHVPD\RUHV'LJDQPHHVWRVTXHDVLSLHQVDQ"'HTXHIRUPDTXLWRHOSHFDGRHO0HVLDVFXDQGRYLQRVLWRGDYLDVLJXHH[LVWLHQGR""<
GHTXHPRGRVHKDFHH[WHQVLYRHOTXHVXVDFULILFLRORKD\DVLGRSDUDWRGRHOPXQGR"6LELHQODREUDGHHOLPLQDUHOSHFDGRVHUHDOL]DHQODFUX]
HQ OR TXH VH UHILHUH D TXH OD REUD GH -HVXV HV VXILFLHQWH FRPSOHWD \ YDOLGD SDUD VLHPSUH QR VH SUHFLVD UHSHWLU QLQJXQ RWUR VDFULILFLR QR HV
PHQRVFLHUWRTXHODDSOLFDFLRQDFWLYDHOPLQLVWUDUHLQWHUFHVLRQGH-HVXFULVWRVHVLJXHUHDOL]DQGRKDVWDTXHODHOLPLQDFLRQGHILQLWLYDGHOSHFDGR
FI5PHQEDVHDHVHXQLFRVXILFLHQWHFRPSOHWR\YDOLGRSDUDVLHPSUHVHKDJDGHDFXHUGRDOSODQGH'LRVHVWDEOHFLGRHQVX3DODEUD
<HVWRSRUTXHGHDFXHUGRDOGHUDVSHVHUVHQWDUVHDODGLHVWUDGH'LRVVHH[LJHODLGHDFRPSOHPHQWDULDGHOVDOPR3DUDDFDEDUFRQORV
HQHPLJRVGH'LRVFI0W-QFI+EFI+E<ORVHQHPLJRVGH'LRVGHDFXHUGRDD&RU
ODHSLVWRODDORV+HEUHRV\HO$SRFDOLSVLVVRQHOSHFDGRODPXHUWHORVVLVWHPDVGHPDOGDG\HO'UDJRQR$GYHUVDULR
'H HVH PLVPR PRGR OD EDVH GHO 1XHYR 3DFWRFRQPXFKRV VH UHDOL]D HQ OD FUX] \ VH KDUD H[WHQVLYR UHDOPHQWH D PXFKRV FRQIRUPH VH
SURSDJDQODVFODXVXODV\FRQGLFLRQHVGHHVH3DFWRYLVXDOL]DQGRVHHQWRQFHVFRQIRUPHVHYDDFHSWDQGRGHTXHHQORTXHLPSOLFR\VLJQLILFROD
&UX]HQHVDPLWDGGHODVHPDQDGHDQRVVHFRQILUPRHOSDFWRDPXFKRV/DREUDGH&ULVWRVLUYLR\DGHVGHHVHHQWRQFHVGHVGHODSUHGLFDFLRQ
DSRVWROLFDSDUDFRQILUPDUHOSDFWRDPXFKRV(QEDVHDVXREUDFXOPLQDGDHQHOVDFULILFLRGHDVXPLUODFUX]YROXQWDULDPHQWHVHKDFHSRVLEOH
GHVGHHQWRQFHV\FRQIRUPHVXWHVWLPRQLRVHIXHH[WHQGLHQGRSDUDKDFHUHOSDFWRFRQPXFKRV
>@
3XHVWRTXHWRGDODHFRQRPLDULWXDOVLPEROL]DEDD&ULVWRQRWHQLDYDORUVLQHO&XDQGRORVMXGLRVVHOODURQVXGHFLVLRQGHUHFKD]DUD&ULVWR
HQWUHJDQGROH D OD PXHUWH UHFKD]DURQ WRGR OR TXH GDED VLJQLILFDGR DO WHPSOR \ VXV FHUHPRQLDV 6X FDUDFWHU VDJUDGR GHVDSDUHFLR 4XHGR
FRQGHQDGRDODGHVWUXFFLRQ$OGDUPXHUWHD&ULVWRORVMXGLRVGHVWUX\HURQYLUWXDOPHQWHHOWHPSOR7HRORJLDUHSUHVHQWDWLYD^ 75`'7*(:

(VDFLWDFRUURERUDQXHVWUDRSLQLRQGHTXHHVHO3XHEORGHO3ULQFLSHTXHKDGHYHQLUHO3ULQFLSH0HVLDVHVHOTXHYLHQH\HO3XHEORGHHVH
3ULQFLSHTXHYLHQHHV,VUDHOUHSUHVHQWDGRHQVXVGLULJHQWHVHVHOTXHGHVWUX\HVXSURSLDFLXGDG\HOWHPSORFXDQGRGHVSURWHJLHQGRVHUHVSHFWR
GH OD YHUGDG RULHQWD VX YLGD SROLWLFD IXHUD GHO DOFDQFH GHO SRGHU GH 'LRV 3URYRFDQGR D TXH HO SRGHU DO TXH HVWD VRPHWLGR HMHFXWH OD
GHVWUXFFLRQ
>@
 'RPLQJR 0XQR] /HRQ'HUDV ORV FDPLQRV \ VHQWLGRV GH OD 3DODEUD 'LYLQD HQ OD (VFULWXUD &RQVHMR 6XSHULRU GH ,QYHVWLJDFLRQHV
&LHQWLILFDV0DGULGS
(ODXWRUGHHVWDFLWDORLQFOX\HHODVSHFWRWLSRORJLFRGHQWURGHODLQWHUSUHWDFLRQGHUDVLFD
>@
(OYDORUGHMXLFLRHQHOGLDGHODVH[SLDFLRQHVHVWDDPSOLDPHQWHUHFRQRFLGRSRUHOSHQVDPLHQWRUHOLJLRVRKHEUHR
3RUODDXVWHULGDG\ODVROHPQLGDGGHHVHGLDFRQVDJUDGRH[FOXVLYDPHQWHDODFRQWULFLRQ
(Q HVH GLD GH LUUHYRFDEOH MXVWLFLD GH DPQLVWLD \ JUDFLD VRQ SHUGRQDGRV QXHVWURV SHFDGRV FRQWUD 'LRV \ FRQWUD OD OH\ GLYLQD 
(QFLFORSHGLD-XGDLFD&DVWHOODQD'HFLPRWRPR0H[LFR')S
(QHVHGLDFRPSUHQGLGRGHDFXHUGRDVXUHDOLGDGGHKDEHURQRSHGLGRSHUGRQVHHVSHUDEDXQYHUHGLFWRIDYRUDEOHSDUDDTXHOORVTXHKDELDQ
SXHVWRVXFRQILDQ]DHQODH[SLDFLRQ
>@
1RWHQVHELHQORVGLIHUHQWHVPRPHQWRVGHHVWH-XLFLR\VXUHODFLRQFRQHOSHULRGRGHKHJHPRQLDUHVSHFWRDODHQWUHJDGHOSXHEORGHORV
VDQWRVDO&XHUQR(Q'DQLHOVHQRVH[SOLFDHOWLHPSRHQTXHHO&XHUQRFRQILJXUDSUR\HFWD\ILMDHQODKLVWRULDVXVFRQWHQLGRVLGHRORJLFRV
IUHQWHDODLGHRORJLDGHO*RELHUQRGH'LRVWHQLHQGRODSRVLELOLGDGGHLPSRQHUVH\SHUVHJXLUDOSXHEORGHORV6DQWRV8QDYH]
WUDQVFXUULGRHVWHSHULRGRHVGHFLUSRVWHULRUPHQWHVHQRVGLFHTXHHO-XH]VHVLHQWD\TXHHQWRQFHVVHOHTXLWDHOGRPLQLRDFXPXODGRSRUHO
&XHUQR\HVWRKDVWDOOHJDUDVHUGHVWUXLGR\DUUXLQDGRKDVWDHOILQXS
/DKHJHPRQLD GHO &XHUQR HQ FXDQWR DO SXHEOR GH 'LRV \ DLPSRQHUVH D ODV QDFLRQHV HQ VXV SUHWHQVLRQHV GH KDEHU UHFLELGR OD DXWRULGDG
VXSUHPDSRUSDUWHGH'LRVVHGLFHTXHKDGHGXUDUDQRV6LELHQHVWRVHUHDOL]DGHDFXHUGRDORLQGLFDGRQRHVPHQRVFLHUWRTXHOD
UHSUHVHQWDWLYLGDGGHOSRGHUDFXPXODGRQRORHPSH]DULDDSHUGHUPDVTXHDSDUWLUGHFXDQGRHO-XH]VHVLHQWD\HVWRHVSRVWHULRUDOILQDOGH
ORV  DQRV FI   &XDQGR SRQHPRV HQ SDUDOHOR 'DQLHO  FRQ \ GHVFXEULPRV TXH HO VHJXQGR WLHPSR KLVWRULFR UHIHUHQWH D OD
IXQFLRQDOLGDGGHO6DQWXDULRDQWLWLSRGHO3ULQFLSH0HVLDVFIXSHQEDVHDODWLSRORJLDGHO6DQWXDULRWHUUHQDOHPSLH]DD
FXPSOLUVHDSDUWLUGHKDEHUVHFRPSOHWDGRDQRVFRPSUREDPRVTXHHO-XLFLRGH'DQLHOVHXELFDSUHFLVDPHQWHHQHVHPLVPRPRPHQWR
KLVWRULFR'Q\HVODRWUDSLH]DIXQGDPHQWDOTXHVHREWLHQHHQEDVHDODWLSRORJLDGHO6DQWXDULRWHUUHQDO
>@
3DUDXQHVWXGLRDPSOLRGHODXELFDFLRQFRQVXOWHVHQXHVWURFRPHQWDULRD'DQLHO
>@
 6L ELHQ HO &XHUQR KD FRPHWLGR SUHYDULFDFLRQ \ HQ 'DQLHO  VH LQFOX\H HVWH WLSR GH SHFDGR FRPR WUDWDGR SRU HO 0HVLDV HV SUHFLVR
PDWL]DU TXH ODSUHYDULFDFLRQ FRPHWLGD SRU HO &XHUQR \ TXH OH SHUPLWH LQVWDODU OD DERPLQDFLRQ HV LQFXUDEOH SXHVWR TXH VH WUDWD GH OD
SUHYDULFDFLRQGHO&XHUQRTXHUHVXOWDHQDERPLQDFLRQ$KRUDELHQODVSUHYDULFDFLRQHVTXHFRPHWHQORVVHUHVKXPDQRVTXHVRQHQJDQDGRV
SRUODSUHYDULFDFLRQGHO&XHUQRSHURTXHOOHJDQDDUUHSHQWLUVHFRPRFRQVHFXHQFLDGHFRQRFHU\DFHSWDUDO3ULQFLSH0HVLDVFRQVX&RQWLQXR
\6DQWXDULRHVRHVWUDWDGRSRUHO0HVLDV\UHFLEHVROXFLRQ
>@
 6H FRQGHQD VX ODERU UHVSHFWR DO 3XHEOR GH 'LRV +DVWD TXH QR VH DFFHGH DO HVWXGLR GH OD SURIHFLD XQR SRGULD SHQVDU HQ HO FDVR GH
DTXHOORVTXHVHDSDUWDQGHODLQIOXHQFLDHVSLULWXDOGHO&XHUQRTXHGHDFXHUGRDODVSDODEUDVGHO&XHUQRHVFRPRUHSUHVHQWDQWHGH'LRVTXHVH
SUHVHQWDTXHXQRSRGULDHVWDUHTXLYRFDGR'LRVFRQGHQDDO&XHUQRUHVSHFWRDTXHVXVSUHWHQVLRQHVVHDQYHUGDG'LRVFRQGHQDDO&XHUQR
UHVSHFWR D TXH LPSDUWD VHJXULGDG HQ OD VDOYDFLRQ 'LRV FRQGHQD DO &XHUQR SRU OD FRQGXFWD KDFLD VX 3XHEOR 'LRV FRQGHQD DO &XHUQR D VHU
LGHQWLILFDGRFRPRHVVLQFDPXIODMHV'LRVFRQGHQDDO&XHUQRDSHUGHUWRGRORTXHFRQVHJXLGRFRQVXVHQJDQRV'LRVFRQGHQDDO&XHUQR\D
ORTXHLPSOLFDDTXHQRSXHGDVHUMX]JDGRHQODPLVPDQDWXUDOH]DGHMXLFLRFRQTXHVRQMX]JDGRVORVFUH\HQWHVIDYRUDEOHPHQWH
$OFRQGHQDUDO&XHUQRFXDQGRORFRPSUHQGHPRVVHQRVGDVHJXULGDGDGLFLRQDOUHVSHFWRGHQXHVWUDFRQGLFLRQHVSLULWXDOFULVWLDQD
>@
6REUHHOYDORUGHHVRVGLDVSURIHWLFRVYHGQXHVWURFRPHQWDULRD'DQLHO
>@
 5HFRUGDPRV DOJXQDV FRVDV LQGLFDGDV 'HUDVLFR SURFHGLPLHQWR LQWHUSUHWDWLYR GHGHUDV (VFRJHPRV HVWD SDODEUD HQ OXJDU GHPLGUDV
FRQ OD PLVPD UDL] TXHGHUDV DXQ D VDELHQGDV TXH DTXHOOD UHVSRQGH D OD H[HJHVLV TXH SUDFWLFDED HO MXGDLVPR DQWLJXR HQ OD EXVTXHGD GHO
VHQWLGRGHOD%LEOLDXWLOL]DQGRWHFQLFDV\SURFHGLPLHQWRVGHWHUPLQDGRV3HURVHJXLPRVD$'LH]0DFKR\DRWURVHQXQLQWHQWRGHVXSHUDU
ODSROHPLFDHQWUHPLGUDV\GHUDVGHMDQGRPLGUDVSDUDORTXHVHOODPD0LGUDVLP\QRVDOHMDPRVGHODSRVLEOHFRQIXVLRQTXHWUDHODSDODEUD
PLGUDVHQFXDQWRDFLHUWRVPRGRVGHLQWHUSUHWDFLRQHVIDQWDVLRVDVTXHSXHGHLQFOXLU
'HUDVYLHQHGHODUDL]KHEUHDGUVFX\RVLJQLILFDGRIXQGDPHQWDOHVEXVFDU3DUDQXHVWURSURSRVLWRGLJDPRVTXHSRU'HUDVHQWHQGHPRVOD
IRUPDGHEXVTXHGDDFHUFDPLHQWRUHFXUVR\WUDWDPLHQWRUHVSHFWRGHOWH[WRELEOLFRSRUSDUWHGHOMXGDLVPR\GHOQDFLHQWHFULVWLDQLVPR'HUDV
LPSOLFDIXQGDPHQWDOPHQWHHPSOHRLQWHUSUHWDFLRQ\DFWXDOL]DFLRQGHOD(VFULWXUDHQVXFXDOLGDGGH3DODEUDGH'LRVSDUDWRGRVORVWLHPSRV\
FRQSOHQLWXGGHVHQWLGRHVSHFLDOPHQWHHOVHQWLGRPHVLDQLFR'RPLQJR0XQR]/HRQ'HUDVORVFDPLQRV\VHQWLGRVGHOD3DODEUDGLYLQDHQ
OD(VFULWXUDRSFS
>@
,GS
>@
,GS
>@
,GS
>@
5HVSHFWRDODYDULDQWHGH0DWHRHQOXJDUGHKLMRGHOEHQGLWRRCXLCRMWRXHXYORJKWRXYLHQHSRUKLMRGH'LRVRCXLCRMWRX
THRX$(QUHDOLGDGHOVLJQLILFDGRHVHOPLVPR
>@
9DULDQWHGH0DWHR
>@
$JXVWLQ GHO$JXD 3HUH] HQ (OPHWRGRPLGUDVLFR\ODH[HJHVLVGHO1XHYR7HVWDPHQWR ,QVWLWXFLRQ 6DQ -HURQLPR 9DOHQFLD  SS
FRPHQWD
3RUORTXHVHUHILHUDDVXXVRHQHO1XHYR7HVWDPHQWRODH[SUHVLRQ+LMRGHO+RPEUHKD\TXHVLWXDUODHQODWUDGLFLRQDSRFDOLSWLFDMXGLD
GRQGHDSDUHFHSRUSULPHUDYH]FRPRILJXUDHVFDWRORJLFDHQ'DQLHOV
&UHHPRVSRUWDQWRTXHORVORJLDGHO+LMRGHO+RPEUHFRQWLHQHQXQGHUDVSHVHUSRUHOTXH-HVXVVHLGHQWLILFDFRQODILJXUDPHVLDQLFDGHO
+LMRGHO+RPEUHGHODWUDGLFLRQDSRFDOLSWLFDWDQWRHQORVORJLDTXHVHUHILHUHQDVXDFWXDFLRQSUHVHQWHFRPRDVXYHQLGDHQODSDUXVLD!!
>@
 5HFXHUGHVH TXH OD XELFDFLRQ GHO -XLFLR HV SRVWHULRU DO RULJHQ GH OD GLYLVLRQ HQ HO FXDUWR UHLQR \ GHVSXHV GH TXH VH KD H[WHQGLGR HQ OD
KLVWRULDWRGRORUHODWLYRDODREUDGHGRPLQLRSHUVHJXLGRUVREUHHOSXHEORGH'LRVTXHHIHFWXDHO&XHUQR
>@
/RVGLIHUHQWHVFRPHQWDULVWDVFRPSUHQGHQTXH-HVXVHVWDDOXGLHQGRD'DQLHOHQORVSDVDMHVGH0DUFRV0W/F
 9HU$JXVWLQ GHO$JXD 3HUH] (O 0HWRGR 0LGUDVLFR \ OD H[HJHVLV GHO 1XHYR 7HVWDPHQWR RS F SS    'RPLQJR 0XQR]
/HRQ HQ 'HUDV!!!RSFS0-/DJUDQJH(YHQJLOHVHORQ6DLQW0DUF/LEUDLULH9LFWRU/HFRIIUH*DEDOGD(GLWHXU3DULV
SSWDPELHQ&ODXGH7UHVPRQWDQW(YDQJLOHGH0DUF2(,/3DULVSSHQVXFRPHQWDULRD0DWHR
LQWHUSUHWDGHOPLVPRPRGRLGHQWLILFDDO+LMRGHO+RPEUH-HVXVFRQHO+LMRGHO+RPEUHGH'DQLHO3%RQQDUG(YDQJHOLRVHJXQ6DQ
0DWHRHGLFLRQHV&ULVWLDQGDG0DGULGS1XHYR&RPHQWDULR%LEOLFR6DQ-HURQLPRHG9HUER'LYLQR(VWHOOD^1DYDUUD`
SS
>@
9HGQRWD
>@
1RFUHHPRVFRQYHQLHQWHVHQDODUDTXLHOMXLFLRTXHKDGHH[SHULPHQWDUWDPELHQHO&XHUQR3HTXHQR\DKHPRVH[SOLFDGRHQRWUROXJDUHQ
TXHFRQVLVWHHVHMXLFLRFRQWUDXQVLVWHPDFRPRHO&XHUQR3HURHVSUHFLVRUHFDOFDUODQDWXUDOH]DGHO-XLFLRLQGLFDGRHQHOWH[WRGH'DQLHO
UHVSHFWRDO3XHEORGH'LRV
>@
/RVFRPHQWDULVWDVGHMDQFODURTXHQRVHWUDWDGHXQYHUFRQORVRMRVQDWXUDOHVVHWUDWDGHXQDYLVLRQSRUFRPSUHQVLRQGHORVHOHPHQWRV
HVFDWRORJLFRVTXH-HVXVFLWDYHUVREUHHVWRD/DJUDQJHRSFWDPELHQD7D\ORU
>@
9HGQRWD
>@
9HUFDSLWXOR,GHOD3ULPHUDSDUWHGRQGHKHPRVSUHVHQWDGRXQDVHPEODQ]DGHODREUD\RULJHQFHOHVWHGHO0HVLDVHLGHQWLILFDGRFRQHO
+LMRGHO+RPEUHFHOHVWHGH'DQLHO(VH0HVLDVVHSUHVHQWDFRPRFXPSOLHQGRXQDPLVLRQTXHDEDUFDHOFLHOR\ODWLHUUD
>@
9HUWRGRVORVWH[WRVTXHKHPRVDQDOL]DGRHQORVGLIHUHQWHVFDSLWXORVDQWHULRUHVGRQGHDERUGDPRVODREUDGHO0HVLDVFHOHVWLDOYLQLHQGRD
HVWDWLHUUD
>@
(Q(O(YDQJHOLRVHJXQ-XDQRSFS
>@
1RVRWURVHVWDPRVGHDFXHUGRFRQHVWDGLIHUHQFLDFLRQTXH%URZQUHDOL]D,GS$XQTXHQRHVWDPRVGHDFXHUGRTXHHVWRVHDSRU
FXDQWRXQRVSDVDMHV\RWURVSHUWHQH]FDQDGRVWUDGLFLRQHVMRDQLFDVGLVWLQWDV6LPSOHPHQWH-XDQSUHVHQWDIUHFXHQWHPHQWHHQVXHYDQJHOLRHO
YDORUH[LVWHQFLDO\SHUVRQDOGHOFRQWHQLGRGHODSUHGLFDFLRQGH-HVXVGHDSOLFDFLRQLQPHGLDWDSDUDFDGDRLGRU\OHFWRUXQLGRDODVSHFWRIXWXUR
GHHVRVPLVPRVYDORUHVWHUPLQRORJLFRVDSOLFDEOHVHQODHSRFDILQDOSDUDWRGRHOFROHFWLYRGHFUH\HQWHV
6LREVHUYDPRV-Q\ORFRPSDUDPRVFRQ-QUHVSHFWRDOWHPDGHOMXLFLRHQFRQWUDPRVXQDGREOHLQIRUPDFLRQTXHSDUHFHHVWDUHQ
RSRVLFLRQHO3DGUHQRMX]JDWRGRHOMXLFLRKDVLGRGDGRDO+LMRGHO+RPEUHPLHQWUDVTXHHQVHQRVDVHJXUDTXHHOQRKDYHQLGRDMX]JDU
DO PXQGR VLQR D VDOYDUOR< HVWR XOWLPR SDUHFHULD HQWUDU HQ FRQWUDGLFFLRQ FRQ  TXH KDELHQGRVH LQWURGXFLGR HQ HO FRQWH[WR GHO +LMR GHO
+RPEUH   VH QRV GLFH TXH DKRUD HQ HO HQWRQFHV TXH -HVXV HVWD YLYLHQGR HV HO MXLFLR GH HVWH PXQGR 3HUR HVWD DSDUHQWH
FRQWUDGLFFLRQDXPHQWDHQFXDQWRDODQDWXUDOH]DGHOMXLFLRFXDQGRFRPSDUDV-XDQFRQ(VHMX]JDUGHOPXQGRTXHQRKDYHQLGR
DUHDOL]DU-HVXV\TXHHQVHSURGXFHHQHODKRUDGHODSUHVHQFLDGH-HVXVVHQRVLQIRUPDHQTXHVLELHQHOMX]JDUDOPXQGRQROR
OOHYDDFDER-HVXVHQWRQFHVSRUTXHQRKDYHQLGRDHVRVLVHOHMX]JDUDHQFXDQWRDORVTXHOHUHFKDFHQGHHVHPXQGR\ORKDUDHQHOGLD
SRVWUHURVXSURSLDSDODEUDTXHQRFUH\HURQ
$ODQDOL]DU\FODULILFDUHVWRVWH[WRVWHD\XGDDFRPSUHQGHUWRGDODGLPHQVLRQGH-XDQ(QHIHFWR
6HQRVLQIRUPDTXHQRHVHO3DGUHHOTXHMX]JDVLQRHO+LMR
7RGRHOMXLFLRVHOHKDGDGRDO+LMR$TXLWRGRHVVLJQLILFDWLYRSRUTXHVLELHQHOMXLFLRGHO+LMRGHOKRPEUHQRFRUUHVSRQGHDHVWDSDUWH
GHOWRGR \D TXH QR KD YHQLGRD MX]JDU DO PXQGR FRPR MX]JDQGR D ODV SHUVRQDV TXH OR FRPSRQHQ  HVWH MXLFLR GH ODV SHUVRQDV
FRUUHVSRQGHDODVHJXQGDSDUWHGHOWRGRDOMXLFLRSRVWUHURGHO+LMRGHO+RPEUH-Q
1RKDYHQLGRDMX]JDUDODVSHUVRQDVGHOPXQGRSHURODLGHRORJLDGHOPXQGRTXHGDMX]JDGDSRUODLGHRORJLDGHO5HLQRTXH-HVXV
SUHGLFD
6LELHQQRKDYHQLGRDMX]JDUDODVSHUVRQDVGHOPXQGR-QHVWRVHKDUDHQORSRVWUHURGHOWLHPSRODSDODEUDGHO5HLQRFI0F
  0W  FI -Q    TXH -HVXV WUDH MX]JD ORV YDORUHV GHO PXQGR -Q  OD PDQHUD GH SHQVDU \ GH VHU GHO PXQGR
FRQGHQDQGROR
(OMXLFLRGHO+LMRGHO+RPEUHGHOGLDSRVWUHUR
6LELHQKD\XQMXLFLRHQHOSUHVHQWHGH-HVXVFRQVLVWHQWHHQMX]JDUORVYDORUHVGHOPXQGR-QHOMXLFLRGHO+LMRGHO+RPEUH-Q
FRUUHVSRQGHDOTXHQRVLQGLFDHO+LMRGHO+RPEUHTXHSRGHPRVFRQWHPSODUHQHOFLHORFI-QGHDFXHUGRDODSURIHFLDGH'DQLHO
'Q\TXH-HVXVGHWHUPLQDFRPRVLHQGRHOGHOGLDSRVWUHUR-Q
"<SRUTXH\FRPRORSRGHPRVFRQWHPSODUHQHOFLHOR"
8QDYH]PDVODUHIHUHQFLD+LMRGHO+RPEUHQRVDYLVDUHVSHFWRDOUHFXUVRGHUDVLFRTXH-HVXVSXHGHHVWDUXWLOL]DQGRSDUDTXHQRVYROYDPRVDO
+LMRGHO+RPEUHGH'DQLHO\GHVFXEUDPRVWRGDODGLPHQVLRQGHOPHQVDMHSURIHFLDSURPHVDFRQWHQLGDHQODIRUPXODFLRQ+LMRGHO+RPEUH
>@
1RWHVHHQODYHUVLRQGH0DWHRVREUHHOMXLFLRILQDO
6HLQVHUWDHOMXLFLRGHH[DPHQVREUHTXLHQVHKDSURYLVWRGHOYHVWLGRGHERGDGHQWURGHXQSURFHVRWHPSRUDOTXHYDGHVGHHODYLVRDORVTXH\D
KDELDQVLGRLQYLWDGRV\HQSULQFLSLRKDELDQGLFKRVLDODVERGDKDVWDODGHVWUXFFLRQGHXQDFLXGDGUHSUHVHQWDWLYD\ODLQYLWDFLRQDWRGRVORVTXH
HQFRQWUDUDQEXHQRV\PDORV
1RWHVHTXHODERGDUHSUHVHQWDORVSULQFLSLRVGHO5HLQRFRQORVTXHVHKDXQLGRPLVWLFDPHQWHHO+LMRGHO5H\(OYHVWLGRGHERGDUHSUHVHQWDHO
FDUDFWHU\ODMXVWLFLDGHO+LMRXQLGRFDVDGR FRQ ORV SULQFLSLRV GHO 5HLQR (O DFHSWDU HOYHVWLGRVXSRQHDFHSWDUDO+LMRFRQORVSULQFLSLRVGHO
5HLQR(VHH[DPHQGHO5H\GRQGHREVHUYDDXQFDPXIODGRVLQHOYHVWLGRGHERGDFRPRKDELHQGRUHFKD]DGRODLGHRORJLD\PLVLRQGHO+LMR
DFRQWHFHDSDUWLUGHXQFLHUWRPRPHQWRGHODKLVWRULD\WUDQVFXUULHQGRWRGDYLDODYLGDGHORVLQYLWDGRVDODVERGDV/RVLQYLWDGRVVHYHQHQOD
WLHUUD
>@
&RPRLQGLFD&'*LOOLVHQ&RPHQWDULRVREUHOD(SLVWRODDORV+HEUHRV&DVD%DXWLVWDGH3XEOLFDFLRQHVS
>@
9HU5$(QHURSRSFHQQRWD
>@
*HRUJHV6WHYHQ\5$(QHURS
>@
9HGSS
>@
9HUVREUHHVWRD+2UWRQ:LOH\/DHSLVWRODDORV+HEUHRVS
>@
 - +HULQJ/
(SLWUH DX[ +HEUHX[   RS F S  TXH HO  0HVLDV SUHSDUD HO UHLQR GHO 3DGUH SRU OD VXPLVLRQ GH ORV HQHPLJRV
GHVDUUROODQGRVHHQWUHOD$VFHQVLRQ\OD3DUXVLD
>@
 /D LGHQWLILFDFLRQ GH HVWD SURIHFLD DSRFDOLSWLFD UHVSHFWR DO VLVWHPD GH PDOGDGFXHUQR SHTXHQR GRQGH VH DSRUWDQ GHWDOOHV
FRPSOHPHQWDULRVVHHQFXHQWUDHQ$SRFDOLSVLVXS$KLVHREVHUYDTXHORTXH WUDVFLHQGHDOGRPLQLRRDXWRULGDGFXHUQRSHTXHQRRD
ODVFDEH]DVRDODFDEH]DTXHUHFLEHODKHULGDPRUWDOUHSUHVHQWDWLYDHQVXHSRFDGHODEHVWLDDSRFDOLSWLFDKDVLGR\HVHO'UDJRQ$S
  DO TXH VH OH LGHQWLILFD FRQ HO 'LDEOR R 6DWDQDV RVHUSLHQWH DQWLJXD $S   FI   3HUR VL VH SUHVWD DWHQFLRQ DO UHODWR
FRPSUREDPRVXQDOXFKDHVSLULWXDOHQWUHHO+LMRTXHKDELDHVWDGRHQHVWDWLHUUD\TXHKDELDDVFHQGLGRDOFLHOR$SXSXS\HO
'UDJRQ  8QD YH] DVFHQGLGR DO FLHOR VH SURVLJXH OD OXFKD HVSLULWXDOFRPEDWH FRQ HO QRPEUH GH 0LJXHO FRQWUD HO RULJLQDGRU GH WRGD
PDOGDG 'UDJRQ TXH HQJDQD DO PXQGR HQWHUR D ILQ GH DUURMDUOR D OD WLHUUD MXQWR FRQ VXV DQJHOHV $S  (V HYLGHQWH TXH OD SHUGLGD
GHILQLWLYD GH DFFHVR D OD SUHVHQFLD GH 'LRV DUURMDQGROR GHO FLHOR \ OLPLWDQGROR D OD WLHUUD GHODQJHOUHEHOGH FRLQFLGH FRQ OD DVFHQVLRQ GH
&ULVWR$S
(O (YDQJHOLR \D KDELD DQWLFLSDGR HO WULXQIR GH &ULVWR GLFLHQGR TXHDKRUD HO SULQFLSH GH HVWH PXQGR VHULD HFKDGR IXHUD -Q  FI /F
>@
  1RWHVH FRPR XQD YH] HQ OD WLHUUD OOHYD D FDER XQD SHUVHFXFLRQ FRQWUD ORV SULQFLSLRV GHO 5HLQR GH 'LRV 
3RVWHULRUPHQWHDHVDSHUVHFXFLRQHQSURFHVRVHOHD\XGDDODPXMHUDILQGHTXHQRGHVDSDUH]FD$S6LVHREVHUYDHOWLHPSRHQTXH
ODPXMHU HPSLH]D D VHU UHVJXDUGDGD GH ORV DWDTXHV GHO 'UDJRQ GXUDQWH   WLHPSRV SURIHWLFRV HV HO PLVPR TXH OD FDEH]D TXH XWLOL]D OD
%HVWLD'UDJRQFI$SRHOFXHUQRSHTXHQRFI'QGRPLQDVREUHHOSXHEORGH'LRVHQODWLHUUD1RWHVHGHQXHYRHOVHQWLGR
>@
GHODVEODVIHPLDVGHHVWDFDEH]DTXHKDGHUHFLELUXQDKHULGD$S HVGHODPLVPDQDWXUDOH]DTXHODVGHOFXHUQRSHTXHQR
%ODVIHPDFRQWUD'LRVXVXUSDQGRVHVXDXWRULGDGVXSUHPDSUHWHQGLHQGRKDEHUODUHFLELGRGH(O%ODVIHPDFRQWUDVXQRPEUHHVGHFLUFRQWUD
VX FDUDFWHUPRGLILFDQGR VX PDQHUD GH VHU \ GH SHQVDU  %ODVIHPD FRQWUD VX WDEHUQDFXOR HV GHFLU FRQWUD WRGR OR TXH LPSOLFD OD QXHYD
DOLDQ]D\FXOWRGHVGHHO6DQWXDULRFHOHVWLDOFI+E%ODVIHPDFRQWUDORVTXHPRUDQHQHOFLHORHO0HVLDV\ORVDQJHOHVTXH
FRODERUDQHQVXREUDFHOHVWHFRQUHSHUFXVLRQHQODWLHUUD+E
6LVHREVHUYDHVWHHQHPLJRGHQRPLQDGRGLDEORRGUDJRQKDVLGRPDQLDWDGRSRUHOSRGHUGHOHYDQJHOLRGHO5HLQRTXHKDSUHGLFDGRHO0HVLDV
0WFID-QHOSULQFLSHGHHVWHPXQGRKDVLGR\DMX]JDGR-Q&RQODPXHUWHDVXPLGDSRUHO0HVLDVDILQGH
UHVWDXUDUDOKRPEUHGHVWUX\HDOTXHWHQLDHOLPSHULRGHODPXHUWHHVDVDEHUHOGLDEOR+E(QHIHFWRHOSRGHUGHODPXHUWHTXHHO
PDOLJQRLQWURGXMRFRQODUHEHOLRQIXHTXHEUDGRFRQODUHVXUUHFFLRQ\DVFHQVLRQGHO0HVLDVFID&RUFI,VDXSSS
HYLGHQFLDV GH VX WULXQIR VREUH HO SHFDGR \ RULJLQDQGR XQFDPLQR QXHYR +E  FI    SRU HO TXH HO KRPEUH YD D
DOFDQ]DUFRQILDQ]D\VHJXULGDGHQVXOLEHUDFLRQ9DDWHQHUDVXGLVSRVLFLRQOD DUPDGXUDGH'LRVFRQWUDODVDVHFKDQ]DVGHOPDOSHUVRQLILFDGR
HQHOGLDEOR(IFID&RU'XUDQWHWRGRHVWHWLHPSRWHQGUHPRVOXFKDFRQWUDODVSRWHVWDGHVKXHVWHVHVSLULWXDOHVGHPDOGDGHQODV
UHJLRQHVFHOHVWHV(ISHURJUDFLDVDHVHFDPLQRQXHYRTXHHO0HVLDVQRVPXHVWUDHQVXREUDFHOHVWHFREUDUHDOLGDGSUDFWLFDVXREUD
UHGHQWRUD WHUUHVWUH \ HO HYDQJHOLR R OD SDODEUD GH 'LRV QRV RIUHFH SUHFLVDPHQWH HVD UHDOLGDG GH OD PLVLRQ FHOHVWH GHO 0HVLDV D ILQ GH TXH
DSUHQGDPRVDFRPRVHQRVSXHGHDSOLFDUODVLPSOLFDFLRQHVGHHVDPLVLRQ(I
7HQHPRV FODVLILFDGRV ORV GLIHUHQWHV HQHPLJRV  (OGLDEOR RGUDJRQ \ VXV LQVWUXPHQWRV HOSHFDGR \ ODPXHUWH FRQ HO FRURODULR GH OD
HQIHUPHGDG
(OGLDEORFRPRSRWHQFLDTXHGLULJHDORVVLVWHPDVGHPDOGDGTXHVHFRQVWLWX\HQFRPRWDOHVD&RUFXDQGRFLHUWDVLQVWLWXFLRQHV
KXPDQDVUHJLGDVSRUFLHUWRVFROHFWLYRVKXPDQRVVRQWUDVFHQGLGRVSRUODLGHRORJLDGHOGUDJRQ\VXVDQJHOHV
<XQDYH]DFDEDGDHVDHVSHUDGHO0HVLDVDTXHVXVHQHPLJRVVHDQSXHVWRVSRUHVWUDGRGHVXVSLHVWRGRHVRVHUDGHVWUXLGR+EFI
$SFI(]TGDGRHOYDORU\HILFDFLDGHODYLGDLPSHFDEOHFRQODPXHUWHLQPHUHFLGDTXHHO0HVLDVUHDOL]R
HQHODWULR
(OGRPLQLRGHOSHFDGRKHPRVSRGLGRFRQVWDWDUTXH\DQRWLHQHSRGHUVREUHORVTXHSHUPLWLPRVTXHHO(VSLULWX6DQWRDSOLTXHORTXHLPSOLFD\
VLJQLILFDODYLGDLPSHFDEOH\PXHUWHGHO0HVLDV5PSHURVLJXHH[LVWLHQGRHQQXHVWUDQDWXUDOH]D\DXQTXHFRQGHQDGRHQHVWDFI5P
 QR VHUD YHQFLGR GHILQLWLYDPHQWH D -Q    KDVWD TXH HVWH VHU PRUWDO VHD YHVWLGR GH LQPRUWDOLGDG \ HVWH VHU FRUUXSWR VHD
YHVWLGRGHLQFRUUXSWLELOLGDGFID&RU$KRUDELHQHVWDUHDOLGDGILQDOUHVXOWDGHOD DSOLFDFLRQGHODREUDFHOHVWHGHO0HVLDV+E
          VL QRVRWURV QRV OD DSURSLDPRV HQ EDVH D VX YLGD LPSHFDEOH
WUDVPLVRUDGHOPHQVDMHFXUDWLYRGHO5HLQRGH'LRV+EFI\GHOYDORUGHODDVXQFLRQGHODPXHUWHFRPRQHFHVDULDSDUDQXHVWUD
VDOYDFLRQTXHVHYLVXDOL]DDOLJXDOTXHVXYLGDLPSHFDEOHFRPRYLFDULD\UHGHQWRUDFI,VDSS(QHVDREUDDSOLFDGDVHFRQVWDWD
SRUHOTXHVHULJHPHGLDQWHHVWHQXHYRFXOWRSURSLFLDGRGHVGHHO6DQWXDULRFHOHVWLDO+EVVVVTXHORVFRURODULRVGHOSHFDGRVX
SRGHU\ODHQIHUPHGDGVRQYHQFLGRVSXQWXDOPHQWHDXQFXDQGRODHVWUXFWXUDFRQVHFXHQWHGHOSHFDGRSURSLFLHPHGLDQWHODGHJHQHUDFLRQ
HQIHUPL]DHOHQYHMHFLPLHQWR\HODQXQFLRGHODPXHUWHUHYHUVLEOH(VWDFRQVWDWDFLRQODGHOFUH\HQWHHQFXDQWRDTXHHOSHFDGR\DQRWLHQH
>@
SRGHUVREUHHOVHWUDGXFHHQODGHVFRQILJXUDFLRQGHODFRQFLHQFLDFXOSDEOH\VHJXULGDGGHOSHUGRQ+E FRQFLHQFLD
FXOSDEOHTXHDSDUHFHHQWRGRGHVHTXLOLEULRSURYRFDGRSRUFXDOTXLHUWUDQVJUHVLRQGHODOH\GH'LRVHQODSURWHFFLRQUHVSHFWRDODVDOXGILVLFD
PHQWDO\HVSLULWXDODSHVDUGHORVGHVRUGHQHVSURYRFDGRVSRUORVJHQHVFRQWDPLQDGRVSRUHOSHFDGRSXHVWRTXHORVSULQFLSLRVGHO5HLQRGH
'LRVGHO*RELHUQRGH'LRVTXHHO0HVLDVHQVHQR0FFI0WHLPSXOVDGRVGHVGHORTXHLPSOLFD\VLJQLILFDHOPLQLVWHULRGHO
0HVLDVHQVX6DQWXDULR&HOHVWLDO+ESUHYLHQHQ\FRUULJHQ\DDKRUDFI-QODH[LVWHQFLDSURGXFWRGHOSHFDGR
GHWDOPRGRTXHH[SHULPHQWDODVDOXGVDOYDFLRQFRPRXQDDQWLFLSDFLRQGHODGHVWUXFFLRQGHILQLWLYDWDQWRGHOSHFDGRFRPRGHOXOWLPRHQHPLJR
TXHHVODPXHUWH+EFID&RU
1RVHVWDPRVGDQGRFXHQWDTXHKD\XQWUD\HFWRWHPSRUDOGHVGHODPXHUWHGHO0HVLDVSDVDQGRSRUODUHVXUUHFFLRQDVFHQVLRQ\REUDFHOHVWH
KDVWDHOWLHPSRGHSRQHUHQWUHODVFXHUGDVDVXVHQHPLJRV
6LQRVGHWHQHPRVHQHOUHFXUVRGHUDVLFRTXHHODXWRUDORV+HEUHRVHPSOHDGHVFXEULUHPRVTXHQRVHVWDLQYLWDQGRDTXHVLJDPRVHOHVTXHPD
WLSRORJLFRGHO6DQWXDULRWHUUHQDO\TXHODSURIHFLDSURPHVDDQXQFLDGRUDGHFRPRLQWHUSUHWDUHVDWLSRORJLDQRVSURSRQHDILQGHVDEHUHQTXH
FRQWH[WRWHPSRUDO\GHIXQFLRQDOLGDGGHVXREUDFHOHVWHVHUHDOL]DHQXQDXOWLPDHWDSD\GHPRGRSURPLQHQWHODGHVWUXFFLRQGHILQLWLYDGHORV
HQHPLJRVTXH\DKHPRVLGHQWLILFDGR
(QHIHFWRLQVLVWLPRV&XDQGRHODXWRUQRVHVWDOOHYDQGRGHVGHODEDVHGHODREUDWHUUHVWUHGHO0HVLDVGHSXULILFDFLRQGHORVSHFDGRV+E
SSDODSRVLFLRQHVSDFLDO\WHPSRUDOGHHVWDUVHQWDGRDODGLHVWUDGH'LRVHQORVFLHORVXS\ORFRQHFWDDOPLQLVWHULRHQXQ6DQWXDULR
FHOHVWLDO+EFRQODILQDOLGDGGHSRQHUDWRGRVVXVHQHPLJRVSRUHVWUDGRGHVXVSLHV+EFIQRVHVWDLQYLWDQGRDTXH
YD\DPRV DOWLSR \ D FRPR OD SURIHFLD SURPHVD PHVLDQLFD LQWHUSUHWD HO WLSR SDUD TXH DSUHQGDPRV D FRPR VH QRV H[SOLFD HQ HVRV OXJDUHV
PHGLDQWHODWLSRORJLD\ODSURIHFLDTXHYLVXDOL]DODKLVWRULDODPDQHUDFRQTXHVHDFDEDFRQORVHQHPLJRVGHO0HVLDV
>@
'HVSXHVGHDILUPDUHQ+ESSGHTXHQRVHKDELDPDQLIHVWDGRHOFDPLQRDO6DQWXDULRDCJLZQ OXJDUHV6DQWRVR6DQWXDULR^FI
GRQGHDSDUHFHDCJLRQFRPR6DQWXDULRPDUFDQGRODSDXWDOLQJXLVWLFD`\GHWHUPLQDUGLFLHQGR+EPLHQWUDVODSULPHUDWLHQGDWKM
SUZWKMVNKQKMVHUHILHUHDOSULPHUWDEHUQDFXORHVWXYLHUHHQSLHDQDGHODFXDOK>WLMODFXDOWLHQGDRWDEHUQDFXORFRQVXVGRVIXQFLRQHV
FRUUHVSRQGLHQWHVDVXVGRVSDUWHVHVXQVLPERORSDUDEROKSDUDHLYMHOWLHPSRWRQNDLURQSUHVHQWHHYQHVWKNRWD
0RLVHVWHQLDTXHFRQVWUXLUXQ6DQWXDULRFRQIRUPHDXQPRGHORTXHVHOHPRVWUDED\TXHUHVXOWDEDVHUXQWLSRWXSRQ<HQ+HEUHRV
VHOHOODPDDO6DQWXDULRWHUUHQDOXQDFRQWUDSDUWLGDRILJXUDDYQWLWXSDGHOYHUGDGHURDYOKTLQZQ6DQWXDULRD>JLD'HDFXHUGRDODSDXWD
\DLQGLFDGDSRU3DEORHQHVWHFDSLWXORGH+HEUHRVXWLOL]DWDQWRSDUDVHQDODUHOOXJDU6DQWRGHO6DQWXDULRFRPRSDUDHO6DQWXDULRHQJHQHUDOHO
SOXUDOD>JLDFI+EDGHPDVGHTXHSDUD6DQWXDULRXWLOLFHWDPELHQWDOFRPRKHPRVYLVWRRELHQHOVLQJXODUDCJLRQRELHQHOSOXUDO
DCJLZQ/DSDXWDTXHKDPDUFDGRHODXWRUSDUDUHIHULUVHDOOXJDUVDQWLVLPRHVODIRUPXODGREOHGHD>JLDDCJLZQFI+EXS
7RGR HVWR QRV PXHVWUD MXQWR D WRGD OD HSLVWROD TXH HO DXWRU HVWD XWLOL]DQGR OD WLSRORJLD GHO 6DQWXDULR WHUUHQDO SDUD HQVHQDUQRV HO PLQLVWHULR
VDFHUGRWDOGHO0HVLDVHQXQ6DQWXDULRFHOHVWLDOTXHKDELDVLGRDQXQFLDGRSRUODSURIHFLDVPHVLDQLFDVHQHVSHFLDO'DQLHOTXHVHQDODHQXQ
DQXQFLRDFXPSOLUVHHQODKLVWRULDGRVPRPHQWRVKLVWRULFRVTXHWLHQHQTXHYHUFRQODVGRVIXQFLRQDOLGDGHVUHODWLYDVDOSDWURQPDUFDGRSRUOD
IXQFLRQHQHOOXJDU6DQWR\SRUODGHO6DQWLVLPR
>@
9HGD$QWROLQ'LHVWUHHQ(O0HVLDV,GHQWLGDG\0LVLRQ-HVXFULVWRVLQPDVSS
>@
'LYHUVRVDXWRUHVYHQHQHVHMXLFLRPHQFLRQDGRHQ+HEUHRVHOHVFDWRORJLFR(O'LFFLRQDULRGHOD%LEOLDHG+HUGHU%DUFHORQD
DOXGHDOMXLFLRGH+HEUHRV+HEHOMXLFLRVLJXHDODPXHUWHSRUHOSDUDOHOLVPRFRQHOYPXHUWH\DGYHQLPLHQWRGH&ULVWR
KDGHHQWHQGHUVHVLQGXGDGHOMXLFLRILQDOFRO
3LURW&ODPHU/D6DLQWH%LEOH/HWRX]H\HWDQHHGLWHXUV3DULVSWDOFRPRHODQWHULRUSLHQVDHQHO-XLFLRXOWLPR
&2*LOOLVHQ&RPHQWDULRVREUHOD(SLVWRODDORV+HEUHRVRSFSUHVSHFWRD+E&UHRTXHHOSDVDMHVHUHILHUHDOMXLFLRILQDO\
IRUPDOGHWRGRHOPXQGRHOMXLFLRJHQHUDO
'RGVUHILULHQGRVHDODPXHUWHDQDGHFXDQWRWLHPSRGHVSXHVGHODPXHUWHHODXWRUQRORGLFH0DUFRV'RGV7KH(SLVWOH\WRWKH+HEUHZ
LQWKH([SRVLWRU
V*UHHN7HVWDPHQWYRO,91HZ<RU'RGG0HDG &R
$KRUDSUHVWHVHDWHQFLRQ6LHVHPLQLVWHULRFRQWLQXRGXUDGHVGHODDVFHQVLRQKDVWDODHSRFDGHODJHQHUDFLRQTXHHVWDUDYLYDVLQSDVDUSRUOD
PXHUWHHQRFDVLRQGHOD6HJXQGD9HQLGDGH-HVXFULVWR\HO MXLFLRILQDOVHOOHYDDFDERGHVSXHVGHTXHORVKRPEUHVWRPDGRVHQVXFRQMXQWR
TXH KDQ GH PRULUXQD VROD YH] PXHUHQ +E  FI D 3H  HV HYLGHQWH TXH VH HVWD PDUFDQGR FRQ HVHMXLFLR XQD HSRFD OD
HVFDWRORJLFDPHQWHILQDOSRUODTXHORVPXHUWRVSUHYLDPHQWHDOUHWRUQRGH-HVXFULVWRH[SHULPHQWDQHOMXLFLRHVFDWRORJLFRFI+E
>@
5HFXHUGHVHTXHGHDFXHUGRDODLQWHUSUHWDFLRQGHUDVLFDVHHVWDGDQGRIRUPDOLGDGUHDODODWLSRORJLDGHO6DQWXDULRWHUUHQDO+EVV
FI\SRUORWDQWRHVWH-XLFLRHVWDDOXGLHQGRDO-XLFLRDQXDOGRQGHWLSRORJLFDPHQWHVHKDFLDXQDOLPSLH]DULWXDOGHO6DQWXDULR
UHVSHFWR D ORV SHFDGRV FRQIHVDGRV \ SHUGRQDGRV /Y      \ TXH OD SURIHFLD PHVLDQLFD VLJXLHQGR HO PLVPR HVTXHPD
FRORFDHVH-XLFLR'QGHQWURGHOFRQWLQXRPLQLVWHULRGHO3ULQFLSH0HVLDV'QSHURDORVGLDVSURIHWLFRV'Q
FIXSSSSSGHVSXHVGHODGLYLVLRQGHOFXDUWRUHLQR\SRVWHULRUPHQWHDORVGLDVSURIHWLFRVGHO&XHUQRSHTXHQR
TXHSURORQJDDOFXDUWRUHLQRKDVWDHOILQ'Q
>@
-HDQ+HULQJHQ/
(SLWUHDX[+HEUHX[ RSFSFRQVLGHUDHOUHLQRPHVLDQLFRGH&ULVWRTXHSUHSDUDHOUHLQRGHO3DGUH
SRUODVXPLVLRQGHORVHQHPLJRVVHGHVDUUROODHQWUHOD$VFHQVLRQ\OD3DUXVLD!!!
&DUUROO2ZHQ*LOOLVHQ&RPHQWDULRVREUHOD(SLVWRODDORV+HEUHRV&DVD%DXWLVWDGH3XEOLFDFLRQHV86$SUHILULHQGRVHD+E
FRPHQWD(VWHYHUVLFXORPLUDKDFLDXQWLHPSRGHOSRUYHQLUHQTXHORVHQHPLJRVGH-HVXVKDQGHVHUVRPHWLGRVD(O
(VWDV GRV RSLQLRQHV VH FRPSOHPHQWDQ 7DO FRPR YHPRV HQ HO WH[WR PRWLYR GH HVWD QRWD \ HQ OR TXH VLJXH GHVSXHV GHVGHOD REUDWHUUHVWUH
FXDQGR&ULVWRFRQVXYLGDLPSHFDEOH\PXHUWHORJUDHQORTXHDHOOHFRQFLHUQHODSXULILFDFLRQGHORVSHFDGRVHLQLFLDFRQVX$VFHQVLRQVX
PLVWHULRFRQWLQXRVDFHUGRWDOKDVWDODSDUXVLDOOHYDDFDERHVHDFDEDUFRQORVHQHPLJRVSHFDGRHQIHUPHGDGGLDEORVLVWHPDVGHPDOGDG\
PXHUWH 6LQ HPEDUJR WDO FRPR WDPELHQ H[SRQHPRV HV D SDUWLU GHO -XLFLR VHQDODGR HQ OD SURIHFLD PHVLDQLFD \ HQ OD WLSRORJLD GHO 6DQWXDULR
LVUDHOLWDFXDQGRHOWUDWDPLHQWRUHVSHFWRDODGHVWUXFFLRQGHHVWRVHQHPLJRVHQWUDHQXQDIDVHILQDOFRQUHSHUFXVLRQHVHYLGHQWHVWDQWRHQOD
YLYHQFLDGHO3XHEORGH'LRVFRPRHQODKLVWRULDGHORVVLVWHPDVGHPDOGDG
>@
/DPHQFLRQDTXHHVWLHPSRNDLURM+HPRVOOHJDGRDODHSRFDHQTXHHOMXLFLRWRNULPDSXHGHHPSH]DUDU[DVTDLGHVGHODFDVD
GH'LRVDYSRWRXRLNRXWRXTHRX
1RVHHPSOHDFURQRVVLQRNDLURV(VWDPRVHQODHSRFDSHURVLQTXHVHHVSHFLILTXHFXDQGRH[DFWDPHQWHFRPLHQ]D6RQRWURVWH[WRVORVTXH
DMXVWDQ GHQWUR GH OD HSRFD HOPRPHQWR GH HVH FRPLHQ]R 8QD YH] TXH HPSLHFH OR KDUD SRU OD FDVD GH 'LRV 3HUR HVD FDVD GH 'LRV HVWD
FRPSXHVWDSRUPXHUWRVTXHVLJXHQHVWDQGRORFI$SFXDQGRHVHMXLFLRKDGHFRPHQ]DUFI'Q
7HQLHQGR HQ FXHQWD HO SURFHVR GH SHQVDPLHQWR TXH 3HGUR HVWD H[SUHVDQGR YHQGULD D GHFLU QR RV VRUSUHQGDLV SRU ODV SUXHEDV \ TXH
H[SHULPHQWHLVYLWXSHULRV\SDGHFLPLHQWRVSRUSDUWHGHOPXQGRD3HG/RLPSRUWDQWHHVTXHHVDVSUXHEDVRVIRUWDOH]FDQSDUDSRGHU
SDVDUHO-XLFLRD3HGSSFXDQGRHVWHOOHJXH\\DHVWDPRVHQODHSRFDHQODTXHSRGULDHPSH]DUHQODTXHORVTXHIRUPDQSDUWHGHO
3XHEOR GH 'LRV VHUDQ MX]JDGRV GH DFXHUGR D VX SURIHVLRQ "\ TXH RFXUULUD HQWRQFHV D ORV TXH QR REHGHFHQ HO (YDQJHOLR ORV TXH QR VH KDQ
SUHSDUDGR\RVKDQKHFKRSDGHFHU"D3HG
>@
/DHUUDGLFDFLRQGHOSHFDGRGHQWURGHOFRQWH[WRGHO-XLFLRPDUFDGRSRUODWLSRORJLDGHO6DQWXDULRGHWHUPLQDHQIXQFLRQGHODREUDGHO
0HVLDVHOTXLWDUORVSHFDGRVGHOUHJLVWURGHO6DQWXDULRGHODSUHVHQFLDGH'LRVFI+E   (O FHUWLILFDU IUHQWH DO 8QLYHUVR\ ODV
DFXVDFLRQHV GH/X]EHO $S  TXH DTXHOORV TXH FRQILDURQ HQ OD REUD GHO 0HVLDV \ IXHURQ SHUGRQDGRV GH DFXHUGR D ODV FRQGLFLRQHV
H[SXHVWDVSDUDWDOSHUGRQKDVLGRUHFRQRFLGRFRPRWDOFXDQGRVLJXLHQGRODGRFWULQDGHO-XLFLRVHH[DPLQRDILQGHFXPSOLUFRQWRGDMXVWLFLD
IUHQWHDO8QLYHUVRILQLWR\DODVDFXVDFLRQHVGHO0DO3HURKD\DOJRPDV+D\XQDVHJXULGDGGHTXHHVDREUDGHHUUDGLFDFLRQMXULGLFD
FRUUHVSRQGH D XQD YLYHQFLD FHOHVWLDO TXH HO SURSLR LQGLYLGXR H[SHULPHQWD FRPR IUXWR GH XQD YRFDFLRQ FHOHVWH SHUPDQHQWH VLQ
GHVYLDFLRQHV WHUUHQDV FI &RO  (VWR HV XQD UHDOLGDG TXH OH PRWLYD FDGD YH] PDV D DOHMDUVH GHO SHFDGR \ D YLYLU XQD
H[LVWHQFLD LQWHQVD GH SUHGLFDFLRQ GHO HYDQJHOLR FRPR SURWDJRQLVWD GH ODV HVFHQDV ILQDOHV FI /F  FI $S  
VV&I$S
6LELHQODUHSHUFXVLRQGHHVWDHUUDGLFDFLRQMXULGLFDVHFXPSOHHQRFDVLRQGHOD6HJXQGD9HQLGDQRDQWHVDSDUHFHXQDFRQVWDWDFLRQGHTXH
HOSHFDGRKDVLGRWUDWDGRHQHOMXLFLRGHORVPXHUWRVSRUHVDYLYHQFLDFHOHVWLDO\SRUHOFRQRFLPLHQWRGH'LRVHQVXUHYHODFLRQSURIHWLFD-Q
 FI D 3HG  FI$S  FI 'Q  TXH VLJXLHQGR D HVH 'LRV TXH VH UHYHOD VH HQWHUD GH TXH KD VLGR MX]JDGR R ELHQ FRPR
PXHUWRVHQ&ULVWRRFRPRYLYRVHQHOFDVRGHORVTXHQRSDVDUDQSRUODPXHUWHTXLWDQGRHOSHFDGRGHOFUH\HQWHPDQLIHVWDQGRVHHQ\FRQVX
UHVXUUHFFLRQD&RU
1RWHVH TXH FXDQGR VHWHUPLQD HO -XLFLR TXH KD HPSH]DGR SRU ORV PXHUWRV GH ODFDVDGH'LRV D 3HG  FI +E  QR UHVXFLWDQ
DXWRPDWLFDPHQWHVLQRHQRFDVLRQGHOD6HJXQGD9HQLGDFI-QD7HVFID&RUDSHVDUGHKDEHUSDVDGRHO
-XLFLRHQPXHUWHKDQGHH[SHULPHQWDUMXQWRDORVTXHHVWHQYLYRVHQ&ULVWRODWUDQVIRUPDFLRQHQRFDVLRQGHOD6HJXQGD9HQLGDD&RU
TXHOOHYDVLPXOWDQHDPHQWHHQWRQFHV\QRDQWHVDODHOLPLQDFLRQWRWDOGHOSHFDGRGHOFUH\HQWHFID&RU-XQWRDHVWD
HOLPLQDFLRQ VH DQXOD HO UHFXHUGR GH FXDOTXLHU FRVD QHJDWLYD UHODWLYD DO SHFDGR HQ RFDVLRQ GH OD FUHDFLRQ GH XQ QXHYR FLHOR \ WLHUUD
SRVWHULRUPHQWHDOOODPDGRPLOHQLRFHOHVWLDO,VDFI$SFI$S\DODGHVWUXFFLRQWRWDOGHOSHFDGR\GHODPXHUWH$S
FISRQLHQGRORVGHILQLWLYDPHQWHSRUHVWUDGRGHVXSLHV
/R TXH VH GHFLGH HQ HO -XLFLR HVFDWRORJLFR UHVSHFWR D ORV TXH VH KDQ DUUHSHQWLGR \ DFHSWDGR HO SHUGRQ HQ -HVXFULVWR FRQVLVWH HQ KDEHUVH
TXLWDGRHOUHJLVWURGHORVSHFDGRV\ODVDFXVDFLRQHVGHO0DOLJQRFI$SUHVSHFWRDVXVWUDQVJUHVLRQHVPHGLDQWHHOWUDWDPLHQWR
GHLQWHUFHVLRQHVFULELHQGRVHSHUGRQDGRIUHQWHDVXVQRPEUHVHQORVOLEURVGHOFLHOR75(:('8'S
(O ILQ GHO WLHPSR GH JUDFLD YHQGUD UHSHQWLQD H LQHVSHUDGDPHQWH FXDQGR PHQRV VH OR HVSHUH SHUR SRGHPRV WHQHU XQUHJLVWUR OLPSLR HQ HO
FLHOR\VDEHUTXH'LRVQRVDFHSWD75(:('8'S
7RGRVORVTXHWUDWDQGHH[FXVDUXRFXOWDUVXVSHFDGRVGHMDQGRORVVLQFRQIHVDU\VLQKDEHUVLGRSHUGRQDGRVHQORVUHJLVWURVGHOFLHORVHUDQ
YHQFLGRVSRU6DWDQDV75(:&6S
0LHQWUDV-HVXVLQWHUFHGHSRUORVVXEGLWRVGHVXJUDFLD6DWDQDVORVDFXVDDQWH'LRVFRPRWUDQVJUHVRUHV$KRUDHOVHQDODODKLVWRULDGHVXV
YLGDV ORV GHIHFWRV GH FDUDFWHU OD IDOWD GH VHPHMDQ]D FRQ &ULVWR  WRGRV ORV SHFDGRV TXH OHV LQGXMR D FRPHWHU \ D FDXVD GH HVWRV ORV
UHFODPDFRPRVXVVXEGLWRV
-HVXVQRGLVFXOSDVXVSHFDGRVSHURPXHVWUDVXDUUHSHQWLPLHQWR\VXIH\UHFODPDQGRHOSHUGRQSDUDHOORVGLFLHQGR/RVFRQR]FRSRUVXV
QRPEUHV75(:&6S
(QHOJUDQGLDGHOMXLFLRILQDOORVPXHUWRVKDQGHVHUMX]JDGRV
SRUODVFRVDVTXH
HVWDQ
HVFULWDVHQORVOLEURVVHJXQVXVREUDV
$S
(QWRQFHVHQYLUWXGGHODVDQJUHH[SLDWRULDGH&ULVWRORVSHFDGRVGHWRGRVORVTXHVHKD\DQDUUHSHQWLGRVLQFHUDPHQWHVHUDQERUUDGRVGHORV
OLEURVFHOHVWLDOHV(QHVWDIRUPDHOVDQWXDULRVHUDOLEHUDGRROLPSLDGRGHORVUHJLVWURVGHOSHFDGR75(:33S
/DHUUDGLFDFLRQHVODGHFLVLRQGLYLQDHQHO-XLFLRILQDOGHTXLWDUHOSHFDGRGHORVUHJLVWURVFHOHVWLDOHV+EDGRQGHKDELDQ
UHSHUFXWLGRGHDFXHUGRDOSURJUDPDFHOHVWLDOLGHDGRSRU'LRV\PDQLIHVWDGRHQODWLSRORJLDGHO6DQWXDULR\HQODKLVWRULDSURIHWLFDDILQGHILMDU
ODVHJXULGDG\HVSHUDQ]DHQODVDOYDFLRQGHDTXHOORVTXHWLHQHQFRPRUHIHUHQFLDWDQWRSDUDHOIXWXURFRPRHQHOSUHVHQWHHVH-XLFLRILQDOHQHO
TXHHO+LMRGHO+RPEUHDFWXDDIDYRUGHHOORV&XDQGRHVDHUUDGLFDFLRQVHGDHQHOOLPLWHRFDVLRQDOGHOILQGHO-XLFLR\GHODVHJXQGDYHQLGD
GHO +LMR GHO +RPEUH 'Q      FI $S   VH HVWD SRQLHQGR DOHQHPLJR SHFDGR HQ OR TXH VH UHILHUH DO MXLFLR
IDYRUDEOHGHOSXHEORGH'LRVSRUHVWUDGRGHVXVSLHVH[SHULPHQWDQGRVHGHIRUPDWRWDOHQHVHUHWRUQRGHO+LMRGHO+RPEUHFXDQGRFRPSDUWH
HO5HLQRFRQORV6DQWRVTXHUHVXFLWDQ\FRQORVTXHHVWDQYLYRVHVSHUDQGRFID&RU
/DHUUDGLFDFLRQHQHO-XLFLRDXQTXHGHFLVLYD\HQHOOLPLWHSDUDODH[SHULHQFLDVLQSHFDGRHQRFDVLRQGHODVHJXQGDYHQLGDGH-HVXFULVWRQR
VXSRQHKDVWDODPLVPDVHJXQGDYHQLGDODHOLPLQDFLRQGHODQDWXUDOH]DSHFDPLQRVD
8QDWHRORJLDUHSUHVHQWDWLYDGLFH
1RVRWURVQRSRGUHPRVGHFLUHVWR\VLQSHFDGRKDVWDTXHHVWHQXHVWURFXHUSRVHDWUDQVIRUPDGRDODVHPHMDQ]DGHOFXHUSRJORULRVRGH-HVXV
75(:$)G&SHQ6LJQVRI7KH7LPHV
/RVTXHHQYHUGDGWUDWDQGHSHUIHFFLRQDUXQFDUDFWHUFULVWLDQRQXQFDDFDULFLDUDQHOSHQVDPLHQWRGHTXHQRWLHQHQSHFDGR6XYLGDSXHGHVHU
LUUHSURFKDEOH SXHGHQ VHU UHSUHVHQWDQWHV YLYRV GH OD YHUGDG TXH KDQ DFHSWDGR SHUR FXDQWR PDV GLVFLSOLQHQ VX PHQWH D HVSDFLDUVH HQ HO
FDUDFWHUGH&ULVWR\FXDQWRPDVVHDFHUTXHQDODGLYLQDLPDJHQGHO6DOYDGRUPDVFODUDPHQWHGLVFHUQLUDQODLPSHFDEOHSHUIHFFLRQGH-HVXV\
PDVKRQGDPHQWHVHQWLUDQVXVSURSLRVGHIHFWRV75(:(&)3SS
6LELHQHVFLHUWRTXHHOSHFDGRHVSHUGRQDGRHQHVWDYLGDVXVUHVXOWDGRVQRVRQDKRUDVXSULPLGRVSRUFRPSOHWR(VHQRFDVLRQGHVX9HQLGD
FXDQGR&ULVWRWUDQVIRUPDUDHOFXHUSRGHODKXPLOODFLRQQXHVWUDSDUDTXHVHDVHPHMDQWHDOFXHUSRGHODJORULDVX\D)LOS75(:06
S
1LQJXQ DSRVWRO R SURIHWD SUHWHQGLR KDEHU YLYLGR VLQ SHFDGR +RPEUHV TXH KDQ YLYLGR OR PDV FHUFD GH 'LRV KRPEUHV TXH VDFULILFDURQ VXV
YLGDV DQWHV TXH FRPHWHU D VDELHQGDV XQ DFWR SHFDPLQRVR KRPEUHV D TXLHQHV 'LRV KRQUR FRQ OX] GLYLQD \ SRGHU FRQIHVDURQ VX QDWXUDOH]D
SHFDPLQRVD75(:+$SS
/DVDQWLILFDFLRQQRHVREUDGHXQPRPHQWRXQDKRUDRXQGLDVLQRGHWRGDODYLGD0LHQWUDVUHLQH6DWDQDVWHQGUHPRVTXHGRPLQDUQRVD
QRVRWURVPLVPRV\YHQFHUORVSHFDGRVTXHQRVURGHDQPLHQWUDVGXUHODYLGDQRKDEUDXQPRPHQWRGHGHVFDQVRXQOXJDUDOFXDOSRGDPRV
OOHJDU \ GHFLU $OFDQFH SOHQDPHQWH DO EODQFR /D 6DQWLILFDFLRQ HV HO UHVXOWDGR GH OD REHGLHQFLD DPDQWH SUHVWDGD GXUDQWH WRGD OD YLGD
75(:+$SS
&XDQGRHOFRUD]RQDQKHODREHGHFHUD'LRVFXDQGRVHKDFHQHVIXHU]RVFRQHVWHILQ-HVXVDFHSWDHVHDQKHOR\HVIXHU]RFRQVLGHUDQGRORVHO
PHMRUVHUYLFLRTXHHOKRPEUHSXHGHRIUHFHU\VXSOHODGLIHUHQFLDFRQVXSURSLRVPHULWRVGLYLQRV75(:06S
/D YROXQWDG GHEH FRORFDUVH GH SDUWH GH OD YROXQWDG GH 'LRV 3RU YRVRWURV PLVPRV QR SRGHLV VRPHWHU D OD YROXQWDG GH 'LRV YXHVWURV
SURSRVLWRV GHVHRV H LQFOLQDFLRQHV SHUR VL HVWDLV GLVSXHVWRV D VRPHWHU YXHVWUD YROXQWDG D OD VX\D 'LRV FXPSOLUD OD WDUHD SRU YRVRWURV
75(:'0-S
3RUTXHODVDQWLILFDFLRQFRQVLVWHHQODDOHJUHHMHFXFLRQGHORVGHEHUHVGLDULRVHQSHUIHFWDREHGLHQFLDDODYROXQWDGGLYLQD75(:39*0S

(O 3DGUH QR FRQVLGHUD YXHVWUR FDUDFWHU GHILFLHQWH VLQR TXH RV YH UHYHVWLGRV GH PL SHUIHFFLRQ OD GH &ULVWR 6R\ HO PHGLR SRU HO FXDO RV
OOHJDUDQODVEHQGLFLRQHVGHOFLHOR75(:'7*S
0HGLDQWH HO VDFULILFLR TXH VH KL]R SRU QRVRWURV ORV SHFDGRV SXHGHQ VHU SHUIHFWDPHQWH SHUGRQDGRV 1R GHSHQGHPRV GH OR TXH HO KRPEUHH
SXHGH KDFHU VLQR GH OR TXH 'LRV SXHGH KDFHU SRU HO KRPEUH PHGLDQWH &ULVWR &XDQGR QRV HQWUHJDPRV HQWHUDPHQWH D 'LRV \ FUHHPRV FRQ
SOHQLWXGODVDQJUHGH&ULVWRQRVOLPSLDGHWRGRSHFDGR/DFRQFLHQFLDSXHGHVHUOLEHUDGDGHFRQGHQDFLRQ0HGLDQWHODIHHQVXVDQJUHWRGRV
SXHGHQHQFRQWUDUODSHUIHFFLRQHQ&ULVWR-HVXVQRHVWDPRVWUDWDQGRFRQLPSRVLELOLGDGHV3RGHPRVSHGLUODVDQWLILFDFLRQ75(:06SS

(O&ULVWRHVXQHMHPSORSHUIHFWR\VDQWRGDGRSDUDTXHORLPLWHPRV1RSRGHPRVLJXDODUDOPRGHORSHURQRVHUHPRVDSUREDGRVSRU'LRVVL
QRORFRSLDPRV\GHDFXHUGRFRQODFDSDFLGDGTXH'LRVKDGDGRQRVDVHPHMHPRVDHO75(:7S
$QWHHVWHSDQRUDPDELEOLFR\GHODXWRUDQWHULRUSRGHPRVWUDHUDFRODFLRQDRWURVDXWRUHVUHVSHFWRDOWHPDGHODHUUDGLFDFLRQRHOERUUDUORV
SHFDGRVGXUDQWHODHSRFDGHO-XLFLRHVFDWRORJLFR
(OMXLFLRVHVLWXDHQXQFRQWH[WRGHERUUDUORVSHFDGRVQRGHODPHPRULDKXPDQDVLQRGHORVUHJLVWURVFHOHVWLDOHV+DUU\:/RZH5+GH
$EULOS
3DUD DFDEDU OD REUD TXHGD VRODPHQWH ERUUDU DQXODU OD LQVFULSFLRQ GH ORV SHFDGRV  (VWD DQXODFLRQ GHO SHFDGR TXLWD WRGD KXHOOD GH
FRQGHQDFLRQ GHO SHFDGRU SHUGRQDGR \ VDQWLILFDGR  HOOD QR VH FXPSOH HQ HO QR QRV HQJDQHPRV OD SXULILFDFLRQ GHO VDQWXDULR VLJQLILFD
VRODPHQWHHVR*'.HRXJK7KH0LQLVWU\MXQLRS
/DREUDSDUWLFXODUGH&ULVWRHQHOOXJDUVDQWLVLPRHVXQDREUDMXULGLFDTXHFRQVLVWHHQXQMXLFLRLQYHVWLJDGRU\FX\RREMHWLYRHVHOLPLQDUORV
SHFDGRVGHOVDQWXDULRFHOHVWH/DREUDGHOOXJDUVDQWLVLPRQRWLHQHSRUREMHWRHOSXULILFDUQRV\KDFHUQRVSHUIHFWRVVLQRHOILMDUHOGHVWLQRGH
FDGD XQR &RQVLVWH XQLFDPHQWH HQ SXULILFDU HO VDQWXDULR HOLPLQDU GH ORV OLEURV FHOHVWHV QXHVWURV SHFDGRV LQVFULWRV -HDQ &D]HDX[5$
GLFLHPEUHGHS
1DGDFRQILUPDTXHHOERUUDUORVSHFDGRVGHORVOLEURVGHOFLHORFRLQFLGDFRQXQERUUDUGHOSHFDGRHQODYLGDGHOFUH\HQWH/&1DGHQ
5$MXQLRS
/DVXJHVWLRQVHJXQODFXDOKDEULDHQORVXOWLPRVGLDVXQDH[SHULHQFLDGHODMXVWLILFDFLRQSRUODIHGLIHUHQWHDODGHDQWHVHVWDHQRSRVLFLRQ
GLUHFWDFRQQXHVWUDKLVWRULD\QXHVWUDHQVHQDQ]D&RPLWHGHOD'LYLVLRQ$XVWUDOLDQDHQ,QWRWKH+ROLHVW7KURXJKWKH2SHQ'RRUSXEOLFDGR
SRU'HIHQVH/LWHUDWXUH&RPPLWWHHGHOD&RQIHUHQFLD*HQHUDOGLFLHPEUHGH
/DHQVHQDQ]DVHJXQODFXDOGXUDQWHHOPLQLVWHULRGH-HVXVHQHOOXJDUVDQWLVLPRGHOVDQWXDULRFHOHVWHHVSRVLEOHDORVKRPEUHVREWHQHU
XQD SXULILFDFLRQ PDV FRPSOHWD GHO SHFDGR \ XQ HVWDGR GH SHUIHFFLRQ PDV HOHYDGR TXH QR OR KXELHUDQ WHQLGR DQWHV SRU OD SRWHQFLD GHO
(YDQJHOLRHVXQHMHPSORGHLQWURGXFFLRQGHRWURHYDQJHOLR9HUWHU--RKQV5+MXQLRS
3DEORDILUPDSRUHO(VSLULWX6DQWRTXHWRGRVORVTXHVHDOOHJDQD-HVXVGXUDQWHHOWLHPSRTXHRILFLDEDHQODSULPHUDSDUWHGHOVDQWXDULRIXHURQ
VDOYDGRVSHUIHFWDPHQWH(VWHPHGLRGHVDOYDFLRQVXEVLVWHGXUDQWHWRGDODGXUDFLRQGHOPLQLVWHULRGH-HVXVHQHOVDQWXDULRFHOHVWHVHDDQWHVR
GHVSXHVGH+HPRVGDGRODSUXHEDTXHODREUDGHVDOYDFLRQQRHVPDVFRPSOHWDGHVGHHOFRPLHQ]RGHODSXULILFDFLRQGHOVDQWXDULRORV
FULVWLDQRVYLYRVGHVSXHVGHQROOHJDQPDVDODSHUIHFFLRQH[HQWDGHSHFDGRTXHORVGHVLJORVSUHFHGHQWHV
'HVSXHV GHO VHOODPLHQWR OD ,JOHVLD GHO 5HVWR QR DOFDQ]D SRU XQD SUHWHQGLGD H[WLUSDFLRQ GH VX QDWXUDOH]D PDOD XQ JUDGR PDV DOWR GH
SHUIHFFLRQTXHORVFULVWLDQRVGHVLJORVSUHFHGHQWHV-RKQ/6KXOHU5$IHEUHURS
6LDQDGLPRVDWRGRHVWRODSXHVWDHQSDUDOHORGHD3HG\+HEUHRVGHVFXEULPRVDOJRPX\LPSRUWDQWHUHVSHFWRDODREUDFHOHVWH
GHO0HVLDVGHSRQHUDVXHQHPLJRHOSHFDGRSRUHVWUDGRGHVXVSLHV
)LMHQVHELHQHQHO0HVLDVVHSUHVHQWDHQHO6DQWXDULRFHOHVWLDOSDUDTXLWDUGHHQPHGLRDOSHFDGR6HWUDWDGHXQDREUDDUHDOL]DUGXUDQWH
WRGRHOWLHPSR\SDUDWRGRVORVVHUHVKXPDQRV3RUORWDQWRHOYTXHVHQRVWUDWDHOWHPDGHODPXHUWHGHORVKRPEUHVXQDVRODYH]FRQHO
MXLFLRDFRQWLQXDFLRQKDEUDTXHHQWHQGHUORFRPRUHILULHQGRVHDOMXLFLRXOWLPR1RVHWUDWDGHXQMXLFLRDODPXHUWHSDUWLFXODUVLQRHOMXLFLRGHO
ILQDOGHORVWLHPSRVYHU3LURW&ODPHUYRO;,,RSFS(VWRHQWURQFDFRQHOKHFKRGHTXHHOMXLFLRKDGHHPSH]DUSRUODFDVDGH
'LRV6LHVDVLKDGHVHUSRUORVPXHUWRVGHODFDVDGH'LRV<HVHMXLFLRKDGHKDEHUHPSH]DGR\WHUPLQDGRDQWHVGHODVHJXQGDYHQLGDGH
-HVXFULVWR+ESSSXHVWRTXHFXDQGRYHQJD\DQRORVHUDFRQUHODFLRQDOSHFDGR+EXS
>@
'RQDOG*UH\%DUQKRXVHHQ(WHUQLW\VHSWLHPEUHGHS
>@
2EVHUYHVHFRPRXQDWHRORJLDUHSUHVHQWDWLYDH[SUHVDHODVXQWRGHVXSHUDUHOGRPLQLRGHOSHFDGR\GHODQRHOLPLQDFLRQGHOSHFDGRKDVWD
HOUHWRUQRGHO0HVLDV
6L ORV GLVFLSXORV GH &ULVWR KDQ SHFDGR HOORV QR VRQ GRPLQDGRV SRU HO SHFDGR +DQ SXHVWR GH ODGR VX SHFDGR KDQ EXVFDGR DO 6HQRU FRQ
KXPLOGDG\FRQWULFLRQ\HO$ERJDGRFHOHVWHLQWHUFHGHHQVXIDYRU75(:7S
6LELHQHVFLHUWRTXHHOSHFDGRHVSHUGRQDGRHQHVWDYLGDVXVUHVXOWDGRVQRVRQDKRUDVXSULPLGRVSRUFRPSOHWR(VHQRFDVLRQGHVX9HQLGD
FXDQGR&ULVWRWUDQVIRUPDUDHOFXHUSRGHODKXPLOODFLRQQXHVWUDSDUDTXHVHDVHPHMDQWHDOFXHUSRGHODJORULDVX\D)LOS75(:06
S
>@
7HQLHQGRHQFXHQWDHOHVWXGLRGHOWH[WRTXHKHPRVKHFKRHQRWURVOXJDUHVXQDYH]TXHVHOHDFDEDVXSHULRGRGHSUHYDOHFHUVREUHHO
3XHEORGH'LRVDORVWLHPSRVSURIHWLFRV'Q\GDUVHODVHQWHQFLDFRQWUDHOFXHUQR'QTXHVHQDODDORVGLDV
SURIHWLFRV FI   FI   \ WHQLHQGR HQ FXHQWD HOVHJXQGR PRPHQWR KLVWRULFR PDUFDGR GHQWUR GH VX PLQLVWHULR FRQWLQXR
VDFHUGRWDOGHO0HVLDV'QFIXSODFRPSUREDFLRQGHODVUHSHUFXVLRQHVKLVWRULFDVVHUHODFLRQDQFRQODSHUGLGDGHVXSRGHU
UHSUHVHQWDGRHQODDXWRULGDGVXSUHPDTXHKDH[LJLGRSRVHHU/DKHULGDHVSLULWXDOTXHHVWHSRGHUUHFLEHHQODHSRFDSURWHVWDQWH\ODTXHUHFLEH
SROLWLFD SRU SDUWH GH ORV FRQWHQLGRV UHYROXFLRQDULRV GH ILQDOHV GHO VLJOR ;,; TXH SUHFRQL]DQ OD VHSDUDFLRQ GH ,JOHVLD \ (VWDGR DVXQWRV
FRQWHPSODGRVHQODSURIHFLD\TXHUHSUHVHQWDQHOWUDWDPLHQWRTXHDORODUJRGHODKLVWRULDVHHIHFWXDFRQWUDHOHQHPLJRSRWHQFLDRVLVWHPDGH
PDOGDGGHFUHDFLRQGHOSULQFLSHGHHVWHPXQGRFI0WFRQGXFHQDODVHQWHQFLDFRQGHQDWRULDFRQWUDHO&XHUQR'QFI
FIFIXSSSTXHSRUXQODGRVHQDODTXHODFRQGXFWDTXHKDPDQLIHVWDGRHQODKLVWRULDKDVLGRMX]JDGDFRPR
HUURQHD\PDOD\TXHORVHPEDWHVVXIULGRVVRQIUXWRGHHVHFRPSRUWDPLHQWRLQDGHFXDGRFRQWUDULRDODYROXQWDGGH'LRV\SRURWUDSDUWHHVH
MXLFLR GHILQLWLYR TXH HQIRFD HO SDVDGR FRPR PDOR \ TXH VREUHQWLHQGH VX FDVWLJR SODVPDGR HQ HO WH[WR FRPR PHUHFLGR QRV DVHJXUD VX
DUULQFRQDPLHQWRYLVXDOL]DGRHQODKLVWRULDHQXQFRQWLQXRGHFDLPLHQWRUHIHUHQWHDWRGDVXSUHWHQVLRQDQWHULRU\ODOLEHUWDGGHOSXHEORGH'LRV
SDUDSUHGLFDUODYHUGDGFXUDWLYDGHO5HLQRR*RELHUQRGH'LRVPHGLDQWHODUHFXSHUDFLRQGHOPHQVDMHFRPSOHWRGH'LRVFRQVLVWHQWHHQORTXH
LPSOLFD OD REUD WHUUHVWUH \ FHOHVWH GHO 3ULQFLSH 0HVLDV HQ XQ PLQLVWHULR HYDQJHOLFR HQ HVWH PXQGR FXDQGR YLQR SRU SULPHUD YH] \ HQ XQ
PLQLVWHULRFRQWLQXRVDFHUGRWDOHQHO6DQWXDULRFHOHVWLDOTXHFRQGXFHDVXVHJXQGDYHQLGDHVSHUDGD\SURPHWLGD
>@
(OUHFXHUGRGHOSHFDGRWDOFRPRLQGLFDPRVIXHUDGHHVWDQRWDQRVHHOLPLQDKDVWDODFUHDFLRQGHXQQXHYRFLHOR\WLHUUD,VDFI
$S  FI$S  DXQ FXDQGR OD QDWXUDOH]D GH SHFDGR \ OD SRVLELOLGDG GH SHFDU VHDQ HOLPLQDGDV GHO FUH\HQWH HQ RFDVLRQ GH OD 6HJXQGD
9HQLGD
(QODFLWDVLJXLHQWHVHQRVFRQILUPDHVWHSRUPHQRU
$VLFRPRHQODH[SLDFLRQILQDOORVSHFDGRVGHORVDUUHSHQWLGRVKDQGHERUUDUVHGHORVUHJLVWURVFHOHVWLDOHVSDUDQRVHU\DUHFRUGDGRVHQHO
VLPERORWHUUHQDOHUDQHQYLDGRVDOGHVLHUWR\VHSDUDGRVSDUDVLHPSUHGHODFRQJUHJDFLRQ
3XHVWRTXH6DWDQDVHVHORULJLQDGRUGHOSHFDGRHOLQVWLJDGRUGLUHFWRGHWRGRVORVSHFDGRVTXHFDXVDURQODPXHUWHGHO+LMRGH'LRVODMXVWLFLD
H[LJHTXH6DWDQDVVXIUDHOFDVWLJRILQDO/DREUDGH&ULVWRHQIDYRUGHODUHGHQFLRQGHOKRPEUH\ODSXULILFDFLRQGHOSHFDGRGHOXQLYHUVRVHUD
FRQFOXLGDTXLWDQGRHOSHFDGRGHOVDQWXDULRFHOHVWLDO\FRORFDQGRORVREUH6DWDQDVTXLHQVXIULUDHOFDVWLJRILQDO75(:33S
$VLHQHOVHUYLFLRVLPEROLFRHOFLFORDQXDOGHOPLQLVWHULRVHFRPSOHWDEDFRQODSXULILFDFLRQGHO6DQWXDULR\ODFRQIHVLRQGHORVSHFDGRVVREUHOD
FDEH]DGHOPDFKRFDEULRVLPERORGH$]D]HOLG
$VL FRPR DO TXLWDU ORV SHFDGRV GHO VDQWXDULR HO VDFHUGRWH ORV FRQIHVDED VREUH OD FDEH]D GHO PDFKR FDEULR HPLVDULR DVL WDPELHQ &ULVWR
FRORFDUDWRGRVHVWRVSHFDGRVVREUH6DWDQDVDXWRUHLQVWLJDGRUGHOSHFDGR(OPDFKRFDEULRHPLVDULRTXHFDUJDEDFRQORVSHFDGRVGH,VUDHO
HUDHQYLDGRDWLHUUDLQKDELWDGD/YDVLWDPELHQ6DWDQDVFDUJDGRFRQODUHVSRQVDELOLGDGGHWRGRVORVSHFDGRVTXHKDKHFKRFRPHWHUDO
SXHEOR GH 'LRV VHUD FRQILQDGR GXUDQWH PLO DQRV HQ OD WLHUUD HQWRQFHV GHVRODGD \ VLQ KDELWDQWHV \ VXIULUD ILQDOPHQWH OD HQWHUD SHQDOLGDG GHO
SHFDGR HQ HO IXHJR TXH GHVWUXLUD $VL HO JUDQ SODQ GH OD UHGHQFLRQ DOFDQ]DUD VX FXPSOLPLHQWR HQ OD H[WLUSDFLRQ ILQDO GHO SHFDGR \ OD
OLEHUDFLRQGHWRGRVORVTXHHVWXYLHURQGLVSXHVWRVDUHQXQFLDUDOPDO
(VWDV FLWDV TXH VH VXHOHQ H[SRQHU LQFRPSOHWDV VH QRV PXHVWUD TXH SDUD TXH ORV SHFDGRV QR VHDQ UHFRUGDGRV WLHQHQ TXH RFXUULU GRV
DFRQWHFLPLHQWRV%RUUDUVHGHORVUHJLVWURVGHO6DQWXDULRFHOHVWLDOHQRFDVLRQGHOILQDOGHO-XLFLRHQEDVHDODUUHSHQWLPLHQWRTXHKDQILMDGR\
 VH WLHQH TXH FDUJDU OD SHQDOLGDG GHO SHFDGR \D H[SLDGR VREUH HO YHUGDGHUR FXOSDEOH \ RULJLQDGRU GHO SHFDGR 6DWDQDV TXH OR KD GH OOHYDU
KDVWDVXGHVWUXFFLRQGHILQLWLYDDOILQDOGHO0LOHQLR$S(OQRUHFXHUGRDSDUHFHUDFRQORVQXHYRVFLHORV\QXHYDWLHUUD
$SFI,VD
6L VH REVHUYD HO SULPHU SDUUDIR VH QRV GLFH TXH OR UHODWLYR DO QR UHFXHUGR DFRQWHFH HQ OR TXH FRUUHVSRQGH DO VLPEROR WHUUHQDO FXDQGR HO
PDFKRFDEULR$]D]HOHUDHQYLDGRDOGHVLHUWR\DOOLXQDYH]GHVWUXLGRHODQLPDOGHVDSDUHFLDFRQHOHOUHFXHUGR<HVWR"&XDQGR\FRPRVXFHGH
HQODUHDOLGDG"&XDQGR6DWDQDVHVHQYLDGRDOGHVLHUWRHQTXHKDTXHGDGRHVWDWLHUUDGXUDQWHHO0LOHQLRGRQGHVHUDGHVWUXLGRDOILQDOGHORVPLO
DQRV
(OWLHPSRGHDQJXVWLDSDUDHOPXQGREDELORQLFR\GHODEHVWLDVLPEROLFDTXHQRVPXHVWUDHO$SRFDOLSVLVFI$SVHUDLQVXSHUDEOH\VX
UHVXOWDGRILQDOVHUDODGHVWUXFFLRQGHWRGRHOPDOTXHFRQOOHYDFI$S
7HQJDVHHQFXHQWDTXHFXDQGRORVDFRQWHFLPLHQWRVILQDOHVVXFHGDQWDOFRPRHVWDQH[SXHVWRVHQ$SRFDOLSVLV
\VVHOSXHEORGH'LRVSDVDUDSRUXQWLHPSRGHDQJXVWLD\SRUXQDVLWXDFLRQH[WUHPDGHDQJXVWLDH[LVWHQFLDO6LELHQVXSHUDUHPRV
HVDVLWXDFLRQDSDUHFHUDHOWHPRUGHQRKDEHUVHDUUHSHQWLGRGHFDGDSHFDGR\TXHQRSXHGDQYHUUHDOL]DGDHQHOORVODSURPHVDGHO6DOYDGRU
75(:&6S
/D VXSHUDFLRQ VH REWLHQH SUHFLVDPHQWH SRUTXH DO KDEHUVH DUUHSHQWLGR \ FRQIHVDGR HO SHFDGR \ KDEHUVH ERUUDGR GH ORV UHJLVWURV FHOHVWLDOHV
FRPRFRQVHFXHQFLDGHOWUDWDPLHQWRGHSRQHUDOSHFDGREDMRHOHVWUDGRGHORVSLHVHQHO-XLFLRQRKD\SRVLELOLGDGGHUHFRUGDUHOSHFDGRFRPR
QRFRQIHVDGR
8QDWHRORJLDUHSUHVHQWDWLYDGHVFULELHQGR\H[SRQLHQGRHVDVLWXDFLRQQRVGLFH
$VL HQ HO WLHPSR GH DQJXVWLD VL HO SXHEOR GH 'LRV FRQVHUYDVH SHFDGRV DXQ LQFRQIHVRV FXDQGR OR DWRUPHQWHQ HO WHPRU \ OD DQJXVWLD VHULD
DQLTXLODGRODGHVHVSHUDFLRQDFDEDULDFRQVXIH\QRSRGULDWHQHUFRQILDQ]DSDUDURJDUD'LRVTXHOROLEUDVH3HURSRUPX\SURIXQGRTXHVHDHO
VHQWLPLHQWRTXHWLHQHGHVXLQGLJQLGDGQRWLHQHFXOSDVHVFRQGLGDVTXHUHYHODU6XVSHFDGRVKDQVLGRH[DPLQDGRV\ERUUDGRVHQHOMXLFLR\QR
SXHGHQUHFRUGDUORV

7RGRV ORV TXH WUDWDQ GH H[FXVDU X RFXOWDU VXV SHFDGRV GHMDQGRORV GH FRQIHVDU \ VLQ KDEHU VLGR SHUGRQDGRV HQ ORV UHJLVWURV GHO FLHOR VHUDQ
YHQFLGRV75(:&6SS
7HQLHQGRHQFXHQWDWDOFRPR\DKHPRVH[SXHVWRHQFXDQWRDORTXHQRVLQGLFDOD3DODEUDGH'LRV\GHHVDWHRORJLDUHSUHVHQWDWLYDUHVSHFWRD
ODHOLPLQDFLRQGHILQLWLYDGHOUHFXHUGRGHOSHFDGR\GHOSURSLRSHFDGRRWURVDXWRUHVFRPHQWDQORVLJXLHQWH
/DOODYHSDUDFRPSUHQGHUORTXHVLJQLILFDUHFXHUGRGHOSHFDGRHQODVFLWDVPDVDUULEDLQGLFDGDVVHHQFXHQWUDHQHOKHFKRGHTXHKDEOD
GHSHFDGRVQRFRQIHVDGRVHVFRQGLGRV+DUU\:/RZHHQOD5HYLHZDQG+HUDOGGHDEULOGHS
7RPDGDIXHUDGHVXFRQWH[WRODFLWDSXHGHSDUHFHUTXHGLFHTXHORVVDQWRVQRVHUHFRUGDUDQPDVGHVXVSHFDGRV(QVXFRQWH[WRVLJQLILFD
VLPSOHPHQWHTXHVRQLQFDSDFHVGHDFRUGDUVHGHSHFDGRVQRFRQIHVDGRV*'.HRXJK0LQLVWU\MXQLRGHS
6HWUDWDGHTXHDXQTXHVHDQJXVWLHQUHVSHFWRDTXHVHOHVSUHVHQWHGHIRUPDDXWRPDWLFDODGXGDGHVLKDQVLGRSHUGRQDGRVRQRQRWLHQHQ
QLQJXQUHFXHUGRHQFXDQWRDTXHQRKD\DQFRQIHVDGRHOSHFDGR\SRUORWDQWRQRWLHQHQFRQFLHQFLDGHSHFDGR\DTXHVHKDQDSURSLDGRGHO
PLQLVWHULR FRQWLQXR GHO 0HVLDV < DXQTXH KD\D WHUPLQDGR OD REUD LQWHUFHVRUD GHVGH HO SXQWR GH YLVWD GH OD UHDOLGDG \ IXQFLRQDOLGDG GHO
6DQWXDULR FHOHVWLDO HO (VSLULWX 6DQWR TXH VH OHV KD GDGR OHV GD WHVWLPRQLR GH TXH VRQ KLMRV GH 'LRV \ SRU OR WDQWR KHUHGHURV FRQ 'LRV \
FRKHUHGHURVFRQ&ULVWR5P<DTXHHO(VSLULWX6DQWRQRVKDFHVDEHUORTXH'LRVQRVKDFRQFHGLGRD&RU
>@
(QQXHVWURFDSLWXORVREUHHO5HLQRGH'LRVKHPRVLQGLFDGRDOJRVREUHHVWHDVXQWR
>@
 &XDQGR DQDOLFHPRV HVWR PDV SRUPHQRUL]DGDPHQWH REVHUYDUHPRV FRPR VH MXVWLILFDQ FLHUWRV WH[WRV GH ORV HYDQJHOLRV GHQWUR GH ODV
FODVLILFDFLRQHVTXHHVWDPRVKDFLHQGR\TXHHO1XHYR7HVWDPHQWRDOLQWHUSUHWDUORVQRVGDODFODYHGHVXFRPSUHQVLRQ
>@
(Q'70$7YRO,S
>@
'HODUDL]VHPLWLFDGLQDSDUHFHHQHO$7FRPRYHUERHQTDO\QLIDO'HOFXDOVHKDQGHULYDGRORVVXVWDQWLYRV GLQSOHLWRGD\\DQMXH]
PDGRQ\PLG\DQTXHUHOOD6REUHXQDLQIRUPDFLRQPDVH[KDXVWLYDVREUHORVYDORUHVSXUDPHQWHILORORJLFRV\VXIUHFXHQFLDSXHGHFRQVXOWDUVH
'70$7YRO,RSFFROV
>@
9HULG
>@
 6REUH ORV GLIHUHQWHV DVSHFWRV GRQGH DSDUHFH FRPR VXMHWR GHO MXLFLR HO KRPEUH YHU&RQFRUGDQFLD +HEUHR&DOGHD GHO $QWLJXR
7HVWDPHQWR
>@
 'H GLFKD UDL] VH GHULYDQ IRUPDV YHUEDOHV FRPRVDSKDW \ VXVWDWLYRV FRPRPLVSDW YHU HQ RWUR OXJDU VX VHQWLGR \ VLJQLILFDGRVRSKHW
MXH]VHSKDWLPWULEXQDOHVGHFDVWLJRVHSKRWWULEXQDOGHFDVWLJR
3DUD XQ FRQRFLPLHQWR GH VX XVR IXHUD GHO KHEUHR GHO $QWLJXR 7HVWDPHQWR \ GH VX SRVLELOLGDG ILORORJLFD SXHGH FRQVXOWDUVH '7$7 HGLF
DOHPDQDYRO,9RSFRWDPELHQ'70$7YRO,,RSFFROV
>@
*Q'WD6DPD6DP(VG(VW-RE
6DO3URY(FO,V
-HU'Q=DF
>@
(QHVWHFDVRHOMX]JDUHVFRQDXWRULGDG*Q([-XD6DPD6DP,VD-HU
(]T6DO-RE/DP
D&URQD&URQ
>@
6LELHQHQ(FOHVLDVWHV\HQDSDUHFHPLVSDWDOTXHDQDOL]DUHPRVSRVWHULRUPHQWHHVGHODPLVPDUDL]VSW\HQHVWHFDVRQR
KD\YDULDFLRQHVHQFLDO
>@
9HG'70$7YRO,,RSFFRO
>@
$XQTXH OR HVWXGLDPRV HVWH WHUPLQR HQ UHODFLRQ D OD H[HJHVLV GH 'DQLHO  GLJDPRV DKRUD TXH VH UHFRQRFH ODV GLILFXOWDGHV GH VX
VHQWLGR\WUDGXFFLRQYHUD..RFKHQ'70$7YRO,,RSFFRO/DWUDGXFFLRQWUDGLFLRQDO VHUMXVWR VGT 6HGDTDTXHORV
GLFFLRQDULRVSUHVHQWDQQRVDWLVIDFHDWRGRHOVHQWLGR\YDORUGHGLFKDUDL]VHSXHGHFRPSUREDUHVWRPDVDGHODQWH
>@
/DUDL]VSWHVODTXHPDVVHHPSOHDHQKHEUHRSDUDH[SUHVDUHOKHFKRGHMX]JDUSHURHQJHQHUDOFRQXQDSHUVSHFWLYDGLVWLQWDDGLQ
6REUHODUHODFLRQDOLGDGSDUDOHODHLGHQWLGDGYHUD*/LHGNHHQ'70$7YRO,,RSFFRO
>@
5HFXHUGHVHTXHPLVSDWHVXQGHULYDGRGHVSW/DPGHPLVSDWHVSUHIRUPDWLYDFRQHOVLJQLILFDGRGHOVXVWDQWLYRYHUEDO
>@
0LVSDWVLELHQVHUHODFLRQDHQHODPELWRMXULGLFRFRPRHODFWRRFRPRVLQRQLPRGHVSWFI *Q  'W   D5H\ 
D&URQ-HU(]T0LT=DF/DP6DO
3URYQRVHUHGXFHH[FOXVLYDPHQWHDHVHVHQWLGR7DPELHQVHTXLHUHH[SUHVDUDGHPDVGHODLGHDGHVHUXQ
DFWRGHVSWODH[LJHQFLDGHSHUWHQHQFLDORTXHOHVSHUWHQHFHFI(['WD6DPD5H\
D&URQD&URQ,V-HU0LT6DO-RE<DKHPRVSUHVHQWDGRVXUHODFLRQFRQ VGT
DKLHOPLVSDWDFWXDFRPRXQDUHLYLQGLFDFLRQTXHREOLJDDORTXHXQRGHEHKDFHUSRUTXHHOPLVSDWPDUFD\DHORUGHQ\HOVSWHQHVHFDVROR
HVWDEOHFH GH DFXHUGR DOPLVSDW< HV TXH HO PLVSDWPLVSDWLP XQLGR D FLHUWRV YHUERV
VKXVHGDTDVPUQRV LQGLFD OD LGHD GHRUGHQ GH
PDQGDPLHQWRVRSUHFHSWRV([/Y'WVVV
D5H\D5H\,V(]TVVV'Q2V
6DO1HKD&URQD&URQ
7DPELHQPLVSDWGHQWURGHODWHUPLQRORJLDMXGLFLDOFRLQFLGHFRQODVHQWHQFLDTXHVHYLHUWH/Y1PVV'WVV
D6DPD5H\VVD5H\,V -HU(]T$P
+DE6RI6DO-RE3URY3URYD&URQ(VWDVHQWHQFLDSXHGHVHUGH
FXOSDELOLGDGRGHVDOYDFLRQ1PVV'WD5H\VVFIVDOYDFLRQ'W,V-HU
6DOFRQGHQDFLRQ,V-HU(]T0LT6RI6DO
-RE
>@
&XDQGRKHPRVHVWXGLDGRHQSDUDOHORORVFDSLWXORVGH'DQLHOGHVFXEULPRVHOYDORUGHVGTHQUHODFLRQDO6DQWXDULR'LYLQR\DOD
H[SHULHQFLDGHO3XHEORGH'LRV\GHO&XHUQR3HTXHQRUHVSHFWRDOMXLFLRGH'DQLHO
>@
9HGOD6HFFLRQ,QWURGXFWRULDORVFDSLWXORV,DO,9VREUHODSHUVRQD\REUDGHO0HVLDVDQXQFLDGDHQHO$QWLJXR7HVWDPHQWR\FXPSOLGRHQ
ODSHUVRQD\REUDGH-HVXFULVWRHQHO1XHYR7HVWDPHQWR
>@
 (V XQ WHUPLQR H[FHSFLRQDO TXH VH XWLOL]D GHQWUR GHO SURFHVR MXGLFLDO FRPR VHQWHQFLD R YHUHGLFWR YHU7KH $QDOLWLFDO *UHHN /H[LFRQ
6DPXHO%DJVWHU/RQGRQS
>@
9HGSDUDORVWH[WRVOD&RQFRUGDQFLD*UHFR(VSDQRODGHO1XHYR7HVWDPHQWRGH+XJR3HWWHURSFSS
>@
9HGHQFXDOTXLHUFRQFRUGDQFLDWRGRVORVWH[WRVGRQGHDSDUHFH-HVXFULVWRFRPRHOVDOYDGRUGHORVSHFDGRV\GHOSHFDGR(VDVDOYDFLRQ
VXSRQHXQMXLFLR/DSRWHVWDGGHSHUGRQDUSHFDGRVVXSRQHHOMX]JDUFRPRSHUGRQDGRDOSHFDGRU
>@
6LVHREVHUYDQHVWRVWH[WRVODUHDOLGDGSUHVHQWHGHFDGDXQRFRQIURQWDGDFRQOD3DODEUDDIURQWDHOMXLFLRTXHVXSRQHHOFRQWHQLGRGHHVD
3DODEUDIUHQWHDOFRPSRUWDPLHQWRTXHVXSRQHHVDUHDOLGDG\GHSHQGHGHTXHVHDFHSWHTXHFXDQGROOHJXHHOMXLFLRILQDOHVWHVHUDIDYRUDEOH
>@
(OWH[WRORDQDOL]DPRVSRVWHULRUPHQWH&XDWURFRVDVHVHQFLDOHVVHQRVGLFHQTXHKD\MXLFLRTXHKDOOHJDGRHONDLURVODHSRFDHO
WLHPSRSDUDTXHFRPLHQFHQRVHQRVGLFHTXHKD\DFRPHQ]DGRVLQRTXHXQDYH]YHQLGR-HVXFULVWRHQWUDPRVGHQWURGHOSODQGH'LRVHQOD
SRVLELOLGDGGHTXHHVWHHPSLHFHFXDQGRHVWHVHLQLFLHORKDUDSRUODFDVDGH'LRV
6LVHREVHUYD\DDKRUDHOPRWLYRSRUHOFXDOUHODFLRQDPRV0W\0WMXQWRD-XDQ\FRQD3HGHVHO
VLJXLHQWH(Q0DWHRWDOFRPR\DH[SUHVDEDPRVHQRWUROXJDUYHG0HVLDV,GHQWLGDG\0LVLRQ9RO,SSKDKDELGRXQSURFHVR
WHPSRUDOWUDVHOFXDODSDUHFHXQMXLFLRVREUHSHUVRQDVTXHHVWDQHQODWLHUUD\TXHVHKDQDSURSLDGRGHOYHVWLGRGH%RGDLQGHSHQGLHQWHPHQWH
GHOFDPXIODGRTXHUHSUHVHQWDDORVTXHQROOHYDQHOYHVWLGRDILQGHSDVDUHOH[DPHQFRQORFXDOVHQRVPXHVWUDTXHHVHMXLFLRILQDOHVDQWHULRU
DOD6HJXQGD9HQLGDSHURVHFRQWHPSODFHOHEUDQGRVH\DSDUWLUGHXQPRPHQWRGHWHUPLQDGRSRUORVTXHOOHYDQHOYHVWLGRGHERGD3RURWUD
SDUWHDOLQWURGXFLU-HVXVXQGHUDVSHVHUHQ-QVREUHHO+LMRGHO+RPEUHHQ-XLFLRQRVREOLJDDWHQHUTXHLUD'DQLHO\XELFDU
HO MXLFLR GHO +LMR GHO +RPEUH GHODQWH GHO$QFLDQR GH 'LDV 'LFKR MXLFLR FRPR \D YLPRV SHUR OR WUDHUHPRV D FRODFLRQ RWUD YH] HV XQ MXLFLR
FHOHVWLDOIDYRUDEOHSDUDHOSXHEORGHORV6DQWRVDQWHVGHGDUOHVHO5HLQR\HPSLH]DHQXQPRPHQWRSRVWHULRUDOILQGHOSHULRGRGHGRPLQLRGHO
&XHUQR'QFI'Q(VH-XLFLRHVDQWHULRUDOUHWRUQRGHO+LMRGHO+RPEUHSRUORWDQWRVHWUDWDGHSHUVRQDVFX\D
PD\RULDHVWDQPXHUWDVSHUWHQHFLHQWHVDOSXHEORGH'LRV0DWHRHVWDGHQWURGHXQFRQWH[WRGHMXLFLRVREUH-HVXV\HVWHHQWUHRWUDV
FRVDVOHVUHFXHUGDTXHKDULDQELHQGHPLUDUDO+LMRGHO+RPEUHTXHYDDVHQWDUVHDODGLHVWUDGH'LRVYLQLHQGRHQQXEHV8QDYH]PDVHVH
GHUDV SHVHU VREUH HO +LMR GHO KRPEUH QRV OOHYD DO +LMR GHO +RPEUH GH 'DQLHO   D XQ -XLFLR LQGHSHQGLHQWHPHQWH GH OD VHQWHQFLD
FRQGHQDWRULDFRQWUDHO&XHUQRIDYRUDEOHSDUDHOSXHEORGH'LRVTXHFRPLHQ]DKDFLDHOILQGHOWLHPSRGHVSXHVGHOSHULRGRGHKHJHPRQLDGHO
&XHUQR 3HGUR LQVSLUDQGRVH HQ HVWRV SRUPHQRUHV DGHPDV GHO DSRUWH TXH SXHGD KDFHU DGHPDV GH KDEHU SRGLGR UHFLELU UHYHODFLRQ
FRPSOHPHQWDULDQRVSUHVHQWDHOFRQWHQLGRGHHVHWH[WRTXHUHIOHMDORVYDORUHV\FRQWHQLGRVLPSOLFDGRVHQHOHYDQJHOLRFLWDQGRGHUDVSHVHU
>@
 (O DFHSWDU DKRUD FRPHU OD FDUQH \ OD VDQJUH GHO +LMR GHO +RPEUH SRU OR TXH VXSRQH FRQRFHU \ H[SHULPHQWDU D HVH +LMR GHO +RPEUH
DSDUHFHODVHQWHQFLDHQHOSUHVHQWHSHUVRQDOGHFDGDXQRGHTXHHVRVXSRQHWHQHUYLGDHWHUQD-Q(VDYLYHQFLDQRVGDFRQILDQ]DDILQ
GHTXHHQHOGLDSRVWUHURVHHIHFWXHHOMXLFLRGHVHQWHQFLDHQRFDVLRQGHOD6HJXQGD9HQLGDFRQVLVWHQWHHQUHVXFLWDUSDUDYLGD-QFI

>@
(OJULHJRQRSXHGHFRQXQVRORWHUPLQRYHUWHUWRGRHOVLJQLILFDGRHLPSOLFDFLRQGHVGT
>@
 <D KHPRV HVWXGLDGR HQ VX OXJDU OR UHODWLYR DO SHUGRQ KHPRV FRPSUREDGR TXH QR HV PHUDPHQWH XQD GHFODUDFLRQ VLQR TXH HVWD
LQYROXFUDGD OD DFFLRQ \ HO FDPELR &XDQGR VH DQDOL]DDSKLHPL HQ VXV GLIHUHQWHV WH[WRV \ FRQWH[WRV DSDUHFH OD LGHDGHMDU 0W  YDULRV
WH[WRVYHUFRQFRUGDQFLDDEDQGRQDUGHVSDFKDUFI0F(QHODFWRGHOSHUGRQKD\DOJRTXHVHHFKDIXHUDTXHVHGHMDRTXHGD
GLVWLQWR
>@
(VWHHVHOYRFDEORTXHOD6HSWXDJLQWDGHFLGHXWLOL]DUSDUDWUDGXFLUORTXHLPSOLFDODUDL]VGTTXHDSDUHFHHQ'DQLHO<DH[SOLFDUHPRV
HVWHDVXQWRPDVDGHODQWH
>@
6REUHHVWHDVXQWRGHHOGLDGHOMXLFLR\ORUHODWLYRDHOORSXHGHYHUVHPDVDGHODQWH
>@
(Q(O(YDQJHOLRVHJXQ-XDQRSFS
>@
,GS
>@
 $XQTXH QR HVWDPRV GH DFXHUGR TXH HVWR VHD SRU FXDQWR XQRV SDVDMHV \ RWURV SHUWHQH]FDQ D GRV WUDGLFLRQHV MRDQLFDV GLVWLQWDV
6LPSOHPHQWH -XDQ SUHVHQWD IUHFXHQWHPHQWH HQ VX HYDQJHOLR HO YDORU H[LVWHQFLDO \ SHUVRQDO GHO FRQWHQLGR GH OD SUHGLFDFLRQ GH -HVXV GH
DSOLFDFLRQLQPHGLDWDSDUDFDGDRLGRU\OHFWRUXQLGRDODVSHFWRIXWXURGHHVRVPLVPRVYDORUHVWHUPLQRORJLFRVDSOLFDEOHVHQODHSRFDILQDOSDUD
WRGRHOFROHFWLYRGHFUH\HQWHV
>@
1RWHVHHQODYHUVLRQGH0DWHRVREUHHOMXLFLRILQDO
6HLQVHUWDHOMXLFLRGHH[DPHQVREUHTXLHQVHKDSURYLVWRGHOYHVWLGRGHERGDGHQWURGHXQSURFHVRWHPSRUDOTXHYDGHVGHHODYLVRDORVTXH\D
KDELDQVLGRLQYLWDGRV\HQSULQFLSLRKDELDQGLFKRVLDODVERGDKDVWDODGHVWUXFFLRQGHXQDFLXGDGUHSUHVHQWDWLYD\ODLQYLWDFLRQDWRGRVORVTXH
HQFRQWUDUDQEXHQRV\PDORV
1RWHVHTXHODERGDUHSUHVHQWDORVSULQFLSLRVGHO5HLQRFRQORVTXHVHKDXQLGRPLVWLFDPHQWHHO+LMRGHO5H\(OYHVWLGRGHERGDUHSUHVHQWDHO
FDUDFWHU\ODMXVWLFLDGHO+LMRXQLGRFDVDGR FRQ ORV SULQFLSLRV GHO 5HLQR (O DFHSWDU HOYHVWLGRVXSRQHDFHSWDUDO+LMRFRQORVSULQFLSLRVGHO
5HLQR(VHH[DPHQGHO5H\GRQGHREVHUYDDXQFDPXIODGRVLQHOYHVWLGRGHERGDFRPRKDELHQGRUHFKD]DGRODLGHRORJLD\PLVLRQGHO+LMR
DFRQWHFHDSDUWLUGHXQFLHUWRPRPHQWRGHODKLVWRULD\WUDQVFXUULHQGRWRGDYLDODYLGDGHORVLQYLWDGRVDODVERGDV/RVLQYLWDGRVVHYHQHQOD
WLHUUD
>@
6HWUDWDGHXQMXLFLRSDUDHOIXWXURXOWLPR-XLFLR NULQHLQ
>@
 9HU QXHVWUD H[SRVLFLRQ FRPSOHWD VREUH HVWH DVXQWR HQ ODV SDJLQDV  GHO 0HVLDV LGHQWLGDG \ PLVLRQ RS F GRQGH GHPRVWUDPRV
WRGRVORVGHWDOOHV$KRUDYDPRVDUHVXPLUDILQGHUHFRUGDUHQHVWHFRQWH[WRQHFHVDULRTXHORVGLDVGHO+LMRGHO+RPEUHTXHQRVPHQFLRQD
-HVXFULVWR\HOSURIHWD'DQLHOVHUHILHUHQDOGLDGHOMXLFLRILQDOTXHVHLQDXJXUDSUHYLDPHQWHDODVHJXQGDYHQLGD\TXHVHH[WLHQGHKDVWDHOOD
>@
(VFDWRORJLFDPHQWHVHSXHGHQFRQFHELUORVGLDVSUHYLRVDVXYHQLGDFRPRDOXGLHQGRDWRGRVORVGLDVGHO+LMRGHO+RPEUHTXHVHULDQ
FDWDORJDGRVFRPRSUHYLRVDVXVHJXQGD9HQLGD
>@
(O'LFFLRQDULR7HRORJLFRGHO1XHYR7HVWDPHQWR GH&RHQHQ\RWURVRSF9RO,9SFRPHQWDHQUHODFLRQDO+LMRGHO+RPEUHTXH
DSDUHFHHQ'DQLHO
(O+LMRGHO+RPEUHUHSUHVHQWDFRPRLQGLYLGXRYDORVVDQWRVGHO$OWLVLPRYDVLFRPRHO5H\GH-XGDUHSUHVHQWDDO3XHEOR(VWR
TXLHUHGHFLUTXHFRQODHQWUHJDGHOSRGHUDO+LMRGHO+RPEUHVHHQWUHJDDOPLVPRWLHPSRDORVVDQWRVGHO$OWLVLPR
>@
 5HVSHFWR D XQ -XLFLR ILQDO LQGHSHQGLHQWHPHQWH GH FXDQWDV PDWL]DFLRQHV HVWD DWHVWLJXDGR SRU GLIHUHQWHV DXWRUHV WDQWR FDWROLFRV FRPR
SURWHVWDQWHV9HDVHD0LFKDHO6FKPDXV(OSUREOHPDHVFDWRORJLFRRSFLWS
-HDQ5LYLHUHHQHO'LFWLRQDLUHGH7KHRORJLH&DWKROLTXH9ROUHPDUFD(OXQLFRMXLFLRDOTXHVHUHILHUHQORVVLPERORVGHOD
SULPLWLYDLJOHVLDHVHOMXLFLRJHQHUDO&LWDGRSRU$9DXFKHUHQOD+LVWRULDGHOD6DOYDFLRQ(GLW6DIHOL]0DGULGS
>@
1RWHVHTXHHOMXLFLRTXHVHDOXGHHQ$SRFDFRQWHFHGHVDUUROODQGRVHWRGDYLDODKLVWRULDKXPDQD'H FXDOTXLHU IRUPD ORV KLMRV GH
'LRV KDQ GHELGR SDVDU SRU HO MXLFLR DQWHV GH OD VHJXQGD YHQLGD SXHVWR TXH KD GHELGR GHWHUPLQDUVH TXLHQHV IRUPDQ SDUWH GH ORV MXVWRV \
TXLHQHVSXHGHQMX]JDUSRUHVRHVSHUDQHOGLDGHOMXLFLRFRQFRQILDQ]DD-Q'LDTXHKDGHFRPHQ]DUDQWHVGHOUHWRUQRGH&ULVWRHQTXH
VHFRPLHQ]DDMX]JDUDODVWULEXVGH,VUDHO\DORVLPSLRV(VWRFRLQFLGHFRQHOFRPLHQ]RGHOMXLFLRTXHVHQRVKDEODHQ'DQLHO
\TXHVHLQFOX\HDQWHVGHUHFLELUHO5HLQRORVVDQWRVGHO$OWLVLPR
>@
(OUHFRQRFLPLHQWRGHXQMXLFLRSUHYLRDO5HWRUQRGH&ULVWRHQUHODFLRQFRQHOILQGHOWLHPSR\GHVXUHWRUQRHQEDVHD'DQLHOVH
SXHGHFRPSUREDUHQDOJXQRVDXWRUHVWDQWRFDWROLFRVFRPRSURWHVWDQWHV(YLV/&DUEDOORVDDXQTXHGHWHQGHQFLDGLVSHQVDFLRQDOLVWDUHFRQRFH
TXHHO-XLFLRGH'DQLHOHVDQWHULRUDOUHWRUQRGH&ULVWR'DQLHO\HO5HLQR0HVLDQLFR3RUWDYR](YDQJHOLFR%DUFHORQDS
3RU SDUWH FDWROLFD 9DFFDUL UHFRQRFH TXH ODV HVFHQDV GH 'DQLHO  SHUWHQHFHQ DO -XLFLR 'LYLQR HVFDWRORJLFR \ TXH VH GHVDUUROOD HQ GRV
DFWRV (Q1RWDV \ &RPHQWDULRV GHO 3RQWLILFLR ,QVWLWXWR %LEOLFR GH 5RPD FRQWHQLGRV HQ OD6DJUDGD %LEOLD (GLWRUV 6$ %DUFHORQD 
S(VWHUHFRQRFLPLHQWRGHTXHVHWUDWDGHO-XLFLR'LYLQRHVFDWRORJLFRLPSOLFDSRUODXELFDFLRQGHOWH[WRTXHVXFRPLHQ]RVHDDQWHULRUR
SUHYLRDOUHWRUQRGH&ULVWR
(OWDPELHQFDWROLFR-XDQ0DULD6DODHQOD3URIHFLDGH'DQLHO(GLW-XDQ*LOL%DUFHORQDS\WRGDYLDPDVH[SOLFLWRUHILULHQGRVH
DO -XLFLR TXH DSDUHFH HQ 'DQ GLIHUHQFLD OD YHQLGD HQ ODV QXEHV GHO$QFLDQR GH 'LDV GH OD VHJXQGD YHQLGD GH &ULVWR D HVWD WLHUUD
DFODUDQGRTXHHVDYHQLGDGHO$QFLDQRGH'LDVHVDQWHULRUFURQRORJLFDPHQWHDOUHWRUQRGH&ULVWRDHVWDWLHUUD
2EVHUYD HO RUGHQ GH HVWD ILQDO YLFWRULD GHO 0HVLDV /R SULPHUR VH FHOHEUDUD HO MXLFLR TXH QR HV DXQ HO MXLFLR JHQHUDO VLQR TXH OH KD GH
SUHFHGHU!!LGHPS
(O&RPHQWDULRGHO)XQGDFLR%LEOLFD&DWDODQD(GLWRULDO$/3+$%DUFHORQD9RO;SUHODFLRQDODVHVFHQDVGHO-XLFLRGH'DQLHO
FRQODVHJXQGDYHQLGDGH&ULVWR
3RUODGRSURWHVWDQWH7KRPDV5RELQVRQHQ+RPLOHWLFDO&RPPRQ7KH%RRNRI'DQLHO1XHYD<RUNS\GLFH7HQHPRVDQWH
QRVRWURVXQSDVDMHGHDEUXPDGRUDJUDQGH]D\VXEOLPLGDGODGHVFULSFLRQGHXQDHVFHQDGHSDYRURVDVROHPQLGDG(OSDVDMHPXHVWUDHOWURQR
GHOMXLFLRGH'LRVFRQPLULDGDVGHDQJHOHVDVLVWHQWHV\HOSURQXQFLDPLHQWRGHFRQGHQDFLRQSDUDXQDJUDQSDUWHGHODKXPDQLGDG(VWHMXLFLRQR
HVHQUHDOLGDGFRPRHOGH$SRFDOLSVLVHOMXLFLRJHQHUDO
&RPR\DVHKDREVHUYDGRHVWHQRHVHOMXLFLRJHQHUDOTXHRFXUUHDODWHUPLQDFLRQGHOUHLQRWHUUHQDOGH&ULVWRRFRPRVHGLFHFRPXQPHQWH
HQ HO ILQ GHO PXQGR 3DUHFH PDV ELHQ TXH VH WUDWD GH XQ MXLFLR LQYLVLEOH OOHYDGR D FDER GHWUDV GHO YHOR \ PDQLIHVWDGR SRU VXV HIHFWRV \ OD
HMHFXFLRQGHVXVHQWHQFLD$KRUDSXHGHHVWDUHIHFWXDQGRVH!!'DQLHO7KH3UHDFKHUV+RPLOHWLF&RPPHQWDU\SDJV&LWDGRHQ
(O-XLFLR,QYHVWLJDGRUGH:DOWHU(5HDG0LQLVW$GYS
7KRPDV6FRWW(OFXPSOLPLHQWRGHHVWDSURIHFLDSUHFHGHUDDODLQWURGXFFLRQGHOPLOHQLRHOMXLFLRILQDOVHJXLUDDODFRQVXPDFLRQGHWRGDVODV
FRVDVDTXLHQODWLHUUD!!&LWDGRSRU:DOWHU(5HDG0LQLVW$GYRSFLWS
>@
 "&XDQGR UHVXFLWDQ ORV LPSLRV SXHVWR TXH -HVXV PHQFLRQD XQD GREOH UHVXUUHFFLRQ OD GH FRQGHQDFLRQ SDUD ORV LPSLRV \ OD GH OD YLGD
HWHUQDSDUDORVMXVWRV"
/DVROXFLRQQRVODGD$SRFDOLSVLV(O0LOHQLRWDOFRPRVHSUHVHQWDHQHO$SRFDOLSVLVQRVUHVXHOYHHODVXQWRGHODUHVXUUHFFLRQGHORVLPSLRV
6L ELHQ -HVXFULVWR HQ HO HYDQJHOLR GH 6DQ -XDQ -Q  VH UHILHUH D OD H[LVWHQFLD GH XQD GREOH UHVXUUHFFLRQ OD GH ORV TXH KLFLHURQ OR
EXHQR\ODGHORVTXHKLFLHURQORPDORQRQRVGLFHFXDQGRRFXUULUDXQD\RWUD6LVHUDQRQRVLPXOWDQHDV(O1XHYR7HVWDPHQWRDH[FHSFLRQ
GHO$SRFDOLSVLV VLOHQFLD XQD UHVXUUHFFLRQ FRQFUHWD GH ORV LPSLRV DXQTXH OD VREUHHQWLHQGD SRU FXDQWR UHFLELUDQ DO ILQDO GH ORV WLHPSRV VX
FDVWLJR
<DYLPRVTXHFXDQGRVHKDEODGHODUHVXUUHFFLRQILQDODOUHWRUQRGH&ULVWRVHWUDWDGHODUHVXUUHFFLRQGHORVPXHUWRVHQ&ULVWR3XHVWRTXH
QRFDEHXQDUHVXUUHFFLRQHQVXYHQLGDGHDTXHOORVTXHQRFUHDQTXH-HVXVPXULR\UHVXFLWR7HVFI&RU'HDKLTXHOD
UHVXUUHFFLRQGHOGLDSRVWUHURTXHSURGXFHHO+LMRVHDH[FOXVLYDPHQWHSDUDDTXHOORVTXHFUHHQHQ(O-Q/DH[SUHVLRQYLGD
HWHUQDTXHHVWDOLJDGDDODUHVXUUHFFLRQGHORVMXVWRVVRORVHDSOLFDDHVWRV'QFI5P*DO
7RGRHVWRQRVPXHVWUDTXHODUHVXUUHFFLRQTXHH[SHULPHQWDUDQORVLPSLRVQRVHSXHGHSURGXFLUDOUHWRUQRGH&ULVWRDH[FHSFLRQGHORTXHVH
VXVWUDHDODUHJODJHQHUDO$SRFDOLSVLV6HWUDWDGHXQDH[FHSFLRQSDUDDTXHOORVLPSLRVTXHHVSHFLDOPHQWHKDQDFWXDGRFRQWUD&ULVWRSHUR
QDGDGHHVWRURPSHHOHVTXHPDJHQHUDOTXHHVWDPRVDSRUWDQGR(VDUHVXUUHFFLRQGHORVLPSLRVFXDQGRDFRQWHFHQRHVSDUDYLGDHWHUQDVLQR
GH FRQGHQDFLRQ \ GH DFXHUGR DO VLJQLILFDGR GH WRGR HO FRQWH[WR ELEOLFR QRV UHILHUD UHVSHFWR DO VHQWLGR \ FRQWHQLGR GH OD SDODEUD
FRQGHQDFLRQ
>@
(OWH[WRGH3HFRQWLHQHWUHVHOHPHQWRVIXQGDPHQWDOHVTXHHVSUHFLVRWHQHUHQFXHQWDVLTXHUHPRVUHDOL]DUXQDLQWHUSUHWDFLRQOR
PDVFRUUHFWDSRVLEOHHQEDVHDORVGLIHUHQWHVDVSHFWRVTXHVREUHHO-XLFLRQRVPDQLILHVWDWRGDOD%LEOLD
(QHOWH[WRJULHJRR>WL,RC'NDLURMWRXDU[DVTDLWRNULPDDYSRWRXRLNRXWRXTHRX?HLYGHSUZWRQDYI9KCPZQWLWRWHORMWZQ
DYSHLTRXQWZQWZ_WRXTHRXHXYDJJHOLZ_(VHH[SUHVDOLWHUDOPHQWH3RUTXHWLHPSRHVGHFRPHQ]DUVHHOMXLFLRSRUODFDVDGH'LRVR
3RUTXHHVWDPRVHQODHSRFDGHSRGHUVHFRPHQ]DUHOMXLFLR
/DLGHDVHULDTXH\DHVWDPRVHQODHSRFDHQTXHKDGHFRPHQ]DUHOMXLFLRSRUODFDVDGH'LRV
2EVHUYHVHHOWHUPLQRNDLURM!! HQ OXJDU GH NURQRV!! 6H WUDWD GH XQD HSRFD 8QD YH] YHQLGR &ULVWR \ KHFKR H[SLDFLRQ SRU QXHVWURV
SHFDGRVVHKDLQDXJXUDGRXQDHSRFDQXHYDHQODTXHHVSRVLEOHHOFRPLHQ]RGHO-XLFLR/RVXOWLPRVWLHPSRVVHLQDXJXUDQFRQODSULPHUD
YHQLGDGH&ULVWRFI3H-Q+HFK+E\VHH[WLHQGHQKDVWDODVHJXQGDYHQLGDFI3H
<DXQTXHODHVSHUDQ]DGHOILQGHWRGDVODVFRVDV3HFI7HVHVDOJRFRQWHPSODGRHQEDVHDODREUD\YHQLGDGH&ULVWRFRPR
FHUFDQRHVSUHFLVRDFODUDUTXHHVDFHUFDQLDDQKHODGD\UHDOQRHVWDQSUR[LPD7HVVHJXQHOUHORMGLYLQR3HSRUTXH
VLELHQHVWDPRVHQORVXOWLPRVWLHPSRV\DGHVGHODSULPHUDYHQLGDGH&ULVWR\SURORQJDQGRVHKDVWDVXVHJXQGDVHREVHUYDQ\DXQDVVHQDOHV
GH HVRV XOWLPRV R SRVWUHURV WLHPSRV FI 7LP WRGDYLD HVWDQ SDUD XQ IXWXUR ILQDO 7LP  XQD VHULH GH VHQDOHV TXH QR VH KDQ
FXPSOLGR WRGDYLD HQ WLHPSRV DSRVWROLFRV FI7LP 0DWVV \ ORV SDUDOHORV &RU +HFKHWF /DV VHQDOHV GH HVWD
HSRFDGHQRPLQDGDSRUORVDSRVWROHVXOWLPRVWLHPSRVLQDXJXUDGDFRQODYLGDPXHUWH5HVXUUHFFLRQ$VFHQVLRQ\PLQLVWHULR6DFHUGRWDOGH
&ULVWR \ TXH VH SURORQJD KDVWD VX VHJXQGD YHQLGD HVWD OOHQD GH DFRQWHFLPLHQWRV GLJQRV GH WHQHUVH HQ FXHQWD 9DULRV GH HOORV VH FXPSOHQ
GHQWURGHODHSRFDGHQRPLQDGDXOWLPRVWLHPSRVSHURVLJXLHQGRXQDXELFDFLRQFURQRORJLFDHQODTXHDOJXQRVVXFHVRVVHDOHMDQFDGDYH]PDV
GHORVHYHQWRVTXHDFRQWHFLHURQDOFRPLHQ]RGHHVDHSRFDGHQRPLQDGDXOWLPDRGHORVSRVWUHURVGLDV3RVWHULRUPHQWHDODGHVWUXFFLRQGH
-HUXVDOHQ 0DW KDEUD HQWUH RWUDV FRVDV XQ SHULRGR ODUJR GH DIOLFFLRQ 0DW TXH VH XQH FRQ XQDV VHQDOHV 0DW
SUHYLDVDOUHWRUQRGH&ULVWR+D\XQWLHPSRGHUHVWDXUDFLRQGHWRGDVODVFRVDV+HFKSUHYLRDOILQ\HOFRPLHQ]RGHO

GLD GHO MXLFLR

 SUHYLR DO ILQDO GH HVD HSRFD GHQRPLQDGD
SRVWUHURV WLHPSRV
 FRQ OD HUUDGLFDFLRQ GHILQLWLYD GHO SHFDGR 7RGR HVWR KD VLGR
DPSOLDPHQWHWUDWDGR\HUDFRQRFLGRSRUORVHVFULWRUHVELEOLFRV(OFULWHULRGHFHUFDQLDVHJXQODLQVSLUDFLRQHVHYLGHQWHPHQWHGLVWLQWRDOTXH
UHVXOWDGHXQDLQWHUSUHWDFLRQPHUDPHQWHKXPDQDGHOFRQFHSWRFHUFD\TXHROYLGDRPDUJLQDORTXH\DHQRWURVOXJDUHVGHOD(VFULWXUDVHQRV
KDGLFKRVREUHHOSDUWLFXODU$SRFFI$SRF
3HGURSXHVVHUHILHUHDODHSRFDXOWLPDTXHVHKDLQDXJXUDGRFRQODSULPHUDYHQLGDGH&ULVWR\TXHILQDOL]DFRQVXVHJXQGDYHQLGD\YDD
VHUGHQWURGHHVDHSRFDTXHHOMXLFLRFRPHQ]DUDSRUODFDVDGH'LRV<DTXHHVODHSRFDHQODTXHHOMXLFLRKDGHFRPHQ]DUVH<DTXHHOGLD
GHOMXLFLRFRPLHQ]DDQWHVGHODVHJXQGDYHQLGD/DLQGHWHUPLQDFLRQGHOLQVWDQWHRGHOPRPHQWRHVHYLGHQWHSRUHOXVRGHNDLURM!!HSRFD
\SRUORTXHHOSURSLRFRQWH[WRQRVIDFLOLWD6HWUDWDGHOMXLFLRGHYLYRV\PXHUWRVFID3H\VHDGPLWHXQDSDXVD SDUD TXH PXFKRV
SXHGDQVDOYDUVHD3H
(VWDPRVHQODHSRFDXOWLPDHQODTXHKDGHFHOHEUDUVHHOMXLFLRSHUR3HGURQRQRVLQGLFDGRQGHXELFDUHOPRPHQWRH[DFWRGHOFRPLHQ]RGH
GLFKR MXLFLR GHQWUR GH HVH WLHPSRNDLURM!! R HSRFD GHQRPLQDGD ORV SRVWUHURV GLDV \ TXH DEDUFD GHVGH OD SULPHUD KDVWD OD 6HJXQGD
9HQLGDGH&ULVWRODXELFDFLRQH[DFWDQRVODRIUHFHQRWURVWH[WRVGHODV(VFULWXUDV
(OVHJXQGRSXQWRDWHQHUHQFXHQWDHVTXHVLELHQHVFLHUWRHODSRVWRO3HGURQRQRVHVSHFLILFDFXDQGRHVHOPRPHQWRGHOFRPLHQ]RGHOMXLFLR
VLTXHQRVGLFHGHTXHHVWDPRVHQODHSRFDGHWHUPLQDGDSDUDTXHHOMXLFLRFRPLHQFH\TXHFXDQGRHVWHFRPLHQFHORKDUDSRUODFDVDGH
'LRV+D\DOJRTXHVLSRGHPRVDILUPDUFRQVHJXULGDGVHJXQHODSRVWROTXHHO-XLFLRFRPHQ]DUDHQXQPRPHQWRHVSHFLILFRGHQWURGHODHSRFD
TXHKDVLGRGHWHUPLQDGDSDUDWDOHIHFWR\TXHFXDQGRHVWHFRPLHQFHORVHUDSRUOD&DVDGH'LRV
(OWHUFHUSXQWRHVTXHHODSRVWRO3HGURXWLOL]DHQHVWHSDVDMHHOWHUPLQRJULHJRNULPD!! HO PLVPR TXH HV XVDGR HQ 'DQLHO  SRU OD
6HSWXDJLQWD TXH VH UHILHUH DO MXLFLR IDYRUDEOH TXH H[SHULPHQWDQ ORV 6DQWRV GHO$OWLVLPR -XLFLR HVFDWRORJLFR FHOHVWLDO DQWHULRU DO UHWRUQR GH
&ULVWR
>@
(O'LFFLRQDULRGHOD%LEOLD(GLWRULDO+HUGHU%DUFHORQDSGLFH+HEHOMXLFLRVLJXHDODPXHUWHSRUHOSDUDOHOLVPR
FRQHOYPXHUWH\DGYHQLPLHQWRGH&ULVWRKDGHHQWHQGHUVHVLQGXGDGHOMXLFLRILQDO&2*LOOLVHQHO&RPHQWDULRVREUHOD(SLVWRODD
ORV+HEUHRV&DVD%DXWLVWDGH3XEOLFDFLRQHVSH[SUHVD&UHRTXHHOSDVDMHVHUHILHUHDOMXLFLRILQDO\IRUPDOGHWRGRHOPXQGRHO
MXLFLRJHQHUDO
>@
/RVKRPEUHVPXHUHQXQDYH]\GHVSXHVHOMXLFLR+HEDQWHVGHOMXLFLRWRGRVORVKRPEUHVPXHUHQXQDYH] SULPHUDPXHUWH(VWD
GHFODUDFLRQSRUVLVRODQRVYLHQHDGHFLUTXHGHVSXHVGHODPXHUWHYLHQHHOMXLFLRSHURQRVHQRVGLFHH[DFWDPHQWHFXDQGR
6LQHPEDUJRSRGHPRVVDFDUDOJXQDVFRQFOXVLRQHV4XHVHHVWDUHILULHQGRDODSULPHUDPXHUWHSRUODTXHSDVDQWRGRVORVVHUHVKXPDQRV
/RVMXVWRVPXHUWRVUHVXFLWDQHQHOPRPHQWRGHOUHWRUQRGH&ULVWR7HV<QRDVLORVLPSLRVTXHVLJXHQTXHGDQGRHQORVVHSXOFURV
KDVWD GHVSXHV $SRF GHO PLOHQLR  /R TXH TXLHUH GHFLU TXH ORV MXVWRV FXDQGR UHVXFLWDQ KDQ WHQLGR TXH VHU MX]JDGRV SRUTXH \D KDQ
PXHUWR\GHVSXHVGHODPXHUWHYLHQHHOMXLFLR\GHDFXHUGRDGHPDVDODVGHFODUDFLRQHV\DDQWHGLFKDVGH3HGURD3H\GH3DEOR
D&RU5RP+E
/RVMXVWRVYLYRVSDVDQHOMXLFLRHVWDQGRHQYLGDQRSDVDQGRSRUODPXHUWHORTXHTXLHUHGHFLUTXHHVXQDH[FHSFLRQTXHFRQILUPDODUHJOD
JHQHUDOGH3DEOR9HDVH&DOYLQR(SLVWRODDORV+HEUHRV/LWHUDWXUD&ULVWLDQD7(//*UDQG5DSLGV0LFKLJDQ86$S
/RVLPSLRVYLYRVFXDQGR&ULVWRYLHQH\TXHQRKDQPXHUWRWRGDYLDQRKDQSRGLGRVHUMX]JDGRVGHQWURGHOMXLFLRH[DPLQDGRURMXLFLRXOWLPR
/RVHUDQGHVSXHVGHODPXHUWHMXQWRFRQORVRWURVLPSLRVTXHKDQSHUPDQHFLGRHQODVWXPEDV$SRF
/DLGHDVHULDTXHORVKRPEUHVUHFLEHQGHVSXHVGHODPXHUWHODVHQWHQFLD
/RFXDOVHWUDWDULDGHODVHQWHQFLDTXHVHUHFLEHDOILQDOGHOMXLFLRODVHQWHQFLDUHVSHFWRDORVMXVWRVHVODGHUHFLELUHO5HLQR
/DVHQWHQFLDGHORVLPSLRVODGHUHFLELUODFRQGHQDFLRQGHILQLWLYDGHVSXHVGHVXPXHUWHTXHVHSURORQJDKDVWDVXUHVXUUHFFLRQGHVSXHVGHORV
PLODQRV\TXHVRQGHVWUXLGRVGHILQLWLYDPHQWH(VWDVHQWHQFLDVHKDUDUHDOLGDGGHILQLWLYDHQHOPRPHQWRGHOUHWRUQRGH&ULVWR\DOILQDOGHO
0LOHQLR
(VHGHVSXHVGHODPXHUWHKDGHVHUWHQLHQGRHQFXHQWDHOGLDGHOMXLFLRHVFDWRORJLFR\GHDFXHUGRDORVPRPHQWRV\SURFHVRVWHPSRUDOHV
HVWDEOHFLGRVUHVSHFWRDORVMXVWRVDQWHVGHO5HWRUQRGH&ULVWR\GHORVLPSLRVGXUDQWHHO0LOHQLR
9HGQRWDGHODS
>@
/RUHIHUHQWHDODVHQWHQFLDFRQGHQDWRULDHQRFDVLRQGHOUHWRUQRGH-HVXFULVWRORFRPSUREDPRVPDVDGHODQWH
>@
/RVSDVDMHVGH0DWHR\\VXVSDUDOHORVQRVPXHVWUDQTXHORV1LQLYLWDV\ODUHLQDGHO6XUTXHDFHSWDURQHODUUHSHQWLPLHQWRVHUDQ
VDOYRV\SRUORWDQWRHQHOGLDGHO-XLFLRVHDO]DUDQFRQWUDDTXHOORVGHHVDJHQHUDFLRQTXHUHFKD]DURQD&ULVWR\ORVFRQGHQDUDQ
6HJXQHOSODQTXHHVWDPRVREVHUYDQGRHOGLDGHO-XLFLRTXHDEDUFDGHVGHDQWHVGHO5HWRUQRGH&ULVWRKDVWDGHVSXHVGHO0LOHQLR'HVSXHV
GHOUHWRUQRGH&ULVWR\GXUDQWHHO0LOHQLRDFRQWHFHHOTXHDORVPXHUWRVHQ&ULVWRUHVXFLWDGRVVHOHVGDODIDFXOWDGGHMX]JDUDORVLPSLRV
$SFID&RUVHUDHQWRQFHVHQHOGLDGHO-XLFLRSUHFLVDPHQWHGXUDQWHHOOODPDGR0LOHQLRTXHORV1LQLYLWDV\ODUHLQDGHOVXU
DFXVDUDQDGLFKDJHQHUDFLRQ
/DWUDGXFFLRQFRQIXVDTXHOD5HLQD9DOHUDKDFHQVREUHHVWHWH[WRHVWDPX\ELHQFRUUHJLGDSRUGLIHUHQWHVDXWRUHV%RYHU2&DOODJDQ17
7ULOLQJXHRSFLWVHDO]DUDQHQHOMXLFLRFRQWUDHVWDJHQHUDFLRQ\ODFRQGHQDUDQ7DPELHQ3LHUUH%RQQDUG (YDQJHOLR VHJXQ 6DQ
0DWHR (GLF &ULVWLDQGDG RS FLW S  &DQWHUD,JOHVLDV %$& 0DLRU 0DGULG  S   VHUD DO]DUDQ HQ HO MXLFLR FRQWUD HVWD
JHQHUDFLRQSDUDKDFHUTXHODFRQGHQHQ1XHYD%LEOLD(VSDQROD(GLF&ULVWLDQGDG0DGULGSVHDO]DUDQDFDUHDUVHFRQ
HVWD FODVH GH JHQWH \ OD FRQGHQDUDQ  WDPELHQ OD YHUVLRQ GH (GLFLRQHV 3DXOLQDV 6HUDILQ GH $XVHMR GH (G +HUGHU 5HJLQD %RYHU
&DQWHUD1DFDU&ROXQJD7RUUHV$PDW)HOL[3X]R6'SURIHVRUGH&LHQFLDV%LEOLFDVGHOD3RQWLILFLD8QLYHUVLGDG*UHJRULDQDGH5RPD
/DWUDGXFFLRQGH9DOHUDTXHHVVHFXQGDGDSRUORV0RQMRVGH0RQWVHUUDWOD%LEOLDGH-HUXVDOHQ/RXLV6HJRQG.LQJ-DPHV-RDR)HUUHLUD
*LRYDQQL/RX]LSUHVHQWDXQDLGHDH[WUDQD\URPSHQRVRORFRQODRULHQWDFLRQH[SUHVLYDGHOWH[WRVLQRDGHPDVFRQWUDGLFHHOFRQWH[WRJHQHUDO
UHVSHFWRDODGRFWULQDGHOMXLFLR(QHIHFWRODWUDGXFFLRQGH9DOHUDGLFHVHOHYDQWDUDQHQHOGLDGHOMXLFLR FRQHVWDJHQHUDFLRQFRPRGDQGR
DHQWHQGHUTXHUHVXFLWDQVLPXOWDQHDPHQWH\MXQWRV
(VWDHVXQDLGHDRSXHVWD\FRQWUDULDDWRGRHOSODQTXHYHQLPRVHVWXGLDQGR/DUHVXUUHFFLRQGHORVMXVWRVDFRQWHFHGHQWURGHOGLDGHO-XLFLR
HQ HO PRPHQWR GH OD 6HJXQGD 9HQLGD GH &ULVWR OD GH ORV LQMXVWRV GHVSXHV GHO SHULRGR GHQRPLQDGR 0LO DQRV SHULRGR TXH VH LQLFLD HQ OD
6HJXQGD9HQLGDGH&ULVWR
>@
&DQWHUD,JOHVLDV6DJUDGD%LEOLD%$&0DLRU0DGULGQRWDDSLHGHSDJLQDS
>@
-XDQ6WUDXELQJHU(O1XHYR7HVWDPHQWR9RO,9(G'HVFOHHGH%RXZHU%XHQRV$LUHVS
>@
-XDQ&DOYLQR&RPHQWDULRDODV(SLVWRODV3DVWRUDOHVGH6DQ3DEOR7(//*UDQG5DSLGV0LFKLJDQ86$S
>@
/D6DQWD%LEOLDSRU)HOLSH6FLRGH6DQ0LJXHO*DVSDU\5RLJ(GLWRUHV0DGULG9RO9S
>@
2EVHUYHVHORVGLIHUHQWHVDVSHFWRV6HVLHQWDHO-XH]+D\TXHXELFDUFXDQGRVHVLHQWDHO-XH]SDUDMX]JDUFI'Q
XS^WHUFHUYHUERIXQFLRQDO OHKLFLHURQDFHUFDUVHGHODQWHPLVPRGHO$QFLDQRGH'LDV`/HTXLWDUDQVXGRPLQLR1RWHVHTXHHVWHTXLWDU
VXGRPLQLRDSDUHFHHQHOWH[WRHQXQPRPHQWRSRVWHULRUDORVWLHPSRVSURIHWLFRVGHKDEHUHMHUFLGRGHDFXHUGRDODVFDUDFWHULVWLFDVGH
VXKDFHU\SUR\HFWDUVXLGHRORJLDHQODKLVWRULDVLQREVWDFXORVTXHVHORLPSLGLHUDQVHULDPHQWH(VWDVHQWHQFLDFRQGHQDWRULDYLVXDOL]DTXHHQWUH
HOILQDOGHHVHSHULRGRGHVXHMHUFLFLRKLVWRULFRFDUDFWHULVWLFR\ODSURSLDVHQWHQFLDFRQGHQDWRULDTXHLQWHUSUHWDKDEHUVHOHTXLWDGRHOGRPLQLR
KD\ XQ HVSDFLR WHPSRUDO TXH QRV OR LGHQWLILFD 'DQLHO  5HFXHUGHVH TXH 'DQLHO   QRV LGHQWLILFD \ UHODFLRQD HO VLVWHPD GH
PDOGDGFXHUQRSHTXHQRGH'DQLHOFRQHOFXHUQRSHTXHQRHQVXVHJXQGDUHDOLGDGKLVWRULFDGH'DQLHO\FRQHOUH\GHOQRUWHHQYHUVLRQ
VHU'HVSUHFLDEOHGH'DQLHO
(VWDVHQWHQFLDFRQGHQDWRULDXELFDGDDGHFXDGDPHQWHUHSHUFXWHHQODKLVWRULDGHHVWHVLVWHPDGHWDOPRGRTXHDOYLVXDOL]DUVHVHFRPSUXHED
GH TXH QR VH WUDWD GH XQD FULVLV WHPSRUDO FRPR RWUDV TXH KXELHUD SRGLGR H[SHULPHQWDU HQ VX TXHKDFHU KLVWRULFR VLQR TXH DKRUD HVWD
UHIUHQGDGDSRUHVDVHQWHQFLDMXGLFLDOFRQGHQDWRULDTXHLPSOLFDODDFWXDFLRQGH'LRVHQOD+LVWRULDGHHVWHVLVWHPDGHPDOGDG
SDUDTXHVHDGHVWUXLGR\DUUXLQDGRKDVWDHOILQ6LVHREVHUYDODFRQVWUXFFLRQGHODIUDVHQRVLQGXFHDQRWDUXQSURFHVRGHGHVWUXFFLRQ\
UXLQDDSHVDUGHTXHSXGLHUDKDEHUXQDFLHUWDPHMRULD\FXUDFLRQHQDOJXQPRPHQWRGHWHUPLQDGRGHHVDKLVWRULDGHLUKDFLDODUXLQDFI$S
FI'QFI'QSSXS&XDQGRORKXELHUD$SVHULD PRPHQWDQHDPHQWHGHQWURGHXQSHULRGR
PX\FRUWRGHOILQFI'QFI$S\DQXQFDPDVFRPRVXSHULRGRIDWLGLFRGHGLDVSURIHWLFRV
>@
 'H GRV PDQHUDV SRGULDPRV HQWHQGHU HVWH WH[WR  4XH GHVSXHV GH FDGD PXHUWH LQGLYLGXDO KD\ XQ MXLFLR SDUWLFXODU (VWR HVWDULD HQ
FRQVRQDQFLDFRQHOVHOODPLHQWRGHO(VSLULWX6DQWRDOD6DOYDFLRQ(ITXHVHHIHFWXDDSDUWLUGHOFRPLHQ]RGHQXHVWUDYLGDFULVWLDQD\TXH
KD GH PDQLIHVWDUVH KDVWD HO GLD GH OD PXHUWH GRQGH HO VHOODPLHQWR VH HYLGHQFLDUD R QR FRPR GHILQLWLYR  4XH 3DEOR HVWXYLHUD WHQLHQGR HQ
FXHQWDWRGRHOFROHFWLYRKXPDQR\TXHGHVSXHVGHODPXHUWHGHWRGRVHOORVVHGDHO-XLFLR(YLGHQWHPHQWHHVWRHVWDGHDFXHUGRFRQHOGHUDV
+LMRGHO+RPEUHTXHLQWURGXFHXQMXLFLRILQDOFRPRHPSH]DGRDQWHULRUPHQWHDOD6HJXQGD9HQLGDGH-HVXFULVWR'QFID
3HGHQHOPRPHQWRGHOWHUFHUYHUERIXQFLRQDOFXDQGROHKDFHQSUHVHQWDUVHGHODQWHGHO$QFLDQRGH'LDV\TXHDGHPDVVHJXQ3DEOR
KDEUD SHUVRQDV TXH HVWDUDQ YLYDV HQ RFDVLRQ GHO UHWRUQR GH -HVXFULVWR 3RU OR WDQWR HVRV PXHUWRV KDQ GH PRULU DQWHULRUPHQWH \ DQWHV GH OD
6HJXQGD9HQLGD
>@
 %RQQHW HQ VX FRPHQWDULR DO 1XHYR 7HVWDPHQWR /H 1RXYHDX 7HVWDPHQW 9RO , 1HXFKDWHO  S  RSLQD VREUH OD IDOWD GH
FODULGDGGHORVGRVJUDQGHVDFRQWHFLPLHQWRVTXHDQXQFLD\TXHVHJXQHOODPD\RULDGHORVHVWXGLRVKDQIUDFDVDGRHQSUHVHQFLDGHODGLILFXOWDG
GHOWH[WR
*RGHW&RPHQWDLUHVXUO
(YDQJLOHGH6DLQW/XFYRO,,HPPHHGLWLRQSVHH[SUHVDGHSDUHFLGDPDQHUD
0DWHRUHXQHHQHOGLVFXUVRVLJXLHQWHORVGRVWHPDVLQGLFDGRVHQODFXHVWLRQWDOFRPRODIRUPXOD\ORVFRPELQDGHXQDPDQHUDWDQLQWLPD
TXHWRGRVORVHQVD\RVGHVHSDUDUORVHQHOWH[WRKDQIUDFDVDGR!!
'LYHUVRVDXWRUHVPRGHUQRVRSWDQRSRUHOXGLUORVSUREOHPDVGLFLHQGRTXHORVHYDQJHOLVWDVFRQIXQGLDQ\PH]FODURQODVVHQDOHVUHODWLYDVDOD
GHVWUXFFLRQGHOWHPSORFRQODVGHOILQGHOPXQGR*LRYDQQL3DSLQL+LVWRULDGH&ULVWRHQ2EUDVFRPSOHWDVYRO,9(G$JXLODU0DGULG
SRELHQRWURVFRPR%XOWPDQQVHGHGLFDQDQHJDUODDXWHQWLFLGDGGHODVSDODEUDVTXHHVWDULDQFRPRHQHOFDVRGH/XFDVSDUDMXVWLILFDU
HOUHWUDVRGHOD3DUXVLDYHUVREUHHVWHDVSHFWRD-HDQ'DQLHO.DHVWOL/
(VFKDWRORJLHGDQV/
2HXYUHGH/XF/DERUHW)LGHV*HQHYH
6HJXQ HVWD WHQGHQFLD 0DUFRV VHULD HO XQLFR ILDEOH \D TXH VHJXQ HOORV HVWH DXWRU DOXGLULD WDQ VROR D XQD HVFDWRORJLD SUHVHQWH FXPSOLGD HQ
RFDVLRQ GH OD GHVWUXFFLRQ GHO WHPSOR YHU HQ XQD UHVSXHVWD D IDYRU DXQTXH FRQ PDWL]DFLRQHV GH OD SRVLFLRQ WUDGLFLRQDO D 9LFHQW 7D\ORU (O
(YDQJHOLRVHJXQ6DQ0DUFRVRSFSS1RVRWURVGDPRVXQDH[SOLFDFLRQPDVDGHODQWH
8OWLPDPHQWH5XGROI3HVFKKDSXHVWRGXGDVHVSHFXODWLYDPHQWHVREUHODILDELOLGDGGH0DUFRVHQHVWHDVXQWRHQ/
$SRFDO\SVH-RKDQQLTXHHW
O
$SRFDO\SWLTXHGDQVOH1RXYHDX7HVWDPHQWHGLWLRQV'XFXORW6$/HXYHQ8QLYHUVLW\3UHVV*HPEORX[%HOJLTXHSS'LFKR
DUWLFXORHVWDDPSOLDGRHQORVFRPHQWDULRVGHOSURSLRDXWRU'DV0DUNXVHYDQJHOLXP,,SS
(ODXWRUVHEDVDHQTXHORVYHUVLFXORVIXQGDPHQWDOHVGHOFSVHULDXQWUDWDGRMXGHRFULVWLDQRFRPSXHVWRDOFRPLHQ]RGHODJXHUUDMXGLDD
 (V GHFLU XQD HVSHFLH GH FRPSRVLFLRQ SUHYLD SDUD DQLPDU D ORV FUH\HQWHV 'H QXHYR HO IDQWDVPDPDFDEHR DVRPD OD FDEH]D (O DSOLFDU
UHJODVOLWHUDULDVDUELWUDULDPHQWH\VLQSUXHEDVGHQLQJXQDFODVHSDUWLHQGRGHXQDFRQMHWXUDDODTXHKD\TXHHQFRQWUDUYHURVLPLOLWXGFRPRVHD
ROYLGDQGRLQWHQFLRQDOPHQWHHOFRQFHSWRGHODLQVSLUDFLRQ\HORULJHQDSRVWROLFRGHORVGLFKRVGH-HVXV\GHOYDORUGHVXVFRQWHQLGRVGHVWUX\H
WRWDOPHQWHHOPHULWRDXWHQWLFDPHQWHLQWULQVHFRGHOD5HYHODFLRQ'LYLQD
$XQTXHKDVLGRFRQWHVWDGRDPSOLDPHQWHSRU)1HLU\QFN/
$SRFDO\SVH-RKDQQLTXHHWO
$SRFDO\SWLTXHRSFSSGHPRVWUDQGRVH
HQORIXQGDPHQWDOORLQDGHFXDGRGHODSRVLFLRQGH53HVFKVHPDQWLHQHVLHPSUHXQDFRQFHSFLRQVREUHHQWHQGLGDDXQTXHQRSUREDGDQXQFD
GHPDQLSXODFLRQHVRLQWHUYHQFLRQHVUHGDFFLRQDOHVDMHQDVDXQDDXWRULDLQVSLUDGD(VWRFUHDVLHPSUHXQDFRQIXVLRQUHVSHFWRDODJHQXLQLGDGGHO
HVFULWRUVDJUDGR'HEHPRVWHQHUHQFXHQWDLQGHSHQGLHQWHPHQWHGHODDXWRULDLQVSLUDGDGHORVHVFULWRUHVQHRWHVWDPHQWDULRVGHORVGRFXPHQWRV
RULJLQDOHVDSRVWROLFRVHQWUHJDGRVDOD&RPXQLGDG(FOHVLDOTXHSXGLHURQKDEHUDFWXDGRFRPRIXHQWHUHIHUHQFLDO
1RVRWURVSDUWLPRVGHODEDVHTXHOD&RPXQLGDGSULPLWLYDQLHUDPDVWRQWDQLPDVOLVWDTXHDTXHOORVTXHFRQWHPSODPRVKR\ORVHYDQJHOLRV(OORV
IXHURQ ORV TXH QRV OHJDURQ ODV %XHQDV 1RWLFLDV GH 6DOYDFLRQ \ KHPRV GH VXSRQHU VL QR HV PXFKR TXH HOORV HUDQ FRQVFLHQWHV HQ HVDV
QDUUDFLRQHV SDUDOHODV GH ORV
ODSVXV

YDFLRV
FRQWUDGLFFLRQHV DSDUHQWHV DGLFLRQHV \ RPLVLRQHV FRPSDUDQGR XQRV \ RWURV SDVDMHV GH XQR \
RWUR HYDQJHOLR (O SUREOHPD D GLOXFLGDU HV VL UHDOPHQWH FRQVFLHQWHV FRPR QRVRWURV GH HVD GLIHUHQFLDV WH[WXDOHV KXER XQD LQWHQFLRQDOLGDG
WHRORJLFDLQIOXLGDSRUODLQVSLUDFLRQSDUDTXHDSDUH]FDHOWH[WRWDOFRPRVHQRVSUHVHQWD6HULDGHPDVLDGRLQFUHLEOHTXHHVDFRPXQLGDGSULPLWLYD
TXHFUHHD
SLHVMXQWLOODV
TXHORVHYDQJHOLRVVRQXQDUHYHODFLRQGH'LRV0FHVFULWRVGHDFXHUGRDODDXWRULDTXHVHSRQH\TXHORTXHVH
UHODWD
HVFLHUWLVLPR
/FQRVHGLHUDQFXHQWDGHHVRV
ODSVXV
GHHVDVDGLFLRQHVXRPLVLRQHV/RGHFLPRVSRUTXHHVQHFHVDULRGHVFXEULU
TXHODLQVSLUDFLRQSXGRKDEHUXVDGRGHOLEHUDGDPHQWHXQD
WHFQLFD
VLQTXHSRUHOORVHWHQJDTXHDOXGLUDFRQWUDGLFFLRQHVUHDOHV
(QHO1XHYR&RPHQWDULR6DQ-HURQLPRYRO,,RSFSVVVHQRVGLFHTXH0DWHRGHSHQGHGH0DUFRV1LFDVR0DWHRHVRULJLQDO
\DQWHULRUHQSXEOLFDFLRQD0DUFRV3HUR0DUFRVHVWDQRULJLQDOFRPR0DWHREDVDGRHQDOJXQHVFULWRDSRVWROLFR3XHVWRTXHVXSUHVHQWDFLRQ
HVXQLFDDOKDFHUGHODGHVWUXFFLRQGHO7HPSRODUHIHUHQFLDDWRGDVODVGHPDVVHQDOHVGHOILQ7UDWDPRVHVHDVXQWRXQSRFRPDVDGHODQWH
6DQGHUV-HVXV \ VX 7LHPSR  RS F QR OHH ELHQ SXHVWR TXH VH KD FHQWUDGR GH TXH -HVXV KXELHVH TXHULGR ELHQ SRU HO PLVPR R SRU XQD
LQWHUYHQFLRQGLUHFWDGH'LRVODGHVWUXFFLRQGHO7HPSORHQVXPLVPDHSRFD(QQLQJXQOXJDU-HVXVDPHQD]R FRQ OD GHVWUXFFLRQ GHO 7HPSOR
FRPRDVLWHUJLYHUVDS'HVGHOXHJRHODXWRUFRPRHQWDQWDVRWUDVRFDVLRQHV\HUUDDOSUHVHQWDUQRVHVWHDVXQWR"(QTXHVHEDVDSDUD
HOOR"(QVXLGHDSUHFRQFHELGDGHTXH-HVXVHVWXYLHUDSHQVDQGR"GRQGHORGLFH"HQTXHHO5HLQRGH'LRVTXHSUHGLFDVHLQVWDXUDULDHQVX
SURSLDHSRFD3DUDHOORKDGHPDUJLQDUFRPRORKLFLHUDDQWHULRUPHQWH6FKZHL]HUWRGDXQDVHULHGHWH[WRVGRQGH-HVXVKDEODGHO5HLQRIXWXUR\
HVWR OLJDGR D FXDQGR KDEOD GHO 5HLQR HQ HO SUHVHQWH 1R VH GD FXHQWD TXH SUHFLVDPHQWH DO SUHVHQWDUQRV FODUDPHQWH HVWD GHVWUXFFLRQ GHO
7HPSORSDUDHOIXWXUR\GHOLQHDUQRVXQDDSRFDOLSWLFDTXHOOHYDFRQVLJRWRGRXQFXPSOLPLHQWRGHVHQDOHVTXHSURORQJDQHOWLHPSRPDVDOODDOD
SURSLD GHVWUXFFLRQ GH -HUXVDOHQ GHPXHVWUD VX HTXLYRFDGD DSUHFLDFLRQ HQ VX WHRULD EDVDGD HQ 6FKZHL]HU \ HQ HO LQYHQWR GH TXH 0DUFRV
WUDMHUD HVWH DVXQWR 6DQGHUV QR WLHQH HQ FXHQWD TXH HVH 5HLQR GH 'LRV SUHVHQWHIXWXUR VH KD GH HQWHQGHU WHQLHQGR HQ FXHQWD GRV FRVDV
IXQGDPHQWDOHVTXHVXFHGHQHQODKLVWRULD(O5HLQRGH'LRVVLHPSUHHVWDDKLGHVGHODSUHGLFDFLRQGHO0HVLDV-HVXV+D\XQDVHULHGH
JHQHUDFLRQHVTXHVHYDQDGDUGHIRUPDQDWXUDODODVTXHKDEUDTXHDQXQFLDUOHVHVHPLVPR5HLQRGH'LRVWUDLGRSRUHO0HVLDV
/RTXHWUDH0DUFRV\DQWHV0DWHRHVODPHQWLUDGHTXH-HVXVKXELHUDGLFKRTXHLEDDGHVWUXLUHOWHPSOR-HVXVGLMRWDOFRPRORUHFRJH-XDQ
HQHOTXHVHEDVDSRUIXHU]D0DUFRVGHVWUXLGHVWHWHPSOR\\RORUHFRQVWUXLUHHQWUHVGLDV0DUFRVORPLVPRTXH0DWHRDODOXGLUDHVWH
DVXQWRGHOWHVWLPRQLRIDOVRGDFRPREXHQDODYHUVLRQGH-XDQGHODSULPHUDSXULILFDFLRQGHO7HPSORTXHQDGLHWUDHPDVTXHHO<SRUORWDQWR
HVDDOXVLRQDODGHVWUXFFLRQGHOWHPSOR\DVXUHFRQVWUXFFLRQTXHHOHYDQJHOLVWDUHFRQRFHTXHORSUHVHQWDQIDOVHDQGRODUHDOLGDGHVWDEDVDGD
HQODVSDODEUDVGH-HVXVUHFRJLGDVSRU-XDQHQHOVHQWLGRTXHHVWHOHGD&ODURDOVXSRQHUTXH-XDQHVWDUGLROHKDGDGRRSRUWXQLGDGVHJXQ
HVWDWHRULDDGHFLUODVFRVDVGHGLVWLQWRPRGRDFRPRIXHURQ%RFKRUQRVRODFDQWLGDGGHFRVDVTXHORVDXWRUHVVHLQYHQWDQXQDWUDVRWUDSDUD
DSDUHQWDUTXHVXVKLSRWHVLVFRQVWUXLGDVVLQEDVHUHDOWLHQHYLVRVGHDXWHQWLFLGDGEDUULREDMHUD
>@
 0DWHR  TXH QRV UHILHUH TXH ORV GLVFLSXORV VH DFHUFDURQ SDUD PRVWUDUOH ORV HGLILFLRV QR QRV GLFH TXH DOJXLHQ OH KLFLHUD DOJXQD
SUHJXQWDUHVSHFWRDOWHPSORFRPRHQ0DUFRV
0DUFRV  QRV GLUD TXH FRPR FRQVHFXHQFLD GH TXH XQR GH ORV GLVFLSXORV OH H[SUHVD D -HVXV VX DGPLUDFLRQ SRU ODV SLHGUDV \ HGLILFLRV GHO
WHPSOR-HVXVORDSURYHFKD\OHUHVSRQGHORUHODWLYRDODVVHQDOHV
(Q /XFDV QR VH WUDWD VLPSOHPHQWH GH XQ GLVFLSXOR VLQR GH YDULRV TXH GHFLDQ GHO WHPSOR TXH HVWDED DGRUQDGR VLQ HVSHFLILFDU VL HUDQ R QR
GLVFLSXORV/F
(VWDVREVHUYDFLRQHVMXQWRFRQRWUDVTXHLUHPRVYLHQGRDORODUJRGHQXHVWURHVWXGLRQRSXHGHQVLJQLILFDUXQYHUHGLFWRGHQRKLVWRULFLGDGFRPR
OHJXVWDULDD%XOWPDQQYHU3LHUUH%RQQDUGHQVX&RPHQWDULRD0DWHRRSFSGRQGHPDQLILHVWDVXGHVDFXHUGRFRQ%XOWPDQQ<HV
TXHHOTXHFDGDHYDQJHOLVWDFXHQWHGHPDQHUDSURSLD\FDUDFWHULVWLFDODVH[SUHVLRQHVDGPLUDWLYDVQRWLHQHSRUTXHLPSOLFDUQLFRQWUDGLFFLRQHV
QLUDVJRVGHQRKLVWRULFLGDG
0DUFRVQRFRQWUDGLFHD0DWHRSRUFXDQWR0DWHRQRGLFHTXHDOJXLHQQRSXGLHUDSUHJXQWDUWDQVRORORRPLWH(VFXULRVRQRREVWDQWHTXHHQ
HOYGH0DWHRVHVREUHHQWLHQGHODSUHJXQWDSRUFXDQWR-HVXVHQHOYGLFH\UHVSRQGLHQGRHO"UHVSRQGLHQGRDTXH"
/XFDVTXHSOXUDOL]DUHVSHFWRDORTXH0DUFRVVLQJXODUL]DWDPSRFRQHFHVDULDPHQWHWLHQHTXHVHUXQDFRQWUDGLFFLRQ6LVHREVHUYDHOWH[WRVH
QRWDUDTXHODDGLFLRQGH/XFDVHVSDUDDFODUDUQRVXQDHVFHQDDQWHULRUDODTXHQRVH[SOLFD0DUFRV1RWHPRVODLQGHWHUPLQDFLRQH
LPSHUVRQDOL]DFLRQGHOYHUVLFXORGH/XFDV1RVHWUDWDGHQDGLHTXHHQSDUWLFXODUOHKLFLHUDXQDSUHJXQWDFRPRHQ0DUFRVVLQRGHXQRVTXH
FRPHQWDEDQDGPLUDGRVODVEHOOH]DVGHOWHPSOR
0LHQWUDVTXH0DUFRVUHFRJHODSUHJXQWDGHXQGLVFLSXOR/XFDVSRQHHQIDVLVHQORVFRPHQWDULRVGHDOJXQRVGHORVTXHQRVHFRQFUHWDTXLHQHV
$QWHHVWDVJORVDVTXHQRVGHFODUD/XFDV\ODSUHJXQWDVREUHQWHQGLGDGH0DWHR\ODFRUUHVSRQGLHQWHGHXQRGHORVGLVFLSXORVTXHQRVLQFOX\H
0DUFRVDVXQWRVTXHSRGLDQSURGXFLUVHWRGRVFRRUGLQDGDPHQWHVLQQHFHVLGDGGHYHUHQHOORGLYHUJHQFLDV-HVXVOHVFRQWHVWDWRGRHVWRTXH
YHLVYDDVHUGHVWUXLGR0FFI0W/F
(QFXDQWRDOYGH0DUFRV\0DWHRHOFRQWHQLGRQRDSDUHFHHQ/XFDVVHLQVFULEHQGLIHUHQFLDVDSDUHQWHVGHOXJDU\DXGLWRULRTXHQRHV
SUHFLVRUHVHQDUYHUD%RQQDUG&RPHQWDULR(YDQJHOLR6DQ0DWHRRSFS
>@
7DQWR$QGUH)HXLOOHW /H'LVFRXUVGH-HVXVVXUODUXLQHGX7HPSOH5HYXH%LEOLTXHSSFRPR)UDQFHVFR6SDGHIRUD
*HVXHODILQHGL*HUXVDOPPH5RYLJRHQWUHRWURVRSLQDQTXHQRVHWUDWDGHOILQGHOPXQGRORTXHWUDWDHOVHUPRQHVFDWRORJLFRVLQR
VLPSOHPHQWH OD GHVWUXFFLRQ GH -HUXVDOHQ (VWR GHELGR D TXH VLJXHQ D 0DUFRV \ QR KDQ REWHQLGR HO YDORU WHFQLFR \ SURSLR TXH WLHQH OD
GHVWUXFFLRQGH-HUXVDOHQHQ0DUFRVHQUHODFLRQDOILQGHOPXQGR
>@
$ORODUJRGHWRGRXQSHULRGRDQWHULRUDODQRVHGLHURQHQHOLPSHULRURPDQRQXPHURVDV VHGLFLRQHVWHUPLQRTXHXWLOL]D/XFDV^YHGS
`(QOD*DOLDDQR\ODUHEHOLRQGH0DULFR(Q+LVSDQLDFDQWDEURV\DVWXUHVHQWLHPSRVGH1HURQ(Q%ULWDQLDHQHODQROD
UHEHOLRQ GH %RXGLFH (Q 0DXULWDQLD DQR  &DOLJXOD DERUWD RWUD UHEHOLRQ (Q HVH PLVPR DQR H[LVWHQ YDULDV LQYDVLRQHV EDUEDUDV 7DPELHQ
YDULDV UHEHOLRQHV LQWHUQDV TXH FRPLHQ]DQ HQ HO  +D\ GHVRUGHQHV HQ$OHMDQGULD DQR  DO  EDMR &DOLJXOD$ HVWR VH VXPD XQD JUDQ
YLROHQFLDHQWUHORVMXGLRVDQR\5HYXHOWDVHQODVSURYLQFLDVEDOFDQLFDV\GDQXELDQDVGDOPDFLRVWUDFLRVGDFLRV\VDUPHWRV3DUD
WRGRHVWRSXHGHFRQVXOWDUVH+LVWRULD8QLYHUVDOVLJOR;;,9RO9OOOSS
8QFRPHQWDULRGHOD%LEOLDGH(GLWRULDO/DERUGLULJLGRSRU6DOYDWRUH*DURIRORGHOD8QLYHUVLGDG3RQWLILFLD8UEDQLDQDGH5RPD9RO,,,RS
FSH[SUHVDORVLJXLHQWH
(O SHULRGR GH WLHPSR HQWUH HO GLVFXUVR GH -HVXV KDFLD HO DQR  \ HO ILQ GH -HUXVDOHQ DQR  IXH H[WUDRUGLQDULDPHQWH GHQVR HQ
FDODPLGDGHV\JXHUUDV7DFLWR$QDOHV;OO;OOO6XHWRQLR1HURQ7DFLWRVLQWHWL]DDVLDTXHOORVDQRVWRUPHQWRVRV8QDKLVWRULD
GHQVDHQDFRQWHFLPLHQWRVWHUULEOHSRUVXVEDWDOODVWXUELDSRUVXVVHGLFLRQHVWUDJLFDLQFOXVRHQODSD]+LVWRULDV6DEHPRVTXHHQWUHHO
\HOKXERWHUUHPRWRVHQ$VLD0HQRU$FD\D0DFHGRQLD&UHWDH,WDOLD3RPSH\R!!!
9HDVHWDPELHQD$OEHUWR9DFFDULGHO3RQWLILFLR,QVWLWXWR%LEOLFRGH5RPD6DJUDGD%LEOLDRSFS
/DSDODEUDVHGLFLRQHV!!!DFDWDVWDVLDVKDVLGRWUDGXFLGDWDPELHQSRUUHYROXFLRQHVYHUVLRQFULWLFDGH%RYHU2
&DOODJKDQ7HQJDVHHQ
FXHQWDTXHHOVHQWLGRUHVWULQJLGRTXHKR\WHQGULDODSDODEUDUHYROXFLRQ!!!SRGULDQRVHUHTXLYDOHQWHDOVLJQLILFDGRHQXQDHSRFDFRPROD
URPDQD
(VWD VHOHFFLRQ GH WHVWLPRQLRV SRGULD DPSOLDUVH SDUD GLIHUHQWHV PRPHQWRV KLVWRULFRV GHQWUR GHO SHULRGR GHQRPLQDGR XOWLPRV GLDV TXH VH GD
HQWUHODSULPHUD\ODVHJXQGD9HQLGD
>@
3ULQFLSLRGHGRORUHV$XQFXDQGRHVWRVHSXHGDGDUWDPELHQHQODXOWLPDJHQHUDFLRQGHORVXOWLPRVWLHPSRVWDQWRODGHOWLHPSRGHOILQ
FRPRODGHOILQGHOWLHPSRGHHVRVXOWLPRVWLHPSRVVHUDQSULQFLSLRGHGRORUHVSRUFXDQWRDXQKDEUDQRWUDVFRVDVUHODWLYDVDHVRVPRPHQWRV
LQGLFDGDVSRUHOWH[WRFRPSOHPHQWDULDPHQWH
>@
6HJXQYDULRVDXWRUHVQRKD\REVWDFXORDOYHQHOTXHVHDOXGHDODSUHGLFDFLRQGHOHYDQJHOLRVHSRGULDHVWDUKDFLHQGRUHIHUHQFLDDORV
XOWLPRVWLHPSRGHVGHODSULPHUD9HQLGDDODVHJXQGD9HQLGDHQGRQGHVHLQFOX\HQGRVVHQDOHVSXQWXDOHVODGHVWUXFFLRQILVLFDGH-HUXVDOHQ\
DOILQGHORVGLDVDFRUWDGRVGHWULEXODFLRQTXHFRQHFWDQFRQODVVHQDOHVFRVPLFDV\HVWDVFRQODVHQDOGHO+LMRGHO+RPEUHHQHOFLHORYLQLHQGR
HQVXVHJXQGD9HQLGD6LJXLHQGRHVWRWDQWRDQWHVGHODGHVWUXFFLRQSXQWXDOILVLFDGH-HUXVDOHQ\HO7HPSORFRPRDQWHULRUPHQWHDODSURSLD
VHJXQGD9HQLGDOLWHUDOSRGULDUHIHULUVHORUHODWLYRDODSUHGLFDFLRQDWRGRHOPXQGR(QHOSULPHUFDVRKDULDPHQFLRQDOPXQGRJUHFRURPDQR
/D%LEOLDGH-HUXVDOHQHQQRWDDSLHGHSDJLQDD0DWHRTXHHVHOSDUDOHORD0DUFRVRSFSWLHQHHVWHPLVPRFULWHULR
,JXDOPHQWHVHH[SUHVD%RYHU&DQWHUDRSFS7DPELHQ(:'7*RSFS\\HQHOVHJXQGRFDVRGHQWURGHORVXOWLPRV
GLDVWLHQHVXFXPSOLPLHQWRSDUDDQWHVGHODVHJXQGD9HQLGD
$FHSWDQGRHVWRSDUDHVWDVHQDOORPLVPRTXHSDUDRWUDVQRHVWDPRVLQGLFDQGRQLQJXQGREOHFXPSOLPLHQWRVLQRTXHVLJXLHQGRODWUD\HFWRULDGH
TXH VH HVWD WUDWDQGR XQD VHULH GH WHPDV GHQWUR GH ORV XOWLPRV GLDV GHVGH GHVSXHV GH OD PXHUWH GH -HVXV KDVWD OD VHJXQGD 9HQLGD OD
SUHGLFDFLRQGHO(YDQJHOLRHQODVFRQGLFLRQHVH[LJLGDVSRUHOWH[WRSRGULDFXPSOLUVHGHQWURGHHVRVXOWLPRVGLDVWDQWRHQODHSRFDDQWHULRUDOD
GHVWUXFFLRQ ILVLFD GH -HUXVDOHQ FRPR HQ HO WLHPSR SUHYLR D OD VHJXQGD 9HQLGD 1RVRWURV SUHIHULPRV VLQ GHVFDUWDU QDGD GH OR GLFKR OR TXH
KHPRVH[SUHVDGRIXHUDGHHVWDQRWD
>@
 (Q RWUR OXJDU KHPRV IDYRUHFLGR OD RSLQLRQ GH TXH HO 3ULQFLSH GHO 3XHEOR VHJXLD VLHQGR HO 0HVLDV YHG WDPELHQ PDV DGHODQWH GH HVWD
PLVPD QRWD \ TXH IXH HO 3XHEOR MXGLR HO YHUGDGHUR FDXVDQWH GH OD GHVWUXFFLRQ GH -HUXVDOHQ \ HO WHPSOR YHG SS  (O 5RPDQR
'HVRODGRU QR IXH PDV TXH OD PDQR HMHFXWRUD 1RWHVH TXH HO 'HVRODGRU TXH VH LQWURGXFH HQ HO Y  XS OR KDFH GHVSXHV TXH ODV
DERPLQDFLRQHV KD\DQ VLGR XQD UHDOLGDG -HVXV KDFH PHQFLRQ D HVWD DERPLQDFLRQ 0F  0W  FI /F  LQVWDQGRQRV D TXH
HQWHQGDPRVORTXHOHHPRVHQ'DQLHOHQUHODFLRQDHVWHDVXQWR/DWUDGXFFLRQOLWHUDOWDQWRHQ0DUFRVFRPRHQ0DWHRHVDERPLQDFLRQ GHO
DVRODPLHQWRWREGHOXJPDWKMHYUKPZVHZMVHWUDWDGHXQJHQLWLYR'HDOJRTXHSUHFLVDPHQWHKDFHDSDUHFHUODDERPLQDFLRQSXHGH
FRQVXOWDUVHSDUDHVWDWUDGXFFLRQFXDOTXLHUHGLFLRQFULWLFDSRUHMHPSOR1XHYR7HVWDPHQWR7ULOLQJXH%RYHU
&DOODJKDQRSFSS\
3RUGHVFRQWDGRTXHODVSDODEUDVGH-HVXVWDQWRHQ0WVVFRPRHQ0FVV\VXSDUDOHORHQ/FVVVHHVWDQUHILULHQGRDOD
HSRFDHQTXHORVHMHUFLWRVURPDQRVOOHJDURQD-HUXVDOHQ\ODDVRODFLRQFRPRUHVSXHVWDDODSURYRFDFLRQMXGLD\TXHIRUPDSDUWHFRPRVLHQGR
XQD VHQDO GHO ILQ GHQWUR GH ORV XOWLPRV WLHPSRV TXH YDQ GHVGH OD SULPHUD 9HQLGD D OD VHJXQGD 9HQLGD \ FRUUHVSRQGH GH DFXHUGR D HVWH
DVXQWRDODGHVWUXFFLRQILVLFDGH-HUXVDOHQTXHVHFRQWHPSODFRPRXQDVHQDOPDVSUHYLDDOILQ
4XHUHPRVOODPDUODDWHQFLRQDOKHFKRGHTXHODVDERPLQDFLRQHVTXHDSDUHFHQHQHOWH[WRKHEUHRDSDUHFHQDQWHVTXHHOGHVRODGRU'HVSXHV
GHODPXFKHGXPEUHGHODVDERPLQDFLRQHVYHQGUDHOGHVRODGRURGHYDVWDGRU(VWRFRQFXHUGDFRQODVSDODEUDVGH-HVXV-HVXVQRVGLUDVHJXQ
ODYHUVLRQGH0DWHR\0DUFRVTXHFXDQGRYLHUDQODDERPLQDFLRQGHODVRODPLHQWRTXHHQWRQFHVGHELDQGHMDUHOOXJDU\KXLU2EVHUYHVHTXHVL
QRVRWURV LQWHUSUHWDVHPRV OD DERPLQDFLRQ FRPR VLHQGR HO HMHUFLWR URPDQR R ODV LQVLJQLDV URPDQDV FXDQGR HVWH OOHJR DO WHPSOR \D QR HUD HO
PRPHQWRGHTXHORVFULVWLDQRVSXGLHUDQKXLU6HJXQ/XFDVODKXLGDGH-XGDKDELDGHKDFHUVHFXDQGRYLHUDQDORVHMHUFLWRVURPDQRVURGHDUOD
FLXGDG/FFXDQGRYLHUDQODDERPLQDFLRQHVWDUGRQGHQRGHELDGHHVWDU0FFI0W3DUDTXHHVWRSXGLHUDFXPSOLUVHHV
QHFHVDULR TXH OD DERPLQDFLRQ OD SURGX]FD RWUR GLVWLQWR D 5RPD &XDQGR ODV LQVLJQLDV \ HMHUFLWR URPDQR DVRODURQ HO WHPSOR \D QR KDEULD
SRVLELOLGDGGHKXLU7RGRVKDEULDQVLGRGHVWUXLGRV
/DV DERPLQDFLRQHV VRQ DERPLQDFLRQHV TXH DSDUHFHQ FRPR FRQVHFXHQFLD GHO DVRODPLHQWR GH OD FLXGDG SRU ORV URPDQRV &LHUWRV MXGLRV
UHSUHVHQWDWLYRVGHJROODQHQHOWHPSORDYDULRVGHVXVFRQFLXGDGDQRVVHJXQ-RVHIRWDPELHQVHPDUFKDQDOWHPSORXWLOL]DQGRORFRPRUHIXJLRHQ
FRPEDWHFRQWUDHOLQYDVRUURPDQRGHHVWHPRGRFRPHWHQDERPLQDFLRQHVSRUFRQYHUWLUHOOXJDUVDJUDGRHQDOJRGLVWLQWRDVXSURSRVLWRQDWXUDO
(VWR VH VXPD D ODV DERPLQDFLRQHV GHO UHFKD]R GHO 0HVLDV \ GH OD GHVREHGLHQFLD D 'LRV TXH DQWHFHGLR D HVWR (VWD PXFKHGXPEUH GH
DERPLQDFLRQHVVRQDQWHULRUHVDODDFWXDFLRQGHO'HVRODGRUTXHHMHFXWDUDODGHVWUXFFLRQGHOWHPSOR\GHOXOWLPRUHGXFWRGHSHUVRQDVTXHDOOLVH
HQFRQWUDEDQDQDGLHQGRPDVDERPLQDFLRQHV'HVWUXFFLRQTXH\DHOSXHEORMXGLRKDELDSUHSDUDGR\KHFKRSRVLEOH
/DV VHFXHQFLDV ODV SRGHPRV UHVXPLU GH HVWH PRGR (O UHFKD]R GHO 0HVLDV WUDMR FRPR FRQVHFXHQFLDDERPLQDFLRQHV /D RULHQWDFLRQ WDQWR
UHOLJLRVDFRPRSROLWLFDSRUKDEHUUHFKD]DGRDO0HVLDVOHVOOHYDDGHVSURWHJHUVHHQVXVDFWXDFLRQHV\DOILQDODUHEHODUVHHQFRQWUDGHORV
URPDQRV(VWDDFWLWXGGHDERPLQDFLRQSULPHUR\GHUHEHOLRQGHVSXHVHVODTXHUHDOPHQWHSURGXFHODVHQWHQFLDDPXHUWHUHVSHFWRDVXSURSLD
FLXGDG MXGLD \ WHPSOR MXGLR &LXGDG \ WHPSOR TXH HQFDUQDQ DO SXHEOR MXGLR SXHEOR GHO 3ULQFLSH 0HVLDV TXH KDELD GH YHQLU 4XH KDELD GH
YHQLU/DIUDVHODGHEHPRVGHHQWHQGHUFRPRGLFKDHQHOSDVDGR(QODHSRFDGH*DEULHO<SRUORWDQWRVHWUDWDGHO3ULQFLSHGHO3XHEORTXH
HVWDED VLHQGR DQXQFLDGR TXH LED D YHQLU HQ HO IXWXUR UHVSHFWR D OD HSRFD GH *DEULHO 'H DKL TXH VH GLJD TXH HV HO SXHEOR GHO 0HVLDV R
3ULQFLSH HO TXH UHDOPHQWH GHVWUX\H OD FLXGDG \ HO WHPSOR R VDQWXDULR  /RV URPDQRV DQWH HVWD UHEHOLRQ TXH OHV SURYRFD SURGXFHQ XQ
DVRODPLHQWRGHODFLXGDG(VHDVRODPLHQWROHVREOLJDHQXOWLPDLQVWDQFLDDORVMXGLRVVXSHUYLYLHQWHVDUHIXJLDUVHHQHOWHPSOR(VWRVXSXVRPDV
DERPLQDFLRQHVWRGDYLDSRUSDUWHGHHVRVMXGLRVUHSUHVHQWDWLYRVTXHGXUDQWHYDULRVPHVHVSHUPDQHFLHURQHQHVHOXJDUFRPHWLHQGRDVHVLQDWRV
GHVXVSURSLRVFRQFLXGDGDQRV<MXVWLILFDHOTXHVHGLJDDERPLQDFLRQGHODVRODPLHQWR(VWDHUDODVHQDOVHJXQ-HVXVSDUDTXHORVTXHKLFLHVHQ
FDVRDVXSURIHFLD0WVVFI0FVV\/FVV\TXLVLHUDQVDOYDUVXYLGDDEDQGRQDVHQGHILQLWLYDPHQWH-HUXVDOHQ\
DOUHGHGRUHV
6LTXHUHPRVVHUFRQVHFXHQWHVFRQWRGRHOWH[WRHOSXHEORHVHOSXHEORGH'DQLHO\HO3ULQFLSHHVHO0HVLDVSULQFLSHGHHVHSXHEORMXGLR
GH'DQLHO
5HVSHFWRDODLGHDUHVSHFWRDTXHHO3ULQFLSH^GHOYVS`VHUHILHUHDO0HVLDVGHOYSS\TXHFRQHO 3XHEORGHO3ULQFLSHVHDSXQWD
DO3XHEOR-XGLRSURGXFLHQGRODVDERPLQDFLRQHV\GLVWLQJXLHQGRORGHO'HVRODGRU5RPDQRTXHVHULDHOHMHFXWRUIUHQWHDODUHEHOLRQ\SURYRFDFLRQ
MXGLDDVLFRPRHOSODQWHDPLHQWRGHODVVHFXHQFLDVYHGHQWUHRWURVD:LOOLDP6KHD3URSKHWLHRSFS/DLGHDGHTXHHO3ULQFLSHHQ
ODIUDVHHOSULQFLSHGHOSXHEORTXHKDGHYHQLUGHOY\GHTXHHOSURQRPEUHSHUVRQDOHOGHOLQLFLRGHOYVHD&ULVWRODSUHVHQWDQHQWUH
RWURV &KDUOHV %RXWIORZHU HQDQG$URXQGWKH%RRNRI'DQLHO*5DSLG86$SS\$XEHUOHP7UDGGH+HQUL
5RXJHPRQW/H3URSKHWLHGH'DQLHO\$SRFDO\SVH/DXVVDQQHS(VWHXOWLPRDXWRUFRQVLGHUDTXHVRQODVDERPLQDFLRQHVGH
,VUDHOODVTXHGHVHQFDGHQDQODGHVWUXFFLRQSRUSDUWHGH5RPDRSFS$PEDVFLWDVHVWDQVDFDGDVGH$9DXFKHU 'HUQLHUV (VVDLV
(GLW9LHHW6DQWH'DPPDULH/HV/\V)UDQFHS
$QDOLFHPRVXQSRFRPDVGHFHUFDHVWHDVXQWRGHODGHVWUXFFLRQGH-HUXVDOHQSRUSDUWHGHOSXHEORGHOSULQFLSH0HVLDV
&RQUHODFLRQDODGHVWUXFFLRQGHODFLXGDG\HO6DQWXDULRTXHVHLQWURGXFHDOILQDOGHOYHUVLFXOR\ILQDOGHOGHOFDSLWXORGH'DQLHOHV
H[WUDRUGLQDULDPHQWHUHYHODGRUORTXHVHQRVH[SRQH6HLQWURGXFHODGHVWUXFFLRQGHOD&LXGDG\HO6DQWXDULRW\[LY\XYG4RRKZ!U\>L
K
Z!
^ZXKDCLUZXKDTTRRGHV\DV+LW`GHVSXHVGHODVVHPDQDVVLQHVSHFLILFDUQRVHOFXDQGRFISSXSSHURVLTXHVHLQGLFDTXHVH
WUDWD GHOSXHEORa>D GHO XQLFR 3ULQFLSH G\J,8Q TXH VH DQXQFLDED TXH YHQLD 
D%
K FRPR HO DXWHQWLFR GHVWUXFWRU HOSXHEOR \ QR HO
3ULQFLSH\VLHQGRVXILQ$&DTLZ!^`^ZXTLFFR`GHODGHVWUXFFLRQGHILQLWLYDFRPRXQDLQXQGDFLRQ#M9HE^EDVVHRHS`\PHGLDQWH
XQDJXHUUDKP
H[
OPL^PLO+DPD`TXHVHGHFUHWDUDWFU7K[Q^QH+HUHRFHW`FRQDVRODPLHQWRVW$PPHYR^^VRPHPRW`\HQ
GHVSXHV GH KDEHUQRV LQGLFDGR TXH HO 0HVLDV R 3ULQFLSH TXH VH DQXQFLDED VX YHQLGD GHVGH   WUDV OD FRQILUPDFLRQ U\%LLJ!KLZ! GHO
SDFWR W\U,% HQ OD VHPDQD XQD VHPDQD ^G[
BD >:EDY
` OD TXH KDFLD  \ OD FHVDFLRQ <W\%LDY\^\DV%LW` GHO VDFULILFLR
[E]D^]HRED+`\RIUHQGDK[
DQ!PL:^XPLQ+D`DODPLWDG\FL
[@Z^ZD+DFL`GHODVHPDQD>:ER9
K^KDVVDEXDC`PHGLDQWHHO
FXPSOLPLHQWRGHDFDEDUFRQHOSHFDGRTXHVHDQXQFLDEDHQHOGHFUHWRXRUGHQGLYLQDGHVHDQDGHQGRVGHWDOOHVLPSUHVFLQGLEOHVHOXQR
WHPSRUDO PDUFDGR SRU XQ DFRQWHFLPLHQWR TXH UHTXLHUH XQ FRPSRUWDPLHQWR LQDGHFXDGR TXH VH KDFH SHUPDQHQWH \ HQO>
Z!^ZXCDO`
FXVSLGHGH#Q8.^.XQDS`DERPLQDFLRQHV
a\FL:4YL^VLTTXFLP`(VSUHFLVRXQDFXOPLQDFLRQGHODVDERPLQDFLRQHVODGLUHFFLRQ
UHSUHVHQWDWLYDGHOSXHEORWLHQHTXHYHUFRQODQDWXUDOH]DYLROHQWDFRQTXHDO3ULQFLSHR0HVLDVVHOHKDFHFHVDUHOVDFULILFLR\ODRIUHQGD
SSHO0HVLDVHVFRUWDGRPDWDGRYLROHQWDPHQWHSS\FRPRFRQVHFXHQFLDGHVHUUHFKD]DGRHOPHQVDMHGHO0HVLDVFI0W
 GHPRVWUDGR FRQ KDEHU FRQWULEXLGR D VX HMHFXFLRQ FI 0W     HOSXHEOR GH HVH 3ULQFLSH GHVSURWHJLGR \
SURJUDPDGRSRUHVDVDERPLQDFLRQHVFRPHWLGDVSUHSDUDUDHOFDPLQRGHPDVDERPLQDFLRQHVTXHHQJHQGUDQVXSURSLDGHVWUXFFLRQFXDQGROR
PDV UHSUHVHQWDWLYR GH HVHSXHEOR QDFLRQDO VX FLXGDG \ VX 6DQWXDULR R 7HPSOR VHD GHVWUXLGR )XHUD GH HVWD QRWD H[SOLFDPRV HO PHQVDMH
FRQWUDSXHVWR TXH XQLFDPHQWH SXHGH HQWHQGHUVH FXDQGR HO HVFHQDULR KLVWRULFR FRQ VXV FRQWHQLGRV YD\D WHQLHQGR FXPSOLPLHQWR 3HUR HV
HYLGHQWHSRUHOGHFUHWRLQGLFDGRHQ\HQHOGHVDUUROORTXHVHGDHQSSTXHVLELHQVHKDGHGDUHOILQGHWRGDFODVHGHSHFDGR\
HVR VXSRQLD FHVDU FRQ HO VDFULILFR \ OD RIUHQGD HOSXHEOR GHO 0HVLDV 3ULQFLSH DFWXR FRPR XQ REVWDFXOR TXHULHQGR LPSHGLU SRU WRGRV ORV
PHGLRVHOTXHVHRSHUDUDHOSODQGH'LRVHQFXDQWRDODIRUPD\IRQGRGHODVDOYDFLRQFI0W\HVWROHVFUHRXQDGLUHFFLRQDOLGDGTXH
WUDMR OD GHVWUXFFLRQ GH OD &LXGDG \ HO 6DQWXDULR 1RWHQ FRQ VXPR FXLGDGR FRPR DO ILQDO GH  DSDUHFH XQD JXHUUD FRQWUD HO SXHEOR GHO
3ULQFLSH\VHKDFHSUHVHQWHXQGHFUHWRHQIXWXURVHGHFUHWDUD WFU7K[Q^QH+HUHRFHW`DVRODPLHQWRVFI/F0F
  0W   7RGR HVWR QRV PXHVWUD TXH HVWH DVXQWR GH OD GHVWUXFFLRQ GHO VDQWXDULR \ OD FLXGDG SRU HOSXHEOR GHO 3ULQFLSH
0HVLDVTXHQRHVWDEDFRQWHPSODGRHQHOGHFUHWRGHHVXQDGHUUDPDTXHDOH[SOLFDUHOGHVDUUROORGHHQSSODLQVSLUDFLRQ
VHYHREOLJDGDDDQDGLUSRUFXDQWRWLHQHVXLQLFLRFRQODREUD\SUHVHQFLDGHO3ULQFLSH0HVLDVHQODXOWLPDVHPDQDGHODVDXQFXDQGROD
JXHUUD\VXFXOPLQDFLRQHVWHHQHOIXWXUR\UHODFLRQDGRFRQXQGHFUHWRWDPELHQIXWXURVREUHDVRODPLHQWRVTXHELHQSRGULDQVHUORVWH[WRVGHO
0HVLDV-HVXVDQXQFLDGRUHVGHODGHVWUXFFLRQGH-HUXVDOHQ\GHOWHPSOR/F0F0WFI0W
VVGHDFXHUGRDODFRQWHPSODFLRQGHODDFWLWXGHQJHQGUDGRUDGHOSXHEORHQHOVHQWLGRTXH\DKHPRVLQGLFDGR
(O RWUR GHWDOOH HV TXH LQGHSHQGLHQWHPHQWH GH TXH HOSXHEOR GHO 3ULQFLSH 0HVLDV VH QRV UHYHOH FRPR HO YHUGDGHUR FDXVDQWH GH VX SURSLD
GHVWUXFFLRQKDGHDSDUHFHUXQDVRODGRUaPHHYRP^PXVRPHP`TXHHMHFXWDUDWRGRORGHFUHWDGRVREUHO> CDOHODVRODGRaPHYR
VRPHP 'HFUHWR VREUH HO DVRODGR TXH OR FRQILJXUD VX SURSLD PDQHUD GH HOHJLU VX VXHUWH LQGHSHQGLHQWHPHQWH GHO PHQVDMH \ REUD TXH HO
0HVLDV3ULQFLSHSUHVHQWDULDKHPRVVHJXLGRODYHUVLRQ6WXWWJDUWHQVLDTXHSUHVHQWDXQDYDULDQWHHQWUHDVRODGRUaPHHYRPSDUWLFLSLRHQSRHO
\ORKHPRVWUDGXFLGRFRQXVRDWULEXWLYRPLHQWUDVTXHHOSDUWLFLSLRHQTDODFWLYRaPHYRORKHPRVGHMDGRFRPRSDUWLFLSLRQRUPDOGHDFXHUGR
D OD WUDGXFFLRQ LQWHUOLQHDO SUHVHQWDGD SRU 5LFDUGR &HUQL \ VX HTXLSR GH OD 8QLYHUVLGDG &RPSOXWHQVH GH 0DGULG YRO ,9 &OLH  %DUFHORQD 
7HUUDVVD
(ODQDOLVLVGHOWH[WRPDVRUHWLFRHQHVWDVSRUFLRQHVDQDOL]DGDVQRVRODPHQWHWHFRQILUPDOR\DLQGLFDGRVLQRTXHRIUHFHFRQUHODFLRQDODFLXGDG
\ DO WHPSOR HOHPHQWRV WHPSRUDOHV TXH D\XGDQ D FRPSUHQGHU TXH GLFKR FXPSOLPLHQWR GH OD HMHFXFLRQ GH OD GHVWUXFFLRQ GH OD FLXGDG \ HO
VDQWXDULR FRUUHVSRQGH D XQ PRPHQWR IXHUD GH ODV  VHPDQDV GH DFXHUGR D OD DXVHQFLD GH OD UHIHUHQFLD FRQWH[WXDO TXH RULHQWD WRGR OD
WHPDWLFDGLFKRVDVXQWRVQRVHFRQWHPSODQHQ
>@
 -HVXV DGHPDV GH HVWDU UHDOL]DQGRGHUDV SHVHU QRV HVWD DGYLUWLHQGR GH TXH OHDPRV\ HQWHQGDPRV &RQ HOGHUDV SHVHU QRV HVWD
REOLJDQGR D HVWXGLDU WRGRV ORV FRQWH[WRV GRQGH DSDUHFH DERPLQDFLRQ \GHVRODGRUD RGHVRODFLRQ RGHVRODGRU FRQ HO TXH OHD HQWLHQGD
QRVUDWLILFDHQQXHVWUDLQYHVWLJDFLRQDILQGHTXHFODULILTXHPRVORVPRPHQWRV\ORDFRQWHFLPLHQWRVTXHDFRPSDQDQDODLGHDH[SUHVDGD
>@
-HVXFULVWRWLHQHQHQFXHQWDHQHOFRQWH[WRGHOILQFRQFUHWDPHQWHDOGHODGHVWUXFFLRQILVLFDGH-HUXVDOHQGRVDVSHFWRVTXHDQDGHQPDV
SUREOHPDWLFDDORVGLDVGHDIOLFFLRQHOLQYLHUQRSRUVHUXQDVLWXDFLRQPX\QHJDWLYDTXHHPSHRUDULDODFRQGLFLRQGHDIOLFFLRQ\HO6DEEDWHOGLD
HVSHFLDOGHODSD]GHODDOHJULDGHOGHVFDQVRWDQWRILVLFRFRPRHVSLULWXDO(OGLDGHODWUDQTXLOLGDG\GHODUHODMDFLRQHOGLDSDUDHVWDUHQIDPLOLD
\GHGLFDUQXHVWURWLHPSRDD\XGDUDORVGHPDVDFRPXQLFDUODSDODEUDGH'LRV\DUHFLELUOD
2UDGSDUDTXHODFLUFXQVWDQFLDGHODLQYDVLRQGH-XGHDFRQORTXHVXSRQHGHGHVWUXFFLRQGHODFLXGDG\GHO7HPSOR0WFI'Q
XSQRVHWHQJDTXHGDUQLHQLQYLHUQRSRUODLQFOHPHQFLDGHOWLHPSRQLHQHO6DEEDWHOGLDVDJUDGRGH'LRV
>@
 (:'7* SS   H[SUHVD HQWUH RWUDV FRVDV TXH KDVWD HO Y  VH FXPSOH FRQ HO SXHEOR MXGLR DGPLWLHQGR OD SRVLELOLGDG GH XQ
VHJXQGR FXPSOLPLHQWR &RLQFLGHQ FRQ HVWD RSLQLRQ GLYHUVRV DXWRUHV FRPR /DJUDQMH \ )HXLOOHW %RQQDUG&RPHQWDULR DO (YDQJHOLR GH 6DQ
0DWHRRSFSQRHVWDGHDFXHUGRFRQHVWDRSLQLRQ
(Q OD PLVPD OLQHD TXH /DJUDQMH HVWDQ ORV DXWRUHV GH OD %LEOLD GH -HUXVDOHQ RS F S  HG HVSDQROD WDPELHQ %RYHU HQ VXV QRWDV D OD
WUDGXFFLRQGHOD%LEOLDRSFS
8QVHJXQGRFXPSOLPHQWRTXHODDXWRUDLQGLFDGDPDVDUULEDGLFHQRHVORPLVPRTXHGREOHFXPSOLPLHQWR(OSUREOHPDVHUHVXHOYHFXDQGR
OR HVWXGLDPRV WHQLHQGR HO FXHQWD HO FRQWH[WR HQ HO TXH VH YLHUWHQ HVWDV SDODEUDV GH -HVXV VH HVWD \D VHJXQ OD FRPXQLGDG DSRVWROLFD HQ ORV
XOWLPRV WLHPSRV D -Q  D 7LP  +E  D 3HG  (V GHFLU GHVGH OD SULPHUD YHQLGD KDVWD OD VHJXQGD YHQLGD HVWDPRV HQ ORV
XOWLPRVWLHPSRV\ODVVHQDOHVWLHQHQWRGRHVHHVSDFLRSDUDXELFDUODV&RPRYHUHPRVIXHUDGHHVDQRWDFXDQGRVHKDEODGHWHUUHPRWRVSRU
HMHPSORVHHVWDTXHULHQGRGHFLUTXHGHVGHODSULPHUD9HQLGDKDVWDODVHJXQGD9HQLGDKDEUDWHUUHPRWRVHQGLIHUHQWHVPRPHQWRVGHQWURGH
HVD XELFDFLRQ GH ORV XOWLPRV WLHPSRV *XHUUDV OR PLVPR GXUDQWH WRGD HVWD WUD\HFWRULD GH ORV XOWLPRV WLHPSRV VH YDQ D GDU JXHUUDV /R
LPSRUWDQWHGHHVWDVHQDOHVWDHQTXHVHWUDWDGHDOJRUHSHWLWLYR)XHUDGHHVDQRWDORH[SOLFDPRVDPSOLDPHQWH
>@
-HVXVQRGHVWUX\HODUHOLJLRQMXGLDQRIXHHVHVXSURSRVLWRFI-Q(VODUHSUHVHQWDWLYLGDGGHODUHOLJLRQMXGLDODTXHUHFKD]DDO
0HVLDV-HVXVGHVHQFDGHQDQGRVHWRGRORTXHHVWDEDSURIHWL]DGRWDQWRSRUORVSURIHWDVFRPRSRUHO0HVLDV-HVXV
>@
6HUDQDFRUWDGRVSXHGHWHQHUGRVOHFWXUDVTXHVHFRPSOHPHQWDQ(VRVWLHPSRVGHWULEXODFLRQQRVHDODUJDQKDVWDHOPLVPRILQSDUD
HOSXHEORGH'LRVSRUFDXVDGHORVHVFRJLGRV(VRVWLHPSRVGHWULEXODFLRQSXHGHQVHUDFRUWDGRVWDPELHQHQUHIHUHQFLDDODSURSLD
GXUDELOLGDGGHHVRVGLDVGHWULEXODFLRQFI0WFI0F
>@
 (YLGHQWHPHQWH HVWH WH[WR 0W  QRV FODULILFD TXH ODV VHQDOHV HVWDV GHO ILQ \D VH KDQ HVWDGR GLFLHQGR DQWHULRUPHQWH \ TXH VH
H[WLHQGHQGXUDQWHWRGRHOXOWLPRWLHPSRHQFXDOTXLHUPRPHQWRGHHVHXOWLPRWLHPSR
>@
1RWHVH0W\RHVWR\FRQYRVRWURVWRGRVORVGLDVKDVWDHOILQGHOPXQGRPLHQWUDVHVWHLVKDFLHQGRGLVFLSXORVHQWUHWRGDVODVJHQWHV
GHO SODQHWD (VWRV WH[WRV PXHVWUDQ OD SURORQJDFLRQ (V SUHFLVR LU D WRGR HO PXQGR \ SUHGLFDU D WRGD FULDWXUD 0F  (Q OD HSRFD
DSRVWROLFDHVDWRGDFULDWXUDWRGDVODVQDFLRQHVWRGRHOPXQGRQRVRODPHQWHQRVHKL]RLQGHSHQGLHQWHPHQWHGHWRGRVORVHVIXHU]RV(UD
LPSRVLEOHORVKDELWDQWHVGH$PHULFDGHOQRUWHGH(XURSDGHJUDQGHVH[WHQVLRQHVGH$VLDGH$IULFD\GH2FHDQLDQRVHFRQRFLDQQLKDELD
PHGLRVSDUDKDFHUOR3HURFXPSOLHURQODWDUHDSDUDVXJHQHUDFLRQ<DVLHQGLIHUHQWHVHVWDGLRVGHOWLHPSR\GHODJHRJUDILD3HURQRVHSXGR
FXPSOLUFRQODVHQDOFDUDFWHULVWLFDLQFXHVWLRQDEOH6HUDSUHGLFDGRHVWH(YDQJHOLRHQWRGRHO0XQGR$KRUDHVSRVLEOHHQXQPXQGRXQLGRSRU
ORJOREDO<DXQTXHWHQHPRVXQDSDUWHGHOPXQGRFRPRDJQRVWLFDDWHDLQGLIHUHQWHRWUDFRPRSROLWLFRUHOLJLRVDFHUUDGDDFXDOTXLHULGHDTXH
QRVHDODGHHOODKD\TXHSUR\HFWDUHO(YDQJHOLRHQWRGRVHVRVPXQGRVHLQFOXVRHQORVGH&DVDDPSOLDPHQWHVHFXODUL]DGD\SDJDQL]DGDHQ
XQDPH]FODKDELO+D\TXHFXPSOLUFRQHVDWDUHD\'LRVDFWXDUDHQHVDKLVWRULDHQVXKLVWRULDGHODVDOYDFLRQ1RYDDVHUQHFHVDULRHVSHUDUD
TXHWRGRVDFHSWHQVLQGXGDTXHVHUDXQDPLQRULDSHURHVSUHFLVRGDUHO(YDQJHOLRGHO5HLQR
>@
DYVWUDSK/D6HSWXDJLQWDORSUHVHQWDFRPRUHODPSDJRSHURVLHPSUHGDQGRDHQWHQGHUDOJRTXHEULOODPXFKR\TXHSXHGHYHUVH(Q
RFDVLRQHVFXDQGRVHWUDWDGHDSOLFDUORDOURVWURGHOSHUVRQDMHFHOHVWLDOGH'DQLHORDXQDHVSDGDTXHEULOODDOEULOORGHODVVDHWDVGH'LRVVH
DSOLFD OX] (YLGHQWHPHQWH VH WUDWD GH VXEUD\DU HOUHVSODQGRU YLVWR SRU WRGRV -HVXV XWLOL]D XQD IUDVH SRU OD TXH QR SRGHPRV XVDU HO
UHODPSDJR VLQ PDV GH XQD WRUPHQWD SRUTXH KDEOD TXH HVHDYVWUDSK DVWUDSH VDOH GH RULHQWH \ OOHJD KDVWD RFFLGHQWH /RJLFDPHQWH HO
UHODPSDJRSURGXFLGRSRUHOFKRTXHGHQXEHVQRYDGHVGHQLQJXQRULHQWHKDVWDRFFLGHQWH'HDKLTXHGHEDPRVHQWHQGHUHOEULOORGHOX]TXH
VXUJHFXDQGRVDOHODOX]VRODUSRURULHQWH\OOHJDKDVWDRFFLGHQWH6HGHVWDFDOXPLQRVLGDGELHQYLVLEOH
>@
(O1XHYR&RPHQWDULR%LEOLFR6DQ-HURQLPRYRO,,RSFS
>@
6LVHFRPSDUD0WFRQ0WKD\DVXQWRVFRPXQHV\RWURVGLVWLQWRV0WKDFHUHIHUHQFLDH[FOXVLYDDODVHJXQGD9HQLGD
YLQLHQGR HQ ODV QXEHV FRQ SRGHU \ JUDQ JORULD D OD WLHUUD GRQGH ODV WULEXV GH OD WLHUUD VH ODPHQWDQ (Q 0W  ORV VDFHUGRWHV HQ HVH
HQWRQFHVSRGULDQYHUFRPRDFRQWHFLHQGRGHVSXHVGHVXPXHUWHODTXHOHLEDQDSURSLQDUD-HVXVXQDVXELGDSDUDVHQWDUVHDODGLHVWUDGH'LRV
\WRGRHOORYLQLHQGRHQODVQXEHV'HDFXHUGRDOGHUDVSHVHU+LMRGHO+RPEUHHOWH[WRGLULJLGRDORVSULQFLSDOHVGHHQWUHORVVDFHUGRWHVHVWD
FRQWHPSODGRHQHOWH[WRGH'DQLHODOTXHDOXGHHQXQSULPHUPRPHQWRXQDYHQLGDHQQXEHVKDFLDHO$QFLDQRGH'LDV<DORHVWXGLDPRV
TXH VH WUDWD GH XQ VHQWDUVH D OD GLHVWUD IXQFLRQDO DFRPSDQDGR GH WUHV YHUERV HQ 'Q  TXH LPSOLFDQ XQD FHUFDQLD FDGD PDV FHUFDQD
IXQFLRQDO (VWD FHUFDQLD \ VXELGD D OD GLHVWUD VH UHDOL]D PHGLDQWH OD WHRIDQLD QXEHV R DQJHOHV 8QD YH] UHDOL]DGR HVWR DSDUHFH HO WH[WR GH
'DQLHOGRQGHHOSRGHUGH'LRVFRQTXHHUDDFRPSDQDGRSRUPHGLRGHQXEHVDKRUDDSDUHFHODUHDOLGDGGHOSRGHU\GHOUHLQRDVXQWRHVWR
XOWLPRTXHHQWURQFDFRQ0W
>@
0DVDGHODQWHSUHVHQWDPRVXQFURTXLVDILQGHTXHSRGDPRVPHMRUDUQXHVWUDFRPSUHQVLRQGHODHVWUXFWXUDTXHWLHQHHQFXHQWD0DWHR
>@
(VWDHVXQDVHQDO&RPR\DKHPRVLQGLFDGRTXHVHLEDDGDUHQWUHODSULPHUD\ODVHJXQGD9HQLGDGHIRUPDUHSHWLWLYDORJLFDPHQWHVH
FXPSOHDQWHVGHODGHVWUXFFLRQGH-HUXVDOHQ
>@
'HDFXHUGRDODHVWUXFWXUDTXHOOHYD0DWHRWHQLHQGRHQFXHQWDODVSDODEUDVGH-HVXVWULEXODFLRQLEDDGDUVHGHVGHGHVSXHVGHODPXHUWH
GH &ULVWR KDVWD OR TXH GXUDQ HVRV GLDV TXH OOHJDQ D OD DSDULFLRQ GH ODV VHQDOHV FRVPLFDV TXH HQ VX RULJHQ VRQ DQWHULRUHV DO UHWRUQR GH
-HVXFULVWR\TXHGHVGHLQPHGLDWDPHQWHGHVSXHVVHKDQGHGDUHQXQSURFHVRTXHOOHJDKDVWDHOUHWRUQRGH&ULVWR\DODVTXHKDEUDTXHDQDGLU
\HQFDMDUODVTXHUHILHUH/XFDVFI'DQLHO\$SRFDOLSVLV
>@
(QFXDQWRDODLGHQWLGDGGHO+LMRGHO+RPEUHFRQ-HVXFULVWRUHFRUGDPRVODVSS\D+HULQJ/H5R\DXPHGH'LHXHWVD9HQXH 
RS F D &RSSHQV/H )LOV GH /
+RPPH 1HRWHVWDPHQWDLUH RS F (Q FXDQWR D OD LGHQWLGDG GHO +LMR GHO +RPEUH 'DQLHOLFR FRQ -HVXFULVWR
SXHGHYHUVHD-XDQ3DEOR,,HQ(FFOHVLDS
>@
(VWDVXFHVLRQWDOFRPRQRVODSUHVHQWD'DQLHOWDPELHQQRVPXHVWUDODQDWXUDOH]DGHORVUHLQRV<ORTXHVHFRQVLGHUDUHOHYDQWH
>@
 (Q RWUR OXJDU KHPRV LQWHQWDGR SUHVHQWDU HO YDORU GH ORV GLDV SURIHWLFRV 3XHGH OHHUVH SS   &RPSOHPHQWDUOR FRQ HO
$SHQGLFHFRUUHVSRQGLHQWH
/DDSOLFDFLRQDXQSHULRGRSURIHWLFRGHYDORUHVGHODUJRDOFDQFHGHQWURGHOVLPEROLVPRGHODDSRFDOLSWLFDDODTXHGDOXJDUVHFRQVWUX\HGHO
VLJXLHQWHPRGR(OFRQWH[WRKDGHPRVWUDUQRVTXHQRFDEHXQDFLIUDOLWHUDO(OSHULRGRFURQRORJLFRDFWXDFRPRXQYHKLFXORTXHWUDQVSRUWD
XQDVHULHGHDFRQWHFLPLHQWRVTXHPXHVWUDQXQFRQWH[WRGHODUJRDOFDQFH6LVHKDGHFUHDUXQDFRQFLHQFLDKLVWRULFDHQFDGDJHQHUDFLRQSRU
ODDFWXDFLRQHQHVWHFDVRGHO&XHUQRHVWDQRVHUHDOL]DGHQWURGHXQWLHPSROLWHUDOVLQRTXHUHTXLHUHXQODUJRWLHPSR(QHOHMHPSORGHO
&XHUQRHVWHVHSURORQJDGHVGHODGLYLVLRQKDVWDXQDHSRFDGH-XLFLRFHOHVWLDOTXHORFRQHFWDFRQHOILQSRUORWDQWRHVHYHKLFXORFURQRORJLFR
TXH WUDQVSRUWD HVWRV GRV H[WUHPRV QR SXHGH UHIHULUVH D XQD FLIUD OLWHUDO GH  DQRV \   (O KHFKR GH TXH VH KD GH YLVXDOL]DU SRU ODV
GLIHUHQWHVJHQHUDFLRQHVTXHOHHQHOOLEURGH'DQLHOXQSRGHUTXHFUHDVXSURSLDLQWHUSUHWDFLRQGHOD/H\GH'LRVHQFRQIOLFWRFRQODLGHRORJLD
GHOD/H\TXH'LRVPDQWLHQHHVRQRVHSXHGHUHDOL]DUHQDQRV\OLWHUDOHV'HOPLVPRPRGRODH[WHULRUL]DFLRQGHXQDSHUVHFXFLRQTXH
VH H[WLHQGH KDFLD HO SXHEOR GH 'LRV SDUD SRGHUVH LGHQWLILFDU KD GH FXPSOLUVH HQ FDGD JHQHUDFLRQ \ HVWR QR VH FLUFXQVFULEH D  DQRV \ 
OLWHUDOHV"+D\DOJXQSUHFHGHQWHHQOD%LEOLDGRQGHVHXVHXQEDUHPRLQXVXDOGHOYDORUGHXQGLD"6,"'RQGH"(Q1P\(]T
"+D\DOJXQSUHFHGHQWHHQODDSRFDOLSWLFDGH'DQLHOGRQGHVHSXGLHUDDOXGLUDHVWHEDUHPRLQXVXDO"6,"'RQGH"(Q'DQLHO
3HUR 'DQLHO   HVWD LGHQWLILFDGR \ UHODFLRQDGR FRQ 'DQLHO  \ HVWH FRQ 'DQLHO  FI 'Q   /RV DXWRUHV GH GLIHUHQWHV
GHQRPLQDFLRQHV FDWROLFRV \ SURWHVWDQWHV QRV KHPRV YLVWR REOLJDGRV D UHFRQRFHU TXH ODV  VHPDQDV GH 'DQLHO QR SXHGHQ UHIHULUVH D XQD
OLWHUDOLGDG /DV FRQVLGHUDPRV GH DQRV /DV UD]RQHV TXH VH DGXFHQ VRQ TXH ORV GLIHUHQWHV DFRQWHFLPLHQWRV TXH DKL VH LQWHJUDQ \TXH KDQ GH
GHVDUUROODUVHHQODKLVWRULDH[LJHQXQDFLIUDGHWLHPSRQROLWHUDOVHOHGDXQYDORUGHDQRV6LHVWRKDGHVHUDVLGHEHPRVLQYHVWLJDUHQOD
(VFULWXUDORTXHQRVSXHGDSURSRUFLRQDUXQDEDVHSDUDVHQWDUXQSUHFHGHQWHQRLPSXWDEOHDODDUELWUDULHGDGVLQRDODSURSLD(VFULWXUD
>@
 9HG PDV DGHODQWH QXHVWUR FURTXLV SDUD HQWHQGHU PHMRU ORV GLDV GH WULEXODFLRQ DFRUWDGRV OOHQDGRV SRU XQ EORTXH GH GLDV GH WULEXODFLRQ
DQWHULRUDODGHVWUXFFLRQGH-HUXVDOHQSRVWHULRUDHVWD\ORVTXHVHLGHQWLILFDQGHQWURGHWRGRHVHEORTXHFRPRORVGLDVGHSHUVHFXFLRQGHO
&XHUQRTXHOOHJDQKDVWDXQDVVHQDOHVFRVPLFDV\ODVHQDOGHO+LMRGHO+RPEUHHQHOFLHOR
>@
(VWHWLHPSRGHSHUVHFXFLRQSRUHO&XHUQR3HTXHQRHVSDUDOHORDODHSRFDGHSHUVHFXFLRQOOHYDGDDFDERSRUOD%HVWLDGH$SRFDOLSVLV
PHGLDQWH HO VLJQLILFDGR \ PRPHQWR KLVWRULFR GH XQD GH VX FDEH]DV \ HO +RPEUH GH 3HFDGR GH D 7HVDORQLFHQVHV  R HO +RPEUH
'HVSUHFLDEOH\2UJXOORVRGH'DQLHO7RGRVHOORVHVXQXQLFR\PLVPRVLVWHPDGHPDOGDG
>@
(OYDORUGHOWHUPLQR
JHQHUDFLRQ
0WFI/F
&RQODSDODEUDJHQHUDFLRQ!!!-HVXFULVWRQRHVWDEDLQYLWDQGRDTXHVHKLFLHUDQFDOFXORVFRQORVTXHPDQWHQHUHQXQDWHQVLRQDQJXVWLRVDD
ORV FUH\HQWHV /D DQJXVWLD QR YLHQH GH HVD SDUWH VLQR GHO PXQGR /D VHQVDFLRQ GH DFHUWLMR FRQ TXH HVWD URGHDGD OD RSLQLRQ LQDGHFXDGD GH
DTXHOORVTXHWUDVODGDQDUELWUDULDPHQWHHVWDSDODEUDDXQHVSDFLRKLVWRULFRTXHSUHYLDPHQWHVHKDGHWHUPLQDGRFRPR
WLHPSRGHILQGHOPXQGR

FUHD XQD DXUHROD GH LQTXLHWXG TXH LQIOX\H QHJDWLYDPHQWH WDQWR HQ ORV SURSLRV GLULJHQWHV TXH VH YHQ LQIOXLGRV SRU OD SUHPXUD FRPR HQ ORV
PLHPEURVTXHUHFLEHQXQDLQIRUPDFLRQPRWLYDGDSRUFLPLHQWRVHQGHEOHVHLQH[DFWRV
(OVHQWLGRGHODSDODEUDKHEUHDGRURDUDPHDGDUTXHRULHQWDDODSDODEUDJULHJDJHQHDHVPX\GLYHUVRGHDFXHUGRDO$QWLJXR\DO1XHYR
7HVWDPHQWR3XHGHGHVLJQDUDXQDJHQHUDFLRQ!!!GHDSUR[LPDGDPHQWHDQRV'WRDEDUFDUDYDULDVJHQHUDFLRQHV6DO2
LQFOXVRDWRGRVORVKRPEUHVGHWRGRVORVWLHPSRV3U9HDVHHVWDLGHDTXHHVWDULDPX\JHQHUDOL]DGDHQOD6HSWXDJLQWDHQ&RKHQH\
RWURV'LFFLRQDULR7HRORJLFRGHO179RO,,S
(QHO1XHYR7HVWDPHQWRWLHQHGRVVHQWLGRVHOWHPSRUDO\HOGHOLQDMHRHOFRQMXQWRGHXQDFLHUWDFODVHGHSHUVRQDVLG
(:'7*RSSKDEODGHOD
JHQHUDFLRQ
TXHYHDODVVHQDOHV
&ULVWRGHFODURTXHDOILQDOGHODJUDQSHUVHFXFLRQHOVROVHREVFXUHFHULD\ODOXQDQRGDULDVXOX]/XHJRODVHVWUHOODVFDHULDQGHOFLHOR!!
QRWHVHTXHKDRPLWLGRODVHQDOGH
ODVSRWHQFLDVGHORVFLHORVVHUDQFRQPRYLGDV
\ODVTXHPHQFLRQD/XFDVHQHVHFRQWH[WRILQDOGHODSDJLQD

'LFH GH DTXHOORV TXH YHDQ HVWDV VHQDOHV 1R SDVDUD HVWDUD JHQHUDFLRQ TXH WRGDV HVWDV FRVDV QR DFRQWH]FDQ (VWDV VHQDOHV VHJXQ HO
FRPHQWDULVWDFLWDGRKDQDSDUHFLGR3RGHPRVVDEHUFRQVHJXULGDGTXHODYHQLGDGHO6HQRUHVWDFHUFDQDLGSDOFRPLHQ]RGHODSDJLQD
/DV VHQDOHV TXH KDELDQ DSDUHFLGR VH UHILHUH HYLGHQWHPHQWH D ODV TXH KDELD PHQFLRQDGR HQ ORV SDUUDIRV ILQDOHV GH OD S  GRQGH VH KDQ
RPLWLGRODVVHQDOHVFRVPLFDVTXH/XFDVLQGLFDSUHYLDVDODVHJXQGD9HQLGD
/DJHQHUDFLRQTXHYLRHVDVHQDOHVUHODWLYDVDTXHHOVROVHREVFXUHFHULD\ODOXQDQRGDULDVXOX]MXQWRFRQODOODPDGD
FDLGDGHHVWUHOODV
QR
SDVDULD
'H DFXHUGR D OD LQWHUSUHWDFLRQ TXH KD GH GDUVH DO WHUPLQR
JHQHUDFLRQ
 WDO FRPR VXJHULPRV HQ QXHVWUR HVWXGLR VH WUDWDULD GH
XQDFODVH GH
JHQWH
GHXQWLSRGHSHUVRQDV

GHXQDFDUDFWHULVWLFDJHQHUDFLRQDO
"&XDOHVHVHWLSRGHJHQWHRGHJHQHUDFLRQ"8QWLSRGHSHUVRQDVTXH
VH GLVWLQJXH SRU SUHGLFDU \ YLYLU HO$GYLHQWR OD HVFDWRORJLD ELEOLFD ODV VHQDOHV TXH DQXQFLDQ OD SUR[LPLGDG GHO UHWRUQR GH -HVXFULVWR (VD
VLQJXODULGDG OHV FRQVWLWX\H HQ XQD
JHQHUDFLRQ
TXHVHKDGHSURORQJDUKDVWDHOPLVPRILQ(VDJHQHUDFLRQ TXH DOJXQRV TXH OD IRUPDQ KDQ
YLVWR HVDV VHQDOHV
SULPHUDV
 \ TXH VH OH UHFRQRFH SRU XQDV PDUFDV GHWHUPLQDGDV TXH OHV FRQYLHUWH HQ XQD
JHQWH
 HQ XQD
JHQHUDFLRQ
HVSHFLDO
QRSDVDUDVHJXLUDH[LVWLHQGRHQHOPRPHQWRGHOUHWRUQRGH&ULVWR
(Q 0DUFRV  OD JHQHUDFLRQ!!! SDUHFH HVWDU KDFLHQGR UHIHUHQFLD D WRGRV ORV KRPEUHV HQ JHQHUDO TXH VH FDUDFWHUL]DEDQ SRU VX
LQFUHGXOLGDG/DLGHDGHUD]DHVWDVHQDODGDHQ6DOPRFI0U
(VWRSRUVLVRORHVVXILFLHQWHSDUDGDUQRVFXHQWDGHODFRPSOHMLGDGGHOVLJQLILFDGRVLQTXHVHSXHGDOOHJDUDXQDFRQFOXVLRQWDQJUDWXLWDFRPROD
TXHH[SUHVDQDOJXQRV
(Q0DWHR\SDUDOHORVHOWHUPLQRJHQHUDFLRQ!!!FX\RYDORUWHPSRUDOHVVHFXQGDULRORTXHVHGHVWDFDHVODFDOLGDG
6L QRV UHIHULPRV DO YRFDEOR JHQHUDFLRQ!!! HQ UHODFLRQ D OD GHVWUXFFLRQ GH -HUXVDOHQ OR TXH VH VXEUD\D HV HO WLSR!!! GH JHQWH 1R
SDVDUDHVWDFODVHGHJHQWH!!!VLQTXHWRGRHVWRDFRQWH]FDORVMXGLRVFRPRSXHEOR^JHQHD`LEDQDH[LVWLULEDQDVHUWHVWLJRVGHTXHWRGR
HVWRRFXUULULD
3HURHVWRQRDJRWDWRGDODDPSOLWXGGHOFRQWH[WR/DSDODEUDHQFXHVWLRQDOILQGHORVWLHPSRVYHQGULDDVLJQLILFDUTXHODJHQHUDFLRQTXHKD
YLVWRFXPSOLUVHWRGDVODVVHQDOHVQRSDVDUD(VDJHQHUDFLRQSXHGHDPSOLDUVHDXQDFDWHJRULDGHSHUVRQDVTXHVHFDUDFWHUL]DQSUHFLVDPHQWH
SRU OD SUHGLFDFLRQ GH ODV SURSLDV VHQDOHV GHO ILQ (VH WLSR GH JHQWH TXH DQXQFLD HO LQLFLR \ GHVHQFDGHQDPLHQWR GH ODV PDUFDV SUHYLDV DO ILQ
FRQVWLWX\HQXQDGHWHUPLQDGDJHQHUDFLRQ!!!GHFUH\HQWHVTXHHQORTXHOHVKDFHVHUFRPRWDOQRSDVDUD
&RPRYHPRVHODVSHFWRWHPSRUDOQRVREUHVDOHHQORTXHVHUHILHUHDODJHQHUDFLRQ\QLPXFKRPHQRVQLH[SOLFLWDQLLPSOLFLWDPHQWHSRGHPRV
VREUHHQWHQGHUXQSHULRGRHVSHFLILFRPDUFDGRSRUXQRVOLPLWHVSUHILMDGRV
>@
(OHVTXHPDGHODFRQFHSFLRQGHOVHUPRQHVFDWRORJLFRHQ0DWHRTXHSUHVHQWDPRVQRGHEHKDFHUSHUGHUODSHUVSHFWLYDTXH\DKHPRV
SUHVHQWDGR
,3UHJXQWDVREUHODGHVWUXFFLRQGHOWHPSOR\VREUHOD9HQLGDGH&ULVWR\ILQGHOPXQGRY
,,$GYHUWHQFLDGH-HVXVVREUHODSRVLELOLGDGGHOHQJDQRGXUDQWHWRGRHOWLHPSRGHORVOODPDGRVXOWLPRVGLDVWDQWRSDUDDTXHOORVTXHYLYDQHQ
ODHSRFDGHODGHVWUXFFLRQGHOWHPSORFRPRHQHOWLHPSRGHVX9HQLGDY
,,,5HVSXHVWDVGH-HVXVHQUHODFLRQDVHQDOHVTXHVHFXPSOHQFRPRVHQDOHVGHOSUHYLDVDOILQHQFXDOTXLHUJHQHUDFLRQGXUDQWHORVXOWLPRV
WLHPSRVGHVGHODSULPHUDYHQLGDKDVWDODVHJXQGD9HQLGDYVV
,9'HVWUXFFLRQGHOWHPSOR\GH-HUXVDOHQYVVFRPRVHQDOGHOILQGHQWURGHORVXOWLPRVWLHPSRVGHVWUXFFLRQILVLFD\GHVWUXFFLRQHQ
SURFHVRGHFXPSOLPLHQWR
9'LDVGHWULEXODFLRQGHVGHGHVSXHVGHODPXHUWHGH&ULVWRSDVDQGRSRUODGHVWUXFFLRQGH-HUXVDOHQ\TXHVHH[WLHQGHQDFRUWDGRVKDVWDHO
LQLFLRGHXQDVVHQDOHVFRVPLFDVVLHQGRHVWDVSUHYLDVDOUHWRUQRGH&ULVWRYVV
9,6HQDOHVFRVPLFDVSUHYLDVDOUHWRUQRGH&ULVWRY
9,,$SDULFLRQGHODVHQDOGHO+LMRGHO+RPEUH\UHXQLRQGHORVHVFRJLGRVYVV
9,,, ,OXVWUDFLRQ GH OD SDUDEROD GH OD KLJXHUD FRQ VXV HQVHQDQ]DV YDOHGHUDV GXUDQWH WRGRV ORV XOWLPRV WLHPSRV WDQWR SDUD OD HSRFD GH OD
GHVWUXFFLRQGHOWHPSORFRPRSDUDODHSRFDGHOUHWRUQRGH&ULVWRYVV
$/D,OXVWUDFLRQGHODKLJXHUDY
%3RUHOFRQRFLPLHQWRGHODHQVHQDQ]DGHOD
KLJXHUD
VDEHPRVTXHHVWDDODVSXHUWDVY
&/DJHQHUDFLRQHQODTXHVHFXPSOHQODVVHQDOHVWDQWRUHODWLYDVDODHSRFDGHODGHVWUXFFLRQGHO7HPSORFRPRDODGHOILQQRSDVDUDVLQTXH
VHFXPSODQORVREMHWLYRVTXHORVVLJQRVVHQDODQYVV
'1DGLHVDEHQLODKRUDQLHOGLDY
,;6HQDOHVFRPSOHPHQWDULDVSDUDUHFRQRFHUODSUR[LPLGDGGHODYHQLGDGHO+LMRGHO+RPEUH\OODPDPLHQWRVROHPQHDYHODU\DOOHYDUXQD
FRQGXFWDGHVLHUYRILHO\SUXGHQWHYVV
$6HQDOHVSDUDFRQRFHUODHSRFDGHOD9HQLGDGHO+LMRGHO+RPEUHYVV
%8Q/ODPDPLHQWRDYHODU\DOOHYDUXQDFRQGXFWDRUGHQDGDFRQSUHPLRV\FDVWLJRVYVV
>@
6HJXQ-HDQ'DQLHO.DHVWOLVHWUDWDGHXQWHUPLQRWHFQLFRTXHVLJQLILFDHOILQGHOPXQGR2SFS9HGWDPELHQVREUHXVRGHOD
SDODEUDVXQWHOHLVTDLVLQWHOHLVWKDLV-+7KD\HUHQVX/H[LFRQRSFS\%DJVWHUHQOD&RQFRUGDQFLDGHOD6HSWXDJLQWDRSFS
VHH[SOLFDQGHIRUPDVHPHMDQWH9HDVHWDPELHQHO'LFWLRQDLUH*UHFGX1RXYHDX7HVWDPHQWRSFS
>@
 (VWRV YHUVLFXORV GH 0DUFRV   LQGHSHQGLHQWHPHQWH GH OD H[SOLFDFLRQ TXH GDPRV IXHUD GH HVWD QRWD QR DSDUHFHQ HQ HO VHUPRQ
HVFDWRORJLFRGH0DWHR0DUFRVORVKDFRSLDGRGH0DWHR0DWHRDORPLWLUORVHQHOFRQWH[WRGHOVHUPRQHVFDWRORJLFRQRQLHJDTXHVH
SURQXQFLDUDQ HQ GLFKD RFDVLRQ VLPSOHPHQWH TXH QR YH FRQYHQLHQWH UHSHWLUVH SRU FXDQWR -HVXV \D ORV KDELD SURQXQFLDGR HQ RWUD PRPHQWR
WDPELHQHQRFDVLRQGHODHOHFFLRQGHORVDSRVWROHV\GHODVLQVWUXFFLRQHVTXHOHVGDHQHOHQYLRDSUHGLFDUFI0W
3RURWUDSDUWHHVWHKHFKRGHOFRQIOLFWRFRQODVLQDJRJDHVUHIHULGRSRUORVFXDWURHYDQJHOLVWDV0WFI0F/FVVFI
-Q/RFXDOHVPX\GHWHQHUHQFXHQWDHQFXDQWRDOPRPHQWRGHHVFULELUVHHVWDUHFRPHQGDFLRQ\HOVXFHVRHQVL<DTXHHVWDUHIHULGR
H[FOXVLYDPHQWHDORVDSRVWROHV\DORVTXHFUHHULDQSRUHOWHVWLPRQLRGHHOORV-QHQHOFRQWH[WRMXGLR\GHVGHOXHJRXQRVHYDQJHOLRV
WDUGLRVFXDQGR\DHVHDVXQWR\DQRSXHGHRFXUULULPSRVLELOLWDHOTXHIXHUDQHVFULWRVWDUGLDPHQWH
>@
(VWDVDOYHGDGGHPRGRSXQWXDOWDPELHQKDEULDTXHUHIHULUVHDODDFWXDFLRQVXIULGDHQODVLQDJRJDDXQTXHFXPSOHHOHVWDUGHQWURGHHVH
PLVPRHVSDFLRWHPSRUDO6HHVWDULDFXPSOLHQGRGHQWURGHOWLHPSRVLHPSUHGHQWURGHORTXHWUDQVFXUUHHQWUHGHVSXHVGHODPXHUWHGH&ULVWR
KDVWD OR TXH VLJQLILTXH HO WHUPLQDUVH GHILQLWLYDPHQWH OD GHVWUXFFLRQ GH -HUXVDOHQ \ HO 7HPSOR TXH \D HQ 0DWHR KHPRV GLFKR TXH HVWDED HQ
SURFHVRGHFXPSOLPLHQWRKDVWDHOILQ
>@
$FRQWLQXDFLRQVHGDHOPLVPRSODQWHDPLHQWRTXH\DKHPRVH[SOLFDGRHQ0DWHR0FFI0W
>@
0DUFRVKDLQFOXLGRHQODSUHJXQWDXQWHUPLQRWHFQLFRTXHVHUHODFLRQDFRQXQKHFKRHVFDWRORJLFRGHOILQGHOPXQGRODGLVJUHJDFLRQGHO
7HPSOR
/DPHQFLRQGHOD9HQLGDGH&ULVWR\GHOILQGHOPXQGRHQWUHODVUHVSXHVWDVTXH-HVXVGDDODSUHJXQWDDSDUHQWHPHQWHH[FOXVLYDGHGHPROLFLRQ
GHOWHPSORHVODGHPRVWUDFLRQGHTXHORUHODWLYRDO7HPSORFRQORTXHLPSOLFDVHKDUHDOL]DGRGHPDQHUDLUUHYHUVLEOHDGHPDVGHSRQHUVHDO
GHVFXELHUWRHOYDORUWHRORJLFRVXE\DFHQWHGHHVHLQFLGHQWHHOILQGHODHFRQRPLDMXGLDFRPRUHSUHVHQWDFLRQGHODUHOLJLRQGH'LRV(VWHKHFKR
HVFDWRORJLFRWHQGUDFRPRFRQVHFXHQFLDODVHJXULGDGGHOILQGHOPXQGRFRQHOUHWRUQRGH-HVXFULVWR
&XDQGR-HVXFULVWRSURQXQFLDHVWDSURIHFLDVREUHHOILQGHOPXQGRHVWD\DDFWXDQGRHO&XDUWRUHLQRHOXOWLPRHOHVFDWRORJLFR
6HREVHUYDTXH-HVXFULVWRVLJXHHOHVTXHPDGH'DQLHO0DUFRVFI0W/FFRPRORKLFLHUDDQWHV0DWHRLGHQWLILFDDOD
DERPLQDFLRQ\DODVRODPLHQWRGH'DQLHOFRPRHVWDQGRHQHOIXWXURWRGDYLD'HHVWHPRGRHOSURIHWD-HVXFULVWRXELFDFURQRORJLFDPHQWHHO
DVRODPLHQWRSUHGLFKRSRU'DQLHOHQXQWLHPSRTXHQDGDWLHQHTXHYHUFRQODKLVWRULDGHORV0DFDEHRV
-HVXFULVWRSUHGLFHHQXQDHWDSDKLVWRULFDHQODTXHGRPLQDHO,PSHULR5RPDQRTXH-HUXVDOHQVHUDLQYDGLGD\GHUUXLGDMXQWRFRQVXWHPSOR
(OUHSUHVHQWDQWHPD[LPRGHO5HLQRGH'LRVHO5H\0HVLDVQRVKDELDSUHGLFKRHQ0DWHRFI0FTXHHO5HLQRGH'LRVVHULD
TXLWDGRGH,VUDHO/DSUXHEDKLVWRULFDGHTXHHVR\DKDELDRFXUULGRVHFRQWHPSODHQHODQRFXDQGRVHFXPSOHODSUHGLFFLRQGH-HVXVHQ
FXDQWRDODVRODPLHQWRGH-HUXVDOHQ\HOWHPSORHQPDQRVGHORVURPDQRV
"&XDOHVODVHQDOGHTXHHVWRVHWHUPLQDUD0F"
/DVHQDOHV
(OFXPSOLPLHQWRGHODVDERPLQDFLRQHVHQHOWHPSORLQIOLJLGDVSRU,VUDHOGHDFXHUGRD'DQLHO(OFXPSOLPLHQWRGHODVRODPLHQWRSRUSDUWH
GHO,PSHULR5RPDQR/DLQWURGXFFLRQGHXQSHULRGRGHWULEXODFLRQFDUDFWHUL]DGRSRUODSHUVHFXFLRQFRQWUDHO3XHEORGH'LRVSRVWHULRUDOGH
ODGHVWUXFFLRQGH-HUXVDOHQTXHFRQHFWDFRQVLJQRVFRVPLFRV\GHRWUDLQGROHUHODWLYRVDXQWLHPSROHMDQRDOGHUUXPEHGHOWHPSORGH-HUXVDOHQ
\FHUFDQRDOUHWRUQRGH&ULVWR9HGQRWDV\GRQGHWUDWDPRVHVWHPLVPRDVXQWRHQHOVHUPRQHVFDWRORJLFRGH0DWHR7DPELHQ:KLOOLDP
6KHDHQ3URKHWLHHW(VFKDWRORJLHYRO,RSFSSQRVVXJLHUHGHTXHDFDXVDGHODDXVHQFLDGHO
PHP
SUHIRUPDWLYRHQ
VRPHQ

HVSUHIHULEOHWUDGXFLUSRUGHYDVWDFLRQRGHVRODFLRQRDVRODPLHQWRTXH
GHVRODGRU
3URSKHWLHHW(VFKDWRORJLHYRO,RSFS
-HVXV DOXGH D HVWDDERPLQDFLRQ 0F  0W  FI /F  LQVWDQGRQRV D TXH HQWHQGDPRV OR TXH OHDPRV GH 'DQLHO VREUH HVWH
DVXQWR WDO FRPR \D GLMLPRV UHVSHFWR DO VHUPRQ HVFDWRORJLFR GH 0DWHR /D WUDGXFFLRQ OLWHUDO HV DERPLQDFLRQ EGHOXJPD GHO DVRODPLHQWR
HUHPRVHRV (UHPRVHRV  HVWD HQ JHQLWLYR 6H WUDWD GH DOJR TXH KDFH DSDUHFHU OD DERPLQDFLRQ YHDVH OD WUDGXFFLRQ HQ HGLFLRQ FULWLFD GH
%RYHU2
&DOODJKDQSS\
(Q FXDQWR D OD FRQILUPDFLRQ KLVWRULFD UHVSHFWR D ODV DERPLQDFLRQHV TXH HO SXHEOR MXGLR UHDOL]D HQ HVRV PRPHQWRV SRGHPRV OHHU DOJXQRV
SDUUDIRVGHOD+LVWRULD8QLYHUVDOGH2QFNHQYRO9,,,RSFSS
+DVWDHQWRQFHVQRKDELDOOHJDGRODJXHUUDD-HUXVDOHQSHURHQFDPELRHVWDFDSLWDOHUDWHDWURGHODOXFKDGHORVSDUWLGRVMXGLRVLGS

(VWHSDUWLGRHUDFRQRFLGRSRUHOGHORVFHORVRVHPSH]DURQDGHVDKRJDUVXLPSDFLHQFLDSUHQGLHQGRSULPHURDORVLQGLYLGXRVGHODPDV
DOWDQREOH]DMXGLD\PDWDQGROHVGHVSXHVLGS
/RVFHORVRVVHKLFLHURQIXHUWHVHQHOWHPSORORJUDURQDEULUODVSXHUWDVGHODFLXGDGDORVLGXPHRV(QWUDURQHVWRV\XQLGRVDORV
FHORVRVPDWDURQDFXDQWRVFRQWUDULRVHQFRQWUDURQDVXSDVRHQWUHRWURVORVTXHRFXSDEDQHODWULRGHOWHPSORFRQVXMHIH$QDQRLGS

&RQWUD=DFDULDVDFXVDGRGHKDEHUHQYLDGRXQDHPEDMDGDD9HVSHVLDQRIXHDFXFKLOODGRHQPHGLRGHOWHPSOR\ORVMXHFHVDUURMDGRV
GHOVDQWXDULRLGS
/RVDVHVLQDWRVORVH[FHVRV\HOGHVHQIUHQRQRWHQLDQOLPLWH\DOILQYROYLRDHVWDOODUXQDQXHYDGLYLVLRQVDQJULHQWDHQWUHORVGXHQRVGHOD
FLXGDG-XDQGH*LVFDODDWDFDGRSRUVXVFRQWUDULRVVHHQFHUURFRQVXVJDOLOHRVGHQWURGHOUHFLQWRGHOWHPSORLGS
(VWDGLVFRUGLDGHQWURGHOUHFLWRGHOWHPSORGLROXJDUDXQDQXHYDOXFKDVDQJULHQWDHQWUH-XDQGH*LVFDOD\(OHD]DULGS
/RVMXGLRVKLFLHURQXQDVDOLGDSHURIXHURQUHFKD]DGRV\HQWRQFHVHOORVPLVPRVHPSH]DURQHQVXGHVHVSHUDFLRQDGHVWUXLUHOVDQWXDULR
LGS
PXFKRVGHYRWRVGHELHURQGHDWULEXLUGHVSXHVHOWULVWHILQGHODFLXGDGDODSURIDQDFLRQGHOVDQWXDULR!!LG
>@
 *XQWKHU 'HKQ VH H[SUHVD DVL HQ/H )LOV GH 'LHX /DERU HW )LGHV *HQHYH  S  3URIHWL]DU OD GHVWUXFFLRQ GHO WHPSOR HUD
DWDFDUHOFHQWURYLWDOGHODQDFLRQMXGLD(UDDQXQFLDUODGHVWUXFFLRQGHOOXJDUGRQGH'LRVGHXQDPDQHUDSDUWLFXODUKDELWDEDHQWUHVXSXHEOR
+DEODU FRQWUD HO WHPSOR VLJQLILFDED SRU FRQVLJXLHQWH OHYDQWDU OD PDQR FRQWUD 'LRV PLVPR HQ XQ DFWR GH WHPHULGDG DPHQD]DU D ,VUDHO HQ HO
FRUD]RQPLVPRGHVXYLGDUHOLJLRVDQDFLRQDOORXQLFRTXHGDEDDXWHQWLFDVJDQDVGHYLYLU!!
>@
%RVTXHMRSHUWHQHFLHQWHDOVHUPRQHVFDWRORJLFRGH-HVXVHQ0DUFRV
, 6HQDOHV TXH VH GDQ GHVGH GHVSXHV GH OD PXHUWH GH -HVXV KDVWD TXH VH FXPSOD HO WHUPLQR HOVLQWHOHLVWKDL HQWUH ODV TXH VH HQFXHQWUD OD
GHVWUXFFLRQILVLFDSXQWXDOGHO7HPSOR\GHVRODFLRQGH-XGHDHSRFDGHO&XDUWR5HLQRGH'DQLHO0FSS
,,&XPSOLPLHQWRGHODLQYDVLRQGHVWUXFWLYDGH-HUXVDOHQ\GHVX7HPSORFRQODGHVRODFLRQGH-XGHDSRUHO,PSHULR5RPDQRSHUWHQHFLHQWHDO
&XDUWR5HLQRGH'DQLHO0FXSFI'QXS
,,,$FRQWHFLPLHQWRVSRVWHULRUHVDOGHVWUR]RGHOWHPSORSRUORVURPDQRVTXHFRUUHVSRQGHQHQWUHRWURVDXQSHULRGRKLVWRULFRGHDIOLFFLRQSDUD
HOPXQGR\TXHFRQILUPDQ\VHQDODQTXHORUHODWLYRD-HUXVDOHQ\-XGHDFRPRSXHEORGH'LRVKDILQDOL]DGR<TXHGHVGHODGHVWUXFFLRQILVLFD
GH-HUXVDOHQ\VX7HPSORHVWDHQSURFHVRGHFXPSOLPLHQWRODGHVDSDULFLRQGHORVYDORUHVTXHUHSUHVHQWDEDQ0F
$3HULRGRGH
GLDVGHDIOLFFLRQ
DEUHYLDGRV0F
%6HQDOHVGHPHQVDMHVIDOVRVDQWHVGXUDQWH\DSDUWLUGHGHHVHSHULRGRGHDIOLFFLRQ0F
& 6HQDOHV SUHYLDV D OD 9HQLGD GH &ULVWR TXH FRPLHQ]DQ HQ
DTXHOORV GLDV
 DFRUWDGRV GHVSXHV GH OD DIOLFFLRQ \ TXH VH H[WLHQGHQ KDVWD HO
UHWRUQRGH&ULVWR0F
'8OWHULRUPHQWHDHVWRVKHFKRV9HQLGDGHO+LMRGHO+RPEUH\ILQWRWDOGHOPXQGRTXHFRQILUPDQHVFDWRORJLFDPHQWHTXHHVDVSDODEUDVVREUH
HOILQGHO7HPSORFRQORTXHFRQOOHYDKDVLGR\HVWRWDOPHQWHLUUHYHUVLEOH0F
,93DUDERODGHODKLJXHUDFRQWHQLHQGROHFFLRQHVGHDGYHUWHQFLDVTXHVLUYHQDWRGDVODVVHQDOHV\DFXDOTXLHUDGHODVJHQHUDFLRQHVTXHKDQGH
YLYLUWDQWRHQODHSRFDGHODGHVRODFLRQGH-XGHDFRPRHQODHSRFDSRVWHULRUDWUDYHVGHOWLHPSR0F
98QOODPDPLHQWRDYHODUWDQWRSDUDDTXHOORVTXHVHHQFXHQWUDQHQODHSRFDGHODGHVWUXFFLRQGHO7HPSORFRPRSDUDFXDQGRYHQJDHO+LMR
GHO+RPEUHOLWHUDOPHQWH\YLVLEOHSDUDWRGRHOPXQGR0F
>@
(Q-HVXVGH1D]DUHWWUDG0RGHVWH9HVLQ3DULVSS9HUWDPELHQD+0'LGRQ -HVXV&KULVW,,3DULVSS

>@
6REUHHVWRSXHGHYHUVHQXHVWURFRPHQWDULRD'DQLHO$KLH[SOLFDPRVWHQLHQGRHQFXHQWDHOGHUDVSHVHUGHO+LMRGHO+RPEUHGH'DQLHO
FRPRORVGLDVGHO+LMRGHO+RPEUHKDFHQUHIHUHQFLDDGRVKHFKRVKLVWRULFRV'HVGHODDVFHQVLRQKDVWDVX9HQLGD3HURGDGDOD
FHUFDQLDIXQFLRQDOKDFLDHO$QFLDQRGH'LDVPDUFDGDSRUWUHVYHUERVIXQFLRQDOHVORVGLDVGHO+LMRGHO+RPEUHSUHYLRVDOGLDGHVXYHQLGDHQ
SDUDOHOR D ORV GLDV GH 1RH SUHYLRV DO GLD GHO GLOXYLR FRUUHVSRQGHQ D ORV GLDV PDUFDGRV SRU OR TXH VLJQLILFD HVH WHUFHU YHUER IXQFLRQDO TXH
LPSOLFDXQDFHUFDPLHQWRKDVWDHOPLVPROXJDUIXQFLRQDOGHO$QFLDQRGH'LDVHO-XLFLRFHOHVWLDOFI'QXS
>@
 (VWDV DGLFLRQHV HQ QLQJXQ PRGR SXHGHQ VLJQLILFDU XQ LQWHQWR GH DUUHJOR SRU SDUWH GH /XFDV GH HTXLYRFDFLRQHV VHJXQ DOJXQRV GH
0DUFRV/XFDVQRHVWDPDQLSXODQGRVLQRXWLOL]DQGRWUDGLFLRQHVGRFXPHQWRVRULJLQDOHVDSRVWROLFRVTXHWUDVPLWHQODVSDODEUDVGH-HVXV/F
\TXHDFODUDQMXQWRD0DWHR\0DUFRVODLQWHQFLRQ\VLJQLILFDGRGHHVDVSDODEUDV
>@
 (VWR QRV PXHVWUD TXH OD IRUPD GH HVWDU FRQVWUXLGR HO OODPDGR VHUPRQ HVFDWRORJLFR GHVFXEUH HO TXH WXYLHUD TXH KDEHU HVWDGR HVFULWR
DQWHV GH OD GHVWUXFFLRQ ILVLFD GH -HUXVDOHQ \ GHO 7HPSOR 3RU FXDQWR ORV TXH YLYHQ HQ HVD HSRFD SUHYLD GHELDQ GH HVWDU DGYHUWLGRV GH HVRV
SRVLEOHVHQJDQRV
>@
$ORODUJRGHWRGRXQSHULRGRDQWHULRUDODQRVHGLHURQHQHOLPSHULRURPDQRQXPHURVDVVHGLFLRQHVWHUUHPRWRVJXHUUDVHWFYHGQRWD

>@
9HG+LVWRULD8QLYHUVDOVLJOR;;,RSFSS
>@
(VWRQRGHEHULDFRPSUHQGHUVHHQHOVHQWLGRGHTXH/XFDVHVWXYLHVHFRQWDQGRODVFRVDV\DFXPSOLGDV&DEHODSRVLELOLGDGWDQWRGHTXH
-HVXV OHV LQWHUSUHWDUD OR TXH VLJQLILFDED OR FRUUHVSRQGLHQWH D OD DERPLQDFLRQ GHO DVRODPLHQWR R TXH HO (VSLULWX 6DQWR SURPHWLGR JXLD D ORV
HVFULWRUHVHYDQJHOLFRVDHQXQFLDUORVDVXQWRVGHIRUPDPDVFODUD-Q0DUFRV\0DWHRRSWDURQSRUQDUUDUORHQHOVHQWLGRGHVFULSWLYR\
QRLQWHUSUHWDWLYRTXHHVFRPRORUHFRJH/XFDV
>@
(O'LFFLRQDULR7HRORJLFRGHO1XHYR7HVWDPHQWR HVFRQVFLHQWHTXHPLHQWUDVFKURQRV!!!VHQDODDXQDHSRFDGHWHUPLQDGDRDXQ
SHULRGRH[DFWR9RO,9SSPLHQWUDVTXHFDLURV!!!H[SUHVDULDORRSRUWXQR!!!ORDGHFXDGR!!!\HQVHQWLGRWHPSRUDO
LQGLFDULDHOPRPHQWRIDYRUDEOH!!!RODFR\XQWXUDDSURSLDGD!!!9RO,9S3DUDHVWDGLVWLQFLRQFRQVXOWHVHD3DERQ(FKDXUL
'LFFLRQDULR*ULHJR(VSDQRORSFSS
>@
'LFFLRQDULRH[SRVLWLYRGHSDODEUDVGHO1XHYR7HVWDPHQWR9RO,9S
>@
%RYHU&DQWHUDWUDGXFHGHOPLVPRPRGR
>@
(QVXWUDGXFFLRQELEOLFDRSF
>@
9LQH9RO,,,S
>@
(Q/
(VFKDWRORJLHGDQVO
RHXYUHGH/XFRSFS
>@
1DGDGHHVWRDFRQWHFLRQLHQQLDXQFXDQGRHQVHGLHUDXQDPLQLJXHUUDHXURSHDQRPXQGLDODXQFXDQGRVHKD\DPDO
OODPDGRDVL\HQVHGLHUDHOUHFRQRFLPLHQWRGH,VUDHO-HUXVDOHQKDVHJXLGRVLHQGRSLVRWHDGDSRUDUDEHV\SRUMXGLRVTXHHQVXPD\RULD
VRQDJQRVWLFRVFRQXQJRELHUQRIXQGDPHQWDOPHQWHODLFDGR
>@
$XQTXHQRVRWURVIDYRUHFHPRVODRSLQLRQH[SXHVWDTXH/XFDVRULHQWDDGLIHUHQFLDGH0DWHR\0DUFRVWDQWRODSDUDERODGHODKLJXHUD
FRPRORTXHVHGHVSUHQGHGHVGHHOYDOFRPRFXPSOLHQGRVHHQODHSRFDGHODVVHQDOHVFRVPLFDVSUR[LPDVDOUHWRUQRGH-HVXFULVWRVH
SRGULDSUHVHQWDUFRPRSHUWHQHFLHQGRWDQWRDODGHVWUXFFLRQILVLFDGH-HUXVDOHQFRPRDODGHODVHJXQGD9HQLGDGH-HVXFULVWR
(OSDUHQWHVLVGHDIOLFFLRQTXH0DUFRVLQLFLDDSDUWLUGHOYFS\TXHORSURORQJDKDVWDHOY\TXH\DGLMLPRVTXHQRSRGLDUHIHULUVH
DODDQJXVWLDGHORVMXGLRVVLQRPDVELHQDODGHOPXQGRHQJHQHUDOLQFOX\HQGRDORVMXGLRVHQWUHRWURVHVWDRPLWLGRHQ/XFDV\DTXHKDFH
HQIDVLVHQHOSXHEORMXGLRHQUHODFLRQGLUHFWDDORVJHQWLOHV
/XFDVUHWRPDODGHVFULSFLRQDSDUWLUGHODVVHQDOHVFRVPLFDVTXH0DUFRV\0DWHRLQWURGXFHQGHVSXHVGHOSHULRGRGHWULEXODFLRQFI0F
\VV\0W\ODVGHVFULEHFRPRVHQDOHVSUHYLDVDODVHJXQGD9HQLGDGH&ULVWR/F
'LFKDV VHQDOHV QR VRQ LGHQWLFDV D ODV GH 0DWHR \ 0DUFRV 6L VH REVHUYD FRQYHQLHQWHPHQWH HO WH[WR QRWDUHPRV TXH /XFDV DGHPDV GH QR
HVSHFLILFDUHORVFXUHFLPLHQWRGHOVROUHODFLRQDHOTXHODVSRWHQFLDVGHORVFLHORVVHDQFRQPRYLGDVFRQVHQDOHVHQHOVROODOXQD\ODVHVWUHOODV
MXQWRDODDQJXVWLDGHODVJHQWHVSRUODVFRVDVTXHVREUHYHQGUDQDODWLHUUD/F(Q0DWHR\0DUFRVODFRQPRFLRQGHODVSRWHQFLDV
GHORVFLHORVHVLQGHSHQGLHQWHGHORVFXUHFLPLHQWRGHO6RO\GHOD
WUDQVIRUPDFLRQ
GHODOXQD\GHODFDLGDGHHVWUHOODV0W0F
HVXQDVHQDOPDV\SRVWHULRU6HWUDWDULDHQHOFDVRGH/XFDVGHXQDH[SOLFDFLRQGHORTXHFRQVLVWH
HOTXHODVSRWHQFLDVGHORVFLHORVVHDQ
FRQPRYLGDV
(VRVVLJQRVGHVFULWRVSRU/XFDVTXHGHILQHQORTXHVLJQLILFD
HOTXHODVSRWHQFLDVGHORVFLHORVVHDQFRQPRYLGDV
VRQSRVWHULRUHV
HQHOWLHPSRDODVRWUDVVHQDOHVFRVPLFDVGH0DWHR\0DUFRVODVUHODWLYDVDORVFXUHFLPLHQWRGHO6ROHOFDPELRH[SHULPHQWDGRHQODOXQD\OD
FDLGDGHHVWUHOODV
(OYFX\DSULPHUDSDUWHVHYXHOYHDUHSHWLUSRVWHULRUPHQWHDOUHODWRGHODSDUDERODGHODKLJXHUD/XFSSHVWDRPLWLGRHQ0DWHR\
0DUFRV
/XFDVLQLFLDDTXLXQDVFRQFOXVLRQHVLGHQWLFDVDODVGH0DWHR\0DUFRVTXHVRQDSOLFDEOHVWDQWRDODHSRFDGHODGHVWUXFFLRQGH-HUXVDOHQ
FRPRDODHSRFDGHOILQGHOPXQGR
&XDQGRODVFRVDVVLQWHWL]DGDVSRU/XFDVFRPLHQFHQDKDFHUVHODOLEHUDFLRQGHODVSHUVRQDVHVWDFHUFD\HVWRWDQWRSDUDODVTXHVH
HQFXHQWUDQHQXQWLHPSRFRPRHQRWUR
/DSDUDERODGHODKLJXHUD/FLQFOXLGDHQORVWUHVVLQRSWLFRVUDWLILFDGHPRGRLOXVWUDWLYRORTXHYHQLPRVGLFLHQGR<HQODFRQFOXVLRQ
YXHOYHDKDFHUHQIDVLVDTXHFXDQGRYHDPRVWRGDVHVWDVFRVDVGHEHPRVHQWHQGHUQR\DVRODPHQWHQXHVWUDOLEHUDFLRQVLQRTXHHVWD
FHUFDHO5HLQRGH'LRV
(O5HLQRGH'LRVHVWDFHUFDWDQWRSDUDODJHQHUDFLRQTXHYLYHFHUFDODVVHQDOHVSUHYLDVDODGHVWUXFFLRQGH-HUXVDOHQFRPRSDUDORVTXHYLYHQ
HQODJHQHUDFLRQHVSHFLDOGHFUH\HQWHVTXHSXHGHQFRPSUREDUORVVLJQRVDQWHFHVRUHVDOUHWRUQRGH&ULVWR
&DGDSURIHFLDTXHVHFXPSOHHQODKLVWRULDHVODSUXHEDKLVWRULFDGHODDFWXDFLRQGHO5HLQRGH'LRV
/DGHVWUXFFLRQGHOWHPSORGH-HUXVDOHQ\ODSURSLDFLXGDGHVXQDVHQDOGHJUDQLPSRUWDQFLDSRUTXHKDFHYLVLEOHHODYDQFHGHO5HLQRGH'LRV
FRQODDFWXDFLRQGHO&XDUWRUHLQR\HOGHVHQFDGHQDPLHQWRTXHHQUHODFLRQDOILQHIHFWXDQHVWRVGRVHOHPHQWRVHVFDWRORJLFRVKDFHSRVLEOHHO
TXHVHSXHGDGHFLUTXHHO
5HLQRGH'LRVHVWDFHUFD

(OOODPDPLHQWRDYHODU/FSHUPLWHDTXHFDGDJHQHUDFLRQGHFUH\HQWHVGHFXDOTXLHUHSRFDGHJUDQLPSRUWDQFLDDHVWDUSUHSDUDGR
\YLYDHODFRQWHFLPLHQWRGHOILQFRPRSRVLEOH3HURWDQWRODJHQHUDFLRQFHUFDQDDODGHVWUXFFLRQGHOWHPSORGH-HUXVDOHQYLVXDOL]DGDSRUODV
VHQDOHVSUHYLDVDUHDOL]DUVHFRPRODTXHHVWDSUR[LPDDOILQGHOWLHPSRGHEHQVDEHUTXHHOILQFXDQGROOHJXHVHUDUHSHQWLQR\TXH
ODGLPHQVLRQGHODSDUXVLDVHUDXQLYHUVDO(VSUHFLVRHVWDUSUHSDUDGRV
(VDSDUWLUGHODGHVWUXFFLRQGHOHPEOHPDUHSUHVHQWDWLYRGH,VUDHOHOWHPSORTXHHQ/XFDVVHHQFXHQWUDXQPD\RUVHQWLGR\PHMRUVLJQLILFDGR
GHOWLHPSRGHILQSXHVWRTXHODSURIHFLDGHHVHFRQWLQXR
KROODPLHQWR
GH-HUXVDOHQVHUHODFLRQDHVWUHFKDPHQWHFRQODVGHPDVQDFLRQHV\HVWDV
FRQ OD SDUXVLD \D TXH HQ DOJXQ PRPHQWR FHUFDQR DO ILQ GH ORV WLHPSRV GH ORV JHQWLOHV /F  VH SURGXFLUDQ ODV VHQDOHV FRVPLFDV /F
SSPH]FODQGRVHFRQRWUDVVHQDOHVDQJXVWLRVDVTXHVHH[WLHQGHQSRUWRGDODUHGRQGH]GHODWLHUUD/FXSSS\HQJOREDGDV
GHQWURGHORTXHVHGHQRPLQD
FRQPRFLRQGHODVSRWHQFLDVGHORVFLHORV
OOHJDQGRKDVWDODVHJXQGDYHQLGDGH&ULVWR
>@
%RVTXHMRGHOVHUPRQHVFDWRORJLFRVHJXQ/XFDV
,&LUFXQVWDQFLDVTXHOOHYDURQDODFXHVWLRQUHVSHFWRDOWHPSOR\GHVXGHVWUXFFLRQ
/XF
,,5HVSXHVWDVGH-HVXVFRQVLVWHQWHVHQVHQDOHVSUHYLDVDODGHVWUXFFLRQGH-HUXVDOHQ/F
$6HQDOHVGHIDOVRV&ULVWRV
%6HQDOHVGHJXHUUDV\UHYROXFLRQHV
&6HQDOHVGHSHUVHFXFLRQFRQWUDORVFULVWLDQRVSRUMXGLRVSULQFLSDOPHQWH
'6HQDOHVGHOHYDQWDPLHQWRVGHQDFLRQFRQWUDQDFLRQ
(6HQDOHVVRFLDOHV\FRVPLFDV
)6HQDOGHODFHUFDQLDLQPHGLDWDGHODGHVWUXFFLRQGH-HUXVDOHQ
*$GYHUWHQFLDV\SHOLJURVSDUD-XGHDDQWHVGHODGHVWUXFFLRQGH-HUXVDOHQ
,,,'HVWUXFFLRQGHORVKDELWDQWHVGH-HUXVDOHQSS
,9 /D GHVWUXFFLRQ GH -HUXVDOHQ PXHVWUD XQD SURORQJDFLRQ GHO WLHPSR FRQVLVWHQWH HQ OD FDXWLYLGDG GH MXGLRV SRU WRGDV ODV QDFLRQHV HQ XQ
KROODPLHQWRGH-HUXVDOHQSRUODV
JHQWHV
KDVWDTXHORVWLHPSRVGHODV
JHQWHV
VHFXPSODQV\XS
9 6HQDOHV FRVPLFDV \ RWUDV TXH KDFHQ FXPSOLU HO TXH ODV SRWHQFLDV GH ORV FLHORV VHDQ FRQPRYLGDV HQ XQ PRPHQWR GH HVH WLHPSR GH ORV
JHQWLOHVLQPLQHQWHPHQWHDQWHVGHOD9HQLGDGHO+LMRGHO+RPEUH
$6HQDOHVFRVPLFDVSS
%6HQDOHVDQJXVWLRVDVXQLYHUVDOHVSS\
&5HWRUQRGH&ULVWR
9,$GYHUWHQFLDVFRQGXFWDV\OODPDPLHQWRVYDOLGRVSDUDORTXHRULHQWD/XFDVUHVSHFWRDORVTXHYLYDQHVDVVHQDOHVFRVPLFDVUHODWLYDVDOD
DSDULFLRQGHO+LMRGHO+RPEUHSHURFDEHTXHVHDWDQWRSDUDODHSRFDGHODVVHQDOHVTXHFRQFLHUQHQDOILQGH-HUXVDOHQFRPRSDUDHOWLHPSR
UHIHULGRDOILQGHOPXQGRRGHOUHWRUQRGH&ULVWR
>@
(Q-HVXV\HO-XGDLVPRRSFS
>@
 "< FXDQGR HV HO WLHPSR GHO ILQ" /R TXH WUDQVFXUUH HQWUH OD SULPHUD 9HQLGD \ OD VHJXQGD 9HQLGD HV GHFLU TXH OD DSHUWXUD D OD
FRPSUHQVLRQGHORTXHHVWDEDFHUUDGRVHLEDDGDUDORODUJRGHWRGRHVHWLHPSR3RUORWDQWRQRKD\XQDVHJXULGDGGHHQWHQGLPLHQWRKDVWD
TXHFLHUWDVFRVDVOOHJDUDQDFXPSOLUVH(VHWLHPSRGHOILQRHVRVXOWLPRVWLHPSRVWDOFRPRORVOODPDQORVHVFULWRVDSRVWROLFRVFRQIRUPHQRV
YDPRVDFHUFDQGRDOWHUPLQRSRGHPRVKDEODUGHXQWLHPSRGHOILQGHQWURGHOWLHPSRGHOILQJHQHUDORXOWLPRVWLHPSRV
>@
(OHQWRQFHVGHQRVUHFODPDHOFRQWH[WRLQPHGLDWDPHQWHDQWHULRUHOUHODWLYRDTXHORVDSRVWROHVFRPRORVGHFXDOTXLHUHSRFDKDQ
GHHVWDUYHODQGR\SUHSDUDQGRVH1RWHVH"'HTXHIRUPDHUDSRVLEOHGHTXH-HVXVSXGLHUDYHQLUHQODHSRFDDSRVWROLFDDVXQWRSRUHO
FXDOVHDGYLHUWHGLFLHQGRGHTXHHO+LMRGHO+RPEUHSRGULDYHQLUHQFXDOTXLHUPRPHQWR"2EVHUYHVHODGHVFULSFLRQTXHVHQRVKDFH
GHOVLHUYRILHO\SUXGHQWHFI0W\GHOVLHUYRPDOR0WFRPRUHSUHVHQWDWLYRVGHDFFLRQHVFROHFWLYDVTXHVHSXHGHQ
GDUGHVGHODHSRFDDSRVWROLFDSULPHURVGHVWLQDWDULRVGHODVSDODEUDVGH-HVXVFRPRHQFXDOTXLHURWURPRPHQWRHQTXHVHKDGHFRQILJXUDUHVH
SURWRWLSRGHVLHUYRILHO\SUXGHQWHFRPRWDPELHQGHVLHUYRPDOR
>@
6LODSDUDERODHVSDUDWRGDVODVHSRFDVSDUDODGHORVGLVFLSXORVSDUDODILQDOSDVDQGRSRUFXDOTXLHURWUDODV%RGDVVHH[WLHQGHQDOR
ODUJRGHWRGDODGLVSHQVDFLRQFULVWLDQD&XDOTXLHUJHQHUDFLRQSXHGHFRQVWDWDUHOHVWDUYLYLHQGRHQHOSHULRGRGHODVERGDVHQTXHVHFXPSOHOD
SDUDEROD(VHYLGHQWHTXHODJHQHUDFLRQILQDOTXHQRSDVHSRUODPXHUWHYLYLUDHOSHULRGRGHODVERGDVHQVXLQVWDQWHILQDOFXDQGRHO+LMRGHO
+RPEUHHVFRURQDGRFRPRUH\ODVHQDOGHUHFLELUHOGRPLQLRGHILQLWLYRGHOUHLQRFI'Q
(QWUDUHQODERGDVLJQLILFDHLPSOLFDSRUPHGLRGHO(VSLULWX6DQWRXQDFRPXQLRQ\UHODFLRQFRQ-HVXFULVWRTXHVHHQFXHQWUDHQHO6DQWXDULR
&HOHVWLDOPLQLVWUDQGRSRUQRVRWURV&DGDJHQHUDFLRQGHFULVWLDQRVVLJXHSRUIHHOPLQLVWHULRGH-HVXFULVWRDVXIDYRUHQHO6DQWXDULR&HOHVWLDO
(VWRHVWDLOXVWUDGRHQHO$SRFDOLSVLVFRPRVLHQGRXQFDVDPLHQWRPLVWLFRGH-HVXFULVWRFRQOD1XHYD-HUXVDOHQ&ROHFWLYDPHQWHHOSXHEORGH
'LRVHVWDVLHQGRUHSUHVHQWDGRSRUOD1XHYD-HUXVDOHQFI$SFI,QGLYLGXDOPHQWHFDGDFULVWLDQRDVLVWHVLJXLHQGRSRUIH
FRPRLQYLWDGRDODVERGDVHOVLJQLILFDGRGHHVHFDVDPLHQWRGHO&RUGHURFRQOD1XHYD-HUXVDOHQFHOHVWLDO6LPEROL]DDORVSULQFLSLRVGHOUHLQRGH
'LRVFRQORVTXHHVWDFDVDGRXQLGRHO&RUGHUR6RQHVRVSULQFLSLRVGHO5HLQRGH'LRVFRQTXHJRELHUQDVXDXWRULGDG\DGPLQLVWUDPHGLDQWHHO
SODQGHODVDOYDFLRQODDFHSWDFLRQ\UHFKD]RGHORVTXHYLYHQHQHVWDWLHUUD\ODLGRQHLGDGSDUDODYLGDIXWXUDFI$S\
>@
/DSUXGHQFLDHVXQDYLUWXGTXHFRQVLVWHHQGLVFHUQLUOREXHQRGHORPDOR\VHPDQLILHVWDSRVH\HQGRXQEXHQMXLFLRFRUGXUD\GRPLQLR
GHVLPLVPRWHPSHUDQFLD
>@
/DLQVHQVDWH]WLHQHTXHYHUFRQODQHFHGDG(VGHFLUFRQODLJQRUDQFLDODIDOWDGHUD]RQRODWHUTXHGDG6HWUDWDGHXQLQWHPSHUDQWHGH
XQRTXHQRVHGRPLQD/DIDOWDGHHTXLOLEULRHVODQRWDFDUDFWHULVWLFD
>@
(QVHUHVXPHWRGRORTXHSRVWHULRUPHQWHVHGHVDUUROODHQOD]DQGRFRQDSDUWLUGHOFXDOVHDGLFLRQDQWRGDXQDVHULHGHLGHDV
FRPSOHPHQWDULDV
>@
(QODSDUDERODTXH-HVXVWUDQVPLWHDFRQWLQXDFLRQGHODGHODV9LUJHQHVHQODGHORV7DOHQWRVVVVHKDFHDSDUHFHUFRQDPEDV
XQD UHODFLRQ /RV 7DOHQWRV VRQ GRQHV SRU ORV TXH SXHGHV DOFDQ]DU HO FRQRFLPLHQWR GH OD 3DODEUD DGHPDV HV SUHFLVRQHJRFLDUORV HV GHFLU
KDFHUXVRGHOD3DODEUDGHOFRQRFLPLHQWRGDGR9DLVDUHFLELUGRQHV IHSRGHUGH'LRV(VSLULWX6DQWRVDELGXULDFLHQFLDGHLQWHUSUHWDUOD
3DODEUDFRQRFLPLHQWR7HQHLVTXHQHJRFLDUORVTXHHVWDQWRFRPRGHFLUHVSUHFLVRKDFHUXVRGHORVGRQHVGHOD3DODEUDGHOFRQRFLPLHQWR
SHUPDQHFHUHQOD3DODEUDFI-QSDUDFRQYRVRWURV\SDUDFRQORVGHPDV
>@
(OFODPRUHOFRQWHQLGRGHOD3DODEUDKDFRQILJXUDGRORTXHLPSOLFDHOHVSRVRYLHQH9HQLUHO(VSRVRHVKDFHUVHSUHVHQWHXQFRQWHQLGR
HVSLULWXDO 6DOLU D UHFLELUOH HV HQFRQWUDU DO (VSRVR (V VDOLUDO HQFXHQWUR GH VX PDQHUD GH VHU \ GH SHQVDU FRQ TXH VH FRQILJXUD HOYHQLU GHO
(VSRVR(VKDFHUSHUPDQHQWHXQDH[SHULHQFLDHVSLULWXDOFRQHO(VSRVR
>@
9HGSSSDUDHQWHQGHUHOVLJQLILFDGRGHOWHPDGHODV%RGDV7DPELHQHOFDSLWXORFRUUHVSRQGLHQWHDOD SDUDERODGHODVERGDVHO
FDSLWXOR,,GHODFXDUWDSDUWHGRQGHVHFRPSOHPHQWDQDVXYH]HVDVSDJLQDV
>@
(QFDGDHSRFD\SDUDFDGDSHUVRQDKD\XQILQGHOWLHPSRGHJUDFLDTXHXQLFDPHQWHORVDEH\GHFLGH'LRVHQEDVHDODDFWLWXGGHOVHU
KXPDQR\FRLQFLGHHQXQPRPHQWRFRQVLJQDGRSRUHOWUDQVFXUVR\VLJQLILFDGRGHODVERGDVHQHOVHJXLUSRUIHHVHWUDQVFXUVR\VLJQLILFDGR(Q
FXDOTXLHU HSRFD HV SUHFLVR UHDOL]DU HVD H[SHULHQFLD (Q HO FDVR GH DTXHOORV TXH YLYDQ HQ OD JHQHUDFLRQ XOWLPD GHO XOWLPR WLHPSR ORV TXH QR
SDVDUDQSRUODPXHUWHODYHQLGDGHOHVSRVRFRLQFLGHFRQVXFRURQDPLHQWRDOILQDOGHO-XLFLRLQYHVWLJDGRUSUHGLFKRSRU'DQLHO'Q
FI0W\HOFLHUUHFRLQFLGLUDFRQHOILQGHOWLHPSRGHJUDFLDHQXQWLHPSRLQPLQHQWHPHQWHSUHYLRDVX6HJXQGD9HQLGD
>@
(VOD)HGRQGH'LRV5PFID&RUHQHODXWRU\FRQVXPDGRUGHOD)HFI+ETXHMXVWLILFD5P\
HVD)HGH-HVXVTXHVHSURIHVDSRUORVTXHKDQVLGRMXVWLILFDGRV5P\HVD)HTXHKDVLGRGDGDDORVTXHVRQVDQWRV-XG"VHUD
UHFRQRFLEOHFI&ROFXDQGRHO+LMRGHO+RPEUHUHWRUQH"
(VD)HTXHMXVWLILFDDOSHFDGRUVLQQHFHVLGDGGHODVREUDVSDUDWDOFRPHWLGR5P\TXHQRVDVHJXUDODVDOYDFLRQJUDWXLWD(I
TXHREUDSRUHODPRU*DO\TXHQRVOOHYDDKDFHUREUDVTXHPDQLILHVWDQVHUKHFKXUDGH-HVXFULVWR(IFI6WJ5P
FI6WJHVD)HTXHVHQDODDOTXHVHOHFRQVLGHUDMXVWRSRUVXYLYHQFLDSRUODIH5P*DO+EDORV(VFRJLGRV7LWR
\DORV6DQWRV-XGFRQODVVLQJXODULGDGHVTXH\DKHPRVH[SXHVWRORVTXHKDQGHMDGRGHVHUFDUQDOHVJUDFLDVDODREUDGHO(VSLULWX
6DQWRHQEDVHD-HVXFULVWR5PPDQLIHVWDQGRORVIUXWRVGHO(VSLULWX6DQWRFI*DO\ORVSULQFLSLRVGHO5HLQRGH'LRV0W
FIGHPRVWUDQGRVHTXHQRHVWDQEDMRODFRQGHQDGHODOH\FI*DOVLQRUHFRQFLOLDGRV\DPLVWDGRVFRQ'LRVSXGLHQGR\TXHULHQGR
VXMHWDUVHDODOH\GH'LRVDO*RELHUQRGH'LRVFI0WTXHFXDQGRHUDQFDUQDOHVQLSRGLDQQLTXHULDQ5PHVD)H"VHH[KLELUD
FXDQGRHO+LMRGHO+RPEUHDSDUH]FDSRUVHJXQGDYH]"
(VD)HTXHOOHYDDSHGLUOD6DELGXULD SRU OD9HUGDGGH'LRV6WJFID7LPHVD)HTXHGHEHDFRPSDQDUDOD9HUGDG GHO
PDHVWURTXHSUHGLFDHQIH\HQYHUGDGD7LPXQD9HUGDGTXHVHKDGDGRDFRQRFHU+ESSSRUHO(VSLULWX6DQWR-Q
FITXHWLHQHVXFHQWURHQ-HVXFULVWR-QTXHKDFHDXWHQWLFDPHQWHOLEUHVLVHSHUPDQHFHHQHOOD-QTXHD\XGDD
VDQWLILFDUVH FXDQGR HVWD EDVDGD HQ OD 3DODEUD HVFULWD \ HQFDUQDGD GH 'LRV -Q  TXH VH H[SUHVD HQ SULQFLSLRV GH FRPSRUWDPLHQWR
DFWLWXGHV\GRFWULQDVFI-Q+HFK5PD7HVHVD)HTXHKDGHH[DPLQDUVHSDUDFRPSUREDUVLVHHVWDHQ
HOODD&RUYHULILFDQGRVHVLVHHVWDFRQILUPDGRHQOD9HUGDGD3HGREHGHFLHQGRODD3HGUHWHQLHQGRODGRFWULQDD
7HVODFDEDOHLQWHJUD7LWFXLGDQGRGHHOODD7LPKDFLHQGRODFRQIRUPHDODSLHGDGD7LP\TXHFRLQFLGHFRQOD
YHUGDGHUDIHFID7LPD7LP"VHUHYHODUDFXDQGRHO+LMRGHO+RPEUHYHQJD""2SRUHOFRQWUDULRDQGDUDH[WUDYLDGRGHOD
YHUGDG6WJVLJXLHQGRWRGRYLHQWRGHGRFWULQD(I+HEHQVHQDQGRORTXHQRHVGHDFXHUGRDODYHUGDGHUDIHD7LP
FID-QVLJXLHQGRGRFWULQDVHVSLULWXDOLVWDVFX\RRULJHQHVGLDEROLFRD7LPFID-Q"
(VD)HTXHYHQFHDOPXQGRD-QVXSHUDQGRORQRTXHGDQGRKHFKL]DGRSRUHOD-QD7LP6WJQLVLHQGRGHHO-Q
 QL VLJXLHQGR VXFRUULHQWH (I  JXDUGDQGRVH GH TXHGDU FRQWDPLQDGR 6WJ  "6HUD OD TXH VH SUHVHQWDUD FXDQGR HO +LMR GHO
+RPEUHYHQJD"
>@
6L-HVXFULVWRQRYLHQHHVWDQGRHQYLGDSHURYLYHVWXH[LVWHQFLDFRPRVLIXHUDDYHQLUDSRUWDUDVDODKLVWRULDGHO5HLQRGH'LRVHOWUD\HFWR
TXH(OKDSUHFRQRFLGRSDUDTXHXQGLDJUDFLDVDHVDFRQWULEXFLRQGHWRGRVORVFULVWLDQRVGHWRGDVODVHSRFDVVHDSRVLEOHODJHQHUDFLRQILQDO
3RUTXHHVDJHQHUDFLRQILQDOVHFRQILJXUDSRUODVHWDSDVFXPSOLGDVHQODKLVWRULDGHDFXHUGRDOSODQGH'LRV
>@
/DOXFKDFRQWUDORVGHIHFWRVGHOFDUDFWHUYHQFHUHOSHFDGRVHUVLQPDQFKDJUDFLDVDODREUDGH'LRVHQ&ULVWR-HVXV\DOSRGHUGHO
(VSLULWX6DQWRVRPHWLHQGRQXHVWUDYROXQWDGD'LRV\GHFLGLHQGRLQYROXFUDUQRVHQODREUDGHO(VSLULWX6DQWRTXHULHQGRLPLWDUD-HVXFULVWRQR
SHUPLWLHQGRTXHHOSHFDGRGRPLQHVXMHWDQGRQXHVWUR\RDORTXHVXSRQHHVWDUMXQWDPHQWHFUXFLILFDGRVFRQ-HVXFULVWRRKDEHUPXHUWRDODV
REUDVGHODFDUQHYLYLHQGRXQDYLGDVDQWD\SHUIHFWDVHKDGHGDUGHDFXHUGRDWRGRORLQGLFDGRHQWRGR(VFRJLGRWDQWRGHORVTXHSDVDQSRU
ODPXHUWHFRPRORVTXHHVWDUDQYLYRV
>@
/DJHQHUDFLRQILQDOYLHQHPDUFDGDSRUXQFROHFWLYRGHFUH\HQWHVTXHYLYHQGHQWURGHODVHQDOGHO+LMRGHO+RPEUHLQDXJXUDGDSRUHO
+LMRGHO+RPEUHGH'DQLHOHLGHQWLILFDGDHQHO(YDQJHOLRSRUORVGLDVGHO+LMRGHO+RPEUHSUHYLRVDOGLDGHVXYHQLGDFI/F\VV
\ TXH VH FDUDFWHUL]DQ SRU XQD LGHRORJLD EDVDGD HQ ODV GRFWULQDV \ SULQFLSLRV GHO 5HLQR R *RELHUQR GH 'LRV FI 0W  HQVHQDGD \
HMHPSOLILFDGD SRU -HVXFULVWR FX\R GHVHR GH LPLWDFLRQ \ GH SUR\HFFLRQ OR OOHYD D FDER HO (VSLULWX 6DQWR HQ HO TXH KD GHFLGLGR VRPHWHU VX
YROXQWDGDODYROXQWDGGH'LRV
>@
 $XQTXH LGHQWLFD D OD GH FDGD FULVWLDQR GH FDGD JHQHUDFLRQ TXH YLYLHQGR FRQ HVD PLVPD LQWHQVLGDG HO UHWRUQR GH -HVXFULVWR SRU
DQWLFLSDFLRQ KD GH YLYLU SHUPDQHQWHPHQWH OD REUD TXH HO (VSLULWX 6DQWR KDFH HQ HO HQ EDVH D OD YLGD PXHUWH \ REUD GH -HVXFULVWR
SUHSDUDQGRVHSDUDHQIUHQWDUVHDVXSURSLDPXHUWH\DO-XLFLR1RKD\GLIHUHQFLDVXVWDQFLDOHQWUHORVTXHHVWDUDQYLYRVFXDQGR-HVXFULVWRYHQJD
\ORVTXHKDQPXHUWRHQ-HVXFULVWRHQPRPHQWRVSDVDGRV(OPLVPRSODQGHODVDOYDFLRQVHDSOLFDDXQRV\DRWURVODVPLVPDVFRQGLFLRQHV
EDVDGDV HQ HO PLVPR HYDQJHOLR /D PLVPD SUHSDUDFLRQ WLHQHQ TXH UHDOL]DU 6LQ HPEDUJR ODV GLVWLQFLRQHV YLHQHQ LQGLFDGDV SRU OR TXH VXSRQH
WHQHUTXHSDVDUSRUODPXHUWH\HOHVWDUYLYRVVLQSDVDUSRUODPXHUWHFXDQGR-HVXFULVWRYXHOYHGHDFXHUGRDVXVSURPHVDVYHUVREUHHVWH
WLSRGHGLVWLQFLRQHV&XDQGRHO+LMRGHO+RPEUHYHQJD"KDOODUDIHHQODWLHUUD"YRO,RSFSS
>@
3RUTXHODPXHUWHOHVLQWURGXFHHQODLQFRQVFLHQFLDGHODLQWHPSRUDOLGDGQRSHUPLWLHQGRHVDPLVPDYLYHQFLDGHORVFUH\HQWHVYLYRVFXDQGR
&ULVWRYLHQHSRUVHJXQGDYH]3HURWHQJDVHHQFXHQWDTXHFDGDFUH\HQWHGHFXDOTXLHUHSRFDDOWHQHUTXHYLYLUVXJHQHUDFLRQFRPRVLIXHUDOD
XOWLPDGHDFXHUGRDODSURPHVDGHOUHWRUQRGHVX6HQRU\WHQHUVHTXHSUHSDUDUSDUDHVHPRPHQWRJORULRVRFI0WFI/F
 DOFDQ]D WRGR OR TXH KDFH SRVLEOH HVD VLWXDFLRQ GH ORV TXH SHUPDQHFHQ YLYRV DO 5HWRUQR GH -HVXFULVWR OD FXDO VH SURGXFLULD \ QR
SRGULDVHUGHRWUDPDQHUDORPLVPRTXHHQORVFUH\HQWHVYLYRVDOPRPHQWRGHO5HWRUQRVLQRPHGLDUDODPXHUWHTXHHQHVRVHQWRQFHVWRGDYLD
VHPDQWLHQHDFWLYDFRPRFRQVHFXHQFLDGHQRKDEHUVHXOWLPDGRODGHVDSDULFLRQGHILQLWLYDGHOSHFDGR
>@
6DEHPRVSRUOD5HYHODFLRQTXHVLHPSUHKDEUDXQFROHFWLYRTXHDXQTXHPLQRULWDULRGLULJLGRV\OOHQRVGHO(VSLULWX6DQWRHQEDVHDODYLGD
\REUDGH-HVXFULVWRPDQLIHVWDUDFRPRORVFULVWLDQRVGHFXDOTXLHURWUDJHQHUDFLRQODIHYHUGDGHUDFI5P*DOD&RU
*DO  7LWR  GH DFXHUGR D ORV UHTXHULPLHQWRV ELEOLFRV TXH \D KHPRV HVWXGLDGR VHUD ILHO D ORV PDQGDPLHQWRV GH 'LRV FI$S 
DMXVWDQGRVHDODGRFWULQDTXHFRUUHVSRQGHD6DQWRVFI-XG+HFKD7HVD7LP3UHGLFDUDHO(YDQJHOLRGHO
5HLQRGH'LRVFI$S6RQDTXHOORVTXHKDELHQGRVLGROLEHUDGRVGHOGRPLQLRGHOSHFDGR5PKDQQDFLGRGHQXHYRKDELHQGR
VLGRHQJHQGUDGRVSRU'LRV-QSDUDORVFXDOHVODVFRVDVYLHMDVSDVDURQD&RU\SRUHOOR OXFKDQFRQWUDHOSHFDGRFRQ
HOSRGHUGHO(VSLULWX6DQWR+EFI5'HEHQPDQLIHVWDUXQDYH]UHFRQFLOLDGRV\MXVWLILFDGRVFRQORTXHHVR
LPSOLFDFI5PHOIUXWRGHODVDQWLILFDFLRQFI5PGHDKLTXHVLJDQODSD]\ODVDQWLGDGFI+E(VWDVFDUDFWHULVWLFDV
TXHFRUUHVSRQGHQDFXDOTXLHUHSRFDVHSUR\HFWDQLJXDOPHQWHHQDTXHOORVTXHYLYHQHQORVGLDVGHO+LMRGHO+RPEUHSUHYLRVDOUHWRUQRGH
-HVXFULVWRSURPHWLGR/FFI'Q'Q3RUXQODGRVHSUHSDUDQSDUDUHFLELUODPDUFDRHOVHOORHVFDWRORJLFR
GH'LRVHQVXVIUHQWHV$SFI6LELHQWRGRVKHPRVVLGRVHOODGRVPHGLDQWHHO(VSLULWX6DQWRFRPRFHUWLILFDFLRQGHQXHVWUD
VDOYDFLRQ HQ &ULVWR (I   D &RU  HO VHOODPLHQWR TXH VH QRV LQGLFD HQ$SRFDOLSVLV  \  VH WUDWD GH XQ VHOODPLHQWR
HVFDWRORJLFRSDUDXQFROHFWLYRTXH\DKDDFHSWDGRD-HVXFULVWR\SRUORWDQWRHVWDVHOODGRFRQHO(VSLULWX6DQWR(VWRHVORTXHVREUHQWLHQGHHO
SURSLR WH[WR SURIHWLFR 6H WUDWDULD GH XQ VHOODPLHQWR HVFDWRORJLFR LGHQWLILFDGRU GH ORV TXH QR SDVDUDQ SRU OD PXHUWH 6H WUDWD GH XQD VHQDO
HVSLULWXDOFRQFHGLGDSRUHO(VSLULWX6DQWRDDTXHOORVTXHOHVSHUPLWHH[SHULPHQWDUORTXHVXSRQHQRSDVDUSRUODPXHUWH\VHUVLQPDQFKDFI
$S
(VRV HVFRJLGRV HVFDWRORJLFRV QR VH FRQWDPLQDQ FRQ GRFWULQDV IDOVDV SXHV VLJXHQ DO &RUGHUR HQ WRGR $S  FRQ XQLGH DULRTXH ORV
LGHQWLILFDFRPRORVTXHHVWDQDQXQFLDGRHO(YDQJHOLRSXURGHO5HLQR$S\DGYLUWLHQGRGHODFRQIXVLRQUHOLJLRVD\GHODPH]FODGH
YHUGDG\HUURU$SFIYLYLHQGR\SUDFWLFDQGRODYHUGDG$SSS\KDQOOHJDGRDVHUFRQHOSRGHUGH'LRVHQ&ULVWR
VLQPDQFKD$SXSFI(I\SRURWURHVSHUDQVLQSDVDUSRUODPXHUWHFID&RUD7HVUHFLELUPHGLDQWHOD
WUDQVIRUPDFLRQHQRFDVLRQGHODVHJXQGD9HQLGDGH&ULVWR&ROSSQXHVWUDYLGDTXHHVWDHVFRQGLGDFRQ&ULVWRHQ'LRV&RO6H
WUDWDGHXQQXPHURVLPEROLFRTXHH[SUHVDODFDOLGDG\QRODFDQWLGDG7RGRHOFRQWH[WRHVVLPEROLFRFRPRODFLIUD
>@
(O(VSLULWX6DQWRWUDEDMDFRQYHQFLHQGRGHSHFDGRGHMXVWLFLD\GHMXLFLRHQFXDOTXLHUHSRFDDILQGHTXHFXDOTXLHUDTXHQRUHFKDFHVHOH
SXHGDGDUHOWHVWLPRQLR(VWRFXDQGRODVSRVLELOLGDGHVGHFXPSOLUVHHOGDUWHVWLPRQLRDWRGDVODVJHQWHVVHDLPSRVLEOH&XDQGRODJHQHUDFLRQ
XOWLPDVHGHKDGHVHUFXDQGRVHSUHGLTXHHOHYDQJHOLRDWRGRHOPXQGRDFDGDSHUVRQD(QWRQFHVORVSDGUHVVHFRQYHUWLUDQHQUHVSRQVDEOHV
GHDTXHOORVKLMRVTXHSRUODHGDGQRSXHGDQWRPDUXQDGHFLVLRQSRUVLPLVPRV3HURKDGHKDEHUXQDJHQHUDFLRQTXHVHUDODXOWLPDGHDFXHUGR
DOHYDQJHOLR\DODUHYHODFLRQGH-HVXFULVWR
>@
(Q/H6DOXWGDQV/
KLVWRLUH'HODFKDX[HW1LHVWOH1HXFKDWHO6XLVVHS
>@
3XHGHYHUVH&XDQGRHO+LMRGHO+RPEUHYHQJD"KDOODUDIHHQODWLHUUD" YRO , RS F SS  GRQGH H[SRQHPRV FRPR ORV
GLDVGHO+LMRGHO+RPEUH/FHQFRQWUDVWHFRQHO'LDGHILQLWLYRGHVXDGYHQLPLHQWRLGYHUHOFRQWUDVWHHQWUHGLDVGLDFRLQFLGHQ
FRQ ORV GLDV GHO +LMR GHO +RPEUH SUHVHQWDGRV HQ 'DQLHO   < FRPR OD VHQDO GHO +LMR GHO +RPEUH GH 0DWHR  HV PRYLEOH
LQLFLDQGRVHFRQORVGLDVTXHGXUDODDFWLYLGDGGHO+LMRGHO+RPEUHGH'DQLHOKDVWDVXGHILQLWLYDVHJXQGDYHQLGDOLWHUDOHQJORULD
\PDMHVWDG
>@
3DEORHQ+HEUHRVH[SUHVDODFRQYLFFLRQGHTXHDXQXQSRTXLWRPDV\HOTXHKDGHYHQLUYHQGUD\QRWDUGDUDFI+DE
$XQ FXDQGR KDQ SDVDGR GRV PLO DQRV GH KLVWRULD GHVGH TXH VH SURQXQFLDURQ HVDV SDODEUDV VLJXHQ WHQLHQGR VX YDORU /RV TXH QR YLYHQ
SHQGLHQWHVGHXQDIHFKDVLQRGHXQDHVSHUDQ]DHOWLHPSRQRWLHQHLPSRUWDQFLD&XDQGRXQRVDEHTXHWUDVODPXHUWHHOWLHPSRQRFXHQWD\TXH
HQHOLQVWDQWHTXHXQRDEUH\FLHUUDHORMRVHSURGXFHHODFRQWHFLPLHQWRGHODUHVXUUHFFLRQHQRFDVLRQGHOD6HJXQGD9HQLGDGH-HVXFULVWR<VL
DGHPDVVDEHTXHHOFRQFHSWRWLHPSRSDUD'LRVQRVHULJHGHOPLVPRPRGRTXHHOQXHVWURHQWHQGHUD\YLYLUDHVDPLVPDH[SHULHQFLDTXH3DEOR
HQ FDGD PRPHQWR GH VX YLGD 3DEOR TXH VDELD TXH HO WLHPSR LED D H[WHQGHUVH D 7HV   FI D 7HV  VDELD WDPELHQ TXH OD
PXHUWHSRGULDVXFHGHUOHD7LPFID7HV<XQDYH]HQODPXHUWHQDGLHSUHFHGHDQDGLHHQFXDQWRDYHUHOUHWRUQRGH-HVXFULVWR
3RUTXH WDQWR ORV TXH KXELHUHQ PXHUWR SRU OD UHVXUUHFFLRQ FRPR ORV TXH HVWXYLHUHQ YLYRV \R SRGULD GHFLU ORV TXH HVWHPRV YLYRV DXQ VLQ
GHVFDUWDUTXHODPXHUWHHVSRVLEOHFRLQFLGLUDQHVWDQGRYLYRVSDUDYHUHOUHWRUQRGH-HVXFULVWR
3DEORKDFRPSUHQGLGRHOPHQVDMHGH-HVXV\YLYHVXJHQHUDFLRQFRPRVLIXHUDODXOWLPD(QVXSULPHUDHSLVWRODDORV7HVDORQLFHQVHV
3DEOR VH LQFOX\H FRPR YLYR FXDQGR &ULVWR YHQJD (Q VX VHJXQGD HSLVWROD D ORV PLVPRV GHVWLQDWDULRV FI D 7HV    OHV GLFH TXH
QDGLH VH PXHYD FUH\HQGR TXH OD 6HJXQGD 9HQLGD GH -HVXFULVWR HVWXYLHVH FHUFD< HVWR QL VLTXLHUD SRU FDUWD FRPR VL IXHUD GH HO "&RPR
HQWHQGHUHVWDDSDUHQWHFRQWUDGLFFLRQFXDQGRHQVXSULPHUDHSLVWRODKDGLFKRFODUDPHQWHOXHJRQRVRWURVORVTXHYLYLPRVORVTXHKD\DPRV
TXHGDGR KDVWD OD YHQLGD GHO 6HQRU MXQWDPHQWH FRQ HOORV VHUHPRV DUUHEDWDGRV " /LWHUDULDPHQWH HV FRUUHFWR TXH HO TXH H[SUHVD XQD
UHDOLGDGDFXPSOLUVHHQHOIXWXURVHLQFOX\DHOPLVPRFXDQGRHOSXQWRGHFRPSDUDFLRQHVHQWUHXQFROHFWLYR\RWURTXHHVWDHQHOSDVDGRFRPR
PXHUWR 6L VH REVHUYD HQ HO PRWLYR GH HVWD DFODUDFLRQ GH 3DEOR FI D 7HV  QRV GDUHPRV FXHQWD TXH VH SRQHQ GRV SXQWRV GH
UHIHUHQFLDUHVSHFWRDOWHPDGHODUHVXUUHFFLRQORVTXH\DKDQPXHUWR\ORVTXHHVWDUDYLYRVVLQSDVDUSRUODPXHUWHFXDQGR-HVXFULVWRYHQJD
<HVWRSDUDH[SUHVDUTXHQDGLHYDDSUHFHGHUDQDGLH"4XHHQWHQGHPRV"3DEORLQGHSHQGLHQWHPHQWHGHTXHORVTXHHVWDQYLYRVLQFOX\HQGRVH
HOYD\DQDPRULUKDWRPDGRFRPRHMHPSORVDFRPSDUDUDORVTXH\DKDQPXHUWR\SDUDUHSUHVHQWDUDORVTXHHVWDUDQYLYRVFXDQGR&ULVWR
YHQJDVHSRQHHOMXQWRDWRGRHOFROHFWLYRTXHHVWDYLYRQRGLFHVLTXLHUDORVTXHYLYDPRVVLQRORVTXHYLYLPRV5HFRUGHPRVTXHHOPRWLYRQR
HV HO LQGLFDU HO FXDQGR GHO UHWRUQR GH -HVXFULVWR VLQR HO TXH QDGLH YD D SUHFHGHU D QDGLH HQ HO WHPD GH HVWDU H[LVWLHQGR HQ RFDVLRQ GH OD
6HJXQGD 9HQLGD GH -HVXFULVWR /RV TXH KDQ PXHUWR UHVXFLWDUDQ SDUD YHU HO UHWRUQR \ ORV TXH HVWHQ YLYRV QR OR YHUDQ KDVWD TXH ORV TXH
KXELHUHQPXHUWRQRKD\DQUHVXFLWDGR
>@
/DVHJXQGD9HQLGDGH-HVXFULVWRHVLPSUHVFLQGLEOHSDUDVROXFLRQDUORVPDOHVGHHVWHPXQGR"TXLHUHVDEHUFRPRIRUPDUSDUWHGHORVTXH
HVSHUDQD-HVXFULVWRYROYHUHQ*ORULD\0DMHVWDG"6ROLFLWHXQDHQWUHYLVWDFRQHODXWRU
&RUUHRGLHVWUH#OOHLGDFRP
3DJLQDZZZFRPWHRORJLFDVHVDORUJ
>@
0(%RLVPDUG/
$SRFDO\SVHGH-HDQHQ,QWURGXFWLRQDOD%LEOH/H1RXYHDX7HVWDPHQW 9RO,9/DWUDGLWLRQMRKDQQLTXH3DULV
SSH[SOLFDTXHHO$SRFDOLSVLVVHLQWHUHVDHVSHFLDOPHQWHGHORVGRVSHULRGRVGHFULVLVGXUDQWHORVFXDOHVOD,JOHVLDHVWDVRPHWLGD
DORVDVDOWRVGH6DWDQORVFRPLHQ]RVEDMRODSHUVHFXFLRQURPDQD\DOILQDQWHVGHODFRQVXPDFLRQHVFDWRORJLFDWRGDQXHVWUDYLGDSUHVHQWH
HVWDGRPLQDGDSRUODSHUVSHFWLYDHVFDWRORJLFD\DTXHHVWDULDPRVGHVGHHOSULPHUVLJORHQORVXOWLPRVWLHPSRV
&RQIRUPH QRV DSUR[LPDPRV D OD FULVLV ILQDO GH OD KLVWRULD HO PHQVDMH GHO$SRFDOLSVLV DOFDQ]D XQD PD\RU DFWXDOLGDG QR VRODPHQWH FRPR
DGYHUWHQFLDVLQRWDPELHQSRUFXDQWRFRQWLHQHXQPHQVDMHGHHVSHUDQ]DTXHYDOHSDUDWRGRVORVWLHPSRVHVXQHYDQJHOLRHWHUQR
/R DVXPH HVWR PLVPR $ .XHHQ/
$SRFDO\SVHHQ,QWURGXFWLRQ DX 1RXYHDX 7HVWDPHQW H 9ROXPH HGLWLRQV (PPDXV 6DLQW/HJLHU
6XLVVHSS
.XHQRSFSDVXPHXQOLVWDGRGHODVSULQFLSDOHVOHFFLRQHVGHOOLEUR8QDOHFFLRQGHUHFRQRFLPLHQWRKDFLDORTXHHO$SRFDOLSVLVQRV
UHYHOD UHVSHFWR D QXHVWUD YRFDFLRQ \ DO DPRU GHO TXH KHPRV VLGR REMHWR 8QD OHFFLRQ GH YLJLODQFLDUHVSHFWR DO SHOLJUR GHO HQHPLJR \
HQJDQDGRU 8QD OHFFLRQ GH VDQWLGDG HV SUHFLVR SHUPDQHFHU ILHO \ ILUPH VLQ DUPLVWLFLRV KDFLD HO PDO \ HO WHQWDGRU 8QD OHFFLRQ GH
FRQVWDQFLD8QDOHFFLRQGHHVSHUDQ]D
>@
HYDQPKHOTK_KCDYSRVWDVLDSUZWRQ6LDQWHVQROOHJDODDSRVWDVLD
/D DSRVWDVLD QRWHVH VH DOFDQ]D HOTK_ HQ XQ PRPHQWR GHWHUPLQDGR \ VH PDQLILHVWD XQ SURWRWLSR GH OR KXPDQR FDUDFWHUL]DGR SRU OD WKM
DYQRPLDMVLQHVWDUGHDFXHUGRHQWRGRFRQODOH\GH'LRVHOKRPEUHGHSHFDGR RCDQTUZSRMWKMDYQRPLDMD7HV6HWUDWDGH
XQDFRQGXFWDTXHVHPDQLILHVWDFRPRVLHQGRODGHHVHUHSUHVHQWDWLYRGHORKXPDQRFRQILJXUDGRFRPRXQLQLFXR^RCDQRPRM`SSGHO
FXDO RXTXHVHKDFHSUHVHQWHFRPRWDOJUDFLDVDODREUD
>@
 (O WHUPLQRLQLTXLGDG DSDUHFH HQ JULHJR SRUDYQRPLDM 6H UHSLWH HQ WRGR QXHVWUR SDUUDIR FRPR FRQGXFWR GH FRPSUHQVLRQ 6X
VLJQLILFDGRQRVFRORFDHQODWUD\HFWRULDGHODDSRVWDVLD1RWHVHDYQRPLDM6HWUDWDGHXQUHFKD]RGHODH[SUHVLRQGHODDXWRULGDGGH'LRV
1RHVWDUGHDFXHUGRHQWRGRFRQODOH\GH'LRVGHILQHODQDWXUDOH]DGHHVWDDFFLRQLQLFXDD7HVSSLQYHQWDGDSRU6DWDQDVFID
7HVSS
2EVHUYHVHFRPR3DEORQRVSUHVHQWDDHVHPLVWHULRGHLQLTXLGDGHQVXFRQGLFLRQKLVWRULFDHQDFFLRQ/DGLIHUHQFLDDOSUHVHQWHHVTXHKD\DOJR
TXHGHWLHQHDHVDDFFLRQPDQLIHVWDUVH
>@
 /D PD\RULD GH ORV WUDGXFWRUHV KDQ RSWDGR SRU YHUWHU HO WLHPSR SHUIHFWRHYQHVWKNHQ HQHVWHNHQ HQ OD IUDVH GHO Y  ZCM R>WL
HYQHVWKNHQKCKCPHUDWRXNXULRX^
KRVKRWLHQHVWHNHQKHKHPHUDWRXNXULRX`SRULQPLQHQWHRFHUFDQR6HSXHGHQYHUYDULDVYHUVLRQHV
WDQWR FDWROLFDV FRPR SURWHVWDQWHV \ VH QRWDUD TXH GLFKR YHUER VH KD WUDQVOLWHUDGR SRULQPLQHQWH  YHU 5HLQD \ ODV UHYLVDGDV KDVWD  D
%HQVRQ\ODSURSLD9HUVLRQ0RGHUQDGH3UDWWVMXQWRD1DFDU&ROXQJD%RYHU&DQWHUD&DQWHUD2
&DOODJKDQ3DXOLQDV0RQMRVHWF
5REHUWVRQHQVX,PDJHQHV9HUEDOHV 9RO,9RSFSS\KDRSWDGRSRUORPLVPR(OHUXGLWR\OLQJXLVWD:LOOLDP.HOO\QRVUHFXHUGD
UHVSHFWRGHHQHVWHNHQTXHQRVHKDSRGLGRQXQFDSUHVHQWDUQLXQVRORFDVRHQHOTXHHVWHYHUERHQWLHPSRSHUIHFWRVLJQLILTXHXQHVWDGRGH
FRVDVTXHQRKD\DDXQFRPHQ]DGR3RUHOORVXVHQWLGRWDQWRHQHVFULWRVSURIDQRVFRPRVDJUDGRVHUDSUHVHQWHOOHJDGR QRFHUFDQRYHU
QRWDGHOWUDGXFWRUDOYRO,9GH,PDJHQHV9HUEDOHVGH5REHUWVRQRSFSTXHVHGLVWDQFLDGHODRSLQLRQGHOSURSLR5REHUWVRQ
(VYHUGDGTXHGLFKRWLHPSRYHUEDOVHHPSOHDVLHPSUHFRPRDOJRSUHVHQWHHQFRQWUDVWHFRQORSRUYHQLU(VSRUHOORTXH&DQWHUD,JOHVLDVHQ
VXYHUVLRQFULWLFDWUDGXFHODIUDVHHQFXHVWLRQFRPRVLHVWXYLHUD\DDTXLHOGLDGHO6HQRU/D1XHYD%LEOLDHVSDQRODFRPRVLDILUPDVHPRV
TXH HO GLD GHO 6HQRU HVWD HQFLPD (VWDV WUDGXFFLRQHV GHQRWDQ FRPR OD 9HUVLRQ UHYLVDGD LQJOHVD GHO FRPLWH GH &DPEULGJH FRQ OD 1XHYD
9HUVLRQ(VWDQGDU$PHULFDQDTXHVHWUDWDGHODDVXQFLRQSRUSDUWHGHDOJXQRVFUH\HQWHVGH7HVDORQLFDGHXQDDFWLWXGTXHKDEULDTXHWRPDUOD
HQHOFDVRFRQFUHWRGHTXHHOGLDGHO6HQRUKXELHUDOOHJDGR3HURHYLGHQWHPHQWHHVWRQRHUDDVL
/RTXHQRSRGHPRVHVDSURYHFKDUXQDFLUFXQVWDQFLDFRPRHVWDSDUDLQYHQWDUXQDGLVWLQFLRQHQWUHOD9HQLGDGHOGLDGHO6HQRU\ODSDUXVLDR
VHJXQGD9HQLGDGH&ULVWR
(OYVHLQWURGXFHFRQODWHPDWLFDTXHKDJHQHUDGRHOSUREOHPDHODVXQWRGHODSDUXVLDROOHJDGDGHO6HQRUTXHLQGXGDEOHPHQWHVHKDGH
UHDOL]DUHQXQGLDGHWHUPLQDGRDXQTXHLPSRVLEOHGHSUHFLVDU<HQHOYVHYXHOYHDUHSHWLUODPLVPDLGHDOLJDQGRVHFRQHOYPHGLDQWHHO
HQIDVLV3RUORWDQWRHVHGLDGHO6HQRUGHOYHVWDKDFLHQGRUHIHUHQFLDDODSDUXVLDGHOY
3DEOR KDELD H[SUHVDGR FRQ WHUPLQRV SDVWRUDOHV \ GHQWUR GH OD WHQVLRQ HVFDWRORJLFD GHO\D SHUR WRGDYLD QR VX GHVHR GH HVWDU YLYR FXDQGR
&ULVWRYROYLHVHFID7HV1RWHVHTXHHQGLFKRVSDVDMHVODLQVSLUDFLRQQRSUHWHQGHWUDWDUHOFXDQGRGHOUHWRUQRGH&ULVWRVLQRHO
FRPRPHGLDQWHORVDFRQWHFLPLHQWRVTXHVHVXJLHUHQ/DLQVSLUDFLRQGHMDOLEUHDODSRVWROGHPDQLIHVWDUVXVHQWLPLHQWRSHUVRQDOGHHVWDUYLYR
FXDQGROD9HQLGDGH&ULVWRVHSURGXMHUD6HWUDWDGHOD SDUXVLDTXHHVLQPLQHQWHPHQWHDQWHULRURVLPXOWDQHDDODUUHEDWDPLHQWRGHWRGRVORV
FUH\HQWHVVLQGLVWLQFLRQSXHVWRTXHQDGLHYDDSUHFHGHUDQDGLHFID7HV
(QHOFSGHHVDSULPHUDHSLVWROD3DEORLQWURGXFHODLGHDGHOFXDQGR2EVHUYHVHSRUXQODGRORLQGHWHUPLQDGRHQFXDQWRDOWLHPSR6H
HPSOHDN URQRVHQ SOXUDO WLHPSRV \ DGHPDVNDLURV GDQGRVH D HQWHQGHU XQDHSRFD SUHYLD HQ OD TXHKDQ GH KDEHU GLYHUVRV VXFHVRV R
FLUFXQVWDQFLDVTXHVHQDODUDQODSUR[LPLGDGGHVXUHWRUQR6LQHPEDUJR3DEOROHVLQVWDDHVWDUDWHQWRVHQXQDHVSHUDYLJLODQWHHOXQLFRPRGRGH
SRGHUHVWDUSUHSDUDGRVDQWHODSRVLELOLGDGGHTXHVHSURGX]FDHVD9HQLGDSXHVWRTXHVHUDFRPRODGHXQODGURQHQODQRFKH
(OYHVSURSLRGHXQFULVWLDQRGHFXDOTXLHUHSRFDTXHYLYHODHVSHUDQ]DGHOUHWRUQRGH&ULVWRHQFRQWLQXDDFWXDOL]DFLRQ\TXHQRTXLHUHTXH
DOJXLHQVHDVRUSUHQGLGR'HDKLTXH3DEORKDJDXQOODPDPLHQWRDHVWDUGHVSLHUWRSDUDTXHHVHGLDQRFRMDDQDGLHGHVSUHYHQLGR
,QGXGDEOHPHQWH TXH 3DEOR QR VDELD HOGLD GH ODOOHJDGD GH &ULVWR SHUR ODV SURPHVDV HQ UHODFLRQ D OD SDUXVLD QR SXHGHHQWHQGHUODV GH RWUD
PDQHUDGLVWLQWDDXQDFHUFDQLD
(VWRHOOODPDPLHQWRDTXHHVHGLDQROHVVRUSUHQGLHVHXSIXHPDOLQWHUSUHWDGRSRUDOJXQRVGHVXHSRFDKDVWDHOH[WUHPRGHWRPDUXQD
SRVWXUDTXHVRORSRGULDKDFHUVHHQHOFDVRGHTXH-HVXFULVWRKXELHVHOOHJDGR(VWHHVHOVHQWLGRGHODIUDVHHQFXHVWLRQD7HVXS$TXL
KRVHVIXQGDPHQWDO6HWUDGXFHFRPRTXHRFRPRVL6HWUDWDULDGHSRQHUHQUHOLHYHTXHODDFWLWXGDVXPLGDSRUDOJXQRVHVFRPRVL-HVXFULVWR
KXELHVHOOHJDGR\D\3DEOROHVUHVSRQGHHQD7HVDORQLFHQVHVTXHQRKDELDVLGRELHQFRPSUHQGLGRVLDFWXDEDQFRPRVLHOGLDGHO6HQRU
KXELHUDOOHJDGR (VDDFWLYLGDG GH SODQWH R GH EUD]RV FDLGRV D 7HV    SDUD HO PXQGR VRFLDO VH WRUQD HQ QHJDWLYD FXDQGR VH
OOHYDDFDERHQXQFRQWH[WRGLVWLQWRDOGHODSDUXVLD
3DEORYLHQHDGHFLUOHV9XHVWUDGLVSRVLFLRQ\DGHPDQHVWUDGXFHQTXHHOGLDGHO6HQRUKDOOHJDGRVLQHPEDUJRKDFHLVPDOHQDFWXDUGHHVH
PRGR SXHVWR TXH HVH GLD GHO 6HQRU R SDUXVLD KD GH PDQLIHVWDUVHGHVSXHV GH XQ SHULRGR GH WLHPSR FDUDFWHUL]DGR SRU OD PDQLIHVWDFLRQ GH OD
DSRVWDVLD
(OYDORUSUHVHQWHGHOYHUERHQHVWHNHQVHYHDOWHUDGRSRUODSDUWLFXOD
KRV

FRPRVL
 R
FRPRTXH
 GHDKL OD WUDGXFFLRQ GH 5REHUWVRQ \ GH
RWURV
>@
,QWHQWDSDUHFHUVH'LRVRDODSURSLD,JOHVLDDXWHQWLFDRDOFXOWRUHOLJLRVROHJLWLPR6HWUDWDGHXQDIDOVLILFDFLRQVLQSUHFHGHQWHV
 \ VROR GHVFXELHUWD SRU DTXHOORV TXH SUHVWHQ DWHQFLRQ D ODV LQGLFDFLRQHV GHO DSRVWRO  FI  (VH 3RGHU VH FRQVWLWX\H HQ XQD
FRUULHQWHHFOHVLDOSDUDOHODDOD,JOHVLDGH&ULVWRPDUFDGDSRUHOVLJQRGHXQDOH\VLQOH\   SSDQRPRV LQLTXLGDG VLQOH\FRPSOHWD
GH'LRVXQDDXWRULGDGTXHQRFRUUHVSRQGHHQWRGRDODDXWRULGDGRJRELHUQRGH'LRVLQWHJUDGRHQODDSRVWDVLDTXH\DHVWDHQDFFLRQGHVGHOD
UHEHOLRQVDWDQLFDSHUWHQHFLHQGRDOUHLQRGHHVWHPXQGRGHOTXH6DWDQDVHVHOSULQFLSHRGLRV3RUHVRHVWDDSR\DGRFRQHOSRGHULQYLVLEOHGH
6DWDQDV FRQ WRGR JHQHUR GH PLODJURV VHQDOHV SURGLJLRV GH XQ RULJHQ QR 'LYLQR SHUR KDFLHQGR FUHHU FRPR VL OR IXHUDQ  \ FRQ XQD
LGHRORJLDVHGXFWRUDGLVWLQWDHQYDULRVDVSHFWRVDOD/H\GH'LRV
3DUD UHFRQRFHUOD HV SUHFLVR VLJXLHQGR HO FRQVHMR GHO DSRVWRO FRQIURQWDU OD 9HUGDG FRPSOHWD  FRQ OD LGHRORJLD GH HVH 3RGHU TXH
DXQTXHLQWHQWDDVHPHMDUVHDOSURSLR'LRV\DVXFXOWRVHGLIHUHQFLDFRQFUHWDPHQWHDODIH\GRFWULQDYHUGDGHUD
(VWD SRVLFLRQ GH DSRVWDVLD VH YH FRQWUDVWDGD D WUDYHV GH WRGD OD KLVWRULD KDVWD OD VHJXQGD 9HQLGD GH -HVXFULVWR FRQ OD GH OD ,JOHVLD TXH
SHUPDQHFHILHODODDXWRULGDGRJRELHUQRGH'LRVPDQLIHVWDGRHQVX/H\
>@
RCNDWHFZQDUWLH>ZMHYNPHVRXJHQKWDL
>@
9HU3LURW&ODPHURSFSS9DFFDULQRWDV\FRPHQWDULRVDOD 6DJUDGD%LEOLDRSFS-0D%RYHU/DV(SLVWRODV
GH6DQ3DEORRSFS
1R HVWD MXVWLILFDGD GH DFXHUGR DO WH[WR QL OD LQWHUSUHWDFLRQ SUHWHULWD &RPHQWDULR D/D %LEOLD GH HG /DERU YRO ,,, RS F S  SRU
)UDQFLVFR6SDGDIRUDQLODIXWXULVWD%LEOLDGH-HUXVDOHQSFS
>@
(OWHUPLQRVHXVDEDHQHOOHQJXDMHSROLWLFRSDUDUHIHULUVHDODUHEHOLRQRUHYXHOWD9HU5REHUWVRQYRO,9RSFS(O&%$VHQDOD
HQWUHRWUDVFRVDVTXHODDSRVWDVLDHVUHOLJLRVDHVXQDUHEHOLRQHVSLULWXDOTXHWLHQHXQDUHODFLRQSULPRUGLDOFRQODSROLWLFDRSFS
>@
(O'LFFLRQDULR7HRORJLFRGH&RHQHQ9RO,RSFSSFRQVLGHUDHOWHUPLQRFRPRVLJQLILFDQGR GHVHUFLRQ\UHODFLRQDHO
XVRGH3DEORFRQODDSRFDOLSWLFDMXGLDWHQLHQGRXQFDUDFWHUQHWDPHQWHUHOLJLRVR
(O*UDQGH/HVVLFRGHO1XRYR7HVWDPHQWGH.LWWHO)ULHGULFKQRVLQGLFDTXHHOWHUPLQRSUHVXSRQHVHUXQUHQHJDGR9RO,RSFS
<TXHVLELHQKD\XQXVRHQHOPHGLRSROLWLFRJULHJR\DHQOD6HSWXDJLQWDGHVLJQDDXQDDSRVWDVLDUHOLJLRVDSFI-RV-HU
D&URQ\HVHQHVHVHQWLGRTXHKD\TXHHQWHQGHUHOYRFDEORTXHXWLOL]D3DEORHQD7HVDORQLFHQVHVS
3LURW&ODPHUGHMDELHQFODURTXHODDSRVWDVLDQRDSXQWDKDFLDXQDGHIHFFLRQSROLWLFDRUHYROXFLRQDULDVLQRUHOLJLRVD&RPHQWDULRD/D6DLQWH
%LEOH WRPR ;,, RS F S  \ TXH VH WUDWD GH XQD VHGXFFLRQ GRFWULQDO HQJDQRVD \ GLVWLQWD GH OD GH ORV IDOVRV SURIHWDV ILQDOHV LG (VWR
PLVPRSLHQVD5REHUWVRQHQ,PDJHQHV9HUEDOHVYRO,9RSFSS
(O&RPHQWDULRGH6DQ-HURQLPRFRQFLEHODDSRVWDVLDFRPRXQDEDQGRQRGHOFXOWR\GHODDGRUDFLRQGH'LRVRSFYRO,,,S
9LQHOHGDHOVLJQLILFDGRGHDEDQGRQR\UHFKD]RGHODIH'LFFLRQDULRH[SRVLWLYRGHODVSDODEUDVGHO1XHYR7HVWDPHQWRYRO,RSFS

;DYLHU/HRQ'XIRXUOHGDHOVHQWLGRGHVHSDUDFLRQGH'LRV'LFWLRQQDLUHGX1RXYHDX7HVWDPHQWRSFS
>@
9HU3URIHVRUHVGH6DODPDQFD%LEOLD&RPHQWDGDYRO9,RSFS
9DULRVDXWRUHVSURWHVWDQWHVSRUHMHPSOR&%$YRO9,,RSFSS$OIUHG9DXFKHUHQ (O$QWLFULVWRRSFSS(:&6RS
FSS
3DUDYHUJXHQ]DGHXQDVDQDWHRORJLD\KHUPHQHXWLFDWLHQHQORVHVSDQROHVODLQWHUSUHWDFLRQTXHHOWHRORJRFDWROLFRHOSDGUH%RYHUUHDOL]DHQ
FXDQWRDDGH7HVDORQLFHQVHV(QXQDUWLFXORGHODUHYLVWD5D]RQ\)HDQR9ROFLWDGRLQH[WHQVRHQ 'HO$QWLFULVWRGH5DPRQ
$OED(GLWRUD1DFLRQDO0DGULGSS,GHQWLILFDODDSRVWDVLD FRQ HOFRPXQLVPR \ HOSULQFLSLR GH DXWRULGDGLQWHJUDGR HQ HO
&DWROLFLVPR URPDQR FRPR HOREVWDFXOR 6H WUDWDULD GH XQDDSRVWDVLD UHSHWLWLYD HQ OD KLVWRULD \ TXH HQ OD HSRFD HQ TXH YLYH HO VXVRGLFKR
WHRORJR VH UHQXHYD HQ HO FRPXQLVPR \ HVHSULQFLSLR GH DXWRULGDGX REVWDFXOR VH LGHQWLILFD FRQ OD DFWXDFLRQGHO JORULRVR PRYLPLHQWR
QDFLRQDOHQ FRQWUD GHO FRPXQLVPR S  (Q HVWH FDVR (VSDQD IXH HOHJLGD SRU 'LRV FRPREDOXDUWH LQH[SXJQDEOH GH OD FLYLOL]DFLRQ
FULVWLDQDLGS<TXHJUDFLDVDTXH VHDO]RXQKRPEUHSURYLGHQFLDOHQFDUQDFLRQYLYLHQWHGHODKLVSDQLGDGGHORUGHQGHODIH
FULVWLDQD
LGSVHSXGRFRPEDWLUDODEHVWLDDSRFDOLSWLFDTXHDQXQFLDHVDDSRVWDVLDLQGLFDGDSRUHODSRVWRO3DEOR
>@
6LFRPSDUDPRVHOYFRQHOYFRPSUREDPRVTXHHO PLVWHULRGHLQLTXLGDGHQDFFLRQH[LVWH DXQ FXDQGR ODPDQLIHVWDFLRQLQLFXD
HVWHVLHQGRLPSHGLGDVXDSDULFLRQYHQWLHPSRVGHODSRVWRO3DEORPLHQWUDVTXHHQHOYORLQPHGLDWDPHQWHDQWHULRUDOD PDQLIHVWDFLRQ
GHO+RPEUHGHSHFDGRHVODDSRVWDVLDSUHYLDDHVDPDQLIHVWDFLRQPDOLJQD7RGRHOORREOLJDDLGHQWLILFDUDHVDDSRVWDVLDYSSFRQHO
PLVWHULRGHLQLTXLGDGHQDFFLRQYSS
9HDVH(:&%$YRO9,,S(OJUDQVXFHVRGHO KRPEUHGHSHFDGRGHELDVHUSUHFHGLGRSRUXQDDSRVWDVLDVHUHYHODULDXQDIRUPDGH
DQWLFULVWR\GHELDDFWXDUODOHYDGXUDGHDSRVWDVLDFRQSRGHUFUHFLHQWHKDVWDHOILQGHOWLHPSR
>@
6LELHQHONDWHMRQGHOYSSYLHQHHQJHQHURQHXWUR\HOGHOYVHHQFXHQWUDHQPDVFXOLQRSRGHPRVSHUFLELUTXHHVXQPLVPR\XQLFR
NDWHMRQNDWHMRQREVWDFXOR
3XHVWRV HQ SDUDOHOR TXLDVPLFR ORV YVV  \  LGHQWLILFDQ ORV
NDWHMRQ
 /D LJXDOGDG GH OD IDOWD GHPDQLIHVWDFLRQ GHO ,PSLR FRQ TXH YLHQHQ
SURYLVWRVORVYVVXS\XSKDFHLGHQWLILFDUDVXYH]DONDWHMRQLPSHGLPHQWRGHOYSSFRQHONDWHMRQGHYVS
6L ELHQ HVWR HV FLHUWR OD GLVWLQFLRQ GHO JHQHUR GH QHXWUR D PDVFXOLQR LQWURGXFH XQ PDWL] TXH HO DXWRU QRV REOLJD D WHQHU HQ FXHQWD SRU HO
FRQWUDVWHWDQHYLGHQWHTXHSUHVHQWD0LHQWUDVTXHHONDWHMRQHQQHXWURVLUYHSDUDUHODFLRQDUORFRQXQDDSRVWDVLDGHWLSRJHQHULFRHONDWHMRQ
HQ PDVFXOLQR SHUVRQDOL]D PDV PRVWUDQGR TXH VH SDVD GH OR JHQHUDO D XQ VLVWHPD UHSUHVHQWDWLYR GH HVDDSRVWDVLD GDQGROH DOVLVWHPD XQD
HQWLGDGSHUVRQDOL]DGD\ FRQ FRQWLQXLGDG HQ OD KLVWRULD KDVWD OD VHJXQGD YHQLGD PDV HQ DUPRQLD FRQ ODSHUVRQLILFDFLRQ GHO+RPEUH GH
SHFDGR
2&XOOPDQQKDVDELGRFDSWDUHVWHPDWL]LQGLFDQGRTXHHOQHXWURGHOYGHVLJQDODIXQFLRQLPSHUVRQDOGHOREVWDFXORHOPDVFXOLQRGHOYHO
DJHQWHSHUVRQDOGHODPLVPDIXQFLRQ5HYXHG
KLVWRLUHHWGHSKLORVRSKLHUHOLJLHXVHV6WUDVERXJS
>@
 3RFR LPSRUWD VDEHU FXDO HV HO SXQWR GH LQWHUFHVLRQ HQWUH ODYROXQWDG RSHUPLVLRQ GLYLQD UHVSHFWR DO LQLFLR GH OD LGHD GHO (VWDGR (O
(VWDGRDXQTXHSHUPLWLGRRWROHUDGRVXHVWDEOHFLPLHQWRPHGLDQWHHORUGHQDPLHQWRGLYLQRDGTXLULRODIRUPDGH%HVWLD DSRFDOLSWLFDLQWHQWDQGR
GRPLQDUODVFRQFLHQFLDVGHORVVHUHVKXPDQRVHQGHWULPHQWRGHODYROXQWDGGLYLQD
1DGDGHHVWRLQYDOLGDODVXPLVLRQFRQGLFLRQDOGHOFULVWLDQRDODDXWRULGDGTXHGLPDQDGHO(VWDGR1LWDPSRFRSHUPLWHUHFKD]DUODIRUPDHVWDWDO
GHPRFUDWLFDFRQILJXUDGDFRPRUHVXOWDGRGHORULJHQGHOD5HYROXFLRQQRUWHDPHULFDQD\IUDQFHVD3HURGHFXDOTXLHUIRUPDODKLVWRULDDQWLFLSDGD
HQODDSRFDOLSWLFDQRVSUHVHQWDDODFRQFHSFLRQHVWDWDOYLFLDGDGHOHVSLULWXGHO'UDJRQ
-XOLR&DUR%DURMDHQXQDUWLFXOROXFLGRSDUD(O3DLVSQRVLQGLFDTXHHOFXOWRPDVIXHUWHTXHH[LVWHHVHOFXOWRDO(VWDGR
FRPR WDO /D LGRODWULD GHO (VWDGR< DQDGH 3RUTXH WDQ LGRODWUD GHO (VWDGR KD VLGR HO FRPXQLVWD FRPR HO IDVFLVWD HO FRQVHUYDGRU FRPR HO
UHYROXFLRQDULRHOQDFLRQDOLVWDTXHWLHQHHQFXHQWDORVHVWDGRVHVWDEOHFLGRVHQ(XURSDFRPRHOTXHTXLHUHTXHKD\DRWURVPRGHUQRV\RSXHVWRV
DDTXHOORV
$OEHUWR6FKRPPHUGLUD/DLGHRORJLDSROLWLFDHVODUHOLJLRQHQODWLHUUDHQ(O3DLVVHPDQDOS
>@
 &XDQGR KDEODPRV GH XQ FROHFWLYR FULVWLDQR UHSUHVHQWDWLYR R GLULJHQWH GH OD ,JOHVLD HQ 5RPD HVWDPRV TXHULHQGR GHFLU TXH QR IXH OD
,JOHVLDFULVWLDQDFRPRWDOODTXHVXFXPELRDODWHQWDFLRQ&RQVWDQWLQLDQDUHSUHVHQWDWLYDGHOLGHDULRLPSHULDOURPDQRPDWL]DGRFRQWHUPLQRORJLD\
FLHUWDVFRQFHSFLRQHVFULVWLDQDVVLQRXQFROHFWLYR
>@
&XDQGRHOWH[WRQRVSUHVHQWDGHHVWHPRGRODDSRVWDVLDQRVD\XGDDFRPSUHQGHUTXHODDSDULFLRQGHOD,JOHVLD,PSHULDO&RQVWDQWLQLDQD
QR HV XQD LJOHVLD DSRVWDWD VLQR XQD DQWL  ,JOHVLD JHQHUDGD SRU &RQVWDQWLQR /DDSRVWDVLD FRQVLVWH HQ VXELUVH D VX YHKLFXOR D ODDSRVWDVLD
SURJUDPDGDHQODKLVWRULDGHVGHODUHEHOLRQVDWDQLFD'HVGHVXHQJHQGURVHDFHSWDOD
DQRPLDODQRDXWRULGDGGH'LRVGHORVSULQFLSLRVGHO
UHLQR GH 'LRV 1R HV OD ,JOHVLD &ULVWLDQD OD TXH DSRVWDWD VLQR XQFROHFWLYR GH HVWD GHVSUHQGLHQGRVH GH OR JHQXLQDPHQWH FULVWLDQR D ILQ GH
LQFRUSRUDUVHDODDSRVWDVLDSURJUDPDGDHQODKLVWRULD\WUDLGDSRU&RQVWDQWLQR$XQTXHVHPDQWHQJDQIRUPDV\FRQFHSWRVFULVWLDQRVORKDFH
PH]FODGRVHQODDSRVWDVLDRPLVWHULRGHLQLTXLGDGHQDFFLRQKLVWRULFDGHVGHHOSULQFLSLRGHODKXPDQLGDG(VWD,JOHVLDHVGHVGHHOSULQFLSLRGH
FUHDFLRQ&RQVWDQWLQLDQD
>@
/RVDXWRUHVHVWDQGHDFXHUGRHQUHFRQRFHUTXHODVEHVWLDVRILHUDVDSRFDOLSWLFDVUHSUHVHQWDQDORVUHLQRVGHHVWHPXQGREDMRODILJXUDGH
ORVJRELHUQRV\GHO(VWDGR
$QWRQLQR 5RPHR GH OD 8QLYHUVLGDG 3RQWLILFLD 8UEDQLDQD GH 5RPD GLFH UHVSHFWR D OD %HVWLD GH$SRFDOLSVLV  OD ILHUD DSRFDOLSWLFD 
UHSUHVHQWDWRGDODRSRVLFLRQTXHRUJDQL]DUDHOPXQGRFRQWUD'LRVKDVWDHOILQGHOD,JOHVLDPLOLWDQWHODILHUDUHSUHVHQWDHOFRQMXQWRGHORV
IDVWXRVRV\DUPDGRVLPSHULRVWHUUHQRVGHVGH1HURQKDVWDHOILQGHOPXQGRHOGRPLQLRRUJXOORVR\SUHSRWHQWHGHORV
SULQFLSHVGHHVWHPXQGR

TXHSRUVXLQQDWDSURSHQVLRQDOSHFDGRHVWDQDOVHUYLFLRGH6DWDQDVSDUDRSULPLUDORVVHJXLGRUHVGH&ULVWR/DILHUDHVODVLQWHVLV

DOHJRULFDGHWRGR
SULQFLSDGRGRPLQLR\SRGHUGHOPXQGRVRPHWLGRD6DWDQDV!!9HDVH /D%LEOLDGHHG/DERU9RO,,,RSFSS

/RV&RPHQWDULVWDVFRLQFLGHQHQUHFRQRFHUTXHOD%HVWLDGH$SRFDOLSVLVKDUHXQLGRHQVXLPDJHQODVFXDWURGDQLHOLFDV9HU3LHUUH3ULJHQW
/
$SRFDO\SVH GH 6DLQW -HDQ RS F S  :LNHQKDXVHU (O $SRFDOLSVLV GH 6DQ -XDQ RS F S  \ TXH VREUH WRGR OD &XDUWD
FRUUHVSRQGLHQWHDO&XDUWRUHLQRGH'DQLHOKDFHDFWRGHSUHVHQFLDHVSHFLDOPHQWHHQODFRQILJXUDFLRQGHODSULPHUD%HVWLDGH$SRFDOLSVLV
,G7DPELHQ(GXDUG6FKLFN(O$SRFDOLSVLVRSFS
3RURWUDSDUWHLGHQWLILFDQDOD%HVWLDGH$SRFDOLSVLVFRPRFRQXQ ,PSHULR 5RPDQRDUTXHWLSR TXH DFWXDQGR GHVGH OD HSRFD GH -XDQ VH
SURORQJD KDVWD HO ILQDO GH ORV WLHPSRV (O&RPHQWDULR 6DQ -HURQLPR YRO ,9 RS F S  ,PSHULR 5RPDQR DUTXHWLSR GH ORV SRGHUHV
VHFXODUHVTXHSHUVLJXHQDOD,JOHVLD
(GXDUG6FKLFNRSFS/D%HVWLDHVHO,PSHULR5RPDQRGHVGH-XDQ/DVIRUPDVPDOLJQDVGHHVH,PSHULR5RPDQRVHUHSLWHQHQOD
KLVWRULDDWUDYHVGHORVUHLQRVGHHVWHPXQGRKDVWDHOILQ
3URIHVRUHVGH6DODPDQFDYRO9,,RSFSSODSULPHUDEHVWLDHVHO,PSHULR5RPDQRWLSRGHWRGDVODVIXHU]DVTXHVHOHYDQWDUDQ
FRQWUDOD,JOHVLDHQHOGHFXUVRGHORVVLJORV
6REUH HVWR YHU D 3ULJHQW RS F S  \ D 9DFFDUL HQ 6DJUDGD%LEOLD RS F S < DILUPDQ TXH HVWD %HVWLD TXH WLHQH HVSHFLDO
UHOHYDQFLDGHVGHODHSRFDGH-XDQHQSOHQDH[LVWHQFLDGHO,PSHULR5RPDQRODSULPHUDIDVHKLVWRULFDGHO&XDUWRUHLQRGH'DQLHOHQHOPLVPR
WLHPSR HQ TXH 6DQ 3DEOR DQXQFLD VX SURIHFLD GH D 7HVDORQLFHQVHV HV GLFKD %HVWLD HO VLPEROR GH XQ SRGHU SROLWLFR FRQ WRGDV ODV
FDUDFWHULVWLFDVGHDGYHUVDULRGH'LRV6XWURQR\SRGHUORVKDUHFLELGRGHO'UDJRQ:LNHQKDXVHURSFS9HUWDPELHQ &RPHQWDULVWDV
6DJUDGD(VFULWXUDYRO,,,GHO17RSFS
(VOD%HVWLDHODJHQWHGHO'UDJRQR6DWDQDVHQODWLHUUD&RPHQWDULR6DQ-HURQLPR9RO,9RSFS:LNHQKDXVHURSFS
,QGHSHQGLHQWHPHQWHGHODVPDWL]DFLRQHVTXHKDEULDTXHKDFHUDODVLQWHUSUHWDFLRQHVTXHVHRIUHFHQVREUHORTXHHVWDPRVWUD\HQGRDFRODFLRQ
GH OD %HVWLD GH $SRFDOLSVLV  MXQWR D ODV ODJXQDV DOJXQDV GH HOODV
LPSHUGRQDEOHV
 TXH ORV FRPHQWDULVWDV SUHVHQWDQ HV VXILFLHQWH SDUD
QRVRWURV\DTXHHVWRVLUYHSDUDFRPSUHQGHUTXHHQODHSRFDGHODSRVWRO3DEORH[LVWLDXQD
DSRVWDVLD
TXHTXHULDIRU]DUDDSRVWDWDUDO3XHEOR
GH'LRV
>@
6RQLQQXPHUDEOHVORVDXWRUHVTXHSRGULDPRVHQXPHUDUSDUDFRQILUPDUWDOHVDVHYHUDFLRQHV1RVEDVWDFRQFLWDUD$QWRQLQR5RPHRRS
FSSWDPELHQD(GXDUG6FKLFNRSFS
-RVH0D*RQ]DOH]5XL]HQODLQWURGXFFLRQDVXFRPHQWDULRVREUH(O $SRFDOLSVLV GH -XDQRSFSSQRVKDEODGHOFXOWR
LPSHULDOGHORVVLJORV,DO,9
/DGLIXVLRQGHODVFUHHQFLDVRULHQWDOHV\ODSHQHWUDFLRQHQ5RPDGHODVWUDGLFLRQHVPRQDUTXLFDVGH2ULHQWHFRQWULEX\HURQDODLQVWDXUDFLRQ
GHOFXOWRGHO&HVDU
(O,PSHULRURPDQRIXHHOVXFHVRU\KHUHGHURGHODVPRQDUTXLDVPXQGLDOHVTXHEXVFDURQODMXVWLILFDFLRQGHVXSRGHULRHQVLPERORVUHOLJLRVRV
WDPELHQHO,PSHULRWHQLDTXHUHFXUULUDXQDFLHUWDVDQFLRQUHOLJLRVD
([SUHVLRQGHOFXOWRXQLFRIXHHOFXOWRGH&HVDU\GHVGHHODQRHPSH]RDWRPDULPSRUWDQFLDHOFXOWRGH$XJXVWR
(OFHVDULVPRURPDQRQRWDQGRXQDFLHUWDGHELOLGDGHQODSROLWLFDLQWHULRUUHFXUULRDPHGLRVLGHRORJLFRVSDUDLQIOXLUVREUHORVVXEGLWRVXQRGH
HVWRVPHGLRVIXHODSURSDJDQGDUHOLJLRVD
GHODVSHUVHFXFLRQHVGHORVFULVWLDQRVGHVGHHOVLJOR,'RPLFLDQRKDVWDHOVLJOR,9'LRFOHFLDQRVHGHGXFHTXHHOSXQWRDOJLGRGHO
FKRTXHIURQWDOFRQHO,PSHULRHVWDEDHQHOUHFKD]RTXHORVFULVWLDQRVKDFLDQGHOFXOWRLPSHULDO
(OSXQWRILQDOGHOHQIUHQWDPLHQWRHQWUHFULVWLDQLVPRH,PSHULRHUDODREVWLQDFLRQGHORVFULVWLDQRVHQQRUHFRQRFHUODXOWLPDOHJLWLPLGDGGHOD
UD]RQGH(VWDGRTXHHQXQ(VWDGRDXWRULWDULRFRPRHUDHO,PSHULRURPDQRVHFHQWUDEDHQODVXSXHVWDGLYLQLGDGGHOMHIH8QHPSHUDGRU
GLYLQRPHMRUXQHPSHUDGRUGLRVQRSXHGHHTXLYRFDUVH
 HO FULVWLDQLVPR  WHQLD OD SUHWHQVLRQ GH GHQXQFLDU HO DEXVR GH DXWRULGDG UHDOL]DGR SRU XQ KRPEUH TXH SDUD MXVWLILFDU VX OLEUH DUELWULR
SROLWLFRVHKDFLDFRQVLGHUDUFRPRGLRV!!
>@
3ODWRQVHH[SUHVDGHHVWHPRGRHQVX5HSXEOLFD\GHOPLVPRPRGRQXPHURVRVSHQVDGRUHVURPDQRVYHU-RVH0D*RQ]DOH]5XL]RS
FSS
>@
 /D %HVWLD VH HQFDUQD FRPR WDO HQ FDGD XQD GH VXV FDEH]DV 'XUDQWH OD HSRFD HQ TXH -XDQ UHFLEH OD YLVLRQ DSRFDOLSWLFD HO ,PSHULR
5RPDQRH[LVWHFRPROD%HVWLDPHGLDQWHODFXDUWDFDEH]D
>@
 &XOOPDQQ HQ5HYXH G
+LVWRLUH HW GH SKLORVRSKLH UHOLJLHXVHV  RS F S  TXH LGHQWLILFD DO REVWDFXOR FRQ OD SUHGLFDFLRQ GHO
HYDQJHOLR 9DULRV SRU HMHPSOR 3LURW &ODPHU %RYHU&DQWHUD HWF VH KDQ DQDGLGR D HVWD VXJHUHQFLD FRQ DOJXQDV YDULDQWHV FRPR OD GHO

(VSLULWX6DQWR
RHO
DUFDQJHO6DQ0LJXHO

6RQ PXFKRV ORV TXH VH DSXQWDQ D OD LGHD GH TXH HO REVWDFXOR R NDWHMRQ  NDWHMRQ HV HO ,PSHULR 5RPDQR 3HUR HV LPSRVLEOH 3RU FXDQWR HV
GHVGH HO ,GHDULR ,PSHULDO 5RPDQR TXH VH FUHD PHGLDQWH &RQVWDQWLQR SDUWLHQGR GH XQ FROHFWLYR UHSUHVHQWDWLYR GH OD ,JOHVLD HQ 5RPD XQD
,JOHVLD ,PSHULDO GH OD TXH VXUJLUD HO VLVWHPD SDSDO (V GHFLU OD DSRVWDVLD VH FRPXQLFD GHVGH HO ,PSHULR 5RPDQR D XQ FROHFWLYR FULVWLDQR
UHSUHVHQWDWLYRGHOD,JOHVLDHQ5RPDTXHDFHSWDHOHQYLWH&RQVWDQWLQLDQRGHVSRMDQGRVHGHORVFRQWHQLGRVHVHQFLDOHVGHOHYDQJHOLRGHO5HLQR
GH'LRV6HGHVSRMDGHONDWHMRQORTXHLPSHGLDODLQWHJUDFLRQHQODDSRVWDVLDTXHHO,PSHULRLQVSLUDGRSRUHO'UDJRQOHSURSRQH
>@
3HURWUHVKHFKRVKLVWRULFRVGHSULPHUDPDJQLWXGLEDQDGDUXQJLURGHWDOQDWXUDOH]DTXHSHUPLWLULDLPSRQHUVHXQVHQWLGRHQODKLVWRULDGH
DFXHUGRDORTXHODSURIHFLDFRQWHPSODED\DORTXHODSURSLDKLVWRULDHYLGHQFLD/RKHPRVHVWXGLDGRHQFDSLWXORSULPHURGHODSULPHUDSDUWH
5HVXPLPRV
(OSULPHURHVHOFUHFLPLHQWRH[WUDRUGLQDULRGHOFULVWLDQLVPRFRQXQDLGHRORJLDHYDQJHOLFDTXHVHRSRQHDODJXHUUD\DOVHUYLFLRPLOLWDUDOFXOWR
DO HPSHUDGRU \ DO VRPHWLPLHQWR LQFRQGLFLRQDO DO (VWDGR \ D OD DPDOJDPD GH OD SROLWLFD FRQ OD UHOLJLRQ \ YLFHYHUVD 3DUDOHODPHQWH D HVWH
GHVDUUROOR VH LQWHQWD SRU WRGRV ORV PHGLRV SRU SDUWH GHO ,PSHULR 5RPDQR KDFHU FODXGLFDU DO FULVWLDQLVPR HQ DOJXQDV GH VXV SRVLFLRQHV
IXQGDPHQWDOHV3DUDHOORODDSRVWDVLD5RPDQDXWLOL]DKDVWDODSHUVHFXFLRQUHOLJLRVDFRQHODVHVLQDWROHJDOLQFOXLGR/DDSRVWDVLDGHVHDIRU]DU
DDSRVWDWDU
'XUDQWHWUHVVLJORVHO,PSHULR\OD,JOHVLDVHWHPHQVHYDQFRQRFLHQGRHLQFOXVRDFHSWDQGRSHURPDQWHQLHQGRFODUDPHQWHORVFRORUHV
(OVHJXQGR KHFKR KLVWRULFR HV OD OOHJDGD DO SRGHU 5RPDQR GH &RQVWDQWLQR 6X HGLFWR GH WROHUDQFLD FRPLHQ]RV GHO V ,9 WUDV VXIULU SRU ORV
FULVWLDQRV OD XOWLPD SHUVHFXFLRQ GHFUHWDGD SRU 'LRFOHFLDQR WUDMR WRGD XQD VHULH GH DFRQWHFLPLHQWRV DSDUHQWHPHQWH LPSUHYLVLEOHV 7RGRV ORV
KLVWRULDGRUHVFDWROLFRV\SURWHVWDQWHVFRLQFLGHQDODKRUDGHHYDOXDUHOVLJQLILFDGRGH&RQVWDQWLQRSDUDOD,JOHVLDFULVWLDQD
<SRUXOWLPRHOWUDVSDVRDOFULVWLDQLVPRPHGLDQWHXQDFRQQLYHQFLDFRQXQFROHFWLYRTXHVHDYLHQHDODLGHDHFOHVLDO&RQVWDQWLQLDQD
>@
(Q(O'HVWLQRGHO+RPEUHRSFS
>@
1RUEHUW%UR[RSFS
>@
,GS
>@
1RUEHUW%UR[+LVWRULDGHOD,JOHVLD3ULPLWLYDRSFSS
1RWDPRV TXH ODDSRVWDVLD TXH VH KDELD HQJHQGUDGR HQ HO ,PSHULR 5RPDQR HV LQILOWUDGD DKRUD HQ HO &ULVWLDQLVPR$OLVWDLU .HH FRQILUPD D
1RUEHUW%UR[\QRVSUHVHQWDODWUDQVIRUPDFLRQGHODUHOLJLRQFULVWLDQDDFDXVDGHODLPSRVLFLRQ
DSRVWDWD
5RPDQDGHODVLGHDVFRQVWDQWLQLDQDV
QRVH[SUHVD
6L TXHUHPRV GHVHQPDVFDUDU \ VXVWLWXLU YDORUHV H[WUDQRV HV QHFHVDULR HQ SULPHU OXJDU FRPSUHQGHU FRPR HQWUDURQ HQ HO FULVWLDQLVPR
+HPRV DILUPDGR TXH HQWUDURQ FXDQGR OD LGHRORJLD LPSHULDO GH &RQVWDQWLQR VH LQILOWUR HQ OD ,JOHVLD FULVWLDQD D SULQFLSLRV GHO VLJOR ,9 'HVGH
DTXHOWLHPSRORVYDORUHVRULJLQDOHVKDQVLGRGHVSOD]DGRVGHWDOPDQHUDTXHDKRUDHOORVPLVPRVSDUHFHQPX\DOHMDGRVGHOFULVWLDQLVPR
 KHPRV YLVWR TXH OD QDWXUDOH]D GH OD DXWRULGDG FDPELR FRQ OD LQIOXHQFLD GHO LPSHULR /D LJOHVLD SDVR D HVWDU RUJDQL]DGD HQ XQ VLVWHPD
MHUDUTXLFRGHJRELHUQRTXHFRUULDSDUHMRDODDGPLQLVWUDFLRQGHO(VWDGR
-HVXVGH1D]DUHWVXYLGD\VXHQVHQDQ]DWDPELHQVHYLHURQGHVSOD]DGRVSRUODLQIOXHQFLDGH&RQVWDQWLQR
/D WUDGLFLRQ GRPLQD DKRUD OD WUDGLFLRQ TXH SURFHGH GH ORV YDORUHV LPSHULDOHV GH &RQVWDQWLQR \ -HVXV GH 1D]DUHW VH YH VHQFLOODPHQWH
GHVSOD]DGR
&RQVWDQWLQRLQWHJURODSROLWLFD\ODUHOLJLRQHQVXSURSLDYLGDSHURVXUHOLJLRQQRHUDHOFULVWLDQLVPR6HYDOLRGHOFULVWLDQLVPRHQVXSURSLD
FUX]DGDSHUVRQDOSDUDKDFHUVHFRQHOFRQWUROGHOLPSHULR\HOORSURGXMRXQDWUDQVIRUPDFLRQGHOFULVWLDQLVPR!!(Q&RQVWDQWLQRFRQWUD&ULVWR
RSFSS
>@
,GS
(QXQSURFHVRKLVWRULFRUHODWLYDPHQWHIXJD]LQLFLDGRSRUHOSURSLR&RQVWDQWLQRWUDVHOWUDVODGRGHODFRUWH&RQVWDQWLQLDQD\GHVXPXHUWHHO
YDORUDFWXDQWHGHODFUHDFLRQSROLWLFRUHOLJLRVD&RQVWDQWLQLDQDDSDUHFHHOVXVWLWXWRGH&RQVWDQWLQRHOHSLVFRSDGRGH5RPDHOUHVXOWDGRGHOD
REUD &RQVWDQWLQLDQD HQ EDVH D VX DFWXDFLRQDSRVWDWD HQ HO &ULVWLDQLVPR &RQIRUPH HO WLHPSR WUDQVFXUUH FLHUWRV FDPELRV FRQ XQD DOWD
VLJQLILFDFLRQYDQSHUILODQGRXQDILJXUDKLVWRULFDTXHYDVXVWLWX\HQGRDODSURSLDDXWRULGDGVXSUHPDGHO&HVDU &RQVWDQWLQRFRQWRGRORTXH
HOORLPSOLFD\TXHFRUUHVSRQGHDORTXHODDSRVWDVLDSURWDJRQL]DGDSRUHOLGHDULRLPSHULDOURPDQR&RQVWDQWLQLDQRKDYHUWLGR
(OWLWXORLPSHULDOGH3RQWLIH[0D[LPXVVHORGHVSRMDQSULPHUR7HRGRVLR,HQHODQR\HQHO*UDFLDQRHLUDDUHFDHUDO2ELVSR&DWROLFR
GH5RPD7RGDXQDVHULHGHDFWLWXGHV\DFRQWHFLPLHQWRVRWRUJDUDQDHVH2ELVSRGH5RPDODUHSUHVHQWDWLYLGDGGHOD$XWRULGDGVXSUHPDGHO

,PSHULR5RPDQR
/DLQYDVLRQGHORVEDUEDURVODFDLGDPDWHULDOGHO,PSHULR5RPDQRDQWLJXRODHQWHQWHFRQHOHPSHUDGRUEL]DQWLQR-XVWLQLDQR
MXQWRDORTXHVLJQLILFRODFRQYHUVLRQGH&ORGRYHRUH\GHORV)UDQFRVSHUPLWHQDO2ELVSRGH5RPDDVXPLUFRQODVLQQRYDFLRQHVTXHODKLVWRULD
OH REOLJD \ VXV SURSLDV LQYHQWLYDV OD FRQWLQXLGDG GHO VHQWLGR KLVWRULFR TXH HO ,PSHULR 5RPDQR KDELD LQ\HFWDGR HQ OD FUHDFLRQ GH HVD QXHYD
,JOHVLDTXHUHFXUUHDOQRPEUHGHFULVWLDQD\GHFDWROLFDSHURTXHHVILHODVXDSHOOLGRGH5RPDQD
/RVVLJQRVGHODDSRVWDVLDTXHODKDELDHQJHQGUDGRVHKDFHQFDGDYH]PDVHYLGHQWHV2EVHVLRQSRUHO3RGHUVXSUHPRDPRUSRUODVULTXH]DV
ODLQWROHUDQFLDUHOLJLRVDSHUVLJXLHQGR\GHVWUX\HQGR9HU1RUEHUW%UR[RSFSS
>@
 &RQ UHODFLRQ D HVWH DVXQWR TXHUHPRV VXEUD\DU OD UHDOL]DFLRQ GH XQDPRUDOLGDG D OD TXH VH KDQ LQWHJUDGR HOHPHQWRV GH OD OH\ QDWXUDO
UHLQWHUSUHWDGRVSRUXQWLSRGHFRQFLHQFLDTXHQRYDORUDHQWRGDVXGLPHQVLRQOD/H\GH'LRVUHYHODGD(OPHQRVSUHFLDUOD/H\GH'LRVELHQ
DQDGLHQGR SUHFHSWRV LQH[LVWHQWHV R TXLWDQGR PDQGDPLHQWRV TXH HYLWDQ VX EHQGLFLRQ HVSLULWXDO HV VHU XQLQLFXR XQ
DQRPRV XQVLQ OH\ GH
'LRV<HVRHYLGHQFLDKDEHUDFHSWDGRXQDDXWRULGDGTXHQRFRUUHVSRQGHDODGHO'LRVTXHVHUHYHOD
>@
(QHVWDOLQHDKDTXHULGRHQWHQGHUHO&RPHQWDULR6DQ-HURQLPRHOWHUPLQR
LQLTXLGDG
FRPRXQDRSRVLFLRQD'LRVRSFSS
3LURW&ODPHUQRVLQGLFDTXHGLFKRSHUVRQDMHVHHULJHFRQWUDODOH\GH'LRVRSFS\HQHOFRPHQWDULRDHVDSRUFLRQGHORVWHRORJRV
GHO3RQWLILFLR,QVWLWXWR%LEOLFRGH5RPDRSFSORLQWHUSUHWDQFRPRDOJXLHQFRQWUDULRDODOH\GH'LRV
/DPDWL]DFLRQGH0DVVRQRSFSFRPSUHQGLHQGRODDSRVWDVLDGHOKRPEUHGHSHFDGRFRPRXQDEDQGRQRGHODOH\GH'LRVRFRPROD
GH&DQWHUD,JOHVLDVRSFSTXHFRQVLGHUDDO+RPEUHGH,QLTXLGDGFRPRVLHQGR$TXHOTXHUHFKD]DODDXWRULGDG\ODYROXQWDGGH'LRV
SRUODSRVWXUDLQWHULRUGHXQKRPEUHVLQOH\QRVSURSRUFLRQDQHOPDUFRLGRQHRSDUDYDORUDUDGHFXDGDPHQWHDHVDPDQLIHVWDFLRQGHO+RPEUH
GH 3HFDGR (Q HIHFWR SRFR LPSRUWDULD TXH HO VXVRGLFKR 3HUVRQDMH DSDUHQWDUD VHU ILHO D OD /H\ GH 'LRV SRU VX DFHSWDFLRQ GH FLHUWRV
PDQGDPLHQWRVTXHSRGULDQFLUFXQVFULELUVHGHQWURGHORTXHHOLGHDULRLPSHULDOURPDQR&RQVWDQWLQLDQRWDPELHQHVWDGLVSXHVWRDUHFRQRFHU6LVH
PDQWLHQHXQDSRVLFLRQFRQWUDULDDFLHUWRVPDQGDPLHQWRVGH'LRVHVVXILFLHQWHFRPRSDUDYHUGLEXMDGDXQDDXWRULGDG\YROXQWDGTXHVXVWLWX\HD
ODGH'LRV
(O ,PSHULR 5RPDQR GH GRQGH VDOH HVD PDQLIHVWDFLRQ GHO +RPEUH GH 3HFDGR WDPELHQ WHQLD VX PRUDOLGDG TXH VXV GLULJHQWHV SURFXUDEDQ
LQFXOFDU\WDPELHQKDFLDDOXVLRQDORVSULQFLSLRVUHOLJLRVRV\DODVOH\HVGH'LRV(OVHQWLGRGHODGLYLQL]DFLRQGHOHPSHUDGRUFUHDXQDFRQGXFWD
KLVWRULFDRSXHVWDD'LRVTXHLQWHJUDXQDUD]RQGHVHUGH$XWRULGDG\3RGHUVXSUHPRSDUDOHORDO'LRVYHUGDGHUR&RQVWDQWLQRTXHKHUHGDHVWD
RULHQWDFLRQ
QXQFDDEDQGRQRDVX'LRV
GHOTXHHUDVXSHUVRQLILFDFLRQHQODWLHUUD$OLVWDLU.HHRSFS\VLQHPEDUJRHQHVDVLPELRVLV
DERPLQDEOHHQWUHXQ,PSHULR5RPDQR\XQD,JOHVLDHVFDSD]GHLGHQWLILFDUDO'LRVGHORVFULVWLDQRVFRQVXGLRV6ROYHU1RUEHUW%UR[QRWD
$FHSWDHOPDQGDPLHQWRGHXQGLDGHUHSRVRGHDFXHUGRDODOH\GH'LRVSHURQRWLHQHLQFRQYHQLHQWHHQFRQYHUWLUFRQWRGRORTXHHVR
LPSOLFDHOGLDVDJUDGRTXHFRQPHPRUDODFUHDFLRQ\UHGHQFLRQHQHOGLDGHO6RORGRPLQJR'HFUHWR GHO (PSHUDGRU &RQVWDQWLQRGHOGH
PDU]R GHO DQR  FRQWHQLGR HQ HO&RUSXV MXULV FLYLOLV &RGH[ -XVWLQLDQXV /LYUH,,, WLW ;,, 'H IHULLV   9HU WDPELHQ &RQVWDQWLQR
FRQWUD&ULVWRGH$OLVWDLU.HHRSFSS\3RGLDSUHGLFDUVREUHHOPDQGDPLHQWRQRPDWDUDVSHURHVWRQRHUDDSOLFDEOHHQUHODFLRQD
ORVTXHHOFRQVLGHUDFRPRKHUHMHV(UDSHUIHFWDPHQWHXQDDFFLRQGHLQLTXLGDGVLQOH\DXWHQWLFDGH'LRVTXHPLVWHULRVDPHQWHVHGHVDUUROOD
SS\VHLQWHJUDHQORTXHFRQVWLWX\HHO,PSHULR5RPDQR
>@
6HU
DQRPLDVVLQOH\GH'LRVQRVLJQLILFDTXHQRWHQJDQDGDGHODOH\GH'LRVVLQRTXHODVPRGLILFDFLRQHVTXHVHKDFHQDOD/H\GH
'LRVORTXHUHVXOWDQRVHUHFRQRFHFRPR/H\GH'LRV
>@
6HJXQQXHVWURHVWXGLRHVHFRPLHQ]RSRGULDVHUDSDUWLUGHOFXPSOLPLHQWRGHWUHVLQVWDQWHVXQDYH]TXHHO,PSHULR5RPDQRHQODHSRFD
&RQVWDQWLQLDQDLQILOWUDODDSRVWDVLDHQXQD,JOHVLDTXHVLJXHODVFRQVLJQDVGHOHPSHUDGRUHQHOPRPHQWRHQTXHVHORJUDXQD,JOHVLD,PSHULDO
5RPDQD \ FXDQGR VH DORMD OD$XWRULGDG 6XSUHPD HQ XQ 5RPDQR 3RQWLILFH -HIH GH HVD ,JOHVLD ,PSHULDO 5RPDQD TXH YD HQFDUQDQGR HQ VX
SHUVRQDHVH,GHDO5RPDQRTXHVHKDVXVFLWDGRHQHOFRQVRUFLRFUHDGRHQWUHHO5RPDQLVPR&RQVWDQWLQLDQR\XQDFODVH(FOHVLDOTXHVHDSURSLD
HOQRPEUHGH&DWROLFD(VGHFLUFXDQGROD$XWRULGDG6XSUHPDGHO&HVDUODDVXPHHQVXFHVLRQSRUHO3DSDGR
5HVSHFWRDO,PSHULR5RPDQR-RVHSK5DW]LQJHUHODFWXDOSDSD%HQHGLFWR;9,DILUPD(O(VWDGRURPDQRHUDIDOVR\DQWLFULVWLDQR6X
PHQWLUDWRWDOLWDULDOHKDFLDGHPRQLDFR\WLUDQLFR(Q&RPPXQLRMXOLRDJRVWRS
>@
9HU3LURW&ODPHURSFSWDPELHQD9DFFDULGHO3RQWLILFLR,QVWLWXWR%LEOLFRGH5RPDHQQRWDVDOD6DJUDGD%LEOLDRSFS
/DH[LVWHQFLDGHHVD,JOHVLDUHSUHVHQWDGDSRUHOKRPEUHGHSHFDGRVHSURORQJDDWUDYHVGHOWLHPSRSDUDOHODPHQWHDOD,JOHVLDTXHJXDUGD\
DQXQFLDORVSULQFLSLRVGHO5HLQRGH'LRVOOHJDQGRKDVWDHOPLVPRILQFXDQGRODVSURIHFLDVDQXQFLDQHOUHWRUQRGH-HVXFULVWR
>@
(VWDLGHDGHTXHUHUVHUDGRUDGRFRPR'LRVODUHFRJH9DFFDULHQVXV1RWDVDOD6DJUDGD%LEOLDRSFS
)6SDGDIDUD/D%LEOLD GH HGLW /DERU YRO ,,, RS F S  H[OLFD HOVHQWDUVH HQ HO WHPSORFRPR VL HVWXYLHUD SRU HQFLPD GH WRGDV ODV
OH\HV\GHWRGDVODVIRUPDVGHUHOLJLRQ
>@
/RVSURGLJLRVGHPHQWLUDDOXGHQDPLODJURVTXHRELHQVRQIDOVRVHQFXDQWRDVXUHDOLGDGHKLVWRULFLGDGRELHQDXQTXHYHULGLFRVIDOVHDQ
HORULJHQ\ORVSURSRVLWRV3UHWHQGLHQGRVHUGH'LRVVRQGHORULJLQDGRUGHODPHQWLUDFI-Q(VWDIHQRPHQRORJLDPLODJUHUDGHODTXH
KDFHJDODHOKRPEUHGHLQLTXLGDGHVXVDGDFRPRLQVWUXPHQWRGHTXHVXUHOLJLRQHVODYHUGDGHUD3HURDQWHWDOSURIXVLRQGHJUDQGH]DVTXH
SRUGLIHUHQWHVPHGLRVVHGHVDUUROODQGHVGHODHSRFDGH3DEORKDVWDQXHVWURVGLDVHVFRQYHQLHQWHWHQHUHQFXHQWDODVSDODEUDVGH-HVXVFI
0WSRQHUHQSUDFWLFDHOFRQVHMRGH-XDQFID-Q\QRROYLGDUODH[LVWHQFLDGHHVDVLWXDFLRQWUDLGDSRUHO+RPEUHGH3HFDGR
TXHVXUJHHQODHSRFDGHO,PSHULR5RPDQR\VHSURORQJDKDVWDOD3DUXVLDGH&ULVWRD7HV
>@
)6SDGDIDUD/D%LEOLDGHHGLW/DERUYRO,,,RSFS
>@
2SFS
>@
 3RU FLWDU XQ HVSDQRO UHSUHVHQWDWLYR HO MHVXLWD )UDQFLVFR 6XDUH] HQ 'HIHQVD GH OD IH FDWROLFD \ DSRVWROLFD FRQWUD ORV HUURUHV GHO
DQJOLFDQLVPR,QVWLWXWRGH(VWXGLRVSROLWLFRVYROV0DGULGSXEOLFDGRRULJLQDOPHQWHHQ&RLPEUDHQ&LWDGRHQ5DPRQ$OEDRS
FSS(VWDREUDIXHSURKLELGDWDQWRHQ,QJODWHUUDFRPRHQ)UDQFLD
0RGHUQDPHQWH VDOYR DOJXQDV H[FHSFLRQHV FDVL WRGRV ORV DXWRUHV FDWROLFRV FUHHQ TXH HO$QWLFULVWR HV XQD SHUVRQD LQGLYLGXDO \ TXH VXUJH DO
ILQDO GH ORV WLHPSRV 9HU SRU HMHPSOR$QWRQLQR 5RPHR HQ (QFLFORSHGLD &DWROLFD DUWLFXOR
$QWLFULVWR
 9RO , &LXGDG GHO 9DWLFDQR  FRO
 6WUDXELQJHU (O 1XHYR 7HVWDPHQWR YRO ,9 RS F S &RPHQWDULR 6DQ -HURQLPR YRO ,,, RS F S  HO FRPHQWDULR D OD
%LEOLDGH-HUXVDOHQRSFS
>@
/LQGVH\&DUOVRQ/D$JRQLDGHO*UDQ3ODQHWD7LHUUDHGLW/LEHUWDGRU0DUDFDLER9HQH]XHODS\VV(YLV/&DUEDOORVD
(O'LFWDGRUGHO)XWXURXQHVWXGLRGHODVSURIHFLDVGHO$QWLFULVWR3RUWDYR]%DUFHORQD$UWKXU:3LQN (O$QWLFULVWR&OLH7HUUDVVD

>@
9HUD5DPRQ$OEDRSFSS
>@
5HVSHFWRDODLGHDGH/XWHURGHLGHQWLILFDUDO$QWLFULVWRFRQHO3DSDGRHVSURJUHVLYD9HU 2EUDVGH/XWHURYRO,RSFSS
$OD1REOH]D&ULVWLDQDHQOD&DXWLYLGDG%DELORQLFDGHOD,JOHVLDLGS$KRUDVH\HVWR\VHJXURGHTXHHO3DSDGRHVHO5HLQR
GH%DELORQLD
9HUVREUHHVWRD%XRQDLXWL /XWHURHOD5LIRUPDLQ*HUPDQLDSDOXGLHQGRDORSXVFXORGH/XWHURGRQGHVHLGHQWLILFDDO3DSDGRFRQHO
$QWLFULVWR:LGHUGDV3DSVWXP]X5RPYRP7HXIHO*HVWLIWHW&LWDGRSRU$9DXFKHUHQ(O$QWLFULVWRRSFS
9HUD&DOYLQRWDPELHQHQHO&RPPHQWDLUHVXU7RXWHVOHV(SLWUHVGHO
$SRWUH63DXO*HQHYHS
(VWDPLVPDRSLQLRQVHGHMDHQWUHYHUSRUORVDQWLJXRVUHIRUPDGRUHVHVSDQROHVFRPR$ORQVRGH3HQDIXHUWH&LWDGRHQ5DPRQ$OEDRSFS
TXHDSDUHFHFRPRWUDGXFWRUGHOD
,PDMHQGHO$QWLFULVWR
\TXHIXHSXEOLFDGDSRU8VR]\5LRHQ
(O MHVXLWD 0DQXHO /DFXQ]D VH RSXVR D OD FRUULHQWH LQGLYLGXDOLVWD HQ VX IDPRVD REUD/D 9HQLGD GHO 0HVLDV HQ *ORULD \ 0DMHVWDG 8OWLPD
HGLFLRQFRPSOHWDHQFDVWHOODQR5$FNHUPDQQ6WUDQGYROV/RQGUHV
(Q(VSDQDVHKDSXEOLFDGROD7HUFHUD3DUWHGHOD9HQLGDGHO0HVLDVHQ*ORULD\0DMHVWDG SRU(GLWRUD1DFLRQDO0DGULGLQFOXVR
DVHJXUDTXHDOKDEHUVXSXHVWRDO$QWLFULVWRFRPRXQDSHUVRQDVLQJXODUHVHORULJHQGHODVLQIXQGDGDVQRWLFLDVGHTXHGHHOWHQHPRV\TXH
VXSRQLHQGRDO$QWLFULVWRFRPRXQFXHUSRPRUDOVHHQWLHQGHFRQIDFLOLGDGORTXHQRVGLFHQODV(VFULWXUDV6HJXQGD3DUWHGHOD9HQLGDGHO
0HVLDVHQ*ORULD\HQ0DMHVWDG)HQRPHQR,,,SDUUDIR,\SDUUDIR9,,(O$QWLFULVWRQRHVRWUDFRVDTXHXQFXHUSRPRUDOFRPSXHVWRGH
LQQXPHUDEOHVLQGLYLGXRVSHURWRGRVXQLGRVPRUDOPHQWH\DQLPDGRVGHXQDPLVPRHVSLULWX2SFSDUWH,,SDUUDIR
(OFDWROLFR%X]\FRPHQWDQGRDGH7HVDORQLFHQVHVGHOD%LEOLD3LURW&ODPHUQRVLQGLFDTXHHVH+RPEUHGH3HFDGRSDUHFHULDXQSHUVRQDMH
SHURTXHHQHOOHQJXDMHDSRFDOLSWLFRORVLQGLYLGXRVUHSUHVHQWDQFROHFWLYLGDGHV\TXHHVWDVFRQVWDWDFLRQHVSUHOLPLQDUHVSUHSDUDQODSUXHEDGH
TXHHO$GYHUVDULRHVGHFLGLGDPHQWHXQDFROHFWLYLGDGRSFS
5DPRQ$OEDGDVXRSLQLRQHQVXHVWXGLR
'HO$QWLFULVWR

6HGHGXFHGHHVWRVWH[WRVTXHHO$QWLFULVWRHVSDUDHODXWRUGHODV(SLVWRODVFRPRXQWLSRXQPRGHORLGHDO!!RSFS
(O HVSHFLDOLVWD HQ DSRFDOLSWLFD$OIUHG 9DXFKHU KDFH XQDV PDWL]DFLRQHV RSRUWXQDV HQ UHODFLRQ DO VLJQLILFDGR GH OD &ROHFWLYLGDG XWLOL]DQGR OD
RSLQLRQ GHO WHRORJR SURWHVWDQWH 5LJDX[ %HGD /
$QWHFKULVW HW O
2SRVLWLRQ DX 5R\DXPH 0HVVLDQLTXH GDQV O
$QFLHQ HW OH 1RXYHDX
7HVWDPHQW*UHPEORX[S/DLQWHUSUHWDFLRQFROHFWLYDVHSUHVHQWDEDMRWUHVIRUPDVSULQFLSDOHV8QRVLGHDOL]DQDODQWLFULVWR\OR
FRQYLHUWHQ HQ HO VLPEROR GH XQ YLFLR R GH OD LPSLHGDG HQ JHQHUDO 2WURV TXLHUHQ YHU HQ HO KRPEUH GH SHFDGR OD GHVLJQDFLRQ GH XQ JUXSR
FRQFUHWRGHSHUVRQDV3RUXOWLPRVHKDSURSXHVWRHQWHQGHUDODFROHFWLYLGDGFRPRWHQLHQGRXQVRORUHSUHVHQWDQWHHQYLGD\HQDFWLYLGDGGHVGH
HOFRPLHQ]RGHOD,JOHVLDKDVWDHOILQGHORVWLHPSRV!!
$OIUHG9DXFKHUVHOHFFLRQDODWHUFHUDIRUPDFRPRODPDVVDWLVIDFWRULDRSFS
<DVLKDVLGRFRPSUHQGLGRSRUGLIHUHQWHVDXWRUHVDGHPDVGHORVUHIRUPDGRUHV\DFLWDGRV
-RVH,JQDFLR2OPHGRFRUULJHD/DFXQ]DFRQVLGHUDQGRDO$QWLFULVWRDGHPDVGHXQFXHUSRPRUDOFRPRHVWDQGRHQFDEH]DGRSRUXQLQGLYLGXRHQ
5HVWDXUDFLRQGHO5HLQRGH,VUDHO%XHQRV$LUHVS^FLWDGRSRU$OIUHG9DXFKHUHQ(O$QWLFULVWRRSFS`
(O WHRORJR MHVXLWD HVSDQRO %RYHU QRV GLUD TXH VH WUDWD GH XQDSHUVRQD TXH FRQFUHWD XQD WHQGHQFLD \ FROHFWLYLGDG HQ ODV(SLVWRODV GH 6DQ
3DEORRSFS
6HWUDWDULDGHDFXHUGRDODHYLGHQFLDWH[WXDODODH[HJHVLV\DODKLVWRULDTXHKHPRVSUHVHQWDGRGHXQD&ROHFWLYLGDGTXHVHUHSUHVHQWDSRU
XQDSHUVRQDLQVWLWXFLRQDOTXHVHUHSLWHDWUDYHVGHODKLVWRULDGHVGHORTXHUHVXOWDGHODHSRFD&RQVWDQWLQLDQDKDVWDQXHVWURVGLDV&XDQGRXQ
LQGLYLGXRUHSUHVHQWDHQGLIHUHQWHVPRPHQWRVGHODKLVWRULDDXQVLVWHPDGHPDOGDGQRHVFRPRLQGLYLGXRHOVLVWHPDGHPDOGDGVLQRFXDQGRHV
WUDVFHQGLGRSRUODLGHRORJLDTXHVHKDYHUWLGRHQHOVLVWHPDTXHUHSUHVHQWD
$SHVDUGHODVSURWHVWDVGHOSDSDTXHGRUHIOHMDGRSRUHVFULWRORTXHODV,JOHVLDV5HIRUPDGDVGH)UDQFLDH[SUHVDURQHQXQDUWLFXORDJUHJDGRHQ
DODFRQIHVLRQGHIHSRUHOVLQRGRQDFLRQDOGH*DS
3XHVWRTXHHORELVSRGH5RPDKDELHQGROHYDQWDGRXQDPRQDUTXLDHQODFULVWLDQGDGDWULEX\HQGRVHXQDGRPLQDFLRQVREUHWRGDVODVLJOHVLDV\
ORVSDVWRUHVVHKDHOHYDGRKDVWDHOSXQWRGHOODPDUVHDVLPLVPR'LRVGHTXHUHUVHUDGRUDGRGHMDFWDUVHGHWHQHUWRGRSRGHUHQHOFLHOR\HQ
ODWLHUUDGHGLVSRQHUGHWRGDVODVFRVDVHFOHVLDVWLFDVGHGHFLGLUVREUHDUWLFXORVGHIHGHDXWRUL]DUHLQWHUSUHWDUDVXSODFHUODV(VFULWXUDVGH
WUDILFDUFRQODVDOPDVGHGLVSHQVDUGHYRWRV\MXUDPHQWRVGHRUGHQDUQXHYRVVHUYLFLRVGH'LRV\HQORTXHUHVSHFWDDORUGHQGHSLVRWHDUOD
DXWRULGDG OHJLWLPD GH ORV PDJLVWUDGRV DO TXLWDU DO SRQHU \ DO FDPELDU ORV UHLQRV 1RVRWURV FUHHPRV \ VRVWHQHPRV TXH HV SURSLDPHQWH HO
DQWLFULVWR \ HO KLMR GH SHUGLFLRQ SUHGLFKR HQ OD 3DODEUD GH 'LRV EDMR HO HPEOHPD GH OD UDPHUD YHVWLGD GH HVFDUODWD!! *XLOODXPH$GDP GH
)HOLFH+LVWRLUH GHV 3URWHVWDQWV GH )UDQFH  D HGLFLRQ 7RXORXVH  S  ) 3XDX[ +LVWRLUH GH OD 5HIRUPDWLRQ )UDQFDLVH,9
3DUVS&LWDGRSRU$9DXFKHUHQHO$QWLFULVWRRSFS
2WUDV FRQIHVLRQHV GH IH SURWHVWDQWHV VHJXQ 9DXFKHU  (O$QWLFULVWR RS F S  VH KDQ PDQLIHVWDGR GHO PLVPR PRGR OD GH ORV$UWLFXORV
,UODQGHVHV GH 5HOLJLRQ HQ  6DFDGR GH 3KLOLS 6FKDII%LEOLRWHFD 6\PEROLFD 1XHYD<RUN  ,,, SDJ  \ OD GHO FS  GH OD
FRQIHVLRQGH:HVWPLQVWHU2EWHQLGRGH6FKDIISO,,S
8QMHVXLWDHQWUHRWURVVHJXQ9DXFKHUVHPDQLILHVWDGHVHPHMDQWHPRGR
1RKD\OXJDUSDUDEXVFDURWURDQWLFULVWRLPSRVLEOHHQFRQWUDUXQRPDVJUDQGHTXHHVWH(OFULVWLDQLVPRQRVDEULDYHUHQHOPLVPRLQGLYLGXR
HQODPLVPDLJOHVLDVREUHHOPLVPRWURQRDOPLQLVWURGH'LRV\DOGH6DWDQDVDOSDVWRUOHJLWLPR\DOODGURQ\DVHVLQRDOYLFDULRGH&ULVWR\DO
DQWLFULVWRDOFHQWURGHODXQLGDG\DODUDPHUDGH$SRFDOLSVLVDODLJOHVLDGH'LRV\DODVLQDJRJDGH6DWDQDV9LWWRUHGL60DULD6RSUDXVLHQ
5HIOHVVLRQVVXOODWKLHVDGHL7HPSL3UHVHQWL&RG9DWIRO&LWDGRSRU$9DXFKHUHQHO$QWLFULVWRRSFS
-RVHSK&DOPHWWHGLUD
'H%HQHGLFWR9,,,D%HQHGLFWR,;'XUDQWHHOWLHPSRHQTXHORVVLQWRPDVGHXQDGHSXUDFLRQPRUDOODLQIOXHQFLDGHORV3DWDUHVFRPLHQ]DQ
D PDQLIHVWDUVH OD 6DQWD 6HGH FDH DO QLYHO PDV EDMR GH VX KLVWRULD %HQHGLFWR 9,,, XQ 7HRILOHFWR GH OD IDPLOLD GH ORV 7XVFXODQV KDFH
DGPLQLVWUDUORVELHQHVGHOD,JOHVLDSRUVXKHUPDQR5RPDQR\HVWHVHLQVWDODDVXPXHUWHFRPRXQELHQGHODIDPLOLDEDMRHOQRPEUHGH-XDQ
;,;GHVSXHVHVODYXHOWDGHOVREULQR%HQHGLFWR,;SDSDDORVDQRV
XQJROILOOR
HVFULEH'XFKHVQH&XDQGROOHJRDODHGDG
GHKRPEUHPHUHFLRSRUVXVHVFDQGDORVHOQRPEUHTXHOHGHVKRQURHO GLDEOR HQ OD VLOOD GH 6 3HGURGLDERORVLQFDWWHGUD6DQFWL3HWUL/H
0RQGH)HRGDO3DULVS
9DULRV DXWRUHV FDWROLFRV UHFRQRFHQ ODV DFWLWXGHV SHFDPLQRVDV \ HUURQHDV HQ GLIHUHQWHV PDWHULDV \ RWURV SODQWHDQ TXH LQGDJXHPRV OD
SRVLELOLGDGGHTXHHOSDSDGRHVHO$QWLFULVWR
.DUO $GDP QR WHQGUD LQFRQYHQLHQWH HQ SUHVHQWDU ORV DVSHFWRV KRUULEOHV GH XQD HSRFD HQ OD TXH OD ,JOHVLD &DWROLFD 5RPDQD HYLGHQFLR
FODUDPHQWHODVFRQVHFXHQFLDVGHODDSRVWDVLD
/D DXWRULGDG GHO 3RQWLILFH VXSUHPR DPHQD]DGR GRJPDWLFDPHQWH LQHYLWDEOHPHQWH QR WDUGR HQ VXIULU XQ GHELOLWDPLHQWR PRUDO (VWR IXH OD
REUDGHORV3DSDVGHO5HQDFLPLHQWRTXHSUDFWLFDURQHQVXSURSLDYLGDHOFXOWRDOVXSHUKRPEUH,QIOXHQFLDGRVSRUHOGHVSHUWDPLHQWRGHOLGHDO
DQWLJXRGHODKXPDQLGDGVHHQWUHJDURQDXQDERUUDFKHUDGHPRQLDFDGHOSRGHU\DWRGDVODVSDVLRQHV(VWRIXHODIDWDO
%XODGHODV%UXMDV
GH
,QRFHQFLR 9,,, FX\D YLGD HUD SRU RWUD SDUWH HVFDQGDORVD 5HFRUGDPRV WDQWR ODV REUDV LQGLJQDV ORV HQYHQHQDPLHQWRV \ HO OLEHUWLQDMH GH
$OHMDQGUR9,\GHVXKLMR&HVDU%RUMDHPSXMDGRVSRUXQKDPEUHGLDEROLFDGHFULPHQHV\GHSRGHUGHVSXHVODPXHUWHVREUHODKRJXHUDGHO
VDQWRGRPLQLFR6DYRQDURODTXHULGDSRU$OHMDQGUR9HUVO
8QLWH&KUHWLHQQH3DULVS
(OIDPRVR+DQV.XQJ
(QWRGRWLHPSROD,JOHVLDKDFRPSDUWLGRODUHVSRQVDELOLGDGHQHOFRPLHQ]RGHODVJUDQGHVKHUHMLDVFDVLVLHPSUHSRUTXHHOODKDROYLGDGRD
PHQXGRLQFOXVRDOWHUDGR\IDOVLILFDQGRHOHYDQJHOLR!!+DQV.XQJFHOHEUHWKHRORJLHQFDWKROLTXH/
(JOLVH%UXJHVS
/DVVLJXLHQWHVFLWDVGLFKDVSRUDXWRULGDGHVPD[LPDVGHOD,JOHVLD&DWROLFDGHEHQSRQHUQRVHQODGLV\XQWLYDGHKDFHUXQDLQYHVWLJDFLRQFRPROD
TXHDSRUWDPRVHQSDJLQDVDQWHULRUHV
8QDHVGHOFDUGHQDOFDWROLFR+HQU\(GZDUG0DQQLQJTXHGLFHDFHUFDGHOFDWROLFLVPR
8Q VLVWHPD WDO HV WDQ GLIHUHQWH GH WRGR OR TXH HV KXPDQR WLHQH FRQQRWDFLRQHV VHQDOHV PDUFDV GH XQD FDUDFWHU WDQ HYLGHQWHPHQWH
VREUHQDWXUDOTXHORVKRPEUHVUHFRQRFHQHQHOKR\\DVHDHO&ULVWR\DDODQWLFULVWR1RKD\PHGLRHQWUHHVWRVGRVH[WUHPRV
1R KD\ RWUD VROXFLRQ IXHUD GH HVWD DOWHUQDWLYD 2 ELHQ OD ,JOHVLD &DWROLFD HV OD REUD PDHVWUD GH 6DWDQDV R ELHQ HV HO UHLQR GH ORV KLMRV GH
'LRV!!(Q7KH)RXUIROG6RYHUHLJQW\RI*RRG/RQGUHVSSO&LWDGRSRU9DXFKHUHQHO$QWLFULVWRRSFS
2WURFDUGHQDOFDWROLFR-RKQ+HQUL1HZPDQVHH[SUHVDEDPDVRPHQRVLJXDO
/DFXHVWLRQHQUHDOLGDGVHUHVXPHHQHVWDDOWHUQDWLYD/D,JOHVLDGH5RPDHVODFDVDGH'LRVRODGH6DWDQDVQRKD\FDPLQRLQWHUPHGLR
HQWUHHVWDVGRVSRVLFLRQHV"+DGHMDGR&ULVWRRQRKDGHMDGRDXQUHSUHVHQWDQWHWUDVGHVL"$TXHOTXHKDEODHQQRPEUHGH&ULVWRGHEHVHUVX
YHUGDGHURHPEDMDGRURHODQWLFULVWRQRSXHGHVHURWURTXHHODQWLFULVWRVLQRKD\HPEDMDGRUGHVLJQDGR
6HDQFXDOHVIXHUHQVXVDFWRVHVPX\VDQWRRPX\FXOSDEOHVHJXQWHQJDRQRODDXWRULGDGUHTXHULGD2HVRVDFWRVVRQORVGHO&ULVWRRHVHO
DQWLFULVWR VX DXWRU SHUWHQHFHQ DO DQWLFULVWR VL &ULVWR QR HV VX DXWRU 1R KD\ FDPLQR LQWHUPHGLR HQWUH HO YLFH&ULVWR \ HO DQWLFULVWR
+LVWRULFDPHQWH XQ RUGHQ VDFHUGRWDO FRQVWLWX\H OD HVHQFLD GH OD LJOHVLD VL HVH RUGHQ VDFHUGRWDO QR HV GH LQVWLWXFLRQ GLYLQD FRQVWLWX\H OD
HVHQFLDGRFWULQDOGHODQWLFULVWR!!7KH3URWHVWDQWLGHDRI$QWLFKULVW(VVD\V&ULWDQG+LVWOOSSOO&LWDGRHQLGHPDQWHULRU
<SRUXOWLPRXQWHRORJRFDWROLFRQRVLQYLWDDODFRQVXOWDGHODUHYHODFLRQSDUDFRPSUREDUVLHOSDSDGRHVHODQWLFULVWR
(OSDSDGR"VHIXQGDVREUHODYROXQWDGGH&ULVWRRHQHOKDHQFRQWUDGRHODQWLFULVWRXQDIRUPDKLVWRULFD"3DUDFULVWLDQRVFUH\HQWHVVROROD
OX]GHODUHYHODFLRQSXHGHUHVROYHUHVWDFXHVWLRQ!!.DUO$GDP9HUVO
8QLWH&KUHWLHQQHRSFS&LWDGRHQLGHP
>@
 9HG /DYRFDFLRQGHSRGHUHQODHUDGHODJOREDOL]DFLRQOD QHFHVLGDG GH XQ JRELHUQR PXQGLDO FRPR VHQWLGR GH OD KLVWRULD
HGLWDHODXWRU=DUDJR]D
>@
(GLF0HQVDMHUR%LOEDR
>@
,GSS
>@
,GS
>@
,GS
>@
9HUD:ULJKWHQ$UTXHRORJLD%LEOLFDRSFSS
>@
 9HU FRPR VH WUDWD GH PRVWUDUQRV OD LQHUFLD H LQFRQVFLHQFLD GH OD SURSLD 0DWHULD DXQTXH QDUUDGD PLWRORJLFDPHQWH HQ 0LUFHD (OLDGH
+LVWRULDGHODV&UHHQFLDVYRO,S
>@
 1RWHVH D TXH GHVWLQR OOHJDQ QDGD PHQRV TXH ORV GRV GLRVHV SURJHQLWRUHV GH WRGRV ORV GHPDV /D LGHD VHULD FRPR WRGR UHWRUQD D OD
PDWHULDHWHUQDGHODTXHVHPDQLILHVWDVHU(QHOFDVRGH$SVXHV(DGHTXLHQVHUHYLVWHDEVRUELHQGROH(QHOFDVRGH7LDPDWVHFRQYLHUWHHQ
SDUWHVPDWHULDOHVGHOFRVPRVWLHUUD\FLHOR
>@
9HU0LUFHD(OLDGH+LVWRULDGHODV&UHHQFLDVYRO<RSFS
>@
,G
>@
$/HR2SSHQKHLQ$QFLHQW0HVRSRWDPLDFLWDGRSRU0LUFHD(OLDGH+LVWRULDGHODV&UHHQFLDVYRO,S
>@
3XHGHYHUVHD=XUFKHUHQ/
+RPPHRSFSWDPELHQD9LQFHQW(UPRQL/D%LEOHHWOD$VV\ULRORJLH3DULVS
<D0LUFHD(OLDGH+LVWRULDGHODV&UHHQFLDVYRO,SS
$XQTXH HVWD LQPRUWDOLGDG HVWD DWHVWLJXDGD SRU ORV VDFHUGRWHV FDOGHRV H LQGHSHQGLHQWHPHQWH GH ODV PDWL]DFLRQHV TXH VH YDQ KDFLHQGR \ HO
GHVDUUROORGHODWUDVPLJUDFLRQGHODVDOPDVTXH3LWDJRUDVUHFRJHUDGHHOORVHVSUHFLVRFRPSDJLQDUHVDLQPRUWDOLGDGFRQODSRVLEOHSHUGLGDGHOD
H[LVWHQFLDFRQTXHVHPDQLILHVWDQHQXQPRPHQWRGHWHUPLQDGRFLHUWRVGLRVHV\ODWUDQVIRUPDFLRQHQRWUDFRVDLQWHJUDGDHQODPDWHULDHWHUQD
>@
9HUVREUHHVWRD:ULJKW$UTXHRORJLD%LEOLFDRSFS
>@
+LVWRULD*HQHUDOGHODV&LYLOL]DFLRQHV2ULHQWH\*UHFLD$QWLJXDYRO,RSFS
>@
9HUD<)HVWXJLHUHHQ/D5HYHODWLRQG
+HUPHV7ULVPHJLVWH3DULVYRO,SS
>@
(QVXOLEUR8UOD&LXGDGGHORV&DOGHRV)RQGRGH&XOWXUD(FRQRPLFD0H[LFRSS
>@
 (Q HVWD QRWD TXHUHPRV DOXGLU D (JLSWR SRUTXH DXQTXH QXQFD OOHJR D VHU XQ LPSHULR XQLYHUVDO DO HVWLOR GH ORV TXH FRPHQWDPRV \ DXQ
FXDQGRQRVHLQFOX\DFRQ%DELORQLDDSRUWDDOJXQDPDWL]DFLRQTXHHVSUHFLVRUHVHQDUSDUDFRPSUHQGHUFLHUWDHYROXFLRQSRVWHULRU\GHMDQGRD
XQODGRRWUDVGLYLQLGDGHVLPSRUWDQWHV2VLULVSRUHMHPSOR\ORVSURFHVRVHYROXWLYRVTXHFRQOOHYDHOFRQWHQLGRUHOLJLRVR WRGDYLD QR DFODUDGR
SOHQDPHQWH SRGHPRV VHOHFFLRQDU XQ VLVWHPD TXH LQIOXLUD WDQWR HQ OD SROLWLFD GH (JLSWR FRPR HQ RWUDV GH DOJXQRV ,PSHULRV TXH YHQGUDQ
SRVWHULRUPHQWH6HFUHDXQDWHRORJLDVRODUHOGLRV6RO5DTXHWHQGUDXQDWUDVFHQGHQFLDKLVWRULFDHQRWUDVFLYLOL]DFLRQHV\TXHVHLPSRQHHQ
WRGR (JLSWR FRQ OD ILQDOLGDG GH DILDQ]DU ODPRQDUTXLD DEVROXWLVWD\ RPQLSRWHQWH UHSUHVHQWDGD SRU HO )DUDRQ +LVWRULD *HQHUDO GH ODV
&LYLOL]DFLRQHV YRO , RS F SS   (O )DUDRQ HV GLRV HO KLMR SUHFLVDPHQWH GH 5D ,G S  \ HVWR SRVHH XQ YDORU SROLWLFR GH
SULPHUDPDJQLWXG(O)DUDRQUHSUHVHQWDODLPDJHQGHODRPQLSRWHQFLD\VXSHULRULGDGVREUHFXDOTXLHURWURKRPEUHFRPXQGHHVWHPRGRWRGRV
GHEHQVXERUGLQDUVH1RSXHGHKDEHUXQLGDGVLQVXSUHPDFLD
(O)DUDRQSRVHHHOWLWXORGH
6XPR3RQWLILFH\DTXHWHQLDHOHQFDUJRGHVHUODLPDJHQGHODGLYLQLGDGFRQILULHQGRVHHODWULEXWRGHODLQIDOLELOLGDG
3DUDHVWHDVXQWRSXHGHYHUVHD$OH[DQGUH+LVORS/HV'HX[%DE\ORQHVRSFSS&LWDD:LOTXLQVRQTXHDSRUWDGRFXPHQWDFLRQ
SUHFLVDVREUHODWHPDWLFDH[SXHVWD
7RGR HO VLVWHPD WHRORJLFR \ FHUHPRQLDO VH LQYHQWD FRQ HO REMHWLYR GH ILMDU FDGD YH] PDV OD GLYLQL]DFLRQ GHO IDUDRQ \ OD QHFHVLGDG GH OD
REHGLHQFLDSRUSDUWHGHORVVXEGLWRVTXHVHXQHQDOUHGHGRUGHOD
SHUVRQDGLYLQD
TXHHVHOUH\3DUDQRVRWURVDXQTXHHPSOHDPRVHVWDSDODEUD
LQYHQWDU QR WRWDOPHQWH VLQ UD]RQ FUHHPRV TXH ORV PRQDUFDV DQWLJXRV HUDQ GLULJLGRV GH XQ PRGR R GH RWUR SRU DTXHOORVGLRVHV D ORV TXH
GHFLDQFUHHU
(O )DUDRQ HQFDUQD DO (VWDGR HO (VWDGR VR\ \R 'H DKL TXH ORV SURSLRV FHWURV \ FRURQDV DWULEXWRV UHDOHV VHDQ UHSUHVHQWDGRV SRU 2VLULV
+LVWRULD*HQHUDOGHODV&LYLOL]DFLRQHVRSFS\TXHKD\DVLGRSUHFLVRDILUPDUODLQPRUWDOLGDGGHODOPD\HOFXOWRDO)DUDRQPXHUWR
,GS\DTXHVHJXLUDYLYLHQGR\RIUHFLHQGREHQGLFLRQHVVREUHHOUHLQRDGHPDVGHTXHWRGRHVWHHQJUDQDMHSHUSHWXDODIRUPXOD
SROLWLFDTXHKDFHSRVLEOHOD8QLGDG\ODSURORQJDFLRQGHOUHLQR
"<TXHKDFHHO)DUDRQXQDYH]VXELGRDOFLHOR"6LHOUHLQRWHUUHVWUHHVXQDLPLWDFLRQGHOFHOHVWHHVLPSUHVFLQGLEOHTXHDKRUDHO)DUDRQHQHO
FLHORVHLGHQWLILTXHFRQHOGLRV6RO5DSDUDJREHUQDUHOUHLQRFHOHVWH,GS
(VWDGRFWULQD6RODU\ODGHOUHLQRWHUUHVWUHFHOHVWHMXQWRDODGLYLQL]DFLRQGHOUH\TXHRULHQWDQODPRQDUTXLDDEVROXWLVWDODDXWRULGDGVXSUHPD
MXQWRDODLPSRVLFLRQGHODXQLGDGGHWRGRVVXERUGLQDQGRVH\REHGHFLHQGRLQFRQGLFLRQDOPHQWHHQFRQWUDUDLPLWDGRUHVRVHFRPSOHPHQWDUDFRQ
HOLGHDULR0HVRSRWDPLFR%DELORQLFRWUDVSDVDQGRVHFRQODVPDWL]DFLRQHVDGHFXDGDVDXQDSRVWHULGDGTXHKDUDXVRGHHVHFDXGDOLGHRORJLFR
SDUDLQWHQWDUDFDSDUDUODVXSUHPDFLDPXQGLDO
(QWUHVDFDPRV XQRV SDUUDIRV D PDQHUD GH FRQFOXVLRQ GH OD DSRUWDFLRQ HVHQFLDO HJLSFLD D OD PDUFKD GH OD SROLWLFD XQLYHUVDO GH OD+LVWRULD
*HQHUDOGHODV&LYLOL]DFLRQHVGLULJLGDSRU0DXULFH&URX]HW
ODFLYLOL]DFLRQHJLSFLD'HELDVXDXWRQRPLDDODFRKHVLRQTXHXQLDWRGDVVXVPDQLIHVWDFLRQHVFRQODRPQLSRWHQFLDGHO(VWDGR\GHORV
GLRVHV(QRWURVOXJDUHVVHSXHGHHQFRQWUDUHOSULQFLSLRGHXQDFRKHVLRQDQDORJD

0XFKR WLHPSR DQWHV GH PRULU KDELD LQIOXHQFLDGR DOJR D RWUDV FLYLOL]DFLRQHV 2IUHFLR XQ LGHDO D PXFKRV VREHUDQRV WDQWR SRU OD GRFWULQD
PRQDUTXLFD TXH MXVWLILFDED VX DEVROXWLVPR FRPR SRU OD SHUIHFWD RUJDQL]DFLRQ GH OD DGPLQLVWUDFLRQ TXH FDQDOL]DED WDQWDV ULTXH]DV KDFLD HO
JRELHUQRFHQWUDO(QHVSHFLDOODVPRQDUTXLDVKHOHQLVWLFDXQDGHHOODVVHLQVWDORHQ(JLSWR\HO,PSHULR5RPDQROHFRSLDURQDOPHQRVDOJXQDV
WHQGHQFLDV\DYHFHVLQVWLWXFLRQHVSUHFLVDV!!2SFS
(ODVSHFWRUHOLJLRVRFUHDODXUGLPEUHQHFHVDULDDGTXLULHQGRXQDSROLWLFDHVSHFLILFDTXHSHUPLWHDO6REHUDQRLPSRQHUXQ(VWDGR\XQD$XWRULGDG
SOHQLSRWHQFLDULDGHVFDQVDQGRWDQWRHOXQRFRPRODRWUDHQOD
SHUVRQDGLYLQD
GHOUH\(VWHWHMLGRFRPRYHUHPRVVHKDUDSHUPDQHQWHHQOD
KLVWRULD
>@
,GS
>@
/HV'HX[%DE\ORQHVRSF3XHGHYHUVHDORODUJRGHWRGRVXOLEUR
>@
9HU%DELORQLD0LVWHULR5HOLJLRVRRSFS/DFLWDGH/D\DUGHVWDVDFDGDGHOOLEURFLWDGRYRO,,S
+HURGRWR \D QRV GHFLD DOJR SDUHFLGR< PRGHUQDPHQWH ORV HVWXGLRV GH KLVWRULDV GH ODV UHOLJLRQHV YDQ SRU HVH FDPLQR YHU 0LUFHD (OLDGH
+LVWRULDGHODV&UHHQFLDV\GHODV,GHDV5HOLJLRVDVYRO,RSFS
>@
9HU0LUFHD(OLDGHYRO,RSFS
/DXQLILFDFLRQVHUHDOL]DPHGLDQWHODLPSRVLFLRQGHODVXSUHPDFLDDFDGLDVREUHORVVXPHULRVDXQFXDQGRORVYHQFHGRUHVDFHSWDURQODLGHRORJLD
GHORVYHQFLGRVLG
>@
(OHPLQHQWHRULHQWDOLVWD61.UDPHUVHJXQ0LUFHD(OLDGHHQ+LVWRULDGHODV&UHHQFLDV\GHODV,GHDV5HOLJLRVDVYRO,RSFS
 GHPXHVWUD TXH ODV SULPHUDV QRWLFLDV FRQWHQLGDV HQ GRFXPHQWRV HVFULWRV VREUH GLIHUHQWHV FRQFHSFLRQHV UHOLJLRVDV \ GH RWURV DPELWRV VH
KDQFRQVHUYDGRHQWH[WRVVXPHULRVGHODUHDPHVRSRWDPLFDGHFX\DFXOWXUDVXUJLUD%DELORQLDODFXDOGHDFXHUGRD-RDQ2DWHVDGRSWDUDFDVL
FRPSOHWDPHQWHWRGRHOFRQWHQLGRGHORVYDORUHVUHOLJLRVRVPLWRORJLFRVDUWLVWLFRVHGXFDWLYRV\OLWHUDULRV%DELORQLDRSFS
>@
9RO,,RSFS
>@
(Q/D+LVWRULDGHODV&LYLOL]DFLRQHVYRO,RSFVHGLFH
0LHQWUDVTXHHOUH\HJLSFLRFRQFHELGRSRUXQSDGUHGLYLQRHGXFDGRGXUDQWHVXMXYHQWXGSRUODVGLYLQLGDGHVHQHOPRPHQWRGHVXDVFHQVLRQ
HVHOHYDGRDOUDQJRGHORVGLRVHVHOUH\PHVRSRWDPLFRHVVRORHOUHSUHVHQWDQWHGHODGLYLQLGDGFHUFDGHORVKRPEUHVHOLQWHUPHGLDULRHQWUH
HOPXQGRGLYLQR\HOKXPDQR!!S
&RQUHODFLRQDODSHUVRQLILFDFLRQGHODGLYLQLGDGSRUSDUWHGHO6REHUDQR0LUFHD(OLDGHFRQVLJQD
6HJXQXQDLQVFULSFLRQGH6HQDTXHULEVHSXHGHVXSRQHUTXHKDELDXQDUHSUHVHQWDFLRQGHODEDWDOODSULPRUGLDOHQODTXHHOUH\SHUVRQLILFDED
D$VXUGLRVTXHKDELDVXVWLWXLGRD0DUGXN!!RSFS
>@
+DPPXUDELVHGDHOWLWXORGH
GLRVGHORVUH\HV
+LVWRULDGHODV&LYLOL]DFLRQHVYRO,RSFS$QLYHOSHUVRQDODOJXLHQLQGLFDGH
TXH+DPPXUDEL HV PL GLRV LG ([SUHVLRQHV LGHQWLFDV DSDUHFHQ HQ OD %DMD 0HVRSRWDPLD GXUDQWH ORV PLOHQLRV ,,, \ ,, SHUR QR QRV GHEH
FRQIXQGLUSRUTXHODLGHDDXQFXDQGRQRGLVPLQX\DSRUHVRHOHOHPHQWRLGRODWULFRQLGHUHSUHVHQWDFLRQGHODGLYLQLGDGYLHQHDVLJQLILFDUHQHO
SULPHUFDVRTXH+DQPXUDELHVFRPRVLIXHUDGLRVGHORVUH\HV6XDFWXDFLRQHQODTXHGREOHJDDORVHQHPLJRVRHQODTXHVRPHWHDRWURV
UH\HVHVXQSDUDOHORGHODVXERUGLQDFLRQGHWRGRVDGLRV
,QGHSHQGLHQWHPHQWHGHTXHFRPRWRGRVHUKXPDQRKDVDOLGRGHODPLVPDHVHQFLDGLYLQDUHFXHUGHVHTXHVDOHGHODVDQJUHGHOGLRV.LQJXKD\
XQPDWL]GLVWLQWRUHVSHFWRDO)DUDRQTXHHVKLMRHQJHQGUDGRGHOGLRV
>@
/DVH[SUHVLRQHV
UH\GHOPXQGR
RGHODVFXDWURUHJLRQHVGHOXQLYHUVRVHUHVHUYDEDQSDUDORVGLRVHV0LUFHD(OLDGHYRO,RSFS

>@
(QFXDQWRDODVDFWLWXGHVKDFLDHOUH\FRPRVLIXHUDXQGLRVSXHGHYHUVHD-RDQ2DWHV%DELORQLDRSFSS
>@
(QFXDQWRDODSHFXOLDULGDGGHOFXOWRGHDGRUDFLRQSXHGHFRQVXOWDUVHD+LVORS/HV'HX[%DE\ORQHVRSFSFXDQGRGLFH
(O UH\ GH %DELORQLD FRPR 6XPR 3RQWLILFH HUD DGRUDGR  /RV UH\HV  OOHYDEDQ HQ ORV SLHV VDQGDOLDV TXH ORV UH\HV YHQFLGRV WHQLDQ HO
KDELWRGHEHVDU!!
(QQRWDDSDUWHWUDHHOWHVWLPRQLRGH/D\DUG1LQLYHHWVHVUXLQHVYRO,,S\1LQLYHHW%DE\ORQHSGRQGHVHGHPXHVWUDTXH
HO6REHUDQREDELORQLFRUHFLELDXQFXOWR
>@
0LUFHD(OLDGHYRO,RSFS
(VWDVDFUDOL]DFLRQVHFRPSUXHEDWRGDYLDPDVHQODFHOHEUDFLRQGHO$QR1XHYRHQHOTXHHOPRQDUFDVXIULDXQDHVSHFLHGHPXWDFLRQHQODTXH
FHOHEUDEDXQPDWULPRQLRVDJUDGRFRQODGLRVD,QDQQD(QGLFKDILHVWDGH$QR1XHYRKDELDXQDUHSUHVHQWDFLRQPLWLFRULWXDOHQODTXHVHSHGLD
ODUHJHQHUDFLRQGHOFRVPRV(QORVXOWLPRVGLDVGHODQRVHVXFHGLDQRUJLDVFRQODDQXODFLRQGHWRGRHORUGHQVRFLDO(VWRVHFRQRFHUDGHVSXHV
FRQWUD]RVVHPHMDQWHVHQ(JLSWRHQ,UDQHQ5RPDODV6DWXUQDOHVYHUD0LUFHD(OLDGHYRO,RSFS
>@
,G
>@
9HUD+LVORSRSFS\D:LONLQVRQHQ/HV(J\SWLHQVOLEUR,FDSSFLWDGRSRUHOSURSLR+LVORSHQHOPLVPROXJDU
>@
0LUFHD(OLDGH9RO,RSFS
>@
,GS
>@
+LVWRULDGHODV&LYLOL]DFLRQHVYRO,RSFS
>@
,GS
>@
9HUSDUDHODSRJHRGHOGLRV6ROHQHSRFDEDELORQLFDD0LUFHD(OLDGHYRO,RSFS3DUDVXSRVLFLRQXQLFDYHUD-RDQ2DWHVRSF
S
(QODHSRFDGHOD%DELORQLDVHPLWLFDVHDGRUDFRPRGLRVVXSUHPRD%D
DO%DOXTXHVXSRQLHQGRVHTXHPRUDEDHQODOX]VHOHKL]RFRQVLGHUDU
DO6ROFRPRVXVLPEROR(QODSURSLD%DEHOODGHLGDGORFDOSULPLWLYDPHQWHVRODUHV0DUGXNYHU+LVWRULD8QLYHUVDOGH2QFNHQYRO,,RSF
S
>@
-RDQ2DWHVRSFS
>@
0LUFHD(OLDGHYRO,RSFS
>@
,GS
>@
0LUFHD(OLDGHYRO,RSFS6HJXQODPLWRORJLDPHVRSRWDPLFD7DPPX]OOHJDDHQFDUQDUDORVGLRVHVMRYHQHVFX\RGHVWLQRHUDOD
PXHUWHHQFDGDDQR/RVUH\HVTXHFRPSDUWLDQHVWDPLVPDVXHUWHOHVUHSUHVHQWDEDQ\FHOHEUDEDQFDGDDQRQXHYRODUHFUHDFLRQGHOPXQGR
(VWRSHUPLWLDFRQFHELUHQHOSURFHVRFRQWLQXR\DOWHUQDGRGHYLGDPXHUWHFRQVXVFRURODULRVDOPXQGRXQLWDULDPHQWHGHDKLTXHHQWUHORV
REMHWLYRVDFRQVHJXLUHVWXYLHUDHOGHODXQLGDGSROLWLFD\WHUULWRULDO
>@
9HUQRWDVDOD
>@
(O/XGOXOEHOQHPHTLTXHFRQWLHQHFLHUWDVGHYRFLRQHVTXHHOKRPEUH
EXHQR
VROLDKDFHUVHGLFHHQXQRGHORVYHUVRVODPDMHVWDGGHO
UH\HTXLSDUHFRQODGHXQGLRVFRQWHQLGRHQ-RDQ2DWHVRSFSS(VDPDMHVWDGSRGULDDGRUDUVHSRUPHGLRGHODSHUVRQDGHOUH\
TXHODSRVHH
>@
(QFXDQWRDODFLWDGHODQWLJXRKLVWRULDGRUJULHJR-HQRIRQWHYHU&LUROLEUR9,,,&RQUHODFLRQD$OHMDQGURHO0DJQRSXHGHFRQVXOWDUVHDO
KLVWRULDGRUURPDQR4XLQWH&XUFHOLEUR9,,,FS7RGRHOORFLWDGRHQ/HV'HX[%DELORQHVRSFSS
>@
%DELORQLD0LVWHULR5HOLJLRVRRSFS
>@
2SFS
>@
9HUHQQRWDODUHIHUHQFLDD+LVWRULDGHODV&LYLOL]DFLRQHVS
>@
9HUQRWD\D-RDQ2DWHVRSFS
>@
6LU/HRQDUG:RROOH\HQVXOLEUR8UOD&LXGDGGHORV&DOGHRV)RQGRGH&XOWXUD(FRQRPLFD0H[LFRSS
9HUWDPELHQD<)HVWXJLHUHHQ/D5HYHODWLRQG
+HUPHV7ULVPHJLVWH3DULVYRO,SS
>@
9HU0LUFHD(OLDGH+LVWRULDGHODV5HOLJLRQHVYRO,RSFS
>@
,GS
>@
9HUHOOLEURGH'DQLHO\$SRFDOLSVLV
>@
$OSULQFLSLRHQODFDPSDQDH[SDQVLRQLVWDTXHOHVGDUDODKHJHPRQLDPXQGLDOYHPRVDFWXDUMXQWRVDORV0HGRV\3HUVDVIRUPDQGRXQ
VROR,PSHULR&LURKDELDVDELGRDWUDHUVHSROLWLFDPHQWHDORV0HGRV9HUD$QWRQLR7RYDU+LVWRULDGHO$QWLJXR2ULHQWHRSFSS
\VHHQFRQWURSRUGLIHUHQWHVFLUFXQVWDQFLDVKHUHGHURGHOUHLQRGH0HGLD
/D+LVWRULDGHODV&LYLOL]DFLRQHVORVLQWURGXFHMXQWRVHQXQDSULPHUDHWDSD
3RU XQD SDUWH ORV 0HGRV \ ORV 3HUVDV UHFLHQ OOHJDGRV D ORV FRQIOLFWRV SROLWLFRV \ PLOLWDUHV GHO 2ULHQWH DSURYHFKDEDQ HO GHVJDVWH GH ORV
DQWLJXRVULYDOHV\VXIUDJPHQWDFLRQ!!+LVWRULDGHODV&LYLOL]DFLRQHVYRO,RSFS
(QHODQWHVGHTXHFD\HUD%DELORQLDD-EDMR'DULRHO0HGR\&LURHO3HUVDHVWHXOWLPRUH\PHQFLRQDGRFRPLHQ]DDPRYHUVHHQHO
HVFHQDULRPXQGLDO+LVWRULDGHO$QWLJXR2ULHQWHRSFS
+DVWDGHVSXHVGHSDVDGDODFDLGDGH%DELORQLDHQHOWRGDYLDORV0HGRV\3HUVDVDSDUHFHQMXQWRVILJXUDQGRFRPRXQ,PSHULRDSHVDUGHO
GRPLQLR3HUVDTXHVHLPSRQGUDGHILQLWLYDPHQWH,GSS
(VWDFRQILJXUDFLRQSROLWLFDXQLWDULDHQXQDHWDSDKLVWRULFDHQWUH0HGRV\3HUVDVQRGHEHVRUSUHQGHUQRVSXHVWRTXHVHWUDWDGHGRVSXHEORV

LUDQLRV
GHO,UDQ+LVWRULDGHO$QWLJXR2ULHQWHRSFSFRQXQDPLVPDOHQJXDLQGRHXURSHD,G VHQDODQGRVH OD YLD GHO &DXFDVR
FRPRHOWUD\HFWRRULJLQDULRSRUHOTXHGLFKRVSXHEORVKDELDQOOHJDGRDHVWDUHJLRQ
,GS0LUFHD(OLDGHQRVKDEODGHODFXHUGRGHORVDXWRUHVHQILMDUODORFDOL]DFLRQGHORVSXHEORVGHRULJHQLQGRHXURSHRHQODVUHJLRQHV
GHOQRUWHGHO0DU1HJURHQWUHORV&DUSDWRV\HO&DXFDVRYRO,SS
$QWHVGHH[SUHVDUORVFRQFHSWRVTXHKDFHQSHUYLYLUXQLGHDULRTXHVHYDLPSODQWDQGRHQHOPXQGRPDUFDQGRXQLWLQHUDULRKLVWRULFRHVSHFLILFR
GHMHPRVUHVXHOWRXQDVXQWRTXHSXHGHREVWDFXOL]DUXQDLQYHVWLJDFLRQGHHVWDQDWXUDOH]D
$OPHQFLRQDUSXHEORV,QGRHXURSHRVQRQRVGHEHOOHYDUDFRQIXVLRQ+R\VDEHPRVTXHODFXOWXUDGHOD,QGLDQRHVSURSLDVLQRSUHFLVDPHQWHGH
HVWRVSXHEORV/RV,QGRHXURSHRVHQWUDQHQFRQWDFWRFRQODFXOWXUDPHVRSRWDPLFD\DHQHOWHUFHUPLOHQLRDQWHVGH&ULVWR
ORVRULJHQHVGHODFXOWXUDLQGRHXURSHDHVLJXDOPHQWHVHJXURTXHGXUDQWHVXHWDSDGHIRUPDFLRQHVWDFXOWXUDH[SHULPHQWRORVLQIOXMRV
GHODVFLYLOL]DFLRQHVVXSHULRUHVGHO3UR[LPR2ULHQWH!!0LUFHD(OLDGHYRO,RSFS
8QRVDULRVKDELDQSHQHWUDGRHQOD,QGLD\RWURVWDPELHQDULRVHQ,UDQLGS
/DSULPHUDFLYLOL]DFLRQGHOD,QGLDODGHORV+DUDSSDVHJXQ)DLUVHUYLVWXYLHURQFRPRDQWHSDVDGRVDORVDJULFXOWRUHVSUHDULRVGHO,UDQ,GS
/DUHOLJLRQKDUDSSLHQVHIRUMDUDHOKLQGXLVPR,GSS
7RGR HVWR QRV HVWD PRVWUDQGR TXH ORV GLIHUHQWHV FRQWDFWRV FXOWXUDOHV UHDOL]DGRV HQ HO FXUVR GH ODV PLJUDFLRQHV!! ,G S  \ TXH
H[SOLFDULD D SHVDU GH FLHUWDV GLIHUHQFLDV XQD OLQHD FRPXQ HQ WRGD OD KXPDQLGDG UHVSHFWR D ORV FRQFHSWRV IXQGDPHQWDOHV TXH SHUPLWHQ XQD
WUD\HFWRULDKLVWRULFDGHWHUPLQDGD
,QGHSHQGLHQWHPHQWHGHORVFDUDFWHUHVTXHLPSULPHQHVWRVGRVSXHEORVLUDQLRVRFXSDUDQXQDKHJHPRQLDHQHOPXQGRFRQRFLGRHQWUHORVDQRV
D- KDELDQ UHFRJLGR HOHPHQWRV GH RWUDV FXOWXUDV FRPR OD GH 2ULHQWH 3UR[LPR %DELORQLD SRU HMHPSOR <D KDELDPRV YLVWR HVWR HQ
QXHVWURWUDWDPLHQWRVREUH%DELORQLD3XHGHYHUVHXQSRFRPDVDUULED\GHQXHYRD0LUFHD(OLDGHYRO,RSFSSGRQGHVHREVHUYD
ODVVHPHMDQ]DVFRQODVDFWLWXGHV\FUHHQFLDVUHOLJLRVDVEDELORQLFDV<WUDVPLWHQDODSRVWHULGDGXQRVYDORUHVSROLWLFRLGHRORJLFRVTXHVHUYLUDQ
SDUDLQWHQWDUDILUPDUOD
8QLGDG8QLYHUVDO
TXHWDQWRHO,PSHULR1HR%DELORQLFRDQWHULRUPHQWHFRPRHOORVSUHWHQGHQ
1RSRGHPRVHQHOPDUFRGHHVWHHVWXGLRHQWUDUHQXQDGLQDPLFDGLDOHFWLFDUHVSHFWRDORTXHWRGDYLDVHFDWDORJDFRPRHQLJPDGHODUHOLJLRQ
,UDQLDORUHIHUHQWHDODKLVWRULFLGDG\REUDGH=DUDWXVWUDDQWHULRUDODFRQVROLGDFLRQGHO,PSHULR0HGR3HUVD6RORKDSRGLGRFRQVHUYDUVHXQD
FXDUWDSDUWHGHO$YHVWDDQWLJXR$XQFXDQGRKD\GXGDVHQFXDQWRDOPRPHQWRGHODLQWHUYHQFLRQGH=DUDWXVWUDXQDWUDGLFLRQORUHPRQWDDO
VHJXQGRPLOHQLRD-RWUDORXELFDHQWUHHODQR\6HJXQODWUDGLFLRQ0D]GHLVWDDQRVDQWHVGH$OHMDQGURSXHGHVLWXDUVHGH
DFXHUGR D 0LUFHD (OLDGH HQWUH HO  YRO , RS F SS  3HUR HV SUHFLVR FRPSUREDU DOJXQRV HOHPHQWRV QXHYRV R
WUDQVIRUPDFLRQHV GH ORV DQWLJXRV R HO FRQWLQXLVPR TXH KDFH SRVLEOH XQD WUDQVPLVLRQ YDOHGHUD SDUD OD PDUFKD GH OD KLVWRULD \ GH VX
GLUHFFLRQDOLGDG\VHQWLGRDSDUWHGHOSRVLEOHFUHGLWRGH=DUDWXVWUDHQHVWHSURFHVRSROLWLFRUHOLJLRVR
1RVHSXHGHVHSDUDUODPRQDUTXLDSHUVDGHVXVRULJHQHVLUDQLRV
3HURDOSURSLRWLHPSRODFLYLOL]DFLRQSHUVDVXIULRPXFKDVLQIOXHQFLDVHKLFLHURQGHHOODXQDFLYLOL]DFLRQGHFRQIOXHQFLD
ODFRQTXLVWDKDELDLQVWLWXLGRDORVDTXHPHQLGDVKHUHGHURVGHORVPDVDQWLJXRVLPSHULRV$XQTXH\DHQGHFDGHQFLDKDELDQLGRGHMDQGR
VXVWUDGLFLRQHV\DXQVHPDQWHQLDQPXFKDVGHVXVJUDQGLRVDVUHDOL]DFLRQHV"&RPRVXVWUDHUVHDVXLQIOXHQFLD"(OHVSOHQGRUVHDILUPR
SUHSRQGHUDQWHHQHVSHFLDOHOGH0HVRSRWDPLD!!/D+LVWRULD*HQHUDOGHODV&LYLOL]DFLRQHVYRO,RSFS
>@
9HUD-6WHHG'RV 8QRRSFSS
>@
9HU=XUFKHU/
+RPPHRSFS
>@
,GS
>@
,GS
>@
,GSS
>@
,GS
>@
(OKRPEUHHVWDULDHQODLQWHUVHFFLRQGHHVRVGRVPXQGRVDQWDJRQLFRVHQVXFRQFHSFLRQGHFXHUSR\DOPD
(OFXHUSRFRUUHVSRQGHULDDOPXQGRGHDEDMRHOGHODVWLQLHEODVHOGHODIDWDOLGDG\GHOPDO(ODOPDSHUWHQHFHULDDOPXQGRHOHYDGRGHORDOWR
GHODOX]\GHOELHQ
/DVDOYDFLRQGHHVWDRSRVLFLRQTXHHQFLHUUDHOFXHUSR\HODOPDFRQVLVWLUDHQGHVDWDUVHORVOD]RVGHOPXQGRVHQVLEOHHYDGLUVHGHVXSULVLRQ
FDUQDOPHGLDQWHULWRV\WHFQLFDVSXULILFDGRUDVDVFHVLVJQRVLVH[WDVLVHWF\GHHVWHPRGRHODOPDVHOLEHUDULDUHWRUQDQGRDVXSDWULDFHOHVWH
$OORJUDUHVWRVHOHUHVHUYDODLQPRUWDOLGDGLGS
>@
9RO,RSFS
>@
9HULGSS
>@
,GSSFI+LVWRULDGHO$QWLJXR2ULHQWHRSFS(O6RODSDUHFHFRPRODIRUPDYLVLEOHGHO
6HQRU
$XUD0D]GDDOLJXDO
TXHHOIXHJR0LUFHD(OLDGHYRO,RSFS
>@
,GS
>@
,GS
>@
,GS
>@
,GS
>@
,GSS
/RVPLWRVTXHWUDVPLWHQODVOXFKDVGHORVKHURHVFRQWUDORVGUDJRQHVVLPERORGHO0DO(OSURSLRUH\HQODVWUDGLFLRQHVWDUGLDVDSDUHFHHQHO
GLDGH$QR1XHYRYHQFLHQGRDOGUDJRQ$]GDKDNYHU0LUFHD(OLDGHYRO,RSFSS
>@
,GSS
5HWHQJDPRVODLGHDGHODVDOPDVSUHH[LVWHQWHV\GHVXYLDMHXQDYH]PXHUWDODSHUVRQD\VXYDJDUGXUDQWHORVGLH]XOWLPRVGLDVGHODQRFRQOD
SRVWHULRUUHVXUUHFFLRQGHOFXHUSRDOILQDOGHORVWLHPSRV7RGRHOORHUDSUHFLVRILMDUORPHGLDQWHODVILHVWDVGHO$QR1XHYRWDOFRPRKHPRVGLFKR
YHU0LUFHD(OLDGHYRO,RSFSS
>@
,GSS
5HFRMDPRVHQHVWDQRWDHORFXOWLVPR\HVRWHULVPRTXHVHPDQLILHVWDHQWUHORVPDJRVSHUVDVYHU+LVWRULDGHO$QWLJXR2ULHQWHRSFS
\ TXH SDVDUD GH GLIHUHQWHV PDQHUDV D OD SRVWHULGDG 5HFXHUGHVH DTXL OR GLFKR SDUD %DELORQLD UHVSHFWR D ODV DUWHV DGLYLQDWRULDV \ D RWUDV
DFWLYLGDGHVRFXOWLVWDV\DODH[LVWHQFLDGHPDJRVHQODHSRFD&DOGHR%DELORQLFDYHU/LEURELEOLFRGH'DQLHOFDSLWXOR9HUWDPELHQVREUHHO
RFXOWLVPRGHORVPDJRVD+LVWRULD*HQHUDOGHODV&LYLOL]DFLRQHVYRO,RSFS
>@
1RVDWHQHPRVH[FOXVLYDPHQWHDH[SRQHUDTXHOORTXHGHDOJXQPRGRKDWHQLGRXQDWUDVFHQGHQFLDXQLYHUVDO(QHOFDVRGH(JLSWRDXQ
FXDQGRQXQFDQLHQVXPD[LPRHVSOHQGRUWUDVSDVRDSHQDVVXVIURQWHUDVGHVGHHOSXQWRGHYLVWDPLOLWDUHMHUFLRXQDLQIOXHQFLDFRQVLGHUDEOHHQ
FXDQWRDVXFXOWXUDELHQDGDSWDQGRODTXHOHYHQLDGH%DELORQLDRDQDGLHQGRHOHPHQWRVQXHYRV
(Q FXDQWR DO DVSHFWR SROLWLFR ORV DTXHPHQLGDV VH OLPLWDURQ D UHFRJHU SHUIHFFLRQDQGRORV ORV PHWRGRV GH VXV SUHGHFHVRUHV!! +LVWRULD
*HQHUDOGHODV&LYLOL]DFLRQHVYRO,RSFS
>@
+LVWRULDGHO$QWLJXR2ULHQWHRSFS
>@
$OHMDQGURHO*UDQGHREUDHGLWDGDSRU6DUSHRSFS
>@
,G
>@
=XUFKHUHQ/
+RPPHRSFS
>@
9HUVREUHHVWRHQLGSS
9HUD$QWROLQ'LHVWUH (OWUD\HFWRGHOD(VSHUDQ]DIUHQWHDODQDGD/DH[LVWHQFLDODPXHUWH\ODYLGDHWHUQDHGLWDHODXWRUPHGLDQWHOD
21*$VRFLDFLRQ&RPLVLRQ7HRORJLFD6HUYLU\6DOXG9DOHQFLDGRQGHVHSUHVHQWD\FULWLFDODFRQFHSFLRQDQWURSRORJLFDJULHJDHQVXV
PD[LPRVUHSUHVHQWDQWHV
>@
(Q/D7HRORJLDGHORV3HQVDGRUHV*ULHJRV(GLFLRQHV)RQGRGH&XOWXUD(FRQRPLFD0DGULG
>@
,GS
>@
9HDVHVREUHHOSROLWHLVPRGH3ODWRQ\$ULVWRWHOHVOD+LVWRULDGHOD)LORVRILDGH1LFRODV$EEDJQDQRYRO,RSFSS
>@
 9HU SDUD OD GHILQLFLRQ D :DUQHU -DHJHU /D 7HRORJLD GH ORV 3HQVDGRUHV  RS F S  (Q FXDQWR D OD WUDGXFFLRQ GH
ORJRV
 SRU
SDODEUDQRWLHQHHQFXHQWDWRGRHOVHQWLGR\VLJQLILFDGRTXHGLFKDH[SUHVLRQSXGRWHQHUSDUDHOKHOHQLVPRJULHJR
>@
&DUWD9,,FFLWDGDHQ+LVWRULDGHOD)LORVRILDYRO,RSFS
>@
9HU-HDJHURSFS
>@
+LVWRULDGHOD)LORVRILDYRO,S
>@
,GS(OLGHDULREDELORQLFRDSDUHFHGHQXHYRHQ3ODWRQ
>@
,G
>@
0LUFHD(OLDGHYRO,,RSFS
>@
,GSS
>@
,GSS
>@
 /DV LGHDVVRFLDOLVWDV HQ VX RULJHQ SXGLHURQ WHQHU DOJXQ WLSR GH LQVSLUDFLRQ HQ OD5HSXEOLFD GH 3ODWRQ /R TXH QR KD WHQLGR QLQJXQD
LPLWDFLRQHVODLGHDGHTXHWDQWRORVJREHUQDQWHVFRPRORVJXHUUHURVQRGHEHQWHQHUSRVHVLRQHVGHQLQJXQWLSRQLUHFRPSHQVDHFRQRPLFDIXHUD
GHORHVWLSXODGRFRPRVXILFLHQWHSDUDYLYLU
>@
(QODVOHFWXUDVGH3ODWRQ\$ULVWRWHOHVQRHQFRQWUDPRVTXHHO'LRVTXHVHSUHVHQWDWHQJDXQDWUDVFHQGHQFLD\SHUVRQDOLGDGGHOHVWLOR
MXGHRFULVWLDQR/DGLIHUHQFLDTXHVHKDFHHQWUHODFUHDFLRQGHORUGHQGHHVWHPXQGRSHURQRGHOVHUGHGLFKRPXQGR\TXHODVXSHULRULGDG
GH'LRVQRFRQVLVWHQLHQVXUHDOLGDGQLHQVXVHUVLQRHQXQDHVSHFLHGHSHUIHFFLRQGHVXYLGDQRVGHEHGHSRQHUHQJXDUGLDUHVSHFWRGHWRGR
VXVLVWHPDILORVRILFRYHUVREUHHVWRD+LVWRULDGHOD)LORVRILDYRO,RSFS
>@
9HUUHVSHFWRDHVWDLGHDD:HUQHU-DHJHURSFS
>@
-HURQLPRGH5RGDVFXHQWDODEDMDGDDOLQILHUQRKDGHVGH3LWDJRUDV\GHFRPRFRPSURERHOFDVWLJRH[SLDWRULRTXHWDQWR+RPHURFRPR
+HVLRGRH[SHULPHQWDEDQSRUWRGRORVPDORTXHKDELDQGLFKRGHORVGLRVHV0LUFHD(OLDGHYRO,,RSFS
>@
9HUSDUDHVWRDLGYRO,,RSFS
>@
6REUHHOPLWR\VXUHDOLGDGYHU0LWR\5HDOLGDGGH0LUFHD(OLDGHHG/DERU*XDGDUUDPDSXQWRRPHJD%DUFHORQD
'H FXDOTXLHU IRUPD VH GLVWLQJXHQ GHQWUR GH OD SURSLD PLWRORJLD KLVWRULDVYHUGDGHUDV \ IDOVDV 7RGDV DTXHOODV TXH WUDWDQ GH ORV RULJHQHV GHO
PXQGRHQODTXHLQWHUYLHQHQFRPRSURWDJRQLVWDVVHUHVGLYLQRVVREUHQDWXUDOHVFHOHVWHVRDVWUDOHVHVWDULDQHQHOSULPHUJUXSRSDUDHVWRYHU
0LWR\5HDOLGDGRSFSS
>@
6REUHHVWDDILUPDFLRQYHUD+HQU\-RO\2EUDV&ODVLFDVGH)LORVRILDFROHFFLRQDXVWUDO(VSDVD&DOSH0DGULGSS
>@
 ,G S $ULVWRWHOHV FRQVLGHUD D OD VRFLHGDG FLYLO \ DO (VWDGR XQ WRGR HQ FLHUWR PRGR XOWLPR GHILQLWLYR SDUD HO FXDO SDUHFH KDEHU
QDFLGRSRUHQWHURHOLQGLYLGXR!!+HQU\-RO\RSFS
>@
,GSS
>@
,GSS
>@
3ROLWLFD,,,FLWDGRSRU0LUFHD(OLDGHYRO,,RSFS
'H FXDOTXLHU IRUPD WDQWR HQ ORV HVFULWRV GH 3ODWRQ FRPR HQ$ULVWRWHOHV DSDUHFH HOVHU KXPDQR SRU H[FHOHQFLD GRWDGR SRU ORV GLRVHV GH
FDULVPDVHVSHFLDOHVGHJRELHUQR
3DUDHVWDLGHDSXHGHFRQVXOWDUVH+LVWRULD8QLYHUVDO(O0XQGR*ULHJRHTXLSR3DOGHUHGDFFLRQYRO,,RSFS
>@
+LVWRULD*HQHUDOGHODV&LYLOL]DFLRQHVYRO,RSFS
>@
9RO,,RSFS
>@
,GS
>@
$OHMDQGURHO*UDQGHGH6DUSHRSFSS
>@
5LFDUGR9HUD7RUQHOO +LVWRULD8QLYHUVDOGHOD&LYLOL]DFLRQ(G5DPRQ6RSHQD9RO,%DUFHORQDSSH[SOLFDGHHVWH
PRGRGLFKDGLYLVLRQ
&XDGUXSOHGLYLVLRQGHO,PSHULRGH$OHMDQGUR
(VWDVOXFKDVGXUDURQPDVGHYHLQWHDQRV
3RUILQHQVHOLEURXQDJUDQEDWDOODHQ,SVR)ULJLDHOUHVXOWDGRGHHVWDEDWDOODIXHXQQXHYRUHSDUWRGHODVSURYLQFLDVGHO,PSHULR
HQODVLJXLHQWHIRUPD/LVLPDFRREWXYRFDVLWRGDHO$VLD0HQRU&DVDQGURFRQWLQXRHQSRVHVLRQGH*UHFLD\0DFHGRQLD6HOHXFRUHFLELR6LULD
\2ULHQWH3WRORPHRTXHGRFRQ(JLSWR\3DOHVWLQD
'HWRGRVHVWRVUHLQRVVRORVRQGLJQRVGHPHQFLRQHOGHORV3WRORPHRVHQ(JLSWR\HOGHORV6HOHXFLGDVHQ2ULHQWH!!9HU $OHMDQGUR HO
*UDQGHGH6DUSHRSFSS
>@
0LUFHD(OLDGHYRO,,RSFS
>@
9HUQRWDQR
>@
+LVWRULD*HQHUDOGHODV&LYLOL]DFLRQHVYRO,S
>@
,GS
>@
,G
>@
,GS
>@
,GS
>@
,GSS
>@
&LWDGRSRU:HUQHU-DHJHURSFS
>@
0LUFHD(OLDGHYRO,,S
>@
$OHMDQGURHO*UDQGHRSFS
>@
(QHOFDVRGH3ODWRQKD\TXHDGPLWLUODLQMHUHQFLDGHHVSLULWXVRGLRVHVPDORVSXHVWRTXHHODOPDKDYHQLGRDSDUDUDXQFXHUSRFRPR
FDVWLJR\TXHKDGHFXPSOLUOLEHUDQGRVHGHHOKDFLHQGRHOELHQ
&RQ$ULVWRWHOHVHVWHDVXQWRQRDSDUHFH
>@
(VHYLGHQWHTXHHVDXQLGDGLGHDOHVRSXHVWDHLQFRPSDWLEOHFRQODXQLGDGTXHHO'LRVTXHVHUHYHODKDHVWDEOHFLGR\DDWUDYHVGHO5HLQR
GH'LRVFX\RSXQWRGHUHIHUHQFLD\DJOXWLQDGRUHV-HVXFULVWR'HHVWRKDEODUHPRVHQVXPRPHQWR
>@
9HUD0LUFHD(OLDGH+LVWRULDGHODV&UHHQFLDV5HOLJLRVDVYRO,,RSFSS
>@
YHUD=XUFKHU/
+RPPHRSFS
>@
,G
>@
,G(VWRVHKL]RSRUHOHPSHUDGRU-XOLDQR
>@
0LUFHD(OLDGHYRO,,RSFS
>@
*UDQ+LVWRULD8QLYHUVDOYRO,9RSFS
>@
+LVWRULD8QLYHUVDOHTXLSRUHGDFFLRQ3DOYRO,,RSFS
>@
,GS
>@
,GS
>@
6REUHHOGRPLQJRYHUD$OLVWDLU.HH&RQVWDQWLQRFRQWUD&ULVWRRSFSS6REUHODVLJQLILFDFLRQUHOLJLRVDGHORVULWRV
PLWUDLFRVEDXWLVPR\HXFDULVWLDYHU0LUFHD(OLDGHYRO,,S
6REUHORVPLVWHULRVGH0LWUD\VXGLIXVLRQHQHO,PSHULR5RPDQRHVREOLJDGRUHPLWLUVHD)&RXPRQW7H[WHV HW PRQXPHQWVILJXUHV UHODWLIV
DX[ 0\VWHUHV GH 0LWKUD %UXVHODV   (Q  VH SXEOLFR VX XOWLPR WUDEDMR DFDEDGR HQ 7KH 'XUD 0LWKUDHXP HQ 0LWKUDLF
6WXGLHV0DQFKHVWHU
(VWHDVXQWRORYDPRVDGHVDUUROODUXQSRFRPDVDGHODQWHSRUFXDQWRLPSOLFDXQFRPSRUWDPLHQWRVRFLDOGHODQWURSRV GHULYDGR GHOD UHODFLRQ
FRQHO'LRVGHO'LH6ROLVGLDGHOVRO
>@
*UDQ+LVWRULD8QLYHUVDOYRO,9RSFS
>@
,G
>@
,GS
>@
,GS
>@
,GS
>@
,GS
>@
,GSS
>@
,GS
>@
,GS
>@
,GS
>@
,GS
>@
,G
>@
,G
>@
,GS
>@
,G
>@
6REUHHOFXOWRDO6REHUDQRSXHGHYHUVH/H&XOWHGHV6RXYHUDLQVSRU/&HUIDX[HW-7RQGULDXRSF&RQXQDELEOLRJUDILDH[FHOHQWH
SXHGHFRQVXOWDUVHD*XQWKHU+DQVHQHQHO0XQGRGHO1XHYR7HVWDPHQWRYRO,RSFSS
+HPRVUHSHWLGRFRQEDVWDQWHDVLGXLGDGHQQXHVWURHVFULWRTXHHO&XOWRDO6REHUDQRVRORSXHGHYHQLUFRPRIUXWRGHXQD$XWRULGDG6XSUHPD
TXHLPSODQWDXQDSROLWLFDDEVROXWLVWD
/DVEDVHVGHHVWHDEVROXWLVPRQRSXHGHQHQFRQWUDUVHQLHQODWHRFUDFLDMXGLDQLHQODHSRFDGHODGHVDSDULFLRQGHHVWD\QLPXFKRPHQRVHQ
ODFRQFHSFLRQGHO5HLQRGH'LRVTXHQRVRIUHFH-HVXFULVWR1LQJXQ*RELHUQRKXPDQRSXHGHSUHWHQGHUVHUHOUHIOHMRGH'LRV(ULF3HWHUVRQ
7UDWDGRV7HRORJLFRV HGLF&ULVWLDQGDG0DGULGSH[SRQHGH)LORQTXHHVWHFUHLDHQODFRQVWLWXFLRQPRQDUTXLFDGHOPXQGRSHUR
HVWRHVXQDPHUDLOXVLRQWHRULFDLQYHQWDGDSRUHOKRPEUH(OVLVWHPDGHJRELHUQRGHLJOHVLDHQHO1XHYR7HVWDPHQWRWDOFRPRSURSRQHPRVHQ
RWUROXJDUQRHVPRQDUTXLFD<ODVHSDUDFLRQUDGLFDOTXHHO1XHYR7HVWDPHQWRUHDOL]DHQWUH,JOHVLD\(VWDGRSUHVXSRQHHQWRGDVODVSDJLQDV
GHGLFKROLEURQRUPDWLYRODLQFRPSDWLELOLGDGHLPSRVLELOLGDGGHODFRQVWLWXFLRQGHXQ*RELHUQRR(VWDGRFRPRFULVWLDQRGHDKLTXHQRVSDUH]FD
LQYHURVLPLOXQDFRQFHSFLRQFRPRODTXH3HWHUVRQPDQLILHVWDHQVXWUDWDGRWHRORJLFR
(O5HLQRGH'LRVHVWRWDOPHQWHDMHQRDORVUHLQRV\PRQDUTXLDVGHHVWHPXQGRDXQFXDQGRDOJXQDGHHOODVVHOODPHUHOLJLRVDRFULVWLDQD
9HUSDUDODVUHODFLRQHVHQWUHOD,JOHVLD&ULVWLDQD\HO,PSHULR(YDQJLOHHW/DEDUXPGH-HDQ0LFKHO+RUQXVRSF
>@
*XQWHU+DXIHHQ(O0XQGRGHO1XHYR7HVWDPHQWRYRO,RSFSQRVGLUD
0LWUD SHQHWUR HQ 2FFLGHQWH FRQ OD H[SDQVLRQ GHO ,PSHULR SHUVD HQ %DELORQLD OD FUHHQFLD HQ 0LWUD VH FRPELQR FRQ WRGD VXHUWH GH LGHDV
DVWURORJLFDV \ HVFDWRORJLFDV  OOHJR SRU XOWLPR DO$VLD 0HQRU 3UHVWLJLRVRV PDJRV IXHURQ DOOL DFWLYRV PLVLRQHURV VX\RV 3UHVXPLEOHPHQWH
IXHURQHOORVORVTXHGHPDQHUDJUDGXDOGLHURQIRUPDPLVWHULFDDOFXOWRGH0LWUD!!
>@
 9HU QXHVWUR HVWXGLR \ GRFXPHQWDFLRQ HQ 9LGD(WHUQDHOWUD\HFWRGHODHVSHUDQ]DIUHQWHDODQDGD HGLWDHODXWRU9DOHQFLD
7DPELHQ&XDQGRHO+LMRGHO+RPEUHYHQJD"KDOODUDIHHQODWLHUUD"&OLH7HUUDVVD%DUFHORQD
>@
+LVWRULDGHODV&UHHQFLDVUHOLJLRVDVYRO,,RSFS
(QRWUROXJDUHOQXHYRUH\HUDFRQVLGHUDGR0LWUDUHHQFDUQDGRLGS
&XDQGR&LURHVSURFODPDGRUH\HVGHLILFDGRFRPRKLMRGH0LWUDLGYRO,S
>@
(O0LWUDLVPRVHLQWURGXFHHQ5RPDSRUSULPHUDYH]HQODHSRFDGH3RPSH\RV,D-VHJXQ3OXWDUFRHQYLGD3RPSH\R;;,;9HU
SDUDHVWRD0-9HUPDVHUHQHQ (O&ULVROGHO&ULVWLDQLVPRHG/DERU9LWRULDS6HJXQHVWHDXWRUH[LVWHQFHQWHQDUHVGHSUXHEDV
DUTXHRORJLFDVGHODH[LVWHQFLDGHOXJDUHVGHFXOWRD0LWUDHQGLIHUHQWHVVLWLRVGHO,PSHULR5RPDQR
0LUFHD(OLDGHQRVGLUD
(QFXDQWRDODGLIXVLRQGHOPLWUDLVPRUHVXOWRYHUGDGHUDPHQWHSURGLJLRVDGHVGH(VFRFLDD0HVRSRWDPLDGHVGH$IULFDGHO1RUWH\(VSDQD
KDVWD(XURSD&HQWUDO\ORV%DOFDQHV!!+LVWRULDGHODV&UHHQFLDVUHOLJLRVDVYRO,,RSFS
/DUHYLVWD$548(2/2*,$DQR,,QR%DUFHORQDQRVGLUDTXHODDYDODQFKDGHVHJXLGRUHVGH0LWUDQRVHGDKDVWDHOV,G-
>@
&,/9,
6REUHHVHFXOWRDO6ROSRUSDUWHGH$XJXVWRYHUD$3LJDQLRO +LVWRLUHGH5RPHSWDPELHQD*DVWRQ++DOVEHUJKH7KH&XOWRI
6ROLQYLFWXV(-%ULOO/HLGHQSQFLWDGRVDPERVSRU%DFFKLRFFKL'X6DEEDWDX'LPDFKHRSFS
>@
(O)DVWLGH3KLORFDOXV&,O,R)DVWLG
$PLWHUQXP&,O,;UHFRJLGRSRU6%DFFKLRFFKL'X6DEEDWDX'LPDFKHRSF
S
>@
0-9HUPDVHUHQHQDUW0LWKUD0LWKUDLVPRGH(QFLFORSHGLD&DWWROLFD
0LWUDSHQHWURHQ5RPDFRQORVSULVLRQHURVGH&LOLFLDD-VXGLIXVLRQDXPHQWREDMRORV)ODYLRV\WRGDYLDPDVEDMRORV$QWRQLRV\
6HYHURV!!FLWDGRSRU6%DFFKLRFFKLLGRSFSQRWD
>@
 (VWD DILUPDFLRQ GHO VDELR HVSHFLDOLVWD ) &XPRQW HQ7H[WHV HW PRQXPHQWV ILJXUHV UHODWLIV DX[ 0\VWHUHV GH 0LWKUD   YROV +
/DPHUWLQ%UX[HOOHVYRO,SEDVDGDHQODVSUXHEDVKLVWRULFDVTXHDSRUWDVLJXHVLQUHIXWDUVH0LUFHD(OLDGHHQ+LVWRULDGH
ODV&UHHQFLDVH,GHDV5HOLJLRVDVRSFSQRWDFRQVLGHUDTXHHVRVGRVYROXPHQHVGH&XPRQWFRQWLQXDQVLHQGRLQGLVSHQVDEOHV
/RV KLVWRULDGRUHV HQ VX LQYHVWLJDFLRQ VH KDQ YLVWR REOLJDGRV D UHFRQRFHUOR %DMR HO PDQGDWR GH ORV HPSHUDGRUHV GH OD GLQDVWLD )ODYLD VH
GLIXQGLRSRUJUDQSDUWHGHO,PSHULRHOFXOWRGH0LWUDHQ(O,PSHULR5RPDQRGHHG6DUSH0DGULGS
/DV FDPSDQDV RULHQWDOHV GH )ODYLRV GHVGH HO DQR  \$QWRQLQRV WRGR HO V ,, G- FRQWUD ORV 3DUWRV RULJLQDURQ XQD DPSOLD GLIXVLRQ GHO
0LWUDLVPR*UDQ+LVWRULD8QLYHUVDOGHHG1DMHUD0DGULGYRO,9S
>@
+LVWRULDGHODV&UHHQFLDVH,GHDV5HOLJLRVDVYRO,,S
&LWDPRVDOJXQRVHMHPSORVDGHPDVGHORV\DLQGLFDGRV&RQPRGRVHLQLFLRHQORVPLVWHULRVGH,VLV\GH0LWUD&DUDFDOOD
IRPHQWD HO FXOWR 6RODU DO 6RO ,QYLFWXV$XUHOLDQR LQFLGH HQ OD WHRORJLD VRODU HQ HO FXOWR DO 6RO ,QYLFWXV 'LRFOHFLDQR HOHYD XQ DOWDU D 0LWUD \
&RQVWDQWLQRVHLGHQWLILFDFRQHOSURSLR6RO,QYLFWXVYHUVREUHHVWRD0LUFHD(OLDGH+LVWRULDGHODV&UHHQFLDVH,GHDV5HOLJLRVDVRSFSS
\$OLVWHU.HH&RQVWDQWLQRFRQWUD&ULVWRGH0DUWLQH]5RFD%DUFHORQDS
>@
,G
>@
9HU(O&ULVROGHO&ULVWLDQLVPRRSFS
>@
 $XUHOLDQR VLUYH FRPR UHSUHVHQWDWLYR FXDQGR H[SUHVD OD QHFHVLGDG SROLWLFD GH LQWHJUDU OD WUDGLFLRQ URPDQD HQ OD WHRORJLD VRODU GH
HVWUXFWXUDPRQRWHLVWDYHU0LUFHD(OLDGH+LVWRULDGHODV&UHHQFLDVH,GHDV5HOLJLRVDVYRO,,RSFS
>@
'HORFXDOQRKD\QLQJXQDGXGDGHDFXHUGRDODGRFXPHQWDFLRQTXHQRVSURYHH)&XPRQWYHUQRWD\RWURVYHU0LUFHD(OLDGHYRO
,,SS\QRWDHQDOXVLRQDODREUD(O&ULVROGHO&ULVWLDQLVPRTXHQRVWUDQVPLWHQODH[LVWHQFLDGHVDQWXDULRVHQGLIHUHQWHVOXJDUHV
>@
0LUFHD(OLDGHLGS
'HVFULELPRVDFRQWLQXDFLRQODH[SRVLFLRQHQUHVXPHQTXHQRVKDFHODUHYLVWD$UTXHRORJLD$QR,,QRRSFVREUHHOVLJQLILFDGRGHOFXOWR
D0LWUD
(ORWURJUDQDFWRFXOWXDOTXHVHOOHYDEDDFDERHUDHOEDQTXHWHVDJUDGRHQHOTXHORVP\VWDVLQJHULDQSDQ\YLQRFRPRUHSUHVHQWDFLRQGH
ODFDUQH\ODVDQJUHGHOWRURLQPRODGRSRU0LWUD
(O3DWHUSURQXQFLDEDXQDVSDODEUDVGHEHQGLFLRQ6DOYDVWHDORVKRPEUHVFRQHOGHUUDPDPLHQWRGHVDQJUHHWHUQDODSDUWLFLSDFLRQHQ
ODFRPXQLRQSHUPLWLDHOQDFLPLHQWRGHXQDQXHYDYLGDHVGHFLUSURFXUDEDODH[LVWHQFLDHWHUQD
3RUFRQVLJXLHQWHHOVDFULILFLRGHOWRURWLHQHXQGREOHVHQWLGRGHVDOYDFLRQSRUXQDSDUWHUHSUHVHQWDXQDVRWHULRORJLDLQWUDFRVPLFDUHODFLRQDGD
FRQ OD FRQFHSFLRQ HVFDWRORJLFD PLWUDLFD HV GHFLU FRQ OD VDOYDFLRQ HQ HOPDVDOOD IDFLOLWDGD D ORV LQLFLDGRV SRU HO VDFULILFLR TXH SHUPLWH XQ
EDQTXHWHHQHOTXHODFRQVXPLFLRQGHODVDQJUH\ODFDUQHGHOWRURFRQOOHYDXQDIXVLRQPLVWLFDFRQODGLYLQLGDG\XQDSDUWLFLSDFLRQHQODYLGDGH
XOWUDWXPED!!
(V LQGXGDEOH TXH HO DXWRU GH HVWD FLWD QRWH HO SDUHFLGR FRQ OD (XFDULVWLD FDWROLFR URPDQD D OD TXH VH OH FRQVLGHUD WDPELHQ XQ VDFULILFLR \
PLVWHULRDWUDYHVGHOD0LVD(FFOHVLDS*XLDGHO&ULVWLDQR'HYRFLRQDULR3RSXODUHG%DOPHV%DUFHORQDS\
TXH FRQFOX\D GLFLHQGR HQ OD PD\RU SDUWH GH ORV FDVRV ORV VDFUDPHQWRV  VRQ SUHVWDPRV SDJDQRV HVHQFLDOPHQWH GH OD UHOLJLRQ PLWUDLFD
3DUDHVWDFRQFOXVLRQSXHGHQYHUVHHQWUHPXFKRVD0-9HUPDVHUHQHQ(O&ULVROGHO&ULVWLDQLVPRRSFS
1RFDEHGXGDTXHHOVLJQLILFDGRGHOD(XFDULVWLDVHLGHQWLILFDFRQOD(XFDULVWLDPLWUDLFDQRRFXUUHORPLVPRFRQOD6DQWD&HQDHYDQJHOLFDTXH
WLHQHXQYDORUSXUDPHQWHVLPEROLFR\QRVDFUDPHQWDO
(VLPSUHVFLQGLEOHUHWHQHUQRREVWDQWHXQDVXQWRTXHOODPDSRGHURVDPHQWHODDWHQFLRQGHVGHXQSXQWRGHYLVWDDQWURSRORJLFR\VRWHULRORJLFROD
YLGDGHXOWUDWXPEDFRQODGLYLQLGDGVHDVHJXUDPHGLDQWHODUHDOL]DFLRQGHHVDREUDVDFULILFLDO\HQVXSDUWLFLSDFLRQ
<DVDEHPRVODFRQFHSFLRQDQWURSRORJLFDHQODTXHVHVREUHQWLHQGHODLQPRUWDOLGDGGHODOPD\ODUHVXUUHFFLRQGHOFXHUSRDOILQDOGHORVWLHPSRV
GHQWURGHOFRQWH[WRUHOLJLRVRSHUVDGRQGHVHSURPRFLRQDHOFXOWRD0LWUD
>@
/DH[LVWHQFLD\HOXVRGHODVHPDQDSODQHWDULDHQHOV,GHQXHVWUDHUDHVWDIXHUDGHWRGDGXGDSXHGHYHUVHGRFXPHQWDFLRQSUHFLVD
VREUHHVWHDVXQWRSRU6'RXJODV:DWHUKRXVHHQHOH[FHOHQWHWUDEDMR7KH3ODQHWDU\:HHNLQWKH5RPDQ:HVW HQHOSULPHUDSHQGLFHGH7KH
6DEEDWKLQ6FULSWXUHDQG+LVWRU\5HYLHZDQG+HUDOG3XEOLVKLQJ$VVRFLDWLRQ:DVKLQJWRQSS
1RVSUHVHQWDODHYLGHQFLDGHODOOHJDGDGHODVHPDQDSODQHWDULDRDVWURORJLFDHQODHSRFDGH$XJXVWRHQHOV,D-LGS\HQHOV,G-
HQ,WDOLD\HQODHSRFDGH1HURQLG9DULRVRWURVWHVWLPRQLRVWDQWRGHOD,QGLDV,,D-FRPRGH%DELORQLDLGSS
/D FLWD GHO KLVWRULDGRU URPDQR 'LRQ &DVVLXV HV GHILQLWLYD (Q VX+LVWRULD 5RPDQD  HVFULWD HQWUH  \  QRV FRQILUPD TXH OD
VHPDQDSODQHWDULDHVWDEDSRUWRGROXJDUHVWDEOHFLGD\TXHVHWUDWDEDGHXQDFRVWXPEUHDQWLJXDFI6'RXJODV:DWHUKRXVHS
%DFFKLRFFKL DOXGH DO FDOHQGDULR GH 1ROD RS F S  \ D OD RSLQLRQ GHO DUTXHRORJR$ 'HJUDVVL 8Q QXRYR IUDPPHQWR GL FDOHQGDULR
URPDQR H OD VHWWLPDQD SODQHWDULD GHL VHWWH JLRUQL$WWL GHO 7HU]R &RQJUHVVR ,QWHUQD]LRQDOH GL (SLJUDILD *UHFD HW /DWLQD 5RPD  SS
SDUDUDWLILFDUHOXVRGHODVHPDQDSODQHWDULDHQODHSRFDWHPSUDQDGH$XJXVWR
/DUHOLJLRQGHO'LRV0LWUDH[DOWDEDHOGRPLQJRHOGLDGHOVROFRPRHOPDVLPSRUWDQWHGHODVHPDQD6'RXJODV:DWHUKRXVHRSFS
FLWDD*DVWRQ++DOVEHUJKHRSFS
(OSUHGRPLQLRGHO6ROLV'LHVGLDGHOVRORGRPLQJRHVODFRQVHFXHQFLDORJLFDWDOFRPRLQGLFD6%DFFKLRFFKL'X6DEEDWDX'LPDQFKH
RSFSGHODH[LVWHQFLDVLPXOWDQHDGHODVHPDQDSODQHWDULDHQODTXHORVDVWURV VRQ SUHVLGLGRV SRU HO 5H\6RO 'H HVWH PLVPR PRGR
DUJXPHQWD)+&ROVRQHQ7KHZHHN8QLYHUVLW\3UHVV&DPEULGJHS
>@
-XVWLQRGHORVOODPDGRV3DGUHV$SRORJLVWDVYHUHGLFLRQGH'DQLHO5XL]%XHQRRSFSSHVFULEHHQWUHRWURVHVFULWRVOR
TXHVHGHQRPLQDD$SRORJLD\HVHQYLDGDDOUHGHGRUGHODQRG-DOHPSHUDGRU$QWRQLQR3LR
(Q HVD$SRORJLD  VH PHQFLRQD SRU SULPHUD YH]HO GLD GHO VRO FRPR HO GLD TXH FRQPHPRUDQ FLHUWRV FULVWLDQRV ORV GH OD ,JOHVLD GH
5RPDHQORVWHUPLQRVVLJXLHQWHV
(OGLDTXHVHOODPDGHOVROVHFHOHEUDXQDUHXQLRQGHWRGRVORVTXHPRUDQHQODVFLXGDGHVRHQORVFDPSRV\DOOLVHOHHQHQFXDQWRHOWLHPSR
ORSHUPLWHORV5HFXHUGRVGHORV$SRVWROHVRORVHVFULWRVGHORVSURIHWDV
<FHOHEUDPRVHVWDUHXQLRQJHQHUDOHOGLDGHOVROSRUVHUHOGLDSULPHURHQTXH'LRVWUDQVIRUPDQGRODVWLQLHEODV\ODPDWHULDKL]RHOPXQGR\
HOGLDWDPELHQHQTXH-HVXFULVWRQXHVWUR6DOYDGRUUHVXFLWRGHHQWUHORVPXHUWRVSXHVHVGHVDEHUTXHOHFUXFLILFDURQHOGLDDQWHVGHOGLDGH
6DWXUQR\DOVLJXLHQWHDOGLDGH6DWXUQRTXHHVHOGLDGHOVRODSDUHFLGRDVXVDSRVWROHV\GLVFLSXORVQRVHQVHQRHVWDVPLVPDVGRFWULQDVTXH
QRVRWURVRVH[SRQHPRVSDUDYXHVWURH[DPHQ!!
(OPRWLYRSULQFLSDOGHWUDHUDFRODFLRQHVWDFLWDGHODSDWULVWLFDMXQWRDRWUDVHVSDUDFRPSUREDUFRPRHOGLDGHOVROTXHFRUUHVSRQGLDDOSULPHU
GLDGHODVHPDQDHUDXQGLDIHVWLYRHQ5RPDFRPRFRQVHFXHQFLDGHODLQIOXHQFLDGHOFXOWR6RODUPLWUDLFR$ODYH]TXHYHULILFDPRVORVHIHFWRV
GHHVWDFRVWXPEUHHQODFRQFHSFLRQDQWURSRORJLFDWDQWR,PSHULDOURPDQDFRPR&DWROLFRURPDQDGDGRTXHHVWDXOWLPDVHHULJHFRPRKHUHGHUD
\FRQWLQXDGRUD\SUR\HFWDDVXYH]VXLQIOXHQFLDHQHOPXQGRRFFLGHQWDOSRVWHULRU
%DFFKLRFFKLKDVDELGRSUHVHQWDUFRPRSRUWDGRUGHXQPHQVDMHVXE\DFHQWHODUHLWHUDFLRQGH-XVWLQRHQODH[SUHVLRQGLDGHOVROTXHOHKDFH
DO(PSHUDGRU(VWHSRGLDFRPSUHQGHUOHSRUTXHGXUDQWHHOSHULRGRGHORV)ODYLRV\$QWRQLQRVVHKDELDH[WHQGLGRHOFXOWRD0LWUDSRUHOTXH
WDPELHQVHUHXQLDQHQHOSULPHUGLDGHODVHPDQDSDUDFHOHEUDUVXFXOWR
4XLHUHGHMDUELHQFODURVXGHVPDUTXHGHORVMXGLRV\VXDFHUFDPLHQWRDOSDJDQLVPRSDUDXQSRVLEOHPHMRUHQWHQGLPLHQWR
7DPELHQHVGHUHVHQDUTXHHPSOHHHOWHUPLQR6DWXUQRSDUHUHIHULUVHDO6DEDGR(VHYLGHQWHTXH-XVWLQRGHVHDGHMDUELHQFODURDO(PSHUDGRU
TXHHOORVJXDUGDQHOGLDGHOVROFRPRORHVWDQKDFLHQGRXQEXHQQXPHURGHFRQFLXGDGDQRVURPDQRVDGVFULWRVDOFXOWRGH0LWUD
6XDUJXPHQWRVHEDVDIXQGDPHQWDOPHQWHQRHQODUHVXUUHFFLRQGH&ULVWRVLQRHQHOKHFKRGHTXHHQHOSULPHUGLDGHODVHPDQDGHODFUHDFLRQ
'LRVTXLWRODVWLQLHEODV
7HUWXOLDQRHQHOG-SUHVHQWDHQVX$SRORJLD$G1DWLRQHV\HQUHVSXHVWDDODDFXVDFLRQGHTXHORVFULVWLDQRVDGRUDEDQDOVROSRU
RUDU YXHOWRV KDFLD 2ULHQWH \ KDELHQGR KHFKR GHO SULPHU GLD GH OD VHPDQD R GRPLQJR VX GLD GH ILHVWD OD FRQILUPDFLRQ GH TXH HVDV PLVPDV
FRVWXPEUHVODVWHQLDQORVSDJDQRV\ORDFODUDGLFLHQGR
 GH WRGRV PRGRV VRLV YRVRWURV ORV TXH KDEHLV DGPLWLGR HO VRO HQ HO FDOHQGDULR GH OD VHPDQD \ KDEHLV HVFRJLGR VX GLD 'RPLQJR HQ
SUHIHUHQFLD DO GLD SUHFHGHQWH 6DEDGR FRPR HO PDV FRQYHQLHQWHHQ OD VHPDQD VHD SDUD XQD DEVWLQHQFLD GH EDQR VHD SDUD HO UHSRVR \ ORV
EDQTXHWHV!!
/RTXHQRVLQWHUHVDGHOSDVDMHHQFXHVWLRQHVODUDWLILFDFLRQGHTXHHQ5RPDORVSDJDQRVWLHQHQHOGRPLQJRFRPRGLDGHILHVWD\ HVWD
UHODFLRQDGDFRQHO6ROLV'LHVR'LDGHO6RO7HUWXOLDQRWHQJDPRVORHQFXHQWDDVHJXUDTXHHORULJHQGHOGRPLQJRSRVHHXQRULJHQVRODU\
TXHVHKDLQLFLDGRDIHVWHMDUVHSRU5RPD
&RQVWDQWLQRSUDFWLFDQWHGHODUHOLJLRQVRODU\TXHFRPRYHUHPRVHQRWUROXJDUODVFDXVDVGHVXOHJLVODFLRQDIDYRUGHO6ROLV'LHV RGRPLQJR
PDQLILHVWDODLGHDGHTXHODIHVWLYLGDGGHO'LDGHO6ROHVXQDFRVWXPEUHUHODFLRQDGDFRQHOFXOWRVRODU(QHIHFWRVLVHREVHUYDQORVWHUPLQRVQR
KD\PDVUHPHGLRTXHLQWHUSUHWDUTXHVHWUDWDGHXQDFHOHEUDFLRQTXHWLHQHVXRULJHQHQHOGLDGHODVHPDQDTXHVHFRQVDJUDDO6RO
6HQFLOODPHQWHSRUTXHQRVSDUHFHGHORPDVLQGHFRURVRTXHHO'LDGHO6ROTXHVHFHOHEUDSRUVXSURSLDYHQHUDFLRQVHRFXSHFRQTXHUHOODV
MXULGLFDV!! &O\GH 3KDUU 7KH 7KHRGRVLDQ &RGH DQG 1RYHOV DQG WKH 6LUPRQGLDQ &RQVWLWXWLRQVOLEUR  WLWXOR  VHFFLRQ  3ULQFHWRQ
8QLYHUVLW\3UHVV
&XPRQWKDGHMDGRELHQFODURHQVXVHVWXGLRVVREUH0LWUD\HQUHODFLRQDVXVOXJDUHVGHFXOWR\DOWLHPSRHQTXHVHUHXQHQORVLJXLHQWH
&DGDGLDGHODVHPDQDHO3ODQHWDDOFXDOHVWDEDFRQVDJUDGRHUDPDUFDGRHQXQOXJDUGHWHUPLQDGRGHOD&ULSWD\HOGRPLQJRHOTXHSUHVLGLD
HO6ROHUDSDUWLFXODUPHQWHVDQWLILFDGR!!/HV0\VWHUHVGH0LWKUD%UXVHODVDHGLWLRQ
(O'LHV 6ROLV HUD HYLGHQWHPHQWH HO GLD PDV VDJUDGR GH OD VHPDQD SDUD ORV ILHOHV GH 0LWKUD \  GHELDQ VDQWLILFDU HO GRPLQJR!!
$VWURORJ\ DQG UHOLJLRQ DPRQJ WKH *UHHN DQG 5RPDQV   S 9HU VREUH HVWDV FLWDV DO SURSLR )UDQ] &XPRQW HQ 7H[WHV HW
0RQXPHQWVILJXUHVUHODWLIVDX[P\VWHUHVGH0LWKUD%UX[HOOHVSS
6-DQNHOHYLWFKDILUPD
6L KD\ XQ SXQWR VREUH HO FXDO OD PD\RU SDUWH GH ORV KLVWRULDGRUHV HVWDQ GH DFXHUGR HV VREUH HO OD]R HVWUHFKR TXH H[LVWH HQWUH HO 'RPLQJR
FULVWLDQR\ODVFRQFHSFLRQHVDVWURORJLFDVGHODPLWRORJLDGHO0D]GHLVPR3UHIDFLRGHOOLEUR/H6DEEDWGH:LOOLDP2VFDU(PLO2HVWHUOH\3DULV
SS
6L\DFXDQGRVHLQWURGXFHHOFXOWRVRODUSRUORVVHJXLGRUHVGH0LWUDHQHOV,D-\V,G-YLHQHSUHFHGLGRSRUXQGLDGHODVHPDQDTXHVH
FRQVDJUDDO VROWDQWRHQ3HUVLDFRPRHQRWURVOXJDUHVYHUD6'RXJODV:DWHUKRXVHHQ7KH3ODQHWDU\:HHNLQWKH5RPDQ:HVW  SULPHU
DSHQGLFH GH7KH 6DEEDWK LQ 6FULSWXUH DQG +LVWRU\ S   VL OD H[LVWHQFLD GH OD VHPDQD SODQHWDULD HQ OD TXH FDGD GLD GH OD VHPDQD
FRUUHVSRQGHDXQSODQHWDVLHQGRHOGRPLQJRRSULPHUGLDGHODVHPDQDRFXSDGRSRUHO6ROTXHDGTXLHUHXQUDQJRSUHIHUHQFLDOVREUHORVGHPDV
GLDV VL DGHPDV KD\ UHIHUHQFLDV FODUDV KLVWRULFDV HQ HO VHQWLGR GH TXH ORV FLXGDGDQRV URPDQRV FHOHEUDEDQ \ YHQHUDEDQ HOGLDGHOVRO FRPR
VLHQGR HO SULPHU GLD GH OD VHPDQD VH HVWD GHPRVWUDQGR TXH KD\ XQD DVXQFLRQ GH OD WHRORJLD VRODU FRQ WRGDV ODV LPSOLFDFLRQHV VRFLR 
DQWURSRORJLFDVTXHHVWRFRQOOHYDWDQWRDQLYHOSDUWLFXODUFRPRFROHFWLYR
/RVDXWRUHVGHO'LFFLRQDULR3DWULVWLFR\GHOD$QWLJXHGDG&ULVWLDQDYRO,RSFSSDUDTXLWDULPSRUWDQFLDDHVWHKHFKRVHDWUHYHQ
DGHFLUSRUXQODGRTXH/DFHOHEUDFLRQGRPLQLFDODSDUHFHFRPRXQDFUHDFLRQGHOD,JOHVLD&ULVWLDQDFRQVLGHUDQGRXQSULPHULQGLFLRD&RU
'HVSXHVSUHVHQWDQGRVKLSRWHVLVODGHOWUDVODGRGHOVDEDGRDOGRPLQJRRODTXHDFHSWDTXHGHVGHHOSULQFLSLRVHULDHOGRPLQJRLGS
DQDGLHQGRTXHSXHVWRTXHODWHVLVGHOWUDVODGRGHODFHOHEUDFLRQWLHQHGLILFXOWDGHVSDUHFHPDVVHJXURVXSRQHUTXHORVFULVWLDQRVVHUHXQLDQ
SDUDODHXFDULVWLDODQRFKHGHOGRPLQJR+HFK-Q
5HDOPHQWHHVWDVDILUPDFLRQHVVRQVLQSUXHEDVSXHVWRTXHORVWH[WRVQRGLFHQQDGDUHVSHFWRDOGRPLQJRFRPRGLDIHVWLYRQLPXFKRPHQRVGLD
GHO6HQRUVHOHVLJXHOODPDQGRSULPHUGLDGHODVHPDQD\QRKD\QLQJXQDLQGLFDFLRQHVFULWXUDOGHFDPELRDGHPDVODQRFKHGHOGRPLQJR
VHULD HO OXQHV \D TXH ORV GLDV SDUD OD %LEOLD WHUPLQDQ D OD SXHVWD GH VRO$XQTXH VH SUHVHQWD HVWD KLSRWHVLV GH PDQHUD SRFR RUWRGR[D \
GHVRUGHQDGD\WDOFRPR\DKHPRVSRGLGRFRPSUREDUHQRWURVOXJDUHVQRKD\GHPDVLDGDGLILFXOWDGSDUDVXUHIXWDFLRQ\UHFKD]RQDWXUDO
'LFKRV DXWRUHV VH YHQ REOLJDGRV D FRQWHVWDU LG SS   D %DFFKLRFFKL UHVSHFWR D VX WHVLV GRFWRUDO GHIHQGLGD HQ OD 8QLYHUVLGDG
3RQWLILFLD*UHJRULDQDGH5RPDHQUHODFLRQDODLQIOXHQFLDGHOFXOWRD0LWUDHQODLQWURGXFFLRQGHOGRPLQJRHQODOODPDGD,JOHVLDGH5RPDGHOD
VLJXLHQWHPDQHUD
'LDFRQVDJUDGRDOVRODQWLJXHGDGJUHFRUURPDQDV,G-!!QRQRWLFLDVHQODDQWLJXHGDGQRFULVWLDQDGHXQDFHOHEUDFLRQGRPLQLFDO!!
QLVLTXLHUDHQHOFXOWRD0LWUDHVWHGLDDVXPLRWDQSURQWRSDUWLFXODULPSRUWDQFLD!!
&RQVLJXLHQWHPHQWH HV XQD KLSRWHVLV PDO IXQGDPHQWDGD VXSRQHU XQ RULJLQDULR LQIOXMR GHO FXOWR VRODU VREUH HO GRPLQJR FULVWLDQR FRQWUD 6
%DFFKLRFFKLVLQHPEDUJRVHSXHGHDGYHUWLUXQLQIOXMRVHFXQGDULR!!
/DWHVLVDGYHQWLVWDUHSUHVHQWDGDQXHYDPHQWHSRU6%DFFKLRFFKLVHJXQODFXDOODFHOHEUDFLRQGRPLQLFDOVHLQWURGXMRDOILQDOGHOVLJOR,,D
WUDYHVGHOD,JOHVLDGH5RPDFRPRUHDFFLRQDQWLMXGDLFD\HQGHSHQGHQFLDGHOFXOWRSDJDQRGHOVROVHDSR\DHQEDVHVPX\GHELOHV!!
6LVHREVHUYDQHVWDVFLWDVFRQGHWHQLPLHQWRVHQRWDUDXQDIDOWDGHDUJXPHQWRV\GRFXPHQWDFLRQSUHFLVDQRVHDGMXQWDQLQJXQGDWRSUREDWRULR
TXH GHPXHVWUH OD RSLQLRQ FRQWUDULD D %DFFKLRFFKL (O KHFKR GH TXH VH SUHVHQWH TXH QR KD\ QRWLFLDV HQ OD DQWLJXHGDG QR FULVWLDQD GH XQD
FHOHEUDFLRQGRPLQLFDOQRGHVGLFHHQQDGDDORTXHODVFLWDVGH-XVWLQR\7HUWXOLDQRDVHJXUDQ(OORVDILUPDQGLULJLHQGRVHDOHPSHUDGRU\
D ORV URPDQRV TXH JXDUGDQ HO PLVPR GLD TXHHOORV 3RU RWUD SDUWH KHPRV GH HQWHQGHU OD IRUPD TXH XQRV \ RWURV WLHQHQ HQ H[SUHVDU HVWD
FLUFXQVWDQFLDKLVWRULFD(QHIHFWRPLHQWUDVTXHFLHUWRVOODPDGRVFULVWLDQRVVHYHQREOLJDGRVDVLQJXODUL]DUODFHOHEUDFLRQGRPLQLFDOSRUTXHHV
XQDVXQWRSROLWLFRUHOLJLRVRDGHVWDFDUVHQRRFXUUHORPLVPRSRUODVRFLHGDGSDJDQDSDUDHOFDVRGHWHQHUTXHHQWUHVDFDUVHOHFWLYDPHQWHHVH
DVSHFWR3DUHFHH[WUDQRTXHORVDXWRUHVGHO'LFFLRQDULR3DWULVWLFRQRHVWHQIDPLOLDUL]DGRVFRQHOPRGRGHREWHQHUODVIXHQWHV/DVRFLHGDG
URPDQD QR WLHQH SRU TXH GHPRVWUDU QL SUHVHQWDU FRQ QLQJXQ GRFXPHQWR TXH JXDUGDQ HO GRPLQJR (V VXILFLHQWH TXH VH KD\DQ HQFRQWUDGR
FHQWHQDUHV GH OXJDUHV GH FXOWR D 0LWUD HQ WRGR HO ,PSHULR VH GHQ HVWRV VLHWH SXQWRV TXH HVWDPRV SUREDQGR \ TXH VH VHSD TXH OD UHOLJLRQ
PLWUDLFDGLVSRQLDGHXQGLDGHGLFDGRDODFHOHEUDFLRQGHVXVPLVWHULRVDVXQWRTXHGHPXHVWUDSRUODVLQGLFDFLRQHVHQFRQWUDGDVHQODVFULSWDV
GRQGH HO GLD GHO 6RO GHVWDFDED FRPR VLHQGR HO GLD TXH VH FHOHEUDED \ SRU HO SURFHVR HYROXWLYR TXH GLFKR GLD DOFDQ]D HQ OD HSRFD
&RQVWDQWLQLDQD6LVHREVHUYDHQODFLWDGH&RQVWDQWLQR\DH[SXHVWD6HQFLOODPHQWHSRUTXHQRVSDUHFHGHORPDVLQGHFRURVRTXHHO'LD
GHO6ROTXHVHFHOHEUDSRUVXSURSLDYHQHUDFLRQVHRFXSHFRQTXHUHOODVMXULGLFDV !!(VWDGHFODUDFLRQPXHVWUDTXHHOGLDGHO6ROHVWD
SOHQDPHQWHHVWDEOHFLGRFRPRIUXWRGHXQDWUDGLFLRQDQWHULRU/RPLVPRVXFHGHFRQHOGHFUHWRGHOGHDJRVWRGHOGH7LPDVLXVGH5RPD\
3URPRWXV GRQGH VH DILUPD  FRQWDPRV WDPELHQ FRQ HO GLD GHO VRO TXH ORV DQWLJXRV KDQ OODPDGR MXVWDPHQWH HO 6HQRULDO \ TXH OOHJR D VHU
SHULRGLFR
(OFXOWRD0LWUDWDOFRPR\DKHPRVGRFXPHQWDGRFRQWLHQH\DHOGLDGHOGRPLQJRFRPRGLDSUHIHUHQFLDO\QRFUHHQQHFHVDULRHOWHQHUORTXH
UHVHQDU HVSHFLDOPHQWH SXHVWR TXH \D VH HVWD WUDVPLWLHQGR FRQ VX FXOWR \ HO YDORU GHO GRPLQJR HQ OD VHPDQD SODQHWDULD TXH KD TXHGDGR
FRQVLJQDGRHQQXPHURVRVOXJDUHVGRQGHVHWHQLDQODVUHXQLRQHVFXOWLFDV
(OTXHVHGLJDTXHVHDSR\DORGHOV,,UHVSHFWRDORULJHQGHOGRPLQJRHQODFRPXQLGDGGH5RPDHQEDVHVPX\GHELOHVVLQTXHVHSUHVHQWH
GRFXPHQWDFLRQSUHFLVDSUREDWRULDHVODGHPRVWUDFLRQGHTXHODWHVLVGH%DFFKLRFFKLHVLUUHIXWDEOH<ODDGPLVLRQGHTXHVHSXHGHDGYHUWLUXQ
LQIOXMRVHFXQGDULRGHOFXOWRGH0LWUDHQHOGRPLQJRURPDQRHVGHQXHYRXQDRSLQLRQLQWHUSUHWDWLYDTXHQRFRUUHVSRQGHDODUHDOLGDGWRWDO1RV
JXVWDULD VDEHU HQ TXH VH EDVDQ ORV DXWRUHV SDUD SRGHU DGPLWLU TXH KD KDELGR XQ LQIOXMR VHFXQGDULR 6LQ GXGD TXH FXDQGR SUHVHQWDVHQ ORV
GRFXPHQWRV\IXHQWHVSDUDWDODGPLVLRQODVRSLQLRQHVSRGULDQYDULDU\GHORVHFXQGDULROOHJDUDORSULPDULR
>@
8QDFRQQRWDFLRQPDVGHODLQIOXHQFLDGHOFXOWRVRODUVREUHOD,JOHVLDGH5RPDHVTXHHOGLHVQDWDOLV6ROLV,QYLFWL QDFLPLHQWR GHO 6RO
,QYHQFLEOHTXHVHFHOHEUDDQXDOPHQWHHQKRQRUD0LWKUDFRUUHVSRQGHDOGHGLFLHPEUHHOGLDHVFRJLGRSDUDODFHOHEUDFLRQGH1DYLGDGGHO
QDFLPLHQWRGH-HVXVYHUVREUHHVWRD*++DOVEHUJKH7KHFXOWRI6RO,QYLFWXVRSFS
>@
 1RWHVH HQ HVWD FLWD GH 0LUFHD (OLDGH +LVWRULDGHODV&UHHQFLDVH,GHDVUHOLJLRVDV  YRO ,, RS F S  OD LPSRUWDQFLD GHO FXOWR
VRODUGHVGHXQSXQWRGHYLVWDSROLWLFR\ODVLPSOLFDFLRQHVHQHODVSHFWRVRFLRUHOLJLRVR\DQWURSRORJLFRHQHO&ULVWLDQLVPR
$XUHOLDQRKDELDFRPSUHQGLGRODLPSRUWDQFLDGHXQDWHRORJLDGHHVWUXFWXUDVRODUPRQRWHLVWDSDUDDVHJXUDUODXQLGDGGHO,PSHULR6HILMR
HODQLYHUVDULRGHO'HXV6RO,QYLFWXVHOGHGLFLHPEUHGLDQDWDOLFLRGHWRGDVODVGLYLQLGDGHVVRODUHVRULHQWDOHV
(OFDUDFWHUXQLYHUVDOLVWDGHOFXOWR\GHODWHRORJLDVRODUHVKDELDVLGRUHFRQRFLGRRSUHVHQWLGRSRUORVGHYRWRVJULHJRV\URPDQRVGH$SROR
+HOLRVDVLFRPRSRUORVDGRUDGRUHVGH0LWUD\GHORV%DDOHVVLULRV$XQPDVORVILORVRIRV\ORVWHRORJRVHUDQHQJUDQQXPHURDGHSWRVGHXQ
PRQRWHLVPRGHHVWUXFWXUDVRODU
/RV QXPHURVRV VLQFUHWLVPRV UHOLJLRVRV ORV PLVWHULRV HO GHVDUUROOR GH OD WHRORJLD FULVWLDQD GHO/RJRVHO VLPEROLVPR VRODU DSOLFDGR D OD YH] DO
(PSHUDGRU\DO,PSHULXPLOXVWUDQODIDVFLQDFLRQTXHHMHUFLDQODQRFLRQGHO8QR\ODPLWRORJLDGHOD8QLGDG!!
>@
9HUQXHVWURGHVDUUROORDFRQWLQXDFLRQ
>@
,G
>@
+XJR5KDQHU(Q*UHHN0\WKVDQG&KULVWLDQ0\VWHU\WUDGXFFLRQGH%ULDQ%DWWHUVKDZ/RQGRQSSGLUDUHVSHFWRD
HVWRHQUHODFLRQDOGLDIHVWLYRGHORVURPDQRVGHO,PSHULR
(VXQKHFKRHVWDEOHFLGRTXHORV5RPDQRVKDELDQFRPHQ]DGRDFRQWDUHOGRPLQJR\QRHOVDEDGR\HVWRKDOOHJDGRQRHQYLUWXGGHXQD
LQIOXHQFLDFULVWLDQDVLQRDFDXVDGHODGLIXVLRQFUHFLHQWHGHOFXOWRGHOVROHQHOLPSHULRURPDQRGHODXOWLPDHSRFD!!
>@
9HU+LVWRULD8QLYHUVDOGH:DOWHU*RHW]YRO,,SS
/D SULPHUD FLWD TXH PHQFLRQD DO SULPHU GLD GH OD VHPDQD FRPR GLD GHO 6HQRU HV XQ OLEUR DSRFULIR HO OODPDGR (YDQJHOLR GH 3HGUR HVFULWR
KDFLDHODQRG-9HU/RV(YDQJHOLRV$SRFULIRV%$&0DGULGS
,QGHSHQGLHQWHPHQWHGHOSRFRYDORUTXHWLHQHHVWDFLWDSRUVHUXQHYDQJHOLR$SRFULIRSRUODVPLVPDVIHFKDVWHQHPRVHOGRFXPHQWRTXHDQWHV
\DKHPRVFLWDGR(O(YDQJHOLRGH7RPDVTXHKDEODGHO6DEDGRFRPRHOGLDDFHOHEUDUSRVHHPRVWDPELHQGHOV,,G-ODOODPDGD/RJLDGH
2[LUK\QFKXVYHU/RV(YDQJHOLRV$SRFULIRVRSFSFRQWHQLHQGRXQDH[KRUWDFLRQDREVHUYDUHO6DEDGR<HQHOOLEURDSRFULIRGH /RV
+HFKRVGH-XDQGHODPLWDGGHOV,,HQHOFS9,VHGLFHTXH(QHOVHSWLPRGLDHUDHO6HQRULDO(VGHFLUTXHKD\SDUDWRGRVORVJXVWRV
3HUR HV HYLGHQWH TXH HO DQDFURQLVPR TXH SUHVHQWD (O (YDQJHOLR GH 3HGUR GHQRPLQDQGR DO GLD GH OD UHVXUUHFFLRQ TXH ORV HYDQJHOLRV
FDQRQLFRVORSUHVHQWDFRPRVLHQGRHOSULPHUGLDGHODVHPDQDQRVRODPHQWHHYLGHQFLDHOVHUXQHVFULWRIDOVRVLQRTXHDGHPDVVHPXHVWUDHO
LQWHQWRHQXQDWHPSUDQDIHFKDGHLQWURGXFLUHOWHUPLQR.XULDNHTXHVHDSOLFRSRVWHULRUPHQWHDHVHSULPHUGLDGHODVHPDQD
>@
 9HU D 9LWWRULR 6XELOLD ,O SUREOHPD GHO &DWWROLFHVVLPR 7RULQR  SS   $OEHUW 'XIRXUFT 6DLQW ,UHQHH FROO/D SHQVHH
&KUHWLHQDHGLFLRQSS-RVHSK7XUPHOFRQHOVHXGRQLPRGH/RXLV&RXODQJH/D9LHUJH0DULH3DULVSS(XJHQH
GH)D\H2ULJHQHVDYLHVRQRHXYUHVDSHQVHHYRO,,,3DULVSS
>@
&RPRIUXWRGHODKHOHQL]DFLRQVHLQWURGXFHHO*QRVWLFLVPRHQHO&ULVWLDQLVPRUHSUHVHQWDGRSRUORVOODPDGRVSDGUHVGHOD,JOHVLDDSDUWLU
GHOV,,\WRPDQGRFXHUSRHQHO,,,(OVLQFUHWLVPRHVHYLGHQWHSRUORTXHXQRV\RWURVDGRSWDQ1XHVWUDLGHDDYDODGDSRUORVKLVWRULDGRUHVTXH
KDQHVWXGLDGRHQSURIXQGLGDGHOWHPDHVTXHKD\XQDFRUULHQWHOHQWDHQODTXHVHRSHUDODKHOHQL]DFLRQFRQHOLGHDULRJQRVWLFRLQFOXLGRGH
PRGRSURJUHVLYRORTXHFRUUHVSRQGHULDDO&DWROLFLVPRMHUDUTXL]DGRTXHOHLQWHUHVDFRQWURODUODJQRVLVPLHQWUDVTXHSRURWUDSDUWHKD\XQ
*QRVWLFLVPR TXH DFHSWDQGR ODV LGHDV FULVWLDQDV ODV KHOHQL]D PXFKR PDV UDSLGDPHQWH VREUH HVWR FRQVXOWDU D (ODLQH 3DJHOV /RV (YDQJHOLRV
*QRVWLFRV*ULMDOER%DUFHORQD\YHUHODUWLFXORGH+DUQDFNHQHO'LFWLRQQDLUHG
KLVWRLUHHWGHJHRJUDSKLHHFFOHVLDVWLTXH /HWRX]H\
HW$QH 3DULV  IDVFLFXOR  FRO  9HU WDPELHQD %LUJHU$ 3HDUVRQ *QRVWLFLVP -XGDLVP DQG (JLSWLDQ &KULVWLDQLW\ )RUWUHVV
3UHVV0LQQHDSROLV86$
7DQWRORVHVWXGLRVGH)%ODQFKHWLHUH 5HYXHG
+LVWRLUHHWGH3KLORVRSKLH5HOLJLHXVHVQRSSFRPRORV5REHUW*UDQW/D
JQRVHHWOHVRULJLQHVFKUHWLHQQHV3DULVSQRVPXHVWUDQFRPRODSDUWHPDVUHSUHVHQWDWLYDGHORVOODPDGRVSDGUHVGHOD,JOHVLD
KDFHQ XVR SURIXVR GH ODV LGHDV JQRVWLFDV YHU WDPELHQ D 0DUFHO 6LPRQ$QGUH %HQRLW(O MXGDLVPR \ HO FULVWLDQLVPR DQWLJXR HG /DERU
%DUFHORQDSS5HVSHFWRDHVWHXOWLPRGHEHWHQHUVHHQFXHQWDDORVDXWRUHVTXHFLWD\HVSHFLDOPHQWHORVSURSLRVFRQWHQLGRVGH
ORVSDGUHVGHOD,JOHVLDTXHKDQDEVRUELGRODILORVRILDSODWRQLFD\ODJQRVLV
>@
9HU(QF\FORSDHGLD8QLYHUVDOLV*QRVWLTXHV3DULVYROS
>@
3WRORPHR&DUWDD)ORUDWUDGXFFLRQ*4XLVSHO3DULVSS
>@
6REUHHVWH*QRVWLFLVPRSXHGHYHUVHD5HLQKROG6HHEHUJ+LVWRULDGHODV'RFWULQDVHQOD,JOHVLD$QWLJXDYRO,RSFS\VV
WDPELHQYROGH/D(QFLFORSHGLDGH(VSDVD&DOSHS
0DUFLRQ OOHJDUD D 5RPD VREUH HO  G- \ H[SHULPHQWDUD OD LQIOXHQFLD GHO JQRVWLFR &HUGR YHU+LVWRULD GH ODV 'RFWULQDV HQ OD ,JOHVLD
$QWLJXDYRO,S
>@
-$:1HDQGHU7KH*HQHUDO+LVWRU\RIWKH&KULVWLDQ5HOLJLRQDQG&XUFKYRO,,S
/D*QRVLVQRGHEHVHUHQWHQGLGDFRPRXQDUHOLJLRQRILORVRILDDMHQDDOFULVWLDQLVPRTXHVHHVWDGHVDUUROODQGR6HSXHGHFRPSUREDUTXHKD\
XQDJQRVLVTXHVHFRQVLGHUDFULVWLDQDGHVGHDQWHVGHPHGLDGRVGHOV,,G-\GLYHUVDVLJOHVLDVJQRVWLFDVFULVWLDQDV8QDSUXHEDORVHULDSRU
XQODGRFLHUWDVDUJXPHQWDFLRQHVGH6DQ-XDQ\ODJUDQFDQWLGDGGHHVFULWRVDSRFULIRVUHODWLYRVDORVHYDQJHOLRV\DORVKHFKRVGHORVDSRVWROHV
(Q QXPHURVRV SDGUHV GH OD ,JOHVLD DSDUHFHQ FRQFHSWRV JQRVWLFRV DXQ FXDQGR SDUH]FD TXH DWDTXHQ D OD *QRVLV /D FXHVWLRQ HVWD HQ TXH HO
FRQIOLFWRTXHVHPDQWLHQHHQWUHORVTXHUHSUHVHQWDQXQDSRVWXUDOODPDGDJQRVWLFD\ODRUWRGR[DVDOLRYHQFHGRUDHVWDXOWLPDYHUVREUHHVWRD
(ODLQH3DJHOV/RV(YDQJHOLRV*QRVWLFRV*ULMDOYR0RQGDGRUL%HUFHORQD
(VWD *QRVLV FULVWLDQD H[SHULPHQWR XQD HYROXFLRQ SHUR PXFKR PDV UDSLGD TXH RWUDV FRUULHQWHV FULVWLDQDV GDGDV VXV SUHPLVDV< DVL YHPRV
FRPR HQ HO(YDQJHOLRGH7RPDV FRPLHQ]RV GHO V ,, VH UHFRQRFH HO VDEDGR FRPR HO GLD GH UHSRVR D FHOHEUDU  YHUVLRQ ELOLQJXH
FRSWRFDVWHOODQDHG%DUFHORQDSVLQHPEDUJRIUXWRGHOGHVDUUROORGHVXFRQFHSFLRQGXDOLVWDHQODTXHOX]SULPDVREUHWRGR
SURQWRHOSULPHUGLDGHODVHPDQDSODQHWDULDFRQVDJUDGRDO6ROWXYRXQDSUHIHUHQFLDVREUHHO6DEDGR
3DUD FRQRFHU ELHQ D ORV JQRVWLFRV DQWLJXRV HV SUHFLVR FRQVXOWDU WDQWR D ,UHQHR GH /\RQ &RQWUD ODV KHUHMLDV \ D +LSROLWR GH 5RPD HQ
5HIXWDFLRQGHWRGDVODVKHUHMLDVGHOD&ROHFFLRQORV7H[WRV,\,,GHOD%LEOLRWHFD%DVLFD*UHGRV0DGULG/DLQWURGXFFLRQFULWLFD\
ODVQRWDVVRQH[FHOHQWHVSDUDHOWHPD
>@
6DQ$JXVLQ&RQWUD)DXVWRFS
>@
-RVHSK7XUPHOFRQHOVHXGRQLPRGH/RXLV&RXODQJH/D0HVVH3DULVS3DXO$OIDULF/
(YROXWLRQ,QWHOOHFWXHOOHGH6DLQW
$JXVWLQYRO,3DULVS
>@
9HUVREUHHVWRYROGHOD (QFLFORSHGLDGHOD(VSDVD&DOSHS\(ODLQH3DJHOV/RV(YDQJHOLRV*QRVWLFRVRSFS(O
PLVPRDXWRUUHFRQRFHTXHORTXHPROHVWDDOD,JOHVLDRILFLDOGHHVWDVFRUULHQWHVJQRVWLFDVHVVXSUHWHQGLGDGLIHUHQFLDFLRQGHHVSLULWXDOHVIUHQWH
DODLJOHVLDLQVWLWXFLRQDOL]DGDSRUODMHUDUTXLDHSLVFRSDO6LORTXHGHILQHHOVHU,JOHVLDHVODFRQGLFLRQHVSLULWXDO\ODLQWHUSUHWDFLRQHVSLULWXDOLVWD
TXH FDGD XQR FRQVLGHUD FRPR YDOLGD VH GHVWUX\H HVD DXWRULGDG (Q UHDOLGDG OD IXHU]D GH ORV JQRVWLFRV HVWD HQ VDEHU TXH OR TXH VH HVWD
GHIHQGLHQGRSRUSDUWHGHXQFLHUWRFROHFWLYRHVODDXWRULGDGVLQPDV
>@
-0DWWHUHQ*QRVHSUHFKUHWLHQQHHWELEOLTXH6XSSOHPHQWDXGLFWLRQQDLUHGHOD%LEOH/HWRX]H\HW$QH3DULVYRO,,,FRO
>@
(Q)RUHUXQQHUVDQG5LYDOVRI&KULVWLDQLW\1XHYD<RUNYRO,SQRWD
>@
20LWUDLVPR3RUWRS
>@
6REUHHVWRYHUD%DFFKLRFFKLGX6DEEDWDXGLPDQFKHRSFSS
>@
(VWHLQWHQWR\DVHPDQLILHVWDHQHOV,,HQODHSRFDGHORV$QWRQLQRVYHU+LVWRULD8QLYHUVDO GH :DOWHU *RHW] YRO,, SS 
WDPELHQODFDUWD\DPHQFLRQDGDGH-XVWLQR
>@
$:HLJDOO6XUYLYDQFHVSDLHQQHVGDQVOHPRQGHFKUHWLHQ3DULVSS
>@
$/RLV\/HV(YDQJLOHVV\QRSWLTXHVYRO,3DULVS
>@
7DQWR%HUQDEHFRQVXFDUWDDOUHGHGRUGHOG-FRPR-XVWLQRFRQVX$SRORJLD\'LDORJRFRQ7ULIRQDOUHGHGRUGHODOG-
MXVWLILFDQHOJXDUGDUHOGRPLQJRFRPRHORFWDYRGLDGHVDFUHGLWDQGRHO6DEDGRYHU(SLVWRODGH%HUQDEH FS  HQ3DGUHV$SRVWROLFRV
HGLFLRQGH'DQLHO5XL]%XHQRGHOD%$&0DGULGSS\D$SRORJLDGH-XVWLQR'LDORJRFRQ7ULIRQGH-XVWLQR
HQ3DGUHV$SRORJLVWDVHGLFLRQGH'DQLHO5XL]%XHQRGHOD%$&0DGULGSS
3DUDOHODPHQWH QR VH ROYLGH VH HVWD GDQGR XQD FRUULHQWH DQWLMXGLD HQ HO ,PSHULR 5RPDQR ODV DQWLSDWLDV GH ORV )ODYLRV ODV SURKLELFLRQHV GH
$GULDQRUHVSHFWRGHOVDEDGRYHUQRWD\\PRWLYRGHODQRWDV\XQDDVXQFLRQGHODWHRORJLDVRODUFRQHOGLDGHO6ROFRPRIHVWLYR\HQ
HOTXHDFXGHQDFULSWDVRFDSLOODVDFHOHEUDUORVPLVWHULRVGH0LWUD
>@
1RWHVHODVLQWHQFLRQHVTXHVHOHKDFHQWHQHUD'LRVTXH(OOODPDDOSXHEORMXGLR\ORFRQVWULQHDFUHHUHQODUHVXUUHFFLRQGHO
6HQRUDILQGHTXHHOSXHEORSDVDVHGHOVDEDGRGHODOH\DOSULPHUGLDGHODVHPDQD&RPHQWDULRDORV(YDQJHOLRVXQFRPHQWDULRGH
7HRILORGH$QWLRTXLDTXHDXQTXHSHUGLGRVHKDQFRQVHUYDGRDOJXQRVSDUUDIRVHQODWLQSRU-HURQLPRHQ &DUWDD$OJDVLDFXHVWLRQ0LJQH
3DWURORJLD*ULHJD9,FRO
>@
$SDUHQWHPHQWH ,UHQHR QR PDQWLHQH XQD DFWLWXG DQWLMXGDLFD FODUDPHQWH H[SXHVWD FRPR RWURV DXWRUHV TXH HVWDPRV FLWDQGR (Q VX REUD
IXQGDPHQWDO$GYHUVXV KDHUHVHV &RQWUD ODV KHUHMLDV DFHSWD OD OH\ GH 'LRV ,9  VV FI ,9  H LQFOXVR GD XQD LQWHUSUHWDFLRQ
FRUUHFWD FXDQGR GLFH WRGRV ORV SUHFHSWRV QDWXUDOHV QRV DIHFWDQ SRU LJXDO D QRVRWURV \ D ORV MXGLRV HQ HVWRV WXYLHURQ FRPLHQ]R \ RULJHQ
PLHQWUDVTXHHQQRVRWURVKDQOOHJDGRDVXPDGXUH]\DVXFXPSOLPLHQWRYHUVREUH$GYHUVXVKDHUHVHVHGLFLRQGH-RVH9LYHV/RV3DGUHVGH
OD,JOHVLDHG+HUGHU%DUFHORQDSS3HURKDFHDOJXQDVLQWHUSUHWDFLRQHVSXQWXDOHVFRPRSRUHMHPSORGHTXHHQYH]GH
SDJDUORVGLH]PRVWDOFRPRGLFHODOH\KD\TXHGDUWRGRVQXHVWURVELHQHVDORVSREUHVHQLGSTXHPXHVWUDODOLQHDLQWHUSUHWDWLYDTXH
GDUDDODVXQWRGHO6DEDGRHQ([SRVLFLRQGHODSUHGLFDFLRQDSRVWROLFDFSUHFRJLGRHQ5HFKHUFKHVGH6FLHQFH5HOLJLHXVH3DULV
SSFXDQGRGLFHTXHODOH\QRWLHQHTXHPDQGDUTXHGHVFDQVHXQGLDILMRDDTXHOTXHJXDUGDFDGDGLDHOVDEDGR(VWRHQFXDQWRD
OD OH\ SHUR HO HYDQJHOLR VHJXQ ,UHQHR VL TXH GHEH SRQHU XQ GLD ILMR HO GRPLQJR HQ3UHJXQWDV \ UHVSXHVWDV D ORV RUWRGR[RV GHO SVHXGR
-XVWLQR0LJQH^3DWURORJLD*ULHJD9,,FRO`FRQYLUWLHQGRDO6DEDGRLQFRPSUHQVLEOHPHQWHHQDOJRSXUDPHQWHILJXUDWLYRGHOUHSRVR
GH'LRVVHQDODQGRHOUHSRVRHWHUQR$GYHUVXVKDHUHVHV,9GHODHGLFLRQIUDQFHVDGH*HQRXGH/HV3HUHVGHO
HJOLVH3DULV
YRO ,,, SS   SRU OR TXH \D QR HV SUHFLVR JXDUGDUOR &RODERUDQGR GH HVWH PRGR D GHVSUHVWLJLDU HO 6DEDGR FRQWULEX\HQGR D HVD
FRUULHQWHDQWLMXGDLFD
>@
+HPRVFLWDGRDQWHULRUPHQWHHQQRWDD7HUWXOLDQRHQ$G1DWLRQHVGRQGHGHIHQGLHQGRVHGHFLHUWDVDFXVDFLRQHVGHORVURPDQRV
UHIHUHQWHDOGLDGHO6RO7HUWXOLDQROHVUHILHUHTXHHOGLDGHO6ROORWLHQHQFRPRIHVWLYR1RKD\QLQJXQDGXGDVREUHHVWRDWHQRUSRUWRGDVODV
GHFODUDFLRQHV\GRFXPHQWRVTXH\DKHPRVH[SXHVWR6LQHPEDUJRORVURPDQRVDGHPDVGHOGRPLQJRRGLDGHOVROWDPELHQIHVWHMDEDQGHPRGR
DOHJUHHOGLDGH6DWXUQR(OSRHWD7LEXOOXV^DQRD-GLFHTXHVHDFHSWDEDHOGLDGH6DWXUQRFRPRIHVWLYR^HQ(OHJLDVOLEUR,SDUWH
OLQHD ` (Q UHDOLGDG FDGD GLD GH OD VHPDQD SODQHWDULD HVWDED GHGLFDGD D XQ GLRV 3HUR QR ROYLGHPRV TXH HO GLD GHO 6RO WHQLD SUHIHUHQFLD
VREUHWRGRVFXDQGRDSDUWLUGHFRPLHQ]RVGHOV,,HOFXOWR6RODUFRQVXGLDFDUDFWHULVWLFRVHKDLGRLPSRQLHQGR/DFLWDHQFXHVWLRQLQWURGXFH
ODLGHDGHOGRPLQJRTXHVHJXDUGD\FHOHEUDSRUORVURPDQRVGHPRGRHVSHFLDOSRUORWDQWRQRGHEHULDQGHVHUFULWLFDGRVVHJXQ7HUWXOLDQRGH
DGRUDGRUHVGHO6ROORVFULVWLDQRVSRUTXHFHOHEUHQHVHPLVPRGLD+D\GLIHUHQFLDVVHJXQ7HUWXOLDQRFRQODIRUPDGHJXDUGDUHVHGLDGHO6RO
GHOPLVPRPRGRTXHORKD\HQODPDQHUDTXHORVURPDQRVWLHQHQGHIHVWHMDUHOVDEDGRD6DWXUQRFRQHOPRGRGHIHVWHMDUORTXHWLHQHQORVMXGLRV
TXHFHOHEUDFRPRVDJUDGRHO6DEDGRFRUUHVSRQGLHQWHHQODVHPDQDSODQHWDULDSDJDQDD6DWXUQR
 "1R VRLV YRVRWURV DO PHQRV ORV TXH KDEHLV GDGR D XQR GH ORV GLDV GH OD VHPDQD HO QRPEUH GHO VRO" (VH GLD RV DEVWHQHLV
FRPSOHWDPHQWH GHO EDQR R ELHQ OR UHWUDVDLV DO DQRFKHFHU RV HQWUHJDLV DO GHVFDQVR \ D ORV IHVWLQHV WRGR HOOR OR UHDOL]DLV
DSDUWDQGRRV GHO HVSLULWX GH YXHVWUR FXOWR SDUD DFHUFDURV DO GH ODV UHOLJLRQHV H[WUDQMHUDV 3RU TXH ORV MXGLRV FHOHEUDQ ILHVWDV
VDEDGRVEDQTXHWHVRIUHFHQRUDFLRQHVH[SLDWRULDVDXQTXHWRGRHVRQRVHSDUHFHHQQDGDDORGHYXHVWURVGLRVHV'HPRGRTXH
SDUDDFDEDUHVWDREVHUYDFLRQ"FRQTXHGHUHFKRQRVUHSURFKDLVHODGRUDUDOVRO\KDEHUHVFRJLGRHOGLDTXHOHHVFRQVDJUDGR"2V
SDUHFHLVDQRVRWURVHQHVWRUHFRQRFHGORQRHVWDPRVWDQOHMRVGHYXHVWUR6DWXUQRQLGHYXHVWURVVDEDGRV!! FRQWHQLGRHQWUDGXFFLRQ
GH*HQRXGHRSFSS
/D PHQFLRQ DO ILQDO GH HVD FLWD FXDQGR LQWURGXFH D ORV MXGLRV FRQ VX VDEDGR HV TXH HOORV ORV URPDQRV FXDQGR KDFHQ VX ILHVWD HQ KRQRU D
6DWXUQR OR UHDOL]DQ PX\ GLVWLQWDPHQWH D FRPR OR KDFHQ ORV MXGLRV 'H HVH PLVPR PRGR FXDQGR FHOHEUDQ HO GLD GHO 6RO WDPELHQ OR YLYHQ GH
GLVWLQWDPDQHUDORVFULVWLDQRVUHVSHFWRDORVURPDQRVDXQFXDQGRKD\DXQFLHUWRSDUHFLGRSRUKDEHUHVFRJLGRHOGLDTXHOHHVFRQVDJUDGRDO
6RO\VHPHMDQWHDODPDQHUDDOHJUHFRQTXHJXDUGDQHOGLDGH6DWXUQRTXHSDUDORVURPDQRVHVXQGLDGHRFLRDGLIHUHQFLDGHOGLDMXGLR(O
GLDGHO6ROHVHOGLDGHUHSRVRTXHFHOHEUDQWDQWRURPDQRVFRPRFLHUWRVFULVWLDQRVHQOD,JOHVLDGH5RPD\HOPRGRDOHJUHHVVHPHMDQWHDO
IHVWHMRTXHUHDOL]DQD6DWXUQRORVURPDQRV
6REUHHOGLDGHO6ROGHQRPLQDGRDVLSRU7HUWXOLDQRSDUDUHIHULUVHDOGRPLQJRGHVYDORUL]DQGRHOVDEDGRMXGLRSXHGHYHUVH$SRORJLD&RQWUD
ORVJHQWLOHVFS;9,WUDGXFFLRQ\SUHSDUDFLRQ3HGUR0DQHURHG$JXLODU0DGULGSS
>@
&OHPHQWHGH$OHMDQGULDHQVXV6WURPDWHLVQRVRODPHQWHVHDGKLHUHDXQDJQRVLVFULVWLDQD9,,9VV,,
9,YHUHGLFLRQGH-RVH9LYHVRSFSSVLQRTXHHQVXHVSLULWXDOL]DFLRQUDGLFDOGHVWUX\HODSRVLELOLGDGGHTXHVHGHVFDQVHHQ
GLDVILMRVSHURHVRQROHHYLWDSDUDH[SUHVDUODLGHDGHTXHHOVDEDGRSUHSDURDOGRPLQJRVLHQGRGLFKRGRPLQJRHOFXPSOLPHQWRGHOVDEDGR
HQFRQWUDQGR FRQ HO SULPHU GLD GH OD VHPDQD XQD UHODFLRQ HQWUH OD FUHDFLRQ GH OD OX] GHO SULPHU GLD FRQ HO GLD GH OD UHVXUUHFFLRQ GH &ULVWR
FRQVLGHUDQGRODIXHQWHGHOX]YHUGDGHUD\GHDXWHQWLFDVDELGXULD
>@
2ULJHQHVRWURUHSUHVHQWDQWHGHODOODPDGDJQRVLVFULVWLDQD\GLVFLSXORGH&OHPHQWHWRGDYLDH[WUHPDUDPDVVXSRVLFLRQHVSLULWXDOLVWDQR
DFHSWDQGRQLQJXQGLDHVSHFLILFRDFHOHEUDU&RQWUD&HOVROLEUR9,,,HQHGLFLRQGH'DQLHO5XL]%XHQR%$&0DGULG
>@
 (VWH DXWRU FRQVLGHUD HO RFWDYR GLD TXH VH FHOHEUDED OD FLUFXQFLVLRQ FRPR XQD HVSHFLH GH VLPEROR \ ILJXUD GHO SULPHU GLD GHVSXHV GHO
VDEDGR HV GHFLU GHO GRPLQJR TXH VHULD WDPELHQ GH DFXHUGR D HVD UHWRUFLGD LQWHUSUHWDFLRQ HO RFWDYR (Q GLFKR RFWDYR GLD TXH VHULD HO
GRPLQJR DFRQWHFHULD OD FLUFXQFLVLRQ HVSLULWXDO JUDFLDV D OD UHVXUUHFFLRQ GH &ULVWR FHVDQGR HO VDEDGR MXGLR WUD\HQGRQRV OD UHDOLGDG GHO GLD
QXHYR D FHOHEUDU HO GRPLQJR R SULPHU GLD GH OD VHPDQD ",QFUHLEOH HVWD LQWHUSUHWDFLRQ" YHUOD HQ(SLVWROD /;,9   6REUH ODV REUDV
FRPSOHWDV GH &LSULDQR SXHGH FRQVXOWDUVH OD HGLFLRQ SUHSDUDGD SRU -XOLR &DPSRV %$& 0DGULG  &LSULDQR FRQWULEX\H VLQ GXGD D HVD
VLWXDFLRQDQWLMXGLDDQWHULRUD&RQVWDQWLQRDILQGHDFHSWDUHOGRPLQJRHQGHWULPHQWRGHOVDEDGR
1R HV GH H[WUDQDU TXH HQ RWUR HVFULWR DWULEXLGR D 9LFWRULQR RELVSR GH 3HWDYLR 'H IDEULFD PXQGL ^'H OD &UHDFLRQ GHO PXQGR` QXHVWUR
DXWRUQRVKDEOHGHOD\XQRLQYHQWDGRHQVDEDGRDILQGHGLIHUHQFLDUVHGHOVDEDGRMXGLRTXHGHWHVWD
>@
$ +RXWLQ &RXUWHKLVWRLUHGX&KULVWLQDLVPH 3DULV  SS  9HU WDPELHQ VREUH HVWR D *HRUJHV$LPH 0XUUD\ 5HOLJLRQ DQG
3KLORVRSK\&KULVWLDQLW\LQWKH/LJKWRI0RGVHUQ.QRZOHGJH1XHYD<RUNSS
>@
 (VWHDQWLMXGDLVPR DOLPHQWDGR SRU OD DFWLWXG MXGLD IUHQWH D OD SROLWLFD URPDQD LPSHULDOLVWD TXH WLHQH XQ SULPHU SXQWR FXOPLQDQWH FRQ OD
GHVWUXFFLRQGH-HUXVDOHQHQORVDQRVDOVHYHGHVDUUROODGDFRQ$GULDQR$QWHULRUPHQWHDORVMXGLRVVHOHVKDELDSHUPLWLGRMXQWRDRWUDV
PXFKDV UHOLJLRQHV SUDFWLFDU OD VX\D 3HUR HQ OD HSRFD GH$GULDQR  D  G- QRWHQ ODV IHFKDV \ FRPSDUHQOR FRQ HO SULPHU DQXQFLR
GRFXPHQWDGRFDWROLFRTXHWHQHPRVHOGH-XVWLQRGLULJLGRDOHPSHUDGRU5RPDQR\TXHKDEODGHTXHHOORVORVFULVWLDQRVJXDUGDQHOGLDGHO6RO
\QRHOGH6DWXUQRFRPRORVMXGLRV^DOUHGHGRUGHO`VHGDXQDSURKLELFLRQEDMRSHQDGHPXHUWHSDUDWRGRHO,PSHULRGHSUDFWLFDUOD
FLUFXQFLVLRQODREVHUYDQFLDGHO6DEDGR\HOHVWXGLRGHOD7RUDYHU6%DURQ+LVWRLUHG
,VUDHOYLHVRFLDOHHWUHOLJLHXVH3DULVYRO,,
S
3XHGH FRQVXOWDUVH VREUH HO DQWLMXGDLVPR SURSLFLDGR WDQWR SRU 5RPD FRPR SRU ORV HVFULWRUHV WHPSUDQRV GH OD ,JOHVLD D +DQV .XQJ(O
-XGDLVPRHG7URWWD0DGULGSS
>@
'HVGHODHSRFDGHORV)ODYLRVGXUDQWHHOHPSHUDGRU'RPLFLDQR^`7UDMDQR^`$GULDQR^`\$QWRQLQRVHQ
DGHODQWH\FRQ6HSWLPR6HYHURORVMXGLRVDGHPDVGHVHUGLH]PDGRVVRQSHUVHJXLGRVLPSLGLHQGRVXFUHFLPLHQWRYHUVREUHHVWR
*UDQ+LVWRULD8QLYHUVDO YRO ,9 HGLF 1DMHUD 0DGULG  SS    0DUWLQ 1RWK +LVWRULDGH,VUDHO HGLF *DUULJD %DUFHORQD
SS
>@
&RQ$QWRQLQR3LRVHGDDXWRUL]DFLRQDTXHORVMXGLRVSXHGDQFLUFXQFLGDUVH0DUWLQ1RWK+LVWRULDGH,VUDHOSORTXHPXHVWUDOD
VHYHULGDGDQWHULRU\ORTXHWRGDYLDTXHGDSURKLELGRTXHGHVGH$GULDQRKDRULHQWDGRODSROLWLFDUHOLJLRVDFRQORVMXGLRV
>@
+LVWRULDXQLYHUVDOGH*2QFNHQYRORSFS
>@
7LEXOOXVSRHWDODWLQRGHOD-HQ(OHJLDVOLEUR,SDUWHOLQHDFLWDGRSRU'DQLHO+DPPHUO\'XSX\HQ(O1XHYR&DOHQGDULR
%XHQRV$LUHVS
>@
9HUQRWDV\
>@
3RQHPRVHODVXQWRGHOGLDGHO6DEDGRGHGLFDGRD6DWXUQRSRUTXHHQUHODFLRQFRQODFXHVWLRQMXGLDFULVWLDQLVPRVHGDXQDLGHQWLGDGTXH
H[SOLFDHOFRPSRUWDPLHQWRGHXQRV\GHRWURV1RTXHUHPRVLQGLFDUTXHODIRUPDGHJXDUGDUHO6DEDGRSRUORV5RPDQRV\TXHGHDFXHUGRDOD
VHPDQDSODQHWDULDVHKDFLDHQEDVHDOGLRV6DWXUQRVHDODPLVPDTXHODGHO6DEDGRLQVWLWXLGRSRUHO'LRVYHUGDGHURHQKRQRUDOD&UHDFLRQ
5HGHQFLRQ
>@
9HG$QWROLQ'LHVWUHHGLWDGDHQ=DUDJR]D
>@
$XQTXHOD6REHUDQLDXQLFDQRODFRQVHJXLUDKDVWDKDEHUYHQFLGRD/LFLQLRHQHOG-YHU$WODV+LVWRULFR8QLYHUVDOYRO,RSFS
DSDUWLUGHOHGLFWRGH0LODQHQHOIDYRUHFHDXQD,JOHVLDWUDQVIRUPDGDSRUHO
>@
 /R KHPRV YLVWR \D FRQ OD DGRSFLRQ GHO 6ROLV 'LHV \ FRQ WRGD XQD VHULH GH DFRPRGDFLRQHV GRFWULQDOHV \ SROLWLFDV TXH LUHPRV
GHVFXEULHQGR
>@
/RYHUHPRVPDVDGHODQWH3XHGHFRQVXOWDUVHVREUHHVWRD$'LHVWUHHQ(O6HQWLGRGHOD+LVWRULD\OD3DODEUD3URIHWLFDRSFHQ
ELEOLRJUDILD
5HFXHUGHVHQRREVWDQWH\ORFRPSUREDPRVTXHHVWRQRKXELHUDVLGRSRVLEOHVLQXQDHYROXFLRQSRUSDUWHGHHVD,JOHVLDGH5RPD
>@
(G+HUGHURSFS
>@
+LVWRULD8QLYHUVDOGH2QFNHQYRO,;RSFS
>@
0DUFHO6LPRQ$QGUH%HQRLW(O-XGDLVPR\HO&ULVWLDQLVPR$QWLJXRRSFS
>@
2QFNHQYRO,;RSFS
>@
,GS
>@
-53DODQTXH'H&RQVWDQWLQD&KDUORPDJQHDWUDYHUVGXFKDRV%DUEDUH3DULVSS
>@
6HWUDWDGHXQDGLYLQL]DFLRQGHODDXWRULGDG$GHPDVGHVHUIXHQWHGHSRGHUVHHVVXMHWRGHSRGHUWDQWRSROLWLFRFRPRUHOLJLRVR$XWRULGDG
6XSUHPDWDQWRHOSRGHUWHPSRUDOFRPRHOHVSLULWXDO
>@
+5DKQHU/
(JOLVHHWO
(WDWGDQVOH&KULVWLDQLVPH3ULPLWLI3DULVS
>@
2QFNHQYRO,;RSFS
>@
,GS
>@
+5DKQHURSFS
>@
0DUFHO6LPRQ$QGUH%HQRLW-XGDLVPR\&ULVWLDQLVPR$QWLJXRRSFS
>@
+DOVEHUJKH*DVWRQ+7KHFXOWRI6RO,QYLFWXV/HLGHQ(-%ULOOS&LWDGRSRU$OLVWDLU.HH&RQVWDQWLQRFRQWUD&ULVWR
RSFS
>@
/%UHKLHU3%DWLIRO/HV6XUYLYDQFHVGX&XOWH,PSHULDO5RPDLQ3DULVS
>@
&RQVWDQWLQRFRQWUD&ULVWRRSFS
>@
 ,G S  /D FLWD GHO 2ELVSR (XVHELR GH &HVDUHD HVWDQ VDFDGDV'H 9LWD &RQVWDQWLQL ,  WUDGXFFLRQ LQJOHVD7KH OLIH RI
&RQVWDQWLQHHGV:DFH+HQU\\6FKDII3KLOLS1LFHQHDQGSRVW1LFHQHIDWKHUVVHULHQXHYDYRO(XVHELXV2[IRUG
>@
,GS
>@
,QGHSHQGLHQWHPHQWHGHODDFWLWXGDERPLQDEOHGH&RQVWDQWLQRVXPRUDOTXHGDUHIOHMDGDSRUQXPHURVRVLQFLGHQWHVDORODUJRGHVXYLGD
/D+LVWRULD8QLYHUVDOGH2QFNHQVHH[SUHVDGHHVWHPRGRDOGHVFULELUQRVVXWDODQWH
&DVLLQPHGLDWDPHQWHGHVSXHV&RQVWDQWLQRHOYHUGDGHURYHQFHGRUGHHVWDFULVLVUHOLJLRVDWDQIDPRVDHQODKLVWRULDKRUURUL]RDSDJDQRV\
FULVWLDQRVFRQORVDFWRVPDVVLQLHVWURV\WHQHEURVRVGHVXYLGD
IXHPXHUWRSRURUGHQGHOHPSHUDGRUVXKLMRPD\RU
DQDGLHQGRODPXHUWHGHVXVREULQR/LFLQLR\ODGHRWUDVPXFKDVSHUVRQDVTXHSRUVXVUHODFLRQHV\DOWDSRVLFLRQOHKDFLDQVRPEUD
VXRFWRJHQDULDPDGUH(OHQDOHLQGXMRDPDWDUDVXHVSRVD)DXVWD!!YRO,;RSFS
/DV FRVWXPEUHV SDJDQDV FRQ HO XVR GH VXV ULWRV PH]FODGRV FRQ FULVWLDQRV FRURQDGDV FRQ ILHVWDV SXEOLFDV \ IXQFLRQHV GH FLUFR URPDQR TXH
QDGDWLHQHQTXHYHUFRQHOFULVWLDQLVPRJHQXLQRODHUHFFLRQGHWHPSORVSDJDQRVDOLJXDOTXHGHLJOHVLDVLGS
/DPLVPD+LVWRULDORUHWUDWDILQDOPHQWHGHHVWHPRGR
6DWLVIHFKDVXJUDQGHDPELFLRQVHYROYLRYDQLGRVR\VHGLHQWRGHDODEDQ]DV\DGXODFLRQHVVHPRVWURDPHQXGRFDSULFKRVR
$ODPHQRUVRVSHFKDGHLQILGHOLGDGRDEXVRGHSRVLFLRQOHFRVWDEDSRFRGDUWUDEDMRDOYHUGXJR6XVFRQWHPSRUDQHRVFULWLFDURQ
WDPELHQVXGHVPHVXUDGRIDXVWR\OLEHUDOLGDGDFRVWDGHOWHVRUR\GHORVFRQWULEX\HQWHV
&RQVWDQWLQRHUDHQHOIRQGRURPDQRSDJDQR\MDPDVFRPSUHQGLRORVLGHDOHVGHOFULVWLDQLVPR!!LGSS
>@
&RQVWDQWLQRFRQWUD&ULVWRRSFSFI9LWDGH&RQVWDQWLQLRSF,,
>@
,G
>@
,GS
>@
,GSFI9LWDGH&RQVWDQWLQLRSF,,
>@
9HUD.DUOKHLQ]'HVFKQHUYRO,RSFS(ODXWRUWUDHDEXQGDQWHELEOLRJUDILDGRQGHDSR\DVXDVHUWR
>@
,G
>@
9HU$OLVWDLU.HHFLWDQGRD(XVHELRGH&HVDUHDRSFSS
>@
9HUD.DUOKHLQ]'HVFKQHUYRO,RSFS
>@
+LVWRULD8QLYHUVDOGH2QFNHQYRO9,,,RSFS
>@
,GRSFS
%UHKLHU\%DWLIIRORSFUHFRJHHODFWRKLVWRULFRVHJXQHOWHVWLPRQLRGH6DQ$PEURVLRGHFXDQGRODPDGUHGH&RQVWDQWLQROHFRORFRVREUH
ODGLDGHPDLPSHULDOXQDFUX]SDUDTXH&ULVWRIXHUDDGRUDGRHQODSHUVRQDGHOSULQFLSH
>@
9HU+LVWRULD8QLYHUVDOGH2QFNHQYRO9,,,RSFS
>@
%UHKLHU%DWLIIRORSFS
>@
2QFNHQYRO9,,,RSFS
>@
,G
>@
4XHUHPRVGHMDUFODURHQHVWHOXJDUXQDYH]TXHVHKDSRGLGRGHPRVWUDUTXHODDVXQFLRQGHOGLDGHO6ROFRPRGLDIHVWLYRSRUSDUWHGHOD
,JOHVLD&DWROLFDHQ5RPDHVSDUDOHOD\FRQHOPLVPRRULJHQHLQIOXHQFLDTXHORTXHRULJLQDHVHGLDGHO6ROHQHO,PSHULRURPDQRTXHQRSXHGH
KDEHUQLQJXQGRFXPHQWRGRQGHVHPXHVWUHTXHODFHOHEUDFLRQGHOGRPLQJRIXHUDKHURLFDRWXYLHUDREVWDFXORVSXHVWRTXHVHWUDWDGHOPLVPR
GLDGHUHSRVR\QXQFDH[LVWHSHUVHFXFLRQRLPSHGLPHQWRSDUDJXDUGDUOR7RGRORFRQWUDULRDORTXHRFXUUHFRQHO6DEDGR\DKHPRVH[SXHVWR
ODSROLWLFDGH$GULDQRHQFRQWUDGHO6DEDGR/RTXH-XDQ3DEOR,,FRPHQWDHQ'LHV'RPLQLQRFRUUHVSRQGHDODUHDOLGDGKLVWRULFD(O
ULWPRVHPDQDOHQFXDQWRDJXDUGDUILHVWDHOGLDGHO6ROHVWDEDUHFRQRFLGRHQHO,PSHULR5RPDQRGHVGHODHSRFDGHORV$QWRQLQRVV,,G-
WDOFRPR-XVWLQR\7HUWXOLDQRH[SRQHQHQVXVHVFULWRV
>@
6REUHWRGRHVWRSXHGHFRQVXOWDUVHXQDREUDDPSOLDPHQWHGRFXPHQWDGDHVFULWDSRUHODXWRU$'LHVWUH &XDQGRHO+LMRGHO+RPEUH
YHQJD"KDOODUDIHHQODWLHUUD" &OLH 7HUUDVVD%DUFHORQD  SS  (V SUHFLVR FRPSOHWDUOR FRQ(O 6HQWLGR GH OD +LVWRULD \ OD
3DODEUD3URIHWLFDYRO,SQ
>@
$OLVWHU.HHRSFS
>@
,GS3DUDODFLWDGHO&RGH[ YHU 3KDUU &O\GH7KH7KHRGRVLDQ&RGHDQGWKH6LUPRQGLDQ&RQVWLWXWLRQV3ULQFHWRQ8QLYHUVLW\
3UHVVOLEURWLWXORVHFFLRQ
(QXQDSDUWDGRSRVWHULRUH[SRQHPRVODVLQIOXHQFLDVGHOFXOWRVRODUHQHOFULVWLDQLVPRGHORVUHSUHVHQWDQWHVGHOD,JOHVLDGH5RPD
>@
$OLVWDLU.HH&RQVWDQWLQRFRQWUD&ULVWRRSFSS\VV
>@
,GRSF
>@
9HDVHVREUHHVWRDGHPDVGHODH[SRVLFLRQDPSOLDGH$OLVWDLU.HHDOFDWROLFR1RUEHUW%UR[ +LVWRULDGHOD,JOHVLD3ULPLWLYDRSFSS

>@
(XVHELR'H9LWDGH&RQVWDQWLQL,,,&LWDGRHQ$OLVWDLU.HHRSFS
+HPRVFRPSUREDGR\DHQRWUROXJDUFRPRODDFHSWDFLRQGHOGLDGHOVRORGRPLQJRSRUHOFULVWLDQLVPRGH5RPDVLJXHODRULHQWDFLRQSROLWLFD
HO ,PSHULR 5RPDQR OD WHRORJLD VRODU (Q HO FDVR GH OD ,JOHVLD GH 5RPD WLHQH XQ DVXQWR DGLFLRQDO D OD KRUD GH DFHSWDU HO 'RPLQJR \ HV
GHVSRMDUVHGHO6DEDGRTXHVHFRQVLGHUDH[FOXVLYDPHQWHMXGLR'HDKLTXHDKRUD&RQVWDQWLQRDOOHJLVODUDIDYRUGHOGRPLQJRWHQJDHQFXHQWDHO
UHFKD]RGHORVMXGLRV
>@
<DORKHPRVFRPSUREDGRHQHODQWHULRUFDSLWXORFRQGRFXPHQWDFLRQSURIXVD
>@
'HFUHWRGHOGH0DU]RGHODQRSURPXOJDGRSRU&ULVSXV,,\&RQVWDQWLQR,,FRQWHQLGRHQ&RUSXVMXULVFLYLOLV&RGH[-XVWLQLDQXV
/LYUH,,,WLW;,,'HIHULLV5HFRJLGRSRU3DXO1RXDQ/H6HSWLHPH-RXURSFS
>@
&LWDGRSRU$OLVWDLU.HHRSFS
>@
(Q9LGDGH&RQVWDQWLQR,9FLWDGRSRU$OLVWDLU.HHRSFSS
>@
(XVHELXVDQGWKHFKULVWLDQHPSLUHUHLPSUHVLRQHQ%\]DQWLQHVWXGLHVDQGRWKHUHVVD\V7KH$WKORQH3UHVVS5HFRJLGR\
DVXPLGRSRU$OLVWDLU.HHRSFSS
>@
9HU9LGDGH&RQVWDQWLQRGH(XVHELRRSF,,,,,9$OLVWDLU.HHRSFS
>@
,G
>@
,G,,,FLWDGRSRU$OLVWDLU.HHRSFS
>@
,G,,,
>@
,G9,,UHFRJLGRSRU$OLVWDLU.HHRSFS
>@
$OLVWDLU.HHRSFS
>@
,GRSFSS
>@
,GS
>@
6REUHHO5HLQRGH'LRVVXFRQFHSWR\QDWXUDOH]DORDQDOL]DPRVPDVDGHODQWH
>@
$OLVWHU.HHRSFS
>@
,G
>@
.DUOKHLQ]'HVFKQHUYRO,RSFS
>@
,GSS
>@
 (QWUH ODV FXDOLGDGHV TXH GRPLQDEDQ HO FDUDFWHU GH &RQVWDQWLQR VREUHVDOLD VHJXQ OD+LVWRULD 8QLYHUVDO TXH GLULJH 2QFNHQ OD VHG
LQVDFLDEOH GH PDQGR \ QR GH XQ PDQGR FXDOTXLHUD VLQR GHO VXSUHPR LG YRO 9,,, S  \ QR FRQRFLD SLHGDG QL FRQVLGHUDFLRQ QL
PLVHULFRUGLDFXDQGRFUHLDDPHQD]DGDVXDXWRULGDGVXSUHPDLG
>@
3DUDODSHUVHFXFLRQUHOLJLRVDYHU$OLVWDLU.HHRSFSS
>@
 8QD YH] TXH &RQVWDQWLQR VH KD LGHQWLILFDGR XQ WDQWR FRQ HO FULVWLDQLVPR UHXQH XQ FRQFLOLR HQ HO DQR  HQ OD FLXGDG GH$UOHV 9HU
3UHYLW2UWRQ+LVWRULD0HGLHYDOYRO,SS\VV
(VWHFRQFLOLRTXHVHUHXQLRSULQFLSDOPHQWHSDUDWUDWDUHOFLVPDGRQDWLVWDH[DPLQDODFXHVWLRQGHO6HUYLFLR0LOLWDU(OFDQRQRUH]DEDDVL/RV
TXHODQ]DQODVDUPDVHQWLHPSRVGHSD]VHDQH[FRPXOJDGRV
6H KDQ SUHVHQWDGR YDULDV LQWHUSUHWDFLRQHV SUHWHQGLHQGR DQXODU HO YHUGDGHUR VHQWLGR GHO FDQRQ 9HDVH +HIHOH/HFUHUFT +LVWRLUV GHV
&RQFLOHVYRO,RSFS\VV8QDTXHKDVXVWLWXLGRODVSDODEUDVLQSDFHSRUODVSDODEUDVLQSUDHOLRRLQEHOOR
$KRUDELHQHVWRVHVDEHTXHKDVLGRXQDFRUUHFFLRQDUELWUDULDGHELGRDXQOHFWRUTXHGHOLEHUDGDPHQWHKDPRGLILFDGRHOWH[WR$OEHUW%D\HW
3DFLILVPHHW&KULVWLDQLVPHDX[SUHPLHUVVLHFOHV%LEOLRWHTXH5DFLRQDOLVWH3DULVSS
8QDVHJXQGDLQWHUSUHWDFLRQQRVPRVWUDULDTXHHOFRQFLOLRGH$UOHVQRFDVWLJDULDDORVGHVHUWRUHVVLQRDORVTXHKDFHQFXOSDEOHVHQSOHQDSD]GH
XQDDJUHVLRQDPDQRDUPDGD2WURVGLFHQTXHVHUHILHUHVLPSOHPHQWHDORVJODGLDGRUHVVHJXQ%D\HW+RUQXV\RWURVHVWDVLQWHUSUHWDFLRQHV
VRQLQDFHSWDEOHV/DVSDODEUDVDUPDSURXFHUHGHVLJQDQHODFWRGHOVROGDGRTXHODQ]DVXVDUPDVGHODQWHGHHOPRVWUDQGRTXHQRTXLHUHPDV
VHUYLU
$KRUDELHQSDUDQRVRWURVDXQTXHDFHSWDPRVHOVHQWLGRGHHVWDLQWHUSUHWDFLRQQRVHJXLPRVDDTXHOORVTXHDGPLWHQTXHHOFRQFLOLRGH$UOHVHV
VLPSOHPHQWHXQSDVRPDVGHOSDUWLGRRSRUWXQLVWDFULVWLDQRSHURTXHFRQWLQXDULDDFHSWDQGRODSRVLFLRQGHOD,JOHVLD3ULPLWLYDHQFXDQWRDODQR
YLROHQFLD $VL RSLQD + ) 6HFUHWDQ/H &KULVWLDQLVPH GHV SUHPLHUV VLHFOHV HW OH 6HUYLFH 0,OLWDLUH  3DULV  S  GHO PLVPR PRGR
+RUQXV(YDQJLOHHW/DEDUXPRSFS
&UHHPRVTXHOHMRVGHVHUVXSHUIOXDODSUHFLVLRQLQSDFHHVHVHQFLDO\DTXHQRKD\SRVLELOLGDGSDUDODLGHDGHTXHHQWLHPSRVGHJXHUUDHV
VLHPSUHSHUPLWLGRHLQFOXVRUHFRPHQGDEOHDOFULVWLDQRUHKXVDUODVDUPDV8QDDFWLWXGGHHVWDQDWXUDOH]DHQWLHPSRVGHSD]PDUFDORTXHGHEH
VHUHQWLHPSRVGHJXHUUD6LQRSXHGHHOVROGDGRFULVWLDQRHQWLHPSRVGHSD]UHKXVDUODVDUPDVFXDQWRPHQRVHQWLHPSRVGHJXHUUD
/DGXUH]DGHGLFKRFDQRQYDHQFRQWUDGHODRSLQLRQLPSUREDEOHHQFXDQWRTXHVLPSOHPHQWHVHTXLHUDSURKLELUDOFULVWLDQRHQWLHPSRVGHSD]
DUURMDUODVDUPDV"FRPRHVSRVLEOHVHPHMDQWHFDVWLJRFRPRHOGHODH[FRPXQLRQ"6LDUURMDUODVDUPDVHQWLHPSRVGHSD]IXHUDWRPDGRSRUORV
TXHHODERUDQHOFDQRQFRPRGHSRFDPRQWD\WHQLHQGRHQFXDQWDHOTXHHOFULVWLDQRQRGHEHPDWDUQLHPSOHDUHODUPD"FRPRHVSRVLEOHWDO
GXUH]DHLQWUDQVLJHQFLD"6LWLHQHQHQFXHQWDWRGDYLDODSURKLELFLRQGHPDWDU\GHKDFHUXVRGHODUPDGHOSHULRGRDQWHULRU"SRUTXHREOLJDUEDMR
SHQDGHH[FRPXQLRQDORVFULVWLDQRVHQWLHPSRVGHSD]DSHUPDQHFHUFRQODVDUPDV"6RORFDEHXQDH[SOLFDFLRQTXHHOFDQRQKDSURYLVWRHQ
SULQFLSLR XQD VROXFLRQ DO SUREOHPD TXH KDVWD HQWRQFHV VH KDELD SODQWHDGR HQWUH HO &ULVWLDQLVPR H ,PSHULR UHVSHFWR DO VHUYLFLR PLOLWDU (VD
SURYLVLRQODHIHFWXDSDUDWLHPSRVGHSD]$KRUDELHQHVWRQRH[FOX\HTXHFRQWLQXHSDUDWLHPSRVGHJXHUUD(VFLHUWRTXHQRORPHQFLRQDSHUR
OD LQWROHUDQFLD FRQ TXH FDVWLJD OD GHVHUFLRQ HQ WLHPSRV GH SD] HV VXILFLHQWH SDUD FRPSUHQGHU TXH VL HQ WLHPSRV GH SD] HO FULVWLDQR QR GHEH
DUURMDUODVDUPDVHQWLHPSRVGHJXHUUDWRGDYLDPHQRV3RUORVVXFHVRVSRVWHULRUHVTXHGRFXPHQWDUHPRVGHVSXHVHQFXDQWRDODFRQGXFWDTXH
VHVLJXLRSRUSDUWHGHOD,JOHVLD&DWROLFR&RQVWDQWLQLDQDQRVDYDODQGHTXHHVWHFDQRQIXHGHFLVLYRSDUDODFRQGXFWDPLOLWDULVWD GHO OODPDGR
FULVWLDQRTXHKDDFHSWDGRDGHVSHFKRGHORVSULQFLSLRVGHO5HLQRGH'LRVODVGLUHFWULFHV
SDJDQRFRQVWDQWLQLDQDV

/DGHFODUDFLRQGH$UOHVHVXQSDVRPDVHQODFRQILJXUDFLRQGHXQD,JOHVLD,PSHULDOTXHVHGHVSRMDGHORPDVHPEOHPDWLFDPHQWHFULVWLDQRVHU
3DFLILFDGRU(VWHSDVRHVGHFLVLYR(QHOVHPDQLILHVWDXQFODURFDPELRGHSRVLFLRQUHVSHFWRDORVSULQFLSLRVGHO5HLQRGH'LRV(VHOVHQWLUGH
TXLHQRULHQWRVHPHMDQWHSURSXHVWD&RQVWDQWLQR
+HHULQJVHH[SOLFDDGHFXDGDPHQWHFXDQGRDILUPDTXH
(O-HVXVKLVWRULFRHUDXQ0HVLDVGHSD]TXHQRVRUGHQRDPDUDQXHVWURVHQHPLJRVKDVWDHOPD[LPR\KDVWDHOWLHPSR&RQVWDQWLQRVXV
VHJXLGRUHV FRQ DOJXQDV H[FHSFLRQHV SUDFWLFDURQ VXV HQVHQDQ]DV 3HUR HQWRQFHV OOHJR HO SXQWR GHFLVLYR HMHPSOLILFDGR SRU OD GHFLVLRQ GHO
FRQFLOLRGH$UOHVHQDQRTXHGHFLDORVTXHWLUHQVXVDUPDVHQWLHPSRVGHSD]VHUDQH[FRPXOJDGRV(VWHFDPELRUDGLFDOHQODIHFULVWLDQD
HQXQDVXQWRWDQIXQGDPHQWDOFRPRODJXHUUDGHEHPRVYHUORFRPRXQDFDLGDGHVDVWURVDXQDFDLGDHQXQHVWDGRWDOTXHODLJOHVLDSULPLWLYDQR
KDEULDYDFLODGRHQOODPDUXQHVWDGRGHSHFDGR!!*-+HHULQJ7KH)DOORI&KULVWLDQLW\)HOORZV3XEOLFDWLRQV$PHULFDQHGLWLRQS

/RVHVFULWRVSDWULVWLFRVKDVWD&RQVWDQWLQRVRQH[SOLFLWRVWRFDQWHDHVWDFXHVWLRQ(QRWUDVHFFLRQSUHVHQWDPRVODSRVLFLRQGHODSDWULVWLFDKDVWD
&RQVWDQWLQR7RGDHOODQRVPDQLILHVWDXQDSRVLFLRQFRQWUDULDDOVHUYLFLR\DOHPSOHRGHODVDUPDV
3RURWUDSDUWHFRPSUHQGDPRVHOFRQWH[WRKLVWRULFRGHODGHFODUDFLRQGHOFRQFLOLRGH$UOHV+DVLGRGHFUHWDGRGHQWURGHODSR\R\IDYRUTXH
&RQVWDQWLQR HVWD RWRUJDQGR D OD ,JOHVLD (O LPSHULR VH HQFXHQWUD HQ SD] JUDFLDV D ODV YLFWRULDV GH &RQVWDQWLQR$KRUD VH SLGH QR DUURMDU ODV
DUPDVHQWLHPSRVGHSD]\VREUHWRGRGHHVDSD]TXHJUDFLDVDODVFLUFXQVWDQFLDV\FDUDFWHULVWLFDVGHO,PSHULR5RPDQRVHKDORJUDGR6LDORV
VROGDGRVVHOHVH[LJHQRDUURMDUODVDUPDVHQHVDSD]TXHVHKDORJUDGR"TXHVHOHVSHGLUDFXDQGRXQHQHPLJRFXDOTXLHUDSUHWHQGDSHUWXUEDU
HVDSD]GHO,PSHULR"
>@
9HUODWHVLVGHIHQGLGDSRU$OLVWDLU.HH7DPELHQD)$UUDQ]9HODUGH5HVXPHQGH+LVWRULD8QLYHUVDO6DQWDQGHUS&LWDGR
SRU3HGURGH)HOLSHHQ/D,GHQWLILFDFLRQGHO&XHUQR3HTXHQRGH'DQLHO0DGULGQRWD
>@
+LVWRULD8QLYHUVDOGH2QFNHQYRO9,,,RSFS
>@
 (VWHDQWLMXGDLVPR DOLPHQWDGR SRU OD DFWLWXG MXGLD IUHQWH D OD SROLWLFD URPDQD LPSHULDOLVWD TXH WLHQH XQ SULPHU SXQWR FXOPLQDQWH FRQ OD
GHVWUXFFLRQGH-HUXVDOHQHQORVDQRVDOVHYHGHVDUUROODGDFRQ$GULDQR$QWHULRUPHQWHDORVMXGLRVVHOHVKDELDSHUPLWLGRMXQWRDRWUDV
PXFKDV UHOLJLRQHV SUDFWLFDU OD VX\D 3HUR HQ OD HSRFD GH$GULDQR  D  G- QRWHQ ODV IHFKDV \ FRPSDUHQOR FRQ HO SULPHU DQXQFLR
GRFXPHQWDGRFDWROLFRTXHWHQHPRVHOGH-XVWLQRGLULJLGRDOHPSHUDGRU5RPDQR\TXHKDEODGHTXHHOORVORVFULVWLDQRVJXDUGDQHOGLDGHO6RO
\QRHOGH6DWXUQRFRPRORVMXGLRV^DOUHGHGRUGHO`VHGDXQDSURKLELFLRQEDMRSHQDGHPXHUWHSDUDWRGRHO,PSHULRGHSUDFWLFDUOD
FLUFXQFLVLRQODREVHUYDQFLDGHO6DEDGR\HOHVWXGLRGHOD7RUDYHU6%DURQ+LVWRLUHG
,VUDHOYLHVRFLDOHHWUHOLJLHXVH 3DULVYRO,,
S
>@
(Q6NL]]HQDXVGHP/HEHQGHV$OWHQ.LUFKHDHGLFLRQS
>@
0DUFHO6LPRQ$QGUH%HQRLW-XGDLVPR\&ULVWLDQLVPR$QWLJXRRSFS
>@
9HUQRWDQR\GHFDSLWXORDQWHULRU
>@
 6L ELHQ OD SULPHUD PHQFLRQ UHVSHFWR DOGLDGHOVRODFHSWDGRSRUOD,JOHVLDGH5RPDDSDUHFHDOUHGHGRUGHODQR(OFRQIOLFWRHQWUH
-XGDLVPR \&ULVWLDQLVPRVH DJXGL]D DSUR[LPDGDPHQWH D FRPLHQ]RV GHO V ,,<D KHPRV YLVWR VREUDGDPHQWH FRPR ORV HVFULWRV SDWULVWLFRV
FULWLFDQ ELHQ ODVIRUPDV MXGLDVR UHFKD]DQ GH SODQR DO MXGDLVPR FRPR FRQWHQLGR WHRORJLFR LQFOX\HQGR HO VDEDGR \ DFWLWXG VRFLDO %HUQDEH
(SLVWROD
(VHYLGHQWHTXHODFRVWXPEUHGHJXDUGDUHO6DEDGRVHPDQWLHQHWRGDYLDHQFLHUWRVVHFWRUHVGHOD,JOHVLDGH5RPD\TXHFRPRYHUHPRVVX
UHFKD]RIXHJUDGXDO\GXUDUDWRGDYLDDOJXQRVVLJORVHQ2ULHQWH6RFUDWHVHO(VFRODVWLFRV9HQVX+LVWRULD(FOHVLDVWLFDOLEUR9FS
&DVLWRGDVODVLJOHVLDVGHOPXQGRHQWHURFHOHEUDQORVVDQWRVPLVWHULRVHOVDEDGRGHFDGDVHPDQDVLQHPEDUJRORVFULVWLDQRVGH$OHMDQGULD\
GH5RPDHQUD]RQGHXQDYLHMDWUDGLFLRQKDQGHMDGRGHKDFHUORPLVPR/RVHJLSFLRVGHODYHFLQD$OHMDQGULD\ORVKDELWDQWHVGH7HEDVWLHQHQ
VXVUHXQLRQHVUHOLJLRVDVHO6DEDGR!!
5HVSHFWRDHVWRVSULPHURVVLJORVORVKLVWRULDGRUHVFDWROLFRV\SURWHVWDQWHVFRPHQWDQ
(VFRQRFLGDODFDSLWDOLPSRUWDQFLDOLWXUJLFDTXHHOGLDGHO6DEDGRWHQLDSDUDORVKHEUHRV8QDLQVWLWXFLRQWDQDQWLJXD\WDQUHVSHWDGDHQORV
WLHPSRVGHQXHVWUR6HQRUQRVRORGHQWURGHORVFRQILQHVGH3DOHVWLQDVLQRWDPELHQHQPXFKDVFLXGDGHVGH$VLD\GH(JLSWRQRSRGLDGHMDU
GHVHUXQDPDUFDGXUDGHUDHQODVQXPHURVDVHLPSRUWDQWHVFRPXQLGDGHVFULVWLDQDVTXHVHKDELDQGHULYDGRHQJUDQSDUWHGHHOODV!!0DULR
5LJKHWWL+LVWRULDGHOD/LWXUJLD%$&0DGULGYRO,S
>@
(VDGPLWLGRHQJHQHUDOSRUORVGLIHUHQWHVHVSHFLDOLVWDVWDQWRFDWROLFRVFRPRSURWHVWDQWHVTXHOD,JOHVLD$SRVWROLFDVLJXLRJXDUGDQGRHO
6DEDGR
/D FRPXQLGDG FULVWLDQD GH -HUXVDOHQ FRQ ORV DSRVWROHV DO IUHQWH HQ JHQHUDO REVHUYDEDQ ODV SUHVFULSFLRQHV GH OD OH\ < QR KD\ UD]RQ
SDUDH[FOXLUGHHVWDQRUPDODREVHUYDQFLDGHO6DEDGR!!26NU]\SF]DNDXWRUFDWROLFRHQ(QFLFORSHGLDGHOD%LEOLDGHHG([LWR%DUFHORQD
SS
>@
9HUODSDUWHSRVWHULRUGHODOWDUGH6DQ3HGURHQODQHFURSROLVGHO9DWLFDQR(VWDIHFKDGRHQHOG-
>@
 9HU %DFFKLRFFKL 'X 6DEEDW DX 'LPDQFKH RS F S  QRWD  GRQGH VH WUDHQ ODV FLWDV GH OD SDWULVWLFD 0HOLWRQ GH 6DUGLV 'H
%DSWLVPR &OHPHQWH GH$OHMDQGULD 3URWUHSWLFRV ,, 6WURPDWHV    3HGDJRJR     2ULJHQHV ,Q 1XPHURV +RPLOLD
H,Q/HYLWLFXPKRPLOLD
>@
+D\TXHDQDGLUTXHHVWDFRQVWDWDGRSRUODSURSLDGRFXPHQWDFLRQSDWULVWLFDTXHXQDEXHQDSDUWHGHORVTXHVHGHQRPLQDQFULVWLDQRV
OOHYDQDFDERFHOHEUDFLRQHVSDJDQDVHQVXVSURSLDVFRPXQLGDGHVORFDOHV\TXHKD\SRUSDUWHGHXQDPD\RULDGHFULVWLDQRVXQDYHQHUDFLRQDO
VRO\DODVSUDFWLFDVDVWURORJLFDVYHUD7HUWXOLDQR'H,GRODWULD\DODXWRUPRGHUQR-/LQGVD\2ULJLQRI$VWURORJ\86$HQVXFS

>@
9HUQRWD\GHOFDSLWXORDQWHULRU
>@
,QGHSHQGLHQWHPHQWHGHORVFRQWHQLGRVELEOLFRV\H[HJHVLVTXHRIUHFHUHPRVHQVXPRPHQWRHVHYLGHQWHTXHVLQRKXELHUDQH[LVWLGRODV
GRVFLUFXQVWDQFLDVKLVWRULFDVDVDEHUODGHXQ-XGDLVPRGHOTXHHVSUHFLVRGHVPDUFDUVHSDUDQRVHUFRQIXQGLGRSRU5RPD,PSHULDO\FDUJDU
FRQODVPHGLGDVSROLWLFDVDGYHUVDVTXHODVDFWLWXGHVMXGLDVSURYRFDQ\XQDUHOLJLRQ6RODUTXHSURYHHDO,PSHULR5RPDQRGHXQDFRQILJXUDFLRQ
SROLWLFRUHOLJLRVD XQLWDULD QR KDEULDQ VXUJLGR VHPHMDQWHV DUJXPHQWRV SXHVWR TXH VXUJHQ HQ HO WLHPSR V ,, \ FRPR FRQVHFXHQFLD GH OD
LQIOXHQFLDDMHQDDOD(VFULWXUD(VFULWXUDTXHQRSRGULDVRVWHQHUORV
>@
9HUQRWDQR\
>@
(XVHELRGH&HVDUHD&RPHQWDULRDORV6DOPRVR0LJQHHQ3DWURORJLD*ULHJD;;,,,FRO
6L VH REVHUYD OD FLWD VH QRWDUD TXH VH WUDWD GHO FULWHULR GH (XVHELR FXDQGR GLFH TXH HO /RJRV KD WUDQVIHULGR OD FHOHEUDFLRQ GHO 6DEDGR D OD
HFORVLRQGHODOX]1RVHSUHVHQWDQLQJXQDSUXHEDGHOD(VFULWXUDVLQRTXHGHELGRDODH[LVWHQFLDGHO/RJRVKDVLGRSRVLEOHHOFRQRFLPLHQWRGH
OD/X]\HVWRKDVXSXHVWRVHJXQ(XVHELRTXHGHO6DEDGRVHSDVDUDDODHFORVLRQGHOD/X](VSXUDPHQWHXQDLQWHUSUHWDFLRQSHUVRQDO(Q
VHJXQGROXJDUVHFUHDDOGLDGHO6RORGHODOX]FRPRVLHQGRHOGLDGHO6HQRU(QEDVHDTXHHO6HQRUHVODOX]\HVHO6ROGHMXVWLFLD(Q
WHUFHUOXJDUVHUHFRQRFHHQHO6DEDGRHOGLDYHUGDGHURGHUHSRVRSDUDODDQWLJXHGDGSHURTXHQRVRWURVGLFH(XVHELRKHPRVWUDVSDVDGR
ORTXHVHUHILHUHDO6DEDGRDOGLDGHO6HQRU 3RUXOWLPRVHJXQ(XVHELRSRUVLIXHUDQSRFRHVWRVDUJXPHQWRVFRLQFLGHTXHODFUHDFLRQVH
KL]RHQHOSULPHUGLD\ODUHVXUUHFFLRQGHO6HQRUORPLVPR
>@
-HURQLPRHQ,Q'LD'RPLQLFD3DVFKDH+RPLOLD&&/
6LHVOODPDGRGLDGHO6ROSRUORVSDJDQRVQRVRWURVORUHFRQRFHPRVFRPRWDOSXHVWRTXHHVHQHVWHGLDTXHODOX]GHOPXQGRKDDSDUHFLGR\
KDVLGRHQHVHGLDTXHHO6ROGH-XVWLFLDKDUHVXFLWDGR!!
>@
&RQWUD)DXVWR
>@
(QHIHFWR(VWDDFWLWXGKDVLGRXQDFRQVWDQWHGHVGHTXHVHDGRSWDUDHOGLDGHOVROHQOXJDUGHO6DEDGRGHOMXGLR-HVXFULVWR6HLQWHQWD
RFXOWDUPHGLDQWHXQDVHULHGHDUJXPHQWRVTXHDXQTXHXWLOL]DQGROD%LEOLDQRWLHQHQQLQJXQDSR\RHQOD(VFULWXUD9DPRVDWUDHUHOHMHPSORGH
ODDFWLWXGTXHVHREVHUYDHQORVHVFULWRVGHORVOODPDGRV3DGUHVGHOD,JOHVLD\FRPSUREDUFRPRVHLQWHQWDRFXOWDUHORULJHQSDJDQRHLGRODWULFR
GHOGLDGHOVRO
/DSULPDFLDGHORFWDYRGLDFRPRXQLQWHQWRGHGHVSLVWDUUHVSHFWRDOGLDGHO6RO
-XQWRDO6ROLV'LHVDSDUHFHQWRGDXQDVHULHGHDGLFLRQHVSDUDHOQXHYRGLDLQYHQWDGR(VSUHFLVREDUQL]DUFRQWHUPLQRORJLDELEOLFDHOGLDGHO
6RO
(OWHPDGHORFWDYRGLDHVXWLOL]DGR\DPX\WHPSUDQDPHQWHV,,SRU%HUQDEHHQVXHSLVWRODWDOFRPR\DKHPRVGHMDGRFRQVWDQFLD\HQHO
SURSLR-XVWLQRV,,(Q'LDORJRFRQ7ULIRQHQ3DGUHV$SRORJLVWDVJULHJRVRSF
ORPLVPRTXHGH&LSULDQRGHOV,,,TXHHPSOHDHODUJXPHQWRVDFDGRGHODDSOLFDFLRQGHODFLUFXQFLVLRQTXHVHUHDOL]DEDHQHORFWDYRGLDFRPR
XQ VLPEROR GH OD FLUFXQFLVLRQ HVSLULWXDO TXH VH OOHYD D FDER VHJXQ HO HQ HO GLD GH OD UHVXUUHFFLRQ GH -HVXFULVWR GH DKL TXH VH FRQVDJUH HO
RFWDYRGLD3HUR"FXDOHVHVHRFWDYRGLDVLVRODPHQWHKD\VLHWHHQODVHPDQD"(OJQRVWLFRFULVWLDQR&OHPHQWHGH$OHMDQGULD6WURPDWHV9
FS;,9HQHGLFGH0*HQRXGHRSFYROSXWLOL]DGLFKRWHPDGHXQPRGRPDVLQFRPSUHQVLEOHTXHORVGHPDVDSDUWHGHRULJLQDUOD
FHOHEUDFLRQGHORFWDYRGLDQDGDPHQRVTXHHQ3ODWRQ,QFRPSUHQVLEOHHLQFUHLEOHSHURUHDO\FLHUWR"4XHTXHUUDQGHFLUFRQORGHORFWDYR
GLD"(VDOJRTXHPHFRPHXQSRFRHOFRFR
*UHJRULRGH1LVDHQHOV,97UDLWHVXUOHWLWUHGHV3VDXPHVHQ3DWURORJLD*ULHJD YROFS9FROUHFRJHUDHVWDLGHDGHORFWDYR
GLD TXH SUHWHQGH LGHQWLILFDUVH FRQ HO GLD KLVWRULFR GH OD UHVXUUHFFLRQ GH -HVXV TXH KD GH VHUYLU D SDUWLU GHO SULPHU GRPLQJR FRPR VLHQGR HO
SULPHURFWDYRGLDHOGLDGHODUHVXUUHFFLRQGHVSXHVGHOVHSWLPR<TXHSUHILJXUDUDHOGLDVLQILQTXHVHLQLFLDUDWUDVODSDUXVLDGHO6HQRU
IDEXORVR6LHVWRHVKDFHUH[HJHVLVPDGUHPLD
(OWHPDGHORFWDYRGLDTXHGDHQHOPLVWHULR\QRHVSDUDPHQRV(VLQMXVWLILFDEOHXQWUDWDPLHQWRGHHVWDQDWXUDOH]D4XHWHQGUDTXHYHUTXHOD
FLUFXQFLVLRQVHKDJDHQHORFWDYRGLDSDUDREWHQHUGHDKLHOSULPHUGLDGHODVHPDQDFRPRGLDVDJUDGR<HOGLDGHVSXHVGHO6DEDGRQRHVHO
RFWDYRODVHPDQDQRGDSDUDPDVVLQRHOSULPHUGLDGHODVHPDQD/RTXHVXFHGHHVTXHVHSUHWHQGHEDUQL]DUELEOLFDPHQWHHOSULPHUGLDTXH
HUDSDJDQRKDEODQGRGHXQRFWDYRFRQHOILQGHHYLWDUHVHGLDLGRODWULFR3HURHVRHVLQHYLWDEOH(VSHFLDOPHQWHFXDQGRHOGLDYDXQLGRDXQD
OLWXUJLDVDFUDPHQWDODMHQDDOD3DODEUDGH'LRV
9HUVREUHORVRULJHQHVGHORFWDYRGLD\VXPLVWHULRUHFRQRFLGRHQ-*DLOODUG /HKXLWLHPHMRXU&DKLHUVGHODYLHVSLULWXHOOH3DULVS
\D-HDQ'DQLHORX%LEOHHWOLWXUJLHFROO/H[2UDQGL3DULVS
(O6DEDGRHVSLULWXDOL]DGRFRQODILQDOLGDGGHTXLWDUOHVXYDORUOLWHUDO
<DORYLPRVFRQ,UHQHR\&OHPHQWHGH$OHMDQGULDDPERVHQHOV,,,$KRUDVHDSXQWDUD6DQ$JXVWLQV,9\9(QVX&RPPHQWDLUHVXUOH
/LYUHGHOD*HQHVHFS;,,,
(O6DEDGRVHLGHQWLILFDFRQHOSURSLR6HQRUGHO6DEDGR(VHOSXQWRGHYLVWDH[SUHVDGRSRU(SLIDQLRV,9FLWDGRHQ6HUYLU ,
DUWLFXORGH3DXO1RXDQS
'HVGHOXHJRHVWRQRVHSXHGHGHFLUGHOGRPLQJR(OGRPLQJRHVHOGLDGHOVROFRQVDJUDGRD0LWUD<VLVHSRGULDGHFLUGHO6DEDGRVHULDQRHQ
HO VHQWLGR TXH HO 6DEDGR KD\D TXHGDGR HOLPLQDGR VLQR TXH -HVXFULVWR QRV HQVHQD SURIXQGL]DGR HQ VX SHUVRQD \ HMHPSOR FRPR JXDUGDU \
FHOHEUDUPHMRUHO6DEDGRVHSWLPRGLDGHODVHPDQD<DKHPRVH[SOLFDGRVREUDGDPHQWHGHTXHHOGHVFDQVRTXHHQFRQWUDPRVHQ-HVXFULVWRSRU
KDEHUQRVYHQFLGRDOSHFDGR\RIUHFHUQRVODSRVLELOLGDG\DDKRUDGHTXHHOGRPLQLRGHHVWHQRUHLQHHQQRVRWURVHVWDGHQWURGHOPDUFRWHPSRUDO
GHORVVHLVGLDVGHWUDEDMR\FRQIOLFWRV\GHO5HSRVRGH'LRVTXHVHPDQLILHVWDHQFDGDVHSWLPRGLDFI+E
(O6DEDGRVHLQWHUSUHWDFRPRDEROLGRFHUHPRQLDO\ILJXUDWLYR
$JXVWLQ\-HURQLPRDSRUWDQHVWRVSXQWRVGHYLVWDYHU&DUWDVGH6DQ$JXVWLQ/LEUR,,FDUWD;9HQHGLFLRQGHOD%$&WRPR9,,, &DUWDV
GH6DQ-HURQLPRDFODVHFDUWD&;/9,,,SSFLWDGRHQ6HUYLU,RSFS
(QFXDQWRDODVSHFWRFHUHPRQLDO7RPDVGH$TXLQRORUHFRJHUDWDOFRPR\DKHPRVGHMDGRFRQVWDQFLD\SDVDUDDO &DWHFLVPRGHO&RQFLOLR
GH7UHQWRHQ&DWHFLVPR5RPDQRHGLFGHOD%$&0DGULGS
 (O 'RPLQJR VH FRQVLGHUD HUURQHDPHQWH FRPR PHPRULDO GH OD QXHYD FUHDFLRQ YHU SRU HMHPSOR -XDQ &ULVRVWRPR HQ+RPHOLH VXU
O
DXPRQHHQ2EUDVWUDGXFFLRQGH0-HDQQLQWS
1R VH SXHGH UHVWULQJLU DO GLD GH OD UHVXUUHFFLRQ OR TXH VH DSOLFD H[WHQVLYDPHQWH D OD REUD GH -HVXFULVWR GHVGH OD HQFDUQDFLRQ KDVWD VX
PLQLVWHULRVDFHUGRWDOSDVDQGRSRUODPXHUWH\UHVXUUHFFLRQ
/D PD\RULD GH ORV 3DGUHV XWLOL]DQ HO KHFKR GH OD UHVXUUHFFLRQ FRQ VXV LPSOLFDFLRQHV DSOLFDQGRVHOR DO GLD FXDQGR HVWH QR SRVHH QLQJXQD
UHOHYDQFLD(OVLJQLILFDGRGHODUHVXUUHFFLRQGHSHQGHGHWRGDODREUDGH-HVXFULVWRGHVGHODHQFDUQDFLRQSDVDQGRSRUVXYLGD\PXHUWH
 (O 6DEDGR FRQYHUWLGR HQ HVFDWRORJLFR SDUD GHVSRMDUOH VX YDORU VLHPSUH DFWXDO YHU VREUH HVWR D 2ULJHQHV HQ+RPHOLHV VXU OHV
1RPEUHV;,,,WUDGXFFLRQ$QGUH0HKDW3DULVSSWDPELHQ$JXVWLQHQVX&LXGDGGH'LRVOLEUR;,,,HGLF%$&0DGULG
6LELHQSRGHPRVDFHSWDUHOYDORUHVFDWRORJLFRGHO6DEDGRQRSRUHVRVHSLHUGHVXYDORUOLWHUDO\VLHPSUHDFWXDO<DKHPRVLQGLFDGRHQYDULRV
OXJDUHVODSHUPDQHQFLDGHO6DEDGRHQODHUDVLQSHFDGRTXHVHLQDXJXUDUDHQOD6HJXQGD9HQLGDGH-HVXFULVWRFRPRWDPELHQHO6DEDGRIXH
GDGRVLQHOFRQWH[WRGHOSHFDGR3RUXQODGRHO6DEDGRQRVUHFXHUGDFRQVWDQWHPHQWHHVHGHVFDQVRTXHGXUDQWHODHWHUQLGDGJR]DUHPRV\SRU
RWURODUHFXSHUDFLRQGHO6DEDGRVLQHOFRQWH[WRGHOSHFDGRUHFRQRFLGRSRUORVSURIHWDVFI,VD$SFI$S
(QFRQFOXVLRQ(VHYLGHQWHTXHHOHPSOHRGHWRGDHVWDWHUPLQRORJLDHVXQLQWHQWRGHTXHUHUMXVWLILFDUODDFHSWDFLRQVLQSHUPLVRGH'LRVGH
XQIDOVRGLDGHUHSRVR(UDSUHFLVRRFXOWDUDOPD[LPRVXRULJHQSDJDQR7RGDHVWDDUJXPHQWDFLRQSRQHGHPDQLILHVWRHORULJHQQRELEOLFRGHO
GLDGH0LWUD
"4XLHQVHSRGULDFUHHUKR\VHPHMDQWHVDUJXPHQWRV"/DIUDJLOLGDG\ODHVSHFXODFLRQHVODQRWDFDUDFWHULVWLFD7RGRUHSRVDHQODDUHQD1RKD\
QLQJXQ FLPLHQWR HQ ODV WHRULDV TXH VH DGXFHQ 6LQ HPEDUJR HVWRV PLVPRV DUJXPHQWRV VRQ ORV TXH HPSOHD -XDQ 3DEOR ,, HQ VX &DUWD 'LHV
'RPLQL6HKDQUHSHWLGRHQODKLVWRULD\DIXHU]DGHLQVLVWLUVHDOJXQRVVHORVKDQFUHLGRFID7HV"+DEUDVXILFLHQWHVLQFHULGDG
FRPRSDUDLQYHVWLJDUHVWHDVXQWRTXHSRGULDVHUYLWDOSDUDPXFKRVGDGRVORVSULQFLSLRVTXHHVWDQLQYROXFUDGRV"
>@
9HUD2ULJHQHV 'H2UDWLRQH7DPELHQD&OHPHQWHGH$OHMDQGULDHQ6WURPDWHV7HUWXOLDQR$G1DWLRQHVHWF"6HGDQ
FXHQWDGHODWRQWHULDTXH2ULJHQHVGLFH"
>@
 (O DXWRU GH HVWD FLWD )$ 5HJDQ'LHV 'RPLQLFD DQG 'LHV 6ROLV 7KH %HJLQQLQ RI WKH /RUG
V 'D\ LQ &KULVWLDQ $QWLTXLW\
XQSXEOLVKHG GRFWRUDO GLVVHUWDWLRQ &DWKROLF 8QLYHUVLW\ RI$PHULFD :DVKLQJWRQ '&  S  &LWDGR SRU %DFFKLRFFKL GX 6DEEDW DX
'LPDQFKHRSFSDGRSWDSRUVREUHHQWHQGLGRDXQTXHQRVHDDVLHOWHUPLQRGLDGHO6HQRUSDUDHOSULPHUGLDGHODVHPDQD
>@
 6DEHPRV TXH VX PXHUWH IXH HQ SULPDYHUD \ GH DFXHUGR D OD SURIHFLD GH ODV  VHPDQDV GH DQRV VH IDYRUHFH ILQDOHV GH YHUDQR
FRPLHQ]RVGHRWRQRVXQDFLPLHQWR
6REUHODLPSRVLELOLGDGGHODIHFKDGHOGHGLFLHPEUHFRPRQDFLPLHQWRGH-HVXVYHDVHD2GHOD%URVVHHQ'LFFLRQDULRGHO&ULVWLDQLVPR
GH+HUGHU%DUFHORQDDUW1DYLGDGWDPELHQ7HRILOR*D\'LFFLRQDULRGH&RQWURYHUVLD-XQWD%DXWLVWDGH3XEOLFDFLRQHV%XHQRV$LUHV

&RQYLHQHFRQRFHUTXHODQRFLRQGHILHVWDFRQPHPRUDQGRXQQDFLPLHQWRHVDMHQDDOFULVWLDQLVPRSULPLWLYR7KH(QF\FORSHGLH$PHULFDLQH 
1XHYD<RUNYRO9,S9HUWDPELHQVREUHHVWRDOD (QF\FORSHGLH%ULWDQLFD1XHYD<RUNYRO9,,,SGRQGHVHFLWDDO
KLVWRULDGRU GHO V 9 G- 6RFUDWHV LQGLFDQGR TXH QR KDELD QLQJXQD SUHVFULSFLRQ QL SRU -HVXFULVWR QL SRU ORV DSRVWROHV TXH RUGHQDVH IHVWHMDU
GLFKRQDFLPLHQWR(VHYLGHQWHTXHHOTXHQRVHSRQJDVXIHFKDGHQDFLPLHQWRHVSRUTXHQRVHOHGDEDQLQJXQDLPSRUWDQFLDHQFXDQWRDWHQHUOD
TXHUHFRUGDUIHVWHMDQGRODFI(FFO
0DULR 5LJKHWWL HQ+LVWRULD GH OD /LWXUJLD%$& 0DGULG  S  QRV GLFH TXH HQ DTXHOORV SULPHURV VLJORV QR VROR QR H[LVWLD XQD
WUDGLFLRQHQWRUQRDODIHFKDGH1DYLGDGVLQRTXHODLJOHVLDQRFHOHEUDEDODILHVWD
>@
6REUHODWUDQVIHUHQFLD\FRQYHQLHQFLDGHODDGRSFLRQGHOFDPELRGHOQDFLPLHQWRGH-HVXFULVWRDOGHGLFLHPEUHFRPRFRUUHVSRQGLHQGR
DOGLDGH0LWUDYHU0DULR5LJKHWWLHQ+LVWRULDGHOD/LWXUJLD%$&RSFS
>@
$0+/HH-RXU&DKLHUGHOD9LH6SLULWXHOQHU$EULOS
>@
/LEUR,,,WLWXOR;,,'H)HULLV
>@
'HVGHHOHQHO\VHGLHURQOH\HVHQFRQWUDGHOVDEDGR\DIDYRUGHOGRPLQJRUHFRJLGDVHQHOFRGLJRGH7HRGRVLRHQ
WRPRW
>@
9HUD&-+HIHOH+LVWRLUHGHV&RQFLOHVG
DSUHVOHVGRFXPHQWVRULJLQDX[WUDGXFFLRQGH/HFUHUT3DULVWRPRDSDUWH
S
>@
9HU+HIHOHWDSDUWHRSFSS
>@
 9HU 2SXVFXOXP /9 'H &HOHEUDQGLV YLJLOLLV FS ,,, UHFRJLGR SRU 0LJQH3DWURORJLD/DWLQD  &;/9 FROXPQD  WDPELHQ
VREUHODH[SUHVLRQ'RPLQLFXVGLHVGH6LOYHVWUHD0LJQH3/9,,,FRO
>@
9HUHO&DQRQ\UHFRJLGRVSRU+HIHOHRSFWDSDUWHS\
>@
(SLVWRODD'LRVFRUR,;HQ0LJQH3//,9FROXPQD
>@
:LOOLDP)UHGHULFN7KUHH3URIKHWLFDO'D\VSS
0H KDFH PXFKD JUDFLD HO OHHU TXH FDPELDU HO GLD GH ORV JHQWLOHV KXELHUD FRQVWLWXLGR XQD LQMXULD \ XQD SLHGUD GH HVFDQGDOR PLHQWUDV TXH
VXVWLWXLUHOGLDTXH'LRVKDHVWDEOHFLGRQRVXSRQHQLLQMXULDQLHVFDQGDOR
>@
9RO,,RSFS
>@
9HU0LUFHD(OLDGHHQ+LVWRULDGHODV&UHHQFLDV\GHODV,GHDV5HOLJLRVDVYRO,,RSFSS
>@
$UTXHRORJLD,,QRYHUQRWDQRWDPELHQ+LVWRULD8QLYHUVDOGH:DOWHU*RHW]YRO,,S
>@
(Q7UDWDGRV7HRORJLFRVHGLF&ULVWLDQGDG0DGULGS
>@
(Q(O/HJDGRGH*UHFLDHGLWDGRSRU6LU5LFKDUG/LYLQJVWRQH8QLYHUVLGDGGH2[IRUGHGLF3HJDVR0DGULGS
>@
,GS
>@
9HU+LVWRULDGHOD,JOHVLD&DWROLFDYDULRVDXWRUHVHGLWDGDSRU+HUGHU%DUFHORQDS
>@
,G
>@
,GS
>@
,G
>@
9HDVH1RUEHUW%UR[HVSHFLDOLVWDFDWROLFRHQKLVWRULDGHOD,JOHVLDGHOD8QLYHUVLGDGGH5DWLVERQDHQ +LVWRULDGHOD,JOHVLD3ULPLWLYD
+HUGHU%DUFHORQDS
>@
+LVWRULDGHOD,JOHVLD&DWROLFDGH+HUGHURSFS
>@
2EUDVGH6DQ&LSULDQR%$&0DGULGS
>@
6REUHORPLVPRYHUD-4XDVWHQ3DWURORJLDYRO,RSFS
>@
&LSULDQR'H8QLWDWH(S\VVWDPELHQD-XOLR&DPSRVRSFSS
>@
RSFS
>@
$VLVHRSLQDHQOD+LVWRULD8QLYHUVDOGH:DOWHU*RHW]YRO,,RSFSS
>@
9HUD2OVHQHQ6XSUHPD3DSDORSFS
>@
 /D UHOLJLRVLGDG FULVWLDQD VH PXQGDQDOL]D D OD SDU TXH HO JUXSR GLULJHQWH \ UHSUHVHQWDWLYR HVSHFLDOPHQWH HQ 5RPD KD DFHSWDGR OD
DSRVWDVLD,PSHULDO5RPDQD9HDPRVDOJXQRVWUD]RVDSRUWDGRVSRUHOKLVWRULDGRU
YLRDIOXLUDVXVHQRHQPXFKDVSDUWHVGHOLPSHULRJUDQGHVPDVDVGHQXHYRVDGHSWRVQRVLHPSUHPRYLGRVSRUHOLPSXOVRGHODIHLQWHULRU
VLQR HQ JUDQ SDUWH SRU PRWLYRV H[WHULRUHV  LED YLVLEOHPHQWH PHQJXDQGR OD IXHU]D PRUDO UHJHQHUDGRUD  PLHQWUDV VXV SURKRPEUHV
LQVWUXLGRVHPSOHDEDQVXLQWHOLJHQFLD\VDEHUHQFRQWURYHUVLDVGRJPDWLFDV/RVFULVWLDQRVHVWDEDQSHUVXDGLGRVFRQRUJXOORPXQGDQRGHVX
IXHU]DPRUDO\PDWHULDO(VWHRUJXOORGHVSHUWRHQHOORVGHVGHHOSULPHULQVWDQWHHOVHQWLPLHQWRGHODLQWROHUDQFLD!!2QFNHQYRO9,,,RS
FS
>@
&RQVWDQWLQRFRQWUD&ULVWRHGLF0DUWLQH]5RFD%DUFHORQDSS
/D WHVLV GHO DXWRU DXQTXH FRUUHFWD HQ VXV WUD]RV PDV VREUHVDOLHQWHV QR WLHQH HQ FXHQWD HO SURFHVR HYROXWLYR TXH H[SHULPHQWD OD ,JOHVLD GH
5RPDGHVGHODVHJXQGDGHFDGDGHOV,,HQUHODFLRQDODLQIOXHQFLDGHODUHOLJLRQDVWUDO\TXH\DKHPRVYLVWRFRQVXILFLHQWHGRFXPHQWDFLRQ
>@
+LVWRULD8QLYHUVDOGLULJLGDSRU:DOWHU*RHW]9RO,,RSFS
>@
&LWDGRHQ(O3DLVS
>@
6RQPXFKRVORVTXHSDUWLFLSDQGHODKHUHQFLD&RQVWDQWLQLDQDYHU+LVWRULD8QLYHUVDOGH:DOWHU*RHW]YRO,,RSFS
>@
(O3RGHUGHORV3DSDV6DUSHRSFS
>@
6REUHODFUHDFLRQGHOD,JOHVLD,PSHULDOR,JOHVLD&DWROLFDSRU&RQVWDQWLQRSXHGHQYHUVHQXPHURVDV+LVWRULDVODGH2QFNHQYRO9,,,
RSFSSODGH:DOWHU*RHW]YRO,,RSFSS(O3RGHUGHORV3DSDVRSFSS
>@
(O3RGHUGHORV3DSDVRSFS
>@
,G
>@
+HQU\(GZDUG0DQQLQJ7KH7HPSRUDO3RZHURIWKH9LFDURI-HVXV&KULVWDHGLFSS&LWDGRSRU)<RVW0$PD\R
MXQLRSS
(VDVLFRPRKDVLGRLQWHUSUHWDGR'HVSXHVGHO&RQFLOLRGH1LFHDVHUHWLURD&RQVWDQWLQRSOD\GHMRTXHGHKHFKRHO3DSDIXHVHWDPELHQOD
PD[LPDDXWRULGDGFLYLOGH5RPD!!YHU(O3RGHUGHORV3DSDVRSFS
>@
9HUHQWUHRWURV+LVWRULD8QLYHUVDOGH:DOWHU*RHW]YRO,,RSFS(O,PSHULR5RPDQR6DUSHRSFSS
>@
$WODV+LVWRULFR8QLYHUVDOYRO,RSFS
>@
(O,PSHULR5RPDQR6DUSHRSFS
>@
5HFRJLGRSRU.DUOKHLQ]'HVFKQHURSFS
>@
6LHOVLJQLILFDGRGH3HGURVHJXQODVSRVLELOLGDGHVGHOD,JOHVLDTXH&RQVWDQWLQRRIUHFHQROD(VFULWXUDFRQILHUHDO2ELVSRGH5RPDVHU
HOPLVPRUHSUHVHQWDQWHGH'LRVHQODWLHUUDHVLPSUHVFLQGLEOHTXHHQFDUQHHQVXSHUVRQDHOSRGHUWRWDOWDQWRHOWURQRFRPRHODOWDUDVLUD]RQD
HO FDWROLFR 1RUEHUW %UR[+LVWRULD GH OD ,JOHVLD 3ULPLWLYD RS F S < VL D -HVXFULVWR VH OH KD GDGR WRGD OD SRWHVWDG WDQWR HQ HO FLHOR
FRPRHQODWLHUUDFI0W"FRPRGHDFXHUGRDHVWDFRQMHWXUDDO9LFDULRGHO+LMRGH'LRVHQODWLHUUDGHOPLVPR-HVXFULVWRQRYDD
GLVSRQHUWDPELHQGHHVHSRGHUHQODWLHUUD"(VSUHFLVRVLQHPEDUJRFRQYHUWLUHVRFRPR\DKHPRVLQGLFDGRHQXQDIRUPXODSROLWLFD
1RREVWDQWHXQDYH]LPSODQWDGDVREUHHO(VWDGROD$XWRULGDG6XSUHPDHVSLULWXDOGHDFXHUGRDODFODYHTXHHO2ELVSRGH5RPDKDUHFRJLGRGHO
DUWLILFH&RQVWDQWLQR\HOUHSUHVHQWDQWHGHO*RELHUQRWHUUHQDOODUHFRQRFHHVORJLFRTXHHVD$XWRULGDGVHDVXSUHPDUHVSHFWRDODWHPSRUDO$VL
ORHQWHQGHUDHO2ELVSRGH5RPD\DVLORH[SOLFDUDFRQYLUWLHQGRDOSRGHUWHPSRUDOFRPRXQDGHOHJDFLRQVX\D\SXHVWRDOVHUYLFLRGHO3RGHU
(VSLULWXDOTXHVLHPSUHHVVXSHULRU1DGDGHHVWRLPSHGLUDXQDOXFKDFRQVWDQWHHQWUHHOVLVWHPD3DSDO\HOSRGHUWHPSRUDOGHO(PSHUDGRUTXH
VHVXSRQHLQIHULRU
>@
9HUD-DYLHU*RQ]RDJD&RQFLOLRVYRO,RSFS
>@
+LVWRULDGHOD,JOHVLD&DWROLFD+HUGHURSFS
>@
7UDWDGRV7HRORJLFRVRSFS
>@
/+RPR'HOD5RPD3DLHQQHDOD5RPDFKUHWLHQQH3DULVSS
>@
/DSUHWHQVLRQGHO2ELVSRGH5RPDGHVHUODHQFDUQDFLRQGH3HGURHQXQPLQLVWHULRFRQWLQXRGHVXFHVLRQDWUDYHVGHODKLVWRULDFI0W
FRQHOLQVWUXPHQWRDGLFLRQDOGHVHUHOVXVWLWXWRGH'LRV\GH&ULVWRHQODWLHUUDGRWDGRFRQXQDSULPDFLDVREUHWRGRV\GHODWULEXWRGH
ODLQIDOLELOLGDGOHRWRUJDEDXQSRGHUVREUHORFLYLO\ORHFOHVLDVWLFR(VHQHVDSULPDFLDGRQGHHQFRQWUDPRVODVHPLOODGHHVDYLFHUUHJHQFLDGH
'LRVHQODSHUVRQDGHO2ELVSRGH5RPDTXHFRQWULEXLUDSURJUHVLYDPHQWHDLPSRQHUVHHQ
WRGRHOPXQGR
\DGHVSOHJDUWRGRVXFRQWHQLGR$TXL
HV GRQGH UHVLGH OD DERPLQDFLRQ R SUHYDULFDFLRQ TXH \D KHPRV H[SOLFDGR < DTXL H[SOLFD OD KLVWRULD OR TXH VXSRQH TXLWDU HO &RQWLQXR R
HVWDEOHFHUVH VREUH HO &RQWLQXR FI 'Q       /RV SUHSDUDWLYRV VH HVWDQ KDFLHQGR HQ HVD WHPSUDQD IHFKD
FRQVWDQWLQLDQD\ODPDVLQPHGLDWDGHVSXHV3HURKDEUDTXHHVSHUDUDTXHSXHGDVHUXQDUHDOLGDGHOHMHUFLFLRGHHVD$XWRULGDGVXSUHPDTXH
VXSRQHHOWLWXOR3RQWLIH[0D[LPXV
(OHVSHFLDOLVWDFDWROLFRHQKLVWRULDGHOD,JOHVLD3ULPLWLYD1RUEHUW%UR[+LVWRULDGHOD,JOHVLD3ULPLWLYDRSFSSVHH[SOLFDGH
HVWHPRGRHQUHODFLRQDODVXSUHPDFLDSDSDO
'HVGHHOVLJOR,,,ORVRELVSRVGH5RPDHVJULPLHURQGHIRUPDH[SOLFLWDODSUHWHQVLRQGHXQDSUHHPLQHQFLDVXSHUUHJLRQDO\GHVSXHVVREUHOD
LJOHVLDWRGDTXHFRQHOSDVRGHODKLVWRULDFRQGXMRDOSDSDGRURPDQR

ORVWH[WRVGH0W\-QGHPXHVWUDQDXQDFRQRWURVWH[WRVQHRWHVWDPHQWDULRVXQLFDPHQWHODFLUFXQVWDQFLDGH
TXHODILJXUDGH3HGURWXYRXQDLPSRUWDQFLDGHVWDFDGDHQHOFULVWLDQLVPRSULPLWLYR3HURHQVXRULJHQHVDLPSRUWDQFLDQDGDWLHQHTXHYHUFRQHO
SDSDGR!!
/DDILUPDFLRQGHTXH3HGURKDELDVLGRHOSULPHURELVSRGH5RPDVXUJLRHQHOVLJOR,,4XHIXHUDVXRELVSRHVWDH[FOXLGR\DTXH
SRUODKLVWRULDGHOPLQLVWHULRHSLVFRSDOPRQDUTXLFRFRQVWDFRQWRGDFHUWH]DTXHKDVWDDSUR[LPDGDPHQWHHOG&HQ5RPDFRPRHQRWUDV
LJOHVLDVUHJLRQDOHVQRKXERRELVSRVXQLFRVVLQRVLHPSUHXQFROHJLRHSLVFRSDO!!
>@
/RVKLVWRULDGRUHVFDWROLFRV/%UHKLHUHW3%DWLIIROUHFRQRFHQVLQVRQURMDUVHHQ /HV6XUYLYDQFHVGX&XOWH,PSHULDO5RPDLQ$XJXVWH
3LFDUG HGLWRU 3DULV  TXH HO 3DSD UHFLEH DGRUDFLRQ SRU SDUWH GHO (PSHUDGRU -XVWLQR GH &RQVWDQWLQRSOD FRPR XQD HYLGHQFLD GH OD
VXSHUYLYHQFLD GH HVH FXOWR LPSHULDO URPDQR LG S  7DPELHQ DGPLWHQ TXH HVH FXOWR LPSHULDO VREUHYLYH SHUSHWXDQGR HO PLVPR OHQJXDMH
FXOWLFRTXHDKRUDVHDSOLFDDO(PSHUDGRU\DO3DSDGRDWULEX\HQGROHVWLWXORVTXHVRQDWULEXWRVGLYLQRVLGSS
/RVDUJXPHQWRVTXHRIUHFHQSDUDH[SOLFDUHVWDLQFRKHUHQFLDFRQXQDDFWLWXGFULVWLDQDJHQXLQDHVHQSULQFLSLRHOKHFKRGHTXHQDGLHSURWHVWH\
VHRIHQGDLGS\VV
(VWDLQJHQXLGDGSRUSDUWHGHORVDXWRUHVQRVFRQIXQGH"FXDQWRVSURWHVWDURQHQHOFXOWRREOLJDGRSRU1DEXFRGRQRVRUGHDFXHUGRD'DQLHO"6L
KXELHURQSURWHVWDVQRORVDEHPRVSHURHVRQRHVXQUD]RQDPLHQWRYDOLGR/RTXHHVLQFRUUHFWRQRORGHFLGHODH[LVWHQFLDRQRGHSURWHVWDV3RU
RWUDSDUWHHOFDUDFWHUGHFRQWUROTXHVHRSHUDHQHVDHSRFD\HODVHQWLPLHQWRDOTXHVHKDOOHJDGRWUDVXQDDSRVWDVLDLPSLGHHOTXHVHSXHGDQ
WUDVPLWLUQRWLFLDVSDUWLFXODUHVVREUHHVWHDVSHFWR
'HVSXHVDQDGHHOGHODVHSDUDFLRQHQHVWRVDFWRVFXOWLFRVGHORFLYLO\SROLWLFRUHVSHFWRGHORUHOLJLRVRLGSFRPRVLXQDXRWUDPDQHUD
SXGLHUDKDFHUPHQRVLGRODWULFRXQDSUDFWLFDGHHVWDQDWXUDOH]D3UHFLVDPHQWHGHVGHHOPRPHQWRHQTXHORFLYLORSROLWLFRH[LJHXQDPHGLGDR
XQDDFWLYLGDGFRPRODTXHHVWDPRVWUDWDQGRODFRQYLHUWHHQDOJRDXWHQWLFDPHQWHUHOLJLRVR(QHOFDVRGH1DEXFRGRQRVRURHQHOGH'LRFOHFLDQR
HVXQDREOLJDFLRQSXUDPHQWHSROLWLFDHQODTXHFRPRHQWRGRVORVFDVRVGRQGHDSDUHFHXQDH[LJHQFLDVHPHMDQWHVHHQFXHQWUDQLQYROXFUDGRV
ORVSULQFLSLRVGHO5HLQRGH'LRVGHORVTXHXQFULVWLDQRQRSXHGHGHVHUWDU
<SRUXOWLPRVHLQGLFDTXHFLHUWRVDFWRVTXHGHPDQGDQXQFXOWRDODSHUVRQDGHVGHXQSXQWRGHYLVWDFLYLOFRQWDOTXHQRHQWUHODVXSHUVWLFLRQ
VHSRGULDOOHYDUDFDERLGS"&RPRVHGHILQLULDHVR"/DSDODEUDGH'LRVSURKLEHFXDOTXLHUDFWRTXHSXHGDHVWDUDVRFLDGRFRQORTXH
HOODGHQRPLQDLGRODWULD\SXQWR
6REUHHOFXOWRDODSHUVRQDTXHUHFLEHHO3DSDGRDWUDYHVGHODKLVWRULDVXDFWLWXG\FRQGXFWDHQUHODFLRQDVXH[LJHQFLDGHTXHVHVXERUGLQHQD
VX$XWRULGDGSXHGHYHUVHXQFDSLWXORSRVWHULRUGRQGHGHVFULELPRVWRGRHOKLVWRULDOGHOFXOWRTXHVHGHVDUUROODDODSHUVRQDGHO3DSD
>@
(VHFRQWLQXLVPRGHO&XOWRDODSHUVRQDVHSURORQJDKDVWDODHSRFDGHO3DSDGRDFWXDO/RTXHLPSRUWDGHWRGRHVWRHVODLGHRORJLDTXH
PDQWHQLGD\RULHQWDGDDWUDYHVGHODKLVWRULDSHUPLWHUHFRQRFHUXQDVLWXDFLRQSRUODTXH'LRVTXHGDXVXUSDGR\VXVWLWXLGR
/DWHRFUDFLDSRQWLILFLD\ODGHLILFDFLRQGHO3DSDVHFRPSUXHEDDORODUJRGHODKLVWRULD
(Q HVD HSRFD GH RPQLSRWHQFLD SRQWLILFLD VH FRPSUXHED VLQ LPSHGLPHQWRV GH QLQJXQD FODVH TXH OD LGHD GH OD VXSUHPDFLD 3DSDO DUUDVWUD
FRQVLJRODGHLILFDFLRQODSHUVHFXFLRQUHOLJLRVD\HOSRGHUVREUHHO(VWDGR(VFDVLLPSRVLEOHGHFUHHUTXHVHKD\DQSRGLGRH[SUHVDUSDODEUDV
\DFFLRQHVGHOJHQHURLQGLFDGR<FRPRYHUHPRVDFRQWLQXDFLRQQRSRGHPRVOLPLWDUORDORTXH\DKHPRVH[SXHVWR\DXQFRQWH[WRWHPSRUDO
FRPRHOGHOD(GDG0HGLD$VLVHGHVFULEHHQ+LVWRULD8QLYHUVDO(VSDVD&DOSHRSF9RO,9S
3RGHPRVUHFRUGDUD*UHJRULR,;\D%RQLIDFLR9,,,\DODVDFWLWXGHVGH6XSUHPDFLDSRUODTXHVHDUURJDQDWULEXWRVGLYLQRV
6HSXHGHFRQVXOWDUHQ+LVWRULD8QLYHUVDOGH(VSDVD&DOSHYRO,9RSFSUHVSHFWRDORTXH$JXVWLQ7ULXQIRGHODHSRFDGH,QRFHQFLR
,,,GLFHGHHVWH3DSDEDMRVXEHQHSODFLWRSDODEUDVTXHVRORVHSXHGHQGLULJLUD'LRV
(QXQD*ORVDDFHUFDGHODV
([WUDYDJDQWHV
GHO3DSD-XDQ;;,,VHGHMDDSOLFDU6HQRU'LRVHO3DSD7LWXOR;,9FS
FLWDGRHQ$SHQGLFHGHO&RQIOLFWRGHORV6LJORVRSFSS
(QHOGLVFXUVRGH&KULVWRIHU0DUFHOOXVVHOHGLFHDO3DSDHQHOLQLFLRGHODFHOHEUDFLRQGHOR&RQFLOLRGH/HWUDQ
3RUTXHWXHUHVHOSDVWRUWXHUHVHOPHGLFRWXHUHVHOGLUHFWRUWXHUHVHOODEUDGRUILQDOPHQWHWXHUHVRWUR'LRVHQODWLHUUD!!5HFRJLGRSRU
0DQVL6DFURUXP&RQFLOLRUXP&ROOHFWLR9ROFRO&LWDGRHQODV+HUPRVDV(QVHQDQ]DVGHOD%LEOLDRSFS
(QXQGLVFXUVRGLULJLGRDO3DSD,QRFHQFLR;VHGLFH
6DQWLVLPR\EHQGLWRSDGUHFDEH]DGHOD,JOHVLDJREHUQDQWHGHOPXQGRDTXLHQUHYHUHQFLDQORVDQJHOHVGHOFLHOR\TXLHQWRGRHO
PXQGR DGRUD QRVRWURV HVSHFLDOPHQWH WH YHQHUDPRV DGRUDPRV \ DODEDPRV \ QRV VRPHWHPRV QRVRWURV \ WRGR OR TXH QRV SHUWHQHFH D WX
SDWHUQDO\PDVGLYLQDGLVSRVLFLRQ!!5HFRJLGRSRUHO'U&:RUGVZRUWKHQ 8QLRQ:LWK5RPHS&LWDGRSRU:+:DNHKDQ'DQLHO\
$SRFDOLSVLVRSFS
(OFDUGHQDO6IRU]D3DOODYLFLQR6-PLHPEURGHFDVLWRGDVODVFRQJUHJDFLRQHVGHODFRUWH3DSDO
7LHQHODVHQRULDGHWRGRHOPXQGRHOHVHOPRQDUFD\HO6HQRU
OHDGRUDQFRPR6DQWLVLPRHQHVWDFXDOLGDG\FRPRPHGLDGRUHQWUHHOFLHOR\ODWLHUUD
(VXQDSRWHQFLDPDVTXHKXPDQDTXHGHEHVHUDGRUDGDFRPRWDO!!
(Q3ROLWLTXHHW,QWULJHVGHOD&RXUGH5RPHSS&LWDGRHQ$/
(FRXWHGHOD%LEOHRSFS
(QHOVLJOR;9,,,/XFLRV)HUUDULVVHPDQLILHVWDDVLUHVSHFWRGHO3DSD
(VWDQJUDQGHODGLJQLGDG\HOHYDFLRQGHOSDSDTXHQRHVVLPSOHPHQWHXQKRPEUHVLQRFDVL'LRV
(OSRVHHHQHIHFWRXQDGLJQLGDG\XQSRGHUWDOHVTXHFRQVWLWX\HQFRQ&ULVWRXQDVROD\PLVPDDXWRULGDGMXGLFLDOHOUH\VXSUHPRGH
WRGRVORVUH\HVTXHSRVHHODSOHQLWXGGHSRGHU\TXHHO'LRV7RGRSRGHURVROHKDGDGRHOJRELHUQRGHVXLPSHULRWHUUHVWUH\FHOHVWH!! (Q
3URPSWD%LEOLRWHFD9HQLVH9RO9,$UW3DSD,,SSFLWDGRHQ$/
(FRXWHGHOD%LEOHRSFS
(QHOVLJOR;,;HUDORJLFRTXHHO&RQFLOLR9DWLFDQR,SXGLHUDGHFODUDUFRPRXQSULQFLSLRGHIHHOGRJPDGHOD,QIDOLELOLGDGXQDWULEXWRGHOD
'LYLQLGDGDSOLFDGRDOURPDQR3RQWLILFH/DGRFWULQDGHOPLQLVWHULXPSHWULQXPWLHQHDTXLVXPD[LPDFRQVHFXHQFLD7RGDVODVGHFODUDFLRQHV
GHO SDVDGR LQWHUSUHWDGDV GH DFXHUGR DO LWLQHUDULR SURSXHVWR SRU OD
6XSUHPDFLD 3DSDO
 WHQLDQ TXH GHVHPERFDU HQ XQD DILUPDFLRQ FRPR OD
HVWLSXODGD SRU HO &RQFLOLR 9DWLFDQR , HQ $ QDGLH GHEH VRUSUHQGHUOH HV HO MXVWR UHVXOWDGR GH XQ HPSHQR KLVWRULFR /D
GHLILFDFLRQ
 GHO
HPSHUDGRUFREUDDTXLVXHTXLWDWLYDPHGLGDYHUVREUHHO&RQFLOLR9DWLFDQR,3/HRQ'HKRQ6&- 'LDULRGHO&RQFLOLR9DWLFDQR, HGLWHO
5HLQRGHO&RUD]RQGH-HVXV0DGULG
/D&LYLOWD&DWROLFDRUJDQRRILFLDOGHOD,JOHVLD&DWROLFDGHFLDHQ
(O SDSD   QR HV VRODPHQWH XQ 6DFHUGRWH HWHUQR VLQR WDPELHQ 5H\ GH UH\HV \ 6HQRU GH VHQRUHV!!  &LWDGR HQ ODV
+HUPRVDV(QVHQDQ]DVGHOD%LEOLDRSFS
(QXQD
FDUWDDSRVWROLFD
GHO3DSD/HRQ;,,,VHGLFH
1RVRFXSDPRVHQHVWDWLHUUDHOOXJDUGH'LRVGHHVWH'LRV7RGRSRGHURVR!!SUDHFODUDJUDWXODWLRQLVGHOGHMXQLRGH&LWDGRHQ
/D6DQWD6HGH\OD8QLRQGHODV,JOHVLDVGH5RJHU$XEHUWHG(VWHOD%DUFHORQDS
(QXQRUJDQRRILFLDOGHOHSLVFRSDGRFDWROLFRHVSDQROGLFHGH3LR;,,
1XHVWUR6HQRU3LR;,,
&UHHU HQ HO SDSD H[SUHVD PDV TXH FUHHU HQ OD ,JOHVLD 0DV TXH FUHHU HQ OD GLYLQLGDG GH -HVXFULVWR 0DV TXH FUHHU HQ OD H[LVWHQFLD GH
'LRV!!3HUVHYHUDQFLD5HYLVWD2(3GHO%ROHWLQ2ILFLDOGHO2ELVSDGRGH%DUFHORQD%DUFHORQDQR
(ODXWRUFDWROLFRSHUH'RPDQLFR%HUWHWWR6'%H[SUHVDEDHQ
HOSDSDHV'LRVVREUHODWLHUUD
-HVXVKDFRORFDGRDOSDSDSRUHQFLPDGHORVSURIHWDVSRUTXHHOORVDQXQFLDQD-HVXVPLHQWUDVTXHHOSDSDHVODYR]GH-HVXV
3RUHQFLPDGHORVDQJHOHV
-HVXVKDFRORFDGRDOSDSDDOQLYHOPLVPRGH'LRV!!%RVFR0HGLWD]LRQLSHUODQRYHQD/LEUHULD'RWWULQDFKULVWLDQD6DQ*LRYDQQL7XULQR
HGLFSS&LWDGRHQ$/
(FRXWHGHOD%LEOHRSFS
9HDVH HO LQVWUXFWLYR FDSLWXOR /D PD\RU KHUHMLD GH OD KLVWRULDGH -RVH 0LD 'LH]$OHJULD HQ5HEDMDV 7HRORJLFDV GH 2WRQR 'HVFOHH GH
%URXZHU%LOEDRSS(QGLFKRFSVHLQGLFDVLQDPEDJHVTXHVHKDWHQLGRXQDDFWLWXGKDFLDHOSDSDGRLGRODWUD
(VWHDXWRUUHFRJHKDFLHQGRODVX\DODRSLQLRQGHRWURWHRORJRFDWROLFRTXHDILUPDTXHODPD\RUKHUHMLDGHODKLVWRULDHVODGHORV3DSDVTXH
VHFUHHQTXHHOORVVRQ'LRVHQ5HEDMDV7HRORJLFDVGH2WRQRRSFS'LFKRDXWRUKDEODGHODWHQGHQFLDFODUDPHQWHLGRODWULFDTXH
ORVSDSDVKDQDVXPLGRLGS3RUGHVFRQWDGRTXHHODXWRUQRDFHSWDODLGHDQLGH6XPR6DFHUGRWHQLODGHVXFHVRUGH3HGURFRQODTXHHO
&DWROLFLVPR5RPDQRKDREWHQLGRVXWHRULDFDUDFWHULVWLFD
6REUH HO WHPD GH OD ,QIDOLELOLGDG HQ OD KLVWRULD SXHGH HVWXGLDUVH D +DQV .XQJ ",QIDOLEOH" +HUGHU %XHQRV$LUHV $XJXVW %HUQKDUG
+DVOHU&RPROOHJRHO3DSDDVHULQIDOLEOH3ODQHWD%DUFHORQD
(VWHDVXQWRGHOFXOWRDODSHUVRQDKDVLGRPDQLIHVWDGRSRUYDULRVDXWRUHV\HQGLIHUHQWHVPHGLRV9HDVHGH3HWHUGH5RVD9LFDULRVGH&ULVWR
HG0DUWLQH]5RFD%DUFHORQD
(ODXWRUGHXQHGLWRULDOGHO&RRSHUDGRU3DXOLQRPD\RDJRVWRGHSGLFH
(VWHKRPEUHTXHVHOHYDQWDVREUHODPRYLOLGDGGHORVDFRQWHFLPLHQWRVHVHO3DSD(OHVHOVRVWHQHGRU\GHIHQVRUPDVYDOLRVR\FRQVWDQWH
GHODYHUGDGHUDFLYLOL]DFLRQ3RUFLYLOL]DFLRQHQWHQGHPRVWRGRVORVHOHPHQWRVTXHODFRQVWLWX\HQHOHPHQWRUHOLJLRVRPRUDOILORVRILFRFLHQWLILFR
HVWHWLFRSROLWLFR\VRFLDO3UXHEDGHHOORHVODKLVWRULDGHORVVLJORV5HDILUPHPRVWRGRQXHVWURDIHFWR\HQWUHJDDO3DSDVHDPRVGHO3DSDSDUD
VHUGH-HVXFULVWR!!
-HDQ'HOLPDXGLFHGH-XDQ3DEOR,,\HQUHODFLRQDXQDSRVWXUDSUDFWLFDVREUHHOHFXPHQLVPR
3HURHOFXOWRDVXSHUVRQDTXHWROHUD\HOFHQWUDOLVPRURPDQRFRQWUDGLFHQODVPDVVLQFHUDVLQWHQFLRQHVHFXPHQLFDV!!6HOHFFLRQHV GH
7HRORJLDQRRSFS
>@
5DPRQ&RPDVRSFS
>@
-DYLHU*RQ]DJD-RUMH*UDX&RQFLOLRVYRO,0LFKLJDQ86$S
>@
)<RVW0$0D\R-XQLR,,SFLWDHO&RGLJRGH7HRGRVLR/LEURWLW
>@
9HDVHD/%UHKLHUHW3%DWLIRO/HV6XUYLYDQFHVG\FXOWHLPSHULDOURPDLQ3DULVSS
>@
+LVWRULDGHOD,JOHVLD3ULPLWLYDRSFSS
>@
0DXUXV6FKHOOKRUQ26%6DQ3HGUR\VXV6XFHVRUHV 3OD]D-DQHV%DUFHORQDS7DPELHQD0DUFHO3DFDX/D3DSDXWHGHV
RULJLQHVDX&RQFLOHGH7UHQWH)D\DUG/\RQS1RUEHUW%UR[RSFS
>@
,G
>@
&XUVRGH+LVWRULDGHOD,JOHVLD$QWLJXD\0HGLD)DFXOWDWGH7HRORJLDGH&DWDOXQ\D6DQW&XJDWGHO9DOOHV%DUFHORQDVISS\
(GDG0HGLD
>@
1RUEHUW%UR[RSFS
>@
5HODFLRQHVHQWUHOD,JOHVLD\HO(VWDGRHQOD(GDG0HGLDRSFS
>@
,G&RPSOHWHVHFRQ$%RUUDVLGS
>@
1RUEHUW%UR[RSFS
>@
,GSS
>@
,GS
>@
5HODFLRQHVHQWUHOD,JOHVLD\HO(VWDGRHQOD(GDG0HGLDRSFS
(QXQVHUPRQHOSDSD/HRQGHFODURGHPRGRTXHVLHQGRFRQVWLWXLGDHQXQDQDFLRQVDQWDXQSXHEORHVFRJLGRXQ(VWDGRVDFHUGRWDO\
UHDO \ OD FDEH]D GH WRGR HO PXQGR D WUDYHV GH OD 6DQWD 6HGH GHO ELHQDYHQWXUDGR 3HGUR REWXYLHUDV XQ PDV GLODWDGR LPSHULR !! 3KLOLS
6FKDII+LVWRU\ RI WKH &KULVWLDQ &KXUFK YRO ,9 0HGLDHYDO &KULVWLDQLW\ *UDQ 5DSLGV 0LFKLJDQ :P % (HUPDQV 3XEOLVKLQJ &RPSDQ\
S&LWDGRHQ6XSUHPDFLD3DSDO\/LEHUWDG5HOLJLRVDRSFS
>@
0DXULFLRGHOD&KDWUHRSFYRO,S
>@
(O(VWDGR\ODV,JOHVLDVSRU6HSDUDGRRSFSS
>@
5HODFLRQHVHQWUHOD,JOHVLD\HO(VWDGRHQOD(GDG0HGLDRSFS
>@
5HVHQDVGH'DQLHOGH(57KLHOHRSFS
>@
(Q(O6DFULILFLRGHOD0LVD%$&0DGULGSS'LFKRVFXOWRVVHFHOHEUDEDQHQGLIHUHQWHVOXJDUHVHQORVVLJORV,9DO9,
GHMDQGRVHHQWUHYHUFRQQRWDFLRQHVSDJDQDVLGSS
>@
,GS
>@
,GS
>@
,G9HUQRWDDSLHGHSDJLQD
>@
%UHLHU%DWLIROLQGLFDQTXHHOSDSDUHFLEHDGRUDFLRQGHOSURSLRHPSHUDGRUGH&RQVWDQWLQRSOD2SFS$XQFXDQGRHOHPSHUDGRU
WDPELHQUHFLEDKRQRUHVGHO3DSDODVGLIHUHQFLDVTXHVHLPSRQHQPDUFDQXQDGLVWLQFLRQGHJUDGRHQHOFDVRGHO3DSD+HPRVDOXGLGRDORVFXOR
HVSHFLDOTXHVHOHWULEXWDDHOVROR3RGULDPRVDOXGLUDYDULRVDVSHFWRVPDV
>@
9HDVHFXDOTXLHUKLVWRULDVREUH5RPD
>@
9HU+LVWRULD8QLYHUVDOGH:DOWHU*RHW]YRO,,RSFSS\VV2QFNHQYRO9,,,RSFSS
6RQPXFKDVODVQRWDVVDQJULHQWDVTXHWLHQHHQVXKDEHUSHURORTXHGHVWDFDHVVXIDOWDGHUHVSHWRSRUODOLEHUWDGGHFRQFLHQFLDDXQFXDQGRHQ
ODDFWXDOLGDGODJHQHUDFLRQSRVWHULRUDODGHFDGDGHGHELGRDODVFLUFXQVWDQFLDVKLVWRULFDVQRFRQR]FDODYHUGDGHUDKLVWRULDGHWRGROR
TXHDQWHFHGHDHVDIHFKD$XQDKRUDFXDQGRVHSURIXQGL]DVHGHVFXEUHORFR\XQWXUDO\HVWUDWHJLFRGHOPRPHQWR
(O%DURQ+DQVGH6RGHQHQOD+LVWRULD8QLYHUVDOGLULJLGDSRU:DOWHU*RHW]VHH[SOLFDGHHVWHPRGR
'HEH REVHUYDUVH TXH HQ HO GHUHFKR HFOHVLDVWLFR FDWROLFR \ HQ VX SULQFLSLR WDQ GLODWDGR FRPR HOHYDGR GH OD DXWRQRPLD VH RFXOWD
HIHFWLYDPHQWH XQ EXHQ WUR]R GH GHUHFKR SROLWLFR LPSHULDO DQWLJXR FX\D LQFRUSRUDFLRQ D OD ,JOHVLD KD WHQLGR SRU VXSXHVWR KLVWRULFR OD
HVWDWLILFDFLRQGHOD,JOHVLD\KDFRQWULEXLGRSRUVXSDUWHDODHPDQFLSDFLRQHFOHVLDVWLFDUHVSHFWRDWRGRGHUHFKRSROLWLFRGHO(VWDGR!!9RO,,
RSFS(VWRVLUYHSDUDODVKRUDVHQODVTXHOD5HYROXFLRQ)UDQFHVD\1RUWHDPHULFDQDLPSXVLHURQXQVLVWHPDSROLWLFRGLVWLQWRDO3DSDO
>@
3DUDHVWRSXHGHYHUVH7=LHOLQVNL+LVWRULDGHOD&LYLOL]DFLRQ$QWLJXDDHGLFLRQHGW$JXLODU0DGULGS
>@
,GS
>@
3UHYLWH2UWRQ+LVWRULD0HGLHYDOYRO,RSFS
>@
&RGLJRGH7HRGRVLR;9,
>@
+DUQDFN0LOLWLD&KULVWLRSFS
>@
$WDQDVLR&DUWDD$PXQFLWDGRSRU0LOODUG/LQGHQ5HVSXHVWDDOD*XHUUDRSFS
>@
$PEURVLR
&DUWDV
FLWDGRSRU0LOODUG/LQGHQ5HVSXHVWDDOD*XHUUDRSFS
>@
7DQWRSDUDXQDGLVFXVLRQGHORVFRQFHSWRVVREUHODJXHUUDMXVWDGH$JXVWLQGH+LSRQD\ODVJXHUUDVGHO$QWLJXR7HVWDPHQWRSXHGH
YHUVHPDVDGHODQWH
6LQRKXELHUDKDELGR,JOHVLD&RQVWDQWLQLDQDQRVHKDEULDGDGRQLQJXQFRPHQWDULRSRUSDUWHGHSHUVRQDVTXHVHGLFHQFULVWLDQDVUHVSHFWRDVL
XQDJXHUUDSXHGHVHUMXVWDRQR
7DQWR HO 1XHYR 7HVWDPHQWR FRPR OD SDWULVWLFD DQWHULRU D &RQVWDQWLQR QR VH SODQWHDUD HVWD FXHVWLRQ SXHVWR TXH SRU XQ ODGR OD JXHUUD HV GH
RULJHQVDWDQLFRRIUXWRGHODVSURSLDVFRQFXSLVFHQFLDVKXPDQDV\SRURWURVHKDGHMDGRELHQFODURTXHORVSULQFLSLRVGHO5HLQRGH'LRVVRQ
WRWDOPHQWHLQFRPSDWLEOHVFRQXQSURFHGHUFRPRHOGHODJXHUUDRODYLROHQFLD
+DEODUGHJXHUUDGHMXVWDVRORFDEHFXDQGRDOJXLHQHVWDFRPSURPHWLGRFRQORVSRGHUHVGHHVWHPXQGR$SDUFDUHOHYDQJHOLRGH-HVXFULVWRHQ
HVWHSXQWRHVPRUWDOGHQHFHVLGDGSDUDXQDYLGDFRQVHFXHQWHPHQWHFULVWLDQD
>@
5HODFLRQHVHQWUHOD,JOHVLD\HO(VWDGRHQOD(GDG0HGLDRSFS(VWRORREWLHQHHODXWRUGHODGRFWULQD*HODVLDQDVDFDGDGHOD
FDUWDHQYLDGDSRUHO3DSD*HODVLR,DOHPSHUDGRU$QDVWDVLR,DQR
>@
9HUD$OLVWDLU.HHRSF
>@
(O(VWDGR\ODV,JOHVLDVSRU6HSDUDGRRSFS
>@
,GS
>@
,GS
>@
,GS
>@
,GSS
>@
%DFNKRXVH7\ORU+LVWRULDGHOD,JOHVLD3ULPLWLYDYRO,,RSFS
>@
,GYRO,,RSFS
>@
,GSS&RQFLOLRVGH-DYLHU*RQ]RDJDRSFSS
>@
$OLVWDLU.HH&RQVWDQWLQRFRQWUD&ULVWRRSFS
<DKHPRVYLVWRODHYROXFLRQTXHOD,JOHVLDKDELDUHDOL]DGRSDUDHVWDVIHFKDV
>@
,GRSFSS\VV
>@
,GRSF
>@
9HDVHVREUHHVWRDGHPDVGHODH[SRVLFLRQDPSOLDGH$OLVWDLU.HHDOFDWROLFR1RUEHUW%UR[ +LVWRULDGHOD,JOHVLD3ULPLWLYDRSFSS

>@
6REUHHVWRYHU$OLVWDLU.HHRSFS
>@
6HKDSURSXHVWRHOG-FRPRODIHFKDGHODFDLGDGHO,PSHULR5RPDQRSHURVLELHQSXHGHVHUYLUQRVFRPRUHIHUHQFLDQRORHVWDQWR
FXDQGR VH UHTXLHUH XQD PDWL]DFLRQ SDUD XQD PHMRU FRPSUHQVLRQ GH OD UHDOLGDG /RV KLVWRULDGRUHV FRLQFLGHQ FRQ OR TXH D FRQWLQXDFLRQ
H[SRQHPRV
3HURKDFLDHOHVDXQLGDGVHUHVTXHEUDMDEDSRUWRGDVSDUWHV/DJULHWDPDVYLVLEOHHUDODTXHVHKDELDDELHUWRHQWUH2ULHQWH\2FFLGHQWH
OD ELSDUWLFLRQ GHILQLWLYD HQ HO  HQWUH XQ LPSHULR GH 2ULHQWH \ XQ ,PSHULR GH 2FFLGHQWH QR KL]R VLQR VDQFLRQDU HQ HO SODQR SROLWLFR XQ
FRPSOHWR GLYRUFLR D QLYHO GH OHQJXDV FRVWXPEUHV PHQWDOLGDGHV \ DFWLYLGDGHV HFRQRPLFDV ,QFOXVR HQ 2FFLGHQWH OD XQLGDG HUD XQD PHUD
IDFKDGD(OJRELHUQRLPSHULDOTXHKXELHUDWHQLGRTXHPDQWHQHUODLEDSHUGLHQGRWRGDDXWRULGDG!!-DFNHV9HUJXHU /D$OWD(GDG0HGLDRS
FS
(VWDHPLJUDFLRQOHQWDVHDFHOHUREUXVFDPHQWHDILQDOHVGHOVLJOR,9FRQODOOHJDGDGHORVKXQRV
(QHOTXHGREDUULGRHOUHLQRRVWURJRGR
$ODULFRH[SXVRQXHYDVH[LJHQFLDVORVYLVLJRGRVVLWLDURQ5RPDTXHFD\RHOGHDJRVWRGHO\IXHVDTXHDGD!!,GSS
(OVLJOR9FRQRFHODSHQHWUDFLRQPDVLYDGHSXHEORVJHUPDQLFRVHQHOLQWHULRUGHO,PSHULR5RPDQRGH2FFLGHQWH\HOGHVPRURQDPLHQWRGH
HVWDFRPRUHDOLGDGSROLWLFD!!,GS
5HVXPLHQGR KDFLD HO  URPDQRV \ JHUPDQRV QR VH SUHVHQWDEDQ FRPR GRV PXQGRV HVWDEOHV \ UDGLFDOPHQWH RSXHVWRV 3RU HO FRQWUDULR
KHPRVYLVWRSRUXQODGRXQDVRFLHGDGGHFDGHQWHXQLPSHULRFX\DIUDJLOFRKHVLRQVHDJULHWDEDSRUWRGDVSDUWHV\FX\DFDSDFLGDGGHUHVLVWHQFLD
VHHVWDEDGLOX\HQGRSRURWURODGRXQRVSXHEORVGLQDPLFRVEHOLFRVRVHQSOHQDHYROXFLRQ!!,GS
FRQODGHSRVLFLRQGH5RPXOR$XJXVWXORSRUVXULYDO2GRDFURVHH[WLQJXHGHILQLWLYDPHQWHHO,PSHULR5RPDQRGH2FFLGHQWH!!$WODV
+LVWRULFR0XQGLDOYRO,RSFS
>@
(O,PSHULR5RPDQR6DUSHRSFS
>@
,GS
+D\WUHVDVSHFWRVDGHFLUGH3XHQWH2MHDTXHKDQGLVHQDGRXQDSRGHURVDRUJDQL]DFLRQFRQYRFDFLRQGHKHJHPRQLDXQLYHUVDO,PSHULXP
&UXFLV RS F S  GHVGH ODV IHFKDV GH ODHUD &RQVWDQWLQLDQD D VDEHU OD YRFDFLRQ GH SRGHU GH OD ,JOHVLD &DWROLFD FRPR XQ KHFKR
KLVWRULFR LQFXHVWLRQDEOH "3RU TXH" (Q SULQFLSLR SRUTXH XQR GH ORV HMHV SRU HO TXH JLUD OD H[LVWHQFLD GHO &DWROLFLVPR HV VX HVWUXFWXUDFLRQ
GRJPDWLFD \ VDFUDPHQWDO /D ,JOHVLD &DWROLFD 5RPDQD VH FUHH GHSRVLWDULD GH XQDJUDFLD LQVWLWXFLRQDOL]DGD \ REMHWLYDGD 6X LGHRORJLD
GRFWULQDVPRUDOFUHHQFLDVUHVSRQGHULDVHJXQHVWDFRUULHQWHDXQOHJDGRTXHSURFHGHGH'LRVPLVPR
(OVHJXQGRHMHHVHOUHVXOWDGRREWHQLGRFRPRIUXWRGHODSUHWHQVLRQGHHVWDULQYHVWLGDFRQODSOHQLWXGRSRWHVWDWLVHQODILJXUDGHO2ELVSRGH
5RPDTXHHQFDUQDHQVXSHUVRQDHOVXPRSRGHU
(OWHUFHUHMHHVVXDSDUDWRMXULGLFR\DGPLQLVWUDWLYRTXHXWLOL]DQGRFRPRPRGHORDO,PSHULR5RPDQRKDFRQVHJXLGRLQIOXLUFRQVLGHUDEOHPHQWH
PHGLDQWHHORUGHQHVSLULWXDODWRGDXQDWRWDOLGDGGHVRFLHGDG
$QWHHVWRVWUHVHMHVHVORJLFRTXHWUDFHVXQHFHVLGDGGHVXSUHPDFLDPXQGLDOPDQLIHVWDGDHVWDHQQXPHURVDVDORFXFLRQHVSDSDOHV\SRUPHGLR
GHXQDWUD\HFWRULDKLVWRULFDPDQLIHVWDGDHQVXUHODFLRQFRQHOSRGHUFLYLORHO(VWDGRTXHGHDFXHUGRDHVWHVHQWLUGHEHQSHUPDQHFHUXQLGRV
VLHQGRHO(VWDGRHOTXHGHEHVXSHGLWDUVHDOD,JOHVLDPHGLDQWHODVGLUHFWULFHV\RULHQWDFLRQHVTXHHVWDOHRIUHFH
3XHGH FRQVXOWDUVH VREUH HVWR D (QULTXH *DOOHJR %ODQFR5HODFLRQHV HQWUH OD ,JOHVLD \ HO (VWDGR HQ OD (GDG 0HGLD HQ 5HYLVWD GH
2FFLGHQWH0DGULG
3LHUUH/DQIUH\+LVWRULD3ROLWLFDGHORV3DSDV3URGXFFLRQHV(GLWRULDOHV%DUFHORQD
$OLVWDLU.HH&RQVWDQWLQRFRQWUD&ULVWRHORULJHQGHOD$OLDQ]DHQWUHOD,JOHVLD\HOSRGHUSROLWLFR0DUWLQH]5RFD%DUFHORQD
5DPRQ&RPDV(O(VWDGR\ODV,JOHVLDVSRU6HSDUDGRHGLWRULDO1RYD7HUUD%DUFHORQD
$%RUUDVSURIHVRUGHOD)DFXOWDGGH7HRORJLDGH&DWDOXQ\D6DQW&XJDW&XUVRHVFULWRGH+LVWRULDGHOD,JOHVLD$QWLJXD\0HGLDVI
>@
(VQHFHVDULRDQDOL]DUKLVWRULFDPHQWHORTXHSXHGHQVLJQLILFDUFRQUHODFLRQDORTXHHVWDPRVHVWXGLDQGRODVSDODEUDVGH-XDQ3DEOR,,HQ
VXGLVFXUVRDO$\XQWDPLHQWRGH5RPD5RPDKHUHGHUDGHXQDFXOWXUDPLOHQDULDHQODTXHVHLQMHUWRHOIHFXQGRJHUPHQGHODQXQFLR
HYDQJHOLFR(FFOHVLDS<ODVRWUDVSDODEUDVGHOGLVFXUVRDOFOHURGH5RPD (FFOHVLDSUHFRJLGDV\
GLULJLGDVSRUHO$OFDOGHGH5RPDD-XDQ3DEOR,,(FFOHVLDSSURIXQGDPHQWHFRQVFLHQWHGHKDEHUOOHJDGRDVHU3DSD
GHOD,JOHVLD8QLYHUVDOSRUVHU2ELVSRGH5RPD
6LELHQODPD\RULDGHORVHVWXGLRVRVSLHQVDQHQTXHIXHDOUHYHVTXHIXHORURPDQRORTXHVHLQMHUWRHQORTXHVHGHQRPLQDEDFULVWLDQLVPRHQ
FLHUWRVFRQWHQLGRV\WHUPLQRORJLDFULVWLDQDYHUFRPRUHSUHVHQWDWLYR-RVH,JQDFLR*RQ]DOH])DXV"6RQFULVWLDQDVODVUDLFHVGH(XURSD"6DO
7HUUDH6DQWDQGHUGHEHPRVFRQVLJQDUORVLJXLHQWH
-XDQ3DEOR,,UHFRQRFHTXHKD\XQDPH]FODSRVLEOHHQWUHORTXHVHLQMHUWD\ORURPDQR<TXHVHGLRHVDVLWXDFLRQKLVWRULFDFRQXQDVHULHGH
FRQVHFXHQFLDVSDUDHOIXWXUR
"6HSXHGHUHDOL]DUXQLQMHUWRGHDOJRSXUDPHQWHFULVWLDQRFRQDOJRSXUDPHQWHURPDQR"
"/DKLVWRULDQRVSXHGHLOXVWUDUVREUHORTXHUHDOPHQWHVXFHGLRUHVSHFWRDOWLSRGHFULVWLDQLVPRTXHVHXQHFRQORURPDQR""4XHIXHORTXHVH
SHUSHWXRGHORURPDQRWUDVHOLQMHUWR""<TXHVHVDFULILFRGHORFULVWLDQRDILQGHSRGHUVHLQMHUWDUFRQORURPDQR"6HLQMHUWRGHDFXHUGRD-XDQ
3DEOR,,HOIHFXQGRJHUPHQGHODQXQFLRHYDQJHOLFR$OHVFRJHUHVWRVWHUPLQRVVHHVWDVREUHQWHQGLHQGRTXHORTXHLPSRUWDHVHOIHFXQGR
JHUPHQ GHO DQXQFLR HYDQJHOLFR SRU VL KXELHUD DOJR TXH QR FRUUHVSRQGLHVH D HVH JHUPHQ 1R HQWHQGHPRV SRUTXH VH WLHQH TXH XWLOL]DU DTXL
JHUPHQVLWRGRHODQXQFLRGHOHYDQJHOLRHVLPSRUWDQWH\QRVHQRVSLGHTXHORKDJDPRVHQJHUPHQVLQRH[SOLFLWDFODUD\H[WHQVDPHQWH
-XDQ3DEOR,,UHFRQRFHTXHHOVHU3DSDGHOD,JOHVLD8QLYHUVDOOHYLHQHSRUVHU2ELVSRGH5RPD"&RPRVHSURGXFHGHDFXHUGRDODKLVWRULD
HVRGHOOHJDUDVHU3DSDGHOD,JOHVLD8QLYHUVDOJUDFLDVDVHU2ELVSRGH5RPD""4XLHQ\TXHOHRWRUJRHVR"
>@
(VWDFRQFHSFLRQGH,JOHVLDQRYRWHVWDPHQWDULDHVIURQWDOPHQWHRSXHVWDDXQDFRQFHSFLRQWHRFUDWLFDRPRQDUTXLFDDEVROXWLVWD
/DDXWRULGDGQRUHVLGHHQOD3RWHVWDGQLHQODIXHU]DVLQRHQODILGHOLGDGDOIXQGDPHQWR\DODGRFWULQDWDOFXDOODWUDVPLWHQORVDSRVWROHV
/DHVWUXFWXUDGHOD,JOHVLDQRFRQWHPSODXQDVHSDUDFLRQGHPLHPEURVVRPHWLGRVDXQDDXWRULGDGHFOHVLDVWLFD\MHUDUFDVTXHPDQWLHQHQXQD
SRVLFLRQPRQDUTXLFD
 /D ,JOHVLD SRVHH FDULVPDV TXH VRQ FRQFHGLGRV FRPR TXLHUH HO (VSLULWX 6DQWR \ OR GD D TXLHQ TXLHUH (VWRV FDULVPDV SXHGHQ SHUPLWLU OD
SUHGLFDFLRQ\ODSURIHFLD(OPLQLVWHULRGHSDVWRU\GRFWRUIRUPDQSDUWHGHHVRVFDULVPDV
/D$VDPEOHDHQVXWRWDOLGDGHVODTXHWLHQHHOGHUHFKRDGHFLGLUHQXOWLPDLQVWDQFLDHQDVXQWRVGHGLVFLSOLQD\DXWRULGDGHFOHVLDVWLFD
6HREVHUYDXQDRULHQWDFLRQHLQVWUXPHQWDOL]DFLRQGHPRFUDWLFDHQOD,JOHVLDIXQGDGDSRU-HVXFULVWR\HQOD$SRVWROLFD
(O1XHYR7HVWDPHQWRDGHPDVPXHVWUDXQDDXWRULGDGHFOHVLDVWLFDTXHUHVLGHHQODSURSLD,JOHVLD(VWDFRQWRGRVVXVPLHPEURVSRULJXDO
VRQORVTXHGHFLGHQ\WRPDQODVUHVROXFLRQHVLPSRUWDQWHV/D,JOHVLDQRYRWHVWDPHQWDULDQRVPXHVWUDXQHMHUFLFLR\DGPLQLVWUDFLRQGHPRFUDWLFD
QR GH HVWLOR SLUDPLGDO (Q HO 1XHYR 7HVWDPHQWR QR KD\ QLQJXQ 3ULPDGR QL XQD FRQFHSFLRQ 0RQDUTXLFD QL QLQJXQD 6XFHVLRQ $SRVWROLFD
&XDOTXLHUFRVDSDUHFLGDDHVWROHVOOHYDULDDXQDEDQGRQRGHODVIXHQWHVHYDQJHOLFDV\DXQDLGHQWLILFDFLRQFRQORVSRGHUHVGHHVWHPXQGRFI
/FD-Q
/D$XWRULGDGUHVLGHHQ-HVXFULVWRH[FOXVLYDPHQWH\HQVX9LFDULRHO(VSLULWX6DQWRYLVLEOHHQODWRWDOLGDGGHOD,JOHVLDTXHOHUHSUHVHQWDHQ
VXILGHOLGDGDOXQLFRIXQGDPHQWRTXHSXHGHVHUSXHVWR-HVXFULVWR\OD3DODEUDD&RUFI(IHFI-QD7HVFI*DO

6LJQLILFDGRGHO3DVDMHGH0DWHR
/DFRPXQLGDGSULPLWLYDQRVRORQRGHGXMRGHOIDPRVRSDVDMHGH7XHUHV3HGURODVIXQFLRQHVTXHODWHRORJLD3DSDOKDREWHQLGRVLQRTXH
DGHPDVFLHUUDWRGDSRVLELOLGDGDXQDLQWHUSUHWDFLRQVHPHMDQWH(QWRQFHV"HOSRUTXHGHOFDPELRGHQRPEUH\TXHVLJQLILFDGR\YDORUGDPRVD
GLFKRSDVDMH"
(QSULQFLSLRFRPRKHPRVGHMDGRHQWUHYHUYHUDSHQGLFH9DORODUJRGHQXHVWURHVWXGLRHOSDVDMHGH0WQRSRGHPRVDLVODUORGHWRGR
HOSUREOHPDTXHVREUH3HGURQRVKDEODQORVHYDQJHOLRVQLVREUHORTXHHOUHVWRGHODV(VFULWXUDVQRVGLFHVREUHHOIXQGDPHQWRGHOD,JOHVLD
(O FDPELR GH QRPEUH TXH HV SURPHWLGR DO FRPLHQ]R GHO PLQLVWHULR GH -HVXV -Q  \ TXH DSDUHFH \D FRQVDJUDGR HQ 0W  WLHQH XQ
VLJQLILFDGR
(O QRPEUHSHWURV HQ HIHFWR LPSOLFD XQ FLHUWR IXQGDPHQWH SHUR HVH IXQGDPHQWR QR HV GHO HVWLOR GHSHWUD 6LPRQ UHFLEH HQ -XDQ FRQ OD
SURPHVD GH OODPDUVHSHWURV \ XQD YH] TXH VH FXPSOLHUD GHILQLWLYDPHQWH OD JDUDQWLD GH VHUSHWURV XQSHWURV TXH FRPR HO GH ORV GHPDV
DSRVWROHVIRUPDULDSDUWHGHOIXQGDPHQWRDSRVWROLFR
1RKD\TXHDFXGLUD0WSDUDFRPSUHQGHUTXH6LPRQHVSHWURVTXHHVXQDSLHGUDPDVGHOIXQGDPHQWRSXHVWRTXHGHVGHODSURPHVD
\DHVWDEDDVHJXUDGR6LPRQFRPRSHWURV(QWRQFHV"SRUTXHDORVFRPSDQHURVGHGLVFLSXODGRQROHVKDFHIDOWDTXH-HVXVOHVGLJDTXHVHUDQGH
LJXDO PRGRSHWURV"6HQFLOODPHQWHSRUTXHODKLVWRULDGH3HGURQDUUDGDHQORVHYDQJHOLRVQRHVODPLVPDTXHODGHOUHVWRGHORVDSRVWROHV(O
HYDQJHOLRSUHFLVDEDGHFLU\DGHVGHHOSULQFLSLRTXH6LPRQLEDDVHUXQSHWURVLEDDIRUPDUSDUWHGHOIXQGDPHQWR-HVXVWLHQHTXHKDFHUOR\
GHMDUORELHQFRQVLJQDGRSRUFXDQWRHOFRPSRUWDPLHQWRGH6LPRQ3HGURQRHUDORVXILFLHQWHPHQWHFODURFRPRSDUDSRGHUVHUXQSHWURV-HVXV
DOFRQIHFFLRQDUVXHYDQJHOLRYDDWHQHUHQFXHQWDHOFDUDFWHUGH6LPRQVXFRPSRUWDPLHQWRIXWXUR\VXUHKDELOLWDFLRQGHDKLWUDVOODPDUOH
FHIDVTXHVLJQLILFDSHWURVOHHVWHSURPHWLHQGRODVHJXULGDGGHSHUWHQHFHUDOIXQGDPHQWRDSHVDUGHORTXHSXGLHUDSDVDUSRVWHULRUPHQWH(O
FDPELRGHQRPEUHOHUHFRUGDULDODQHFHVLGDGTXHGHHOWHQLDVX0DHVWUR\6HQRU
(OFDUDFWHUGH6LPRQLPSXOVLYRHLQFRQWURODEOH\DUURJDQWHOHYDDOOHYDUDVHUSUHVXQWXRVRDTXHUHUVHGHVSXQWDUVLQVXILFLHQWHEDVH\DOILQDO
QHJDUOH(VWRSRGULDLQWHUSUHWDUVHFRPRVLKXELHUDXQUHFKD]RGH6LPRQFRPRIXQGDPHQWRFRPRSHWURV3HUR-HVXVORUDWLILFDD6LPRQFRPR
SHWURVHQODIDPRVDFRQIHVLRQGH3HGUR
<D KHPRV FRPHQWDGR TXH ODSULPDFLD TXHDSDUHQWD WHQHU 3HGUR SRU HO KHFKR TXH VH OH PHQFLRQH HO SULPHUR HQ FLHUWDV RFDVLRQHV \ TXH
LQWHUYLHQH HVSRQWDQHDPHQWH HQ RWUDV YLHQH DPSOLDPHQWH FRQWUDUUHVWDGD SRU VXV IDOORV \ GHELOLGDGHV 'H DKL TXH 3HGUR VHD XQD ILJXUD
VREUHVDOLHQWH SRU XQ ODGR VXV DFWXDFLRQHV OLEUHV \ HVSRQWDQHDV SRU RWUR OR TXH FRVHFKD FRPR IUXWR GH XQD DFWLWXG LPSXOVLYD \ FLHUWDPHQWH
DUURJDQWH SRU RWUR OD GLUHFWUL] TXH &ULVWR GHVGH XQ SULQFLSLR WLHQH TXH HIHFWXDU SDUD TXH DXQ D SHVDU GH VXV DVSHFWRV QHJDWLYRV SXHGD VHU
FRQWDGRFRPR$SRVWRO3DUHFHFRPRVLWRGDVODVPHQFLRQHVHQODVTXHDSDUHFH3HGURHOSULPHURHVWXYLHUDQFRQQRWDGDVFRQVXSUREOHPDGH
FDUDFWHU\GHQHJDFLRQD-HVXV
$XQTXH\DKHPRVH[SOLFDGRHVWRDQWHULRUPHQWHPHQFLRQHPRVHOHYDQJHOLRGH-XDQ$TXLFRQWLQXDPHQWHDSDUHFHHPSDUHQWDGR3HGURFRQHO
GLVFLSXORDPDGR3HGURGHELRVHUXQRGHWDQWRVTXHQRFUHLDQHQODUHVXUUHFFLRQGHDKLTXHVHDHOSULPHURDTXLHQVHOHDSDUHFH6LQHPEDUJR
HOHYDQJHOLRGH-XDQPHQFLRQDTXHHVHOGLVFLSXORDPDGRTXLHQOOHJDDQWHV6LELHQ3HGURVHHQFDPLQDHOSULPHURKDFLDHO&ULVWRUHVXFLWDGR
HV -XDQ HOSULPHUR HQ OOHJDU HQ UHFRQRFHUOR \ HQ GHFLU D 3HGUR TXH HV HO 6HQRU< DVL PXOWLSOLFDULDPRV ORV HMHPSORV GRQGH HVD PHQFLRQ \
DFWXDFLRQGH3HGURFRPRHOSULPHURQRHVH[FOXVLYDGHHO\FXDQGRORHVORHVHQODPD\RULDGHORVFDVRVIUXWRGHVXFDUDFWHUDMHQRDOD
YROXQWDGGH'LRV
(QHIHFWRORVHYDQJHOLRVQRVQDUUDQODKLVWRULDGHXQ6LPRQTXHVXIRUPDGHVHUORKDOOHYDGRDQHJDUD-HVXV-HVXVQROHUHFKD]D$QWHOD
SRVLELOLGDGGHTXHODFRPXQLGDGSULPLWLYDSXGLHUDUHFKD]DUD6LPRQFRPRIXQGDPHQWRSRUHVDQHJDFLRQ-HVXVYDIRUMDQGRWRGDXQDWUD\HFWRULD
SDUDTXHORVSURSLRVDSRVWROHV\GLVFLSXORVORDFHSWHQFRPRSHWURV
-HVXVVDELDTXH6LPRQLEDDQHJDUOHHVWRVXSRQLDGHMDUGHVHUSHWURVGHOIXQGDPHQWR3RGULDSHQVDUVHTXHDQWHXQDQHJDFLRQDODVFODUDV\D
QR WHQGULD MXQWR FRQ ORV GHPDV DSRVWROHV HO OXJDU GHSLHGUD SHWURV (O VREUHQRPEUH GHSHWURV VHUYLULD SDUD VDOYDJXDUGDU HO OXJDU GHO
IXQGDPHQWRGH6LPRQDOTXHFRPRFXDOTXLHUDSRVWROWHQLDGHUHFKRXQDYH]DUUHSHQWLGR
(QQDGLHLEDDGDUVHHVDVLWXDFLRQXQDQHJDFLRQFRQFLUFXQVWDQFLDV\DUUHSHQWLPLHQWR GHDKLTXHVHDVRODPHQWHD6LPRQDTXLHQVHOH
GD HVH VREUHQRPEUH QR FRPR DOJR HVSHFLDO D REWHQHU R D VLJQLILFDU VLQR FRPR FRQVWDQFLD GH DOJR TXH HQ FLUFXQVWDQFLDV QRUPDOHV OH
SHUWHQHFLDSHURTXHDSDUHQWHPHQWHSRGLDKDEHUSDUHFLGRSHUGHUORFRPRIUXWRGHVXFRQGXFWD-HVXVTXHKDELDSUHYLVWRVXDUUHSHQWLPLHQWR\
VXWUDQVIRUPDFLRQIXWXUDSUR\HFWDGHVGHHOSULQFLSLRGHVXPLQLVWHULRODVHJXULGDGGHTXHVHUDXQSHWURVGHOIXQGDPHQWR$KRUDELHQHVWHQR
HVODSHWUDIXQGDPHQWDOVREUHODFXDOVHYDDFLPHQWDUOD,JOHVLD&RUUHVSRQGHDXQDSLHGUDPDVGHODPLVPDFDWHJRULDTXHODGHORVGHPDV
DSRVWROHV/DJUDQGLIHUHQFLDHVWULEDHQTXH&ULVWRHVOD3ULQFLSDOSHWUDGHODQJXOR(I3RUORWDQWRHOIXQGDPHQWRDSRVWROLFRHQVX
FRQMXQWRUHSRVDVREUHODXQLFDSLHGUDHVSHFLDOTXHHV&ULVWR<QDGLHSXHGHYDULDUHVWDFODVH\IRUPDGHOIXQGDPHQWRD&RU8QD
YH] PDV WRGR HVWR QR KDFH PDV TXH FRQILUPDUQRV TXH OR TXH &ULVWR KDFH FRQ HVWH FDPELR GH QRPEUH QR HV PDV TXH UHVDOWDU TXH 6LPRQ
IRUPDULDSDUWHGHHVHIXQGDPHQWRDSRVWROLFR
9D\DPRVDODHVFHQDGH&HVDUHDGH)LOLSR-HVXVSUHJXQWDTXHSLHQVDQODVJHQWHVTXHHVHO+LMRGHOKRPEUH6LPRQUHVSRQGHUDXQDYH]PDV
HOSULPHUR6HGHVWDFDUDFRPRHQWDQWDVRWUDVRFDVLRQHV(VWDYH]VXDUURJDQFLDQROHKDUDKXQGLUVHQRDUUDQFDUDSDODEUDVGHUHSURFKH(O
3DGUHOHYDDUHYHODU\OHYDDKDFHUGHFLUTXLHQHVUHDOPHQWH-HVXV7XHUHVHO&ULVWRHO+LMRGHO'LRV9LYLHQWH-HVXVOHEHQGLFHSRUFXDQWR
GHEH FRQYHQFHUVH TXH HVWDV SDODEUDV QR VRQ IUXWR GH XQD LQWXLFLRQ KXPDQD VLQR TXH HO 3DGUH VH OR KD UHYHODGR< -HVXV DSURYHFKD HVWD
VLWXDFLRQSDUDFRQILUPDU\DVHJXUDUPDVTXH6LPRQYDDVHUXQSHWURVQRSRUTXHYD\DDIXQGDPHQWDUVREUHHOOD,JOHVLDVLQRSRUTXHODSURSLD
DOXVLRQDOQRPEUH\DOOHYDLPSOLFLWDODLGHDGHIXQGDPHQWR<DOXGHDOQRPEUHSRUTXHOHVLUYHD-HVXVQRVRORSDUDUHFRUGDUTXH6LPRQLEDD
VHUXQSHWURVVLQRDGHPDVSDUDGHVWDFDUODGLIHUHQFLDHQWUH3HWURV\3HWUD-HVXVYHQGULDDGHFLUSXHVWRTXHWXPHKDVGLFKRTXH<RVR\HO
+LMRGH'LRVSXHVWRTXHKDVGLFKRHVWDJUDQYHUGDG\RWDPELHQWHGLJRDWLTXHWDOFRPRWHGLMH-QWXHUHVSHWURV XQDSLHGUD TXH
SDUWLFLSDGHOIXQGDPHQWRGHXQDLJOHVLDTXHHVWDIXQGDGDSUHFLVDPHQWHVREUHHOFRQWHQLGRGHHVDYHUGDGTXHWXKDVFRQIHVDGRJUDFLDVDOD
UHYHODFLRQGHPL3DGUHFXDQGRKDVGLFKRTXH<R6R\HO+LMRGH'LRV6REUHHVWD 3HWUDHVGHFLUVREUHHVDJUDQYHUGDGGHTXH\RVR\HO
+LMR GH 'LRV HGLILFDUH PL ,JOHVLD< SDUD TXH TXHGH FODUR TXH YDV D VHU XQ SHWURV MXQWR FRQ ORV RWURV TXH QR SUHFLVR HVSHFLILFDUORV WH
SURIHWL]RTXHWHGDUHXQDVOODYHVFRQODVTXHDEULUDVDODVJHQWHVODSRVLELOLGDGGHFRQRFHUHOHYDQJHOLROODYHVTXHFRPROD3DODEUDGH'LRV
TXHVRQDEUHQ\FLHUUDQDWDQ\GHVDWDQVHJXQHOFRPSRUWDPLHQWRGHORVKRPEUHV
-HVXVHGLILFDVX,JOHVLDVREUHODYHUGDG7XHUHVHO&ULVWRHO+LMRGHO'LRVYLYLHQWH /DFRQIHVLRQGH3HGURFRPRHQXQFLDGDSRUHOQR
WLHQHQLQJXQYDORUSXHVWRTXHHV'LRVTXLHQOHKDUHYHODGRHOFRQWHQLGRGHGLFKDFRQIHVLRQ1RHVVREUHHODFWRGHFRQIHVDUTXHVHYDDSRQHU
HOIXQGDPHQWRVLQRVREUHHOFRQWHQLGRGHOD9HUGDGTXHLQFOX\H7XHUHVHO+LMRGHO'LRV9LYLHQWH
1R VRODPHQWH KHPRV FRPSUREDGR TXH GH HVWDV SDODEUDV QR VH GHGXMHURQ QDGD LPSRUWDQWH QL QDGD SDUHFLGR D XQD WHRORJLD HQ OD TXH H[LVWD
FDELGDXQ3ULPDGRRXQDVXFHVLRQGHSULPDGRVVLQRTXHLQFOXVRVHGHMDFODURFXDOHVHOYHUGDGHURIXQGDPHQWR\ODHVSHFLDO3HWUDLUUHSHWLEOH
HLQVXVWLWXLEOH&ULVWR-HVXV
3HGURPLVPRXQ3HGURWRWDOPHQWHFDPELDGRTXHKDSHUGLGRVXDUURJDQFLD\VXRUJXOOR\TXHFRQILDVRODPHQWHHQ&ULVWR-HVXVQRVGLFHTXLHQ
HVHVH-HVXV/DSHWUDOLWKRVTXHKDYHQLGRDVHUHOIXQGDPHQWRGHODLJOHVLD\TXHJUDFLDVDHOODWRGRVQRVRWURVSRGHPRVVHUSLHGUDVYLYDV
IRUPDQGRXQHGLILFLRHVSLULWXDO+HFKFID3HG
3DEORXQDYH]PDVQRVDGYLHUWHTXHFRPSUREHPRVFRQFXLGDGRVREUHTXLHQHGLILFDPRV\TXHQXHVWUDVHJXULGDGVRODPHQWHHVWDJDUDQWL]DGD
FXDQGRHGLILFDPRVVREUH&5,672\DTXHQRSXHGHEXVFDUVHRWURIXQGDPHQWRVREUHHOTXHSRQHUQXHVWUDSURSLDSLHGUDYLYDTXHHOTXHKD
VLGR FRORFDGR SDUD HGLILFDU OD ,JOHVLD &ULVWR -HVXV D &RU   -XDQ HQ HO$SRFDOLSVLV \D UR]DQGR HO VLJOR ,, GH OD HUD FULVWLDQD QR
SDUHFH FRQRFHU WDPSRFR XQ IXQGDPHQWR VHSDUDGR GHO UHVWR GH ORV DSRVWROHV TXH KDJD GH SULPHUD \ HVSHFLDO EDVH SDUD HGLILFDU OD LJOHVLD
+DEODQGRGHOD1XHYD-HUXVDOHQVHUHILHUHDFLPLHQWRVWRGRVSRULJXDOTXHFRUUHVSRQGHQDORVGRFHDSRVWROHV$S
(Q FXDQWR D ODV OODYHV SRFR TXH DQDGLU (Q HO DUWLFXOR GH7KHRORJLVFKHV:RUWHUEXFK GH .LWKHO FRQVDJUDGR D ODV OODYHV -RDFKLQ -HUHPLDV
LQGLFDTXHHVWDLPDJHQKDVLGRXWLOL]DGDHQFLHUWRVOXJDUHVGHO17FI0W/FYHUD-HDQ5LOOLHW7XHV3LHUUH /DERUHW)LGHV
*HQHYHS3HGURLEDDWHQHUODRSRUWXQLGDGGHDEULUODVSXHUWDVDORVMXGLRV\JHQWLOHVGHVSXHVGHO3HQWHFRVWHV5HFXHUGHVHVXV
VHUPRQHV SULPDULRV GH +HFK  \  7DPELHQ VX DFWXDFLRQ HQ HO FDVR GH &RUQHOLR \ VX PHQFLRQ GHO VXHQR 6X DOXVLRQ D HVWH KHFKR HQ HO
FRQFLOLRGH+HFKRV
(ODGLIHUHQFLDGHHVRVIDULVHRVTXHKDELDQTXLWDGRODOODYHGHOFRQRFLPLHQWR/FRTXHKDELDQFHUUDGRFRQOODYHHO5HLQRSRUQR
SUHVHQWDUODVYHUGDGHVSRUQRLQGXFLUDODVJHQWHVFRQODSDODEUDDOYHUGDGHURDUUHSHQWLPLHQWRHOUHSHWLPRVLEDDDEULUHOFRQRFLPLHQWRGHO
HYDQJHOLRFRQWRGRORTXHHVRLPSOLFDED1RWHVHTXHODSURPHVDGHDWDU\GHVDWDUWDPELHQHVUHIHULGDDOUHVWRGHORVDSRVWROHV\SRUORWDQWR
VHFRQQRWDFRQODVOODYHV(QFXDQWRDOSUREOHPDGHSHUGRQDU\UHWHQHUORVSHFDGRVTXHVHPHQFLRQDHQ-QVHKDGHHQWHQGHUHQHO
VHQWLGR GH TXH SRU PHGLR GH OD SUHGLFDFLRQ GHO HYDQJHOLR VH FRQGXFH D ORV KRPEUHV DO SHUGRQ GH ORV SHFDGRV FI /F   /D
DFWXDFLRQ GH ORV DSRVWROHV LED D VHU GH WDO QDWXUDOH]D TXH VHOHFFLRQDULD D ODV SHUVRQDV SDUD OD VDOYDFLRQ $TXHOORV TXH QR DFHSWDURQ ODV
SUHPLVDVHYDQJHOLFDVVHOHVUHWHQGULDQORVSHFDGRVSRUFXDQWRHOHYDQJHOLRQRKDELDVLGRDFHSWDGR\SRUORWDQWRKDEULDVLGRXQDHYLGHQFLDGH
TXH HO FLHOR VH OHV KDEULD UHWHQLGR 3HUR HVWD SRVLELOLGDG QR HV H[FOXVLYD GH QDGLH 7RGRV GHEHQ SUHGLFDU HO HYDQJHOLR \ HQ IXQFLRQ GH VX
DFHSWDFLRQRQRSRUORVTXHHVFXFKHQVHUHWLHQHQRQRVHUHWLHQHQHVRVSHFDGRV
1DGDGHHVWRGHVGHOXHJRVXJLHUHXQDLQIDOLELOLGDG\VXFHVLRQFRQFUHWDGDHQXQDVSHUVRQDVGHWHUPLQDGDVQLQDGDGHHVWRGHGXMRODSULPHUD
FRPXQLGDGGHOIDPRVRSDVDMHGH0DWHR
5HVSHFWR D OR TXH GLFH OD SDWULVWLFD FRQYLHQH VHQDODU TXH HQ RFDVLRQ GHO SULPHU &RQFLOLR 9DWLFDQR  VH SXEOLFR XQ OLEUR WLWXODGR
4XDHVWLR 3UHJXQWD HQ HO TXH VH H[DPLQDEDQ PX\ FXLGDGRVDPHQWH ODV RSLQLRQHV GH ORV SDGUHV GH OD LJOHVLD HQ FXDQWR D HVWH WHPD /DV
FRQFOXVLRQHV DOOL SUHVHQWDGDV DUURMDEDQ ORV VLJXLHQWHV UHVXOWDGRV RFKR SDGUHV LQWHUSUHWDEDQ OD SDODEUD 5RFD FRPR DSOLFDGD D ORV DSRVWROHV
WRPDGRV FROHFWLYDPHQWH GLHFLVHLV OD KDFLDQ FRUUHVSRQGHU FRQ &ULVWR PLVPR GLHFLVLHWH OD DSOLFDEDQ D 6DQ 3HGUR \ FXDUHQWD \ FXDWUR OD
LQWHUSUHWDEDQFRPRODIHTXHFRQIHVR3HGURUHFRJLGRSRU9LFWRU$PSXHUR0DWWD /D,JOHVLD\VXVIXQGDPHQWRV$VRFLDFLRQ&DVD(GLWRUD
6XGDPHULFDQDSDJ
9HDVH SDUD HVWH GDWR *LRUJR %DUWROL HQ 7KH 3ULPLWLYH &KXUFK DQG WKH 3ULPDF\ RI 5RPH SDJ  TXH FLWD D VX YH] D +XUWHU 6 - HQ
7KHRORJLDH'RJPDWLFDH&RPSHQGLXP7UDFW,,,'H3ULPDWX7KHVLV[[L
<DVDEHPRVODRSLQLRQGH6DQ$JXVWLQTXHXQSULQFLSLRSHQVDEDTXHOD5RFDVHUHIHULDDODSHUVRQDGH3HGURSHURTXHPDVWDUGHOOHJRDRWUD
FRQFOXVLRQ/D5RFDHVODFRQIHVLRQGHIHTXHH[SUHVRHODSRVWROYHDVH6DQ$JXVWLQ'H5HWUDFWLRQLEXVOLEUR,SDUDJUDIR
0RGHUQDPHQWHFRQVXOWHVHD-HDQ5LOOLHWTXHWUDHODRSLQLRQGHOR3DGUHVGHOD,JOHVLDVREUHHVWDFXHVWLRQ-HDQ5LOOLHW7XHV3LHUUH HGLWLRQ
/DERUHW)LGHV*HQHYH
6REUHODFXHVWLRQGHFRPRVHIXHGHVDUUROODQGRODLGHDGHXQ3ULPDGRDMHQRWRWDOPHQWHDO17\FRPRIXHURQORVRELVSRVGH5RPDTXLHQHV
SUHWHQGLHURQXVXUSDUXQSRGHUVREUHOD,JOHVLD8QLYHUVDOTXHQROHVSHUWHQHFLDYHDVH-DYLHU*RQ]RDJD&RQFLOLRV *UDQG 5DSLGV 0LFKLJDQ
GRQGHVHWUDWDQDIRQGRHVWDVFXHVWLRQHV
2WURV DXWRUHV TXH WUDWDQ HVWD FXHVWLRQ WDQWR H[HJHWLFD FRPR KLVWRULFDPHQWH DGHPDV GH ORV \D FLWDGRV YHDVH +XPEHUWR 5DXO 7UHL\HU
&ULVWLDQLVPR&DWROLFR2UWRGR[R\$QJOLFDQRHGLW&DHSH(QWUH5LRV$UJHQWLQD/H5R\(GZLQ)URRP7KH3URSKHWLF)DLWKRI2XU
)DWKHUVYROV5HYLHZDQG+HUDOG3XEOLVKLQJ$VVRFLDWLRQ:DVKLQJWRQ'&
6LVRPRVFULVWLDQRVGHEHUDHVWDUHQODOLQHDTXHQRVPDUFDQODV6DJUDGDV(VFULWXUDV%XVFDUHPRVDO3ULQFLSHDO)XQGDPHQWRDO&DEH]DGHOD
,JOHVLD\KDOODUHPRVD&ULVWRFI0W(OKDSURPHWLGRHVWDUFRQFDGDXQRGHQRVRWURVTXHIRUPDPRVOD,JOHVLDFRPRVXFHVRUDGHORV
DSRVWROHV KDVWD HO ILQ GHO PXQGR 0W  PHGLDQWH VX XQLFR 9LFDULR LQIDOLEOH HO (VSLULWX 6DQWR -Q   (VWH (VSLULWX 6DQWR
UHFRQRFH FRPR ,JOHVLD DTXHOORV TXH VDOYDJXDUGDQ ORV SULQFLSLRV GHO 5HLQR GH 'LRV \ GHFLGHQ VHJXLU ODV GRFWULQDV TXH HO SURSLR (VSLULWX KD
LQVSLUDGRHQODV(VFULWXUDV
>@
(VODXQLRQGH,JOHVLD\(VWDGRODTXHKDKHFKRSRVLEOHODH[LVWHQFLD\ODKLVWRULDGHOD,QTXLVLFLRQ\GHODV&UX]DGDV\GHODSHUVHFXFLRQ
UHOLJLRVD
>@
&%$RSFYRO,9S\TXHFLWDHO&RGLJRGH-XVWLQLDQR/LEURWLWXOR
>@
,G
>@
$%RUUDVRSFS
>@
LG
>@
 /D LPSRUWDQFLD GH &ORGRYHR MXQWR FRQ HO 5HLQR )UDQFR IXQGDGR SRU HO SDUD ORV SODQHV GHO 3DSDGR HQ FXDQWR D OD HOLPLQDFLRQ GH ORV
/RQJREDUGRV/RPEDUGRVHVUHFRQRFLGRSRUGLYHUVRVKLVWRULDGRUHV9HDVH+LVWRULDGHOD,JOHVLD&DWROLFD+HUGHU%DUFHORQDSS

>@
(QHOFRPLHQ]DODFDPSDQDFRQWUDORVYLVLJRGRV+LVWRULD8QLYHUVDOGH2QFNHQ9RO;,S\ORVGHUURWDHQ9RXLOOHHQHO
&:3UHYLWH2UWRQ+LVWRULDGHO0XQGRGHOD(GDG0HGLDGH&DPEULJGH8QLYHUVLW\SXEOLFDGDHQHVSDQROHQ9ROVSRUHG6RSHQD
%DUFHORQD9RO,S
(VWDFDPSDQDIXHPLUDGDSRUOD,JOHVLDGH5RPDFRPRXQDYHUGDGHUDFUX]DGD+LVWRULD8QLYHUVDOGH2QFNHQ9RO;,S
(QHOHORELVSRGH7RORVDODFLXGDGPDVLPSRUWDQWHGHOVXU OHDEUHODVSXHUWDVGHODFLXGDGD&ORGRYHR+LVWRULD8QLYHUVDOGH2QFNHQ
9RO;,S\HQHVHPLVPRDQRHQHOVHFRQVXPDFRQODIXQGDFLRQGH3DULVFRPRFDSLWDOGHOUHLQRODUHDOLGDGGHORTXHVLJQLILFDEDOD
FDUWD GHO SDSD$QDVWDVLR GRQGH OH GHQRPLQD VREHUDQR SURWHFWRU GH OD ,JOHVLD HQYLDGR SRU 'LRV SDUD HVWD PLVLRQ +LVWRULD 8QLYHUVDO GH
2QFNHQ 9RO ;, S  \ GHO RELVSR $YLWR TXH DOXGLHQGR D OD YDORUDFLRQ TXH HO 3DSD UHDOL]D GH OD SHUVRQD \ PLVLRQ SURYLGHQFLDO GH
&ORGRYHROHDQDGHPDVSDUDWXVGHVFHQGLHQWHVHUHVWXHQDGHODQWHODQRUPDHQHOUHLQRGH'LRVHQODSDUWHVREUHKXPDQD\VXGHUHFKR\
DXWRULGDGGLYLQDVHQODIHFDWROLFDGHVXDQWHFHVRU&ORGRYHR+LVWRULD8QLYHUVDOGH2QFNHQ9RO;,S
/DLPSRUWDQFLDGHHVWHKHFKRIXHVLGRVXEUD\DGDSRU-XDQ3DEOR,,5HILULHQGRVHD&ORGRYHRDILUPD
$ODGKHULUVHDODIHFDWROLFDSXGRJXLDUSXHEORVGLIHUHQWHVKDFLDODFRQVWUXFFLRQGHXQDVROD\XQLFDQDFLRQ(VXQKRQRUSDUD)UDQFLD
UHFRUGDUTXHHOEDXWLVPRGH&ORGRYHRIRUPDSDUWHGHORVDFRQWHFLPLHQWRVTXHODKDQPROGHDGR(VXQKRQRUSDUD)UDQFLDFHOHEUDUORV
YDORUHVTXHPRGHODURQVXSDVDGR\TXHRULHQWDQVXIXWXUR(FFOHVLDS
>@
+LVWRULD8QLYHUVDOGH*2QFNHQYRO;,0XQWDQHU\6LPRQ%DUFHORQDS
>@
,GS
>@
,G
>@
,GS
-DFNHV9HUJHU/D$OWD(GDG0HGLD6DUSH0DGULGSQRVGLUD
(QIHFKDGHVFRQRFLGD&ORGRYHRVHFRQYLUWLRDOFDWROLFLVPRVLHQGRSURQWRLPLWDGRSRUWRGRVXSXHEOREDMRODLQIOXHQFLDGHVXHVSRVD
&ORWLOGH\GH5HPLJLRRELVSRGH5HLPV(VWDFRQYHUVLRQH[SOLFDODIDFLOLGDGGHODWULXQIDOFDPSDQDGHO
>@
(QFLFORSHGLD8QLYHUVDO(VSDVD&DOSHYRO;/,,SDUW3DULV
>@
+LVWRULD8QLYHUVDOGH-3LUHQQHHG([LWR%DUFHORQDYRO,,,S
>@
+LVWRULD8QLYHUVDOGH*2QFNHQRSFS
>@
(ODXWRUGHOYROXPHQTXHHVWDPRVFLWDQGRGHOD+LVWRULD8QLYHUVDOGH*2QFNHQ9RO;,RSFS
>@
,GS
>@
,QGUR0RQWDQHOOL\5REHUWR*HUYDVRHQ+LVWRULDGHODHGDG0HGLD3OD]D-DQHV%DUFHORQDSFRPHQWDQ(QHOVLJOR9,HVWD
VXSHPDFLDTXH\DHMHUFLDGHKHFKRHQ2FFLGHQWHIXHFRQVDJUDGDFRQHOWLWXORGHGHSRQWLILFHHVGHFLUGHVXFHVRUGHSHGUR\YLFDULRGH&ULVWR
\MHIHHFXPHQFLRGHOD,JOHVLD
>@
6XSUHPDFLD3DSDO\/LEHUWDG5HOLJLRVDRSFS
>@
,GS
>@
$ERPLQDFLRQ:4DYL^VLTTXF`QRPEUHPDVFXOLQRVLQJXODUGHODUDL]VTF
$ ILQ GH YDORUDU DGHFXDGDPHQWH OD SDODEUDDERPLQDFLRQ FRPSUREDUHPRV HO VLJQLILFDGR TXH YD DGTXLULHQGR HVWH WHUPLQR D OR ODUJR GH VX
SUHVHQFLDHQHOWH[WRELEOLFR
/DSULPHUDYH]TXHDSDUHFHFRQHVWDIRUPD\UDL]HVHQ/HYLWLFRHQUHODFLRQDODDEVWHQFLRQGHORTXHHV
FDWDORJDGR FRPRLQPXQGR &RPHU R WRFDU ORLQPXQGR OOHJDULD VHU XQD DERPLQDFLRQ 6L VH REVHUYDQ ORV WH[WRV QRV GDUHPRV FXHQWD TXH OD
IXHU]DGHODSDODEUDDERPLQDFLRQUHVLGHHQODLGHDTXHUHVXOWDHQKDFHUGHPHQRVODSURWHFFLRQFRQTXH'LRVTXLHUHGRWDUQRV(VDERPLQDEOH
RUHVXOWDVHUXQDDERPLQDFLRQFXDQGRFRPRFRQVHFXHQFLDGHODGHVREHGLHQFLDDODDXWRULGDGGH'LRVHQHVHFDVRQRVHULJLPRVQRVRWURVHQOD
DXWRULGDG OOHJDPRV DFRQWDPLQDUQRV SURGXFLHQGRVH XQD PRGLILFDFLRQ HQ QXHVWUD UHODFLRQ FRQ 'LRV \ VXIULHQGR OR TXH LPSOLFDULD HVD
FRQWDPLQDFLRQIUXWRGHODLQILGHOLGDGRGHVREHGLHQFLD
/RVVLJXLHQWHVWH[WRVQRVORVSURYHHHOSURIHWD2VHDVFIFXDQGRDOXGHDXQFRQWH[WRKLVWRULFRGHQRPLQDGR%DDO3HRU&ID5H\HV
$SDUWLUGHDKLDSDUHFHODUHODFLRQLGROR\DERPLQDFLRQFI'WD5H\3HURODDERPLQDFLRQXQDYH]PDVVHFRQILJXUD
FXDQGR FRPR IUXWR GH XQD DFWLWXG FRQWUDULD DO FRQVHMR GLYLQR VH DGTXLHUH XQDFRQWDPLQDFLRQ LGHRORJLFD TXH WUDQVIRUPD OD FRQGXFWD GHO
LQGLYLGXRURPSLHQGRODUHODFLRQFRQ'LRVFDPELDQGRODLGHRORJLD\DXWRULGDGGLYLQDSRUODLGHRORJLD\DXWRULGDGTXHVXVWHQWDHOLGROR DO TXH
DKRUD VH UHFRQRFH /DDXWRULGDG TXH UHSUHVHQWD HO LGROR VH OD FRQVLGHUD HQWRQFHV FRPRVXSUHPD HQ GHWULPHQWR GH ODXQLFD DXWRULGDG
VXSUHPD H LQWUDQVIHULEOH TXH UHVLGH HQ 'LRV < HVR HV FRQVLGHUDGR SRU 'LRV FRPR XQD DERPLQDFLRQ TXH QRV GHVSURWHJH \ QRV OOHJD D
SHUMXGLFDU
,VDLDV-HUHPLDV\(]HTXLHOFXDQGRVHQDODQFRPRDERPLQDFLRQHOKDEHUHVFRJLGRQXHVWURVSURSLRVFDPLQRVR
FXDQGRQRVLQVWDQDYROYHUQRVD'LRVRLQFOX\HQODFRQWDPLQDFLRQFRPRSURGXFWRGHKDEHUUHDOL]DGRLGRODWULDQRVHVWDQSURSRQLHQGRHOFRPR
VHFRQILJXUDODDERPLQDFLRQUHFKD]DQGRODDXWRULGDGGH'LRVPHGLDQWHODLQILGHOLGDG\DFHSWDQGRRWUDRVXVWLWX\HQGRODDXWRULGDGGH'LRV
SRUXQDKXPDQDSUHWHQGLHQGRVHUGH'LRV
&XDQGR'DQLHOLGHQWLILFDDOVLVWHPDGHPDOGDGFRPRVLHQGRXQXQLFR\PLVPRVLVWHPDFI\DSOLFDHOWHUPLQR
DERPLQDFLRQFRPRVXVWLWX\HQGRORTXHVLJQLILTXHHVDDERPLQDFLRQ SRU HO TXLWDU HOFRQWLQXRVHQRVHVWDRIUHFLHQGRXQPHQVDMHUHYHODGRU
&RPR IUXWR GH OD DWUDFFLRQ GHO SRGHU DSDUHFH XQDFRQWDPLQDFLRQ LGHRORJLFD UHVSHFWR DO YDORU GHO 3ULQFLSH 0HVLDV (VD SUHVHQWDFLRQ GHO
3ULQFLSH 0HVLDV VLQ WRGDV ODV LPSOLFDFLRQHV GH VXFRQWLQXR PLQLVWHULR VDFHUGRWDO 'Q  \ VLQ VX HMHUFLFLR SOHQR HQ VX6DQWXDULR
&HOHVWLDO'QXS+EVVVVD-QUHVXOWDHQXQDDFFLRQLGRODWULFDHQXQDDERPLQDFLRQODGH
LQVWDODUHOLGRORGHODDXWRULGDGVXSUHPDHQGHWULPHQWRGHODXQLFDDXWRULGDGGLYLQDHLQWUDQVIHULEOH
$KRUDELHQHVWDFRQFHSFLRQGHDERPLQDFLRQ"GRQGH\FXDQGRVHRULJLQD"6LQRVSHUFDWDPRVODKLVWRULDTXHVHQRVQDUUDHQ*HQHVLVQRV
PXHVWUDFRPRVHLQLFLDHQOD6HUSLHQWHUHSUHVHQWDWLYDGHO0DOSHUVRQLILFDGRFI$SHOYHKLFXORGHODDSRVWDVLD\GHODDERPLQDFLRQGH
VXVWLWXLUODQDWXUDOH]DGHODXQLFDDXWRULGDGODGHO'LRVTXHVHUHYHODSRUODDXWRULGDGVDWDQLFD\TXHVHYLHUWHHQODKLVWRULDGHVGH%DELORQLD
KDVWDQXHVWURVGLDVYHUFDSLWXOR,,GHHVWDSULPHUDSDUWH
"&RPRDSOLFDPRVHVWRDXQDFRQGXFWDSROLWLFDRUHOLJLRVD"
6HHTXLSDUDDODDXWRULGDGGH'LRVUHVLGHQWHHQHO3ULQFLSH0HVLDVDODDXWRULGDGGHHVWLORSDJDQRTXHORVGLRVHVRHOGLRVEDELORQLFRWUDQVILHUH
DOVHUKXPDQRHVFRJLGRSDUDWDOPHQHVWHU/DIRUPXODEDELORQLFDWUDQVPLWLGDDORVLPSHULRVXQLYHUVDOHVKDVWD5RPD\TXHHVWDORYLHUWHHQHO
GHYHQLUKLVWRULFRVHFRQFHQWUDHQODH[SUHVLRQ3RQWLIH[0D[LPXVHQFX\DQRPHQFODWXUDVHUHFRJHWDQWRHOSRGHUWHPSRUDOFRPRHOHVSLULWXDO
HV GHFLU OD DXWRULGDG VXSUHPD (O TXH VH DUURJD VHPHMDQWH FRQWHQLGR SUHGLFD KDEHUOR UHFLELGR GH 'LRV 3DUD TXH HVWR SXGLHUD VXUWLU HIHFWR
GHQWURGHXQFRQWH[WRGHQRPLQDGRFULVWLDQRSUHFLVDVDFULILFDUDOJRLPSRUWDQWHGHOSODQGH'LRVUHODWLYRDO&RQWLQXRGHO3ULQFLSH0HVLDV\GHVX
6DQWXDULRLQGHSHQGLHQWHPHQWHGHTXHHO'LRVGHODUHYHODFLRQELEOLFDMDPDVKDSUR\HFWDGRVHPHMDQWHSRVLFLRQSXHVWRTXHVX$XWRULGDGQXQFD
ODWUDQVILHUHDQLQJXQVHUKXPDQR(QODKLVWRULDVHKDYLVWRHVWRUHIOHMDGRHQODLPSRVLFLRQGHXQLRQGH,JOHVLD\(VWDGR
>@
 /D SUHYDULFDFLRQ >Y3DK^KD33HRVDC` DVRODGRUD aPHHYR^VRPHP` FI     FI  8QD YDULDQWH GH
DERPLQDFLRQVLTTXF(OFRQWH[WRKLVWRULFR\WHRORJLFRHVHOPLVPR
(V PX\ LQWHUHVDQWH FRPSUREDU TXH OD FRQVWUXFFLRQ WDQWR HQ  FRPR HQ  VH SUHVHQWD FRPR TXLWDQGR HO &RQWLQXR SDUD SRQHU OD
DERPLQDFLRQGHVRODGRUD /D LGHD VHULD GH TXH OD DERPLQDFLRQ TXH VHYLVXDOL]D SRU TXLWDU HO &RQWLQXR GHO 3ULQFLSH \D HVWDULD FRQWHPSODGD
DQWHVGHTXHUHVXOWDUD(QHOWH[WRGHVHQRVH[SOLFDTXHODFDXVDGHTXHORGHO&RQWLQXR\ORGHOHMHUFLWRORHVWHPDQLSXODQGRHO&XHUQR
GHOPRGRFRQTXHORKDFHVHGHEHDODSUHYDULFDFLRQKD33HRVDC(QVHFDOLILFDDODSUHYDULFDFLRQFRPRDVRODGRUD
/D YHUVLRQ GH SUHYDULFDFLRQ3HRVDC HV XVDGD HQSDUDOHOR SRHWLFR HQ -RE  FRQ HO WHUPLQR PL LQLTXLGDG \Q,Z2>@^CDZRQL`
$>
^CDZRQ`/D6HSWXDJLQWDORYLHUWHSRUDYQRPLDMDQRPLDVFX\RVHQWLGRHVHOQRWHQHUHQFXHQWDHQWRGRDODOH\GH'LRV
(OSURIHWD-HUHPLDVVHUHILHUHDODSUHYDULFDFLRQGH,VUDHOFRPRKDELHQGRVHDSDUWDGRGH'LRVSRUXQLUVHFRQORVSRGHUHVGH(JLSWR\GH$VLULD
6HFRQILJXUDXQDSUHYDULFDFLRQFXDQGRVHHVFRJHFRPRDXWRULGDG\SRGHUDOJRGLVWLQWRD'LRV-HUVVFI,VD
3DUDTXHVHKD\DOOHJDGRDHQJHQGUDUHVDDERPLQDFLRQGHYHUHVWDEOHFLGRXQDXQLRQFRQHOSRGHUGHOPXQGRSDUWLHQGRGHYDORUHVUHOLJLRVRV
UHYHODGRV SRU 'LRV TXH VXVWHQWD HO VLVWHPD GH PDOGDG FI 'Q   KD VLGR SUHFLVR TXLWDU HO &RQWLQXR GHO 3ULQFLSH GHVYDORUL]DU HO
PLQLVWHULR GHO 3ULQFLSH FI 'Q  SHUR DQWHV KD VLGR QHFHVDULR TXH OD VHPLOOD GH OD SHUYHUVLRQ DQLGH HQ OD LGHRORJLD FRPHWHU OD
SUHYDULFDFLRQ GH DSDUWDUVH GH 'LRV SRU FXDQWR OD DWUDFFLRQ GH ORV SRGHUHV GHO PXQGR IRUPD SDUWH GH VX HVHQFLD LGHRORJLFD \ TXH QR KD
TXHULGRGHVSRMDUVHGHHOOD
>@
 (O VDFULILFLR GH OD PLVD VXSRQH SRU XQ ODGR OD DFHSWDFLRQ XQD YH] PDV GH ODV FRQQRWDFLRQHV SDJDQDV FRQ ORV VDFULILFLRV LQFUXHQWRV
SDJDQRV SRU RWUR OD FRQILUPDFLRQ GHO RILFLDQWH FRPR XQ DXWHQWLFR VDFHUGRWH SDJDQR ODV IRUPDV YDQ PRVWUDQGR HO IRQGR \ WRGDYLD RWUR OD
FRQYHUVLRQGHODOODPDGDLJOHVLDHQXQYHUGDGHURVDQWXDULRGHKHFKXUDKXPDQDHQGHWULPHQWR\FRQWUDSRVLFLRQGHOYHUGDGHUR\XQLFR6DQWXDULR
YDOLGRHOFHOHVWLDOEDVDGDHQHOVLVWHPDSDVDGR\WUDQVLWRULRGHORVVDFULILFLRVKHEUHRV(VWRKDFLDSRVLEOHHOVHFXHVWURGHOFRQWLQXR'Q

+LVORS DXWRU \D FLWDGR HQ XQ OLEUR HQ HO TXH FRPSDUD ODV GRV %DELORQLDV XQD OD DQWLJXD FLXGDG GH ORV FDOGHRV \ OD RWUD OD PRGHUQD 5RPD
&DWROLFDSUHVHQWDORVRULJHQHVSDJDQRVGHODVSULQFLSDOHVGRFWULQDV\FRVWXPEUHVFDWROLFRURPDQDV\QRVGLFHHQUHODFLRQDODPLVD
6LODUHJHQHUDFLRQSRUHOEDXWLVPRSXQWRGHSDUWLGDGHODVFUHHQFLDVURPDQDV\ODMXVWLILFDFLRQSRUODVREUDVVRQODVGRVGHRULJHQFDOGHRHO
SULQFLSLRFRQWHQLGRHQHOVDFULILFLRLQFUXHQWRGHODPLVDQRORHVPHQRV!!/HV'HX[%DE\ORQHVRSFS
'LFKRDXWRUPXHVWUDFRPRODIRUPDLQFOXVRGHODKRVWLDHVXQDFRSLDGHODTXHVHRIUHFLDHQHOVDFULILFLRDOVROHQ(JLSWRFX\RFXOWRKDELD
WHQLGRHQFXHQWDHOGH%DELORQLD,GSS\FRPHQWD
6LODGLYLQLGDGGHOVROHUDDGRUDGRHQ(JLSWRFRPRODVHPLOODRHQ%DELORQLDFRPRHOWULJRHVH[DFWDPHQWHGHODPLVPDPDQHUDTXHODKRVWLD
HVDGRUDGDHQ5RPD!!,GS
<HQRWUROXJDUDQDGH
(QHO,9VLJORFXDQGROD5HLQDGHO&LHOREDMRHOQRPEUHGH0DULDFRPHQ]RDVHUDGRUDGDHQODLJOHVLDFULVWLDQDHVWHVDFULILFLRLQFUXHQWRIXH
WDPELHQLQWURGXFLGR(SLIDQLRGHFODUDTXHHOXVRGHFRPHU\EHEHUHVWHVDFULILFRFRPHQ]RHQWUHODVPXMHUHVGH$UDELD\TXHHQHVWDHSRFD
XQR VDEH PX\ ELHQ TXH KDELD VLGR REWHQLGR GH ORV SDJDQRV!! OG SS  6H FLWD HQ QRWD D SLH GH SDJLQD D (SLSKDQH$GYHUVXV
+DHUHVHVYRO,S
&RPR FXDOTXLHU RWUR DVXQWR HVWH OOHYR XQD HYROXFLRQ VHJXQ 0DUFHO 6LPRQ$QGUH %HQRLWGHVGH HO VLJOR ,, OD FHOHEUDFLRQ GH OD (XFDULVWLD VH
IRUPXOR HQ WHUPLQRV GH VDFULILFLR !!(O -XGDLVPR \ HO &ULVWLDQLVPR $QWLJXR RS F S O$XQ FXDQGR UHFRQRFHQ TXH WHQGULD XQD
DSOLFDFLRQPHWDIRULFD,GDGPLWHQODHYROXFLRQGHODFHQD\VXFRQQRWDFLRQSDJDQD
  HO SDUDOHOR HVWDEOHFLGR HQWUH OD FHQD \ ODV FRPLGDV VDFULILFDOHV MXGLDV \ SDJDQDV FRQWULEX\HURQ D SUHFLVDU PHMRU HVWD QRFLRQ GH OD
HXFDULVWLDVDFULILFLR TXH OXHJR WRPR FXHUSR HQ OD FRQFHSFLRQ FDWROLFD GH OD PLVD UHSHWLFLRQ LQFUXHQWD GHO VDFULILFLR GHO FDOYDULR HQ TXH HO
PLVPR&ULVWR\QRVRORORVHOHPHQWRVGHOSDQ\GHOYLQRVHRIUHFLDGHQXHYRDO3DGUH/DPHVDGHHVWDFRPLGDVDJUDGDVHFRQYLUWLRDVLHQXQ
YHUGDGHURDOWDU!!LG
(Q VX WUDWDGR KLVWRULFROLWXUJLFR VREUH HO VDFULILFLR GH OD PLVD -$ -XQJPDQQ %$& HG &DWROLFD 0DGULG  SS  DGPLWH TXHORV
HOHPHQWRVSULQFLSDOHVGHODPLVDURPDQD\DH[LVWLDQDILQDOHVGHOVLJOR9\TXHDSDUWLUGHOVLJXLHQWHVLJORHQHO9,ODOLWXUJLDURPDQDGHVSOHJR
VXPD\RUSRPSD,GS
/RVFXOWRVHVWDFLRQDOHVOOHQRVGHFRQQRWDFLRQHVSDJDQDVLQFOXLDQWDPELHQODFHOHEUDFLRQGHODPLVD\TXHSDUDORVVLJORV,9DO9,VHWLHQHQ
QRWLFLDVGHFHOHEUDFLRQHVHQGLIHUHQWHVOXJDUHVOGS(VGHFLUTXHHQWUHILQDOHVGHOVLJOR9\FRPLHQ]RVGHO9,LGSS
/DGHVFULSFLRQGHHVRVFXOWRVHVWDFLRQDOHVGHMDHQWUHYHUFRQQRWDFLRQHVSXUDPHQWHSDJDQDVLGSS
/D PLVD HV FRQVLGHUDGD FRPR XQ YHUGDGHUR VDFULILFLR LQFUXHQWR SRU HO TXH VH REWLHQH HO DUUHSHQWLPLHQWR \ HO SHUGRQ GH ORV SHFDGRV (O
VDFHUGRWHTXHRILFLDHVHOTXHKDFHSRVLEOHHVWHPLODJURFXDQGRSRUVXVSDODEUDVHOSDQ\HOYLQRVHFRQYLHUWHQVHJXQHVWDWHRULDHQODFDUQH\
VDQJUHGH&ULVWR\GHIRUPDLQFUXHQWDVRQRIUHFLGDVHQSURSLFLDFLRQSRUORVSHFDGRV3XHGHFRQVXOWDUVH5HVHQDVVREUH'DQLHORSFSS
GRQGHVHFLWDQODVIXHQWHVFDWROLFDV
6H WUDWD GH XQD DXWHQWLFD XVXUSDFLRQ VH KD VXVWLWXLGR HO VDFULILFLR GH OD FUX] KHFKR XQD VROD YH] \ YDOLGR SDUD VLHPSUH VLQ QHFHVLGDG GH
UHSHWLUVH +E      /D JUDWXLGDG GH OD VDOYDFLRQ VH FRQYLHUWH HQ DOJR HQ OR TXH OR KXPDQR LQWHUYLHQH (O
VDFHUGRWH\VXRILFLRVHWUDQVIRUPDHQDOJRQHFHVDULRSDUDODVDOYDFLRQ
6H KDFH GH PHQRV HO 6DQWXDULR FHOHVWLDO GRQGH -HVXFULVWR PLQLVWUD DSOLFDQGR ORV UHVXOWDGRV GH VX H[SLDFLRQ UHGHQFLRQ HQ OD FUX] \ GH VX
LQWHUFHVLRQFRQWLQXD
(VH VDFULILFLR HV RIUHFLGR KR\ VHJXQ 0DF'RQDOG HQ DOWDUHV \ HQ XQ VDQWXDULR 7KH VDFULILFH RI WKH 0DVV SS    &LWDGR HQ
5HVHQDVVREUH'DQLHORSFSTXHHVODLJOHVLD
(QOD*XLDGHO&ULVWLDQR'HYRFLRQDULR3RSXODUGH(GLWRULDO%DOPHV%DUFHORQD&RQ1LKLO2EVWDWH,PSUHPWXUGHODU]RELVSRRELVSR
GH%DUFHORQDGLFHORVLJXLHQWH/D6DQWD0LVDHVHOVDFULILFLRGHO&XHUSR\6DQJUHGH-HVXFULVWRTXHEDMRODVHVSHFLHVGHOSDQ\GHOYLQR
HVRIUHFLGRSRUHOVDFHUGRWHD'LRVVREUHHODOWDUHQPHPRULD\UHQRYDFLRQGHOVDFULILFLRGHODFUX]!!S
(QRWUROXJDUVHDQDGH
(O6DQWR6DFULILFLRGHOD0LVDHVH[DFWDPHQWHHOPLVPR6DFULILFLRGHO&DOYDULRHO6DFHUGRWHHQHO$OWDUUHDOL]DGHXQDPDQHUDLQYLVLEOHH
LQFUXHQWDHOVDFULILFLRTXH-HVXFULVWRKL]RYLVLEOHPHQWHHQHO&DOYDULRFRQHIXVLRQGHVX3UHFLRVLVLPD6DQJUHS
HOFULVWLDQRHQOD6DQWD0LVDRIUHFHMXQWDPHQWHFRQHOVDFHUGRWHHO&XHUSR\6DQJUHGH1XHVWUR6HQRU-HVXFULVWROR
SUHVHQWDQDO3DGUH(WHUQRSDUDOD5HGHQFLRQ\6DQWLILFDFLRQGHWRGRVORVKRPEUHVS
(QWUHORVILQHVGHODPLVDVHH[SRQHHOGH6DWLVIDFHUDODGLYLQDMXVWLFLDSRUQXHVWURVSHFDGRV!!S
'HFLUORTXHSUHGLFDODPLVDHVRFXOWDUGHODPHQWHGHORVKRPEUHVHO&RQWLQXR0LQLVWHULR6DFHUGRWDOGH&ULVWR(SLVWRODDORV+HEUHRV
FI'Q
(OWLWXOR3RQWLIH[0D[LPXVLPSOLFDEDWRGRDTXHOORTXHVHOHDWULEXLDDWDOWLWXORFXDQGROROOHYDEDHO(PSHUDGRU
$OHPSHUDGRUVHOHWULEXWDEDQKRQRUHVGHDGRUDFLRQSRVWUDFLRQHV\DFWRVULWXDOHVTXHLPSOLFDEDQXQFXOWR\GHLILFDFLRQ
/RVFXOWRVHVWDFLRQDOHVGHOSDSDGRTXHRFXSDQXQOXJDULPSRUWDQWH\DDILQDOHVGHOVLJOR9\FRPLHQ]RVGHO9,LQWHUYLHQHQULWXDOHV\SRVWXUDV
TXHQRVUHFXHUGDQDHVRVKRQRUHVUHFLELGRVSRUORVHPSHUDGRUHV
(OSURSLR-XQJPDQQDOGHVFXEULUQRVGLFKRVFXOWRVSDSDOHVUHFRQRFHORVLJXLHQWH
6RQQRWDEOHVORVKRQRUHVTXHVHWULEXWDQDOSDSDDOFRPHQ]DUODIXQFLRQUHOLJLRVD3RUHOVHXVDHOWK\PDWDULXQORPLVPRTXHORVVLHWHFLULRV
GHORVDFROLWRVHVXQDGLVWLQFLRQTXHVHWHQLDDQWLJXDPHQWHSDUDFRQORVHPSHUDGRUHV
(OSDSDDODUJDDPEDVPDQRVDORVGLDFRQRVTXHOHDFRPSDQDQTXLHQHVVHODVEHVDQ\OHVRVWLHQHQDODQGDU(O6DFULILFLRGHODPLVDRS
FS
(OGLDFRQRVHDFHUFDDODFDWHGUD\EHVDHOSLHGHOSDSDTXHOHGDODEHQGLFLRQ!!,GSVHWUDWDGHXQRVFXORTXHVHWULEXWDEDDQWHV
VRORDO(PSHUDGRU\TXHDKRUDVHWULEXWDVRORDO3DSDRSFQRWDDSLHGHSDJLQD
1RHVGHH[WUDQDUTXHWRGRHVWRUHVSRQGLHUDDODLGHRORJLDTXHVXE\DFHHQHOWLWXOR3RQWLIH[0D[LPXV\TXHVHJXQ%UHKLHU%DWLIROHOSDSD
UHFLEHDGRUDFLRQSRUHOSURSLRHPSHUDGRUGH&RQVWDQWLQRSOD2SFS
<HVTXHHOSURSLRWLWXORGH3RQWLIH[0D[LPXVHVXQWUDVSDVRGHO(PSHUDGRUHQHOTXHHVWDQUHSUHVHQWDGRVHO3RGHU\6XSUHPDFLDXQLFDDO
2ELVSRGH5RPDORTXHLPSOLFDXQUHHPSOD]DUD&ULVWRHQODSRVLFLRQXQLFDTXHOHSHUWHQHFHGH6XPR6DFHUGRFLR&HOHVWLDO(VDDXWRULGDGOD
WUDVODGRDVXFRQYHQLHQFLDHQXQLRQFRQHOSRGHUPXQGDQDO3DUDHOORHUDSUHFLVRTXLWDUHO&RQWLQXRGHO3ULQFLSH
>@
*-+HHULQJ7KH)DOORI&KULVWLDQLW\)HOORZV3XEOLFDWLRQV$PHULFDQHGLWLRQS
/RVHVFULWRVSDWULVWLFRVKDVWD&RQVWDQWLQRVRQH[SOLFLWRVWRFDQWHDHVWDFXHVWLRQ2ULJHQHVTXHWLHQHTXHUHIXWDUORVSUREOHPDVSODQWHDGRVSRU
&HOVRUHVSRQGHDOSUREOHPDTXHHVWHOHSODQWHDHQFXDQWRTXHORVFULVWLDQRVQRFRODERUDQFRQHOHPSHUDGRUDFRPEDWLUSRUHODWRPDUSDUWH
HQVXVFDPSDQDV\VLOOHJDHOFDVRKDVWDHQHOPDQGRGHODVWURSDV2ULJHQHVOHFRQWHVWDTXHORVFULVWLDQRVD\XGDQDOHPSHUDGRUSRUPHGLRGH
VXVRUDFLRQHV\VLELHQHVFLHUWRTXHGHMDWUDVOXFLUDOJXQDLGHDXQWDQWRFRQWUDULDDODHVFULWXUDUHIHUHQWHDODSRVLELOLGDGGHODH[LVWHQFLDGHOD
JXHUUDMXVWDSRUSDUWHGHORVHPSHUDGRUHV\TXHOXHJRWUDWDUHPRVQRHVPHQRVFLHUWRTXHHOFULVWLDQRDXQTXHD\XGDDO(VWDGRSDUDVXEXHQD
PDUFKDSRUPHGLRGHODVRUDFLRQHVQRVRWURVORVFULVWLDQRVQRXWLOL]DPRVODVDUPDVDXQFXDQGRHO(PSHUDGRUQRVREOLJXH!!&RQWUD&HOVR
9,,,RSFSS
7HUWXOLDQRQRVGLFHHQVXFHOHEUHWUDWDGR'H&RURQD
"(VWDUDSHUPLWLGRSURIHVDUFRPRPLOLWDUFXDQGRHO6HQRUSURQXQFLDTXHTXLHQUHFXUUDDODHVSDGDSHUHFHUDSRUODHVSDGD"(OKLMRGHODSD]
WRPDUD SDUWH HQ ORV WUDEDMRV GHO FRPEDWH DTXHO TXH QR WRPD DVLHQWR QL HQ XQ SURFHVR"",QIOLJLUD ODV FDGHQDV FDODER]R WRUPHQWRV VXSOLFLRV
DTXHOTXHQRFDVWLJDLQFOXVRODVRIHQVDVGHODVTXHHVYLFWLPD"!!'H&RURQD;,HGLWLRQGH0DUUDRSF
(OFRQWLQXDGLFLHQGRHQ,GRODWULDTXH6LELHQHVFLHUWRTXHORVVROGDGRVYHQLGRVOOHJDGRVD-XDQ\TXHOHVKDGDGRXQDUHJODGHFRQGXFWD
\VLELHQXQFHQWXULRQKDFUHLGRQRHVPHQRVFLHUWRTXHGHVDUPDQGRD3HGURHO6HQRUKDGHVDUPDGRDWRGRVORVVROGDGRV,GRODWULD;,;
HGLWLRQGH0DUUDRSFS
(OPLVPR7HUWXOLDQRHQ&RURQDFRQWHQLGRHQ7KH$QWH1,FHQH)DWKHUVYRO,,,RSFSSQRVH[SUHVDODDFWXDFLRQFRUUHFWDGHO
VROGDGRTXHUHFKD]DHOVHUORSRUKDEHUOOHJDGRDVHUFULVWLDQR(QGLFKROXJDU7HUWXOLDQRHVPX\FODURDOWUDWDUODVGLIHUHQWHVVLWXDFLRQHVHQODV
TXHVHSXHGHHQFRQWUDUHOFULVWLDQRTXHVHOHSLGDVHUOR\GHEHULDUHFKD]DURELHQTXHFRQR]FDHOHYDQJHOLRVLHQGRPLOLWDUHQFX\RFDVRLQGLFD
TXHWHQGULDTXHDEDQGRQDUGLFKDSURIHVLRQ
/D7UDGLFLRQHFOHVLDVWLFDGH+LSROLWR\ORVWH[WRVTXHGHHOODVHGHULYDQUHFRJHQHOUHJODPHQWRHFOHVLDVWLFRWRFDQWHDOVHUYLFLRPLOLWDUVLHQGR
VXIHFKDILQDOHVGHOVLJOR,,YHU-4XDVWHQ3DWURORJLD9RO ,RSFSSWDPELHQ$OEHUW%D\HW3DFLILVPHHW&KULVWLDQLVPHDX[
SUHPLHUVVLHFOHV%LEOLRWKHTXH5DWLRQDOLVWH3DULVSS
(OFDQRQQRVGLFH
$XQVROGDGRTXHVHHQFRQWUDVHFHUFDGHXQJREHUQDGRUTXHXQROHGLJDTXHQRGHEHPDWDU6LHOUHFLEHODRUGHQTXHQRORKDJD6LQROR
DFHSWDVHOHGHVSLGD
4XHHOTXHSRVHDHOSRGHUGHODHVSDGDRHOPDJLVWUDGRGHXQDFLXGDGTXHFHVHRTXHVHOHGHVSLGD!!
6LXQFDWHFXPHQRRXQILHOTXLHUHKDFHUVHVROGDGRTXHVHOHGHVSLGDSXHVWRTXHKDGHVSUHFLDGRD'LRV!!
/DYHUVLRQHWKLRSHVHJXQORVHVWXGLRVRVPDQLILHVWDVHUDQWHULRUSRUFXDQWRHVPDVVHYHUD
8QRQRUHFLELUDDXQVROGDGRGHSULQFLSLR3HURVLVHOHKDUHFLELGR\DOJXLHQOHGDODRUGHQGHPDWDUTXHQRORKDJD<VLHOQRGLPLWHTXH
VHOHGHVSLGD!!
6LXQFDWHFXPHQRRXQILHOHVVROGDGRRPDJLVWUDGROOHYDQGRODHVSDGDRMHIHGHSUHIHFWRVTXHHOGLPLWDRTXHVHOHGHVSLGD
/RVSURSLDPHQWHFDQRQHVGH+LSROLWRGLFHQHOQR\
/RV TXH KDQ UHFLELGR SRGHU GH FRQGHQDU D PXHUWH R ORV VROGDGRV QR GHEHQ VREUH WRGR PDWDU DXQ FXDQGR OHV IXHUD RUGHQDGR HOORV QR
SURQXQFLDUDQSDODEUDPDODFXDQGRHOORVUHFLEDQXQDGLVWLQFLRQQROOHYDUDQFRURQDVREUHODFDEH]D
4XLHQTXLHUD TXH KD\D UHFLELGR XQ DOWR SRGHU R XQD JUDQ DXWRULGDG \ TXH QR VH LQYLVWLHUD GH OD MXVWLFLD GHO HYDQJHOLR GHEH VHU H[FOXLGR GHO
UHEDQR\HORELVSRQRGHEHURJDUSRUHO!!
1LQJXQFULVWLDQRGHEHOOHJDUDVHUVROGDGRDPHQRVTXHQRVHDREOLJDGRSRUXQRILFLDOTXHOOHYDHVSDGD<HQHVWHFDVRDOPHQRVQRVH
GHEHFDUJDUGHOSHVRGHODVDQJUH!!
(OTXHKXELHUDYHUWLGRVDQJUHQRGHEHWRPDUSDUWHGHOD6DQWD&HQD!!
6L QRVRWURV FRPSDUDPRV WRGDV HVWDV GHFODUDFLRQHV HQFRQWUDPRV XQ PLVPR SULQFLSLR TXH DO FULVWLDQR QR OH HVWD SHUPLWLGR VHU PLOLWDU 6LQ
HPEDUJRKD\FLHUWDVGLIHUHQFLDVHQWUHODWUDGLFLRQDSRVWROLFDTXHVHULDYHUGDGHUDPHQWHODREUDRULJLQDOGH6+LSROLWRVHJXQODVDXWRULGDGHVHQ
HVDPDWHULDYHU$OWDQHU%HUWKROG3DWURORJLDRSFSS\ORTXHVHOODPDFDQRQHVGH+LSROLWRTXHVHULDXQDUHFRSLODFLRQSRVWHULRU
LG+D\ODSRVLELOLGDGGHSHUPDQHFHUDQWHODLPSRVLFLRQGHOFDSLWDQSHURVLQKDFHUXVRGHODVDUPDV
&XDOTXLHUDGHORVWUHVPDQLILHVWDFODUDPHQWHODSRVLFLRQGHODLJOHVLDHOFULVWLDQRQRGHEHVHUVROGDGR/DVRWUDVGRVDQDGHQGRVFLUFXQVWDQFLDV
QXHYDVTXHODYHUVLRQHWLRSHPDVDQWLJXDQRSUHVHQWDODXQDODFLUFXQVWDQFLDGHHQFRQWUDUVHVLHQGRVROGDGRFXDQGRVHFRQRFHHOHYDQJHOLR\
ODRWUDTXHVHOHREOLJXHSRUODIXHU]DDHQWUDU(QHVWDVGRVFLUFXQVWDQFLDVODSRVLFLRQGHODLJOHVLDHVFODUDWDPELHQ(QHVRVFDVRVHOFULVWLDQR
GHEHVHUQRFRPEDWLHQWH
$O HVWXGLDU ODV GLIHUHQWHV DFWDV GH ORV PDUWLUHV HQ UHODFLRQ DO SUREOHPD GH ODV DUPDV XQR FRPSUXHED TXH HO SUREOHPD QR HV PHUDPHQWH OD
QHJDWLYD D VDFULILFDU D ORV LGRORV VLQR VX UHQXQFLD DO VHUYLFLR PLOLWDU +DUQDFN HQ0LOLWLD&KULVWL -&0 0RKU 7XELQJHQ  S  QRV
DGYLHUWHTXHVHWUDWDEDGHXQHMHUFLWRSURIHVLRQDO\SRUORWDQWRQRH[LVWLDHOVHUYLFLRPLOLWDUREOLJDWRULRDH[FHSFLRQGHORVKLMRVGHPLOLWDUHV/D
RSLQLRQSXEOLFDURPDQDTXHGDULDFRQIXQGLGDDQWHXQDQHJDWLYDDSUHVWDUHOVHUYLFLRDODVDUPDVSHURFRPSUHQGHULDODQRVXPLVLRQLQFRQGLFLRQDO
DO (PSHUDGRU HQ HO FXOWR TXH D VX SHUVRQD VH OH GHELD 'H DKL TXH VH SUHWHQGD XWLOL]DU FRPR WDSDGHUD HO DVXQWR GH VDFULILFDU DOGLYLQR
(PSHUDGRU
/RTXHHVWDFODURHVTXHHQORVGLIHUHQWHVUHODWRVFRPRHOGH0D[LPLOLDQR$FWDVGHORV0DUWLUHV%$&RSFSSTXHUHFKD]DHO
VHU DOLVWDGR R 7LSDVLXV HQ 0RQFHDX[/D 9UDLH /HJHQGH 'RUHH  3DULV  SS   TXH GHVHD DEDQGRQDU HO VHUYLFLR GH ODV DUPDV
VLHQGR XQ YHWHUDQR OR PLVPR TXH 0DUFHOR $FWDVGHORV0DUWLUHV %$& RS F SS  SRU QR FLWDU RWURV FDVRV VH H[SUHVD TXH WDO
UHQXQFLDDHQWUDUDOHMHUFLWRRVDOLUGHOVHUYLFLRPLOLWDUHVRELHQSRUTXH\DVHHVFULVWLDQRRSRUTXHVHKDOOHJDGRDVHUOR
'LIHUHQWHVDXWRUHVWDQWRFDWROLFRVFRPRSURWHVWDQWHVFRPSUHQGHQTXHGXUDQWHODHSRFDDQWHULRUD&RQVWDQWLQRORVOODPDGRVFULVWLDQRVDVXPLDQ
XQDSRVLFLRQFRQWUDULDDOXVRGHODVDUPDVRDOGHVHUYLUPLOLWDUPHQWH
(OSURIHVRUGHKLVWRULDGHOD8QLYHUVLGDGGH0LVRXULQRVGLFH
/RVFULVWLDQRVUHKXVDEDQPRVWUDUVXOHDOWDGTXHPDQGRLQFLHQVRDOHPSHUDGRU3XHVWRTXHHUDQKRPEUHVGHSD]VHQHJDEDQDVHUYLUHQORV
HMHUFLWRVURPDQRV!!7(:UHQFK7KH0DUFKRI&LYLOL]DWLRQ$QFLHQDQG0HGLHYDO:RUOG1HZ<RUNS
(OGLUHFWRU\HOVXSHULQWHQGHQWHGHODVHVFXHODVSXEOLFDVGH1XHYD<RUNQRVGLFH
3UHIHULDQHO5HLQRGH'LRVDFXDOTXLHUUHLQRDOTXHSXGLHUDQVHUYLUHQODWLHUUD/RVFULVWLDQRVSULPLWLYRVHVWDEDQGLVSXHVWRVDPRULUSRUVX
IH3XHVWRTXHFUHLDQHQODSD]VHQHJDEDQDVHUYLUHQORVHMHUFLWRVLPSHULDOHVGH5RPD!!$&ROOLJDQ0)/LKZLQ)URPWKH2OG:RUOGWR
WKH1HZ1XHYD<RUNSS
(OFDUGHQDOFDWROLFR(GZDUG*LEERQQRVGLFH
/RV FULVWLDQRV UHKXVDEDQ SDUWLFLSDU GH FXDOTXLHU PDQHUD DFWLYD HQ HO UDPR FLYLO GH OD DGPLQLVWUDFLRQ SXEOLFD R HQ OD GHIHQVD PLOLWDU GHO
LPSHULRHUD LPSRVLEOH TXH ORV FULVWLDQRV VLQ UHQXQFLDU D XQ GHEHU PDV VDJUDGR DVXPLHUDQ HO FDUDFWHU GH VROGDGRV GH PDJLVWUDGRV R GH
SULQFLSHV!!+LVWRU\RI&KULVWLDQLW\1XHYD<RUNSS
(ORELVSR(UQHVW:LOOLDP%DUQHVFRPHQWD
8QUHSDVRFXLGDGRVRHQWRGDODLQIRUPDFLRQGLVSRQLEOHGHPXHVWUDTXHKDVWDHOWLHPSRGH0DUFR$XUHOLRQLQJXQFULVWLDQRVHKL]RVROGDGR\
QLQJXQVROGDGRGHVSXHVGHOOHJDUDVHUFULVWLDQRSHUPDQHFLRHQHOVHUYLFLRPLOLWDU!!7KH5LVHRI&KULVWLQLW\"/RQGUHVS
(OKLVWRULDGRU/DWRXUHWWHQRVDVHJXUD
'H ORV WUHV SULPHURV VLJORV QLQJXQ HVFULWR FULVWLDQR KD OOHJDGR KDVWD QRVRWURV TXH SHUPLWLHUD OD SDUWLFLSDFLRQ GH ORV FULVWLDQRV HQ OD
JXHUUD!!RSFYRO,S
/RV FDWROLFRV /ORUFD 9LOORVODGD 0RQWDOEDQ HQ VX+LVWRULD GH OD ,JOHVLD &DWROLFDDGPLWHQ FRPHQWDQGR HO SULPHU SHULRGR GH OD LJOHVLD
SULPLWLYD
(QHOHMHUFLWRIXHPDVELHQSRVWHULRUODIUHFXHQFLDGHFULVWLDQRVHQHVWHSULPHUSHULRGRSUHYDOHFLDHOSULQFLSLRGHDEVWHQHUVHGHWRPDUSDUWH
HQODPLOLFLD!!RSF9RO,S
(OFDWROLFRVHJODU6WDQOH\:LQGDVVHQXQHVWXGLRVREUHODQRYLROHQFLDQRVDILUPD
4XHXQDVGHODVLGHDVPDVLPSRUWDQWHVIXHODGHUHSXOVDGHWRGRGHUUDPDPLHQWRGHVDQJUH\ODFRQGHQDGHORVSHFDGRVGHRGLR\GHFROHUD
FRQVLGHUDGRVFRPRIXHQWHGHWRGRVORVFRQIOLFWRVKXPDQRV!!(O&ULVWLDQLVPRIUHQWHDOD9LROHQFLDHGLF0DURYD0DGULGS
$XWRUHV GH REUDV GRFXPHQWDGLVLPDV DSR\DQ OD SRVLFLRQ GH QRFRPEDWLHQWHV GHO UHFKD]R GHO VHUYLFLR PLOLWDU HV GHFLU GH OD QHJDWLYD GH ORV
SULPHURVFULVWLDQRVDDFHSWDUODJXHUUD(QHOFDVRGH&DGRX[+DUQDFN\UHFLHQWHPHQWHODREUDSRFRFRQRFLGDHQIUDQFHVGH-HDQ0,FKHO
+RUQXV
&DGRX[QRVDVHJXUD
QLQJXQ FULVWLDQR VH KDFLD YROXQWDULDPHQWH VROGDGR GHVSXHV GH VX FRQYHUVLRQ HUD GLVXDGLGR GH KDFHUOR QR VROR SRU HO WHPRU D OD
FRQWDPLQDFLRQGHODLGRODWULDVLQRWDPELHQSRUXQDUHSXJQDQFLDQDWXUDODOXVRGHODVDUPDV!!7KH(DUO\&KXUFKDQGWKH:RUOG (GLPERXUJ
S
+DUQDFNQRVSUHVHQWDHOSRUTXHOD,JOHVLDSULPLWLYDVHDEVWHQLDDDFHSWDUHOVHUYLFLRPLOLWDU
4XHHUDXQOODPDPLHQWRSDUDODJXHUUD\HOFULVWLDQRKDELDUHQXQFLDGRWRWDOPHQWHDODJXHUUD\DOGHUUDPDPLHQWRGHVDQJUH4XHHQ
GHWHUPLQDGDVFLUFXQVWDQFLDVORVRILFLDOHVWHQLDQTXHGLFWDUVHQWHQFLDVGHPXHUWH\TXHHOVROGDGRUDVRWHQLDTXHFXPSOLUFXDOTXLHUFRVDTXHVH
OHRUGHQDVH4XHHOMXUDPHQWRGHOVROGDGRGHDEVROXWDREHGLHQFLDHVWDEDHQRSRVLFLRQDODDEVROXWDREHGLHQFLDD'LRV
$QDGHDGHPDVODVGLILFXOWDGHVGHOFXOWRDOHPSHUDGRUORVFXOWRVSDJDQRV\ODFRQGXFWDGHORVVROGDGRVHQWLHPSRVGHSD]!!0LOLWLD&KULVWL
RSFS
5HOLJLRQHVSHUWHQHFLHQWHVDRUJDQL]DFLRQHVWUDGLFLRQDOPHQWH3DFLILFDGRUDVVHH[SUHVDQFRPRKDVWDDTXL
(OPHQQRQLWD0LOODU/LQGSUHVHQWDQGRODSRVLFLRQGHVXLJOHVLDGLFH
+DVWDHODQRGH-ODLJOHVLDVHRSXVRDODJXHUUDPXQGDQD!!5HVSXHVWDDOD*XHUUD+HUDOG3UHVV%XHQRV$LUHVS
(ODGYHQWLVWDGHORGLD'DQLHO+DPPHUO\'XSX\QRVGLFH
(OHVSLULWXEHOLFRHVWXYRPX\OHMRVGHODVHQVHQDQ]DVGH-HVXV'XUDQWHORVSULPHURVVLJORVODVLJOHVLDVFULVWLDQDVGH(JLSWRDSOLFDEDQOD
VLJXLHQWHUHJODGHGLVFLSOLQD
4XHHOFDWHFXPHQRRILHOTXHTXLHUDVHUVROGDGRVHDH[FOXLGR+XERFULVWLDQRVTXHSUHILULHURQHOPDUWLULRDQWHVTXHLQJUHVDUHQODVILODVGHO
HMHUFLWR!!(O0RQVWUXRGHOD*XHUUD%XHQRV$LUHVVIS
/DUHYLVWDDGYHQWLVWDGHORGLDHQIUDQFHV6LJQHVGHV7HPSVQRVDFODUDKDEODQGRGHODYLROHQFLD
4XHORVFULVWLDQRVGHORVSULPHURVVLJORVKDQUHKXVDGRODJXHUUD\HOVHUYLFLRPLOLWDU-XQLRS
2WUDSXEOLFDFLRQGHODPLVPDGHQRPLQDFLRQGHO'HSDUWDPHQWRGHMRYHQHVGHOD)HGHUDFLRQ0XQGLDOGHODV,JOHVLDV&ULVWLDQDV$GYHQWLVWDVGHO
R 'LD/D%LEOLD\ODV$XWRULGDGHVGHOD1DFLRQ :DVKLQJWRQ VI SS   LQWHUSUHWDQ TXH GXUDQWH ORV SULPHURV VLJORV GHO FULVWLDQLVPR
KDVWDODYHQLGDGHODDSRVWDVLDORVFULVWLDQRVUHFKD]DEDQHOVHUYLFLRPLOLWDU\ODYLROHQFLD$QWHODSUHJXQWD"FXDOIXHODDFWLWXGGHORVFULVWLDQRV
SULPLWLYRVKDFLDODJXHUUD"VHFRQWHVWD
(O FULVWLDQR EDXWL]DGR QR VHQWDED SOD]D GH VROGDGR(O FULVWLDQLVPR KDELD UHQXQFLDGR WRWDOPHQWH D OD JXHUUD \ DO GHUUDPDPLHQWR GH
VDQJUHKDELDXQDUHSXJQDQFLDQDWXUDODOXVRGHODVDUPDV!!
1RWDPRVSRUORTXHKHPRVYLVWR\ORTXHHVWRVKLVWRULDGRUHVQRVFRPHQWDQTXHGXUDQWHORVSULPHURVVLJORVGHODKLVWRULDFULVWLDQDHOFULVWLDQR
VHRSRQLDIHUYLHQWHPHQWHDFXDOTXLHUSRVLFLRQTXHFRQVLVWLHUDHQVHUYLUHQHOHMHUFLWR6LQHPEDUJR"TXHRFXUULRDSDUWLUGHORVWUHVSULPHURV
VLJORV TXH REVHUYDPRV XQ FDPELR HQ OD YR] \ DFWLWXG GH ORV GLULJHQWHV GH OD LJOHVLD" "4XH FRVDV SXGLHURQ RFXUULU KDVWD HQWRQFHV TXH
GHWHUPLQDURQXQDSRVLFLRQWDQFODUD\FDWHJRULFDUHVSHFWRDODSRVLFLRQRILFLDOHQFXDQWRDODJXHUUD\HOVHUYLFLRPLOLWDU"
'HFLU FRPR DOJXQRV H[SUHVDQ -RVHSK -REOLQ HQ/D ,JOHVLD \ OD *XHUUD HGLW +HUGHU %DUFHORQD  SS   TXH GXUDQWH ORV WUHV
SULPHURV VLJORV GH FULVWLDQLVPR QR VH FRQGHQD GH PDQHUD VLVWHPDWLFD OD SDUWLFLSDFLRQ GHO FULVWLDQR HQ OR PLOLWDU D SHVDU GH ODV
ELHQDYHQWXUDQ]DVHVQRKDEHUVHTXHULGRGRFXPHQWDUDGHFXDGDPHQWHGHWRGRORTXHVHKDSRGLGR
UHVFDWDU
GHHVRVSULPHURVVLJORV\TXH\D
KHPRV PHQFLRQDGR FRPR ORV &DQRQHV GH +LSROLWR \ QR KDEHU VDELGR OHHU ODV ELHQDYHQWXUDQ]DV 4XHUHU EDVDU XQD RSLQLRQ GXELWDWLYD \
HFOHFWLFDHQHOHSLVRGLRGHORVVROGDGRVGH-XDQHO%DXWLVWDGHORTXH\DKHPRVGDGRFXHQWDHQRWUROXJDURSRUHOXVRGHODPHWDIRUDPLOLWDU
R SRUTXH D &RUQHOLR FHQWXULRQ QR VH GLFH QDGD H[SOLFLWR UHVSHFWR D OD QHFHVLGDG GH VX DEDQGRQR GH OR PLOLWDU HV SUHWHQGHU TXH D FDGD
PRPHQWRHQHOTXHSXHGHHVWDULQYROXFUDGDXQDFRQGXFWDPRUDOVHWHQJDQTXHLQWHUFDODUORV
GLH]PDQGDPLHQWRV
RORVSULQFLSLRVGHO5HLQRGH
'LRV&XDQGRVHUHDOL]DQORVEDXWLVPRVGHDFXHUGRDORV
+HFKRVGHORV$SRVWROHV
QRVHLQGLFDTXHVHOHVOH\HUDDORVFDWHFXPHQRVXQDOLVWD
GHSULQFLSLRVGHIH3HURHVWRQRSRGULDLQWHUSUHWDUVHFRPRTXHQRWXYLHUDQTXHVHUILHOHVDORVSULQFLSLRVGHO5HLQRGH'LRV'HOPLVPRPRGR
HOTXHQRVHGLJDH[SOLFLWDPHQWHTXHXQPLOLWDUGHEHGHMDUGHVHUORSDUDSRGHUVHUFULVWLDQRHVLUUHOHYDQWHSRUFXDQWRGLFKRSURIHVDQWHVDEH
PX\ELHQORTXHVHOHH[LJHHQHOHMHUFLWRURPDQR\ORTXHVHOHSLGHHQHO5HLQRGH'LRV<WHQGUDTXHGHFLGLUVH
+RUQXVHQVXWUDEDMRH[FHOHQWH\DPHQFLRQDGR(YDQJLOHHW/DEDUXPKDHVWXGLDGRHVWRVVLJORVSULPHURV\VHFRPSUXHEDGHVGHORVSULPHURV
HVWDGLRVTXHORVPLHPEURVUHFLEHQVLQTXHVHPHQFLRQHH[SOLFLWDPHQWHHOSUREOHPDGHOVHUYLFLRPLOLWDUVXILFLHQWHPHQWHPDWHULDEDVDGDHQHO
HYDQJHOLR GH TXH GHEHQ GH VHU
SDFLILFRV
 QR PDWDU \ TXH QR GHEHQ PH]FODUVH FRQ ORV DVXQWRV GHO (VWDGR (O TXH KXELHUD SHUVRQDV
GHQRPLQDGDVFULVWLDQDVTXHQRWXYLHUDQXQFRPSRUWDPLHQWRDFRUGHDHVWHHVSLULWXHYDQJHOLFRVREUHODQRYLROHQFLDQRVLJQLILFDQDGDHQFRQWUD
GHODFRQFHSFLRQTXH-HVXFULVWR\HO1XHYR7HVWDPHQWRPDQLILHVWDQVREUHORVSULQFLSLRVGHO5HLQRGH'LRV&RPRWDPSRFRYDULDQDGDUHVSHFWR
DO PDQGDPLHQWR VREUH OD LGRODWULD HO TXH KXELHUD LQGLYLGXRV OODPDGRVFULVWLDQRV TXH VXFXPELHUDQ DQWH OD LPSRVLFLRQ GH VDFULILFDU D ORV
HPSHUDGRUHVHQORVLQVWDQWHVFULWLFRVGHSHUVHFXFLRQUHOLJLRVD
/DFULWLFDTXH-)RQWDLQHHQ&RQFLOLXPHGLF&ULVWLDQGDGMXOLRDJRVWRSSVVUHDOL]DGH+RUQXVQRHVFRQVLVWHQWHQLUHDO
>@
/RVURPDQRVVRQORVODGURQHVGHOPXQGRVLHOHQHPLJRHVULFRVRQUDSDFHVVLSREUHVDYLGRVGHWLUDQLD1L2ULHQWHQL2FFLGHQWHOHV
VDFLDQ5REDQGHVFXDUWL]DQH[SROLDQ\OROODPDQ
LPSHULR
\GRQGHFUHDQODGHVRODFLRQOROODPDQ
SD]
/LGHUFDOHGRQLRFLWDQGRHQ7DFLWR
>@
9HUVREUHORVSXQWRVHQXPHUDGRVD5LFKDUG$+RUVOH\-HVXV\HO,PSHULRHG9HUER'LYLQR(VWHOOD1DYDUUDSS
>@
+HURGHV$JULSD,,HQ-RVHIROOHJDDGHFLUTXHXQLPSHULRWDQYDVWRQRVHSRGULDKDEHUFRQVWUXLGRVLQODD\XGDGH'LRV
>@
9HU+LVWRULD8QLYHUVDOGH2QFNHQYRO,;RSFSSVV
>@
,G
>@
,GS
'HQWURGHHVWHFRQRFLPLHQWR\SRVLEOHVOD]RVKD\TXHYDORUDUHOTXHHQ1LFRPHGLDOHVKDELDFRQFHGLGRSHUPLVRSDUDFRQVWUXLUXQDKHUPRVD
FDWHGUDO
>@
,G
>@
 $XQTXH GXUR  DQRV \ OD SURSDJDQGD FDWROLFD OD KD XWLOL]DGR D VX IDYRU OD ,JOHVLD &DWROLFD FRPR WDO QR H[LVWLD HQ OD HSRFD GH
'LRFOHFLDQRIXHPX\GHVLJXDO\ODVFLIUDVVRQPX\SDUFDVLQGHSHQGLHQWHPHQWHGHTXHWRGDSHUVHFXFLRQVHDFUXHO\FULPLQDO
(O DYLVR SUHYLR D OD SHUVHFXFLRQ IXH GDGD HQ HO  GRQGH VH H[LJLD D ORV VROGDGRV \ RILFLDOHV FULVWLDQRV WRPDUDQ SDUWH GH ORV VDFULILFLRV
UHOLJLRVRVRVHUHWLUDUDQGHOHMHUFLWR+LVWRULD8QLYHUVDOGH2QFNHQRSFS
6H WUDWD GH SHUVRQDV TXH KDQ FRQRFLGR HO FULVWLDQLVPR VLHQGR \D VROGDGRV (O VHUYLFLR PLOLWDU QR HUD REOLJDWRULR PDV TXH SDUD ORV KLMRV GH
PLOLWDUHV1RKD\GDWRVVREUHVLIXHHMHFXWDGDFRQH[DFWLWXG1LWDPSRFRVHVDEHVLHOYHUGDGHURPRWLYRIXHHVWHRVRVSHFKDVUHVSHFWRDXQD
DFWLWXGGHHVRVVROGDGRVHQFRQWUDGHXQDREHGLHQFLDLQFRQGLFLRQDOGHXQSRVLEOHXVRGHODVDUPDV3UREDEOHPHQWHGHQWURGHXQDHYROXFLRQ
GHILFLWDULDGHODIHRULJLQDOVHKDOOHJDGRDODDFHSWDFLRQGHVROGDGRVFRPRFULVWLDQRVHQHOHMHUFLWRRORPDVSUREDEOHVHWUDWDGHFDWHFXPHQRV
VLQEDXWL]DUDXQFXDQGRVLPSDWL]DUDQFRQHOFULVWLDQLVPR\SXGLHUDQVHUFRQVLGHUDGRVSRU'LRFOHFLDQRFRPRSRWHQFLDOPHQWHGHVREHGLHQWHV
6XFRPLHQ]RIXHHQIHEUHURGHO6HJXQORVGDWRVHQ2FFLGHQWHGXURDQRVDGHPDVGHVHUPDVVXDYHPLHQWUDVTXHHQ2ULHQWHIXHURQ
(O SULPHU HGLFWR SDUD ODV GRV SDUWHV GHO ,PSHULR SDUD 2FFLGHQWH IXH HO XQLFR \ GXUR HVRV GRV DQRV LQGLFDGRV FRQVLVWLR HQ GHVWUXFFLRQ GH
LJOHVLDVODSURKLELFLRQGHORVVHUYLFLRVUHOLJLRVRV\ODHQWUHJDGHORVOLEURVUHOLJLRVRV\GHPDVELHQHVHFOHVLDVWLFRV
/DUHVSXHVWDGHOFULVWLDQLVPRGHDTXHOHQWRQFHVIXHPX\GLYHUVD<VHGHVFXEULHURQFLHUWDVWHQGHQFLDVHQWRGDVSDUWHVIXHURQPXFKRVORV
FULVWLDQRV TXH UHQHJDURQ GH VX IH +LVWRULD8QLYHUVDO GH 2QFNHQ RS F S  +XER GHVRUGHQHV SRU SDUWH GH ORV OODPDGRV FULVWLDQRV
GHVGHDUUDQFDUHGLFWRVGHVSXHVGHKDEHUVLGRH[SXHVWRVKDVWDWXPXOWRVHLQFHQGLRVSURYRFDGRVHQHOPLVPRSDODFLRLPSHULDOGHVWUXFFLRQGH
LPDJHQHVDJUHVLRQHVHQWRGRHOLPSHULR(OFULVROGHOFULVWLDQLVPRHG/DERU%DUFHORQDS
+XERWDPELHQDXQTXHPHQRVPDUWLULRVQRSURYRFDGRV
>@
/RVHVWXGLRVGHDTXHOODHSRFDGHVGH'LRFOHFLDQRD&RQVWDQWLQRQRGDQXQEDODQFHGHPDVLDGRSRVLWLYRFXDQGRVHWLHQHFRPRUHIHUHQFLD
HO HYDQJHOLR /D ,JOHVLD KD LGR SHUGLHQGR HO HVSLULWX GH OLEHUWDG GHPRFUDWLFD OD SXUH]D SULPLWLYD KDELD GHVDSDUHFLGR HQ JUDQ SDUWH PXFKRV
RELVSRVGDEDQTXHKDEODUFRQVXYLGDPXQGDQDHOFOHUR\ORVILHOHVIULRVHLQGROHQWHVHQVXIH/DVDPELFLRQHVRGLRVLQWULJDVKLSRFUHVLD\
RUJXOORDXWRULWDULRHQWUHORVRELVSRV\SUHWHQGLHQWHVHVXQDUHDOLGDGSDUDORVHQFRPLOODGRVYHU+LVWRULD8QLYHUVDOGH2QFNHQS
>@
 (Q HO  VH LQLFLD OD SHUVHFXFLRQ DO ILQDO GH HVH PLVPR DQR'LRFOHFLDQR DEGLFD VH SXEOLFD XQD DPQLVWLD SDUD ORV FULVWLDQRV SUHVRV
+LVWRULD8QLYHUVDOGH2QFNHQS<REVHUYDWUDQTXLORFRPRHORUJDQLVPRSROLWLFRTXHKDELDFUHDGRIXQFLRQDED(QHOFRPXQLFDVX
UHVROXFLRQDVXVWURSDV<HQHO*DOHULRUHQXQFLDDODSHUVHFXFLRQ\SXEOLFDHOHGLFWRGHWROHUDQFLDGRQGHVHUHFRQRFHODH[LVWHQFLDGHO
&ULVWLDQLVPRFRQODFRQGLFLRQGHREHGHFHUDODVOH\HVGHO(VWDGR
>@
(QHO&RQVWDQWLQRSURFODPDODOLEHUWDGUHOLJLRVDSDUDWRGRVORVFXOWRVLQFOXLGDODUHOLJLRQFULVWLDQD<VLELHQQRKD\QLQJXQSUHDPEXOR
GRQGHVHREVHUYHODFRQFHVLRQDHVWDFRPRUHOLJLRQGHO(VWDGRORVDFRQWHFLPLHQWRVSRVWHULRUHVHQFXDQWRDORVIDYRUHVSRUOH\\DOKHFKRGH
SRQHUVH D OD FDEH]D GHO PRYLPLHQWR FULVWLDQR UHSUHVHQWDGR HQ 5RPD FRPR FDEH]D GHO ,PSHULR HV PX\ VLJQLILFDWLYR 9HU *OREDOL]DFLRQ \
9RFDFLRQGHSRGHUHQHOFDSLWXOR,GHODWHUFHUDSDUWHGHOD6HFFLRQ3ULPHUDGRQGHWUDWDPRVHVWHSURFHVRHVWUDWHJLFR
>@
(VHFROHFWLYRGHQRPLQDGRFULVWLDQRUHSUHVHQWDWLYRVXFXPELRDQWHODWHQWDFLRQGHXQD5RPDTXHQRKDELDFDPELDGRHQORHVHQFLDOGHVGH
TXH OD FRPXQLGDG FULVWLDQD OD KDELD LGHQWLILFDGR FRPR XQ VXESURGXFWR GH ODV IXHU]DV GHPRQLDFDV "< SRU TXH" 3RUTXH VH VXFXPELR DO
FRPSURPLVR GH XQ GLDORJR HQ HO TXH LED D VHU SUHFLVR VDFULILFDU HOHPHQWRV HVHQFLDOHV GH FULVWLDQLVPR TXH HVWDEDQ KDFLHQGR FULVLV \ VH
FRQYHQFLHURQTXHFRQODVIRUPXODVLQWHJUDGDVHQHOSRGHUHVWDWDOVHSRGULDFDQDOL]DUODVXEVLVWHQFLDGHOFULVWLDQLVPRPHGLDQWHVXLPSODQWDFLRQ
&D\R HVH FROHFWLYR UHSUHVHQWDWLYR URPDQR FRQ UDLFHV FULVWLDQDV HQ OD DERPLQDFLRQ GH SUHWHQGHU WHQHU OD DXWRULGDG VXSUHPD \ FDQDOL]D
PHGLDQWHODXQLGDGTXH5RPDKDJHVWDGR\DODTXHKDVDELGRLQWHJUDUOHVXSURJUDPDGHXQLGDGPXQGLDO3DUDHVRKDWHQLGRTXHFRQWDPLQDU
ODYHUGDGFULVWLDQDFRQODYHUGDGURPDQD
>@
9HU *OREDOL]DFLRQ\YRFDFLRQGHSRGHURSFSSVVGRQGHH[SRQHPRVORUHODWLYRDO,VODP\VXOXJDU\YDORUHQHOVHQWLGRGHOD
KLVWRULD\HQODHUDGHODJOREDOL]DFLRQ7DPELHQQRWDSS\QXHVWURXOWLPRFDSLWXORGHFRQFOXVLRQHV
>@
6REUHHOVXVWUDWRURPDQRGHO,VODPSXHGHYHUVHD*2QFNHQ+LVWRULD8QLYHUVDOYROSS'RQGHVHPXHVWUDODUHODFLRQGH
ORVSXHEORVDUDEHVDQWHVGH0DKRPDFRQHOLPSHULRURPDQR
>@
 6REUH ODV SUHWHQVLRQHV GH GRPLQLR XQLYHUVDO GHO ,VODP SXHGH YHUVH HQWUH RWUDV D$ODLQ 'XFFHOLHU %L]DQFLR \ HO PXQGR RUWRGR[R
%LEOLRWHFD0RQGDGRUL0DGULGS
>@
(VWXGLHVHQXHVWURFDSLWXOR,GHODVHFFLRQXOWLPDGRQGHWUDWDPRVHQSDUDOHORODKLVWRULDDQWLFLSDGDHQODDSRFDOLSWLFDHQEDVHDODKLVWRULD
FXPSOLGD\DODVFRRUGHQDGDVTXHVHSUR\HFWDQ
>@
$XQ FXDQGR QR FLWDPRV WRGDV ODV FRQVWUXFFLRQHV HQ IRUPD GH TXLDVPR TXH DSDUHFHQ HQ HO$SRFDOLSVLV HQ QXHVWUD KHUPHQHXWLFD ODV
KHPRVVREUHHQWHQGLGR
>@
 3RU HMHPSOR ( 6FKXVVOHU )LRUHQ]D GHVSXHV GH XQD SULPHUD SXEOLFDFLRQ VREUH OD HVWUXFWXUD GHO$SRFDOLSVLV 7KH (VFKDWRORJ\ DQG
&RPSRVLWLRQRIWKH$SRFDO\SVH&%4SSFRPSOHPHQWDGRHQ&RPSRVLWLRQDQG6WUXFWXUHRIWKH%RRNRI5HYHODWLRQ
&%4SSSUHVHQWDHOVLJXLHQWHHVTXHPD
$%&'
&
%
$

89DQQLQRVLQUD]RQFULWLFDGLFKRHVTXHPDFRPRVXUJLGRGHXQDSULRULHQ/
$SRFDO\SVH-RKDQQLTXHRSFS
/RXOWLPRGH(6FKXVVOHU)LRUHQ]D$SRFDOLSVLVYLVLRQGHXQPXQGRPMXVWR9HUER'LYLQR(VWHOOD1DYDUUDS
3HURVLVHH[DPLQDQORVFRPSRQHQWHVVHREVHUYDUDXQDIDOWDGHFRKHUHQFLDFDSLWDOSRQHHQSDUDOHORTXLDVPLFRHOPHQVDMHGHODVLJOHVLDVFRQOD
XOWLPD EDWDOOD GH$SRFDOLSVLV  HO 0LOHQLR OD 1XHYD -HUXVDOHQ   LQGHSHQGLHQWHPHQWH GH OD LQIOXHQFLD DJXVWLQLDQD VREUH HO FRQFHSWR GH
0LOHQLRODXELFDFLRQ\ODWHPDWLFDVRQWDQGLVSDUHVTXHHVLPSRVLEOHHPSDUHMDUORV
(OKDEHULQFOXLGRORVFDSLWXORVFLWDGRVHQ'\SRUORWDQWRVLQSDUDOHORQRVSDUHFHDUELWUDULR
/LPLWDUVHDXQDH[SRVLFLRQOLWHUDULDTXHVLJXHHVHQFLDOPHQWHORVWUD]RVFRQWLQXDGRVGHOSURSLROLEURYHUD89DQQLHQ/D6WUXFWXUDOHWWHUDULD
GHOO
$SRFDOLVVHRSFFLWDGRSRUHOPLVPRHQ/
$SRFDO\SVH-RKDQQLTXHRSFSQRVSDUHFHLJXDOPHQWHVLQYDORU
$XQTXH IHOLFLWDPRV D .HQQHWK$ 6WUDQG SRU KDEHU VDELGR SURIXQGL]DU \ DSRUWDU PXFKRV HOHPHQWRV DFHUWDGRV \ TXH GHVSLHUWDQ KDFLD HO
HVWXGLRGHO$SRFDOLSVLV\DXQFRQVLGHUDQGRTXHYDULRVGHVXVTXLDVPRVDFDSLWXORVSDUWLFXODUHVVRQDFHUWDGRVODPHQWDPRVQRSRGHUFRQFRUGDU
FRQ VX HVWUXFWXUD TXLDVPLFD GLYLGLGD HQ XQD VHULH KLVWRULFD \ RWUD HVFDWRORJLFD HQ&KLDVWLF 6WUXWXUH DQG 6RPH 0RWLIV LQ WKH %RRN RI
5HYHODWLRQ$866;9,S/DFRPSDUDFLRQQRGHEHULDVHUHQWUHKLVWRULD\HVFDWRORJLDSXHVWRTXHKD\HOHPHQWRVHVFDWRORJLFRV
PX\ SUHFLVRV GHQWUR GH OR TXH HO GHQRPLQD KLVWRULD \ KD\ HOHPHQWRV KLVWRULFRV FRQFUHWRV HQWUH OR TXH HO GHQRPLQD HVFDWRORJLD 0HUYLQ
0D[ZHOOTXHVLJXHPX\GHFHUFDD.HQQHWK$6WUDQGHQWUDULDGHQWURGHHVWDFULWLFD
5ROI-3RKOHUHQ/D6WUXFWXUH/LWWHUDLUHGH/
$SRFDO\SVHGH-HDQGHQWURGHRSFSVHJXQQXHVWURFULWHULRPHMRUDHQVXHVWUXFWXUD
JOREDOSHURHVSUHFLVRPDWL]DUHQIDYRUGHXQDPD\RUFRKHUHQFLDHQODVVXEGLYLVLRQHVTXHSRQHHQSDUDOHOR
7DPELHQVXGREOHGLYLVLRQGHODVFRVDVTXHVRQ\ODVTXHVHUDQODFRQVLGHUDPRVDUELWUDULD
6LQGXGDTXHQXHVWUDVSURSXHVWDVYDQDVHUWDPELHQUHYLVDEOHV\PHMRUDEOHVDSHVDUGHODYHQWDMDTXHKHPRVSRGLGRWHQHUDOSRVHHUORTXH
RWURV\DKDQWUDEDMDGRVREUHHOSDUWLFXODU
( .XHQ /
$SRFDO\SVH RS F SS  WUDH D FRODFLRQ WRGDV ODV SURSXHVWDV HVWUXFWXUDOHV GRQGH HQFXHQWUD DVSHFWRV SRVLWLYRV \
QHJDWLYRVHQFXDQWRDFRQYHQFHUPDVRPHQRV(OTXLDVPRFXDQGRUHVSRQGHDXQDFODUDLGHQWLILFDFLRQVLPSOHPHUHFHODSHQDFRQVLGHUDUOR
&RPSUREDUHPRVTXHDOJXQRVGHHOORVTXHWHD\XGDDFRPSUHQGHUPHMRUODWHPDWLFDTXHHVWDVWUDWDQGR
>@
9HUD&KDUOHV%UXWVFK/D&ODUWHGH/
$SRFDO\SVHRSFS
>@
(VWDGLVWLQFLRQHQWUHHO3DGUH\-HVXFULVWRYDDTXHGDUPDUFDGDHQWRGRHO$SRFDOLSVLVDXQFXDQGRDYHFHVVHOHGHQD-HVXFULVWRODV
PLVPDVDWULEXFLRQHVTXHDO3DGUH&XDQGRHVWRRFXUUDVHQRVHVWDUDPRVWUDQGRDO+LMRFRPRUHSUHVHQWDQGRDO3DGUH3HUR-HVXFULVWRWLHQH
QDWXUDOH]DKXPDQDSRUODHWHUQLGDG\DXQFXDQGRHO3DGUHORFRQVLGHUDHQYLUWXGGHVXREUD\VXQDWXUDOH]DGLYLQDFRPRVLHQGRLJXDOD(OHQ
ORVDWULEXWRVGLYLQRVFI)LOSVHQRVSUHVHQWDFRPRHQHO(YDQJHOLRGDGDVXKXPDQLGDGUHDOLQIHULRUDO3DGUHWHQLHQGRHQFXHQWDHVD
QDWXUDOH]DKXPDQD-QFI-QHLGHQWLFRDO3DGUHSRUHVRORSXHGHUHSUHVHQWDUHQWRGRGHDFXHUGRDVXQDWXUDOH]DGLYLQD
-QFI-QFI&RO
>@
(OSURIHWD'DQLHOQRVGLFHTXHDOILQDOGHORVWLHPSRVFXDQGRKD\DQVLGRGHVWUXLGRVORVVLVWHPDVGHPDOGDGGHORVUHLQRVGHHVWHPXQGR
'QFIFI$SHO+LMRGHO+RPEUH&HOHVWLDO'QFI6DOFI/F
>@
GHQRPLQDGRHO3ULQFLSHGHORVHMHUFLWRV'QRHO3ULQFLSHGHORVSULQFLSHV'Q+HFKFI(I&RO\
SDUDOHODPHQWHLGHQWLILFDGRFRQHO0HVLDV'QFI-Q-Q0W-QPDQWHQGULDXQDSRVLFLRQGHIXHU]DD
ODGLHVWUDGHO3DGUH6DOFI+HFK5P(I+ESRQGULDDVXVHQHPLJRVSRUHVWUDGRGHVXVSLHVFI
+EGXUDQWHXQSURFHVRWHPSRUDOPDUFDGRSRUHOSURSLR6DOPRFRQXQGHVGH\XQKDVWDGHVGHTXHFRPHQ]RDFRQWDUOR
TXH VLJQLILFD SRQHUVH D OD GLHVWUD 0F  +HFK   5P  (I  +E  HPSH]DQGR D WHQHU WRGD OD SRWHVWDG SDUD LU
SRQLHQGRDWRGRVVXVHQHPLJRVSRUHVWUDGRGHVXVSLHV6DOFI0W\XOWLPDQGRORFRQHOYHQFLPLHQWRGHILQLWLYR\WRWDOUHVSHFWRD
VXV HQHPLJRV 6DO   'Q   FI     FI D &RU  $S     VHFXHQFLD HVWD XOWLPD
FRPSOHPHQWDGD SRU YDULRV WH[WRV GH DXWRUHV MXGHRV LQVSLUDGRV 6DO   'Q   D &RU  +HFK  0W $S

/R TXH VH QRV HVWD TXHULHQGR GHFLU HV TXH HO 5HLQR GHO 0HVLDV HVWDULD PDUFDGR SRU XQD REUD TXH VH H[WHQGHULD GHVGH XQ LQLFLR FXDQGR
YLQLHQGRFRPRKXPDQRGHOOLQDMHUHDOGH'DYLGFI,VDSSFI/F\SRVH\HQGRHO(VSLULWXGHO(WHUQRSDUDSUHGLFDUODV
EXHQDVQXHYDVGHVDOYDFLRQ,VDFI/F0W-QHPSH]DVHDUHLQDU=DF,VDFI0W
\DXQFXDQGRVXYLGDFRPRKXPDQRVHULDDSDJDGD6DOFI,VDSSFI-QUHVXFLWDULD
,VDXS6DOFI-Q+HFKDVFHQGHULDDORVFLHORV6DOFI/F0FYROYLHQGRDVX
OXJDU2VH\GHVGHHOWURQRFHOHVWLDO6DO'QFI+HFK5P(I+EHVSHUDULDUHLQDQGR6DO
FID&RU\DSOLFDQGRHOYDORUGHVXREUDHLQWHUFHVLRQ VDFHUGRWDO6DOFI+EDSRQHU
DWRGRVORVTXHVHRSRQHQFRPRHQHPLJRVSRUHVWUDGRGHVXVSLHV6DOXS'QFID&RU\XQDYH]UHDOL]DGRHVWRDO
ILQDO GH ORV WLHPSRV D WUDYHV GH OR TXH LPSOLFD HO5HLQDGR GH 'LRV HVWDULD \D HQ FRQGLFLRQHV GH UHFLELU HO GRPLQLR HO SRGHU \ UHLQR
FRPSOHWDPHQWH'QFI$S\SRGHUFXOPLQDUWRGRORTXHLPSOLFD\VLJQLILFDODVDOYDFLRQ\OLEHUDFLRQSOHQDGHWRGR
ORTXHVHSXHGHGHQRPLQDU3XHEORGH'LRVRHOYHUGDGHUR,VUDHOR-XGDR-HUXVDOHQFI-HUFI$S\
(O 6DOPLVWD TXH KD LQWURGXFLGR OD ILJXUD GHO8QJLGR FRPR +LMR GH 'LRV \ FRPR 5H\ 6DO    WDPELHQ OR LGHQWLILFD FRPR VLHQGR
6DFHUGRWH SDUD VLHPSUH \ XWLOL]D OD RUGHQ WLSLFD GH 0HOTXLVHGHN D OD TXH KHPRV DOXGLGR HQ RWUR OXJDU FXDQGR FRPHQWDEDPRV HVWRV WH[WRV
6DOFI*Q+E
=DFDULDVKDEODGHO5HQXHYRFRPRVDFHUGRWH\FRPRFRQVWUXFWRUGHOWHPSORGH<DKZH(VWH5HQXHYRTXHHVLGHQWLILFDGRHQRWURV
OXJDUHVFRQHOXQJLGRR0HVLDVFI,VD-HUSRVHHGHDFXHUGRD=DFDULDVORVHOHPHQWRVLGHQWLILFDWLYRV
DGLFLRQDOHVGHOVDFHUGRFLRWLSLFRGH0HOTXLVHGHN
6LVHHVWXGLDHQSDUDOHOR'DQLHOFRQ'DQLHOVHQRVLQIRUPDGHXQDREUDDUHDOL]DUVHVS\XSDSDUWLUGHWUDQVFXUULGRXQFLHUWR
SHULRGRGHWLHPSRSS&XDQGRVHH[SOLFDHQHOY\VVHOYVHLQWURGXFHODYHQLGDGHO0HVLDVSSLGHQWLILFDQGRHVDREUDD
UHDOL]DUVH  FRQ HO 0HVLDV  (QWUH RWUDV FRVDV D HIHFWXDUVH VHJXQ 'DQLHO  HVWDULD OD XQFLRQ GHO OXJDU 6DQWLVLPR  XS
>@
HQRFDVLRQGHODLQDXJXUDFLRQGHXQ6DQWXDULRTXHLEDDVXFHGHUSRVWHULRUDODGHVWUXFFLRQGHOVDQWXDULRLVUDHOLWDGRQGH'LRVVHKDELD
PDQLIHVWDGRGXUDQWHXQDHWDSDKLVWRULFD\GHVSXHVGHKDEHUVHTXLWDGRODYLGDKXPDQDDOSURSLR0HVLDV'QFI
/DFRQVWUXFFLRQGHOWHPSORGHO(WHUQRHVORJUDUTXHVHKDJDYLDEOHHOFXOWRGHDGRUDFLRQDWUDYHVGHWRGRORTXHLPSOLFDHOSODQGHODFUHDFLRQ
\GHODVDOYDFLRQ9DDVHUJUDFLDVDO0HVLDVSRUVXYLGDREUDPXHUWH\ORTXHLPSOLFDVXUHVXUUHFFLRQ\DVFHQVLRQ'QFI,VD
6DOTXHVHYDDSRGHUOOHYDUDFDERWRGRORTXHLPSOLFDHQKHFKRV\WLHPSRHOFRQWHQLGRGH'DQLHO<HVWRKDUDSRVLEOHTXHOD
 >@
FRQVWUXFFLRQGHO7HPSORGH'LRVSXHGDVHUXQDUHDOLGDG=DFFI-Q+E
&RPSUREDPRVTXHODILJXUDGHO0HVLDVVHYDFRQVWUX\HQGRGHWDOPRGRTXHFXDQGRHVWHDSDUH]FDHQHOWLHPSRKLVWRULFRQRVHWHQJDQLQJXQD
GXGDXQDYH]TXHVHFRQR]FDVXYLGD\REUD
>@
(Q/D&ODUWHGHOD$SRFDO\SVHRSFSSVHUHFRJHODRSLQLRQGHYDULRVDXWRUHV
>@
(VWDPLVPDLGHDODH[SUHVD+DQV/D5RQGHOOH/DVSURIHFLDVGHOILQRSFS
>@
9HGSS
/RVPLHPEURVGHODV,JOHVLDVOLWHUDOHVGH$VLDFRPSUREDEDQHOMXLFLRHQHOIXWXUR\FRPRVHDFDEDEDFRQHOHQHPLJRSHFDGR&RQVXOWHVH
HVDVSDJLQDV\UHFRUGDGHOVLJQLILFDGRGHHVHPHQVDMHSDUDHOORVHQHO$SRFDOLSVLV
>@
(Q/DFODUWHGHO
$SRFDO\SVHRSFWUDHYDULDVFRQVLGHUDFLRQHVGHYDULRVDXWRUHVTXHFRLQFLGHQYDULDVGHHOODVGHOVLOHQFLR
DQWHULRU DO UHWRUQR GH -HVXFULVWR 6H LQWHUSUHWD GH FRPR 'LRV VXHOH HVWDU DFWXDQGR QRWDQGRVH KDVWD TXH UHVXHOYH ODV LQMXVWLFLDV \ HQWRQFHV
DSDUHFHHOVLOHQFLR-RQ3DXOLHQ6LPSRVLXPVREUHHO$SRFDOLSVLVRSFS'HDKLTXHORUHODFLRQDFRQODVHJXQGDYHQLGDGH-HVXFULVWR
SRUODSD]TXHVHDOFDQ]DSS
1RVRWURVDOFRQVLGHUDUHOVLOHQFLRGHPRGRILJXUDGR3RUTXHQXQFDHOFLHORHVWDUHDOPHQWHPXGRKDGHWHQHUVHHQFXHQWDWRGRVORVHOHPHQWRV
ILJXUDGRVTXHQRGHEHPRVLQWHUSUHWDUORVGHPRGROLWHUDO&RPRHVHOFDVRGHODSRVLFLRQGHHVWDUVHQWDGRDODGLHVWUDGH'LRV0W
FI0F\GH0LJXHOTXHVHOHYDQWDDOILQDOGHOWLHPSRSDUDOLEHUDUDVXSXHEOR'QFI+HFK/DSRVLFLRQSULPHUDLPSOLFD
WRGDXQDIXQFLRQGHPLVLRQFHOHVWH\ODRWUDHOOHYDQWDUVHHVODGHKDEHUDFDEDGRHVDIXQFLRQGHHVWDUVHQWDGR&XDQGRKD\DDFDEDGRGH
HVWDUVHQWDGRDODGLHVWUDPDQLIHVWDGRFRQHOGHSRQHUVHGHSLHVHTXHGDHQVLOHQFLRODREUDFHOHVWH\VHYLHQHHQVXVHJXQGDYHQLGD
>@
 /D H[SOLFDFLRQ GH HVWH WH[WR GH D 3HG  OD KHPRV GDGR WDQWR HQ QXHVWUD LQWURGXFFLRQ VREUH OD WHPDWLFD HVFDWRORJLFD FRPR HQ
QXHVWURFRPHQWDULRVREUH'DQLHOFXDQGRWUDWDPRVHOMXLFLRTXHVHQRVSUHVHQWDHQHOFDSLWXORGH'DQLHO\VXFRPSOHPHQWRHQ'DQLHO
>@
 &XDQGR HVWDPRV GLFLHQGR FXDUWD QRV HVWDPRV UHILULHQGR D OD FXDUWD EHVWLD GH 'DQLHO TXH RFXSD GHVGH GHVSXHV GH OD WHUFHUD TXH HV
*UHFLDKDVWDHOILQGHOPXQGRTXHFXDQGRHVFULERHVWRHQQRKDOOHJDGRSDVDQGRSRUWRGRORTXHGLRGHVL5RPDWHUPLQDQGRHQHO
3HURFXDQGRHVWR\GLFLHQGRFXDUWDFDEH]DGHODEHVWLDDSRFDOLSWLFDPHHVWR\UHILULHQGRH[FOXVLYDPHQWHD5RPDLQLFLRGHODFXDUWDEHVWLDR
FXDUWRUHLQRTXHDEDUFDODFXDUWDTXLQWDVH[WDVHSWLPD\RFWDYDFDEH]DRODFDEH]DKHULGDFXUDGDGHODEHVWLDDSRFDOLSWLFDGHFDEH]DV\
FXHUQRV
>@
9HGPDVDGHODQWH\QXHVWURFRPHQWDULRD'DQLHO
>@
(O&%$QRVGLFHTXHHQHVWHFDVRFILGHQWLILFDD'LRVHO3DGUHYRORSFS
(:KLWHUHILULHQGRVHD-HVXFULVWRHQ06FLWDGR\UHFRJLGRHQ%LEOLDGH(VWXGLRV$FDGHP\(QWHUSULVHV2NODKRPD86$S
GHO1XHYR7HVWDPHQWR
1RKD\QDGDTXHSXHGDH[SOLFDUHOPLVWHULRGHODHQFDUQDFLRQGH&ULVWR&RQWRGRVDEHPRVTXHYLQRDHVWDWLHUUD\YLYLRFRPRXQKRPEUH
HQWUH ORV KRPEUHV (O KRPEUH &ULVWR -HVXV QR HUD HO 6HQRU 'LRV 7RGRSRGHURVR 6LQ HPEDUJR &ULVWR \ HO 3DGUH VRQ XQR /D GHLGDG QR
GHVDSDUHFLREDMRODDQJXVWLRVDWRUWXUDGHO&DOYDULR
>@
6HGLFHGHOWURQRGH'LRV\GHO&RUGHURTXHHVWDUDHVWDLQRHVWDUDQ
>@
$QGUH)HXLOOHWPXHVWUDFRPRYDULRVSDVDMHVHQHO$7HQORVTXHODSDODEUDQXEHVHVWDULDUHODFLRQDGDFRQDSDULFLRQHVGH'LRVDOXVLRQ
HQ$)HUFK7KH6RQRI0DQLQ'DQLHO6HYHQ$86''YRO9,SS
>@
+HPRVKHFKRXQDH[SOLFDFLRQH[KDXVWLYDHQQXHVWURFRPHQWDULRD'DQLHO(O0HVLDV\VX(YDQJHOLRHQODSURIHFLDGH'DQLHOHGLWDHO
DXWRU=DUDJR]D
>@
(O&%$9ROSSUHFRJHHVWRTXHDFDEDPRVGHLQGLFDU(QQXHVWUDLQWURGXFFLRQKHPRVGLVFXWLGRHOWHPDGHODIHFKD
>@
-XDQ3DEOR,,DILUPD
(/',$'(/6(125FRPRKDVLGROODPDGRHOGRPLQJRGHVGHORVWLHPSRVDSRVWROLFRVKDWHQLGRVLHPSUHHQODKLVWRULDGHOD,JOHVLDXQD
FRQVLGHUDFLRQSULYLOHJLDGDSRUVXHVWUHFKDUHODFLRQFRQHOQXFOHRPLVPRGHOPLVWHULRFULVWLDQR(QHIHFWRHOGRPLQJRUHFXHUGDHQODVXFHVLRQ
VHPDQDOGHOWLHPSRHOGLDGHODUHVXUUHFFLRQGH&ULVWR!!''
&RPRDSR\RDODDVHYHUDFLRQGHTXHHOGRPLQJRWLHQHXQRULJHQDSRVWROLFRRIUHFHHQQRWDDSDUWHQRWDQRHOWH[WRELEOLFRGH$SRFDOLSVLV
\GRVFLWDVGHODSDWULVWLFD/D'LGDFKH\D6DQ,JQDFLRGH$QWLRTXLD$ORV0DJQHVLRV
>@
(OPLVPRDGMHWLYRSHURHQPDVFXOLQRNXULDNRQDSDUHFHDVRFLDGRDGHLSQRQFHQDHQD&RU
>@
$XQ DGPLWLHQGR OD IHFKD WDUGLD GH OD FRPSRVLFLRQ GHO$SRFDOLSVLV WDO FRPR VH DFHSWD FRPXQPHQWH SRU ORV GLIHUHQWHV DXWRUHV DQR 
QXHVWUD HUD HO HVFULWR PDV DQWLJXR GRQGH VH LGHQWLILFD DO GRPLQJR NXULDNH FRQ OD H[SUHVLRQ GLD GHO 6HQRU HV XQ HVFULWR FRQVLGHUDGR
DSRFULIRSRUHOSURSLRFDWROLFLVPRHO(YDQJHOLR$SRFULIRGH3HGUR,;FX\DFRPSRVLFLRQVHGDWDHQHODQRYHU/RV(YDQJHOLRV
$SRFULIRVSRU$XUHOLRGH6DQWRV2WHUR%$&0DGULGS
6HEDVWLDQ %DUWLQD HQ VX FRPHQWDULR DO$SRFDOLSVLV /D 6DJUDGD (VFULWXUD YRO ,,, S  LUUHVSRQVDEOHPHQWH PHQFLRQD SHUR VLQ GDU
QLQJXQDSUXHEDTXHHQHODQR\DVHKDELDHPSH]DGRDOODPDUVHHOSULPHUGLDGHODVHPDQDGLDGHO6HQRU3RUGHVFRQWDGRTXHQRKD\TXH
KDFHUOHQLFDVRSRUFXDQWRQRSUHVHQWDQLQJXQGRFXPHQWRQLDXWRUTXHDYDOHGLFKDKLSRWHVLV
>@
 (O&%$YRO9,,SUHFRJHHOWHVWLPRQLRGHTXHQLHQODHSRFDFRQWHPSRUDQHDGH-XDQQLDQWHULRUH[LVWHXQDIRUPXODFLRQGHHVD
QDWXUDOH]D DSOLFDGD DO GRPLQJR R SULPHU GLD GH OD VHPDQD /D SULPHUD FLWD TXH LQYHQWD GH TXH DO GRPLQJR R SULPHU GLD GH OD VHPDQD VH OH
DSOLTXHODH[SUHVLRQGLDGHO6HQRUQRVHUDVHJXQHO&%$WUHVFXDUWRVGHVLJORGHVSXHVTXH-XDQHVFULELHUDHO$SRFDOLSVLV
>@
9HU2UJDQRRILFLDO&DWKROLF0LUURUGHOGH6HSWLHPEUHGH
(O$SRFDOLSVLV R 5HYHODFLRQ FDSLWXOR  
<R HVWDED HQ HO HVSLULWX HQ HO GLDGHO6HQRU  "+D XWLOL]DGR 6DQ -XDQ HVWD H[SUHVLRQ
DQWHULRUPHQWH HQ VX (YDQJHOLR R HQ VXV HSLVWRODV" (QIDWLFDPHQWH12  (O GRPLQJR GH UHVXUUHFFLRQ IXH OODPDGR SRU HO -XDQ  (O
SULPHUGLDGHODVHPDQD!!
/RVWH[WRVGHO1XHYR7HVWDPHQWRTXHFRQWLHQHQODH[SUHVLRQ6DEDGRRGLDGHUHSRVRVXPDQXQWRWDOGH\XQWRWDOGHQXHYH
WH[WRVRFKR GRQGH DSDUHFH OD H[SUHVLRQ
HO SULPHU GLD GH OD VHPDQD
 HTXLYDOHQWH DO GRPLQJR QR FRQWLHQHQ HO PHQRU LQGLFLR GH XQ
FDPELRGHYHQLDGHSDUWHGH'LRVFRQUHODFLRQDVXGLDGHFXOWR!!
"TXHSURWHVWDQWHSRGUDFRQOLPSLDFRQFLHQFLDFRQWLQXDUGHVREHGHFLHQGRHOPDQGDPLHQWRGH'LRVTXHRUGHQDJXDUGDUHOVDEDGRHO
PLVPRPDQGDPLHQWRTXHOD%LEOLDUHJLVWUDFRPRODYROXQWDGGH'LRVGHVGHHO*HQHVLVKDVWDHO$SRFDOLSVLV"!!
3RGHLVOHHUOD%LEOLDGHVGHHO*HQHVLVKDVWDOD5HYHODFLRQ\QRHQFRQWUDUHLVXQDVRODOLQHDTXHDXWRULFHODVDQWLILFDFLRQGHOGRPLQJR/DV
(VFULWXUDVKDEODQGHODREVHUYDQFLDUHOLJLRVDGHOVDEDGRGLDTXHMDPDVVDQWLILFDPRV!!&DUGHQDO-DPHV*LEERQV/DIHGHQXHVWURVSDGUHV 
HG&RS\ULJKWSRU'$SSOHWRQ\&RPSDQ\S
>@
(QUHDOLGDGODSUHWHQVLRQSURWHVWDQWHGHTXHVHEDVDQXQLFDPHQWHVREUHOD3DODEUDHVFULWDQRHVYHUGDGHUD6XSURIHVLRQGHDFHSWDU
VRODPHQWHOD(VFULWXUDFRPRVXQRUPDGHIHHVIDOVD/D3DODEUDHVFULWDRUGHQDH[SOLFLWDPHQWHTXHVHREVHUYHHOVHSWLPRGLDFRPRGLDGH
UHSRVR6LHQUHDOLGDGDFHSWDVHQVRODPHQWHOD(VFULWXUDFRPRQRUPDREVHUYDULDQHOVHSWLPRGLDFRPRVHRUGHQDHQWRGDOD(VFULWXUD6LQ
HPEDUJRQRVRODPHQWHUHFKD]DQODREVHUYDQFLDGHO6DEDGRUHTXHULGDHQOD3DODEUD(VFULWDVLQRTXHKDQDGRSWDGRODREVHUYDQFLDGHOGRPLQJR
\ OD SUDFWLFDQSDUD OR FXDO SXHGHQ EDVDUVH XQLFDPHQWH HQ OD WUDGLFLRQ GH OD LJOHVLD 2UJDQR RILFLDO&DWKROLF 0LUURU GHO  GH
6HSWLHPEUHGH
(VHYLGHQWHSRUHVWDVPDQLIHVWDFLRQHVGHOPDJLVWHULRFDWROLFRHQ((88DYDODGRHQDTXHOHQWRQFHVSRUHO9DWLFDQRTXHVHJXQHOORV-XDQ
3DEOR,,QRSXHGHEDVDUVHHQOD(VFULWXUDSDUDDILUPDUTXHGHVGHORVWLHPSRVDSRVWROLFRVVHRULJLQDODIHVWLYLGDGGHOGRPLQJRFRPR
GLDGHO
6HQRU

1RKD\SRVLELOLGDGGHFDPXIODUXQVLJQLILFDGRGHHVWDQDWXUDOH]D\FXDOTXLHUDTXHORKLFLHUDVHYHGHWHULRUDGRQRXQLFDPHQWHSRUHOPDJLVWHULR
GH XQ (SLVFRSDGR UHSUHVHQWDGR SRU OD PD[LPD DXWRULGDG GHOHJDGD SRU HO SURSLR 9DWLFDQR OD GHO &DUGHQDO *LEERQV \ HO RUJDQR RILFLDO GH OD
,JOHVLD &DWROLFD HQ (VWDGRV 8QLGRV VLQR SRU HO XQLFR PDJLVWHULR TXH SXHGH GHFLGLU VREUH XQD PDWHULD GH IH /DV 6DJUDGDV (VFULWXUDV (VWDV
VHQDODQODSURFODPDFLRQGH-XDQ3DEOR,,FRPRLQDFHSWDEOH\HUURQHD
>@
(QQXHVWUDLQWURGXFFLRQ\DKDELDPRVUHIOHMDGRTXHHOPRWLYRGHVXDSDULFLRQHQHVHGLDFI-QVVHVSDUDGDUWHVWLPRQLR
GH VX UHVXUUHFFLRQ \ GHO FRPLHQ]R GH OD DFWLYLGDG VHPDQDO WUDV HO GHVFDQVR VDEDWLFR HQ OD WXPED /D PHQFLRQ GHO SULPHU GLD GH OD VHPDQD
IRUPDSDUWHGHXQDPLQXWDFURQRORJLFDTXHVHQDODODUHDOLGDGGHODUHVXUUHFFLRQWUDVHO6DEDGRR6HSWLPRGLDGHO6HQRU8QDYH]PXHUWRHO
YLHUQHVWDOFRPRVHUHJLVWUDEDHQODFXHQWDKRUDULDGHVXSDVLRQ0FVVFI-QVV/F
HUDSUHFLVRGHVWDFDUHOGLDRUGLQDOGHVXUHVXUUHFFLRQ0WVS0F/F-QDILQGHPRVWUDUHOFXPSOLPLHQWRGHHVD
SURIHFLDTXHVHKDELDDQXQFLDGRFI0W/FFI/F/F/DUHVHQDGHOGRPLQJRFRPRSULPHUGLDGHODVHPDQD
UHFDOFDGDSRUWRGRVORVHYDQJHOLVWDVVLQRPLWLUTXHHVRHVGHVSXHVGHO6DEDGRRGLDGHUHSRVRGHO6HQRUHVSDUDUHIOHMDUTXHODUHDOLGDGGHVX
UHVXUUHFFLRQVHKDFXPSOLGRDOWHUFHUGLDGHVXPXHUWHWDOFRPRVHKDELDSUHGLFKR'HVGHHQWRQFHVVHPDUFDHOFRPLHQ]RGHWRGDXQDVHULHGH
DSDULFLRQHVHIHFWXDGDVHQGLIHUHQWHVGLDV\TXHFRQWUDVWDQFRQWLQXDPHQWHFRQORTXHVHUHVHUYDFRPRHOGLDFRQVDJUDGRD'LRVHOVDEDGRHQ
HOVHSWLPRGLDGHODVHPDQD0F0W0F/F-Q+HFK
+EFI$S0W
>@
(OWH[WRGH'LGDFKH
.DWDNXULDNHQGHNXULRX6HJXQHO6HQRULDOGHO6HQRUUHXQLGRVURPSHGHOSDQ\GDGJUDFLDVGHVSXHVGHKDEHUFRQIHVDGRYXHVWURVSHFDGRV

&RPR SXHGH REVHUYDUVH HO WH[WR JULHJR QR FRQWLHQH OD SDODEUD GLDKHPHUD QL QLQJXQD RWUD 6XSRQLHQGR TXH VH LQVHUWDUD OD SDODEUDGLD
HQWHQGLHQGRODFRPRVREUHQWHQGLGDQRSRUHVRVHWHQGULDDXWRUL]DFLRQSDUDWUDQVIRUPDUHVHGLDGHO6HQRUFRPRVLHQGRHOGRPLQJRRSULPHUGLD
GHODVHPDQDSXHVWRTXHKDVWDPDVDOODGHODQRQRDSDUHFHHQXQHVFULWRDSRFULIRODSULPHUDPHQFLRQUHVSHFWRDOGRPLQJRRSULPHUGLD
GHODVHPDQDFRPRLGHQWLILFDGRFRQHOGLDGHO6HQRU
6LLQWURGXMHUDPRVODSDODEUDGLDKHPHUDQRVHQFRQWUDULDPRVFRQODVLJXLHQWHWUDGXFFLRQUHXQLGRVVHJXQHOGLD6HQRULDOGHO6HQRU
/DSUHJXQWDREOLJDGDVHULDTXHGHUHIHULUVHDOGLDGHO6HQRUVLQHVSHFLILFDUDFXDOSRGULDDOXGLUVHSRUTXHUHIRU]DUGLD6HQRULDOGHO6HQRU(O
DEDG FDWROLFR -HDQ%DSWLVWH 7KLEDXW SURWHVWD DQWH OD LQVHUFLRQ GH OD SDODEUD GLD KHPHUD TXH QR DSDUHFH HQ HO WH[WR \ KDFH QRWDU OD
LPSRVLELOLGDGGHGLFKDDQDGLGXUDGDQGROXJDUDXQSOHRQDVPRLQFRPSDWLEOHFRQODFRQVWUXFFLRQGHODOHQJXDJULHJDDGHPDVGHFRQYHUWLUFRQ
HVWD DGLFLRQ LQQHFHVDULD HO DGMHWLYRVHQRULDO HQ XQ VXEVWDQWLYR(O DXWRU SUHFLWDGR HQ/D/LWXUJLH5RPDLQH 3DULV  S  SURWHVWD GHO
VLJXLHQWHPRGR
$SHVDUGHODDILUPDFLRQFRQVWDQWHGHWRGRVORVFRPHQWDGRUHVODSDODEUDGRPLQJRQRVHHQFXHQWUDPHQFLRQDGDHQODIRUPDJHQHUDOPHQWH
LQGLFDGD6HWUDQVIRUPDGHRUGLQDULRODIUDVHLQLFLDOSRU5HXQLRVHOGLDVHQRULDOGHO6HQRUHVGHFLUHOGRPLQJR/DSDODEUDNXULDNHVHQRULDO
HVGHHVWHPRGRWRPDGDVXEVWDQWLYDPHQWHORTXHGDOXJDUDXQSOHRQDVPRLQFRPSDWLEOHFRQHOHVWLORUHJXODU\SHUIHFWDPHQWHSXURGHODXWRUGH
OD'LGDFKH6LVHKXELHUDWHQLGRHQFXHQWDXQDFXHVWLRQGHWLHPSRHOJHQLRGHODOHQJXDJULHJDKDEULDUHFODPDGRVLPSOHPHQWHHOHPSOHRGHO
GDWLYR/DSUHSRVLFLRQNDWDVHJXQPDUFDDTXLXQDUHODFLRQGHFRQIRUPLGDGFI7LW3RUFRQVLJXLHQWHODSDODEUDVREUHQWHQGLGDDODTXH
VHDSOLFDHOFDOLILFDWLYRVHQRULDOQRSRGULDVHUGLD!!
(VWDDFWLWXGVXSRQGULDFXDWURSUREOHPDVDGLFLRQDOHVLQWHJUDUXQDSDODEUDTXHHOWH[WRQRODWUDH(VWRHVXQSUHFHGHQWHJUDYHSRUFXDQWR
QRV LQWURGXFH HQ OD GLQDPLFD GH OD PDQLSXODFLRQ \ HQ HULJLUQRV HQ FUHDGRUHV GH XQD YHUVLRQDXWRUL]DGD D H[SHQVDV GH OR TXH HO YHUGDGHUR
DXWRUKDEULDTXHULGRGHFLUSUHVHQWDUFRPRWUDGXFFLRQFRUUHFWDHOUHVXOWDGRGHXQDFRQMHWXUDEDVDGDHQXQDVXSRVLFLRQTXHSUHYLDPHQWHQR
WLHQH HQ FXHQWD OR TXH HO WH[WR FRQWLHQH HQ UHDOLGDG  ODV JHQHUDFLRQHV SRVWHULRUHV GHVFRQRFHGRUDV GH HVWD UHFRQVWUXFFLRQFDSULFKRVD
DFHSWDQ FRPR EXHQD XQD GHGXFFLRQ D OD TXH VH OOHJD WUDV OD LQWURGXFFLRQ GH XQ WHUPLQR DXVHQWH HQ OD UHGDFFLRQ TXH QRV KD OOHJDGR FRPR
RULJLQDO\ODGHULYDFLRQGHVHPHMDQWHSURFHGHUHVODSRVLELOLGDGGHODFRQVWUXFFLRQGHXQDWHRULDFRPRODGHTXHODIRUPXODGLDGHO6HQRUVH
UHILHUHDOGRPLQJRGDQGROHYLVRVGHDXWHQWLFLGDGDORTXHWRGDVOXFHVUHSRVDHQODDUHQD
>@
/D'LGDFKHVHVXSRQHTXHIXHHVFULWDKDFLDHODQRYHU:LOO\5RUGRUI6DEEDWHWGLPDQFKHGDQVO
(JOLVHDQFLHQQH'HODFKDX[HW
1LHVWOHHGLWHXUV1HXFKDWHO6XLVVHS
8QHVWXGLRGH-RKDQQHV4XDVWHQ3DWURORJLD%$&0DGULGYRO,SSTXHUHFRJHWRGRVORVDQDOLVLVDILQGHHQFRQWUDUXQDIHFKD
ORPDVDFHUWDGDPXHVWUDODVGLILFXOWDGHVSDUDXQDGDWDFLRQ\DODUJDODFRPSRVLFLRQKDVWDHO
>@
(Q+LVWRULDGHOD,JOHVLD&DWROLFD%$&0DGULGYRO,S
0D[LPH *RUFH /HV %DVHV GX &KULVWLDQLVPH  SS   FLWDGR SRU $OIUHG 9DXFKHU /H -RXU 6HLJQHXULDO ,PSULPHULH ),'(6
&ROORQJHVVRXV6DOHYH)UDQFHSFRPHQWDHQUHODFLRQDHVWDFLWD(O6DEDGRSDUHFHIHVWHMDUVHWRGDYLD\DTXHHVSUHSDUDGRSRUHO
YLHUQHVQRHVWDGLFKRTXHHOVDEDGRIXHUDDEDQGRQDGRFRPRGLDGHUHSRVR
>@
6HVXHOHGDUXQDIHFKDDSUR[LPDGDDODQRYHU:LOO\5RUGRUI6DEEDWHWGLPDQFKHGDQVO
(JOLVHDQFLHQQHRSFS
(VHYLGHQWHTXHVLGHORVDSRVWROHVVHKLFLHURQHVFULWRVDSRFULIRVXWLOL]DQGRVXQRPEUHDILQGHFDPXIODUVHFRPRDXWHQWLFRVFXDQWRPDVGH
DTXHOORVTXHFRQWLQXDURQSRVWHULRUPHQWHDOD,JOHVLDDSRVWROLFD1RSRGHPRVHQQLQJXQPRGRFHUWLILFDUFRPRJHQXLQRQLQJXQHVFULWRIXHUDGH
ODV(VFULWXUDV6REUHHVWRVHVFULWRVGH,JQDFLRKDUHFDLGRODVRVSHFKDGHKDEHUVHKHFKRDQDGLGXUDVHQIHFKDVSRVWHULRUHVDODYLGDGH,JQDFLR
YHUD(UQHVW:LOOLDP%DUQHVHQ7KH5LVHRI&ULVWLDQLW\SFLWDGRSRU$9DXFKHURSFSWDPELHQD7XUPHO'HODIRVVHHQ /HH
(YDQJLOH 3DULV  S  /HV /HWWUHV G
,JQDFH  SS  DPERV FLWDGRV SRU 9DXFKHU HQ LG H[LVWLHQGR XQD LQWHUSRODFLRQ GHO V ,9
UHFRQRFLGDSRUWRGRV$9DXFKHURSFS
>@
9HU&DUWDD /RV0DJQHVLRVGH,JQDFLRGH$QWLRTXLD,;SSHQODYHUVLRQJULHJDGHODHGLFLRQGHOD%$&3DGUHV$SRVWROLFRVRS
FS
>@
,JQDFLR&DUWDDORV0DJQHVLRV9,,,VSSS9HUODYHUVLRQJULHJDHQ3DGUHV$SRVWROLFRV%$&RSFS
(VWDV IUDVHV TXH HVWDQ HQ ORV SDUUDIRV DQWHULRUHV DO FDSLWXOR ,; FI 9,,,  QRV PXHVWUDQ TXH HO DXWRU GH HVWD &DUWD UHFRQRFH TXH ORV
SURIHWDVTXHJXDUGDEDQHO6DEDGRVHSWLPRGLDGHODVHPDQDYLYLHURQVHJXQ-HVXFULVWR'HPRVWUDQGRTXHQRHVLQFRPSDWLEOHVDQWLILFDUHO
6DEDGRFRPRGLDGHO6HQRUHQHO6HSWLPRGLDGHODVHPDQD\KDFHUORGHDFXHUGRDO6HQRULDODOD$XWRULGDGGHQXHVWUR6HQRU(VRVSURIHWDV
TXHJXDUGDEDQHO6DEDGRYLYLDQVHJXQ-HVXFULVWR\SRUORWDQWRUHSRVDEDQHO6HSWLPRGLDVLQVDEDWL]DU
>@
)ULW]*X\/RUG
V'D\LQ0DJQHVLDQV$866,,SSWHQLHQGRHQFXHQWDHOPDQXVFULWRJULHJRGHOV;,(O&RGH[0HGLFHXV
/DXUHQWLDQXVUHJLVWUDGRHQ)ORUHQFLDTXHLQFOX\HODSDODEUDYLGD\DOREVHUYDUTXHODRSRVLFLRQHVWDEOHFLGDSRU,JQDFLRQRFRQVLVWHHQWUHXQ
GLDHOVDEDGR\RWURHOGRPLQJRVLQRGHGRVIRUPDVGHFHOHEUDUHOGLDLQVWLWXLGRSRU'LRVLQVHUWDODSDODEUDYLGDTXHGDQGRODIUDVHQR
VDEDWL]DQGRVLQRYLYLHQGRVHJXQODYLGDGHO6HQRU
&RPR HVWDPRV LQGLFDQGR QR HV SUHFLVR DQDGLU QLQJXQD SDODEUD HQ HO WH[WR SDUD VX FRPSUHQVLRQ VL XQR WLHQH HQ FXHQWD HO FRQWH[WR \ HO
VLJQLILFDGRGHODVSDODEUDVTXHXQLFDPHQWHUHFRJHHOWH[WR
>@
(QHOFDSLWXOR9,,,
>@
 5LFKDUG %XUWRQ /HZLVHQ,JQDWLXV DQG WKH /RUG
V 'D\$866 YRO9, -DQXDUL  (Q OD S  HVWH DXWRU H[SUHVD 6L VH TXLHUH
HYLWDUXQDEVXUGRQRKD\TXHGDUDODSDODEUDVDEDWL]DUXQVHQWLGRUHODWLYRDODREVHUYDQFLDGHOVDEDGRVLQRPDVELHQHOGHJXDUGDUHOVDEDGR
GHPRGRMXGDL]DQWH
>@
(QHOFDSLWXOR,;
>@
9,,,
>@
9HUHQLGTXHHODXWRUSUHFLWDGRVHH[SUHVDHQHVWHVHQWLGR
>@
9,,,FI,VD(]T-HU
>@
9,,,FI,;SS
>@
(QODVHJXQGDSDUWHYDPRVDFRPSUREDUODVLPSOLFDFLRQHVGHOWLWXOR3RQWLIH[0D[LPXV\ORTXHYDVLJQLILFDQGRLGHRORJLFDPHQWHHOTXHHO
(PSHUDGRUVHDFRPR'LRVHQODWLHUUD
>@
 5HVSHFWR D OD WUDGXFFLRQ HQ HVWDGR GH H[WDVLV VHULD OD PDQHUD GH YHUWHU OR TXH VLJQLILFD OOHJDU D HVWDU HQ HVSLULWX 7DPELHQ SXHGH
YHUVH HQ HO&RPHQWDULRDO$SRFDOLSVLVGH$SULQJLRGH%HMDGHOV9,YHUVLRQGH$OEHUWRGHO&DPSR+HUQDQGH]SXEOLFDGDSRUHG9HUER
'LYLQR(VWHOOD1DYDUUDSGLFKDWUDGXFFLRQ&XDOTXLHUDTXHVRQODPD\RULDTXHFRQVLGHUDTXHHVWDVLWXDFLRQSHFXOLDUGH-XDQVH
GD GHQWUR GH OR TXH HV HO WLHPSR GH XQ GLD FRPSUHQGHQ OD H[SUHVLRQ HQ HVSLULWX FRPR XQD HVSHFLH GH FDHU HQ HVWDGR GH DEVWUDFFLRQ \
FRQWHPSODFLRQYHU&%$YRO9,,SGRQGHVHIDYRUHFHODLGHDGHFDHUHQH[WDVLV6LQHPEDUJRODH[SOLFDFLRQGHO&%$VHULDTXH-XDQ
VHDEVWUDMRGHODVFRVDVWHUUHQDOHVVRORHVWDEDFRQVFLHQWHGHODVLPSUHVLRQHVTXHOHOOHJDEDQGHO(VSLULWX6DQWR(VWRFRLQFLGLULDFRQ(OLVDEHWK
6FKXVVOHU)LRUHQ]D$SRFDOLSVLV9LVLRQGHXQPXQGRMXVWRHG9HUER'LYLQR(VWHOODSFXDQGRVLQVREUHQWHQGHUODVLWXDFLRQGH
H[WDVLVH[SUHVDTXHVHWUDWDULDXQDFRQGLFLRQVHPHMDQWHDOSURIHWDKHEUHRFXDQGRHO(VSLULWXFDLDVREUHHO
>@
&%$YRO9,,S
>@
6%DFFKLRFFKLKDWUDWDGRHVWHDVXQWRUHIXWDQGRHVWDSRVLEOHDOWHUQDWLYDGX6DEEDWDX'LPDQFKH&ROHFWLRQ%LEOHHW9LH&KUHWLHQQH
(GLWLRQV3/HWKLHOOHX[3DULVSS
'HFXDOTXLHUIRUPDLQVLVWLPRVDOOHFWRUHQHOFDVRGHOHHUD%DFFKLRFFKLTXHWHQJDHQFXHQWDORVPRWLYRVTXHVHKDQGDGRHQHOHVWXGLRTXH
KHPRVKHFKRGH/D'LGDFKHUHIHUHQWHDODLQWURGXFFLRQGHOWHUPLQRGLD
>@
9DULRVDXWRUHVFRQVLGHUDQHVWDRSFLRQFRPRODTXHVHDMXVWDULDODH[SUHVLRQ NXULDNHKHPHUD+HQUL$OEHUW%RORPH\6LPSOHHWXGHVXU
O
$SRFDO\SVHSS3LHUUH%HQRLW/HSURSKHWH'DQLHOS&KDUOHV*HUEHU/H&KULVWUHYLHQWS/7DOERW
7KH 5HYHODWLRQ RI -HVXV &KULVW  S  -) :DOYRRUG 7KH 5HYHODWLRQ RI -HVXV &KULVW  S  $OIUHG 9DXFKHU /H -RXU
6HLJQHXULDORSFSS6%DFFKLRFFKLGX6DEEDWDX'LPDQFKHRSFSS
(OXQLFROLEURTXHKHSRGLGRHQFRQWUDURULJLQDOPHQWHHQHVSDQROTXHQRHVWHGHDFXHUGRFRQTXHDKLVHUHILHUDDOGRPLQJRHVHOGHOSURWHVWDQWH
/RXLV&6FRF]HN(O$SRFDOLSVLVDO'LD&OLH7HUUDVVD%DUFHORQDSTXHGLFH
(OGLDDTXLPHQFLRQDGRQRHVHOGRPLQJRVLQRTXHHVWDUHODFLRQDGRFRQHOWLHPSRTXH'LRVFRPLHQ]DDDFWXDU/RVWUDGXFWRUHVKDQ
WUDWDGRGHERUUDUFXDOTXLHUWLQWHMXGLRGHOD%LEOLD6L-XDQKXELHUDTXHULGRKDFHUXQDUHIHUHQFLDDOGRPLQJRKXELHUDVLGRPDVH[DFWRGLFLHQGR
HOSULPHUGLDGHODVHPDQD!!
1LQJXQ RWUR VHD SURWHVWDQWH R FDWROLFR DSR\D XQD RSLQLRQ FRPR OD TXH KD PRWLYDGR HVWD QRWD 8QD WUDGXFFLRQ DO FDVWHOODQR GH XQ DXWRU
SURWHVWDQWHHVHOXQLFRTXHSDUWLFLSDGHHVWDLGHD&KDUOHV&DOGZHOO5\ULH$SRFDOLSVLVHG0RRG\86$S
>@
(O&%$YRO9,,SFRPHQWD
KD\UD]RQHVSDUDUHFKD]DUHVWDLQWHUSUHWDFLRQFXDQGRODIUDVHGLDGHO6HQRUFODUDPHQWHGHVLJQDHOJUDQGLDGH'LRVHOWH[WRJULHJR
VLHPSUHGLFHKHPHUDWRXNXULRXRKHPHUDNXULRX!!
>@
HOGLDGHO6HQRUVHUHILHUHDOWLHPSRFXDQGR-XDQFRQWHPSORODYLVLRQ\QRDOWHPDGHODYLVLRQ'HPRGRTXH-XDQGDVXXELFDFLRQ
ODUD]RQSRUODFXDOHVWDDOOL\VXHVWDGRGXUDQWHODYLVLRQ7RGDVHVWDVIUDVHVWLHQHQTXHYHUFRQODVFLUFXQVWDQFLDVHQODVFXDOHV
OHIXHGDGDODYLVLRQ\HVORJLFRFRQFOXLUTXHODFXDUWDWDPELHQFRLQFLGHDOGDUHOWLHPSRHVSHFLILFRGHODUHYHODFLRQ!!&%$YRO9,,RSFS

>@
2SFS
>@
6%DFFKLRFFKLVHQDODRSFSFRPRTXHULHQGRLQGLFDUTXHODYLVLRQWHQLDHQFXHQWDORTXHYLHUDORTXHHV\ORTXHVHULD
3HURHVWRQRUHVXHOYHHOSUREOHPD&XDQGRHVWXYLHUDYLHQGRORDFWXDOQRSRGULDHVWDUHQHOGLDGHODSDUXVLD3UHFLVDPHQWHHOLQGLFDUTXHODV
HVFHQDV OH VRQ PRVWUDGDV HQ GLIHUHQWHV PRPHQWRV LG S \ WHQLHQGR HQ FXHQWD XQD H[SUHVLRQ VHPHMDQWH TXH DXQTXH QR GD LQGLFDFLRQ
WHPSRUDOFRQFUHWDFI$SVHVREUHQWLHQGHTXHYXHOYHDXQDFRQGLFLRQLGHQWLFDDODGHSDUDUHFLELUODYLVLRQ\TXHVHRIUHFHHQHO
PRPHQWRTXHVHWLHQHQRVGHEHOOHYDUDODFRQFOXVLRQTXHODGHWDPELHQVHWLHQHHQXQPRPHQWRTXHHOSURIHWDYHQHFHVDULRUHVHQDUSRU
FXDQWRHQHVHFDVRVHWUDWDGHWHQHUODHQHOGLDGHO6HQRULDO
>@
%LEOLFDPHQWHVHKDFHGLIHUHQFLDHQWUH
VHQRU
\HODEVROXWR(O6HQRUKR.XULRV1RYDPRVDHQWUDUHQODVSROHPLFDVGHODLQIOXHQFLD
KHOHQLFDYHDVHHVWDGLVFXVLRQHQ2&XOOPDQQ&ULVWRORJLDRSFS\VV
3RGHPRV GHFLU TXH D SDUWLU GHO VLJOR , D- HO WLWXOR .XULRV VH DSOLFD D ORV GLRVHV HVSHFLDOPHQWH HQ ODV UHOLJLRQHV GH PLVWHULRV /RV UH\HV
RULHQWDOHVVHDWULEX\HQGLFKRWLWXOR\DLQVWDQFLDVGHHVWRVORVHPSHUDGRUHVURPDQRVORDVXPLUDQVLHQGRGLYLQL]DGRV
$SDUWLU\DGHORVHYDQJHOLRVFRPSUREDPRVXQDUHFXSHUDFLRQGHOWLWXORDEVROXWR(O6HQRUSDUD-HVXFULVWR(OSURSLR-HVXVVHYDOHGHODEVROXWR
(O6HQRUKR.XULRVHQRFDVLRQGHODFHOHEUDFLRQGHODSDVFXD0FFI0W
(Q-XDQQRVRORGLVWLQJXHHQWUHVHU(O0DHVWURGLGDVNDORV\(O6HQRU+R.XULRVVLQRTXHDGHPDVHPSOHDHODEVROXWR+R.XULRV
(O 6HQRU (O TXH -HVXV UHFDOTXH UHVSHFWR DO KHFKR GH TXH OH KDQ OODPDGR
(O 6HQRU

GHFLV ELHQ SXHV OR VR\ HV XQD HYLGHQFLD GHO XVR
LQVHJXUR GH ORV DSRVWROHV TXH SUHFLVR XQD UDWLILFDFLRQ GH SDUWH GH -HVXFULVWR \ HO HYDQJHOLVWD OR UHFXHUGD SRU OD LPSRUWDQFLD TXH YD D WHQHU
FXDQGRGHGLFKDH[SUHVLRQVHVLUYDQGHIRUPDFRQVFLHQWH
-HVXFULVWRKDVLGRPX\FXLGDGRVRHQXWLOL]DUHODUWLFXORGHWHUPLQDGR/RKDRPLWLGRFXDQGRVHUHIHULDDVXSHUVRQDDH[FHSFLRQGHHVWRVGRV
PRPHQWRVRSRUWXQRVPLHQWUDVTXHVHORDSOLFDDO3DGUHFXDQGROROODPD6HQRU
<DDOILQDOGHVXPLQLVWHULRGHVSXHVGHVXUHVXUUHFFLRQ7RPDVVHGLULJHD(OFRQHODUWLFXORGHWHUPLQDGRH[SUHVDQGRDO6HQRUDEVROXWR-Q

'H XQRV  WH[WRV GHO 1XHYR 7HVWDPHQWR GRQGH DSDUHFH HO WLWXOR 6HQRU XQRV  VH DSOLFDQ VLQ GXGD D -HVXFULVWR (VWR UHYHOD OD
UHYDORUL]DFLRQGHOWLWXORKR.XULRVSDUD$TXHOTXHHUDHO/RJRV(WHUQRHQXQLRQFRQODQDWXUDOH]DKXPDQD
-HVXFULVWRHVHO6HQRUGHWRGRV+HFK5P(VQXHVWURXQLFR6HQRUD&RU(IH-G
'HDKLTXHWRGDURGLOODGHEHGREODUVHHQDGRUDFLRQDQWHQXHVWUR6HQRU-HVXFULVWR)LO3RUHOORVHOHSXHGHVXSOLFDUHLQYRFDU+HFK
5PD&RU3XHGHWUDHUHQD\XGDDVXVDQJHOHV+HFK$S<DQRVHSXHGHJORULILFDUDO3DGUHDQR
VHUJORULILFDQGR\DGRUDQGRDO6HQRU-HVXVDVX+LMRDVXXQLFRD3HG)LO
8QRSXHGHGHQRPLQDUVHVLHUYRGHQXHVWUR6HQRU-HVXFULVWR6WJEDXWL]DUVHHQVXQRPEUH+HFKDQXQFLDUVXHYDQJHOLR+HFK
 VHU VDOYRV SRU FUHHU HQ HO QRPEUH GHO 6HQRU -HVXV +HFK   \ SRU OR WDQWR HVWDU GLVSXHVWRV D PRULU SRU HO QRPEUH GH
QXHVWUR6HQRU-HVXFULVWR+HFK\VXQRPEUHHVPDJQLILFR+HFK1DGDPHQRVTXH<DKZHK-QFI([
'W,VD
<DKZHKMXVWLFLDQXHVWUD
FI-HU(VSRUHOORTXHQRKD\RWURQRPEUHSRUHOTXHSRGDPRVVHUVDOYRV/F
+HFK
(O6HQRUTXHVHHVSHUD\VHDQKHOD$SHVHO6HQRU-HVXV$SFIFI$S\VHOHLQYRFDGLFLHQGROH
0DUDQDWKD$SFID&RU
/RVWH[WRVGH0DUFRV\VXVSDUDOHORVHQ0DWHR\/XFDVDOXVLRQDO6DOPRVRQGHVXPDLPSRUWDQFLDQRVRORSRUHOXVRTXHGH
HVWRVKDFHODLJOHVLDSULPLWLYD+HFKVLQRSRUTXHDEULRSDUDHVWDHOFDPLQRGHDSOLFDUQXPHURVRVSDVDMHVGHO$QWLJXR7HVWDPHQWRD
-HVXFULVWRLGHQWLILFDQGRORSOHQDPHQWHFRQHO6HQRUKR.XULRVDEVROXWR
>@
 &XOOPDQQ UHFRQRFH TXH HO WLWXOR GH.XULRV OR UHLYLQGLFD WDPELHQ HO (PSHUDGRU URPDQR /D IH \ HO &XOWR HQ OD ,JOHVLD SULPLWLYD
6WYGLYPHGLFLRQHV0DGULGS
'HVGH 1HURQ HO WLWXOR GH.XULRV VH OR DSOLFD HO (PSHUDGRU URPDQR YHU'LFFLRQDULR 7HRORJLFR GHO 1XHYR 7HVWDPHQWR  >'717@ YRO ,9
HGLF6LJXHPH6DODPDQFDS8QDLQVFULSFLRQGHVFXELHUWDUHODWLYDD1HURQVHOHDSOLFDVHU6HQRUGHWRGRHOXQLYHUVRLG
'RPLFLDQRHOHPSHUDGRUGHOTXHVHLQGLFDVHUFRHWDQHRGHODXWRUGHO$SRFDOLSVLVVHGHQRPLQRQXHVWUR6HQRU\'LRVLG
>@
 'HVHEDV FX\R VLJQLILFDGR PDUDYLOOD UHYHUHQFLDO LQFOX\H HO VHU DGRUDGR VHEDVPDVHED]RPDL YHU D :( 9LQH HQ 'LFFLRQDULR
([SRVLWLYRGH3DODEUDVGHO1XHYR7HVWDPHQWR>'(317@YRO,9&OLH7HUUDVVD%DUFHORQDS
>@
$GROI'HLVVPDQGDGDVODVGRVLQVFULSFLRQHVGH(IHVR\.DEDODMXQWRDOSDSLUR2[\UULQFKXVFHUFDGHODQRREWLHQHODSUXHEDGH
TXHHOGLDGHOHPSHUDGRUQRHVPHQVXDOVLQRVHPDQDOYHU(QF\FORSDHGLD%LEOLFD7KH0DFPLOODQ&RPSDQ\1HZ<RUN,,SS
VV6REUHHVWRYHUWDPELHQD(/RKPH\HU'LH2IIHQEDUXQJGHV-RKDQQHVSFLWDGRSRU%DFFKLRFFKLRSFS
>@
 1R VLUYH DTXL WUDHU HO LQFRQYHQLHQWH GH OD GLVWLQFLRQ HQWUH.XULRV \6HEDVWRV 7DPELHQ VRQ GLIHUHQWHV ORV GLDV 6H WUDWD GH TXH HO
HPSHUDGRUWLHQHXQGLDVHPDQDOHQVXKRQRU\TXHQXHVWUR6HQRUGHDFXHUGRDVX6HQRULDOFRQHOTXHVXSHUVRQDVHLGHQWLILFDWLHQHVX'LD/D
FRPSDUDFLRQ QR UHVLGH HQ HO WHUPLQR 6HQRU TXH XQR \ RWUR HVFRMD 6HEDVWRV R .XULRV VLQR HQ HO KHFKR GH TXH HO GLD UHSUHVHQWD XQD
H[FOXVLYLGDG\XQVLJQRGHQXHVWURVRPHWLPLHQWR
>@
(OGLDTXHVHJXDUGDEDSDUD'LRV\GHDFXHUGRDO6HQRUVHJXQ-XDQ
(QHOHSLVRGLRGHODFXUDFLRQGHOSDUDOLWLFR-QVVTXHWLHQHVXVFRQVHFXHQFLDVSHGDJRJLFDVUHVSHFWRGHO6DEDGRKDVWDHOFDSLWXOR
-XDQQRVDVRPEUDFRQHOUHODWR
(QSULQFLSLRQRWHPRVHOFRQWUDVWHHQWUHHOUHFRQRFLPLHQWRGH-XDQUHVSHFWRDTXHHVHGLDHUDHOGLDGHUHSRVRLQVWLWXLGRSRU'LRV\ORTXH
ORVMXGLRV LQWHUSUHWDQ HQ FXDQWR DO PRGR GH JXDUGDU HVH GLD GH UHSRVR  /D FXUDFLRQ HQ 6DEDGR HQ HO GLD TXH KD VLGR LQVWLWXLGR SDUD
EHQHILFLRGHOKRPEUHFI0FHVODFDXVDSRUODTXHORVMXGLRVIUXWRGHVXLQWHUSUHWDFLRQHUURQHDSHUVHJXLDQD-HVXV
/DUHVSXHVWDGH-HVXVHVFODUDVLPL3DGUHREUDHQ6DEDGR\RWDPELHQREUR3HUR"TXHREUDVVRQODVTXHKDFHHO3DGUHHQ6DEDGR"
$TXHOODVTXHWLHQHQTXHYHUFRQODOLEHUDFLRQGHOKRPEUH/DVTXHUHGLPHQ\VDQDQGHODHQIHUPHGDGGHOSHFDGR\GHVXVFRURODULRVFI-Q
6LYRVRWURVOOHYDQGRDFDERXQPDQGDPLHQWRTXH'LRVGLRDORV3DGUHVHQFXDQWRDODFLUFXQFLVLRQORKDFHLVHQ6DEDGR-Q
FI0WSRUTXHFRQVLGHUDLVTXHHVWDGHQWURGHXQDRULHQWDFLRQUHOLJLRVDDGHFXDGD\RTXHGHYXHOYRODVDOXGWRWDODXQVHUKXPDQRHQHO
GLDGHODSD]GHODOLEHUWDG\GHODPRUGH'LRVGLDHVWDEOHFLGRSRU'LRVSDUDTXHFRPRUHVXOWDGRGHVXFHOHEUDFLRQD\XGHDUHFXSHUDUVHDOVHU
KXPDQRWULGLPHQVLRQDOPHQWH"PHDFXVDLVGHWUDQVJUHGLUHO6DEDGR"
-HVXFULVWRUHFODPDVXFRQGLFLRQGHHQYLDGRGH'LRV\GHVHUHO+LMRGH'LRVWUD\HQGRFRPRWHVWLPRQLRDOSURSLR3DGUHTXHVH
UHYHODHQODV(VFULWXUDV\DODFHUWLILFDFLRQGHVXVREUDVFRPRHYLGHQFLDGHODQXQFLRTXHGHHOVHKDFHHQGLFKD3DODEUD-Q\VX
LGHQWLILFDFLRQFRQODYROXQWDGGH'LRV-QXSSDUDFRQILUPDUDORVMXGLRVGLULJHQWHVGHTXHQRHVWDWUDQVJUHGLHQGRHOGLDHVWDEOHFLGRSRU
'LRVFRPRVDQWR\GHUHSRVR
-HVXFULVWRKDYHQLGRKDFHUODYROXQWDGGHO3DGUH-QXS\FUHHHQORVHVFULWRVGH0RLVHV\SUHGLFDTXHOD(VFULWXUDQRSXHGH
VHUTXHEUDQWDGDFI-QXS
'HDKLTXHGHQWURGHWRGRHVWHFRQWH[WRPHQFLRQDGRODUHIOH[LRQGH-XDQHQFXDQWRDTXH-HVXFULVWRTXHEUDQWDEDHO6DEDGRHVWDQUHDO
FRPRODTXHDFRQWHFLDSRUORVVDFHUGRWHVFXPSOLHQGRORVGHEHUHVGH'LRVHQHO7HPSOR-QFI0W(IHFWLYDPHQWHODDFWLWXGGH
-HVXFULVWRSRQLDHQHYLGHQFLDXQDLQWHUSUHWDFLRQHUURQHDUHVSHFWRDODPDQHUDGHJXDUGDUHO6DEDGRSRUSDUWHGHORVMXGLRV\TXHKDFHUHOELHQ
HQ6DEDGRHVOLFLWR-QFI0W-XDQKDHQWHQGLGRTXH-HVXVKDYHQLGRDUHDOL]DUODYROXQWDGGH'LRV-QFI\
TXHVLHFKDHQFDUDDORVMXGLRVQRVHJXLUORVHVFULWRVGH0RLVHVQLFXPSOLUODOH\FIHVXQDGHPRVWUDFLRQTXHHVWDGHDFXHUGR
FRQ OD OH\ GHO 6DEDGR -XDQ DO DSOLFDUVH OD UHFRPHQGDFLRQ GH -HVXV GH TXH QR MX]JDUDQ VX DFWLWXG VREUH HO 6DEDGR FI  VHJXQ ODV
DSDULHQFLDVVLQRFRQMXVWRMXLFLRKDFRPSUHQGLGRODUHYDORUL]DFLRQTXHHQ-HVXFULVWRHQFXHQWUDHOGLDTXHHO6HQRU&UHDGRUKDFHVX\R
*QFI0F(OWH[WRGH-XDQHQWUDGHQWURGHODPLVPDH[SOLFDFLRQTXHKHPRVUHDOL]DGR(VWDRULHQWDGRGHDFXHUGRD
ODVUHFRPHQGDFLRQHVTXH-HVXFULVWRRIUHFHHQ-XDQ
&RQWUDVWHHQWUHHOGLDVDJUDGRGHO6DEDGR\HOSULPHUGLDGHODVHPDQD
/RVSDVDMHVGH-XDQ\-XDQFRQWUDVWDQPRVWUDQGRGRVREMHWLYRV(OGLDLQVWLWXLGRSRU'LRVSDUDVDQWLILFDUHVHO6DEDGRR
VHSWLPRGLDODPXHUWHGH-HVXVRFXUUHHQODYLVSHUDGHOGLDGHUHSRVRGH'LRVTXHHQHVHDQRFRLQFLGLDFRQOD3DVFXD-QSSFI/F
6HVHQDODDOLJXDOTXHORVGHPDVHYDQJHOLVWDV0FVV0WVV/FFXDOHVHOGLDTXHSHUWHQHFHDO
6HQRU&UHDGRUDQWHVGHUHVHQDUHOGLDGHODUHVXUUHFFLRQTXHVHYHQREOLJDGRVDKDFHUORSDUDFRQVWDWDUTXHODSURIHFLDVREUHVXUHVXUUHFFLRQ
KD WHQLGR VX FXPSOLPLHQWR (VWD UHVHQDVH YLHUWH FRQ HO WHUPLQR FRPXQ GH SULPHU GLD GH OD VHPDQD -Q     VLQ QLQJXQD
FRQQRWDFLRQVDJUDGD
1RWHVHFRPROD3DVFXDHUDXQGLDPRYLEOH\TXHHVHDQRFD\RHQ6DEDGR(VXQLQYHQWRGHO&DWROLFLVPR5RPDQRHOTXHVHSUHWHQGDSRQHU
XQDIHFKDILMDHQXQGRPLQJR
(OFRQRFLPLHQWRGHOD/H\PRUDOGH'LRVSRUSDUWHGH-XDQTXHLQFOX\HHOPDQGDPLHQWRGHO6DEDGR
-XDQ UHFRJH \ GHVFULEH WRGR HO LGHDULR \ DFWLWXG GH -HVXFULVWR TXH KD GH VHUYLUQRV FRPR WHVWLPRQLR \ HMHPSOR (O QRV LQVWD DHVFXGULQDU ODV
(VFULWXUDVDILQGHGHVFXEULUGHTXHHVHOHQYLDGRGHO3DGUHSRUFXDQWRFRLQFLGHQHQWRGRFI-Q
-HVXFULVWRQRVGLFHTXHKDFHVLHPSUHORTXHD'LRVOHDJUDGD-Q(QHIHFWRHOQRKDYHQLGRDKDFHUVXYROXQWDGVLQRODGHOTXHOHHQYLR
-Q'HDKLTXHODGRFWULQDGH&ULVWRVHDODPLVPDTXHODGHO3DGUH-Q6LELHQ-HVXFULVWRKDGDGRXQPDQGDPLHQWR
QXHYRGDGRHOFRQWH[WRTXHFUHDODYHQLGDGHVXSHUVRQDFRPR0HVLDVFI-QORVPDQGDPLHQWRVGH&ULVWR-QFID
-QVRQORVPLVPRVPDQGDPLHQWRVGH'LRV-QFID-Q
-HVXFULVWRHVQXHVWURHMHPSORHQWRGR-Q<SRUORWDQWRGHEHPRVDQGDUFRPRHODQGXYRD-QWDQWRHQORVELHQHVTXHKL]R
FRPRHQQXHVWUDLGHQWLILFDFLRQHQODGRFWULQD\REHGLHQFLDDORVPDQGDPLHQWRVGH'LRV
1XHVWUDILGHOLGDGDVX3DODEUDR'RFWULQD-QTXHUHSRVDHQODILGHOLGDGVDJUDGDTXH-HVXFULVWRWLHQHSDUDFRQOD3DODEUDGHVX3DGUH
-QFIUHVXOWDUDHQXQFRQRFLPLHQWRGHODYHUGDG\GHODDXWHQWLFDOLEHUWDG-Q
3RU WRGR HOOR GHEHPRV DJUDGDU D 'LRV FRPR HO OH DJUDGR FI -Q  KDFLHQGR VX YROXQWDG -Q   FI 0W  JXDUGDQGR VXV
PDQGDPLHQWRVD-Q8QRGHHVRVPDQGDPLHQWRVHVHOTXHFUHDPRVHQHO+LMR\TXHQRVDPHPRVORVXQRVDORVRWURVD-Q
 'HVGH OD HWHUQLGDG 'LRV KD PDQLIHVWDGR TXH HV DPRU D -Q  \ KD VLGR XQD UHDOLGDG FRQ OD SUHVHQFLD GH VX +LMR TXH YLQR SDUD
VDOYDUQRV-Q/DSUR\HFFLRQGHHVHDPRUKDGHHYLGHQFLDUDPRUFI-QHQWUHORVTXHH[SHULPHQWDQHODPRUGH'LRVHQ
&ULVWRD-Q-XDQKDFRPSUHQGLGRQRREVWDQWHTXHKD\XQYHUGDGHUR\IDOVRDPRU\TXHHVSUHFLVRGLVWLQJXLUORV(QHIHFWRKD\
XQDGLIHUHQFLDHQWUHHOOODPDGRDPRUDOPXQGR\HOTXHSURYLHQHGH'LRV-QFID-QHODXWHQWLFRDPRUQRGHEHVHUGHVLPSOH
SDODEUD QL GH OHQJXD D -Q  GHEH VHU XQ DPRU VDOYLILFR KD\ TXH HVWDU GLVSXHVWR D DPDU FRPR (O QRV DPR HQ XQD HQWUHJDPXWXD SRU
QRVRWURVD-Q3HURHVHDPRUVDOYLILFRTXHUHVXOWDHQXQDSHUPDQHQFLDGH'LRVHQQRVRWURV\HQXQDSHUIHFFLRQGHVXDPRUD-Q
LPSOLFDKDEHUOHFRQRFLGRD-Q3HURQRWHVHDKRUDELHQTXHHVDSHUPDQHQFLD\HVHFRQRFHUD'LRVKDGHFRQILJXUDUXQDDFWLWXG
GHQRTXHUHUSHFDUD-Q\SHFDUVHJXQKDDSUHQGLGR-XDQHVWUDQVJUHVLRQGHODOH\PRUDOGH'LRVD-Q3RUORWDQWRHOFULVWLDQR
HVWDLGHQWLILFDGRFRQODOH\GH'LRV\ODDPDTXHULHQGRODFXPSOLU(OFRQRFLPLHQWRGH'LRV\ODSHUIHFFLRQGHVXDPRUQRVOOHYDDJXDUGDUORV
PDQGDPLHQWRVGH&ULVWR\VX3DODEUDD-QTXHVRQORVPLVPRVTXHORVGH6X3DGUHTXHHVSUHFLVRJXDUGDUORVFRPRXQDHYLGHQFLDGH
TXH FRQRFHPRV DO 3DGUH \ YLYLPRV GH DFXHUGR DO DPRU \ YROXQWDG GH 'LRV D -Q   FI D -Q  D -Q  3RU HVR -XDQ HQ HO
$SRFDOLSVLVLGHQWLILFDDO3XHEORGH'LRVDO5HPDQHQWHFRPRORVTXHJXDUGDQORVPDQGDPLHQWRVGH'LRV\WLHQHQHOWHVWLPRQLRGH-HVXV$S
FI
(OGLDTXHSHUWHQHFHDO6HQRUSDUD-XDQHVHOTXHHVWHFRQWHPSODGRHQOD/H\GH'LRV
$QWHWRGDHVWDSUHVHQWDFLRQHQFXDQWRDTXHHVSUHFLVRQRLQIULQJLUODOH\GH'LRVD-QFI([-Q\JXDUGDU
ORVPDQGDPLHQWRVGH'LRVFRQORVTXHFRLQFLGH-HVXFULVWRFRPRXQDGHPRVWUDFLRQGHTXHOHFRQRFHPRV\VRPHWHPRVQXHVWUDYROXQWDGDODGH
'LRVHQHYLGHQFLDGHTXHVXDPRUSHUPDQHFHHQQRVRWURV\GHODREUDTXHHO(VSLULWX6DQWRUHDOL]DQRTXHGDPDVUHPHGLRTXHUHFRQRFHUHQ
FRKHUHQFLD D ODV DILUPDFLRQHV GH -XDQ GH TXH HO 6DEDGR R VHSWLPR GLD RWRUJDGR SRU 'LRV HV XQR GH ORV PDQGDPLHQWRV VDJUDGRV TXH HVWD
GHQWUR GH OD YROXQWDGGH 'LRV -XDQ FRQVLGHUD DO 6DEDGR R VHSWLPR GLD FRPR HO GLD HVWDEOHFLGR SRU 'LRV \ DSDUHFH FRPR XQR GH ORV
PDQGDPLHQWRV HQWUH RWURV TXH HV SUHFLVR UHVSHWDU -Q    FI < HO QRV LQVWD D VHU ILHOHV D VXV PDQGDPLHQWRV \ D 6X
YROXQWDGD-Q3RUORWDQWRHVWDLQFOX\HQGRHOXQLFRGLDTXHOD5HYHODFLRQGH'LRVUHFRQRFHFRPRIUXWRGHODPRUGH'LRVGHVGH
OD &UHDFLRQ *Q  KDVWD OD UHFXSHUDFLRQ SRU -HVXFULVWR GH HVD &UHDFLRQ SHUIHFWD SHUGLGD SRU HO SHFDGR +E   FI  6L
GHEHPRVGHDQGDUFRPRHODQGXYRD-QVHUDSUHFLVRLQIRUPDUQRVGHFRPRDQGXYR-HVXVHQWUHRWUDVFRVDV-QFI0W
+HFK/FVLHQGRILHODODOH\GH'LRV0WWDOFRPRHVWDEDDQXQFLDGR6DO,VDFI+E\SRUOR
WDQWRJXDUGRHO6DEDGRFI/FHOGLDTXHKDELDVLGRLQVWLWXLGRFRPREHQHILFLRVR\VDJUDGRSDUDHOKRPEUH\GHOTXH(OHUDHO6HQRU0F
-XDQTXHSUHGLFRGH-HVXFULVWRFRPRQXHVWURHMHPSORDLPLWDUFID-QHVWDEDGHDFXHUGRFRQHVHGLDGH6DEDGRDFHOHEUDU
FDGDVHSWLPRGLDGHDFXHUGRDO6HQRULDODODPDQHUDFRQTXH-HVXVOHHQVHQR$SFI-Q
>@
 8Q HVWXGLR VREUH HO YDORU GHO DGMHWLYR.XULDNRV SXHGH YHUVH HQ XQD WHVLV GH$QGUHZV 8QLYHUVLW\ %HUULHQ 6SULQJV 0LFKLJDQ 6'$
7KHRORJLFDO 6HPLQDU\  XQ WUDEDMR GDFWLORJUDILDGR SRU 7KHRGRUH5DFLQH 7RUNHOVRQ WLWXODGR$Q LQYHVWLJDWLRQ LQWR WKH XVDJH DQG
VLJQLILFDQFHRIWKHJUHHNDGMHFWLYHN\ULDNRVGXULQJWKHILUVKIRXUFHQWXULHVRIWKHFKULVWLDQHUD
>@
9DPRVDSUHVHQWDUXQDVHULHGHFLWDVFRQODVTXHSUHWHQGHPRVPRVWUDUFRPRKDVWDDSUR[LPDGDPHQWHPHGLDGRVGHOV,,ODREVHUYDQFLD
GHO VDEDGR HQ FDGD VHSWLPR GLD GH OD VHPDQD IXH SUDFWLFDPHQWH XQLIRUPH \ XQDQLPH \ TXH KDVWD HO V 9 D H[FHSFLRQ GH ODV ]RQDV GH
LQIOXHQFLDGHOD,JOHVLDGH5RPD\GH$OHMDQGULDHOVDEDGRFRQWLQXRVLHQGRHOGLDGHO6HQRU(QQXHVWUDWHUFHUDSDUWHFRPSUREDUHPRVDGHPDV
TXHHOGRPLQJRIXHHYROXFLRQDQGRGHVWDFDQGRVHJUDFLDVDODDXWRULGDGSROLWLFRHFOHVLDVWLFDURPDQDGHVGHPHGLDGRVGHOV,,TXHQRVHLPSXVR
KDVWDSULQFLSLRVGHOV,9HQDOJXQRVOXJDUHV\HVWRGHPRGRFRHUFLWLYR\HQRWURVVHRSWRSRUJXDUGDUORVGRVGLDVYHU6R]RQHQ+LVWRULD
(FOHVLDVWLFD131)
(QXQHVFULWRGHQRPLQDGR+HFKRVGH-XDQGHPLWDGGHOVLJOR,,HQVXFS9,VHDILUPD
(QHOVHSWLPRGLDHUDHO6HQRULDO!!
(PLO+HQUL$XJXVWH9ROOHWKLVWRULDGRUSURWHVWDQWHIUDQFHVDUW'LPDQFKH(65;,9SGLFHVREUH$SRFDOLSVLV
GHVGH HO WLHPSR GH ORV DSRVWROHV ORV FULVWLDQRV GDEDQ DXQ GLD GH OD VHPDQD HO QRPEUH GH GLD GHO 6HQRU 3HUR HVWD GHQRPLQDFLRQ SRGULD
DSOLFDUVHDO6DEDGR!!
(OSDVWRUSURWHVWDQWHVXL]R/RXLV9LFWRU0HOOHWHQ/HGLPDQFKHQ
HVWSDVXQ6DEEDWSUHILULHQGRVHDOGLDGH$SRFDOLSVLV
GHVLJQD DTXL HO GLD GHO VDEDGR MXGLR TXH KD VLGR GXUDQWH ODUJR WLHPSR HQ OD ,JOHVLD SULPLWLYD XQ GLD GH DVDPEOHD \ GH FXOWR (VWD
LQWHUSUHWDFLRQSDUHFHHVWDUDSR\DGDSRUODIUDVHRORJLDGHWRGRVORVMXGLRVGHVGHKDFHDQRV!!
(OHQD:KLWHHQ+HFKRVGHORV$SRVWROHV333$S
)XHHQXQVDEDGRFXDQGRODJORULDGHO6HQRUVHPDQLIHVWRDOGHVWHUUDGRDSRVWRO-XDQREVHUYDEDHOVDEDGRWDQUHYHUHQWHPHQWHHQ3DWPRV
FRPRFXDQGRSUHGLFDEDDOSXHEORGHODVDOGHDV\FLXGDGHVGH-XGD!!
&DUORV(UGPDQSURIHVRUHPHULWRGHO6HPLQDULR7HRORJLFRGH3ULQFHQWRQ1HZ-HUVH\HQ(O$SRFDOLSVLV7(//*UDQG5DSLGV0LFKLJDQ
86$SH[SUHVDUHILULHQGRVHD$SRFDOLSVLV
(VHOVDEDGRFULVWLDQRHOGLDGHO6HQRU!!
$XQTXHGXGDPRVGHOYDORUTXHGDDHVWHVDEDGR(ODXWRUGLFHOLWHUDOPHQWHORTXHKHPRVH[SXHVWR\HQQLQJXQOXJDUVHUHILHUHDOGRPLQJR
&0HUZ\Q0D[ZHOO(O0HQVDMHGHO$SRFDOLSVLV333$YRO,,SSFRQVLGHUDFRPRVLHQGRHOVDEDGRVHSWLPRGLDGHODVHPDQDHO
GLDGHO6HQRUHQTXHUHFLEHHO(VSLULWXSDUDWHQHUODYLVLRQ
/'XFKHVQH2ULJLQHVGX&XOWHFKUHWLHQHPHHG3DULVSS
/RVSULPHURVFULVWLDQRVHQHOWLHPSRTXHFDVLWRGRVHOORVHVWDEDQWRGDYLDHQODFDSLWDOMXGLDWRPDEDQSDUWHHQHOFXOWRGHOWHPSORSHURVLQ
SHUMXLFLRGHVXVUHXQLRQHVHVSHFLDOHVODVGHODVLQDJRJDQXHYDTXHHOORVKDELDFRQVWLWXLGRGHVGHORVSULPHURVGLDV)XHUDGH-HUXVDOHQODPDV
DOWDH[SUHVLRQGHVXYLGDUHOLJLRVDFROHFWLYDHUDFRPRSDUDORVMXGLRVODUHXQLRQKHEGRPHGDULDGHODVLQDJRJD
(VWDVUHXQLRQHVWHQLDQOXJDUHOVDEDGR!!
0DULR5LJKHWWLHQ+LVWRULDGHOD/LWXUJLD%$&0DGULGYRO,S
(VFRQRFLGDODFDSLWDOLPSRUWDQFLDOLWXUJLFDTXHHOGLDGHOVDEDGRWHQLDSDUDORVKHEUHRV8QDLQVWLWXFLRQWDQDQWLJXD\WDQUHVSHWDGDHQORV
WLHPSRVGH1XHVWUR6HQRUQRVRORGHQWURGHORVFRQILQHVGH3DOHVWLQDVLQRWDPELHQHQPXFKDVFLXGDGHVGH$VLD\GH(JLSWRQRSRGLDGHMDU
GHVHUXQDPDUFDGXUDGHUDHQODVQXPHURVDVHLPSRUWDQWHVFRPXQLGDGHVFULVWLDQDVTXHVHKDELDQGHULYDGRHQJUDQSDUWHGHHOODV!!
26KU]\SF]DN(QFLFORSHGLDGHOD%LEOLDHG([LWR%DUFHORQDSS
/D &RPXQLGDG FULVWLDQD GH -HUXVDOHQ FRQ ORV DSRVWROHV DO IUHQWH HQ JHQHUDO REVHUYDEDQ ODV SUHVFULSFLRQHV GH OD OH\  \ QR KD\ UD]RQ
SDUDH[FOXLUGHHVWDQRUPDODREVHUYDQFLDGHOVDEDGR!!
0DULR 5LJKHWWL HQ+LVWRULD GH OD /LWXUJLD%$& 0DGULG  YRO , S  EDVDQGRVH HQ XQD FLWD GH 2ULJHQHV GHO V ,,, +RPLOLD  LQ
1XPDILUPD
2ULJHQHVHQXQDKRPLOLDSURQXQFLDGDHQ&HVDUHDDOUHGHGRUGHOKDEODPXFKRGHXQVDEDGRFULVWLDQRSXULILFDGRGHREVHUYDQFLDVMXGLDV
\VDQWLILFDGRFRQHODFXGLUDOD,JOHVLD\FRQODFHVDFLRQGHORVWUDEDMRVPXQGDQRV!!
4XH 2ULJHQHV DTXL VH HVWD UHILULHQGR DO VDEDGR VHSWLPR GLD GH OD VHPDQD HV HYLGHQWH SRU VX FLWD GH,Q,VD  UHFRJLGD HQ OD FROHFFLRQ
SDWULVWLFDGH0LJQH3*;,,,FRO
/DUHVXUUHFFLRQGHO6HQRUQRVHFHOHEUDPDVTXHXQDVRODYH]DODQR\QRDOWHUPLQRGHWRGRVORVVHSWLPRVGLDV!!
/DVFRQWUDGLFFLRQHVTXHSXHGHQDSDUHFHUHQDOJXQRVDXWRUHV2ULJHQHVSRUHMHPSORHVIUXWRGHODVPDQLSXODFLRQHVHQODWUDGXFFLRQ\FDPELRV
TXHVXIULHURQVXVHVFULWRV/RTXHHYLGHQFLDXQDFXOWXUDGHH[WHUPLQRUHVSHFWRDDTXHOORTXHQRLQWHUHVDED
6RFUDWHVHO(VFRODVWLFRGHOV9HQVX+LVWRULD(FOHVLDVWLFDOLEUR9FSDILUPD
&DVLWRGDVODVLJOHVLDVGHOPXQGRHQWHURFHOHEUDQORVVDQWRVPLVWHULRVHOVDEDGRGHFDGDVHPDQDVLQHPEDUJRORVFULVWLDQRVGH$OHMDQGULD\
GH 5RPD HQ UD]RQ GH XQD DQWLJXD WUDGLFLRQ KDQ FHVDGR GH KDFHUOR PLVPR /RV HJLSFLRV GH OD YHFLQD$OHMDQGULD \ ORV KDELWDQWHV GH 7HEDV
WLHQHQVXVDVDPEOHDVUHOLJLRVDVHOVDEDGR!!
(QXQWUDEDMRFROHFWLYRHGLWDGR\GLULJLGRSRU.HQQHWK6WUDQG7KH6DEEDWKLQ6FULSWXUHDQG+LVWRU\5+3$VHGHPXHVWUDVLQKDEHU
VLGRUHEDWLGRTXH
+DVWDHOVLJOR,,QRKD\HQQLQJXQDSDUWHHYLGHQFLDFRQFUHWDGHXQDFHOHEUDFLRQFULVWLDQDVHPDQDOGHOGRPLQJR/DVSULPHUDVUHIHUHQFLDV
HVSHFLILFDV GXUDQWH HVH VLJOR YLHQHQ GH ]RQDV GH $OHMDQGULD \ 5RPD TXH \D KDELDQ UHFKD]DGROD REVHUYDQFLD GHO VDEDGR GHVGH PX\
WHPSUDQR!!S
*DEULHO-DFTXHPHQW&DWKROLFLVPH,,,3DULVFRO
1LHQOD(VFULWXUDQLHQODWUDGLFLRQQRKD\KXHOODGHXQDLQWHUYHQFLRQGLUHFWDH[SOLFLWDGH'LRVGHFODUDQGRODVXVWLWXFLRQGHOVDEDGRSRUHO
GRPLQJR!!
$:(9LQHHQVXIDPRVR 'LFFLRQDULR([SRVLWLYRGHODV3DODEUDVGHO1XHYR7HVWDPHQWRYRO,RSFSVHOHKDFHFRQWUDGHFLU
TXL]DSRUODPDQRLQYLVLEOHGHOWUDGXFWRUFXDQGRH[SRQHTXHGXUDQWHORVWUHVSULPHURVVLJORVGHODHUDFULVWLDQDQXQFDVHFRQIXQGLRHOVDEDGR
FRQHOSULPHUGLDGHODVHPDQD<SRVWHULRUPHQWHDQDGHTXHODFRQIXVLRQVHGHELRDXQDOHMDUVHGHODHQVHQDQ]DDSRVWROLFD1RWHQHPRVHO
RULJLQDOLQJOHV3HURVHDORTXHIXHUHORTXHVLHVFLHUWRTXHODFRQIXVLRQFXDQGRODKXERORIXHSRUXQDOHMDUVHGHODHQVHQDQ]DDSRVWROLFD(Q
QLQJXQDSDUWHGHHVDHQVHQDQ]DVHLQGLFDRWURGLDGHUHSRVR\GHO6HQRUGLVWLQWRDOVHSWLPRGLDRVDEDGR
>@
(Q$JXVWLQGHO$JXD3HUH]HQ(OPHWRGRPLGUDVLFR\ODH[HJHVLVGHO1XHYR7HVWDPHQWRRSFSSUHFRUGHPRV
3RUORTXHVHUHILHUDDVXXVRHQHO1XHYR7HVWDPHQWRODH[SUHVLRQ+LMRGHO+RPEUHKD\TXHVLWXDUODHQODWUDGLFLRQDSRFDOLSWLFDMXGLD
GRQGHDSDUHFHSRUSULPHUDYH]FRPRILJXUDHVFDWRORJLFDHQ'DQLHOV
&UHHPRVSRUWDQWRTXHORVORJLDGHO+LMRGHO+RPEUHFRQWLHQHQXQGHUDVSHVHUSRUHOTXH-HVXVVHLGHQWLILFDFRQODILJXUDPHVLDQLFDGHO
+LMRGHO+RPEUHGHODWUDGLFLRQDSRFDOLSWLFDWDQWRHQORVORJLDTXHVHUHILHUHQDVXDFWXDFLRQSUHVHQWHFRPRDVXYHQLGDHQODSDUXVLD!!
9HGSGHHVWHFRPHQWDULRGRQGHDSRUWDPRVFLWDVGHDXWRUHVTXHLGHQWLILFDQDO+LMRGHO+RPEUHGHOHYDQJHOLRFRQHO+LMRGHO+RPEUHGH
'DQLHO
"4XHVLJQLILFDGHUDVSHVHU",QYHVWLJDUXQDFLWD(QJHQHUDOKDFHUGHUDVVHULDXWLOL]DUXQDH[SUHVLRQGHO$QWLJXR7HVWDPHQWRDSOLFDQGRVHOD
SRU LQVHUFLRQ VXVWLWXFLRQ R FXPSOLPLHQWR HQ HO 1XHYR 7HVWDPHQWR &XDQGR HVR VH KDFH HO FRQWH[WR GHO 1XHYR 7HVWDPHQWR FREUD XQD
GLPHQVLRQ QXHYD GH DFXHUGR D ORV YDORUHV LQWHJUDGRV HQ HO FRQWH[WR HQ HO TXH DSDUHFH HQ HO WH[WR GHO $QWLJXR 7HVWDPHQWR /RV
DFRQWHFLPLHQWRV\WHPDWLFDVTXHURGHDQDODH[SUHVLRQUHSHUFXWHQDKRUDHQODYDORUDFLRQGHODSDODEUD\VXFRQWH[WRHQHO1XHYR7HVWDPHQWR
(QHOFDVRTXHQRVRFXSDHQUHODFLRQDODH[SUHVLRQ+LMRGHO+RPEUHVHWUDWDGHXQSURFHGLPLHQWRHQHOTXHVHXWLOL]DHOWH[WRHQFXHVWLRQ
FRQODILQDOLGDGGHDSOLFDUVHDVLPLVPRODLQWHUSUHWDFLRQHVFDWRORJLFDGHODWUDGLFLRQPHVLDQLFDUHSUHVHQWDGDHQODH[SUHVLRQ\HQHOFRQWH[WR
HQHOTXHDSDUHFH-HVXFULVWRDODOXGLULGHQWLILFDQGRVHFRQHO+LMRGHO+RPEUHGH'DQLHOQRVHVWDTXHULHQGRGHFLUHQSULQFLSLRTXHVX
RULJHQ HV FHOHVWLDO$KRUD WRGR HO FRQWH[WR HQ HO TXH VH XWLOLFH HQ HO (YDQJHOLR FREUD XQD GLPHQVLRQ QXHYD HQ YLUWXG GH ORV YDORUHV TXH VH
GHVSUHQGHQHQHOFRQWH[WRGRQGHDSDUHFHHQ'DQLHO\GHODWHPDWLFDTXH-HVXVHVWHWUDWDQGRHQHO(YDQJHOLRTXHVHLQVHUWDUDFRQ
HVRVYDORUHVGHOFRQWH[WRPHQFLRQDGR
/D SDUWLFXODULGDG GHOSHVHU FRQVLVWH HQ QR VHU XQ FRPHQWDULR VLQR XQD DSOLFDFLRQ LQVSLUDGD GH XQD FLWD GH OD (VFULWXUD HQ(O PHWRGR
PLGUDVLFRRSFS
>@
9HGSS
>@
 7DO FRPR \D KHPRV GLFKR HQ RWUR OXJDU HVWH GHUDV FRQVLVWH HQEXVFDU HO WHUPLQR +LMR GHO +RPEUH HQ HO$QWLJXR 7HVWDPHQWR \
FRPSUREDUFXDOHVVRQODVLGHDVTXHOHDFRPSDQDQ\WUDHUODVDODH[SUHVLRQ+LMRGHO+RPEUHTXHDSDUHFHHQHO1XHYR7HVWDPHQWR'HHVWH
PRGR VDEUHPRV OD LQWHUSUHWDFLRQ FRPSOHWD TXH VH OH TXLHUH GDU DKL FXDQGR DSDUHFH HO +LMR GHO +RPEUH PHQFLRQDGR (O +LMR GHO +RPEUH
DSDUHFHHQXQDREUDGHFHUFDQLDIXQFLRQDOFRQHO$QFLDQRGH'LDVSUHFHGLGDFRQXQVHQWDUVHDODGLHVWUDLPSOLFDQGRVHXQPLQLVWHULRFRQWLQXR
\XQMXLFLR'QFI
>@
<DKHPRVYLVWRHQRWUROXJDUTXHHVDYHQLGDHQQXEHVQRDFDEDFRQODFHUFDQLDKDFLDHO$QFLDQRGHGLDVVLQRTXHWHUPLQDGHDFXHUGR
'QYROYLHQGRDODWLHUUD<HVHVHULDHOVLJQLILFDGRFRPSOHWR
>@
9HGSS
>@
"&RPRVHPDQLILHVWDHVHPLQLVWHULRFRQWLQXRGHO6XPR6DFHUGRWH-HVXFULVWR"
6HKDEODGH&ULVWRFRPRFDPLQDQGRHQPHGLRGHORVFDQGHOHURV$VLVHVLPEROL]DVXUHODFLRQFRQODVLJOHVLDVHVWDHQFRQVWDQWHFRPXQLFDFLRQ
FRQVXSXHEOR&RQRFHVXUHDOFRQGLFLRQ2EVHUYDVXRUGHQVXSLHGDGVXGHYRFLRQ$XQTXHHVHOVXPRVDFHUGRWH\PHGLDGRUHQHOVDQWXDULR
FHOHVWLDOVHOHUHSUHVHQWDFRPRFDPLQDQGRHQPHGLRGHVXVLJOHVLDVHQODWLHUUD&RQLQFDQVDEOHGHVYHOR\FRQVWDQWHYLJLODQFLD6XFXLGDGR
FRQVWDQWH\VXJUDFLDVRVWHQHGRUDVRQODIXHQWHODYLGD\ODOX]
&ULVWR IXH SUHVHQWDGR FRPR VRVWHQLHQGR ODV VLHWH HVWUHOODV HQ VX PDQR GHUHFKD (VWR QRV DVHJXUD TXH QLQJXQD LJOHVLDTXH VHD ILHO D VX
FRPHWLGRQHFHVLWDWHPHUDODGHVWUXFFLRQSRUTXHQLQJXQDHVWUHOODTXHWLHQHODSURWHFFLRQGHORPQLSRWHQWHSXHGHVHUDUUDQFDGDGHODPDQRGH
&ULVWR(:KLWH/RV+HFKRV$SRVWROHVS
>@
$.XHQ/
$SRFDO\SVHRSFS
9HGVREUHHVWHPLVPRSXQWRGHYLVWDD(:KLWH+HFKRVGHORV$SRVWROHVSFI2(
>@
(+LHEHUW$Q,QWURGXFWLRQWRWKH1HZ7HVWDPHQW9RO7KH1RQ3DXOLQH(SLVWOHVDQG5HYHODWLRQS
>@
(Q*HKHLPH2IIHQEDUXQJXQG7HPSHOGLHQVW3DGHUERUQ
9HU OD DOXVLRQ GH 6HEDVWLDQ %DUWLQD HQ VX &RPHQWDULR VREUH HO $SRFDOLSVLV GHQWUR GH/D 6DJUDGD (VFULWXUD 17 YRO ,,, SS  
UHVSHFWRDODDSDULFLRQGHOWHPSORHO6DQWLVLPR\ORVDOWDUHVFRPRWHPDUHFXUUHQWHHQHO$SRFDOLSVLV
7DPELHQ33ULJHQW$SRFDO\SVHHWOLWXUJLH&DKLHUV7KHRORJLTXHV'HODFKDX[HW1LHVWOH1HXFKDWHO
89DQQL/
$SRFDO\SVHMRKDQQLTXHHWDWGHODTXHVWLRQHQ/
$SRFDO\SVHMRKDQQLTXHHWO
$SRFDO\SWLTXHGDQVOH1RXYHDX7HVWDPHQWRS
FSS1RVSUHVHQWDODLGHDQDGDGHVGHQDEOHTXHODWHRORJLDGHODXWRUGHO$SRFDOLSVLVSDUWHGHODH[SHULHQFLDOLWXUJLFDS/RV
WHVWLPRQLRVGHHVWDVHH[SUHVDULDQHQFDWHJRULDVGHOLWXUJLDMXGLDLG3HURORPDVLQWHUHVDQWHHVWDULDHQTXHODOLWXUJLDDGHPDVGHFRQWHQHUXQ
PHQVDMHWHRORJLFRQRHVWDULDFHUUDGDHQHOODPLVPDVLQRTXHVHSUR\HFWDSRQLHQGRVHHQFRQWDFWRFRQODUHDOLGDGGHODKLVWRULDS
6REUHODQRFLRQGHVDFHUGRWHDOXGLHQGRDO5HLQRGH'LRVFRPRIHQRPHQRHVFDWRORJLFR\DODOLWXUJLDMXGLDFRPRWLSRORJLFDYHUD(6FKXVVOHU
)LRUHQ]D3ULHVWHUIXU*RWW6WXGLHQ]XP+HUUVFKDIWVXQG3ULHVWHUPRWLYLQGHU$SRNDO\SVH1HXW$EK0XQVWHU
/DFXHVWLRQGHO'LDGHO6HQRUFRPRXQDIXQFLRQOLWXUJLFD\HVFDWRORJLFDYHUD.$6WUDQG$QRWKHU/RRNDW/RUG
V'D\LQWKH(DUO\
&KXUFKDQGLQ5HYHQ176SS
>@
1:/XQG&KLDVPXVLQWKH1HZ7HVWDPHQW8QLYHUVLW\RI1RUWK&DUOLQD3UHVV&KDSHO+LOO1&
/D GLYLVLRQ HQ GRV SDUWHV XQD KLVWRULFD \ OD RWUD HVFDWRORJLFD TXH WDQWR .$ 6WUDQG 5$( (QHUR  S  RULJLQDOPHQWH HQ&KLDVWLF
6WUXFWXUH DQG 6RPH 0RWLIV LQ WKH %RRN RI 5HYHODWLRQ $866 YRO ;9,  S  FRPR 0HUY\Q 0D[ZHOO (O 0HQVDMH GH
$SRFDOLSVLVRSFSSQRVWUDHQQRUHVSRQGHDGHFXDGDPHQWHDODHYLGHQFLDGHOWH[WRTXHLQFOX\HQXPHURVRVHOHPHQWRVHVFDWRORJLFRV
HQHVDSDUWHKLVWRULFD\DVSHFWRVKLVWRULFRVDFRQVLGHUDUHQODSDUWHTXHGHQRPLQDQHVFDWRORJLFD
6HULDQHFHVDULRSUHFLVDUORTXHVHHQWLHQGHSRUKLVWRULFR\SRUHVFDWRORJLFRHQQXHVWUDLQWURGXFFLRQKHPRVH[SOLFDGRFRQYHQLHQWHHVWR
>@
0DULR9HORVRFLWDGRFRPRHVSHFLDOLVWDHQUHODFLRQDORDQWHULRUQRVDILUPDTXHHOPLQLVWHULRGH&ULVWRHQHO6DQWXDULR&HOHVWLDOHVHO
QXFOHRWHPDWLFRIXQGDPHQWDOGHO$SRFDOLSVLVYHUD0DULR9HORVRHQXQHVWXGLRSRUPHQRUL]DGRUHVSHFWRDOD 'RFWULQDGHO6DQWXDULR\GHOD
([SLDFLRQ UHIOHMDGD HQ HO OLEUR GHO $SRFDOLSVLV ^0$ (QHUR)HEUHUR  SS ` 8JR 9DQQL OR KD VREUHVDOWDGR  $SRFDO\SVH
-RKDQQLTXHGLULJLGRSRU-/DPEUHFKWRSFSKDFLHQGRPHQFLRQDOH[FHOHQWHWUDEDMRGH0DULR9HORVR 6LPERORVHQHO$SRFDOLSVLVGH
6DQ-XDQHQ5HYLVWD%LEOLFDSS
>@
 (O PHQVDMH D ODV ,JOHVLDV SRVHH XQ FRQWHQLGR XQLYHUVDO TXH VLUYH SDUD FDGD JHQHUDFLRQ GH FULVWLDQRV /DV ,JOHVLDV JOREDOPHQWH HVWDQ
UHODFLRQDGDVOLWHUDULD\FURQRORJLFDPHQWHSRUORTXHPDUFDHOFDSLWXOR+G$S(:KLWHPXHVWUDTXHORVPHQVDMHVDODVGLIHUHQWHV
,JOHVLDVSXHGHQWHQHUDSOLFDFLRQDWRGDVODVHSRFDV&%$YRO9,,SS\VV
/DLGHDGHOVLHWHDTXLVHULDSOHQLWXG\VLJQLILFDTXHHOPHQVDMHVHH[WLHQGHKDVWDHOILQGHOWLHPSR9HUD(:KLWH +G$S/DLGHD
GHOQXPHURVLHWHQRHQFLHUUDHQVLPLVPRXQDVXFHVLRQHQHSRFDV
(VWHPHQVDMHVLUYHSDUDFDGDHSRFDKDVWDHOWLHPSRGHOILQSXGLHQGRVHVHUUHSHWLWLYDVODVFLUFXQVWDQFLDV\ HOHPHQWRV TXH VREUHVDOHQ \ SRU
RWUDSDUWHORHVHQFLDOGHOFRQWHQLGRGHFDGD,JOHVLDHVWDUGRPLQDGRSRUODLGHDVXE\DFHQWHGH$SRFDOLSVLV\SRUORTXHRWURVSDVDMHVQRV
LQGLFDQUHVSHFWRDODKLVWRULDGHOD,JOHVLDTXHJXDUGDHQVXVHQRORVSULQFLSLRVGHO5HLQRGH'LRV$S
>@
/RVQRPEUHVGHHVWDVVRQXQVLPERORGHODLJOHVLDHQGLIHUHQWHVSHULRGRVGHODHUDFULVWLDQD(OQXPHURVLHWHLQGLFDDOJRFRPSOHWR\
VLJQLILFDTXHORVPHQVDMHVVHH[WLHQGHQKDVWDHOILQGHOWLHPSRPLHQWUDVTXHORVVLPERORVXVDGRVUHYHODQODFRQGLFLRQGHODLJOHVLDHQGLIHUHQWHV
SHULRGRVGHODKLVWRULD(:KLWH+HFKRVGHORV$SRVWROHVS(VWRTXHUULDGHFLUTXHHQFLHUWRPRPHQWRKLVWRULFRKDSRGLGRVREUHVDOLU
XQPHQVDMHGHWHUPLQDGRGHODXQDLJOHVLDRLJOHVLDV
>@
 +HPRV FRQVXOWDGR HO DVSHFWR KLVWRULFR GH ODV UHVHQDV TXH VH QRV GDQ \ HQ RFDVLRQHV DOJXQDV GH ODV HQVHQDQ]DV HQO
$SRFDO\SVH GH
.XHQRSFSSHO&RPHQWDULRDO$SRFDOLSVLVGH5REHUW+0RXQFHSS/D&ODUWHGHO
$SRFDO\SVHGH&KDUOHV%UXXWVFK
RS F SS  %DUFOD\$SRFDOLSVLV YRO , RS F SS /HFWXUDGHO$SRFDOLSVLV GH 8JR 9DQQL RS F SS  SUHVHQWD XQ
DQDOLVLVOLWHUDULRGHOD,JOHVLDGH/DRGLFHDFRQDOXVLRQHVKLVWRULFDV\DSOLFDFLRQHVWHRORJLFDV&RPHQWDULR%LEOLFR$GYHQWLVWDYROSS

/DVIXHQWHVHQRFDVLRQHVQRVRQPX\VHJXUDVQRQRVKHPRVSRGLGRHQWUHWHQHUHQYHULILFDUODV3HURFXDQGRKHYLVWRTXHKD\DSOLFDFLRQHVSRFR
VHJXUDVODVKHPRVPDQWHQLGRDOPDUJHQ
>@
+HPRVGHHVWXGLDU$S7HQJDVHHQFXHQWDQXHVWURHVWXGLRKLVWRULFRTXHKHPRVSURSRUFLRQDGRHQHOFDSLWXORDQWHULRU\ORTXHKHPRV
DGLFLRQDGR DO FDSLWXOR  (VWDV SUHVHQWDFLRQHV HVWDQ VDFDGDV GH OD REUD GH$QWROLQ 'LHVWUH *LO/D YRFDFLRQ GH SRGHU HQ OD HUD GH OD
JOREDOL]DFLRQYROVHGLWDHODXWRUXOWLPDSXHVWDDOGLD=DUDJR]D6HULDFRQYHQLHQWHTXHODVSXGLHUDQFRQVXOWDUGDGDODGRFXPHQWDFLRQ
FRQWHQLGDSDUDODWHPDWLFDWDQWRGH'DQLHOFRPRGH$SRFDOLSVLV
>@
 (IHVR 6PLUQD \ 3HUJDPR HUDQ ODV PDV LPSRUWDQWHV \ VH FRQVLGHUDEDQ FRPR ODV SULPHUDV (IHVR HUD RILFLDOPHQWH OD FDSLWDO GH OD
SURYLQFLDURPDQDGH$VLDVHGHQRPLQDED0HWURSROLVXSUHPDGH$VLD
>@
&LFHURQ)LOLSLFDVORFLWD
>@
7DFLWR$QQ,9
>@

>@
$.XHQO
$SRFDO\SVHRSFS
>@
&%$RSFS
>@
,
>@
$SRORQLXVGH7\DQHFLWDGRSRU.XHQS
>@
5HFXHUGHQHQQXHVWUDLQWURGXFFLRQHOWHPDGHOMXLFLRGHQWURGHODWHPDWLFDGHORHVFDWRORJLFR
>@
1RGHEHGHVRUSUHQGHUQRVDXQFXDQGR(O9HUERHO/RJRV(O+LMRGH'LRVSRVHHDWULEXWRVGLYLQRVORVPLVPRVTXHHO3DGUH-Q
\DXQFXDQGRGHVGHODHWHUQLGDGHVWDEDHQXQDSRVLFLRQGHLJXDOGDGFRQHO3DGUH-QVHKL]RFDUQHKXPDQRSOHQDPHQWHVLQGHMDUGH
SRVHHUODPLVPDJORULDFRPRGHOXQLFRGHO3DGUH-QFI&RO\DXQTXHPDQWHQLHQGRHVDKXPDQLGDGLQIHULRUDODGLYLQLGDG'LRVHO
3DGUHORH[DOWDFRQHVDKXPDQLGDGSDUDTXHVHOHSXHGDDGRUDUGDGDVXFRQFLHQFLDKXPDQRGLYLQDFI)LOSFI+EPL
3DGUH HV PL 'LRV $S  6XER D PL 3DGUH \ D YXHVWUR 3DGUH $ PL 'LRV \ D YXHVWUR 'LRV FI -Q  FI  (O 3DGUH QR
FRQVLGHUD OD KXPDQLGDG GH -HVXFULVWR QL FRPR DOJRUHEDMDGR SXHVWR TXH VH KD QHFHVLWDGR HO DQRQDGDPLHQWR SDUD SRGHUQRV VDOYDU QL FRPR
REVWDFXORDOUHFRQRFLPLHQWRGHVXGLYLQLGDGSOHQDFRPRODGH(O-QFI\GHDKLTXHVHPDQLILHVWHODFRQFLHQFLDPHVLDQLFD\
GLYLQDGH-HVXVFRQVWDQWHPHQWH\UHSUHVHQWHDO3DGUHSDUDWRGRVORVHIHFWRV-QFIFI-QFI$S
(MHUFHUGHUHSUHVHQWDQWHGHO3DGUHGHVX'LRVFRPRKXPDQRSDUDWRGRVORVHIHFWRVKDGHSRVHHUORVPLVPRVDWULEXWRVTXHHO3DGUH
VLQVHURWUR'LRVGLVWLQWRDO3DGUH\WUDWDUVHGHOPLVPR\XQLFR'LRVFRPRHO3DGUH"&RPRVHGLJLHUHWRGRHVWR"1RORVDEHPRVQLSRGHPRV
DXQTXH OR DFHSWDPRV FRPR FRQVHFXHQFLD GH WRGR OR TXH VH GLFH GH -HVXFULVWR HQ OD 3DODEUD \ DXQ FXDQGR KHPRV HVFULWR PXFKDV SDJLQDV
VREUH HOOR FRQVXOWDG DO DXWRU HQ0HVLDV ,GHQWLGDG \ 0LVLRQ =DUDJR]D  HQ HO YRO , GRQGH DSRUWDPRV XQ DQDOLVLV VXILFLHQWHPHQWH
IHFXQGRFRPRSDUDQRHQWHQGHUORGHGLVWLQWRPRGRDORTXHVHQRVSURSRQHFRQODGREOHQDWXUDOH]DGLYLQD\KXPDQD
>@
 9HG VREUH HVWR GH TXH -XDQ HVWDULD DWDFDQGR D OD JQRVLV D 3 3ULJHQW /
$SRFDO\SVH GH 6DLQW -HDQ /DERU HW )LGHV *HQHYH 
FXDQGRWUDWDHOWH[WRHQFXHVWLRQWDPELHQD$.XHQRSFS\/HVOHWWUHVGH3DXOSSFLWDGRHQ/
$SRFDO\SVHS
>@
(QHOSULQFLSLRHUDHO9HUERR/RJRV
(Q HO SULQFLSLR \D HUD GHQRWD HWHUQLGDG 3RU VL PLVPD OD SDODEUD SULQFLSLR SRGULD WHQHU XQ YDORU FURQRORJLFR SHUR FRQ HO YHUERHQ \ HQ
LPSHUIHFWRH[SUHVDHWHUQLGDG)*RGHWHQVXFRPHQWDULRDO(YDQJHOLRGH6DQ-XDQSSDHG1HXFKDWHOQRVGLUDODGLIHUHQFLDTXH
H[LVWHHQWUHHOSULQFLSLRGHO*HQHVLV\HOGH-XDQ0LHQWUDVTXHHQ-XDQVHHPSOHDHOLPSHUIHFWRHUDHQ*HQHVLVVHXWLOL]DHOLQGHILQLGR
+DFHQRWDUTXHHOPLVPR-XDQDEDQGRQDHOLPSHUIHFWRSDUDXWLOL]DUHODRULVWRHJHQHWRFXDQGRSDVDDODFWRGHODFUHDFLRQ-Q
+HPRVTXHULGRWUDQVFULELUODWUDGXFFLRQTXHYLHUWHHORSXVFXORGHOD:DWFKWRZHU(O9HUERHQS(QSULQFLSLRHUDOD3DODEUDRHO9HUER
HQDUMHHQKRORJRV<OD3DODEUDHUDFRQHO'LRV NDLKRORJRVHQSURVWRQWKHRQ<'LRVHUDOD3DODEUD NDLWKHRVHQKRORJRV(VWH
HUDHQSULQFLSLRFRQHO'LRVRXWRHQHQDUMHSURVWRQWKHRQFI+E
(OWH[WRJULHJRGLFH9(QDYUFK_K QRCORJRMNDLRCORJRMK QSURMWRQTHRQNDLTHRMK QRCORJRM$
-XDQ VH UHPRQWD D OR XOWLPR H[SUHVDEOH DODUMH \ XVD XQ LPSHUIHFWR PRVWUDQGR TXH VL QRV UHPRQWDUDPRV DO SULQFLSLR GH WRGR HO /RJRV\D
H[LVWLDDQWHVGHWRGR
%LEOLFDPHQWHHODQWHVGHOD&UHDFLRQGHWRGDVODVFRVDVHVOD(WHUQLGDGGH'LRV3URY6DO+DE
>@
(VFLHUWRTXHODSDODEUDSULQFLSLRVHXWLOL]DWDPELHQHQVHQWLGRWHPSRUDOFRPRORSULPHURGHVGHHOSXQWRGHYLVWDRUGLQDO0F/XF
 3HUR HV SRU HVWH FRQWH[WR GH -XDQ FRPR HQ ODV FDUWDV \$SRFDOLSVLV TXH QR SRGHPRV DFHSWDU HVH VHQWLGR (O VHQWLGR GH KRQRU R GH
SRVLFLRQ WDPELHQ VH REWLHQH D YHFHV GH OD SDODEUDDUMHDXQTXHQRHVHVWHHOVHQWLGRHQHOWH[WRGH$SRFDOLSVLV(VWHVHQWLGRVLJQLILFD
SUHHPLQHQFLDSULQFLSDGR SULQFLSDO7LW  (IH < WDPELHQ HVWD HO VHQWLGR UHFRJLGR SRU HVWH FRPHQWDULR &ULVWR YHQGULD D VHU OD
VXVWDQFLDODFDXVDODIXHQWHHORULJHQSRUORTXHWRGRKDYHQLGRDVHU(VHOYDORUTXHGDPRVD$SRFDOLSVLVSRUFXDQWRVHUHODFLRQDFRQOD
SDODEUDSULQFLSLR\\D&ULVWRHUDHQHOSULQFLSLRFI+DEOXHJRSRUORWDQWRDQWHULRU<VHUHODFLRQDWDPELHQFRQODSDODEUD&UHDFLRQ\
SUHFLVDPHQWH&ULVWRHVHO&UHDGRU-Q9HDVH$75REHUWVRQ ,PDJHQHV9HUEDOHVGHO1XHYR7HVWDPHQWR HGHVSDQRODYRO9,S
VREUHTXH&ULVWRHVODIXHQWHRULJLQDGRUDGHOD&UHDFLRQ
>@
&%$YRORSFS
>@
1RWHPRVSRURWUDSDUWHTXHODDSOLFDFLRQHQHO$SRFDOLSVLVD&ULVWRODH[SUHVLRQSULPHUR\XOWLPRHQHO$QWLJXR7HVWDPHQWRVHDSOLFD
D<DKZH,VD
>@
/DSUHWHQVLRQTXHVHH[SUHVDHQ(O9HUERRSFSGRQGHVHGLFHTXHHQYH]GHFUHDFLRQGH'LRVSRGULDWUDGXFLUVHFUHDFLRQ
SRU'LRV\DVLORKDQFRQVLJQDGRHQVXYHUVLRQ1XHYR0XQGRWDQWRHQFDVWHOODQRFRPRHQLQJOHVQRWLHQHDSR\RELEOLFR6LHOVHQWLGRIXHUD
FUHDFLRQSRU'LRVHVWDULDODSUHSRVLFLRQXSRSRU$OXGLUD$75REHUWVRQFRPRVLHVWHDSR\DUDHVDLGHDHVQXODSRUFXDQWRGLFKDFLWDQR
GLFHQDGDDOUHVSHFWR(O9HUERS3UHFLVDPHQWH5REHUWVRQYLHUWHODIUDVHGLFLHQGRGH&ULVWRODIXHQWHRULJLQDULDGHODFUHDFLRQ
,PDJHQHV9HUEDOHVRSFYRO9,S$GHPDVHQODWUDGXFFLRQLQWHUOLQHDO\PDUJLQDOSXEOLFDGDSRUORV7HVWLJRVDFHSWDQODWUDGXFFLRQ
GH'LRV\QRSRU'LRVYHDVH'LDJORWWRSFS
>@
(QHO&%$RSFYRO9,,SSVHQRVGLFHTXHHOYRFDEORDUMHSULQFLSLRVHDSOLFDD&ULVWRHQVHQWLGRDFWLYR\VHUHILHUHDOR
TXHLQLFLDXQDDFFLRQDXQDFDXVDSULPHUDDXQSULPHUPRWRU
>@
'LFKDDOXVLRQDODILORVRILDJULHJDODHQFRQWUDPRVHQ'HVSHUWDGSS
>@
$OJXQRV SDUD LQWHQWDU GDU XQD H[SOLFDFLRQ D$S  GLFHQ TXH -XDQ HQ GLFKR SDVDMH WRPR SUHVWDGDV HVDV SDODEUDV GH 3UY  \
DILUPDQ TXH DOOL OD SDODEUD SULQFLSLR QR VLJQLILFDHPSH]DGRURULJHQ X RULJLQDGRU VLJQLILFDULD GH DFXHUGR D HVWH SHQVDU HO SULPHUR GH ORV
FDPLQRVGH'LRV(O9HUERS$VLVHH[SUHVDWDPELHQ5XWKHUIRUG(O$USDGH'LRVRSFSS
6LQ HPEDUJR WDQWR 3URYHUELRV  \ VV FRPR$SRFDOLSVLV  GHEHQ GH VHU HVWXGLDGRV D OD OX] GHO SURORJR GH -XDQ 1R SRGHPRV GH XQ
SDVDMHSRHWLFR\DOHJRULFRREWHQHUFRQFHSWRVWHRORJLFRVRGRJPDWLFRVLQGHSHQGLHQWHPHQWHGHVXYDORUFRPRDSR\RDODVLGHDVLQVSLUDGDVGH
-XDQ0DVGLILFLOWRGDYLDHVSUREDUTXH-XDQKD\DREWHQLGRVXDILUPDFLRQGH$SGH3URYHUELRVHQYHUVLRQ6HSWXDJLQWD/RJLFDPHQWHDO
HVFULELUHQJULHJRWLHQHTXHXWLOL]DUWHUPLQRVJULHJRVSHURODHVWUXFWXUD\HOSHQVDPLHQWRGH-XDQQRVRQJULHJRVVLQRKHEUHRV'HODVFLWDV
TXH KD\ HQ VX HYDQJHOLR GHO$QWLJXR 7HVWDPHQWR ODV WRPD GHO WH[WR KHEUHR QXQFD GH OD 6HSWXDJLQWD  %LEOLD &RPHQWDGD 3URIHVRUHV GH
6DODPDQFDRSF9RO9S5HVSHFWRDO$SRFDOLSVLVLQGHSHQGLHQWHPHQWHGHODLQIOXHQFLDJULHJDGHORV/;;ORVSDVDMHVVHDSR\DQHQ
ORVWH[WRVKHEUHRVRDUDPHRV/D6DJUDGD(VFULWXUD1XHYR7HVWDPHQWR,,,RSFS
>@
(OYHUERKHEUHRTDQDQLTXHHVWUDGXFLGRSRUNWDRPDLHQOD6HSWXDJLQWDLQFOXVRHQ3UQXQFDWLHQHHOVHQWLGR
GHFUHDUVLQRGHDGTXLULUSRVHHUWHQHUHVFRJHUHWF7DQWRHVRVWH[WRVFRPRORVGHPDVGHODYHUVLRQKHEUHDVRQWUDGXFLGRVSRU NWDRPDL+D\
DOJXQRVSDVDMHVGHODYHUVLRQKHEUHDTXHQRVRQWUDQVOLWHUDGRVSRUNWDRPDLSHURWDPSRFRSRUNWL]RFUHRRNWLVLVFUHDFLRQ7DQVRORH[LVWH
HOSDVDMHGH3URYHUELRV\GRVPDVHQ*HQHVLVORVTXHFRUUHVSRQGHQDORVYHUVLFXORV\"3RUTXHHQWRQFHVOD6HSWXDJLQWDGH
YDULDVGHFHQDVGHSDVDMHVTXHWUDGXFHODSDODEUDKHEUHDTDQDQLSRVHHUDGTXLULUHWFWUDGXFHSRUNWDRPDLHQHOPLVPRVHQWLGRTXHTDQDQL
\WDQVRORHQWUHVSDVDMHVORKDFHSRUNWL]RFUHDU"
/RV DXWRUHV GH OD WUDGXFFLRQ GH OD 6HSWXDJLQWD GHELGR D ODV LQIOXHQFLDV TXH GHELDQ GH WHQHU QR SXGLHURQ GDU HO YDORU HWHUQR HQ HO SXQWR HQ
FXHVWLRQ
6L VH REVHUYD HO FRQWH[WR GH ORV SDVDMHV GH *HQ   QRWDPRV TXH VH WUDWD GH TXH$EUDKDP DO YHQFHU D VXV HQHPLJRV QR SUHWHQGH
SRVHHU DOJR TXH SHUWHQHFH DOSRVHHGRUTDQDQL GH WRGRV ORV FLHORV \ OD WLHUUD TXH HV 'LRV GH DKL TXH GHYXHOYD ORV GLH]PRV GH WRGR DO
SRVHHGRUQRFUHDGRUGHORVFLHORV\GHODWLHUUD/DYHUVLRQKHEUHDHQHVRVSDVDMHVFRPRHQ3UKDGHMDGRFRQVLJQDGRTDQDQLHQHO
VHQWLGRGHSRVHHU\QREDUDHQHOVHQWLGRGHFUHDU
$OJXQRVWUDGXFWRUHVVHKDQGHMDGROOHYDUSRUOD6HSWXDJLQWD\KDQWUDGXFLGRSRUFUHDGRU6LQHPEDUJRHVWRQRFRLQFLGHFRQHOYDORUGHOWHUPLQR
KHEUHR /D YHUVLRQ IUDQFHVD GH 6HJRQG WUDGXFH SRUPDLWUH /D LQJOHVD GH .LQJ -DPHV SRUSRVHHGRU /D LWDOLDQD 9DOGHQVH SRU SDGURQH
GXHQRSURSLHWDULR1DFDU&ROXQJDSRUGXHQR/DSRUWXJXHVDWUDGXFHWDPELHQSRUSRVHHU1RVSDUHFHQPDVDSURSLDGDVHVWDWUDGXFFLRQHV
FRQ DUUHJOR DO RULJLQDOTDKQDK TXH QR ORV TXH WUDGXFHQ SRU FUHDGRU \D TXH HVD LGHD HV DMHQD DO WH[WR RULJLQDO3XHGH FRQVXOWDUVH \
FRPSDUDUVH$&RQFRUGDQFHRIWKH6HSWXDJLQWDFRPSLOHGE\0RUULVKRSFFRQ7KH(QJOLVKPDQ
V+HEUHZDQG&KDOGHH&RQFRUGDQFH
RI7KH2OG7HVWDPHQWRSF
/D%LEOH$QQRWHH9RO,RSFSLQGLFDTXHVLHODXWRUKXELHUDTXHULGRKDEODUGHODFUHDFLRQGHOD6DELGXULDKXELHVHHPSOHDGRHOYHUER
EDUD(VWDPLVPDLGHDGHSRVHHUHVDODTXHVHVXVFULEHQORVDXWRUHVGHOD%LEOLD&RPHQWDGD9RO,9RSFS
>@
6RORDSDUHFHHQODPLVPD6HSWXDJLQWDHQ*QFRQXQVHQWLGRGLVWLQWRDOTXHWLHQHHQ3U7DQWRHQ*QQRWLHQHVX
FRUUHVSRQGHQFLDHQODYHUVLRQKHEUHDSRUKLO"3RUTXHXQDPLVPDH[SUHVLRQWLHQHTXHWUDGXFLUODGHGRVPDQHUDVGLIHUHQWHVFXDQGRQRH[LVWH
QLQJXQDUD]RQ""3RUTXHHVDVLUUHJXODULGDGHV"
>@
&XDQGRGLFHGHODVDELGXULDGHVGHODHWHUQLGDGaO
$>PHD^PHCRODP`
>@
 (Q XQD JUDQ PD\RULD GH SDVDMHVKLO H[SUHVD OD LGHD GHPRYHUVH PRYHUVHFRPR FRQ GRORUHV GH SDUWR GDU D OX] LGHD GH
PRYLPLHQWR WHPEODU DJLWDUVH UHWRUFHUVH HVWUHPHFHUVH FRQPRYHUVH DQJXVWLDUVH FRQVXPLUVH HWF 7DQ VROR HQ XQRV SRFRV SDVDMHV WLHQH HO
VHQWLGRGHFUHDURGHHQJHQGUDU,VD-RE6DO'HXW(VWRQRVREOLJDDWHQHUHQFXHQWDHOFRQWH[WRSDUDGHFLGLUHO
VHQWLGR\VLJQLILFDGRGHODSDODEUD<HQHVWHFDVRHOFRQWH[WRHVFODUR/RTXHVHSUHWHQGHHVGLIHUHQFLDUDOD6DELGXULDGHODVFRVDVFUHDGDV
<TXHHOODHVDQWHVGHORFUHDGR\TXH\DHVWDEDDFWLYDKLOFXDQGRVHKDFLDQORVPRQWHVORVPDUHV\ORVDELVPRV(QHVWDRFDVLRQFRPRHQ
DOJXQRVRWURVOXJDUHVOD6HSWXDJLQWDQRUHFRJHODDFHSFLRQGHODYHUVLRQRULJLQDOKHEUHD
>@
(OWH[WRHQFXHVWLRQGHEHULDWUDGXFLUVH(O6HQRUPHSRVHLDTDKQDKHQHOSULQFLSLRGHVXDFWLYLGDG\DGHDQWLJXRDQWHVGHVXVREUDV
Y(WHUQDPHQWHWXYHHOSULQFLSDGRGHVGHHOSULQFLSLRFI+DEDQWHVGHODWLHUUDY$QWHVGHORVDELVPRVHVWXYHDFWLYDKLO
$QWHVTXHIXHVHQODVIXHQWHVGHODVPXFKDVDJXDVY(QUHODFLRQDHVWDWUDGXFFLRQYHDVH5DGLRJUDILDGHO-HKRYLVPRRSFSS

>@
8WLOL]DPRVHOWH[WRGH,VDLDVFRPRFRQWHQLHQGROD'LYLQLGDGGHO0HVLDVWHQLHQGRHQFXHQWDTXHVHOHDSOLFDULDODUHSUHVHQWDWLYLGDGGH
VHUVHOHOODPDULDHQVXREUDGHVDOYDFLRQFRPRHO3DGUHHWHUQRVXDFFLRQFRPRUHSUHVHQWDQGRDO3DGUHVHULDFRPRODGHO'LRV)XHUWH
>@
&RPRVHYHHOWH[WRHQFXHVWLRQVHH[SUHVD<'LRVHUDHO9HUER /DSURSLDYHUVLRQLQJOHVDPDUJLQDOGHOD:DWFKWRZHUHQHO'LDJORWW
WUDGXFHWDPELHQ<HOORJRVSDODEUDHUD'LRVRSFS
3RUORWDQWRXQDWUDGXFFLRQTXHGLMHUD\HO9HUERHUDXQGLRVHVLQFRUUHFWD\QRKD\EDVHWH[WXDOSDUDHOOR
$OXGLUDFLHUWDVRSLQLRQHVFRPRTXHHVWHWH[WRHVWDPDOWUDGXFLGRHVXQDYH]PDVHOXGLUHOFRPSURPLVRGHODYHULILFDFLRQ"4XHGLFHUHDOPHQWH
HOWH[WR"
/DRSLQLRQGH5RVO\Q'
2QVWRQDODTXHVHDILOLDOD:DWFKWRZHUVHJXQODFXDOHOWH[WRGHEHULDWUDGXFLUVH<HO9HUERHUDGH'LRV YHDVHHO
9HUERS$XQTXHODDILUPDFLRQHVFRUUHFWDHQXQFLHUWRVHQWLGRFI$SQRDTXLHQHOSDVDMHTXHHVWDPRVWUDWDQGR/DVWUHV
UD]RQHVTXHGDVRQSXUDPHQWHDUWLILFLDOHV
8QD OD GH ORV PDQXVFULWRV TXH QR FLWD QLQJXQR QR VH SXHGH UHIHULU D ORV WH[WRV JULHJRV DQWLJXRV SXHVWR TXH DSDUHFH WDO FRPR WRGDV ODV
%LEOLDVWUDGXFHQ$SHODUDTXHHQORVRWURVOXJDUHVGRQGHDSDUHFHHOORJRVQRVHOHLGHQWLILFDFRQ'LRVHVTXHUHUHQUHGDUODVFRVDV(VGHFLU
FRPR HQ$SRFDOLSVLV  OD SDODEUD 'LRV WKHRV YLHQH HQ JHQLWLYR \ VH OH GLFH DOORJRV VHU GH 'LRV SHUR QR 'LRV VHULD VXILFLHQWH VHJXQ
FLHUWRVDXWRUHVSDUDSRGHUDOWHUDUODFRQVWUXFFLRQGHODIUDVH<HOORJRVHUD'LRV3RUHOKHFKRGHTXHDPLSDGUHVHOHOODPHKRPEUHDPL
FRPRKLMRVHPHOODPHWDPELHQKRPEUHQRGLILFXOWDTXHWDQWRDPLFRPRDPLSDGUHVHQRVSXHGDGHFLUTXHVRPRVKLMRVGHKRPEUH(OVHUKLMR
GHKRPEUHQRGHVFDUWDHOTXHVHDKRPEUHWDPELHQ$XQTXH-XDQ\3DEORGLFHQ$PRUGH'LRV-Q5PD-QQRLPSLGHD
-XDQH[SUHVDUTXH'LRVHV$PRUD-Q(OTXH-XDQHQHO$SRFDOLSVLVGLJDORJRVGH'LRVQRREVWDSDUDTXHVHSXHGDH[SRQHUTXHHO
ORJRVHV'LRVRTXH'LRVHVHO/RJRV(QHOSULPHUFDVRVHLQWHQWDLGHQWLILFDUDO/RJRVFRPRSURFHGLHQGRGH'LRVHQHOVHJXQGRVHLQWHQWD
H[SUHVDU TXH OR TXH HV 'LRV HV LQKHUHQWH DO /RJRV HV GHFLU SRVHH ORV PLVPRV DWULEXWRV /D VHJXQGD UD]RQ VHJXQ OD FXDO VL -XDQ KXELHVH
TXHULGRGHFLUTXHHO/RJRVHV'LRVQRKXELHUDHVFULWRHOYHUVLFXORVHJXQGRQRVSDUHFHGHVFRQRFHUOD%LEOLD(OYHUVLFXORVHJXQGRVHPHMDQWHD
ODSULPHUD\VHJXQGDIUDVHGHOYHUVLFXORSULPHURLQWHQWDGLIHUHQFLDUODVSHUVRQDVGH(O'LRV\GH(O9HUERFRQODWHUFHUDIUDVHGHOYHUVLFXOR
SULPHURVHSUHWHQGHLGHQWLILFDUDO/RJRVR9HUERFRQORVDWULEXWRVGH'LRV(O/RJRVQRHVHO3DGUHSHURWLHQHODPLVPDQDWXUDOH]D/DWHUFHUD
UD]RQTXHVHDGXFHODYDPRVDGLVFXWLUDORODUJRGHWRGRHVWHDSDUWDGR
(VFLHUWRTXHHQODIUDVHNDLWKHRVHQKRORJRVODSDODEUDWKHRV'LRVYLHQHVLQDUWLFXOR(O9HUERSSHUR"TXHVLJQLILFDHVWR""4XH
SRGHPRV WUDGXFLU GLYLQR" &XOOPDQQ GLUD TXH HV LPSRVLEOH \D TXH SDUD HOOR GHEHULD GHFLUWHLRV (Q &ULVWRORJLD RS F SS  
7DPSRFRSRGHPRVHPSOHDUHOWHUPLQRGLYLQLGDGRGHLGDGSRUFXDQWRVHXWLOL]DULDODH[SUHVLRQWHHLRWHVRWHHRWHWRV
/RVFRPHQWDULVWDVFDWROLFRVGHOD%LEOLD&RPHQWDGDSRUORVSURIHVRUHVGH6DODPDQFDFXDQGRDOXGHQD:HVWFRWW7KH(SLVWOHVRI6W-KRQ
SSKDFHQVX\DVVXVSDODEUDVFRPHQWDQGRTXHODIRUPXODFRQDUWLFXORVLJQLILFDHO3DGUHHQFRQWUDSRVLFLRQDODPLVPDSDODEUD
VLQ DUWLFXOR TXH VROR H[SUHVD ODGLYLQLGDG YRO 9 RS F S  5HFXHUGHVH TXH VHJXQ &XOOPDQQ GH TXHUHU H[SUHVDU OD GLYLQLGDG KXELHUD
XVDGRWHHLRWHV5P&RO3HURWDPSRFRVLJQLILFDTXHQRSXGLHUDH[SUHVDUVHODQRFLRQGHGLYLQLGDGGHRWUDPDQHUDTXHQRIXHUD
WHHLRWHV
$OIUHG9DXFKHUGHMDFRQVLJQDGRHQVX +LVWRULDGHOD6DOYDFLRQRSFSFLWDQGRD/RXLV%RX\HU/H4XDWULHPPH(YDQJLOHSS
TXHODDXVHQFLDGHODUWLFXORHVGHELGRDTXH'LRVHVXQDWULEXWR
"7UDGXFLU SRUXQ GLRVFRPR YLHUWH OD YHUVLRQ 1XHYR 0XQGR" +DFHUOR VLJQLILFDULD QR WHQHU HQ FXHQWD HO JULHJR \ OR TXH ODV DXWRULGDGHV HQ
JULHJR H[SOLFDQ VREUH OD RPLVLRQ GHO DUWLFXOR GHWHUPLQDGR HQ JULHJR /D DXWRULGDG TXH XWLOL]D OD :DWFKWRZHU HQ HO RSXVFXOR TXH HVWDPRV
H[DPLQDQGR\TXHRSLQDVREUHGLFKDVXSUHVLRQQRIDYRUHFHODWUDGXFFLRQXQGLRVVLQRWRGRORFRQWUDULR(QHO9HUERSVHFLWDD0RXOH\
VXREUD$Q,GLRP%RRNRI1HZ7HVWDPHQW*UHHNHG8QLYHUVLGDGGH&DPEULGJHS
6LELHQ0RXOHDOXGHDXQDQRWDGHORELVSR:HVWFRWWHQODTXHH[SUHVD
(VWDQHFHVDULDPHQWHVLQHODUWLFXORSXHVWRTXHGHVFULEHODQDWXUDOH]DGHOD3DODEUD\QRLGHQWLILFDD VX 3HUVRQD 6HULD SXUR VDEHOLDQLVPR
GHFLU OD 3DODEUD HUD HQ HO 'LRV KR WKHRV 1LQJXQD LGHD GH LQIHULRULGDG GH QDWXUDOH]D VXJLHUH OD IRUPD GH OD H[SUHVLRQ TXH VHQFLOODPHQWH
DILUPDODYHUGDGHUDGHLGDGGHOD3DODEUD!!(O9HUERSFLWDQGRD0RXOHGHVXREUD\DFLWDGD
1R FRPSUHQGHPRV SRU TXH VH LQWHQWD WHUJLYHUVDU ODV SDODEUDV GH 0RXOH /RV DXWRUHV GH GLFKD REUD TXH FRQVLGHUDPRV TXLHUHQ XWLOL]DU D
0RXOHHQIDWL]DQGRODH[SUHVLRQ\QRLGHQWLILFDDVXSHUVRQDFRPRGDQGRDHQWHQGHUTXHHODXWRUGHODFLWDQRHVWDGHDFXHUGRFRQTXH
&ULVWR SRVHD ORV PLVPRV DWULEXWRV GLYLQRV TXH HO 3DGUH 3HUR ODV IUDVHV SRVWHULRUHV GHO DXWRU GH GLFKD FLWD VRQ PX\ FODUDV 6HULD SXUR
VDEHOLDQLVPR GHFLU OD 3DODEUDHQKRWKHRV\DTXHHVWRVLJQLILFDULDLJXDODUODVSHUVRQDVDVXQWRTXHHVWDPX\OHMRVGHODPHQWHGH-XDQ<
DQDGH HO DXWRU1LQJXQD LGHD GH LQIHULRULGDG GH QDWXUDOH]D VXJLHUH OD IRUPD GH H[SUHVLRQ \TXH DILUPD OD YHUGDGHUD GHLGDG GH OD
3DODEUD
7UDGXFLU'LRVFRQPLQXVFXODVHULDXQDPDQLSXODFLRQGHOWH[WRSXHVWRTXH\DVHVDEHTXHORVPDQXVFULWRVRHVWDQWRGRVFRQPD\XVFXODRWRGRV
FRQPLQXVFXOD
3UHJXQWHPRQRV "3RU TXH QR OOHYD DUWLFXORWKHRV" /D UHVSXHVWD GH OD WHRORJLD \ GH OD LQWHUSUHWDFLRQ GHEH WHQHU HQ FXHQWD OD DSRUWDFLRQ
DGLFLRQDO TXH SXGLHUD GDUQRV OD JUDPDWLFD 6L -XDQ HVFULEH HQ XQ LGLRPD TXH WLHQH FLHUWDV UHJODV DSOLFDEOHV HQ ORV FDVR FRPR HO TXH
FRPHQWDPRVGHEHPRVFRQRFHUODV
'HELGRDTXHQRH[LVWHDUWLFXORLQGHWHUPLQDGRHQJULHJRFXDQGRORVQRPEUHVQRYDQDFRPSDQDGRVGHOFRUUHVSRQGLHQWHDUWLFXORGHWHUPLQDGRVH
WUDGXFHHQRFDVLRQHVSRULQGHWHUPLQDGR*UDPDWLFDJULHJDGH-DLPH%HUHQJXHU$PHQRV%DUFHORQDS
'HFLPRV HQ RFDVLRQHV SRU FXDQWR HO DUWLFXOR GHWHUPLQDGR VH RPLWH GHODQWH GH WRGR SUHGLFDGR QRPLQDO FXDQGR HVWH SUHFHGH DO 9HUER<
FXDQGRHVWRVXFHGHQRVHSXHGHWUDGXFLUSRULQGHWHUPLQDGR6RQQXPHURVRVORVDXWRUHVWDQWRUHOLJLRVRVFRPRORVTXHQRORVRQTXHLQGLFDQ
FODUDPHQWHHOSRUTXHGHODRPLVLRQGHODUWLFXOR\VXVLJQLILFDGRVHJXQOD*UDPDWLFDLQGLFDGDHQQRWDDQWHULRUHQVXS
9HDVH WDPELHQ /D 7ULQLGDG  GH )UD\ 9DOHQWLQ %UHWRQ 'HVFOHH GH %URXZHU %XHQRV $LUHV  S  \ RWURV DXWRUHV TXH LUHPRV
PHQFLRQDQGR(OSURIHVRU(&&ROZHOOFDWHGUDWLFRGHODXQLYHUVLGDGGH&KLFDJRFRQVLGHUDGRFRPRXQDGHODVPD\RUHVDXWRULGDGHVGHOPXQGR
JULHJRHQVXWUDEDMR$'HILQLWH5XOHIRUWKH17*UHHN$UWLFOH8VDJH GHPXHVWUDTXHHQWRGRSUHGLFDGRQRPLQDOTXHSUHFHGHDO9HUERVH
RPLWHHODUWLFXOR\TXHQRWLHQHSRUHOORYDORULQGHWHUPLQDGRHVWHDXWRUVHFLWDHQ5DGLRJUDILDGHO-HKRYLVPRRSFS
7DPSRFRHVUHOHYDQWHODSUHVHQWDFLRQGHWH[WRVGRQGHHOSUHGLFDGRQRPLQDOYDDFRPSDQDGRSRUHODUWLFXORGHWHUPLQDGRSXHVWRTXHHQWRGRV
ORVFDVRVVHWUDWDGHOSUHGLFDGRQRPLQDOTXHYDGHVSXHVGHOYHUER\QRDQWHV(Q5DGLRJUDILDGHO-HKRYLVPRRSFSSVHLQIRUPDOR
VLJXLHQWH
(Q OD S  GH 7KH .LQJGRP ,QWHUOLQHDU 7UDQVODWLRQ GH  GH OD :DWFKWRZHU VH FLWDQ  SDVDMHV GH -XDQ HQ ORV FXDOHV HO QRPEUH
SUHGLFDGRHQJULHJRWLHQHHODUWLFXORGHILQLGR3HURQLQJXQRGHHVRVFDVRVHVVLPLODUDOGH-XDQSRUTXHHQFDGDXQRGHHVRVHMHPSORVHO
QRPEUHSUHGLFDGRYDGHVSXHVGHOYHUER\SRUFRQVLJXLHQWHDSURSLDGDPHQWHOOHYDHODUWLFXOR!!(QXQDSDODEUDVL-XDQKXELHVHTXHULGRGHFLU
XQGLRVWHQGULDTXHKDEHUSXHVWRHOSUHGLFDGRQRPLQDOGHVSXHVGHOYHUER\VLQDUWLFXORGHILQLGR
/D UHFRQRFLGD DXWRULGDG HQ JULHJR 'U 5REHUWVRQ TXH VH FLWD GH IRUPD LQFRPSOHWD SRU DOJXQRV QRV LQGLFD TXH HV PXFKR PDV FRPXQ
HQFRQWUDU DWKHRV 'LRV VLQ DUWLFXOR HQ HO 1XHYR 7HVWDPHQWR UHILULHQGRVH DO 'LRV DEVROXWR TXH FRQ DUWLFXOR!! &LWDGR HQ 5DGLRJUDILD GHO
-HKRYLVPRRSFSS
9DULRVDXWRUHVFRQILUPDQFRQVXVHVWXGLRVTXHODDXVHQFLDGHODUWLFXORHQ-XDQQRHVVXILFLHQWHSDUDWUDGXFLU XQGLRV:LOOLDP+'DYLV
%HJLQQHUV RI WKH *UHHN 1HZ 7HVWDPHQW  S $OOHQ 5 %HQQHU \ +HUEHUW : 6P\WK%HJLQQHUV *UHHN  S $ )UHLUH*UDPDWLFD
*ULHJDS$UQDOGRGH6RXVD3HUHLUD1RFRHVGH/LQJXD*UHJDS-::KLWH)LUVW*UHHN%RRNS:0DUWLQ\1.ODQQ
-HKRYDKRIWKH:DWFKWRZHUS&LWDGRVWRGRVHOORVHQ5DGLRJUDILDGH-HKRYLVPRLGSS
5REHUWVRQ GLUD TXH JHQHUDOPHQWH 'LRV WKHRV RWKHRQ YD VLQ DUWLFXOR HQ HO 1XHYR 7HVWDPHQWR SDUD HVSHFLILFDU DO 'LRV DEVROXWR $ 7
5REHUWVRQFLWDGRHQ5DGLRJUDILDGHS
'DYLVGLUDTXHHOVXMHWRVHGLIHUHQFLDGHOSUHGLFDGRSRUTXHDTXHOOOHYDDUWLFXOR\HOSUHGLFDGRQR:LOOLDP+'DYLVRSFS&LWDGRHQ
5DGLRJUDILDGHO-HKRYLVPRRSFLG
&ROZHOOPDQLILHVWDTXHWRGRSUHGLFDGRQRPLQDOYDVLQDUWLFXORFRQYDORUGHWHUPLQDGRFXDQGRSUHFHGHDOYHUERRSF&LWDGRHQ5DGLRJUDILD
GHOS
/RV 7HVWLJRV GH -HKRYD HQ HO DSHQGLFH D VX WUDGXFFLRQ ELEOLFD 7UDGXFFLRQ GHO 1XHYR 0XQGR FRQ UHIHUHQFLDV  S  SUHVHQWDQ ORV
WH[WRV 0F   -Q       HQ ORV TXH HO SUHGLFDGR QRPLQDO DQWHFHGH DO YHUER \ TXH DOJXQDV YHUVLRQHV
ELEOLFDVKDQWUDGXFLGRSRULQGHWHUPLQDGR'RVFRVDVSRGHPRVGHFLUODSULPHUDTXHGLFKDVYHUVLRQHVQRKDQUHVSHWDGRODUHJODJUDPDWLFDOHQ
HVRVOXJDUHV\DKHPRVFRQVLJQDGR\WRGDYLDORKDUHPRVPDVORTXHODVDXWRULGDGHVHQJULHJRGLFHQVREUHHOSDUWLFXODU/DVHJXQGDVLHVWDV
YHUVLRQHVQRKDQUHVSHWDGRHVDUHJODJUDPDWLFDOKDGHELGRGHVHUSRUTXHODWUDGXFFLRQSRULQGHWHUPLQDGRHQHVRVSDVDMHVQRDIHFWDDOYDORUGH
OD IUDVH 6LQ HPEDUJR OR LPSRUWDQWH SDUD ORV 7HVWLJRV VHULD TXH HVDV YHUVLRQHV ELEOLFDV KXELHUDQ WUDGXFLGR -XDQ  HQ OR TXH VH UHILHUH DO
/RJRVFRPRXQGLRV(VWRQRQRVORSUHVHQWDQ\GHKDEHUVLGRDVLQRVORGLULDQ
&RQVXOWDQGRDOJXQDGHHVDVYHUVLRQHVSRGHPRVGHFLUTXHOD1XHYD%LEOLD(VSDQRODWUDGXFH\OD3DODEUDHUD'LRV/DGH(GLFLRQHV3DXOLQDV
PHQFLRQD\HO9HUERHUD'LRV /RPLVPRSRGULDPRVGHFLUGHO17GH-0D*RQ]DOH]5XL]HWF(VGHFLUHQFXDQWRD-XDQUHVSHWDQOD
UHJODJUDPDWLFDOTXH\DKHPRVH[SOLFDGR
&RQDUUHJORDODFLWDTXHH[SRQHQGH3KLOLS%+DUQHU$UW4XDOLWDWLYH$QDUWKRURXV3UHGLFDWHQRXQV0DUFN-RKQ SXEOLFDGR
HQ -RXUQDO RI %LEOLFDO /LWHUDWXUD YRO  )LODGHOILD  S  HV QHFHVDULR HQWHQGHU DO DXWRU GHO DUWLFXOR HQ FXHVWLRQ 3XHVWR TXH D OD
FRQFOXVLRQTXHOOHJXHPRVUHVSHFWRDODRSLQLRQGH+DUQHUHQFXDQWRDORTXHGLFHTXHHQ-XDQFUHHTXHODIXHU]DFXDOLWDWLYDGHOSUHGLFDGR
HVWDQSURPLQHQWHTXHHOVXVWDQWLYRQRSXHGHFRQVLGHUDUVHGHILQLGRGHEHUDHVWDUFRPSOHPHQWDGDFRQVXRSLQLRQYHUWLGDDQWHULRUPHQWHFXDQGR
GLFHUHILULHQGRVHDODVFODXVXODVFRPRODGH-XDQTXHFRQXQSUHGLFDGRVLQDUWLFXORSUHFHGLHQGRDOYHUERVRQSULQFLSDOPHQWHFXDOLWDWLYDVHQ
VLJQLILFDGR\DQDGHDFODUDQGRORTXH\DKDELDLQGLFDGRUHVSHFWRDORTXHHQWHQGLDSRUFODXVXODVFXDOLWDWLYDVHQVLJQLILFDGRLQGLFDQTXHHO
ORJRVWLHQHODQDWXUDOH]DGH'LRV+DUQHUQRGLFHHQQLQJXQPRPHQWRTXHKD\TXHYDORUDUWKHRVFRPRLQGHILQLGRRLQGHWHUPLQDGRVLQRFRPR
WHQLHQGRODPLVPDQDWXUDOH]DGH'LRV
+DUQHU HQ XOWLPD LQVWDQFLD HVWD GHSHQGLHQGR GH XQD LQWHUSUHWDFLRQ UHVSHFWR D VX WHRULD GH OD YDORUDFLRQ FXDOLWDWLYD VLQ UHFKD]DU OD UHJOD
JUDPDWLFDO TXH QRV KD OHJDGR OD OHQJXD JULHJD (VWD SURSRUFLRQDQGR VX RSLQLRQ HQ FXDQWR D TXH OD RPLVLRQ GHO DUWLFXOR WLHQH XQ VLJQLILFDGR
GLVWLQWRDODSRVLELOLGDGGHWUDGXFLUFRPRGHWHUPLQDGRRFRPRLQGHWHUPLQDGR/RLQWHUSUHWDFRPRTXHHOORJRVWLHQHRSRVHHOD1DWXUDOH]DGH
'LRV(OTXHHVWDUHJODJUDPDWLFDOQRVHDUHVSHWDGDVLHPSUHQRODKDFHLQH[LVWHQWHQLDXWRUL]DDWUDGXFLUXQGLRV/RV7HVWLJRVQRHVWDULDQGH
DFXHUGRFRQHVWDH[SUHVLRQGH+DUQHUGHTXHHOORJRVWLHQHODQDWXUDOH]DGH'LRV
/DSUHJXQWDTXHGHEHPRVIRUPXODUQRVHV"4XHLPSOLFDUHDOPHQWHODRPLVLRQGHODUWLFXOR"
/RVDXWRUHV&ROZHOO\0HW]JHUFLWDGRVHQHVWHWUDEDMRFRQVLGHUDQTXHODRPLVLRQGHODUWLFXORHQHVWHFDVRHVGHELGRDODUHJODJUDPDWLFDOVHJXQ
OD FXDO WRGR DWULEXWR TXH SUHFHGH DO YHUER VH RPLWH HO DUWLFXOR \ OH GD XQ FDUDFWHU GHILQLGR VREUHHQWHQGLGR 2WURV DXQ FXDQGR QR FRLQFLGDQ
H[DFWDPHQWH FRQ HVWD PLVPD RSLQLRQ QR VLJQLILFD TXH QR HVWHQ GH DFXHUGR HQ VX FRQFOXVLRQ ILQDO +D\ DXWRUHV TXH FRQVLGHUDQ
LQGHSHQGLHQWHPHQWHGHTXHHODUWLFXORVHRPLWDSRUHVWDUD]RQJUDPDWLFDOODH[LVWHQFLDGHDOJXQRWURPRWLYRSRUHOTXHVHHVFRJLRHVDSRVLFLRQ
GHDWULEXWRSUHFHGLHQGRDOYHUER
<DYHLDPRVTXHORVFRPHQWDULVWDVFDWROLFRVGHOD%LEOLD&RPHQWDGDH[SOLFDEDQTXHHOPRWLYRGHODRPLVLRQGHODUWLFXORHUDSDUDGLIHUHQFLDUDO
9HUERSRVHHGRUGHODDWULEXFLRQGH'LRVHVGHFLUGHODQDWXUDOH]DGH'LRVUHVSHFWRGHOD'HLGDGSOHQDTXHDEDUFDDO3DGUHDO(VSLULWX6DQWR
\ DO SURSLR 9HUER +DUQHU OR H[SOLFDED HQ UD]RQ GH OD YDORUDFLRQ FXDOLWDWLYDGLFLHQGR TXH HO/RJRV QR WHQLD YDORUGHILQLGR SHUR TXH HO
/RJRVR9HUERSRVHLDODQDWXUDOH]DGH'LRV<HVTXHGHQRWHQHUYDORU GHILQLGRDWHQHUXQYDORULQGHWHUPLQDGRKD\XQDELVPR\ODRPLVLRQ
GHORGHILQLGRQRSURGXFHDXWRPDWLFDPHQWHODDILUPDFLRQGHORLQGHWHUPLQDGR
/RVJUDPDWLFRV'DQD\0DQWH\0DQXDOGH*UDPDWLFDGHO1XHYR7HVWDPHQWR&DVD%DXWLVWDGH3XEOLFDFLRQHVSLQWHUSUHWDQOD
DXVHQFLD GHO DUWLFXOR HQNDL WKHRV HQ KR ORJRVFRPR UHILULHQGRVH D OD GHLGDG \ DVL OR H[SOLFDQ QL HUD OD 3DODEUD OD WRWDOLGDG GH 'LRV
FRPR DVL VLJQLILFDULD VL HO DUWLFXOR IXHUD WDPELHQ XVDGR FRQ WKHRV 7DO FRPR HVWDQ ODV RWUDV SHUVRQDV GH OD 7ULQLGDG SXHGHQ VHU
LPSOLFDGDVHQWKHRV
0DQXHO*XHUUD*RPH]HQ(O,GLRPDGHO1XHYR7HVWDPHQWRHG$OGHFRD%XUJRVSQRVRIUHFHODVLJXLHQWHH[SOLFDFLRQ
(O SUHGLFDGR OOHYD DUWLFXOR VL KD\ FRLQFLGHQFLD VHPDQWLFD HQWUH HO \ HO VXMHWR -XDQ   HWF &XDQGR XQ VXVWDQWLYR FRQFUHWR HV
SUHGLFDGROOHYDRQRDUWLFXORGHDFXHUGRFRQVXFRORFDFLRQUHVSHFWRGHOYHUER(ORUGHQGHODVSDODEUDVH[SOLFDULDVHJXQ&ROZHOHOXVRRQR
XVRGHODUWLFXOR
D'HVSXHVGHOYHUERVXHOHOOHYDUDUWLFXOR-Q\0W
E$QWHVGHOYHUERGHRUGLQDULRYDVLQDUWLFXOR-Q(Q-XDQHOPLVPRSUHGLFDGR5H\GHORV-XGLRVWLHQHRQRDUWLFXORVHJXQHVWH
DQWHVRGHVSXHVGHOYHUER(OVLQWDJPD+LMRGH'LRVFRPRSUHGLFDGRGHVSXHVGHOYHUEROOHYDDUWLFXORVLHPSUHYHFHVDQWHVGHOYHUER
YHFHVYDVLQDUWLFXORWRGDVPHQRVXQD3UREDEOHPHQWHHVWDHVXQDGHODVH[FHSFLRQHVFRQILUPDWRULDVGHODUHJODJHQHUDO$GHPDVHVWD
UHJOD GHEH FRQMXJDUVH FRQ OD H[SXHVWD HQ HO HSLJUDIH DQWHULRU (Q -XDQ  'LRV FDUHFH GH DUWLFXOR SRU VHU XQ SUHGLFDGR FX\R DOFDQFH
VHPDQWLFR QR VH LGHQWLILFD FRQ HO VXMHWR HO /RJRV 3XHV HO /RJRV HV XQD GH ODV WUHV SHUVRQDV GH OD GLYLQLGDG R GH 'LRV HQ FXDQWR 8QR (Q
FDPELR'LRVYDFRQDUWLFXORLQPHGLDWDPHQWHDQWHV\GHVSXHV-QEDHQHOVLQWDJPDSURVWRQWKHRQ HO3DGUHQR'LRVVLQPDV\D
TXHHQHVWHVXSXHVWRVHLGHQWLILFDULDQHO3DGUH\HO/RJRVR+LMR
/RVQRPEUHVSURSLRVHQIXQFLRQGHOSUHGLFDGRFDUHFHQRUGLQDULDPHQWHGHDUWLFXOR!!
-1'DUE\HQHODSHQGLFHGHO'LFFLRQDULRH[SRVLWLYRGHSDODEUDVGHO1XHYR7HVWDPHQWR9RO,9HG&OLH7HUUDVVDSS
QRVGDXQDRULHQWDFLRQPX\DWHQHUHQFXHQWDSDUDFRPSUHQGHUODRPLVLRQGHODUWLFXORHQ-XDQDOXGLHQGRFRPR'LRVDXQDFDUDFWHULVWLFDGHO
9HUER
/DUHJODHVVLPSOHPHQWHHVWDLOXVWUDGDHQODFRQRFLGDIRUPDGHXQDSURSRVLFLRQHQJULHJRTXHVLHPSUHTXHXQDSDODEUDRFRPELQDFLRQGH
SDODEUDVSUHVHQWDHOREMHWRFRQHOTXHODPHQWHHVWDRFXSDGDFRPRREMHWLYDPHQWHSUHVHQWHDQWHHOODVHHPSOHDHODUWLFXORFXDQGRVHWUDWDGH
XQWHUPLQRPHUDPHQWHFDUDFWHULVWLFRQRVHHPSOHDHODUWLFXOR
ORJRVHVHOREMHWRDQWHPLPHQWH-XDQWKHRVHQKRORJRV/DFXHVWLRQHQHVWHSDVDMHQRHVODVXSUHPDFLDGH'LRVDTXLVHDILUPD
DOJRGHOORJRV6LVHGLMHUDKRWKHRVHO3DGUH\HO(VSLULWXTXHGDULDQH[FOXLGRVGHOD'HLGDG!!
'H QLQJXQ PRGR VH SXHGH WUDGXFLUWKHRV'LRV FRQ DUWLFXOR LQGHWHUPLQDGR HQ -XDQ  (O TXH H[LVWD DOJXQD H[FHSFLRQ HQ FXDQWR D DOJXQD
SRVLELOLGDG GH TXH HQ FDVWHOODQR VHD LQWUDVFHQGHQWH YHUWHU SRU LQGHWHUPLQDGR XQ VXVWDQWLYR DWULEXWR TXH SUHFHGH DO YHUER QR HOLPLQD OD UHJOD
JUDPDWLFDOJULHJDTXH-XDQUHVSHWDHVFUXSXORVDPHQWHFI-XDQWHQLHQGRHQFXHQWDODGHILQLFLRQGH&ROZHOO\ODGH-1'DUE\
4XH OD VXSUHVLRQ GHO DUWLFXOR HVWH PRWLYDGD SRU XQD UD]RQ WHRORJLFD VHJXQ FLHUWRV DXWRUHV \ HQFXHQWUHQ HQ HOOR OD UD]RQ IXQGDPHQWDO QR
VLJQLILFDHQQLQJXQPRPHQWRXQYDORULQGHWHUPLQDGR
%UXFH00HW]JHUQRVDILUPDUD
8QD IUDVH SUHSRVLWLYD HQ OD FXDO HO DUWLFXOR QR HVWD H[SUHVDGR HQ JULHJR SXHGH VHU GHILQLGD FRPR UHDOPHQWH RFXUUH HQ -XDQ
!! %UXFH 0HW]JHU HVSHFLDOL]DGR HQ JULHJR GHO 1 7 SURIHVRU HPHULWR GHO 6HPLQDULR 3ULQFHQWRQ GH (VWDGRV 8QLGRV VH OH FLWD HQ
5DGLRJUDILDGHO-HKRYLVPRSS
6HULDXQDUHJODQXHYDDMHQDWRWDOPHQWHDODVLQWD[LVJULHJDVLQRVRWURVWXYLHUDPRVTXHWUDGXFLUXQGLRVFDGDYH]TXHHODUWLFXORQRDSDUHFH
DFRPSDQDQGRDODSDODEUDWKHRV'LRV*UDQFDQWLGDGGHWH[WRVGHO1XHYR7HVWDPHQWRUHIOHMDQWKHRVVLQDUWLFXORUHILULHQGRVHD'LRV3DGUH
0W/F-Q5PD&RUD&RU*DOHWF$QDGLHVHOH
RFXUUHWUDGXFLUSRUXQGLRV/DORJLFDQRVOOHYDULDGHQXHYRDODFRQIXVLRQ3XHVWRTXHHVWRVLJQLILFDULDWHQLHQGRHQFXHQWDODVSURSRVLFLRQHV
GHDOJXQRVTXHDTXLD&ULVWRVHOHOODPD'LRVDEVROXWRR7RGRSRGHURVR3HURUHFRUGHPRVTXHODDSOLFDFLRQ'LRVDO/RJRVHVDQWHULRUDVX
HQFDUQDFLRQ
&RPSDUDU HO FRQFHSWR'LRVDSOLFDGR DO /RJRV FRQ H[SUHVLRQHV VHPHMDQWHV TXH VH DGMXGLFDQ D RWURV HV PLQLPL]DU OD SHUVRQD GHO /RJRV$O
WUDHUDFRODFLRQTXHDOGLDEORVHOHGLFHGLRVGHHVWHVLJORRD0RLVHVFRPRUHSUHVHQWDQWHGH'LRVSDUD$DURQHVFUHDUXQDFRQIXVLRQTXH
SUHGLFD XQD LJQRUDQFLDPDOLFLRVD (VWRV SHUVRQDMHV HVWDQ FODUDPHQWH LGHQWLILFDGRV VRQ VHUHV FUHDGRV 3HUR GHFLU SRU HMHPSOR GHVSXHV
FXDQGRVHDSOLTXHGHO/RJRVHQFDUQDGRUHVXOWDQGR-HVXFULVWRTXHHQHOKDELWDWRGDODSOHQLWXGGHOD'HLGDGFRUSRUDOPHQWH&RORTXHHV
ODPLVPDFDUDFWHULVWLFDGHODVXVWDQFLDGHO3DGUH+ERTXHHOTXHKDYLVWRDO0HVLDVRD&ULVWRHVORPLVPRTXHHOTXHKDYLVWRDO3DGUH
QRVRQVLPSOHVH[SUHVLRQHVVRQDXWHQWLFDVUHDOLGDGHVTXHQRSXHGHQPDUJLQDUVHQLDGXOWHUDUVH
/DRPLVLRQGHODUWLFXORQRVHGHEHDTXHWKHRVVLQDUWLFXORVHDGHLQIHULRUFDWHJRULDTXHHOWKHRVFRQDUWLFXOR7DPSRFRHVWDPRVSHQVDQGRHQ
XQ'LRVGLVWLQWRDO3DGUHQLHQRWUR'LRVSHURVLHQDOJXLHQTXHVHUHYHOD\PDQLILHVWDVHUFRPR'LRV(VGHFLUVHWUDWDGHOPLVPR\XQLFR'LRV
1RRWUR'LRV
>@
6LELHQHVFLHUWRTXHHQQXHVWUDSUHVHQWDFLRQVREUHHO/RJRVQRVKHPRVWHQLGRTXHHQIUHQWDUFRQODVSHFXOLDULGDGHVGHDTXHOORVTXHDOQR
FUHHUTXHHO/RJRVVHDHWHUQRDUJXPHQWDQGHPRGRGHILFLHQWHDODKRUDGHOHHUODSURSXHVWDGH-XDQVREUHHO/RJRVKHPRVGHUHFRQRFHUTXH
ODOHFWXUDGHOSURORJRGH-XDQSRVHHGLILFXOWDGHVDODKRUDGHUDFLRQDOL]DUOD'HVFDUWDPRVFRPR\DKHPRVGLFKRODSRVLFLRQGHDTXHOORVTXH
SLHQVDQTXH-XDQVHHVWDLQVSLUDQGRHQODWHUPLQRORJLD\FRQFHSWXDOLGDGGHO/RJRVGHODILORVRILDJULHJDWUDLGDGHVSXHVDOMXGDLVPRSRU)LORQ
1RREVWDQWHWHQHPRVTXHKDFHUDOJXQDVSXQWXDOL]DFLRQHV
(O/RJRVTXHDTXLVHQRVPHQFLRQD-QQRHVWRGDYLDHO-HVXFULVWRUHVXOWDGRGHODHQFDUQDFLRQGHO/RJRV-Q/RKXPDQRGHO
-HVXVTXHQDFHGH0DULDQRH[LVWHWRGDYLD
(O/RJRVGH-QSRGULDWHQHUGRVOHFWXUDVXQDDUULDQDRVHPLDUULDQD\RWUDTXHDFHSWDHOWH[WRFRQWRGDVVXVSRVLELOLGDGHV
/DSRVLFLRQDUULDQDFRQVLGHUDTXHHO/RJRVHVHWHUQRSHURVLQSHUVRQDOLGDG6HWUDWDULDGHOD3DODEUDHWHUQDTXH'LRVSRVHHGHVGHVLHPSUH
3HURHVD3DODEUDQRWHQGULDSHUVRQDOLGDG/DDGTXLULDDSDUWLUGHXQPRPHQWRGHWHUPLQDGRTXH'LRVORGHFLGH$SDUWLUGHHVHPRPHQWR\DQR
VHULDODHWHUQLGDG/RVWH[WRV<RSURFHGRGHO3DGUH<RVDOLGHO3DGUH-QKDGDGRDO+LMRHOWHQHUYLGDHQVLPLVPR-Q
VHOHHQGHDFXHUGRDHVWDSRVWXUDSUHYLDVHULDHQHOWLHPSRFXDQGRHO/RJRVFRQSHUVRQDOLGDGVDOGULD\SRUORWDQWRVHJXQHVWHSHQVDUVHULD
FUHDFLRQGH'LRV
(VHYLGHQWHTXH-XDQVLJXLHQGRODVSDODEUDVGH-HVXVDSOLFDH[FOXVLYDPHQWHHOWHUPLQR'LRVDO3DGUH-Q\TXH-HVXVVHGLULJHDO
3DGUH FRPR VLHQGR VX 'LRV -Q  FI 0W  1R KD\ QLQJXQ WH[WR HQ HO TXH FODUDPHQWH VH DSOLTXH HO WHUPLQR 'LRV D -HVXV \ HVWR
SRUTXHODKXPDQLGDGGH-HVXVLQWHJUDGDRHO9HUERLQWHJUDGRSHURDQRQDGRDOPLVPRWLHPSRHQXQDKXPDQLGDGUHDO\SOHQDQRORSHUPLWHVL
QRVHWXYLHUDHQFRQVLGHUDFLRQORTXHDQWHFHGHHVWDULDPRVKDEODQGRGHRWUR'LRVGHXQVHJXQGR'LRV(OWH[WROHDSOLFDDO-HVXVTXHUHVXOWD
FRPR9HUERR/RJRVHQFDUQDGRDXQTXHDQRQDGRODILOLDFLRQGLYLQDHVHQFLDO+LMRGH'LRVFRPRWHQLHQGRDWULEXFLRQGLYLQD\HWHUQD-HVXVVH
GHVPDUFDTXHORLJXDOHQFRQ'LRVPLVPR-QFI-QSHURDILUPDSRVHHUDWULEXWRVGLYLQRVFRPRHO3DGUHTXHKRQUHQDO+LMR
FRPRKRQUDQDO3DGUH-Q0L3DGUHTXHPHODVGLRHVPD\RUTXHWRGRV\R\HO3DGUHVRPRVXQR-Q7LHQHYLGDHQVL
PLVPR-Q6HGHQRPLQD+LMRGH'LRVQRHQHOVHQWLGRGHXQKLMRGH'LRVFXDOTXLHUDVLQRFRPRHOXQLFRHQVXHVSHFLH-QFI
-Q\SRUORWDQWRH[LVWHFRPR+LMRGHVGHTXH'LRVH[LVWHFRPR3DGUH-Q&RPRHWHUQR+LMRGH'LRV\SRUOR
LPSOLFDGRHQODSURSLDUHDOLGDGGH+LMRVHKDFHYROXQWDULDPHQWHLQIHULRUDO3DGUH-QDXQFXDQGRVHDQHVHQFLDOPHQWHXQR-Q

'HFLDPRVODOHFWXUDDUULDQDGH-XDQ\HVXQDSRVLELOLGDGSDUDDTXHOORVTXHSDUDVXUD]RQQRSXHGHDGPLWLUODLQFRPSUHQVLRQGHORTXH
VHQRVSURSRQHSDUD-HVXV'HFLPRVLQFRPSUHQVLRQSRUFXDQWRHVLPSRVLEOHPHGLDQWHXQDIRUPXODVHDWULQLWDULDRGHFXDOTXLHURWUDLQGROH
SUHWHQGHUGHILQLUDGHFXDGDPHQWHFRPRHVHVH-HVXVTXHVHQRVSURSRQHFRPRUHVXOWDGRGHODHQFDUQDFLRQGHO/RJRV\TXHVHQRVSUHVHQWD
FRPRVLHQGRUHDOPHQWHKRPEUHFI-QWHQLHQGRDVX3DGUHFRPRHOVROR'LRVYHUGDGHUR-Q0WFI-Q\TXHSRU
RWUDSDUWHQRVKDEODTXHDQWHVTXH$EUDKDQIXHVH<262<-Q\TXHDQWHVGHODIXQGDFLRQGHOPXQGRH[LVWHFRPR+LMRXQLFR-Q
FI-Q
1XQFDSRGUHPRVUHVROYHUFRQORVSDUDPHWURVKXPDQRVUDFLRQDOHVODSHUVRQDOLGDGFRQTXHVHQRVSUHVHQWD-HVXV<FODUROOHJDQGRDTXLHOVHU
KXPDQRSXHGHMXVWLILFDUVHGLFLHQGRTXHDTXHOORTXHQRSXHGHFRQFUHWDUVHUDFLRQDOPHQWHQROHLQWHUHVD(VSRUHVRTXHODSURSLDH[LVWHQFLDGH
'LRV FRQ VX VHU HWHUQR WDPSRFR HV H[SOLFDEOH \ VH SXHGHQ MXVWLILFDU GLFLHQGR TXH QR FUHHQ 3HUR QDGD GH HVWR LQYDOLGD D OD SHUVRQD
WUDVFHQGHQWHGH'LRVQLOHVMXVWLILFDSRUTXHODFUHHQFLDQRVLHPSUHVHRULJLQDSRUHOUDFLRFLQLR3RUTXH\\DORH[SOLFDPRVHQRWUDSDUWHOD
H[LVWHQFLDGHOVHUQRUHVSRQGHPDVTXHHQVXSUHVHQFLD/DH[LVWHQFLDGHXQVHUVHGHPXHVWUDKDFLHQGRVHSUHVHQWH3RUORWDQWRLQWHQWHPRV
FRPSUREDU FRPR VH SUHVHQWD -HVXV \ D\XGHPRQRV FRQ OD UD]RQ D ILQ GH FRQFUHWDUOR KDVWD GRQGH SRGDPRV D VDELHQGDV GH TXH HO OHQJXDMH
KXPDQRSDUDH[SUHVDUUDFLRQDOPHQWHODHWHUQLGDGRHORULJHQGHODH[LVWHQFLDHVOLPLWDGRH[DJHUDGDPHQWH\HVWDLPSRVLELOLWDGRDH[SUHVDUOR
SOHQDPHQWH'HDKLTXHHOSUREOHPDQRUDGLTXHVRODPHQWHHQHOWHPD'LRVR-HVXFULVWRVLQRHQODILQLWXGGHOOHQJXDMH\SRUORWDQWRGHODUD]RQ
TXHQRSXHGHGDUPDVGHVL1LVLTXLHUDVDEHPRVFRPRVHRULJLQRHOOHQJXDMH3RUTXHGLJDQPHWRGRVDSUHQGHPRVXQOHQJXDMHUDFLRQDOSRUTXH
VHQRVHQVHQD\ORDSUHQGHPRV\ORH[SUHVDPRV"<TXLHQOHHQVHQRDOSULPHUR"
/RVHYDQJHOLVWDVVRQFRQVFLHQWHVGHODUHDOLGDGTXHKDQH[SHULPHQWDGRHQ-HVXVORTXHHOOHVKDUHYHODGR\ORTXHDQXQFLDOD(VFULWXUDVREUH
HO0HVLDVTXHWHQGULDQDWXUDOH]DKXPDQD\QDWXUDOH]DGLYLQDYHGQXHVWURFDSLWXORFRUUHVSRQGLHQWHHQODVHFFLRQLQWURGXFWRULDVREUHHO0HVLDV
,GHQWLGDG\0LVLRQ-HVXFULVWRVLQPDVTXHVHULDGHVFHQGLHQWHGH'DYLGVHJXQODFDUQH\TXHSRURWUDSDUWHVHULDHO6HQRUGH'DYLG6DO
FI 0W  \ HO TXH YHQGULD SUHFHGLGR SRU XQ PHQVDMHUR 0DOT  FI -Q  FI 0F  LGHQWLILFDQGR DO PHQVDMHUR FRQ -XDQ HO
EDXWLVWD\D-HVXVFRPRVLHQGRHO6HQRUTXHLEDDLUDVX7HPSOR<WRGRHVR"&RPRSODVPDUORFRQHOOHQJXDMH"/RVHYDQJHOLVWDVVRQFDSDFHV
GH DSDUFDU VX OHQJXDMH TXH KD HVWDGR DFRVWXPEUDGR D UHFLWDU VLHPSUH TXHIXODQLWR GH WDO YLHQH GH IXODQLWR GH FXDO SDUD GHFLUQRV TXH HO
(VSLULWX6DQWRGHXQPRGRTXHQRVHQRVH[SOLFDYHQGULDVREUH0DULD\HOSRGHUGHO$OWLVLPROHFXEULULDFRQVXVRPEUD/FRTXHHO
9HUERVHKL]RFDUQH\KDELWRHO9HUERKHFKRFDUQHHQWUHQRVRWURV-Q%LHQ<DKRUD"&RPRH[SOLFRHOUHVXOWDGRGHODHQFDUQDFLRQGHO
/RJRVORKXPDQRGHO-HVXVTXHQDFHGH0DULD""&RPRSRUXQODGRH[SOLFRD-HVXVFXDQGRGLFHKRPEUHTXHRVKHKDEODGRODYHUGDG-Q
FRQHOVHUFHOHVWLDOTXHHVHO+LMRGHO+RPEUH-QFIRFRQHO+LMRGH'LRVTXHKDVLGRHQYLDGRSRUHO3DGUHFRQTXH
VHLGHQWLILFD-HVXV-QFI-Q\TXHWRGRORTXHWLHQHHO3DGUHHVVX\R-Q"
1DGLHSXHGHSRQHUHQGXGDHQODOHFWXUDGHORVWH[WRVGHOHYDQJHOLRGHTXH-HVXVFRPRQDFLGRGH0DULDHVXQVHUKXPDQRUHDOSHURSRUHVR
PLVPRQDGLHSXHGHSRQHUHQGXGDSRUODOHFWXUDGHORVWH[WRVGHOHYDQJHOLRGHTXH-HVXVSRVHHXQDFRQH[LRQGLYLQDFRQHO3DGUHTXHVLHPSUH
IXH3DGUHGHOXQLFR+LMR\TXHHQ-XDQVHQRVUHYHODFRPRVLHQGRHOPLVPR\XQLFR'LRV
(QHIHFWRFXDQGRVHHVWDGLFLHQGR4XHHQHOSULQFLSLRHUDHO/RJRV-QDQRVHVWDGLFLHQGRTXHHVH/RJRVHVHO<DKYHHO'LRVHWHUQR
GH+DEDFXFGRQGHVHQRVGLFH"1RHUHV7XGHVGHHOSULQFLSLRRK<DKYH'LRVPLR6DQWRPLR"3RUORWDQWRHVH/RJRVHVHOPLVPR\
XQLFR'LRV1RHVRWUR'LRV1LPDVEDMLWRQLPDVSHTXHQRVLQRHOPLVPR\XQLFR'LRVSRUTXHORVFULVWLDQRVQRVRPRVSROLWHLVWDVQLGXDOLVWDV
<FXDQGRVHQRVLQGLFDTXHHO/RJRVHVWDEDFRQ'LRV -Q E HV SUHFLVR HQWHQGHUOR PDV FDEDOPHQWH TXHOD WUDGXFFLRQ WUDGLFLRQDOQRV
SURSRQHYHGD&ODXGH7UHVPRQWDQWHQ(YDQJLOHGH-HDQ^7UDGXFWLRQHW1RWHV`2(,/3DULVSSWDPELHQD0D[=HUZLFNHQ
V XLQVHJXULGDG DPSOLDQGRQRV HO FDPSR GH FRPSUHQVLRQ ^$QDOLVLV JUDPDWLFDO GHO JULHJR GHO 1XHYR 7HVWDPHQWR 9HUER 'LYLQR 0DGULG
 S ` /D YHUVLRQ JULHJD SURV WUDGXFLULD OD H[SUHVLRQ KHEUHD OH YHUWLGD DKL HQ SULPHU OXJDU \ TXH VLJQLILFDULD D \ TXH FRQ OD
FRQVWUXFFLRQGHOSURSLRYHUERVHUHQSURVVLJQLILFDULDVHQDOGHSHUWHQHQFLDHVGHFLUHO/RJRVHUDD'LRVSHUWHQHFLDD'LRV"<FRPR
SHUWHQHFLDD'LRVVLHQGRHOPLVPR\XQLFR'LRVFRQTXHDFDEDGLFLHQGRODWHUFHUDSURSRVLFLRQ-QF\WDOFRPRVHQRVVREUHQWHQGLDFRQOD
SULPHUDSURSXHVWD-QD""6HSXHGHSHUWHQHFHUD'LRVVLQVHUHOPLVPR\XQLFR'LRV""<VHSXHGHSHUWHQHFHUD'LRVFRPR/RJRVVLHQGR
HOPLVPR\XQLFR'LRVVLQTXHQRVSHUFDWHPRVTXHHO/RJRVTXHHVHOPLVPR\XQLFR'LRVSHUWHQHFHD'LRVFRPRDDOJRGLVWLQWRGHQWURGHHVD
'HLGDGHQODTXHHVWDLPSOLFDGRHOFRPR/RJRV\WDPELHQLPSOLFDGRDOJRPDV"
(Q -XDQ  \  VH QRV FODULILFD DOJR$KL VH QRV GLFH TXH HO /RJRV R 9HUER R 3DODEUD OOHJR D VHU FRPR /RJRV KXPDQLGDG FRQ OR TXH
SXGLPRVFRPSUREDUDGHPDVGHHVDKXPDQLGDGDO/RJRVFRPR+LMRXQLFRGHO3DGUH-Q(VGHFLUHO/RJRVFRPRXQLFR\PLVPR'LRV
-Q  SHUWHQHFLD DO 3DGUH TXH HV HO PLVPR \ XQLFR 'LRV WDPELHQ -Q E SHUR TXH VH GLVWLQJXH FRPR SHUVRQDOLGDG GHO SURSLR +LMR<
DKRUD VH QRV GLFH ODSRVLFLRQILJXUDGD GH HVD SHUWHQHQFLD SHUR TXH GHQRWD XQD UHDOLGDG DXQTXH LQFRPSUHQVLEOH SRU QXHVWUD PHQWH 4XH VL
ELHQDO3DGUHQDGLHORSXHGHQLKDSRGLGRYHUFRQRFHU-QHO/RJRVFRPR+LMRTXHHUDGHVGHHOSULQFLSLRHWHUQR-QFI+DE
HUDHQHOVHQRGHO3DGUH\HOVLQRVORSXHGHGDUDFRQRFHU-Q&RQHVWRQRXQLFDPHQWHVHQRVFODULILFD-QEGDQGRQRVDFRQRFHU
XQDSHUVRQDODGHO3DGUHGLVWLQWDDODGHO+LMR\FRPRVLHQGRWDQWRHO3DGUHFRPRHO+LMRHOPLVPR\XQLFR'LRVVLQRTXHDGHPDVVHQRV
GLFHDXQTXHQRVHQRVH[SOLFDFRPRLQH[SOLFDEOHSDUDQRVRWURVTXHHVTXHHVDH[LVWHQFLDHWHUQDGH'LRVORHVPHGLDQWHHO3DGUH\HO+LMR
XQLFRGDQGRQRVDHQWHQGHUFRQHVDSRVLFLRQILJXUDGDODH[LVWHQFLDGHO3DGUH\GHO+LMRGHVGHODHWHUQLGDGDORTXHSRVWHULRUPHQWH-XDQDQDGLUD
ODGHO(VSLULWX6DQWR-QFI-Q-Q^YHGQRWDGHOFDSLWXOR/DFRQFLHQFLDPHVLDQLFDGH-HVXVHQHOOLEUR
GHODXWRU0HVLDV,GHQWLGDG\0LVLRQRSF`
3RUORWDQWRODOHFWXUDGHODUULDQLVPRGHORVSULPHURVYHUVLFXORVGH-XDQQRHVDGPLVLEOHHQXQDQDOLVLVGHHVRVYHUVLFXORV(ODUULDQLVPR
SDUWHGHXQDOHFWXUDTXHQRODDSRUWDHOWH[WRODLQYHQWD<HOPRWLYRHVTXHODOHFWXUDTXHQRVSURSRQHGHPRGRQDWXUDOODLQVSLUDFLRQGH-HVXV
D-XDQHVLQDGPLVLEOHUDFLRQDOPHQWH3HURDXQTXHUHFRQRFHPRVHVRQRFODXGLFDPRVHQFXDQWRDDFHSWDUHOWH[WRWDOFXDO3RUTXHHUDGHOD
XQLFD PDQHUD GH WUDVPLWLUQRV TXH HO 0HVLDV TXH KDELD VLGR DQXQFLDGR \ TXH UHSUHVHQWDULD D 'LRV HQ OD WLHUUD KDELD OOHJDGR< HVR QR VH
SURGXFHFRQXQQDFLPLHQWRHVSUHFLVRTXHHO/RJRVVHXQDFRQORKXPDQRTXHHOSRGHUGHO$OWLVLPRVHKDJDFRQVWDQFLDHQODKXPDQLGDGGHO
-HVXVTXHQDFHGH0DULD
6L XVWHGHV VH GDQ FXHQWD HO SDVR GHO /RJRV R 3DODEUD TXH HVWDED FRQ 'LRV GHVGH HO SULQFLSLR -Q  SS FI +DE  \ TXH SRVHLD ODV
PLVPDVDWULEXFLRQHVTXH'LRV-QXSSHURTXHQRHUDRWUR'LRVVLQRHOPLVPR\XQLFR'LRV-QVSWRGDVODVFRVDVIXHURQKHFKDV
SRUOD3DODEUDR9HUERR/RJRV\VLQHOQDGDGHORTXHKDVLGRKHFKRIXHKHFKRVHOHHVWDRIUHFLHQGR LQGHSHQGHQFLDSHUVRQDOHQHOVHQWLGR
GHXQDQRGHSHQGHQFLDLQVWUXPHQWDO(O9HUERVHGHVPDUFDFRPR KHFKRRFUHDGRSRUTXHVLQHOQDGDGHORTXHKDVLGRKHFKRIXHKHFKR(Q
QLQJXQOXJDUVHDGYLHUWHHOSDVRGHXQ/RJRVHVWDWLFRDXQ/RJRVSHUVRQDO6HQRVSUHVHQWDFRPRWHQLHQGRSHUVRQDOLGDGHQFRPSDUDFLRQ\HQ
UHODFLRQFRQODSHUVRQDOLGDGGH'LRV-Q<DTXHO9HUERR/RJRV-QHVH9HUERTXHVHKDPHQFLRQDGRGHVGHHOSULQFLSLR
KDELWRHQWUHQRVRWURV\YLPRVVXJORULDJORULDFRPRGHOXQLFR+LMRHQVXHVSHFLH
3HUR HO DUULDQLVPR FRQVLGHUH R QR GHVGH HO SULQFLSLR HWHUQR OD H[LVWHQFLD GHO /RJRV FRQ SHUVRQDOLGDG HQ \ FRQ HO 'LRV HWHUQR DFHSWD OR
LQFUHLEOH FRPR OR TXH VH QRV TXHUULD LPSXWDU D QRVRWURV 3RUTXH DO FRQVLGHUDU DO /RJRV SHUVRQDO FRPR FUHDGR WHQGUD TXH H[SOLFDU OR
LQH[SOLFDEOHGHFRPRVHDGMXQWDFRQORKXPDQRGHO-HVXVTXHQDFHGH0DULD\FRPRIXQFLRQDXQDSHUVRQDOLGDGUHDOGHO/RJRVFRQORTXHHV
UHDOPHQWHKXPDQR
6HGLFHTXH-HVXVWHQLDXQDPHQWHGLYLQRKXPDQD\XQDSHUVRQDGLYLQRKXPDQDHQGRVQDWXUDOH]DVXQDWRWDOPHQWHKXPDQD\RWUDSOHQDPHQWH
GLYLQD(QHOFDVRDUULDQRPDWL]DGRSRUORTXHSXGLHUDVHUHVRTXHVXUJHHQHOWLHPSRVHGLULDTXHSRVHLDXQDPHQWHSUHH[LVWHQWHDQJHOLFD
KXPDQDXQDSHUVRQDDQJHOLFDOKXPDQDHQGRVQDWXUDOH]DVXQDWRWDOPHQWHDQJHOLFDO\RWUDSOHQDPHQWHKXPDQD<DPHGLUDQFRPRVH GLJLHUH
HVR HQ ODV GRV SHUVSHFWLYDV \ HQ GRQGH HVWD HO WH[WR GRQGH GLJD TXH HV XQ DQJHO (Q WRGR HO$SRFDOLSVLV OR PLVPR TXH HQ ODV HSLVWRODV VH
GHVPDUFDD-HVXVGHVHUXQDDQJHOFI+E3HURHQHOSULPHUFDVRSURFXUDEXVFDUHQHOOHQJXDMHODPD\RUDILQLGDGFRQODUHDOLGDG
GHOWH[WR1RVRWURVFUHHPRVHQODHWHUQLGDGSHUVRQDOGHO/RJRVFXDQGRWRGDYLDQRH[LVWLDORKXPDQRGHO-HVXVTXHQDFHGH0DULD<FUHHPRV
TXHHQYLUWXGGHODHQFDUQDFLRQGHOHWHUQR/RJRVVXUJH-HVXVHO0HVLDV\GHVGHHQWRQFHV\GHXQPRGRGHVFRQRFLGR-HVXVVHYLQFXODHQ
IXQFLRQGHODUHDOLGDGGHODDFFLRQSHUVRQDOGHO/RJRVFRPRVLHQGRHO+LMRGHO+RPEUHRHO+LMRGH'LRV\HQIXQFLRQGHVXKXPDQLGDGFRPR
VLHQGR KRPEUH TXH RV KDEOD OD YHUGDG 'H FXDOTXLHU IRUPD OD SUREOHPDWLFD GH OD SHUVRQD GH -HVXV HO 0HVLDV UHVXOWDGR GH XQ /RJRV
HQFDUQDGRQRVHUHVXHOYHQHJDQGRODHWHUQLGDGSHUVRQDOGHO/RJRV
7HQJDVHHQFXHQWDTXHFXDQGRHOWH[WRQRVHVWDGLFLHQGRTXHHO/RJRVR9HUERHUD'LRVQRHVWDHQXPHUDQGRDRWUR'LRVRXQVHJXQGR
'LRVDGHPDVGHO3DGUH(VRVHULDSROLWHLVPR6HQRVHVWDGLFLHQGRTXHHOPLVPR\XQLFR'LRVTXHH[LVWHHVHO/RJRV<FXDQGRVHGLJDTXHHO
3DGUH HV 'LRV QR VH QRV HVWDULD HQXPHUDQGR RWUR 'LRV GLVWLQWR DO TXH VH PHQFLRQD SDUD HO /RJRV VLQR HO PLVPR \ XQLFR 'LRV (VD HV OD
PDQHUD QXHYD TXH -XDQ LQVSLUDGR QRV UHYHOD D 'LRV 1R QRV H[SOLFD FRPR HV HVR \R QR OR HQWLHQGR SHUR OR DFHSWR SRUTXH KH DVXPLGR OD
SDODEUDGH'LRVFRPRILGHGLJQD\PLPHQWHQRSXHGHHQWHQGHUWRGRORTXHVHUHILHUHDODSHUVRQDOLGDGGH'LRV7UHVPRQWDQWQRVKDGHMDGRXQ
EHOORSDUUDIRHQVX(YDQJLOHGH-HDQ2(//3DULVS
(OWHRORJRTXHKDFRQFHELGR\UHGDFWDGRHVWHWH[WRHVXQWHRORJRPRQRWHLVWDHO/RJRVGH'LRVTXHHVHODFWRPLVPRGHGHFLUHOGHFLU
RHOKDEODUGH'LRVQRHVRWURVHUTXH'LRV(V'LRVPLVPRTXHHVXQLFRDEVROXWDPHQWHXQLFR'LRV\VXSURSLR/RJRVQRFRQVWLWX\HQGRV
VHUHV
(QHIHFWRVHWUDWDGHOPLVPR\XQLFR'LRVGHXQPLVPRVHUPDQLIHVWDGRHQGRVSHUVRQDVGLIHUHQFLDGDV
7HQHUYLGDHQVLPLVPRGDGDSRUHO3DGUH
6LPSOHPHQWH GHFLU TXH DIHUUDUQRV D OD H[SUHVLRQ GDGD HV FRPR HQJDQFKDUQRV D DOJXQD SDODEUD H[SUHVDGD SRU PL TXH DSDUHQWHPHQWH
SXGLHUDIDYRUHFHUXQDSRVLFLRQQRWULQLWDULDSRUTXHQRIDYRUH]FRQLHOWHUPLQRQLHOFRQFHSWRWULQLGDGQRSRUHVRUHFKD]RORTXHFRQILHUHD
-HVXVVHUXQDSHUVRQDGLYLQRKXPDQD\HQYLUWXGGHO/RJRVLQWULQVHFDPHQWHXQLGRDODKXPDQLGDGXQDSHUVRQDHWHUQD$XQFXDQGRUHFRQR]FR
TXH QR HQFXHQWUR QDGD PHMRU HQ HO OHQJXDMH OLPLWDGR KXPDQR SDUD GHVFULELU OD GLYLQLGDG TXH SXHGD HYLWDU OD FRQWUDGLFFLRQ GH TXH D FDGD
SHUVRQDOHFRUUHVSRQGDDXQVHUODFRPSHWHQFLDTXH'LRVPHKDGDGRFID&RUPHSHUPLWHDSDUFDUPLUD]RQ\OHQJXDMHOLPLWDGRV\
JR]DUPHGHORTXH-HVXVPHHQVHQD\SRUORWDQWRGHORTXHVXSRQHDFHSWDUTXHHVHO+LMRGH'LRVRHO+LMRGHO+RPEUHXQSHUVRQDMHFHOHVWH
TXHKDVDOLGRGHO3DGUHGHVGHODHWHUQLGDG\TXHGHVGHVLHPSUHSRVHLDODJORULDFRQODGHO3DGUH
'DGDQRHOLPLQDQLODHWHUQLGDGGHOHWHUQR+LMRGHO3DGUHHWHUQRQLTXHGHVGHVLHPSUHKD\DSRVHLGRYLGDHQVLPLVPR"3RUTXH"3RUTXHSDUD
SRGHUWHQHUYLGDHQVLPLVPRHVSUHFLVRVHUHWHUQRSRUTXHHOSRVHHUYLGDHQVLPLVPRQRFDEHHQXQDQDWXUDOH]DQRHWHUQD3HURHOTXHVHOH
KD\DGDGRSRVHHUYLGDHQVLPLVPRFRUUHVSRQGHDXQDUHODFLRQHWHUQDHQWUHXQ3DGUH\XQ+LMR(VHOWHUPLQRDGHFXDGRHQXQDILOLDFLRQTXH
HO3DGUHHWHUQRFRPXQLTXHGHGHVGHVLHPSUHHOSRVHHUYLGDHQVLPLVPRGHDKLTXHWHQLHQGRHQFXHQWDHVDUHODFLRQGH3DGUH\HWHUQR+LMR
SXHGDGHFLUHO+LMRTXHWRGRORTXHWLHQHHO3DGUHHVVX\R-Q
>@
$G)DP$G$WWFLWDGRSRU$.XHQRSFS
>@
9DQQLVXEUD\DODIUDVHJULHJDDJRUDVDLSDUHPRXTXHFRPSUHVHQORPLR/HFWXUDGHO$SRFDOLSVLVRSFS
>@
7KH%RRNRI5HYHODWLRQYRO,,RSFHQQRWDGHOHGLWRUS6HWUDWDGHXQDUHFRSLODFLRQGHWRGDVODVFLWDVGH(:KLWHVREUHHO
$SRFDOLSVLV
>@
(:KLWHQRVH[SOLFDWDQWRHQ7KH%RRN5HYHODWLRQYRO,,RSFSS\VVFRPRHQ+HFKRVGHORV$SRVWROHVVV\HO&%$YRO
SSTXHORVPHQVDMHVGHWRGDVODV,JOHVLDVVHDSOLFDQWDPELHQDQXHVWUDHSRFDHVSHFLDOPHQWHORVPHQVDMHVD(IHVR\D/DRGLFHD
1RVHVL*HRUJH.QLJKWHQHQODUHYLVWDDGYHQWLVWD\SRVWHULRUPHQWHHQHQVXOLEUR/DVHQRUD*RUGD\HO5HLQRGRQGHFRPSDUD
DOD,JOHVLD$GYHQWLVWDGHO6HSWLPRGLDDXQDPXMHUJRUGDYROYLHQGRGHXQDVHVLRQGHFRPSUDVHVWDULDTXHULHQGRVHQDODUHVWDFLWDGH(:KLWH
GRQGH VH KDEOD GH FRPHU KDVWD KDUWDUVH /R TXH VL QRV GLFH HV TXH VH WUDWD GH XQD PXMHU TXH HV DGLFWD D XQ HVWLOR GH YLGD GH OXMR
DGHPDV GH VXIULU LQFDSDFLGDG SDUD FRQWURODU VXV JDVWRV VH KD FROPDGR GH LQVWLWXFLRQHV \HVWUXFWXUDV OOHJDQGR D VHU XQD FRQVXPLVWD SRU
DGLFLRQ FDUJDQGRVH GH SDTXHWHV \ PDV SDTXHWHV!! (O FXDGUR GH .QLJKW SDUD OD GHFDGD GH  QR SXHGH VHU PDV GHVRODGRU /D ,JOHVLD
$GYHQWLVWD VHULD FRPR XQD RUJDQL]DFLRQ HQ OD TXH ODV LQVWLWXFLRQHV KDQ HFOLSVDGR VX VHQWLGR GH PLVLRQ VXPLHQGR DO $GYHQWLVPR HQ XQ
SURFHVRGHJHQHUDWLYR\HQXQDLJOHVLDHQYHMHFLGDGHMDQGRODRVFLODQGRHQWUHHOLQVWLWXFLRQDOLVPR\ODGHVLQWHJUDFLRQ!!<ODQ]DXQOODPDPLHQWR
GHDGYHUWHQFLD'HVSLHUWDPXMHUJRUGDDQWHVGHTXHVHDGHPDVLDGRWDUGH7RGRORTXHHVWDHQWUHFRPLOODVVRQLGHDVHQSDUDIUDVLVVDFDGDV
GHO/LEURFLWDGRGH*HRUJH.QLJKW7KHIDWZRPDQDQG5HLJQ86$SSUHFRJLGRHQ$GYHQWLVW7RGD\YROQR0D\-XQH
SS
(VWDV SULQFLSDOHV FDUDFWHULVWLFDV VRQ DEXVR GH LQVWLWXFLRQDOLVPR IRUPDOLVPR LQGLIHUHQFLD GHVXVR DEVROXWLVPR EXURFUDFLD SURWHFFLRQ \
FRUUXSFLRQ(QDGLFLRQODHVFDVH]GHUHVSRQVDELOLGDGGHODPDTXLQDLQVWLWXFLRQDODODVQHFHVLGDGHVSHUVRQDOHV\VRFLDOHVGHORVPLHPEURVFDXVD
ODSHUGLGDGHVXFRQILDQ]D
'XUDQWH HVD HWDSD PXFKRV VH UHWLUDQ  R GHULYDQ D XQD PHPEUHVLD GH ,JOHVLD VLQ QLQJXQD IRUPDOLGDG 0XFKRV GH DTXHOORV TXH
SHUPDQHFHQHQFRPSDQHULVPRFRQHOFRQMXQWRGHORVSDGUHVDPHQXGRLJQRUDHQODSUDFWLFDRFRQIRUPDVXVHQVHQDQ]DVGHPRGRLQGLIHUHQWH
0LHQWUDVWDQWRODGHQRPLQDFLRQFRQWLQXDDSR\DGDSRUORVOLGHUHVFRQLQWHUHVHFUHDGRV\SRUXQDPHPEUHVLDFRQDWDGXUDVHPRFLRQDOHV!!*
1LJKWRSFSS\
.QLJKWFRQWLQXDGLFLHQGRQRVHQRWUROXJDUGHVXOLEUR
&DVLWRGRVSDUHFHQHVWDUGHDFXHUGRHQTXHODDGPLQLVWUDFLRQUDGLFDO\UHRUJDQL]DFLRQLQVWLWXFLRQDOFRQVROLGDFLRQ\UHIRUPDVRQLPSHUDWLYRV
SHURSRFRVSDUHFHQVHUFDSDFHVGHSRQHUVXPHMRUMXLFLRKDFLDODDFFLRQ(OUHVXOWDGRHVTXHHOJUDQUHSDUWRGHGLQHUR\HVIXHU]RVHVJDVWDGR
HQGHIHQGHUODH[LVWHQFLDGHOHVWDWXVTXRFXDQGRHVWRVUHFXUVRVSRGULDQVHUPHMRUXVDGRVSDUDGHVDUUROODUQXHYDVHVWUXFWXUDV\PHWRGRORJLDVD
ILQGHFRQVHJXLUPHWDVRULJLQDOHV!!7KHIDWZRPDQDQG5HLJQRSFS
3RUVLIXHUDSRFRORGH.QLJKW:LOOLDP*-RKQVRQHQ7KH)UDJPHQWLQJRI$GYHQWLVP333$SS(QHVDOLQHDSXHGHOHHUVHD
0DUWLQ :HEHU HQ :KR
V *RW WKH 7UXWK 0DNLQJ VHQVH RXW RI ILYH GLIHUHQW$GYHQWLVW JRVSHOV 6LOYHU 6SULQ 0DU\ODQG  WDPELHQ D$
/HUR\ 0RRUH$GYHQWLVP LQ &RQIOLFW 5+  SDUHFH DSXQWDU VX GXGD VREUH OD SRVLELOLGDG GH SRGHU OOHYDU HO (YDQJHOLR GH DFXHUGR D
$SRFDOLSVLVDQWHODIDOWDGHFODULGDGVHJXQHOUHVSHFWRDFXDOHVHOPHQVDMHUHDOPHQWH\ODVGLIHUHQWHVWHQGHQFLDVGHH[SOLFDUORTXHVH
SUHVHQWDQ
 &XDQGRXQFRRUGLQDGRUUXPDQRGHOD5HYLVWD$GYHQWLVWDHVSDQROD-XOLRGHOSSUHDOL]R
XQDHQWUHYLVWDD$GDOEHUW2UEDQFDWHGUDWLFRGHO,QVWLWXWRGH7HRORJLD$GYHQWLVWDGH5XPDQLDFRQWHVWR
FRQSOHQDOLEHUWDGFLHUWDVFXHVWLRQHV(QWUHRWUDVFRVDVH[SXVRTXH
OD,JOHVLD$GYHQWLVWDDFWXDOVHFDUDFWHUL]DSRUXQDLGHQWLGDGGXDO3RUXQODGRWLHQHXQDLGHQWLGDGRILFLDOPHQWHGHFODUDGDTXHFRUUHVSRQGHDO
SXQWR GH YLVWD GRJPDWLFR SURIHWLFR \ PLVLRQHUR \ SRU RWUR ODGR DOEHUJD WHQGHQFLDV SOXUDOLVWDV \ VHFXODUHV HQ OD SUHVWDFLRQ GH XQRV WHRORJRV
SURSLRV \ HQ OD FDOLGDG GH OD YLGD PRUDO \ HVSLULWXDO GH PXFKRV GH VXV PLHPEURV &RQVLGHUR TXH OD RULHQWDFLRQ OLEHUDO GH DOJXQRV WHRORJRV
DGYHQWLVWDVWHQGULDTXHVHUWUDWDGDFRQPDVH[LJHQFLDFRQIHVLRQDO\ODOD[LWXGPRUDOGHDOJXQRVPLHPEURVQRVHWHQGULDTXHUHODFLRQDUFRQODV
GLIHUHQFLDVFXOWXUDOHV(VWR\FRQYHQFLGRGHTXHODH[SHULHQFLDGHODUUHSHQWLPLHQWRVXSRQHHOFDPELRGHPHQXHQHOHVWLORGHYLGDHQFXDOTXLHU
SDUWHGHOPXQGR\DFXDOTXLHUHGDG!!
<DQWHORVSHOLJURV\FRUULHQWHVLQDGHFXDGDVTXHDIHFWDQDOD,JOHVLDGLMR
ODV GHVYLDFLRQHV WHRORJLFDV JHQHUDGDV SRU OD DSOLFDFLRQ GHO PHWRGR KLVWRULFR FULWLFR SRU DOJXQRV WHRORJRV DGYHQWLVWDV (VWR DIHFWD
LQPHGLDWDPHQWHDODVGRFWULQDVVREUHHO6DQWXDULR\OD6HJXQGD9HQLGD6LHVWRVWHRORJRVSUHSDUDQSDVWRUHV\DGPLQLVWUDGRUHVSDUDOD,JOHVLD
VHJXUDPHQWHODSHUGLGDYDDVHUVLJQLILFDWLYD&UHRTXHVLHVWRVWHRORJRVVHVLHQWHQOLEUHVSDUDDSOLFDUHOPHWRGRGHOFDEDOORGH7UR\DLJXDO
GHOLEUHVHGHEHULDVHQWLUODGLUHFFLRQGHODLJOHVLDDWRGRVORVQLYHOHVSDUDUHFRQRFHUORVRQR!!
$OEHUWR57LPPDQDOL]DQGRORVGRVSHULRGRVTXHVHJXQHOKDYLYLGROD,JOHVLD$GYHQWLVWDHOGHOHQIDVLVELEOLFRGRFWULQDO\
HOGHOELEOLFRUHODFLRQDOGLUD
9LYLPRV KR\ FRPR GHQRPLQDFLRQ XQR GH ORV PRPHQWRV PDV FULWLFRV GH QXHVWUD KLVWRULD SXHV QXQFD KHPRV HQIUHQWDGR WDQWDV FULWLFDV
LQWHUQDV \ H[WHUQDV FRPR HQ OD DFWXDOLGDG 6L HQ HO SDVDGR ODVFULVLV GH OD LJOHVLD HUDQ VXFHVLYDV \ FLFOLFDV KR\ UHDSDUHFHQ WRGDV DO PLVPR
WLHPSRGHPDQHUDVLPXOWDQHD\GHVDILDQWH&RPRQXQFDDQWHVHVWDVRSODQGRWRGRYLHQWRGHIDOVDVGRFWULQDV(IHVLRV"&RQVHJXLUDQORV
PLHPEURVGHLJOHVLDFRQODVXSHUILFLDOLGDGGRFWULQDOGHKR\HQIUHQWDUODDYDODQFKDGHFULWLFDVVXWLOHV\VRILVWLFDGDVOHYDQWDGDVFRQWUDQRVRWURV"
!!
/D DFWXDO VXSHUILFLDOLGDG HQ HO FRQRFLPLHQWR GH ODV (VFULWXUDV KD FRQWULEXLGR PDV TXH QLQJXQD RWUD FRVD D OD SHUGLGD GH OD FRQVFLHQFLD
SURIHWLFRGRFWULQDO GH OD GHQRPLQDFLRQ (O HVWXGLR REMHWLYR GH OD %LEOLD KD VLGR VXVWLWXLGR SRU XQD OHFWXUD SLHWLVWD  GHVWLQDGD FDVL
H[FOXVLYDPHQWHDDOLPHQWDUXQDUHODFLRQPLVWLFD\VXEMHWLYDFRQ&ULVWR!!
/DLQGLIHUHQFLDH[LVWHQFLDOLVWDKDFLDODVHQVHQDQ]DVGH&ULVWRVHKDUHIOHMDGRWDPELHQHQODIDOWDGHSUHSDUDFLRQGHPXFKDVSHUVRQDVTXH
HQWUDQKR\HQODLJOHVLD6HKDEODHQDOJXQRVOXJDUHVGHOEDXWLVPRGHWLSRODYDGRUDSLGR
'HELGRGHTXHHQPXFKRVHVWXGLRVELEOLFRVDSHQDVVHXWLOL]DOD%LEOLDORVQXHYRVPLHPEURVVRQYXOQHUDEOHVGHELGRDVXHVFDVRFRQRFLPLHQWR
GHOD3DODEUD!!5HYLVWD$GYHQWLVWD(VSDQROD(QHUR
(Q OD5HYLHZ DQG +HUDOG GHO  GH GLFLHPEUHGH  HO SUHVLGHQWH GH OD ,JOHVLD $GYHQWLVWD 5REHUW 3LHUVRQ VH H[SUHVR HQ FXDQWR D OD
FRQGLFLRQGHODLJOHVLDGHODVLJXLHQWHPDQHUD
6RPRV FRQVFLHQWHV GHO KHFKR GH TXH PXFKRV PLHPEURV JR]DQ GH XQD ULFD \ YLFWRULRVD H[SHULHQFLD FULVWLDQD (OORV KDQ UHFLELGR OD
H[SHULHQFLD GH OD OOXYLD WHPSUDQD \ VH DOHJUDQ HQ HO 6HQRU 3HUR HVWR QR HV FDXVD GH FRPSODFHQFLD &RPR &XHUSR OD ,JOHVLD VLJXH HQ OD
FRQGLFLRQGH/DRGLFHD(VWUDWDQGRGHHQFRQWUDUODVFRQGLFLRQHVSUHVHQWHVGHOIUDFDVR\GHODGHPRUDTXHHO&RQFLOLRDQRWRWUHVFDXVDV
LPSRUWDQWHV
/RVGLULJHQWHV\KHUPDQRVQRDFHSWDQHQVXSOHQLWXGFRPRXQPHQVDMHSHUVRQDOHODQDOLVLV\OODPDPLHQWRGH&ULVWRD/DRGLFHD$S

 /RV GLULJHQWHV \ KHUPDQRV GH DOJXQD PDQHUD KDQ GHVREHGHFLGR ODV GLUHFWULFHV GLYLQDV WDQWR HQ HO FRPSRUWDPLHQWR SHUVRQDO FRPR HQ OD
FRQGXFWDGHOD,JOHVLDHQUHODFLRQFRQVXFRPHWLGR
/RVGLULJHQWHV\KHUPDQRVQRKDQWHUPLQDGRODREUD!!

 'LRV HVWD HVSHUDQGR TXH XQD JHQHUDFLRQ GH$GYHQWLVWDV GHPXHVWUH TXH VX IRUPD GH YLGD SXHGH YHUGDGHUDPHQWH VHU YLYLGD VREUH OD
WLHUUD TXH -HVXV QR SXVR XQ HMHPSOR PDV DOOD GHO DOFDQFH GH VXV VHJXLGRUHV TXH SRU VX *UDFLD HV SRGHURVR SDUD JXDUGDURV VLQ FDLGD \
SUHVHQWDURVGHODQWHGHVXJORULDLUUHSUHQVLEOHV
&DGD PLHPEUR GH OD ,JOHVLD GH /DRGLFHD QHFHVLWD PDV TXH XQ PHUR FRQRFLPLHQWR WHRULFR GH OD 3DODEUD QHFHVLWD XQD HQWUHJD JHQXLQD \
FRPSOHWDGHVXYLGD\YROXQWDGHQODDXWRULGDGGLYLQDGHOD%LEOLD\WDPELHQGHO(VSLULWXGH3URIHFLDXQDHQWUHJDTXHSRVLEOHPHQWHGHPDQGD
FDPELRVUHYROXFLRQDULRVHQVXIRUPDGHYLGD\SUDFWLFDV\FRVWXPEUHVGHQRPLQDFLRQDOHV&DGDPLHPEURWLHQHTXHFRQRFHUTXHHOMXHJDXQD
SDUWHHQHODYDQFHRHQODGHPRUDGHODYHQLGDGH&ULVWR

(Q HVWH &RQFLOLR$QXDO $SXQWDURQ D XQ PD\RU FXLGDGR HQ OD REVHUYDQFLD GHO 6DEDGR HQ OD PD\RUGRPLD GH ORV ELHQHV GH 'LRV XQD
YLJLODQFLDGHODVDYHQLGDVGHODOPD\SUDFWLFDUODUHIRUPDSURVDOXG
6HPHQFLRQRODSUHRFXSDFLRQHQWRUQRDODXPHQWRGHODPXQGDQDOLGDG
(VWRV JUXSRV GH HVWXGLR KDQ H[DPLQDGR WRGR FXDQWR FRQFLHUQH DO VLVWHPD LQVWLWXFLRQDO GH OD ,JOHVLD $GYHQWLVWD GHO 6HSWLPR 'LD \
PHQFLRQDURQDOJXQDVHYLGHQFLDVPRVWUDGDVSRUODVLQVWLWXFLRQHVTXHHVWDQSHUGLHQGRVXVFDUDFWHULVWLFDVGLVWLQWLYDVFRPRLQVWUXPHQWRVIXQGDGRV
SDUDKDFHUDYDQ]DUODREUDGH'LRVHQODWLHUUD
HVVDELGRTXHFXDQWRPD\RUHVVRQODVLQVWLWXFLRQHVPD\RUHVODVGLILFXOWDGHVHQUHIRUPDUODV
8QRGHORVPDVJUDQGHVSHOLJURVGHODVLQVWLWXFLRQHVHGXFDWLYDVVHYHHQODDGXOWHUDFLRQSURPRFLRQDGDSRUODVQXHYDVILORVRILDVRWHRORJLDV
SXGLHQGR VHU LQFRQVFLHQWHPHQWH DFHSWDGDV R DVLPLODGDV SRU QXHVWURV PDHVWURV 7UD\HQGRQRV GH HVWD IRUPD YLQR GH %DELORQLD D OD ,JOHVLD
$GYHQWLVWD!!
3RVWHULRUPHQWHHOSUHVLGHQWHKDFHXQOODPDPLHQWRHQWUHRWUDVFRVDVDTXHVHDFHSWHHOPHQVDMHGHUHDYLYDPLHQWR\UHIRUPD\VHDEDQGRQH
HOHVSLULWXGHLQVXERUGLQDFLRQ
+D\YDULRVPRWLYRVSRUORVTXHKHWUDLGRDFRODFLRQHVWHPHQVDMHGH
(VWDH[SXHVWRSRUXQSUHVLGHQWHGHOD&RQIHUHQFLD*HQHUDOUDWLILFDGRSRUVXHTXLSR
7UDWDYDULRVGHORVSXQWRVTXHVHKDQHVWDGRLQGLFDQGR
6LVHUHSDVDODOLVWDUHVXPLGDGHSUREOHPDVTXHKHPRVVHOHFFLRQDGR\VHFRPSDUDFRQQXHVWUDHSRFDDQRVGHVSXHVVHSXHGHREVHUYDUTXH
QRKDKDELGRFDPELRVVXVWDQFLDOHVVLQRTXHVHKDHPSHRUDGR
(:KLWHGLFHVRPHWLGDDODVROD(VFULWXUD
7HQHPRVDKRUDGHODQWHGHQRVRWURVHODOIDGHHVHSHOLJUR/DRPHJDVHUDGHXQDQDWXUDOH]DPX\DVRPEURVD06S\TXH/LYLQJ
7HPSOHFRQWLHQHHODOIDGHHVDVWHRULDV6DELDTXHODRPHJDVHJXLULDSRFRGHVSXHV,GS
/LYLQJ7HPSOHHVXQOLEURGH.HOORJGRQGHVHH[SUHVDHQWUHRWUDVFRVDVXQDLGHDSDQWHLVWDGH'LRV(QHOOLEUR/LYLQJ7HPSOHVHSUHVHQWD
HODOIDGHODKHUHMLDVPRUWLIHUDV/DRPHJDVHJXLUD\VHUDUHFLELGDSRUORVTXHQRHVWHQGLVSXHVWRVDSUHVWDUDWHQFLRQDODDPRQHVWDFLRQTXH
'LRVQRVKDGDGR06S
/DDSRVWDVLDRPHJD9HUD/HZLV5:DOWRQHQ 2PHJD333$HVGHQDWXUDOH]DVHPHMDQWHDODGHODDOID/DDSRVWDVLDDOIDWLHQH
TXHYHUHQWUHRWUDVFRVDVFRQWHRULDV\IRUPDGHSHQVDUDMHQDVDOFRQFHSWRGHO'LRVWUDVFHQGHQWH\SHUVRQDOTXHQRVSUHVHQWDHOFRQWHQLGR
ELEOLFR\FRQXQFRQRFHUD'LRVSRUHOTXHUHFLELPRVYLGDHWHUQDFI-Q(VGHFLULQWHUSUHWDFLRQHVHUURQHDVUHVSHFWRDODSDODEUDGH
'LRV TXH VH SUHVHQWDQ FRPR YHUGDG \ TXH LQIOX\HQ HQ HO SHQVDPLHQWR GH DTXHOORV TXH IRUPDQGR SDUWH GHO SXHEOR GH 'LRV ODV DFHSWDQ \
SUR\HFWDQ/D DSRVWDVLDRPHJDUHVXOWDUDDOLJXDOTXHODDOIDHQXQDSUHVHQWDFLRQHQODTXHODYHUGDG\HOHUURUVHPH]FODUDQLQWHQWDQGRVH
UHFRQRFLGRFRPRYHUGDG/DDSRVWDVLDRPHJDVHUDUHFLELGDSRUDTXHOORVTXHQRHVWDQGLVSXHVWRVDDFHSWDUODDPRQHVWDFLRQGH'LRV"<D
TXLHQHVVHOHVGDXQPHQVDMHHVSHFLDOGHDGYHUWHQFLD"
0XFKDVGHODVFRVDVTXHVHSUHVHQWDURQFRPRYHUGDGVHUDQHFHVDULRFRQVLGHUDUODVFXLGDGRVDPHQWH\FRQPXFKDRUDFLRQ$PHQXGRHO
FDPLQRGHOHUURUSDUHFHSDUDOHORDOVHQGHURGHODYHUGDG7SS
/RH[SHULPHQWDGRHQHOSDVDGRVHUHSHWLUD(OHUURUVHUDSUHVHQWDGRGHXQPRGRDJUDGDEOH\KDODJXHQR)DOVDVWHRULDVUHYHVWLGDVGH
OX]VHUDQSUHVHQWDGDVDOSXHEORGH'LRV!!LGS
0LPHQVDMHSDUDYRVRWURVHVQRFRQVLQWDLVPDVHQHVFXFKDUODSHUYHUVLRQGHODYHUGDGVLQSURWHVWDU'HVHQPDVFDUDGORVDWUHYLGRVHQJDQRV
TXHXQDYH]UHFLELGRVLQGXFLUDQDORVPLQLVWURVDORVPHGLFRV\DORVTXHKDFHQREUDPHGLFRPLVLRQHUDDLJQRUDUODYHUGDG06S
/DDSRVWDVLDRPHJDWLHQHTXHYHUFRQODSHUYHUVLRQGHODYHUGDGHQQXHVWURPHGLR&RQXQDSUHVHQWDFLRQGHODYHUGDGTXHDOQRWHQHUHQ
FXHQWDQXHVWURRULJHQQXHVWUDVUDLFHVQXHVWUDPLVLRQ\QXHVWUDREUDGHSUHSDUDFLRQGHXQSXHEORSDUDOD6HJXQGD9HQLGDGH-HVXFULVWRRPLWH
FRQWHQLGRVHVHQFLDOHVTXHODLGHQWLILFDQDHVDYHUGDGSUHVHQWDGDFRPRSHUYHUWLGD
&RQODDSRVWDVLD2PHJDQRHVSHUHPRVPHUDPHQWHDXQFROHFWLYRTXHSHUYLHUWHODYHUGDG9HQGUDHQYDULRVIUHQWHVWDQWRGHODODOLEHUDOQR
DGYHQWLVWDDXWHQWLFDPHQWHFRPRGHODODFRQVHUYDGRUDFRQLQWHUSUHWDFLRQHVDSDUHQWHPHQWHWUDGLFLRQDOHVSHURTXHQRWLHQHQEDVHELEOLFD/D
DSRVWDVLD2PHJDHQJOREDWRGDXQDVHULHGHGLUHFWULFHVDMHQDVDODVRODHVFULWXUD'HDKLODQHFHVLGDGGHFRQRFHUELHQOD3DODEUDGH'LRVD
ILQGHGDUUD]RQGHODIHTXHIXHGDGDXQDYH]DORVVDQWRV-GY
6HQRVLQVWDDSURWHVWDU<ODSULPHUDSURWHVWDGHEHYHQLUGHORVGLULJHQWHV<HQHVWROD&RQIHUHQFLD*HQHUDOVHKDPDQWHQLGRILUPH\ILHOHQ
FXDQWRDH[SRQHUODDXWHQWLFDYHUGDG3HURHVSUHFLVRLUPDVDOODGHHVR$GPLQLVWUDWLYDPHQWHKD\TXHWRPDUGHFLVLRQHVVDELDVHQFXDQWRD
VHQDODUDODVIXHQWHVGHORVHUURUHV\DDSDUWDUORVGHFXDOTXLHUOXJDURSRVLFLRQTXHWHQJDTXHYHUFRQODRUJDQL]DFLRQGHOD,JOHVLD
7DPELHQ KHPRV SRGLGR QRWDU HQ DOJXQRV GH ORV PHQVDMHV UHODWLYRV D OD UHIRUPD OODPDPLHQWRV D DEDQGRQDU OD PXQGDQDOLGDG PDQLIHVWDGD HQ
QXHVWUDIRUPDGHYLYLUYHVWLUFRPHUHWF&RQHOORVHQRVLQVWDFRQODILQDOLGDGGHSURWHJHUHVSLULWXDO\PHQWDOPHQWHDQXHVWURVPLHPEURVD
SURPRYHULQVLVWHQWHPHQWHXQHMHPSORGHYLUWXGHVFULVWLDQDVEDVDGDVHQ*DODWDVTXHSXHGDQUHSHUFXWLUHQHOUHVWRGHOSXHEORGH'LRV
(QFRQFOXVLRQSRGHPRVDILUPDUTXHHVWRVUDVJRVSURIHWL]DGRVORVSRGHPRVFRQWHPSODUHQQXHVWURVGLDVGHQWURGHXQSURFHVRDFXPXODWLYRGH
WRGDXQDVHULHGHREUDVTXHKDQSURJUDPDGRXQDDSRVWDVLD<VLTXHUHPRVUHVROYHUQXHVWURDFWXDOHVWDGRWHQGUHPRVTXHUHFRQRFHUQXHVWUD
FRQGLFLRQ\UHIOH[LRQDUVREUHORTXHQRKHPRVKHFKRSDUDHYLWDUOD\HQORTXHKHPRVFRQWULEXLGRSRUGHMDGH]LQGLIHUHQFLDRLQGROHQFLDSDUD
TXHODVLWXDFLRQGHOD,JOHVLDKD\DDOFDQ]DGRODFRWDDFWXDO<SDUDHVWRHVSUHFLVRH[DPLQDUODV(VFULWXUDVSDUDDOFDQ]DUHOQLYHOHVSLULWXDO
DSURSLDGRWHQLHQGRD-HVXFULVWRFRPRQXHVWURPRGHOR
>@
1RVHWUDWDFRVDVTXHWHQGULDQTXHVXFHGHUGHVSXHVGHODYLVLRQVREUHODV,JOHVLDVOLWHUDOHV\UHSUHVHQWDWLYDV12(OVLJQLILFDGRWLHQH
FRPRUHIHUHQFLDDOSURSLR-XDQ/RTXHWHHVWDVXFHGLHQGRDKRUDPLVPR\HVWRTXHHVWDVYLHQGRXQDSXHUWDDELHUWDHQHOFLHORODHVFHQDGH
XQDYR]TXHWHKDEODFRPRXQDWURPSHWDHOKHFKRGHVXELUDFD7RGRHVWRVRQXQDVFRVDVDEF3XHVELHQWHYR\DPRVWUDUDKRUDODV
RWUDVFRVDVTXHYLHQHQGHVSXHVGHHVWDVTXHHVWDVYLHQGRG<TXHDFRQWLQXDFLRQWHKDJRYHUHQYLVLRQ
>@
 $KRUD OD LPDJLQHULD TXH (]T  XVD SDUD HO WHPSOR VH SXHGH WHQHU HQ FXHQWD 3HUR PHMRU FRRUGLQDQGRODV FRQ ODV HVFHQDV
FHOHVWLDOHVGH'DQLHOWHQLHQGRHQFXHQWDORVYHUERVLQFUHVFHQGR\TXHPDUFDQODIXQFLRQDOLGDGGHO6DQWXDULR
>@
DQFLDQRVFRQURSDVEODQFDV\FRURQDV6HKDHVSHFXODGRPXFKRVREUHHVWRVDQFLDQRV4XHVLVRQUHVXFLWDGRVTXHVLWDOTXHVLFXDO
(OKHFKRGHTXHOOHYHQYHVWLGXUDVEODQFDV\FRURQDVGHYLFWRULD\VHGLJDQTXHKDQVLGRUHGLPLGRVQRLPSOLFDQHFHVDULDPHQWHTXHWXYLHUDQ
TXHVHUVHUHVKXPDQRVUHVXFLWDGRV
3XHGHQ VHU$QJHOHV TXHUHSUHVHQWDQ D ORV VHUHV KXPDQRV 6L VH GDQ FXHQWD FXDQGR ORV  DQFLDQRV GLFHQ TXH KDQ VLGR UHGLPLGRV SRU OD
VDQJUHGHO&RUGHURGHWRGROLQDMHOHQJXDSXHEORRQDFLRQ1RVRODPHQWHORGLFHQHOORVHVWDQLQWHJUDGRVHQHVHFDQWLFR\HQHVDDODEDQ]DORV
VHUHVYLYLHQWHV<HVWRVVLTXHQRKD\QLQJXQDGXGDGHTXHVRQDQJHOHV$S
3RRWUDSDUWHORVDQJHOHVWDPELHQKDQVLGRUHGLPLGRVGHOSRGHU\GHODLQIOXHQFLDGH6DWDQGHODREUDTXHHVHHVWXYRKDFLHQGRHQRWURVTXHVL
TXHOHVLJXLHURQ<WDPELHQIXHURQUHGLPLGRVGHODGXGDKDVWDTXHQRVHGHVSOHJRWRGDODREUDGHVDOYDFLRQGHO0HVLDV
(YLGHQWHPHQWHHOVLPEROLVPRHVFODURDTXL(OQRHQJOREDDWRGRVORVUHVFDWDGRVWDQWRGHODHSRFDGHOSXHEORGH'LRVHQODDQWLJXDDOLDQ]D
WULEXVGH,VUDHO\ORVDSRVWROHVHOUHVWRGHOSXHEORGH'LRVMXGHRTXHUHSUHVHQWDQDORVMXGHRVRUDPDVQDWXUDOHVTXHVHFRQYLHUWHQDO
0HVLDV\DORVJHQWLOHVTXHVHFRQYLHUWHQDO0HVLDVHQODHSRFDGHODQXHYDDOLDQ]D
(QHOFDSLWXORDSDUHFHQGHQXHYRDQJHOHVORVDQFLDQRV\ORVFXDWURVHUHVYLYLHQWHV<FXDQGRORVDQFLDQRVGLDORJDQFRQ-XDQUHVSHFWRD
ORVTXHOOHYDQYHVWLGXUDVEODQFDV$SHVWRVOHGLFHQTXHSRUHOKHFKRGHOOHYDUYHVWLGXUDVEODQFDVKDVLGRSRUKDEHUVDOLGRGHODJUDQ
WULEXODFLRQ\TXHSRUHVRHVWDQGHODQWHGHOWURQRGH'LRV\OHVLUYHQGLD\QRFKH5HILULHQGRVHDOHVSDFLRGHO7DEHUQDFXORFHOHVWLDOR1XHYD
-HUXVDOHQ$SFI
/RV DQFLDQRV HQ HIHFWR OOHYDQ YHVWLGXUDV EODQFDV \ HVWDQ DOUHGHGRU GHO WURQR \ VH SRVWUDQGHODQWH GHO WURQR $S  FI  3HUR HVD
SRVLFLRQWDPSRFRVHRPLWHUHVSHFWRDORVVHUHVYLYLHQWHV$SFITXHVRQFODUDPHQWHDQJHOHV3HUVRQDOPHQWHSUHILHURSHQVDUHQ
TXHVHWUDWDGHDQJHOHVTXHVHXWLOL]DQFRPRUHSUHVHQWDQWHVGHORVVHUHVKXPDQRVVDOYRVVLQHYLWDUGHTXHHOORVORVDQJHOHVWDPELHQKDQVLGR
UHGLPLGRV$OILQ\DOFDERORVDQJHOHVVRQFRQVLHUYRVGHWRGRVORVVHUHVKXPDQRVTXHDFHSWDQD'LRVHQ-HVXFULVWR
>@
9HGVREUHWRGRHVWRD(VFDQGHSS
>@
9HG&%$YRORSFS
>@
'HVSXHVGHODPXHUWHWDQWRGHOPXHUWRHQ&ULVWRFRPRHOTXHQRYLHQHHOMXLFLR(VHMXLFLRTXH'LRVKDHVWDEOHFLGR(OWH[WRQRTXLHUH
GHFLUTXHQDGDPDVPRULUVHGDHOMXLFLRVLQRTXHGHVSXHVGHODPXHUWHFXDQGRVHDFXDQGRHVWHPDUFDGRHQOD(VFULWXUD6HGDUDHOMXLFLR(O
LPSLRQRHVMX]JDGRKDVWDGHVSXHVGHODVHJXQGDYHQLGDGH-HVXFULVWRFI$SFIFID&RU(YLGHQWHPHQWHHVGHVSXHV
GHODPXHUWH3RUFXDQWRWRGRVORVLPSLRVKDQGHOOHJDUDVHUPXHUWRV\GHVSXHVFXDQGRORHVWHHVWDEOHFLGROHVYHQGUDHOMXLFLR5HVSHFWRDORV
PXHUWRV HQ &ULVWR VXFHGH OR PLVPR 7RGRV ORV TXH PXHUHQ GHVSXHV GH OD PXHUWH H[SHULPHQWDQ HO MXLFLR FXDQGR KD\D VLGR HVWDEOHFLGR /DV
DOPDVTXHHVWDQPXHUWDV\UHFODPDQODUHVXUUHFFLRQVHOHVGDYHVWLGXUDVEODQFDVVHQDOGHSRGHUSDVDUSRUHOMXLFLRTXHPDUFDOD(VFULWXUDHQ
'DQLHO(VXQDSDXWDTXHVHQRVGDHQFXDQWRDTXHWRGDYLDQRKDELDQVLGRMX]JDGDV<VLQHPEDUJRFXDQGRORVRQHQRFDVLRQ
GH UHFLELU ODV YHVWLGXUDV EODQFDV OR VRQ GHVSXHV GH OD PXHUWH DXQTXH KXELHUHQ WUDQVFXUULGR PXHUWDV GLYHUVRV DQRV7RGRV HOORV TXH OR
H[SHULPHQWHQ VHUD GHVSXHV GH OD PXHUWH 7RGRV ORV TXH KXELHUHQ YLYLGR DQWHV GHO FRPLHQ]R GH HVH MXLFLR VHUDQ MX]JDGRV IDYRUDEOHPHQWH
SRUTXH KDEUDQ PXHUWR /RV TXH PXHUHQ XQD YH] HPSH]DGR HO MXLFLR VRQ MX]JDGRV GHVSXHV GH OD PXHUWH HQ HVH MXLFLR TXH \D KD HPSH]DGR
8QLFDPHQWHORVTXHHVWDUDQRHVWDUHPRVYLYRVFXDQGR&ULVWRYHQJDVLQKDEHUSDVDGRSRUODPXHUWHVHUHPRVMX]JDGRVHQYLGD
(YLGHQWHPHQWH 3DEOR WDPELHQ WLHQH HQ FXHQWD HO TXH OD PXHUWH LQWURGXFH HQ XQHVSDFLR 12 WHPSRUDO 1R SDVD HO WLHPSR SDUD HO PXHUWR
DXQTXHSDUDORVYLYRVORSRGDPRVFRQWDELOL]DUFRPRSRUHMHPSORDKRUDTXHHVWR\WUDWDQGRHVWDFXHVWLRQ
>@
3DUDORVTXHYLYHQGHQWURGHOSULPHUPRPHQWRKLVWRULFRUHODWLYRDOPLQLVWHULRFRUUHVSRQGLHQWHDODIXQFLRQDOLGDGGHOOXJDU6DQWRYLYHQSRU
XQ ODGR VX VLWXDFLRQ SUHVHQWH GH DFXHUGR D HVH PLQLVWHULR FRQWLQXR FRPSUREDQGR VX DSOLFDFLRQ HQ OR TXH VLJQLILFD H LPSOLFD HVH SULPHU
PRPHQWR KLVWRULFR FRQWHPSODQ WDPELHQ HO VLJQLILFDGR GH OD WURPSHWD FRPR OD REUD GH MXLFLR KDFLD ORV HQHPLJRV GH 'LRV \ YLYHQ SRU
DQWLFLSDGRHVHGLDGHODVH[SLDFLRQHVTXHWDPELHQDQXQFLDQ\TXHVDEHQTXHXQDYH]PXHUWRVVHUDQMX]JDGRVIDYRUDEOHPHQWHGHDFXHUGRDVX
FXPSOLPLHQWRFRPRPLHPEURVGHOSXHEORGH'LRVGHQWURGHOGLDGHODVH[SLDFLRQHVDQWLWLSR
3DUD ORV TXH YLYHQ HQ OD HSRFD GHO MXLFLR SUHDGYHQLPLHQWR H[SHULPHQWDQ HO FRQWHQLGR GH OD WURPSHWD VHJXQ HO YDORU GHO PLQLVWHULR FRQWLQXR
GHQWURGHOSURSLRGLDGHODH[SLDFLRQHVDQWLWLSRORTXHVXSRQHXQDYDORUDFLRQLQFUHVFHQGRGHODHUUDGLFDFLRQGHOSHFDGRGHILQLWLYDPHQWHGHORV
PXHUWRVTXHOHVDQXQFLDTXHDOJXQRVGHORVTXHYLYHQHVDHSRFDSXHGHQQRSDVDUSRUODPXHUWHODGHVWUXFFLRQGHILQLWLYDGHORVVLVWHPDVGH
PDOGDG \ OD YLYHQFLD FRPR QXQFD DQWHV GHO UHWRUQR GH -HVXFULVWR FRPR FRQVHFXHQFLD QR VRODPHQWH GH OD HVFDWRORJLD H[LVWHQFLDO TXH FDGD
FULVWLDQR GH FDGD HSRFD SXHGH H[SHULPHQWDU HQ VX PRPHQWR KLVWRULFR SUHVHQWH VLQR TXH ODV VHQDOHV DSDUHFHQ OD PD\RULD FRPR FXPSOLGDV
GHILQLWLYDPHQWH \ ODV TXH IDOWDQ WLHQH TXH YHU VX FXPSOLPLHQWR GHILQLWLYR FRQ OD HVSHUDQ]D DFWLYD GH OD SUHGLFDFLRQ GHO HYDQJHOLR GH OD TXH
GHEHQVHUSURWDJRQLVWDV6HKDQGHWRPDUPX\HQVHULRSRUHOWLHPSRUHTXHULGRTXHDOSUHVHQWDUVHQRVODVDOPDVGHEDMRGHODOWDUUHFODPDQGR
MXVWLFLDFI$SVHGHEHDTXHHQODQXHYDIXQFLRQFRUUHVSRQGLHQWHDOGLDGHODVH[SLDFLRQHVDQWLWLSR'LRVHVWDSURJUDPDQGRFRQHO
PLQLVWHULRFRQWLQXRGHO+LMRGHO+RPEUHHOSRGHUGHOFRQWHQLGRGHOD3DODEUDWRGRORTXHVHQHFHVLWDSDUDTXHHOSXHEORGHHVDHSRFDFXPSOD
HQSOHQDOLEHUWDG\HVSHUDQ]DFRQVXFRPHWLGRGHSUHGLFDFLRQGHOHYDQJHOLRDILQGHTXHHOMXLFLRSXHGDVHUGHILQLWLYR\ODOLEHUDFLRQGHHVDV
DOPDVDODYLGDVHDXQDUHDOLGDG
>@
(VHYLGHQWHHOKHFKRHVFDWRORJLFRSRUFXDQWRVHWUDWDGHSHUVRQDVTXH\DOOHYDEDQPXHUWDVXQDJUDQFDQWLGDGGHWLHPSR(VSRUHOORTXH
ILJXUDWLYDPHQWH\VLPEROLFDPHQWHVHOHVKDFHUHFODPDUMXVWLFLDHQHOWLHPSRSUHFLVR
>@
7RGRHVWRKDEUDTXHPDWL]DUORFRQODSURIHFLDGH'DQLHO
>@
/DWHPDWLFD\ODVLPDJHQHVVRQWRPDGDVGHODVSODJDVGH(JLSWR
9HPRV TXH VL ELHQ ODV SODJDV SRVHHQ XQD DSOLFDFLRQ OLWHUDO FRQWLHQHQ XQ YDORU VLPEROLFR H LGHRORJLFR VXE\DFHQWH (O )DUDRQ TXH VH FUHH
VXVWLWXWRGH'LRVHQODWLHUUDFRQVLGHUDDFLHUWRVHOHPHQWRVGHODQDWXUDOH]DFRPRGLRVHVFRQXQDSUR\HFFLRQLGHRORJLFDTXHVHLPSRQHHQHO
TXHKDFHU\SHQVDUKXPDQRDSR\DQGRVHHQVXSRGHU
(QHO$SRFDOLSVLVDOUHIOHMDU\UHFXUULUDHVWDVLPDJHQHVYHWHURWHVWDPHQWDULDVWUDGXFHSUR\HFWDQGRXQYDORUWLSRORJLFRHOPLVPRPHQVDMHSHUR
XQLYHUVDOL]DGRVLQORVOLPLWHVJHRJUDILFRV\HWQLFRVHQHOFRQWH[WRGHODOXFKDILQDOGH'LRVFRQWUDORVUHLQRVGHHVWHPXQGRUHSUHVHQWDGRVSRU
ORVVLVWHPDVGHPDOGDGDSR\DQGRDVX3XHEORHQWRGDOD7LHUUD
/D%HVWLDDFWXDFRPRVXVWLWX\HQGRD'LRVHQOD7LHUUDHO)DOVR3URIHWDTXHOHVHFXQGD\HO'UDJRQHOYHUGDGHURLQVWLJDGRUUHSUHVHQWDWLYRGH
WRGD OD LGHRORJLD RSXHVWD D 'LRV $S  FI   FI  \ TXH QR HVWD HQFHUUDGD HQ VXV FUHDFLRQHV %HVWLD \ )DOVR 3URIHWD KDQ
HVWDGRSHUVLJXLHQGRHQGLIHUHQWHVPRPHQWRVDO3XHEORGH'LRVHQHVSHFLDOHQHOLQVWDQWHHVFDWRORJLFRILQDOGRQGHVHOHVTXLHUHLPSRQHUXQD
LGHRORJLDFRQWUDULDDODGHO5HLQRGH'LRV(VDLGHRORJLDHVWDDSR\DGDWDPELHQHQODVIXHU]DVGHODQDWXUDOH]DELHQSRUTXHKDQOOHJDGRDOD
FRQYLFFLRQGHTXHHO3RGHUKXPDQRSXHGHFRQWURODUWRGRORTXHLPSOLFDHOYLYLUHQHVWHPXQGREDVDGRHQVXVWHRULDVHFRQRPLFDVSROLWLFDV\
FLHQWLILFDV SHUR UHFKD]DQGR OD PRUDOLGDG \ HVSLULWXDOLGDG SURFHGHQWH GH ORV SULQFLSLRV GHO 5HLQR R *RELHUQR GH 'LRV R WDPELHQ LGHDQGR XQD
PRUDO \ HVSLULWXDOLGDGSURFHGHQWH GH XQD UHLQWHUSUHWDFLRQ SXUDPHQWH QDWXUDO \ KXPDQD EDVDGD HQ GRFWULQDV TXH WLHQHQ XQ RULJHQ 6RODU R
SDJDQR'HFXDOTXLHUIRUPDORTXHVHPDQLILHVWDFRPRXQD$XWRULGDGHQHVWHPXQGRFRQILDHQORKXPDQR/DVSODJDVDWDFDQDWRGRORTXH
GDFRQVLVWHQFLDDODKXPDQLGDGHO0DUHO6ROORV5LRVOD7LHUUDHOSURSLR+RPEUHHWFVRQPHUPDGRVFRQODHQIHUPHGDGRODGHVWUXFFLRQOD
SURSLDLGHRORJLDTXHORVKDHVWDGRXWLOL]DQGRODTXHVHLPSULPHSRUORVUHLQRVGHHVWHPXQGRHQJOREDGRVHQHOVLPERORGHOD%HVWLD\TXHHQ
HVDKRUDHVFDWRORJLFD HVWD VLHQGR UHSUHVHQWDGD SRU XQ 6LVWHPD GHWHUPLQDGR SRU OD KLVWRULD \ OD SURIHFLDUHFLEH WDPELHQ VXPHUHFLGR FI
MXQWRDORTXHFRPSDUWHFRQHO)DOVR3URIHWD\HOSURSLR'UDJRQFIDGHPDVGHOFRQJORPHUDGR%DELORQLFR
>@
/RVGDWRVGHOFRQIOLFWRPDQWHQLGRHQWUH'LRV\ODVQDFLRQHVVHDPSOLDQFRQORVFSVDO(VWRORYHUHPRVHQRWUROXJDU
(V QHFHVDULR DQDGLU TXH HO ILQ GH OD JUDQ %DELORQLD HV HVFDORQDGR (O SXHEOR GH 'LRV PHGLDQWH XQD SUHGLFDFLRQ VLQ SUHFHGHQWHV VHQDODQ ORV
PDOHVGHODJUDQ%DELORQLDVHQDODQGRODFRPRLQVHUYLEOHFI$S(VWDSUHGLFDFLRQXQLYHUVDOFRORFDDODJUDQ%DELORQLDFRQWUDODV
FXHUGDVSDUDOL]DQGRODHQVXFRPHWLGRSULQFLSDOLQVSLUDGRSRUHO'UDJRQ$S
(VWD REUD GHO SXHEOR GH 'LRV HV OR TXH VH DQXQFLD HQ$SRFDOLSVLV   TXH 'LRV KDULD D ILQ GH TXH ORV JREHUQDQWHV GH HVWH PXQGR
GHVWUX\DQDODJUDQUDPHUD8QDYH]TXHVHFXPSODODSDODEUDGH'LRV'LRVGHVWUXLUDGHILQLWLYDPHQWHHVHVLVWHPDGHPDOGDGPDUFDGRHQ$S
/DQDWXUDOH]DGHODGHVWUXFFLRQWLHQHHQFXHQWDODQDWXUDOH]DGHOD%DELORQLD/RTXHVLJQLILFDEDHLPSOLFDEDSDUDHOXQGRGHMDGHH[LVWLU
SDUDVLHPSUHSRUFXDQWRVHLPSRQHXQLFDPHQWHODLGHRORJLDGHO5HLQRGH'LRV
>@
/RVSDUDOHOLVPRVGH-XLFLRVRQHYLGHQWHV
8Q3UHOXGLRFX\RSURWDJRQLVWDSULQFLSDOHVHO3XHEORGH'LRV
8Q(SLORJRFRQHO3XHEORGH'LRVWDPELHQFRPRSURWDJRQLVWD
3UHSDUDFLRQ\$GYHUWHQFLDGH-XLFLRSDUDODV,JOHVLDVHQODWLHUUDFSV\
(O-XLFLR&HOHVWLDOKDOOHJDGRFSVV
-XLFLRVGHVXIULPLHQWRQRGHFLVLYRVDORODUJRGHODKLVWRULDWDQWRSDUDFUH\HQWHVFRPRQR-XLFLRILQDOIDYRUDEOHSDUDORVVDQWRV/RV6HOORV
FSV\
&RPLHQ]RGHO-XLFLRILQDOTXHILMDDORVVDOYRVFDSV\
(O-XLFLRGHVHOODUDO3XHEORGH'LRVHQODWLHUUDFS
(O3XHEORGH'LRVMX]JDGR\VHOODGRHQHO&LHOR
3UHSDUDFLRQ\$GYHUWHQFLDVFRQ-XLFLRVSDUDORVTXHQRDFHSWDQD'LRVSDUDTXHSXHGDQHYLWDUVLDVLORHVFRJLHUHQHVWDUUHSUHVHQWDGRVHQ
HOMXLFLRGHODVSODJDV/DV7URPSHWDVFDSV\
-XLFLRKLVWRULFRHMHFXWLYRHQODWLHUUDSDUDORVTXHQRDFHSWDQD'LRV/DV3ODJDVFS
/DLGHQWLILFDFLRQGHORVSHUVHJXLGRUHVGHO3XHEORGH'LRVFDSV
(OFDVWLJRGHORVSHUVHJXLGRUHVGHO3XHEORGH'LRVFDSV
8Q0LOHQLRGHUHIOH[LRQGHO2ULJLQDGRUGHO0DO\VXVDQJHOHVHQXQDWLHUUDFDRWLFDVLQKDELWDQWHVKXPDQRV
8Q0LOHQLRGHUHIOH[LRQH[DPLQDGRUDSRUORV6DOYRVHQHO&LHOR
(O2ULJLQDGRUGHO0DO\ORV6LVWHPDVGH0DOGDGLQVSLUDGRVSRUDTXHOGHVWUXLGRVMXQWRDORVTXHORVFRPSRQHQFDSV

/D9LGD(WHUQDGHORVVDOYRVHQXQD7LHUUDQXHYDFDSV
>@
/RVEORTXHVGH&LHOR7LHUUDTXHKHPRVLQGLFDGRHQJOREDQHQDOJXQFDVRXQFRUWRSDUHQWHVLVGHUHWRUQRVDOFLHORWLHUUDFITXHQR
HVSUHFLVRUHVHQDUSRUTXHQRURPSHODFRKHVLRQ
>@
$ORODUJRGHODOODPDGDGLVSHQVDFLRQFULVWLDQDVHSUHVHQWDQHQHOHVFHQDULRPXQGLDOFRQHOREMHWLYRGHDO]DUVHFRQODDXWRULGDGVXSUHPD
GRV IXHU]DV TXH VH KDFHQ OD JXHUUD 3RU XQ ODGR GHQWUR GH 2FFLGHQWH OD OXFKDV HQWUH HO (VWDGR \ HO 6LVWHPD 3DSDO SRU RWUD SDUWH OD TXH
HQIUHQWDSRUXQDVXSUHPDFLDJOREDODO2FFLGHQWH&DWROLFR5RPDQR\DO,VODPTXHGXUDUDKDVWDTXHODXQDFRQVLJDVXSHUDUGHILQLWLYDPHQWHD
ODRWUD3HURPLHQWUDVWDQWRVHLQIOLJHQPDOHV\HQFLHUWRVPRPHQWRVDFWXDQFRPRDXWHQWLFRVIODJHORV(VWDUHIHUHQFLDKLVWRULFDODOXFKDHQWUH
HO(VWDGR\HOVLVWHPD3DSDOQRVD\XGDDFRPSUHQGHUHVWDVH[WD7URPSHWDDSURYHFKDGDODVLWXDFLRQSODQWHDGDSRUOD6REHUDQLDGLYLQDHQ
FXDQWRDVXVREMHWLYRVUHVSHFWRDODFXOPLQDFLRQGHO5HLQRGH'LRV
1RVRWURVDTXLHQHVWDLQWURGXFFLRQQRYHPRVFRQYHQLHQWHSURIXQGL]DUHQODVLPSOLFDFLRQHVGHHVWHDFRQWHFLPLHQWRKLVWRULFRHQUHODFLRQDOWH[WR
DSRFDOLSWLFRGHODV7URPSHWDV
>@
/DVWUHVHWDSDVVHULDQ/DGHOD%HVWLDTXH(5$ODTXH12(6\TXHDSOLFDDOD%HVWLDFDLGDHQVXSRVLFLRQGHDELVPRVXELHQGR
FI\ODTXH6(5$FXDQGRKD\DVDOLGRGHILQLWLYDPHQWHGHODELVPR
(QQXHVWURFRPHQWDULRVREUHHOSDUWLFXODUGHMDPRVFODURWRGRHVWHDVXQWR
>@
$XQTXHHVWXGLDPRVHQQXHVWURFRPHQWDULRSRVWHULRUPDVSURIXQGDPHQWH\HQGHWDOOHWRGRVORVDVSHFWRVUHODWLYRVDOD%HVWLD\GHVXV
DFRPSDQDQWHV REVHUYHVH HO SDUDOHOLVPR HQWUH HO HVWDU VHQWDGD OD 0XMHU %DELORQLFD R 5DPHUD VREUH PXFKDV DJXDV  XS OR TXH
FRQOOHYD\VLJQLILFDFRQHOHVWDUVHQWDGDVREUHOD%HVWLDORFXDOQRVD\XGDDFRPSUHQGHUHOYDORUGHOWHUPLQR%HVWLD
>@
(O 1XHYR 7HVWDPHQWR FRQRFH GRV XELFDFLRQHV SDUD ORV VDOYRV D SDUWLU GH OD VHJXQGD 9HQLGD GH -HVXFULVWR OD GH ORV &LHORV HQ XQD
SULPHUDHWDSDGHQRPLQDGDGH0LODQRV$SFI0W-QD&RUD3HGXQDVHJXQGDSDUDGHVSXHVGHORV
OODPDGRV0LODQRVODGHOD7LHUUDQXHYD$S\FID3HG
>@
9HGQXHVWURFRPHQWDULRD$SRFDOLSVLVHQHVWHPLVPRFRPHQWDULR\DWRGRHODVXQWRGHOHVWDGRGHORVPXHUWRV\DOGHVWLQRGHORV
LPSHQLWHQWHVHQODREUDGHODXWRU/DH[LVWHQFLDODPXHUWH\ODYLGDHWHUQDHGLWD$'LHVWUH=DUDJR]D
>@
3URIHVRUHVGH6DODPDQFD%LEOLD&RPHQWDGD,,,%$&0DGULGS
>@
'717GH&RHQHQYRO,9SSRHO+HEUHRGHO$QWLJXR7HVWDPHQWR'70$7YRO,,
>@
'717YRO,9S*/17YRO,S
>@
'(317YRO,,S
>@
9HUVREUHHVWRD'717YRO,9SS
>@
+(/27+HEUHZDQG(QJOLVK/H[LFRQRIWKH2OG7HVWDPHQWGH%URZQ'ULYHU%ULJJV*HVHQLXVRSF
>@
&LWDGRHQ6XEWLOH]DVGR(UURGH$%&KULVWLDQLQLRSFS
>@
/DPD\RUPHQWLUDFRPR\DKHPRVLQGLFDGRHQRWUROXJDUKDVLGRODGHQHJDUVXSURSLDSURFHGHQFLDFRPRFULDWXUD1LHJDVXRULJHQGHO
'LRV SHUVRQDO (O KHFKR GH DXWR DUURJDUVH HO VHU FRPR 'LRV VH PDQLILHVWD SRVWHULRUPHQWH HQ OD ILORVRILD TXH KD FRQWDPLQDGR D HVWD WLHUUD
GHVGH OD FXOWXUD EDELORQLFD OD PDWHULD VHULD HWHUQD \ HVWD KDEULD VDFDGR WDQWR DO 'LRV YHUGDGHUR FRPR D HO FROLJLHQGR TXH DPERV WLHQHQ HO
PLVPRRULJHQ
/D3DODEUDGH'LRV\ODSHUVRQDGH-HVXFULVWRGHVHQPDVFDUDQHVWDDFWLWXGPDOLJQD
>@
$X[HFRXWHVGHO
(VSULWRSFS
>@
&KULVWLDQ)DLWKDQG/LIH0FPLOODQ1HZ<RUNS
>@
/RV6HOORVHQFLHUUDQXQFRQWHQLGRGH-XLFLRSDUDODKXPDQLGDGHQODTXHVHHQFXHQWUDWDPELHQHO3XHEORGH'LRVWDQWRORVTXH\DIRUPDQ
SDUWHGHHOFRPRORVTXHSRGUDQOOHJDUDVHUSRUODDFWLYLGDGMXGLFLDO'LYLQD
'HFXDOTXLHUIRUPDHOWHUPLQR-XLFLRQRGHEHPRVYHUORVLHPSUHHQXQVHQWLGRQHJDWLYRRGHVIDYRUDEOHVLQRTXHSXHGHVHUSRVLWLYR\IDYRUDEOH
&XDQGR'LRVYLQGLFDDVX3XHEORSXHGHHVWDUHMHUFLHQGRXQMXLFLRIDYRUDEOHSDUDHO\GHVIDYRUDEOH\QHJDWLYRSDUDORVTXHTXLHUHQSHUSHWXDU
HOPDO\XQDYROXQWDGFRQWUDULDDORVSULQFLSLRVGHO5HLQRGH'LRV
6REUH ORV 6HOORV YHU D (GZLQ 5 7KLHOH5HVHQDV VREUH HO $SRFDOLSVLV '(',  SS  WDPELHQ D 5DQFR 6WHIDQRYLF $QGUHZV
8QLYHUVLW\3UHVV0,86$SS
>@
$OEHUWR57UHL\HUFRPHQWD
HOURPSLPLHQWRGHORVVHOORVWLHQHHOSURSRVLWRGHDEULUHOOLEUR\YLQGLFDUDORVVDQWRVSDUDFRQFHGHUOHVHOUHLQRTXHVHOHVKDELDSURPHWLGRGH
KHUHQFLD $S  DVL FRPR YLQGLFDU HO FDUDFWHU GH 'LRV GHODQWH GHO XQLYHUVR TXH HVSHUD DQVLRVDPHQWH SRUTXH HVWH WLHPSR ILQDOPHQWH
OOHJXH $S  /RV VHOORV TXH WLHQHQ DWDGR HO OLEUR GHELD SRU FRQVLJXLHQWH UHYHODU DOJR UHVSHFWR GH DTXHOORV D TXLHQHV HO OLEUR
YLQGLFDULD!! (O HQLJPD GH ORV 6HOORV \ ODV 7URPSHWDV  $&(6 %XHQRV $LUHV $UJHQWLQD  SS   /D FLWD OD WUDHPRV
H[FOXVLYDPHQWHSDUDHVWHDVXQWR
(VWRQRVPXHVWUDTXHHQHOFRQWHQLGRGHO6HOORVHVREUHQWLHQGHORTXHORVKXPDQRVOLEUHPHQWHHVWDQUHDOL]DQGRUHVSHFWRDO*RELHUQRR5HLQR
GH 'LRV \ HQ UHODFLRQ D DTXHOORV TXH VH KDQ WRPDGR HQ VHULR ORV SULQFLSLRV GHO 5HLQR GH 'LRV TXH -HVXFULVWR FRQ VX SUHVHQFLD \ (YDQJHOLR
RIUHFH\TXHGLFKDPDQHUDGHDFWXDUHVFRQVHFXHQFLDGHODREUDPLQLVWHULDOTXHHO+LMRGHO+RPEUHHVWDUHDOL]DQGR
>@
/RVFDEDOORV\ORVFDUURVLQGHSHQGLHQWHPHQWHGHODVYDULDQWHVTXHSXHGHQKDEHUVHXWLOL]DQHQODOLWHUDWXUDELEOLFDFRPRVLPERORVGHORV
PHQVDMHURVGH'LRVFID5H\6DO-HU=DF+DE-RHO
>@
9HUD(:KLWH7SSHQXQDDSOLFDFLRQUHVSHFWRDORTXHSXHGHVLJQLILFDUXQDEDODQ]DHQXQFRQWH[WRFURQRORJLFR\UHOLJLRVR
GLVWLQWR
>@
(ODFHLWH\HOYLQRVHSRGULDQXVDUFRPRVLPERORVGHOSXHEORGH'LRV-7D
>@
9HUVREUHHVWRXOWLPRD(57KLHOH5HVHQDVVREUHHO$SRFDOLSVLVRSFS
8Q HVWXGLR HO GH5HVHQDV VREUH HO $SRFDOLSVLV TXH QRV SDUHFH GH OR PDV EDVLFR SDUD SRGHU D\XGDU D FRPSUHQGHU PHMRU OD SURIHFLD
$SRFDOLSWLFD&RQWLHQHLGHDVPX\RULJLQDOHVTXHHVWDQVLQH[SORWDU
>@
7RGDVODVSHUVRQDVTXHPXHUHQKDELHQGRDFHSWDGRD-HVXFULVWRFRPRVX6DOYDGRUSHUVRQDOODPXHUWHDXQTXHLQHOXGLEOHSRUODVLWXDFLRQ
TXHKDFUHDGRHVWHPXQGRHQUHODFLRQDOSODQGH'LRVVHFRQYLHUWHHQLQMXVWD7RGRVKDQWHQLGRTXHVRVWHQHUXQDOXFKDFRQWUDORVHQHPLJRV
GHFODUDGRV GH -HVXFULVWR HO SHFDGR HO PXQGR \ HO 'LDEOR /DV DFWLWXGHV GH HVWRV FRQYLHUWH HQ DXWHQWLFRV PDUWLUHV D ORV TXH TXHULHQGR
SHUPDQHFHU ILHOHV D ORV SULQFLSLRV GHO 5HLQR GH 'LRV \ D -HVXFULVWR OXFKDQ FRQWUD OD WHQWDFLRQ UHFKD]DQ OD LGHRORJLD OD IRUPD GH VHU \ GH
SHQVDUGHOPXQGR\VHRSRQHQDODVDUWLPDQDVGHO0DOLJQR(VWRHVGDUWHVWLPRQLR\VHUPXHUWRVSRUFDXVDGHOD3DODEUDGH'LRV/OHJDQD
VHUPXHUWRVDSHVDUGHTXHKDQVXSHUDGRHQ\FRQ-HVXFULVWRHOGRPLQLRGHOSHFDGRHQVXVYLGDV+DQDFHSWDGRHOFDPLQRGHODYLGDJUDFLDV
DOSRGHUGH'LRV\KDQGHFLGLGRSRUODRULHQWDFLRQ\SRWHQFLDGHO(VSLULWX6DQWRXQDOXFKDDPXHUWHFRQWUDVXVGHIHFWRVGHFDUDFWHU\FRQWUD
HOLQVWLJDGRUGHO0DO7RGRHVWRSHUPLWHGHFLUHQHOOHQJXDMHDSRFDOLSWLFRGHTXHKDQPXHUWRSRUOD3DODEUDGH'LRV
>@
9HULG
>@
(Q9RFDEXODULRGH7HRORJLD%LEOLFDRSFS
>@
2SFSS
>@
9HUVREUHHVWRD*HRUJH(OGRQ/DGG(O$SRFDOLSVLVGH-XDQHG&DULEH86$S
>@
&LWDGRSRU$%&KULVWLDQLQL6XEWLOH]DVGR(UUR&DVD3XEOLFDGRUD%UDVLOHLUD6DR3DXORS
>@
&RPHQWDULR/D6DJUDGD(VFULWXUD1XHYR7HVWDPHQWRYRO,,,RSFS
>@
,G
>@
(O$SRFDOLSVLVGH-XDQRSFS
>@
2SFS
>@
(O&RPHQWDULRGHOD6DJUDGD(VFULWXUDWDPELHQKDFHUHIHUHQFLDDHVWHKHFKRRSFS
>@
9HU/HRQ0RUULV(O$SRFDOLSVLV(GLF&HUWH]D%XHQRV$LUHVS
>@
(QVX&RPHQWDULRVREUHHOSXQWRHQFXHVWLRQ
>@
9HU/HRQ0RUULV(O$SRFDOLSVLVRSFS
>@
7RPR,,,RSFS
>@
2SFS
>@
9RO,9RSFS
>@
9RO,,,RSFS
>@
(O(YDQJHOLRGH0DWHRRSFS
>@
%&LQWHUFRQIHVLRQDORSFS
>@
9HUVREUHHVWRD:LNHQKDXVHQ(O$SRFDOLSVLVGH6DQ-XDQRSFSS(GXDUG6FKLFN(O$SRFDOLSVLVRSFS
>@
&RPHQWDULR%LEOLFR6DQ-HURQLPRRSFYRO,9S
>@
,G
>@
(O$SRFDOLSVLVRSFS
>@
'HOD8QLYHUVLGDG3RQWLILFLDXUEDQLDQDGH5RPDHQ%LEOLDGH(G/DERUYRO,,,S
>@
9RO,9RSFSS
>@
2SFSS
>@
2SFSS
>@
,G
>@
:LNHQKDXVHURSFSS
>@
:LNHQKDXVHUSS &RPHQWDULR%LEOLFR6DQ-HURQLPRYRO,9S&DQWHUD,JOHVLDVS$QWRQLQR5RPHRHG/DERU
YRO,,,S%RYHU&DQWHUDS1DFDU&ROXQJDS&DVWHOODQL$SRFDOLSVLVRSFS
>@
&RQVXOWHVHDODXWRUHQVXFRPHQWDULRVREUH'DQLHOGRQGHWUDWDHVWRVDVXQWRV
>@
9HUFRPRODPD\RULDGHDXWRUHVLQWHUSUHWDHVWHVHOORMXQWRDORUHODWLYRDOVHOODPLHQWRGHORVFRPRDFRQWHFLHQGRHQHOWLHPSRGHO
ILQHVFDWRORJLFRSDUDHOORFRQVXOWDUYRO,SS
>@
9HUVREUHHVWRD:LNHQKDXVHQ(O$SRFDOLSVLVGH6DQ-XDQRSFSS(GXDUG6FKLFN(O$SRFDOLSVLVRSFS
>@
&RPHQWDULR%LEOLFR6DQ-HURQLPRRSFYRO,9S
>@
,G
>@
(O$SRFDOLSVLVRSFS
>@
'HOD8QLYHUVLGDG3RQWLILFLDXUEDQLDQDGH5RPDHQ%LEOLDGH(G/DERUYRO,,,S
>@
(OUHVWRGHORVWH[WRVHVLPSRVLEOHLGHQWLILFDUORVFRQXQWHUUHPRWRILVLFR(OSULPHURTXHORXELFDUHPRVWHPSRUDOPHQWHHQHO
SUR[LPRFDSLWXORQRVHFRQRFHTXHKXELHUDXQWHUUHPRWRILVLFR\KDEUDTXHLQFOXLUORGHQWURGHODRSLQLRQGHO&%$HQFXDQWRDTXHODPD\RULD
GHODVYHFHVVHUHILHUHDSHUWXUEDFLRQHVWUDQVIRUPDFLRQHVVRFLDOHV\SROLWLFDVUHYROXFLRQHV
>@
2SFS
>@
,GS
>@
6WUDXELQJHUKDFDSWDGRPX\HOVLJQLILFDGRGHODHVFHQD
(OWHPSOROOHQRGHKXPRSDUDTXHQDGLHSXHGDHQWUDUKDVWDTXHODVRUGHQHVGH'LRVVHFXPSODQLQGLFDTXHVXMXLFLRVVRQ\DLUUHYRFDEOHVTXH
WRGRDFFHVR\DSHODFLRQDQWH(OTXHGDQFHUUDGRV(O1XHYR7HVWDPHQWRYRO,9RSFS
/D PLVPD LGHD SRU$QWRQLQR 5RPHR  QDGLH SXHGH HQWUDU HQ HO 6DQWXDULR  H[SUHVD VLPEROLFDPHQWH TXH QR VH DGPLQLVWUDUD QLQJXQD
LQWHUFHVLRQHQ%LEOLDGH(G/DERUYRO,,,RSFS
&%$VLJQLILFDTXHHOWLHPSRGHLQWHUFHVLRQVHDFDERRSFS
>@
 9HG SS $KL WUDWDPRV WRGR OR UHODWLYR D ORV GLDV GH WULEXODFLRQ 7DPELHQ SXHGH FRQVXOWDUVH HO FRPHQWDULR GHO DXWRU VREUH OD
SURIHFLDGH'DQLHORSF
>@
 (Q OD YHUVLRQ GH 0DUFRV KD\ XQD PDWL]DFLRQ TXH QRV D\XGD D FRPSUHQGHU PHMRU HVH PRPHQWR (Q SULPHU OXJDU QRV LQGLFD TXH HVH
EORTXHGHGLDVGHQRPLQDGRVGHWULEXODFLRQTXHLQFOX\HODWULEXODFLRQGHODHSRFDMXGHDHQODGHVWUXFFLRQGH-HUXVDOHQDOTXHVHOHLQFOX\HORV
GLDV GH WULEXODFLRQ RFDVLRQDGRV SRU HO FXHUQR SHTXHQR VHULDQ DFRUWDGRV 0F   < DQDGH HQ DTXHOORV GLDV GHVSXHV GH OD
WULEXODFLRQ (V GHFLU HQ DTXHOORV GLDV DFRUWDGRV GH ORV GLDV GH WULEXODFLRQ 'HQWUR GH ORV GLDV GH WULEXODFLRQ GHVSXHV GH OD WULEXODFLRQ
DFRUWDGD/RVGLDVGHWULEXODFLRQVRQORVGLDVSURIHWLFRVRDQRV\SURIHWLFRVHQORVTXHHOFXHUQRGRPLQD3HURVHDFRUWDQHQOR
TXHVHUHILHUHDODWULEXODFLRQ(VGHFLUKD\VHQDOHVTXHVHWLHQHQTXHGDUGHQWURGHORVGLDVGHWULEXODFLRQDFRUWDGRV\KD\RWUDVTXHVHWLHQHQ
TXHGDUGHVSXHVGHORVGLDVGHWULEXODFLRQDFRUWDGRVRGHVSXHVGHORVGLDVGHWULEXODFLRQ'HDFXHUGRDODLGHQWLGDGGHOFXHUQRSHTXHQR\DO
FRPSXWRVLPEROLFRQRVYDPRVDILQDOHVGHOVLJOR;9,,,FXDQGRHOVLVWHPDFXHUQRSHTXHQRRTXLQWDFDEH]D'Q'Q
FI$SUHFLEHXQDKHULGDPRUWDO\SLHUGHHVHGRPLQLR
(QFXDQWRDOEORTXHGHWLHPSRGHWULEXODFLRQTXHLQFOX\HORVGLDVGHWULEXODFLRQGHOFXHUQRSHTXHQR\TXHPHQFLRQD0DWHR\0DUFRVSXHGH
FRQVXOWDUVH SS  (Q FXDQWR DO FRPSXWR SURIHWLFR \ OD LGHQWLGDG GHO FXHUQR SHTXHQR R TXLVWD FDEH]D YHG PDV DGHODQWH FXDQGR
DQDOL]DPRV$S
>@
(OWHUPLQRJULHJRLQFOX\HDVWUR\SRUORWDQWRFXHUSRVFHOHVWHVOXPLQRVRV
>@
9HGHODUWLFXORGHIHQVDTXHUHDOL]D:KLOOLDQ6KHDVREUHHVWHDVXQWRHQ0LQLVWHULR$GYHQWLVWD1RYLHPEUH'LFLHPEUHGHSS
>@
'LRVQRHVHOTXHFUHDORVWHUUHPRWRVVLQRHOSHFDGRXVDGRSRUHOPDOLJQR3HUR'LRVVHYDOHGHODVFRQGLFLRQHVTXHHOSURSLRSHFDGRKD
FUHDGRSDUDGLULJLUORVDFRQWHFLPLHQWRVHQIDYRUGHODVDOYDFLRQGHVXSXHEORUHGLPLGRSRU-HVXFULVWR
>@
$OOR FLWDGR SRU %HQMDPLQ (VFDQGH RS F /H[LFR S  5HILULHQGRVH DO WHUPLQR WHUUHPRWR (Q HO HVWLOR SURIHWLFR HV OD LPDJHQ
SHUSHWXDGHJUDQGHVWUDQVIRUPDFLRQHVHQHORUGHQSROLWLFRPRUDORVRFLDO
>@
7HQHPRVTXHGHFLUTXHHVDVVHQDOHVHQODYHUVLRQGHOVHUPRQHVFDWRORJLFRHQWUDULDQGHQWURGHODGREOHYHUWLHQWH(QQLQJXQOXJDUVHQRV
GLFHTXHKD\DQGHHQWHQGHUVHH[FOXVLYDPHQWHHQXQVHQWLGR$XQFXDQGRORVTXHORKDFHQHQHOVRORVHQWLGRILVLFRQRHVWDULDQHTXLYRFDGRV
6LPSOHPHQWHTXHSXHGHFRPSOHWDUVHHVHVHQWLGR3XHVWRTXHQRDJRWDWRGDVODVSRVLELOLGDGHVGHOWH[WR
>@
6REUHHOWHUUHPRWRGH/LVERDHOGLDRVFXURGHOGHPD\RGH\ORGHODOXQDMXQWRDODFDLGDGHPHWHRULWRVSXHGHFRQVXOWDUVHD
0HUY\Q0D[ZHO(OPHQVDMHGH$SRFDOLSVLV3DFLILF3UHVV86$SS
>@
0HUY\Q0D[ZHO(OPHQVDMHGH$SRFDOLSVLVRSFS
>@
,GS
>@
9HGHO&RPHQWDULRD'DQLHOGHODXWRU (O0HVLDV\VX(YDQJHOLRHQODSURIHFLDGH'DQLHOHGLWDHODXWRU=DUDJR]D(VSDQDSS
GRQGHVHLGHQWLILFDWH[WXDOHKLVWRULFDPHQWHDO0RYLPLHQWRGHO$GYLHQWRFRQRFLGRSRUOD,JOHVLD&ULVWLDQD$GYHQWLVWDGHO6HSWLPR'LD
>@
6REUHHVWRVWH[WRVWHQHPRVSRUSDUWHGHODXWRUXQ&RPHQWDULRD5RPDQRV/DLGHQWLGDGFULVWLDQDIUHQWHDODSHUSHWXDFLRQGHORV
FRQIOLFWRV HQ OD (SLVWROD D ORV 5RPDQRV HGLWD HO DXWRU LPSULPH /XVDU =DUDJR]D(VSDQD  RWUR VREUH OD HSLVWROD D ORV +HEUHRV  /D
YRFDFLRQFHOHVWHIUHQWHDODSHUSHWXDFLRQWHUUHVWUHHQOD(SLVWRODDORV+HEUHRV HGLWDHODXWRULPSULPH/XVDU=DUDJR]D(VSDQD\
HOGH'DQLHO\DPHQFLRQDGRGRQGHMXVWLILFDPRVHVWRVWH[WRVSDUDHOXVRTXHOHVHVWDPRVGDQGR
>@
%HQMDPLQ(VFDQGHOH[LFRRSFS9LHQWRWDPELHQSXHGHUHIHULUVHDXQSXQWRFDUGLQDOR]RQDJHRJUDILFD
>@
6REUHHVWRYHG%HQDMPLQ(VFDQGH$SRFDO\SVHRSFS
>@
9HGS
>@
2SFYRO,9S
>@
,G
/DDGHSRFDGHOILQPLVPR(O$SRFDOLSVLVRSFS
$QWRQLQR5RPHRGHOD8QLYHUVLGDGSRQWLILFLDXUEDQLDQDGH5RPDHQ%LEOLDHG/DERURSFYRO,,,SWLHPSRGHOILQSUHYLRDOMXLFLR
>@
9HUFRLQFLGLHQGRFRQHVWDRSLQLRQD:LNHQKDXVHQHQHO $SRFDOLSVLVGH6DQ-XDQ RS F S   WDPELHQ D (GXDUG 6FKLFN (O
$SRFDOLSVLVRSFS
>@
(VWHFRQWUDVWHWHUUHVWUH\FHOHVWHHQWUHORVGHOFS\ORVGHOHVWDUHFRQRFLGDHQWUHPXFKRVSRU6WUDXELQJHUYRO,9RSF
SS\&DQWHUD,JOHVLDVRSFSS:LNHQKDXVHURSFSSORPLVPRTXH6UDXELQJHUHQWUHRWURVLGHQWLILFD
FODUDPHQWHDORVGHOFS\
>@
9HUVREUHHVWRD:LNHQKDXVHU(O$SRFDOLSVLVRSFSS
>@
$QWRQLQR5RPHR%LEOLDHG/DERURSFSLGHQWLILFDDODSUHGLFDFLRQGHOMXLFLRGH$SRFDOLSVLVFRPRHOUHODWLYRDOMXLFLRILQDO
>@
5HVSHFWRDODFLIUDGHHVLQWHQFLRQDGDPHQWHILJXUDGD\DVLODFRPSUHQGHQODPD\RULDGHORVHVWXGLRVRV\HVWDULDUHSUHVHQWDQGR
DWRGRHO3XHEORGH'LRVDOD,JOHVLDDOQXHYR,VUDHOTXHYLYHHQODHSRFDGHOILQGHVFULWD\TXHVHKDPDQWHQLGRILUPH\ILHOYHUVREUHHVWRD
:LNHQKDXVHU HQ (O$SRFDOLSVLVRSFSS &RPHQWDULR%LEOLFR6DQ-HURQLPRYRO,9RSFS&DQWHUD,JOHVLDVS
$QWRQLQR5RPHRHQ%LEOLDGHHG/DERURSFS%RYHU&DQWHUDS1DFDU&ROXQJDS
5HVSHFWRDODFLIUDFRPILJXUDGDDGHPDVGHORVGLFKRSXHGHFRQVXOWDUVHXQOLEURLQVWUXFWLYR\FRPSOHWRVREUHORVGH+HFWRU
$'HOJDGR/RVVLHUYRVGH'LRV+$'SXEOLFDFLRQHV6DQWR'RPLQJR5HS'RPLQLFDQD6DQWR'RPLQJR
9HGWDPELHQ6LPSRVLRVREUHHO$SRFDOLSVLVYRO,SS$SLD0LDPL86$(VWUDGXFFLRQGHODREUDHQLQJOHVHVFULWDHQ
>@
6REUHODFRLQFLGHQFLDFRQHVWRYHUD$QWRQLQR5RPHRHG/DERUYRO,9SWDPELHQ&DVWHOOODQL$SRFDOLSVLVRSFS
(QFXDQWRDOVHOODPLHQWRHVFDWRORJLFRQRTXHUHPRVLQYHQWDUXQQXHYRVHOODPLHQWR6RORKD\XQVHOODPLHQWRDODVDOYDFLRQSHURHVHVFDWRORJLFR
SRUFXDQWRVXFHGHSDUDDTXHOORVTXHYLYHQORVPRPHQWRVILQDOHV7RGRVORVVDOYRVKDQGHH[SHULPHQWDUHOVHOODPLHQWRGHO(VSLULWX6DQWRSDUDOD
6DOYDFLRQSHURODVHVFHQDVUHODFLRQDGDVFRQORVVXFHGHQHQOD*HQHUDFLRQILQDO
>@
6HJXQORVWH[WRVSUHVHQWDGRVORVQRSXHGHQKDFHUUHIHUHQFLDDXQDFODVHSULYLOHJLDGDUHVSHFWRDOSODQGHODVDOYDFLRQTXHVH
RULJLQHHQHOWLHPSRDSRVWROLFR(OFRQWH[WRQRVDVHJXUDXQDHSRFDILQDOSUHYLDDO-XLFLR!!!TXHVHSURGXFHDOUHWRUQRGH&ULVWR
(V LQVRVWHQLEOH XQD FLIUD OLWHUDO 1R VROR SRU OD IRUPXODFLRQFDUDFWHULVWLFD GH ORV QXPHURV VLPEROLFRV  [  [  VLQR SRUTXH WRGD OD
FRQVWUXFFLRQ HV HYLGHQWHPHQWH VLPEROLFD /RV TXH SHQVDUDQ GH HVWH PRGR VH WHQGULDQ TXH YHU REOLJDGRV D DFHSWDU OD OLWHUDOLGDG GH WRGD OD
HVFHQD<SRUORWDQWRQRWHQGULDQPDVUHPHGLRTXHDGPLWLUODVWULEXVGH,VUDHOFRPRVHQDODQGRDMXGLRVOLWHUDOHV$ILUPDUTXHHOQXPHURHV
OLWHUDO \ OR TXH PDUFD HO QXPHUR FRPR VLHQGR ILJXUDGR HV XQD LQFRQVHFXHQFLD JUDYH \ SHUWXUEDGRUD SDUD DTXHOORV TXH DSUHQGHQ GH VXV
H[SOLFDFLRQHV
(OQXPHURHVVLPERORGHSHUIHFFLRQHVSHFLDOPHQWHHQHOPXQGRILVLFR\KXPDQR(OVHJXQGRFRUUHVSRQGHDODVWULEXVGH,VUDHOHO
SXHEORGH'LRV)LQDOPHQWHLQGLFDXQDPXOWLWXGLQPHQVD!!!&RPHQW%LEOLFR6DQ-HURQLPR9RO,9S
$MX]JDUSRUORVWH[WRVDQDOL]DGRVQLKD\XQGREOHGHVWLQRWHUUHVWUHSDUDXQRV\FHOHVWHSDUDRWURVQLKD\LQVHJXULGDGUHVSHFWRDODVDOYDFLRQ
SDUDQDGLHTXHKD\DDFHSWDGRD-HVXFULVWRGHDFXHUGRDOHYDQJHOLR7DQWRODJUDQPXFKHGXPEUH!!!$SFRPRORVKDQVLGR
OLPSLDGRV\VDOYRVSRUODVDQJUHGHO&RUGHUR$SFI$SFI(VWDQGHODQWHGHOWURQRGH'LRV$S+DQVLGR
UHGLPLGRVGHHQWUHORVGHODWLHUUD\WRGRVHVWDQHQHOFLHORGHVSXHVGHOUHWRUQRGH&ULVWR\DTXHHOWURQRGH'LRVHVWDHQHOFLHOR$S
3RVWHULRUPHQWHORVUHGLPLGRVYLYLUDQHQODWLHUUD$S\
3RUSDUWHFDWROLFDVHGHVFDUWDODSRVLELOLGDGGHXQUHLQRWHUUHVWUHDSDUWLUGHODVHJXQGDYHQLGDGH&ULVWRDVLUHFRJH6WUDXELQJHUODRSLQLRQGHOD
6XSUHPD 6DJUDGD &RQJUHJDFLRQ GHO 6DQWR 2ILFLR TXH OD GRFWULQD TXH HQVHQD TXH DQWHV GHO MXLFLR ILQDO FRQ UHVXUUHFFLRQ DQWHULRU GH
PXFKRVPXHUWRVRVLQHOODQXHVWUR6HQRU-HVXFULVWRYHQGUDYLVLEOHPHQWHDHVWDWLHUUDDUHLQDUQRVHSXHGHHQVHQDUFRQVHJXULGDGWXWRGRFHUL
QRQSRVVH!!!'HFUHWRGHOGHMXOLRGH&LWDGRSRU6WUDXELQJHU9RO,9RSFS
$XQTXH QR HVWDPRV GH DFXHUGR FRQ HO EDXWLVWD 5D\ 6XPPHUV HQ OR TXH VH UHILHUH D ODKHUPHQHXWLFD TXH HPSOHD HQ VX FRPHQWDULR DO
$SRFDOLSVLVQLFRQODPD\RULDGHVXVFRQWHQLGRVFRLQFLGLPRVHQHOKHFKRSXQWXDOGHTXHORTXHVHLQWURGXFHHQ$SRFDOLSVLVHVXQDVLWXDFLRQ
FHOHVWLDO\QRWHUUHQDO'LJQRHVHO&RUGHURRSFSS\VV
6RQLQDGPLVLEOHVODVSUHUURJDWLYDVFRQTXHDOJXQRVDGRUQDQDORV\GHDTXHOORJHQXLQRTXHVHOHGHVSRMDDODJUDQPXFKHGXPEUH/DV
(VFULWXUDVQRVGLFHQTXHFXDQGRXQRDFHSWDD&ULVWRFUH\HQGRDXWHQWLFDPHQWHHVKHFKRKLMRGH'LRV-Q*D1RWHVHTXHVHWUDWD
GH WRGRV ORV TXH OH UHFLELHURQ!!! QR GH XQD FODVH R FDVWD HVSHFLDO (O (VSLULWX 6DQWR HV LJXDOPHQWH GDGR WDQWR D ORV  TXH VH
PHQFLRQDQ HQ HO$SRFDOLSVLV FRPR FUH\HQWHV TXH VRQ FRPR DO UHVWR GH FUH\HQWHV GH WRGDV ODV HSRFDV +FK   (I   (O
OODPDPLHQWRDODVDOYDFLRQVHHIHFWXDDWRGRVORVKRPEUHVGHWRGDVODVHSRFDVD7L+FK,V1DGLHTXHYDD&ULVWR
HVHFKDGRIXHUD-Q/DVDOYDFLRQDODTXHJXLDFRQWLQXDPHQWHHO(VSLULWX6DQWRQRKDVLGRUHOHJDGDSDUDGHVSXHVGHO$UPDJHGRQSDUD
ODVRWUDVRYHMDV!!!FUH\HQWHVGHVHJXQGDFDWHJRULD\TXHVHJXQDOJXQRVWRGDYLDWRGRVORVTXHIRUPDQSDUWHGHODJUDQPXFKHGXPEUH
QRWLHQHQVHJXUDODVDOYDFLRQ\KDQGHSDVDUSRUODSUXHEDXOWLPDGHVSXHVGHODUHVXUUHFFLRQ
9HDVHVREUHHVWDVLGHDVFRQIXVDV\GHWHULRUDGDV'HSDUDLVRSHUGLGRDSDUDLVRUHFREUDGRRSFSS
>@
9HG3S
>@
(Q/DV3URIHFLDVGHOILQ$&(6%XHQRV$LU$UJHQWLQDS
>@
"3RUTXHHQWRQFHV(OHQD:KLWHXWLOL]DXQDUHIHUHQFLDELEOLFDTXHKDEODGHODJUDQPXOWLWXGFXDQGRHVWDGHVFULELHQGRDORVGHOD
XOWLPDJHQHUDFLRQGHFUH\HQWHVTXHHVWDUDYLYDFXDQGR&ULVWRYHQJD"YHUSS
/D UHVSXHVWD HV PX\ VHQFLOOD VL QR SHUGHPRV GH YLVWD GH QXHYR HO SURSRVLWR FRQWH[WXDO SRU HO TXH (OHQD :KLWH LQWURGXFH ODV UHIHUHQFLDV
ELEOLFDVGH$SRFDOLSVLV\QRSRGULDPRVFRQFOXLUTXHORVVRQWRGDODJUDQPXOWLWXGGHVDOYRVGHWRGDVODVHSRFDV3(
S"3RUTXH"
(OHQD:KLWHKDEODHQVXHSRFDGHORVFRPRQRKDELHQGRVHIRUPDGRWRGDYLD
1RHVVXYROXQWDGTXHHQWUHQHQFRQWURYHUVLDVSRUFXHVWLRQHVTXHQRORVD\XGDUDQHVSLULWXDOPHQWHWDOHFRPR"4XLHQHVKDQGH
FRPSRQHUORV"IXHUDGHWRGDGXGDHVWRORVDEUDQGHQWURGHSRFRORVTXHVHDQHOHJLGRVGH'LRV!!
(VHYLGHQWHTXHHVWDGHFODUDFLRQFRORFDHOFXPSOLPLHQWRGHORVTXHVHDQORVHQHOIXWXUR
(VWDQYLYRVFXDQGR&ULVWRYLHQHQRKDQSDVDGRSRUODPXHUWH\HVWDQVLQLQWHUFHVRUGXUDQWHHOGHUUDPDPLHQWRGHORVMXLFLRVGH'LRV
QRVDQXQFLRHOGLD\ODKRUDGHODYHQLGDGH-HVXV/RVVDQWRVYLYLHQWHVUHFRQRFLHURQ\HQWHQGLHURQODYR]SHURORV
PDOYDGRVVHILJXUDURQTXHHUDIUDJRUGHWUXHQRV\GHWHUUHPRWR!!06,S
HVWDQHQSLHORV
+DELHQGRVLGRWUDVODGDGRVGHODWLHUUDGHHQWUHORVYLYRVVRQFRQWDGRVSRUSULPLFLDVSDUD'LRV\SDUDHO&RUGHUR
KDQ VHQWLGR OD DQJXVWLD GHO WLHPSR GH OD DIOLFFLRQ GH -DFRE KDQ HVWDGR VLQ LQWHUFHVRU GXUDQWH HO GHUUDPDPLHQWR ILQDO GH ORV
MXLFLRVGH'LRV!!&6S
'H DFXHUGR DO WH[WR ELEOLFR ORV UHSUHVHQWDQ D ORV VDOYRV GH OD XOWLPD JHQHUDFLRQ TXH HVWDUD YLYD 5HSUHVHQWDU VLJQLILFD TXH QR
QHFHVDULDPHQWHODFLIUDHVOLWHUDO'LFKDFLIUDDWHQRUSRUWRGRHOFRQWH[WRHQHOTXHHVWDLQVHUWDGDVHULDVLPEROLFD
3RGHPRVHQWHQGHUPHMRUHOSDUUDIRGHODSDJLQDGHO&RQIOLFWRGHORV6LJORV
(QWRGRWLHPSRORVHOHJLGRVGHO6HQRUIXHURQHGXFDGRV\GLVFLSOLQDGRVHQODHVFXHODGHODSUXHED
/RVKHUHGHURVGH'LRVKDQYHQLGRGHEXDUGLOODVFKR]DVFDUFHOHVFDGDOVRVPRQWDQDVGHVLHUWRVFXHYDVGHODWLHUUD\GHODVFDYHUQDVGHO
PDU(QODWLHUUDIXHURQSREUHVDQJXVWLDGRVPDOWUDWDGRV0LOORQHVEDMDURQDODWXPED
$SRFDOLSVLV!!&6SS
(VWD FODUR SDUD OD DXWRUD TXH HVWRV RWURV GH WRGR WLHPSR SDUD ORV TXH VH FLWD H[FOXVLYDPHQWH$S   TXH VH FRPSRQHQ GH PLOORQHV
EDMDURQDODWXPEDPXULHURQPLHQWUDVTXHORVIXHURQWUDVODGDGRVVLQSDVDUSRUODPXHUWHGHHQWUHORVYLYRV/RTXHQRVPXHVWUDTXH
ODDXWRUDKDFHXQDGLIHUHQFLDHQWUHORVHQSDUWLFXODU\ODJUDQPXOWLWXGHQJHQHUDO3RURWUDSDUWHHOWH[WRELEOLFRQRVSUHVHQWDDODJUDQ
PXOWLWXG GH VDOYRV XQD YH] DFRQWHFLGD OD VDOYDFLRQ \ HQ XQD HVFHQD FHOHVWLDO 6L OD DXWRUD LQWHUSUHWDED TXH HQ HVD JUDQ PXOWLWXG HVWDEDQ
UHSUHVHQWDGRVWRGRVORVVDOYRVGHWRGDVODVHSRFDVWDPELHQHVWDEDQLQFOXLGRVORVTXHVRQORVSHUWHQHFLHQWHVDODXOWLPDJHQHUDFLRQ\
SRUHOORHVWDMXVWLILFDGRSRQHUXQDUHIHUHQFLDELEOLFDTXHHQJOREDDWRGDODPXOWLWXGGHVDOYRVGHWRGDVODVHSRFDVLQFOXVRGHODGHOILQDO(QOD
JUDQPXOWLWXGHVWDULDQLQFOXLGRVWRGRVDTXHOORVGHWRGRWLHPSRGHODVGLIHUHQWHVJHQHUDFLRQHVGHORVTXHPLOORQHVEDMDURQDODWXPEDSHUR
TXHUHVXFLWDURQ\ORVTXHUHSUHVHQWDQDORVGHODXOWLPDJHQHUDFLRQTXHHVWDQYLYRVFXDQGR&ULVWRYHQJD\TXHVRQWUDVODGDGRVFRQHO
UHVWRWRWDOGHFUH\HQWHVUHVXFLWDGRVVLQSDVDUSRUODPXHUWH
&XDOTXLHUSUREOHPDVHPHMDQWHDHVWHTXHHVWDPRVWUDWDQGRVHHYLWDULDVLQRVHXWLOL]DVHHO(VSLULWXGH3URIHFLDHQSULPHUDOLQHDFRQHOILQGH
FRQILUPDUXQDWHRULD6LQRVRPRVFDSDFHVGHKDFHUORH[FOXVLYDPHQWHFRQHOWH[WRELEOLFRQRSRGHPRVVXEVDQDUORFRQXQDFLWDGHXQDDXWRUD
TXHDXQTXHGRWDGDFRQHOGRQSURIHWLFRQRWLHQHDXWRULGDGQLHOODODSUHWHQGHQLQRVODGDSDUDVXSODQWDURVXVWLWXLUOD%LEOLD
3RURWUDSDUWHGHWHQHUQRVHQXQDUHIHUHQFLDELEOLFDVLQFRQVLGHUDUHOYHUGDGHURFRQWHQLGRHLQWHUSUHWDFLRQTXHHOSURSLRDXWRUSRVHHFXDQGR
GHVFULEHSRUHMHPSORHODVXQWRGHORVHVFRQIXQGLUHODXWHQWLFRSURSRVLWR\FRQWH[WRTXHODDXWRUDSXGLHUDWHQHU
>@
(QFXDQWRDODLQWHUSUHWDFLRQGLVSHQVDFLRQDOLVWDTXHKDFHDORVOLWHUDOHV\MXGHRVHVLQDGPLVLEOH\FRQORH[SXHVWRLPSRVLEOH
3XHGHGRFXPHQWDUVHXQRVREUHHVWRYHG6LPSRVLRVREUHHO$SRFDOLSVLVYRO,RSFS
>@
08<,03257$17(9HGGHHVWHOLEURSSGRQGHWUDWDPRVODHUUDGLFDFLRQGHOSHFDGR\GHTXHIRUPDUHSHUFXWHHQODXOWLPD
JHQHUDFLRQGHORVHVWDQGRYLYRV
1RKD\FDPELRHQHOSODQGHODVDOYDFLRQ
"(QTXHHVWULEDODH[FHSFLRQDOLGDGGHORVODXOWLPDJHQHUDFLRQGHVDQWRV"1RVRQORVSULPHURVHQVHUVHOODGRVORVVDQWRVHVWDEDQ
VHOODGRVHQORVGLDVGH3DEOR1RVRQORVSULPHURVHQVHUSHUVHJXLGRVRHQVHJXLUDO&RUGHURRHQVHUUHGLPLGRVGHODWLHUUDRHQFDQWDUD
-HKRYDXQFDQWLFRQXHYR!!/DRFWXSOHGHVFULSFLRQTXH-XDQUHDOL]DGHORVHQFRQWUDGDHQ$SRFDOLSVLVLQGLFDTXHFRPSDUWHQ
XQSDWULPRQLRFRPXQFRQORVVDQWRVGHWRGRVORVWLHPSRV
(QWRQFHV"TXHWLHQHQGHH[FHSFLRQDO""/RJUDODXOWLPDJHQHUDFLRQGHVDQWRVXQQLYHOGHVDQWLGDGQXQFDDQWHVDOFDQ]DGR""+D\GRVQLYHOHV
GHVDQWLGDGXQRSDUDODUHVXUUHFFLRQ\RWURSDUDODWUDVODFLRQ"
(Q XQD FR\XQWXUD HV LPSRUWDQWH DFODUDU DOJXQDV GLIHUHQFLDV HQWUH MXVWLILFDFLRQ \ VDQWLILFDFLRQ (Q WRGDV ODV JHQHUDFLRQHV KD KDELGR
XQLFDPHQWHXQPHWRGRGHVDOYDFLRQ3RUJUDFLDVRLVVDOYRVSRUPHGLRGHODIH\HVWRQRGHYRVRWURVSXHVHVGRQGH'LRV1RSRUREUDV
SDUD TXH QDGLH VH JORULH!! (IH   'LRV WLHQH XQ XQLFR FULWHULR SDUD OD VDOYDFLRQ OD IH HQ ORV PHULWRV GH XQ 6DOYDGRU FUXFLILFDGR /D
MXVWLILFDFLRQSRUVLVRODHVQXHVWUDFDUWDGHLGRQHLGDGSDUDHOFLHOR4XH'LRVFDPELDVHORVUHTXLVLWRVSDUDODXOWLPDJHQHUDFLRQVHULDLQMXVWR
'LFKR OR DQWHULRU WDPELHQ HV SUHFLVR TXH UHFRQR]FDPRV TXH D OR ODUJR GH OD KLVWRULD ORV VLHUYRV GH 'LRV KDQ H[SHULPHQWDGR JUDGRV
GLIHUHQWHVGHGHVDUUROOR\GHH[SHULHQFLD$OJXQRVFRPR-RVH\'DQLHOOOHYDURQYLGDVGHYLUWXGHLQIOXHQFLDH[WUDRUGLQDULDVKDVWDHOSXQWRGH
TXHQRVHUHJLVWUDQLQJXQSHFDGRHQVXFRQWUD2WURVFRPR6DQVRQ\0DQDVHVFRPHWLHURQGHOLWRVKRUUHQGRV\VHDUUHSLQWLHURQXQLFDPHQWHDO
ILQDOGHVXYLGD$OJXQRVVLUYLHURQFRQILGHOLGDGGXUDQWHHOFDORUGHWRGRHOGLDRWURVVRORHQODKRUDILQDO1LQJXQRGHHOORVVHVDOYRSRUVX
VDQWLGDGODVDQWLILFDFLRQQRHVHOPHGLRGHODVDOYDFLRQVLQRVXUHVXOWDGR
1RGHELHUDVHUFDXVDGHLQTXLHWXGWHRORJLFDTXH'LRVHOHYDUDDWRGDXQDJHQHUDFLRQDXQQLYHOGHVDQWLGDGUDUDYH]ORJUDGRFRQDQWHULRULGDG
SDUD GDU DO PXQGR OD XOWLPD UHYHODFLRQ GHO DPRU GH 'LRV /RV  TXH VH \HUJXHQ HQ HO PRQWH 6LRQ FRQ HO VHOOR GH 'LRV LOXPLQDQGR VX
URVWUR VRQ HVH WHVWLPRQLR ILQDO D XQ PXQGR OODPDGR D HOHJLU HQWUH OD DGRUDFLRQ GH 'LRV \ OD DGRUDFLRQ GH OD EHVWLD   (Q YH] GH XQ
UHPDQHQWHODVWLPRVRORVRFKRGH1RHRORVVLHWHPLOGH(OLDV'LRVWHQGUDWRGRXQHMHUFLWRGHVDQWRVSDUDOODPDUDOPXQGRDVDOLUGH%DELORQLD
/DFXHVWLRQUHIHUHQWHDXQHVWDGRGHLPSHFDELOLGDGGHSHQGHGHVLHOSHFDGRVHGHILQHFRPRDFWRRFRPRQDWXUDOH]D'HVGHOXHJRODXOWLPD
JHQHUDFLRQ YLYLHQWH GHO SXHEOR GH 'LRV GHEHULD HVWDU OLEUH GH DFWRV SHFDPLQRVRV VLQ HPEDUJR QR SHUGHUD VX QDWXUDOH]D SHFDPLQRVD \
FRUUXSWLEOHKDVWDTXHVHYLVWDGHLQFRUUXSFLRQHQHOVHJXQGRDGYHQLPLHQWR&RU
(QHOOLEURGH$SRFDOLSVLVORVVDQWRVVLHPSUHHVWDQYHQFLHQGRGHQRWDGRHQJULHJRSRUHOWLHPSRSUHVHQWHVROR&ULVWRKDYHQFLGRHOWLHPSR
DRULVWR$XQGXUDQWHODVVLHWHSODJDVSRVWUHUDVORVVDQWRVVLJXHQYHQFLHQGRDODEHVWLD\VXLPDJHQJULHJR6LJXHQOXFKDQGRFRQWUDHO
HQHPLJRGHIXHUD\GHGHQWUR6XPD\RUSHFDGRTXHGHEHQYHQFHUGXUDQWHODWULEXODFLRQHVODIDOWDGHIH1RREVWDQWHHVWDQYHQFLHQGRQR
VLHQGRYHQFLGRV6RQYLFWRULRVRVHQODOXFKDFRQWUDHOPDO6RQSHUIHFWRVHQFDUDFWHUHVFRJHQVRORDODYROXQWDGGH'LRVPLHQWUDVTXHVLJXHQ
VLHQGRFRQVFLHQWHVGHWHQHUTXHVXSHUDUVXQDWXUDOH]DSHFDPLQRVD6LQHPEDUJRHVWDQVHOODGRV\VRQLQPDFXODGRVSRUORVPHULWRVGHO&RUGHUR
6LPSRVLRVREUH$SRFDOLSVLVSS
>@
)HEUXDU\S
>@
$TXL HO DXWRU QR HVWD WUDWDQGR VL ORV  VRQ OLWHUDOHV R QR VLQR VLPSOHPHQWH TXH VRQ GRV JUXSRV GLVWLQWRV SRU FXDQWR HQ OD JUDQ
PXOWLWXGVHGDFDELGDDWRGRVORVFUH\HQWHVGHWRGDVODVHSRFDV
>@
$GYHQWLVW5HYLHZ)HEUXDU\S
>@
3XEOLFDGRSRU333$
>@
,GS
(VWD SDJLQDFLRQ FRUUHVSRQGH D OD FRSLD TXH HO SURSLR DXWRU PH GLR DQWHV GH HQWUHJDUOR D OD 3DFLILF 3UHVV SDUD OD LPSUHVLRQ 3XGLHUD KDEHU
DOJXQDGHVXELFDFLRQHQODVSDJLQDV
>@
)HFKDGRHOGRFXPHQWRHQ1RYLHPEUH
+D\WDPELHQRWURGRFXPHQWRSUHSDUDGRSRU(OOHP:KLWH(VWDWH*HQHUDO&RQIHUHQFHGHGLFLHPEUH
>@
'RFXPHQWRGH$UWKXU/:KLWH1RYLHPEUHS
>@
9HGQXHVWURFRPHQWDULRDOD(SLVWRODDORV5RPDQRVRSFSS
>@
9HG+HFKRVGHORV$SRVWROHVSS(OFDSLWXORODVDOYDFLRQRIUHFLGDDORVMXGHRV
>@
 /D DFFLRQ GHO DRULVWR HV GHILQLGD FRPR DOJR TXH HVWD RFXUULHQGR 'DQD \ 0DQWH\*UDPDWLFD *ULHJD GHO 1XHYR 7HVWDPHQWR &DVD
%DXWLVWD GH 3XEOLFDFLRQHV (O 3DVR 86$  S  6LHQGR XQR GH ORV WLHPSRV PDV GLILFLOHV GH WUDGXFLU &XDQGR VH WUDWD GH XQ DRULVWR
SDUWLFLSLR FRPR HV HO FDVR GH D &RU  HO DVXQWR VH FODULILFD QR SXGLHQGR WUDGXFLUOR FRPR VL IXHUD XQ SDVDGR FRPR SRGULD KDFHUVH HQ
DOJXQRVFDVRVTXHYLHQHHQPRGRLQGLFDWLYR(OKHFKRGHTXHHQ(IHVLRV\HOPRGRTXHDSDUHFHHVHOLQGLFDWLYR\GDGRTXHHODRULVWR
VHQDODXQDDFFLRQFRPRRFXUULHQGRWRGDYLDORTXHSRGULDVLJQLILFDUHQPRGRLQGLFDWLYRXQDDFFLRQTXHVHKDLQLFLDGRHQHOSDVDGR\DXQTXHHO
PRGRLQGLFDWLYRQRPDUTXHODDFFLRQFRPRRFXUULHQGRHOH[HJHWDGHEHULDFRQFXLGDGRDVXPLUHVDDFFLRQFRQWLQXDGDSRVLEOHGHODRULVWR(QD
&RUHODRULVWRSDUWLFLSLRPHGLRQRVVHQDODFODUDPHQWHTXHHOVHOODPLHQWRGHO(VSLULWX6DQWRQRWLHQHFRPRUHIHUHQFLDXQKHFKRSXQWXDO
LUUHYHUVLEOHVLQRXQDFRQWHFLPLHQWRTXHUHTXLHUHXQDFRQILUPDFLRQEHEDLZQHQSDUWLFLSLRSUHVHQWH\XQXQJLUQRV;ULVDVHQSDUWLFLSLRDRULVWR
FID&RU(VWRQRVPXHVWUDTXHHOVHOODPLHQWRQRSXHGHUHIHULUVHDXQVXFHVRHQHOSDVDGRVLQSRVLEOHFRQWLQXLGDG6LVHREVHUYDQORV
YHUERVHQ(IHVLRVR\HQGRSDUWLFLSLRDRULVWRODSDODEUDGHYHUGDGFUH\HQGRHQHO(ORLUODSDODEUDGHYHUGDGRHOFUHHUODQRHVXQ
DFRQWHFLPLHQWRSXQWXDOGHOSDVDGRVLQRDOJRTXHVHGDFRQWLQXDPHQWH\HQEDVHDHVRHVWDPRVVLHQGRVHOODGRVFRQHO(VSLULWXGHODSURPHVD
(I/RTXH3DEORTXLHUHGHFLUQRVHVTXHHO(VSLULWX6DQWRQRVVHOODGHVGHXQLQLFLRHQTXHDFHSWDPRVODYHUGDG<TXHVLHVRHVDVLQR
HVSUHFLVRUHVHQDUODGLQDPLFDGHOVHOODPLHQWRTXHVHKDGHGDUGHIRUPDQDWXUDOGHVGHHVHLQLFLR\TXHGHILQLWLYDPHQWHTXHGDUDLUUHYHUVLEOH
SDUD VLHPSUH FXDQGR QRV DFRQWH]FD OD PXHUWH HQ &ULVWR 8QLFDPHQWH FXDQGR GHVSXHV GH KDEHU UHFLELGR HO FRQRFLPLHQWR GH OD YHUGDG OD
SHUVRQDSHFDYROXQWDULDPHQWHGHMDUVHGRPLQDUSRUHOSHFDGR+EKDELHQGRDSDJDGRDO(VSLULWX6DQWRFID7HVRKDFLHQGR
DIUHQWDDO(VSLULWXGHJUDFLD+EVHHVWDULDGHPRVWUDQGRTXHHOVHOODPLHQWRWLHQHHQFXHQWDODYLGDGHODSHUVRQDUHODFLRQDGDFRQOD
YHUGDGTXHHO(VSLULWX6DQWRFRQILUPDHQFDGDSHUVRQDHQHOSURFHVRGHVXH[LVWHQFLD&RQORTXHHOFRQWH[WRQRVHVWDULDHQVHQDQGRTXHHO
DRULVWRFX\DDFFLRQHVWDRFXUULHQGRKD\TXHWUDGXFLUORGHDFXHUGRDHVHFRQWH[WR\DWRGDVXSRVLELOLGDG
>@
 /RV&LHQWR&XDUHQWD\&XDWUR0LOVHSUHVHQWDQHQWUHHOVH[WR\HOVHSWLPRVHOOR6LVHREVHUYDFRQGHWHQLPLHQWRHOVH[WRVHOORKD
WHUPLQDGR FRQ XQD HVFHQD DQWLFLSDGD GHO UHWRUQR GHO &RUGHUR GH -HVXFULVWR GHVSXHV GH XQDV VHQDOHV ILVLFDV LGHQWLILFDGRUDV TXH VL ELHQ QR
UHIOHMDQHVHDFRQWHFLPLHQWRVHDQXQFLDODSUR[LPLGDGXUJHQWHGHODVHJXQGDYHQLGDGH&ULVWRFI$S$FRQWLQXDFLRQVHSUHVHQWDQD
ORV&LHQWR&XDUHQWD\&XDWUR0LOTXHKDQGHVHUVHOODGRV$S/HVLJXHXQSDUHQWHVLVGRQGHVHOHYHDHVWHFROHFWLYRLQWHJUDGRHQXQD
HVFHQD SRVWHULRU DO ILQ GH OD KLVWRULD KXPDQD WDO FRPR OD FRQRFHPRV HQ OD TXH DSDUHFHQ WRGRV ORV VDOYRV GH WRGDV ODV HSRFDV IXHUD GH OD
KLVWRULDWHUUHQDO$S\SRUILQVHDEUHHOXOWLPRVHOORTXHDFDEDFRQODKLVWRULDWDOFRPRKDELDVLGRKDVWDHQWRQFHV$S(VREYLR
TXHORV&LHQWR&XDUHQWD\&XDWUR0LOVHHQFXHQWUDQHQWUHHOSHQXOWLPRVHOORTXHPXHVWUDORVDFRQWHFLPLHQWRVTXHSUHSDUDQOD6HJXQGD9HQLGD
GH&ULVWR\HOXOWLPR6HOORTXHUHSUHVHQWDDXQDGHODVGHVFULSFLRQHVGHODXOWLPDVHFXHQFLDKLVWRULFD/DSUHJXQWDTXHVHIRUPXODDOWHUPLQR
GHOVH[WR6HOORDQWHORVVXFHVRVTXHKDQGHRFXUULUHV$QWHWRGRHVWRFXDQGRYHQJD-HVXFULVWR"TXLHQSRGUDVRVWHQHUVHHQSLH"$S
/DUHVSXHVWDQRVHGHMDHVSHUDUORVTXHHVWDUDQHQSLHFXDQGRWRGRHVWRDFDEHFRQODSUHVHQFLDGH-HVXFULVWRHQVXVHJXQGDYHQLGDVRQ
ORV&LHQWR&XDUHQWD\&XDWUR0LO$S
6LDKRUDDQDOL]DPRV$SRFDOLSVLVVHSUHVHQWDDORV&LHQWR&XDUHQWD\&XDWUR0LOVDOYRVHQHOPRQWHGH6LRQ\DVHOODGRVFRQHOQRPEUH
GHO 3DGUH $S  6L VH HVWXGLD HVWH DVXQWR HQ SURIXQGLGDG VH FRPSUREDUD TXH OD HVFHQD YD D FRQWLQXDFLRQ GH OD FULVLV ILQDO TXH ORV
(VFRJLGRV WLHQHQ TXH VRSRUWDU SRU SDUWH GH OD SULPHUD %HVWLD \ GH OD %HVWLD GH GRV FXHUQRV $S  \ TXH VH SUHSDUD \ VXFHGH
SRVWHULRUPHQWHDFXDQGRXQDGHODVFDEH]DVGHODSULPHUD%HVWLDUHFLEHXQDKHULGDPRUWDO$S'HVSXHVGHWHUPLQDUVHHOSHULRGRGH
KHJHPRQLDGHGLFKDFDEH]DGHOD%HVWLD$S\FXDQGRKD\DWUDQVFXUULGRHOSURFHVRGHFXUDFLRQDSDUHFHQHVRVFRPRDUSLVWDV
FRQVXVDUSDVFDQWDQGRXQFDQWLFRQXHYR$S(VWDHVFHQDFHOHVWLDO$SXSHVWDUHODFLRQDGDFRQXQDDQWHULRUODGHOPDU
GHYLGULRHQHOFRQWH[WRGHODFDLGDGHODVXOWLPDVSODJDVVHWUDWDGHXQRVTXHOOHYDQDUSDV\TXHFDQWDQXQFDQWLFRGHYLFWRULD$SXS
SSLGHQWLILFDQGRORVFRPRORVTXHKDELDQWULXQIDGRVREUHODEHVWLDVXLPDJHQ\VXPDUFD$SFODUDDOXVLRQDHVRVTXHKDELDQ
GHVHUVHOODGRVHQWUHHOVH[WR\HOVHSWLPRVHOOR$SFI$S6LORDQWHULRUDODHVFHQDGHORV&LHQWR&XDUHQWD\&XDWUR
0LO\DVDOYRVHVODGHVFULSFLRQGHODFULVLVGHOSXHEORGH'LRVTXHVHH[WLHQGHDSDUWLUGHODQXHYDHSRFDTXHVHLQDXJXUDSRVWHULRUPHQWHDO
SHULRGRSURIHWLFRGHPHVHVRGLDVVLPEROLFRV\TXHVHDFHQWXDFRQIRUPHODFXUDFLRQGHODKHULGDPRUWDOVHFXUD$SFI
ORTXHVLJXHDFRQWLQXDFLRQHVODGHVFULSFLRQGHORVPRWLYRVSRUORVTXHHVRV&LHQWR&XDUHQWD\&XDWUR0LOVRQPDFKDFDGRV
SRUOD%HVWLDGHGRVFXHUQRV\ODSULPHUD%HVWLDSUHGLFDQHOPHQVDMHGHO(YDQJHOLR(WHUQRSXUR\FRPSOHWRVLQILVXUDVVHQDODQGRDOD%HVWLDH
,PDJHQ FRPR SUHWHQGLHQGR FDPXIODU VX PDUFD VDWDQLFD\ FUHDQGR XQ PHQVDMH FRQIXVR TXH TXLHUH SDVDU SRU EXHQR FXDQGR HQ UHDOLGDG VH
RSRQHDORVSULQFLSLRVGHO5HLQRGH'LRV$S6LVHUHDJUXSDQWRGRVORVSDVDMHV\VHH[DPLQDQVHYHULILFDUDTXHORV&LHQWR
&XDUHQWD\&XDWUR0LOGH$SRFDOLSVLVHVWDQVLHQGRVHOODGRV\WRGDYLDQRHVWDQHQHO0RQWHGH6LRQVLPERORGHVDOYDFLRQGHILQLWLYDD
GLIHUHQFLDGHORV&LHQWR&XDUHQWD\&XDWUR0LOGH$SRFDOLSVLVTXH\DHVWDQVHOODGRV\VDOYRVHQHO0RQWHGH6LRQ0RVWUDQGRQRVTXHOD
HVFHQDGHVHOODPLHQWR$STXHVXFHGLDHQXQWLHPSRPX\FHUFDQRDOUHWRUQRGH-HVXFULVWR$SFIVVHVSDUDOHODD
ODHSRFDGHODFULVLVILQDOTXHQRVDQXQFLD$SRFDOLSVLVFI$SDSDUWLUGHODFXUDFLRQGHODKHULGDGHXQDGHODVFDEH]DVGH
OD%HVWLDSULPHUD$SFXDQGRVHGHVHQPDVFDUDFRQHOPHQVDMHGHO(YDQJHOLR(WHUQR$SORUHODWLYRDODLPDJHQGHOD%HVWLD
\ D VX PDUFD \ D OD LGHRORJLD GH VRSRUWH GH OD %DELORQLD PLVWLFD $S  FI  $VXQWRV WRGRV HOORV UHODFLRQDGRV FRQ ODV XOWLPDV
HVFHQDVLQPLQHQWHPHQWHSUHYLDVDODVHJXQGD9HQLGDGH-HVXFULVWRFI$S$S
(VDHWDSD\VLWXDFLRQSURFODPDGDSRUOD$SRFDOLSWLFDTXHUHYHODGLUHFWDPHQWH-HVXFULVWR$SHVWDLGHQWLILFDGDWDQWRHQHO(YDQJHOLRGHO
5HLQRSUHGLFDGRSRU-HVXFULVWRFI/FFRPRSRUODDSRFDOLSWLFDGH'DQLHO'QFI'QUHIUHQGDGD
SRUHOPLVPR-HVXFULVWR0W$S$SFI'Q
>@
9HU(YHQWRVGHORV8OWLPRV'LDVSS
>@
,GSS
>@
6LPSRVLRVREUHHO$SRFDOLSVLVRSFS
>@
08<,03257$17(9HGGHHVWHOLEURSSGRQGHWUDWDPRVODHUUDGLFDFLRQGHOSHFDGR\GHTXHIRUPDUHSHUFXWHHQODXOWLPD
JHQHUDFLRQGHORVHVWDQGRYLYRV
>@
6HUYLFLR&ULVWLDQRS
(VWDFLWDHVSUHFLVRFRPSOHPHQWDUODFRQDTXHOODTXHGLFH
"(VSHUDPRV TXH VH UHDYLYH WRGD OD LJOHVLD" (VH WLHPSR QXQFD OOHJDUD +D\ SHUVRQDV HQ OD LJOHVLD TXH QR HVWDQ FRQYHUWLGDV \ TXH QR VH
XQLUDQDODRUDFLRQIHUYLHQWH\HILFD]'HEHPRVKDFHUODREUDLQGLYLGXDOPHQWH'HEHPRVRUDUPDV\KDEODUPHQRV!!06
3RGHPRVHVWDUVHJXURVGHTXHFXDQGRHO(VSLULWX6DQWRVHDGHUUDPDGRORVTXHQRUHFLELHURQ\DSUHFLDURQODOOXYLDWHPSUDQDQRYHUDQQL
HQWHQGHUDQHOYDORUGHODOOXYLDWDUGLD!!70
6ROR ORV TXH HVWHQ YLYLHQGR D OD DOWXUD GH OD OX] TXH WLHQHQ UHFLELUDQ PDV OX] $ PHQRV TXH HVWHPRV DYDQ]DQGR GLDULDPHQWH HQ OD
HMHPSOLILFDFLRQ GH ODV YLUWXGHV FULVWLDQDV DFWLYDV QR UHFRQRFHUHPRV ODV PDQLIHVWDFLRQHV GHO (VSLULWX 6DQWR HQ OD OOXYLD WDUGLD 3RGUD HVWDU
GHUUDPDQGRVHHQORVFRUD]RQHVGHORVTXHHVWDQHQWRUQRGHQRVRWURVSHURQRORSHUFLELUHPRVQLORUHFLELUHPRV70
>@
 5DQNR 6WHIDQRYLF GLFH $XQTXH HO WH[WR LQGLFD TXH RFXUULUDQ FDWDVWURIHV HQ OD QDWXUDOH]D ODV VLHWH WURPSHWDV QR VRQ FDODPLGDGHV \
GHVDVWUHV/DVVLHWHWURPSHWDVVRQODPDQLIHVWDFLRQGHODSUHVHQFLD\GHODUHDOLGDGGH'LRVHQODKLVWRULD/DVWURPSHWDVUHYHODQODUHDFFLRQ
GH'LRVDODLQMXVWLFLD\DOVXIULPLHQWRTXHIXHKHFKRDVXSXHEOR$XQTXHSRGULDSDUHFHUH[WUDQRODVSODJDVGHODVVLHWHWURPSHWDVHVWDQEDMR
HOFRQWUROGH$TXHOTXHPXULRHQHO&DOYDULR\JRELHUQDHQORVOXJDUHVFHOHVWLDOHVGHOXQLYHUVR(QUHODFLRQDORVVLHWHLQIRUWXQLRVGHODV
VLHWHWURPSHWDVORVLQIRUWXQLRVQRVRQFRQWUDWRGDODKXPDQLGDGHQJHQHUDOVLQRVRODPHQWHFRQWUDORVTXHQRWXYLHUDQHOVHOORGH'LRVHQVX
IUHQWHVRSFSS
(Q SULQFLSLR KD\ DOJXQDV IUDVHV TXH ODV SRGULDPRV VXVFULELU SHUR FLHUWRV HQIRTXHV \ DOJXQDV FRQWUDGLFFLRQHV VRQ HYLGHQWHV HQ HO DXWRU 1R
REVWDQWHDSRUWDLGHDVTXHQRVRQODVXVXDOPHQWHWUDGLFLRQDOHVDSHVDUGHDOJXQDVODJXQDVTXHOHKDFHQVHULQFRKHUHQWH(OXWLOL]DSRUHMHPSOR
UHODWLYRDODTXLQWDWURPSHWDGRQGHVHGLFHTXHQRYDDWHQHUHILFDFLDPDVTXHDORVTXHQRWLHQHQHOVHOORGH'LRVHQVXVIUHQWHVGDQGROH
XQYDORUFURQRORJLFRDODWURPSHWDTXLQWDGHVGHHOVLJOR;9,,,KDVWDQXHVWURVGLDVS\SRURWUDSDUWHORGHORDSOLFDHQJHQHUDOD
WRGDVODVWURPSHWDV(QUHDOLGDGHVH[FOXVLYDPHQWHHQUHODFLRQDORTXHVXSRQJDODTXLQWDWURPSHWDTXHQRVHDSOLFDDORVTXHKDQDFHSWDGRR
KHFKR HO SDFWR FRQ 'LRV 3RUTXH FRPR PX\ ELHQ HQ RWUR RUGHQ GH FRVDV UHILHUH HO DXWRU HVWD WURPSHWD WLHQH TXH YHU FRQ OD LQIOXHQFLD
QHJDWLYDGHFLHUWRVFRQFHSWRVHVSLULWXDOHV\GHSHQVDPLHQWRFRQTXHHO'UDJRQFRQWDPLQDDODKXPDQLGDGHQJHQHUDO<HVWRQRDIHFWDDORV
TXH WLHQHQ HO VHOOR GH 'LRV HQ VXV IUHQWHV< GHVGH OXHJR FXDOTXLHU FRVD UHODWLYD D OD FRQWDPLQDFLRQ RHQYHQHQDPLHQWR LGHRORJLFR R
WHRORJLFRFRQTXHVHSXGLHUDQLQWHUSUHWDUFLHUWRVFRQWHQLGRVGHRWUDVWURPSHWDVWDPSRFRDIHFWDULDDQDGLHTXHWXYLHUDHOVHOORGH'LRVHQVXV
IUHQWHV6LQHPEDUJRRWURVSRVLEOHVUHVXOWDGRVTXHLPSOLFDULDQFLHUWRVFRQWHQLGRVGHODVWURPSHWDVVLTXHSRGULDQDIHFWDUDOSXHEORGH'LRV
GHQWURGHORVFRQIOLFWRVTXHORVVLVWHPDVGHPDOGDGPDQWLHQHQHQODKLVWRULD\GHORVPDOXVRVTXHHVRVVLVWHPDVXWLOL]DQUHVSHFWRDOSXHEORGH
'LRVRHQUHODFLRQDSHUVRQDVTXHIRUPDQSDUWHGHHVHSXHEOR
'HFLUTXHODVWURPSHWDVUHYHODQODUHDFFLRQGH'LRVIUHQWHDOFRPSRUWDPLHQWRTXHKDQWHQLGRFRQWUDVXSXHEOR\TXHORVLQIRUWXQLRVORVHQYLD
'LRVFRQWUDHVRVSUHFLVDPHQWHHLQWHUSUHWDUSRUHMHPSORTXHODSULPHUDWURPSHWDHVXQFDVWLJRFRQWUDORVGLULJHQWHV\HOSXHEORGH,VUDHOSRU
KDEHUVHSRUWDGRLQFRUUHFWDPHQWHFRQ-HVXFULVWR\VXSXHEORHVFRQWULEXLUDXQDKLVWRULDGHODVDOYDFLRQPXWLODGD\H[WUDQDDOSODQGH'LRV"<
WRGRSRUTXH"3RUTXHVHKDQDVXPLGRHFOHVLRORJLDV\HVFDWRORJLDVLQFRPSOHWDVUDUDVHQDOJXQRVFDVRV\SRURWUDSDUWHQRVHWLHQHHQFXHQWD
GHODXWHQWLFRPHQVDMHTXHQRVRIUHFHODUHYHODFLRQGH-HVXFULVWRHQODLQWURGXFFLRQDO$SRFDOLSVLV6LHO$SRFDOLSVLVFRPR\DKHPRVLQGLFDGR
HQ RWURV OXJDUHV HV HQ RWUDV FRVDV XQD HVSHFLH GH DMXVWH GH FXHQWDV HQWUH 'LRV \ ORV TXH VXSXHVWDPHQWH UHFKD]DQ \ GDQDQ D VX SXHEOR
HQWRQFHVDSDJXHPRV\QRVYD\DPRVDODFDPDDVRQDUFRQFXHUQRV\EHVWLDV3HURVLHO$SRFDOLSVLVHVODPDQHUDGHFRPXQLFDUQRV'LRVGH
TXHPRGRDFDEDFRQORVHQHPLJRVGH'LRVSHFDGRPXHUWH^VXVFRURODULRVHQIHUPHGDG\VXIULPLHQWR`VLVWHPDVGHPDOGDG\'UDJRQ\TXH
LQWHUILHUHQ HQ OD VDOYDFLRQ GH FDGD VHU KXPDQR HQWRQFHV YDORUHPRV HQ WRGD VX GLPHQVLRQ HVH PLQLVWHULR VDFHUGRWDO GH -HVXFULVWR HQ HO
6DQWXDULR$SVVFSVFRQVLVWHQWHHQDFDEDUFRQORVHQHPLJRVGH'LRVTXHVRQORVGHODSURSLDKXPDQLGDG
3RURWUDSDUWH"&RPRHQFDMD
HVWDDFWLWXGKDFLDORVTXHQRWLHQHHOVHOORGH'LRVHQVXVIUHQWHVFRQUHODFLRQDTXHGHWRGDVODVUHOLJLRQHV\GHQRPLQDFLRQHVKDEUDVDOYRV"(O
HQIRTXHGHEHGHGDUQRVLGHDVTXHH[SOLTXHWRGRHVWR
>@
-RVHSK-%DWWLVWRQHHQ/D,JOHVLDGH'LRVHQXQPXQGRKRVWLO5+86$FXDQGRWUDWDHOWHPDGHODV7URPSHWDVQRVH[SUHVD
FRPRTXHVRQMXLFLRVGH'LRVQRVWUDHFLHUWRVWH[WRVGHO$QWLJXR7HVWDPHQWRGRQGHVHHPSOHDQDOJXQDVGHODVSDODEUDVDKLPHQFLRQDGDV\HO
VHQWLGRDSOLFDWLYRTXHWLHQHQGLFKDVSDODEUDVSHURQRLQWHUSUHWDKLVWRULFDPHQWHODV7URPSHWDV(QHVWHFDVRQRVHVXPDDRWURVFRPHQWDULVWDV
KLVWRULFLVWDV
>@
$SRFDOLSVLVHG&OLHRSFSSLQWURGXFHDOJXQDVYDULDQWHVUHVSHFWRDORVTXHVLJXHQSHURSUDFWLFDPHQWHFRQWLHQHODVPLVPDV
SDXWDV\VXVFRQWHQLGRVUHGXQGDQPDVELHQHQORVSHUMXLFLRVDVX3XHEORUHVXOWDQGRHQWRGRORFRQWUDULRDORTXHVHQRVGLFHFRPRPRWLYRVGH
ODV7URPSHWDV
>@
7KLHOHHVXQSHQVDGRUFULVWLDQRH[FHOHQWHTXHIXHFDSD]GHUHVROYHUQRVHOJUDQSUREOHPDGHORVDQRVDVFHQVLRQDOHVGHORVUH\HVKHEUHRV
HQ SDUDOHOR D OR TXH OD KLVWRULD SURIDQD QRV RIUHFLD(Q VX REUD7KH0\VWHULRXV1XPEHUVRIWKH+HEUHZ.LQJV$ UHFRQVWUXFWLRQ RI WKH
.LQJGRPVRI,VUDHODQG-XGDK*UDQG5DSLGV0LFKLJDQ:P%(HUGPDQV3XEOLVKLQJ&RPSDQ\86$
>@
7DQWR/D5RGHOOHFRPR6WHIDQRYLFVHDSDUWDQXQWDQWRLQWURGXFLHQGRSDUDODTXLQWD\ODVH[WDHOHPHQWRVLGHRORJLFRVWRGRHOWHPDUHODWLYR
DOVHFXODULVPRFRQORVDVSHFWRVSRVLWLYRV\QHJDWLYRVHQODTXLQWD\WRGRORUHODFLRQDGRFRQHOSRGHUGHOPDOHQODVH[WD/DLQWHUSUHWDFLRQGH
ODTXLQWDQRVSDUHFHFRUUHFWR\\DORHVWXGLDUHPRVHQVXPRPHQWRSHURHOHQIRTXHSDUDXQDHSRFDGHWHUPLQDGD\UHVWULQJLGDQRQRVSDUHFH
DGHFXDGR<HVWRHVWDPRWLYDGRSRUTXHDOILQDOQRVHH[SOLFDVXILFLHQWHPHQWHELHQTXLHQHVHOFDVWLJDGR\HQTXHFRQVLVWHHOFDVWLJR\TXLHQ
SURYRFD OD VLWXDFLRQ GH PDOGDG )UXWR GHO HQIRTXH LQDGHFXDGR TXH GHVGH HO SULQFLSLR VH GD D OD WURPSHWD (Q FXDQWR D OD VH[WD QRV SDUHFH
H[FHOHQWH OD LQWHUSUHWDFLRQ TXH QRV SUHVHQWD 6WHIDQRYLF \ HVWDPRV GH DFXHUGR LQGHSHQGLHQWHPHQWH GH DOJXQRV GHWDOOHV TXH WHQGUHPRV TXH
H[SRQHUHQVXPRPHQWR
>@
0HUY\Q0D[ZHO(O0HQVDMHGH$SRFDOLSVLVHQRSFVVFRPR/D5RQGHOOHHQ/DVSURIHFLDVGHOILQHQRSFSS
VV5DQNR6WHIDQRYLF5HYHODWLRQRI-HVXV&KULVWHQRSFSSVV
2WURV PDV DQWLJXRV FRPR 8ULDV 6PLWK /DV SURIHFLDV GH 'DQLHO \ HO $SRFDOLSVLV YRO ,, RS F SS VV \ 5R\ $OODQ $QGHUVRQ  2
$SRFDOLSVHUHYHODGRRSFSSVVSUHILHUHQKDEODUGHODVSULPHUDVWURPSHWDVFRPRDSOLFDQGRODVDODGHVWUXFFLRQGHO,PSHULRURPDQR
GH2FFLGHQWH\ODVGRVVLJXLHQWHVDOGH2ULHQWHSRUPHGLRGHOPXQGRPXVXOPDQ\ODVHSWLPDFRPRDSOLFDQGRDOFRODSVRGHWRGRHOJRELHUQR
KXPDQR/RURQ:DGHVLJXHHVWDGLUHFFLRQWDPELHQHQRSFSSVV
5REHUW+0XQFHLQGHSHQGLHQWHPHQWHTXHQRVHH[SUHVHFODUDPHQWHGHFXDQGRWLHQHQDSOLFDFLRQKLVWRULFDODV7URPSHWDVFRPHWHHOPLVPR
HUURUTXHORVDQWHULRUHVODVWURPSHWDVSRQHQGHUHOLHYHODDFWLYDSDUWLFLSDFLRQGH'LRVHQHOFDVWLJRGHXQPXQGRSHUYHUVR&RPHQWDULRDO
OLEURGH$SRFDOLSVLVHQHG&OLHRSFS
>@
(O0HQVDMHGHO$SRFDOLSVLVRSFS
>@
1RVHSUHRFXSDQGHPDVLDGRHQLQWHQWDUFRRUGLQDUORTXH3DEORQRVH[SUHVDUHVSHFWRD,VUDHOFRPRVLHQGRHO2OLYRHO3XHEORGH'LRVGH
GRQGHVXUJHODLJOHVLD/D,JOHVLDQRKDVXVWLWXLGRD,VUDHO/DLJOHVLDHVWDEDVDGDHQODSLHGUDDQJXODUGHOMXGHR0HVLDV\GHOUHVWRLVUDHOLWD
HVFRJLGR SRU JUDFLD UHSUHVHQWDGR HQ HO FROHFWLYR DSRVWROLFR 5P  (Q VX IXQGDFLRQ WRGDYLD QR H[LVWHQ JHQWLOHV (VWR YHQGUD GHVSXHV
'LFKRV JHQWLOHV VH DQDGLUDQ FRPR ROLYRV VLOYHVWUHV DO IXQGDPHQWR PHVLDQLFR \ DSRVWROLFR (O UHPDQHQWH DFWXDO EDVDGR HQ HO IXQGDPHQWR
LQGLFDGRHVWDIRUPDGRSRUUDPDVQDWXUDOHVMXGHDV\JHQWLOHVFRQYHUWLGRVD-HVXFULVWRFI$S<QRVHROYLGHQGHOPRWLYRGHOHVFULWRGH
OD(SLVWRODDORV5RPDQRVIUXWRGHORVFRQIOLFWRVHQWUHMXGHRVFULVWLDQRVFULVWLDQRV\MXGHRVFI+HFK\ODFLWDGH6XHWRQLRGRQGH
H[SOLFDULDWRGRHOORHVDH[SXOVLRQGHMXGHRV9HGDODXWRUHQVXFRPHQWDULRDOD(SLVWRODDORV5RPDQRV /DLGHQWLGDGFULVWLDQDIUHQWHDOD
SHUSHWXDFLRQGHORVFRQIOLFWRVHQOD(SLVWRODDORV5RPDQRV/XVDU=DUDJR]D4XHORV SULQFLSDOHVGHOSXHEORGH,VUDHOUHFKD]DUDQD
-HVXFULVWRQRLPSOLFDTXH,VUDHOIXHUDUHFKD]DGRSRU'LRV/DSHUVHFXFLRQTXHVHGLFHTXHKXERSRUSDUWHMXGHDLQGHSHQGLHQWHPHQWHGHTXHOD
KXELHUD HQ XQ SULPHU PRPHQWR HQFDUFHODPLHQWR GHO OLGHU PXHUWH GH 6DQWLDJR HVSHFLDOPHQWH OD TXH 3DEOR SURSXJQR IXH PX\ SXQWXDO /D
HYLGHQFLDHVODFRQYLYHQFLDGHODVGRVFRPXQLGDGHVHQ-HUXVDOHQVLQSUREOHPDVFI+HFK7RGRHOSUREOHPDVHFHQWUDEDDKRUDHQ
3DEORTXHGHSHUVHJXLGRUSDVDDSHUVHJXLGRSRUODLQFRPSUHQVLRQGHDOJXQRVHQFXDQWRDVXPHQVDMH+HFK\VV
/DGHVWUXFFLRQGH-HUXVDOHQIXHPRWLYDGDSRUODDFWLWXGGHOSURSLR,VUDHO(V,VUDHOTXLHQVHGHVWUX\HVLQTXHVHWHQJDTXHXWLOL]DUDHVWHFRPR
FKLYRH[SLDWRULR'LRVQRDFWXDFRPRQRVRWURV3RUFXDQWRPHKDVKHFKRHVWRDKRUD\RYR\UHVSRQGHUWH
>@
(ODXWRUKDHVFULWRXQFRPHQWDULRVREUH-RE\UHVXHOYHWH[WXDOPHQWHORTXHLPSOLFDHOGLDORJRGH'LRVFRQHO0DO\VXFRQWHQLGR-REHO
GLDORJRGH'LRVFRQHOPDO/XVDU=DUDJR]D
>@
9HGSS
>@
9HGORLQGLFDGRHQSSGHHVWHPLVPROLEUR
>@
9HDVHQXHVWURDQDOLVLVPDVDGHODQWHVREUHODFRQFHSFLRQHVWDWDO\ODFLYLOL]DFLRQWHUUHVWUHHQVXVYHUVLRQHVEHVWLD\EDELORQLD
>@
3DUDORVTXHYLYHQGHQWURGHOSULPHUPRPHQWRKLVWRULFRUHODWLYRDOPLQLVWHULRFRUUHVSRQGLHQWHDODIXQFLRQDOLGDGGHOOXJDU6DQWRYLYHQSRU
XQ ODGR VX VLWXDFLRQ SUHVHQWH GH DFXHUGR D HVH PLQLVWHULR FRQWLQXR FRPSUREDQGR VX DSOLFDFLRQ HQ OR TXH VLJQLILFD H LPSOLFD HVH SULPHU
PRPHQWR KLVWRULFR FRQWHPSODQ WDPELHQ HO VLJQLILFDGR GH OD WURPSHWD FRPR OD REUD GH MXLFLR KDFLD ORV HQHPLJRV GH 'LRV \ YLYHQ SRU
DQWLFLSDGRHVHGLDGHODVH[SLDFLRQHVTXHWDPELHQDQXQFLDQ\TXHVDEHQTXHXQDYH]PXHUWRVVHUDQMX]JDGRVIDYRUDEOHPHQWHGHDFXHUGRDVX
FXPSOLPLHQWRFRPRPLHPEURVGHOSXHEORGH'LRVGHQWURGHOGLDGHODVH[SLDFLRQHVDQWLWLSR
3DUD ORV TXH YLYHQ HQ OD HSRFD GHO MXLFLR SUHDGYHQLPLHQWR H[SHULPHQWDQ HO FRQWHQLGR GH OD WURPSHWD VHJXQ HO YDORU GHO PLQLVWHULR FRQWLQXR
GHQWURGHOSURSLRGLDGHODH[SLDFLRQHVDQWLWLSRORTXHVXSRQHXQDYDORUDFLRQLQFUHVFHQGRGHODHUUDGLFDFLRQGHOSHFDGRGHILQLWLYDPHQWHGH
ORVPXHUWRVTXHOHVDQXQFLDTXHDOJXQRVGHORVTXHYLYHQHVDHSRFDSXHGHQQRSDVDUSRUODPXHUWHODGHVWUXFFLRQGHILQLWLYDGHORVVLVWHPDVGH
PDOGDG \ OD YLYHQFLD FRPR QXQFD DQWHV GHO UHWRUQR GH -HVXFULVWR FRPR FRQVHFXHQFLD QR VRODPHQWH GH OD HVFDWRORJLD H[LVWHQFLDO TXH FDGD
FULVWLDQR GH FDGD HSRFD SXHGH H[SHULPHQWDU HQ VX PRPHQWR KLVWRULFR SUHVHQWH VLQR TXH ODV VHQDOHV DSDUHFHQ OD PD\RULD FRPR FXPSOLGDV
GHILQLWLYDPHQWH \ ODV TXH IDOWDQ WLHQH TXH YHU VX FXPSOLPLHQWR GHILQLWLYR FRQ OD HVSHUDQ]D DFWLYD GH OD SUHGLFDFLRQ GHO HYDQJHOLR GH OD TXH
GHEHQVHUSURWDJRQLVWDV6HKDQGHWRPDUPX\HQVHULRSRUHOWLHPSRUHTXHULGRTXHDOSUHVHQWDUVHQRVODVDOPDVGHEDMRGHODOWDUUHFODPDQGR
MXVWLFLDFI$SVHGHEHDTXHHQODQXHYDIXQFLRQFRUUHVSRQGLHQWHDOGLDGHODVH[SLDFLRQHVDQWLWLSR'LRVHVWDSURJUDPDQGRFRQHO
PLQLVWHULRFRQWLQXRGHO+LMRGHO+RPEUHHOSRGHUGHOFRQWHQLGRGHOD3DODEUDWRGRORTXHVHQHFHVLWDSDUDTXHHOSXHEORGHHVDHSRFDFXPSOD
HQSOHQDOLEHUWDG\HVSHUDQ]DFRQVXFRPHWLGRGHSUHGLFDFLRQGHOHYDQJHOLRDILQGHTXHHOMXLFLRSXHGDVHUGHILQLWLYR\ODOLEHUDFLRQGHHVDV
DOPDVDODYLGDVHDXQDUHDOLGDG
>@
(VHYLGHQWHHOKHFKRHVFDWRORJLFRSRUFXDQWRVHWUDWDGHSHUVRQDVTXH\DOOHYDEDQPXHUWDVXQDJUDQFDQWLGDGGHWLHPSR(VSRUHOORTXH
ILJXUDWLYDPHQWH\VLPEROLFDPHQWHVHOHVKDFHUHFODPDUMXVWLFLDHQHOWLHPSRSUHFLVR
>@
7RGRHVWRKDEUDTXHPDWL]DUORFRQODSURIHFLDGH'DQLHO
>@
/DWHPDWLFD\ODVLPDJHQHVVRQWRPDGDVGHODVSODJDVGH(JLSWR
9HPRV TXH VL ELHQ ODV SODJDV SRVHHQ XQD DSOLFDFLRQ OLWHUDO FRQWLHQHQ XQ YDORU VLPEROLFR H LGHRORJLFR VXE\DFHQWH (O )DUDRQ TXH VH FUHH
VXVWLWXWRGH'LRVHQODWLHUUDFRQVLGHUDDFLHUWRVHOHPHQWRVGHODQDWXUDOH]DFRPRGLRVHVFRQXQDSUR\HFFLRQLGHRORJLFDTXHVHLPSRQHHQHO
TXHKDFHU\SHQVDUKXPDQRDSR\DQGRVHHQVXSRGHU
(QHO$SRFDOLSVLVDOUHIOHMDU\UHFXUULUDHVWDVLPDJHQHVYHWHURWHVWDPHQWDULDVWUDGXFHSUR\HFWDQGRXQYDORUWLSRORJLFRHOPLVPRPHQVDMHSHUR
XQLYHUVDOL]DGRVLQORVOLPLWHVJHRJUDILFRV\HWQLFRVHQHOFRQWH[WRGHODOXFKDILQDOGH'LRVFRQWUDORVUHLQRVGHHVWHPXQGRUHSUHVHQWDGRVSRU
ORVVLVWHPDVGHPDOGDGDSR\DQGRDVX3XHEORHQWRGDOD7LHUUD
/D%HVWLDDFWXDFRPRVXVWLWX\HQGRD'LRVHQOD7LHUUDHO)DOVR3URIHWDTXHOHVHFXQGD\HO'UDJRQHOYHUGDGHURLQVWLJDGRUUHSUHVHQWDWLYRGH
WRGD OD LGHRORJLD RSXHVWD D 'LRV $S  FI   FI  \ TXH QR HVWD HQFHUUDGD HQ VXV FUHDFLRQHV %HVWLD \ )DOVR 3URIHWD KDQ
HVWDGRSHUVLJXLHQGRHQGLIHUHQWHVPRPHQWRVDO3XHEORGH'LRVHQHVSHFLDOHQHOLQVWDQWHHVFDWRORJLFRILQDOGRQGHVHOHVTXLHUHLPSRQHUXQD
LGHRORJLDFRQWUDULDDODGHO5HLQRGH'LRV(VDLGHRORJLDHVWDDSR\DGDWDPELHQHQODVIXHU]DVGHODQDWXUDOH]DELHQSRUTXHKDQOOHJDGRDOD
FRQYLFFLRQGHTXHHO3RGHUKXPDQRSXHGHFRQWURODUWRGRORTXHLPSOLFDHOYLYLUHQHVWHPXQGREDVDGRHQVXVWHRULDVHFRQRPLFDVSROLWLFDV\
FLHQWLILFDV SHUR UHFKD]DQGR OD PRUDOLGDG \ HVSLULWXDOLGDG SURFHGHQWH GH ORV SULQFLSLRV GHO 5HLQR R *RELHUQR GH 'LRV R WDPELHQ LGHDQGR XQD
PRUDO \ HVSLULWXDOLGDGSURFHGHQWH GH XQD UHLQWHUSUHWDFLRQ SXUDPHQWH QDWXUDO \ KXPDQD EDVDGD HQ GRFWULQDV TXH WLHQHQ XQ RULJHQ 6RODU R
SDJDQR'HFXDOTXLHUIRUPDORTXHVHPDQLILHVWDFRPRXQD$XWRULGDGHQHVWHPXQGRFRQILDHQORKXPDQR/DVSODJDVDWDFDQDWRGRORTXH
GDFRQVLVWHQFLDDODKXPDQLGDGHO0DUHO6ROORV5LRVOD7LHUUDHOSURSLR+RPEUHHWFVRQPHUPDGRVFRQODHQIHUPHGDGRODGHVWUXFFLRQOD
SURSLDLGHRORJLDTXHORVKDHVWDGRXWLOL]DQGRODTXHVHLPSULPHSRUORVUHLQRVGHHVWHPXQGRHQJOREDGRVHQHOVLPERORGHOD%HVWLD\TXHHQ
HVDKRUDHVFDWRORJLFD HVWD VLHQGR UHSUHVHQWDGD SRU XQ 6LVWHPD GHWHUPLQDGR SRU OD KLVWRULD \ OD SURIHFLDUHFLEH WDPELHQ VXPHUHFLGR FI
MXQWRDORTXHFRPSDUWHFRQHO)DOVR3URIHWD\HOSURSLR'UDJRQFIDGHPDVGHOFRQJORPHUDGR%DELORQLFR
>@
/RVGDWRVGHOFRQIOLFWRPDQWHQLGRHQWUH'LRV\ODVQDFLRQHVVHDPSOLDQFRQORVFSVDO(VWRORYHUHPRVHQRWUROXJDU
(V QHFHVDULR DQDGLU TXH HO ILQ GH OD JUDQ %DELORQLD HV HVFDORQDGR (O SXHEOR GH 'LRV PHGLDQWH XQD SUHGLFDFLRQ VLQ SUHFHGHQWHV VHQDODQ ORV
PDOHVGHODJUDQ%DELORQLDVHQDODQGRODFRPRLQVHUYLEOHFI$S(VWDSUHGLFDFLRQXQLYHUVDOFRORFDDODJUDQ%DELORQLDFRQWUDODV
FXHUGDVSDUDOL]DQGRODHQVXFRPHWLGRSULQFLSDOLQVSLUDGRSRUHO'UDJRQ$S
(VWD REUD GHO SXHEOR GH 'LRV HV OR TXH VH DQXQFLD HQ$SRFDOLSVLV   TXH 'LRV KDULD D ILQ GH TXH ORV JREHUQDQWHV GH HVWH PXQGR
GHVWUX\DQDODJUDQUDPHUD8QDYH]TXHVHFXPSODODSDODEUDGH'LRV'LRVGHVWUXLUDGHILQLWLYDPHQWHHVHVLVWHPDGHPDOGDGPDUFDGRHQ$S
 /D QDWXUDOH]D GH OD GHVWUXFFLRQ WLHQH HQ FXHQWD OD QDWXUDOH]D GH OD %DELORQLD /R TXH VLJQLILFDED H LPSOLFDED SDUD HO PXQGR GHMD GH
H[LVWLUSDUDVLHPSUHSRUFXDQWRVHLPSRQHXQLFDPHQWHODLGHRORJLDGHO5HLQRGH'LRV
>@
(Q0DWHRHVHOWHUFLRGHVHUYLGRUHVTXHVHYXHOYHLPSURSLRDO6HQRU
6REUHHVWDLGHDGHOWHUFLRYHG%HQDMDPLQ(VFDQGH/H[LFRRSFS
>@
)*RGHWFLWDGRSRU%HQMDPLQ(VFDQGH/H[LFRRSFS
>@
/RHVWXGLDPRVPDVDGHODQWH
>@
'LYXV&ODXGLXV
$XQTXHHOKLVWRULDGRUURPDQRGHOVLJOR,,,'LRQ&DVLRHVFULEHTXHQRORVH[SXOVRSRUTXHDOVHUWDQWRVKXELHUDQSRGLGROHYDQWDUXQWXPXOWRSHUR
TXHOHVSURKLELRUHXQLUVHSRGULDFRQVLGHUDUVHHQHOVHQWLGRGHTXHQRWRGRVORVMXGHRVGHELHURQVHUH[SXOVDGRVSHURVLXQDFLHUWDPD\RULDFI
+HFKRV/DFLWDGH6XHWRQLRQRREVWDQWHSUHYDOHFHMXQWRD+HFKRVLQGHSHQGLHQWHPHQWHGHODFLWDGH-RVHIR
>@
 (O 'UDJRQ HO TXH IXHUD XQD JUDQ HVWUHOOD XQ DQJHO FUHDGR VH UHEHOR FRQWUD 'LRV \ KD PDQWHQLGR XQ FRQIOLFWR FRQ 'LRV
SHUPDQHQWHPHQWH+DQHJDGRVXSURFHGHQFLDVHUFULDWXUD\SRUORWDQWRQRDFHSWDD'LRVFRPRVXFUHDGRU'LRVQRORGHVWUX\HSRUTXHTXLVR
DSOLFDUHOSODQGHODVDOYDFLRQWDPELHQSDUDHO(OUHEHOGHORDSURYHFKRSDUDDKRQGDUPDVHQODVHSDUDFLRQFRQ'LRV
>@
7HQHPRVXQFRPHQWDULRDOOLEURGH-RE-REHOGLDORJRGH'LRVFRQHO0DOHGLWDHODXWRU=DUDJR]D(VSDQD
5HVSHFWRDOWHPDWHRORJLFRGHOPDOSXHGHFRQVXOWDUVHRWUDREUDGHODXWRU(OWUD\HFWRGHODHVSHUDQ]DIUHQWHDODQDGD/DH[LVWHQFLDOD
PXHUWH\ODYLGDHWHUQDHGLWDHODXWRU=DUDJR]D(VSDQD
>@
(VFDQGH/
$SRFDO\SVHRSFS
>@
/DYHUGDGDFHUFDGHORV$QJHOHVSS1RWHQTXLHQ\TXHKDLQVSLUDGRDOD1HZ$JH\DOD%DELORQLD
>@
%RQQHW6FKURHGHUFLWDGRSRU(VFDQGHOH[LFRRSFS
>@
 (O VHOOR GHO (VSLULWX 6DQWR FRPR VHQDO GH TXH OD SHUVRQD HV FRQRFLGD FRPR KDELHQGR DFHSWDGR OD VDOYDFLRQ VH UHFLEH GHVGH OD HSRFD
DSRVWROLFD,QGHSHQGLHQWHPHQWHGHTXHFLHUWRVSHUVRQDMHVGHO$QWLJXR7HVWDPHQWR'LRVWDPELHQORVVHOODUD<DKHPRVH[SOLFDGRORUHODWLYRDO
VHOODPLHQWRGHORVGHQWURGHXQFRQWH[WRHVSHFLDO&RQVXOWHVHORTXHDKLH[SUHVDPRV
>@
(QFXDQWRDODVSHFWRWHPSRUDOGHPHVHVGHDFXHUGRD5DQNR6WHIDQRYLFHVLQVRVWHQLEOHHODSOLFDUDTXLHOYDORUGLDDQRRSFS
>@
(VFDQGHRSFS
>@
 (VWDV DVHYHUDFLRQHV HVWDQ FRQILUPDGDV SRU OD DFWLWXG GH 6DWDQDV DGYHUVDULR TXH VH GHVSUHQGH GH OD OHFWXUD GH WRGRV ORV WH[WRV
ELEOLFRV
>@
&XDQGRKDEODPRVGHSHUIHFFLRQQRORGHFLPRVHQHOVHQWLGRDEVROXWRSXHVWRTXHHOKRPEUHSDUWHGHXQDSRVLFLRQTXHWLHQHODSRVLELOLGDG
GH LUVHSHUIHFFLRQDQGR (O VHU KXPDQR WHQLD TXH DSUHQGHU \ GHVDUUROODUVH GHVGH XQ HVWDGR KXPDQR LQIHULRU D RWUR VXSHULRU 3UHFLVDED
SHUIHFFLRQDUVH PHGLDQWH HO FRQRFLPLHQWR GH 'LRV SURJUHVLYR$KRUD ELHQ HUD SHUIHFWR HQ FXDQWR DO FXPSOLPLHQWR GHO SURSRVLWR SRU HO FXDO
KDELDVLGRFUHDGR<GRWDGRGHXQDOLEHUWDGLOXPLQDGDSRUHO%LHQ
(VSUHFLVDPHQWHFRQODOLEHUWDGTXHVHKDFHSUHVHQWHODSHUIHFFLRQPRUDOODSRVLELOLGDGGHSRGHUWRPDUGHFLVLRQHVDEVROXWDPHQWHYROXQWDULDV
(UDSHUIHFWRSRUTXHSRVHLDWRGRORQHFHVDULRSDUDOOHJDUDVHUOR&XDQGRXQVHUHQHVWHFDVRFULDWXUDKXPDQDWLHQHODFDSDFLGDGGHUHVSRQGHU
D OD UHDOL]DFLRQ GH VX GHVWLQR PRUDO UHFRQRFLHQGR FRPSOHWDPHQWH OD YROXQWDG GH 'LRV \ HQ HVD GHSHQGHQFLD HMHUFLWD VX YROXQWDG SDUD
SURJUHVDUHQOD6DQWLGDGGH'LRVVHSXHGHDOXGLUDODQRFLRQGHSHUIHFFLRQ\HVHQHVHDVSHFWRTXHPHQFLRQDPRVSDUDHOKRPEUHHOVHUXQD
FUHDFLRQSHUIHFWD
>@
1RWHVHFRPRHOQRPEUHLQGLFDGRFRLQFLGHFRQVXLGHRORJLDGHODXQLRQGHORVRSXHVWRV\TXHVHHQFDUJDULDGHLQVSLUDU/DVUHOLJLRQHVTXH
XWLOL]DQHVWDSUHPLVDHQVXVFRQWHQLGRVPXHVWUDQVXRULJHQ
>@
8QHVWXGLRGH$SRFDOLSVLVQRVSRQGULDHQHYLGHQFLDODKLVWRULDGHO5HLQRGH'LRVDSDUWLUGHOOLPLWHHQTXHHO,VUDHOGH'LRVDFRQWHFH
HQODHSRFDGH-HVXFULVWR$KLDSDUHFHHO'UDJRQLGHQWLILFDGRFRPRJXHUUHDQGRFRQWUDHVH5HLQRR*RELHUQRGH'LRV
(VDDFWLWXGFRQWLQXDPHQWHRSRVLWRUDGHO0DOLJQRUHJLVWUDGDHQQXPHURVRVOXJDUHVYHU&RQFRUGDQFLDQRVPXHVWUDVXSXQWRGHYLVWDUHVSHFWR
DO*RELHUQRGH'LRV
>@
 ,U HQ FRQWUD GH ODV OH\HV GH OD JUDYHGDG VXSRQGULD SRU HMHPSOR SDUD HO VHU KXPDQR QR WHQHU HQ FXHQWD HVRV OLPLWHV GH OD QDWXUDOH]D
KXPDQD\ODSRVLEOHGHVWUXFFLRQGHHVWH
>@
"&RPRHQWHQGHUHOSDVDMHGH,VDLDV"
'LRVQRSXHGHVHUHOFUHDGRUGHO0DOSRUTXHORTXHHVEXHQR 0W  6DO   1HK  XQLFDPHQWHSXHGHFUHDU OR EXHQR
*QD7LP/D9HUGDG\OD-XVWLFLD\OD%RQGDGHVORTXHFDUDFWHUL]DDVX*RELHUQR\/H\5P-Q
'LRVHV7RGRSRGHURVR*Q-RE
(OFRQWUDVWHUHVSHFWRD6DWDQDVHVFRQFOX\HQWH
(O0DOQRHVGH'LRVD-QY(O0DORHOSHFDGRHVGHO'LDEORD-Q6DWDQDVRHO'LDEORHVSDGUHGHODPHQWLUD\ODYHUGDGQR
HVWDHQHOVLHQGRHQHPLJRGHWRGDMXVWLFLD-Q+HFK1RHVWRGRSRGHURVRSRUFXDQWRDQWHVTXHVHFRQVWLWX\HUDOLEUHPHQWHHQ
ODSHUVRQLILFDFLRQGHO0DOHUDXQDQJHOFUHDGRSRU'LRV6DO1HKFI(]TSS-RED&RU(I
D3HG-XGY$SD&RU5P$S+ETXHVHFRQYLUWLRYROXQWDULDPHQWHHQODSHUVRQLILFDFLRQ
GHO0DO
/DWHUPLQRORJLDELEOLFDTXHXWLOL]DH[SUHVLRQHVHQODVTXHDSDUHQWHPHQWHDSDUHFH'LRVFRPRHOKDFHGRUGHO0DOFI,VD$PRVHV
SUHFLVRH[SOLFDUODWHQLHQGRHQFXHQWDHOFRQWH[WR\ODLGHDGHTXHWRGRORTXHH[LVWHKDVLGRFUHDGRSRU'LRVSHURQRWRGRORTXHKDOOHJDGR
DVHUGHVSXHVGHFUHDGRHVSURGXFWRGHODDTXLHVFHQFLDGLYLQD
'HO PLVPR PRGR TXH VH XVDQ H[SUHVLRQHV KXPDQDV SDUD LQGLFDU FRPSRUWDPLHQWRV GLYLQRV KDVWD HO SXQWR TXH VH OOHJD D GHFLU TXH'LRV VH
DUUHSLHQWH(]T*QDXQFXDQGR'LRVQRWHQJDQHFHVLGDGQXQFDGHDUUHSHQWLUVH1PD6DPVLQRTXHHVXQ
WHUPLQRKXPDQRSDUDH[SUHVDUODDFWLWXGGLYLQDHQIXQFLRQGHODFRQGXFWDKXPDQD(]T\DOLJXDOTXHFXDQGRHOWH[WRGLFHGHTXH
'LRVHQGXUHFH HO FRUD]RQ GH )DUDRQ ([  OR TXH VH HVWD TXHULHQGR GHFLU HV TXHOD DFWLWXG EXHQD GLYLQD GH OLEHUDU D ,VUDHO
HQGXUHFH DO )DUDRQSRUVXDFWLWXGPDODHQQRGHMDUOHPDUFKDUGHHVDPLVPDPDQHUDVHSXHGHGHFLUTXH'LRVKDKHFKR DO FLHJR R DO
FRMR([RDO0DO,VDHPLWLHQGRVHFRQHVHOHQJXDMHHQSULQFLSLRGHTXH'LRVHVHOTXHKDKHFKRDDTXHOTXHGHVSXHVOOHJRDVH
FLHJR FRMR R VRUGR 6L 'LRV QR KXELHUD FUHDGR DO KRPEUH QR KXELHUDQ VXUJLGR ORV FLHJRV R OR FRMRV 'H IRUPD LGHQWLFD FRQ HO0DO \ ODV
7LQLHEODV
'LRVFUHRDXQDQJHOSHUIHFWRTXHUXELQ6DOFI(]TSRUORWDQWRQRHVHOFDXVDQWHGHO0DO7DQWRHO3HFDGRFRPRHO0DO
VXUJHQFRPRIUXWRGHODUHEHOLRQFRQWUD'LRV/DVSRVLELOLGDGHVGHTXHH[LVWDHO0DOQRVRQFRPRIUXWRGHODDFFLRQGLUHFWDGH&UHDUSRUTXHHO
0DOQRORSXHGH&UHDU'LRVSRUTXHHQHOVHU%XHQRSRUHVHQFLD6DO0WQRSXHGHKDOODUVHHO0DO-HUQLFRPSODFHUVH
HQHO0DO6DOQLTXHUHUHO0DO6DO3URY(]T
(O0DOVXUJHDSDUWLUGHODUHEHOLRQGH/X]EHOFRPRXQDDXVHQFLDYROXQWDULD\UHVSRQVDEOHGHOELHQFI-Q
/DV7LQLHEODVVXUJHQDSDUWLUGHOPRPHQWRHQTXHVHKDOORPDOGDGHQORTXHKDVWDHQWRQFHVKDELDVLGRFUHDFLRQSHUIHFWDFI(]T<D
TXH'LRVHV/X]D-Q/D/X]QRHVORPLVPRTXHODV7LQLHEODVD&RU/DV7LQLHEODVSHUWHQHFHQD6DWDQDV\ QRD'LRV+HFK

(OSDVDMHHQFXHVWLRQFI,VDYDGLULJLGRFRQWUD&LUR&LURUH\SHUVDFUHHHQXQSULQFLSLRGHO0DO0D]GHLVPR$HOOHGLFHTXHHVWD
SRUHQFLPDGHHVHPDOTXHVXUHOLJLRQFUHHFRPRSULQFLSLRRPQLSRWHQWH\DEVROXWRHTXLSDUDGRFRQHO%LHQ'LRVYHQGULDDGHFLUPLSRGHUHVWD
SRUHQFLPDGHHVHRWURSRGHUTXHYRVRWURVOODPDLVDEVROXWRSRUTXH<R6R\HO&UHDGRUGHWRGR \RORKHFUHDGRQRDO0DOVLQRDO6HUTXH
OXHJRIXHHOFDXVDQWH\RULJLQDGRUGHO0DOFI6DO
>@
(QHIHFWR/X]EHOHQVXLWLQHUDULRSHQVDQWHFI(]TXSOOHJRDGHMDUGHVHUSHUIHFWRHVGHFLUDQRTXHUHUWHQHUHQFXHQWD
TXHHUDGHSHQGLHQWHFUHDGR\DOFDQ]RODPD\RULQLTXLGDGODGHURPSHUHOYLQFXORGHODOLEHUWDGTXHOHXQLDDVXQDWXUDOH]DFUHDGDSRU'LRVH
LGHR VXRULJHQ HQ OD PDWHULD HWHUQD SUHWHQGLHQGR TXH HO 'LRV GHO 0HVLDV WDPELHQ WHQLD HVH PLVPR RULJHQ YHU VREUH HVWR (:/D YHUGDG
DFHUFDGHORV$QJHOHVSS/RTXHLQFXOFDDOVHUKXPDQR\TXH'LRVQRVGHVFXEUHHQHOFDSLWXORGH*HQHVLVHVORTXHHO0DOLJQR
SLHQVDGHVXRULJHQHQODPDWHULDHWHUQDSRUFXDQWRQRKHHVWDGRHQPLFUHDFLRQ"SRGULDLQIHULUVHTXHPLRULJHQHQODPDWHULDHWHUQDHVHO
PLVPRGHDTXHOORTXHVHOODPD'LRVFUHDGRU"$KRUDSRGHPRVHQWHQGHUFRQXQDFLHUWDORJLFDUDFLRQDOODERUUDFKHUDGHTXHUHUVXVWLWXLUD
'LRVGHTXHUHUVHHOHYDUSRUHQFLPDGH(OFI,VD'HOOHJDUDORVH[WUHPRVTXHOD$SRFDOLSWLFDQRVSUHVHQWD3UHWHQGHUYHQFHUD
'LRV
'HQWUR GH ORV FDXFHV GH OD SRVLELOLGDG GHO DUUHSHQWLPLHQWR TXH HO SODQ GH 'LRV WLHQH SDUD WRGR DTXHO TXH VH DSDUWD QR VLUYH HO TXH SXGLHUD
GDUVHFXHQWDGHORTXHVXSXVRKDEHUVHOHTXLWDGRVXOXJDUGHSUHIHUHQFLDTXHWHQLDMXQWRDO'LRVFUHDGRU/OHJRDOH[WUHPRHQVXLWLQHUDULRTXH
QRSRGLDVHUDGPLWLGRFRPRDUUHSHQWLPLHQWR/DFHUWH]DGHHVWHUHFKD]RVHKDHYLGHQFLDGRHQVXFRQGXFWDFRQWLQXD<ODSUHWHQVLRQGHTXHUHU
VHUFRPR'LRVVHKDIRUWDOHFLGR\H[SOLFDVXDFWXDFLRQLORJLFDHLUUDFLRQDO6LPDQWHQJRTXHPLRULJHQHVHOPLVPRTXHORTXHVHKDKHFKR
OODPDU'LRVFUHDGRUDGTXLULUHODPLVPDVDELGXULDTXH(O\FXDQGRHVWRVXFHGDHVWDUHHQFRQGLFLRQHVSDUDHQIUHQWDUPHD(O\DVX*RELHUQR
FI(]T
>@
5DQNR6WHIDQRYLF$SRFDOLSVHRSFS
>@
7DQWRORGHODWHUFHUDSDUWHGHORVKRPEUHVFRPRORGHORVPLOORQHVVRQFLIUDVUHSUHVHQWDWLYDVTXHQRWLHQHQXQYDORUFXDQWLWDWLYR
UHDO SHUR TXH WUDGXFHQ OD JUDQ FDQWLGDG GH HVSLULWXV PDOLJQRV TXH OOHYDQ OD REUD GHO SULQFLSH GH ORV GHPRQLRV \ GHVJUDFLDGDPHQWH OD JUDQ
FDQWLGDGGHVHUHVKXPDQRVODWHUFHUDSDUWH$S\ORVRWURVKRPEUHVTXHSDUWLFLSDQHQODH[WHQVLRQ\HQODYLYHQFLDGHORV
YDORUHVEDELORQLFRV
>@
1RFDEHGXGDTXHH[FHSFLRQDOPHQWHKDQKDELGRSHUVRQDVTXHKDQKHFKRFRVDVLPSRUWDQWHVSRVLWLYDV\EXHQDVGHYHUGDG&XDQGRVH
SUDFWLFDQORVGHUHFKRVKXPDQRVDXWHQWLFDPHQWH\VHSUHWHQGHRIUHFHUDOJRTXHUHGXQGHHQEHQHILFLRGHODSHUVRQDVLHPSUHHVELHQYHQLGR
>@
9HGD5DQNR6WHIDQRYLFRSFSGRQGHORLGHQWLILFDFRPR-HVXFULVWR
>@
9HG+5RVVLHU/HQJXDMHVLPEROLFRGHO$SRFDOLSVLVRSFS
>@
(VFDQGH/H[LTXHRSFS
>@
(VWRVVXFHVRVOXFWXRVRVDFRQWHFLGRVHQODHSRFDGHOD5HYROXFLRQ)UDQFHVD\TXHFRQFUHWDPRVPDVDGHODQWHVHFLUFXQVFULEHQDHVWD
SXHVWR TXH HQ RWURV OXJDUHV VH YLYH OD FRQGLFLRQ GH GHVLHUWR RGH SUHGLFDFLRQ YHVWLGRV GH FLOLFLR TXH HO 6LVWHPD 3DSDO KDELD SURSLFLDGR (O
SURSRVLWRGHFRQVLJQDUORHVGHELGRDODWUDVFHQGHQFLDTXHWLHQHOD5HYROXFLRQ)UDQFHVDSDUDHOIXWXURKLVWRULFR\HQUHODFLRQDO6LVWHPD3DSDO
'HQWURGHORTXHODSURIHFLDHQFXHQWUDPDVLPSRUWDQWHSDUDUHVHQDUHQODFRPSUHQVLRQGHODPDUFKDGHODKLVWRULDYHQHFHVDULRLQFOXLUHVWRV
KHFKRVTXHVXSXVLHURQMXQWRDORVGHPDVDFRQWHFLPLHQWRVXQJLURWUDVFHQGHQWDOSDUDODKLVWRULD
>@
*UDPDWLFDGHO1XHYR7HVWDPHQWR&%3(O3DVR7H[DVSSVV
>@
/H[LFRGHO1XHYR7HVWDPHQWRHGLF&ULVWLDQGDG0DGULGSS
>@
&XDQGRHVWXGLHPRV$SRFDOLSVLVFRPSUREDUHPRVFRPROD4XLQWD&DEH]DGHOD%HVWLDIRUPDSDUWHWDPELHQGHOVLPERORGHOD%DELORQLD
PLVWLFDGDGDVXDPELYDOHQFLDSROLWLFRUHOLJLRVD
>@
9HU&/QRRSFS
>@
+LVWRULDGHOD,JOHVLD&DWROLFDHG+HUGHURSFS&I(PLO*/HRQDUG+LVWRULD*HQHUDOGHO3URWHVWDQWLVPRYRO,,,S
>@
0LFKHO3HURQQHW/LEHUWDGGH&XOWR\5HYROXFLRQ)UDQFHVDHQ&/QRRSFS
>@
5$)-XQLRGHS
>@
05REHVSLHUUHFLWDGRHQ&/QRRSFS
>@
0LFKHO3HURQQHWRSFS
>@
&/QRRSFS
>@
LGS
>@
-HDQ3LHUUH%RLVRSFS
>@
-RKQ$GROISKXV7KH+LVWRU\RI)UDQFHYRO,,HG*HRUJH.HDUVOH\/RQGRQSFI7KLHOHRSFS
>@
,GS
>@
/D *D]HWWH 1DWLRQDOH  GH MXQLR GH  UHFRJLGD SRU / 5 &RQUDGL HQ ORV 9LGHQWHV \ OR 3RUYHQLU YRO ,, RS F S  /D
WUDGXFFLRQGHODFLWDKDVLGRREWHQLGDGH7KLHOHRSFS3XHGHFRQVXOWDUVHWDPELHQ
OH0RQLWHXU
\UHFRJLGRVHQ
-9XLOOHXPLHU/
$SRFDO\SVHRSFS
>@
9HDVHHOLQIRUPHTXHVHRIUHFHGHODTXHPDGH
$QWLJXRV\1XHYRV7HVWDPHQWRV
HQ *D]HWWH1DWLRQDOHGHOGHQRYLHPEUHGH
GH3DULVUHFRJLGRSRU/5&RQUDGLRSFS
9HDVH WDPELHQ HO LQIRUPH GHO QR R GH )ULPDLUH GH OH
0RQLWHXU
 UHFRJLGR SRU -HDQ 9XLOOHXPLHU /
$SRFDO\SVH RS FS  7DPELHQ D
/DPDUWLQH+LVWRLUHGHV*LURQGLQVFLWDGRHQ-9XLOOHXPLHU/
$SRFDO\SVHRSFS
- * /RULPHU $Q +LVWRULFDO 6NHWFK RI WKH 3URWHVWDQW &KXUFK LQ )UDQFH  FDS 9,,, SDUUDIV   GLFH GHO DFRQWHFLPLHQWR GH
GHVFULVWLDQL]DFLRQGHILQDOHVGH
'RQGHTXLHUDTXHVHHQFRQWUDVHXQD%LEOLDSXHGHGHFLUVHTXHKDELDSHUVHFXFLRQDPXHUWHDWDOSXQWRTXHYDULRVFRPHQWDGRUHVUHVSHWDEOHV
LQWHUSUHWDQ OD PXHUWH GH ORV GRV WHVWLJRV HQ HO FDSLWXOR RQFH GHO $SRFDOLSVLV FRPR UHILULHQGRVH D OD VXSUHVLRQ JHQHUDO PDV DXQ D OD
GHVWUXFFLRQGHO$QWLJXR\1XHYR7HVWDPHQWRHQ)UDQFLDGXUDQWHDTXHOODHSRFD!!5HFRJLGRHQHODSHQGLFHGH
(O&RQIOLFWRGHORV6LJORV

RSFS
9HUWDPELHQ+LVWRULDGHOD,JOHVLD&DWROLFDRSFS
>@
9HDVH(%(OOLRWW
+RUDH$SRFDOSWLFDH
WRPRSS\$UWXUR5REHUWR3HQLQJWRQ(SRFKVRISDSDF\SS&LWDGRV
DPERVSRU:DNHKDPRSFS
>@
9HDVH*2QFNHQ+LVWRULD8QLYHUVDO9RO;;;,RSFS
>@
 (O DQDOLVLV H[HJHWLFR DFHUWDGR TXH 0LJXHO 3HUH] )HUQDQGH] UHDOL]D VREUH HVWH WDUJXP 7UDGLFLRQHV 0HVLDQLFDV HQ HO 7DUJXP
3DOHVWLQHQVH,QVWLWXFLRQ6DQ-HURQLPR9DOHQFLD-HUXVDOHQSSQRVRODPHQWHUHFXSHUDQGRXQDWUDGLFLRQKHEUHDYHUVREUHHO
WH[WR HQ FXHVWLRQ S  GRQGH VH UHODFLRQD D OD GHVFHQGHQFLD GH OD PXMHU SURWRWLSR FRQ OD VDOYDFLRQ TXH YD D WUDHU HO 5H\ 0HVLDV VLQR
DGHPDVPRVWUDQGRODVFRQH[LRQHVTXHSRVHHGLFKRWH[WRIXQGDPHQWDOFRQHO1XHYR7HVWDPHQWRHQFRQFUHWRFRQ$SRFDOLSVLVLGS

>@
(OWH[WRQRHVVLPSOHPHQWHORTXHYRQ5DGQRVGLFHHQVXFRPHQWDULRDOJRTXHGHVFDUWDULDDODH[HJHVLVDQWLJXDTXHKDEULDYLVWRDTXLXQ
WH[WRDQXQFLDGRUGHO0HVLDV
0H VRUSUHQGH TXH FLHUWRV DXWRUHV PRGHUQRV GH UHSHQWH VH YXHOYDQ OLWHUDOLVWDV \ QR FRQWLQXHQ REVHUYDQGR HO YDORU TXH HV SUHFLVR GDU D OD
VHUSLHQWHFRPRXQVLPERORUHSUHVHQWDWLYRGHOPDO\DODPXMHUFRPRSRVH\HQGRXQDVLPLHQWHUHSUHVHQWDWLYDGHOELHQ
(QHOSULPHUFDVRODVHUSLHQWHFRPRVLPERORUHSUHVHQWDWLYRGHO$GYHUVDULRR6DWDQDVFI$SLEDDSURGXFLUXQDVHPLOODXQVLVWHPD
GHPDOGDGHQODWLHUUDTXHDXQTXHD\XGDGRSRUFLHUWRVVHUHVKXPDQRVGHVFHQGLHQWHVGHODPXMHUFDLGDWHQGULDDXWRQRPLDSURSLDFUHDQGRXQD
GLQDPLFDRIXHU]DPDOLJQDTXHOHUHSUHVHQWDULD\VHRSRQGULDD'LRVHQHVWHDVXQWRD6X5HLQRR*RELHUQR+DFLDHVWHVLVWHPDDSXQWDOD
DSRFDOLSWLFDFXDQGRQRVGHVFULEHDODV%HVWLDV$SFI'QD7HVTXHVRQFRPROD6HUSLHQWH
(QHOVHJXQGRVHWUDWDGHXQDVLPLHQWHGHODPXMHUTXHWDPELHQVHULDUHSUHVHQWDWLYDSHURDTXLGHO%LHQGHO5HLQRGH'LRV&RPRYHUHPRVXQ
SRFRPDVDGHODQWHHO0HVLDVUHXQHHQVXSHUVRQD\REUDODVFXDOLGDGHVTXHOHKDFHQVHUHQVXUHDOLGDGKLVWRULFDXQVHUSURWRWLSRGH'LRV\GH
VX*RELHUQR\QDFHULDGHODPXMHUFI*DO/FVLHQGRXQDVLPLHQWHFDUDFWHULVWLFDFI*DO*Q1R
ROYLGHPRVTXHHOWHUPLQRPXMHUHQHVWHSDVDMHHQ*QHVXQFRQFHSWRJHQHULFRTXHKDFHSRVLEOHHQJHQGUDUXQDGHVFHQGHQFLD\XQD
LGHRORJLD\GHVGHHVHSXQWRGHYLVWDHVXQDOLQHDUHSUHVHQWDWLYDHQODWLHUUDGHODPXMHUFHOHVWHFI$SJUDFLDVDODH[LVWHQFLDGH
HVDSULPHUDPXMHUTXHKDFHSRVLEOHGHDFXHUGRDOSODQGH'LRVTXHGHVDUUROODUD\TXHVHQRVLUDUHYHODQGRTXHODLGHRORJLDGHO5HLQRGH'LRV
VHWUDVPLWDHQORVVHUHVKXPDQRVSHUPLWLHQGRTXHHOHQJHQGUDPLHQWRGHODPXMHUFHOHVWHSDVHDHVWDWLHUUDDWUDYHVGHODOLQHDUHSUHVHQWDWLYD
TXHVHFRQVWLWX\HEDMRODGLUHFFLRQGLYLQDHQORTXHFRQMXQWD\JHQHULFDPHQWHVLJQLILFDODPXMHU
/DPXMHUKXPDQDGHVGHXQSXQWRGHYLVWDLQGLYLGXDOFD\RSHURHQORTXHLPSOLFDHQXQLWLQHUDULRLQLQWHUUXPSLGRFRQVLGHUDGDFROHFWLYDPHQWH\
GHDFXHUGRDOSURSRVLWRGLYLQRHQWURQFDQGRFRQODPXMHUFHOHVWLDOFRODERUDHQHOHQJHQGUDPLHQWRGHODVLPLHQWH
"3RUTXH'LRVQRORGHVWUX\RXQDYH]TXHVHWUDQVIRUPRHQHO0DOSHUVRQLILFDGR"
6L 'LRV FUHDED FRQ XQ DPRU TXH SXGLHUD VHU DVXPLGR UDFLRQDO \ OLEUHPHQWH HUD LPSRVLEOH TXH D VX PRGR GH REUDU SXGLHUD FRUUHVSRQGHU OD
GHVWUXFFLRQHUDSUHFLVRRIUHFHUODSRVLELOLGDGGHODUUHSHQWLPLHQWR
>@
'LRVVDELDHOVXIULPLHQWRTXHVHLEDDGHVHQFDGHQDUFRPRFRQVHFXHQFLDGHODDFWLWXGOLEUH\UHVSRQVDEOHPHQWHHTXLYRFDGD WRPDGDSRU
/X]EHO
3HUR'LRVQRDFWXRFRPRODFULDWXUDTXHVHUHEHODEDFRQWUDHO0LHQWUDV'LRVHQXQSULPHUPRPHQWRRWRUJDEDODSRVLELOLGDGGHODYXHOWDGH
/X]EHOHOSRQLDHQHQWUHGLFKRHO$PRUGH'LRV-QFRQYHQFLHQGRDRWURVVHUHV\SURYRFDQGRXQDUHYXHOWD$SFI-XG
'LRV WHQLD \D OD VROXFLRQ GHVGH OD HWHUQLGDG SDUD TXH HVH VXIULPLHQWR QR IXHUD LQHYLWDEOH QL SXGLHUD VHU XQ REVWDFXOR SDUD OD OLEHUDFLRQ
GHILQLWLYDGHHVHVXIULPLHQWR\GHWRGRDTXHOORTXHLEDDGHVDWDUVH
(OFRPSRUWDPLHQWRGLYLQRWHQLDTXHHQIUHQWDUVHDODVDFXVDFLRQHVGH6DWDQVLQGHMDUGHVHUHO'LRVGH$PRUUHVSHWDQGRODOLEHUWDGTXHKDELD
LPSODQWDGRHQHOVHUFUHDGR
6L'LRVHO3DGUHKXELHUDDFWXDGRGHRWUDPDQHUDGLVWLQWDDODTXHQRVH[SOLFD-HVXFULVWR\TXHPDVDGHODQWHGHVDUUROODUHPRVHVWDULDQORVTXH
H[LVWLHUDQMX]JDQGROH FRQ XQWHPRUUHVXOWDQWHGHHVDDFWLWXGTXHKXELHVHDELHUWRXQJUDQLQWHUURJDQWHHQHO&RVPRVVREUHODGXGDHQHVH
FDVRLUUHSDUDEOHTXHODVDFXVDFLRQHVVDWDQLFDVFRQILJXUDEDQ
'LRV KDELD GHWHUPLQDGR HQ VX 3ODQ TXH VX 5HLQR \ DFFLRQ GH *RELHUQR VH PDQLIHVWDUD \ SHUPLWLU TXH HO UHLQR TXH HO 0DOLJQR SUHWHQGLD
HVWDEOHFHUVHFRQRFLHUD(UDGHOXQLFRPRGRTXHWRGRVORVVHUHVFUHDGRVSRGULDQFRQYHQFHUVH&XDQGROOHJDUDORTXHLPSOLFDEDODYLGDREUD\
PXHUWH GHO 0HVLDV QR KDEULD GXGDV GH QLQJXQD FODVH GHO 'LRV GH$PRU FRPR WDPSRFR GHOFULPHQ GH OHVD PDMHVWDG TXH 6DWDQDV KDELD
FRPHWLGR$SDUWLUGHHQWRQFHVFXDQGRWRGRHO3ODQGH'LRVILQDOL]DUDSRGULDHMHFXWDUVHODFRQGHQDHWHUQDUHODWLYDDHVHFULPHQ
$OFRQRFHUD'LRVDWUDYHVGHVXDFWXDFLRQHQODFRQVWLWXFLRQGHO6HUOLEUH\UHVSRQVDEOHDOGHVFXEULUODVOH\HV\SULQFLSLRVTXHUHJXODQQXHVWUD
OLEHUWDGDOVDEHUVREUHHOFRQFHSWRGHFULDWXUD\ODQRFLRQGHGHSHQGHQFLDDOSURIXQGL]DUHQODKLVWRULDGHORULJHQGHO0DOGHDFXHUGRDODV
6DJUDGDV(VFULWXUDVGDFRPRUHVXOWDGRHOFRQYHQFLPLHQWRGHTXH'LRVHV$PRU\9HUGDG&XDQGRHVWXGLHPRVODKLVWRULDGHODSUHVHQFLDGH
'LRVHQ-HVXFULVWRDTXLHQODWLHUUDXQVLOHQFLRDSRWHRVLFRVHHVFXFKDUDHQODVDOWDVHVIHUDV1RKD\SRVLELOLGDGGHRFXOWDUVHDQWHWDQLQPHQVR
$PRU
>@
'HOWH[WRSRGHPRVREWHQHU
TXHVHSURGXMRXQDFDLGD
TXHHVDFDLGDODH[SHULPHQWDXQVHUKXPDQRLQGLYLGXDO
SHURFRQFDUDFWHUUHSUHVHQWDWLYR
TXHODVFRQVHFXHQFLDVPXHVWUDQTXHHVHSHFDGRWUDQVPLWHXQDWHQGHQFLDSHFDPLQRVDODHQIHUPHGDG\ODPXHUWH
/DSUHVHQFLDGHXQDVLPLHQWHVDOYDGRUD
>@
(QHOWHUPLQRPXMHUHVWDLQYROXFUDGRWRGRDTXHOORTXHOHVLUYHD'LRVSDUDKDFHUXQDUHDOLGDGKLVWRULFDODLGHRORJLDGHOD0XMHUFHOHVWH
HO5HLQRGH'LRVYHUQRWDVLJXLHQWH'HDKLTXHWDQWROD,JOHVLDHQODHSRFDGHO$QWLJXR7HVWDPHQWRFRPRHQODGHO1XHYRODQRFLRQ,JOHVLD
HQ OD PHGLGD TXH VDOYDJXDUGD ORV SULQFLSLRV GHO 5HLQR GH 'LRV FXPSOH FRQ VX WUD\HFWR FRQWHQLGR \VLPLHQWHHVSLULWXDO HO LQVHUWDUVH HQ HO
FRQFHSWRGHPXMHUUHSUHVHQWDWLYDTXHHQWURQFDFRQOD0XMHUFHOHVWLDO
>@
6LVHREVHUYDHOWH[WRGH$SRFDOLSVLVXQLFDPHQWHKD\XQD0XMHU&HOHVWHODHVSRVDPLVWLFDGHO&RUGHUR$SXS6HWUDWDGH
OD1XHYD-HUXVDOHQVLPEROLFDUHFRJHGRUDGHORTXHLPSOLFDVHUORFDSLWDOGHO5HLQR&RPRWDOVLPEROL]DDO5HLQRGH'LRVR*RELHUQRGH'LRV
ORVSULQFLSLRVLGHRORJLFRVTXHULJHQHQHO*RELHUQRGH'LRV(OVLPEROLVPRLPSOLFDGRHQHOHQJHQGUDPLHQWRGHOD0XMHU&HOHVWHVLJQLILFDUDTXH
KDKHFKRSRVLEOHODOOHJDGDKLVWRULFDGHO5HLQRGH'LRVHQODWLHUUDPHGLDQWHODILJXUDKLVWRULFDH[FHSFLRQDO\VREUHVDOLHQWHGHOSURSLR+LMR
/DSHUVRQDGH-HVXFULVWRSRVHHODFRQGLFLRQGH+LMRGHOD0XMHU$SGDQGRVHQRVDHQWHQGHUTXHODSURSLDLGHRORJLDTXHHQFLHUUDHO
FRQFHSWR VLPEROLFR0XMHU HQJHQGUD DO+LMRDOJRTXHPDQLILHVWDSOHQD\WRWDOPHQWHORTXHVLJQLILFDODH[SUHVLRQ0XMHU (VD LGHRORJLD WLHQH
TXH YHU FRQ OD PDQHUD GH VHU GH 'LRV FRQ VX $XWRULGDG \ *RELHUQR FRQ VX PRGR GH SHQVDU \ DPDU FRQ VX 5HLQR FRQ ORV SULQFLSLRV
LGHRORJLFRV TXH VH YDQ WUDVPLWLHQGR HQ HVD OLQHD LQLQWHUUXPSLGD TXH 'LRV KD HVFRJLGR GHQWUR GH OD FRQWLQXLGDG GH OD0XMHU&HOHVWH HQ HO
HQWURQTXHFRQODPXMHUWHUUHQDO
3RURWUDSDUWHOD0XMHU&HOHVWHR1XHYD-HUXVDOHQ$SVHOHOODPDOD(VSRVDGHO&RUGHUR$STXHULHQGRVHQRVGHFLUTXH
HVWDFDVDGRXQLGRGHWDOPDQHUDFRQODLGHRORJLDTXHVXSRQHHOVLPEROR0XMHU&HOHVWH R1XHYD-HUXVDOHQ&HOHVWLDOTXHORVSULQFLSLRVGHO
5HLQRGH'LRVDORVTXHKDFHDOXVLRQHOWHUPLQR0XMHUHVWDQFRPSOHWDPHQWHDVXPLGRVSRUHO&RUGHUR-HVXFULVWRSRUTXHHVHO5H\SRUTXHHO
5HLQRGH'LRVFRLQFLGHFRQODPDQHUDGHVHU\GHSHQVDUGHXQD3HUVRQD-HVXFULVWR
>@
 (VD OLQHD HVSLULWXDO TXH SHUPLWH VXUJLU OD PXMHU FROHFWLYD D WUDYHV GH WLHPSR QRV PDQLILHVWD HVD VHOHFFLRQ KXPDQD TXH IRUPD OD
LJOHVLD(VWDVHKDVXVFLWDGRJUDFLDVDTXHHQODSULPHUDPXMHU(YDGHODTXHVHWRPDFRPRPDGUHGHWRGRVORVYLYLHQWHVHOYDORUVLPEROLFR\
UHSUHVHQWDWLYRKDKHFKRSRVLEOHODUHDOLGDGKLVWRULFDGHWRGDXQDVHOHFWLYLGDGELRORJLFDTXHVHFRQVWLWX\HHQHVSLULWXDOWUD\HQGRHQXQSURFHVR
WHPSRUDODODVLPLHQWHUHSUHVHQWDWLYD&ULVWR-HVXV'LFKDVHOHFWLYLGDGMXHJDHOSDSHOGH0XMHU&HOHVWHHQODWLHUUDDOPLVPRWLHPSRTXHVHOH
FRQRFHFRPROLQHDHVSLULWXDO,JOHVLDGHODHSRFDGHO$QWLJXR7HVWDPHQWR
(VDVHOHFWLYLGDGHQVXFRQMXQWRFXPSOHODUHDOL]DFLRQKLVWRULFDDQXQFLDGDGHKDFHUSRVLEOHODYHQLGDGHXQDVLPLHQWHTXHOXFKDULDFRQWUDOD
VHUSLHQWHYHQFLHQGROD/D6LPLHQWHXQDYH]OOHJDGDHVSRUXQODGRGHVFHQGHQFLDGHODVHOHFWLYLGDGTXHODKDKHFKRSRVLEOHFI$S
FISHURSRURWURFXDQGRVXEHDORVFLHORVGHMDFRQVWLWXLGRGDQGRFRQWLQXLGDGXQ5HVWR$STXHVLJXHODOLQHDHVSLULWXDOTXH
\DH[LVWLDDQWHULRUPHQWH\TXHOHUHSUHVHQWD
7HQHPRVODGHVFHQGHQFLDRVLPLHQWHGHODPXMHU\HOUHVWRGHODGHVFHQGHQFLDGHODPXMHU$S
>@
$KRUD FRPSUHQGHPRV SRU TXH HO$SRFDOLSVLV VH QRV PXHVWUD HQ XQ FDPSR GH EDWDOOD LGHRORJLFR (QWUH 'LRV VX +LMR R HO &ULVWR R HO
&RUGHUR FRQ VX (VSRVD PLVWLFD SRU XQ ODGR \ SRU RWUR OD 6HUSLHQWH OD 5DPHUD HO )DOVR 3URIHWD \ OD %HVWLD$SRFDOLSWLFD FRQ WRGR OR TXH
LPSOLFD$SVV
(QGLFKDEDWDOODODYLFWRULDHVWDDVHJXUDGDSRUSDUWHGHO&RUGHUR$S\SDUDWRGRVORVTXHOHVLJXHQ
$S\
/RXQRSURPXHYH\GHVDUUROODDO5HLQRGH'LRVORVSULQFLSLRVGHO*RELHUQRGH'LRVOD/H\GH'LRVVX$PRUODYHUGDGHUD3D]\OLEHUWDG/R
RWURIRPHQWD\SURPRFLRQDDO6LVWHPDGH0DOGDGDODRSRVLFLRQDO5HLQRGH'LRVHOLUFRQWUDORVSULQFLSLRVGHO5HLQRGH'LRVDOSHFDGRDOD
WUDQVJUHVLRQGHOD/H\GH'LRVGHVX*RELHUQR
(O $SRFDOLSVLV HQJORED OD KLVWRULD GHO (YDQJHOLR GHO 5HLQR GH 'LRV TXH QRV SUHVHQWD -HVXFULVWR \ FRPR VX YLGD \ VX PXHUWH WLHQH XQD
WUDVFHQGHQFLDTXHVXSHUDVXHVWDQFLDWHUUHVWUH&RPSOHPHQWD\PDWL]DORVDVSHFWRVTXHKDQSRGLGRTXHGDUVLQFRPSUHQGHUVHFRQORVHVFULWRV
GHO1XHYR7HVWDPHQWR6HWUDWDGHOD5HYHODFLRQGH-HVXFULVWR
/D YLFWRULD GH -HVXFULVWR QDUUDGD HQ HO$SRFDOLSVLV HV HO WULXQIR GHILQLWLYR VREUH HO SHFDGR \ OD PDOGDG OD GHVWUXFFLRQ GH OD 6HUSLHQWH HO
RULJLQDGRUGHOVXIULPLHQWR\GHODPXHUWHWDOFRPRVHYDWLFLQDEDHQ*HQHVLV
>@
0LJXHO3HUH])HUQDQGH]DOHVWXGLDUODV7UDGLFLRQHV0HVLDQLFDVHQHO7DUJXP3DOHVWLQHQVH RSFUHIXWDODLGHDGH-0LFKO'HU
:HLEHVVDPH^*Q`LQVSDWMXGLVFKHUXQGIUXKFKULVWOLFKHU$XIDVVXQJHQ%LEOLFDSSHQ7UDGLFLRQHV0HVLDQLFDVHQHO
7DUJXP 3DOHVWLQHQVH  RS F SS  FXDQGR - 0LFKO VH DWUHYH D DILUPDU TXH HQ HO MXGDLVPR WDUGLR QR VH HQFXHQWUD XQD YDORUDFLRQ
PHVLDQLFDGH
ODGHVFHQGHQFLDGHODPXMHU
\TXHQLHQHO$QWLJXRQLHQHO17KD\UHIHUHQFLDDOJXQDD*Q
0LJXHO3HUH])HUQDQGH]DOTXHOHDYDODVXWHVLVGRFWRUDOUHIHULGDSUHFLVDPHQWHDODV7UDGLFLRQHV0HVLDQLFDVHQHO7DUJXP3DOHVWLQHQVH 
GHPXHVWUD WRGR OR FRQWUDULR SUHVHQWDQGR WDQWR OR TXH SHQVDED OD WUDGLFLRQ MXGLD UHVSHFWR DO WH[WR GH *HQHVLV   FRQ ODV FRQH[LRQHV
RSRUWXQDVTXHHO17UHDOL]DGHGLFKRWH[WRRSFSS<GHOTXHHQWUHVDFDPRVHVWDFLWD
1R FRPSDUWLPRV ODV DILUPDFLRQHV GH 0LFKHO )DOOD VX PHWRGR GH LQYHVWLJDFLRQ SXHV HVWXGLD ORV WH[WRV DLVODGDPHQWH EDVDQGRVH VROR HQ
FRQH[LRQHVYHUEDOHVRPLWHDGHPDVHOHVWXGLRGHODKLVWRULDGHODWUDGLFLRQ\VREUHWRGRGHVFXLGDHOQH[RGHXQLRQHQWUHHO$\17!!
/DV SDJLQDV SUHFHGHQWHV QRV DXWRUL]DQ D UHFRQVLGHUDU OD SUHVHQFLD GH *HQ  HQ HO 17 (VWXGLDUHPRV HQ SULPHU OXJDU $S 
GHGLFDUHPRV GHVSXHV XQDV SDJLQDV D OD SUHGLFDFLRQ \ DFWLYLGDG WDXPDWXUJLFD GH -HVXV \ FRQFOXLUHPRV FRQ XQRV WH[WRV SDXOLQRV!! HQ
7UDGLFLRQHV0HVLDQLFDVHQHO7DUJXP3DOHVWLQHQVHRSFS
>@
%RYHU&DQWHUD1RWDVRSFS
>@
6DJUDGD%LEOLD1RWDVGH9DFFDULGHO,QVWLWXWR3RQWLILFLRGH5RPDRSFS
>@
2SFLWS
>@
$SRFDOLSVLVYRO,9RSFS
>@
(Q&RPHQWDULR6DJUDGD(VFULWXUDRSFSS
>@
9HDVH 3URIHVRUHVGH6DODPDQFD RSFSS)XQGDFLRQ%LEOLFD&DWDODQDYRO;9RSFSORV0RQMRVYRORSF
SS
>@
(FFHOVLDSS
>@
9HDVHODRSLQLRQGHOD0XMHUFRPROD,JOHVLD\HQJHQGUDQGRD&ULVWRHQHOFDWROLFR6FLRGH6DQ0LJXHORSFYRO9SWDPELHQ
HQHOSURWHVWDQWH%+&DUUROORSFS
>@
2SFS
>@
2SFSS
>@
9HDVH6WUDXELQJHU1XHYR7HVWDPHQWRYRO,9RSFSS
>@
2SFSVV
>@
(Q8QDLQWHUSUHWDFLRQGHO$SRFDOLSVLV&DVD%DXWLVWDGH3XEOLFDFLRQHV
2WURVFRPRHOSUHWHULVWD5D\6XPPHUVQRVHGHILQHFODUDPHQWHSHURFULWLFDUHFKD]DQGRODSRVLFLRQKLVWRULFRFRQWLQXDSRUFXDQWRVHJXQHOQR
DSRUWDQDGDSDUDORVWLHPSRVGH-XDQRSFSS
3UHFLVDPHQWHODSRVLFLRQKLVWRULFRFRQWLQXDWLHQHHQFXHQWDHOSDVDGR\HOIXWXUR/DSUHWHULWDHVODTXHFHQWUDQGRVHHQHOSDVDGRQRFRQVLGHUD
HOIXWXUR
>@
1RWHVH\FRPSDUHVHHOY\HOPHGLDQWHHOSDUDOHOLVPRTXLDVPLFR
YSS\HOODOD0XMHUGLRDOX]XQ+LMR9DURQ
YXSOD0XMHUTXHKDELDGDGRDOX]XQ+LMR9DURQ
YXS6X+LMRIXHDUUHEDWDGRVXELGRSDUD'LRV\SDUDVXWURQR
YSS(O'UDJRQHVEDMDGRDODWLHUUD
$ODQDOL]DUVHHOSDUDOHOLVPRTXLDVPLFRGHORVGRVYHUVLFXORVLGHQWLILFDGRVSRUORVFRQFHSWRVLGHRORJLFRVFRPXQHV\SRUODSRVLFLRQFURQRORJLFD
VHLGHQWLILFDQORVPRPHQWRVGHODH[LVWHQFLDGHO+LMRYDURQ\ORVVXFHVRVFXDQGR&ULVWRHO+LMR9DURQHVDVFHQGLGRHO'UDJRQ6DWDQDVHV
GHVFHQGLGRH[SXOVDGR
(VWHDQDOLVLVWHXELFDHOPRPHQWRH[DFWRGHODUURMDPLHQWRGH6DWDQDVDODWLHUUDORFXDOVHULDXQDYH]DVFHQGLGR-HVXFULVWRDO&LHOR
>@
(:KLWHFXDQGRFRPHQWD$SRFDOLSVLVVHOLPLWDDXWLOL]DUDOD0XMHUSRUPHGLRGHORVTXHODUHSUHVHQWDQHQOD7LHUUDHVGHFLUHO
3XHEORGH'LRVR,JOHVLDORVTXHHQXOWLPDLQVWDQFLDFRPRVRVWHQHGRUHVGHO5HLQRGH'LRVHQOD7LHUUDVXIUHQODVLUDVGHOGLDEOR&%$YRO
9,, RS F S  6LQ HPEDUJR WLHQH XQD DFODUDFLRQ FRPSOHPHQWDULD HQ VX REUD(O &RQIOLFWR GH ORV 6LJORV 333$ (GLF &DVWHOODQD
0RXQWDLQ9LHZ&DOLIRUQLDSS
/DERGDUHSUHVHQWDHODFWRGHVHULQYHVWLGR&ULVWRHQODGLJQLGDGGH5H\/D&LXGDG6DQWDODQXHYD-HUXVDOHQVHOODPDODQRYLDODHVSRVD
GHO&RUGHUR(ODQJHOGLMRD6DQ-XDQ9HQDFDWHPRVWUDUHODQRYLDODHVSRVDGHOFRUGHUR0HOOHYRHQHO(VSLULWXDJUHJDHO3URIHWD\PH
PRVWUR OD VDQWD FLXGDG GH -HUXVDOHQ GHVFHQGLHQGR GHO FLHOR GHVGH 'LRV $SRFDOLSVLV   90 6DOWD SXHV D OD YLVWD TXH OD (VSRVD
UHSUHVHQWD OD FLXGDG VDQWD \ ODV YLUJHQHV TXH YDQ DO HQFXHQWUR GHO HVSRVR UHSUHVHQWDQ D OD ,JOHVLD (Q HO$SRFDOLSVLV HO 3XHEOR GH 'LRV OR
FRQVWLWX\HQORVLQYLWDGRVDODFHQDGHERGDV$SRFDOLSVLV6LVRQORVLQYLWDGRVQRSXHGHQUHSUHVHQWDUWDPELHQDODHVSRVD&ULVWRVHJXQHO
SURIHWD 'DQLHO UHFLELUD GHO$QFLDQR GH GLDV HQ HO FLHOR HO GRPLQLR OD JORULD \ HO UHLQR UHFLELUD OD QXHYD -HUXVDOHQ OD FDSLWDO GH VX UHLQR
SUHSDUDGDFRPRXQDQRYLDHQJDODQDGDSDUDVXHVSRVR'DQLHO$S90!!
>@
(O$SRFDOLSVLVGH-XDQRSFSS
>@
&RPLHQ]RGHORVGLDVSURIHWLFRVLPEROLFRVGHDFXHUGRDOFURTXLVVLJXLHQWH
>@
5HVSHFWRDODH[SUHVLRQ'HVLHUWR
0PH*%HQMDPLQ(VFDQGH/$SRFDOLSVHGRFXPHQWGHOD5HGHPSWLRQHVVDLVXUOHODQJDJHV\PEROLTXHVRSFSLQGLFDORVLJXLHQWH
'HVLHUWR(QRULHQWHGHVLJQDORVOXJDUHVLQKDELWDEOHVVLQUXWD,VD6LQRQLPRGHVROHGDGHVODLPDJHQGHORVOXJDUHVGH
VLOHQFLR\GHORVWLHPSRVGHUHFRJLPLHQWR6DO(]T2V0F/F
/D%LEOLDFRPHQWDGD9RO9,,3URIHVRUHVGH6DODPDQFDRSFS
(VWHGHVLHUWRQRHVRWURTXHHOUHWLURGHOPXQGRHQHOFXDOUHLQDHO'UDJRQ6DWDQDVSDUDYLYLUODYLGDHVFRQGLGDFRQ&ULVWRHQ'LRV(QHVWH
GHVLHUWR OD ,JOHVLD GH -HVXFULVWR VHUD SUHVHUYDGRUD GH OD FRQWDPLQDFLRQ SDJDQD \ SRGUD OOHYDU XQD YLGD HVSLULWXDO PDV SURIXQGD GH PD\RU
FRQFHQWUDFLRQHLQWLPLGDGFRQ'LRV!!
5HGXQGDQGRVREUHHVWDLGHD5+DOYHU'HU0\WKRVLPOHW]WHQ%XFKGHU%LEHO+HUEHUW5HLFK+DPERXUJS&LWHQOD&ODUWHGH/
$SRFGH%UXWVFKRSFS
&RPRXQOXJDUGHUHIXJLR&RPHQWDULGHOV0RQMRVGH0RQWVHUUDWRSF9RO;;,,S
(VLQWHUHVDQWHDOXGLUDWUHVDXWRUHVTXHFRPSOHPHQWDULDQVHJXQQXHVWURFULWHULRODFRPSUHQVLRQGHOVLPERORFRQHOFRQWH[WRGHOSURSLRFS
GHO$SRFDOLSVLV
:: +DGRUQ HQ'LH *HKHLPH 2IIHQEDUXQJ .OHLQHU .RPPHQWDU 1HXHV 7HVWDPHQW  2SXV &KULVW .HKUVLWHQ VI  S  FLWDGR SRU
%UXWVFKRSFSLQGLFDTXHOD,JOHVLDGHOGHVLHUWRHVXQD,JOHVLDVLQSDWULD
<HO1RXYHDX/DURXVVHLOXVWUH9RO,,,SGLFHHQUHODFLRQDOWHUPLQR'HVLHUWR1RPEUHGDGRSRUORVSURWHVWDQWHVGHOVLJOR;9,,,D
ODOODQXUDVLQFXOWLYR\SHGUHJRVDTXHVHH[WHQGLDDO12GH1LPHV!!
(QRWUROXJDUVHSXHGHOHHU
'HVSXHVGHODUHYRFDFLRQGHO(GLFWRGH1DQWHVHQXQFLHUWRQXPHURGHSURWHVWDQWHVFRQWLQXDURQFHOHEUDQGRVXFXOWRHQVHFUHWRHQORV
ERVTXHV ODV FDYHUQDV ODV PRQWDQDV ORV OXJDUHV LQKDELWDEOHV \ GH DFFHVR GLILFLO (VWDV UHXQLRQHV UHFXUULHURQ DO QRPEUH GH ,JOHVLDV R GH
DVDPEOHDVGHOGHVLHUWR!!
80XOOHUHQXQDSUHGLFDFLRQHQ%HUQDFLWDGRSRU%UXWVFKHQRSFSQRVH[SUHVDXQDDSDUHQWHSDUDGRMDHQUHODFLRQDO
DVXQWRTXHHVWDPRVWUDWDQGR
'LRVFRORFDDVXSXHEOREDMRODSURWHFFLRQGHXQDIDOWDWRWDOGHSURWHFFLRQ!!
< HV TXH SRU XQ ODGR HO VLPEROR 'HVLHUWR HQ HVWH PRPHQWR UHFRJH OD LGHD GH OD VHJXULGDG GHO UHFRJLPLHQWR \ GH OD VDOYDJXDUGLD GH OR
VHFUHWR SHUR HQ ODV DFWXDFLRQHV GLYLQDV HVWRV WHUPLQRV SXHGHQ WHQHU PDWL]DFLRQHV TXH KDFHQ GLVWLQJXLUORV FRQ QXHVWUDV SRVLEOHV
DSUHFLDFLRQHV
(Q SULQFLSLR GLJDPRV TXH HO WHUPLQR QR VLJQLILFD XQD DXVHQFLD GH SHOLJUR \ GH SHUVHFXFLRQ (O SHULRGR GH OD ,JOHVLD HQ HO 'HVLHUWR HVWD
RFXSDGRSRUODDXWRULGDGGHOD%HVWLDTXHKDFHJXHUUDDORV6DQWRV$SXSSSFI
/D&LXGDG6DQWDVLPERORGHO3XHEORGH'LRVHQOD7LHUUD$SSSHVKROODGDGXUDQWHHOWLHPSRGHGXUDFLRQHVSHFLDOFRQTXHVHOD
FRQILHUHGHDXWRULGDGDOD%HVWLD$SXS
'H DKL TXH GXUDQWH HVH WLHPSR OD ,JOHVLD YHUGDGHUD SHUPDQH]FD HQ XQD VLWXDFLRQ GH GXHOR \ TXH VX SUHGLFDFLRQ SXEOLFD VHD OLPLWDGD
FLUFXQVWDQFLDOPHQWHGXUDQWHHVHSHULRGRDORTXHORVGRV7HVWLJRVSXHGHQKDFHUYHVWLGRVGHFLOLFLRFI$SH[SUHVLRQTXHLPSOLFDXQ
VLJQLILFDGRSDUDOHORDODHVWDQFLDGHOD,JOHVLDYHUGDGHUDHQHO'HVLHUWRFI$S
/DFRQGLFLRQGH'HVLHUWRFRQTXHVHOHSURYHHDOD,JOHVLDUHSUHVHQWDQWHHQOD7LHUUDFRPRGHVFHQGLHQWHGHOD0XMHUFHOHVWLDOHVPRWLYDGD
IXQGDPHQWDOPHQWH QR SDUD TXH QR KD\D SHUVHFXFLRQ VLQR SDUD TXH D SHVDU GH HVD VLWXDFLRQ SXHGD VHU SURWHJLGD GH VX GHVWUXFFLRQ WRWDO
KDFLHQGRGHVSDUHFHUORVSULQFLSLRVGHO5HLQRGH'LRVTXHVLPEROL]DOD0XMHU&HOHVWLDOFRVDTXHKXELHVHVLGRSRVLEOHDQRVHUSRUHOFRELMRWDQ
VLQJXODU TXH 'LRV EXVFD SDUD VX 3XHEOR /D LQIOXHQFLD GH OD LGHRORJLD HUURQHD TXH PDQWLHQH D OD %HVWLD PHGLDQWH HVD FDEH]D HV SUHFLVR
PDQWHQHUODDOHMDGDGHVX3XHEORGHDKLTXHVHDSUHFLVRHQYLDUDOD0XMHUVLPERORFHOHVWLDO\DO5HVWRTXHUHSUHVHQWDDOD'HVFHQGHQFLDGH
OD0XMHUHVGHFLUOD,JOHVLDDO'HVLHUWRSDUDQRYHUVHFRQWDPLQDGDFRQHOHUURUTXHSURPXHYHOD%DELORQLDPLVWLFDDSR\DGDHQOD%HVWLD
6XLQIOXHQFLDUHVSHFWRDODGLUHFFLRQJHQHUDOTXHHOPXQGRVRFLDOWRPDHQEDVHDODLGHRORJLDTXHODEHVWLDLPSRQHGXUDQWHVXSHULRGRHVSHFLDO
GHPDQGDWRVHULDWDQOLPLWDGDFRPRORTXHVXSRQHYLYLUHQXQ'HVLHUWRDLVODGRGHODPDQFKDGHOPXQGRRORTXHVXSRQHSUHGLFDUYHVWLGRGH
VDFR\FLOLFLRHQHOTXHSRUHOGXHOR\ODWULVWH]DWHYHVLPSHGLGRSDUDDIURQWDUHOGHVDILRHQOLEHUWDGGHODSUHGLFDFLRQGHO(YDQJHOLRSXUR\
HWHUQRTXHFRQWUDVWDULDFRQHOIDOVRHYDQJHOLRGHOD%HVWLD
'LRVVHYHREOLJDGRGXUDQWHORVGLDVSURIHWLFRVDOLPLWDUODDFWXDFLRQGHOD,JOHVLDYHUGDGHUDDO5HVWRGHOD'HVFHQGHQFLDGHOD0XMHU
HQDUDVGHVXVXSHUYLYHQFLDSDUDTXHHQXQIXWXURHVWD,JOHVLDIUXWRGHVXFRQGLFLRQ\VLWXDFLRQVDOJDSXULILFDGD\SXHGDSUHGLFDUFRQYDORU\
HQOLEHUWDGHO(YDQJHOLR(WHUQR$SVV\GHVHQPDVFDUHDOD%HVWLD\DOD%DELORQLDKDVWDHOILQDOGHOWLHPSRGHJUDFLD$VXQWRTXHQR
HVWDULDDXVHQWHWDPSRFRGHSHOLJURVFI$SHLQFOXVRGHSHUVHFXFLRQ\SHUGLGDGHOLEHUWDG$S  FI SHURHVWR
XOWLPRVHUDEUHYH\HQXOWLPDLQVWDQFLDLQIUXFWXRVRSRUSDUWHGHO(QHPLJRSXHVWRTXHHO'LRV7RGRSRGHURVRLQWHUYHQGUDFRQODV3ODJDVTXH
LQFOX\HOD%DWDOODGH'LRVGHO$UPDJHGRQ$S
>@
9HDVHUHVSHFWRGHHVWDLGHDDORV0RQMRVGH0RQWVHUUDW&RPHQWDUL9RO;,,RSFS
>@
9HDVH/H[LTXHGH0PH%HQMDPLQ(VFDQGHRSFS
>@
/HQJXDMH6LPEROLFRGHO$SRFDOLSVLVSRU+5RVVLHU(GLFLRQHV%LEOLFDV3HUUR\6XL]DSS
>@
9HDVH/H[LTXHGH0PH%HQMDPLQ(VFDQGHRSFS
>@
,G
>@
(VWDQXHYDVLWXDFLRQHVUHFRJLGDGHVSXHVFRPRYHUHPRVPDVDGHODQWHSRUODGHVFULSFLRQTXHVHQRVKDFHHQHOFDSLWXORGHOSHULRGR
GH OD %HVWLD TXH12 (6 OR TXH (5$ OR TXH KDELD VLGR SHUVHJXLGRUD FI  XS  SS FD\HQGR HQ XQD SRVLFLRQ GH DELVPR GH
SRVWHUJDFLRQSURYLVLRQDOFISSSS
>@
4XHUHPRVDFODUDUTXHFXDQGRKDEODPRVGHOD5HYROXFLRQ1RUWHDPHULFDQD\GHOD)UDQFHVDHQHOVHQWLGRGHODD\XGDTXHVXSXVRSDUD
OD0XMHU&HOHVWLDO\SDUDORVTXHODUHSUHVHQWDQDTXLHQOD7LHUUDQRGHVHDPRVRPLWLUORVKRUURUHVTXHOD5HYROXFLRQ)UDQFHVDUHDOL]RFRQWUDOD
%LEOLD \ FRPR PDWR D (VWD FXDQGR OD SURKLELR H LQVWDXUR HO $WHLVPR 6RPRV FRQVFLHQWHV GH OR TXH HVD 5HYROXFLRQ HQ VX YHUWLHQWH
1RUWHDPHULFDQDVXSRQGULDSDUDHOIRUWDOHFLPLHQWRIXWXURGHOSRGHUGHODGLUHFFLRQRSXHVWDD'LRVHQXQPRPHQWRGHWHUPLQDGRGHODKLVWRULD
7RGRHOORHVWDFRQWHPSODGRFRPRYHUHPRVHQODSURSLDSURIHFLDGHO$SRFDOLSVLV
6LELHQKD\XQGHFOLYHGHHVD5HYROXFLRQ1RUWHDPHULFDQD)UDQFHVDRULJLQDGRUDGHPDOHVTXHVHRSRQHQD'LRV\DVX,JOHVLDH[LVWHQWDPELHQ
FLHUWRVHOHPHQWRVTXHSXGLHURQVHUXWLOL]DGRVSRU'LRVSDUDTXHOD7LHUUDSXGLHUDD\XGDUDOD0XMHU&HOHVWLDO\DORTXHOHUHSUHVHQWDHQOD
7LHUUD
(VDVLWXDFLRQGH%HVWLDHQHO$ELVPRRGHOD%HVWLDTXH12(6\TXHVHWUDGXFHHQXQSURFHVRGHSDUDOL]DFLRQGHODSHUVHFXFLRQUHOLJLRVD
ORJUDGD JUDFLDV D ORV SULQFLSLRV GHPRFUDWLFRV LQVWDXUDGRV SRU OD 7LHUUD UHSUHVHQWDGD HQ HVWR IXQGDPHQWDOPHQWH SRU OD )UDQFLD \ OD
1RUWHDPHULFDUHYROXFLRQDULDVQRTXLHUHGHFLUTXHXQGLDORTXHHMHU]DHVDUHSUHVHQWDWLYLGDGFRPROLGHULQGLVFXWLEOHGHOPXQGRVHROYLGHGHVX
SURSLDFRQVWLWXFLRQ\VHFRQYLHUWDHQXQLQVWUXPHQWRGHFLVLYRFRQWUDULRDO5HLQRGH'LRVRDOD0XMHUFHOHVWLDORGHOJHQXLQR3XHEORGH'LRV
HQOD7LHUUDTXHUHSUHVHQWDDHVH5HLQRGH'LRV
>@
$XQTXHSRGULDKDEHUTXHGDGRFODURSRUODFRPELQDFLRQGHWH[WRV\DUJXPHQWRVSUHVHQWDGRVDORODUJRGHHVWHFDSLWXORPDVDGHODQWH
MXVWLILFDUHPRVHVWDDILUPDFLRQ
>@
'HFXDOTXLHUIRUPDHVHDVXQWRHVUHFRQRFLGRSRUHOKHEUHRDGDUOHXQYDORUDODSDODEUDWLHPSRGHXQDQRWLHPSRVHQSOXUDODQRV\
WLHPSRPHGLRDQRYHUHVWDFRQILUPDFLRQSRUHMHPSORHQWUHPXFKRVRWURVQRWDVDOD%LEOLDGH(GLFLRQHV3DXOLQDVRSFSWDPELHQ
OD%LEOLDGH-HUXVDOHQRSFS
>@
9HGQXHVWURFRPHQWDULRD'DQLHO
>@
7UHVVHQWLGRVQRVRIUHFHHO$SRFDOLSVLVUHVSHFWRDOWHUPLQR6ROXWLOL]DGRGHVGHXQSXQWRGHYLVWDVLPEROLFR\UDWLILFDGRSRUHOXVRTXH
GHHOVHKDFHHQHODUHDRULHQWDOGRQGHVHGHVHQYXHOYHQORVHVFULWRUHVGHOD%LEOLD
D(OVROFRPRIXHQWHGHFDORU\GHVXIULPLHQWRFI$S(Q2ULHQWHHOFDORUHVFRQVLGHUDGRFRPRXQHQHPLJRFI6DO
,VD0W6WJ
E(OVROFRPRIXHQWHGHOX]\SRUHOORGHOD9HUGDG\GHOD9LGDFI$S
F(OVROFRPRVLPERORGHO2ULHQWH$S
6REUH WRGR HVWR \ ORV RWURV VLPERORV UHODFLRQDGRV YHU 0PH (VFDQGH HQ HVVDL VXU OH ODQJDJH ELEOLTXH RS F S  6REUH OD
5HYHODFLRQFRPSOHWDTXHVXSRQHHO6ROYHULJXDOPHQWHD0PH(VFDQGHRSFS(VHYLGHQWHTXHHQHVWHFDVRVHHVWHUHILULHQGRDOD
VHJXQGDDFHSFLRQ
>@
9HUVREUHODOXQDVLPERORGHODVUHOLJLRQHVQRFULVWLDQDVD0PH(VFDQGHRSFS
>@
,GS6REUHODLPSOLFDFLRQHQHOOHQJXDMHSURIHWLFRGHODSDODEUDYLFWRULDYHU5PFI6WJD-Q
/DVDOYDFLRQHVWDVXERUGLQDGDDHVWDYLFWRULDHQHO$SRFDOLSVLV
>@
'RFHHVHOSURGXFWRGHGRVQXPHURVHOWRWDOLGDGGHORUGHQLQYLVLEOH\HOWRWDOLGDGGHORUGHQYLVLEOHUHSUHVHQWDQGRODXQLRQGH
ODYROXQWDGKXPDQD\GHODGLYLQDSDUDIRUPDUDOLDQ]D!!0PH(VFDQGHRSFS
>@
(VHYLGHQWHXQDYH]PDVTXHODVGRFHHVWUHOODVTXHVLPEROL]DQDO3XHEORGH'LRVQRHVHTXLYDOHQWHDOD0XMHU
>@
(OKHFKRGHTXHODVFDEH]DVVHDQSRUWDGRUDVGHGLDGHPDV\ORVFXHUQRVQRHVGHELGRDTXHDTXLVHQRVTXLHUHGHVFULELUSULQFLSDOPHQWH
ODDFWLYDFLRQ\DFWXDFLRQGHVREHUDQLDGHODV&DEH]DV/RV&XHUQRVODLQVSLUDFLRQQRORVFRQVLGHUDHQDFWLYDFLRQVREHUDQDKDVWDTXHYXHOYDQ
D UHFXSHUDU XQD DFFLRQ TXH OHV PRWLYH D OD 8QLGDG (VWR HV OR TXH VXFHGH HQ OD GHVFULSFLRQ TXH VH QRV KDFH HQ$SRFDOLSVLV  FXDQGR
UHVHQDQGRQRVDOD%HVWLDDSRFDOLSWLFDVHYHQDORVFXHUQRVFRQGLDGHPDV"3RUTXH"
6LVHREVHUYDHOLQWHUHVGHOFDSLWXORHVOOHQDU\PDWL]DUFLHUWRVDVSHFWRVTXHHQHOFDSLWXORQRVHKDQSUHVHQWDGRGHELGRDVXREMHWLYR
HVSHFLILFR
$KRUDHQHOFSVHKDEODGHODHSRFDSRVWHULRUDORVDQRVHQFRQFUHWRDFXDQGROD&DEH]DKHULGDPRUWDOPHQWHHVFXUDGD\
HVDSR\DGDKDVWDHOH[WUHPRGHVHUH[DOWDGDSRUXQDEHVWLDGHGRVFXHUQRVTXHKDELDVXELGRGHODWLHUUD1RWHVHTXHODD\XGD\HO
LQWHUHVGHODEHVWLDGHGRVFXHUQRVGHTXHODSULPHUDEHVWLDVHDDGRUDGDHVDSDUWLUGHOPRPHQWRHQTXHVXKHULGDIXHVDQDGD
6LYDPRVDOFSQRVHQFRQWUDUHPRVTXHKD\XQD&DEH]DTXH\DKDELDVLGRGHHQWUHODV\TXHVHDFWLYDFRPRVLIXHUDODDVLQ
GXGD \ HVWR OR YHUHPRV PDV FODUR FXDQGR KDJDPRV HO HVWXGLR FRUUHVSRQGLHQWH TXH VH UHILHUH D OD TXH HQ$SRFDOLSVLV  VH GLFH TXH KD
UHFLELGRXQDKHULGDPRUWDO\TXHGHVSXHVVDQR3RUHVRVHSXHGHGHFLUTXHHUDGHHQWUHODV\TXHHVODD
(QHVHSUHFLVRPRPHQWRDFWXDUDOD%HVWLDGHGRVFXHUQRVHQIDYRUGHOD&DEH]DTXHUHFLELRODKHULGDSHURTXHVDQR<HVHQHVHLQVWDQWH
TXHODVGLDGHPDVGHORVFXHUQRVDSDUHFHQHQOD%HVWLDDSRFDOLSWLFDSXHVWRTXHKDVWDHQWRQFHVQRKDELDQUHFLELGRUHLQRFISDUD
DSR\DUDODSULPHUD%HVWLD(VHQWRQFHVFXDQGRVHFRDOLJDQLQWHQWDQGRURPSHUHOGHVWLQRGHGLYLVLRQFRQTXHHVDLQWHJUDGRHOFROHFWLYR

&RPRTXLHUDTXH$SRFDOLSVLVKDFHHQIDVLVHQHOSHULRGRILQDOGHODKLVWRULDKXPDQDDSDUWLUGHOPRPHQWRHQTXHODKHULGDPRUWDOHVVDQDGD
VHYHREOLJDGDODLQVSLUDFLRQDWUDVPLWLUQRVDORVFXHUQRVDFWLYDGRVFRQVXVLJQRGHUHDOH]DFRQODVGLDGHPDV
>@
&XDQGRVHFRPSDUDQORVWH[WRVTXHHQXPHUDPRV'Q-XG\VHWLHQHHQFXHQWDORVFRQFHSWRVLQYROXFUDGRVFRPRHO
GHSULQFLSDOGHORV3ULQFLSHVFRPSUREDUHPRVTXH0LJXHOHVHO-HIHGHORVDQJHOHVQRGHQDWXUDOH]DDQJHOLFDO\VHLGHQWLILFDFRQ-HVXFULVWR
>@
8QDYH]DUURMDGRSHUPDQHFHFRQILQDGRDHVWDWLHUUD\DVXHVSDFLRDHUHR(ITXHVXSRQHSDUDVXFRQGLFLRQGHHVSLULWX
DQJHOLFR XQD HVSHFLH GH SULVLRQ GH RVFXULGDG \ GH LQPRYLOLGDG UHVHUYDGR SDUD HO MXLFLR HMHFXWLYR FI D 3HG  (VWD OLPLWDFLRQ GH
PRYLPLHQWRV SULVLRQ \ GH LPSRVLELOLGDG GH JR]DU GH OD OX] \ HO FRQRFLPLHQWR GH 'LRV WRGDYLD VH HPSHRUD DO UHWRUQR GH &ULVWR FXDQGR HV
HQFDGHQDGRDQRSRGHUWHQWDU\DDQDGLHSXHVWRTXHOD7LHUUDTXHGDYDFLDGHKDELWDQWHVYLYRVWHUULFRODV$SFID7HV$S

>@
 /D DSOLFDFLRQ GHO SULQFLSLR GLD SRU DQR QR GHSHQGH GH OD DUELWUDULHGDG GHO H[HJHWD VLQR GHO FXPSOLPLHQWR GH XQDV FRQGLFLRQHV
GHWHUPLQDGDV FRQWH[WXDOHV /RV WH[WRV GH 1XP \ (]HT QR GHFLPRV QL TXH VHD ORV XQLFRV D WHQHU HQ FXHQWD SDUD HVWH SULQFLSLR
KHUPHQHXWLFRQLTXHGLJDQTXHKD\DXQDUHJODRSULQFLSLRSDUDLQWHUSUHWDUODVSURIHFLDVGHOD%LEOLDDUD]RQGHDQRSRUGLDFRPRSUHWHQGHQ
DOJXQRV VLQR VLPSOHPHQWH TXHKD\XQXVRTXHXWLOL]DHOHVFULWRUVDJUDGRGHGDUXQYDORUGHXQDQRDXQFLHUWRGLDTXHVHUHODFLRQDFRQXQ
DQXQFLRSURIHWLFR\TXHGLFKDXWLOL]DFLRQYLHQHDYDODGDSRUXQDFRVWXPEUHTXHVHSUHVHQWDHQOD%LEOLD\TXHDFDERHQFLHUWRVFDVRVILMDQGRVH
FRPRXQDUHDOLGDGFURQRORJLFD\GHFRPSXWRSURIHWLFR
7HQLHQGRHQFXHQWDD:LOOLDP+6KHDHVFULELHQGRFRQHOSDWURFLQLRGHO ,QVWLWXWRGH,QYHVWLJDFLRQ%LEOLFDGHOD&RQIHUHQFLD*HQHUDOHQ
OD REUD(VWXGLRV 6HOHFWRV VREUH ,QWHUSUHWDFLRQ 3URIHWLFD  GHVFXEULPRV DOJR TXH HV LQGLVFXWLEOH TXH SRGULD KDEHU XQD LQWHQFLRQDOLGDG SRU
SDUWHGHOSURIHWDGHODDSRFDOLSWLFDELEOLFDHQHPSOHDUHVDVFLIUDVHQFODYHGDGRHOOHQJXDMHVLPEROLFRGHODDSRFDOLSWLFDGHDFXHUGRDHVD
WUDGLFLRQELEOLFDTXHHQXPHUDUHPRVPDVDGHODQWH
1RVHWUDWDFRPRGLFHVHJXQFUHHPRVHTXLYRFDGDPHQWHDOJXQR3HGURGH)HOLSHHQ(VWXGLRV%HUHDQRVQRSSXQWREDSDUWDGRV\
VI QO GH TXH OD WHRORJLD TXH GD LPSRUWDQFLD D HVWH DVSHFWRSHFXOLDU GH OD SURIHFLD DSOLTXH FDSULFKRVDPHQWH HO SULQFLSLR GLD SRU DQR HQ ORV
SHULRGRV SURIHWLFRV 3RU GHVFRQWDGR TXH SXHGH GDUVH HVH FDVR SHUR VL VH VLJXHQ XQDV SDXWDV KHUPHQHXWLFDV UD]RQDEOHV \ VLQ DSDUWDUVH GHO
FRQWH[WR\GHOFRQWHQLGRGHOSURSLRWH[WRQRKDEUDDWURSHOORWH[WXDO
1RHVWRWDOPHQWHFRUUHFWRTXHVHGLJDHQLGTXH1PGRQGHVHDILUPDXQDQRSRUFDGDGLDVHDDOUHYHVGH(]T(VWRSRGULD
SDUHFHUORVLRPLWLHUDPRVHOYGRQGHVHQRVH[SOLFDODEDVHUHDOGHOFRPSXWR(QGLFKRWH[WRVHQRVDFODUDTXHORVGLDVTXH(]HTXLHOGHEH
OOHYDU OD PDOGDG GH ,VUDHO FRUUHVSRQGHQ D ORVDQRVTXH ,VUDHO KD FRPHWLGR OD PDOGDG /R TXH TXLHUH GHFLU UHDOPHQWH HV TXH FDGDGLD TXH
(]HTXLHOOOHYHODPDOGDGGH,VUDHORGH-XGDHVLJXDODXQDQRHQODUHDOLGDGGHODPDOGDGTXH-XGDH,VUDHOUHDOL]DURQ/RTXHHQGHILQLWLYD
VLJQLILFD HV TXHXQGLDHV LJXDO DXQDQR (O DQXQFLR SURIHWLFR GH ORV GLDV GH (]HTXLHO HV HYLGHQWH TXH VLJQLILFDQ DQRV TXH \D VH KDELDQ
FXPSOLGRSRUFXDQWRHOSURSLRWH[WRYQRVORDFODUD'HDKLTXHVHOHGLJDTXHVHYXHOYDDDFRVWDUXQQXPHURGHWHUPLQDGRGHGLDVTXH
FRUUHVSRQGHUDQDXQQXPHURGHWHUPLQDGRGHDQRVGHDFXHUGRDXQFRPSXWRGHXQGLDLJXDODXQDQR
/DGLIHUHQFLDTXHVHTXLHUHHQFRQWUDUHQWUH1XP\(]HTQRHVWDDSR\DGDWH[WXDOPHQWHWDQWRHQXQWH[WRFRPRHQRWURYLHQHHQ
HORULJLQDOODPLVPDH[SUHVLRQ\RPODVVDQD\RPODVVDQDOLWHUDOPHQPHQWHGLDDQRGLDDQR9HUUHVSHFWRDHVWRD 3URSKHWLHHW
(VFKDWRORJLH:LOOLDP6KHDRSFS
(Q(VWXGLRV 6HOHFWRV VREUH ,QWHUSUHWDFLRQ 3URIHWLFD  HGLF 6DOW $&(6 %XHQRV$LUHV  SS  GRQGH VH H[SRQH FODUDPHQWH QR
VRODPHQWHORVGLIHUHQWHVXVRVHQTXHVHDSOLFDHOSULQFLSLRGLDSRUDQRDORODUJRGHOD%LEOLDVLQRDGHPDVODFRQFOXVLRQORJLFDGHTXHHVHHVHO
VHQWLGR TXH OD LQVSLUDFLRQ KD WHQLGR HQ FXHQWD DO SURSRUFLRQDUOH DO SURIHWD GH OD DSRFDOLSWLFD FLHUWDV FLIUDV HQ XQ FRQWH[WR TXH ORV SURSLRV
DFRQWHFLPLHQWRV\SHUVRQDMHVLQYROXFUDGRVH[LJHQXQWLHPSRGHODUJRDOFDQFHSDUDOHORDXQWLHPSRFRQYHUWLGRHQDQRVSHURTXHVHH[SUHVDHQ
GLDV
1RVRWURVKHPRVWHQLGRHQFXHQWDHVWHWUDEDMRHQWUHRWURVTXHWDPELHQLQGLFDPRVSDUDQXHVWURGHVDUUROORGHHVWHDSDUWDGR
>@
,GSS
$ODQDOL]DUDOJXQRVSDVDMHVFRPRHOUHIHULGRDODFHOHEUDFLRQGHODSDVFXDKDELDTXHKDFHUORGHGLDVHQGLDV HV GHFLU GH DQR HQ DQR ([
(OVDFULILFLRDQXDORGHFDGDDQRVHGLFHHOVDFULILFLRGHORVGLDVD6DP&XDQGRVHHVWXGLDQYDULRVSDVDMHVD6DP
-XHD5H\*Q*QVHREVHUYDHVHPLVPRVHQWLGRWRGRVORVGLDVIXHURQWDQWRVDQRV
(QHOSDUDOHOLVPRSRHWLFRHQHOYHUVR$DSDUHFHQORVGLDV\HQHOYHUVR%VXVFRUUHVSRQGLHQWHVDQRVFI-RE'WHQYHUVLRQ
%-6DO
&RQQDGDGHHVWRVHSXHGHGHFLUTXHVHSURYHDHOSULQFLSLRXQGLDSRUXQDQRSHURHVDFRUUHODWLYLGDGWDQHVWULFWDHQWUHGLDV\DQRVTXHVH
REVHUYD WDQWR HQ OD SURVD FRPR HQ OD SRHVLD GHO$7 SURGXFH XQD UHJOD R FRVWXPEUH TXH SRGULD VHU DSOLFDGD GH XQ PRGR HVSHFLILFR HQ ODV
SURIHFLDVDSRFDOLSWLFDV
/RV YRFDEORV GLDV \ DQRV HVWDQ XQLGRV GH WDO PDQHUD TXH VH JHQHUD XQ PRGHOR GH XVR \ SHQVDPLHQWR OLQJXLVWLFR TXH SXHGH GDGDV ODV
FRQGLFLRQHVDGHFXDGDVVXVFLWDUXQDFRUUHVSRQGHQFLDFXDQWLWDWLYD\FRPSXWDEOHHQORVWH[WRVSURIHWLFRV
>@
,GS
(VWD WUDGXFFLRQ FRUUHVSRQGH D OD GH OD YHUVLRQ KHEUHD /D YHUVLRQ SRUWXJXHVD GH -RDR )HUUHLUD GH $OPHLGD UHFRJH OD SXQWXDOL]DFLRQ GHO
RULJLQDO HQ FXDQWR D TXH ORVGLDVGH ODV VLHWH VHPDQDV GH DQRV VHUDQ  DQRV /D HVSDQROD GH &DQWHUD ,JOHVLDV WDPELHQ HV ILHO D HVWD
LQGLFDFLRQGHORVGLDVGHODVVLHWHVHPDQDVGHDQRVDQRV
/D YHUVLRQ IUDQFHVD GH &UDPSRQ VL ELHQ KD VXVWLWXLGR HO WHUPLQR RULJLQDOGLDV SRU GXUDFLRQ KD VLGR ILHO HQ UHIOHMDU VDEDGRV GH DFXHUGR D OD
YHUVLRQKHEUHDHQOXJDUGHVHPDQDVFRQWDUDVVLHWHVDEDGRVGHDQRVVLHWHYHFHVVLHWHDQRVODGXUDFLRQORVGLDVGHHVWRVVLHWHVDEDGRVGH
DQRVWHKDUDXQSHULRGRGHFXDUHQWD\QXHYHDQRV
>@
9HUVREUHHVWRD:LOOLDP6KHD(VWXGLRV6HOHFWRVVREUH,QWHUSUHWDFLRQ3URIHWLFDRSFSS
>@
 5HVSHFWR D 'DQLHO  LQVHUWDGR HQ HO FDSLWXOR  DSRFDOLSWLFR HV HYLGHQWH SRU HO FRQWHQLGR GHO SURSLR WH[WR FLWDGR TXH VH HVWD
UHILULHQGRDXQPRPHQWRKLVWRULFRGHUHIOH[LRQIXHUDGHODYLVLRQ
>@
(OUHVXOWDGROLWHUDOGHOSHULRGRFURQRORJLFRFRQWHQLGRHQODSURIHFLDGHOFSGH'DQLHOHVLQFXHVWLRQDEOHDXQFXDQGRHOOHQJXDMHVHD
DSRFDOLSWLFR\VREUHVDOJDXQDWHUPLQRORJLDVLPEROLFDPHGLDQWHHODUERO
1DEXFRGRQRVRU WLHQH XQ VXHQR TXH QDGLH SXHGH LQWHUSUHWDU  1DEXFRGRQRVRU SLGH D 'DQLHO TXH OH LQWHUSUHWH HO VXHQR \ SDUD HOOR OH
UHODWDORTXHKDYLVWRHQYLVLRQ
(O FRQWHQLGR GH OD YLVLRQ HV XQ DUERO TXH KDFLD GH PRUDGD D ORV DQLPDOHV  DGHPDV GH XQ YLJLODQWH TXH RUGHQDU GHUULEDU HO DUERO \
GHVSRMDUORGHWRGR'HELDQGHMDUGHODUEROODFHSDGHVXVUDLFHV\FDPELDUHOFRUD]RQGHKRPEUHSRUHOGHXQDEHVWLDWHQLHQGRTXH
SDVDUVLHWHDQRV
/DLQWHUSUHWDFLRQODRIUHFH'DQLHO7RGRHO$UEROHUD1DEXFRGRQRVRUPLVPR<HVH$UEROTXHLEDDVHUGHUULEDGRPLHQWUDV
TXH OD FHSD GH VXV UDLFHV SHUPDQHFHULD GXUDQWH VLHWH WLHPSRV R DQRV VLJQLILFDED TXH 1DEXFRGRQRVRU VHULD HFKDGR GH ORV KRPEUHV \ VLHWH
DQRVWUDQVFXUULULDQVREUHHOKDVWDTXHUHFRQRFLHVHTXHHO$OWLVLPRWLHQHGRPLQLRVREUHORVKRPEUHV<ORTXHUHSUHVHQWDODSHUPDQHQFLD
GHODFHSDGHODVUDLFHVHUDTXHHOUHLQRVHOHGHYROYHULDD1DEXFRGRQRVRUGHVSXHVTXHUHFRQRFLHUDTXHTXLHQJRELHUQDUHDOPHQWHHVHO'LRV
GHO&LHOR
/DOHFWXUDGHOWH[WRDJRWDFXDOTXLHULQWHUSUHWDFLRQTXHQRVHDODTXHKDFHUHIHUHQFLDD1DEXFRGRQRVRU'LFKRVXHQRVHDSOLFDH[FOXVLYDPHQWH
D1DEXFRGRQRVRU1RKD\SRVLELOLGDGGHXQDGREOHSUR\HFFLRQSXHVWRTXHHOSURSLRSHULRGRFURQRORJLFRLQVHUWDGRORLPSLGHDGHPDVGHTXHOD
SURIHFLD DSRFDOLSWLFD HQ OD TXH HVWD LQVHUWDGR HVWH FDSLWXOR KLVWRULFR  SURIHWLFR FRQWLHQH XQD PHWRGRORJLD SDUD WUDQVSRUWDU GH QHFHVLWDUOR
FLHUWRV DFRQWHFLPLHQWRV DO IXWXUR VLQ SUHFLVDU GHO UHFXUVR GH OD GREOH SUR\HFFLRQ H LQFOXVR VROR OD LQVSLUDFLRQ HVWD DXWRUL]DGD HO 1XHYR
7HVWDPHQWRSDUDGHWHUPLQDUFXDQGRVHGDXQDSURIHFLDGHGREOHSUR\HFFLRQ(QQLQJXQOXJDUVHQRVHQVHQDXQDWHFQLFDTXHSRGDPRVXWLOL]DU
SDUD DSOLFDUOD D FLHUWDV SDUWHV GH OD (VFULWXUDV 3RU GHVFRQWDGR TXH QL VLTXLHUD HVWH SRGULD VHU HO FDVR QL SRU HO FRQWHQLGR \D TXH WRGR VH
FXPSOHFRQ1DEXFRGRQRVRUQLSRUODQDWXUDOH]DGHODSURIHFLDGHQWURGHXQJHQHURDSRFDOLSWLFRQLSRUORVHOHPHQWRVTXHFRQFXUUHQFRPRHO
GHOSHULRGRFURQRORJLFRTXHKDGHFXPSOLUVHH[FOXVLYDPHQWHFRQ1DEXFRGRQRVRUQLSRUODILQDOLGDGGHODYLVLRQTXHHUDH[FOXVLYDPHQWHTXHHO
UH\1DEXFRGRQRVRUFRQVLGHUDUDDO5H\GHO&LHORFRPRTXLHQGRPLQDVREUHORVKRPEUHV
(Q ODV GHPDV SURIHFLDV GH 'DQLHO VH VREUHSDVD SRU HO FRQWHQLGR GHO WH[WR OD KLVWRULD GH 1DEXFRGRQRVRU PRVWUDQGR VX DOFDQFH KDVWD OD
LPSODQWDFLRQGHO5HLQRGH'LRVDOILQDOGHORVWLHPSRV'Q\HOREMHWLYRHQWUHRWUDVFRVDVHVSDUDUHYHODUOHORTXHRFXUULUDFRQHOFRUUHU
GH ORV WLHPSRV 'Q  (Q 'DQLHO  VH OOHJD DO WLHPSR HQ TXH ORV VDQWRV GHO$OWLVLPR WRPDQ HO 5HLQR \ HQ HO FDSLWXOR  VH KDEOD GHXQ
WLHPSRGHOILQ
1RWHVHDGLFLRQDOPHQWHODVVHPHMDQ]DV\YDULDQWHVFRQHOFSGH'DQLHO(VHOPLVPRSHUVRQDMHTXLHQWLHQHHOVXHQRWDPSRFRQDGLHORSXHGH
LQWHUSUHWDUSHURSRUFRQWUDQRVHQFRQWUDPRVTXHHQ'DQLHO1DEXFRGRQRVRUQRUHYHODRQRSXHGHUHYHODUODEDVHGHOVXHQRDTXLHQ'DQLHO
HVHOSURSLR1DEXFRGRQRVRUTXLHQH[SOLFDHOVXHQRTXHKDWHQLGRXQDHYLGHQFLDPDVGHTXHDXQDSHVDUGHODH[SRVLFLRQGHOVXHQRQDGLHVLQR
WDQ VROR 'DQLHO SXHGH LQWHUSUHWDU HVH VXHQR GHO 'LRV $OWLVLPR FI   0LHQWUDV TXH HQ OD (VWDWXD 1DEXFRGRQRVRU UHSUHVHQWD
VLPEROLFDPHQWHUHSUHVHQWDWLYDPHQWHDODFDEH]DGHRURGHOD(VWDWXDDODTXHVHJXLUDQGHVSXHVRWURVUHLQRVGLVWLQWRVDO&DOGHREDELORQLFR
DTXLHQ'DQLHOWRGRHO$UEROVLPEROL]DD1DEXFRGRQRVRUGDQGRQRVDHQWHQGHUDGLIHUHQFLDGHOPHQVDMHJOREDOGHOD(VWDWXDTXHQRKD\
SRVLELOLGDGGHFRQWLQXLGDGTXHWRGRHPSLH]D\WHUPLQDFRQHO1DEXFRGRQRVRUKLVWRULFR
(QFRQFOXVLRQHQ'DQLHOQRVHGLFHQDGDGHOIXWXURQLGHODLQVWDXUDFLRQGHO5HLQRGH'LRV7RGRVHEDVDVHLQWHUSUHWD\VHDSOLFDVREUH
1DEXFRGRQRVRU6LKXELHUDKDELGRXQDLQWHQFLRQSRUSDUWHGHODLQVSLUDFLRQGHWUDVPLWLUXQDSURORQJDFLRQWHPSRUDOTXHVREUHSDVDUDORVVLHWH
DQRVOLWHUDOHVKXELHUDLQVHUWDGRHQHOWH[WRWRGRVDTXHOORVHOHPHQWRVTXHFRPRHQ'DQLHO\WHFDSDFLWDSDUDFRPSUHQGHUXQDVXFHVLRQGH
LPSHULRV\XQSURFHVRWHPSRUDOTXHVREUHSDVDULDQRVRORD1DEXFRGRQRVRUVLQRD%DELORQLD\DWRGRORTXHKDWHQLGRXQDHVSHFLDOUHOHYDQFLD
HQODPDUFKDGHODKLVWRULDXQLYHUVDO
/DFRUULHQWHFULVWLDQDTXHGDLPSRUWDQFLDDODSURIHFLDDSRFDOLSWLFDGHVGHPHGLDGRVGHOVLJOR;,;\WRGRHO;;UHFKD]R\GHSXURYDULDVGHODV
LQWHUSUHWDFLRQHV TXH HOJUXSRPLOOHULWDSUHFRQL]DEDHQWUHODVTXHVHHQFRQWUDEDXQDLQWHUSUHWDFLRQD'DQLHOYHU/()URRP&XUVR GH
([WHQVLRQGHO6HPLQDULR7HRORJLFR$GYHQWLVWDSDUDOD'LYLVLRQ6XGDPHULFDQDGLFLHPEUHGHHQHURGHSSDOD
TXHVHOHGDEDXQFRPSXWRGHDQRVSRUODWUDQVIRUPDFLRQGHORVWLHPSRVTXHDSOLFDQH[FOXVLYDPHQWHD1DEXFRGRQRVRUHQDQRV
(VSRUHOORTXHORVSRUWDHVWDQGDUWHVTXHKDQFDLGRHQODPXHUWHKDQGHKDEODUDWUDYHVGHODUHLPSUHVLRQGHVXVHVFULWRV6HPHKDLQVWUXLGR
TXHDVLKDQGHVHURLGDVVXVYRFHV+DQGHGDUWHVWLPRQLRGHORTXHFRQVWLWX\HODYHUGDGSDUDHVWHWLHPSR1RKHPRVGHUHFLELUODVSDODEUDVGH
ORVTXHYLHQHQFRQXQPHQVDMHTXHFRQWUDGLFHORVSXQWRVHVSHFLDOHVGHQXHVWUDIH
< DO SDVR TXH ODV (VFULWXUDV VRQ OD 3DODEUD GH 'LRV \ KDQ GH VHU UHVSHWDGDV HV XQ JUDQ HUURU OD DSOLFDFLRQ GH HOODV VL WDO DSOLFDFLRQ
PXHYHXQSXQWDOGHOIXQGDPHQWRTXH'LRVKDVRVWHQLGRGXUDQWHHVWRVFLQFXHQWDDQRV!!75(:06S
3RGHPRV DSRUWDU HOHPHQWRV QXHYRV TXH D\XGHQ D FODULILFDU OD HVWUXFWXUD JHQHUDO TXH VH KD GDGR VREUH OD SURIHFLD R GRFWULQD H LQFOXVR
FRPSOHPHQWDUOD FRQ DYHULJXDFLRQHV QXHYDV TXH WHQJDQ XQ DSR\R HQ OD 3DODEUD GH 'LRVH LQFOXVR VXEVDQDU HUURUHV TXH OOHYD LPSOLFLWR XQD
H[SRVLFLRQ GH OD SURSLD SURIHFLD SHUR QR OR TXH URPSH HO HVTXHPD HVHQFLDO LQWHUSUHWDWLYR GH OD SURIHFLD \ FRQ HO TXH VH KD OOHJDGR D XQD
FRQIRUPLGDG (Q UHODFLRQ D 'DQLHO  QXQFD HQ OD HSRFD GH FLHUWRV SLRQHURV TXH HVWXGLDQ OD DSRFDOLSWLFD HQWUH ORV TXH VH HQFXHQWUD XQD
WHRORJLDUHSUHVHQWDWLYD 75(:VHKDRIUHFLGRXQDLQWHUSUHWDFLRQGLVWLQWDDXQDFRPSUHQVLRQOLWHUDOGHODFLIUDGHORVWLHPSRV\MDPDVVH
KD DSOLFDGR D DOJXLHQ GLIHUHQWH D 1DEXFRGRQRVRU 3XHGH YHUVH OD LQWHUSUHWDFLRQ FRLQFLGHQWH FRQ OD RSLQLRQ TXH KHPRV UHIOHMDGR WDQWR HQ
75(:&%$YRO,9SS\HQ86PLWK/DV3URIHFLDVGH'DQLHO\$SRFDOLSVLVYRO,333$SS
>@
(Q(O$SRFDOLSVLVGH6DQ-XDQHG+HUGHURSFS
>@
9RO,,S/RPLVPRSXHGHYHUVHFRQVXOWDQGRVH &RPHQWDULR6DJUDGD(VFULWXUD%$&YRO9,S%LEOLD&RPHQWDGD%$&
9RO,,,S
>@
(G9HUER'LYLQR(VWHOOD1DYDUUDYRO,S
>@
2SFS
>@
(QS
>@
9RO,,,S
>@
2SFS
>@
2SFS
>@
2SFS
>@
2SFS
>@
/DKLVWRULFRPHVLDQLFDTXHFRQVLGHUDDODVVHWHQWDVHPDQDVWDOFRPR\DKHPRVGHPRVWUDGRFRPRXQEORTXHKRPRJHQHRXQDFLIUD
VLPEROLFDSHURUHDOGHVHPDQDVGHDQRVGHDFXHUGRDOSULQFLSLRGLDSRUDQR\TXHDFRQWHFHQGHXQPRGRFRQWLQXR\VXFHVLYRVHQDODQGR
IXQGDPHQWDOPHQWH OD OOHJDGD KLVWRULFD GHO 0HVLDV \ VX REUD FRLQFLGLHQGR FRQ OD SHUVRQD PLVLRQ YLGD \ PXHUWH GH -HVXV GH 1D]DUHW 0DV
DGHODQWHH[SRQGUHPRVHVWDLQWHUSUHWDFLRQGHDFXHUGRDOWH[WR\DQXPHURVRVDXWRUHVGHGLIHUHQWHVWHQGHQFLDV
/DV DOWHUQDWLYDV KLVWRULFDV TXH VH KDQ GDGR D OD LQWHUSUHWDFLRQ PHVLDQLFD QR VDWLVIDFHQ QL JXDUGDQ UHODFLRQ FRQ ODV H[LJHQFLDV GHO WH[WR
(VWDULDQ UHSUHVHQWDGDV WDPELHQ SRU GRV FROHFWLYRV SULQFLSDOPHQWH ORV TXH XWLOL]DQ HO PHWRGR KLVWRULFR FULWLFR LQWURGXFLGD SRU ORV GHLVWDV \
UDFLRQDOLVWDVHQORVVLJORV;9,,\;9,,,FX\RREMHWLYRHVODHSRFD0DFDEHDFRQHOSURWDJRQLVWDSULQFLSDO$QWLRFR,9\XQ6XPR6DFHUGRWH
MXGLRTXHVHOHKDFHSDVDUSRUXQPHVLDVXQJLGR3ULQFLSH\TXHHODQXQFLRSURIHWLFRHQWUDULDGHQWURGHXQYDWLFLQLXPH[HYHQWX
5HVSHFWRDOSULPHUFDVRSXHGHFRQVXOWDUVH&RPHQWDULR%LEOLFR6DQ-HURQLPR(GLFLRQHV&ULVWLDQGDG0DGULG9RO,,SS
7DPELHQ$/DFRFTXHRSFHGLFIUDQFHVDSS
(QHOFRPHQWDULRFDWROLFRGHORV-HVXLWDV/D6DJUDGD(VFULWXUD%$&0DGULG9RO9,SSVHGDQWUHVLQWHUSUHWDFLRQHV/DGH
ORVUDGLFDOHV\SURWHVWDQWHVTXHQLHJDQODDXWHQWLFLGDGGH'DQLHOLQFOXVRVXLQVSLUDFLRQ\SRUORWDQWRGDQXQDLQWHUSUHWDFLRQKLVWRULFDDSOLFDEOH
DODHSRFDGHORV0DFDEHRV
/DGHORVPXFKRVFDWROLFRVTXHGDQODLQWHUSUHWDFLRQPHVLDQLFD<RWURVSRUODTXHSDUHFHTXHVHLQFOLQDQORVSURSLRVFRPHQWDULVWDVTXHVHULD
LQWHUSUHWDUPHVLDQLFRHOY\DSOLFDEOHDORV0DFDEHRVORVYVDO
/RPLVPRTXHHODQWHULRUVHH[SOLFDQORVDXWRUHVGHOD%LEOLD&RPHQWDGD%$&0DGULG9RO,,,SS
(O&RPHQWDULR&DWROLFRDOD6DJUDGD(VFULWXUD9HUEXP'HL(GLW+HUGHU%DUFHORQD9RO,,SVHH[SOLFDGHOVLJXLHQWHPRGR
)ODQFRGHELOGHODLQWHUSUHWDFLRQPHVLDQLFDSDUHFHQRSUHVWDUDWHQFLRQDODVLQQHJDEOHVDOXVLRQHVGHODSURIHFLDDODHSRFD0DFDEHD\VX
UHODFLRQDOSODQJHQHUDOGHODVYLVLRQHV!!
1R HQWHQGHPRV GLFKD H[SOLFDFLRQ SRU FRQWUDGHFLU DELHUWDPHQWH DO SURSLR WH[WR (V OD LQWHUSUHWDFLRQ 0DFDEHD OD TXH SUHVHQWD JUDQGHV
GLILFXOWDGHV\PD[LPHVLVHWLHQHHQFXHQWDWRGRHOSODQJHQHUDOGHODVSURIHFLDVGH'DQLHO
'H XQ PRGR JHQHUDO SDUD HVWD LQWHUSUHWDFLRQ 0DFDEHD UHVXOWDGR GH OD DSOLFDFLRQ GHO PHWRGR KLVWRULFR FULWLFR HO 0HVLDV TXH IXH PXHUWR HV
LGHQWLILFDGRFRPRHOVXPRVDFHUGRWH2QLDVDVHVLQDGRSRUGHVDILDUD$QWLRFR,9
'HQWURGHHVWDLQWHUSUHWDFLRQOLEHUDOVHHQFXHQWUDODYHUWLHQWHGHDTXHOORVTXHSLHQVDQTXHHO0HVLDVHV&LUR=RUREDEHORHOVXPRVDFHUGRWH
-RVXH (Q HVWD LQWHUSUHWDFLRQ FULWLFD OD RUGHQ YHQGULD D VHU OD FRQWHQLGD HQ OD SURIHFLD GH -HUHPLDV HQ FXDQWR D TXH -HUXVDOHQ VHULD
UHFRQVWUXLGD-HU
/DRUGHQVHJXQFLHUWRVH[SRVLWRUHVVHSRQGULDHQYLJHQFLDHQHOD-HODQRGHODFRQVWUXFFLRQGH-HUXVDOHQHOILQDOGHOSHULRGRFRLQFLGLULD
FRQ$QWLRFR\ORV0DFDEHRV(,3DFWRGHODXOWLPDVHPDQDGHDQRVVHHQWLHQGHFRPRHOSDFWRHQWUH$QWLRFR\ORVMXGLRVDSRVWDWDV/DPLWDG
GHODVHPDQDORWUDGXFHQFRQPHGLDVHPDQDTXHULHQGRORDSOLFDUDODSURIDQDFLRQGHOWHPSORKHFKDSRU$QWLRFRGHVGHHODOD-D
0DFEYHUDXWRUHVFLWDGRVPDVDUULED
(VWD LQWHUSUHWDFLRQ QR VROR QR VH DMXVWD DO WH[WR VLQR TXH DGHPDV GHMD VLQ FXPSOLU YDULDV GH ODV H[SHFWDWLYDV DQXQFLDGDV (O 0HVLDV TXH VH
DQXQFLD\TXHVHJXQHVWDHVFXHODGHLQWHUSUHWDFLRQVHLGHQWLILFDFRQXQVXPRVDFHUGRWHMXGLR2QLDVSRUHMHPSOR"GHTXHIRUPDWHUPLQROD
SUHYDULFDFLRQ\HOSHFDGR\WUDMRODMXVWLFLDSHUGXUDEOHDGHPDVGHVHOODUODYLVLRQ\SURIHFLD\XQJLUHO6DQWRGHORV6DQWRV"'Q/D
SURIHFLDVXSRQHTXHXQDYH]FXPSOLGRHVHGHFUHWRVHSRQGUDODEDVHSDUDGDUILQDODGHVHVWDELOL]DFLRQGHXQVDQWXDULRTXHHVGLVWLQWRDORWUR
6DQWXDULR TXH VH PHQFLRQD HQ HO YHUVLFXOR  \ TXH VHULD GHVWUXLGR 6L HO VDQWXDULR TXH LPSOLFD HO YHUVLFXOR  HV HO VDQWXDULR LVUDHOLWD HQ
WLHPSRVGH$QWLRFRVHJXQODLQWHUSUHWDFLRQOLEHUDOHQWRQFHVQRVHKDGDGRILQDORTXHDQXQFLDODSURIHFLD
(OSHULRGRFURQRORJLFRGHVHPDQDVGHDQRVQRTXHGDFXELHUWRFRQHOHVSDFLRWHPSRUDOFRPSUHQGLGRHQWUHHO\HOD-<ODUHODFLRQ
WDQPDQLILHVWDHQWUHHOFDSLWXOR\HOWDOFRPR\DKHPRVGHMDGRFODURHQRWUROXJDUGHVDSDUHFHLQMXVWLILFDGDPHQWH(OLQLFLDUHOSHULRGRHQHO
DQRGHODGHVWUXFFLRQGH-HUXVDOHQHVHOPRPHQWRPHQRVSVLFRORJLFR\PDVRSXHVWRDODVH[LJHQFLDVGHOWH[WRGHVGHODVDOLGDGHODRUGHQ
SDUDHGLILFDU\UHVWDXUDUD-HUXVDOHQKDVWDHO0HVLDVSULQFLSH
4XH-HUHPLDVKDEODOD3DODEUDGH'LRVHQFXDQWRDODUHFRQVWUXFFLRQGH-HUXVDOHQHVFLHUWRSHURHVWRVHKDFHDQWHVGHO(VDQRHVOD
VDOLGDGHODSDODEUDXRUGHQGLYLQDTXHSRQHHQHMHFXFLRQGLFKDUHVWDXUDFLRQUHVSHFWRDHVWRYHU'LFFLRQDULRGHOD%LEOLDHG+HUGHURSFS
/RVFRQWHQLGRVGHOGHFUHWRGLYLQRGHEHUDQDGYHUWLUGHOPRPHQWRH[DFWRGHOFXPSOLPLHQWR/RPLVPRVXFHGHFRQODIHFKDGHOGHOD
TXHDOJXQRVTXLHUHQKDFHUDUUDQFDUGLFKDRUGHQ
3RU RWUD SDUWH OD LQWHUSUHWDFLRQ 0DFDEHD TXH FRQYLHUWH DO 0HVLDV D HQ 2QLDV ,,,  D&  LGHQWLILFD D$QWLRFR (SLIDQHV FRPR HO
SULQFLSHGHOYEKDFLHQGRDHVWHHOGHVWUXFWRUGHODFLXGDG6LQHPEDUJRLQGHSHQGLHQWHPHQWHGHODLQWHUSUHWDFLRQ TXH DSRUWDUHPRV HQ VX
PRPHQWRUHVSHFWRDODLGHQWLGDGGHHVWH3ULQFLSHGHOYEGHOFDSLWXORGH'DQLHOGLJDPRV\DDKRUDTXH$QWLRFRMDPDVGHVWUX\R \DV%LW
DD-HUXVDOHQ(OODFRQRFHULDDXWHQWLFDPHQWHXQILQTHF E /DV GHYDVWDFLRQHV VRPHPRW \ HO GHYDVWDGRU VRPHP D ORV
TXHVHDOXGHHQQRHQFDMDQHQDEVROXWRFRQODILJXUD\ODERUGH$QWLRFRTXHDXQTXHSURIDQDULDHOVDQWXDULRRWHPSORQLGHVWUX\RHVWHQL
ODFLXGDGWDOFRPRH[LJHODSURIHFLD7DPSRFRHOSHULRGRGHXQDVHPDQDGHDQRVFRLQFLGHFRQHOSHULRGRKLVWRULFRTXHGXUDURQVXVFRUUHULDVHQ
3DOHVWLQD
/D,QWHUSUHWDFLRQ0DFDEHD
/DLQFRQVLVWHQFLDGHHVWDLQWHUSUHWDFLRQHVWDIXHUDGHWRGDGXGD
+DVHO(Q7KH6HYHQW\:HHNVRI'DQLHORSFSS''KDKHFKRXQDH[FHOHQWHGHVFULSFLRQREMHWLYDDGHPDVGHXQDFULWLFD
DGHFXDGDDODKLSRWHVLVGHHVWRVDXWRUHVTXHGHILHQGHQODWHRULD0DFDEHD
3DUWLHQGRGHODVXSRVLFLRQGHTXH'DQLHOQRYLYLRQLHVFULELRHQHOV9,D-VLQRHQHO,,FRQIHFFLRQDQODFRQMHWXUDGHTXH'DQLHOH[LVWLRHQOD
HSRFD HQ TXH ORV MXGLRV 0DFDEHRV VH UHEHODURQ FRQWUD ODV SUHWHQVLRQHV GH $QWLRFR ,9 6HJXQ HVWR HO OLEUR JLUDULD DOUHGHGRU GH ORV
DFRQWHFLPLHQWRVTXHVHGHVDUUROODQHQORVOLEURVGHORV0DFDEHRV'DQLHOVHULDXQSHUVRQDMHTXHVHKDFHSDVDUSRUHOSURIHWD'DQLHOELEOLFR
FRQODLQWHQFLRQGHDQLPDUDVXVFRQWHPSRUDQHRVIUHQWHDODOXFKDFRQWUD$QWLRFR,9(OOLEURWHQGULDFRPRLQWHQFLRQGHFLUOHVTXH'LRVHVHO
TXHGRPLQDODVLWXDFLRQKLVWRULFD\TXHDOILQDOODYHUGDG\ODMXVWLFLDWULXQIDUDQ
(OPD\RUSUREOHPDTXHWLHQHQHVWRVDXWRUHVDSDUWHGHRWURVTXHQRYDPRVDFRQVLJQDUDTXLHVTXHODH[HJHVLVGHOWH[WR\ORVFRQWHQLGRVQR
FRLQFLGHQGHQLQJXQPRGRFRQODSUHWHQVLRQLQMXVWLILFDEOHKLVWRULFDGHTXHHVSUHFLVRWUDVODGDUDODXWRUGH'DQLHO\DORVDFRQWHFLPLHQWRVTXH
QDUUDDOV,,D-
&XDQGRSUHSDUDQ9HUD1:3RUWHRXV'DV'DQLHOEXFKRSFS-$0RQWJRPHU\ 7KH%RRNRI'DQLHODFULWLFDODQGH[HJHWLFDO
&RPPHQWDU\1HZ<RUNSSORVGLIHUHQWHVSHULRGRVFRQVLJQDGRVSUR\HFWDQHOVLJXLHQWHHVTXHPD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

DQRVDQRVDQRVDQRV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
VHPDQDVGHDQRV_VHPDQDVGHDQRV_VHPDQDGHDQRV
BBBBBBBBBBBBBBBBBBBBBBBBBBBB_BBBBBBBBBBBBBBBBBBBBBBBBBBBB_BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(QFXDQWRDOSULPHUSHULRGRGHDQRVTXHORLQLFLDQHQHOKDULDUHIHUHQFLDDODVDOLGDGHODSDODEUDTXHPHQFLRQD'QHQEDVH
DSHURHVWRHVLQVRVWHQLEOHH[HJHWLFDHKLVWRULFDPHQWHQRVKDEODGHODFDLGDGH-HUXVDOHQQRGHVXUHFRQVWUXFFLRQWRGDYLDHQHVDIHFKD
GHOHVWDWUDQVFXUULHQGRHOSHULRGRGHFDVWLJRGHORVDQRVDILUPDFODUDPHQWHTXHODVDOLGDGHODRUGHQFXDQGRVDOJDKDGHVHU
SDUD UHVWDXUDU \ UHFRQVWUXLU -HUXVDOHQ SXHVWR TXH XQD PDQHUD GH QRWDUVH TXH ODRUGHQ KD VDOLGR VHUD SUHFLVDPHQWH TXH VH LQLFLD OD
UHFRQVWUXFFLRQ\UHVWDXUDFLRQGHODFLXGDG
,QGHSHQGLHQWHPHQWHGHTXHQRVHSRQHQGHDFXHUGRHQFXDQWRDORVOLPLWHVH[DFWRVGHOWHUPLQXVDTXRHVIDFLOFRPSUREDUTXHVLKDFHPRV
SDUWLUODVVHPDQDVRDQRVGHORGHO\VHDILUPDTXHKDQGHDFDEDUFRQODPXHUWHGHOVDFHUGRWH2QLDV,,,HQHOORV
DQRVGHODVVHPDQDVQRDOFDQ]DQDODQRHPSH]DQGRHQHO)DOWDULDQRDQRV
5HVSHFWR D OD XOWLPD VHPDQD OD TXH H[LJH  DQRV KD\ XQD GHVXELFDFLRQ HQ HVWD IRUPD GH LQWHUSUHWDU +DVHO VH H[SOLFD GH HVWH PRGR HQ
UHODFLRQDODSRVLFLRQPDFDEHD
(OWHUPLQXVDGTXHPGHORVDQRVHQHVWHHVTXHPDGHLQWHUSUHWDFLRQHVHOGHGLFLHPEUHGHOHOGLDGHODGHGLFDFLRQGHO
WHPSOR(VWDIHFKDWDPELHQPDUFDHOILQGHODPHGLDVHPDQDRDQRVHOFXDOFRPHQ]RHQMXQLRGHO6LQHPEDUJRHOSHULRGR
GHSURIDQDFLRQGHO7HPSORQRGXURDQRVFRPRLQGLFDQODVHVSHFLILFDFLRQHVGHWLHPSRGH'DQLHOVLQRXQLFDPHQWHWUHV
DQRV(OVDFULOHJLRGHVRODGRUIXHOHYDQWDGRHQHOGH.LVOHYGHOD0DFE\HOSULPHUVDFULILFLRIXHRIUHFLGRHQHO
GH.LVOHYGHOD0DFE\H[DFWDPHQWHHOPLVPRGLDHQHOFXDOHODOWDUKDELDVLGRSULPHURSURIDQDGRSRUVDFULILFLRWUHV
DQRV PDV WDUGH HQ HO  GH .LVOHY GHO  RFXUULGR HQ OD GHGLFDFLRQ GHO 7HPSOR D 0DFE  !! (Q7KH 6HYHQW\ :HHNV RI
'DQLHORSFSS''
(VWHHUURUPDQLILHVWRKDOOHYDGRDDOJXQRVTXHVRVWLHQHQODSUHVXQFLRQ0DFDEHDDLQLFLDUODVSULPHUDVVHPDQDVDOPLVPRWLHPSRTXHODV
VHPDQDV \ FRPHQ]DU DPERV SHULRGRV TXH VRQ VXFHVLYRV HQ XQD PLVPD IHFKD HQ HO  D- HQ RFDVLRQ GH OD SULPHUD LQYDVLRQ GH
1DEXFRGRQRVRU(QHVWHVHQWLGRYHUD*%HKUPDQQ'DV%XFK'DQLHO*RWWLQJHQDGORF
6LELHQHVWDPDQHUDIDYRUHFHHOTXHHOSHULRGRGHODVVHPDQDVRDQRVDUUDQFDQGRGHOD-OOHYHDOVLQTXHKD\DXQKXHFRGH
DQRVQRSXHGHHYLWDUORLQDGHFXDGRHLQFRUUHFWRGHWUDWDUHOWH[WRTXHVXSRQHHPSH]DUDOPLVPRWLHPSRGRVSHULRGRVTXHHOWH[WRH[LJHTXH
VHDQFRQWLQXDGRVXQRGHWUDVGHORWUR7DPSRFRLPSLGHORTXHFRQHVWHWUXFRGHSULQFLSLDUORVDQRVHQHOLQWHQWDEDHVTXLYDUHOTXHQR
VHQRWDUDQLQJXQGHVIDVHFURQRORJLFR(QHIHFWRVHFRPSUXHEDTXHORVSULPHURVDQRVDORULJLQDUORVHQHOD-DOFDQ]DHOFXDQGR
&LURDVFLHQGHHQHOORJUDQGRVHXQDIHFKDLQH[DFWD7DPSRFRUHVXHOYHORTXH\DKHPRVLQGLFDGRFRPRLQFRUUHFWRGHODXOWLPDVHPDQDGH
DQRV
'H QXHYR OD IHFKD GHO  D- QR FXPSOH OR REOLJDGR SRU HO WH[WR TXH ODVDOLGD GH OD RUGHQ FXDQGR VH SRQH HQ PDUFKD OR KDFH
HYLGHQFLDQGRORTXHODRUGHQFRQWLHQHHQWUHRWUDVFRVDVHORULJHQGHODUHVWDXUDFLRQ\UHFRQVWUXFFLRQGH-HUXVDOHQ
(VWD LQWHUSUHWDFLRQ TXH IRUMD HO PHWRGR KLVWRULFR FULWLFR QR VROR OODPD D 'DQLHO PHQWLURVR VLQR DGHPDVWRQWR SXHVWR TXH VLJXLHQGR OD
LQWHUSUHWDFLRQ TXH SDWURFLQDQ HVWRV DXWRUHV HO DXWRU GH 'DQLHO TXH \D MXJDULD FRQ ODYHQWDMD GH HVWDU DQXQFLDQGR DOJR TXH \D VH KDELD
FXPSOLGR HQ HO SDVDGR QR KD VDELGR ILMDU ODV IHFKDV GH XQ PRGR FRQYHQLHQWH 8QD H[SRVLFLRQ GHVSXHV GH KDEHU VXFHGLGR HO DFRQWHFLPLHQWR
VDEULDSUHFLVDUH[DFWD\SHUIHFWDPHQWHODGDWDFLRQGHORTXHHOPLVPRKDLQYHQWDGR
(VWRDQDGLULDXQDUJXPHQWRPDVDODLPSRVLELOLGDGGHXQDLQWHUSUHWDFLRQFRPRODTXHSURSLFLDHOPHWRGRKLVWRULFRFULWLFR
/D VXSHULRULGDG GH OD LQWHUSUHWDFLRQ KLVWRULFR  PHVLDQLFD UDGLFD IXQGDPHQWDOPHQWH HQ HO KHFKR GH TXH ORV  DQRV VLQFURQL]DQ GHVGH HO
SULQFLSLRKDVWDHOILQGHVGHHOD-KDVWDG-/DREMHFLRQTXHDOJXQRVDXWRUHVDQFODGRVHQXQSDVDGRFRQIXVR$YDQ+RRQDFNHU
1HKHPLHHW(VGUDVXQHQRXYHOOHK\SRWKHVHVXUODFKURQRORJLHGHO
HSRTXHGHODUHVWDXUDWLRQ /H0XVHRQSS
  \ TXH PXFKRV KDQ DFHSWDGR YHU D *UXHQWKDQHU&%4,   + + 5RZOH\7KH &KURQRORJLFDO 2UGHU RI (]UD DQG
1HKHPLDK D HGLF 2[IRUG  SS  HUD OD GH KDFHU FRLQFLGLU D (VGUDV FRQ $UWDMHUMHV ,, \ QR FRQ $UWDMHUMHV , QR WLHQH \D
FRQVLVWHQFLD(OHVSHFLDOLVWDHQ+LVWRULDGH,VUDHO\HQFURQRORJLD0DUWLQ1RWK+LVWRULDGH,VUDHOHGLF*DUULJD%DUFHORQDSHV
FDWHJRULFR 6LQ HPEDUJR SXHGH GDUVH SRU VHJXUR TXH HO $UWDMHUMHV GH (VGUDV HV HQ UHDOLGDG $UWDMHUMHV , /RQJLPDQR  \ QR
$UWDMHUMHV,,!!
/DXQLFDLQWHUSUHWDFLRQTXHDVHJXUDXQSHUIHFWRHQFDGHQDPLHQWRHQWUHORTXHH[LJH'DQLHO\ODKLVWRULDHVODGHVFULSFLRQKLVWRULFR
PHVLDQLFD
>@
 5HFRUGHPRV TXH 'DQLHO   HV OD FODYH GH OD FRPSUHQVLRQ GH ORV FSV GH 'DQLHO    \  4XH SDUD QRVRWURV WDO FRPR
GHPRVWUDUHPRV HQ EUHYH HO FDS  VH UHODFLRQD HVWUHFKDPHQWH FRQ HO  VLHQGR VX FRQWLQXDFLRQ DXQ D SHVDU GHO WUDQVFXUVR GH DO PHQRV 
DQRVTXHPHGLDQHQWUHXQR\RWURFDSLWXOR<TXHHQGLFKRFDSLWXOROR
PLVPRTXHHQORVGHPDVDSDUHFHQSHULRGRVFURQRORJLFRVSURIHWLFRVTXHKDEUDTXHGDUXQDH[SOLFDFLRQHQVXPRPHQWRHQEDVHDOSUHFHGHQWH
KHUPHQHXWLFRTXHSRGDPRVSRQHUHQUHODFLRQDHVWHSHULRGRGHVHPDQDVGH'DQLHO
>@
3XHGHFRQVXOWDUVHVREUHHVWRGHXQDIRUPDPDVDPSOLDD:LOOLDP+6KHDHQ(VWXGLRV6HOHFWRVRSFSS
>@
-DFTXHV'RXNKDQKDFHQRWDUFRQHQIDVLVHQVXOLEUR$X[3RUWHVGHO
(VSHUDQFHRSFSTXHHOFRQFUHWDUWUHVVHPDQDVGHGLDV
HQ'DQLHODFWRVHJXLGRGHKDEHUVHPHQFLRQDGRHQHOFDSLWXORSUHFHGHQWHODVVHWHQWDVHPDQDVHVWDULDPRWLYDGDSRUHOSDUDOHORGLVSDU
HQ OD WLSRORJLD GH ODV VHPDQDV HQ 'DQLHO    VHULDQ QRUPDOHV GH ODV TXH VH FRQWDELOL]DQ FRPRGHGLDV \ HQ 'DQLHO  VHULDQGH
DQRV 6LQ HPEDUJR :LOOLDP 6KHD HQ(VWXGLRV 6HOHFWRV RS F S  TXLWD LPSRUWDQFLD D HVWH DVXQWR GHO FRQWUDVWH FRQVLGHUD TXH OD
H[SUHVLRQGLDVHVXQPRGLVPRKHEUHRTXHVHXWLOL]DFDGDYH]TXHVHTXLHUHLQGLFDUTXHODVGLIHUHQWHVXQLGDGHVGHWLHPSRVHPDQDPHVDQRVRQ
FRPSOHWRV/RTXHTXHUULDGHFLU'DQLHOHVTXHKDHVWDGRWUHVVHPDQDVFRPSOHWDVRHQWHUDVGHD\XQR
$QWHHVWDFRQIURQWDFLRQHODUJXPHQWRGHOVLJQLILFDGRGHOPRGLVPRQRLPSLGHTXHVHYDORUHODGLYHUVLGDGGHODFLIUDTXHHQXQR\RWUROXJDUVH
RIUHFH (V HYLGHQWH TXH QR KXELHUD VLGR QHFHVDULR SUHFLVDU HO DVSHFWR WHPSRUDO GH OD GXUDFLRQ GH VX WULVWH]D FI 3RU RWUD SDUWH GH OD
XQLFDPDQHUDTXHSXHGHVXVFLWDUHOFRQWUDVWHHVXVDUSRUHVFULWRDTXHOORTXHVHKDGHOHHUFRPRGLDVDXQFXDQGRVHWHQJDVLPXOWDQHDPHQWH
HOYDORUGHFRPSOHWRVRHQWHURV
>@
(Q(VWXGLRV6HOHFWRVRSFS
>@
,G
>@
(Q'DQLHO4XHVWLRQV'HEDWWXHVRSFS
>@
9HUD3*UHORWHQWUHRWURVTXHVHFLWDQHQQRWDGH 4XHVWLRQV'HEEDWXHV RS F S  7DPELHQ D :LOOLDP 6KHD HQ (VWXGLRV
6HOHFWRVRSFS
>@
9HUVREUHHVWRD'RXNKDQ4XHVWLRQV'HEDWWXHVRSFS
(OTXLDVPRHVIUHFXHQWHHQODFRPSRVLFLRQOLWHUDULDKHEUHD\HVSHFLDOPHQWHHQ'DQLHO
>@
(Q(VWXGLRV6HOHFWRVRSFS
>@
/DH[SOLFDFLRQTXHVHGDHQHO:LFO\IIH%LEOH&RPPHQWDU\HVFRPRVLJXH
'DQLHOKDELDHVWDGRSHQVDQGRHQXQPXOWLSORGHVLHWHFI-HU6DELDTXHHVHPXOWLSORVHWHQWDDQRVHUDXQWLHPSRGHMXLFLR
SRU ORV  DQRV GH VDEDGRV TXHEUDQWDGRV   Y D &URQ !!3XHGH FRQVXOWDUVH 5* &XOYHU HQ 'DQLHO GHO :LFO\IIH %LEOH
&RPPHQWDU\ HGLW 3IHLIIHU+DUULVRQ 0RRG\ 3UHV &KLFDJR  S  FLWDGR HQ(VFDWRORJLD ,, )UDQFLVFR /DFXHYD HG &OLH 7HUUDVVD
%DUQDS
9DWWLRQLGHOD8QLYHUVLGDG3RQWLILFLD8UEDQLDQDGH5RPDFRPHQWD
/DPXOWLSOLFDFLRQSRUVLHWHGHODGXUDFLRQILMDGDSRU-HUSDUDODUXLQDGH-HUXVDOHQSRGULDKDFHUUHIHUHQFLDDORVWH[WRVGH/YUHODWLYRVDORV
DQRVVDEDWLFRVFDGDDQRV\MXELODUHVFDGDDQRV!!/D%LEOLDHG/DERURSFS
>@
(]HTXLHOTXHVHHQFXHQWUDHQXQFRQWH[WRLGHQWLFRDOGH'DQLHOKDEODUDSUHFLVDPHQWHGHTXHORVGLDVTXHHOVHDFXHVWDGHXQODGR\GHO
RWURFRUUHVSRQGHQDDQRVHQODUHDOLGDGGHODPDOGDGGH,VUDHO\-XGD(]T/RTXHQRVPXHVWUDXQXVRHQFXDQWRDTXHXQGLDHQOD
YLGDGH(]HTXLHOFRUUHVSRQGHDXQDQRHQODKLVWRULDGHPDOGDGGH,VUDHORGH-XGD
(VFXULRVRQRWDUGHQXHYRTXH(]HTXLHOSRGULDHVWDUUHFRJLHQGRHVRVDQRVVDEDWLFRVTXHEUDQWDGRVRDQRVRDQRVMXELODUHV
/RV  DQRV GH GHVRODFLRQ FRPR FDVWLJR TXH VXIUHQ ORV LVUDHOLWDV SXGLHUDQ FRUUHVSRQGHU D OD GHVREHGLHQFLD HQ HO FXPSOLPLHQWR GH  DQRV
VDEDWLFRVTXHVXSRQGULDQXQWRWDOGHDQRV
(]HTXLHOVHJXQHOKHEUHRKDEODSRUXQODGRGHDQRVGHPDOGDGGH,VUDHOPDVDQRVGHPDOGDGGH-XGDTXHKDFHQDQRVGHPDOGDG
/RVDQRVGHFDVWLJRFRPLHQ]DQVHJXQFUHHPRVHQHO(]HTXLHOSURIHWL]DHQVXTXLQWRDQRGHFDXWLYHULRORTXHVXSRQGULD
YDULRVDQRVWUDQVFXUULGRVGHOSHULRGRGHORVDQRVGHFDVWLJRSHULRGRTXHWDPSRFRSXGLHURQFXPSOLUGHDFXHUGRDODVH[LJHQFLDVGLYLQDV6L
VXSRQHPRVTXHORVDQRVDEDUFDQHVRVDQRVSULPHURVGHOSHULRGRGHORVDQRVKDEULDTXHUHVWDUORVGHORVDQRV\ORTXHUHVXOWDUD\VH
VXPDUDDORVDQRVVHREWHQGULDQORVDQRVGHPDOGDG
>@
(VFXULRVRQRWDUTXHVLORVDQRVGHFDVWLJRFRUUHVSRQGLHVHQDODGHVREHGLHQFLDGH,VUDHOTXHVHPDQLILHVWDHQWUHRWUDVFRVDVSRUQR
JXDUGDUORVDQRVVDEDWLFRVGHODWLHUUDWDOFRPRVHKDFLDDOXVLRQHQ/HYLWLFRVVFID&URQ\-HUVXSRQGULDQ
DQRVVDEDWLFRVTXHQRVHKDQJXDUGDGR6HWHQWDDQRVVDEDWLFRVVXSRQHQDQRVHQWRWDO
/DFRUUHVSRQGHQFLDHQWUHODVGRVFLIUDVVHULDWDPELHQPDQLILHVWDSXHVWRTXHHODXWHQWLFR-XELOHRROLEHUDFLRQQRYHQGULDKDVWDTXHQRSDVDUDQ
DQRVFI/F
>@
0+%URZQ&KULVWRXU$YRFDWHRSFSS\FLWDGRSRU:DNHKDP'DQLHO\$SRFDOLSVLVRSFSS\
>@
9HUYRO,9RSFS
>@
2SFS
>@
2SFSS
>@
2SFS
>@
2SFSS
>@
(O$SRFDOLSVLVRSFSS
>@
(O$SRFDOLSVLVRSFSS
>@
(Q&RPHQWDULRDOD%LEOLDGH(GLWRULDO/DERURSFSS
6REUHHVWRPLVPRYHU&RPHQWDULR6DQ-HURQLPRYRO,9RSFS3URIHVRUHVGH6DODPDQFDYRO9,,RSFSS
>@
$TXLRSWDPRVSRULGHQWLILFDUODVPDUDYLOODVFRQXQSHUVRQDMHGHQRPLQDGRHQHOFDSLWXOR6HU'HVSUHFLDEOHR5H\GHO1RUWH&XDQGR
DQDOLFHPRVHOWH[WRDPSOLDUHPRVVXSRVLEOHFRPSUHQVLRQ
>@
9HU&%$RSFYRO,9S
>@
,G
>@
/DWUDGXFFLRQGHODYHUVLRQ9DOHUDRFXOWD\GLVWRUVLRQDHOFRQWHQLGRGHOWH[WRKHEUHR/DSUHSRVLFLRQ KDVWDLQWHUSXHVWDHQWUHHOFRQWLQXR
\ OD DERPLQDFLRQ GHVRODGRUD QR HV FRUUHFWD /D SURSLD YHUVLRQ GH OD %LEOLD GH -HUXVDOHQ KD FRUUHJLGR GLFKR HUURU WUDGXFLHQGR GH PRGR
VHPHMDQWHDQXHVWUDSURSXHVWD/RPLVPRSXHGHYHUVHHQODYHUVLRQFDVWHOODQDGH(GLFLRQHV3DXOLQDVHQODYHUVLRQFULWLFDGH%RYHU&DQWHUD
(GLFLRQHV3DXOLQDVYHUVLRQ6XGDPHULFDQDHWF
>@
/DH[SUHVLRQWLHPSRGHOILQODDQDOL]DUHPRVPDVDGHODQWH&RQHOODODSURIHFLDYLVOXPEUDXQDHSRFDTXHQRVLQWURGXFHHQORVXOWLPRV
VXFHVRVSUHGLFKRVSRUODDSRFDOLSWLFD\TXHHVWDVHQDODGRVXRULJHQSRUHOILQDOGHOSHULRGRSURIHWLFRPDVODUJRHOGHORVGLDV
>@
 (O ILQ GH ODVPDUDYLOODV GHO 6HU 'HVSUHFLDEOH R &XHUQR SHTXHQR QR HV HO ILQ GHILQLWLYR GH HVH 6HU 'HVSUHFLDEOH VLQR HO ILQ GH XQDV
PDUDYLOODVTXHDORODUJRGHWRGRXQSHULRGRKLVWRULFRLEDDGHVDUUROODU/DH[LVWHQFLDGHHVWH6HUGHVSUHFLDEOHR&XHUQRSHTXHQRVHDPSOLD
GHVGHHOILQGHVXKHJHPRQLDKDVWDVXGHVWUXFFLRQFI'Q
>@
'HEHUHPRVHQFRQWUDUHQODKLVWRULDHVHFRPLHQ]RH[DFWRGHDFXHUGRDODVH[LJHQFLDVGHOWH[WRTXHHVWXGLDUHPRVPDVDGHODQWH6LORV
GLDVGHEHQDFDEDUDOPLVPRWLHPSRTXHORVGLDVHOFRPLHQ]RGHORVGHEHUDVHUDQWHV(OFRPLHQ]RGHORVGLDVSURIHWLFRV
HVWDUDLGHQWLILFDGRHQODKLVWRULDSRUHO3RGHUTXHFRLQFLGLHQGRFRQODVFDUDFWHULVWLFDVTXHHOWH[WRQRVRIUHFHUHVSHFWRDO&XHUQRSHTXHQRR
6HU 'HVSUHFLDEOH KD\DTXLWDGR HO &RQWLQXR GHO 3ULQFLSH GH ORV (MHUFLWRV FHOHVWLDOHV GH DFXHUGR D OR TXH HVR VLJQLILFD \ KD\D LPSXHVWR OD
$ERPLQDFLRQ GHVRODGRUD GH DFXHUGR D OR TXH HVR LPSOLTXH /RV  GLDV HPSH]DUDQ GHVSXHV GH ODGLYLVLRQ HQ  TXH H[SHULPHQWD HO
3RGHUTXHUHSUHVHQWDDOD&XDUWD%HVWLD\XQDYH]GHVSHMDGRVORVREVWDFXORVTXHVXSRQHQORVTXHVRQDUUDQFDGRVSDUDSHUPLWLUHOGHVSXQWH
GHO&XHUQR+DEUDTXHHQFRQWUDUHQODKLVWRULDTXH3RGHUKHJHPRQLFRVHLQWURGXFHGHVSXHVGH*UHFLDTXHH[SHULPHQWHXQDGLYLVLRQGHVSXHV
GHXQSHULRGRGHFRKHVLRQ\XQLGDG\TXHKD\DSUHSDUDGRODVDOLGDGHXQ3RGHUGHQRPLQDGR&XHUQRSHTXHQR\TXHHVWDQGRFRQILJXUDGRSRU
HVD&XDUWD%HVWLDVXVSUR\HFWRVIXQGDPHQWDOHVVRQORVTXHPDUFDQVXVSURSLDVUDLFHVRULJLQDGDVHQHVD&XDUWD%HVWLDTXHYDGHVSXHVGHOD
WHUFHUDTXHHV*UHFLD'QFI'QXS
>@
 3HGUR GH )HOLSH GHO 5H\ HQ VX PDO OODPDGR(VWXGLR %LEOLFR %HUHDQR QR  SUHWHQGH DVRFLDUQRV FRQ ORV 7HVWLJRV GH -HKRYD HQ
UHODFLRQ D OD WHRULD GH ORV GLDV SURIHWLFRV %DVDQGRVH HQ OD WHVLV GRFWRUDO TXH GHIHQGLPRV HQ OD IDFXOWDG GH WHRORJLD FDWROLFD GH %DUFHORQD
GRQGH H[SRQJR TXH ORV 7HVWLJRV GH -HKRYD QR SUHVHQWDQ XQD KHUPHQHXWLFD TXH FODULILTXH HO SRU TXH ORV WLHPSRV SURIHWLFRV GH 'DQLHO  VRQ
VLPEROLFRV\ORVGH'DQLHOVRQOLWHUDOHVHPSOHDXQDFLWDGHO&RPHQWDULR%LEOLFR$GYHQWLVWDTXHXWLOL]DCL''DQWDQWRSDUDUHIHULUVHDOWLHPSR
GH'DQLHOFRPRDOWLHPSRGH'DQLHOVDFDQGRODFRQFOXVLRQTXHDSOLFDPRVHOPLVPRWHUPLQRWDQWRHQ'DQLHOFRPRHQ'DQLHO
 \ TXH VLQ HPEDUJR RIUHFHPRV XQ YDORU GLVWLQWR HQ HO FDVR GH 'DQLHO  ORV FRQVLGHUDPRV OLWHUDOHV \ HQ 'DQLHO  VLPEROLFRV FRQ YDORU
GLDDQR(OVHQRU3HGURGH)HOLSHYXHOYHDHTXLYRFDUVHFXDQGRHQVXIRUPDGHDFFHGHU\H[SRQHUVREUHORTXHQRVRWURVGHFLPRV\HQGRQGH
QRVDSR\DPRVQRHVKRQHVWD1RVRPRVQRVRWURVORVTXHHPSOHDPRVCL''DQWDQWRSDUD'DQLHOFRPRSDUD'DQLHOHVHOWH[WRELEOLFR
3HURHVHYLGHQWHTXHGHOPLVPRPRGRTXHODPD\RULDGHORVFRPHQWDULVWDVVHUHILHUHQDOWHUPLQRVHPDQDRVHPDQDVVDEXDCVDEXCLP\
DSDUHFHVHPDQD  HQ 'DQLHO  \ OH GDQ XQ YDORU GH GLDDQR R GH VHPDQDV GH DQRV FRPR XVWHG QR SRU HVR VH HVWD HQ FRQWUDGLFFLRQ
UHVSHFWR D OD OLWHUDOLGDG GH ODVWUHV VHPDQDV GH 'DQLHO  GRQGH WDPELHQ DSDUHFH HO PLVPR WHUPLQR VHPDQD TXH SDUD 'DQLHO 
6HQFLOODPHQWHHOHVWXGLRGHOWH[WR\FRQWH[WRGHWHUPLQDVLVRQOLWHUDOHVRVLPEROLFDV/D$SRFDOLSWLFDQRXWLOL]DXQYRFDEORGLVWLQWRSDUDUHIHULUVH
DOGLDVLPEROLFRRVHPDQDRWLHPSRRSDUDHOGLDOLWHUDORWLHPSRRVHPDQDVLQRTXHHPSOHDQGRODPLVPDQRPHQFODWXUDRIUHFHWRGDXQD
VHULHGHGDWRV\GHWDOOHVSDUDTXHSRGDPRVYDORUDUFLHUWRVGLDVGHPRGRVLPEROLFR\RWURVGHPDQHUDOLWHUDO
3RUHVRFXDQGR8GXVDODSDUWHGHXQDFLWDPLDHQVXOODPDGRHVWXGLRELEOLFR%HUHDQRQRGHEHULDXWLOL]DUODFRUUHFWDPHQWH1RHVFXHVWLRQ
GH VHOHFFLRQDU FLWDV GH DTXL\ GH DOOD \ GDUOHV XQ RUGHQ FDSULFKRVR \ REWHQHU FRQFOXVLRQHV TXH HVWDQ HQ GHVDFXHUGR FRQ HO FRQWHQLGR GHO
FRQWH[WR TXH GH KDEHUVH HPSOHDGR H[SOLFDULD DGHFXDGDPHQWH ORTXH 8G RFXOWD D VXV OHFWRUHV VLQR DGHPDV GH VHU VHULRV \ KRQHVWRV HQ HO
DQDOLVLVGHORTXHSUHWHQGHPRVFULWLFDU8GHVWDHQVXGHUHFKRGHQRHVWDUGHDFXHUGRFRQODVLQWHUSUHWDFLRQHVTXHRIUHFHOD,JOHVLDDODTXH
SHUWHQH]FR<SXHGHTXHOHVLUYDVXPDQHUDLQDGHFXDGDGHHVWXGLDUOD%LEOLDSDUDPDQWHQHUVXRGLRKDFLDHVD,JOHVLD\KDFLDDOJXQDVSHUVRQDV
TXHOHVHQDODURQVXLQHVWDELOLGDGWHRORJLFDSHURFXDOTXLHUSHUVRQDTXHVHDMXVWHDXQDPHWRGRORJLDXQLYHUVDOGHDQDOLVLVH[HJHWLFRUHFKD]DUD
VXVFRQWHQLGRVFRQFOXVLYRVSRUTXHUHSRVDQHQODSDUFLDOLGDGHQODDXVHQFLDGHOYHUGDGHURSHQVDPLHQWRGHORTXHSUHWHQGHFULWLFDUHQHOHUURU\
HQODIDOVHGDG
<R FRPSUHQGR TXH WUDEDMDQGR FRQ HO HVSLULWX TXH OR KD KHFKR GXUDQWH WDQWRV DQRV HQ FRQWUD GH ORV 7HVWLJRV GH -HKRYD XVWHG VH KD\D
FRQWDPLQDGRGHODPDQHUDTXHHOORVKDQWHQLGRKDVWDXQFLHUWRSUHVHQWHGHHVWXGLDUOD%LEOLD\GHDWDFDUDORVTXHQRSHQVDEDQFRPRHOORV6X
PRGRGHDQDOLVLVHOGH8GHVREVHVLYR\\RGHERGHWHQHUORHQFXHQWDHVWRFXDQGRDERUGRVXVHVTXHPDVDQWLWHRORJLFRVRFXDQGRHVSHUR
VXVSRVLEOHVUHVSXHVWDVDPLVDOXVLRQHVUHVSHFWRQRGHVXSHUVRQDVLQRGHODDFWLWXGHQHOHVWXGLR\DQDOLVLVGHDOJXQDVGHQXHVWUDVSURSXHVWDV
FXDQGRODVVDFDGHVXYHUGDGHURVHQWLGR\SURSRVLWR
)LMHVHHQODFLWDFXDQGRPHUHILHURDXQRGHORVHVFULWRUHVUHSUHVHQWDWLYRVGHORV7HVWLJRVGH-HKRYD0DQXDOGH&RQWURYHUVLDRSFS
DODTXH8GDOXGHSHURTXHQRFRPHQWD
1RWLHQHXQDJXLDXQLIRUPH1RVHH[SOLFDHQQLQJXQDSDUWHSRUTXHHQXQFDSLWXORVRQDQRVOXQDUHV\HQRWURVVRODUHV\SRUTXH
HQXQRVVRQSURIHWLFRV\HQRWURVOLWHUDOHV
6L8GKXELHUDFRPHQWDGRHVWDUHIHUHQFLDGHDFXHUGRDOFRQWH[WRHQOXJDUGHVLPSOHPHQWHSRQHUODLPSURFHGHQWHPHQWHVHGDULDFXHQWDTXH
LQGLFRTXHQRH[SOLFDQSRUTXHFLHUWRVSHULRGRVORVFRQVLGHUDQSURIHWLFRV\HQRWURVOLWHUDOHV6LQHPEDUJRQRVRWURVVLTXHORH[SOLFDPRV<
XQDHYLGHQFLDHVSUHFLVDPHQWHHVWHFDSLWXOR&XDQGRFULWLTXHVREUHHVWHDVSHFWRRVREUHRWURPRMHVH \VDOWHDODDUHQD 3UHVHQWH WRGR HO
LGHDULRHQFDGDXQDGHVXVSURSRVLFLRQHV\GHVSXHVGLJDQRVHQGRQGHVHHVWDHTXLYRFDGR4XHVLOOHJDUDHOFDVRGHHVWDUORHQDOJXQDVSHFWR
VH FRUUHJLUD 'HVGH OXHJR HQ ODV SXQWXDOL]DFLRQHV TXH UHDOL]D HQ VXV HVWXGLRV SVHXGR %HUHDQRV QR GHPXHVWUD QDGD WDO FRPR VH OR YDPRV
PRVWUDQGR
>@
 3RGHPRV DSRUWDU HQ FDVWHOODQR DXQTXH UHVXPLGR OR IXQGDPHQWDO GH/D )H 3URIHWLFD GH 1XHVWURV 3DGUHV  GH )URRP WRGD OD
LQWHUSUHWDFLRQTXHVREUHHVWHDVSHFWRVHKDKHFKRDWUDYHVGHODKLVWRULDGHVGHORVMXGLRV(VHQLRVKDVWDODDFWXDOLGDGSDVDQGRSRUORVOODPDGRV
3DGUHVGHOD,JOHVLD\FRQWLQXDQGRSRUQXPHURVRVFDWROLFRVSURWHVWDQWHV\MXGLRV\TXHFRLQFLGHQFRQQXHVWUDSRVLFLRQ
(QHO&RPHQWDULRGHOD6DQWD%LEOLDSRU$GDP&ODUNHGHOD&DVD1D]DUHQDGH3XEOLFDFLRQHV.DQVDV&LW\86$YRO,,SVLQIHFKD
VHGLFHORVLJXLHQWHUHVSHWRDORVGLDV(QOHQJXDMHSURIHWLFRXQWLHPSRVLJQLILFDXQDQR\XQDQRSURIHWLFRHVWDFRPSXHVWRGH
XQDQRSRUFDGDGLD7UHVDQRVPHGLRHQFDGDGLDUHSUHVHQWDXQDQRFRPRHQVLJQLILFDULDPLOGRVFLHQWRVVHVHQWDDQRV!!
&RQUHODFLRQDORVGLDVGH'DQLHOGLFHHOPLVPRDXWRUHQS&UHRTXHDTXLGHEHWUDWDUVHGHGLDVSURIHWLFRV\
GHEHQVLJQLILFDURWURVWDQWRVDQRV!!
(QHOLQGLFHWHPDWLFRGHOD%LEOLDGH(GLWRULDO9LGDYHUVLRQFDVWHOODQDLQVHUWDGRHQODYHUVLRQGHOD6DQWD%LEOLDGH(G9LGDHGLFLRQ
HQODSEDMRHOHSLJUDIH',$VHGLFHHQWUHRWUDVFRVDV3URIHWLFRHTXLYDOHQWHDXQDQR!!\VHFLWDQHQWUHRWURVWH[WRV(]T
'Q
3XHGHFRQVXOWDUVHWDPELHQD$OIUHG9DXFKHUHQVXVHULH/DFXQFLDQD)LGHV&ROORQJHVVRXV6DOHYH)UDQFHSS\\VV
(Q/DV*UDQGHV3URIHFLDVGHOD%LEOLD5DOS:RRGURZ86$SUHILULHQGRVHDODSURIHFLDGHODVVHPDQDVGH'DQLHOGLFH
(VWHIXHHOPLVPRPHWRGRGHXQDQRSRUXQGLDHPSOHDGRHQHOOLEURGH1XPHURV/DPLVPDHVFDODIXHHPSOHDGDSRU
(]HTXLHO'LDSRUDQRGLDSRUDQRWHORKHGDGR!!
&RQUHODFLRQDOSHULRGRGHORVGLDV\DOGHORVGLDVKD\TXLHQHVHQWLHQGHQTXHH[LVWHFRQILUPDFLRQDVWURQRPLFD
(O\DFLWDGR)URRPHQVXREUD7KHSURSKHWLHIDLWKRIRXUIDWKHUVRSFLWUHFRJHHQVXYRO,,,SSORTXHVHKDYHQLGRHQOODPDU
ODFRQILUPDFLRQDVWURQRPLFDGHOSULQFLSLRGLDSRUDQR0HQFLRQDDXQWDO:LOOLDP&XQLQJKDXPHTXHDSR\DQGRVHHQ'H&KHVHDX[MXVWLILFDHO
XVR GHO SULQFLSLR LQWHUSUHWDWLYR GLD SRU DQR 'LFKR &XQLQJKDXPH VH DSR\DULD HQ ORV GHVFXEULPLHQWRV DVWURQRPLFRV TXH 'H &KHVHDX[ KDELD
UHDOL]DGR
6HJXQGLFKRDXWRU\WDOFRPRORUHFRJHHOWHRORJR-HDQ=XUFKHUHQ OD5$(HGLFHVSDQRODGHPD\RSS\HOXVRTXH'DQLHO
KDFHGHORVGLDV\GLDVSRGULDQHVWDUVLHQGRXWLOL]DGRVHQEDVHDORVFLFORVOXQDU\VRODU
(VFLHUWRTXHQRSRGHPRVSUREDUFDWHJRULFDPHQWHTXH'DQLHOHVWXYLHVHXWLOL]DQGRXQDVFLIUDVHQGLDVTXHFRUUHVSRQGLHVHQDORVFLFORVOXQDU\
VRODUTXHVXSRQHQODPLVPDFLIUD\SHURHQDQRV6LQHPEDUJRODFDVXDOLGDGTXHVXSRQGULDHOTXH'DQLHOVHKD\DHQFRQWUDGREDMR
ORV LQIOXMRV GH ORV FDOGHRV EDELORQLFRV TXH OHJDURQ D OD KXPDQLGDG OD PHGLFLRQ GH ORV DQJXORV HQ JUDGRV \ OD GHO WLHPSR TXH VH EDVD HQ HO
VLVWHPD VH[DJHVLPDO \ RWURV DVSHFWRV LPSRUWDQWHV DVWURQRPLFRV MXQWR FRQ HO SRVLEOH VLJQLILFDGR DVWURQRPLFR GH ODV FLIUDV \ \ OD
GLIHUHQFLDTXH VH REWLHQH DO UHVWDU ODV GRV FLIUDV DQWHULRUHV FRQYHUWLULD ODFDVXDOLGDGHQ DOJR SXUDPHQWH DSDUHQWH SXGLHQGR VHU XQD
FRQILUPDFLRQPDVGHODFODYHTXHHQODVSURSLDVFLIUDVDSRFDOLSWLFDVVHHQFXHQWUDSDUDSRGHUGHGXFLUHOSULQFLSLRGLDSRUDQRRDQRSRUGLD
'H&KHVHDX[GHVFXEULR\GHPRVWURTXHODFLIUDTXH'DQLHO\$SRFDOLSVLVXWLOL]DQ'QFI$SHUDLGHQWLFDDODFLIUD
GH XQ FLFOR OXQDU GLFKR FLFOR VHJXQ HO GHPXHVWUD \ TXH DVL KD VLGR UHFRQRFLGR SRVWHULRUPHQWH VH H[WLHQGH GXUDQWH  DQRV /R PLVPR
REWXYRFRQODFLIUD
2EVHUYR TXH HVWD FLIUD HUD LGHQWLFD D OD GHO FLFOR VRODU SHUR HQ DQRV (O FLFOR VHJXQ H[SOLFD \ VH DFHSWD HV XQ HVSDFLR GH WLHPSR TXH
DUPRQL]DGLIHUHQWHVUHYROXFLRQHVDVWURQRPLFDVLQFRUSRUDQGRDFDGDXQDGHHOODVFLHUWRQXPHURGHSHULRGRVVLQVREUDQWHV\VLQIUDFFLRQHV!!
-HDQ 3KLOLSSH /R\V GH &KHVHDX[ HQ5HPDUTXHV KLVWRULTXHV FKURQRORJLTXHV HW DVWURQRPLTXHV VXU TXHOTXHV HQGURLWV GX OLYUH GH
'DQLHO/DXVVDQQHSFLWDGRHQ5$(PD\RS
&XDQGR'H&KHVHDX[OOHYDEDHVWDVLQYHVWLJDFLRQHVVHHVWDEDQUDWLILFDQGRWUHVFODVHVGHFLFORV/DSULPHUDDUPRQL]DORVDQRVVRODUHVFRQORV
GLDVODVHJXQGDORVPHVHVOXQDUHVFRQORVDQRVVRODUHVODWHUFHUDORVGLDVVRODUHV\ORVPHVHVOXQDUHV/DFXDUWDFODVHGHFLFORVTXHHVWDED
VLQGHVFXEULUGHEHULDDUPRQL]DUVHWRGRDODYH]HODQRVRODUHOPHVVRODU\HOGLDVHSXHGHYHUHVWDH[SOLFDFLRQHQ5$(RSFPD\RS

'H &KHVHDX[ KDELD GHVFXELHUWR TXH HVDV FLIUDV  \  HUDQ LGHQWLFDV DO SHULRGR FURQRORJLFR GHO FLFOR OXQDU \ VRODU SHUR HQ DQRV (O
OXQDUGXUDEDDQRV\HOVRODUDQRV
$KRUD GHVFXEULD HVH FLFOR GH FXDUWD FODVH TXH GHELD DUPRQL]DU HO DQR VRODU HO PHV OXQDU \ HO GLD 5HVWDQGR D OD FLIUD GH  OD GH 
REWXYR\DQDGLD(VWHHVSDFLRGHDQRVRUHYROXFLRQHVVRODUHVLQGLFDGRLJXDOPHQWHSRUHO(VSLULWX6DQWRHVXQFLFORDODYH]VRODU
OXQDU\GLXUQRSHUIHFWDPHQWHH[DFWR!!RSFS
(VWRVHULDGHPDVLDGDFDVXDOLGDGGHQRVHUFLHUWR/DH[DFWLWXGGHHVWRVFDOFXORV\GHVFXEULPLHQWRVKDQVLGRYHULILFDGRV\FRQILUPDGRVSRUORV
FHOHEUHVDVWURQRPRV0DLUDQ\&)&DVVLQLGHOD5HDO$FDGHPLDGH&LHQFLDVGH3DULVUHFRJLGRHQ5$(PD\RRSFS
6LHVWDVFLIUDVWDQVLJQLILFDWLYDVGHVGHHOSXQWRGHYLVWDDVWURQRPLFRFRUUHVSRQGHQ\VHLGHQWLILFDQFRQODVFLIUDVGHOFLFOROXQDU\VRODU"QRVH
HVWDULDFRPXQLFDQGRTXHODLQVSLUDFLRQSXGRHVFRJHUXQDVFLIUDVSDUDGHFLUQRVTXHHVDFRUUHVSRQGHQFLDQRVRORVXSRQHQQXPHURVVLQRDGHPDV
ORVWHUPLQRVWHPSRUDOHV',$6$126TXHXQRV\RWUDVPDQWLHQHQ"
6LDOUHVWDUGHODFLIUDODGHVHSURGXFHODGHTXHHQDQRVVXSRQHODGXUDFLRQGHODFXDUWDFODVHGHFLFOR\TXHDUPRQL]DHO
DQRVRODUHOPHVOXQDU\HOGLD"QRVHQRVHVWDUDRIUHFLHQGRXQDFODYHSDUDTXHGHGX]FDPRVHOSULQFLSLRGLDDQRGLD"1RVRWURVFUHHPRVTXH
VL6REUHWRGRWHQLHQGRHQFXHQWDORGLFKRKDVWDDTXLVREUHHOSDUWLFXODU
/HRQDUGR &DVWHOODQL HQ(O$SRFDOLSVLV (GLFLRQHV 3DXOLQDV %XHQRV$LUHV  S  DXWRU FDWROLFR DILUPD UHVSHFWR DO GLD SURIHWLFR 
PHVHVGHDQRVLGHDTXHKDWRFDGRDPXFKRVLQWHUSUHWHVFRPRDPL!!
8QDXOWLPDFRQVLGHUDFLRQUHVSHFWRDODPDQHUDLUUHVSHWXRVDHLQDGHFXDGDFRQTXHWUDWD3HGURGH)HOLSHDOWUDEDMRHUXGLWR\UHFRQRFLGRTXH
)URRPUHDOL]DUHVSHFWRDOHVWXGLRKLVWRULFRGHORVGLDV3HGURGH)HOLSHGHVYDORUL]D\ULGLFXOL]DHOTXH)URRPSUHVHQWHHOWHVWLPRQLRGH
GLYHUVRV HVWXGLRVRV TXH DSOLFDURQ HO GLDDQR D ORV  GLDV SRU HO KHFKR GH TXH SUR\HFWHQ HTXLYRFDPHQWH HO FRPSXWR /R TXH )URRP
SUHWHQGH HV PRVWUDUQRV FRPR OD KHUPHQHXWLFD UHVSHFWR D FRQVLGHUDU D ORV  GLDV FRPR QR OLWHUDOHV GDQGRVHOH XQ YDORU GLDDQR QR HV
SULYDWLYR GHO PRYLPLHQWR GHO $GYLHQWR VLQR TXH RWURV PXFKRV FULVWLDQRV HQ GLIHUHQWHV HSRFDV OR WXYLHURQ HQ FXHQWD (O TXH OXHJR VH
HTXLYRTXHQDODKRUDGHHQFRQWUDUHOLQLFLR\HOILQDOQRWLHQHQDGDTXHYHUFRQODQDWXUDOH]DGHODLQWHUSUHWDFLRQGHOGLDDQR
>@
 (O GRFXPHQWR SURYLVWR SRU HO &RPLWH GHO ,QVWLWXWR GH ,QYHVWLJDFLRQ %LEOLFD (: \ OD ,QWHUSUHWDFLRQ GH 'DQLHO \ $SRFDOLSVLV
+ROEURRN QRV RIUHFH DOJXQRV HMHPSORV GH YDULDQWHV IXWXULVWDV FRPR OD GHO GREOH FXPSOLPLHQWR GH FLHUWRV SHULRGRV FURQRORJLFRV
SURIHWLFRVTXHVHHVWDQGDQGRHQWUHDOJXQRVODPHQWDQGR\UHFKD]DQGRVHPHMDQWHSURSXHVWDLQWHUSUHWDWLYDFRPRVLHQGRLQFRUUHFWD\RSXHVWDD
XQDSRVLFLRQRUWRGR[D
"4XHFHORHTXLYRFDGRSRGULDFRQVWUHQLUQRVDKRUDDDOWHUDUQXHVWURPHWRGRGHLQWHUSUHWDFLRQSURIHWLFD""&XDOHVODQDWXUDOH]D
GHO LPSXOVR TXH HPSXMD D DOJXQRV GH QRVRWURV D HVSHFXODU FRPR FLHUWDV SURIHFLDV GHEHULDQ VHU QXHYDPHQWH DSOLFDGDV D
FXPSOLPLHQWRVTXHVHFRQVLGHUDQPDVLPSRUWDQWHVTXHHOSULPHUFXPSOLPLHQWRDOFXDOWDOHVSHUVRQDVFRQWLQXDQGDQGRVHUYLFLRGH
ODELRV" &UHHPRV TXH WDOHV HVSHFXODFLRQHV VRQ HQJDQRVDV \ VL VH VLJXHQ ILQDOPHQWH HQYLDQ DO SXHEOR GH 'LRV D OD GHULYD VLQ XQ
DQFODTXHORDILUPHRSFSS
QXQFDKHPRVWRPDGRXQDSRVLFLRQWDOHQODVSURIHFLDVGH'DQLHO\$SRFDOLSVLV'DUOHGREOH\PXOWLSOHFXPSOLPLHQWRDHVWDV
JUDQGHVUHYHODFLRQHVGHODSUHVFLHQFLDGLYLQDHVGDUOHDODSURIHFLDXQDQDUL]GHFHUFDSDUDWRUFHUODHQHVWHRHVWHRWURVHQWLGR(O
FXPSOLPLHQWRGREOH\PXOWLSOHGHHVWDVJUDQGHVSURIHFLDVODVSULYDGHFXDOTXLHUVLJQLILFDGRUHDO\HYDSRUDVXFRQWULEXFLRQDQXHVWUD
FHUWH]DHVSLULWXDO!!RSFS
>@
&I-:5+HQUHODFLRQDODVSURIHFLDVQRFXPSOLGDVWRGDYLDGRQGHVHDFRQVHMDDHVSHUDUDTXHODKLVWRULDODVPXHVWUH
>@
(QVXPRPHQWRFRPSUREDUHPRVFRPRODH[SUHVLRQTXHDSDUHFHHQ'DQHVVLQRQLPDDOWHUPLQRH[SLDFLRQGH/Y\HOTXH
DSDUHFHHQ'Q
>@
&RPRYHUHPRVHQVXPRPHQWRHOSRGHUHMHFXWRUTXHGHVWUX\HHO6DQWXDULRHQ'QHV5RPD3RUORWDQWRHO&XHUQRSHTXHQRGH
'DQLHOHQVXSULPHUDIDVH(Q'DQLHOODVGRVIDVHVGHO&XHUQRSHTXHQRHVWDQLQWLPDPHQWHPH]FODGDV\VRORHODVSHFWRFURQRORJLFRQRV
SRGUDGHFLUDTXHIDVHVHUHILHUH
>@
1RVHWUDWDFRPRGLFHVHJXQFUHHPRVHTXLYRFDGDPHQWHDOJXQR3HGURGH)HOLSHHQ(VWXGLRV%HUHDQRVQRSSXQWREDSDUWDGRV
\VIQOGHTXHODWHRORJLDTXHGDLPSRUWDQFLDDHVWHDVSHFWRSHFXOLDUGHODSURIHFLDDSOLTXHFDSULFKRVDPHQWHHOSULQFLSLRGLDSRUDQRHQ
ORVSHULRGRVSURIHWLFRV3RUGHVFRQWDGRTXHSXHGHGDUVHHVHFDVRSHURVLVHVLJXHQXQDVSDXWDVKHUPHQHXWLFDVUD]RQDEOHV\VLQDSDUWDUVHGHO
FRQWH[WR\GHOFRQWHQLGRGHOSURSLRWH[WRQRKDEUDDWURSHOORWH[WXDO
1RHVWRWDOPHQWHFRUUHFWRTXHVHGLJDHQLGTXH1PGRQGHVHDILUPDXQDQRSRUFDGDGLDVHDDOUHYHVGH(]T(VWRSRGULD
SDUHFHUORVLRPLWLHUDPRVHOYGRQGHVHQRVH[SOLFDODEDVHUHDOGHOFRPSXWR(QGLFKRWH[WRVHQRVDFODUDTXHORVGLDVTXH(]HTXLHOGHEH
OOHYDU OD PDOGDG GH ,VUDHO FRUUHVSRQGHQ D ORVDQRV TXH ,VUDHO KD FRPHWLGR OD PDOGDG /R TXH TXLHUH GHFLU UHDOPHQWH HV TXH FDGDGLD TXH
(]HTXLHOOOHYHODPDOGDGGH,VUDHORGH-XGDHVLJXDODXQDQRHQODUHDOLGDGGHODPDOGDGTXH-XGDH,VUDHOUHDOL]DURQ/RTXHHQGHILQLWLYD
VLJQLILFD HV TXHXQGLDHVLJXDO DXQDQR (O DQXQFLR SURIHWLFR GH ORV GLDV GH (]HTXLHO HV HYLGHQWH TXH VLJQLILFDQ DQRV TXH \D VH KDELDQ
FXPSOLGRSRUFXDQWRHOSURSLRWH[WRYQRVORDFODUD'HDKLTXHVHOHGLJDTXHVHYXHOYDDDFRVWDUXQQXPHURGHWHUPLQDGRGHGLDVTXH
FRUUHVSRQGHUDQDXQQXPHURGHWHUPLQDGRGHDQRVGHDFXHUGRDXQFRPSXWRGHXQGLDLJXDODXQDQR
/DGLIHUHQFLDTXHVHTXLHUHHQFRQWUDUHQWUH1P\(]TQRHVWDDSR\DGDWH[WXDOPHQWHWDQWRHQXQWH[WRFRPRHQRWURYLHQHHQHO
RULJLQDO OD PLVPD H[SUHVLRQ \RP ODVVDQD \RP ODVVDQD OLWHUDOPHQPHQWH GLDDQRGLDDQR 9HU UHVSHFWR D HVWR D 3URSKHWLH HW
(VFKDWRORJLH:LOOLDP6KHDRSFS
>@
 (VWR WRGDYLD OR YHUHPRV PDV HQ FRQFUHWR \ FRQ ODV GHELGDV PDWL]DFLRQHV FXDQGR HVWXGLHPRV 'DQLHO  (O PHQVDMH VXE\DFHQWH GHO
FDSLWXORDOLGHQWLILFDUORVDFRQWHFLPLHQWRVKLVWRULFRVGHOILQGHODVPDUDYLOODVDOXVLRQDO6HU'HVSUHFLDEOHGHOFSFRQHOSHULRGR
WLHPSRWLHPSRV\WLHPSRGHO&XHUQRSHTXHQRGH'DQLHOORVHVWDLGHQWLILFDQGRFI<DOPRVWUDUODQDWXUDOH]DGHODVPDUDYLOODV
TXLWDUHOFRQWLQXR\SRQHUODDERPLQDFLRQGHVRODGRUDFIHVWDLGHQWLILFDQGRHOVLVWHPDGHPDOGDG&XHUQRSHTXHQRGH'DQLHO
\HOVHUGHVSUHFLDEOHGH'DQLHOFIFIFRQORTXHVHLGHQWLILFDDOVLVWHPDGHPDOGDGGH'DQLHO\FRPRVLHQGRXQ
XQLFR\PLVPRVLVWHPD
>@
<DHQRWUDVQRWDVKDEODEDPRVGHFRPRODPD\RULDGHORVDXWRUHVLGHQWLILFDEDQDODV%HVWLDV$SRF\\TXHXQRGHORV
HOHPHQWRVXWLOL]DGRVHUDHOGHODLGHQWLGDGGHORVSHULRGRVTXHDSDUHFHQHQHO$SRFDOLSVLV
>@
9HGQRWDHQHOFDSLWXORDQWHULRUGRQGHH[SOLFDPRVHVWHDVXQWR
>@
$GHPDV GH OR GLFKR UHIHUHQWH D ODV &DEH]DV \ &XHUQRV HQ QXHVWUR DQDOLVLV GHO FDSLWXOR  GH$SRFDOLSVLV %HUQKDUG +HLQULFK )RUN
%LEHOKLOIH IXU GLH *HPHLQGH 'LH RIIHQEDUQXJ GHV -RKDQQQHV -* 2QFNHQ &DVVHO  S  FLWDGR HQ %UXWVFK HQ OD&ODUWH GH
/
$SRFDO\SVHRSFS
/D%HVWLDQROOHYDGLDGHPDVVHQDVGHJUDQGH]DGLJQLGDG\SRWHQFLDVREUHODVFDEH]DVFRPRHO'UDJRQGHSHURVLVREUHORV&XHUQRV
/DVFDEH]DVVLPEROL]DQODSRWHQFLDHVSLULWXDOODLQWHOLJHQFLD\ODORJLFDORV&XHUQRVODIXHU]DEUXWD!!
9HUHQQRWDQXHVWUDH[SOLFDFLRQVREUHODVGLDGHPDVHQORV&XHUQRV
30DUWLQHQOD1RWLRQGHO
(WDWGDQVOH1RXYHDX7HVWDPHQWWKHVHPDQXVFULWH*HQHYHSFLWDGRSRU%UXWVFKRSFS
(VSUHFLVRFRQFOXLUTXHODLQVWLWXFLRQGHOHVWDGRVHULDGHRUGHQ6DWDQLFRDORVRMRVGHO$SRFDOLSVLV!!
&RQUHODFLRQDODVEODVIHPLDVFITXHSXHGHQUHIHULUVHWDPELHQDODRULHQWDFLRQLGHRORJLFDGHODVFDEH]DVHQODVFDEH]DVKD\QRPEUHV
GHEODVIHPLD
(VWDVEODVIHPLDVQRVRQVRODPHQWHGLDWULYDVDQWLFULVWLDQDVVLQRTXHVHWUDWDGHODWHQWDFLRQGHHGLILFDUXQDUHOLJLRQ\GHKDEODUFRPR
'LRV!!7KLHOLFNH)UDJHQDXGDV&KULVWHQWXPSFLWDGRHQ%UXWVFKRSFS
>@
<D HQ QXHVWUR HVWXGLR GH 'DQLHO QRWDEDPRV TXH OD LQVSLUDFLRQ GHVFDUWDED D (JLSWR TXL]D SRU WUHV PRWLYRV IXQGDPHQWDOHV  (JLSWR
QXQFDIXHXQ,PSHULR8QLYHUVDOTXHLQIOX\HUDHQODPDUFKDGHODKLVWRULD6XVFRQTXLVWDV\VXHVSDFLRYLWDOVLHPSUHTXHGRUHVWULQJLGRDXQD
DUHD$XQFXDQGRPDWL]DUDDOJXQDVGHODVLQIOXHQFLDVEDELORQLFDVTXHH[SHULPHQWRIXHHQ%DELORQLDGRQGHVHRULJLQRODLGHRORJLDRSXHVWDD
ODGHO'LRVGHOD3DODEUD3URIHWLFD/D3DODEUD3URIHWLFDWLHQHHQFXHQWDD%DELORQLD\QRD(JLSWRFRPRHOSULPHULPSHULRTXHWXYRTXH
YHUSRUSULPHUDYH]FRQODGHVWUXFFLRQGH-HUXVDOHQ\HOH[LOLRGHO3XHEOR-XGLRUHSUHVHQWDWLYRGHO*RELHUQRGH'LRVGXUDQWHODDQWLJXD$OLDQ]D
>@
7RGRVORVDXWRUHVDXQTXHGHIRUPDLQFRKHUHQWHLGHQWLILFDQKLVWRULFDPHQWHDOD%HVWLDDSRFDOLSWLFDFRQHO,PSHULR5RPDQR
9HU3LHUUH3ULJHQWTXHUHFRJHHVWDRSLQLRQ /
$SRFDO\SVHGH6DLQW-HDQRSFSDOXGHHQUHODFLRQDHVWRDO%DMR-XDGDLVPRTXHHQ
VXSHUVSHFWLYDKLVWRULFDVHYHREOLJDGRDLQWHUSUHWDUOD&XDUWD%HVWLDGH'DQLHOFRQHO,PSHULR5RPDQRLG \ 3 %RJDHUW $SRFDO\SVH GH
%DUXFK6RXUFHV&KUHWLHQQHV3DULVSWDPELHQODVUHIHUHQFLDVFRQWHQLGDVHQODVQRWDVDODGRQGHSXHGHFRQVXOWDUVHXQD
DPSOLDGRFXPHQWDFLRQUHVSHFWRDDXWRUHVTXHWLHQHQHVWHSXQWRGHYLVWD
6LQHPEDUJRHVGHVDWLQDGRHOTXHVHKDJDXQDLQWHUSUHWDFLRQGHHVWDQDWXUDOH]DSXHVWRTXHHODXWRUGHO$SRFDOLSVLVQRSXHGHLGHQWLILFDUDOD
%HVWLDJOREDOPHQWHFRQXQ,PSHULRGHWHUPLQDGR/DV&DEH]DV\ORV&XHUQRVSRVHHQXQPHQVDMHVXE\DFHQWHTXHVHHVWDEOHFHDORODUJR
GHODGHVFULSFLRQTXHVHKDFHGHOD%HVWLDHQORVFDSLWXORVGRQGHHOODDSDUHFH
(VSRUHOORTXHORVDXWRUHVVHKDQYLVWRREOLJDGRVDDPSOLDUHOHVSHFWURGHOD%HVWLDDSRFDOLSWLFDYHU3ULJHQW/
$SRFDO\SVHGH6DLQW-HDQRS
FSS\VV\ORVDXWRUHVFRQWHQLGRVHQODVQRWDVDOD
(O,PSHULR5RPDQRQRHVDMHQRDOD%HVWLD$SRFDOLSWLFDSHURVLJXLHQGRODSDXWDTXHHOWH[WRQRVRIUHFHUHVSHFWRDODVXFHVLRQGHODV&DEH]DV
FIHO,PSHULR5RPDQRVHULDXQDGHHVDV&DEH]DV
>@
 3RGULD LQWHUSUHWDUVH TXH OD %HVWLD HQ VX FRQMXQWR FRQ WRGD VX FRQILJXUDFLRQ UHFLEH HO WURQR \ SRGHU GHO 'UDJRQ SHUR GDGR TXH HVWH
PHQVDMH HVWD \D LPSOLFLWR HQ HO FDSLWXOR  \ TXH HO SURSRVLWR GHO FDSLUWXOR  HV KDFHU HQIDVLV HQ OD FDEH]D TXH UHFLEH OD KHULGD PRUWDO
HVSHFLDOPHQWHHQODSURORQJDFLRQGHHVWDWUDVVXFXUDFLRQ\TXHGXUDKDVWDHOILQGHODKLVWRULDGHHVWHPXQGRFI$S\VV
\WHQLHQGRHQFXHQWDHVWDYHUVDWLOLGDGTXHODKLVWRULDQRVSUHVHQWDUHVSHFWRDFRPRVHUHFLEHHOWURQRSRGHU\DXWRULGDGHQHVWHPXQGR
HV SUHFLVR H[SOLFDU HVWHGDUHOWURQR D ODV &DEH]DV KHJHPRQLFDV FRQ OD RULJLQDOLGDG TXH FRUUHVSRQGH D HVD FDEH]D TXH UHFLELULD OD KHULGD
PRUWDO\TXHVHSURORQJDKDVWDHOILQ(VHOHQIDVLVSXHVWRHQKDFHUVREUHVDOLUSDUDHVHPRPHQWRHOTXHHO'UDJRQRIUHFHVXWURQRTXHQRV
REOLJDDHQFRQWUDUFRQODD\XGDGHODKLVWRULDODVYDULDQWHVTXHDSDUHFHQHQODRIHUWDGHOWURQR&UHHPRVTXHGXUDQWHODVFDEH]DVDQWHULRUHV
OD%HVWLDQRUHFLEHXQDHQWUHJDSURSLDPHQWHGLFKDGHOWURQRGHO'UDJRQVLQRTXHHO'UDJRQHVHOSURSLRFUHDGRUGHOD%HVWLDTXHHQJOREDDO
3RGHUGHHVWHPXQGR\VXWURQRHVWDDKL(QHOFDVRGHODIRUPDFLRQGHOD&DEH]DTXHUHFLEHODKHULGDPRUWDOHVHOUHVXOWDGRGHKDEHUKDELGR
XQHQWHQGLPLHQWRSUHYLRHQWUHORVGRVSRGHUHVTXHVHREVHUYDQHQODHSRFD&RQVWDQWLQLDQD(OLGHDULR,PSHULDO5RPDQRGRQGHVHHQFXHQWUDHO
WURQRVDWDQLFR\ORTXHLPSOLFDEDODLGHRORJLDFULVWLDQDTXHVRVWLHQHORVSULQFLSLRVGHO5HLQRGH'LRV
$SDUHFH XQ UHFODPR SRU SDUWH GH 5RPD ,PSHULDO TXH SURYRFD D FLHUWR FROHFWLYR FULVWLDQR UHSUHVHQWDWLYR D GHMDUVH VHGXFLU \ VXFXPELU HQ OD
WHQWDFLRQGHODRIHUWDGHOWURQRDXWRULGDG\SRGHUVDWDQLFR
>@
5HPLWLPRVDOOHFWRUDODVSDUWHVWDQWRKLVWRULFDVFRPRSURIHWLFDVGRQGHKHPRVSURIXQGL]DGRHQHOVHQWLGR\VLJQLILFDGRGHODDSRVWDVLD
5RPDQR&RQVWDQWLQLDQD\DOPRPHQWRHQTXHVHDFHSWDQORVWLWXORVTXHORV&HVDUHVVHDSOLFDQFRQORTXHWRGRHOORLPSOLFD\HOWUDVODGRGHO
SRGHUHIHFWLYR\GHODDXWRULGDGDO2ELVSRGH5RPD
'LJDPRVDKRUDTXHFRPRVLHPSUHODSURIHFLDWLHQHXQFULWHULRDODKRUDGHLGHQWLILFDUORVLQVWDQWHVHQORVTXHVXFHGHXQDFRQWHFLPLHQWR3RU
GHVFRQWDGR TXH VLHPSUH KD\ XQ SURFHVR HYROXWLYR SHUR KD\ XQ OLPLWH GHWHUPLQDGR TXH PDUFD OD FXOPLQDFLRQ GHO DVXQWR HQ FXHVWLRQ FRPR
UHFRQRFLEOH H LUUHSHWLEOH HQ OD KLVWRULD (VWH HO GH UHFLELU HO 3RGHU HO 7URQR \ JUDQGH$XWRULGDG IXH ELHQ YLVLEOH FXDQGR VH FXOPLQR HQ OD
&DEH]D GH OD %HVWLD DSRFDOLSWLFD TXH VLJXLR D OD &DEH]D TXH UHSUHVHQWDED DO ,PSHULR 5RPDQR HO TXH VH HVWDED GHVDUUROODQGR
KHJHPRQLFDPHQWHHQODHSRFDGH-XDQHVDWULORJLDDSRVWDWDGHRULJHQVDWDQLFR3RGHU7URQR\$XWRULGDG
(VWDFODURTXHODDFWXDFLRQGH6DWDQDVPHGLDQWHODV&DEH]DVDQWHULRUHVGRQGHVHLQFOX\HD5RPD,PSHULDODODTXHUHFLEHODKHULGDPRUWDO
QRKDELDQHFHVLWDGR\HVWRHVORTXHKDFHRULJLQDOODRFDVLRQFRUURPSHUSUHYLDPHQWHDXQPRYLPLHQWRLGHRORJLFRTXHVHH[WLHQGHSRUWRGRHO
,PSHULR5RPDQR\TXHVHULJHSRUXQRVSULQFLSLRVGLVWLQWRVDORVVDWDQLFRV\FRQXQLQXVLWDGRH[LWR
(VWR HV PX\ VLJQLILFDWLYR \D TXH VH WUDWD GH $OJR TXH HQ VX SURSLD QDWXUDOH]D R FRQVWLWXFLRQ QR HYLGHQFLD HVD WULORJLD VDWDQLFD \ 6DWDQDV
REVHUYDTXHGHOXQLFRPRGRTXHSXHGHQHXWUDOL]DUGLFKDLGHRORJLDFX\RRULJHQHVDMHQRDVXLQVSLUDFLRQ\FUHDFLRQHVHOGHFHGHUOHHO7URQR
3RGHU\$XWRULGDGGHORV&HVDUHVGHODSURSLD5RPD,PSHULDO$KRUDELHQHVWHRIUHFLPLHQWRQRSRGULDREWHQHUUHVSXHVWDVLQRHVDQXODQGR
ODHVHQFLDPLVPDGHO0RYLPLHQWR,GHRORJLFRTXHHVWRWDOPHQWHFRQWUDULRHQVXSURSLDH[LVWHQFLD\SULQFLSLRVDO3RGHUPXQGDQRDOD$XWRULGDG
GHORV*REHUQDQWHVGHHVWHPXQGR\DOWURQRVDWDQLFRHQODSHUVRQDGHORV&HVDUHV
(O FXPSOLPLHQWR GH HVWH SXQWR GH OD SURIHFLD GH DFXHUGR DO FRQWH[WR PDV LQPHGLDWR FRQWHPSODUD XQ FDPELR LGHRORJLFR \ XQD WUD\HFWRULD
GLVWLQWD SRU SDUWH GHO JUXSR UHSUHVHQWDWLYR FULVWLDQR \ TXH LQIOXLUD HQ HVD PD\RULD TXH VH H[WLHQGH SRU WRGR HO ,PSHULR UHVSHFWR D OR TXH
VLJQLILFDEDGHFRQWUDULRD5RPD
/DFRQWLQXLGDG GH 5RPD GH ORURPDQR VHUD XQ KHFKR /D VXSHUYLYHQFLD GH ORV FRQFHSWRV WDOHV FRPR OD8QLGDG OD SOHQD6REHUDQLD \
$XWRULGDGYLQFXODGDDO3RGHUTXHVXUJHFRPRFRQVHFXHQFLDGHODDFHSWDFLRQGHHVDFHVLRQGHO7URQRGHO'UDJRQVHHYLGHQFLDUDDSDUWLUGH
XQPRPHQWRHVSHFLILFRGHODKLVWRULDWUDVXQDHYROXFLRQTXHJHVWDFRQHODSR\RGHO,GHDULR5RPDQR&RQVWDQWLQLDQRXQD,JOHVLDGLYHUJHQWHDOD
TXH -HVXFULVWR IXQGDUD \ DOFDQ]DU HVD WULORJLD TXH 6DWDQDV OH RIUHFH (VWH 3RGHU DEVROXWR \ HVD 3ULPDFLD HVWDUDQ VLHPSUH DFRPSDQDQGR DO
7URQR GH HVH VLVWHPD VXUJLGR GHO 7URQR GH ORV &HVDUHV 5RPDQRV \ MXVWLILFDGR PHGLDQWH OD YLROHQFLD HO HQJDQR OD SHUVHFXFLRQ UHOLJLRVD
FXDQGRIXHUDQHFHVDULRWDOFRPRKLFLHUDVXSURJHQLWRUDORODUJRGHODKLVWRULDDQWHULRU
/D8QLGDGLGHDOGHO,PSHULR5RPDQRVHUDVXREVHVLRQKLVWRULFDMXQWRFRQODGHPDQWHQHUVX3RGHUXQLFR\DEVROXWRLQVSLUDQGR\RULHQWDQGRD
ORV&XHUQRVHQVXPLVPDWUD\HFWRULDLGHRORJLFDPDQHMDQGRORVSDUDVXSURYHFKR\REMHWLYRV
>@
9HUVREUHHVWRD3ULJHQWRSFS
>@
9HUQRWD
>@
/XFLR)HUUDULV3DSD,,3URPSWD%LEOLRWKHFDYRO9,SFLWDGRHQ&%$YRO9,,RSFS
>@
5HFXHUGHVHFRQDOJXQDVFLWDVTXHDFRQWLQXDFLRQH[SRQHPRVGHFLHUWRVDXWRUHVORTXH\DKHPRVGRFXPHQWDGRVXILFLHQWHPHQWHWDQWR
HQQXHVWUD6HFFLRQKLVWRULFDFRPRHQODSDUWHUHODWLYDDOSURIHWD'DQLHOUHVSHFWRDORULJHQGHOVLVWHPD3DSDORGHODD&DEH]D
1ROD,JOHVLDQRGHVFHQGHUDDODWXPED6REUHYLYLUDDO,PSHULR)LQDOPHQWHVXUJLUDXQVHJXQGRLPSHULRGHOFXDOHOSDSDVHUDHODPRPDV
DXQVHUDHODPRGH(XURSD(OLSDUWLUDVXVRUGHQHVDORVUH\HVORVFXDOHVOHREHGHFHUDQ!!-RVHSK7XUPHO7KH/DWLQ&KXUFKLQWKH0LGGOH
$JHV&KDUOHV6FULEHU
V6RQV1HZ<RUNSYLGHOSUHIDFLR
'HHQWUHODVUXLQDVGHOD5RPDSROLWLFDVHOHYDQWRHOJUDQ,PSHULRPRUDOHQODIRUPDJLJDQWHVFDGHOD,JOHVLD5RPDQD!!$&)OLFN7KH
5LVHRIWKH0HGLHYDO&KXUFK*33XWQDP
V6RQV1HZ<RUNS
/DUJRV VLJORV KD FXDQGR GHELGR D OD QHJOLJHQFLD GH ORV HPSHUGDGRUHV GHO RFFLGHQWH VX FLXGDG IXH GHMDGD D OD PHUFHG GH ODV KRUGDV
EDUEDUDVGLRSULQFLSLRDODVREHUDQLDWHPSRUDOGHORVSDSDV6XELHQGRKXPLOGHPHQWHDOWURQRGH&HVDUHOYLFDULRGH&ULVWRWRPRHOFHWUR
DQWH HO FXDO ORV HPSHUDGRUHV \ UH\HV GH (XURSD KDELDQ GH SURVWHUQDUVH FRQ UHYHUHQFLD GXUDQWH WDQWRV DQRV!! 5HY -DPHV 3 &RQUR\ HQ
$PHULFDQ&DWKROLF4XDUWHUO\5HYLHZDEULOGH
/DV UD]RQHV VLPSOLVWDV TXH HO DXWRU RIUHFH SDUD TXH HO 3DSDGR OOHJDUD D VHPHMDQWH VLWXDFLRQ QR SXHGHQ WUDHUVH FRPR ILDEOHV SDUD OD
GRFXPHQWDFLRQKLVWRULFDVLQHPEDUJRHVVXILFLHQWHODFLWDSDUDFRPSUHQGHUHODFWRLQMXVWLILFDEOHGHVXELUDO7URQRGHO&HVDU\DVXPLUXQD
DFWLWXGFRQWUDULDDOSURSRVLWRGHORVSULQFLSLRVGHO5HLQRGH'LRVTXHGHEHVDOYDJXDUGDUOD,JOHVLDGH-HVXFULVWRR5HVWRILHO
$GROI+DUQDFNGLUD
/D,JOHVLD5RPDQDVHFRORFRGHHVWDPDQHUDSULYDGDPHQWHHQHOOXJDUGHO,PSHULR5RPDQRPXQGLDOGHOFXDOHVGHKHFKRODFRQWLQXDFLRQHO
LPSHULRQRKDPXHUWRVLQRTXHKDH[SHULPHQWDGRVRODPHQWHXQDWUDQVIRUPDFLRQ(VWDQRHVPHUDPHQWHXQDKDELOREVHUYDFLRQRVRVSHFKD
VLQRHOUHFRQRFLPLHQWRGHOYHUGDGHURHVWDGRGHORVKHFKRVVHJXQODKLVWRULD(VXQDFUHDFLRQSROLWLFD\WDQLPSRQHQHWHFRPRXQLPSHULR
PXQGLDO SRUTXH HV OD FRQWLQXDFLRQ GHO ,PSHULR 5RPDQR (O SDSD TXH VH OODPD D VL PLVPR 5H\ \ 3RQWLILFH 0D[LPR HV HO VXFHVRU GHO
&HVDU!!:KDWLV&KULVWLDQLW\"3XWQDP
V6RQV1HZ<RUNSS
/DD&DEH]DHVWDKDFLHQGRVXDSDULFLRQFXDQGRVXVWLWX\HDO,PSHULR5RPDQRHQODKHJHPRQLDGHOPXQGRVRFLDOORTXHHVFRQWHPSODGRSRUOD
SURIHFLDFRPDTXHOORTXHGLULJHUHDOPHQWHODPDUFKDGHODKLVWRULD
(O &ULVWLDQLVPR VH KDELD H[WHQGLGR SRU WRGR HO ,PSHULR 5RPDQR VH KDELD LQWURGXFLGR HQ WRGDV ODV FODVHV VRFLDOHV \ VXSHUDGR ODV GLIHUHQWHV
SHUVHFXFLRQHVUHOLJLRVDVLQFOX\HQGRODPDVSUR[LPDD&RQVWDQWLQRTXL]DODPDVDPSOLDODGH'LRFOHFLDQR
/DSHUVHFXFLRQGHO&ULVWLDQLVPRVHGHEHIXQGDPHQWDOPHQWHDTXHQRUHFRQRFHFRPRVXSUHPRDQLQJXQRWURSRGHUTXHQRVHD'LRV/DLGHD
LPSHULDOYHXQSHOLJURHQODSURSDJDFLRQGHO&ULVWLDQLVPRSXHVWRTXHHOVRPHWLPLHQWRGHOFULVWLDQRDO(VWDGRQRHVLQFRQGLFLRQDO(VHYLGHQWH
TXH HO SULQFLSLR GHO QR VRPHWLPLHQWR LQFRQGLFLRQDO SXHGH JHQHUDU JUDYHV SUREOHPDV D XQ 3RGHU$EVROXWR \ D OD LGHD GH 8QLGDG GHO ,PSHULR
YLQFXODGD D HVH 3RGHU (MHPSORV FRPR HO UHFKD]R DO 6HUYLFLR PLOLWDU R OD YDULDQWH D QHJDUVH D VDFULILFDU R TXHPDU LQFLHQVR DO (PSHUDGRU
5RPDQR VXSRQHQ VL HO &ULVWLDQLVPR FRPR WDO VLJXH DYDQ]DQGR HYLGHQFLDV GH HVH QR DFDWDPLHQWR DO 3RGHU FRQVWLWXLGR SXGLHQGR OOHJDU D
VRFDYDUDOSURSLR,PSHULR
6RORFDELDXQDDOWHUQDWLYDGHVWUXLUDO&ULVWLDQLVPR'LRFOHFLDQRFRPHWLRHOPLVPRHUURUTXHVXVSUHGHFHVRUHVHOGHODSHUVHFXFLRQUHOLJLRVD
&RQVWDQWLQRHVFRJLRRWURPHMRURIUHFHUOHHO7URQROD$XWRULGDG\HO3RGHUGH5RPD
&RQVWDQWLQRMXQWRFRQDTXHOORVHFOHVLDVWLFRVTXHUHSUHVHQWDURQIDOVDPHQWHDOD,JOHVLDHQHVDKRUDSURFXUDURQOD8QLRQGHOD,JOHVLDGHODTXH
QRHUDQGXHQRV\HO(VWDGRFRQODLQRFXODFLRQGHXQDVVHPLOODVTXHHOWLHPSRHYLGHQFLDULDFRPRODUHDOLGDGGHORTXHVHIRUMRHQHVDIDWLGLFD
KRUD&RQVWDQWLQLDQD
'H QDGD VLUYLR HQ HVD RFDVLRQ HO HSLVRGLR PDJQLILFR GH -HVXV GH 1D]DUHW FXDQGR UHFKD]D HO 7URQR TXH 6DWDQDV OH SURSRQH WDQWR HQ ODV
WHQWDFLRQHV0WFI/XFFRPRFXDQGRDOJXQRVGHVXVVHJXLGRUHVSUHWHQGHQKDFHUOH5H\-QVVQLODVUHFRPHQGDFLRQHVD
VXV GLVFLSXORV HQ FXDQWR D TXH VXV YHUGDGHURV VHJXLGRUHV VH GLVWLQJXLULDQ SRU HO UHFKD]R GH OD SRWHVWDG R GH SRGHU WHPSRUDO TXH ORV
JREHUQDQWHV GH HVWH PXQGR PDQLILHVWDQ 0W  7DPSRFR VH KL]R FDVR DO HMHPSOR FRQWLQXR SRU SDUWH GH -HVXV GH XQD YLGD GH
UHQXQFLDPLHQWR\GHDXWHQWLFDKXPLOGDG6X5HLQRQRHVGHHVWHPXQGR\HOGHVXVGLVFLSXORVWDPSRFR
(QXQDWHVLVPDJLVWUDOPHQWHGHIHQGLGD\H[SXHVWD$OLVWHU.HH&RQVWDQWLQRFRQWUD&ULVWRHGLF0DUWLQH]5RFD%DUFHORQD\DFLWDGR
HQ RWURV OXJDUHV GHPXHVWUD FRQ XQ HVWXGLR SURIXQGR GH ODV IXHQWHV HO FDPELR VXIULGR SRU XQ FLHUWR &ULVWLDQLVPR TXH VH DXWRHULJH FRPR
UHSUHVHQWDWLYRHQRFDVLRQGHODVXELGDDOSRGHUGHO,PSHULR5RPDQRHOOODPDGR&RQVWDQWLQRHO*UDQGH&DPELRTXHVXSXVRVHJXQHODXWRUXQD
WUDLFLRQDODLGHRORJLDFULVWLDQD+HDTXLDOJXQDVFLWDVGHGLFKDWHVLV
$OJRRFXUULRHQHOUHLQDGRGHOHPSHUDGRU&RQVWDQWLQRTXHWUDQIRUPRWDQWRODSROLWLFDFRPRODUHOLJLRQGH(XURSD\VLTXHUHPRVFRPSUHQGHU
SRU TXH HVWDPRV GRQGH HVWDPRV \D VHD SRU VXHUWH R SRU GHVJUDFLD HQWRQFHV GHEHPRV DQDOL]DU HVWD WUDQVIRUPDFLRQ (XURSD FRPR HQWLGDG
SROLWLFDFDPELRGHELGRDHOODSHURORPLVPROHVXFHGLRDOFULVWLDQLVPR!!RSFS
DOUHFRJHUKLORVGHOSHQVDPLHQWRTXHDPHQXGR\DHVWDEDQSUHVHQWHVHQOD,JOHVLD\GHVDUUROODUORVGHFLHUWRPRGRVHXQLHURQSDUDKDFHUDOJR
TXH KDVWD HQWRQFHV MDPDV VH KDELD KHFKR VXVWLWXLU ODV QRUPDV GH &ULVWR \ GH OD ,JOHVLD SULPLWLYD SRU ODV QRUPDV GH OD LGHRORJLD LPSHULDO (O
PRWLYR GH TXH DQWHULRUPHQWH VH KD\D FUHLGR TXH &RQVWDQWLQR HUD FULVWLDQR QR HV TXH HO FUH\HUD VHUOR VLQR TXH ODV FRVDV HQ TXH HO FUHLD
DFDEDURQOODPDQGRVHFULVWLDQDV<HVWRUHSUHVHQWDEDHOWULXQIRGHODLGHRORJLD!!LGSS
8QDFRVDVHULDTXHODKLVWRULDGH(XURSDIXHUDJXLDGDSRUORVYDORUHVGH&RVQWDQWLQRHQYH]GHSRUORVGH&ULVWR\XQDFRVDPX\GLVWLQWD
VHULD TXH IXHVH JXLDGD SRU ORV GH &RQVWDQWLQR DO PLVPR WLHPSR WLHPSR TXH VH VXSRQLD HUURQHDPHQWH TXH ORV GRV HUDQ OR PLVPRV< OR PDV
WUDJLFRGHWRGRVHULDTXHODSURSLD,JOHVLDVLJXLHQGRHODUJXPHQWRGH(XVHELRKLFLHUDVX\RVORVYDORUHVGH&RQVWDQWLQR\FRQHOORQHJDUDORVGH
&ULVWR$XQTXHHVWRSXHGDSDUHFHULQFRQFHELEOHHVORTXHUHDOPHQWHKDVXFHGLGRGHVGHHOVLJOR,9GHGLFDUHPRVWLHPSRDFRQWUDVWDUORV
YDORUHVGH&RQVWDQWLQR\ORVGH&ULVWR\DTXHIXHUDFXDOIXHVHVXUHOLJLRQHOHPSHUDGRUFRQWUDGHFLDODVHQVHQDQ]DVIXQGDPHQWDOHVGH-HVXV
GH1D]DUHW!!LGS
(XVHELR SUHVHQWD D &RQVWDQWLQR FRPR HO QXHYR 0HVLDV XQ SURFHVR HQ HO TXH GH KHFKR &RQVWDQWLQR VXVWLWX\H D &ULVWR  VH SURGXMR XQ
IHQRPHQRPXFKRPDVVXWLOHLQVLGLRVR/RVYDORUHVGH&RVQWDQWLQRVXVWLWX\HURQDORVYDORUHVGH&ULVWRGHQWURGHOFULVWLDQLVPR!!LGS
(OLPSHULRURPDQRGHVDSDUHFLRKDFH\DPXFKLVLPRWLHPSR\ORPLVPRHOEL]DQWLQR$QWHVGHTXHHOVLJORWRFDUDDVXILQ\DQRIXHSRVLEOH
FRQWHQHU D ORV JRGRV SRU OR TXH HO LPSHULR TXHGR D VX PHUFHG 3HUR &RQVWDQWLQR FRQVLJXLR XQD FRQTXLVWD FX\R HIHFWR FRQWLQXD YLYR HQ
QXHVWURV GLDV VX FRQTXLVWD PDV VRUSUHQGHQWH \ D OD YH] PHQRV UHFRQRFLGD$O FRQYHUWLUVH &RQVWDQWLQR DEUD]R VX QXHYD UHOLJLRQ SDFWDGD \
SHUVRQDOVLPEROL]DGDSRUHOODEDURGHOSURSLRHPSHUDGRU&RQTXLVWROD,JOHVLDFULVWLDQD/DFRQTXLVWDIXHWRWDO\DEDUFRODGRFWULQDOD
OLWXUJLDHODUWHODDUTXLWHFWXUDODXUEDQLGDGHOHWRV\ODHWLFD6LQDPHQD]DVQLJROSHVORVFULVWLDQRVIXHURQOOHYDGRVDOFDXWLYHULRDOD
YH]TXHVXUHOLJLRQHUDWUDQVIRUPDGDHQXQQXHYRFXOWRLPSHULDO
 3HUR HVWD KD]DQD  UHSUHVHQWD OD PD\RU FRQTXLVWD GH &RQVWDQWLQR OD XQLFD TXH KD SHUGXUDGR GH IRUPD LQGLVFXWLEOH D OR ODUJR GH ORV
VLJORVHQ(XURSD\GRQGHTXLHUDTXHHOFULVWLDQLVPRHXURSHRVHKD\DSURSDJDGR!!LGRSFS
(UDWDQWRORTXHRIUHFLDHO(PSHUDGRURIUHFLDWDQWDVFRVDVTXHQRSRGLDQQLVRQDUXQRVFULVWLDQRVTXHSRFRDQWHVVHHQFRQWUDEDQEDMRXQD
DPHQD]DFRQVWDQWH(QHIHFWROHVRIUHFLDFRPRPLQLPRSDUWLFLSDUHQORVUHLQRVGHHVWHPXQGR&XDQGRHV6DWDQDVTXLHQRIUHFHVHPHMDQWHV
UHFRPSHQVDVVHUHFKD]DODWHQWDFLRQLGS
1RHVTXHODWUDLFLRQWXYLHUDOXJDUHQXQPRPHQWR)XHXQSURFHVRJUDGXDOODWUDQVLFLRQVHOOHYRDFDERHQXQHVSDFLRGHWLHPSRTXH
DODUPDSRUVXEUHYHGDG'XUDQWHWUHVVLJORVKDELDQUHVLVWLGR\FRQVHUYDGRVXIHHQHO&UXFLILFDGR$KRUDHQHOSOD]RGHXQDJHQHUDFLRQVH
OOHYRDFDERODWUDQVIRUPDFLRQFRPSOHWD/D,JOHVLDSDVRDVHUWRWDOPHQWHOHDODOHPSHUDGRUDOQXHYRVDOYDGRUTXHKDELDORJUDGRGHVSOD]DUDO
-HVXVKLVWRULFR!!LGS
&RQVWDQWLQRVLJXLRFRQJUDQHILFDFLDXQDSROLWLFDTXHOHSHUPLWLRFRQTXLVWDUDOD,JOHVLDTXHHUDODPD\RUGHWRGDVODVSUHVDVXQDSUHVDTXH
VHOHKDELDHVFDSDGRDVXVFDSDFLWDGRVSUHGHFHVRUHV/RTXHKL]RGHHOORXQDYLFWRULDQRIXHHOKHFKRGHTXH&RQVWDQWLQRVHJUDQMHDUDHO
DSR\RGHOD,JOHVLDVLQRTXHHQHOFXUVRGHOSURFHVRDOWHURSRUFRPSOHWRODQDWXUDOH]D\ODEDVHGHODIHFULVWLDQDLGS
"6HFRQYLUWLRHOLPSHULRHQXQ(VWDGR&ULVWLDQR"1RHOFULVWLDQLVPRYHQGLRVXVGHUHFKRVGHQDFLPLHQWRSRUXQDSHUVRQD\VHWUDQVIRUPR
HQODUHOLJLRQGHO(VWDGR'HKHFKRIXHHOFRPLHQ]RGHODKLVWRULDGHOFULVWLDQLVPRWDOFRPRORFRQRFHPRV(VWDEOHFLRODVQXHYDVQRUPDVSDUD
LQWHUSUHWDUHOFULVWLDQLVPRLGS
/DSURJUHVLRQHUDORJLFDHLQHYLWDEOH/D,JOHVLDFRPHQ]RDLPLWDUDO(VWDGR6HDFHSWRHOPRGHORLPSHULDOGHDXWRULGDGGHPDQHUDTXHORV
SULQFLSHVGHOD,JOHVLDYLYLDQHQSDODFLRV\HMHUFLDQGRPLQLRVREUHXQGLVWULWRDGPLQLVWUDWLYR$FHSWDEDQHVWLSHQGLRVGHO(VWDGR\DGRSWDEDQ
HO WUHQ GH YLGD SURSLR GH TXLHQHV VHUYLDQ D &RQVWDQWLQR 8QD YH] TXHGR WHUPLQDGR HVWH WUDVSDVR GH YDORUHV WRGR OR GHPDV YLQR
DXWRPDWLFDPHQWHFULVWLDQRVTXHSRVHLDQHVFODYRV\UHFOXWDEDQVXVSURSLRVHMHUFLWRV\ILQDOPHQWHODDSDULFLRQGHORV(VWDGRVSRQWLILFLRV!!LG
S
(OUHLQDGRGH&RQVWDQWLQRHVXQPRPHQWRFULWLFRIXQGDPHQWDOHQODKLVWRULDGH(XURSD\QRVRORGH(XURSD'HVGHDTXHOWLHPSRODLGHRORJLD
LPSHULDOFRQWRGRORTXHVLJQLILFDSDUDODDFXPXODFLRQGHULTXH]D\HOHMHUFLFLRGHOSRGHUVREUHORVGHELOHVUHFLELROHJLWLPDFLRQUHOLJLRVDGHOD
,JOHVLD$ILQGHOHJLWLPDUORVYDORUHVLPSHULDOHVHUDQHFHVDULRTXHHOFULVWLDQLVPRVHWUDQVIRUPDVHSRUFRPSOHWRGHVGHGHQWUR!!LGS

/DWHVLVGHODXWRUDXQTXHFRUUHFWDHQVXVWUD]RVPDVVREUHVDOLHQWHVQRWUDWDFRPRWRGRHVRHVWDEDFRQWHPSODGRHQODSURIHFLDELEOLFD\TXHOR
TXHSHUPLWLRTXHVHUHDOL]DUDODREUDPDHVWUDGH&RQVWDQWLQRIXHXQDGLUHFFLRQHFOHVLDVWLFDTXHGHQWURGHODFRQIXVLRQTXHVXSRQHHOSURSLR
SURFHVR\HYROXFLRQVHGXMRDWRGRXQFRQJORPHUDGRFULVWLDQRVLQTXHSXGLHUDHYLWDUODH[LVWHQFLDGHXQDUHSUHVHQWDWLYLGDGILHODORVSULQFLSLRV
GHO5HLQRGH'LRVTXHKDFLDYLVLEOHFRPRFRQWUDSDUWLGDDO5HVWRR,JOHVLDYHUGDGHUD
$GROI+DUQDFNKDFRPSUHQGLGRHVWHDFWRKLVWRULFRWDQWUDVFHQGHQWDO\ORUHVXPHFRQDOXVLRQHVDODSURIHFLDDSRFDOLSWLFD
$VLOOHJROD5RPDSDJDQDDVHUODOD5RPDSDSDOVHXQLHURQOD,JOHVLD\HO(VWDGR\HOSRGHUSHUVHJXLGRUGHOGUDJRQIXHFRQIHULGRDOD
SURIHVDFDEH]DGHODLJOHVLDGH&ULVWROD5RPD3DSDO(O3DSDTXLHQVHOODPDDVLPLVPR5H\\3RQWLILFH0D[LPRHVHOVXFHVRUGH&HVDU
:KDWLV&KULVWLDQLW\RSFS
(QHVWDHYROXFLRQDXQTXH\DORYLPRVVXILFLHQWHPHQWHHQQXHVWUDH[SRVLFLRQKLVWRULFD\HQQXHVWURHVWXGLRVREUH'DQLHOWRGDYLDVHUDSUHFLVR
OD GHVDSDULFLRQ GH &RQVWDQWLQR OD GHO SURSLR ,PSHULR \ HO DVHQWDPLHQWR GH ORV %DUEDURV SDUD TXH OD FHVLRQ GHO 7URQR \$XWRULGDG VHD XQD
UHDOLGDG KLVWRULFD 0DV DGHODQWH WRGDYLD DOXGLUHPRV D HOOR FXDQGR DQDOLFHPRV FRQ OD KLVWRULD OD D &DEH]D R OR TXH VH LQWURGXFH FRPR
UHSUHVHQWDWLYRGHOD%HVWLDHQVXSRVLFLRQGHDELVPR$KRUDDOXGLUHPRVDGRVFLWDVTXHSUHYHHQODFXOPLQDFLRQGHHVHSURFHVRHQHOTXHOD
$XWRULGDG\3RGHUGHO,PSHULR5RPDQRVHOHJDOL]DHQHO2ELVSRGH5RPDHQXQPRPHQWRGHWHUPLQDGRHQTXHORVEDUEDURVVHH[WHQGLHURQ
VREUHHO,PSHULR
/DVLQYDVLRQHVGHORVEDUEDURVDXPHQWDURQPDVODLQIOXHQFLDGHOSDSDGR\GHORVRELVSRV$QWHODRODTXHVXPHUJHDO,PSHULRHQHOVLJOR9
ORVMHIHVGHOD,JOHVLDVHDSRGHUDURQGHORVXOWLPRVUHVWRVGHOSRGHUFLYLO!!*UDQG/DURXVVH8QLYHUVHOGX;,;VLHFOHYRO;,,S
(O2ELVSRGH5RPDHQODVLOODGHORVFHVDUHVHUDDKRUDHOKRPEUHPDVJUDQGHGHO2FFLGHQWH\SURQWRFXDQGRORVEDUEDURVLQYDGLHURQHO
LPSHULROOHJDUDVHUWDQWRODFDEH]DSROLWLFDFRPRODHVSLULWXDO!!$&)OLFN7KH5LVHRIWKH0HGLDHYDO&KXUFKRSFS
$SDUWLUGHORVSULYLOHJLRV\FRQFLHUWRVTXH&RQVWDQWLQROOHYDDFDERFRQXQD,JOHVLDTXHDEDQGRQDQGRODVGLUHFWULFHVFODUDVGHVXIXQGDGRU
UHVSHFWRDVXSRVLFLRQRSXHVWDDOUHLQRGHHVWHPXQGRRULHQWDUDODREWHQFLRQGHO3RGHU\GHXQPRGRPD[LPR\DEVROXWR8QDH[WUDQDPH]FOD
GH SROLWLFD \ UHOLJLRQ IDOVHDGD VH REVHUYDUD D OR ODUJR GH ORV VLJORV FRQ XQD VROD SUHWHQVLRQ PDQWHQHU OD LGHD GH XQD8QLGDG HQ EDVH D OD
SURPRFLRQGHXQDLGHRORJLDFRQODTXHGHVHDREVHVLYDPHQWHORJUDUVXVREMHWLYRVGH$XWRULGDG\GH8QLGDG&DWROLFD
-XDQ3HUXFKRHQ$%&S,,,WUDHDFRODFLRQHQVXDUWLFXOR,QWHUSUHWDFLRQHVGHO$SRFDOLSVLVODGHOPDOORUTXLQ&ULVWREDO6HUUD
TXLHQHQVX*XLDSDUDHOOHFWRUGHO$SRFDOLSVLVVHJXQHODXWRUUHIHULGRWLHQHPX\HQFXHQWDODVWHVLVGH-XDQ/DUUHDHQVXOLEURFDSLWDO/D
(VSDGDGHOD3DORPD<DQDGH
/DUUHDDILUPDEDTXHHUDFRQWUDHORELVSRGH5RPDHOFXDOHQRSRVLFLRQDOHVSLULWXGHODSURIHFLDGH-HVXVVHDOLDEDFRQOD5RPDSDJDQDGH
ORV&HVDUHV\SUHGLFDEDODDGDSWDFLRQDOPXQGR\DOPDWHULDOLVPR!!
>@
 9DULRV DXWRUHV 3URIHVRUHVGH6DODPDQFD TXHLGHQWLILFDQGLFKRVSHULRGRVSURIHWLFRVORVGHOFS\GH$SRFDOLSVLVRSF
YRO9,,S/RPLVPRHO&RPHQWDULRGHOD6DJUDGD(VFULWXUDRSFYRO,,,1XHYR7HVWDPHQWRS
(O&RPHQWDULRGH5DWLVERQDWDPELHQLGHQWLILFDGLFKRVSHULRGRVRSFYRO,;S
6WUDXELQJHUORPLVPRRSFLW9RO,9SDJ6FLRGHVDQ0LJXHORSFLW9RO9S\&DQWHUD,JOHVLDVRSFLWS%LEOLD
GH-HUXVDOHQRSFLWS3X]R9DFFDULRSFLWS&DVWHOODQLRSFSS\$QWRQLQR5RPHRRSFYRO;;,,S
&RPHQWDULR%LEOLFRGH6DQ-HURQLPRRSFLWYRO,9S
(QWUHORVSURWHVWDQWHVSRGHPRVDOXGLUDYDULRVDXWRUHVWDPELHQ/DDGRSFS/HRQ0RUULVRSFSS-0HUZLQ%UHXHPDQ
RSFS-RKQ31HZSRUWRSFS
/DPD\RULDGHHVWRVPLVPRVDXWRUHVLGHQWLILFDQORVSHULRGRVFRQHOGHO&XHUQRSHTXHQRGHODD%HVWLDGH'DQLHOYHUQRWDVDOD
>@
/RV3URIHVRUHVGH6DODPDQFDORFRQVLGHUDQFRPRXQWLHPSRVLPEROLFRGHSHUVHFXFLRQQROLWHUDORSFYRO9,,S
( O&RPHQWDULR GH 5DWLVERQD LGHQWLILFD ORV SHULRGRV FURQRORJLFRV FRQ OD DFWLYLGDG GHO $QWLFULVWR FRPR OD JUDQ WULEXODFLRQ GH OD ,JOHVLD \
UHODFLRQDODSURIHFLDGH$SRFDOLSVLVFRQHOILQGHORVWLHPSRV\HVWDDVXYH]FRQ\RSFYRO,;SS\
6WUDXELQJHUFRQVLGHUDDOXGLHQGRDORV3DGUHV\D)LOORQTXHGLFKRSHULRGRSURIHWLFRDGHPDVGHVHUVLPEROLFROOHJDKDVWDHOWLHPSRGHOILQRS
F9RO,;S
6FLRGH60LJXHOORGHILQHFRPRHOSHULRGRGHGXUDFLRQGHO$QWLFULVWRRSFS
$QWRQLQR 5RPHR RS F YRO ,,, SS   \  FRQVLGHUD TXH HVRV SHULRGRV FURQRORJLFRV VH UHILHUHQ DO WLHPSR GH SHUVHFXFLRQ GH OD
,JOHVLDKDVWDHOWLHPSRGH)LQ&DVWHOODQLFRQVLGHUDHOSHULRGRFRPRHOWLHPSRGHGXUDFLRQGHODSHUVHFXFLRQGHO$QWLFULVWRFRQHFWDGRHVWHFRQ
ORVXOWLPRVWLHPSRVRSFS\/RV0RQMRVGH0RQWVHUUDWRSF9RO;;,,SSFRQHFWDQGLFKRSHULRGRFRQHO5HLQR
0LOHQDULR\HO-XLFLRDQWHULRUDO5HWRUQRGH&ULVWR3RUSDUWHSURWHVWDQWH/DDGQRFRQVLGHUDHOSHULRGRGHIRUPDOLWHUDOVLQRGHODUJRDOFDQFH
RSFS
>@
5HSHWLPRVDTXLORTXHHODXWRUFDWROLFR:LNHQKDXVHQHQVXFRPHQWDULRGH$SRFDOLSVLVGHO &RPHQWDULRGH5DWLVERQDRSFS
GLFH UHILULHQGRVH D 'DQLHO /DV FLIUDV HPSOHDGDV HQ  \  VV SDUD LQGLFDU ORV GLDV QRV GDQ OD FHUWH]D GH TXH XQ WLHPSR HQ 
VLJQLILFDXQDQR\ODVHPDQDGHHVXQDVHPDQDGHDQRV
(VWHDXWRUHVWDGDQGRDXQGLDHOYDORUGHXQDQRHQ\HVWRHQEDVHDORTXHVXJLHUH'DQ\VV
2WURDXWRUFDWROLFR&DVWHOODQLFXDQGRDOXGHDODLGHDTXHDOJXQRVWLHQHQGHGDUDOGLDXQYDORULJXDODXQDQRHQORTXHVHUHILHUHDODFLIUD
SURIHWLFRVLPEROLFDGHPHVHVDQDGH,GHDTXHKDWRFDGRDPXFKRVLQWHUSUHWHVFRPRDPLRSFS
(O GDU DO WLHPSR SURIHWLFR VLPEROLFR XQ YDORU UHDO GH XQ GLD LJXDO D XQ DQR WLHQH XQD EDVH H[HJHWLFD HQ HO HVWXGLR GH OD SURIHFLD GH ODV 
VHPDQDVGH'DQLHOHQFLHUWRVXVRVTXHODSURSLD(VFULWXUDRIUHFHUHVSHFWRDOFRPSXWRHQFXHVWLRQHQHOFRQWH[WRFURQRORJLFRHQHOTXHVH
YHUHODFLRQDGRODFLIUDSURIHWLFRVLPEROLFD\HQHOHVWXGLRTXHYDULRVDXWRUHVUHDOL]DQGHGLFKRVSHULRGRVSURIHWLFRV
>@
/DKHJHPRQLDGHO6LVWHPD3DSDOIXHSURJUHVLYDSHURDOFDQ]RVXFRQVROLGDFLRQFXDQGRORVREVWDFXORVIXQGDPHQWDOHVIXHURQTXLWDGRV
3RGHPRVGHFLUTXHSDUWLHQGRGHODJUDQWUDLFLRQDOFULVWLDQLVPRTXHVHLQLFLDFXDQGRFLHUWRFROHFWLYRUHSUHVHQWDWLYRGHOD,JOHVLDVHXQHFRQOD
DSRVWDVLDGHO(VWDGR,PSHULDO5RPDQREDMRODLGHD&RQVWDQWLQLDQD\GHODSURSLDGLUHFFLRQHFOHVLDVWLFDHQHOVLJOR,9\TXH\DKHPRVGHMDGR
EXHQD QRWD HQ GLIHUHQWHV OXJDUHV YHU QRWD QR  \ ORV FDSLWXORV KLVWRULFRV GH QXHVWUD SULPHUD 6HFFLRQ UHODWLYRV D HVWH WHPD \ XQD YH]
DEVRUELGRVRQHXWUDOL]DGRVORVUHLQRVEDUEDURVVLJOR9\SULPHUDPLWDGGHO9,TXHSHUPLWLULDQHOGHVDUUROOR\ODSXHVWDHQSUDFWLFDGHODSOHQD
6REHUDQLD 3DSDO UDWLILFDGD H LPSXHVWD SRU HO SURSLR SRGHU FLYLO VH FXOPLQD WDQWR FRQ &ORGRYHR FRPR FRQ -XVWLQLDQR HVH SURFHVR GH
FRQVROLGDFLRQTXHSURGXFLULDODRULHQWDFLRQGHXQDSROLWLFD(XURSHDTXHGXUDUDKDVWDOD5HYROXFLRQ)UDQFHVD<HVRGHDFXHUGRDORVSULQFLSLRV
GH HVD ,JOHVLD &RQVWDQWLQLDQD TXH VH FRQVWLWX\H HQ XQD QXHYD SRWHQFLD FRQ WHUPLQRORJLD FULVWLDQD \ TXH VXVWLWX\HQGR D OD &XDUWD &DEH]D R
5RPD3DJDQDFRQWLQXDUDGDQGRH[LVWHQFLDDOD%HVWLDPHGLDQWHODD&DEH]DR5RPD3DSDO
$SDUWLUGHOV9\DVHREVHUYDFRPRODFHVLRQGHOWURQRVHKDLGRSODVPDQGRHQORTXHVHFRQRFHFRPR,JOHVLD&DWROLFD5RPDQDPHGLDQWHHO
VLVWHPD3DSDO
/DXQLRQGH,JOHVLD\(VWDGRTXHVHKDLQDXJXUDGRHQRFDVLRQGH&RQVWDQWLQRV,9YDWUD\HQGRVXIUXWRGHDKLTXHOD$XWRULGDG0RUDO
VHDXQDDXWHQWLFD$XWRULGDGSROLWLFD
3DUD TXH HVD KHJHPRQLD GH OD D &DEH]D VHD XQ KHFKR PDQLILHVWR VHUD SUHFLVR HQ SULPHU OXJDU TXH HO 3DSDGR DVXPD HO VHUSRQWLIH[
PD[LPXV\ODSOHQLWXGRSRWHVWDWLV\SRURWUDSDUWHVHDUURJXHODDXFWRULWDVTXHHVWDSRUHQFLPDGHODSRWHVWDVTXHVRORWLHQHHOSRGHUFLYLO
(VWR HV OR TXH YD ODEUDQGR FRQVLJXLHQGROR HQ XQ SURFHVR TXH FRPR \D YLPRV HQ QXHVWUD SULPHUD 6HFFLRQ OH FRQGXFLUD D OD$XWRULGDG TXH
VHQDODODSURIHFLDGH$SRFDOLSVLVFRQODGXUDFLRQGHDQRV
'HVGHODWHPSUDQDIHFKDHQODTXHHO3DSD'DPDVRVHDUURJDHOWLWXOR3RQWLIH[0D[LPXVTXHDODVD]RQGHMDHOHPSHUDGRU*UDFLDQRYHUFS
,,,GHOD6HFFLRQ3ULPHUDSDUWHSULPHUDQRWDV\VVSDVDQGRSRU6LULFLRTXHVHDXWRSURFODPD3DSDYHULGQRWDVKDVWDHO3DSD
/HRQ TXH KDFH YDOHU VXV GHUHFKRV GH WRWDO VREHUDQLD VREUH WRGRV LG QRWDV  \ *HODVLR LG QRWD  GRQGH GHMD FODUR TXH OD
DXWRULGDGHFOHVLDVWLFDHVWDSRUHQFLPDGHODFLYLO\6LPDFRLGQRWDVHSURJUDPDUDHQHOV9ORTXHHQHOG-HQYLUWXGGHXQRV
KHFKRVKLVWRULFRVUHODWLYRVDODSURSLDHVWUDWHJLDSDSDOORTXHVHHVWDEOHFHUDGHILQLWLYDPHQWHXQDKHJHPRQLDTXHDSHVDUGHVXVIOXFWXDFLRQHV
GXUDUD LPSHUWXUEDEOH KDVWD OD 5HYROXFLRQ )UDQFHVD GRQGH UHFLELUD XQD KHULGD PRUWDO WDO FRPR OD SURIHFLD UHJLVWUD GHQWUR GHXQ SHULRGR GH
DQRV
(OKLVWRULDGRU0DUFHO3DFDXUHILULHQGRVHDORULJHQGHO3DSDGR/D3DSDXWHRSFS
/HRQ VH DWULEX\H HO WLWXOR TXH OOHYDED HO MHIH VXSUHPR GH OD UHOLJLRQ URPDQD HO GH SRQWLILFH[ PD[LPXV TXH KDEULD VLGR SHOLJURVR WRPDU VL
KXELHVHVXEVLVWLGRHQ2FFLGHQWHXQHPSHUDGRUSRWHQWH*UDFLDVDORFXDOSRVHHODSOHQLWXGRSRWHVWDWLVODSOHQLWXGGHSRGHURWUDH[SUHVLRQ
TXHFDOLILFDODVREHUDQLD!!
'HHVWHPRGRHO3DSD/HRQVHDVLJQDDOJRDORTXHWHQLDGHUHFKRHOTXHKDELDHVWDGRVHQWDGRHQHOWURQRGH5RPD,PSHULDO\\DVDEHPRV
TXLHQHUDHORULJLQDGRUGHOWURQRGH5RPDFI$S\$S<DVDEHPRVODDFWXDFLRQGHHVWH3DSDFRQ+LODULRYHU
-DYLHU*RQ]RDJD&RQFLOLRVYRO,SSFRPRODTXHVHHIHFWXDUDHQHOIXWXURFXDQGRVHXWLOLFHHOSRGHUFLYLOFRQWUDJHQWHVSXHEORVR
QDFLRQHVRPHGLDQWHOD,QTXLVLFLRQRODV&UX]DGDV
(VWH FRODERUDFLRQLVPR HQWUH ,JOHVLD \ (VWDGR IUXWR GH XQD DPDOJDPD TXH GHVGH &RQVWDQWLQR VH YD FRQVROLGDQGR VH PDWL]D SRU HO 3DSD
*HODVLRGHMDQGRFODURTXHGHQWURGHOGXDOLVPRKD\XQDDXWRULGDGVXSUHPD
'XDOLVPR\FRRSHUDFLRQKHDKLODGRFWULQDSROLWLFDIXQGDPHQWDOGHO3DSDGRTXHQRFHVDUDVDOYRHQDOJXQDVFLUFXQVWDQFLDVGHLQVSLUDUOD
DFWLWXGGHOD,JOHVLD
6LQHPEDUJRKD\HQWUHORVGRVSRGHUHVXQDGLIHUHQFLDLPSRUWDQWHTXHDOXGHQDODHVHQFLDGHVXVIXQFLRQHVORVHPSHUDGRUHV\ORVUH\HVTXH
DGPLQLVWUDQ WLHQHQ VRODPHQWH XQDSRWHVWDV  ORV SRQWLILFHV WLHQHQ ODDXFWRULWDV  HO WHUPLQR HPSOHDGR H[SUHVD OD SOHQD VREHUDQLD!!
0DUFHO3DFDXHQ/D3DSDXWHRSFS
1RKD\GXGDHQFXDQWRDODWUD\HFWRULD\ODHILFDFLDPXQGDQDTXHDUUDVWUDGHVGH&RQVWDQWLQR3HURHVSUHFLVRGHMDUELHQFODURTXLHQHVHO
SULPHUVREHUDQR6HQHFHVLWDSDUDTXHHOFRODERUDFLRQLVPRVHDHILFD]XQDXQLGDGTXHXQLFDPHQWHSXHGHORJUDUVHPHGLDQWHHOVRPHWLPLHQWR
GHWRGRDO2ELVSRGH5RPD(O3RGHUFLYLOVHSOLHJDDQWHODVSUHWHQVLRQHVGHO2ELVSRGH5RPD\VHSRQHDOVHUYLFLRGHHVWDFDXVD
+D VLGR LPSUHVFLQGLEOH WDPELHQ \ HQ EDVH DO HVTXHPD 5RPDQR &RQVWDQWLQLDQR TXH HO VLVWHPD (YDQJHOLFR GH XQD ,JOHVLD GHPRFUDWLFD VHD
WRWDOPHQWHVXVWLWXLGRSRUXQVLVWHPDPRQDUTXLFRDEVROXWLVWDLQVSLUDGR\FRQWLQXDGRUGHODYLHMD5RPD
3DUDOHODPHQWH DO SURFHVR SURJUDPDGRU TXH DSXQWD KDFLD XQD KHJHPRQLD XQLYHUVDO VH SHUILODQ FDGD YH] FRQ PDV LQVLVWHQFLD ORV REVWDFXORV
VHULRV TXH UHSUHVHQWDQ FLHUWRV SXHEORV EDUEDURV TXH QR TXLHUHQ HQWUDU HQ OD RUELWD 3DSDO \ TXH VH KDQ LQFOLQDGR HQ OXJDU GHO &DWROLFLVPR
5RPDQRSRURWUDWHQGHQFLDKHUHWLFDHO$UULDQLVPR0LHQWUDVTXHHVWRVSRGHUHVSROLWLFRPLOLWDUHVVHDQHILFDFHVHQ,WDOLD\RSXHVWRVDO3DSDGR
LPSRVLELOLWDHOUHFRQRFLPLHQWR\ODSXHVWDHQSUDFWLFDGHHVD$XWRULGDG\SROLWLFD3DSDO
3RURWUDSDUWHODVREHUDQLDHVSLULWXDOTXHH[LJHHO3DSDGRREWLHQHXQDFRQWUDUHSOLFDSRUSDUWHGHOFOHUREL]DQWLQR
'DQLHO5RSVDXWRUFDWROLFRQRVH[SUHVDHOLPSHGLPHQWRTXHVXSRQLDQFLHUWRVSXHEORVEDUEDURV
<DTXHHOLPSHULRQRSRGLDGHVDSDUHFHUHUDSUHFLVRTXHVHLQWHJUDUDDORVQXHYRVOOHJDGRVORVEDUEDURVFRPRXQLQMHUWRVHLQWHJUDD
ODVXVWDQFLDPLVPDGHXQDUERO/D,JOHVLDTXHHQORVXFHVLYRHUDHOWURQFRGHHVHDUEROSXHGHVRODFXPSOLUHVWDWDUHD3HURQRSRGULDKDFHUOR
PDVTXHGHVSXHVGHVHUOLEHUDGDGHXQJUDYHLPSHGLPHQWR(VWHLPSHGLPHQWRHUDGHRUGHQUHOLJLRVRHQHOPRPHQWRTXHVHLQVWDODEDQHQ
HO ,PSHULR OD PD\RU SDUWH GH ORV %DUEDURV !!/
(JOLVHGHV7HPSVEDUEDUHV  FROOHFWLRQ /HV JUDQGHV HWXGHV KLVWRULTXHV )D\DUG 3DULV
SS
'HVGHRWURDQJXOR3LHUUH/DQIUH\+LVWRULD3ROLWLFDGHORV3DSDVRSFSQRVGLFH
6LQ HPEDUJR DO 3DSDGR VH OH RSRQLDQ GRV JUDQGHV REVWDFXORV D ORV TXH GHELD YHQFHU SDUD HO ORJUR GH VXV SUR\HFWRV UHVSHFWR DO IXWXUR
LQPHGLDWR 3RU XQD SDUWH OD VREHUDQLD GHO LPSHULR JULHJR UHVWDXUDGD HQ 5RPD \ HQ ODV SURYLQFLDV GHO ([DUFDGR  \ SRU RWUD SDUWH OD
REVWLQDFLRQGHORVUH\HVEDUEDURVHPSHQDGRVHQWUDQVIRUPDUD,WDOLDHQXQDQDFLRQSRGHURVD!!
/DQIUH\DOXGHD%L]DQFLRFRQODH[SUHVLRQORVJULHJRV<TXH\DKHPRVGLFKRTXHHOHSLVFRSDGRJULHJREL]DQWLQRVHRSRQLDDOUHFRQRFLPLHQWR
GHO2ELVSRGH5RPDFRPRXQLFD&DEH]DGHWRGRVORVTXHVHGHQRPLQDEDQFULVWLDQRV
'H GRV SRGHUHV LED D GLVSRQHU HO 3DSDGR SDUD TXH VX KHJHPRQLD SXGLHUD VHU XQD UHDOLGDG \ ORV REVWDFXORV VHULRV SDUD VX SURJUDPD GH
$XWRULGDGVXSUHPDSXGLHUDQVHUTXLWDGRV
(OSULPHURHVHOUHLQR)UDQFRIXQGDGRSRU&ORGRYHRTXHSXGRGHVDUUDLJDUGHVSXHVGHVXFRQYHUVLRQDO&DWROLFLVPR5RPDQRDOUHLQRYLVLJRGR
TXH HUD DUULDQR /D LPSRUWDQFLD GH HVWD FUX]DGD HQ IDYRU GHO &DWROLFLVPR GHVWUX\HQGR HO SRGHU DUULDQR GH WRGD OD *DOLD WXYR XQDV
UHSHUFXVLRQHVSROLWLFDVGHSULPHUDPDJQLWXG\DTXHDSDUHFHXQVLVWHPDGHXQLRQLQGLVROXEOHHQWUHOD,JOHVLD5RPDQD\HO(VWDGRLPSOLFDQGRDO
7URQRHQIDYRUGHO$OWDU\VXSHGLWDQGRVHHOSRGHUFLYLODOUHOLJLRVR(VWRVKHFKRVWDQWUDVFHQGHQWDOHVKDQVLGRUHFRQRFLGRVSRUODKLVWRULDFRPR
HOPRPHQWRHQHOGHODO]DPLHQWRGHO3DSDGRODFRQVXPDFLRQGHXQDDERPLQDFLRQHVSDQWRVD
UHVWDXURODXQLGDGFULVWLDQD\HVWDEOHFLRHQ3DULVODPRQDUTXLDIUDQFDDEDVHGHXQDHVWUHFKDDOLDQ]DHQWUHHOUH\\OD,JOHVLD!!-3LUHQQH
+LVWRULD8QLYHUVDOYRO,,RSFS
/DFRQYHUVLRQDOFDWROLFLVPRKL]RGH&ORGRYHRHODGDOLGGHODUHOLJLRQFRQWUDORVKHUHMHV(VWRWXYRSRUFRQVHFXHQFLDODH[WLUSDFLRQGHO
DUULDQLVPR HQ OD *DOLD PHULGLRQDO \ DVL VH KL]R DOOL SRVLEOH OD IXVLRQ GH ORV HOHPHQWRV ODWLQRV LQGLJHQDV FRQ ORV ERUJRQRQHV \ JRGRV \ GHVGH
OXHJR \ VREUH WRGR OD DOLDQ]D HVWUHFKD HQWUH HO HSLVFRSDGR GH OD *DOLD \ ORV UH\HV PHURYLQJLRV (VWD DOLDQ]D FRQGXMR GHVSXHV D OD GH ORV
PD\RUGRPRV\UH\HVFDUOLQJLRVFRQHO3DSDFRQWUDORVORQJREDUGRV\ORVEL]DQWLQRVDODFRQYHUVLRQGHORVSXHEORVGH$OHPDQLDDOLPSHULRGH
&DUORPDJQRFRQVXYLVRWHRFUDWLFR\ILQDOPHQWHDUHVWDXUDFLRQGHOLPSHULRGH2FFLGHQWH1DGDGHHVWRKDEULDVXFHGLGRVL&ORGRYHRQRVH
KXELHVHKHFKRFDWROLFR!!*2QFNHQ+LVWRULD8QLYHUVDOYRO;,RSFS
3XHGHYHUVHVREUHHVWHDFRQWHFLPLHQWRVLQJXODUHOFS,,,GHOD6HFFLRQ3ULPHUD3ULPHUD3DUWHHOWH[WRTXHFRUUHVSRQGHDODVQRWDVDOD
\ODVQRWDVPLVPDV
(OVHJXQGRSRGHUFRQTXHFXHQWDHO3DSDGRHVHOGH%L]DQFLREDMRODSHUVRQDGH-XVWLQLDQR0HGLDQWHVXD\XGDHO3DSDGRQRVRORGHVWUX\RORV
SRGHUHVDUULDQRVTXHLPSHGLDQFRQVROLGDUVXKHJHPRQLDVLQRTXHEDMRORVGHFUHWRVGHHVWHHPSHUDGRUFRQVLJXLRODVREHUDQLDHVSLULWXDOVREUH
WRGRVORVSDWULDUFDGRVTXHHVWDEDQEDMRODMXULVGLFFLRQGH-XVWLQLDQR
&RQVLJXLRHQSULQFLSLRTXHFD\HUDXQRGHORVSHOLJURVPD\RUHVSDUDHOVLVWHPD3DSDOHQHOFD\HURQORV9DQGDORV
ORV9DQGDORVHUDQORVPDVIHURFHVODVSREODFLRQHV\ORVRELVSRVQRFHVDEDQGHOODPDUDOHPSHUDGRUHQVXD\XGDXQDYHUGDGHUD
UHVLVWHQFLDHUDRUJDQL]DGDFX\RVYHUGDGHURVMHIHVHUDQORVRELVSRV%HOLVDULRPDUFKRVREUH&DUWDJRVHDSRGHURGHODFDSLWDOHO
GHVHSWLHPEUH(O$IULFD9DQGDODKDELDVLGRYHQFLGDSDUDVLHPSUH!!'DQLHO5RSVRSFSS
6L ELHQ HV FLHUWR TXH ORV 2VWURJRGRV QR VHUDQ GHVWUXLGRV GHILQLWLYDPHQWH KDVWD HO  QR HV PHQRV FLHUWR TXH VX LQIOXHQFLD VREUH 5RPD
DFDEDUDHQHOGHMDQGRGHVHUXQSUREOHPDSDUDTXHOD6REHUDQLD3DSDOTXHKDELDVLGRSURFODPDGDHQHODQRSXHGDPDQLIHVWDUVH\D
VLQLPSHGLPHQWRVTXHSXGLHUDQFRQWULEXLUDVXGHVDSDULFLRQ
(OJHQHUDOGH-XVWLQLDQR%HOLVDULRYHQFLRDORV2VWURJRGRV
/DQDFLRQHQWHUDGHORVRVWURJRGRVVHKDELDFRQJUHJDGRSDUDHODWDTXH\IXHFDVLHQWHUDPHQWHDQLTXLODGDHQHOVLWLRGH5RPD
8QDQR\QXHYHGLDVGHVSXHVGHLQLFLDGRHOVLWLRXQHMHUFLWRTXHQRKDFLDPXFKRWLHPSRKDELDVLGRIXHUWH\WULXQIDQWHTXHPRVXVWLHQGDV\
WXPXOWXRVDPHQWHYROYLRDSDVDUHOSXHQWH0LOYLDQR!!(GXDUGR*LEERQ7KH+LVWRU\RIWKH'HFOLQDQG)DOORIWKH5RPDQ(PSLUHFS
SDUI&LWDGRSRU:DNHKDPRSFS
&RQ OD FRQTXLVWD GH 5RPD SRU %HOLVDULR OD KLVWRULD GH OD DQWLJXD FLXGDG SRGLD FRQVLGHUDUVH FRPR WHUPLQDGD \ VX GHIHQVD FRQWUD 9LWLJHV
GH-&LQLFLDODKLVWRULDGHOD(GDG0HGLD-RUMH)LQOD\*UHHFHXQGHUWKH5RPDQVSFLWDGRSRU:DNHKDPRSFS
/DSURPXOJDFLRQSRU-XVWLQLDQRHQHOG-GHO&RUSXV-XULV&LYLOLVHQHOTXHVHGHFUHWDEDGHTXHHO2ELVSRGH5RPDHUDHO3ULPHUR\
WRGRV D HO GHELDQ GH VRPHWHUVH FRQVHJXLD HQ  G - VX SXHVWD D SXQWR VLQ TXH QDGD QL QDGLH SXGLHUD HYLWDUOR 5HFRUGDPRV TXH HQ GLFKR
&RGLJRVHGHFLDHQWUHRWUDVFRVDVORVLJXLHQWH
1RVRODPHQWHVHOHDVLJQDD5RPDHORULJHQGHODVOH\HVVLQRTXHDGHPDVQRKD\QDGLHTXHGXGHGHTXHHQHOODUHVLGHODFLPDGHOPDVDOWR
SRQWLILFDGR
'H DKL TXH GH DFXHUGR FRQ ODV UHVROXFLRQHV GH HVWRV FRQFLOLRV RUGHQDPRV TXH HO 0X\ 6DQWR 3DSD GH OD DQWLJXD 5RPD RFXSH HO SULPHU
UDQJR HQWUH WRGRV ORV SRQWLILFHV \ TXH HO 0X\ %HQGLWR$U]RELVSR GH &RQVWDQWLQRSOD R 1XHYD 5RPD RFXSH HO VHJXQGR OXJDU GHVSXHV GH OD
6DQWD6HGH$SRVWROLFDGHOD$QWLJXD5RPDODFXDOWRPDUDODSUHFHGHQFLDVREUHWRGDVODVGHPDVVHGHV!!1RYHOOD^FRO7LW`\
^FROWLW`GHO&RUSXV-XULV&LYLOLVGH-XVWLQLDQRFLWDGRSRU-DYLHU*RQ]RDJDHQ&RQFLOLRVYRO,RSFS
(O 3DSDGR FRPSUHQGLD WRGR HVWR HQ HO VHQWLGR TXH \D KDELD SUR\HFWDGR GHVGH OD PXHUWH GH &RQVWDQWLQR FRPR TXH HO SURSLR SRGHU FLYLO HV
LQIHULRUDO3DSDOGHDKLTXHHO3DSD-XDQ,,DODEHODUHYHUHQFLDGH-XVWLQLDQRKDFLDODVHGHGH5RPDGLFLHQGRTXHFRQHVWHKRPHQDMHOOHQRGH
VLJQLILFDGRVHSUXHEDDOVRPHWHUWRGDVODVFRVDVEDMRVXDXWRULGDG!!FLWDGRSRU-DYLHU*R]RDJD&RQFLOLRVYRO,RSFS
-DYLHU*RQ]RDJDH[SOLFDUDHQUHODFLRQDHVWHDVXQWR
/DWUDQVDFFLRQKDELDVLGRFRPSUHQGLGDWDQWRSRUHO3DSDFRPRSRUHO(PSHUDGRU
'HHVWHPRGRODVXSUHPDFLDGHOSDSDVREUHORVFULVWLDQRVUHFLELRODPDVFRPSOHWD\DOWDDSUREDFLRQTXHSRGLDVHUODGDGD!!LG
/RJLFDPHQWHHOVRPHWLPLHQWRGHWRGRVORVFULVWLDQRVLPSOLFDHOGHOSURSLRHPSHUDGRUTXHWDPELHQHVFULVWLDQR\SRUORWDQWRGHODDXWRULGDG
TXHVXVWHQWDFRPRWDO3XHVWRTXHVLFRPRFDWROLFRLQWHUSUHWDTXHODDXWRULGDGOHKDVLGRFRQFHGLGDGLUHFWDPHQWHSRU'LRV\VLHVH'LRVWLHQH
XQ UHSUHVHQWDQWH TXH UHJXOD \ DGPLQLVWUD VXV FRVDV DTXL HQ OD WLHUUD HV D VDEHU HO 3DSD HV IDFLO FRQFOXLU TXH GLFKD SRWHVWDG FLYLO VH GHED
VRPHWHUDOD$XWRULGDG3DSDO
<D WHQHPRV ORV REVWDFXORV TXLWDGRV \D VH KD FRQVHJXLGR HO WUDVYDVH GH IRUPD GHILQLWLYD (O GLVHQR \ OD FODYH KDQ VLGR SUR\HFWDGDV
LUUHYHUVLEOHPHQWHDOFDQ]DQGRHOSXQWRVXILFLHQWHSDUDTXHHOWUD\HFWRKLVWRULFRKHJHPRQLFRFRQWHPSODGRSRUODSURIHFLDWDQWRGH'DQLHOFRPR
GH$SRFDOLSVLVVHSXHGDREVHUYDU/D%HVWLDUHSUHVHQWDGDPHGLDQWHHO,PSHULR5RPDQRTXHRFXSDEDODD&DEH]DVHKDVDOYDGRSRUPHGLR
GHO LQLFLR GH OD D &DEH]D HQ OD SHUVRQLILFDFLRQ GHO 6LVWHPD 3ROLWLFR5HOLJLRVR 3DSDO /DV LGHDV GH OD8QLGDG GHO ,PSHULR GH OD XQLRQ GHO
SRGHUWHPSRUDO\HVSLULWXDOGHODDFXPXODFLRQGHO3RGHU6REHUDQR\$EVROXWRHQXQDSHUVRQDTXHUHSUHVHQWDHVH3RGHUXQLWDULR\XQLYHUVDO
KDQFRQWLQXDGRJUDFLDVDODVHVWUDWDJHPDVGHDOJXLHQTXHDPSDUDQGRVHHQODVLGHDVLPSHULDOHVURPDQDV\HQSULQFLSLRVUHOLJLRVRVEDELORQLFRV
\GHPLVWHULRVVXSRFRPELQDUORVPH]FODUORVFRQXQDWHUPLQRORJLDFULVWLDQD\FLHUWRVFRQFHSWRVWHRULFRVFULVWLDQRVUHGXFLHQGRDO&ULVWLDQLVPR
JHQXLQRDXQDDXWHQWLFDIDOVLILFDFLRQ
>@
 (O WLHPSR YHUEDO HPSOHDGR HQ$SRFDOLSVLV  SDUD UHIHULUVH D OD SRVLFLRQ GH DELVPR GH OD %HVWLD HV HO GH XQ SDUWLFLSLR SUHVHQWH
DQDEDLQR\GLILHUHGHOWLHPSRYHUEDOHPSOHDGRHQ$SRFDOLSVLV(QHVWHFDVRVHWUDWDGHXQLQILQLWLYRSUHVHQWHDQDEDLQHLQ
3RUXQODGRVHQRVVXJLHUHTXHODSRVLFLRQQRHVHVWDWLFDVLQRTXHGHODELVPRVHHYROXFLRQDKDFLDVXVDOLGD'HFXDOTXLHUPRGRSDUDHODVXQWR
TXH QRV RFXSD GHFLU TXH YD D VXELU GHO DELVPR R TXH VXEH GHO DELVPR HV XQD LQIRUPDFLRQ UHVSHFWR D TXH YD D KDFHUOR R TXH OR HVWD
KDFLHQGRSHURTXHQRORKDKHFKRWRWDOPHQWH7UDVSDVDUODSRVLFLRQGHDELVPRVLJQLILFDKDEHUORVXELGR\DQRTXHYD\DDVXELUORQLTXHORHVWH
VXELHQGR
>@
PHVHVSURIHWLFRV;GLDVDOPHV RWLHPSRV\ DQRV\;GLDVDODQR DQRVDSOLFDQGRHOSULQFLSLRGLD
SRUDQR
>@
&XDQGRHVWXGLHPRV$SRFDOLSVLVWUDWDUHPRVPDVHQFRQFUHWRORTXHH[SUHVDQODV&DEH]DVUHVSHFWRDODLGHRORJLD\KHJHPRQLD\OR
TXH FRQWULEX\HQ ODV QDFLRQHV R JRELHUQRV DO PDQWHQLPLHQWR \ SURSDJDFLRQ GH GLFKDV LGHRORJLDV MXQWR D ORV OLPLWHV TXH OD SURIHFLD FRQWHPSOD
UHVSHFWRDORULJHQ\RFDVRGHXQD&DEH]D$KRUDWHQJDPRVHQFXHQWDTXHODVLJQLILFDFLRQGHODVFRQTXLVWDVUHDOL]DGDVUHVSHFWRDODOLEHUWDG
GHFRQFLHQFLDFRQRFHUDXQRVDQWHFHGHQWHVTXHSDUWHQGHODPLVPD5HIRUPDSURWHVWDQWHSHURTXHQRVHFRQFUHWDUDQFRPRXQDOLQHDTXHYD
WUD]DQGRXQREMHWLYRKDVWDTXHOD5HYROXFLRQ1RUWHDPHULFDQD\)UDQFHVDHQSDUWLFXODUSRUORTXHLPSOLFRVX SURVHOLWLVPR H LPSRVLFLRQ GH OD
QXHYDPRGDOLGDGSDUDHOPXQGRGHHQWRQFHV
(VWDFLWDVDFDGDGHOOLEUR'HUHFKRV+XPDQRVHG6DOYDW%DUFHORQDSSPXHVWUDORVSUHFHGHQWHV
/DDILUPDFLRQYHKHPHQWHGHOGHUHFKRDODOLEHUWDGGHFRQFLHQFLDIUHQWHDODVDXWRULGDGHVFLYLOHVRHFOHVLDVWLFDVVHFRQFUHWDPDVWDUGHHQ
ODUHIRUPDSURWHVWDQWHODVJXHUUDVGH5HOLJLRQ\OD*XHUUDGHORV7UHLQWDDQRV(QODVFRORQLDVLQJOHVDVGH$PHULFDGHO1RUWH
ODWROHUDQFLD UHOLJLRVD DOFDQ]DUD SOHQD YLJHQFLD IRUPXODQGRVH SRU SULPHUD YH]  HQ 5KRGH ,VODQG \ PDV WDUGH HQ 0DU\ODQG FX\D
$VDPEOHDSURPXOJDHQOD7ROHUDWLRQ$FW!!
(VWDFRQVWDQFLDKLVWRULFDQRORJUDHIHFWLYLGDGKDVWDTXHHO$QWLJXR5HJLPHQ$EVROXWLVWDQRVHERUUHGHOPDSD SRU OR PDV UHSUHVHQWDWLYR GH
2FFLGHQWHTXHRFXSDUDDILQDOHVGHOV;9,,,ODKHJHPRQLDPXQGLDODWUDYHVGHXQDQXHYDLGHRORJLD
>@
/DPDJQLWXGGHOD5HYROXFLRQ)UDQFHVDHVWDSUREDGDVXILFLHQWHPHQWH
1RH[LVWHXQSHULRGRHQODKLVWRULDGHOPXQGRTXHSXHGDFRPSDUDUVHHQFXDQWRDLQWHUHVHLPSRUWDQFLDFRQHOTXHDEDUFDHOSURJUHVR\OD
WHUPLQDFLRQ GH OD 5HYROXFLRQ )UDQFHVD (Q QLQJXQD HSRFD DQWHULRU RFXUULHURQ DFRQWHFLPLHQWRV GH WDO PDJQLWXG R GH LQWHUHV WDQ LPSRUWDQWH
HQWUHODVQDFLRQHVFRQWHQGLHQWHV$FDXVDGHOIXHJRHQFHQGLGRHQ(XURSDWRGRHOPXQGRVHYLRHQYXHOWRHQXQDFRQIODJUDFLRQ\XQDQXHYD
HUDDPDQHFLRVREUHDPERVKHPLVIHULRVSRUHIHFWRGHVXH[WHQVLRQ!!$UFKLEDOGR$OLVRQ+LVWRU\RI(XURSHWRPR,SDHGLFFLWDGRSRU
:+:DNHKDPRSFS
/DUHYROXFLRQKDELDGXUDGRFLQFRDQRV(VRVFLQFRDQRVIXHURQFLQFRVLJORVSDUD)UDQFLD(VSRVLEOHTXHMDPDVHQHVWDWLHUUDHQSHULRGR
DOJXQR GHVGH OD HUD FULVWLDQD VH SURGXMR HQ XQ SDLV HQ WDQ FRUWR HVSDFLR WLHPSR XQD HUXSFLRQ WDO !! $OIRQVR /DPDUWLQH+LVWRLUH GHV
*LURQGLQVOLEURVHFFLWDGRSRU:DNHKDPSS
/RVKHFKRVDFRQWHFLGRVHQ)UDQFLDDSDUWLUGHOYHUDQRGH\SRUHVSDFLRGHXQRVDQRVKDVWDHODGYHQLPLHQWRGH1DSROHRQDOSRGHU
FRQVWLWX\HQ XQR GH ORV HSLVRGLRV FRQ PDV LQIOXHQFLD HQ QXHVWUD KLVWRULD UHFLHQWH!! &XDGHUQRV +LVWRULD /D 5HYROXFLRQ )UDQFHVD SRU
$QWRQLR9LODGHPXQWYRO,0DGULGSQR
/D 5HYROXFLRQ )UDQFHVD PDUFR HO FRPLHQ]R GH XQD QXHYD HUD GH OLEHUWDG \ GHPRFUDFLD 'RVFLHQWRV DQRV GHVSXHV GH OD YHUWLJLQRVD \
DSDVLRQDQWHVXFHVLRQGHFDPELRVTXHJHQHURSRGHPRVDQDOL]DUPHMRUDOJXQDVGHVXVFODYHV!!
8QD)UDQFLDGLYLGLGDLGHRORJLFDPHQWHHQGRVKDLPSXOVDGRHQWRGD(XURSDHQWUH\SRUODIXHU]DGHVXVHMHUFLWRVLQYDVRUHV
RSRUODFRQYLFFLRQGHORVSDWULRWDVGHFDGDQDFLRQXQDQXHYDPHQWDOLGDGXQDQXHYDHVWUXFWXUDGHSRGHUQXHYDVDSHWHQFLDVGHORVSXHEORV
QXHYDVDVSLUDFLRQHVGHODOLEHUWDG\VREUHWRGRGHLJXDOGDG!!
8QLJXDOLWDULVPRFRPRYDORUTXHFRQVWLWX\HODHVHQFLDGHODVVRFLHGDGHVGHPRFUDWLFDV\TXHSXHVWRGHPDQLILHVWRFRQDXWHQWLFRIXURU
HQODVMRUQDGDVUHYROXFLRQDULDVUHVSRQGHVLQHPEDUJRDXQODUJRSURFHVRJHVWDGRSUHFLVDPHQWHHQHOLQWHULRUGHXQDVRFLHGDGGHVLJXDOLWDULDOD
VRFLHGDGGHODQWLJXRUHJLPHQ!!&URQLFDVGHOD5HYROXFLRQ(O3DLV6HPDQDO0DGULGSS
6XSURVHOLWLVPRVXLQIOXHQFLDVXSUHVHQFLD\VXLPSRVLFLRQIXHURQH[WUDRUGLQDULRV
/RVWLHPSRVHUDQSURSLFLRVDODVUHYROXFLRQHVHQXQFRQWH[WRHXURSHRVHQVLEOH\HQXQFRQWH[WRQDFLRQDOGHFULVLVODUHYROXFLRQHQ)UDQFLD
HV D XQ DFRQWHFLPLHQWR FX\R HVWDOOLGR QR SXHGH VRUSUHQGHU 1R REVWDQWH ODV IDVHV \ OD DJUDYDFLRQ GHO SURFHVR UHYROXFLRQDULR HQWUH  \
QRSRGLDQVHUVXSXHVWDSRUQDGLHDOLJXDOTXHODLPSRUWDQFLDGHVXLQIOXHQFLDVREUHODKLVWRULDJHQHUDOGHVGHFRPLHQ]RVGHOVLJOR;,;!!
-HDQ3LHUUH%RLV/D5HYROXFLRQ)UDQFHVD+LVWRULD0DGULGS
-HDQ3LHUUHFRPHQWDORVLJXLHQWH
OD 5HYROXFLRQ )UDQFHVD LPSRQH LQFRQWHVWDEOHPHQWH FRPR HO DFRQWHFLPLHQWR PDV LPSRUWDQWH GH OD KLVWRULD HXURSHD GHO VLJOR ;,; 6X
GXUDFLRQTXHVHH[WLHQGHHQWUHORVGLH]XOWLPRVDQRVGHOVLJORHQWUH\\ODDPSOLWXGGHVXVGHVDUUROORVHQWRGD(XURSDHVWDHQ
JXHUUDFXHQWDQPHQRVHQHVWDSRVLFLRQTXHODVWUDQVIRUPDFLRQHVLUUHYHUVLEOHVGHORV(VWDGRV\ODVVRFLHGDGHVTXHLPSOLFR!!LGS
0LFKHO9RYHOOH\-RVHS0LD5XL]6LPRQPDWL]DQ
(O  DVDOWR GH OD %DVWLOOD   VH FRQYLUWLR LQPHGLDWD \ GHVSURSRUFLRQDGDPHQWH HQ HO VLPEROR SRU H[FHOHQFLD GH XQD UHYROXFLRQ OD
IUDQFHVDTXHHVWDEDOODPDGDDSDVDUDOD+LVWRULDFRPRHOPLWRIXQGDFLRQDOGHODPRGHUQLGDG
 /D 5HYROXFLRQ )UDQFHVD VLJQLILFR VREUH WRGR HO QDFLPLHQWR GH XQD QXHYD FRQFLHQFLD KLVWRULFD !! 0LFKHO 9RYHOOH 'LDULR GH OD
5HYROXFLRQ)UDQFHVDHQOD9DQJXDUGLDGH%DUFHORQD^S`
ORTXHGLVWLQJXHOD5HYROXFLRQ)UDQFHVDGHVXVSUHFHGHQWHVDQJORVDMRQHVHVVXKDELOLGDGSDUDIRUPXODUQXHYRVYDORUHVFRPRODOLEHUWDG\OD
LJXDOGDGTXHDTXHOODVVHKDELDQOLPLWDGRDHVER]DU(VWDDILUPDFLRQDSXQWDDOFRUD]RQPLVPRGHORTXHKDKHFKRSRVLEOHODFRQYHUVLRQGHHVWD
UHYROXFLRQHQHOJUDQPLWRGHORVRULJHQHVGHO(VWDGR\ODSROLWLFDPRGHUQRVVXFDSDFLGDGSRUWUDQVIRUPDUORVDFRQWHFLPLHQWRVKLVWRULFRVHQ
QDUUDFLRQ LGHRORJLFD VX FRPSHWHQFLD SDUD FRQYHUWLU OD YLYHQFLD GH ORV KHFKRV SXQWXDOHV HQ HO UHODWR GH OD FUHDFLRQ GH XQ QXHYR XQLYHUVR
SROLWLFR\VRFLDO!!(Q/D9DQJXDUGLDSFLWDGRSRU-RVHS0LD5XL]6LPRQDOXGLHQGRD0LFKHO9RYHOOH
3HURORTXHGLIHUHQFLDWRGDYLDPDVDOD5HYROXFLRQ)UDQFHVDHQHVRVSUHFLVRVPRPHQWRVTXHVHSURGXFHHVVXSURVHOLWLVPRUHYROXFLRQDULR
/DEXUJXHVLDUHYROXFLRQDULDGH)UDQFLDHQSOHQDUHYROXFLRQKDEODHQQRPEUHGHWRGDODKXPDQLGDGDOSURFODPDUORVQXHYRVYDORUHVOLEHUWDG
LJXDOGDGSURSLHGDGDQWHVGHGHVFXEULUSRUHWDSDVODIUDWHUQLGDG
/D 5HYROXFLRQ )UDQFHVD WXYR H[LWR SRUTXH IXH OR EDVWDQWH IXHUWH FRPR SDUD UHVLVWLU OD FRQWUDUHYROXFLRQ LQWHULRU \ DO PLVPR WLHPSR ORV
DWDTXHVGHOD(XURSDFRDOLJDGD
$ SDUWLU GH DTXL HPSLH]D RWUD DYHQWXUD JUDFLDV D OD FXDO OD H[SHULHQFLD IUDQFHVD DGTXLHUH XQ UHOLHYH SDUWLFXODU OD GH OD H[SDQVLRQ
UHYROXFLRQDULD SRU OD YLD GLHUHFWD GH OD DQH[LRQ OD FRQVWLWXFLRQ GH ODV UHSXEOLFDV KHUPDQDV HQ OD HSRFD GHO GLUHFWRULR \ HOSRWHQWH HFRGH XQ
FDPELRTXHGHVGHOD(XURSDGHORVSULQFLSHVD+LVSDQRDPHULFDQRGHMDDQDGLHLQGLIHUHQWH8QDVDFXGLGDJHQHUDOVHDSRGHUDGHOPXQGRD
SDUWLUGHOHSLFHQWURIUDQFHV
7DQWRDSDUWLUGHHVHLPSDFWRLQVWDQWDQHRRGHVHFXHODVFRPRGHODPLVPDPDJQLWXGGHODVSURFODPDVIRUPXODGDVSRGHPRVFRPSUHQGHUOD
GXUDFLRQGHOHFRUHFLELGR\ORTXHOODPDULDODSODVWLFLGDGGHOPHQVDMHGHOD5HYROXFLRQ)UDQFHVD7DPELHQHQHVWRGLILHUHGHODVRWUDVSRU
HVWD FDSDFLGDG TXH WXYR SDUD HULJLUVH HQ PRGHOR GH ORV PRYLPLHQWRV OLEHUDOHV \ QDFLRQDOHV GHVGH KDVWD  \ SRVWHULRUPHQWH \
WDPELHQ GH ORV PRYLPLHQWRV REUHURV GH OD VHJXQGD PLWDG GHO VLJOR ;,; TXH VH DSURSLDURQ GH HVD KHUHQFLD!! 0LFKHO 9RYHOOH HQ OD
9DQJXDUGLDGH%DUFHORQDS
1RKD\GXGDOD5HYROXFLRQ)UDQFHVDMXQWRFRQOD5HYROXFLRQ1RUWHDPHULFDQDHVHODFRQWHFLPLHQWRPDVLPSRUWDQWHGHODKLVWRULDPRGHUQD
GHVGHXQSXQWRGHYLVWDGHORTXHVXSRQHGHVGHHQWRQFHVSDUDODSROLWLFDPXQGLDOHQFXDQWRDODDSOLFDFLRQGHODVOLEHUWDGHVTXHODD&DEH]D
KDELD PDQWHQLGR DQXODGDV (VWR ORJLFDPHQWH VXSXVR XQ JROSH D WRGR HO 6LVWHPD TXH VXVWHQWDED GLFKD D &DEH]D 6LHQGR GLFKD D &DEH]D
FRPRRULJLQDGRUDHLQVSLUDGRUDGHO6LVWHPDSROLWLFRPXQGLDOFDUDFWHULVWLFRKDVWDODHSRFDGHOD5HYROXFLRQ)UDQFHVDODTXHUHFLELRHQXOWLPD
LQVWDQFLDODKHULGDRJROSHPRUWDO
/DKHULGDHQODD&DEH]DVXSRQLDDWDFDUDWRGRVVXVDSR\RV
(QHIHFWRODVLWXDFLRQSROLWLFDHQOLQHDVJHQHUDOHVHQORTXHVHUHILHUHDODQDFLRQHVHXURSHDVHVODGHOOODPDGR$QWLJXR5HJLPHQ6LELHQHV
FLHUWR TXH ,QJODWHUUD VRVWHQLD GHVGH HO VLJOR DQWHULRU XQD PRQDUTXLD SDUODPHQWDULD QR HV PHQRV FLHUWR TXH ORV GHUHFKRV KXPDQRV \ ODV
OLEHUWDGHV SXEOLFDV QR VRQ FRQWHPSODGDV SRU OD &RQVWLWXFLRQ LQJOHVD \ QL PXFKR PHQRV FRPR H[SUHVLRQ GH YDORUHV QR SXGLHQGR LQIOXLU
SRVLWLYDPHQWHVREUHODVJHQWHV
(VOD0RQDUTXLDDEVROXWDODTXHLPSHUD\JRELHUQDDSHVDUGHODPDWL]DFLRQGHDOJXQOXJDU\HVWRQRORROYLGHPRVSRUGHUHFKRGLYLQR$VXQWR
HVWHTXHHOSURSLRVLVWHPDGH6REHUDQLDSROLWLFDGHO3DSDGRKDELDVDELGRJHQHUDU\SURSDJDUHQEDVHDODLGHRORJLDLPSHULDOURPDQD
$OJROSHDUDOLGHDULRTXHHO$QWLJXR5HJLPHQHYLGHQFLDEDVHHVWDEDSHJDQGRPRUWDOPHQWHDO6LVWHPDTXHODKDELDSURSXJQDGR\GHVDUUROODGR
(OUHYHVFRQWUDHOOODPDGR$QWLJXR5HJLPHQHVFHUWHURFRPR\DKHPRVYLVWRSRUDOJXQDGHODVFLWDVH[SXHVWDV2EVHUYHPRVWRGDYLDPDV
/DPRQDUTXLDDEVROXWDH[KDORVXXOWLPRVXVSLURVLQXQDOXFKD!!(GPXQGR%XUNH2QWKH)UHQFK5HYROXWLRQFLWDGRSRU:DNHKDPRSF
S
0LFKHO9RYHOOHFRPHQWD
(Q UHODFLRQ FRQ HVWD GREOH UHIHUHQFLD OR TXH RFXUUH HQ )UDQFLD HQ HO GHFHQLR  DGRSWD XQRV PDWLFHV SURSLRV 6H WUDWD GH XQD
VXEYHUVLRQWRWDOTXHPRYLOL]DFRQWUDHO$QWLJXR5HJLPHQSROLWLFRHLQVWLWXFLRQDOQRVRORDXQDHOLWHQRELOLDULDLOXVWUDGD\XQDEXUJXHVLDOOHYDGD
SRUWRGDODSURVSHULGDGGHOVLJORVLQRWDPELHQHODVDOWRFRQMXQWRGHODVPDVDVSRSXODUHV\GHXQFDPSHVLQDGRSURSLHWDULRGHPDVGHOSRU
FLHQWRGHODVWLHUUDVGHOSDLVXQFDPSHVLQDGRSRGHURVR\PLVHUDEOHDOPLVPRWLHPSR\PX\DSWRSDUDODPRYLOL]DFLRQ!!(Q/D9DQJXDUGLD
GH%DUFHORQDS
(QHODVSHFWRVRFLDOHO&OHUR\OD1REOH]DHUDQODVFODVHVSULYLOHJLDGDVDXQFXDQGRVRORVXSXVLHUDQHQHOFDVRGH)UDQFLDHOWUHVSRUFLHQWRGH
OD SREODFLRQ SRU RWUR ODGR OD PD\RU SDUWH GH OD FDUJD WULEXWDULD UHFDLD HQ HO UHVWR GH OD SREODFLRQ 5RPSHU FRQ HO$QWLJXR 5HJLPHQ YD D
VXSRQHUHOILQDOGHHVWRVSULYLOHJLRV(VWRLPSOLFDWRGRORFRQWUDULRDO$EVROXWLVPR/LEHUWDG\'HPRFUDFLD
/DUHYROXFLRQDSDUHFHFRPRXQDFRQWHFLPLHQWRLQHOXFWDEOHPDVDXQFXDQGRVLWXDGDHQODKLVWRULDODUJDGH(XURSDQRHVHQSULQFLSLRXQ
DFRQWHFLPLHQWRSDUWLFXODUGHODKLVWRULDGH)UDQFLDVLQRTXHVHLQVFULEHFRPRXQHVODERQORJLFRHQXQSURFHVRPX\OHQWRGHWUDQVIRUPDFLRQGH
ORV (VWDGRV DEVROXWRV HQ VLVWHPDV SDUODPHQWDULRV \ GH ODV VRFLHGDGHV GH RUGHQHV HQ VRFLHGDGHV GH LQGLYLGXR /LEHUWDG VREHUDQLD LJXDOGDG
HVDVVRQSDODEUDVTXHGHVGHPHGLDGRVGHOVLJOR;9,KDVWDSULQFLSLRVGHOVLJOR;;KDQHVWDGRFRQPXFKDVYDULDQWHVQDFLRQDOHVHQHOFRUD]RQ
GHWRGDODKLVWRULDHXURSHD!!FLWDGRSRU-HDQ3LHUUH%RLV/D5HYROXFLRQ)UDQFHVDRSFS
(VWR QRV PXHVWUD OD IXHU]D \ OD LPSRUWDQFLD TXH WXYR OD 5HYROXFLRQ )UDQFHVD \ HO DOFDQFH GHO JROSH R KHULGD TXH UHFLELR OD D &DEH]D (O
SUREOHPD \D QR HVWDED HQ ORV SURFODPDV GH /LEHUWDG HQ OD GHVWUXFFLRQ GH OD 0RQDUTXLD DEVROXWD IUDQFHVD VLQR TXH HO PLVPR3RGHU TXH
KDELDKHFKRSRVLEOHXQVLVWHPDSROLWLFRFRPRHOGHO$QWLJXR5HJLPHQ\TXHVHH[WHQGLDHQWRGR2FFLGHQWH2FFLGHQWHTXHPDUFDED\PDUFDHO
GHVWLQRGHODKLVWRULDPXQGDQDVHYHQLDDEDMRDOPHQRVGXUDQWHXQSHULRGRGHODKLVWRULDTXHMXVWLILFDHOTXHODSURIHFLDORKD\DFRQWHPSODGR
FRPRHOGHXQJROSHPRUWDORXQDKHULGD
>@
 3XHGH FRQVXOWDUVH &XDGHUQRV +LVWRULD /D 5HYROXFLRQ )UDQFHVD RS F SS 9 9, HQ OD VHFFLRQ GH 7H[WRV TXH UHFRJHQ ORV
DUWLFXODGRVGHOD$VDPEOHD1DFLRQDO
(O6\ODEXV SXHGH OHHUVH HO WH[WR RILFLDO HQ OD REUD7H[WH RIILFLHO HW 4XHOTXHV 1RWHV *HQHYH  UHFRJLGR GH OD HGLFLRQ SXEOLFDGD SRU HO
RELVSRGH/DXVDQQHHW*HQHYH00DU\OOH\HQSSODSDJLQDFLRQFRUUHVSRQGHDODHGLFLRQGHGHODLPSUHQWD
%RQQDQW
>@
9HUHQ (O6HQWLGRGHOD+LVWRULD\OD3DODEUD3URIHWLFDYRO,QRWDV\HOWH[WRTXHODVPRWLYDHQHOFS,9GHOD3ULPHUD
6HFFLRQ6HJXQGD3DUWH
>@
$OVHJXLUQXHVWURHVWXGLRKLVWRULFRVHKDSRGLGRFRPSUREDUHVDMDFWDQFLDIUHQWHDJREHUQDQWHV\DODV6DJUDGDV(VFULWXUDV5HPLWLPRVD
ODGRFXPHQWDFLRQSURYLVWDHQRURVOXJDUHVGRQGHKD\VXILFLHQWHVFRQWHQLGRVFRPRSDUDFRPSUREDUHOHQGLRVDPLHQWRGHO3DSDGR7DPELHQYHU
FXDQGR HVWXGLDPRV HO WUDVYDVH GH OR TXH &RQVWDQWLQR HQJHQGUD UHVSHFWR D OD ,JOHVLD ,PSHULDO D OR TXH VHUD OD ,JOHVLD 3DSDO SXHGH XQR
SHUFDWDUVHGHHVWHDVXQWRPRWLYRGHHVWDQRWD
>@
-XDQ/RUG%HDFRQ/LJKWVRI+LVWRU\ YRO 9  1HZ<RU  UHVXPH WRGR XQ FRPSRUWDPLHQWR LQGLJQR GH OD ,JOHVLD 3DSDO
SDUDMXVWLILFDUODDFWLWXGTXHOD)UDQFLDUHYROXFLRQDULDWXYRSDUDFRQHOOD
6LQ HPEDUJR "GH TXH FULPHQHV \ DERPLQDFLRQHV QR KD VLGR DFXVDGR HVWH JRELHUQR" 6L UHWURFHGHPRV KDVWD OD HSRFD GHO REVFXUDQWLVPR \
DFHSWDPRV OR TXH OD KLVWRULD UHJLVWUD "TXH JXHUUDV QR KD IRPHQWDGR HVWD LJOHVLD TXH GLVFRUGLDV QR KD LQFLWDGR TXH VXSHUVWLFLRQHV QR KD
VDQFLRQDGRTXHSUHUURJDWLYDQRVHKDDUURJDGRTXHFUXHOGDGHVQRKDLQIOLJLGRTXHSDLVHVQRKDVDTXHDGRTXHSHQXULDVQRKDLPSXHVWRTXH
HQJDQRV QR KD HPSOHDGR TXH YLD GH SHQVDPLHQWR QR KD JXDUGDGR FRQ OD HVSDGD DUGLHQWH TXH YHUGDG QR KD SHUYHUWLGR TXH ERQGDG QR KD
HVFDUQHFLGR\SHUVHJXLGR"$\3UHJXQWDGDORVDOELJHQVHVDORVYDOGHQVHVD-HURQLPRGH3UDJDD+XVD6DYRQDURODD&UDQPHUD&ROLJQ\
D*DOLOHRSUHJXQWDGDORVPDUWLUHVGHOD*XHUUDGHORV7UHLQWDDQRV\DORVTXHIXHURQPXHUWRVSRUODVGUDJRQDGDVGH/XLV;,9DORVTXH
FD\HURQ SRU OD PDQR GH$OED \ &DUORV ,; LG D 6PLWKILHOG \ D 3DULV HO GLD GH 6DQ %DUWRORPH SHQVDG HQ OD FRQVSLUDFLRQ GH ODV SROYRUDV
GHVWLQDGDVDKDFHUVDOWDUHO3DUODPHQWRLQJOHVHQHQODV,QTXLVLFLRQHVHQODVLQWULJDVMHVXLWLFDV\HQODVWRUWXUDVGRPLQLFDVGHODVFXDOHV
ODKLVWRULDDFXVDDODLJOHVLDSDSDO!!
>@
 -RVH 6DOJXHUR HQ%LEOLD &RPHQWDGD SRU SURIHVRUHV GH 6DODPDQFD  %$& YRO 9,, RS F SS  VV 6HEDVWLDQ %DUWLQD HQ
&RPHQWDULR6DJUDGD(VFULWXUD1XHYR7HVWDPHQWRYRO,,,%$&RSFSSVV-HDQ/RXLVHQ&RPHQWDULR6DQ-HURQLPR1XHYR
7HVWDPHQWRYRO,,RSFSSVVLQWHUSUHWDQDODVHJXQGD%HVWLDGHGRVFXHUQRVFRPRHO6DFHUGRFLRSDJDQR
>@
(Q'LJQRHVHO&RUGHURRSFSS\VV
>@
9HUD&KDUOHV%UXWVFK/D&ODUWHGH/
$SRFDO\SVHRSFS
>@
,G
>@
9HGD)URRP7KH3URSKHWLF)DLWKRIWKH)DWKHUVYRO,,9RSFGRQGHVHLQGLFDQODVGLIHUHQWHVLQWHUSUHWDFLRQHVTXHVHKDQGDGRD
HVWHDVXQWRHVSHFLDOPHQWHSXHGHREVHUYDUVHHOSHULRGRFRPSUHQGLGRGHVGHOD5HYROXFLRQ)UDQFHVDDPHGLDGRVGHOVLJOR;;
>@
&LWDGRSRU-HDQ=XUFKHUHQ/HV(WDWV8QLVHWOD3URSKHWLH&ROORQJHVVRXV6DOHYH)UDQFHVIS
>@
,GS
>@
,G
>@
,G
>@
 (Q XQ DUWLFXOR DSDUHFLGR HQ OD 5HYLHZ DQG +HUDOG  GH PD\R GH  FRQ HO WLWXOR 3HQVDPLHQWRV VREUH $SRFDOLSVLV  \ 
SXEOLFDFLRQGHOD&RQIHUHQFLD*HQHUDO$GYHQWLVWD
>@
9HUQXHVWURHVWXGLRKLVWRULFRVREUHORV(VWDGRV8QLGRV\DODPD\RULDGHORVDXWRUHVFLWDGRVHQQRWDQR
(O SURWHVWDQWH LQGHSHQGLHQWH ( ) 'XEDVVVHW HQ/D *UDYLWH GHV 7HPSV RS F SS  VV GHGLFD EDVWDQWH HVSDFLR SDUD SUREDU OD
LGHQWLILFDFLRQGHOD%HVWLDGHGRVFXHUQRVFRQ/RV(VWDGRV8QLGRVHQODSGLFH
/HHU$SRFDOLSVLVFDSLWXORYHUVLFXORVDO$KLVHHVWDKDFLHQGRUHIHUHQFLDDORV86$XQLGRVHQHOHVSLULWXGHOTXHHVSHUDGRPLQDU
DOPXQGRHVSLULWXDOPHQWHFRQHODSR\RGHORV(VWDGRV8QLGRV5RPDSDSDO!!
>@
(Q/HV(WDWV8QLHVHWOD3URKHWLHRSFS
>@
 6H PH KD KHFKR XQD FULWLFD HQ HO VHQWLGR GH TXH KH FRPHWLGR XQ HUURU HQ OD H[SRVLFLRQ GH OR TXH VLJQLILFD FRPSUDU \ YHQGHU  DO
H[SRQHUVHJXQVHGLFHTXHVHWUDWDULDGHODFRPSUD\YHQWDGHODYHUGDGHQXQVHQWLGRHVSLULWXDO(QSULQFLSLRTXLHURGHFLUTXHQRSUHWHQGRQR
KDEHU FRPHWLGR QLQJXQ HUURU 6LQ GXGD TXH ORV KD\ 6LQ HPEDUJR OD FULWLFD TXH VH PH KDFH HQ UHODFLRQ D HVWH DVXQWR HVWD LQMXVWLILFDGD 6L
XVWHGHVOHHQQRWDUDQTXH\RQRGHVFDUWRHOTXHHODVXQWRGHFRPSUDURYHQGHUOLWHUDOPHQWHHVWHLQYROXFUDGR+HPRVGHDFRVWXPEUDUQRVDTXH
XQDH[SOLFDFLRQFRPSOHPHQWDULDQRWLHQHSRUTXHFRQWUDGHFLUDO(VSLULWXGHODSURIHFLD(OTXH(OHQD:KLWHFRQVXGRQSURIHWLFRKDJDHQIDVLV
HQHOFRPSUDU\YHQGHUGHVGHXQSXQWRGHYLVWDOLWHUDOQRFRQWUDGLFHDORTXHSXHGHFRPHQWDUHOGRQGHGRFWRURSDVWRURGHLQWHUSUHWDUOD
%LEOLD6LPSOHPHQWHORVGRQHVVHFRPSOHPHQWDQ<ODLQWHUSUHWDFLRQGHXQRQRDJRWDODGHORWUR
4XHGHFODUR
4XHQRFRQWUDGLJRVLQRTXHFRPSOHPHQWR
+D\HMHPSORVELEOLFRVGHHVWDFRPSOHPHQWDFLRQ
D(OWHPDGHODIH\REUDV
E 'DQLHO GLFH TXH QR VH XQLUDQ PLHQWUDV TXH DSRFDOLSVLV DILUPD TXH GXUDQWH XQD KRUD VH XQLUDQ (V HYLGHQWH TXH QR FRQWUDGLFH D OD RWUD
YDULDQWH
F(Q'DQLHODO&XHUQR3HTXHQRVHOHTXLWDHOSRGHU\WRGDYLDH[LVWHKDVWDHOILQVLQSRGHU0LHQWUDVTXHDSDUWLUGH'DQLHOHQXQ
PRPHQWR VLQ GHWHUPLQDU VH REVHUYD XQD HVSHFLH GH UHDYLYDPLHQWR GH HVH SRGHU< HQ HO$SRFDOLSVLV VH QRV KDEOD GH OD UHVWDXUDFLRQ GH OD
KHULGD
/D SURSLD (OHQD :KLWH HQ (YHQWRV SDUD ORV XOWLPRV GLDV SS   \ HQ HO FRQWH[WR GH ORV XOWLPRV GLDV QRV UHILHUH TXH QR VH SRGUD
H[SRQHU OD YHUGDG QL OD 3DODEUD GH 'LRV KDEUD KDPEUH GH OD 3DODEUD (VWR VHUYLULD SDUD OD LQWHUSUHWDFLRQ HVSLULWXDO HQ FXDQWR D QR SRGHU
FRPSUDUQLYHQGHU
5HVSHFWRDOILQGHOWLHPSRGHJUDFLD(:KLWHQRVGHVFXEUHXQFXDGURGLVWLQWRDOQRUPDOSHURFRPSOHPHQWDULRUHVSHFWRDODDFWLYLGDGKXPDQD
WDQWRGHMXVWRVFRPRGHLPSLRV
(QHOFXPSOLPLHQWRGHORVGHEHUHVGHODYLGDORVMXVWRVVHUDQSXHVWRVHQFRQWDFWRFRQORVLPSLRVKDVWDHOPLVPRILQ/RVKLMRVGHODOX]HVWDQ
HVSDUFLGRVHQWUHORVKLMRVGHODVWLQLHEODVSDUDTXHWRGRVSXHGDQYHUHOFRQWUDVWH
&ULVWRGHFODURTXHFXDQGRHOYHQJDDOJXQRVPLHPEURVGHVXSXHEORTXHORHVSHUDHVWDUDQRFXSDGRVHQWUDQVDFFLRQHVFRPHUFLDOHV$OJXQRV
HVWDUDQVHPEUDQGRHQHOFDPSRRWURVUHFRJLHQGRODFRVHFKD\RWURVPROLHQGRHQHOPROLQR
/RV MXVWRV \ ORV LPSLRV FRQWLQXDUDQ YLYLHQGR HQ OD WLHUUD  WRGRV HOORV LQFRQVFLHQWHV GH TXH OD GHFLVLRQ ILQDO H LUUHYRFDEOH KD VLGR
SURQXQFLDGDHQHOVDQWXDULRFHOHVWLDO
(VWDVFLWDVQRVPXHVWUDQTXHODDQJXVWLD\ODSHUVHFXFLRQGHOSXHEORGH'LRVQRVHUDXQLYHUVDOFRPRWDPSRFRODVSODJDV
>@
9HUHVWDRSLQLRQTXHDVXPLPRVHQ)HOL[&RUWHV$0$1RYLHPEUH'LFLHPEUHS
>@
$XQTXH QR HV QHFHVDULR UHFXUULU D QLQJXQ QRPEUH FRQ YDORU QXPHULFR SXHVWR TXH QR HV HVH HO SURSRVLWR GH OD PHQFLRQ GHO  WDO
FRPR\DKHPRVH[SOLFDGR)HOL[&RUWHV\DFLWDGRDILUPD
XQDQWLJXRQRPEUHGH6DWDQDVHQJULHJRHV7HLWDQ\VLVXPDPRVORVQXPHURVGHODVOHWUDVGHVXQRPEUHKDOODUHPRVTXHGD!!0$
1RYLHPEUH'LFLHPEUHGHS
>@
(Q/D%LEOLDGH(G/DERUYRO,,,RSFS
>@
6LVHHVWXGLDOD5HYROXFLRQIUDQFHVDVHGHVFXEUHTXHQLHVXQDUHDFFLRQSROLWLFD\VRFLDODQWHHOFDPELRHFRQRPLFRGRQGHHOFDSLWDOLVPR
HQFRQWUDULD VX GHUHFKR D JREHUQDU WHRULD PDU[LVWD QL XQ PRYLPLHQWR SROLWLFR TXH GDULD OXJDU D OD GHPRFUDFLD /RV HVWXGLRVRV VREUH HO
SDUWLFXODU VDEHQ TXH OD GHPRFUDFLD QR VH LPSXVR GHILQLWLYDPHQWH KDVWD GHVSXHV GH  DXQ FXDQGR VX HVWUXFWXUD VRFLDO H[LVWLHUD GHVGH OD
HSRFDGH1DSROHRQ\DXQTXHVXVLGHDVVHGLVHPLQDUDQSRUWRGRHOPXQGR
>@
5+6&URVVPDQ%LRJUDILDGHO(VWDGRPRGHUQRRSFS
>@
,GSS
>@
:DNHKDPRSFS
>@
3LHUUH/DQIUH\RSFS
>@
,GS
>@
,G S  /D GHELOLGDG GH 5RPD KD VLGR PHGLGD GH DFXHUGR D OD DFWLWXG TXH DVXPHQ ORV 3DSDV FRQ UHODFLRQ D OD GHVDSDULFLRQ \
H[SXOVLRQGHGLFKDRUGHQUHOLJLRVDFDWROLFDYHU'H/XWHURD9ROWDLUHRSFS
&RQ &OHPHQWH ;,9 HQ  VH DFHSWR ODV H[LJHQFLDV GH ODV SULQFLSDOHV QDFLRQHV HXURSHDV SDUD OD DEROLFLRQ GH ORV -HVXLWDV  /D )LQ GH
/
$QFLHQ5HJLPHRSFS
3KLOLSSH6DJQDFFRPHQWD
(VWD VXSUHVLRQ GH OD RUGHQ OD PDV LQIOX\HQWH GH OD ,JOHVLD 5RPDQD HUD XQ JROSH IRUPLGDEOH OOHYDGR FRQWUD HO SDSDGR /RV MDQVHQLVWDV ORV
ILORVRIRVORVPDJLVWUDGRVH[XOWDEDQGHJR]R/RVVREHUDQRVHQ,WDOLDFRPRHQHOUHVWRGHOD(XURSDFDWROLFDMX]JDQGRDO3DSDGRVLQIXHU]D\
VLQ DXWRULGDG HQWUDUDQ SURQWR HQ OXFKD FRQWUD HO HQWUH HOORV ORV TXH VH KDELDQ FXLGDGR PDV GH ORV -HVXLWDV ORV +DEVEXUJR !!/D )LQ GH
/
$QFLHQ5HJLPHRSFS
>@
-6FKPLGOLQ+LVWRLUHGHV3DSHV3DULVYRO,SULPHUDSDUWHSS
>@
9HDVH-HDQ3LHUUH%RLV/D5HYROXFLRQ)UDQFHVDRSFS
>@
,G
>@
,GS
>@
9HU&/QRRSFS(OKLVWRULDGRUFDWROLFR +LVWRULDGHOD,JOHVLD&DWROLFDRSFS6LQGXGDODUHYROXFLRQ
IUDQFHVDDOFDQ]RVXSXQWRFXOPLQDQWHHQ1RYLHPEUHFXDQGRVHVXSULPLRRILFLDOPHQWHHOFULVWLDQLVPR\VHLQWURGXMRHOFXOWRDODUD]RQ!!&I
(PLO*/HRQDUG+LVWRULD*HQHUDOGHO3URWHVWDQWLVPRYRO,,,S
1R SRGHPRV KDFHU GHPDVLDGR FDVR D FLHUWDV FRQVLJQDVUHOLJLRVDV TXH VH LQWURGXFHQ WHPSUDQDPHQWH SRU ODV UHYRFDFLRQHV \ FRQGXFWDV
FRQWUDULDV TXH VH SURGXFHQ D FRQWLQXDFLRQ FRQWUDGLFLHQGR OR TXH DSDUHQWHPHQWH SUHWHQGLDQ HVDV FRQVLJQDV 3RU HMHPSOR HQ  OD
&RQYHQFLRQKDELDGHFODUDGRODOLEHUWDGGHFXOWRVSHURVHWUDWRGHDOJRSXUDPHQWHIRUPDO\QRVHOOHJRDSRQHUHQYLJRU0LFKHO3HURQQHW
/LEHUWDGGH&XOWR\5HYROXFLRQ)UDQFHVDHQ&/QRRSFS3RUFRQWUDODUHDOLGDGHVRWUDGHVGHMXQLRVHRULJLQDXQSHULRGRGH
WHUURU\SHUVHFXFLRQUHOLJLRVDTXHDFDEDUDFRQXQGHFUHWRSURKLELHQGRHOHMHUFLFLRGHWRGRVORVFXOWRVHOQRYLHPEUHGHREUXPDULR
GHO$QR,,5$)-XQLRGHS(Q5REHVSLHUUHLPSODQWDHOFXOWRGHO 6HU6XSUHPR FRPRRSXHVWRDODWHLVPR"SHURTXHTXLHUH
GHFLUFRQHVR"(OVHUVXSUHPRHVODQDWXUDOH]DVXWHPSORHOXQLYHUVRVXFXOWRODYLUWXGHWF05REHVSLHUUHFLWDGRHQ&/QRRSFS
(QVHOHJLVODDIDYRUGHODOLEHUWDGGHFXOWRV0LFKHO3HURQQHWRSFSVLQHPEDUJRVHKDSUHFLVDGRTXHVXVHUYLFLRGHEHVHU
UHDOL]DGRGHDFXHUGRDODOH\HVGHFLUFRQIRUPHDOFXOWRGHFLPDOFDGDGLH]GLDVDGHPDVVHPDQWLHQHQODVUHVWULFFLRQHVILMDGDVSRUODOH\GHO
GHIHEUHUR&/QRRSFS(O'LUHFWRULRTXHWRPDHOSRGHUHQRFWXEUHGHHVFRPSOHWDPHQWHKRVWLODORUHOLJLRVRLGS
&RPR XQD HYLGHQFLD SUDFWLFD GH OD UHDOLGDG GH OD VLWXDFLRQ UHOLJLRVD HV TXH KDVWD HO  GH HQHUR GH  QR VH FHOHEUD SXEOLFDPHQWH SRU
SULPHUDYH]HOFXOWRGHORVWHRILODQWURSRV-HDQ3LHUUH%RLVRSFS\QRVHUDKDVWDDJRVWRGHTXHHO2ELVSR/HFR]
HQ1RWUH'DPH DXWRULGDG UHOLJLRVD FDWROLFD HQ )UDQFLD LQWHUSUHWD \ H[SUHVD SXEOLFDPHQWH TXH VH KDUHVXFLWDGR OD SRVLELOLGDG DXWHQWLFD GH
HMHUFHUODUHOLJLRQ
/RVOLPLWHVHQWUHHQHURGH\$JRVWRGHPXHVWUDQODH[LVWHQFLDGHXQPDUFRQXHYR(OSULPHURHVXQLQGLFDWLYRGHTXHXQFDPELRVH
HVWDSURGXFLHQGRHOVHJXQGRHVODFRQVWDWDFLRQGHTXHHVHFDPELRHVHQFLDOUHODWLYRDORUHOLJLRVR\DVHKDSURGXFLGR
/DQHFHVLGDGGHTXHODGLUHFFLRQUHSXEOLFDQDGLJDDOJRTXHFRQWUDGLJDDELHUWDPHQWHODGHVFULVWLDQL]DFLRQRILFLDOLQLFLDGDDILQDOHVGHVH
LPSRQHHVWRVHUDSRVLEOHHQ0D\RGHFXDQGRHO&RQVHMRGHORVQRPEUDULDXQDFRPLVLRQSDUDSUHSDUDUXQDQXHYDOH\FRQFHUQLHQWHDO
FXOWRUHOLJLRVR-RKQ$GROISKXV7KH+LVWRU\RI)UDQFHYRO,,HG*HRUJH.HDUVOH\/RQGRQSFI7KLHOHRSFS
(Q-XQLRGHVHSUHVHQWDHOLQIRUPH\SRVWHULRUPHQWHFRQHOLQIRUPHSURJUDPDWLFRGH&DPLOH-RUGDQDFHSWDGD\DGRSWDGDXQDQLPHPHQWH
SRU HO &RQVHMR VH KDFH XQD H[SRVLFLRQ TXH KDVWD HQWRQFHV QR KDELD H[LVWLGR RSXHVWD D OR TXH VXSXVR OD VXSUHVLRQ GHO FULVWLDQLVPR HQ
QRYLHPEUHGHSURSLFLDQGRVHODOLEHUWDGGHFXOWRVHQ)UDQFLD,GS'LFKRLQIRUPHDGRSWDGRGLFHORVLJXLHQWH
(VQHFHVDULDODUHOLJLRQSDUDODIHOLFLGDG\SURVSHULGDGGHXQDQDFLRQ/DIHHQ'LRVHVXQDJDUDQWLDPHMRUGHORUGHQSXEOLFRTXHODVPHMRUHV
OH\HV/DYROXQWDGGHOSXHEORHQHVWHDVXQWRHVXQDQLPHFRQVWDQWHHLUUHVLVWLEOH/DUHOLJLRQFRQVXSHUVSHFWLYDLQPRUWDOHVHOXQLFRFRQVXHOR
GHXQDQDFLRQHQORVGLVWXUELRVTXHDFRPSDQDQXQDUHYROXFLRQ(VODXQLFDIXHQWHGHORUGHQ\ODPRUDO+HPRVSURPXOJDGRPLOODUHVGHOH\HV
GXUDQWHORVXOWLPRVSRFRVDQRV"4XHKDQKHFKRSRUQRVRWURVVLQRKDVLGRLQXQGDUHVWHEHOORLPSHULRFRQFULPHQ\GHVWUXFFLRQ"<"SRUTXH"
3RUTXH OD OH\ TXH HQVHQD FRPR GLVFHUQLU HQWUH HO ELHQ \ HO PDO OD OH\ TXH VROD GD YDORU D WRGDV ODV RWUDV OH\HV KD VLGR DUUDQFDGD GH ORV
FRUD]RQHVGHOSXHEOR6LSHUPLWLPRVTXHWRGDVODVUHOLJLRQHVYXHOYDQDFUHDUHVDOH\HQHOFRUD]RQGHODJHQWHORVOHJLVODGRUHVWHQGUDQSRFR
PDVTXHKDFHU/DLGHDGHSURVFULELUWRGDUHOLJLRQHQ)UDQFLDHVLPSLD4XHWRGRVQXHVWURVFLXGDGDQRVYXHOYDQDVHQWLUODVHJXULGDGTXHWRGR
HOPXQGRFDWROLFR\SURWHVWDQWHORFRQVLGHUHODYROXQWDGGHOOHJLVODGRU\HOGHVHRGHODOH\TXHVLJDODUHOLJLRQGHVXFRUD]RQ3HUPLWLGPHTXH
OHVUHSLWDHQYXHVWURQRPEUHODSURPHVDVDJUDGDWRGDVODVIRUPDVGHFXOWRVHSHUPLWHQHQ)UDQFLD/D*D]HWWH1DWLRQDOHGHMXQLRGH
UHFRJLGDSRU/5&RQUDGLHQORV9LGHQWHV\OR3RUYHQLUYRO,,RSFS/DWUDGXFFLRQGHODFLWDKDVLGRREWHQLGDGH7KLHOHRSFS
3XHGHFRQVXOWDUVHWDPELHQOH0RQLWHXU\UHFRJLGRVHQ-9XLOOHXPLHU/
$SRFDO\SVHRSFS!!
(VWH LQIRUPH SUHVHQWDGR SRU OD FRPLVLRQ SDUD VX SRVWHULRU YRWDFLRQ \ DGRSFLRQ GHPXHVWUD TXH KDVWD HVH PRPHQWR QR KDELD KDELGR XQD
GHFODUDFLRQSRUXQODGRVXVWLWXWRULDGHODGH\SRURWURHIHFWLYDHQFXDQWRDVXDSOLFDFLRQ
1DGDGHHVWRVLJQLILFDTXHODSUREOHPDWLFDHQJHQGUDGDFRQOD,JOHVLD&DWROLFDUHSUHVHQWDGDSRUHO3DSDKD\DILQDOL]DGRSHURVLDOPHQRVHQ
PD\RMXQLRGHPDUFDHOILQGHXQVLOHQFLRFULVWLDQRREOLJDGRSRUODUHDFFLRQYLUXOHQWDGHOD5HYROXFLRQFRQWUDHO6LVWHPD3DSDO\TXHVH
SUR\HFWDHQORPDVUHSUHVHQWDWLYRGHODUHOLJLRQFULVWLDQDHQDTXHOORHQTXHHVWDVHIXQGDHQORVOLEURVVDJUDGRV
>@
+LVWRULDGHOD,JOHVLD&DWROLFDRSFS
>@
9HDVHHOLQIRUPHTXHVHRIUHFHGHODTXHPDGH $QWLJXRV\1XHYRV7HVWDPHQWRVHQ*D]HWWH1DWLRQDOHGHOGHQRYLHPEUHGH
GH3DULVUHFRJLGRSRU/5&RQUDGLRSFS
9HDVH WDPELHQ HO LQIRUPH GHO QR R GH )ULPDLUH GH OH 0RQLWHXU UHFRJLGR SRU -HDQ 9XLOOHXPLHU /
$SRFDO\SVH RS FS  7DPELHQ D
/DPDUWLQH+LVWRLUHGHV*LURQGLQVFLWDGRHQ-9XLOOHXPLHU/
$SRFDO\SVHRSFS
- * /RULPHU $Q +LVWRULFDO 6NHWFK RI WKH 3URWHVWDQW &KXUFK LQ )UDQFH  FDS 9,,, SDUUDIV   GLFH GHO DFRQWHFLPLHQWR GH
GHVFULVWLDQL]DFLRQGHILQDOHVGH
'RQGHTXLHUDTXHVHHQFRQWUDVHXQD%LEOLDSXHGHGHFLUVHTXHKDELDSHUVHFXFLRQDPXHUWHDWDOSXQWRTXHYDULRVFRPHQWDGRUHVUHVSHWDEOHV
LQWHUSUHWDQ OD PXHUWH GH ORV GRV WHVWLJRV HQ HO FDSLWXOR RQFH GHO $SRFDOLSVLV FRPR UHILULHQGRVH D OD VXSUHVLRQ JHQHUDO PDV DXQ D OD
GHVWUXFFLRQGHO$QWLJXR\1XHYR7HVWDPHQWRHQ)UDQFLDGXUDQWHDTXHOODHSRFD!!5HFRJLGRHQHODSHQGLFHGH(O&RQIOLFWRGHORV6LJORVRS
FS
>@
3DUDPXFKRVSDUHFHLURQLFRTXHODJUDQDOLDGDGHO3DSDGR)UDQFLDVXUJLGDGHODQWLJXRUHLQRGHORV)UDQFRVFRQ&ORGRYHRVHFRQYLHUWD
SRUXQGHVWLQRLUUHYRFDEOHHQODHMHFXWRUDGHXQDKHULGDPRUWDO(VWRKDVLGRLQWHUSUHWDGRHQHOVHQWLGRGHXQFDVWLJRGLYLQRDODVDWURFLGDGHV
FRPHWLGDV HQ )UDQFLD HQ HO GLD GH 6DQ %DUWRORPH 9HDVH ( % (OOLRWW +RUDH $SRFDOSWLFDH WRPR  SS   \ $UWXUR 5REHUWR
3HQLQJWRQ(SRFKVRISDSDF\SS&LWDGRVDPERVSRU:DNHKDPRSFS
>@
-HDQ/HIORQ+LVWRLUHGHO
(JOLVHGHSXLVOHVRULJLQHVMXVTX
DQRVMRXUV%ORXGHW*D\YRO;;SS
>@
-HDQ3LHUUH%RLVRSFS
>@
+LVWRULDGHOD,JOHVLD&DWROLFD+HUGHURSFS
>@
/DKLVWRULDYHDVH*2QFNHQ+LVWRULD8QLYHUVDO9RO;;;,RSFSH[SRQHFRQFODULGDGPHULGLDQDTXHHVWHHVHOPRPHQWR
HQHOTXHVHGHVSRMDDOD,JOHVLD&DWROLFD5RPDQDHQODSHUVRQDGHO3DSDGHVX6REHUDQLD$XQFXDQGRHQODXQLILFDFLRQGH,WDOLDOD
UHGX]FD D XQVLPSOH HGLILFLR OD EDVH IXH FRORFDGD FRQ OD 5HYROXFLRQ )UDQFHVD \ OD VLWXDFLRQ GHVRODGD GH  FRQ WRGR OR TXH YHQGUD
GHVSXHVHVHOUHVXOWDGRGHOKXQGLPLHQWRSURGXFLGRSRUODUHYROXFLRQIUDQFHVDTXHHQFRQWURVXPDJQRVLJQLILFDGRHQFRQHOJHVWROOHQRGH
VHQWLGRGHFRJHUSULVLRQHURDO3DSD\REOLJDUOHDWUDVODGDUVHGH5RPD)XHHQWRQFHVFXDQGRHOJHQHUDOIUDQFHVOHKDFHVDEHUDO3DSDTXHKD
SHUGLGRVX6REHUDQLDLG
>@
9HDVH&/HGLFIUDQFHVDQRRSFS
>@
,GS\&/HGLFHVSDQRODS
>@
9HDVHHVWDGHVFULSFLRQHQ/D3XUD9HUGDGRFWXEUHGHS
/DQXHYDFRURQDFLRQTXHDVLPLVPRVHHIHFWXD1DSROHRQHQODDQH[LRQGHORV(VWDGRV3DSDOHVFRPRSDUWHGHOLPSHULRIUDQFHVHQ
QRHVPDVTXHODUHLWHUDFLRQGHODSHUGLGDGHODKHJHPRQLDSDSDOGXUDQWHODUHYROXFLRQIUDQFHVDHYLGHQFLDGDFRPRXQDUHDOLGDGKLVWRULFDHQHO
DWDTXHLQIOLJLGRHQODSHUVRQDGHO3DSDHQ
>@
,GHGLFHVSDQRODS
>@
,G
>@
(OKLVWRULDGRU-XDQ/HLFHVWHU$GROSKXV+LVWRU\RI)UDQFHIURPYRO,,/RQGUHVSFRPHQWDORVLJXLHQWHHQUHODFLRQ
DODKLVWRULD\ODSURIHFLD
/D FDLGD GHO JRELHUQR SDSDO VHDQ FXDOHV IXHUHQ ORV PRGRV HPSOHDGRV SDUD SURGXFLUOD H[FLWR WDO YH] PHQRV VLPSDWLD TXH FXDOTXLHUD RWUD
RFXUULGD HQ (XURSD ORV HUURUHV ODV RSUHVLRQHV OD WLUDQLD GH 5RPD VREUH WRGR HO PXQGR FULVWLDQR VH UHFRUGDEDQ FRQ DPDUJXUD PXFKRV VH
UHJRFLMDURQSRUDQWLSDWLDUHOLJLRVDDQWHHOGHUURFDPLHQWRGHXQDLJOHVLDTXHFRQVLGHUDEDQLGRODWUDDXQTXHIXHUDVHJXLGRSRUHOWULXQIRLQPHGLDWR
GHODWHLVPR\PXFKRVYLHURQHQHVWRVVXFHVRVHOFXPSOLPLHQWRGHSURIHFLDV\ODH[KLELFLRQGHVHQDOHVSURPHWLGDVHQODVSDUWHVPDVPLVWLFDV
GHODV6DJUDGDV(VFULWXUDV!!
>@
+LVWRULDGHOD,JOHVLD&DWROLFDRSFS
>@
,GS
>@
,G
>@
,G
>@
,G
>@
,GS
>@
,G
>@
,G
>@
3RUUHFXSHUDFLRQGHOD6REHUDQLDWHPSRUDOHVYROYHUDSRVHHUXQ(VWDGRTXHMXQWRDVXSRGHUMXULVGLFFLRQDOFRPR-HIHGHO&DWROLFLVPR
PXQGLDOSXHGDOOHJDGRHOFDVRGHVDUUROODUXQDLQMHUHQFLDSRUPHGLRGHORVDVXQWRVHVSLULWXDOHVHQORWHPSRUDOSDUWLHQGRDGHPDVGHODLGHDGHO
GHUHFKRGLYLQRGHOD$XWRULGDG3DSDOVREUHORVSRGHUHVWHPSRUDOHV
>@
 9HU /D 6DQWD $OLDQ]D +LVWRULD GHO HVSLRQDMH 9DWLFDQR GH 3LR 9 D %HQHGLFWR ;9,  GH (ULF )UDWWLQL HG (VSDVD 0DGULG 
&RQVXOWHVHHODSDUWDGRELEOLRJUDILFRFRUUHVSRQGLHQWHDODVDFWLWXGHVGHO3DSDGR
>@
9HUSDJLQDV\VV
>@
+LVWRULDGHOD,JOHVLD&DWROLFDYDULRVDXWRUHVHG+HUGHU%DUFHORQDS
>@
  GXUDQWH OD 5HYROXFLRQ )UDQFHVD HO *RELHUQR IUDQFHV GHSXVR DO SDSD 3LR 9, \ FUHR OD SULPHUD 5HSXEOLFD 5RPDQD 
3RVWHULRUPHQWHODVWURSDVQDSROHRQLFDVTXHKDELDQLQYDGLGR,WDOLDGHVSRMDURQD3LR9,,GHVXVGRPLQLRV\ORVLQFRUSRUDURQD)UDQFLD
/DLQFOXVLRQGHWRGDODSHQLQVXODEDMRGRPLQLRIUDQFHVGHWHUPLQRHOUHVXUJLPLHQWRGHXQPRYLPLHQWRQDFLRQDOLVWD\XQLILFDGRUTXHSURQWRVH
H[WHQGLRSRUWRGD,WDOLD(QFLFORSHGLD(O3DLV9RO9,,0DGULGS
>@
-XDQ0LD/DERD/D,JOHVLDGHOVLJOR;,;HQWUHOD5HVWDXUDFLRQ\OD5HYROXFLRQ8QLYHUVLGDG3RQWLILFLD&RPLOODV0DGULG

>@
5HFRJLGRHQ+LVWRULDGHOD,JOHVLDSRUHOFDUGHQDO+HUJHQURWKHU%LEOLRWHFDGHODFLHQFLDFULVWLDQD0DGULGS
>@
,G6REUHHVWRSXHGHFRQVXOWDUVHWDPELHQ+LVWRULD8QLYHUVDOHOVLJOR;,;HQ(XURSD\1RUWHDPHULFD(O3DLVYRO0DGULG
SS
>@
+LVWRULD8QLYHUVDOGH2QFNHQWRPR0RQWDQHU\6LPRQHGLWRUHV%DUFHORQDSS
>@
 $OJXQRV DO WHQHU SUHVHQWH WRGD OD KLVWRULD WDO FRPR HVWDPRV YLHQGR KDQ LQWHUSUHWDGR TXH D SDUWLU GH \ HQ HVD IHFKD GH  QR
VRODPHQWHVHYLVXDOL]DGHQWURGHHVHSURFHVRTXHVHLQLFLDGHVGHODSHUGLGDGHVXKHJHPRQLDPDUFDGRHQXQDVHQWHQFLDFRQGHQDWRULD
TXHULGDSRU'LRVGHVXTXHKDFHUSROLWLFRVLQRDGHPDVHQHVHPLVPRMXLFLRFRQGHQDWRULRVHDGMXQWDXQFRQWHQLGRTXHVHQWHQFLDGHVGHHOFLHOR
\ PHGLDQWH ORV SURFODPDGRUHV GH OD WLHUUD GH VXV DFWLWXGHV HUURQHDV WHRORJLFDV 'Q    GRQGH VH FRPSUXHED HVD LQWHUSUHWDFLRQ
DSOLFDQGRORVYDORUHVKLVWRULFRVDORTXHODKLVWRULDQRVSURSRUFLRQD\GHORVYDORUHVGHO&RQWLQXRGHO3ULQFLSHGHVX6DQWXDULR\GHODYHUGDG
TXHHOSURSLRWH[WRFRQWLHQHFI'Q(VRMX]JD\FRQGHQDDOSRGHUTXHVHUHSUHVHQWD\TXHWLHQHGHVGHODHUD&RQVWDQWLQLDQD
VXSUR\HFWRKLVWRULFR<FXDQGRVHFODULILFDQODVSRVLFLRQHV\SRVWXUDVUHODWLYDVDHVDREUDKLVWRULFDUHSUHVHQWDGD\DOSODQGH'LRVUHVSHFWRDO
&RQWLQXRGHO3ULQFLSHDO6DQWXDULRGH'LRV\DODYHUGDG\VHVHQDODHVDREUDKLVWRULFDFRQWUDULDDORVLQWHUHVHGH'LRVFRPRUHDOL]DGDHQOD
WLHUUD SRU HVH SRGHU TXH FULWLFDPRV PHGLDQWH HO FXPSOLPLHQWR GH OR TXH UHFODPD 'DQLHO  FI   \ TXH DSDUHFH HQ 'DQLHO  \
'DQLHO\WHQLHQGRHQFXHQWDGHVGHHOFRPLHQ]RGHODYLVLRQFIFI$SHQGLFH,,\,,,VHHVWDHMHFXWDQGRXQ
MXLFLRGHYDORUUHVSHFWRDOSRGHUUHSUHVHQWDGRHQODKLVWRULDVHQWHQFLDQGROR\FRQGHQDQGROR
7HQJDVHHQFXHQWDTXHODKLVWRULDPHGLDQWHVXVJRELHUQRVVHYLHURQREOLJDGRVDFRPSUREDUODVSUHWHQVLRQHVSDSDOHVGHVGHHOSXQWRGHYLVWD
SROLWLFR\GHVXDXWRULGDGVHJXQHOSURYHQLHQWHGH'LRV<GHOPLVPRPRGRTXHODUHIRUPDSURWHVWDQWHVHFUH\RFRQHOGHUHFKRGHVHQDODUVXV
HUURUHV WHRORJLFRV \ VX DXWRULGDG HVSLULWXDO 1RVRWURV WDPELHQ WHQHPRV HO GHUHFKR GH FRPSUREDU VL VX FRQGXFWD KLVWRULFD \ WHRORJLFD HVWD
LGHQWLILFDGDHQOD3DODEUDSURIHWLFD\GHHVWDUORWHQHPRVODREOLJDFLRQGHXWLOL]DUORDILQGHDGYHUWLUODLQWURPLVLRQGHHVHSRGHUHQODKLVWRULD
ILQDOEDMRODIRUPDTXHVHQRVHVSHFLILFDHQHVD3DODEUDSURIHWLFDFID3HG
>@
6HJXQDOJXQRVWUDVXQWRGHOMXLFLRGLYLQRHQVHQWHQFLDFRQGHQDWRULDGHVGHHO&LHORFI'QFI

>@
9HU1RWD
>@
(VDIHFKDLQGHSHQGLHQWHPHQWHGHTXHHVWHPDUFDGDHQODKLVWRULDGHODUHYROXFLRQLWDOLDQDFRLQFLGHDVXYH]FRQODHPLVLRQGHVGHHO
3DUODPHQWRIUDQFHVGHODFRQGLFLRQGHSRVWHUJDFLRQGHO3DSDGR\TXHHOSDUODPHQWDULRHQVXVGLVFXUVRVUHFODPDHOTXHVHD\XGH\DFHSWHDO
SDSDGRFRQVLGHUDQGRFRPRLQMXVWDODDFWLWXGTXHHQWRGD(XURSDVHHVWDWRPDQGRFRQWUDHOFRQVXGHVSUHFLRDTXHSXHGDFRQWLQXDUFRQVX
LQIOXHQFLDTXHKDVWDODUHYROXFLRQIUDQFHVDKDELDPDQWHQLGR9HUPDVDUULED\QRWDV\\ORVPRWLYRVGHODVQRWDV
>@
6REUHHVWRYHU(OVLJOR;,;HQ(XURSD\1RUWHDPHULFD+LVWRULD8QLYHUVDO(O3DLV9RO0DGULGRSFS7DPELHQ
(QFLFORSHGLD(O3DLV9RORSFS
>@
(VSUHFLVRFRQRFHUODLQWHUSUHWDFLRQGHOFSGH'DQLHOXQLGRDO\DO3HURHVSUHFLVRWHQHUHQFXHQWDGRVDVSHFWRVLPSRUWDQWHVGH
ODKLVWRULDDILQGHFRPSUHQGHUODFDXVDSRUODTXHUHODFLRQDPRVDO3DSDGRFRQXQMXLFLRGLYLQR(O3DSDGRKDSURFODPDGRTXHVXDXWRULGDG\
H[LVWHQFLDKDVLGRFRQVWLWXLGDSRU'LRV$SDUWLUGHHVDGHFODUDFLRQVHVRPHWHDOHVFUXWLQLRGHODKLVWRULD\GHOMXLFLRGLYLQRTXHKDQGHPRVWUDU
ODDXWHQWLFLGDGGHHVDRSLQLRQ/DPHUDDILUPDFLRQQRVLUYH+DGHVHUVXFRPSRUWDPLHQWRHQODKLVWRULDTXLHQGHFLGDVXUHDOLGDG\YHUDFLGDG
/DKLVWRULDWDOFRPRVHQRVSUHVHQWDGHPXHVWUDHOUHFKD]RGHHVDDILUPDFLRQSRUVXVDFWRV\UHVXOWDGRVODDSRFDOLSWLFDKLVWRULDDQWLFLSDGD\
OD SDODEUD SURIHWLFD FI D 3HG  QRV DGYLHUWHQ GH XQDFRQGXFWD TXH VH LGHQWLILFD FRQ OD KLVWRULD GHO 3DSDGR \ TXH VH OD MX]JD FRPR
RSXHVWDD'LRV
>@
 9HU PDV DGHODQWH DO WHRORJR FDWROLFR -RVH ,JQDFLR *RQ]DOH] )DXV " 6RQ FULVWLDQDV ODV UDLFHV GH (XURSD" HQ XQD REUD DXQTXH
FRQGHQVDGDJHQLDOPHQWHFRQVWUXLGDGRQGHFRQVLGHUDHOKHFKRKLVWRULFR&RQVWDQWLQLDQRFRPRHOYHUGDGHURPRWRUGHODKLVWRULDGHOSDSDGR\VX
WHQWDFLRQDODTXHVXFXPELRFRQWRGDVODVLPSOLFDFLRQHVPDOLJQDVTXHHVDGHFLVLRQSURSDJRHQODKLVWRULD
>@
6REUHHOSURFHVRGHUHFXSHUDFLRQGHO3DSDGR\ODFXUDFLRQGHVXKHULGDFRQVXOWHVHODREUDGHODXWRU/DYRFDFLRQGHSRGHUHQODHUD
GHODJOREDOL]DFLRQYROVRSF
>@
 0 ( %RLVPDUG /
$SRFDO\SVH GH -HDQ HQ,QWURGXFWLRQ D OD %LEOH /H 1RXYHDX 7HVWDPHQW  9RO ,9/D WUDGLWLRQ MRKDQQLTXH
3DULVSSH[SOLFDTXHHO$SRFDOLSVLVVHLQWHUHVDHVSHFLDOPHQWHGHORVGRVSHULRGRVGHFULVLVGXUDQWHORVFXDOHVOD,JOHVLDHVWD
VRPHWLGDDORVDVDOWRVGH6DWDQORVFRPLHQ]RVEDMRODSHUVHFXFLRQURPDQD\DOILQDQWHVGHODFRQVXPDFLRQHVFDWRORJLFDWRGDQXHVWUDYLGD
SUHVHQWHHVWDGRPLQDGDSRUODSHUVSHFWLYDHVFDWRORJLFD\DTXHHVWDULDPRVGHVGHHOSULPHUVLJORHQORVXOWLPRVWLHPSRV
&RQIRUPH QRV DSUR[LPDPRV D OD FULVLV ILQDO GH OD KLVWRULD HO PHQVDMH GHO$SRFDOLSVLV DOFDQ]D XQD PD\RU DFWXDOLGDG QR VRODPHQWH FRPR
DGYHUWHQFLDVLQRWDPELHQSRUFXDQWRFRQWLHQHXQPHQVDMHGHHVSHUDQ]DTXHYDOHSDUDWRGRVORVWLHPSRVHVXQHYDQJHOLRHWHUQR
/R DVXPH HVWR PLVPR $ .XHHQ/
$SRFDO\SVHHQ,QWURGXFWLRQ DX 1RXYHDX 7HVWDPHQW H 9ROXPH HGLWLRQV (PPDXV 6DLQW/HJLHU
6XLVVHSS
.XHQRSFSDVXPHXQOLVWDGRGHODVSULQFLSDOHVOHFFLRQHVGHOOLEUR8QDOHFFLRQGHUHFRQRFLPLHQWRKDFLDORTXHHO$SRFDOLSVLVQRV
UHYHOD UHVSHFWR D QXHVWUD YRFDFLRQ \ DO DPRU GHO TXH KHPRV VLGR REMHWR 8QD OHFFLRQ GH YLJLODQFLDUHVSHFWR DO SHOLJUR GHO HQHPLJR \
HQJDQDGRU 8QD OHFFLRQ GH VDQWLGDG HV SUHFLVR SHUPDQHFHU ILHO \ ILUPH VLQ DUPLVWLFLRV KDFLD HO PDO \ HO WHQWDGRU 8QD OHFFLRQ GH
FRQVWDQFLD8QDOHFFLRQGHHVSHUDQ]D
>@
 /D SURIHFLD DSRFDOLSWLFD XWLOL]D XQ OHQJXDMH SURSLR PH]FOD OR QDUUDWLYR FRQ OR VLPEROLFR \R UHSUHVHQWDWLYR /R QDUUDWLYR VH SUHVHQWD
UHGXFLGRDVXUHDOLGDG\VLUYHGHYHKLFXORGHFRPSUHQVLRQFXDQGRORVLPEROLFR\RUHSUHVHQWDWLYROOHJDVDDSUHQGHU\DVDEHUUHGXFLUORDVX
UHDOLGDGFRQODD\XGDGHRWURVFRQWH[WRVGRQGHVHDSOLFDHOVLJQLILFDGR\VHQWLGRGHODPHWDIRUDRGHOVLPEROR
"4XHHVOD3URIHFLD$SRFDOLSWLFD%LEOLFD"
12HVHVRWHULFDXRFXOWLVWDQLDJRUHUDQLVHEDVDHQODDGLYLQDFLRQRHQODFRQWHPSODFLRQGHORVDVWURV'QFI'W,VD
VLQRHQODUHYHODFLRQGHXQ'LRVVDELR\7RGRSRGHURVR'Q$SFI,VDPHGLDQWHHOXQLFRPHWRGR
TXHKDVLGRSRVLEOH
 12 HV DODUPLVWD VLQRHVSHUDQ]DGRUD HQ XQD YLGD PHMRU \D DKRUD (O GRORU \ OD PXHUWH SLHUGHQ VX WHUURU FXDQGR H[SHULPHQWDV OD
HVSHUDQ]DTXHLPSOLFDHOPHQVDMHFRQWHQLGRHQODSURIHFLDDSRFDOLSWLFD'Q$S$S
FSV\
&XDQGRXQRFRPSUXHEDHQODSURIHFLDDSRFDOLSWLFDGHTXH'LRVKDWUD]DGRXQGHVWLQRHWHUQR'QFI$SFSV\
SDUDWRGRVDTXHOORVTXHVHGHVPDUFDQGHOGLVHQRPXQGDQRTXHODVIXHU]DVGHOPDOKDQHQJHQGUDGRDUUDVWUDQGRDODVQDFLRQHVDGLEXMDUXQD
KLVWRULD RSXHVWD D OD GHO 5HLQR GH 'LRV D OD GH VX *RELHUQR 6REHUDQR VXUJH OD HVSHUDQ]D "3RU TXH" 3RU FXDQWR DKRUD FRPSUHQGH TXH ODV
GHVGLFKDV GH OD KXPDQLGDG \ ODV SURSLDV GH XQR HVWDQ GHQWUR GH XQD GLUHFFLRQDOLGDG \ FRPSRUWDPLHQWR KLVWRULFR TXH ORV KRPEUHV \ ODV
QDFLRQHVKDQVXVFLWDGRFRPRIUXWRGHVXDFWLWXG\FRQGXFWD
(VH'LRVHWHUQRHQEDVHDVXSUHFRQRFLPLHQWRGHHVDDFWXDFLRQOLEUHGHODVQDFLRQHVKDFHYLVLEOHDKRUDVX9ROXQWDG6REHUDQDHQODIRUPDGH
ODSURIHFLD$SRFDOLSWLFDGLFLHQGRQRVTXHORVVHUHVKXPDQRVTXHORGHVHHQSXHGHQDFRJHUVHDO3ODQGH'LRVPDQLIHVWDGRHQVX5HLQR\HQOD
3HUVRQDTXHORHQFDUQD'Q$S\VV\DTXHODVQDFLRQHVYDQDERFDGDVDOIUDFDVR\DODGHVWUXFFLRQ'Q
FI$S4XHDSHVDUGHOVXIULPLHQWRODHQIHUPHGDG\ODPXHUWHDFWXDOKD\VROXFLRQSDUDFDGDXQRTXHVHDFRMDDHVH3ODQ'LYLQR
'LRV VH FRPSURPHWH FRQ OD KLVWRULD GHO 3XHEOR GH 'LRV UHSUHVHQWDGR HQ XQ 3HUVRQDMH VLQJXODU TXH VREUHVDOH \ VH LGHQWLILFD HQ OD SURIHFLD
DSRFDOLSWLFD'Q$SDSHVDUGHTXHODVQDFLRQHV$S\KD\DQFUHDGRVXKLVWRULDFRQOD
D\XGDGHXQ5HEHOGHVREUHQDWXUDO'Q$SFI
12HVIDWDOLVWDVLQRFUHDGRUDGHVHJXULGDG\FRQILDQ]D
7H GD D FRQRFHU D XQ 'LRV PLVHULFRUGLRVR TXH PDQLILHVWD HVWDU SUHRFXSDGR SRU ORV VHUHV KXPDQRV 'H DKL TXH VH DQXQFLH D WUDYHV GH OD
SURIHFLDDSRFDOLSWLFDGDQGRDHQWHQGHUGHTXHH[LVWH\TXHQRHVHOFDXVDQWHGHORVVXFHVRVTXHODKXPDQLGDGH[SHULPHQWD7HDSRUWDGHWDOOHV
TXH KDFHQ PDV FRPSUHQVLEOH OD YHUGDG GRFWULQDO \ HVSLULWXDO FI 'Q   $S   DQLPDQGRWH D SRQHUWH HQ
UHODFLRQFRQHO'LRVTXHODLQVSLUDSURYRFDQGRWHDXQDSUDFWLFDQDWXUDOGHORVSULQFLSLRVTXHDTXHOODHPDQD
7HFRQYHQFHGHTXH'LRVGRPLQDODVLWXDFLRQLQGHSHQGLHQWHPHQWHGHODDFWLWXGHUURQHDTXHVHFRQILJXUDHQODVQDFLRQHVPRYLOL]DGDVSRUHO
0DOLJQRHQXQDWUD\HFWRULDFRQWUDULDDO5HLQRGH'LRV
(QXQDSDQRUDPLFDHVTXHPDWLFDWHKDFHYLVLEOHHOFRQIOLFWRGHORVVLJORVHODQWDJRQLVPRGHOPDOUHVSHFWRGHO%LHQ8QDGHODVFULDWXUDVGH
'LRV OH KD TXHULGR GLVSXWDU DO &UHDGRU GHO 8QLYHUVR PHGLDQWH HO HQJDQR \ PDOLJQLGDG OD 6REHUDQLD TXH VROR D (O OH SHUWHQHFH 3DUD HOOR HO
PDOSHUVRQLILFDGRVHHQFDUQDHQVLVWHPDVGHPDOGDGTXHHMHUFHQXQDLQIOXHQFLDQHIDVWDHQODVPHQWHVGHORVVHUHVKXPDQRV(O'UDJRQOD
6HUSLHQWHDQWLJXDOODPDGRHO'LDEORR6DWDQDV$SFI'Q(]T,VD*QXWLOL]DDORTXH
SROLWLFDPHQWHJRELHUQDHQODV1DFLRQHV(]TFSVFI$S$S'QOD
LGHRORJLDHVWDWDOFUHDQGRXQDFRUULHQWHDERPLQDEOHXQDDSRVWDVLDTXHFRQILJXUDHQHOPXQGRKXPDQRXQDGLUHFFLRQDOLGDGFRQWUDULDDO5HLQR
GH'LRVFID7HV
/DHYLGHQFLDGHWRGRHVWRWHGDVHJXULGDG\FRQILDQ]D3RUTXHFRPSUXHEDVTXH'LRVSUHFRQRFLHQGRHVRVWUD]RVGHOFRPSRUWDPLHQWRKLVWRULFR
WH ORV DQXQFLD SUHGLFWLYDPHQWH SDUD TXH DGTXLHUDV FRQILDQ]D HQ HO 'LRV TXH VH UHYHOD 7H LQWURGXFH HQ XQD GLPHQVLRQ QXHYD \D TXH
VLPXOWDQHDPHQWH WH PDUFD XQDV OLQHDV GLVWLQWDV D HVD DFWLWXG GH ODV QDFLRQHV SDUD TXH WX QR FDLJDV GHQWUR GH VX RUELWD WH GLFH OR TXH HV
GHVHFKDEOH \ DFHSWDEOH OR TXH HV EHQHILFLRVR \ SHUMXGLFLDO SRU FXDQWR SRQH D WX DOFDQFH XQD HVWUXFWXUD GH FRQGXFWD TXH DXQTXH JOREDO WH
D\XGDDSURJUDPDUXQVHQWLGRGHH[LVWHQFLDSHFXOLDU\GLYHUJHQWHDOPRVWUDGRSRUODVQDFLRQHV\GHDFXHUGRDOD6REHUDQLDGLYLQDPDQLIHVWDGD
HQVX5HLQRR*RELHUQR
&XDQGR SRQHPRV HQ SUDFWLFD ORV FRQWHQLGRV PRUDOHV \ HVSLULWXDOHV FRQ TXH HVWDQ SURYLVWDV VXV SURPHVDV VH REWLHQHQ FDPELRV UDGLFDOHV \
VXVWDQFLDOHV HO WHPRU \ OD VXSHUVWLFLRQ GHVDSDUHFHQ $GTXLHUHV XQ QXHYR VHQWLGR \ RULHQWDFLRQ HQ WX YLGD TXH UHSHUFXWH SRVLWLYD \
IDYRUDEOHPHQWHHQWXVDOXGILVLFDPHQWDO\HVSLULWXDO
$O LU H[SHULPHQWDQGR OR TXH UHVXOWD GH OOHYDU D FDER OR TXH WH DFRQVHMD OD SURIHFLD DSRFDOLSWLFD FHQWUDGD HQ -HVXFULVWR YDV UHFLELHQGR OD
VHJXULGDGHQEDVHDOR\DFXPSOLGRHQWXSHUVRQDGHTXHORTXHWRGDYLDIDOWDSRUFXPSOLUVHVHDOFDQ]DUDHQHOPRPHQWRRSRUWXQR
7RGDYLDPDVDOUHYLVDUORVFXDGURVKLVWRULFRV\FRPSDUDUORVFRQODVH[LJHQFLDVGHODSURIHFLDDSRFDOLSWLFDVHWHGHPXHVWUDFODUDPHQWHTXH
TXLHQGLULJHODKLVWRULDKDFLDXQREMHWLYRGHVHDEOHHLUUHYRFDEOHHV'LRVOR\DFXPSOLGRQRVGDODFHUWH]DGHTXHWRGRWHQGUDVXFXPSOLPLHQWR
FID3HG
/DSURIHFLDDSRFDOLSWLFDHV&ULVWRFHQWULFD
6L OD SURIHFLD DSRFDOLSWLFD QR HV FDSD] GH HQJHQGUDU DPRU \ SD] VHUD SRUTXH VH OH KD GHVFROJDGR GHO FHQWUR GH VX PHQVDMH < HVWH HV
-HVXFULVWR
7RGDDSRFDOLSWLFDTXHVHEDVDHQORVUD\RV\WUXHQRVGHXQ$UPDJHGRQTXHFUHDSDQLFRHQHOFUH\HQWHQRWLHQHQLQJXQYDORUWUDQVIRUPDGRU<
ORTXHQHFHVLWDPRVHVDOJRTXHPRGLILTXHXQDVLWXDFLRQTXHFRPRODDFWXDOHVWDOOHQDGHPLHGRSRUHOIXWXUR
(VYHUGDGTXHORVVLPERORVSXHGHQHVWDUFDUJDGRVGHMXLFLRVHVFDEURVRV\GHWHUURU3HURHVWRVVXFHGHQVLHPSUHLQFOXVRHOHVFDWRORJLFRSDUD
FRPEDWLUHOPDODORVVLVWHPDV\DODVJHQWHVTXHTXLHUHQSHUSHWXDUHOVXIULPLHQWRODHQIHUPHGDGODLQLTXLGDG\ODPXHUWH(OMXLFLRFRQVXV
UHVXOWDGRV XOWLPRV SXULILFD \ DQLTXLOD WRGR DTXHOOR TXH SHUMXGLFD DO KRPEUH \ OR DUUDVWUD D OD QDGD /D DSRFDOLSWLFD ELEOLFD HVWD HVFULWD
IXQGDPHQWDOPHQWHSDUDDTXHOORVTXHTXLHUDQFUHHU\DFHSWDUD-HVXFULVWR3DUDHVWRVHO$UPDJHGRQORVFRORFDDOODGRGHXQ'LRVTXHORV
GHILHQGH\ORVOLEHUDGHDTXHOORVTXHORVSHUVLJXHQ\OHVTXLHUHQKDFHUGDQR(O-XLFLRXOWLPRKDVLGR\HVSDUDHOORVMXVWLILFDGRU\IDYRUDEOH
JUDFLDVD-HVXFULVWR
/DSURIHFLD$SRFDOLSWLFDHV(VFDWRORJLFD
8QRGHORVPHMRUHVWHRORJRVGHWRGRVORVWLHPSRV.DUO%DUWKGLFH
(OFULVWLDQLVPRTXHQRHVHQWHUDPHQWH\DEVROXWDPHQWHHVFDWRORJLFRQRWLHQHQDGDTXHYHUFRQ&ULVWR(Q5RPHUEULHIDHGLFS
0ROWPDQQQRVGLUD
'HOFRPLHQ]RDOILQ\QRVRODPHQWHHQHOHSLORJRHOFULVWLDQLVPRHVHVFDWRORJLDHVSHUDQ]DPLUDGDWHQGLGDKDFLDHOIXWXUR\HQGR
KDFLDDGHODQWH\DVLUHYROXFLRQDQGRWDPELHQHOSUHVHQWH\WUDQVIRUPDQGROR/RTXHKDPDUFDGRDODHVFDWRORJLDQRHVXQHOHPHQWR
GHO FULVWLDQLVPR VLQR HO YHKLFXOR PLVPR GH OD IH FULVWLDQD  3XHV OD IH FULVWLDQD YLYH D SDUWLU GH OD UHVXUUHFFLRQ GH XQ &ULVWR
FUXFLILFDGR\WLHQGHKDFLDODVSURPHVDVGHOIXWXURXQLYHUVDOGH&ULVWR0DVELHQODSHUVSHFWLYDHVFDWRORJLFDHVODFDUDFWHULVWLFD
GH WRGD SURFODPDFLRQ FULVWLDQD GH WRGD H[LVWHQFLD FULVWLDQD \ GH WRGD OD ,JOHVLD!! (Q7HRORJLD GH OD (VSHUDQ]D HGLF 6LJXHPH
6DODPDQFDS
/DHVFDWRORJLDDOXGHDORVDFRQWHFLPLHQWRVILQDOHVTXHKDQGHWHQHUILHOFXPSOLPLHQWRWDQWRSDUDODKXPDQLGDGFRPRDQLYHOFRVPLFR
6H SUHVHQWD FRPR XQD VLVWHPDWL]DFLRQ GH OD GRFWULQD GH ODV FRVDV XOWLPDV GRQGH VH LQFOX\H WDPELHQ HO DSDUWDGR GH ODV SRVWULPHULDV 2 ELHQ
SXHGHGHILQLUVHFRPRXQJHQHUROLWHUDULRGHRUGLQDULRSURIHWLFRTXHHQWURQFDGHDOJXQPRGRFRQORDSRFDOLSWLFRGRQGHVHGHVFULEHORVKHFKRV
ILQDOHV \ GHILQLWLYRV GH OD KLVWRULD /DV SRVWULPHULDV LQGLYLGXDOHV LQFOX\H OD PXHUWH HO HVWDGR GHO KRPEUH HQ HOOD HO MXLFLR \ HO GHVWLQR
FRQFOX\HQWHGHORVTXHDFHSWDQRUHFKD]DQODVDOYDFLRQ
(QODVSRVWULPHULDVFROHFWLYDVVHLQVHUWDQHOUHWRUQRGH&ULVWRSDUXVLDODUHVXUUHFFLRQGHORVPXHUWRVHOMXLFLRXQLYHUVDOGHVHQWHQFLDVTXH
KDFHYLVLEOHHOMXLFLRILQDOUHVXOWDQGRHQOD9LGD(WHUQDSDUDXQRVRHQOD0XHUWH(WHUQDSDUDRWURV\ODUHDOL]DFLRQSOHQDGHO5HLQRGH'LRV
FRQHOILQGHOPXQGR\VXWUDQVIRUPDFLRQ
/DHVFDWRORJLDWLHQHFRPRFHQWURD-HVXFULVWR\HVHQEDVHDODH[LVWHQFLDKLVWRULFD\PLVLRQGH-HVXFULVWRTXHODHVFDWRORJLDWLHQHH[LVWHQFLD\
UHOHYDQFLDKLVWRULFDSXHVWRTXH-HVXFULVWRHVHO0HVLDVHVFDWRORJLFRDQXQFLDGR\GHVGHVXSULPHUDYHQLGDQRVKDLQWURGXFLGRHQODHUDILQDO
FI D GH -Q  +E  D 3HG   D 3HG  (Q FX\R UHFRUULGR HV SUHFLVR TXH VH FXPSODQ WRGDV ODV H[SHFWDWLYDV TXH HVWDQ
LPSOLFDGDVHQHOUHFRUULGRKDVWDOD6HJXQGD9HQLGDGH-HVXFULVWR
(V SRU HOOR TXH FDGD FULVWLDQR HQ VX SUHVHQWH GHEH YLYLU HVFDWRORJLFDPHQWH SXHVWR TXH HVWD VREUHQWHQGLGR TXH DTXHOORV TXH DFHSWDQ D
-HVXFULVWRORDFHSWDQGHQWURGHODHUDHVFDWRORJLFDTXH(OKDLQDXJXUDGRFRQWRGDVXVLJQLILFDFLRQ
&DGDJHQHUDFLRQGHFULVWLDQRVHVFRQFHELGRGHQWURGHHVWDFRUULHQWHHVFDWRORJLFDTXHQRVSURSRUFLRQDOD3DODEUDGH'LRVFRPRSRVH\HQGRXQ
SURWDJRQLVPRTXHKDVLGRSUHFRQRFLGRSRU'LRVFRPRLPSRUWDQWHHLPSUHVFLQGLEOHSDUDTXHODVSURPHVDVVREUHHOILQLQWHJUDGDVHQVXPHQVDMH
DSRFDOLSWLFRVHSXHGDQFXPSOLU(VSRUHOORTXHODH[SRVLFLRQGHODDSRFDOLSWLFDWHREOLJDDYLYLUVLHPSUHWRGRORUHODWLYRDODVFRVDVXOWLPDV
SRU DQWLFLSDFLRQ(VD DQWLFLSDFLRQ D OD TXH DOXGLPRV QR VH UHILHUH D SHUPDQHFHU HQ DOJXQD R DOJXQDV SDUWHV GHO IXWXUR WHUUHVWUH VLQR D XQD
YLYHQFLD HVSLULWXDO FRQHFWDGD FRQ OR TXH VLJQLILFDUD OD VHJXQGD 9HQLGD GH -HVXFULVWR 7H OOHYD D YLYLU H[LVWHQFLDO \ DQWLFLSDGDPHQWH OD
FXOPLQDFLRQGHODKLVWRULDFRQODLQWHUYHQFLRQGHILQLWLYDGH'LRVSRUPHGLRGHO5HWRUQRGH-HVXFULVWROLWHUDOPHQWHHQ*ORULD\0DMHVWDG
/RVFULVWLDQRVGHEHQYLYLUVXJHQHUDFLRQFRPRVLIXHUDODXOWLPD(VDVLFRPRQRVORSUHVHQWDHO1XHYR7HVWDPHQWR2VFDU&XOOPDQQHQ/H
6DOXWGDQV/
KLVWRLUH'HODFKDX[HW1LHVWOH1HXFKDWHO6XLVVHSVHH[SUHVDGHOPRGRVLJXLHQWH
/D %LEOLD HQVHQD TXH -HVXFULVWR KD LQDXJXUDGR ORV WLHPSRV XOWLPRV HQ HO VHQWLGR WHPSRUDO GHO WHUPLQR 3DVDGRV ORV WLHPSRV
DSRVWROLFRVOD,JOHVLDROYLGDUDHVWHDVSHFWR&HVDUDGHFRUUHUHQHOFXPSOLPLHQWRGHOILQSHUGHUDVXWHQVLRQFDUDFWHULVWLFD
(O1XHYR7HVWDPHQWRGDFXHQWDGHHVWDVLWXDFLRQSDUDGRMLFD(Q&ULVWRHOILQHVWD\DDKLSHURQRHVWDPDVTXHSRUDQWLFLSDFLRQ
ODLJOHVLDGHMRHOWHUUHQRGHO1XHYR7HVWDPHQWR
(VWDDFWLWXGFDUDFWHUL]RDO&DWROLFLVPRXOWHULRUHQODQRFLRQGH,JOHVLDHQSDUWLFXODUVXIUHODDXVHQFLDGHODWHQVLRQ3HURODWHRORJLD
SURWHVWDQWHQRKDHVFDSDGRDHVWHSHOLJUR!! <HVTXHQRSXHGHVHUGHRWUDPDQHUD6LYHUGDGHUDPHQWHKHPRVFRQHFWDGRFRQODHUD
ILQDO TXH -HVXFULVWR KD LQDXJXUDGR FRQ VX SULPHUD YHQLGD QXHVWUD H[LVWHQFLD VROR WLHQH VHQWLGR VL QRV SUHSDUDPRV SDUD OD UHDOL]DFLRQ GH OD
SURPHVDFHQWUDOOD6HJXQGD9HQLGDGH-HVXFULVWRDQXQFLDGDSRUODDSRFDOLSWLFD6HQWLUFRPRSUR[LPDHVD9HQLGDHVODHYLGHQFLDGHTXHHVWDV
LQWHJUDGR GHQWUR GH OD HUD HVFDWRORJLFD TXH -HVXFULVWR KD LQDXJXUDGR HQ VX SULPHUD YHQLGD ([SHULPHQWDV OD LQVWDQFLD XUJHQWH GH FRODERUDU
SDUDTXHHVD6HJXQGD9HQLGDVHDXQDUHDOLGDGHQWXSURSLDJHQHUDFLRQ1RSXHGHKDEHUGHFHSFLRQHQHOFDVRTXH-HVXFULVWRQRKD\DYXHOWR
HVWDQGRHQYLGD3RUFXDQWRORVTXHYLYHQDQWLFLSDGDPHQWHVXJHQHUDFLRQFRPRVLIXHUDODXOWLPD\D TXH HVWDQ GHQWUR GHOD HUD ILQDO GH OD
HSRFDHVFDWRORJLFDTXH-HVXFULVWRKDLQDXJXUDGRHQVXSULPHUDYHQLGDQRH[LVWHQSHQGLHQWHVGHXQDIHFKDVLQRGHXQDYLYHQFLDSHUVRQDO\
SURIXQGDTXHKDDSRUWDGRDODKLVWRULDXQRGHORVHOHPHQWRVHLQVWDQWHVQHFHVDULRSDUDTXHOD6HJXQGD9HQLGDGH-HVXFULVWRSXHGDUHDOL]DUVH
FXDQGRUHDOPHQWHDFRQWH]FD'LRVKDTXHULGRTXHOD6HJXQGDYHQLGDGH&ULVWRGHSHQGDGHODWHQVLRQHVFDWRORJLFDFRQODTXHGHEHQYLYLUORV
FULVWLDQRV HQ FDGD PRPHQWR GH OD KLVWRULD \D TXH HQWUH RWUDV FRVDV OD SUHSDUDFLRQ SDUD HVH VHJXQGR $GYHQLPLHQWR OOHYD LPSOLFLWR XQD
DSRUWDFLRQ \ XQ SURJUHVR SDUD TXH HO 5HWRUQR GH -HVXFULVWR VH SXHGD OOHYDU D FDER 1RVRWURV FUHHPRV TXH 'LRV GHWHUPLQD OD IHFKD GH OD
6HJXQGD9HQLGDGH&ULVWR\(OXQLFDPHQWHODFRQRFH3HURHVWDGHWHUPLQDFLRQVREHUDQDQRHVWDDLVODGDGHRWUDVGHFLVLRQHVVREHUDQDVHQWUH
ODVTXHVHHQFXHQWUDODSUHSDUDFLRQGHXQ3XHEORSDUDVX9HQLGD<HVDSUHSDUDFLRQHVHOUHVXOWDGRGHKDEHUVHOHSUHGLFDGRHO(YDQJHOLRGHO
5HLQR0FFI0W\GHODYLYHQFLDGHHVRVSULQFLSLRVGHO5HLQRGH'LRVFI0F0WVV5P
&RO'LRVLQWHJUDHQVXVREHUDQLDHQGHWHUPLQDUODIHFKDGHVXYHQLGDODSUHGLFDFLRQGHO(YDQJHOLRDFDGDSHUVRQDTXHYLHQHDHVWH
PXQGR GH WDO PRGR TXH (O KD VREUHHQWHQGLGR HQ HO FRPHWLGR GH OD SUHGLFDFLRQ GHO (YDQJHOLR ODV IOXFWXDFLRQHV TXH HQ HO WLHPSR SXHGHQ
H[SHULPHQWDUVH FRPR FRQVHFXHQFLD GHO FXPSOLPLHQWR GH HVD SUHGLFDFLRQ \ GH OR TXH VLJQLILFD H LPSOLFD 3UHFLVDPHQWH SRUTXH 'LRV KD
SUHFRQRFLGRORVREVWDFXORVTXHVHLEDQDLPSRQHUSRUHOPXQGRORVUHWUDVRVTXHVX,JOHVLDR5HPDQHQWHLEDDSUR\HFWDUQRVKDOHJDGRSRU
HVFULWRODSURIHFLDDSRFDOLSWLFDTXHQRVH[SOLFDTXH(O\DFRQRFLDWRGRHVR'LRVSRUXQODGRSHUPLWHTXHHOVHUKXPDQRKDJDVXKLVWRULDHQ
OLEHUWDGGHDFXHUGRDVXHOHFFLRQ(OQRVSUHVHQWDFRPRORVVHUHVKXPDQRVVHLQWHJUDQHQVXTXHKDFHUKLVWRULFRHQXQDGLQDPLFDTXHQRWLHQH
HQFXHQWDDO5HLQRGH'LRVJHQHUDQGRXQDGLUHFFLRQDOLGDGTXHVHRSRQHDGLFKR5HLQR3RURWUDSDUWH'LRVWDPELHQHVOLEUHGHSUR\HFWDUVX
5HLQRGHDFXHUGRDVXSODQ\DTXHORVTXHDFHSWDQGLFKR5HLQRGHEHQGHVHUSURWHJLGRVGHORTXHSXHGHVXSRQHUHOSUR\HFWDUODLGHRORJLDGHO
UHLQRGHHVWHPXQGR/RVGRVUHLQRVHQVXGLQDPLFDHQWUDQIUHFXHQWHPHQWHHQFRQIOLFWR7RGRHVWRJHQHUDXQWLHPSRTXH'LRVKDSUHFRQRFLGR
\TXHWHQLHQGRHQFXHQWDORTXHKDLQWHJUDGRHQVXSODQVREHUDQRKDGHFRQVXPLUVHDILQGHTXHVHYLVXDOLFHGHILQLWLYDPHQWH\SDUDVLHPSUHVX
GRPLQLRHWHUQR6LHOSXHEORMXGLRUHSUHVHQWDGRSRUVXVGLULJHQWHVKXELHUDDFHSWDGRDO0HVLDV-HVXV'LRVORKXELHUDSUHFRQRFLGR\ODKLVWRULDVH
KXELHUD HVFULWR GH GLVWLQWD PDQHUD \ ORV REVWDFXORV KXELHUDQ VLGR GLIHUHQWHV 6L OD SHUVHFXFLRQ H[SXHVWD HQ HO$SRFDOLSVLV GH -HVXFULVWR QR
KXELHVHVXFHGLGR'LRVORKXELHUDSUHFRQRFLGR\HVDSURIHFLDQRODKXELHUDLQVSLUDGR(VWRVVRQHMHPSORVGHFRPRVHH[WHULRUL]DHQHOWLHPSR
OD VREHUDQLD GLYLQD WHQLHQGR HQ FXHQWD WRGR OR TXH HVWD VXSRQH /D VREHUDQLD GH TXH KD\D XQ SXHEOR SUHGLFDQGR HO (YDQJHOLR GHO 5HLQR HV
SULPRUGLDO\RULHQWDHOUHVWRGHODVREHUDQLDGLYLQDUHVSHFWRDXQDIHFKDGHODYHQLGDGH-HVXFULVWR/DVREHUDQLDGLYLQDQRHVFLHJDVLQRTXHHV
VLPXOWDQHDDVXSUHFRQRFLPLHQWR
6L-HVXFULVWRQRYLHQHHVWDQGRHQYLGDSHURYLYHVWXH[LVWHQFLDFRPRVLIXHUDDYHQLUDSRUWDUDVDODKLVWRULDGHO5HLQRGH'LRVHOWUD\HFWRTXH
(O KD SUHFRQRFLGR SDUD TXH XQ GLD JUDFLDV D HVD FRQWULEXFLRQ GH WRGRV ORV FULVWLDQRV GH WRGDV ODV HSRFDV VHD SRVLEOH OD JHQHUDFLRQ ILQDO
3RUTXH HVD JHQHUDFLRQ ILQDO VH FRQILJXUD SRU ODV HWDSDV FXPSOLGDV HQ OD KLVWRULD GH DFXHUGR DO SODQ GH 'LRV 'H FXDOTXLHU IRUPD DXQTXH
WXYLHUDVTXHSDVDUSRUODH[SHULHQFLDGHODPXHUWHSDUDDTXHOORVTXHKDQYLYLGRHOUHWRUQRGH-HVXFULVWRFRPRVLIXHUDDRFXUULU\DVXPXHUWH
QRHVGHILQLWLYD-QFI0WQRWUDQVFXUUHHOWLHPSRHQVXHVWDGRGHLQFRQVFLHQFLD\VXSUR[LPRDFRQWHFLPLHQWRKLVWRULFRTXH
H[SHULPHQWDUDQ VHUD HO YROYHU D YLYLU HQ HO PRPHQWR GHO UHWRUQR GH -HVXFULVWR -Q   FI &RO  D 7HV  6L WX YLYHQFLD
FRLQFLGHH[DFWDPHQWHFRQHOLQVWDQWHHQTXHHVWDQGRYLYRVORVFUH\HQWHV&ULVWRYLHQHQRSDVDUDVSRUODH[SHULHQFLDGHODPXHUWH\WHMXQWDUDV
FRQORVTXHKDELHQGRPXHUWRPRPHQWDQHDPHQWHQRKDWUDQVFXUULGRWLHPSR\HVWDUDQSUHVHQWHVFRQWLJRRFRQQRVRWURVHQHVHPRPHQWRGHO
UHWRUQRGH-HVXFULVWRPHGLDQWHODUHVXUUHFFLRQD&RUD7HV&RO1DGLHYDDSUHFHGHUDQDGLH7RGRVFRLQFLGHQ
HQHODGYHQLPLHQWRGH-HVXFULVWRYHUXQDH[SRVLFLRQFRPSOHPHQWDULDHQOLEURGHODXWRU&XDQGRHO+LMRGHO+RPEUHYHQJD"KDOODUDIHHQ
ODWLHUUD"YRO,RSFSS
'H FXDOTXLHU IRUPD FDGD JHQHUDFLRQ GH FULVWLDQRV VL YLYH GHQWUR GH OD HUD HVFDWRORJLFD DGHPDV GH YLYLU \D SRU DQWLFLSDFLRQ OR TXH OD
DSRFDOLSWLFDDQXQFLD\TXHHOSUHGLFDKDEUDSUR\HFWDGRHQODKLVWRULDMXQWRDORVDSRUWHVGHRWUDVJHQHUDFLRQHVORTXH'LRVSUHFRQRFLRTXH
UHVXOWDULDGHSRQHUHQSUDFWLFDORTXH(OPLVPRRIUHFHSDUDODOOHJDGDGHILQLWLYDGHO5HLQRGH'LRV\GHO5H\GH5H\HV-HVXFULVWR
3DUDOHODPHQWH DO HVWDU DWHQWR D OD 3DODEUD 3URIHWLFD \ YLYLU LQWHQVDPHQWH GH DFXHUGR D OD SURSLD WHQVLRQ HVFDWRORJLFD LPSODQWDGD HQ XQD
DSRFDOLSWLFD TXH KDFH FXHUSR FRQ XQR PLVPR REVHUYD TXH HO HVSDFLR GH OD HUD HVFDWRORJLFD VH YD DJRWDQGR SRU OD RFXSDFLRQ GH ORV
DFRQWHFLPLHQWRVTXHHVWDEDQDQXQFLDGRV\SLHQVDTXHSRGULDVHUSRVLEOHTXHHQVXJHQHUDFLRQVHFXPSOLHUDQWRGDVODVVHQDOHVTXHIDOWDQ'H
DKLTXHORVTXHHVWDQLQPHUVRVHQODVHQDOGHO+LMRGHO+RPEUHHQHOFLHORFI0WRHQORV'LDVGHO+LMRGHO+RPEUHSUHYLRVDO
'LDGHVX9HQLGDGHILQLWLYDFI/FSURFXUDUDQFRQRFHUFXDOHVVRQODVFDUDFWHULVWLFDVTXHGHEHQH[SUHVDUVHHQODJHQHUDFLRQ
XOWLPDGHFUH\HQWHVHQ&ULVWR\TXHHVWDUDQYLYRVFXDQGR(OYHQJD(VDVFDUDFWHULVWLFDVFRLQFLGHQFRQVXSUHSDUDFLRQFI0W
/F  3XHGH YHUVH &XDQGR HO +LMR GHO +RPEUH YHQJD "KDOODUD IH HQ OD WLHUUD" YRO , RS F SS  GRQGH H[SRQHPRV
FRPRORVGLDVGHO+LMRGHO+RPEUH/FHQFRQWUDVWHFRQHO'LDGHILQLWLYRGHVXDGYHQLPLHQWRLGYHUHOFRQWUDVWHHQWUHGLDVGLD
FRLQFLGHQFRQORVGLDVGHO+LMRGHO+RPEUHSUHVHQWDGRVHQ'DQLHO<FRPRODVHQDOGHO+LMRGHO+RPEUHGH0DWHRHVPRYLEOH
LQLFLDQGRVHFRQORVGLDVTXHGXUDODDFWLYLGDGGHO+LMRGHO+RPEUHGH'DQLHOKDVWDVXGHILQLWLYDVHJXQGDYHQLGDOLWHUDOHQJORULD
\PDMHVWDG
(V EXHQR VDEHU TXH 'LRV KD SUHFRQRFLGR D OD JHQHUDFLRQ XOWLPD GH OD JHQHUDFLRQ ILQDO TXH SURWDJRQL]DUD HO FXPSOLPLHQWR GH HVDV
VLQJXODULGDGHVTXHOHVLGHQWLILFDQFRQORVTXHHVWDUDQYLYRVFXDQGR-HVXFULVWRYXHOYD/DJHQHUDFLRQILQDOYLHQHPDUFDGDSRUXQFROHFWLYRGH
FUH\HQWHVTXHYLYHQGHQWURGHODVHQDOGHO+LMRGHO+RPEUHLQDXJXUDGDSRUHO+LMRGHO+RPEUHGH'DQLHOHLGHQWLILFDGDHQHO(YDQJHOLRSRU
ORV GLDV GHO +LMR GHO +RPEUH SUHYLRV DO GLD GH VX YHQLGD FI /F  \ VV \ TXH VH FDUDFWHUL]DQ SRU XQD LGHRORJLD EDVDGD HQ ODV
GRFWULQDV \ SULQFLSLRV GHO 5HLQR R *RELHUQR GH 'LRV FI 0W  HQVHQDGD \ HMHPSOLILFDGD SRU -HVXFULVWR FX\R GHVHR GH LPLWDFLRQ \ GH
SUR\HFFLRQOROOHYDDFDERHO(VSLULWX6DQWRHQHOTXHKDGHFLGLGRVRPHWHUVXYROXQWDGDODYROXQWDGGH'LRV
(O VDEHU HQ TXH FRQVLVWH OR TXH FDUDFWHUL]DUD D ORV TXH QR SDVDUDQ SRU OD PXHUWH SRUTXH HVWDUDQ SUHVHQWHV FXDQGR -HVXFULVWR YHQJD SRU
VHJXQGD YH] OHV SHUPLWH XQD PRWLYDFLRQ SUHYLVWD SRU HO SODQ GH 'LRV \ VH HQWUHJDQ FRPR FROHFWLYR D XQD H[SHULHQFLD GH UHDYLYDPLHQWR \
UHIRUPDVLQSUHFHGHQWHVHQODKLVWRULDDXQTXHLGHQWLFDDODGHFDGDFULVWLDQRGHFDGDJHQHUDFLRQTXHYLYLHQGRFRQHVDPLVPDLQWHQVLGDGHO
UHWRUQRGH-HVXFULVWRSRUDQWLFLSDFLRQKDGHYLYLUSHUPDQHQWHPHQWHODREUDTXHHO(VSLULWX6DQWRKDFHHQHOHQEDVHDODYLGDPXHUWH\REUD
GH-HVXFULVWRSUHSDUDQGRVHSDUDHQIUHQWDUVHDVXSURSLDPXHUWH\DO-XLFLR1RKD\GLIHUHQFLDVXVWDQFLDOHQWUHORVTXHHVWDUDQYLYRVFXDQGR
-HVXFULVWR YHQJD \ ORV TXH KDQ PXHUWR HQ -HVXFULVWR HQ PRPHQWRV SDVDGRV (O PLVPR SODQ GH OD VDOYDFLRQ VH DSOLFD D XQRV \ D RWURV ODV
PLVPDVFRQGLFLRQHVEDVDGDVHQHOPLVPRHYDQJHOLRODPLVPDSUHSDUDFLRQWLHQHQTXHUHDOL]DU6LQHPEDUJRODVGLVWLQFLRQHVYLHQHQLQGLFDGDV
SRUORTXHVXSRQHWHQHUTXHSDVDUSRUODPXHUWH\HOHVWDUYLYRVVLQSDVDUSRUODPXHUWHFXDQGR-HVXFULVWRYXHOYHGHDFXHUGRDVXVSURPHVDV
YHUVREUHHVWHWLSRGHGLVWLQFLRQHV&XDQGRHO+LMRGHO+RPEUHYHQJD"KDOODUDIHHQODWLHUUD"YRO,RSFSS
3HURHOKHFKRGHQRSDVDUSRUODPXHUWHUHVXOWDHQXQDH[SHULHQFLDXQLFDHQVXJHQHUR VH WUDWD GH H[SHULPHQWDU OD SURORQJDFLRQ GH OR TXH
LPSOLFD HO KDEHUWH SUHSDUDGR SDUD HVWDU SUHVHQWH HQ HO PRPHQWR GHO UHWRUQR GH -HVXFULVWR VLQ TXH GLFKD PXHUWH SXHGD REVWDFXOL]DU HVD
YLYHQFLD (VH WUD\HFWR \ VLWXDFLRQ VLQ OD SDUDGD GH OD PXHUWH SURGXFH GH DFXHUGR D OD REUD \ SODQ GH 'LRV HQ &ULVWR -HVXV XQD DFWLWXG \
SRVLFLRQ GHVFRQRFLGD SRU ORV TXH PXHUHQ D &RU  SRUTXH OD PXHUWH OHV LQWURGXFH HQ OD LQFRQVFLHQFLD GH OD LQWHPSRUDOLGDG QR
SHUPLWLHQGR HVD PLVPD YLYHQFLD GH ORV FUH\HQWHV YLYRV FXDQGR &ULVWR YLHQH SRU VHJXQGD YH] 1RWHVH OD WUDQVIRUPDFLRQ HQ YLGD GH ORV
FUH\HQWHVYLYRV\FRPRODGHORVTXHHVWDQGRPXHUWRVVHOOHYDDFDERDWUDYHVGHODUHVXUUHFFLRQD&RU(VWDHVXQDGLVWLQFLRQ
TXHLPSOLFDXQDVLWXDFLRQWHRORJLFDGLIHUHQWH
3HUR WHQJDVH HQ FXHQWD TXH FDGD FUH\HQWH GH FXDOTXLHU HSRFD DO WHQHU TXH YLYLU VX JHQHUDFLRQ FRPR VL IXHUD OD XOWLPD GH DFXHUGR D OD
SURPHVDGHOUHWRUQRGHVX6HQRU\WHQHUVHTXHSUHSDUDUSDUDHVHPRPHQWRJORULRVRFI0W/FDOFDQ]DWRGRORTXHKDFH
SRVLEOHHVDVLWXDFLRQGHORVTXHSHUPDQHFHQYLYRVDO5HWRUQRGH-HVXFULVWRODFXDOVHSURGXFLULD\QRSRGULDVHUGHRWUDPDQHUDORPLVPRTXH
HQORVFUH\HQWHVYLYRVDOPRPHQWRGHO5HWRUQRVLQRPHGLDUDODPXHUWHTXHHQHVRVHQWRQFHVWRGDYLDVHPDQWLHQHDFWLYDFRPRFRQVHFXHQFLD
GHQRKDEHUVHXOWLPDGRODGHVDSDULFLRQGHILQLWLYDGHOSHFDGR/DUHVXUUHFFLRQGHORVPXHUWRVHQ&ULVWRFXDQGR(OYXHOYHSRUVHJXQGDYH]HO
VLJXLHQWHLQVWDQWHKLVWRULFRSDUDHOFUH\HQWHPXHUWRHQ&ULVWRSDUDHOTXHQRKDPHGLDGRWLHPSRHQWUHODSURSLDPXHUWH\ODUHVXUUHFFLRQHVOD
GHPRVWUDFLRQ GH TXH OD UHDOLGDG GH OR REWHQLGR HQ &ULVWR -HVXV DQWHV GH VX PXHUWH HV LGHQWLFR D OR TXH HO FUH\HQWH YLYR KD H[SHULPHQWDGR
JUDFLDVDTXHODPXHUWHSHUVRQDOGHOFUH\HQWHHVUHWLUDGDSDUDORVTXHHVWDQYLYRVFXDQGR&ULVWRYXHOYH
>@
 6XJHULPRV XQ DQDOLVLV GH OD REUD GH$QWROLQ 'LHVWUH(O 0HVLDV LGHQWLGDG \ PLVLRQ HGLWD HO DXWRU 9DOHQFLD =DUDJR]D 
GRQGHVHDQDOL]DQULJXURVDPHQWHWRGDVODVSURIHFLDVGHO$QWLJXR7HVWDPHQWRVREUHHO0HVLDV
>@
/RVDXWRUHVTXHHVWXGLDQHO$SRFDOLSVLVVHYHQREOLJDGRVDUHFRQRFHUTXHOD%HVWLD$SRFDOLSWLFDUHFRJHHQVXFRQILJXUDFLRQDODV
%HVWLDV GH 'DQLHO \ HQ HVSHFLDO OD D LGHQWLILFDQGR DO SRGHU SULQFLSDO TXH VXE\DFH HQ OD D %HVWLD GH 'DQLHO  FRQ HOSURWDJRQLVWD
FRUUHVSRQGLHQWHGHOD%HVWLD$SRFDOLSWLFD
(O FDWHGUDWLFR FDWROLFR 6WUDXELQJHU 2S F 9RO ,9 S  LGHQWLILFD D OD &DEH]D TXH UHFLEH OD KHULGD PRUWDO GH$SRFDOLSVLV  FRQ HO
&XHUQRSHTXHQRGH'DQLHO\FRQVLGHUDQGRDORVSHULRGRVTXHDSDUHFHQHQORVFSV\GH$SRFDOLSVLVLGHQWLFRVDOGH'DQLHO
UHFRJLHQGRHOYDORUGHODFLIUDFRPRQROLWHUDOVLQRVLPEROLFD
:LNHQKDXVHQ (Q$SRFDOLSVLV GHO &RPHQWDULR GH 5DWLVERQD RS F SS        WUDV KDEHU LGHQWLILFDGR FRPR
VLHQGRODPLVPD%HVWLDORTXHDSDUHFHHQORVFSVFRQORVSHULRGRVSURIHWLFRVLQFOXLGRVDVLJQDQGRORVDODDFWLYLGDGGHO$QWLFULVWR\D
ODJUDQWULEXODFLRQGHOD,JOHVLDLGHQWLILFDDVXYH]OD%HVWLDDSRFDOLSWLFDGHOFSFRQODD%HVWLDGH'DQLHO
2VFDU&XOOPDQQ(Q(O(VWDGRHQHO1XHYR7HVWDPHQWRRSFSSQRVGLUD
(QODJUDQGLRVDGHVFULSFLRQGHOD%HVWLDGHO$SRFDOLSVLVGH-XDQVHXWLOL]DQDOSULQFLSLRORVFRQRFLGRVUDVJRVGHOFDSLWXORGHOOLEURGH
'DQLHOFRQORVTXHVHGHVFULEHDODVFXDWUREHVWLDV<DDOOLVRQODVFXDWUREHVWLDVORVFXDWURLPSHULRVGHOPXQGR(QHO$SRFDOLSVLVGH-XDQVH
UHVXPHQWRGRVORVUDVJRVGHWRGRVORVLPSHULRVGHOPXQGRVHFRQFHQWUDQHQXQDEHVWLD
6HSRGULDHVFULELUXQFRPHQWDULRDHVWHFDSLWXORDGXFLHQGRSDUDOHORVTXHVDFDGRVGHODKLVWRULDOOHJDVHQKDVWDHOSUHVHQWHPDVUHFLHQWH!!
/R PLVPR SRGULD GHFLUVH GH OD RSLQLRQ GH OD PD\RULD GH ORV TXH VH FRQVXOWH &DVWHOODQL$SRFDOLSVLV RS F SS $QWRQLQR 5RPHR
QRWDVDO$SRFDOLSVLVGHHG/DERURSFSS9DFFDUL QRWDVDO$SRFDOLSVLVHQ6DJUDGD%LEOLDRSFSS
&DQWHUD,JOHVLDVHQ1RWDVDOD%LEOLDRSFSS8JR9DQQL $SRFDOLSVLVHG9HUER'LYLQR(VWHOOD1DYDUUDS
$QWRQLR 6DODV(O $SRFDOLSVLV"6LPEROR R UHDOLGDG KLVWRULFD" HGLF 3DXOLQDV 0DGULG  S  ;DYLHU 3LND]D$SRFDOLSVLV HG 9HUER
'LYLQR 1DYDUUD  SS   5DQJR 6WHIDQRYLF5HYHODWLRQ RI -HVXV &KULVW$QGUHZV 8QLYHUVLW\ 3UHVV %HUULHQ 6SULQJV 0LFKLJDQ
SHWF
&RQ'DQLHOYHPRVDXQD&XDUWD%HVWLDVXUJLUGHVSXHVGHOD7HUFHUD\SURORQJDUVHKDVWDHOILQGHOPXQGR'Q
3UHFLVDPHQWHHVDSURORQJDFLRQTXHVHDFWLYDEDDSDUWLUGHXQPRPHQWRGHWHUPLQDGRHQHOTXHVXUJHXQ&XHUQRSHTXHQR'QXS
 DOFDQ]DED ORV XOWLPRV LQVWDQWHV GH OD KLVWRULD GH HVWH PXQGR FRQ HO FRPSRUWDPLHQWR VLQJXODU GHO &XHUQR SHTXHQR \ RSXHVWR D ORV
YHUGDGHURVLQWHUHVHVGH'LRV
6LVHFRPSDUDHO&XHUQRSHTXHQRFRQOD%HVWLD$SRFDOLSWLFDHQVXDFFLRQPHGLDQWHOD&DEH]DTXHHVKHULGD\GHVSXHVVDQDGDFRPSUREDPRV
XQDLGHQWLGDGWRWDO
(O&XHUQRSHTXHQRSURILHUHSDODEUDVDUURJDQWHVFRQWUDHO$OWLVLPR'QSSSSXS

/RTXHUHSUHVHQWDOD&DEH]DGHOD%HVWLDDSRFDOLSWLFDSURQXQFLDSDODEUDVDUURJDQWHV\EODVIHPLDVFRQWUD'LRVSSSS
(O&XHUQR3HTXHQRYDFRQWUDORVWLHPSRVODOH\\HO6DQWXDULR'QSS

 /D %HVWLD DSRFDOLSWLFD SRU VX &DEH]D UHSUHVHQWDWLYD VH GHFODUD SRU VX ERFD FRQWUDULD D 'LRV D OR TXH VLJQLILFD H LPSOLFD HO 1RPEUH GH
'LRV\DO6DQWXDULRGLYLQR$S
(O&XHUQRKDFHJXHUUDFRQWUDORV6DQWRV'QSSSS

/D&DEH]DSURWDJRQLVWDGHOD%HVWLD$SRFDOLSWLFDKDFHJXHUUDFRQWUDORV6DQWRVSS
(OWLHPSRGHGXUDFLRQKHJHPRQLFDGHO&XHUQRSHTXHQRHVGHDQRV\SURIHWLFRVRGLDVRPHVHVSURIHWLFRV'QXS

 (O WLHPSR GH DXWRULGDG GH OD &DEH]D FRUUHVSRQGLHQWH GH OD %HVWLD DSRFDOLSWLFD HV GH  PHVHV SURIHWLFRV R  DQRV \  R  GLDV
SURIHWLFRV
(O&XHUQR3HTXHQRUHFLEHXQSDURQDVXVDFWLYLGDGHVDXWRULWDULDVDSDUWLUGHORVGLDVSURIHWLFRVRWUHVWLHPSRV\GHVXSHULRGRGH
KHJHPRQLDWUDGXFLHQGRVHHQXQDSHUGLGDGHVX3RGHUUHVSHFWRDOSXHEORGH'LRVTXHGDQGRFRQILUPDGRSRUODVUHSHUFXVLRQHVKLVWRULFDVTXH
WLHQHDOFRPLHQ]RGHXQ-XLFLR&HOHVWLDOGRQGHUHFLEHXQDVHQWHQFLDFRQGHQDWRULD'Q

/D%HVWLDDSRFDOLSWLFDUHFLEHXQDKHULGDPRUWDOHQOD&DEH]DSURWDJRQLVWD\TXHVHQRWDHQODSDUDOL]DFLRQGHVXDXWRULGDGDORVPHVHV
SURIHWLFRV$SSSXS\VHOHSRVWHUJDDXQDSRVLFLRQGHDELVPRFISSFDUDFWHUL]DGDDSDUWLUGHHQWRQFHV\GXUDQWHXQ
WLHPSRFRPROD%HVWLDTXHQRHVORTXHHUDSS
(O&XHUQR3HTXHQRSURORQJDVXH[LVWHQFLDGHVSXHVGHWHUPLQDGRVXSHULRGRGHKHJHPRQLDKDVWDTXHILQDOL]DHO-XLFLR&HOHVWLDO\ORV6DQWRV
UHFLEHQHO5HLQRGHILQLWLYDPHQWHDOILQGHODKLVWRULD'QFI

/D%HVWLDDSRFDOLSWLFDVHOHFXUDGHODKHULGDTXHVX&DEH]DUHSUHVHQWDWLYDKDELDUHFLELGR$SDVHJXUDQGRVHQRVVXUHDSDULFLRQ
XSGHVSXHVGHSDVDGDVODV&DEH]DVKDFLHQGRFRPRXQDRFWDYDSHURTXHHUDGHHQWUHODVVDFDQGRFRQODD\XGDGHORV
FXHUQRVDFWLYDGRVGHVXSRVWHUJDFLRQDELVPDODOD%HVWLDSHURVHHQFDPLQDUDDVXGHVWUXFFLRQXS
(OWLHPSRTXHWUDQVFXUUHGHKHJHPRQLDGHHVH&XHUQR3HTXHQRTXHOOHJDKDVWDHOILQHVGHWLHPSRV\SURIHWLFRVRORTXHHVLJXDOD
GLDVRPHVHVSURIHWLFRV'QXS
(O$SRFDOLSVLVDOXWLOL]DUHVWDFLIUDSURIHWLFDHLQVHUWDUODGHQWURGHODDFWLWXGGHXQDGHODV&DEH]DVGHOD%HVWLD$SRFDOLSWLFDXSFI
   H LGHQWLILFDU OD QDWXUDOH]D \ FRQGXFWD GH GLFKD &DEH]D TXH UHFLEH XQD KHULGD FRQ HO &XHUQR 3HTXHQR QRV HVWD GDQGR FXDWUR
PHQVDMHVFODURVHLQHTXLYRFRV
4XHHOSHULRGRTXH'DQLHOHO3URIHWDXWLOL]DGHORVGLDVSURIHWLFRVRWUHVWLHPSRV\QRDSOLFDQDXQDHSRFDDQWHULRUD-HVXFULVWR
VLQRHQXQDOHMDQLDSRVWHULRUDVX$VFHQVLRQTXHODLQVSLUDFLRQHQHO$SRFDOLSVLVVREUHHQWLHQGHD'DQLHO\ORFRPSOHPHQWDHQEDVHDORV
GDWRV \ FRQWHQLGRV H[SXHVWRV SRU GLFKR SURIHWD RIUHFLHQGRQRV XQD SDQRUDPLFD TXH QRV UDWLILFD OD LPSRVLELOLGDG GH OD WHRULD PDFDEHD
GHVFDUWDQGRLUUHPLVLEOHPHQWHD$QWLRFR,9FRPRHO&XHUQR3HTXHQRTXH-HVXFULVWRSUHVHQWDQGRHO$SRFDOLSVLV$SVLJXHHOHMHPSOR
LPSOLFDGRHQVXFRQVHMRHYDQJHOLFRHQRFDVLRQGHOVHUPRQHVFDWRORJLFRFI0W\SDUDOHOR\OHHD'DQLHOHQWHQGLHQGROR\VLJXLHQGRHQ
ODOLQHDGHHVWDFRQILUPDFLRQVREUHHQWHQGLHQGRWDQWRFRQODVSRVLELOLGDGHVTXHHOWH[WRQRVRWRUJDEDFRPRSRUODKLVWRULDHORULJHQH[DFWRGHO
SHULRGRGHORVWLHPSRV\SURIHWLFRVXQPRPHQWRSRVWHULRUDODFDLGDGHO,PSHULR5RPDQRHQHOG-'QWUDVOD
SHUGLGDGHOSRGHU%DUEDURUHSUHVHQWDGRSRUWUHVFXHUQRVTXHREVWDFXOL]DEDQODVDOLGDKHJHPRQLFDGHO&XHUQR3HTXHQRFI'Q
-HVXFULVWRHQHO6HUPRQHVFDWRORJLFRQRVDVHJXUDEDTXHODSRWHQFLDTXHVHUHODFLRQDEDFRQODDERPLQDFLRQGHODVRODPLHQWRQRHUD$QWLRFR
,90WVLQRHO3RGHU5RPDQRTXHDSDUHFHULDDQWH-HUXVDOHQHQXQIXWXURGLVWDQWHDODSURSLDPXHUWH\UHVXUUHFFLRQGH-HVXFULVWRFI
/F$OXQLUHVWDGHFODUDFLRQGH-HVXVFRQHOWH[WRGH'DQLHOFIDOTXHKDFHUHIHUHQFLD-HVXFULVWR\UHODFLRQDUORD
VX YH] FRQ ORV KRPRORJRV SDUDOHORV GH 'DQLHO  \  VH FRQFOX\H TXH -HVXFULVWR LGHQWLILFD D5RPD,PSHULDOFRPR IRUPDQGR SDUWH GH OD
FRQILJXUDFLRQGHOD&XDUWD%HVWLDGH'DQLHO
6HGHPXHVWUDWDPELHQTXHOD&XDUWD%HVWLDGH'DQLHOVHLQLFLDEDHQXQDSULPHUDIDVHWUDVODDEVRUFLRQGHODSRWHQFLD*ULHJDTXHSHUGLDVX
KHJHPRQLDFRQ5RPDLPSHULDO\VHSURORQJDEDKDVWDHOILQGHOWLHPSRTXHHOWH[WRUHTXHULDSRUPHGLRGHO&XHUQR3HTXHQR\ORV&XHUQRV
TXHKHUHGDEDQXQR\RWURVODFRQWLQXLGDGGHOLGHDULRHVHQFLDOURPDQR\UHSUHVHQWDQGRHVWRVHQVXFRQMXQWRODGLYLVLRQURPDQD
3URGXFLHQGRVHXQFRQWHQFLRVRKLVWRULFRSRUTXHSRUXQODGRORURPDQRSXMDSRUODXQLGDGPLHQWUDVTXHHOFROHFWLYRGHORVVXUJHDSDUWLUGH
XQDGLYLVLRQGHODXQLGDGURPDQD
/D)RUPXOD&XHUQRVPDUFDMXQWRDODDFWXDFLRQGHOD%HVWLDSRUPHGLRGHVXV&DEH]DVXQGLVHQRSROLWLFRHLGHRORJLFRTXHDOFDQ]DVX
FXOPLQDFLRQDOILQDOGHORVWLHPSRV(O$SRFDOLSVLVQRVFRPSOHWDHVDKLVWRULDQDUUDGD\GHVDUUROODGDHQSDUWHSRUHOSURIHWD'DQLHO
>@
$SRFDOLSVLVFDEH]DV PRQWHV UH\HV 5HLQRV
(QFXDQWRDODFDSDFLGDGLGHRORJLFDGHOVLPERORFDEH]DYHU0PH%HQMDPLQ(VFDQGHHVVDLVXUOHODQJDJHV\PEROLTXH%HUJHU/HYUDXOW
HGLWHXUV3DULVSS
(QHOOHQJXDMHVLPEROLFRHOWHUPLQRERXQRM^12FROLQD`FI/F`VLQRPRQWHRUK VLJQLILFDUHLQRFI$S(OWHUPLQRUH\
QR HV XQD SHUVRQD LQGLYLGXDO VLQR TXH HQ HO OHQJXDMH VLPEROLFR HV UHSUHVHQWDWLYR GH UHLQR YHU + 'RVVLHU/HQJXDMH VLPEROLFR GHO
$SRFDOLSVLVHGLF%LEOLFDV3HUUR\6XL]DSS
(OFRPHQWDULRGHOD%LEOLDGLULJLGDSRUOD8QLYHUVLGDG3RQWLILFLD8UEDQLDQDGH5RPDYHU$QWRQLQR5RPHUR$SRFDOLSVLVGHHG/DERU9RO
,,,SSGHMDFODURORVSXQWRVSURSXHVWRVHQHVWDQRWD5HFRQRFHTXHORVPRQWHVQRVLJQLILFDQD5RPD\TXHORVUH\HVQR
VRQUH\HVOLWHUDOHVQLHPSHUDGRUHVURPDQRV\TXHTXLHQHVDVLSLHQVDQQRWLHQHQEDVHVXILFLHQWH/RV5H\HVVHJXQODDXWRULGDGFDWROLFDTXH
HVWDPRVFLWDQGRQRVRQUH\HVVLQRLPSHULRVTXHVHVXFHGHQHQODKLVWRULDSS
%RYHU&DQWHUDVHLQFOLQDHQLGHQWLILFDUTXHODH[SUHVLRQUH\HVQRVRQUH\HVSHUVRQDOHVVLQRUHSUHVHQWDWLYRVGHLPSHULRV\FRQUHIHUHQFLDDOD
SURIHFLDGH'DQLHOTXHRULHQWDULDDSRGHUHVVXFHVLYRV6DJUDGD%LEOLDRSFS
6FLR GH 6DQ 0LJXHO RS F YRO 9 S  LGHQWLILFD OD H[SUHVLRQ  5H\HV FRQ ,PSHULRV VXFHVLYRV DOJXQRV GH HOORV HVWDQ \D HQ HO SDVDGR
DQWHULRUD&ULVWRRWURFRUUHVSRQGHULDVHJXQHVWHDXWRUDODHSRFDGHVSXHVGH&ULVWRHOVHSWLPRDODHSRFDGHODQWLFULVWRILQDOORV5H\HV
WHQGULDQVXRULJHQHQODGLYLVLRQGHOD5RPDSDJDQD
>@
 ,VDDF 1HZWRQ HQ VXV2EVHUY RQ WKH 3URSKHWLHV RI 'DQLHO  HG 3HWHU %RUWKZLFN /RQGRQ  S  GLFH (O FXHUQR GH XQD
EHVWLDMDPDVHVWRPDGRSRUXQVLPSOHLQGLYLGXRVLJQLILFDVLHPSUHXQQXHYRUHLQR!!/DFLWDIXHWRPDGDD$9DXFKHUGHORS /H-XJHPHQW
)LGHV&ROORQJHV6RXV6DOHYHS
7DPELHQ'HVPRQG)RUGHVWDULDGHDFXHUGRFRQQXHVWUDRSLQLRQ$UW/D'DWDWLRQGX/LYUHGH'DQLHO6(59,5HU7ULPHVWUHS
$OIUHG 9DXFKHU QRV GLUD WDPELHQ  HQ OD SURIHFLD DSRFDOLSWLFD XQ FXHUQR QR GHVLJQD MDPDV XQ LQGLYLGXR VLHPSUH XQD GLQDVWLD XQD
VXFHVLRQGHUH\HV!!HQ-XVTXHVD4XDQG6HLJQHXU",PSULPLHUH)LGHV&ROORQJHV6RXV6DOHYHS
3XHGHYHUVHWDPELHQD:LOOLDP:KLWOD6LU,VDDF1HZWRQ'DQDQGWKH$SRF/RQGRQSGRQGHGLFHTXHORVFXHUQRVGH'DQLHOQR
UHSUHVHQWDQDSHUVRQDVVLQRUHLQRVFLWDGRHQ-XVTXHVD4XDQGRSFS
7DQWROD%LEOLD+HEUDLFDFRPROD6HSWXDJLQWDXWLOL]DHOWHUPLQRFXHUQRFRPRVLQRQLPRGHSRGHU
/RV FXHUQRV SXHGHQ UHSUHVHQWDU D QDFLRQHV \ DVL FLHUWRV FXHUQRV R QDFLRQHV IXHURQ ORV TXH GLVSHUVDURQ D -XGD VHJXQ =DFDULDV  'H
FXDOTXLHUIRUPDVHWUDWDULDGHOSRGHUGHHVDVQDFLRQHV(OWHUPLQRUTDTHRUHQ^NHUDM`HQRFDVLRQHVWLHQHXQYDORUOLWHUDODSOLFDGRDXQD
FRVDODHVTXLQDGHXQDOWDUSRUHMHPSOR([/YHWF7DPELHQHOSURSLR FXHUQRGHXQDQLPDO
*Q([$PRV
6HDSOLFDDOSRGHUTXHVHYDDREVHUYDUHQODVXFHVLRQGHOWLHPSR'WRDOSXHEORGH'LRV6DORDXQDGLQDVWLD6DO
6HDVLJQDGLUHFWDPHQWHD'LRVFRPRXQSRGHUTXHHPDQDGH(ORTXH(OSRVHH6DORHOSRGHUTXHXQRWLHQH&URQ
6DO6HKDEODGHOFXHUQRGH6LRQ0LTRHOGH,VUDHORHOGHRWUDVQDFLRQHV=DF3HURQXQFDXQFXHUQRHVLJXDO
D XQD SHUVRQD 3XHGH FRQVXOWDUVH D 3DYRQ(FKDXUL 'LFFLRQDULR *ULHJR(VSDQRO %LEOLRJUDI %DUFHORQD  S  7KD\HUV *UHHN
(QJOLVK /H[LFRQ /DID\HWWH  S  &DUUH]0RUHOO 'LFWLRQQDLUH *UHF)UDQFDLV GX 1RXYHDX 7HVWDPHQW  'HODFKDX[ HW 1LHVWOH
1HXFKDWHOS
7RGRVHOORVRIUHFHQHOVHQWLGRILJXUDGRHOVLJQLILFDGRGHIXHU]DSRGHUDXWRULGDG(OSRGHUGHODVQDFLRQHV
>@
(OTXHHVWRVHDDVLQRVLJQLILFDTXHVHWHQJDTXHORJUDUGHILQLWLYD\SOHQDPHQWHHVDXQLRQSHURHVWDHQHOLQWHQWR
5HVSHFWR D HVWH DVXQWR GH OD DXWRULGDG VXSUHPD \ GH OD XQLILFDFLRQ PXQGLDO FRQ OD UHODFLRQ HQWUH ODV GRV SXHGH FRQVXOWDUVH D$QWROLQ
'LHVWUH/DYRFDFLRQGHSRGHUHQODHUDGHODJOREDOL]DFLRQRSF(QHOOLEURVHWUDEDMDFRQDPSOLDELEOLRJUDILDGRQGHVHGHPXHVWUDOD
DFFLRQHQODKLVWRULDGHHVRVGRVDVSHFWRVGHOD%HVWLD\GHOD0XMHUEDELORQLFD,QGHSHQGLHQWHPHQWHGHFLHUWDVREUDVFRQTXHHODXWRUWUDEDMD
HVEXHQRFRQVLJQDUHOUHGHVFXEULPLHQWRGHODVREUDVGH-DFTXHV(OOXO$QDUTXLD\FULVWLDQLVPRHG-XV0H[LFR\/DVXEYHUVLRQGHO
FULVWLDQLVPRHGLF&DUORV/RKOH%XHQRV$LUHV(QHVWDVREUDV(OOXOQRVSUHVHQWDODLGRODWULDGHOSRGHU\ODSHUYHUVLRQGHOFULVWLDQLVPR
FRPR HOHPHQWRV TXH KDQ KHFKR SRVLEOH TXH QRV HQFRQWUHPRV FRQ OD UHDOLGDG \ UHDOL]DFLRQ GH OD %HVWLD DSRFDOLSWLFD HQ HVWH SHULRGR GH OD
KLVWRULD GRPLQDGR SRU OR TXH VH GHQRPLQD FULVWLDQLVPR DVXPLGR GHQWUR GH OD QDFLRQHV HXURSHDV \ QRUWHDPHULFDQD \ TXH FRQ XQD PH]FOD
SURGLJLRVDGHSRGHU\GHSHUYHUVLRQLGHRORJLFDVHFRQILJXUHSDUDHVWDHSRFDOD%DELORQLDDSRFDOLSWLFD
>@
'LIHUHQWHVDXWRUHVKDQQRWDGRODUHODFLRQTXHH[LVWHHQWUHORVSURSLRVFDSLWXORV\GH$SRFDOLSVLV
3ULPHUDPHQWHHVWDUHODFLRQVHHYLGHQFLDPHGLDQWHODLGHQWLGDGGHODV%HVWLDVVXVREMHWLYRV\SHULRGRVLQYROXFUDGRV
1RWHPRV TXH OD %HVWLD GH$SRFDOLSVLV  HVWD VXELHQGR GHO DELVPR OR PLVPR TXH OD %HVWLD GH$SRFDOLSVLV  HQ XQD GH VXV IDVHV
WHPSRUDOHV 6H WUDWD GH OD PLVPD %HVWLD GH$S 'LFKD %HVWLD WDQWR HQ XQ FDSLWXOR FRPR HQ RWUR WLHQH  FDEH]DV \  FXHUQRV FI
$S\
/DGLIHUHQFLDFLRQHQWUHTXHORVFXHUQRVOOHYHQGLDGHPDVRQR$SFI$SQRHVQLQJXQLQGLFDWLYRGHTXHODV%HVWLDVVHDQGLVWLQWDV
VLPSOHPHQWH VH DQDGHQ GHWDOOHV TXH SXHGHQ VHUYLU SDUD FRQRFHU PHMRU HO PRPHQWR HQ TXH OD %HVWLD HVWD DFWXDQGR SXHVWR TXH FRPR
SRGUHPRVQRWDUOD%HVWLD'UDJRQOOHYDODVFRURQDVVREUHODVFDEH]DVOD%HVWLDGH$SODVOOHYDQORVFXHUQRV\HQ$SQRDSDUHFHQ
QLHQODVFDEH]DVQLHQORVFXHUQRVYHU/RURQ:DGH(OIXWXURGHOPXQGRUHYHODGRHQHO$SRFDOLSVLV86$SS
(VWRVLJQLILFDULDTXHODVGLDGHPDVHQODVFDEH]DVH[SUHVDQDXWRULGDGJUDQGH]DGLJQLGDG \SRWHQFLDFXDQGRODVFDEH]DVHVWDQDFWXDQGR
GHDFXHUGRDORTXHVLPEROL]DQ\VLJQLILFDQHQODKLVWRULD$KRUDELHQHQ$SRFDOLSVLVSDUHFHVHUTXHHVD DXWRULGDG\GLJQLGDGRSRWHQFLD
KDVLGRWUDVODGDGDDORVGLH]FXHUQRVSRUTXHFRLQFLGHFRQXQSHULRGRGHDFWXDFLRQGHHVRVGLH]FXHUQRVGHDFXHUGRDOVLJQLILFDGRGHOVLPEROR\
GHVXDFWXDFLRQHQODKLVWRULDGHXQPRGRHQTXHODDXWRULGDG\GLJQLGDGVHUHIOHMDHQORVFXHUQRV(VWHWUDVODGRGHODDXWRULGDG\GLJQLGDG
DORVFXHUQRVSRGULDDFRQWHFHUHQXQPRPHQWRGHWHUPLQDGRDSDUWLUGHODKHULGDPRUWDOTXHUHFLEHXQDGHODVFDEH]DVGHOD%HVWLD$S
SSFXDQGRHVWDQDFWXDQGRFROHFWLYDPHQWHGHDFXHUGRD$SRFDOLSVLV(Q$SRFDOLSVLVDSDUHFHOD%HVWLDHQXQPRPHQWRHQTXH
HVDDXWRULGDGQRHVYLVLEOHQLUHFRQRFLGDVLQTXHHVRTXLHUDGHFLUTXHHQHOPRPHQWRHQTXHHVWHDFWXDQGRKLVWRULFDPHQWHXQD&DEH]DHVD
GLDGHPD RDXWRULGDG OD VREUHHQWHQGHUHPRV YLVLEOH GH DFXHUGR D OR TXH \D$SRFDOLSVLV  KD LQWURGXFLGR 5HVSHFWR DO VLJQLILFDGR GH ODV
GLDGHPDVSXHGHYHUVHD%HUQDUG+HLQULFK)RUN%LEHOKLOIHIXUGLH*HPHLQGHGLHRIIHQEDUXQJGHV-RKDQQHV-*6XFNHQ&DVVHO
&LWDGRHQOD&ODUWHGH/$SRFDOLSVH%UXWVFKRSFS
2EVHUYHPRVWDPELHQTXHOD%HVWLDGH$SRFDOLSVLVVXEHGHODELVPRFXDQGRORVGRVWHVWLJRVHVWDQDFDEDQGRHOWHVWLPRQLR(VGHFLUDO
ILQDO GHO SHULRGR GH ORV  GLDV SURIHWLFRV TXH ORV GRV WHVWLJRV LEDQ D SURIHWL]DU $S YHVWLGRV GH FLOLFLR /D GXUDFLRQ GH HVWD
SUHGLFDFLRQFRLQFLGHFRQHOWLHPSRGHSHUVHFXFLRQTXHVXIULUDOD&LXGDG6DQWD$S
(VWDFODURTXHODLQWURGXFFLRQGHOD%HVWLDTXHVXEHGHODELVPRDOILQDOGHORVGLDVSURIHWLFRVGH$SFRLQFLGHFRQHOPRPHQWRGH
OD %HVWLD GH$SRFDOLSVLV  HQ HO TXH VH QRV LQGLFD HVWDU SDUD VXELU GHO DELVPR  1RWHVH TXH HVWD %HVWLD TXH HVWD SDUD VXELU GHO
DELVPR\TXHWLHQHVLHWHFDEH]DV\GLH]FXHUQRVVHWUDWDGHXQD%HVWLDTXH+$%,$6,'2(5$SHURTXHDKRUDDOILQDOGHORV
GLDVSURIHWLFRVHVWDSDUDVXELUGHODELVPR\12(6SS\DXQTXHLQGHSHQGLHQWHPHQWHGHTXHFXDQGRYD\DDYROYHUDVHULUDKDFLD
ODSHUGLFLRQVSYROYHUDDVHU6(5$$SXS(VWHSHTXHQRJDOLPDWLDVGHOSHULRGRGHOD%HVWLDTXH(5$\GHOSHULRGR
TXH12(6\GHOSHULRGRTXH6(5$VHQRVDFODUDFRQHOYDORUTXHVHGDDODVFDEH]DV\VXVSHULRGRVGHORVYHUVLFXORVDOMXQWRFRQ
$S
/DV&DEH]DVVRQ5H\HVRPRQWHVRUHLQRV&,1&2+$1&$,'2812(6<(/2752$8112+$9(1,'2
/DLQVSLUDFLRQQRVLQYLWDDVDEHUFXDQGRGHEHPRVLQLFLDUHVWDSURIHFLDGHOD%HVWLDTXHHUDSHURTXHDKRUDQRHV\TXHHVWDSDUDVXELU
GHODELVPR\TXHVHUD(QHIHFWR-XDQKDYLVWRHQYLVLRQOD%HVWLDTXHHUD"'RQGH\FXDQGRODKDYLVWR"/DKDYLVWRHQRFDVLRQ
GHODYLVLRQGH$SRFDOLSVLVDKLODYHIXQGDPHQWDOPHQWHSHUVLJXLHQGRDO3XHEORGHORV6DQWRVSULPHURDOD0XMHU&HOHVWHUHSUHVHQWDGD
SRUORVSULQFLSLRVGHO5HLQRGH'LRVTXHVDOYDJXDUGDVX'HVFHQGHQFLDR,JOHVLDHQODWLHUUDDQWHV\GXUDQWHORVGLDVVLPERORSURIHWLFRV
FIGHVSXHVDO5HPDQHQWHILQDOGHOD'HVFHQGHQFLDGHOD0XMHU&HOHVWLDO
(VHVHSHULRGRGHSHUVHFXFLRQGHO'UDJRQSRUGLDVRWUHVWLHPSRV\PHGLRRPHVHVSURIHWLFRV$SFITXHFRLQFLGH
FRQHOSHULRGRGHKHJHPRQLDGHOD%HVWLDPHGLDQWHXQDGHVXVFDEH]DVDODTXHHO'UDJRQOHKDELDGDGRHOWURQRSRGHU\DXWRULGDG
^$S  XS` DQWHV GH TXH UHFLELHUD OD KHULGD PRUWDO  SS (VWR HV WUDGXFLGR WDQWR HQ$SRFDOLSVLV  \  GH PRGR VHPHMDQWH /D
&LXGDG6DQWD$SUHSUHVHQWD\UHIOHMDHQHO&LHORDO3XHEORGHORV6DQWRVHQOD7LHUUDVXIUHVLPEROLFDPHQWHHOKROODPLHQWRGXUDQWH
PHVHVSURIHWLFRVFRPRH[SUHVDQGRODUHDOLGDGGHODSHUVHFXFLRQGHO3XHEORGH'LRVHQOD7LHUUDFISRUPHGLRGHO'UDJRQ
TXHLQGXFHDODUHDOLGDGSHUVHJXLGRUDWHUUHVWUHFI(VWRUHSHUFXWHHQODSUHGLFDFLRQGHO(YDQJHOLR\GHOD,JOHVLDGHOPRGRVLJXLHQWH
(QORUHODWLYRDODSUHGLFDFLRQWLHQHTXHKDFHUVHYHVWLGRGHVDFR\FLOLFLRFIUHVSHFWRDOD,JOHVLDTXHUHSUHVHQWDORVSULQFLSLRVGHO
5HLQRGHOD0XMHU&HOHVWHWHQLHQGRTXHKXLUDO'HVLHUWRFI
(Q$SRFDOLSVLV  VH QRV KDEOD GH XQD 0XMHU 5DPHUD HEULD GH OD VDQJUH GH ORV 6DQWRV  DSR\DGD VREUH OD %HVWLD GH  FDEH]DV \ 
FXHUQRVXSFIXSGHQRPLQDGDSRUODIDVHGHOD%HVWLDTXHHUDSO\XO\TXHTXHGDLGHQWLILFDGDLUUHPLVLEOHPHQWHFRQODGHO
FSSRUFXDQWROD%HVWLDSRUORTXHVHDGHVSXHVORH[SOLFDUHPRVFDHHQXQDSRVLFLRQGHDELVPRWUDVODHWDSDFURQRORJLFDGHORVGLDV
RPHVHVSURIHWLFRVFIODPLVPDVLWXDFLRQGHSRVWHUJDFLRQHQODTXHVHHQFXHQWUDFXDQGRVHQRVGHVFULEHHQ$SRFDOLSVLV
SSHVDPLVPD%HVWLDGXUDQWHVXHVSDFLRWHPSRUDOGHWHUPLQDGRSRUOD%HVWLDTXH12(6
"4XHKDRFXUULGRGHVSXHVGHORVRPHVHVRWLHPSRV\SURIHWLFRV"
$SRFDOLSVLVQRVGHVFXEUHWDOFRPRHVWDPRVYLHQGRTXHOD%HVWLDKDOOHJDGRDXQDSRVLFLRQGHDELVPRSS$SRFDOLSVLVQRVDQDGH
TXHXQDGHODVFDEH]DVSRUODVTXHOD%HVWLDVHHVWDKDFLHQGRH[LVWHQWHUHFLEHXQDKHULGDPRUWDODOWHUPLQRGHORVGLDVRPHVHV
SURIHWLFRV \$SRFDOLSVLV  QRV LPSUHVLRQD FRQ XQ GHWDOOH VLQJXODU /D %HVWLD TXH KDELD VLGR OD GH OD IDVH(5$ \ TXH HQ HVH PRPHQWR
SRVWHULRUDORVGLDVSURIHWLFRV12(6VHHQFXHQWUDHQHODELVPRSDUDVXELUSS(VDFRQGLFLRQGHDELVPRHVFRQWDELOL]DGDFRPR
KDELHQGRVHDOFDQ]DGRFXDQGRVHSXHGHGHFLUTXHVHKDSURGXFLGRODFDLGDGHGHODVFDEH]DVGHOD%HVWLDFISS
(VHYLGHQWHTXHHOHVWDGRGHFDLGDHQHODELVPRVHKDRULJLQDGRFRQODKHULGDPRUWDOGHOD&DEH]DTXHHVWDKDFLHQGRSRVLEOHDOD%HVWLDTXH
(5$\TXH$SRFDOLSVLVQRVUHILHUH
2EVHUYHVHXQDYH]PDVTXHHVWD%HVWLDTXHHVWDVLHQGRGHDFXHUGRDXQDVFDUDFWHULVWLFDV\SHULRGRGHWHUPLQDGRVHOHYXHOYHDLGHQWLILFDU
FRQHOPLVPRWLHPSRGHSHUVHFXFLRQTXHHMHFXWDOD%HVWLDGH$SRFDOLSVLV6HOHGDXQDDXWRULGDGHQODTXHDFWXDDVXVDQFKDVPHVHV
FI$SXS(VWDHVOD%HVWLDTXH(5$(VGHFLUXQD%HVWLDSHUVHJXLGRUDWDQWRDQWHVFRPRGXUDQWHHOSHULRGRVLPEROLFRGHGLDV
RWUHVWLHPSRV\PHGLRRPHVHV
&XDQGR-XDQGHVFULEHODYLVLRQGH$SRFDOLSVLVGDFRPRVREUHHQWHQGLGRHVWHDVSHFWRFRPHQWDGR3RUORWDQWRODYLVLRQGH$SRFDOLSVLV
FXDQGRGLFHOD%HVWLDTXHKDVYLVWR(5$\12(6\HVWDSDUDVXELUGHO$ELVPRVHWUDWDGHXQDHSRFDHQODTXHOD%HVWLDKDELDGHMDGRGHVHU
ORTXHHUDSHUVHJXLGRUDSRUFXDQWRKDELDFDLGRHQXQDVLWXDFLRQGHSRVWHUJDFLRQDELVPR+DELDQWUDQVFXUULGR\DORVPHVHVRGLDV
RWUHVWLHPSRV\PHGLRHOSHULRGRGHVXDXWRULGDGWUDVHOTXHUHFLEHXQDKHULGDPRUWDOFI$SXSSS
6LELHQOD%HVWLDVLHPSUHKDVLGRSHUVHJXLGRUDWDQWRHQODHSRFDGH-XDQFRPRDQWHVODLQVSLUDFLRQVHHVWDUHILULHQGRDXQSHULRGRHVSHFLDOTXH
VH LQLFLD HQ XQ PRPHQWR EDVWDQWH SRVWHULRU D OD$VFHQVLRQ GH &ULVWR $S  (VWH SHULRGR VH LQLFLDULD HQ XQD HSRFD HQ OD TXHOR TXH
UHSUHVHQWDHQODWLHUUDDOD0XMHUFHOHVWHVHYHREOLJDGREDMRODSURYLGHQFLDGLYLQDDUHVJXDUGDUVHHQXQGHVLHUWRVLPERORGHRFXOWDPLHQWR
\ VROHGDG $S  8QD HSRFD HQ OD TXHOR TXH UHSUHVHQWD  D OD 0XMHU FHOHVWH ORVSULQFLSLRV GHO 5HLQR GH 'LRVVXVWHQWDGRV SRU XQD
,JOHVLDYHUGDGHUDGHEHEXVFDUVLOHQFLR\VHJXULGDGOHMRVGHORV3RGHUHV3ROLWLFRV5HOLJLRVRVTXHHOGUDJRQYDDXVDUHQFDUQL]DGDPHQWH
GXUDQWHGLDVSURIHWLFRVLPEROLFRVRWUHVWLHPSRV\PHGLRRPHVHV5HFXHUGHVH\OXHJRORWHQGUHPRVHQFXHQWDTXHOD0XMHU
%DELORQLFDWDPELHQDFWXDVREUHOD%HVWLDDJD]DSDGDHQHOGHVLHUWR$S(QHORULJHQGHODLGHRORJLDFRQWDPLQDGRUDFRQTXHOD%DELORQLD
VXUWHDOD%HVWLDVHOOHYDDFDERGHPRGRWDPELHQVLOHQFLRVR\VHJXUR/DHYROXFLRQGHOSHQVDPLHQWRLGHRORJLFRFRQWDPLQDGRSRUHO'UDJRQ
VH UHDOL]DLPSHUFHSWLEOHPHQWHSRFRDSRFR/RTXHFRQILJXUDHVDVLWXDFLRQGHGHVLHUWRVLPEROLFR3HURHQHOPLVPRWHUUHQRGRQGHHVWDOD
LGHRORJLDVHPEUDGDSRU'LRVHQVXRULJHQODLGHRORJLDGHO5HLQRGH'LRVORVGLIHUHQWHVSXQWRVGHYLVWDGHO'LRVTXHVHUHYHODHQODFUHDFLRQGH
ODFLYLOL]DFLRQWHUUHVWUH\TXHHO'UDJRQORUHYLHUWHORFRQWDPLQDFRQVXVLGHDVWUDQVIRUPDQGRDHVDFLYLOL]DFLRQWHUUHVWUHHQXQDPH]FODGH
YHUGDGHV \ HQJDQRV GH EXHQR \ GH PDOR GH EHQHILFLRVR \ GH QRFLYR 7RGR KD TXHGDGR EDMR HVH EDUHPR FUXHO \ FULPLQDO OR UHOLJLRVR OR
ILORVRILFRORSROLWLFRORHFRQRPLFRORVVRFLDOORVLFRORJLFRORPHGLFRORDOLPHQWLFLRODIDPLOLDHOPDWULPRQLR7RGRTXHGDFRQWDPLQDGR<HO
GLVFHUQLPLHQWRFRUUHFWRSDUDQRFDHUHQVHPHMDQWHDELVPRHVHOGHFRQRFHUORVSULQFLSLRVGHO5HLQRGH'LRV\DSOLFDUORVHQODYLGDSHUVRQDO
&RQHVWRTXHGD]DQMDGDODLGHQWLGDGGHOD%HVWLD/D%HVWLDHVHO3RGHUTXHDFWXDHQHOPXQGR(VORTXHGLULJHDOPXQGRHQRSRVLFLRQDOD
GLUHFFLRQGH'LRV(VHOVLVWHPDGH3RGHULGHRORJLFRTXHLPSHUDHQHO0XQGR6RFLDOFX\RRULJHQHVWDHQHOPLVPR6DWDQDV$TXLORVSRGHUHV
JREHUQDQWHV\SROLWLFRVLGHRORJLFRVVHYHQLQYROXFUDGRVHQHOVLPERORJOREDOGHOD%HVWLD/D%HVWLDGH&DEH]DV\&XHUQRVTXHDSDUHFH
PHQFLRQDGDHQ$SRFDOLSVLV\FIHVXQDXQLFD\PLVPD%HVWLD\DFRPRVLHQGR6DWDQDVR
ELHQFRPRXQDFRQFHSFLRQVDWDQLFDTXHOHUHSUHVHQWD
9DULRVDXWRUHVLGHQWLILFDQOD%HVWLDTXHVXEHGHODELVPRGH$SFRQOD%HVWLDGHVLHWHFDEH]DV\GLH]FXHUQRVGH$S\OD%HVWLDGH
VLHWH FDEH]DV \ GLH] FXHUQRV GH$S *HRUJHV(/DDG(O$SRFDOLSVLVGH-XDQ (GLW &DULEH  SS     /HRQ
0RUULV $SRFDOLSVLV (GLF &HUWH]D %XHQRV $LUHV  SS   -RKQ 3 1HZSRUW $SRFDOLSVLV &DVD %DXWLVWD GH
3XEOLFDFLRQHV(O3DVR7H[DV86$SS\%+&DUUROO&RPHQW%LEOLFR$SRFDOLSVLV&OLH7HUUDVVDSS
3URIHVRUHV GH 6DODPDQFD %LEOLD &RPHQWDGD %$& YRO 9,, 0DGULG  SS    &RPHQWDULR GH OD 6DJUDGD
(VFULWXUD%$&0DGULGSS\$OIUHG:LNHQKDXVHQ&RPHQWGH5DWLVERQD(G+HUGHU%DUFHORQDSS
6DOYDWRUH*DURIDGR5HFWRUGHOD8QLY3RQWLILFLD8UEDQLDQDGH5RPDGLULJHODWUDGXFFLRQ\FRPHQWDULRGHOD%LEOLDGH(GLW/DERU
%DUFHORQDFRQHODXWRUGHO&RPHQWGH$SRFDOLSVLVYRO,,,$QWRQLQR5RPHURLGHQWLILFDWDPELHQODV%HVWLDVGH$S\SS
 %RYHU&DQWHUD%LEOLD%$&0DGULGSS&DQWHUD,JOHVLDV6DJUDGD%LEOLD%$&0DGULGS
3X]R9DFFDUL6DJUDGD%LEOLD(GLWRUHV%DUFHORQDSS
&DVWHOODQL$SRFDOLSVLV(GLF3DXOLQDV)ORULGD$UJHQWLQDSS
/RV0RQMRVGH0RQWVHUUDW/D%LEOLD7H[WRV\&RPHQWDUL$SRFDOLSVL9RO;;,,0RQHVWLUGH0RQWVHUUDWSS
>@
9HUQXHVWURFRPHQWDULRD'DQLHOGRQGHH[SRQHPRVORUHODWLYRDOFXDUWRUHLQR
>@
(VWDDFWXDFLRQYLVXDOL]DGDHQHOSUR\HFWRHVWDWDOFRQWUDULDDODGLUHFFLRQGLYLQDVHLQLFLDGHVGHHO(GHQSHURQRLQFLGHFRPRSUR\HFWR
HVWDWDOXQLYHUVDOLVWDKDVWD%DELORQLDFXDQGRFXDMDHVDLGHRORJLDSXGLHQGRLQIOXLUHQODWUD\HFWRULDGHODKLVWRULD\HQRSRVLFLRQDOSODQGH'LRV
PDQLIHVWDGRFRQ\HQVXSXHEOR
(VDFRQFHSFLRQVDWDQLFDTXHHQFXHQWUDVXYHKLFXORLGHRORJLFRDWUDYHVGHORVGLIHUHQWHVSRGHUHVUHLQRRDXWRULGDGTXHOOHYDQFRQILJXUDGR
ODFRUULHQWHHVWDWDOVHYDDFWXDOL]DQGRHQODKLVWRULDSRUPHGLRGHODVFDEH]DV\RFXHUQRVVHJXQHOPRPHQWRFRQIRUPHVHYDPDQLIHVWDQGR
HO GRPLQLR TXH FRUUHVSRQGH D OR TXH PDUFD OD PDUFKD GH OD KLVWRULD VX GLUHFFLRQDOLGDG \ HQFXHQWUD HQ OD H[SUHVLRQ %HVWLD OD VLPERORJLD
SHUIHFWD
,QVLVWLPRVHQODDFWXDOL]DFLRQGHOD%HVWLDHQFDGDXQDGHVXVFDEH]DV<ORKDFHPRVFRQODLQWHQFLRQGHTXHVHSXHGDFRPSUHQGHUHOOHQJXDMH
FXDQGR VH LGHQWLILFD D OD %HVWLD FRQ FXDOTXLHU SRGHU TXH HQ XQ PRPHQWR KLVWRULFR GHWHUPLQDGR PDQLILHVWH SRVHHU ODDXWRULGDG VXSUHPD
PDQWHQJD XQSUR\HFWRGHXQLGDGPXQGLDO\VHPDQLILHVWHFRQXQDLGHRORJLDLPSRVLWRUDRSXHVWDDOSODQGH'LRVSHURTXHVHSUHVHQWD
FRQDSDULHQFLDGHTXHUHUVHKDFHUODYROXQWDGGH'LRV+DEUDTXHFRPSUREDUHQODKLVWRULDTXHHVHQFDGDHVSDFLRKLVWRULFRORTXHGRPLQD
SRVHH OD KHJHPRQLD SUR\HFWDQGR XQD GLUHFFLRQDOLGDG TXH SUHWHQGH SRVHHU OD DXWRULGDG VXSUHPD D ILQ GH FRQVHJXLU XQ FLHUWR RUGHQDPLHQWR
PXQGLDO (V WRGR HVWR TXH VH GHVSUHQGH DO HVWXGLDU OD QDWXUDOH]D \ FRPSRVLFLRQ TXH QRV SURSRUFLRQD OD GHVFULSFLRQ HQ OD DSRFDOLSWLFD GHO
VLPEROR %HVWLD FRQ FDEH]D \ FXHUQRV \ TXH HVWRV VH DFWLYDQ HQ GLIHUHQWHV PRPHQWRV KLVWRULFRV SDUD REWHQHU HO SURSRVLWR TXH HO 'UDJRQ
PDQLILHVWD\TXHHQODDSRFDOLSWLFDVHQRVUHYHOD
6LGLMHUDPRVTXHOD%HVWLDHV%DELORQLDUHLQRQHREDELORQLFR1RHVWDULDPRVTXHULHQGRGHFLUTXHWRGRHOVLPERORGHOD%HVWLDHV%DELORQLD
VLQRTXHODFRQFHSFLRQVDWDQLFDSURYLVWDHQHOVLPEROR%HVWLDVHKDDFWXDOL]DGRHQODSULPHUDFDEH]D<TXHHQODLGHRORJLDEDELORQLFDVHGHMD
WUDVOXFLU HO SUR\HFWR LGHRORJLFR VDWDQLFR UHVSHFWR D DFWXDU FRPR SRVH\HQGR OD DXWRULGDG VXSUHPD D ILQ GH FDQDOL]DU XQD LGHRORJLD GLVWLQWD \
RSXHVWDD'LRVHQDOJXQRVH[WUHPRV\REWHQHUXQRUGHQDPLHQWRGHXQLGDGPXQGLDOGRQGHVHYLYDHVDLGHRORJLDGHPRGRHFXPHQLFRSOXUDO
FX\D UHIHUHQFLD QR HV HQ WRGR HO 'LRV TXH VH UHYHOD 6L GLMHUDPRV TXH OD %HVWLD HV 0HGR 3HUVD VHULD SRUTXH HQ HVH PRPHQWR KLVWRULFR OD
FRQFHSFLRQ %HVWLD VH DFWXDOL]D HQ VX DFWXDFLRQ KLVWRULFD HQ VX VHJXQGD FDEH]D \ FXPSOH GH DFXHUGR D OR TXH HO WH[WR DSRFDOLSWLFR QRV
GHVFXEUH\GHVFULEH<DVLFRQFXDOTXLHUDGHODVFDEH]DV
&DGDFDEH]DTXHUHSUHVHQWDDOSRGHUGRPLQLRUHLQRJRELHUQRTXHWLHQHUHOHYDQFLDHVHOWHUUHQRDERQDGRSRUHO'UDJRQDILQGHLQVXIODUOHVX
LGHRORJLD\ORVTXHHMHUFHQDXWRULGDGSROLWLFDVRQSURFOLYHVDGHMDUVHWUDVFHQGHUSRUODVSDXWDVPDUFDGDVSRUHO'UDJRQKDFLDODGLUHFFLRQDOLGDG
GHODKLVWRULDVHQDODGDSRUHO
/RVGLIHUHQWHVDXWRUHVVLQXQDMXVWLILFDFLRQILORVRILFDRSLQDQGHOPLVPRPRGRHQFXDQWRDORTXHUHSUHVHQWDULDOD%HVWLD
&DVWHOODQL$SRFDOLSVLVRSFSORPLVPRTXH6FLR2SF9ROSLGHQWLILFDQDOD%HVWLDFRQHODQWLFULVWRUHODFLRQDQGRODFRQ
ORVXOWLPRVWLHPSRV6WUDXELQJHUHQ(O1XHYR7HVWDPHQWRYRO,9RSFSORFRQVLGHUDFRPRXQVLPERORGHODVSRWHQFLDVTXHOXFKDQ
FRQWUD HO 5HLQR GH 'LRV R OD HQFDUQDFLRQ FRQ VXV VHFXDFHV %RYHU&DQWHUD FRPHQWD (VWD EHVWLD GHO PDU OD EHVWLD SRU DQWRQRPDVLD
VLPERORGHO$QWLFULVWRUHSUHVHQWDODVIXHU]DVSROLWLFDVRODSRWHQFLDHVWDWDOFRQWUD'LRVRFRQWUD&ULVWR\VX,JOHVLD!!(OFRPHQWDULRGHOD
8QLYHUVLGDG 3RQWLILFLD 8UEDQLDQD GH 5RPD SRU $QWRQLQR 5RPHR HV SDUD GHVWDFDU /D ILHUD UHSUHVHQWD HO FRQMXQWR GH ORV IDVWXRVRV \
DUPDGRVLPSHULRVWHUUHQRVGHVGH1HURQKDVWDHOILQGHOPXQGRHOGRPLQLRRUJXOORVR\SUHSRWHQWHGHORVSULQFLSHVGHHVWHPXQGRD&RU
TXHSRUVXLQQDWDSURSHQVLRQDOSHFDGRHVWDDOVHUYLFLRGH6DWDQDVSDUDRSULPLUDORVVHJXLGRUHVGH&ULVWR/DILHUDHVODVLQWHVLVDOHJRULFD
GHWRGRSULQFLSDGRGRPLQLR\SRGHUGHOPXQGRVRPHWLGRD6DWDQDVTXH&ULVWRGHEHDIURQWDU\FRQIXQGLU!!2SFSS3RUVXSDUWH
*( /DDG FRPHQWD (Q OD %HVWLD HQFRQWUDUHPRV FRQFHQWUDGDV ODV FDUDFWHULVWLFDV TXH KDQ VLGR PDQLIHVWDGDV HQ LPSHULRV PXQGDQRV
VXFHVLYRV!! 0HUZLQ %UHQHPDQ 6DQWD %LEOLD FRQ 1RWDV RS F S  OD %HVWLD VLPEROL]D HO (VWDGR DXWRULWDULR \ RSXHVWR D 'LRV D OR
ODUJRGHOWLHPSR3DUD-RKQ31HZSRUWHQ (O/HRQ\HO&RUGHUR &DVD%DXWLVWDGH3XEOLFDFLRQHV86$SVHWUDWDULDGHOSRGHU
SROLWLFR UHOLJLRVR SDVDGR \ IXWXUR HO VLPEROR DUTXHWLSR GH WRGDV ODV FODVHV GH PDO $QWRQLR 6DODV (O $SRFDOLSVLV "6LPEROR R UHDOLGDG
KLVWRULFD HGLF SDXOLQDV0DGULG  S  (Q HO IRQGR WRGRV ORV DWDTXHV GHO PDOLJQR TXHGDQ FDQDOL]DGRV SRU HO SRGHU FLYLO \ HO SRGHU
UHOLJLRVR$PERV VH DIDQDQ SRU UHJLU ORV GHVWLQRV GH OD KLVWRULD DMXVWDQGRORV D SDUDPHWURV QR VLHPSUH DFRUGHV FRQ HO GH 'LRV &XDQGR WDO
RFXUUHHQWUDVLHPSUHHQDFFLRQDOJXQDGHDPEDVEHVWLDVTXHULQGLHQGRFXOWRDOGUDJRQDUUHPHWHFRQWUDORVJHQXLQRVFUH\HQWHV
>@
(Q$S\$SVHQRVSUHVHQWDQGRVWH[WRVJULHJRVTXHQRVPXHVWUDQXQD SRVLFLRQGHDELVPRGHOD%HVWLDPDWL]DGDSRUODV
FRQVWUXFFLRQHV TXH DFRPSDQDQ D OD IUDVH TXH FRQFUHWDPHQWH SUHVHQWD HVDSRVLFLRQ GH DELVPR 'DGD OD LPSRUWDQFLD TXH WLHQH SDUD OD
LGHQWLGDGGHOD%HVWLD\VXVPRPHQWRVKLVWRULFRVFUHHPRVTXHPHUHFHODSHQDVXEUD\DUDOJXQRVDVSHFWRV
/RSULPHURGHWRGRWDOFRPR\DLQGLFDEDPRVHQRWUROXJDUVHLGHQWLILFDFRPRXQD\XQLFD%HVWLDODGH$SRFDOLSVLVODTXHDSDUHFHHQHO
FS\ODGHOWHQLHQGRFRPRUHIHUHQFLDGHRULJHQ\QDWXUDOH]DHO'UDJRQGH$SRFDOLSVLV$OGHVFULELUQRVTXHDOUHGHGRUGHOILQDOGHO
WLHPSRGHGDUWHVWLPRQLRORVGRV7HVWLJRVGLDVSURIHWLFRV^$S`DSDUHFHXQDSRVLFLRQGHDELVPRHQVLWXDFLRQGHVXELGD\HQHVD
PLVPD FRQGLFLRQ DXQTXH PDWL]DGD VH QRV PXHVWUD D OD %HVWLD HVFDUODWD GH$SRFDOLSVLV  SS FRQ OR TXH VH HYLGHQFLD HO TXH VH HVWH
UHILULHQGRDODPLVPD%HVWLD3HURFRPRDGHPDVHOWLHPSRGHSUHGLFDFLRQGHORVGRV7HVWLJRVHVGHGLDVSURIHWLFRVFRLQFLGLHQGRFRQORV
PHVHVSURIHWLFRV[ HQTXHORVJHQWLOHVKROODQDORVTXHUHSUHVHQWDQHQODWLHUUDORVLQWHUHVHV\SULQFLSLRVGHODFLXGDGVDQWD
UHSUHVHQWDWLYDGHO5HLQRGH'LRV\HVWRDVXYH]VHLGHQWLILFDFRQORVPHVHVGHDFWXDFLRQGHOD%HVWLDGH$SRFDOLSVLVHQFDUQDGDHQOD
&DEH]DTXHUHFLEHODKHULGDPRUWDOFI$SSSVHLJXDODQODVDOXVLRQHVTXHVHKDFHQDOD%HVWLDGH$S\SS
(VD%HVWLDTXHDSDUHFHHQ$SRFDOLSVLVHQSRVLFLRQGHDELVPR\HQVLWXDFLRQGHVDOLGDQRVD\XGDDVDEHUTXHHVDSRVLFLRQFRLQFLGHDO
ILQDOGHOSHULRGRSURIHWLFRGHGLDVRPHVHVRDQRVVLPEROLFRV\DOUHGHGRUGHHVHILQDO\DVHOHDQWLFLSDHVDFDLGDHQHODELVPR
FXDQGRHVWHQDFDEDQGRVXWHVWLPRQLRR>WDQFXDQGRWHOHVZVLQ^DRULVWRVXEMXQWLYR`HVWHQDFDEDQGRWKQPDUWXULDQHOWHVWLPRQLRWR
TKULRQODEHVWLDDYQDEDLQRQSDUWLFLSLRSUHVHQWHDFWLYRQRPQXPVLQJ^TXHVXEH`HYNWKMDYEXVVRXGHODELVPR$S
'DQH 0DQWH\ HQ VX *UDPDWLFD \ -XDQ 0DWHRV HQ VX /H[LFR H[SRQHQ ODV GLILFXOWDGHV GH WUDGXFLU HO DRULVWR VXEMXQWLYR WLHPSR YHUEDO TXH
DSDUHFH HQ HVWH SDVDMH 1RV UHILHUHQ OR YHUVDWLO TXH SRGULD VHU GDGDV ODV FRQGLFLRQHV TXH SUHVHQWD HO JULHJR \ HO FDPELR TXH SXHGH
H[SHULPHQWDUGLFKRWLHPSRFXDQGRHOFRQWH[WRGHXQDIUDVHORH[LJH
(ODRULVWRVXEMXQWLYRSXHGHWUDGXFLUVHFRPRXQDDFFLRQTXHHVWDRFXUULHQGRWRGDYLDWRPDQGRFRPRSXQWRGHUHIHUHQFLDXQKHFKRTXHKDGH
VXFHGHUHQHOWLHPSRTXHHVWHDFRQWHFLHQGRGLFKDDFFLRQ7DQWR'DQD0DQWH\HQ*UDPDWLFDGHO1XHYR7HVWDPHQWR&%3(O3DVR7H[DV
SS  VV   FRPR -XDQ 0DWHRV HQ /H[LFR GHO 1XHYR 7HVWDPHQWR HGLF &ULVWLDQGDG 0DGULG SS    MXVWLILFDQ HVWD
SRVLEOHWUDGXFFLRQ(OFRQWH[WRDOTXHDOXGHQORVDXWRUHVDOVHUXQDVXQWRGHSURIHFLDYDDGHSHQGHUGHODLQWHUSUHWDFLRQTXH\RKD\DUHDOL]DGR
WHQLHQGRHQFXHQWDWRGDVODVSRVLELOLGDGHVGHOWH[WR1RKD\QDGDHQHOWH[WRTXHSURKLEDDSOLFDUODSRVLELOLGDGTXHORVDXWRUHVFLWDGRVLQYRFDQ
SDUD SRGHU WUDGXFLU HO DRULVWR VXEMXQWLYR SRU HVWHQ DFDEDQGR HQ OXJDU GH KD\DQ DFDEDGR 'H WUDGXFLU KD\DQ DFDEDGR HVWDULD GDQGR XQ
YDORUWHPSRUDOSUHFLVRTXHQRSRVHHHODRULVWRVXEMXQWLYR(VSUHFLVDPHQWHDOWHQHUHQFXHQWDORTXHODSURIHFLDH[LJH\ORTXHODKLVWRULDRIUHFH
TXHQRVREOLJDPRVDWUDGXFLUGHOPRGRTXHWDQWR-XDQ0DWHRV\'DQD0DQWH\DGPLWHQFRPRSRVLEOH
6HQRVHVWDULDTXHULHQGRGHFLUTXHODSRVLFLRQGHDELVPRFRQODSRVLELOLGDGVLHPSUHGHTXHUHUVXELUODDOFDQ]DULDOD%HVWLDFXDQGRKXELHUHQ
DFDEDGRGHGDUWHVWLPRQLR'HVGHHOPRPHQWRGHHVWDUDFDEDQGRGHGDUHOWHVWLPRQLR\DYHQDOD%HVWLDHQODSRVLFLRQGHDELVPRTXHULHQGR
VXELUSRUFXDQWRVHHVWDGHVFULELHQGRODPXHUWH\UHVXUUHFFLRQGHORVGRVWHVWLJRVSRUXQD%HVWLDTXHVHSUHFLVDGHVFULELUVXFDLGDHQHODELVPR
FRQUHODFLRQDOILQDOGHOWHVWLPRQLRGHORVGRVWHVWLJRV1RYHQGULDDOFDVRLQFOXLUORGHODSRVLFLRQGHDELVPRVLQRIXHUDTXHHOILQDOGHOSHULRGR
GHORVPHVHVRGLDVSURIHWLFRVOD%HVWLDHQWUDUDHQHVDFRQGLFLRQ5HFXHUGHVHTXHHVD%HVWLDTXHDOFDQ]DHODELVPR\TXHKDGHVXELU
GHHOHVXQD%HVWLDFX\RRULJHQHVHO0$5$SFI
(VWRORYHUHPRVPDVFODURFXDQGRDQDOLFHPRVHOUHVXUJLUGHOD2&7$9$TXHHVGHHQWUHODV6,(7(HQ$SRFDOLSVLV
8QLFDPHQWHVHQDODUDTXLORFRPSOHWDUHPRVPDVDGHODQWHTXHODDOXVLRQHQ$SGHOD%HVWLDHQODSRVLFLRQGHDELVPRPHOOHLHVWD
DYQDEDLQHLQ^LQILQLWLYRSUHVHQWHDFWLYR`SDUDVXELUHYNWKMDYEXVVRXGHODELVPR$SHVWDVXVWLWX\HQGRDODIDVHKLVWRULFDGHOD
%HVWLD6(5$RODTXHKDFH2&7$9$TXHHVGHHQWUHODV6,(7(GHVSXHVGHKDEHUWUDQVFXUULGRODIDVHGHOD%HVWLD12
(6(OLQILQLWLYRSUHVHQWHQRVPXHVWUDODLQPHGLDWH]GHOLQVWDQWHGHVDOLUGHODELVPR(VWDSUHSDUDGDSDUDVDOLUGHODELVPRHQHOPRPHQWRTXH
KD\DDFDEDGRVXSUHSDUDFLRQHQODIDVH12(6
>@
 (V H[WUDQD FDVL WRGD OD LQWHUSUHWDFLRQ TXH KDFH -RQ 3DXOLHQ HQ VX OLEUR (O $UPDJHGRQ HVWD D ODV SXHUWDV 8QD YH] PDV KD VLGR
WUDGXFLGR\SXEOLFDGRHQFDVWHOODQRSRU(GLWRULDO6DIHOL]0DGULGFRPRVHOHFFLRQDGRFRPRORPHMRUTXHVHKDHVFULWRVREUHHOSDUWLFXODU
-RQ 3DXOLHQ QR LQWHQWD QL VLTXLHUD KDFHU XQD H[HJHVLV VHULD TXH DYDOH VX LQWHUSUHWDFLRQ &XDQGR SUHVHQWD ODV LQWHUSUHWDFLRQHV HUXGLWDV
DGYHQWLVWDV VREUH$SRFDOLSVLV  TXH VRQ PX\ SDUFDV \ FRQWUDGLFWRULDV GLFKR VHD GH SDVR QR PH QRPEUD 4XH SUHWHQVLRQ OD PLD 3HUR
GHEHULD FRQRFHUPH< VL UHDOPHQWH HO 'LRV TXH VH UHYHOD KD LQWHUYHQLGR GH PRGR HVSHFLDO HQ VXV HVWXGLRV ELEOLFRV GHEHULD FRQVLGHUDU OD
SRVLELOLGDGGHTXHHQRWURLGLRPDHQHVWHFDVRHOHVSDQROSXGLHUDH[LVWLUDOJXQTXHRWURDGYHQWLVWDHUXGLWRSDUDJORULDGH'LRVTXHVLTXHKD
SURIXQGL]DGR HQ$SRFDOLSVLV  OR VXILFLHQWH FRPR SDUD GDU OX] D XQD PHMRU FRPSUHQVLRQ GH HVH FDSLWXOR$XQTXH 'LRV KD SHUPLWLGR TXH
REWXYLHUD SUHPLRV LQWHUQDFLRQDOHV SUHFLVDPHQWH HQ (VWDGRV 8QLGRV SRU REUDV TXH PH KD SXEOLFDGR XQD GH ODV HGLWRULDOHV SURWHVWDQWHV PDV
LPSRUWDQWHVHQHOUDQNLQJPXQGLDOQRKHWHQLGRHOSULYLOHJLRWRGDYLDGHTXHXQDHGLWRULDOQXHVWUDPHSXEOLTXHQLVLTXLHUDHQFDVWHOODQR&ODUR
FXDQGRHQXQDRFDVLRQHVWDQGR&DEDOOHURSUHVHQWHSHUGRQ.QLJKW\RHVWDEDFRPHQWDQGRDRWUDSHUVRQDTXHVHKDELDQSXEOLFDGROLEURVGH
XQVHUYLGRUHOLQWHUYLQR\GLMRTXHDHO\DOHKDELDQSXEOLFDGRPDVGH/RTXHSDVDTXHLQGHSHQGLHQWHPHQWHGHORVSRVLEOHVFRQWHQLGRVGH
HVRVOLEURVHOQRVDELD\QRVHORSXGHGHFLUSRUTXHPHTXHGHFRUWDGRSRUVXLQWHUUXSFLRQTXHSRUHOWDPDQRGHORVOLEURVGHXQVHUYLGRU\
HOQXPHURGHSDJLQDVPDVRPHQRVFRQOLEURVGHORVGHXQVHUYLGRUFDEHQVXVOLEURV3HUREXHQRHVRHVXQDDQHFGRWDGHODVPXFKDV
TXHSRGULDFRQWDUTXHPHKDQSDVDGRFRQFLHUWDVSHUVRQDV\HGLWRULDOHVQXHVWUDV<DXQTXHSRGULDPRVFRQVLGHUDUORFRPRXQD VHQDOGHOILQR
DSRFDOLSWLFD QR HV HO PRPHQWR DGHFXDGR SDUD FRPHQWDUODV (VSHUDPRV TXH 'LRV TXLHUD TXH DOJXQ GLD VH PH SXEOLTXHDOJR SRU DOJXQD
HGLWRULDOQXHVWUDWDQWRHQLQJOHVFRPRHQFDVWHOODQR\TXH-RQ3DXOLHQSXHGDOHHUDOJXQDVFRVDVGHLQWHUSUHWDFLRQELEOLFDGHXQVHUYLGRUTXHHQ
XQVHUYLFLRDODLJOHVLDVHKDQSXEOLFDGRSRURWURV
>@
DVLQJDRULVWRLQGLFDWLYRSDVLYRGHTDXPD]Z`>$S@
>@
9HGQXHVWURFDSLWXORDQWHULRUGRQGHWUDWDPRVODLGHQWLILFDFLRQGH(VWDGRV8QLGRVSRUYDULRVFRPHQWDULVWDV
&RQIRUPH OD KLVWRULD IXH GHVSOHJDQGR OD DFWLWXG GH /RV (VWDGRV 8QLGRV FRQ OR TXH LPSOLFD HQ SDUDOHOR DO &ROHFWLYR (XURSHR \ DO SURSLR
3DSDGRTXHFLHQWRVGHDXWRUHVQRKDQWHQLGRPDVUHPHGLRVLJXLHQGRORTXHHOWH[WRQRVRIUHFHTXHLGHQWLILFDUDOD%HVWLDGHGRVFXHUQRV
FRQODTXHKR\HVODSULPHUDSRWHQFLDPXQGLDO(VWDGRV8QLGRV
/DDSOLFDFLRQGHHVWDGLPHQVLRQD/RV(VWDGRV8QLGRVQRVLJQLILFDDODQDFLRQDODVSHUVRQDVVLQRFXDQGRHQFDUQDQGRORVYDORUHVGHSULPHUD
SRWHQFLD PXQGLDO OD FRQFHSFLRQ (VWDWDO SURPRYLGD R SUR\HFWDGD SRU OD SROLWLFD HMHUFLGD SRU GLIHUHQWHV SHUVRQDV VH GHMD WUDVFHQGHU SRU OD
LGHRORJLDGHO'UDJRQFI$SFI
>@
9HU &XPEUHGH(YLDQHFRQRPLDPXQGLDO/RVSDLVHVPDVULFRVDFXHUGDQGHIRUPDXQDQLPHODUHIRUPDGHO(VWDGRGHELHQHVWDU
HQ(O3DLV
>@
&KULVWLDQ3DOORL[/DVILUPDVPXOWLQDFLRQDOHV\HOSURFHVRGHLQWHUQDFLRQDOL]DFLRQ6LJOR;;,HGLWRUHV0DGULG
&KULVWRSKHU 7XJHQGKDW /DV HPSUHVDV PXOWLQDFLRQDOHV $OLDQ]D (GLWRULDO 0DGULG  7DPELHQ /DV HPSUHVDV PXOWLQDFLRQDOHV
"GRPLQDUDQHOPXQGR"HG$FHUYR%DUFHORQD
0DUN6WHYHQV/DVRFKRJUDQGHVODVPXOWLQDFLRQDOHVPDVSRGHURVDHLQIOX\HQWHVHG3ODQHWD%DUFHORQD
>@
2OLYHU&&R[(OFDSLWDOLVPRFRPRVLVWHPDHG)XQGDPHQWRV0DGULG
-.*DOEUDLWK(O1XHYR(VWDGRLQGXVWULDOHG$ULHO%DUFHORQD
$QWRQLR7UX\ROL6HUUD/DVRFLHGDGLQWHUQDFLRQDO$OLDQ]D(GLWRULDO0DGULG
3HGUR/R]DQR%HUWROR]]L1XHYRV,PSHULRV\5HYROXFLRQ0XQGLDOHG0LWUH
0HO*XUWRY3ROLWLFDKXPDQLVWDJOREDOHGLF3RPDUHV&RUUHGRU%DUFHORQD
&ULVWLDQLVPHL-XVWLFLDYDULRVDXWRUHV"0XQGLDOL]DFLRQRFRQTXLVWD"6DO7HUUDH6DQWDQGHU
5LFKDUG-ROO\,QIRUPHVREUHGHVDUUROORKXPDQR 3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHOGHVDUUROOR318'(G0XQGL3UHQVD
0DGULG
'DQLHO<HUJLQ-RVHSK6WDQLVODZ3LRQHURV\OLGHUHVGHODJOREDOL]DFLRQ9HUJDUDHGLWRU%XHQRV$LUHV
6HOHFFLRQHVGH7HRORJLD,JOHVLD\JOREDOL]DFLRQKXPDQL]DGD6DQW&XJDW%DUFHORQD
$FWXDOLGDG%LEOLRJUDILFD,QIRUPHVREUHGHVDUUROORKXPDQRGH1DFLRQHV8QLGDV(QHUR-XQLRSS
5REHUW5RVHQ([LWR*OREDO\HVWUDWHJLDORFDOHG9HUJDUD%XHQRV$LUHV
-RDTXLQ$UULRODHGLWRUYDULRVDXWRUHV*OREDOL]DFLRQ\6LQGLFDOLVPR9ROV$O]LUD9DOHQFLD
%RE:RRGZDUG*5((163$1$ODQ*UHHQVSDQ:DOO6WUHHW\ODHFRQRPLD0XQGLDOHGLF3HQLQVXOD%DUFHORQD
,QYHVWLJDFLRQ \ &LHQFLD"+DFLD GRQGH YD OD +XPDQLGDG" QR PRQRJUDILFR GH,QYHVWLJDFLRQ \ &LHQFLD QRYLHPEUH  ^GHQWUR GHO
FRQFHSWRGHJOREDOL]DFLRQ`
$QXDULR *HRSROLWLFR 0XQGLDO (O HVWDGR GHO PXQGR  YHU WDPELHQ GHO  DO  HGLF DNDO 0DGULG  HV GH FRQVXOWD
LPSUHVFLQGLEOH\SHUPDQHQWHSDUDFRQRFHUODVLWXDFLRQGHOPXQGRHQHOVHQWLGRSROLWLFR\HFRQRPLFR
>@
 &XDQGR HVFULEL HVWR HQ HO  QR KDELD DFRQWHFLGR WRGDYLD OD OODPDGD SULPDYHUD DUDEH GHO  HQ SURFXUD GH GHUHFKRV
KXPDQRV \ GHPRFUDFLD \ PHMRUD HFRQRPLFD 3HUR VH HVWD FHUUDQGR HO FLUFXOR 7RGDYLD QR KD HPSH]DGR HQ HO  HQ ,UDQ SHUR RFXUULUD
$KRUDDPHGLDGRVGHOOHHVWDWRFDQGRHOWXUQRD7XUTXLD(VSHUHPRVFRPRDFDED
>@
 &XDQGR ODV LJOHVLDV SURWHVWDQWHV VH XQDQ FRQ HO SRGHU VHFXODU SDUD SRQHU HQ YLJRU ORV GHFUHWRV \ VRVWHQHU ODV LQVWLWXFLRQHV GH OD
LJOHVLDHQWRQFHVODSURWHVWDQWH1RUWHDPHULFDKDEUDIRUPDGRXQDLPDJHQGHOSDSDGR\KDEUDXQDDSRVWDVLDQDFLRQDOTXHVRORFRQFOXLUDHQOD
UXLQDQDFLRQDO(OOHP:KLWHHQ&RPHQWDULR%LEOLFR$GYHQWLVWD9RO3DFLILF3UHVV%RLVH,GD]R86$S
&XDQGRODVLJOHVLDVSULQFLSDOHVGHORV(VWDGRV8QLGRVXQLHQGRVHHQSXQWRVFRPXQHVGHGRFWULQDLQIOX\DQVREUHHOHVWDGRSDUDTXHLPSRQJDQ
ORVGHFUHWRV\ODVLQVWLWXFLRQHVGHHOODVHQWRQFHVOD$PHULFDSURWHVWDQWHKDEUDIRUPDGRXQDLPDJHQGHODMHUDUTXLDURPDQD\ODDSOLFDFLRQGH
SHQDVFLYLOHVFRQWUDORVGLVLGHQWHVYHQGUDSRUVLVROD(OOHP:KLWH&RQIOLFWRGHORV6LJORVS
>@
3RUHMHPSORREVHUYHQHVWDGHFODUDFLRQ6LQYHUGDGQRKD\DXWHQWLFDOLEHUWDGQLVLQFHUDFRPXQLRQ(FFOHVLDS/D
OLEHUWDGHQFXHQWUDVXSOHQRGHVDUUROORHQODDFHSWDFLRQGHODYHUGDG(FFOHVLDS/RSUREOHPDWLFRGHHVWDVGHFODUDFLRQHVQR
HVWD HQ VX FRQWHQLGR VLQR HQ HO TXH ODV SURQXQFLD (Q HIHFWR XQD LQVWLWXFLRQ TXH KD DSOLFDGR VX FRQFHSFLRQ GH OD YHUGDG SDUD SHUVXDGLU
GHVSXHVDPHQD]DU\HQXOWLPDLQVWDQFLDDSHUVHJXLUHLQFOXVRDPDWDUHQUHIHUHQFLDDODYHUGDGTXHHOODLQWHUSUHWDEDHVVRVSHFKRVDGHTXHVH
DSOLFDUD VX DXWRULGDG HQ HO FDVR GH TXH OD SRVH\HUD DREOLJDU D SUDFWLFDU XQD YHUGDG TXH HOOD FRQVLGHUD FRPR WDO FRQ HO LQWHUHV
DSDUHQWHPHQWHDOWUXLVWDGHTXHJR]DUDVGHXQDPD\RU\PHMRUOLEHUWDG
>@
9HUD+DQV.XQJ8QDHWLFDPXQGLDOSDUDODHFRQRPLD\ODSROLWLFDHG7URWWD0DGULG
-XDQ0DULD$UWDGL5D]RQHFRQRPLFD\UD]RQHWLFD6DO7HUUDH6DQWDQGHU
>@
9HUD-RVH0D0DUGRQHV &DSLWDOLVPR\UHOLJLRQHG6DO7HUUDH%LOEDRWDPELHQ&ULVWLDQLVPRL-XVWLFLDHQ"0XQGLDOL]DFLRQR
FRQTXLVWDHG6DO7HUUDH%LOEDR6HOHFFLRQHVGH7HRORJLD3DUDXQ&ULVWLDQLVPRPXQGLDO6DQW&XJDW%DUFHORQD
>@
&RQVXOWDUODGHFODUDFLRQUHSUHVHQWDWLYDGHOGLVFXUVRGHWRPDGHSRVHVLRQGHOSUHVLGHQWH.HQQG\HQFRQVFLHQWHVGHTXHDTXL
HQODWLHUUDODREUDGH'LRVGHEHVHUHQUHDOLGDGODQXHVWUDSURSLD RODTXH5REHUW.HQQHG\GLMRHQVXFDUUHUDDODSUHVLGHQFLDHQ
QXHVWURGHUHFKRDODGLUHFFLRQHVSLULWXDOGHOSODQHWD +DUU\67UXPDQ7HQJRODVHQVDFLRQGHTXH'LRVQRVFUHR\QRVWUDMR
DQXHVWUDSRVLFLRQDFWXDOGHSRGHU\IXHU]DSRUDOJXQSURSRVLWR 5HDJDQ/DYHUGDGHVTXHVLHQGRODUHOLJLRQHOIXQGDPHQWRGHOD
PRUDO UHOLJLRQ \ SROLWLFD HVWDQ QHFHVDULDPHQWH UHODFLRQDGDV  (O SUHVLGHQWH 5 : 5HDJDQ  UHFKD]R HQ 'DOODV OD GLVRFLDFLRQ HQWUH
UHOLJLRQ\SROLWLFDKDVWDH[WUHPRVTXHFRQVWLWX\HQXQGHVDILRSDUDHOSULQFLSLRFRQVWLWXFLRQDOQRUWHDPHULFDQRGHVHSDUDFLRQHQWUHHO(VWDGR\OD
,JOHVLD(O3DLVS%LOO&OLQWRQ3DUDUHQRYDU$PHULFDGHEHPRVHQFRQWUDUORVFDPELRVWDQWRHQHOH[WUDQMHURFRPRHQ
FDVD  /D (FRQRPLD PXQGLDO HO PHGLR DPELHQWH OD FULVLV PXQGLDO GHO 6,'$ H LQFOXVR OD FDUUHUD DUPDPHQWLVWD QRV DIHFWDQ 
&ODUDPHQWH $PHULFD GHEH FRQWLQXDU HQFDEH]DQGR DO PXQGR WHQHPRV PXFKR TXH KDFHU  &XDQGR VH GHVDILH QXHVWURV LQWHUHVHV
YLWDOHVRODYROXQWDG\FRQFLHQFLDGHODFRPXQLGDGLQWHUQDFLRQDODFWXDUHPRVFRQODGLSORPDFLDSDFLILFDFXDQGRVHDSRVLEOHFRQOD
IXHU]DFXDQGRVHDQHFHVDULR(O0XQGRDQXDULR
*: %XVK  HQ 7KH &DWHGUDO:DVKLQJWRQ (VWH PXQGR HV XQ GLVHQR PRUDO VRPRV HO KRJDU GH OD OLEHUWDG \ OD QDFLRQ
GHIHQGHUD OD OLEHUWDG < HO FRPSURPLVR GH QXHVWURV SDGUHV DKRUD HV HO OODPDGR GH QXHVWUR WLHPSR  ^'HVGH HO RULJHQ GH OD QDFLRQ
(VWDGRXQLGHQVH KDVWD HVWH VLJOR ;;, VH KD UHSHWLGR OD HVHQFLD GH HVWRV GLVFXUVRV 9HU HO OLEUR /D )H GH *HRUJH : %XVK GH 6WHSKHQ
0DQVILHOG&DVD&UHDFLRQ/DNH0DU\)ORULGD`
>@
9HU'DYLG&KLOWRQ 3DUDGLVH5HVWRUHG$%LEOLFDO7KHRORJ\RI'RPLQLRQ^)RUW:RUWK7H[DV'RPLQLRQ3UHVV\ 7KH'D\VRI
9HQJHDQFH$Q([SRVLWLRQRIWKH%RRNR5HYHODWLRQ )RUW:RUWK7H[DV'RPLQLRQ3UHVV`VHSXHGHFRQVHJXLUHQHVSDQROWDPELHQ
-RKQ0)UDPH7KH,QVWLWXWHRI%LEOLFDO/DZ:HVWPLQVWHU7KHRORJLFDO-RXUQDO,QYLHUQRGHS5RXVDV-RKQ5XVKGRRQ\ 7KH
,QVWLWXWHVRI%LEOLFDO/DZ3KLOLSVEXUJ1XHYD-HUVH\3UHVE\WHULDQDQG5HIRUPHG
>@
9HUGHFODUDFLRQUHSUHVHQWDWLYDGHOSUHVLGHQWHGHOD&RUWH6XSUHPDGHORV(VWDGRV8QLGRV:LOOLDP5HKQTXLVWHQ :DOODFHY-DIIUHHS
 3DW 5REHUWVRQ HQ7KH 1HZ :RUOG 2UGHU ^'DOODV :RUG FI /LEHUW\ 0D\R-XQLR  1RYLHPEUH'LFLHPEUH GH  \ 
0DU]R$EULO1RYLHPEUH'LFLHPEUH(QHUR)HEUHURGH\`
>@
 /RV SURWHVWDQWHV GH ORV (VWDGRV 8QLGRV VHUDQ ORV SULPHURV HQWHQGHU OD PDQR D WUDYHV GH XQ GREOH DELVPR DO HVSLULWLVPR \ DOSRGHU
URPDQR\EDMRODLQIOXHQFLDGHHVWDWULSOHDOLDQ]DHVHSDLVPDUFKDUDHQODVKXHOODVGH5RPDSLVRWHDGRORVGHUHFKRVGHODFRQFLHQFLD(OOHP
:KLWH&RQIOLFWRGHORVVLJORVS
>@
*HRUJH0RQELRWHQ$SRFDO\SVH3OHDVHRULJLQDGRHQ7KH*XDUGLDQGHDEULOGH\VDFDGRGHODSDJLQDHOHFWURQLFD=1HWHQ
(VSDQRO GH (QHUR GHO  QRV SUHYLHQH GH OR TXH HQ (VWDGRV 8QLGRV VH HVWD JHVWDQGR GHVGH KDFH YDULRV DQRV FRQ UHODFLRQ D XQD
LQWHUSUHWDFLRQSURIHWLFDGHO$SRFDOLSVLVHQODTXHPLOORQHVGHSHUVRQDVFUHHQ\TXHORVFUH\HQWHVHQHVDOHFWXUDGHO$SRFDOLSVLVVHFRQVLGHUDQ
SURWDJRQLVWDVDFWLYRV(VGHFLUFUHHQTXHGHEHQLQYROXFUDUVHSDUDFXPSOLUOR<FUHHQTXH(VWDGRV8QLGRVFRPRSULPHUDSRWHQFLDPXQGLDOKD
VLGRHVFRJLGDSRU'LRVSDUDOOHYDUORDFDER$QWHVGHGDUVHOD6HJXQGD9HQLGDGH-HVXFULVWRVHWHQGULDQTXHGDUWRGDXQDVHULHGHKHFKRV
GHQWURGHODSROLWLFDH[WHULRUQRUWHDPHULFDQD
>@
 1RVHQJDQDPRV VL SHQVDPRV TXH HOHQJDQR FRQVLVWH HQ XQD SUHVHQWDFLRQ SHUYHUVD IDFLOPHQWH LGHQWLILFDGD 3DUD TXHFDVL WRGR HO
PXQGR SXHGD FDHU HQ HO HQJDQR FI$S  VH SUHFLVD HODUWHPDOHILFR GH VDEHU PH]FODU OD YHUGDG FRQ OD PHQWLUD GH WDO PDQHUD TXH
SUDFWLFDPHQWHHVLPSRVLEOHVHQDODUORVHUURUHVDQRVHUFRQODVROD3DODEUDGH'LRV<SDUDHOORVHUDSUHFLVRFRQRFHUOD\YLYLUOD
3UHVHQWDUXQDLGHRORJLDFRQODILQDOLGDGGHD\XGDUHQORTXHVHWHVHQDODFRPRQHFHVDULR\TXHODSHUVRQD\ODFRPXQLGDGLQWHUQDFLRQDOVHDQ
FRQVFLHQWHVGHTXHORTXHVHVHQDODHVXQDUHDOLGDGHLPSUHVFLQGLEOHGHDFDWDUDILQGHUHVROYHUORVSUREOHPDVHVPX\GLILFLOLQGLFDUORFRPR
RULJLQDGRSRUHO'UDJRQ
>@
-RKQ)0DFDUWKXU /RV&DULVPDWLFRV&DVD%DXWLVWDGH3XEOLFDFLRQHVHGLFGH:D\QH$*UXGHPHGLWRU" 6RQYLJHQWHVORV
GRQHVPLODJURVRV"&XDWUR SXQWRV GH YLVWD HG &OLH 7HUUDVVD  %DUFHORQD  5DOSK 6KDOOLV/H GRQ GH SDUOHU GLYHUVHV ODQJXHV GX
&&%3/LJLQLDF6XLVVH
*HUKDUG)+DVHO6SHDNLQJLQ7RQJXHV$GYHQWLVW7KHRORJLFDO6RFLHW\3XEOLFDWLRQV%HUULHQV6SULQJV0,86$
3XHGHFRQVXOWDUVHXQDXOWLPDSXEOLFDFLRQGH$'LHVWUH/RV'RQHV(VSLULWXDOHV\HO0RYLPLHQWR&DULVPDWLFR9DOHQFLD
(Q FXDQWR D ODV FRQH[LRQHV SROLWLFDV GHO 0RYLPLHQWR &DULVPDWLFR \ D VX UHODFLRQ FRQ ORV REMHWLYRV GH OD 7HRORJLD GH 'RPLQLR \ ORV GH OD
&RDOLFLRQ&ULVWLDQDYHUD1RUPDQ*XOOH\HQ&ULVWR9LHQHHOFDSLWXORUHODWLYRDO0RYLPLHQWR&DULVPDWLFRSS$&(6$UJHQWLQD
WUDGXFFLRQGHODRULJLQDOQRUWHDPHULFDQDGH
>@
9HGFDSLWXORDQWHULRUGRQGHWUDWDPRVHVWHDVXQWRGHPRGRFRPSOHWR
(O FXPSOLPLHQWR GH$SRFDOLSVLV  GRQGH VH REOLJD D WRGRV ORV KDELWDQWHV GH OD WLHUUD D OOHYDU XQDPDUFD  VLQ OD FXDO QDGLH SRGUD
FRPSUDUQLYHQGHUHVPX\LPSRUWDQWHFRQVLGHUDUOD
(VWDPDUFDXQLGDDFRPSUDU\YHQGHU\UHODFLRQDGDFRQODLGHRORJLDXQLYHUVDOTXHOD%HVWLDGHGRVFXHUQRVSUHWHQGHLPSRQHUSRUPHGLRGH
ODSULPHUD%HVWLDSRVHHXQVLJQLILFDGRPXFKRPDVDPSOLRTXHORTXHSXHGHVXSRQHUXQDXQLFDLQWHUSUHWDFLRQ
/ DPDUFD UHSUHVHQWD D OD LGHRORJLD TXH WDQWR OD%HVWLD GH GRV FXHUQRVFRPR OD GH ODSULPHUD %HVWLD SRVHHQ 3RU OR WDQWR XQ SULPHU
VLJQLILFDGR TXHUULD WUDVPLWLUQRV TXH HQ HVH PXQGR JOREDO ORV SDLVHV TXH QR VH DFRMDQ D ODV IRUPXODVSROLWLFR  HFRQRPLFDVLQFOX\H OR
LGHRORJLFRUHOLJLRVR XQLYHUVDOLVWD TXH VH SURSRQJDQ QR SRGULDQ IRUPDU SDUWH GHO FRPHUFLR PXQGLDO QL UHDOL]DU QLQJXQ WLSR GH WUDQVDFFLRQHV
LQWHUQDFLRQDOHVLPSUHVFLQGLEOHVSDUDVXEVLVWLUVXVSREODFLRQHV
&RPR FRQVHFXHQFLD GH HVWD QRUPDWLYD D ORV KDELWDQWHV GH FDGD SDLV VH OHV FRPXQLFDUD OD QHFHVLGDG GH FRPSDUWLU HVDPDUFD LGHRORJLFD
XQLYHUVDOLVWD D ILQ GH FHQWUDU VXV HVIXHU]RV HQ HO GHVDUUROOR GHO SDLV GH DFXHUGR D ODV FDUDFWHULVWLFDV JOREDOHV LPSOLFDGDV HQ ODPDUFD /RV
KDELWDQWHVWHQGUDQTXHDVHQWLU\VLQGXGDGHDFXHUGRDODSURSXHVWDTXHHO$SRFDOLSVLVQRVSUHVHQWDVHSODQWHDUDXQFRQIOLFWRGHLQWHUHVHVFRQ
ORVGHUHFKRVKXPDQRVFRPRHOGHODOLEHUWDGGHFRQFLHQFLD\DTXHODPDUFDFRQWLHQHXQWHQHUTXHDFHSWDUSULQFLSLRVFRQWUDULRVDOD3DODEUDGH
'LRV FI$S &SV  (O JUDQ SUREOHPD TXH KDEUD TXH DIURQWDU FXDQGR HVWR VH HVWH FXPSOLHQGR HV TXH OD SURSXHVWD GH HVD SULPHUD
%HVWLDSDWURFLQDGDSRUOD%HVWLDGHGRVFXHUQRVHVXQDRIHUWDTXHVHJXQHOORVSURYLHQHGHOFLHORWLHQHXQPDUFDGRLQWHUHVSROLWLFRUHOLJLRVR
FI $S   SRU FXDQWR KDQ FRPSUREDGR TXH SDUD HVD KRUD GHFKRTXH GH FLYLOL]DFLRQHV OD PHMRU PDQHUD GH JOREDOL]DU FLHUWRV
FRPSRQHQWHV SROLWLFR  HFRQRPLFRV HV XQ OHQJXDMHFXOWXUDO UHOLJLRVRVLQFUHWLVWD \ XQLYHUVDOLVWD GRQGH VH KDJDQ YLDEOHV OD SOXUDOLGDG \ OR
HVHQFLDOPHQWHFRPXQ\TXHIDYRUH]FDDOPLVPRWLHPSRDHVDDXWRULGDGVXSUHPDDVXPLGDSRUOD%HVWLDGHGRVFXHUQRVHQFRQQLYHQFLDFRQOD
SULPHUD%HVWLD
(O DVSHFWR FROHFWLYR XQLYHUVDO D OR TXH YD GLULJLGR ODLPSRVLFLRQ GH ODPDUFD VH WUDVODGD DO SODQR LQGLYLGXDO FXDQGR FDGD XQR WHQJD TXH
FRPSUREDUVLODRSFLRQLGHRORJLFRJOREDOLVWDUHSHUFXWHGHDOJXQPRGRQHJDWLYDPHQWHHQVXFRQFLHQFLDSHUVRQDO$SDUWLUGHHVHWUDVODGRHO
FRPSUDU\YHQGHUVHFRQFHQWUDHQODVSHUVRQDVGHWRGRVORVSDLVHVFRQVLGHUDGDVLQGLYLGXDOPHQWH
<SRUXOWLPRODDFFLRQGHFRPSUDU\YHQGHUQRHVWDOLPLWDGDDORSXUDPHQWHOLWHUDOGHXQDFRPSUDRYHQWD7HQJDVHHQFXHQWDTXHHOVRSRUWH
GHODH[SUHVLRQFRPSUDRYHQWDHVXQLGHRORJLDTXHUHSUHVHQWDDOLGHDULRGHOD%HVWLDGHGRVFXHUQRV\GHODSULPHUD%HVWLD\TXHWHQLHQGR
HQFXHQWDHOOHQJXDMHDSRFDOLSWLFRHOVLJQLILFDGRQRVHDJRWDSRUORTXHODWHUPLQRORJLDDSDUHQWHPHQWHSUHVHQWDDEDUFDULDWRGRORTXHSXHGH
LPSOLFDUVHHQHOFRPSUDU\HOYHQGHU<HVTXHQRVHFRPSUD\VHYHQGHVRODPHQWHFRPLGD$YHFHVVHFRPSUDXQD SDWHQWHRVHYHQGHXQD
PDQHUD GH KDFHU ODV FRVDV &XDQGR VH SURKLEHFRPSUDU \ YHQGHU OR TXH HVWD LPSOLFDGR QR HV XQLFDPHQWH OD GLILFXOWDG GH QR HQFRQWUDU
DOLPHQWR R GH QR SRGHU OOHYDU D FDER FRPHUFLR LQWHUQDFLRQDO GH DFXHUGR D ODV SDXWDV PDUFDGDV SRU OD %HVWLD GH GRV FXHUQRV \ OD SULPHUD
%HVWLD 6L ELHQ HVWR SXHGH HVWDU LQYROXFUDGR WDPELHQ OR TXH RULHQWD OD FRPSUHQVLRQ HV OD GHVHVWDELOL]DFLRQ GH WRGR WX VLVWHPD GH UHODFLRQ \
FRPXQLFDFLRQ
/D4XLQWD&DEH]DUHSUHVHQWDDOD%HVWLDGXUDQWHXQDHSRFDKHJHPRQLFDTXHUHFLEHODKHULGDPRUWDOSHUGLHQGRHVD$XWRULGDG\3RGHUKDVWD
TXHVXKHULGDVHDFXUDGD\UHFXSHUHWRGRORTXHOHIXHTXLWDGR(QHVHPRPHQWROD%HVWLDGHGRV&XHUQRVOHRWRUJDXQ3RGHU\$XWRULGDG
FRPSDUWLGRVHQXQDXQLRQGH,JOHVLD\(VWDGR$ORODUJRGHWRGRVXKLVWRULDOHVH6LVWHPDR4XLQWD&DEH]DKDPDQLIHVWDGRFRQODDVXQFLRQGH
XQD$XWRULGDG6XSUHPDTXHVXSRQHXQDFRQGXFWDSROLWLFDUHOLJLRVD\XQRVFRQWHQLGRVGRFWULQDOHVGLVWLQWRVDOSURJUDPDGHO5HLQRR*RELHUQRGH
'LRVXQUHFKD]RGHOD6REHUDQLDGLYLQD\SRUFRQWUDODDGTXLVLFLRQWDQWRGHOD0DUFDR1RPEUHR1XPHURGHOD%HVWLD
9HGFDSLWXORDQWHULRUGRQGHWUDWDPRVHVWHDVXQWRGHPRGRFRPSOHWR
>@
7HQJDVHHQFXHQWDORTXHKHPRVGLFKRDQWHULRUPHQWHUHVSHFWRDOD0XMHU(VFDUODWDFRPRFRQILJXUDFLRQFRQFHSWXDOGHOSURSLR6DWDQDV
/HVXVWLWX\HDHOFRPRLGHRORJLDSROLWLFRUHOLJLRVDILMDGDFRPRUHSUHVHQWDWLYDHQHOFDQDOHVWDWDO
/D%HVWLDTXHVHLGHQWLILFDFRQ6DWDQDV$SVHPDQLILHVWDHQ&DEH]D\&XHUQRVTXHWLHQHQXQRULJHQHQODFLYLOL]DFLRQWHUUHVWUHPDU
^$S>SREODGDRIRUPDGDSRUJHQWHVFI$S@`FRQWDPLQDGDSRUODLGHRORJLDGHO'UDJRQFRQFHSFLRQ0XMHU(VFDUODWD^$S
XSFI$S`TXHODWUDVSDVDDOYHKLFXORHVWDWDO
(O'UDJRQVHYHUHSUHVHQWDGRSRUVX&LXGDG\0XMHU$SFIFRPR'LRVSRUVX&LXGDG\0XMHU$SFI
FI$S<GHODPLVPDIRUPDTXHOD&LXGDGGH'LRVHVOD FDSLWDOGHO5HLQR$SGRQGHUHVLGHHO*RELHUQR
GH'LRVORVSULQFLSLRVTXHULJHQHQVX*RELHUQROD&LXGDGR0XMHUGHO'UDJRQHVODFDSLWDOGHVX5HLQRGRQGHUHVLGHHOJRELHUQRGH6DWDQDV
ORVSULQFLSLRVTXHULJHQHQVX*RELHUQR<GHOPLVPRPRGRTXHHVRVSULQFLSLRV'LRVORVWUDVODGDDODWLHUUDDJHQWHVTXHORVDFHSWDQIRUPDQGR
VX3XHEORFRQVHUYDQGRORVHQVX,JOHVLDIRUPDGDSRUSHUVRQDVTXHUHWLHQHHVRVSULQFLSLRVGHO5HLQRGHHVHPLVPRPRGRHO'UDJRQWUDVODGD
VXVSULQFLSLRVLGHRORJLFRSROLWLFRUHOLJLRVRVDODWLHUUD\TXLHQHVORVDFHSWDQIRUPDQVXSXHEORFRQVHUYDQGRORVHQXQDFRQILJXUDFLRQVLPEROLFD
GH0XMHUDWUDYHVGHODFLYLOL]DFLRQWHUUHVWUHEDELORQLFDFRQODVDGLFLRQHV\PDWL]DFLRQHVTXHODFLYLOL]DFLRQWHUUHVWUHLQVSLUDGD\FRQWDPLQDGD
SRUHO'UDJRQKDLGRDQDGLHQGR
>@
(QRWURFDSLWXORHVWXGLDPRVHOWHPDGHODXQLRQGHORVFRQWUDULRV\GHODPH]FOD(OFRPRGHVGHHOFRPLHQ]RODPH]FODGHOELHQ\GHO
PDO WUDMR IXQHVWDV FRQVHFXHQFLDV SDUD OD KXPDQLGDG \ HO FRPR GHVGH HQWRQFHV OR TXH UHSUHVHQWD OD 6HUSLHQWH LQRFXOR HQ OD KXPDQLGDG HVD
FRQFHSFLRQTXHODYHPRVDSDUHFHUHQSULPHUOXJDUHQ%DELORQLD\WUDVODGDUVHGHVSXHVDORVLPSHULRVXQLYHUVDOHV\DVXLGHRORJLDPDVHVHQFLDO
\UHSUHVHQWDWLYDKDVWDOOHJDUDQXHVWURWLHPSR<DTXLUHVLGHXQRGHORVJUDQGHVSUREOHPDVTXHSUHVHQWDHVD0XMHUHVFDUODWDLGHQWLILFDGDFRQ
%DELORQLD 9ROYHPRV D LQVLVWLU SRU HO YDORU TXH WLHQH OR TXH HVWDPRV LQGLFDQGR HQ HVWH FDSLWXOR UHVSHFWR D OD LGHRORJLD GH OD %HVWLD \ GH OD
0XMHU TXH HQFDUQD DO'UDJRQ FXDQGR VX PDQHUD GH SHQVDU \ GH VHU HQFXHQWUD XELFDFLRQ HQ OD KLVWRULD HQ ODGLUHFFLRQDOLGDG TXH OD
KXPDQLGDGWRPD\HQODFRQILJXUDFLRQGHFLYLOL]DFLRQWHUUHVWUHGRQGHVHILMDHOVHQWLGRFRQGXFWDHLGHRORJLDTXHHO'UDJRQTXLHUHLPSULPLU
$ERPLQDFLRQ:4DYL^VLTTXF`QRPEUHPDVFXOLQRVLQJXODUGHODUDL]VTF HQ JULHJREGHOXJPDWZQ^EGHO\JPDWRQ`+HPRVYDORUDGROD
SDODEUDDERPLQDFLRQHQSSGHHVWHOLEUR5HPLWLPRVDOOHFWRUDUHFRUGDUFRQVXOWDQGROR
&XDQGRHVWXGLDPRVHODVRPEURGH-XDQREVHUYDPRVTXHHQWUHRWUDVFRVDVORTXHVRUSUHQGHHVTXHXQDLGHRORJLDFRPRODFULVWLDQDTXHVH
VXSRQH OLPSLD GH FXDOTXLHU WLSR GHPH]FOD VH YH HQ XQ UHFRUULGR KLVWRULFR GHWHUPLQDGR LPSXULILFDGD SRU XQD IXVLRQ FRQ HOLGHDULR URPDQR
&RQVWDQWLQLDQR/DWHUPLQRORJLD\FLHUWDVFRQFHSFLRQHVFULVWLDQDVGHVGHXQDSRVLFLRQGH3RGHUH[SHULPHQWDURQXQDFRPELQDFLRQQRQDWXUDO
UHVXOWDQGRHQXQDDPDOJDPDLUUHFRQRFLEOHHQODDFWXDOLGDG\XQLFDPHQWHFRQHO'LRVTXHVHUHYHOD\SRUORVIUXWRVSUR\HFWDGRVHQODKLVWRULD
SXHGHLGHQWLILFDUVH
/D DERPLQDFLRQ GH DFXHUGR D OR GHVFULWR VH RULJLQD HQ 6DWDQDV FXDQGR VH UHEHOD FRQWUD 'LRV (VD UHEHOLRQ SURGXFH HO YHKLFXOR GH OD
DSRVWDVLD/DDSRVWDVLDHVHOYHKLFXORDERPLQDEOHTXH6DWDQDVGHVGHORVDFRQWHFLPLHQWRVTXHQRVQDUUD*HQHVLVUHDOL]DGRVFRQODKXPDQLGDG
SULPLJHQLDSUR\HFWDHQODKLVWRULD
6DWDQDVDSRVWDWD GH 'LRV WUDLFLRQD VX RULJHQ VX GLVHQR \ GHVLJQLR SUR\HFWDQGR XQD LGHRORJLD LQWHQFLRQDOPHQWH RSXHVWD DO 5HLQR GH 'LRV
SUHWHQGLHQGRVXVWLWXLUODDXWRULGDGGH'LRVSRUODVX\DSURSLD(VWHDFWRHOGHVXSODQWDUODDXWRULGDGGH'LRVKDFLHQGRVHSDVDUSRU'LRVHVOR
TXH FRQVLGHUD HO 'LRV TXH VH UHYHOD XQDDERPLQDFLRQGHVRODGRUD GHVHVWDELOL]DGRUD GH ORV SODQHV GH 'LRV \ VX SUR\HFFLRQ HQ OD KLVWRULD
FRQILJXUDXQDDSRVWDVLD7RGRDTXHOTXHSUHWHQGHSRVHHUXQDDXWRULGDGVXSUHPDFRPRFRQFHGLGDSRU'LRVVHVXEHDOFDUURGHODDSRVWDVLD
FUHDGRSRU6DWDQDV
(O+RPEUHGHSHFDGRDQRPLDVGHD7HVDORQLFHQVHVTXHUHSUHVHQWDDOVLVWHPDGHPDOGDGTXHVHQRVYDWLFLQDHQ'DQLHO\FRPR&XHUQR
3HTXHQR\GHDFXHUGRDODYHUVLRQGH$SFRPROD&DEH]DTXHUHFLEHODKHULGD\TXHHVFXUDGDGHVSXHVSRUOD%HVWLDGHGRVFXHUQRVHV
XQD REUD FRQILJXUDGD SRU 6DWDQDV FI D 7HV  \ TXH VH PDQLILHVWD HQ OD KLVWRULD HQ OD WUD\HFWRULD GH ODDSRVWDVLD SUR\HFWDGD SRU HO
0DOLJQR6HFUHHSRVHHGRUGHODDXWRULGDGVXSUHPDFXDQGRVHFRQVLGHUDUHIHUHQFLDXQLFDGHOYHUGDGHURFXOWRUHFKD]DQGRDTXHOORTXHQROH
UHFRQRFHFRPRORDXWHQWLFDPHQWHUHSUHVHQWDWLYRGH'LRVFRORFDQGRVHHQXQFRQWH[WRGHWHPSORGH'LRVKDFLHQGRVHSDVDUFRPRVLIXHUD'LRV
D7HV6XVWLWX\HODDXWRULGDGVXSUHPDGH'LRVFXDQGRVHDUURJDXQDWHUPLQRORJLDGHDXWRULGDGTXHVRORSHUWHQHFHDO'LRVTXHVHUHYHOD
/ DDSRVWDVLD YHUWLGD HQ OD KLVWRULD SRU 6DWDQDV OD DOFDQ]D HVWH VLVWHPD LQWHJUDQGROD HQ VX TXHKDFHU KLVWRULFR LGHQWLILFDGR FRPR OD
DERPLQDFLRQ&RQVXOWHQVHSS\
>@
-XDQYLYHHQODHSRFDGHOD&XDUWD&DEH]D$-XDQVHOHSUHVHQWDHQXQFXDGURJHQHUDOWRGRORUHODWLYRDOD%HVWLD\VHDVRPEUDSRU
WRGD VX WUD\HFWRULD (5$ 12 (6 \ 6(5$ (V HQYLDGR HQ HO PRPHQWR GH OD YLVLRQ GH OD HSRFD OLPLWH GH OD 48,17$ FLQFR KDQ FDLGR \
FXDQGRHVOD6(;7$XQRHVFXDQGRWRGDYLDQRKDELDYHQLGROD6(37,0$ (ODVRPEURVHSURGXFHXQDYH]TXHWLHQHWRGRHOFXDGURYLVWRHQ
VXH[WUHPRILQDOFXDQGRDSDUHFHXQD2&7$9$
>@
 /D %HVWLD TXH KDV YLVWR $S  FI (5$ $S  SO"&RPR KDELD VLGR OD %HVWLD" $O HVWXGLDU OD KLVWRULD
FRPSUREDPRVTXHOD%HVWLDTXHFRQILJXUDDO*RELHUQRGHHVWHPXQGRGHVGHORVDOERUHVGHODKXPDQLGDGKDELDVLGRSHUVHJXLGRUDFRQXQDIDQ
GH LJQRUDU DO YHUGDGHUR 'LRV \ GH LPSRQHU XQDV SUHPLVDV LQVSLUDGDV VREUHQDWXUDOPHQWH SHUR DMHQDV DO 'LRV YHUGDGHUR FRQ HO SURSRVLWR GH
DOFDQ]DUXQDXQLGDGHLPSRQHUXQFRPSRUWDPLHQWRHLGHRORJLDTXHQRUHVSRQGHDO*RELHUQRR5HLQRGH'LRV
/RTXHVREUHVDOLDKDVWDOD5HYROXFLRQ1RUWHDPHULFDQD\)UDQFHVDSUHFHGLGDVSRUODLQJOHVDLPSOLFDEDXQDLQWROHUDQFLDWDOTXHLPSHGLDTXH
ORV SULQFLSLRV GHO 5HLQR R *RELHUQR GH 'LRV SXGLHUDQ DQXQFLDUVH \ PDQLIHVWDUVH HQ SOHQD OLEHUWDG /D %DELORQLD TXH UHLQDED VREUH ORV
JREHUQDQWHV GH HVWD WLHUUD  KDELD LQVSLUDGR H LQIOXLGR GH WDO PRGR D ODV UH\HV R JREHUQDQWHV GH HVWH PXQGR TXH ORV SULQFLSLRV
GHPRFUDWLFRV HVWDEDQ DXVHQWHV /RV GHUHFKRV KXPDQRV QR H[LVWLDQ /D OLEHUWDG GH FRQFLHQFLD \ UHOLJLRVD KDELDQ VLGR VHFXHVWUDGDV
SUDFWLFDQGRVH PHGLDQWH OD OHJLWLPDFLRQ \ MXVWLILFDFLRQ OD YLROHQFLD OD SHUVHFXFLRQ UHOLJLRVD R LGHRORJLFD \ HO DEVROXWLVPR GH RULJHQ GLYLQR
PHGLDQWHODXQLRQGH,JOHVLD\(VWDGRFI$SSS
'HVGHODFLYLOL]DFLRQ%DELORQLFDKDVWDHOVLVWHPDKHUHGHURGH5RPDSDVDQGRSRU0HGR3HUVLD*UHFLD\5RPDORVTXHKDELDQFRQWULEXLGRD
JHVWDUXQDGLUHFFLRQDOLGDGKHJHPRQLFDHQODKLVWRULDVHKDELDSUR\HFWDGRHVWHGLVHQRFRPRIUXWRGHOD0XMHU%DELORQLFDTXHKDLQ\HFWDGRHVH
YLQRLGHRORJLFRGRFWULQDOSRQ]RQRVRVREUHODVQDFLRQHV$S
1RWHVHFRPRODVXFHVLRQGHOD%HVWLDTXH(5$12(6FDLGDHQSRVLFLRQGHDELVPR\6(5$FI$SHVWDVXVWLWXLGDHQSDUDOHORSRU
&,1&2KDQFDLGRHO(5$OD6(;7$XQDHV6(37,0$VHLQIRUPDTXHDXQQRKDELDYHQLGRDFXDQGR-XDQKDVLGRHQYLDGRHQYLVLRQ
TXHPDQWLHQHQDOD%HVWLDHQSRVLFLRQGHDELVPRSHURTXHULHQGRVDOLUVXELHQGRVLQVXELUGHILQLWLYDPHQWHSHULRGR12(6\HO6(5$VDOLGD
GHODELVPRFRPROD2&7$9$$SFI
/D%HVWLDTXH(5$FRUUHVSRQGHHQHOWH[WRDOKHFKRGHTXH&,1&2KDQFDLGR$SFI(O12(6FRUUHVSRQGHDOD6(;7$
\6(37,0$\HO6(5$DOD2&7$9$R6DOLHQGRGHODELVPR
>@
/D%HVWLDTXH(5$DKRUD\D12(6$SSO
(VD%HVWLDTXHKDELDVLGRORTXH(5$DKRUD12(612(6ORTXHHUD(VGHFLUOD%HVWLDTXHKDELDHVWDGRDFWXDQGRKDVWDHVHPRPHQWR
FRQXQPRGRFDUDFWHULVWLFRDKRUDGHMDGHKDFHUOR(VDPDQHUDGHFRPSRUWDUVHHUDODTXHFRUUHVSRQGHDODLQWUDQVLJHQFLDODGHQRSHUPLWLU
TXHRWURVH[SXVLHUDQXQDIRUPDGHSHQVDUGLIHUHQWH+DELDVLGRSHUVHJXLGRUDVLQSHUPLWLUORVSULQFLSLRVGHOLEHUWDGGHFRQFLHQFLD
"&XDQGRVHLQWURGXFHODHWDSDGHOD%HVWLDTXH12(6"$SDUWLUGHOPRPHQWRHQTXHVHLQWURGXFHHQODSRVLFLRQGH$ELVPRFI
SS"<ODHQWUDGDDODELVPR""FXDQGR"(VWRKLVWRULFDPHQWHDFRQWHFHDSDUWLUGHOILQDOGHORVPHVHVRGLDVSURIHWLFRV$SVOFI
SS$SDUWLUGHDKLVHSUR\HFWDHQODKLVWRULDXQHVTXHPDGHSHQVDPLHQWRGLVWLQWR/RVYDORUHVKXPDQRVFRPRHOGHODOLEHUWDGUHOLJLRVD\
GH FRQFLHQFLD \ ORV UHODWLYRV D ORV GHUHFKRV GH OD SHUVRQD VH SHUILODQ GHVDUUROODQ \ H[SDQGHQ FRQWUDUUHVWDQGR D ORV GH OD IDVH DQWHULRU
GHQRPLQDGDOD%HVWLDTXH(5$
>@
/DVDOLGDGHODELVPRHVWDLGHQWLILFDGDHQSDUDOHORFRQHOKHFKRGHTXHOD%HVWLD6(5$YROYHUDD6(5ORTXH)XH$SSSFI
XS<HOYROYHUDVHUFXDQGR6(5$FRLQFLGHFRQHOKHFKRGHOOHJDUDVHUOD2&7$9$TXHHVGHHQWUHODV6,(7($SXSFI
$SSS
1RWHVHFRPRHOVXELUGHODELVPR  SS RFXSD HO OXJDU GH OD H[SUHVLRQ6(5$ HQ OD VXFHVLRQ GH FRQFHSWRV(5$12(6 FI$S
XS<FRPRHQHVDVXFHVLRQGHFRQFHSWRV (5$12(668%,5GHO$%,602R6(5$HVWDQVXVWLWXLGRVDVXYH]SRUXQD2&7$9$
TXHHVLGHQWLILFDGDFRPRKDELHQGRVLGRXQDGHODV6,(7(FI$S
2EVHUYHVHFRQVXPRFXLGDGRFRPRHQHVDVXFHVLRQGHLGHDVWDQWRGHVSXHVGHVXELUGHODELVPRFRPRGHVSXHVFXDQGRRFXUUDHO6(5$HQHO
VXUJLPLHQWRGHOD2&7$9$VHDFDEDFRQLUDSHUGLFLRQ
"<TXLHQHVHVDRFWDYDTXHVXUJHVDOLHQGRGHODELVPRSDUDDOILQDOLUDSHUGLFLRQ"
/D2&7$9$VHPXHYHHQXQFRQWH[WRGHILQILQDO
6LHO(5$HVWDLGHQWLILFDGDFRQ&,1&2KDQFDLGR$SFI\HQ$SRFDOLSVLVVHQRVLQIRUPDTXHXQDFDEH]DGHOD%HVWLD
UHFLEHXQDKHULGDPRUWDO\(O12(6ORTXH(5$HVWDRFXSDGRSRUOD6(;7$<6(37,0$FDEH]DHVHYLGHQWHQRVRODPHQWHTXHHO6(5$
HVWDRFXSDGDSRUOD2&7$9$VLQRTXHOD2&7$9$VHLGHQWLILFDFRQHOLQIRUPHGH$SRFDOLSVLVFXDQGRVHGLFHTXHODTXHUHFLEHODKHULGD
VHFXUDFRQOD%HVWLDGHGRVFXHUQRVXS'HDKLTXHVHDQDGDTXHOD2&7$9$HVXQDGHODV6,(7(<HVWRQRVPXHVWUD
WDPELHQTXHHQWUHHOUHFLELHQGRGHODKHULGDKDVWDTXHVHSURGXFHODFXUDFLRQKDQGHWUDQVFXUULUOD6(;7$\OD6(37,0$
(OPHQVDMHVXE\DFHQWHVHULDTXHODJHQHUDFLRQTXHYLYHDGRQGHHOSURIHWDHVHQYLDGRHQYLVLRQDODHSRFDGHOD6(;7$\FRQWHPSOHQHO
ILQDOGHOD6(;7$\ODYLYHQFLDGHOD6(37,0$WHQGULDQTXHYHUODDSDULFLRQGHOD2&7$9$\HOILQDOGHWRGR
>@
(VGHFLUOD2&7$9$TXHHVXQDGHODV6,(7(\TXHVRODPHQWHSXHGHVHUODTXHVHQRVKDELDLQIRUPDGRHQ$SRFDOLSVLVOD
TXHVHKDELDKHULGRSHURTXHGHVSXHVVHFXUD
>@
(O+HUHGHURGH5RPD/DTXHKDFH&,1&2
(VWD4XLQWD&DEH]DTXHWLHQHVXVUDLFHVHQOR5RPDQRGHGRQGHDGTXLHUHODVSUHPLVDVEDELORQLFDVKDDEVRUELGRHOHPHQWRVFULVWLDQRVYDULRV
GH HOORV GLVWRUVLRQDGRV GHVYDORUL]DQGRORV \ FRUURPSLHQGRORV SDUD SRGHUORV PH]FODU FRQ ORV DVSHFWRV EDELORQLFRV FRUUHVSRQGLHQGR DO &XHUQR
3HTXHQR GH OD &XDUWD %HVWLD GH 'DQLHO \ WHQGULD XQD KHJHPRQLDGH  GLDV R  PHVHV SURIHWLFRV 'Q   FI$S  <
VXUJHFRPRSRGHUKHJHPRQLFRGHVSXHVGHODGLYLVLRQGH5RPD
(O SHULRGR FRQVLGHUDGR SRU OD SURIHFLD FRPR HMHUFLHQGR OD KHJHPRQLD HPSLH]D XQD YH] TXH VH SXHGHQ DVHQWDU VX$XWRULGDG 6XSUHPD \
0LVLRQKLVWRULFDTXHGLFHKDEHUUHFLELGRGH'LRVDOLJXDOTXHORV3RGHUHVTXHOHSUHFHGLHURQOOHJDQGRKDVWDHOPRPHQWRTXHHQWUDPRVHQHO
SHULRGRGHOD%HVWLD12(6FXDQGROD6(;7$FDEH]DOHLQIOLJHODKHULGDPRUWDO
/DXELFDFLRQFURQRORJLFDHLGHQWLGDGGHOD4XLQWD&DEH]DODTXHVHHQFXHQWUDGHQWURGHODV&,1&2TXHKDQFDLGRVHFRQVLJXHWDOFRPR\DOR
YLPRVSRQLHQGRHQSDUDOHOR$SRFDOLSVLV\\FRPSDUDQGRORFRQORTXHQRVSURYHH'DQLHOUHVSHFWRDO&XHUQR3HTXHQR
(QHIHFWRHVKDFLDHOILQDOGHVXSHULRGRGHGRPLQLRTXHVHHVWDFRQILJXUDQGRODFDLGDGHOD%HVWLDHQVXSRVLFLRQGH$ELVPR$S
$SRFDOLSVLVSSQRVUHILHUHGHXQD&DEH]DGHOD%HVWLDDQWHVGHFDHUHQODSRVLFLRQGHDELVPR\TXHUHFLEHXQDKHULGDPRUWDODO
ILQDO SUHFLVDPHQWH GH ORV  GLDV SURIHWLFRV< HQ$SRFDOLSVLV  FXDQGR OD LQVSLUDFLRQ GHVFULEH OD VLWXDFLRQ GH OD %HVWLD DUUDQFD GHO
PRPHQWRGHVXSRVLFLRQGHDELVPRTXHFRUUHVSRQGHDXQPRPHQWRSRVWHULRUDOTXHOD%HVWLDKDELDVLGR(5$(VGHFLUHQODHWDSDGH
OD%HVWLDTXH12(63XHVELHQHQHVHLQVWDQWHHQTXHOD%HVWLD\DQRHV\TXHVHHQFXHQWUDHQXQDSRVLFLRQGHDELVPRODLQVSLUDFLRQ
OHFRPXQLFDDOSURIHWDTXH&,1&2KDQFDLGR\D
(UDORJLFRTXHODLQVSLUDFLRQLQFOX\HUDDOD4XLQWD&DEH]DGHQWURGHODV&,1&2SRUFXDQWRFRUUHVSRQGHDODIDVHGHOD%HVWLDTXH(5$TXH
KDELD VLGR OR TXH IXH \ TXH \D KHPRV H[SOLFDGR VX VLJQLILFDGR 1R ROYLGHPRV \ UHWHQJDPRVOR TXH OD VXVRGLFKD 4XLQWD &DEH]D UHFLEH XQD
KHULGDPRUWDODOWHUPLQRGHVXSHULRGRKHJHPRQLFRGHGLDVRPHVHVRWLHPSRVSURIHWLFRVFI'Q\TXHFRLQFLGHFRQ
HOFRPLHQ]RGHOD%HVWLDHQVXSRVLFLRQGHDELVPRSSLQLFLDQGRVHHOHVSDFLRWHPSRUDOGHOD%HVWLD12(6
3DUD TXH XQD &DEH]D LGHQWLILTXH HQ OD KLVWRULD DO 3RGHU TXH OD UHDOL]D KD GH FXPSOLU HO WHQHU OD KHJHPRQLD SUHWHQGLHQGR WHQHU OD DXWRULGDG
VXSUHPDRWRUJDGDVHJXQORUHSUHVHQWDWLYRGHOD&DEH]DSRU'LRVPDUFDQGRODGLUHFFLRQDOLGDGHQODKLVWRULDSRVH\HQGRODUHOHYDQFLDHQHO
SHULRGR KLVWRULFR TXH DFWXD \ HQFDUQD D OD %HVWLD \ OOHYDQGR D FDER OD PLVLRQ GH FUHDU HO HVSDFLR SROLWLFR LGHRORJLFR D ILQ GH SUHWHQGHU
FRQVHJXLUODXQLGDGPXQGLDO6LPSOHPHQWHWHQHPRVTXHDFXGLUDODKLVWRULDSDUDFRPSUREDUOR TXH KHUHGD5RPD TXH SRVH\HUD XQ GRPLQLR
UHOHYDQWH UHVSHFWR D ORV GHPDV PDUFDQGR OD PDUFKD GH OD KLVWRULD \ FRQFOX\HUD UHFLELHQGR XQD KHULGD FRQ OR TXH VH ORJUD PRGLILFDU OD
SRVLFLRQ LGHRORJLFD GH OD %HVWLD KDVWD HVH PRPHQWR OD FDLGD HQ HO DELVPR /D TXH OH SURSLQD HO JROSH HV OD 6(;7$ FDEH]D OD TXH YD
GHVSXHVGHWUDQVFXUULU&,1&2KDQFDLGR
>@
/D6H[WDFDEH]DIRUPDSDUWHGHOSHULRGR12(6<SRUORWDQWRFDUDFWHUL]DDOD%HVWLDSRUQRVHUORTXH(5$<DKHPRVH[SOLFDGR
VXILFLHQWHPHQWH WRGR OR TXH VLJQLILFDED /XHJR HO 12 (6 RFXSDGR SRU OD 6H[WD \ OD 6HSWLPD EXVFD OD XQLGDG PXQGLDO SRU PHGLR GH XQD
IRUPXODSROLWLFDQXHYDODGHODUHYROXFLRQGHPRFUDWLFDFRQODXWLOL]DFLRQGHDOWHUQDQFLDGHSRGHUHV\GHXQFRPXQGHQRPLQDGRUTXHSDUHFH
LQ\HFWDUOHVHVHLGHDULRGHPRFUDWLFR+DEUDTXHLUDODKLVWRULDSDUDFRPSUREDUTXHHVORTXHDFDERFRQOD%HVWLD(5$HLQLFLDOD12(6TXH
PXHVWUHHVHFDPELRHQODKLVWRULD\REOLJXHDOD%HVWLDDDVXPLUHVHQXHYRLGHDULRPDQLSXODQGRORDIDYRUGHVXQDWXUDOH]DVDWDQLFD/RTXH
FRQILJXUHHVDSRWHQFLDOLGDGPXQGLDOSULPRUGLDOHVWDUDLGHQWLILFDQGRDOD6H[WDFDEH]D1HFHVDULDPHQWHXQD&DEH]DLGHRORJLFDQRVLHPSUH
VHYHRFXSDGDSRUXQDVRODSRWHQFLDGHQWURGHVXSHULRGRDVLJQDGRUHFXHUGHVHHOSUHFHGHQWH0HGR3HUVD
>@
/D6HSWLPDVHHQFXHQWUDGHQWURGHSHULRGR12(6YDGHVSXHVGHOD6H[WDIRUPDSDUWHGHORVWRWDOLGDGGHODGLYLVLRQGHQDFLRQHV
GHWRGRHOPXQGRWRGDYLDOD%HVWLDHVWDHQHODELVPR\SRUORWDQWRVHVLJXHHMHUFLHQGRDXQTXHPDQLSXODGDPHQWHORVYDORUHVGHPRFUDWLFRV
6HWUDWDGHODSULPHUDSRWHQFLDPXQGLDO&XDQGRWHUPLQDUDODHSRFDPDUFDGDSRUODUHYROXFLRQ\DSDUHFHHQODKLVWRULDSXGLHQGRFRQWHPSODUVH
SRU WRGRV ORV PHGLRV GH FRPXQLFDFLRQ \ SRU OD IXHU]D GH VX HFRQRPLD PLOLWDU H LGHRORJLFD \ PLVLRQ SUHWHQGLGDPHQWH GLYLQD GH RUGHQDU DO
PXQGRXQLWDULDPHQWHFRQHOHVWDWXVHFRQRPLFR\GHPRFUDWLFRJOREDOHQWRQFHVHVWDPRVYLYLHQGRHQODHSRFDGHOD6HSWLPD
>@
"4XHHVORTXHVREUHVDOHFRPR0XMHU(VFDUODWDHQODHSRFDGHOLPSHULRQHR%DELORQLFR""<HQODGH0HGR3HUVD""<HQ*UHFLD""<
HQ5RPD"
(QQXHVWUDHSRFDSRUHMHPSORUHFXHUGHVHTXHHVWDPRVHQHOSHULRGRHQTXHOD%HVWLD12(6ORTXH(5$OD0XMHU(VFDUODWDREDELORQLFD
DXQTXH HQ YHUWLJLQRVD GHFDGHQFLD UHSUHVHQWD D WRGR XQ FROHFWLYR GH LGHRORJLDV SROLWLFRUHOLJLRVDVILORVRILFDVHFRQRPLFDV ,VODP 1XHYD (UD
3OXUDOLVPR 5HOLJLRVR $VRFLDGR ,JOHVLD8QLYHUVDO &RQVWDQWLQLDQD %XGLVPR +LQGXLVPR GRFWULQDV HWLFRHFRQRPLFDV TXH HMHUFHQ XQD
LQIOXHQFLD HQ OD FRUULHQWH HVWDWDO \ HQ ORV TXH OD IRUPDQ (Q FDGD HSRFD HQ TXH OD %HVWLD VH HQFDUQD HQ XQD GH VXV FDEH]DV OD TXH OH
FRUUHVSRQGD HQ HVH WXUQR WHPSRUDO OD FRQFHSFLRQ R FRQILJXUDFLRQ GH OD 0XMHU (VFDUODWD SRU HO 'UDJRQ VH PDQLILHVWD GH DFXHUGR D XQD
LGHRORJLDTXHVHSUR\HFWD\VHDEVRUEHSRUHOSRGHUTXHVREUHVDOJD\TXHHO'UDJRQPDQLSXOD\GLULJHGHDFXHUGRDVXSURSRVLWR(QODHSRFD
GHORVGLDVSURIHWLFRVSRUHMHPSORODLGHRORJLDEDELORQLFDTXHVREUHVDOHHVODGHOD,JOHVLD&RQVWDQWLQLDQD MXQWR DGRFWULQDVSROLWLFDV\
HFRQRPLFDV VXVFLWDGDV HQ VX VHQR \ DXQ FXDQGR RWUDV ILORVRILDV UHOLJLRVDV FRPR OD GHO ,VODP SRU HMHPSOR HMHUFLHURQ XQD FLHUWD LQIOXHQFLD
LPSRVLWRUDHQVXDUHDGHWHUPLQDGDSHURQRDFLHUWDDFUHDUHVDFRUULHQWHTXHOHKDJDLPSRQHUVHXQLYHUVDOPHQWHHQFXDQWRDGRPLQLRSROLWLFR
HFRQRPLFR DGHPDV GH YHUVH VRPHWLGR PLOLWDU \ HFRQRPLFDPHQWH D 2FFLGHQWH DTXHOOD OD GH OD ,JOHVLD &RQVWDQWLQLDQD \ ODV GRFWULQDV VRFLR
SROLWLFRHFRQRPLFDVHMHUFHUDXQDLQIOXHQFLDPD\RUPDUFDQGRFRQVXSUHWHQVLRQXQDGLUHFFLRQDOLGDGTXHUHVXOWDUDHQ2FFLGHQWHDSDUWLUGHOD
5HYROXFLRQQRUWHDPHULFDQD\IUDQFHVDXQGRPLQLRH[FOXVLYR1DGDGHHVWRLPSLGHDTXHOD%HVWLDLQVSLUHRWURVYDORUHVLGHRORJLFRVHQRWUDV
DUHDV7RGRYDDVHUYLUHQODHSRFDSUHYLDDOILQODGHOSHULRGRHQTXHOD%HVWLD12(6ORTXH(5$
8QDFRQFUHFLRQGHFRPROD0XMHU%DELORQLFDR6LVWHPD)DOVR,GHRORJLFR5HOLJLRVRLQIOX\HGXUDQWHHVHSHULRGRHQTXHOD%HVWLD12(6HVHO
VLJXLHQWH
'H VLHWH PDQHUDV VH HIHFWXD  D WUDYHV GH XQD GRFWULQD VHFXODU PDWHULDOLVWD VRFLRHFRQRPLFDV SRU OD TXH VH HPSXMD D OD LQGLIHUHQFLD
UHVSHFWR GH 'LRV R D VX QHJDFLRQ \ D XQ RUGHQDPLHQWR PXQGLDO \ GH JOREDOL]DFLRQ  PHGLDQWH XQD GRFWULQD HVSLULWXDOLVWD QHRSDJDQD TXH
LQ\HFWD D DWHRV DJQRVWLFRV \ D ORV TXH UHFKD]DQ HO &ULVWLDQLVPR XQD FRQFHSFLRQFXOWXUDO EDVDGD HQ ODV HPRFLRQHV \ VHQWLPLHQWRV TXH VH
DOLPHQWDQ GH IHQRPHQRV HVSLULWLVWDV SDUDVLFRORJLFRV DVWURORJLFRV GH SUHPLVDV LQVSLUDGDV GLUHFWDPHQWH SRU HO PLVPR 0DOLJQR R 6DWDQDV HO
'UDJRQ \ GHO UHFKD]R GHO 'LRV SHUVRQDO \ WUDVFHQGHQWH GHO KLVWRULFR -HVXV GH 1D]DUHW 1XHVWUR 6HQRU -HVXFULVWR  SHUVLVWLHQGR FLHUWDV
IRUPDVDQWLJXDVFRPRXQFRQJORPHUDGRSROLWLFRUHOLJLRVRFRQDOJXQDVUDLFHVFULVWLDQDVHLVODPLVWDVTXHVHKDQFRQIRUPDGRDODVPDQHUDVGH
ORVUHLQRVGHHVWHPXQGRLQIOX\HQGRHQHVWH\HQODVRFLHGDGKDVWDHOSXQWRGHFRQILJXUDUXQDFRUULHQWHTXHQRWLHQHHQFXHQWDORVSULQFLSLRVGHO
5HLQRRGHO*RELHUQRGH'LRV3RUPHGLRGHOSURSLRVLVWHPDSROLWLFRUHOLJLRVRUHSUHVHQWDGRHQOD4XLQWD&DEH]DR&XHUQRSHTXHQR$S
  FI 'Q  FRQ OD TXH VH LGHQWLILFD UHSUHVHQWDGR IXQGDPHQWDOPHQWH SRU XQD FROHFWLYLGDG HFOHVLRORJLFD TXH KD VDELGR DXQDU
FRQFHSFLRQHV FULVWLDQDV LQFRPSOHWDV FRQ SRUFLRQHV LGHRORJLFDV EDELORQLFDV $KRUD D SHVDU GH OR TXH VXSRQH KDEHU UHFLELGR OD KHULGD YD
LQIOX\HQGR GH DFXHUGR D OR TXH LPSOLFD HO SURFHVR GH FXUDFLRQ GH OD KHULGD TXH KD GH OOHJDU D OD VDQDFLRQ GHILQLWLYD \ WRWDO  8Q
FRQJORPHUDGR HFXPHQLFR GH DVRFLDFLRQUHOLJLRVD TXH LQIOX\H SROLWLFD \ HFRQRPLFDPHQWH WDPELHQ /RJLDV  /RVOREELHV ILQDQFLHURV
FRPRWHQWDFXORVGHSRGHUHVWDQVLHQGRORVTXHGLULJHQHQODDFWXDOLGDGGHVGHPHGLDGRVGHOVLJOR;;KDVWD\DHQWUDGDODVHJXQGDGHFDGDGHO
VLJOR;;,DOPXQGRGHOD%HVWLDUHSUHVHQWDGD\DSRUODVHSWLPD&DEH]D\OD%HVWLDGHGRVFXHUQRV\ORVHJXLUDVLHQGRGXUDQWHXQDHWDSDGH
OD2FWDYDFDEH]DTXHHVXQDGHODVVLHWHODGHODKHULGDPRUWDOUHVWDXUDGD
/RVVLHWHPRGRVWLHQHQXQRULJHQEDELORQLFR\GXUDQWHHOWLHPSRTXHGXUDODKHULGDPRUWDOTXHUHFLEHHVD4XLQWD&DEH]DYDQSUHSDUDQGRHO
WHUUHQRDGHFXDGRSDUDVXDVDOWRILQDOHQXQDRFWDYDTXHHVGHHQWUHODVVLHWH
>@
<D KHPRV HVWXGLDGR ORV SDUDOHOLVPRV H LGHQWLGDGHV HQWUH OD FDEH]D TXH UHFLEH OD KHULGD \ VXFXUDFLRQ FRQ ODRFWDYD VDOLGD GHO
DELVPR\TXHKDFHDOD%HVWLDTXHKDELDGHMDGRGHVHU\FDPELDUGHSRVLFLRQYROYHUDVHUORTXHIXH3HURQRWHVHTXHFXDQGROD%HVWLD6($
RWUDYH]YXHOYHD6(5ORTXH(5$$STXHFRLQFLGHFRQODFXUDFLRQGHODKHULGDSRUOD%HVWLDGHGRVFXHUQRV$SFI$S
XSXSOD0XMHUEDELORQLFDVHYHGHVFRQVLGHUDGDPDUJLQDGDFRPRTXHPDGDSRUIXHJRSRUORFXHUQRVFI$S
UHFRQGXFLGRVXWRUFLPLHQWRHOGHORVSRU'LRV\SRUODDFFLRQGHSUHGLFDFLRQGHO3XHEORGH
'LRV$S&RPROD0XMHU(VFDUODWDHVODFRQILJXUDFLRQLGHRORJLFDTXHORJUDHO'UDJRQSUR\HFWDUHQODFLYLOL]DFLRQWHUUHVWUH OR
TXHVHGHVWUX\HHVHVDFRPSRQHQGDEDELORQLFDPHGLDQWHODFRPSUHQVLRQGHVXVHUURUHV\SHFDGRV3DUDHVHWLHPSRHO0DOLJQRKDSUHSDUDGR
DOD%HVWLDGHGRVFXHUQRV FRQ XQD LGHRORJLD RULJLQDOPHQWHWHUUHVWUHSHURDOFDQ]DGDSRUODRULHQWDFLRQGHO'UDJRQ$SFI
$SDUHFHFRPR)DOVR3URIHWD$SFIILJXUDQGRFRQHO'UDJRQ\OD%HVWLDHQODXOWLPDEDWDOODODGHO$UPDJHGRQ
$SFI(VWH)DOVRSURIHWDR%HVWLDGHGRVFXHUQRVHQVXSOHQLWXGVXVWLWX\HDOD0XMHUEDELORQLFDFXDQGRVHDGHVWUXLGD
FXUDQGRGHILQLWLYDPHQWHODTXLQWDFDEH]DHQXQDRFWDYDUHVXUJLHQGRORTXHOD%HVWLDIXH$SFI$SFI

>@
(O&8$572UHLQRHQOD%HVWLDDSRFDOLSWLFDGHOOLEURGH5HYHODFLRQHVWDUHSUHVHQWDGRSRUFDEH]DV\FXHUQRV(O&XDUWRUHLQR
DSDUHFHHQXQDVHJXQGDIDVHPHGLDQWHXQDGLYLVLRQSHUPDQHQWHTXHDEDUFDDOPXQGRGHODVQDFLRQHVYHUQRWDVLJXLHQWH
>@
9HUFS,,VHFFLRQVHJXQGDVHJXQGDSDUWH
>@
4XLHURWUDHUGRVLOXVWUDFLRQHVGHFRPRODLGHRORJLDGHOD%HVWLDWUDVFLHQGHDORVJREHUQDQWHV8QDPHODSURSRUFLRQDXQDDQHFGRWDHQ
OD YLGD GHO SUHVLGHQWH 1L[RQ &XDQGR VH DSDUWD GH VX HVFROWD SDUD GLDORJDU FRQ XQ JUXSR GH MRYHQHV HO OHV SUHJXQWD TXH SRUTXH SURWHVWDQ
(VWRV OH GDQ VXV UD]RQHV (O OHV LQGLFD TXH HV SUHFLVR LU LQWURGXFLHQGR FDPELRV SRFR D SRFR D ILQ GH DFRVWXPEUDU DOVLVWHPD TXH 1L[RQ HV
FRQVFLHQWH TXH OH HVWDED WUDVFHQGLHQGR \ FUHLD VHU FDSD] GH FRQWURODU HQ VX PRPHQWR (OORV OH FRQWHVWDQ GLULJLHQGR OD UHVSXHVWD D HOORV
PLVPRV$QGDHVWDKDEODGRGHOVLVWHPDFRPRVLIXHUDOD%HVWLDDODTXHKD\TXHGRPDURDPDQVDU
&XDQGRVXHVFROWDOOHJDHOKDEODHQYR]DOWDGLFLHQGRHVWRVMRYHQHVWLHQHUD]RQHOVLVWHPDHVHOTXHGRPLQD(O)%,OD&,$HWF6DFDGRGHOD
SHOLFXOD1L[RQ
/D RWUD HVWD VDFDGD GH XQ DUWLFXOR GH =1HW HQ HVSDQRO7LWXOR RULJLQDO7KH RXWOLQH RI WKH %HDVW 6XV DXWRUHV $UXQGKDWL5R\ \$QWKRQ\
$UQRYH (OORV LQWHUSUHWDQ FRPR DVRPDQGR OD VLOXHWD GH OD %HVWLD SRU OD DFWLWXG GH (VWDGRV 8QLGRV GH TXHUHU HVWDEOHFHU \ SHUSHWXDU VX
KHJHPRQLD
>@
6DEHPRVTXHQXQFDSRGUDQIXQFLRQDUHQXQDXQLGDGSOHQDSHURORLQWHQWDQPHGLDQWHXQDLGHRORJLDTXHSUHWHQGHQTXHOHVXQD
>@
1RROYLGHPRVDODVRWUDVQDFLRQHVLQFOXLGDVODVGHO,VODPTXHRULJLQDOPHQWHSHUWHQHFLHURQDO,PSHULR5RPDQR\TXHHYROXFLRQDURQGH
GLVWLQWRPRGRDORHXURSHR5HFXHUGHVHORTXH\DH[SOLFDEDPRVHQRWUROXJDU+R\VHFRPSUXHEDDORVFRPRXQDGLYLVLRQHQJOREDQGRD
WRGDVODVQDFLRQHVGHODWLHUUD\OLGHUDGDVSRUDTXHOORTXHSXHGHGHQRPLQDUVHSULPHUDSRWHQFLDPXQGLDO\VXDOLDGR(XURSD
>@
$VXQWR4XLQWDFDEH]D\2FWDYD/DTXLQWDKDELDVLGRRULHQWDGDSRUOD0XMHUHVFDUODWDGXUDQWHODHSRFDGHORVGLDVSURIHWLFRV
(VWD FDEH]D KD PDQWHQLGR FRQVWDQWHPHQWH XQD DPELYDOHQFLD SRU XQ ODGR VX SRGHU SROLWLFR HVWXYR VRVWHQLGR SRU OD UHOHYDQFLD TXH SXGLHUD
LPSOLFDUDOJXQRVGHORVFXHUQRVGHOD%HVWLDHQVXLWLQHUDULRKLVWRULFRFRQODTXLQWDFDEH]DSRURWURGHVGHHOSXQWRGHYLVWDGHODFXOWXUDVRFLR
UHOLJLRVDPDQWLHQHXQOXJDUGHQWURGHODFRQILJXUDFLRQGHOD0XMHU%DELORQLFD'XUDQWHVXWLHPSRFRPRTXLQWDFDEH]DVHGHVWDFDGHQWURGHOD
0XMHU%DELORQLFDFRPRUHSUHVHQWDQGRHQHVDHSRFDDGLFKD0XMHU%DELORQLFDVLQTXHHVWRQRTXLHUDGHFLUTXHQRH[LVWDQRWUDVVLPSOHPHQWH
TXHQRGHVWDFDQWDQWRFRPRODRWUDTXHHVWDPRVWUDWDQGR/D2FWDYDSRUOD%HVWLDGHGRVFXHUQRV(QHIHFWRFRPRKHPRVSRGLGRYHUSRUHO
WH[WR OD RFWDYD VXUJH FXDQGR KDQ DFDEDGR ODV VLHWH \ UHFXHUGHVH TXH HV XQD GH HQWUH ODV VLHWH FI$S  \ VXEH GHILQLWLYDPHQWH GHO
DELVPRDOTXHKDELDFDLGRDOILQDOGHODTXLQWD$SFI\VHGDODSURPRFLRQGHODTXLQWDTXHKDELD
UHFLELGRODKHULGDPRUWDOFI$S
>@
$S
/RV WHUPLQRV TXH VH LQWURGXFHQ HO KDEHUIRUQLFDGR \ HQGHOHLWHV FRQ %DELORQLD HO KDEHU KHFKRPHUFDGHULD FRQ HOOD HV OD PDQHUD GH
LQGLFDUQRV OD UHODFLRQ WDQWR GH FRPXQLFDFLRQ LGHRORJLFD FRPR GH DFHSWDFLRQ KDVWD HO SXQWR GH SURVWLWXLU OD YHUGDG R HO UHFKD]DUOD SRU ODV
LPSOLFDFLRQHVTXHSDUDODSROLWLFD\ODH[LVWHQFLDPXQGDQDOKDELDVLJQLILFDGROD0XMHU(VFDUODWD\HVWRVHFRQWUDVWDFRQHOYDFLR\KDVWLRTXH
VHH[SHULPHQWDHQHOPXQGRSROLWLFRHFRQRPLFRGHODVLGHDVSRUODPRUDOXQLIRUPLVWDTXHLPSRQHOD2FWDYDFRQHOSDWURFLQLRGHOD%HVWLDGH
GRVFXHUQRV/DIDOWDGHODYDULHGDGFRQTXHOD0XMHUEDELORQLFDKDLPSXHVWRVXYHUGDGVHHFKDGHPHQRV3HURODRFWDYDYDDSHUGLFLRQFI
$S
>@
(VWDUDQFRQIOX\HQGRFXDWURDVSHFWRV
/DJREHUQDELOLGDGGHODJOREDOL]DFLRQH[LJLUDFRPR\DKHPRVYLVWRHQHOFDSLWXORVREUHODJOREDOL]DFLRQXQDXQLIRUPLGDGFXOWXUDO\UHOLJLRVD
LPSRQLHQGRVHODVLGHDVTXHVHFRQVLGHUDQXQLYHUVDOLVWDVFRPXQHV\YDOLGDVSDUDWRGRV(VWDPHGLGDGHVWUX\HGHDOJXQPRGRODGLVSDULGDGGHOD
FLYLOL]DFLRQWHUUHVWUHUHSUHVHQWDGDHQODPXMHUEDELORQLFD7HQJDVHHQFXHQWDFRPR\DKHPRVLQGLFDGRTXHODPXMHUEDELORQLFDRHVFDUODWDHV
XQ VLPEROR TXH UHSUHVHQWDED XQD LGHRORJLD TXH DKRUD SDUD OD JOREDOL]DFLRQ \D QR LQWHUHVD WDO FXDO 3RU OR WDQWR VH GHVWUX\H HVH PRGHOR \
HVWUXFWXUDLGHRORJLFRVHQHOTXHODVUHOLJLRQHV\FLYLOL]DFLRQWHUUHVWUHKDQDFWXDGRQRXQLIRUPHPHQWHFRPRUHFODPDDKRUDODJOREDOL]DFLRQ
 /D SULPHUD %HVWLD PHGLDQWH OD TXLQWD FDEH]D UHVWDXUDGD GH OD KHULGD HQ XQD RFWDYD VH KD FRQVWLWXLGR PHUFHG D OD XQLRQ GH ,JOHVLD \
(VWDGR HQ OD PLVLRQHUD UHSUHVHQWDWLYD GH OD %HVWLD GH GRV FXHUQRV R )DOVR SURIHWD D QLYHO XQLYHUVDO SRU VX LQIOXHQFLD GHVWDFDGD WDQWR
LGHRORJLFDFRPRQXPHULFDPHQWH
(O5HPDQHQWHHO3XHEORGH'LRVKDEUDHVWDGRSUHGLFDQGRFRQODOOXYLDWHPSUDQD\ORHVWDUDVLHQGRFRQODOOXYLDWDUGLDXQDSUR\HFFLRQGHO
(VSLULWX6DQWRVLQSUHFHGHQWHVHQODKLVWRULDVLQDFHSWDUODXQLYHUVDOL]DFLRQGHODUHOLJLRQTXHORSRVWHUJDULDDQRFXPSOLUFRQVXFRPHWLGRGH
SUHGLFDU HO WULSOH PHQVDMH DQJHOLFR GH $SRFDOLSVLV  (Q HVH HQWRQFHV HVWDUD VHQDODQGR FRQ OD 3DODEUD GH 'LRV ORV PDOHV GH OD PXMHU
EDELORQLFD\GHVXVXVWLWXFLRQWDQWRSRUOD%HVWLDGHGRVFXHUQRVHQYHUVLRQ)DOVR3URIHWDFRPRGHOD%HVWLDSULPHUDYHUVLRQ2FWDYDTXHHV
GHHQWUHODVVLHWHODTXLQWDUHVWDXUDGD(VWRFUHDUDXQDFULVLVPXQGLDOVLQSUHFHGHQWHVFI$SFI7RGRHOPXQGRSRGUD
FRPSUREDUHOHQJDQRDOTXHVHKDHVWDGROOHJDQGR
6HOHSHUPLWHVXLGHRORJLDLQWHUSUHWDFLRQ\YLYHQFLDGLVWLQWDSHURQRHOSUHGLFDUODH[LJHQFLDGHODJOREDOL]DFLRQ6XQRDFHSWDFLRQGHDFXHUGR
DODLQYRFDFLRQGHXQDDXWHQWLFDOLEHUWDGGHFRQFLHQFLDGHWHUPLQDUDODGHVWUXFFLRQGHILQLWLYDGHORTXHUHSUHVHQWDOD0XMHU%DELORQLFDSHURVH
DWDFDUDDOSXHEORGH'LRVHQHO$UPDJHGRQ$S
$HVWDVDOWXUDVODRFWDYD&DEH]DVHKDGHVPDUFDGRGHORTXHWXYLHUDUHSUHVHQWDGRHQOD0XMHU(VFDUODWDRFRQODGHVWUXFFLRQGHOD0XMHU
(VFDUODWD0DQWLHQHVXRSFLRQSROLWLFRUHOLJLRVDTXHSHUPDQHFLHQGRORHVHQFLDOVHUYLUDFRPRPRGHORXQLYHUVDOLGHRORJLFRUHOLJLRVR6HKDEUD
GHVSUHQGLGR FRPR FRQVHFXHQFLD GHO LQWHUHV GH OD XQLRQ GH LJOHVLD \ HVWDGR \ GH VHU UHSUHVHQWDWLYD FRQ OD EHVWLD GH GRV FXHUQRV GH XQ
SDUDGLJPDXQLYHUVDOLVWDJOREDOGHWRGRDTXHOORTXHGLILFXOWDDXQHFXPHQLVPRGHODFULVWLDQGDG\UHOLJLRVR
>@
9HGQXHVWURFRPHQWDULRD$S
>@
(VWHFRQWUDVWHWHUUHVWUH\FHOHVWHHQWUHORVGHOFS\ORVGHOHVWDUHFRQRFLGDHQWUHPXFKRVSRU6WUDXELQJHUYRO,9RS
FSS\&DQWHUD,JOHVLDVRSFSS:LNHQKDXVHURSFSSORPLVPRTXH6UDXELQJHUHQWUHRWURVLGHQWLILFD
FODUDPHQWHDORVGHOFS\
>@
9HUVREUHHVWRD:LNHQKDXVHU(O$SRFDOLSVLVRSFSS
>@
 'HVGH HO PRPHQWR TXH VH OOHJD D FUHHU TXH ORV FRQWHQLGRV GH HVD FLYLOL]DFLRQ WHUUHVWUH FXOWXUDOHV HWLFRV ILORVRILFRV SROLWLFRV
WHRORJLFRVSRVHHQXQRULJHQHQ'LRVVHDHVWHGHVGHXQSXQWRGHYLVWDWUDVFHQGHQWDORGHVGHHOSXQWRGHYLVWDSUHFRQL]DGRSRUHO%XGLVPR\OD
1XHYD(UDXQ'LRVLPSHUVRQDOUHSUHVHQWDGRHQXQDPDWHULD\HQHUJLDHWHUQDVWRGRHOORPHOLJDUHOLJDUH UHOLJLRQDHVH'LRVFRQORTXHOD
0XMHU %DELORQLFD UHSUHVHQWDULD WRGDV ODV GLIHUHQWHV IRUPDVUHOLJLRVDV TXH LQFOX\HQ ODV GLVWLQWDV LGHRORJLDV HPDQDGDV \ FRQWHQLGDV HQ OD
&LYLOL]DFLRQJOREDODH[FHSFLRQGHDTXHOODTXHHVWDUHSUHVHQWDGDVLJQLILFDGDHLGHQWLILFDGDHQODVIXHQWHVGHO(YDQJHOLRGHO0HVLDVDQXQFLDGR
HQODV(VFULWXUDVLQVSLUDGDV+HEUHDV\GHVDUUROODGRFRPRFXPSOLGRHQODV(VFULWXUDV*ULHJDVTXHSUHVHQWDQHLQWHUSUHWDQDO0HVLDV-HVXVGH
1D]DUHW
>@
 9HU D<YHV /HGXUH 5HOLJLRQ \ 'HPRFUDFLD HQ6HOHFFLRQHV GH 7HRORJLD QR   S  VDFDGR GH (VSULW HW 9LH QR 
SS
3DUDQRVRWURVFULVWLDQGDGQRUHYLVWHXQDLGHRORJLDJHQXLQDPHQWHFULVWLDQD\VHFRPSRUWDFRQXQDRULHQWDFLRQDMHQDDORVREMHWLYRV\PLVLRQGHO
FULVWLDQLVPR
<DKHPRVGLFKRWDPELHQTXHODGHPRFUDFLDURPSHGHILQLWLYDPHQWHFRQHODQWLJXRUHJLPHQGHJREHUQDUGHOGHUHFKRGLYLQRGHORVUH\HV\GHO
DEVROXWLVPR'LRVXVRORTXHHOFHUHEURKXPDQRGHFUHDFLRQGLYLQDIXHFDSD]GHLQWHUSUHWDU\SODVPDUVREUHORVGHUHFKRVKXPDQRV\SULQFLSLRV
GHPRFUDWLFRVGHGXFLEOHVGHODUHYHODFLRQGH'LRV
>@
,GS
>@
,GS
>@
<YHVORDQRWDWDPELHQHQVXHVWXGLRLGS
>@
,G
>@
 ,G SS  $OJXQDV GH VXV OLQHDV ODV KHPRV UHIHULGR HQ HO &S ,, GH OD VHFFLRQ SULPHUD VHJXQGD SDUWH QRWD  HQ HO FDSLWXOR
WLWXODGR(OFRQFHSWRGHDXWRULGDGHQHOFULVWLDQLVPR
>@
(ORULJHQQDWXUDOH]D\H[LVWHQFLDGHODSURSLD,JOHVLD&DWROLFD5RPDQDRULHQWDGDSRUHOVLVWHPDSDSDOHVXQDUHOLJLRQVHFXODUL]DGDIUXWR
GHVXFRQYHUVLRQDOLGHDULRLPSHULDOURPDQR$O,VODPOHRFXUUHRWURWDQWR$PEDVORVRQSHURDQFODGDVHQXQSDVDGRVHFXODUQRGHDFXHUGR
SOHQDPHQWHFRQORVSODQWHDPLHQWRVGHORVGHUHFKRVKXPDQRV\GHODGHPRFUDFLD$PERVFRQIOXLUDQFRQODQXHYDGHPRFUDFLDUHGXFLGD\FRQ
ODUHOLJLRQXQLYHUVDO
>@
%HQHGLFWR;9,FRQXQSURSRVLWR\VHQWLGRGLVWLQWRGLUD
'HQXQFLRODH[FOXVLRQGH'LRVGHODFXOWXUD\GHODYLGDSXEOLFDDFWXDOGRPLQDGDSRUHOODLFLVPR\HOUHODWLYLVPRTXHHOHYDODOLEHUWDGLQGLYLGXDO
DYDORUIXQGDPHQWDODOFXDOWRGRVORVGHPDVYDORUHVGHEHQVXSHGLWDUVH'HVGHHVWDSHUVSHFWLYDODFXOWXUDODLFLVWDVHFLHUUDDOGLDORJRQRVROR
FRQHOFULVWLDQLVPRVLQRWDPELHQFRQODVRWUDVWUDGLFLRQHVUHOLJLRVDV\PRUDOHVGHODKXPDQLGDG(FFOHVLDS
>@
1RWHQODVSDODEUDVGH+HJHOHQVXREUD/DUD]RQGHOD+LVWRULD6HPLQDULRV\(GLFLRQHV0DGULGSSVVTXHWDQWRVXSXVR
SDUDHO1D]LVPR\TXHWDQWRSXHGHVXSRQHUSDUDODFRQFHSFLRQ(VWDWDOSDUDGLJPDWLFDDFWXDO
(QODPHGLGDHQODTXHHOLQGLYLGXRFRQRFHFUHH\TXLHUHORXQLYHUVDOHO(VWDGRHVODUHDOLGDGHQODTXHVHKDOODVXOLEHUWDG\HOGLVIUXWHGHHVD
OLEHUWDG
(QHO(VWDGRODOLEHUWDGVHKDFHREMHWLYD\VHUHDOL]DSRVLWLYDPHQWH
6RORHQHO(VWDGRWLHQHHOKRPEUHXQDH[LVWHQFLDFRQIRUPHDODUD]RQ(OILQGHWRGDHGXFDFLRQHVTXHHOLQGLYLGXRGHMHGHVHUDOJRSXUDPHQWH
VXEMHWLYR\VHREMHWLYHHQHO(VWDGR
7RGRFXDQWRHVHOKRPEUHVHORGHEHDO(VWDGRHQHOUHVLGHVXVHU7RGRVXYDORUWRGDVXUHDOLGDGHVSLULWXDOQRORVWLHQHVLQRSRUHO(VWDGR
LGS
(O(VWDGRHVSXHVODIRUPDKLVWRULFDHVSHFLILFDHQODTXHODOLEHUWDGDGTXLHUHH[LVWHQFLDREMHWLYD\JR]DGHVXREMHWLYLGDGLGS
1RHVH[WUDQRTXH-XOLR&DUR%DURMDKD\DGLFKR
KD\RWURVFXOWRVWDQWLUDQLFRVFRPRHVWRVRDFDVRPDV(OPDVIXHUWHDPLMXLFLRHVHOFXOWRDO(VWDGRFRPRWDO/DLGRODWULDGHO
(VWDGR(O3DLVS
>@
$XQTXH FRPR FULVWLDQRV HVWDPRV GLVSXHVWRV QR VROR D UHFRQRFHU ORV PDOHV GH ORV GHVHTXLOLEULRV HFRORJLFRV VLQR D DSRUWDU QXHVWUD
D\XGDSHUVRQDODILQGHIDYRUHFHUODH[LVWHQFLDHQHO3ODQHWDQRSRGHPRVFHQWUDUQRVQLSHUGHUHOWLHPSRHQXQDSROLWLFDHFRORJLFDTXHSUHWHQGH
SHUSHWXDUODH[LVWHQFLDGHXQ3ODQHWDVLQQHFHVLGDGGHODXQLFDVROXFLRQODSUHVHQFLDOLWHUDOGH-HVXFULVWR\HOFRPLHQ]RGHXQQXHYRPXQGR
KHFKRSRU'LRV(VHDFWLYLVPRVRFLDOKDFHSHUGHUORVYHUGDGHURVPRWLYRVSRUORVTXHHVWDPRVHQHVWHPXQGRVLQVHUGHOPXQGRFI-Q

&XDQGRHOFULVWLDQRVHYHDUUDVWUDGRSRUORVRFLDO21*VPRYLPLHQWRVHFRORJLFRVSRUHMHPSORYDSHUGLHQGRHOREMHWLYRGHODSUHGLFDFLRQGHO
HYDQJHOLR\VHYHLQFDSDFLWDGRHQODSUHVHQWDFLRQGHOUHWRUQRGH-HVXFULVWRFRPRVROXFLRQDORVSUREOHPDVKXPDQRV6HKDGHVDEHUDUWLFXODU
HO (YDQJHOLR GH -HVXFULVWR FRQ ORV SUR\HFWRV VRFLDOHV PHGLDQWH ORV SULQFLSLRV HYDQJHOLFRV VLQ SHUGHU OD FDSDFLGDG GHO FXPSOLPLHQWR GH OD
SUHGLFDFLRQGHO(YDQJHOLRTXHUHFXHUGDODH[LVWHQFLDGHO5HLQRGH'LRV5HLQRGHORVFLHORVFRPRODPRUDGDGHOFULVWLDQR\ODGHVDSDULFLRQGH
HVWHSODQHWDSRUODGHVWUXFFLRQGHORVTXHGHVWUX\HQODWLHUUDFI$S
0LSRVLFLRQHFRORJLFDVHEDVDHQODUHGHQFLRQTXHKHGHELGRH[SHULPHQWDUFRPRFRQVHFXHQFLDGHODFRQWHFLPLHQWR-HVXFULVWR6L-HVXFULVWRPH
KD UHGLPLGR GHO SHFDGR VL VR\ FRQVFLHQWH GH OD LPSOLFDFLRQ GH VHU UHGLPLGR GHO PDO PL H[LVWHQFLD OD HQIRFDUH HQ OLEUDUPH GH WRGRV ORV
REVWDFXORV TXH LPSLGHQ HO SUR\HFWR GH ORV SULQFLSLRV GHO 5HLQR GH 'LRV GHO *RELHUQR GH 'LRV$O SUHGLFDU HO HYDQJHOLR GHO 5HLQR GH 'LRV
DQXQFLRXQDSRVWXUDHFRORJLFDGHDFXHUGRDODQHFHVLGDGGHVHUFRKHUHQWHFRQODWLHUUD&XDQGRODSHUVRQDVHGHMDDUUDVWUDUSRUHODFWLYLVPR
GHORVPRYLPLHQWRVHFRORJLFRVVHHVWDQFDHQODSUHGLFDFLRQGHO(YDQJHOLR7DQWRD$O*RUHFRPRDFXDOTXLHURWURDFWLYLVWDHFRORJLFRLQGLYLGXDO
RFROHFWLYR0LPHQVDMHHVHOVLJXLHQWH
 (O HYDQJHOLR GH -HVXFULVWR UHGLPH GHO PDO D OD SHUVRQD \ D HVWH PXQGR /D DFHSWDFLRQ GH ORV SULQFLSLRV GHO 5HLQR GH 'LRV PH YD
OLEHUDQGRGHWRGDVDTXHOODVFRVDVTXHSXHGHQVHUSHUMXGLFLDOHVDHVWHSODQHWD
 (VWD UHGHQFLRQ R OLEHUDFLRQ QR VHUD GHILQLWLYD KDVWD TXH HQ RFDVLRQ GH OD VHJXQGD 9HQLGD GH &ULVWR QR VH SURGX]FD OD HOLPLQDFLRQ
GHILQLWLYDGHOSHFDGR\GHVXVFRQVHFXHQFLDV3RUORWDQWRQRH[LVWHODSRVLELOLGDGGHXQDUUHJORKXPDQRSDUDHVWHPXQGRPDOWUHFKR
PDVTXHXQDQXHYD7LHUUD\XQ1XHYR&LHORFRPRFRQVHFXHQFLDGHOILQDOGHQXHVWUDUHGHQFLRQDSDUWLUGHOUHWRUQRGH-HVXFULVWR
/DDFHSWDFLRQGHORVSULQFLSLRVGHO5HLQRGH'LRVPHOOHYDDQRFRQWDPLQDUDODVSHUVRQDVFRQKXPRGHWDEDFRDQRFRQVXPLUEHELGDV
DOFRKROLFDV QL FDUERQLFDV &RFD &RODV 3HSVLV HWF $ QR FULDU QL PDWDU QL LQJHULU DQLPDOHV SDUD FRQVXPR KXPDQR $ XWLOL]DU
H[FOXVLYDPHQWHDJXDSDUDEHEHUMXQWRDMXJRVGHIUXWDVLQPH]FODGHDJXDRGHD]XFDU$QRPDOJDVWDUHODJXD$WHQHUUHODFLRQHV
FRUGLDOHVFRQWRGRVORVVHUHVKXPDQRV$OOHYDUXQHVWLORGHYLGDGHWHVWLPRQLRFULVWLDQRTXHLPSOLFDPDQLIHVWDUODYLGDHWHUQDTXHGLJR
KDEHUUHFLELGRSRUOD3DODEUDGH-HVXFULVWR-Q\ODOLEHUDFLRQGHFXDOTXLHUFRVDTXHSXGLHUDFDWDORJDUVHFRPRSHUMXGLFLDO
SDUDHOVHUKXPDQR9LYLUODYRFDFLRQFHOHVWHHQWRGDVVXVGLPHQVLRQHV\TXHVXSRQHHOGHVSUHQGHUPHGHWRGRDTXHOORTXHSXGLHUD
VXSRQHUXQPDOSDUDHVWHPXQGR\SUR\HFWDUORVSULQFLSLRVGHO5HLQRGH'LRV&HOHVWLDO
 (O MXLFLR GHILQLWLYR TXH OD DSRFDOLSWLFD QRV GD HQ FXDQWR DO FRPSRUWDPLHQWR GH OD KXPDQLGDG KDVWD VX ILQDO HV HO TXH VH GHVSUHQGH GH
$SRFDOLSVLV/DVQDFLRQHVHVWDQUHYXHOWDVRFDVLRQDGQRVODGHVWUXFFLRQGHODWLHUUD
&XDQGRVHDFHSWDHOPHQVDMHGH-HVXFULVWR\VHHVFRKHUHQWHVHGHEHULDREVHUYDUODVLJXLHQWHFRQGXFWDUHVSHFWRDODDFWLWXGHFRORJLFD
$QXQFLDU D ODV JHQWHV HO PHQVDMH GHO (YDQJHOLR GHO 5HLQR LQFOX\HQGR D WRGRV ORV GXHQRV GH HPSUHVDV FRQWDPLQDQWHV SDUD TXH
H[SHULPHQWHQ VL TXLHUHQ HO PHQVDMH GH VDOYDFLRQ TXH OHV OOHYDULD D XQD UHGHQFLRQ GH VXV SHUVRQDV \ GH ORV FRQWDPLQDQWHV GH VXV
HPSUHVDV3UHJXQWDUOHD$O*RUHVLHVWDULDGLVSXHVWRDFHUUDUWRGDVODVIDEULFDVGH&RFD&ROD3HSVL&ROD\GHHPERWHOODGRVGH
 EHELGDV FDUERQLFDV R GH RWUD LQGROH TXH JDVWDQ PLOORQHV GH OLWURV GH DJXD GLDULDPHQWH SDUD OD IDEULFDFLRQ GH HVDV EHELGDV TXH QR
FDOPDQ OD VHG \ SHUMXGLFDQ OD VDOXG  3UHJXQWDUOH D$O *RUH VL DGHPDV GH OD PHGLGD DQWHULRU VHULD FRQYHQLHQWH QR WHQHU 
PLOORQHV GH FDEH]DV GH JDQDGR TXH FRQVXPHQ PLOORQHV GH OLWURV GH DJXD \ PLOORQHV GH NLORV GH FHUHDOHV TXH LPSLGHQ WHQHU DJXD
VXILFLHQWH SDUD UHJDU HVWD WLHUUD DGHPDV GH SURGXFLU XQ DOLPHQWR SHUMXGLFLDO SDUD OD VDOXG  6L$O *RUH SLGLHUD HVWRV DVXQWRV WDQ
VHQFLOORV VH OLEHUDULD D HVWD WLHUUD GH PXFKRV GH VXV PDOHV  3HGLU SRU OD LQWHUYHQFLRQ GH 'LRV GH DFXHUGR D VX SURPHVD GH OD
6HJXQGD9HQLGDGH-HVXFULVWRDILQGHTXHGHOXJDUGHOQXHYRFLHOR\ODQXHYDWLHUUD
>@
0DUFHO*DXFKHWVHSUHJXQWDFRQDFLHUWRGHVLODGHPRFUDFLDVHKDFRQYHUWLGRHQODWXPEDGHODVUHOLJLRQHVFLWDGRHQ6HOHFFLRQHVGH
7HRORJLD QR  S < 0LFKHO 2QIUD\ MXQWR FRQ RWURV SURQRVWLFDQ FRQ UD]RQ HO ILQ GH ODV UHOLJLRQHV \ SDUWLFXODUPHQWH GH OD
FULVWLDQGDG LG /D OHFWXUD TXH KD\ TXH KDFHU GH HVWDV GHFODUDFLRQHV QR HV WDO FRPR <YHV /HGXUH LQWHUSUHWD HQ HO VHQWLGR GH XQD
GHVDSDULFLRQGH'LRVGHODFRQFLHQFLDWHPLHQGRFRQHVRHOILQGHORVUHJLPHQHVGHPRFUDWLFRVHQSURYHFKRGHOWRWDOLWDULVPRLGS6X
LQWHUSUHWDFLRQHVWDLQGXFLGDSRUHOYDORUTXHTXLHUHGDUDFLHUWRVYDORUHVFULVWLDQRVWUDVFHQGHQWDOHVTXHVHJXQHOQHFHVLWDULDODSROLWLFDSDUDVX
EXHQGHVDUUROOR1RVHWUDWDGHODGHVWUXFFLRQGH'LRVGHODVFRQFLHQFLD(VWRQRKDULDIDOWDSDUDTXHHO'LRVYHUGDGHURGHVDSDUH]FDVLQRGHOD
DSDULFLRQGHXQQXHYR'LRVTXHGHVEDQFDULDGHILQLWLYDPHQWHDOYHUGDGHUR(QUHDOLGDGVHULDODYLVXDOL]DFLRQGHORTXHKDHVWDGRRFXOWRHQODV
FRQFLHQFLDV GH ORV TXH VH FRQVLGHUDEDQ FUH\HQWHV \ GH OD SURSLD \ UHDO FUHHQFLD GH 'LRV GH ODV PLVPDVUHOLJLRQHV 3RUTXH VH WUDWD GH
FRPSUREDUFRPRKDQVXSHUDGRODSUXHEDODVGLIHUHQWHVUHOLJLRQHVHQVXFRQWDFWRFRQODVRFLHGDGGHPRFUDWLFD/DDFWLWXGGHKDEHUFRKDELWDGR
FRQODFRQFHSFLRQ(VWDWDOHVXQDPDQLIHVWDFLRQGHODDXWHQWLFDLGHDGH'LRVTXHORVFROHFWLYRVOODPDGRVFULVWLDQRVSRVHLDQ$KRUDFXDQGRVH
VXFXPEH DQWH FLHUWD RULHQWDFLRQ GH OD VRFLHGDG GHPRFUDWLFD GH OD PDQHUD TXH HVWDPRV GHVFULELHQGR VH H[KLEH HO DXWHQWLFR 'LRV TXH ODV
UHOLJLRQHVHVWDULDQSURSDJDQGR8Q'LRVTXHOOHYDEDPXHUWRPXFKRWLHPSR8Q'LRVDOTXHODSURSLDUHOLJLRQKDEULDPDWDGRQRGHMDQGRORVHU
FRPRHVHQUHDOLGDG(VWRPRVWUDULDTXHHOILQGHODVUHOLJLRQHVSURQRVWLFDGRSRUYDULRVFRPR0LFKHO2QIUD\QRVHLGHQWLILFDVLQPDVFRQOD
GHVDSDULFLRQ GH 'LRV GH OD FRQFLHQFLD (OILQ GH ODV UHOLJLRQHV HV HO ILQ GHILQLWLYR GH OD UHOLJLRQ RUJDQL]DGD WDO FRPR VH KD HVWDGR
UHSUHVHQWDQGRKDVWDDKRUDHQODVRFLHGDGVLQTXHQHFHVDULDPHQWHDOJXQDIRUPDGH'LRVWHQJDTXHHVWDUDXVHQWH6HWUDWDGHODDSDULFLRQGH
XQDUHOLJLRQJOREDOSDUDXQDVRFLHGDGJOREDO\SDUDHVRHOHFXPHQLVPRUHOLJLRVRKDFHVXDSDULFLRQFRQWRGDVXIXHU]DUHSUHVHQWDGRSRUODV
SRWHQFLDVHVSLULWXDOHVTXHFRKDELWDQFRQODFRQFHSFLRQ(VWDWDOGHODSULPHUDSRWHQFLDPXQGLDO/RLQGLYLGXDOFRQVXFUHHQFLDFRPRXQLFR\
YHUGDGHUR SURSLFLDGR SRU OR TXH FRQILJXUD OD0XMHU%DELORQLFD KDEUD SHUGLGR VX YDORU \ VH OH WRUWXUD PDUJLQDQGROR \ VXVWLWX\HQGROR $S
SRUORTXHHO)DOVR3URIHWDFI$SFI$SSUHGLFD\SRUOD SULPHUD%HVWLDUHSUHVHQWDGDHQODFDEH]DKHULGD
FXUDGDFI$SXRFWDYDFDEH]DTXHHVGHHQWUHODVVLHWHFI$S
8Q HFXPHQLVPR UHOLJLRVR GRPDGR \ RULHQWDGR SRU OD%HVWLD GH GRV FXHUQRV R)DOVR3URIHWD\ SRU ODSULPHUD %HVWLDUHSUHVHQWDGD SRU OD
FDEH]DFXUDGDHQXQDRFWDYDFDEH]DTXHHVGHHQWUHODVVLHWH$SFI$SFI$SFI$S
>@
-XLOODUGOODPDDORVSULQFLSLRVTXHUHLYLQGLFDOD5HSXEOLFD)UDQFHVDGHOLEHUWDGLJXDOGDG\IUDWHUQLGDGVHFXODUL]DGRV(QUHDOLGDGOD
5HSXEOLFD)UDQFHVDGHPXHVWUDTXHORTXHSUHGLFDED-HVXFULVWRHOFULVWLDQLVPRQRORKDELDFRQVHJXLGRDSOLFDU\TXHODUHYROXFLRQIUDQFHVD
VXSXVR VHQDODU TXH ODFULVWLDQGDG SROLWLFDFRQ TXH VH KDELD SUHVHQWDGR HOFULVWLDQLVPR VL QR KDELD FRQVHJXLGR HVD OLEHUWDG LJXDOGDG \
IUDWHUQLGDGHUDGHELGRDXQDFRQGXFWDDQWLGHPRFUDWLFD\FRQWUDULDDORVGHUHFKRVKXPDQRVLQGLYLGXDOHV6LQHPEDUJRHQODRWUDDUHDRULJHQGH
ODUHYROXFLRQQRUWHDPHULFDQDGHPRVWURTXHORVSULQFLSLRV\YDORUHVFULVWLDQRVHPDQDGRVGHOD%LEOLDLQVSLUDEDQODREWHQFLRQGHORVGHUHFKRV
KXPDQRV\ODGHPRFUDFLD
>@
'RVOLEURVPHSDUHFHQHVHQFLDOHVSDUDFRPSUHQGHUHOIHQRPHQRGHODLQGLIHUHQFLDUHOLJLRVD\GHXQFULVWLDQLVPRTXHKX\HGHVXIXWXUR
(O GH -RVH 0LD 0DUGRQHV ,QGLIHUHQFLD UHOLJLRVD HQ (VSDQD "4XH IXWXUR WLHQH HO FULVWLDQLVPR " HGLF +RDF 0DGULG  \ HO GH
&KULVWLDQ$6FKZDU]&DPELRGHSDUDGLJPDHQOD,JOHVLDHG&OLH7HUUDVVD%DUFHORQD
>@
6HOHFFLRQHVGH7HRORJLDQRS
>@
,GSS
>@
 /D GHPRFUDFLD GH (VWDGRV 8QLGRV VH IRUMR HVSHFLDOPHQWH SRU XQD PD\RULD GH FLXGDGDQRV SURWHVWDQWHV LQIOX\HQGR HQ HOOD FRQ XQD
LQWHUSUHWDFLRQ GH OD QRFLRQ GH SDFWR FRQ 'LRV GRQGH DSDUHFH XQD UHODFLRQ HQWUH ORV LQGLYLGXRV \ 'LRV GH FX\D UHODFLRQ \ SDFWR VH GHULYDQ
GHUHFKRVGHEHUHV\OLEHUWDGHV&DGDLQGLYLGXRHVLJXDODFXDOTXLHURWURHQHVDUHODFLRQ\SDFWR\HVWRMXQWRDODQRFLRQ\VHQWLGRGHPRFUDWLFR
TXH VHJXQVH FUHH UHVXOWD HQ OD ,JOHVLD GHOQXHYR SDFWR GRQGH ORV GLULJHQWHV VHJXQ VH LQWHUSUHWD SRU HO SURWHVWDQWLVPR UHIRUPDGR VRQ
HVFRJLGRVSRUORVGLIHUHQWHVPLHPEURVGHFDGDLJOHVLDORFDO$OSUR\HFWDUODUHSUHVHQWDWLYLGDGGHODDXWRULGDGGH'LRVHQHOFROHFWLYRRSXHEOR
FX\RVFRPSRQHQWHVVRQLJXDOHVDQWH'LRVVHUHFODPDXQDIRUPDGHJRELHUQRGHPRFUDWLFR<HVWRMXQWRDLGHDVGHGHUHFKRQDWXUDO\FRPXQ
TXHVHKDELDQGHVDUUROODGRHQ,QJODWHUUDHQGLIHUHQWHVDXWRUHV\TXHORVFRORQRVWUDMHURQFRQVLJRGLRRULJHQDODUHYROXFLRQDOD&RQVWLWXFLRQ
1RUWHDPHULFDQD \ D OD GHPRFUDFLD HQ HVWH SDLV FRQ WRGRV ORV GHUHFKRV LQDOLHQDEOHV TXH QXHVWUR &UHDGRU QRV KD FRQFHGLGR 3HUR HVWR VH
FRQVLJXH GHVGH OD DFWXDFLRQ FLXGDGDQD DMHQD DO SRGHU \ D OD DXWRULGDG VLQ OD SUHWHQVLRQ GH XQLU OD ,JOHVLD \ HO (VWDGR (V GHFLU OD YLYHQFLD
FULVWLDQD SDUWLFXODU SULYDGD HVH SHQVDU SDUWLFXODU \ SULYDGR VH SUR\HFWD HQ OD FROHFWLYLGDG < HVR PLVPR SXHGH UHDOL]DU FDGD FULVWLDQR
SDUWLFXODUHQODDFWXDOLGDG<HVWRQRVHULDHOUHOHJDUHOIXQGDPHQWRFULVWLDQRGHVXVYDORUHVDODHVIHUDGHORSULYDGR6LQRODYLYHQFLDFULVWLDQD
GH ORV SULQFLSLRV GHO 5HLQR GH 'LRV SDVDQ GH OR SULYDGR DO WHVWLPRQLR SXEOLFR DOFDQ]DQGR D WRGRV DTXHOORV TXH TXHULHQGR QDFHU GH DUULED
H[SHULPHQWDUGHPRGRSHUVRQDOHOSRGHUGHO(VSLULWX6DQWRDFHSWHQFRPRSURJUDPDGHH[LVWHQFLDHVRVSULQFLSLRVGHO5HLQRGH'LRV3HUROD
FRQFHSFLRQ(VWDWDOWUDVFLHQGHDORVLQGLYLGXRV\DXQFXDQGRODLQWHJUDQFULVWLDQRVKRQHVWRV\VLQFHURVVXLQGLYLGXDOLGDGVHYHGHVERUGDGDHQ
RFDVLRQHVSRUODPDTXLQDULDEHVWLDOGHO(VWDGRFRQWDPLQDGR<DODLGHD(VWDWDOQRVHOHSXHGDKDFHUQDFHUGHDUULED3RUTXHWLHQHVXRULJHQ
HQHO'UDJRQHOGLRVGHHVWHPXQGRHOSULQFLSHGHHVWHPXQGR
>@
<YHV/HGXUHHQ6HOHFFLRQHVGH7HRORJLDRSFS
>@
,G
>@
,GS
>@
(OSUREOHPDVHJXLUDVLHQGRGHTXHQLQJXQSULQFLSLRFULVWLDQRHWLFRPRUDORHVSLULWXDOWLHQHH[LWRHQHOLQGLYLGXRTXHQRTXLHUHDFHSWDUOR
TXHQRHVWDGLVSXHVWRDFRQYHUWLUVH<REOLJDUSRUOH\DTXHVHFXPSODXQSULQFLSLRRQRUPDWLYDGHGXFLGDGHXQSULQFLSLRTXHVHFODVLILFDFRPR
FULVWLDQRRFDVLRQDSHUYHUVLGDGHVHLQMXVWLFLDV3RUPX\LPSRUWDQWH\SURIXQGRTXHVHDXQSULQFLSLRFULVWLDQRHVGHQDWXUDOH]DHVSLULWXDO\SDUD
TXHVLUYD\KDJDVXHIHFWRHOUHFHSWRUGHEHFRQYHUWLUVHDHVDQDWXUDOH]DHVSLULWXDO<GHVGHOXHJRQRVHOHSXHGHFRQYHUWLUSRUODIXHU]DRSRU
HOSRGHUGHOD/H\DXQTXHHVWDVHDHQVXHVWDWLFDGHRULJHQHVSLULWXDO
>@
(Q(OGRPLQLFDOGHOD9DQJXDUGLDS
>@
9HUHQ/DYRFDFLRQGHSRGHUFDSLWXOR,,GHODVHFFLRQFXDUWDVHJXQGDSDUWHWLWXODGR(O3URWHVWDQWLVPR1RUWHDPHULFDQRHQJHQHUDO
/RV(VWDGRV8QLGRV\HO6LVWHPD3DSDOHQXQDSRVLEOHXQLRQFRQFHUWDGDGRQGHH[SRQHPRVYDULDVFLWDVGHORVSUHVLGHQWHV\RWUDVDXWRULGDGHV
UHSUHVHQWDWLYDVHOWH[WR\QRWDVTXHVHHQFXHQWUDQHQWUHODQRWDV
>@
(GLWRULDOHQHO:DVKLQJWRQ3RVWGHOGHRFWXEUHGHFLWDGRHQ0DQRVVREUHHO$ELVPRRSFS
>@
(VWDVSDODEUDVHVFULWDVHQ)UDQFH4XHUH2XHVW)UDQFHHOGHOGH\TXHVHYDWLFLQDEDQFRPRVLHQGRODVOLQHDVGHDFWXDFLRQ
GH-XDQ3DEOR,,KDQTXHGDGRVXILFLHQWHPHQWHMXVWLILFDGDVHQWRGRHOSRQWLILFDGRGH-XDQ3DEOR,,
>@
&LWDGRHQOD3XUD9HUGDG(QHUR)HEUHURS
>@
,G
>@
'LYHUVRVDXWRUHVDGHPDVGHORTXHVHKDLQGLFDGRORH[SUHVDQFODUDPHQWH0DODFKL0DUWLQHQ/DV//DYHVGHHVWD6DQJUHRSF9HU
WDPELHQD$OYLQ7RIIOHU3RZHU6KLIW%DQWDP%RRNV1XHYD<RUNSS
>@
(FFOHVLDS
>@
,GS
>@
(FFOHVLDS
>@
$VLORH[SUHVD%HQHGLFWR;9,HQ(FFOHVLDS
>@
,G
>@
9HU(FFOHVLDSS
>@
(FFOHVLDS
>@
(FFOHVLDS
>@
,G
>@
,G
>@
 /D KXPDQLGDG VH EXVFR VXV SURSLDV FXHQWDV \ DXQ FXDQGR HQ QXHVWUD QDWXUDOH]D DSDUHFHQ WRGDYLD ODV UDLFHV \ HO GLVHQR GH OD OH\
QDWXUDOHVFULWDHQORVFRUD]RQHVODH[LVWHQFLDGHODQHFHVLGDGGHODOLEHUWDG\GHORVGHUHFKRVKXPDQRVHVXQDSUXHEDGHHOORFI5P
QRHVPHQRVFLHUWRODVLWXDFLRQGHFRUUXSFLRQFI5P
>@
(FFOHVLDSS\(FFOHVLDS
>@
-XDQ3DEOR,,HQ(FFOHVLDS
>@
(FFOHVLD
(QHVWHDUWLFXORVHH[SOLFDQODVLQMXVWLFLDVFRPHWLGDVFRQGLYHUVRVSDLVHVELHQSRUODYLROHQFLDTXHHVWDQVXIULHQGRRELHQSRUODSRFDDWHQFLRQ
TXHVHHVWDUHDOL]DQGRHQVXGHVDUUROORHFRQRPLFR
6H UHDOL]D XQD SDQRUDPLFD PX\ FRQFUHWD GH OD VLWXDFLRQ GHO PXQGR SRU %HQHGLFWR ;9, HQ(FFOHVLD  \  GH HQHUR GH  SS  \ 
(YLGHQWHPHQWH FDGD YH] PDV HO 3DSDGR VH SUHVHQWD QR VRODPHQWH FRPR WHVWLJR GH ODV FRQGLFLRQHV LQMXVWDV TXH VH HVWDQ GHVDUUROODQGR VLQR
FRPRDOJXLHQTXHVLHQGRVLJQRGHDXWRULGDG\GHXQLGDGGHFRQWHQLGRVHVSLULWXDOHVD\XGDUDUHVROYHUHVDVLWXDFLRQPXQGLDO3HURHVWRORKD
YHQLGRGLFLHQGRGHVGHODHSRFD&RQVWDQWLQLDQD"SRUTXHQRVHKDFXPSOLGR"
>@
+HPRVDOXGLGRDHOFXDQGRRFXSDQGRHVWHFDUJRDPRQHVWRUHSUHQGLRFHQVXURHLQFOXVRGHVWLWX\RDQXPHURVRVWHRORJRVFDSHOODQHV\
RELVSRV TXH SDUHFLDQ GLVFUHSDU FRQ HO GH OD YHUGDGHUD IH +DQV .XQJ HQ OD LQWURGXFFLRQ D OD HQWUHYLVWD FRQFHGLGD SRU %HQHGLFWR ;9, \
SXEOLFDGDHQ(O3DLVSS
'HVSXHVGHHVWDHQWUHYLVWDKHWHQLGRODRSRUWXQLGDGGHOHHUODV0HPRULDVGH+DQV.XQJHQGRVWRPRV/LEHUWDGFRQTXLVWDGD(G7URWWD
0DGULG\9HUGDGFRQWURYHUWLGDHG7URWWD0DGULG 8QDSDVDGDORVGRVWRPRV(VODPHMRUKLVWRULDFDWROLFDVREUHHOVLJOR;;\
FRPLHQ]RVGH;;,,QVXSHUDEOH+HJR]DGRFRQVXOHFWXUDDXQFXDQGRQRFRPSDUWDFLHUWRVSXQWRVGHYLVWDVRFLRORJLFRV\WHRORJLFRVGHODXWRU
>@
+DQV.XQJORFRQWUDVWDFRQORTXHDOJXQRVFDWROLFRVWHPHQQRWDQWRODGLFWDGXUDGHOUHODWLYLVPRVLQRODGLFWDGXUDGHODGRFWULQDHQLG
>@
,G(O3DLVRSFS
>@
 'XUDQWH  DQRV VHJXQ FXHQWD HO HVSHUR HQ YDQR GH VX SUHGHFHVRU XQD DXGLHQFLD (O  GH MXQLR GHO  UHFLELR +DQV .XQJ XQD
UHVSXHVWDDVXSHWLFLRQGHXQDHQWUHYLVWDGHOGHPD\RGH%HQHGLFWR;9,OHH[SUHVRVXGHVHRGHWHQHUXQDFRQYHUVDFLRQIUDWHUQDO
FRQHO(VWDVHFHOHEURHOGHVHSWLHPEUHGHO&RPRTXLHUDTXHHQHOODVHYLHUWHODLGHDIXWXUDGHOD,JOHVLD&DWROLFDQRVKDSDUHFLGR
ELHQXWLOL]DUODDILQGHSRGHUREVHUYDUODFRRUGHQDGDVTXHVHYDQDLULPSRQLHQGR'LFKDHQWUHYLVWDVHSXEOLFRHQ(O3DLVSS
(VEXHQROHHUVHHQODV0HPRULDVGH.XQJWRGRORTXHQDUUDGH5DW]LQJHU<SRUVXSXHVWRODVPHPRULDVGHOSURSLR5DW]LQJHUSXEOLFDGDVGHVGH
\TXHDEDUFDQGHVGHD
>@
'LFKDSUHVHQWDFLRQWLHQHHQFXHQWDHOSODQWHDPLHQWRTXH.XQJUHDOL]DMXQWRDORTXHTXHUULD\SUHYHMXQWRD%HQHGLFWR;9,
>@
/DPDFKDFRQHULDGH.XQJVREUHHVWRVWHPDVOHOOHYDQDXQDHVSHFLHGHPDQLD1RYHPRVXQDUHODFLRQWUDVFHQGHQWDOFRQODSROLWLFDXQD
DFWXDFLRQXRWUDDQRVHUODGHJDQDUVHODVLPSDWLDGHVHUDSHUWXULVWD
6REUHHVWHSXQWRGHUHODFLRQHQWUHFLHQFLDVHFXODU\IHYHU(O3DLVGHDEULOGHS
>@
(OKDYLYLGRHQVXSURSLDFDUQHHVRTXHSUHWHQGHLPSHGLUVHOHKDLQVXOWDGRFRPRFRQVHFXHQFLDGHKDEHUDILUPDGRSRUPHGLRGHODFLWD
GHXQDXWRU\GHQWURGHOGLDORJRDHQFRQWUDUHQWUHIH\UD]RQTXHODXWLOL]DFLRQGHODYLROHQFLDSDUDH[SDQGLUODIHKDVLGRXQDFRQVWDQWHSRUHO
,VODP
>@
(O3DLVGHDEULOGHS
(VWDSHUVSHFWLYDWDQDQRUDGDSRUPXFKRVOOHYDHQXOWLPDLQVWDQFLDDHVWDUGHOODGRGHO'UDJRQHQHO$UPDJHGRQFI$S
(VDSUHWHQVLRQGHODSD]GHODVQDFLRQHVHVWDHQFRQWUDSRVLFLRQFRQODGHVFULSFLRQTXHODDSRFDOLSWLFDQRVWUDHHQODUHYHODFLRQGH-HVXFULVWR\
QR YHQGUD DXQ FXDQGR H[LVWD GLDORJR HQWUH ODV UHOLJLRQHV /D SUREOHPDWLFD FRQ HO ,VODP SRU HMHPSOR QR HVWD HQ OR UHOLJLRVR VLQR HQ OD
SUR\HFFLRQSROLWLFDGHODUHOLJLRQLVODPLFDSUHWHQGHTXHHOSUR\HFWRSROLWLFRLQKHUHQWHDODH[WHQVLRQ\DFHSWDFLRQGHO,VODPWUDHUDODEHQGLFLRQ
DO PXQGR HQWHUR FRQYHUWLGR DO ,VODP (O GLDORJR VHUD HIHFWLYR FXDQGR OD UHDOLGDG GH OD EHQGLFLRQ HFRQRPLFD \ SROLWLFD GH 2FFLGHQWH VLQ
QHFHVLGDG GHO ,VODP FRQYHUMD FRQ XQ GHVDUUROOR VRVWHQLGR HQ ORV SDLVHV DUDEHV JUDFLDV QR D ODV SUHPLVDV LVODPLFDV VLQR DO SUR\HFWR GH
JOREDOL]DFLRQRFFLGHQWDO
/DVSDXWDVGHFXDOTXLHUGLDORJRLQWHUUHOLJLRVRODVWHQHPRVH[SXHVWDVHQ-XDQHQHOGLDORJRVRVWHQLGRSRU-HVXVFRQODPXMHUVDPDULWDQD
/RTXH.XQJSUHWHQGHGHODIXWXUD,JOHVLDGH5DW]LQJHUHVTXHVHDFHSWHQODVFDUHQFLDVVHJXQHOGHOFULVWLDQLVPR\ODVYHQWDMDVGHODVRWUDV
UHOLJLRQHVYHU(O3DLVS
.XQJSUHWHQGHXQDUHOLJLRQXQLYHUVDOEDVDGDHQXQDHWLFDXQLYHUVDOTXHWLHQHHQFXHQWDORVYDORUHVPRUDOHVFRPXQHV\EDVLFRVYHU(O3DLV
S
>@
,G
>@
$KRUD SRGHPRV OHHU HQ HO  (FFOHVLD  SS  OD SURSXHVWD GH +DQV .XQJ SDUD %HQHGLFWR ;9, SXGLHQGRVH KDFHU
UHDOLGDG
>@
9HGLG
(QODWUDGLFLRQGHO0DJLVWHULRGHOD,JOHVLDUHWRPDGDFRQYLJRUSRU%HQHGLFWR;9,HOSULQFLSLRGHVXEVLGLDULGDGGHEHUHJXODUODVUHODFLRQHV
HQWUH HO (VWDGR \ ODV FRPXQLGDGHV ORFDOHV HQWUH ODV LQVWLWXFLRQHV SXEOLFDV \ ODV LQVWLWXFLRQHV SULYDGDV VLQ H[FOXLU DTXHOODV PRQHWDULDV \
ILQDQFLHUDV$VLHQXQQLYHOXOWHULRUGHEHUHJLUODVUHODFLRQHVHQWUHXQDHYHQWXDOIXWXUD$XWRULGDGSXEOLFDPXQGLDO\ODVLQVWLWXFLRQHVUHJLRQDOHV
\QDFLRQDOHV
"6DEULD HO 3DSDGR DFWXDU DGHFXDGDPHQWH FRPR HVD$XWRULGDG PXQGLDO" "&RPSOLFDULD VX WUDEDMR FRQ VX WHRORJLD QR DFHSWDGD SRU WRGRV" "
3RGULDVRSRUWDUODFULWLFD\HOQRHVWDUGHDFXHUGRFRQVXVFRQVLJQDV""(VDHWLFD\HVSLULWXDOLGDGSRUHOELHQJHQHUDOUHVSRQGHULDVLHPSUHDOD
(WLFD\HVSLULWXDOLGDGTXHODVRODHVFULWXUDQRVSURSRQH"
>@
'HFXDOTXLHUIRUPDODUHIOH[LRQVHLPSRQH\ODSHOLFXODGH,FLDU%ROODLQ7DPELHQODOOXYLDSRQHHQSDUDOHORHOFRORQLDOLVPRHVSDQRO
HQ %ROLYLD DSURYHFKDQGRVH GHO RUR PHGLDQWH ORV ULWPRV GH H[SORWDFLRQ HFRQRPLFD TXH VHJXQ ,FLDU %ROODLQ PDUFDED HO 3DSDGR YHG
ZZZHOFXOWXUDOHV\ODH[SORWDFLRQGHODJXDTXHKR\UHDOL]DQODVPXOWLQDFLRQDOHVPHGLDQWHODVSROLWLFDVGHO)0,\HO%DQFR0XQGLDO
>@
(O3DLVS
7RGRORLQGLFDGRHVSRVLEOHFRQVHJXLUORELHQSRUHVWH3DSDRSRURWURIXWXUR1DGDGHHVWRHVWUDVFHQGHQWDOSDUDHOGRJPDFDWROLFR/RVWHPDV
UHODWLYRVDOFXOWRD0DULDDOGHODVLPDJHQHVDOGRPLQJRHXFDULVWLFRVDFULILFLRGHODPLVDODKHUPHQHXWLFDVREUHOD/H\GH'LRVHOHVWDGRGH
ORVPXHUWRVFRPRDOPDVLQPRUWDOHVHQXQSXUJDWRULRRFLHORVXLPSUHVHQWDEOHFRQFHSWRGHOD6HJXQGD9HQLGDGH-HVXFULVWROLWHUDO\YLVLEOHHQ
JORULD OD VXVWLWXFLRQ SRU XQ VDQWXDULR WHUUHQDO GHO 6DQWXDULR FHOHVWLDO \ VXV LPSOLFDFLRQHV FRPR SURWRWLSR GH OD VDOYDFLRQ \ HO UHFKD]R GH OD
DSRFDOLSWLFDFRPRLQWHUSUHWDFLRQGHODKLVWRULDTXHRULHQWDVREUHHOFRPSRUWDPLHQWRGHOSRGHU\GHODFRQWDPLQDFLRQFXOWXUDO\SROLWLFDTXHGDQ
SHOLJURVDPHQWHHQHOROYLGR
>@
$VLVHH[SUHVD.XQJHQ(O3DLVSXWLOL]DQGRORHQWUHFRPLOODGRFRPRDOXVLRQDODDILUPDFLRQGH%HQHGLFWR;9,FXDQGR
IXHFDUGHQDOHQVXFDUWD'RPLQXV-HVXV
>@
6LKDGHVHUUHDOHOTXHH[LVWDDOJRTXHKDGHHQVHQDUFXDOTXLHUUHOLJLRQ"FRPRFRQMXJDUORFRQORTXHHOHYDQJHOLRQRVHQVHQDUHVSHFWRD
ODH[FOXVLYLGDGGH-HVXFULVWRFRPRUHIHUHQFLDXQLFD\VXILFLHQWH"FI-Q-QFI-QFI*DO
"2DGHPDVPDUJLQDQGRWRGDHVDRULHQWDFLRQHYDQJHOLFDSUHWHQGHUQRKDFHUVLQFUHWLVPR",PSRVLEOHODVSURSXHVWDVGH.XQJ
>@
%HQHGLFWR;9,HQ(FFOHVLDS
>@
,GS
>@
(FFOHVLDS
>@
(O3DSDGRQRVGLUDHQ(FFOHVLD%HQHGLFWR;9,GHQXQFLRODH[FOXVLRQGH'LRVGHODFXOWXUD\GHODYLGDSXEOLFDDFWXDOGRPLQDGDSRU
HO ODLFLVPR \ HO UHODWLYLVPR TXH HOHYD OD OLEHUWDG LQGLYLGXDO D YDORU IXQGDPHQWDO DO FXDO WRGRV ORV YDORUHV GHEHQ VXSHGLWDUVH 'HVGH HVWD
SHUVSHFWLYDODFXOWXUDODLFLVWDVHFLHUUDDOGLDORJRQRVRORFRQHOFULVWLDQLVPRVLQRWDPELHQFRQODVRWUDVWUDGLFLRQHVUHOLJLRVDV\PRUDOHVGHOD
KXPDQLGDGDGHPDVGHQRSRGHUUHVSRQGHUDODVSUHJXQWDVIXQGDPHQWDOHVVREUHHOVHQWLGR\VREUHODGLUHFFLRQGHQXHVWUDYLGDS

,QYLWR GH QXHYR D ORV UHVSRQVDEOHV GH ODV 1DFLRQHV PDV ULFDV D WRPDU ODV LQLFLDWLYDV QHFHVDULDV SDUD TXH ORV SDLVHV SREUHV TXH D PHQXGR
SRVHHQ PXFKDV ULTXH]DV QDWXUDOHV SXHGDQ EHQHILFLDUVH GH ORV IUXWRV GH VXV SURSLRV ELHQHV  HV PRWLYR GH SUHRFXSDFLRQ HO UHWUDVR HQ HO
FXPSOLPLHQWR GH ORV FRPSURPLVRV DVXPLGRV SRU OD FRPXQLGDG LQWHUQDFLRQDO HQ ORV DQRV UHFLHQWHV 6HULD GH GHVHDU OD UHDQXGDFLRQ GH ODV
QHJRFLDFLRQHVFRPHUFLDOHVGH'RKD'HYHORSPHQW5RXQGGHOD2UJDQL]DFLRQ0XQGLDOGHO&RPHUFLRDVLFRPRODFRQWLQXDFLRQ\ODDFHOHUDFLRQ
GHOSURFHVRGHDQXODFLRQ\UHGXFFLRQGHODGHXGDGHORVSDLVHVPDVSREUHVVLQTXHHVWRHVWHFRQGLFLRQDGRSRUPHGLGDVGHDMXVWHHVWUXFWXUD
SHUMXGLFLDOHVSDUDODVSREODFLRQHVPDVYXOQHUDEOHV(FFOHVLDS
(Q HVH OODPDPLHQWR GH XUJHQFLD VH UHFXHUGD OD QHFHVLGDG GH OD HOLPLQDFLRQ GH ODV FDXVDV HVWUXFWXUDOHV GH ODV GLVIXQFLRQHV GHOD HFRQRPLD
PXQGLDO \ FRUUHJLU ORV PRGHORV GH FUHFLPLHQWR TXH SDUHFHQ LQFDSDFHV GH JDUDQWL]DU HO UHVSHWR DO PHGLR DPELHQWH \ XQ GHVDUUROOR KXPDQR
LQWHJUDOLGS
(VWD SUHVHQWDFLRQ GH ORV SUREOHPDV JOREDOHV HPLJUDFLRQ DERUWR IDPLOLD FORQDFLRQ HO GLDORJR LQWHUUHOLJLRVR OR HFRQRPLFR ODV LQMXVWLFLDV \ OR
H[LVWHQFLDOWDQWRLQGLYLGXDOFRPRVRFLDOPHQWHHQWRGRVORV&RQWLQHQWHVVHULDODHYLGHQFLDGHTXHWRGRHVRTXHOD,JOHVLD&DWROLFDPXHVWUDDODV
QDFLRQHVQRHVRWUDFRVDTXHHOFXPSOLPLHQWRGHODLOXPLQDFLRQGHOD,JOHVLDDODYLGDSROLWLFD(FFOHVLDS\HOWXWHODUOD
WUDVFHQGHQFLDGHODSHUVRQDKXPDQD(FFOHVLDS
>@
0RQVHQRU)XOWRQ-6KHHQHQHO&RPXQLVPR \ OD FRQFLHQFLD RFFLGHQWDO&ROHFFLRQ$XVWUDO(VSDVD&DOSH%XHQRV$LUHVSS
  HO RULJLQDO LQJOHV IXH HVFULWR HQ  QRV WUDH D FRODFLRQ HO WHPD GHO$QWLFULVWR VDFDGR GH OD TXLQWD SDUWH GHO OLEUR /RV KHUPDQRV
.DUDPD]RYGHVFULELHQGRQRVORFRQODILQDOLGDGGHLGHQWLILFDUORFRQHO&RPXQLVPR6LQHPEDUJRHO&RPXQLVPRKDGHVDSDUHFLGR\HO$QWLFULVWR
HV REYLR TXH VLJXH H[LVWLHQGR HV PX\ LQWHUHVDQWH FRPSUREDU HOFRQWHQLGR GH VX GHVFULSFLRQ EDVDGD HQ ORV +HUPDQRV .DUDPD]RY SDUD XQD
SRVLEOHLGHQWLGDGDFWXDO
(O *UDQ ,QTXLVLGRU TXH HV HO$QWLFULVWR SDUHFH OOHQR GH SLHGDG SRU HO KRPEUH HV XQ VHU KXPDQLWDULR TXH VH LQWHUHVD DSDUHQWHPHQWH FRQ
SDVLRQ SRU OD KXPDQLGDG SHUR HV HQ UHDOLGDG VX HQHPLJR SRUTXH HV GHVWUXFWRU GH VX OLEHUWDG +DVWD VH SDUHFH D &ULVWR SDUD HQJDQDU D ORV
HOHJLGRVODJHQWHVHVLHQWHLUUHVLVWLEOHPHQWHDWUDLGDSRU(OORURGHDVHDJROSDD6XDOUHGHGRUORVLJXH(OVHPXHYHVLOHQFLRVDPHQWH
HQWUHHOORVFRQODGXOFHVRQULVDGHODFRPSDVLRQLQILQLWD(OVROGHODPRUDUGHHQVXFRUD]RQODOX]\ODIXHU]DEULOODQHQVXVRMRV6XVRMRV\VX
OXPLQRVLGDGGHUUDPDGDVREUHODJHQWHFRQPXHYHVXVFRUD]RQHVFRQXQDPRUTXHUHVSRQGH7LHQHVXVPDQRVKDFLDHOORVORVEHQGLFH\GHO
FRQWDFWRFRQHOKDVWDGHVXURSDEURWDXQDYLUWXGFXUDWLYD/DPXOWLWXGOORUD\EHVDODWLHUUDEDMRVXVSLHV/RVQLQRVDUURMDQIORUHVDQWH(O

(O$QWLFULVWROHKDEODD&ULVWRTXHQRFRQWHVWDSLGLHQGROHTXHUHQXQFLHDODOLEHUWDGSRUODVHJXULGDG!!
>@
3DUDORVYDORUHVGHORVWHUPLQRV\FRQFHSWRVDSRFDOLSWLFRVYHUFDSLWXORDQWHULRU
/DGHVWUXFFLRQGHODPXMHU%DELORQLFDVHUHDOL]DHQGRVIDVHVHQODSULPHUDVHODFRQYLHUWHHQLQVHUYLEOHSRUPHGLRGHODLGHQWLILFDFLRQTXHHO
SXHEORGH'LRVUHDOL]DFI$S/RVJRELHUQRVUHSUHVHQWDGRVHQHOJOREDOGHWRGRHOPXQGRLQIOXLGRVSRUODLQWHUYHQFLRQGLYLQD
SRU PHGLR GH OD SUHGLFDFLRQ GH VX SXHEOR $S    \ GHO FRQRFLPLHQWR GH OD UHYHODFLRQ GH 'LRV FI$S   WRUWXUDQ \ OD
TXHPDQVLPEROLFDPHQWHFRQIXHJRDODPXMHUEDELORQLFDPDUJLQDQGRODFRPRQRDSWDSDUDUHJLUDOD%HVWLD6XOXJDUORRFXSDHQWRQFHVOD
FRQILJXUDFLRQ )DOVR 3URIHWD HQ HO TXH HO (VWDGR SDUDGLJPDWLFR FRPELQD XQ SUR\HFWR GH LPDJHQ GH OD SULPHUD EHVWLD $S 
UHSUHVHQWDGDHVWDHQXQD2FWDYD&DEH]DFRQODTXHVHXQH\TXHHVGHHQWUHODV6LHWHODTXHUHFLELRODKHULGDPRUWDO\TXHODKDFHUHYLYLU
$SFI$SFIFIVV(QXQDVHJXQGDIDVH /D0XMHU%DELORQLFDFRQORTXHUHSUHVHQWDGH&LYLOL]DFLRQ
7HUUHVWUHTXHKDVLGRSURJUDPDGDGHDFXHUGRDODUHOLJLRQXQLYHUVDOSURSLFLDGDSRUHO)DOVRSURIHWD\OD2FWDYD&DEH]DTXHHVODTXHUHFLEH
ODKHULGD\VHFXUDVHODGHVWUX\HGHVSXHVGHODVSODJDVFI$SPHGLDQWHHOUHHPSOD]RGHODFLYLOL]DFLRQGHO5HLQRGH'LRVFRQ
OD LQWHUYHQFLRQ GH HVWH DO ILQDO GH OD KLVWRULD PXQGDQD HQ RFDVLRQ GH OD 6HJXQGD 9HQLGD GH -HVXFULVWR $S  /DV SODJDV HV HO
FRPLHQ]R\SUHDPEXORGHODLQWHUYHQFLRQGLUHFWDGLYLQDGRQGHVHPDQLILHVWDODIUDJLOLGDGGHORVREMHWLYRVKXPDQRV\ODSHUHQQLGDGGHORVGH
'LRV
>@
$QWRQLQR5RPHR%LEOLDHG/DERURSFSLGHQWLILFDDODSUHGLFDFLRQGHOMXLFLRGH$SRFDOLSVLVFRPRHOUHODWLYRDOMXLFLRILQDO
>@
$GHPDVGHOGHQRWDDQWHULRU6WUDXELQJHUFRPHQWDULR1XHYR7HVWDPHQWRYRO,9RSFS
$OIUHG:LNHQKDXVHU(O$SRFDOLSVLVGH6DQ-XDQRSFSVV(OLVDEHWK6FKXVVVVOHU)LRUHQ]D$SRFDOLSVLVRSFSVV
>@
9HU*UDQGH/HVVLFRGHO1XRYR7HVWDPHQWRGH.LWWHOYRO,,RSFS
>@
9HU'717YRO,9S
>@
*/17YRO,,S
>@
,G
>@
9HU&6%FRQFRUGDQFLD6HSWXDJLQWDGH%DJVWHU
>@
2SFSS
>@
(Q(FFOHVLDS
>@
 (VD XQLGDG HFXPHQLFD TXH VH DOFDQ]DUD FRQ OD ,JOHVLD &DWROLFD 5RPDQD SRU SDUWH GHO 3URWHVWDQWLVPR D\XGDUD DO 3URWHVWDQWLVPR
HXURSHR D VDOLU GH OD FULVLV SURIXQGD HQ OD TXH VH HQFXHQWUD (Q OD DFWXDOLGDG HO DYDQFH GHO &DWROLFLVPR HQ WRGRV ORV IUHQWHV PXHVWUD XQD
SRVLFLRQ GHUHIRUPD TXH VXSHUD DO 3URWHVWDQWLVPR HQ JHQHUDO (VWDPRV UHILULHQGRQRV DO 3URWHVWDQWLVPR HXURSHR (O 3URWHVWDQWLVPR
FRQVHUYDGRU QRUWHDPHULFDQR HV XQD H[FHSFLRQ \ MXQWR DO WUDGLFLRQDO VH HQFXHQWUD PX\ FRPSURPHWLGR HQ OD SROLWLFD \ PLVLRQ GHORV (VWDGRV
8QLGRV/DGLIHUHQFLDHQWUHHO3URWHVWDQWLVPRFRQVHUYDGRUQRUWHDPHULFDQR\HOWUDGLFLRQDOHVWULEDHQTXHHO3URWHVWDQWLVPRFRQVHUYDGRUKD
HQFRQWUDGRXQDDUWLFXODFLRQHQWUHORVFRQWHQLGRVGRFWULQDOHVSULQFLSLRV\QRUPDWLYDVELEOLFDV\ODSROLWLFD\HFRQRPLDQRUWHDPHULFDQD
$OIUHG .XHQ HQ VX OLEUR,QWURGXFFLRQ D OD HFOHVLRORJLDHG &OLH 7HUUDVVD  %DUFHORQD  SS  \ VV KDFH XQD GHVFULSFLRQ GH OD
VLWXDFLRQDFWXDOGHODV,JOHVLDVSURWHVWDQWHVHQ(XURSD\GHOSURSLR&DWROLFLVPR&RPXQLFDXQDUHDOLGDGGHFULVLVSURIXQGDTXHVHPDQLILHVWDHQ
XQD GHVFULVWLDQL]DFLRQ VLQ SUHFHGHQWHV HQ XQD SHUGLGD GH PHPEUHVLD \ XQD VHFXODUL]DFLRQ LQWHULRU TXH FRUURPSH ORV YDORUHV HVSLULWXDOHV
FRQYLUWLHQGRORV HQ ODQDGD (VWDQ FRVHFKDQGR XQD LJOHVLD PXOWLWXGLQDULD FRPR FRQVHFXHQFLD GHO EDXWLVPR GH QLQRV \ GH SHUVRQDV QR
FRQYHUWLGDV
/DJUDQPD\RULDGHPLHPEURVGHODV,JOHVLDVSRSXODUHVDXQQRVRQFULVWLDQRV\VXVLJOHVLDVQRVRQYHUGDGHUDVLJOHVLDVFULVWLDQDV(OEDXWLVPR
GHUHFLHQQDFLGRVHVFULEH.DUOW%DUWKHVHOVLQWRPDGHXQDHQIHUPHGDGPDVJUDYHTXHVXIUHOD,JOHVLD\HVDHQIHUPHGDGHVHOPXOWLWXGLQLVPR
LGS
/DPXQGDQDOLGDGMXQWRDOFULVWLDQLVPRVRFLDOVRQREVWDFXORVPX\VHULRV\KDQKHFKRFDHUDELVPDOPHQWHDODV,JOHVLDV6HJXQHVWHDXWRUKDVLGR
XQHUURUPX\JUDYHHOWUDVODGDUDOD,JOHVLDFRQFHSFLRQHVPXQGDQDVFRQODILQDOLGDGGHDWUDHUVHDODMXYHQWXGLPLWDQGRDOPXQGRHQXQLQWHQWR
GH ULYDOL]DU FRQ HO VLQ FRQVHJXLUOR HPSHRUDQGR OD VLWXDFLRQ HVSLULWXDO GH ORV SURSLRV MRYHQHV &RQVLGHUDQGR HO VHUYLFLR VRFLDO DVRFLDFLRQHV
ILODQWURSLFDV\21*VDXWHQWLFDVSODJDVGHGHVWUXFFLRQGHODDXWHQWLFDHYDQJHOL]DFLRQDOKDEHUGHVYLQFXODGRHVDREUDVRFLDOGHOPDQGDPLHQWR
LQHOXGLEOHGHDQXQFLDUHOHYDQJHOLRGHVDOYDFLRQ6HUHFRQRFHTXHVHKDGHVYLUWXDGRHOPHQVDMHHYDQJHOLFRFRQGLYHUVDVPRGDVWHRORJLFDVTXH
VHDSDUWDQGHODOHWUD\GHOHVSLULWXGHOHYDQJHOLR\TXHHOFOHULFDOLVPRHLQVWLWXFLRQDOLVPRKDFRQYHUWLGRHQLQRSHUDQWHHOVHQWLGR\VLJQLILFDGR
GHOVDFHUGRFLRXQLYHUVDOGHORVFUH\HQWHV(OVLVWHPD&RQVWDQWLQLDQRTXHKDLPSHUDGRHQODVLJOHVLDVSURWHVWDQWHVHXURSHDVVHJXQHODXWRUKD
FDXVDGRHOTXHHOFUH\HQWHVHFRQYLHUWDHQPHURR\HQWH\TXHKD\DGHVDSDUHFLGRHOLQWHUHVSRUODHYDQJHOL]DFLRQLGSS
>@
(OSURWHVWDQWH*0LOORQGLUDUHVSHFWRDXQSRVLEOHHFXPHQLVPRJHQXLQR
(QODFULVWLDQGDGURPDQDRUWRGR[DRSURWHVWDQWHXQDUHIRUPDUHDOHVSUDFWLFDPHQWHLPSRVLEOH\DTXHVLVHKLFLHUDVHJXQODYROXQWDGGHO
6HQRU OD FULVWLDQGDG GHMDULD GH H[LVWLU \ GHMDULD VX OXJDU D OD ,JOHVLD GH -HVXFULVWR (Q WHRULD SRGHPRV DGPLWLU OD SRVLELOLGDG GH HVH FDPELR
UDGLFDO DO PHQRV SDUD DOJXQD DVDPEOHD ORFDO SULYLOHJLDGD SHUR ORV KHFKRV SDUHFHQ QHJDU HVWD SRVLELOLGDG (Q OD KLVWRULD QR YHPRV
DJUXSDPLHQWRVORFDOHVOLEHUDQGRVHHQEORTXH\HVWRHVGHELGRVLQGXGDDOJXQDDTXHODVLJOHVLDVHVWDQIRUPDGDV\DYHFHVHQVXPD\RULDSRU
LQFRQYHUVRVSRUHVWDUD]RQODVWUDQVIRUPDFLRQHVQRSXHGHQVHUGHWLSRHVSLULWXDOVLQRVRODPHQWHUHOLJLRVDV/DXQLFDVROXFLRQDOSUREOHPDHV
TXHORVKLMRVGH'LRVVDOJDQGHODFULVWLDQGDG!!/
(JOLVHGH-HVXV&KULVWIDFHD,VUDHO5RPHOD5HIRUPHO
2HFXPHQLVPH(G/D%RQQH
1RXYHOOH0XOKRXVHS
>@
6HULDFRQYHQLHQWHDTXLWHQHUHQFXHQWDD0D[:HEHUHQ(WLFDSURWHVWDQWH\HOHVSLULWXGHOFDSLWDOLVPRRSFGRQGHGHMDHVWDEOHFLGR
HOYDORUGHODLGHDUHOLJLRVDSDUDHPSUHQGHUQHJRFLRV\HPSUHVDV
7DPELHQ HQ(QVD\RVGHVRFLRORJLDFRQWHPSRUDQHDOD7HUFHUD3DUWHGHGLFDGDDOD5HOLJLRQRSFGRQGHH[SRQHTXHVLELHQQXQFDXQD
HWLFDHFRQRPLFDKDYHQLGRGHWHUPLQDGDH[FOXVLYDPHQWHSRUODUHOLJLRQVLQHPEDUJRDQDGHTXHODGHWHUPLQDFLRQUHOLJLRVDGHODFRQGXFWDGH
YLGDHVXQRGHORVGHWHUPLQDQWHVGHODHWLFDHFRQRPLFDS
>@
9HUFDSLWXOR,GHODVHFFLRQXOWLPDGRQGHWUDWDPRVORVWHUPLQRV\FRQFHSWRVXVDGRVHQODDSRFDOLSWLFD\TXHGHVFULEHQODEDVHGHOD
KLVWRULDDFWXDO
>@
9DDDFHQWXDUVHHOSURJUHVLYRGHELOLWDPLHQWRGHODVJUDQGHVHVWUXFWXUDVUHOLJLRVDV\HFOHVLDVWLFDVDSHVDUGHODVIXHUWHVSUHVLRQHV
SRUSDUWHGHVXVDXWRULGDGHVHQVHQWLGRFRQWUDULR/DDFWXDOFULVLVFXOWXUDOUHOLJLRVDTXHYLHQHDUUDVWUDQGRVHGHVGHOD0RGHUQLGDGDSXQWDD
ODLQFDSDFLGDGGHODVUHOLJLRQHVXQLYHUVDOHVHQVXVDFWXDOHVPRGHORVSDUDPDQWHQHUODFRKHVLRQVRFLDOODHVWDELOLGDGSHUVRQDO\ODWUDQVPLVLRQ
GHOPHQVDMHUHOLJLRVRTXHWXYLHURQHQHOSDVDGR!!
+D\LQGLFLRVFODURVGHODGHVDSDULFLRQGHODUHOLJLRVLGDGRILFLDOGHODVLJOHVLDVQDFLRQDOHVHVWDWDOHVRFDQWRQDOHV1RFDEHSHQVDU\DHQ
HOPDULGDMHGHORQDFLRQDORORHWQLFRFRQXQDGHWHUPLQDGDFRQIHVLRQUHOLJLRVD!!(O&ULVWLDQRHQHO+RUL]RQWHGHOVLJOR;;,HG6DQ
(VWHEDQ6DODPDQFDS
>@
 (VWH HV XQR GH ORV WHPRUHV GHO ,VODP TXH FRQ OD GHPRFUDFLD \ OD OLEHUWDG GH FRQFLHQFLD SXGLHUDQ SHUGHU VX LQIOXHQFLD HQ ODV
SREODFLRQHVTXHGRPLQD/DOLEHUWDGGHFRQFLHQFLDSRU/H\FLYLOVXSRQHGHIHQGHUORVGHUHFKRVDFUHHURQRFUHHURDFUHHUHQORRWUR
6LVHOHSXGLHUDJDUDQWL]DUHOXVRGHO&RUDQSDUDVXYLGDUHOLJLRVD\SROLWLFD\TXHXQSURVHOLWLVPRQRSXGLHUDDUUHEDWDUOHVXLQIOXHQFLDHOPXQGR
PXVXOPDQQRVHRSRQGULDDODOLEHUWDGGHFRQFLHQFLD'HKHFKRODPD\RULDHVWDGHDFXHUGRFRQORVYDORUHVRFFLGHQWDOHVTXHWUDHQELHQHVWDU\
SURVSHULGDG 'H FXDOTXLHU IRUPD WHQGUD TXH VDEHU DGDSWDUVH D ODV UHDFFLRQHV GH VX SURSLD SREODFLRQ TXH GHQWUR GH XQ UHJLPHQ GH OLEHUWDG
HVFRJLHUDLQKLELUVHDFLHUWDVFRVWXPEUHVRQRUPDWLYDV
>@
&RQHOWHUPLQRSDUDGLJPDWLFRTXHUHPRVVHQDODUDOSRGHUUHOLJLRVRTXHGRPLQDHQHODUHDSROLWLFDHFRQRPLFD\PLOLWDUVXVWHQWDGDHVD
DUHD SRU ODSRWHQFLDHVWDWDO TXH GDGR VX SRGHU VXSUHPR PDUFD FRQ OD D\XGD GHOSRGHUUHOLJLRVR DO TXH VH XQH OD GLUHFFLRQDOLGDG GH OD
KLVWRULDKXPDQDFRQODDTXLHVFHQFLDGHOUHVWRGHODKXPDQLGDGGDGDVODVFRRUGHQDGDVJOREDOHVQHFHVDULDPHQWHLPSXHVWDV
>@
/DHYLGHQFLDGHOFDPELRH[SHULPHQWDGRHQHOSULPHUSOD]RVHUDVXILFLHQWHSDUDHVSHUDUORVUHVXOWDGRVGHORVDMXVWHV\HQFDMHVGHORV
SDLVHVPXVXOPDQHVHQODJOREDOL]DFLRQ
>@
 7RGR HVWR QR UHFLEH XQ HVWDEOHFLPLHQWR GHILQLWLYR VLQ TXH VH KD\DQ VHQDODGR ODV FDXVDV GH OD PDUJLQDFLRQ R GHVWUXFFLRQ GH OD 0XMHU
%DELORQLFD/HHUFRPSOHPHQWDULDPHQWHHOFDSLWXOR,GHODVHFFLRQXOWLPD\HOFDSLWXORGHOD*OREDOL]DFLRQGHODWHUFHUDSDUWHFXDUWDVHFFLRQ
>@
(O&ULVWLDQRHQHO+RUL]RQWHGHOVLJOR;;,HG6DQ(VWHEDQ6DODPDQFDSHVWRVSDUUDIRVHVWDQHVFULWRVSRU-XDQ%RVFK
23
>@
,GS
1RWHVH HO DVSHFWR VHUYLFLR TXH VHJXQ HVWH DXWRU TXHGD UHGXFLGD WRGD UHOLJLRQ SDUWLFXODU WUDVHO GLDORJR LQWHUUHOLJLRVR \ OD LQFRUSRUDFLRQ GH
FDGDSDUWLFXODULGDGGHQWURGHODJOREDOLGDG7HQJDVHHQFXHQWDORTXH\DGLMLPRVHQHVWHPLVPRFDSLWXORFXDQGRKDEODEDPRVGHOSHOLJURGHORV
FRPSURPLVRV VRFLDOHV WDO FRPR DSDUHFHQ DKRUD HQ GLYHUVDV GHQRPLQDFLRQHV H LQFOXVR HQ ODV TXH VH SUHFLDQ GH SRVHHU XQD LGHRORJLD
FRQVLGHUDGDLPSRUWDQWHDWUDVPLWLUDODKXPDQLGDGFXDQGRVHDLVODQGHOYHUGDGHURREMHWLYRGHWRGDHYDQJHOL]DFLRQSUHGLFDUHOHYDQJHOLRSXUR
GH-HVXFULVWR-HVXFULVWRQXQFDDLVODPHQVDMH\REUDGHPLVHULFRUGLD<QRVRWURVGHEHPRVDUWLFXODUORV(VXQHUURURULHQWDUDXQDPHPEUHVLD
ODTXHVHDKDFLDODREUDVRFLDO\GHVHUYLFLRVLQODVLQHODQXQFLRDXGLEOH\YLVLEOHGHOHYDQJHOLRGHO5HLQRTXHWUDQVIRUPDDORVVHUHVKXPDQRVD
ODFLXGDGDQLDFHOHVWLDO
>@
,GS
>@
 6H WUDWD GH XQD SHOHD HVSLULWXDO HQ GRVURXQGV /D SULPHUD HO&RUGHUR DSR\D D VX 3XHEOR HQ OD SUHGLFDFLRQ GHO HYDQJHOLR VLQ
SUHFHGHQWHVHQODKLVWRULD\HQODLGHQWLILFDFLRQGHOD0XMHU%DELORQLFD ORJUDQGR VX DEDQGRQR \WRUWXUD$S   FI   OD
WRUWXUD TXH UHVXOWD GH GHVHQPDVFDUDUVH HO HUURU \ OD FRQWUDGLFFLRQ UHVSHFWR D OD UHYHODFLRQ GH 'LRV (VWR VH SURORQJD HQ XQD EDWDOOD $S
TXHFXOPLQDUDFRQODFUHDFLRQGHODUHOLJLRQXQLYHUVDO$SFISRUSDUWHGHO)DOVR3URIHWD$SFI
\GHOD2FWDYD&DEH]DGHOD%HVWLDUHYLYLGD$SFI$SFI$S\HOHQIUHQWDPLHQWRFRQHO
&RUGHURUHSUHVHQWDGRSRUVX3XHEORHQODWLHUUD(QHOVHJXQGRURXQGVHSURGXFHFRQOD3UHVHQFLDPLVPDGHO&RUGHURFRPR5H\GHUH\HV\
/RJRVHWHUQRHQRFDVLRQGHOD6HJXQGD9HQLGDDILQGHVDOYDUGHILQLWLYDPHQWHDVX3XHEOR$SFIFS
>@
9HUFDSLWXOR,GHHVWDVHFFLRQXOWLPDGRQGHH[SRQHPRVXQDLQWHUSUHWDFLRQDOFDSLWXORGH$SRFDOLSVLV7DPELHQUHFXHUGHVHHOYDORU
GHODVLPERORJLDUHSUHVHQWDGDSRUORVWHUPLQRVXWLOL]DGRVSDUDORVVLVWHPDVGHPDOGDG
>@
+HPRVHVWXGLDGRHVWHDVXQWRHQ6HFFLRQSULPHUD6HJXQGDSDUWHFDSLWXOR,,
>@
(VWDGHILQLFLRQGHHVFDWRORJLDTXHDFDEDPRVGHH[SUHVDUPRWLYRGHHVWDQRWD/DHVFDWRORJLDVHULDHOSUHVHQWHXOWLPRTXHVHKD
UHDOL]DGR FRQ OD SULPHUD YHQLGD GH -HVXV \ TXH HQ XQ SURFHVR TXH DEDUFD D WRGDV ODV JHQHUDFLRQHV GH FULVWLDQRV FRQILJXUD XQD
HVSHUDQ]DTXHHQEDVHDORTXH\DVHKDYLYLGRORTXHIDOWDSRUYHQLUHVWDXQLGRDHVHSURFHVR\VHFXPSOLUDWDPELHQ QRVOOHYDD
GHVFXEULUWUHVWLSRVGHHVFDWRORJLDGHOLQHDGRVHQOD5HYHODFLRQ\TXHSURIXQGL]DHQODQDWXUDOH]DGHQXHVWUD+LVWRULDUHDO
8QD HVFDWRORJLD H[LVWHQFLDO TXH VXSRQH HO H[SHULPHQWDU ODV SDODEUDV GHO 0HVLDV FRPR XQ DFRQWHFLPLHQWR SHUVRQDO SUHVHQWH TXH WH FRQHFWD
GDGD OD H[SHULHQFLD TXH SURGXFH OD 3DODEUD FRQ HO IXWXUR (O SUHVHQWH \ HO IXWXUR HVWDQ XQLGRV H[LVWHQFLDOPHQWH HQ OD SHUVRQD /D SHUVRQD
FRPSUXHEDTXHODHVFDWRORJLDELEOLFDUHVSRQGHDXQHVTXHPDTXHVLUYHSDUDODSHUVRQDHQHOSUHVHQWH\GHGHPRVWUDUVHHVHVHUYLUOHFRQHFWD
FRQODHVFDWRORJLDIXWXUD/DPXHUWHODUHVXUUHFFLRQ\ODWUDVODFLRQDORVOXJDUHVFHOHVWHVXQLFDPHQWHWLHQHQVHQWLGRVDOYLILFRVLFDGDFUH\HQWH
FXPSOH FRQ HO HVTXHPD HVFDWRORJLFR H[LVWHQFLDO TXH OD 3DODEUD WH SUHVHQWD 3DUD TXH HVD PXHUWH VHD UHYHUVLEOH YD D VHU QHFHVDULR
H[SHULPHQWDU\FXPSOLUODPXHUWHDOSHFDGRODUHVXUUHFFLRQILQDOSDUDYLGDHWHUQD-QSSHQRFDVLRQGHOD6HJXQGD9HQLGDD7HV
 FI &RO  HV OD FRUUHVSRQGHQFLD D OD UHVXUUHFFLRQ HVSLULWXDO SURGXFLGD SRU HO YDORU GH OD DFHSWDFLRQ \ DSOLFDFLRQ GHO SRGHU GH OD
3DODEUDTXHWLHQHYLGDHWHUQD-QFI&RO/DWUDVODFLRQDORVOXJDUHVFHOHVWHVHQRFDVLRQGHOD6HJXQGD9HQLGDD7HV
FI$SHVODFRUUHVSRQGHQFLDDODYLYHQFLDGHODYRFDFLRQFHOHVWHGHOFUH\HQWH&ROFI+EVV
TXHOHWUDVODGDH[LVWHQFLDOPHQWHHQVXSUHVHQWHDO6DQWXDULR&HOHVWH
8QDHVFDWRORJLDH[LVWHQFLDOGH+LVWRULDFRQWLQXDUHSHWLWLYD(QHIHFWRODH[SHULHQFLDSHUVRQDOVHFXPSOHLJXDOPHQWHHQFDGDSHUVRQDGHFDGD
JHQHUDFLRQ3RUORWDQWRHOFROHFWLYRJHQHUDFLRQDOORH[SHULPHQWDSRULJXDOVLVHEDVDHQODH[SHULHQFLDGHOFRQWHQLGRGHOD3DODEUD3HURHO
SURSLR FRQWHQLGR VH SUHVHQWD HQ KLVWRULD FRQWLQXD UHSHWLWLYD /D SUHVHQWDFLRQ \ DQDOLVLV GH OD SDUDEROD GH ODV 9LUJHQHV HV XQ HMHPSOR
UHSUHVHQWDWLYRGHHVWDSRVLFLRQ
8QDHVFDWRORJLDGHKLVWRULDFRQWLQXDTXHWLHQHHQFXHQWDHOSURFHVRFRQWLQXRGHOD+LVWRULDGHODVDOYDFLRQHQHOWLHPSRTXHRELHQSRUVLVROD
R FRPELQDQGRVH WDQWR FRQ OD HVFDWRORJLD H[LVWHQFLDO FRPR FRQ OD H[LVWHQFLDO FRQWLQXD UHSHWLWLYD DOFDQ]D DO ILQDO GH ORV WLHPSRV WRGDV VXV
H[SHFWDWLYDVUHVSHFWRDODOLWHUDOLGDGGHOFXPSOLPLHQWRGHOD6HJXQGD9HQLGDGH-HVXFULVWRSDUDWRGRHOFROHFWLYRGHFUH\HQWHVWDQWRGHORV
UHVXFLWDGRVHQ&ULVWRFRPRSDUDORVTXHHVWDQYLYRVVLQKDEHUSDVDGRSRUODPXHUWHGHODJHQHUDFLRQILQDO
>@
9HUVREUHHVWRD(:(YHQWRVGHORV8OWLPRV'LDVSS
>@
9HU(:(YHQWRVGHORV8OWLPRV'LDVSSLHGHSDJLQD
>@
9HU/
$SRFDO\SVHHVVDLVXUOHODQJDJHV\PEROLTXH%HUJHU/HYUDXOWHGLWHXUV3DULVSS
>@
7HQJDVHHQFXHQWDHOHPSOHRGHFLHUWRVDERQRVTXLPLFRV/DELRWHFQRORJLDDSOLFDGDHQODFUHDFLRQGHDOLPHQWRVWUDQVJHQLFRV/HVLQYLWR
DTXHDQDOLFHQODSHOLFXOD(OPXQGRGH0RQVDQWR'HODGLR[LQDDORVDOLPHQWRVWUDQVJHQLFRVXQDPXOWLQDFLRQDOTXHOHVGHVHDORPHMRU
>@
9HU(:(YHQWRVGHORV8OWLPRV'LDVS
>@
 9HU VREUH OD WHRORJLD VRODU D 0LUFHD (OLDGH +LVWRULD GH ODV &UHHQFLDV \ GH ODV ,GHDV 5HOLJLRVDV HGLF &ULVWLDQGDG 0DGULG 
YRO,SWDPELHQD-RDQ2DWHV%DELORQLDHGLF0DUWLQH]5RFD%DUFHORQDS+LVWRULD8QLYHUVDOGH2QFNHQ0RQWDQHU\
6LPRQHGLWRUHV%DUFHORQDYRO,,S
>@
 6REUH OD WHRORJLD VRODU HQ HO ,PSHULR 5RPDQR \ VX SUR\HFFLRQ YHU D 0- 9HUPDVHUHQ HQ (O &ULVRO GHO &ULVWLDQLVPR HG /DERU
9LWRULDS0LUFHD(OLDGH+LVWRULDGHODV&UHHQFLDV\GHODV,GHDV5HOLJLRVDVYRO,,RSFS(O,PSHULR
5RPDQR GH HG 6DUSH 0DGULG  S $ 3LJDQLRO+LVWRLUHGH5RPH  S *UDQ +LVWRULD 8QLYHUVDO GH HG 1DMHUD 0DGULG
YRO,9S$OLVWHU.HH&RQVWDQWLQRFRQWUD&ULVWRHGLF0DUWLQH]5RFD%DUFHORQDS
>@
9HUVREUHHVWR0LUFHD(OLDGH +LVWRULDGHODV&UHHQFLDV\GHODV,GHDV5HOLJLRVDVYRO,,SD)&RXPRQW/HV0\VWHUHV
GH 0LWKUD %UXVHODV  \  SS     0- 9HUPDVHUHQ HQ (O &ULVRO GHO FULVWLDQLVPR RS F S 5HYLVWD
$UTXHRORJLDDQR,,QR%DUFHORQD
>@
 9HU VREUH HVWR PDV DUULED \ D :5 ,QJH (O/HJDGRGH*UHFLD HGLWDGR SRU 6LU 5LFKDUG /LYLQJVWRQH 8QLYHUVLGDG GH 2[IRUG HGLF
3HJDVR0DGULGSS5DOSK:RRGURZ %DELORQLD0LVWHULRUHOLJLRVR(YDQJHOLVW$VVRFLDWLRQ5LYHUVLGH&DOLIRUQLD86$S
$OH[DQGUH+LVORS/HV'HX[%DELORQHV/LEUDLULH)LVFKEDFKHU3DULV
>@
FI$S9HUVREUHHVWRD(:(YHQWRVGHORV8OWLPRV'LDV
>@
6REUHHVWDLGHQWLGDGSXHGHYHUVH&%$SFI(YHQWRVGHORVXOWLPRVGLDVS
>@
9HUVREUHHVWDLGHQWLILFDFLRQD/RURQ:DGHHQ(O)XWXURGHO0XQGRUHYHODGRHQHO$SRFDOLSVLV$3,$S
>@
 /D LGHQWLGDG GH ORV UH\HV GH RULHQWH FRPR VLHQGR VHUHV GHPRQLDFRV YHU D (UQVW /RKPH\HU'LH 2IIHQEDUXQJ GHV -RKDQQHV
^+DQGEXFK]XP1HXHQ7HVWDPHQW'HXWVFKHPHHG-&%0RKU^3DXO6LHEHFN7XELQJXHS
>@
8QDFLHUWDPD\RULDGHLQWHUSUHWHVSUHILHUHQYHUDTXLORVUH\HVTXHYLHQHQGHOVROFRPRLGHQWLILFDQGRD-HVXFULVWR\ORDQJHOHV7DQWR
HQ$S\VHXWLOL]DODH[SUHVLRQDXQDQJHOTXHVXELDGHGRQGHVDOHHOVRO(VWROHVVXJLHUHTXHDKLHQXSVHUHIHULULDWDPELHQD
-HVXFULVWR\DVXVDQJHOHV3RURWUDSDUWHVHKDVXJHULGRXQSDUDOHOLVPRFRQ&LUR\HOVHFDPLHQWRGHO(XIUDWHV3HURHVWHVLPLOQRFDVDFRQOD
GHVFULSFLRQGH$S3XHVWRTXHHQHOFDVRGH&LURHVHOPLVPRTXLHQVHLGHQWLILFDFRQODSODJDTXHVHFDHOULR<ODSODJDHVORTXHSURGXFH
ODSUHSDUDFLRQGHHVRVUH\HVGHORULHQWHRGHODVDOLGDGHOVRO(VWDPRVMXJDQGRFRQXQOHQJXDMHPX\PHWDIRULFR\VLPEROLFR<HVRVWH[WRV
SUHFLWDGRVQRVHULDVXILFLHQWHSDUDURPSHUORTXHSDUHFHGHFLUODVHFXHQFLDGHOWH[WR<DKHPRVYLVWRODDPELYDOHQFLDTXHPDQWLHQHHOWHUPLQR
VRO\FRPRHO'UDJRQKDLQYHQWDGRVXSURSLDWHRORJLDVRODU<FRPRHQODFXDUWDSODJDVHDWHQWDFRQWUDHOVROFRPRVLPEROR\IXHQWHGHXQD
LGHRORJLDTXHKDFUHDGRHO'UDJRQTXHHQJDQDDOPXQGRHQWHUR/DVVHFXHQFLDVPXHVWUDQXQDUHODFLRQORJLFD6LVHGHVWUX\HHOFHQWURGHHVD
IXHQWHLGHRORJLFDTXHKDVLGRLQVSLUDGDSRUHO'UDJRQVHREOLJDDXQDGHIHQVDDXQVXUJLUHQSHUVRQDGHOSURSLRLQYHQWRUGHORGHO(XIUDWHV(O
WH[WRPXHVWUDTXHVHSURGXFHHOVHFDPLHQWRFRQODILQDOLGDGGHTXHVHWHQJDSUHSDUDGRHOFDPLQRDORVUH\HVGHORULHQWH<SRGHPRV
HQWHQGHURULHQWH R VDOLGD GHO VRO FRPR OD UHSUHVHQWDWLYLGDG GH OR TXH ORV DQJHOHV FDLGRV RULHQWDGR SRU HO GUDJRQ KDQ SODVPDGR
LGHRORJLFDPHQWH \ TXH TXHGD LQFRUSRUDGD GH IRUPD ILJXUDGD DO WHUPLQRRULHQWH< WRGR HOOR FRQ OD ILQDOLGDG GH REOLJDU VX DSDULFLRQ \ OD
HQWUDGDHQEDWDOODFRQHOGLRV7RGRSRGHURVR\GHVWUXLUORVGHILQLWLYDPHQWH
(Q'DQLHOVHQRVKDEODGHXQDVQRWLFLDVTXHUHFLEHHOUH\GHOQRUWHGHORULHQWH\GHOQRUWH'Q
"4XHHVHO1RUWH""4XHHVHO2ULHQWH"
(O6LVWHPD)DOVR5HOLJLRVRGHQRPLQDGR%DELORQLDKDXVXUSDGRHOOXJDUGH'LRV<HO1RUWHLGHRORJLFRORKDDVXPLGRHVH5H\GHO1RUWHTXH
LQFOX\HFRPRKHPRVYLVWRHQWRGRHOUHODWRHQHOTXHVXUJHHOVHUGHSUHFLDEOHORTXHLPSOLFDEDODDUFLOODHQ'DQLHO\ORTXHLPSOLFDEDHQ
'DQLHOHQVXYHUVLRQFXHUQRSHTXHQR<DGHFLDPRVHQRWUROXJDUGHDFXHUGRDODVDSRUWDFLRQHVGHOWH[WRTXHODDUFLOODUHSUHVHQWDEDDOD
%DELORQLD\TXHHOFXHUQRSHTXHQRDXQTXHLQFOXLDODLQIOXHQFLDGHODDUFLOODVREUHHOQRWRGRHOFXHUQRSHTXHQRHUDDUFLOOD$KRUDVHQRVGDXQ
VLPEROR 5H\ GHO 1RUWH SDUWLHQGR GHO VHU GHVSUHFLDEOH FI 'Q  FI  TXH VH OH LGHQWLILFD FRQ HO FXHUQR SHTXHQR GH 'DQLHO 
'Q  XS XS XS FI  SS \ FRQ HO FXHUQR SHTXHQR GH 'DQLHO  HQ VX VHJXQGD UHDOLGDG KLVWRULFD   FI 
LQFOX\HQGRORVYDORUHVGHODDUFLOODR%DELORQLDTXHPXHVWUDQVXLQIOXHQFLDSHUPDQHQWHVREUHHVWHVLVWHPDGHPDOGDG
'HO 2ULHQWH (O 2ULHQWH LGHRORJLFR (V XQD SDUWH GH OD FLYLOL]DFLRQ WHUUHVWUH TXH KD UHFRJLGR ODV LGHDV EDELORQLFDV FRPR YHUVLRQ SROLWLFR
UHOLJLRVD(OSURIHWDDQWLJXRGHVFXEUHFRPRGHVGHGRQGHVDOHHOVROVHKDLQVSLUDGRXQDLGHRORJLDIDOVHDGD,VD6HPXHVWUDFRPRVHKD
LQIOXLGRQHJDWLYDPHQWHHQHOSXHEORGH,VUDHOPRVWUDQGRODFRQWUDULHGDG\ODFRQGHQDFLRQD5H\D&URQ,VD(]T
(O$SRFDOLSVLVQRVH[SOLFDHVWHDVXQWRFXDQGRUHODWDODXOWLPDEDWDOODRFRQIOLFWRHVSLULWXDOTXHLQYROXFUDUDDODVSHUVRQDV6HWUDWD
GHODLQWHUYHQFLRQGH'LRVHQHO$UPDJHGRQVLPEROLFRTXHDKRUDHVWRGDODWLHUUDHQIDYRUGHO3XHEORGH'LRVTXHHVWDVLHQGRSHUVHJXLGR\
DWRVLJDGR SRU OD %HVWLD HO 'UDJRQ \ HO )DOVR 3URIHWD (V GHFLU OD LGHRORJLD EDELORQLFD KD WHQLGR VX IXHQWH HQ DQJHOHV FDLGRV TXH YLHQHQ
VLPEROLFDPHQWHGHODVDOLGDGHOVROGHXQDLGHRORJLD\WHRORJLDVRODU
/DVQRWLFLDVGHO1RUWH\GHO2ULHQWHVRQORVDFRQWHFLPLHQWRVUHODWLYRVDODSUHGLFDFLRQGHO(YDQJHOLR(WHUQRHQHOFRQWH[WRGH$S\
$SFRPRQXQFDDQWHV<TXHFRQWULEXLUDQDODGHVWUXFFLRQGH/D%DELORQLDTXHKDLQIOXLGRVREUHHO1RUWH\HO2ULHQWHLGHRORJLFR\TXH
ORVFXHUQRVVHKDQGHFLGLGRDGHVWUXLUFRPRLQVWUXPHQWRVGHOFXPSOLPLHQWRGHODVSDODEUDVGH'LRVFI$S
+D\XQDVHULHGHDFRQWHFLPLHQWRVSUHYLRVTXHKDFHQSRVLEOHHVDVQRWLFLDVVREUHHO1RUWH\HO2ULHQWHLGHRORJLFR3RUHMHPSORFRQODSHUGLGD
GHODLQIOXHQFLDGHO(XIUDWHVVLPEROLFRVREUHOD%DELORQLDPLVWLFDHO5H\GHO1RUWHHVWDOOHJDUDDVXILQDOFI'Q
6LHO(XIUDWHVOLWHUDOD\XGDEDDOGHVDUUROORGHODFLXGDGGH%DELORQLD$KRUDHO(XIUDWHVVLPEROLFRUHSUHVHQWDDODVQDFLRQHVFI$SXS
TXHGDQDSR\RDOD%DELORQLDPLVWLFD(QXQPRPHQWRGHWHUPLQDGRORV&XHUQRVTXHSUHFLVDPHQWHKDQHVWDGRD\XGDQGRDOD%HVWLD
TXHSRUWDDOD%DELORQLD$SVHYXHOYHQFRQWUDODSURSLD%DELORQLDPLVWLFD\ODGHVWUX\HQ$SHMHFXWDQGRORTXH'LRVTXLHUH
LQGHSHQGLHQWHPHQWHGHORTXHKXELHUHQSRGLGRFRQWDPLQDUVH
7RGRHVWRHVHOPDUFRGHOFXPSOLPLHQWRGHORVYHUVLFXORVGHOFDSLWXORGH'DQLHO
/D%HVWLDHQVXSRVLFLRQGH$ELVPRPDQWLHQHOD4XLQWD&DEH]DKHULGD\DFWXDSRUPHGLRGHOD6H[WD\6HSWLPD&DEH]D$SFI
0LHQWUDVWDQWROD4XLQWD&DEH]DKHULGDVHUHFXSHUD\HQWUDHQXQSURFHVRGHFXUDFLRQ\YDFRQVLJXLHQGRWRGRHOHVWDWXVTXHKDELD
SHUGLGRXS
(VWRHVSDUDOHORDFXDQGRHO5H\GHO1RUWHUHFLEHHOHPEDWHGHO5H\GHO6XU'QSSDOFDERGHOWLHPSRSURIHWLFRTXHVHGDDFRQRFHU
FRPRVLHQGRGHXQDGXUDFLRQGHDQRVWLHPSRV\VLPEROLFRVRGLDVDQRV'QFI'Q(VGHFLUGHVSXHVGHORV
DQRVDOILQGHHVHWLHPSRSURIHWLFRFI'Q<PXHVWUDSRVWHULRUPHQWHXQDUHFXSHUDFLRQGHVXSRGHU'QXSFI$S

(O 5H\ GHO 1RUWH HQ HVRV LQVWDQWHV HVWD FXPSOLHQGR OR UHIHUHQWH D OD %HVWLD TXH VDOH GHILQLWLYDPHQWH GHO DELVPR OOHJDQGR DO OLPLWH GH HVD
VDOLGD
/D%HVWLDGH'RV&XHUQRVVHDVRFLD\D\XGDDOD4XLQWD&DEH]DTXHKDVDQDGRVXKHULGDKDFLHQGRTXHORVKDELWDQWHVGHODWLHUUDOHULQGDQ
REHGLHQFLD$S/D%HVWLDDSRFDOLSWLFDVDOLGDGHODELVPRFX\RVLQWRPDVHGHPXHVWUDFRQODFXUDFLRQGHOD4XLQWD&DEH]DTXH
VHFRQWDELOL]DFRPRXQD2FWDYDGHOD%HVWLD$S
(VWRHVHTXLYDOHQWHDODVFRQTXLVWDVTXHHO5H\GHO1RUWHUHDOL]D'QFRQVXSRGHUDGTXLULGRGHJHQWHVXQLGDVHQWRUQRDHOFI'Q
XS
(VWDQXHYDVLWXDFLRQ\ODVSURSLDVQHFHVLGDGHVGHO5H\GHO6XUOHREOLJDQDHVWHDDFHSWDUODPDQRTXHHO5H\GHO1RUWHOHWLHQGH'Q
 TXH OH D\XGDQ D FRQVHJXLU VXV ILQHV HQ XQ PXQGR TXH XQLFDPHQWH HQFXHQWUD DO 3XHEOR GH 'LRV SRU VX DQXQFLRSURIHWLFR FRPR QR
TXHULHQGRLQIOXLUGHDFXHUGRDODVGHPDQGDVGHHVH5H\GHO6XU'QSSHQFDUQDGRDKRUDHQHO)DOVR3URIHWDR%HVWLDGH'RVFXHUQRV
$SFI
$O VHFDUVH VLPEROLFDPHQWH HO 5LR (XIUDWHV VLPEROLFR FLHUWDV QDFLRQHV UHSUHVHQWDWLYDV ORV  &XHUQRV UHWLUDQ HO DSR\R D OD %DELORQLD
PLVWLFD$SFIGHVWUX\HQGROD(VWRSURYRFDXQDLQVHJXULGDG\XQYDFLRSROLWLFRGHWDOHQYHUJDGXUDTXHDFWXDFRPRVHQDOGHOD
OOHJDGDGHODVQRWLFLDVTXHOHDWHPRUL]DQDO5H\GHO1RUWH1RROYLGHPRVTXHDHVRKD\TXHDQDGLUODSUHGLFDFLRQGHO(YDQJHOLRHWHUQRHQHO
FRQWH[WRGH$STXHFRQYHQFHQDPXFKRVTXHKDELDQHVWDGREDMRODLQIOXHQFLDGHO1RUWH\GHO2ULHQWHLGHRORJLFR
(OVLPERORGHO5H\GHO1RUWHTXHUHFRJHULDHQHVDVLPELRVLVUHIHULGDWDQWRDOD4XLQWD&DEH]DFXHUQRSHTXHQRUHSUHVHQWDWLYDGHOD%HVWLD
FRPRDOD%DELORQLDTXHHQHVHPRPHQWRKLVWRULFROHFRUUHVSRQGHDOD%HVWLDTXHODOOHYDVHHVWDLGHQWLILFDQGRFRQOD2FWDYD&DEH]DTXHHVOD
4XLQWDUHVWDXUDGD\SRUORWDQWRDOIDOWDUOHORTXHLPSOLFD\VLJQLILFDOD%DELORQLDSDUDHVHPRPHQWRGHOD4XLQWD&DEH]DFXUDGDHQXQDRFWDYD
TXH HV GH HQWUH ODV 6LHWH QRWD HO SHOLJUR GH HVD VLWXDFLRQ YLHQGRVH GHVSURWHJLGD \ VDOH FRQ JUDQ LUD SDUD GHVWUXLU FRQ GHFUHWRV \ OH\HV
PHGLDQWHODLPSRVLFLRQGHODVWLHQGDVGHVXSDODFLR'QSS
/RV  &XHUQRV DSR\DQ D OD %HVWLD HQ OD HSRFD HQ TXH GHVWUX\HQ R DEDQGRQDQ GHMDQGR TXH VH GHVWUX\D OD LQIOXHQFLD GH OD 0XMHU
%DELORQLFD/RTXHTXLHUHGHFLUTXHGHMDQGHDSR\DUORVDVSHFWRVSROLWLFRVVRFLDOHVUHOLJLRVRVGHOD%DELORQLDFRQTXHVHKDFDUJDGRHOVLPEROR
5H\GHO1RUWH\TXHVHHYLGHQFLDQHQOD%HVWLDRFWDYR
&XDQGR WHUPLQD$S  OR TXH DSDUHFH VRQ HO WULXQYLUDWR 'UDJRQ %HVWLD \ IDOVR SURIHWD FRQ HVRV HVSLULWXV LQPXQGRV< D FRQWLQXDFLRQ
DSDUHFHH[FOXVLYDPHQWHODILJXUDGH-HVXFULVWR
'HFXDOTXLHUIRUPDSDUDQRGHVFDUWDUODRWUDSRVLELOLGDGHOTXHORVUH\HVGHRULHQWHKLFLHUDDOXVLRQDODVKXHVWHVFHOHVWLDOHVGH$S
$S XS KDEULD TXH HQWHQGHUOR FRPR XQD FRQVWDWDFLRQ VLQ UHODFLRQ VHFXHQFLDO FRQ ORV YHUVLFXORV VLJXLHQWHV OR FXDO REOLJD DO H[HJHWD D
IRU]DUHOVHQWLGR<KDEULDTXHLJQRUDUHOFRQWH[WRPDVLQPHGLDWRGHOVLJQLILFDGRGHOVROHQODFXDUWDSODJD <DWRGRVHLQVHUWDULDSUHYLDPHQWH
D OD DSDULFLRQ GHO 'UDJRQ \ OD EHVWLD \ HO IDOVR SURIHWD D ORV UH\HV GH OD VDOLGD GHO VRO GH MXVWLFLD DO 9HUER \ VXV DQJHOHV TXH GHILHQGH \
SURWHJHQORVGHUHFKRVGHVXSXHEORHQHVDXOWLPDEDWDOODFXDQGRHQODVHFXHQFLDWH[WXDOGH$SODLQWURGXFFLRQGHOSURWDJRQLVPRGHOD
VHJXQGD YHQLGD DSDUHFH SRVWHULRUPHQWH D OD DSDULFLRQ GHO WULXQYLUDWR PDOLJQR  3RU WRGR HVWR QRV SDUHFH PDV SODXVLEOH OD
LQWHUSUHWDFLRQTXHH[SRQHPRV
>@
 /D YDULDQWH D HVRVUH\HV TXH QRV SURSRQH -RQ 3DXOVHQ HV LQDGPLVLEOH 3DXOVHQ VH HVWDULD UHILULHQGR HQ(O $UPDJHGRQ HVWD D ODV
SXHUWDV HG 6DIHOL] 0DGULG  DO SXHEOR GH 'LRV HQ OD WLHUUD /D ORJLFD GH HVD LQWHUSUHWDFLRQ GHVFDQVD HQ TXH VH WUDWD GH XQD EDWDOOD
HVSLULWXDOHQWUH'LRVUHSUHVHQWDQWHGHVXSXHEOR\HO'UDJRQFRQVXVFRQJHQHUHV(VYHUGDGTXHDQWHVGHOILQGHOWLHPSRGHJUDFLDHOSXHEOR
KD PDQWHQLGR XQD JXHUUD HVSLULWXDO FRQ %DELORQLD $S    QRTXHDQGROD GHILQLWLYDPHQWH \ GDQGR VXILFLHQWHV DUJXPHQWRV D ORV 
FXHUQRVSDUDTXHGHVWUX\DQVXLQIOXHQFLD\ODTXHPHQFRPRLQVHUYLEOH3HURODHVFHQDGHODVH[WDSODJDHVWDIXHUD\DGHOWLHPSRGHJUDFLD\
VLELHQ'LRVHVWDDOIUHQWHGHHVDXOWLPDEDWDOODORKDFHHQFDOLGDGGHVDOYDJXDUGDGRUGHVXSXHEORTXHHVWDDUULQFRQDGRFRQWUDODVFXHUGDV
SRUORVGHFUHWRV\OH\HVFRQWUDHO(QODVHJXQGDYHQLGDGH-HVXFULVWR$SVHUHSUHVHQWDDHVH'LRVTXHLPSRVLELOLWDODVDFFLRQHVFRQWUD
VXSXHEORSRUHO'UDJRQOD%HVWLD\HO)DOVR3URIHWDGHVWUX\HQGRDHVRVVLVWHPDVGHPDOGDG\DVXRULJLQDGRUGHDFXHUGRDODGHVWUXFFLRQ
PDVDPSOLDTXHQRVGHVFULEH$SFI$S3RUORWDQWRQRYHPRVTXHHQHVDLQWHUYHQFLRQTXHVHQRVGHVFULEHDTXLORV
UH\HV TXH YLHQHQ GHO RULHQWH R GH PDV DOOD GHO VRO VHD VX SXHEOR S   (O SURIHWD 'DQLHO QRV GHVFULEH OD 9HQLGD GH -HVXFULVWR
YLQLHQGR FRQ KXHVWHV FHOHVWLDOHV QR WHUUHQDOHV FI 'Q   (V FLHUWR TXH VX SXHEOR HVWD HQIUHQWDGR FRQ OD LQMXVWLFLD \ OD SHUVHFXFLRQ
SHUR WRGDYLD QR VRQ ORVUH\HV TXH VHUDQ FI$S  FI 0W  (O TXH HVWHQ GHQWUR GH OD EDWDOOD \ 'LRV ORV HVWH GHIHQGLHQGR QR
VLJQLILFDTXHWHQJDQTXHVHUHVRVUH\HVGHORULHQWH6RQGRVFRVDVGLVWLQWDV\GRVFRQWH[WRVGLIHUHQWHV
>@
(O1XHYR7HVWDPHQWRFRQRFHGRVXELFDFLRQHVSDUDORVVDOYRVDSDUWLUGHODVHJXQGD9HQLGDGH-HVXFULVWRODGHORV&LHORVHQXQD
SULPHUDHWDSDGHQRPLQDGDGH0LODQRV$SFI0W-QD&RUD3HGXQDVHJXQGDSDUDGHVSXHVGHORV
OODPDGRV0LODQRVODGHOD7LHUUDQXHYD$S\FID3HG
>@
(OPLOHQLRQRWLHQHQDGDTXHYHUFRQKLVWRULDHQODWLHUUD(OPLOHQLRWUDQVFXUUHSDUD6DWDQDVGHPRGRVLOHQFLRVRHLQDFWLYRHQXQDWLHUUD
YDFLDGHKDELWDQWHV(VHOWLHPSRFRQFHGLGRSRU'LRVSDUDODUHIOH[LRQGHWRGRVORVVDOYRVTXHKDQUHVXFLWDGR\TXHHVWDQFRQ-HVXFULVWRHQXQ
OXJDUGHO8QLYHUVRGHQRPLQDGR&LHOR\TXHWUDQVFXUUHFRQRFLHQGRHQSURIXQGLGDGORVSRUTXHVH[DPLQDQGR\GLVFHUQLHQGRODVFRQGXFWDVGH
DTXHOORVTXHQRVRQVDOYRV(VHOWLHPSRGHUHVROYHUODVSUHJXQWDV\ORVLQWHUURJDQWHV
>@
 /D QDWXUDOH]D GH OD H[SUHVLRQ 0LOHQLR VL ELHQ PDQWLHQH VXYDORU WHPSRUDO GDGD VX FDWHJRULD FRQWH[WR FHOHVWLDO \ VHFXHQFLD TXH
FRQHFWDGHQWURGHOSURFHVRWHPSRUDOFRQODHWHUQLGDGHQXQDWLHUUDQXHYDQRQRVREOLJDDHQIDWL]DUVXFLIUDVLQRDHYDOXDUVXFRQWHQLGR6H
WUDWDGHXQHVSDFLRWHPSRUDOVXILFLHQWHPHQWHJUDQGHHVFRJLHQGRVHHOJXDULVPRDQRVFRPRSDUDGDUWLHPSRDTXHVHSXHGDFXPSOLUWRGR
ORLPSOLFDGR\SUHSDUDUDORVVDOYRVSDUDKDELWDUHQDOWLHUUDQXHYDXQDYH]GHVSHMDGDVWRGDVODVSRVLEOHVLQFRJQLWDV
>@
6LVHREVHUYDQODVSDODEUDVGH-HVXVWRGRVH[SHULPHQWDUDQODUHVXUUHFFLRQ-QSHURHQGLVWLQWRVPRPHQWRV/DUHVXUUHFFLRQ
GHOXOWLPRGLDXQLFDPHQWHVHFRQVDJUDDDTXHOORVTXHFUHHQ\YHQDO+LMR\HQWRQFHVHO3DGUHGHFLGHVXUHVXUUHFFLRQ-Q9HUDO
+LMR HVWD GHWHUPLQDGR SRU OR TXH VLJQLILFD OD YLVLRQ FHOHVWLDO GHO+LMR GHO +RPEUH -Q   3DEOR VLJXH HVWD OLQHD LQVSLUDGD HQ D 7HV
 &RO  FI +E   +E       FI +E    < HQ OD 5HYHODFLRQ GH -HVXFULVWR R
$SRFDOLSVLVVHFRPSOHPHQWDFODUDPHQWHODGLVWLQFLRQGHODSULPHUD\VHJXQGDUHVXUUHFFLRQ\ODVHJXQGDPXHUWH(O0LOHQLRVHDEUHSDUDORV
UHVXFLWDGRVSRUODSULPHUDUHVXUUHFFLRQHQRFDVLRQGHODVHJXQGD9HQLGD\DTXHORVOODPDGRV DQRVORVSDVDQYLYRV$SSHURORV
GHPDVQRYXHOYHQDYLYLUKDVWDSDVDGRVORVDQRV$S
>@
 (V SUHFLVR OOHYDU DFDER XQ HMHUFLFLR FULWLFR DO WH[WR HQ FXHVWLRQ &XDQGR VH QRV LGHQWLILFD D ORV UHVXFLWDGRV TXH SDVDQ DQRV
UHLQDQGRFRQ&ULVWR\TXHODVHJXQGDPXHUWHQRWLHQHSRGHUVREUHHOORVVHGLFHTXHVHHVGLFKRVRSRUTXHHVRVLJQLILFDKDEHUWHQLGRSDUWHHQ
ODSULPHUDUHVXUUHFFLRQ$SFIXS6HDQDGHTXHORVRWURVPXHUWRVTXHPDQWLHQHQVXDILQLGDGSRUHO$GYHUVDULRGHO'LRVTXHVH
UHYHOD$SQRUHVXFLWDQKDVWDSDVDGRVORVDQRV$SFI$SWHUPLQDQGRHOWH[WR$SFRQODIUDVHHVWDHVOD
SULPHUD UHVXUUHFFLRQ (YLGHQWHPHQWH OD FRUUHFFLRQ HV REOLJDGD SRU FXDQWR ORV SURSLRV WH[WRV KDQ GHILQLGR OD SULPHUD UHVXUUHFFLRQ FRPR
DFRSODGDDORVTXHUHLQDQFRQ&ULVWRDQRV$SFIXS/RVRWURVPXHUWRVQRUHLQDQFRQ&ULVWRDQRVVLQRTXHUHVXFLWDQ
GHVSXHVGHWUDQVFXUULGRVHOHVSDFLRWHPSRUDOGHQRPLQDGRDQRV$SSSFI$S
$OJXQ FRSLVWD GHELR GH PHWHU ODSH]XQD /D IUDVH HQ FXHVWLRQ (VWD HV OD SULPHUD UHVXUUHFFLRQ ILQDO GHO Y  R QR H[LVWLD DOJXQRV
PDQXVFULWRVQRODWUDHQRVLYHQLDHVSUHFLVRFRORFDUODGRQGHGHELDHVWDUDOILQDOGHOYRDOFRPLHQ]RGHOY
2WUDIRUPDGHDQDOL]DUODVHULDGHMDUWRGRFRPRHVWDOH\HQGRHQSDUHQWHVLVDH[FHSFLRQGHHVWDHVODSULPHUDUHVXUUHFFLRQ\HQWRQFHV
XQLUODD
>@
$SRFDOLSVLV  QRV UHILHUH OD UHVXUUHFFLRQ GH ORV LPSLRV GHVSXHV GH SDVDGR XQ WLHPSR GHQRPLQDGR PLO DQRV \ SRVWHULRUPHQWH D OD
VHJXQGDYHQLGDGH&ULVWR$SFI$S
2EVHUYHVHTXHHQODYLVLRQTXHYH-XDQYHDORVPXHUWRVHQ&ULVWRGHWRGDVODVHGDGHVVHQWDGRVSDUDSDUWLFLSDUHQHOMXLFLRFRQWUDORVLPSLRV
\KDEODGHHVWRVMXVWRVFRPRTXHUHVXFLWDURQYROYLHURQDYLYLUDOFRPLHQ]RGHOSHULRGRWHPSRUDOGHQRPLQDGRPLODQRV$SRFPLHQWUDV
TXHORVRWURVPXHUWRVQRYXHOYHQDYLYLUKDVWDSDVDGRHVHSHULRGRGHOPLODQRV(VWRVVRQORVTXH\DKDELDQPXHUWRDQWHVGHOUHWRUQRGH
&ULVWR\TXHVLJXLHQGRODLGHDELEOLFDH[SXHVWDDTXLQRUHVXFLWDQDOUHWRUQRGH&ULVWRVLQRGHVSXHVGHXQSHULRGRGHQRPLQDGR0,/$126\
ORVLPSLRVTXHHVWDEDQYLYRVHQHOPRPHQWRGHOUHWRUQRGH&ULVWR\TXHPXHUHQSUHFLVDPHQWHHQHOPRPHQWRGHOUHWRUQRGH&ULVWR$S
$S FI +E D 7HV  0DOT ,VD 'Q  WRGRV HVWRV VRQ GHQRPLQDGRV ORV RWURV
PXHUWRVSDUDGLIHUHQFLDUORVGHDTXHOORVTXHUHVXFLWDQDOFRPLHQ]RGHOSHULRGRGHQRPLQDGR0LODQRV
/RVPXHUWRVHQ&ULVWRTXHUHVXFLWHQDODYHQLGDGH1XHVWUR6HQRU-HVXFULVWRWDOFRPRHVWDSURPHWLGRVRQWUDVODGDGRVHQWRQFHVDORVFLHORV
D7HV FI D7LP  OR TXH KDFH TXH HVWD WLHUUD KD\D TXHGDGR YDFLD GH VHUHV KXPDQRV YLYRV \ WDQ VROR HVWH KDELWDGD SRU HO
'UDJRQ\VXVVHFXDFHVQRKXPDQRVFI$SD3HG-XGGXUDQWHHVWHWLHPSRHO'LDGHO-XLFLRFRQWLQXDGDQGR
RSRUWXQLGDG D ORV FUH\HQWHV HQ &ULVWR D SDUWLFLSDU HQ HO -XLFLR GH ORV LPSLRV $S FI D&RU 0DW 8QD YH] UHVXFLWDGRV ORV
LPSLRVSDUDFRQGHQDFLRQFI-QXSDOILQDOGHOSHULRGRGH0LO$QRVRIUHFHUDQXQDEDWDOODFRQWUDOD1XHYD-HUXVDOHQTXHFRQWLHQHDORV
MXVWRV \ TXH KD GHVFHQGLGR DO ILQDO GHO 0LOHQLR $S FI $S   $ SDUWLU GH HQWRQFHV VH FRQFOXLUD HO 'LD GHO -XLFLR TXH
PHQFLRQD 3HGUR D 3HG    0HGLDQWH XQ IXHJR GHYRUDGRU VH GHVWUXLUD D ORV LPSLRV VH KDEUD GREOHJDGR D WRGR HQHPLJR FI
D&RU FI$S \ VH SXULILFDUDQ ORV FLHORV \ OD WLHUUD 6H WUDWD GH OD IDVH HMHFXWLYD GHO -XLFLR< VHUDQ GHVWUXLGRV GH DFXHUGR DO
-XLFLR GH OD IDVH H[DPLQDGRUD $S GHELGR DO FXDO KD SRGLGR UHDOL]DUVH XQD VHQWHQFLD GH DFXHUGR D OR TXH ORV OLEURV FRQWLHQHQ
$S   6LHQGR HO XOWLPR HQHPLJR GHVWUXLGR OD PXHUWH D&RU FI$S  (VWR GDUD OXJDU D ORV 1XHYRV FLHORV \
1XHYDWLHUUDD3HGFI$S
(VWDVHFXHQFLDFRLQFLGHFRQODTXH\DGLMLPRVGHD&RULQWLRV\TXHKHPRVLGRXELFDQGRDORODUJRGHHVWDH[SRVLFLRQ\VHUDGHHVH
PRGRTXHKDEUDTXHXELFDUWRGRVORVGHPDVSDVDMHVTXHQRVKDEOHQGHO-XLFLR
>@
7RUPHQWRSDUD6LHPSUH
(Q XQ WH[WR VLPEROLFR GH$SRFDOLSVLV VH KDEOD GH TXH HO KXPR GHO WRUPHQWR GH ORV LPSLRV VXEH SDUD VLHPSUH MDPDV $S  \ TXH
SUHYLDPHQWHKDELDQVLGRDWRUPHQWDGRVFRQIXHJR\D]XIUH\ORVTXHKDQUHFLELGRODPDUFDGHOD%HVWLDQRWLHQHQUHSRVRQLGHGLDQLGHQRFKH
"4XHVLJQLILFDWRGRHVWR"
(QSULQFLSLRGLJDPRVTXHDODKRUDGHLQWHUSUHWDUXQWH[WRGHEHPRVFRQFUHWDUHOOHQJXDMHTXHVHHVWDXVDQGR(VLQGXGDEOHTXHHOSRHWDSXHGH
WUDVPLWLUQRV XQ PHQVDMH FDUJDGR GH PHWDIRUDV ,QFOXVR HO HVFULWRU VDJUDGR HQ OD GHVFULSFLRQ GH OR HVFDWRORJLFR SXHGH UHFXUULU D IRUPXODV
FDUJDGDVGHLPDJHQHVTXHUHSUHVHQWDQXQDUHDOLGDGGHDFXHUGRDORVSHUVRQDMHV\HOHPHQWRVTXHHQWUDQHQIXQFLRQ'HDKLTXHHQHOJHQHUR
DSRFDOLSWLFR UHSOHWR GH HPEOHPDV \ ILJXUDV WHQJDPRV TXH DFWXDU FXLGDGRVDPHQWH /RV WHUPLQRV FRPR WRUPHQWR EDVDQRV
^DWRUPHQWDU EDVDQL]R`RSDUDVLHPSUHKHEUHRRODPJULHJRDLRQWHQGUDQGHQWURGHXQHQXQFLDGRILJXUDGRXQDGLPHQVLRQPX\GLVWLQWDD
ODTXHWUDGLFLRQDOPHQWHVHRIUHFH
3DUDFRPSUHQGHUHVWRHQUHODFLRQDOWH[WRTXHQRVRFXSDGLJDPRVWUHVFRVDVGHHQWUDGD
/DSULPHUDHQUHODFLRQFRQODH[WHQVLRQWHPSRUDOGHOOODPDGRWRUPHQWRTXHH[SHULPHQWDQORVTXHKDQDGRUDGRDOD%HVWLD\DVX,PDJHQQRVH
QRV GLFH VX GXUDFLRQ $S $KRUD ELHQ HO KHFKR GH TXH GLFKR WRUPHQWR VH HIHFWXH FRQ IXHJR \ D]XIUH SDUHFH HVWDU DOXGLHQGR D XQ
DFRQWHFLPLHQWRSRVWHULRUDO5HWRUQRGH&ULVWRXQDYH]WUDQVFXUULGRVORV0LODQRVTXH$SRFDOLSVLVQRVUHILHUH
&RQUHVSHFWRDTXHQRHQFXHQWUDQUHSRVRQLGHGLDQLGHQRFKHQRVHQRVHVSHFLILFDGHVGHFXDQGRQLKDVWDFXDQGRSHURODGHVFULSFLRQHQ
SUHVHQWHTXHVHUHDOL]DDSDUWLUGHODVHJXQGDIUDVHGHOYDQWHULRUPHQWHHQIXWXURSDUHFHTXHUHULQGLFDUQRVTXHH[LVWHHQDTXHOORVTXH
KDQDGRUDGRDOD%HVWLD\DVX,PDJHQ\UHFLEHQVXPDUFDXQDVLWXDFLRQGHDQJXVWLD\GHLQVHJXULGDGDSDUWLUGHOPRPHQWRHQTXHGHVDUUROODQ
HVDSOHLWHVLD
'RVPRPHQWRVSDUDORVTXHDGRUDQDOD%HVWLD\DVX,PDJHQODDGYHUWHQFLDGHXQMXLFLRSDUDHOIXWXUR$SD\ODFRQVWDWDFLRQGH
TXH\DHQHOSUHVHQWHWHUUHVWUHGHDTXHOORVTXHYLYHQHQXQDHSRFDUHODFLRQDGDFRQHOMXLFLRILQDOHQTXHVHGDODDGRUDFLRQDOD
%HVWLD\DVX,PDJHQUHFLELHQGRVXPDUFDQRWLHQHQUHSRVRQLGHGLDQLGHQRFKHXS
/DVHJXQGDWLHQHTXHYHUFRQORTXHSRGHPRVDSUHQGHUGHXQSDVDMHVHPHMDQWHGHO$7,VD$OOHHUORQRVGDUHPRVFXHQWDTXHWXYR
XQDDSOLFDFLRQORFDO$OHVWXGLDUORHQHVHFRQWH[WRVHQRVHQVHQDQGRVOHFFLRQHVTXHQRGHEHULDQROYLGDUVH8QDODVILJXUDVWHPSRUDOHVQRVH
DSDJDUDQLGHQRFKHQLGHGLDSHUSHWXDPHQWHVXELUDVXKXPRQXQFDMDPDVSDVDUDQDGLHSRUHOODQRWLHQHQXQYDORUPHGLEOHUHDOSXHVWR
TXH QL HO IXHJR QL HO KXPR FRQWLQXDQ UHDOL]DQGR OD ODERU TXH GH HOORV VH SUHGLFH (O QXQFD HO MDPDV QDGLH \ FRPR YHUHPRVPDV DGHODQWH
VLHPSUHRSHUSHWXDPHQWHWLHQHQHQPXFKDVRFDVLRQHVXQYDORUUHODWLYR\QRDEVROXWRGHSHQGLHQGRGHOSXQWRGHUHIHUHQFLDDOTXHKDFHQ
PHQFLRQ6LWRPDPRVFRPRHMHPSORSDUDLOXVWUDUHVWRODGHFODUDFLRQGHOHYDQJHOLRGHTXHD'LRVQDGLHOHYLRMDPDV-QQRVGDUHPRV
FXHQWD TXH ODV IRUPDV DEVROXWDV QDGLH \ MDPDV VH FRQYLHUWHQ HQ UHODWLYDV VL ODV VDFDPRV GHO REMHWR DO TXH KDFHQ DOXVLRQ ORV DQJHOHV YHQ HO
URVWURGHO3DGUH0W0RLVHVYLRODVHVSDOGDV,VDLDVYLRD<DKYH,VD
'RV HVDV ILJXUDV WHPSRUDOHV H[SUHVDGDV EDMR OD IRUPD LQGHILQLGD R LOLPLWDGD QR LPSLGHQ XQD FRQFOXVLRQ GH GHVWUXFFLRQ WUDQVIRUPDQGR D OD
ILJXUDWHPSRUDOHQXQYHKLFXORGHFRUDWLYRFRQXQDYDORUDFLRQGHDFXHUGRDOFRQWH[WR\DOPDWHULDOGHVWUXFWLEOH\SHUHFHGHURDOTXHVHGLULJHQ
<HOWHUFHUDVXQWRTXHTXHUHPRVSODQWHDUDQWHVGHSURIXQGL]DUHQHOVHQWLGRGHORVWH[WRVHVORDFFLGHQWDOGHOKXPRGHVXWRUPHQWRTXHVXEH
SDUDVLHPSUH
<DKHPRVSRGLGRGDUQRVFXHQWDGHOYDORUUHVWULQJLGRTXHSRVHHHQHOWH[WRGH,VDLDVHOVXVRGLFKRKXPRSDUDVLHPSUH$KRUDELHQ"TXHHVHO
KXPR"ODFRQWUDVHQDGHTXHODRSHUDFLRQVHKDOOHYDGRDFDERGHDFXHUGRDORSUHYLVWRODHYLGHQFLDGHTXHHOIXHJRKDUHDOL]DGRVXDFWLYLGDG
GHVWUXFWLYD < HVWR VH KD SHUSHWXDGR \D HV SDUD VLHPSUH (Q XQ FRQWH[WR ORFDO FRPR HQ OD HSRFD GH ,VUDHO HO SDUD VLHPSUH TXHGD
FLUFXQVFULWRDOKRUL]RQWHGHXQDYLGDD6DP([-RERGHXQDJHQHUDFLRQ([RGHOOLPLWHTXH
'LRV PLVPR KD LPSXHVWR OHDVH ,VD  \ FI   (Q XQ FRQWH[WR HVFDWRORJLFR HO SDUD VLHPSUH SXHGH WHQHU HQ FXHQWD
HVWRVGRVFRQFHSWRVHOGHXQYHUHGLFWRRVHQWHQFLDRMXLFLRTXHXQDYH]UHDOL]DGRKDTXHGDGRILMDGRSDUDVLHPSUHHVLQPXWDEOHRHVRPLVPR
MXQWRFRQODQHFHVLGDGGHTXHGXUDQWHXQWLHPSRGHWHUPLQDGRKDVWDTXHKDFXPSOLGRHOREMHWLYRLPSXHVWRHVWHVHULDHOOLPLWHGHOSDUDVLHPSUH
VHSURORQJXHODFRQWHPSODFLRQYLVXDORPHQWDOGHORVUHVXOWDGRVGHODGHVWUXFFLRQ
(O VHJXQGR DVSHFWR D WHQHU HQ FXHQWD SDUD OD FRPSUHQVLRQ GH ORV SDUUDIRV HQ FXHVWLRQ HV TXH HO FRQWH[WR PDV LQPHGLDWR QRV KDEOD GH ORV
LPSLRV FRPR TXH VRQ GHVWUXLGRV HQ HO PRPHQWR GH OD VHJXQGD YHQLGD GH &ULVWR $S   FI$S < XQD YH] UHVXFLWDGRV SDUD
UHFLELU VX FRQGHQD GHILQLWLYD -Q  XS FI $S  VLQ SRVLELOLGDG GH XQD WUDQVIRUPDFLRQ HQ LQPRUWDOLGDG H LQFRUUXSWLELOLGDG TXH VROR
SHUWHQHFHDORVFUH\HQWHVHQ&ULVWRFID7HVD&RUD-Q  D 7LP   5P VRQ GHYRUDGRV
FRQVXPLGRVSRUHOIXHJR$SVXIULHQGRHOMXLFLRGHODVHJXQGDPXHUWHRDQLTXLODFLRQGHILQLWLYD$S$HVWRWLHQHTXHUHIHULUVH
HOWLSRGHWRUPHQWRTXHVHDOXGHHQ$SRFDOLSVLV(QHIHFWRGHQXHYRSRGHPRVFKRFDUDTXLFRQHOSUHMXLFLRREVHVLYRGHTXHHOWRUPHQWR
WLHQH TXH VHU QHFHVDULDPHQWH XQ VXIULPLHQWR VLQ ILQ SHUR HQ OD YLGD UHDO WHUUHVWUH VH SXHGHQ H[SHULPHQWDU WRUPHQWRV TXH RFDVLRQDQ OD
GHVWUXFFLRQ GH OD H[LVWHQFLD WHUUHQDO< HQ FLHUWRV PRPHQWRV VH KDQ SRGLGR LQIOLJLU FLHUWRV WRUPHQWRV FRQ HO ILQ GHOLEHUDGR GH SURYRFDU OD
PXHUWH 'H DKL TXH HO WRUPHQWR SXHGD LPSOLFDU GHVWUXFFLRQ DXQ FXDQGR OD FRPSUHQVLRQ GH OD FDOLGDG GHO WRUPHQWR SXHGD VHU GLIHUHQWH
GHELGRDOFDUDFWHUGH'LRV
< HQ WHUFHU OXJDU QRV YHPRV REOLJDGRV D UHFXUULU D OD SURFHGHQFLD GHO VLJQLILFDGR RULJLQDO GHO WHUPLQR JULHJR EDVDQRV WRUPHQWR TXH HVWD
UHODFLRQDGRFRQODUDL]KHEUHDEKQ9HU*UDQGH/HVVLFRGHO1XRYR7HVWDPHQWRGH.LWWHOYRO,,RSFS
(O WHUPLQR JULHJR EDVDQRV SURYLHQH GH XQD SDODEUD HJLSFLD TXH VLJQLILFD SLHGUD GH WRTXH SDUD HO RUR 9HU '717 YRO ,9 S  HVWDQGR
DWHVWLJXDGRVXXVRHQHOJULHJRSURIDQRHLPSOLFDQGRHOVHQWLGRGHOLQVWUXPHQWRGHSUXHEDSRUHOTXHVHVDELDVLXQDPRQHGDHUDGHRURRSODWD
*/17YRO,,S(OKHEUHREDKRQTXHVHUHODFLRQDFRQHOJULHJREDVDQRVLGUHSURGXFHHVWDSUXHEDGHORURHQHOWH[WRGH-HUHPLDV
VV(VFXULRVRTXHODYHUVLRQJULHJDGHO$QWLJXR7HVWDPHQWR9HU&6%FRQFRUGDQFLD6HSWXDJLQWDGH%DJVWHUHQQLQJXQRGHORVWH[WRV
D6DP(]TGRQGHDSDUHFHODH[SUHVLRQJULHJDEDVDQRVWLHQHXQDFRQQRWDFLRQFRQHO
VHQWLGR TXH VH VXHOH GDU D OD SDODEUD WRUPHQWR PDV ELHQ VH UHODFLRQD FRQ HO PHWRGR R LQVWUXPHQWR GH SUXHED TXH GH QR VXSHUDUVH R
VDWLVIDFHUSURYRFDODPXHUWHGHVWUXFFLRQRHOIXURU
(QHO1XHYR7HVWDPHQWRQRWLHQHSRUTXHSHUGHULQGHSHQGLHQWHPHQWHGHODFRQQRWDFLRQFRQHOGRORUHVWHYDORUGHSUXHED
(O KHFKR GH TXH HO WH[WR TXH QRV RFXSD HVWD GHQWUR GH XQ OHJXDMH ILJXUDGR GHEH GHVWDFDUVH OD LQWHUSUHWDFLRQ HVSLULWXDO GHO WHUPLQR EDVDQRV
WRUPHQWRGHDFXHUGRDORTXH-6FKQHLGHUQRVGLFHHQHO*UDQGH/HVVLFRGHO1XRYR7HVWDPHQWR2SFSS
0HWDIRULFR SHUR DXQ DVL EDVWDQWH FHUFDQR D OR FRQFUHWR \ RULJLQDO HV HO VLJQLILFDGR GH EDVDQRV HQ HO DPELWR HVSLULWXDO GRQGH LQGLFD HO
LQVWUXPHQWRFULWHULRGHYDORUDFLRQ!!
/DILQDOLGDGGHODSUXHEDTXHVHSURSRQHRVHDHODVHJXUDUVHGHVXDXWHQWLFLGDGSXGRKDEHUFRQWULEXLGRDODWUDQVIRUPDFLRQVHPDQWLFDGH
EDVDQRV/DWRUWXUDGHKHFKRDQWHVTXHVHUXQLQVWUXPHQWRGHFDVWLJRHVXQPHGLRSDUDGHVFXEULUODYHUGDGRVHDXQLQVWUXPHQWRGHSUXHED!!
(VHYLGHQWHTXHODSDODEUDWRUPHQWRWLHQHRULJLQDULDPHQWHXQVLJQLILFDGRUHODWLYRDORTXHSXHGDVXSRQHUXQPHGLRGHSUXHEDFX\DDSOLFDFLRQ
QR UHSURGXFH HO UHVXOWDGR GHILQLWLYR KDEUD TXH HVSHUDU D VL HO REMHWR VREUH HO TXH VH SUR\HFWD HVH WRUPHQWR R PHWRGR GH SUXHED VXSHUD HO
EDUHPRSURSXHVWR(OWRUPHQWRHQVLPLVPRQRFRQGXFHREOLJDWRULDPHQWHDXQDSURORQJDFLRQGHOVXIULPLHQWRWRGRGHSHQGHUDGHODQDWXUDOH]D
GHODSUXHEDWRUPHQWR\GHODQDWXUDOH]DGHORTXHH[SHULPHQWDHOWRUPHQWRRPHWRGRGHHYDOXDFLRQ6LHOLQVWUXPHQWRGHSUXHEDHVHOIXHJR
X RWUR HOHPHQWR GHVWUXFWRU \ HO TXH OR UHFLEH HV GHVWUXFWLEOHSRUTXH QR WLHQH OD LQFRUUXSWLELOLGDG QL OD LQPRUWDOLGDG QRSDVDUD OD SUXHED \ VH
SRGULDDQDGLUTXHHOGLFWDPHQGHHVHWRUPHQWRRHYDOXDFLRQHVHWHUQRSDUDVLHPSUHRTXHVLUYHSRUORVVLJORVGHORVVLJORV
$KRUDHVWDPRV\DFDSDFLWDGRVSDUDSRGHUGDUXQVHQWLGRORPDVDFHUWDGRSRVLEOHDOWH[WRHQFXHVWLRQ$SD
/RVLPSLRVSDVDUDQSRUODSUXHEDWRUPHQWRGHOIXHJR(OKXPRVHQDOGHTXHHOIXHJRKDDFDEDGRFRQVXPLVLRQGHVWUXFWLYDFID3HG
HQ177DWHVWLJXDUDSRUWRGDODHWHUQLGDGTXHQRKDQVXSHUDGRODHYDOXDFLRQGHOIXHJR(VHWHVWLPRQLRGHTXHVXGHVWUXFFLRQVHKDFXPSOLGR
SDUD VLHPSUH \D QR KD\ SRVLELOLGDG GH KDFHU GHVDSDUHFHU OD GHVWUXFFLRQ FRPR RFXUUH FRQ OD SULPHUD PXHUWH HVWDUD HQ HO UHFXHUGR WDQWR
WLHPSRFRPRHOTXH'LRVKD\DGLVSXHVWRFRPROLPLWHGHOSDUDVLHPSUH
>@
3URIHVRUHVGH6DODPDQFD%LEOLD&RPHQWDGD,,,%$&0DGULGS
>@
'717GH&RHQHQYRO,9SSRHO+HEUHRGHO$QWLJXR7HVWDPHQWR'70$7YRO,,
>@
'717YRO,9S*/17YRO,S
>@
'(317YRO,,S
>@
9HUVREUHHVWRD'717YRO,9SS
>@
+(/27+HEUHZDQG(QJOLVK/H[LFRQRIWKH2OG7HVWDPHQWGH%URZQ'ULYHU%ULJJV*HVHQLXVRSF
>@
&LWDGRHQ6XEWLOH]DVGR(UURGH$%&KULVWLDQLQLRSFS
>@
/DPD\RUPHQWLUDFRPR\DKHPRVLQGLFDGRHQRWUROXJDUKDVLGRODGHQHJDUVXSURSLDSURFHGHQFLDFRPRFULDWXUD1LHJDVXRULJHQGHO
'LRV SHUVRQDO (O KHFKR GH DXWR DUURJDUVH HO VHU FRPR 'LRV VH PDQLILHVWD SRVWHULRUPHQWH HQ OD ILORVRILD TXH KD FRQWDPLQDGR D HVWD WLHUUD
GHVGH OD FXOWXUD EDELORQLFD OD PDWHULD VHULD HWHUQD \ HVWD KDEULD VDFDGR WDQWR DO 'LRV YHUGDGHUR FRPR D HO FROLJLHQGR TXH DPERV WLHQHQ HO
PLVPRRULJHQ
/D3DODEUDGH'LRV\ODSHUVRQDGH-HVXFULVWRGHVHQPDVFDUDQHVWDDFWLWXGPDOLJQD
>@
6LFRQVLGHUDUDPRVTXHHO'LDEORQRKXELHUDSDUWLFLSDGRHQHVHLQWHQWRGHRFXSDUOD1XHYD-HUXVDOHQ\WDQVROROHVKXELHUDLQVWUXLGR
HQWRQFHVGHILQLWLYDPHQWHORVHULDHQHO/DJRGH)XHJR\GHDFXHUGRDWRGDVODVFRQVLGHUDFLRQHVTXHKHPRVKHFKR
>@
$X[HFRXWHVGHO
(VSULWRSFS
>@
&KULVWLDQ)DLWKDQG/LIH0FPLOODQ1HZ<RUNS
>@
6HQRVFLWDGHUDVLFDPHQWHWDQWRHOWH[WRGH*HQHVLV\FRPRHOGH,VDLDV
&RQHOORVHUHIXHU]DODLGHDGHODUHDOLGDGKLVWRULFDGHO$UEROGHOD9LGD\GHODQHFHVLGDGGHWRPDUGHVXVKRMDVSDUDSHUSHWXDUODH[LVWHQFLD
SRUODHWHUQLGDG\GHORVYDORUHVWHPSRUDOHV\HVSDFLDOHV
'HVDEDGRHQVDEDGRVHLUDDQWHHO7DEHUQDFXORGH'LRVTXHHVOD1XHYD-HUXVDOHQ&HOHVWLDOSDUDDGRUDUHQFRPXQLGDG\XQVDEDGRDOPHV
VHWRPDUDQGHODVKRMDVGHO$UEROGHOD9LGDDILQGHKDFHUVHUHDOODLQPRUWDOLGDGFRQVHJXLGDSRU&ULVWR&RPR\DGLMLPRVHQRWUROXJDUQRVH
WUDWDGHDSOLFDUQRVGHPRGRLQPDQHQWHODLQPRUWDOLGDGVLQRGHKDEHUODREWHQLGRDILQGHTXH'LRVQRVODKDJDH[SHULPHQWDUSRUPHGLRGHODV
KRMDVGHO$UEROGHOD9LGDFI$S
>@
 (O SRHWD GH RULJHQ SRODFR \ SUHPLR 1REHO GH OLWHUDWXUD HQ  &]HVODZ 0LORV] OR LGHQWLILFDED FRQ HO 'LDEOR &RQWHQLGR HQ HO
'RPLQLFDOGH/D9DQJXDUGLDGH%DUFHORQD
>@
5HFRJLGRSRU$QWRQLR=DIUD/RV&LUFXORVGHO3RGHURSFS
>@
,G
>@
GH6HSWLHPEUHGHS
>@
 7HQJDPRV HQ FXHQWD TXH GLIHUHQWHV SHUVRQDV GLULJHQWHV GH JRELHUQR R QR SHUVRQDOLGDGHV FUH\HQWHV R DWHDV TXH FRQWULEX\HQ D XQ
PHMRUDPLHQWRGHQXHVWURHVWDQFLDHQHVWDWLHUUDDXQFXDQGRQRVEHQHILFLHPRVGHVXODERU\VHSXHGDYDORUDUSRVLWLYDPHQWHQRVLUYHQFRPR
PRGHORGHORTXHLPSOLFDODYROXQWDGGH'LRV(VODUHYHODFLRQGH'LRVORTXHWUDVPLWHHVHXQLFRPRGHOR
>@
5HFXHUGHVHORTXH\DGLMLPRVVREUHOD,QTXLVLFLRQ(VWHHVXQHMHPSORGHLQWHQWRGHGHGHVILJXUDFLRQGHOD+LVWRULDYHUSS
6HKDSHUPLWLGRTXHODSUHQVDWUDQVPLWLHUDXQDQRWLFLDHQHOVHQWLGRGHTXHHO3DSDTXHULDSHGLUSHUGRQUHVSHFWRDODLQTXLVLFLRQ3HURQDGD
PDVOHMRVGHODUHDOLGDG6LPSOHPHQWHVHWUDWDEDGHXQERUUDGRUTXHORVSDGUHVFRQFLOLDUHVKDELDQFRQIHFFLRQDGRSHURHQQLQJXQPRPHQWRHO
3DSDVHKDSURQXQFLDGRRILFLDOPHQWHYHU(FFOHVLDGHMXQLRGHSQLWDPSRFRSRGULDKDFHUOR
3HURLQFOXVRHVHERUUDGRUWDPSRFRFRQGHQDEDDOD,QTXLVLFLRQFRPRWDOVLQRDDOJXQRVTXHFRPHWLHURQFLHUWRVDFWRV
7RGRXQPRQWDMHSDUDGHVSLVWDUDODRSLQLRQSXEOLFD$KRUDVHSLHQVDFXDQGRQRKDVLGRDVLTXHHO3DSDKDFRQGHQDGRDOD,QTXLVLFLRQ6LHVWR
DFRQWHFLHUDVHHVWDULDFRQGHQDQGRDORV3DSDVTXHODFUHDURQEDMRXQDDFWLWXGPDJLVWHULDOSDUDVHJXQHOORVVDOYDJXDUGDUODYHUGDGHUDIHGHOD
KHUHMLD6HMXVWLILFRFRQXQDLQWHUSUHWDFLRQHUUDGDGHOD%LEOLDTXHWRGDYLDVHFRQVLGHUDFRUUHFWDSRUODWHRORJLDSDSDO
8QDSHWLFLRQGHDXWHQWLFRSHUGRQVXSRQGULDXQUHFRQRFLPLHQWRGHWRGD\FDGDXQDGHODVSHUVHFXFLRQHVUHOLJLRVDVTXHVHKDQSHUSHWUDGRHQOD
KLVWRULDGHVGH&RQVWDQWLQR
8QGHVSRMDUVHGHWRGRORTXHHO3DSDGRKDREWHQLGRFRPRFRQVHFXHQFLDGHHVDSHUVHFXFLRQUHOLJLRVD\GHODD\XGDGHOEUD]RVHFXODURHVWDWDO
3HGLUSHUGRQFRQOOHYDULDHOUHFRQRFHUTXHODDXWRULGDGFRQTXHHO3DSDGRVHKDLQYHVWLGRSDUDOOHYDUDFDERGLFKDLQVWLWXFLRQ\SHUVHFXFLRQHV
XQDDXWRULGDGLQYHQWDGD
>@
'HO3DSD-XDQ3DEOR,,HG3OD]D-DQHV%DUFHORQD3XHGHYHUVHXQFRPHQWDULRGHVXVLJQLILFDGRHLPSOLFDFLRQHQODVSDJLQDV

>@
(GLFLRQHQHVSDQROSRUHG&OLH7HUUDVVD%DUFHORQDSS
>@
 (Q HOKHPLVIHULR QRUWHDPHULFDQR HVHWLSR GH FULVLV QR VH KD GDGR SRU FXDQWR VH HVWD GDQGR HO PLVPR IHQRPHQR SHUR D OD LQYHUVD
0LHQWUDV TXH OD JUDQ FULVLV GHO FULVWLDQLVPR HQ (VWDGRV 8QLGRV KD VLGR FDPXIODGD PHGLDQWH OD FRQTXLVWD GHO FULVWLDQLVPR FRQVHUYDGRU
DUUDVWUDQGRDODVLJOHVLDVKLVWRULFDVDODXQLRQFRQHO(VWDGRQRUWHDPHULFDQRSHURFRQWDPLQDGRGHXQDDOWDGRVLVVHFXODUHQ(XURSDHOSURFHVR
KDVLGRORFRQWUDULRHO(VWDGRFRQVWLWXFLRQDOPHQWHVHGHVSHJRGHXQSDFWRFRQOD,JOHVLDDLVODQGROD\VHFXODUL]DQGROD(Q(XURSDHOGHVSHUWDU
YLHQH SRU HO DYDQFH LPSDUDEOH GHO &DWROLFLVPR TXH SUHWHQGH HULJLUVH FRPR SDUDGLJPD GH IH \ GH PRUDO (Q (VWDGRV 8QLGRV SRU XQ
IXQGDPHQWDOLVPR TXH HQFXHQWUD HQ HO &DWROLFLVPR \ HQ OD SROLWLFD GH SRGHU UHLQWHUSUHWDGD HQ ODV FODXVXODV FRQVWLWXFLRQDOHV GH OD SULPHUD
HQPLHQGDVXVPHMRUHVDOLDGRV9HUQRWDVQRGHHVWHFDSLWXOR
/DEXVTXHGDGHHVHREMHWLYRSROLWLFRHOGHODXQLRQRFRPELQDFLRQGH,JOHVLD\(VWDGRSRUODLJOHVLDSURWHVWDQWHHQ(VWDGRV8QLGRVGHPXHVWUD
OD SHUGLGD GH OD YHUGDGHUD IH HQ OD 3DODEUD \ HO TXHUHU DOFDQ]DU VX VHJXULGDG HQ HO PXQGR VHFXODU UHSUHVHQWDGR HQ OD FRQFHSFLRQ HVWDWDO
&XDQGRORKD\DFRQVHJXLGR\DQRSRGUDYHUODGHVWUXFFLRQGHORTXHSRGLDKDEHUVLGROD,JOHVLDGH-HVXFULVWRSHURTXH\DQRORTXHULDVHU
FXDQGRHPSUHQGLRGLFKRREMHWLYR/DPLVHULFRUGLDGH'LRVVHPDQLIHVWDUDHQWRQFHVGHDFXHUGRDORTXHSURSRQH$SRFDOLSVLVHOTXH
QXPHURVDVSHUVRQDVVHGHQFXHQWDGHTXHVHOHVKDDUUDVWUDGRDSHUPDQHFHUHQ%DELORQLD\TXHKDQGHVDOLUXUJHQWHPHQWHHQHVHPRPHQWR
KLVWRULFRWDQSHFXOLDUTXHPDUFDODDSRFDOLSWLFDRKLVWRULDDQWLFLSDGD
>@
,GS
/DFULVWLDQGDGDFWXDOLQWHQWDUHDQXGDUHOGLDORJRFRQVXDQWLJXRLQWHUORFXWRUHQFLFOLFDVFRPR3DFHPLQWHUULVGH-XDQ;;,,,\(FFOHVLDP
6XDPGH3DEOR9,LOXVWUDQODVWHQWDWLYDVDFWXDOHVGHDFHUFDPLHQWR\DVRFLDFLRQGHODFULVWLDQGDG\GHOPXQGR!!
/RVGLVWLQWRVHFXPHQLVPRVVHVLWXDQHQODPLVPDOLQHD\VRQKHFKRVGHODFULVWLDQGDGTXHLQWHUHVDQPX\SRFRDODYHUGDGHUD,JOHVLDGH
-HVXFULVWR!!
>@
*0LOORQ/
(JOLVHGH-HVXV&KULVWIDFHD,VUDHO5RPHOD5HIRUPHO
2HFXPHQLVPH(G/D%RQQH1RXYHOOH0XOKRXVHS
(QODFULVWLDQGDGURPDQDRUWRGR[DRSURWHVWDQWHXQDUHIRUPDUHDOHVSUDFWLFDPHQWHLPSRVLEOH\DTXHVLVHKLFLHUDVHJXQODYROXQWDGGHO
6HQRU OD FULVWLDQGDG GHMDULD GH H[LVWLU \ GHMDULD VX OXJDU D OD ,JOHVLD GH -HVXFULVWR (Q WHRULD SRGHPRV DGPLWLU OD SRVLELOLGDG GH HVH FDPELR
UDGLFDO DO PHQRV SDUD DOJXQD DVDPEOHD ORFDO SULYLOHJLDGD SHUR ORV KHFKRV SDUHFHQ QHJDU HVWD SRVLELOLGDG (Q OD KLVWRULD QR YHPRV
DJUXSDPLHQWRVORFDOHVOLEHUDQGRVHHQEORTXH\HVWRHVGHELGRVLQGXGDDOJXQDDTXHODVLJOHVLDVHVWDQIRUPDGDV\DYHFHVHQVXPD\RULDSRU
LQFRQYHUVRVSRUHVWDUD]RQODVWUDQVIRUPDFLRQHVQRSXHGHQVHUGHWLSRHVSLULWXDOVLQRVRODPHQWHUHOLJLRVDV/DXQLFDVROXFLRQDOSUREOHPDHV
TXHORVKLMRVGH'LRVVDOJDQGHODFULVWLDQGDG!!
$GH*DVSDULQ
(OYHUGDGHURSULQFLSLRGHODUHIRUPDHVHOUHWRUQRSXUR\VLPSOHDODDXWRULGDGGHODV(VFULWXUDV!!/HV(FROHVGH'RXWHHWO
(FROHGHOD
)RLS
/RTXHODUHIRUPDFRPHQ]RQRORWHUPLQRVHGHWXYRDQWHVGHKDEHUUHHQFRQWUDGRORVYHVWLJLRVGHOD,JOHVLDGH-HVXFULVWR(VQHFHVDULR
DFDEDUOD5HIRUPD<"TXHHVOD5HIRUPD"(VXQUHWRUQRSXUR\VLPSOHDOFULVWLDQLVPRSULPLWLYRDOPRGHORDSRVWROLFR/DUHIRUPDGHOGRJPD
VHUHPRQWDKDVWDORVDSRVWROHVOD5HIRUPDGHOD,JOHVLDWDPELHQVHUHPRQWDUDDHOORV!!,GSS
1XHVWUR SURJUDPD HV ELHQ VHQFLOOR 1R LQYHQWDU QDGD YROYHU D OR DQWLJXR 1R UHDFFLRQDU HQ FRQWUD GH OD 5HIRUPD VLQR FRQWLQXDUOD
FRQWLQXDUODUHVWDXUDFLRQGHODDXWRULGDGGHVSRMDQGRQRVGHORTXHDXQWHQHPRVGHOFDWROLFLVPR\GHMDQGRQRVPROGHDUKXPLOGHPHQWHSRUORTXH
ODV(VFULWXUDVQRVGLFHQ\SRUORTXHORVDSRVWROHVKLFLHURQ!!/XWKHUHWOD5HIRUPHDX;9,VLHFOHS
3-DODJXLHU
/DGRFWULQDHFOHVLDOGHOSURWHVWDQWLVPRDOLJXDOTXHVXGRFWULQDGRJPDWLFDGHEHUHSURGXFLUGHPDQHUDLQWHJUDODGRFWULQDELEOLFDHVWDHVOD
FRQGLFLRQGHVXSRGHU\GXUDELOLGDGSXHVHVWDHVODUD]RQGHVXH[LVWHQFLD(OSURWHVWDQWLVPRHV HO ELEOLFLVPR R QR HV QDGD VL SLHUGH HVWD
EDVHSLHUGHVXIXQGDPHQWR\VHLQFOLQDUDKDFLDHOFDWROLFLVPRKDFLDHOUDFLRQDOLVPRRKDFLDHOLOXPLQLVPR!!'HO
(JOLVHS
5XEHQ6DLOOHQV
/D UHIRUPD IXH LQFRPSOHWD 'HYROYLR OD %LEOLD DO PXQGR SHUR QR OH GHYROYLR OD ,JOHVLD SULPLWLYD 3RU OR WDQWR SRGHPRV DILUPDU TXH HO
SURWHVWDQWLVPRIXHYLFLDGRGHVGHHOSULQFLSLRSRUODOHYDGXUDGHSDSLVPRTXHFRQVHUYRFRQIXVLRQGHOD,JOHVLD\GHODQDFLRQ/DUHOLJLRQGHO
IXWXUR QR VHUD QL HO FDWROLFLVPR QL HO SURWHVWDQWLVPR SXHVWR TXH DXQ HVWDQGR VHSDUDGRV HQ PXFKRV SXQWRV HVWRV GRV VLVWHPDV UHOLJLRVRV VH
SDUHFHQ HQ TXH DPERV KDQ PXWLODGR OD LQVWLWXFLRQ GLYLQD SRU H[FHOHQFLD OD ,JOHVLD GH -HVXFULVWR /D UHOLJLRQ GHO IXWXUR QDFHUD GH XQ UHWRUQR
SXUR\VLPSOHDO1XHYR7HVWDPHQWRIXHQWHGHODYLGDLQGLYLGXDO\GHODYLGDFROHFWLYDXQLFRFRGLJR\VLHPSUHDFWXDOGHORVUHJHQHUDGRV\GHOD
VRFLHGDGGHUHJHQHUDGRV!!(FKRGHOD9HULWHFLWDGRSRU)UDQFXVSS
(PLO%UXQQHU
/DVVHQDOHVGHODYHUGDGHUD,JOHVLDKR\QRSRGHPRVFRQRFHUODVDODOX]GHODVFRQIHVLRQHVGHIHGHORV5HIRUPDGRUHVVLQRXQLFDPHQWHDOD
OX]GHOD%LEOLD!!/HV(JOLVHVOHVJURXSHVHWO
(JOLVHGH-HVXV&KULVWSS
/D QRFLRQ GH ,JOHVLD TXH FLUFXOD HQ ORV SDLVHV SURWHVWDQWHVQR YLHQH VRODPHQWH GHO 1XHYR 7HVWDPHQWR VLQR WDPELHQ GH OD LQIODFLRQ GH OD
,JOHVLD EDMR &RQVWDQWLQR HQ  3RU HVD UD]RQVLHPSUH GHEHPRV SUHJXQWDUQRV "4XH GHEHPRV JXDUGDU \ TXH GHEHPRV GHVHFKDU GH OD
KHUHQFLDTXHQRVGHMR&RQVWDQWLQR
(OFDUDFWHUGHDXWHQWLFLGDGGHOD,JOHVLDVXPHQVDMH\VXHQVHQDQ]DGHEHQPHGLUVHFRQHOSDWURQELEOLFR!!LG
.DUO%DUWK
/D,JOHVLDGHFDGDHSRFDVXEVLVWHRFDHHQODPHGLGDHQTXHVHIXQGDPHQWDVREUHHOWHVWLPRQLRELEOLFRGHODUHYHODFLRQTXHVLJXHVLHQGROD
QRUPDSDUDQXHVWURVGLDVWDO\FRPRIXHHQWLHPSRGHORVSDGUHV!!/DIXHQWHXOWLPDHVODQRUPDILQDO(VWHIXHTXLHQGLMRGHXQDYH]\SDUD
VLHPSUH$TXHOTXHRVHVFXFKDDPLPHHVFXFKD!!'LH6FKULIWXQGGLH.LUFKH=ROOLNRQS
1RKD\OXJDUSDUDXQDDXWRULGDGHFOHVLDOTXHQRVHDOD3DODEUDGH'LRVHQVXWHVWLPRQLRELEOLFR!!/
(JOLVHS
$FDVRODYHUGDGHUDVHSDUDFLRQHQWUHQRVRWURVQRHVHQWRGDVODV,JOHVLDVODTXHGLYLGHGHXQDPDQHUDGHSHQVDUELEOLFD\RWUDKXPDQLVWD
QRELEOLFD!!)RLHW9LHS
5RODQGGH3XU\
(QHOPRPHQWRHQTXHOD,JOHVLDFDWROLFDLQWHQWDHQGHUH]DUVH"TXHSHQVDUGHXQSURWHVWDQWLVPRTXHHQPXFKDVFRVDVHVPDVURPDQRTXH
HO SURSLR FDWROLFLVPR" (V FLHUWR TXH HO FDWROLFLVPR KD LQWHJUDGR SDUWH GH SDJDQLVPR HQ VX VLVWHPD SHUR FRQWURODQGROR PLHQWUDV TXH HO
SURWHVWDQWLVPR GHVSXHV GH KDEHUOR UHFKD]DGR GH IRUPD PDQLILHVWD OR KD YXHOWR D DGPLWLU FDVL VLQ GXGDUOR SDUD GHMDUVH FRUURHU SRU HVWD
LQIOXHQFLDH[WUDQMHUD!!&LWDGRSRU-GH6HQDUFOHQV/D5HIRUPH+LHUHW$XMRXUG
KXLS
3XULILFDUOD,JOHVLDHVWHVHULDHOREMHWLYRGHOD5HIRUPD3XULILFDUODGHWRGDLQIOXHQFLDH[WUDQDDO(YDQJHOLRVHDTXHYHQJDGLUHFWDPHQWH
GHIXHUDRGHVXVSURSLDVWUDGLFLRQHV<SDUDHVWRRSHUDUXQDUHYLVLRQVLVWHPDWLFDGHVXVGRFWULQDV!!LGS
>@
<DKHPRVGHMDGRFODURHQGLYHUVDVRFDVLRQHVTXHODVSODJDVIXHURQGHFUHDFLRQKXPDQD\TXHVXSUR\HFFLRQVHHMHFXWDPHGLDQWHHO
VROWDU ORV YLHQWRV UHWHQLGRV TXH LPSHGLDQ WRGD VX PDQLIHVWDFLRQ 'LRV DO GHMDU GH UHWHQHU ODV XWLOL]D PRVWUDQGR OD LQHILFDFLD GH XQ VLVWHPD
KXPDQRSDUDVXEVLVWLUHQODWLHUUDLQGHSHQGLHQWHPHQWHGH'LRV$OPLVPRWLHPSRTXHHQYLDXQPHQVDMHGHPLVHULFRUGLDDVXSXHEORTXHHQ
HVRVLQVWDQWHVVHHQFXHQWUDDFRUUDODGRSRUODDQJXVWLDPHQWDO
>@
 3HUSHWXDU OD H[LVWHQFLD HQ OD WLHUUD PHGLDQWH XQD XWRSLFD SD] JOREDO HFRQRPLD JOREDO HFRORJLD JOREDO UHOLJLRQ JOREDO VXSRQH QR
XQLFDPHQWHSHUSHWXDUODPXHUWH\ODHQIHUPHGDGVLQRORPDVJUDYHGHVYDORUL]DODUHGHQFLRQFRQVHJXLGDSRUHO&RUGHUR(OSHFDGR\HOPDO
VXEVLVWLULDQ \ OD UHGHQFLRQ GH ORVHVFRJLGRV R SXHEOR GH 'LRV SHUPDQHFHULD LQDFDEDGD /D UHGHQFLRQ HQ &ULVWR LPSOLFD REOLJDWRULDPHQWH OD
OLEHUDFLRQGHYLYLUHQHVWDWLHUUD
>@
/D%HVWLDHVGHRULJHQ\QDWXUDOH]D'UDJRQLDQD&I$SWDOFRPR\DKHPRVH[SOLFDGR3HURODDFWXDFLRQGHOD%HVWLD'UDJRQ
VREUHODVFDEH]DV\ORVFXHUQRVFRQILJXUDXQDFRQFHSFLRQ(VWDWDOTXHKDFHVXUJLUHQODKLVWRULDWUDVFHQGLGDSRUHO'UDJRQFI$S
HOTXHVHSUHVHQWHHVD%HVWLDFRQSHUVRQDOLGDGSURSLDLQGHSHQGLHQWHPHQWHGHVXRULJHQ\QDWXUDOH]D'UDJRQLDQD(QHO$UPDJHGRQ
FRPR \D HVWXGLDPRV HQ VX PRPHQWR HO 'UDJRQ VH KDFH SUHVHQWH SHUVRQLILFDQGRVH HQ HVSLULWXV GH GHPRQLRV \ RULHQWDQGR D ORV SRGHUHV
UHSUHVHQWDWLYRV GH HVWD WLHUUD FRQILJXUDGRV VLPEROLFDPHQWH HQ HO )DOVR 3URIHWD \ %HVWLD SULPHUD HQ XQD DFWLWXG TXH UHFODPD XQ SRGHU
VREUHQDWXUDOHYLGHQFLDGRHQHVSLULWXVGHGHPRQLRV6HUHVDQJHOLFRVFDLGRVVHPDWHULDOL]DQFRPRVLIXHUDQVHUHVKXPDQRVSHUVLVWLHQGRHQOD
LGHRORJLDHQJDQDGRUDGHO'UDJRQFI$SGHXQPRGRFRPEDWLYRDQWHHOFRQIOLFWRILQDOTXHVHOHVDYHFLQD
>@
 +HPRV TXHULGR FLWDUOR DKRUD SDUD TXH QR TXHGDUD HQ HO DQRQLPDWR GHQWUR GH XQD UHWDKLOD GH DXWRUHV )HUQDQGR 6DYDWHU HQ VX OLEUR
3DUDODDQDUTXLD\RWURVHQIUHQWDPLHQWRHGLF2UELV%DUFHORQD^SXEOLFDGRSRUSULPHUDYH]HQ>7XWVTXHWVHGLWRU@`SGHFLD
\D
$ODQDFLRQVHODFRPHSRUORDOWRHO\DFDVLLQRFXOWDEOHPHQWHXQLFR(VWDGR0XQGLDO,QGXVWULDO$YDQ]DGRFX\DXQLFLGDGWRGDYLDVHYHDOJR
HVFDPRWHDGDDRMRVVXSHUILFLDOHVSRUODVGLYHUVDVTXHUHOODVDGPLQLVWUDWLYDVTXHVXJHUHQFLDVXVFLWDHVSHFLDOPHQWHHQORWRFDQWHDFXHVWLRQHV
GHSURGXFWLYLGDG\UHSDUWRGHEHQHILFLRV
>@
&LWDGRHQ(O&HQWLQHOD2FWXEUHGH
>@
3DUDHVHHQWRQFHVODRSLQLRQSXEOLFDPXQGLDOKDEUDDOFDQ]DGRXQDRULHQWDFLRQHUURQHDGHFRPRVHHIHFWXDHOILQGHHVWDKLVWRULD/D
FRQIXVLRQ TXH UHVXOWD GH LQWHUSUHWDFLRQHV TXH VREUH HO ILQ GHO PXQGR VH KD HVWDGR SURSDJDQGR PHGLDQWHSHOLFXODV RILOPV \OLEURV FRQ
FRQWHQLGRV LQFRKHUHQWHV TXH GHVYDORUL]DQ D OR TXH OD DSRFDOLSWLFD LQGLFD (Q GLFKDV H[SRVLFLRQHV VH DOXGH DO $SRFDOLSVLV SHUR FRQ XQ
WUDWDPLHQWRWDQIDWDO\HUURQHRTXHDODSHUVRQDVHOHSUHSDUDDQRFRQILDUHQH[SRVLFLRQDOJXQDRDUHFKD]DUODDXWHQWLFD(OPDOVHSUHVHQWD
FRPRFRQWUDULRDOPXQGRVRFLDOFXDQGRHQODUHDOLGDGDSRFDOLSWLFDHOPDOVHSUHVHQWDFRPRDILQDOPXQGRVRFLDOSUHVHQWHFRPRHORULJLQDGRUH
LQVWLJDGRUGHODFLYLOL]DFLRQWHUUHVWUHKDELHQGRVDELGRFRQWDPLQDUHOELHQFRQHOPDOORSRVLWLYRFRQORQHJDWLYRHQRSRVLFLRQDODYROXQWDGGHO
'LRV&UHDGRU\5HGHQWRUTXHVHUHYHOD
&UHHPRVTXHFRQHVWHOLEURHVWDPRVRIUHFLHQGRXQVHUYLFLRDODKXPDQLGDGDILQGHSRGHUFRPSUHQGHUHOVHQWLGRGHODKLVWRULD\HOVHQWLGR
GH OD TXH VH GD SRU DQWLFLSDFLRQ OD DSRFDOLSWLFD ELEOLFD FX\RV WUD]RV FXPSOLGRV JDUDQWL]DQ OD YHUDFLGDG GH OR TXH IDOWD SRU FXPSOLUVH< OD
PHWRGRORJLDXWLOL]DGDSDUDHQVHQDUORVWUD]RVFXPSOLGRVGHHVDKLVWRULDDQWLFLSDGDGHODDSRFDOLSWLFDPXHVWUDTXHHOPHWRGRHPSOHDGRVHULDHO
FRUUHFWRDDSOLFDUHQORVWUD]RVTXHWRGDYLDQRKDQOOHJDGRDVXFXPSOLPLHQWR
>@
6HWLHQHQTXHFXPSOLUFXDWURREMHWLYRVEDVLFRVVLPXOWDQHRV
7RGRHOPXQGRORYHUD7RGDVODVQDFLRQHVVLQH[FHSFLRQVXJORULDOOHQDUDWRGDODWLHUUD$S
/DVQDFLRQHV\JRELHUQRVGHOPXQGRMXQWRDORVTXHQRKDQTXHULGRSHUWHQHFHUDO5HLQRGH'LRVVHUDQDSDUWDGRVGHDFXHUGRDO
SODQGH'LRV$S'Q
/LEHUDFLRQGHOSXHEORGH'LRVTXHQRTXLHUHTXHVHSHUSHWXHHQODWLHUUDODHQIHUPHGDGHOVXIULPLHQWR\ODPXHUWH5HVXUUHFFLRQ
H[FOXVLYDPHQWHGHORVMXVWRVGHORVPXHUWRVHQ&ULVWRD7HVDORQLFHQVHVFI&RUXQFLHUWRPRPHQWRDQWHVGHOD
6HJXQGD9HQLGD
 7UDVODFLRQ D ORV FLHORV \ WUDQVIRUPDFLRQ VLPXOWDQHD GH ORV PXHUWRV HQ &ULVWR UHVXFLWDGRV \ GH OD JHQHUDFLRQ XOWLPD GH
FUH\HQWHVHQ&ULVWRTXHHVWDUDYLYDFXDQGR-HVXFULVWRYXHOYDD7HVDORQLFHQVHVFID&RU