Está en la página 1de 68

6(5,(










 SROtWLFDVVRFLDOHV









3 URWHFFLyQVRFLDO
HQOD$UJHQWLQD

)DELiQ5HSHWWR
)HUQDQGD3RWHQ]D'DO0DVHWWR






'LYLVLyQGH'HVDUUROOR6RFLDO

6DQWLDJRVHSWLHPEUHGH


(VWH GRFXPHQWR KD VLGR SUHSDUDGR SRU )DELiQ 5HSHWWR FRQVXOWRU GH OD 'LYLVLyQ GH 'HVDUUROOR 6RFLDO GH OD
&(3$/ \ )HUQDQGD 3RWHQ]D 'DO 0DVHWWR DOXPQD GHO 'RFWRUDGR HQ &LHQFLDV 6RFLDOHV GH OD 8QLYHUVLGDG GH
%XHQRV $LUHV HQ HO PDUFR GH ODV DFWLYLGDGHV GHO FRPSRQHQWH ³$VLVWHQFLD VRFLDO UHGXFFLyQ GH OD SREUH]D \
UHGLVWULEXFLyQ GHO LQJUHVR D WUDYpV GH ORV SURJUDPDV GH WUDQVIHUHQFLDV FRQGLFLRQDGDV´ GHO SURJUDPD GH
FRRSHUDFLyQ GH OD &(3$/ \ OD $JHQFLD 6XHFD GH &RRSHUDFLyQ ,QWHUQDFLRQDO SDUD HO 'HVDUUROOR $VGL  ±
³3URWHFFLyQVRFLDOHLQFOXVLyQVRFLDOHQ$PpULFDODWLQD\HO&DULEH´
8QD YHUVLyQ SUHOLPLQDU GHO GRFXPHQWR IXH SUHVHQWDGD HQ HO VHPLQDULR 'LiORJRV GH SURWHFFLyQ VRFLDO /D
SURWHFFLyQ VRFLDO DUJHQWLQD HQ SHUVSHFWLYD ODWLQRDPHULFDQD UHWRV GH LQFOXVLyQ H LQWHJUDOLGDG RUJDQL]DGR
FRQMXQWDPHQWH SRU &(3$/ &,33(& )XQGDFLyQ 7]HGDNi \ 8QLYHUVLGDG GH 6DQ $QGUpV TXH WXYR OXJDU HQ
%XHQRV$LUHV$UJHQWLQDHOGHDEULOGH
/DVRSLQLRQHVH[SUHVDGDVHQHVWHGRFXPHQWRTXHQRKDVLGRVRPHWLGRDUHYLVLyQHGLWRULDOVRQGHODH[FOXVLYD
UHVSRQVDELOLGDGGHODDXWRUD\SXHGHQQRFRLQFLGLUFRQODVGHOD2UJDQL]DFLyQ


3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
,661
/&/
&RS\ULJKW‹1DFLRQHV8QLGDVVHSWLHPEUHGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH

/RV (VWDGRV PLHPEURV \VXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6RORVH
OHVVROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ
&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

ËQGLFH

,QWURGXFFLyQ
, /DVSULQFLSDOHVWHQGHQFLDVGHODVLWXDFLyQVRFLRHFRQyPLFD\HO
JDVWRVRFLDOHQ$UJHQWLQDGHORVDxRVQRYHQWDDODDFWXDOLGDG
$ 6LWXDFLyQHFRQyPLFD\VRFLDOGXUDQWHODV~OWLPDVGpFDGDV
&UHFLPLHQWRHFRQyPLFR
 0HUFDGRGHWUDEDMR
 3REUH]DHLQGLJHQFLD
 'LVWULEXFLyQGHOLQJUHVR
% /DSURWHFFLyQVRFLDOHQOD$UJHQWLQDXQDPLUDGDGHVGH
HOJDVWRVRFLDO
 &DUDFWHUtVWLFDVGHOJDVWRS~EOLFRVRFLDOFRQVROLGDGR
 &DUDFWHUtVWLFDVGHOJDVWRVRFLDOGHOJRELHUQRQDFLRQDO
,, /DVWUDQVIRUPDFLRQHVGHODSURWHFFLyQVRFLDOHQ$UJHQWLQD
HQODV~OWLPDVGRVGpFDGDV
$ 7UDQVIHUHQFLDVPRQHWDULDV
 &RPSRQHQWHFRQWULEXWLYRGHODSUHYLVLyQVRFLDO
 &RPSRQHQWHQRFRQWULEXWLYRGHODSUHYLVLyQVRFLDO
 7UDQVIHUHQFLDVPRQHWDULDVFRQFRQWUDSUHVWDFLRQHV
\RFRQGLFLRQDOLGDGHV
% 6DOXG
 &DUDFWHUtVWLFDVGHOVLVWHPDGHVDOXG\VXFREHUWXUD
HQOD$UJHQWLQD
 (OJDVWRHQVDOXG
 3ULQFLSDOHVWUDQVIRUPDFLRQHVHQODVSROtWLFDVGHVDOXG
GXUDQWHODV~OWLPDVGRVGpFDGDV
& (GXFDFLyQ



&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

 &DUDFWHUtVWLFDVGHOVLVWHPDGHHGXFDFLyQ\FREHUWXUDHQ$UJHQWLQD
 3ULQFLSDOHVWUDQVIRUPDFLRQHVHQODVSROtWLFDVHGXFDWLYDVGXUDQWH
ODV~OWLPDVGRVGpFDGDV
' 2WUDVLQWHUYHQFLRQHVHVWDWDOHVGHSURWHFFLyQVRFLDO
 3ROtWLFDDOLPHQWDULD
 0LFURFUpGLWRV
 $JXDVDQHDPLHQWR\YLYLHQGD
 ,QLFLDWLYDVTXHEXVFDQODFRRUGLQDFLyQGHSURJUDPDV
( 8QDPHQFLyQHVSHFLDOODVDFFLRQHVIUHQWHDODFULVLVUHFLHQWH
,,, &RQFOXVLRQHV\DSUHQGL]DMHV
%LEOLRJUDItD
$QH[R
$QH[R$OJXQDVSURSXHVWDVFRQFUHWDVSDUDGHEDWLU
6HULH3ROtWLFDVVRFLDOHV1~PHURVDQWHULRUHV

ËQGLFHGHFXDGURV
&8$'52 Ë1',&('(352*5(6,9,'$''(/*$672
325352*5$0$<)81&,Ï1
&8$'52 *$672'(/*2%,(5121$&,21$/325),1$/,'$'
<)81&,Ï1 (10,//21(6'(3(626<325&(17$-(6
'(9$5,$&,Ï1 
&8$'52 35,1&,3$/(6352*5$0$662&,$/(6(1(/35(6838(672
<9$5,$&,Ï1 (10,//21(6'(3(626<
325&(17$-(6'(9$5,$&,Ï1 
&8$'52 6,08/$&,Ï1'(/,03$&72',5(&7262%5(/$32%5(=$
</$'(6,*8$/'$''(/$6$6,*1$&,21(681,9(56$/(6
&8$'52 5$6*266$/,(17(6'(/26',)(5(17(668%6(&725(6
'(/6,67(0$'(6$/8'
&8$'52 325&(17$-('(/*$672(16$/8'6(*Ò11,9(/(6'(*2%,(512
$f26< 
&8$'52 &$17,'$''(35È&7,&$6),1$1&,$'$6325(/3/$11$&(5
'(&203520,626686&5,726&21()(&725(6<'(5(&85626
(-(&87$'26$
&8$'52 6,78$&,Ï1$&78$/'(,1',&$'25(6'(
75$<(&725,$6('8&$7,9$6
&8$'52 5(68/7$'26358(%$3,6$(1',)(5(17(63$Ë6(6
&8$'52 325&(17$-('(/*$672(1('8&$&,Ï16(*Ò11,9(/(6'(*2%,(512
$f26<
&8$'52 35,1&,3$/(60(7$635(6838(67$5,$63$5$(/316$

ËQGLFHGHJUiILFRV
*5È),&2 7$6$'(&5(&,0,(172(&21Ï0,&2±
*5È),&2 (92/8&,Ï1'(/$7$6$'('(62&83$&,Ï1
727$/'($*/20(5$'2685%$126
*5È),&2 (92/8&,Ï1'(/$7$6$'((03/(2125(*,675$'2
727$/'(&21*/20(5$'2685%$126
*5È),&2 (92/8&,Ï1'(/$352325&,Ï1'(75$%$-$'25(648(
3(5&,%(1816$/$5,2,1)(5,25$/$&$1$67$%È6,&$
727$/'(&21*/20(5$'2685%$126
*5È),&2 (92/8&,Ï1'(/325&(17$-('(32%/$&,Ï1&21,1*5(626
325'(%$-2'(/$/Ë1($'(32%5(=$(,1',*(1&,$


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

*5È),&2 (92/8&,Ï1'(/$%5(&+$'(,1*5(62648,17,/48,17,/

*5È),&2 (92/8&,Ï1'(/&2(),&,(17('(*,1,
*5È),&2 (92/8&,Ï1'(/*$6723Ò%/,&2325),1$/,'$'
&202325&(17$-('(/*$672727$/
*5È),&2 (92/8&,Ï1'(/*$67262&,$/&2162/,'$'2
&202325&(17$-('(/3,%±
*5È),&2 (92/8&,Ï1'(/*$6723Ò%/,&262&,$/325)81&,Ï1&202
325&(17$-('(/*$6723Ò%/,&262&,$/727$/
*5È),&2 ',675,%8&,Ï1'(/*$6723Ò%/,&262&,$/325)81&,21(6
<1,9(/(6'(*2%,(512
*5È),&2 352325&,Ï148(5(35(6(17$&$'$58%52'(/*$672
(15(/$&,Ï1&21(/727$/'(/*$672'(/*2%,(512
1$&,21$/
*5È),&2 352325&,Ï148(5(35(6(17$&$'$58%52'(/*$67262&,$/(
15(/$&,Ï1&21(/727$/'(/*$67262&,$/'(/*2%,(512
1$&,21$/
*5È),&2 (92/8&,Ï1(1/$63(16,21(6$6,67(1&,$/(6<727$/
'(3(16,21(612&2175,%87,9$61Ò0(52'(%(1(),&,$5,26
$ 
*5È),&2 &$17,'$''(%(1(),&,$5,26'(/3/$11$&(5$f26$
*5È),&2 (92/8&,Ï1'(/$67$6$6'(0257$/,'$',1)$17,/
$ <0$7(51$ % 727$/3$Ë6$f26
*5È),&2 (92/8&,Ï1'(/$7$6$'($1$/)$%(7,602
<
*5È),&2 (92/8&,Ï1'(/$7$6$1(7$'((6&2/$5,=$&,Ï1'(1,9(/
35,0$5,2<6(&81'$5,2<
*5È),&2 ,1',&$'25(6%È6,&269,1&8/$'26$$*8$6$1($0,(172
<9,9,(1'$$f26<


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

,QWURGXFFLyQ

/D SUHRFXSDFLyQ HQ iPELWRV YLQFXODGRV DO FRQFHSWR FRQWHPSRUiQHR GH


SURWHFFLyQ VRFLDO KD HVWDGR SUHVHQWH GH GLYHUVDV IRUPDV HQ HO GHEDWH
SROtWLFR\VRFLDODORODUJRGHODKLVWRULDGH$UJHQWLQD/DSURSLDJpQHVLV
GH OD LQWHUYHQFLyQ VRFLDO GHO (VWDGR HQ HO SDtV D LQLFLRV GHO VLJOR ;;
HVWXYR IXHUWHPHQWH OLJDGD D OD FXHVWLyQ GH FyPR SURWHJHU D ORV
WUDEDMDGRUHV HQ HO PDUFR GH XQD ³FXHVWLyQ VRFLDO´ TXH FRPHQ]DED D
PDQLIHVWDUVH FRPR FUtWLFD D OD OX] GH ODV PDQLIHVWDFLRQHV HYLGHQWHVGHOD
H[FOXVLyQ TXH JHQHUDED HO PRGHOR DJURH[SRUWDGRU GH HQWRQFHV $ SDUWLU
GH OD GpFDGD GH ORV FXDUHQWD FRQ OD HPHUJHQFLD GHO SHURQLVPR HQ HO
VLVWHPD SROtWLFR OD SURWHFFLyQ VRFLDO TXHGy LGHQWLILFDGD SOHQDPHQWH FRQ
FXHVWLRQHV WDOHV FRPR OD GHIHQVD GH ORV GHUHFKRV GH ORV WUDEDMDGRUHV
IRUPDOHV \ODVHJXULGDGVRFLDOFRQWULEXWLYD/DVVXFHVLYDVFULVLVSROtWLFDV
\ VRFLRHFRQyPLFDV TXH VH GHVDWDURQ HQ ODV ~OWLPDV GpFDGDV IXHURQ
GHVGLEXMDQGR OD SHUFHSFLyQ FROHFWLYD TXH VH WHQtD VREUH OD SURWHFFLyQ
VRFLDO KDVWD WLHPSRV UHFLHQWHV GRQGH pVWD KD FRPHQ]DGR D UHDSDUHFHU
FRPRSDUWHGHOGHEDWHSROtWLFRLQFRUSRUDQGRODDWHQFLyQVREUHODFXHVWLyQ
GHODSREUH]DODYXOQHUDELOLGDG\VXVYtQFXORVFRQODLQIRUPDOLGDGODERUDO
3HVH D OR DQWHULRU HO DQiOLVLV GH ODV FDUDFWHUtVWLFDV GH OD PDWUL] GH
SURWHFFLyQ VRFLDO HQ OD $UJHQWLQD HQIUHQWD DOJXQDV OLPLWDFLRQHV (Q SULPHU
OXJDUGHELGRDTXHHOPLVPRFRQFHSWRGHSURWHFFLyQVRFLDOKDFRPHQ]DGRD
VHUUHGLVFXWLGRUHFLpQHQORV~OWLPRVDxRV\D~QFRH[LVWHQGLYHUVRVHQIRTXHV
HQ VX DERUGDMH (VWR H[SOLFD HQ VHJXQGR WpUPLQR TXH OD QRPHQFODWXUD
DGPLQLVWUDWLYD \ GHO JDVWR VRFLDO HQ OD $UJHQWLQD QR UHFRQRFH D~Q GH PRGR
IRUPDOHOFRQFHSWRGHSURWHFFLyQVRFLDO




&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

(QRWURVWpUPLQRVORVHQIRTXHVWHyULFRVTXHKDQYHQLGRJDQDQGRSDXODWLQROXJDUHQHOGHEDWHSROtWLFR\
WpFQLFRGHODSROtWLFDVRFLDODUJHQWLQDQRWLHQHQWRGDYtDWUDGXFFLyQFRQFUHWDHQODLQVWLWXFLRQDOLGDGODVSROtWLFDV
\HOJDVWRVRFLDO
&RQHVWDVDFODUDFLRQHVFRPR³WHOyQGHIRQGR´HVWHGRFXPHQWRUHYLVDODVSULQFLSDOHVPXWDFLRQHV
TXH KDQ H[SHULPHQWDGR HQ DxRV UHFLHQWHV ORV GLIHUHQWHV VHFWRUHV GH OD SROtWLFD VRFLDO FRQ pQIDVLV HQ
DTXHOODV LQWHUYHQFLRQHV TXH HVWiQ DVRFLDGDV PiV GLUHFWDPHQWH D OD SURWHFFLyQ VRFLDO &RPR SXQWR GH
SDUWLGDSDUDHVHDQiOLVLVVHSUHVHQWDQSUHYLDPHQWHODVSULQFLSDOHVWHQGHQFLDVHQPDWHULDGHLQGLFDGRUHV
VRFLRHFRQyPLFRVFODYH\HQODHYROXFLyQGHOJDVWRS~EOLFRVRFLDO




 1RREVWDQWHHO(VWDGRDUJHQWLQRKDQRPLQDGRUHFLHQWHPHQWHDXQDGHVXVPHGLGDVPiVUHOHYDQWHVHQPDWHULDVRFLDOSUHFLVDPHQWH
FRQHOQRPEUHGHSURWHFFLyQVRFLDOWDOHOFDVRGH³$VLJQDFLyQ8QLYHUVDOSRU+LMRSDUD3URWHFFLyQ6RFLDO´

 6L ELHQ HO IRFR GH DQiOLVLV HVWi SXHVWR HQ ORV ~OWLPRV DxRV \ SRU HQGH VH WUDWD GH XQ DERUGDMH TXH VH FRQFHQWUD HQ OD FR\XQWXUD
FUtWLFDUHFLHQWHVHUHFRQRFHTXHDOJXQRVSUREOHPDVGHODVSROtWLFDVVRFLDOHVVRQGHRUGHQHVWUXFWXUDO\VHUHODFLRQDQQRVRODPHQWH
FRQODLPSOHPHQWDFLyQTXHODVPLVPDVKDQWHQLGRDORODUJRGHODVGpFDGDVVLQRWDPELpQFRQODVSDUWLFXODULGDGHVGHVXGLVHxR6X
HVWXGLRHQSURIXQGLGDGQRREVWDQWHH[FHGHHODOFDQFHGHHVWHWUDEDMR


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

, /DVSULQFLSDOHVWHQGHQFLDVGHOD
VLWXDFLyQVRFLRHFRQyPLFD\HO
JDVWRVRFLDOHQ$UJHQWLQDGHORV
DxRVQRYHQWDDODDFWXDOLGDG

$ 6LWXDFLyQHFRQyPLFD\VRFLDO
GXUDQWHODV~OWLPDVGpFDGDV
/D VRFLHGDG DUJHQWLQD GHO SUHVHQWH HQ SRFR VH SDUHFH D OD GH WUHV GpFDGDV
DWUiV 0XFKRV FDPELRV KDQ DFRQWHFLGR HQ HVH ODSVR FDUDFWHUL]DGR QR VyOR
SRUVXVYDLYHQHVSROtWLFRVVLQRWDPELpQSRUODVWUDQVIRUPDFLRQHVTXHVHKDQ
VXFHGLGR HQWUH OD GpFDGD GHO QRYHQWD \ OD VLJXLHQWH HQ HO PRGHOR
HFRQyPLFRSROtWLFR\HQODLQVWLWXFLRQDOLGDGVRFLDO
/D JHVWDFLyQ GH XQ SURFHVR GH GHWHULRUR VLJQLILFDWLYR GH ODV
FRQGLFLRQHV GH YLGD GH OD SREODFLyQ WLHQH VLQ GXGD XQ KLWR UHOHYDQWH D
PHGLDGRV GH ORV DxRV VHWHQWD HQ HVSHFLDO FRQ HO LQLFLR GH OD GLFWDGXUD
PLOLWDU$SDUWLUGHHQWRQFHV\D~QGHVSXpVGHOUHWRUQR\FRQVROLGDFLyQGHOD
LQVWLWXFLRQDOLGDG GHPRFUiWLFD HQ  ODHVWUXFWXUDVRFLDODUJHQWLQDVHYLR
QXHYDPHQWH VDFXGLGD SRU RWURV GRV KLWRV PX\ FUtWLFRV HO SULPHUR GH HOORV
UHODFLRQDGRFRQORVSURFHVRVKLSHULQIODFLRQDULRVGH\HOVHJXQGR
FRQODFULVLVQRVyORVRFLRHFRQyPLFDVLQRWDPELpQSROtWLFDLQVWLWXFLRQDOGH
ORVDxRV\
(VRVWUHVPRPHQWRVHVSHFtILFRVSHURDUWLFXODGRVHQWUHVtSODVPDQ
XQDVHULHGHFDPELRVSURIXQGRVHQODYLGDSROtWLFDHFRQyPLFD\VRFLDOGH
OD$UJHQWLQDFRQWHQGHQFLDVWDQWRFR\XQWXUDOHVFRPRGHODUJRSOD]R


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

(Q FXDQWR D ODV WHQGHQFLDV FR\XQWXUDOHV VREUHVDOHQ ORV IXHUWHV YDLYHQHV TXH H[SHULPHQWDQ ORV
tQGLFHVGHSREUH]DPHGLGRVHQIXQFLyQGHOLQJUHVRORFXDODFRPSDxyODGLQiPLFDPDFURHFRQyPLFDJHQHUDO
GHO SDtV HQ ORV ~OWLPRV WUHLQWD DxRV VLWXDFLyQTXHHQFLUFXQVWDQFLDVDFRWDGDVHQHOWLHPSRGHULYDURQSRU
SULPHUD YH] HQ ORV DxRV RFKHQWD \ QXHYDPHQWH DO FRPHQ]DU HO VLJOR ;;, HQ HO HPSREUHFLPLHQWR GH ORV
VHFWRUHVPHGLRV5HVSHFWRGHODVWHQGHQFLDVGHODUJRSOD]RVHGHVWDFDHOIXHUWHGHWHULRURGHODVFRQGLFLRQHV
ODERUDOHV H[SUHVDGR HQ HVSHFLDO HQ OD LQIRUPDOLGDG ODERUDO  \ OD FULVWDOL]DFLyQ GH PX\ GLVSDUHV
FRQGLFLRQHVGHYLGDVHJ~QODVGLIHUHQWHVSURYLQFLDVHQTXHVHKDELWH5HVSHFWRDODGHVLJXDOGDGVLELHQVH
HQFXHQWUD HVWUHFKDPHQWH UHODFLRQDGD FRQ HO FLFOR HFRQyPLFR \ SRU HQGH FRQ YDULDFLRQHV HQ PRPHQWRV
SXQWXDOHV GHO SHUtRGR  pVWD PXHVWUD WHQGHQFLDV GH KRUL]RQWH PiV ODUJR ODV FXDOHV UHIOHMDQ SUREOHPDV
HVWUXFWXUDOHVGHOSDtV SRUHMHPSORHQPDWHULDGHGHVDUUROORHFRQyPLFR\VLVWHPDWULEXWDULR TXHDIHFWDQHO
REMHWLYRGHDOFDQ]DUXQDVRFLHGDGPiVLQWHJUDGDHLJXDOLWDULD
6H SUHVHQWDQ D FRQWLQXDFLyQ DOJXQDV FRQVLGHUDFLRQHV VREUH OD HYROXFLyQ UHFLHQWH GH OD WDVD GH
FUHFLPLHQWR HFRQyPLFR ODV FDUDFWHUtVWLFDV GH OD LQFRUSRUDFLyQ DO PHUFDGR ODERUDO GH ORV GLYHUVRV
VHFWRUHVGHODVRFLHGDGDUJHQWLQDDVtFRPRGHORVLQGLFDGRUHVGHSREUH]D\GHVLJXDOGDG

&UHFLPLHQWRHFRQyPLFR
/XHJRGHODFULVLVGHFRPLHQ]RVGHODGpFDGDUHFLpQSDVDGDDORODUJRGHOSHUtRGRDVHUHJLVWUD
XQSHUtRGRGHFUHFLPLHQWRVRVWHQLGRDXQDWDVDSURPHGLRGHO YpDVHJUiILFR &RPRFRQVHFXHQFLDGHO
LPSDFWRGHODFULVLVILQDQFLHUDLQWHUQDFLRQDOGHORVDxRVHOSURGXFWRLQWHUQREUXWR 3,% VHUHGXMR
HQHOVHJXQGR\WHUFHUWULPHVWUHGH
*5È),&2
7$6$'(&5(&,0,(172(&21Ï0,&2 ± 

 
  
  
    
  



 



































 
  
 




3,% PLOHVGHGH
3,% PLOHVGHSHVRVGH 
)XHQWHHODERUDFLyQSURSLDHQEDVHDLQIRUPDFLyQGH318'±&1&36  



 (Q HVWH SXQWR HV UHOHYDQWH VHxDODU OD SpUGLGD GH OHJLWLPLGDG TXH KDQ WHQLGR GXUDQWH ORV ~OWLPRV DxRV PXFKDVGHODVHVWDGtVWLFDV
RILFLDOHVGHOSDtVORFXDOSXHGHDIHFWDUODPDJQLWXG\UDVJRVGHDOJXQRVLQGLFDGRUHVVRFLDOHV(VWRVHH[SUHVDHQSDUWLFXODUHQHO
FDVR GHO ËQGLFH GH 3UHFLRV DO &RQVXPLGRU ,3&  HO FXDO HV PHGLGR SRU HO ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFDV \ &HQVRV ,1'(& 
'HVGHHODxRHVWH,QVWLWXWRKDSHUGLGRVROYHQFLDWpFQLFDDFDXVDGHXQDLQWHUYHQFLyQSROtWLFDTXHGHULYyHQXQDHODERUDFLyQ
GHO ,3& TXH FRQWUDVWD FRQ HVWLPDFLRQHV GH FRQVXOWRUDV SULYDGDV \ QR H[SUHVDUtD HO YDORU UHDO GH OD FDQDVWD EiVLFD GH ELHQHV \
VHUYLFLRV&DEHPHQFLRQDUWDPELpQTXHQRH[LVWHSOHQRFRQVHQVRHQWUHPHGLFLRQHVSULYDGDVUHVSHFWRDFXiOKDVLGRODHYROXFLyQ
UHDOGHO,3&HQORV~OWLPRVDxRVHQHOSDtV(QWDQWRHVWDFDQDVWDHVODTXHGHILQHHOYDORUGHODVOtQHDVGHSREUH]DHLQGLJHQFLDORV
QLYHOHV GH DPERV LQGLFDGRUHV WHQGHUtDQ D HVWDU VXEYDOXDGRV $Vt SRU HMHPSOR PLHQWUDV TXH VHJ~Q ODV FLIUDV RILFLDOHV ,1'(&
 ODSREUH]DDIHFWDEDHQDOGHODSREODFLyQ\ODLQGLJHQFLDDOHVWDVSURSRUFLRQHVVHHOHYDEDDO SDUDHO
FDVR GH OD SREUH]D PRGHUDGD  \ DO  SDUD OD SREUH]D H[WUHPD  VL VH FRQVLGHUDQ ODV HVWLPDFLRQHV SUHVHQWDGDV HQ *DVSDULQL \
&UXFHV  (QYLVWDGHWRGRORDQWHULRUSDUDORVILQHVGHHVWHLQIRUPHVHKDRSWDGRWRPDUFRPRIXHQWHGHLQIRUPDFLyQORVGDWRV
YHUWLGRVHQHO,QIRUPHGHVHJXLPLHQWRGHOFXPSOLPLHQWRGHORV2EMHWLYRVGH'HVDUUROORGHO0LOHQLR 318'&1&36 
TXHUHFRJHQIXHQWHVRILFLDOHVDYDODGDVSRUXQRUJDQLVPRLQWHUQDFLRQDO


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

'H DFXHUGR FRQ 318' ± &1&36   ODV SROtWLFDV HFRQyPLFDV DSOLFDGDV SRU HO JRELHUQR
SHUPLWLHURQTXHODDFWLYLGDGHFRQyPLFDVHPDQWXYLHUDDSHVDUGHODFULVLVGHWDOIRUPDTXH\DHQHOFXDUWR
WULPHVWUHGHODHFRQRPtDVHH[SDQGtDDXQDWDVDDQXDOGH(VDUHFXSHUDFLyQVHFRQVROLGyHQHO
SULPHUWULPHVWUHGHFRQXQULWPRGHH[SDQVLyQGHO3,%GHODOFDQ]DQGRXQULWPRVLPLODUDOGHO
SHUtRGRDQWHULRU

 0HUFDGRGHWUDEDMR
(O WUDEDMR KD VLGR KLVWyULFDPHQWH XQ IDFWRU FODYH HQ OD LQWHJUDFLyQ GH OD VRFLHGDG DUJHQWLQD VLHQGR
IXQGDPHQWDO HQ ORV SURFHVRV GH PRYLOLGDG DVFHQGHQWH TXH pVWD H[SHULPHQWy HQ GLYHUVRV SHUtRGRV
KLVWyULFRV GH OD VHJXQGD PLWDG GHO VLJOR ;; 3RU HQGH OR TXH DFRQWHFH HQ HVWH iPELWR DIHFWD
GLUHFWDPHQWHODVFRQGLFLRQHVVRFLDOHVGHDPSOLRVJUXSRVGHODSREODFLyQ
/DGpFDGDPiVFUtWLFDSDUDHOFDVRDUJHQWLQRHQWLHPSRVUHFLHQWHVORUHSUHVHQWDURQORVDxRVQRYHQWD
PRPHQWRHQTXHHOPRGHORGHGHVDUUROORQHROLEHUDOYLJHQWHFRORFySDUWHLPSRUWDQWHGHVXFDSLWDOSROtWLFRH
LQIOXHQFLD LGHROyJLFD HQ FDPELDU ORV SDWURQHV UHJXODWRULRV GHO ³IDFWRU WUDEDMR´ $O UHVSHFWR 'DQDQL \
/LQGHQERLP   DILUPDQ TXH GHVGH FRPLHQ]RV GH HVH PRPHQWR HQ DGHODQWH VH VXFHGLHURQ
PRGLILFDFLRQHV TXH HQ VX FDVL WRWDOLGDG FRQWULEX\HURQ D GHVPRQWDU GpFDGDV GH SURWHFFLyQ GH ORV
WUDEDMDGRUHVDVDODULDGRVJHQHUDQGRDXPHQWRGHOGHVHPSOHRGHOVXEHPSOHR\GHODSUHFDULHGDGODERUDO
8Q DVSHFWR FUtWLFR TXH KD FREUDGR IXHU]D FRQ HO SDVR GH ORV DxRV HV HO GH OD DVRFLDFLyQ HQWUH
HPSOHR \ SREUH]D +DVWD ORV DxRV QRYHQWD HO VXSXHVWR KDEtD VLGR DOPHQRVHQHOFDVRDUJHQWLQRTXH
WRGDSHUVRQDHPSOHDGDQRFRUUHUtDULHVJRVGHFDHUEDMRODOtQHDGHSREUH]D6LQHPEDUJRHQHOPDUFRGHO
GHWHULRURGHODVFRQGLFLRQHVODERUDOHV QRVyORDOLQWHULRUGHOVHFWRULQIRUPDOVLQRWDPELpQHQHOIRUPDO 
WHQHUXQWUDEDMRWDPELpQLPSOLFDEDHQPXFKRVFDVRVHOSHOLJURGHHVWDUHQODSREUH]D&RQFHQWUDQGROD
DWHQFLyQHQWUHORVDxRV\3D]FRQFOX\HTXHKD\XQDFDGDYH]PiVHVWUHFKDUHODFLyQHQWUHOD
SREUH]D\HOGHVHPSOHRDVtFRPRXQDXPHQWRPX\PDUFDGRGHODSREUH]DHQKRJDUHVUHJLGRVSRUMHIHV
RFXSDGRV  
2WUR DVSHFWR FUtWLFR VH UHODFLRQD FRQ OD YXOQHUDELOLGDG ODERUDO &DVWLOOR \ RWURV  
DQDOL]DQHVWHDVSHFWRGHOPHUFDGRGHWUDEDMRDUJHQWLQRHQOD~OWLPDGpFDGD\REVHUYDQXQDVLJQLILFDWLYD
WHQGHQFLD D OD H[FOXVLyQ GH TXLHQHV DQWHV VH HQFRQWUDEDQ HPSOHDGRV HO  GH OD FRKRUWH GH
WUDEDMDGRUHVUHJLVWUDGRVHQHVWDEDQHQHOH[FOXLGRVGHOHPSOHRDVDODULDGRUHJLVWUDGRHVWRHV
VHHQFRQWUDEDQHQHPSOHRVQRUHJLVWUDGRVGHVRFXSDGRVRLQDFWLYRV6LVHUWUDEDMDGRUSXHGHLPSOLFDUOD
SRVLELOLGDGGHVHUSREUH\ODSHUPDQHQFLDHQORVSXHVWRVGHWUDEDMRVIRUPDOHVHVEDMDODLQIRUPDOLGDG
ODERUDO \ OD GLILFXOWDG GH DFFHGHU D HPSOHRV GLJQRV VH YXHOYHQ DVSHFWRV FHQWUDOHV D FRQVLGHUDU HQ
FXDOTXLHUHVWUDWHJLDGHSURWHFFLyQVRFLDOTXHLPSOLTXHREMHWLYRVGHHIHFWLYDLQWHJUDFLyQVRFLDO
(O SHUtRGR TXH VH LQLFLy HQ  UHJLVWUD DYDQFHV GH VLQJXODU LPSRUWDQFLD /D UHDFWLYDFLyQ GH OD
SURGXFFLyQLQGXVWULDO\GHODFRQVWUXFFLyQWXYRXQLPSDFWRVLJQLILFDWLYRHQHOGHVFHQVRGHODGHVRFXSDFLyQ
(VWHDXPHQWRGHODRFXSDFLyQIXHUWHPHQWHDVRFLDGRDOFUHFLPLHQWRHFRQyPLFRTXHVHSXVRGHPDQLILHVWRFRQ
IXHU]DDSDUWLUGHHVHDxRKDHVWDGRDFRPSDxDGRWDPELpQGHXQDLPSRUWDQWHUHFRPSRVLFLyQGHOVDODULRUHDO
SURPHGLR\GHODRFXSDFLyQGHODPDQRGHREUD 318'±&1&36 



 3RUHMHPSORVHPHQFLRQDQXQDSROtWLFDILVFDOFRQWUDFtFOLFDFDUDFWHUL]DGDSRUODDFHOHUDFLyQGHOJDVWRGHODDGPLQLVWUDFLyQS~EOLFD
QDFLRQDOHOODQ]DPLHQWRGHO3ODQGH2EUDVSDUD7RGRVORV$UJHQWLQRV GHVWLQDGRDDFHOHUDUODHMHFXFLyQSUHVXSXHVWDULDHQPDWHULDGH
LQYHUVLyQS~EOLFD ODLPSOHPHQWDFLyQGHO3URJUDPDGH5HFXSHUDFLyQ3URGXFWLYD 5(352 ODSXHVWDHQPDUFKDGHORVSURJUDPDV
,QJUHVR 6RFLDO FRQ 7UDEDMR \ GH OD $VLJQDFLyQ 8QLYHUVDO SRU +LMR\HOSDJRH[FHSFLRQDODILQDOHVGHGHXQDVXPDILMDGH
 HTXLYDOHQWHDGyODUHV DORVWUDEDMDGRUHVTXHSHUFLEtDQHO6DODULR0tQLPR9LWDO\0yYLO\DORVMXELODGRV\SHQVLRQDGRV
318'±&1&36 6REUHDOJXQDVGHHVWDVPHGLGDVVHYROYHUiDORODUJRGHOGRFXPHQWR

 ³/DVUHIRUPDVHVWUXFWXUDOHVLQWURGXFLGDVHQEXHQDSDUWHGHORVPHUFDGRVGHWUDEDMRHQ$PpULFD/DWLQDGXUDQWHODVGpFDGDVGH ORV
RFKHQWD\ORVQRYHQWDKDQWHQGLGRDLQGHSHQGL]DUODIRUPDOLGDGODERUDOGHODSURWHFFLyQVRFLDO&RPRFRQVHFXHQFLDGHORDQWHULRUHO
DFFHVR DO HPSOHR VL ELHQ UHVXOWD XQD FRQGLFLyQ QHFHVDULD SDUD OD LQFOXVLyQ \ODSURWHFFLyQVRFLDOHVWiOHMRVGHVHUXQDFRQGLFLyQ
VXILFLHQWH´ 3D] $UJHQWLQDFODURHVWiUHSUHVHQWyXQHMHPSORFODURGHGLFKDDILUPDFLyQ


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

$ODQDOL]DUODHYROXFLyQGHODWDVDGHGHVRFXSDFLyQGHVGHFRPLHQ]RVGHODGpFDGDVHLGHQWLILFDQ
GRVSHUtRGRVHQWUHORVDxRV\VHUHJLVWUDXQLQFUHPHQWRQRWDEOHGHODWDVDGHGHVRFXSDFLyQOD
TXH OOHJD D  YDORU QXQFD DQWHV DOFDQ]DGR HQ HO SDtV $ SDUWLU GHO DxR  HVWD WHQGHQFLD VH
PRGLILFD VXVWDQFLDOPHQWH \D TXH FRPLHQ]D D SURGXFLUVH XQ GHVFHQVR FRQWLQXR GH OD WDVD GH
GHVRFXSDFLyQ HO TXH VyOR VH YH LQWHUUXPSLGR HQ HO DxR  SRU HO LPSDFWR GH OD FULVLV ILQDQFLHUD
LQWHUQDFLRQDO YpDVH JUiILFR   'H HVWD IRUPD HQ ORV ~OWLPRV VHLV DxRV OD FDQWLGDG GH SHUVRQDV
GHVRFXSDGDVVHUHGXMRDODPLWDGSDVDQGRGHFHUFDGHPLOORQHVHQDPLOORQHVHQHO~OWLPR
WULPHVWUH GH  /D GLVPLQXFLyQ GH OD GHVRFXSDFLyQ VH KDEUtD PDQLIHVWDGR HQ WRGRV ORV HVWUDWRV \
JUXSRV VRFLDOHV LQFOX\HQGR D ORV MyYHQHV TXH VRQ TXLHQHV UHSUHVHQWDQ HO JUXSR FRQ PD\RU WDVD GH
GHVHPSOHR 318'±&1&36 

*5È),&2
(92/8&,Ï1'(/$7$6$'('(62&83$&,Ï1727$/'($*/20(5$'2685%$126
± 
Ϯϱ
ϮϬ͕ϳ
ϭϵ͕ϳ
ϮϬ ϭϳ͕ϰ ϭϲ͕ϯ
ϭϱ͕ϭ
ϭϱ ϭϳ͕ϯ ϭϯ͕Ϯ
ϭϭ͕Ϭ
ϴ͕ϴ ϴ͕ϳ
ϭϬ ϭϯ͕ϲ ϴ͕Ϭ
ϭϭ͕ϲ
ϭϬ͕Ϯ
ϴ͕ϯ ϳ͕ϴ
ϱ ϴ͕ϲ

Ϭ
ϮϬϬϬ ϮϬϬϭ ϮϬϬϮ ϮϬϬϯ ϮϬϬϰ ϮϬϬϱ ϮϬϬϲ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ

^ŝŶĐŽŶƐŝĚĞƌĂƌĐŽŵŽĚĞƐŽĐƵƉĂĚŽƐĂůŽƐďĞŶĞĨŝĐŝĂƌŝŽƐĚĞƉůĂŶĞƐƐŽĐŝĂůĞƐ
dĂƐĂŐĞŶĞƌĂů

)XHQWHHODERUDFLyQSURSLDHQEDVHDLQIRUPDFLyQGH318'±&1&36  
1RWD$SDUWLUGHOHUWULPHVWUHGHVHFDPELyODPHWRGRORJtDGHOD(QFXHVWD3HUPDQHQWHGH+RJDUHVIXHQWHGHHVWD
LQIRUPDFLyQ6HGDFXHQWDGHHVWDVLWXDFLyQVHSDUDQGRODLQIRUPDFLyQGLVSRQLEOHHQWUHDQWHVGH\GHVSXpVGH

3RU RWUD SDUWH OD WDVD GH HPSOHR QR UHJLVWUDGR WDPELpQ SUHVHQWD XQD HYROXFLyQ SRVLWLYD GHVGH
PHGLDGRV GH OD GpFDGD WUDV DOFDQ]DU XQ Pi[LPR HQ HO DxR   GHO HPSOHR QR UHJLVWUDGR  VH
UHGXMRHQSXQWRVSRUFHQWXDOHVGHVGHHVHPRPHQWRKDVWD YpDVHJUiILFR 3HVHDHVWDVPHMRUtDVOD
SUREOHPiWLFDGHODLQIRUPDOLGDGODERUDODVRFLDGDSUHFLVDPHQWHDOHPSOHRQRUHJLVWUDGRFRQVWLWX\HXQRGH
ORVDVSHFWRVFUtWLFRVTXHHPHUJHQHQHOSUHVHQWHFRPRGHVDItRSDUDODSURWHFFLyQVRFLDODUJHQWLQD




 /DWDVDTXHDTXtVHFRQVLGHUDQRLQFOX\HFRPRRFXSDGRVDORVEHQHILFLDULRVGHSROtWLFDVGHHPSOHRTXHUHDOL]DQFRQWUDSUHVWDFLRQHV
ODERUDOHV(VWRVGDWRVIXHURQWRPDGRVGH318'±&1&36

 /D³WDVDGHHPSOHRQRUHJLVWUDGR´VHFDOFXODFRPRHOFRFLHQWHHQWUHORVDVDODULDGRVQRUHJLVWUDGRV DTXLHQHVQROHVUHDOL]DQDSRUWHV
DOVLVWHPDGHVHJXULGDGVRFLDO \HOWRWDOGHORVDVDODULDGRVGHDxRV\PiVH[FOX\HQGRORVEHQHILFLDULRVGHORVSODQHVGHHPSOHR
6X UHOHYDQFLD HVWi GDGD SRU HO KHFKR GH TXH LPSOLFD OD DXVHQFLD GH ORV GHUHFKRV \ EHQHILFLRV TXH SUHYp OD QRUPDWLYD SDUD ORV
WUDEDMDGRUHVHQUHODFLyQGHGHSHQGHQFLD(OHPSOHRQRUHJLVWUDGRVXSRQHXQDLQVHUFLyQODERUDOSUHFDULDTXHQREULQGDFRQGLFLRQHV
PtQLPDVGHVXEVLVWHQFLD


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

*5È),&2
(92/8&,Ï1'(/$7$6$'((03/(2125(*,675$'2727$/'(&21*/20(5$'2685%$126
± 

  
 
   
 









         

)XHQWHHODERUDFLyQSURSLDHQEDVHDLQIRUPDFLyQGH318'±&1&36  
1RWD$SDUWLUGHOHUWULPHVWUHGHVHFDPELyODPHWRGRORJtDGHOD(QFXHVWD3HUPDQHQWHGH+RJDUHVIXHQWHGHHVWD
LQIRUPDFLyQ6HGDFXHQWDGHHVWDVLWXDFLyQVHSDUDQGRODLQIRUPDFLyQGLVSRQLEOHHQWUHDQWHVGH\GHVSXpVGH

)LQDOPHQWH OD ~OWLPD FXHVWLyQ D FRQVLGHUDU HQ HVWD GLPHQVLyQ HV OD HYROXFLyQ GH OD FDSDFLGDG
DGTXLVLWLYDGHOVDODULR YpDVHJUiILFR /XHJRGHXQODUJRSHUtRGRGHFRQWUDFFLyQVDODULDOHQHO
VDODULRLQLFLDXQDHWDSDGHUHFXSHUDFLyQ\FUHFLPLHQWRLPSXOVDGRSRUXQDSROtWLFDDFWLYDGHLQJUHVRV\OD
H[SDQVLyQJHQHUDOGHODHFRQRPtD\HOHPSOHR'HDFXHUGRFRQORVGDWRVGH318'±&1&36  HO
VDODULRPHGLRUHDOGHUHJLVWUDHOYDORUPiVDOWRHQORV~OWLPRVYHLQWHDxRVDODYH]TXHDSDUWLUGH
VHREVHUYDXQDSURQXQFLDGDUHGXFFLyQGHODSURSRUFLyQGHRFXSDGRVTXHUHFLEHQVDODULRVLQIHULRUHV
DODFDQDVWDEiVLFDIDPLOLDUWLSRHVWDEOHFLGDSRUHORUJDQLVPRRILFLDOFRUUHVSRQGLHQWH
*5È),&2
(92/8&,Ï1'(/$352325&,Ï1'(75$%$-$'25(648(3(5&,%(1816$/$5,2,1)(5,25$/$
&$1$67$%È6,&$727$/'(&21*/20(5$'2685%$126 ± 



   



  


 




         

)XHQWHHODERUDFLyQSURSLDHQEDVHDLQIRUPDFLyQGH318'±&1&36  
1RWD$SDUWLUGHOHUWULPHVWUHGHVHFDPELyODPHWRGRORJtDGHOD(QFXHVWD3HUPDQHQWHGH+RJDUHVIXHQWHGHHVWD
LQIRUPDFLyQ6HGDFXHQWDGHHVWDVLWXDFLyQVHSDUDQGRODLQIRUPDFLyQGLVSRQLEOHHQWUHDQWHVGH\GHVSXpVGH

 3REUH]DHLQGLJHQFLD
/D SREUH]D H LQGLJHQFLD PHGLGDV SRU LQJUHVR UHVXOWDQ FRPR HV VDELGR XQD DSUR[LPDFLyQ
XQLGLPHQVLRQDO \ SRU HQGH SDUFLDO GH ORV SUREOHPDV TXH DIHFWDQ D XQD VRFLHGDG HQ XQ PRPHQWR
GHWHUPLQDGR 1R REVWDQWH GDGD OD XWLOL]DFLyQ GH HVWD DSUR[LPDFLyQ SRU DXWRULGDGHV HVWDWDOHV \ GHPiV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

DFWRUHVLQYROXFUDGRVHQHOGHEDWHS~EOLFRHVSHUWLQHQWHHVER]DUWUD]RVJUXHVRVGHORTXHKDVXFHGLGRFRQ
DPERVLQGLFDGRUHVHQOD$UJHQWLQDUHFLHQWH
(O SDtV QR FRQRFLy SUREOHPDV GH HVFDOD UHOHYDQWH HQ PDWHULD GH SREUH]D \ PXFKR PHQRV GH
LQGLJHQFLD  KDVWD ELHQ HQWUDGD OD GpFDGD GH ORV RFKHQWD )XH D SDUWLU GHO SURFHVR KLSHULQIODFLRQDULR GH
FXDQGRODSREUH]DDOFDQ]yXQQXHYRVWDWXVFRPRSUREOHPDS~EOLFRQRVyORSRUHOHIHFWRHQ
ODRSLQLyQS~EOLFDGHXQDDOWDFRQIOLFWLYLGDGVRFLDOUHODFLRQDGDFRQODFUtWLFDVLWXDFLyQVLQRWDPELpQSRU
HOHPSREUHFLPLHQWRGHODVFODVHVPHGLDV\VXHIHFWRHQHOLPDJLQDULRGHODPRYLOLGDGVRFLDODVFHQGHQWH
0LQXMLQ \ .HVVOHU   'HVGH HVH HQWRQFHV ORVGDWRVVREUHSREUH]DHLQGLJHQFLDKDQIOXFWXDGRHQ
IXQFLyQ GHO ULWPR GH OD GLQiPLFD HFRQyPLFD $Vt FRQ ORV SULPHURV DxRV GHO 3ODQ GH &RQYHUWLELOLGDG
SXHVWR HQ PDUFKD HQ  \ KDVWD  WDQWR OD SREUH]D FRPR OD LQGLJHQFLD VH UHGXMHURQ
FRQVLGHUDEOHPHQWH SDUD DXPHQWDUKDVWDOOHJDUDH[WUHPRVPX\DOWRVFRPRFRQVHFXHQFLDGHXQDQXHYD
JUDQFULVLVTXHHVWDOOyHQWUH\PRPHQWRHQTXHVHSXVRILQDODFRQYHUWLELOLGDG
3RUVXSDUWHODHWDSDGHFUHFLPLHQWRHFRQyPLFRVRVWHQLGRTXHVHUHJLVWUDHQHOSHUtRGR±
SRVWHULRUPHQWHUHWRPDGDHQ MXQWRFRQPHMRUDVHQODVFRQGLFLRQHVODERUDOHV\ODSXHVWDHQPDUFKD
GHGLYHUVDVSROtWLFDVGHHPSOHRHLQJUHVRVPRVWUDURQFRPRUHVXOWDGRXQQRWRULRDYDQFHHQODUHGXFFLyQGH
ODSREUH]D\ODLQGLJHQFLD/DUHGXFFLyQGHODSREUH]DTXHVHUHJLVWUDHQWUH\HVRILFLDOPHQWHGHO
RUGHQGHO YpDVHJUiILFR HLPSOLFDODVXSHUDFLyQGHHVWDVLWXDFLyQSRUDSUR[LPDGDPHQWHPLOORQHV
GHSHUVRQDV 318'±&1&36 
*5È),&2
(92/8&,Ï1'(/325&(17$-('(32%/$&,Ï1&21,1*5(626325'(%$-2'(/$/Ë1($'(
32%5(=$(,1',*(1&,$ ± 






 

 



  
 
 

  
  

         

GHSREODFLyQSREUH SREODFLyQLQGLJHQWH


)XHQWHHODERUDFLyQSURSLDHQEDVHDLQIRUPDFLyQGH318'±&1&36  

 'LVWULEXFLyQGHOLQJUHVR
5HVXOWDFODURTXHORVFDPELRVTXHVHUHJLVWUDURQHQHOPHUFDGRGHWUDEDMRGXUDQWHORVDxRVQRYHQWD\OD
SULPHUD SDUWH GH OD SUHVHQWH GpFDGD KDEUtDQ GH JHQHUDU LPSDFWRV QHJDWLYRV HQ RWUDV GLPHQVLRQHV GHO
ELHQHVWDUGHODVSHUVRQDV\VXVIDPLOLDV8QRHYLGHQWHVHUHODFLRQDFRQVXVHIHFWRVFUtWLFRVHQWpUPLQRV


 6HJ~Q318'±&1&36  ODGLQiPLFDGHOPHUFDGRGHWUDEDMRKDWHQLGRXQUROIXQGDPHQWDOHQODUHGXFFLyQGHODSREUH]DHQ
WDQWRGHVGHVHFUHDURQPiVGHPLOORQHVGHQXHYRVSXHVWRVGHWUDEDMRPLHQWUDVTXHHOVDODULRPtQLPRYLWDO\PyYLOSDVyGH
 HTXLYDOHQWHDGyODUHV HQQRYLHPEUHGHD HTXLYDOHQWHDGyODUHV HQHQHURGH

 6REUHODILDELOLGDGGHORVGDWRVGHSREUH]DYHUQRWD


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

GH OD GLVWULEXFLyQ GHO LQJUHVR /D GHVLJXDOGDG GH ILQHV GH OD GpFDGD GH ORV RFKHQWD HV VLPLODU D OD GH
SULQFLSLRV GHO  OR FXDO GD FXHQWD GHO LPSDFWR TXH SHUtRGRV GH HOHYDGD LQIODFLyQ WLHQHQ HQ OD
HVWDELOLGDGGHHVWHIHQyPHQRDORODUJRGHOWLHPSRORFXDOVHDFHQW~DFRQODFUHFLHQWHGLIHUHQFLDFLyQHQ
ORVQLYHOHVGHLQHVWDELOLGDGODERUDO %HFFDULD 
'XUDQWH OD ~OWLPD GpFDGD ORV LQGLFDGRUHV TXH VH YLQFXODQ FRQ OD GHVLJXDOGDG HQ HO LQJUHVR
PXHVWUDQ LPSRUWDQWHV SURJUHVRV D OD YH] TXH JUDQGHV GHVDItRV IXWXURV 6L VH FRQVLGHUD OD EUHFKD GH
LQJUHVRV HQWUH HO ~OWLPR \ HO SULPHU TXLQWLO GH OD GLVWULEXFLyQ VH REVHUYD TXH OD GHVLJXDOGDG HQWUH ORV
VHFWRUHVGHPD\RUHV\PHQRUHVLQJUHVRVVHUHGXMRVHJ~QLQIRUPDFLyQRILFLDODODPLWDGHQORV~OWLPRV
RFKRDxRV0LHQWUDVHQHOVHJXQGRVHPHVWUHGHHOLQJUHVRGHOPiVULFRGHODSREODFLyQHUD
YHFHVVXSHULRUDOGHOPiVSREUHHVWDEUHFKDVHUHGXMRDYHFHV\PHGLDHQHOSULPHUWULPHVWUHGH
 318'±&1&36  YpDVHJUiILFR 

*5È),&2
(92/8&,Ï1'(/$%5(&+$'(,1*5(62648,17,/48,17,/  



 

 
 
   



         

)XHQWHHODERUDFLyQSURSLDHQEDVHDLQIRUPDFLyQGH318'±&1&36  


(O FRHILFLHQWH GH *LQL SRU VX SDUWH \ VHJ~Q OD PLVPD IXHQWH PRVWUy XQD PHMRUD GHO RUGHQ GHO
UHVSHFWRGHGHWDOIRUPDTXHDOFDQ]yHOPHMRUUHJLVWURGHVGHDEULOGH YpDVHJUiILFR 
318'±&13&6 
*5È),&2
(92/8&,Ï1'(/&2(),&,(17('(*,1, ± 


 
  

  

 

 




         

)XHQWHHODERUDFLyQSURSLDHQEDVHDLQIRUPDFLyQGH318'±&1&36  


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

% /DSURWHFFLyQVRFLDOHQOD$UJHQWLQDXQDPLUDGDGHVGHHO
JDVWRVRFLDO

 &DUDFWHUtVWLFDVGHOJDVWRS~EOLFRVRFLDOFRQVROLGDGR
'HVGHHOUHWRUQRGHODGHPRFUDFLDDFRPLHQ]RVGHODGpFDGDGHORVRFKHQWDHOJDVWRVRFLDOFRQVROLGDGR
PXHVWUDXQDWHQGHQFLDFUHFLHQWH0LHQWUDVTXHHVWHUXEURUHSUHVHQWDEDDSUR[LPDGDPHQWHHOGHOJDVWR
S~EOLFR WRWDO HQ HO DxR  IXH DXPHQWDQGR SURJUHVLYDPHQWH KDVWD GDU FXHQWD HQ OD DFWXDOLGDG GH
DSUR[LPDGDPHQWHXQGHOJDVWRS~EOLFRWRWDO(QWUHORVDxRV\VHGLRXQVDOWRLPSRUWDQWH
PRPHQWRHQTXHHOJDVWRVRFLDOFRQVROLGDGRSDVyGHODOGHOJDVWRS~EOLFRWRWDO$SDUWLUGH
HQWRQFHVVHPDQWXYRHQYDORUHVTXHYDUtDQGHODOGHOJDVWRS~EOLFRWRWDOFRQXQPi[LPRHQHO
DxR SOHQDFULVLV GH YpDVHJUiILFR 

*5È),&2
(92/8&,Ï1'(/*$6723Ò%/,&2325),1$/,'$'&202325&(17$-('(/*$672727$/
 










































































)XQFLRQDPLHQWRGHOHVWDGR *DVWRVRFLDO 6HUYLFLRVHFRQyPLFRV 'HXGDS~EOLFD

)XHQWH HODERUDFLyQ SURSLD HQ EDVH D LQIRUPDFLyQ GH OD 'LUHFFLyQ GH $QiOLVLV GH *DVWR 3~EOLFR \ 3URJUDPDV 6RFLDOHV
0LQLVWHULRGH(FRQRPtDGHOD1DFLyQ/RVGDWRVGHVRQSUHOLPLQDUHV


6L VH DQDOL]D OD HYROXFLyQ GHO JDVWR VRFLDO FRQVROLGDGR FRPR SRUFHQWDMH GHO 3,% WDPELpQ VH
YHULILFD HVWD WHQGHQFLD HQ DXPHQWR 0LHQWUDV TXH D FRPLHQ]RV GH ORV RFKHQWD UHSUHVHQWDED WDQ VyOR HO
 GHO 3,% HVWD SURSRUFLyQ FRPLHQ]D D VHU GHO RUGHQ GHO  HQ ORV DxRV QRYHQWD (Q ORV ~OWLPRV
WLHPSRV OD SURSRUFLyQ PiV EDMD VH FRUUHVSRQGH FRQ ORV DxRV GH OD FULVLV \ ORV DxRV LQPHGLDWDPHQWH
SRVWHULRUHV  D   PRPHQWRV HQ TXH HO JDVWR VRFLDO FRQVROLGDGR URQGDED HO  GHO 3,% 'H
DFXHUGRFRQORV~OWLPRVGDWRVGLVSRQLEOHV  HVWDSURSRUFLyQVHXELFDDFWXDOPHQWHHQHO YpDVH
JUiILFR 







 (VWDGHQRPLQDFLyQKDFHUHIHUHQFLDDOJDVWRGHORVWUHVQLYHOHVGHJRELHUQR QDFLRQDOSURYLQFLDO\PXQLFLSDO 


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

*5È),&2
(92/8&,Ï1'(/*$67262&,$/&2162/,'$'2&202325&(17$-('(/3,% ± 











)XHQWH HODERUDFLyQ SURSLD HQ EDVH D LQIRUPDFLyQ GH OD 'LUHFFLyQ GH $QiOLVLV GH *DVWR 3~EOLFR \ 3URJUDPDV 6RFLDOHV
0LQLVWHULRGH(FRQRPtDGHOD1DFLyQ/RVGDWRVGHVRQSUHOLPLQDUHV

3RU VX SDUWH OD HYROXFLyQ VHFWRULDO GHO JDVWR VRFLDO YpDVH JUiILFR   PXHVWUD TXH HO JDVWR HQ
SUHYLVLyQVRFLDOKDVLGRKLVWyULFDPHQWHHOGHPD\RUVLJQLILFDQFLDDXQTXHVHHYLGHQFLDXQDWHQGHQFLDDOD
EDMDHQWUHFRPLHQ]RVGHORVQRYHQWD\HODxRPRPHQWRDSDUWLUGHOFXDOpVWHYXHOYHDLQFUHPHQWDU
VXSDUWLFLSDFLyQGHQWURGHOJDVWRS~EOLFRVRFLDOWRWDO
/HVLJXHQHQRUGHQGHLPSRUWDQFLDHOJDVWRDVRFLDGRDHGXFDFLyQ\DVDOXGORVTXH DXQTXHFRQ
YDULDFLRQHV D OR ODUJR GHO WLHPSR  PXHVWUDQ QLYHOHV VLPLODUHV TXH URQGDQ HQWUH HO  \ HO 
UHVSHFWLYDPHQWH 'XUDQWH ORV ~OWLPRV DxRV HO JDVWR HQ HGXFDFLyQ PXHVWUD XQD WHQGHQFLD DO DO]D
UHSUHVHQWDQGRDFWXDOPHQWHFHUFDGHOGHOJDVWRS~EOLFRVRFLDOFRQVROLGDGRPLHQWUDVTXHHOJDVWRHQ
VDOXGSUHVHQWDXQDWHQGHQFLDGHOHYHGLVPLQXFLyQXELFiQGRVHHQHO
*5È),&2
(92/8&,Ï1'(/*$6723Ò%/,&262&,$/325)81&,Ï1&202325&(17$-('(/*$672
3Ò%/,&262&,$/727$/  













































































(GXFDFLyQFXOWXUDFLHQFLD\WpFQLFD 6DOXG $JXDSRWDEOH\DOFDQWDULOODGR


9LYLHQGD\XUEDQLVPR 3URPRFLyQ\DVLVWHQFLDVRFLDO 3UHYLVLyQVRFLDO
7UDEDMR 2WURVVHUYLFLRVXUEDQRV

)XHQWH HODERUDFLyQ SURSLD HQ EDVH D LQIRUPDFLyQ GH OD 'LUHFFLyQ GH $QiOLVLV GH *DVWR 3~EOLFR \ 3URJUDPDV 6RFLDOHV
0LQLVWHULRGH(FRQRPtDGHOD1DFLyQ/RVGDWRVGHVRQSUHOLPLQDUHV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

'HOUHVWRGHORVUXEURVGHOJDVWRVRFLDOVHGHVWDFDHOLQFUHPHQWRTXHHQORV~OWLPRVWLHPSRVKD
WHQLGR HO JDVWR HQ SURPRFLyQ \ DVLVWHQFLD VRFLDO DVt FRPR WDPELpQ HO DXPHQWR HQ HO UXEUR WUDEDMR
GXUDQWHORVDxRVGHODFULVLV\SRVWHULRUHVDUDt]GHODLPSOHPHQWDFLyQHQHODxRGHO3URJUDPD-HIHV
\-HIDVGH+RJDU'HVRFXSDGRV
(Q UHODFLyQ FRQ ORV UXEURV SUHGRPLQDQWHV GHQWUR GHO JDVWR VRFLDO ,VXDQL   SURSRQH XQD
PLUDGD GH FRQMXQWR D VX GLQiPLFD FRQVLGHUDQGR OD H[LVWHQFLD GH WUHV SULQFLSLRV GH OD SROtWLFD VRFLDO
D GLVFUHFLRQDOLGDG HOTXHGDQRWLHQHREOLJDFLyQGHGDU\HOTXHUHFLEHQRWLHQHHOGHUHFKRGHUHFLELUOR 
E  FRQWULEXFLyQ DFFHGH DO EHQHILFLR TXLHQ SDUWLFLSD HQ VX ILQDQFLDPLHQWR  \ F  FLXGDGDQtD WLHQHQ
GHUHFKR D OD SROtWLFD VRFLDO WRGRV ORV KDELWDQWHV GH XQ SDtV HQ VX FRQGLFLyQ GH FLXGDGDQRV \ HOOD VH
ILQDQFLD FRQ ORV UHFXUVRV TXH EULQGDQ ORV LPSXHVWRV  (VWH DXWRU LGHQWLILFD XQD LQPXWDELOLGDG HQ OD
RULHQWDFLyQGHOJDVWRVRFLDOHQWUHORVDxRVRFKHQWD\ODGpFDGDDFWXDOHOFXDOSHUPDQHFHFHQWUDGRHQHO
FRPSRQHQWH FRQWULEXWLYR VHJXULGDG VRFLDO  8Q WHUFLR GHO PLVPR VH YLQFXOD D JDVWRV SURSLRV GHO
FRPSRQHQWH GH FLXGDGDQtD HGXFDFLyQ \ VDOXG  TXHGDQGR HO FRPSRQHQWH GLVFUHFLRQDO HO UHODFLRQDGR
PiV GLUHFWDPHQWH FRQ OD OXFKD IUHQWH D ODSREUH]D FRPRPDUJLQDOHQHOYROXPHQWRWDOGHJDVWRVRFLDO
,VXDQL 
5HVXOWD FODUR TXH WUDGLFLRQDOPHQWH OD HYROXFLyQ GHO JDVWR VRFLDO HQ OD $UJHQWLQD HVWXYR
IXHUWHPHQWH DVRFLDGD D ORV VLJQRV SROtWLFRLGHROyJLFRV GH ORV JRELHUQRV GH WXUQR DVt FRPR DO JUDGR
YDULDEOH GH LQFLGHQFLD TXH GLVWLQWRV JUXSRV VRFLDOHV KDQ WHQLGR VREUH VX GLVWULEXFLyQ VHFWRULDO \
MXULVGLFFLRQDO *UXSRV HPSUHVDULDOHV VLQGLFDWRV \ PRYLPLHQWRV VRFLDOHV FRPSLWHQ VHJ~Q HO VHFWRU SDUD
LQIOXLUVREUHHO(VWDGR\REWHQHUXQDSRUFLyQPD\RUGHOJDVWRVRFLDOTXHDIHFWDVXVLQWHUHVHVSDUWLFXODUHV
%HUWUDQRX \ %RQDUL   8QD PLUDGD D ORV GLYHUVRV VHFWRUHV HQ TXH VH GHVDJUHJD HO JDVWR VRFLDO
SHUPLWLUtDYHUHQGHWDOOH³MXHJRVHVSHFtILFRV´GHHFRQRPtDSROtWLFDWDUHDTXHHVFDSDDOSUHVHQWHWUDEDMR
3UHFLVDPHQWHXQDSHUVSHFWLYDGHHFRQRPtDSROtWLFDSDUHFLHUDGDUVXVWHQWRDODVFRQFOXVLRQHVDODV
FXDOHV DUULED ,VXDQL FXDQGR H[SORUD HO JDVWR VRFLDO HQ WpUPLQRV GH SOD]RV DPSOLRV \ OR DVRFLD FRQ ORV
UDVJRVGHORTXHGHQRPLQD³ODULJLGH]HO(VWDGRGH%LHQHVWDUHQ$UJHQWLQD´$OUHVSHFWRDILUPDTXHD
SHVDUGHODVWUDQVIRUPDFLRQHVSURIXQGDVHQODHVWUXFWXUDGHODVRFLHGDGDUJHQWLQD²ODUHWUDFFLyQGHOD
FDSDFLGDG SURGXFWLYD \ UHJXODWRULD GHO (VWDGR OD DSHUWXUD \ FRPSHWHQFLD LQWHUQDFLRQDO OD IOH[LELOLGDG
ODERUDO TXH WUDQVIRUPy HO PHUFDGR GH WUDEDMR FRQ DXPHQWRV HQ OD GHVRFXSDFLyQ VXEHPSOHR \
SUHFDUL]DFLyQ \ HO LQFUHPHQWR GH OD SREUH]D \ OD GHVLJXDOGDG GHO LQJUHVR² ORV FDPELRV TXH
H[SHULPHQWyHO(VWDGRGH%LHQHVWDUQROOHJDURQDLPSDFWDUHQVX³QDWXUDOH]DSURIXQGD´  
8QD PLUDGD DGLFLRQDO D OD FXHVWLyQ GHO JDVWR VRFLDO VH UHODFLRQD FRQ VXV DVSHFWRV GH
GHVFHQWUDOL]DFLyQ YpDVHJUiILFR 6LVHDQDOL]DODHVWUXFWXUDDFWXDOGHOJDVWRVRFLDOHQFDGDXQRGHVXV
UXEURV FRQVLGHUDQGR OD LQFLGHQFLD GH ORV GLIHUHQWHV QLYHOHV GH JRELHUQR VH REVHUYDQ GLIHUHQWHV
VLWXDFLRQHV/DSUHVHQFLDGHO(VWDGRQDFLRQDOHVSUHSRQGHUDQWHHQODViUHDVGHWUDEDMR\SUHYLVLyQVRFLDO
$ GLIHUHQFLD GH HVWR VRQ ODV SURYLQFLDV ODV TXH SUHVHQWDQ PD\RU SHVR GHQWUR GHO JDVWR HQ ORV UXEURV
YLYLHQGD\XUEDQLVPR\HGXFDFLyQ(QPDWHULDGHSURPRFLyQ\DVLVWHQFLDVRFLDOODSDUWLFLSDFLyQHQHO
JDVWRVHUHSDUWHGHPDQHUDEDVWDQWHSDUHMDHQWUHORVWUHVQLYHOHVGHJRELHUQR$VLPLVPRODVLWXDFLyQHV
EDVWDQWH HTXLOLEUDGD HQ ODV iUHDV GH VDOXG \ DJXD SRWDEOH \ DOFDQWDULOODGR DXQTXH HQ HO SULPHU FDVR
UHVXOWDOHYHPHQWHSUHSRQGHUDQWHODSDUWLFLSDFLyQGHOHVWDGRQDFLRQDOHQHOJDVWRVHFWRULDO\HQHOVHJXQGR
ORHVODSDUWLFLSDFLyQGHODVSURYLQFLDV3RU~OWLPRHOJDVWRHQHOUXEURRWURVVHUYLFLRVXUEDQRVVHH[SOLFD
PD\RUPHQWHSRUODSDUWLFLSDFLyQGHORVPXQLFLSLRV




 &DEH UHFRUGDU TXH GHELGR D TXH OD ~OWLPD LQIRUPDFLyQ GLVSRQLEOH FRUUHVSRQGH DO DxR  HVWRV LQGLFDGRUHV QR GDQ FXHQWD GHO
FRUUHODWRTXHHQHODQiOLVLVGHOJDVWRWLHQHQODVWUDQVIRUPDFLRQHVPiVUHFLHQWHVFRPRODLPSOHPHQWDFLyQGHOD$VLJQDFLyQ8QLYHUVDO
SRU+LMR

 ,VXDQL SODQWHD XQD UHODFLyQ HVWUHFKD HQWUH HVWRV SULQFLSLRV \ OD FOiVLFD WLSRORJtD GH (VSLQJ $QGHUVHQ   D VDEHU D  OD
GLVFUHFLRQDOLGDGVHHPSDUHQWDFRQHOPRGHOROLEHUDOUHVLGXDOE ODFRQWULEXFLyQVHDVRFLDDOPRGHORFRQVHUYDGRUFRUSRUDWLYR\F OD
FLXGDGDQtDVHYLQFXODFRQHOPRGHORVRFLDOGHPyFUDWD


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

*5È),&2
',675,%8&,Ï1'(/*$6723Ò%/,&262&,$/325)81&,21(6<1,9(/(6'(*2%,(512  

2WURVVHUYLFLRVXUEDQRV   

7UDEDMR   

 
3UHYLVLyQVRFLDO  

3URPRFLyQ\DVLVWHQFLDVRFLDO  


9LYLHQGD\XUEDQLVPR   

 
$JXDSRWDEOH\DOFDQWDULOODGR 
 

6DOXG   

(GXFDFLyQFXOWXUDFLHQFLD\WpFQLFD 

 

 Ϭ ϮϬ ϰϬ ϲϬ ϴϬ ϭϬϬ ϭϮϬ

PXQLFLSLRV
0XQLFLSLRV SURYLQFLDV
3URY LQFLDV QDFLyQ
1DFLyQ


)XHQWH (ODERUDFLyQ SURSLD HQ EDVH D LQIRUPDFLyQ GH OD 'LUHFFLyQ GH $QiOLVLV GH *DVWR 3~EOLFR \ 3URJUDPDV 6RFLDOHV
0LQLVWHULRGH(FRQRPtDGHOD1DFLyQ/RVGDWRVGHVRQSUHOLPLQDUHV

3RU ~OWLPR HQ FXDQWR D OD SURJUHVLYLGDG GHO JDVWR VRFLDO HO FXDGUR  PXHVWUD HQ IRUPD
GHVFHQGHQWHFXiOHVVRQORVUXEURVTXHFRQWULEX\HQHQPD\RUPHGLGDDOORJURGHODHTXLGDG
&8$'52
Ë1',&('(352*5(6,9,'$''(/*$672325352*5$0$<)81&,Ï1
3URJUDPDV\IXQFLRQHV ËQGLFH
3URPRFLyQ\DVLVWHQFLDS~EOLFD 
3URJUDPD-HIHV\-HIDVGH+RJDU 
3HQVLRQHVQRFRQWULEXWLYDV 
3URPRFLyQ\DVLVWHQFLDVRFLDO 
$WHQFLyQS~EOLFDGHODVDOXG 
7UDEDMR 
(GXFDFLyQLQLFLDO\SULPDULD 
(GXFDFLyQPHGLD 
(GXFDFLyQ\FXOWXUD 
6DOXG 
$JXDSRWDEOH\DOFDQWDULOODGR 
$VLJQDFLRQHVIDPLOLDUHV 
9LYLHQGD\XUEDQLVPR 
3UHVWDFLRQHVREUDVVRFLDOHV 
6HJXURGHGHVHPSOHR 
3UHVWDFLRQHV,166-\3 3$0,  
6HUYLFLRVXUEDQRV 
2EUDVVRFLDOHV VDOXG  
&LHQFLD\WpFQLFD 
,166-\3 3$0,  
(GXFDFLyQVXSHULRU 

)XHQWH5LYDV\RWURV  

1RWD /RV DXWRUHV XWLOL]DQ HQ VX DQiOLVLV HO ³tQGLFH GH SURJUHVLYLGDG´ HODERUDGR SRU HO 3URJUDPD GH 3ROtWLFD )LVFDO GHO
&HQWUR GH ,PSOHPHQWDFLyQ GH 3ROtWLFDV 3~EOLFDV SDUD OD (TXLGDG \ HO &UHFLPLHQWR &,33(&  /DSURJUHVLYLGDGVHPLGHD
WUDYpV GHO ËQGLFH GH .DNZDQL TXH PLGH OD PDJQLWXG FRQ TXH OD FDUJD LPSRVLWLYDVRSRUWDGDSRUFDGDJUXSRGHLQJUHVRVH
DSDUWDGHODSURSRUFLRQDOLGDG(OLQGLFDGRUUHVXOWDQWHYDUtDHQWUH\FXDQWRPiVDOWRHVHOYDORUDVLJQDGRDXQSURJUDPD
HQIXQFLyQGHOJDVWRS~EOLFRPiVIDYRUHFLGRVVRQORVVHFWRUHVGHPD\RUSREUH]DGHODSREODFLyQSRUODLQYHUVLyQHVWDWDO
3DUDPiVLQIRUPDFLyQDFHUFDGHODPDQHUDGHHVWLPDUHVWHLQGLFDGRUYpDVH)HOGPDQ\)LOF  


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

'HEHDGYHUWLUVHQRREVWDQWHTXHODSURJUHVLYLGDGGHORVVHUYLFLRVVRFLDOHVTXHWDPELpQVHGDHQ
HOUXEURGHSURPRFLyQVRFLDOWLHQHFRPRWUDVIRQGR³«XQDUHJUHVLYLGDGFXDOLWDWLYDHQTXHORVJUXSRVGH
PHQRUHVLQJUHVRVSHUFLEHQODPD\RUSDUWHGHXQJDVWRS~EOLFRDVRFLDGRFRQEHQHILFLRVGHPHQRUFDOLGDG
HQFRPSDUDFLyQFRQODFDOLGDGGHODSURYLVLyQSULYDGD ´ )HOGPDQ\)LOF &RPRVHYHUiD
FRQWLQXDFLyQ GH SDUWLFXODU UHOHYDQFLD UHVXOWD HVWD REVHUYDFLyQ UHVSHFWR GH OD HGXFDFLyQ LQLFLDO \
SULPDULD \ GH OD DWHQFLyQ S~EOLFD GH OD VDOXG ORV TXH WLHQHQ XQD UHODFLyQ GLUHFWD FRQ HO GHVDUUROOR \
FDSLWDOKXPDQRGHXQDVRFLHGDG

 &DUDFWHUtVWLFDVGHOJDVWRVRFLDOGHOJRELHUQRQDFLRQDO
&DEH DKRUD FHQWUDU HO DQiOLVLV HQ HO JDVWR VRFLDO GHO JRELHUQR QDFLRQDO HO FXDO UHSUHVHQWD
DSUR[LPDGDPHQWH XQ  GHO JDVWR S~EOLFR WRWDO GH GLFKR QLYHO GH JRELHUQR (V LPSRUWDQWH WHQHU HQ
FXHQWD TXH FRPR VH KD LQGLFDGR DQWHV DOJXQRV UXEURV LPSRUWDQWHV GHO JDVWR VRFLDO WDOHV FRPR HO
ILQDQFLDPLHQWR GH ORV FHQWURV HGXFDWLYRV \ VDQLWDULRV HVFXHODV KRVSLWDOHV VDODV GH VDOXG  QR VH
HQFXHQWUDQ LQFOXLGRV HQ HVWDV HVWLPDFLRQHV SRU HVWDU GHVFHQWUDOL]DGRV HVWRV VHUYLFLRV HQ ODV SURYLQFLDV
\R PXQLFLSLRV QLYHOHV VXEQDFLRQDOHV GH JRELHUQR  3RU VX SDUWH GHQWUR GHO JDVWR VRFLDO GH OD
$GPLQLVWUDFLyQ3~EOLFD1DFLRQDO $31 VHGHVWDFDSRUVXPRQWRORVUHFXUVRVGHVWLQDGRVDODVHJXULGDG
VRFLDOTXHUHSUHVHQWDQFHUFDGHOGHOJDVWRVRFLDOGHHVWHQLYHOGHJRELHUQR YpDVHJUiILFRV\ 
*5È),&2
352325&,Ï148(5(35(6(17$&$'$58%52'(/*$672(15(/$&,Ï1&21(/727$/'(/
*$672'(/*2%,(5121$&,21$/  

 


$GPLQLVWUDFLyQJXEHUQDPHQWDO
'HIHQVD\VHJXULGDG
*DVWRVRFLDO

6HUYLFLRVHFRQyPLFRV
,QWHUHVHVGHODGHXGDS~EOLFD


)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGH&,33(&

6HJ~QORSUR\HFWDGRSDUDHOJDVWRS~EOLFRWRWDOGHOD$31DXPHQWDUtDQRPLQDOPHQWHHQ
XQUHVSHFWRGH VLVHGHVFXHQWDODLQIODFLyQHVWLPDGDSRUIXHQWHVRILFLDOHVHVWHLQFUHPHQWR
VHUHGXFHDOUHDO 'HHVWDIRUPDHODXPHQWRHVWLPDGRSDUDHODxRVHUtDLQIHULRUDOHVWLPDGR
SDUD HO SHUtRGR DQWHULRU  UHVSHFWR GH   HO FXDO GH DFXHUGR FRQ ORV GDWRV LQFOXLGRV HQ HO
³0HQVDMHGHHOHYDFLyQGHOSUHVXSXHVWR´ 213 VHXELFDUtDHQXQQRPLQDO



 (V LPSRUWDQWH UHPDUFDU TXH SRU GLIHUHQFLDV HQWUH HO RILFLDOLVPR \ OD RSRVLFLyQ HO &RQJUHVR 1DFLRQDO QR DSUREy ILQDOPHQWH HO
SUHVXSXHVWR  1R REVWDQWH DTXt VH SUHVHQWD LQIRUPDFLyQ GHVDJUHJDGD GHO PLVPR HQ ORV DVSHFWRVTXHUHVXOWDQSHUWLQHQWHVHQ
WDQWRPXHVWUDGHODVSULRULGDGHVVRFLDOHV \VXVPDJQLWXGHV SUHYLVWDVSRUHO*RELHUQR1DFLRQDOGH&ULVWLQD)HUQiQGH]HQVX~OWLPR
DxRGHJHVWLyQ


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

(QWUH ODV SDUWLGDV FRQ DXPHQWRV PiV GHVWDFDGRV HQ WpUPLQRV DEVROXWRV VH HQFXHQWUDQ ODV
SUHVWDFLRQHV GH OD VHJXULGDG VRFLDO \ HO SDJR GH LQWHUHVHV GH OD GHXGD &DVDGHL \ RWURV   YpDVH
FXDGUR 
*5È),&2
352325&,Ï148(5(35(6(17$&$'$58%52'(/*$67262&,$/(15(/$&,Ï1&21(/727$/
'(/*$67262&,$/'(/*2%,(5121$&,21$/  

  


 

6DOXG

3URPRFLyQ\DVLVWHQFLDVRFLDO

6HJXULGDGVRFLDO

(GXFDFLyQ\FXOWXUD

&LHQFLD\WpFQLFD

7UDEDMR

9LYLHQGD\XUEDQLVPR

$JXDSRWDEOH\VDQHDPLHQWR


)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGH&,33(&

3RU VX SDUWH HQWUH  \  VH SODQWHD XQ DXPHQWR QRPLQDO GHO  GHO SUHVXSXHVWR
GHVWLQDGR DO iUHD GH JDVWR VRFLDO TXH HV VXSHULRU DO LQFUHPHQWR GHO JDVWR WRWDO HTXLYDOHQWH D 
&RPRSURSRUFLyQGHOJDVWRWRWDOHOJDVWRVRFLDOHVODILQDOLGDGTXHPiVDXPHQWRH[SHULPHQWDFRQXQ
LQFUHPHQWRGHSXQWRVSRUFHQWXDOHV'HQWURGHHVDFDWHJRUtDODVHURJDFLRQHVTXHH[SHULPHQWDURQORV
PD\RUHVLQFUHPHQWRVSRUFHQWXDOHVVRQODVYLQFXODGDVDOVHFWRUGHDJXDSRWDEOH\VDQHDPLHQWR  
\DOiUHDGHHGXFDFLyQ\FXOWXUD  VHJXLGRVSRUVHJXULGDGVRFLDO   &XDGUR 
&RPRVHKDPHQFLRQDGRDQWHULRUPHQWHHOJDVWRHQVHJXULGDGVRFLDOHVHOPiVUHOHYDQWHGHQWURGHOD
HVWUXFWXUDGHJDVWRVRFLDOGHOJRELHUQRQDFLRQDO6LVHDQDOL]DODFRPSRVLFLyQGHHVWHJDVWRSRUSURJUDPD
ODVMXELODFLRQHV\SHQVLRQHVFRQWULEXWLYDVUHSUHVHQWDQODPD\RUSURSRUFLyQVHJXLGDVSRUODVDVLJQDFLRQHV
IDPLOLDUHV HQ VX FRQMXQWR WDQWR ODV FRQWULEXWLYDV FRPR ODV GH OD $VLJQDFLyQ 8QLYHUVDO SRU +LMR  TXH
WDPELpQ UHSUHVHQWDQ XQD IUDFFLyQ FRQVLGHUDEOH   GHO JDVWR VRFLDO SUHYLVWR SDUD (QWHUFHUOXJDU
GHQWURGHHVWHUXEURVHXELFDQODVSHQVLRQHVQRFRQWULEXWLYDV GHQWURGHODVFXDOHVVHLQFOX\HQHQWUHRWUDV
DVLJQDFLRQHVSDUDODYHMH]SDUDPDGUHVGHVLHWHRPiVKLMRV\ODVSHQVLRQHVSRULQYDOLGH] FRQXQDXPHQWR
QRPLQDOGHOSUHYLVWRSDUD
5HVSHFWRGHODXPHQWRHQHOSUHVXSXHVWRGHODVHJXULGDGVRFLDOHQHO0HQVDMHGHHOHYDFLyQVHGDQ
GRVH[SOLFDFLRQHV3RUXQODGRVHFRUURERUDXQLQFUHPHQWRHQODVMXELODFLRQHV\SHQVLRQHVGHULYDGRGHO
DMXVWH SHULyGLFR TXH VH KDFH GH ORV EHQHILFLRV SUHYLVLRQDOHV OR FXDO LPSDFWD D VX YH] VREUH ODV
SHQVLRQHVQRFRQWULEXWLYDV HOPRQWRGHHVWHEHQHILFLRVHDMXVWDWRPDQGRFRPRUHIHUHQFLDODHYROXFLyQ
GH OD SUHVWDFLyQ SUHYLVLRQDO PtQLPD  3RU HO RWUR VH HVWLPDQ DXPHQWRV HQ ODV DVLJQDFLRQHV IDPLOLDUHV
WDQWR SDUD ORV WUDEDMDGRUHV DFWLYRV FRPR SDUD TXLHQHV VH HQFXHQWUDQ IXHUD GHO PHUFDGR IRUPDO GHO
WUDEDMRDWUDYpVGHOD$VLJQDFLyQ8QLYHUVDOSRU+LMR $8+ 



&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

&8$'52
*$672'(/*2%,(5121$&,21$/325),1$/,'$'<)81&,Ï1  
(QPLOORQHVGHSHVRV\SRUFHQWDMHVGHYDULDFLyQ 

$xR $xR 9DULDFLyQQRPLQDO 9DULDFLyQ 9DULDFLyQ


)LQDOLGDG\IXQFLyQ
  0RQWR 3RUFHQWDMHV UHDOD WRWDO
$GPLQLVWUDFLyQ
*XEHUQDPHQWDO      
'HIHQVD\6HJXULGDG      
*DVWR6RFLDO      
6DOXG      
3URPRFLyQ\
$VLVWHQFLD6RFLDO      
6HJXULGDG6RFLDO      
(GXFDFLyQ\&XOWXUD      
&LHQFLD\7pFQLFD      
7UDEDMR      
9LYLHQGD\
8UEDQLVPR      
$JXD3RWDEOH\
6DQHDPLHQWR      
6HUYLFLRV
(FRQyPLFRV      
(QHUJtD      
7UDQVSRUWH      
&RPXQLFDFLRQHV      
2WURV      
,QWHUHVHVGHOD
'HXGD3~EOLFD      
727$/      
)XHQWH(ODERUDFLyQGH&,33(&VREUHODEDVHGHGDWRVGHO0HQVDMHGHHOHYDFLyQGHOSUR\HFWRGHOH\GHSUHVXSXHVWR

D
 /DV YDULDFLRQHV UHDOHV IXHURQ FDOFXODGDV XWLOL]DQGR XQ tQGLFH GH SUHFLRV FRPELQDGR SRU HOGHO,3&\GHO,30
SUHYLVWRVHQODVSUR\HFFLRQHVSUHVHQWDGDV

'HQWURGHORVSURJUDPDVYLQFXODGRVDODSURPRFLyQVRFLDO SULQFLSDOPHQWHDFDUJRGHO0LQLVWHULRGH
'HVDUUROOR6RFLDO GHEHUHVDOWDUVHHQSULPHUOXJDUHOSURJUDPD,QJUHVR6RFLDOFRQ7UDEDMR PiVFRQRFLGR
FRPR$UJHQWLQD7UDEDMD FUHDGRHQHOPHVGHDJRVWRGH\TXHSDUDSUHYpXQSUHVXSXHVWRGH
 PLOORQHV  GHO SUHVXSXHVWR GHO 0LQLVWHULR GH 'HVDUUROOR 6RFLDO  (VWH SURJUDPD WLHQH FRPR
REMHWLYR OD JHQHUDFLyQ GH SXHVWRV GH WUDEDMR HQ HO VHFWRU GH REUDV S~EOLFDV \ KD DEVRUELGR SDUWH GHO
SUHVXSXHVWR GHO SURJUDPD 0DQRV D OD REUD FX\DV DFFLRQHV VH HQFXHQWUDQ YLQFXODGDV D SUR\HFWRV VRFLR
SURGXFWLYRV HQ HO iPELWR GH OD HFRQRPtD VRFLDO 7DPELpQ GHELGR D VX LPSRUWDQFLD SUHVXSXHVWDULD VH
GHVWDFDHO3URJUDPD1DFLRQDOGH6HJXULGDG$OLPHQWDULDFRQXQDXPHQWRQRPLQDOGHOSDUD\XQD
SDUWLFLSDFLyQ GHO  HQ HO SUHVXSXHVWR GHO 0LQLVWHULR GH 'HVDUUROOR 6RFLDO (O 3ODQ )DPLOLDV TXH
FRQVWLWXtD XQR GH ORV SULQFLSDOHV SURJUDPDV GHO 0LQLVWHULR GH 'HVDUUROOR 6RFLDO KD GLVPLQXLGR VX
SDUWLFLSDFLyQFRPRUHVXOWDGRGHODPLJUDFLyQGHVXVEHQHILFLDULRVKDFLDODUHFLHQWHPHQWHFUHDGD$8+
'HPDQHUDVLPLODUHOSULQFLSDOFDPELRGHOiUHDGHWUDEDMRHVODGHVDSDULFLyQGHO3URJUDPD-HIHV
\ -HIDV GH +RJDU 'HVRFXSDGRV 3--+'  FRPR UHVXOWDGR GH OD LPSOHPHQWDFLyQ GH OD $8+ /RV
SULQFLSDOHVSURJUDPDVHQHVWDiUHDVRQ$FFLRQHVGH(PSOHRTXHLQWHUYLHQHSDUDIDYRUHFHUODLQVHUFLyQ
ODERUDOGHWUDEDMDGRUHVGHVRFXSDGRV SRUHMHPSORDWUDYpVGHLQFHQWLYRVDODVHPSUHVDVSDUDODFUHDFLyQ


 (Q RFWXEUH GH  OD /H\  HVWDEOHFLy HO DXPHQWR DXWRPiWLFR GRV YHFHV DO DxR PDU]R \ VHSWLHPEUH  SDUD WRGDV ODV
SUHVWDFLRQHVGHO6LVWHPD,QWHJUDGR3UHYLVLRQDO$UJHQWLQR

 (VWHSURJUDPD\DKDEtDGLVPLQXLGRVXSUHVXSXHVWRHQXQHQWUH\


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

RPDQWHQFLyQGHSXHVWRVGHWUDEDMR \HO6HJXURGH&DSDFLWDFLyQ\(PSOHR PiVDGHODQWHVHSURIXQGL]D


VREUHODVFDUDFWHUtVWLFDVGHHVWRVSURJUDPDV 
(Q HO iUHD GH VDOXG VREUHVDOHQ ODV WUDQVIHUHQFLDV GH OD $GPLQLVWUDFLyQ 1DFLRQDO GH 6HJXULGDG
6RFLDO $16H6  DO ,QVWLWXWR 1DFLRQDO GH 6HUYLFLRV 6RFLDOHV SDUD -XELODGRV \ 3HQVLRQDGRV FRQRFLGR
FRPR 3$0, 3URJUDPD GH $WHQFLyQ 0pGLFD ,QWHJUDO  RULJLQDGDV HQ ODV UHWHQFLRQHV TXH VH SUDFWLFDQ
VREUH ORV EHQHILFLRV SUHYLVLRQDOHV 'HQWUR GH ORV SURJUDPDV GHO 0LQLVWHULR GH 6DOXG VH GHVWDFD HO GH
DWHQFLyQPpGLFDDEHQHILFLDULRVGHSHQVLRQHVQRFRQWULEXWLYDV GHQRPLQDGR3URJUDPD)HGHUDOGH6DOXG
±352)( FRQXQDYDULDFLyQQRPLQDOGHOUHVSHFWRGH\HOSURJUDPDGHDWHQFLyQDODPDGUH\
DOQLxRGHQWURGHOFXDOVHHQFXHQWUDHO3ODQ1DFHUFRQXQLQFUHPHQWRQRPLQDOGHO
)LQDOPHQWH HQ HO iUHD GH HGXFDFLyQ UHVDOWD DGHPiV GHO ILQDQFLDPLHQWR D XQLYHUVLGDGHV
QDFLRQDOHV\GHORVIRQGRVVDODULDOHV LQFHQWLYRGRFHQWH\FRPSHQVDFLyQVDODULDO HOSURJUDPD&RQHFWDU
LJXDOGDG&RQILQDQFLDPLHQWRGHOD$16H6HVWDLQLFLDWLYDLQVWUXPHQWDGDPHGLDQWHHO'HFUHWR
WHQGUiSOHQDYLJHQFLDHQFRQXQSUHVXSXHVWRGHFDVLPLOORQHV HTXLYDOHQWHDOGHOJDVWR
HQHGXFDFLyQ\FXOWXUDSUHYLVWRSDUDHODxRSUy[LPR DXPHQWDQGRPiVGHVHLVYHFHVVXSUHVXSXHVWRHQ
XQDxR(VWHSURJUDPDHVWDPELpQUHVSRQVDEOHGHOGHODXPHQWRWRWDOGHHVWDIXQFLyQ3RURWUDSDUWH
VLELHQFRQPDJQLWXGHVLQIHULRUHVQRSXHGHQGHMDUGHPHQFLRQDUVHORVLQFUHPHQWRVVXSHULRUHVDO
GHORVSURJUDPDVGH,QIUDHVWUXFWXUD\(TXLSDPLHQWR\GH*HVWLyQ(GXFDWLYD

&8$'52
35,1&,3$/(6352*5$0$662&,$/(6(1(/35(6838(672<9$5,$&,Ï1  
(QPLOORQHVGHSHVRV\SRUFHQWDMHVGHYDULDFLyQ 


$xRV 9DULDFLyQ
)XQFLyQ 3ULQFLSDOHVSURJUDPDVVRFLDOHV
D E F
      1RPLQDO 5HDO
6HJXULGDG$OLPHQWDULD     
3URPRFLyQ )DPLOLDVSRUOD,QFOXVLyQ6RFLDO     
6RFLDO ,QJUHVR6RFLDOFRQ7UDEDMR     
0DQRVDOD2EUD     
$FFLRQHVGH(PSOHR     
 $FFLRQHVGH(PSOHR     
7UDEDMR  -HIHV\-HIDVGH+RJDU     
 6HJXURGH(PSOHR\&DSDFLWDFLyQ     
$FFLRQHVGH&DSDFLWDFLyQ/DERUDO     
3UHVWDFLRQHVSUHYLVLRQDOHV     
$VLJQDFLRQHVIDPLOLDUHV     
 $VLJQDFLRQHVIDPLOLDUHVDFWLYRV     
 $VLJQDFLRQHVIDPLOLDUHVSDVLYRV     
6HJXULGDG
 $VLJQDFLyQ8QLYHUVDOSRU+LMR     
6RFLDO
3HQVLRQHVQR&RQWULEXWLYDV 31&      
6HJXURGH'HVHPSOHR     
$WHQFLyQH[FDMDVSURYLQFLDOHV     
$WHQFLyQSHQVLRQHVH[FRPEDWLHQWHV     
FRQWLQ~D 



 7DQWRGHVGHODViUHDVGH'HVDUUROOR6RFLDOFRPR7UDEDMRVHLPSXOVDQSURJUDPDVRULHQWDGRVDODJHQHUDFLyQGHHPSOHR(QHOSULPHUFDVR
ODVDFFLRQHVVHYLQFXODQFRQODGHQRPLQDGD³HFRQRPtDVRFLDO´\ODFUHDFLyQJHQHUDFLyQGHFRRSHUDWLYDV/RVSURJUDPDVGHO0LQLVWHULRGH
7UDEDMRSRUVXSDUWHEXVFDQSURPRYHUHOHPSOHRDSDUWLUGHHVWUDWHJLDVGLYHUVDVHQWUHODVFXDOHVVHHQFXHQWUDQQRVyORORVVXEVLGLRVD
GHVRFXSDGRVVLQRWDPELpQORVLQFHQWLYRVDODVHPSUHVDVSULYDGDV\XQDPiVDPSOLDRIHUWDGHFDSDFLWDFLyQODERUDO


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

&XDGUR FRQFOXVLyQ 
$xRV 9DULDFLyQ
)XQFLyQ 3ULQFLSDOHVSURJUDPDVVRFLDOHV
D E F
      1RPLQDO 5HDO
7UDQVIHUHQFLDVDO,166-\3 3$0,      
$WHQFLyQPpGLFDEHQHILFLDULRV31&     
$WHQFLyQGHODPDGUH\HOQLxR     
3ODQ1DFDIDYRUGHODPDGUH\HO
6DOXG  QLxR     
 3ODQ1DFHU     
/XFKDFRQWUDHO6,'$\(76     
$VLVW)LQD$JHQWHVGHO6HJXURGH
6DOXG $3(      
'HVDUUROORHGXFDFLyQVXSHULRU     
)21,' LQFHQWLYRGRFHQWH      
*HVWLyQHGXFDWLYD     
(GXFDFLyQ ,QIUDHVWUXFWXUD\HTXLSDPLHQWR     
$FFLRQHVFRPSHQVDWRULDVHQ
HGXFDFLyQ     
&RQHFWDU,JXDOGDG     
727$/35,1&,3$/(6352*5$0$6     
727$/*$67262&,$/      
)XHQWH(ODERUDFLyQGH&,33(&VREUHODEDVHGH3UR\HFWRGHOH\GHSUHVXSXHVWR\KWWSVJPHFRQDUHMHFXFLRQ
D
'HYHQJDGR
E
9LJHQWHDO
F
3UR\HFWR




&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

,, /DVWUDQVIRUPDFLRQHVGHOD
SURWHFFLyQVRFLDOHQOD$UJHQWLQD
HQODV~OWLPDVGRVGpFDGDV

$UJHQWLQD KD HQIUHQWDGR HQ ODV ~OWLPDV GRV GpFDGDV VXFHVLYDV H


LPSRUWDQWHV UHIRUPDV HQ HO FRQMXQWR GH OD SROtWLFD VRFLDO LQFOX\HQGR HQ
HVWHSURFHVRDODVLQWHUYHQFLRQHVTXHUHPLWHQDXQHQIRTXHGHSURWHFFLyQ
VRFLDO PiV DOOi GHO FRQWHQLGR SUHFLVR TXH VH OH Gp HQ HO SDtV D HVWH
FRQFHSWR  (V SRU HOOR TXH UHVXOWD SHUWLQHQWH UHYLVDU ORV iPELWRV
SULQFLSDOHV GH OD SROtWLFD VRFLDO DUJHQWLQD \ VXV WUDQVIRUPDFLRQHV HQ HO
SHUtRGR LQGLFDGR 3RGUi REVHUYDUVH TXH OD UHYLVLyQ VH KDFH VLJXLHQGR XQ
FULWHULR VHFWRULDO HQ WDQWR OD QRPHQFODWXUD DGPLQLVWUDWLYD \ GHO JDVWR
VRFLDO HQ OD $UJHQWLQD QR UHFRQRFH D~Q GH PRGR IRUPDO HO FRQFHSWR GH
SURWHFFLyQVRFLDOHOFXDOVtHVWiSUHVHQWHHQVXDVRFLDFLyQDOWUDEDMR\OD
VHJXULGDG VRFLDO FRQWULEXWLYD WDQWR HQ OD PHPRULD KLVWyULFD GH OD
LQVWLWXFLRQDOLGDGVRFLDOFRPRHQHOGHEDWHSROtWLFRGHODV~OWLPDVGpFDGDV
(Q HO SHUtRGR EDMR DQiOLVLV SXHGHQ LGHQWLILFDUVH GRV PDWULFHV FRQ
FDUDFWHUtVWLFDVGLIHUHQFLDOHV8QDSULPHUDFX\DYLJHQFLDVHRULJLQDHQORV
DxRVQRYHQWD\VHH[WLHQGHKDVWDODFULVLVGHILQDOHVGH FRQYDULDQWHV
VHJ~QHOWLSRGHSROtWLFD FDUDFWHUL]DGDSRUODSULYDWL]DFLyQGHODSUHYLVLyQ
VRFLDOODWUDQVIHUHQFLDGHUHVSRQVDELOLGDGHVHQPDWHULDGHDGPLQLVWUDFLyQ
GH VHUYLFLRV VDQLWDULRV \ HGXFDWLYRV D ORV JRELHUQRV SURYLQFLDOHV \ OD
PXOWLSOLFDFLyQGHVDUWLFXODGDGHDFFLRQHVIRFDOL]DGDV\GHSRFDHVFDODSDUD
KDFHUIUHQWHDORVSUREOHPDVGHODSREUH]D\ODYXOQHUDELOLGDGVRFLDO





&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

/D VHJXQGD PDWUL] D~Q HQ SURFHVR GH FRQVWUXFFLyQ  SUHVHQWD UDVJRV GLVtPLOHV UHVSHFWR GH OD
SULPHUD HQ WDQWR VH FDUDFWHUL]D SRU XQ SURFHVR GH UHHVWDWL]DFLyQ GH ORV IRQGRV GH SHQVLRQHV
IRUWDOHFLPLHQWR \ FUHFLHQWH SURWDJRQLVPR GH ODV iUHDV GHO JRELHUQR FHQWUDO HQ WDQWR UHFWRUDV GH ORV
VLVWHPDVGHVDOXG\HGXFDFLyQXQLILFDFLyQGHORVSURJUDPDVGHFRPEDWHDODSREUH]DHQJUDQGHVOtQHDV
GH LQWHUYHQFLyQ DVt FRPR SRU OD WHQGHQFLD D OD XQLYHUVDOL]DFLyQ GH OD VHJXULGDG VRFLDO D WUDYpV GH
LQVWUXPHQWRVTXHFRPELQDQFULWHULRVFRQWULEXWLYRV\QRFRQWULEXWLYRV
'H FDUD DO IXWXUR SHUVLVWHQ LPSRUWDQWHV GHVDItRV HQ SDUWLFXODU VH GHVWDFD HO KHFKR GH TXH HO
HPSOHR\ODSURWHFFLyQVRFLDOFHQWUDGDH[FOXVLYDPHQWHHQVLVWHPDVFRQWULEXWLYRVKDQSHUGLGRFDSDFLGDG
LQWHJUDGRUD\GHSURWHFFLyQFRQWUDORVULHVJRVGHWDOIRUPDTXHVHUHTXLHUHUHSHQVDUODVROLGDULGDGFRQ
ILQHV GH SURWHFFLyQ VRFLDO GH PDQHUD LQWHJUDO WDQWR GHQWUR FRPR IXHUD GHO PXQGR GHO WUDEDMR  \
UHSODQWHDUORVPHFDQLVPRVTXHSHUPLWDQSODVPDUODSURFHVRTXHHQSDUWHKDFRPHQ]DGRDUHFRUUHUVH$
HVWRVHOHVXPDQORVSUREOHPDVKLVWyULFRVHQODVGLVWLQWDViUHDVGHODSROtWLFDVRFLDO(QPDWHULDGHVDOXG
DYDQ]DU KDFLD OD FREHUWXUD XQLYHUVDO LPSOLFD ORJUDU XQD PHMRU DUWLFXODFLyQ HQWUH ORV FRPSRQHQWHV
S~EOLFRGHVHJXURVRFLDO\SULYDGRVDVtFRPRWDPELpQODUHJXODFLyQGHOVHFWRUSULYDGR(QWDQWRHQHO
iUHD GH HGXFDFLyQ ODV H[LJHQFLDV SODQWHDGDV SRU OD QXHYD LQVWLWXFLRQDOLGDG YLJHQWH /H\ 1DFLRQDO GH
(GXFDFLyQ HQFXDQWRDSURYLVLyQGHOVHUYLFLRHGXFDWLYRSXHGHQJHQHUDUQXHYDVWHQVLRQHVHQODUHODFLyQ
FDOLGDG±FREHUWXUD $QOOy\&HWUiQJROR 
(QGHILQLWLYDVLJXLHQGRD&HWUiQJROR  TXHUHPRVVXEUD\DUTXHORVGHVDItRVGHODSURWHFFLyQ
VRFLDOHQ$UJHQWLQDVRQGHODUJRSOD]R\H[FHGHQORViPELWRVHVSHFtILFRVGHODVSROtWLFDVVHFWRULDOHV6X
UHVROXFLyQ GHPDQGD FRQWHPSODU TXH ORV QLYHOHV GH UHFXUVRV GLVSRQLEOHV VLVWHPD WULEXWDULR  VHDQ
FRQVLVWHQWHV FRQ ORV VLVWHPDV GH SURWHFFLyQ GHVHDGRVDODYH]TXHUHTXLHUHGHODUHIRUPXODFLyQGHODV
IXQFLRQHV GH ORV GLIHUHQWHV QLYHOHV GH JRELHUQR GDQGR pQIDVLV D OD IXQFLyQ TXH OH FRUUHVSRQGH DO
JRELHUQRFHQWUDOHQFXDQWRDUHGXFLU\RHOLPLQDUODVLQHTXLGDGHVSURYHQLHQWHVGHGLIHUHQWHVFDSDFLGDGHV
WHUULWRULDOHVSDUDEULQGDUVHUYLFLRVVRFLDOHV
$FRQWLQXDFLyQVHKDFHXQUHSDVRGHODVSULQFLSDOHVWUDQVIRUPDFLRQHVVHFWRULDOHVSDUDORFXDOVH
KDQFODVLILFDGRODVSROtWLFDV\SURJUDPDVDQDOL]DGRVHQFXDWURJUDQGHVJUXSRVWUDQVIHUHQFLDVPRQHWDULDV
FRPSRQHQWHV FRQWULEXWLYR \ QR FRQWULEXWLYR GH OD SUHYLVLyQ VRFLDO \ WUDQVIHUHQFLDV GH LQJUHVRV FRQ
FRQWUDSUHVWDFLRQHV\RFRQGLFLRQDGDV VDOXGHGXFDFLyQ\RWURVSURJUDPDVUHOHYDQWHV DOLPHQWDULRVGH
PLFURFUpGLWRV DJXD VDQHDPLHQWR \ YLYLHQGD LQLFLDWLYDV WHQGLHQWHV D ORJUDU DERUGDMHV LQWHJUDOHV  3RU
~OWLPRVHKDFHXQDEUHYHUHFDSLWXODFLyQUHVSHFWRGHDOJXQDVDFFLRQHVHVSHFtILFDVTXHHQPDWHULDVRFLDO
VHLPSXOVDURQHQOD$UJHQWLQDSDUDKDFHUIUHQWHDODFULVLVGHORV~OWLPRVWLHPSRV

$ 7UDQVIHUHQFLDVPRQHWDULDV

 &RPSRQHQWHFRQWULEXWLYRGHODSUHYLVLyQVRFLDO
5HSHWWR\$QGUHQDFFL  DILUPDQTXHHQWUHODVUHIRUPDVRFXUULGDVGXUDQWHORVDxRVQRYHQWDHOFDVR
PiV PDUFDGR GH GHVHVWDWL]DFLyQ IXH HO GH ORV VHJXURV GH UHWLUR R GH YHMH] 7UDV SURIXQGL]DUVH ORV
SUREOHPDV GH ILQDQFLDPLHQWR GH ODV MXELODFLRQHV\SHQVLRQHVGHOVLVWHPDGHUHSDUWRDLQLFLRVGHGLFKD
GpFDGDVHDYDQ]yHQXQDUHIRUPDTXHWHQGLyDODFRQVWUXFFLyQGHXQVLVWHPDGHFDSLWDOL]DFLyQGHDSRUWHV
JHVWLRQDGR SRU ODV DGPLQLVWUDGRUDV SULYDGDV D ODV FXDOHV VH OHV EULQGy XQD VHULH GH JDUDQWtDV SDUD
LQFHQWLYDUVXSDUWLFLSDFLyQ /R9XROR\RWURV (OFDPELRPiVLPSRUWDQWHIXHODH[WHQVLyQSDUFLDO
FRPRVLVWHPDSDUDOHOR RWRWDO FRPRVLVWHPDREOLJDWRULR GHODOyJLFDGHOVLVWHPDGHVHJXURVSULYDGRVD
OD WRWDOLGDG GH ORV DVDODULDGRV IRUPDOHV D WUDYpV GHODOH\1žGHODxR(O(VWDGRTXHGyD
FDUJRGHGHVDUUROODUPHFDQLVPRVGHFREHUWXUDGHORVWUDEDMDGRUHVLQIRUPDOHVRGHIRUPDOHVLQHVWDEOHV\
GHEDMRVLQJUHVRV
(OREMHWLYRSULQFLSDOGHHVWHWLSRGHUHIRUPDVVHJ~QORVGHFLVRUHVGHHQWRQFHVIXHHODXPHQWRGHO
DKRUUR LQWHUQR QDFLRQDO FRQ HVWUDWHJLDV TXH SURPRYLHUDQ OD FDSLWDOL]DFLyQ LQGLYLGXDO \ UHGXMHUDQ OD
GHSHQGHQFLD GH ODV FDMDV GH VHJXURV GH UHWLUR UHVSHFWR GH ODV ILQDQ]DV HVWDWDOHV (O FDVR DUJHQWLQR IXH


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

SDUWLFXODUPHQWH SRFR H[LWRVR HQ HVWH DVSHFWR /D UHIRUPD TXH GHELy QHJRFLDUVH FRQ LQVWLWXFLRQHV
VLQGLFDOHVD~QIXHUWHVFXOPLQyHQXQVLVWHPDGREOHSDUDOHORPLWDGS~EOLFRFRQVXEVLVWHQFLDGHODVFDMDV
WUDGLFLRQDOHV EDMR OD yUELWD GH OD $GPLQLVWUDFLyQ 1DFLRQDO GH 6HJXULGDG 6RFLDO $16H6  \ PLWDG
SULYDGR HQ IRQGRV GH FDSLWDOL]DFLyQ LQGLYLGXDO ODV $GPLQLVWUDGRUDV GH )RQGRV GH -XELODFLRQHV \
3HQVLRQHV$)-3V $SHVDUGHORVLPSRUWDQWHVFDPELRVHQODFRPSRVLFLyQGHORVDSRUWHV\ODVHGDGHV\
FRQGLFLRQHVGHUHWLURDOFDERGHGLH]DxRVGHIXQFLRQDPLHQWRHO(VWDGRQRKDEtDSRGLGRSUHVFLQGLUGH
ORV VXEVLGLRV DO VLVWHPD QL ODV $)-3V KDEtDQ JHQHUDGR XQ DXPHQWR VXVWDQFLDO GHO DKRUUR LQWHUQR /D
LQHVWDELOLGDGPDFURHFRQyPLFD\ODDEVRUFLyQGHUHFXUVRVSRUSDUWHGHO(VWDGRDQWHXQSHUVLVWHQWHGpILFLW
ILVFDOLPSOLFDURQDVXYH]TXHHOFDPELRWDPSRFRUHSUHVHQWDUDJDQDQFLDVSDUDVXVEHQHILFLDULRV
/DV PXWDFLRQHV SURGXFLGDV HQ ORV DxRV QRYHQWD WDPSRFR UHVROYLHURQ HO GHVDItR HVWUXFWXUDO GH
ODUJR SOD]R DVRFLDGR D FyPR DWHQGHU D XQD JUDQ SURSRUFLyQ GH WUDEDMDGRUHV FX\RV DSRUWHV QR OHV
DVHJXUDQ XQD SHQVLyQ PtQLPD FXDQGR DEDQGRQHQ HO PHUFDGR GH WUDEDMR ,VXDQL   'H DFXHUGR D
*ROGEHUJ \ /R 9XROR   HQWUH ORV SULQFLSDOHV SXQWRV FUtWLFRV RFDVLRQDGRV SRU OD UHIRUPD GH ORV
QRYHQWD VREUH HO VLVWHPD GH SHQVLRQHV VH HQFRQWUDEDQ ORV VLJXLHQWHV   OD SURIXQGL]DFLyQ GHO
GHVHTXLOLEULRILQDQFLHURGHOVLVWHPD\GHODVFXHQWDVILVFDOHV HOGHWHULRURGHODVFRQGLFLRQHVGHYLGD
GHORVSDVLYRV ODSURIXQGL]DFLyQGHOSDWUyQGLVWULEXWLYRUHJUHVLYR ODFDtGDGHODFREHUWXUD ORV
GHVLQFHQWLYRV D OD DILOLDFLyQ \ D ORV DSRUWHV SHUPDQHQWHV \   OD PD\RU IUDJPHQWDFLyQ LQVWLWXFLRQDO \
QRUPDWLYD (VWRV HOHPHQWRV VH FRPSOHPHQWDQ WDPELpQ HQ RSLQLyQ GH ORV DXWRUHV FRQ ORV LPSDFWRV
SROtWLFRHFRQyPLFRVGHULYDGRVGHOFUHFLHQWHSHVRGHODVHQWLGDGHVSULYDGDVTXHDGPLQLVWUDQORVIRQGRV
GH SHQVLRQHV \ OD SURPHVD LQFXPSOLGD GHO VLVWHPD GH FDSLWDOL]DFLyQ LQGLYLGXDO GH IRUWDOHFHU
FUHFLHQWHPHQWHHOPHUFDGRORFDOGHFDSLWDOHV
'XUDQWH OD SULPHUD GpFDGD GHO VLJOR ;;, YDULDGDV IXHURQ ODV DFFLRQHV GHVWLQDGDV D SURPRYHU
FDPELRVHQHOVLVWHPDSUHYLVLRQDODUJHQWLQRHQJHQHUDOFDUDFWHUL]DGDVSRUXQDXPHQWRHQORVEHQHILFLRV
SUHYLVLRQDOHV LQFOXVLyQ GH SHQVLRQDGRV \ UHIRUPDV HQ OD LQVWLWXFLRQDOLGDG (Q HVWH VHQWLGR OD PDVLYD
LQFRUSRUDFLyQDWUDYpVGHPRUDWRULDVSDUDSHUVRQDVTXHQRFXPSOtDQWRGRVORVUHTXLVLWRVDQWHULRUPHQWH
SUHYLVWRV\MXELODFLRQHVDQWLFLSDGDVSDUDSHUVRQDVGHVHPSOHDGDVFRQDSRUWHVLQFRPSOHWRVPDUFDQKLWRV
UHOHYDQWHV VREUH WRGR HO SULPHUR SRU VX PDJQLWXG  -XQWR FRQ HVWR GHEH GHVWDFDUVH OD DSUREDFLyQ HQ
PDU]RGHGHOD/H\1ƒTXHHQWUHRWUDVFXHVWLRQHVHQVXPRPHQWRRWRUJyFRPRRSFLyQHO
UHJUHVR DO VLVWHPD GH UHSDUWR SDUD TXLHQHV OR TXLVLHUDQ D OD YH] TXH HVWDEOHFLy FRPR REOLJDWRULR HO
UHWRUQRDGLFKRVLVWHPDDTXLHQHVWHQtDQSRFRVIRQGRVDFXPXODGRV
/XHJRGHHVWRHQRFWXEUHGHVHSURGXMRODSULQFLSDOUHIRUPD /H\1ƒ TXHFRQVLVWLy
HQ HO SDVR GHO 6LVWHPD ,QWHJUDO GH -XELODFLRQHV \ 3HQVLRQHV DO QXHYR 6LVWHPD ,QWHJUDO 3UHYLVLRQDO
$UJHQWLQR 6,3$  (Q OD SUiFWLFD HVWD UHIRUPD HVWUXFWXUDO LPSOLFy OD UHHVWDWL]DFLyQ GH ORV IRQGRV GH
SHQVLRQHV TXH HUDQ DGPLQLVWUDGRV SRU ODV $GPLQLVWUDGRUDV GH )RQGRV GH -XELODFLRQHV \ 3HQVLRQHV
$)-3  GHMDQGR SRU HQGH GH H[LVWLU HO VLVWHPD GH FDSLWDOL]DFLyQ LQGLYLGXDO /D /H\ LQWURGXMR ODV
VLJXLHQWHVPRGLILFDFLRQHVDODLQVWLWXFLRQDOLGDGH[LVWHQWHSRUHQWRQFHVD HO6,3$HVXQVLVWHPD~QLFR
VROLGDULRGHUHSDUWR DGLIHUHQFLDGHO6,-3TXHHVWDEDFRPSXHVWRSRUGRVSLODUHV UpJLPHQGHUHSDUWR\
GH FDSLWDOL]DFLyQ LQGLYLGXDO  E  ORV IRQGRV GHO 6,3$ VRQ tQWHJUDPHQWH DGPLQLVWUDGRV SRU HO (VWDGR D
WUDYpV GH OD $GPLQLVWUDFLyQ 1DFLRQDO GH OD 6HJXULGDG 6RFLDO $16H6  EDMR OD VXSHUYLVLyQ GH XQD
&RPLVLyQ %LFDPHUDO GHO &RQJUHVR GH OD 1DFLyQ \ F  WRGRV ORV EHQHILFLDULRV GHO UpJLPHQ GH
FDSLWDOL]DFLyQLQGLYLGXDOIXHURQWUDQVIHULGRVDOVLVWHPDS~EOLFRHPHUJHQWHDVtFRPRWDPELpQORVIRQGRV
GHVXVFXHQWDVLQGLYLGXDOHVORVTXHSDVDURQDFRQIRUPDUHO)RQGRGH*DUDQWtDGH6XVWHQWDELOLGDG TXH
UHSUHVHQWDDSUR[LPDGDPHQWHXQGHO3,% 
$FWXDOPHQWH FRPR SDUWH GHO FRPSRQHQWH FRQWULEXWLYR GHO VLVWHPD GH SURWHFFLyQ VRFLDO VH
GHVWDFDQODVMXELODFLRQHV\SHQVLRQHVODVDVLJQDFLRQHVIDPLOLDUHV\HOVHJXURGHGHVHPSOHR



 'LFKD&RPLVLyQQRKDGHVHPSHxDGRGHVGHVXFUHDFLyQ\KDVWDHOPRPHQWRXQSDSHOVXVWDQWLYRHQORTXHUHILHUHDODVXVWDQFLDGH
VXWDUHDVLHQGRXQDDVLJQDWXUDSHQGLHQWHIRUWDOHFHUVXIXQFLRQDPLHQWR


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

7DO FRPR VH UHYLVy HQ OD VHFFLyQ DQWHULRU ODV MXELODFLRQHV \ SHQVLRQHV VRQ HO FRPSRQHQWH PiV
LPSRUWDQWH GHQWUR GHO JDVWR VRFLDO GH OD $GPLQLVWUDFLyQ 3~EOLFD 1DFLRQDO 'H DFXHUGR FRQ GDWRV GH
%HUWUDQRX    pVWDV FXEUHQ DFWXDOPHQWH D WUDYpV GH OD PRGDOLGDG FRQWULEXWLYD WUDGLFLRQDO D
FHUFD GH  PLOORQHV GH SHUVRQDV $ pVWRV VH DJUHJDURQ HQ ORV ~OWLPRV DxRV RWURV  PLOORQHV GH
EHQHILFLDULRV GH ODV MXELODFLRQHV D WUDYpV GH OD ³PRUDWRULD SUHYLVLRQDO´ WDPELpQ GHQRPLQDGR ³3ODQ GH
LQFOXVLyQ SUHYLVLRQDO´  6H WUDWD GH DTXHOODV SHUVRQDV UHWLUDGDV TXH SRU SUREOHPDV GH SUHFDUL]DFLyQ GHO
PHUFDGR ODERUDO QR FXPSOtDQ FRQ ORV UHTXLVLWRV GH ODV FRQWULEXFLRQHV \ TXH UHFLEHQ DFWXDOPHQWH XQD
DVLJQDFLyQ FRPR UHVXOWDGR GH HVWD LQLFLDWLYD TXH IOH[LELOL]y ODV FRQGLFLRQHV GH DFFHVR PHGLDQWH OD
LPSOHPHQWDFLyQWHPSRUDOGHXQDSUHVWDFLyQUHGXFLGD(VWDVMXELODFLRQHVHQULJRUVRQFDUDFWHUL]DGDVFRPR
SDUWHGHXQHVTXHPD³VHPLFRQWULEXWLYR´ %HUWUDQRX 6HJ~Q318'±&1&36  FRPR
UHVXOWDGRGHHVWDPHGLGD$UJHQWLQDSDVyDWHQHUODWDVDGHFREHUWXUDHQPDWHULDGHMXELODFLRQHVPiVDOWDGH
$PpULFD /DWLQD FRQ  GH FDGD  PD\RUHV HQ HGDG MXELODWRULD TXH UHFLEHQ DOJ~Q WLSR GH EHQHILFLR
SUHYLVLRQDO(QVHHQFRQWUDEDQHQHVWDVLWXDFLyQHOGHORVDGXOWRVPD\RUHVGHOSDtV 318'±
&1&36 
(Q FXDQWR DO WRWDO GH UHFXUVRV TXH VH GHVWLQDQ D ODV MXELODFLRQHV \ SHQVLRQHV HQ  pVWDV
FRUUHVSRQGLHURQ D  PLOORQHV HTXLYDOHQWH D  PLOORQHV GH GyODUHV  PRQWR TXH VH HOHYy D
 PLOORQHV  PLOORQHV GH GyODUHV  DO DxR VLJXLHQWH 6H SUHYp XQ SUHVXSXHVWR GH 
PLOORQHV PLOORQHVGHGyODUHV SDUDHODxR YpDVHFXDGUR  &DVDGHL\RWURV 
(QRFWXEUHGHOD/H\1ƒHVWDEOHFLyXQDDFWXDOL]DFLyQSHULyGLFD GRVYHFHVDODxRHQ
PDU]R \ VHSWLHPEUH  SDUD WRGDV ODV SUHVWDFLRQHV GHO 6LVWHPD ,QWHJUDGR 3UHYLVLRQDO $UJHQWLQR &RPR
UHVXOWDGRGHHVWRGHVGHPDU]RGHODSUHVWDFLyQSUHYLVLRQDOPtQLPDVHHOHYyDPHQVXDOHV
HTXLYDOHQWH D  GyODUHV  OR TXH LPSOLFD XQ DXPHQWR GHO  UHVSHFWR DO PRQWR DQWHULRU (VWRV
DYDQFHV WLHQHQ VLQ HPEDUJR DVLJQDWXUDV SHQGLHQWHV HQ WpUPLQRV GH SURWHFFLyQ VRFLDO WRGD YH] TXH OD
HQRUPH PD\RUtD GH TXLHQHV HVWiQ GHQWUR GH HVWH VLVWHPD FREUDQ ORV KDEHUHV PtQLPRV TXH QR SDUHFHQ
UHVXOWDUVXILFLHQWHVSDUDFXEULUODVQHFHVLGDGHVEiVLFDVGHHVWHVHFWRUSREODFLRQDO
/DVDVLJQDFLRQHVIDPLOLDUHVVRQHOVHJXQGRHOHPHQWRTXHLQWHJUDHOFRPSRQHQWHFRQWULEXWLYRGH
ODSUHYLVLyQVRFLDOeVWDVIXHURQLQWURGXFLGDVDILQHVGHORVDxRVFLQFXHQWD\KDQVLGRKLVWyULFDPHQWHHO
SLODUGHODVWUDQVIHUHQFLDVTXHVHUHDOL]DQDORVQLxRV\DGROHVFHQWHVPHQRUHVGHDxRVFX\RVSDGUHV
HVWiQLQFRUSRUDGRVDOPHUFDGRGHWUDEDMRIRUPDO'HVGH\DH[LVWtDQDVLJQDFLRQHVFRQVLVWHQWHVHQ
XQVXEVLGLRSRUPDWHUQLGDG\DOJXQRVEHQHILFLRVSRUKLMRSDUDORVWUDEDMDGRUHVGHVHFWRUHVHVSHFtILFRV
FRPR HO EDQFDULR 6LQ HPEDUJR QR HV KDVWD  TXH VH HVWDEOHFH XQ VLVWHPD PiV LQWHJUDO FRQ OD
FRQIRUPDFLyQ GH OD &DMDGH$VLJQDFLRQHV)DPLOLDUHVSDUDHO3HUVRQDOGHOD,QGXVWULD &$6)3, 2WURV
VHFWRUHV VLJXLHURQ HVWD WHQGHQFLD FRQVWLWX\HQGR VXV SURSLDV &DMDVGH$VLJQDFLRQHV)DPLOLDUHV/XHJR
HQ  VH XQLILFDURQ QRUPDWLYDPHQWH ODV GLVWLQWDV FDMDV DXQTXH VH PDQWXYLHURQ DGPLQLVWUDGDV HQ
IRUPD LQGHSHQGLHQWH FRPR &DMDV GH 6XEVLGLRV \ $VLJQDFLRQHV )DPLOLDUHV /H\ 1ƒ   5RIPDQ \
RWURV 
(Q  OD OHJLVODFLyQ GH $VLJQDFLRQHV )DPLOLDUHV IXH UHIRUPDGD SURIXQGDPHQWH FRQ OD /H\
1ƒ(VWD/H\VLPSOLILFyHOHVTXHPDGHSUHVWDFLRQHV\OLPLWyHQWRQFHVHODFFHVRDEHQHILFLDULRVFRQ
UHPXQHUDFLRQHVLQIHULRUHVD HTXLYDOHQWHVDGyODUHV DFWXDOPHQWHHTXLYDOHQWHD
GyODUHV HV GHFLU IRFDOL]y ORV EHQHILFLRV HQ ORV WUDEDMDGRUHV DVDODULDGRV UHJLVWUDGRV GH LQJUHVRV EDMRV \
PHGLRV$FRPSDxDQGRHVWHSURFHVRWDPELpQVHUHGXMHURQODVDOtFXRWDVTXHSDJDEDQORVHPSOHDGRUHVSDUD
VX ILQDQFLDPLHQWR GH  HQ  D YDORUHV DSUR[LPDGRV DO  (Q  VH WHUPLQy GH FRPSOHWDU OD
³FREHUWXUD KRUL]RQWDO´ GHO VLVWHPD FRQ HO 'HFUHWR  TXH H[SDQGLy OD SURWHFFLyQ DQWHULRUPHQWH



 (Q HVWH DVSHFWR PHUHFH GHVWDFDUVH TXH HQ RFWXEUH GH  HO &RQJUHVR GH OD 1DFLyQ DSUREy OD /H\  VREUH OD PRYLOLGDG
MXELODWRULD GLIXQGLGDFRPR³OH\GHOPyYLO´ (VWDOH\GLVSRQtDHODXPHQWRGHODMXELODFLyQPtQLPDDOGHOVDODULRPtQLPR
YLWDO \ PyYLO GH WDO IRUPD TXH pVWH VH KXELHUD LQFUHPHQWDGR GH ORV PHQFLRQDGRV  PHQVXDOHV  GyODUHV  D 
PHQVXDOHV GyODUHV MXQWRFRQODDFWXDOL]DFLyQGHWRGDVODVMXELODFLRQHVVHJ~QODHYROXFLyQSDVDGDGHORVVDODULRVDXQTXHVLQHO
GHUHFKR D XQD FRUUHFFLyQ UHWURDFWLYD 6LQ HPEDUJR OD QRUPD QR OOHJy D HQWUDU HQ YLJHQFLD GHELGR D TXH IXH YHWDGD SRU HO 3RGHU
(MHFXWLYR1DFLRQDOFRQHODUJXPHQWRGHTXHRFDVLRQDUtDODTXLHEUDILVFDOGHO(VWDGR


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

PHQFLRQDGDDODVIDPLOLDVGHODHFRQRPtDLQIRUPDODWUDYpVGHOD$VLJQDFLyQ8QLYHUVDOSRU+LMR DODTXHVH
KDFHUHIHUHQFLDPiVDGHODQWH 
$FWXDOPHQWH ODV DVLJQDFLRQHV IDPLOLDUHV VRQ SHUFLELGDV SRU ORV DVDODULDGRV GHO VHFWRU SULYDGR
EHQHILFLDULRV GHO VHJXUR GH ULHVJRV GH WUDEDMR \ GHO VHJXUR GH GHVHPSOHR EHQHILFLDULRV GHO 6LVWHPD
3UHYLVLRQDO\GHODVSHQVLRQHVQRFRQWULEXWLYDVFRQLQJUHVRV WDOORVHxDODGR GHKDVWDPHQVXDOHV
/DVDVLJQDFLRQHVIDPLOLDUHVFRPSUHQGHQGLIHUHQWHVWLSRVGHEHQHILFLRV\HQDOJXQRVFDVRVVXPRQWRYDUtD
VHJ~QOD]RQDGRQGHVHHQFXHQWUHHOWUDEDMDGRU\HOVDODULRTXHSHUFLED VLHQGRVXYDORUPiVDOWRHQHOFDVR
GHORVWUDEDMDGRUHVFRQPHQRUUHPXQHUDFLyQ (QWpUPLQRVJHQHUDOHVORVPRQWRVTXHVHSHUFLEHQVRQORV
VLJXLHQWHV UHPXQHUDFLyQ EUXWD GXUDQWH HO SHUtRGR GH OLFHQFLD OHJDO HQ FDVR GH PDWHUQLGDG 
HTXLYDOHQWH D  GyODUHV  SRU QDFLPLHQWR   GyODUHV  SRU DGRSFLyQ   GyODUHV  SRU
PDWULPRQLR   GyODUHV  PHQVXDO SRU SUHQDWDO  PHQVXDOHV SRU KLMR   GyODUHV 
PHQVXDOHVSRUKLMRFRQGLVFDSDFLGDG GyODUHV DQXDOHVHQFRQFHSWRGHHVFRODULGDG\DQXDOHV
HQFRQFHSWRGHHVFRODULGDGGHKLMRFRQGLVFDSDFLGDG
'H DFXHUGR FRQ ORV GDWRV GH &DVDGHL \ RWURV   GXUDQWH HO DxR  VH KDQ GHVWLQDGR
 PLOORQHV HTXLYDOHQWH D  PLOORQHV GH GyODUHV  DO SDJR GH DVLJQDFLRQHV IDPLOLDUHV
DOFDQ]DQGR HVWH PRQWR ORV  PLOORQHV  PLOORQHV GH GyODUHV  HQ  \ SUHYLpQGRVH XQD
HURJDFLyQ GH  PLOORQHV  PLOORQHV GH GyODUHV  SRU HVWH FRQFHSWR GXUDQWH HO DxR SUy[LPR
YpDVHFXDGUR 
)LQDOPHQWH HO VHJXUR GH GHVHPSOHR HV XQ EHQHILFLR SDUD TXLHQHV WUDEDMDQ HQ UHODFLyQ GH
GHSHQGHQFLD \ VRQ GHVSHGLGRV /H\1ƒ /DSURWHFFLyQSRUGHVHPSOHRFRPSUHQGHXQDSUHVWDFLyQ
HFRQyPLFDODSUHVWDFLyQPpGLFRDVLVWHQFLDOHOSDJRGHDVLJQDFLRQHVIDPLOLDUHV\HOFyPSXWRGHOSHUtRGRGH
ODV SUHVWDFLRQHV D ORV HIHFWRV SUHYLVLRQDOHV (O PRQWR GHO EHQHILFLR HV HO HTXLYDOHQWH DOGHODPHMRU
UHPXQHUDFLyQ HQ ORV VHLV PHVHV DQWHULRUHV DO GHVSLGR QR SXGLHQGR VHU LQIHULRUDORV HTXLYDOHQWHD
GyODUHV QLVXSHULRUD GyODUHV /DUHFHSFLyQGHHVWDSUHVWDFLyQGXUDXQDxRFRPRPi[LPRD
OR ODUJR GHO FXDO HO PRQWR UHFLELGR VH YD UHGXFLHQGR SURJUHVLYDPHQWH &DEH GHVWDFDU DTXt HO PX\ EDMR
PRQWRTXHUHSUHVHQWDHVWDSUHVWDFLyQTXHHVWiPX\OHMRVGHD\XGDUDFXEULUHOFRVWRGHODFDQDVWDEiVLFDGH
ELHQHV\VHUYLFLRVHLQFOXVRODFDQDVWDEiVLFDGHDOLPHQWRV6LQHPEDUJRQRVHWUDWDGHXQDSUHVWDFLyQVREUH
OD FXDO ORV DFWRUHV GH OD SURWHFFLyQ VRFLDO KD\DQ PDQLIHVWDGR HQ ORV ~OWLPRV DxRV SDUWLFXODU LQWHUpV HQ
PRGLILFDUUHSUHVHQWDQGRSRUHQGHXQDDVLJQDWXUDSHQGLHQWHDVHUFRQVLGHUDGD
6HHVWLPDTXHODFDQWLGDGGHEHQHILFLDULRVGHHVWHSURJUDPDKDEUtDSDVDGRGHPLOHQD
 PLO HQ  (VWH DXPHQWR HVWUHFKDPHQWH UHODFLRQDGR D ORV LPSDFWRV LQWHUQRV GH OD FULVLV
LQWHUQDFLRQDO GH ILQDOHV GH OD GpFDGD VHUtD WDPELpQ XQD FRQVHFXHQFLD GLUHFWD GHO LQFUHPHQWR GH OD
FDQWLGDG GH SHUVRQDV FRQ HPSOHR UHJLVWUDGR OR FXDO HOHYD OD FDQWLGDG GH SRWHQFLDOHV EHQHILFLDULRV
318'±&1&36 3RUVXSDUWHORVUHFXUVRVGHVWLQDGRVDILQDQFLDUHVWHSURJUDPDDVFHQGLHURQD
 PLOORQHV HTXLYDOHQWH D  PLOORQHV GH GyODUHV  HQ HO DxR  VH LQFUHPHQWDURQ D 
PLOORQHV PLOORQHVGHGyODUHV DODxRVLJXLHQWH\VHHVWLPDQHQPLOORQHV PLOORQHVGH
GyODUHV SDUDHO YpDVHFXDGUR  &DVDGHL\RWURV 

 &RPSRQHQWHQRFRQWULEXWLYRGHODSUHYLVLyQVRFLDO
'HQWUR GHO FRPSRQHQWH QR FRQWULEXWLYR GH OD SUHYLVLyQ VRFLDO VH GHVWDFDQ GRV LQLFLDWLYDV ODV
WUDGLFLRQDOHV SHQVLRQHV QR FRQWULEXWLYDV \ OD UHFLHQWHPHQWH FUHDGD $VLJQDFLyQ 8QLYHUVDO SRU +LMR
$8+ ODFXDOFRQVWLWX\HODSULQFLSDOPHGLGDGHSURWHFFLyQVRFLDOGHODV~OWLPDVGpFDGDVHQ$UJHQWLQD
/DV SHQVLRQHV QR FRQWULEXWLYDV 31&  FRQVWLWX\HQ KR\ XQD LQWHUYHQFLyQ UHOHYDQWH GHQWUR GHO
FRPSRQHQWHQRFRQWULEXWLYRGHODSUHYLVLyQVRFLDO(VWiQGLULJLGDVDGLIHUHQWHVJUXSRVGHSHUVRQDV HQ
SDUWLFXODU PD\RUHV GH  DxRV PDGUHV GH PiV GH VLHWH KLMRV \ SHUVRQDV FRQ GLVFDSDFLGDG  TXH VH
HQFXHQWUDQHQVLWXDFLyQGHYXOQHUDELOLGDGVRFLDO\TXHQRUHDOL]DQDSRUWHVFRQWULEXWLYRV'HHVWDIRUPD
pVWDVSXHGHQDFFHGHUDXQDSHQVLyQDVtFRPRDDWHQFLyQPpGLFDJUDWXLWDSDUDHOORV\VXJUXSRIDPLOLDU
(VWDVDFFLRQHVVHFRQFUHWDQDWUDYpVGHORVSURJUDPDV3HQVLRQHVQR&RQWULEXWLYDV\HO3URJUDPD)HGHUDO


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

GH 6DOXG 352)(  (VWDV SHQVLRQHV VRQ YLWDOLFLDV HQ WDQWR VH PDQWHQJDQ ODV FRQGLFLRQHV TXH GLHURQ
OXJDUDVXRWRUJDPLHQWR
(O PRQWR TXH VH DVLJQD PHQVXDOPHQWH HQ FRQFHSWR GH SHQVLRQHV DVLVWHQFLDOHV HV GH  SRU
GLVFDSDFLGDG  GyODUHV  GH  SDUD PDGUHV GH VLHWH y PiV KLMRV  GyODUHV  \ GH  SDUD
DGXOWRV PD\RUHV  GyODUHV  %HUWUDQRX    $ SDUWLU GH  VH KD UHJLVWUDGR XQ QRWDEOH
DXPHQWR GH OD FDQWLGDG GH SHUVRQDV TXH UHFLEHQ HVWDV SHQVLRQHV FRPR UHVXOWDGR GH XQD SROtWLFD
H[SOtFLWDPHQWH RULHQWDGD D LQFUHPHQWDU VX FREHUWXUD PD\RUHV DVLJQDFLRQHV SUHVXSXHVWDULDV RSHUDWLYRV
GH LQVFULSFLyQ UHDGHFXDFLyQ GH ORV SURFHVRV GH WUDEDMR HWF  YpDVH JUiILFR   FRPR DVt WDPELpQ HO
PRQWRGHODVSHQVLRQHVHOFXDOVHKDLGRLQFUHPHQWDQGRSDXODWLQDPHQWH
*5È),&2
(92/8&,Ï1(1/$63(16,21(6$6,67(1&,$/(6<727$/'(3(16,21(612&2175,%87,9$6
1Ò0(52'(%(1(),&,$5,26  


 





 






 


 
       

3HQVLRQHVSRUYHMH] 3HQVLRQHVSDUDPDGUHVGHyPiVKLMRV
3HQVLRQHVSRULQYDOLGH] 7RWDOGHSHQVLRQHVDVLVWHQFLDOHV
7RWDOGHSHQVLRQHVQRFRQWULEXWLYDV

)XHQWH (ODERUDFLyQ SURSLD HQ EDVH D LQIRUPDFLyQ GHO 0LQLVWHULR GH 'HVDUUROOR 6RFLDO GH OD 1DFLyQ    /D ~OWLPD
LQIRUPDFLyQGLVSRQLEOHFRUUHVSRQGHDODxR

'HDFXHUGRFRQODLQIRUPDFLyQSUHVHQWDGDSRU&DVDGHL\RWURV  VHUHJLVWUDXQLPSRUWDQWH


LQFUHPHQWR HQ ORV IRQGRV TXH VH GHVWLQDQ D ILQDQFLDU WDQWR ODV SHQVLRQHV QR FRQWULEXWLYDV FRPR OD
DVLVWHQFLDPpGLFDTXHUHFLEHQVXVEHQHILFLDULRVDWUDYpVGHO352)(ORFXDOUHVXOWDFRQFRUGDQWHFRQHO
DXPHQWR HQ OD FREHUWXUD DQWHV PHQFLRQDGR (O SUHVXSXHVWR GH ODV 31& IXH GH  PLOORQHV
HTXLYDOHQWH D  PLOORQHV GH GyODUHV  HQ  DXPHQWy D  PLOORQHV  PLOORQHV GH
GyODUHV HQ\ILQDOPHQWHVHSUHYpTXHDOFDQFHORVPLOORQHV PLOORQHVGHGyODUHV HQ
 /RV IRQGRV DVLJQDGRV DO 352)( SRU VX SDUWH SDVDURQ GH  PLOORQHV  PLOORQHV GH
GyODUHV  HQ  D  PLOORQHV  PLOORQHV GH GyODUHV  HQ  SDUD LQFUHPHQWDUVH ILQDOPHQWH D
PLOORQHV PLOORQHVGHGyODUHV GHDFXHUGRFRQODVSUHYLVLRQHVSDUDHO YpDVHFXDGUR 
/D $VLJQDFLyQ 8QLYHUVDO SRU +LMR $8+  IXH FUHDGD HQ RFWXEUH GH  \ VH LQFRUSRUy DO
5pJLPHQ GH $VLJQDFLRQHV )DPLOLDUHV HVWDEOHFLGR SRU OD /H\ 1ƒ  FRPR VX WHUFHU SLODU (O


 7DPELpQWLHQHQDFFHVRDHVWHWLSRGHEHQHILFLRVTXLHQHVUHFLEHQSHQVLRQHVHVSHFLDOHV GHULYDGDVGHOH\HV RJUDFLDEOHV RWRUJDGDV
SRUORVPLHPEURVGHO&RQJUHVRGHOD1DFLyQ \H[FRPEDWLHQWHVGH0DOYLQDV

 6HJ~QHODUWtFXORžGHOD/H\1ƒDSDUWLUGHOƒGHQRYLHPEUHGHHO5pJLPHQGH$VLJQDFLRQHV)DPLOLDUHVVHEDVDHQ
XQVXEVLVWHPDFRQWULEXWLYRIXQGDGRHQORVSULQFLSLRVGHUHSDUWRGHDSOLFDFLyQDORVWUDEDMDGRUHVTXHSUHVWHQVHUYLFLRVUHPXQHUDGRV
HQUHODFLyQGHGHSHQGHQFLDHQODDFWLYLGDGSULYDGDEHQHILFLDULRVGHOD/H\VREUH5LHVJRVGH7UDEDMR\EHQHILFLDULRVGHOVHJXURGH



&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

REMHWLYR JHQHUDO GH OD $8+ VH FHQWUD HQ DWHQGHU OD VLWXDFLyQ GH DTXHOORV PHQRUHV SHUWHQHFLHQWHV D
JUXSRVIDPLOLDUHVTXHQRVHHQFXHQWUHQDPSDUDGRVSRUHO5pJLPHQGH$VLJQDFLRQHV)DPLOLDUHVLQVWLWXLGR
SRUGLFKD/H\1ƒSDUDORVWUDEDMDGRUHVIRUPDOHV 'HFUHWR 
/D SXHVWD HQ PDUFKD GH OD $8+ VH LQVFULELy HQ XQ DPSOLR GHEDWH S~EOLFR GRQGH VH KDFtDQ
SUHVHQWHV YDULDV FUtWLFDV D ODV LQLFLDWLYDV H[LVWHQWHV SDUD WUDQVIHULU UHFXUVRV D ODV SREODFLRQHV PiV
YXOQHUDEOHV(QHVWHFRQWH[WROOHJDURQDH[LVWLUVHLV3UR\HFWRVGH/H\SUHVHQWDGRVHQHO&RQJUHVRFX\R
IRFRVHEDVDEDHQEULQGDUXQLQJUHVRQRFRQWULEXWLYRSRUKLMRTXHUHHPSOD]DUDDHVWRVWUHVSURJUDPDV$
JUDQGHV UDVJRV ORV GLVWLQWRV SUR\HFWRV FRLQFLGtDQ HQ OD GHILQLFLyQ GHO EHQHILFLR \ HQ OD QHFHVLGDG GH
LQFRUSRUDU FRQGLFLRQDOLGDGHV DXQTXH GLIHUtDQ HQ VX FRQFHSFLyQ GH ORV EHQHILFLDULRV ORV UHTXLVLWRV GH
DFFHVR D OD SUHVWDFLyQ VX IXHQWH GH ILQDQFLDPLHQWR \ HO RUJDQLVPR UHVSRQVDEOH GH OD LPSOHPHQWDFLyQ
5HSHWWR 'tD] /DQJRX \ 0DUD]]L   $ SHVDU GH OD H[LVWHQFLD GH HVWRV SUR\HFWRV OHJLVODWLYRV OD
$VLJQDFLyQ8QLYHUVDOSRU+LMRSDUD3URWHFFLyQ6RFLDOIXHFUHDGDSRU'HFUHWRGH1HFHVLGDG\8UJHQFLD
(QUHODFLyQFRQODLQWURGXFFLyQGHHVWHSURJUDPDHQODRIHUWDGHSURWHFFLyQVRFLDOGHOD$UJHQWLQD
VH KD VHxDODGR ³/D XQLYHUVDOL]DFLyQ GH ODV DVLJQDFLRQHV IDPLOLDUHV PDUFD XQ DQWHV \ XQ GHVSXpV HQ
UHODFLyQDORVSURJUDPDVGHLQJUHVRVFRQGLFLRQDGRV0LHQWUDVTXHHVWRVHVWiQVXMHWRVDODVSRVLELOLGDGHV
SUHVXSXHVWDULDV\DODRULHQWDFLyQTXHODVDXWRULGDGHVFRUUHVSRQGLHQWHVOHLQWHUHVHQLPSULPLUDODSROtWLFD
VRFLDO HQ OD XQLYHUVDOL]DFLyQ GH ODV DVLJQDFLRQHV SULPD OD FRQGLFLyQ GH FLXGDGDQtD GH VXV UHFHSWRUHV´
*ROEHUW\6FKHLQHV 
(QRSLQLyQGHHVWRVDXWRUHVODVGXGDVDFHUFDGHODVXVWHQWDELOLGDGGHODLQLFLDWLYDVHYLQFXODFRQOD
PDQHUDHQTXHODPHGLGDIXHWRPDGDHOJRELHUQRKDEUtDRSWDGRSRU³VRUSUHQGHU´DODRSRVLFLyQPiVTXH
LQWHQWDU OOHJDU D DFXHUGRV GH ODUJR SOD]R R SUHVHQWDU XQD SURSXHVWD PiV HODERUDGD (Q VtQWHVLV VL ELHQ
UHFRQRFHQTXHODXQLYHUVDOL]DFLyQGHODVDVLJQDFLRQHVIDPLOLDUHVPDUFDXQFDPELRHQODRULHQWDFLyQGHODV
SROtWLFDV VRFLDOHV HQ UHODFLyQ D ORV SURJUDPDV GH WUDQVIHUHQFLD GH LQJUHVRV FRQGLFLRQDGRV *ROEHUW \
6FKHLQHV  WDPELpQVHxDODQTXHSRUODPDQHUDHQTXHVHLPSOHPHQWyHOSUR\HFWRHQOXJDUGHD\XGDU
REVWUX\yODSRVLELOLGDGGHLQVWDODUHOGHEDWHVREUHHOIXWXURGHODVSROtWLFDVVRFLDOHVHQODDUHQDSROtWLFD
/D $8+ FRQVLVWH HQ XQD SUHVWDFLyQ HTXLYDOHQWH D OD TXH UHFLEHQ ORV KLMRV GH ORV WUDEDMDGRUHV
IRUPDOHVORVEHQHILFLDULRVGHOVHJXURGHGHVHPSOHRRORVMXELODGRV/DSUHVWDFLyQFXEUHDORVKLMRVHQ
HGDGHVFRODUGHORVWUDEDMDGRUHVGHVHPSOHDGRVHLQIRUPDOHV\WDPELpQDORVKLMRVGHORVEHQHILFLDULRVGH
RWURVSODQHVDVLVWHQFLDOHVTXHIXHURQWUDVSDVDGRVDOD$8+$GLFLHPEUHGHDSUR[LPDGDPHQWHXQ
GHORVEHQHILFLDULRVFRUUHVSRQGtDQDWUDVSDVRVGHRWURVSURJUDPDVGHDVLVWHQFLDVRFLDOFRPRHO3ODQ
-HIHV\-HIDVGH+RJDU\3ODQ)DPLOLDV %HUWUDQRX LQWHUYHQFLRQHVTXHVHUHYLVDQPiVDGHODQWH
(OYDORUGHODVSUHVWDFLRQHVGHOD$8+DILQDOHVGHHVGHPHQVXDOHV HTXLYDOHQWHD
GyODUHV HQHOFDVRGHODDVLJQDFLyQSRUKLMR LQLFLDOPHQWHGHSHURSRVWHULRUPHQWHHOHYDGDDSDUWLU
GHO 'HFUHWR   \ GH   GyODUHV  HQ HO FDVR GH GLVFDSDFLGDG LQLFLDOPHQWH GH  
GyODUHV (OGHOPRQWRSUHYLVWRVHSDJDPHQVXDOPHQWHDORVWLWXODUHVGHODSUHVWDFLyQDWUDYpVGHO
VLVWHPD GH SDJRV GH OD $GPLQLVWUDFLyQ 1DFLRQDO GH 6HJXULGDG 6RFLDO $16H6  (O UHVWDQWH  VH
GHSRVLWD HQ XQD &DMD GH $KRUURV D QRPEUH GHO WLWXODUHQHO%DQFRGHOD1DFLyQ$UJHQWLQD(VWDVXPD
SXHGH FREUDUVH FXDQGR HO WLWXODU DFUHGLWH HO FXPSOLPLHQWR GH ORV FRQWUROHV VDQLWDULRV \ HO SODQ GH
YDFXQDFLyQHQHOFDVRGHORVQLxRVPHQRUHVGHDxRV\HQHOFDVRGHORVQLxRV\DGROHVFHQWHVHQHGDG
HVFRODU FXDQGR HO WLWXODU DFUHGLWH DGHPiV OD FHUWLILFDFLyQ GH FXPSOLPLHQWR GHO FLFOR OHFWLYR HVFRODU
FRUUHVSRQGLHQWH3DUDFXPSOLUFRQHVWRVUHTXLVLWRVVHKDDYDQ]DGRHQODLPSOHPHQWDFLyQGHXQD/LEUHWD
1DFLRQDOGH6HJXULGDG6RFLDO6DOXG\(GXFDFLyQ


GHVHPSOHR XQ VXEVLVWHPD QR FRQWULEXWLYR GH DSOLFDFLyQ D ORV EHQHILFLDULRV GHO 6LVWHPD ,QWHJUDGR GH -XELODFLRQHV \ 3HQVLRQHV \
EHQHILFLDULRVGHOUpJLPHQGHSHQVLRQHVQRFRQWULEXWLYDVSRULQYDOLGH]XQVXEVLVWHPDQRFRQWULEXWLYRGH$VLJQDFLyQ8QLYHUVDOSRU+LMR
SDUD 3URWHFFLyQ 6RFLDO GHVWLQDGR D DTXHOORV QLxRV QLxDV \ DGROHVFHQWHV UHVLGHQWHV HQ OD 5HS~EOLFD $UJHQWLQD TXH QR WHQJDQ RWUD
DVLJQDFLyQIDPLOLDUSUHYLVWD\SHUWHQH]FDQDJUXSRVIDPLOLDUHVTXHVHHQFXHQWUHQGHVRFXSDGRVRVHGHVHPSHxHQHQODHFRQRPtDLQIRUPDO

 $~QFXDQGROD$8+FRQVWLWX\HXQSURJUDPDGHWUDQVIHUHQFLDVFRQGLFLRQDGDV 37& \DSHVDUTXHHQHOSUHVHQWHGRFXPHQWRXQSXQWRGHO
PLVPRWUDWDHVSHFtILFDPHQWHGHHVWRVSURJUDPDVVHORDERUGDDTXtSRUHVWDULQVHUWRGHQWURGHOD/H\GH$VLJQDFLRQHV)DPLOLDUHV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

(QVtQWHVLVORVVXMHWRVGHGHUHFKRHVWDEOHFLGRVSRUOD$VLJQDFLyQ8QLYHUVDOVRQORVQLxRVQLxDV\
DGROHVFHQWHV UHVLGHQWHV HQ OD 5HS~EOLFD $UJHQWLQD GH KDVWD  DxRV GH HGDG TXH QR WHQJDQ RWUD
DVLJQDFLyQIDPLOLDUSUHYLVWDSRUOD/H\1ƒ\SHUWHQH]FDQDJUXSRVIDPLOLDUHVTXHVHHQFXHQWUHQ
GHVRFXSDGRV VH GHVHPSHxHQ HQ OD HFRQRPtD LQIRUPDO VHDQ PRQRWULEXWLVWDV VRFLDOHV R WUDEDMDGRUHV
LQFRUSRUDGRVHQHO5pJLPHQ(VSHFLDOGH6HJXULGDG6RFLDOSDUDHPSOHDGRVGHOVHUYLFLRGRPpVWLFRTXH
SHUFLEDQ XQ LQJUHVR PHQRU DO VDODULR PtQLPR YLWDO \ PyYLO 7DPELpQ VRQ FRQVLGHUDGRV WLWXODUHV GH
GHUHFKRODVSHUVRQDVGLVFDSDFLWDGDVVLQOtPLWHGHHGDGHQWDQWRVHHQFXDGUHQHQODVGHPiVFRQGLFLRQHV
DQWHV HQXPHUDGDV $FWXDOPHQWH OD FDQWLGDG GH EHQHILFLDULRV GH HVWH SURJUDPD DOFDQ]DUtD D 
QLxRVQLxDV\DGROHVFHQWHV %HUWUDQRX \DPLOORQHVGHKRJDUHVGLVWULEXLGRVHQWRGRHOSDtV
$16H6 \VHHVWLPDTXHVXFREHUWXUDHVSUiFWLFDPHQWHXQLYHUVDO %HUWUDQRX 
'HDFXHUGRDO0LQLVWHULRGH7UDEDMR  HOGHORVQLxRVQLxDV\DGROHVFHQWHVFXELHUWRV
SRUOD$8+QRKDEtDQUHFLELGRQXQFDDQWHVQLQJXQDD\XGDVRFLDOHQIRUPDGHWUDQVIHUHQFLDGHGLQHUR6L
VH FRQVLGHUD TXH DGHPiV GH OD $8+ KDEUtD  PLOORQHV GH QLxRV FRQ DOJ~Q HVTXHPD GH VHJXULGDG
VRFLDO OD FREHUWXUD DFWXDO EULQGDGD D ORV QLxRV QLxDV \ DGROHVFHQWHV VXSHUD HO  GH OD SREODFLyQ
PHQRU GH HGDG FRQVLGHUDQGR WDQWR ORV FRPSRQHQWHV FRQWULEXWLYRV FRPR ORV QR FRQWULEXWLYRV GH OD
SUHYLVLyQVRFLDO6HJ~Q318'±&1&36  ODFREHUWXUDDFWXDOGHORVPHQRUHVTXHUHFLEHQDOJ~Q
WLSRGHWUDQVIHUHQFLDGHLQJUHVRVDOFDQ]DDO GLILHUHHQHVWHFDVRGHODRWUDIXHQWH PLHQWUDVTXHHVWD
SURSRUFLyQHUDGHWDQVyORHOHQHODxR(QWRWDOORVQLxRVTXHUHFLEHQOD$8+UHSUHVHQWDQHO
GHODSREODFLyQGHOSDtV
/DV REVHUYDFLRQHV GH *DVSDULQL \ &UXFHV   VRQ FRLQFLGHQWHV UHVSHFWR GH OD DOWD FREHUWXUD
DOFDQ]DGDSRUOD$8+/RVDXWRUHVDUJXPHQWDQTXHSRUOLPLWDUVHDJUXSRVIDPLOLDUHVTXHVHHQFXHQWUDQ
GHVRFXSDGRV R TXH VH GHVHPSHxDQ HQ OD HFRQRPtD LQIRUPDO \ D DOXPQRV GH HVFXHODV S~EOLFDV HQWUH
RWURV UHTXLVLWRV HO SURJUDPD QR SDUHFH DSULRULXQLYHUVDO6LQHPEDUJRLQGLFDQTXHHQODSUiFWLFDHV
SUREDEOH TXH YLUWXDOPHQWH WRGD OD SREODFLyQ PHQRUGHDxRVTXHGHFXELHUWDSRUHOEHQHILFLRGHXQD
DVLJQDFLyQIDPLOLDU(QWRQFHVVLELHQHOSURJUDPDGHDVLJQDFLRQHV DSDUWLUGHODSXHVWDHQPDUFKDGHOD
$8+ QRHVUHDOPHQWHXQLYHUVDOHQJUDQPHGLGDHQODSUiFWLFDXQLYHUVDOL]DODD\XGDPRQHWDULDHQORV
KRJDUHVFRQPHQRUHVGHHGDG
6HJ~Q%HUWUDQRX  ODIRFDOL]DFLyQGHOD$8+HVHOHYDGD\DTXHDSUR[LPDGDPHQWHHOGH
ORVQLxRV\DGROHVFHQWHVTXHODUHFLEHQVHXELFDQHQORVGRVSULPHURVGHFLOHVGHOLQJUHVRSHUFiSLWDIDPLOLDU
\HOVRQSREUHV&RPRUHVXOWDGRGHHOOROD$8+KDWHQLGRXQLPSDFWRSRVLWLYRPX\VLJQLILFDWLYRHQOD
UHGXFFLyQGHODLQGLJHQFLDHQORVQLxRV\DGROHVFHQWHV\HQPHQRUPHGLGDVREUHODSREUH]DDOUHGHGRUGH
XQ  GH ORV QLxRV \ DGROHVFHQWHV ORJUDUtD VDOLU GH OD VLWXDFLyQ GH LQGLJHQFLD \ XQ  VXSHUDUtD OD
SREUH]DDOSHUFLELUHVWHEHQHILFLRGHODVHJXULGDGVRFLDOQRFRQWULEXWLYD
/D $16H6   KD KHFKR VX SURSLD DSUR[LPDFLyQ GHO LPSDFWR D SDUWLU GH OD HVWLPDFLyQ GHO
PXOWLSOLFDGRUGHODGHPDQGDTXHSDUDORVKRJDUHVEHQHILFLDULRVGHOD$VLJQDFLyQ8QLYHUVDOVHFDOFXOD
HQ(VWRVLJQLILFDTXHSRUFDGDSHVRHQTXHDXPHQWDHOFRQVXPRGHORVKRJDUHVIDYRUHFLGRVSRUHO
EHQHILFLRHOSURGXFWRDXPHQWDHQ'HDFXHUGRFRQHVHLQIRUPHOD$8+WDPELpQKDWHQLGRXQD



 (O ³PRQRWULEXWR VRFLDO´ HV XQD FDWHJRUtD WULEXWDULD FUHDGD SDUD IDFLOLWDU \ SURPRYHU HO GHVDUUROOR GH DFWLYLGDGHV SURGXFWLYDV \ OD
LQFRUSRUDFLyQ DO WUDEDMR UHJLVWUDGR GH VXMHWRV YXOQHUDEOHV GHVGH HO SXQWR GH YLVWD HFRQyPLFR TXH VH HQFXHQWUHQ HQ VLWXDFLyQ GH
GHVHPSOHRRTXHVHDQGHVWLQDWDULRVGHSURJUDPDVVRFLDOHV(OSDJRGHXQPRQWRUHGXFLGRGHOLPSXHVWRGHQRPLQDGR³PRQRWULEXWR´OHV
SHUPLWHHPLWLUIDFWXUDRILFLDO\DFFHGHUDXQDREUDVRFLDODODYH]TXHHOSHUtRGRDSRUWDGRVHOHFRPSXWDSDUDVXIXWXUDMXELODFLyQ

 3UHYLVWRHQHODUWtFXORGHOD/H\1ƒ

 $GLFLRQDOPHQWH VH HVWLPD TXH PHGLDQWH OD $VLJQDFLyQ VH EHQHILFLD D ORV KRJDUHV GH DSUR[LPDGDPHQWH  PLO GHVRFXSDGRV HV
GHFLUXQGHTXLHQHVDQWHULRUPHQWHQRUHFLEtDQQRUHFLEtDQQLQJ~QWLSRGHFREHUWXUDVRFLDO 318'±&1&36 

 &RUUHVSRQGLHQWHVDPLOORQHVFXELHUWRVSRUHOWUDEDMRHQUHODFLyQGHGHSHQGHQFLDPLOOyQSRUWUDEDMDUHQUHODFLyQGHGHSHQGHQFLD
HQSURYLQFLDVR&LXGDGGH%XHQRV$LUHVPLOFXELHUWRVSRUHOVHJXURGHGHVHPSOHRPLOFXELHUWRVSRUMXELODFLyQRSHQVLyQ
6,3$PLOFXELHUWRVSRUSHQVLyQQRFRQWULEXWLYD\PLOOyQTXHYLYHHQKRJDUHVFX\RDGXOWRPD\RUHVDXWyQRPR $16H6 
3RUVXSDUWHODFDQWLGDGGHQLxRVQLxDV\DGROHVFHQWHVHQHOSDtVVHHVWLPDHQPLOORQHV

 (O³PXOWLSOLFDGRUGHODGHPDQGD´HVXQDIXQFLyQUHODFLRQDGDFRQODSURSHQVLyQPDUJLQDODFRQVXPLUGHORVVHFWRUHVTXHUHFLEHQOD
WUDQVIHUHQFLDGHLQJUHVRVHOQLYHOGHLPSXHVWRVTXHHQIUHQWDQHVWRVJUXSRV\RWUDVYDULDEOHV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

IXHUWHLQFLGHQFLDVREUHODGHPDQGDDJUHJDGDJHQHUDQGRXQLPSDFWRGHPLOORQHV HTXLYDOHQWHD
PLOORQHVGHGyODUHV HVGHFLUGHORUGHQGHOGHO3,%
6LJXLHQGRORVHxDODGRSRU*DVSDULQL\&UXFHV  \D~QFRQRWUDVIXHQWHV QRRILFLDOHV SDUD
PHGLUODVLWXDFLyQVRFLDOODXQLYHUVDOL]DFLyQGHODD\XGDHVWDWDOSRUKLMRLPSOLFDUiXQLPSDFWRVXVWDQFLDO
VREUH OD SREUH]D \ OD GHVLJXDOGDG GH LQJUHVRV (VWD FRQFOXVLyQ VXUJH GH OD SUR\HFFLyQ GH GLIHUHQWHV
HVFHQDULRV YpDVHFXDGUR (QHOHVFHQDULR D GHDSOLFDFLyQHVWULFWDGHO'HFUHWRTXHFUHDODVQXHYDV
DVLJQDFLRQHV OD SREUH]D H[WUHPD FDHUtD GH  D  \ OD PRGHUDGD GH  D  (Q HO
HVFHQDULR F GRQGHODVDVLJQDFLRQHVVHXQLYHUVDOL]DQDWRGRVORVGHVRFXSDGRVHLQIRUPDOHVODSREUH]D
H[WUHPDFDHUtDGHD\ODPRGHUDGDGHD(OFDPELRHQODWDVDGHSREUH]DH[WUHPD
GH ORV QLxRV VHUtD DXQ PiV GUiVWLFR GH  D  /D SREUH]D PRGHUDGD WDPELpQFDHUtDDXQTXHGH
PDQHUDPHQRVSURQXQFLDGD GHDHQODSREODFLyQJHQHUDO\GHDHQQLxRV 
3RU VX SDUWH OD UHGXFFLyQ HQ OD GHVLJXDOGDG GH LQJUHVRV WDPELpQ VHUtD FRQVLGHUDEOH (Q HO
HVFHQDULR F ODEUHFKDSURSRUFLRQDOGHLQJUHVRVHQWUHHOGHFLO\HO HOGHKRJDUHVGHPD\RUHV
LQJUHVRV \ GH PHQRUHV LQJUHVRV UHVSHFWLYDPHQWH  VH UHGXFLUtD GHVGH  D  PLHQWUDV TXH OD
SDUWLFLSDFLyQGHOGHFLOPiVSREUHHQHOLQJUHVRQDFLRQDOGLVSRQLEOHFUHFHUtDGHD(OFRHILFLHQWH
GH *LQL VH UHGXFLUtD HQSXQWRVORFXDOFRQVWLWX\HXQFDPELRVLJQLILFDWLYRHQVHQWLGRSRVLWLYR YpDVH
FXDGUR  *DVSDULQL\&UXFHV 
&8$'52
6,08/$&,Ï1'(/,03$&72',5(&7262%5(/$32%5(=$
</$'(6,*8$/'$''(/$6$6,*1$&,21(681,9(56$/(6
,QGLFDGRUHVSREUH]D 7DVD $VLJQDFLyQ8QLYHUVDOSRU+LMR
\GHVLJXDOGDG DFWXDO (VF$ (VF% (VF&
7DVDGHSREUH]DWRWDO    
 3REUH]DH[WUHPD    
 3REUH]DPRGHUDGD    
7DVDGHSREUH]DHQQLxRV   
 3REUH]DH[WUHPD    
 3REUH]DPRGHUDGD    
%UHFKDGHSREUH]D   
 3REUH]DH[WUHPD    
 3REUH]DPRGHUDGD    
%UHFKDGHSREUH]DHQQLxRV   
 3REUH]DH[WUHPD    
 3REUH]DPRGHUDGD    
'HVLJXDOGDGGHLQJUHVRV    
 5DWLR    
 6KDUHGHFLO    
 *LQL    
 $WNLQVRQ    

)XHQWH*DVSDULQL\&UXFHV  

(Q HO 'HFUHWR  VH GHILQH TXH OD $VLJQDFLyQ 8QLYHUVDO VH ILQDQFLDUi FRQ ORV UHFXUVRV
HVWDEOHFLGRVHQHODUWtFXORGHOD/H\1ƒ 6LVWHPD,QWHJUDGRGH-XELODFLRQHV\3HQVLRQHV \VXV
PRGLILFDWRULDV\ORVUHQGLPLHQWRVDQXDOHVGHO)RQGRGH*DUDQWtDGH6XVWHQWDELOLGDG )*6 GHO6LVWHPD


 /RV DXWRUHV SODQWHDQ WUHV HVFHQDULRV SDUD VXV HVWLPDFLRQHV HQ HO HVFHQDULR D  OD $8+ FXEUH D ORV WUDEDMDGRUHV LQIRUPDOHV FRQ
VDODULRPHQRUDOPtQLPRTXHPDQGDQDVXKLMRVDHVFXHODVS~EOLFDVHQHOHVFHQDULR E OD$8+FREUHDWRGRVORVLQIRUPDOHVTXH
PDQGDQDVXKLMRVDHVFXHODVS~EOLFDV ORVDXWRUHVDUJXPHQWDQTXHKD\GLILFXOWDGRSHUDWLYDSDUDFRQWURODUHOUHTXLVLWRGHFREUDUXQ
VDODULRVXSHULRUDOPtQLPR SRUVXSDUWHHQHOHVFHQDULR F OD$8+FXEUHDWRGRVORVWUDEDMDGRUHVLQIRUPDOHV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

,QWHJUDGR3UHYLVLRQDO$UJHQWLQR 6,3$ FUHDGRSRUHO'HFUHWR\PRGLILFDWRULDV'HDFXHUGRFRQ


ODLQIRUPDFLyQFRQWHQLGDHQ&DVDGHL\RWURV  ORVUHFXUVRVDVLJQDGRVDILQDQFLDUOD$8+KDEUtDQ
DOFDQ]DGR ORV  PLOORQHV HQ HO DxR  HTXLYDOHQWH D  PLOORQHV GH GyODUHV  SDVDGR HQ
 SULPHU DxR FRPSOHWR HQ TXH VH HMHFXWy  D ORV  PLOORQHV  PLOORQHV GH GyODUHV  \ D
PLOORQHV PLOORQHVGHGyODUHV FRPRSUHYLVLyQSDUDHODxR YpDVHFXDGUR (PHUJH
HQHVWHSXQWRFRPRDVSHFWRFUtWLFRODQHFHVLGDGGHXQDSURIXQGDGLVFXVLyQDFHUFDGHVXVIXHQWHVIXWXUDV
GHILQDQFLDPLHQWR

 7UDQVIHUHQFLDVPRQHWDULDVFRQFRQWUDSUHVWDFLRQHV
\RFRQGLFLRQDOLGDGHV
(Q$UJHQWLQDVHLPSOHPHQWDQGHVGHPHGLDGRVGHORVQRYHQWDSURJUDPDVGHWUDQVIHUHQFLDVPRQHWDULDV
FRQ FRQWUDSUHVWDFLRQHV ODERUDOHV R D YHFHV FRPSOHPHQWDGDV FRQ RWUDV PRGDOLGDGHV SRU HMHPSOR
WHUPLQDOLGDGHGXFDWLYD 6LQOXJDUDGXGDVHODQWHFHGHQWHPiVUHOHYDQWHKDVLGRHOSURJUDPD7UDEDMDU
TXHVHLPSOHPHQWyGHVGHHO0LQLVWHULRGH7UDEDMR(PSOHR\6HJXULGDG6RFLDOGHOD1DFLyQKDVWDILQHV
GH-XQWRFRQpORWUDVLQLFLDWLYDVGHWLSRVLPLODUVHLPSXOVDURQGHVGHHVDPLVPDFDUWHUDPLQLVWHULDO
SHURHQWRGRVORVFDVRVVXFREHUWXUDIXHUHGXFLGD
/D QRYHGDG PiV LPSRUWDQWH HQ HVWH FDPSR VH GLR WUDV OD JUDYH FULVLV GH ORV DxRV$
SULQFLSLRVGHHVWH~OWLPRDxRGHVGHHO0LQLVWHULRGH7UDEDMR(PSOHR\6HJXULGDG6RFLDOGHOD1DFLyQ
VH GLVHxy \ SXVR HQ PDUFKD HO 3ODQ -HIHV \ -HIDV GH +RJDU 'HVRFXSDGRV 3--+'  FX\R DOFDQFH HQ
WpUPLQRVGHFREHUWXUDQRWHQtDKDVWDHQWRQFHVSUHFHGHQWHVHQHOSDtVOOHJDQGRDDWHQGHUDGRVPLOORQHV
GHEHQHILFLDULRVDLQLFLRVGHVXLPSOHPHQWDFLyQ
$ SDUWLU GHO DxR  VH LQWHQWy DYDQ]DU KDFLD XQD PHMRU \ PiV HILFLHQWH DUWLFXODFLyQ HQWUH HO
3--+'\RWURVGRVSURJUDPDVFUHDGRVSDUDGDUVDOLGDDTXLHQHVHVWDEDQHQGLFKRSODQSRUXQODGRHO
3URJUDPD )DPLOLDV EDMR OD yUELWD GHO 0LQLVWHULR GH 'HVDUUROOR 6RFLDO  SRU HO RWUR HO 6HJXUR GH
&DSDFLWDFLyQ\(PSOHR 6&\( GHOSURSLR0LQLVWHULRGH7UDEDMR3DUDILQDOHVGHPRPHQWRHQTXH
VH SXVR HQ PDUFKD OD \D PHQFLRQDGD $8+ FRH[LVWtDQ HVWRV WUHV SURJUDPDV GH WUDQVIHUHQFLDV FRQ
FRQWUDSUHVWDFLyQ \R FRQGLFLRQDGDV GLULJLGRV D ODV SREODFLRQHV GH EDMRV LQJUHVRV (Q HVH PRPHQWR VH
SUHYHtDODGLVROXFLyQGHO3--+'FX\RVEHQHILFLDULRVSDVDUtDQ VHJ~QVXFRQGLFLyQGHHPSOHDELOLGDG D
DOJXQRGHORVRWURVGRVSURJUDPDV
3DUDHQWRQFHVH[LVWtDXQGHEDWHHVSHFtILFRDFHUFDGHODVXILFLHQFLDGHORVEHQHILFLRVSUHVWDGRVSRU
ORV WUHV 37& (O 3--+' EULQGDED XQD SUHVWDFLyQ GH  HTXLYDOHQWHDGyODUHV HO3URJUDPD
)DPLOLDVEULQGDEDXQDEDVHGH GyODUHV DODFXDOVHOHVXPDEDQ GyODUHV SRUFDGD
KLMRKDVWDXQPi[LPRGH GyODUHV PLHQWUDVTXHHO6&\(RWRUJDEDDVXVEHQHILFLDULRVXQD
WUDQVIHUHQFLD SRU   GyODUHV  GXUDQWH ORV SULPHURV GLHFLRFKR PHVHV \ OXHJR GH  
GyODUHV  SRU ORVVHLVPHVHVVLJXLHQWHV(QSDUDOHORDHVWDFXHVWLyQYLQFXODGDDOSRGHUDGTXLVLWLYRGHOD
WUDQVIHUHQFLD VREUH WRGR HQ XQD HWDSD GH LQIODFLyQ OD JHVWLyQ GHO FRQMXQWR GH HVWRV SURJUDPDV HVWDED
SHUPHDGDSRUGHQXQFLDVGHFOLHQWHOLVPR\SDWURQD]JRHQVXLPSOHPHQWDFLyQDIHFWDQGRHQSDUWLFXODUDO
3--+'\3URJUDPD)DPLOLDV
0LHQWUDV TXH HO 3--+' GHVDSDUHFLy GHO SUHVXSXHVWR  \ HO 3URJUDPD )DPLOLDV VH PDQWLHQH GH
IRUPD UHVLGXDO HO 6HJXUR GH &DSDFLWDFLyQ /DERUDO \ (PSOHR 6&\(  KD SUHVHQWDGR XQ DXPHQWR GH



 6H FRQVLGHUD DTXtDHVWHSURJUDPDXQ37&HQHOVHQWLGRGHTXHODVIDPLOLDVEHQHILFLDGDVWHQtDQFRQGLFLRQDGDVXWUDQVIHUHQFLDGH
LQJUHVRPHQVXDODHQYLDUDORVKLMRVDORVFRQWUROHVGHVDOXG\DODHVFXHOD

 0RQWR TXH QR VH KDEtD DFWXDOL]DGR GHVGH OD FUHDFLyQ GHO SURJUDPD SHVH D TXH HQ DOJXQRV DxRV VH KDEtD HQWUHJDGR XQ LPSRUWH
DGLFLRQDOHQGLFLHPEUHDPRGRGHDJXLQDOGR

 3DUDHOFDVRGHO3-+'DVtFRPRHO3(&YHU*UXHQEHUJ\3HUH\UD,UDROD


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

SUHVXSXHVWR GXUDQWH ORV ~OWLPRV GRV DxRV \ VH SUHYp XQ LQFUHPHQWR D~Q PD\RU SDUD HO  (VWH
SURJUDPD IXH FUHDGR HQ  6L ELHQ HQ XQD SULPHUD HWDSD \ WDO OR LQGLFDGR HVWXYR RULHQWDGR D ORV
EHQHILFLDULRVGHO3--+'FRQPD\RUHVFRQGLFLRQHVGHHPSOHDELOLGDGTXHRSWDVHQSRULQFRUSRUDUVHDOPLVPR
FRQSRVWHULRULGDGVHGHMyDELHUWDODSRVLELOLGDGGHTXHVHVXPDUDQEHQHILFLDULRVGHRWURVSURJUDPDVVRFLDOHV
\ GH HPSOHR DVt FRPR WDPELpQRWUDVSHUVRQDVGHVRFXSDGDVQRLQFRUSRUDGDVDSODQDOJXQR6XSURSyVLWR
FRQVLVWH HQ EULQGDU DSR\R D ORV WUDEDMDGRUHV GHVRFXSDGRV HQ OD E~VTXHGD DFWLYD GH HPSOHR HQ OD
DFWXDOL]DFLyQ GH VXV FRPSHWHQFLDV ODERUDOHV VX IRUPDFLyQ SURIHVLRQDO \ HQ VX LQVHUFLyQ HQ HPSOHRV GH
FDOLGDG3DUDHOORVHRWRUJDXQVXEVLGLR SUHVWDFLyQPHQVXDOGH±HTXLYDOHQWHDGyODUHVGXUDQWH
XQSHUtRGRPi[LPRGHPHVHV \VHRIUHFHQRWURVVHUYLFLRVGHDSR\RDODLQVHUFLyQODERUDO RULHQWDFLyQ\
DVLVWHQFLDHQODE~VTXHGDGHHPSOHRLQWHUPHGLDFLyQODERUDOIRUPDFLyQEiVLFD\SURIHVLRQDOHQWUHQDPLHQWR
SDUDHOWUDEDMR\RDVLVWHQFLDWpFQLFDSDUDODIRUPXODFLyQGHSUR\HFWRVGHDXWRHPSOHR 
'DGDODLQFRPSDWLELOLGDGHQWUHHO6&\(\OD$8+ORVEHQHILFLDULRVGHHVWHSURJUDPDTXHWLHQHQ
KLMRVSXHGHQRSWDUSRUXQRXRWUR'HELGRDTXHHOPRQWRGHO6&\(HVPHQRUGXUDQWHVHUHJLVWUy
XQD FDtGD HQ ORV EHQHILFLDULRV GH HVWH SURJUDPD TXH OOHJy D SRFR PHQRV GH  HQ MXOLR 
KDELHQGRSDUWLGRGHVGHPiVGHHQRFWXEUHGH 'HWRGRVPRGRVVHHVSHUDTXHODFDQWLGDG
GHEHQHILFLDULRVGHO6&\(YXHOYDDLQFUHPHQWDUVHFRPRFRQVHFXHQFLDGHOWUDVSDVRGHORVEHQHILFLDULRV
GHO 3URJUDPD GH (PSOHR &RPXQLWDULR 3(&  TXH VH HQFXHQWUD DFWXDOPHQWH HQ SURFHVR GH
GLVROXFLyQ (O SUR\HFWR GH /H\ GH 3UHVXSXHVWR  HVWLPD HQ PiV GH  EHQHILFLDULRV SDUD HO
6&\(GXUDQWHHODxR &DVDGHL\RWURV 
0iVUHFLHQWHPHQWHHQVHFUHyHQHOiPELWRGHO0LQLVWHULRGH7UDEDMR(PSOHR\6HJXULGDG6RFLDO
GHOD1DFLyQHO3URJUDPD-yYHQHVFRQ0iV\0HMRU7UDEDMR(VWDLQLFLDWLYDHVWiGLULJLGDDMyYHQHVTXHVH
HQFXHQWUHQIXHUDGHOPHUFDGRODERUDO%ULQGDXQVXEVLGLRPHQVXDO GHDHTXLYDOHQWHDGyODUHV
\GyODUHVUHVSHFWLYDPHQWH \VHUYLFLRVGHLQWHUPHGLDFLyQODERUDO\FDSDFLWDFLyQ WHUPLQDOLGDGHGXFDWLYD
RULHQWDFLyQSDUDHOWUDEDMRIRUPDFLyQSURIHVLRQDO 
3XHGHQ LQVFULELUVH HQ HO SURJUDPD ODV \ ORV MyYHQHV HQWUH  \  DxRV GH HGDG TXH WHQJDQ
UHVLGHQFLD SHUPDQHQWH HQ HO SDtV QR KD\DQ FRPSOHWDGR HO QLYHO SULPDULR \R VHFXQGDULR GH HGXFDFLyQ
IRUPDO REOLJDWRULD \ VH HQFXHQWUHQ HQ VLWXDFLyQ GH GHVHPSOHR 'H DFXHUGR FRQ GDWRV GH %HUWUDQRX
  HO SURJUDPD FRQWDUtD DFWXDOPHQWH FRQ  PLO EHQHILFLDULRV 6L ELHQ QR VH GLVSRQH GH GDWRV
HVSHFtILFRVVREUHHOILQDQFLDPLHQWRGHHVWHSURJUDPDVHOHLQFOX\HGHQWURGHOFRPSRQHQWHGH³$FFLRQHV
GH &DSDFLWDFLyQ /DERUDO´ FX\RV UHFXUVRV WRWDOHV VH HOHYDURQ GH  PLOORQHV  PLOORQHV GH
GyODUHV  HQ  D  PLOORQHV  PLOORQHV GH GyODUHV  SUHYLVWRV SDUD  YpDVH FXDGUR  
&DVDGHL\RWURV 
)LQDOPHQWHHQWUHORVSURJUDPDVJHVWLRQDGRVSRUHO0LQLVWHULRGH'HVDUUROOR6RFLDO\TXHRSHUDQ
FRQXQDOyJLFDVLPLODUDORVSURJUDPDVDTXtUHYLVDGRVVHHQFXHQWUDHO3URJUDPDGH,QJUHVR6RFLDOFRQ
7UDEDMR $UJHQWLQD 7UDEDMD  FUHDGR HQ DJRVWR GH  (VWD LQLFLDWLYD VH SODQWHD FRPR REMHWLYR
SULQFLSDO OD ³SURPRFLyQ GHO GHVDUUROOR HFRQyPLFR \ OD LQFOXVLyQ VRFLDO JHQHUDQGR QXHYRV SXHVWRV GH
WUDEDMR JHQXLQR FRQ LJXDOGDG GH RSRUWXQLGDGHV IXQGDGR HQ HO WUDEDMR RUJDQL]DGR \ FRPXQLWDULR
LQFHQWLYDQGR H LPSXOVDQGR OD IRUPDFLyQ GH RUJDQL]DFLRQHV VRFLDOHV GH WUDEDMDGRUHV´ 5HV 1ž
0LQLVWHULRGH'HVDUUROOR6RFLDO 
/DVDFFLRQHVGHOSURJUDPDHVWiQGLULJLGDVDSHUVRQDVVLQLQJUHVRVIRUPDOHVHQHOJUXSRIDPLOLDU\
VLQ DFFHVR D RWUDV SUHVWDFLRQHV SHQVLRQHV MXELODFLRQHV QDFLRQDOHV R SODQHV VRFLDOHV D H[FHSFLyQ GHO
3ODQ 1DFLRQDO GH 6HJXULGDG $OLPHQWDULD /D PHWD LQLFLDO GHO SURJUDPD FRQVLVWLy HQ DVLVWLU D 



 /RVUHFXUVRVDVLJQDGRVHVWHSURJUDPDIXHURQPLOORQHV HTXLYDOHQWHDPLOORQHVGHGyODUHV HQPLOORQHV
 PLOORQHV GH GyODUHV  HQ  \ VH SUHYp XQ LQFUHPHQWR TXH OOHJDUtD D ORV  PLOORQHV  PLOORQHV GHGyODUHV HQ
 &DVDGHL\RWURV 

 (O 3(& WLHQH DFWXDOPHQWH  EHQHILFLDULRV %HUWUDQRX   $ WUDYpV GH HVWH SURJUDPD VH HQWUHJDQ   GyODUHV 
PHQVXDOHVDWUDEDMDGRUHVGHVRFXSDGRV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

FRRSHUDWLYDV\JHQHUDUSXHVWRVGHWUDEDMR PD\RUPHQWHFHQWUDGRHQHO&RQXUEDQR%RQDHUHQVH 
SUHYLpQGRVHXQDLPSRUWDQWHH[SDQVLyQ
/RVFRRSHUDWLYLVWDVEHQHILFLDULRVGHOSURJUDPDUHFLEHQXQLQJUHVRPHQVXDOGH HTXLYDOHQWH
D  GyODUHV  \   GyODUHV  HQ HO FDVR GH ORV FDSDWDFHV DGHPiV GH FDSDFLWDFLRQHV /RV
WUDEDMDGRUHV VRQ LQVFULSWRV FRPR ³HIHFWRUHV VRFLDOHV´ SRU OR TXH DFFHGHQ D OD MXELODFLyQ \ D OD REUD
VRFLDO D WUDYpV GHO 0RQRWULEXWR 6RFLDO (Q FRQGLFLyQ GH PRQRWULEXWLVWDV VRFLDOHV ORV FRRSHUDWLYLVWDV
WLHQHQDFFHVRDOD$VLJQDFLyQ8QLYHUVDOSRU+LMR$FDPELRGHEHQFXPSOLUFRQXQDMRUQDGDODERUDOGH
KRUDVVHPDQDOHV FLQFRKRUDVGHVWLQDGDVDFDSDFLWDFLyQ FRPRPLHPEURVGHFRRSHUDWLYDVGHWUDEDMR
(VWDV FRRSHUDWLYDV HVWiQ D FDUJR GH OD UHDOL]DFLyQ GH REUDV GH EDMD \ PHGLDQD FRPSOHMLGDG WDUHDV GH
VDQHDPLHQWR LQIUDHVWUXFWXUD XUEDQD \ FRPXQLWDULD PHMRUDPLHQWR GH HVSDFLRV YHUGHV PHMRUDPLHQWR
KDELWDFLRQDO\GHOKiELWDW 'HVWDFDDTXtHOSDSHOTXHOHFDEHQMXJDUDORVPXQLFLSLRV \HQDOJXQRVFDVRV
D ODV SURYLQFLDV HQODJHVWLyQFRWLGLDQDGHHVWDLQWHUYHQFLyQORFXDOLPSOLFDFRPSOHMLGDGHVUHOHYDQWHV
GDGDVODVGLIHUHQWHVFDSDFLGDGHVGHJHVWLyQTXHWLHQHQHQWUHVtGLFKRiPELWRGHJRELHUQR
'HVGHHODxRHOSURJUDPDFXHQWDFRQSUHVXSXHVWRSURSLR/DDVLJQDFLyQGHIRQGRVKDEUtD
VLGR GH  PLOORQHV HTXLYDOHQWH D  PLOORQHV GH GyODUHV  GXUDQWH VX SULPHU DxR GH
LPSOHPHQWDFLyQ 3RU VX SDUWH SDUD HO  VH OH KDEUtDQ DVLJQDGR  PLOORQHV  PLOORQHV GH
GyODUHV  ORV FXDOHV VH KDEUtDQ LQFUHPHQWDGR D  PLOORQHV  PLOORQHV GH GyODUHV  VHJ~Q ODV
SUHYLVLRQHVSDUD YpDVHFXDGUR  &DVDGHL\RWURV 

% 6DOXG

 &DUDFWHUtVWLFDVGHOVLVWHPDGHVDOXG\VXFREHUWXUD
HQOD$UJHQWLQD
(O VHFWRU VDOXG FRQVWLWX\H XQR GH ORV PiV FRPSOHMRV HQ HO FDPSR GH OD SROtWLFD VRFLDO DUJHQWLQD HQ
SDUWLFXODUSRUODFRH[LVWHQFLDFRQIOLFWLYDGHWUHVVXEVLVWHPDVHOS~EOLFRHOGHODVHJXULGDGVRFLDO TXHD
VXYH]FRPSUHQGHDODVREUDVVRFLDOHVQDFLRQDOHVODVSURYLQFLDOHV\DO,QVWLWXWR1DFLRQDOGH6HUYLFLRV
6RFLDOHVSDUD-XELODGRV\3HQVLRQDGRV±,166-\3 \HOSULYDGR([LVWHFRQVHQVRHQFDUDFWHUL]DUORFRPR
PX\ IUDJPHQWDGR KHWHURJpQHR \ SRFR HTXLWDWLYR WDQWR HQ VX RUJDQL]DFLyQ \ ILQDQFLDPLHQWR FRPR HQ
FXDQWRDODFFHVRDORVVHUYLFLRV$SHVDUGHTXHHODFFHVRHVFRQVLGHUDGRXQLYHUVDOHQODSUiFWLFDQROR
HVSOHQDPHQWHGHELGRDSUREOHPDVGHHTXLGDGOLPLWDFLRQHVHQODRIHUWDRHQODGHPDQGD
/D SURYLVLyQ S~EOLFD VH EULQGD D WUDYpV GH KRVSLWDOHV FHQWURV GH DWHQFLyQ SULPDULD GH OD VDOXG \
SRVWDVVDQLWDULDVDODTXHWLHQHQGHUHFKRWRGRVORVKDELWDQWHVGHOSDtVDXQTXHFXHQWHQWDPELpQFRQDOJ~Q
WLSRGHVHJXURVRFLDORSULYDGR'HQWURGHOVXEVLVWHPDGHODVHJXULGDGVRFLDOORVWUDEDMDGRUHVSULYDGRVTXH
VH GHVHPSHxDQ HQ HO PHUFDGRIRUPDO\ORVGHOVHFWRUS~EOLFRQDFLRQDO MXQWRFRQVXVUHVSHFWLYRVJUXSRV
IDPLOLDUHV  FXHQWDQ FRQ XQD FREHUWXUD DGLFLRQDO EULQGDGD SRU ODV LQVWLWXFLRQHV GH OD VHJXULGDG VRFLDO
GHQRPLQDGDV ³REUDV VRFLDOHV´ $TXHOORV WUDEDMDGRUHV TXH VH HQFXHQWUDQ HQ HO VHFWRUS~EOLFRSURYLQFLDO\
VXV IDPLOLDV WLHQHQ FREHUWXUD SRU SDUWH GH ODV REUDV VRFLDOHV SURYLQFLDOHV 'HQWUR GHO VHFWRU VDOXG GH OD
$UJHQWLQD IXQFLRQD WDPELpQ XQD LQVWLWXFLyQ ,166-\3 FRP~QPHQWH FRQRFLGR FRPR 3$0,  GHVWLQDGD D
SURYHHU VHUYLFLRV D XQD SREODFLyQ HVSHFtILFD ORV MXELODGRV \ SHQVLRQDGRV 3RU ~OWLPR H[LVWHQ VHJXURV
YROXQWDULRVGHHPSUHVDVGHPHGLFLQDSUHSDJDTXHVRQLQVWLWXFLRQHVGHOVHFWRUSULYDGRHQVXPD\RUtDFRQ
ILQHVGHOXFUR 318' (OFXDGURUHVXPHODSULQFLSDOLQIRUPDFLyQUHVSHFWRGHHVWRVVXEVHFWRUHV
(O VHFWRU S~EOLFR VH KD YHQLGR GHWHULRUDQGR HQ IRUPD FUHFLHQWH FRQ HO SDVR GH ORV DxRV (VWH
SURFHVR VXPDGR D OD WUDQVIHUHQFLD GH ODV UHVSRQVDELOLGDGHV GH OD DGPLQLVWUDFLyQ GH ORV KRVSLWDOHV
S~EOLFRVDODVSURYLQFLDV ODVTXHGLVSRQHQGHGLVSDUFDSDFLGDGILQDQFLHUD\GHJHVWLyQ KDJHQHUDGRGRV
SUREOHPDVGHVLQJXODULPSRUWDQFLDSRUXQODGRODSpUGLGDGHFDOLGDGGHOVHUYLFLRGDGDODEDMDLQYHUVLyQ


 $UFH  %LVDQJ\&HWiQJROR  &HWUiQJROR/LPD4XLQWDQD\6DQ0DUWtQ  \%HOPDUWLQR  HQWUHRWURV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

S~EOLFD\ODVREUHGHPDQGDGHODSREODFLyQSRUHORWURODKHWHURJHQHLGDGGHODDWHQFLyQVDQLWDULDLQFOXVR
GHQWUR GHO VXEVLVWHPD GH VDOXG S~EOLFD HQ IXQFLyQ GH ODV GLVtPLOHV FDSDFLGDGHV LQVWDODGDV HQ FDGD
SURYLQFLD\RPXQLFLSLR
&8$'52
5$6*266$/,(17(6'(/26',)(5(17(668%6(&725(6'(/6,67(0$'(6$/8'

 6XEVHFWRUGHODVHJXULGDGVRFLDO
6XEVHFWRU
2EUDVVRFLDOHV ,166-\3 3$0,  2EUDVVRFLDOHV 6XEVHFWRUSULYDGR
S~EOLFR
QDFLRQDOHV SURYLQFLDOHV
3REODFLyQGH 7RWDOGHOD 2EOLJDWRULRV -XELODGRV\ (PSOHDGRV $ILOLDGRV
UHIHUHQFLD SREODFLyQ WUDEDMDGRUHV SHQVLRQDGRV S~EOLFRV YROXQWDULRV
IRUPDOHV\ QDFLRQDOHV SURYLQFLDOHV\
IDPLOLDUHVDFDUJR FyQ\XJHVKLMRV MXELODGRV\
9ROXQWDULRV RWURV IDPLOLDUHVDFDUJR
DGKHUHQWHV\ GHODVFDMDV
MXELODGRV SURYLQFLDOHV
3REODFLyQ               
 
(QWLGDGHV *RELHUQR  FRQ HQWLGDGHV DJUXSDGDVHQ
DVHJXUDGRUDV QDFLRQDO GHOHJDFLRQHV SURYLQFLDOHV FiPDUDV
SURYLQFLDO\ SURYLQFLDOHV ([LVWHQHQWUH
PXQLFLSDO \PX\
SHTXHxDV&LQFR
HPSUHVDVVH
UHSDUWHQHO
GHOPHUFDGR
0RGRGH ,QJUHVRV 7UDEDMDGRUHV 7UDEDMDGRUHV $SRUWHV\ 3DJRGLUHFWRGH
ILQDQFLDPLHQWR ILVFDOHV (PSOHDGRUHV (PSOHDGRUHV FRQWULEXFLRQHVGH ORVDILOLDGRV
QDFLRQDOHV &RSDJRV 3DVLYRVDO HPSOHDGRUHV\ &RSDJRV
SURYLQFLDOHV\ &XRWDDGKHUHQWHV 7HVRUR WUDEDMDGRUHV
PXQLFLSDOHV &iSLWD3$0, &RSDJRV 3UHVXSXHVWRV
SURYLQFLDOHV
$GKHUHQWHV\FR
SDJRV
*DVWR     6LQLQIRUPDFLyQ
PHQVXDOSHU
FiSLWD  
&DQDVWDGH 6LQGHILQLFLyQ 3URJUDPD0pGLFR &DQDVWDSURSLD 1RH[LVWHSDTXHWH 3URJUDPD0pGLFR
SUHVWDFLRQHV 2EOLJDWRULRGH PtQLPR 2EOLJDWRULRGH
JDUDQWL]DGDV (PHUJHQFLD (PHUJHQFLD
3UHVWDFLyQGH +RVSLWDOHV 3~EOLFD\SULYDGD 3ULYDGDS~EOLFD\ 3ULYDGDS~EOLFD 3ULYDGDS~EOLFD
VHUYLFLRV S~EOLFRV DOJXQRVHIHFWRUHV GRVSROLFOtQLFRV DOJXQRVHIHFWRUHV DOJXQRVHIHFWRUHV
&HQWURVGH SURSLRVGHODV SURSLRV SURSLRV SURSLRVGHODV
DWHQFLyQ REUDVVRFLDOHV HPSUHVDVGH
SULPDULDGHOD PHGLFLQDSUHSDJD
VDOXG &$3V 
3RVWDVDQLWDULD
(QDOJXQRV
FDVRVVHFWRU
SULYDGR
)XHQWH318'  HODERUDGRHQEDVHD$QOOy\&HWUiQJROR  

6XPDGR D HVWR OD FDUHQFLD GH VHJXURV GH VDOXG DXPHQWD D PHGLGD TXH GLVPLQX\H HO QLYHO GH
LQJUHVRVSHUFiSLWDGHODVIDPLOLDVORVKRJDUHVGHOTXLQWLOGHLQJUHVRVPiVEDMRVLQVHJXURGHVDOXGVRQ



 6L ELHQ WRGRV ORV FLXGDGDQRV SXHGHQ VHU DVLVWLGRV SRU HO VHFWRU S~EOLFR GH OD VDOXG HVWD FREHUWXUD HV PX\ GLIHUHQWH VHJ~Q OD
SURYLQFLD H LQFOXVR HQWUH ORV SUHVWDGRUHV GHQWUR GH FDGD XQD GH HOODV &DGD SURYLQFLD RSHUD FRQ SDUWLFXODUHV UHVWULFFLRQHV
SUHVXSXHVWDULDV VXV SURSLDV SROtWLFDV VDQLWDULDV SHUILOHV GLIHUHQFLDGRV GH GHPDQGD \ PDUFRV UHJXODWRULRV HVSHFtILFRV &RH[LVWHQ
LQFOXVRGLYHUVDVPRGDOLGDGHVGHRUJDQL]DFLyQDQLYHOPLFURHFRQyPLFR/DVGLIHUHQFLDVVRQWDOHVTXHVHKDOOHJDGRDDILUPDUTXHHO
SURFHVRGHGHVFHQWUDOL]DFLyQQRKDVLGRXQRVLQRWDQWRVFRPRMXULVGLFFLRQHVWLHQHHOSDtVSRUODFRPELQDFLyQGHGLIHUHQWHVJUDGRV
GHDXWRQRPtDKRVSLWDODULD\QLYHOHVGHLQWHJUDFLyQGHODVUHGHVGHDWHQFLyQ 318' 'HHVWDIRUPDHOSRUFHQWDMHGHSREODFLyQ
VLQ FREHUWXUD \ SRU OR WDQWR XVXDULD GH ORV VHUYLFLRV S~EOLFRV  PXHVWUD GLIHUHQFLDV PX\ QRWDEOHV HQWUH SURYLQFLDV PLHQWUDV TXH
)RUPRVD\&KDFRWLHQHQGRVWHUFLRVGHVXSREODFLyQQRDVHJXUDGDHQRWUDVMXULVGLFFLRQHVHVWRVYDORUHVUHSUHVHQWDQFHUFDGHO
6DQWD&UX]7LHUUDGHO)XHJR&LXGDG$XWyQRPDGH%XHQRV$LUHV  318' 


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

VLHWHYHFHVPiVTXHORVGHOTXLQWLOPiVDOWR$XQTXHODGLIHUHQFLDVHDJUDQGDHQHOFDVRGHORVVHJXURV
SULYDGRVHVLJXDOPHQWHVLJQLILFDWLYDHQHOFDVRGHODVHJXULGDGVRFLDO8QDVSHFWRFUtWLFRORFRQVWLWX\H
HO KHFKR GH TXH HO  GH OD SREODFLyQ TXH DFXGH D ORV FHQWURV GH DWHQFLyQ SULPDULD \ ORV KRVSLWDOHV
S~EOLFRVSRVHHQDOJ~QWLSRGHFREHUWXUDVLQTXHHOVXEVLVWHPDS~EOLFRUHFXSHUHORVFRVWRVHQTXHLQFXUUH
SRUDWHQGHUDHVHDPSOLRQ~PHURGHSHUVRQDV 0DFHLUD (VWRDFRQWHFHSRUTXHHOVLVWHPDS~EOLFR
QRORJUDFREUDUOHDODVREUDVVRFLDOHVFXDQGRDWLHQGHDORVDVRFLDGRVGHODVPLVPDVGHELGRDSUREOHPDV
GHFDSDFLGDGGHLQIRUPDFLyQ\JHVWLyQ
5HVSHFWRGHOVXEVHFWRUGHODVHJXULGDGVRFLDOODH[LVWHQFLDGHXQDYDULDGDRIHUWDGHVHUYLFLRVGH
VDOXG JHVWLRQDGD SRU ODV GLYHUVDV REUDV VRFLDOHV HQ PDQRV GH RUJDQL]DFLRQHV VLQGLFDOHV GH
RUJDQL]DFLyQFHQWUDOL]DGDJHQHUDXQDGLVSHUVLyQGHODFREHUWXUD\GLILFXOWDGHVSDUDFRRUGLQDUSROtWLFDV
GHVDOXG6XILQDQFLDPLHQWRVHHQFXHQWUDGLUHFWDPHQWHUHODFLRQDGRFRQODGLQiPLFDGHOPHUFDGRODERUDO
SRUORFXDOODSUHFDUL]DFLyQGHODVGpFDGDVGHORFKHQWD\QRYHQWDVLJQLILFyPHQRUHVLQJUHVRVSDUDHOODV
/DVUHIRUPDVLQWURGXFLGDVHQORVQRYHQWDKDQUHGXFLGRVXLPSDFWRUHGLVWULEXWLYR)LQDOPHQWHPHUHFH
GHVWDFDUVHTXHHOJRELHUQRFHQWUDOWLHQHIDFXOWDGHVSDUDILVFDOL]DUHOIXQFLRQDPLHQWRGHODVREUDVVRFLDOHV
QDFLRQDOHV D WUDYpV GH OD 6XSHULQWHQGHQFLD GH 6HJXURV GH 6DOXG SHUR HVWH PDQGDWR QR DOFDQ]D D ODV
REUDVVRFLDOHVSURYLQFLDOHVDO,166-\3QLDOVHFWRUSULYDGR 318' 
-XQWR FRQ HVWR OD H[LVWHQFLD GH XQ PHUFDGR SULYDGR GH OD VDOXG GH FDUDFWHUtVWLFDV PX\
GLIHUHQFLDGDVHQFDGDUHJLyQGHOSDtVLQWURGXFHXQDVHULDFRQGLFLRQDOLGDGDFXDOTXLHUSURFHVRGHUHIRUPD
SHQVDGR H[FOXVLYDPHQWH GHVGH HO VHFWRU S~EOLFR &HWUiQJROR \ RWURV   D OD YH] TXH YXOQHUD
GHUHFKRVIXQGDPHQWDOHVHQUHODFLyQDODHTXLGDGHQHODFFHVR\FDOLGDGGHODDWHQFLyQHQVDOXGGHVGHXQD
SHUVSHFWLYDWHUULWRULDO

 (OJDVWRHQVDOXG
6HJ~QSODQWHD318'  HOJDVWRHQVHUYLFLRVGHVDOXGHQ$UJHQWLQDHVPX\HOHYDGRUHSUHVHQWDHO
GHO3,%ORFXDOXELFDDOSDtVSRUHQFLPDGHOSURPHGLRGH$PpULFD/DWLQD  \PiVFHUFDGH
ORVYDORUHVGHORVSDtVHVHXURSHRV6LQHPEDUJRHQWDQWRHQHVWRV~OWLPRVHOSHVRGHOVHFWRUS~EOLFRHV
GHOGHOJDVWRWRWDOGHOVHFWRUHQOD$UJHQWLQDHVWDSURSRUFLyQHVGHOPLHQWUDVTXHHO
UHVWDQWH HV ILQDQFLDGR SRU ODV SURSLDV IDPLOLDV /D QHFHVLGDG GH LQFXUULU HQ JDVWRV GH EROVLOOR SDUD
DFFHGHU D VHUYLFLRV GH VDOXG R DO FRQVXPR GH PHGLFDPHQWRV FRQVWLWX\H XQD LPSRUWDQWH IXHQWH GH
LQHTXLGDG 318' 
(QUHODFLyQFRQODHILFLHQFLDGHOJDVWRHQHOPLVPRLQIRUPHVHSODQWHDTXHHOQLYHOGHJDVWRSRU
KDELWDQWH HQ GyODUHV GH OD $UJHQWLQD OD XELFD SRU GHEDMR GH ORV SDtVHV HXURSHRV GH PHQRU QLYHO GH
HURJDFLRQHV DXQTXH HQ XQ QLYHO PX\ VXSHULRU DO SURPHGLR LQWHUQDFLRQDO \ SRU HQFLPD GHO UHVWR GH ORV
SDtVHVGH$PpULFD/DWLQD6LQHPEDUJRODWDVDGHPRUWDOLGDGLQIDQWLOGH$UJHQWLQD YpDVHJUiILFR HV
VXSHULRU D OD GH WRGRV ORV SDtVHV GH (XURSD PD\RU TXH OD GH &KLOH \ OHYHPHQWH LQIHULRU TXH OD GH
8UXJXD\ORFXDOHVWDUtDLQGLFDQGRSUREOHPDVGHHILFLHQFLDGHOVHFWRU 318' 
'DGDODHVWUXFWXUDIHGHUDOGHOSDtV\ODKLVWRULDGHOVLVWHPDGHVDOXGHQ$UJHQWLQDODPD\RUSDUWH
GHODVUHVSRQVDELOLGDGHVSRUODSURYLVLyQGHVHUYLFLRVSRUSDUWHGHOVHFWRUS~EOLFR \VXILQDQFLDPLHQWR 


 'DWRV GH OD (QFXHVWD GH 'HVDUUROOR 6RFLDO   \ OD (QFXHVWD GH &RQGLFLRQHV GH 9LGD   GHO 6LVWHPD GH ,QIRUPDFLyQ
0RQLWRUHR\(YDOXDFLyQGH3URJUDPDV6RFLDOHV

 0LHQWUDV TXH DOJXQDV VRQ PX\ SHTXHxDV FRQ QR PiV GH WUHV PLO EHQHILFLDULRV  RWUDV VRQ PX\ JUDQGHV FRQ PiV GH XQ PLOOyQ 
$OUHGHGRUGHOGHORVEHQHILFLDULRVVHFRQFHQWUDHQXQDVHQWLGDGHV 318' 

 +DVWDORVDSRUWHVGHFDGDWUDEDMDGRUHUDQGHVWLQDGRVH[FOXVLYDPHQWHDILQDQFLDUODREUDVRFLDOGHOJUHPLRGHVXDFWLYLGDG/D
FREHUWXUDHUDKRPRJpQHDGHQWURGHFDGDREUDVRFLDOSHURGLIHUHQWHHQWUHHOODV \DTXHGHSHQGtDGHOVDODULRSURPHGLRGHODDFWLYLGDG
ODERUDOFRUUHVSRQGLHQWH\GHODFDQWLGDGGHDILOLDGRV /DUHIRUPDGHPHGLDGRVGHORVQRYHQWDSHUPLWLyTXHFDGDEHQHILFLDULRSXGLHUD
HOHJLUOLEUHPHQWHVXREUDVRFLDOPHGLDQWHODUHDVLJQDFLyQGHVXDSRUWH&RPRUHVXOWDGRGHHVWRDOJXQDVREUDVVRFLDOHVTXHWHQtDQXQ
LPSRUWDQWHQ~PHURGHSDVLYRV\XQDGLIHUHQFLDPDUFDGDGHQLYHOHVGHLQJUHVRVVHTXHGDURQFRQORVEHQHILFLDULRVGHPHQRUDSRUWH\
PD\RUULHVJRGHHQIHUPDU 318' 

 0LHQWUDV TXH ODV IDPLOLDV GH PHQRUHV LQJUHVRV GHVWLQDEDQ HQ  PiV GHO  GH VX JDVWR GH EROVLOOR D OD FRPSUD GH
PHGLFDPHQWRVSDUDODVPiVULFDVHVWDSURSRUFLyQHUDGHO *RQ]iOH]*DUFtD'HOD3XHQWH\7DUUDJRQD 


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

UHFDH DFWXDOPHQWH HQ ORV JRELHUQRV SURYLQFLDOHV YpDVH FXDGUR   /RV SUHVXSXHVWRV SURYLQFLDOHV GHO
VHFWRU VRVWLHQHQ SULQFLSDOPHQWH HO IXQFLRQDPLHQWR GH ORV KRVSLWDOHV PLHQWUDV TXH HO (VWDGR QDFLRQDO
ILQDQFLD RUJDQLVPRV GHVFHQWUDOL]DGRV \ SURJUDPDV 6LQ HPEDUJR HQ RSLQLyQ GH 318'   SHVH D
TXHODSURYLVLyQGHVHUYLFLRVGHVDOXGHVUHVSRQVDELOLGDGSULQFLSDOGHODVSURYLQFLDVQRSDUHFHWHQHUXQD
HOHYDGDSULRULGDGHQVXVSUHVXSXHVWRVHQQLQJXQDGHODVMXULVGLFFLRQHVHOJDVWRHQVDOXGUHSUHVHQWDPiV
GHO  GHO JDVWR S~EOLFR WRWDO (Q HVWH VHQWLGR 0DFHLUD   GHVWDFD OD KHWHURJHQHLGDG HQ ORV
HVIXHU]RV ILQDQFLHURV TXH KDFHQ ODV SURYLQFLDV UHVSHFWR GHO JDVWR HQ VDOXG (Q VLQWRQtD FRQ HVWH
SODQWHR318'  VHxDODTXHORVQLYHOHVGHJDVWRS~EOLFRQDFLRQDOHQVDOXGUHVXOWDQLQVXILFLHQWHV
SDUDFRPSHQVDUODVGLIHUHQFLDVGHFDSDFLGDGHVGHJHVWLyQVDQLWDULDHQWUHODVSURYLQFLDVGHOSDtV
(QFXDQWRDOUROGHORVPXQLFLSLRVGHHOORVGHSHQGHXQDSDUWHLPSRUWDQWHGHORVFHQWURVGHDWHQFLyQ
SULPDULDHVSHFLDOPHQWHHQODVSURYLQFLDVGH%XHQRV$LUHV&yUGRED\&RUULHQWHV 318' 
&8$'52
325&(17$-('(/*$672(16$/8'6(*Ò11,9(/(6'(*2%,(512
$f26< 

$WHQFLyQS~EOLFDGHODVDOXG  2EUDVVRFLDOHV
1LYHOGHJRELHUQR
      
*RELHUQRQDFLRQDO       
3URYLQFLDV\&LXGDG$XWyQRPDGH%XHQRV$LUHV       
*RELHUQRVPXQLFLSDOHV       

)XHQWHHODERUDFLyQSURSLDVREUHODEDVHGHGDWRVGHOD'LUHFFLyQGH*DVWRV6RFLDOHV&RQVROLGDGRV
/RV ~OWLPRV GDWRV GLVSRQLEOHV FRUUHVSRQGHQ DO DxR  (O ILQDQFLDPLHQWR GHO ,166-\3 TXH FRQVWLWX\H HO WHUFHU UXEUR
GHQWURGHOJDVWRHQ³6DOXG´HVILQDQFLDGRFRPSOHWDPHQWHSRUHOJRELHUQRQDFLRQDO

(QFXDQWRDODSURJUHVLYLGDGGHOJDVWRHQVDOXGGHDFXHUGRFRQODLQIRUPDFLyQSUHVHQWDGDHQ5LYDV
\ RWURV   HV DOWDPHQWH SURJUHVLYR HQ OR TXH UHVSHFWD D OD ³DWHQFLyQ S~EOLFD GH OD VDOXG´ OD FXDO
SUHVHQWD XQ tQGLFH GH SURJUHVLYLGDG GH  \ OD XELFD HQWUH ODV DFFLRQHV HVWDWDOHV TXH JHQHUDQ PD\RU
HTXLGDG 3RU VX SDUWH HV PHQRU HO QLYHO GH HTXLGDG JHQHUDGD SRU ODV SUHVWDFLRQHV HQ VDOXG GH ODV REUDV
VRFLDOHV  \ODVSUHVWDFLRQHVHQVDOXGGHO,166-\3   YpDVHFXDGUR  5LYDV\RWURV 

 3ULQFLSDOHVWUDQVIRUPDFLRQHVHQODVSROtWLFDVGHVDOXGGXUDQWH
ODV~OWLPDVGRVGpFDGDV
'HELGRDTXHOD&RQVWLWXFLyQGHQRGHILQLyORVDOFDQFHVGHODVLQWHUYHQFLRQHVS~EOLFDVHQPDWHULD
GHVDOXG FRPRVtVXFHGLyHQHGXFDFLyQ GHVGHHOFRPLHQ]RGHODYLJHQFLDGHOHQIRTXH³VDQLWDULVWD´ D
SDUWLUGHODGpFDGDGHOWUHLQWDGHOVLJORSDVDGR KXERXQSURFHVRGHDXWRQRPtDSURYLQFLDO³DQiUTXLFD´HQ
OR TXH KDFH D OD FRQVWUXFFLyQ GHO VLVWHPD GH VDOXG TXH VH H[WHQGLy KDVWD PHGLDGRV GH OD GpFDGD GHO
FXDUHQWD 3RVWHULRUPHQWH GXUDQWH ORV SULPHURV JRELHUQRV SHURQLVWDV VLJXLy XQD HWDSD GH GHVDUUROOR
FHQWUDOL]DGR  $SDUWLUGHHVHPRPHQWRFRPHQ]DURQDUHJLVWUDUVHSURFHVRVGHGHYROXFLyQR
GHVFHQWUDOL]DFLyQ SRFR RUJDQL]DGRV TXH WXYLHURQ FRPR KLWRV PiV GHVWDFDGRV OD WUDQVIHUHQFLD GH
KRVSLWDOHV S~EOLFRV D ODV SURYLQFLDV HQ  \ OD FXOPLQDFLyQ GH HVWH SURFHVR HQ  RULHQWDGR SRU
PRWLYDFLRQHVSXUDPHQWHILVFDOHV 318' /RVUHVXOWDGRVGHHVWHSURFHVRPRVWUDURQTXHWUDQVIHULU
UHVSRQVDELOLGDGHVGHVGHHOFHQWURDORVQLYHOHVVXEQDFLRQDOHVVXHOHH[DFHUEDUODIUDJPHQWDFLyQGHOVHFWRU
\ QR HYLWD TXH HQ ORV QXHYRV iPELWRV GH GHFLVLyQ VH UHSURGX]FDQ ODV SUiFWLFDV FHQWUDOL]DGDV \
EXURFUDWL]DGDVTXHVHEXVFDEDUHVROYHUFRQODVUHIRUPDV 5HSHWWRHWDO 


 &RQH[FHSFLyQGHOD&LXGDG$XWyQRPDGH%XHQRV$LUHVFX\DHVWUXFWXUDGHOJDVWRS~EOLFRGLILHUHGHODVSURYLQFLDV\SRUORWDQWRHO
JDVWRHQVDOXGSUHVHQWDXQDLQFLGHQFLDPD\RUHQWpUPLQRVSRUFHQWXDOHV

 $Vt SRU HMHPSOR PLHQWUDV TXH 6DQWD &UX] WHQtD HQ  XQ JDVWR S~EOLFR SURYLQFLDO SHU FiSLWD GH   GyODUHV  pVWH
DOFDQ]DED D   GyODUHV  HQ %XHQRV $LUHV D   GyODUHV  HQ 0LVLRQHV R D   GyODUHV  HQ &yUGRED (O
SURPHGLRQDFLRQDOSRUVXSDUWHVHXELFDEDHQ GyODUHV SHUFiSLWD 318' 


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

(QODVDQFLyQGHOD/H\1ƒFRQVROLGyHOPRGHORGHODVREUDVVRFLDOHVDOHVWDEOHFHUOD
REOLJDFLyQ GH FDGD WUDEDMDGRU GH DILOLDUVH D OD SUHVWDGRUD GHO JUHPLR DO FXDO SHUWHQHFtD (VWH VLVWHPD VH
H[WHQGLyWDPELpQHQIRUPDREOLJDWRULDDORVMXELODGRV\SHQVLRQDGRVSRUPHGLRGHOD/H\1ƒIXH
FUHDGRHO,QVWLWXWR1DFLRQDOGH6HUYLFLRV6RFLDOHVSDUD-XELODGRV\3HQVLRQDGRV 3$0, FRQHOSURSyVLWR
GHEULQGDUSUHVWDFLRQHVGHVDOXG\RWURVVHUYLFLRVVRFLDOHVDODSREODFLyQDGXOWDPD\RU 318' 
$ OR ODUJR GHO WLHPSR GLIHUHQWHV LQLFLDWLYDV KDQ EXVFDGR JHQHUDU PD\RU DUWLFXODFLyQ \
FRRUGLQDFLyQDOLQWHULRUGHOVLVWHPDGHVDOXG(QWUHHOORVVHGHVWDFDQHO6LVWHPD1DFLRQDO,QWHJUDGRGH
6DOXG  \ODVOH\HV1ƒ\1ƒ  TXHSURSXVLHURQODFUHDFLyQGHO6HJXUR1DFLRQDO
GH 6DOXG (Q DPERV FDVRV HO FRQWH[WR SROtWLFR FHUUy ODV SXHUWDV DO HIHFWLYR DYDQFH PiV DOOi GH OD
SURPXOJDFLyQGHODPHQFLRQDGDQRUPDWLYD
/DV UHIRUPDV LQWURGXFLGDV GXUDQWH ORV QRYHQWD VH HQPDUFDURQ HQ XQD SROtWLFD HFRQyPLFD GH
DSHUWXUD FRPHUFLDO GHVUHJXODFLyQ GH DOJXQRV PHUFDGRV \ SULYDWL]DFLyQ GH HPSUHVDV GH VHUYLFLRV
S~EOLFRV(QUHODFLyQFRQHOVHFWRUVDOXGVHDUJXPHQWDEDTXHODOLEUHHOHFFLyQHQODDILOLDFLyQDODVREUDV
VRFLDOHVGRWDUtDGHPD\RUFRPSHWHQFLDDOPHUFDGRGHVHJXURVORJUDQGRDVtXQDPD\RUHILFLHQFLDHQOD
DVLJQDFLyQ GH UHFXUVRV OD FXDO VHUtD WDPELpQ ORJUDGD FRQ XQD PD\RU DXWRQRPtD GH ORV KRVSLWDOHV
S~EOLFRV(VWRVREMHWLYRVQRIXHURQORJUDGRV 318' 
$SDUWLUGHORVDxRVVHFRPHQ]yDUHWRPDUXQDRULHQWDFLyQFHQWUDGDHQOLPLWDUHOLPSDFWRGH
ODFULVLV\JDUDQWL]DUHODFFHVRGHORVJUXSRVPiVYXOQHUDEOHVDORVPHGLFDPHQWRV\VHUYLFLRV/DUHFWRUtD
PLQLVWHULDO GHOJRELHUQRQDFLRQDOGHOVHFWRUVDOXGD\XGyDUHFXSHUDUODSUHVHQFLDHVWDWDOHQHOVHFWRUFRQ
DOJXQDVPHGLGDV\SURJUDPDVGHJUDQLPSRUWDQFLD(OSURFHVRIXHDFRPSDxDGRWDPELpQSRUXQD
UHYLWDOL]DFLyQ GHO SDSHO GHO &RQVHMR )HGHUDO GH 6DOXG &2)(6$  HQ FX\R VHQR VH HODERUy GLVFXWLy \
FRQVHQVXyXQDHVWUDWHJLDVHFWRULDOGHPHGLDQR\ODUJRSOD]RHO3ODQ)HGHUDOGH6DOXG
(QORV~OWLPRVDxRVXQDGHODVDFFLRQHVPiVUHOHYDQWHVHQFDUDGDVHQPDWHULDGHVDOXGS~EOLFDTXH
SXHGHQVHUHQPDUFDGDVGHQWURGHODSURWHFFLyQVRFLDOHVHO3ODQ1DFHU(VWHSURJUDPDIXHFUHDGRHQHO
DxR  H LPSOHPHQWDGR LQLFLDOPHQWH HQ ODV SURYLQFLDV GHO 1RURHVWH $UJHQWLQR 12$  \ 1RUHVWH
$UJHQWLQR 1($  'HVGH  WLHQH DOFDQFH QDFLRQDO &RPHQ]y FRPR XQ VHJXUR SDUD VHUYLFLRV GH
PDWHUQLGDGHLQIDQFLDFHQWUDGRHQDOFDQ]DUPHWDVGHUHGXFFLyQGHODPRUWDOLGDGPDWHUQDHLQIDQWLO
(O 3ODQ 1DFHU FDPELD OD OyJLFD GH ORV PRGHORV GH ILQDQFLDPLHQWR WUDGLFLRQDOHV GH SDJR SRU
SUHVXSXHVWRKDFLDXQDTXHRSHUDVHJ~QORVUHVXOWDGRV/RVUHFXUVRVVHWUDQVILHUHQDODVSURYLQFLDV
HQ IXQFLyQ GH REMHWLYRV DOFDQ]DGRV \HQUHODFLyQDOHQYtRGHSDGURQHVGHEHQHILFLDULRVFDSWDGRV
/DVSURYLQFLDVSDJDQDVXVSUHVWDGRUHV EiVLFDPHQWHODUHGS~EOLFDGHFHQWURVGHDWHQFLyQSULPDULDGHOD
VDOXG \ PDWHUQLGDGHV  VHJ~Q ORV VHUYLFLRV EULQGDGRV OLVWDGRV HQ XQ QRPHQFODGRU FX\RV SUHFLRV VRQ
ILMDGRV SRU OD SURYLQFLD /RV SUHVWDGRUHV SXHGHQ GHVWLQDU HO GLQHUR UHFLELGR D HTXLSDPLHQWR
LQIUDHVWUXFWXUDSDJRGHUHFXUVRVKXPDQRV LQFHQWLYRV \RLQVXPRV
(QHOSUHVHQWHHO3ODQ1DFHUHVWiGLULJLGRDHPEDUD]DGDVSXpUSHUDV\QLxRVDVPHQRUHVGHDxRV
TXHQRSRVHDQFREHUWXUDH[SOtFLWDHQVDOXG$FWXDOPHQWHKD\EHQHILFLDULRVGHHVWHSURJUDPD
YpDVHJUiILFR \KDQSDVDGRSRUHOPLVPRFDVLPLOORQHVGHSHUVRQDV ³EHQHILFLDULRVKLVWyULFRV´ 
'HDFXHUGRFRQODLQIRUPDFLyQGHOSURJUDPDHOSRUFHQWDMHGHFREHUWXUD\DORJUDGRHVDOWRDXQTXHFRQ
YDULDFLRQHVVHJ~QODV]RQDV



 'HVGH HO JRELHUQR QDFLRQDO VH LPSXOVy OD ILJXUD GH ³+RVSLWDO 3~EOLFR GH $XWRJHVWLyQ´ +3$  OD FXDO DXWRUL]DED D ORV
HVWDEOHFLPLHQWRVS~EOLFRVDIDFWXUDUDODVREUDVVRFLDOHVORVVHUYLFLRVSUHVWDGRVDVXVDILOLDGRV

 $JUXSD D ODV DXWRULGDGHV VDQLWDULDV QDFLRQDOHV \ SURYLQFLDOHV )XH FUHDGR HQ  SHUR KDVWD KDFH XQRV DxRV HVWH iPELWR
LQVWLWXFLRQDOQRWXYRXQOXJDUGHVWDFDGRHQODJHQHUDFLyQGHHVWUDWHJLDVIHGHUDOHVSDUDKDFHUIUHQWHDORVWHPDVSULRULWDULRVGHOVHFWRU
3RWHQ]D'DO0DVHWWR 

 $ SHVDU GH HOOR GHEH GHVWDFDUVH TXH QR H[LVWH XQD QRUPDWLYD TXH GHILQD FODUDPHQWH ORVOLQHDPLHQWRVGHODSROtWLFDVDQLWDULDSDUD
WRGRHOSDtVFRPRVtVXFHGHSRUHMHPSORHQHOFDVRGHODHGXFDFLyQ

 /OHJDDOHQHO1($\HQHO12$ UHJLRQHVGRQGHHO3ODQVHLPSOHPHQWDGHVGHKDFHDxRV 3RUVXSDUWHHVGHOHQOD
UHJLyQGH&X\RHQOD3DWDJRQLD\HQHO&HQWUR


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

*5È),&2
&$17,'$''(%(1(),&,$5,26'(/3/$11$&(5
 












 




     

&DQWLGDGGHEHQHILFLDULRV

)XHQWH'tD]/DQJRX)RUWH]D\3RWHQ]D'DO0DVHWWR  HQEDVHDGDWRVGHO0LQLVWHULRGH6DOXG  /RVGDWRVGH
IXHURQVXPLQLVWUDGRVSRUHO3ODQ1DFHUHQRFWXEUHGHHVHDxR

(QWUH\HVWiSUHYLVWRDPSOLDUODHGDGGHODSREODFLyQEHQHILFLDULDGHHVWHSURJUDPDH
LQFOXLURWURVJUXSRVSREODFLRQDOHVYXOQHUDEOHV QLxRVHQHGDGHVFRODUMyYHQHVKDVWDORVDxRVPXMHUHV
KDVWDORVDxRV DVtFRPRWDPELpQHOWUDWDPLHQWRGHQXHYDVDIHFFLRQHV FRPRKLSHUWHQVLyQGLDEHWHV\
RWUDV  'H HVD IRUPD OD SREODFLyQ PHWD GHO SURJUDPD DOFDQ]DUtD D ORV  PLOORQHV GH SHUVRQDV VLQ
FREHUWXUD GH VDOXG SRU SDUWH GH SUHSDJRV X REUDV VRFLDOHV  3ODQ 1DFHU   5HVSHFWR GH ODV
SUHVWDFLRQHVHQVHKDQILQDQFLDGRFDVLPLOORQHVGHSUiFWLFDV\KDVWDHOPRPHQWRVHKDQVXVFULWR
FRQYHQLRVFRQPiVGHPLOHIHFWRUHVHQWRGRHOSDtV YpDVHFXDGUR 

&8$'52
&$17,'$''(35È&7,&$6),1$1&,$'$6325(/3/$11$&(5
'(&203520,626686&5,726&21()(&725(6<'(5(&85626(-(&87$'26
 
      D
3UiFWLFDVEULQGDGDV      
&RPSURPLVRVILUPDGRV      
FRQHIHFWRUHV
7RWDOUHFXUVRVHMHFXWDGRV      
HQPLOORQHVGHSHVRV 

)XHQWH'tD]/DQJRX)RUWH]D\3RWHQ]D'DO0DVHWWR  HQEDVHDGDWRVGHO0LQLVWHULRGH6DOXG  3DUDORV


GDWRVVREUHSUiFWLFDV\FRPSURPLVRVFRQHIHFWRUHVSURYLHQHQGHLQIRUPDFLyQVXPLQLVWUDGDSRUHO3ODQ1DFHU\HOGDWRGH
SUHVXSXHVWRGH&DVDGHL\RWURV  
D
(VWLPDGRDIHEUHURGH

3DUD VX ILQDQFLDPLHQWR HO 3ODQ 1DFHU FXHQWD FRQ ORV UHFXUVRV SURYHQLHQWHV GH GRV FUpGLWRV
RWRUJDGRVSRUHO%DQFR0XQGLDO'HDFXHUGRFRQODLQIRUPDFLyQFRQWHQLGDHQ&DVDGHL\RWURV  HO
SUHVXSXHVWRGHHVWHSURJUDPDKDEUtDDOFDQ]DGRORVPLOORQHVHQHODxR HTXLYDOHQWHD
PLOORQHVGHGyODUHV PLHQWUDVTXHVHSUHYpXQDXPHQWRQRPLQDOGHORUGHQGHOSDUDHODxRSUy[LPR
GHIRUPDWDOTXHORVUHFXUVRVOOHJDUtDQDORVPLOORQHV PLOORQHVGHGyODUHV 6LFRPSDUDPRV
HVWRV GDWRV FRQ OD LQIRUPDFLyQ GHO SURJUDPD YHPRV TXH ORV UHFXUVRV DVLJQDGRV KDQ LGR FUHFLHQGR HQ
IRUPD VRVWHQLGD \ GHMDQ HQWUHYHU TXH HVWH 3ODQ FRQVWLWX\H XQR GH ORV SLODUHV FHQWUDOHV GH OD HVWUDWHJLD
VDQLWDULDGHOJRELHUQRQDFLRQDO


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

3RU ~OWLPR FDEH PHQFLRQDU TXH H[LVWH XQD HVWUHFKD UHODFLyQ HQWUH HVWH SURJUDPD \ OD
UHFLHQWHPHQWHFUHDGD$VLJQDFLyQ8QLYHUVDOSRU+LMR $8+ FRPRUHTXLVLWRSDUDFREUDUODORVQLxRVDV
PHQRUHVGHDxRVGHEHQHVWDULQVFULSWRVHQHO3ODQ1DFHU'HDFXHUGRFRQLQIRUPDFLyQGHO0LQLVWHULR
GH6DOXG\GHO3ODQ1DFHUHQSDUWLFXODUHOLQFUHPHQWRHQODVDOWDVDOSURJUDPDJHQHUDGDVSRUOD$8+HV
GHEHQHILFLDULRVORFXDOVXSRQHXQLQFUHPHQWRGHPiVGHOHQODLQVFULSFLyQ
'HVGHHO0LQLVWHULRGH6DOXGGHOD1DFLyQVHOOHYDQDGHODQWHRWUDVDFFLRQHVRULHQWDGDVDUHGXFLUOD
PRUWDOLGDGPDWHUQDHLQIDQWLO6HGHVWDFDHQWUHHOODVODSXHVWDHQPDUFKDGHO3ODQGHUHGXFFLyQGHOD
PRUWDOLGDG PDWHUQR LQIDQWLO GH OD PXMHU \ OD DGROHVFHQWH 5HVROXFLyQ   /D GHFLVLyQ GH
SXHVWD HQ PDUFKD GHHVWH3ODQVHHQPDUFDHQORVHVIXHU]RVRULHQWDGRVDORJUDUHOFXPSOLPLHQWRGHORV
2EMHWLYRVGH'HVDUUROORGHO0LOHQLR\IXHWRPDGDHQQRYLHPEUHGH6REUHHVDEDVHHOPLQLVWHULR
QDFLRQDOLGHyXQSODQRSHUDWLYR
(O 3ODQ WLHQH SRU REMHWLYRV OD UHGXFFLyQ GH OD PRUWDOLGDG LQIDQWLO OD UHGXFFLyQ GH OD PRUWDOLGDG
PDWHUQDODUHGXFFLyQGHOHPEDUD]RQRSODQLILFDGRHQODDGROHVFHQFLDODGLVPLQXFLyQGHODLQFLGHQFLD\
PRUWDOLGDG SRU FiQFHU FpUYLFR XWHULQR \ OD UHGXFFLyQ GH ORV HJUHVRV KRVSLWDODULRV SRU DERUWRV 3DUD
WRGRV HVWRV SUREOHPDV VH SODQWHDQ PHWDV TXH GHEHUiQ VHU FXPSOLGDV HQ  \ TXH UHTXLHUHQ GH OD
DUWLFXODFLyQ GH GLVWLQWRV SURJUDPDV \ iUHDV GHO 0LQLVWHULR QDFLRQDO /DV OtQHDV GH WUDEDMR SURSXHVWDV
SDUD ORJUDU HVWRV REMHWLYRV VRQ OD DVLVWHQFLD WpFQLFD \ OD FDSDFLWDFLyQ HQ VHUYLFLR MXQWR FRQ ODV
SUHVWDFLRQHVHVSHFtILFDVTXHRIUHFHFDGDXQRGHORVSURJUDPDVLQWHJUDQWHVGHO3ODQ
'DGR HVWH pQIDVLV HQ ODV DFFLRQHV DFWXDOPHQWH YLJHQWHV RULHQWDGDV D UHGXFLU OD PRUWDOLGDG LQIDQWLO \
PDWHUQDSUHVHQWDPRVDFRQWLQXDFLyQODHYROXFLyQGHHVWRVLQGLFDGRUHVHQORV~OWLPRVDxRV YpDVHJUiILFR 

*5È),&2
D E
(92/8&,Ï1'(/$67$6$6'(0257$/,'$',1)$17,/<0$7(51$ 727$/3$Ë6 
 


 
 



  




  
     




        

7DVDGHPRUWDOLGDGLQIDQWLO 7DVDGHPRUWDOLGDGPDWHUQD

)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGH318'&1&36  
D
3RUPLOQDFLGRVYLYRV
E
3RUGLH]PLOQDFLGRVYLYRV



 6HJ~Q318'&1&36  HOSULQFLSDOGHWHUPLQDQWHGHODVPXHUWHVPDWHUQDVHVHODERUWRTXHUHSUHVHQWyHOGHOWRWDOGH
GHIXQFLRQHVUHJLVWUDGDVHQ

 eVWDV VRQ OD 'LUHFFLyQ 1DFLRQDO GH 0DWHUQLGDG H,QIDQFLDHO3URJUDPD1DFLRQDOGH6DOXG6H[XDO\3URFUHDFLyQ5HVSRQVDEOHHO
3URJUDPD1DFLRQDOGH3UHYHQFLyQGH&iQFHU&pUYLFRXWHULQR\HO3URJUDPD1DFLRQDOGH6DOXG,QWHJUDOHQOD$GROHVFHQFLDFRQHO
DSR\RGH3ODQ1DFHUOD'LUHFFLyQGH(VWDGtVWLFDVH,QIRUPDFLyQHQ6DOXGHO3URJUDPD1DFLRQDOGH6DQLGDG(VFRODUHO3URJUDPD
0pGLFRV&RPXQLWDULRV\OD'LUHFFLyQ\OD&RRUGLQDFLyQ*HQHUDOGH,QIRUPDFLyQ3~EOLFD\&RPXQLFDFLyQ


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

2WUR KLWR D GHVWDFDU GHQWUR GH ODV DFFLRQHV GHO (VWDGR QDFLRQDO HQ PDWHULD GH VDOXG HV OD
DSUREDFLyQHQDJRVWRGHGHOD/H\GH*HQpULFRV 1ƒ ODFXDOHVWDEOHFHTXHWRGDUHFHWDR
SUHVFULSFLyQ PpGLFD X RGRQWROyJLFD GHEH H[SUHVDU HO QRPEUH JHQpULFR GHO PHGLFDPHQWR GH IRUPD WDO
TXH HO FRQVXPLGRU SXHGD HOHJLU OD PDUFD \ HO SUHFLR GH VX FRQYHQLHQFLD &RPR FRQVHFXHQFLD GH HVWD
PHGLGDVHKDEUtDUHYHUWLGRODWHQGHQFLDKLVWyULFDDODO]DHQHOSUHFLRGHORVPHGLFDPHQWRV6HHVWLPDTXH
HVWD PHGLGD KD JHQHUDGR XQ DKRUUR DQXDO GH  PLOORQHV  PLOORQHV GH GyODUHV  EHQHILFLDQGR
PD\RUPHQWHDODSREODFLyQGHPHQRUHVLQJUHVRV 318' 
$VRFLDGR D HVWD PHGLGD HVWi OD FUHDFLyQ GHO SURJUDPD 5HPHGLDU WDPELpQ HQ HO DxR  6X
SULQFLSDOSURSyVLWRKDVLGRJDUDQWL]DUHODFFHVRGHODSREODFLyQHQVLWXDFLyQGHSREUH]DDPHGLFDPHQWRV
TXH VLUYHQ SDUD WUDWDU HO  GH ODV SDWRORJtDV PiV IUHFXHQWHV HQ HO SULPHU QLYHO GH DWHQFLyQ
$FWXDOPHQWH OD FREHUWXUD FRQ PHGLFDPHQWRV HVHQFLDOHV SURYLVWRV SRU HVWH SURJUDPD DOFDQ]D
DSUR[LPDGDPHQWH D  PLOORQHV GH SHUVRQDV OR TXH UHSUHVHQWD DOJR PiV GHO  GH OD SREODFLyQ GHO
SDtV 318' 
(VWH SURJUDPD PRVWUy HQ VXV SULPHURV DxRV XQD DGHFXDGD IRFDOL]DFLyQ HQ WDQWR HO  GH VXV
EHQHILFLDULRVSHUWHQHFHDKRJDUHVSREUHV\HOVHHQFXHQWUDEDMRODOtQHDGHLQGLJHQFLD$GHPiVHO
FUXFHGHUHJLVWURVFRQEDVHVGHREUDVVRFLDOHV\VHJXURVSULYDGRVGHVDOXGSHUPLWLyGHWHUPLQDUTXHPiV
GHO  GH ODV SHUVRQDV LGHQWLILFDGDV XQtYRFDPHQWH GHSHQGH H[FOXVLYDPHQWH GH OD FREHUWXUD S~EOLFD
SDUDDWHQGHUHOFXLGDGRGHVXVDOXG 5HPHGLDU (QFXDQWRDVXLQFLGHQFLDHQODUHGLVWULEXFLyQGHO
LQJUHVR HYDOXDFLRQHV UHDOL]DGDV DO SURJUDPD KDQ SXHVWR GH PDQLILHVWR TXH OD SURYLVLyQ JUDWXLWD GH
PHGLFDPHQWRVHVHQFLDOHVUHSUHVHQWDPiVGHOGHOLQJUHVRPHGLRSHUFiSLWDGHORVKRJDUHV\GHELGRD
VX DOWR JUDGR GH IRFDOL]DFLyQ IDYRUHFH HQ PD\RU PHGLGD D ORV PiV YXOQHUDEOHV (O LPSDFWR GH OD
WUDQVIHUHQFLDPHGLDUHSUHVHQWDDSUR[LPDGDPHQWHHOGHOLQJUHVRSHUFiSLWDGHORVEHQHILFLDULRVTXH
YLYHQHQKRJDUHVLQGLJHQWHVHOGHTXLHQHVSHUWHQHFHQDKRJDUHVSREUHV\HOGHORVEHQHILFLDULRV
QRSREUHV 5HPHGLDU 
$ SDUWLU GHO DxR  GLYHUVDV DFFLRQHV VH IXHURQ VXPDQGR D OD SROtWLFD LPSXOVDGD SRU HO
3URJUDPDHQHVSHFLDOODIRUPDFLyQGHUHFXUVRVKXPDQRVODDWHQFLyQGHSUREOHPDVGHVDOXGSUHYDOHQWHV
TXH UHTXLHUHQ LQWHUYHQFLRQHV HVSHFtILFDV \ HO LPSXOVR GH SURFHVRV GH SDUWLFLSDFLyQ FRPXQLWDULD
$FWXDOPHQWH VH GHVDUUROODQ WUHV OtQHDV GH DFFLyQ HO IRUWDOHFLPLHQWR GH UHGHV GH VDOXG D WUDYpV GHO
ILQDQFLDPLHQWRGHSUR\HFWRVSURYLQFLDOHV\ORFDOHVSDUWLFLSDWLYRV GHDOOtHOQRPEUH5HPHGLDU5HGHV
TXH OOHYD GHVGH   OD SURYLVLyQ GH PHGLFDPHQWRV HVHQFLDOHV D WUDYpV GH PiV GH  FHQWURV GH
DWHQFLyQSULPDULDHQWRGRHOSDtV\ODFDSDFLWDFLyQGHORVUHFXUVRVKXPDQRVHQVDOXG(VWDLQWHUYHQFLyQ
FDEHPHQFLRQDUKDSHUGLGRHQWLHPSRVUHFLHQWHVHOSURWDJRQLVPRTXHWXYRHQVXVDxRVLQLFLDOHV

& (GXFDFLyQ

 &DUDFWHUtVWLFDVGHOVLVWHPDGHHGXFDFLyQ\FREHUWXUD
HQOD$UJHQWLQD
'HDFXHUGRFRQODLQIRUPDFLyQSUHVHQWDGDSRU318'  ODVWDVDVGHHVFRODUL]DFLyQGHORVQLYHOHV
SULPDULR \ VHFXQGDULR VH HQFXHQWUDQ HQWUD ODV PiV DOWDV GH $PpULFD /DWLQD HQ WDQWR OD WDVD GH
DQDOIDEHWLVPRHVXQDGHODVPiVUHGXFLGDV/DHYROXFLyQKLVWyULFDGHODPDWUtFXODHQODHVFXHODSULPDULD
IXHFRQVWDQWH\DFRPLHQ]RVGHORVQRYHQWD\DVHKDEtDDOFDQ]DGRXQQLYHOFDVLXQLYHUVDO/RVGDWRVGHOD
HYROXFLyQ GHO DQDOIDEHWLVPR VLJXLHURQ XQD WHQGHQFLD PX\ DVRFLDGD D HVWD H[SDQVLyQ FRQVWDQWH GH OD
HGXFDFLyQSULPDULDGHVGHILQHVGHOVLJOR;,;5HJLVWUDQXQDUHGXFFLyQVLJQLILFDWLYDKDVWDODGpFDGDGHO
VHVHQWD \ D SDUWLU GH HVH PRPHQWR FRQWLQ~D HQ GHFOLYH SHUR GH PDQHUD PiV PRGHUDGD /D HGXFDFLyQ
VHFXQGDULD SRU VX SDUWH UHJLVWUD ³H[SORVLRQHV GH DFFHVR´ HO SULPHUR GH HOORV GXUDQWH OD pSRFD GHO
SHURQLVPR HO VHJXQGR FRQODUHFXSHUDFLyQGHPRFUiWLFDHQORVDxRVRFKHQWD\SRVWHULRUPHQWHFRQOD


 9pDVH>HQOtQHD@ZZZUHPHGLDUJREDU


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

H[WHQVLyQ GH OD HGXFDFLyQ REOLJDWRULD FRPR UHVXOWDGR GH OD /H\ )HGHUDO GH (GXFDFLyQ 5LYDV \ RWURV
  YpDVHJUiILFRV\ 4XHGDD~QSRUFRQVROLGDULQIRUPDFLyQUHVSHFWRDOLPSDFWRGHOD$8+
SXHVWDHQPDUFKDDILQDOHVGHHQODLQVFULSFLyQDOQLYHOVHFXQGDULR
*5È),&2
(92/8&,Ï1'(/$7$6$'($1$/)$%(7,602
D
< 










 



   

7DVDGHDQDOIDEHWLVPR

)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVSUHVHQWDGRVHQ5LYDV\RWURV  
D
 ÒOWLPR GDWR GLVSRQLEOH GHELGR D TXH HVWH LQGLFDGRU VH FDOFXOD FRQ OD LQIRUPDFLyQ UHOHYDGD HQ HO &HQVR 1DFLRQDO GH
3REODFLyQ+RJDUHV\9LYLHQGDV

*5È),&2
D
(92/8&,Ï1'(/$7$6$1(7$ '((6&2/$5,=$&,Ï1'(1,9(/35,0$5,2<6(&81'$5,2
E
<  


 
 




 





   

7DVDQHWDGHHVFRODUL]DFLyQGHQLYHOSULPDULR
7DVDQHWDGHHVFRODUL]DFLyQGHQLYHOVHFXQGDULR

)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVSUHVHQWDGRVHQ5LYDV\RWURV  
D
 /D WDVD QHWD GH HVFRODUL]DFLyQ PLGH HO SRUFHQWDMH GH SREODFLyQ HVFRODUL]DGD HQ FDGD QLYHO GH HQVHxDQ]D FX\D HGDG
FRLQFLGHFRQODHGDGWHyULFDGHOQLYHOTXHFXUVDQHQUHODFLyQFRQHOWRWDOGHODSREODFLyQGHHVHJUXSRGHHGDG
E
 ÒOWLPR GDWR GLVSRQLEOH GHELGR D TXH HVWH LQGLFDGRU VH FDOFXOD FRQ OD LQIRUPDFLyQ UHOHYDGD HQ HO &HQVR 1DFLRQDO GH
3REODFLyQ+RJDUHV\9LYLHQGDV

6L ELHQ HO SDtV KD ORJUDGR LPSRUWDQWHV DYDQFHV HQ WpUPLQRV GH FREHUWXUD ODV GHILFLHQFLDV HQ
PDWHULDHGXFDWLYDVHH[SUHVDQHQRWURVLQGLFDGRUHVWDOHVFRPRODUHSLWHQFLDHODEDQGRQR\SURPRFLyQ


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

HIHFWLYD YpDVHFXDGUR WRGRVORVFXDOHVPXHVWUDQDVXYH]LPSRUWDQWHVYDULDFLRQHVHQWUHSURYLQFLDV


5HVSHFWR GH OD UHSLWHQFLD ODV FDXVDV VRQ PXFKDV \ FRPSOHMDV SHUR FDEH GHVWDFDU DTXt TXH HQ XQ
FRQWH[WRGHFUHFLPLHQWRGHODLQFOXVLyQHVFRODUHODFFHVRGHQLxRVDVDGROHVFHQWHV\MyYHQHVGHVHFWRUHV
VRFLDOHVKLVWyULFDPHQWHH[FOXLGRVGHVDItDODVWUDGLFLRQHV\SUiFWLFDVGHOVLVWHPD(QVtQWHVLVODVHVFXHODV
QR HVWiQ VXILFLHQWHPHQWH SUHSDUDGDV SDUD GDU FXHQWD GH ODV DUWLFXODFLRQHV GH OD GHVLJXDOGDG \ OD
GLYHUVLGDGTXHVXSRQHQHVWRVQXHYRVSHUILOHV 5LYDV\RWURV 

&8$'52
6,78$&,Ï1$&78$/'(,1',&$'25(6'(75$<(&725,$6('8&$7,9$6
6HFXQGDULD
,QGLFDGRUHV 3ULPDULD D
%iVLFD 2ULHQWDGDE
5HSLWHQFLD   
6REUHHGDG   
(JUHVR   
3URPRFLyQHIHFWLYD   
$EDQGRQRLQWHUDQXDO   

)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVSUHVHQWDGRVHQ318'  
D
3ULPHUFLFORGHODHGXFDFLyQVHFXQGDULDFRP~QDWRGDVODVRULHQWDFLRQHVGHDxRVGHGXUDFLyQ
E
6HJXQGR FLFOR GH OD HGXFDFLyQ VHFXQGDULD GH FDUiFWHU GLYHUVLILFDGR VHJ~Q GLVWLQWDV iUHDV GH FRQRFLPLHQWR GHO PXQGR
VRFLDO\GHOWUDEDMRGHyDxRVGHGXUDFLyQ

5HVSHFWR GHO DEDQGRQR VX WDVD VH LQFUHPHQWD VHQVLEOHPHQWH HQ HO RFWDYR DxR GH HVFRODULGDG
FRPR UHVXOWDGR GH IDFWRUHV FRQFXUUHQWHV (Q HVH PRPHQWR JUDQ SDUWH GHO DOXPQDGR DFXPXOD DxRV GH
UHSLWHQFLD \ OD FRQVHFXHQWH VREUHHGDG -XQWR FRQ HVWR PXFKDV YHFHV ORV DGROHVFHQWHV \ MyYHQHV TXH
YLYHQHQFRQWH[WRVVRFLDOHVPHQRVIDYRUHFLGRVVHYHQLPSXOVDGRVDLQVHUWDUVHHQHOPHUFDGRLQIRUPDOGH
WUDEDMR $GHPiV HQ PXFKDV SURYLQFLDV HO RFWDYR DxR HV HO SULPHUR GH OD DQWLJXD VHFXQGDULD OD FXDO
LPSOLFDXQPRGHORRUJDQL]DWLYRGLIHUHQWH 318' 
7UDGLFLRQDOPHQWH ODV GHVLJXDOGDGHV VRFLRHFRQyPLFDV VH H[SUHVDURQ HQ HO VLVWHPD HGXFDWLYR GH
GRVPDQHUDVHQODVGLILFXOWDGHVSDUDDFFHGHU\SHUPDQHFHUHQpOSRUXQODGR\HQODFRQILJXUDFLyQGH
FLUFXLWRVGLIHUHQFLDGRVSRURWUR(QRWUDVSDODEUDVVHFRQVWUX\HQWUD\HFWRULDVHGXFDWLYDVHQLQVWLWXFLRQHV
IRUPDOPHQWHLJXDOHVSHURPX\GLIHUHQWHVHQFXDQWRDODVSRVLELOLGDGHVTXHEULQGDQDORVHVWXGLDQWHV(Q
ODV~OWLPDVGpFDGDVDGHPiVODVGHVLJXDOGDGHVHGXFDWLYDVVHYLHURQUHIRU]DGDVSRUHOFUHFLPLHQWRHQHO
Q~PHURGHHVFXHODVGHJHVWLyQSULYDGDTXHFDSWDQSULQFLSDOPHQWHDORVVHFWRUHVGHODVFODVHVPHGLDV\
DOWDVGHODVJUDQGHVFLXGDGHV 318' 
/DV DOWDV WDVDV GH FREHUWXUD FRQWUDVWDQ WDPELpQ FRQ ORV UHVXOWDGRV HQ WpUPLQRV GH FDOLGDG /D
DSOLFDFLyQGHODSUXHED3,6$ 3URJUDPDSDUDOD(YDOXDFLyQ,QWHUQDFLRQDOGH$OXPQRV PXHVWUDTXHOD
$UJHQWLQD WLHQH UHVXOWDGRV GH FDOLGDG PX\ SRU GHEDMR GHO SURPHGLR GH ORV SDtVHV GHVDUUROODGRV GH OD
2&'(HLQFOXVRFODUDPHQWHSRUGHEDMRGHRWURVSDtVHVGHODUHJLyQ YpDVHFXDGUR 



 6H VHxDOD HQ HVWH LQIRUPH TXH VL ELHQ OD H[SDQVLyQ GH OD REOLJDWRULHGDG HVFRODU PRGLILFy SDUFLDOPHQWH HVWH SDQRUDPD QR VH KD
OOHJDGRDFDPELDUODPDWUL]SHGDJyJLFDGHODHGXFDFLyQVHFXQGDULDQLXQFRQWH[WRVRFLDOTXHFDUDFWHUL]DGRSRUODGHVLJXDOGDG\OD
SREUH]DIXHU]DDXQDSUHPDWXUDLQVHUFLyQODERUDO 318' 

 'H DFXHUGR FRQ ORV GDWRV GH 318'   DFWXDOPHQWH XQR GH FDGD FXDWUR DOXPQRV GHO QLYHO SULPDULR DVLVWH D XQD HVFXHOD GH
JHVWLyQ SULYDGD &RQ H[FHSFLyQ GHO DEDQGRQR ODV GLIHUHQFLDV HQ ORV LQGLFDGRUHV GH WUD\HFWRULD HVFRODU UHIOHMDQ OD FUHFLHQWH
VHJPHQWDFLyQ HQWUH HVWRV GRV FLUFXLWRV $ PRGR GH HMHPSOR OD WDVD GH UHSLWHQFLD HQ HVFXHODV SULPDULDV DOFDQ]D DO  GH ORV
DOXPQRVHQODVHVFXHODVGHJHVWLyQHVWDWDOSHURVyORDOHQDTXHOODVGHJHVWLyQSULYDGD

 (O 3URJUDPD SDUD OD (YDOXDFLyQ ,QWHUQDFLRQDO GH $OXPQRV 3,6$  GH OD 2UJDQL]DFLyQ SDUD OD &RRSHUDFLyQ \ HO 'HVDUUROOR
(FRQyPLFR 2&'(  WLHQH SRU REMHWR HYDOXDU KDVWD TXp SXQWR ORV DOXPQRV FHUFDQRV DO ILQDO GH OD HGXFDFLyQ REOLJDWRULD KDQ
DGTXLULGRDOJXQRVGHORVFRQRFLPLHQWRV\KDELOLGDGHVQHFHVDULRVSDUDODSDUWLFLSDFLyQSOHQDHQODVRFLHGDGGHOVDEHU


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

&8$'52
5(68/7$'26358(%$3,6$(1',)(5(17(63$Ë6(6
3DtVHV &RPSUHQVLyQOHFWRUD 0DWHPiWLFD &LHQFLDV
3URPHGLRSDtVHV2&'(   
&KLOH   
8UXJXD\   
0p[LFR   
&RORPELD   
%UDVLO   
$UJHQWLQD   

)XHQWH(ODERUDFLyQSURSLDHQEDVHDORVUHVXOWDGRVGH3,6$ DFFHVLEOHHQZZZRHFGRUJ 

6HJ~Q SODQWHDQ $QOOy \ &HWUiQJROR   ORV SUREOHPDV GH FDOLGDG TXH SUHVHQWD HO VLVWHPD
HGXFDWLYR GH OD $UJHQWLQD GHMDURQ HQ HYLGHQFLD ODV WHQVLRQHV HQWUH HO DXPHQWR HQ OD FREHUWXUD \ OD
LQVXILFLHQFLDGHOSUHVXSXHVWRGHVWLQDGRDOiUHDD~QFXDQGROD/H\GH)LQDQFLDPLHQWR(GXFDWLYR VREUH
OD FXDO VH YROYHUi HQVHJXLGD  LPSOLFy XQ KLWR LPSRUWDQWH SDUD DIURQWDU ORV DVSHFWRV SUHVXSXHVWDULRV
'HVGHHVWDSHUVSHFWLYDODGHVFHQWUDOL]DFLyQQRHVHORULJHQGHHVWDWHQVLyQSHURQRVyORQRFRQWULEX\yD
VROXFLRQDUODVLQRTXHDJUHJyRWUDVTXHVHYLQFXODQFRQHODXPHQWRGHODEUHFKDHQWUHODVSURYLQFLDVULFDV
\ODVSREUHVDVtFRPRWDPELpQHQWUHiUHDVXUEDQDV\UXUDOHV

 3ULQFLSDOHVWUDQVIRUPDFLRQHVHQODVSROtWLFDVHGXFDWLYDV
GXUDQWHODV~OWLPDVGRVGpFDGDV
(QWUH ODV SULQFLSDOHV PHGLGDV GH UHIRUPD GH OD HGXFDFLyQ DFRQWHFLGDV HQ ORV DxRV QRYHQWD GHVWDFD OD
WUDQVIHUHQFLDHQHODxRGHODDGPLQLVWUDFLyQGHODVHVFXHODVVHFXQGDULDV\ODHGXFDFLyQVXSHULRUQR
XQLYHUVLWDULD D ODV SURYLQFLDV /H\ 1ž   OR FXDO LPSOLFy XQD LPSRUWDQWH GHVFHQWUDOL]DFLyQ GH
HVWDEOHFLPLHQWRV UHFXUVRV KXPDQRV \ SUHVXSXHVWR(VWHSURFHVRKDEtDFRPHQ]DGRHQORVDxRVVHWHQWD
FRQHOWUDVSDVRGHOQLYHOSULPDULRGHHGXFDFLyQHQHOFRQWH[WRGHODGLFWDGXUDPLOLWDU'HDFXHUGRFRQ
DOJXQRVDXWRUHVODGHVFHQWUDOL]DFLyQGHOJDVWRHGXFDWLYRIXHXQDGHFLVLyQGHRULJHQILVFDODQWHVTXHGH
SROtWLFDHGXFDWLYDSRUORFXDOIXHUHDOL]DGDFRQXQEDMRQLYHOGHSODQLILFDFLyQVHFWRULDOORFXDOPRWLYy
TXH D OD LQHILFLHQFLDV GH ODV HVWUXFWXUDV QDFLRQDOHV WUDQVIHULGDV VH OH VXPDUDQ ODV SURSLDV GH ODV
SURYLQFLDV &HWUiQJROR\RWURV 
(VWD UHGLVWULEXFLyQ GH FRPSHWHQFLDV HQ PDWHULD HGXFDWLYD HQWUH QLYHOHV GH JRELHUQR VH SRQH GH
PDQLILHVWR DO DQDOL]DU OD YDULDFLyQ HQ OD GLVWULEXFLyQ GHO JDVWR VHFWRULDO HQWUH GLFKRV iPELWRV
MXULVGLFFLRQDOHV QDFLRQDO SURYLQFLDO \ PXQLFLSDO  HQ HO SHUtRGR  YHU &XDGUR   /D
LQIRUPDFLyQ DFHUFD GH OD VLWXDFLyQ DFWXDO SRU VX SDUWH SRQH GH PDQLILHVWR TXH HVD GLYLVLyQ GH WDUHDV
PDWHULDOL]DGDDFRPLHQ]RVGHODGpFDGDSDVDGDVLJXHD~QYLJHQWHDXQTXHPHUHFHGHVWDFDUVHODFUHFLHQWH
LQMHUHQFLDGHORVJRELHUQRVSURYLQFLDOHVHQODHGXFDFLyQGHQLYHOVXSHULRU
&8$'52
325&(17$-('(/*$672(1('8&$&,Ï16(*Ò11,9(/(6'(*2%,(512
< 
 (GXFDFLyQVXSHULRU XQLYHUVLWDULD\QR
1LYHOGHJRELHUQR (GXFDFLyQEiVLFD
XQLYHUVLWDULD 
  D    D
*RELHUQRQDFLRQDO       
3URYLQFLDV\&LXGDG       
$XWyQRPDGH%XHQRV
$LUHV
*RELHUQRVPXQLFLSDOHV       

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGHGDWRVGHOD'LUHFFLyQGH*DVWRV6RFLDOHV&RQVROLGDGRV
D
ÒOWLPRVGDWRVGLVSRQLEOHV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

/D/H\)HGHUDOGH(GXFDFLyQ 1ž GHLQWURGXMRXQDVHULHGHUHIRUPDVDPSOLyGHD


DxRVODHVFRODULGDGREOLJDWRULDDFWXDOL]yORVFRQWHQLGRVFXUULFXODUHV\FUHyXQVLVWHPDGHHYDOXDFLyQ
GH OD FDOLGDG HGXFDWLYD (O (VWDGR QDFLRQDO IXH GHILQLGR FRPR HO UHVSRQVDEOH GH OD UHJXODFLyQ
RULHQWDFLyQ\HYDOXDFLyQGHOVLVWHPDHGXFDWLYR\GHODFRPSHQVDFLyQGHODVGLIHUHQFLDVUHJLRQDOHV/DV
SURYLQFLDV SRU VX SDUWH TXHGDURQ D FDUJR GH OD JHVWLyQ FRWLGLDQD GH ODV LQVWLWXFLRQHV HVFRODUHV \
WXYLHURQTXHDVXPLUORVFRVWRVGHODHGXFDFLyQ\VXWUDQVIRUPDFLyQ(VWDQRUPDWLYDPDUFDHOLQLFLRGHXQ
SURFHVRGHLQYHUVLyQGHUHFXUVRVQDFLRQDOHVHQSROtWLFDVHGXFDWLYDVFRPSHQVDWRULDV 5LYDV 
(QWUHORVDxRV\IXHURQDSUREDGDVODVOH\HV1žGH)LQDQFLDPLHQWR(GXFDWLYR\
1ƒ GH (GXFDFLyQ 1DFLRQDO TXH UHHPSOD]DURQ D ODV TXH KDEtDQ VLGR DSUREDGDV HQ ORV DxRV
QRYHQWD /D /H\ 1DFLRQDO GH (GXFDFLyQ KL]R KLQFDSLp HQ OD FRQIRUPDFLyQ GH XQ VLVWHPD TXH GHEHUtD
WHQHU XQD HVWUXFWXUD XQLILFDGD HQ WRGR HO SDtV \ HVWDEOHFLy OD REOLJDWRULHGDG HVFRODU GHVGH OD HGDG GH
FLQFRDxRV SUHHVFRODU KDVWDODILQDOL]DFLyQGHODHGXFDFLyQVHFXQGDULD DxRVHQWRWDO $VLPLVPR
LQVWDDODXQLYHUVDOL]DFLyQGHORVVHUYLFLRVHGXFDWLYRVSDUDORVQLxRVDVGHDxRV HGXFDFLyQLQLFLDO  DUW
  \ D OD DPSOLDFLyQ GH OD MRUQDGD HVFRODU HQ ODV HVFXHODV GH QLYHO SULPDULR DUW   5HVSHFWR GHO
JRELHUQR GH OD HGXFDFLyQ OD QXHYD OH\ PDQWXYR HO HVTXHPD GH UHVSRQVDELOLGDGHV FRQFXUUHQWHV \
FRQFHUWDGDV HQWUH HO PLQLVWHULR QDFLRQDO \ ODV MXULVGLFFLRQHV )LQDOPHQWH OD OH\ DERUGD HO WHPD GH ODV
DFFLRQHVRULHQWDGDVDSURPRYHUODLJXDOGDGHGXFDWLYD DUWVD ILMDQGRSDUDHOORODUHVSRQVDELOLGDG
DO JRELHUQR QDFLRQDO HQ DFXHUGR FRQ ODV SURYLQFLDV SDUD GHVDUUROODU SROtWLFDV GH SURPRFLyQ GH OD
LJXDOGDGHGXFDWLYDTXHDVHJXUHQODLJXDOGDGGHRSRUWXQLGDGHV\UHVXOWDGRVHGXFDWLYRVSDUDORVVHFWRUHV
PiVGHVIDYRUHFLGRVGHODVRFLHGDG
3RU VX SDUWH OD /H\ GH )LQDQFLDPLHQWR (GXFDWLYR HVWDEOHFLy XQ DXPHQWR SURJUHVLYR GH OD
LQYHUVLyQ HQ (GXFDFLyQ &LHQFLD \ 7HFQRORJtD SRU SDUWH GHO JRELHUQR QDFLRQDO \ GH ORV JRELHUQRV
SURYLQFLDOHV\GHOD&LXGDG$XWyQRPDGH%XHQRV$LUHVFRQHOILQGHDOFDQ]DUXQDSDUWLFLSDFLyQGHO
HQHO3URGXFWR,QWHUQR%UXWR 3,% HQHODxR3DUDHOORODQRUPDILMyFRPSURPLVRVFRQFUHWRVGH
LQYHUVLyQSDUDFDGDXQDGHODVMXULVGLFFLRQHVDORODUJRGHORVDxRVD'HDFXHUGRFRQODOH\
HOHVIXHU]RSDUDLQFUHPHQWDUHO*DVWR&RQVROLGDGRHQHVWHUXEURKDEUtDGHUHSDUWLUVHHQXQDFDUJR
GHODQDFLyQ\XQGHODVSURYLQFLDV &,33(& 'HDFXHUGRFRQ&DVDGHL\RWURV  HQWUH
ORV DxRV  \  VH KDEUtDQ FXPSOLGR JOREDOPHQWH ODV PHWDV ILQDQFLHUDV SDXWDGDV HQ OD /H\ GH
)LQDQFLDPLHQWR(GXFDWLYR
'H DFXHUGR FRQ 318'   ODV SURYLQFLDV JDVWDQ HQ SURPHGLR XQ  GH VXV UHFXUVRV HQ
VRVWHQHU HO IXQFLRQDPLHQWR GH VXV VLVWHPDV HGXFDWLYRV GH ORV FXDOHV DSUR[LPDGDPHQWH XQ  VH
GHVWLQDDOSDJRGHVDODULRV GHOSHUVRQDOGHOVHFWRUS~EOLFR\GHGRFHQWHVGHOVHFWRUSULYDGR \PHQRVGH
XQDHURJDFLRQHVGHFDSLWDO6LVHFRQVLGHUDQORVGLIHUHQWHVQLYHOHVGHODHGXFDFLyQVHREVHUYDTXH
HQWUH HO  \ HO  GH ORV UHFXUVRV VHGHVWLQDQDOVRVWHQLPLHQWRGHODHGXFDFLyQLQLFLDO\SULPDULD
PLHQWUDVTXHSRFRPHQRVGHOFRUUHVSRQGHDODHGXFDFLyQVHFXQGDULD3RUVXSDUWHXQGHORV
UHFXUVRV VH WUDQVILHUH DO VHFWRU SULYDGR )LQDOPHQWH HV LPSRUWDQWH GHVWDFDU TXH OD EUHFKD HQ FXDQWR DO



 $FWXDOPHQWH OD HVWUXFWXUD GHO 6LVWHPD (GXFDWLYR 1DFLRQDO FRPSUHQGH FXDWUR QLYHOHV OD HGXFDFLyQ LQLFLDO FX\R ~OWLPR DxR HV
REOLJDWRULR  OD HGXFDFLyQ SULPDULD OD HGXFDFLyQ VHFXQGDULD \ OD HGXFDFLyQ VXSHULRU DUW  /H\   (VWD ~OWLPD HVWi
FRQIRUPDGDSRUORVLQVWLWXWRVGHHGXFDFLyQVXSHULRUGHSHQGLHQWHVGHODVMXULVGLFFLRQHV\ODVXQLYHUVLGDGHVTXHJR]DQGHDXWRQRPtD

 /DVVXFHVLYDVH[WHQVLRQHVGHODREOLJDWRULHGDGHVFRODULPSDFWDURQHQODDPSOLDFLyQGHODPDWUtFXODSHURWDPELpQSODQWHDURQQXHYRV
GHVDItRVHQUHODFLyQFRQHODFFHVRODSHUPDQHQFLD\HOHJUHVRHQHOVLVWHPDHGXFDWLYRDUJHQWLQR 318' 

 (QHVH~OWLPRDxRODLQYHUVLyQGHORVWUHVQLYHOHVGHJRELHUQRHQHGXFDFLyQFLHQFLD\WHFQRORJtDKDEUtDUHSUHVHQWDGRHOGHO
3,%ORFXDOUHSUHVHQWDXQSRUFHQWDMHVXSHULRUDODPHWDHVWDEOHFLGDSDUDHVHDxR  &RQUHVSHFWRDOFXPSOLPLHQWRGHFDGDQLYHO
GHJRELHUQRDORODUJRGHWRGRHOSHUtRGRHOJRELHUQRQDFLRQDOKDUHDOL]DGRXQDLQYHUVLyQPD\RUDODVPHWDVILMDGDV(QFXDQWRDODV
SURYLQFLDV\OD&LXGDG$XWyQRPDGH%XHQRV$LUHVODLQYHUVLyQFRQMXQWDGHHVWDVMXULVGLFFLRQHVWDPELpQVXSHUyFDGDDxRHOPRQWR
HVWDEOHFLGR SRU OD /H\ DXQTXH DOJXQDV SURYLQFLDV KDQ WHQLGR GLILFXOWDGHV SDUD FXPSOLU FRQ VXV PHWDV SDUWLFXODUHV HQ XQR R PiV
HMHUFLFLRVILVFDOHV'HFDUDDOIXWXURHVLPSRUWDQWHUHFRUGDUTXHOD/H\GH(GXFDFLyQ1DFLRQDOSUHYpHQVXDUWtFXORQRYHQRTXHD
SDUWLU GH  OD LQYHUVLyQ GHEH VHU GHO  GHO 3,% SHUR FRQVLGHUDQGR H[FOXVLYDPHQWH ORV UHFXUVRV GHVWLQDGRV D (GXFDFLyQ HV
GHFLUH[FOX\HQGRORVTXHFRUUHVSRQGHQDSROtWLFDVGHFLHQFLD\WHFQRORJtD 


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

JDVWR SRU DOXPQR GHO VHFWRU HVWDWDO VH KD LQFUHPHQWDGR GH PDQHUD VRVWHQLGD HQ ORV ~OWLPRV DxRV
318' 
8QDFRQVLGHUDFLyQSDUWLFXODUPHUHFHHOWHPDGHOLPSDFWRGLVWULEXWLYRGHOJDVWRHQHGXFDFLyQ'H
DFXHUGRFRQODLQIRUPDFLyQSUHVHQWDGDHQ5LYDV\RWURV  HOJDVWRHVDOWDPHQWHSURJUHVLYRHQOR
TXHUHVSHFWDDODHGXFDFLyQREOLJDWRULDUHJLVWUDQGRXQtQGLFHGHSURJUHVLYLGDGGHHQODHGXFDFLyQ
PHGLD\HQODHGXFDFLyQLQLFLDO\SULPDULDORVFXDOHVXELFDQDHVWRVUXEURVHQWUHODVDFFLRQHVTXH
JHQHUDQ PD\RU HTXLGDG OXHJR GHO JDVWR HQ DFFLRQHV GLULJLGDV HVSHFtILFDPHQWH D VHFWRUHV SREUHV GH OD
SREODFLyQ\GHODDWHQFLyQS~EOLFDGHODVDOXG(QFDPELRODLQYHUVLyQHQHGXFDFLyQVXSHULRUPXHVWUD
XQtQGLFHGHSURJUHVLYLGDGPXFKRPHQRU  HQWDQWREHQHILFLDDORVVHFWRUHVPHGLRV\DOWRV
(Q FXDQWR D ODV DFFLRQHV PiV UHFLHQWHV UHVSHFWR GH OD RIHUWD SURJUDPiWLFD HQ HGXFDFLyQ VH
FXHQWDQ XQD VHULH GH LQLFLDWLYDV RULHQWDGDV D ORJUDU OD UHWHQFLyQ H LQFOXVLyQ HVFRODU ODV TXH VRQ
JHVWLRQDGDVDWUDYpVGHOD'LUHFFLyQ1DFLRQDOGH3ROtWLFDV6RFLRHGXFDWLYDV '136( 'HVGHPHGLDGRV
GH  VH KD LPSOHPHQWDGR OD ³3URSXHVWD GH $SR\R 6RFLRHGXFDWLYR SDUD (VFXHODV 6HFXQGDULDV´ HQ
DGHODQWH3URSXHVWD PLHQWUDVTXHUHFLHQWHPHQWHVHKDFRQIRUPDGRHQHOiPELWRGHHVWD'LUHFFLyQXQ
iUHD TXH WUDEDMD HVSHFtILFDPHQWH FRQ HO QLYHO SULPDULR FX\R DFFLRQDU VH FHQWUD HQ OD LQVWDODFLyQ GH
&HQWURVGH$FWLYLGDGHV,QIDQWLOHV &$, /DVDFFLRQHVGHORV&$,HVWiQRULHQWDGDVDTXLHQHVUHTXLHUHQ
PD\RUDSR\RSHGDJyJLFR\DFRPSDxDPLHQWRSDUDDFFHGHUDVXVHVWXGLRVGHQLYHOSULPDULR6HRIUHFHQ
DFWLYLGDGHV FXOWXUDOHV DUWtVWLFDV GHSRUWLYDV UHFUHDWLYDV FLHQWtILFDV \R WHFQROyJLFDV \ VH EULQGD DSR\R
SHGDJyJLFR D WUDYpV GH XQD PDHVWURD FRPXQLWDULRD 2WUD LQLFLDWLYD GH UHFLHQWH HODERUDFLyQ HV HO
³3UR\HFWR SDUD OD SUHYHQFLyQ GHO DEDQGRQR HVFRODU´ TXH EXVFD SURPRYHU HO DFRPSDxDPLHQWR D ORV
HVWXGLDQWHVFRQHOILQGHHYLWDUTXHGHMHQVXVHVWXGLRVDSDUWLUGHGRVHVWUDWHJLDVFHQWUDOHVODSUiFWLFDGHO
FRQWURO GH DXVHQWLVPR HQ ODV HVFXHODV \ OD FRQVWUXFFLyQ GH DFXHUGRV GH WUDEDMR HQWUH ODV HVFXHODV ORV
PXQLFLSLRVODVLQVWLWXFLRQHV\RUJDQL]DFLRQHVGHODFRPXQLGDG
/D3URSXHVWDGH$SR\R6RFLRHGXFDWLYRSDUD(VFXHODV6HFXQGDULDVFRPELQDGLIHUHQWHVOtQHDV
GHDFFLyQTXHVHJHVWLRQDQGHVGHOD'136(\EXVFDUHHPSOD]DUODOyJLFDGHWUDEDMR³SRUSURJUDPDV´DO
RIUHFHUDORVHVWDEOHFLPLHQWRVHGXFDWLYRVGHQLYHOPHGLRGLIHUHQWHVUHFXUVRVTXHSXHGHQFRPELQDUVHGH
P~OWLSOHVIRUPDVIRUWDOHFLHQGRHODERUGDMH³SRUSROtWLFDV´+DVWDILQHVGHXQRGHVXVFRPSRQHQWHV
SULQFLSDOHV HUDQ ODV EHFDV SDUD DGROHVFHQWHV HQ VLWXDFLyQ GH YXOQHUDELOLGDG \D VHD GHQWUR R IXHUD GHO
VLVWHPDHGXFDWLYR(QHVHVHQWLGROD3URSXHVWDVXUJLyFRPRUHVXOWDGRGHODIXVLyQ\UHIRUPXODFLyQGH
GRVSURJUDPDVSUHYLRVTXHRIUHFtDQEHFDV\HVWDEDQRULHQWDGRVDOQLYHOPHGLRHO³3URJUDPD1DFLRQDOGH
%HFDV(VFRODUHV´ 31%( \HO³7RGRVD(VWXGLDU´FRPSRQHQWHGHO³3URJUDPD1DFLRQDOGH,QFOXVLyQ
(GXFDWLYD´ 31,( 
'HVGHODFUHDFLyQGHOD$VLJQDFLyQ8QLYHUVDOSRU+LMRKDTXHGDGRVXVSHQGLGRHOSURFHVRGHSDJRGH
ODV EHFDV \ VHOHFFLyQ GH QXHYRV EHQHILFLDULRV 'XUDQWH HO DxR  VH KD FRQFUHWDGR HO SDJR GH FXRWDV


 3RUHMHPSORHOJDVWRSRUDOXPQRGHOVHFWRUHVWDWDOGH7LHUUDGHO)XHJRHVFXDWURYHFHVVXSHULRUDOGH0LVLRQHV 318' 

 &RPRHO3ODQ-HIHV\-HIDVGH+RJDUODV3HQVLRQHVQR&RQWULEXWLYDV\RWUDVDFFLRQHVGHSURPRFLyQ\DVLVWHQFLDVRFLDO

 /D'LUHFFLyQ1DFLRQDOGH3ROtWLFDV6RFLRHGXFDWLYDVUHHPSOD]yDODDQWHULRU'LUHFFLyQ1DFLRQDOGH3ROtWLFDV&RPSHQVDWRULDVFUHDGD
HQODGpFDGDGHORVQRYHQWD'HVGHHVHiPELWRVHKDEtDQGLVHxDGRHLPSOHPHQWDGRODVDFFLRQHVTXHHOJRELHUQRQDFLRQDOLPSXOVyD
SDUWLU GH OD /H\ )HGHUDO GH (GXFDFLyQ FRQ HO SURSyVLWR GH DVHJXUDU OD LJXDOGDG HGXFDWLYD /D PiV GHVWDFDGD GH HOODV IXH HO 3ODQ
6RFLDO(GXFDWLYR

 (O 31%( IXH FUHDGR FRPR H[SHULHQFLD SLORWR HQ  FRPR SDUWH GHO 3ODQ 6RFLDO (GXFDWLYR 7HQtD SRU SURSyVLWR HVWLPXODU OD
SHUPDQHQFLDSURPRFLyQ\HJUHVRGHORVDOXPQRVHQWUH\DxRVTXHDVLVWLHUDQDHVFXHODVS~EOLFDV\SHUWHQHFLHUDQDIDPLOLDVHQ
VLWXDFLyQGHLQGLJHQFLD\RSREUH]D3DUDUHFLELUODEHFDHUDFRQGLFLyQODDVLVWHQFLDDODHVFXHOD\KDVWDODSURPRFLyQGHODxR
HQFXUVR+DFLDPHGLDGRVGHODEHFDGHO31%(FRQVLVWtDHQXQDWUDQVIHUHQFLDPRQHWDULDDQXDOGH GyODUHV 'XUDQWH
DOJXQRV DxRV WDPELpQ VH GLVWULEX\HURQ OLEURV \ VH ILQDQFLDURQ ³3UR\HFWRV ,QVWLWXFLRQDOHV GH 5HWHQFLyQ (VFRODU´ TXH GHEtDQ VHU
GLVHxDGRV\HMHFXWDGRVSRUODVHVFXHODVDODVTXHFRQFXUUtDQORVDOXPQRVEHFDGRV

 ´7RGRVD(VWXGLDU´FRQVLVWtDHQODHQWUHJDGHXQDEHFD LQLFLDOPHQWHGHGyODUHVTXHIXHURQHOHYDGRVDGyODUHV
DO PRPHQWR GH IXVLyQ GH ORV SURJUDPDV  \ HQ HO ILQDQFLDPLHQWR GH SUR\HFWRV SUHVHQWDGRV SRU ODV HVFXHODV (O 31,( FRPHQ]y D
IXQFLRQDUHQHODxRHQHOiPELWRGHOD6HFUHWDUtDGH(GXFDFLyQ\HVWDEDLQWHJUDGRSRUGLIHUHQWHVOtQHDVGHDFFLyQ$GHPiVGH
³7RGRVD(VWXGLDU´VHLPSOHPHQWDED³9ROYHUDOD(VFXHOD´ QLxRVDVGHDDxRVIXHUDGHOVLVWHPDHVFRODU±QLYHOSULPDULR 
³31,(5XUDO´ QLxRVDV\MyYHQHVGH]RQDVUXUDOHV \³31,(-XGLFLDOL]DGRV´ QLxRVDGROHVFHQWHV\MyYHQHVGHHQWUH\DxRVFRQ
FDXVDVMXGLFLDOHVVRFLDOHV\SHQDOHVLQVWLWXFLRQDOL]DGRVRQR 


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

DWUDVDGDV R VH KD DYDQ]DGR HQ RWUR WLSR GH DFFLRQHV FRQWHQLGDV HQ HVWD 3URSXHVWD 5HFLHQWHPHQWH VH KD
GHILQLGRTXHODVEHFDVTXHVHVHJXLUiQRWRUJDQGRUHVSRQGHUiQDFXDWUROtQHDV\JUXSRVREMHWLYRVSXHEORV
RULJLQDULRVHUUDGLFDFLyQGHOWUDEDMRLQIDQWLODOXPQRVGHHVFXHODVWpFQLFDV\GHULYDGDVGHOH\HVHVSHFLDOHV
/D 3URSXHVWD VH HVWUXFWXUD HQ WUHV QLYHOHV FRQ SUHVWDFLRQHV HVSHFtILFDV RULHQWDGDV DO DSR\R \
DFRPSDxDPLHQWRGHDOXPQRVHVFXHODV\MXULVGLFFLRQHV(ODSR\R\DFRPSDxDPLHQWRDORVDOXPQRV FRQ
LQGHSHQGHQFLDGHODVEHFDV VHFRQFUHWDDWUDYpVGHDSRUWHVSDUDODPRYLOLGDG HQWUHJDGHELFLFOHWDVHQ
FRPRGDWRRGHEROHWRVSDUDVHUXWLOL]DGRVHQHOWUDQVSRUWHS~EOLFR ORVFXDOHVKDEUtDOOHJDGRHQD
 HVFXHODV 318'&1&36   3RU VX SDUWH HO DSR\R \ DFRPSDxDPLHQWR D ODV HVFXHODV VH
PDWHULDOL]D D WUDYpV GHO ILQDQFLDPLHQWR GH XQ 3UR\HFWR 6RFLRHGXFDWLYR (VFRODU OD HQWUHJD GH OLEURV \
PDWHULDOGLGiFWLFRPDWHULDOHVGHGLIXVLyQ\GHRULHQWDFLyQ3RU~OWLPRHODSR\R\DFRPSDxDPLHQWRDODV
MXULVGLFFLRQHVFRQVLVWHHQXQDSRUWHILQDQFLHURDODJHVWLyQSURYLQFLDOSDUDODDGTXLVLFLyQGHLQVXPRVGH
JHVWLyQ \ OD FRQWUDWDFLyQ GH VHUYLFLRV OD HQWUHJD GH PDWHULDO ELEOLRJUiILFR OD RIHUWD GH FDSDFLWDFLyQ \
DVLVWHQFLDWpFQLFD
/D3URSXHVWDHVWiGLULJLGDDDTXHOODVHVFXHODVDODVTXHFRQFXUUHQORVDGROHVFHQWHV\MyYHQHVHQ
VLWXDFLyQGHDOWDYXOQHUDELOLGDGVRFLRHGXFDWLYD(QODSUiFWLFDVHKDQWRPDGRFRPRGHVWLQDWDULDVGHODV
DFFLRQHVGHHVWD'LUHFFLyQDDTXHOORVHVWDEOHFLPLHQWRVTXHKDQSDUWLFLSDGRGHO31%(RELHQGHO31,(
6H WUDWDUtD GH DSUR[LPDGDPHQWH  HVFXHODV  TXH KDQ SDUWLFLSDGR GHO 31%(  TXH KDQ
SDUWLFLSDGR GHO 31,( \  TXH KDQ SDUWLFLSDGR GH DPERV SURJUDPDV  5HVSHFWR GH OD FDQWLGDG GH
HVFXHODV \ DOXPQRV EHQHILFLDGRV FRQ HVWD LQLFLDWLYD HV SRVLEOH WRPDU FRPR UHIHUHQFLD OD FDQWLGDG GH
EHQHILFLDULRV GHO SURJUDPD SUHVXSXHVWDULR ³$FFLRQHV &RPSHQVDWRULDV HQ (GXFDFLyQ´FX\DVLQLFLDWLYDV
VRQ LPSOHPHQWDGDV GHVGH OD '136( 'H DFXHUGR FRQ ORV GDWRV GHO 3UHVXSXHVWR  OD FDQWLGDG GH
HVWXGLDQWHV EHFDGRV KDEUtD VLGR GH  DOXPQRV Q~PHUR TXH VH KDEUtD LQFUHPHQWDGR D 
EHFDGRVHQ1RREVWDQWHODVLJQLILFDWLYDUHGXFFLyQHQHOXQLYHUVRGHSRWHQFLDOHVGHVWLQDWDULRVGH
ODVEHFDVKDFHSUHYHUXQDFDtGDVXVWDQWLYDGHHVWDFDQWLGDGDIXWXUR
8QRGHORVUXEURVPiVLPSRUWDQWHVGHQWURGHOJDVWRTXHHOJRELHUQRQDFLRQDOKDFHHQHGXFDFLyQHVWi
GDGRSRUHOUHFLHQWHPHQWHFUHDGR&RQHFWDU,JXDOGDG 'HFUHWR (VWHSURJUDPDVHLPSOHPHQWDHQ
IRUPD FRQMXQWD HQWUH HO 0LQLVWHULR GH (GXFDFLyQ OD $GPLQLVWUDFLyQ 1DFLRQDO GH 6HJXULGDG 6RFLDO
$16H6 HO0LQLVWHULRGH3ODQLILFDFLyQ)HGHUDO,QYHUVLyQ3~EOLFD\6HUYLFLRV\OD-HIDWXUDGH*DELQHWH
(VWi RULHQWDGR D SURPRYHU HO XVR GH ODV WHFQRORJtDV GH OD LQIRUPDFLyQ \ OD FRPXQLFDFLyQ 7,&  HQ ODV
HVFXHODVPHGLDQWHODHQWUHJDGHXQDFRPSXWDGRUDSRUWiWLODWRGRVORVDOXPQRV\GRFHQWHVGHODHGXFDFLyQ
VHFXQGDULD GH JHVWLyQ HVWDWDO \ HGXFDFLyQ HVSHFLDO \ OD LQVWDODFLyQ GH DXODV GLJLWDOHV PyYLOHV FRQ
FRPSXWDGRUDV SRUWiWLOHV SDUD ORV ,QVWLWXWRV 6XSHULRUHV GH )RUPDFLyQ 'RFHQWH 'H DFXHUGR FRQ OD
LQIRUPDFLyQRILFLDOVHSUHYpODHQWUHJDGHWUHVPLOORQHVGHQHWERRNVHQWRGRHOSDtVHQWUHORVDxRV\


 6HJ~QFRQVWDHQODSiJLQDZHEGHO0LQLVWHULRGH(GXFDFLyQGHOD1DFLyQDO/DVEHFDVSDUDDOXPQRVGHHGXFDFLyQWpFQLFD
HQ VLWXDFLyQ GH YXOQHUDELOLGDG VRQ RWRUJDGDV HQ ULJRU GHVGH RWUD iUHD HO ,QVWLWXWR 1DFLRQDO GH (GXFDFLyQ 7pFQLFD ,1(7  /D
DVLJQDFLyQGHODVEHFDVSDUDODHUUDGLFDFLyQGHOWUDEDMRLQIDQWLOVHUHDOL]DHQIRUPDFRQMXQWDFRQHO0LQLVWHULRGH7UDEDMR(PSOHR\
6HJXULGDG6RFLDOGHOD1DFLyQ\VXVGHOHJDFLRQHVSURYLQFLDOHVPLHQWUDVTXHODVEHFDVDSXHEORVLQGtJHQDVVHHQWUHJDQMXQWDPHQWH
FRQHO,QVWLWXWR1DFLRQDOGH$VXQWRV,QGtJHQDV ,1$, 

 'HDFXHUGRFRQLQIRUPDFLyQGH'LUHFFLyQ1DFLRQDOGH,QIRUPDFLyQ\(YDOXDFLyQGHOD&DOLGDG(GXFDWLYD 'L1,(&( GHO0LQLVWHULR
GH (GXFDFLyQ GH OD 1DFLyQ KD\ DFWXDOPHQWH HQ HO SDtV XQ WRWDO GH  XQLGDGHV HGXFDWLYDV GH JHVWLyQ HVWDWDO HQ HO QLYHO
VHFXQGDULR'L1,(&(5HOHYDPLHQWR$QXDOLQIRUPDFLyQGLVSRQLEOHHQ>HQOtQHD@ZZZPHJRYDU

 7RPDQGR FRPR UHIHUHQFLD OD PLVPD IXHQWH GH LQIRUPDFLyQ OD FDQWLGDG GH DOXPQRV FXUVDQGR HO QLYHO VHFXQGDULR HQ HVFXHODV GH
JHVWLyQHVWDWDOVHUtDGHDSUR[LPDGDPHQWHPLOORQHV'L1,(&(5HOHYDPLHQWR$QXDOLQIRUPDFLyQGLVSRQLEOHHQ>HQOtQHD@
ZZZPHJRYDU

 6L ELHQ QR VH FXHQWD FRQ LQIRUPDFLyQ GHWDOODGD GHO SUHVXSXHVWR GH OD 3URSXHVWD VH VDEH TXH ODV DFFLRQHV FRQWHQLGDV HQ HOOD
FRPELQDQIXHQWHVGHILQDQFLDPLHQWRH[WHUQD FUpGLWRGHO3URJUDPDGH$SR\RDOD3ROtWLFDGH0HMRUDPLHQWR(GXFDWLYR3520('8 
FRQ UHFXUVRV SURSLRV (O 3520('8 HVXQSURJUDPDILQDQFLDGRFRQXQSUpVWDPRGHO%DQFR,QWHUDPHULFDQRGH'HVDUUROOR %,' 
FX\RV FRPSRQHQWHV VH HMHFXWDQ GHVGH HO 0LQLVWHULR GH (GXFDFLyQ \ GHVGH HO 0LQLVWHULR GH ,QIUDHVWUXFWXUD 2EUDV \ 6HUYLFLRV
3~EOLFRV 3DUD FRQRFHU HO SUHVXSXHVWR GH OD 3URSXHVWD HV SRVLEOH WRPDU UHIHUHQFLD DO SURJUDPD ³$FFLRQHV &RPSHQVDWRULDV HQ
(GXFDFLyQ´ FX\RV UHFXUVRV KDEUtDQ DOFDQ]DGR DSUR[LPDGDPHQWH D  PLOORQHV HTXLYDOHQWH D  PLOORQHV GHGyODUHV HQHO
DxRFD\HQGRD PLOORQHVGHGyODUHV HQ YpDVHFXDGUR (VWDQRWDEOHUHGXFFLyQVHDVRFLDSULQFLSDOPHQWHDOD
LQFRPSDWLELOLGDGHQWUHODVEHFDVGHUHWHQFLyQHLQFOXVLyQ\OD$8+\ODFRQVLJXLHQWHPLJUDFLyQGHEHQHILFLDULRV

 9pDVH>HQOtQHD@ZZZDQVHVJRYDU


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

 DVt FRPR WDPELpQ OD DGHFXDFLyQ GH LQIUDHVWUXFWXUD HQ ODV HVFXHODV OD LQVWDODFLyQ GH DQWHQDV SDUD
SURYHHU LQWHUQHW LQDOiPEULFR \ OD FDSDFLWDFLyQ D GRFHQWHV 6H HVWLPD TXH KDFLD ILQHV GH  VH KDEUiQ
HQWUHJDGRPiTXLQDVHQHVFXHODV/RVUHFXUVRVTXHOHKDQVLGRDVLJQDGRVKDQSDVDGRGH
PLOORQHV HTXLYDOHQWH D PLOORQHVGHGyODUHV HQDPiVGHPLOORQHV PLOORQHVGH
GyODUHV HQ &DVDGHL\RWURV -XQWRFRQHVWHSURJUDPDVHGHVDUUROODGHVGHHOGHQRPLQDGR
,QFOXVLyQ'LJLWDO(GXFDWLYDDWUDYpVGHOFXDOVHGLVWULEX\HHTXLSDPLHQWRDDOXPQRVGHOFLFORVXSHULRUD
ORVGRFHQWHV\HVFXHODVWpFQLFDV\DJURWpFQLFDV
2WUDGHODVDFFLRQHVGHVWDFDGDVHQHOiPELWRHGXFDWLYRHVHO3URJUDPD,QWHJUDOSDUDOD,JXDOGDG
(GXFDWLYD 3,,( TXHVHLPSOHPHQWDGHVGH$WUDYpVGHGLIHUHQWHVDFFLRQHVHO3,,(EXVFDIRUWDOHFHU
D ODV HVFXHODV SULPDULDV VLWXDGDV HQ FRQWH[WRV GH PD\RU YXOQHUDELOLGDG VRFLDO GH WDOIRUPDTXHVXRIHUWD
SHGDJyJLFD UHVXOWH XQD DOWHUQDWLYD GH FDOLGDG 3DUD HOOR VH HQYtDQ UHFXUVRV PDWHULDOHV D ODV HVFXHODV VH
ILQDQFLDQLQLFLDWLYDVSHGDJyJLFDVHVFRODUHVVHFRQIRUPDQUHGHVSDUDHOLQWHUFDPELR\ODIRUPDFLyQGRFHQWH
$FWXDOPHQWH HVWH SURJUDPD OOHJD D  HVFXHODV SULPDULDV \ D  HVFXHODV HVSHFLDOHV ODV TXH
UHSUHVHQWDQ HO  GH ODV HVFXHODV XUEDQDV \ HO  GH ODV TXH UHFLEHQ QLxRVDV HQ FRQGLFLyQ GH
YXOQHUDELOLGDG 318' ± &1&36   7DPELpQ VH HQFXHQWUDQ ODV DFFLRQHV TXH VH GHVDUUROODQ SDUD
PHMRUDU OD LQIUDHVWUXFWXUD \ GRWDU GH HTXLSDPLHQWR D ODV HVFXHODV SRU XQ ODGR \ HO 3ODQ GH
)LQDOL]DFLyQGH(VWXGLRVSDUD-yYHQHV\$GXOWRV ),1(6 DWUDYpVGHOFXDOVHRIUHFHDORVMyYHQHV\
DGXOWRVPD\RUHVGHDxRVVLQHVWXGLRVIRUPDOHVFRPSOHWRVODSRVLELOLGDGGHFXOPLQDUORV
3DUDILQDOL]DUYDOHGHVWDFDUTXHDSHVDUGHORVDYDQFHV\ODVUHIRUPDVSURPRYLGDVUHVSHFWRGHOD
HGXFDFLyQ DOJXQDV FXHVWLRQHV VLJXHQ UHVXOWDQGR SUREOHPiWLFDV HQ WpUPLQRV GH LQFOXVLyQ HGXFDWLYD H
LQWHJUDFLyQVRFLDO\GHPDQGDQGHODDWHQFLyQS~EOLFDWDQWRGHOJRELHUQRQDFLRQDOFRPRGHORVJRELHUQRV
SURYLQFLDOHV (Q SDUWLFXODU VREUHVDOHQ ODV FUHFLHQWHV GLILFXOWDGHV SDUD UHWHQHU D ORV DOXPQRV HQ ODV
HVFXHODVODKHWHURJHQHLGDGHQODPDJQLWXGGHORVUHFXUVRVTXHODVGLIHUHQWHVMXULVGLFFLRQHVGHVWLQDQDO
JDVWR HQ HGXFDFLyQ \ OD VHJUHJDFLyQ VRFLRHGXFDWLYD HQWUH HVFXHODV \ DO LQWHULRU GH ODV PLVPDV $ HVWH
OLVWDGR GH FXHVWLRQHV SURSLDPHQWH HGXFDWLYDV VH DJUHJDQ RWUDV GH tQGROH FRQWH[WXDO TXH UHIXHU]DQ ODV
GLVSDULGDGHVHOHPSHRUDPLHQWRHQODVFRQGLFLRQHVGHYLGDGHORVDOXPQRVODVGHILFLHQFLDVQXWULFLRQDOHV
\RUJDQL]DWLYDVGHORVFRPHGRUHVHVFRODUHVODGHVLJXDOGLVWULEXFLyQHQODVFRQGLFLRQHVPDWHULDOHVGHODV
HVFXHODV \ OD GHVDUWLFXODFLyQ HQWUH ODV SROtWLFDV HGXFDWLYDV \ ODV SROtWLFDV VRFLDOHV 9HOHGD   /DV
GLVSDUHV SRVLELOLGDGHV ILVFDOHV GH FDGD MXULVGLFFLyQ SDUD DWHQGHU VXV SURSLRV VLVWHPDV HGXFDWLYRV
LQWHQWDQGR FXPSOLU DO PLVPR WLHPSR FRQ OR SUHYLVWR HQ OD QRUPDWLYD VHFWRULDO /H\ GH )LQDQFLDPLHQWR
(GXFDWLYR\/H\1DFLRQDOGH(GXFDFLyQ DJUDYDQHVWDVLWXDFLyQ

' 2WUDVLQWHUYHQFLRQHVHVWDWDOHVGHSURWHFFLyQVRFLDO
2WUDV SROtWLFDV YLQFXODGDV D OD SURWHFFLyQ VRFLDO FRQ HVSHFLDO DWHQFLyQ D ORV JUXSRV FRQ PD\RUHV
QHFHVLGDGHV \ GHUHFKRV YXOQHUDGRV GH OD SREODFLyQ VRQ DTXHOODV TXH VH FHQWUDQ HQ ORV DVSHFWRV
DOLPHQWDULRV\GHDERUGDMHLQWHJUDOGHODVFRQGLFLRQHVGHYXOQHUDELOLGDG
/DV DFFLRQHV IRFDOL]DGDV D OD SREODFLyQ YXOQHUDEOH SRU VLWXDFLyQ GH SREUH]D H LQGLJHQFLD \
WDPELpQ HQ IXQFLyQ GH RWUDV FDUDFWHUtVWLFDV VRFLDOHV FRPR JpQHUR HGDG GLVFDSDFLGDG  FREUDURQ
UHOHYDQFLDDSDUWLUGHPHGLDGRVGHORVQRYHQWD\VHPDWHULDOL]DURQDQLYHOLQVWLWXFLRQDOHQODFUHDFLyQGH



 &RPRUHIHUHQFLDSDUDHYDOXDUODLQFLGHQFLDGHHVWHSURJUDPDEDVWHQHVWRVGDWRVVHJ~QUHOHYDPLHQWRVGHOD'L1,(&(HQPiV
GHOGHORVHVWDEOHFLPLHQWRVHGXFDWLYRVXUEDQRV\HOGHORVUXUDOHVGLVSRQtDQGHFRPSXWDGRUD6LQHPEDUJRVyORHOGH
ORV TXH WHQtDQ FRPSXWDGRUD GLVSRQtDQ WDPELpQ GH FRQHFWLYLGDG < GH HVWH XQLYHUVR HO  FRQWDED FRQ FRQH[LyQ WHOHIyQLFD
JHQHUDOPHQWHSDJD/RVHVWDEOHFLPLHQWRVFRQFRQH[LyQGHEDQGDDQFKDHUDQPLQRUtD 318' 3RUVXSDUWHHQ5LYDV\RWURV
  VH VHxDOD TXH HQ SURPHGLR KD\  DOXPQRV SRU FRPSXWDGRUD GH XVR SHGDJyJLFR HQ ODV HVFXHODV \TXHVyORHOGHODV
HVFXHODVWLHQHDFFHVRDLQWHUQHW FRQYDULDFLRQHVLPSRUWDQWHVHQWUHSURYLQFLDV 

 'HDFXHUGRFRQODLQIRUPDFLyQFRQWHQLGDHQ&DVDGHL\RWURV  ORVUHFXUVRVDVLJQDGRVDHVWDVDFFLRQHVVHKDEUtDQLQFUHPHQWDGRGH
PDQHUDQRWDEOHHQHVWH~OWLPRWLHPSR6XSUHVXSXHVWRDVFHQGLyDPLOORQHV HTXLYDOHQWHDPLOORQHVGHGyODUHV HQ
PLHQWUDVTXHVHOHKDEUtDQDVLJQDGRPLOORQHV PLOORQHVGHGyODUHV SDUDHODxR


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

OD 6HFUHWDUtD GH 'HVDUUROOR 6RFLDO (Q FXDQWR D OD RIHUWD SURJUDPiWLFD GHVSOHJDGD GHVGH HVWH
RUJDQLVPRHVSRVLEOHREVHUYDUDOPHQRVKDVWDHOXQDPXOWLSOLFDFLyQGHVRUGHQDGDGHSURJUDPDV
IRFDOL]DGRV ORV FXDOHV HUDQ JHVWLRQDGRV GHVGH OD SURSLD 6HFUHWDUtD \ RWURV RUJDQLVPRV FRPR HO
0LQLVWHULR GH 7UDEDMR (PSOHR \ 6HJXULGDG 6RFLDO GH OD1DFLyQ/RVSURJUDPDVIRFDOL]DGRVRSHUDURQ
GXUDQWH HVH WLHPSR D SHTXHxD HVFDOD HQ IRUPD GLVFRQWLQXDGD \ VLQ SHUVSHFWLYD GH LQWHJUDOLGDG
GHVDWHQWRV SRU OR JHQHUDO D ODV GHPDQGDV \ QHFHVLGDGHV UHDOHV TXH HPDQDEDQ GH XQD QXHYD HVWUXFWXUD
VRFLDOHQSOHQRSURFHVRGHPXWDFLyQ 5HSHWWR 
'XUDQWHHOJRELHUQRGHOD$OLDQ]D  VHWUDWyGHDYDQ]DUDWUDYpVGHODFRRUGLQDFLyQGH
ORV GLIHUHQWHV SURJUDPDV TXH VH GLULJtDQ D OD PLVPD SREODFLyQ REMHWLYR R TXH EULQGDEDQ SUHVWDFLRQHV
VLPLODUHVQRREVWDQWHORFXDOORVUHVXOWDGRVDOFDQ]DGRVWDQWRHQHOSODQRGHODJHVWLyQFRPRGHOLPSDFWR
HQODVFRQGLFLRQHVGHYLGDGHODSREODFLyQIXHURQPX\LQVXILFLHQWHV
$SDUWLUGHGHVGHHO0LQLVWHULRGH'HVDUUROOR6RFLDOVHSODQWHyUHRUGHQDUODPXOWLSOLFLGDGGH
SURJUDPDV H[LVWHQWHV HQ HVD FDUWHUD HQ WUHV JUDQGHV OtQHDV GH DWHQFLyQ HFRQRPtD VRFLDO SROtWLFDV
DOLPHQWDULDV \ IDPLOLDV GH PD\RU YXOQHUDELOLGDG ODV FXDOHV VH SODVPDURQ HQ HO \D PHQFLRQDGR 3ODQ
)DPLOLDV SRU OD ,QFOXVLyQ 6RFLDO HO 3ODQ 1DFLRQDO GH 6HJXULGDG $OLPHQWDULD \ HO 3ODQ 1DFLRQDO GH
(FRQRPtD6RFLDO\'HVDUUROOR/RFDO³0DQRVDOD2EUD´(VWDSHUVSHFWLYDIXHDFRPSDxDGDSRUDXPHQWRV
PX\ FRQVLGHUDEOHV HQ HO SUHVXSXHVWR GHO 0LQLVWHULR OR TXH VH YLR UHIOHMDGR SRU HMHPSOR HQ HO
LQFUHPHQWRVLJQLILFDWLYRGHODFREHUWXUDGHODVSHQVLRQHVQRFRQWULEXWLYDVRFRQODSXHVWDHQPDUFKDGHO
3URJUDPDGH,QJUHVR6RFLDOFRQ7UDEDMR LQWHUYHQFLRQHVDODVTXH\DVHKL]RUHIHUHQFLDHQODVHFFLyQ 
$OPLVPRWLHPSRVHLPSXOVyXQDPLUDGDGHODSROtWLFDVRFLDOTXHDOPHQRVHQHOSODQRGHFODUDWLYR
LQWHQWy VHU PiV LQWHJUDO OD FXDO VH WUDGXMR HQ HO LQWHUpV SRU FRQIRUPDU XQD ³5HG )HGHUDO GH 3ROtWLFDV
6RFLDOHV´(QHOiPELWRGHODLQWHUYHQFLyQWHUULWRULDOHVWRWXYRGRVFRUUHODWRVFRQFUHWRVSRUXQODGRVH
FRQIRUPDURQORV&HQWURVGH5HIHUHQFLDHQFDGDXQDGHODVSURYLQFLDVFRQHOSURSyVLWRGHTXHODRIHUWD
GHSURJUDPDVGHO0LQLVWHULRGH'HVDUUROOR6RFLDOOOHJDUDHQIRUPDDUWLFXODGD7DPELpQVHDYDQ]yHQOD
FRQIRUPDFLyQ GH &HQWURV ,QWHJUDGRUHV &RPXQLWDULRV D SDUWLU GH ORV FXDOHV VH EXVFD LQWHJUDU D QLYHO
ORFDO ODV SROtWLFDV GH GHVDUUROOR VRFLDO FRQ ODV GH DWHQFLyQ SULPDULD GH OD VDOXG /DPHQWDEOHPHQWH
DPERVHVIXHU]RVSHVHDVXHQRUPHSRWHQFLDOSDUDGDUSDVRVILUPHVKDFLDXQPHMRUVLVWHPDGHSURWHFFLyQ
VRFLDO FRQ SHUVSHFWLYD LQWHJUDO \ WHUULWRULDO QR KDQ ORJUDGR DYDQFHV VLJQLILFDWLYRV QL UHVXOWDGRV
FRQFUHWRV

 3ROtWLFDDOLPHQWDULD
(O 3ODQ 1DFLRQDO GH 6HJXULGDG $OLPHQWDULD 316$  VXUJLy HQ  D SDUWLU GH OD DSUREDFLyQ GH /H\
1ƒ%XVFDEDFRQFHQWUDUODVLQLFLDWLYDVDOLPHQWDULDVTXHVHGHVDUUROODEDQDQWHULRUPHQWHGHVGHHO
0LQLVWHULR GH 'HVDUUROOR 6RFLDO \ DXPHQWDU VX FREHUWXUD (O 3ODQ RSHUD D WUDYpV GHO HQYtR GH SDUWLGDV
SUHVXSXHVWDULDV D ODV SURYLQFLDV ODV FXDOHV GHFLGHQ DFHUFD GH OD PRGDOLGDG GH LQWHUYHQFLyQ HQ VXV


 &RQYHUWLGDHQ0LQLVWHULRDSDUWLUGHILQDOHVGHODxR

 3RU HMHPSOR VH LQWHQWy VLQ p[LWR JHQHUDU DUWLFXODFLyQ HQWUH ORV SURJUDPDV DOLPHQWDULRV \ QXWULFLRQDOHV TXH SRU HQWRQFHV VH
LPSOHPHQWDEDQGHVGHHO0LQLVWHULRGH'HVDUUROOR6RFLDOGHOD1DFLyQHO0LQLVWHULRGH6DOXGGHOD1DFLyQ\HO,QVWLWXWR1DFLRQDOGH
7HFQRORJtD $JURSHFXDULD ,17$  7DPELpQ WRPDQGR FRPR PRGHOR HO 3URJUHVD HQ 0p[LFR VH LPSXOVy XQ SURJUDPD GH
WUDQVIHUHQFLDVFRQGLFLRQDGDVTXHUHTXHUtDODFRRUGLQDFLyQHQWUHODViUHDVGH'HVDUUROOR6RFLDO(GXFDFLyQ\6DOXG(VWDLQLFLDWLYDQR
SDVyODHWDSDGHH[SHULHQFLDSLORWR\IXHUiSLGDPHQWHGLVFRQWLQXDGD

 +DVWDHVHHQWRQFHVOD~QLFDSUHVHQFLD³WHUULWRULDO´TXHWHQtDHO0LQLVWHULRGH'HVDUUROOR6RFLDOVHGDEDDWUDYpVGHODVRILFLQDVGRQGH
VHJHVWLRQDEDQODVSHQVLRQHVQRFRQWULEXWLYDVFX\RDFFLRQDUHVWDEDFHQWUDGRHQHVHSURJUDPD\HQFXHVWLRQHVDGPLQLVWUDWLYDV$O
PRPHQWR VHJ~Q LQIRUPDFLyQ RILFLDO YpDVH >HQ OtQHD@ ZZZGHVDUUROORVRFLDOJRYDU!  IXQFLRQDQ &'5 HQ  SURYLQFLDV ODV
H[FHSFLRQHVVRQSURYLQFLDGH%XHQRV$LUHV\&LXGDG$XWyQRPDGH%XHQRV$LUHV 6LELHQQRVHFXHQWDFRQLQIRUPDFLyQVXILFLHQWH
FRPRSDUDHYDOXDUHOGHVHPSHxRGHORV&'5VtVHSXHGHDGHODQWDUTXHWDQWRVXVLQFXPEHQFLDVFRPRSRVLELOLGDGHVGHDUWLFXODUOD
RIHUWDQDFLRQDOFRQODSURYLQFLDOYDUtDQVHJ~QHOFDVR

 6H WUDWD GH iPELWRV ItVLFRV LQVWDODGRV HQ GLIHUHQWHV EDUULRV R ORFDOLGDGHV GHVGH ORV FXDOHV VH SRQH D GLVSRVLFLyQ GH ORV YHFLQRV
GLIHUHQWHV VHUYLFLRV \ SUiFWLFDV FRPR SRU HMHPSOR FRQWUROHV GH VDOXG YDFXQDFLyQ FXUVRV GH FDSDFLWDFLyQ ODERUDO JXDUGHUtD SDUD
QLxRV PHQRUHV GH  DxRV DFWLYLGDGHV UHFUHDWLYDV HQWUH RWURV OD RIHUWD YDUtD VHJ~Q HO &,&  'H DFXHUGR FRQ LQIRUPDFLyQ RILFLDO
DFWXDOPHQWHIXQFLRQDQPiVGH&,&HQSURYLQFLDVGHOSDtV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

WHUULWRULRVGHQWURGHXQPHQ~SUHGHWHUPLQDGRTXHLQFOX\HGLVWULEXFLyQGHPyGXORVGHDOLPHQWRVHQWUHJD
GH WLFNHWV FREUR GH VXEVLGLRV D WUDYpV GH WDUMHWD GH GpELWR HQWUHJD GH LQVXPRV \ FDSDFLWDFLyQ SDUD
DUPDGRGHKXHUWDVDVLVWHQFLDILQDQFLHUDDFRPHGRUHVFRPXQLWDULRV
/DV DFFLRQHV LQFOXLGDV HQ HVWH 3ODQ HVWiQ GLULJLGDV D QLxRV GH KDVWD  DxRV HPEDUD]DGDV
SHUVRQDVFRQGLVFDSDFLGDG\DQFLDQRVPD\RUHVGHDxRVGHHGDGHQVLWXDFLyQGHSREUH]D6HJ~QORV
GDWRVGHO0LQLVWHULRGH'HVDUUROOR6RFLDOHO316$DFWXDOPHQWHOOHJDDFHUFDGHIDPLOLDVFRQ
D\XGDVDOLPHQWDULDV(OGHGLFKDVIDPLOLDVVRQDVLVWLGDVDWUDYpVGHPyGXORVDOLPHQWDULRVGDGRTXH
VRQ IDPLOLDV TXH UHVLGHQ HQ ]RQDV PX\ DOHMDGDV \ QR WLHQHQ DFFHVR D OD EDQFDUL]DFLyQ TXH UHTXLHUH OD
KHUUDPLHQWD GH OD WDUMHWD PDJQpWLFD DXQTXH HVWD PRGDOLGDG KD FREUDGR SURJUHVLYD UHOHYDQFLD FRPR
HVWUDWHJLD/DFDQWLGDGGHEHQHILFLRVEULQGDGRVGHVGHODFUHDFLyQGHO316$KDVWDODDFWXDOLGDGDQLYHO
QDFLRQDOVHGHWDOODQDFRQWLQXDFLyQ
&8$'52
35,1&,3$/(60(7$635(6838(67$5,$63$5$(/316$  
$VLVWHQFLDDOLPHQWDULDDKRJDUHV $VLVWHQFLDDOLPHQWDULDDKRJDUHV $VLVWHQFLDILQDQFLHUDSDUDOD
$xRV LQGLJHQWHV LQGLJHQWHV FRQIRUPDFLyQGHKXHUWDV
FDQWLGDGGHD\XGDVDOLPHQWDULDV D FDQWLGDGGHPyGXORVDOLPHQWDULRV  FDQWLGDGGHKXHUWDV 

E   


E
    
   
   
   
   
   
   
   
)XHQWH'tD]/DQJRX)RUWH]D\3RWHQ]D'DO0DVHWWR  VREUHODEDVHGHORV0HQVDMHVGHHOHYDFLyQGHODV/H\HVGH
3UHVXSXHVWR
D
 6HJ~Q VH VHxDOD HQ 'LD] /DQJRX )RUWH]D \ 3RWHQ]D 'DO 0DVHWWR   HO GDWR DFHUFD GH OD DVLVWHQFLD DOLPHQWDULD D
KRJDUHV LQGLJHQWHV UHVXOWD VXSHULRU D OD FDQWLGDG GH KRJDUHV LQGLJHQWHV FDOFXODGD PXOWLSOLFDQGRODWDVDGHLQGLJHQFLDGH
VHSWLHPEUH GH  TXH DOFDQ]D DO  GH ORV KRJDUHV GHO SDtV VHJ~Q ,1'(&  \ OD HVWLPDFLyQ GH  GH
KDELWDQWHVHQOD$UJHQWLQDSDUD VHJ~QODVSUR\HFFLRQHVGHOPLVPRRUJDQLVPR (VWROOHYDDVXSRQHUTXHODFDQWLGDG
GH KRJDUHV LQGLJHQWHV DVLVWLGRV SUREDEOHPHQWH QR VHD WDO VLQR TXH ORV PiV GH  PLOORQHV VHDQ WLFNHWV DOLPHQWDULRV
EULQGDGRVDKRJDUHVLQGLJHQWHVFRQVLGHUDQGRTXHFDGDKRJDUSXHGDUHFLELUPiVGHXQWLFNHWDOLPHQWDULR
E
'DWRVFRUUHVSRQGLHQWHVDO3URJUDPDGH(PHUJHQFLD$OLPHQWDULD

3DUD OD LPSOHPHQWDFLyQ GH HVWH 3ODQ OD DVLJQDFLyQ GHO SUHVXSXHVWR D ODV SURYLQFLDV VH UHDOL]D
VHJ~QSDXWDVSUHHVWDEOHFLGDV HOVHJ~QORVFULWHULRVGHGLVWULEXFLyQGHOD&RSDUWLFLSDFLyQ)HGHUDO
HOVHJ~QLQGLFDGRUGHOtQHDGHLQGLJHQFLD\HOGHDFXHUGRFRQODWDVDGHPRUWDOLGDGLQIDQWLOGH
FDGD MXULVGLFFLyQ  /D WUDQVIHUHQFLD GH ORV IRQGRV D ODV SURYLQFLDV HVWi YLQFXODGD D OD UHQGLFLyQ GH DO
PHQRV  HO  GH ORV IRQGRV DQWHULRUPHQWH WUDQVIHULGRV (O DSRUWH GH UHFXUVRV KHFKRV SRU HO (VWDGR
QDFLRQDO GHEH VHU FRPSOHPHQWDGR SRU XQD FRQWUDSDUWLGD SUHVXSXHVWDULD SURYLQFLDO FX\D PDJQLWXG VH
DFXHUGD HQWUH ODV SDUWHV 'H DFXHUGR FRQ OD LQIRUPDFLyQ SUHVHQWDGD HQ &DVDGHL \ RWURV   ORV
UHFXUVRVDVLJQDGRVDODVHJXULGDGDOLPHQWDULDKDQPRVWUDGRXQFUHFLPLHQWRGXUDQWHORV~OWLPRVDxRVGH
XQD DVLJQDFLyQ GH  PLOORQHV HTXLYDOHQWH D  PLOORQHV GH GyODUHV  HQ  VH SDVy D XQD
SUHYLVWDGHPLOORQHV PLOORQHVGHGyODUHV HQ YpDVHFXDGUR 
$GHPiV GH HVWD LQLFLDWLYD ODV SURYLQFLDV ILQDQFLDQ RWUDV DFFLRQHV SURSLDV SULQFLSDOPHQWH
DVLVWHQFLD D FRPHGRUHV FRPXQLWDULRV  D WUDYpV GH UHFXUVRV TXH OHV OOHJDQ GLUHFWDPHQWH GHVGH HO QLYHO



 9pDVH>HQOtQHD@ZZZGHVDUUROORVRFLDOJRYDU


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

FHQWUDO3RU~OWLPRGHVGHGLFKRiPELWRVHLPSOHPHQWDHO3UR\HFWR318'³$SR\RDOD*HVWLyQGHOD
3ROtWLFD $OLPHQWDULD UHGLVHxR GH VX 8QLGDG GH *HVWLyQ \ )RUWDOHFLPLHQWR GH VXV (IHFWRUHV´ FX\R
SULQFLSDO SURSyVLWR UHVLGH HQ WUDQVIRUPDU ORV FRPHGRUHV FRPXQLWDULRV HQ LQVWLWXFLRQHV TXH EULQGHQ
VHUYLFLRVVRFLDOHVLQWHJUDOHV\ODFUHDFLyQGHOD8QLGDGGH*HVWLyQGHOD3ROtWLFD$OLPHQWDULD'HDFXHUGR
FRQLQIRUPDFLyQRILFLDOGH318'HOPRQWRHMHFXWDGRHQWUHHQHURGH\PDU]RGHHQHOPDUFR
GHHVWHSUR\HFWRIXHGHDSUR[LPDGDPHQWHPLOORQHVGHGyODUHV

 0LFURFUpGLWRV
&RPRVHKDPHQFLRQDGRXQDGHODVOtQHDVGHLQWHUYHQFLyQSURPRYLGDVIXHUWHPHQWHHQORV~OWLPRVVLHWH
DxRV GHVGH HO 0LQLVWHULR GH 'HVDUUROOR 6RFLDO GH OD 1DFLyQ HV OD GH OD HFRQRPtD VRFLDO HQ HVSHFLDO \
VREUH WRGR KDVWD PHGLDGRV GH OD GpFDGD D WUDYpV GHO 3ODQ 1DFLRQDO GH (FRQRPtD 6RFLDO \ 'HVDUUROOR
/RFDO ³0DQRV D OD 2EUD´ /DV DFFLRQHV FRPSUHQGLGDV HQ HVWH SODQ WXYLHURQ VXV FRPLHQ]RV HQ  \
HVWiQ GLULJLGDV D GHVRFXSDGRV PLFURHPSUHQGHGRUHV \ WUDEDMDGRUHV LQIRUPDOHV HQ VLWXDFLyQ GH
YXOQHUDELOLGDG VRFLDO $ WUDYpV GH HOODV VH ILQDQFLDQ HPSUHQGLPLHQWRV SURGXFWLYRV \ FRPXQLWDULRV \
DGHPiV GH SURYHHU FDSDFLWDFLyQ \ DVLVWHQFLD WpFQLFD SURSRUFLRQD PLFURFUpGLWRV DVt FRPR XQ UpJLPHQ
LPSRVLWLYRGHIDFLOLGDGHVSDUDHOGHVDUUROORGHDFWLYLGDGHVSURGXFWLYDV
&RQ OD HQWUDGD HQ YLJHQFLD GHO SURJUDPD ,QJUHVR 6RFLDO FRQ 7UDEDMR ORV UHFXUVRV GHVWLQDGRV D
0DQRV D OD 2EUD VH KDQ UHGXFLGR GH PDQHUD PX\ VLJQLILFDWLYD GXUDQWH HO ~OWLPR WLHPSR VL HQ  VH
KDEtDQGHVWLQDGRPLOORQHV PLOORQHVGHGyODUHV DHVWHSURJUDPDHQVHSUHYpTXHHVWH
PRQWREDMHDPLOORQHV PLOORQHVGHGyODUHV  YpDVHFXDGUR  &DVDGHL\RWURV 

 $JXDVDQHDPLHQWR\YLYLHQGD
5HVSHFWR GH ORV SURJUDPDV RULHQWDGRV D LQFUHPHQWDU OD FREHUWXUD GHO DJXD SRWDEOH \ ORV UHFXUVRV
FORDFDOHV VH HQFXHQWUDQ ODV DFFLRQHV HQFDUDGDV GHVGH HO (QWH 1DFLRQDO GH 2EUDV +tGULFDV GH
6DQHDPLHQWR (12+6$ GHSHQGLHQWHGHOD6HFUHWDUtDGH2EUDV3~EOLFDVGHO0LQLVWHULRGH3ODQLILFDFLyQ
)HGHUDO ,QYHUVLyQ 3~EOLFD \ 6HUYLFLRV (QWUH HOODV VH GHVWDFDQ HO 3URJUDPD 3UR\HFWRV (VSHFLDOHV
GHVWLQDGR D FXEULU JUDQGHV REUDV GH LQIUDHVWUXFWXUD  ORV 3URJUDPDV $JXD  7UDEDMR \ &ORDFDV 
7UDEDMR FRQMXJDQ ODV QHFHVLGDGHV GH QXHYDV FRQH[LRQHV \JHQHUDFLyQGHHPSOHRVHQEDUULRVGHEDMRV
UHFXUVRV  HO 3URJUDPD 2EUDV 0HQRUHV GH 6DQHDPLHQWR 3520(6  \ HO 3URJUDPD GH $JXD 3RWDEOH \
6DQHDPLHQWR SDUD &RPXQLGDGHV 0HQRUHV 352$6  GHVWLQDGR D SREODFLRQHV SHTXHxDV \ PHGLDQDV
FXHQWDFRQILQDQFLDPLHQWRGHO%,' 
$FHUFD GH OD SRVLEOH LQFLGHQFLD GH HVWDV DFFLRQHV WDO FRPR VH REVHUYD HQ HO JUiILFR  OD
HYROXFLyQGHORVLQGLFDGRUHVYLQFXODGRVDODVPLVPDVHVEDVWDQWHIDYRUDEOHSUHVHQWDQGRXQDHYROXFLyQ
PiVSRVLWLYDHQHOFDVRGHODFFHVRDDJXDSRWDEOH








 /RV )RQGRV 3262&2 3URJUDPD 6RFLDO &RPXQLWDULR  \ 3526218 3URJUDPD 6RFLDO 1XWULFLRQDO  IXHURQ GHVFHQWUDOL]DGRV HQ OD
GpFDGD GH ORV QRYHQWD FRPR ³FRPSHQVDFLyQ´ DQWH OD WUDQVIHUHQFLD GH ORV VHUYLFLRV GH VDOXG \ HGXFDFLyQ D ODV SURYLQFLDV YpDVH
5HSHWWR\3RWHQ]D'DO0DVHWWR 

 6H WUDWD GHO ³PRQRWULEXWR VRFLDO´ DO FXDO QRV KHPRV UHIHULGR DQWHULRUPHQWHFRPRXQDFDWHJRUtDWULEXWDULDHVSHFLDOTXHSHUPLWHHO
SDJRGHXQPRQWRUHGXFLGRGHGLFKRLPSXHVWRDTXLHQHVVHDQGHVWLQDWDULRVGHSURJUDPDVVRFLDOHV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

*5È),&2
,1',&$'25(6%È6,&269,1&8/$'26$$*8$6$1($0,(172<9,9,(1'$
< 



  





 
 

  



   

3RUFHQWDMHGHSREODFLyQHQKRJDUHVFRQDFFHVRDDJXDVHJXUDGHUHGS~EOLFD

3RUFHQWDMHGHSREODFLyQHQKRJDUHVFRQDFFHVRDGHVDJHVFORDFDOHV

3RUFHQWDMHGHKRJDUHVHQYLYLHQGDVGHILFLWDULDVHQFRQGLFLyQGHWHQHQFLDLUUHJXODU

)XHQWH(ODERUDFLyQSURSLDHQEDVHD318'±&1&36  

1RWD/RVGDWRVSDUD\DFHUFDGHKRJDUHVFRQDFFHVRDDJXD\GHVDJHVFORDFDOHVVRQHVWLPDFLRQHVGHO(QWH
1DFLRQDO GH 2EUDV +tGULFDV GH 6DQHDPLHQWR (12+6$  \ ORV GH YLYLHQGD VRQ HVWLPDFLRQHV GH OD 6XEVHFUHWDUtD GH
'HVDUUROOR 8UEDQR \ 9LYLHQGD /RV GDWRV DFWXDOHV GHILQLWLYRV HQ DPERV FDVRV VH REWHQGUiQ GHO &HQVR 1DFLRQDO GH
3REODFLyQ\9LYLHQGDUHDOL]DGRHQHODxR

(Q FXDQWR D ODV SROtWLFDV GH YLYLHQGD GHVGH OD 6XEVHFUHWDUtD GH 'HVDUUROOR 8UEDQR \ 9LYLHQGD
SHUWHQHFLHQWH DO PLVPR PLQLVWHULR  VH GHVDUUROODQ DFFLRQHV GLULJLGDV D ORV KRJDUHV UHVLGHQWHV HQ YLOODV \
DVHQWDPLHQWRV SUHFDULRV SDUD GDU UHVSXHVWD D OD FDUHQFLD GH LQIUDHVWUXFWXUD EiVLFD GH VHUYLFLRV SUREOHPDV
DPELHQWDOHV \ GH UHJXODUL]DFLyQ GRPLQLDO 3DUD HOOR VH LPSOHPHQWDQ GRV SURJUDPDV HO 3URJUDPD GH
0HMRUDPLHQWRGH%DUULRV 3520(%$ \HO3URJUDPDGH8UEDQL]DFLyQGH9LOODV\$VHQWDPLHQWRV3UHFDULRV
(QPDWHULDGHSROtWLFDGHYLYLHQGDVHGHVWDFDWDPELpQHO6LVWHPD)HGHUDOGHOD9LYLHQGD FUHDGRSRU
/H\ 1ƒ  GH   FX\R SURSyVLWR FRQVLVWH HQ SRVLELOLWDU HO DFFHVR D XQD YLYLHQGD GLJQD D OD
SREODFLyQ GH UHFXUVRV LQVXILFLHQWHV (O 6LVWHPD HVWi LQWHJUDGR SRU XQ )RQGR 1DFLRQDO GH OD 9LYLHQGD
)21$9, VXVRUJDQLVPRVHMHFXWRUHVHQFDGDXQDGHODVSURYLQFLDV\OD&LXGDG$XWyQRPDGH%XHQRV
$LUHV\HO&RQVHMR1DFLRQDOGHOD9LYLHQGD/DHYROXFLyQGHODFDQWLGDGGHKRJDUHVUHVLGHQWHVHQYLYLHQGDV
GHILFLWDULDV YpDVHJUiILFR WDPELpQPXHVWUDXQDWHQGHQFLDIDYRUDEOHGXUDQWHORV~OWLPRVDxRV
(QFXDQWRDODSURJUHVLYLGDGGHOJDVWRHQHVWRVUXEURV5LYDV\RWURV  REVHUYDQTXHWDQWRHO
UXEUR³DJXDSRWDEOH\DOFDQWDULOODGR´FRPR³YLYLHQGD\XUEDQLVPR´SUHVHQWDQXQQLYHOPHGLRGHHTXLGDGHO
tQGLFHGHSURJUHVLYLGDGGHOSULPHURHV\GHHQHOFDVRGHOVHJXQGR YpDVHFXDGUR 

 ,QLFLDWLYDVTXHEXVFDQODFRRUGLQDFLyQGHSURJUDPDV
&RPRVHKDPHQFLRQDGRDQWHULRUPHQWHYDULDVVRQODVLQLFLDWLYDVTXHVHGHVDUUROODQHQ$UJHQWLQDSDUD
DVHJXUDUXQSLVRGHSURWHFFLyQVRFLDO6LQHPEDUJRORVDYDQFHVHQSRVGHORJUDUXQDSROtWLFDDUWLFXODGD
DO UHVSHFWR VRQ D~Q LQVXILFLHQWHV 0HUHFH GHVWDFDUVH QR REVWDQWH TXH GHVGH HO &RQVHMR 1DFLRQDO GH


 (O)RQGR1DFLRQDOGHOD9LYLHQGDVHLQWHJUDFRQUHFXUVRVSURYHQLHQWHVGHXQSRUFHQWDMHGHOLPSXHVWRDORVFRPEXVWLEOHVOtTXLGRVD
ORV TXH VH OH DGLFLRQDQ ORV SURYHQLHQWHV GH ORV UHFXSHURV GH ODV LQYHUVLRQHV \ ORV SURSLRV DSRUWDGRV SRU ODV MXULVGLFFLRQHV /DV
WUDQVIHUHQFLDVGHORVUHFXUVRVDODVMXULVGLFFLRQHVVHUHDOL]DQHQIRUPDDXWRPiWLFD\GHDFXHUGRFRQFRHILFLHQWHVSUHHVWDEOHFLGRV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

&RRUGLQDFLyQ GH 3ROtWLFDV 6RFLDOHV &1&36  VH SURPXHYHQ GRV OtQHDV GH DFFLyQ TXH WLHQHQ
H[SOtFLWDPHQWH HVH SURSyVLWR SURFXUDQGR OOHYDU D XQ PLVPR WHUULWRULR HQ GRQGH VH REVHUYDQ DOWRV
QLYHOHVGHYXOQHUDELOLGDG ODVDFFLRQHVGHSURJUDPDVYLJHQWHVHQGLIHUHQWHViUHDVGHJRELHUQR
(O3URJUDPD1DFLRQDOGH'HVDUUROOR,QIDQWLO3ULPHURV$xRVVHLPSOHPHQWDGHVGH(VWi
RULHQWDGRDDWHQGHUDOGHVDUUROOR\FXLGDGRGHODSULPHUDLQIDQFLD DDxRV HQHOPDUFRGHVXFRQWH[WR
IDPLOLDU \ FRPXQLWDULR 3DUD HOOR VH UHDOL]DQ DFFLRQHV GH DVLVWHQFLD WpFQLFD D HTXLSRV SURYLQFLDOHV
HQFDUJDGRVGHODWHPiWLFD\VHSURGXFHQPDWHULDOHVGHFDSDFLWDFLyQ\FRPXQLFDFLyQ,QWHUYLHQHQHQVX
GHVDUUROORODVFDUWHUDVGH'HVDUUROOR6RFLDO6DOXG\(GXFDFLyQ FDGDFDUWHUDPLQLVWHULDODSRUWDUHFXUVRV
TXH VRQ WUDQVIHULGRV DO &1&36 SDUD VX HMHFXFLyQ  'H DFXHUGR FRQ LQIRUPDFLyQ RILFLDO HO SURJUDPD
HVWDUtD GHVDUUROOiQGRVH DFWXDOPHQWH HQ  ORFDOLGDGHV XUEDQDV \ UXUDOHV HQ VLWXDFLyQ GH DOWD
YXOQHUDELOLGDGVRFLDOGHMXULVGLFFLRQHVGHOSDtV
/DRWUDLQWHUYHQFLyQTXHSURSRQHXQDLQWHUYHQFLyQDUWLFXODGDHVHO3ODQ1DFLRQDOGH$ERUGDMH
,QWHJUDO 3ODQ$Kt 3DUWLFLSDQGHVXJHVWLyQORVPLQLVWHULRVGH'HVDUUROOR6RFLDO(GXFDFLyQ\6DOXG
(VWiRULHQWDGRDSURPRYHUHOGHVDUUROORKXPDQR\ODLQFOXVLyQVRFLDOGHODVIDPLOLDV\FRPXQLGDGHV3DUD
VXLQWHUYHQFLyQSULRUL]DODV]RQDVHQVLWXDFLyQGHDOWDYXOQHUDELOLGDGVRFLDOORFDOLGDGHVUXUDOHVSDUDMHV
SREODFLyQ GLVSHUVD JUDQGHV DJORPHUDGRV \ FRPXQLGDGHV pWQLFDV /DV DFFLRQHV GHVDUUROODGDV HQ HO
PDUFRGHHVWH3ODQVHHVWUXFWXUDQHQORFDOLGDGHVGHPHQRVGHKDELWDQWHVHQWRUQRDFXDWURSRORV
SUHVWDFLRQHV \ VHUYLFLRV LQIUDHVWUXFWXUD VRFLDO RUJDQL]DFLyQ VRFLDO \ SURGXFWLYD \ VHUYLFLRV 6HJ~Q
LQIRUPDFLyQ RILFLDO GXUDQWH HO DxR  ~OWLPD LQIRUPDFLyQ GLVSRQLEOH  VH KDEUtDQ DERUGDGR 
ORFDOLGDGHVHQSURYLQFLDVGHOSDtV

( 8QDPHQFLyQHVSHFLDOODVDFFLRQHVIUHQWHDODFULVLVUHFLHQWH
'HODVDFFLRQHVDQWHVHQXPHUDGDVYLQFXODGDVFRQODSURWHFFLyQVRFLDO¢FXiOHVKDQHVWDGRDVRFLDGDVDOD
FULVLV HFRQyPLFD LQWHUQDFLRQDO GH ORV ~OWLPRV DxRV" ¢'H TXp PDQHUD" 'H DFXHUGR FRQ HO SODQWHR GH
5RQFRQL \ RWURV   ODV SROtWLFDV DGRSWDGDV HQ OD $UJHQWLQD SDUD KDFHU IUHQWH D OD FULVLV VH
GHVSOHJDURQHQHOSHUtRGRTXHYDGHVGHILQHVGHDILQHVGHeVWDVDEDUFDURQXQDGLYHUVLGDG
GH VHFWRUHV \ EXVFDURQ DPSOLDU HO SDSHO GHO (VWDGR \ UHFRQRFHU OD LPSRUWDQFLD GHO WUDEDMR FRPR
DUWLFXODGRU GH OD LQVHUFLyQ VRFLDO /D PD\RUtD WLHQH FDUiFWHU WUDQVLWRULR \ VH RULHQWDQ D UHDFWLYDU OD
GHPDQGD \ PDQWHQHU ORV QLYHOHV GH HPSOHR DQWH OD SHUVSHFWLYD GH XQD UHWUDFFLyQ GH OD HFRQRPtD 6LQ
HPEDUJR FRH[LVWHQ FRQ HOODV DOJXQDV RWUDV TXH LPSOLFDQ FDPELRV HVWUXFWXUDOHV HQ OD SROtWLFD VRFLDO
DEULHQGR XQD YHQWDQD GH RSRUWXQLGDG D SDUWLU GH OD FULVLV TXH IXH DSURYHFKDGD SRU HO JRELHUQR SDUD
SURPRYHUVXVLQLFLDWLYDV
/DPHGLGDDOUHGHGRUGHODFXDOJLUyWRGDODHVWUDWHJLDGHOJRELHUQRQDFLRQDODQWHODFULVLVILQDQFLHUD
LQWHUQDFLRQDOIXHODFUHDFLyQGHO6LVWHPD,QWHJUDGR3UHYLVLRQDO$UJHQWLQR 6,3$  YHUVHFFLyQ GHELGRD
GRVUD]RQHVSRUXQODGRHQWDQWRXQRGHORVDUJXPHQWRVSDUDVXFRQIRUPDFLyQIXHODQHFHVLGDGGHSURWHJHU
ORVDKRUURVGHORVWUDEDMDGRUHVDQWHODFULVLVSRUHORWURSRUTXHORVUHFXUVRVGLVSRQLEOHVSRUHVWDYtDKDQ
VHUYLGRSDUDILQDQFLDULQLFLDWLYDVVRFLDOHVGHJUDQUHOHYDQFLD



 (O &1&36 IXH FUHDGR HQ  \ HVWi DFWXDOPHQWH LQWHJUDGR SRU ORV PLQLVWHULRV QDFLRQDOHV GH 'HVDUUROOR 6RFLDO 6DOXG (GXFDFLyQ
7UDEDMR(PSOHR\6HJXULGDG6RFLDO(FRQRPtD\3URGXFFLyQ-XVWLFLD6HJXULGDG\'HUHFKRV+XPDQRV3ODQLILFDFLyQ)HGHUDO,QYHUVLyQ
3~EOLFD \ 6HUYLFLRV &LHQFLD 7HFQRORJtD H ,QQRYDFLyQ 3URGXFWLYD \ OD 6HFUHWDUtD 1DFLRQDO GH 1LxH] $GROHVFHQFLD \ )DPLOLD
$FWXDOPHQWHHVSUHVLGLGRSRUOD0LQLVWUDGH'HVDUUROOR6RFLDO $OLFLD.LUFKQHU \FXHQWDFRQXQD6HFUHWDUtD(MHFXWLYDSURSLD

 3DUD VX VHOHFFLyQ VH XWLOL]DQ GLIHUHQWHV LQGLFDGRUHV VRFLDOHV FRPR tQGLFH GH PRUEL PRUWDOLGDG LQIDQWLO tQGLFH GH 1%, DFFHVR D
VHUYLFLRV GH VDOXG \ HGXFDFLyQ DLVODPLHQWR JHRJUiILFR \ VRFLDO FDQWLGDG GH YLYLHQGDV SUHFDULDV FRQGLFLRQHV JHRJUiILFDV
GHVIDYRUDEOHVFDUDFWHUtVWLFDV GHO SHUILO SURGXFWLYR SUHVHQFLD GH HVSDFLRV IRUPDOHV H LQIRUPDOHV GH HQFXHQWUR \ SDUWLFLSDFLyQ
FRPXQLWDULD\GHVDUUROORGHODRUJDQL]DFLyQVRFLDO

 $OUHVSHFWRLQWHUHVDDFODUDUTXHQRVHHVWiKDFLHQGRDTXtUHIHUHQFLDHQWpUPLQRVHVWULFWRVDSROtWLFDV³DQWLFtFOLFDV´VLQRWDQVyORD
PHGLGDVTXHVHKDQWRPDGRFRPRUHVSXHVWDDODFULVLVHFRQyPLFDLQWHUQDFLRQDOGHORV~OWLPRVDxRV&DOLILFDUODVGHDTXHOODIRUPD
LPSOLFDUtD VXSRQHU TXH QR VyOR VH UHJLVWUy XQ DXPHQWR GHO JDVWR GXUDQWH OD pSRFD GH FULVLV VLQR WDPELpQ XQD FRQWUDFFLyQ FRQ
SRVWHULRULGDGORFXDOQRVHYHULILFDHQHOFDVRDUJHQWLQR


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

(QWUHODVPHGLGDVDGRSWDGDVHQPDWHULDGHSROtWLFDVODERUDOHV\VRFLDOHVVHGHVWDFDODDPSOLDFLyQ
HQ WLHPSR \ HQ FREHUWXUD GH XQ SURJUDPD TXH HVWDED YLJHQWH GHVGH HO DxR  HO 3URJUDPD GH
5HFXSHUDFLyQ3URGXFWLYD 5(352 (VWDLQLFLDWLYDWLHQHSRUSURSyVLWREULQGDUDORVWUDEDMDGRUHVGHODV
HPSUHVDVDGKHULGDVXQDVXPDILMDPHQVXDOSDUDFRPSOHWDUHOVXHOGRGHVXFDWHJRUtDODERUDO6HWUDWDGH
XQD VXPD QR UHPXQHUDWLYD GH KDVWD  HTXLYDOHQWH D GyODUHV SRUXQSOD]RGHKDVWDPHVHV
TXHVHSDJDGLUHFWDPHQWHGHVGHOD$GPLQLVWUDFLyQ1DFLRQDOGH6HJXULGDG6RFLDO $16H6 3DUDDFFHGHU
D HVWH EHQHILFLR ODV HPSUHVDV GHEHQ SUREDU TXH ODFRQWLQXLGDGGHVXIXQFLRQDPLHQWRHVWiHQULHVJR\
WDPELpQGHEHQFRPSURPHWHUVHDQRGHVSHGLUSHUVRQDO$QWHODFULVLVHVWHSURJUDPDVHKDEUtDH[SDQGLGR
HQPLOORQHVGHGyODUHV 5RQFRQL\RWURV (QHVWDSROtWLFDKDEUtDDOFDQ]DGRDFXEULUD
PiVGHPLOWUDEDMDGRUHV 318'&1&36 
$GHPiVGHHVWDVLQLFLDWLYDVOD$VLJQDFLyQ8QLYHUVDOSRU+LMR\HOSURJUDPD,QJUHVR6RFLDOFRQ
7UDEDMR ILJXUDQ HQWUH DTXHOODV TXH EXVFDURQ FRQWHQHU ORV HIHFWRV GH OD FULVLV $VLPLVPR RWUD DFFLyQ
UHOHYDQWH IXH HO SDJR H[WUDRUGLQDULR GH HQWUH  \  GyODUHV D MXELODGRV \ SHQVLRQDGRV FRQ KDEHUHV
PHQVXDOHV PHQRUHV D  GyODUHV /D PHGLGD DOFDQ]y D FDVL  PLOORQHV GH EHQHILFLDULRV
DSUR[LPDGDPHQWHGHOWRWDO  5RQFRQL\RWURV 
)LQDOPHQWH HQ OR TXH UHVSHFWD DLQIUDHVWUXFWXUDVHDPSOLyHOSUHVXSXHVWRGLVSRQLEOHSDUDREUDV
S~ELFDV HQ  PLOORQHV GH GyODUHV 5RQFRQL \ RWURV   (VWDV LQYHUVLRQHV VH RULHQWDURQ D
LQIUDHVWUXFWXUD VRFLDO PHMRUDPLHQWR GHO KiELWDW YLYLHQGDV H[WHQVLyQ GHO VHUYLFLR GH DJXD SRWDEOH \
FORDFDVHVFXHODV\SDYLPHQWDFLyQGHFDOOHV \DLQIUDHVWUXFWXUDHFRQyPLFDSURGXFWLYD REUDVGLULJLGDVD
LQFUHPHQWDUODFDSDFLGDGGHJHQHUDFLyQ\WUDQVSRUWHGHHQHUJtDHOpFWULFD\JDVPLQHUtDPDQWHQLPLHQWR\
H[WHQVLyQ GH OD UHG YLDO  -XQWR FRQ OD LQYHUVLyQ S~EOLFD HQ LQIUDHVWUXFWXUD KDELWDFLRQDO XQD GH ODV
LQLFLDWLYDV ILQDQFLDGDV D SDUWLU GH ORV IRQGRV GLVSRQLEOHV SURGXFWR GH OD QDFLRQDOL]DFLyQ GHO VLVWHPD
SUHYLVLRQDO IXH XQ SODQ GH SUpVWDPRV KLSRWHFDULRV D WDVD VXEVLGLDGD TXH SUHYLy HO DSRUWH GH
DSUR[LPDGDPHQWHPLOORQHVGHGyODUHVGHUHFXUVRVGHOD$GPLQLVWUDFLyQ1DFLRQDOGHOD6HJXULGDG
6RFLDO $16(6 SDUDOtQHDVGHFUpGLWRFRQILQHVGHFRQVWUXFFLyQDPSOLDFLyQWHUPLQDFLyQRFRPSUDGH
YLYLHQGDVQXHYDVRXVDGDV 5RQFRQL\RWURV 



&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

,,,&RQFOXVLRQHV\DSUHQGL]DMHV

(O UHFRUULGR UHDOL]DGR SRU ODV WUDQVIRUPDFLRQHV \ UDVJRV DFWXDOHV GH OD
RIHUWD GH SURJUDPDV SROtWLFDV \ VHUYLFLRV GH SURWHFFLyQ VRFLDO HQ OD
$UJHQWLQDGDFXHQWDGHP~OWLSOHVDYDQFHVHQWLHPSRVUHFLHQWHVDVtFRPR
GH LPSRUWDQWHV UHWRV GH FDUD DO IXWXUR (QWUH ORV GHVDItRV VH FXHQWDQ OD
QHFHVLGDG GH LQWHUSHODU HO SDSHO GH OD SROtWLFD SDUD GDUOH VHQWLGR
HVWUDWpJLFR \ VROLGH] LQVWLWXFLRQDO D XQD FRQFHSFLyQ GH SURWHFFLyQ VRFLDO
TXHRUGHQH\RULHQWHODVDFFLRQHVHQHVWDPDWHULD7DPELpQVHLGHQWLILFDQ
DVSHFWRVSHQGLHQWHVHQFXDQWRDODPDJQLWXG\FDOLGDGGHODRIHUWDGHORV
GLYHUVRV VHFWRUHV TXH FRQIRUPDQ OD SURWHFFLyQ VRFLDO DVt FRPR HQ OD
DUWLFXODFLyQ GH WDOHV LQWHUYHQFLRQHV )LQDOPHQWH VH UHTXLHUH DFWLYDU OD
FDSDFLGDGWpFQLFRRSHUDWLYDSDUDFRQVWUXLUXQVLVWHPDGHSURWHFFLyQVRFLDO
LQWHJUDOTXHDIURQWHFRQp[LWRHOUHWRGHDWDFDUODVGHVLJXDOGDGHVVRFLDOHV\
WHUULWRULDOHV
/RJUDU XQD GHILQLFLyQ FRQVHQVXDGD GH SURWHFFLyQ VRFLDO SHUPLWLUi
GHILQLUFRQPD\RUSUHFLVLyQ\PiVDPSOLDSHUVSHFWLYDWHPSRUDOTXpUROOH
WRFDMXJDUDFDGDVHFWRU\QLYHOGHJRELHUQRFXiOHVPHWDVVRQIDFWLEOHVGH
DOFDQ]DU HQ HO FRUWR PHGLDQR \ ODUJR SOD]R \ TXp IDFWRUHV HVWUXFWXUDOHV
GHEHUiQ UHPRYHUVH SDUD DYDQ]DU HQ XQD HIHFWLYD SURWHFFLyQ VRFLDO GHO
FRQMXQWR GH ORV FLXGDGDQRV \ QR VyOR GH ORV PiV SREUHV \ YXOQHUDEOHV 
(QHVWHSODQRVHLQVFULEHHOUHWRGHDYDQ]DUFRQSDVRVILUPHV\FRKHUHQWHV
KDFLD XQ DFXHUGR IHGHUDO GH SURWHFFLyQ VRFLDO TXH SURPXHYD \ KDJD
HIHFWLYRVORVGHUHFKRVGHWRGDODFLXGDGDQtD



 1RSXHGHGHVFXLGDUVHDVLPLVPRTXHHQDOJXQRVVHFWRUHVGHORVRFLDOODVGLILFXOWDGHVQRVHUHILHUHQVyORDODLPSOHPHQWDFLyQVLQRWDPELpQDO
GLVHxRGHSROtWLFDV\TXHVXDERUGDMHH[KDXVWLYRUHTXHULUtDXQDSHUVSHFWLYDKLVWyULFDGHPHGLDQRSOD]RTXHH[FHGHDHVWHDQiOLVLV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

(QHIHFWRHOIHGHUDOLVPRUHVXOWDXQDVSHFWRFHQWUDODWHQHUHQFXHQWDQRVyORSRUTXHFUX]D\WLxH
WRGRV ORV VHFWRUHV VRFLDOHV \ HQ WpUPLQRV JHQHUDOHV D ODV SROtWLFDV S~EOLFDV  VLQR WDPELpQ SRUTXH HO
DERUGDMHTXHVHKDKHFKRGHpOGLILHUHVHJ~QFXiOVHDHOVHFWRUGHSROtWLFDVGHTXHVHWUDWH
(VWRWDQWRHQWpUPLQRVGHDFXHUGRV1DFLyQSURYLQFLDVFRPRGHIRUWDOHFLPLHQWR\IXQFLRQDPLHQWR
GHORVRUJDQLVPRVFUHDGRVSDUDHQFDXVDUODFRRUGLQDFLyQLQWHMXULVGLFFLRQDO ORV&RQVHMRV)HGHUDOHV 
(QVHJXQGRWpUPLQRHPHUJHHOGHVDItRGHGDUOHXQDPD\RU\PHMRULQVWLWXFLRQDOLGDGDOFRQMXQWRGH
DFFLRQHVYLQFXODGDVDODLQFLSLHQWHSHURQRSRUHVRPHQRVUREXVWDPDWUL]GHSURWHFFLyQVRFLDODUJHQWLQD/D
UHFXSHUDFLyQGHXQDQRUPDWLYDGHSURWHFFLyQODERUDO\GHSURWHFFLyQVRFLDOFRQWULEXWLYDUHTXLHUHTXHpVWDVH
DUWLFXOH YLUWXRVDPHQWH FRQ OH\HV TXH UHVSDOGHQ DFWXDFLRQHV HQ HO FDPSR GH ORV VHUYLFLRV VRFLDOHV \ HQ
HVSHFLDO HQ HO FRPSRQHQWH QR FRQWULEXWLYR GH OD SURWHFFLyQ VRFLDO WDO FRPR HO FDVR HPEOHPiWLFR GH OD
$8+ $VLPLVPR HV FODUR TXH ORV DUUHJORV LQVWLWXFLRQDOHV QR KDEUiQGHVHU~QLFDPHQWHOHJDOHVVLQRTXH
GHEHUiQ LPSOLFDU FDPELRV SURIXQGRV HQ OD OyJLFD FOLHQWHODU TXH KD HVWDGR KLVWyULFDPHQWH SUHVHQWH HQ ORV
SURJUDPDVIRFDOL]DGRVDIHFWDQGRHQPXFKRVFDVRVODJHVWLyQDQLYHOWHUULWRULDO
8QWHUFHUDSUHQGL]DMHGHHVWHGRFXPHQWRHVTXHVHKDFHQHFHVDULRUHYLVDUORVUHWRVVHFWRULDOHVTXH
VLJXHQYLJHQWHV$VtSRUHMHPSORGHQWURGHODVSROtWLFDVGHSURWHFFLyQVRFLDOFRQWULEXWLYDHVPHQHVWHU
UHYLVDU GH PRGR SURIXQGR OD DSOLFDFLyQ PRQWRV \ FREHUWXUD GHO VHJXUR GH GHVHPSOHR HQ OD VDOXG OD
IUDJPHQWDFLyQ HQ WUHV VXEVLVWHPDV HV XQ UDVJR TXH GLILFXOWD FRQVWUXLU XQ VyOLGR VHJXUR FROHFWLYR TXH
ORJUHDXPHQWDUODFREHUWXUD\HTXLGDG VRFLDO\WHUULWRULDO GHOVHUYLFLRHQHGXFDFLyQHOPD\RUGHVDItRVH
YLQFXODWDQWRFRQODUHWHQFLyQGHORVHVWXGLDQWHVGHPHQRUHVUHFXUVRV VREUHWRGRHQVHFXQGDULD FRPR
FRQODFDOLGDGGHOVLVWHPDHGXFDWLYRTXHFRORFDFRPRSULRULGDGODQHFHVLGDGGHDYDQ]DUGHFLGLGDPHQWH
HQ OD H[WHQVLyQ GH OD MRUQDGD HVFRODU PHGLGD TXH GHELHVH SULRUL]DUVH HQ ODV ]RQDV GH PD\RU
YXOQHUDELOLGDGVRFLDO
8QDFXDUWDFXHVWLyQUHPLWHDORVSURJUDPDVVRFLDOHVGHFRUWHQRFRQWULEXWLYRORVFXDOHVPXHVWUDQ
UHWRVWDQWRHQWpUPLQRVGHH[SDQVLyQGHFREHUWXUDFRPRGHSURPRFLyQGHXQDHIHFWLYDDUWLFXODFLyQGH
³UXWDV FUtWLFDV´ TXH SURPXHYDQ DYDQFHV VXVWHQWDEOHV HQ OD VXSHUDFLyQ GH ORV GLVWLQWRV WLSRV GH
YXOQHUDELOLGDG QXWULFLRQDO HGXFDWLYD \ ODERUDO HQWUH RWUDV  6H GHEH SURFXUDU TXH ORV SURJUDPDV
DUWLFXODGRV ³WHMDQ´ XQD PDOOD GH SURWHFFLyQ VRFLDO FRKHUHQWH \ FRQ SHUVSHFWLYD GH LQWHJUDFLyQ VRFLDO \
HFRQyPLFDGHORVVXMHWRVGHGHUHFKRVTXHUHFLEHQGLFKDVSUHVWDFLRQHVSDUDORFXDOVHUHTXLHUHIRUWDOHFHU
ORV HVSDFLRV GH FRRUGLQDFLyQ (Q HVWH VHQWLGR TXHGD SHQGLHQWH OD UHYLVLyQ GHOUROGHOYLJHQWH&RQVHMR
1DFLRQDOGH&RRUGLQDFLyQGH3ROtWLFDV6RFLDOHV\VXSRVLEOHFRQWULEXFLyQDHVWHILQ
)LQDOPHQWHQRKDEUiVLVWHPDGHSURWHFFLyQVRFLDOLQWHJUDOVLQRVHWRPDODGHFLVLyQSROtWLFD\VHOD
VRVWLHQHHQHOWLHPSRGHPHMRUDUODVFDSDFLGDGHVWpFQLFDV\GHRSHUDFLyQGHORVGLYHUVRVSURJUDPDVH
LQWHUYHQFLRQHVTXHLQWHJUDQHVWHFDPSRGHJHVWLyQS~EOLFD5HVXOWDSRUORJHQHUDOPX\GHVLJXDOHOQLYHO
WpFQLFR \ ORV UHFXUVRV FRQ TXH FXHQWDQ ODV RUJDQL]DFLRQHV HVWDWDOHV GHO QLYHO FHQWUDO YLV D YLV ODV
SURYLQFLDOHV\PXQLFLSDOHVUHJLVWUiQGRVHSRUVXSXHVWRWDPELpQGLIHUHQFLDVRSHUDWLYDVHQWUHORVSURSLRV
PLQLVWHULRVQDFLRQDOHVLQYROXFUDGRV(QSDUWLFXODUVHKDFHXUJHQWHRULHQWDUODFDSDFLGDGGHJHVWLyQ\GH
FRRUGLQDFLyQHQWUHSURJUDPDV\RUJDQL]DFLRQHVHVSHFLDOL]DGDVFRQHVFDVDFXOWXUDGHWUDEDMRFRPSDUWLGR
(QVtQWHVLV$UJHQWLQDVHHQFXHQWUDDQWHXQDJUDQRSRUWXQLGDGGHUHFRQVWUXLUVXPDWUL]GHSURWHFFLyQ
VRFLDOFRQWDQGRSDUDHOORWDQWRFRQUHFXUVRVHFRQyPLFRVFRPRFRQRIHUWDGHVHUYLFLRVSROtWLFDV\SURJUDPDV
TXH HQ VX FRQMXQWR FRQVWLWX\HQ XQD EDVH VyOLGD SDUD HO IXWXUR $VLPLVPR ORV GHVDItRV LGHQWLILFDGRV
FRPSURPHWHQ DXQTXH FRQ UHVSRQVDELOLGDG YDULDEOH QR VyOR D OD GLULJHQFLD SROtWLFD VLQR WDPELpQ D RWURV
DFWRUHVGHODYLGDHFRQyPLFD\VRFLDOGHOSDtVLQFOX\HQGRDWRGDODFLXGDGDQtD



&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

%LEOLRJUDItD

$QQDQ .RIL   ,QIRUPH D OD  VHVLyQ GH OD &RPLVLyQ GH 'HVDUUROOR
6RFLDO2181XHYD<RUN
$QOOy*XLOOHUPR\&HWUiQJROR2VFDU  ³3ROtWLFDVVRFLDOHVHQ$UJHQWLQD
YLHMRV SUREOHPDV QXHYRV GHVDItRV´ HQ .RVDFRII %HUQDUGR HG  &ULVLV
UHFXSHUDFLyQ \ QXHYRV GLOHPDV /D HFRQRPtD DUJHQWLQD 
&(3$/%XHQRV$LUHV
$16H6  ³$VLJQDFLyQ8QLYHUVDOSRU+LMRXQDFHUFDPLHQWRDODQiOLVLVGH
ODSUHVWDFLyQ´%XHQRV$LUHVLQpGLWR
$UFH+XJR  (OWHUULWRULRGHODVGHFLVLRQHVVDQLWDULDV(GLWRULDO0DFFKL
%XHQRV$LUHV
%HFFDULD/XLV  ³(OPHUFDGRODERUDODUJHQWLQROXHJRGHODVUHIRUPDV´
HQ%HFFDULD/XLV\0DXULFLR5R[DQD HGV 0HUFDGRGHWUDEDMR\HTXLGDG
HQ $UJHQWLQD 8QLYHUVLGDG 1DFLRQDO GH *HQHUDO 6DUPLHQWR  3URPHWHR
%XHQRV$LUHV
%HFFDULD /XLV   ³(O PHUFDGR GH WUDEDMR OXHJR GH OD FULVLV $YDQFHV \
GHVDItRV´ HQ .RVDFRII %HUQDUGR HG  &ULVLV UHFXSHUDFLyQ \ QXHYRV
GLOHPDV/DHFRQRPtDDUJHQWLQD&(3$/%XHQRV$LUHV
%HFFDULD /XLV   3UHVHQWDFLyQ HQ ORV 'LiORJRV GH 3URWHFFLyQ 6RFLDO
)XQGDFLyQ 7]HGDNi &,33(& \ 8QLYHUVLGDG GH 6DQ $QGUpV VHSWLHPEUH
%XHQRV$LUHV
%HFFDULD /XLV \ *URLVPDQ )HUQDQGR   ³/DV IDPLOLDV DQWH ORV FDPELRV
HQ HO PHUFDGR GH WUDEDMR´ HQ %HFFDULD /XLV \ 0DXULFLR 5R[DQD HGV 
0HUFDGR GH WUDEDMR \ HTXLGDG HQ $UJHQWLQD 8QLYHUVLGDG 1DFLRQDO GH
*HQHUDO6DUPLHQWR3URPHWHR%XHQRV$LUHV
%HOPDUWLQR 6XVDQD   ³/DV SROtWLFDV GH VDOXG HQ HO VLJOR ;; OHJDGRV
KLVWyULFRV´ 3UHVHQWDFLyQ HQ HO 4XLQWR )RUR GHO ELFHQWHQDULR SDQHO GH
SROtWLFDVGHVDOXGS~EOLFDHQHOVLJOR;;%XHQRV$LUHVGHPD\R
%HUWUDQRX)DELR FRRUG   $SRUWHVSDUDODFRQVWUXFFLyQGHXQSLVRGH
SURWHFFLyQ VRFLDO HQ $UJHQWLQD (O FDVR GH ODV DVLJQDFLRQHV IDPLOLDUHV
2ILFLQDGHOD2,7HQ$UJHQWLQD%XHQRV$LUHV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

%HUWUDQRX )DELR \ %RQDUL 'DPLiQ   /D SURWHFFLyQ VRFLDO HQ $UJHQWLQD )LQDQFLDPLHQWR FREHUWXUD \
GHVHPSHxR2,76DQWLDJRGH&KLOH
%LVDQJ 5REHUWR \ 2VFDU &HWUiQJROR   ³'HVFHQWUDOL]DFLyQ GH ORV VHUYLFLRV GH VDOXG HQ $UJHQWLQD´ HQ
6HULH5HIRUPDVGH3ROtWLFD3~EOLFD1ž&(3$/6DQWLDJRGH&KLOH
&DVDGHL(''YRUNLQ/'tD])UHUV\$/DMHU%DUyQ  ³,QIRUPHGHO3UR\HFWRGH3UHVXSXHVWR´
&,33(&%XHQRV$LUHV
&DVWLOOR9LFWRULD1RYLFN0DUWD5RMR6RItD\<RJXHO*DEULHO  ³/DPRYLOLGDGODERUDOHQ$UJHQWLQD
GHVGH PHGLDGRV GHO GHFHQLR GH  HO GLItFLO FDPLQR GH UHJUHVR DO HPSOHR IRUPDO´ HQ 5HYLVWD GH OD
&(3$/1žDJRVWR6DQWLDJRGH&KLOH
&HWUiQJROR 2VFDU   ³/RV GHVDItRV GH OD SURWHFFLyQ VRFLDO TXH OD $UJHQWLQD QR SXGR UHVROYHU´
SUHVHQWDFLyQUHDOL]DGDHQHOFLFOR'LiORJRVGH3URWHFFLyQ6RFLDORUJDQL]DGRSRU&,33(&8QLYHUVLGDGGH
6DQ$QGUpV\7]HGDNi
&HWUiQJROR 2VFDU -LPpQH] -XDQ 3DEOR 'HYRWR )ORUHQFLD \ 9HJD 'DQLHO   ³/DV ILQDQ]DV S~EOLFDV
SURYLQFLDOHV VLWXDFLyQ DFWXDO \ SHUVSHFWLYDV´ HQ 6HULH (VWXGLRV \ 3HUVSHFWLYDV 1ž  &(3$/ %XHQRV
$LUHV
&HWUiQJROR 2VFDU \ -XDQ 3DEOR -LPpQH]   ³/DV UHODFLRQHV SURYLQFLDOHV HQWUH QLYHOHV GH JRELHUQR HQ
$UJHQWLQD 5DtFHV KLVWyULFDV LQVWLWXFLRQDOHV \ FRQIOLFWRV SHUVLVWHQWHV´ HQ 6HULH *HVWLyQ 3~EOLFD 1ž 
&(3$/6DQWLDJRGH&KLOH
&HWUiQJROR 2VFDU / /LPD 4XLQWDQD \ 0 6DQ 0DUWtQ   ³6LWXDFLyQ GHO VHFWRU VDOXG HQ $UJHQWLQD
$QiOLVLVHQHOFRQWH[WRGHXQVLVWHPDGHVFHQWUDOL]DGR´%XHQRV$LUHVLQpGLWR
&,33(&8QLYHUVLGDG GH 6DQ $QGUpV)XQGDFLyQ 7]HGDNi   ³'LiORJRV GH 3URWHFFLyQ 6RFLDO 5HSRUWH
)LQDO´LQpGLWR%XHQRV$LUHV
&,33(&  0RQLWRUHRGHOD/H\GH)LQDQFLDPLHQWR(GXFDWLYR,QIRUPH$QXDO3HUtRGR$EULO$EULO
3URJUDPDGH(GXFDFLyQ%XHQRV$LUHV
&RJOLDQGUR *LVHOO \ $ULHO 0HODPXG   ³$QiOLVLV GHO JDVWR S~EOLFR VRFLDO HQ HO SUHVXSXHVWR ´
)XQGDFLyQ6LHQD.RQUDG$GHQDXHU6WLIWXQJ'RFXPHQWRGH7UDEDMR1ž%XHQRV$LUHV
&RUWHV 5RVDOtD \ 0DUVKDOO $GULDQD   ³(VWUDWHJLD HFRQyPLFD LQVWLWXFLRQHV \ QHJRFLDFLyQ SROtWLFD HQ OD
UHIRUPDVRFLDOGHORVQRYHQWD´HQ'HVDUUROOR(FRQyPLFR9RO1žMXOLRVHSWLHPEUH%XHQRV$LUHV
'DQDQL &ODXGLD \ $OHMDQGUD %HFFDULD   ³/D6HJXULGDG6RFLDOFRPRPHGLR\UHVXOWDGRGHWUDQVIRUPDFLRQHV
HVWDWDOHVHOFDVRGHO6LVWHPD3UHYLVLRQDO$UJHQWLQD%XHQRV$LUHVLQpGLWR
'DQDQL&ODXGLD\/LQGHPERLQ-DYLHU  ³7UDEDMRSROtWLFD \SROtWLFDVVRFLDOHVHQORV¢KD\DOJRGH
SDUWLFXODUHQHOFDVRDUJHQWLQR´HQ'DQDQL&ODXGLD\/LQGHPERLQ-DYLHU FRPSV (QWUHHOWUDEDMR\OD
SROtWLFD/DVUHIRUPDVGHODVSROtWLFDVVRFLDOHVDUJHQWLQDVHQSHUVSHFWLYDFRPSDUDGD%LEORV%XHQRV$LUHV
'LD] /DQJRX *DOD 3DXOD )RUWH]D \ )HUQDQGD 3RWHQ]D 'DO 0DVHWWR   ³/RV SULQFLSDOHV SURJUDPDV
QDFLRQDOHV GH SURWHFFLyQ VRFLDO (VWXGLR VREUH ORV HIHFWRV GH ODV YDULDEOHV SROtWLFR LQVWLWXFLRQDOHV HQ OD
JHVWLyQ´'RFXPHQWRGH7UDEDMR1ž&,33(&
(VSLQJ$QGHUVHQ*RVWD  /RVWUHVPXQGRVGHO(VWDGRGHOELHQHVWDU$OIRQVHO0DJQjQLP9DOHQFLD
)HOGPDQ*HUPiQ\)LOF*DEULHO  ³8QDDSUR[LPDFLyQDODSUREOHPiWLFDGHODHTXLGDG\ODHILFLHQFLDHQ
HO JDVWR S~EOLFR´ HQ /DV SROtWLFDV ILVFDOHV HQ OD $UJHQWLQD XQ FRPSOHMR FDPLQR KDFLD OD HTXLGDG \ OD
HILFLHQFLD7),&,33(&%XHQRV$LUHV
)ORRG 0DUtD &ULVWLQD 9DUJDV GH   3ROtWLFD GHO JDVWR VRFLDO /D H[SHULHQFLD DUJHQWLQD /D &ROPHQD 
$VDS%XHQRV$LUHV
*DVSDULQL /HRQDUGR   ³3REUH]D GHVLJXDOGDG \ SROtWLFDV S~EOLFDV HQ OD $UJHQWLQD´ SUHVHQWDFLyQ
UHDOL]DGDHQHO6HJXQGR&RQJUHVR1DFLRQDOGH3ROtWLFDV6RFLDOHV0HQGR]D
*DVSDULQL/HRQDUGR\*XLOOHUPR&UXFHV  ³/DVDVLJQDFLRQHVXQLYHUVDOHVSRUKLMR,PSDFWRGLVFXVLyQ\
DOWHUQDWLYDV´'RFXPHQWRGH7UDEDMR&('/$61ž81/3/D3ODWD
*ROEHUW/DXUD\0DUWtQ6FKHLQHV  ³'HORVSURJUDPDVGHWUDQVIHUHQFLDVGHLQJUHVRVFRQGLFLRQDGRVDOD
XQLYHUVDOL]DFLyQGHODVDVLJQDFLRQHVIDPLOLDUHV´'RFXPHQWRHODERUDGRHQHOPDUFRGHOHVWXGLRFRPSDUDGR
³/D UHIRUPD VRFLDO HQ $PpULFD /DWLQD HQ OD HQFUXFLMDGD WUDQVIHUHQFLDV FRQGLFLRQDGDV GH LQJUHVRV R
XQLYHUVDOL]DFLyQGHODSURWHFFLyQVRFLDO´FRRUGLQDGRSRU&DUORV%DUEDHQHOPDUFRGHO*UXSR&/$&62
VREUHSREUH]D\SROtWLFDVRFLDO\DSR\DGRSRUOD)XQGDFLyQ&DUROLQDGH(VSDxD
*ROGEHUJ /DXUD \ /R 9XROR 5XEpQ   )DOVDV SURPHVDV 6LVWHPD GH SUHYLVLyQ VRFLDO \ UpJLPHQ GH
DFXPXODFLyQ&LHSS0LxR\'iYLOD%XHQRV$LUHV
*RQ]iOH] *DUFtD * & GH OD 3XHQWH \ 6 7DUUDJRQD   0HGLFDPHQWRV VDOXG SROtWLFD \ HFRQRPtD
,6$/8'%XHQRV$LUHV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

*RQ]iOH]*DUFtD*LQpV\7REDU)HGHULFR  6DOXGSDUDORVDUJHQWLQRV,6$/8'%XHQRV$ULHV


*UXHQEHUJ &KULVWLDQ \ 9LFWRULD 3HUH\UD ,UDROD   ³(O FOLHQWHOLVPR HQ OD JHVWLyQ GH SURJUDPDV VRFLDOHV
FRQWUDODSREUH]D´'RFXPHQWRGH3ROtWLFDV3~EOLFDV1ž&,33(&%XHQRV$LUHV
,1'(&  ³(QFXHVWD3HUPDQHQWHGH+RJDUHV,QFLGHQFLDGHODSREUH]D\GHODLQGLJHQFLD5HVXOWDGRVGHO
SULPHUVHPHVWUHGH´GLVSRQLEOHHQODSiJLQDZHERILFLDOGHO,1'(&
,VXDQL$OGR  ³(O(VWDGRGH%LHQHVWDUDUJHQWLQRXQUtJLGRELHQGXUDEOH´%XHQRV$LUHVLQpGLWR
,VXDQL$OGR  ³8QDQXHYDHWDSDKLVWyULFD´HQ,VXDQL\)LOPXV FRPS /D$UJHQWLQDTXHYLHQH*UXSR
1RUPD%XHQRV$LUHV
+RO]PDQQ5REHUW\6WHHQ-RUJHQVHQ  ³0DQHMRVRFLDOGHOULHVJR8QQXHYRPDUFRFRQFHSWXDOSDUDOD
SURWHFFLyQVRFLDO\PiVDOOi´HQ5HYLVWD)DFXOWDG1DFLRQDOGH6DOXG3~EOLFDIHEUHUR
/R9XROR5XEpQ%DUEHLWR$OEHUWR3DXWDVVL/DXUD\5RGULJXH]&RULQD  /DSREUH]DGHODSROtWLFD
FRQWUDODSREUH]D0LxR\'iYLOD&,(33%XHQRV$LUHV
0DFHLUD'DQLHO  ³6LVWHPDGHVDOXGHQ$UJHQWLQD´SUHVHQWDFLyQ&,33(&&('(6%XHQRV$LUHV
0DFHLUD'DQLHO  ³)LQDQFLDPLHQWR\HTXLGDGHQHOVLVWHPDGHVDOXGDUJHQWLQR´&('(6%XHQRV$LUHV
0LQLVWHULRGH'HVDUUROOR6RFLDO  >HQOtQHD@ZZZGHVDUUROORVRFLDOJRYDU
0LQLVWHULRGH7UDEDMR(PSOHR\6HJXULGDG6RFLDO  ³,PSDFWRGHOD$VLJQDFLyQ8QLYHUVDOSRU+LMRHQOD
SREUH]D\HOLQJUHVRGHORVKRJDUHV HVWLPDFLyQDOƒWULPHVWUHGH ´%XHQRV$LUHVLQpGLWR
0LQXMLQ$OEHUWR\.HVVOHU*DEULHO  /DQXHYDSREUH]DHQOD$UJHQWLQD3ODQHWD%XHQRV$LUHV
2ILFLQD 1DFLRQDO GH 3UHVXSXHVWR 6HFUHWDUtD GH +DFLHQGD 0LQLVWHULR GH (FRQRPtD GH OD 1DFLyQ  
³0HQVDMHGHHOHYDFLyQGHO3UHVXSXHVWR´
3D] -RUJH   ³$UJHQWLQD 'LQiPLFD GH OD SURWHFFLyQ VRFLDO \ HO PHUFDGR ODERUDO ´ HQ
%HUWUDQRX)DELR HG 3URWHFFLyQVRFLDO\PHUFDGRODERUDO2,76DQWLDJRGH&KLOH
3RWHQ]D 'DO 0DVHWWR 0DUtD )HUQDQGD   ³&RRUGLQDFLyQ LQWHUJXEHUQDPHQWDO HQ SROtWLFDV VRFLDOHV HO
IXQFLRQDPLHQWRGHORV&RQVHMRV)HGHUDOHVGH(GXFDFLyQ\6DOXGHQODHODERUDFLyQGHSROtWLFDVVHFWRULDOHV 
±  ´ HQ 3UHPLR D OD LQQRYDFLyQ \ PHMRUDPLHQWR GH ODV SROtWLFDV S~EOLFDV  ± FDWHJRUtD 0DHVWUtD
SXEOLFDGRSRU6HFUHWDUtDGHOD)XQFLyQ3~EOLFD)XQGDFLyQ&,33(&\)XQGDFLyQ1REOH±*UXSR&ODUtQ
3URJUDPDGHODV1DFLRQHV8QLGDGHVSDUDHO'HVDUUROOR 318'   ,QIRUPH1DFLRQDOVREUH'HVDUUROOR+XPDQR
'HVDUUROORKXPDQRHQ$UJHQWLQDWUD\HFWRV\QXHYRVGHVDItRV318'$UJHQWLQD%XHQRV$LUHV
3URJUDPD GH ODV 1DFLRQHV 8QLGDGHV SDUD HO 'HVDUUROOR 318  \ &RQVHMR 1DFLRQDO GH &RRUGLQDFLyQ GH
3ROtWLFDV6RFLDOHV &1&36   5HS~EOLFD$UJHQWLQD2EMHWLYRVGH'HVDUUROORGHO0LOHQLRUHQGLFLyQ
GHFXHQWDV318'$UJHQWLQD%XHQRV$LUHV
5HPHGLDU  ³(OSURJUDPD5HPHGLDU*HVWLyQ\UHVXOWDGRVGHXQPRGHORLQQRYDGRUHQ$36´0LQLVWHULR
GH6DOXGGHOD1DFLyQ%XHQRV$LUHV
5HSHWWR)DELiQ  *HVWLyQS~EOLFD\GHVDUUROORVRFLDOHQORV3URPHWHR%XHQRV$LUHV
5HSHWWR)DELiQ\'tD]/DQJRX*DOD  ³(OSDSHOGHOD$VLJQDFLyQ8QLYHUVDOHQODFRQVWUXFFLyQGHXQ
6LVWHPDGH3URWHFFLyQ6RFLDO,QWHJUDO´'RFXPHQWRGH3ROtWLFD3~EOLFD&,33(&%XHQRV$LUHV
5HSHWWR )DELiQ 'tD] /DQJRX *DOD \ 0DUD]]L 9DQHVD   ³¢+DFLD XQ VLVWHPD GH SURWHFFLyQ VRFLDO
LQWHJUDO" (O LQJUHVR SDUD OD QLxH]HVVyORODSXQWDGHORYLOOR´'RFXPHQWRGH3ROtWLFDV3~EOLFDV$QiOLVLV
1ž&,33(&RFWXEUHGH
5HSHWWR )DELiQ \ $QGUHQDFFL /XFLDQR   ³&LXGDGDQtD \ FDSDFLGDG HVWDWDO GLOHPDV SUHVHQWHV HQ OD
UHFRQVWUXFFLyQGHODSROtWLFDVRFLDODUJHQWLQD´HQ$QGUHQDFFL/XFLDQR HG 3UREOHPDVGHSROtWLFDVRFLDO
HQOD$UJHQWLQDFRQWHPSRUiQHD8QLYHUVLGDG1DFLRQDOGH*HQHUDO6DUPLHQWR3URPHWHR%XHQRV$LUHV
5HSHWWR)DELiQ\3RWHQ]D'DO0DVHWWR)HUQDQGD  ³3UREOHPiWLFDVLQVWLWXFLRQDOHVGHODSROtWLFDVRFLDO
DUJHQWLQD PiV DOOi GH OD GHVFHQWUDOL]DFLyQ´ HQ -RUGDQD -DFLQW \ *RPi 5LFDUG FRPSV  /D
GHVFHQWUDOL]DFLyQHQ$PpULFD/DWLQD%DUFHORQD
5HSHWWRHWDO  ³/DGHVFHQWUDOL]DFLyQGHODVSROtWLFDVVRFLDOHVHQ$UJHQWLQD´&(',%XHQRV$LUHVLQpGLWR
5LYDV$[HO  *REHUQDUODHGXFDFLyQ*UDQLFD%XHQRV$LUHV
5LYDV $[HO $OHMDQGUR 9HUD \ 3DEOR %H]HP   5DGLRJUDItD GH OD HGXFDFLyQ DUJHQWLQD &,33(& 
)XQGDFLyQ$UFRU)XQGDFLyQ5REHUWR1REOH%XHQRV$LUHV
5RGUtJXH] (QULTXH] &RULQD \ 5H\HV 0DUtD )HUQDQGD   /D SROtWLFD VRFLDO HQ OD $UJHQWLQD SRVW
FRQYHUWLELOLGDG ODV SROtWLFDV DVLVWHQFLDOHV FRPR UHVSXHVWD D ORV SUREOHPDV GH HPSOHR 'RFXPHQWR GH
7UDEDMR1ž&,(33%XHQRV$LUHV
5RIPDQ5DIDHO  ³(OFRVWRGHOVLVWHPDGHSHQVLRQHVHQ$UJHQWLQD´HQ)ORRG0DUtD&ULVWLQD9DUJDVGH
3ROtWLFDGHOJDVWRVRFLDO/DH[SHULHQFLDDUJHQWLQD/D&ROPHQD$VDS%XHQRV$LUHV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

5RQFRQL/XFDV)HGHULFR0DURQJLX'DQLHOD'YRUNLQ\*DEULHO)LOF  ³$PpULFD/DWLQDIUHQWHDODFULVLV


LQWHUQDFLRQDOFDUDFWHUtVWLFDVLQVWLWXFLRQHV\UHVSXHVWDVGHSROtWLFDV´&,33(&%XHQRV$LUHV
6(/  1HZVOHWWHUVREUHODVLWXDFLyQODERUDO\VRFLDOGHOD$UJHQWLQDGLFLHPEUH%XHQRV$LUHV
6YDPSD 0DULVWHOOD   /D VRFLHGDG H[FOX\HQWH /D $UJHQWLQD EDMR HO VLJQR GHO QHROLEHUDOLVPR 7DXUXV
%XHQRV$LUHV
7RPPDVL0DULDQR  ³)HGHUDOLVPLQ$UJHQWLQDDQGWKHUHIRUPVRIWKHV´&(',%XHQRV$LUHVLQpGLWR
9HOHGD&HFLOLD  3ROtWLFDVGHLQFOXVLyQMXVWLFLDHLQWHJUDFLyQ&,33(&%XHQRV$LUHV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

$QH[R


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

$QH[R$OJXQDVSURSXHVWDVFRQFUHWDVSDUDGHEDWLU

  ,QVWLWXFLRQDOLGDGFUHDUXQ*DELQHWH1DFLRQDO
\0HVDV3URYLQFLDOHVGH3URWHFFLyQ6RFLDO
• &RQIRUPDU XQ *DELQHWH 1DFLRQDO GH 3URWHFFLyQ 6RFLDO FRQ OD PLVLyQ GH DVHJXUDU OD
DUWLFXODFLyQ LQWHULQVWLWXFLRQDO \ ILMDU SULRULGDGHV HQ OD DVLJQDFLyQ GH UHFXUVRV 6X OLGHUD]JR
VHUtDURWDWLYRHQWUHORVPLQLVWHULRVGH'HVDUUROOR6RFLDO\7UDEDMR(PSOHR\6HJXULGDG6RFLDO
(O *DELQHWH SRGUtD FRQWDU FRQ UHFWRUtDV WHPiWLFDV SDUD ORV GLVWLQWRV JUXSRV HWDULRV QLxH] \
DGROHVFHQFLDMXYHQWXGHGDGDFWLYD\DGXOWH]PD\RU 
• &RQVWLWXLU0HVDV3URYLQFLDOHVSDUDIDYRUHFHUODFRPSOHPHQWDULHGDGHQODRIHUWDSURJUDPiWLFD
GHORVGLIHUHQWHVQLYHOHVGHJRELHUQR
• 3URPRYHU HQ HVWRV HVSDFLRV LQVWLWXFLRQDOHV ORV PHFDQLVPRV GH WUDQVSDUHQFLD DFFHVR D OD
LQIRUPDFLyQ\UHQGLFLyQGHFXHQWDV

  1LxH]\DGROHVFHQFLDUHIRUPXODUOD$VLJQDFLyQ8QLYHUVDOSRU
+LMR $8+ \DVHJXUDUODLPSOHPHQWDFLyQGHOD/H\GH
3URWHFFLyQ,QWHJUDOGHORV'HUHFKRVGHODV1LxDV1LxRV
\$GROHVFHQWHV  
• )RUWDOHFHUHOUROGHOD6HFUHWDUtDGH1LxH]$GROHVFHQFLD\)DPLOLDGHOD1DFLyQ 6(1$) \
GHO&RQVHMR)HGHUDOHQHVWHiUHD(O(VWDGRQDFLRQDOGHEHJHQHUDUPHFDQLVPRVGHPRQLWRUHR\
HYDOXDFLyQ GH ODV SROtWLFDV GHVFHQWUDOL]DGDV 7DPELpQ HVWDEOHFHU OLQHDPLHQWRV GH SROtWLFDV
SDUDODFRQFUHFLyQGHSUHVWDFLRQHVLQWHJUDOHV
• ,QWURGXFLU DMXVWHV HQ $8+ HVWDEOHFHU PHFDQLVPR GH DFWXDOL]DFLyQ GH OD WUDQVIHUHQFLD
DVRFLDGRVDOYDORUGHODFDQDVWDWRWDOGHDOLPHQWRVUHYLVDUORVFULWHULRVGHLQFOXVLyQSHUPLWLUOD
FRPSOHPHQWDULHGDG FRQ RWUDV SUHVWDFLRQHV \ SURPRYHU XQD PD\RU FRRUGLQDFLyQ GH OD
$VLJQDFLyQFRQODVSROtWLFDVDFWLYDVGHHPSOHR 

  -XYHQWXGDPSOLDUFREHUWXUDGHO3URJUDPD³-yYHQHV´
HLQWURGXFLUFDPELRVHQODLQVWLWXFLRQDOLGDG
• $PSOLDU OD OOHJDGD GHO SURJUDPD ³-yYHQHV´ 0LQLVWHULR GH 7UDEDMR (PSOHR \ 6HJXULGDG
6RFLDO  FRQ IRFR HQ HO ³HQWUHQDPLHQWR SDUD HO WUDEDMR´ )RUWDOHFHU OD 5HG GH 6HUYLFLRV GH
(PSOHRGHHVH0LQLVWHULR
• (OHYDUHOUDQJRGHOD'LUHFFLyQ1DFLRQDOGH-XYHQWXG ',1$-8 \SURPRYHUODDUWLFXODFLyQGH
VXVDFFLRQHVFRQODVGHOD6HFUHWDUtDGH(PSOHR\GHPiViUHDVFRQLQFXPEHQFLDHQMXYHQWXG
HGXFDFLyQFXOWXUDGHSRUWHV 



 /DVLGHDVDTXtH[SXHVWDVIRUPDQSDUWHGHODVUHFRPHQGDFLRQHVTXHHO3URJUDPDGH3URWHFFLyQ6RFLDOGH&,33(&HVWiSURPRYLHQGR
HQHVWDPDWHULD\VHHQFXHQWUDQGHVDUUROODGDVHQHOGRFXPHQWRGHQRPLQDGR³0HPRSDUDHOIXWXUR3UHVLGHQWHD\VXV0LQLVWURV´(Q
OD HODERUDFLyQ GH HVWDV LGHDV VH KD FRQVLGHUDGR TXH HO SUy[LPR JRELHUQR   GHEHUtD KDFHU IUHQWH QR VyOR D GHVDItRV
YLQFXODGRV D XQD HYHQWXDO UHIRUPXODFLyQ GH OtQHDV GH LQWHUYHQFLyQ \ SURJUDPDV HVSHFtILFRV VLQR WDPELpQ D UHWRV HQ WRUQR D OD
LQVWLWXFLRQDOLGDG HV GHFLU D ODV FDUDFWHUtVWLFDV MHUDUTXtD LQVHUFLyQ LQVWLWXFLRQDO GRWDFLyQ GH UHFXUVRV UHVSDOGR SROtWLFR  GH ORV
RUJDQLVPRV HQFDUJDGRV GH JHVWLRQDU DFFLRQHV HQ PDWHULD VRFLDO \ ORV PHFDQLVPRV \ GLVSRVLWLYRV GLVSXHVWRV SDUD SURPRYHU OD
FRRUGLQDFLyQHQWUHHOORV WDQWRDQLYHOLQWHUVHFWRULDOFRPRLQWHUMXULVGLFFLRQDO (VWRQRUHVXOWDUiXQUHWRIiFLOGHDIURQWDUHQWDQWRORV
LQFHQWLYRVSDUDDIHFWDUHOPDUFRLQVWLWXFLRQDOHQJHQHUDO \HQSDUWLFXODUHQHOFDVRDUJHQWLQR VRQGpELOHV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

  $GXOWRVPD\RUHVXQLYHUVDOL]DUODFREHUWXUDSUHYLVLRQDO
LQWHJUDUVHUYLFLRVHLQWURGXFLUFDPELRVHQODLQVWLWXFLRQDOLGDG
• &UHDU OD $VLJQDFLyQ 8QLYHUVDO SDUD $GXOWRV 0D\RUHV GLULJLGD D ORV H[FOXLGRV GHO VLVWHPD
SUHYLVLRQDOFRQXQDSUHVWDFLyQGHILQLGDUHVSHFWRGHODFDQDVWDEiVLFDWRWDO
• 'HVDUUROODUSROtWLFDVHVSHFtILFDVFRPSOHPHQWDULDV\DUWLFXODGDVFRQODVGHO,QVWLWXWR1DFLRQDO
GH6HUYLFLRV6RFLDOHVSDUD-XELODGRV\3HQVLRQDGRV FRQRFLGRFRPR3$0, 
• (OHYDU HO UDQJR GH OD 'LUHFFLyQ 1DFLRQDO GH $GXOWRV 0D\RUHV ',1$3$0  )RUWDOHFHU HO
&RQVHMR )HGHUDO GH $GXOWRV 0D\RUHV HQ SDUWLFXODU UHVSHFWR GH VX URO FRPR iPELWR GH
GLVFXVLyQ \ DFXHUGR DFHUFD GHO GLVHxR \ OD LPSOHPHQWDFLyQ GH OD OHJLVODFLyQ TXH UHJXOD HO
FXLGDGRGHHVWHJUXSRGHODSREODFLyQ

  'HVHPSOHDGRVHLQIRUPDOHVLQWHJUDUSROtWLFDVSDUDOD
UHLQVHUFLyQODERUDO\ODQRUPDWLYDSDUDHYLWDUGLVFULPLQDFLyQ
• 3URPRYHUODLQWHJUDFLyQ\DPSOLDFLyQGHO6HJXURGH&DSDFLWDFLyQ\(PSOHR\GHO6HJXURSRU
'HVHPSOHR 3URIXQGL]DU ODV SROtWLFDV GHO 0LQLVWHULR GH 7UDEDMR (PSOHR \ 6HJXULGDG 6RFLDO
SDUDSURWHJHUDWUDEDMDGRUHVLQIRUPDOHV
• 6DQFLRQDU XQD OH\ TXH SURKtED OD GLVFULPLQDFLyQ HQ ODV E~VTXHGDV ODERUDOHV \ JHQHUDU
LQFHQWLYRVSDUDORJUDUXQFDPELRHQODFXOWXUDRUJDQL]DFLRQDOGHUHFOXWDPLHQWR
• )RUWDOHFHUOD6HFUHWDUtDGH(PSOHRFRPRUHFWRUtDWHPiWLFD

  (VWDEOHFHUDO³FXLGDGR´FRPRGHUHFKRVRFLDOEiVLFR\XQLYHUVDO
• *DUDQWL]DUSRUOH\HOFXLGDGRFRPRXQGHUHFKR
• 'LVHxDU SROtWLFDV TXH FRQFLOLHQ HO FXLGDGR GH OD SREODFLyQ GHSHQGLHQWH \ ODV H[LJHQFLDV GHO
PHUFDGRODERUDO SRUHMHPSORH[WHQVLyQGHODOLFHQFLDSRUSDWHUQLGDG\PDWHUQLGDG 
• *DUDQWL]DU ELHQHV \ VHUYLFLRV XQLYHUVDOHV HQ LQIUDHVWUXFWXUD GHO FXLGDGR HQ SDUWLFXODU OD
HIHFWLYL]DFLyQGH/H\GH&HQWURVGH'HVDUUROOR,QIDQWLO
• ,QFRUSRUDUHVWHWHPDDODSURGXFFLyQGHHVWDGtVWLFDV

  &UHDUXQ6LVWHPDÒQLFRGH,QIRUPDFLyQSDUDODVSROtWLFDVGH
3URWHFFLyQ6RFLDO
• ,QLFLDU XQ VLVWHPD GH LQIRUPDFLyQ PRQLWRUHR \ HYDOXDFLyQ FRQ LQGLFDGRUHV VRFLRHFRQyPLFRV
UHOHYDQWHVUHJLVWUR~QLFRGHWLWXODUHVHLQIRUPDFLyQVREUHODHMHFXFLyQGHORVSURJUDPDVVRFLDOHV
• 3URPRYHU XQD UHIRUPD GH ORV VLVWHPDV DGPLQLVWUDWLYRV SDUD IRUWDOHFHU \ WUDQVSDUHQWDU OD
JHVWLyQGHORVDFWXDOHVSURFHVRVLQWHUQRV

  3URPRYHUXQD/H\1DFLRQDOGH3URWHFFLyQ6RFLDO,QWHJUDO
\)HGHUDO
• &UHDUXQPDUFRQRUPDWLYRTXHGHILQDHOUXPERHVWUDWpJLFRGHODSURWHFFLyQVRFLDO(QSDUWLFXODU
TXHD HVWDEOH]FDODREOLJDFLyQGHO(VWDGRQDFLRQDOGHJDUDQWL]DUXQLQJUHVRHQFDGDKRJDUTXH
VHD VXILFLHQWH SDUD IDFLOLWDU OD VDOLGD GH OD SREUH]D SRU LQJUHVRV E  JDUDQWLFH FDOLGDG HQ OD
DWHQFLyQGHODVSUREOHPiWLFDVHVSHFtILFDVGHJUXSRVYXOQHUDEOHVF IRPHQWHODDUWLFXODFLyQFRQ
ORViPELWRVVHFWRULDOHVHQFDUJDGRVGHODSURPRFLyQVRFLDO\HOIRUWDOHFLPLHQWRGHOFDSLWDOKXPDQR
SDUDJDUDQWL]DUXQDERUGDMHLQWHJUDOGHODVSROtWLFDVVRFLDOHV


&(3$/6HULH3ROtWLFDVVRFLDOHV1ƒ 3URWHFFLyQVRFLDOHQOD$UJHQWLQD

• 




6HULH


SROtWLFDVVRFLDOHV

1~PHURVSXEOLFDGRV

8QOLVWDGRFRPSOHWRDVtFRPRORVDUFKLYRVSGIHVWiQGLVSRQLEOHVHQ
ZZZFHSDORUJSXEOLFDFLRQHV

 )DELDQ5HSHWWR)HUQDQGD3RWHQ]D'DO0DVHWWR³3URWHFFLyQVRFLDOHQOD$UJHQWLQD´ /&/ 


 5RGULJR0DUWtQH]\$PDOLD3DOPD³$YDQFHVHQHO3ULPHU2EMHWLYRGH'HVDUUROORGHO0LOHQLRHLQYHUVLyQVRFLDO´ /&/ 
 0DULR %UXQ ³/DV WHFQRORJtDV GH OD LQIRUPDFLyQ \ ODV FRPXQLFDFLRQHV HQ OD IRUPDFLyQ LQLFLDO GRFHQWH GH $PpULFD /DWLQD´
/&/ 
 - (QULTXH +LQRVWUR]D &KULVWLDQ /DEEp ³3ROtWLFDV \ SUiFWLFDV GH ODV WHFQRORJtDV GH OD LQIRUPDFLyQ \ ODV FRPXQLFDFLRQHV HQ
HGXFDFLyQHQSDtVHVGH$PpULFD/DWLQD\(O&DULEH´ /&/3 1~PHURGHYHQWD6,,* 86 
 /X] ÈQJHOD 5RGUtJXH] (VFREDU 0DUtD (OLVD %HUQDO \ /XLV 0DXULFLR &XHUYR ³,QQRYDFLyQ VRFLDO \ GHVDUUROOR HFRQyPLFR ORFDO´
/&/3 1~PHURGHYHQWD6,,* 86 
 *XLOOHUPR 6XQNHO 'DQLHOD 7UXFFR \ 6HEDVWLiQ 0|OOHU ³$SUHQGHU \ HQVHxDU FRQ ODV WHFQRORJtDV GH OD LQIRUPDFLyQ \ ODV
FRPXQLFDFLRQHVHQ$PpULFD/DWLQDSRWHQFLDOHVEHQHILFLRV´ /&/3 1~PHURGHYHQWD6,,* 86 
 -DYLHU&DUQLFHUR\'DYLG5RMDV³$SOLFDFLyQGHODVWHFQRORJtDVGHODLQIRUPDFLyQ\ODVFRPXQLFDFLRQHVHQORVVLVWHPDVGHVDOXGGH
%pOJLFD'LQDPDUFD(VSDxD5HLQR8QLGR\6XHFLD´ /&/3 1~PHURGHYHQWD6,,* 86 
 *XLOOHUPR 6XQNHO \ 'DQLHOD 7UXFFR ³1XHYDV WHFQRORJtDV GH OD LQIRUPDFLyQ \ OD FRPXQLFDFLyQ SDUD OD HGXFDFLyQ HQ $PHULFD
/DWLQD5LHVJRV\RSRUWXQLGDGHV´ /&/3 1~PHURGHYHQWD6,,* 86 
 5XEpQ .D]WPDQ ³,PSDFWR 6RFLDO GH OD LQFRUSRUDFLyQ GH ODV 7,& HQ HO VLVWHPD HGXFDWLYR´ /&/3  1~PHUR GH YHQWD
6,,* 86 
 $QGUpV)HUQiQGH](QULTXH2YLHGR³7HFQRORJtDVGHODLQIRUPDFLyQ\ODFRPXQLFDFLyQHQHOVHFWRUVDOXGRSRUWXQLGDGHV\GHVDItRV
SDUDUHGXFLULQHTXLGDGHVHQ$PpULFD/DWLQD\HO&DULEH´ /&/3 1~PHURGHYHQWD6,,* 86 
 $OHMDQGUR 0RUODFKHWWL ³/HJLVODFLRQHV QDFLRQDOHV \ GHUHFKRV VRFLDOHV HQ $PpULFD /DWLQD $QiOLVLV FRPSDUDGR KDFLD OD
VXSHUDFLyQGHODSREUH]DLQIDQWLO´ /&/3 1~PHURGHYHQWD6,,* 86 
 0DUFHOD &HUUXWWL \ $OLFLD 0DJXLG ³)DPLOLDV GLYLGLGDV \ FDGHQDV JOREDOHV GH FXLGDGR OD PLJUDFLyQ GH VXGDPHULFDQRV D
(VSDxD´ /&/3 1~PHURGHYHQWD6,,* 86 
 $OH[LV 5RGUtJXH] 0RMLFD ³3URJUDPD GH WUDQVIHUHQFLDV FRQGLFLRQDGDV SROtWLFDV VRFLDOHV \ FRPEDWH D OD SREUH]D HQ 3DQDPi´
/&/3 1~PHURGHYHQWD6,,* 86 
 *ORULD 0 5XELR \ )UDQFLVFR *DUILDV ³$QiOLVLV FRPSDUDWLYR VREUH ORV SURJUDPDV SDUD DGXOWRV PD\RUHV HQ 0p[LFR´
/&/3 1~PHURGHYHQWD6,,* 86 
 ,VDEHO5RPiQ³6XVWHQWDELOLGDGGHORVSURJUDPDVGHWUDQVIHUHQFLDVFRQGLFLRQDGDVODH[SHULHQFLDGHO,QVWLWXWR0L[WRGH$\XGD
6RFLDO\³$YDQFHPRV´HQ&RVWD5LFD´ /&/3 1~PHURGHYHQWD6,,* 86 
 /DXUD 3DXWDVVL &DUOD =LEHFFKL ³/D SURYLVLyQ GH FXLGDGR \ OD VXSHUDFLyQ GH OD SREUH]D LQIDQWLO 3URJUDPDV GH WUDQVIHUHQFLDV
FRQGLFLRQDGDV HQ $UJHQWLQD \ HO SDSHO GH ODV RUJDQL]DFLRQHV VRFLDOHV \ FRPXQLWDULDV´ /&/3  1~PHUR GH YHQWD
6,,* 86 


• (OOHFWRULQWHUHVDGRHQDGTXLULUQ~PHURVDQWHULRUHVGHHVWDVHULHSXHGHVROLFLWDUORVGLULJLHQGRVXFRUUHVSRQGHQFLDDOD8QLGDGGH
'LVWULEXFLyQ&(3$/&DVLOOD'6DQWLDJR&KLOH)D[  FRUUHRHOHFWUyQLFRSXEOLFDWLRQV#FHSDORUJ


 1RPEUH

 $FWLYLGDG

 'LUHFFLyQ

 &yGLJRSRVWDOFLXGDGSDtV

 7HO)D[(PDLO





También podría gustarte