7RPR'&/, 1R 0P (LFR') Oxqhvghmxqlrgh

7RPR'&/;,; 1R 0p[LFR')OXQHVGHMXQLRGH

&217(1,'2
6HFUHWDUtDGHOD'HIHQVD1DFLRQDO
6HFUHWDUtDGH6HJXULGDG3~EOLFD
6HFUHWDUtDGH'HVDUUROOR6RFLDO
6HFUHWDUtDGH(QHUJtD
6HFUHWDUtDGH(FRQRPtD
6HFUHWDUtDGHOD)XQFLyQ3~EOLFD
6HFUHWDUtDGH6DOXG
6HFUHWDUtDGHOD5HIRUPD$JUDULD
%DQFRGH0p[LFR
,QVWLWXWR)HGHUDO(OHFWRUDO
$YLVRV
,QGLFHHQSiJLQD
(-(03/$5
3ULPHUD6HFFLyQ ',$5,22),&,$/ /XQHVGHMXQLRGH
32'(5(-(&87,92
6(&5(7$5,$'(/$'()(16$1$&,21$/
'(&5(72TXHUHIRUPD\GHURJDGLYHUVDVGLVSRVLFLRQHVGHO5HJODPHQWRGHOD/H\GH$VFHQVRV\5HFRPSHQVDVGHO
(MpUFLWR\)XHU]D$pUHD0H[LFDQRV
$O PDUJHQ XQ VHOOR FRQ HO (VFXGR 1DFLRQDO TXH GLFH (VWDGRV 8QLGRV 0H[LFDQRV 3UHVLGHQFLD
GHOD5HS~EOLFD
)(/,3('(-(6Ò6&$/'(5Ï1+,12-26$3UHVLGHQWHGHORV(VWDGRV8QLGRV0H[LFDQRVHQHMHUFLFLR
GH OD IDFXOWDG TXH PH FRQILHUH HO DUWtFXOR IUDFFLyQ , GH OD &RQVWLWXFLyQ 3ROtWLFD GH ORV (VWDGRV 8QLGRV
0H[LFDQRV\FRQIXQGDPHQWRHQORVDUWtFXORVGHOD/H\2UJiQLFDGHOD$GPLQLVWUDFLyQ3~EOLFD)HGHUDO\
RIUDFFLRQHV9,,,,;\;,IUDFFLyQ,IUDFFLyQ9,IUDFFLRQHV,\,9IUDFFLyQ
9\SiUUDIRVHJXQGR\GHOD/H\GH$VFHQVRV\5HFRPSHQVDVGHO(MpUFLWR\)XHU]D$pUHD0H[LFDQRV
KHWHQLGRDELHQH[SHGLUHOVLJXLHQWH
'(&5(7248(5()250$<'(52*$',9(56$6',6326,&,21(6
'(/5(*/$0(172'(/$/(<'($6&(1626<5(&203(16$6
'(/(-e5&,72<)8(5=$$e5($0(;,&$126
$57Ë&8/2Ò1,&26HUHIRUPDQORVDUWtFXORV\\ODVIUDFFLRQHV,\,9GHODUWtFXOR\VH
GHURJDQODVIUDFFLRQHV9SDUDTXHGDUFRPRSiUUDIRVHJXQGR\9,GHODUWtFXORGHO5HJODPHQWRGHOD/H\
GH$VFHQVRV\5HFRPSHQVDVGHO(MpUFLWR\)XHU]D$pUHD0H[LFDQRVSDUDTXHGDUFRPRVLJXH
³$UWtFXOR (Q HO iUHD REMHWLYD VH FRQVROLGDUi OD SXQWXDFLyQ TXH VH REWHQJD GH OD UHYLVLyQ GHO
H[SHGLHQWH GH FDGD XQR GH ORV SDUWLFLSDQWHV (VWRV DVSHFWRV GHILQLGRV \ IiFLOPHQWH PHQVXUDEOHV VHUiQ
LQVHUWDGRVHQHOIRUPDWRGHODKRMDLQGLYLGXDOGHQRPLQDGD³3XQWXDFLyQREMHWLYD´GHOVLVWHPDFRPSXWDUL]DGRGH
OD3URPRFLyQ6XSHULRUODFXDOFRQVLGHUDUiORVVLJXLHQWHVSDUiPHWURV
, $VSHFWRVSRVLWLYRV
$ $VFHQVRVWLHPSRGHVHUYLFLRV\DQWLJHGDGHQHOHPSOHR
D 6H RWRUJDUiQ SXQWRV D ORV SDUWLFLSDQWHV SRU FDGD DVFHQVR TXH KD\DQ WHQLGR GHVGH
7HQLHQWHD7HQLHQWH&RURQHO
E 6HDVLJQDUiSXQWXDFLyQSRUODDQWLJHGDGHQHOJUDGRTXHWHQJDHOSDUWLFLSDQWHDOPRPHQWR
GHODHYDOXDFLyQHQIXQFLyQGHVXRSRUWXQLGDGGHSDUWLFLSDFLyQ\SRUHOWRWDOGHOWLHPSRGH
VHUYLFLRV SUHVWDGRVHQHO(MpUFLWR \)XHU]D$pUHD0H[LFDQRVGHDFXHUGRDORVVLJXLHQWHV
YDORUHVGHUHIHUHQFLD
2325781,'$''(3$57,&,3$&,Ï1 381726
$
$17,*h('$'
$
(1(/*5$'2
$
$Ï0È6
$f26
&$62'(81*(1(5$/'( 381726
%5,*$'$2'($/$
7,(032'(
6(59,&,26

Ï0È6

F 6HUiQ UHVWDGRV SXQWRV SRU FDGD DVFHQVR TXH HO SDUWLFLSDQWH KD\D REWHQLGR IXHUD GH
SURPRFLyQRVLQWHQHUODDQWLJHGDGHQHOJUDGRTXHOD/H\HVWDEOHFHFRPRUHTXLVLWRSDUD
FDGDMHUDUTXtDFRQH[FHSFLyQGHORVRWRUJDGRVFRQIRUPHDORHVWDEOHFLGRHQHODUWtFXOR
GHODPLVPD
/XQHVGHMXQLRGH ',$5,22),&,$/ 3ULPHUD6HFFLyQ
% &DUJRV\FRPLVLRQHVGHVHPSHxDGRV
6HFDOLILFDUiQORVFDUJRVTXHHOSDUWLFLSDQWHKD\DGHVHPSHxDGRHQODVXQLGDGHVGHSHQGHQFLDV
H LQVWDODFLRQHV GHO (MpUFLWR \ )XHU]D $pUHD YDULDQGR OD SXQWXDFLyQ GH DFXHUGR FRQ HO QLYHO GH
UHVSRQVDELOLGDG GHO FDUJR R FRPLVLyQ \ HO SHULRGR GHVHPSHxDGR GHVGH OD MHUDUTXtD GH
6XEWHQLHQWHKDVWDODTXHWHQJDDOPRPHQWRGHODHYDOXDFLyQGHDFXHUGRDORVVLJXLHQWHVYDORUHV
GHUHIHUHQFLD
&$5*26<&20,6,21(6'(6(03(f$'26 $f26 381726
&$'(7(
(1&8$'5$'2(181,'$'(6
,16758&725'(0$7(5,$67È&7,&$6
2),&,$/(678',$17((13/$17(/1$&,21$/
&20$1'$17('(&203$fË$(6&8$'5Ï12%$7(5Ë$
-()( '( 6(&&,Ï1 '( (67$'2 0$<25 '( %5,*$'$
&8(532'((-e5&,72=21$25(*,Ï10,/,7$5
-()( '( 6(&&,Ï1 '( ,16758&&,Ï1 ,1)250$&,Ï1 <
23(5$&,21(6 2 6(&&,Ï1 '( 3(5621$/
$%$67(&,0,(1726<$<8'$17Ë$
$<8'$17(*(1(5$/'(/$/720$1'2
68%-()('((67$'20$<25'(=21$0,/,7$5
$*5(*$'20,/,7$5$'-8172
-()( '( 68%6(&&,Ï1 '(/ (67$'2 0$<25 '( /$
'()(16$1$&,21$/
&20$1'$17('(&25325$&,Ï1
$<8'$17(*(1(5$/'(/+(52,&2&2/(*,20,/,7$5
*(1(5$/ (1 ,16758&&,Ï1 (1 (/ &2/(*,2 '(
'()(16$1$&,21$/
-()('(6(&&,Ï1'(/(67$'20$<25'(/$'()(16$
1$&,21$/
&20$1'$17('(*8$51,&,Ï1
&20$1'$17('(=21$0,/,7$5
$*5(*$'20,/,7$57,78/$5

/D &RPLVLyQ GH (YDOXDFLyQ SRGUi GHWHUPLQDU OD SXQWXDFLyQ SDUD ORV FDUJRV R FRPLVLRQHV QR
UHIHULGRV HQ OD WDEOD DQWHULRU FRQVLGHUDQGR HO QLYHO GH UHVSRQVDELOLGDG \ HO SHULRGR GH
GHVHPSHxR
& 3UHSDUDFLyQSURIHVLRQDO
D 'H FRQIRUPLGDG FRQ HO DUWtFXOR IUDFFLyQ 9 GH OD /H\ VH FRQVLGHUDUiQ ORV FXUVRV GH
IRUPDFLyQ DSOLFDFLyQ FDSDFLWDFLyQ DFWXDOL]DFLyQ HVSHFLDOL]DFLyQ SHUIHFFLRQDPLHQWR R
VXSHULRUHVORVFXDOHVVHHVSHFLILFDQHQHO3ODQ*HQHUDOGH(GXFDFLyQ0LOLWDU
E 7DPELpQVHWRPDUiQHQFXHQWDORVFXUVRVGHFDSDFLWDFLyQSHUIHFFLRQDPLHQWRRVXSHULRUHV
UHDOL]DGRVHQHOSDtVRHQHOH[WUDQMHURVLHPSUH\FXDQGRHQDPERVFDVRVVHUHODFLRQHQ
FRQ HO DUPD VHUYLFLR R HVSHFLDOLGDG GH TXLHQ ORV HIHFW~H 5HVSHFWR D ORV FXUVRV FLYLOHV
pVWRV GHEHUiQ HQFRQWUDUVH UHJLVWUDGRV HQ OD 'LUHFFLyQ *HQHUDO GH (GXFDFLyQ 0LOLWDU \
5HFWRUtDGHO(MpUFLWR\)XHU]D$pUHD
F $VLPLVPRVHRWRUJDUiQSXQWRVDGLFLRQDOHVDOSHUVRQDOTXHDFUHGLWHKDEHUREWHQLGRXQRGH
ORVWUHVSULPHURVOXJDUHVHQFXUVRVQDFLRQDOHVRHQHOH[WUDQMHUR
7RGRORDQWHULRUGHDFXHUGRDORVVLJXLHQWHVYDORUHVGHUHIHUHQFLD
35(3$5$&,Ï1352)(6,21$/ 381726
&8562'()250$&,Ï1'(2),&,$/(6
35,0(5/8*$5(1(/&8562'()250$&,Ï1'(2),&,$/(6
&8562'($3/,&$&,Ï12&$3$&,7$&,Ï1
3(5)(&&,21$0,(172 '(/ &8562 683(5,25 '( /$6 $50$6 <

6(59,&,26
&8562 '( $&78$/,=$&,Ï1 '( /26 ,03$57,'26 (1 (/ &(1752 '(
(678',26'(/(-e5&,72<)8(5=$$e5($
&85626 683(5,25(6 '( 0$1'2 < (67$'2 0$<25 0e',&2

0,/,7$5 0,/,7$5 '( ,1*(1,(526 0,/,7$5 '( 2'2172/2*Ë$
,1*(1,(526(175$160,6,21(60,/,7$5(6<0(7(25Ï/2*2
6(*81'2 /8*$5 (1 (/ &8562 683(5,25 '( 0$1'2 < (67$'2
0$<25 0e',&2 0,/,7$5 0,/,7$5 '( ,1*(1,(526 0,/,7$5 '(
2'2172/2*Ë$ ,1*(1,(526 (1 75$160,6,21(6 0,/,7$5(6 <
0(7(25Ï/2*2
&85620,/,7$5(1(/(;75$1-(52'($3/,&$&,Ï1&$3$&,7$&,Ï1
$&78$/,=$&,Ï1<(63(&,$/,=$&,Ï1
&8562 0,/,7$5 (1 (/ (;75$1-(52 '( 3(5)(&&,21$0,(172 '(

(67$'20$<25
&8562 0,/,7$5 683(5,25 (1 (/ (;75$1-(52 '( /,&(1&,$785$

0$(675Ë$<'2&725$'2(67$'20$<25&21-8172<&2/(*,2'(
'()(16$
7(5&(5 /8*$5 (1 (/ &8562 0,/,7$5 683(5,25 (1 (/

(;75$1-(52
&85626 '( (63(&,$/,=$&,Ï1 &8562 683(5,25 '( *8(55$

(63(&,$/,'$'(6 0e',&$6 '( /$ (6&8(/$ 0,/,7$5 '( *5$'8$'26
'(6$1,'$'
(678',26 &,9,/(6 3$5$ &$3$&,7$&,Ï1 $&78$/,=$&,Ï1 7e&1,&26

2'((63(&,$/,=$&,Ï1
(678',26&,9,/(6'(/,&(1&,$785$2326*5$'2
&8562 '( $'0,1,675$&,Ï1 3$5$ /$ 6(*85,'$' < '()(16$

1$&,21$/(6 2 &8562 '( 0$1'2 683(5,25 '( 6(*85,'$'
1$&,21$/'(/&(1752'((678',26683(5,25(61$9$/(6

G 3RU RWUD SDUWH VH UHVWDUiQ SXQWRV SRU ODV UHQXQFLDV D ORV FXUVRV GHVLJQDGRV SRU OD
6HFUHWDUtD
' 5HFRPSHQVDVPLOLWDUHV
6HUiQWRPDGDVHQFXHQWDODVUHFRPSHQVDVPLOLWDUHVQDFLRQDOHVSUHYLVWDVHQOD/H\DWHQGLHQGR
DO KHURtVPR FDSDFLGDG SURIHVLRQDO VHUYLFLRV D OD SDWULD \ GHPiV KHFKRV PHULWRULRV GH ORV
SDUWLFLSDQWHV RWRUJiQGRVH SXQWRV SDUD ODV &RQGHFRUDFLRQHV GH 3HUVHYHUDQFLD 9DORU +HURLFR
0pULWR0LOLWDU7pFQLFR)DFXOWDWLYR'RFHQWH'HSRUWLYR\HQOD&DPSDxD&RQWUDHO1DUFRWUiILFR
GH 6HUYLFLRV 'LVWLQJXLGRV GH OD /HJLyQ GH +RQRU 0HQFLRQHV +RQRUtILFDV 'LVWLQFLRQHV \
&LWDFLRQHVGHDFXHUGRDORVVLJXLHQWHVYDORUHVGHUHIHUHQFLD
5(&203(16$60,/,7$5(6 381726
3(56(9(5$1&,$$&/$6(
3(56(9(5$1&,$$&/$6(
3(56(9(5$1&,$$&/$6(
3(56(9(5$1&,$$&/$6(
0e5,720,/,7$5
0e5,72(1/$&$03$f$&2175$(/1$5&275È),&2$&/$6(
/(*,Ï1'(+2125
6(59,&,26',67,1*8,'26
',67,1&,21(6
&,7$&,21(6

,, $VSHFWRVQHJDWLYRV
$ &RUUHFWLYRVGLVFLSOLQDULRV
/RV FRUUHFWLYRV LPSXHVWRV GXUDQWH ORV ~OWLPRV VHLV DxRV GH OD FDUUHUD GHO PLOLWDU LQFOX\HQGR
DTXpOHQTXHSDUWLFLSHHQOD3URPRFLyQ6XSHULRUVHUiQFDOLILFDGRVFRQSXQWRVQHJDWLYRVSRUGtD
HQ HO FDVR GH ORV DUUHVWRV R SRU HYHQWR FXDQGR VH WUDWH GH DPRQHVWDFLRQHV GH DFXHUGR D ORV
VLJXLHQWHVYDORUHVGHUHIHUHQFLD
&255(&7,926',6&,3/,1$5,26 381726
$55(672'(0$<25
$55(672'(&2521(/
$55(672'(*(1(5$/%5,*$',(52'(*5832
$021(67$&,Ï1'(&2521(/
$021(67$&,Ï1'(*(1(5$/%5,*$',(52'(*5832
$021(67$&,Ï1'(*(1(5$/'(%5,*$'$2'($/$

% 3URFHVRVSHQDOHV
D /RVSURFHVRVSHQDOHVVHVDQFLRQDUiQFRQIRUPHDODMHUDUTXtDTXHRVWHQWDEDHOSDUWLFLSDQWH
HQ HO PRPHQWR GH FRPHWHU HO LOtFLWR \ GH DFXHUGR FRQ ODV UHVROXFLRQHV GHO MXH] R ORV
WULEXQDOHV PLOLWDUHV RWRUJDQGR SXQWXDFLyQ QHJDWLYD SRU FDGD UHWLUR GH DFFLyQ SHQDO R
VHQWHQFLDFRQGHQDWRULDGHDFXHUGRDORVVLJXLHQWHVYDORUHVGHUHIHUHQFLD
352&(6263(1$/(6 381726
7(1,(17(&2521(/&215(7,52'(/$$&&,Ï13(1$/
&2521(/&216(17(1&,$&21'(1$725,$
*(1(5$/ '( %5,*$'$ 2 '( $/$ &21 6(17(1&,$

&21'(1$725,$

E 1RVHUiQVDQFLRQDGRVORVSURFHVRVSHQDOHVFXDQGRHOSDUWLFLSDQWHREWHQJDVXOLEHUWDGSRU
VHQWHQFLDDEVROXWRULD
& &DPELRVGHDGVFULSFLyQSRUFRQYHQLUDOEXHQVHUYLFLR
(VWHWLSR GH LQFLGHQWHVVH HYDOXDUiQFRQSXQWRVQHJDWLYRVFRQVLGHUDQGR ORVRFXUULGRVGXUDQWH
ORV~OWLPRVVHLVDxRVLQFOX\HQGRDTXpOHQTXHSDUWLFLSHHQOD3URPRFLyQ6XSHULRUDVtFRPROD
MHUDUTXtD TXH WHQtD HO SDUWLFLSDQWH HQ HO PRPHQWR GH SURGXFLUVH HO FDPELR GH DGVFULSFLyQ GH
DFXHUGRDORVVLJXLHQWHVYDORUHVGHUHIHUHQFLD
&$0%,26'($'6&5,3&,Ï1325&219(1,5$/%8(16(59,&,2 381726
&$0%,2'(0$<25
&$0%,2'(&2521(/
&$0%,2'(*(1(5$/%5,*$',(52'(*5832
&$0%,2'(*(1(5$/'(%5,*$'$2'($/$

' &RQGXFWDPLOLWDU\FLYLO
3DUD HYDOXDU OD FRQGXFWD PLOLWDU \ FLYLO HQ ODV MHUDUTXtDV GH *HQHUDO R -HIH VH WRPDUi FRPR
UHIHUHQFLD OD LQIRUPDFLyQ DVHQWDGD HQ ODV KRMDV GH DFWXDFLyQ \ FHUWLILFDGRV GH FRQGXFWD GH ORV
~OWLPRVVHLVDxRVLQFOX\HQGRDTXpOHQTXHSDUWLFLSHHQOD3URPRFLyQ6XSHULRUTXHREUHQHQORV
H[SHGLHQWHV SHUVRQDOHV DVLJQiQGRVH SXQWXDFLyQ QHJDWLYD SRU FDGD FRQGXFWD PDOD R UHJXODU
TXHWHQJDHOSDUWLFLSDQWHGHDFXHUGRDORVVLJXLHQWHVYDORUHVGHUHIHUHQFLD
&21'8&7$0,/,7$5<&,9,/ 381726
0$/$&21'8&7$0,/,7$5<&,9,/'(7(1,(17(&2521(/
5(*8/$5&21'8&7$0,/,7$5<&,9,/'(&2521(/
0$/$ &21'8&7$ 0,/,7$5 < &,9,/ '( *(1(5$/ %5,*$',(5 2 '(
*5832
5(*8/$5&21'8&7$0,/,7$5<&,9,/'(*(1(5$/%5,*$',(52'(
*5832

( &RQFHSWRVSDUWLFXODUHVQHJDWLYRV
'H FRQIRUPLGDG FRQ OD LQIRUPDFLyQ DVHQWDGD HQ ODV KRMDV GH DFWXDFLyQ \ GHPiV GRFXPHQWRV
TXH REUHQ HQ ORV H[SHGLHQWHV SHUVRQDOHV VH DVLJQDUi SXQWXDFLyQ QHJDWLYD SRU FDGD FRQFHSWR
QHJDWLYR HPLWLGR SRU VX UHVSHFWLYR FRPDQGDQWH \ UHJLVWUDGR GXUDQWH ORV ~OWLPRV VHLV DxRV
LQFOX\HQGRDTXpOHQTXHSDUWLFLSHHQOD3URPRFLyQ6XSHULRUGHDFXHUGRDORVVLJXLHQWHVYDORUHV
GHUHIHUHQFLD
&21&(37263$57,&8/$5(61(*$7,926 381726
&21&(3723$57,&8/$51(*$7,92'(0$<25
&21&(3723$57,&8/$51(*$7,92'(&2521(/
&21&(3723$57,&8/$51(*$7,92'(*(1(5$/'(%5,*$'$

) /LFHQFLDVLOLPLWDGDVRHVSHFLDOHV
/DV OLFHQFLDV LOLPLWDGDV R HVSHFLDOHV TXH H[FHGDQ GH VHLV PHVHV HQ XQ SHULRGR GH VHLV DxRV
LQFOX\HQGR DTXpO HQ TXH SDUWLFLSH HQ OD 3URPRFLyQ 6XSHULRU VH FRQWDELOL]DUiQ FRQ SXQWRV
QHJDWLYRVGHDFXHUGRDORVVLJXLHQWHVYDORUHVGHUHIHUHQFLD
/,&(1&,$6,/,0,7$'$62(63(&,$/(6 381726
/,&(1&,$,/,0,7$'$'(0(6(6
/,&(1&,$,/,0,7$'$'(0(6(6
/,&(1&,$(63(&,$/'(0(6(6

(OVLVWHPDFRPSXWDUL]DGRGHOD3URPRFLyQ6XSHULRUVXPDUiHQIRUPDDXWRPDWL]DGDORVDVSHFWRVSRVLWLYRV
\UHVWDUiORVQHJDWLYRVGDQGRFRPRUHVXOWDGRODSXQWXDFLyQREMHWLYDGHOSDUWLFLSDQWH
³$UWtFXOR(QHOiUHDGHDQiOLVLV\FRQVXOWDVHHVWXGLDDQDOL]DYDORUD\FRPSOHPHQWDHOiUHDREMHWLYD
FRQ EDVH HQ OD DSWLWXG SURIHVLRQDO FRQGXFWD PLOLWDU \ FLYLO \ DFWXDFLyQ PLOLWDU HQ JHQHUDO GLVSRQLHQGR OD
&RPLVLyQ GH (YDOXDFLyQ GH XQ UDQJR GH SXQWRV SRVLWLYRV D SXQWRV QHJDWLYRV SDUD RWRUJDU OD
FDOLILFDFLyQFRQVLGHUDQGRORVVLJXLHQWHVDVSHFWRV
, $VSHFWRVSRVLWLYRV
$ &RQWLQXLGDGHQODFDUUHUDPLOLWDU
/D &RPLVLyQ GH (YDOXDFLyQ RWRUJDUi XQD FDOLILFDFLyQ Pi[LPD GH SXQWRV DVLJQDQGR YDORUHV
GH OD VLJXLHQWH IRUPD ORV SDUWLFLSDQWHV FRQ DxRV GH DQWLJHGDG HQ HO JUDGR LQLFLDUiQ FRQ
SXQWRV\ORVGHVHJXQGDRSRVWHULRUSDUWLFLSDFLyQLQLFLDUiQFRQSXQWRV
% 3UHSDUDFLyQSURIHVLRQDO
/D &RPLVLyQ GH (YDOXDFLyQ RWRUJDUi XQD SXQWXDFLyQ Pi[LPD GH SXQWRV SRU ORV FXUVRV
PLOLWDUHV\FLYLOHVHIHFWXDGRVSRUHOSDUWLFLSDQWHHQHOSDtV\HQHOH[WUDQMHURHQWRGDVXFDUUHUD
PLOLWDU DVLJQDQGR PD\RU YDORU D ORV FRQWHPSODGRV HQ OD UXWD SURIHVLRQDO PLOLWDU FRQVLGHUDQGR
~QLFDPHQWHODSXQWXDFLyQGHO~OWLPRFXUVRGHODIRUPDVLJXLHQWH
D $OFXUVRGHIRUPDFLyQGHRILFLDOHVSXQWRV
E $OFXUVRGHDSOLFDFLyQSXQWRV
F $OFXUVRGHFDSDFLWDFLyQRDFWXDOL]DFLyQSXQWRV
G $ORVHVWXGLRVGHQLYHOOLFHQFLDWXUDSXQWRV
H $O&XUVR6XSHULRUGH*XHUUDSXQWRV\
I $OD0DHVWUtDHQ$GPLQLVWUDFLyQ0LOLWDUSDUDOD6HJXULGDG\'HIHQVD1DFLRQDOHVSXQWRV
& $FWLYLGDGHVPLOLWDUHVVLJQLILFDWLYDV
/D &RPLVLyQ GH (YDOXDFLyQ RWRUJDUi XQD SXQWXDFLyQ Pi[LPD GH SXQWRV GH OD VLJXLHQWH
IRUPD
D 3RUFDGDKHFKRGHDUPDVSXQWRV
E 3RUFDGDSDUWLFLSDFLyQGHVWDFDGDHQHO3ODQ'1,,,(SXQWRV
F 3RUFDGDDVHJXUDPLHQWRLPSRUWDQWHSXQWRV\
G 3RUFDGDUHVXOWDGRUHOHYDQWHHQRSHUDFLRQHVSXQWRV
(QHVWHUXEURVHYDORUDUiQODVGLIHUHQWHVDFWLYLGDGHVPLOLWDUHVVLJQLILFDWLYDVTXHVHDQDFUHGLWDGDV
SRUORVSDUWLFLSDQWHVGXUDQWHWRGDVXFDUUHUDPLOLWDU
' 9DULHGDGGHFDUJRV
/D &RPLVLyQ GH (YDOXDFLyQ DQDOL]DUi ORV FDUJRV HMHUFLGRV HQ OD MHUDUTXtD TXH WHQJD HO
SDUWLFLSDQWH DO PRPHQWR GH OD HYDOXDFLyQ \ OD LQPHGLDWD DQWHULRU FRQVLGHUDQGR HO SHULRGR GH
GXUDFLyQ OD LPSRUWDQFLD \ HO GHVHPSHxR REVHUYDGR HQ HO FDUJR R FRPLVLyQ RWRUJDQGR FRPR
Pi[LPRSXQWRVFRPRVLJXH
D (QXQLGDGHVSXQWRV
E (QHVWDGRVPD\RUHVSXQWRV
F (QSODQWHOHVPLOLWDUHVSXQWRVH[FHSWRDOXPQRV
G &RPRDJUHJDGRVPLOLWDUHV\DpUHRVSXQWRV\
H (QGHSHQGHQFLDVSXQWRV
$O -HIH 6XEMHIHV -HIHV GH 6HFFLyQ \ -HIHV GH 6XEVHFFLyQ GHO (VWDGR 0D\RU GH OD 'HIHQVD
1DFLRQDO \ GHO (VWDGR 0D\RU GH OD )XHU]D $pUHD VH OHV VXPDUiQ SXQWRV SRU FDGD DxR
GHVHPSHxDGRHQGLFKRVFDUJRV
/D &RPLVLyQ GH (YDOXDFLyQ SRGUi GHWHUPLQDU OD SXQWXDFLyQ SDUD ORV FDUJRV R FRPLVLRQHV QR
UHIHULGRV HQ HO SUHVHQWH LQFLVR FRQVLGHUDQGR HO QLYHO GH UHVSRQVDELOLGDG GHO GHVHPSHxR \ HO
SHULRGRGHGXUDFLyQ
( 0DQGRRGLUHFFLyQ
/D &RPLVLyQ GH (YDOXDFLyQ RWRUJDUi SXQWRV SRU FDGD DxR TXH HO SDUWLFLSDQWH VH KD\D
GHVHPSHxDGR HQ HO HMHUFLFLR GHO PDQGR R GLUHFFLyQ GH ODV XQLGDGHV GHSHQGHQFLDV H
LQVWDODFLRQHV\SXQWRVSRUFDGDDxRTXHHOSDUWLFLSDQWHVHKD\DGHVHPSHxDGRFRPRVHJXQGR
FRPDQGDQWH R VXEGLUHFWRU GH ODV XQLGDGHV GHSHQGHQFLDV H LQVWDODFLRQHV VLQ UHEDVDU ORV
SXQWRV
6HVXPDUiQORVDVSHFWRVSRVLWLYRVGHOGHVHPSHxRSURIHVLRQDOORTXHDUURMDUiODFDOLILFDFLyQSDUFLDO
GHHVWRVIDFWRUHV
,, $VSHFWRVQHJDWLYRV
$ &RUUHFWLYRVGLVFLSOLQDULRV
/RV FRUUHFWLYRV GLVFLSOLQDULRV TXH VH LPSRQJDQ DO SDUWLFLSDQWH GXUDQWH ORV ~OWLPRV VHLV DxRV
LQFOX\HQGRDTXpOHQTXHSDUWLFLSHHQOD3URPRFLyQ6XSHULRUVHUiQVDQFLRQDGRVSRUOD&RPLVLyQ
GH(YDOXDFLyQVLQUHEDVDUORVSXQWRVQHJDWLYRVGHODVLJXLHQWHPDQHUD
D 3RUFDGDGtDVGHDUUHVWRTXHWHQJDHOSDUWLFLSDQWHSXQWRVQHJDWLYRV
E 7RPDQGRFRPRUHIHUHQFLDORVGtDVGHDUUHVWRSRUFDGDGtDVTXHVHLQFUHPHQWHQVH
VXPDUiQ SXQWRV QHJDWLYRV KDVWD OOHJDU D GtDV GH DUUHVWR R PiV DVLJQDQGR XQD
SXQWXDFLyQPi[LPDGHSXQWRVQHJDWLYRV
F 3RUPHQRVGHGtDVGHDUUHVWRQRKDEUiSXQWRVQHJDWLYRV\
G 3RUFDGDDPRQHVWDFLyQTXHVHOHKD\DUHDOL]DGRVHRWRUJDUiXQSXQWRQHJDWLYR
% &DPELRVGHDGVFULSFLyQ\FRQFHSWRVQHJDWLYRV
/D&RPLVLyQGH(YDOXDFLyQRWRUJDUiSXQWRVQHJDWLYRVSRUFDGDFDPELRSRUFRQYHQLUDOEXHQ
VHUYLFLRFRQFHSWRQHJDWLYR\PDODFRQGXFWDTXHWHQJDHOSDUWLFLSDQWHHQORV~OWLPRVVHLVDxRV
LQFOX\HQGRDTXpOHQTXHSDUWLFLSHHQOD3URPRFLyQ6XSHULRUDVLJQDQGRXQDSXQWXDFLyQTXHQR
UHEDVHORVSXQWRVQHJDWLYRV
3DUD WDO HIHFWR OD &RPLVLyQ GH (YDOXDFLyQ DQDOL]DUi ORV FRQFHSWRV \ QRWDV HPLWLGDV SRU ORV
FRPDQGDQWHV R GLUHFWRUHV FRQVLGHUDQGR WRGR OR UHODWLYR D OD UHSXWDFLyQ GH OD XQLGDG
HVWDEOHFLPLHQWR R GHSHQGHQFLD HO FRQVXPR GH DOFRKRO \ HVWXSHIDFLHQWHV OD UHDOL]DFLyQ GH
MXHJRV SURKLELGRV SRU OD OH\ OD GLVROXFLyQ HVFDQGDORVD OD QHJOLJHQFLD HQ HO VHUYLFLR TXH QR
FRQVWLWX\DXQGHOLWR\WRGRORTXHFRQFLHUQHDODGLJQLGDGPLOLWDUWRPDQGRFRPRUHIHUHQFLDODV
QRWDVTXHREUHQHQODVKRMDVGHVHUYLFLRV\GHDFWXDFLyQGHOSHUVRQDOGH-HIHV\*HQHUDOHV
& 'HILFLHQFLDV
/D&RPLVLyQGH(YDOXDFLyQRWRUJDUiSXQWRVQHJDWLYRVSRUFDGDDVFHQVRIXHUDGHSURPRFLyQ
R VLQ OD DQWLJHGDG HQ HO JUDGR FRQ H[FHSFLyQ GH ORV RWRUJDGRV FRQIRUPH DO DUWtFXOR GH OD
/H\ SRU FDGD UHQXQFLD D ORV FXUVRV GHVLJQDGRV SRU OD 6HFUHWDUtD SRU FDGD UHQXQFLD D OD
SURPRFLyQDVtFRPRSRUHQFRQWUDUVHDGLVSRVLFLyQSRUPiVGHXQPHVRIUDFFLyQFRQVLGHUDQGR
ORVVXFHVRVRFXUULGRVHQWRGDVXFDUUHUDPLOLWDUDVLJQDQGRFRPRPi[LPRSXQWRVQHJDWLYRV
' &RPLVLRQHVDMHQDV\SURFHVRVSHQDOHV
D /D&RPLVLyQGH(YDOXDFLyQSHQDOL]DUiDOSDUWLFLSDQWHFRQSXQWRVQHJDWLYRVSRUFDGDDxR
TXH KD\D GHVHPSHxDGR FRPLVLRQHV DMHQDV DO LQVWLWXWR DUPDGR VLHPSUH \ FXDQGR VHDQ D
VROLFLWXGGHOSDUWLFLSDQWHRTXHKD\DGLVIUXWDGRGHOLFHQFLDVLOLPLWDGDVRHVSHFLDOHV\TXHVH
UHJLVWUHQGXUDQWHORV~OWLPRVVHLVDxRVLQFOX\HQGRDTXpOHQTXHSDUWLFLSHHQOD3URPRFLyQ
6XSHULRU\
E 6H VXPDUiQ DO SDUWLFLSDQWH SXQWRV QHJDWLYRV SRU FDGD UHWLUR GH DFFLyQ SHQDO R VHQWHQFLD
FRQGHQDWRULD SRU SURFHVRV RFXUULGRV HQ WRGD VX FDUUHUD PLOLWDU GH DFXHUGR FRQ ODV
UHVROXFLRQHVGHOMXH]RORVWULEXQDOHVPLOLWDUHVGHODVLJXLHQWHIRUPD
6LHQGR2ILFLDOFRQSXQWRVQHJDWLYRV
6LHQGR-HIHFRQSXQWRVQHJDWLYRV
6LHQGR*HQHUDOFRQSXQWRVQHJDWLYRV
&XDQGR GH XQ VROR VXFHVR VH JHQHUHQ GRV R PiV DVSHFWRV QHJDWLYRV OD &RPLVLyQ GH (YDOXDFLyQ
~QLFDPHQWHFRQVLGHUDUiXQRGHHOORV
/RVDVSHFWRVQHJDWLYRVGHOGHVHPSHxRSURIHVLRQDOVHUHVWDUiQDORVDVSHFWRVSRVLWLYRVORTXHDUURMDUiOD
FDOLILFDFLyQ GHO iUHD GH DQiOLVLV \ FRQVXOWD eVWD VH VXPDUi D OD SXQWXDFLyQ GHO iUHD REMHWLYD GDQGR FRPR
UHVXOWDGRODSXQWXDFLyQWRWDOGHOSDUWLFLSDQWHHQOD3URPRFLyQ6XSHULRU
³$UWtFXOR /D &RQGHFRUDFLyQ DO 0pULWR 'RFHQWH HVWDUi GHVWLQDGD D SUHPLDU D ORV FLYLOHV R PLOLWDUHV
QDFLRQDOHVRH[WUDQMHURVTXHVHKD\DQGHVHPSHxDGRFRPRPtQLPRSRUWUHVDxRVFRQVHFXWLYRVHQXQDVROD
,QVWLWXFLyQ (GXFDWLYD 0LOLWDU FRPR GLUHFWLYRV LQVWUXFWRUHV R SURIHVRUHV \ KD\DQ REWHQLGR FDOLILFDFLRQHV GH
H[FHOHQFLD
³$UWtFXOR3DUDHORWRUJDPLHQWRGHHVWD&RQGHFRUDFLyQVHREVHUYDUiQORVOLQHDPLHQWRVVLJXLHQWHV
, (Q WRGRV ORV FDVRV HO GHVHPSHxR GHO GRFHQWH SURSXHVWR GHEHUi KDEHU VLGR HQWXVLDVWD LQQRYDGRU
DSHJDGRDODGRFWULQDPLOLWDU\FRQFDOLILFDFLyQGHH[FHOHQFLDDGHPiVGHVHUXQIDFWRUGHWHUPLQDQWH
SDUDHOGHVDUUROORHGXFDWLYRGHOSHUVRQDOHQLQVWUXFFLyQDVXFDUJRGLFKDFDOLILFDFLyQVHUiRWRUJDGD
SRUOD,QVWLWXFLyQ(GXFDWLYD0LOLWDUHQODTXHVHKD\DGHVHPSHxDGRFRPRGRFHQWH
,, «
,,, «
,9 (O yUJDQR WpFQLFR FRQVXOWLYR GH FDGD ,QVWLWXFLyQ (GXFDWLYD 0LOLWDU HODERUDUi XQ DFWD HQ OD TXH VH
SURSRQGUi DO SHUVRQDO TXH UH~QD ODV FRQGLFLRQHV SDUD HO RWRUJDPLHQWR GH HVWD &RQGHFRUDFLyQ FRQ
EDVHHQODFDOLILFDFLyQRWRUJDGD/DVDFWDVUHVSHFWLYDVVHHQYLDUiQDO(VWDGR0D\RUSRUFRQGXFWRGH
OD'LUHFFLyQ*HQHUDOGH(GXFDFLyQ0LOLWDU\5HFWRUtDGHOD8QLYHUVLGDGGHO(MpUFLWR\)XHU]D$pUHD\
9 'HURJDGD
9, 'HURJDGD
9,, 3DUDORVHIHFWRVGHODUWtFXORGHOD/H\VHHQWHQGHUiSRUGLVWLQFLyQODQRWRULDFDOLGDG\FDQWLGDGGH
ODDFWLYLGDGGRFHQWH\SRUHILFLHQFLDODYLUWXGRFDSDFLGDGHQODUHDOL]DFLyQGHORVDFWRVHGXFDWLYRV
(VWD &RQGHFRUDFLyQ VH FRQFHGHUi SRU XQD VROD RFDVLyQ &XDQGR ORV PLOLWDUHV HQ DFWLYR R HQ UHWLUR
GHVHPSHxHQSRURWUDRFDVLyQODIXQFLyQGHGLUHFWLYRVLQVWUXFWRUHVRSURIHVRUHVHQODPLVPDXRWUD,QVWLWXFLyQ
(GXFDWLYD 0LOLWDU \ FXPSODQ QXHYDPHQWH FRQ ORV UHTXLVLWRV HVWLSXODGRV SDUD REWHQHUOD HQ VX OXJDU VH OHV
RWRUJDUiXQD&LWDFLyQSDUDORFXDOVHHPSOHDUiHQORFRQGXFHQWHHOSURFHGLPLHQWRHVWDEOHFLGRHQHOSUHVHQWH
DUWtFXORDHIHFWRGHHOHYDUODSURSXHVWDFRUUHVSRQGLHQWH´
75$16,725,26
35,0(52 (O SUHVHQWH 'HFUHWR HQWUDUi HQ YLJRU HO GtD GH VX SXEOLFDFLyQ HQ HO 'LDULR 2ILFLDO GH OD
)HGHUDFLyQ
6(*81'2/D3URPRFLyQ6XSHULRUGHOSUHVHQWHDxRVHUHDOL]DUiFRQIRUPHDORGLVSXHVWRSRUHOSUHVHQWH
'HFUHWR
7(5&(52 /DV &RQGHFRUDFLRQHV DO 0pULWR 'RFHQWH RWRUJDGDV FRQIRUPH D ODV QRUPDV UHJODPHQWDULDV
YLJHQWHV KDVWD OD HQWUDGD HQ YLJRU GHO SUHVHQWH 'HFUHWR SRGUiQ VHJXLU VLHQGR XVDGDV SRU ODV SHUVRQDV
FRQGHFRUDGDV
'DGRHQOD5HVLGHQFLDGHO3RGHU(MHFXWLYR)HGHUDOHQOD&LXGDGGH0p[LFR'LVWULWR)HGHUDODFXDWURGH
MXQLR GH GRV PLO QXHYH )HOLSH GH -HV~V &DOGHUyQ +LQRMRVD 5~EULFD (O 6HFUHWDULR GH OD 'HIHQVD
1DFLRQDO*XLOOHUPR*DOYiQ*DOYiQ5~EULFD
6(&5(7$5,$'(6(*85,'$'38%/,&$
&219(1,2GH&RRUGLQDFLyQHQ0DWHULDGH6HJXULGDG3~EOLFDTXHFHOHEUDQOD6HFUHWDUtDGH6HJXULGDG3~EOLFD\
HO(VWDGRGH&KLDSDV
$OPDUJHQXQ VHOORFRQ HO(VFXGR 1DFLRQDOTXH GLFH(VWDGRV 8QLGRV 0H[LFDQRV6HFUHWDUtDGH6HJXULGDG
3~EOLFD6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFD
&219(1,2 '( &225',1$&,21 48( &(/(%5$1 (1 (/ 0$5&2 '(/ 6,67(0$ 1$&,21$/ '( 6(*85,'$'
38%/,&$ 325 81$ 3$57( (/ *2%,(512 )('(5$/ 325 &21'8&72 '( /$ 6(&5(7$5,$ '(
6(*85,'$' 38%/,&$ 5(35(6(17$'$ 325 68 7,78/$5 < 35(6,'(17( '(/ &216(-2 1$&,21$/
'( 6(*85,'$' 38%/,&$ (/ & *(1$52 *$5&,$ /81$ $6,67,'2 325 (/ & 0217( $/(-$1'52 58%,'2
*$5&,$ (1 68 &$5$&7(5 '( 6(&5(7$5,2 (-(&87,92 '(/ 6,67(0$ 1$&,21$/ '( 6(*85,'$' 38%/,&$ $
48,(1(1/268&(6,926(/('(120,1$5$³/$6(&5(7$5,$´<325/$275$3$57((/32'(5(-(&87,92
'(/ *2%,(512 '(/ (67$'2 '( &+,$3$6 5(35(6(17$'2 (1 (67( $&72 325 (/ & -8$1 6$%,1(6
*8(55(52*2%(51$'25'(/(67$'2'(&+,$3$6$6,67,'2325(/6(&5(7$5,2*(1(5$/'(*2%,(512
(/&12(&$67$f21/(21(/6(&5(7$5,2'(+$&,(1'$(/&&$5/26-$,5-,0(1(=%2/$f26&$&+2(/
6(&5(7$5,2 '( 6(*85,'$' 38%/,&$ < 3527(&&,21 &,8'$'$1$ (/ & -26( /8,6 62/,6 &257(6 (/
352&85$'25 *(1(5$/ '( -867,&,$ '(/ (67$'2 (/ & $0$'25 52'5,*8(= /2=$12 < (/ 6(&5(7$5,2
(-(&87,92'(/&216(-2(67$7$/'(6(*85,'$'38%/,&$(/&&$5/265$<081'272/('2$48,(1(1
/268&(6,926(/('(120,1$5$³(/*2%,(512'(/(67$'2´
³/$ 6(&5(7$5,$´ < ³(/ *2%,(512 '(/ (67$'2´ $ 48,(1(6 (1 /2 68&(6,92 6( /(6 '(120,1$5$
³/$6 3$57(6´ &219,(1(1 (1 5($/,=$5 $&&,21(6 (1 0$7(5,$ '( 6(*85,'$' 38%/,&$ '85$17( (/ $f2
&21)250($/26,*8,(17(
0$5&2/(*$/
/D&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV0H[LFDQRVGLVSRQHHQVXDUWtFXORSiUUDIRVQRYHQR
\GpFLPRTXHODVHJXULGDGS~EOLFDHVXQDIXQFLyQDFDUJRGHOD)HGHUDFLyQHO'LVWULWR)HGHUDOORV
(VWDGRV\ORV0XQLFLSLRVTXHFRPSUHQGHODSUHYHQFLyQGHORVGHOLWRVODLQYHVWLJDFLyQ\SHUVHFXFLyQ
SDUD KDFHUOD HIHFWLYDDVtFRPRODVDQFLyQ GHODVLQIUDFFLRQHV DGPLQLVWUDWLYDVHQORVWpUPLQRV GH OD
OH\HQODVUHVSHFWLYDVFRPSHWHQFLDVTXHODSURSLD&RQVWLWXFLyQSUHYp\TXHHO0LQLVWHULR3~EOLFR\
ODV LQVWLWXFLRQHV SROLFLDOHV GH ORV WUHV yUGHQHV GH JRELHUQR VH FRRUGLQDUiQ HQWUH Vt SDUD FXPSOLU ORV
REMHWLYRVGHODVHJXULGDGS~EOLFD\FRQIRUPDUHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFD
/D /H\ *HQHUDO TXH (VWDEOHFH ODV %DVHV GH &RRUGLQDFLyQ GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG
3~EOLFDUHJODPHQWDULDGHODGLVSRVLFLyQ&RQVWLWXFLRQDODOXGLGDSUHYpHQORVDUWtFXORVR\RTXH
HO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD VH LQWHJUD FRQ ODV LQVWDQFLDV LQVWUXPHQWRV SROtWLFDV
VHUYLFLRV \ DFFLRQHV SUHYLVWRV HQ OD SURSLD /H\ WHQGLHQWHV D FXPSOLU FRQ ORV REMHWLYRV \ ILQHV GH OD
VHJXULGDGS~EOLFD\TXHFXDQGRVXVGLVSRVLFLRQHVFRPSUHQGDQPDWHULDV\DFFLRQHVTXHLQFLGDQHQ
GLYHUVRViPELWRVGHFRPSHWHQFLDGHOD)HGHUDFLyQORV(VWDGRVHO'LVWULWR)HGHUDORORV0XQLFLSLRV
VHDSOLFDUiQ\HMHFXWDUiQPHGLDQWHFRQYHQLRVJHQHUDOHV\HVSHFtILFRVHQWUHODVSDUWHVFRPSRQHQWHV
GHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFD$VLPLVPRGHFRQIRUPLGDGFRQHODUWtFXORGHOD/H\
GHODPDWHULDODVSROtWLFDVOLQHDPLHQWRV\DFFLRQHVGHFRRUGLQDFLyQVHOOHYDUiQDFDERPHGLDQWHOD
VXVFULSFLyQGHORVFRQYHQLRVUHVSHFWLYRVRFRQEDVHHQORVDFXHUGRV\UHVROXFLRQHVTXHVHWRPHQ
HQ HO &RQVHMR 1DFLRQDO GH 6HJXULGDG 3~EOLFD (O &RQVHMR \ HQ ODV GHPiV LQVWDQFLDV
GHFRRUGLQDFLyQ
/D /H\ GH &RRUGLQDFLyQ )LVFDO HQ ORV DUWtFXORV IUDFFLyQ 9,, \ HVWDEOHFH OD H[LVWHQFLD \
GHVWLQRGHO³)RQGRGH$SRUWDFLRQHVSDUDOD6HJXULGDG3~EOLFDGHORV(VWDGRV\GHO'LVWULWR)HGHUDO´
)$63 FRQ FDUJR D UHFXUVRV )HGHUDOHV PLVPRV TXH VRQ GHWHUPLQDGRV DQXDOPHQWH HQ HO
3UHVXSXHVWRGH(JUHVRVGHOD)HGHUDFLyQ5DPR*HQHUDOHOFXDOVHHQWUHJDUiDODV(QWLGDGHV
)HGHUDWLYDVDWUDYpVGHOD6HFUHWDUtDGH+DFLHQGD\&UpGLWR3~EOLFR\VHGLVWULEXLUiGHDFXHUGRDORV
FULWHULRV TXH HVWDEOH]FD HO &RQVHMR 1DFLRQDO GH 6HJXULGDG 3~EOLFD D SURSXHVWD GH
³/$6(&5(7$5,$´XWLOL]DQGRSDUDODGLVWULEXFLyQGHORVUHFXUVRVORVLQGLFDGRUHVTXH VHGHVFULEHQ
HQ HO DUWtFXOR GHO SURSLR RUGHQDPLHQWR /D LQIRUPDFLyQ UHODFLRQDGD FRQ ODV IyUPXODV \ YDULDEOHV
XWLOL]DGDV HQ HO FiOFXOR SDUD OD GLVWULEXFLyQ \ HO UHVXOWDGR GH VX DSOLFDFLyQ TXH FRUUHVSRQGHUi D OD
DVLJQDFLyQ SRU FDGD (VWDGR \ HO 'LVWULWR )HGHUDO GHEHUi SXEOLFDUVH HQ HO 'LDULR 2ILFLDO GH OD
)HGHUDFLyQ D PiV WDUGDU D ORV GtDV QDWXUDOHV VLJXLHQWHV D OD SXEOLFDFLyQ HQ GLFKR 'LDULR GHO
3UHVXSXHVWRGH(JUHVRVGHOD)HGHUDFLyQGHOHMHUFLFLRILVFDOGHTXHVHWUDWH
(Q HO PLVPR DUWtFXOR VH HVWDEOHFH TXH ORV FRQYHQLRV \ ORV DQH[RV WpFQLFRV HQWUH ODV SDUWHV
LQWHJUDQWHVGHO6LVWHPD1DFLRQDOGHEHUiQILUPDUVHHQXQWpUPLQRQRPD\RUDVHVHQWDGtDVFRQWDGRV
D SDUWLU GH OD SXEOLFDFLyQ DQWHV PHQFLRQDGD /RV UHFXUVRV TXH FRUUHVSRQGDQ D FDGD HQWLGDG VH
HQWHUDUiQPHQVXDOPHQWHSRUOD6HFUHWDUtDGH+DFLHQGD\&UpGLWR3~EOLFRGXUDQWHORVSULPHURVGLH]
PHVHV GHO DxR D FDGD XQD GH ODV (QWLGDGHV )HGHUDWLYDV GH PDQHUD iJLO \ GLUHFWD VLQ PiV
OLPLWDFLRQHVQLUHVWULFFLRQHVLQFOX\HQGRDTXpOODVGHFDUiFWHUDGPLQLVWUDWLYRVDOYRTXHQRVHFXPSOD
OR GLVSXHVWR HQ GLFKR DUWtFXOR $VLPLVPR VH SUHYp TXH ORV (VWDGRV \ HO 'LVWULWR )HGHUDO UHSRUWDUiQ
WULPHVWUDOPHQWH D ³/$ 6(&5(7$5,$´ HO HMHUFLFLR GH ORV UHFXUVRV GHO )$63 \ HO DYDQFH HQ HO
FXPSOLPLHQWRGHODVPHWDVDVtFRPRODVPRGLILFDFLRQHVUHDOL]DGDVDORVFRQYHQLRVGHFRODERUDFLyQ\
DQH[RV WpFQLFRV HQ OD PDWHULD HQ HVWH ~OWLPR FDVR GHEHUiQ LQFOXLU ORV DFXHUGRV
GHOUHVSHFWLYR&RQVHMR(VWDWDOGH6HJXULGDG3~EOLFDRHODFXHUGRGHO&RQVHMR1DFLRQDOGH6HJXULGDG
3~EOLFD DVt FRPR OD MXVWLILFDFLyQ VREUH ODV DGHFXDFLRQHV D ODV DVLJQDFLRQHV SUHYLDPHQWH
HVWDEOHFLGDV
(QWpUPLQRVGHODUWtFXORGHOD/H\GH&RRUGLQDFLyQ)LVFDOODVDSRUWDFLRQHVSURYHQLHQWHVGHO)$63
VH GHVWLQDUiQ HQ IRUPD H[FOXVLYD D ODV DFFLRQHV \ HQ ORV WpUPLQRV TXH HQ HO PLVPR QXPHUDO
VHGHWDOODQ
&RQIRUPHDODUWtFXORGHOD/H\GH&RRUGLQDFLyQ)LVFDOORV(VWDGRV\HO'LVWULWR)HGHUDOHQYLDUiQDO
(MHFXWLYR)HGHUDODWUDYpVGHOD6HFUHWDUtDGH+DFLHQGD\&UpGLWR3~EOLFRLQIRUPHVVREUHHOHMHUFLFLR
\ GHVWLQR GH ORV UHFXUVRV GHO )$63 VHJ~Q FRUUHVSRQGD DVt FRPR ORV UHVXOWDGRV REWHQLGRV
$VLPLVPRUHPLWLUiQODLQIRUPDFLyQFRQVROLGDGDDPiVWDUGDUDORVGtDVQDWXUDOHVSRVWHULRUHVDOD
WHUPLQDFLyQGHFDGDWULPHVWUHGHOHMHUFLFLRILVFDO
(O DUWtFXOR GH OD PLVPD /H\ HVWDEOHFH TXH ODV DSRUWDFLRQHV \ VXV DFFHVRULRV TXH FRQ FDUJR DO
)$63 UHFLEDQ ODV (QWLGDGHV )HGHUDWLYDV QR VHUiQ HPEDUJDEOHV QL ORV JRELHUQRV FRUUHVSRQGLHQWHV
SRGUiQEDMRQLQJXQDFLUFXQVWDQFLDJUDYDUODVQLDIHFWDUODVHQJDUDQWtDRGHVWLQDUVHDPHFDQLVPRVGH
IXHQWH GH SDJR GLFKDV DSRUWDFLRQHV \ VXV DFFHVRULRV HQ QLQJ~Q FDVR SRGUiQ GHVWLQDUVH D ILQHV
GLVWLQWRV D ORV H[SUHVDPHQWH SUHYLVWRV HQ HO DUWtFXOR $VLPLVPR HVWDEOHFH TXH ODV DSRUWDFLRQHV
VRQ UHFXUVRV IHGHUDOHV TXH VHUiQ DGPLQLVWUDGRV \ HMHUFLGRV SRU ORV JRELHUQRV GH ODV (QWLGDGHV
)HGHUDWLYDV FRQIRUPH D VXV SURSLDV OH\HV \ UHJLVWUDGRV FRPR LQJUHVRV SURSLRV TXH GHEHUiQ
GHVWLQDUVH HVSHFtILFDPHQWH D ORV ILQHV HVWDEOHFLGRV HQ HO FLWDGR DUWtFXOR \ TXH HO FRQWURO \
VXSHUYLVLyQGHOPDQHMRGHORVUHFXUVRVTXHGDUiDFDUJRGHODVDXWRULGDGHVTXHHQHODUWtFXORGHO
PLVPRRUGHQDPLHQWRVHHVWDEOHFHQ
(ODUWtFXORIUDFFLyQ9,,GHO3UHVXSXHVWRGH(JUHVRVGHOD)HGHUDFLyQHVWDEOHFHTXHFRQHO
SURSyVLWR GH GRWDU GH PD\RU HILFLHQFLD DO IOXMR \ DSOLFDFLyQ GH ORV UHFXUVRV GHO )$63 pVWRV VHUiQ
GHSRVLWDGRV HQ XQD FXHQWD EDQFDULD HVSHFtILFD SDUD VX DSOLFDFLyQ GH PDQHUD GLUHFWD D VX GHVWLQR
ILQDOXQDYH]PLQLVWUDGRVSRUOD6HFUHWDUtDGH+DFLHQGD\&UpGLWR3~EOLFR$VLPLVPRHVWDEOHFHTXH
HO &RQVHMR SURPRYHUi TXH FXDQGR PHQRV HO SRU FLHQWR GH ORV UHFXUVRV GHO )$63 VH GLVWULEX\D
HQWUH ORV PXQLFLSLRV FRQIRUPH D FULWHULRV TXH LQWHJUHQ HO Q~PHUR GH KDELWDQWHV \ HO DYDQFH HQ OD
DSOLFDFLyQ HQ HO 3URJUDPD (VWDWDO GH 6HJXULGDG 3~EOLFD HQ PDWHULD GH SURIHVLRQDOL]DFLyQ
HTXLSDPLHQWRPRGHUQL]DFLyQWHFQROyJLFDHLQIUDHVWUXFWXUD
$17(&('(17(6
(Q HO 0DUFR GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD HO *RELHUQR )HGHUDO SRU FRQGXFWR GH OD
6HFUHWDUtD GH *REHUQDFLyQ \ FDGD XQD GH ODV (QWLGDGHV )HGHUDWLYDV VXVFULELHURQ FRQ IHFKD GH
QRYLHPEUH GH HO &RQYHQLR *HQHUDO GH &RODERUDFLyQ HQ 0DWHULD GH 6HJXULGDG 3~EOLFD SDUD
FRRUGLQDU SROtWLFDV HVWUDWHJLDV \ DFFLRQHV OHJDOHV \ DGPLQLVWUDWLYDV QHFHVDULDV SDUD HO HILFD]
IXQFLRQDPLHQWRGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFD
(O&RQVHMRHQVX;;96HVLyQFHOHEUDGDHOGtDGHQRYLHPEUHGHDFRUGyUDWLILFDU\SRUWDQWR
PDQWHQHU YLJHQWHV SDUD HO HMHUFLFLR ILVFDO ORV FULWHULRV GH DVLJQDFLyQ \ ODV EDVHV SDUD OD
GLVWULEXFLyQGHORVUHFXUVRVGHO)$63HQWUHORV(VWDGRV\HO'LVWULWR)HGHUDOTXHVHXWLOL]DURQSDUD
HODxR
/RVFULWHULRVGHDVLJQDFLyQ\ODVEDVHVSDUDGLVWULEXFLyQDVtTXHFRPRHOPRQWRTXHFRPRUHVXOWDGR
GH OD DSOLFDFLyQ GH ORV PLVPRV FRUUHVSRQGH D FDGD XQR GH ORV (VWDGRV \ HO 'LVWULWR )HGHUDO
UHVSHFWR GH ORV SHVRV GHO )$63 DSUREDGRV SRU OD + &iPDUD GH 'LSXWDGRV HQ HO
3UHVXSXHVWR GH (JUHVRV GH OD )HGHUDFLyQ SDUD HO (MHUFLFLR )LVFDO VH SXEOLFDURQ HQ HO 'LDULR
2ILFLDOGHOD)HGHUDFLyQHOGHGLFLHPEUHGH
'(&/$5$&,21(6
'(³/$6(&5(7$5,$´
4XH HO & *HQDUR *DUFtD /XQD IXH GHVLJQDGR 6HFUHWDULR GH 6HJXULGDG 3~EOLFD PHGLDQWH
QRPEUDPLHQWRGHIHFKDGHGLFLHPEUHGHH[SHGLGRSRUHO&3UHVLGHQWH&RQVWLWXFLRQDOGHORV
(VWDGRV8QLGRV0H[LFDQRV
4XH HO 6HFUHWDULR GH 6HJXULGDG 3~EOLFD SUHVLGH HO &RQVHMR 1DFLRQDO GH 6HJXULGDG 3~EOLFD GH
DFXHUGRFRQORVDUWtFXORVIUDFFLyQ,GHOD/H\*HQHUDOTXH(VWDEOHFHODV%DVHVGH&RRUGLQDFLyQ
GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD ELV IUDFFLyQ ,,, GH OD /H\ 2UJiQLFD GH OD
$GPLQLVWUDFLyQ3~EOLFD)HGHUDO\IUDFFLyQ9GHO5HJODPHQWR,QWHULRUGHOD6HFUHWDUtDGH6HJXULGDG
3~EOLFD
4XH HO 6HFUHWDULR GH 6HJXULGDG 3~EOLFD HVWi IDFXOWDGR SDUD VXVFULELU HO SUHVHQWH LQVWUXPHQWR
FRQIRUPHDODUWtFXORELVIUDFFLyQ;;GHOD/H\2UJiQLFDGHOD$GPLQLVWUDFLyQ3~EOLFD)HGHUDO
4XH HO GH VHSWLHPEUH GH HO &RQVHMR 1DFLRQDO GH 6HJXULGDG 3~EOLFD GHVLJQy DO & 0RQWH
$OHMDQGUR5XELGR*DUFtDFRPR6HFUHWDULR(MHFXWLYRGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFD
4XHHO6HFUHWDULR(MHFXWLYRGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFDWLHQHHQWUHRWUDVIXQFLRQHV
HO HMHFXWDU \ GDU VHJXLPLHQWR D ORV DFXHUGRV \ UHVROXFLRQHV GHO &RQVHMR 1DFLRQDO GH 6HJXULGDG
3~EOLFD GH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ HO DUWtFXOR IUDFFLyQ ,,, GH OD /H\ *HQHUDO TXH
(VWDEOHFHODV%DVHVGH&RRUGLQDFLyQGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFD
'(³(/*2%,(512'(/(67$'2´
&RQ IXQGDPHQWR HQ ORV DUWtFXORV \ GH OD &RQVWLWXFLyQ 3ROtWLFD GH ORV (VWDGRV 8QLGRV
0H[LFDQRV \ \ GH OD SDUWLFXODU GHO (VWDGR &KLDSDV HV XQ (VWDGR /LEUH \ 6REHUDQR TXH IRUPD
SDUWHGHORV(VWDGRV8QLGRV0H[LFDQRV
(O 3RGHU (MHFXWLYR GHO (VWDGR HV XQ yUJDQR GHO 3RGHU 3~EOLFR TXH FRQIRUPD \ FRQVWLWX\H SDUWH
LQWHJUDQWH GHO *RELHUQR GHO (VWDGR GH &KLDSDV FRQ SHUVRQDOLGDG MXUtGLFD \ SDWULPRQLR SURSLRV HQ
WpUPLQRV GH OR SUHVFULWR HQ ORV DUWtFXORV \ GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR
GH&KLDSDV
4XH HO & -XDQ 6DELQHV *XHUUHUR DVXPLy HO FDUJR GH *REHUQDGRU &RQVWLWXFLRQDO GHO (VWDGR GH
&KLDSDV D SDUWLU GHO GH GLFLHPEUH GH FRPR 7LWXODU GHO (MHFXWLYR GHO (VWDGR VH HQFXHQWUD
IDFXOWDGR SDUD VXVFULELU HO SUHVHQWH &RQYHQLR GH &RRUGLQDFLyQ GH FRQIRUPLGDG FRQ HO DUWtFXOR
IUDFFLyQ ,, GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR GH &KLDSDV \ GH OD /H\ 2UJiQLFD GH OD
$GPLQLVWUDFLyQ 3~EOLFD GHO (VWDGR GH &KLDSDV IUDFFLyQ ,, GH OD /H\ *HQHUDO TXH (VWDEOHFH ODV
%DVHV GH &RRUGLQDFLyQ GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD \ GH OD /H\ GHO 6LVWHPD
(VWDWDOGH6HJXULGDG3~EOLFDGHO(VWDGRGH&KLDSDV
4XHFRQIRUPHDODUWtFXORIUDFFLyQ,,GHOD/H\*HQHUDOTXH(VWDEOHFHODV%DVHVGH&RRUGLQDFLyQ
GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD HV LQWHJUDQWH GHO &RQVHMR 1DFLRQDO GH 6HJXULGDG
3~EOLFD
4XH GH LJXDO PDQHUD ORV && 6HFUHWDULR *HQHUDO GH *RELHUQR 1Rp &DVWDxyQ /pRQ 6HFUHWDULR GH
+DFLHQGD &DUORV -DLU -LPpQH] %RODxRV &DFKR 6HFUHWDULR GH 6HJXULGDG 3~EOLFD \ 3URWHFFLyQ
&LXGDGDQD-RVp/XLV6ROtV&RUWpVHO3URFXUDGRU*HQHUDOGH-XVWLFLDGHO(VWDGR$PDGRU5RGUtJXH]
/R]DQR \ HO 6HFUHWDULR (MHFXWLYR GHO &RQVHMR (VWDWDO GH 6HJXULGDG 3~EOLFD &DUORV 5D\PXQGR
7ROHGRUHVSHFWLYDPHQWHHVWiQGHELGDPHQWHIDFXOWDGRVFRQIRUPHDODQRUPDWLYLGDG\OHJLVODFLyQGH
³(/*2%,(512'(/(67$'2´
'(³/$63$57(6´
(Q WpUPLQRV GH ORV DUWtFXORV SiUUDIRV QRYHQR \ GpFLPR GH OD &RQVWLWXFLyQ 3ROtWLFD GH ORV (VWDGRV
8QLGRV0H[LFDQRV\GHOD/H\*HQHUDOTXH(VWDEOHFHODV%DVHVGH&RRUGLQDFLyQGHO6LVWHPD
1DFLRQDOGH6HJXULGDG3~EOLFDIUDFFLyQ9,,\GHOD/H\GH&RRUGLQDFLyQ)LVFDO\GHOD/H\
GHO5HJLVWUR3~EOLFR9HKLFXODU³/$63$57(6´FRQYLHQHQFRRUGLQDUVHHQORVWpUPLQRVGHODVVLJXLHQWHV
&/$868/$6
35,0(5$ (O SUHVHQWH &RQYHQLR WLHQH SRU REMHWR FRRUGLQDU SROtWLFDV OLQHDPLHQWRV \ DFFLRQHV HQWUH
³/$6 3$57(6´ SDUD HO GHVDUUROOR \ HMHFXFLyQ GH DFFLRQHV HQ HO PDUFR GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG
3~EOLFDFRQIRUPHDORVDFXHUGRV\UHVROXFLRQHVGHO&RQVHMR1DFLRQDOGH6HJXULGDG3~EOLFDDSOLFDQGRSDUD
HOHIHFWRORVUHFXUVRVSURYHQLHQWHVGHO³)RQGRGH$SRUWDFLRQHVSDUDOD6HJXULGDG3~EOLFDGHORV(VWDGRV\GHO
'LVWULWR )HGHUDO´ FRQ FDUJR DO 3UHVXSXHVWR GH (JUHVRV GH OD )HGHUDFLyQ SDUD HO (MHUFLFLR )LVFDO DVt
FRPRORVUHFXUVRVTXHSDUDWDOILQDSRUWD³(/*2%,(512'(/(67$'2´
6(*81'$ 'H FRQIRUPLGDG FRQ ORV DFXHUGRV GHO &RQVHMR 1DFLRQDO GH 6HJXULGDG 3~EOLFD HQ VX ;;9
6HVLyQ GHO GH QRYLHPEUH GH ORV (MHV TXH VXVWHQWDQ ODV HVWUDWHJLDV \ ODV DFFLRQHV PDWHULD GHO
SUHVHQWH&RQYHQLRVRQ
$OLQHDFLyQGHODVFDSDFLGDGHVGHO(VWDGR0H[LFDQRFRQWUDODGHOLQFXHQFLD
3UHYHQFLyQGHOGHOLWR\SDUWLFLSDFLyQFLXGDGDQD
'HVDUUROOR,QVWLWXFLRQDO
6LVWHPDSHQLWHQFLDULR
&RPEDWHDODFRUUXSFLyQ
3ODWDIRUPD0p[LFR
,QGLFDGRUHVGHPHGLFLyQ
7(5&(5$ /RV REMHWLYRV OtQHDV GH DFFLyQ PHWDV SURJUDPiWLFDV \ RSHUDWLYDV PRQWRV PHFiQLFD
RSHUDWLYD \ FURQRJUDPDV GH WUDEDMR GH FDGD (MH VH HVWDEOHFHUiQ FRQMXQWDPHQWH SRU ³/$ 6(&5(7$5,$´ D
WUDYpV GHO 6HFUHWDULDGR (MHFXWLYR GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD \ SRU ³(/ *2%,(512 '(/
(67$'2´GHFRQIRUPLGDGFRQORVDFXHUGRVGHO&RQVHMR1DFLRQDOGH6HJXULGDG3~EOLFD\VHLQFOXLUiQHQHO
$QH[R7pFQLFR8QLFRHOFXDOXQDYH]ILUPDGRSRUHO6HFUHWDULR(MHFXWLYRGHO6LVWHPD1DFLRQDOGH6HJXULGDG
3~EOLFD\³(/*2%,(512'(/(67$'2ÍRUPDUiSDUWHLQWHJUDQWHGHOSUHVHQWH&RQYHQLR
³(/ *2%,(512 '(/ (67$'2´ SURYHHUi OR QHFHVDULR SDUD DOFDQ]DU ORV REMHWLYRV \ PHWDV FRQYHQLGRV
SDUD OR FXDO ORV UHFXUVRV DVLJQDGRV GHEHUiQ GHVWLQDUVH H[FOXVLYDPHQWH D ORV ILQHV SUHYLVWRV HQ ORV FLWDGRV
(MHV \ HO $QH[R 7pFQLFR 8QLFR GDQGR SULRULGDG DO FXPSOLPLHQWR GHO ³$FXHUGR 1DFLRQDO SRU OD 6HJXULGDG OD
-XVWLFLD\OD/HJDOLGDG´SXEOLFDGRHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOGtDGHDJRVWRGHDVtFRPR
DOD(VWUDWHJLD,QWHJUDOGH3UHYHQFLyQGHO'HOLWR\&RPEDWHDOD'HOLQFXHQFLD
/DVXVFULSFLyQGHO$QH[R7pFQLFR8QLFRDTXHVHUHILHUHHOSiUUDIRDQWHULRUVHVXMHWDUiDOSURFHGLPLHQWR
TXHDFRQWLQXDFLyQVHH[SUHVD
D ³/$ 6(&5(7$5,$´ SRU FRQGXFWR GHO 6HFUHWDULDGR (MHFXWLYR GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG
3~EOLFDUHPLWLUiD³(/*2%,(512'(/(67$'2´HOGHHQHURGHODHVWUXFWXUDSURJUDPiWLFD
\ORVOLQHDPLHQWRVSURJUDPiWLFRVSUHVXSXHVWDOHV
E ³(/ *2%,(512 '(/ (67$'2´ SUHVHQWDUi IRUPDOPHQWH DO 6HFUHWDULDGR (MHFXWLYR GHO 6LVWHPD
1DFLRQDO GH 6HJXULGDG 3~EOLFD GHQWUR GH ORV SULPHURV GtDV GHO PHV GH HQHUR GH OD
SURSXHVWD GH LQYHUVLyQ TXH LQFOX\D OD LQIRUPDFLyQ QHFHVDULD SDUD GHILQLU FRQMXQWDPHQWH ODV PHWDV
SURJUDPiWLFDV \ RSHUDWLYDV PRQWRV H LQGLFDGRUHV GH VHJXLPLHQWR \ HYDOXDFLyQ TXH VH DVLJQHQ D
FDGDXQRGHORV(MHV\VXVFRPSRQHQWHVDWHQGLHQGRDVXQDWXUDOH]D\REMHWLYRV
F 'XUDQWH OD VHJXQGD TXLQFHQD GH HQHUR VH OOHYDUiQ D FDER UHXQLRQHV GH WUDEDMR HQWUH
³(/ *2%,(512 '(/ (67$'2´ \ ³/$ 6(&5(7$5,$´ SRU FRQGXFWR GHO 6HFUHWDULDGR (MHFXWLYR GHO
6LVWHPD1DFLRQDO GH6HJXULGDG3~EOLFDSDUDGHILQLU ORVFXDGURVGHPHWDVSURJUDPiWLFDV \PRQWRV
FRUUHVSRQGLHQWHVDFDGD(MHDVtFRPRORVFURQRJUDPDVGHWUDEDMR
&8$57$³(/*2%,(512'(/(67$'2´HQWpUPLQRVGHORHVWDEOHFLGRHQHODUWtFXORGHOD/H\GH
&RRUGLQDFLyQ )LVFDO DGPLQLVWUDUi \ HMHUFHUi ORV UHFXUVRV D TXH VH UHILHUH OD FOiXVXOD VpSWLPD GHO SUHVHQWH
&RQYHQLR FRQIRUPH D VXV SURSLDV OH\HV \ EDMR VX HVWULFWD UHVSRQVDELOLGDG UHJLVWUiQGRORV FRPR LQJUHVRV
SURSLRV GHVWLQDGRV D ORV ILQHV HVWDEOHFLGRV HQ HO SUHVHQWH LQVWUXPHQWR GHVGH TXH VRQ UHFLELGRV KDVWD VX
HURJDFLyQ WRWDO TXHGDQGR HO FRQWURO \ OD VXSHUYLVLyQ EDMR UHVSRQVDELOLGDG GH VXV DXWRULGDGHV GH FRQWURO
\VXSHUYLVLyQLQWHUQDV
$VLPLVPR ³/$ 6(&5(7$5,$´ \ ³(/ *2%,(512 '(/ (67$'2´ HQ FXPSOLPLHQWR D OR GLVSXHVWR HQ ODV
IUDFFLRQHV,,\9GHODUWtFXORRIUDFFLyQ,,,GHODUWtFXOR\IUDFFLyQ,,,GHODUWtFXORGHOD/H\*HQHUDOTXH
(VWDEOHFHODV%DVHVGH&RRUGLQDFLyQGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFDDVtFRPRGHODUWtFXORGH
OD/H\GH&RRUGLQDFLyQ)LVFDO\DORVDFXHUGRV\UHVROXFLRQHVHPDQDGRVGHO&RQVHMR1DFLRQDOGH6HJXULGDG
3~EOLFD FRQYLHQHQ HQ DSOLFDU UHFXUVRV SDUD UHDOL]DU DFFLRQHV HVSHFtILFDV HQ PDWHULD GH VHJXLPLHQWR \
HYDOXDFLyQ UHVSHFWR GH ORV SURJUDPDV \ DFFLRQHV LQVWUXPHQWDGDV HQ HO PDUFR GH HVWH &RQYHQLR
FRQVLGHUDQGRORVPHFDQLVPRVHLQGLFDGRUHVSDUDODHYDOXDFLyQGHORV(MHVPHWDVSURJUDPiWLFDV\RSHUDWLYDV
SURJUDPDV\DFFLRQHVREMHWRGHOSUHVHQWH&RQYHQLR\VX$QH[R7pFQLFR8QLFR
48,17$ ³(/ *2%,(512 '(/ (67$'2´ DFXHUGD PDQWHQHU OD DGPLQLVWUDFLyQ GH ORV UHFXUVRV
SURYHQLHQWHVGHO³)RQGRGH$SRUWDFLRQHVSDUDOD6HJXULGDG3~EOLFDGHORV(VWDGRV\GHO'LVWULWR)HGHUDO´DVt
FRPRORVTXHDSRUWHGHVXSURSLRSUHVXSXHVWRDWUDYpVGHXQDFXHQWDEDQFDULDHVSHFtILFDSDUDVXDSOLFDFLyQ
GHPDQHUDGLUHFWDDVXGHVWLQRILQDOHQHOSUHVHQWHHMHUFLFLRILVFDO
6(;7$³(/*2%,(512'(/(67$'2ÉDMRVXDEVROXWDUHVSRQVDELOLGDGFRQDSHJRDORGLVSXHVWRSRU
ORVDUWtFXORV\GHOD/H\GH&RRUGLQDFLyQ)LVFDOSRGUiUHSURJUDPDUORVUHFXUVRVDFRUGDGRVHQHO$QH[R
7pFQLFR 8QLFR GH HVWH &RQYHQLR KDFLD RWUDV DFFLRQHV GHQWUR GH XQ PLVPR (MH R KDFLD DFFLRQHV GH RWURV
(MHVPRGLILFDQGRHQVXFDVRODVPHWDVSURJUDPiWLFDVFRUUHVSRQGLHQWHV
³/$6 3$57(6´ DFXHUGDQ TXH ODV PRGLILFDFLRQHV DO $QH[R 7pFQLFR 8QLFR GHO SUHVHQWH &RQYHQLR VH
VXMHWDUiQDORGLVSXHVWRSRUHO~OWLPRSiUUDIRGHODUWtFXORGHOD/H\GH&RRUGLQDFLyQ)LVFDO
³/$63$57(6´FRQYLHQHQTXHORVUHFXUVRVQRHMHUFLGRVGHDxRVDQWHULRUHVDOHQFDVRGHTXHQRVH
HQFXHQWUHQ FRPSURPHWLGRV \ GHEDQ VHU UHSURJUDPDGRV VH HMHUFHUiQ GXUDQWH HO HMHUFLFLR ILVFDO
SULYLOHJLDQGR HO (MH GH 6LVWHPD 3HQLWHQFLDULR GH FRQIRUPLGDG FRQ HO QXPHUDO VHJXQGR GHO $FXHUGR
1R;;9DSUREDGRSRUHO&RQVHMR1DFLRQDOGH6HJXULGDG3~EOLFDHQVX9LJpVLPD4XLQWD6HVLyQ
/DV UHSURJUDPDFLRQHV GH UHFXUVRV VH GHEHUiQ UHJLVWUDU \ DSOLFDU FRQWDEOHPHQWH HQ HO HMHUFLFLR
SUHVXSXHVWDO FRUUHVSRQGLHQWH HQ HO HQWHQGLGR TXH ODV DPSOLDFLRQHV GH PHWDV QR VHUiQ FRQVLGHUDGDV
UHSURJUDPDFLRQHV FXDQGR VH UHDOLFHQ GHQWUR GH XQD PLVPD DFFLyQ /R DQWHULRU GHEHUi VHU LQIRUPDGR DO
6HFUHWDULDGR(MHFXWLYRGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFDDWUDYpVGHORVPHFDQLVPRVHVWDEOHFLGRV
SDUDWDOHIHFWR
6(37,0$'HFRQIRUPLGDGFRQOD/H\GH&RRUGLQDFLyQ)LVFDOHO'HFUHWRGH3UHVXSXHVWRGH(JUHVRVGH
OD )HGHUDFLyQ SDUD HO (MHUFLFLR )LVFDO \ GH DFXHUGR D ORV FULWHULRV GH DVLJQDFLyQ DSUREDGRV SRU HO
&RQVHMR 1DFLRQDO GH 6HJXULGDG 3~EOLFD HQ VX ;;9 6HVLyQ FHOHEUDGD HO GH QRYLHPEUH GH \ TXH
IXHURQSXEOLFDGRVHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOGHGLFLHPEUHGHVHGHVWLQDQGHO³)RQGRGH
$SRUWDFLRQHVSDUDOD6HJXULGDG3~EOLFDGHORV(VWDGRV\GHO'LVWULWR)HGHUDO´DIDYRUGH³(/*2%,(512'(/
(67$'2´ UHFXUVRV SRU XQ PRQWR GH ¶ GRVFLHQWRV RFKHQWD \ VLHWH PLOORQHV FXDWURFLHQWRV
FLQFXHQWDPLOFXDWURFLHQWRVQRYHQWD\FXDWURSHVRV01
/RV UHFXUVRV VHxDODGRV HQ HO SiUUDIR DQWHULRU OH VHUiQ HQWHUDGRV D ³(/ *2%,(512 '(/ (67$'2´
PHQVXDOPHQWH HQ ORV SULPHURV GLH] PHVHV GHO DxR SRU FRQGXFWR GH OD 6HFUHWDUtD GH +DFLHQGD \ &UpGLWR
3~EOLFR GH PDQHUD iJLO \ GLUHFWD VLQ PiV OLPLWDFLRQHV QL UHVWULFFLRQHV LQFOX\HQGR ODV GH FDUiFWHU
DGPLQLVWUDWLYR VDOYR TXH QR VH FXPSOD FRQ OR GLVSXHVWR HQ HO DUWtFXOR GH OD /H\ GH &RRUGLQDFLyQ )LVFDO
'LFKRVUHFXUVRVVHUiQGHSRVLWDGRVSRUHO*RELHUQR)HGHUDOHQODFXHQWDEDQFDULDHVSHFtILFDTXHGHWHUPLQHOD
6HFUHWDUtDGH+DFLHQGDGH³(/*2%,(512'(/(67$'2´SURFHGLHQGRDUHPLWLUHOUHFLERPiVHILFD]TXHHQ
GHUHFKRSURFHGDDIDYRUGHOD7HVRUHUtDGHOD)HGHUDFLyQSRUFDGDPLQLVWUDFLyQTXHUHFLED
³(/ *2%,(512 '(/ (67$'2´ SRU VX SDUWH DSRUWDUi FRQ FDUJR D VX SURSLR SUHVXSXHVWR XQ PRQWR GH
VHWHQWD\GRVPLOORQHVGHSHVRV01ORTXHUHSUHVHQWDHOSRUFLHQWRGHOPRQWR
DVLJQDGRGHO³)RQGRGH$SRUWDFLRQHVSDUDOD6HJXULGDG3~EOLFDGHORV(VWDGRV\GHO'LVWULWR)HGHUDO´'LFKDV
DSRUWDFLRQHVVHUiQUHDOL]DGDVFRQIRUPHDOPLVPRFDOHQGDULRHQTXHORVUHFXUVRVGHO³)RQGRGH$SRUWDFLRQHV
SDUDOD6HJXULGDG3~EOLFDGHORV(VWDGRV\GHO'LVWULWR)HGHUDO´VHDQUHFLELGRVGHOD6HFUHWDUtDGH+DFLHQGD
\&UpGLWR3~EOLFR
³(/ *2%,(512 '(/ (67$'2´ WRPDUi ODV SURYLVLRQHV SDUD TXH OD 6HFUHWDUtD GH +DFLHQGD Gp
FXPSOLPLHQWRDORSDFWDGRHQORVSiUUDIRVDQWHULRUHV
$VLPLVPR³(/*2%,(512'(/(67$'2´FRQYLHQHHQFRQWLQXDUPDQWHQLHQGRLGHQWLILFDGRVSRUVHSDUDGR
ORV UHFXUVRV SURYHQLHQWHV GH ODV DSRUWDFLRQHV IHGHUDOHV GH ORV DSRUWDGRV FRQ FDUJR DO SUHVXSXHVWR GH OD
(QWLGDG)HGHUDWLYDLQFOX\HQGRORVSURGXFWRVILQDQFLHURVTXHVHGHULYHQGHDPERV
/DV DSRUWDFLRQHV UHIHULGDV VH SRGUiQ LQFUHPHQWDU FRQ ODV TXH FRQ FDUJR D VXV SURSLRV SUHVXSXHVWRV
UHDOLFHQ ORV JRELHUQRV )HGHUDO (VWDWDO \ 0XQLFLSDOHV SDUD IRUWDOHFHU ORV (MHV HVWUDWHJLDV \ DFFLRQHV HQ HO
PDUFRGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFD(QWRGRVORVFDVRV³/$63$57(6´GHEHUiQVXVFULELUORV
FRQYHQLRVPRGLILFDWRULRVSDUDKDFHUFRQVWDUORDQWHULRU
³(/ *2%,(512 '(/ (67$'2´ GHEHUi HMHUFHU \ DSOLFDU ORV UHFXUVRV GHO )$63 GHQWUR GHO SUHVHQWH
HMHUFLFLRILVFDOHQORVREMHWLYRVH[SUHVDPHQWHSUHYLVWRVHQHODUWtFXORGH/H\GH&RRUGLQDFLyQ)LVFDO/RV
UHFXUVRV)HGHUDOHVTXHDOWpUPLQRGHOSUHVHQWHHMHUFLFLRILVFDOQRKD\DQVLGRHMHUFLGRVSRU³(/*2%,(512
'(/(67$'2´GHEHUiQFRQFHQWUDUVHHQOD6HFUHWDUtDGH+DFLHQGDGHOD(QWLGDG)HGHUDWLYDHQORVWpUPLQRV
GHODVGLVSRVLFLRQHVOHJDOHVDSOLFDEOHV
'HFRQIRUPLGDGFRQORVGHVWLQRVH[FOXVLYRVTXHSDUDORVUHFXUVRVGHO)$63HQXQFLDHOSULPHUSiUUDIRGHO
DUWtFXOR GH OD /H\ GH &RRUGLQDFLyQ )LVFDO ORV FRPSRQHQWHV GH FXDOTXLHU (MH QR FRQWHPSODGRV HQ OD
GLVSRVLFLyQOHJDOUHIHULGDVHUiQILQDQFLDGRVFRQUHFXUVRVDSRUWDGRVSRU³(/*2%,(512'(/(67$'2´
/DPHFiQLFD\SURFHGLPLHQWRVDWUDYpVGHORVFXDOHVVHUHSRUWDUiQORVDYDQFHVHQHOHMHUFLFLR\DSOLFDFLyQ
GHORVUHFXUVRVGHO)$63VHGHILQLUiQHQHO$QH[R7pFQLFR8QLFRGHOSUHVHQWHFRQYHQLR
2&7$9$ (O GHVWLQR GH ORV SURGXFWRV \R UHQGLPLHQWRV ILQDQFLHURV JHQHUDGRV HQ OD FXHQWD EDQFDULD
HVSHFtILFDVHUiQSDUDDOFDQ]DU\RDPSOLDUODVPHWDVSURJUDPDGDV\DFFLRQHVPDWHULDGHHVWHFRQYHQLR/RV
UHQGLPLHQWRVILQDQFLHURVGHULYDGRVGHODVDSRUWDFLRQHVGHRULJHQIHGHUDOGHEHUiQGHVWLQDUVHH[FOXVLYDPHQWH
DORVFRQFHSWRVFRQWHPSODGRVHQHODUWtFXORGHOD/H\GH&RRUGLQDFLyQ)LVFDO
129(1$ 'H FRQIRUPLGDG FRQ OR SUHYLVWR HQ HO DUWtFXOR GH OD /H\ GH &RRUGLQDFLyQ )LVFDO
³(/*2%,(512'(/(67$'2´SRUFRQGXFWRGHO6HFUHWDULR(MHFXWLYRGHO&RQVHMRGHO(VWDWDOGH6HJXULGDG
3~EOLFD HQWUHJDUi WULPHVWUDOPHQWH D ³/$ 6(&5(7$5,$´ D WUDYpV GHO 6HFUHWDULDGR (MHFXWLYR GHO 6LVWHPD
1DFLRQDOGH6HJXULGDG3~EOLFDHOUHSRUWHVREUHHOHMHUFLFLRGHORVUHFXUVRV\HODYDQFHHQHOFXPSOLPLHQWRGH
ODV PHWDV \ ORV UHQGLPLHQWRV ILQDQFLHURV FRQIRUPH D OR HVWDEOHFLGR HQ OD PHFiQLFD RSHUDWLYD GHO $QH[R
7pFQLFR8QLFRTXHIRUPDSDUWHLQWHJUDQWHGHOSUHVHQWH&RQYHQLR
(QWpUPLQRV GHODUWtFXOR GHOD /H\GH&RRUGLQDFLyQ )LVFDO³(/*2%,(512'(/(67$'2´HQYLDUiDO
(MHFXWLYR)HGHUDOSRUFRQGXFWRGHOD6HFUHWDUtDGH+DFLHQGD\&UpGLWR3~EOLFRLQIRUPHVVREUHHOHMHUFLFLR\
GHVWLQR GH ORV UHFXUVRV GHO )$63 DVt FRPR ORV UHVXOWDGRV REWHQLGRV $VLPLVPR UHPLWLUi OD LQIRUPDFLyQ
FRQVROLGDGDDPiVWDUGDUDORVGtDVQDWXUDOHVSRVWHULRUHVDODWHUPLQDFLyQGHFDGDWULPHVWUHGHOHMHUFLFLR
ILVFDO
'(&,0$'HFRQIRUPLGDGFRQORGLVSXHVWRHQHODUWtFXORRIUDFFLyQ9,GHOD/H\*HQHUDOTXH(VWDEOHFH
ODV %DVHV GH &RRUGLQDFLyQ GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD ³(/ *2%,(512 '(/ (67$'2´ VH
FRPSURPHWH HQ VX FDVR D WRPDU ODV PHGLGDV QHFHVDULDV SDUD OD UHDOL]DFLyQ GH DFFLRQHV \ RSHUDWLYRV GH
PDQHUD FRQMXQWD FRQ ODV DXWRULGDGHV GH 6HJXULGDG 3~EOLFD )HGHUDOHV \ 0XQLFLSDOHV TXH UHGXQGHQ HQ XQD
PD\RUVHJXULGDGGHORVKDELWDQWHVGHOD(QWLGDG)HGHUDWLYD
³(/ *2%,(512 '(/ (67$'2´ SURYHHUi OR QHFHVDULR D HIHFWR GH SDUWLFLSDU HQ IRUPD DFWLYD HQ ODV
&RQIHUHQFLDV1DFLRQDOHVDTXHVHUHILHUHHODUWtFXORGHOD/H\*HQHUDOUHIHULGDDVtFRPRDODV5HXQLRQHV
5HJLRQDOHV HQ 0DWHULD GH 6HJXULGDG 3~EOLFD D ODV TXH VHD FRQYRFDGR LQVWUXPHQWDQGR HQ VX FDVR HQ HO
iPELWRGHVXVDWULEXFLRQHV\FRQSOHQRUHVSHWRDVXVREHUDQtDORVDFXHUGRV\SURJUDPDVTXHHQHVRVIRURV
VHFRQYHQJDQ
(QORVVXSXHVWRVHQTXHVHDQHFHVDULRDWHQGHUIDFWRUHV TXH LQFLGDQHQODVHJXULGDG S~EOLFD GLVWLQWRVD
ORVDWULEXLGRVDO3RGHU(MHFXWLYR\HQORVFDVRVHQTXHVHLQYROXFUHQRWURVSRGHUHV\GLYHUVDVDXWRULGDGHVGH
³(/*2%,(512'(/(67$'2´RELHQGHRWUD(QWLGDG)HGHUDWLYDVHILUPDUiQORVFRQYHQLRVDTXHVHUHILHUH
HODUWtFXORRGHOD/H\*HQHUDOHQPHQFLyQ
&RQIRUPHDORSUHYLVWRHQOD/H\*HQHUDOUHIHULGDHQFRUUHODFLyQFRQOD/H\GH&RRUGLQDFLyQ)LVFDO\ORV
DFXHUGRV GHO &RQVHMR 1DFLRQDO GH 6HJXULGDG 3~EOLFD ³(/ *2%,(512 '(/ (67$'2´ VH FRPSURPHWH D
LPSOHPHQWDU SURJUDPDV GH SUHYHQFLyQ GHO GHOLWR \ DFFLRQHV GH SDUWLFLSDFLyQ GH OD VRFLHGDG HQ OD VHJXULGDG
S~EOLFD SDUD FUHDU EDVHV GH GDWRV VREUH PDSDV GHOLQFXHQFLDOHV SHUILOHV GHOLFWLYRV PRGXV RSHUDQGL GH OD
GHOLQFXHQFLD \ FXDOTXLHU RWUR GDWR TXH FRDG\XYH D HILFLHQWDU OD DFFLyQ GH ODV SROLFtDV IHGHUDO HVWDWDO
\PXQLFLSDOHV
81'(&,0$&RQHOILQGHGHSXUDU\IRUWDOHFHUDODVLQVWLWXFLRQHVGH6HJXULGDG3~EOLFD\3URFXUDFLyQGH
-XVWLFLD GHO (VWDGR ³(/ *2%,(512 '(/ (67$'2´ VH FRPSURPHWH D SHUIHFFLRQDU ORV PHFDQLVPRV GH
UHFOXWDPLHQWR VHOHFFLyQ LQJUHVR SHUPDQHQFLD IRUPDFLyQ UHFRQRFLPLHQWR FHUWLILFDFLyQ SURPRFLyQ
HYDOXDFLyQ\UHWLURGHORVHOHPHQWRVGHODVLQVWLWXFLRQHVSROLFLDOHVGHSURFXUDFLyQGHMXVWLFLD\GHFHQWURVGH
UHDGDSWDFLyQVRFLDODVtFRPRHVWDEOHFHUPHFDQLVPRVGHHYDOXDFLyQSHUPDQHQWH\GHFRQWUROGHFRQILDQ]DD
VXSHUVRQDO
3DUD OD UHDOL]DFLyQ GH ODV DFFLRQHV DQWHV VHxDODGDV ³(/ *2%,(512 '(/ (67$'2´ VH FRPSURPHWH D
FUHDU\RIRUWDOHFHUXQ&HQWURGH(YDOXDFLyQ\&RQWUROGH&RQILDQ]D&HUWLILFDGRHQOD(QWLGDG)HGHUDWLYD\D
HPSOHDUORVPHFDQLVPRVSUHYLVWRVHQHO6LVWHPD1DFLRQDOGH'HVDUUROOR3ROLFLDO\HQHOHVTXHPDIHGHUDOGHO
6LVWHPD 1DFLRQDO GH 'HVDUUROOR GH 0LQLVWHULRV 3~EOLFRV FRQGLFLRQDQGR OD SHUPDQHQFLD GHO SHUVRQDO HQ ODV
LQVWLWXFLRQHVDODDFUHGLWDFLyQSHULyGLFDGHODVHYDOXDFLRQHVFRUUHVSRQGLHQWHV
'82'(&,0$ 3DUD FRPEDWLU HO VHFXHVWUR XQR GH ORV IHQyPHQRV GHOLFWLYRV TXH PiV ODVWLPD D OD
VRFLHGDG ³(/ *2%,(512 '(/ (67$'2´ VH FRPSURPHWH D FRQVWLWXLU R HQ VX FDVR IRUWDOHFHU 8QLGDGHV
(VSHFLDOL]DGDV SDUD HO FRPEDWH \ GHVDUWLFXODFLyQ GH EDQGDV GHGLFDGDV DO VHFXHVWUR DVt FRPR LPSOHPHQWDU
SURJUDPDVWDOOHUHVVHPLQDULRV\FXUVRVGHFDSDFLWDFLyQSDUDHVWRVSURSyVLWRVGHDFXHUGRFRQODVSROtWLFDV\
FULWHULRV GHILQLGRV HQ OD ³(VWUDWHJLD 1DFLRQDO FRQWUD HO 6HFXHVWUR´ DSUREDGD SRU HO &RQVHMR 1DFLRQDO GH
6HJXULGDG3~EOLFDHQVX;;,96HVLyQFHOHEUDGDHOGHVHSWLHPEUHGH
'(&,0$ 7(5&(5$ $ ILQ GH FRQVROLGDU OD RSHUDFLyQ \ IXQFLRQDPLHQWR GHO 6LVWHPD 1DFLRQDO GH
,QIRUPDFLyQVREUH6HJXULGDG3~EOLFD³(/*2%,(512'(/(67$'2´SURSRUFLRQDUiDO6HFUHWDULDGR(MHFXWLYR
GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD HQ OD IRUPD \ WpUPLQRV VROLFLWDGRV SRU pVWH OD LQIRUPDFLyQ TXH
UHTXLHUD SDUD PDQWHQHU DFWXDOL]DGRV ORV 5HJLVWURV 1DFLRQDOHV \ ODV EDVHV GH GDWRV GH LQIRUPDFLyQ VREUH
VHJXULGDG S~EOLFD D TXH VH UHILHUH HO &DStWXOR ,9 GHO 7tWXOR 6HJXQGR \ HO DUWtFXOR GH OD /H\ *HQHUDO TXH
(VWDEOHFHODV %DVHVGH &RRUGLQDFLyQGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFDORVDFXHUGRVGHO&RQVHMR
1DFLRQDOGH6HJXULGDG3~EOLFDGHOD&RQIHUHQFLD1DFLRQDOGH3URFXUDFLyQGH-XVWLFLDGHOD&RQIHUHQFLDGH
3UHYHQFLyQ \ 5HDGDSWDFLyQ 6RFLDO \ GH OD &RQIHUHQFLD GH 6HFUHWDULRV GH 6HJXULGDG 3~EOLFD 3DUD WDO ILQ
³(/*2%,(512'(/(67$'2´SURSRUFLRQDUiOD,QWHUFRQH[LyQHQWUHODV,QVWLWXFLRQHVGH6HJXULGDG3~EOLFD
3URFXUDFLyQ GH -XVWLFLD 3UHYHQFLyQ \ 5HDGDSWDFLyQ 6RFLDO PXQLFLSLRV \ GHPiV ,QVWLWXFLRQHV TXH
SURSRUFLRQHQODLQIRUPDFLyQUHTXHULGDSDUDPDQWHQHUDFWXDOL]DGRVORVUHJLVWURVQDFLRQDOHV\EDVHVGHGDWRV
WDQWRGHOiPELWR(VWDWDOFRPR0XQLFLSDOFRQ3ODWDIRUPD0p[LFRGHDFXHUGRDORVHVWiQGDUHV\OLQHDPLHQWRV
WpFQLFRVGHILQLGRVSRUHO6HFUHWDULDGR(MHFXWLYRGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFD
$ HIHFWR GH KRPRORJDU OD RSHUDFLyQ \ IXQFLRQDPLHQWR GHO 6LVWHPD 1DFLRQDO GH ,QIRUPDFLyQ VREUH
6HJXULGDG3~EOLFDHQHO(MH(VWUDWpJLFR3ODWDIRUPD0p[LFRHO6HFUHWDULDGR(MHFXWLYRGHO6LVWHPD1DFLRQDOGH
6HJXULGDG 3~EOLFD GHILQLUi ORV FULWHULRV GLUHFWULFHV SURWRFRORV \ IRUPDWRV TXH VH UHTXLHUDQ SDUD
VXFRQVHFXFLyQ
$ILQGHFRQVROLGDUHO6LVWHPD8QLFRGH,QIRUPDFLyQ&ULPLQDOSDUDFRQFHQWUDU\FRPSDUWLUGDWRVUHOHYDQWHV
GHOIHQyPHQRGHOLFWLYRHQEDVHVGHGDWRVFRPSOHWDV\HILFDFHVFRPRORVUHJLVWURVGHDXWRPyYLOHV\DUPDV
SHUILOHV GH GHOLQFXHQWHV PRGRV GH RSHUDFLyQ HVWDGtVWLFDV GHOLFWLYDV UHJLVWUR GHO SHUVRQDO GH 6HJXULGDG
3~EOLFD\HOLQIRUPHSROLFLDOKRPRORJDGRPHGLDQWHHOLQWHUFDPELRHQWLHPSRUHDOGHGDWRVGHDXGLRYLGHR\
WH[WR ³/$6 3$57(6´ DFXHUGDQ SDUD HO VXPLQLVWUR LQWHUFDPELR VLVWHPDWL]DFLyQ \ DFWXDOL]DFLyQ GH OD
LQIRUPDFLyQ ORV VLJXLHQWHV DVSHFWRV SDUD OD RSHUDFLyQ IXQFLRQDPLHQWR DGPLQLVWUDFLyQ \ H[SORWDFLyQ GH ORV
5HJLVWURVGH6HJXULGDG3~EOLFD
D ³(/ *2%,(512 '(/ (67$'2´ VH REOLJD D VXPLQLVWUDU DO 6HFUHWDULDGR (MHFXWLYR GHO 6LVWHPD
1DFLRQDO GH 6HJXULGDG 3~EOLFD GH PDQHUD SHUPDQHQWH OD LQIRUPDFLyQ DFWXDOL]DGD GHO SHUVRQDO GH
VHJXULGDGS~EOLFDLQFOX\HQGRDTXLHQHVWHQJDQXQQRPEUDPLHQWRRFRQGLFLyQMXUtGLFDHTXLYDOHQWH\
DO SHUVRQDO TXH LQWHJUDQ ODV HPSUHVDV GH VHJXULGDG SULYDGD FRQ SHUPLVR HVWDWDO PHGLDQWH HO
FXPSOLPLHQWR GHO 3URJUDPD GH &DOLGDG H ,QWHJULGDG GH OD ,QIRUPDFLyQ FRQWHQLGD HQ HO 5HJLVWUR
1DFLRQDOGHO3HUVRQDOGH6HJXULGDG3~EOLFDGHFRQIRUPLGDGFRQORVOLQHDPLHQWRVHVWDEOHFLGRVSRUHO
6HFUHWDULDGR(MHFXWLYRGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFD
E ³(/ *2%,(512 '(/ (67$'2´ VH REOLJD D GDU FXPSOLPLHQWR D OD DFWXDOL]DFLyQ GH ODV /LFHQFLDV
2ILFLDOHV&ROHFWLYDVRWRUJDGDVDODVLQVWLWXFLRQHVGHVHJXULGDGS~EOLFDGHOD(QWLGDGGHFRQIRUPLGDG
FRQORHVWDEOHFLGRHQOD/H\)HGHUDOGH$UPDVGH)XHJR\([SORVLYRVFRQHOILQGHWHQHUXQ5HJLVWUR
1DFLRQDO GH $UPDPHQWR \ (TXLSR TXH SHUPLWD IDFLOLWDU HO LQYHQWDULR FRQWURO \ YLJLODQFLD GHO
DUPDPHQWR DXWRUL]DGR D ODV LQVWLWXFLRQHV GH VHJXULGDG S~EOLFD GHO SDtV DVt FRPR EULQGDU PD\RU
FRQWURO\UHJXODFLyQGHODVDUPDVGHIXHJR\PXQLFLRQHVGHQWURGHOSDtVHQFDVRGHH[WUDYtRURER
GHVWUXFFLyQDVHJXUDPLHQWRRGHFRPLVR
F 'HFRQIRUPLGDGFRQORVDFXHUGRVHVWDEOHFLGRVHQODSULPHUD&RQIHUHQFLD1DFLRQDOGH3UHYHQFLyQ\
5HDGDSWDFLyQ6RFLDO³(/*2%,(512'(/(67$'2ÚHDOL]DUiODVDFFLRQHVTXHFRQOOHYHQDIDFLOLWDU
ORV PHGLRV \ UHFXUVRV QHFHVDULRV SDUD HO FXPSOLPLHQWR GHO &HQVR (VWDWDO 3HQLWHQFLDULR \ HO
VXPLQLVWUR RSRUWXQR GH OD LQIRUPDFLyQ HQ HO 6LVWHPD ,QWHJUDO GH $GPLQLVWUDFLyQ 3HQLWHQFLDULD TXH
DOLPHQWDUiDO6LVWHPD8QLFRGH,QIRUPDFLyQ&ULPLQDODVtFRPRODLQWHJUDFLyQDOD3ODWDIRUPD0p[LFR
GHORV&HQWURVGH5HDGDSWDFLyQ6RFLDOUHFOXVRULRV\FiUFHOHVPXQLFLSDOHVDQLYHOQDFLRQDO
/RVLQVWUXPHQWRVGHLQIRUPDFLyQGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFDIRUWDOHFHUiQHO6LVWHPD8QLFR
GH ,QIRUPDFLyQ &ULPLQDO FRRUGLQDQGR HO HVIXHU]R GH ODV LQVWLWXFLRQHV TXH OR LQWHJUDQ SDUD IRUWDOHFHU OD
LQYHVWLJDFLyQFLHQWtILFDPLQLVWHULDO\SROLFLDOPHGLDQWHHOXVR\H[SORWDFLyQGHVLVWHPDVWHFQROyJLFRVDYDQ]DGRV
GH LGHQWLILFDFLyQ \ YDOLGDFLyQ TXH SHUPLWDQ UHFDEDU HYLGHQFLDV ItVLFDV yUGHQHV MXGLFLDOHV FDUDFWHUtVWLFDV
FULPLQDOHV PHGLRV GH LGHQWLILFDFLyQ \ RWURV HOHPHQWRV GH DSR\R TXH SHUPLWDQ LQFUHPHQWDU OD FDOLGDG GHO
VLVWHPDGHMXVWLFLDSDUDUHGXFLUODGLVFUHFLRQDOLGDGGHODDXWRULGDGDGPLQLVWUDWLYDMXGLFLDOHQODDSOLFDFLyQGHOD
/H\DHIHFWRGHTXHQRTXHGHLPSXQHQLQJ~QDFWRLOtFLWRPiVDXQDTXpOORVUHODFLRQDGRVFRQODGHOLQFXHQFLD
RUJDQL]DGDHQGHIHQVDGHORVLQWHUHVHV\GHUHFKRVGHORVPH[LFDQRV
(Q WDO VHQWLGR ³(/ *2%,(512 '(/ (67$'2´ UHDOL]DUi ODV DFFLRQHV QHFHVDULDV SDUD HO LQWHUFDPELR GH
LQIRUPDFLyQFRQILDEOHDFWXDOL]DGD\YHUD]GHODVyUGHQHVMXGLFLDOHVOLEUDGDVFRQODILQDOLGDGGHXQLUHVIXHU]RV
HLQWHUFDPELDULQIRUPDFLyQSDUDDEDWLUODVFRQGXFWDVGHOLFWLYDV\HYLWDUODLPSXQLGDG
³/$ 6(&5(7$5,$´ D WUDYpV GHO 6HFUHWDULDGR (MHFXWLYR GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD \
³(/ *2%,(512 '(/ (67$'2´ GHVDUUROODUiQ GH PDQHUD FRQMXQWD ODV HVWUDWHJLDV HTXLSDPLHQWR \ VRIWZDUH
GH WHUPLQDOHV SDUD OD LPSOHPHQWDFLyQ GHO 6LVWHPD (VSHFLDOL]DGR SDUD OD ,GHQWLILFDFLyQ %DOtVWLFD ,%,6 \ HO
6LVWHPD GH ,GHQWLILFDFLyQ %LRPpWULFD SRU 9R] HQ ODV iUHDV GH LQYHVWLJDFLyQ SHULFLDO SDUD OD DFWXDOL]DFLyQ \
FRQVXOWDGHODVEDVHVGHGDWRVGHO5HJLVWURGH+XHOODV%DOtVWLFDV\HO5HJLVWURGH9RFHVTXHSHUPLWDUHJLVWUDU
GHPDQHUDFHQWUDODOSHUVRQDOUHODFLRQDGRFRQODVHJXULGDGS~EOLFDHODUPDPHQWRTXHpVWRVSRUWDQ\DORV
SUHVXQWRV UHVSRQVDEOHV LQGLFLDGRV SURFHVDGRV \ VHQWHQFLDGRV EDVDGR HQ ODV SROtWLFDV \ HVSHFLILFDFLRQHV
HVWDEOHFLGDVSRUHO6HFUHWDULDGR(MHFXWLYRGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFD
³(/ *2%,(512 '(/ (67$'2´ WHQGUi DFFHVR D ORV 5HJLVWURV 1DFLRQDOHV \ %DVHV GH 'DWRV GH
,QIRUPDFLyQ VREUH 6HJXULGDG 3~EOLFD FRQIRUPH D OR HVWDEOHFLGR HQ HO DUWtFXOR GH OD /H\ *HQHUDO TXH
(VWDEOHFHODV%DVHVGH&RRUGLQDFLyQGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFDUHSRUWDQGRHQPi[LPR
GtDVQDWXUDOHVODVDOWDV\EDMDVGHOSHUVRQDOTXHFXHQWDFRQDFFHVRDORV5HJLVWURVGH6HJXULGDG3~EOLFD
(O 6HFUHWDULDGR (MHFXWLYR GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD \ ³(/ *2%,(512 '(/ (67$'2´
GHVDUUROODUiQ GH PDQHUD FRQMXQWD ODV VROXFLRQHV SDUD JDUDQWL]DU OD VHJXULGDG GH DFFHVR D OD LQIRUPDFLyQ
VREUH VHJXULGDG S~EOLFD HVWDEOHFLGD HQ HO &DStWXOR ,9 6HFFLyQ 4XLQWD GH OD /H\ *HQHUDO TXH (VWDEOHFH ODV
%DVHVGH&RRUGLQDFLyQGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFD\SDUDHVWDEOHFHUHORORVUHVSRQVDEOHV
GHODVHJXULGDGGHODLQIRUPDFLyQHOFXDOGHEHUiGHILQLUORVUROHV\UHVSRQVDELOLGDGHVGHVHJXULGDGGHQWURGH
VXiUHDGHJHVWLyQ\GHVDUUROODULQWHJUDURSHUDU\DGPLQLVWUDUORVSURJUDPDVGHVHJXULGDGLQIRUPiWLFDGHOD
(QWLGDG)HGHUDWLYD
³/$63$57(6´DFXHUGDQ GLVSRQHUGHWRGRVORVHOHPHQWRVQHFHVDULRV SDUDOD H[SORWDFLyQHILFLHQWHGHOD
LQIRUPDFLyQGHVHJXULGDGS~EOLFDTXHDUWLFXODGRVDO6LVWHPD8QLFRGH,QIRUPDFLyQ&ULPLQDOSHUPLWLUiQDODV
FRUSRUDFLRQHVSROLFLDOHVPHMRUDUVXFRPSHWHQFLDWpFQLFRRSHUDWLYD\IRUWDOHFHUiQODSHUVHFXFLyQGHOGHOLWR\OD
LPSDUWLFLyQGHMXVWLFLDDXPHQWDQGRVXHILFLHQFLD\HILFDFLDDVtFRPRVXFRQILDQ]DDQWHODFLXGDGDQtD
'(&,0$ &8$57$ $ ILQ GH FRQVROLGDU OD RSHUDFLyQ \ IXQFLRQDPLHQWR GHO 5HJLVWUR 3~EOLFR 9HKLFXODU
³(/ *2%,(512 '(/ (67$'2´ SURSRUFLRQDUi DO 6HFUHWDULDGR (MHFXWLYR GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG
3~EOLFD OD LQIRUPDFLyQ TXH UHTXLHUD HQ HVWULFWR DSHJR D ORV OLQHDPLHQWRV SDUD OD LQWHJUDFLyQ GH LQIRUPDFLyQ
HVWDEOHFLGRVSRUpVWHSDUDYDOLGDU\PDQWHQHUDFWXDOL]DGRHO5HJLVWUR3~EOLFR9HKLFXODUGHFRQIRUPLGDGFRQ
ORVDUWtFXORV\GHOD/H\GHO5HJLVWUR3~EOLFR9HKLFXODU
³(/ *2%,(512 '(/ (67$'2´ GHEHUi LPSOHPHQWDU ORV LQVWUXPHQWRV WHFQROyJLFRV QHFHVDULRV SDUD HO
PHMRUDPLHQWR GH OD FDOLGDG GH OD LQIRUPDFLyQ UHDOL]DQGR GLDJQyVWLFRV D ODV EDVHV GH GDWRV H[LVWHQWHV
,JXDOPHQWHLQVWUXPHQWDUiSURFHVRVTXHSHUPLWDQVXPHMRUDPLHQWRSDUDJDUDQWL]DUTXHODLQIRUPDFLyQTXHVH
HQFXHQWUDHQODVEDVHVGHGDWRVHVWDWDOHV\TXHHVHQYLDGDDO6HFUHWDULDGR(MHFXWLYRGHO6LVWHPD1DFLRQDOGH
6HJXULGDG3~EOLFDFXPSODFRQORVHVWiQGDUHVHVWDEOHFLGRVQRROYLGDQGRLQYHUWLUHQKHUUDPLHQWDVLQIRUPiWLFDV
\GHSURFHGLPLHQWRTXHJDUDQWLFHQHODSHJRDORVHVWiQGDUHVLPSOHPHQWDGRV\RGHILQLGRVDILQGHJDUDQWL]DU
TXHVHFXPSODFRQODFDOLGDGRSRUWXQLGDGHLQWHJULGDGUHTXHULGDV
³(/*2%,(512'(/(67$'2´VHREOLJDDDFWXDOL]DUODLQIRUPDFLyQGHYHKtFXORVUREDGRV\UHFXSHUDGRV
GHQWURGHOWpUPLQRGHKRUDVGHVSXpVGHTXHVHKD\DLQLFLDGRODDYHULJXDFLyQSUHYLD
³(/ *2%,(512 '(/ (67$'2´ GHEHUi FRRUGLQDU OD LPSOHPHQWDFLyQ GH PHFDQLVPRV \ VLVWHPDV
LQIRUPiWLFRVHVWDEOHFLGRVSRUHO6HFUHWDULDGR(MHFXWLYRGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFDSDUDTXH
VHUHDOLFHHOLQWHUFDPELRGHLQIRUPDFLyQPHGLDQWHORVDSOLFDWLYRVGHILQLGRVSRUpVWHDWUDYpVGHFRPSRQHQWHV
HQ OtQHD FDUJDV R UpSOLFDV GH LQIRUPDFLyQ VHJ~Q ODV FRQGLFLRQHV \ VLWXDFLyQ DSOLFDEOH D ILQ GH FRQWDU
RSRUWXQDPHQWHFRQODLQIRUPDFLyQ
3DUD GDU FXPSOLPLHQWR D OR DFRUGDGR SRU HO &RQVHMR 1DFLRQDO GH 6HJXULGDG 3~EOLFD HQ VX ;; 6HVLyQ
FHOHEUDGD HO GH HQHUR GH HQ VX QXPHUDO 9,, GHO $FXHUGR ;; ³/$6 3$57(6´ DFXHUGDQ ORV
VLJXLHQWHV SULQFLSLRV DVt FRPR ORV TXH VH HQXQFLHQ HQ HO $QH[R 7pFQLFR 8QLFR GH HVWH &RQYHQLR GH
&RRUGLQDFLyQFRUUHVSRQGLHQWHDO5HJLVWUR3~EOLFR9HKLFXODUDORVTXHVHVXMHWDUiHOVXPLQLVWURLQWHUFDPELR
VLVWHPDWL]DFLyQ\DFWXDOL]DFLyQGHODLQIRUPDFLyQGHORVYHKtFXORVDTXHVHUHILHUHOD/H\GHO5HJLVWUR3~EOLFR
9HKLFXODU DVt FRPR ORV VLJXLHQWHV DVSHFWRV UHODFLRQDGRV FRQ OD RSHUDFLyQ IXQFLRQDPLHQWR DGPLQLVWUDFLyQ
\H[SORWDFLyQGHO5HJLVWUR3~EOLFR9HKLFXODU
$³(/*2%,(512'(/(67$'2´VHREOLJDDVXPLQLVWUDUDO6HFUHWDULDGR(MHFXWLYRGHO6LVWHPD1DFLRQDO
GH 6HJXULGDG 3~EOLFD GH PDQHUD SHUPDQHQWH OD LQIRUPDFLyQ DFWXDOL]DGD FRPSOHWD \ FRQ OD FDOLGDG
HVWDEOHFLGD GH FDGD YHKtFXOR TXH HQXQFLD OD /H\ GHO 5HJLVWUR 3~EOLFR 9HKLFXODU OD GH DTXHOORV YHKtFXORV
DVLJQDGRV D ODV GLIHUHQWHV &RUSRUDFLRQHV GH 6HJXULGDG 3~EOLFD DVt FRPR OD LQIRUPDFLyQ FRUUHVSRQGLHQWH DO
5HJLVWUR GH 9HKtFXORV 5REDGRV \ 5HFXSHUDGRV \ /LFHQFLDV GH &RQGXFLU FRPSURPHWLpQGRVH D REVHUYDU VLQ
H[FHSFLyQ ORV FULWHULRV HVWDEOHFLGRV HQ HO $QH[R 7pFQLFR 8QLFR HQ HO HQWHQGLGR GH TXH HO 6HFUHWDULDGR
(MHFXWLYR GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD LQWHJUDUi HQ OD EDVH GH GDWRV GHO 5HJLVWUR 3~EOLFR
9HKLFXODU ~QLFDPHQWH DTXHOOD LQIRUPDFLyQ TXH OH VHD SURSRUFLRQDGD SRU HO ³(/ *2%,(512 '(/ (67$'2´
\TXHFXPSODFRQGLFKRVFULWHULRV
% ³(/ *2%,(512 '(/ (67$'2´ WHQGUi DFFHVR D OD EDVH GH GDWRV GHO 5HJLVWUR 3~EOLFR 9HKLFXODU
FRQIRUPHD OR TXHHVWDEOHFH HO DUWtFXOR GHOD /H\ GHO 5HJLVWUR3~EOLFR9HKLFXODUUHSRUWDQGR HQXQSOD]R
Pi[LPRGHGtDVQDWXUDOHVODVDOWDV\EDMDVGHOSHUVRQDOTXHFXHQWDFRQDFFHVRDO5HJLVWUR
& (O 6HFUHWDULDGR (MHFXWLYR GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD \ ³(/ *2%,(512 '(/
(67$'2´GHVDUUROODUiQGHPDQHUDFRQMXQWDODVVROXFLRQHVSDUDORJUDUODLQWHURSHUDELOLGDGHQWUHORVHTXLSRV\
EDVHVGHGDWRVGHOD(QWLGDG)HGHUDWLYD\ODV%DVHVGH'DWRVGHO5HJLVWUR3~EOLFR9HKLFXODUHO5HJLVWURGH
9HKtFXORV 5REDGRV \ 5HFXSHUDGRV \ GH /LFHQFLDV GH &RQGXFLU D ILQ GH DOFDQ]DU HO DGHFXDGR VXPLQLVWUR
LQWHUFDPELRH[SORWDFLyQFRQVXOWD\VLVWHPDWL]DFLyQGHODLQIRUPDFLyQ
'³/$63$57(6´DFXHUGDQTXHFXDQGRHOSURSLHWDULRGHXQYHKtFXORRTXLHQDFUHGLWHVXLQWHUpVMXUtGLFR
UHDOLFH DOJXQR GH ORV WUiPLWHV TXH PiV DGHODQWH VH UHILHUHQ GH PDQHUD HQXQFLDWLYD PDV QR OLPLWDWLYD
³(/*2%,(512'(/(67$'2´GHEHUiSULPHUDPHQWHUHDOL]DUXQDFRQVXOWDDO5HJLVWUR3~EOLFR9HKLFXODUDILQ
GHDVHJXUDUODYLDELOLGDGGHGLFKRWUiPLWH
D ,QVFULSFLyQGHDOWDHQHOSDGUyQYHKLFXODUGHODHQWLGDG
E 2WRUJDPLHQWRGHSODFDVPHWiOLFDVGHFLUFXODFLyQRUHH[SHGLFLyQGHODVPLVPDV
F (PLVLyQRUHSRVLFLyQGHWDUMHWDGHFLUFXODFLyQRGHFDOFRPDQtDGHFLUFXODFLyQSHUPDQHQWH
G &DPELRGHSURSLHWDULRFDPELRGHSODFDV\RFDPELRGHWDUMHWDVGHFLUFXODFLyQ
H 3DJRGHWHQHQFLDXRWUDVFRQWULEXFLRQHV
I 9HULILFDFLyQItVLFRPHFiQLFD\
J ([SHGLFLyQGHSHUPLVRSDUDFLUFXODUVLQSODFDV
³/$6 3$57(6´ DFXHUGDQ TXH SUHYLD YHULILFDFLyQ ItVLFD GHO YHKtFXOR ³(/ *2%,(512 '(/ (67$'2´
FRORFDUi SRU XQD VROD YH] \ FRQ FDUJR DO ILQDQFLDPLHQWR FRQMXQWR OD &RQVWDQFLD GH ,QVFULSFLyQ GHO 5HJLVWUR
3~EOLFR 9HKLFXODU 5(389( FRQIRUPH D ORV OLQHDPLHQWRV WpFQLFRV TXH GHILQD 6HFUHWDULDGR (MHFXWLYR GHO
6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFDHQHO$QH[R7pFQLFR8QLFR
3DUD ORJUDU ORV REMHWLYRV TXH VH SHUVLJXHQ FRQ HO HVWDEOHFLPLHQWR GHO 5HJLVWUR 3~EOLFR 9HKLFXODU
³(/*2%,(512'(/(67$'2´VHFRPSURPHWHDFRQFOXLUHQGRVDxRVODFRORFDFLyQGHODVFRQVWDQFLDVGH
LQVFULSFLyQGHO5(389(FRQWDGRVDSDUWLUGHTXHHO6HFUHWDULDGR(MHFXWLYRGHO6LVWHPD1DFLRQDOGH6HJXULGDG
3~EOLFDVHODVSURSRUFLRQD
(O 6HFUHWDULDGR (MHFXWLYR GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD HQ FRRUGLQDFLyQ FRQ
³(/ *2%,(512 '(/ (67$'2´ GHVDUUROODUiQ H LPSOHPHQWDUiQ FRQ FDUJR DO ILQDQFLDPLHQWR FRQMXQWR
SURJUDPDV GH FDSDFLWDFLyQ \ FHUWLILFDFLyQ GHO SHUVRQDO TXH VH GHVLJQH SDUD HO JUDEDGR \ FRORFDFLyQ GH ODV
FRQVWDQFLDVGHLQVFULSFLyQDQWHVUHIHULGDVDVtFRPRSDUDODDGTXLVLFLyQGHDQWHQDV\OHFWRUDVILMDV\SRUWiWLOHV
SDUD HO JUDEDGR \ OHFWXUD GH GLFKDV FRQVWDQFLDV GH LQVFULSFLyQ GH DFXHUGR FRQ ORV OLQHDPLHQWRV \
FDUDFWHUtVWLFDVTXHHOSURSLR6HFUHWDULDGR(MHFXWLYRHVWDEOH]FDSDUDWDOHVHIHFWRV
&XDQGRDQWH³(/*2%,(512'(/(67$'2´VHUHDOLFHDOJ~QWUiPLWHUHVSHFWRGHXQYHKtFXOR\XQDYH]
UHDOL]DGDODFRQVXOWDSUHYLDDO5(389(VHFRQVWDWHTXHpVWHQRVHHQFXHQWUDLQVFULWR³(/*2%,(512'(/
(67$'2´VHFRPSURPHWHDVHJXLUHOSURFHGLPLHQWRHVWDEOHFLGRHQHO$QH[R7pFQLFR8QLFRDILQGHHIHFWXDU
VXDOWDHQODEDVHGHGDWRVFRUUHVSRQGLHQWHGHO5HJLVWUR3~EOLFR9HKLFXODUUHVSHWDQGRHQWRGRPRPHQWRODV
FRQGLFLRQHVEDMRODVFXDOHVHVWHUHJLVWURSXHGHVHULQVFULWR
(QFXPSOLPLHQWRDODFXHUGRQ~PHUR;;,,DSUREDGRSRUHO&RQVHMR1DFLRQDOGH6HJXULGDG3~EOLFD
HQVX;;,,6HVLyQ³(/*2%,(512'(/(67$'2ÚHDOL]DUiODVDFFLRQHVTXHFRQOOHYHQDODPRGLILFDFLyQGHO
PDUFR MXUtGLFR TXH UHJXOD HO WUiQVLWR YHKLFXODU HQ HO (VWDGR \ VXV PXQLFLSLRV D ILQ GH HVWDEOHFHU OD
REOLJDWRULHGDGGHSRUWDUOD&RQVWDQFLDGH,QVFULSFLyQHQFDGDXQRGHORVYHKtFXORVTXHFLUFXOHQHQODHQWLGDG
GHFRQIRUPLGDGFRQORVOLQHDPLHQWRVTXHDOHIHFWRHVWDEOH]FDHO6HFUHWDULDGR(MHFXWLYRGHO6LVWHPD1DFLRQDO
GH6HJXULGDG3~EOLFD
$VLPLVPR\HQDSR\RDODVWDUHDVGHVHJXULGDGS~EOLFD³(O*2%,(512'(/(67$'2´GHEHUiHVWDEOHFHU
ORV OLQHDPLHQWRV \ SURFHGLPLHQWRV RSHUDWLYRV QHFHVDULRV D ILQ GH SRGHU OOHYDU D FDER HO OHYDQWDPLHQWR GH
FHQVRV VREUH OD HVWLPDFLyQ PHQVXDO GHO SDUTXH YHKLFXODU TXH FLUFXOH HQ HO WHUULWRULR HVWDWDO GHVJORVDQGR H
LGHQWLILFDQGRORVYHKtFXORVDVLJQDGRVDODVFRUSRUDFLRQHVGHVHJXULGDGS~EOLFDGHOSURSLR(VWDGR
'(&,0$ 48,17$ $ ILQ GH PRGHUQL]DU HO VLVWHPD SHQLWHQFLDULR ³(/ *2%,(512 '(/ (67$'2´ VH
FRPSURPHWH D DGTXLULU OD WHFQRORJtD TXH JDUDQWLFH OD VHJXULGDG DO LQWHULRU GH ORV &HQWURV GH 5HDGDSWDFLyQ
6RFLDO SDUD SURPRYHU OD FODVLILFDFLyQ \ VHSDUDFLyQ GH ORV LQWHUQRV HQ DWHQFLyQ D VX SHUILO FULPLQROyJLFR \
SHOLJURVLGDG DVt FRPR OD LQFRUSRUDFLyQ GH PHGLGDV DOWHUQDWLYDV GH DOWD WHFQRORJtD WDOHV FRPR OD YLJLODQFLD
HOHFWUyQLFDHQWUHRWUDV
'(&,0$ 6(;7$ $ ILQ GH FRQVROLGDU OD RSHUDFLyQ \ IXQFLRQDPLHQWR GH OD 5HG 1DFLRQDO GH
7HOHFRPXQLFDFLRQHV HO 6HUYLFLR GH /ODPDGDV GH (PHUJHQFLD \ HO 6HUYLFLR GH 'HQXQFLD $QyQLPD
SDUD DOLQHDU ORV VHUYLFLRV D ORV QXHYRV UHWRV TXH SODQWHD HO (MH 3ODWDIRUPD 0p[LFR ³(/ *2%,(512 '(/
(67$'2´VHREOLJDDUHDOL]DUORVWUDEDMRV\ODVPLJUDFLRQHVGHORVVHUYLFLRVGHWHOHFRPXQLFDFLRQHVGHVX5HG
(VWDWDO GH DFXHUGR D ORV OLQHDPLHQWRV TXH HO 6HFUHWDULDGR (MHFXWLYR GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG
3~EOLFD GHILQD PHGLDQWH HO GHVDUUROOR H LQVWUXPHQWDFLyQ GH SURWRFRORV PHWRGRORJtDV VLVWHPDV \ SURGXFWRV
WHFQROyJLFRVTXHRSHUHQHQIRUPDKRPRORJDGD
,JXDOPHQWHSHUPLWLUiDO6HFUHWDULDGR(MHFXWLYRGHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFDODSHUPDQHQFLD
\DFWXDOL]DFLyQGHORVHTXLSRV\VLVWHPDVTXHVHLQVWDODURQRVHLQVWDOHQHQORVVLWHVGHWHOHFRPXQLFDFLRQHV
GHORV1RGRVGH,QWHUFRQH[LyQGH7HOHFRPXQLFDFLRQHV1,7V&\6XE&SDUDHOVHUYLFLRGHLQWHUFRQH[LyQ
D3ODWDIRUPD0p[LFR
³(/ *2%,(512 '(/ (67$'2´ HQ HO iPELWR GH VX FRPSHWHQFLD DSR\DUi OD LQWHUFRQH[LyQ GH ORV
PXQLFLSLRVDOD3ODWDIRUPD0p[LFRHQORVWpUPLQRVTXHGHILQDHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFDSDUD
ORFXDOGHEHUiLQWHJUDUDOD3ODWDIRUPD0p[LFRHQHOSUHVHQWHHMHUFLFLRDORVPXQLFLSLRVTXHFRQMXQWDPHQWHVH
FRQVLGHUHQHFHVDULRV
(O 6HFUHWDULDGR (MHFXWLYR GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD VH REOLJD D HVWDEOHFHU SURGXFWRV
WHFQROyJLFRV\SURWRFRORVGHFRPXQLFDFLyQKRPRJpQHRVTXHSHUPLWDQTXHHO(VWDGRRSHUHHILFLHQWHPHQWHFRQ
OD 5HG 1DFLRQDO GH 7HOHFRPXQLFDFLRQHV DVt FRPR SURFHVRV iJLOHV \ H[SHGLWRV TXH IDFLOLWHQ D WUDYpV GH
SURGXFWRV WHFQROyJLFRV HVSHFtILFRV DFFHGHU D WRGD OD LQIRUPDFLyQ DOPDFHQDGD HQ ODV EDVHV GH GDWRV TXH
DOEHUJDHO6LVWHPD1DFLRQDOGH6HJXULGDG3~EOLFD
'(&,0$6(37,0$³/$6(&5(7$5,$´SRUFRQGXFWRGHO6HFUHWDULDGR(MHFXWLYRGHO6LVWHPD1DFLRQDOGH
6HJXULGDG3~EOLFD\³(/*2%,(512'(/(67$'2´SURPRYHUiQ\DGRSWDUiQODVPHGLGDVFRPSOHPHQWDULDV
TXHVHUHTXLHUDQSDUDHOFXPSOLPLHQWRGHOSUHVHQWH&RQYHQLR
'(&,0$ 2&7$9$ ³/$ 6(&5(7$5,$´ \ ³(/ *2%,(512 '(/ (67$'2´ WHQGUiQ OD SUHUURJDWLYD SDUD
RFXUULU DQWH ODV DXWRULGDGHV FRUUHVSRQGLHQWHV HQ FDVR GH LQFXPSOLPLHQWR GH FXDOTXLHUD GH ODV REOLJDFLRQHV
SDFWDGDVHQHOSUHVHQWH&RQYHQLRRVX$QH[R7pFQLFR8QLFR
'(&,0$ 129(1$ (VWH &RQYHQLR VH SXEOLFDUi HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ \ HQ HO 3HULyGLFR
2ILFLDOGHO*RELHUQRGHO(VWDGRGH&KLDSDV\HQWUDUiHQYLJRUDSDUWLUGHODIHFKDGHVXVXVFULSFLyQ
(OSUHVHQWH&RQYHQLRGH&RRUGLQDFLyQHQ0DWHULDGH6HJXULGDG3~EOLFDVHILUPDSRUWULSOLFDGRHQOD
&LXGDGGH0p[LFR'LVWULWR)HGHUDODORVGRVGtDVGHOPHVGHHQHURGHGRVPLOQXHYH3RUOD6HFUHWDUtDHO
6HFUHWDULR GH 6HJXULGDG 3~EOLFD \ 3UHVLGHQWH GHO &RQVHMR 1DFLRQDO GH 6HJXULGDG 3~EOLFD *HQDUR *DUFtD
/XQD 5~EULFD (O 6HFUHWDULR (MHFXWLYR GHO 6LVWHPD 1DFLRQDO GH 6HJXULGDG 3~EOLFD 0RQWH $OHMDQGUR
5XELGR*DUFtD5~EULFD3RUHO*RELHUQRGHO(VWDGRHO*REHUQDGRUGHO(VWDGRGH&KLDSDV-XDQ6DELQHV
*XHUUHUR 5~EULFD (O 6HFUHWDULR *HQHUDO GH *RELHUQR 1Rp &DVWDxyQ /HyQ 5~EULFD (O 6HFUHWDULR GH
+DFLHQGD&DUORV-DLU-LPpQH]%RODxRV&DFKR5~EULFD(O6HFUHWDULRGH6HJXULGDG3~EOLFD\3URWHFFLyQ
&LXGDGDQD -RVp /XLV 6ROtV &RUWpV 5~EULFD (O 3URFXUDGRU *HQHUDO GH -XVWLFLD GHO (VWDGR $PDGRU
5RGUtJXH] /R]DQR 5~EULFD (O 6HFUHWDULR (MHFXWLYR GHO &RQVHMR (VWDWDO GH 6HJXULGDG 3~EOLFD &DUORV
5D\PXQGR7ROHGR5~EULFD
6(&5(7$5,$'('(6$552//262&,$/
'(&5(72SRUHOTXHVHDGLFLRQDHO5HJODPHQWR,QWHULRUGHOD6HFUHWDUtDGH'HVDUUROOR6RFLDO
GHOD5HS~EOLFD
)(/,3('(-(6Ò6&$/'(5Ï1+,12-26$3UHVLGHQWHGHORV(VWDGRV8QLGRV0H[LFDQRVHQHMHUFLFLR
GH OD IDFXOWDG TXH PH FRQILHUH HO DUWtFXOR IUDFFLyQ , GH OD &RQVWLWXFLyQ 3ROtWLFD GH ORV (VWDGRV 8QLGRV
0H[LFDQRV FRQ IXQGDPHQWR HQ ORV DUWtFXORV ELV \ GH OD /H\ 2UJiQLFD GH OD
$GPLQLVWUDFLyQ3~EOLFD)HGHUDOKHWHQLGRDELHQH[SHGLUHOVLJXLHQWH
'(&5(72325(/48(6($',&,21$(/5(*/$0(172,17(5,25'(/$6(&5(7$5Ë$
'('(6$552//262&,$/
$57Ë&8/2 Ò1,&2 6H DGLFLRQDQ XQ VHJXQGR SiUUDIR DO DUWtFXOR \ XQ DUWtFXOR %LV DO 5HJODPHQWR
,QWHULRUGHOD6HFUHWDUtDGH'HVDUUROOR6RFLDOSDUDTXHGDUFRPRVLJXH
$UWtFXOR
(Q FXPSOLPLHQWR GH ORV SURJUDPDV D VX FDUJR HVWH yUJDQR DGPLQLVWUDWLYR GHVFRQFHQWUDGR FRQWDUi FRQ
'HOHJDFLRQHV HQ ODV HQWLGDGHV IHGHUDWLYDV DO IUHQWH GH ODV FXDOHV KDEUi XQ &RRUGLQDGRU TXLHQ VHUi
GHVLJQDGRSRUHO6HFUHWDULRGHFRQIRUPLGDGFRQODQRUPDWLYLGDGDSOLFDEOH
$UWtFXOR %LV /DV 'HOHJDFLRQHV GH OD &RRUGLQDFLyQ 1DFLRQDO GHO 3URJUDPD GH 'HVDUUROOR +XPDQR
2SRUWXQLGDGHVWHQGUiQODVVLJXLHQWHVDWULEXFLRQHV
, 'LULJLU ODV DFFLRQHV GHO SURJUDPD SDUD SURSRUFLRQDU OD DWHQFLyQ RULHQWDFLyQ \ FDSDFLWDFLyQ D ODV
IDPLOLDV\DODVILJXUDVTXHSDUWLFLSDQHQHOSURJUDPD
,, 3URSRQHUDO&RRUGLQDGRU1DFLRQDO\DOD'LUHFFLyQ*HQHUDOGH$WHQFLyQ\2SHUDFLyQODVDFFLRQHVGH
PHMRUD \ PHGLGDV FRUUHFWLYDV TXH SHUPLWDQ RSWLPL]DU HO IXQFLRQDPLHQWR GHO SURJUDPD \ FXPSOLU ORV
REMHWLYRVSODQWHDGRV
,,, $SOLFDU\FRRUGLQDUORVVLVWHPDVGHUHFROHFFLyQSURFHVDPLHQWRDQiOLVLVVXSHUYLVLyQ\HYDOXDFLyQGH
LQIRUPDFLyQGHODVIDPLOLDVEHQHILFLDULDV
,9 &RRUGLQDUDFFLRQHVLQWHULQVWLWXFLRQDOHVRULHQWDGDV DYLJLODUHOFXPSOLPLHQWRGHORVFRPSURPLVRVTXH
DGTXLHUDQODVIDPLOLDVEHQHILFLDULDVVREUHFDGDXQRGHORVFRPSRQHQWHVGHOSURJUDPD
9 3URPRYHU HO VLVWHPD GH RULHQWDFLyQ \ TXHMDV GHO SURJUDPD HQ OD UHJLyQ \ HQWUH ODV IDPLOLDV
EHQHILFLDULDVDILQGHDWHQGHU\VROXFLRQDUWRGRVORVFXHVWLRQDPLHQWRVUHDOL]DGRV
9, *DUDQWL]DU OD FRQILDQ]D UHVSRQVDELOLGDG \ PDQHMR DSDUWLGLVWD H LQVWLWXFLRQDO SDUD XQ DGHFXDGR
FXPSOLPLHQWR GH ORV REMHWLYRV GH OD PLVLyQ GHO SURJUDPD GDGR TXH VXV HIHFWRV LQFLGHQ H LQIOX\HQ
GLUHFWDPHQWHHQORHFRQyPLFRSROtWLFR\VRFLDOGHODHQWLGDGIHGHUDWLYD
9,, $VHJXUDUTXHODVDFFLRQHVGHFRQFHUWDFLyQ\YLQFXODFLyQLQWHULQVWLWXFLRQDOJDUDQWLFHQODDWHQFLyQDODV
IDPLOLDVEHQHILFLDULDVGHOSURJUDPD
9,,, 'LULJLU \ FRRUGLQDU ORV PHFDQLVPRV SDUD OD HQWUHJD RSRUWXQD GH ORV DSR\RV D ODV IDPLOLDV
EHQHILFLDULDV
,; 3URPRYHU OD FRRUGLQDFLyQ FRQ ORV JRELHUQRV GH ORV HVWDGRV \ PXQLFLSLRV FRQ LQVWLWXFLRQHV GH
HGXFDFLyQ VXSHULRU \ GH LQYHVWLJDFLyQ DVt FRPR FRQ ORV VHFWRUHV VRFLDO \ SULYDGR SDUD HO
FXPSOLPLHQWRGHORVREMHWLYRVGHOSURJUDPD
; 3DUWLFLSDU \ GDU VHJXLPLHQWR D ODV VHVLRQHV GHO &RPLWp 7pFQLFR (VWDWDO D ILQ GH FRQWDU
SHUPDQHQWHPHQWHFRQLQIRUPDFLyQ
;, 9HULILFDU TXH HO HMHUFLFLR GH ORV UHFXUVRV DVLJQDGRV SDUD OD RSHUDFLyQ GHO SURJUDPD HQ OD HQWLGDG
IHGHUDWLYD VH UHDOLFH FRQ DEVROXWD WUDQVSDUHQFLD HQ DSR\R DO GHVDUUROOR HIHFWLYR GH ORV SURFHVRV
RSHUDWLYRV\TXHJDUDQWLFHHOFXPSOLPLHQWRGHODVPHWDVSURJUDPDGDV
;,, $VHJXUDUTXHHOHMHUFLFLRDSOLFDFLyQ\UHVJXDUGRGHORVUHFXUVRVDVLJQDGRVDODFRRUGLQDFLyQHVWDWDO
VHOOHYHDFDERGHDFXHUGRDODQRUPDWLYLGDGDSOLFDEOH
;,,, 3DUWLFLSDUHQODVHOHFFLyQ\YDORUDFLyQGHOSHUVRQDOTXHHVWDUiDVXFDUJR
;,9 'LULJLU FDSDFLWDU FRRUGLQDU \ VXSHUYLVDU HO SHUVRQDO D VX FDUJR SDUD FXPSOLU FRQ ORV REMHWLYRV
GHOiUHD
;9 0DQWHQHUSHUPDQHQWHPHQWHLQIRUPDGRDO&RRUGLQDGRU1DFLRQDO\DOD'LUHFFLyQ*HQHUDOGH$WHQFLyQ
\2SHUDFLyQGHWRGRVORVDVXQWRVLQKHUHQWHVDOD'HOHJDFLyQ(VWDWDO\
;9, 5HDOL]DU ODV GHPiV DFWLYLGDGHV TXH VHxDOHQ OD &RRUGLQDFLyQ 1DFLRQDO OD 'LUHFFLyQ *HQHUDO GH
$WHQFLyQ \ 2SHUDFLyQ ODV GLVSRVLFLRQHV MXUtGLFDV DSOLFDEOHV \ ODV QHFHVDULDV SDUD HO FXPSOLPLHQWR
GHVXREMHWR
75$16,725,2
Ò1,&2(OSUHVHQWH'HFUHWRHQWUDUiHQYLJRUHOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQHQHO'LDULR2ILFLDOGH
OD)HGHUDFLyQ
'DGRHQOD5HVLGHQFLDGHO3RGHU(MHFXWLYR)HGHUDOHQOD&LXGDGGH0p[LFR'LVWULWR)HGHUDODFXDWURGH
MXQLRGHGRVPLOQXHYH)HOLSHGH-HV~V&DOGHUyQ+LQRMRVD5~EULFD(O6HFUHWDULRGH'HVDUUROOR6RFLDO
(UQHVWR-DYLHU&RUGHUR$UUR\R5~EULFD

$&8(5'2 GH &RRUGLQDFLyQ SDUD OD FRQFXUUHQFLD GH UHFXUVRV IHGHUDOHV \ HVWDWDOHV SDUD ORV 3URJUDPDV 6RFLDOHV
)HGHUDOHVSDUDHO'HVDUUROORGH=RQDV3ULRULWDULDV-RUQDOHURV$JUtFRODV(PSOHR7HPSRUDO2SFLRQHV3URGXFWLYDV
\[SDUD0LJUDQWHVWRGRVHOORVGHO5DPR$GPLQLVWUDWLYR'HVDUUROOR6RFLDOSDUDHO(MHUFLFLR)LVFDOTXH
VXVFULEHQOD6HFUHWDUtDGH'HVDUUROOR6RFLDO\HO(VWDGRGH+LGDOJR
$O PDUJHQ XQ VHOOR FRQ HO (VFXGR 1DFLRQDO TXH GLFH (VWDGRV 8QLGRV 0H[LFDQRV 6HFUHWDUtD GH
'HVDUUROOR6RFLDO
$&8(5'2 '( &225',1$&,21 3$5$ /$ &21&855(1&,$ '( 5(&85626 )('(5$/(6 < (67$7$/(6 3$5$
/26 352*5$0$6 62&,$/(6 )('(5$/(6 3$5$ (/ '(6$552//2 '( =21$6 35,25,7$5,$6 -251$/(526
$*5,&2/$6(03/(27(0325$/23&,21(6352'8&7,9$6<;3$5$0,*5$17(672'26(//26'(/5$02
$'0,1,675$7,92 ³'(6$552//2 62&,$/´ 3$5$ (/ (-(5&,&,2 ),6&$/ 48( 686&5,%(1 325 81$
3$57( (/ (-(&87,92 )('(5$/ $ 75$9(6 '( /$ 6(&5(7$5,$ '( '(6$552//2 62&,$/ (1 /2 68&(6,92
³6('(62/´ 5(35(6(17$'$ (1 (67( $&72 325 (/ ,1*(1,(52 /8,6 0(-,$ *8=0$1 (1 68 &$5$&7(5 '(
68%6(&5(7$5,2 '( '(6$552//2 62&,$/ < +80$12 < (/ '(/(*$'2 )('(5$/ (1 (/ (67$'2 (/
/,&(1&,$'2-26($1*(/52'5,*8(=&$/9,//2<325/$275$(/(67$'2/,%5(<62%(5$12'(+,'$/*2
(1 /2 68&(6,92 (/ ³(67$'2´ $ 75$9(6 '(/ 6(&5(7$5,2 '( 3/$1($&,21 < '(6$552//2 5(*,21$/ <
&225',1$'25 *(1(5$/ '(/ &20,7( '( 3/$1($&,21 3$5$ (/ '(6$552//2 '(/ (67$'2 '( +,'$/*2
&23/$'(+, /,&(1&,$'2 5$021 5$0,5(= 9$/7,(55$ /$ 6(&5(7$5,$ '( ),1$1=$6 /,&(1&,$'$ (1
&217$'85,$189,$0$*'$/(1$0$<25*$'(/*$'2(/6(&5(7$5,2'('(6$552//262&,$//,&(1&,$'2
'$9,' 3(1&+<1$ *58% < (/ 6(&5(7$5,2 '( /$ &2175$/25,$ /,&(1&,$'2 (8*(1,2 ,0$= *,63(57 <
&8$1'2 $&78(1 '( 0$1(5$ &21-817$ ³/$6 3$57(6´ 5(63(&7,9$0(17( $/ 7(125 '( /26 6,*8,(17(6
$17(&('(17(6<&/$868/$6
$17(&('(17(6
, (O3ODQ1DFLRQDOGH'HVDUUROORHVWDEOHFHHQVXDSDUWDGRGHQRPLQDGR(MH³,JXDOGDGGH
RSRUWXQLGDGHV´ TXH OD ILQDOLGDG GH OD SROtWLFD VRFLDO GH HVWD $GPLQLVWUDFLyQ HV ORJUDU HO GHVDUUROOR
KXPDQR\HOELHQHVWDUGHORVPH[LFDQRVDWUDYpVGHODLJXDOGDGGHRSRUWXQLGDGHV3DUDFRQGXFLUD
0p[LFR KDFLD XQ GHVDUUROOR HFRQyPLFR \ VRFLDO VXVWHQWDEOH KD\ TXH UHVROYHU D IRQGR ODV JUDYHV
GLIHUHQFLDV TXH LPSHUDQ HQ HO SDtV *RELHUQR \ VRFLHGDG GHEHQ VHU FDSDFHV GH PHMRUDU
VLJQLILFDWLYDPHQWHODVFRQGLFLRQHVGHYLGDGHTXLHQHVYLYHQHQODSREUH]D
,, (O3URJUDPD6HFWRULDOGH'HVDUUROOR6RFLDOHVWDEOHFHHQWUHVXVREMHWLYRV'HVDUUROODUODV
FDSDFLGDGHVEiVLFDVGHODVSHUVRQDVHQFRQGLFLyQGHSREUH]DGLVPLQXLUODVGLVSDULGDGHVUHJLRQDOHV
DWUDYpVGHORUGHQDPLHQWRWHUULWRULDOHLQIUDHVWUXFWXUDVRFLDOTXHSHUPLWDODLQWHJUDFLyQGHODVUHJLRQHV
PDUJLQDGDVDORVSURFHVRVGHGHVDUUROOR\GHWRQDUODVSRWHQFLDOLGDGHVSURGXFWLYDVDVtFRPRDEDWLUHO
UH]DJRTXHHQIUHQWDQORVJUXSRVVRFLDOHVYXOQHUDEOHVDWUDYpVGHHVWUDWHJLDVGHDVLVWHQFLDVRFLDOTXH
OHVSHUPLWDQGHVDUUROODUVXVSRWHQFLDOLGDGHVFRQLQGHSHQGHQFLD\SOHQLWXG
,,, (O DUWtFXOR GH OD /H\ GH 3ODQHDFLyQ HVWDEOHFH TXH HO (MHFXWLYR )HGHUDO SRGUi FRQYHQLU FRQ ORV
*RELHUQRVGHODVHQWLGDGHVIHGHUDWLYDVVDWLVIDFLHQGRODVIRUPDOLGDGHVTXHHQFDGDFDVRSURFHGDQ
OD FRRUGLQDFLyQ TXH VH UHTXLHUD D HIHFWR GH TXH ORV *RELHUQRV SDUWLFLSHQ HQ HO 3ODQ 1DFLRQDO
GH'HVDUUROOR
,9 (ODUWtFXORIUDFFLyQ,,GHO 'HFUHWR GH3UHVXSXHVWR GH (JUHVRV GH OD )HGHUDFLyQSDUDHO(MHUFLFLR
)LVFDO HVWDEOHFH TXH WUDWiQGRVH GH IDFXOWDGHV FRQFXUUHQWHV FXDQGR HO (MHFXWLYR )HGHUDO SRU
FRQGXFWRGHODGHSHQGHQFLDFRPSHWHQWHGHFLGDVXVFULELUFRQYHQLRVGHFRRUGLQDFLyQHQWpUPLQRVGH
OD/H\GH3ODQHDFLyQFRQODVHQWLGDGHVIHGHUDWLYDVSURFXUDUiTXHpVWRVVHFHOHEUHQHQFRQGLFLRQHV
GHRSRUWXQLGDGHV\FHUWH]DSDUDEHQHILFLRGHODSREODFLyQREMHWLYR
9 'H DFXHUGR D OR HVWDEOHFLGR HQ HO DUWtFXOR GHO 'HFUHWR GH 3UHVXSXHVWR GH (JUHVRV GH OD
)HGHUDFLyQ SDUD HO (MHUFLFLR )LVFDO ORV SURJUDPDV GH VXEVLGLRV GHO 5DPR $GPLQLVWUDWLYR
'HVDUUROOR 6RFLDO VH GHVWLQDUiQ HQ ODV HQWLGDGHV IHGHUDWLYDV HQ ORV WpUPLQRV GH ODV GLVSRVLFLRQHV
DSOLFDEOHV H[FOXVLYDPHQWH D OD SREODFLyQ HQ FRQGLFLRQHV GH SREUH]D \ GH PDUJLQDFLyQ GH DFXHUGR
FRQORVFULWHULRVRILFLDOHVGDGRVDFRQRFHUSRUOD³6('(62/´
9, /D³6('(62/´PDQLILHVWDTXHOD'LUHFFLyQ*HQHUDOGH3URJUDPDFLyQ\3UHVXSXHVWRGHOD2ILFLDOtD
0D\RU GH HVWD GHSHQGHQFLD PHGLDQWH RILFLR Q~PHUR 20'*33 GH IHFKD GH
GLFLHPEUHGHFRPXQLFyODDXWRUL]DFLyQFRUUHVSRQGLHQWHDOD6XEVHFUHWDUtDGH'HVDUUROOR6RFLDO
\ +XPDQR GH ODV DVLJQDFLRQHV GH UHFXUVRV TXH OH FRUUHVSRQGHQ FRQIRUPH DO 'HFUHWR GH
3UHVXSXHVWRGH(JUHVRVGHOD)HGHUDFLyQSDUDHO(MHUFLFLR)LVFDO
9,, /D ³6('(62/´ PDQLILHVWD TXH ORV SURJUDPDV PDWHULD GHO SUHVHQWH $FXHUGR GH &RRUGLQDFLyQ VH
HQFXHQWUDQDGVFULWRVDOD6XEVHFUHWDUtDGH'HVDUUROOR6RFLDO\+XPDQR
&RQ EDVH HQ OR H[SXHVWR \ FRQ IXQGDPHQWR HQ ORV DUWtFXORV GH OD /H\ 2UJiQLFD GH OD $GPLQLVWUDFLyQ
3~EOLFD )HGHUDO \ GH OD /H\ GH 3ODQHDFLyQ \ GHPiV DSOLFDEOHV GH OD /H\ )HGHUDO
GH3UHVXSXHVWR\5HVSRQVDELOLGDG+DFHQGDULD\HQVX5HJODPHQWR\GHOD/H\*HQHUDO
GH'HVDUUROOR6RFLDO\VX5HJODPHQWR\GHPiVDSOLFDEOHVGHOD/H\)HGHUDOGH7UDQVSDUHQFLD\$FFHVRDOD
,QIRUPDFLyQ3~EOLFD*XEHUQDPHQWDO\GHO'HFUHWRGH3UHVXSXHVWRGH(JUHVRVGHOD)HGHUDFLyQSDUDHO
(MHUFLFLR)LVFDOSXEOLFDGRHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOGHQRYLHPEUHGHHO'HFUHWRGH
OD 'HFODUDWRULD GH ODV =RQDV GH $WHQFLyQ 3ULRULWDULD SDUD HO DxR SXEOLFDGR HQ OD PLVPD IHFKD HQ ORV
DUWtFXORVIUDFFLRQHV9\9,IUDFFLyQ;,,IUDFFLyQ,,,IUDFFLyQ9,,\
GHO5HJODPHQWR,QWHULRUGHOD6HFUHWDUtDGH'HVDUUROOR6RFLDOHQODV5HJODVGH2SHUDFLyQGHORV3URJUDPDV
GH6XEVLGLRVGHO5DPR$GPLQLVWUDWLYR'HVDUUROOR6RFLDODVtFRPRHQORSUHYLVWRSRUORVDUWtFXORV
%,6\GHOD/H\2UJiQLFDGHOD$GPLQLVWUDFLyQ3~EOLFDGHO(VWDGRGH+LGDOJR
\ GH OD /H\ GH 3ODQHDFLyQ SDUD HO 'HVDUUROOR GHO (VWDGR GH +LGDOJR ³/$6 3$57(6´
FHOHEUDQHOSUHVHQWH$FXHUGRGH&RRUGLQDFLyQHQORVWpUPLQRVGHODVVLJXLHQWHV
&/$868/$6
'(/2%-(72
35,0(5$ /D ³6('(62/´ \ HO ³(67$'2´ FHOHEUDQ HO SUHVHQWH $FXHUGR TXH WLHQH SRU REMHWR OD
FRQFXUUHQFLD GH UHFXUVRV \ HMHUFLFLR GH pVWRV UHVSHFWR GH ORV 3URJUDPDV SDUD HO 'HVDUUROOR GH =RQDV
3ULRULWDULDV$WHQFLyQD-RUQDOHURV$JUtFRODV(PSOHR7HPSRUDO2SFLRQHV3URGXFWLYDV\[SDUD0LJUDQWHVD
HIHFWRGHDWHQGHUDODSREODFLyQHQFRQGLFLRQHVGHSREUH]D\PDUJLQDFLyQ
/D³6('(62/´\HO³(67$'2´VHFRPSURPHWHQDDGRSWDUXQHVTXHPDGHDSRUWDFLyQFRPSOHPHQWDULDGH
UHFXUVRVSDUDODHMHFXFLyQGHODVDFFLRQHVGHORVSURJUDPDVDTXtFRQYHQLGRV
'(/$&21&855(1&,$<$57,&8/$&,21'((6)8(5=26(17(55,725,26(63(&,),&26
6(*81'$ /D ³6('(62/´ \ HO ³(67$'2´ SURPRYHUiQ TXH VXV DFFLRQHV VH HMHFXWHQ HQ XQ PDUFR GH
FRQFXUUHQFLD\DUWLFXODFLyQGHHVIXHU]RVFRQHOILQGHSURSLFLDUHOGHVDUUROORGHORVWHUULWRULRV\GHODSREODFLyQ
HQSREUH]D\PDUJLQDFLyQGHODHQWLGDGGHFRQIRUPLGDGFRQORTXHHVWDEOHFHHODUWtFXORGHOD/H\*HQHUDO
GH'HVDUUROOR6RFLDO\HODUWtFXORGHO'HFUHWRGHO3UHVXSXHVWRGH(JUHVRVGHOD)HGHUDFLyQSDUDHO(MHUFLFLR
)LVFDO
$3257$&,21(635(6838(67$5,$6
7(5&(5$ (Q ORV 3URJUDPDV SDUD HO 'HVDUUROOR GH =RQDV 3ULRULWDULDV $WHQFLyQ D -RUQDOHURV $JUtFRODV
(PSOHR7HPSRUDO\2SFLRQHV3URGXFWLYDVOD³6('(62/´DSRUWDUiSHVRVSRUFDGDSHVRDSRUWDGRSRUHO
³(67$'2ÓRTXHHTXLYDOHDXQHVTXHPDIHGHUDO\HVWDWDO
(QHOFDVRGHO3URJUDPD[SDUD0LJUDQWHVOD³6('(62/´DSRUWDUiXQSHVRSRUFDGDSHVRDSRUWDGRSRU
HO ³(67$'2´ $ OR DQWHULRU VH GHEHUiQ DxDGLU ODV DSRUWDFLRQHV GH ORV PLJUDQWHV \ GH ODV DXWRULGDGHV
PXQLFLSDOHVSDUDFXPSOLUHOHVTXHPDILQDQFLHURHVWDEOHFLGRHQODV5HJODVGH2SHUDFLyQGHOSURJUDPD
(Q WRWDO \ HQ HO PDUFR GHO SUHVHQWH $FXHUGR OD ³6('(62/´ DSRUWDUi UHFXUVRV SRU OD FDQWLGDG GH
¶ FLHQWR GLHFLQXHYH PLOORQHV TXLQLHQWRV YHLQWLVpLV PLO RFKRFLHQWRV FLQFXHQWD \ GRV SHVRV
01 /D GLVWULEXFLyQ ILQDQFLHUD \ SURJUDPiWLFD GH GLFKRV UHFXUVRV VH GHVFULEH HQ HO $QH[R TXH
IRUPDSDUWHGHOSUHVHQWH$FXHUGR
3RU VX SDUWH HO ³(67$'2´ DSRUWDUi UHFXUVRV SRU OD FDQWLGDG GH ¶ VHWHQWD PLOORQHV
WUHVFLHQWRV FXDUHQWD PLO WUHVFLHQWRV VHVHQWD \ WUHV SHVRV 01 GH FRQIRUPLGDG FRQ OD GLVWULEXFLyQ
ILQDQFLHUD\SURJUDPiWLFDTXHVHPHQFLRQDHQHO$QH[RPLVPRTXHIRUPDSDUWHGHOSUHVHQWH$FXHUGR
&8$57$ /RV UHFXUVRV IHGHUDOHV TXH HMHFXWH HO ³(67$'2´ HQ ORV WpUPLQRV GHO SUHVHQWH $FXHUGR QR
SLHUGHQVXFDUiFWHUGHIHGHUDO
/RV UHFXUVRV DSRUWDGRV SRU DPEDV SDUWHV HVWDUiQ GHVWLQDGRV H[FOXVLYDPHQWH DO RWRUJDPLHQWR GH
VXEVLGLRV\HVWDUiQVXMHWRVDODV5HJODVGH2SHUDFLyQGHORVSURJUDPDVFRUUHVSRQGLHQWHV
48,17$ /D PLQLVWUDFLyQ GH ORV UHFXUVRV DSRUWDGRV SRU ODV SDUWHV VH KDUi GH DFXHUGR DO FDOHQGDULR
SUHVXSXHVWDULRGHWDOODGRHQHO$QH[RPLVPRTXHIRUPDSDUWHGHOSUHVHQWH$FXHUGR
6(;7$ 3RGUiQ VHU HMHFXWRUHV GH ORV UHFXUVRV DSRUWDGRV SRU ODV SDUWHV ODV ,QVWDQFLDV (MHFXWRUDV
VHxDODGDVHQODV5HJODVGH2SHUDFLyQGHORV3URJUDPDV
/DVHOHFFLyQGHODV,QVWDQFLDV(MHFXWRUDVVHVXMHWDUiDORVLJXLHQWH
(QORV3URJUDPDVSDUDHO'HVDUUROORGH=RQDV3ULRULWDULDV$WHQFLyQD-RUQDOHURV$JUtFRODV(PSOHR
7HPSRUDO \ 2SFLRQHV 3URGXFWLYDV HO ³(67$'2´ SRGUi VHOHFFLRQDU D ODV ,QVWDQFLDV (MHFXWRUDV GH
SUR\HFWRV SRU HO HTXLYDOHQWH D YHFHV ODV DSRUWDFLRQHV TXH HIHFWLYDPHQWH KXELHUH UHDOL]DGR /R
DQWHULRUHQHOFDVRGHTXHODVSDUWHVUHDOLFHQVXVDSRUWDFLRQHVGHDFXHUGRDOFDOHQGDULRGHWDOODGRHQ
HO $QH[R HTXLYDOH D XQ HVTXHPD GH GHFLVLyQ VREUH OD LQVWDQFLD HMHFXWRUD GH IHGHUDO ±
HVWDWDOVREUHORVUHFXUVRVDSRUWDGRVFRQMXQWDPHQWH3DUDORVHIHFWRVGHODSUHVHQWH&OiXVXOD
VHUHDOL]DUiQUHYLVLRQHVGHODVDSRUWDFLRQHVHIHFWLYDPHQWHUHDOL]DGDVSRUODVSDUWHVDOILQDOGHFDGD
WULPHVWUHWUDQVFXUULGR
± (Q HO 3URJUDPD [ SDUD 0LJUDQWHV VH GHFLGLUi HQ HO VHQR GHO &RPLWp GH 9DOLGDFLyQ \ $WHQFLyQ
D0LJUDQWHV
(VWHHVTXHPDGHVHOHFFLyQDSOLFDUiH[FOXVLYDPHQWHSDUDORV3URJUDPDV)HGHUDOHV\PRQWRVFRQYHQLGRV
HQHOSUHVHQWH$FXHUGR
'(/$60(7$6
6(37,0$/D³6('(62/´\HO³(67$'2´DFXHUGDQODVPHWDVFRQVROLGDGDVTXHVHGHVFULEHQHQHO$QH[R
PLVPRTXHIRUPDSDUWHLQWHJUDQWHGHOSUHVHQWH$FXHUGR
'(/$65(63216$%,/,'$'(6
2&7$9$ /RV SURJUDPDV REMHWR GH HVWH $FXHUGR VH VXMHWDUiQ HQ VX LQVWUXPHQWDFLyQ RSHUDFLyQ
HMHFXFLyQ HYDOXDFLyQ PHGLFLyQ \ VHJXLPLHQWR D OR TXH HVWDEOHFH OD /H\ )HGHUDO GH 3UHVXSXHVWR \
5HVSRQVDELOLGDG+DFHQGDULDHO'HFUHWRGH3UHVXSXHVWRGH(JUHVRVGHOD)HGHUDFLyQSDUDHO(MHUFLFLR)LVFDO
DODVUHVSHFWLYDV5HJODVGH2SHUDFLyQDODVGHPiVGLVSRVLFLRQHVOHJDOHVIHGHUDOHVDSOLFDEOHV\DORV
LQVWUXPHQWRVMXUtGLFRVWpFQLFRV\RSHUDWLYRVGHULYDGRVGHODV5HJODVGH2SHUDFLyQ
/D ³6('(62/´ \ HO ³(67$'2´ DFXHUGDQ TXH ORV UHFXUVRV IHGHUDOHV TXH QR KXELHUHQ VLGR HMHUFLGRV R
FRPSURPHWLGRVHQSUR\HFWRVDSUREDGRVDOGHMXQLRGHSRGUiQVHUUHDVLJQDGRVDRWURV(VWDGRV
/DVSDUWHVVHFRPSURPHWHQDUHDOL]DUVXVDSRUWDFLRQHVFRQIRUPHDORVWLHPSRVSHULRGLFLGDGHV\PRQWRV
HVWDEOHFLGRVHQHO$QH[R
129(1$/D³6('(62/´\HO³(67$'2´DFXHUGDQTXHSRGUiQSURSRQHUDPSOLDFLRQHVRPRGLILFDFLRQHVD
ODGLVWULEXFLyQGHUHFXUVRVHQWUHSURJUDPDVPXQLFLSLRV\ORFDOLGDGHVVLHPSUH\FXDQGRVHUHVSHWHODUHJODGH
DSRUWDFLyQ FRPSOHPHQWDULD SUHYLVWD HQ OD &OiXVXOD 7HUFHUD 3DUD WDO HIHFWR HO ³(67$'2´ \ HO 'HOHJDGR
)HGHUDOGHOD³6('(62/´GHEHUiQUHPLWLUDOD8QLGDG$GPLQLVWUDWLYDUHVSRQVDEOHGHOSURJUDPDXQDSURSXHVWD
WpFQLFDPHQWHMXVWLILFDGDHVWD~OWLPDODDQDOL]DUi\HQVXFDVRODDXWRUL]DUi
(QQLQJ~QFDVRVHSRGUiPRGLILFDUHOPRQWRFRUUHVSRQGLHQWHDODV=RQDVGH$WHQFLyQ3ULRULWDULDTXHVH
GHILQHQ HQ HO SUHVHQWH GRFXPHQWR HQ HO $QH[R VLQ FRQWDU FRQ OD DSUREDFLyQ GH OD 8QLGDG $GPLQLVWUDWLYD
UHVSRQVDEOHGHO3URJUDPDGH2ILFLQDV&HQWUDOHVGHOD³6('(62/´
$OILQDOGHOHMHUFLFLRILVFDOVHIRUPDOL]DUiQWRGDVODVPRGLILFDFLRQHVSUHVXSXHVWDULDVWUDQVFXUULGDVUHVSHFWR
GHORVUHFXUVRVFRQYHQLGRVSRUPHGLRGHGRFXPHQWRDVXVFULELUSRUODVLQVWDQFLDVHVWDWDOHVFRUUHVSRQGLHQWHV
\OD'HOHJDFLyQ)HGHUDOGHOD³6('(62/´HQHO(VWDGR
/D HMHFXFLyQGHORV SURJUDPDVGHVXEVLGLRVHVWDUi VXVWHQWDGDHQ SURSXHVWDV GHLQYHUVLyQ TXHGHEHUiQ
FXPSOLUFRQODV5HJODVGH2SHUDFLyQGHORVUHVSHFWLYRVSURJUDPDV
'(/2675$%$-26'(6(*8,0,(172(9$/8$&,21<&21752/'(/265(&85626
'(&,0$ (O ³(67$'2´ DVXPH HO FRPSURPLVR GH SURSRUFLRQDU D OD ³6('(62/´ SRU FRQGXFWR GH VX
'HOHJDFLyQ )HGHUDO HQ HO (VWDGR LQIRUPHV WULPHVWUDOHV GH VHJXLPLHQWR GH ORV SURJUDPDV REMHWR GH HVWH
$FXHUGR SDUD ORV SUR\HFWRV REUDV \ DFFLRQHV HQ TXH HO ³(67$'2´ R DOJXQD GH VXV GHSHQGHQFLDV R
HQWLGDGHVVHD OD,QVWDQFLD(MHFXWRUD /D HQWUHJD GH GLFKRVLQIRUPHVVH KDUiHQXQSOD]RQRPD\RUDYHLQWH
GtDVQDWXUDOHVSRUFRQGXFWRGHO&23/$'(+,GHO*RELHUQRGHO³(67$'2´TXLHQVHUiUHVSRQVDEOHGHYDOLGDU
ODLQIRUPDFLyQVROLFLWDGD
&XDQGR HO UHVSRQVDEOH HMHFXWRU VHD HO PXQLFLSLR pVWH LQIRUPDUi D OD ³6('(62/´ SRU FRQGXFWR GH
OD 'HOHJDFLyQ )HGHUDO HQ HO (VWDGR HQ XQ SOD]R QR PD\RU D YHLQWH GtDV QDWXUDOHV FRQWDGRV D SDUWLU GH OD
FRQFOXVLyQGHFDGDWULPHVWUHHQYLDQGRFRSLDDO³(67$'2´
/D ³6('(62/´ SRU FRQGXFWR GH VX 'HOHJDFLyQ )HGHUDO HQ HO (VWDGR DVXPH HO FRPSURPLVR GH
SURSRUFLRQDU D ORV HMHFXWRUHV TXH HQ FDGD FDVR FRUUHVSRQGDQ ORV OLQHDPLHQWRV QHFHVDULRV SDUD LQWHJUDU
ORVLQIRUPHV
'(&,0$35,0(5$3DUDGDUWUDQVSDUHQFLDHQHOHMHUFLFLRGHORVUHFXUVRVTXHDSRUWHQODVSDUWHVREMHWR
GH HVWH $FXHUGR OD 6('(62/´ \ HO ³(67$'2´ FRQYLHQHQ TXH HQ WRGDV ODV DFWLYLGDGHV GH GLIXVLyQ \
SXEOLFLGDGTXHOOHYHQDFDERODV,QVWDQFLDV(MHFXWRUDVVREUHODVREUDV\DFFLRQHVPDWHULDGHORVSURJUDPDV
DTXt FRQYHQLGRV DSR\DGDV SDUFLDO R WRWDOPHQWH FRQ VXEVLGLRV IHGHUDOHV GHEHUiQ PHQFLRQDU H[SUHVDPHQWH
GLFKDDSRUWDFLyQGHUHFXUVRVIHGHUDOHVDVtFRPRLQFOXLUHOORJRWLSRGHOD³6('(62/´\GHOD(VWUDWHJLD9LYLU
0HMRUHQORVLPSUHVRV\HOHPHQWRVJUiILFRVTXHVHDQXWLOL]DGRVSDUDWDOHIHFWRFRPRVRQOHWUHURVPDPSDUDV
WHPSOHWHVJDOODUGHWHVSyVWHUHVWUtSWLFRV\RWURVVLPLODUHV/RVORJRWLSRVGHOD³6('(62/´\GHOD(VWUDWHJLD
9LYLU 0HMRU GHEHUiQ RFXSDU XQ iUHD HTXLYDOHQWH D OD RFXSDGD SRU ORV ORJRWLSRV GH ODV LQVWDQFLDV ORFDOHV
SDUWLFLSDQWHV
/DV SDUWHV DFXHUGDQ TXH FRQIRUPH D OD /H\ *HQHUDO GH 'HVDUUROOR 6RFLDO DVt FRPR FRQ HO 'HFUHWR GHO
3UHVXSXHVWRGH(JUHVRVGHOD)HGHUDFLyQSDUDHOHMHUFLFLRILVFDOODSXEOLFLGDG\ODLQIRUPDFLyQUHODWLYDD
ODV DFFLRQHV UHDOL]DGDV GHEHUi LGHQWLILFDUVH FRQ HO (VFXGR 1DFLRQDO HQ ORV WpUPLQRV TXH HVWDEOHFH OD /H\
VREUH HO (VFXGR OD %DQGHUD \ HO +LPQR 1DFLRQDO H LQFOXLU OD VLJXLHQWH OH\HQGD ³(VWH SURJUDPD HV S~EOLFR
DMHQR D FXDOTXLHU SDUWLGR SROtWLFR 4XHGD SURKLELGR VX XVR SDUD ILQHV GLVWLQWRV D ORV HVWDEOHFLGRV HQ HO
3URJUDPD´
'(&,0$6(*81'$(O³(67$'2´\OD³6('(62/´GHEHUiQFXPSOLUFRQORVSURFHGLPLHQWRVQRUPDWLYRV\
IRPHQWDUODFRQVROLGDFLyQGHPHFDQLVPRVTXHDSR\HQODWUDQVSDUHQFLD\UHQGLFLyQGHFXHQWDVFRQODILQDOLGDG
GH IDYRUHFHU OD JHQHUDFLyQ GH LQIRUPHV GHWHUPLQDFLyQ GH DFFLRQHV REUDV \ VHJXLPLHQWR D
ODHQWUHJD\FRPSUREDFLyQGHUHFXUVRV
'(&,0$ 7(5&(5$ (O FRQWURO YLJLODQFLD \ HYDOXDFLyQ GH ORV UHFXUVRV IHGHUDOHV D TXH VH UHILHUH OD
&OiXVXOD7HUFHUDGHOSUHVHQWH$FXHUGRFRUUHVSRQGHUiDOD³6('(62/´DO&RQVHMR1DFLRQDOGH(YDOXDFLyQGH
OD3ROtWLFDGH'HVDUUROOR6RFLDOHQHOiPELWRGHVXFRPSHWHQFLDDOD6HFUHWDUtDGH+DFLHQGD\&UpGLWR3~EOLFR
D OD 6HFUHWDUtD GH OD )XQFLyQ 3~EOLFD 6)3 \ D OD $XGLWRULD 6XSHULRU GH OD )HGHUDFLyQ FRQIRUPH D ODV
DWULEXFLRQHV TXH OHV FRQILHUH OD /H\ 2UJiQLFD GH OD $GPLQLVWUDFLyQ 3~EOLFD )HGHUDO OD /H\ GH )LVFDOL]DFLyQ
6XSHULRU GH OD )HGHUDFLyQ OD /H\ )HGHUDO GH 3UHVXSXHVWR \ 5HVSRQVDELOLGDG +DFHQGDULD \ GHPiV
GLVSRVLFLRQHVDSOLFDEOHVVLQSHUMXLFLRGHODVDFFLRQHVGHYLJLODQFLDFRQWURO\HYDOXDFLyQTXHHQFRRUGLQDFLyQ
FRQOD6)3UHDOLFHOD&RQWUDORUtDGHO³(67$'2´
'(&,0$ &8$57$ &RQ HO REMHWR GH DVHJXUDU OD DSOLFDFLyQ \ HIHFWLYLGDG GHO SUHVHQWH $FXHUGR OD
³6('(62/´ \ HO ³(67$'2´ VH FRPSURPHWHQ D UHYLVDU SHULyGLFDPHQWH HO FXPSOLPLHQWR GH VX FRQWHQLGR DVt
FRPR DGRSWDU ODV PHGLGDV QHFHVDULDV SDUD HVWDEOHFHU HO HQODFH \ OD FRPXQLFDFLyQ UHTXHULGD SDUD GDU HO
GHELGRVHJXLPLHQWRDORVFRPSURPLVRVDVXPLGRV
/DV SDUWHV FRQYLHQHQ HQ TXH OD 6)3 SRGUi YHULILFDU HQ FXDOTXLHU PRPHQWR HO FXPSOLPLHQWR GH ORV
FRPSURPLVRVDFDUJRGHO³(67$'2´HQORVWpUPLQRVGHOSUHVHQWH$FXHUGR
(67,38/$&,21(6),1$/(6
'(&,0$ 48,17$ /DV SDUWHV DFXHUGDQ TXH ORV UHFXUVRV IHGHUDOHV DSRUWDGRV HQ HO PDUFR GHO SUHVHQWH
$FXHUGR TXH DO GH GLFLHPEUH GH QR VH KXELHUHQ HMHUFLGR SRU FXDOTXLHU PRWLYR LQFOX\HQGR ORV
UHQGLPLHQWRV TXH VH KD\DQ REWHQLGR GHEHUiQ UHLQWHJUDUVH D OD 7HVRUHUtD GH OD )HGHUDFLyQ GHQWUR GH ORV
GtDVQDWXUDOHVVLJXLHQWHVDOFLHUUHGHOHMHUFLFLR
'(&,0$6(;7$/D³6('(62/´\HO³(67$'2ÚHDOL]DUiQODVDFFLRQHVQHFHVDULDVSDUDFXPSOLUFRQORV
FRPSURPLVRVSDFWDGRVHQHVWH$FXHUGR(QHOHYHQWRGHTXHVHSUHVHQWHQFDVRVIRUWXLWRVRGHIXHU]DPD\RU
TXH PRWLYHQ HO LQFXPSOLPLHQWR D OR SDFWDGR OD FRQWUDSDUWH TXHGDUi OLEHUDGD GHO FXPSOLPLHQWR GH ODV
REOLJDFLRQHV TXH OH VRQ FRUUHODWLYDV GHELHQGR FRPXQLFDU D OD EUHYHGDG GLFKDV FLUFXQVWDQFLDV PHGLDQWH
HVFULWRILUPDGRSRUODGHSHQGHQFLDRHQWLGDGHVWDWDOTXHFRUUHVSRQGD\HQVXFDVRSRUOD³6('(62/´HQHO
iPELWRIHGHUDO
'(&,0$6(37,0$(OSUHVHQWH$FXHUGRVHSRGUiGDUSRUWHUPLQDGRGHPDQHUDDQWLFLSDGDSRUFXDOTXLHUD
GHODVVLJXLHQWHVFDXVDV
1RFXPSOLUHQWLHPSR\IRUPDFRQORVFRPSURPLVRVSDFWDGRVHQHVWH$FXHUGR
/DDSOLFDFLyQGHORVUHFXUVRVIHGHUDOHVDILQHVGLVWLQWRVGHORVSDFWDGRV\
/DIDOWDGHHQWUHJDGHODLQIRUPDFLyQUHSRUWHV\GHPiVGRFXPHQWDFLyQSUHYLVWDHQHVWH$FXHUGR
'(&,0$ 2&7$9$ (Q FDVR GH LQFXPSOLPLHQWR GH ORV WpUPLQRV GHO SUHVHQWH $FXHUGR DWULEXLEOH DO
³(67$'2ÓD³6('(62/´FRQIXQGDPHQWRHQORGLVSXHVWRHQHO3UHVXSXHVWRGH(JUHVRVGHOD)HGHUDFLyQ
SDUDHO(MHUFLFLR)LVFDO\ODOHJLVODFLyQIHGHUDODSOLFDEOHGHODPDWHULDSRGUiVXVSHQGHUODPLQLVWUDFLyQGH
UHFXUVRVRELHQVROLFLWDUVXUHLQWHJURHVFXFKDQGRSUHYLDPHQWHODRSLQLyQGHODGHSHQGHQFLDRHQWLGDGHVWDWDO
FRUUHVSRQGLHQWH
(QHOVXSXHVWRGHTXHOD³6('(62/´LQFXPSODORVWpUPLQRVGHOSUHVHQWH$FXHUGRHO³(67$'2´GHVSXpV
GHHVFXFKDUODRSLQLyQGHOD³6('(62/´SRGUiVXVSHQGHUVXVUHFXUVRVSUHVXSXHVWDULRVDSRUWDGRV
'H ODV FRQWURYHUVLDV TXH VH VXVFLWHQ HQ HO FXPSOLPLHQWR GHO SUHVHQWH $FXHUGR FRQRFHUiQ ORV 7ULEXQDOHV
)HGHUDOHVGHOD&LXGDGGH0p[LFR'LVWULWR)HGHUDO
'(&,0$129(1$(VWH$FXHUGRVXUWHVXVHIHFWRVGHVGHHOGtDSULPHURGHHQHURKDVWDHOWUHLQWD\XQRGH
GLFLHPEUHGHODxRGRVPLOQXHYH\GHEHUiSXEOLFDUVHGHDFXHUGRFRQORHVWDEOHFLGRHQOD/H\GH3ODQHDFLyQ
\ HQ HO 3UHVXSXHVWR GH (JUHVRV GH OD )HGHUDFLyQ SDUD HO (MHUFLFLR )LVFDO HQ HO 'LDULR 2ILFLDO GH OD
)HGHUDFLyQ \ HQ HO yUJDQR RILFLDO GH GLIXVLyQ GHO *RELHUQR GHO (VWDGR FRQ HO SURSyVLWR GH TXH OD SREODFLyQ
FRQR]FDODVLQYHUVLRQHVFRRUGLQDGDVGHOD)HGHUDFLyQFRQHO³(VWDGR´
³(VWRV SURJUDPDV VRQ S~EOLFRV DMHQRV D FXDOTXLHU SDUWLGR SROtWLFR 4XHGD SURKLELGR HO XVR SDUD ILQHV
GLVWLQWRVDOGHVDUUROORVRFLDO´
GLVWLQWRVDORVHVWDEOHFLGRVHQHOSURJUDPD´
/HtGRTXHIXH\GHELGDPHQWHHQWHUDGRVGHODOFDQFH\FRQWHQLGROHJDOVHILUPDHOSUHVHQWH$FXHUGRHQGRV
HMHPSODUHVHQODFLXGDGGH3DFKXFDGH6RWR(VWDGRGH+LGDOJRHOGtDGLHFLVLHWHGHOPHVGHHQHURGHGRV
PLOQXHYH3RUOD6HFUHWDUtDGH'HVDUUROOR 6RFLDOHO6XEVHFUHWDULR)HGHUDOGH'HVDUUROOR6RFLDO \ +XPDQR
/XLV0HMtD*X]PiQ5~EULFD(O'HOHJDGR)HGHUDOGHOD6('(62/HQHO(VWDGRGH+LGDOJR -RVp $QJHO
5RGUtJXH] &DOYLOOR 5~EULFD 3RU HO (VWDGR HO 6HFUHWDULR GH 3ODQHDFLyQ \ 'HVDUUROOR 5HJLRQDO \
&RRUGLQDGRU *HQHUDO GHO &RPLWp GH 3ODQHDFLyQ SDUD HO 'HVDUUROOR GHO (VWDGR GH +LGDOJR 5DPyQ 5DPtUH]
9DOWLHUUD 5~EULFD /D 6HFUHWDULD GH )LQDQ]DV 1XYLD 0DJGDOHQD 0D\RUJD 'HOJDGR 5~EULFD
(O 6HFUHWDULR GH 'HVDUUROOR 6RFLDO (VWDWDO 'DYLG 3HQFK\QD *UXE 5~EULFD (O 6HFUHWDULR GH &RQWUDORUtD
(XJHQLR,PD]*LVSHUW5~EULFD

6(&5(7$5,$'('(6$552//262&,$/
$&8(5'2'(&225',1$&,213$5$/$&21&855(1&,$'(5(&85626)('(5$/(6<(67$7$/(63$5$
/26352*5$0$662&,$/(6)('(5$/(6'(/5$02$'0,1,675$7,92'(6$552//262&,$/´
',675,%8&,21'(/$,19(56,21<0(7$6)('(5$/(6(-(5&,&,2),6&$/
(67$'2'(+,'$/*2 $1(;2
352*5$0$6,19(56,21(13(626
'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,*5$17(6 $7(1&,21$-251$/(526$*5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

5(*,21$/,=$&,21 727$/
3ULPHUD6HFFLyQ
0(7$6 0(7$6 0(7$6 0(7$6 0(7$6

,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21
352<(&72 352<(&72 3(5621$ -251$/ (03/(2 352<(&72 3(5621$

081,&,3,26</2&$/,'$'(6
'($/7$<08<$/7$
0$5*,1$&,21

27526081,&,3,26<

/2&$/,'$'(6

727$/

2%6(59$&,21(6
(Q2WURV0XQLFLSLRV\/RFDOLGDGHVVHLQFOX\HQODVORFDOLGDGHVGHDOWD\PX\DOWDPDUJLQDFLyQXELFDGDVHQPXQLFLSLRVGHPDUJLQDFLyQPHGLDEDMD\PX\EDMD/RVUHFXUVRVIHGHUDOHVQRLQFOX\HQJDVWRVGHRSHUDFLyQGH6('(62/

/D6HGHVRO\HO(VWDGRSRUFRQGXFWRGHVXVUHSUHVHQWDQWHVPDQLILHVWDQTXHXQDYH]VXVFULWRHOSUHVHQWH$QH[RSRUODVLQVWDQFLDVIHGHUDO\HVWDWDOSRGUiQLQLFLDUHOHMHUFLFLRGHORVUHFXUVRVSDUDORVSURJUDPDVDTXtHVWDEOHFLGRVVLQSHUMXLFLRGHODIRUPDOL]DFLyQGHO$FXHUGRGH&RRUGLQDFLyQ
',$5,22),&,$/
SDUDODFRQFXUUHQFLDGHUHFXUVRVIHGHUDOHV\HVWDWDOHVSDUDORV3URJUDPDV6RFLDOHV)HGHUDOHVGHO5DPR$GPLQLVWUDWLYR'HVDUUROOR6RFLDOSDUDHOHMHUFLFLRILVFDO

/,&-26($1*(/52'5,*8(=&$/9,//2 /,&5$0215$0,5(=9$/7,(55$
'(/(*$'2)('(5$/'(/$6('(62/ 6(&5(7$5,2'(3/$1($&,21<'(6$552//25(*,21$/<&225',1$'25
58%5,&$ *(1(5$/'(/&23/$'(
58%5,&$

(VWRV3URJUDPDVVRQS~EOLFRVDMHQRVDFXDOTXLHUSDUWLGRSROtWLFR4XHGDSURKLELGRHOXVRSDUDILQHVGLVWLQWRVDORVHVWDEOHFLGRVHQORV3URJUDPDV
(VWRV3URJUDPDVVRQGHFDUiFWHUS~EOLFRQRVRQSDWURFLQDGRVQLSURPRYLGRVSRUSDUWLGRSROtWLFRDOJXQR\VXVUHFXUVRVSURYLHQHQGHORVLPSXHVWRVTXHSDJDQWRGRVORVFRQWULEX\HQWHV
(VWiSURKLELGRHOXVRGHHVWRV3URJUDPDVFRQILQHVSROtWLFRVHOHFWRUDOHVGHOXFUR\RWURVGLVWLQWRVDORVHVWDEOHFLGRV4XLHQKDJDXVRLQGHELGRGHORVUHFXUVRVGHHVWRV3URJUDPDVGHEHUi
/XQHVGHMXQLRGH
VHUGHQXQFLDGR\VDQFLRQDGRGHDFXHUGRFRQOD/H\DSOLFDEOH\DQWHODDXWRULGDGFRPSHWHQWH

6(&5(7$5,$'('(6$552//262&,$/
$&8(5'2'(&225',1$&,213$5$/$&21&855(1&,$'(5(&85626)('(5$/(6<(67$7$/(63$5$
/26352*5$0$662&,$/(6)('(5$/(6'(/5$02$'0,1,675$7,92'(6$552//262&,$/´
',675,%8&,21'(/$,19(56,21<0(7$6(67$7$/(6(-(5&,&,2),6&$/
(67$'2'(+,'$/*2 $1(;2
352*5$0$6,19(56,21(13(626
'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,*5$17(6 $7(1&,21$-251$/(526$*5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

5(*,21$/,=$&,21 727$/
0(7$6 0(7$6 0(7$6 0(7$6 0(7$6
,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21
/XQHVGHMXQLRGH
352<(&72 352<(&72 3(5621$ -251$/ (03/(2 352<(&72 3(5621$

081,&,3,26</2&$/,'$'(6
'($/7$<08<$/7$
0$5*,1$&,21

27526081,&,3,26<

/2&$/,'$'(6

727$/

2%6(59$&,21(6
(Q2WURV0XQLFLSLRV\/RFDOLGDGHVVHLQFOX\HQODVORFDOLGDGHVGHDOWD\PX\DOWDPDUJLQDFLyQXELFDGDVHQPXQLFLSLRVGHPDUJLQDFLyQPHGLDEDMD\PX\EDMD

',$5,22),&,$/

/,&-26($1*(/52'5,*8(=&$/9,//2 /,&5$0215$0,5(=9$/7,(55$
'(/(*$'2)('(5$/'(/$6('(62/ 6(&5(7$5,2'(3/$1($&,21<'(6$552//25(*,21$/<&225',1$'25
58%5,&$ *(1(5$/'(/&23/$'(
58%5,&$

3ULPHUD6HFFLyQ

6(&5(7$5,$'('(6$552//262&,$/
$&8(5'2'(&225',1$&,213$5$/$&21&855(1&,$'(5(&85626)('(5$/(6<(67$7$/(63$5$
/26352*5$0$662&,$/(6)('(5$/(6'(/5$02$'0,1,675$7,92'(6$552//262&,$/´
&2162/,'$'2'(,19(56,21<0(7$6)('(5$/(6<(67$7$/(6(-(5&,&,2),6&$/
(67$'2'(+,'$/*2 $1(;2
352*5$0$6,19(56,21(13(626
'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,*5$17(6 $7(1&,21$-251$/(526$*5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

5(*,21$/,=$&,21 727$/
3ULPHUD6HFFLyQ
0(7$6 0(7$6 0(7$6 0(7$6 0(7$6

,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21
352<(&72 352<(&72 3(5621$ -251$/ (03/(2 352<(&72 3(5621$

081,&,3,26</2&$/,'$'(6
'($/7$<08<$/7$
0$5*,1$&,21

27526081,&,3,26<

/2&$/,'$'(6

727$/

2%6(59$&,21(6

',$5,22),&,$/

/,&-26($1*(/52'5,*8(=&$/9,//2 /,&5$0215$0,5(=9$/7,(55$
'(/(*$'2)('(5$/'(/$6('(62/ 6(&5(7$5,2'(3/$1($&,21<'(6$552//25(*,21$/<&225',1$'25
58%5,&$ *(1(5$/'(/&23/$'(
58%5,&$

/XQHVGHMXQLRGH

6(&5(7$5,$'('(6$552//262&,$/
$&8(5'2'(&225',1$&,213$5$/$&21&855(1&,$'(5(&85626)('(5$/(6<(67$7$/(63$5$
/26352*5$0$662&,$/(6)('(5$/(6'(/5$02$'0,1,675$7,92'(6$552//262&,$/´
&$/(1'$5,2'(0,1,675$&,21'(5(&85626)('(5$/(6<(67$7$/(6
(67$'2'(+,'$/*2 $1(;2
5(&85626727$/(6 (1(52 )(%5(52 0$5=2 $%5,/ 0$<2 -81,2 -8/,2 $*2672 6(37,(0%5( 2&78%5( 129,(0%5( ',&,(0%5( 727$/
$3257$&,21)('(5$/
$3257$&,21(67$7$/

/XQHVGHMXQLRGH

'(6$552//2'(=21$635,25,7$5,$6
$3257$&,21)('(5$/
$3257$&,21(67$7$/
68%727$/352*5$0$

[3$5$0,*5$17(6
$3257$&,21)('(5$/
$3257$&,21(67$7$/
68%727$/352*5$0$

$7(1&,21$-251$/(526$*5,&2/$6
$3257$&,21)('(5$/
$3257$&,21(67$7$/
68%727$/352*5$0$

(03/(27(0325$/
$3257$&,21)('(5$/
$3257$&,21(67$7$/
',$5,22),&,$/
68%727$/352*5$0$

23&,21(6352'8&7,9$6
$3257$&,21)('(5$/
$3257$&,21(67$7$/
68%727$/352*5$0$


/,&-26($1*(/52'5,*8(=&$/9,//2 /,&5$0215$0,5(=9$/7,(55$
'(/(*$'2)('(5$/'(/$6('(62/ 6(&5(7$5,2'(3/$1($&,21<'(6$552//25(*,21$/<&225',1$'25
58%5,&$ *(1(5$/'(/&23/$'(
58%5,&$

3ULPHUD6HFFLyQ
$QH[R
(VWDGR+LGDOJR
&ULWHULRVSDUDODSULRUL]DFLyQGHODVLQYHUVLRQHVGHO5DPR$GPLQLVWUDWLYR
0XQLFLSLRVGH0X\$OWD0DUJLQDFLyQ
/XJDUTXH
&ODYHGHO 3REODFLyQ RFXSDHQHO
1R 1RPEUHGHOPXQLFLSLR 5HJLyQ
PXQLFLSLR WRWDO FRQWH[WR
QDFLRQDO
6DQ%DUWROR7XWRWHSHF +XDVWHFD
+XHKXHWOD +XDVWHFD
7HSHKXDFiQGH*XHUUHUR +XDVWHFD
;RFKLDWLSDQ +XDVWHFD
<DKXDOLFD +XDVWHFD
7LDQJXLVWHQJR +XDVWHFD

0XQLFLSLRVGH$OWD0DUJLQDFLyQ
/XJDUTXH
&ODYHGHO 3REODFLyQ RFXSDHQHO
PXQLFLSLR WRWDO FRQWH[WR
QDFLRQDO
3DFXOD
/D0LVLyQ
3LVDIORUHV
7ODKXLOWHSD
+XD]DOLQJR +XDVWHFD
$FD[RFKLWOiQ
7ODQFKLQRO
$WODSH[FR +XDVWHFD
7HQDQJRGH'RULD
+XDXWOD +XDVWHFD
&KDSXOKXDFiQ
6DQ)HOLSH2UL]DWOiQ +XDVWHFD
$JXD%ODQFDGH,WXUELGH
1LFROiV)ORUHV
/RORWOD
&DOQDOL
-DOWRFiQ +XDVWHFD
0HW]WLWOiQ

0LQHUDOGHO&KLFR
+XHMXWODGH5H\HV +XDVWHFD
;RFKLFRDWOiQ
$FDWOiQ
0RODQJRGH(VFDPLOOD
-DFDODGH/HGH]PD
$OIDMD\XFDQ
7HFR]DXWOD
&KDSDQWRQJR
(OR[RFKLWOiQ
&DUGRQDO
-XiUH]+LGDOJR
+XDVFDGH2FDPSR
1RSDODGH9LOODJUiQ

0XQLFLSLRVGH0HGLD0DUJLQDFLyQ
&ODYHGHO 3REODFLyQ /XJDUTXHRFXSDHQHO

1R 1RPEUHGHOPXQLFLSLR
PXQLFLSLR WRWDO FRQWH[WRQDFLRQDO
6LQJXLOXFDQ
6DQ$JXVWtQ0HW]TXLWLWOiQ
$WRWRQLOFRHO*UDQGH
2PLWOiQGH-XiUH]
$OPROR\D
7DVTXLOOR
6DQWLDJRGH$QD\D
0HWHSHF
(O$UHQDO
=LPDSiQ
&XDXWHSHFGH+LQRMRVD
&KLOFXDXWOD
7H]RQWHSHFGH$OGDPD
(SD]R\XFDQ
7HSHWLWOiQ
6DQ$JXVWtQ7OD[LDFD
+XLFKDSDQ
6DQ6DOYDGRU
=DFXDOWLSiQGH$QJHOHV

0XQLFLSLRVGH%DMD0DUJLQDFLyQ
$MDFXED
,[PLTXLOSDQ
=HPSRDOD
9LOODGH7H]RQWHSHF
)UDQFLVFR,0DGHUR
7ODKXHOLOSDQ
7ROFD\XFD
6DQWLDJR 7XODQWHSHF GH /XJR
*XHUUHUR
$FWRSDQ
$SDQ
0L[TXLDKXDODGH-XiUH]
$WRWRQLOFRGH7XOD
7OD[FRDSDQ
7HSHMLGHO5tRGH2FDPSR
0LQHUDOGHO0RQWH
7HWHSDQJR
=DSRWOiQGH-XiUH]
(PLOLDQR=DSDWD
7XODQFLQJRGH%UDYR

0XQLFLSLRVGH0X\%DMD0DUJLQDFLyQ
3URJUHVRGH2EUHJyQ
$WLWDODTXLD
7L]D\XFD
7XODGH$OOHQGH
7ODQDODSD
7HSHDSXOFR
0LQHUDOGHOD5HIRUPD
3DFKXFDGH6RWR

1RWDV
/DV=RQDVGH$WHQFLyQ3ULRULWDULDHVWiQLQWHJUDGDVSRUORVPXQLFLSLRVGHPX\DOWD\DOWDPDUJLQDFLyQ
&21$32 GH DFXHUGR FRQ OD 'HFODUDWRULD KHFKD SRU OD &iPDUD GH 'LSXWDGRV GHO + &RQJUHVR GH OD
8QLyQSXEOLFDGDVHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOGHQRYLHPEUHGHHQFXPSOLPLHQWRFRQOR
GLVSXHVWRSRUHODUWtFXORGHOD/H\*HQHUDOGH'HVDUUROOR6RFLDO
/RV PXQLFLSLRV TXH VH GHWDOODQ HQ HO SUHVHQWH DQH[R KDQ VLGR RUGHQDGRV FRQIRUPH D VX JUDGR GH
PDUJLQDFLyQ\HOOXJDUTXHRFXSDQHQHOFRQWH[WRQDFLRQDOLQGHSHQGLHQWHPHQWHGHVLSHUWHQHFHQRQRDODV
=RQDVGH$WHQFLyQ3ULRULWDULDLQGLFDWLYRGHODVSULRULGDGHVTXHGHEHUiQREVHUYDUORVGLIHUHQWHVSURJUDPDVGH
'HVDUUROOR6RFLDO\+XPDQRGHO5DPR$GPLQLVWUDWLYR³'HVDUUROOR6RFLDO´
(QHOSUHVHQWHDQH[RWDPELpQVHLQGLFDVLORVPXQLFLSLRVSHUWHQHFHQDDOJXQDGHODVUHJLRQHVTXHOD
&iPDUDGH'LSXWDGRVLGHQWLILFDHQVX'HFODUDWRULDFRQIRUPDGDVSRUPXQLFLSLRVGHPX\DOWDPDUJLQDFLyQ
\ GH DOWD PDUJLQDFLyQ TXH GDGD OD VLWXDFLyQ GH SREUH]D \ PDUJLQDFLyQ HVWUXFWXUDO TXH ODV DIHFWD
UHTXLHUHQGHSUR\HFWRVLQWHJUDGRUHVGHOWHUULWRULR
/RV 0XQLFLSLRV 3UHGRPLQDQWHPHQWH ,QGtJHQDV VRQ DTXHOORV TXH UHJLVWUDQ XQD SREODFLyQ KDEODQWH GH
OHQJXD LQGtJHQD LJXDO R VXSHULRU DO SRU FLHQWR GH OD SREODFLyQ WRWDO PD\RU GH FLQFR DxRV
LQGHSHQGLHQWHPHQWHGHVXJUDGRGHPDUJLQDFLyQ
(O&RQVHMR1DFLRQDOGH3REODFLyQ&21$32GHILQHDODPDUJLQDFLyQFRPRXQ³IHQyPHQRHVWUXFWXUDOTXH
VHRULJLQDHQODPRGDOLGDGHVWLORRSDWUyQKLVWyULFRGHGHVDUUROORpVWDVHH[SUHVDSRUXQODGRHQODGLILFXOWDG
SDUDSURSDJDUHOSURJUHVRWpFQLFRHQHOFRQMXQWRGHODHVWUXFWXUDSURGXFWLYD\HQODVUHJLRQHVGHOSDtV\SRUHO
RWURHQODH[FOXVLyQGHJUXSRVVRFLDOHVGHOSURFHVRGHGHVDUUROOR\GHOGLVIUXWHGHVXVEHQHILFLRV´&21$32
,QGLFHVGH0DUJLQDFLyQSiJ
(O &21$32 HVWDEOHFH FLQFR HVWUDWLILFDFLRQHV SDUD OD PDUJLQDFLyQ PXQLFLSDO HQ ODV TXH DJUXSD D OD
WRWDOLGDG GH ORV PXQLFLSLRV GHO SDtV 0X\ $OWD $OWD 0HGLD %DMD \ 0X\ %DMD 0DUJLQDFLyQ 8Q HVWDGR SXHGH
SUHVHQWDU ORV FLQFR JUXSRV R VyOR DOJXQRV OR TXH GHSHQGHUi GH OD VLWXDFLyQ TXH WHQJDQ FDGD XQR GH VXV
PXQLFLSLRV
)XHQWHV,QGLFHGH0DUJLQDFLyQ0XQLFLSDO&21$32FRQEDVHHQHO,,&RQWHRGH3REODFLyQ\
9LYLHQGD,1(*,
BBBBBBBBBBBBBBBBBBBBBBBBB

)HGHUDOHVSDUDHO'HVDUUROORGH=RQDV3ULRULWDULDV-RUQDOHURV$JUtFRODV(PSOHR7HPSRUDO2SFLRQHV3URGXFWLYDV
\[SDUD0LJUDQWHVWRGRVHOORVGHO5DPR$GPLQLVWUDWLYR'HVDUUROOR6RFLDOSDUDHO(MHUFLFLR)LVFDOTXH
VXVFULEHQOD6HFUHWDUtDGH'HVDUUROOR6RFLDO\HO(VWDGRGH-DOLVFR
'HVDUUROOR6RFLDO
$&8(5'2 '( &225',1$&,21 3$5$ /$ &21&855(1&,$ '( 5(&85626 )('(5$/(6 < (67$7$/(6 3$5$
/26 352*5$0$6 62&,$/(6 )('(5$/(6 3$5$ (/ '(6$552//2 '( =21$6 35,25,7$5,$6 -251$/(526
$*5,&2/$6(03/(27(0325$/23&,21(6352'8&7,9$6<;3$5$0,*5$17(672'26(//26'(/5$02
$'0,1,675$7,92 ³'(6$552//2 62&,$/´ 3$5$ (/ (-(5&,&,2 ),6&$/ 48( 686&5,%(1 325 81$
3$57( (/ (-(&87,92 )('(5$/ $ 75$9(6 '( /$ 6(&5(7$5,$ '( '(6$552//2 62&,$/ (1 /2 68&(6,92
³6('(62/´ 5(35(6(17$'$ (1 (67( $&72 325 (/ ,1* /8,6 0(-,$ *8=0$1 (1 68 &$5$&7(5 '(
68%6(&5(7$5,2'('(6$552//262&,$/<+80$12<(/'(/(*$'2)('(5$/(1(/(67$'2'(-$/,6&2
(//,&)(/,3('(-(6869,&(1&,2$/9$5(=<325/$275$(/(-(&87,92'(/(67$'2'(-$/,6&2(1/2
68&(6,92(/³(67$'2´5(35(6(17$'2325(/ *2%(51$'25'(/(67$'2 '(-$/,6&2(0,/,2*21=$/(=
0$548(= $6,67,'2 325 /26 6(&5(7$5,26 *(1(5$/ '( *2%,(512 '( ),1$1=$6 < '( '(6$552//2
+80$12/26&&/,&)(51$1'2$1721,2*8=0$13(5(=3(/$(=0752-26(/8,6'($/%$*21=$/(=<
07520$57,1+(51$1'(=%$/'(5$65(63(&7,9$0(17($/7(125'(/266,*8,(17(6$17(&('(17(6
'(&/$5$&,21(6<&/$868/$6
$17(&('(17(6
, (O3ODQ1DFLRQDOGH'HVDUUROORHVWDEOHFHHQVXDSDUWDGRGHQRPLQDGR(MH³,JXDOGDGGH
JRELHUQRVGHODVHQWLGDGHVIHGHUDWLYDVVDWLVIDFLHQGRODVIRUPDOLGDGHVTXHHQFDGDFDVRSURFHGDQOD
FRRUGLQDFLyQ TXH VH UHTXLHUD D HIHFWR GH TXH ORV JRELHUQRV SDUWLFLSHQ HQ HO 3ODQ 1DFLRQDO
GH'HVDUUROOR

9, /D ³6('(62/´ PDQLILHVWD TXH OD 'LUHFFLyQ *HQHUDO GH 3URJUDPDFLyQ \ 3UHVXSXHVWR GH OD 2ILFLDOtD
0D\RU GH HVWD GHSHQGHQFLD PHGLDQWH RILFLR Q~PHUR 20'*33 GH IHFKD GH
GLFLHPEUHGHFRPXQLFyODDXWRUL]DFLyQFRUUHVSRQGLHQWHDOD6XEVHFUHWDUtDGH'HVDUUROOR6RFLDO
\ +XPDQR GH ODV DVLJQDFLRQHV GH ORV UHFXUVRV TXH OHV FRUUHVSRQGH FRQIRUPH DO 'HFUHWR GH
3UHVXSXHVWRGH(JUHVRVGHOD)HGHUDFLyQSDUDHO(MHUFLFLR)LVFDO
3~EOLFD )HGHUDO \ GH OD /H\ GH 3ODQHDFLyQ \ GHPiV DSOLFDEOHV GH OD /H\ )HGHUDO GH
3UHVXSXHVWR\5HVSRQVDELOLGDG+DFHQGDULD\HQVX5HJODPHQWR\GHOD/H\*HQHUDOGH
'HVDUUROOR6RFLDO\VX5HJODPHQWR\GHPiVDSOLFDEOHVGHOD/H\)HGHUDOGH7UDQVSDUHQFLD\$FFHVRDOD
(MHUFLFLR)LVFDOSXEOLFDGRHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOGHQRYLHPEUHGHHO'HFUHWRGH
OD 'HFODUDWRULD GH ODV =RQDV GH $WHQFLyQ 3ULRULWDULD SDUD HO DxR SXEOLFDGR HQ OD PLVPD IHFKD HQ ORV
GH 6XEVLGLRV GHO 5DPR $GPLQLVWUDWLYR 'HVDUUROOR 6RFLDO OR GLVSXHVWR SRU ORV DUWtFXORV \
IUDFFLRQHV;;,;9,,,;,;;;;;,;;,,\;;9GHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRGH-DOLVFR
IUDFFLRQHV,\,,IUDFFLRQHV,,,,9,;;,;,;;;;;,\;;,9IUDFFLyQ,,,,,,,99\;9,,,\
GHOD/H\2UJiQLFDGHO3RGHU(MHFXWLYRGHO(VWDGRGH-DOLVFR
\GHOD/H\GH'HVDUUROOR6RFLDOSDUDHO(VWDGRGH-DOLVFRODVSDUWHVFHOHEUDQHOSUHVHQWH$FXHUGR
GH&RRUGLQDFLyQHQORVWpUPLQRVGHODVVLJXLHQWHV
&/$868/$6
'(/2%-(72
35,0(5$ /D ³6('(62/´ \ HO ³(67$'2´ FHOHEUDQ HO SUHVHQWH $FXHUGR TXH WLHQH SRU REMHWR OD
FRQFXUUHQFLD GH UHFXUVRV \ HMHUFLFLR GH pVWRV UHVSHFWR GH ORV SURJUDPDV SDUD HO 'HVDUUROOR GH =RQDV
3ULRULWDULDV$WHQFLyQD-RUQDOHURV$JUtFRODV(PSOHR7HPSRUDO2SFLRQHV3URGXFWLYDV\[SDUD0LJUDQWHVD
HIHFWRGHDWHQGHUDODSREODFLyQHQFRQGLFLRQHVGHSREUH]D\PDUJLQDFLyQ
/D³6('(62/´\HO³(67$'2´VHFRPSURPHWHQDDGRSWDUXQHVTXHPDGHDSRUWDFLyQFRPSOHPHQWDULDGH
UHFXUVRVSDUDODHMHFXFLyQGHODVDFFLRQHVGHORVSURJUDPDVDTXtFRQYHQLGRV
'(/$&21&855(1&,$<$57,&8/$&,21'((6)8(5=26(17(55,725,26(63(&,),&26
6(*81'$ /D ³6('(62/´ \ HO ³(67$'2´ SURPRYHUiQ TXH VXV DFFLRQHV VH HMHFXWHQ HQ XQ PDUFR GH
FRQFXUUHQFLD\DUWLFXODFLyQGHHVIXHU]RVFRQHOILQGHSURSLFLDUHOGHVDUUROORGHORVWHUULWRULRV\GHODSREODFLyQ
HQSREUH]D\PDUJLQDFLyQGHODHQWLGDGGHFRQIRUPLGDGFRQORTXHHVWDEOHFHHODUWtFXORGHOD/H\*HQHUDO
GH 'HVDUUROOR 6RFLDO \ HO DUWtFXOR GHO 'HFUHWR GHO 3UHVXSXHVWR GH (JUHVRV GH OD )HGHUDFLyQ SDUD HO
(MHUFLFLRILVFDO
$3257$&,21(635(6838(67$5,$6
7(5&(5$ (Q ORV SURJUDPDV SDUD HO 'HVDUUROOR GH =RQDV 3ULRULWDULDV $WHQFLyQ D -RUQDOHURV $JUtFRODV
(PSOHR7HPSRUDO\2SFLRQHV3URGXFWLYDVOD³6('(62/´DSRUWDUiSHVRVSRUFDGDSHVRDSRUWDGRSRUHO
³(67$'2ÓRTXHHTXLYDOHDXQHVTXHPDIHGHUDO\HVWDWDO
(QHOFDVRGHO3URJUDPD[SDUD0LJUDQWHVOD³6('(62/´DSRUWDUiXQSHVRSRUFDGDSHVRDSRUWDGRSRU
HO ³(67$'2´ $ OR DQWHULRU VH GHEHUiQ DxDGLU ODV DSRUWDFLRQHV GH ORV 0LJUDQWHV \ GH ODV DXWRULGDGHV
PXQLFLSDOHVSDUDFXPSOLUHOHVTXHPDILQDQFLHURHVWDEOHFLGRHQODV5HJODVGH2SHUDFLyQGHOSURJUDPD
(Q WRWDO \ HQ HO PDUFR GHO SUHVHQWH $FXHUGR OD ³6('(62/´ DSRUWDUi UHFXUVRV SRU OD FDQWLGDG GH
FLHQWRFLQFXHQWD\GRVPLOORQHVVHWHFLHQWRVFLQFXHQWDPLOGRVFLHQWRVFXDUHQWD\FLQFRSHVRV
01 /D GLVWULEXFLyQ ILQDQFLHUD \ SURJUDPiWLFD GH GLFKRV UHFXUVRV VH GHVFULEH HQ HO $QH[R TXH
IRUPDSDUWHGHOSUHVHQWH$FXHUGR
3RU VX SDUWH HO ³(67$'2´ DSRUWDUi UHFXUVRV SRU OD FDQWLGDG GH FLHQWR VLHWH PLOORQHV
QRYHFLHQWRV WUHLQWD \ VLHWH PLO RFKRFLHQWRV VHVHQWD \ RFKR SHVRV 01 GH FRQIRUPLGDG FRQ OD
GLVWULEXFLyQ ILQDQFLHUD \ SURJUDPiWLFD TXH VH PHQFLRQD HQ HO $QH[R PLVPR TXH IRUPD SDUWH GHO SUHVHQWH
$FXHUGR
&8$57$ /RV UHFXUVRV IHGHUDOHV TXH HMHFXWH HO ³(67$'2´ HQ ORV WpUPLQRV GHO SUHVHQWH $FXHUGR QR
SLHUGHQVXFDUiFWHUGHIHGHUDO
/RV UHFXUVRV DSRUWDGRV SRU DPEDV SDUWHV HVWDUiQ GHVWLQDGRV H[FOXVLYDPHQWH DO RWRUJDPLHQWR GH
VXEVLGLRV\HVWDUiQVXMHWRVDODV5HJODVGH2SHUDFLyQGHORVSURJUDPDVFRUUHVSRQGLHQWHV
6(;7$ 3RGUiQ VHU HMHFXWRUHV GH ORV UHFXUVRV DSRUWDGRV SRU ODV SDUWHV ODV ,QVWDQFLDV (MHFXWRUDV
(QORVSURJUDPDVSDUDHO'HVDUUROORGH=RQDV3ULRULWDULDV$WHQFLyQD-RUQDOHURV$JUtFRODV(PSOHR
7HPSRUDO \ 2SFLRQHV 3URGXFWLYDV HO ³(67$'2´ SRGUi VHOHFFLRQDU D ODV ,QVWDQFLDV (MHFXWRUDV GH
SUR\HFWRV SRU HO HTXLYDOHQWH D YHFHV ODV DSRUWDFLRQHV TXH HIHFWLYDPHQWH KXELHUH UHDOL]DGR
/RDQWHULRUHQHOFDVRGHTXHODVSDUWHVUHDOLFHQVXVDSRUWDFLRQHVGHDFXHUGRDOFDOHQGDULRGHWDOODGR
HQHO$QH[RHTXLYDOHDXQHVTXHPDGHGHFLVLyQVREUHODLQVWDQFLDHMHFXWRUDGHIHGHUDO
HVWDWDO VREUH ORV UHFXUVRV DSRUWDGRV FRQMXQWDPHQWH 3DUD ORV HIHFWRV GH OD SUHVHQWH FOiXVXOD VH
UHDOL]DUiQ UHYLVLRQHV GH ODV DSRUWDFLRQHV HIHFWLYDPHQWH UHDOL]DGDV SRU ODV SDUWHV DO ILQDO GH FDGD
WULPHVWUHWUDQVFXUULGR
(Q HO 3URJUDPD [ SDUD 0LJUDQWHV VH GHFLGLUi HQ HO VHQR GHO &RPLWp GH 9DOLGDFLyQ \ $WHQFLyQ
D0LJUDQWHV
(VWH HVTXHPD GH VHOHFFLyQ DSOLFDUi H[FOXVLYDPHQWH SDUD ORV SURJUDPDV IHGHUDOHV \ PRQWRV FRQYHQLGRV
HQHOSUHVHQWH$FXHUGR
'(/$60(7$6
6(37,0$ /D ³6('(62/´ \ HO ³(67$'2´ DFXHUGDQ ODV PHWDV FRQVROLGDGDV TXH VH GHVFULEHQ HQ
HO$QH[RPLVPRTXHIRUPDSDUWHLQWHJUDQWHGHOSUHVHQWH$FXHUGR
'(/$65(63216$%,/,'$'(6
DODVUHVSHFWLYDV5HJODVGH2SHUDFLyQDODVGHPiVGLVSRVLFLRQHVOHJDOHVIHGHUDOHVDSOLFDEOHV\DORV
LQVWUXPHQWRVMXUtGLFRVWpFQLFRV\RSHUDWLYRVGHULYDGRVGHODV5HJODVGH2SHUDFLyQ
/D ³6('(62/´ \ HO ³(67$'2´ DFXHUGDQ TXH ORV UHFXUVRV IHGHUDOHV TXH QR KXELHUHQ VLGR HMHUFLGRV R
FRPSURPHWLGRVHQSUR\HFWRVDSUREDGRVDOGHMXQLRGHSRGUiQVHUUHDVLJQDGRVDRWURVHVWDGRV
129(1$/D³6('(62/´\HO³(67$'2´DFXHUGDQTXHSRGUiQSURSRQHUDPSOLDFLRQHVRPRGLILFDFLRQHVD
ODGLVWULEXFLyQGHUHFXUVRVHQWUHSURJUDPDVPXQLFLSLRV\ORFDOLGDGHVVLHPSUH\FXDQGRVHUHVSHWHODUHJODGH
DSRUWDFLyQFRPSOHPHQWDULDSUHYLVWDHQODFOiXVXODWHUFHUD3DUDWDOHIHFWRHO³(67$'2´\HO'HOHJDGR)HGHUDO
GH OD ³6('(62/´ GHEHUiQ UHPLWLU D OD 8QLGDG $GPLQLVWUDWLYD UHVSRQVDEOH GHO SURJUDPD XQD SURSXHVWD
WpFQLFDPHQWHMXVWLILFDGDHVWD~OWLPDODDQDOL]DUi\HQVXFDVRODDXWRUL]DUi
(QQLQJ~QFDVRVHSRGUiPRGLILFDUHOPRQWRFRUUHVSRQGLHQWHDODV=RQDVGH$WHQFLyQ3ULRULWDULDTXHVH
/D HMHFXFLyQGHORV SURJUDPDVGHVXEVLGLRVHVWDUi VXVWHQWDGDHQ SURSXHVWDV GHLQYHUVLyQ TXHGHEHUiQ

'(/2675$%$-26'(6(*8,0,(172(9$/8$&,21<&21752/'(/265(&85626
'(&,0$ (O ³(67$'2´ DVXPH HO FRPSURPLVR GH SURSRUFLRQDU D OD ³6('(62/´ SRU FRQGXFWR GH VX
'HOHJDFLyQ )HGHUDO HQ HO (VWDGR LQIRUPHV WULPHVWUDOHV GH VHJXLPLHQWR GH ORV SURJUDPDV REMHWR GH HVWH
$FXHUGR SDUD ORV SUR\HFWRV REUDV \ DFFLRQHV HQ TXH HO ³(67$'2´ R DOJXQD GH VXV GHSHQGHQFLDV R
HQWLGDGHVVHD OD,QVWDQFLD(MHFXWRUD /D HQWUHJD GH GLFKRVLQIRUPHVVH KDUiHQXQSOD]RQRPD\RUDYHLQWH
GtDVQDWXUDOHVSRUFRQGXFWRGHOD6HFUHWDUtDGH'HVDUUROOR+XPDQRGHO*RELHUQRGHO³(67$'2´TXLHQVHUi
UHVSRQVDEOHGHYDOLGDUODLQIRUPDFLyQVROLFLWDGD
&XDQGR HO UHVSRQVDEOH HMHFXWRU VHD HO PXQLFLSLR pVWH LQIRUPDUi D OD ³6('(62/´ SRU FRQGXFWR GH OD
'HOHJDFLyQ )HGHUDO HQ HO (VWDGR HQ XQ SOD]R QR PD\RU D YHLQWH GtDV QDWXUDOHV FRQWDGRV D SDUWLU GH
ODFRQFOXVLyQGHFDGDWULPHVWUHHQYLDQGRFRSLDDO³(67$'2´
SURSRUFLRQDU D ORV HMHFXWRUHV TXH HQ FDGD FDVR FRUUHVSRQGDQ ORV OLQHDPLHQWRV QHFHVDULRV SDUD LQWHJUDU ORV
LQIRUPHV
'(&,0$35,0(5$3DUDGDUWUDQVSDUHQFLDHQHOHMHUFLFLRGHORVUHFXUVRVTXHDSRUWHQODVSDUWHVREMHWR
GH HVWH $FXHUGR OD ³6('(62/´ \ HO ³(67$'2´ FRQYLHQHQ TXH HQ WRGDV ODV DFWLYLGDGHV GH GLIXVLyQ \
SXEOLFLGDGTXHOOHYHQDFDERODV,QVWDQFLDV(MHFXWRUDVVREUHODVREUDV\DFFLRQHVPDWHULDGHORVSURJUDPDV
WHPSOHWHVJDOODUGHWHVSRVWHUVWUtSWLFRV\RWURVVLPLODUHV/RVORJRWLSRVGHOD³6('(62/´\GHOD(VWUDWHJLD
9LYLU 0HMRU GHEHUiQ RFXSDU XQ iUHD HTXLYDOHQWH D OD RFXSDGD SRU ORV ORJRWLSRV GH ODV LQVWDQFLDV ORFDOHV
SDUWLFLSDQWHV
DMHQR D FXDOTXLHU SDUWLGR SROtWLFR 4XHGD SURKLELGR VX XVR SDUD ILQHV GLVWLQWRV D ORV HVWDEOHFLGRV HQ
HO3URJUDPD´
'(&,0$6(*81'$(O³(67$'2´\OD³6('(62/´GHEHUiQFXPSOLUFRQORVSURFHGLPLHQWRVQRUPDWLYRV\
IRPHQWDUODFRQVROLGDFLyQGHPHFDQLVPRVTXHDSR\HQODWUDQVSDUHQFLD\UHQGLFLyQGHFXHQWDVFRQODILQDOLGDG
GH IDYRUHFHU OD JHQHUDFLyQ GH LQIRUPHV GHWHUPLQDFLyQ GH DFFLRQHV REUDV \ VHJXLPLHQWR
DODHQWUHJD\FRPSUREDFLyQGHUHFXUVRV
FOiXVXODWHUFHUDGHOSUHVHQWH$FXHUGRFRUUHVSRQGHUiDOD³6('(62/´DO&RQVHMR1DFLRQDOGH(YDOXDFLyQGH
OD3ROtWLFDGH'HVDUUROOR6RFLDOHQHOiPELWRGHVXFRPSHWHQFLDDOD6HFUHWDUtDGH+DFLHQGD\&UpGLWR3~EOLFR
D OD 6HFUHWDUtD GH OD )XQFLyQ 3~EOLFD 6)3 \ D OD $XGLWRUtD 6XSHULRU GH OD )HGHUDFLyQ FRQIRUPH D ODV
DWULEXFLRQHV TXH OHV FRQILHUH OD /H\ 2UJiQLFD GH OD $GPLQLVWUDFLyQ 3~EOLFD )HGHUDO OD /H\ GH )LVFDOL]DFLyQ
6XSHULRU GH OD )HGHUDFLyQ OD /H\ )HGHUDO GH 3UHVXSXHVWR \ 5HVSRQVDELOLGDG +DFHQGDULD \ GHPiV
GLVSRVLFLRQHVDSOLFDEOHVVLQSHUMXLFLRGHODVDFFLRQHVGHYLJLODQFLDFRQWURO\HYDOXDFLyQTXHHQFRRUGLQDFLyQ
FRQOD6)3UHDOLFHOD&RQWUDORUtDGHO³(67$'2´
³6('(62/´ \ HO ³(67$'2´ VH FRPSURPHWHQ D UHYLVDU SHULyGLFDPHQWH HO FXPSOLPLHQWR GH VX FRQWHQLGR DVt
FRPR DGRSWDU ODV PHGLGDV QHFHVDULDV SDUD HVWDEOHFHU HO HQODFH \ OD FRPXQLFDFLyQ UHTXHULGD SDUD GDU HO
GHELGRVHJXLPLHQWRDORVFRPSURPLVRVDVXPLGRV
FRPSURPLVRVDFDUJRGHO³(67$'2´HQORVWpUPLQRVGHOSUHVHQWH$FXHUGR
(67,38/$&,21(6),1$/(6
$FXHUGR GH &RRUGLQDFLyQ TXH DO GH GLFLHPEUH GH QR VH KXELHUHQ HMHUFLGR SRU FXDOTXLHU PRWLYR
LQFOX\HQGR ORV UHQGLPLHQWRV TXH VH KD\DQ REWHQLGR GHEHUiQ UHLQWHJUDUVH D OD 7HVRUHUtD GH OD )HGHUDFLyQ
GHQWURGHORVGtDVQDWXUDOHVVLJXLHQWHVDOFLHUUHGHOHMHUFLFLR
$VLPLVPR DFXHUGDQ TXH ORV UHFXUVRV HVWDWDOHV DSRUWDGRV HQ HO PDUFR GHO SUHVHQWH $FXHUGR GH
&RRUGLQDFLyQ TXH DO GH GLFLHPEUH GH QR VH KXELHUHQ HMHUFLGR SRU FXDOTXLHU PRWLYR LQFOX\HQGR ORV
UHQGLPLHQWRV TXH VH KD\DQ REWHQLGR GHEHUiQ UHLQWHJUDUVH D OD 6HFUHWDUtD GH )LQDQ]DV GHO (VWDGR GHQWUR
GHORVGtDVQDWXUDOHVVLJXLHQWHVDOFLHUUHGHOHMHUFLFLR
'(&,0$6(;7$³(/(67$'2´DXWRUL]D PHGLDQWHHVWH LQVWUXPHQWRMXUtGLFRDOD6HFUHWDUtDGH)LQDQ]DV

SDUD TXH HURJXH ODV FDQWLGDGHV TXH VH FRPSURPHWH D DSRUWDU HQ HO PDUFR GHO SUHVHQWH FRQYHQLR SUHYLD
FHOHEUDFLyQ GH ORV LQVWUXPHQWRV MXUtGLFRV FRUUHVSRQGLHQWHV DVt FRPR D OD 6HFUHWDUtD GH 'HVDUUROOR +XPDQR
SDUD TXHFHOHEUHORVDFXHUGRVDQH[RV \FRQYHQLRVQHFHVDULRVSDUD ODGLVWULEXFLyQDSOLFDFLyQ \ HMHUFLFLRGH
ORVUHFXUVRVSURYHQLHQWHVGHOSUHVHQWH$FXHUGR
'(&,0$ 6(37,0$ /D ³6('(62/´ \ HO ³(67$'2´ UHDOL]DUiQ ODV DFFLRQHV QHFHVDULDV SDUD FXPSOLU FRQ
ORV FRPSURPLVRV SDFWDGRV HQ HVWH $FXHUGR (Q HO HYHQWR GH TXH VH SUHVHQWHQ FDVRV IRUWXLWRV R GH IXHU]D
PD\RU TXH PRWLYHQ HO LQFXPSOLPLHQWR D OR SDFWDGR OD FRQWUDSDUWH TXHGDUi OLEHUDGD GHO FXPSOLPLHQWR GH ODV
REOLJDFLRQHV TXH OH VRQ FRUUHODWLYDV GHELHQGR FRPXQLFDU D OD EUHYHGDG GLFKDV FLUFXQVWDQFLDV PHGLDQWH
iPELWRIHGHUDO
'(&,0$2&7$9$(OSUHVHQWH$FXHUGRVHSRGUiGDUSRUWHUPLQDGRGHPDQHUDDQWLFLSDGDSRUFXDOTXLHUD
/DDSOLFDFLyQGHORVUHFXUVRVIHGHUDOHV\HVWDWDOHVDILQHVGLVWLQWRVGHORVSDFWDGRV\
'(&,0$ 129(1$ (Q FDVR GH LQFXPSOLPLHQWR GH ORV WpUPLQRV GHO SUHVHQWH $FXHUGR DWULEXLEOH DO
³(67$'2ÓD³6('(62/´FRQIXQGDPHQWRHQORGLVSXHVWRHQHO3UHVXSXHVWRGH(JUHVRVGHOD)HGHUDFLyQ
SDUDHO(MHUFLFLR)LVFDO\ODOHJLVODFLyQIHGHUDODSOLFDEOHGHODPDWHULDSRGUiVXVSHQGHUODPLQLVWUDFLyQGH
UHFXUVRVRELHQVROLFLWDUVXUHLQWHJURHVFXFKDQGRSUHYLDPHQWHODRSLQLyQGHODGHSHQGHQFLDRHQWLGDGHVWDWDO
FRUUHVSRQGLHQWH
(QHOVXSXHVWRGHTXHOD³6('(62/´LQFXPSODORVWpUPLQRVGHOSUHVHQWH$FXHUGRHO³(67$'2´GHVSXpV
GHHVFXFKDUODRSLQLyQGHOD³6('(62/´SRGUiVXVSHQGHUVXVUHFXUVRVSUHVXSXHVWDULRVDSRUWDGRV
9,*(6,0$ (VWH $FXHUGR VXUWH VXV HIHFWRV GHVGH HO GtD SULPHUR GH HQHUR KDVWD HO WUHLQWD \ XQR GH
)HGHUDFLyQ\HQHOyUJDQRRILFLDOGHGLIXVLyQGHO*RELHUQRGHO(VWDGRGHQRPLQDGRSHULyGLFRRILFLDO³(O(VWDGR
GH-DOLVFR´FRQHO SURSyVLWR GHTXH OD SREODFLyQFRQR]FDODVLQYHUVLRQHVFRRUGLQDGDV GHOD)HGHUDFLyQFRQ
HO³(VWDGR´
HMHPSODUHVHQODFLXGDGGH*XDGDODMDUD-DOLVFRDORVFDWRUFHGtDVGHOPHVGHHQHURGHGRVPLOQXHYH3RU
OD 6HFUHWDUtD GH 'HVDUUROOR 6RFLDO HO 6XEVHFUHWDULR )HGHUDO GH 'HVDUUROOR 6RFLDO \ +XPDQR /XLV 0HMtD
*X]PiQ5~EULFD(O'HOHJDGR)HGHUDO GHOD 6HGHVROHQHO(VWDGRGH-DOLVFR )HOLSHGH-HV~V9LFHQFLR
$OYDUH] 5~EULFD 3RU HO (VWDGR HO *REHUQDGRU &RQVWLWXFLRQDO GHO (VWDGR /LEUH \ 6REHUDQR GH -DOLVFR
(PLOLR*RQ]iOH]0iUTXH]5~EULFD(O6HFUHWDULR*HQHUDOGH*RELHUQR)HUQDQGR$QWRQLR*X]PiQ3pUH]
3HOiH] 5~EULFD (O 6HFUHWDULR GH )LQDQ]DV -RVp /XLV GH $OED *RQ]iOH] 5~EULFD (O 6HFUHWDULR GH
'HVDUUROOR+XPDQR0DUWtQ+HUQiQGH]%DOGHUDV5~EULFD

6(&5(7$5,$'('(6$552//262&,$/
$&8(5'2'(&225',1$&,213$5$/$&21&855(1&,$'(5(&85626)('(5$/(6<(67$7$/(63$5$
/26352*5$0$662&,$/(6)('(5$/(6'(/5$02$'0,1,675$7,92'(6$552//262&,$/´
',675,%8&,21'(/$,19(56,21<0(7$6)('(5$/(6(-(5&,&,2),6&$/
(67$'2'(-$/,6&2 $1(;2
352*5$0$6,19(56,21(13(626
'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,*5$17(6 $7(1&,21$-251$/(526$*5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

/XQHVGHMXQLRGH
5(*,21$/,=$&,21 727$/
0(7$6 0(7$6 0(7$6 0(7$6 0(7$6
,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21
352<(&72 352<(&72 3(5621$ -251$/ (03/(2 352<(&72 3(5621$

081,&,3,26</2&$/,'$'(6
'($/7$<08<$/7$
0$5*,1$&,21

27526081,&,3,26<

/2&$/,'$'(6

727$/

2%6(59$&,21(6
',$5,22),&,$/

SDUDOD&RQFXUUHQFLDGH5HFXUVRV)HGHUDOHV\(VWDWDOHVSDUDORV3URJUDPDV6RFLDOHV)HGHUDOHVGHO5DPR$GPLQLVWUDWLYR'HVDUUROOR6RFLDO´SDUDHOHMHUFLFLRILVFDO

/,&)(/,3('(-(6869,&(1&,2$/9$5(= 07520$57,1+(51$1'(=%$/'(5$6
'(/(*$'2)('(5$/'(/$6('(62/ 6(&5(7$5,2'('(6$552//2+80$12
58%5,&$ 58%5,&$
3ULPHUD6HFFLyQ

6(&5(7$5,$'('(6$552//262&,$/
$&8(5'2'(&225',1$&,213$5$/$&21&855(1&,$'(5(&85626)('(5$/(6<(67$7$/(63$5$
/26352*5$0$662&,$/(6)('(5$/(6'(/5$02$'0,1,675$7,92'(6$552//262&,$/´
',675,%8&,21'(/$,19(56,21<0(7$6(67$7$/(6(-(5&,&,2),6&$/
(67$'2'(-$/,6&2 $1(;2
352*5$0$6,19(56,21(13(626
3ULPHUD6HFFLyQ
'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,*5$17(6 $7(1&,21$-251$/(526$*5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

5(*,21$/,=$&,21 727$/
0(7$6 0(7$6 0(7$6 0(7$6 0(7$6
,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21
352<(&72 352<(&72 3(5621$ -251$/ (03/(2 352<(&72 3(5621$

081,&,3,26</2&$/,'$'(6
'($/7$<08<$/7$
0$5*,1$&,21

27526081,&,3,26<

/2&$/,'$'(6

727$/

2%6(59$&,21(6
',$5,22),&,$/


/,&)(/,3('(-(6869,&(1&,2$/9$5(= 07520$57,1+(51$1'(=%$/'(5$6
'(/(*$'2)('(5$/'(/$6('(62/ 6(&5(7$5,2'('(6$552//2+80$12
58%5,&$ 58%5,&$
/XQHVGHMXQLRGH

6(&5(7$5,$'('(6$552//262&,$/
$&8(5'2'(&225',1$&,213$5$/$&21&855(1&,$'(5(&85626)('(5$/(6<(67$7$/(6
3$5$/26352*5$0$662&,$/(6)('(5$/(6'(/5$02$'0,1,675$7,92'(6$552//262&,$/´
&2162/,'$'2'(,19(56,21<0(7$6)('(5$/(6<(67$7$/(6(-(5&,&,2),6&$/
(67$'2'(-$/,6&2 $1(;2
352*5$0$6,19(56,21(13(626
'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,*5$17(6 $7(1&,21$-251$/(526$*5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

/XQHVGHMXQLRGH
5(*,21$/,=$&,21 727$/
0(7$6 0(7$6 0(7$6 0(7$6 0(7$6
,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21
352<(&72 352<(&72 3(5621$ -251$/ (03/(2 352<(&72 3(5621$

081,&,3,26</2&$/,'$'(6
'($/7$<08<$/7$
0$5*,1$&,21

27526081,&,3,26<

/2&$/,'$'(6

727$/

2%6(59$&,21(6
',$5,22),&,$/


/,&)(/,3('(-(6869,&(1&,2$/9$5(= 07520$57,1+(51$1'(=%$/'(5$6
'(/(*$'2)('(5$/'(/$6('(62/ 6(&5(7$5,2'('(6$552//2+80$12
58%5,&$ 58%5,&$

3ULPHUD6HFFLyQ

6(&5(7$5,$'('(6$552//262&,$/
$&8(5'2'(&225',1$&,213$5$/$&21&855(1&,$'(5(&85626)('(5$/(6<(67$7$/(6
3$5$/26352*5$0$662&,$/(6)('(5$/(6'(/5$02$'0,1,675$7,92'(6$552//262&,$/´
&$/(1'$5,2'(0,1,675$&,21'(5(&85626)('(5$/(6<(67$7$/(6
(67$'2'(-$/,6&2 $1(;2
5(&85626727$/(6 (1(52 )(%5(52 0$5=2 $%5,/ 0$<2 -81,2 -8/,2 $*2672 6(37,(0%5( 2&78%5( 129,(0%5( ',&,(0%5( 727$/
$3257$&,21)('(5$/
3ULPHUD6HFFLyQ
$3257$&,21(67$7$/

'(6$552//2'(=21$635,25,7$5,$6
$3257$&,21)('(5$/
$3257$&,21(67$7$/
68%727$/352*5$0$

[3$5$0,*5$17(6
$3257$&,21)('(5$/
$3257$&,21(67$7$/
68%727$/352*5$0$

$7(1&,21$-251$/(526$*5,&2/$6
$3257$&,21)('(5$/
$3257$&,21(67$7$/
68%727$/352*5$0$

(03/(27(0325$/
',$5,22),&,$/
$3257$&,21)('(5$/

$3257$&,21(67$7$/
68%727$/352*5$0$

23&,21(6352'8&7,9$6
$3257$&,21)('(5$/
$3257$&,21(67$7$/
68%727$/352*5$0$

SDUDOD&RQFXUUHQFLDGH5HFXUVRV)HGHUDOHV\(VWDWDOHVSDUDORV3URJUDPDV6RFLDOHV)HGHUDOHVGHO5DPR$GPLQLVWUDWLYR³'HVDUUROOR6RFLDO´SDUDHOHMHUFLFLRILVFDO

/,&)(/,3('(-(6869,&(1&,2$/9$5(= 07520$57,1+(51$1'(=%$/'(5$6
'(/(*$'2)('(5$/'(/$6('(62/ 6(&5(7$5,2'('(6$552//2+80$12
58%5,&$ 58%5,&$
/XQHVGHMXQLRGH
$QH[R
(VWDGR-DOLVFR
0H]TXLWLF 6LHUUD3RQLHQWH
%RODxRV 6LHUUD3RQLHQWH

&KLPDOWLWiQ 6LHUUD
3RQLHQWH
6DQWD0DUtDGHO2UR
&XDXWLWOiQGH*DUFtD%DUUDJiQ
-LORWOiQGHORV'RORUHV
=DSRWLWOiQGH9DGLOOR
&DER&RUULHQWHV
9LOOD*XHUUHUR 6LHUUD
3RQLHQWH
&XTXtR
4XLWXSDQ
9LOOD3XULILFDFLyQ
7ROLPiQ
6DQ&ULVWyEDOGHOD%DUUDQFD

&ODYHGHO /XJDUTXHRFXSDHQHO
1R 1RPEUHGHOPXQLFLSLR 3REODFLyQWRWDO
PXQLFLSLR FRQWH[WRQDFLRQDO
6DQ6HEDVWLiQGHO2HVWH
+XHMXTXLOODHO$OWR
+RVWRWLSDTXLOOR
7X[FDFXHVFR
*XDFKLQDQJR
6DQ0DUWtQGH%RODxRV
7DSDOSD
$WHPDMDFGH%UL]XHOD
&KLTXLOLVWOiQ
$WR\DF
$WHQJR
6DQWD0DUtDGHORV$QJHOHV

7RPDWOiQ

2MXHORVGH-DOLVFR
,[WODKXDFiQGHO5tR
6DQ*DEULHO
0L[WOiQ
=DSRWOiQGHO5H\
8QLyQGH6DQ$QWRQLR
7HRFXLWDWOiQGH&RURQD
&XDXWOD
-HV~V0DUtD
&DxDGDVGH2EUHJyQ
6DQ'LHJRGH$OHMDQGUtD
3LKXDPR
7DOSDGH$OOHQGH
7RWDWLFKH
0H[WLFDFiQ
$PDFXHFD
$\RWOiQ
-XFKLWOiQ
7HFDOLWOiQ
(MXWOD

7HFKDOXWDGH0RQWHQHJUR
*yPH])DUtDV
7RQD\D
&RQFHSFLyQGH%XHQRV$LUHV
+XHM~FDU
7HQDPD[WOiQ
7X[FXHFD
$FDWLF
6DQ0DUFRV
9DOOHGH-XiUH]
7HRFDOWLFKH
(QFDUQDFLyQGH'tD]
'HJROODGR
/D+XHUWD
3RQFLWOiQ

$WHQJXLOOR

7RQLOD
6DQ-XDQLWRGH(VFREHGR
7RWRWOiQ
/D0DQ]DQLOODGHOD3D]
(O/LPyQ
$\XWOD
<DKXDOLFDGH*RQ]iOH]*DOOR
9DOOHGH*XDGDOXSH
7L]DSiQHO$OWR
=DFRDOFRGH7RUUHV
=DSRWODQHMR
7HXFKLWOiQ
7DPD]XODGH*RUGLDQR
7HTXLOD
$UDQGDV
$WRWRQLOFRHO$OWR
/DJRVGH0RUHQR
7HFRORWOiQ
-RFRWHSHF
0D]DPLWOD
6DQ0DUWtQ+LGDOJR
0DVFRWD
6DQ-XDQGHORV/DJRV
&DVLPLUR&DVWLOOR
-DORVWRWLWOiQ
9LOOD&RURQD
/D%DUFD
9LOOD+LGDOJR
&RFXOD
6DQ0LJXHOHO$OWR
$PDWLWiQ
7X[SDQ
-DPD\
&LKXDWOiQ
0DJGDOHQD
&RORWOiQ
8QLyQGH7XOD
,[WODKXDFiQGHORV0HPEULOORV
7DOD

(O*UXOOR
=DSRWLOWLF
(O$UHQDO
$PHFD
(W]DWOiQ
6D\XOD
(O6DOWR
$KXDOXOFRGH0HUFDGR
6DQ-XOLiQ
7HSDWLWOiQGH0RUHORV
-XDQDFDWOiQ
7ODMRPXOFRGH=~xLJD
$XWOiQGH1DYDUUR
2FRWOiQ
7RQDOi
&KDSDOD
$FDWOiQGH-XiUH]
7ODTXHSDTXH
=DSRWOiQHO*UDQGH
3XHUWR9DOODUWD
=DSRSDQ
*XDGDODMDUD

0XQLFLSLRVGHUHFLHQWHFUHDFLyQ\VLQJUDGRGHPDUJLQDFLyQ
/XJDUTXHRFXSD
&ODYHGHO
1R 1RPEUHGHOPXQLFLSLR 3REODFLyQWRWDO HQHOFRQWH[WR
PXQLFLSLR
QDFLRQDO
6DQ,JQDFLR&HUUR*RUGR 1G 1G

1RWDV
8QLyQSXEOLFDGDVHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOGHQRYLHPEUHGHOHQFXPSOLPLHQWRFRQOR

SUHVHQWDU ORV FLQFR JUXSRV R VyOR DOJXQRV OR TXH GHSHQGHUi GH OD VLWXDFLyQ TXH WHQJDQ FDGD XQR GH
VXVPXQLFLSLRV
9LYLHQGD,1(*,
BBBBBBBBBBBBBBBBBBBBBBB

SDUD HO 'HVDUUROOR GH =RQDV 3ULRULWDULDV -RUQDOHURV $JUtFRODV (PSOHR 7HPSRUDO 2SFLRQHV 3URGXFWLYDV \ [
SDUD 0LJUDQWHV WRGRV HOORV GHO 5DPR $GPLQLVWUDWLYR 'HVDUUROOR 6RFLDO SDUD HO (MHUFLFLR )LVFDO TXH
VXVFULEHQOD6HFUHWDUtDGH'HVDUUROOR6RFLDO\HO(VWDGRGH0LFKRDFiQGH2FDPSR
'HVDUUROOR6RFLDO
$&8(5'2 '( &225',1$&,21 3$5$ /$ &21&855(1&,$ '( 5(&85626 )('(5$/(6 < (67$7$/(6
&21&(51,(17(6 $ /26 352*5$0$6 62&,$/(6 3$5$ (/ '(6$552//2 '( =21$6 35,25,7$5,$6
-251$/(526 $*5,&2/$6 (03/(2 7(0325$/ 23&,21(6 352'8&7,9$6 < ; 3$5$ 0,*5$17(6 72'26
(//26 '(/ 5$02 $'0,1,675$7,92 ³'(6$552//2 62&,$/´ 3$5$ (/ (-(5&,&,2 ),6&$/ 48(
686&5,%(132581$3$57((/(-(&87,92)('(5$/$75$9(6'(/$6(&5(7$5,$'('(6$552//262&,$/
(1/268&(6,92³6('(62/´5(35(6(17$'$(1(67($&72325(/,1*(1,(52/8,60(-,$*8=0$1(168
&$5$&7(5 '( 68%6(&5(7$5,2 '( '(6$552//2 62&,$/ < +80$12 < (/ '(/(*$'2 )('(5$/ (1 (/
(67$'2 (/ & -26( -867,12 $55,$*$ 6,/9$ < 325 /$ 275$ (/ 32'(5 (-(&87,92 '(/ (67$'2 '(
0,&+2$&$1 '( 2&$032 325 &21'8&72 '( /$ 6(&5(7$5,$ '( *2%,(512 /$ &225',1$&,21 *(1(5$/
'(/ &20,7( '( 3/$1($&,21 3$5$ (/ '(6$552//2 '(/ (67$'2 '( 0,&+2$&$1 /$ 6(&5(7$5,$ '(
),1$1=$6 < $'0,1,675$&,21 /$ 6(&5(7$5,$ '( 32/,7,&$ 62&,$/ /$ 6(&5(7$5,$ '(/ 0,*5$17(
/$ &225',1$&,21 '( &2175$/25,$ < /$ -817$ '( &$0,126 5(35(6(17$'26 325 686 7,78/$5(6 /26
&& 0$(6752 ),'(/ &$/'(521 7255(%/$1&$ ,1*(1,(52 ,6,'252 58,= $5*$,= &217$'25 38%/,&2
5,&$5'2 +80%(572 68$5(= /23(= /,&(1&,$'$ 6(/(1( /8&,$ 9$=48(= $/$7255( /,&(1&,$'$ $/0$
*5,6(/'$ 9$/(1&,$ 0(',1$ /,&(1&,$'$ 526$ 0$5,$ *87,(55(= &$5'(1$6 < (/ $548,7(&72 $/)5('2
7255(6 52%/('2 5(63(&7,9$0(17( (1 /2 68&(6,92 ³(/ (-(&87,92 (67$7$/´ $/ 7(125 '( /26
6,*8,(17(6$17(&('(17(6<&/$868/$6
$17(&('(17(6
, (O 3ODQ 1DFLRQDO HVWDEOHFH HQ VX DSDUWDGR GHQRPLQDGR (MH ³,JXDOGDG GH

JRELHUQRVGHODVHQWLGDGHVIHGHUDWLYDVVDWLVIDFLHQGRODVIRUPDOLGDGHVTXHHQFDGDFDVRSURFHGDQOD
FRRUGLQDFLyQ TXH VH UHTXLHUD D HIHFWR GH TXH ORV JRELHUQRV SDUWLFLSHQ HQ HO 3ODQ 1DFLRQDO
GH'HVDUUROOR

9, /D³6('(62/´PDQLILHVWDFRQRFHUODVDXWRUL]DFLRQHV\DVLJQDFLRQHVGHUHFXUVRVFRUUHVSRQGLHQWHVD
OD6XEVHFUHWDUtDGH'HVDUUROOR6RFLDO\+XPDQRFRQIRUPHDO'HFUHWRGH3UHVXSXHVWRGH(JUHVRVGH
OD )HGHUDFLyQ SDUD HO (MHUFLFLR )LVFDO FX\RV RILFLRV HPLWLGRV SRU OD 'LUHFFLyQ *HQHUDO GH
3URJUDPDFLyQ\3UHVXSXHVWRGHOD2ILFLDOtD0D\RUVHDFRPSDxDQDOSUHVHQWHFRPR$QH[R
3~EOLFD )HGHUDO \ GH OD /H\ GH 3ODQHDFLyQ \ GHPiV DSOLFDEOHV GH OD /H\ )HGHUDO GH
3UHVXSXHVWR \ 5HVSRQVDELOLGDG +DFHQGDULD \ HQ VX 5HJODPHQWR \ GH OD /H\ *HQHUDO
GH'HVDUUROOR6RFLDO\VX5HJODPHQWR\GHPiVDSOLFDEOHVGHOD/H\)HGHUDOGH7UDQVSDUHQFLD\$FFHVRDOD
(MHUFLFLR)LVFDOSXEOLFDGRHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOGHQRYLHPEUHGHHO'HFUHWR
GHOD'HFODUDWRULDGHODV=RQDVGH$WHQFLyQ3ULRULWDULDSDUDHODxRSXEOLFDGRHQODPLVPDIHFKDHQORV
GH 6XEVLGLRV GHO 5DPR $GPLQLVWUDWLYR 'HVDUUROOR 6RFLDO DVt FRPR HQ OR SUHYLVWR SRU
ORV DUWtFXORV IUDFFLyQ ;;,, \ GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR /LEUH \ 6REHUDQR GH
0LFKRDFiQ GH 2FDPSR R \ GH OD /H\ 2UJiQLFD GH OD
$GPLQLVWUDFLyQ3~EOLFDGHO(VWDGRGH0LFKRDFiQGH2FDPSR\GHOD/H\GH3ODQHDFLyQ
GHO(VWDGRGH 0LFKRDFiQ GH 2FDPSR \RR \RGHO'HFUHWRGHFUHDFLyQGHOD-XQWDGH&DPLQRVODV
SDUWHVFHOHEUDQHOSUHVHQWH$FXHUGRGH&RRUGLQDFLyQHQORVWpUPLQRVGHODVVLJXLHQWHV
&/$868/$6
'(/2%-(72
35,0(5$ /D ³6('(62/´ \ ³(/ (-(&87,92 (67$7$/´ FHOHEUDQ HO SUHVHQWH $FXHUGR TXH WLHQH SRU
REMHWRODFRQFXUUHQFLDGHUHFXUVRV\HMHUFLFLRGHpVWRVUHVSHFWRGHORV3URJUDPDVSDUDHO'HVDUUROORGH=RQDV
3ULRULWDULDV $WHQFLyQ D -RUQDOHURV $JUtFRODV GH (PSOHR 7HPSRUDO 2SFLRQHV 3URGXFWLYDV \ [ SDUD
0LJUDQWHVDHIHFWRGHDWHQGHUDODSREODFLyQHQFRQGLFLRQHVGHSREUH]D\PDUJLQDFLyQ

/D ³6('(62/´ \ ³(/ (-(&87,92 (67$7$/´ VH FRPSURPHWHQ D DGRSWDU XQ HVTXHPD GH DSRUWDFLyQ
FRPSOHPHQWDULDGHUHFXUVRVSDUDODHMHFXFLyQGHODVDFFLRQHVGHORVSURJUDPDVDTXtFRQYHQLGRV
'(/$&21&855(1&,$<$57,&8/$&,21'((6)8(5=26(17(55,725,26(63(&,),&26
6(*81'$/D³6('(62/´ \³(/(-(&87,92(67$7$/´SURPRYHUiQTXHVXVDFFLRQHVVHHMHFXWHQHQ
XQPDUFRGHFRQFXUUHQFLD\DUWLFXODFLyQGHHVIXHU]RVFRQHOILQGHSURSLFLDUHOGHVDUUROORGHORVWHUULWRULRV\GH
ODSREODFLyQHQSREUH]D\PDUJLQDFLyQGHODHQWLGDGGHFRQIRUPLGDGFRQORTXHHVWDEOHFHHODUWtFXORGHOD
/H\ *HQHUDO GH 'HVDUUROOR 6RFLDO \ HO DUWtFXOR GHO 'HFUHWR GHO 3UHVXSXHVWR GH (JUHVRV GH OD )HGHUDFLyQ
SDUDHO(MHUFLFLRILVFDO
$3257$&,21(635(6838(67$5,$6
7(5&(5$ (Q HO PDUFR GHO SUHVHQWH $FXHUGR HQ HO FDVR GHO 3URJUDPD [ SDUD 0LJUDQWHV OD
³6('(62/´DSRUWDUiSHVRSRUFDGDSHVRDSRUWDGRSRU³(/(-(&87,92(67$7$/ÓRTXHHTXLYDOHD
XQHVTXHPDGHDSRUWDFLyQ$ORDQWHULRUVHGHEHUiQDxDGLUODVDSRUWDFLRQHVGHORVPLJUDQWHV\GHODV
DXWRULGDGHV PXQLFLSDOHV SDUD FXPSOLU HO HVTXHPD ILQDQFLHUR HVWDEOHFLGR HQ ODV 5HJODV GH 2SHUDFLyQ GHO
SURJUDPD
(QHOUHVWRGHORVSURJUDPDVREMHWRGHOSUHVHQWH$FXHUGROD³6('(62/´DSRUWDUiSHVRVSRUFDGD
SHVRDSRUWDGRSRU³(/(-(&87,92(67$7$/ÓRTXHHTXLYDOHDXQHVTXHPD
(QWRWDOOD³6('(62/´DSRUWDUiUHFXUVRVSRUODFDQWLGDGGH¶FLHQWRWUHLQWD\GRVPLOORQHV
GRVFLHQWRVYHLQWLVLHWHPLOVHLVFLHQWRVYHLQWLRFKRSHVRV01/DGLVWULEXFLyQILQDQFLHUD\SURJUDPiWLFD
GHGLFKRVUHFXUVRVVHGHVFULEHHQHO$QH[RTXHIRUPDSDUWHGHOSUHVHQWH$FXHUGR
/RV UHFXUVRV IHGHUDOHV VHxDODGRV HQ HO SiUUDIR DQWHULRU QR LQFOX\HQ JDVWRV GH RSHUDFLyQ GH
OD³6('(62/´
3RUVXSDUWH³(/(-(&87,92(67$7$/´DSRUWDUiUHFXUVRVSRUODFDQWLGDGGHVHWHQWD\
VHLV PLOORQHV FLHQWR WUHFH PLO RFKRFLHQWRV FDWRUFH SHVRV 01 GH FRQIRUPLGDG FRQ OD GLVWULEXFLyQ
ILQDQFLHUD\SURJUDPiWLFDTXHVHPHQFLRQDHQHO$QH[RPLVPRTXHIRUPDSDUWHGHOSUHVHQWH$FXHUGR
/RV UHFXUVRV HVWDWDOHV VHxDODGRV HQ HO SiUUDIR DQWHULRU QR LQFOX\HQ JDVWRV GH RSHUDFLyQ GH
³(/(-(&87,92(67$7$/´
&8$57$ /RV UHFXUVRV IHGHUDOHV TXH HMHFXWH ³(/ (-(&87,92 (67$7$/´ HQ ORV WpUPLQRV GHO SUHVHQWH
$FXHUGR QR SLHUGHQ VX FDUiFWHU GH IHGHUDO /RV UHFXUVRV DSRUWDGRV SRU DPEDV SDUWHV HVWDUiQ GHVWLQDGRV
H[FOXVLYDPHQWHDORWRUJDPLHQWRGHVXEVLGLRV\HVWDUiQVXMHWRVDODV5HJODVGH2SHUDFLyQGHORVSURJUDPDV
FRUUHVSRQGLHQWHV
6(;7$ 3RGUiQ VHU HMHFXWRUHV GH ORV UHFXUVRV DSRUWDGRV SRU ODV SDUWHV ODV LQVWDQFLDV HMHFXWRUDV
(Q ORV 3URJUDPDV SDUD HO 'HVDUUROOR GH =RQDV 3ULRULWDULDV $WHQFLyQ D -RUQDOHURV $JUtFRODV (PSOHR
7HPSRUDO\2SFLRQHV3URGXFWLYDV³(/(-(&87,92(67$7$/´SRGUiVHOHFFLRQDUDODVLQVWDQFLDVHMHFXWRUDV
GHSUR\HFWRVSRUHOHTXLYDOHQWHDYHFHVODVDSRUWDFLRQHVTXHHIHFWLYDPHQWHKXELHUHUHDOL]DGR/RDQWHULRU
HQ HO FDVR GH TXH ODV SDUWHV UHDOLFHQ VXV DSRUWDFLRQHV GH DFXHUGR DO FDOHQGDULR GHWDOODGR HQ HO $QH[R
HTXLYDOH D XQ HVTXHPD GH GHFLVLyQ VREUH OD LQVWDQFLD HMHFXWRUD GH IHGHUDO HVWDWDO VREUH ORV
UHFXUVRV DSRUWDGRV FRQMXQWDPHQWH 3DUD ORV HIHFWRV GH OD SUHVHQWH FOiXVXOD VH UHDOL]DUiQ UHYLVLRQHV GH ODV
DSRUWDFLRQHVHIHFWLYDPHQWHUHDOL]DGDVSRUODVSDUWHVDOILQDOGHFDGDWULPHVWUHWUDQVFXUULGR

(Q HO 3URJUDPD [ SDUD 0LJUDQWHV VH GHFLGLUi HQ HO VHQR GHO &RPLWp GH 9DOLGDFLyQ \ $WHQFLyQ
D0LJUDQWHV
(VWH HVTXHPD GH VHOHFFLyQ DSOLFDUi H[FOXVLYDPHQWH SDUD ORV SURJUDPDV IHGHUDOHV \ PRQWRV FRQYHQLGRV
HQHOSUHVHQWH$FXHUGR
'(/$60(7$6
6(37,0$ /D ³6('(62/´ \ ³(/ (-(&87,92 (67$7$/´ DFXHUGDQ ODV PHWDV FRQVROLGDGDV TXH VH
GHVFULEHQHQHO$QH[RPLVPRTXHIRUPDSDUWHLQWHJUDQWHGHOSUHVHQWH$FXHUGR
'(/$65(63216$%,/,'$'(6
D ODV UHVSHFWLYDV UHJODV GH RSHUDFLyQ D ODV GHPiV GLVSRVLFLRQHV OHJDOHV IHGHUDOHV DSOLFDEOHV \ D ORV
LQVWUXPHQWRVMXUtGLFRVWpFQLFRV\RSHUDWLYRVGHULYDGRVGHODVUHJODVGHRSHUDFLyQ
/D 6('(62/ \ ³(/ (-(&87,92 (67$7$/´ DFXHUGDQ TXH ORV UHFXUVRV IHGHUDOHV TXH QR KXELHUHQ VLGR
HMHUFLGRV R FRPSURPHWLGRV HQ SUR\HFWRV DSUREDGRV DO GH MXQLR GH SRGUiQ VHU UHDVLJQDGRV D
RWURV(VWDGRV
129(1$ /D ³6('(62/´ \ ³(/ (-(&87,92 (67$7$/´ DFXHUGDQ TXH SRGUiQ SURSRQHU DPSOLDFLRQHV R
PRGLILFDFLRQHVDODGLVWULEXFLyQGHUHFXUVRVHQWUHSURJUDPDVPXQLFLSLRV\ORFDOLGDGHVVLHPSUH\FXDQGRVH
UHVSHWH OD UHJOD GH DSRUWDFLyQ FRPSOHPHQWDULD SUHYLVWD HQ OD FOiXVXOD WHUFHUD 3DUD WDO HIHFWR
³(/ (-(&87,92 (67$7$/´ \ HO 'HOHJDGR )HGHUDO GH OD ³6('(62/´ GHEHUiQ UHPLWLU D OD 8QLGDG
$GPLQLVWUDWLYDUHVSRQVDEOHGHOSURJUDPDXQDSURSXHVWDWpFQLFDPHQWHMXVWLILFDGDHVWD~OWLPDODDQDOL]DUi\HQ
VXFDVRODDXWRUL]DUi
(Q QLQJ~Q FDVR VH SRGUi PRGLILFDU HO PRQWR FRUUHVSRQGLHQWH D ODV ]RQDV GH DWHQFLyQ SULRULWDULD TXH VH
/DHMHFXFLyQGHORVSURJUDPDVGHVXEVLGLRVWHQGUiVXVXVWHQWRHQSURSXHVWDVGHLQYHUVLyQTXHGHEHUiQ
'(/2675$%$-26'(6(*8,0,(172(9$/8$&,21<&21752/'(/265(&85626
'(&,0$ ³(/ (-(&87,92 (67$7$/´ DVXPH HO FRPSURPLVR GH SURSRUFLRQDU D OD ³6('(62/´ SRU
FRQGXFWR GH VX 'HOHJDFLyQ )HGHUDO HQ HO (VWDGR LQIRUPHV WULPHVWUDOHV GH VHJXLPLHQWR GH ORV SURJUDPDV
REMHWRGHHVWH$FXHUGRSDUDORVSUR\HFWRVREUDV\DFFLRQHVHQTXH³(/(-(&87,92(67$7$/´RDOJXQDGH
VXVGHSHQGHQFLDVRHQWLGDGHVVHDODLQVWDQFLDHMHFXWRUD/DHQWUHJDGHGLFKRVLQIRUPHVVHKDUiHQXQSOD]R
QR PD\RU D YHLQWH GtDV QDWXUDOHV SRU FRQGXFWR GH OD &RRUGLQDFLyQ *HQHUDO GHO &RPLWp GH 3ODQHDFLyQ SDUD
HO 'HVDUUROOR GHO (VWDGR GH 0LFKRDFiQ &23/$'(0 TXLHQ VHUi UHVSRQVDEOH GH YDOLGDU OD LQIRUPDFLyQ
VROLFLWDGD

&XDQGR HO UHVSRQVDEOH HMHFXWRU VHD HO PXQLFLSLR pVWH LQIRUPDUi D OD ³6('(62/´ SRU FRQGXFWR GH OD
'HOHJDFLyQ )HGHUDO HQ HO (VWDGR HQ XQ SOD]R QR PD\RU D YHLQWH GtDV QDWXUDOHV FRQWDGRV D SDUWLU GH OD
FRQFOXVLyQGHFDGDWULPHVWUHHQYLDQGRFRSLDDO³(-(&87,92(67$7$/´
SURSRUFLRQDU D ORV HMHFXWRUHV TXH HQ FDGD FDVR FRUUHVSRQGDQ ORV OLQHDPLHQWRV QHFHVDULRV SDUD LQWHJUDU ORV
LQIRUPHV
'(&,0$ 35,0(5$ 3DUD JDUDQWL]DU OD WUDQVSDUHQFLD HQ HO HMHUFLFLR GH ORV UHFXUVRV IHGHUDOHV OD
6('(62/´ \ ³(/ (-(&87,92 (67$7$/´ FRQYLHQHQ TXH HQ WRGDV ODV DFWLYLGDGHV GH GLIXVLyQ \ SXEOLFLGDG
TXHOOHYHQDFDERODVLQVWDQFLDVHMHFXWRUDVVREUHODHMHFXFLyQGHREUDV\DFFLRQHVPDWHULDGHORVSURJUDPDV
WHPSOHWHVJDOODUGHWHVSRVWHUVWUtSWLFRV\RWURVVLPLODUHV/RVORJRWLSRVGHOD³6('(62/´\GHOD(VWUDWHJLD
9LYLU 0HMRU GHEHUiQ VHU GHO PLVPR WDPDxR \ RFXSDU XQ iUHD HTXLYDOHQWH D ORV ORJRWLSRV GH ODV LQVWDQFLDV
ORFDOHVSDUWLFLSDQWHV
DMHQR D FXDOTXLHU SDUWLGR SROtWLFR 4XHGD SURKLELGR VX XVR SDUD ILQHV GLVWLQWRV D ORV HVWDEOHFLGRV HQ HO
3URJUDPD´
'(&,0$ 6(*81'$ ³(/ (-(&87,92 (67$7$/´ \ OD ³6('(62/´ GHEHUiQ FXPSOLU FRQ ORV
SURFHGLPLHQWRV QRUPDWLYRV \ IRPHQWDU OD FRQVROLGDFLyQ GH PHFDQLVPRV TXH DSR\HQ OD WUDQVSDUHQFLD \
UHQGLFLyQ GH FXHQWDV FRQ OD ILQDOLGDG GH IDYRUHFHU OD JHQHUDFLyQ GH LQIRUPHV GHWHUPLQDFLyQ GH DFFLRQHV
REUDV\GDUVHJXLPLHQWRDODHQWUHJD\FRPSUREDFLyQGHUHFXUVRV
FOiXVXODWHUFHUDGHOSUHVHQWH$FXHUGRFRUUHVSRQGHUiDOD³6('(62/´DO&RQVHMR1DFLRQDOGH(YDOXDFLyQGH
OD3ROtWLFDGH'HVDUUROOR6RFLDODOD6HFUHWDUtDGH+DFLHQGD\&UpGLWR3~EOLFR6+&3DOD6HFUHWDUtDGHOD
)XQFLyQ3~EOLFD6)3\DOD$XGLWRUtD6XSHULRUGHOD)HGHUDFLyQFRQIRUPHDODVDWULEXFLRQHVTXHOHVFRQILHUH
OD /H\ 2UJiQLFD GH OD $GPLQLVWUDFLyQ 3~EOLFD )HGHUDO OD /H\ GH )LVFDOL]DFLyQ 6XSHULRU GH OD )HGHUDFLyQ OD
/H\)HGHUDOGH3UHVXSXHVWR\5HVSRQVDELOLGDG+DFHQGDULD\GHPiVGLVSRVLFLRQHVDSOLFDEOHVVLQSHUMXLFLRGH
ODV DFFLRQHV GH YLJLODQFLD FRQWURO \ HYDOXDFLyQ TXH HQ FRRUGLQDFLyQ FRQ OD 6)3 UHDOLFH OD &RQWUDORUtD GH
³(/(-(&87,92(67$7$/´
³6('(62/´ \ ³(/(-(&87,92(67$7$/´VHFRPSURPHWHQDUHYLVDUSHULyGLFDPHQWH HOFXPSOLPLHQWR GHVX
FRQWHQLGR DVt FRPR DGRSWDU ODV PHGLGDV QHFHVDULDV SDUD HVWDEOHFHU HO HQODFH \ OD FRPXQLFDFLyQ UHTXHULGD
SDUDGDUHOGHELGRVHJXLPLHQWRDORVFRPSURPLVRVDVXPLGRV
FRPSURPLVRVDFDUJRGH³(/(-(&87,92(67$7$/´HQORVWpUPLQRVGHOSUHVHQWH$FXHUGR
(67,38/$&,21(6),1$/(6
$FXHUGR TXH DO GH GLFLHPEUH GH QR VH KXELHUHQ HMHUFLGR SRU FXDOTXLHU PRWLYR LQFOX\HQGR ORV
UHQGLPLHQWRVTXHVH KD\DQ REWHQLGRGHEHUiQUHLQWHJUDUVHDOD7HVRUHUtDGHOD)HGHUDFLyQ GHQWURGHORV
GtDVQDWXUDOHVVLJXLHQWHVDOFLHUUHGHOHMHUFLFLR

'(&,0$ 6(;7$ /D ³6('(62/´ \ ³(/ (-(&87,92 (67$7$/´ UHDOL]DUiQ ODV DFFLRQHV QHFHVDULDV SDUD
FXPSOLUFRQORVFRPSURPLVRVSDFWDGRVHQHVWH$FXHUGR(QHOHYHQWRGHTXHVHSUHVHQWHQFDVRVIRUWXLWRVR
GHIXHU]DPD\RUTXHPRWLYHQHOLQFXPSOLPLHQWRDORSDFWDGRODFRQWUDSDUWHTXHGDUiOLEHUDGDGHOFXPSOLPLHQWR
GHODVREOLJDFLRQHVTXHOHVRQFRUUHODWLYDVGHELHQGRFRPXQLFDUDODEUHYHGDGGLFKDVFLUFXQVWDQFLDVPHGLDQWH
iPELWRIHGHUDO
'(&,0$6(37,0$(OSUHVHQWH$FXHUGRVHSRGUiGDUSRUWHUPLQDGRGHPDQHUDDQWLFLSDGDSRUFXDOTXLHUD
/DDSOLFDFLyQGHORVUHFXUVRVIHGHUDOHVDILQHVGLVWLQWRVGHORVSDFWDGRV\
'(&,0$ 2&7$9$ (Q FDVR GH LQFXPSOLPLHQWR GH ORV WpUPLQRV GHO SUHVHQWH $FXHUGR DWULEXLEOH DO
³(/(-(&87,92(67$7$/ÓD³6('(62/´FRQIXQGDPHQWRHQORGLVSXHVWRHQHO3UHVXSXHVWRGH(JUHVRV
GHOD)HGHUDFLyQSDUDHO(MHUFLFLR)LVFDO\ODOHJLVODFLyQIHGHUDODSOLFDEOHGHODPDWHULDSRGUiVXVSHQGHU
ODPLQLVWUDFLyQGHUHFXUVRVRELHQVROLFLWDUVXUHLQWHJURHVFXFKDQGRSUHYLDPHQWHODRSLQLyQGHODGHSHQGHQFLD
RHQWLGDGHVWDWDOFRUUHVSRQGLHQWH
(Q HO VXSXHVWR GH TXH OD ³6('(62/´ LQFXPSOD ORV WpUPLQRV GHO SUHVHQWH $FXHUGR HO ³(-(&87,92
(67$7$/´GHVSXpVGHHVFXFKDUODRSLQLyQGHOD³6('(62/´SRGUiVXVSHQGHUVXVUHFXUVRVSUHVXSXHVWDULRV
DSRUWDGRV
'(&,0$129(1$(VWH$FXHUGRVXUWHVXVHIHFWRVGHVGHHOGtDSULPHURGHHQHURKDVWDHOWUHLQWD\XQRGH
)HGHUDFLyQ \ HQ HO yUJDQR RILFLDO GH GLIXVLyQ GHO *RELHUQR GHO (VWDGR FRQ HO SURSyVLWR GH TXH OD SREODFLyQ
FRQR]FDODVLQYHUVLRQHVFRRUGLQDGDVGHOD)HGHUDFLyQFRQHO(VWDGR
HMHPSODUHVRULJLQDOHVDXWyJUDIRVHQOD&LXGDGGH0p[LFR'LVWULWR)HGHUDODORVVLHWHGtDVGHOPHVGHHQHUR
GH GRV PLO QXHYH 3RU OD 6HFUHWDUtD GH 'HVDUUROOR 6RFLDO HO 6XEVHFUHWDULR GH 'HVDUUROOR 6RFLDO \ +XPDQR
/XLV0HMtD*X]PiQ5~EULFD(O'HOHJDGR)HGHUDOGHOD6('(62/HQHO(VWDGRGH0LFKRDFiQGH2FDPSR
-RVp -XVWLQR $UULDJD 6LOYD 5~EULFD 3RU HO (MHFXWLYR GHO (VWDGR HO 6HFUHWDULR GH *RELHUQR )LGHO
&DOGHUyQ 7RUUHEODQFD 5~EULFD (O &RRUGLQDGRU *HQHUDO GHO &RPLWp GH 3ODQHDFLyQ SDUD HO 'HVDUUROOR GHO
(VWDGR,VLGRUR5XL]$UJDL]5~EULFD(O6HFUHWDULRGH)LQDQ]DV\$GPLQLVWUDFLyQGHO*RELHUQRGHO(VWDGR
+XPEHUWR 6XiUH] /ySH] 5~EULFD /D 6HFUHWDULD GH 3ROtWLFD 6RFLDO 6HOHQH /XFtD 9i]TXH] $ODWRUUH
5~EULFD /D 6HFUHWDULD GHO 0LJUDQWH $OPD *ULVHOGD 9DOHQFLD 0HGLQD 5~EULFD /D &RRUGLQDGRUD GH
&RQWUDORUtD GHO *RELHUQR GHO (VWDGR 5RVD 0DUtD *XWLpUUH] &iUGHQDV 5~EULFD (O 'LUHFWRU *HQHUDO GH OD
-XQWDGH&DPLQRV$OIUHGR7RUUHV5REOHGR5~EULFD

6(&5(7$5,$'('(6$552//262&,$/
$&8(5'2'(&225',1$&,213$5$/$&21&855(1&,$'(5(&85626)('(5$/(6<(67$7$/(6
&21&(51,(17(6$/26352*5$0$662&,$/(6)('(5$/(6'(/5$02$'0,1,675$7,92'(6$552//262&,$/
',675,%8&,21'(/$,19(56,21<0(7$6)('(5$/(6(-(5&,&,2),6&$/
(67$'2'(0,&+2$&$1 $1(;2
352*5$0$6,19(56,21(13(626
'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,*5$17(6 $7(1&,21$-251$/(526$*5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

/XQHVGHMXQLRGH
5(*,21$/,=$&,21 727$/
0(7$6 0(7$6 0(7$6 0(7$6 0(7$6
,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21
352<(&72 352<(&72 3(5621$ -251$/ (03/(2 352<(&72 3(5621$

081,&,3,26</2&$/,'$'(6
'($/7$<08<$/7$
0$5*,1$&,21

27526081,&,3,26<

/2&$/,'$'(6

727$/

2%6(59$&,21(6
',$5,22),&,$/

SDUDODFRQFXUUHQFLDGHUHFXUVRVIHGHUDOHV\HVWDWDOHVFRQFHUQLHQWHVDORV3URJUDPDV6RFLDOHVGHO5DPR$GPLQLVWUDWLYR'HVDUUROOR6RFLDOSDUDHOHMHUFLFLRILVFDO

-26(-867,12$55,$*$6,/9$ ,1*,6,'25258,=$5*$,=
'(/(*$'2)('(5$/'(/$6('(62/ &225',1$'25*(1(5$/'(/&23/$'(0
58%5,&$ 58%5,&$
3ULPHUD6HFFLyQ

6(&5(7$5,$'('(6$552//262&,$/
$&8(5'2'(&225',1$&,213$5$/$&21&855(1&,$'(5(&85626)('(5$/(6<(67$7$/(6
&21&(51,(17(6$/26352*5$0$662&,$/(6)('(5$/(6'(/5$02$'0,1,675$7,92'(6$552//262&,$/
',675,%8&,21'(/$,19(56,21<0(7$6(67$7$/(6(-(5&,&,2),6&$/
(67$'2'(0,&+2$&$1 $1(;2
352*5$0$6,19(56,21(13(626
3ULPHUD6HFFLyQ
'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,*5$17(6 $7(1&,21$-251$/(526$*5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

5(*,21$/,=$&,21 727$/
0(7$6 0(7$6 0(7$6 0(7$6 0(7$6
,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21
352<(&72 352<(&72 3(5621$ -251$/ (03/(2 352<(&72 3(5621$

081,&,3,26</2&$/,'$'(6
'($/7$<08<$/7$
0$5*,1$&,21

27526081,&,3,26<

/2&$/,'$'(6

727$/

2%6(59$&,21(6
',$5,22),&,$/


-26(-867,12$55,$*$6,/9$ ,1*,6,'25258,=$5*$,=
'(/(*$'2)('(5$/'(/$6('(62/ &225',1$'25*(1(5$/'(/&23/$'(0
58%5,&$ 58%5,&$
/XQHVGHMXQLRGH

6(&5(7$5,$'('(6$552//262&,$/
$&8(5'2'(&225',1$&,213$5$/$&21&855(1&,$'(5(&85626)('(5$/(6<(67$7$/(6
&21&(51,(17(6$/26352*5$0$662&,$/(6)('(5$/(6'(/5$02$'0,1,675$7,92'(6$552//262&,$/
&2162/,'$'2'(,19(56,21<0(7$6)('(5$/(6<(67$7$/(6(-(5&,&,2),6&$/
(67$'2'(0,&+2$&$1 $1(;2
352*5$0$6,19(56,21(13(626
'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,*5$17(6 $7(1&,21$-251$/(526$*5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

/XQHVGHMXQLRGH
5(*,21$/,=$&,21 727$/
0(7$6 0(7$6 0(7$6 0(7$6 0(7$6
,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21 ,19(56,21
352<(&72 352<(&72 3(5621$ -251$/ (03/(2 352<(&72 3(5621$

081,&,3,26</2&$/,'$'(6
'($/7$<08<$/7$
0$5*,1$&,21

27526081,&,3,26<

/2&$/,'$'(6

727$/

2%6(59$&,21(6
',$5,22),&,$/


-26(-867,12$55,$*$6,/9$ ,1*,6,'25258,=$5*$,=
'(/(*$'2)('(5$/'(/$6('(62/ &225',1$'25*(1(5$/'(/&23/$'(0
58%5,&$ 58%5,&$
3ULPHUD6HFFLyQ

6(&5(7$5,$'('(6$552//262&,$/
$&8(5'2'(&225',1$&,213$5$/$',675,%8&,21<(-(5&,&,2'(/265(&85626&21&(51,(17(6
$/26352*5$0$662&,$/(6'(/5$02$'0,1,675$7,92'(6$552//262&,$/
&$/(1'$5,2'(0,1,675$&,21'(5(&85626)('(5$/(6<(67$7$/(6
(67$'2'(0,&+2$&$1 $1(;2
5(&85626727$/(6 (1(52 )(%5(52 0$5=2 $%5,/ 0$<2 -81,2 -8/,2 $*2672 6(37,(0%5( 2&78%5( 129,(0%5( ',&,(0%5( 727$/
$3257$&,21)('(5$/
$3257$&,21(67$7$/
3ULPHUD6HFFLyQ

'(6$552//2'(=21$635,25,7$5,$6
$3257$&,21)('(5$/
$3257$&,21(67$7$/
68%727$/352*5$0$

[3$5$0,*5$17(6
$3257$&,21)('(5$/
$3257$&,21(67$7$/
68%727$/352*5$0$

$7(1&,21$-251$/(526$*5,&2/$6
$3257$&,21)('(5$/
$3257$&,21(67$7$/
68%727$/352*5$0$

(03/(27(0325$/
$3257$&,21)('(5$/
$3257$&,21(67$7$/
',$5,22),&,$/
68%727$/352*5$0$

23&,21(6352'8&7,9$6
$3257$&,21)('(5$/
$3257$&,21(67$7$/
68%727$/352*5$0$
1RWD(OFXPSOLPLHQWRGHHVWHFDOHQGDULRHVWDUiVXMHWRDODSUHVHQWDFLyQGHODVSURSXHVWDVFRUUHVSRQGLHQWHVHQFDGDXQRGHORVSURJUDPDVILUPDGRV

SDUDODGLVWULEXFLyQ\HMHUFLFLRGHORVUHFXUVRVFRQFHUQLHQWHVDORV3URJUDPDV6RFLDOHVGHO5DPR$GPLQLVWUDWLYR³'HVDUUROOR6RFLDO´SDUDHOHMHUFLFLRILVFDO

-26(-867,12$55,$*$6,/9$ ,1*,6,'25258,=$5*$,=
'(/(*$'2)('(5$/'(/$6('(62/ &225',1$'25*(1(5$/'(/&23/$'(0
58%5,&$ 58%5,&$

/XQHVGHMXQLRGH

$QH[R
(VWDGR0LFKRDFiQGH2FDPSR
/XJDUTXHRFXSD
&ODYHGHO 3REODFLyQ
1R 1RPEUHGHOPXQLFLSLR HQHOFRQWH[WR 5HJLyQ
PXQLFLSLR WRWDO
QDFLRQDO
$TXLOD &RVWDGH0LFKRDFiQ
7]LW]LR 7LHUUD&DOLHQWH
1RFXSpWDUR 7LHUUD&DOLHQWH
6XVXSXDWR 7LHUUD&DOLHQWH
&KXUXPXFR 7LHUUD&DOLHQWH

/XJDUTXHRFXSD
&ODYHGHO 3REODFLyQ
1R 1RPEUHGHOPXQLFLSLR HQHOFRQWH[WR 5HJLyQ
PXQLFLSLR WRWDO
QDFLRQDO
7LTXLFKHRGH1LFROiV5RPHUR 7LHUUD&DOLHQWH
7X]DQWOD
7XPELVFDWtR
7XULFDWR 7LHUUD&DOLHQWH
&KLQLFXLOD &RVWDGH0LFKRDFiQ
&DUiFXDUR 7LHUUD&DOLHQWH
0DGHUR
&KDUDSDQ
/D+XDFDQD
2FDPSR
1DKXDW]HQ
(SLWDFLR+XHUWD
6DQ/XFDV 7LHUUD&DOLHQWH
$UWHDJD
1XHYR8UHFKR
&KXFiQGLUR
7ODOSXMDKXD
$SRUR
&RQWHSHF
&RDOFRPiQ GH 9i]TXH] &RVWDGH0LFKRDFiQ
3DOODUHV
+XHWDPR 7LHUUD&DOLHQWH
-XQJDSHR
6HQJXLR

7DQFtWDUR

$JXLOLOOD
3DUiFXDUR
+XLUDPED
$ULR
&KLOFKRWD
6DOYDGRU(VFDODQWH
-XiUH]
$FXLW]LR

7]LQW]XQW]DQ
+XDQLTXHR
$QJDQJXHR
&RHQHR
=LUDFXDUHWLUR
,ULPER
(URQJDUtFXDUR
7DQJDPDQGDSLR
&KDUR
&RSiQGDUR
3HQMDPLOOR
0RUHORV
3DQLQGtFXDUR
7OD]D]DOFD
3DUDFKR
7X[SDQ
9LOODPDU
/DJXQLOODV
*DEULHO=DPRUD
%XHQDYLVWD
7DFiPEDUR
0DUDYDWtR
&KHUiQ
,QGDSDUDSHR
$QJDPDFXWLUR
,[WOiQ
4XLURJD

7LQJDPEDWR

3DMDFXDUiQ
1XPDUiQ
0~JLFD
-LPpQH]
=LQiSDUR
6DQWD$QD0D\D
+LGDOJR
=LQDSpFXDUR
&RDKXD\DQD
&RMXPDWOiQGH5pJXOHV
7HSDOFDWHSHF
-RVp6L[WR9HUGX]FR
(FXDQGXUHR
=LWiFXDUR
$OYDUR2EUHJyQ
4XHUpQGDUR
&XLW]HR
7DQJDQFtFXDUR
3XUXiQGLUR
%ULVHxDV
&RWLMD
7LQJLQGtQ
&KXULQW]LR
7DUHWDQ
+XDQGDFDUHR
7DUtPEDUR
&KDYLQGD

7RFXPER
$SDW]LQJiQ
7DQKXDWR
9HQXVWLDQR&DUUDQ]D
/RV5H\HV
1XHYR3DUDQJDULFXWLUR
3iW]FXDUR
9LVWD+HUPRVD

3HULEiQ

<XUpFXDUR
-DFRQD
3XUpSHUR
6DKXD\R
-LTXLOSDQ
=DPRUD
=DFDSX
8UXDSDQ

0DUFRV&DVWHOODQRV
/i]DUR&iUGHQDV
/D3LHGDG
0RUHOLD

1RWDV
8QLyQSXEOLFDGDVHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOGHQRYLHPEUHGHHQFXPSOLPLHQWRFRQOR
SUHVHQWDU ORV FLQFR JUXSRV R VyOR DOJXQRV OR TXH GHSHQGHUi GH OD VLWXDFLyQ TXH WHQJDQ FDGD XQR GH
VXVPXQLFLSLRV
9LYLHQGD,1(*,
(O 'HOHJDGR )HGHUDO GH OD 6HFUHWDUtD GH 'HVDUUROOR 6RFLDO -RVp -XVWLQR $UULDJD 5~EULFD
(O&RRUGLQDGRU*HQHUDOGHO&23/$'(0,VLGRUR5XL]$UJDL]5~EULFD

6(&5(7$5,$'((1(5*,$
$&8(5'2PHGLDQWHHOFXDOVHGHOHJDQHQHO'LUHFWRU*HQHUDOGH([SORUDFLyQ\([SORWDFLyQGH+LGURFDUEXURVODV
IDFXOWDGHV TXH FRUUHVSRQGHQ D OD 6HFUHWDUtD GH (QHUJtD TXH KDFHQ UHIHUHQFLD GLYHUVRV DUWtFXORV GH OD /H\
5HJODPHQWDULDGHO$UWtFXOR&RQVWLWXFLRQDOHQHO5DPRGHO3HWUyOHRGHOD/H\0LQHUD\GHO5HJODPHQWRGHOD
/H\0LQHUDHQPDWHULDGHJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
$OPDUJHQXQVHOORFRQHO(VFXGR1DFLRQDOTXHGLFH(VWDGRV8QLGRV0H[LFDQRV6HFUHWDUtDGH(QHUJtD
$&8(5'20(',$17((/&8$/6('(/(*$1(1(/',5(&725*(1(5$/'((;3/25$&,21<(;3/27$&,21
'( +,'52&$5%8526 /$6 )$&8/7$'(6 48( &255(6321'(1 $ /$ 6(&5(7$5,$ '( (1(5*,$ 48( +$&(1
5()(5(1&,$ ',9(5626 $57,&8/26 '( /$ /(< 5(*/$0(17$5,$ '(/ $57,&8/2 &2167,78&,21$/ (1 (/
5$02 '(/ 3(752/(2 '( /$ /(< 0,1(5$ < '(/ 5(*/$0(172 '( /$ /(< 0,1(5$ (1 0$7(5,$ '( *$6
$62&,$'2$/26<$&,0,(1726'(&$5%210,1(5$/
*(25*,1$ <$0,/(7 .(66(/ 0$57,1(= 6HFUHWDULD GH (QHUJtD FRQ IXQGDPHQWR HQ OR GLVSXHVWR SRU
ORVDUWtFXORV\GHOD/H\2UJiQLFDGHOD$GPLQLVWUDFLyQ3~EOLFD)HGHUDO\GHO5HJODPHQWR,QWHULRUGH
OD6HFUHWDUtDGH(QHUJtD\
&216,'(5$1'2
4XHHODUWtFXORGHOD/H\2UJiQLFDGHOD$GPLQLVWUDFLyQ3~EOLFD)HGHUDOHVWDEOHFHTXHDOIUHQWHGHFDGD
6HFUHWDUtD KDEUi XQ VHFUHWDULR GH (VWDGR TXLHQ SDUD HO GHVSDFKR GH ORV DVXQWRV GH VX FRPSHWHQFLD VH
DX[LOLDUi SRU ORV VXEVHFUHWDULRV RILFLDO PD\RU GLUHFWRUHV VXEGLUHFWRUHV MHIHV \ VXEMHIHV GH GHSDUWDPHQWR
RILFLQDVHFFLyQ\PHVD\SRUORVGHPiVIXQFLRQDULRVTXHHVWDEOH]FDHOUHJODPHQWRLQWHULRUUHVSHFWLYR\RWUDV
GLVSRVLFLRQHVOHJDOHV
4XH HO DUWtFXOR GHO PHQFLRQDGR RUGHQDPLHQWR OHJDO HVWDEOHFH TXH FRUUHVSRQGH RULJLQDOPHQWH D ORV
WLWXODUHVGHODV6HFUHWDUtDVGH(VWDGR\'HSDUWDPHQWRV$GPLQLVWUDWLYRVHOWUiPLWH\UHVROXFLyQGHORVDVXQWRV
GHVXFRPSHWHQFLDSHURSDUDODPHMRURUJDQL]DFLyQGHOWUDEDMRSRGUiQGHOHJDUHQORVIXQFLRQDULRVDTXHVH
UHILHUH HO DUWtFXOR FXDOHVTXLHUD GH VXV IDFXOWDGHV H[FHSWR DTXHOODV TXH SRU GLVSRVLFLyQ GH OH\ R GHO
UHJODPHQWRLQWHULRUUHVSHFWLYRGHEDQVHUHMHUFLGDVSUHFLVDPHQWHSRUGLFKRVWLWXODUHV
4XH HO GH MXQLR GH VH SXEOLFy HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ HO 'HFUHWR SRU HO TXH VH
UHIRUPD \ DGLFLRQD OD /H\ 5HJODPHQWDULD GHO $UWtFXOR &RQVWLWXFLRQDO HQ HO 5DPR GHO 3HWUyOHR \ OD /H\
0LQHUD SRU YLUWXG GHO FXDO HO DUWtFXOR IUDFFLRQHV ;,,, ;,9 \ ;9 GH OD /H\ 0LQHUD RWRUJD IDFXOWDGHV D OD
6HFUHWDUtD GH (QHUJtD HQ OD UHJXODFLyQ GHO JDV DVRFLDGR D ORV \DFLPLHQWRV GH FDUEyQ PLQHUDO HQ IRUPD
FRQMXQWDFRQOD6HFUHWDUtDGH(FRQRPtD\TXHVHxDODORVLJXLHQWH
$UWtFXOR6RQDWULEXFLRQHVGHOD6HFUHWDUtD
«
;,,, (Q FRQMXQWR FRQ OD 6HFUHWDUtD GH (QHUJtD IRUPXODU \ DFWXDOL]DU ODV SROtWLFDV GH
UHFXSHUDFLyQ\DSURYHFKDPLHQWRGHJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDOSDUD
DVHJXUDUVXDSURYHFKDPLHQWRUDFLRQDO\SURPRYHUVXXVRHILFLHQWH
;,9(QFRQMXQWRFRQOD6HFUHWDUtDGH(QHUJtDHVWDEOHFHUORVWpUPLQRV \FRQGLFLRQHV DVt
FRPR GLVSRVLFLRQHV DGPLQLVWUDWLYDV GH FDUiFWHU WpFQLFR SDUD OD UHFXSHUDFLyQ \
DSURYHFKDPLHQWRGHOJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
;9 (Q FRQMXQWR FRQ OD 6HFUHWDUtD GH (QHUJtD HYDOXDU OD IDFWLELOLGDG GH ORV SUR\HFWRV GH
UHFXSHUDFLyQ\DSURYHFKDPLHQWRGHOJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO\VX
FRQJUXHQFLDFRQODSROtWLFDGHHQHUJtD
«
4XHHOPLVPR'HFUHWRSXEOLFDGRHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOGHMXQLRGHSRUHOTXHVH
UHIRUPDURQ\DGLFLRQDURQGLYHUVDVGLVSRVLFLRQHVGHOD/H\5HJODPHQWDULDGHO$UWtFXOR&RQVWLWXFLRQDOHQHO
5DPRGHO3HWUyOHR\OD/H\0LQHUDPLVPRTXHHQORVDUWtFXORVIUDFFLyQ;,,,\IUDFFLRQHV;,;,,;,,,\
;,9 GH OD /H\ 0LQHUD RWRUJD IDFXOWDGHV D OD 6HFUHWDUtD GH (QHUJtD HQ OD UHJXODFLyQ GHO JDV DVRFLDGR D ORV
\DFLPLHQWRVGHFDUEyQPLQHUDO\TXHVHxDODQORVLJXLHQWH
$UWtFXOR
«
;,,, 2EWHQHU HO SHUPLVR GH OD 6HFUHWDUtD GH (QHUJtD SDUD OD UHFXSHUDFLyQ \
DSURYHFKDPLHQWRGHJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO(ODSURYHFKDPLHQWR
SXHGH GDUVH GH GRV PDQHUDV HO DXWRFRQVXPR \ OD HQWUHJD D 3HWUyOHRV 0H[LFDQRV (Q HO
FDVR GHO DXWRFRQVXPR GHSHQGLHQGR GH OD IRUPD HQ TXH VH Gp pVWH VH VXMHWDUi D OR
GLVSXHVWRHQODVOH\HVFRUUHVSRQGLHQWHV
D /RV FRQFHVLRQDULRV GH \DFLPLHQWRV SDUD OD H[SORWDFLyQ GH FDUEyQ PLQHUDO SRGUiQ
DVRFLDUVHSDUDUHFXSHUDUDXWRFRQVXPLU\DSURYHFKDUHOJDVDVRFLDGRDORV\DFLPLHQWRVGH
FDUEyQPLQHUDOSUHYLDDXWRUL]DFLyQGHOD6HFUHWDUtDGH(QHUJtD
E3DUDHOFDVRGHOWUDQVSRUWH\VHUYLFLRGHHQWUHJDGHOJDVDVRFLDGRDORV\DFLPLHQWRVGH
FDUEyQPLQHUDOD3HWUyOHRV0H[LFDQRVVHUiQHFHVDULRODFHOHEUDFLyQGHXQFRQWUDWRHQORV
WpUPLQRVGHODVGLVSRVLFLRQHVDGPLQLVWUDWLYDVTXHILMHOD6HFUHWDUtDGH(QHUJtD
F /RV WpUPLQRV \ OD PHWRGRORJtD SDUD HO SDJR GH OD FRQWUDSUHVWDFLyQ GHO VHUYLFLR GH
WUDQVSRUWH\HQWUHJDGHOJDVDTXHVHUHILHUHHOFRQWUDWRFLWDGRHQHOSiUUDIRDQWHULRUVHUiQ
HVWDEOHFLGRV SRU OD DXWRULGDG FRPSHWHQWH \ GHEHUi FRQVLGHUDU ODV LQYHUVLRQHV QHFHVDULDV
SDUD VX UHFXSHUDFLyQ WUDQVSRUWH RSHUDFLyQ \ PDQWHQLPLHQWR PiV OD REWHQFLyQ GH XQD
XWLOLGDGUD]RQDEOH
$UWtFXOR«
«
;, 'DU DYLVR D OD 6HFUHWDUtD GH (QHUJtD VREUH HO LQLFLR \ VXVSHQVLyQ GH ODV DFWLYLGDGHV
UHODFLRQDGDVFRQODUHFXSHUDFLyQ\DSURYHFKDPLHQWRGHOJDVDVRFLDGRDORV\DFLPLHQWRVGH
FDUEyQPLQHUDOTXHVHUHDOLFHDODPSDURGHVXFRQFHVLyQPLQHUD
;,, $FXPXODU UHJLVWUDU \ SURSRUFLRQDU SHULyGLFDPHQWH LQIRUPDFLyQ JHROyJLFD D OD
6HFUHWDUtDGH(QHUJtDUHODFLRQDGDFRQODUHFXSHUDFLyQ\DSURYHFKDPLHQWRGHJDVDVRFLDGR
DORV\DFLPLHQWRVGHFDUEyQPLQHUDO
;,,, $YLVDU D OD 6HFUHWDUtD GH (QHUJtD VREUH HO GHVFXEULPLHQWR GH JDV QR DVRFLDGR D ORV
\DFLPLHQWRV GH FDUEyQ PLQHUDO FRPR SURGXFWR GH ODV FRQFHVLRQHV TXH DPSDUDQ OD
H[SORUDFLyQ\H[SORWDFLyQGH\DFLPLHQWRVGHFDUEyQPLQHUDO\
;,9(QWUHJDUHOJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDOHQHOSXQWRGHFRQH[LyQ
TXHLQGLTXH3HWUyOHRV0H[LFDQRVHQFDVRGHTXHQRVHGHVWLQHDODXWRFRQVXPR
«
4XHHOGHQRYLHPEUHGHVHSXEOLFyHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOGHFUHWRSRUHOTXHVH
UHIRUPDQ \ DGLFLRQDQ GLYHUVDV GLVSRVLFLRQHV GH OD /H\ 5HJODPHQWDULD GHO $UWtFXOR &RQVWLWXFLRQDO HQ HO
5DPRGHO3HWUyOHR
4XHHOGHGLFLHPEUHGHVHSXEOLFyHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHO5HJODPHQWRGHOD/H\
0LQHUD HQ PDWHULD GH JDV DVRFLDGR D ORV \DFLPLHQWRV GH FDUEyQ PLQHUDO TXH HQ VX DUWtFXOR RWRUJD
IDFXOWDGHVDOD6HFUHWDUtDGH(QHUJtDSDUDODDSOLFDFLyQGHGLFKRUHJODPHQWRHQHOiPELWRGHVXVDWULEXFLRQHV
VLQSHUMXLFLRGHODVIDFXOWDGHVFRQIHULGDVDRWUDVGHSHQGHQFLDVGHOD$GPLQLVWUDFLyQ3~EOLFD)HGHUDODVtFRPR
ODDSOLFDFLyQGHODVGLVSRVLFLRQHVUHODWLYDVDSHUPLVRV\DXWRUL]DFLRQHVTXHVHHVWDEOHFHQHQHOPHQFLRQDGR
UHJODPHQWR\TXHVHxDODORVLJXLHQWH
$UWtFXOR/DDSOLFDFLyQGHHVWH5HJODPHQWRFRPSHWHDOD6(\OD6(1(5HQHOiPELWR
GH VXV DWULEXFLRQHV VLQ SHUMXLFLR GH ODV IDFXOWDGHV FRQIHULGDV D RWUDV GHSHQGHQFLDV GH OD
$GPLQLVWUDFLyQ3~EOLFD)HGHUDOGHFRQIRUPLGDGFRQODVGLVSRVLFLRQHVOHJDOHVDSOLFDEOHV
(VDWULEXFLyQGHOD6(ODDSOLFDFLyQGHODVGLVSRVLFLRQHVTXHHQPDWHULDPLQHUDOHRWRUJDQOD
/H\\VX5HJODPHQWR
3RU VX SDUWH FRUUHVSRQGH D OD 6(1(5 OD DSOLFDFLyQ GH ODV GLVSRVLFLRQHV UHODWLYDV D
SHUPLVRV\DXWRUL]DFLRQHVTXHVHHVWDEOHFHQHQHOSUHVHQWH5HJODPHQWR
/DV REUDV \ WUDEDMRV HQ PDWHULD GH UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GHO JDV VH
FRPSUREDUiQGHDFXHUGRFRQORGLVSXHVWRHQHODUWtFXORGHOD/H\\VX5HJODPHQWRVLQ
SHUMXLFLRGHORVLQIRUPHV\DYLVRVTXHORVFRQFHVLRQDULRVGHEHQSURSRUFLRQDUDOD6(1(5
HQORVWpUPLQRVGHOD/H\\GHOSUHVHQWHRUGHQDPLHQWR
4XH HO DUWtFXOR GHO 5HJODPHQWR ,QWHULRU GH OD 6HFUHWDUtD GH (QHUJtD HVWDEOHFH TXH FRPR GHSHQGHQFLD
GHO 3RGHU (MHFXWLYR )HGHUDO WLHQH D VX FDUJR HO HMHUFLFLR GH ODV DWULEXFLRQHV TXH OH HQFRPLHQGDQ ODV OH\HV
UHJODPHQWRVGHFUHWRVDFXHUGRV\yUGHQHVGHO3UHVLGHQWHGHORV(VWDGRV8QLGRV0H[LFDQRV
4XH HO DUWtFXOR IUDFFLyQ ,,, LQFLVR D GHO 5HJODPHQWR ,QWHULRU GH OD 6HFUHWDUtD GH (QHUJtD SUHYp TXH
SDUD HO HVWXGLR SODQHDFLyQ \ GHVSDFKR GH ORV DVXQWRV TXH OH FRPSHWHQ D HVWD GHSHQGHQFLD FXHQWD HQWUH
RWURVFRQOD'LUHFFLyQ*HQHUDOGH([SORUDFLyQ\([SORWDFLyQGH+LGURFDUEXURV
4XH HO DUWtFXOR GHO PLVPR RUGHQDPLHQWR VHxDOD TXH FRUUHVSRQGH RULJLQDOPHQWH DO 6HFUHWDULR OD
UHSUHVHQWDFLyQ GH OD 6HFUHWDUtD GH (QHUJtD HO WUiPLWH \ UHVROXFLyQ GH ORV DVXQWRV GH OD FRPSHWHQFLD GH OD
PLVPD TXLHQ SDUD OD PHMRU GLVWULEXFLyQ \ GHVDUUROOR GHO WUDEDMR SRGUi FRQIHULU VXV IDFXOWDGHV GHOHJDEOHV D
VHUYLGRUHV S~EOLFRV VXEDOWHUQRV VLQ SHUMXLFLR GH VX HMHUFLFLR GLUHFWR H[SLGLHQGR ORV DFXHUGRV UHODWLYRV TXH
GHEHUiQ VHU SXEOLFDGRV HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ \ DXWRUL]DU SRU HVFULWR D VHUYLGRUHV S~EOLFRV
VXEDOWHUQRVSDUDTXHUHDOLFHDFWRV\VXVFULEDQGRFXPHQWRVTXHIRUPHQSDUWHGHOHMHUFLFLRGHVXVIDFXOWDGHV
GHOHJDEOHV
4XH HO DUWtFXOR GHO RUGHQDPLHQWR FLWDGR HVWDEOHFH TXH ORV 'LUHFWRUHV *HQHUDOHV WLHQHQ GHQWUR
GHO iPELWR GH VX FRPSHWHQFLD ODV DWULEXFLRQHV GH GHVHPSHxDU ODV FRPLVLRQHV TXH HO 6HFUHWDULR
OHV HQFRPLHQGH DVt FRPR HMHUFHU ODV IXQFLRQHV TXH VH OHV GHOHJXHQ \ VXVFULELU ORV GRFXPHQWRV UHODWLYRV DO
HMHUFLFLRGHVXVDWULEXFLRQHVRODVTXHOHVHDQVHxDODGDVSRUGHOHJDFLyQ\
4XHDHIHFWRGHTXHVHHMHU]DQODVIDFXOWDGHVTXHHODUWtFXORGHOD/H\2UJiQLFDGHOD$GPLQLVWUDFLyQ
3~EOLFD)HGHUDORWRUJDDOD6HFUHWDUtDGH(QHUJtDKHWHQLGRDELHQH[SHGLUHOVLJXLHQWH
$&8(5'2
$57,&8/235,0(526HGHOHJDQHQHO'LUHFWRU*HQHUDOGH([SORUDFLyQ\([SORWDFLyQGH+LGURFDUEXURV
ODVDWULEXFLRQHVSUHYLVWDVHQORVDUWtFXORVRSiUUDIRVTXLQWR\VH[WRR%LV7HU\GHOD
/H\ 5HJODPHQWDULD GHO $UWtFXOR &RQVWLWXFLRQDO HQ HO 5DPR GHO 3HWUyOHR SDUD HMHUFHU ODV IDFXOWDGHV TXH
FRUUHVSRQGDQ D OD 6HFUHWDUtD GH (QHUJtD SDUD VXVFULELU ORV GRFXPHQWRV UHODWLYRV DO HMHUFLFLR GH GLFKDV
DWULEXFLRQHVDVtFRPRSDUDHOWUiPLWHGHORVSURFHGLPLHQWRVFRUUHVSRQGLHQWHVSRUORTXHSRGUi
, 5HTXHULU D ODV HQWLGDGHV SDUDHVWDWDOHV yUJDQRV GHVFRQFHQWUDGRV HPSUHVDV GH SDUWLFLSDFLyQ
HVWDWDO\HQJHQHUDODORVSHUPLVLRQDULRVORVGRFXPHQWRVLQIRUPHV\GDWRVUHODFLRQDGRVFRQODV
DFWLYLGDGHV GH UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GHO JDV DVRFLDGR D ORV \DFLPLHQWRV GH FDUEyQ
PLQHUDODVtFRPRDTXHOODUHODWLYDDODVDVRFLDFLRQHVDXWRUL]DGDV
,, ,QLFLDUWUDPLWDU\UHVROYHUORVSURFHGLPLHQWRVDGPLQLVWUDWLYRVFX\RREMHWRVHDODLPSRVLFLyQGHODV
VDQFLRQHV TXH FRUUHVSRQGDQ D ORV LQFXPSOLPLHQWRV D ODV GLVSRVLFLRQHV OHJDOHV UHJODPHQWDULDV \
GHPiV GLVSRVLFLRQHV DGPLQLVWUDWLYDV GH FDUiFWHU JHQHUDO DSOLFDEOHV HQ PDWHULD GH UHFXSHUDFLyQ
\DSURYHFKDPLHQWRGHJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
,,, 2UGHQDUODLPSRVLFLyQGHODVPHGLGDVGHVHJXULGDGTXHSUHYpOD/H\5HJODPHQWDULDGHO$UWtFXOR
&RQVWLWXFLRQDO HQ HO 5DPR GHO 3HWUyOHR VXV GLVSRVLFLRQHV UHJODPHQWDULDV \ GHPiV GLVSRVLFLRQHV
DGPLQLVWUDWLYDVGHFDUiFWHUJHQHUDO
,9 2UGHQDUODDGPLVLyQGHODVSUXHEDVRIUHFLGDVGHQWURGHORVSURFHGLPLHQWRVDGPLQLVWUDWLYRVGHTXH
FRQR]FD RUGHQDU VX GHVDKRJR \ UHDOL]DU VX YDORUDFLyQ FRQIRUPH D OD /H\ )HGHUDO GH
3URFHGLPLHQWR$GPLQLVWUDWLYR
9 (ODERUDU \ HPLWLU ODV UHVROXFLRQHV DGPLQLVWUDWLYDV TXH GHEDQ GLFWDUVH HQ HO FXUVR GH ORV
SURFHGLPLHQWRV DGPLQLVWUDWLYRV LQFOX\HQGR ORV DFXHUGRV GH WUiPLWH RUGHQDU OD SUiFWLFD GH WRGD
FODVHGHGLOLJHQFLDVUHTXHULPLHQWRVFLWDFLRQHVQRWLILFDFLRQHV\SUHYHQFLRQHVTXHUHDOLFH
9, 2UGHQDU OD SUiFWLFD GH WRGRV ORV DFWRV R GLOLJHQFLDV QHFHVDULRV SDUD OD GHWHUPLQDFLyQ
FRQRFLPLHQWR\FRPSUREDFLyQGHORVKHFKRVHQYLUWXGGHORVFXDOHVGHEDSURQXQFLDUVHUHVROXFLyQ
DGPLQLVWUDWLYD HQ PDWHULD GH LQIUDFFLRQHV D ODV GLVSRVLFLRQHV OHJDOHV UHJODPHQWDULDV
DGPLQLVWUDWLYDV\WpFQLFDVLQFOX\HQGRQRUPDVRILFLDOHVPH[LFDQDVTXHVHDQDSOLFDEOHVHQPDWHULD
GHUHFXSHUDFLyQ\DSURYHFKDPLHQWRGHJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
9,, 2UGHQDU OD QRWLILFDFLyQ GH ORV DFWRV DGPLQLVWUDWLYRV UHTXHULPLHQWRV \ VROLFLWXGHV GH LQIRUPHV
UHDOL]DGDV
9,,, )RUPXODUODVFRQVXOWDV\VROLFLWXGHVQHFHVDULDVDQWHRWUDVGHSHQGHQFLDV
,; &RQRFHU \ GDU VHJXLPLHQWR D ODV FRQVXOWDV UHFLELGDV SRU SDUWH GH SDUWLFXODUHV GHSHQGHQFLDV R
HQWLGDGHV SDUDHVWDWDOHV HQ PDWHULD GH UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GH JDV DVRFLDGR D ORV
\DFLPLHQWRVGHFDUEyQPLQHUDO\
; ,QWHJUDUODLQIRUPDFLyQ\ORVGRFXPHQWRVQHFHVDULRVSUHYLDVXFODVLILFDFLyQSDUDHOHMHUFLFLRGHODV
DFFLRQHV FLYLOHV SHQDOHV R DGPLQLVWUDWLYDV SURFHGHQWHV FRQ PRWLYR GH YLRODFLRQHV D ODV
GLVSRVLFLRQHVMXUtGLFDVDSOLFDEOHVHQPDWHULDGHUHFXSHUDFLyQ\DSURYHFKDPLHQWRGHJDVDVRFLDGR
DORV\DFLPLHQWRVGHFDUEyQPLQHUDODVtFRPRUHSUHVHQWDUDOD6HFUHWDUtD
$57,&8/2 6(*81'2 6H GHOHJDQ HQ HO 'LUHFWRU *HQHUDO GH ([SORUDFLyQ \ ([SORWDFLyQ GH
+LGURFDUEXURV ODV DWULEXFLRQHV SUHYLVWDV HQ ORV DUWtFXORV IUDFFLRQHV ;,,, ;,9 \ ;9 IUDFFLyQ ;,,,
IUDFFLRQHV ;, ;,, \ ;,,, GH OD /H\ 0LQHUD SDUD HMHUFHU ODV IDFXOWDGHV TXH FRUUHVSRQGDQ D OD 6HFUHWDUtD GH
(QHUJtDSDUDVXVFULELUORVGRFXPHQWRVUHODWLYRVDOHMHUFLFLRGHGLFKDVDWULEXFLRQHVDVtFRPRSDUDHOWUiPLWH
GHORVSURFHGLPLHQWRVFRUUHVSRQGLHQWHVSRUORTXHSRGUi
, (VWDEOHFHUHQFRODERUDFLyQFRQOD6HFUHWDUtDGH(FRQRPtDODVGLVSRVLFLRQHVWpFQLFDVGHFDUiFWHU
JHQHUDOUHODWLYDVDODHMHFXFLyQGHREUDV\WUDEDMRVSDUDODUHFXSHUDFLyQ\DSURYHFKDPLHQWRGHOJDV
DVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
,, (QFRQMXQWRFRQOD6HFUHWDUtDGH(FRQRPtDIRUPXODU\DFWXDOL]DUORVSUR\HFWRVGHODVSROtWLFDVGH
UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GH JDV DVRFLDGR D ORV \DFLPLHQWRV GH FDUEyQ PLQHUDO KDVWD
GHMDUORVHQHVWDGRGHUHVROXFLyQ
,,, (Q FRQMXQWR FRQ OD 6HFUHWDUtD GH (FRQRPtD HVWDEOHFHU ORV WpUPLQRV \ FRQGLFLRQHV DVt FRPR
GLVSRVLFLRQHVDGPLQLVWUDWLYDVGHFDUiFWHUWpFQLFRSDUDVXUHFXSHUDFLyQ\DSURYHFKDPLHQWR
,9 (YDOXDU OD IDFWLELOLGDG WpFQLFD GH ORV SUR\HFWRV GH UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GHO JDV
DVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDOHQFRQMXQWRFRQOD6HFUHWDUtDGH(FRQRPtD
9 ([SHGLU ORV SHUPLVRV GH UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GHO JDV DVRFLDGR D ORV \DFLPLHQWRV GH
FDUEyQPLQHUDO
9, 5HFLELUHODYLVRGHORVSHUPLVLRQDULRVVREUHHOLQLFLR\VXVSHQVLyQGHODVDFWLYLGDGHVUHODFLRQDGDV
FRQODUHFXSHUDFLyQ\DSURYHFKDPLHQWRGHOJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDOTXH
VHUHDOLFHDODPSDURGHODFRQFHVLyQPLQHUD
9,, 5HFLELU VROLFLWDU \ UHTXHULU OD LQIRUPDFLyQ JHROyJLFD TXH SHULyGLFDPHQWH OH HQWUHJXHQ ORV
SHUPLVLRQDULRV UHODFLRQDGD FRQ OD UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GH JDV DVRFLDGR D
ORV\DFLPLHQWRVGHFDUEyQPLQHUDO\
9,,, 5HFLELUHODYLVRVREUHHOGHVFXEULPLHQWRGHJDVQRDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
FRPR SURGXFWR GH ODV FRQFHVLRQHV TXH DPSDUDQ OD H[SORUDFLyQ \ H[SORWDFLyQ GH \DFLPLHQWRV GH
FDUEyQPLQHUDO
$57,&8/27(5&(526HGHOHJDQHQHO'LUHFWRU*HQHUDOGH([SORUDFLyQ\([SORWDFLyQGH+LGURFDUEXURV
ODVDWULEXFLRQHVSUHYLVWDVHQORVDUWtFXORVIUDFFLRQHV,D;9IUDFFLyQ,,,
IUDFFLyQ,9\GHO5HJODPHQWRGHOD/H\0LQHUD
HQ PDWHULD GH JDV DVRFLDGR D ORV \DFLPLHQWRV GH FDUEyQ PLQHUDO SDUD HMHUFHU ODV IDFXOWDGHV TXH
FRUUHVSRQGDQ D OD 6HFUHWDUtD GH (QHUJtD SDUD VXVFULELU ORV GRFXPHQWRV UHODWLYRV DO HMHUFLFLR GH GLFKDV
DWULEXFLRQHVDVtFRPRSDUDHOWUiPLWHGHORVSURFHGLPLHQWRVFRUUHVSRQGLHQWHVSRUORTXHSRGUi
, ([SHGLUPRGLILFDU\UHYRFDUSHUPLVRVGHUHFXSHUDFLyQ\DSURYHFKDPLHQWRGHOJDVDVRFLDGRDORV
\DFLPLHQWRVGHFDUEyQPLQHUDO
,, 5HFLELU \ HYDOXDU ODV VROLFLWXGHV GH SHUPLVR SDUD OD UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GHO JDV
DVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO\HQVXFDVRQHJDUORVPLVPRV
,,, 5HFLELUHYDOXDU\HQVXFDVRDXWRUL]DUODVVROLFLWXGHVGHDVRFLDFLRQHVSUHYLVWDVHQHODUWtFXOR
IUDFFLyQ ;,,, LQFLVR D GH OD /H\ 0LQHUD DVt FRPR UHYRFDU R PRGLILFDU ODV DXWRUL]DFLRQHV
UHVSHFWLYDV
,9 (VWDEOHFHU PHGLDQWH GLVSRVLFLRQHV DGPLQLVWUDWLYDV GH FDUiFWHU JHQHUDO HO SURFHGLPLHQWR GH
HYDOXDFLyQ GH ODV VROLFLWXGHV GH SHUPLVRV \ DXWRUL]DFLRQHV HQ PDWHULD GH UHFXSHUDFLyQ \
DSURYHFKDPLHQWRGHJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
9 ([SHGLU ODV GLVSRVLFLRQHV DGPLQLVWUDWLYDV GH FDUiFWHU JHQHUDO D ODV TXH GHEHUiQ VXMHWDUVH ORV
SHUPLVLRQDULRV SDUD OD UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GHO JDV DVRFLDGR D ORV \DFLPLHQWRV
GHFDUEyQPLQHUDO
9, ([SHGLUODVGLVSRVLFLRQHVDGPLQLVWUDWLYDVGHFDUiFWHUJHQHUDOPHGLDQWHODVTXHVHHVWDEOH]FDQODV
UHJODV TXH SHUPLWDQ FRPSUREDU TXH HO JDV UHFXSHUDGR SRU HO FRQFHVLRQDULR HV DVRFLDGR D ORV
\DFLPLHQWRV GH FDUEyQ PLQHUDO \ TXH QR VH WUDWD GH KLGURFDUEXURV UHJXODGRV SRU OD /H\
5HJODPHQWDULDGHO$UWtFXOR&RQVWLWXFLRQDOHQHO5DPRGHO3HWUyOHR
9,, ([SHGLU PHGLDQWH GLVSRVLFLRQHV DGPLQLVWUDWLYDV GH FDUiFWHU JHQHUDO ORV OLQHDPLHQWRV TXH
GLVSRQJDQ OD PRGLILFDFLyQ VLJQLILFDWLYD GH ORV SUR\HFWRV GH UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GHO
JDVTXHHQVXPRPHQWRKD\DQSUHVHQWDGRORVFRQFHVLRQDULRVPLQHURV
9,,, ([SHGLUPHGLDQWHGLVSRVLFLRQHVDGPLQLVWUDWLYDVGHFDUiFWHUJHQHUDOORVOLQHDPLHQWRVTXHGHEHUiQ
REVHUYDUVHUHVSHFWRDODLQIRUPDFLyQGHODUHFXSHUDFLyQ\DSURYHFKDPLHQWRGHOJDVDVRFLDGRDORV
\DFLPLHQWRVGHFDUEyQPLQHUDOTXHORVFRQFHVLRQDULRVGHEDQSUHVHQWDUDOD6HFUHWDUtDGH(QHUJtD
,; (MHUFHUODVIDFXOWDGHVTXHFRUUHVSRQGDQDOD6HFUHWDUtDGH(QHUJtDFRPRHQWLGDGQRUPDOL]DGRUDHQ
PDWHULDGHUHFXSHUDFLyQ\DSURYHFKDPLHQWRGHOJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
FRQIRUPH D OD /H\ )HGHUDO VREUH 0HWURORJtD \ 1RUPDOL]DFLyQ VXV GLVSRVLFLRQHV UHJODPHQWDULDV \
DGPLQLVWUDWLYDV
; ([SHGLU \ VROLFLWDU OD SXEOLFDFLyQ HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ GH ODV QRUPDV RILFLDOHV
PH[LFDQDVTXHVHDSUXHEHQHQORV&RPLWpV&RQVXOWLYRV1DFLRQDOHVGH1RUPDOL]DFLyQTXHSUHVLGD
OD 6HFUHWDUtD GH (QHUJtD HQ PDWHULD GH UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GHO JDV DVRFLDGR D ORV
\DFLPLHQWRV GH FDUEyQ PLQHUDO \ DTXHOODV TXH VH HODERUHQ HQ FDVRV GH HPHUJHQFLD DVt FRPR
SURPRYHU\SDUWLFLSDUHQODHODERUDFLyQGHODVPLVPDV
;, 3UHVHQWDUHOSURJUDPDDQXDOGHQRUPDOL]DFLyQHQPDWHULDGHUHFXSHUDFLyQ\DSURYHFKDPLHQWRGHO
JDV DVRFLDGR D ORV \DFLPLHQWRV GH FDUEyQ PLQHUDO DQWH HO &RPLWp &RQVXOWLYR 1DFLRQDO GH
1RUPDOL]DFLyQ FRUUHVSRQGLHQWH SDUD VX DSUREDFLyQ \ SURSRQHU OD PRGLILFDFLyQ R FDQFHODFLyQ
GHGLVSRVLFLRQHVDGPLQLVWUDWLYDVGHFDUiFWHUJHQHUDO
;,, 3DUWLFLSDUHQORV&RPLWpV&RQVXOWLYRV1DFLRQDOHVGH1RUPDOL]DFLyQDVtFRPRHQORVVXEFRPLWpV\
JUXSRV GH WUDEDMR UHVSHFWLYRV TXH FRUUHVSRQGDQ D DFWLYLGDGHV UHODFLRQDGDV FRQ OD UHFXSHUDFLyQ
\DSURYHFKDPLHQWRGHOJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
;,,, $SUREDU D WHUFHURV DFUHGLWDGRV SDUD UHDOL]DU OD HYDOXDFLyQ GH OD FRQIRUPLGDG GH ODV QRUPDV
RILFLDOHV PH[LFDQDV GH UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GHO JDV DVRFLDGR D ORV \DFLPLHQWRV GH
FDUEyQPLQHUDO\OOHYDUDFDERHOSURFHGLPLHQWRGHYHULILFDFLyQ
;,9 (VWDEOHFHU PHFDQLVPRV SDUD OD SDUWLFLSDFLyQ GH ODV 8QLGDGHV GH 9HULILFDFLyQ /DERUDWRULRV GH
3UXHEDV \ 2UJDQLVPRV GH &HUWLILFDFLyQ HQ OD YLJLODQFLD GHO FXPSOLPLHQWR GH ODV 1RUPDV 2ILFLDOHV
0H[LFDQDV HQ PDWHULD GH UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GH JDV DVRFLDGR D ORV \DFLPLHQWRV GH
FDUEyQPLQHUDO
;9 3UHVHQWDU DQXDOPHQWH D ORV SHUPLVLRQDULRV SDUD OD UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GH JDV
DVRFLDGR D ORV \DFLPLHQWRV GH FDUEyQ PLQHUDO XQD OLVWD GH XQLGDGHV GH YHULILFDFLyQ SDUD TXH
DTXHOORVGHFLGDQODTXHGHVDUUROODUiODYHULILFDFLyQ
;9, 5HVROYHUODGHQXQFLDSUHVHQWDGDSRUHODIHFWDGRSRUXQDQHJDWLYDGHDFFHVRDELHUWRDORVVLVWHPDV
GHWUDQVSRUWHGHJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
;9,, 'HWHUPLQDU PHGLDQWH GLVSRVLFLRQHV DGPLQLVWUDWLYDV GH FDUiFWHU JHQHUDO HO IRUPDWR \ WLSR GH
DUFKLYRTXHVHXWLOLFHHQHOPHGLRGHDOPDFHQDPLHQWRHOHFWUyQLFRGHGDWRVUHVSHFWRDODVROLFLWXG
GH SHUPLVR SDUD OD UHFXSHUDFLyQ \ DSURYHFKDPLHQWR GHO JDV DVRFLDGR D ORV \DFLPLHQWRV GH
FDUEyQPLQHUDO
;9,,, 6ROLFLWDUDOD6HFUHWDUtDGH(FRQRPtDODUHDOL]DFLyQGHODVYLVLWDVGHLQVSHFFLyQ\ODYHULILFDFLyQGH
ORVVLVWHPDVGHPHGLFLyQ\GHORVYRO~PHQHVGHJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
UHFXSHUDGRVRDSURYHFKDGRV
;,; &RDG\XYDU FRQ OD 6HFUHWDUtD GH (FRQRPtD D VROLFLWXG GH pVWD HQ ODV YLVLWDV GH LQVSHFFLyQ
VHxDODGDVHQODIUDFFLyQDQWHULRU\HQODYHULILFDFLyQGHODHMHFXFLyQ\GHODFRPSUREDFLyQGHREUDV
\WUDEDMRVSUHYLVWRVSRUOD/H\0LQHUDDVtFRPREULQGDUHODSR\RTXHOHVROLFLWHGLFKDGHSHQGHQFLD
HQODLQWHJUDFLyQGHORVH[SHGLHQWHVFRUUHVSRQGLHQWHVDODVLQIUDFFLRQHVGLVSXHVWDVHQORVDUWtFXORV
\GHOD/H\0LQHUD
;; +DELOLWDUXQPHFDQLVPRHOHFWUyQLFRSDUDTXHODVVHFUHWDUtDVGH(FRQRPtD\(QHUJtDOOHYHQDFDER
UHFtSURFDVQRWLILFDFLRQHVUHVSHFWRDORWRUJDPLHQWRGHSHUPLVRV\FDQFHODFLyQGHFRQFHVLRQHV
;;, (VWDEOHFHU\PDQWHQHUDFWXDOL]DGDHQFRQMXQWRFRQOD6HFUHWDUtDGH(FRQRPtDXQDEDVHGHGDWRV
HQ OD TXH VH LGHQWLILTXHQ ORV WtWXORV GH FRQFHVLyQ SDUD ORV FXDOHV VH KDQ RWRUJDGR SHUPLVRV \
DXWRUL]DFLRQHVDVtFRPRODVYLJHQFLDVUHVSHFWLYDV
;;,, +DELOLWDU XQD SiJLQD HOHFWUyQLFD SDUD TXH ORV FRQFHVLRQDULRV PLQHURV FXPSODQ FRQ OD REOLJDFLyQ
OHJDO GH DYLVDU D OD 6HFUHWDUtD GH (QHUJtD VREUH HO LQLFLR \ VXVSHQVLyQ GH ODV DFWLYLGDGHV
UHODFLRQDGDVFRQODUHFXSHUDFLyQ\DSURYHFKDPLHQWRGHOJDV\VREUHHOGHVFXEULPLHQWRGHJDVQR
DVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
;;,,, &RDG\XYDUFRQOD6HFUHWDUtDGH(FRQRPtDHQODYHULILFDFLyQGHTXHODVREUDV\WUDEDMRVSUHYLVWRV
HQOD/H\0LQHUDVHUHDOLFHQFRQDSHJRDODVFRQGLFLRQHVWpFQLFDVILMDGDVSRUGLFKDGHSHQGHQFLD
FXDQGRVHWUDWHGHWHUUHQRVDPSDUDGRVSRUDVLJQDFLRQHVSHWUROHUDV
;;,9 $XWRUL]DU DO SHUVRQDO DGVFULWR D OD 6XEVHFUHWDUtD GH +LGURFDUEXURV SDUD FRDG\XYDU FRQ OD
6HFUHWDUtD GH (FRQRPtD HQ ODV YLVLWDV GH LQVSHFFLyQ \ HQ OD YHULILFDFLyQ GH OD HMHFXFLyQ \ GH OD
FRPSUREDFLyQGHREUDV\WUDEDMRVSUHYLVWRVHQOD/H\0LQHUD
;;9 $XWRUL]DUDOSHUVRQDODGVFULWRDOD6XEVHFUHWDUtDGH+LGURFDUEXURVSDUDDFWXDUFRPRYHULILFDGRUHV
GHOD6HFUHWDUtDGH(QHUJtD
;;9, $XWRUL]DUDOSHUVRQDODGVFULWRDOD6XEVHFUHWDUtDGH+LGURFDUEXURVSDUDDFWXDUFRPRQRWLILFDGRUHV
;;9,, )RUPXODUSUR\HFWRVGHFRQYHQLRV\SURWRFRORVLQWHUQDFLRQDOHVGHFRODERUDFLyQHQHOiPELWRGHVX
FRPSHWHQFLD UHODFLRQDGRV FRQ ODV DFWLYLGDGHV HQ PDWHULD GH UHFXSHUDFLyQ \ DSURYHFKDPLHQWR
GH JDV DVRFLDGR D ORV \DFLPLHQWRV GH FDUEyQ PLQHUDO HQ FRRUGLQDFLyQ FRQ ODV GHPiV iUHDV
FRPSHWHQWHV
;;9,,,6XVFULELU FRQ GHSHQGHQFLDV R HQWLGDGHV GH OD $GPLQLVWUDFLyQ 3~EOLFD )HGHUDO ORFDO R PXQLFLSDO
FRQYHQLRV \ SURWRFRORV GH FRODERUDFLyQ UHODFLRQDGRV FRQ ODV DFWLYLGDGHV HQ PDWHULD GH
UHFXSHUDFLyQ\DSURYHFKDPLHQWRGHJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
;;,; 'DUDFRQRFHUDOD&RPLVLyQ)HGHUDOGH&RPSHWHQFLDSDUDORVHIHFWRVOHJDOHVDTXHKD\DOXJDU
GH ODV SRVLEOHV FRQFHQWUDFLRQHV X RWURV IHQyPHQRV TXH DIHFWHQ OD OLEUH FRQFXUUHQFLD UHVSHFWR DO
RWRUJDPLHQWRGHSHUPLVRVGHUHFXSHUDFLyQ\DSURYHFKDPLHQWRGHJDVDVRFLDGRDORV\DFLPLHQWRV
GHFDUEyQPLQHUDO\VXYHULILFDFLyQ
;;; 5HVROYHUVREUHODVUHFODPDFLRQHVFRQWUDORVDFWRVGH3HWUyOHRV0H[LFDQRVFRQIRUPHDODUWtFXOR
GHO 5HJODPHQWR GH OD /H\ 0LQHUD HQ PDWHULD GH JDV DVRFLDGR D ORV \DFLPLHQWRV GH FDUEyQ
PLQHUDO\
;;;, 5HFLELU GDU WUiPLWH \ UHVROYHU ODV VROLFLWXGHV GH LQWHUYHQFLyQ GH DFXHUGR DO &DStWXOR 9 GHO
5HJODPHQWRGHOD/H\0LQHUDHQPDWHULDGHJDVDVRFLDGRDORV\DFLPLHQWRVGHFDUEyQPLQHUDO
$57,&8/2 &8$572 (O 'LUHFWRU *HQHUDO GH ([SORUDFLyQ \ ([SORWDFLyQ GH +LGURFDUEXURV PDQWHQGUi
SHUPDQHQWHPHQWH LQIRUPDGD D OD VXVFULWD VREUH HO HMHUFLFLR GH ODV IDFXOWDGHV TXH PHGLDQWH HVWH $FXHUGR
VHGHOHJDQ
75$16,725,2
81,&2 (O SUHVHQWH $FXHUGR HQWUDUi HQ YLJRU HO GtD GH VX SXEOLFDFLyQ HQ HO 'LDULR 2ILFLDO GH
OD)HGHUDFLyQ
0p[LFR 'LVWULWR )HGHUDO D ORV GLHFLRFKR GtDV GHO PHV GH PD\R GH GRV PLO QXHYH /D 6HFUHWDULD GH
(QHUJtD*HRUJLQD<DPLOHW.HVVHO0DUWtQH]5~EULFD
6(&5(7$5,$'((&2120,$
'(&5(72SRUHOTXHVHUHIRUPDHODUWtFXORGHO&yGLJRGH&RPHUFLR
GHOD5HS~EOLFD
)(/,3( '( -(6Ò6 &$/'(5Ï1 +,12-26$ 3UHVLGHQWH GH ORV (VWDGRV 8QLGRV 0H[LFDQRV D VXV
KDELWDQWHVVDEHG
4XHHO+RQRUDEOH&RQJUHVRGHOD8QLyQVHKDVHUYLGRGLULJLUPHHOVLJXLHQWH
'(&5(72
(/&21*5(62*(1(5$/'(/26(67$'2681,'260(;,&$126'(&5(7$
6(5()250$(/$57Ë&8/2'(/&Ï',*2'(&20(5&,2
$UWtFXOR ÒQLFR 6H UHIRUPD HO VHJXQGR SiUUDIR GHO $UWtFXOR GHO &yGLJR GH &RPHUFLR SDUD TXHGDU
FRPRVLJXH
$UWtFXOR
&XDQGRXQOLWLJDQWHQRFXPSODFRQODSULPHUDSDUWHGHHVWHDUWtFXORODVQRWLILFDFLRQHVVHKDUiQFRQIRUPHD
ODV5HJODVSDUDODVQRWLILFDFLRQHVTXHQRGHEDQVHUSHUVRQDOHVKDVWD HQWDQWRVHDVHxDODGRGRPLFLOLR SDUD
ORVHIHFWRVUHIHULGRV6LQRVHGHVLJQDUHGRPLFLOLRGHODFRQWUDSDUWHVHOHUHTXHULUiSDUDTXHORKDJD\VLOR
LJQRUDQVHSURFHGHUiHQORVWpUPLQRVGHODUWtFXORVLJXLHQWH

75$16,725,2
$UWtFXORÒQLFR(OSUHVHQWH'HFUHWRHQWUDUiHQYLJRUDOGtDVLJXLHQWHGHVXSXEOLFDFLyQHQHO'LDULR2ILFLDO
GHOD)HGHUDFLyQ
0p[LFR ') D GH DEULO GH 'LS &HVDU +RUDFLR 'XDUWH -DTXH] 3UHVLGHQWH 6HQ *XVWDYR
(QULTXH 0DGHUR 0XxR] 3UHVLGHQWH 'LS 0DQXHO 3RUWLOOD 'LHJXH] 6HFUHWDULR 6HQ *DELQR &Xp
0RQWHDJXGR6HFUHWDULR5~EULFDV
(QFXPSOLPLHQWRGHORGLVSXHVWRSRUODIUDFFLyQ,GHO$UWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV
8QLGRV0H[LFDQRV\SDUDVXGHELGDSXEOLFDFLyQ\REVHUYDQFLDH[SLGRHOSUHVHQWH'HFUHWRHQOD5HVLGHQFLD
GHO 3RGHU (MHFXWLYR )HGHUDO HQ OD &LXGDG GH 0p[LFR 'LVWULWR )HGHUDO D FXDWUR GH MXQLR GH GRV PLO QXHYH
)HOLSH GH -HV~V &DOGHUyQ +LQRMRVD 5~EULFD (O 6HFUHWDULR GH *REHUQDFLyQ /LF )HUQDQGR )UDQFLVFR
*yPH]0RQW8UXHWD5~EULFD

'(&5(72SRUHOTXHVHUHIRUPDHODUWtFXORGHO&yGLJRGH&RPHUFLR
GHOD5HS~EOLFD
)(/,3( '( -(6Ò6 &$/'(5Ï1 +,12-26$ 3UHVLGHQWH GH ORV (VWDGRV 8QLGRV 0H[LFDQRV D VXV
KDELWDQWHVVDEHG
4XHHO+RQRUDEOH&RQJUHVRGHOD8QLyQVHKDVHUYLGRGLULJLUPHHOVLJXLHQWH
'(&5(72
(/&21*5(62*(1(5$/'(/26(67$'2681,'260(;,&$126'(&5(7$
6(5()250$(/$57Ë&8/2'(/&Ï',*2'(&20(5&,2
$UWtFXORÒQLFR6HUHIRUPDHO$UWtFXORGHO&yGLJRGH&RPHUFLRSDUDTXHGDUFRPRVLJXH
$UWtFXOR /RV LQFLGHQWHV VH VXEVWDQFLDUiQ SRU FXHUGD VHSDUDGD VLQ TXH VXVSHQGDQ HO WUiPLWH GHO
MXLFLRHQORSULQFLSDO
75$16,725,2
$UWtFXORÒQLFR(OSUHVHQWH'HFUHWRHQWUDUiHQYLJRUDOGtDVLJXLHQWHGHVXSXEOLFDFLyQHQHO'LDULR2ILFLDO
GHOD)HGHUDFLyQ
0p[LFR ') D GH DEULO GH 'LS &HVDU +RUDFLR 'XDUWH -DTXH] 3UHVLGHQWH 6HQ *XVWDYR
(QULTXH 0DGHUR 0XxR] 3UHVLGHQWH 'LS 0DULD GHO &DUPHQ 3LQHWH 9DUJDV 6HFUHWDULD 6HQ /XGLYLQD
0HQFKDFD&DVWHOODQRV6HFUHWDULD5~EULFDV
(QFXPSOLPLHQWRGHORGLVSXHVWRSRUODIUDFFLyQ,GHO$UWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV
8QLGRV0H[LFDQRV\SDUDVXGHELGDSXEOLFDFLyQ\REVHUYDQFLDH[SLGRHOSUHVHQWH'HFUHWRHQOD5HVLGHQFLD
GHO 3RGHU (MHFXWLYR )HGHUDO HQ OD &LXGDG GH 0p[LFR 'LVWULWR )HGHUDO D FXDWUR GH MXQLR GH GRV PLO QXHYH
)HOLSH GH -HV~V &DOGHUyQ +LQRMRVD 5~EULFD (O 6HFUHWDULR GH *REHUQDFLyQ /LF )HUQDQGR )UDQFLVFR
*yPH]0RQW8UXHWD5~EULFD

$&8(5'2 SRU HO TXH VH RWRUJD KDELOLWDFLyQ DO FLXGDGDQR &DUORV /XYLDQR 0RQWHORQJR FRPR FRUUHGRU S~EOLFR
Q~PHURHQODSOD]DGHO(VWDGRGH-DOLVFR
$OPDUJHQXQVHOORFRQHO(VFXGR1DFLRQDOTXHGLFH(VWDGRV8QLGRV0H[LFDQRV6HFUHWDUtDGH(FRQRPtD
6XEVHFUHWDUtDGH&RPSHWLWLYLGDG\1RUPDWLYLGDG'LUHFFLyQ*HQHUDOGH1RUPDWLYLGDG0HUFDQWLO'LUHFFLyQGH
&RUUHGXUtD3~EOLFD
/D 6HFUHWDUtD GH (FRQRPtD SRU FRQGXFWR GH OD 'LUHFFLyQ GH &RUUHGXUtD 3~EOLFD DGVFULWD D OD 'LUHFFLyQ
*HQHUDO GH 1RUPDWLYLGDG 0HUFDQWLO D ILQ GH GDU FXPSOLPLHQWR D OR HVWDEOHFLGR SRU ORV DUWtFXORV ~OWLPR
SiUUDIR GH OD /H\ )HGHUDO GH &RUUHGXUtD 3~EOLFD GH VX UHJODPHQWR IUDFFLyQ ;9 \ ~OWLPR SiUUDIR GH
HVH PLVPR DUWtFXOR GHO 5HJODPHQWR ,QWHULRU GH HVWD GHSHQGHQFLD GD D FRQRFHU HO VLJXLHQWH $FXHUGR
GH+DELOLWDFLyQ
(O (MHFXWLYR )HGHUDO D WUDYpV GH OD 6HFUHWDUtD GH (FRQRPtD RWRUJD KDELOLWDFLyQ DO
& /LFHQFLDGR HQ 'HUHFKR &DUORV /XYLDQR 0RQWHORQJR SDUD HMHUFHU OD IXQFLyQ GH &RUUHGRU
3~EOLFRFRQQ~PHURHQODSOD]DGHO(VWDGRGH-DOLVFRFRQIXQGDPHQWRHQORVDUWtFXORV
R R IUDFFLyQ ,,, GH OD /H\ )HGHUDO GH &RUUHGXUtD 3~EOLFD \ GHO 5HJODPHQWR GH OD
SURSLD/H\HQYLUWXGGHKDEHUFXPSOLGRFRQORVUHTXLVLWRVTXHHVWDEOHFHHODUWtFXORRGHO
FLWDGRRUGHQDPLHQWROHJDO/RTXHKDJRGHVXFRQRFLPLHQWRSDUDHIHFWRGHOILHOGHVHPSHxR
GHVXVIXQFLRQHVFRQIRUPHDORGLVSXHVWRSRUORVRUGHQDPLHQWRVDSOLFDEOHV´
&RQ IXQGDPHQWR HQ HO DUWtFXOR ~OWLPR SiUUDIR GH OD /H\ )HGHUDO GH &RUUHGXUtD 3~EOLFD HO OLFHQFLDGR
&DUORV /XYLDQR0RQWHORQJRSRGUiLQLFLDUHO HMHUFLFLR GHVXVIXQFLRQHVD SDUWLUGHODIHFKDGH SXEOLFDFLyQGHO
SUHVHQWH$FXHUGRHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ
$WHQWDPHQWH
0p[LFR ') D GH PD\R GH /D 'LUHFWRUD GH &RUUHGXUtD 3~EOLFD $GULDQD $QJpOLFD 9HUGH
5RFKD5~EULFD

$&8(5'2SRUHOTXHVHRWRUJDKDELOLWDFLyQDOFLXGDGDQR&DUORV)HUQDQGR&KDEOH&XEUtDFRPRFRUUHGRUS~EOLFR
Q~PHURHQODSOD]DGHO(VWDGRGH9HUDFUX]
$OPDUJHQXQVHOORFRQHO(VFXGR1DFLRQDOTXHGLFH(VWDGRV8QLGRV0H[LFDQRV6HFUHWDUtDGH(FRQRPtD
6XEVHFUHWDUtDGH&RPSHWLWLYLGDG\1RUPDWLYLGDG'LUHFFLyQ*HQHUDOGH1RUPDWLYLGDG0HUFDQWLO'LUHFFLyQGH
&RUUHGXUtD3~EOLFD
/D 6HFUHWDUtD GH (FRQRPtD SRU FRQGXFWR GH OD 'LUHFFLyQ GH &RUUHGXUtD 3~EOLFD DGVFULWD D OD 'LUHFFLyQ
*HQHUDO GH 1RUPDWLYLGDG 0HUFDQWLO D ILQ GH GDU FXPSOLPLHQWR D OR HVWDEOHFLGR SRU ORV DUWtFXORV ~OWLPR
SiUUDIR GH OD /H\ )HGHUDO GH &RUUHGXUtD 3~EOLFD GH VX UHJODPHQWR IUDFFLyQ ;9 \ ~OWLPR SiUUDIR GH
HVH PLVPR DUWtFXOR GHO 5HJODPHQWR ,QWHULRU GH HVWD GHSHQGHQFLD GD D FRQRFHU HO VLJXLHQWH $FXHUGR
GH+DELOLWDFLyQ
(O (MHFXWLYR )HGHUDO D WUDYpV GH OD 6HFUHWDUtD GH (FRQRPtD RWRUJD KDELOLWDFLyQ DO
& /LFHQFLDGR HQ 'HUHFKR &DUORV )HUQDQGR &KDEOH &XEUtD SDUD HMHUFHU OD IXQFLyQ GH
&RUUHGRU3~EOLFRFRQQ~PHURHQODSOD]DGHO(VWDGRGH9HUDFUX]FRQIXQGDPHQWRHQORV
DUWtFXORVRRIUDFFLyQ,,,GHOD/H\)HGHUDOGH&RUUHGXUtD3~EOLFD\ GHO5HJODPHQWR
GHODSURSLD/H\HQYLUWXGGHKDEHUFXPSOLGRFRQORVUHTXLVLWRVTXHHVWDEOHFHHODUWtFXORR
GHO FLWDGR RUGHQDPLHQWR OHJDO /R TXH KDJR GH VX FRQRFLPLHQWR SDUD HIHFWR GHO ILHO
GHVHPSHxRGHVXVIXQFLRQHVFRQIRUPHDORGLVSXHVWRSRUORVRUGHQDPLHQWRVDSOLFDEOHV´
&RQ IXQGDPHQWR HQ HO DUWtFXOR ~OWLPR SiUUDIR GH OD /H\ )HGHUDO GH &RUUHGXUtD 3~EOLFD HO OLFHQFLDGR
&DUORV)HUQDQGR&KDEOH&XEUtDSRGUiLQLFLDUHOHMHUFLFLRGHVXVIXQFLRQHVDSDUWLUGHODIHFKDGHSXEOLFDFLyQ
GHOSUHVHQWH$FXHUGRHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ
$WHQWDPHQWH
0p[LFR ') D GH PD\R GH /D 'LUHFWRUD GH &RUUHGXUtD 3~EOLFD $GULDQD $QJpOLFD 9HUGH
5RFKD5~EULFD

6(&5(7$5,$'(/$)81&,2138%/,&$
&,5&8/$5SRUODTXHVHFRPXQLFDDODVGHSHQGHQFLDV3URFXUDGXUtD*HQHUDOGHOD5HS~EOLFD\HQWLGDGHVGHOD
$GPLQLVWUDFLyQ3~EOLFD)HGHUDODVtFRPRDODVHQWLGDGHVIHGHUDWLYDVTXHOD6H[WD6DOD5HJLRQDO0HWURSROLWDQDGHO
7ULEXQDO)HGHUDOGH-XVWLFLD)LVFDO\$GPLQLVWUDWLYDGLFWyVHQWHQFLDGHQWURGHOH[SHGLHQWHHQOD
FXDO VH GHWHUPLQy GHFODUDU OD QXOLGDG OLVD \ OODQD GH OD UHVROXFLyQ FRQWHQLGD HQ HO GLYHUVR
&)(&,$56GHWUHVGHIHEUHURGHGRVPLOVHLVHQFRQWUDGH0LFUR7HFQRORJtD\6HUYLFLRV6$
GH&9SRUWDQWRVHGHMDVLQHIHFWRVHOIDOORHQHOTXHVHOHDSOLFyLQKDELOLWDFLyQSRUHOSOD]RGHWUHVPHVHV
$OPDUJHQXQVHOORFRQHO(VFXGR1DFLRQDOTXHGLFH(VWDGRV8QLGRV0H[LFDQRV6HFUHWDUtDGHOD)XQFLyQ
3~EOLFD 2UJDQR ,QWHUQR GH &RQWURO HQ OD &RPLVLyQ )HGHUDO GH (OHFWULFLGDG $UHD GH 5HVSRQVDELOLGDGHV
([SHGLHQWH56
&,5&8/$51R&)(&,$56
&LUFXODUSRUODTXHVHFRPXQLFDDODVGHSHQGHQFLDV3URFXUDGXUtD*HQHUDOGHOD5HS~EOLFD\HQWLGDGHVGH
OD $GPLQLVWUDFLyQ 3~EOLFD )HGHUDO DVt FRPR D ODV HQWLGDGHV IHGHUDWLYDV TXH OD 6H[WD 6DOD 5HJLRQDO
0HWURSROLWDQDGHO7ULEXQDO)HGHUDOGH-XVWLFLD)LVFDO\$GPLQLVWUDWLYDGLFWyVHQWHQFLDHOYHLQWLXQRGHDEULOGH
GRVPLOQXHYHGHQWURGHOH[SHGLHQWHHQODFXDOVHGHWHUPLQyGHFODUDUODQXOLGDGOLVD\OODQD
GHODUHVROXFLyQFRQWHQLGDHQHOGLYHUVR&)(&,$56GHWUHVGHIHEUHURGHGRVPLOVHLV
HPLWLGD SRU HVWD $UHD GH 5HVSRQVDELOLGDGHV GHO 2UJDQR ,QWHUQR GH &RQWURO HQ OD &RPLVLyQ )HGHUDO GH
(OHFWULFLGDGHQHOSURFHGLPLHQWRDGPLQLVWUDWLYRGHVDQFLyQTXHVHFLWDDOUXEURHQFRQWUDGH0LFUR7HFQRORJtD
\6HUYLFLRV6$GH&9SRUWDQWRVHGHMDVLQHIHFWRVHOIDOORDTXHVHKDKHFKRUHIHUHQFLDHQHOTXHVHOH
DSOLFyXQDLQKDELOLWDFLyQSRUHOSOD]RGHWUHVPHVHV
$Vt OR SURYH\y \ ILUPD HO 7LWXODU GHO $UHD GH 5HVSRQVDELOLGDGHV GHO 2UJDQR ,QWHUQR GH &RQWURO HQ OD
&RPLVLyQ)HGHUDOGH(OHFWULFLGDG
0p[LFR ') D GH PDU]R GH (O 7LWXODU GHO $UHD GH 5HVSRQVDELOLGDGHV GHO 2UJDQR ,QWHUQR GH
&RQWUROHQOD&RPLVLyQ)HGHUDOGH(OHFWULFLGDG)HUQDQGR(VFDQGyQ<XVR5~EULFD

$GPLQLVWUDFLyQ 3~EOLFD )HGHUDO DVt FRPR D ODV HQWLGDGHV IHGHUDWLYDV TXH GHEHUiQ DEVWHQHUVH GH DFHSWDU
SURSXHVWDVRFHOHEUDUFRQWUDWRVFRQODHPSUHVD,QGXVWULDVGH&KLDSDV0LJXHO$QJHO+HUQiQGH]&RQWUHUDV
3~EOLFD 2UJDQR ,QWHUQR GH &RQWURO HQ 3HPH[([SORUDFLyQ \ 3URGXFFLyQ $UHD GH 5HVSRQVDELOLGDGHV
([SHGLHQWH&,63(3
&,5&8/$51R2,&3(3$5
&,5&8/$5325/$48(6(&2081,&$$/$6'(3(1'(1&,$6352&85$'85,$*(1(5$/'(/$5(38%/,&$
< (17,'$'(6 '( /$ $'0,1,675$&,21 38%/,&$ )('(5$/ $6, &202 $ /$6 (17,'$'(6 )('(5$7,9$6 48(
'(%(5$1$%67(1(56('($&(37$535238(67$62&(/(%5$5&2175$726&21/$(035(6$,1'8675,$6
'(&+,$3$60,*8(/$1*(/+(51$1'(=&2175(5$6
2ILFLDOHVPD\RUHVGHODVGHSHQGHQFLDV
3URFXUDGXUtD*HQHUDOGHOD5HS~EOLFD
\HTXLYDOHQWHVGHODVHQWLGDGHVGHOD
$GPLQLVWUDFLyQ3~EOLFD)HGHUDO\GHORV
JRELHUQRVGHODVHQWLGDGHVIHGHUDWLYDV
3UHVHQWHV
&RQIXQGDPHQWRHQORVDUWtFXORVGHOD&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV0H[LFDQRV\
SULPHUSiUUDIRGHOD/H\)HGHUDOGH3URFHGLPLHQWR$GPLQLVWUDWLYRGHDSOLFDFLyQVXSOHWRULDIUDFFLyQ,9
IUDFFLRQHV , \ ,9 \ GH OD /H\ GH $GTXLVLFLRQHV $UUHQGDPLHQWRV \ 6HUYLFLRV GHO 6HFWRU 3~EOLFR HQ
FXPSOLPLHQWRDORRUGHQDGRHQHO5HVROXWLYRWHUFHURGHODUHVROXFLyQGLFWDGDHOGHPD\RGHGHQWUR
GHO H[SHGLHQWH Q~PHUR &,63(3 PHGLDQWH HO FXDO VH UHVROYLy HO SURFHGLPLHQWR GH VDQFLyQ
DGPLQLVWUDWLYD LQFRDGR D OD HPSUHVD ,QGXVWULDV GH &KLDSDV 0LJXHO $QJHO +HUQiQGH] &RQWUHUDV HVWD
$XWRULGDG $GPLQLVWUDWLYD KDFH GH VX FRQRFLPLHQWR TXH D SDUWLU GHO GtD VLJXLHQWH DO HQ TXH VH SXEOLTXH OD
SUHVHQWH &LUFXODU HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ GHEHUiQ DEVWHQHUVH GH UHFLELU SURSXHVWDV R FHOHEUDU
FRQWUDWRDOJXQRVREUHODPDWHULDGH$GTXLVLFLRQHV$UUHQGDPLHQWRV\6HUYLFLRVGHO6HFWRU3~EOLFRFRQGLFKD
HPSUHVDGHPDQHUDGLUHFWDRSRULQWHUSyVLWDSHUVRQDSRUHOSOD]RGHFLQFRPHVHV
(QYLUWXGGHORVHxDODGRHQHOSiUUDIRDQWHULRUORVFRQWUDWRVDGMXGLFDGRV\ORVTXHDFWXDOPHQWHVHWHQJDQ
IRUPDOL]DGRVFRQODPHQFLRQDGDHPSUHVDQRTXHGDUiQFRPSUHQGLGRVHQODDSOLFDFLyQGHODSUHVHQWH&LUFXODU
/DVHQWLGDGHV IHGHUDWLYDV \ORVPXQLFLSLRVLQWHUHVDGRVGHEHUiQFXPSOLU FRQORVHxDODGRHQ HVWD&LUFXODU
FXDQGRODV$GTXLVLFLRQHV$UUHQGDPLHQWRV\6HUYLFLRVGHO6HFWRU3~EOLFRTXHFRQWUDWHQVHUHDOLFHQFRQFDUJR
WRWDORSDUFLDODIRQGRVIHGHUDOHVFRQIRUPHDORVFRQYHQLRVTXHFHOHEUHQFRQHO(MHFXWLYR)HGHUDO
8QDYH]WUDQVFXUULGRHOSOD]RDQWHVVHxDODGRFRQFOXLUiQORVHIHFWRVGHODSUHVHQWH&LUFXODUVLQTXHVHD
QHFHVDULRDOJ~QRWURFRPXQLFDGR
$WHQWDPHQWH
0p[LFR')DGHPD\RGH(O7LWXODUGHO$UHDGH5HVSRQVDELOLGDGHVHQHO2UJDQR,QWHUQRGH
&RQWUROHQ3HPH[([SORUDFLyQ\3URGXFFLyQ5D~O&DUUHUD3OLHJR5~EULFD

$GPLQLVWUDFLyQ 3~EOLFD )HGHUDO DVt FRPR D ODV HQWLGDGHV IHGHUDWLYDV OD VXVSHQVLyQ RWRUJDGD D OD HPSUHVD
3URWHFFLyQ$PELHQWDO,QWHUQDFLRQDO6$GH&9
3~EOLFD2UJDQR,QWHUQRGH&RQWUROHQ3HPH[*DV\3HWURTXtPLFD%iVLFD$UHDGH5HVSRQVDELOLGDGHV
&,5&8/$51R
&,5&8/$5325/$48(6(&2081,&$$/$6'(3(1'(1&,$6352&85$'85,$*(1(5$/'(/$5(38%/,&$
< (17,'$'(6 '( /$ $'0,1,675$&,21 38%/,&$ )('(5$/ $6, &202 $ /$6 (17,'$'(6 )('(5$7,9$6 /$
6863(16,212725*$'$$/$(035(6$3527(&&,21$0%,(17$/,17(51$&,21$/6$'(&9
3UHVHQWHV
&RQ IHFKD WUHFH GH HQHUR GH GRV PLO QXHYH ORV && 0DJLVWUDGRV TXH LQWHJUDQ OD 'pFLPR 3ULPHUD
6DOD 5HJLRQDO 0HWURSROLWDQD GHO 7ULEXQDO )HGHUDO GH -XVWLFLD )LVFDO \ $GPLQLVWUDWLYD HQ HO LQFLGHQWH
GH PHGLGDV FDXWHODUHV GHQWUR GHO MXLFLR GH QXOLGDG SURPRYLGR SRU OD HPSUHVD
3URWHFFLyQ $PELHQWDO ,QWHUQDFLRQDO 6$ GH &9 GLFWDURQ UHVROXFLyQ HQ OD FXDO HQ OR FRQGXFHQWH
GHWHUPLQDURQ³,,6(&21&('(/$6863(16,21'(),1,7,9$UHVSHFWRGHODLQKDELOLWDFLyQSRUWUHVPHVHV
SDUDSDUWLFLSDUHQSURFHGLPLHQWRVGHFRQWUDWDFLyQRFHOHEUDUFRQWUDWRVVLHPSUH\FXDQGRODPLVPDQRVHKD\D
HMHFXWDGR´ SRU WDQWR VH VXVSHQGH OD LQKDELOLWDFLyQ SRU HO SOD]R GH WUHV PHVHV LPSXHVWD SRU HVWD $UHD GH
5HVSRQVDELOLGDGHV GHO 2UJDQR ,QWHUQR GH &RQWURO HQ 3HPH[ *DV \ 3HWURTXtPLFD %iVLFD D OD DOXGLGD
HPSUHVD PHGLDQWH OD UHVROXFLyQ GH GLHFLVLHWH GH MXOLR GH GRV PLO RFKR HQ HO H[SHGLHQWH DGPLQLVWUDWLYR
2,&$58,63 KDVWD HQ WDQWR VH UHVXHOYD VREUH HO IRQGR GHO DVXQWR SODQWHDGR HQ OD
GHPDQGDGHQXOLGDG
/DVHQWLGDGHVIHGHUDWLYDV\ORVPXQLFLSLRVLQWHUHVDGRVGHEHUiQFXPSOLUFRQORVHxDODGRHQHVWD&LUFXODU
FXDQGRODVDGTXLVLFLRQHVDUUHQGDPLHQWRV\VHUYLFLRVGHOVHFWRUS~EOLFRTXHFRQWUDWHQVHUHDOLFHQFRQFDUJR
WRWDORSDUFLDODIRQGRVIHGHUDOHVFRQIRUPHDORVFRQYHQLRVTXHFHOHEUHQFRQHO(MHFXWLYR)HGHUDO
$WHQWDPHQWH
6XIUDJLR(IHFWLYR1R5HHOHFFLyQ
0p[LFR ') D GH PD\R GH (O 7LWXODU GHO $UHD GH 5HVSRQVDELOLGDGHV GHO 2UJDQR ,QWHUQR GH
&RQWUROHQ3HPH[*DV\3HWURTXtPLFD%iVLFD&DUORV%HQMDPtQ6LOYD+HUQiQGH]5~EULFD

$GPLQLVWUDFLyQ3~EOLFD)HGHUDODVtFRPRDODVHQWLGDGHVIHGHUDWLYDVODFRQWLQXDFLyQGHODLQKDELOLWDFLyQLPSXHVWD
DODHPSUHVD0DQXIDFWXUDV\0DQWHQLPLHQWRV0HWDOPHFiQLFRV6$GH&9
3~EOLFD2UJDQR,QWHUQRGH&RQWUROHQ3HPH[*DV\3HWURTXtPLFD%iVLFD$UHDGH5HVSRQVDELOLGDGHV
&,5&8/$51R
&,5&8/$5325/$48(6(&2081,&$$/$6'(3(1'(1&,$6352&85$'85,$*(1(5$/'(/$5(38%/,&$
< (17,'$'(6 '( /$ $'0,1,675$&,21 38%/,&$ )('(5$/ $6, &202 $ /$6 (17,'$'(6 )('(5$7,9$6 /$
&217,18$&,21 '( /$ ,1+$%,/,7$&,21 ,038(67$ $ /$ (035(6$ 0$18)$&785$6 < 0$17(1,0,(1726
0(7$/0(&$1,&266$'(&9
3UHVHQWHV
&RQ IHFKD GH GLHFLRFKR GH PD\R GH GRV PLO QXHYH HO & 7LWXODU GHO 2UJDQR ,QWHUQR GH &RQWURO
HQ 3HPH[ *DV \ 3HWURTXtPLFD %iVLFD GHQWUR GHO H[SHGLHQWH 2,&$55563
LQWHJUDGR FRQ PRWLYR GHO UHFXUVR GH UHYLVLyQ SURPRYLGR SRU OD HPSUHVD 0DQXIDFWXUDV \ 0DQWHQLPLHQWRV
0HWDOPHFiQLFRV 6$ GH &9 GLFWy UHVROXFLyQ FRQILUPDQGR OD VLPLODU HPLWLGD HQ HO OHJDMR DGPLQLVWUDWLYR GH
VDQFLRQHV 2,&$58,63 GDGR OR FXDO OD LQKDELOLWDFLyQ GH QXHYH PHVHV LPSXHVWD D HVD
PRUDOHQHVWH~OWLPROHJDMRSDUDTXHSRUVtRDWUDYpVGHLQWHUSyVLWDSHUVRQDSDUWLFLSHHQSURFHGLPLHQWRVGH
FRQWUDWDFLyQRFHOHEUHFRQWUDWRVUHJXODGRVSRUOD/H\GH$GTXLVLFLRQHV$UUHQGDPLHQWRV\6HUYLFLRVGHO6HFWRU
3~EOLFRGHEHUiSUHYDOHFHUSRUXQODSVRGHRFKRPHVHVFRQGLHFLVpLVGtDVTXHHPSH]DUiDWUDQVFXUULUDSDUWLU
GHOGtDVLJXLHQWHDVXGLIXVLyQHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQWHQLHQGRHQFXHQWDTXHHOGLHFLQXHYHGH
IHEUHUR GHO DxR HQ FXUVR IXH GLYXOJDGD GLFKD VDQFLyQ HQ HO PHGLR GH FRPXQLFDFLyQ RILFLDO GH UHIHUHQFLD
DVtFRPRTXHGHQWURGHOSURFHGLPLHQWRGHODOXGLGRPHGLRGHGHIHQVDHQDFXHUGRGHYHLQWLFLQFRVLJXLHQWHVH
FRQFHGLy OD VXVSHQVLyQ GHO LPSHGLPHQWR SRU OR TXH H[LVWLHURQ FDWRUFH GtDV GHQWUR GH ORV FXDOHV HVWXYR HQ
YLJRUODSHQDOL]DFLyQSDUDODVRFLHGDGPHUFDQWLOGHTXHVHWUDWD
(Q YLUWXG GH OR VHxDODGR HQ HO SiUUDIR DQWHULRU ORV FRQWUDWRV DGMXGLFDGRV \ ORV TXH DFWXDOPHQWH
VH WHQJDQ IRUPDOL]DGRV FRQ OD PHQFLRQDGD LQIUDFWRUD QR TXHGDUiQ FRPSUHQGLGRV HQ OD DSOLFDFLyQ GH OD
SUHVHQWH&LUFXODU
/DVHQWLGDGHVIHGHUDWLYDV\ORVPXQLFLSLRVLQWHUHVDGRVGHEHUiQFXPSOLUFRQORVHxDODGRHQHVWD&LUFXODU
FXDQGR ODVDGTXLVLFLRQHV \VHUYLFLRVTXHFRQWUDWHQVH UHDOLFHQFRQFDUJRWRWDORSDUFLDO DIRQGRVIHGHUDOHV
FRQIRUPHDORVFRQYHQLRVTXHFHOHEUHQFRQHO(MHFXWLYR)HGHUDO
'H FRQIRUPLGDG FRQ HO DUWtFXOR DQWHSHQ~OWLPR SiUUDIR GH OD /H\ GH $GTXLVLFLRQHV $UUHQGDPLHQWRV
\ 6HUYLFLRV GHO 6HFWRU 3~EOLFR UHIRUPDGD \ DGLFLRQDGD SRU 'HFUHWR SXEOLFDGR HQ HO 'LDULR 2ILFLDO GH OD
)HGHUDFLyQHOVLHWHGHMXOLRGHGRVPLOFLQFRHQYLJRUDSDUWLUGHORFKRVLJXLHQWHVtDOGtDHQTXHVHFXPSODHO
SOD]R GH LQKDELOLWDFLyQ DSOLFDGR OD SHUVRQD PRUDO VDQFLRQDGD QR KD OLTXLGDGR OD PXOWD TXH KXELHUH VLGR
LPSXHVWDODPHQFLRQDGDLQKDELOLWDFLyQVXEVLVWLUiKDVWDTXHVHUHDOLFHHOSDJRFRUUHVSRQGLHQWH
(Q FDVR FRQWUDULR XQD YH] WUDQVFXUULGR HO SOD]R DQWHV VHxDODGR FRQFOXLUiQ ORV HIHFWRV GH OD SUHVHQWH
&LUFXODUVLQTXHVHDQHFHVDULRDOJ~QRWURFRPXQLFDGR
$WHQWDPHQWH
0p[LFR ') D GH PD\R GH (O 7LWXODU GHO $UHD GH 5HVSRQVDELOLGDGHV GHO 2UJDQR ,QWHUQR GH
&RQWUROHQ3HPH[*DV\3HWURTXtPLFD%iVLFD&DUORV%HQMDPtQ6LOYD+HUQiQGH]5~EULFD
%$1&2'(0(;,&2
7,32 GH FDPELR SDUD VROYHQWDU REOLJDFLRQHV GHQRPLQDGDV HQ PRQHGD H[WUDQMHUD SDJDGHUDV HQ OD
5HS~EOLFD0H[LFDQD
$OPDUJHQXQORJRWLSRTXHGLFH%DQFRGH0p[LFR
7,32'(&$0%,23$5$62/9(17$52%/,*$&,21(6'(120,1$'$6(1021('$(;75$1-(5$
3$*$'(5$6(1/$5(38%/,&$0(;,&$1$
&RQ IXQGDPHQWR HQ HO DUWtFXOR GH OD /H\ GHO %DQFR GH 0p[LFR HQ ORV DUWtFXORV R \ R GHO
5HJODPHQWR,QWHULRUGHO%DQFRGH0p[LFR\HQORVWpUPLQRVGHOQXPHUDOGHODV'LVSRVLFLRQHV$SOLFDEOHVD
OD 'HWHUPLQDFLyQ GHO 7LSR GH &DPELR SDUD 6ROYHQWDU 2EOLJDFLRQHV 'HQRPLQDGDV HQ 0RQHGD ([WUDQMHUD
3DJDGHUDV HQ OD 5HS~EOLFD 0H[LFDQD SXEOLFDGDV HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ HO GH PDU]R GH
HO %DQFR GH 0p[LFR LQIRUPD TXH HO WLSR GH FDPELR FLWDGR REWHQLGR HO GtD GH KR\ FRQIRUPH
DO SURFHGLPLHQWR HVWDEOHFLGR HQ HO QXPHUDO GH ODV 'LVSRVLFLRQHV PHQFLRQDGDV IXH GH 01
75(&( 3(626 &21 '26 0,/ 6(7(&,(1726 6(6(17$ < 2&+2 ',(=0,/(6,026 021('$
1$&,21$/SRUXQGyODUGHORV((88$
/DHTXLYDOHQFLDGHOSHVRPH[LFDQRFRQRWUDVPRQHGDVH[WUDQMHUDVVHFDOFXODUiDWHQGLHQGRDODFRWL]DFLyQ
TXHULMDSDUDHVWDV~OWLPDVFRQWUDHOGyODUGHORV((88$HQORVPHUFDGRVLQWHUQDFLRQDOHVHOGtDHQTXHVH
KDJDHOSDJR(VWDVFRWL]DFLRQHVVHUiQGDGDVDFRQRFHUDVROLFLWXGGHORVLQWHUHVDGRVSRUODVLQVWLWXFLRQHV
GHFUpGLWRGHOSDtV
$WHQWDPHQWH
0p[LFR ') D GH MXQLR GH %$1&2 '( 0(;,&2 (O *HUHQWH GH 'LVSRVLFLRQHV DO 6LVWHPD
)LQDQFLHUR (GXDUGR $XUHOLR *yPH] $OFi]DU 5~EULFD (O *HUHQWH GH 2SHUDFLRQHV 1DFLRQDOHV &DUORV
3pUH]9HUGtD&DQDOHV5~EULFD

7$6$6GHLQWHUpVLQWHUEDQFDULDVGHHTXLOLEULR
$OPDUJHQXQORJRWLSRTXHGLFH%DQFRGH0p[LFR
7$6$6'(,17(5(6,17(5%$1&$5,$6'((48,/,%5,2
6HJ~QUHVROXFLyQGHO%DQFRGH0p[LFRSXEOLFDGDHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOGHPDU]RGH
\ GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO $QH[R GH OD &LUFXODU GLULJLGD D ODV LQVWLWXFLRQHV
GH EDQFD P~OWLSOH VH LQIRUPD TXH ODV 7DVDV GH ,QWHUpV ,QWHUEDQFDULDV GH (TXLOLEULR HQ 0RQHGD 1DFLRQDO D
SOD]RVGH\GtDVREWHQLGDVHOGtDGHKR\IXHURQGH\SRUFLHQWRUHVSHFWLYDPHQWH
/DV FLWDGDV 7DVDV GH ,QWHUpV VH FDOFXODURQ FRQ EDVH HQ ODV FRWL]DFLRQHV SUHVHQWDGDV SRU ORV %DQFRV
%DQFR 6DQWDQGHU 6$ ,;( %DQFR 6$ %DQFR ,QWHUDFFLRQHV 6$ %DQFR -3 0RUJDQ 6$ %DQFR &UHGLW
6XLVVH0p[LFR6$%DQFR$]WHFD6$\%DQFR0HUFDQWLOGHO1RUWH6$
0p[LFR ') D GH MXQLR GH %$1&2 '( 0(;,&2 (O *HUHQWH GH 'LVSRVLFLRQHV DO 6LVWHPD
)LQDQFLHUR (GXDUGR $XUHOLR *yPH] $OFi]DU 5~EULFD (O *HUHQWH GH 2SHUDFLRQHV 1DFLRQDOHV &DUORV
3pUH]9HUGtD&DQDOHV5~EULFD

6(&&,21'($9,626

$9,626-8',&,$/(6

3RGHU-XGLFLDOGHO(VWDGRGH0LFKRDFiQ
-X]JDGR6HJXQGRGH3ULPHUD,QVWDQFLDHQ0DWHULD&LYLO
-X]JDGR6HJXQGRGHOR&LYLO
=DPRUD0LFKRDFiQ
(',&72
'HQWUR GH ORV DXWRV GHO MXLFLR (MHFXWLYR 0HUFDQWLO Q~PHUR SURPRYLGR SRU HO /LFHQFLDGR /XLV
+XPEHUWR 3D] 0DQ]DQR HQGRVDWDULR GH :HQFHVODR 1 $YDORV IUHQWH D 0DUtD *XDGDOXSH /ySH] *DUFtD VH
VHxDODURQODVFDWRUFHKRUDVGHOGtDWUHFHGHMXOLRGHOGRVPLOQXHYHSDUDODFHOHEUDFLyQGHOD
DXGLHQFLDGHUHPDWHHQ35,0(5$$/021('$UHVSHFWRGHOVLJXLHQWHELHQLQPXHEOH
)LQFD XUEDQD PDUFDGD FRQ HO Q~PHUR FRQVWUXLGD VREUH HO /RWH GH OD PDQ]DQD GHO
)UDFFLRQDPLHQWR /DV )XHQWHV GH HVWD FLXGDG GH =DPRUD 0LFKRDFiQ FRQ ODV VLJXLHQWHV PHGLGDV \
FROLQGDQFLDV $/ 1257( RFKR PHWURV FLQFXHQWD FHQWtPHWURV FRQ FDOOH )UHVQR $/ 685 RFKR
PHWURVFLQFXHQWDFHQWtPHWURVFRQORWHVRFKR\QXHYH$O25,(17(YHLQWHPHWURVFRQORWH\$/
321,(17(YHLQWHPHWURVFRQORWHQ~PHURFRQXQDVXSHUILFLHGH0PHWURVFXDGUDGRV\FRQ
XQ YDORU SHULFLDO GH
81 0,//21 75(6&,(1726 129(17$ < 2&+2 0,/ 2&+2&,(1726
&,1&8(17$<&8$7523(62601
(VEDVHSDUDHOUHPDWHHOYDORUSHULFLDODVLJQDGRHQDXWRV\HVSRVWXUDOHJDOODTXHFXEUDODVGRVWHUFHUDV
SDUWHVGHOPLVPR&219248(16(326725(6
$WHQWDPHQWH
=DPRUD0LFKDGHPD\RGH
(O6HFUHWDULRGH$FXHUGRV
&/HRQDUGR/ySH]0DJDxD
5~EULFD
5
*RELHUQRGHO(VWDGRGH0p[LFR
3RGHU-XGLFLDO
7ULEXQDO6XSHULRUGH-XVWLFLD
-X]JDGR6HJXQGR&LYLO
7ROXFD0p[LFR
6HJXQGD6HFUHWDUtD
-X]JDGR6HJXQGR&LYLOGH&XDQWtD0D\RUGH'LVWULWR-XGLFLDOGH7ROXFD
-X]JDGR6HJXQGR&LYLOGH3ULPHUD,QVWDQFLD&XDQWtD0D\RUGHO'LVWULWR-XGLFLDOGH7ROXFD
(',&72
(Q HO H[SHGLHQWH UHODWLYR DO MXLFLR (-(&87,92 0(5&$17,/ SURPRYLGR SRU 3$6&8$/ 6$/$6
52-$6HQFRQWUDGH),/,%(5729,/&+,60$57,1(=HO-XH]6HJXQGR&LYLOGH3ULPHUD,QVWDQFLD&XDQWtD
0D\RUGHO'LVWULWR-XGLFLDOGH7ROXFD(VWDGRGH0p[LFRVHxDOyODV21&(+25$6'(/',$9(,17,'26'(
-81,2 '(/ '26 0,/ 18(9( SDUD TXH WHQJD OXJDU OD 35,0(5$ $/021('$ '( 5(0$7( GHO ELHQ
HPEDUJDGRHQHOSUHVHQWH-XLFLRXELFDGRHQ$QGDGRUGHOD0LVLyQVLQQXPHURHQ&DSXOWLWODQ0XQLFLSLRGH
7ROXFD(VWDGRGH0p[LFRFX\RVDQWHFHGHQWHVUHJtVWUDOHVVRQ3DUWLGD9ROXPHQ/LEUR3ULPHUR
6HFFLyQ3ULPHUDGHIHFKDYHLQWLFXDWURGHDEULOGHPLO QRYHFLHQWRVVHWHQWD\QXHYH(O-XH]RUGHQyVXYHQWD
SRU PHGLR GH HGLFWRV TXH VH SXEOLFDUiQ HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ \ HQ OD WDEOD GH DYLVRV TXH VH
OOHYDHQHVWH-X]JDGRSRU75(6YHFHVGHQWURGH18(9(GtDVFRQYRFDQGRSRVWRUHVVLUYLHQGRGHEDVHSDUD
HOUHPDWHODFDQWLGDGTXHFXEUDODVGRVWHUFHUDVSDUWHVGHODVXPDGH&,(1726(7(17$<81
0,/ 48,1,(1726 3(626 01 \ GH PDQHUD TXHHQWUH OD SXEOLFDFLyQ R ILMDFLyQ GHO ~OWLPR HGLFWR \
IHFKDGHOUHPDWHPHGLHXQWpUPLQRQRPHQRUGH&,1&2GtDVGHFRQIRUPLGDGFRQORVQXPHUDOHV\
GHO&yGLJR)HGHUDOGH3URFHGLPLHQWRV&LYLOHVGHDSOLFDFLyQVXSOHWRULDDODOHJLVODFLyQPHUFDQWLO
0(','$6<&2/,1'$1&,$6
1257(0(7526&213$6&8$/9,/&+,60$7(2
6850(7526&213523,('$'3$57,&8/$5
25,(17(0(7526&21$1'$'25'(/$0,6,21
321,(17(0(7526&21),/(0211$-(5$
&2181$683(5),&,('(0(7526&8$'5$'26
'2<)(
7ROXFD(GRGH0p[DGHPD\R
/D6HFUHWDULRGH$FXHUGRV
/LF$QD/LGLD2UWL]*RQ]iOH]
5~EULFD
5
3RGHU-XGLFLDOGHOD)HGHUDFLyQ
-X]JDGR1RYHQRGH'LVWULWRHQHO(VWDGR
6DQ$QGUpV&KROXOD3XHEOD
(',&72
$50$1'20$57,1(=',$='(/(21
9,$ 127,),&$&,21 6( /( &2081,&$ 48( (1 (67( -8=*$'2 129(12 '( ',675,72 (1 (/
(67$'2'(38(%/$6(75$0,7$(/-8,&,2'($03$52180(529352029,'2325
/8= 0$5,$ *8$'$/83( )/25(6 6$1&+(= &2175$ $&726 '(/ -8(= 7(5&(52 '( /2 &,9,/ <
',/,*(1&,$5,2 (1&$5*$'2 '( /26 (;3(',(17(6 3$5(6 $'6&5,72 $0%26 '( &,8'$'
-8',&,$/ 38(%/$ 48( +,=2 &216,67,5 (1 (/ $872 '( 6,(7( '( (1(52 '( '26 0,/ 18(9(
',&7$'2(1(/-8,&,2(-(&87,920(5&$17,/'(/,1',&('(/$5(63216$%/((1(/
&8$/ 12 6( $'0,7( (/ 5(&8562 '( 5(92&$&,21 48( +,=2 9$/(5 (1 &2175$ '(/ $872 '(
',(= '( ',&,(0%5( '( '26 0,/ 2&+2 < 6( 25'(12 //$0$5/2 $ -8,&,2 (1 &$5$&7(5 '(
7(5&(52 3(5-8',&$'2 $ ),1 '( 48( &203$5(=&$ $ $8',(1&,$ &2167,78&,21$/ ),-$'$
3$5$75(&(+25$6'(/9(,17,&,1&2'(-81,2'('260,/18(9(<6($3(5621($-8,&,26,
$ 68 ,17(5(6 &219,(1( $6,0,602 48('$ $ 68 ',6326,&,21 &23,$ '( /$ '(0$1'$ '(
$03$52 (1 /$ 6(&5(7$5,$ '( -8=*$'2 6( (;3,'( (/ 35(6(17( 3$5$ 6(5 38%/,&$'2 '(
6,(7((16,(7(',$632575(69(&(6&216(&87,9$6(1(/',$5,22),&,$/'(/$)('(5$&,21
<(13(5,2',&20$<25&,5&8/$&,21(1/$5(38%/,&$'$'2$48,1&('(0$<2'('260,/
18(9( (1 6$1 $1'5(6 &+2/8/$ 38(%/$ 6(&5(7$5,2 '( -8=*$'2/,&('*$5 6$/9$'25
9$5*$69$//('2<)(58%5,&$
5
-X]JDGR1RYHQRGH'LVWULWRHQHO(VWDGR
FRQUHVLGHQFLDHQ6DQ$QGUpV&KROXOD3XHEOD
(',&72
3HGUR*X]PiQ(VFDPLOOD\(QULTXH0DUWtQH]%UXQR
9tD QRWLILFDFLyQ FRPXQtTXHVHOHV TXH HQ HVWH -X]JDGR 1RYHQR GH 'LVWULWR HQ HO (VWDGR GH 3XHEOD VH
WUiPLWDHOMXLFLRGHDPSDUR,9SURPRYLGRSRU-DYLHU0DULR5H\HV5RGUtJXH]FRQWUDDFWRVGHOMXH]
7HUFHUR GH OR &LYLO GH HVWD FLXGDG \ GLOLJHQFLDULR SDU DGVFULWR DO DQWHULRU TXH KL]R FRQVLVWLU HQ OD VHQWHQFLD
GHILQLWLYD GLFWDGD HQ HO H[SHGLHQWH TXH RUGHQD OD GHVRFXSDFLyQ SRU WHUPLQDFLyQ GH FRQWUDWR GH
DUUHQGDPLHQWR SDJR GH UHQWDV \ GHPiV SUHVWDFLRQHV GHO LQPXHEOH XELFDGR HQ OD FDOOH 'LH] 3RQLHQWH FDVD
Q~PHUR QRYHFLHQWRV FLQFR LQWHULRU ' HQ 3XHEOD 3XHEOD VH RUGHQy OODPDUORV D MXLFLR FRQ HO FDUiFWHU GH
WHUFHURV SHUMXGLFDGRV D ILQ GH TXH FRPSDUH]FDQ D DXGLHQFLD FRQVWLWXFLRQDO ILMDGD SDUD ODV GRFH KRUDV FRQ
YHLQWHPLQXWRVGHOYHLQWLFLQFRGHMXQLRGHGRVPLOQXHYH\VHDSHUVRQHQDMXLFLRVLDVXVLQWHUHVHVFRQYLHQH
TXHGD D VX GLVSRVLFLyQ FRSLD GH GHPDQGD HQ OD 6HFUHWDUtD GHO -X]JDGR 6H H[SLGH HO SUHVHQWH SDUD VHU
SXEOLFDGRGHVLHWHSRUWUHVYHFHVFRQVHFXWLYDVHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ\HQXQRGHORVSHULyGLFRV
GHPD\RUFLUFXODFLyQHQOD5HS~EOLFDGDGRHOGLHFLQXHYHGHPD\RGHGRVPLOQXHYHHQ6DQ$QGUpV&KROXOD
3XHEOD6HFUHWDULDGH-X]JDGR/LF*UDFLHOD5DPtUH]$OYDUDGR'R\IH5~EULFD
5
3RGHU-XGLFLDOGHO(VWDGRGH-DOLVFR
6XSUHPR7ULEXQDOGH-XVWLFLDGHO(VWDGRGH-DOLVFR
4XLQWD6DOD
(',&72
(PSOiFHVH DO 7HUFHUR 3HUMXGLFDGR /8%5,&$17(6 352*5(62 6$ '( &9 SUHVpQWHVH GHIHQGHU
GHUHFKRV HQ HO WpUPLQR GH 75(,17$ ',$6 FRQWDGRV SDUWLU ~OWLPD SXEOLFDFLyQ SURPRYLGR SRU 6(*8526
%$1&20(;76$'(&9<275267RFD([S+4XLQWD6DODGHO6XSUHPR7ULEXQDO
GH-XVWLFLDGHO(VWDGRGH-DOLVFR
*XDGDODMDUD-DODGHPD\RGH
(O6HFUHWDULRGH$FXHUGRV
/LF0LJXHO$QJHO(VWUDGD5RGUtJXH]
5~EULFD
5
-X]JDGR7HUFHURGH'LVWULWR
7DSDFKXODGH&yUGRYD\2UGyxH]&KLDSDV
-X]JDGR7HUFHURGH'LVWULWRHQHO(VWDGRGH&KLDSDV
(',&72
&(59,1/23(=/23(=
'21'(6((1&8(175(
(QODFDXVD SHQDO TXHVH LQVWUX\HFRQWUD%5812)/25(6 0(/(1'(=SRUHOGHOLWRFRQWUDOD
VDOXG HQ ODV PRGDOLGDGHV GH VXPLQLVWUR \ FRPHUFLR GH FORUKLGUDWR GH FRFDtQD HQ VX YDULDQWH GH YHQWD
SUHYLVWR\VDQFLRQDGRSRUORVDUWtFXORV\IUDFFLyQ,HQWpUPLQRVGHOIUDFFLyQ,,GHO&yGLJR3HQDO
)HGHUDO VH GHWHUPLQy TXH IXQGDPHQWR HQ ORV DUWtFXORV \ GHO &yGLJR )HGHUDO GH 3URFHGLPLHQWRV
3HQDOHV VH OH QRWLILFDUD D XVWHG TXH VH ILMDURQ /$6 '2&( +25$6 '(/ '2&( '( -81,2 '( '26 0,/
18(9( SDUD TXH VH SUHVHQWH FRQ LGHQWLILFDFLyQ RILFLDO D ODV LQVWDODFLRQHV TXH RFXSD HO -X]JDGR 7HUFHUR
GH 'LVWULWR HQ HO (VWDGR GH &KLDSDV FRQ VHGH HQ OD WHUFHUD DYHQLGD QRUWH Q~PHUR YHLQWLWUpV HVTXLQD FRQ
ODWHUFHUDFDOOHRULHQWHHQHVWDFLXGDGSDUDHOGHVDKRJRGHODGLOLJHQFLDWHVWLPRQLDODVXFDUJRRIUHFLGDSRUOD
GHIHQVDGHOSURFHVDGRDQWHVFLWDGR
<SDUDVXSXEOLFDFLyQSRUGRVYHFHVHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ\HQGRVSHULyGLFRVGHPD\RU
FLUFXODFLyQQDFLRQDOH[SLGRHOSUHVHQWHHQ7DSDFKXODGH&yUGRYD\2UGyxH]&KLDSDVDORVGLHFLQXHYHGtDV
GHOPHVGHPD\RGHODxRGRVPLOQXHYH
(O6HFUHWDULRGHO-X]JDGR7HUFHURGH'LVWULWR
/LF-RVpGH-HV~V6RWR5tRV
5~EULFD
5
-X]JDGR7HUFHURGH'LVWULWR
7DSDFKXODGH&yUGRYD\2UGyxH]&KLDSDV
-X]JDGR7HUFHURGH'LVWULWRHQHO(VWDGRGH&KLDSDV
(',&72
&-$9,(5+(51$1'(=-8$5(=
'21'(6((1&8(175(
(QODFDXVDSHQDOTXHVHLQVWUX\HFRQWUD-8$1&$5/26*$5&,$6808$12\-8/,2&(6$5
*20(=&$6752SRUHOGHOLWRGHURERSUHYLVWR\VDQFLRQDGRSRUORVDUWtFXORV\SiUUDIRWHUFHURGHO
&yGLJR3HQDO)HGHUDOHQUHODFLyQFRQHOIUDFFLyQ,,,GHOSURSLRFyGLJRVHGHWHUPLQyTXHFRQIXQGDPHQWR
HQ ORV DUWtFXORV \ GHO &yGLJR )HGHUDO GH 3URFHGLPLHQWRV 3HQDOHV VH OH QRWLILFDUD D XVWHG TXH VH
ILMDURQ /$6 21&( +25$6 '(/ ',(&,6,(7( '( -81,2 '( '26 0,/ 18(9( SDUD TXH VH SUHVHQWH FRQ
LGHQWLILFDFLyQ RILFLDO D ODV LQVWDODFLRQHV TXH RFXSD HO -X]JDGR 7HUFHUR GH 'LVWULWR HQ HO (VWDGR GH &KLDSDV
FRQ VHGH HQ OD WHUFHUD FDOOH 2ULHQWH Q~PHUR YHLQWLWUpV HVTXLQD FRQ WHUFHUD DYHQLGD 1RUWH HQ HVWD FLXGDG
SDUDHOGHVDKRJRGHODGLOLJHQFLDGHFDUHRVDVXFDUJR
<SDUDVXSXEOLFDFLyQSRUGRVYHFHVHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ\HQGRVSHULyGLFRVGHPD\RU
FLUFXODFLyQQDFLRQDOH[SLGRHOSUHVHQWHHQ7DSDFKXODGH&yUGRYD\2UGyxH]&KLDSDVDORVGLHFLQXHYHGtDV
GHOPHVGHPD\RGHODxRGRVPLOQXHYH
(O6HFUHWDULRGHO-X]JDGR7HUFHURGH'LVWULWR
/LF-RVpGH-HV~V6RWR5tRV
5~EULFD
5
-X]JDGR'pFLPRGH'LVWULWRHQHO(VWDGRGH0p[LFR
FRQUHVLGHQFLDHQ1DXFDOSDQ
(',&72
-25*(125,(*$62/$12
1DXFDOSDQGH-XiUH](VWDGRGH0p[LFRYHLQWHGHDEULOGHGRVPLOQXHYH
(QORVDXWRVGHOMXLFLRGHDPSDUR,;SURPRYLGRSRU+HUOLQGDGHOD*DU]D0DFtDV\6HUJLR-XOLiQ
0DUWtQH] *X]PiQ SRU VX SURSLR GHUHFKR DQWH -X]JDGR 'pFLPR GH 'LVWULWR HQ HO (VWDGR GH 0p[LFR FRQ
UHVLGHQFLD HQ 1DXFDOSDQ FRQWUD DFWRV GHO -XH] 6HJXQGR GH OR &LYLO GHO 'LVWULWR -XGLFLDO GH &XDXWLWOiQ
FRQUHVLGHQFLDHQHO0XQLFLSLRGH&XDXWLWOiQ,]FDOOL(VWDGRGH0p[LFR\RWUDVDXWRULGDGHVSRUGHVFRQRFHUVH
HOGRPLFLOLRGHOWHUFHURSHUMXGLFDGR-RUJH1RULHJD6RODQRVHRUGHQyVXHPSOD]DPLHQWRSRUHGLFWRVDFRVWDGH
ORVDPSDULVWDVORVTXHVHSXEOLFDUiQSRUWUHVYHFHVGHVLHWHHQVLHWHGtDVHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ
\HQXQSHULyGLFRGHPD\RUFLUFXODFLyQQDFLRQDO\DGHPiVVHILMDUiHQODSXHUWDGHHVWH7ULEXQDO)HGHUDOXQD
FRSLDtQWHJUDGHOHGLFWRSRUWRGRHOWLHPSRGHOHPSOD]DPLHQWR
,16(572 6H FRPXQLFD DO WHUFHUR SHUMXGLFDGR -RUJH 1RULHJD 6RODQR TXH HQ HO -X]JDGR 'pFLPR GH
'LVWULWR HQ HO (VWDGR GH 0p[LFR FRQ UHVLGHQFLD HQ 1DXFDOSDQ GH -XiUH] PHGLDQWH SURYHtGR GH TXLQFH
GHHQHURGHGRVPLOQXHYHVHDGPLWLyDWUiPLWHODGHPDQGDGHDPSDURSURPRYLGDSRU+HUOLQGDGHOD*DU]D
0DFtDV \ 6HUJLR -XOLiQ 0DUWtQH] *X]PiQ SRU VX SURSLR GHUHFKR FRUUHVSRQGLpQGROH HO Q~PHUR GH MXLFLR GH
DPSDUR,;FRQWUDDFWRVGHO-XH]6HJXQGRGHOR&LYLOGHO'LVWULWR-XGLFLDOGH&XDXWLWOiQFRQUHVLGHQFLD
HQ HO 0XQLFLSLR GH &XDXWLWOiQ ,]FDOOL (VWDGR GH 0p[LFR \ RWUDV DXWRULGDGHV FRQVLVWHQWHV HQ ³/D IDOWD GH
HPSOD]DPLHQWRRHOLQGHELGRHPSOD]DPLHQWRHODFXHUGRRDFXHUGRVDXWRRDXWRV\VHQWHQFLDGHILQLWLYDWRGDV
HOODVDFWXDFLRQHVRUGHQDGDV\HMHFXWDGDVGHQWURGHOH[SHGLHQWH´
,QGtTXHVH DO WHUFHUR SHUMXGLFDGR -RUJH 1RULHJD 6RODQR TXH GHEHUi SUHVHQWDUVH HQ ODV LQVWDODFLRQHV GH
HVWH -X]JDGR )HGHUDO D ILQ GH DSHUVRQDUVH DO SUHVHQWH MXLFLR GHQWUR GHO WpUPLQR GH WUHLQWD GtDV FRQWDGRV D
SDUWLU GHO GtD VLJXLHQWH DO GH OD ~OWLPD SXEOLFDFLyQ GH ORV HGLFWRV RUGHQDGRV D HIHFWR GH TXH WHQJDQ
FRQRFLPLHQWRGHOLQLFLRGHOSUHVHQWHMXLFLRGHJDUDQWtDVHOGHUHFKRTXHWLHQHQGHDSHUVRQDUVHDOPLVPRVLD
VXVLQWHUHVHV FRQYLQLHUH \ DVXYH]VHxDOHQXQGRPLFLOLR SDUDRtU \UHFLELUQRWLILFDFLRQHVHQHVWD&LXGDGGH
1DXFDOSDQGH-XiUH](VWDGRGH0p[LFRDSHUFLELGRTXHHQFDVRGHQRKDFHUORFRQIXQGDPHQWRHQHODUWtFXOR
IUDFFLyQ ,, GH OD /H\ GH OD PDWHULD HQ UHODFLyQ FRQ ORV DUWtFXORV \ GHO &yGLJR )HGHUDO GH
3URFHGLPLHQWRV&LYLOHV GH DSOLFDFLyQVXSOHWRULDDOD/H\GH $PSDURODVVXEVHFXHQWHVQRWLILFDFLRQHVD~QODV
GHFDUiFWHUSHUVRQDOVHOHVKDUiQSRUPHGLRGHOLVWDTXHVHILMDHQORVHVWUDGRVGHHVWHMX]JDGR
)tMHVH XQD FRSLD GHO HGLFWR HQ OD SXHUWD GH DFFHVR GH HVWH 7ULEXQDO )HGHUDO SRU WRGR HO WLHPSR GHO
HPSOD]DPLHQWRTXHGDQGRDVXGLVSRVLFLyQHQODDFWXDUtDFRSLDVVLPSOHVGHODGHPDQGDGHJDUDQWtDV
$WHQWDPHQWH
(O6HFUHWDULRGHO-X]JDGR'pFLPRGH'LVWULWRHQHO(VWDGRGH0p[LFR
FRQUHVLGHQFLDHQ1DXFDOSDQGH-XiUH]
/LF6DPXHO(QULTXH0DGULJDO0pQGH]
5~EULFD
5
(VWDGRGH0p[LFR
3RGHU-XGLFLDO
-X]JDGR2FWDYR&LYLOGH3ULPHUD,QVWDQFLDGHO'LVWULWR-XGLFLDO
GH7ROXFDFRQUHVLGHQFLDHQ0HWHSHF0p[LFR
6HJXQGD6HFUHWDUtD
(',&72
(Q HO H[SHGLHQWH PDUFDGR FRQ HO Q~PHUR UHODWLYR DO -8,&,2 (-(&87,92 0(5&$17,/
SURPRYLGR SRU $/%(572 0(-,$ '(*2//$'2 HQ FRQWUD GH 0,*8(/ $1*(/ *21=$/(= *$5&,$ <
$1*(/,&$',$=/23(=SRUDXWRGHIHFKDTXLQFHGHPD\RGHODxRHQFXUVRVHVHxDODURQODV',(=+25$6
&2175(,17$0,18726'(/',$',(&,6(,6'(-81,2'(/'260,/18(9(SDUDTXHWHQJDYHULILFDWLYR
ODFHOHEUDFLyQ'(/$35,0(5$$/021('$'(5(0$7(GHOELHQLQPXHEOHXELFDGRHQ-XVWR6LHUUDQ~PHUR
VHLV%DUULRGH6DQWLDJXLWR0HWHSHF(VWDGRGH0p[LFRLQVFULWR(1(/5HJLVWUR3~EOLFRGHOD3URSLHGDGEDMROD
SDUWLGDQ~PHURYROXPHQ/LEUR3ULPHUR6HFFLyQ3ULPHUDDIRMDVTXLQFHYXHOWDGHIHFKDGLHFLVLHWHGH
MXQLRGHPLOQRYHFLHQWRVQRYHQWD\FXDWUR(/&8$/7,(1(/$66,*8,(17(60(','$6<&2/,1'$1&,$6
$/1257((175(6/,1($60(7526<0(7526&2/,1'$1'2&21%/$63(f$<
$'2/)2*21=$/(=(675$'$$/685PHWURVFROLQGDQGRFRQ*8$'$/83(1$9$<)(51$1'2
*21=$/(= $/ 25,(17( 0(7526 &2/,1'$1'2 &21 &$//( '(/ (1&,12 $&78$/0(17(
02&7(=80$ $/ 321,(17( 0(7526 &2/,1'$ &21 &$//(-21 '(/ 02/,1$ $&78$/0(17(
-86726,(55$683(5),&,('(/7(55(120(7526&8$'5$'266LUYLHQGRGHEDVHSDUDHO
UHPDWH OD FDQWLGDG GH ¶ 75(6 0,//21(6 '26&,(1726 81 0,/ &,(172 &,1&8(17$
3(626 01 3RU OR TXH SRU HVWH FRQGXFWR VH FRQYRFDQ SRVWRUHV ORV TXH GHEHUiQ DSRUWDU FRPR
SRVWXUD OHJDO ODV GRV WHUFHUDV SDUWHV GHO SUHFLR ILMDGR SRU ORV SHULWRV 38%/,48(6( 325 75(6 9(&(6
'(1752'(18(9(',$6(1(/3(5,2',&2',$5,22),&,$/'(/$)('(5$&,21<(1/$7$%/$'(
$9,626 '( (67( -8=*$'2 '( 7$/ 0$1(5$ 48( 325 1,1*81 027,92 0(',$5$1 0(126
'( &,1&2 ',$6 (175( /$ 8/7,0$ 38%/,&$&,21 < /$ )(&+$ '( /$ $/021('$ 0,6026 48( 6(
(;3,'(1$/26',(&,18(9(',$6'(/0(6'(0$<2'(/$f2'260,/18(9('2<)(
(O&6HFUHWDULR
/LF,VPDHO/DJXQDV3DORPDUHV
5~EULFD
5
-X]JDGR&XDUWRGH'LVWULWR
7LMXDQD%&
(',&72
(Q ORV DXWRV GHO MXLFLR GH JDUDQWtDV Q~PHUR SURPRYLGR SRU 5DIDHO -XDQD 0DUtD $QWRQLD
$UFDGLR0DUtD*XDGDOXSH-RVpGH-HV~V-XDQ5RVD0DUtD\-RDTXtQWRGRVGHDSHOOLGR0DFKDGR9DOGH]
FRQWUD DFWRV GHO -XH] 3ULPHUR GH OR &LYLO FRQ VHGH HQ 7LMXDQD %DMD &DOLIRUQLD \ RWUD DXWRULGDG SRU DFWRV
UHODFLRQDGRV FRQ HO MXLFLR FLYLO PHGLDQWH DXWR GH YHLQWLRFKR GH DEULO GHO DxR HQ FXUVR VH RUGHQy
HPSOD]DU D MXLFLR PHGLDQWH HGLFWRV D OD WHUFHUR SHUMXGLFDGD 0DXULFLR )HUQiQGH] 0DUJDLQ ORV FXDOHV VH
SXEOLFDUiQSRUWUHVYHFHVGHVLHWHHQVLHWHGtDVHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHO3HULyGLFR5HIRUPD
GH OD FLXGDG GH 0p[LFR 'LVWULWR )HGHUDO DVt FRPR HO SHULyGLFR (O 0H[LFDQR GH HVWD FLXGDG SDUD HO HIHFWR
GH TXH FRPSDUH]FD DQWH HVWH -X]JDGR &XDUWR GH 'LVWULWR HQ HO (VWDGR GH %DMD &DOLIRUQLD VL DVt FRQYLHQH D
VXVLQWHUHVHVHQHOWpUPLQRGHWUHLQWDGtDVFRQWDGRDSDUWLUGHOVLJXLHQWHDOGHOD~OWLPDSXEOLFDFLyQTXHGDQGR
HQOD6HFUHWDUtDODFRSLDVLPSOHGHODGHPDQGDGHJDUDQWtDVSDUDVXWUDVODGR
$WHQWDPHQWH
7LMXDQD%&DGHDEULOGH
/D6HFUHWDULDGHO-X]JDGR&XDUWRGH'LVWULWRHQHO(VWDGR
/LF/LGLD0HGUDQR0H]D
5~EULFD
5
-X]JDGRGH'LVWULWR
-X]JDGR6H[WRGH'LVWULWRHQ0DWHULDGH7UDEDMRHQHO'LVWULWR)HGHUDO
(',&72
(PSOD]DPLHQWRGH7HUFHUR3HUMXGLFDGR
5$)$(/*$5&,$6$1&+(=
3UHVHQWH
(Q ORV DXWRV GHO MXLFLR GH DPSDUR SURPRYLGR SRU 75$163257(6 %(1=8 62&,('$'
$121,0$'(&$3,7$/9$5,$%/(SRUFRQGXFWRGHVXDSRGHUDGR5RJHOLR%HUWUiQ5RGUtJXH]FRQWUDDFWRV
GHOD-XQWD(VSHFLDO1~PHUR7UHVGHOD)HGHUDOGH&RQFLOLDFLyQ\$UELWUDMHVX3UHVLGHQWH\(MHFXWRUDGVFULWR
GHULYDGRV GHO H[SHGLHQWH ODERUDO DO VHU VHxDODGR FRPR WHUFHUR SHUMXGLFDGR \ GHVFRQRFHUVH VX
GRPLFLOLRHOWUHFHGHPD\RGHGRVPLOQXHYHVHRUGHQyVXHPSOD]DPLHQWRSRUHGLFWRVTXHVHSXEOLFDUiQSRU
WUHVYHFHVGHVLHWHHQVLHWHGtDVHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ\HQXQRGHORVSHULyGLFRVGHPD\RU
FLUFXODFLyQ HQ OD 5HS~EOLFD 0H[LFDQD KDFLpQGROH VDEHU TXH GHEH SUHVHQWDUVH GHQWUR GHO WpUPLQR GH WUHLQWD
GtDVFRQWDGRGHOVLJXLHQWHDOGHOD~OWLPDSXEOLFDFLyQGHWDOHVHGLFWRVDQWHHVWH-X]JDGRGH'LVWULWRDKDFHU
YDOHUVXVGHUHFKRV\VHxDODUGRPLFLOLRSDUDUHFLELUQRWLILFDFLRQHVFRQHODSHUFLELPLHQWRTXHGHQRKDFHUORVH
FRQWLQXDUiHOMXLFLR\ODVVXEVHFXHQWHVQRWLILFDFLRQHVD~QODVGHFDUiFWHUSHUVRQDOVHOHSUDFWLFDUiQPHGLDQWH
OLVWDGHDFXHUGRV4XHGDDVXGLVSRVLFLyQHQOD6HFUHWDUtDGHHVWHyUJDQRMXULVGLFFLRQDOFRSLDVLPSOHGHOD
GHPDQGDGHJDUDQWtDV
$WHQWDPHQWH
0p[LFR')DGHPD\RGH
/D6HFUHWDULD
/RXUGHV&ULVWLQD9DODGH]3pUH]
5~EULFD
5
7ULEXQDO&ROHJLDGRGHO9LJpVLPR4XLQWR&LUFXLWRHQHO(VWDGRGH'XUDQJR
'XUDQJR'JR
$PS'WR&LYLO
(',&72
-8/,$1$-26(<0$5,$72'26'($3(//,'26/23(=&255$/
'21'(6((1&8(175(1
³(QHO7ULEXQDO&ROHJLDGRGHO9LJpVLPR4XLQWR&LUFXLWRGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQVHWUDPLWDHO
MXLFLR GH DPSDUR GLUHFWR SURPRYLGR SRU +LSyOLWR /ySH] (VFDPLOOD FRQWUD DFWR GH OD 6DOD &LYLO
&ROHJLDGDGHO7ULEXQDO6XSHULRUGH-XVWLFLDGHO(VWDGRFRQVLVWHQWHHQODVHQWHQFLDGHGLH]GHQRYLHPEUHGH
GRV PLO RFKR GLFWDGD HQ ORV DXWRV GHO WRFD GH DSHODFLyQ && SRU PHGLR GH OD FXDO VH FRQILUPy OD
VHQWHQFLDGHILQLWLYDSURQXQFLDGDHOFXDWURGHDEULOGHGRVPLORFKRSRUHOWLWXODUGHOD6DOD&LYLO&ROHJLDGDGHO
7ULEXQDO 6XSHULRU GH -XVWLFLD GHO (VWDGR HQ ORV DXWRV GHO MXLFLR RUGLQDULR FLYLO SURPRYLGR SRU HO
OLFHQFLDGR +pFWRU $JXLUUH *XHUUHUR HQ VX FDUiFWHU GH DSRGHUDGR OHJDO GH $GDXWR /ySH] /ySH] H +LSyOLWR
/ySH] (VFDPLOOD HQ FRQWUD GH -XOLDQD &DUPHQ 7HRGRUD -HV~V -RVp 5HIXJLR 0DJGDOHQR 0DUtD GHO
5RVDULR 2WLOLD \ 0DUtD WRGRV GH DSHOOLGRV /ySH] &RUUDO -HV~V -RVp /ySH] /ySH] \ RWURV DVLPLVPR VH
DEVROYLy D OD SDUWH DFWRUD GHO SDJR GH FRVWDV FDXVDGDV HQ DPEDV LQVWDQFLDV MXLFLR GH DPSDUR HQ HO FXDO
UHVXOWDQ WHUFHURV SHUMXGLFDGRV -XOLiQD -RVp \ 0DUtD WRGRV GH DSHOOLGRV /ySH] &RUUDO D TXLHQHV SRU HVWH
PHGLRVHOHQRWLILFD\VHKDFHGHVXFRQRFLPLHQWRTXHGHEHQSUHVHQWDUVHGHQWURGHOWpUPLQRGHWUHLQWDGtDV
FRQWDGRVGHOVLJXLHQWHDOGHOD~OWLPDSXEOLFDFLyQ´
'XUDQJR'JRDGHPDU]RGH
(O6HFUHWDULRGH$FXHUGRVGHO7ULEXQDO&ROHJLDGRGHO9LJpVLPR4XLQWR&LUFXLWR
/LF-XDQ/ySH]*RQ]iOH]
5~EULFD
5
-X]JDGR&XDUWRGH'LVWULWRHQ0DWHULD&LYLOHQHO'LVWULWR)HGHUDO
(',&72
7(5&(523(5-8',&$'2
&21625&,239062&,('$'$121,0$'(&$3,7$/9$5,$%/(
(Q ORV DXWRV GHO MXLFLR GH DPSDUR SURPRYLGR SRU 0$57+$ (/%$ 9(/$6&2 ),*8(52$ \ VX
DFXPXODGR SURPRYLGR SRU $1$ $0(/,$ +(51$1'(= *$08', FRQWUD DFWRV GHO -XH] \ $FWXDULR
DGVFULWRVDO-X]JDGR&XDGUDJpVLPR4XLQWRGHOR&LYLOGHO7ULEXQDO6XSHULRUGH-XVWLFLDGHO'LVWULWR)HGHUDO3RU
DXWRGHQXHYHGHHQHURGHGRVPLOQXHYHVHDGPLWLyDWUiPLWHODGHPDQGDGHJDUDQWtDVHQHOMXLFLRGHDPSDUR
VH WXYR FRPR WHUFHURV SHUMXGLFDGRV D &21625&,2 390 62&,('$' $121,0$ '( &$3,7$/
9$5,$%/( +,327(&$5,$ 1$1&,21$/ 62&,('$' $121,0$ '( &$3,7$/ 9$5,$%/( *5832
),1$1&,(52 &5(0, %$1&$ &5(0, 62&,('$' $121,0$ ,167,78&,21 '( %$1&$ 08/7,3/( \
)5$1&,6&2 -$9,(5 *$5&,$ 6,/9$ DVLPLVPR VH LQLFLy OD LQYHVWLJDFLyQ GHO GRPLFLOLR GH ORV UHIHULGRV
WHUFHURVSHUMXGLFDGRVJLUiQGRVHRILFLRVD GLYHUVDVDXWRULGDGHV \VHKL]RGHOFRQRFLPLHQWRDODTXHMRVD$QD
$PHOLD+HUQiQGH]*DPXGLTXHGHQRORJUDUVHHOHPSOD]DPLHQWRGHORVLQGLFDGRVWHUFHURVSHUMXGLFDGRVHQHO
GRPLFLOLRVHxDODGR\DJRWDGRVORVTXHHQVXFDVRVHSXGLHUDQREWHQHUVHRUGHQDUtDWDOHPSOD]DPLHQWRSRU
HGLFWRVDVXFRVWD\SRUSURYHtGRGHWUHVGHDEULOGHGRVPLOQXHYHGHFRQIRUPLGDGFRQHODUWtFXORGHO
&yGLJR)HGHUDOGH3URFHGLPLHQWRV&LYLOHVGHDSOLFDFLyQVXSOHWRULDDOD/H\GH$PSDURDVtFRPRDODSDUWH
ILQDOGHODIUDFFLyQ,,GHODUWtFXORGHOD/H\GHODPDWHULDVHRUGHQyHPSOD]DUDOMXLFLRGHDPSDUR
DO WHUFHUR SHUMXGLFDGR &21625&,2 390 62&,('$' $121,0$ '( &$3,7$/ 9$5,$%/( SRU PHGLR GH
HGLFWRVORVTXHVHSXEOLFDUiQSRUWUHVYHFHVGHVLHWHHQVLHWHGtDVHQHO³'LDULR2ILFLDOGHOD)HGHUDFLyQ´\
HQ XQ SHULyGLFR GH PD\RU FLUFXODFLyQ QDFLRQDO KDFLpQGROH VDEHU TXH SXHGH DSHUVRQDUVH D MXLFLR GHQWUR GHO
WpUPLQRGHWUHLQWDGtDVFRQWDGRVDSDUWLUGHOGtDVLJXLHQWHDOHQTXHVXUWDVXVHIHFWRVOD~OWLPDSXEOLFDFLyQTXH
VHKDJDSRUHGLFWRVFRQHODSHUFLELPLHQWRTXHGHQRKDFHUORODVVXEVHFXHQWHVQRWLILFDFLRQHVVHOHKDUiQSRU
OLVWD FRQIRUPH D OR SUHYLVWR HQ HO SiUUDIR VHJXQGR GHO DUWtFXOR GH OD /H\ GH $PSDUR GHMiQGRVH D VX
GLVSRVLFLyQHQOD6HFUHWDUtDGHHVWH-X]JDGRFRSLDVLPSOHGHODGHPDQGDTXHQRVRFXSD
0p[LFR')DGHDEULOGH
(O6HFUHWDULRGHO-X]JDGR&XDUWRGH'LVWULWRHQ0DWHULD&LYLOHQHO'LVWULWR)HGHUDO
/LF-XDQ&DUORV&RQWUHUDV$\DOD
5~EULFD
5
3RGHU-XGLFLDOGHO(VWDGRGH0LFKRDFiQ
-X]JDGRGH3ULPHUD,QVWDQFLDHQ0DWHULD&LYLO
7DFiPEDUR0LFKRDFiQ
(',&72
6(&2192&$1325725(6
'HQWURGHOH[SHGLHQWHQ~PHURUHODWLYRDOMXLFLR(MHFXWLYR0HUFDQWLOSURPRYLGRSRUHOOLFHQFLDGR
$OEHUWR*DEULHO*XWLpUUH]7ROHGR\RWURHQGRVDWDULRVHQSURFXUDFLyQGH0DWLOGH*DUFtD9LOODIUHQWHD5DPLUR
0DUWtQH]&KiYH]VHVHxDODQQXHYDPHQWHODVRQFHKRUDVGHOGtDRQFHGHMXQLRGHOSUHVHQWHDxRGHODxR
HQFXUVRSDUDTXHWHQJDYHULILFDWLYRODDXGLHQFLDGHUHPDWHHQ35,0(5$$/021('$GHOVLJXLHQWHELHQLQPXHEOH
3UHGLRUXVWLFRGHQRPLQDGR³6DQ5DIDHO/HMtD´XELFDGRHQOD([KDFLHQGDGH6HUUDQR0XQLFLSLRGHHVWD
FLXGDG GH 7DFiPEDUR 0LFKRDFiQ HPEDUJDGR \ GHVFULWR HQ DXWRV HQ DXGLHQFLD 3~EOLFD HO FXDO WLHQH XQD
VXSHUILFLH GH GRV KHFWiUHDV WUHLQWD \ QXHYH iUHDV \ VHWHQWD \ WUHV FHQWLiUHDV HO FXDO WLHQH ODV
VLJXLHQWHV FROLQGDQFLDV $/ 1257( GRVFLHQWRV VHVHQWD \ XQ PHWURV FRQ YHLQWLRFKR FHQWtPHWURV FRQ
SURSLHGDG GH OD VHxRUD +HUPLQLD 4XH]DGD +HUQiQGH] FHUFD GH DODPEUH GH SRU PHGLR $/ 685
GRVFLHQWRV YHLQWH PHWURV FRQ SURSLHGDG GH 'DYLG 1HJUHWH PHGLDQGR FHUFD GH DODPEUH \ EDUUDQFD $/
25,(17( GRVFLHQWRV XQ PHWURV FRQ VHWHQWD FHQWtPHWURV FRQ SURSLHGDG GHO VHxRU -HV~V 0DGULJDO
+XUWDGR FHUFD GH DODPEUH GH SRU PHGLR $/ 321,(17( FLQFXHQWD \ GRV PHWURV FRQ QRYHQWD \ GRV
FHQWtPHWURV FRQ SURSLHGDG GHO VHxRU 'DYLG 1HJUHWH PHGLDQGR FHUFD GH DODPEUH \ EDUUDQFD VLUYLHQGR GH
EDVH SDUD HO UHPDWH OD FDQWLGDG GH '26&,(1726 129(17$ < '26 0,/ 48,1,(1726
3(62601\FRPRSRVWXUDOHJDOODVGRVWHUFHUDVSDUWHVGHGLFKRYDORU
&2192&$1'26( $ 326725(6 PHGLDQWH OD SXEOLFDFLyQ GH XQ HGLFWR SRU WUHV YHFHV GHQWUR GHO
WpUPLQR GH QXHYH GtDVHQORVHVWUDGRVGHHVWH7ULEXQDO'LDULR2ILFLDO GHOD)HGHUDFLyQ \'LDULRGH PD\RU
FLUFXODFLyQHQODHQWLGDG
7DFiPEDUR0LFKDGHDEULOGH
/D6HFUHWDULDGH$FXHUGRV
&0DUWKD0XULOOR3pUH]
5~EULFD
5
(VWDGRGH-DOLVFR
3RGHU-XGLFLDO
&RQVHMRGHOD-XGLFDWXUDGHO(VWDGRGH-DOLVFR
3ULPHU3DUWLGR-XGLFLDO
-X]JDGR7HUFHURGHOR0HUFDQWLO
(',&72
5(0$7$ -8=*$'2 7(5&(52 0(5&$17,/ 18(9( +25$6 &21 &8$5(17$ < &,1&2
0,18726 ',$ 9(,17,&8$752 -81,2 '26 0,/ 18(9( '(1752 '(/ -8,&,2 0(5&$17,/
(-(&87,92352029,'2325$9,0$(/0,//$1+(51$1'(=HQFRQWUDGH5$)$(/*$5&,$9$=48(=
<0$5,$0$*'$/(1$38/,'23(5(=(;3(',(17(6,*8,(17(%,(1,108(%/(
),1&$0$5&$'$&21180(52'(&$//(35(6$2625,2)5$&&,21$0,(172/$*26'(
25,(17(*8$'$/$-$5$-$/,6&2683(5),&,(P&,(172&,1&20(7526&8$'5$'26&21
6,*8,(17(6/,1'(526
1257(HQPHWURVFRQFDOOH3UHVDGH2VRULR
685HQPHWURVFRQ3URSLHGDG3DUWLFXODU
25,(17(HQPHWURVFRQ3URSLHGDG3DUWLFXODU
321,(17(HQPHWURVFRQSURSLHGDGSDUWLFXODU
326785$ /(*$/ '26 7(5&(5$6 3$57(6 '( /$ &$17,'$' '( 6(,6&,(1726
',(&,18(9(0,/3(626010217248(5(68/7$6(535(&,2),-$'2(1$8726
&219248(6( 326725(6 &,7(6( $&5(('25(6 52'2/)2 &(59$17(6 $/2162 <
*8$'$/83(*87,(55(=5202
*XDGDODMDUD-DODGHPD\RGH
/D6HFUHWDULRGH$FXHUGRV
/LF/RUHQD5tRV&HUYDQWHV
5~EULFD
5
-X]JDGR&XDUWRGH'LVWULWRHQHO(VWDGRGH&RDKXLOD
(',&72
7HFQRORJtD $UWHVDQDO 6$ GH &9 0ROGHV &HUiPLFRV 6$ GH &9 0iTXLQDV \ 5HFWLILFDGRV )HUPDU
6$GH&9+HUUDPLHQWDV\%DOHURVGHO1RUWH6$GH&9H,PSRUWDFLRQHV3URIHVLRQDOHVGH$GTXLVLFLRQHV
(WUDQMHUDV6$GH&9
GRPLFLOLRVLJQRUDGRV
(Q ORV DXWRV GHO MXLFLR GH DPSDUR Q~PHUR ,,, SURPRYLGR SRU -DLPH (QULTXH (VSLQRVD GH ORV
0RQWHURV&DGHQDFRQWUDDFWRVGHO-XH]7HUFHURGH'LVWULWRHQHO(VWDGRFRQUHVLGHQFLDHQ3LHGUDV1HJUDV
&RDKXLOD\RWUDVDXWRULGDGHVSRUSURYHtGRGHIHFKDYHLQWLWUpVGHDEULOGHODxRHQFXUVRFRQIXQGDPHQWRHQOR
GLVSXHVWR HQ ORV DUWtFXORV IUDFFLyQ ,, GH OD /H\ GH $PSDUR HQ UHODFLyQ DO GHO &yGLJR )HGHUDO GH
3URFHGLPLHQWRV&LYLOHVGHDSOLFDFLyQVXSOHWRULDDODOH\GHODPDWHULDVHRUGHQyHPSOD]DUDXVWHGHVSRUPHGLR
GH HGLFWRV SDUD TXH GHQWUR GHO WpUPLQR GH WUHLQWD GtDV KiELOHV FRQWDGRV D SDUWLU GHO GtD VLJXLHQWH DO GH OD
~OWLPDSXEOLFDFLyQGHOSUHVHQWHHGLFWRVHDSHUVRQHQDOMXLFLRFRQVWLWXFLRQDOHQFLWDHQVXFDUiFWHUGHWHUFHURV
SHUMXGLFDGRV\VLDVXVLQWHUHVHVFRQYLHQHQKDJDQYDOHUVXVGHUHFKRVHQODLQWHOLJHQFLDGHTXHODFRSLDGHOD
GHPDQGDGHJDUDQWtDVTXHGDDVXGLVSRVLFLyQHQOD6HFUHWDUtDGHHVWH-X]JDGR
3DUDVXSXEOLFDFLyQSRUWUHVYHFHVGHVLHWHHQVLHWHGtDVKiELOHVHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ\HQ
HO 3HULyGLFR =yFDOR TXH VH SXEOLFD HQ HVWD FLXGDG H[SHGLGR HO SUHVHQWH HGLFWR HQ OD FLXGDG GH 0RQFORYD
&RDKXLODDORVRQFHGtDVGHOPHVGHPD\RGHGRVPLOQXHYH
/D6HFUHWDULDDGVFULWDDO-X]JDGR&XDUWRGH'LVWULWRHQHO(VWDGRGH&RDKXLOD
/LF0DUWD(PPD$\PD%ULRQHV
5~EULFD
5
6LQDORD
-X]JDGR7HUFHURGH3ULPHUD,QVWDQFLDGHO5DPR&LYLOGHO'LVWULWR-XGLFLDOGH$KRPH
/RV0RFKLV6LQDORD
(',&72(135,0(5$$/021('$
4XH HQ HO H[SHGLHQWH Q~PHUR IRUPDGR DO MXLFLR (-(&87,92 0(5&$17,/ SURPRYLGR SRU
)(51$1'2 %$6,/,2 $5$1'$ 5$026 HQ FRQWUD GH $518/)2 9$/(1=8(/$ /8=$1,$ HO & -XH]
7HUFHUR GH 3ULPHUD ,QVWDQFLD GHO 5DPR &LYLO GH HVWH GLVWULWR MXGLFLDO RUGHQy VDFDU D UHPDWH HQ SULPHUD
DOPRQHGDHOELHQLQPXHEOHFRQVLVWHQWHHQ
),1&$5867,&$XELFDGDHQHVWH0XQLFLSLRFRQXQDVXSHUILFLHGHKHFWiUHDVFRQODVVLJXLHQWHV
PHGLGDV\FROLQGDQFLDV
$/1257(PLGHPHWURVFRQFDUUHWHUD,QWHUQDFLRQDO0p[LFR1RJDOHV
$/685PLGHPHWURVFRQORWH
$/25,(17(PLGHPHWURVFRQORWH\
$/321,(17(PLGHPHWURVFRQSURSLHGDGGHOVHxRU&$5/260$18(/*8(55$.2(5'(//
,QVFULWDHQHO5HJLVWUR3~EOLFRGHOD3URSLHGDG\GHO&RPHUFLRGHHVWDFLXGDGEDMRODLQVFULSFLyQQ~PHUR
GHOOLEURGHODVHFFLyQSULPHUDDQRPEUHGH$518/)29$/(1=8(/$/8=$1,$
6LHQGRSRVWXUDOHJDOSDUDHOUHPDWHODFDQWLGDGGH¶810,//21'(3(62601
LPSRUWHWRWDOGHODVGRVWHUFHUDVSDUWHVGHODYDO~RSHULFLDOSUDFWLFDGRVHVHxDODQODV+25$6'(/',$
9(,17,75(6'(-81,2'(/$f2'260,/18(9(SDUDTXHWHQJDYHULILFDWLYRHQHOORFDOGHHVWHMX]JDGR
VLWRHQ$QJHO)ORUHVQ~PHUR$6XUGHHVWDFLXGDGHOUHPDWHHQPHQFLyQ
$WHQWDPHQWH
/RV0RFKLV6LQDGHPD\RGH
(O&6HFUHWDULR3ULPHUR
/LF)UDQFLVFR-DYLHU9DOHQ]XHOD$OYDUH]
5~EULFD
5
-X]JDGR3ULPHURGH'LVWULWRHQHO(VWDGR
6DQ/XLV3RWRVt
(',&72
(1(/-8,&,2'($03$52352029,'2325-26(/8,60$'5,'+857$'25$48(/
+857$'2 0(',1$ '( 0$'5,' < 3('52 *,/%(572 0$'5,' +857$'2 /26 '26 35,0(526 325
686 3523,26 '(5(&+26 < (/ 8/7,02 &202 5(35(6(17$17( /(*$/ '( /$ (035(6$
'(120,1$'$ %$/(526 < $%$6726 ,1'8675,$/(6 62&,('$' $121,0$ '( &$3,7$/ 9$5,$%/(
&2175$$&726'(/-8(=48,172'(/5$02&,9,/(1(67$&,8'$'325$872'(6(,6'($%5,/
'( '26 0,/ 18(9( 6( 25'(12 (03/$=$5 325 (67( &21'8&72 $ 9,&725 $50(1'$5,=
0,1',2=$ (1 68 &$5$&7(5 '( 5(35(6(17$17( &2081 '( /$ 3$57( $&725$ (1 (/ -8,&,2
(-(&87,92 0(5&$17,/ '(/ ,1',&( '(/ -8=*$'2 48,172 '(/ 5$02 &,9,/ (1 (67$
&,8'$' +$*$6( 6$%(5 $/ 5()(5,'2 7(5&(52 3(5-8',&$'2 48( '(%(5$ 35(6(17$56( $
(67(-8=*$'235,0(52'(',675,72(1(/(67$'2'(6$1/8,632726,&215(6,'(1&,$(1
/$ &,8'$' '(/ 0,602 120%5( '(1752 '(/ 7(50,12 '( 75(,17$ ',$6 &217$'26 $ 3$57,5
'(/6,*8,(17($/'(/$8/7,0$38%/,&$&,21'((6726(',&726$'(0$66(/(,1',&$48($/
9(1&,0,(172'(',&+27(50,126(/(7(1'5$/(*$/0(17((03/$=$'2$/-8,&,2'(48(6(
75$7$ < 48( '( 12 $3(5621$56( $/ 0,602 /$6 68%6(&8(17(6 127,),&$&,21(6 6( /(
+$5$1325/,67$(1/26(675$'26'((67(75,%81$/
6DQ/XLV3RWRVt6/3DGHDEULOGH
(O6HFUHWDULRGHO-X]JDGR3ULPHURGH'LVWULWRHQHO(VWDGR
/LF-RVp$QJHO+HUQiQGH]3pUH]
5~EULFD
5
(VWDGRGH*XDQDMXDWR
3RGHU-XGLFLDOGHO(VWDGR
-X]JDGR6HJXQGR&LYLOGH3DUWLGR
6HFUHWDUtD
,UDSXDWR*WR
(',&72
325(67(38%/,48(6(32575(69(&(6'(1752'(18(9(',$6(1(/',$5,22),&,$/'(
/$ )('(5$&,21 < /8*$5 '( $9,626 '( (67( -8=*$'2 $181&,$1'2 5(0$7( (1 35,0(5
$/021('$ '(/ %,(1 ,108(%/( (0%$5*$'2 (1 (/ -8,&,2 (-(&87,92 0(5&$17,/ 180(52
352029,'2 (/ /,& +(&725 %$548,1 &$5021$ (1'26$7$5,2 (1 352&85$&,21 '(
0$57+$ 3$75,&,$ +8(57$ 7255(6 (1 &2175$ '( &+5,667,$1 ,*1$&,2 $/)$52 0$57,1(=
62%5( (/ 3$*2 '( 3(626 < &216,67(17( (1 /27( '( 7(55(12 8%,&$'2 (1 $9(1,'$
(-(5&,72 1$&,21$/ '(/ )5$&&,21$0,(172 /$ 35$'(5$ /27( 0$1=$1$ < 48(
$&78$/0(17( 6( (1&8(175$ ,'(17,),&$'2 &21 (/ 180(52 &21 683(5),&,( '(
0(7526 &8$'5$'26 < /$ &8$/ &8(17$ &21 /$6 6,*8,(17(6 0(','$6 < &2/,1'$1&,$6 $/
1257(0,'(0(7526</,1'$&21/27(<$/6850,'(0(7526</,1'$&21
$9(1,'$ (-(5&,72 1$&,21$/ $/ 25,(17( 0(7526 < /,1'$ &21 /27( $/ 321,(17(
0,'( 0(7526 /,1'$ &21 /27( 180(52 $/021('$ 48( 7(1'5$ 9(5,),&$7,92
'(63$&+2 -8=*$'2 6(*81'2 &,9,/ ,5$38$72 *72 $ /$6 +25$6 (/ ',$ '( -81,2
'(/ '26 0,/ 18(9( )(&+$ 48( &255(6321'( $/ 9,*(6,02 ',$ +$%,/ 6,*8,(17( '(/ $872
48( 25'(1$ (/ $181&,2 '(/ 5(0$7( 6,(1'2 326785$ /(*$/ /$ 48( &8%5$ /$6 '26
7(5&(5$6 3$57(6 '( /$ &$17,'$' '( &8$752&,(1726 6(7(17$ < '26 0,/
48,1,(17263(62601&219248(6(326725(6&,7(6($&5(('25(6
,UDSXDWR*WRDGHMXQLRGH
/D6HFUHWDULDGHO-X]JDGR6HJXQGRGHOR&LYLOGH,UDSXDWR*XDQDMXDWR
/LF-DQQHOW/ySH]0RUHOHV
5~EULFD
5
3RGHU-XGLFLDOGHO(VWDGRGH2D[DFD
-X]JDGR3ULPHUR&LYLO
6DOLQD&UX]2D[DFD
(',&72
$/38%/,&2(1*(1(5$/
&219248(6( 326725(6 '(6((1 ,17(59(1,5 ',/,*(1&,$ 5(0$7( 35,0(5$ $/021('$
%,(1 ,108(%/( (0%$5*$'2 8%,&$'2 $9(1,'$ &,1&2 '( 0$<2 180(52 6,(7( *$/(5$6 685
/(75$ ; &(1752 &,8'$' 6$/,1$ &58= 2$;$&$ 0(','$6 < &2/,1'$1&,$6 1257( (1
9(,17,&8$752 0(7526 &21 ',(= &(17,0(7526 &21 &$0,/$ -$&,172 685 9(,17,&8$752
0(7526 &21 ',(= &(17,0(7526 &21 /285'(6 $/48,6,5,6 (67( 6(,6 0(7526 6(6(17$
&(17,0(7526 $9(1,'$ &,1&2 '( 0$<2 2(67( 6(,6 0(7526 6(6(17$ &(17,0(7526 &21
&$//(-21 *$/(5$ 685 3523,('$' '(/ '(0$1'$'2 9$/(17,1 6$/9$7,(55$ $/$1,6 &21
7,78/2'(3523,('$',16&5,726(&&,2135,0(5$&255(6321',(17(7,78/2675$6/$7,926
'( '20,1,2 %$-2 5(*,6752 180(52 '(/ 5(*,6752 38%/,&2 '( /$ 3523,('$' (67$
&,8'$' 3'( 6$/,1$ &58= 2$;$&$ ',(&,18(9( '( $*2672 '( 0,/ 129(&,(1726 129(17$ <
18(9( 6,59,(1'2 &202 326785$ /(*$/ '(/ %,(1 ,108(%/( (0%$5*$'2 '26 7(5&(5$6
3$57(6 '( /$ &$17,'$' '( 6(7(&,(1726 6(7(17$ < 2&+2 0,/ 75(6&,(1726 6(6(17$ <
2&+23(626&(52&(17$926021('$1$&,21$/6(*819$/253(5,723$57($&725$7892
325&21)250($68&2175$5,$6(*81$872',&7$'2(/75(,17$<812'($*2672'(/'26
0,/6,(7(25'(1$1'26(38%/,&$&,21'((',&72632575(69(&(6'(1752'(18(9(',$6
(1 ',$5,2 '( 0$<25 &,5&8/$&,21 (1 (/ (67$'2 &202 /2 ',6321( $57,&8/2 '(/
&2',*2 '( &20(5&,2 $17(5,25 $ /$6 5()250$6 38%/,&$'$6 (/ ',(&,6,(7( '( $%5,/
'(/$f2352;,023$6$'225'(1$1'26($181&,$59(17$&,7$'2%,(1325'269(&(6'(
&,1&2(1&,1&2',$638%/,&$1'26((',&726(1',$5,22),&,$/'(/$)('(5$&,21<7$%/$
$9,626 (67( 75,%81$/ $7(172 ',638(672 180(5$/ '(/ 25'(1$0,(172 /(*$/ $17(6
&,7$'2 7(1'5$ 9(5,),&$7,92 /2&$/ $8',(&,$6 '(/ -8=*$'2 35,0(52 '( /2 &,9,/ '(/
',675,72 -8',&,$/ '( 6$/,1$ &58= 2$;$&$ ',(= +25$6 ',$ 9(,17,&,1&2 '( -81,2 $f2 (1
&8562 (1 (/ (;3(',(17( 180(52 5(/$7,92 -8,&,2 (-(&87,92 0(5&$17,/
352029,'2 325 /,&(1&,$'26 0,*8(/ $1*(/ 0$57,1(= 02/,1$ < -26( &$0,/2 &58=
$/9$5(6 < -26( $1721,2 2625,2 *$//(*26 &21 &$5$&7(5 '( (1'26$7$5,26
352&85$&,21'(/8,6$%(/$5'20(1'2=$0(1'(=&2175$9$/(17,16$/9$7,(55$$/$1,6
6DOLQD&UX]2D[DGHDEULOGH
(O(MHFXWRUGHO-X]JDGR
/LF$OEHUWR5RGUtJXH]0RUDOHV
5~EULFD
5
7ULEXQDO6XSHULRUGH-XVWLFLDGHO'LVWULWR)HGHUDO
0p[LFR
-X]JDGR3ULPHURGHOR&LYLO
([SHGLHQWH
6HFUHWDUtD³$´
(',&72
6(&2192&$1326725(6
(1 /26 $8726 '(/ (-(&87,92 0(5&$17,/ SURPRYLGR SRU &25325$&,21 ),1$1&,(5$ '(
$0(5,&$ '(/ 1257( 6$ '( &9 62&,('$' ),1$1&,(5$ '( 2%-(72 08/7,3/( (17,'$' 12
5(*8/$'$ $17(6 &25325$&,21 ),1$1&,(5$ '( $0(5,&$ '(/ 1257( 6$ '( &9 62&,('$'
),1$1&,(5$'(2%-(72/,0,7$'2HQFRQWUDGH,1'8675,$/3$3(/(5$62/$56$'(&9<2752
H[SHGLHQWH Q~PHUR /D & -XH] 3ULPHUR GH OR &LYLO /LFHQFLDGD 0$5,$ (/(1$ *$/*8(5$
*21=$/(=PHGLDQWHSURYHtGRVGHIHFKDVYHLQWLFXDWURGHDEULOWUHFHGHPD\R\YHLQWLXQRGHPD\RWRGRVGHO
DxR GRV PLO QXHYH RUGHQy VDFDU D UHPDWH HQ 35,0(5$ $/021('$ HO ELHQ LQPXHEOH LGHQWLILFDGR FRPR
3UHGLR5~VWLFRR3DUFHODPDUFDGDFRQHOQ~PHUR=3GHO(MLGR9LOOD0RUHORV0XQLFLSLRGH0RUHORV
(VWDGRGH&RDKXLODFRQYDORUGHDYDO~RGH&8$5(17$<810,//21(6129(&,(1726
',(&,6,(7(0,/3(626016LUYLHQGRFRPRSRVWXUDOHJDODTXHOODTXHFXEUDODVGRVWHUFHUDVSDUWHV
GHOSUHFLRGHODYDO~RVHxDOiQGRVHSDUDTXHWHQJDOXJDUODVXEDVWDS~EOLFDHQHOORFDOGHHVWHMX]JDGRDODV
21&(+25$6&2175(,17$0,18726'(/'26'(-8/,2'('260,/18(9(GHELpQGRVHDQXQFLDUVX
YHQWDOHJDOPHGLDQWHHGLFWRVTXHVHSXEOLFDUiQSRUWUHVYHFHVGHQWURGHQXHYHGtDVHQORV7DEOHURVGHDYLVR
GH HVWH MX]JDGR DVt FRPR 'LDULR 2ILFLDO GH OD )HGHUDFLyQ GHELHQGR ORV OLFLWDGRUHV SDUD WRPDU SDUWH
GH OD VXEDVWD UHDOL]DU VX SRVWXUD REVHUYDQGR ORV UHTXLVLWRV tQWHJURV D TXH VH UHILHUH HO DUWtFXOR GHO
&yGLJR )HGHUDO GH 3URFHGLPLHQWRV &LYLOHV GH DSOLFDFLyQ VXSOHWRULD DO GH &RPHUFLR FRQVLJQDQGR D VX YH]
SUHYLDPHQWH XQD FDQWLGDG HTXLYDOHQWH D SRU OR PHQRV HO ',(= 325 &,(172 GHO PRQWR TXH VLUYH GH EDVH
SDUDHOUHPDWHPHGLDQWHELOOHWHGHGHSyVLWRVLQFX\RUHTXLVLWRQRVHUiQDGPLWLGRV7RGDYH]TXHHOLQPXHEOHD
UHPDWDU VH HQFXHQWUD IXHUD GH OD MXULVGLFFLyQ GH HVWH MX]JDGR JtUHVH DWHQWR H[KRUWR DO & -XH] &RPSHWHQWH
&LYLO\IDPLOLDUGH$OOHQGH(VWDGRGH&RDKXLODSDUDTXHVHVLUYDSXEOLFDUORVHGLFWRVFRUUHVSRQGLHQWHVHQOD
SXHUWDGHGLFKRMX]JDGRFRQFHGLpQGRVH HO WpUPLQR GHVLHWHGtDVPiVSDUDODSXEOLFDFLyQGHORVHGLFWRVSRU
UD]yQGHODGLVWDQFLD
0p[LFR')DGHPD\RGH
(O&6HFUHWDULRGH$FXHUGRV³$´
/LF9tFWRU0DQXHO6LOYH\UD*yPH]
5~EULFD
5
3RGHU-XGLFLDOGHO(VWDGRGH1XHYR/HyQ
-X]JDGR3ULPHURGH-XULVGLFFLyQ&RQFXUUHQWHGHO3ULPHU'LVWULWR-XGLFLDO
0RQWHUUH\1/
(',&72
$ODVRQFHKRUDVGHOGtDXQRGHMXOLRGHODxRGRVPLOQXHYHWHQGUiYHULILFDWLYRHQHOORFDOGH
HVWH -X]JDGR 3ULPHUR GH -XULVGLFFLyQ &RQFXUUHQWH GHO 3ULPHU 'LVWULWR -XGLFLDO HQ HO (VWDGR GHQWUR GH ORV
DXWRVGHOH[SHGLHQWHMXGLFLDOQ~PHURUHODWLYRDO-8,&,2(-(&87,920(5&$17,/SURPRYLGRSRUHO
& ('8$5'2 -$9,(5 &$178 *21=$/(= HQ VX FDUiFWHU GH HQGRVDWDULR HQ SURFXUDFLyQ GH $8726
%$5$.$5 6 '( 5/ '( &9 HQ FRQWUD GH ('*$5 $*867,1 52'5,*8(= &$f$0$5 $*867,1
52'5,*8(= 5$026 < %/$1&$ (67+(/$ &$f$0$5 &$178 HO UHPDWH HQ S~EOLFD VXEDVWD \ SULPHUD
DOPRQHGDGHOELHQLQPXHEOHHPEDUJDGRHQDXWRVFRQVLVWHQWHHQ/27(180(526(,6'(/$0$1=$1$
9(,17,75(6 =21$ 812 ³$´ &21 81$ 683(5),&,( '( &,(172 &8$5(17$ 0(7526 &8$752
&(17,0(7526 &8$'5$'26 48( &8(17$ &21 /$6 6,*8,(17(6 0(','$6 < &2/,1'$1&,$6
1257( 18(9( 0(7526 &21 /27( &,1&2 685 18(9( 0(7526 &21 /,&(1&,$'2 $/)5('2 9
%21),/ 25,(17( 48,1&( 0(7526 &,1&8(17$ < 6(,6 &(17,0(7526 &21 /27( 2&+2
321,(17( 6,(7( 0(7526 6(7(17$ < 2&+2 &(17,0(7526 &21 /27( 75(6 < 6,(7( 0(7526
6(7(17$<2&+2&(17,0(7526&21/27(&8$752&8<26'$726'(5(*,6752621180(52
92/80(1 /,%52 6(&&,21 , 3523,('$' 81,'$' 0217(55(< '( )(&+$ '(
(1(52'($OHIHFWRFRQYyTXHVHDSRVWRUHVDODVXEDVWDPHQFLRQDGDPHGLDQWHHGLFWRVTXHGHEHUiQ
SXEOLFDUVH SRU WUHV YHFHV GHQWUR GH QXHYH GtDV KiELOHV HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ \ HQ OD
7DEOD GH $YLVRV GH pVWH 5HFLQWR -XGLFLDO (QWHQGLpQGRVH TXH HO SULPHUR GH ORV DQXQFLRV GHEHUi GH
SXEOLFDUVHHOSULPHUGtDGHOSOD]RFLWDGR\HOWHUFHURDOQRYHQRGtDSXGLHQGRHOVHJXQGRGHHOORVSXEOLFDUVH
HQ FXDOTXLHU WLHPSR (Q OD LQWHOLJHQFLD GH TXH QR GHEHUiQ PHGLDU PHQRV GH FLQFR GtDV KiELOHV HQWUH OD
SXEOLFDFLyQGHO~OWLPRHGLFWR\ODDOPRQHGD(QODLQWHOLJHQFLDGHTXHVHUYLUiGHSRVWXUDOHJDOSDUDHOUHPDWHOD
FDQWLGDGGH'26&,(1726&8$5(17$<6(,60,/6(,6&,(17266(6(17$<6(,63(626
021('$1$&,21$/ODFXDOFRUUHVSRQGHDODVGRVWHUFHUDVSDUWHVGHORVDYDO~RVUHQGLGRVSRUORV
3HULWRV GH ODV SDUWHV $Vt PLVPR VH KDFH GHO FRQRFLPLHQWR TXH DTXHOODV SHUVRQDV TXH GHVHHQ LQWHUYHQLU
FRPRSRVWRUHVGHEHUiQFRQVLJQDUPHGLDQWHFHUWLILFDGRGHGHSRVLWRH[SHGLGRSRUOD6HFUHWDULDGH)LQDQ]DV\
7HVRUHUtD *HQHUDO GHO (VWDGR HO GHO YDORU WRWDO GHO DYDOXy UHQGLGR SRU ORV SHULWRV GHVLJQDGRV HQ HVWH
-XLFLR $Vt PLVPR VH LQIRUPD TXH VH SURSRUFLRQDUDQ PD\RUHV LQIRUPHV HQ OD 6HFUHWDUtD GH HVWH -X]JDGR
XELFDGRHQODFDOOH3DGUH0LHUQ~PHUR2ULHQWH7HUFHUSLVRHQ0RQWHUUH\1XHYR/HyQ0RQWHUUH\1XHYR
/HyQDYHLQWLFLQFRGHPD\RGHOGRVPLOQXHYH'2<)(
(O&6HFUHWDULRDGVFULWRDO-X]JDGR3ULPHURGH-XULVGLFFLyQ&RQFXUUHQWH
GHO3ULPHU'LVWULWR-XGLFLDOHQHO(VWDGR
/LF3HGUR0D\RUJD*DUFtD
5~EULFD
5
6XSUHPD&RUWHGH-XVWLFLDGHOD1DFLyQ
6XEVHFUHWDUtD*HQHUDOGH$FXHUGRV
(',&72
&2'(0$1'$'258),1252'5,*8(=&215$'2
(Q ORV DXWRV GHO MXLFLR RUGLQDULR FLYLO IHGHUDO UDGLFDGR HQ HO H[SHGLHQWH GHO tQGLFH GH HVWH $OWR
7ULEXQDO SURPRYLGR SRU HO &216(-2 '( /$ -8',&$785$ )('(5$/ SRU FRQGXFWR GH VX UHSUHVHQWDQWH
OHJDOHQFRQWUDGHXVWHG\GHRWUDVSHUVRQDVPHGLDQWHSURYHtGRGHFXDWURGHVHSWLHPEUHGHGRVPLOVHLVVH
DGPLWLyDWUiPLWHODGHPDQGD\VHRUGHQyHPSOD]DUOR/DSDUWHDFWRUDOHGHPDQGDHOSDJRHQWUHRWUDVGHODV
VLJXLHQWHV SUHVWDFLRQHV ³« /D 18/,'$' '( -8,&,2 &21&/8,'2 UHVSHFWR GHO MXLFLR RUGLQDULR FLYLO
H[SHGLHQWH GHO tQGLFH GHO -X]JDGR 3ULPHUR GH OR &LYLO \ GH +DFLHQGD GHO 3ULPHU 'HSDUWDPHQWR
-XGLFLDOGHO(VWDGRGH<XFDWiQDFWXDOPHQWH-X]JDGR3ULPHURGHOR&LYLOGHO3ULPHU'HSDUWDPHQWR-XGLFLDOGHO
(VWDGR GH <XFDWiQ « /D 18/,'$' '( /$ (6&5,785$ 38%/,&$ « PHGLDQWH OD FXDO VH IRUPDOL]y
OD FRPSUDYHQWD GHO SUHGLR XELFDGR HQ HO Q~PHUR GH OD FDOOH GHO )UDFFLRQDPLHQWR µ/DV %ULVDV¶ HQ OD
&LXGDGGH0pULGD<XFDWiQ«&RPRFRQVHFXHQFLDGHORDQWHULRUOD'(&/$5$&,21'(18/,'$''(/$
&2035$9(17$ LQIRUPDO FHOHEUDGD SRU 0DUtD 7HUHVD 0pQGH] &DVWUR GH 0H]TXLWD \ 5XILQR 5RGUtJXH]
&RQUDGR HO GH PDU]R GH SRU FDUHFHU GH YDOLGH] WRGD YH] TXH GLFKR DFWR MXUtGLFR QR SXHGH
FRQYDOLGDUVHSRUVREUHYHQLUODLPSRVLELOLGDGMXUtGLFDHQHOREMHWRGHULYDGDGHOUHDVHJXUDPLHQWR\GHFRPLVRGHO
LQPXHEOHGHFUHWDGRVHOGHPD\RGHHQODUHVROXFLyQGHOWRFDSHQDO'GHOtQGLFHGHO7ULEXQDO
8QLWDULRGHO'pFLPR&XDUWR&LUFXLWR«´$KRUDELHQFRQEDVHHQORGLVSXHVWRSRUHODUWtFXORGHO&yGLJR
)HGHUDOGH3URFHGLPLHQWRV&LYLOHV\HQYLUWXGGHGHVFRQRFHUVHVXGRPLFLOLRDFWXDOSRUDFXHUGRGH3UHVLGHQFLD
GHVLHWHGHPD\RGHGRVPLOQXHYHVHRUGHQyHPSOD]DUORSRUPHGLRGHHGLFWRVDOUHIHULGRMXLFLRORVFXiOHVVH
SXEOLFDUiQ SRU WUHV YHFHV GH VLHWH HQ VLHWH GtDV HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ \ HQ HO SHULyGLFR
³(;&(/6,25´ 'H LJXDO IRUPD VH KDFH GH VX FRQRFLPLHQWR TXH GHEHUi DSHUVRQDUVH DO MXLFLR HQ FXHVWLyQ
GHQWURGHOWpUPLQRGHWUHLQWDGtDVFRQWDGRVDSDUWLUGHOGtDVLJXLHQWHDOD~OWLPDSXEOLFDFLyQDSHUFLELGRTXHHQ
HO FDVR GH QR FRPSDUHFHU SRU Vt SRU DSRGHUDGR R SRU JHVWRU TXH SXHGD UHSUHVHQWDUOR VH VHJXLUi HO MXLFLR
HQVXUHEHOGtD\ODVXOWHULRUHVQRWLILFDFLRQHVVHOHKDUiQPHGLDQWHURWXOyQTXHVHILMDUiHQHOOXJDUHQTXHVH
SXEOLFDQ ODV UHVROXFLRQHV GH HVWH $OWR 7ULEXQDO 3RU ~OWLPR VH OH KDFH VDEHU TXH ODV FRSLDV GHO HVFULWR
GH GHPDQGD \ VXV DQH[RV TXHGDQ D VX GLVSRVLFLyQ HQ OD 6XEVHFUHWDUtD *HQHUDO GH $FXHUGRV GH HVWH
$OWR7ULEXQDO
&LXGDGGH0p[LFR')DGHPD\RGH
(O6XEVHFUHWDULR*HQHUDOGH$FXHUGRV
GHOD6XSUHPD&RUWHGH-XVWLFLDGHOD1DFLyQ
/LF0DULR$OEHUWR(VSDU]D2UWL]
5~EULFD
5
&RPLVLyQ6XEVWDQFLDGRUD8QLFDGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQ
&RQIOLFWRGH7UDEDMR-
(',&72
(03/$=$0,(172$/$'(0$1'$'$
3$75,&,$025(1252'5,*8(=
(Q ORV DXWRV GHO H[SHGLHQWH - UHODWLYR DO FRQIOLFWR GH WUDEDMR VXVFLWDGR HQWUH HO WLWXODU GH OD
'LUHFFLyQ *HQHUDO GH 5HFXUVRV +XPDQRV GHO &RQVHMR GH OD -XGLFDWXUD )HGHUDO \ OD WUDEDMDGRUD 3DWULFLD
0RUHQR5RGUtJXH]HQODTXHXVWHGIXHVHxDODGDFRPRGHPDQGDGDVHRUGHQyHPSOD]DUODPHGLDQWHHGLFWRV
KDFLpQGROHVDEHUTXHSDUDHVHHIHFWRODWHUFHULQWHJUDQWH\SUHVLGHQWDGHOD&RPLVLyQ6XEVWDQFLDGRUD8QLFD
GHO3RGHU-XGLFLDOGHOD)HGHUDFLyQGHFRQIRUPLGDGFRQORGLVSXHVWRHQHODUWtFXORGHO&yGLJR)HGHUDOGH
3URFHGLPLHQWRV&LYLOHVGHDSOLFDFLyQVXSOHWRULDDOD/H\)HGHUDOGHORV7UDEDMDGRUHVDO6HUYLFLRGHO(VWDGR
GLFWyXQDFXHUGRTXHHQORFRQGXFHQWHGLFH
³0p[LFR'LVWULWR)HGHUDOYHLQWLGyVGHPD\RGHGRVPLOQXHYH
>«@
(QFRQVHFXHQFLDDQWHODPDQLIHVWDFLyQGHODFWRUWLWXODUGHOD'LUHFFLyQ*HQHUDOGH5HFXUVRV+XPDQRVGHO
&RQVHMR GH OD -XGLFDWXUD )HGHUDO GH HQFRQWUDUVH LPSRVLELOLWDGR SDUD VHxDODU HO GRPLFLOLR DFWXDO GH OD
WUDEDMDGRUDGHPDQGDGDFRPRORGLVSRQHHODUWtFXORIUDFFLyQ,,GHOD/H\)HGHUDOGHORV7UDEDMDGRUHVDO
6HUYLFLR GHO (VWDGR \ KDELpQGRVH DJRWDGR HO SURFHGLPLHQWR GH LQYHVWLJDFLyQ GH GLFKR GRPLFLOLR VLQ REWHQHU
UHVXOWDGRVSRVLWLYRVHQUD]yQGHORDQWHVSXQWXDOL]DGRFRQIXQGDPHQWRHQHODUWtFXORGHO&yGLJR)HGHUDO
GH3URFHGLPLHQWRV&LYLOHVGHDSOLFDFLyQVXSOHWRULDDODLQYRFDGDOH\EXURFUiWLFDHQWpUPLQRVGHVXQXPHUDO
SURFHGH HPSOD]DU D OD WUDEDMDGRUD GHPDQGDGD 3DWULFLD 0RUHQR 5RGUtJXH] PHGLDQWH HGLFWRV D FRVWD GHO
SURSLRWLWXODUDFWRUORVTXHGHEHUiQSXEOLFDUVHSRUWUHVYHFHVGHVLHWHHQVLHWHGtDVWDQWRHQHO'LDULR2ILFLDO
GH OD )HGHUDFLyQ FRPR HQ HO SHULyGLFR ³(O 8QLYHUVDO´ TXH HV XQR GH ORV GH PD\RU FLUFXODFLyQ \ VH HGLWD
GLDULDPHQWH HQ OD 5HS~EOLFD 0H[LFDQD KDFLpQGROH VDEHU TXH HO 'LUHFWRU *HQHUDO GH 5HFXUVRV +XPDQRV
SURPRYLyGHPDQGDODERUDOFRQODTXHVHIRUPyHOFRQIOLFWRGHWUDEDMR-GHOtQGLFHGHHVWD&RPLVLyQ
6XEVWDQFLDGRUD8QLFDHQODTXHGHPDQGyODWHUPLQDFLyQGHORVHIHFWRVGHOQRPEUDPLHQWRGHODPHQFLRQDGD
WUDEDMDGRUD 3DWULFLD 0RUHQR 5RGUtJXH] HQ HO FDUJR GH RILFLDO DGPLQLVWUDWLYR GH EDVH GHO ,QVWLWXWR GH
'HIHQVRUtD3~EOLFD)HGHUDODGVFULWDDOD'HIHQVRUtD3~EOLFD)HGHUDOGHOD$JHQFLDGHO0LQLVWHULR3~EOLFRGHOD
)HGHUDFLyQ HQ *XDGDODMDUD -DOLVFR SRU KDEHU LQFXUULGR HQ OD FDXVDO GH FHVH SUHYLVWD HQ HO DUWtFXOR
IUDFFLyQ9LQFLVREGHOD/H\)HGHUDOGHORV7UDEDMDGRUHVDO6HUYLFLRGHO(VWDGRDOIDOWDUDVXVODERUDUHVHQ
VXFHQWURGHWUDEDMRHQIRUPDFRQVHFXWLYDSRUPiVGHWUHVGtDVHVWRHVGHOYHLQWLFLQFRGHDEULODOGLHFLVpLVGH
MXQLR GH GRV PLO RFKR VLQ TXH KXELHUD MXVWLILFDGR OHJDOPHQWH OD FDXVD GH VXV LQDVLVWHQFLDV FRQIRUPH DO
UHVXOWDGRGHODFWDDGPLQLVWUDWLYDTXHVHOHYDQWyHOTXLQFHGHMXOLRGHOSURSLRDxRHQWpUPLQRVGHODUWtFXOR
ELVGHODLQYRFDGDOH\EXURFUiWLFD
+iJDVHGHOFRQRFLPLHQWRGHODWUDEDMDGRUDGHPDQGDGD3DWULFLD0RUHQR5RGUtJXH]TXHVHOHHPSOD]DFRQ
HO H[WUDFWR GH OD GHPDQGD ODERUDO DQWHV GHWDOODGR SDUD TXH GHQWUR GHO WpUPLQR GH QXHYH GtDV TXH VH OH
FRQFHGHFRQIXQGDPHQWRHQODIUDFFLyQ,,GHODUWtFXORELVGHOD/H\)HGHUDOGHORV7UDEDMDGRUHVDO6HUYLFLR
GHO(VWDGRFRPSXWDGRDSDUWLUGHOGtDKiELOVLJXLHQWHDOGHOD~OWLPDSXEOLFDFLyQGHORVHGLFWRVFRQIRUPHDOR
GLVSXHVWR HQ HO VHJXQGR SiUUDIR GHO QXPHUDO GH OD LQYRFDGD OH\ EXURFUiWLFD FRPSDUH]FD DQWH HVWD
&RPLVLyQ 6XEVWDQFLDGRUD 8QLFD GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ D FRQWHVWDU SRU HVFULWR OD GHPDQGD
ODERUDO LQVWDXUDGD HQ VX FRQWUD FRQ HO DSHUFLELPLHQWR GH TXH GH QR KDFHUOR R GH UHVXOWDU LOHJDOPHQWH
UHSUHVHQWDGDVHWHQGUiSRUFRQWHVWDGDHQVHQWLGRDILUPDWLYRVDOYRSUXHEDHQFRQWUDULR
$GHPiVKiJDVHGHOFRQRFLPLHQWRGHODGHPDQGDGDTXHHVWD&RPLVLyQ6XEVWDQFLDGRUD8QLFDGHO3RGHU
-XGLFLDO GH OD )HGHUDFLyQ WLHQH VX GRPLFLOLR HQ DYHQLGD ,QVXUJHQWHV 6XU Q~PHUR SLVR RFKR FRORQLD
)ORULGDGHOHJDFLyQ$OYDUR2EUHJyQFyGLJR SRVWDO HQHVWDFLXGDGGH0p[LFR'LVWULWR)HGHUDO GRQGH
VHHQFXHQWUDVXRILFLQDGHFRQWUROGHFRUUHVSRQGHQFLD
>«@
1RWLItTXHVHSHUVRQDOPHQWH\F~PSODVH
$VtORSURYH\yODWHUFHULQWHJUDQWH\SUHVLGHQWDGHOD&RPLVLyQ6XEVWDQFLDGRUD8QLFDGHO3RGHU-XGLFLDOGH
OD )HGHUDFLyQ OLFHQFLDGD $tGD *DUFtD )UDQFR \ OR ILUPD HQ XQLyQ GH OD VHFUHWDULD GH DFXHUGRV OLFHQFLDGD
'XOFH0DUtD+HUUHUD&KiYH]TXHDXWRUL]D\GDIH5~EULFDV´
'DGRHQODFLXGDGGH0p[LFR'LVWULWR)HGHUDOHOYHLQWLQXHYHGHPD\RGHGRVPLOQXHYH
/D6HFUHWDULDGH$FXHUGRVGHOD&RPLVLyQ6XEVWDQFLDGRUD8QLFDGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQ
/LF'XOFH0DUtD+HUUHUD&KiYH]
5~EULFD
5
-X]JDGR&XDUWRGH'LVWULWRHQHO(VWDGRGH&RDKXLOD
(',&72
5RGHODGHOD/DJXQD6$GH&9
GRPLFLOLRLJQRUDGR
(Q ORV DXWRV GHO MXLFLR GH DPSDUR Q~PHUR ,,, SURPRYLGR SRU -DLPH (QULTXH (VSLQRVD GH ORV
0RQWHURV&DGHQDFRQWUDDFWRVGHO-XH]7HUFHURGH'LVWULWRHQHO(VWDGRFRQUHVLGHQFLDHQ3LHGUDV1HJUDV
&RDKXLOD \ RWUDV DXWRULGDGHV SRU SURYHtGR GH IHFKD VHLV GH PD\R GHO DxR HQ FXUVR FRQ IXQGDPHQWR HQ OR
GLVSXHVWR HQ ORV DUWtFXORV IUDFFLyQ ,, GH OD /H\ GH $PSDUR HQ UHODFLyQ DO GHO &yGLJR )HGHUDO GH
3URFHGLPLHQWRV&LYLOHVGHDSOLFDFLyQVXSOHWRULDDODOH\GHODPDWHULDVHRUGHQyHPSOD]DUDXVWHGSRUPHGLR
GH HGLFWRV SDUD TXH GHQWUR GHO WpUPLQR GH WUHLQWD GtDV KiELOHV FRQWDGRV D SDUWLU GHO GtD VLJXLHQWH DO GH OD
~OWLPD SXEOLFDFLyQ GHOSUHVHQWHHGLFWRVH DSHUVRQHDOMXLFLRFRQVWLWXFLRQDOHQFLWDHQVXFDUiFWHU GHWHUFHUR
SHUMXGLFDGD \ VL D VX LQWHUpV FRQYLHQH KDJD YDOHU VXV GHUHFKRV HQ OD LQWHOLJHQFLD GH TXH OD FRSLD GH OD
GHPDQGDGHJDUDQWtDVTXHGDDVXGLVSRVLFLyQHQOD6HFUHWDUtDGHHVWH-X]JDGR
3DUDVXSXEOLFDFLyQSRUWUHVYHFHVGHVLHWHHQVLHWHGtDVKiELOHVHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQ\HQ
HO 3HULyGLFR =yFDOR TXH VH SXEOLFD HQ HVWD FLXGDG H[SHGLGR HO SUHVHQWH HGLFWR HQ OD FLXGDG GH 0RQFORYD
&RDKXLODDORVRQFHGtDVGHOPHVGHPD\RGHGRVPLOQXHYH
/D6HFUHWDULDDGVFULWDDO-X]JDGR&XDUWRGH'LVWULWRHQHO(VWDGRGH&RDKXLOD
/LF0DUWD(PPD$\PD%ULRQHV
5~EULFD
5
0p[LFR
6HJXQGD6DOD&LYLO
2UGLQDULR&LYLO
7RFD
(',&72
9(1726$'$9,/$/8,696)5$&&,21$'25$&$)(7$/(66$<27526
(1 (/ &8$'(512 '( $03$52 )250$'2 (1 /2 $8726 '(/ 72&$ &,7$'2 $/ 58%52 (67$
6$/$',&72(/6,*8,(17($&8(5'2
³0p[LFR'LVWULWR)HGHUDOGLHFLRFKRGHPD\RGHODxRGRVPLOQXHYH
$JUpJXHVHDVXVDXWRVHOHVFULWRGHODSRGHUDGROHJDOGHO,QVWLWXWRGHO)RQGR1DFLRQDOGHOD9LYLHQGDSDUDORV
7UDEDMDGRUHV FRQ HO TXH FRPXQLFD TXH QR VH ORFDOL]y GRPLFLOLR DOJXQR GH OD WHUFHUD SHUMXGLFDGD
)UDFFLRQDGRUD&DIHWDOHV6$GH&9HQFRQVHFXHQFLDVHRUGHQDHPSOD]DUDODPLVPDSRUPHGLRGHHGLFWRV
TXHVHSXEOLTXHQHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQDVtFRPRHQHOSHULyGLFR(O'LDULRGH0p[LFRORDQWHULRUD
ILQGHTXHVHSUHVHQWHGHQWURGHWUHLQWDGtDVFRQWDGRVDSDUWLUGHOGtDVLJXLHQWHDOGHODXOWLPDSXEOLFDFLyQDQWHHO
+ 7ULEXQDO &ROHJLDGR HQ 0DWHULD &LYLO GHO 3ULPHU &LUFXLWR HQ 7XUQR FRPR WHUFHUR SHUMXGLFDGR HQ HO MXLFLR GH
JDUDQWtDVSURPRYLGRSRU9(1726$'$9,/$/8,6FRQWUDDFWRVGHHVWDVDODHQHOSURFHGLPLHQWRUHIHULGRDOLQLFLR
GHHVWHHGLFWR1RWLItTXHVH/R$FRUGyOD6HJXQGD6DOD&LYLO\ILUPDHO&0DJLVWUDGR6HPDQHUR'R\IH´
0p[LFR')DGHPD\RGH
/D&6HFUHWDULDGH$FXHUGRV$X[LOLDUGHOD6HJXQGD6DODGHOR&LYLO
GHO+7ULEXQDO6XSHULRUGH-XVWLFLDGHO'LVWULWR)HGHUDO
/LF0DUtDGH/RXUGHV3pUH]*DUFtD
5~EULFD
5
0p[LFR
-X]JDGR7ULJpVLPR&XDUWRGHOR&LYLO
(',&72
(1/26$8726'(/-8,&,2(-(&87,920(5&$17,/352029,'2325$*)$'(0(;,&26$'(
&9 (1 &2175$ '( *360 6$ '( &9 < 5$)$(/ 48,17(52 0$'5,*$/ (;3(',(17( 180(52
(/ & -8(= 75,*(6,02 &8$572 '( /2 &,9,/ '(/ ',675,72 )('(5$/ (1 5(62/8&,21
',&7$'$ 325 $872 '( )(&+$ ',(&,6(,6 '( (1(52 9(,17,6,(7( '( )(%5(52 9(,17,6,(7( '(
0$5=2 '(/ $f2 '26 0,/ 18(9( VHxDOR SDUD TXH WHQJD YHULILFDWLYR HO 5(0$7( (1 35,0(5$
$/021('$GHOELHQPXHEOHHPEDUJDGRFRQVLVWHQWHHQHO9(+,&8/20$5&$)25'/,1($(&212/,1(
02'(/2 %/$1&2 '26 38(57$6 6(,6 &,/,1'526 180(526 '( 6(5,(
)75(:+% )75(:+% VHJ~Q IDFWXUD \ QXPHUR GH VHULH )75(:+%
VHJ~QWDUMHWDGHFLUFXODFLyQVHVHxDODQODV21&(+25$6&2175(,17$0,18726'(/',$9(,17,18(9(
'( -81,2 '(/ $f2 (1 &8562 6,59,(1'2 &202 %$6( 3$5$ (/ 5(0$7( /$ &$17,'$' '(
2&+(17$ < 81 0,/ 3(626 01 48( (6 (/ 9$/25 '( /26 $9$/826 (;+,%,'26 (1
&216(&8(1&,2$ &21 )81'$0(172 (1 /2 ',638(672 325 (/ $57,&8/2 '(/ &2',*2
&,7$'2&219248(6(326725(6
3$5$6838%/,&$&,2132575(69(&(6'(1752'(75(6',$6(1(/',$5,22),&,$/'(/$
)('(5$&,21
/D&6HFUHWDULRGH$FXHUGRV%
/LF0DUtD7HUHVD2URSH]D&DVWLOOR
5~EULFD
5

$9,626*(1(5$/(6

(/(0(17,$6$
$9,62'($80(172'(&$3,7$/
(Q WpUPLQRV \ SDUD ORV HIHFWRV GH OR GLVSXHVWR SRU HO DUWtFXOR GH OD /H\ *HQHUDO GH 6RFLHGDGHV
0HUFDQWLOHV\ODFOiXVXODQRYHQDGHORVHVWDWXWRVVRFLDOHVGH(OHPHQWLD6$OD³6RFLHGDG´VHFRPXQLFDD
WRGRVORVDFFLRQLVWDVGHGLFKD6RFLHGDGTXHSRUUHVROXFLyQGHVXDVDPEOHDJHQHUDORUGLQDULD\H[WUDRUGLQDULD
GH DFFLRQLVWDV FHOHEUDGD FRQ IHFKD GH PD\R GH OD ³$VDPEOHD´ VH UHVROYLy HQWUH RWURV DVXQWRV
LWRPDUQRWDGHLQIRUPHUHVSHFWRDOHVWDGRGHODVJHVWLRQHVUHODFLRQDGDVFRQODDGTXLVLFLyQSRUSDUWHGHOD
6RFLHGDG GHGLYHUVDVVXEVLGLDULDVGH,QGXVWULDV1DFREUH 6$GH&9³1DFREUH´ \OD ³7UDQVDFFLyQ´VHJ~Q
FRUUHVSRQGDLLUHIRUPDULQWHJUDOPHQWHORVHVWDWXWRVVRFLDOHVGHOD6RFLHGDGLLLHIHFWXDUODUHFRQILJXUDFLyQ
GHODVVHULHVDFFLRQDULDVGHOD6RFLHGDG\LYOOHYDUDFDERXQDXPHQWRDOFDSLWDOVRFLDOVXVFULWR\SDJDGRGH
OD6RFLHGDG
(QUHODFLyQFRQHODXPHQWRGHFDSLWDODQWHVLQGLFDGROD$VDPEOHDUHVROYLyTXHHOPLVPRVHHIHFWXDVHSRU
OD FDQWLGDG GH ¶ DVt FRPR OD FRQVHFXHQWH HPLVLyQ GH L ¶ DFFLRQHV RUGLQDULDV
QRPLQDWLYDVVLQH[SUHVLyQGHYDORUQRPLQDOGHOD6HULH%FRQSOHQRVGHUHFKRVGHYRWRUHSUHVHQWDWLYDVGHO
FDSLWDO VRFLDO GH OD 6RFLHGDG ODV ³$FFLRQHV 6HULH %´ ODV FXDOHV WHQGUiQ ODV FDUDFWHUtVWLFDV GHUHFKRV \
REOLJDFLRQHV D TXH VH UHILHUHQ ORV QXHYRV HVWDWXWRV VRFLDOHV GH OD 6RFLHGDG DSUREDGRV HQ GHVDKRJR GH OD
$VDPEOHD \ LL ¶ DFFLRQHV RUGLQDULDV QRPLQDWLYDV VLQ H[SUHVLyQ GH YDORU QRPLQDO GH OD 6HULH %
6XE6HULH / FRQ GHUHFKRV GH YRWR OLPLWDGRV UHSUHVHQWDWLYDV GHO FDSLWDO VRFLDO GH OD 6RFLHGDG HPLWLGDV HQ
WpUPLQRVGHODUWtFXORGHOD/H\*HQHUDOGH6RFLHGDGHV0HUFDQWLOHVODV³$FFLRQHV6HULH%6XE6HULH/´
ODVFXDOHVWHQGUiQODVFDUDFWHUtVWLFDVGHUHFKRV\REOLJDFLRQHVDTXHVHUHILHUHQORVQXHYRVHVWDWXWRVVRFLDOHV
GH OD 6RFLHGDG DSUREDGRV HQ GHVDKRJR GH OD $VDPEOHD ODV $FFLRQHV 6HULH % FRQMXQWDPHQWH FRQ ODV
$FFLRQHV6HULH%6XE6HULH/VHUiQUHIHULGDVFRPRODV³$FFLRQHV(PLWLGDV´
7RGRVORVDFFLRQLVWDVGHOD6RFLHGDGJR]DUiQGHXQSOD]RGHGtDVQDWXUDOHVVLJXLHQWHVDODSXEOLFDFLyQ
GHO SUHVHQWH DYLVR SDUD HMHUFHU VX GHUHFKR SUHIHUHQWH HQ SURSRUFLyQ DO DFWXDO Q~PHUR GH DFFLRQHV GH OD
6RFLHGDGGHTXHVHDQWLWXODUHVSDUDVXVFULELUODV$FFLRQHV(PLWLGDVDXQSUHFLRGHVXVFULSFLyQGH
WUHVFLHQWRV FXDUHQWD \ XQ SHVRV SXQWR FHUR XQR RFKR GRV 01 SRU FDGD XQD GH ODV $FFLRQHV (PLWLGDV
FRUUHVSRQGLHQGRDFDSLWDOVRFLDO\DSULPDHQVXVFULSFLyQGHDFFLRQHV
'HODPLVPDPDQHUDOD$VDPEOHDUHVROYLyTXHHQFDVRTXHORVDFFLRQLVWDVUHQXQFLHQRQRHMHU]DQWRWDOR
SDUFLDOPHQWH D VX GHUHFKR GH SUHIHUHQFLD SDUD VXVFULELU \ SDJDU ODV $FFLRQHV (PLWLGDV FRQ PRWLYR GHO
DXPHQWR GH FDSLWDO VRFLDO GH OD 6RFLHGDG ODV $FFLRQHV (PLWLGDV TXH FRUUHVSRQGDQ VHDQ RIUHFLGDV SDUD VX
VXVFULSFLyQ \ SDJR H[FOXVLYR D 1DFREUH KDELpQGRVH DXWRUL]DGR DVLPLVPR HO TXH 1DFREUH SDJXH GLFKDV
$FFLRQHV (PLWLGDV PHGLDQWH OD FDSLWDOL]DFLyQ GH OD FXHQWD SRU FREUDU D VX IDYRU \ D FDUJR GH OD 6RFLHGDG
GHULYDGDGHOD7UDQVDFFLyQ
0p[LFR')DGHMXQLRGH
(OHPHQWLD6$
6HFUHWDULRGHO&RQVHMRGH$GPLQLVWUDFLyQ
-XDQ3DEORGHO5tR%HQtWH]
5~EULFD
5
3HWUyOHRV0H[LFDQRV
'LUHFFLyQ&RUSRUDWLYDGH$GPLQLVWUDFLyQ
6XEGLUHFFLyQ&RUSRUDWLYDGH$GPLQLVWUDFLyQ3DWULPRQLDO
$9,62
6HLQIRUPDDOS~EOLFRHQJHQHUDOTXHVHPRGLILFDQORVWpUPLQRVGHODFRQYRFDWRULDFRUUHVSRQGLHQWHDODV
OLFLWDFLRQHV S~EOLFDV 68&$30 \ 68&$30 SXEOLFDGDV HQ HVWH PLVPR PHGLR HO GtD GH
PD\RGHDHIHFWRGHPRGLILFDUODIRUPDHQTXHVHGHEHUiFRQVWLWXLUODJDUDQWtDDOSUHVHQWDUVXVRIHUWDVD
ODVUHIHULGDVOLFLWDFLRQHVSDUDTXHGDUGHODVLJXLHQWHPDQHUD
'LFH 'HEHGHFLU
/DV RIHUWDV«GHEHUiQ VHU JDUDQWL]DGDV PHGLDQWH /DV RIHUWDV«GHEHUiQ VHU JDUDQWL]DGDV PHGLDQWH
GHSyVLWREDQFDULRFKHTXHGHFDMDJLUREDQFDULRRUGHQ GHSyVLWR EDQFDULR R WUDQVIHUHQFLD EDQFDULD HQ ORV
GH SDJR LUUHYRFDEOH R WUDQVIHUHQFLD EDQFDULD HQ ORV WpUPLQRVGHODVEDVHVUHVSHFWLYDV«
WpUPLQRVGHODVEDVHVUHVSHFWLYDV«
6DOYR SRU OR TXH FRUUHVSRQGH D OD FLWDGD PRGLILFDFLyQ ORV WpUPLQRV GH OD FRQYRFDWRULD SHUPDQHFHQ VLQ
FDPELRDOJXQR
6HFRPXQLFDORDQWHULRUSDUDWRGRVORVHIHFWRVOHJDOHV\QRUPDWLYRVDTXHKD\DOXJDU
0p[LFR')DGHMXQLRGH
(O6XEJHUHQWHGH$SR\R/HJDO\)RUPDOL]DFLyQ,QPRELOLDULD
/LF-XDQ=XDQL*RQ]iOH]
5~EULFD
5
&20(5&,$/'((63(&,$/,'$'(63$5$),1,&$66$'(&9
35,0(5$&2192&$725,$
&RQ IXQGDPHQWR HQ OD FOiXVXOD GpFLPR RFWDYD GH ORV HVWDWXWRV VRFLDOHV VH FRQYRFD D ORV VHxRUHV
DFFLRQLVWDVSDUDODFHOHEUDFLyQGHXQD$VDPEOHD*HQHUDO2UGLQDULD\([WUDRUGLQDULDTXHVHFHOHEUDUiHOGtD
GH MXOLR GH D ODV KRUDV HQ HO GRPLFLOLR VRFLDO XELFDGR HQ <DXWHSHF Q~PHUR FRORQLD &RQGHVD
'HOHJDFLyQ&XDXKWpPRFFyGLJRSRVWDO0p[LFR')SDUDWUDWDUORVDVXQWRVFRQWHQLGRVHQHOVLJXLHQWH
25'(1'(/',$
$6$0%/($25',1$5,$
,3UHVHQWDFLyQGHODLQIRUPDFLyQILQDQFLHUDGHOHMHUFLFLRVRFLDOGHHQORVWpUPLQRVGHODUWtFXORGH
OD/H\*HQHUDOGH6RFLHGDGHV0HUFDQWLOHV
,,1RPEUDPLHQWRRFRQILUPDFLyQHQVXFDUJRGHORVPLHPEURVGHO&RQVHMRGH$GPLQLVWUDFLyQ\GHOFRPLVDULR
,,,)LMDFLyQGHHPROXPHQWRVSDUDORVPLHPEURVGHO&RQVHMRGH$GPLQLVWUDFLyQ\SDUDHOFRPLVDULR
,9$VXQWRVJHQHUDOHV
25'(1'(/',$
$6$0%/($(;75$25',1$5,$
,3URSXHVWDGHDXPHQWRDODSDUWHYDULDEOHGHOFDSLWDOVRFLDO
,,1RPEUDPLHQWRGHGHOHJDGRVHVSHFLDOHV
6H UHFXHUGD D ORV VHxRUHV DFFLRQLVWDV TXH D GLFKD $VDPEOHD SRGUiQ FRPSDUHFHU SHUVRQDOPHQWH R
PHGLDQWHDSRGHUDGRGHVLJQDGRSRUFDUWDSRGHUILUPDGDDQWHGRVWHVWLJRV\TXHFRQIRUPHDODUWtFXORGHOD
/H\*HQHUDOGH6RFLHGDGHV0HUFDQWLOHVHVWiDVXGLVSRVLFLyQHQODVRILFLQDVGHODVRFLHGDGHOLQIRUPHDTXH
VHUHILHUHHODUWtFXORGHODPLVPDOH\
0p[LFR')DGHMXQLRGH
&RPLVDULR
/LF3DEOR$OHMDQGUR=XELNDUDL3RUUDV
5~EULFD
5
9(/$6/8;6$'(&9
35,0(5$&2192&$725,$
&RQ IXQGDPHQWR HQ OD FOiXVXOD GpFLPR RFWDYD GH ORV HVWDWXWRV VRFLDOHV VH FRQYRFD D ORV VHxRUHV
DFFLRQLVWDVSDUDODFHOHEUDFLyQGHXQD$VDPEOHD*HQHUDO2UGLQDULD\([WUDRUGLQDULDTXHVHFHOHEUDUiHOGtD
GH MXOLR GH D ODV KRUDV HQ HO GRPLFLOLR VRFLDO XELFDGR HQ 8UELQD Q~PHUR 3DUTXH ,QGXVWULDO
1DXFDOSDQFyGLJRSRVWDO1DXFDOSDQ(VWDGRGH0p[LFRSDUDWUDWDUORVDVXQWRVFRQWHQLGRVHQHOVLJXLHQWH
25'(1'(/',$
$6$0%/($25',1$5,$
,3UHVHQWDFLyQGHODLQIRUPDFLyQILQDQFLHUDGHORVHMHUFLFLRVVRFLDOHVGH\HQORVWpUPLQRVGHO
DUWtFXORGHOD/H\*HQHUDOGH6RFLHGDGHV0HUFDQWLOHV
,,1RPEUDPLHQWRRFRQILUPDFLyQHQVXFDUJRGHORVPLHPEURVGHO&RQVHMRGH$GPLQLVWUDFLyQ\GHOFRPLVDULR
,,,)LMDFLyQGHHPROXPHQWRVSDUDORVPLHPEURVGHO&RQVHMRGH$GPLQLVWUDFLyQ\SDUDHOFRPLVDULR
,9$VXQWRVJHQHUDOHV
25'(1'(/',$
$6$0%/($(;75$25',1$5,$
,3URSXHVWDGHDXPHQWRDODSDUWHYDULDEOHGHOFDSLWDOVRFLDO
,,1RPEUDPLHQWRGHGHOHJDGRVHVSHFLDOHV
0p[LFR')DGHMXQLRGH
&RPLVDULR
/LF3DEOR$OHMDQGUR=XELNDUDL3RUUDV
5~EULFD
5
(67$%/(&,0,(1726/8;6$'(&9
35,0(5$&2192&$725,$
&RQ IXQGDPHQWR HQ OD FOiXVXOD GpFLPR TXLQWD GH ORV HVWDWXWRV VRFLDOHV VH FRQYRFD D ORV VHxRUHV
DFFLRQLVWDVSDUDODFHOHEUDFLyQGHXQD$VDPEOHD*HQHUDO2UGLQDULDTXHVHFHOHEUDUiHOGtDGHMXOLRGH
D ODV KRUDV HQ HO GRPLFLOLR VRFLDO XELFDGR HQ 8UELQD Q~PHUR 3DUTXH ,QGXVWULDO 1DXFDOSDQ FyGLJR
SRVWDO1DXFDOSDQ(VWDGRGH0p[LFRSDUDWUDWDUORVDVXQWRVFRQWHQLGRVHQHOVLJXLHQWH
25'(1'(/',$
,3UHVHQWDFLyQGHODLQIRUPDFLyQILQDQFLHUDGHOHMHUFLFLRVRFLDOGHHQORVWpUPLQRVGHODUWtFXORGH
OD/H\*HQHUDOGH6RFLHGDGHV0HUFDQWLOHV
,,1RPEUDPLHQWRRFRQILUPDFLyQHQVXFDUJRGHORVPLHPEURVGHOFRQVHMRGHDGPLQLVWUDFLyQ\GHOFRPLVDULR
,,,)LMDFLyQGHHPROXPHQWRVSDUDORVPLHPEURVGHOFRQVHMRGHDGPLQLVWUDFLyQ\SDUDHOFRPLVDULR
,91RPEUDPLHQWRGHGHOHJDGRVHVSHFLDOHV
9$VXQWRVJHQHUDOHV
0p[LFR')DGHMXQLRGH
&RPLVDULR
/LF$OHMDQGUR2UWHJD5LYHUR
5~EULFD
5
6RFLHGDG+LSRWHFDULD)HGHUDO61&
6(/(&&,21'(&2168/725(632535(67$7$5,26'(/
%$1&2,17(5$0(5,&$12'('(6$552//2
02'(/2'(,19,7$&,21$35(6(17$5(;35(6,21(6'(,17(5(6
0p[LFR
(YDOXDFLyQGH'HVDUUROORV8UEDQRV,QWHJUDOHV6XVWHQWDEOHV(YDOXDFLyQ7pFQLFD
6HFWRU'89,9
6HUYLFLRVGH&RQVXOWRUtD
&RRSHUDFLyQ7pFQLFD1R5HHPEROVDEOHQ~PHUR$71)*0(
/LFLWDFLyQ/ODPDGRQ~PHUR
([SUHVLRQHVGH,QWHUpV
/D6RFLHGDG+LSRWHFDULD)HGHUDO6RFLHGDG1DFLRQDOGH&UpGLWR,QVWLWXFLyQGH%DQFDGH'HVDUUROOR6+)
UHFLELyGHO%DQFR,QWHUDPHULFDQRGH'HVDUUROOR%,'DWUDYpVGHO)RQGR*HQHUDOGH&RRSHUDFLyQGH(VSDxD
)*&( OD &RRSHUDFLyQ 7pFQLFD 1R 5HHPEROVDEOH Q~PHUR $71)*0( SDUD DSR\DU OD FRRUGLQDFLyQ
GH ODV SROtWLFDV S~EOLFDV \ DJHQFLDV IHGHUDOHV SDUD HO ILQDQFLDPLHQWR \ SXHVWD HQ PDUFKD GH 'HVDUUROORV
8UEDQRV,QWHJUDOHV6XVWHQWDEOHV'8,6FRQHOSURSyVLWRGHSRVLELOLWDUODHYDOXDFLyQWpFQLFDPHGLRDPELHQWDO
\VRFLDO GH SURSXHVWDVGH'8,6 \ HOVHJXLPLHQWR GH ORVSUR\HFWRV DSR\DGRV SRU HO*UXSR GH3URPRFLyQ GH
'HVDUUROORV 8UEDQRV ,QWHJUDOHV 6XVWHQWDEOHV 8QD SDUWH GH ORV IRQGRV VHUiQ GHVWLQDGRV SDUD ORV VLJXLHQWHV
VHUYLFLRVGHFRQVXOWRUtD
/D FRQVXOWRUtD LPSOLFD OD HODERUDFLyQ GH XQ GLDJQyVWLFR TXH HYDO~H HO FXPSOLPLHQWR QRUPDWLYR OD
FRKHUHQFLDXUEDQDVRFLDO\DPELHQWDOODIDFWLELOLGDGHFRQyPLFDHOJUDGRGHLQWHJUDELOLGDG\VXVWHQWDELOLGDG\
ODMXVWLILFDFLyQSOHQDGHQXHYRVGHVDUUROORVXUEDQRVRUHJHQHUDFLyQGHFHQWURVGHSREODFLyQH[LVWHQWHVHQHO
WHUULWRULR GH OD 5HS~EOLFD 0H[LFDQD FRQIRUPH D XQ VLVWHPD GH LQGLFDGRUHV OtQHD GH EDVH \ GH DFXHUGR D
ORVFULWHULRV'8,6DVtFRPRXQDQiOLVLV)2'$TXHFRQVLGHUHODVHVFDODVUHJLRQDOXUEDQD\GHEDUULRGHORV
SUR\HFWRVSUHVHQWDGRVFRQIRUPHDORVWpUPLQRVGHUHIHUHQFLDDQH[RV
(QFRRUGLQDFLyQFRQHO%,'ODHMHFXFLyQGHOSURJUDPD \ODXWLOL]DFLyQGHORVUHFXUVRVGHOILQDQFLDPLHQWR
GHO)*&(%,'VHUiQOOHYDGDVDFDERSRUOD6RFLHGDG+LSRWHFDULD)HGHUDO61&DWUDYpVGHOD'LUHFFLyQGH
'HVDUUROOR 8UEDQR \ 5HODFLRQHV ,QVWLWXFLRQDOHV GH OD 'LUHFFLyQ *HQHUDO $GMXQWD GH 'HVDUUROOR H ,QQRYDFLyQ
GHO0HUFDGRGH9LYLHQGD
(O SUHVXSXHVWR UHIHUHQFLDO HV GH (XURV HQ WRWDO SRU FDGD '8,6 D HYDOXDU \ XQ SOD]R GH
HMHFXFLyQ GH FDWRUFH VHPDQDV SDUD KDFHUOR FRQJUXHQWH FRQ OR HVWDEOHFLGR HQ ORV 7256 /D 6RFLHGDG
+LSRWHFDULD )HGHUDO 61& LQYLWD D ODV ILUPDV FRQVXOWRUDV HOHJLEOHV D H[SUHVDU VX LQWHUpV HQ SUHVWDU ORV
VHUYLFLRV VROLFLWDGRV /DV ILUPDV FRQVXOWRUDV LQWHUHVDGDV GHEHUiQ SURSRUFLRQDU LQIRUPDFLyQ TXH LQGLTXH TXH
HVWiQ FXDOLILFDGRV SDUD VXPLQLVWUDU ORV VHUYLFLRV IROOHWRV GHVFULSFLyQ GH WUDEDMRV VLPLODUHV H[SHULHQFLD HQ
FRQGLFLRQHV VLPLODUHV GLVSRQLELOLGDG GH SHUVRQDO TXH WHQJD ORV FRQRFLPLHQWRV SHUWLQHQWHV HWF /DV ILUPDV
FRQVXOWRUDV VH SRGUiQ DVRFLDU FRQ HO ILQ GH PHMRUDU VXV FDOLILFDFLRQHV &DEH PHQFLRQDU TXH OD FRQVXOWRUtD
UHIHULGD VH SRGUi FRQWUDWDU SDUD SUR\HFWRV LQGLYLGXDOHV R HQ SDTXHWHV ORV FXDOHV SRGUtDQ VHU DGMXGLFDGRV D
XQRRPiVFRQVXOWRUHV
/DVILUPDVFRQVXOWRUDVVHUiQVHOHFFLRQDGDVFRQIRUPHDORVSURFHGLPLHQWRVLQGLFDGRVHQODV3ROtWLFDVSDUD
OD 6HOHFFLyQ \ &RQWUDWDFLyQ GH &RQVXOWRUHV ILQDQFLDGRV SRU HO %DQFR ,QWHUDPHULFDQR GH 'HVDUUROOR HGLFLyQ
DFWXDO&RPRUHVXOWDGRGHOSURFHVRGHH[SUHVLyQGHLQWHUpVVHVHOHFFLRQDUiODILUPDDODFXDOVHOHVROLFLWDUi
IRUPDOPHQWHXQDSURSXHVWDWpFQLFD\HFRQyPLFD
(OGHORVUHFXUVRVGHOD&RRSHUDFLyQ7pFQLFDGHEHQGHVWLQDUVHDILUPDVFRQVXOWRUDVGHQDFLRQDOLGDG
HVSDxRODVHJ~QODVFRQGLFLRQHVGHO)*&(
/DV ILUPDV FRQVXOWRUDV LQWHUHVDGDV SXHGHQ REWHQHU PiV LQIRUPDFLyQ HQ OD SiJLQD :HE GH 6+) HQ OD
GLUHFFLyQLQGLFDGDPiVDGHODQWHGXUDQWHKRUDVKiELOHVGHDKRUDV
/DVH[SUHVLRQHVGHLQWHUpVGHEHUiQVHUUHFLELGDVHQODGLUHFFLyQLQGLFDGDDFRQWLQXDFLyQDPiVWDUGDUD
ODVKRUDVWLHPSRGH0p[LFR')GHOGtDGHMXQLRGH
6RFLHGDG+LSRWHFDULD)HGHUDO
'LUHFFLyQGH'HVDUUROOR8UEDQR\5HODFLRQHV,QVWLWXFLRQDOHV
$WQ$UT+LUDP3pUH]3DVWUDQD\R/LF3HGUR/XLV6DOD]DU6iQFKH]
$YHQLGD(MpUFLWR1DFLRQDOFRORQLD$Q]XUHVFyGLJRSRVWDO0p[LFR')
7HOpIRQRVH[WHQVLyQ
&RUUHRHOHFWUyQLFRKSHUH]#VKIJREP[\RSVDOD]DU#VKIJREP[
3RUWDOKWWSZZZVKIJREP[
0p[LFR')DGHPD\RGH
6XEGLUHFFLyQGH5HFXUVRV0DWHULDOHV
(O6XEGLUHFWRUGH5HFXUVRV0DWHULDOHV
/LF5HQp&RQGH$\DOD
5~EULFD
5
6RFLHGDG+LSRWHFDULD)HGHUDO61&
6(/(&&,21'(&2168/725(632535(67$7$5,26'(/
%$1&2,17(5$0(5,&$12'('(6$552//2
02'(/2'(,19,7$&,21$35(6(17$5(;35(6,21(6'(,17(5(6
0p[LFR
(YDOXDFLyQGH'HVDUUROORV8UEDQRV,QWHJUDOHV6XVWHQWDEOHV3ODQHV3DUFLDOHVGH'HVDUUROOR8UEDQR
6(&725'89,9
6HUYLFLRVGH&RQVXOWRUtD
&RRSHUDFLyQ7pFQLFD1R5HHPEROVDEOHQ~PHUR$71)*0(
/LFLWDFLyQ/ODPDGRQ~PHUR
([SUHVLRQHVGH,QWHUpV
/D6RFLHGDG+LSRWHFDULD)HGHUDO6RFLHGDG1DFLRQDOGH&UpGLWR,QVWLWXFLyQGH%DQFDGH'HVDUUROOR6+)
UHFLELyGHO%DQFR,QWHUDPHULFDQRGH'HVDUUROOR%,'DWUDYpVGHO)RQGR*HQHUDOGH&RRSHUDFLyQGH(VSDxD
)*&( OD &RRSHUDFLyQ 7pFQLFD 1R 5HHPEROVDEOH Q~PHUR $71)*0( SDUD DSR\DU OD FRRUGLQDFLyQ
GH ODV SROtWLFDV S~EOLFDV \ DJHQFLDV IHGHUDOHV SDUD HO ILQDQFLDPLHQWR \ SXHVWD HQ PDUFKD GH 'HVDUUROORV
8UEDQRV,QWHJUDOHV6XVWHQWDEOHV'8,6FRQHOSURSyVLWRGHSRVLELOLWDUODHYDOXDFLyQWpFQLFDPHGLRDPELHQWDO
\VRFLDO GH SURSXHVWDVGH'8,6 \ HOVHJXLPLHQWR GH ORVSUR\HFWRV DSR\DGRV SRU HO*UXSR GH3URPRFLyQ GH
'HVDUUROORV 8UEDQRV ,QWHJUDOHV 6XVWHQWDEOH 8QD SDUWH GH ORV IRQGRV VHUiQ GHVWLQDGRV SDUD ORV VLJXLHQWHV
VHUYLFLRVGHFRQVXOWRUtD
/DFRQVXOWRUtDLPSOLFDODJHQHUDFLyQGH3ODQHV3DUFLDOHVGH'HVDUUROOR8UEDQR
6H HODERUDUi XQ GRFXPHQWR GH SODQLILFDFLyQ \ DGPLQLVWUDFLyQ GHO GHVDUUROOR XUEDQR GH ORV PXQLFLSLRV HQ
IXQFLyQGHOPHGLRDPELHQWHODDFWLYLGDGHFRQyPLFDGHOD]RQD\HOGHVDUUROORVRFLDOFRPRORVJUDQGHVHMHV
6HSODQWHDUiQSURSXHVWDVGHGHVDUUROORXUEDQRHQIRUPDGLUHFWDHLQWHJUDO\GHEHUiQFRQVLGHUDUORVFRPSRQHQWHVGH
SODQHDFLyQ VXHOR LQIUDHVWUXFWXUD YLYLHQGD YLDOLGDG WUDQVSRUWH HTXLSDPLHQWR XUEDQR LQGXVWULD WXULVPR
LPDJHQXUEDQDPHGLRDPELHQWHULHVJRV\YXOQHUDELOLGDGSDUWLFLSDFLyQGHODFRPXQLGDG\DGPLQLVWUDFLyQXUEDQD
(QFRRUGLQDFLyQFRQHO%,'ODHMHFXFLyQGHOSURJUDPD \ODXWLOL]DFLyQGHORVUHFXUVRVGHOILQDQFLDPLHQWR
GHO)*&(%,'VHUiQOOHYDGDVDFDERSRUOD6RFLHGDG+LSRWHFDULD)HGHUDO61&DWUDYpVGHOD'LUHFFLyQGH
'HVDUUROOR 8UEDQR \ 5HODFLRQHV ,QVWLWXFLRQDOHV GH OD 'LUHFFLyQ *HQHUDO $GMXQWD GH 'HVDUUROOR H ,QQRYDFLyQ
GHO0HUFDGRGH9LYLHQGD
(OSUHVXSXHVWRUHIHUHQFLDOHV(XURVHQWRWDOSRUFDGD3ODQ3DUFLDOGH'HVDUUROOR8UEDQR\XQSOD]R
GHHMHFXFLyQGHVHLVPHVHV/D6RFLHGDG+LSRWHFDULD)HGHUDO61&LQYLWDDODVILUPDVFRQVXOWRUDVHOHJLEOHV
DH[SUHVDUVXLQWHUpVHQSUHVWDUORVVHUYLFLRVVROLFLWDGRV/DVILUPDVFRQVXOWRUDVLQWHUHVDGDVGHEHUiQSURSRUFLRQDU
LQIRUPDFLyQTXHLQGLTXHTXHHVWiQFXDOLILFDGRVSDUDVXPLQLVWUDUORVVHUYLFLRVIROOHWRVGHVFULSFLyQGHWUDEDMRV
VLPLODUHV H[SHULHQFLD HQ FRQGLFLRQHV VLPLODUHV GLVSRQLELOLGDG GH SHUVRQDO TXH WHQJD ORV FRQRFLPLHQWRV
SHUWLQHQWHVHWF/DVILUPDVFRQVXOWRUDVVHSRGUiQDVRFLDUFRQHOILQGHPHMRUDUVXVFDOLILFDFLRQHV
&DEHPHQFLRQDUTXHODFRQVXOWRUtDUHIHULGDVHSRGUiFRQWUDWDUSDUDSUR\HFWRVLQGLYLGXDOHVRHQSDTXHWHV
ORVFXDOHVSRGUtDQVHUDGMXGLFDGRVDXQRRPiVFRQVXOWRUHV
/DVILUPDVFRQVXOWRUDVVHUiQVHOHFFLRQDGDVFRQIRUPHDORVSURFHGLPLHQWRVLQGLFDGRVHQODV3ROtWLFDVSDUD
OD 6HOHFFLyQ \ &RQWUDWDFLyQ GH &RQVXOWRUHV ILQDQFLDGRV SRU HO %DQFR ,QWHUDPHULFDQR GH 'HVDUUROOR HGLFLyQ
DFWXDO&RPRUHVXOWDGRGHOSURFHVRGHH[SUHVLyQGHLQWHUpVVHVHOHFFLRQDUiODILUPDDODFXDOVHOHVROLFLWDUi
IRUPDOPHQWHXQDSURSXHVWDWpFQLFD\HFRQyPLFD
(OGHORVUHFXUVRVGHOD&RRSHUDFLyQ7pFQLFDGHEHQGHVWLQDUVHDILUPDVFRQVXOWRUDVGHQDFLRQDOLGDG
HVSDxRODVHJ~QODVFRQGLFLRQHVGHO)*&(
/DVILUPDVFRQVXOWRUDVLQWHUHVDGDVSXHGHQREWHQHUPiVLQIRUPDFLyQHQODSiJLQD:HEGH6+)\RHQOD
GLUHFFLyQLQGLFDGDPiVDGHODQWHGXUDQWHKRUDVKiELOHVGHDKRUDV
/DVH[SUHVLRQHVGHLQWHUpVGHEHUiQVHUUHFLELGDVHQODGLUHFFLyQLQGLFDGDDFRQWLQXDFLyQDPiVWDUGDUD
ODVKRUDVWLHPSRGH0p[LFR')GHOGtDGHMXQLRGH
6RFLHGDG+LSRWHFDULD)HGHUDO
'LUHFFLyQGH'HVDUUROOR8UEDQR\5HODFLRQHV,QVWLWXFLRQDOHV
$WQ$UT+LUDP3pUH]3DVWUDQD\R/LF3HGUR/XLV6DOD]DU6iQFKH]
$YHQLGD(MpUFLWR1DFLRQDOFRORQLD$Q]XUHVFyGLJRSRVWDO0p[LFR')
7HOpIRQRVH[WHQVLyQ
&RUUHRHOHFWUyQLFRKSHUH]#VKIJREP[\RSVDOD]DU#VKIJREP[
3RUWDOKWWSZZZVKIJREP[
0p[LFR')DGHPD\RGH
6XEGLUHFFLyQGH5HFXUVRV0DWHULDOHV
(O6XEGLUHFWRUGH5HFXUVRV0DWHULDOHV
/LF5HQp&RQGH$\DOD
5~EULFD
5

6HFUHWDUtDGH+DFLHQGD\&UpGLWR3~EOLFR
2ILFLDOtD0D\RU
'LUHFFLyQ*HQHUDOGH5HFXUVRV0DWHULDOHV\6HUYLFLRV*HQHUDOHV
'LUHFFLyQGH&RQWUROGH,QYHQWDULRV\(QDMHQDFLyQGH%LHQHV
&2192&$725,$
/D6HFUHWDUtDGH+DFLHQGD\&UpGLWR3~EOLFRHQFXPSOLPLHQWRDORGLVSXHVWRSRUORVDUWtFXORV\GHOD/H\*HQHUDOGH%LHQHV1DFLRQDOHVSRUODV1RUPDV
*HQHUDOHVSDUDHO5HJLVWUR$IHFWDFLyQ'LVSRVLFLyQ)LQDO\%DMDGH%LHQHV0XHEOHVGHOD$GPLQLVWUDFLyQ3~EOLFD)HGHUDO&HQWUDOL]DGDLQYLWDDOS~EOLFRHQJHQHUDOD
3ULPHUD6HFFLyQ
SDUWLFLSDUHQODOLFLWDFLyQS~EOLFDQ~PHUR/36+&3DHIHFWRGHDGMXGLFDUXQFRQWUDWRGHFRPSUDYHQWDFRQYLJHQFLDGHXQDxRFDOHQGDULRDSDUWLUGHODILUPD
GHOFRQWUDWRSDUDODHQDMHQDFLyQGHGLYHUVRVWLSRVGHGHVHFKRVTXHVHJHQHUDQHQHVWDGHSHQGHQFLDHQHORUGHQTXHVHHQXQFLDQDFRQWLQXDFLyQ
'HVFULSFLyQ &DQWLGDG$SUR[ 8QLGDGGHPHGLGD 9DORUPtQLPRGHDYDO~R

&RQWUDWRGHFRPSUDYHQWDGHGHVHFKRVGHELHQHVPXHEOHVLQVWUXPHQWDOHVPRELOLDULRHTXLSR .LORJUDPR
PDTXLQDULD\YHKtFXORV\GHFRQVXPRTXHJHQHUDQODVGHSHQGHQFLDVGHHVWD6HFUHWDUtD
/DV EDVHV WHQGUiQ XQ FRVWR GH VHWHFLHQWRV SHVRV 01 D SDJDU PHGLDQWH )RUPDWR 'HFODUDFLyQ *HQHUDO GH 3DJR GH 3URGXFWRV \
$SURYHFKDPLHQWRV TXH GHEHUi SDJDUVH HQ EDQFRV DXWRUL]DGRV R HQ OD 7HVRUHUtD GH OD )HGHUDFLyQ \ HVWDUiQ D GLVSRVLFLyQ GH ORV LQWHUHVDGRV GXUDQWH HO ODSVR
FRPSUHQGLGRGHODOGHMXQLRGHHQHO'HSDUWDPHQWRGH(QDMHQDFLyQGH%LHQHVXELFDGRHQ&DO]DGDGHOD9LUJHQQ~PHURHGLILFLR³&´RSLVRFRORQLD
&70 &XOKXDFiQ HQ HVWD FLXGDG GH D KRUDV DVt WDPELpQ VH SRGUiQ FRQVXOWDU HQ OD SiJLQD GH ,QWHUQHW ZZZKDFLHQGDJREP[ GH OD 6HFUHWDUtD GH
+DFLHQGD\&UpGLWR3~EOLFRDVLPLVPRORVLQWHUHVDGRVSRGUiQUHJLVWUDUVH\HQWUHJDUHOFRPSUREDQWHGHSDJRGHEDVHVHOGtDGHMXQLRGHDODVKRUDV
HQHOOXJDUDQWHVLQGLFDGR
3DUDTXHORVFRQFXUVDQWHVSXHGDQSDUWLFLSDUHQODOLFLWDFLyQS~EOLFDGHEHUiQSUHVHQWDUXQGHSyVLWRTXHJDUDQWLFHVXRIHUWDSRUYHLQWHPLOVHLVFLHQWRV
',$5,22),&,$/
QRYHQWD \ RFKR SHVRV 01 TXH FRUUHVSRQGH DO GHO YDORU SDUD YHQWD PHGLDQWH FKHTXH FHUWLILFDGR R GH FDMD H[SHGLGR SRU XQD LQVWLWXFLyQ GH EDQFD \
FUpGLWRDIDYRUGHOD7HVRUHUtDGHOD)HGHUDFLyQDVtFRPRODHQWUHJDGHODGRFXPHQWDFLyQTXHVHHVSHFLILFDHQODVEDVHVUHVSHFWLYDV
(QFDVRGHTXHVHGHFODUHGHVLHUWDODOLFLWDFLyQS~EOLFDHQVXWRWDOLGDGRHQDOJXQDVGHVXVSDUWLGDVHQYLUWXGGHQRKDEHUVHSUHVHQWDGRRIHUWDDOJXQDRGHQR
KDEHUVLGRDFHSWDEOHVODVSUHVHQWDGDVGHEHUiSURFHGHUVHDODVXEDVWDGHORVELHQHVFRUUHVSRQGLHQWHVVLHQGRSRVWXUDOHJDOHQSULPHUDDOPRQHGDODVGRVWHUFHUDV
SDUWHVGHOYDORUSDUDYHQWDFRQVLGHUDGRSDUDODOLFLWDFLyQ\XQPHQRVHQVHJXQGDDOPRQHGD
(ODFWRGHSUHVHQWDFLyQ\DSHUWXUDGHRIHUWDVVHOOHYDUiDFDERHOGHMXQLRGHODxRHQFXUVRFRQODGRFXPHQWDFLyQUHVSHFWLYDHQODVDODGHMXQWDVQ~PHURHQ
HOGRPLFLOLRDQWHVFLWDGRDODVKRUDVGiQGRVHDFRQRFHUHOIDOORHOGHMXQLRGHODxRHQFXUVRDODVKRUDVHQHOOXJDU\KRUDULRDQWHVFLWDGRFXDOTXLHU
SHUVRQDSRGUiDVLVWLUDORVGLIHUHQWHVDFWRVGHODOLFLWDFLyQHQFDOLGDGGHREVHUYDGRUDLQFOXVRDTXHOORVOLFLWDQWHVFX\DVSURSXHVWDVKXELHVHQVLGRGHVHFKDGDVHQFX\R
FDVR~QLFDPHQWHUHJLVWUDUiQVXDVLVWHQFLD\VHDEVWHQGUiQGHLQWHUYHQLUGXUDQWHHOGHVDUUROORGHGLFKRVDFWRV
0p[LFR')DGHMXQLRGH
(O'LUHFWRU*HQHUDOGH5HFXUVRV0DWHULDOHV\6HUYLFLRV*HQHUDOHV
,QJ$QWHUR5D~O,QPiQ&DPSRV
5~EULFD
/XQHVGHMXQLRGH
5
3HPH[([SORUDFLyQ\3URGXFFLyQ
'LUHFFLyQ&RUSRUDWLYDGH$GPLQLVWUDFLyQ
GH3HWUyOHRV0H[LFDQRV
6XEGLUHFFLyQ&RUSRUDWLYDGH$GPLQLVWUDFLyQ3DWULPRQLDO
&2192&$725,$
'H FRQIRUPLGDG FRQ HO DUWtFXOR GH OD /H\ *HQHUDO GH %LHQHV 1DFLRQDOHV 3HPH[ ([SORUDFLyQ \
3URGXFFLyQ D WUDYpV GH OD 6XEGLUHFFLyQ &RUSRUDWLYD GH $GPLQLVWUDFLyQ 3DWULPRQLDO GH 3HWUyOHRV 0H[LFDQRV
LQYLWD D SHUVRQDV ItVLFDV \ PRUDOHV QDFLRQDOHV \ H[WUDQMHUDV D SDUWLFLSDU HQ ODV OLFLWDFLRQHV S~EOLFDV TXH VH
PHQFLRQDQSDUDODHQDMHQDFLyQRQHURVDGHORVELHQHVPXHEOHVTXHHQVHJXLGDVHHQOLVWDQ\TXHVHORFDOL]DQ
HQHO$OPDFpQGH5HIRUPDHQ5HIRUPD&KLV
/LFLWDFLyQ 'HVFULSFLyQJHQHUDO\YDORUSDUDYHQWD &DQWLGDG\XQLGDG 3OD]RGHUHWLUR

68&$30( GHPHGLGD
5HIDFFLRQHV\DFFHVRULRVSDUDHTXLSRHOpFWULFR ORWH GtDVKiELOHV
\PDWHULDOHOpFWULFR
01
5RGDPLHQWRVMXQWDV\VHOORVPHFiQLFRV ORWH GtDVKiELOHV
01
7XEHUtDFRQH[LRQHV\YiOYXODVGHGLIHUHQWHVWLSRV ORWH GtDVKiELOHV
GLiPHWURV\HVSHFLILFDFLRQHVUHIDFFLRQDPLHQWR
GLYHUVRKHUUDPLHQWD\UHIDFFLRQHVHVSHFLDOHVGH
SHUIRUDFLyQ\SURGXFFLyQWRUQLOOHUtD\VLPLODUHV
KHUUDPLHQWDV\PDWHULDOHVGLYHUVRV
01
/DYHULILFDFLyQItVLFDVHSRGUiHIHFWXDUDFXGLHQGRDORVOXJDUHVGRQGHVHORFDOL]DQORVELHQHVGHOGHMXQLR
DOGHMXOLRGHHQGtDVKiELOHVGHDKRUDV
/DV EDVHV GH ODV OLFLWDFLRQHV HVWDUiQ GLVSRQLEOHV SDUD VX FRQVXOWD \ DGTXLVLFLyQ HQ OD SiJLQD
KWWSZZZVXFDSSHPH[FRP DVt FRPR HQ HO GRPLFLOLR GH OD FRQYRFDQWH VLWR HQ 0DULQD 1DFLRQDO
7RUUH (MHFXWLYD SLVR FRORQLD +XDVWHFD 'HOHJDFLyQ 0LJXHO +LGDOJR 0p[LFR ') FyGLJR SRVWDO
DSDUWLUGHODIHFKDGHSXEOLFDFLyQGHODFRQYRFDWRULD
6XYHQWDVHVXVSHQGHUiDODVKRUDVGHOVHJXQGRGtDKiELODQWHULRUEDQFDULRDODIHFKDHVWDEOHFLGD
SDUD HO DFWR GH SUHVHQWDFLyQ \ DSHUWXUD GH RIHUWDV 6X FRVWR VHUi GH PLO SHVRV 01
,9$LQFOXLGR
(O SDJR GH ODV EDVHV GH OD SUHVHQWH FRQYRFDWRULD GHEHUi KDFHUVH PHGLDQWH WUDQVIHUHQFLD EDQFDULD R
GHSyVLWRHQHIHFWLYRDQRPEUHGH3HWUyOHRV0H[LFDQRVSDUDORFXDOXWLOL]DUiHOIRUPDWRTXHJHQHUDHOVLVWHPD
HOHFWUyQLFRHQODSiJLQDKWWSZZZVXFDSSHPH[FRPRDFXGLHQGRGLUHFWDPHQWHDQXHVWUDVRILFLQDV
(O SDJR WDPELpQ SXHGH HIHFWXDUVH PHGLDQWH WUDQVIHUHQFLD EDQFDULD SRU HO HTXLYDOHQWH HQ GyODUHV GH ORV
((88DODFXHQWDGHO-30RUJDQ&KDVH%DQN1$GH+RXVWRQ7H[DV86$&yGLJR
$%$ D QRPEUH GH 3HWUyOHRV 0H[LFDQRV HQ HVWH ~OWLPR FDVR OD YHQWD VH VXVSHQGHUi WUHV GtDV
KiELOHVDQWHVGHODIHFKDHVWDEOHFLGDSDUDHODFWRGHSUHVHQWDFLyQ\DSHUWXUDGHRIHUWDV
3DUDSDUWLFLSDUHQODOLFLWDFLyQS~EOLFDHVUHTXLVLWRLQGLVSHQVDEOHH[KLELURULJLQDO\FRSLDGHOFHUWLILFDGRGH
FRPSUDGHEDVHVTXH HOVLVWHPDHOHFWUyQLFRJHQHUHDVX QRPEUH HOFXDOVHUi OLEHUDGR XQDYH] TXH3HPH[
REWHQJDGHOEDQFRODFRQILUPDFLyQGHSDJRGHOLQWHUHVDGR
(ODFWRGHSUHVHQWDFLyQ\DSHUWXUDGHRIHUWDVVHFHOHEUDUiHOGHMXOLRGHDODVKRUDVHQHO
GRPLFLOLRGHODFRQYRFDQWHDUULEDVHxDODGR
(ODFWRGHIDOORVHHIHFWXDUiDOFRQFOXLUHODFWRGHSUHVHQWDFLyQ\DSHUWXUDGHRIHUWDVHQHOPLVPROXJDU
/DV RIHUWDV GHEHUiQ HVWDU UHIHULGDV D XQD R D YDULDV OLFLWDFLRQHV GHELHQGR SUHVHQWDUVH GH PDQHUD
LQGLYLGXDO \ GHEHUiQ VHU JDUDQWL]DGDV PHGLDQWH GHSyVLWR EDQFDULR FKHTXH GH FDMD JLUR EDQFDULR RUGHQ GH
SDJR LUUHYRFDEOH R WUDQVIHUHQFLD EDQFDULD HQ ORV WpUPLQRV GH ODV EDVHV UHVSHFWLYDV FX\R LPSRUWH QR SRGUi
VHULQIHULRUDOGHOPRQWRGHOYDORUSDUDYHQWD
'HQRORJUDUVHODYHQWDGHORVELHQHVSRUHOSURFHGLPLHQWRGHOLFLWDFLyQS~EOLFDVHSURFHGHUiDVXVXEDVWD
HQHOPLVPRHYHQWRVLHQGRSRVWXUDOHJDOHQSULPHUDDOPRQHGDODVGRVWHUFHUDVSDUWHVGHOYDORUSDUDYHQWD
FRQVLGHUDGRHQODOLFLWDFLyQPHQRVXQHQVHJXQGDDOPRQHGD
3DUDPD\RULQIRUPDFLyQIDYRUGHOODPDUDORVWHOpIRQRVRID[
0p[LFR')DGHMXQLRGH
(O6XEJHUHQWHGH$SR\R/HJDO\)RUPDOL]DFLyQ,QPRELOLDULD
/LF-XDQ=XDQL*RQ]iOH]
5~EULFD
5
,1',&(
35,0(5$6(&&,21
32'(5(-(&87,92

6(&5(7$5,$'(/$'()(16$1$&,21$/

'HFUHWR TXH UHIRUPD \ GHURJD GLYHUVDV GLVSRVLFLRQHV GHO 5HJODPHQWR GH OD /H\ GH $VFHQVRV \
5HFRPSHQVDVGHO(MpUFLWR\)XHU]D$pUHD0H[LFDQRV

6(&5(7$5,$'(6(*85,'$'38%/,&$

&RQYHQLR GH &RRUGLQDFLyQ HQ 0DWHULD GH 6HJXULGDG 3~EOLFD TXH FHOHEUDQ OD 6HFUHWDUtD GH
6HJXULGDG3~EOLFD\HO(VWDGRGH&KLDSDV

6(&5(7$5,$'('(6$552//262&,$/

'HFUHWRSRUHOTXHVHDGLFLRQDHO5HJODPHQWR,QWHULRUGHOD6HFUHWDUtDGH'HVDUUROOR6RFLDO

$FXHUGR GH &RRUGLQDFLyQ SDUD OD FRQFXUUHQFLD GH UHFXUVRV IHGHUDOHV \ HVWDWDOHV SDUD ORV
3URJUDPDV 6RFLDOHV )HGHUDOHV SDUD HO 'HVDUUROOR GH =RQDV 3ULRULWDULDV -RUQDOHURV $JUtFRODV
(PSOHR 7HPSRUDO 2SFLRQHV 3URGXFWLYDV \ [ SDUD 0LJUDQWHV WRGRV HOORV GHO 5DPR
$GPLQLVWUDWLYR'HVDUUROOR6RFLDOSDUDHO(MHUFLFLR)LVFDOTXHVXVFULEHQOD6HFUHWDUtDGH
'HVDUUROOR6RFLDO\HO(VWDGRGH+LGDOJR

3URJUDPDV 6RFLDOHV )HGHUDOHV SDUD HO 'HVDUUROOR GH =RQDV 3ULRULWDULDV -RUQDOHURV $JUtFRODV
(PSOHR 7HPSRUDO 2SFLRQHV 3URGXFWLYDV \ [ SDUD 0LJUDQWHV WRGRV HOORV GHO 5DPR
$GPLQLVWUDWLYR'HVDUUROOR6RFLDOSDUDHO(MHUFLFLR)LVFDOTXHVXVFULEHQOD6HFUHWDUtDGH
'HVDUUROOR6RFLDO\HO(VWDGRGH-DOLVFR

3URJUDPDV 6RFLDOHV SDUD HO 'HVDUUROOR GH =RQDV 3ULRULWDULDV -RUQDOHURV $JUtFRODV (PSOHR
7HPSRUDO 2SFLRQHV 3URGXFWLYDV \ [ SDUD 0LJUDQWHV WRGRV HOORV GHO 5DPR $GPLQLVWUDWLYR
'HVDUUROOR6RFLDOSDUDHO(MHUFLFLR)LVFDOTXHVXVFULEHQOD6HFUHWDUtDGH'HVDUUROOR6RFLDO\
HO(VWDGRGH0LFKRDFiQGH2FDPSR

6(&5(7$5,$'((1(5*,$

$FXHUGR PHGLDQWH HO FXDO VH GHOHJDQ HQ HO 'LUHFWRU *HQHUDO GH ([SORUDFLyQ \ ([SORWDFLyQ GH
+LGURFDUEXURVODVIDFXOWDGHVTXHFRUUHVSRQGHQDOD6HFUHWDUtDGH(QHUJtDTXHKDFHQUHIHUHQFLD
GLYHUVRVDUWtFXORVGHOD/H\5HJODPHQWDULDGHO$UWtFXOR&RQVWLWXFLRQDOHQHO5DPRGHO3HWUyOHR
GH OD /H\ 0LQHUD \ GHO 5HJODPHQWR GH OD /H\ 0LQHUD HQ PDWHULD GH JDV DVRFLDGR D ORV
\DFLPLHQWRVGHFDUEyQPLQHUDO

6(&5(7$5,$'((&2120,$

'HFUHWRSRUHOTXHVHUHIRUPDHODUWtFXORGHO&yGLJRGH&RPHUFLR

'HFUHWRSRUHOTXHVHUHIRUPDHODUWtFXORGHO&yGLJRGH&RPHUFLR
$FXHUGRSRUHOTXHVHRWRUJDKDELOLWDFLyQDOFLXGDGDQR&DUORV/XYLDQR0RQWHORQJRFRPRFRUUHGRU
S~EOLFRQ~PHURHQODSOD]DGHO(VWDGRGH-DOLVFR

$FXHUGR SRU HO TXH VH RWRUJD KDELOLWDFLyQ DO FLXGDGDQR &DUORV )HUQDQGR &KDEOH &XEUtD FRPR
FRUUHGRUS~EOLFRQ~PHURHQODSOD]DGHO(VWDGRGH9HUDFUX]

6(&5(7$5,$'(/$)81&,2138%/,&$

&LUFXODU SRU OD TXH VH FRPXQLFD D ODV GHSHQGHQFLDV 3URFXUDGXUtD *HQHUDO GH OD 5HS~EOLFD \
HQWLGDGHV GH OD $GPLQLVWUDFLyQ 3~EOLFD )HGHUDO DVt FRPR D ODV HQWLGDGHV IHGHUDWLYDV TXH OD
6H[WD 6DOD 5HJLRQDO 0HWURSROLWDQD GHO 7ULEXQDO )HGHUDO GH -XVWLFLD )LVFDO \ $GPLQLVWUDWLYD GLFWy
VHQWHQFLD GHQWUR GHO H[SHGLHQWH HQ OD FXDO VH GHWHUPLQy GHFODUDU OD QXOLGDG
OLVD \ OODQD GH OD UHVROXFLyQ FRQWHQLGD HQ HO GLYHUVR &)(&,$56 GH WUHV GH
IHEUHUR GH GRV PLO VHLV HQ FRQWUD GH 0LFUR 7HFQRORJtD \ 6HUYLFLRV 6$ GH &9 SRU WDQWR VH
GHMDVLQHIHFWRVHOIDOORHQHOTXHVHOHDSOLFyLQKDELOLWDFLyQSRUHOSOD]RGHWUHVPHVHV

HQWLGDGHV GH OD $GPLQLVWUDFLyQ 3~EOLFD )HGHUDO DVt FRPR D ODV HQWLGDGHV IHGHUDWLYDV TXH
GHEHUiQ DEVWHQHUVH GH DFHSWDU SURSXHVWDV R FHOHEUDU FRQWUDWRV FRQ OD HPSUHVD ,QGXVWULDV GH
&KLDSDV0LJXHO$QJHO+HUQiQGH]&RQWUHUDV

HQWLGDGHV GH OD $GPLQLVWUDFLyQ 3~EOLFD )HGHUDO DVt FRPR D ODV HQWLGDGHV IHGHUDWLYDV OD
VXVSHQVLyQRWRUJDGDDODHPSUHVD3URWHFFLyQ$PELHQWDO,QWHUQDFLRQDO6$GH&9

HQWLGDGHV GH OD $GPLQLVWUDFLyQ 3~EOLFD )HGHUDO DVt FRPR D ODV HQWLGDGHV IHGHUDWLYDV OD
FRQWLQXDFLyQ GH OD LQKDELOLWDFLyQ LPSXHVWD D OD HPSUHVD 0DQXIDFWXUDV \ 0DQWHQLPLHQWRV
0HWDOPHFiQLFRV6$GH&9

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

%$1&2'(0(;,&2

7LSRGHFDPELRSDUDVROYHQWDUREOLJDFLRQHVGHQRPLQDGDVHQPRQHGDH[WUDQMHUDSDJDGHUDVHQOD
5HS~EOLFD0H[LFDQD

7DVDVGHLQWHUpVLQWHUEDQFDULDVGHHTXLOLEULR

$9,626

-XGLFLDOHV\JHQHUDOHV

6(*81'$6(&&,21
32'(5(-(&87,92

6(&5(7$5,$'(6$/8'

&RQYHQLR0RGLILFDWRULRDO&RQYHQLRGH&RRUGLQDFLyQ\WUDQVIHUHQFLDGHUHFXUVRVTXHFHOHEUDQOD
6HFUHWDUtDGH6DOXG\HO*RELHUQRGHO'LVWULWR)HGHUDO

6HFUHWDUtDGH6DOXG\HO(VWDGRGH*XDQDMXDWR
6HFUHWDUtDGH6DOXG\HO(VWDGRGH*XHUUHUR

6HFUHWDUtDGH6DOXG\HO(VWDGRGH=DFDWHFDV

6(&5(7$5,$'(/$5()250$$*5$5,$

5HVROXFLyQ TXH GHFODUD FRPR WHUUHQR QDFLRQDO HO SUHGLR LQQRPLQDGR R &KXODYLVWD H[SHGLHQWH
Q~PHUR0XQLFLSLRGH3XHUWR3HxDVFR6RQ

5HVROXFLyQ TXH GHFODUD FRPR WHUUHQR QDFLRQDO XQ SUHGLR LQQRPLQDGR H[SHGLHQWH Q~PHUR
0XQLFLSLRGH&HQWUR7DE

5HVROXFLyQ TXH GHFODUD FRPR WHUUHQR QDFLRQDO XQ SUHGLR LQQRPLQDGR H[SHGLHQWH Q~PHUR
0XQLFLSLRGH1DFDMXFD7DE

5HVROXFLyQ TXH GHFODUD FRPR WHUUHQR QDFLRQDO HO SUHGLR (O &KDSDUUDO H[SHGLHQWH Q~PHUR
0XQLFLSLRGH%XVWDPDQWH7DPSV

5HVROXFLyQ TXH GHFODUD FRPR WHUUHQR QDFLRQDO HO SUHGLR /D %HQGLFLyQ GH 'LRV ,,, H[SHGLHQWH
Q~PHUR0XQLFLSLRGH&DUPHQ&DPS

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

,167,7872)('(5$/(/(&725$/

5HVROXFLyQ GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO UHVSHFWR GHO SURFHGLPLHQWR
HVSHFLDO VDQFLRQDGRU LQLFLDGR FRQ PRWLYR GH OD GHQXQFLD SUHVHQWDGD SRU HO 3DUWLGR GH OD
5HYROXFLyQ 'HPRFUiWLFD HQ FRQWUD GH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp SRU KHFKRV TXH
FRQVLGHUDFRQVWLWX\HQSUREDEOHVLQIUDFFLRQHVDO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV
(OHFWRUDOHV LGHQWLILFDGR FRQ HO Q~PHUR GH H[SHGLHQWH 6&*3(-'45 HQ
FXPSOLPLHQWRDORRUGHQDGRSRUOD+6DOD6XSHULRUGHO7ULEXQDO(OHFWRUDOGHO3RGHU-XGLFLDOGHOD
)HGHUDFLyQ DO UHVROYHU HO UHFXUVR GH DSHODFLyQ LGHQWLILFDGR FRQ HO Q~PHUR GH H[SHGLHQWH
6835$3

BBBBBBBBBBBBBBBBBBƔBBBBBBBBBBBBBBBBBB
',$5,22),&,$/'(/$)('(5$&,Ï1
$/(-$1'52/Ï3(=*21=È/(='LUHFWRU*HQHUDO$GMXQWR
5tR$PD]RQDV1R&RO&XDXKWpPRF&30p[LFR')6HFUHWDUtDGH*REHUQDFLyQ
7HOGRQGHSRGUiDFFHGHUDQXHVWURPHQ~GHVHUYLFLRV
'LUHFFLyQHOHFWUyQLFDZZZGRIJREP[
,PSUHVRHQ7DOOHUHV*UiILFRVGH0p[LFR0p[LFR
(VWDHGLFLyQFRQVWDGHGRVVHFFLRQHV

/XQHVGHMXQLRGH ',$5,22),&,$/ 6HJXQGD6HFFLyQ
6(*81'$6(&&,21
6(&5(7$5,$'(6$/8'
&219(1,20RGLILFDWRULRDO&RQYHQLRGH&RRUGLQDFLyQ\WUDQVIHUHQFLDGHUHFXUVRVTXHFHOHEUDQOD6HFUHWDUtDGH
6DOXG\HO*RELHUQRGHO'LVWULWR)HGHUDO
$OPDUJHQXQVHOORFRQHO(VFXGR1DFLRQDOTXHGLFH(VWDGRV8QLGRV0H[LFDQRV6HFUHWDUtDGH6DOXG
&219(1,2 02',),&$725,2 $/ &219(1,2 '( &225',1$&,21 < 75$16)(5(1&,$ '( 5(&85626
686&5,72 (/ ',$ '( 2&78%5( '( 48( &(/(%5$1 325 81$ 3$57( (/ (-(&87,92 )('(5$/ 325
&21'8&72 '( /$ 6(&5(7$5,$ '( 6$/8' $ /$ 48( (1 $'(/$17( 6( '(120,1$5$ /$ 6(&5(7$5,$
5(35(6(17$'$325687,78/$5(/&'5-26($1*(/&25'29$9,//$/2%26&21/$3$57,&,3$&,21'(
/$ 68%6(&5(7$5,$ '( $'0,1,675$&,21 < ),1$1=$6 /,& 0$ (8*(1,$ '( /(210$< < (/ ',5(&725
*(1(5$/ '( 3/$1($&,21 < '(6$552//2 (1 6$/8' '*3/$'(6 '5 ('8$5'2 3(648(,5$ 9,//(*$6 <
325 /$ 275$ 3$57( (/ *2%,(512 '(/ ',675,72 )('(5$/ $/ 48( (1 /2 68&(6,92 6( /( '(120,1$5$
³/$ (17,'$' )('(5$7,9$´ 5(35(6(17$'$ 325 (/ /,& 0$5&(/2 /8,6 (%5$5' &$6$8%21 (1 68
&$5$&7(5'(-()('(*2%,(512'(/',675,72)('(5$/$6,67,'2325(//,&-26($1*(/$9,/$3(5(=
6(&5(7$5,2 '( *2%,(512 /,& 0$5,2 0 '(/*$'2 &$55,//2 6(&5(7$5,2 '( ),1$1=$6 '5 0$18(/
021'5$*21<.$/%6(&5(7$5,2'(6$/8'</$&3%($75,=&$67(/$1*$5&,$&2175$/25$*(1(5$/
&21)250($/266,*8,(17(6$17(&('(17(6<&/$868/$6
$17(&('(17(6
, 4XH HO *RELHUQR )HGHUDO HVWDEOHFLy FRPR XQR GH VXV SURJUDPDV SULRULWDULRV D LPSXOVDU HQ HO DxR
HOGH³&DUDYDQDVGHOD6DOXG´TXHWLHQHSRUREMHWRDFHUFDUODRIHUWDGHODUHGGHVHUYLFLRVGH
VDOXGFRQFULWHULRVGHFDOLGDGDQWLFLSDFLyQLQWHJUDOLGDG\UHVROXWLYLGDGPHGLDQWHHTXLSRVLWLQHUDQWHV
GH VDOXG D OD SREODFLyQ TXH KDELWD HQ PLFURUUHJLRQHV FRQ EDMR tQGLFH GH GHVDUUROOR KXPDQR TXH
FDUHFHQ GH DWHQFLyQ PpGLFD RSRUWXQD GHELGR D VX XELFDFLyQ JHRJUiILFD GLVSHUVLyQ \R FRQGLFLRQHV
GHDFFHVRHQODVFXDOHVUHVXOWDPX\FRPSOHMR\HQDOJXQRVFDVRVLPSRVLEOHHOHVWDEOHFLPLHQWRHQHO
FRUWRSOD]RGHXQLGDGHVPpGLFDVILMDV
,, 4XHHQIHFKDGHRFWXEUHGH³/$6(&5(7$5,$´\³/$(17,'$')('(5$7,9$´VXVFULELHURQ
HO &RQYHQLR GH &RRUGLQDFLyQ \ 7UDQVIHUHQFLD GH 5HFXUVRV SRU XQ PRQWR GH FXDWUR
PLOORQHV FLHQWR FXDUHQWD \ VLHWH PLO FLHQWR WUHLQWD SHVRV 01 HQ OR VXFHVLYR
³(/&219(1,2´FRQHOREMHWRGHFRRUGLQDUVXSDUWLFLSDFLyQFRQHO(MHFXWLYR)HGHUDOHQORVWpUPLQRV
GHODUWtFXORGHOD/H\*HQHUDOGH6DOXGTXHSHUPLWDD³/$(17,'$')('(5$7,9$ÚHDOL]DUJDVWRV
GHRSHUDFLyQTXHVHGHULYHQGHODRSHUDFLyQGHFXDWUR8QLGDGHV0yYLOHVGHO3URJUDPD1DFLRQDO
GH&DUDYDQDVGHOD6DOXGHQHO'LVWULWR)HGHUDOGHFRQIRUPLGDGFRQ³(/&219(1,2´\VXV$QH[RV
HQ ORV TXH VH GHVFULEHQ OD DSOLFDFLyQ TXH VH GDUi D WDOHV UHFXUVRV ORV FRPSURPLVRV TXH VREUH HO
SDUWLFXODU DVXPHQ ³/$ (17,'$' )('(5$7,9$´ \ ³/$ 6(&5(7$5,$´ \ ORV PHFDQLVPRV SDUD
ODHYDOXDFLyQ\FRQWUROGHVXHMHUFLFLR
,,, 4XH HQ OD &OiXVXOD &XDUWD GH ³(/ &219(1,2´ VH GLVSXVR TXH /RV UHFXUVRV SUHVXSXHVWDULRV
IHGHUDOHV TXH WUDQVILHUH HO (MHFXWLYR )HGHUDO D TXH DOXGH OD &OiXVXOD 6HJXQGD GHO ,QVWUXPHQWR VH
GHVWLQDUiQ HQ IRUPD H[FOXVLYD D ORV JDVWRV GH RSHUDFLyQ GHO 3URJUDPD &DUDYDQDV GH OD 6DOXG SRU
SDUWHGHORV6HUYLFLRVGH6DOXGGHO'LVWULWR)HGHUDO
,9 (QHOSXQWR,GHOD&OiXVXOD6H[WDGH³(/&219(1,2ÚHODWLYRDODV2EOLJDFLRQHVGH³/$(17,'$'
)('(5$7,9$´VHGLVSRQHTXHOD(QWLGDG)HGHUDWLYDVHREOLJDD
³, $SOLFDU ORV UHFXUVRV D TXH VH UHILHUH OD &OiXVXOD VHJXQGD GH HVWH ,QVWUXPHQWR HQ HO SURJUDPD
HVWDEOHFLGR HQ OD &OiXVXOD 3ULPHUD GHO PLVPR VXMHWiQGRVH D ORV REMHWLYRV H LQGLFDGRUHV GH
GHVHPSHxR \ VXV PHWDV SUHYLVWRV HQ OD &OiXVXOD 7HUFHUD GH HVWH ,QVWUXPHQWR SRU OR TXH VH KDFH
UHVSRQVDEOHGHOXVRDSOLFDFLyQ\GHVWLQRGHORVFLWDGRVUHFXUVRV´
9 4XHHQOD&OiXVXOD'pFLPD7HUFHUDGHO³&219(1,2ÓDVSDUWHVDFRUGDURQTXHHOSUHVHQWH&RQYHQLR
SRGUtDPRGLILFDUVHGHFRP~QDFXHUGR\SRUHVFULWRVLQDOWHUDUVXHVWUXFWXUD\HQHVWULFWRDSHJRDODV
GLVSRVLFLRQHVMXUtGLFDVDSOLFDEOHV
9, (QOD&OiXVXOD'pFLPD4XLQWDVHHVWDEOHFLyTXH³(/&219(1,2´FRPHQ]DUtDDVXUWLUVXVHIHFWRVD
SDUWLUGHODIHFKDGHVXVXVFULSFLyQ\VHPDQWHQGUiHQYLJRUKDVWDHOFXPSOLPLHQWRGHVXREMHWR
9,, 4XHGHELGRDODLPSRUWDQFLDTXHUHSUHVHQWDHOUHDOL]DUORVJDVWRVGHRSHUDFLyQTXHVHGHULYHQGHOD
RSHUDFLyQ GH ODV &XDWUR 8QLGDGHV 0yYLOHV GHO 3URJUDPD 1DFLRQDO GH &DUDYDQDV GH OD 6DOXG HQ HO
'LVWULWR )HGHUDO SDUD DOFDQ]DU HO REMHWLYR GH DFHUFDU OD RIHUWD GH OD UHG GH VHUYLFLRV GH VDOXG FRQ
FULWHULRVGHFDOLGDGDQWLFLSDFLyQLQWHJUDOLGDG\UHVROXWLYLGDGPHGLDQWHHTXLSRVLWLQHUDQWHVGHVDOXGD
6HJXQGD6HFFLyQ ',$5,22),&,$/ /XQHVGHMXQLRGH
OD SREODFLyQ TXH KDELWD HQ PLFURUUHJLRQHV FRQ EDMR tQGLFH GH GHVDUUROOR KXPDQR TXH FDUHFHQ GH
DWHQFLyQ PpGLFD RSRUWXQD GHELGR D VX XELFDFLyQ JHRJUiILFD GLVSHUVLyQ \R FRQGLFLRQHV GH DFFHVR
HQODVFXDOHVUHVXOWDPX\FRPSOHMR\HQDOJXQRVFDVRVLPSRVLEOHHOHVWDEOHFLPLHQWRHQHOFRUWRSOD]R
GH XQLGDGHV PpGLFDV ILMDV SDUD OR FXDO HV LQGLVSHQVDEOH KDFHU XQD UHFODVLILFDFLyQ FRQIRUPH DO
GHVWLQRILQDOGHOJDVWRFRQODILQDOLGDGGHFXPSOLPHQWDUODVPHWDVSURJUDPDGDVSDUDORFXDOUHVXOWD
QHFHVDULRPRGLILFDUORV$QH[RV\GH³(/&219(1,2´\VHDGLFLRQDOD&OiXVXOD'pFLPD2FWDYDD
HIHFWRGHGDUFRQWLQXLGDGDVXHMHFXFLyQ\DOFDQ]DUORVREMHWLYRVHVWDEOHFLGRVHQHOPLVPREXVFDQGR
TXHHVWRVVHOOHYHQFRQIRUPHDODVGLVSRVLFLRQHVMXUtGLFDVDSOLFDEOHV
8QDYH]H[SXHVWRORDQWHULRUODVSDUWHVHVWiQGHDFXHUGRHQVXVFULELUHOSUHVHQWHLQVWUXPHQWRDOWHQRUGH
ODVVLJXLHQWHV
&/$868/$6
35,0(5$6HPRGLILFDHQ³(/&219(1,2´HO$QH[RSDUDTXHGDUFRPRDFRQWLQXDFLyQVHGHVFULEH
$1(;2
352*5$0$&$5$9$1$6'(/$6$/8'
$3/,&$&,21'(/*$672
(1(/',675,72)('(5$/
*$6726'(23(5$&,213$5$&$5$9$1$6 727$/
³6(59,&,263(5621$/(6´
³0$7(5,$/(6<680,1,6752´
³6(59,&,26*(1(5$/(6´
³6(59,&,262),&,$/(6´
727$/

6(*81'$6HPRGLILFDHQ³(/&219(1,2´HO$QH[RSDUDTXHGDUFRPRDFRQWLQXDFLyQVHGHVFULEH
$1(;2
352*5$0$'(&$5$9$1$6'(/$6$/8'
$&&,21(6$5($/,=$5(1(/(67$'2'(',675,72)('(5$/
1RGHXQLGDGHV%HQHILFLDGDVBB8QLGDG7LSR\8QLGDGHV7LSRBBBB
-251$'$'(
81,'$' 32%/$&,21
081,&,3,2 /2&$/,'$' 3(5621$/ /$81,'$'
029,/ %(1(),&,$'$
029,/
, $OYDUR 6DQ%DUWROR$PH\DOFR 8QPpGLFRJHQHUDO D

2EUHJyQ XQDHQIHUPHUD\XQ +UV
6DQWD5RVD;RFKLDF
FKRIHUSROLYDOHQWH
&KDPRQWR\D
727$/
,, *XVWDYR$ 7ODSH[FR 8QPpGLFRJHQHUDO D

0DGHUR XQDHQIHUPHUDXQ +UV
GH-XQLR
RGRQWyORJR\XQ
727$/ FKRIHUSROLYDOHQWH
,, ,]WDSDODSD /D3ROYRULOOD 8QPpGLFRJHQHUDO D

,]WDSDODSD XQDHQIHUPHUDXQ +UV
$PSOLDFLyQ/D3ROYRULOOD
RGRQWyORJR\XQ
'HJROODGR FKRIHUSROLYDOHQWH
727$/
,, ,]WDSDODSD 6DQ 0LJXHO 7HRWRQJR5DQFKR 8QPpGLFRJHQHUDO D

%DMR$YLVDGHUR XQDHQIHUPHUDXQ +UV
,]WDSDODSD
RGRQWyORJR\XQ
$PSOLDFLyQ(PLOLDQR=DSDWD
FKRIHUSROLYDOHQWH
7RUUHV0HUFHGHV
727$/
7,32'(81,'$'
7(5&(5$6HDGLFLRQDOD&OiXVXOD'pFLPD2FWDYDHQORVVLJXLHQWHVWpUPLQRV
'(&,0$2&7$9$,QIRUPDUGHPDQHUDGHWDOODGDD³/$6(&5(7$5,$´PHGLDQWHHODFWD
R GRFXPHQWR TXH HQ VX FDVR HVSHFtILFR VH GHWHUPLQH UHVSHFWR GH OD FRQFOXVLyQ GHO
REMHWRGHO³&219(1,2´
/D 6HFUHWDUtD \ OD (QWLGDG )HGHUDWLYD UDWLILFDQ HQ VX WRWDOLGDG HO FRQWHQLGR GH ODV GHPiV FOiXVXODV \
DQH[RV GHO &RQYHQLR HQ WRGR OR TXH QR VH RSRQJD DO SUHVHQWH ,QVWUXPHQWR SRU OR TXH ILUPDQ HO SUHVHQWH
&RQYHQLR0RGLILFDWRULRHQFXDGUXSOLFDGRDORVWUHLQWDGtDVGHOPHVGHDEULOGHGRVPLORFKR3RUHO(MHFXWLYR
)HGHUDO HO 6HFUHWDULR GH 6DOXG -RVp $QJHO &yUGRYD 9LOODORERV 5~EULFD /D 6XEVHFUHWDULD GH
$GPLQLVWUDFLyQ \ )LQDQ]DV 0DUtD (XJHQLD GH /HyQ0D\ 5~EULFD (O 'LUHFWRU *HQHUDO GH 3ODQHDFLyQ \
'HVDUUROORHQ6DOXG(GXDUGR3HVTXHLUD9LOOHJDV5~EULFD3RUHO(MHFXWLYRGHO'LVWULWR)HGHUDOHO-HIHGH
*RELHUQR0DUFHOR/XLV(EUDUG&DVDXERQ5~EULFD(O6HFUHWDULRGH*RELHUQR-RVp$QJHO$YLOD3pUH]
5~EULFD (O 6HFUHWDULR GH )LQDQ]DV 0DULR 0 'HOJDGR&DUULOOR 5~EULFD (O 6HFUHWDULR GH 6DOXG GHO ')
0DQXHO0RQGUDJyQ\.DOE5~EULFD(O&RQWUDORU*HQHUDO5LFDUGR*DUFtD6DLQ]/DYLVWD5~EULFD

6DOXG\HO(VWDGRGH*XDQDMXDWR
&219(1,2 02',),&$725,2 $/ &219(1,2 '( &225',1$&,21 < 75$16)(5(1&,$ '( 5(&85626
686&5,72 (/ '( 2&78%5( '( 48( &(/(%5$1 325 81$ 3$57( (/ (-(&87,92 )('(5$/ 325
&21'8&72 '( /$ 6(&5(7$5,$ '( 6$/8' $ /$ 48( (1 $'(/$17( 6( '(120,1$5$ /$ 6(&5(7$5,$
5(35(6(17$'$325687,78/$5(/&'5-26($1*(/&25'29$9,//$/2%26&21/$3$57,&,3$&,21'(
/$ 68%6(&5(7$5,$ '( $'0,1,675$&,21 < ),1$1=$6 /,& 0$ (8*(1,$ '( /(210$< < (/ ',5(&725
*(1(5$/ '( 3/$1($&,21 < '(6$552//2 (1 6$/8' '*3/$'(6 '5 ('8$5'2 3(648(,5$ 9,//(*$6 <
325 /$ 275$ 3$57( (/ (67$'2 '( *8$1$-8$72 (1 $'(/$17( (/ ³(67$'2´ 5(35(6(17$'2 325 68
*2%(51$'25 &2167,78&,21$/ /,& -8$1 0$18(/ 2/,9$ 5$0,5(= $6,67,'2 325 /26 6(&5(7$5,26 '(
*2%,(512 /,& -26( *(5$5'2 02648('$ 0$57,1(= '( ),1$1=$6 < $'0,1,675$&,21 &3 *867$92
$'2/)2 *21=$/(= (675$'$ '( /$ *(67,21 38%/,&$ /,& 0,*8(/ 0$548(= 0$548(= < '( 6$/8' <
',5(&725*(1(5$/'(/,167,7872'(6$/8'38%/,&$'(/(67$'2'(*8$1$-8$72'5-25*($50$1'2
$*8,55( 7255(6 (1 /2 68%6(&8(17( ³,6$3(*´ &21)250( $ /26 6,*8,(17(6 $17(&('(17(6
<&/$868/$6
$17(&('(17(6
,, 4XHHQIHFKDGHRFWXEUHGH³/$6(&5(7$5,$´\HO³(67$'2´VXVFULELHURQHO&RQYHQLRGH
&RRUGLQDFLyQ \ 7UDQVIHUHQFLD GH 5HFXUVRV SRU XQ PRQWR GH FXDWUR PLOORQHV
RFKRFLHQWRVVHWHQWD\VLHWHPLORFKHQWD\WUHVSHVRV01HQORVXFHVLYR³(/&219(1,2´
FRQHOREMHWRGHFRRUGLQDUVXSDUWLFLSDFLyQFRQHO(MHFXWLYR)HGHUDOHQWpUPLQRVGHODUWtFXORGHOD
/H\*HQHUDOGH6DOXGTXHSHUPLWDQDO³(67$'2ÚHDOL]DUORVJDVWRVGHRSHUDFLyQTXHVHGHULYHQGH
OD RSHUDFLyQ GH 8QLGDG 0yYLO WLSR \ 8QLGDGHV 0yYLOHV WLSR FRQIRUPDQGR XQ WRWDO GH
8QLGDGHV0yYLOHVGHO3URJUDPD1DFLRQDOGH&DUDYDQDVGHOD6DOXGHQHO(VWDGRGH*XDQDMXDWRGH
FRQIRUPLGDGFRQORV$QH[RVGH³(/&219(1,2´HQORVTXHVHGHVFULEHQODDSOLFDFLyQTXHVHGDUi
D WDOHV UHFXUVRV ORV FRPSURPLVRV TXH VREUH HO SDUWLFXODU DVXPHQ HO ³(67$'2´ \ HO (MHFXWLYR
)HGHUDO\ORVPHFDQLVPRVSDUDODHYDOXDFLyQ\FRQWUROGHVXHMHUFLFLR
IHGHUDOHVTXHWUDQVILHUHHO(MHFXWLYR)HGHUDODTXHDOXGHOD&OiXVXOD6HJXQGDGH³(/&219(1,2´
VHGHVWLQDUiQHQIRUPDH[FOXVLYDDORVJDVWRVGHRSHUDFLyQGHO3URJUDPD&DUDYDQDVGHOD6DOXGSRU
SDUWHGHO³,6$3(*´HQHO(VWDGRGH*XDQDMXDWR
,9 (QHOSXQWR,GHOD&OiXVXOD6H[WDGH³(/&219(1,2ÚHODWLYRDODV2EOLJDFLRQHVGHO³(67$'2´VH
GLVSRQHTXHHO³(67$'2´VHREOLJDD
³, $SOLFDU ORV UHFXUVRV D TXH VH UHILHUH OD &OiXVXOD 6HJXQGD GH HVWH ,QVWUXPHQWR HQ HO SURJUDPD
9 4XH HQ OD &OiXVXOD 'pFLPD 7HUFHUD GH ³(/ &219(1,2´ ODV SDUWHV DFRUGDURQ TXH HO SUHVHQWH
&RQYHQLRSRGUtDPRGLILFDUVH GHFRP~Q DFXHUGR \ SRU HVFULWRVLQDOWHUDUVXHVWUXFWXUD \HQHVWULFWR
DSHJRDODVGLVSRVLFLRQHVMXUtGLFDVDSOLFDEOHV
RSHUDFLyQGHODVFLQFR8QLGDGHV0yYLOHV GHO3URJUDPD 1DFLRQDOGH&DUDYDQDVGHOD6DOXGHQHO
(VWDGRGH*XDQDMXDWRSDUDDOFDQ]DUHOREMHWLYRGHDFHUFDUODRIHUWDGHODUHGGHVHUYLFLRVGHVDOXG
FRQ FULWHULRV GH FDOLGDG DQWLFLSDFLyQ LQWHJUDOLGDG \ UHVROXWLYLGDG PHGLDQWH HTXLSRV LWLQHUDQWHV GH
VDOXGDODSREODFLyQTXHKDELWDHQPLFURUUHJLRQHVFRQEDMRtQGLFHGHGHVDUUROORKXPDQRTXHFDUHFHQ
GH DWHQFLyQ PpGLFD RSRUWXQD GHELGR D VX XELFDFLyQ JHRJUiILFD GLVSHUVLyQ \R FRQGLFLRQHV GH
DFFHVR HQ ODV FXDOHV UHVXOWD PX\ FRPSOHMR \ HQ DOJXQRV FDVRV LPSRVLEOH HO HVWDEOHFLPLHQWR HQ HO
FRUWR SOD]R GH XQLGDGHV PpGLFDV ILMDV SDUD OR FXDO HV LQGLVSHQVDEOH KDFHU XQD UHFODVLILFDFLyQ
FRQIRUPHDOGHVWLQRILQDOGHOJDVWRFRQODILQDOLGDGGHFXPSOLPHQWDUODVPHWDVSURJUDPDGDVSDUDOR
FXDO UHVXOWD QHFHVDULR PRGLILFDU ORV $QH[RV \ GH ³(/ &219(1,2´ \ VH DGLFLRQD OD &OiXVXOD
'pFLPD2FWDYDDHIHFWRGHGDUFRQWLQXLGDGDVXHMHFXFLyQ\DOFDQ]DUORVREMHWLYRVHVWDEOHFLGRVHQHO
PLVPREXVFDQGRTXHpVWRVVHOOHYHQFRQIRUPHDODVGLVSRVLFLRQHVMXUtGLFDVDSOLFDEOHV
ODVVLJXLHQWHV
&/$868/$6
$1(;2
352*5$0$&$5$9$1$6'(/$6$/8'
$3/,&$&,21'(/*$672
(1(/(67$'2'(*8$1$-8$72
*$6726'(23(5$&,213$5$&$5$9$1$6 727$/
³6(59,&,263(5621$/(6´
³0$7(5,$/(6<680,1,67526´
³6(59,&,26*(1(5$/(6´
³6(59,&,262),&,$/(6´
727$/

$1(;2
352*5$0$&$5$9$1$6'(/$6$/8'
$&&,21(6$5($/,=$5(1(/(67$'2'(*8$1$-8$72
1RGH8QLGDGHV0yYLOHV%HQHILFLDGDV8QLGDGHV7LSR,8QLGDGHV7LSR,,
81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
6DQ$QWyQ'H/DV
0LQDV
'HUUDPDGHUR(O
&ROPHQD/D
&HUULWR'H
*XDGDOXSH
6DQ-RVp'H/D
&DPSDQD/DV 8QPpGLFR
'2/25(6 &XHYDV JHQHUDOXQD D
,
+,'$/*2 HQIHUPHUD\XQ +UV
5HIXJLR(O
FKRIHUSROLYDOHQWH
6DQ,VLGUR'HO
6LVRWH
-R\D'H-HV~V
0DUtD/D-R\D
6DQ6HUJLR
-DFDOHV(O/ODQR
&HUULWR'H/D3D]
727$/(6

81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
6DQ/XFDV
5DQFKR1XHYR9LOOD
'H*XDGDOXSH
9LOOD 'H 6DQWLDJR

6DQ/XFDV
8QPpGLFR
&LpQHJD 'H -XDQD JHQHUDOXQD
6$10,*8(/'( 5XL] D
,, HQIHUPHUDXQ
$//(1'( +UV
6DOLWUH(O RGRQWyORJR\XQ
FKRIHUSROLYDOHQWH
6DQ $QWRQLR 'H /D
-R\D
6KRWRODU(O
&DxDGD'H/D
9LUJHQ
727$/(6
7,32'(81,'$'
81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
<HUEDEXHQD
3XHUWR'HO=DFDWH
7HMRFRWH(O
0HVD'H-HV~V/D
3UHVLWDV/DV
$GMXQWDV 'H /DV 8QPpGLFR

0HVDV JHQHUDOXQD
6$1/8,6'(/$ D
,, HQIHUPHUDXQ
3$= 6DXFLOOR +UV
RGRQWyORJR\XQ
3DOPLWD/D FKRIHUSROLYDOHQWH
7UHV3XHUWDV
9HQWDQD'RV/D
3R]R+RQGR
1RULWD'HO5HIXJLR
3HxLWD
727$/(6

81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
&HUUR$OWR
0HVD'H0pQGH]
0LQDV/DV
3DUHGHV/DV
5DQFKR 1XHYR 'H

*XWLpUUH]
3RPDV/DV
&HUUR 3ULHWR /DV

8QPpGLFR
/HWUDV
JHQHUDOXQD
D
,, 3(1-$02 =DUFR(O HQIHUPHUDXQ
+UV
RGRQWyORJR\XQ
3R]R$]XO FKRIHUSROLYDOHQWH
*DOOR(O
7LHUUDV1HJUDV
*ORULD/D
&DUUHWDV/DV
&HUUR&RORUDGR
3XHUWR(O*DOOR
&ULVWLQDV
727$/(6
7,32'(81,'$'
81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
$OLVRV/RV
6DX]6HFR
6DQ -RVp 'H
2WDWHV6XU
6DQWD 5RVD 'H
/LPD
*LJDQWH(O
'XUD]QR(O
9HQDGLWR (O (O

9HQDGLWR'H3
0HVD 'HO 2ELVSR
/D
(VWDQFLD'H2WDWHV 8QPpGLFR

)XHOOHFLWRV /RV JHQHUDOXQD
D
,, /(21 1HJUHWHV HQIHUPHUDXQ
+UV
RGRQWyORJR\XQ
'HUUDPDGHUR(O FKRIHUSROLYDOHQWH
6DQ $QWRQLR 'HO
*LJDQWH
&KDUFRV/RV
&DOHUD 'H /RV
$OLVRV/D
%DQFRV/RV
3URYLGHQFLD/D
*DFKXStQ(O
3LODV/DV
(SD]RWH
9LUJHQ 'H $OIDUR
/D9LUJHQ
727$/(6
7,32'(81,'$'
7(5&(5$6HPRGLILFDHQ³(/&219(1,2´HO$QH[RSDUDTXHGDUFRPRDFRQWLQXDFLyQVHGHVFULEH
$1(;2
352*5$0$'(&$5$9$1$6'(/$6$/8'
&2175$7$&,21'(3(5621$/(1(/(67$'2'(*8$1$-8$72
1,9(/(67$7$/
&2',*2 '(6&5,3&,21 1R 68(/'2 3$57( 68%727$/ 3(5,2'2'( 727$/'(

%5872 352325&,21$/ &2175$7$&,21 3(5&(3&,21(6
0(168$/ '($*8,1$/'2 (10(6(6
&)0$ 'LUHFFLyQGHiUHD
&) -HIH GH 'HSDUWDPHQWR

HQiUHDPpGLFD$

81,'$'029,/7,32
&2',*2 '(6&5,3&,21 1R 68(/'2 3$57( 68%727$/ 3(5,2'2'( 727$/'(

%5872 352325&,21$/ &2175$7$&,21 3(5&(3&,21(6
0(168$/ '($*8,1$/'2 (10(6(6
&) 6RSRUWHDGPLQLVWUDWLYR³$´
0 (QIHUPHUD JHQHUDO

WLWXODGD$

81,'$'029,/7,32
&2',*2 '(6&5,3&,21 1R 68(/'2 3$57( 68%727$/ 3(5,2'2'( 727$/'(

%5872 352325&,21$/ &2175$7$&,21 3(5&(3&,21(6
0(168$/ '($*8,1$/'2 (10(6(6
&) 6RSRUWHDGPLQLVWUDWLYR³$´
0 &LUXMDQRGHQWLVWD$
0 &LUXMDQRGHQWLVWD$
0 (QIHUPHUD JHQHUDO

WLWXODGD$

&2',*2 '(6&5,3&,21 1R 68(/'2 3$57( 68%727$/ 3(5,2'2'( 727$/'(

%5872 352325&,21$/ &2175$7$&,21 3(5&(3&,21(6
0(168$/ '($*8,1$/'2 (10(6(6

(O VDOGR TXH UHVXOWH GH OD DSOLFDFLyQ GHO UHFXUVR GHO &DStWXOR FRQIRUPH DO $QH[R GHEHUi VHU
UHLQWHJUDGR D OD 7HVRUHUtD GH OD )HGHUDFLyQ HQ FXPSOLPLHQWR D OR GLVSXHVWR HQ OD &OiXVXOD 'XRGpFLPD GH
³(/&219(1,2´\ODOHJLVODFLyQDSOLFDEOHSDUDWDOHIHFWR
&8$57$6HDGLFLRQDOD&OiXVXOD'pFLPD2FWDYDHQORVVLJXLHQWHVWpUPLQRV
'(&,0$2&7$9$³/$(17,'$')('(5$7,9$´GHEHUiLQIRUPDUGHPDQHUDGHWDOODGDD
³/$ 6(&5(7$5,$´ PHGLDQWH HO DFWD R GRFXPHQWR TXH HQ VX FDVR HVSHFtILFR VH
GHWHUPLQHUHVSHFWRGHODFRQFOXVLyQGHOREMHWRGH³(/&219(1,2´
/D 6HFUHWDUtD \ HO (VWDGR UDWLILFDQ HQ VX WRWDOLGDG HO FRQWHQLGR GH ODV GHPiV FOiXVXODV \ $QH[RV GHO
&RQYHQLR HQ WRGR OR TXH QR VH RSRQJD DO SUHVHQWH ,QVWUXPHQWR SRU OR TXH ILUPDQ HO SUHVHQWH &RQYHQLR
0RGLILFDWRULRHQFXDGUXSOLFDGRDORVWUHLQWDGtDVGHOPHVGHDEULOGHGRVPLORFKR3RUHO(MHFXWLYR)HGHUDOHO
6HFUHWDULR GH 6DOXG -RVp $QJHO &yUGRYD 9LOODORERV 5~EULFD /D 6XEVHFUHWDULD GH $GPLQLVWUDFLyQ \
)LQDQ]DV0DUtD(XJHQLDGH/HyQ0D\5~EULFD(O'LUHFWRU*HQHUDOGH3ODQHDFLyQ\'HVDUUROORHQ6DOXG
(GXDUGR 3HVTXHLUD 9LOOHJDV 5~EULFD 3RU HO (VWDGR HO *REHUQDGRU &RQVWLWXFLRQDO -XDQ 0DQXHO 2OLYD
5DPtUH]5~EULFD(O6HFUHWDULRGH*RELHUQR-RVp*HUDUGR0RVTXHGD0DUWtQH]5~EULFD(O6HFUHWDULR
GH )LQDQ]DV \ $GPLQLVWUDFLyQ *XVWDYR $GROIR *RQ]iOH] (VWUDGD 5~EULFD (O 6HFUHWDULR GH OD *HVWLyQ
3~EOLFD0LJXHO0iUTXH]0iUTXH]5~EULFD(O6HFUHWDULRGH6DOXG\'LUHFWRU*HQHUDOGHO,6$3(*-RUJH
$UPDQGR$JXLUUH7RUUHV5~EULFD
6DOXG\HO(VWDGRGH*XHUUHUR
&219(1,2 02',),&$725,2 $/ &219(1,2 '( &225',1$&,21 < 75$16)(5(1&,$ '( 5(&85626
686&5,72 (/ ',$ '( 2&78%5( '( 48( &(/(%5$1 325 81$ 3$57( (/ (-(&87,92 )('(5$/ 325
&21'8&72 '( /$ 6(&5(7$5,$ '( 6$/8' $ /$ 48( (1 $'(/$17( 6( '(120,1$5$ /$ 6(&5(7$5,$
5(35(6(17$'$325687,78/$5(/&'5-26($1*(/&25'29$9,//$/2%26&21/$3$57,&,3$&,21'(
/$ 68%6(&5(7$5,$ '( $'0,1,675$&,21 < ),1$1=$6 /,& 0$ (8*(1,$ '( /(210$< < (/ ',5(&725
*(1(5$/ '( 3/$1($&,21 < '(6$552//2 (1 6$/8' '*3/$'(6 '5 ('8$5'2 3(648(,5$ 9,//(*$6 <
325/$275$3$57((/(-(&87,92'(/(67$'2/,%5(<62%(5$12'(*8(55(52$/48((1/268&(6,92
6( /( '(120,1$5$ ³/$ (17,'$' )('(5$7,9$´ 5(35(6(17$'2 325 (/ &3 &$5/26 =()(5,12
7255(%/$1&$*$/,1'2(168&$5$&7(5 '(*2%(51$'25&2167,78&,21$/'(/(67$'2$6,67,'2325
(/ /,& *8,//(502 5$0,5(= 5$026 (1&$5*$'2 '(/ '(63$&+2 '( /$ 6(&5(7$5,$ *(1(5$/ '(
*2%,(512 (/ /,& 5,&$5'2 (51(672 &$%5(5$ 025,1 6(&5(7$5,2 '( ),1$1=$6 < $'0,1,675$&,21
'5 /8,6 52'5,*2 %$55(5$ 5,26 6(&5(7$5,2 '( 6$/8' < 7,78/$5 '( /26 6(59,&,26 (67$7$/(6 '(
6$/8'<(/&3&$5/26$57852%$5&(1$6$*8,/$5&2175$/25*(1(5$/'(/(67$'2'(*8(55(52
&21)250($/266,*8,(17(6$17(&('(17(6<&/$868/$6
$17(&('(17(6
,, 4XHHQIHFKDGHRFWXEUHGH³/$6(&5(7$5,$´\³/$(17,'$')('(5$7,9$´VXVFULELHURQ
HO &RQYHQLR GH &RRUGLQDFLyQ \ 7UDQVIHUHQFLD GH 5HFXUVRV SRU XQ PRQWR GH GLH]
PLOORQHV RFKRFLHQWRV VHVHQWD \ FXDWUR PLO QRYHFLHQWRV WUHLQWD \ XQ SHVRV 01 HQ OR
VXFHVLYR ³(/ &219(1,2´ FRQ HO REMHWR GH FRRUGLQDU VX SDUWLFLSDFLyQ FRQ HO (MHFXWLYR )HGHUDO HQ
ORVWpUPLQRVGHODUWtFXORGHOD/H\*HQHUDOGH6DOXGTXHSHUPLWDD³/$(17,'$')('(5$7,9$´
UHDOL]DU JDVWRV GH RSHUDFLyQ TXH VH GHULYHQ GH OD RSHUDFLyQ GH 8QLGDGHV 0yYLOHV 7LSR ,
8QLGDGHV0yYLOHV7LSR,,\8QLGDG0yYLO7LSR,,,FRQIRUPDQGRXQWRWDOGH8QLGDGHV0yYLOHVGHO
3URJUDPD 1DFLRQDO GH &DUDYDQDV GH OD 6DOXG HQ HO (VWDGR GH *XHUUHUR H FRQIRUPLGDG FRQ
³(/&219(1,2´\VXV$QH[RVHQORVTXHVHGHVFULEHQODDSOLFDFLyQTXHVHGDUiDWDOHVUHFXUVRV
ORVFRPSURPLVRVTXHVREUHHOSDUWLFXODUDVXPHQ³/$(17,'$')('(5$7,9$´\³/$6(&5(7$5,$´
\ORVPHFDQLVPRVSDUDODHYDOXDFLyQ\FRQWUROGHVXHMHUFLFLR
SDUWHGHORV6HUYLFLRV(VWDWDOHVGH6DOXGGHO(VWDGRGH*XHUUHUR
,9 (QHOSXQWR,GHOD&OiXVXOD6H[WDGH³(/&219(1,2ÚHODWLYRDODV2EOLJDFLRQHVGH³(/(67$'2´
VHGLVSRQHTXHHO(VWDGRVHREOLJDD
9 4XHHQOD&OiXVXOD'pFLPD7HUFHUDGHO³&219(1,2ÓDVSDUWHVDFRUGDURQTXHHOSUHVHQWH&RQYHQLR
SRGUtDPRGLILFDUVHGHFRP~QDFXHUGR\SRUHVFULWRVLQDOWHUDUVXHVWUXFWXUD\HQHVWULFWRDSHJRDODV
GLVSRVLFLRQHVMXUtGLFDVDSOLFDEOHV
RSHUDFLyQ GH ODV 8QLGDGHV 0yYLOHV 7LSR , 8QLGDGHV 0yYLOHV 7LSR ,, \ 8QLGDG 0yYLO 7LSR ,,,
FRQIRUPDQGR XQ WRWDO GH GLH] 8QLGDGHV 0yYLOHV GHO 3URJUDPD 1DFLRQDO GH &DUDYDQDV GH OD
6DOXGHQHO(VWDGRGH*XHUUHURSDUDDOFDQ]DUHOREMHWLYRGHDFHUFDUODRIHUWDGHODUHGGHVHUYLFLRV
GH VDOXG FRQ FULWHULRV GH FDOLGDG DQWLFLSDFLyQ LQWHJUDOLGDG \ UHVROXWLYLGDG PHGLDQWH HTXLSRV
LWLQHUDQWHV GH VDOXG D OD SREODFLyQ TXH KDELWD HQ PLFURUUHJLRQHV FRQ EDMR tQGLFH GH GHVDUUROOR
KXPDQR TXH FDUHFHQ GH DWHQFLyQ PpGLFD RSRUWXQD GHELGR D VX XELFDFLyQ JHRJUiILFD GLVSHUVLyQ
\R FRQGLFLRQHV GH DFFHVR HQ ODV FXDOHV UHVXOWD PX\ FRPSOHMR \ HQ DOJXQRV FDVRV LPSRVLEOH HO
HVWDEOHFLPLHQWRHQHOFRUWRSOD]RGHXQLGDGHVPpGLFDVILMDVSDUDORFXDOHVLQGLVSHQVDEOHKDFHUXQD
UHFODVLILFDFLyQ FRQIRUPH DO GHVWLQR ILQDO GHO JDVWR FRQ OD ILQDOLGDG GH FXPSOLPHQWDU ODV PHWDV
SURJUDPDGDV SDUD OR FXDO UHVXOWD QHFHVDULR PRGLILFDU ORV $QH[RV \ GH ³(/ &219(1,2´ \ VH
DGLFLRQD OD &OiXVXOD 'pFLPD 2FWDYD D HIHFWR GH GDU FRQWLQXLGDG D VX HMHFXFLyQ \ DOFDQ]DU ORV
REMHWLYRV HVWDEOHFLGRV HQ HO PLVPR EXVFDQGR TXH HVWRV VH OOHYHQ FRQIRUPH D ODV GLVSRVLFLRQHV
MXUtGLFDVDSOLFDEOHV
ODVVLJXLHQWHV
&/$868/$6
$1(;2
352*5$0$&$5$9$1$6'(/$6$/8'
$3/,&$&,21'(/*$672
(1(/(67$'2'(*8(55(52
*$6726'(23(5$&,213$5$&$5$9$1$6 727$/
³6(59,&,263(5621$/(6´
³0$7(5,$/(6<680,1,6752´
³6(59,&,26*(1(5$/(6´
³6(59,&,262),&,$/(6´
727$/

$1(;2
352*5$0$'(&$5$9$1$6'(/$6$/8'
$&&,21(6$5($/,=$5(1(/(67$'2'(*8(55(52
1RGH8QLGDGHV0yYLOHV%HQHILFLDGDV8QLGDGHV7LSR,8QLGDGHV7LSR,,\8QLGDG7LSR,,,
81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
6DQ 0LJXHO HO *UDQGH

6('(
/ODQRGHO$JXLOD
/RPD%RQLWD
8QPpGLFR
(O7LFXL
JHQHUDOXQD D
, $OFR]DXFD
/ODQRGHOD/LPD HQIHUPHUD\XQ +UV
FKRIHUSROLYDOHQWH
/ODQRGH/DJXQD
6DQ0LJXHOLWR
%XHQD9LVWD
727$/
&XDWLSDQ6('(
6DQWD&UX]
8QPpGLFR
$WODPDMDOFLQJR %HQLWR-XiUH] JHQHUDOXQD D
,
GHO0RQWH 3LHGUD%ODQFD HQIHUPHUD\XQ +UV
FKRIHUSROLYDOHQWH
3ODQGH*XDGDOXSH
727$/
2FRWHSHF6('(
7ODFRWHSHF
2FRWLOOR
&RVWLOODGHO&HUUR
8QPpGLFR
/RPD%RQLWD JHQHUDOXQD D
, &RSDQDWR\DF
*XDFDPD\D HQIHUPHUD\XQ +UV
FKRIHUSROLYDOHQWH
4XLDKXLWHOSHF
7RWRKXHKXHWOiQ
(O3ODWDQDU
727$/
6DQ 0LJXHO &XL[DSD

6('(
2FRSH[FR
,[WODKXD]DFD
8QPpGLFR
&HUUR9HUGH JHQHUDOXQD
=DSRWLWOiQ D
,, HQIHUPHUDXQ
7DEODV /ODQR3HULFyQ +UV
RGRQWyORJR\XQ
5tR6DQ0DUFRV FKRIHUSROLYDOHQWH
7UHV/DJXQDV
$OWHRSD
727$/

81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
0HVRQHV6('(
;R[RFRWOD
+XH\WHSHF
,[PDWOD 8QPpGLFR

+XLW]DFRWOD JHQHUDOXQD
D
,, $WOL[WDF HQIHUPHUDXQ
7H[RFRWLWOiQ +UV
RGRQWyORJR\XQ
(O'XUD]QDO FKRIHUSROLYDOHQWH
&KDOPD
9LVWD+HUPRVD
727$/
7ODFRWOD6('(

4XLDKXLWODW]DOD 8QPpGLFR
9LOODGH*XDGDOXSH JHQHUDOXQD
D
, ;DOSDWOiKXDF HQIHUPHUDXQ
/DV0HVDV +UV
RGRQWyORJR\XQ
FKRIHUSROLYDOHQWH
7OD\DKXDOFR
727$/
3ODQ2MRGH$JXD6('(
(O&DSXOtQ
/RPDGHOD6LOOD
8QPpGLFR
6DQ-RVp
JHQHUDOXQD
D
,, $FDWHSHF $JXD)UtD HQIHUPHUDXQ
+UV
RGRQWyORJR\XQ
%DUUDQFD0LQD FKRIHUSROLYDOHQWH
7LHUUD&RORUDGD
%DUUDQFD'XOFH
727$/
3ODQ GH ORV 0XHUWRV
6('(
&UXFHUR&DPLQR
3LHGUD3HVDGD 8QPpGLFR
JHQHUDOXQD
D
,, ;RFKLVWODKXDFD /D&LpQHJD HQIHUPHUDXQ
+UV
&XPEUH6DQ-RVp RGRQWyORJR\XQ
FKRIHUSROLYDOHQWH
$UUR\R*XDFDPD\D
$UUR\R3iMDUR
727$/

81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
7HQDQWLWOiQ6('(
$FLQJR
7LQDMDV
8QPpGLFR
+XH\DW]DOH
JHQHUDOXQD
D
,, &RSDOLOOR /DV0LQDV HQIHUPHUDXQ
+UV
RGRQWyORJR\XQ
+XH\DDOW
FKRIHUSROLYDOHQWH
7OD\DKXDOFR
&DVFDORWH
727$/
0LQL1XPD6('(
8QPpGLFR
/RV/ODQRV
JHQHUDOXQD
D
,,, 0HWODWyQRF <XYLQDQL HQIHUPHUDXQ
+UV
RGRQWyORJR\XQ
0HWODWyQRF
FKRIHUSROLYDOHQWH
727$/
7,32'(81,'$'
7(5&(5$6HDGLFLRQDOD&OiXVXOD'pFLPD2FWDYDHQORVVLJXLHQWHVWpUPLQRV
GHWHUPLQHUHVSHFWRGHODFRQFOXVLyQGHOREMHWRGHO³&219(1,2´
&RQYHQLR0RGLILFDWRULRHQFXDGUXSOLFDGRDORVQXHYHGtDVGHOPHVGHPD\RGHGRVPLORFKR3RUHO(MHFXWLYR
'HVDUUROORHQ6DOXG(GXDUGR3HVTXHLUD9LOOHJDV5~EULFD3RUHO(MHFXWLYRGHO(VWDGR/LEUH\6REHUDQRGH
*XHUUHUR HO *REHUQDGRU GHO (VWDGR &DUORV =HIHULQR 7RUUHEODQFD *DOLQGR 5~EULFD (O (QFDUJDGR
GHO'HVSDFKRGHOD6HFUHWDUtD*HQHUDOGH*RELHUQR*XLOOHUPR5DPtUH]5DPRV5~EULFD(O6HFUHWDULRGH
)LQDQ]DV\$GPLQLVWUDFLyQ5LFDUGR(UQHVWR&DEUHUD0RUtQ5~EULFD(O6HFUHWDULRGH6DOXG\7LWXODUGHORV
6HUYLFLRV (VWDWDOHV GH 6DOXG /XLV 5RGULJR %DUUHUD 5tRV 5~EULFD (O &RQWUDORU *HQHUDO GHO (VWDGR GH
*XHUUHUR&DUORV$UWXUR%DUFHQDV$JXLODU5~EULFD

6DOXG\HO(VWDGRGH=DFDWHFDV
&219(1,2 02',),&$725,2 $/ &219(1,2 '( &225',1$&,21 < 75$16)(5(1&,$ '( 5(&85626
686&5,72 (/ ',$ '( 2&78%5( '( 48( &(/(%5$1 325 81$ 3$57( (/ (-(&87,92 )('(5$/ 325
&21'8&72 '( /$ 6(&5(7$5,$ '( 6$/8' $ /$ 48( (1 $'(/$17( 6( '(120,1$5$ /$ 6(&5(7$5,$
5(35(6(17$'$325687,78/$5(/&'5-26($1*(/&25'29$9,//$/2%26&21/$3$57,&,3$&,21'(
/$ 68%6(&5(7$5,$ '( $'0,1,675$&,21 < ),1$1=$6 /,& 0$ (8*(1,$ '( /(210$< < (/ ',5(&725
*(1(5$/ '( 3/$1($&,21 < '(6$552//2 (1 6$/8' '*3/$'(6 '5 ('8$5'2 3(648(,5$ 9,//(*$6 <
325 /$ 275$ 3$57( (/ (-(&87,92 '(/ (67$'2 /,%5( < 62%(5$12 '( =$&$7(&$6 $/ 48( (1 /2
68&(6,92 6( /( '(120,1$5$ ³/$ (17,'$' )('(5$7,9$´ 5(35(6(17$'2 325 /$ 6(f25$ $0$/,$ '
*$5&,$ 0(',1$ (1 68 &$/,'$' '( *2%(51$'25$ '(/ (67$'2 '( =$&$7(&$6 $6,67,'$ 325 (/
/,&&$5/263,17218f(=6(&5(7$5,2*(1(5$/'(*2%,(512/&-25*(0,5$1'$&$67526(&5(7$5,2
'( ),1$1=$6 /$ &2175$/25$ ,17(51$ '(/ *2%,(512 '(/ (67$'2 0 (1 $ 1250$ -8/,(7$ '(/ 5,2
9(1(*$6 < (/ '5 +(/$',2 * 9(59(5 < 9$5*$6 5$0,5(= ',5(&725 *(1(5$/ '( /26 6(59,&,26 '(
6$/8''(/(67$'2&21)250($/266,*8,(17(6$17(&('(17(6<&/$868/$6
$17(&('(17(6
,, 4XH HQ IHFKD GH RFWXEUH GHO ³/$ 6(&5(7$5,$´ \ ³/$ (17,'$' )('(5$7,9$´
VXVFULELHURQ HO &RQYHQLR GH &RRUGLQDFLyQ \ 7UDQVIHUHQFLD GH 5HFXUVRV SRU XQ PRQWR GH
VHLVPLOORQHVVHWHQWD\QXHYHPLOQRYHFLHQWRVVHLVSHVRV01HQORVXFHVLYR
³(/&219(1,2´FRQHOREMHWRGHFRRUGLQDUVXSDUWLFLSDFLyQFRQHO(MHFXWLYR)HGHUDOHQORVWpUPLQRV
GHODUWtFXORGHOD/H\*HQHUDOGH6DOXGTXHSHUPLWDD³/$(17,'$')('(5$7,9$ÚHDOL]DUJDVWRV
GHRSHUDFLyQTXHVHGHULYHQGHODRSHUDFLyQGH8QLGDG0yYLOWLSR8QLGDGHV0yYLOHVWLSR\
8QLGDG 0yYLO WLSR FRQIRUPDQGR XQ WRWDO GH VHLV 8QLGDGHV 0yYLOHV GHO 3URJUDPD 1DFLRQDO GH
&DUDYDQDV GH OD 6DOXG HQ HO (VWDGR GH =DFDWHFDV GH FRQIRUPLGDG FRQ ³(/ &219(1,2´ \ VXV
$QH[RV HQ ORV TXH VH GHVFULEHQ OD DSOLFDFLyQ TXH VH GDUi D WDOHV UHFXUVRV ORV FRPSURPLVRV TXH
VREUH HO SDUWLFXODU DVXPHQ ³/$ (17,'$' )('(5$7,9$´ \ ³/$ 6(&5(7$5,$´ \ ORV PHFDQLVPRV
SDUDODHYDOXDFLyQ\FRQWUROGHVXHMHUFLFLR
SDUWHGHORV6HUYLFLRVGH6DOXGGHO(VWDGRGH=DFDWHFDV
,9 (QHOSXQWR,GHOD&OiXVXOD6H[WDGH³(/&219(1,2ÚHODWLYRDODV2EOLJDFLRQHVGH³/$(17,'$'
)('(5$7,9$´VHGLVSRQHTXH³/$(17,'$')('(5$7,9$´VHREOLJDD
9 4XH HQ OD &OiXVXOD 'pFLPD 7HUFHUD GHO ³(/ &219(1,2´ ODV SDUWHV DFRUGDURQ TXH HO SUHVHQWH
&RQYHQLRSRGUtDPRGLILFDUVH GHFRP~Q DFXHUGR \ SRU HVFULWRVLQDOWHUDUVXHVWUXFWXUD \HQHVWULFWR
DSHJRDODVGLVSRVLFLRQHVMXUtGLFDVDSOLFDEOHV
RSHUDFLyQGH8QLGDG0yYLOWLSR8QLGDGHV0yYLOHVWLSR\8QLGDG0yYLOWLSRFRQIRUPDQGR
XQWRWDOGHVHLV8QLGDGHV0yYLOHVGHO3URJUDPD1DFLRQDOGH&DUDYDQDVGHOD6DOXGHQHO(VWDGR
GH =DFDWHFDV SDUD DOFDQ]DU HO REMHWLYR GH DFHUFDU OD RIHUWD GH OD UHG GH VHUYLFLRV GH VDOXG FRQ
FULWHULRVGHFDOLGDGDQWLFLSDFLyQLQWHJUDOLGDG\UHVROXWLYLGDGPHGLDQWHHTXLSRVLWLQHUDQWHVGHVDOXGD
OD SREODFLyQ TXH KDELWD HQ PLFURUUHJLRQHV FRQ EDMR tQGLFH GH GHVDUUROOR KXPDQR TXH FDUHFHQ GH
DWHQFLyQ PpGLFD RSRUWXQD GHELGR D VX XELFDFLyQ JHRJUiILFD GLVSHUVLyQ \R FRQGLFLRQHV GH DFFHVR
HQODVFXDOHVUHVXOWDPX\FRPSOHMR\HQDOJXQRVFDVRVLPSRVLEOHHOHVWDEOHFLPLHQWRHQHOFRUWRSOD]R
GH XQLGDGHV PpGLFDV ILMDV SDUD OR FXDO HV LQGLVSHQVDEOH KDFHU XQD UHFODVLILFDFLyQ FRQIRUPH DO
GHVWLQRILQDOGHOJDVWRFRQODILQDOLGDGGHFXPSOLPHQWDUODVPHWDVSURJUDPDGDVSDUDORFXDOUHVXOWD
QHFHVDULR PRGLILFDU ORV $QH[RV \ GH ³(/ &219(1,2´ \ VH DGLFLRQD OD &OiXVXOD 'pFLPD
2FWDYDDHIHFWRGHGDUFRQWLQXLGDGDVXHMHFXFLyQ\DOFDQ]DUORVREMHWLYRVHVWDEOHFLGRVHQHOPLVPR
EXVFDQGRTXHpVWRVVHOOHYHQFRQIRUPHDODVGLVSRVLFLRQHVMXUtGLFDVDSOLFDEOHV
ODVVLJXLHQWHV
&/$868/$6
$1(;2
352*5$0$&$5$9$1$6'(/$6$/8'
$3/,&$&,21'(/*$672
(1(/(67$'2'(=$&$7(&$6
*$6726'(23(5$&,213$5$&$5$9$1$6 727$/
³6(59,&,263(5621$/(6´
³0$7(5,$/(6<680,1,6752´
³6(59,&,26*(1(5$/(6´
³6(59,&,262),&,$/(6´
727$/
$1(;2
352*5$0$'(&$5$9$1$6'(/$6$/8'
$&&,21(6$5($/,=$5(1(/(67$'2'(=$&$7(&$6
1RGH8QLGDGHV%HQHILFLDGDVBB8QLGDG7LSR,8QLGDGHV7LSR,,\8QLGDG7LSR,,,BB
81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
)HOLSH&DUULOOR3XHUWR
$JXD1XHYD
$OGHDGH&RGRUQLFHV 8QPpGLFRJHQHUDO
, 9LOODGH&RV &RQFHSFLyQ GH OD XQDHQIHUPHUD\XQ
1RUPD FKRIHUSROLYDOHQWH
8UVXOR$*DUFtD
&HUYDQWHV

81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
6DtQ%DMR
(O6DX]
&DUULOOR3XHUWR
&RORQLD)ORUHV 8QPpGLFRJHQHUDO
6DtQ$OWR\ *DUFtD XQDHQIHUPHUDXQ
,,
6RPEUHUHWH RGRQWyORJR\XQ
,JQDFLR=DUDJR]D FKRIHUSROLYDOHQWH
,JQDFLR$OOHQGH
$OYDUR2EUHJyQ
(PLOLDQR=DSDWD

81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
)UDQFLVFR , 0DGHUR
5DQFKRGHO3DGUH
/D/DERU/DV
/DERUHV
2MRGH$JXDGHORV
6ROtV
3HGUR5D\JR]D
*XDGDOXSH
&RORQLD3HGUR 8QPpGLFRJHQHUDO
7DEDVFR\(O
XQDHQIHUPHUDXQ
,, 3ODWHDGRGH-RDTXtQ 5D\JR]DORV
6DXFHV RGRQWyORJR\XQ
$PDUR
FKRIHUSROLYDOHQWH
6DQ/XLVGH
&XVWLTXH
(O$JXDFDWHGH
$UULED
(O$JXDFDWHGH
$EDMR
/D&DQWHUD
+XLVFROFR
7,32'(81,'$'
81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
/DJXQD6HFD
0XOHURV
8QPpGLFRJHQHUDO
/RV3R]RV XQDHQIHUPHUDXQ
,, 3iQXFR\0RUHORV
6DQ-RVpGHOD(UD RGRQWyORJR\XQ
FKRIHUSROLYDOHQWH
/DV3LODV
1RULDGH*ULQJRV

81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
0LQLOODV
0RQWH*UDQGH
2MR GH $JXD GHO
3URJUHVR
6DQWD &UX] GH 3HxDV
&DUJDGDV 8QPpGLFRJHQHUDO
3DVRGH0pQGH] XQDHQIHUPHUDXQ
,, *HQDUR&RGLQD
RGRQWyORJR\XQ
/D6DODGLWD
FKRIHUSROLYDOHQWH
&RORQLD6DQ,VLGUR
6DQWD,QpV
6DQWD7HUHVD
/D0RUDGLOOD
2MR6HFR

81,'$' 081,&,3,2 /2&$/,'$' 32%/$&,21 3(5621$/ -251$'$'(
029,/ %(1(),&,$'$ /$81,'$'
029,/
6DQ 3HGUR 3LHGUD
*RUGD
*HQHUDO 3iQILOR
1DWHUD
6DQ -RVp (O 6DODGLOOR
(O6DODGLOOR
6DQWD (OHQD
&XDXKWpPRF )UDQFLVFR=DUFR
*HQHUDO3iQILOR /D7HVRUHUD%DMtRGH

1DWHUD OD7HVRUHUD 8QPpGLFRJHQHUDO
3LQRV (O7XOH XQDHQIHUPHUDXQ
,,,
9LOOD+LGDOJR RGRQWyORJR\XQ
9LOOD+LGDOJR FKRIHUSROLYDOHQWH
/XtV0R\D 3LQRV
1RULDGH$QJHOHV 6DQ%ODV
/XtV0R\D
1RULD'H$QJHOHV
,JQDFLR=DUDJR]D
6DQ'LHJR
0DUDYLOODV
5DQFKR 1XHYR GH
0RUHORV
7,32'(81,'$'
7(5&(5$6HPRGLILFDHQ³(/&219(1,2´HO$QH[RSDUDTXHGDUFRPRDFRQWLQXDFLyQVHGHVFULEH
$1(;2
352*5$0$&$5$9$1$6'(/$6$/8'
$3/,&$&,21'(/*$672
(1(/(67$'2'(=$&$7(&$6
1,9(/(67$7$/
&2',*2 '(6&5,3&,21 1R 68(/'2 3$57( 68%727$/ 3(5,2'2'( 727$/'(
%5872 352325&,21$/ &2175$7$&,21 3(5&(3&,21(6
0(168$/ '($*8,1$/'2 0(6(6
&)0$ 'LUHFFLyQGHiUHD
&) -HIHGH
'HSDUWDPHQWRHQ
iUHDPpGLFD³$´

81,'$'029,/7,32
&2',*2 '(6&5,3&,21 1R 68(/'2 3$57( 68%727$/ 3(5,2'2'( 727$/'(
%5872 352325&,21$/ &2175$7$&,21 3(5&(3&,21(6
0(168$/ '($*8,1$/'2 0(6(6
&) 6RSRUWH
$GPLQLVWUDWLYR³$´
0 (QIHUPHUD *HQHUDO
7LWXODGD³$´
0 0pGLFR*HQHUDO³$´

81,'$'029,/7,32
&2',*2 '(6&5,3&,21 1R 68(/'2 3$57( 68%727$/ 3(5,2'2'( 727$/'(
%5872 352325&,21$/ &2175$7$&,21 3(5&(3&,21(6
0(168$/ '($*8,1$/'2 0(6(6
&) 6RSRUWH$GPLQLVWUDWLYR³$´
0 &LUXMDQR'HQWLVWD³$´
0 (QIHUPHUD *HQHUDO
7LWXODGD³$´

81,'$'029,/7,32
&2',*2 '(6&5,3&,21 1R 68(/'2 3$57( 68%727$/ 3(5,2'2'( 727$/'(
%5872 352325&,21$/ &2175$7$&,21 3(5&(3&,21(6
0(168$/ '($*8,1$/'2
0(6(6
&) 6RSRUWH$GPLQLVWUDWLYR³$´
0 &LUXMDQR'HQWLVWD³$´
0 (QIHUPHUD *HQHUDO
7LWXODGD³$´

&2',*2 '(6&5,3&,21 1R 68(/'2 3$57( 68%727$/ 3(5,2'2 727$/'(
%5872 352325&,21$/ '( 3(5&(3&,21(6
0(168$/ '($*8,1$/'2 &2175$7$
&,21
0(6(6

(O VDOGR TXH UHVXOWH GH OD DSOLFDFLyQ GHO UHFXUVR GHO &DStWXOR FRQIRUPH DO $QH[R GHEHUi VHU
UHLQWHJUDGR D OD 7HVRUHUtD GH OD )HGHUDFLyQ HQ FXPSOLPLHQWR D OR GLVSXHVWR HQ OD &OiXVXOD 'XRGpFLPD GH
³(/&219(1,2´\ODOHJLVODFLyQDSOLFDEOHSDUDWDOHIHFWR
&8$57$6HDGLFLRQDOD&OiXVXOD'pFLPD2FWDYDHQORVVLJXLHQWHVWpUPLQRV
GHWHUPLQHUHVSHFWRGHODFRQFOXVLyQGHOREMHWRGH³(/&219(1,2´
&RQYHQLR0RGLILFDWRULRHQFXDGUXSOLFDGRDORVWUHLQWDGtDVGHOPHVGHDEULOGHGRVPLORFKR3RUHO(MHFXWLYR
'HVDUUROOR HQ 6DOXG (GXDUGR 3HVTXHLUD 9LOOHJDV 5~EULFD 3RU OD (QWLGDG )HGHUDWLYD
OD *REHUQDGRUD GHO (VWDGR GH =DFDWHFDV $PDOLD ' *DUFtD 0HGLQD 5~EULFD (O 6HFUHWDULR *HQHUDO GH
*RELHUQR &DUORV 3LQWR 1~xH] 5~EULFD (O 6HFUHWDULR GH )LQDQ]DV -RUJH 0LUDQGD &DVWUR 5~EULFD
/D &RQWUDORUD ,QWHUQD GHO *RELHUQR GHO (VWDGR 1RUPD -XOLHWD GHO 5tR 9HQHJDV 5~EULFD (O 'LUHFWRU
*HQHUDOGHORV6HUYLFLRVGH6DOXGGHO(VWDGR+HODGLR*9pUYHU\9DUJDV5DPtUH]5~EULFD
6(&5(7$5,$'(/$5()250$$*5$5,$
5(62/8&,21TXHGHFODUDFRPRWHUUHQRQDFLRQDOHOSUHGLRLQQRPLQDGRR&KXODYLVWDH[SHGLHQWHQ~PHUR
0XQLFLSLRGH3XHUWR3HxDVFR6RQ
$OPDUJHQXQVHOORFRQHO(VFXGR1DFLRQDOTXHGLFH(VWDGRV8QLGRV0H[LFDQRV6HFUHWDUtDGHOD5HIRUPD
$JUDULD 6XEVHFUHWDUtD GH 2UGHQDPLHQWR GH OD 3URSLHGDG 5XUDO 'LUHFFLyQ *HQHUDO GH 2UGHQDPLHQWR
\5HJXODUL]DFLyQ
5(62/8&,21
9,6723$5$5(62/9(5(/(;3(',(17(180(52<
5(68/7$1'26
R 48( (1 /$ ',5(&&,21 *(1(5$/ $'-817$ '( 5(*8/$5,=$&,21 '( /$ 3523,('$' 585$/
'(3(1',(17( '( /$ ',5(&&,21 *(1(5$/ '( 25'(1$0,(172 < 5(*8/$5,=$&,21 6(
(1&8(175$ (/ (;3(',(17( 180(52 5(/$7,92 $/ 352&(',0,(172 '( ,19(67,*$&,21
'(6/,1'( < /(9$17$0,(172 7232*5$),&2 5(63(&72 '(/ 35(68172 7(55(12
1$&,21$/ '(120,1$'2 ,1120,1$'2 2 &+8/$9,67$ &21 81$ 683(5),&,( '( '2&(
+(&7$5($6 6(6(17$ < &8$752 $5($6 &,1&8(17$ < &8$752 &(17,$5($6 /2&$/,=$'2 (1 (/
081,&,3,2'(38(5723(f$6&2'(/(67$'2'(62125$
R 48(&21)(&+$'(6(37,(0%5('(6(38%/,&2(1(/',$5,22),&,$/'(/$)('(5$&,21
(/ $9,62 '( '(6/,1'( &21 (/ 352326,72 '( 5($/,=$5 &21)250( $/ 352&(',0,(172
/$623(5$&,21(6'('(6/,1'(48()8(5$11(&(6$5,$6
R 48(&2026('(635(1'('(/',&7$0(17(&1,&2180(52'()(&+$'(',&,(0%5('(
(0,7,'2 (1 6(17,'2 326,7,92 (/ 35(',2 (1 &8(67,21 7,(1( /$6 &225'(1$'$6
'(8%,&$&,21*(2*5$),&$<&2/,1'$1&,$66,*8,(17(6
'( /$7,78' 1257( *5$'26 0,18726 6(*81'26 < '( /21*,78' 2(67( *5$'26
0,187266(*81'26<&2/,1'$1&,$6
$/1257( (-,'26$15$)$(/
$/685 =21$)('(5$/'(/(67(52'(0258$
$/(67( =21$)('(5$/'(/(67(52'(0258$
$/2(67( (035(6$,102%,/,$5,$62/)$6(
&216,'(5$1'26
, (67$ 6(&5(7$5,$ (6 &203(7(17( 3$5$ &212&(5 < 5(62/9(5 62%5( /$ 352&('(1&,$
2 ,0352&('(1&,$ '( /$ 5(62/8&,21 48( '(&/$5( 2 12 (/ 7(55(12 &202 1$&,21$/ (1
72512$/35(',22%-(72'(/2675$%$-26'('(6/,1'('(&21)250,'$'&21/2',638(672
(1 /26 $57,&8/26 &2167,78&,21$/ '( /$ /(< $*5$5,$ '( /$ /(< 25*$1,&$ '( /$
$'0,1,675$&,21 38%/,&$ )('(5$/ < '(/ 5(*/$0(172 '( /$ /(< $*5$5,$ (1
0$7(5,$ '( 25'(1$0,(172 '( /$ 3523,('$' 585$/ $6, &202 R R )5$&&,21 ;9,,, R <
)5$&&,21(6,<,,'(685(*/$0(172,17(5,25
,, 81$ 9(= 5(9,6$'26 /26 75$%$-26 '( '(6/,1'( $ ),1 '( 9(5,),&$5 48( (6726 6(
'(6$552//$521 &21 $3(*2 $ /$6 1250$6 7(&1,&$6 +$%,(1'26( 5($/,=$'2 /26 $9,626
127,),&$&,21(6 < 38%/,&$&,21(6 48( (;,*(1 /26 25'(1$0,(1726 /(*$/(6 6(*81 6(
$&5(',7$&21/$'2&80(17$&,2148(&255($*5(*$'$$68(;3(',(17(6('(635(1'(48(
&21 )(&+$ '( ',&,(0%5( '( 6( (0,7,2 (/ &255(6321',(17( ',&7$0(1 7(&1,&2
$6,*1$1'26(/( (/ 180(52 0(',$17( (/ &8$/ 6( $358(%$1 /26 75$%$-26 '(/
'(6/,1'( < /26 3/$126 '(5,9$'26 '(/ 0,602 5(68/7$1'2 81$ 683(5),&,( $1$/,7,&$
'( '2&( +(&7$5($6 6(6(17$ < &8$752 $5($6 &,1&8(17$ < &8$752 &(17,$5($6
&21/$6&225'(1$'$6*(2*5$),&$6<&2/,1'$1&,$66,*8,(17(6
'( /$7,78' 1257( *5$'26 0,18726 6(*81'26 < '( /21*,78' 2(67( *5$'26
0,187266(*81'26<&2/,1'$1&,$6
$/1257( (-,'26$15$)$(/
$/685 =21$)('(5$/'(/(67(52'(0258$
$/(67( =21$)('(5$/'(/(67(52'(0258$
$/2(67( (035(6$,102%,/,$5,$62/)$6(
,,, '85$17( (/ '(6$552//2 '( /26 75$%$-26 '( '(6/,1'( 6( $3(5621$521 /26 326(('25(6
'( /26 35(',26 48( &2/,1'$1 &21 (/ 7(55(12 '( 48( 6( 75$7$ (1 /$ 35(6(17(
48,(1(60$1,)(67$52168&21)250,'$''(&2/,1'$1&,$6&21(/35(',2(1&8(67,21<48(
6('(6&5,%(1(1/2675$%$-267(&1,&2648(2%5$1(168(;3(',(17(
(1&216(&8(1&,$(6'(5(62/9(56(<6(5(68(/9(
5(62/87,926
35,0(52 6( '(&/$5$ 48( (/ 7(55(12 $/ 48( 6( 5(),(5( /$ 35(6(17( (6 1$&,21$/
&21)250$1'26( 325 '2&( +(&7$5($6 6(6(17$ < &8$752 $5($6 &,1&8(17$ < &8$752
&(17,$5($6 &21 /$6 &2/,1'$1&,$6 0(','$6 < 8%,&$&,21 *(2*5$),&$ '(6&5,7$6 (1 /$ 35(6(17(
5(62/8&,21
6(*81'2 38%/,48(6( /$ 35(6(17( 5(62/8&,21 (1 (/ ',$5,2 2),&,$/ '( /$ )('(5$&,21
< 127,),48(6( 3(5621$/0(17( $ /26 ,17(5(6$'26 '(1752 '( /26 ',(= ',$6 1$785$/(6 6,*8,(17(6
$/'(6838%/,&$&,21
7(5&(52 ,16&5,%$6( (67$ 5(62/8&,21 (1 (/ 5(*,6752 38%/,&2 '( /$ 3523,('$' < '(/
&20(5&,2 '( /$ (17,'$' 48( &255(6321'$ (1 (/ 5(*,6752 38%/,&2 '( /$ 3523,('$' ,102%,/,$5,$
)('(5$/<(1(/5(*,6752$*5$5,21$&,21$/
$6,/23529(<2<),50$
0p[LFR ') D GH HQHUR GH (O 6HFUHWDULR GH OD 5HIRUPD $JUDULD $EHODUGR (VFREDU 3ULHWR
5~EULFD (O 6XEVHFUHWDULR GH 2UGHQDPLHQWR GH OD 3URSLHGDG 5XUDO -DLPH 7RPiV 5tRV %HUQDO 5~EULFD
(O'LUHFWRU*HQHUDOGH2UGHQDPLHQWR\5HJXODUL]DFLyQ/XLV&DPDFKR0DQFLOOD5~EULFD

5(62/8&,21TXHGHFODUDFRPRWHUUHQRQDFLRQDOXQSUHGLRLQQRPLQDGRH[SHGLHQWHQ~PHUR0XQLFLSLR
GH&HQWUR7DE
\5HJXODUL]DFLyQ
5(62/8&,21
9,6723$5$5(62/9(5(/(;3(',(17(180(52<
5(68/7$1'26
R 48( (1 /$ ',5(&&,21 *(1(5$/ $'-817$ '( 5(*8/$5,=$&,21 '( /$ 3523,('$' 585$/
'(3(1',(17('(/$',5(&&,21*(1(5$/'(25'(1$0,(172<5(*8/$5,=$&,216((1&8(175$
(/ (;3(',(17( 180(52 5(/$7,92 $/ 352&(',0,(172 '( ,19(67,*$&,21 '(6/,1'(
< /(9$17$0,(172 7232*5$),&2 5(63(&72 '(/ 35(68172 7(55(12 1$&,21$/ '(120,1$'2
,1120,1$'2 &21 81$ 683(5),&,( '( '26 +(&7$5($6 &(52 $5($6 9(,17,75(6
&(17,$5($6/2&$/,=$'2(1(/081,&,3,2'(&(1752'(/(67$'2'(7$%$6&2
R 48(&21)(&+$'(6(37,(0%5('(6(38%/,&2(1(/',$5,22),&,$/'(/$)('(5$&,21
(/ $9,62 '( '(6/,1'( &21 (/ 352326,72 '( 5($/,=$5 &21)250( $/ 352&(',0,(172
/$623(5$&,21(6'('(6/,1'(48()8(5$11(&(6$5,$6
R 48(&2026('(635(1'('(/',&7$0(17(&1,&2180(52'()(&+$'(',&,(0%5('(
(0,7,'2 (1 6(17,'2 326,7,92 (/ 35(',2 (1 &8(67,21 7,(1( /$6 &225'(1$'$6
'(8%,&$&,21*(2*5$),&$<&2/,1'$1&,$66,*8,(17(6
'( /$7,78' 1257( *5$'26 0,18726 6(*81'26 < '( /21*,78' 2(67( *5$'26
0,187266(*81'26<&2/,1'$1&,$6
$/1257( 8/,6(60(1'(=&58=
$/685 &$0,12$780%$1(*52
$/(67( 8/,6(60(1'(=&58=
$/2(67( '(02&/(6 *$5&,$ +(51$1'(= < =21$ )('(5$/ '( /$ &$55(7(5$
0('(//,1-2/2&+(52
&216,'(5$1'26
, (67$ 6(&5(7$5,$ (6 &203(7(17( 3$5$ &212&(5 < 5(62/9(5 62%5( /$ 352&('(1&,$
2 ,0352&('(1&,$ '( /$ 5(62/8&,21 48( '(&/$5( 2 12 (/ 7(55(12 &202 1$&,21$/ (1
72512$/35(',22%-(72'(/2675$%$-26'('(6/,1'('(&21)250,'$'&21/2',638(672
(1 /26 $57,&8/26 &2167,78&,21$/ '( /$ /(< $*5$5,$ '( /$ /(< 25*$1,&$ '( /$
$'0,1,675$&,21 38%/,&$ )('(5$/ < '(/ 5(*/$0(172 '( /$ /(< $*5$5,$ (1
0$7(5,$ '( 25'(1$0,(172 '( /$ 3523,('$' 585$/ $6, &202 R R )5$&&,21 ;9,,, R <
)5$&&,21(6,<,,'(685(*/$0(172,17(5,25
,, 81$ 9(= 5(9,6$'26 /26 75$%$-26 '( '(6/,1'( $ ),1 '( 9(5,),&$5 48( (6726 6(
'(6$552//$521 &21 $3(*2 $ /$6 1250$6 7(&1,&$6 +$%,(1'26( 5($/,=$'2 /26 $9,626
127,),&$&,21(6 < 38%/,&$&,21(6 48( (;,*(1 /26 25'(1$0,(1726 /(*$/(6 6(*81 6(
$&5(',7$&21/$'2&80(17$&,2148(&255($*5(*$'$$68(;3(',(17(6('(635(1'(48(
&21 )(&+$ '( ',&,(0%5( '( 6( (0,7,2 (/ &255(6321',(17( ',&7$0(1 7(&1,&2
$6,*1$1'26(/( (/ 180(52 0(',$17( (/ &8$/ 6( $358(%$1 /26 75$%$-26 '(/
'(6/,1'( < /26 3/$126 '(5,9$'26 '(/ 0,602 5(68/7$1'2 81$ 683(5),&,( $1$/,7,&$
'( '26 +(&7$5($6 &(52 $5($6 9(,17,75(6 &(17,$5($6 &21 /$6 &225'(1$'$6
*(2*5$),&$6<&2/,1'$1&,$66,*8,(17(6
'( /$7,78' 1257( *5$'26 0,18726 6(*81'26 < '( /21*,78' 2(67( *5$'26
0,187266(*81'26<&2/,1'$1&,$6
$/1257( 8/,6(60(1'(=&58=
$/685 &$0,12$780%$1(*52
$/(67( 8/,6(60(1'(=&58=
$/2(67( '(02&/(6 *$5&,$ +(51$1'(= < =21$ )('(5$/ '( /$ &$55(7(5$
0('(//,1-2/2&+(52
,,, '85$17( (/ '(6$552//2 '( /26 75$%$-26 '( '(6/,1'( 6( $3(5621$521 /26 326(('25(6
'( /26 35(',26 48( &2/,1'$1 &21 (/ 7(55(12 '( 48( 6( 75$7$ (1 /$ 35(6(17(
48,(1(60$1,)(67$52168&21)250,'$''(&2/,1'$1&,$6&21(/35(',2(1&8(67,21<48(
6('(6&5,%(1(1/2675$%$-267(&1,&2648(2%5$1(168(;3(',(17(
(1&216(&8(1&,$(6'(5(62/9(56(<6(5(68(/9(
5(62/87,926
35,0(52 6( '(&/$5$ 48( (/ 7(55(12 $/ 48( 6( 5(),(5( /$ 35(6(17( (6 1$&,21$/
&21)250$1'26( 325 '26 +(&7$5($6 &(52 $5($6 9(,17,75(6 &(17,$5($6 &21 /$6
&2/,1'$1&,$60(','$6<8%,&$&,21*(2*5$),&$'(6&5,7$6(1/$35(6(17(5(62/8&,21
6(*81'2 38%/,48(6( /$ 35(6(17( 5(62/8&,21 (1 (/ ',$5,2 2),&,$/ '( /$ )('(5$&,21
< 127,),48(6( 3(5621$/0(17( $ /26 ,17(5(6$'26 '(1752 '( /26 ',(= ',$6 1$785$/(6 6,*8,(17(6
$/'(6838%/,&$&,21
7(5&(52 ,16&5,%$6( (67$ 5(62/8&,21 (1 (/ 5(*,6752 38%/,&2 '( /$ 3523,('$' < '(/
&20(5&,2 '( /$ (17,'$' 48( &255(6321'$ (1 (/ 5(*,6752 38%/,&2 '( /$ 3523,('$' ,102%,/,$5,$
)('(5$/<(1(/5(*,6752$*5$5,21$&,21$/
$6,/23529(<2<),50$

5(62/8&,21TXHGHFODUDFRPRWHUUHQRQDFLRQDOXQSUHGLRLQQRPLQDGRH[SHGLHQWHQ~PHUR0XQLFLSLR
GH1DFDMXFD7DE
\5HJXODUL]DFLyQ
5(62/8&,21
9,6723$5$5(62/9(5(/(;3(',(17(180(52<
5(68/7$1'26
R 48( (1 /$ ',5(&&,21 *(1(5$/ $'-817$ '( 5(*8/$5,=$&,21 '( /$ 3523,('$' 585$/
'(3(1',(17('(/$',5(&&,21*(1(5$/'(25'(1$0,(172<5(*8/$5,=$&,216((1&8(175$
(/ (;3(',(17( 180(52 5(/$7,92 $/ 352&(',0,(172 '( ,19(67,*$&,21 '(6/,1'(
< /(9$17$0,(172 7232*5$),&2 5(63(&72 '(/ 35(68172 7(55(12 1$&,21$/ '(120,1$'2
,1120,1$'2 &21 81$ 683(5),&,( '( 81$ +(&7$5($ &8$752 $5($6 2&+(17$ <
&,1&2&(17,$5($6/2&$/,=$'2(1(/081,&,3,2'(1$&$-8&$'(/(67$'2'(7$%$6&2
R 48( &21 )(&+$ '( $*2672 '( 6( 38%/,&2 (1 (/ ',$5,2 2),&,$/ '( /$ )('(5$&,21 (/
$9,62 '( '(6/,1'( &21 (/ 352326,72 '( 5($/,=$5 &21)250( $/ 352&(',0,(172
/$623(5$&,21(6'('(6/,1'(48()8(5$11(&(6$5,$6
R 48(&2026('(635(1'('(/',&7$0(17(&1,&2180(52'()(&+$'(129,(0%5('(
(0,7,'2 (1 6(17,'2 326,7,92 (/ 35(',2 (1 &8(67,21 7,(1( /$6 &225'(1$'$6
'(8%,&$&,21*(2*5$),&$<&2/,1'$1&,$66,*8,(17(6
'( /$7,78' 1257( *5$'26 0,18726 6(*81'26 < '( /21*,78' 2(67( *5$'26
0,187266(*81'26<&2/,1'$1&,$6
$/1257( 48,5,12+(51$1'(=3(5(=
$/685 -8$1&25'29$%(51$5'2
$/(67( &$0,129(&,1$/
$/2(67( 526(1'248,52=526$6<526$5,$6$1&+(=0$<
&216,'(5$1'26
, (67$ 6(&5(7$5,$ (6 &203(7(17( 3$5$ &212&(5 < 5(62/9(5 62%5( /$ 352&('(1&,$
2 ,0352&('(1&,$ '( /$ 5(62/8&,21 48( '(&/$5( 2 12 (/ 7(55(12 &202 1$&,21$/ (1
72512$/35(',22%-(72'(/2675$%$-26'('(6/,1'('(&21)250,'$'&21/2',638(672
(1 /26 $57,&8/26 &2167,78&,21$/ '( /$ /(< $*5$5,$ '( /$ /(< 25*$1,&$ '( /$
$'0,1,675$&,21 38%/,&$ )('(5$/ < '(/ 5(*/$0(172 '( /$ /(< $*5$5,$ (1
0$7(5,$ '( 25'(1$0,(172 '( /$ 3523,('$' 585$/ $6, &202 R R )5$&&,21 ;9,,, R <
)5$&&,21(6,<,,'(685(*/$0(172,17(5,25
,, 81$ 9(= 5(9,6$'26 /26 75$%$-26 '( '(6/,1'( $ ),1 '( 9(5,),&$5 48( (6726 6(
'(6$552//$521 &21 $3(*2 $ /$6 1250$6 7(&1,&$6 +$%,(1'26( 5($/,=$'2 /26 $9,626
127,),&$&,21(6 < 38%/,&$&,21(6 48( (;,*(1 /26 25'(1$0,(1726 /(*$/(6 6(*81 6(
$&5(',7$&21/$'2&80(17$&,2148(&255($*5(*$'$$68(;3(',(17(6('(635(1'(48(
&21 )(&+$ '( 129,(0%5( '( 6( (0,7,2 (/ &255(6321',(17( ',&7$0(1 7(&1,&2
$6,*1$1'26(/( (/ 180(52 0(',$17( (/ &8$/ 6( $358(%$1 /26 75$%$-26 '(/
'(6/,1'( < /26 3/$126 '(5,9$'26 '(/ 0,602 5(68/7$1'2 81$ 683(5),&,( $1$/,7,&$
'( 81$ +(&7$5($ &8$752 $5($6 2&+(17$ < &,1&2 &(17,$5($6 &21 /$6
&225'(1$'$6*(2*5$),&$6<&2/,1'$1&,$66,*8,(17(6
'( /$7,78' 1257( *5$'26 0,18726 6(*81'26 < '( /21*,78' 2(67( *5$'26
0,187266(*81'26<&2/,1'$1&,$6
$/1257( 48,5,12+(51$1'(=3(5(=
$/685 -8$1&25'29$%(51$5'2
$/(67( &$0,129(&,1$/
$/2(67( 526(1'248,52=526$6<526$5,$6$1&+(=0$<
,,, '85$17( (/ '(6$552//2 '( /26 75$%$-26 '( '(6/,1'( 6( $3(5621$521 /26 326(('25(6
'( /26 35(',26 48( &2/,1'$1 &21 (/ 7(55(12 '( 48( 6( 75$7$ (1 /$ 35(6(17(
48,(1(60$1,)(67$52168&21)250,'$''(&2/,1'$1&,$6&21(/35(',2(1&8(67,21<48(
6('(6&5,%(1(1/2675$%$-267(&1,&2648(2%5$1(168(;3(',(17(
(1&216(&8(1&,$(6'(5(62/9(56(<6(5(68(/9(
5(62/87,926
35,0(52 6( '(&/$5$ 48( (/ 7(55(12 $/ 48( 6( 5(),(5( /$ 35(6(17( (6 1$&,21$/
&21)250$1'26(32581$+(&7$5($&8$752$5($62&+(17$<&,1&2&(17,$5($6&21/$6
&2/,1'$1&,$60(','$6<8%,&$&,21*(2*5$),&$'(6&5,7$6(1/$35(6(17(5(62/8&,21
6(*81'2 38%/,48(6( /$ 35(6(17( 5(62/8&,21 (1 (/ ',$5,2 2),&,$/ '( /$ )('(5$&,21
< 127,),48(6( 3(5621$/0(17( $ /26 ,17(5(6$'26 '(1752 '( /26 ',(= ',$6 1$785$/(6 6,*8,(17(6
$/'(6838%/,&$&,21
7(5&(52 ,16&5,%$6( (67$ 5(62/8&,21 (1 (/ 5(*,6752 38%/,&2 '( /$ 3523,('$' < '(/
&20(5&,2 '( /$ (17,'$' 48( &255(6321'$ (1 (/ 5(*,6752 38%/,&2 '( /$ 3523,('$' ,102%,/,$5,$
)('(5$/<(1(/5(*,6752$*5$5,21$&,21$/
$6,/23529(<2<),50$
5(62/8&,21TXHGHFODUDFRPRWHUUHQRQDFLRQDOHOSUHGLR(O&KDSDUUDOH[SHGLHQWHQ~PHUR0XQLFLSLR
GH%XVWDPDQWH7DPSV
\5HJXODUL]DFLyQ
5(62/8&,21
9,6723$5$5(62/9(5(/(;3(',(17(180(52<
5(68/7$1'26
R 48( (1 /$ ',5(&&,21 *(1(5$/ $'-817$ '( 5(*8/$5,=$&,21 '( /$ 3523,('$' 585$/
'(3(1',(17('(/$',5(&&,21*(1(5$/'(25'(1$0,(172<5(*8/$5,=$&,216((1&8(175$
(/ (;3(',(17( 180(52 5(/$7,92 $/ 352&(',0,(172 '( ,19(67,*$&,21 '(6/,1'(
< /(9$17$0,(172 7232*5$),&2 5(63(&72 '(/ 35(68172 7(55(12 1$&,21$/ '(120,1$'2
(/ &+$3$55$/ &21 81$ 683(5),&,( '( 75(6&,(17$6 81$ +(&7$5($6 75(,17$ <
81$$5($6&8$5(17$<&,1&2&(17,$5($6/2&$/,=$'2(1(/081,&,3,2'(%867$0$17('(/
(67$'2'(7$0$8/,3$6
R 48(&21)(&+$'(2&78%5('(6(38%/,&2(1(/',$5,22),&,$/'(/$)('(5$&,21(/
$9,62 '( '(6/,1'( &21 (/ 352326,72 '( 5($/,=$5 &21)250( $/ 352&(',0,(172
/$623(5$&,21(6'('(6/,1'(48()8(5$11(&(6$5,$6
R 48(&2026('(635(1'('(/',&7$0(17(&1,&2180(52'()(&+$'(129,(0%5('(
(0,7,'2 (1 6(17,'2 326,7,92 (/ 35(',2 (1 &8(67,21 7,(1( /$6 &225'(1$'$6
'(8%,&$&,21*(2*5$),&$<&2/,1'$1&,$66,*8,(17(6
'( /$7,78' 1257( *5$'26 0,18726 6(*81'26 < '( /21*,78' 2(67( *5$'26
0,187266(*81'26<&2/,1'$1&,$6
$/1257( 7(55(12635(6817261$&,21$/(6
$/685 7(55(12635(6817261$&,21$/(6
$/(67( 7(55(12635(6817261$&,21$/(6
$/2(67( 7(55(12635(6817261$&,21$/(6
&216,'(5$1'26
, (67$ 6(&5(7$5,$ (6 &203(7(17( 3$5$ &212&(5 < 5(62/9(5 62%5( /$ 352&('(1&,$
2 ,0352&('(1&,$ '( /$ 5(62/8&,21 48( '(&/$5( 2 12 (/ 7(55(12 &202 1$&,21$/ (1
72512$/35(',22%-(72'(/2675$%$-26'('(6/,1'('(&21)250,'$'&21/2',638(672
(1 /26 $57,&8/26 &2167,78&,21$/ '( /$ /(< $*5$5,$ '( /$ /(< 25*$1,&$ '( /$
$'0,1,675$&,21 38%/,&$ )('(5$/ < '(/ 5(*/$0(172 '( /$ /(< $*5$5,$ (1
0$7(5,$ '( 25'(1$0,(172 '( /$ 3523,('$' 585$/ $6, &202 R R )5$&&,21 ;9,,, R <
)5$&&,21(6,<,,'(685(*/$0(172,17(5,25
,, 81$ 9(= 5(9,6$'26 /26 75$%$-26 '( '(6/,1'( $ ),1 '( 9(5,),&$5 48( (6726 6(
'(6$552//$521 &21 $3(*2 $ /$6 1250$6 7(&1,&$6 +$%,(1'26( 5($/,=$'2 /26 $9,626
127,),&$&,21(6 < 38%/,&$&,21(6 48( (;,*(1 /26 25'(1$0,(1726 /(*$/(6 6(*81 6(
$&5(',7$&21/$'2&80(17$&,2148(&255($*5(*$'$$68(;3(',(17(6('(635(1'(48(
&21 )(&+$ '( 129,(0%5( '( 6( (0,7,2 (/ &255(6321',(17( ',&7$0(1 7(&1,&2
$6,*1$1'26(/( (/ 180(52 0(',$17( (/ &8$/ 6( $358(%$1 /26 75$%$-26 '(/
'(6/,1'( < /26 3/$126 '(5,9$'26 '(/ 0,602 5(68/7$1'2 81$ 683(5),&,( $1$/,7,&$
'( 75(6&,(17$6 81$ +(&7$5($6 75(,17$ < 81$ $5($6 &8$5(17$ < &,1&2
&(17,$5($6&21/$6&225'(1$'$6*(2*5$),&$6<&2/,1'$1&,$66,*8,(17(6
'( /$7,78' 1257( *5$'26 0,18726 6(*81'26 < '( /21*,78' 2(67( *5$'26
0,187266(*81'26<&2/,1'$1&,$6
$/1257( 7(55(12635(6817261$&,21$/(6
$/685 7(55(12635(6817261$&,21$/(6
$/(67( 7(55(12635(6817261$&,21$/(6
$/2(67( 7(55(12635(6817261$&,21$/(6
,,, '85$17( (/ '(6$552//2 '( /26 75$%$-26 '( '(6/,1'( 6( $3(5621$521 /26 326(('25(6
'( /26 35(',26 48( &2/,1'$1 &21 (/ 7(55(12 '( 48( 6( 75$7$ (1 /$ 35(6(17(
48,(1(60$1,)(67$52168&21)250,'$''(&2/,1'$1&,$6&21(/35(',2(1&8(67,21<48(
6('(6&5,%(1(1/2675$%$-267(&1,&2648(2%5$1(168(;3(',(17(
(1&216(&8(1&,$(6'(5(62/9(56(<6(5(68(/9(
5(62/87,926
35,0(52 6( '(&/$5$ 48( (/ 7(55(12 $/ 48( 6( 5(),(5( /$ 35(6(17( (6 1$&,21$/
&21)250$1'26( 325 75(6&,(17$6 81$ +(&7$5($6 75(,17$ < 81$ $5($6 &8$5(17$ <
&,1&2 &(17,$5($6 &21 /$6 &2/,1'$1&,$6 0(','$6 < 8%,&$&,21 *(2*5$),&$ '(6&5,7$6 (1 /$
35(6(17(5(62/8&,21
6(*81'2 38%/,48(6( /$ 35(6(17( 5(62/8&,21 (1 (/ ',$5,2 2),&,$/ '( /$ )('(5$&,21
< 127,),48(6( 3(5621$/0(17( $ /26 ,17(5(6$'26 '(1752 '( /26 ',(= ',$6 1$785$/(6 6,*8,(17(6
$/'(6838%/,&$&,21
7(5&(52 ,16&5,%$6( (67$ 5(62/8&,21 (1 (/ 5(*,6752 38%/,&2 '( /$ 3523,('$' < '(/
&20(5&,2 '( /$ (17,'$' 48( &255(6321'$ (1 (/ 5(*,6752 38%/,&2 '( /$ 3523,('$' ,102%,/,$5,$
)('(5$/<(1(/5(*,6752$*5$5,21$&,21$/
$6,/23529(<2<),50$

5(62/8&,21TXHGHFODUDFRPRWHUUHQRQDFLRQDOHOSUHGLR/D%HQGLFLyQGH'LRV,,,H[SHGLHQWHQ~PHUR
0XQLFLSLRGH&DUPHQ&DPS
\5HJXODUL]DFLyQ
5(62/8&,21
9,6723$5$5(62/9(5(/(;3(',(17(180(52<
5(68/7$1'26
R 48( (1 /$ ',5(&&,21 *(1(5$/ $'-817$ '( 5(*8/$5,=$&,21 '( /$ 3523,('$' 585$/
'(3(1',(17('(/$',5(&&,21*(1(5$/'(25'(1$0,(172<5(*8/$5,=$&,216((1&8(175$
(/ (;3(',(17( 180(52 5(/$7,92 $/ 352&(',0,(172 '( ,19(67,*$&,21 '(6/,1'(
< /(9$17$0,(172 7232*5$),&2 5(63(&72 '(/ 35(68172 7(55(12 1$&,21$/ '(120,1$'2
/$ %(1',&,21 '( ',26 ,,, &21 81$ 683(5),&,( '( &8$752&,(17$6 6(6(17$
<&8$752+(&7$5($6&,1&8(17$<&,1&2$5($675(,17$<6,(7(&(17,$5($6/2&$/,=$'2(1
(/081,&,3,2'(&$50(1'(/(67$'2'(&$03(&+(
R 48( &21 )(&+$ '( $*2672 '( 6( 38%/,&2 (1 (/ ',$5,2 2),&,$/ '( /$ )('(5$&,21 (/
$9,62 '( '(6/,1'( &21 (/ 352326,72 '( 5($/,=$5 &21)250( $/ 352&(',0,(172
/$623(5$&,21(6'('(6/,1'(48()8(5$11(&(6$5,$6
R 48( &2026('(635(1'( '(/',&7$0(17(&1,&2180(52 '()(&+$ '(129,(0%5(

'( (0,7,'2 (1 6(17,'2 326,7,92 (/ 35(',2 (1 &8(67,21 7,(1( /$6 &225'(1$'$6
'(8%,&$&,21*(2*5$),&$<&2/,1'$1&,$66,*8,(17(6
'( /$7,78' 1257( *5$'26 0,18726 6(*81'26 < '( /21*,78' 2(67( *5$'26
0,187266(*81'26<&2/,1'$1&,$6
$/1257( $/(-$1'520$&*5(*25
$/685 35(',2/$%(1',&,21'(',26,,'(5$)$(//$5$&58=
$/(67( 35(',2/$%(1',&,21'(',26,9'(0$18(/&58=*21=$/(=
$/2(67( 5$1&+2627(52
&216,'(5$1'26
, (67$ 6(&5(7$5,$ (6 &203(7(17( 3$5$ &212&(5 < 5(62/9(5 62%5( /$ 352&('(1&,$
2 ,0352&('(1&,$ '( /$ 5(62/8&,21 48( '(&/$5( 2 12 (/ 7(55(12 &202 1$&,21$/ (1
72512$/35(',22%-(72'(/2675$%$-26'('(6/,1'('(&21)250,'$'&21/2',638(672
(1 /26 $57,&8/26 &2167,78&,21$/ '( /$ /(< $*5$5,$ '( /$ /(< 25*$1,&$ '( /$
$'0,1,675$&,21 38%/,&$ )('(5$/ < '(/ 5(*/$0(172 '( /$ /(< $*5$5,$ (1
0$7(5,$ '( 25'(1$0,(172 '( /$ 3523,('$' 585$/ $6, &202 R R )5$&&,21 ;9,,, R <
)5$&&,21(6,<,,'(685(*/$0(172,17(5,25
,, 81$ 9(= 5(9,6$'26 /26 75$%$-26 '( '(6/,1'( $ ),1 '( 9(5,),&$5 48( (6726 6(
'(6$552//$521 &21 $3(*2 $ /$6 1250$6 7(&1,&$6 +$%,(1'26( 5($/,=$'2 /26 $9,626
127,),&$&,21(6 < 38%/,&$&,21(6 48( (;,*(1 /26 25'(1$0,(1726 /(*$/(6 6(*81 6(
$&5(',7$&21/$'2&80(17$&,2148(&255($*5(*$'$$68(;3(',(17(6('(635(1'(48(
&21 )(&+$ '( 129,(0%5( '( 6( (0,7,2 (/ &255(6321',(17( ',&7$0(1 7(&1,&2
$6,*1$1'26(/( (/ 180(52 0(',$17( (/ &8$/ 6( $358(%$1 /26 75$%$-26 '(/
'(6/,1'( < /26 3/$126 '(5,9$'26 '(/ 0,602 5(68/7$1'2 81$ 683(5),&,( $1$/,7,&$
'( &8$752&,(17$6 6(6(17$ < &8$752 +(&7$5($6 &,1&8(17$ < &,1&2 $5($6
75(,17$ < 6,(7( &(17,$5($6 &21 /$6 &225'(1$'$6 *(2*5$),&$6 < &2/,1'$1&,$6
6,*8,(17(6
'( /$7,78' 1257( *5$'26 0,18726 6(*81'26 < '( /21*,78' 2(67( *5$'26
0,187266(*81'26<&2/,1'$1&,$6
$/1257( $/(-$1'520$&*5(*25
$/685 35(',2/$%(1',&,21'(',26,,'(5$)$(//$5$&58=
$/(67( 35(',2/$%(1',&,21'(',26,9'(0$18(/&58=*21=$/(=
$/2(67( 5$1&+2627(52
,,, '85$17( (/ '(6$552//2 '( /26 75$%$-26 '( '(6/,1'( 6( $3(5621$521 /26 326(('25(6
'( /26 35(',26 48( &2/,1'$1 &21 (/ 7(55(12 '( 48( 6( 75$7$ (1 /$ 35(6(17(
48,(1(60$1,)(67$52168&21)250,'$''(&2/,1'$1&,$6&21(/35(',2(1&8(67,21<48(
6('(6&5,%(1(1/2675$%$-267(&1,&2648(2%5$1(168(;3(',(17(
(1&216(&8(1&,$(6'(5(62/9(56(<6(5(68(/9(
5(62/87,926
35,0(52 6( '(&/$5$ 48( (/ 7(55(12 $/ 48( 6( 5(),(5( /$ 35(6(17( (6 1$&,21$/
&21)250$1'26( 325 &8$752&,(17$6 6(6(17$ < &8$752 +(&7$5($6 &,1&8(17$ < &,1&2
$5($6 75(,17$ < 6,(7( &(17,$5($6 &21 /$6 &2/,1'$1&,$6 0(','$6 < 8%,&$&,21 *(2*5$),&$
'(6&5,7$6(1/$35(6(17(5(62/8&,21
6(*81'2 38%/,48(6( /$ 35(6(17( 5(62/8&,21 (1 (/ ',$5,2 2),&,$/ '( /$ )('(5$&,21
< 127,),48(6( 3(5621$/0(17( $ /26 ,17(5(6$'26 '(1752 '( /26 ',(= ',$6 1$785$/(6 6,*8,(17(6
$/'(6838%/,&$&,21
7(5&(52 ,16&5,%$6( (67$ 5(62/8&,21 (1 (/ 5(*,6752 38%/,&2 '( /$ 3523,('$' < '(/
&20(5&,2 '( /$ (17,'$' 48( &255(6321'$ (1 (/ 5(*,6752 38%/,&2 '( /$ 3523,('$' ,102%,/,$5,$
)('(5$/<(1(/5(*,6752$*5$5,21$&,21$/
$6,/23529(<2<),50$
,167,7872)('(5$/(/(&725$/
5(62/8&,21 GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO UHVSHFWR GHO SURFHGLPLHQWR HVSHFLDO
VDQFLRQDGRULQLFLDGRFRQPRWLYRGHODGHQXQFLDSUHVHQWDGDSRUHO3DUWLGRGHOD5HYROXFLyQ'HPRFUiWLFDHQFRQWUD
GHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpSRUKHFKRVTXHFRQVLGHUDFRQVWLWX\HQSUREDEOHVLQIUDFFLRQHVDO&yGLJR
)HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV LGHQWLILFDGR FRQ HO Q~PHUR GH H[SHGLHQWH
6&*3(-'45 HQ FXPSOLPLHQWR D OR RUGHQDGR SRU OD + 6DOD 6XSHULRU GHO 7ULEXQDO (OHFWRUDO GHO
3RGHU -XGLFLDO GH OD )HGHUDFLyQ DO UHVROYHU HO UHFXUVR GH DSHODFLyQ LGHQWLILFDGR FRQ HO Q~PHUR GH H[SHGLHQWH
6835$3
$OPDUJHQXQVHOORFRQHO(VFXGR1DFLRQDOTXHGLFH(VWDGRV8QLGRV0H[LFDQRV,QVWLWXWR)HGHUDO(OHFWRUDO
&RQVHMR*HQHUDO&*([S6&*3(-'45
5(62/8&,21 '(/ &216(-2 *(1(5$/ '(/ ,167,7872 )('(5$/ (/(&725$/ 5(63(&72 '(/
352&(',0,(172 (63(&,$/ 6$1&,21$'25 ,1,&,$'2 &21 027,92 '( /$ '(181&,$ 35(6(17$'$ 325 (/
3$57,'2 '( /$ 5(92/8&,21 '(02&5$7,&$ (1 &2175$ '( /$ & )5(<'$ 0$5<%(/ 9,//(*$6 &$1&+(
325 +(&+26 48( &216,'(5$ &2167,78<(1 352%$%/(6 ,1)5$&&,21(6 $/ &2',*2 )('(5$/ '(
,167,78&,21(6 < 352&(',0,(1726 (/(&725$/(6 ,'(17,),&$'2 &21 (/ 180(52 '( (;3(',(17(
6&*3(-'45 (1 &803/,0,(172 $ /2 25'(1$'2 325 /$ + 6$/$ 683(5,25 '(/ 75,%81$/
(/(&725$/ '(/ 32'(5 -8',&,$/ '( /$ )('(5$&,21 $/ 5(62/9(5 (/ 5(&8562 '( $3(/$&,21
,'(17,),&$'2&21(/180(52'((;3(',(17(6835$3
'LVWULWR)HGHUDODGHPD\RGHGRVPLOQXHYH
9,6726SDUDUHVROYHUORVDXWRVGHOH[SHGLHQWHLGHQWLILFDGRDOUXEUR\
5(68/7$1'2
,&RQIHFKDGRFHGHIHEUHURGHODxRHQFXUVRVHUHFLELyHQOD6HFUHWDUtDGHO&RQVHMR*HQHUDOGHO,QVWLWXWR
)HGHUDO(OHFWRUDOHORILFLRQ~PHUR&'96VLJQDQGRSRUHO6HFUHWDULRGHO&RQVHMR'LVWULWDOHQHO
HVWDGRGH4XLQWDQD5RRPHGLDQWHHOFXDOUHPLWHHOHVFULWRGHTXHMDVLJQDGRSRUHO5HSUHVHQWDQWHGHO3DUWLGR
GHOD5HYROXFLyQ'HPRFUiWLFDDQWH HO&RQVHMR'LVWULWDOGHHVWHyUJDQR HOHFWRUDOHQ GLFKDHQWLGDGIHGHUDWLYD
PDQLILHVWDORVLJXLHQWH
³«
62/,&,78''($75$&&,21<&203(7(1&,$'(/&216(-2*(1(5$/
/RV KHFKRV GHQXQFLDGRV VH YLQLHURQ GDQGR HQ ORV GLVWULWRV \ GH 4XLQWDQD 5RR
FRUUHVSRQGLHQWHVD%HQLWR-XiUH]\3OD\DGHO&DUPHQSRUORTXHVXFHGLHURQHQPiVGH
GRVGLVWULWRVGHULYDGRGHODSURSDJDQGDGDGDDFRQRFHUHQFDPLRQHVTXHFXEUHQXQDUXWD
HQORVGLVWULWRVDQWHVDSXQWDGRV
'HLJXDOIRUPDORVKHFKRVTXHVHGHQXQFLDQ VRQSDUWLFXODUPHQWHJUDYHVHQYLUWXG GHTXH
0DU\EHO 9LOOHJDV &DQFKp \ HO 3DUWLGR $FFLyQ 1DFLRQDO UHDOL]y OD SURPRFLyQ GH VX
LPDJHQ HQ 7HOHYLVLyQ GXUDQWH QDYLGDG VLHQGR SDUWLFXODUPHQWH JUDYHV VXV DFWXDFLRQHV
FRPR VH GRFXPHQWDQ HQ ORV FRPHQWDULRV UDGLDOHV TXH VH DSRUWDQ \ TXH GDQ FXHQWD GH OD
GXUDFLyQ\GLIXVLyQGHVXFDPSDxDHQORVGLVWULWRV\GH4XLQWDQD5RR
+(&+26
4XH GXUDQWH ORV ~OWLPRV PHVHV \ VHPDQDV 0DU\EHO 9LOOHJDV &DQFKp KD YHQLGR
UHDOL]DQGR DFWRV DQWLFLSDGRV GH FDPSDxD SDUD SURPRFLRQDUVH D HOOD VLF \ D VX
LPDJHQREWHQLHQGRDVtXQDYHQWDMDLQGHELGD
4XHHQGLFKRVDFWRVGHDXWRSURPRFLyQKDSLQWDGREDUGDVFRQWUDWDGRSURSDJDQGDHQ
FDPLRQHV GH ODV UXWDV GH &DQF~Q PDPSDUD GH DXWREXVHV DVt FRPR SDJDGR
SURPRFLRQDOHVGHWHOHYLVLyQFRPRVHDFUHGLWDHQHOFXHUSRGHpVWDTXHMD\VROLFLWXGGH
QHJDWLYDGHUHJLVWURVLF
4XH HQ GLFLHPEUH GH 0DU\EHO 9LOOHJDV &DQFKp HPLWLy XQ PHQVDMH SRU
7HOHYLVLyQ GHVHDQGR IHOLFLGDGHV QDYLGDGHV VLF \ WDPELpQ FRORFy HVSHFWDFXODUHV
VDOXGDQGRODQDYLGDGVLF
4XHHOGtDGHD\HUGHHQHURGH0DU\EHO9LOOHJDV&DQFKpIXHGHVWDSDGDSRUHO
3DUWLGR $FFLyQ 1DFLRQDO FRPR VX SRVLEOH FDQGLGDWD D GLSXWDGD SRU HO SULQFLSLR GH
UHSUHVHQWDFLyQSURSRUFLRQDOD'LSXWDGD)HGHUDOVLF
4XHGLFKDVLUUHJXODULGDGHVFRQVWLWX\HQYLRODFLRQHVDO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\
3URFHGLPLHQWRV(OHFWRUDOHV
«´
$QH[RDOHVFULWRUHIHULGRVHDJUHJDURQODVVLJXLHQWHVSUXHEDV
x 8Q&'TXHFRQWLHQHODVLPiJHQHVDSRUWDGDVDODSUHVHQWHTXHMDDVtFRPRHOVSRWTXHVHJ~QHOGLFKR
GHODFWRUVHWUDQVPLWLySRUWHOHYLVLyQHQHOPHVGHGLFLHPEUHGHGRVPLORFKR
x &RSLDVLPSOHGHODQRWDLQWLWXODGD³5HFODPD0DU\EHO9LOOHJDVHOUHWLURGHVXVIHOLFLWDFLRQHVSRUOD
QDYLGDG´SUHVXQWDPHQWHSXEOLFDGDHQHOGLDULR³3RU(VWR´HOGHGLFLHPEUHGH
x 8Q HMHPSODU GHO GLDULR ³(O 3HULyGLFR´ HQ HO TXH VH SXEOLFy OD QRWD LQWLWXODGD ³$VHJXUD 0DU\EHO
9LOOHJDVTXHQRYLRODODVOH\HVHOHFWRUDOHVDOSURPRYHUVH´GHIHFKDGHGLFLHPEUHGH´
,, (O GLHFLVLHWH GH IHEUHUR GHO DxR HQ FXUVR HO 6HFUHWDULR (MHFXWLYR HQ VX FDUiFWHU GH 6HFUHWDULR GHO
&RQVHMR*HQHUDOGHO,QVWLWXWR)HGHUDO(OHFWRUDOFRQIXQGDPHQWRHQORHVWDEOHFLGRHQORVDUWtFXORV\
GHOD&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV0H[LFDQRVHQUHODFLyQFRQORGLVSXHVWRHQORVDUWtFXORV
SiUUDIRV\\SiUUDIRGHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\
3URFHGLPLHQWRV (OHFWRUDOHV HQ UHODFLyQ FRQ ORV QXPHUDOHV SiUUDIR LQFLVR G \ GHO
5HJODPHQWR GH 4XHMDV \ 'HQXQFLDV GHO ,QVWLWXWR )HGHUDO (OHFWRUDO RUGHQy UDGLFDU HO HVFULWR VHxDODGR HQ HO
UHVXOWDQGR DQWHULRU EDMR HO H[SHGLHQWH Q~PHUR 6&*3(45 DVLPLVPR VROLFLWy GLYHUVD
LQIRUPDFLyQUHODFLRQDGDFRQORVKHFKRVGHQXQFLDGRVDO'LUHFWRU(MHFXWLYRGH3UHUURJDWLYDV\3DUWLGRV3ROtWLFRV
\DO5HSUHVHQWDQWH3URSLHWDULRGHO3DUWLGR$FFLyQ1DFLRQDODQWHHO&RQVHMR*HQHUDOGHHVWHyUJDQRHOHFWRUDO
\RUGHQyODSUiFWLFDGHGLOLJHQFLDVGHLQYHVWLJDFLyQDO9RFDO(MHFXWLYRGHOD-XQWD'LVWULWDOGHHVWH,QVWLWXWR
HQ HO HVWDGR GH 4XLQWDQD 5RR D HIHFWR GH DOOHJDUVH GH PD\RUHV HOHPHQWRV UHVSHFWR GH ORV KHFKRV
GHQXQFLDGRV
,,, $ ILQ GH GDU FXPSOLPLHQWR D OR RUGHQDGR HQ HO SURYHtGR DQWHV UHIHULGR HO 6HFUHWDULR (MHFXWLYR HQ VX
FDUiFWHU GH 6HFUHWDULR GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO JLUy ORV RILFLRV Q~PHURV
6&*6&*\6&*GHIHFKDGLHFLRFKRGHIHEUHURGHODxRHQFXUVRGLULJLGRVDO
'LUHFWRU (MHFXWLYR GH 3UHUURJDWLYDV \ 3DUWLGRV 3ROtWLFRV DO UHSUHVHQWDQWH SURSLHWDULR GHO 3DUWLGR $FFLyQ
1DFLRQDO \ DO 9RFDO (MHFXWLYR GH OD -XQWD 'LVWULWDO GH HVWH ,QVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR
UHVSHFWLYDPHQWH
,9 (O YHLQWH GH IHEUHUR GH GRV PLO QXHYH VH UHFLELy HQ OD 6HFUHWDULD (MHFXWLYD GHO &RQVHMR *HQHUDO GHO
,QVWLWXWR )HGHUDO (OHFWRUDO HO HVFULWR GH PLVPD IHFKD VXVFULWR SRU HO 5HSUHVHQWDQWH 3URSLHWDULR GHO 3DUWLGR
$FFLyQ1DFLRQDODQWHHO&RQVHMR*HQHUDOGHHVWH,QVWLWXWRPHGLDQWHHOFXDOGLRFRQWHVWDFLyQDOUHTXHULPLHQWR
GHLQIRUPDFLyQIRUPXODGRSRUHVWDDXWRULGDG
9 (Q IHFKD YHLQWLWUpV GH IHEUHUR GHO DxR HQ FXUVR VH UHFLELy HQ OD 6HFUHWDUtD (MHFXWLYD GHO &RQVHMR
*HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO OD VLJXLHQWH GRFXPHQWDFLyQ D (O RILFLR Q~PHUR &'&3
VLJQDQGRSRUHO&RQVHMHUR3UHVLGHQWHGHO&RQVHMR'LVWULWDOHQHOHVWDGRGH4XLQWDQD5RRFRQHOTXHUHPLWH
HVFULWR VLJQDGR SRU HO 5HSUHVHQWDQWH 6XSOHQWH GHO 3DUWLGR GH OD 5HYROXFLyQ 'HPRFUiWLFD DQWH HVH &RQVHMR
/RFDOE/RVGLYHUVRVLGHQWLILFDGRVFRQORVQ~PHURV-'(9(\-'(9(VLJQDGRVSRUHO
9RFDO (MHFXWLYR GH OD -XQWD 'LVWULWDO GH OD HQWLGDG IHGHUDWLYD HQ FLWD FRQ ORV FXDOHV UHPLWLy HO DFWD
FLUFXQVWDQFLDGDUHDOL]DGDFRQPRWLYRGHODGLOLJHQFLDGHLQYHVWLJDFLyQVROLFLWDGDSRUHVWDDXWRULGDGHLQIRUPy
TXHGLFKD-XQWDGHVFRQRFtDVREUHHOUHJLVWURGHFDQGLGDWXUDGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKp
9, 0HGLDQWH DFXHUGR GH IHFKD YHLQWLFXDWUR GH IHEUHUR GH HVWD DQXDOLGDG HO 6HFUHWDULR (MHFXWLYR HQ VX
FDUiFWHU GH 6HFUHWDULR (MHFXWLYR GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO FRQ IXQGDPHQWR HQ OR
GLVSXHVWRHQORVDUWtFXORV\GHOD&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV0H[LFDQRVHQUHODFLyQ
FRQORSUHYLVWRSRUORVDUWtFXORVSiUUDIRLQFLVRDSiUUDIRV\\GHO&yGLJR
)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVHQUHODFLyQFRQORVQXPHUDOHVSiUUDIRLQFLVRG\
GHO 5HJODPHQWR GH 4XHMDV \ 'HQXQFLDV GHO ,QVWLWXWR )HGHUDO (OHFWRUDO RUGHQy VROLFLWDU LQIRUPDFLyQ
UHODFLRQDGD FRQ ORV KHFKRV GHQXQFLDGRV DO 5HSUHVHQWDQWH 3URSLHWDULR GHO 3DUWLGR $FFLyQ 1DFLRQDO JLUDU
DWHQWRUHFRUGDWRULRDO'LUHFWRU(MHFXWLYRGH3UHUURJDWLYDV\3DUWLGRV3ROtWLFRVWRGDYH]TXHDODIHFKDQRVH
KDEtDUHFLELGRODLQIRUPDFLyQUHTXHULGDHQSURYHtGRGHIHFKDGLHFLVLHWHGHIHEUHURGHODxRHQFXUVRDVLPLVPR
\ D HIHFWR GH FRPSOHPHQWDU OD GLOLJHQFLD UHDOL]DGD SRU HO 9RFDO (MHFXWLYR GH OD -XQWD 'LVWULWDO GH HVWH
,QVWLWXWRHQHOHVWDGRGH4XLQWDQD5RRVROLFLWyODSUiFWLFDGHGLYHUVDVGLOLJHQFLDVGHLQYHVWLJDFLyQUHVSHFWRGH
OD H[LVWHQFLD GH OD SURSDJDQGD VXSXHVWDPHQWH FRORFDGD HQ HVSHFWDFXODUHV \R FDPLRQHV GH WUDQVSRUWH
S~EOLFRDVtFRPRGHODSUHVXQWDWUDQVPLVLyQGHOSURPRFLRQDOGHQXQFLDGR
9,,$HIHFWRGHGDUFXPSOLPLHQWRDORRUGHQDGRHQHOSURYHtGRDQWHVUHIHULGRHO6HFUHWDULR(MHFXWLYRHQVX
FDUiFWHU GH 6HFUHWDULR GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO JLUy ORV RILFLRV Q~PHURV
6&*6&*\6&*GHIHFKDVYHLQWLFLQFRGHIHEUHURGHODxRHQFXUVRGLULJLGRVDO
5HSUHVHQWDQWH 3URSLHWDULR GHO 3DUWLGR $FFLyQ 1DFLRQDO DO 9RFDO (MHFXWLYR GH OD -XQWD 'LVWULWDO GH HVWH
,QVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR \ DO 'LUHFWRU (MHFXWLYR GH 3UHUURJDWLYDV \ 3DUWLGRV 3ROtWLFRV
UHVSHFWLYDPHQWH
9,,, (Q IHFKD YHLQWLVLHWH GH IHEUHUR GHO DxR HQ FXUVR VH UHFLELHURQ HQ OD 6HFUHWDUtD (MHFXWLYD \ HQ OD
'LUHFFLyQ -XUtGLFD GHO ,QVWLWXWR )HGHUDO (OHFWRUDO HO HVFULWR GH PLVPD IHFKD VXVFULWR SRU HO 5HSUHVHQWDQWH
3URSLHWDULR GHO 3DUWLGR $FFLyQ 1DFLRQDO DQWH HO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO \ HO RILFLR
Q~PHUR'(333VLJQDGRSRUHO'LUHFWRU(MHFXWLYRGH3UHUURJDWLYDV\3DUWLGRV3ROtWLFRVDWUDYpVGH
ORVFXDOHVGLHURQFRQWHVWDFLyQDOUHTXHULPLHQWRGHLQIRUPDFLyQIRUPXODGRSRUHVWDDXWRULGDG
,;(OGRVGHPDU]RGHGRVPLOQXHYHVHUHFLELyHQOD6HFUHWDUtDGHO&RQVHMR*HQHUDOGHO,QVWLWXWR)HGHUDO
(OHFWRUDOHORILFLRLGHQWLILFDGRFRQHOQ~PHUR-'(9(VLJQDGRSRUHO9RFDO(MHFXWLYRGHOD-XQWD
'LVWULWDO GH HVWH ,QVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR PHGLDQWH HO FXDO UHPLWLy HO DFWD FLUFXQVWDQFLDGD
UHDOL]DGDFRQPRWLYRGHODVGLOLJHQFLDVGHLQYHVWLJDFLyQVROLFLWDGDVSRUHVWDDXWRULGDGDVtFRPRHOHVFULWRFRQ
HO FXDO HO 'LUHFWRU 5HJLRQDO GH OD HPSUHVD WHOHYLVLYD GHQRPLQDGD 7HOHYLVRUD GH &DQF~Q 6$ GH &9 GLR
FRQWHVWDFLyQDODVROLFLWXGGHLQIRUPDFLyQIRUPXODGDSRUHOHVWDDXWRULGDG
;0HGLDQWHDFXHUGRGHIHFKDFLQFRGHPDU]RGHODxRHQFXUVRHO6HFUHWDULR(MHFXWLYRHQVXFDUiFWHUGH
6HFUHWDULR (MHFXWLYR GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO WXYR SRU UHFLELGD GLYHUVD
GRFXPHQWDFLyQ\FRQIXQGDPHQWRHQORGLVSXHVWRHQORVDUWtFXORV\GHOD&RQVWLWXFLyQ3ROtWLFDGH
ORV (VWDGRV 8QLGRV 0H[LFDQRV HQ UHODFLyQ FRQ OR SUHYLVWR SRU ORV DUWtFXORV SiUUDIR LQFLVR D
SiUUDIR LQFLVR F SiUUDIRV \ \ GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV
(OHFWRUDOHVHQUHODFLyQFRQORVQXPHUDOHVSiUUDIRLQFLVRGSiUUDIRLQFLVRF\GHO5HJODPHQWR
GH4XHMDV\'HQXQFLDVGHO,QVWLWXWR)HGHUDO(OHFWRUDO\DHIHFWRGHFRQWDUFRQORVHOHPHQWRVQHFHVDULRVSDUD
OD LQWHJUDFLyQ GHO SUHVHQWH DVXQWR VROLFLWy DO 5HSUHVHQWDQWH /HJDO GH OD 7HOHYLVRUD GH &DQF~Q 6$ GH &9
DFODUDUDODLQIRUPDFLyQTXHDFRPSDxyDVXHVFULWRGHFRQWHVWDFLyQ
;, $ HIHFWR GH GDU FXPSOLPLHQWR D OR UHIHULGR HQ HO UHVXOWDQGR DQWHULRU HO 6HFUHWDULR (MHFXWLYR HQ VX
FDUiFWHU GH 6HFUHWDULR GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO JLUy HO RILFLR LGHQWLILFDGR FRQ HO
Q~PHUR 6&* GH IHFKD VHLV GH PDU]R GHO DxR HQ FXUVR GLULJLGR DO 5HSUHVHQWDQWH /HJDO GH OD
7HOHYLVRUDGH&DQF~Q6$GH&9
;,, (Q IHFKD GLHFLVLHWH GH PDU]R GH GRV PLO QXHYH VH UHFLELy HQ OD 6HFUHWDUtD (MHFXWLYD GHO ,QVWLWXWR
)HGHUDO(OHFWRUDOHORILFLRLGHQWLILFDGRFRQHOQ~PHUR-'(9(VLJQDGRSRUHO9RFDO(MHFXWLYRGHOD
-XQWD'LVWULWDOGHHVWH,QVWLWXWRHQHOHVWDGRGH4XLQWDQD5RRPHGLDQWHHOFXDOUHPLWLyHODFXVHGHUHFLER
GHO RILFLR LGHQWLILFDGR FRQ HO Q~PHUR '- FRQ HO TXH VH OH VROLFLWy DSR\R SDUD OD SUiFWLFD GH OD
GLOLJHQFLDGHQRWLILFDFLyQGHOGLYHUVRQ~PHUR6&*GLULJLGRDO5HSUHVHQWDQWH/HJDOGH7HOHYLVLyQGH
&DQF~Q 6$ GH &9 GHO FXDO WDPELpQ UHPLWH HO DFXVH GH UHFLER \ OD FpGXOD GH QRWLILFDFLyQ UHVSHFWLYD
DVLPLVPR HQYLy ORV HVFULWRV ILUPDGRV SRU HO UHSUHVHQWDQWH OHJDO UHIHULGR \ HO 'LUHFWRU *HQHUDO GH (QODFHV
3XEOLFLGDG ,QWHJUDO FRQ ORV FXDOHV GLHURQ FRQWHVWDFLyQ D OD VROLFLWXG GH LQIRUPDFLyQ IRUPXODGD SRU HVWD
DXWRULGDG
;,,, 0HGLDQWH DFXHUGR GH IHFKD GLHFLVpLV GH PDU]R GH GRV PLO QXHYH HO 6HFUHWDULR (MHFXWLYR HQ VX
FDUiFWHUGH6HFUHWDULRGHO&RQVHMR*HQHUDOGHO,QVWLWXWR)HGHUDO(OHFWRUDOWXYRSRUUHFLELGDODGRFXPHQWDFLyQ
VHxDODGD HQ HO UHVXOWDQGR DQWHULRU \ FRQ IXQGDPHQWR HQ OR GLVSXHVWR HQ ORV DUWtFXORV \ GH OD
&RQVWLWXFLyQ 3ROtWLFD GH ORV (VWDGRV 8QLGRV 0H[LFDQRV HQ UHODFLyQ FRQ OR SUHYLVWR SRU ORV DUWtFXORV
SiUUDIRLQFLVRDSiUUDIRLQFLVRFSiUUDIRV\\GHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\
3URFHGLPLHQWRV(OHFWRUDOHVHQUHODFLyQFRQORVQXPHUDOHVSiUUDIRLQFLVRGSiUUDIRLQFLVRF\
GHO 5HJODPHQWR GH 4XHMDV \ 'HQXQFLDV GHO ,QVWLWXWR )HGHUDO (OHFWRUDO RUGHQy GH QXHYD FXHQWD VROLFLWDU DO
'LUHFWRU 5HJLRQDO GH 7HOHYLVRUD GH &DQF~Q 6$ GH &9 GLYHUVD LQIRUPDFLyQ UHODFLRQDGD FRQ ORV KHFKRV
GHQXQFLDGRV
;,9 $ HIHFWR GH GDU FXPSOLPLHQWR D OR UHIHULGR HQ HO UHVXOWDQGR DQWHULRU HO 6HFUHWDULR (MHFXWLYR HQ VX
FDUiFWHU GH 6HFUHWDULR GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO JLUy HO RILFLR LGHQWLILFDGR FRQ HO
Q~PHUR 6&* GH IHFKD GLHFLVpLV GH PDU]R GHO DxR HQ FXUVR GLULJLGR DO 5HSUHVHQWDQWH /HJDO GH OD
7HOHYLVRUDGH&DQF~Q6$GH&9
;9 (O YHLQWLWUpV GH PDU]R GH GRV PLO QXHYH VH UHFLELy HQ OD 'LUHFFLyQ -XUtGLFD GHO ,QVWLWXWR )HGHUDO
(OHFWRUDO ORV RILFLRV LGHQWLILFDGRV FRQ ORV Q~PHURV -'9( \ -'9( VXVFULWRV SRU ORV
9RFDOHV (MHFXWLYR \ 6HFUHWDULR GH OD -XQWD 'LVWULWDO GH HVWH ,QVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR
PHGLDQWH ORV FXDOHV UHPLWLHURQ HO DFXVH GH UHFLER GHO RILFLR LGHQWLILFDGR FRQ HO Q~PHUR '- FRQ HO
TXH VH OHV VROLFLWy DSR\R SDUD OD SUiFWLFD GH OD GLOLJHQFLD GH QRWLILFDFLyQ GHO GLYHUVR Q~PHUR 6&*
GLULJLGRDO5HSUHVHQWDQWH/HJDOGH7HOHYLVLyQGH&DQF~Q 6$GH&9GHOFXDOWDPELpQUHPLWHHODFXVHGH
UHFLER\ODFpGXODGHQRWLILFDFLyQUHVSHFWLYDDVLPLVPRVHHQYLyHOHVFULWRILUPDGRSRUHOUHSUHVHQWDQWHOHJDO
UHIHULGRHOFXDOGLRFRQWHVWDFLyQDODVROLFLWXGGHLQIRUPDFLyQIRUPXODGDSRUHVWDDXWRULGDG
;9, 0HGLDQWH DFXHUGR GH IHFKD YHLQWLFLQFR GH PDU]R GH GRV PLO QXHYH HO 6HFUHWDULR (MHFXWLYR HQ VX
FDUiFWHUGH6HFUHWDULRGHO&RQVHMR*HQHUDOGHO,QVWLWXWR)HGHUDO(OHFWRUDOWXYRSRUUHFLELGDODGRFXPHQWDFLyQ
VHxDODGD HQ HO UHVXOWDQGR DQWHULRU FRQ IXQGDPHQWR HQ OR GLVSXHVWR HQ ORV DUWtFXORV \ GH OD
&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV0H[LFDQRVDVtFRPRORGLVSXHVWRHQORVDUWtFXORVSiUUDIR
LQFLVR D SiUUDIR LQFLVR F SiUUDIR \ GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV(OHFWRUDOHVHQUHODFLyQFRQORVQXPHUDOHVSiUUDIR\LQFLVRF,9SiUUDIR\
GHO 5HJODPHQWR GH 4XHMDV \ 'HQXQFLDV GHO ,QVWLWXWR )HGHUDO (OHFWRUDO \ HQ YLUWXG GH TXH GH OD TXHMD
SUHVHQWDGDSRUHOUHSUHVHQWDQWHGHO3DUWLGRGHOD5HYROXFLyQ'HPRFUiWLFDHQHO&RQVHMR'LVWULWDOGHHVWH
,QVWLWXWRHQODHQWLGDGIHGHUDWLYDUHIHULGDDVtFRPRGHODVLQYHVWLJDFLRQHVUHDOL]DGDVSRUHVWDDXWRULGDGHQHO
iPELWRGHVXVDWULEXFLRQHVVHGHVSUHQGHODSUREDEOHUHDOL]DFLyQGHDFWRVDQWLFLSDGRVGHFDPSDxDSRUSDUWH
GH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp DO FRORFDU SURSDJDQGD FRQ VX QRPEUH \R LPDJHQ HQ EDUGDV
HVSHFWDFXODUHV\FDPLRQHVGHWUDQVSRUWHDVtFRPRFRQODSUHVXQWDWUDQVPLVLyQGHXQSURPRFLRQDOQDYLGHxR
GLIXQGLGR HQ HO PHV GH GLFLHPEUH GHO DxR GRV PLO RFKR RUGHQy D ,QLFLDU HO SURFHGLPLHQWR DGPLQLVWUDWLYR
VDQFLRQDGRU HVSHFLDO FRQWHPSODGR HQ HO /LEUR 6pSWLPR 7tWXOR 3ULPHUR &DStWXOR &XDUWR GHO FyGLJR IHGHUDO
HOHFWRUDOHQFRQWUDGHODFLXGDGDQDUHIHULGDSRUORTXHKDFHDODYLRODFLyQDORSUHYLVWRHQORVDUWtFXORV
SiUUDIRV \ HQ UHODFLyQ FRQ HO QXPHUDO SiUUDIR LQFLVR D GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV(OHFWRUDOHVE(PSOD]DUDODFLXGDGDQD)UH\GD0DU\EHO9LOOHJDV&DQFKpFRUULpQGROHWUDVODGR
FRQ FRSLD GH OD GHQXQFLD \ GH ODV SUXHEDV TXH REUDQ HQ DXWRV F 6HxDODU ODV GLHFLVLHWH KRUDV GHO GtD
YHLQWLVLHWHGHPDU]RGHGRVPLOQXHYHSDUDTXHVHOOHYDUDDFDERODDXGLHQFLDGHSUXHEDV\DOHJDWRVDTXHVH
UHILHUH HO DUWtFXOR GHO FyGLJR IHGHUDO HOHFWRUDO G &LWDU D ODV SDUWHV SDUD TXH SRU Vt R D WUDYpV GH VX
UHSUHVHQWDQWHOHJDOFRPSDUHFLHUDQDODDXGLHQFLDDQWHVUHIHULGDDSHUFLELGDVTXHHQFDVRGHQRFRPSDUHFHU
D OD PLVPD SHUGHUtDQ VX GHUHFKR SDUD KDFHUOR H ,QVWUX\y D 0DXULFLR 2UWL] $QGUDGH $QJHO ,YiQ /ODQRV
/ODQRV 5XEpQ )LHUUR 9HOi]TXH] .DUHQ (OL]DEHWK 9HUJDUD 0RQWXIDU -RVp +HUPLQLR 6ROtV *DUFtD ,VPDHO
$PD\D 'HVLGHULR 0LJXHO $QJHO %DOWD]DU 9HOi]TXH] 'DYLG $OHMDQGUR $YDORV *XDGDUUDPD 'DQLHO &RUWpV
$UDXMR :HQG\ /ySH] +HUQiQGH] &KULVWLDQ *XLOOHUPR *DUFtD 5RVDV $OIUHGR 9pUWL] )ORUHV 5RGULJR 2VYDOGR
0RQWR\D $UUR\R 1DGLD -DQHW &KRUHxR 5RGUtJXH] 6DQWLDJR -DYLHU +HUQiQGH] 2VHJXHUD $GULDQD 0RUDOHV
7RUUHV )UDQFLVFR -XiUH] )ORUHV -XOLR &pVDU -DFLQWR $OFRFHU 3DROD )RQVHFD $OED \ 0DUFR 9LQLFLR *DUFtD
*RQ]iOH]SHUVRQDODGVFULWRDOD'LUHFFLyQ-XUtGLFDGHHVWH,QVWLWXWR\$SRGHUDGRV/HJDOHVGHOPLVPRSDUD
TXHFRQMXQWDRVHSDUDGDPHQWHSUDFWLFDUDQODQRWLILFDFLyQ GHOSUHVHQWHSURYHtGRDODVSDUWHV \ I,QVWUX\yDO
'U 5RODQGR GH /DVVp &DxDV \ D ORV /LFHQFLDGRV HQ 'HUHFKR *HUDUGR &DUORV -LPpQH] (VSLQRVD .DUHQ
(OL]DEHWK9HUJDUD0RQWXIDU0DXULFLR2UWL]$QGUDGH5XEpQ)LHUUR9HOi]TXH],VPDHO$PD\D'HVLGHULR-RVp
+HUPLQLR 6ROtV *DUFtD $UWXUR 0DUWtQ GHO &DPSR 0RUDOHV 3DROD )RQVHFD $OED \ 0DUFR 9LQLFLR *DUFtD
*RQ]iOH]'LUHFWRU-XUtGLFR 'LUHFWRUGH4XHMDV6XEGLUHFWRUHV \-HIHVGH'HSDUWDPHQWRGHODUHIHULGD iUHD
WRGRV GH HVWH ,QVWLWXWR SDUD TXH FRQMXQWD R VHSDUDGDPHQWH FRDG\XYDUDQ HQ HO GHVDKRJR GH OD DXGLHQFLD
GHPpULWR
;9,,(QFXPSOLPLHQWRDODFXHUGRDQWHVUHIHULGRHO6HFUHWDULR(MHFXWLYR HQVXFDUiFWHUGH6HFUHWDULRGHO
&RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO JLUy ORV RILFLRV LGHQWLILFDGRV FRQ ODV FODYHV 6&* \
6&* GLULJLGRV D OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp \ DO 5HSUHVHQWDQWH GHO 3DUWLGR GH OD
5HYROXFLyQ'HPRFUiWLFDDQWHHO&RQVHMR'LVWULWDOGHHVWH,QVWLWXWRHQHOHVWDGRGH4XLQWDQD5RR
;9,,,(OYHLQWLFLQFRGHPDU]RGHGRVPLOQXHYHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpVHFRQVWLWX\yHQODV
RILFLQDV TXH RFXSD OD 'LUHFFLyQ -XUtGLFD GH HVWH ,QVWLWXWR D HIHFWR GH TXH VH OH QRWLILFDUD HO FRQWHQLGR GHO
DFXHUGRUHIHULGRHQHOUHVXOWDQGR;9,SRUORTXHFRPSDUHFLyDQWHSUHVHQFLDGHOD/LFHQFLDGD.DUHQ(OL]DEHWK
9HUJDUD0RQWXIDU6XEGLUHFWRUDDGVFULWDDOD'LUHFFLyQGH4XHMDVTXLHQODHPSOD]yDOSURFHGLPLHQWRGHPpULWR
HKL]RGHVXFRQRFLPLHQWRODIHFKD\KRUDGHODDXGLHQFLDGHSUXHEDV\DOHJDWRVDTXHVHUHILHUHHODUWtFXOR
GHO FyGLJR IHGHUDO HOHFWRUDO PRWLYR SRU HO FXDO KL]R HQWUHJD GHO RILFLR LGHQWLILFDGR FRQ HO Q~PHUR
6&*DVtFRPRGHORVDQH[RVTXHORLQWHJUDQ
;,;0HGLDQWHRILFLRQ~PHUR6&*GHIHFKDYHLQWLFLQFRGHPDU]RGHGRVPLOQXHYHHO6HFUHWDULR
(MHFXWLYRHQVXFDUiFWHUGH6HFUHWDULRGHO&RQVHMR*HQHUDOGHO,QVWLWXWR)HGHUDO(OHFWRUDOHQWpUPLQRVGHOR
GLVSXHVWR HQ HO DUWtFXOR SiUUDIR GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV HQ
UHODFLyQFRQHOQXPHUDOSiUUDIRV\GHO5HJODPHQWR,QWHULRUGHO,QVWLWXWR)HGHUDO(OHFWRUDOLQVWUX\yDO'U
5RODQGR 'H /DVVp &DxDV \ D ORV /LFHQFLDGRV *HUDUGR &DUORV -LPpQH] (VSLQRVD .DUHQ (OL]DEHWK 9HUJDUD
0RQWXIDU 0DXULFLR 2UWL] $QGUDGH 5XEpQ )LHUUR 9HOi]TXH] ,VPDHO $PD\D 'HVLGHULR -RVp +HUPLQLR 6ROtV
*DUFtD $UWXUR 0DUWtQ 'HO &DPSR 0RUDOHV 3DROD )RQVHFD $OED \ 0DUFR 9LQLFLR *DUFtD *RQ]iOH] SDUD TXH
FRQMXQWDRVHSDUDGDPHQWHFRDG\XYDUDQFRQpOSDUDFRQGXFLUODDXGLHQFLDGHSUXHEDV\DOHJDWRVTXHKDEUtD
GHFHOHEUDUVHDODVKRUDVGHOGtDGHPDU]RGHOSUHVHQWHDxRHQODVRILFLQDVTXHRFXSDOD'LUHFFLyQ
-XUtGLFDGHHVWH,QVWLWXWR
;;(QFXPSOLPLHQWRDORRUGHQDGRPHGLDQWHSURYHtGRGHIHFKDYHLQWLFLQFRGHPDU]RGHODxRHQFXUVRHO
GtD YHLQWLVLHWH GHO PLVPR PHV \ DxR VH FHOHEUy HQ ODV RILFLQDV TXH RFXSD OD 'LUHFFLyQ -XUtGLFD GHO ,QVWLWXWR
)HGHUDO(OHFWRUDOODDXGLHQFLDGHSUXHEDV\DOHJDWRVDTXHVHUHILHUHHODUWtFXORGHO&yGLJR)HGHUDOGH
,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVFX\RFRQWHQLGROLWHUDOHVHOVLJXLHQWH
³«
(1 /$ &,8'$' '( 0(;,&2 ',675,72 )('(5$/ 6,(1'2 /$6 ',(&,6,(7( +25$6 '(/ ',$
9(,17,6,(7( '( 0$5=2 '( '26 0,/ 18(9( +25$ < )(&+$ 6(f$/$'$6 3$5$ (/
'(6$+2*2 '( /$ $8',(1&,$ '( 358(%$6 < $/(*$726 $ 48( 6( 5(),(5( (/ $57,&8/2
'(/ &2',*2 )('(5$/ '( ,167,78&,21(6 < 352&(',0,(1726 (/(&725$/(6
&2167,78,'26(1/$6,167$/$&,21(648(2&83$/$',5(&&,21-85,',&$'(/,167,7872
)('(5$/(/(&725$/$17(/$35(6(1&,$'(/$/,&(1&,$'$.$5(1(/,=$%(7+9(5*$5$
02178)$568%',5(&725$ $'6&5,7$$/$',5(&&,21-85,',&$'(/,167,7872)('(5$/
(/(&725$/ 48,(1 $ 75$9(6 '(/ 2),&,2 6&* '( )(&+$ 9(,17,&,1&2 '( /26
&255,(17(6 )8( ,16758,'$ 325 (/ 6(&5(7$5,2 (-(&87,92 (1 68 &$5$&7(5 '(
6(&5(7$5,2 '(/ &216(-2 *(1(5$/ '( (67( ,167,7872 3$5$ /$ &21'8&&,21 '( /$
35(6(17( $8',(1&,$ 325 /2 48( &21 )81'$0(172 (1 /2 (67$%/(&,'2 (1 /26
$57,&8/26 < %$6( ,,, $3$57$'2 ' '( /$ &2167,78&,21 32/,7,&$ '( /26
(67$'2681,'260(;,&$1263$55$)2,1&,626$<%<'(/&2',*2
)('(5$/'(,167,78&,21(6<352&(',0,(1726(/(&725$/(6180(5$/(6<
'(/ 5(*/$0(172 '( 48(-$6 < '(181&,$6 '(/ ,167,7872 )('(5$/ (/(&725$/
$57,&8/263$55$)2,1&,620<3$55$)2,1&,626$<+<3$55$)2'(/
5(*/$0(172 ,17(5,25 '(/ ,167,7872 )('(5$/ (/(&725$/ $6, &202 325 /2
25'(1$'2 0(',$17( 3529(,'2 '( )(&+$ 9(,17,&,1&2 '( 0$5=2 '(/ $f2 (1 &8562
(0,7,'2325(67$$8725,'$''(1752'(/(;3(',(17((1(/48(6($&78$3529(,'2
(1 (/ 48( 6( 25'(12 &,7$5 $ /$ '(181&,$'$ /$ & )5(<'$ 0$5<%(/ 9,//(*$6
&$1&+( $6, &202 $/ '(181&,$17( $/(-$1'52 -$1,7=,2 5$026 +(51$1'(=
5(35(6(17$17( 3523,(7$5,2 '(/ 3$57,'2 '( /$ 5(92/8&,21 '(02&5$7,&$ $17( (/
&216(-2 ',675,7$/ '( (67( ,167,7872 (1 (/ (67$'2 '( 48,17$1$ 522 3$5$ 48(
&203$5(&(=&$1$17((67$$8725,'$'<'(6$+2*(1/$$8',(1&,$'(0(5,72
6( +$&( &2167$5 48( &203$5(&( &202
'(181&,$17( (/ & ,&(%(5* 1$+80 3$7,f2 $5%($ 5(35(6(17$17( 3523,(7$5,2 '(/
3$57,'2 '( /$ 5(92/8&,21 '(02&5$7,&$ $17( (/ &216(-2 ',675,7$/ '( (67(
,167,7872(1(/(67$'2'(48,17$1$52248,(16(,'(17,),&$&21&5('(1&,$/3$5$
927$5&21)272*5$),$(;3(','$325(/,167,7872)('(5$/(/(&725$/&21180(52
'( )2/,2 < $&5(',7$ 68 3(5621$/,'$' &21 (/ 2),&,2 5+(
686&5,72325(/5(35(6(17$17(3523,(7$5,2'(',&+2,167,787232/,7,&2$17((/
&216(-2 *(1(5$/ '( (67( ,167,7872 48,(1 /2 $&5(',7$ &21 ',&+$ &$/,'$'
$6,0,6020$1,),(67$48(6(5$$6,67,'2325(//,&(1&,$'2-$,0(0,*8(/&$67$f('$
6$/$648,(16(,'(17,),&$&21/$&('8/$352)(6,21$/(;3(','$$68)$925325/$
6(&5(7$5,$'(('8$&&,2138%/,&$&21180(52'()2/,2$6,&202/$3$57(
'(181&,$'$ /$ & )5(<'$ 0$5<%(/ 9,//(*$6 &$1&+( 48,(1 6( ,'(17,),&$ &21
&5('(1&,$/ 3$5$ 927$5 &21 )272*5$),$ (;3(','$ 325 (/ ,167,7872 )('(5$/
(/(&725$/ &21 180(52 '( )2/,2 48,(1 6( (1&8(175$ $6,67,'$ 325 (/
/,&(1&,$'2 -$9,(5 +80%(572 '20,1*8(= 257(*21 48,(1 6( ,'(17,),&$ &21 &23,$
&(57,),&$'$'(/$&('8/$352)(6,21$/(;3(','$325/$6(&5(7$5,$'(('8&$&,21
38%/,&$ &21 180(52 '( )2/,2 '2&80(1726 &8<26 25,*,1$/(6 6( /(6
'(98(/9(1 $ /26 ,17(5(6$'26 < 6( 25'(1$ $*5(*$5 81$ &23,$ '( /26 0,6026
&202 $1(;26 $ /$ 35(6(17( $&7$ $&72 6(*8,'2 6( /(6 5(&212&( $ /26
&203$5(&,(17(6 /$ 3(5621(5,$ &21 48( 6( 267(17$1 (1 9,578' '( 48( 621 /$6
3$57(6 &217(1',(17(6 (1 (/ 35(6(17( $68172
&217,18$1'2&21(/'(6$+2*2'(/$35(6(17(',/,*(1&,$&21)81'$0(172(1/2
',638(672 (1 (/ $57,&8/2 3$55$)2 ,1&,62 $ '(/ &2',*2 )('(5$/ '(
,167,78&,21(6 < 352&(',0,(1726 (/(&725$/(6 (1 5(/$&,21 &21 (/ ,1&,62 $
3$55$)2 '(/ $57,&8/2 '(/ 5(*/$0(172 '( 48(-$6 < '(181&,$6 '(/ ,167,7872
)('(5$/ (/(&725$/ 6,(1'2 /$6 ',(&,6,(7( +25$6 &21 9(,17,75(6 0,18726 '( /$
)(&+$ (1 48( 6( $&78$ 6( /( &21&('( (/ 862 '( /$ 3$/$%5$ $ /$ 3$57(
'(181&,$17( +$67$ 325 48,1&( 0,18726 3$5$ 48( 5(680$ (/ +(&+2 027,92 '(
'(181&,$<+$*$81$5(/$&,21'(/$6358(%$648($68-8,&,2/$&2552%25$
(1862'(/$3$/$%5$,&(%(5*
1$+803$7,f2$5%($5(35(6(17$17(3523,(7$5,2'(/3$57,'2'(/$5(92/8&,21
'(02&5$7,&$ $17( (/ &216(-2 ',675,7$/ '( (67( ,167,7872 (1 (/ (67$'2 '(
48,17$1$ 522 0$1,)(672 /2 6,*8,(17( 48( 5(&212&,'$ 0, 3(5621$/,'$' $17(
(67$ $8725,'$' 5$7,),&2 /$ '(0$1'$ ,17(538(67$ 325 (/ (1721&(6
5(35(6(17$17('(/,167,787232/,7,&2$/48(3(57(1(=&2<48(',225,*(1$(67(
352&(',0,(172(172'$6<&$'$81$'(6863$57(6$6,&20272'26/26(6&5,726
3267(5,25(6 35(6(17( (6&5,72 '( 358(%$6 683(59(1,(17(6 48( <$ 2%5$ (1
32'(5 '( /$ $8725,'$'$ $17( /$ 48( &203$5(=&2 ( ,*8$/0(17( /2 5$7,),&2 (1
(67($&72'(/&8$/62/,&,72$/$$8725,'$''(9,67$$/$3$57('(181&,$'$3$5$
48( $/(*8( /2 48( $ 68 '(5(&+2 &255(6321'$
6,(1'2 72'2 /2 48( '(6($ 0$1,)(67$5 (1 (/ 35(6(17( $68172/$
6(&5(7$5,$ '(/ ,167,7872 )('(5$/ (/(&725$/ +$&( &2167$5 48( 6,(1'2 /$6
',(&,6,(7(+25$6&219(,17,6,(7(0,18726'(/$)(&+$(148(6($&78$6('$325
&21&/8,'$ /$ ,17(59(1&,21 '(/ ,&(%(5* 1$+80 3$7,f2 $5%($ 5(35(6(17$17(
3523,(7$5,2 '(/ 3$57,'2 '( /$ 5(92/8&,21 '(02&5$7,&$ $17( (/ &216(-2
',675,7$/ '( (67( ,167,7872 (1 (/ (67$'2 '( 48,17$1$ 522 3$5$ /26 ()(&726
/(*$/(6 &21'8&(17(6 &217,18$1'2 &21 (/
'(6$+2*2 '( /$ 35(6(17( ',/,*(1&,$ &21 )81'$0(172 (1 /2 ',638(672 (1 (/
$57,&8/2 3$55$)2 ,1&,62 % '(/ &2',*2 )('(5$/ '( ,167,78&,21(6 <
352&(',0,(1726 (/(&725$/(6 (1 5(/$&,21 &21 /2 35(9,672 (1 (/ ,1&,62 %
3$55$)2 '(/ 180(5$/ '(/ 5(*/$0(172 '( 48(-$6 < '(181&,$6 '(/ ,167,7872
)('(5$/ (/(&725$/ 6,(1'2 /$6 ',(&,6,(7( +25$6 &21 9(,17,18(9( 0,18726 '( /$
)(&+$(148(6($&78$6(/(&21&('((/862'(/$3$/$%5$$/$'(181&,$'$$),1
'( 48( (1 81 7,(032 12 0$<25 $ 75(,17$ 0,18726 5(6321'$ /$ '(181&,$
2)5(&,(1'2 /$6 358(%$6 48( $ 68 -8,&,2 '(69,578(1 /$ ,0387$&,21 48( 6(
5($/,=$(1862'(/$3$/$%5$/$&)5(<'$0$5<%(/
9,//(*$6&$1&+(0$1,)(672/26,*8,(17(48((1(67($&72/(&21&('((/862'(
/$ 92= $/ /,&(1&,$'2 -$9,(5 '20,1*8(= 257(*21 (1 (6( 6(17,'2 < &202 /2
0$1,),(67$ /$ '(181&,$'$ 6( /( &21&('( (/ 862 '( /$ 92= $/ 5()(5,'2
352)(6,21,67$ 48,(1 0$1,)(672 /2 6,*8,(17( (6 3$5$ 5$7,),&$5 (1 72'$6 < &$'$
81$ '( 686 3$57(6 (/ (6&5,72 < /$6 358(%$6 48( (1 (/ 0,602 6( $'-817$1 < 6(
2)5(&(1$(67$$8725,'$'3$5$%(1(),&,2'()5(<'$0$5<%(/9,//(*$6&$1&+(
/$ 6(&5(7$5,$ '(/ ,167,7872 )('(5$/ (/(&725$/ +$&( &2167$5 48( 6,(1'2
/$6',(&,6,(7(+25$6&2175(,17$<2&+20,18726'(/$)(&+$(148(6($&78$6(
'$ 325 &21&/8,'$ /$ ,17(59(1&,21 '( /$ & )5(<'$ 0$5<%(/ 9,//(*$6 &$1&+( $6,
&202 '(/ /,&(1&,$'2 -$9,(5 +80%(572 '20,1*8(= 257(*213$5$ /26 ()(&726
/(*$/(6 &21'8&(17(6 9,672 (/ 0$7(5,$/ 352%$725,2
$3257$'2 325 /$ 3$57( '(181&,$17( (1 (/ 35(6(17( $68172 (/ &8$/ 6(
(1&8(175$,'(17,),&$'2'(1752'(/(6&5,72'('(181&,$'(2&+2'()(%5(52'(
'260,/18(9($6,&202$48(//$648((67$$8725,'$'(1862'(686)$&8/7$'(6
'( ,19(67,*$&,21 6( $//(*2 $/ 352&(',0,(172 '( 0(5,72 6,(1'2 (67$6 /$6
&216,67(17(6 (1 (/ 2),&,2 180(52 '(333 686&5,72 325 (/ ',5(&725
(-(&87,92'(35(552*$7,9$6<3$57,'2632/,7,&26'((67(,167,7872(6&5,726'(
< '( )(%5(52 686&5,726 325 (/ 5(35(6(17$17( 3523,(7$5,2 '(/ 3$57,'2
$&&,21 1$&,21$/ $17( (/ &216(-2 *(1(5$/ '(/ ,167,7872 )('(5$/ (/(&725$/ /$6
$&7$6 '( < '( )(%5(52 '( /$ 35(6(17( $18$/,'$' 5($/,=$'$6 325 (/ 92&$/
(-(&87,92 '( /$ -817$ ',675,7$/ (-(&87,9$ '( (67( ,167,7872 (1 (/ (67$'2 '(
48,17$1$ 522 (6&5,726 '( '( )(%5(52 < '( 0$5=2 72'26 '(/ $f2 (1
&85626,*1$'26325(/',5(&7255(*,21$/'(7(/(9,625$'(&$1&816$'(&9<
$1(;2648(6($&203$f$521(/',9(5622&8562'('(0$5=2'(/),50$'2
325 (/ ',5(&725 *(1(5$/ '( /$ (035(6$ (1/$&(6 38%/,&,'$' ,17(*5$/ < (6&5,72
6,*1$'2 325 (/ $32'(5$'2 /(*$/ '( $872&$5 &$1&81 6$ '( &9 < $1(;26 48(
$&203$f2 6( 7,(1(1 325 $'0,7,'$6 12 $6, /$ 35(6(17$'$ $/ ,1,&,2 '( (67$
$8',(1&,$72'$9(=48(/$0,60$127,(1((/&$5$&7(5'(683(59(1,(17(
$+25$ %,(1 325 /2 48( +$&( $ /$6 358(%$6 35(6(17$'$6
325 /$ 3$57( '(181&,$'$ 6( 7,(1(1 325 $'0,7,'$6 72'$ 9(= 48( /$6 0,60$6 621
358(%$6 '2&80(17$/(6 < )8(521 2)5(&,'$6 (1 7(50,126 '( /2 ',638(672 (1 (/
$57,&8/2 3$55$)2 '(/ &2',*2 )('(5$/ '( ,167,78&,21(6 < 352&(',0,(1726
(/(&725$/(6 0,60$6 48( 6( 7,(1(1 325 '(6$+2*$'$6 (1 $7(1&,21 $ 68 3523,$ <
(63(&,$/ 1$785$/(=$ (1 &216(&8(1&,$ $/ 12
(;,67,5 358(%$6 3(1',(17(6 '( '(6$+2*$5 6( '$ 325 &21&/8,'$ /$ 35(6(17(
(7$3$ 352&(6$/ $ &217,18$&,21 &21
)81'$0(172 (1/2',638(672(1(/$57,&8/2 3$55$)2,1&,62' '(/&2',*2
'(/$0$7(5,$6,(1'2/$6',(&,6,(7(+25$6&21&8$5(17$<&,1&20,18726'(/',$
9(,17,6,(7( '( 0$5=2 '(/ 35(6(17( $f2 6( /( &21&('( (/ 862 '( /$ 3$/$%5$ $/
'(181&,$17( 3$5$ 48( (1 81 7,(032 12 0$<25 $ 48,1&( 0,18726 )2508/( /26
$/(*$72648($68,17(5(6&219(1*$

(1862'(/$3$/$%5$,&(%(5*1$+803$7,f2$5%($5(35(6(17$17(3523,(7$5,2
'(/3$57,'2'(/$5(92/8&,21'(02&5$7,&$$17((/&216(-2',675,7$/'((67(
,167,7872 (1 (/ (67$'2 '( 48,17$1$ 522 0$1,)(672 /2 6,*8,(17( (1 81 35,0(5
020(172 2%-(7$026 /$ 5(&(3&,21 '(/ (6&5,72 '( &203$5(&(1&,$ 325 3$57( '(
/$ $8725,'$' 38(672 48( )8( +(&+2 9$/(5 325 81 3$57,&8/$5 6,1 3(5621$/,'$'
5(&212&,'$ $17( (67$ $8725,'$' < 12 '( 0$1(5$ ',5(&7$ 325 /$ '(181&,$'$
48,(1 12 38('( '(/(*$5 (/ (-(5&,&,2 '( 81 '(5(&+2 '( '()(16$ (1 0$7(5,$
(/(&725$/325/248(62/,&,7$02648(6(7(1*$3251235(6(17$'2(/(6&5,72
5()(5,'2<'(0$1(5$5(,7(5$'$/$3(5621$/,'$''(48,(1/235(6(17$7$0%,(1
35(6(172 (6&5,72 '( $/(*$726 <$ (1 32'(5 '( /$ $8725,'$' ( ,*8$/0(17(
6(f$/$5 48( 6( +,=2 (175(*$ '( /$6 358(%$6 683(59(1,(17(6 (1 (67$ 0,60$
',/,*(1&,$ /$6 &8$/(6 2%5$1 (1 (67( 020(172 (1 (;$0(1 '( /$ 3$57(
'(181&,$'$
/$ 6(&5(7$5,$ '(/ ,167,7872 )('(5$/ (/(&725$/ +$&( &2167$5 48( 6,(1'2 /$6
',(&,6,(7(+25$6&21&,1&8(17$0,18726'(/$)(&+$(148(6($&78$6('$325
&21&/8,'$ /$ ,17(59(1&,21 '(/ & ,&(%(5* 1$+80 3$7,f2 $5%($ 5(35(6(17$17(
3523,(7$5,2 '(/ 3$57,'2 '( /$ 5(92/8&,21 '(02&5$7,&$ $17( (/ &216(-2
',675,7$/ '( (67( ,167,7872 (1 (/ (67$'2 '( 48,17$1$ 522 3$5$ /26 ()(&726
/(*$/(6 &21'8&(17(6 &$%( 5()(5,5 48( /$6
62/,&,78'(6 48( (1 (67( $&72 5($/,=2 /$ 3$57( '(181&,$'$ $ (67$ $8725,'$'
6(5$1 '(6$+2*$'$6 $/ 020(172 '( 5($/,=$5 (/ 352<(&72 '( 5(62/8&,21
5(63(&7,92&217,18$1'2&21(/'(6$+2*2'(
/$ 35(6(17( ',/,*(1&,$ &21 )81'$0(172 (1 /2 ',638(672 (1 (/ $57,&8/2
3$55$)2 ,1&,62 ' '(/ &2',*2 )('(5$/ '( ,167,78&,21(6 < 352&(',0,(1726
(/(&725$/(6 6,(1'2 /$6 ',(&,6,(7( +25$6 &21 &,1&8(17$ < 81 0,18726 '( /$
)(&+$ (1 48( 6( $&78$ 6( /( &21&('( (/ 862 '( /$ 3$/$%5$ $ /$ & )5(<'$
0$5<%(/ 9,//(*$6 &$1&+( 3$5$ 48( 81 7,(032 12 0$<25 $ 48,1&( 0,18726
)2508/(/26$/(*$72648($68,17(5(6&219(1*$1

(1 862 '( /$ 3$/$%5$ /$ & )5(<'$ 0$5<%(/ 9,//(*$6 &$1&+( 0$1,)(672 /2
6,*8,(17( 5(63(&72 $/ $57,&8/2 '(/ 5(*/$0(172 '(/ ,167,7872 )('(5$/
(/(&725$/(10$7(5,$'(48(-$6<'(181&,$6(1(/$3$57$'2&8$5720$1,),(67$
48( (/ 48(-262 < (/ '(181&,$'2 32'5$1 &203$5(&(5 325 &21'8&72 '(
5(35(6(17$17(6 2 $32'(5$'26 (1 (67( 6838(672 /26 0,6026 '(%(5$1
35(6(17$5 /26 '2&80(1726 48( /26 $&5(',7(1 $/ ,1,&,2 '( /$ $8',(1&,$ < (1 (/
$&7$ 6( $6(17$5$ 5$=21 '( (6$ &,5&8167$1&,$ < $&/$52 48( (1 (67( $&72
35(6(17((6&5,72&210,35(6(1&,$<(1(67($&72(66,*1$'23250,
48( (1 (67( $&72 /( &21&('( (/ 862 '( /$ 92= $/ /,&(1&,$'2 -$9,(5 '20,1*8(=
257(*21(1(6(6(17,'2<&202/20$1,),(67$/$'(181&,$'$6(/(&21&('((/
862 '( /$ 92= $/ 5()(5,'2 352)(6,21,67$ 48,(1 0$1,)(672 /2 6,*8,(17(
81,&$0(17(3$5$+$&(50(1&,2148((6)$&8/7$''(/$'(181&,$'$32581/$'2
120%5$5 '( 9,9$ 92= $ /$ 3(5621$ 48( /$ 5(35(6(17( (1 (/ $68172 48( 126
2&83$ $6, &202 7$0%,(1 0$1,)(67$5 48( /$ 62/,&,78' '(/ 5(35(6(17$17( '(/
3$57,'2 '( /$ 5(92/8&,21 '(02&5$7,&$ (1 (/ 6(17,'2 '( 7(1(5 325 12
35(6(17$'2(/(6&5,72(1&20(1726($3$57$'(72'$6,78$&,21/(*$/72'$9(=
48( 6,(1'2 6,*1$'$ 325 /$ 3(5621$ $ 48,(1 /( 3(57(1(&( (/ '(5(&+2 '(
&203$5(&(5 (1 (/ 352&(',0,(172 12 ,03257$ 48,(1 +$*$ /$ (175(*$ ),6,&$ 2
0$7(5,$/ '(/ 0,602 < 18(9$0(17( 62/,&,7$5 /$ ,0352&('(1&,$ '( /$ '(181&,$
72'$ 9(= 48( (1 68 /,%(/2 '( 48(-$ 12 $3257$521 /$6 358(%$6
&255(6321',(17(6 12 5(/$&,21$521 /26 0(',26 '( &219,&&,21 &21 /26 (+&+26
'(181&,$'26 +$< 2%6&85,'$' < 81$ )5,92/,'$' &2167$7$'$ (1 ',&+2 0(',2 +$<
81$0$1,38/$&,21&215(63(&72$/26632767(/(9,6,92662/,&,7$1'2&2167$1&,$
&(57,),&$'$ (1 (67( $&72 '( /2 $&78$'2 < '(&/$5$'2 325 (/ 5(35(6(17$17( '(
/$7(/(9,625$3$5$32'(5$&78$5325/$9,$/(*$/&255(6321',(17('(%,'2$/$
)5,92/,'$' &2167$'$ 62/,&,7$026 $ (67$ $8725,'$' (/(&725$/ $'0,1,675$7,9$
$&78$5 (1&216(&8(1&,$ &21)250( $ /2 (67$%/(&,'2 (1 (/ $57,&8/2 '(/
&2',*2)('(5$/'(/,167,78&,21(6<352&(',0,(1726(/(&725$/(6
/$ 6(&5(7$5,$ '(/ ,167,7872 )('(5$/ (/(&725$/ &(57,),&$ 48( 6,(1'2 /$6
',(&,2&+2 +25$6 &21 '26 0,18726 '( /$ )(&+$ (1 48( 6( $&78$ 6( '$ 325
&21&/8,'$ /$ ,17(59(1&,21 '( /$ & )5(<'$ 0$5<%(/ 9,//(*$6 &$1&+( < '(/
/,&(1&,$'2 -$9,(5 +80%(572 '20,1*8(= 257(*21 3$5$ /26 ()(&726 /(*$/(6
&21'8&(17(6 /$ 6(&5(7$5,$

'(/ ,167,7872 )('(5$/ (/(&725$/ $&8(5'$ 7(1*$16( $ /$6 3$57(6
&217(1',(17(6)2508/$1'2/26$/(*$72648($686,17(5(6(6&219,1,(521&21
/248(6(&,(55$(/3(5,2'2'(,16758&&,21325/248(352&('$/$6(&5(7$5,$$
)2508/$5 (/ 352<(&72 '( 5(62/8&,21 '(1752 '(/ 7(50,12 35(9,672 325 /$ /(<
(/ &8$/ '(%(5$ 6(5 35(6(17$'2 $/ 35(6,'(17( '(/ &216(-2 *(1(5$/ '(/
,167,7872 )('(5$/ (/(&725$/ 3$5$ /26 ()(&726 /(*$/(6 352&('(17(6(1 (67(
$&72 6( 0$1),(67$ 48( &21 5(/$&,21 $ /$6 62/,&,78'(6 +(&+$6 325 /$ 3$57(
'(181&,$'$/$60,60$66(5$1$7(1','$6$/020(172'((/$%25$5(/532<(&72'(
5(62/8&,215(63(&7,92(19,578''(/2$17(5,25<72'$9(=48(6(
+$ '(6$+2*$'2 (1 686 7(50,126 /$ $8',(1&,$ 25'(1$'$ (1 $8726 6,(1'2 /$6
',(&,2&+2 +25$6 &21 &8$752 0,18726 '(/ ',$ 9(,17,6,(7( '( 0$5=2 '( '26 0,/
18(9(6('$325&21&/8,'$/$0,60$),50$1'2$/0$5*(1<$/&$/&(/2648((1
(//$,17(59,1,(521&2167(
«´
;;,(QYLUWXGGHTXHVHGHVDKRJyHQVXVWpUPLQRVHOSURFHGLPLHQWRHVSHFLDOVDQFLRQDGRUSUHYLVWRHQORV
DUWtFXORV SiUUDIR LQFLVR E SiUUDIRV \ SiUUDIR \ GHO &yGLJR )HGHUDO GH
,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVSXEOLFDGRHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOFDWRUFHGHHQHUR
GH GRV PLO RFKR VH IRUPXOy HO SUR\HFWR GH UHVROXFLyQ SDUD HO HIHFWR GH VRPHWHUOD D FRQVLGHUDFLyQ GHO
&RQVHMR*HQHUDO
;;,,(OYHLQWLQXHYHGHPDU]RGHGRVPLOQXHYHHO&RQVHMR*HQHUDOGHO,QVWLWXWR)HGHUDO(OHFWRUDOUHVROYLy
ODTXHMDLGHQWLILFDGDDOHStJUDIHHQORTXHLQWHUHVDDOWHQRUGHORVLJXLHQWH
³«
8QDYH]TXHKDQTXHGDGRUHVHxDGRVORVKHFKRVGHQXQFLDGRVDVtFRPRODVGHIHQVDV\VH
KDQ YDORUDGR ODV SUREDQ]DV TXH REUDQ HQ DXWRV OR SURFHGHQWH HV DQDOL]DU VL OD & )UH\GD
0DU\EHO 9LOOHJDV &DQFKp UHDOL]y DFWRV DQWLFLSDGRV GH FDPSDxD SRU OD SUHVXQWD FRORFDFLyQ
GHSURSDJDQGDHQEDUGDVHVSHFWDFXODUHVFDPLRQHVGHWUDQVSRUWHS~EOLFR\ODWUDQVPLVLyQ
GHXQSURPRFLRQDO
(VSRUHOORTXHHVWDDXWRULGDGSDUDXQDPHMRUFRPSUHQVLyQGHOSUHVHQWHDVXQWRSURFHGHUi
DUHDOL]DUHOHVWXGLRGHFDGDXQRGHORVKHFKRVVHxDODGRV
D 3LQWDGHEDUGDV
$OUHVSHFWRFDEHVHxDODUTXHFRPRVHGLMRFRQDQWHODFLyQGHODGLOLJHQFLDUHDOL]DGDSRUHO
9RFDO (MHFXWLYR GH OD -XQWD 'LVWULWDO GH HVWH ,QVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR VH
GHVSUHQGHODH[LVWHQFLDGHSLQWDGHEDUGDVHQODVFXDOHVDSDUHFHHOQRPEUHGHOD&)UH\GD
0DU\EHO9LOOHJDV&DQFKp
3RUORDQWHULRUVHWLHQHSRUDFUHGLWDGDODH[LVWHQFLDGHODSLQWDGHEDUGDVWRGDYH]TXHHQOD
IHFKDHQTXHVHUHDOL]yODGLOLJHQFLDGHLQYHVWLJDFLyQGHIHEUHURGHOSUHVHQWHDxRpVWDV
D~QVHHQFRQWUDEDQFRORFDGDV\DXQFXDQGRODPD\RUtDKDFHDOXVLyQDGLFKDFLXGDGDQDHQ
VXFDUiFWHUGH'LSXWDGD/RFDOORFLHUWRHVTXHWDPELpQVHHQFRQWUDURQEDUGDVHQODVTXHVH
KDFH UHIHUHQFLD D VX QRPEUH \ D OD DVRFLDFLyQ FLYLO TXH SUHVLGH µ8QLGDG )DPLOLDU
4XLQWDQDUURHQVH¶
(QHVHVHQWLGRFRQUHODFLyQDODVSLQWDVTXHVHUHILHUHQDGLFKDFLXGDGDQDHQVXFDOLGDGGH
'LSXWDGD ORFDO SRU HO HVWDGR GH 4XLQWDQD 5RR HVWD DXWRULGDG HVWLPD TXH ODV PLVPDV QR
SXHGHQ VHU WRPDGDV HQ FXHQWD FRPR LQGLFLRV TXH SXGLHUDQ FRQVWLWXLU DFWRV DQWLFLSDGRV GH
FDPSDxD Pi[LPH TXH HV XQ KHFKR S~EOLFR \ QRWRULR TXH OD KR\ GHQXQFLDGD Vt RFXSy HO
HQFDUJRDOXGLGR
/D DQWHULRU DILUPDFLyQ WDPELpQ HQFXHQWUD VXVWHQWR HQ HO KHFKR GH TXH OD GHQXQFLDGD DO
DFXGLU D OD DXGLHQFLD GH SUXHEDV \ DOHJDWRV DSRUWy DO SUHVHQWH SURFHGLPLHQWR FRQVWDQFLDV
HQODVTXHVROLFLWyDGLYHUVRVFLXGDGDQRVGHO0XQLFLSLRGH%HQLWR-XiUH]4XLQWDQD5RROH
SHUPLWLHUDQ UHDOL]DU OD SLQWD GH SURSDJDQGD \ ORV SHUPLVRV UHVSHFWLYRV VRQ GH ORV DxRV
\SHULRGRGXUDQWHHOFXDOOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpRFXSyHO
FDUJR GH 'LSXWDGD /RFDO \D TXH HV XQ KHFKR S~EOLFR \ QRWRULR TXH VH LQYRFD GH
FRQIRUPLGDGFRQORGLVSXHVWRHQHODUWtFXORSiUUDIRGHOFyGLJRHOHFWRUDOIHGHUDOTXHOD
UHQRYDFLyQGHO&RQJUHVRGHOHVWDGRVHHIHFWXyHOGHPDU]RGHGRVPLORFKR
3RURWUDSDUWHFRPRVHH[SOLFyFRQDQWHODFLyQGHODVGLOLJHQFLDVGHLQYHVWLJDFLyQUHDOL]DGDV
SRUHO9RFDO(MHFXWLYRGHOD-XQWD'LVWULWDOGHHVWHLQVWLWXWRHQHOHVWDGRGH4XLQWDQD5RR
WDPELpQ VH DFUHGLWy OD H[LVWHQFLD GH EDUGDV DOXVLYDV D OD GHQXQFLDGD HQ VX FDOLGDG GH
3UHVLGHQWDGHOD$VRFLDFLyQ&LYLO8QLGDG)DPLOLDU4XLQWDQDUURHQVHWDOFRPRVHHYLGHQFLDUD
GHODIRWRJUDItDTXHVHLQVHUWDDFRQWLQXDFLyQ

$O UHVSHFWR HVWD DXWRULGDG HVWLPD TXH GH OD VLPSOH DSUHFLDFLyQ GHO FRQWHQLGR GH GLFKD
SURSDJDQGD VH SXHGH FRQFOXLU TXH OD LQWHQFLyQ TXH FRQ HOODV VH SHUVLJXH HV OD GH
SURPRFLRQDUHOQRPEUHGHGLFKDFLXGDGDQD
/R DQWHULRU HV DVt SRUTXH OD SURSRUFLyQ GHO ORJRWLSR GH OD DVRFLDFLyQ FLYLO TXH SUHVLGH HQ
FRPSDUDFLyQ FRQ HO QRPEUH GH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp HV PHQRU OR FXDO
HYLGHQFLDTXHHOILQGHODVEDUGDVDOXGLGDVHVHOGHSHUPHDUHOPLVPRHQORVKDELWDQWHVGHO
PXQLFLSLRGH%HQLWR-XiUH]4XLQWDQD5RRPi[LPHTXHGLFKDVSLQWDVVHHQFRQWUDURQHQ
&DUUHWHUD &DQF~Q /HRQD 9LFDULR .0 &RO 9DOOH 9HUGH \ 5HJLyQ 1RYHQWD \ 6HLV
0DQ]DQDQXHYH/RWHVREUH$YHQLGD,QGXVWULDOHQWUHFDOOH\FDOOH$
E 3URSDJDQGDHQHVSHFWDFXODUHV
&RQUHODFLyQDGLFKDSURSDJDQGDHOUHSUHVHQWDQWHSURSLHWDULRGHO3DUWLGRGHOD5HYROXFLyQ
'HPRFUiWLFD DQWH HO &RQVHMR 'LVWULWDO GH HVWH ,QVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR
GHQXQFLyODFRORFDFLyQGHHVSHFWDFXODUHVHQORVFXDOHVDSDUHFHODLPDJHQHOQRPEUH\XQ
PHQVDMHQDYLGHxRTXHGLFHµ)HOL]1DYLGDG\3UyVSHUR$xR1XHYR/HVGHVHDVXDPLJD
0DU\EHO 9LOOHJDV¶ DSDUHFLHQGR HO ORJRWLSR \ HO QRPEUH GH OD $VRFLDFLyQ 8QLGDG )DPLOLDU
4XLQWDQDUURHQVHWDOFRPRVHDGYLHUWHGHODVLJXLHQWHIRWRJUDItD

1R REVWDQWH TXH HQ ORV DXWRV TXH LQWHJUDQ HO SUHVHQWH H[SHGLHQWH VH FXHQWD FRQ LQGLFLRV
TXH HQ SULQFLSLR SHUPLWHQ FRQVLGHUDU TXH GLFKRV HVSHFWDFXODUHV Vt IXHURQ FRORFDGRV OR
FLHUWR HV TXH GH ODV GLOLJHQFLDV GH LQYHVWLJDFLyQ TXH UHDOL]y HO 9RFDO (MHFXWLYR GH OD
-XQWD'LVWULWDOGHHVWH,QVWLWXWRHQHOHVWDGRGH4XLQWDQD5RRQRVHFRPSUREyVXH[LVWHQFLD
SRUTXHORVFLXGDGDQRVDORVTXHHQWUHYLVWyDHIHFWRGHTXHOHGLMHUDQVLKDEtDQYLVWRGLFKD
SURSDJDQGD PDQLIHVWDURQ TXH QR WHQtDQ FRQRFLPLHQWR GH HOORV H LQFOXVR GH OD LQVSHFFLyQ
HQFDEH]DGDSRUHVHIXQFLRQDULRQRVHHQFRQWUyHYLGHQFLDDOJXQDGHVXFRORFDFLyQ
(Q FRQVHFXHQFLD DO QR WHQHU SRU DFUHGLWDGD OD H[LVWHQFLD GH GLFKRV HVSHFWDFXODUHV HV
LQQHFHVDULRTXHHVWDDXWRULGDGVHSURQXQFLHUHVSHFWRDVXFRQWHQLGR
F 3URSDJDQGDHQFDPLRQHVGHWUDQVSRUWHS~EOLFR
7RGDYH]TXHHQHOHVFULWRGHGHQXQFLDVHVHxDOyTXHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKp
KDEtDFRORFDGRSURSDJDQGDHQFDPLRQHVGHWUDQVSRUWHS~EOLFRHVWDDXWRULGDGHQHOiPELWR
GHVXVDWULEXFLRQHVVROLFLWyDO9RFDO(MHFXWLYRGHOD-XQWD'LVWULWDOGHHVWH,QVWLWXWRHQHO
HVWDGR GH 4XLQWDQD 5RR UHDOL]DUD GLYHUVDV GLOLJHQFLDV GH LQYHVWLJDFLyQ FRQ HO ILQ GH
FRUURERUDUODH[LVWHQFLDGHODPLVPDREWHQLHQGRTXHVtVHKDEtDFRORFDGRGLFKDSXEOLFLGDG
HQGLYHUVRVFDPLRQHVSURSLHGDGGHODHPSUHVD(QODFHV3XEOLFLGDG,QWHJUDO
(Q HVH VHQWLGR GH ODV SUREDQ]DV DSRUWDGDV SRU HO GHQXQFLDQWH VH DGYLHUWH TXH GLFKD
SXEOLFLGDGWHQtDODVVLJXLHQWHVFDUDFWHUtVWLFDVODLPDJHQ\HOQRPEUHGHODGHQXQFLDGDDVt
FRPR HO ORJRWLSR \ GHQRPLQDFLyQ GH OD $VRFLDFLyQ &LYLO PXOWLUHIHULGD WDO FRPR VH SXHGH
REVHUYDUGHODIRWRTXHVHLQVHUWD

$O UHVSHFWR GH OD LQGDJDWRULD UHDOL]DGD SRU GLFKR IXQFLRQDULR VH DGYLHUWH TXH GLYHUVRV
FLXGDGDQRV FRQWHVWDURQ D OD SUHJXQWD µ¢6L HQ HO PHV GH GLFLHPEUH \R D OD IHFKD H[LVWLy
SURSDJDQGD FRORFDGD HQ HVSHFWDFXODUHV \R HQ FDPLRQHV GH WUDQVSRUWH S~EOLFR FRQ OD
LPDJHQ\RQRPEUHGH0DU\EHO9LOOHJDV&DQFKp"¶TXHHQFDPLRQHVGHWUDQVSRUWHS~EOLFRVt
VHFRORFyGLFKDSXEOLFLGDG
(V SRU OR DQWHULRU TXH HO 9RFDO (MHFXWLYR GH OD -XQWD 'LVWULWDO GH HVWH ,QVWLWXWR HQ HO
HVWDGR GH 4XLQWDQD 5RR FRQ HO ILQ GH REWHQHU PD\RU LQIRUPDFLyQ UHVSHFWR GH OD
SURSDJDQGD FRORFDGD HQ FDPLRQHV DFXGLy DO GRPLFLOLR GH ODV FRQFHVLRQDULDV GH GLFKR
VHUYLFLRS~EOLFR
(QHVHWHQRUDOHQWUHYLVWDUVHFRQHO'LUHFWRUGHODHPSUHVDGHQRPLQDGDµ(QODFHV3XEOLFLGDG
,QWHJUDO%21),/¶HVHVHUYLGRUS~EOLFRREWXYRTXHWDOSHUVRQDPRUDOVtKDEtDFRORFDGROD
SXEOLFLGDG GH PDUUDV HQ TXLQFH FDPLRQHV \ TXH LQFOXVR HO FRQWUDWR VH UHDOL]y FRQ OD
$VRFLDFLyQ &LYLO µ8QLGDG )DPLOLDU 4XLQWDQDUURHQVH¶ SRU XQ SHULRGR GH GRV PHVHV OR TXH
JHQHUDXQLQGLFLRGHTXHHOPLVPRFRQFOX\yDILQDOHVGHOPHVGHIHEUHURGHOSUHVHQWHDxR
3RURWUDSDUWHFDEHUHIHULUTXHHO$SRGHUDGR/HJDOGHODHPSUHVD$XWRFDU&DQF~Q6$GH
&9 VHxDOy TXH HQ HO DxR GH GRV PLO RFKR QR IXH FRORFDGD QLQJ~Q WLSR GH SURSDJDQGD R
SXEOLFLGDG HQ ORV FDPLRQHV SURSLHGDG GH VX UHSUHVHQWDGD DOXVLYRV D OD GHQXQFLDGD QR
REVWDQWH HOOR PDQLIHVWy TXH HQ HO DxR GH GRV PLO VLHWH Vt VH FRORFy SXEOLFLGDG GH OD
FLXGDGDQDGHQXQFLDGD
(Q HVH VHQWLGR VH DGYLHUWH TXH HQ DXWRV REUDQ HOHPHQWRV VXILFLHQWHV TXH SHUPLWHQ LQIHULU
TXHHQHOPHVGHGLFLHPEUHGHGRVPLORFKRH[LVWLySURSDJDQGDFRORFDGDHQFDPLRQHVGH
WUDQVSRUWHS~EOLFRHQORVTXHDSDUHFtDODLPDJHQ\HOQRPEUHGHODGHQXQFLDGDMXQWRFRQHO
QRPEUH\ORJRWLSRGHOD$VRFLDFLyQ&LYLOTXHSUHVLGH
&RQEDVHHQORH[SXHVWRHVWDDXWRULGDGHVWLPDTXHGHODVLPSOHDSUHFLDFLyQGHOFRQWHQLGR
GHODSURSDJDQGDEDMRDQiOLVLVVHSXHGHFRQFOXLUTXHODLQWHQFLyQTXHFRQHOODVHSHUVLJXH
HV OD GH SURPRFLRQDU HO QRPEUH GH GLFKD FLXGDGDQD D HIHFWR GH TXH ORV KDELWDQWHV GH
%HQLWR-XiUH]4XLQWDQD5RRODFRQR]FDQ
/R DQWHULRU HV DVt SRUTXH OD SURSRUFLyQ GHO ORJRWLSR GH OD DVRFLDFLyQ FLYLO TXH SUHVLGH HQ
FRPSDUDFLyQ FRQ HO QRPEUH \ OD IRWRJUDItD GH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp HV
PHQRUORFXDOHYLGHQFLDTXHHOILQGHODSXEOLFLGDGTXHVHFRORFyHQORVTXLQFHFDPLRQHVHV
OD GH SURPRYHU VX LPDJHQ D HIHFWR GH GDUVH D FRQRFHU DQWH OD SREODFLyQ GH GLFKR
PXQLFLSLR Pi[LPH TXH GH OD SURSDJDQGD GH QLQJXQD IRUPD VH REWLHQH FXDO HV HO ILQ R HO
REMHWLYRTXHEXVFDOD$VRFLDFLyQ&LYLOTXHSUHVLGH
(QFRQVHFXHQFLDVHFRQVLGHUDTXHODFRORFDFLyQGHODSURSDJDQGDHQFRPHQWRWLHQHFRPR
SULQFLSDOREMHWLYRSRVLFLRQDUHOQRPEUHHLPDJHQGHODFLXGDGDQDGHQXQFLDGD\QRDVtHOGH
ODDVRFLDFLyQ
G 7UDQVPLVLyQGHOSURPRFLRQDO
3RU ~OWLPR HO GHQXQFLDQWH UHILHUH FRPR XQ DFWR DQWLFLSDGR GH FDPSDxD DWULEXLEOH D OD
GHQXQFLDGD OD WUDQVPLVLyQ GH XQ SURPRFLRQDO QDYLGHxR HQ HO TXH HOOD DSDUHFH
VXSXHVWDPHQWH VH KDFH DOXVLyQ DO 3DUWLGR $FFLyQ 1DFLRQDO \ VHJ~Q VX GLFKR VH WUDQVPLWLy
HQGLFLHPEUHGHGRVPLORFKR
$O UHVSHFWR GHULYDGR GH ODV GLOLJHQFLDV UHDOL]DGDV SRU HVWD DXWRULGDG VH GHVSUHQGH TXH
GLFKR SURPRFLRQDO Vt IXH WUDQVPLWLGR SRU OD HPSUHVD µ79&XQ¶ WRGD YH] TXH HO 'LUHFWRU
5HJLRQDO GH OD HPSUHVD HQ FRPHQWR DVt OR PDQLIHVWy VLQ HPEDUJR SUHFLVy TXH HO PLVPR
IXHWUDQVPLWLGRHQGLFLHPEUHGHGRVPLOVLHWH
(Q FRQVHFXHQFLD GH ORV HOHPHQWRV TXH REUDQ HQ DXWRV QR VH WLHQH SRU DFUHGLWDGR TXH OD
WUDQVPLVLyQ GHO VSRW TXH DOXGH HO GHQXQFLDQWH VH KD\D KHFKR GHQWUR GHO SHULRGR GHO
SUHVHQWH SURFHVR HOHFWRUDO IHGHUDO PRWLYR SRU HO FXDO QR SXHGH VHU REMHWR GH HVWXGLR \
PXFKR PHQRV FRQVLGHUDUVH D HIHFWR GH GHFODUDU OD H[LVWHQFLD GH XQ DFWR DQWLFLSDGR GH
FDPSDxD
1R REVWDQWH OR DQWHV H[SXHVWR QR SDVD GHVDSHUFLELGR SDUD HVWD DXWRULGDG TXH GH ODV
LQGDJDWRULDV UHDOL]DGDV DO 'LUHFWRU 5HJLRQDO GH OD 7HOHYLVRUD HQ FXHVWLyQ VH DFUHGLWy OD
GLIXVLyQGHXQSURPRFLRQDOQDYLGHxRSRUSDUWHGHODGHQXQFLDGDHQHOPHVGHGLFLHPEUHGH
GRV PLO RFKR HQ HO TXH GDED XQ PHQVDMH FRQ PRWLYR GH ODV ILHVWDV GHFHPEULQDV
RVWHQWiQGRVH FRQ HO FDUiFWHU GH 3UHVLGHQWD GH OD $VRFLDFLyQ &LYLO µ8QLGDG )DPLOLDU
4XLQWDQDUURHQVH¶
(Q HVH WHQRU GH ORV HOHPHQWRV HQYLGDGRV SRU OD WHOHYLVRUD VH DGYLHUWH TXH HQ HO
SURPRFLRQDO DSDUHFH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp YHVWLGD GH FDPLVD EODQFD FRQ
SDQWDOyQQHJUR\FDEHOORUHFRJLGR\DVXODGRVHYHXQiUEROGHQDYLGDG\DOLQLFLRDSDUHFH
XQ FLQWLOOR HQ HO TXH VH DSUHFLD HO ORJRWLSR GH OD $VRFLDFLyQ &LYLO µ8QLGDG )DPLOLDU
4XLQWDQDUURHQVH¶\GHEDMRDSDUHFHODSDODEUDµ3UHVLGHQWD¶\FDVLDOILQDOL]DUHOSURPRFLRQDO
ORVHOHPHQWRVGHOFLQWLORVRQHOORJRWLSR\GHQRPLQDFLyQVRFLDOGHODDVRFLDFLyQHQFLWD\HO
QRPEUHGHODGHQXQFLDGD
$VLPLVPROD&)UH\GD0DU\EHO9LOOHJDV&DQFKpGLFHµ+DEODUGHQXHVWUDIDPLOLDHVKDEODU
GHQXHVWURPD\RUWHVRUR(QHVWDIHFKDTXHODSD]HODPRU\ODVDOXGUHLQHHQVXVKRJDUHV
SRU \ SDUD VLHPSUH )HOL] 1DYLGDG \ 3URVSHUR $xR 1XHYR OHV GHVHD 8QLGDG )DPLOLDU
4XLQWDQDUURHQVH¶
(VWDDXWRULGDGFRQVLGHUDTXHGHODVLPSOHDSUHFLDFLyQGHGLFKRSURPRFLRQDOVHDGYLHUWHTXH
OD YHUGDGHUD LQWHQVLyQ TXH VH WXYR FRQ VX GLIXVLyQ IXH OD GH SURPRFLRQDU OD LPDJHQ \
QRPEUH GH OD FLXGDGDQD )UH\GD 0DU\EHO 9LOOHJDV &DQFKp SXHVWR TXH HOOD HV HO HOHPHQWR
SULQFLSDOGHOSURPRFLRQDOHLQFOXVRVXQRPEUHDSDUHFHHQWRGRPRPHQWR\GHQLQJXQDIRUPD
VHKDFHDOXVLyQDOWUDEDMRTXHGLFKDDVRFLDFLyQUHDOL]D
$PpQ GH OR H[SXHVWR GH ODV FRQVWDQFLDV DSRUWDGDV SRU OD 7HOHYLVRUD GH &DQF~Q 6$ GH
&9 79&81 VH GHVSUHQGH TXH HO SURPRFLRQDO GH UHIHUHQFLD IXH FRQWUDWDGR SRU µ8QLGDG
)DPLOLDU 4XLQWDQDUURHQVH $&¶ \ GLIXQGLGR GHO VHLV DO GLHFLVLHWH GH GLFLHPEUH GH GRV PLO
RFKR HQ ORV FDQDOHV \ LGHQWLILFDGRV FRQ ODV VLJODV ;+452279 \ ;+&&879
UHVSHFWLYDPHQWH
&RQEDVHHQORH[SXHVWRVHHVWLPDTXHFRQODGLIXVLyQGHGLFKRVSRWODLPDJHQ\QRPEUH
GH OD FLXGDGDQD GHQXQFLDGD WXYR XQ PD\RU LPSDFWR HQ OD DXGLHQFLD WHOHYLVLYD HQ
FRPSDUDFLyQDOQRPEUHGHODDVRFLDFLyQFLYLOTXHpVWDSUHVLGH\DTXHFRPRVHH[SOLFyFRQ
DQWHODFLyQHOHOHPHQWRSULQFLSDOGHOSURPRFLRQDOIXHHOOD
H 1RWDVSHULRGtVWLFDV
(O GHQXQFLDQWH D HIHFWR GH DSRUWDU PD\RUHV LQGLFLRV TXH VRSRUWHQ OD UD]yQ GH VX GLFKR
DSRUWyGLYHUVDVQRWDVSHULRGtVWLFDVGHODVFXDOHVFRPRVHSUHFLVyHQHODSDUWDGRUHVSHFWLYR
VH SXHGH REWHQHU TXH HQ HO PHV GH IHEUHUR GHO DxR HQ FXUVR OD GHQXQFLDGD DFXGLy D
HQWUHJDUVXVSDSHOHVDHIHFWRGHVHUWRPDGDHQFXHQWDSDUDHOSURFHVRGHVHOHFFLyQGLUHFWD
TXHUHDOL]DUiHO3DUWLGR$FFLyQ1DFLRQDOFRQHOILQGHGHVLJQDUDORVFDQGLGDWRVDOFDUJRGH
'LSXWDGR)HGHUDO
(V GH UHIHULUVH TXH HO LQGLFLR HQ FRPHQWR FREUD PD\RU IXHU]D FRQYLFWLYD FRQ EDVH HQ OD
LQIRUPDFLyQTXHDSRUWyHOUHSUHVHQWDQWHSURSLHWDULRGHOSDUWLGRHQFRPHQWRDQWHHOPi[LPR
yUJDQRGHHVWH,QVWLWXWRWRGDYH]TXHDOYHLQWLVLHWHGHIHEUHURGHOSUHVHQWHDxRVHxDOyTXH
HQ HO &RPLWp 'LUHFWLYR (VWDWDO GH 4XLQWDQD 5RR VH KDEtDQ UHFLELGR GRV VROLFLWXGHV
UHODFLRQDGDV FRQ OD GHVLJQDFLyQ GH FDQGLGDWRV DO FDUJR GH 'LSXWDGR )HGHUDO HQ GLFKR
HVWDGR \ TXH ODV FLXGDGDQDV VROLFLWDQWHV HUDQ ODV && 3DWULFLD *XDGDOXSH =~xLJD 'tD] \
)UH\GD0DU\EHO9LOOHJDV&DQFKp
(Q HVH VHQWLGR GH OR H[SXHVWR VH SXHGH LQIHULU TXH D OD IHFKD OD GHQXQFLDGD WLHQH OD
LQWHQVLyQ GH REWHQHU XQD FDQGLGDWXUD DO FDUJR GH 'LSXWDGD )HGHUDO SRU HO 3DUWLGR $FFLyQ
1DFLRQDO
3RU WRGR OR DQWHV H[SXHVWR HVWD DXWRULGDG GHWHUPLQD TXH GH OD DGPLQLFXODFLyQ GH ODV
SUXHEDVDSRUWDGDVSRUODVSDUWHVDVtFRPRGHODVREWHQLGDVSRUODVGLYHUVDVGLOLJHQFLDVGH
LQYHVWLJDFLyQ TXH VH UHDOL]DURQ HQ HO SUHVHQWH SURFHGLPLHQWR ODV PLVPDV VRQ VXILFLHQWHV
SDUDGHWHUPLQDUODYLRODFLyQDORGLVSXHVWRHQHODUWtFXORSiUUDIRLQFLVRDGHO&yGLJR
)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVWRGDYH]TXHVXFRQWHQLGRFRQVWLWX\H
GH PDQHUD HYLGHQWH TXH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp WXYR OD LQWHQFLyQ GH
SURPRFLRQDUVXLPDJHQ\QRPEUHGHVGHHOPHVGHGLFLHPEUHGHGRVPLORFKRDHIHFWRGH
VHUUHFRQRFLGDSRUORVKDELWDQWHVGHOPXQLFLSLRGH%HQLWR-XiUH]&DQF~Q
(VGHUHVDOWDUVHTXHHOHOHPHQWRFRQVWLWXWLYRGHODYLRODFLyQDORUGHQDPLHQWRDQWHVUHIHULGR
HV HO KHFKR GH TXH OD GHQXQFLDGD DVLVWLy DO &RPLWp 'LUHFWLYR (VWDWDO GHO 3DUWLGR $FFLyQ
1DFLRQDO HQ 4XLQWDQD 5RR FRQ HO ILQ GH HQWUHJDU VX VROLFLWXG SDUD TXH GLFKR LQVWLWXWR OD
WRPDUDHQFXHQWDDOPRPHQWRGHUHDOL]DUODGHVLJQDFLyQGHOFDQGLGDWRDOFDUJRGH'LSXWDGR
)HGHUDOSRUHOGLVWULWRHOHFWRUDOIHGHUDOHQGLFKDHQWLGDGIHGHUDWLYD
(Q HVH WHQRU HV HYLGHQWH TXH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp GHVSOHJy OD SLQWD GH
EDUGDVODFRORFDFLyQGHSURSDJDQGDHQFDPLRQHVGHWUDQVSRUWHS~EOLFR\ODGLIXVLyQGHXQ
SURPRFLRQDO WRGRV HOORV FRQ ORV HOHPHQWRV FRLQFLGHQWHV GH VX QRPEUH \R LPDJHQ
DFRPSDxDGRV GH OD GHQRPLQDFLyQ \ ORJRWLSR GH OD DVRFLDFLyQ FLYLO TXH SUHVLGH FRQ HO
REMHWR GH UHSUHVHQWDU XQD PHMRU RSFLyQ SDUD VX SDUWLGR HV GHFLU HOOD KD YHQLGR UHDOL]DGR
DFWLYLGDGHV TXH GLIXQGHQ VX LPDJHQ OR TXH SHUPLWH FRQVLGHUDU TXH HV OD PHMRU RSFLyQ DO
LQWHULRUGHVXSDUWLGRSDUDVHUGHVLJQDGDFDQGLGDWDDOFDUJRGH'LSXWDGD)HGHUDO
(VWR HV DVt SRUTXH VL ELHQ HO FRQWHQLGR GH OD SURSDJDQGD GHQXQFLDGD QR FRQVWLWX\H GH
PDQHUDH[SUHVDXQOODPDGRDOHOHFWRUDGRFRQHOREMHWRGHWHQHUODFDQGLGDWXUDDXQFDUJR
GHHOHFFLyQSRSXODUODSXEOLFLGDGTXHUHDOL]y\TXHIXHDQDOL]DGDHQOtQHDVTXHDQWHFHGHQ
FRPR3UHVLGHQWDGHXQD$VRFLDFLyQ&LYLOOHSXGRVLJQLILFDUPD\RURSRUWXQLGDGGHGLIXVLyQ\
SURPRFLyQ \ SRU WDQWR XQD YHQWDMD HQ OD OXFKD SRU FRQVHJXLU HO UHJLVWUR FRPR FDQGLGDWD DO
FDUJRGH'LSXWDGD)HGHUDOSRVWXODGDSRUHO3DUWLGR$FFLyQ1DFLRQDO
$VLPLVPR VH HVWLPD TXH Vt GLFKD FLXGDGDQD IXHUD GHVLJQDGD FDQGLGDWD DO PXOWLUHIHULGR
FDUJR GH HOHFFLyQ SRSXODU SRU HO 3DUWLGR $FFLyQ 1DFLRQDO VHJXUDPHQWH WHQGUtD XQD PHMRU
SRVLFLyQIUHQWHDOUHVWRGHORVFRQWHQGLHQWHVSRVWXODGRVSRUODVGHPiVIXHU]DVSROtWLFDVTXH
SDUWLFLSDQHQHOSUHVHQWHSURFHVRHOHFWRUDOIHGHUDOPi[LPHTXHODVDFWLYLGDGHVSRUODVTXH
IXHGHQXQFLDGDVHJ~QFRQVWDHQDXWRVVHUHDOL]DURQGHVGHHOPHVGHGLFLHPEUHGHGRVPLO
RFKRPRPHQWRHQHOFXDOHOSURFHVRSDUDODUHQRYDFLyQGHORVLQWHJUDQWHVGHOD&iPDUDGH
'LSXWDGRVGHO+&RQJUHVRGHOD8QLyQ\DKDEtDGDGRLQLFLR
(QHVHWHQRUHVWDDXWRULGDGFRQVLGHUDTXHHVSRVLEOHFRQFDWHQDUODVSUXHEDV\DTXHH[LVWH
XQYtQFXORWHPSRUDOTXHODVUHODFLRQDWRGDYH]TXHODSURSDJDQGDTXHVHFRORFyWDQWRHQ
EDUGDV FDPLRQHV GH WUDQVSRUWH \ OD TXH FRQWLHQH HO SURPRFLRQDO WUDQVPLWLGR HQ GLFLHPEUH
GH DVt FRPR OR UHVHxDGR HQ ODV QRWDV SHULRGtVWLFDV DSRUWDGDV SRU HO GHQXQFLDQWH
WLHQHQ HOHPHQWRV VLPLODUHV HQ FXDQWR D OD GLIXVLyQ GHO QRPEUH H LPDJHQ GH OD KR\
GHQXQFLDGD H LQFOXVR HQ DXWRV VH WLHQH SUREDGR TXH OD PLVPD Vt WLHQH OD LQWHQFLyQ GH VHU
GHVLJQDGDODFDQGLGDWDDOFDUJRGH'LSXWDGD)HGHUDOSRUHOGLVWULWRHOHFWRUDOHQ4XLQWDQD
5RRSRUHO3DUWLGR$FFLyQ1DFLRQDOPRWLYRSRUHOFXDOVHHVWLPDTXHODUHDOL]DFLyQGHODV
DFFLRQHVGHUHIHUHQFLDFRQVWLWX\HQDFWRVDQWLFLSDGRVGHSUHFDPSDxD
'HULYDGRGHORDQWHVH[SXHVWRHVWDDXWRULGDGHVWLPDTXHGHORVHOHPHQWRVTXHREUDQHQHO
H[SHGLHQWHHVYiOLGRVRVWHQHUTXHODFLXGDGDQD)UH\GD0DU\EHO9LOOHJDV&DQFKpYLROHQWyOR
VHxDODGRHQORSUHYLVWRHQHODUWtFXORSiUUDIRLQFLVRDGHOFyGLJRIHGHUDOHOHFWRUDO
(VSRUWRGRORH[SXHVWRTXHORSURFHGHQWHHVGHFODUDUSDUFLDOPHQWHIXQGDGRHOSUHVHQWH
SURFHGLPLHQWR HVSHFLDO VDQFLRQDGRU LQFRDGR HQ FRQWUD GH OD FLXGDGDQD )UH\GD 0DU\EHO
9LOOHJDV&DQFKp
4XHQRSDVDGHVDSHUFLELGRSDUDHVWDDXWRULGDGTXHHO&5HSUHVHQWDQWH3URSLHWDULRGHO
3DUWLGR GH OD 5HYROXFLyQ 'HPRFUiWLFD DQWH HO &RQVHMR 'LVWULWDO GH HVWH LQVWLWXWR HQ HO
HVWDGRGH4XLQWDQD5RRKL]RYDOHUORVLJXLHQWH
Ɣ µ2EMHWDPRVODUHFHSFLyQGHOHVFULWRGHFRPSDUHFHQFLDSRUSDUWHGHODDXWRULGDGSXHVWR
TXHIXHKHFKRYDOHUSRUXQSDUWLFXODUVLQSHUVRQDOLGDGUHFRQRFLGDDQWHHVWDDXWRULGDG\QR
GHPDQHUDGLUHFWDSRUODGHQXQFLDGDTXLHQQRSXHGHGHOHJDUHOHMHUFLFLRGHXQGHUHFKRGH
GHIHQVD HQ PDWHULD HOHFWRUDO SRU OR TXH VROLFLWDPRV TXH VH WHQJD SRU QR SUHVHQWDGR HO
HVFULWRUHIHULGR«¶
5HVSHFWR D OD VROLFLWXG GH QR WHQHU SRU SUHVHQWDQGR HO HVFULWR PHGLDQWH HO FXDO OD
GHQXQFLDGD GLR FRQWHVWDFLyQ DO HPSOD]DPLHQWR IRUPXODGR SRU HVWD DXWRULGDG DO SUHVHQWH
SURFHGLPLHQWR QR KD OXJDU D DFRUGDU GH FRQIRUPLGDG WRGD YH] TXH HO PLVPR IXH
SUHVHQWDGRDOLQLFLRGHODDXGLHQFLDGHSUXHEDV\DOHJDWRVHQODFXDOFRPRFRQVWDHQHODFWD
UHVSHFWLYD HVWXYR SUHVHQWH \ FRPSDUHFLy OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp LQFOXVR
GLFKRHVFULWRVHHQFXHQWUDILUPDGRSRUHOOD
$KRUD ELHQ SRU OR TXH KDFH D OD SUHVHQWDFLyQ GH OD VXSXHVWD SUXHED VXSHUYHQLHQWH WDO
FRPR VH VHxDOy HQ OD DXGLHQFLD GH SUXHEDV \ DOHJDWRV QR KD OXJDU D WRPDUOD HQ FXHQWD
WRGDYH]TXHODPLVPDQRWLHQHODQDWXUDOH]DGHVXSHUYHQLHQWH\DTXHQRHVXQKHFKRTXH
KD\DDFRQWHFLGRHQORVGtDVWUDQVFXUULGRVHQWUHHOLQLFLRGHOSURFHGLPLHQWR\ODFHOHEUDFLyQ
GHODDXGLHQFLDGHSUXHEDV\DOHJDWRVSRUORTXHHOGHQXQFLDQWHODGHELyKDEHURIUHFLGRDO
PRPHQWR GH SUHVHQWDU VX TXHMD R ELHQ UHIHULU HQ HOOD TXH VH HQFRQWUDED HQ WUiPLWH OD
VROLFLWXGGHODPLVPDVLWXDFLyQTXHHQHOFDVRQRDFRQWHFLy
/R DQWHULRU VH VXVWHQWD HQ OR HVWDEOHFLGR SRU OD 6DOD 6XSHULRU GHO 7ULEXQDO (OHFWRUDO GHO
3RGHU-XGLFLDOGHOD)HGHUDFLyQHQOD7HVLV5HOHYDQWHQ~PHUR6(/-TXHVHxDOD
µ358(%$6 683(59(1,(17(6 68 685*,0,(172 (;7(0325$1(2 '(%(
2%('(&(5$&$86$6$-(1$6$/$92/817$''(/2)(5(17(²'HFRQIRUPLGDG
FRQORHVWDEOHFLGRHQHODUWtFXORSiUUDIRGHOD/H\*HQHUDOGHO6LVWHPDGH0HGLRVGH
,PSXJQDFLyQHQ0DWHULD(OHFWRUDOVHHQWLHQGHSRUSUXHEDVVXSHUYHQLHQWHVD/RVPHGLRV
GHFRQYLFFLyQVXUJLGRVGHVSXpVGHOSOD]ROHJDOHQTXHGHEDQDSRUWDUVH\E/RVVXUJLGRV
DQWHVGHTXHIHQH]FDHOPHQFLRQDGRSOD]RSHURTXHHORIHUHQWHQRSXGRRIUHFHURDSRUWDU
SRUGHVFRQRFHUORVRSRUH[LVWLUREVWiFXORVTXHQRHVWDEDDVXDOFDQFHVXSHUDU5HVSHFWRGH
OD VHJXQGD KLSyWHVLV VH DGYLHUWH FRQ WRGD FODULGDG TXH VH UHILHUH D SUXHEDV SUHYLDPHQWH
H[LVWHQWHVTXHQRVRQRIUHFLGDVRDSRUWDGDVRSRUWXQDPHQWHSRUFDXVDVDMHQDVDODYROXQWDG
GHO RIHUHQWH 3RU RWUD SDUWH UHVSHFWR GH ORV PHGLRV GH FRQYLFFLyQ VXUJLGRV HQ IHFKD
SRVWHULRUDOYHQFLPLHQWRGHOSOD]RHQTXHGHEDQDSRUWDUVHPHQFLRQDGRVHQHOLQFLVRDVH
SXHGH DGYHUWLU TXH WHQGUiQ HO FDUiFWHU GH SUXHED VXSHUYHQLHQWH VyOR VL HO VXUJLPLHQWR
SRVWHULRUREHGHFHWDPELpQDFDXVDVDMHQDVDODYROXQWDGGHORIHUHQWHHQYLUWXGGHTXHSRU
XQODGRGHEHRSHUDUODPLVPDUD]yQFRQWHPSODGDHQUHODFLyQFRQODKLSyWHVLVFRQWHQLGDHQ
HOLQFLVRE\SRURWUDSDUWHVLVHRWRUJDUDHOFDUiFWHUGHSUXHEDVXSHUYHQLHQWHDXQPHGLR
GH FRQYLFFLyQ VXUJLGR HQ IRUPD SRVWHULRU SRU XQ DFWR GH YROXQWDG GHO SURSLR RIHUHQWH
LQGHELGDPHQWH VH SHUPLWLUtD D ODV SDUWHV TXH EDMR HO H[SHGLHQWH GH ODV UHIHULGDV SUXHEDV
VXEVDQDUDQODVGHILFLHQFLDVHQHOFXPSOLPLHQWRFDEDO\RSRUWXQRGHODFDUJDSUREDWRULDTXH
ODOH\OHVLPSRQH¶
7HUFHUD (SRFD -XLFLR GH UHYLVLyQ FRQVWLWXFLRQDO HOHFWRUDO 683-5&²3DUWLGR
5HYROXFLRQDULR ,QVWLWXFLRQDO² GH RFWXEUH GH ²8QDQLPLGDG GH YRWRV -XLFLR GH
UHYLVLyQ FRQVWLWXFLRQDO HOHFWRUDO 683-5&²3DUWLGR 5HYROXFLRQDULR
,QVWLWXFLRQDO² GH GLFLHPEUH GH ²8QDQLPLGDG GH YRWRV -XLFLR GH UHYLVLyQ
FRQVWLWXFLRQDO HOHFWRUDO 683-5& \ DFXPXODGR²3DUWLGR GH OD 5HYROXFLyQ
'HPRFUiWLFD² GH GLFLHPEUH GH ²8QDQLPLGDG GHYRWRV5HYLVWD-XVWLFLD(OHFWRUDO
VXSOHPHQWRSiJLQD6DOD6XSHULRUWHVLV6(/-
&RPSLODFLyQ2ILFLDOGH-XULVSUXGHQFLD\7HVLV5HOHYDQWHVSiJLQDV¶
4XH XQD YH] TXH KD TXHGDGR GHPRVWUDGD SOHQDPHQWH OD FRPLVLyQ GHO LOtFLWR \ OD
UHVSRQVDELOLGDGGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpVHSURFHGHDLPSRQHUODVDQFLyQ
FRUUHVSRQGLHQWH
(O DUWtFXOR SiUUDIR LQFLVR F GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV
(OHFWRUDOHV YLJHQWH D SDUWLU GHO TXLQFH GH HQHUR GH GRV PLO RFKR HVWDEOHFH ODV VDQFLRQHV
DSOLFDEOHVDORVDVSLUDQWHVSUHFDQGLGDWRVRFDQGLGDWRVDFDUJRVGHHOHFFLyQSRSXODU
(O 7ULEXQDO (OHFWRUDO GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ GHQWUR GH ODV 7HVLV GH
-XULVSUXGHQFLD LGHQWLILFDGDV FRQ ORV UXEURV µ$5%,75,2 3$5$ /$ ,0326,&,21 '(
6$1&,21(6 /2 7,(1( (/ &216(-2 *(1(5$/ '(/ ,167,7872 )('(5$/
(/(&725$/¶ \ µ6$1&,21(6 $'0,1,675$7,9$6 (1 0$7(5,$ (/(&725$/
(/(0(17263$5$68),-$&,21(,1',9,'8$/,=$&,21¶FRQFODYHV6(/-\
6(/- UHVSHFWLYDPHQWH VHxDOD TXH UHVSHFWR D OD LQGLYLGXDOL]DFLyQ GH OD VDQFLyQ
TXHVHGHEHLPSRQHUDXQSDUWLGRSROtWLFRQDFLRQDOSRUODFRPLVLyQGHDOJXQDLUUHJXODULGDG
HO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO SDUD ILMDU OD VDQFLyQ FRUUHVSRQGLHQWH
GHEHWRPDUHQFXHQWDORVHOHPHQWRVREMHWLYRV\VXEMHWLYRVTXHFRQFXUULHURQHQODFRPLVLyQ
GHODIDOWD
,$VtSDUDFDOLILFDUGHELGDPHQWHODIDOWDODDXWRULGDGGHEHYDORUDU
(OWLSRGHLQIUDFFLyQ
(Q SULPHU WpUPLQR HV QHFHVDULR SUHFLVDU TXH ODV QRUPDV WUDQVJUHGLGDV SRU OD & )UH\GD
0DU\EHO 9LOOHJDV &DQFKp TXLHQ GHEH VHU FRQVLGHUDGD FRPR DVSLUDQWH D OD FDQGLGDWXUD DO
FDUJR GH 'LSXWDGD )HGHUDO SRVWXODGD SRU HO 3DUWLGR $FFLyQ 1DFLRQDO HIHFW~R DFWRV
DQWLFLSDGRV GH SUHFDPSDxD FRQ OD GLIXVLyQ GH SURSDJDQGD DOXVLYD D VX QRPEUH H LPDJHQ
TXH VH FRORFy WDQWR HQ EDUGDV FDPLRQHV GH WUDQVSRUWH S~EOLFR \ OD WUDQVPLVLyQ GH XQ
SURPRFLRQDO HQ GLFLHPEUH GH WRGR HOOR HQ HO 0XQLFLSLR GH %HQLWR -XiUH] 4XLQWDQD
5RRORTXHFRQWUDYLHQHORGLVSXHVWRHQHODUWtFXORHQUHODFLyQFRQORSUHYLVWRHQHO
SiUUDIRLQFLVRDGHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHV
(QHOFDVRFRQFUHWRODILQDOLGDGSHUVHJXLGDSRUHOOHJLVODGRUDOHVWDEOHFHUODREOLJDFLyQGH
LQKLELUODUHDOL]DFLyQGHDFWRVDQWLFLSDGRVGHSUHFDPSDxDHVHYLWDUSUHFLVDPHQWHTXHKD\D
LQHTXLGDG HQ OD FRQWLHQGD LQWHUQD GH VHOHFFLyQ HVWR HV DVt SRUTXH GH UHDOL]DUVH GLFKRV
DFWRV pVWRV VH WUDGXFLUtD HQ XQ EHQHILFLR GLUHFWR SDUD HO DVSLUDQWH TXH SUHWHQGH VHU
UHJLVWUDGRFRPRFDQGLGDWRDOLQWHULRUGHOSDUWLGRSROtWLFRGHOTXHIRUPDSDUWHHQGHWULPHQWR
GHORVGHPiVSDUWLFLSDQWHVGHODFRQWLHQGDLQWHUQDGHVHOHFFLyQ
(Q HO SUHVHQWH DVXQWR TXHGy DFUHGLWDGR TXH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp
HIHFWLYDPHQWH FRQWUDYLQR OR GLVSXHVWR HQ ODV QRUPDV OHJDOHV HQ FRPHQWR PHGLDQWH OD
FRORFDFLyQ \ GLIXVLyQ GH GLYHUVD SURSDJDQGD HQ HO 0XQLFLSLR GH %HQLWR -XiUH] 4XLQWDQD
5RRTXHWHQtDFRPRILQDOLGDGSURPRFLRQDUVXQRPEUHHLPDJHQFRQDQWHULRULGDGDODIHFKD
SHUPLWLGDSDUDHOOR
(Q FRQVHFXHQFLD OD KLSyWHVLV SUHYLVWD HQ HO FLWDGR DUWtFXOR SiUUDIR LQFLVR D GHO
RUGHQDPLHQWROHJDOHQFLWDWLHQGHDSUHVHUYDUHOGHUHFKRGHORVDVSLUDQWHVSUHFDQGLGDWRVR
FDQGLGDWRVGHDFFHGHUHQODVPLVPDVFRQGLFLRQHV\DVHDDOSURFHVRLQWHUQRGHVHOHFFLyQR
DODFRQWLHQGDHOHFWRUDOFRQHOILQGHTXHVHUHVJXDUGHHOSULQFLSLRGHHTXLGDG
/DVLQJXODULGDGRSOXUDOLGDGGHODVIDOWDVDFUHGLWDGDV
$OUHVSHFWRFDEHVHxDODUTXHQRREVWDQWHKDEHUVHDFUHGLWDGRODYLRODFLyQDORGLVSXHVWRHQ
HO DUWtFXOR SiUUDIR LQFLVR D GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV
(OHFWRUDOHVSRUSDUWHGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpHOORQRLPSOLFDTXHHVWHPRV
HQSUHVHQFLDGHXQDSOXUDOLGDGGHLQIUDFFLRQHVRIDOWDVDGPLQLVWUDWLYDV\DTXHDXQFXDQGR
VHUHDOL]DURQGLYHUVDVIRUPDVGHSURPRFLRQDUVXQRPEUHHLPDJHQORFLHUWRHVTXHFRQHOOR
VHYLRODXQVRORGLVSRVLWLYROHJDO
(OELHQMXUtGLFRWXWHODGRWUDVFHQGHQFLDGHODVQRUPDVWUDQVJUHGLGDV
/D GLVSRVLFLyQ DQWHV WUDVFULWD WLHQGH D SUHVHUYDU HO GHUHFKR GH ORV DVSLUDQWHV
SUHFDQGLGDWRV R FDQGLGDWRV GH FRPSHWLU HQ VLWXDFLyQ GH HTXLGDG GHQWUR GH ORV SURFHVRV
LQWHUQRVGHVHOHFFLyQRORV SURFHVRV HOHFWRUDOHVORFXDOOHVSHUPLWHFRQWDUFRQODV PLVPDV
RSRUWXQLGDGHV D HIHFWR GH UHVXOWDU JDQDGRU GH OD SUHFDQGLGDWXUD FDQGLGDWXUD R FDUJR GH
HOHFFLyQ SRSXODU TXH VH SUHWHQGH HYLWDQGR TXH HQWHV DMHQRV D OD FRQWLHQGD LQFOX\DQ
HOHPHQWRV GLVWRUVLRQDGRUHV GH OD YROXQWDG HQ EHQHILFLR R SHUMXLFLR GH DOJ~Q DVSLUDQWH
SUHFDQGLGDWRRFDQGLGDWRVHJ~QVHDHOPRPHQWR
(QHOFDVRWDOGLVSRVLWLYRVHDIHFWyFRQODGLIXVLyQGHODLPDJHQ\QRPEUHGHOD&)UH\GD
0DU\EHO 9LOOHJDV &DQFKp DQWHV GHO WLHPSR SHUPLWLGR SDUD HOOR \D TXH FRPR TXHGy
HYLGHQFLDGRHQODSDUWHFRQVLGHUDWLYDGHODSUHVHQWHUHVROXFLyQODUHDOL]DFLyQGHODSLQWDGH
EDUGDVODFRORFDFLyQGHSURSDJDQGDHQORVFDPLRQHVGHOWUDQVSRUWHS~EOLFR\ODWUDQVPLVLyQ
GHXQSURPRFLRQDOGHVGHHOPHVGHGLFLHPEUHGHOHSXGRVLJQLILFDUPD\RURSRUWXQLGDG
GH SRVLFLRQDUVH DO LQWHULRU GH VX SDUWLGR SROtWLFR D HIHFWR GH FRQVHJXLU HO UHJLVWUR FRPR
FDQGLGDWD DO FDUJR GH 'LSXWDGD )HGHUDO SRU HO GLVWULWR HOHFWRUDO HQ HO HVWDGR GH
4XLQWDQD5RR
/DVFLUFXQVWDQFLDVGHPRGRWLHPSR\OXJDUGHODLQIUDFFLyQ
$KRUDELHQSDUDOOHYDUDFDERODLQGLYLGXDOL]DFLyQGHODVDQFLyQODFRQGXFWDGHEHYDORUDUVH
FRQMXQWDPHQWHFRQODVFLUFXQVWDQFLDVREMHWLYDVTXHFRQFXUUHQHQHOFDVRFRPRVRQ
D 0RGR(QHOFDVRDHVWXGLRODLUUHJXODULGDGDWULEXLEOHDOD&)UH\GD0DU\EHO9LOOHJDV
&DQFKp FRQVLVWLy HQ OD UHDOL]DFLyQ GH DFWRV DQWLFLSDGRV GH SUHFDPSDxD PHGLDQWH OD
FRORFDFLyQ GH SURSDJDQGD HQ EDUGDV FDPLRQHV GHO WUDQVSRUWH S~EOLFR \ OD GLIXVLyQ GH XQ
SURPRFLRQDO HQ HO 0XQLFLSLR GH %HQLWR -XiUH] 4XLQWDQD 5RR TXH WHQtDQ FRPR SULQFLSDO
REMHWLYRGLIXQGLU\SRVLFLRQDUODFRPRPHMRURSFLyQDHIHFWRGHORJUDUTXHHO3DUWLGR$FFLyQ
1DFLRQDOODUHJLVWUHFRPRFDQGLGDWDDOFDUJRGH'LSXWDGD)HGHUDOSRUHOGLVWULWRHOHFWRUDO
IHGHUDOWRGDYH]TXHGLFKRLQVWLWXWRSROtWLFRVHUHVHUYyODDVLJQDFLyQGHHVDVFDQGLGDWXUDV
SDUDKDFHUORPHGLDQWHXQDDVLJQDFLyQGLUHFWD
$O UHVSHFWR QR SDVD GHVDSHUFLELGR SDUD HVWD DXWRULGDG TXH GH ODV FRQVWDQFLDV TXH REUDQ
HQ DXWRV HQ HVSHFtILFR GHO GLFKR GHO UHSUHVHQWDQWH GH OD FRQFHVLRQDULD GH WUDQVSRUWH
S~EOLFRGHQRPLQDGRµ(QODFHV3XEOLFLGDG,QWHJUDO¶DVtFRPRGHORPDQLIHVWDGRSRUHO'LUHFWRU
5HJLRQDOGHODHPSUHVD7HOHYLVRUDGH&DQF~Q6$GH&9VHFXHQWDFRQHOHPHQWRVSDUD
VDEHU TXH TXLHQ FRQWUDWy OD FRORFDFLyQ \ GLIXVLyQ GH GLFKD SURSDJDQGD IXH OD $VRFLDFLyQ
&LYLOµ8QLGDG)DPLOLDU4XLQWDQDUURQHVH¶ORFXDOUHVXOWDOyJLFRWRGDYH]TXHFRPRFRQVWDHQ
ODSURSDJDQGDGHPDUUDVODKR\GHQXQFLDGDHVVX3UHVLGHQWD
E 7LHPSR 'H FRQIRUPLGDG FRQ ODV FRQVWDQFLDV TXH REUDQ HQ DXWRV HVWD DXWRULGDG
FRQVLGHUDTXHODLQIUDFFLyQHQFRPHQWRVHPDWHULDOL]yGHVGHHOPHVGHGLFLHPEUHGH
(VWR HV DVt SRUTXH HO GHQXQFLDQWH HQ VX HVFULWR GH TXHMD OR PDQLIHVWy GH HVD IRUPD H
LQFOXVRGLFKDVLWXDFLyQVHFRUURERUyGHODVGLOLJHQFLDVGHLQYHVWLJDFLyQTXHUHDOL]yHO9RFDO
(MHFXWLYR GH OD -XQWD 'LVWULWDO GH HVWH ,QVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR \D TXH
GLYHUVRV FLXGDGDQRV PDQLIHVWDURQ KDEHU YLVWR ODV SLQWDV GH EDUGDV R OD SURSDJDQGD
FRORFDGD HQ FDPLRQHV GHO WUDQVSRUWH S~EOLFR R OD WUDQVPLVLyQ GHO SURPRFLRQDO HQ FRPHQWR
HQHVHWLHPSRHLQFOXVRSRUORTXHKDFHDOVSRWFDEHUHIHULUTXHGHODLQIRUPDFLyQUHPLWLGD
SRUODWHOHYLVRUDTXHORGLIXQGLyVHDGYLHUWHTXHVXWUDQVPLVLyQVHKL]RGHODOGHGLFKR
PHV\DxR
F /XJDU/DLUUHJXODULGDGDWULEXLEOHDOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpDFRQWHFLyHQ
HO0XQLFLSLRGH%HQLWR-XiUH]&DQF~Q
,QWHQFLRQDOLGDG
6HFRQVLGHUDTXHHQHOFDVRVtH[LVWLySRUSDUWHGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpOD
LQWHQFLyQGHLQIULQJLUORSUHYLVWRHQHODUWtFXORSiUUDIRLQFLVRDGHO&yGLJR)HGHUDOGH
,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHV
/RDQWHULRUHVDVt\DTXHGHODVFRQVWDQFLDVTXHREUDQHQDXWRVGHOH[SHGLHQWHHQTXHVH
DFW~DVHREWLHQHQHOHPHQWRVVXILFLHQWHVTXHFRQGXFHQDGHWHUPLQDUTXHFRPRVHSUHFLVy
HQ OD SDUWH FRQVLGHUDWLYD GH OD SUHVHQWH UHVROXFLyQ ODV DFWLYLGDGHV GHQXQFLDGDV WHQtDQ
FRPR SULQFLSDO REMHWLYR GLIXQGLU HO QRPEUH H LPDJHQ GH OD & )UH\GD 0DU\EHO 9LOOHJDV
&DQFKpFRQHOILQGHSRVLFLRQDUODGHPHMRUPDQHUDIUHQWHDORVKDELWDQWHVGHO0XQLFLSLRGH
%HQLWR -XiUH] 4XLQWDQD 5RR D HIHFWR GH TXH HVWR OH LPSOLFDUD XQ PHMRU GHUHFKR D VHU
SRVWXODGDFRPRODFDQGLGDWDDOFDUJRGH'LSXWDGD)HGHUDOSRUHOGLVWULWRHOHFWRUDOHQOD
HQWLGDGIHGHUDWLYDHQFLWD\SRVWXODGDSRUHO3DUWLGR$FFLyQ1DFLRQDO
$OUHVSHFWRHOKHFKRGHTXHODFRQWUDWDFLyQGHODSURSDJDQGDKR\GHQXQFLDGDQRVHKD\D
KHFKRGHIRUPDSHUVRQDOSRUODFLXGDGDQD)UH\GD0DU\EHO9LOOHJDV&DQFKpHVRQRLPSOLFD
TXH HOOD QR KD\D WHQLGR OD LQWHQFLyQ GH UHDOL]DU DFWRV DQWLFLSDGRV GH SUHFDPSDxD \D TXH
FRPRVHHYLGHQFLyHQODVFLUFXQVWDQFLDVGHPRGRHOKHFKRGHTXHODVIDFWXUDVSRUHMHPSOR
KD\DQVLGRH[SHGLGDVDIDYRUGHODDVRFLDFLyQFLYLOTXHSUHVLGHFRQVWLWX\HXQHOHPHQWRGH
UHVSRQVDELOLGDGGLUHFWDPi[LPHVLVHWRPDHQFXHQWDTXHHOHOHPHQWRFRLQFLGHQWHHQWRGD
OD SURSDJDQGD TXH IXH REMHWR GH DQiOLVLV HQ HO SUHVHQWH SURFHGLPLHQWR HV VX QRPEUH
HLPDJHQ
5HLWHUDFLyQGHODLQIUDFFLyQRYXOQHUDFLyQVLVWHPiWLFDGHODVQRUPDV
&RQ UHODFLyQ DO SUHVHQWH DSDUWDGR HVWD DXWRULGDG HVWLPD TXH HV QHFHVDULR HVWDEOHFHU TXH
GHDFXHUGRFRQHOGLFFLRQDULRGHOD5HDO$FDGHPLDGHOD/HQJXD(VSDxRODµUHLWHUDU¶VLJQLILFD
µYROYHUDGHFLURKDFHUDOJR¶ORFXDOVyORLPSOLFDTXHDOJRVXFHGDHQPiVGHXQDRFDVLyQOR
PLVPR VXFHGH FRQ HO YRFDEOR µVLVWHPiWLFD¶ SRUTXH GH DFXHUGR FRQ OD PLVPD IXHQWH µHVD
YR] DWDxH D SURFHGHU FRQIRUPH D XQ VLVWHPD¶ \ HO µVLVWHPD¶ LPSOLFD XQ µFRQMXQWR GH FRVDV
TXHUHODFLRQDGDVHQWUHVtRUGHQDGDPHQWHFRQWULEX\HQDGHWHUPLQDGRREMHWR¶
(Q HVH WHQRU VH HVWLPD TXH OD FRQGXFWD LQIUDFWRUD Vt VH FRPHWLy GH PDQHUD UHLWHUDGD \
VLVWHPiWLFD SXHV GH ODV SUXHEDV TXH REUDQ HQ DXWRV VH WLHQH SOHQDPHQWH DFUHGLWDGD OD
UHDOL]DFLyQ GH OD SLQWD GH EDUGDV GH OD FRORFDFLyQ GH SURSDJDQGD HQ FDPLRQHV GHO
WUDQVSRUWHS~EOLFR\ODGLIXVLyQGHXQSURPRFLRQDOWHOHYLVLYRTXHWHQtDQFRPRILQDOLGDGFRPR
VHKDH[SXHVWRDORODUJRGHODSUHVHQWHUHVROXFLyQGLIXQGLUIXHUDGHORVWLHPSRVSHUPLWLGRV
SDUDHOORHOQRPEUH\ODLPDJHQGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKp
(VWRHVDVtSRUTXHDOWRPDUHQFXHQWDHOFRQWHQLGRGHODVQRWDVSHULRGtVWLFDVDSRUWDGDVSRU
HO GHQXQFLDQWH \ UHODFLRQDUODV FRQ ORV KHFKRV DQWHV GHVFULWRV VH GHPXHVWUD HO
FRPSRUWDPLHQWRUHLWHUDGR\VLVWHPiWLFRTXHVHOHLPSXWDDODKR\GHQXQFLDGDPi[LPHTXH
HQ DXWRV TXHGy DFUHGLWDGR TXH ODV FRQGXFWDV GH UHIHUHQFLD DFRQWHFLHURQ HQ VLPLODU
WHPSRUDOLGDG\WHQtDQHOPLVPRILQHVGHFLUSURPRFLRQDUODDQWHVGHORVWLHPSRVSHUPLWLGRV
SDUDHOOR
/DVFRQGLFLRQHVH[WHUQDVFRQWH[WRIiFWLFR\ORVPHGLRVGHHMHFXFLyQ
&RPR VH H[SUHVy FRQ DQWHODFLyQ HQ HVWH IDOOR HO DFWXDU GH OD & )UH\GD 0DU\EHO 9LOOHJDV
&DQFKpHVWXYRLQWHQFLRQDOPHQWHHQFDPLQDGRDLQIULQJLUODQRUPDWLYDFRPLFLDOHQGHWULPHQWR
GHO SULQFLSLR GH HTXLGDG TXH GHEH LPSHUDU HQ WRGR PRPHQWR GHQWUR GHO SURFHVR HOHFWRUDO
IHGHUDO
/R DQWHULRU HV DVt HQ YLUWXG GH TXH HQ HO PRPHQWR HQ TXH DFRQWHFLHURQ ORV KHFKRV
GHQXQFLDGRV\DKDEtDGDGRLQLFLRHOSURFHVRHOHFWRUDOIHGHUDOQRREVWDQWHHOORFDEHUHIHULU
TXHORVDFWRVTXHVHOHLPSXWDQDODKR\GHQXQFLDGDVHUHDOL]DURQFRQDQWHODFLyQLQFOXVRDO
LQLFLRGHOSHULRGRGHSUHFDPSDxDV\DTXHFRPRVHKDH[SOLFDGRORVPLVPRVDFRQWHFLHURQ
HQHOPHVGHGLFLHPEUHGH
0HGLRVGHHMHFXFLyQ
(QHVHVHQWLGRHVGHVHxDODUVHTXHODFRQGXFWDTXHVHOHLPSXWDDOD&)UH\GD0DU\EHO
9LOOHJDV &DQFKp VH UHDOL]y D WUDYpV GH OD SLQWD GH EDUGDV FRORFDFLyQ GH SURSDJDQGD HQ
FDPLRQHV GH WUDQVSRUWH S~EOLFR \ OD GLIXVLyQ GH XQ SURPRFLRQDO WHOHYLVLYR WRGR HOOR HQ HO
0XQLFLSLRGH%HQLWR-XiUH]4XLQWDQD5RR
,, 8QD YH] VHQWDGDV ODV DQWHULRUHV FRQVLGHUDFLRQHV \ D HIHFWR GH LQGLYLGXDOL]DU
DSURSLDGDPHQWH OD VDQFLyQ HVWD DXWRULGDG SURFHGH D WRPDU HQ FXHQWD ORV VLJXLHQWHV
HOHPHQWRV
/DFDOLILFDFLyQGHODJUDYHGDGGHODLQIUDFFLyQHQTXHVHLQFXUUD
(Q HO SUHVHQWH FDVR DWHQGLHQGR D ORV HOHPHQWRV REMHWLYRV DQWHULRUPHQWH SUHFLVDGRV OD
FRQGXFWDGHEHFDOLILFDUVHFRQXQDJUDYHGDGRUGLQDULD\DTXHODPLVPDFRPRVHH[SOLFyHQ
HODSDUWDGRGHLQWHQFLRQDOLGDGWXYRFRPRILQDOLGDGLQIULQJLUGHIRUPDGLUHFWDORGLVSXHVWRHQ
HO DUWtFXOR SiUUDIR LQFLVR D GHO FyGLJR HOHFWRUDO IHGHUDO SXHVWR TXH OD GLIXVLyQ \
FRORFDFLyQ GH SURSDJDQGD DOXVLYD D OD KR\ GHQXQFLDGD WHQtDQ FRPR SULQFLSDO REMHWLYR
GLIXQGLU VX QRPEUH H LPDJHQ FRQ HO ILQ GH SRVLFLRQDUOD GH PHMRU PDQHUD IUHQWH D ORV
KDELWDQWHVGHO0XQLFLSLRGH%HQLWR-XiUH]4XLQWDQD5RRDHIHFWRGHTXHHVWROHLPSOLFDUD
XQPHMRUGHUHFKRDVHUSRVWXODGDFRPRODFDQGLGDWDDOFDUJRGH'LSXWDGD)HGHUDOSRUHO
GLVWULWRHOHFWRUDOHQODHQWLGDGIHGHUDWLYDHQFLWD\SRVWXODGDSRUHO3DUWLGR$FFLyQ1DFLRQDO
ORFXDOSRGUtDLQIULQJLUHOSULQFLSLRGHHTXLGDGTXHGHEHUHJLUHQWRGRPRPHQWRHQHOSURFHVR
FRPLFLDO
5HLQFLGHQFLD
(Q ORV DUFKLYRV TXH REUDQ HQ SRGHU GH HVWD DXWRULGDG QR REUD DQWHFHGHQWH DOJXQR
UHODFLRQDGR FRQ LQIUDFFLRQHV GH HVWH WLSR FRPHWLGDV SRU OD & )UH\GD 0DU\EHO 9LOOHJDV
&DQFKp
6DQFLyQDLPSRQHU
3RU WRGR OR DQWHULRU HVSHFLDOPHQWH ORV ELHQHV MXUtGLFRV SURWHJLGRV \ ORV HIHFWRV GH OD
LQIUDFFLyQODFRQGXFWDUHDOL]DGDSRUOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpGHEHVHUREMHWR
GHXQDVDQFLyQTXHWHQJDHQFXHQWDODVFLUFXQVWDQFLDVSDUWLFXODUHVTXHVHSUHVHQWDURQHQ
HOFDVRFRQFUHWRPRGRWLHPSR\OXJDU\VLQTXHHOORLPSOLTXHTXHpVWDLQFXPSODFRQXQD
GHVXVILQDOLGDGHVTXHHVODGHGLVXDGLUODSRVLEOHFRPLVLyQGHIDOWDVVLPLODUHVTXHWDPELpQ
SXGLHUDQ DIHFWDU ORV YDORUHV SURWHJLGRV SRU OD QRUPD WUDQVJUHGLGD \ TXH VH KDQ SUHFLVDGR
SUHYLDPHQWH
3DUD GHWHUPLQDU HO WLSR GH VDQFLyQ D LPSRQHU GHEH UHFRUGDUVH TXH HO &yGLJR )HGHUDO GH
,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV FRQILHUH D OD DXWRULGDG HOHFWRUDO DUELWULR SDUD
HOHJLU GHQWUR GHO FDWiORJR GH FRUUHFWLYRV DSOLFDEOHV DTXHO TXH VH DMXVWH D OD FRQGXFWD
GHVSOHJDGD SRU HO VXMHWR LQIUDFWRU \ TXH D VX YH] VHD EDVWDQWH \ VXILFLHQWH SDUD SUHYHQLU
TXHFXDOTXLHURWUDSHUVRQDHQODHVSHFLHDVSLUDQWHVSUHFDQGLGDWRV\RFDQGLGDWRVUHDOLFH
XQDIDOWDVLPLODU
(V LPSRUWDQWH GHVWDFDU TXH VL ELHQ OD VDQFLyQ DGPLQLVWUDWLYD GHEH WHQHU FRPR XQD GH VXV
ILQDOLGDGHV HO UHVXOWDU XQD PHGLGD HMHPSODU WHQGHQWH D GLVXDGLU OD SRVLEOH FRPLVLyQ GH
LQIUDFFLRQHV VLPLODUHV HQ HO IXWXUR QR PHQRV FLHUWR HV TXH HQ FDGD FDVR GHEH SRQHUVH
SDUWLFXODUDWHQFLyQHQODVFLUFXQVWDQFLDVREMHWLYDVGHPRGRWLHPSR\OXJDUDVtFRPRHQODV
FRQGLFLRQHV VXEMHWLYDV D HIHFWR GH TXH ODV VDQFLRQHV QR UHVXOWHQ LQXVLWDGDV
WUDVFHQGHQWDOHV H[FHVLYDV GHVSURSRUFLRQDGDV R LUUDFLRQDOHV R SRU HO FRQWUDULR
LQVLJQLILFDQWHVRLUULVRULDV
(IHFWLYDPHQWH PLHQWUDV TXH XQD GHWHUPLQDGD FRQGXFWD SXHGH QR UHVXOWDU JUDYH HQ
GHWHUPLQDGRFDVRDWHQGLHQGRDWRGRVORVHOHPHQWRV\FLUFXQVWDQFLDVDQWHVSUHFLVDGDVHQ
RWURV FDVRV OD PLVPD FRQGXFWD SXHGH HVWDU UHODFLRQDGD FRQ RWURV DVSHFWRV FRPR SXHGH
VHU XQ EHQHILFLR R OXFUR LOHJDOPHQWH ORJUDGR R H[LVWLU XQ GHWHUPLQDGR PRQWR HFRQyPLFR
LQYROXFUDGR HQ OD LUUHJXODULGDG GH WDO IRUPD TXH WDOHV HOHPHQWRV VHD QHFHVDULR WHQHUORV
WDPELpQHQFRQVLGHUDFLyQSDUDTXHODLQGLYLGXDOL]DFLyQGHODVDQFLyQVHDDGHFXDGD
(QHOFDVRDHVWXGLRODVVDQFLRQHVTXHVHSXHGHQLPSRQHUDOD&)UH\GD0DU\EHO9LOOHJDV
&DQFKpSRULQFXPSOLUFRQODSURKLELFLyQHVWDEOHFLGDHQHODUWtFXORSiUUDIRLQFLVRF
GHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVODVFXDOHVVRQ
µ$UWtFXOR
/DV LQIUDFFLRQHV VHxDODGDV HQ ORV DUWtFXORV DQWHULRUHV VHUiQ VDQFLRQDGDV FRQIRUPH D OR
VLJXLHQWH
«
F5HVSHFWRGHORVDVSLUDQWHVSUHFDQGLGDWRVRFDQGLGDWRVDFDUJRVGHHOHFFLyQSRSXODU
,&RQDPRQHVWDFLyQS~EOLFD
,, &RQ PXOWD GH KDVWD FLQFR PLO GtDV GH VDODULR PtQLPR JHQHUDO YLJHQWH SDUD HO 'LVWULWR
)HGHUDO\
,,,&RQODSpUGLGDGHOGHUHFKRGHOSUHFDQGLGDWRLQIUDFWRUDVHUUHJLVWUDGRFRPRFDQGLGDWRR
HQ VX FDVR VL \D HVWi KHFKR HO UHJLVWUR FRQ OD FDQFHODFLyQ GHO PLVPR &XDQGR ODV
LQIUDFFLRQHVFRPHWLGDVSRUDVSLUDQWHVRSUHFDQGLGDWRVDFDUJRVGHHOHFFLyQSRSXODUFXDQGR
VHDQ LPSXWDEOHV H[FOXVLYDPHQWH D DTXpOORV QR SURFHGHUi VDQFLyQ DOJXQD HQ FRQWUD GHO
SDUWLGRSROtWLFRGHTXHVHWUDWH&XDQGRHOSUHFDQGLGDWRUHVXOWHHOHFWRHQHOSURFHVRLQWHUQR
HOSDUWLGRSROtWLFRQRSRGUiUHJLVWUDUORFRPRFDQGLGDWR
«¶
8QD YH] SUHFLVDGR OR DQWHULRU HQ HO FDVR D HVWXGLR HVWD DXWRULGDG HVWLPD TXH OD KLSyWHVLV
SUHYLVWD HQ OD IUDFFLyQ , GHO FDWiORJR VDQFLRQDGRU DPRQHVWDFLyQ S~EOLFD FXPSOH FRQ OD
ILQDOLGDG VHxDODGD SDUD LQKLELU OD UHDOL]DFLyQ GH FRQGXFWDV FRPR OD GHVSOHJDGD SRU OD
&)UH\GD0DU\EHO9LOOHJDV&DQFKp\ODVFRQWHPSODGDVHQODIUDFFLRQHV,,\,,,QRUHVXOWDUtD
DSOLFDEOHDOFDVRFRQFUHWR
$Vt ODV FRVDV WHQLHQGR HQ FXHQWD OD JUDYHGDG RUGLQDULD GH OD IDOWD DVt FRPR ODV
FLUFXQVWDQFLDVSDUWLFXODUHVTXHVHGLHURQHQHOFDVRFRQFUHWRODVDQFLyQTXHGHEHDSOLFDUVH
D OD FLXGDGDQD LQIUDFWRUD HQ HO FDVR FRQFUHWR HV OD SUHYLVWD HQ HO DUWtFXOR SiUUDIR
LQFLVR F IUDFFLyQ , GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV
FRQVLVWHQWHHQXQDDPRQHVWDFLyQS~EOLFDPLVPDTXHQRHVJUDYRVD\VtHVVLJQLILFDWLYD
DHIHFWRGHGLVXDGLUODSRVLEOHFRPLVLyQGHFRQGXFWDVVLPLODUHVHQHOIXWXUR
(OPRQWRGHOEHQHILFLROXFURGDxRRSHUMXLFLRGHULYDGRGHODLQIUDFFLyQ
6REUH HVWH SDUWLFXODU FRQYLHQH SUHFLVDU TXH HVWD DXWRULGDG QR FXHQWD FRQ HOHPHQWRV
VXILFLHQWHV SDUD GHWHUPLQDU HO QLYHO R JUDGR GH DIHFWDFLyQ FDXVDGR FRQ OD GLIXVLyQ GH OD
SURSDJDQGDGHQXQFLDGDHQHOSUHVHQWHDVXQWR
(QHVHPLVPRVHQWLGRGHEHGHFLUVHTXHWDPELpQVHFDUHFHGHHOHPHQWRVSDUDGHWHUPLQDU
XQHYHQWXDOEHQHILFLRROXFURREWHQLGRFRQODFRPLVLyQGHODIDOWD
/DV FRQGLFLRQHV VRFLRHFRQyPLFDV GHO LQIUDFWRU H LPSDFWR HQ ODV DFWLYLGDGHV GHO
VXMHWRLQIUDFWRU
$GLFLRQDOPHQWH HV PHQHVWHU SUHFLVDU TXH HQ FRQFHSWR GH HVWD DXWRULGDG OD VDQFLyQ
LPSXHVWDDODKR\GHQXQFLDGDHQPRGRDOJXQRDIHFWDVXSDWULPRQLRWRGDYH]TXHFRPRVH
SUHFLVy FRQ DQWHODFLyQ OD PLVPD FRQVLVWH HQ XQD DPRQHVWDFLyQ S~EOLFD HQ WDO YLUWXG VH
HVWLPDTXHODVDQFLyQLPSXHVWDGHQLQJXQDIRUPDSXHGHFRQVLGHUDUVHH[FHVLYD
4XH HQ DWHQFLyQ D ORV DQWHFHGHQWHV \ FRQVLGHUDFLRQHV YHUWLGRV FRQ IXQGDPHQWR HQ OR
GLVSXHVWR HQ ORV DUWtFXORV SiUUDIRV \ SiUUDIR \ SiUUDIR GHO &yGLJR
)HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV \ HQ HMHUFLFLR GH ODV DWULEXFLRQHV
FRQIHULGDVHQHOQXPHUDOSiUUDIRLQFLVRVKZ\ ]GHORUGHQDPLHQWROHJDOHQFLWD
HVWH&RQVHMR*HQHUDOHPLWHODVLJXLHQWH
5(62/8&,21
35,0(52 6H GHFODUD SDUFLDOPHQWH IXQGDGR HO SURFHGLPLHQWR HVSHFLDO VDQFLRQDGRU
SURPRYLGRSRUHO3DUWLGRGHOD5HYROXFLyQ'HPRFUiWLFDHQFRQWUDGHOD&0DU\EHO9LOOHJDV
&DQFKpHQWpUPLQRVGHORGLVSXHVWRHQHOFRQVLGHUDQGRGHODSUHVHQWHGHWHUPLQDFLyQ
6(*81'26HLPSRQHDOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpXQDVDQFLyQFRQVLVWHQWHHQ
XQD DPRQHVWDFLyQ S~EOLFD HQ WpUPLQRV GH OR SUHYLVWR HQ HO FRQVLGHUDQGR GHO SUHVHQWH
IDOOR
7(5&(523XEOtTXHVHHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQODSUHVHQWHGHWHUPLQDFLyQ
&8$5721RWLItTXHVHODSUHVHQWHUHVROXFLyQDODVSDUWHVHQWpUPLQRVGHOH\
48,172 (Q VX RSRUWXQLGDG DUFKtYHVH HO SUHVHQWH H[SHGLHQWH FRPR DVXQWR WRWDO \
GHILQLWLYDPHQWHFRQFOXLGR
«´
;;,,, (O VLHWH GH DEULO GH GRV PLO QXHYH HO UHSUHVHQWDQWH SURSLHWDULR GHO 3DUWLGR GH OD 5HYROXFLyQ
'HPRFUiWLFD DQWH HO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO \ HO UHSUHVHQWDQWH GH GLFKR LQVWLWXWR
SROtWLFR DQWH HO &RQVHMR 'LVWULWDO GH HVWH yUJDQR HOHFWRUDO DXWyQRPR HQ HO HVWDGR GH 4XLQWDQD 5RR
LQWHUSXVLHURQUHFXUVRGHDSHODFLyQHQFRQWUDGHODUHVROXFLyQDQWHVUHIHULGD
;;,9 (O RQFH GH DEULO GHO DxR TXH WUDQVFXUUH HO 6HFUHWDULR GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUD
(OHFWRUDOSUHYLRWUiPLWHUHPLWLyDOD6DOD6XSHULRUGHO7ULEXQDO(OHFWRUDOGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQHO
H[SHGLHQWH IRUPDGR FRQ PRWLYR GHO UHFXUVR GH DSHODFLyQ LQWHUSXHVWR SRU HO 3DUWLGR GH OD 5HYROXFLyQ
'HPRFUiWLFD
;;9(OWUHFHGHDEULOGHODSUHVHQWHDQXDOLGDGOD0DJLVWUDGD3UHVLGHQWHGHOD6DOD6XSHULRUGHO7ULEXQDO
(OHFWRUDOGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQDFRUGyUDGLFDUHOUHFXUVRGHDSHODFLyQSUHVHQWDGRSRUHO3DUWLGR
GH OD 5HYROXFLyQ 'HPRFUiWLFD PLVPR TXH TXHGy UHJLVWUDGR EDMR OD FODYH 6835$3 \ RUGHQy VH
WXUQDUDDODSRQHQFLDGHO0DJLVWUDGR-RVp$OHMDQGUR/XQD5DPRV
;;9, (O 0DJLVWUDGR -RVp $OHMDQGUR /XQD 5DPRV HQ VX RSRUWXQLGDG GHFODUy FHUUDGD OD LQVWUXFFLyQ GHO
UHFXUVRGHDSHODFLyQDQWHVUHIHULGRFRQORTXHORVDXWRVTXHGDURQHQHVWDGRGHUHVROXFLyQ
;;9(OYHLQWLQXHYHGHDEULOGHGRVPLOQXHYHHQVHVLyQS~EOLFDGHOD6DOD6XSHULRUGHO7ULEXQDO(OHFWRUDO
GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ VH UHVROYLy HO UHFXUVR GH DSHODFLyQ LGHQWLILFDGR FRQ OD FODYH
6835$3DOWHQRUGHORVLJXLHQWH
³«
7(5&(52(VWXGLRGH)RQGR'HODQiOLVLVGHODWUDQVFULSFLyQGHOHVFULWRGHGHPDQGDVH
GHVSUHQGHTXHHODFWRUVHxDODFRPRDJUDYLRVORVVLJXLHQWHV
,/DLQGHELGDFRQFOXVLyQGHTXHORVDFWRVDFUHGLWDGRVSRUSDUWHGH)UH\GD0DU\EHO9LOOHJDV
&DQFKp TXH OOHYD D OD UHVSRQVDEOH D FRQFOXLU TXH pVWRV VyOR PHUHFHQ XQD VLPSOH
DPRQHVWDFLyQS~EOLFDVLQSUHFLVDUODVFLUFXQVWDQFLDVSRUODVTXHODGHQXQFLDHVIXQGDGDHQ
SDUWH D SHVDU GH TXH GH OD FRQFDWHQDFLyQ GH ODV SUXHEDV VH GHVSUHQGH OD SOHQD
UHVSRQVDELOLGDGGHWDOSHUVRQD
(Q HVH VHQWLGR OD UHVSRQVDEOH QR VHxDOD OD UD]yQ SRU OD TXH FODVLILFD D ORV DFWRV LOtFLWRV
SUREDGRVFRPRVLPSOHVDFWRVGHSUHFDPSDxDFXDQGRORVPLVPRVQRVHFLUFXQVFULELHURQDO
iPELWRLQWHUQRGHO3DUWLGR$FFLyQ1DFLRQDO\GXUDURQSRUXQODSVRTXHYDGHGLFLHPEUHGH
DIHEUHURGHVLQTXHVHKXELHUDUHWLUDGRODSURSDJDQGD(VDVtTXHVHYLRODHO
SULQFLSLR GH FRQJUXHQFLD \D TXH SRU XQ ODGR VH WLHQHQ SRU DFUHGLWDGRV ORV LOtFLWRV
GHQXQFLDGRV GH PDQHUD UHLWHUDGD \ VLVWHPiWLFD \ SRU RWUR VH HVWLPDQ GH JUDYHGDG
RUGLQDULDFRQFOX\HQGRFRQXQDVDQFLyQVLPSOHFRQVLVWHQWHHQXQDDPRQHVWDFLyQTXHGHMD
LQWDFWDODSURPRFLyQSHUVRQDOGH)UH\GD0DU\EHO9LOOHJDV&DQFKpFRQORTXHVHURPSLyHO
SULQFLSLR GH HTXLGDG HQ OD FRQWLHQGD QR VyOR SRU FXDQWR KDFH DO SURFHVR LQWHUQR GH
VHOHFFLyQGHFDQGLGDWRVHQHO3DUWLGR$FFLyQQDFLRQDOVLQRHQHOSURFHVRHOHFWRUDOSDUDOD
HOHFFLyQGHGLSXWDGRVIHGHUDOHVSRUXQSRVLFLRQDPLHQWRJHQHUDOIUHQWHDRWURFDQGLGDWR\HQ
HVHVHQWLGRGHEHQVDQFLRQDUVH
(Q UD]yQ GH OR DQWHULRU VH KDFH HYLGHQWH TXH OD VLQJXODULGDG R SOXUDOLGDG GH ODV IDOWDV
DFUHGLWDGDV YLROD OD WRWDOLGDG GH ODV QRUPDV FRQVWLWXFLRQDOHV OHJDOHV \ UHJODPHQWDULDV TXH
UHJXODQ OD FDPSDxD HOHFWRUDO \ ORV SULQFLSLRV GH OHJDOLGDG \ HTXLGDG SRU OR TXH DQWH OD
JUDYHGDGGHORVKHFKRVGHELyFDQFHODUVHRQHJDUVHVXUHJLVWURFRPRFDQGLGDWD
$Vt ODV HVWLPDFLRQHV GH OD UHVSRQVDEOH UHVSHFWR GHO ELHQ MXUtGLFR WXWHODGR VRQ HUUDGRV
EDVDGDV HQ HO DUWtFXOR SiUUDIR LQFLVR D GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV (OHFWRUDOHV \D TXH QR VH GHEH DQDOL]DU VyOR VX DIHFWDFLyQ LQWHUQD DO
SURFHVRGHVHOHFFLyQVLQRDWRGRHOSURFHVRHOHFWRUDOHQVXFRQMXQWR
3RUHOORFDUHFHQGHODGHELGDIXQGDPHQWDFLyQ\PRWLYDFLyQODVFRQVLGHUDFLRQHVUHVSHFWRGH
ODVFLUFXQVWDQFLDVGHPRGRWLHPSR\OXJDU\DTXHHVHUUyQHRDOFLUFXQVFULELUVXLPSDFWRDO
SURFHVR LQWHUQR GH VHOHFFLyQ GH FDQGLGDWRV FXDQGR VH GHEtD UHIHULU D WRGR HO SURFHVR
HOHFWRUDO
,JXDOPHQWH OD UHVROXFLyQ LPSXJQDGD LQIULQJH HO SULQFLSLR GH FRQJUXHQFLD \ FDUHFH GH OD
GHELGDPRWLYDFLyQ\IXQGDPHQWDFLyQHQORUHODWLYRDODLQWHQFLRQDOLGDG\DTXHVHLQGLFDTXH
)UH\GD 0DU\EHO 9LOOHJDV &DQFKp LQWHQWy SRVLFLRQDUVH GH PHMRU PDQHUD SDUD HIHFWRV GH OD
HOHFFLyQLQWHUQDHQHO3DUWLGR$FFLyQ1DFLRQDOFXDQGRGHELyKDEHUVLGRFRQVLGHUDGRTXHVH
SRVLFLRQyHQJHQHUDOIUHQWHDWRGRVORVFLXGDGDQRV'HHVHPLVPRPRGRUHVXOWDQDEVXUGRV
ORV DSDUWDGRV µUHLWHUDFLyQ GH OD LQIUDFFLyQ R YXOQHUDFLyQ VLVWHPiWLFD GH ODV QRUPDV¶ µOD
FDOLILFDFLyQGHODJUDYHGDGGHODLQIUDFFLyQ¶\µHOPRQWRGHOEHQHILFLROXFURGDxRRSHUMXLFLR
GHULYDGR GH OD LQIUDFFLyQ¶ SXHV HQ WDOHV DSDUWDGRV QR VH DQDOL]D OD JUDYHGDG GH ODV
FRQGXFWDVUHVSHFWRGHVXLPSDFWRJHQHUDOIUHQWHDORVKDELWDQWHVGH%HQLWR-XiUH]
3RURWUDSDUWHHVHTXLYRFDGDODFRQVLGHUDFLyQGHODUHVSRQVDEOHHQTXHLQGLFDTXHFRQOD
SOXUDOLGDGGHODVIDOWDVDFUHGLWDGDVVyORVHYLRODXQSUHFHSWROHJDOHVGHFLUHODUWtFXOR
SiUUDIRLQFLVRDGHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVSXHV
QR VH WRPy HQ FXHQWD \ YDORUy OR HVWDEOHFLGR HQ ORV DUWtFXORV SiUUDIRV \
SiUUDIR \ SiUUDIR LQFLVR F GHO &2),3( SRU OR TXH GHEH QHJDUVH HO UHJLVWUR D OD
FDQGLGDWXUD GH 0DULEHO 9LOOHJDV &DQFKp DO WUDWDUVH GH FRQGXFWDV JUDYHV GH WLSR PD\RU R
HVSHFLDOSXHVVHWUDQVPLWLHURQSURPRFLRQDOHV\FLQWLOORVGH79
(IHFWLYDPHQWH HQ DXWRV VH DFUHGLWD TXH )UH\GD 0DU\EHO 9LOOHJDV &DQFKp FRQWUDWy
SURPRFLRQDOHVHQ79SDUDUHDOL]DUSURPRFLyQSHUVRQDOYLROiQGRVHHODUWtFXORIUDFFLyQ
,,,\EDVH'GHOD&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV0H[LFDQRVSiUUDIRV\
GHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVGRQGHHVSHFtILFDPHQWH
VH LQGLFD TXH OD YLRODFLyQ D WDO SUHFHSWR VH VDQFLRQD FRQ OD QHJDWLYD GH UHJLVWUR R OD
FDQFHODFLyQGHOPLVPR
3RURWUDSDUWHGHEHFRQVLGHUDUVHTXHDODUUDQFDUODSURPRFLyQSHUVRQDOGH)UH\GD0DU\EHO
9LOOHJDV &DQFKp VLQ VHU SUHYLDPHQWH UHJLVWUDGD FRPR SUHFDQGLGDWD QR FXPSOLy FRQ ODV
UHJODVGHSUHFDPSDxD\SRUHQGHQRULQGLyHOLQIRUPHUHVSHFWLYR HQWpUPLQRVGHODUWtFXOR
GHOPHQFLRQDGRFyGLJR
(QHVHVHQWLGR)UH\GD0DU\EHO9LOOHJDV&DQFKpUHDOL]yDFWRVDQWLFLSDGRVGHFDPSDxDVLQ
VHUVLTXLHUDUHJLVWUDGDSRUHO3DUWLGR$FFLyQ1DFLRQDOFRPRDVSLUDQWHLQWHUQDDQWHHO,QVWLWXWR
)HGHUDO (OHFWRUDO VHJ~Q VH FRPSUREy HQ DXWRV SXHV GLIXQGLy VX LPDJHQ HQ FDPLRQHV GH
WUDQVSRUWH XUEDQR KDVWD IHEUHUR GH FRQ OR TXH DGHPiV VH YLRODURQ ORV µ$FXHUGR GHO
&RQVHMHUR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO SRU HO TXH VH PRGLILFDQ ORV SXQWRV GH
DFXHUGR TXH HVWDEOHFH ORV FULWHULRV UHODWLYRV DO LQLFLR GH SUHFDPSDxDV HQ DFDWDPLHQWR D OD
VHQWHQFLD GH OD 6DOD 6XSHULRU GHO 7ULEXQDO (OHFWRUDO GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ
HPLWLGD HQ HO UHFXUVR GH DSHODFLyQ LGHQWLILFDGR FRQ HO Q~PHUR GH H[SHGLHQWH
6835$3¶ \ µ$FXHUGR GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO SRU HO
TXH VH HPLWHQ QRUPDV UHJODPHQWDULDV VREUH DFWRV GH SUHFDPSDxD DVt FRPR GH DFWRV
DQWLFLSDGRVGHFDPSDxD¶ORFXDOQRIXHDQDOL]DGRSRUODUHVSRQVDEOHHVSHFLDOPHQWHVLVH
FRQVLGHUDTXHWDOSHUVRQDVHDQXQFLyFRPRFDQGLGDWDHORGHDEULOGHODxRHQFXUVR
)LQDOPHQWHGHEHVHJXLUVHHOFULWHULRVHJXLGRDOUHVROYHUHOH[SHGLHQWH683-'&\
VXDFXPXODGRFRQFOX\HQGRTXHODVIDOWDVVRQGHJUDYHGDGHVSHFLDORPD\RUFRQVLGHUDQGR
TXH OD VDQFLyQ FRUUHVSRQGLHQWH D DGHODQWDUVH HQ OD UHDOL]DFLyQ GH DFWRV GH FDPSDxD \
SUHFDPSDxD GHEH LQKLELU HVDV FRQGXFWDV OR TXH QR VH FRQVLJXH FRQ XQD VLPSOH
DPRQHVWDFLyQ
,, $JUDYLD DO DFWRU TXH QR VH KD\D HPSOD]DGR D ORV SUREDEOHV UHVSRQVDEOHV
HVSHFtILFDPHQWH DO 3DUWLGR $FFLyQ 1DFLRQDO D µ8QLGDG )DPLOLD 4XLQWDQDUURHQVH¶ $ & \ D
ODVWHOHYLVRUDVµ79&XQ¶µ7HOHYLVD¶\µ7HOHYLPH[¶
(IHFWLYDPHQWHODLQGLFDGDDVRFLDFLyQHVXQDµSDQWDOOD¶GH)UH\GD0DU\EHO9LOOHJDV&DQFKp
HO 3DUWLGR $FFLyQ 1DFLRQDO HV FXOSDEOH GH FXOSD µLQ YLJLODQGR¶ \D TXH QR HYLWy TXH VX
PLOLWDQWH UHDOL]DUD ORV DFWRV LOtFLWRV FRPSUREDGRV \ ODV WHOHYLVRUDV DO LJXDO TXH ORV GHPiV
VXMHWRVGHGHUHFKRLQGLFDGRVGHELHURQGHQXQFLDUODVLUUHJXODULGDGHVTXHOHVFRQVWDEDQGH
IRUPD VHPHMDQWH D OR UHVXHOWR HQ HO H[SHGLHQWH 6835$3 \ DFXPXODGRV \ HQ HO
683-5&
(QHVHVHQWLGRDOH[LVWLUGLYHUVDVLUUHJXODULGDGHVFRPSUREDGDVHQDXWRVGHEHQRWLILFDUVHD
ODV SHUVRQDV PRUDOHV HQ FXHVWLyQ SDUD LQLFLDU HO SURFHGLPLHQWR HQ UHODFLyQ FRQ pVWDV \
DGHPiV GHEHUi GDUVH YLVWD D OD µ8QLGDG GH )LVFDOL]DFLyQ GH ORV 5HFXUVRV GH ORV 3DUWLGRV
3ROtWLFRV¶SRUH[LVWLUJDVWRVGHSUHFDPSDxDQRUHSRUWDGRV
,,,&DXVDDJUDYLRDODFWRUODQRDGPLVLyQGHODSUXHEDVXSHUYHQLHQWHSUHVHQWDGDDVtFRPR
ODLQGHELGDYDORUDFLyQGHSUXHEDV
$(IHFWLYDPHQWHODUHVSRQVDEOHQRDGPLWLyODSUXHEDVXSHUYHQLHQWHTXHOHIXHSUHVHQWDGD
SXHV VHJ~Q VX GHFLU QR HUD XQ KHFKR DFRQWHFLGR HQWUH HO LQLFLR GHO SURFHGLPLHQWR \ OD
DXGLHQFLD GH SUXHEDV \ DOHJDWRV SRU OR TXH DO SUHVHQWDU OD TXHMD GHELy DGMXQWDUOD R ELHQ
UHIHULUTXHHVWDEDHQWUiPLWHODPLVPD
6LQHPEDUJRQRVHFRQVLGHUyTXHHV XQHVFULWRGH OD6HFUHWDUtDGH(FRORJtD\'HVDUUROOR
8UEDQRGH%HQLWR-XiUH]TXHVHKDEtDVROLFLWDGRSUHYLDPHQWH\TXHVHSUHVHQWyWDQSURQWR
REWHQHUVH$GHPiVGHTXHDOSUHVHQWDUVHHQODDXGLHQFLDGHSUXHEDV\DOHJDWRVQRWHQtDHO
FDUiFWHUGHVXSHUYHQLHQWH
%$KRUD ELHQ GHEH LQGLFDUVH TXH OD UHVSRQVDEOH YDORUy LQFRUUHFWDPHQWH ODV SUXHEDV
HVSHFLDOPHQWHHQUHODFLyQFRQODSURSDJDQGDHQHVSHFWDFXODUHVDFDUJRGH)UH\GD0DU\EHO
9LOOHJDV &DQFKp SXHVWR TXH WDO DXWRULGDG FRQFOX\y TXH QR VH FRPSUREDED VX H[LVWHQFLD
FXDQGRH[LVWtDQHOHPHQWRVVXILFLHQWHVHQDXWRVSDUDDFUHGLWDUORVSOHQDPHQWH
&RSLDGHODQRWDGHOGLDULRµ3RU(VWR¶GHOGHGLFLHPEUHGHHQTXH)UH\GD0DU\EHO
9LOOHJDV&DQFKpDFHSWDODH[LVWHQFLDGHSURSDJDQGD
)RWRJUDItDSUHVHQWDGDGHOHVSHFWDFXODU
/RPDQLIHVWDGRHQODDXGLHQFLDGHSUXHEDV\DOHJDWRV
&$GLFLRQDOPHQWH OD UHVSRQVDEOH QR YDORUy TXH OD SURSDJDQGD HQ ORV FDPLRQHV SURVLJXLy
HQVXGLIXVLyQKDVWDIHEUHURGH\TXHQRVHGLFWDURQPHGLGDVSUHFDXWRULDV\VLQTXH
)UH\GD0DU\EHO9LOOHJDV&DQFKpRHO3DUWLGR$FFLyQ1DFLRQDOLQIRUPDUDQGHOKHFKRGHTXH
VHLUtDHQSUHFDPSDxD
(QHVHVHQWLGRHVWiDFUHGLWDGRTXHWDOSHUVRQDQRHVPLOLWDQWHGHOFLWDGRSDUWLGR\TXHHV
SUHFDQGLGDWDDXQDGLSXWDFLyQIHGHUDO
'/DUHVSRQVDEOHQRYDORUyFRUUHFWDPHQWHODVQRWDVSHULRGtVWLFDVTXHIXHURQDSRUWDGDVFRQ
ODVTXHVHDFUHGLWyTXH)UH\GD0DU\EHO9LOOHJDV&DQFKpHVFDQGLGDWDUHJLVWUDGDGHO3DUWLGR
$FFLyQ 1DFLRQDO \ PLOLWDQWH GH HVH SDUWLGR LJXDOPHQWH TXH OD $VRFLDFLyQ &LYLO TXH IRUPy
GHQRPLQDGD µ8QLGDG )DPLOLDU 4XLQWDQDUURHQVH¶ OH SHUPLWLy HVWDU HQ FRQWDFWR FRQ PLOHV GH
SHUVRQDV \ DGHODQWDU XQ WULXQIR \ TXH SRU YtD GH EDUGDV HVSHFWDFXODUHV SHJDV HQ
DXWRWUDQVSRUWHREWXYRXQDYHQWDMDLQGHELGD
(5HVSHFWRGHOSURPRFLRQDOGLIXQGLGRHQWUH\VHGLFHTXHVHWUDQVPLWLyHQ
SHUR KD\ GRV WHVWLPRQLRV GH GRQGH VH GHVSUHQGH TXH IXH HQ $KRUD TXH VL VH
WUDQVPLWLy HQ LJXDOPHQWH IXH YLRODWRULR SXHV ODV QRUPDV FRQVWLWXFLRQDOHV \D HVWDEDQ
YLJHQWHV\HODUWtFXORSiUUDIRGHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV
(OHFWRUDOHV DQWHULRU WHQtD VXSXHVWRV VLPLODUHV $GHPiV GH TXH D HVDV IHFKDV QR
KDEtD SURFHVRV GH SUHFDPSDxDV XUJHQWHV ,QGLFDQGR TXH WDQWR HO SURPRFLRQDO TXH
VXSXHVWDPHQWH VH GLIXQGLy HQ FRPR HO TXH TXHGy DFUHGLWDGR TXH VH WUDQVPLWLy HQ
WLHQHQJUDQGHVVLPLOLWXGHV
))LQDOPHQWH OD UHVSRQVDEOH QR RUGHQy TXH VH UHWLUDUDQ ODV EDUGDV SLQWDGDV R TXH HO
3DUWLGR$FFLyQ1DFLRQDOR)UH\GD0DU\EHO9LOOHJDV&DQFKpORKLFLHUDQ
3RUUD]yQGHPpWRGRKDEUiQGHHVWXGLDUVHSULPHUDPHQWHORVDJUDYLRVVLQWHWL]DGRVFRQHO,,
\HOUHVWRVyORVHDQDOL]DUiQHQFDVRGHVHUQHFHVDULR
'H XQD OHFWXUD LQWHJUDO GHO FXDGHUQR DFFHVRULR ~QLFR GHO H[SHGLHQWH HQ TXH VH DFW~D
FRUUHVSRQGLHQWH DO SURFHGLPLHQWR Q~PHUR 6&*3(-'45 VH GHVSUHQGH OR
VLJXLHQWH
L(QHOHVFULWRLQLFLDOGHGHQXQFLDSUHVHQWDGRSRUHO3DUWLGRGHOD5HYROXFLyQ'HPRFUiWLFD
IRMDVDODVHVHxDOyORVLJXLHQWH
µ« DFXGR DQWH HVWD DXWRULGDG D SUHVHQWDU 48(-$ 325 ,1)5$&&,21(6 $ ',9(56$6
',6326,&,21(6 (/(&725$/(6 62/,&,7$1'2 $6,0,602 6( 5($/,&( /$
,19(67,*$&,21&255(6321',(17(<&21(/$872'($'0,6,216(',&7(1/$6
0(','$6 1(&(6$5,$6 3$5$ +$&(5 &(6$5 /$6 9,2/$&,21(6 '(181&,$'$6
LQIUDFFLRQHV FRPHWLGDV SRU 0$5<%(/ 9,//(*$6 &$1&+( SDUD HO HIHFWR GH OD
GHWHUPLQDFLyQ\DSOLFDFLyQGHODVVDQFLRQHVTXHFRUUHVSRQGDQ\ODVGHPiVFRQVHFXHQFLDV
MXUtGLFDVTXHGHULYHQ'HFRQIRUPLGDGFRQORDQWHULRU\SDUDGDUFXPSOLPLHQWRDORGLVSXHVWR
SRUHODUWtFXORSiUUDIRGHO&yGLJR(OHFWRUDODQWHVFLWDGRPDQLILHVWRORVLJXLHQWH«/RV
KHFKRV GHQXQFLDGRV VH YLQLHURQ GDQGR HQ ORV GLVWULWRV \ GH 4XLQWDQD 5RR
FRUUHVSRQGLHQWHVD%HQLWR-XiUH]\3OD\DGHO&DUPHQSRUORTXHVHVXFHGLHURQHQPiVGH
GRVGLVWULWRVGHULYDGRGHODSURSDJDQGDGDGDDFRQRFHUHQFDPLRQHVTXHFXEUHQXQDUXWD
HQ ORV GLVWULWRV DQWHV DSXQWDGRV 'H LJXDO IRUPD ORV KHFKRV TXH VH GHQXQFLDQ VRQ
SDUWLFXODUPHQWH JUDYHV HQ YLUWXG GH TXH 0DU\EHO 9LOOHJDV &DQFKp \ HO 3DUWLGR $FFLyQ
QDFLRQDO UHDOL]DURQ OD SURPRFLyQ GH VX LPDJHQ HQ WHOHYLVLyQ GXUDQWH QDYLGDG VLHQGR
SDUWLFXODUPHQWHJUDYHVVXVDFWXDFLRQHV«¶
'H OR DQWHULRU HV SRVLEOH GHVSUHQGHU TXH HO DFWRU GHQXQFLy FRQGXFWDV VXSXHVWDPHQWH
LUUHJXODUHVWDQWRGHO)UH\GD0DU\EHO9LOOHJDV&DQFKpFRPRGHO3DUWLGR$FFLyQ1DFLRQDO
LL$SHVDUGHORDQWHULRUHQHODXWRGHIHFKDGLHFLVLHWHGHIHEUHURGHGRVPLOQXHYHIRMDV
DVHGHVSUHQGHFRQFODULGDGTXHODUHVSRQVDEOHVHFLUFXQVFULELyDIRUPDUH[SHGLHQWHHQ
UHODFLyQ FRQ ODV VXSXHVWDV LUUHJXODULGDGHV GH )UH\GD 0DU\EHO 9LOOHJDV &DQFKp GH OD
VLJXLHQWHPDQHUD
µ« (Q YLUWXG TXH GH OD LQIRUPDFLyQ \ FRQVWDQFLDV UHPLWLGDV SRU HO 6HFUHWDULR GHO
&RQVHMR 'LVWULWDO GH HVWH ,QVWLWXWR HQ HO (VWDGR GH 4XLQWDQD 5RR VH GHQXQFLD OD SUREDEOH
UHDOL]DFLyQ GH DFWRV DQWLFLSDGRV GH SUHFDPSDxD SRU SDUWH GH OD & 0DU\EHO 9LOOHJDV
&DQFKp\WRPDQGRHQFRQVLGHUDFLyQGHOFULWHULRVRVWHQLGRSRUOD6DOD6XSHULRUGHO7ULEXQDO
(OHFWRUDO GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ HQ OD VHQWHQFLD UHFDtGD DO UHFXUVR GH
DSHODFLyQLGHQWLILFDGRFRQHOQ~PHURGHH[SHGLHQWH6835$3«¶
LLL(QHVHVHQWLGRODUHVSRQVDEOHVyORHPSOD]yD)UH\GD0DU\EHO9LOOHJDV&DQFKpORFXDO
UHVXOWDHYLGHQWHGHODOHFWXUDGHODXWRGHYHLQWLFLQFRGHPDU]RGHGRVPLOQXHYHHOFXDOREUD
DIRMDVTXHYDQGHODVDODTXHHQORFRQGXFHQWHVHxDOD
µ«(PSOiFHVHDODFLXGDGDQD0DU\EHO9LOOHJDV&DQFKpFRUULpQGROHWUDVODGRFRQFRSLDGH
ODGHQXQFLD\GHODVSUXHEDVTXHREUDQHQDXWRV«¶
LY 'H XQD OHFWXUD LQWHJUDO GH OD UHVROXFLyQ TXH REUD D IRMDV TXH YDQ GH OD D GHO
FLWDGRFXDGHUQRDFFHVRULRHVSRVLEOHGHVSUHQGHU
D 4XH OD UHVSRQVDEOH VyOR DQDOL]y ORV DUJXPHQWRV GHO GHQXQFLDQWH UHODWLYRV D OD
PHQFLRQDGD SHUVRQD VLQ TXH HQ PRGR DOJXQR VH KD\D HPSOD]DGR HVWXGLDGR OR
FRUUHVSRQGLHQWH R UHVXHOWR FXHVWLyQ DOJXQD UHODWLYD D OD UHVSRQVDELOLGDG DO PHQRV LQ
YLJLODQGRTXHHQVXFDVROHSXGLHUDVHULPSXWDEOHDO3DUWLGR$FFLyQ1DFLRQDO
E 4XH LPSXVR XQD VDQFLyQ FRQVLVWHQWH HQ DPRQHVWDFLyQ S~EOLFD HQ FRQWUD GH )UH\GD
0DU\EHO9LOOHJDV&DQFKpWRGDYH]TXHDFUHGLWyTXHWDOSHUVRQDUHDOL]yDFWRVDQWLFLSDGRVGH
FDPSDxDSRUODSUHVXQWDFRORFDFLyQGHSURSDJDQGDHQEDUGDVHQFDPLRQHVGHWUDQVSRUWH
S~EOLFR\SRUYtDGHODWUDQVPLVLyQGHXQVSRW\FLQWLOORVGHWHOHYLVLyQHQORVFDQDOHV\
LGHQWLILFDGRV FRQ ODV VLJODV ;+452279 \ ;+&&879 TXH IXHURQ SDJDGRV SRU µ8QLGDG
)DPLOLDU4XLQWDQDUURHQVH¶$&
(Q HVH VHQWLGR OD UHVSRQVDEOH WXYR SRU DFUHGLWDGD OD SDUWLFLSDFLyQ GH OD DVRFLDFLyQ FLYLO
DQWHV PHQFLRQDGD HQ OD FRQWUDWDFLyQ GH ORV VSRWV \ FLQWLOORV GH WHOHYLVLyQ WUDQVPLWLGRV VLQ
TXH H[LVWD FRQVWDQFLD DOJXQD R FRQVLGHUDFLyQ TXH SHUPLWD FRQFOXLU TXH IXH HQ QLQJ~Q
PRPHQWRHPSOD]DGDDMXLFLRSRUODSRVLEOHUHVSRQVDELOLGDGGHULYDGDGHHVRVDFWRV
F ,JXDOPHQWH HV SRVLEOH FRQVWDWDU TXH OD UHVSRQVDEOH HQ QLQJ~Q PRGR HPSOD]y D ODV
HPSUHVDVFRQFHVLRQDULDVRFRPHUFLDOL]DGRUDVGHODV LPiJHQHVLPSXWDGDVSRUODSUREDEOH
UHVSRQVDELOLGDGTXHSXGLHUDGHULYDUSRUODWUDQVPLVLyQUHDOL]DGDSHVDUTXHHVWDEDREOLJDGD
DHOORGHULYDGRGHODVGLVSRVLFLRQHVOHJDOHVDWLQHQWHVDVDEHU
$KRUDELHQORVDUWtFXORV\GHO5HJODPHQWRGH4XHMDV\'HQXQFLDVGHO,QVWLWXWR)HGHUDO
(OHFWRUDOHVWDEOHFHQORVLJXLHQWH
µ>«@
$UWtFXOR
)LQDOLGDGGHORVSURFHGLPLHQWRVVDQFLRQDGRUHV
/RV SURFHGLPLHQWRV SUHYLVWRV HQ HVWH 5HJODPHQWR WLHQHQ SRU ILQDOLGDG GHWHUPLQDU OD
H[LVWHQFLD GH IDOWDV D OD QRUPDWLYLGDG HOHFWRUDO IHGHUDO \ OD UHVSRQVDELOLGDG DGPLQLVWUDWLYD
PHGLDQWHODYDORUDFLyQGHORVPHGLRVGHSUXHEDHLQGLFLRVTXHDSRUWHQODVSDUWHV\HQVX
FDVRGHDTXHOORVTXHVHREWHQJDQGHODLQYHVWLJDFLyQTXHUHDOLFHODDXWRULGDGHOHFWRUDO
$UWtFXOR
)RUPDHQTXHVHUHDOL]DUiODLQYHVWLJDFLyQ
/DLQYHVWLJDFLyQSDUDHOFRQRFLPLHQWRFLHUWRGHORVKHFKRVVHUHDOL]DUiSRUHO,QVWLWXWRGH
IRUPDVHULDFRQJUXHQWHLGyQHDHILFD]H[SHGLWDFRPSOHWD\H[KDXVWLYD
>«@¶
$VtPLVPRORVDUWtFXORV\GHORUGHQDPLHQWROHJDOTXHVHFRPHQWDHQORTXHLQWHUHVD
GLVSRQHORVLJXLHQWH
µ>«@
$UWtFXOR
3URFHGLPLHQWRVVDQFLRQDGRUHV
/RVSURFHGLPLHQWRVTXHVHUHJXODQVRQ
D6DQFLRQDGRU2UGLQDULR
E(VSHFLDO6DQFLRQDGRU
F2WURVSURFHGLPLHQWRVDGPLQLVWUDWLYRVSDUDHOFRQRFLPLHQWRGHIDOWDVDO&yGLJR
«
(OSURFHGLPLHQWRHVSHFLDOVDQFLRQDGRUVHUiLQVWUXPHQWDGRHQORVFDVRVVLJXLHQWHV
«
F'HQWURGHOSURFHVRHOHFWRUDODQLYHOFHQWUDOSRUODVIDOWDVVLJXLHQWHV
,3RUIDOWDVVHxDODGDVHQOD%DVH,,,GHODUWtFXORGHOD&RQVWLWXFLyQ\ODVTXHVHUHILHUHQ
HQJHQHUDODLUUHJXODULGDGHVHLQFXPSOLPLHQWRVVREUHODVSUHUURJDWLYDV\WLHPSRVGLVSRQLEOHV
SDUD SDUWLGRV SROtWLFRV \ DXWRULGDGHV HOHFWRUDOHV HQ UDGLR \ WHOHYLVLyQ D FRQWUDWDFLRQHV GH
SDUWLGRVSROtWLFRVSHUVRQDVRSDUWLFXODUHVGHWLHPSRVSDUDWUDQVPLWLUSURSDJDQGDSROtWLFDR
HOHFWRUDO HQ UDGLR \ WHOHYLVLyQ D SURSDJDQGD SROtWLFD R HOHFWRUDO GH SDUWLGRV SROtWLFRV TXH
FDOXPQLH D ODV SHUVRQDV R GHQLJUH D ODV LQVWLWXFLRQHV DVt FRPR D SXEOLFLGDG GH JRELHUQR
HPLWLGDGXUDQWHODVFDPSDxDV
$UWtFXOR
6XMHWRVVDQFLRQDEOHV
6RQ VXMHWRV GH UHVSRQVDELOLGDG SRU LQIUDFFLRQHV FRPHWLGDV D OD QRUPDWLYLGDG HOHFWRUDO
IHGHUDOGHFRQIRUPLGDGFRQORGLVSXHVWRSRUORVDUWtFXORV\GHO&yGLJR
D/RVSDUWLGRVSROtWLFRV«
F/RVDVSLUDQWHVSUHFDQGLGDWRV\FDQGLGDWRVDFDUJRVGHHOHFFLyQSRSXODU«
H/RVFLXGDGDQRVRFXDOTXLHUSHUVRQDItVLFDRPRUDO
«
M/RVFRQFHVLRQDULRV\SHUPLVLRQDULRVGHUDGLRRWHOHYLVLyQ
>«@¶
'H ORV GLVSRVLWLYRV OHJDOHV WUDQVFULWRV HVWD 6DOD 6XSHULRU HVWLPD TXH HV LQGHELGR TXH OD
DXWRULGDG UHVSRQVDEOH QR REVWDQWH WHQHU FRQRFLPLHQWR GH OD WUDQVPLVLyQ GHO SURPRFLRQDO
FXHVWLRQDGR SRU SDUWH GH ODV HPSUHVDV WHOHYLVRUDV KD\D RPLWLGR HPSOD]DUODV DO
SURFHGLPLHQWRGHPpULWRVHJ~QTXHGyHVWDEOHFLGRSRUHVWD6DOD6XSHULRUHQHOH[SHGLHQWH
6835$3\DFXPXODGRV
$Vt OD UHVSRQVDEOH GHMy GH DFWXDU HQ HO VHQWLGR DSXQWDGR D~Q FXDQGR HVWDED REOLJDGD D
LQYHVWLJDUODVSUHVXQWDVFRQGXFWDVDWULEXLGDVDGLFKRVPHGLRVGHFRPXQLFDFLyQFRQIRUPHD
ORGLVSXHVWRSRUODQRUPDWLYLGDGHOHFWRUDO
(Q ODV UHODWDGDV FLUFXQVWDQFLDV UHVXOWD LQFXHVWLRQDEOH TXH OD DXWRULGDG UHVSRQVDEOH VH
HQFRQWUDEDREOLJDGDDOODPDUDO3URFHGLPLHQWR$GPLQLVWUDWLYR(VSHFLDO6DQFLRQDGRUTXHQRV
RFXSDDODVWHOHYLVRUDVUHIHULGDV
$KRUDELHQSRUFXDQWRKDFHDODSUHVXQWDUHVSRQVDELOLGDGTXHVHDWULEX\HDO3DUWLGR$FFLyQ
1DFLRQDO LJXDOPHQWH HVWD 6DOD 6XSHULRU HVWLPD TXH OD DXWRULGDG UHVSRQVDEOH GHELy
HPSOD]DUORDO3URFHGLPLHQWR$GPLQLVWUDWLYR(VSHFLDO6DQFLRQDGRUGHTXHVHWUDWDWRGDYH]
TXHHQHOPLVPRVHGHQXQFLDEDVXVXSXHVWDSDUWLFLSDFLyQGHORVKHFKRVFXHVWLRQDGRV
$GLFLRQDOPHQWH OD UHVSRQVDEOH GHELy HPSOD]DU D OD DVRFLDFLyQ µ8QLGDG )DPLOLDU
4XLQWDQDUURHQVH¶$&SRUFRQGXFWRGH)UH\GD0DU\EHO9LOOHJDV&DQFKpTXLHQVHRVWHQWD
FRPR VX 3UHVLGHQWD DO DGYHUWLU GH OR VXVWDQFLDGR TXH SRGtD HVWDU LPSOLFDGD HQ DOJXQD
LUUHJXODULGDG GHULYDGD GH OD VXSXHVWD FRQWUDWDFLyQ GH ORV VSRWV \ FLQWLOORV GH WHOHYLVLyQ
DFUHGLWDGRV
(IHFWLYDPHQWH FRQIRUPH DO FULWHULR VRVWHQLGR SRU HVWD 6DOD 6XSHULRU HO 3URFHGLPLHQWR
$GPLQLVWUDWLYR(VSHFLDO6DQFLRQDGRUWLHQHFRPRILQDOLGDGHQWUHRWUDVSUHYHQLUODFRQGXFWD
GHVSOHJDGD SRU DTXHOODV SHUVRQDV ItVLFDV R PRUDOHV LQIUDFWRUDV \ HQ VX FDVR VDQFLRQDU
GLFKD FRQGXFWD FXDQGR pVWD VH HQFXHQWUH GHELGDPHQWH DFUHGLWDGD HQ HVWH VHQWLGR HQ HO
SURFHGLPLHQWR VXPDULR TXH VH FRPHQWD OD UHVSRQVDEOH GHELy UHDOL]DU HO DQiOLVLV GH ODV
FRQGXFWDV LPSXWDGDV D GLFKRV PHGLRV GH FRPXQLFDFLyQ \ HQ VX FDVR D µ8QLGDG )DPLOLDU
4XLQWDQDUURHQVH¶ $ & \ DO 3DUWLGR $FFLyQ 1DFLRQDO D OD OX] GH ODV REOLJDFLRQHV OHJDOHV
SUHYLVWDVHQODQRUPDWLYLGDGHOHFWRUDO\DYRFDUVHDODLQGDJDFLyQGHORVKHFKRVDVtFRPRD
OD UHDOL]DFLyQ GH ODV LQYHVWLJDFLRQHV UHVSHFWLYDV HPSOD]iQGRORV DO SURFHGLPLHQWR HQ
FXHVWLyQ SRU OR TXH VX DFWXDU RPLVR UHVXOWD FRQWUDULR D GHUHFKR \ YXOQHUD ORV SULQFLSLRV \
ELHQHVMXUtGLFRVWXWHODGRVHQPDWHULDHOHFWRUDO
&RQVHFXHQWHPHQWH OD UHVROXFLyQ GLFWDGD HQ HO H[SHGLHQWH 6&*3(-'45

HPLWLGD SRU HO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO UHVXOWD FRQWUDULD D GHUHFKR
SXHV OD DXWRULGDG UHVSRQVDEOH GHELy LQGDJDU ORV KHFKRV GHQXQFLDGRV \ UHDOL]DU ODV
LQYHVWLJDFLRQHVDWLQHQWHVDILQGHGHWHUPLQDUODUHVSRQVDELOLGDGHQTXHSXGLHURQLQFXUULUODV
FLWDGDV WHOHYLVRUDV \ HQ VX FDVR D µ8QLGDG )DPLOLDU 4XLQWDQDUURHQVH¶ $ & \ DO 3DUWLGR
$FFLyQ1DFLRQDOSRUHOSURPRFLRQDO\FLQWLOORVSDJDGRVSRUODLQGLFDGDDVRFLDFLyQFLYLO
(QPpULWRGHORDQWHULRUFRQEDVHHQODVFRQVLGHUDFLRQHVTXHVHKDQH[SXHVWRDOUHVXOWDU
IXQGDGRV ORV DJUDYLRV DQDOL]DGRV OR SURFHGHQWH HV UHYRFDU OD UHVROXFLyQ HPLWLGD SRU HO
&RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO UHVSHFWR GHO 3URFHGLPLHQWR $GPLQLVWUDWLYR
(VSHFLDO 6DQFLRQDGRU LQVWDXUDGR HQ FRQWUD GH )UH\GD 0DU\EHO 9LOOHJDV &DQFKp SDUD HO
HIHFWRGHTXHODDXWRULGDGUHVSRQVDEOHGHQWURGHODVFXDUHQWD\RFKRKRUDVVLJXLHQWHVDOD
QRWLILFDFLyQ GH OD SUHVHQWH VHQWHQFLD UHSRQJD HO SURFHGLPLHQWR GH FRQIRUPLGDG FRQ ORV
DUWtFXORV LQFLVRV D H L GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV (OHFWRUDOHV HPSOD]DQGR DO 3DUWLGR $FFLyQ 1DFLRQDO D OD DXGLHQFLD GH
SUXHEDV \ DOHJDWRV SUHVFULWD HQ HO DUWtFXOR QXPHUDO GHO FLWDGR &yGLJR FRQWLQXDQGR
FRQHOSURFHGLPLHQWRHQWpUPLQRVGHOH\
3RU OR TXH KDFH D ODV HPSUHVDV WHOHYLVRUDV TXH WUDQVPLWLHURQ HO SURPRFLRQDO \ FLQWLOORV
FXHVWLRQDGRVDVtFRPRDµ8QLGDG)DPLOLDU4XLQWDQDUURHQVH¶$&ODDXWRULGDGUHVSRQVDEOH
GHEHUiLQLFLDUHOSURFHGLPLHQWRUHVSHFWLYRFRQIRUPHDGHUHFKR
'HORDQWHULRUGHEHUiGDUVHDYLVRSRUHVFULWRDHVWD6DOD6XSHULRUGHQWURGHODVYHLQWLFXDWUR
KRUDVVLJXLHQWHV
3RU ODV FRQVLGHUDFLRQHV DQWHULRUHV \ DO KDEHU VLGR UHYRFDGD OD UHVROXFLyQ LPSXJQDGD
FROPDQGR FRQ HOOR OD SUHWHQVLyQ GHO DFWRU UHVXOWD LQQHFHVDULR DQDOL]DU HO UHVWR GH VXV
DJUDYLRVSODQWHDGRVHVSHFLDOPHQWHHODUJXPHQWRGHODFWRUHQHOTXHVHTXHMDGHODIDOWDGH
DGPLVLyQGHODVSUXHEDVVXSHUYHQLHQWHVTXHIXHURQRIUHFLGDVHQODDXGLHQFLDGHSUXHEDV\
DOHJDWRV \D TXH KD TXHGDGR UHYRFDGR OR DFWXDGR \ OD PLVPD WHQGUi TXH UHSHWLUVH FRQ OD
SDUWLFLSDFLyQGHOQXHYRVXMHWRHPSOD]DGRTXHGDQGRODUHVSRQVDEOHHQOLEHUWDGGHDFRUGDU
OR TXH HQ GHUHFKR SURFHGD (Q HVH VHQWLGR LJXDOPHQWH UHVXOWDUtD RFLRVR DQDOL]DU HO
DUJXPHQWRGHODFWRUHQHOTXHDUJX\HTXHODUHVSRQVDEOHQRGLFWyODVPHGLGDVQHFHVDULDV
SDUDHYLWDUTXHORVLOtFLWRVFRPSUREDGRVVHVLJXLHUDQVXFHGLHQGRWRGDYH]TXHDOUHYRFDUVH
ODUHVROXFLyQLPSXJQDGDODUHVSRQVDEOHTXHGDQXHYDPHQWHHQSOHQDFDSDFLGDGGHYDORUDU
ODSHUWLQHQFLDGHODVPLVPDV\GLFWDUORTXHHQGHUHFKRSURFHGD
3RUORH[SXHVWR\IXQGDGRVH
5(68(/9(
81,&2 6H UHYRFD OD UHVROXFLyQ &* HPLWLGD HO YHLQWLQXHYH GH PDU]R GH GRV PLO
QXHYH SRU HO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO GHQWUR GHO H[SHGLHQWH
6&*3(-'45SDUDORVHIHFWRVSUHFLVDGRVHQODSDUWHILQDOGHOFRQVLGHUDQGR
WHUFHURGHHVWDVHQWHQFLD
«´
;;9,(OWUHLQWDGHDEULOGHGRVPLOQXHYHHO6HFUHWDULR(MHFXWLYRHQVXFDUiFWHUGH6HFUHWDULRGHO&RQVHMR
*HQHUDOGHO,QVWLWXWR)HGHUDO(OHFWRUDOGLFWyHOVLJXLHQWHSURYHtGR
³«
9,672 HO HVWDGR TXH JXDUGDQ ORV DXWRV GHO SUHVHQWH H[SHGLHQWH FRQ IXQGDPHQWR HQ OR
GLVSXHVWRHQHODUWtFXORIUDFFLRQHV,9\9GHO(VWDWXWRGHO6HUYLFLR3URIHVLRQDO(OHFWRUDO
\GHO3HUVRQDOGHO,QVWLWXWR)HGHUDO(OHFWRUDODVtFRPRHQHO6HJXQGR3XQWRGHGHO$FXHUGR
*HQHUDOGHO7ULEXQDO(OHFWRUDOGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQDOFULWHULRHPLWLGR
SRU GLFKR yUJDQR MXULVGLFFLRQDO FRQWHQLGR HQ OD WHVLV UHOHYDQWH FX\R UXEUR HV ³',$6 12
/$%25$'26 325 /$ $8725,'$' 5(63216$%/( 12 '(%(1 &20387$56( (1 (/
3/$=2 /(*$/ 3$5$ 352029(5 0(',26 '( ,038*1$&,21´ \ DO DFXHUGR SXEOLFDGR
HQHO'LDULR2ILFLDOGHOD)HGHUDFLyQGHODIHFKDHQTXHVHDFW~DHPLWLGRSRUOD6HFUHWDUtD
GH 6DOXG LQWLWXODGR ³$FXHUGR PHGLDQWH HO FXDO VH RUGHQD OD VXVSHQVLyQ GH ODERUHV HQ OD
$GPLQLVWUDFLyQ 3~EOLFD )HGHUDO \ HQ HO VHFWRU SURGXFWLYR GH WRGR HO WHUULWRULR QDFLRQDO
GXUDQWHHOSHULRGRTXHFRPSUHQGHGHORDOGHPD\RGHOSUHVHQWHDxR´PHGLDQWHHOFXDO
GLFKDLQVWLWXFLyQDQWHODFRQWLQJHQFLDVDQLWDULDSRUODTXHDWUDYLHVDHOSDtVH[KRUWDDWRPDU
ODV PHGLGDV QHFHVDULDV SDUDFRQWURODUOD SURSDJDFLyQGHO YLUXVGHODLQIOXHQ]D\FRQVLGHUD
LQKiELOHV ORV GtDV DQWHV VHxDODGRV 6( $&8(5'$

6XVSpQGDQVH HO FRPSXWR GH ORV GtDV R D GH PD\R GHO SUHVHQWH DxR SDUD HO
FXPSOLPLHQWRGHORVSOD]RVDTXHVHUHILHUHHODUWtFXORSiUUDIRGHO&yGLJR)HGHUDOGH
,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVHQODWUDPLWDFLyQGHOH[SHGLHQWHHQTXHVHDFW~D
\5HDOtFHVHODFHUWLILFDFLyQFRUUHVSRQGLHQWH
,QIyUPHVHGHOSUHVHQWHDFXHUGRDOD6DOD6XSHULRUGHO7ULEXQDO(OHFWRUDOGHO3RGHU
-XGLFLDOGHOD)HGHUDFLyQ
$VtORSURYH\y\ILUPDHO6HFUHWDULR(MHFXWLYRHQVXFDUiFWHUGH6HFUHWDULR
GHO&RQVHMR*HQHUDOGHO,QVWLWXWR)HGHUDO(OHFWRUDOGHFRQIRUPLGDGFRQORGLVSXHVWRSRUORV
DUWtFXORV SiUUDIR LQFLVRV K \ Z SiUUDIR LQFLVR E HQ UHODFLyQ FRQ OR
GLVSXHVWR HQ HO DUWtFXOR SiUUDIR LQFLVR F GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV (OHFWRUDOHV SXEOLFDGR HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ HO FDWRUFH GH
HQHUR GH GRV PLO RFKR PLVPR TXH HQWUy HQ YLJRU D SDUWLU GHO TXLQFH GH HQHUR GHO PLVPR
DxR«´
;;9,, (Q FXPSOLPLHQWR D OR RUGHQDGR HQ HO SURYHtGR DQWHV UHIHULGR VH UHDOL]y OD FHUWLILFDFLyQ
FRUUHVSRQGLHQWH GHQWUR GH ORV DXWRV GHO H[SHGLHQWH TXH VH LQGLFD DO HStJUDIH DVLPLVPR HO 6HFUHWDULR
(MHFXWLYRHQVXFDUiFWHUGH6HFUHWDULRGHO&RQVHMR*HQHUDOGHO,QVWLWXWR)HGHUDO(OHFWRUDOJLUyDOD0DJLVWUDGD
3UHVLGHQWDGHOD6DOD6XSHULRUGHO7ULEXQDO(OHFWRUDOGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQHORILFLRLGHQWLILFDGR
FRQ OD FODYH 6&* GH IHFKD SULPHUR GH PD\R GH GRV PLO QXHYH PHGLDQWH HO FXDO VH KL]R GH VX
FRQRFLPLHQWR HO SURYHtGR UHIHULGR HQ HO UHVXOWDQGR TXH DQWHFHGH PLVPR TXH OH IXH QRWLILFDGR HO PLVPR
SULPHURGHPD\R
;;9,,,(OVHLVGHPD\RGHGRVPLOQXHYHHO6HFUHWDULR(MHFXWLYRHQVXFDUiFWHUGH6HFUHWDULRGHO&RQVHMR
*HQHUDOGHO,QVWLWXWR)HGHUDO(OHFWRUDOGLFWRHOVLJXLHQWHSURYHtGR
³«
6($&8(5'$$JUpJXHVHDORVDXWRVGHOH[SHGLHQWHHQTXHVHDFW~DODFRSLDFHUWLILFDGD
GHODVHQWHQFLDGHFXHQWDSDUDORVHIHFWRVOHJDOHVDTXHKD\DOXJDU7RGDYH]TXHOD+
6DOD 6XSHULRU GHO 7ULEXQDO (OHFWRUDO GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ UHYRFy OD
GHWHUPLQDFLyQ WRPDGD SRU HO &RQVHMR *HQHUDO GH HVWH ,QVWLWXWR )HGHUDO (OHFWRUDO HQ HO
H[SHGLHQWH TXH VH LQGLFD DO HStJUDIH D HIHFWR GH TXH HVWD DXWRULGDG UHSRQJD HO
SURFHGLPLHQWR FRQ HO ILQ GH HPSOD]DU DO 3DUWLGR $FFLyQ 1DFLRQDO DVt FRPR D OD 8QLGDG
)DPLOLDU 4XLQWDQDUURHQVH $& \ D ODV 7HOHYLVRUDV UHVSRQVDEOHV GH OD GLIXVLyQ GH ORV
SURPRFLRQDOHV D TXH DOXGH HO 3DUWLGR GH OD 5HYROXFLyQ 'HPRFUiWLFD OR SURFHGHQWH HV
RUGHQDU VX HPSOD]DPLHQWR QR REVWDQWH HOOR HVWD DXWRULGDG FRQVLGHUD QHFHVDULR GHMDU HQ
FODURTXHGHODVGLYHUVDVGLOLJHQFLDVGHLQYHVWLJDFLyQTXHVHUHDOL]DURQHQHOSURFHGLPLHQWR
LQGLFDGRDOHStJUDIH~QLFDPHQWHVHWXYRFRQRFLPLHQWRGHTXHODWHOHYLVRUDTXHGLIXQGLyORV
SURPRFLRQDOHV DQWHV DOXGLGRV IXH OD HPSUHVD GHQRPLQDGD 7HOHYLVRUD GH &DQF~Q 6$ GH
&9 ³79&81´(V SRU OR
DQWHULRU TXH VH RUGHQD HPSOD]DU DO , 5HSUHVHQWDQWH 3URSLHWDULR GHO 3DUWLGR $FFLyQ
1DFLRQDODQWHHO&RQVHMR*HQHUDOGHO,QVWLWXWR)HGHUDO(OHFWRUDO,,5HSUHVHQWDQWHOHJDOGH
OD$VRFLDFLyQ&LYLOGHQRPLQDGD8QLGDG)DPLOLDU4XLQWDQDUURHQVH\,,,5HSUHVHQWDQWHOHJDO
GH OD HPSUHVD GHQRPLQDGD 7HOHYLVRUD GH &DQF~Q 6$ GH &9 ³79&81´ FRUULpQGROH
WUDVODGR GH OD GHQXQFLD DVt FRPR GH WRGDV ODV FRQVWDQFLDV TXH REUDQ HQ DXWRV
$VLPLVPRHQFXPSOLPLHQWRDORPDQGDWDGRSRUOD6DOD6XSHULRUGHO7ULEXQDO(OHFWRUDOGHO
3RGHU-XGLFLDOGHOD)HGHUDFLyQVHVHxDODQODVRQFHKRUDVGHOGtDRQFHGHPD\RGHGRVPLO
QXHYH SDUD TXH VH OOHYH D FDER OD DXGLHQFLD GH SUXHEDV \ DOHJDWRV D TXH VH UHILHUH HO
DUWtFXOR GHO FyGLJR IHGHUDO HOHFWRUDO OD FXDO KDEUi GH HIHFWXDUVH HQ ODV RILFLQDV TXH
RFXSD OD 6HFUHWDUtD (MHFXWLYD GHO ,QVWLWXWR )HGHUDO (OHFWRUDO VLWD HQ 9LDGXFWR 7ODOSDQ
Q~PHUR (GLILFLR ³$´ SODQWD DOWD &RORQLD $UHQDO 7HSHSDQ 'HOHJDFLyQ 7ODOSDQ
&3 HQ HVWD FLXGDG &tWHVH D ODV SDUWHV SDUD TXH SRU Vt R D WUDYpV GH VX
UHSUHVHQWDQWHOHJDOFRPSDUH]FDQDODDXGLHQFLDDQWHVUHIHULGDDSHUFLELGDVTXHHQFDVRGH
QR FRPSDUHFHU D OD PLVPD SHUGHUiQ VX GHUHFKR SDUD KDFHUOR 6H LQVWUX\H D 0DXULFLR
2UWL]$QGUDGH$QJHO,YiQ/ODQRV/ODQRV5XEpQ)LHUUR9HOi]TXH].DUHQ(OL]DEHWK9HUJDUD
0RQWXIDU -RVp +HUPLQLR 6ROtV *DUFtD ,VPDHO $PD\D 'HVLGHULR 0LJXHO $QJHO %DOWD]DU
9HOi]TXH] 'DYLG $OHMDQGUR $YDORV *XDGDUUDPD 'DQLHO &RUWpV $UDXMR :HQG\ /ySH]
+HUQiQGH] $OIUHGR 9pUWL] )ORUHV 5RGULJR 2VYDOGR 0RQWR\D $UUR\R 1DGLD -DQHW &KRUHxR
5RGUtJXH]6DQWLDJR-DYLHU+HUQiQGH]2VHJXHUD$GULDQD0RUDOHV7RUUHV)UDQFLVFR-XiUH]
)ORUHV-XOLR&pVDU-DFLQWR$OFRFHU3DROD)RQVHFD$OED\0DUFR9LQLFLR*DUFtD*RQ]iOH]
SHUVRQDODGVFULWRDOD'LUHFFLyQ-XUtGLFDGHHVWH,QVWLWXWR\$SRGHUDGRV/HJDOHVGHOPLVPR
SDUDTXHFRDG\XYHQGHVHUHOFDVRFRQHO9RFDO(MHFXWLYRGHOD-XQWD'LVLWULWDOGHHVWH
,QVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR SDUD OD QRWLILFDFLyQ GHO SUHVHQWH SURYHtGR D ODV
SDUWHV$VLPLVPRVHLQVWUX\HDOD0WUD5RVD0DUtD&DQR0HOJR]D\DORV/LFHQFLDGRVHQ
'HUHFKR .DUHQ (OL]DEHWK 9HUJDUD 0RQWXIDU 0DXULFLR 2UWL] $QGUDGH 5XEpQ )LHUUR
9HOi]TXH],VPDHO$PD\D'HVLGHULR-RVp+HUPLQLR6ROtV*DUFtD$UWXUR0DUWtQGHO&DPSR
0RUDOHV 3DROD )RQVHFD $OED \ 0DUFR 9LQLFLR *DUFtD *RQ]iOH] 'LUHFWRUD -XUtGLFD
6XEGLUHFWRUHV\-HIHVGH'HSDUWDPHQWRGHOD'LUHFFLyQGH4XHMDVWRGRVGHHVWH,QVWLWXWR
SDUDTXHFRQMXQWDRVHSDUDGDPHQWHFRDG\XYHQHQHOGHVDKRJRGHODDXGLHQFLDGHPpULWR
+HFKR OR DQWHULRU VH SURFHGHUi D HODERUDU HO SUR\HFWR GH UHVROXFLyQ HQ WpUPLQRV GH OR
SUHYLVWRHQHO DUWtFXORSiUUDIRGHO&yGLJR)HGHUDO GH,QVWLWXFLRQHV\3URFHGLPLHQWRV
(OHFWRUDOHV \ $ HIHFWR GH GDU GHELGR FXPSOLPLHQWR D OR LQVWUXLGR SRU HO yUJDQR Pi[LPR
MXULVGLFFLRQDO HQ PDWHULD HOHFWRUDO HQ OD VHQWHQFLD GLFWDGD HQ HO UHFXUVR GH DSHODFLyQ
LGHQWLILFDGRFRQODFODYH6835$3GpVHOHDYLVRGHOGLFWDGRGHOSUHVHQWHSURYHtGR
$VtORSURYH\y\ILUPDHO6HFUHWDULR(MHFXWLYRHQVXFDUiFWHUGH6HFUHWDULR
GHO&RQVHMR*HQHUDOGHO,QVWLWXWR)HGHUDO(OHFWRUDOGHFRQIRUPLGDGFRQORGLVSXHVWRSRUORV
DUWtFXORV SiUUDIR LQFLVRV K \ Z SiUUDIR LQFLVR E HQ UHODFLyQ FRQ OR
GLVSXHVWR HQ HO DUWtFXOR SiUUDIR LQFLVR F GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV(OHFWRUDOHV«´
;;,;(QFXPSOLPLHQWRDORRUGHQDGRHQHOSURYHtGRDQWHVUHIHULGRHO6HFUHWDULR(MHFXWLYRHQVXFDUiFWHU
GH 6HFUHWDULR GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO JLUy ORV RILFLRV LGHQWLILFDGRV FRQ ODV FODYHV
6&* 6&* 6&* 6&* \ 6&* GLULJLGRV D )UH\GD 0DU\EHO
9LOOHJDV &DQFKp D ORV 5HSUHVHQWDQWHV GHO 3DUWLGR GH OD 5HYROXFLyQ 'HPRFUiWLFD GH OD $VRFLDFLyQ &LYLO
GHQRPLQDGD 8QLGDG )DPLOLDU 4XLQWDQDUURHQVH GH OD 7HOHYLVRUD GH &DQF~Q 6$ GH &9 ³79&81´ \ GHO
3DUWLGR$FFLyQ1DFLRQDOUHVSHFWLYDPHQWH0LVPRVTXHIXHURQQRWLILFDGRVHOVLHWHGHPD\RGHGRVPLOQXHYH
;;;(ORQFHGHPD\RGHGRVPLOQXHYHVHOOHYyDFDERODDXGLHQFLDGHSUXHEDV\DOHJDWRVRUGHQDGDHQ
HO SXQWR Q~PHUR WUHV GHO SURYHtGR GH VHLV DQWHULRU HQ WpUPLQRV GH OR SUHYLVWR HQ HO DUWtFXOR GHO FyGLJR
FRPLFLDOIHGHUDOPLVPDTXHVHWUDQVFULEH
(1 /$ &,8'$' '( 0(;,&2 ',675,72 )('(5$/ 6,(1'2 /$6 21&( +25$6 &21 75(,17$ <
75(6 0,18726 '(/ ',$ 21&( '( 0$<2 '( '26 0,/ 18(9( +25$ < )(&+$ 6(f$/$'$6
3$5$ (/ '(6$+2*2 '( /$ $8',(1&,$ '( 358(%$6 < $/(*$726 $ 48( 6( 5(),(5( (/
$57,&8/2 '(/ &2',*2 )('(5$/ '( ,167,78&,21(6 < 352&(',0,(1726
(/(&725$/(6 &2167,78,'26 (1 /$6 ,167$/$&,21(6 48( 2&83$ /$ 6(&5(7$5,$
(-(&87,9$ '(/ ,167,7872 )('(5$/ (/(&725$/ $17( /$ 35(6(1&,$ '( /$ /,&(1&,$'$
.$5(1 (/,=$%(7+ 9(5*$5$ 02178)$5 68%',5(&725$ $'6&5,7$ $ /$ ',5(&&,21
-85,',&$'(/,167,7872)('(5$/(/(&725$/48,(1$75$9(6'(/2),&,26&*
'( )(&+$ 6(,6 '( /26 &255,(17(6 )8( ,16758,'$ 325 (/ 6(&5(7$5,2 (-(&87,92 (1
68 &$5$&7(5 '( 6(&5(7$5,2 '(/ &216(-2 *(1(5$/ '( (67( ,167,7872 3$5$ /$
&21'8&&,21 '( /$ 35(6(17( $8',(1&,$ 325 /2 48( &21 )81'$0(172 (1 /2
(67$%/(&,'2(1/26$57,&8/26<%$6(,,,$3$57$'2''(/$&2167,78&,21
32/,7,&$'(/26(67$'2681,'260(;,&$1263$55$)2,1&,626$<%<
'(/ &2',*2 )('(5$/ '( ,167,78&,21(6 < 352&(',0,(1726 (/(&725$/(6
180(5$/(6 < '(/ 5(*/$0(172 '( 48(-$6 < '(181&,$6 '(/ ,167,7872
)('(5$/(/(&725$/$57,&8/263$55$)2,1&,620<3$55$)2,1&,626$<
+ < 3$55$)2 '(/ 5(*/$0(172 ,17(5,25 '(/ ,167,7872 )('(5$/ (/(&725$/ $6,
&202 325 /2 25'(1$'2 0(',$17( 3529(,'2 '( )(&+$ 6(,6 '( 0$<2 '(/ $f2 (1
&8562 (0,7,'2 325 (67$ $8725,'$' '(1752 '(/ (;3(',(17( (1 (/ 48( 6( $&78$
3529(,'2 (1 (/ 48( 6( 25'(12 &,7$5 $ /$ '(181&,$'$ /$ & )5(<'$ 0$5<%(/
9,//(*$6 &$1&+( $/ '(181&,$17( $/(-$1'52 -$1,7=,2 5$026 +(51$1'(=
5(35(6(17$17( 3523,(7$5,2 '(/ 3$57,'2 '( /$ 5(92/8&,21 '(02&5$7,&$ $17( (/
&216(-2 ',675,7$/ '( (67( ,167,7872 (1 (/ (67$'2 '( 48,17$1$ 522 $/
5(35(6(17$17( 3523,(7$5,2 '(/ 3$57,'2 $&&,21 1$&,21$/ $17( (/ &216(-2
*(1(5$/'((67(,167,7872$/5(35(6(17$17(/(*$/'(7(/(9,625$'(&$1&816$
'( &9 ³79&81´ $6, &202 $/ 5(35(6(17$17( /(*$/ '( /$ $62&,$&,21 &,9,/ 81,'$'
)$0,/,$5 48,17$1$552(16( 3$5$ 48( &203$5(&(=&$1 $17( (67$ $8725,'$' <
'(6$+2*(1/$$8',(1&,$'(0(5,72
6( +$&( &2167$5 48( &203$5(&( &202 '(181&,$17( (/
&-$,0(0,*8(/&$67$f('$6$/$6$6(625'(/$5(35(6(17$&,21'(/3$57,'2'(/$
5(92/8&,21 '(02&5$7,&$ 48,(1 6( ,'(17,),&$ &21 &5('(1&,$/ 3$5$ 927$5 &21
)272*5$),$ (;3(','$ 325 (/ ,167,7872 )('(5$/ (/(&725$/ &21 180(52 '( )2/,2
/$6 3$57(6 '(181&,$'$6 /$ & )5(<'$ 0$5<%(/ 9,//(*$6 &$1&+(
48,(16(,'(17,),&$&21/$&5('(1&,$/3$5$927$5&21)272*5$),$(;3(','$$68
)$925 325 (/ ,167,7872 )('(5$/ (/(&725$/ &21 180(52 '( )2/,2 (/
& -$,0( +8*2 7$/$1&21 0$57,1(= (1 5(35(6(17$&,21 '(/ 3$57,'2 $&&,21
1$&,21$/ 48,(1 6( '(6(03(f$ &202 $6(625 '( ',&+$ 5(35(6(17$&,21 (1 (/
,167,7872 )('(5$/ (/(&725$/ < 6( ,'(17,),&$ &21 &5('(1&,$/ 3$5$ 927$5 &21
)272*5$),$ (;3(','$ 325 (/ ,167,7872 )('(5$/ (/(&725$/ &21 180(52 '( )2/,2
3(5621$/,'$' 48( 7,(1( '(%,'$0(17( $&5(',7$'$ (1 /26 $5&+,926
'( (67( ,167,7872 (/ 5(35(6(17$17( /(*$/ '( 7(/(9,625$ '( &$1&81 6$ '( &9
³79&81´ 48,(1 6( ,'(17,),&$ &21 (/ 3$6$3257( 180(52 (;3(','2 325
/$ 6(&5(7$5,$ '( 5(/$&,21(6 (;7(5,25(6 $6, &202 &21 /$ (6&5,785$ 38%/,&$
180(52 '( )(&+$ 9(,17,&8$752 '( 6(37,(0%5( '( '26 0,/ 6,(7( 3$6$'$ $17(
/$ )( '(/ 127$5,2 38%/,&2 $/9$52 52%(572 %$48(,52 &$&(5(6 7,78/$5 '( /$
127$5,$(1(/(67$'2'(<8&$7$1$6,&202(/&-25*(*,/%(5723$55$02*8(/
&202 5(35(6(17$17( '( /$ $62&,$&,21 &,9,/ '(120,1$'$ 81,'$' )$0,/,$5
48,17$1$552(16( 48,(1 6( ,'(17,),&$ &21 &5('(1&,$/ 3$5$ 927$5 &21
)272*5$),$ (;3(','$ 325 (/ ,167,7872 )('(5$/ (/(&725$/ &21 180(52 '( )2/,2
$6, &202 &21 /$ (6&5,785$ 38%/,&$ 180(52 &,1&2 0,/ '26&,(1726
75(,17$<2&+2(0,7,'$(/75(&('((1(52'('260,/18(9($17(/$7,78/$5'(/$
127$5,$38%/,&$180(529(,17,'26/,&(1&,$'$<2/$1'$62/,62/9(5(68%,&$'$(1
(/081,&,3,2'(,6/$08-(5(648,17$1$522'2&80(1726&8<2625,*,1$/(66(/(6
'(98(/9(1 $ /26 ,17(5(6$'26 < 6( 25'(1$ $*5(*$5 81$ &23,$ '( /26 0,6026
&202 $1(;26 $ /$ 35(6(17( $&7$ $&72 6(*8,'2 6(
/(65(&212&($/26&203$5(&,(17(6/$3(5621(5,$&2148(6(267(17$1
&217,18$1'2 &21 (/ '(6$+2*2 '( /$
35(6(17( ',/,*(1&,$ &21 )81'$0(172 (1 /2 ',638(672 (1 (/ $57,&8/2
3$55$)2 ,1&,62 $ '(/ &2',*2 )('(5$/ '( ,167,78&,21(6 < 352&(',0,(1726
(/(&725$/(6 (1 5(/$&,21 &21 (/ ,1&,62 $ 3$55$)2 '(/ $57,&8/2 '(/
5(*/$0(172'(48(-$6<'(181&,$6'(/,167,7872)('(5$/(/(&725$/6,(1'2/$6
21&( +25$6 &21 75(,17$ < 18(9( 0,18726 '( /$ )(&+$ (1 48( 6( $&78$ 6( /(
&21&('((/862'(/$3$/$%5$$/$3$57('(181&,$17(+$67$32548,1&(0,18726
3$5$ 48( 5(680$ (/ +(&+2 027,92 '( '(181&,$ < +$*$ 81$ 5(/$&,21 '( /$6
358(%$6 48( $ 68 -8,&,2 /$ &2552%25$ (1 862 '( /$ 3$/$%5$
(/&-$,0(0,*8(/&$67$f('$6$/$60$1,)(672/26,*8,(17(48(&203$5(=&2(1
/$ $8',(1&,$ 5$7,),&$1'2 72'26 < &$'$ 812 '( /$6 358(%$6 5($/,=$'$6 '( /$6
&8$/(6 6( '(635(1'( 48( (6 (9,'(17( /$ &8/3$ ,1 9,*,/$1'2 '(/ 3$57,'2 $&&,21
1$&,21$/ < /$ 35202&,21 3(5621$/,=$'$ '( 0$5<%(/ 9,//(*$6 &$1&+( (1
&$0,21(6(63(&7$&8/$5(6%$5'$6<35202&,21$/(6(17(/(9,6,21
6,(1'2 72'2 /2 48( '(6($ 0$1,)(67$5 (1 (/ 35(6(17(
$68172/$ 6(&5(7$5,$ '(/ ,167,7872 )('(5$/ (/(&725$/ +$&(
&2167$548(6,(1'2/$621&(+25$6&21&8$5(17$<'260,18726'(/$)(&+$(1
48(6($&78$6('$325&21&/8,'$/$,17(59(1&,21'(/&-$,0(0,*8(/&$67$f('$
6$/$6 3$5$ /26 ()(&726 /(*$/(6 &21'8&(17(6&217,18$1'2 &21
(/ '(6$+2*2 '( /$ 35(6(17( ',/,*(1&,$ &21 )81'$0(172 (1 /2 ',638(672 (1 (/
$57,&8/2 3$55$)2 ,1&,62 % '(/ &2',*2 )('(5$/ '( ,167,78&,21(6 <
352&(',0,(1726 (/(&725$/(6 (1 5(/$&,21 &21 /2 35(9,672 (1 (/ ,1&,62 %
3$55$)2 '(/ 180(5$/ '(/ 5(*/$0(172 '( 48(-$6 < '(181&,$6 '(/ ,167,7872
)('(5$/ (/(&725$/ 6,(1'2 /$6 21&( +25$6 &21 &8$5(17$ < '26 0,18726 '( /$
)(&+$ (1 48( 6( $&78$ 6( /( &21&('( (/ 862 '( /$ 3$/$%5$ /$6 3$57(6
'(181&,$'$6 +$67$ 325 75(,17$ 0,18726 3$5$ 48( 0$1,),(67(1 /2 $ 48( 68
'(5(&+2 &219(1*$ (1 35,0(5 7(50,12 6( &21&('( (/ 862 '( /$ 3$/$%5$ $ /$
&)5(<'$0$5<%(/9,//(*$6&$1&+(
(1 862 '( /$ 3$/$%5$ /$ & )5(<'$ 0$5<%(/ 9,//(*$6 &$1&+( 0$1,)(672 /2
6,*8,(17( 5$7,),&2 72'$6 < &$'$ 81$ '( 686 3$57(6 '(/ (6&5,72 '( $/(*$726
35(6(17$1'2 (1 )(&+$ 9(,17,6,(7( '( 0$5=2 '(/ $f2 (1 &85626,(1'2 72'2 /2
48( '(6($ 0$1,)(67$5 (1 (/ 35(6(17( $68172 /$ 6(&5(7$5,$ '(/ ,167,7872
)('(5$/ (/(&725$/ +$&( &2167$5 48( 6,(1'2 /$6 21&( +25$6 &21 &8$5(17$ <
6(,60,18726 '(/$)(&+$ (148(6($&78$6('$325&21&/8,'$ /$,17(59(1&,21
'( /$ & )5(<'$ 0$5<%(/ 9,//(*$6 &$1&+( 3$5$ /26 ()(&726 /(*$/(6
&21'8&(17(6&217,18$1'2 &21 (/ '(6$+2*2 '( /$ 35(6(17(
',/,*(1&,$ 6( /( &21&('( (/ 862 '( /$ 3$/$%5$ $/ 5(35(6(17$17( /(*$/ '(
7(/(9,625$ '( &$1&81 6$ '( &9 ³79&81´ $ ),1 '( 48( (1 81 7,(032 12 0$<25 $
75(,17$0,187260$1,),(67(/248($68'(5(&+2&219(1*$
(1 862 '( /$ 3$/$%5$ (/ & 5(35(6(17$17( /(*$/ '( 7(/(9,625$ '(
&$1&81 6$ '( &9 ³79&81´ 0$1,)(672 /2 6,*8,(17( 48( 5$7,),&2 (/ (6&5,72
35(6(17$'2 (1 (67$ )(&+$6,(1'2 72'2 /2
48( '(6($ 0$1,1)(67$5 (1 (/ 35(6(17( $68172/$ 6(&5(7$5,$ '(/
,167,7872 )('(5$/ (/(&725$/ +$&( &2167$5 48( 6,(1'2 /$6 21&( +25$6 &21
&8$5(17$<18(9(0,18726'(/$)(&+$(148(6($&78$6('$325&21&/8,'$/$
,17(59(1&,21 '(/ 5(35(6(17$17( /(*$/ '( 7(/(9,625$ '( &$1&81 6$ '( &9
³79&81´3$5$/26()(&726/(*$/(6&21'8&(17(6
&217,18$1'2 &21 (/ '(6$+2*2 '( /$ 35(6(17(
',/,*(1&,$6,(1'2/$621&(+25$6&21&8$5(17$<18(9(0,18726'(/$)(&+$(1
48(6($&78$6(/(&21&('((/862'(/$3$/$%5$$/5(35(6(17$17(/(*$/'(/$
$62&,$&,21 &,9,/ 81,'$' )$0,/,$5 48,17$1$552(16( $ ),1 '( 48( (1 81 7,(032 12
0$<25$75(,17$081,7260$1,),(67(/248($68'(5(&+2&219(1*$
(1 862 '( /$ 3$/$%5$ (/ 5(35(6(17$17( /(*$/ '( $62&,$&,21 &,9,/ 81,'$'
)$0,/,$548,17$1552(16(0$1,)(672/26,*8,(17(48('(6(25$7,),&$5(172'$6
<&$'$81$'(6863$57(6(/(6&5,7235(6(17$'2(1)(&+$21&('(0$<2'('26
0,/18(9($6,&202/$$&5(',7$&,21'(0,5(35(6(17$&,21'(/$$62&,$&,21&,9,/
81,'$' )$0,/,$5 48,17$1$552(16( 6,(1'2 72'2 /2 48(
'(6($0$1,)(67$5(1(/35(6(17($68172/$6(&5(7$5,$'(/,167,7872
)('(5$/ (/(&725$/ +$&( &2167$5 48( 6,(1'2 /$6 21&( +25$6 &21 &,1&8(17$ <
'26 0,18726 '( /$ )(&+$ (1 48( 6( $&78$ 6( '$ 325 &21&/8,'$ /$ ,17(59(1&,21
'(/ 5(35(6(17$17( /(*$/ '( /$ $62&,$&,21 &,9,/ 81,'$' )$0,/,$5
48,17$1$552(16(3$5$/26()(&726/(*$/(6&21'8&(17(6
&217,18$1'2 &21 (/ '(6$+2*2 '( /$ 35(6(17(
',/,*(1&,$ 6,(1'2 /$6 21&( +25$6 &21 &,1&8(17$ < '26 0,18726 '( /$ )(&+$ (1
48( 6( $&78$ 6( /( &21&('( (/ 862 '( /$ 3$/$%5$ $/ & -$,0( +8*2 7$/$1&21
0$57,1(= $6(625 '( /$ 5(35(6(17$&,21 '(/ 3$57,'2 $&&,21 1$&,21$/ $ ),1 '(
48( (1 81 7,(032 12 0$<25 $ 75(,17$ 0,18726 0$1,),(67( /2 48( $ 68 '(5(&+2
&219(1*$(1 862
'( /$ 3$/$%5$ (/ & -$,0( +8*2 7$/$1&21 0$57,1(= 0$1,)(672 /2 6,*8,(17( (/
3$57,'2$&&,211$&,21$/+$&((175(*$(1(67($&72'(/(6&5,72325(/&8$/6(
)2508/$1 /26 $/(*$726 < '()(16$6 '( /$6 ,1)81'$'$6 ,0387$&,21(6 48( 6(
35(7(1'(1 $'-8',&$5 $ 0, 5(35(6(17$'2 &216,67(17(6 (1 +$%(5 )$/7$'2 $ 68
/$%25 '( 9,*,/$1&,$ 5(63(&72 '( /26 +(&+26 '(181&,$'26 (1 7$/ 6(17,'2 (/
3$57,'2$&&,211$&,21$/1,(*$&$7(*25,&$0(17(',&+$6,0387$&,21(6(19,578'
'( 48( (/ 81,&2 +(&+2 '(181&,$'2 '21'( 6( +$&( $/86,21 $ (67( ,167,7872
32/,7,&2 (1 $8726 6( (1&8(175$ '(%,'$0(17( $&5(',7$'2 48( (/ 0,602 )8(
3523,2'(81352&(62(/(&725$//2&$/(1(/(67$'2'(48,17$1$522(1(/$f2
'26 0,/ 6,(7( < 48( +$%,$ (1 &8562 81 352&(62 ,17(512 '( 6(/(&&,21 '(
&$1','$726 '(%,'$0(17( $&5(',7$'26 $17( /$ $8725,'$' (/(&725$/ /2&$/ (1
',&+$ (17,'$' < 325 7$172 &8$/48,(5 7,32 '( $&72 3523$*$1',67,&2 (5$ 3523,2
'(/352&(62(/(&725$/'(5()(5(1&,$&$%(6(f$/$548(7$/&,5&8167$1&,$(67$
'(%,'$0(17( $&5(',7$'$ (1 $8726 < '$'2 48( (/ 75,%81$/ (/(&725$/ 12
'(6/(*,7,021,1*81$'(/$6',/,*(1&,$65($/,=$'$6325(67$$8725,'$'6,1248(
81,&$0(17( 25'(12 /$ 5($/,=$&,21 '( 18(9$6 ',/,*(1&,$6 (6 '( $680,5 48( (/
1,9(/'(&219,&&,21'(',&+$6358(%$66(0$17,(1(),50((1/248(5(63(&7$$
/26+(&+265($/,=$'26325/$$62&,$&,21&,9,/81,'$')$0,/,$548,17$1$552(16(
7$032&2 (6 '$%/( $&(37$5 1,1*81 7,32 '( 5(63216$%,/,'$' '( 9,*,/$1&,$ 325
3$57('((67(,167,787232/,7,&262%5($&726<+(&+265($/,=$'2632568-(726
<(17,'$'(6 48(6((1&8(175$1)8(5$'(/$0%,72 3$57,',67$< )8(5$ '(/$0%,72
'( 81 352&(62 (/(&725$/ 6,(1'2 72'2
/2 48( '(6($ 0$1,)(67$5 (1 (/ 35(6(17( $68172/$ 6(&5(7$5,$ '(/
,167,7872 )('(5$/ (/(&725$/ +$&( &2167$5 48( 6,(1'2 /$6 21&( +25$6 &21
&,1&8(17$<18(9(0,18726'(/$)(&+$(148(6($&78$6('$325&21&/8,'$/$
,17(59(1&,21 '(/ & -$,0( +8*2 7$/$1&21 0$57,1(= 3$5$ /26 ()(&726 /(*$/(6
&21'8&(17(6$6,0,602 (67$ 6(&5(7$5,$ $&8(5'$ 48( 6(
7,(1(1 325 5(&,%,'26 /26 (6&5,726 35(6(17$'26 325 /$6 3$57(6 (1 /$ 35(6(17(
$8',(1&,$$(;&(3&,21'(/$&)5(<'$0$5<%(/9,//(*$6&$1&+(48,(1(1862'(
/$92=81,&$0(17(5$7,),&2(/(6&5,7235(6(17$'2(1/$',/,*(1&,$5($/,=$'$(/
9(,17,6,(7( '( 0$5=2 '(/ $f2 48( 75$16&855(9,672 (/
0$7(5,$/ 352%$725,2 $3257$'2 325 /$ 3$57( '(181&,$17( (1 (/ 35(6(17(
$68172 (/ &8$/ 6( (1&8(175$ ,'(17,),&$'2 '(1752 '(/ (6&5,72 '( '(181&,$ '(
2&+2 '( )(%5(52 '( '26 0,/ 18(9( $6, &202 $48(//$6 48( (67$ $8725,'$' (1
862 '( 686 )$&8/7$'(6 '( ,19(67,*$&,21 6( $//(*2 $/ 352&(',0,(172 '( 0(5,72
6,(1'2 (67$6 /$6 &216,67(17(6 (1 (/ 2),&,2 180(52 '(333 686&5,72
325 (/ ',5(&725 (-(&87,92 '( 35(552*$7,9$6 < 3$57,'26 32/,7,&26 '( (67(
,167,7872 (6&5,726 '( < '( )(%5(52 686&5,726 325 (/ 5(35(6(17$17(
3523,(7$5,2'(/3$57,'2$&&,211$&,21$/$17((/&216(-2*(1(5$/'(/,167,7872
)('(5$/ (/(&725$/ /$6 $&7$6 '( )(&+$6 < '( )(%5(52 '( /$ 35(6(17(
$18$/,'$'5($/,=$'$6325(/92&$/(-(&87,92'(/$-817$',675,7$/(-(&87,9$
'((67(,167,7872(1(/(67$'2'(48,17$1$522(6&5,726'('()(%5(52<
'( 0$5=2 72'26 '(/ $f2 (1 &8562 6,*1$'26 325 (/ ',5(&725 5(*,21$/ '(
7(/(9,625$ '( &$1&81 6$ '( &9 < $1(;26 48( 6( $&203$f$521 (/ ',9(562
2&8562'('(0$5=2'(/),50$'2325(/',5(&725*(1(5$/'(/$(035(6$
(1/$&(6 38%/,&,'$' ,17(*5$/ < (6&5,72 6,*1$'2 325 (/ $32'(5$'2 /(*$/ '(
$872&$5 &$1&81 6$ '( &9 < $1(;26 48( $&203$f2 $+25$ %,(1 325 /2 48(
+$&( $ /$6 358(%$6 35(6(17$'$6 6( 7,(1(1 325 $'0,7,'$6 72'$ 9(= 48( /$6
0,60$6 621 358(%$6 '2&80(17$/(6 < )8(521 2)5(&,'$6 (1 7(50,126 '( /2
',638(672 (1 (/ $57,&8/2 3$55$)2 '(/ &2',*2 )('(5$/ '( ,167,78&,21(6 <
352&(',0,(1726 (/(&725$/(6 0,60$6 48( 6( 7,(1(1 325 '(6$+2*$'$6 (1
$7(1&,21$683523,$<(63(&,$/1$785$/(=$
5(63(&72 '( /$6 358(%$6 7(&1,&$6 &216,67(17(6 (1 75(6 &'¶6 6( 7,(1(6
325 $'0,7,'$6 < '(6$+2*$'$6 72'$ 9(= 48( 6( 35(6(17$521 '( &21)250,'$' $
/2 ',638(672 (1 (/ $57,&8/2 3$55$)2 6(*81'2 '(/ &2',*2 )('(5$/ '(
,167,78&,21(6 < 352&(',0,(1726 (/(&725$/(6 5(6(59$1'2 68 9$/25$&,21 $/
020(172 '( )2508/$5 (/ 352<(&72 '( 5(62/8&,21 (1 &216(&8(1&,$ $/ 12
(;,67,5 358(%$6 3(1',(17(6 '( '(6$+2*$5 6( '$ 325 &21&/8,'$ /$ 35(6(17(
(7$3$ 352&(6$/ $ &217,18$&,21 &21 )81'$0(172 (1 /2 ',638(672
(1(/$57,&8/23$55$)2,1&,62''(/&2',*2'(/$0$7(5,$6,(1'2/$6'2&(
+25$6&216(,6'(/$)(&+$(148(6($&78$6(/(&21&('((/862'(/$3$/$%5$
$/'(181&,$17(3$5$48((1817,(032120$<25$48,1&(0,18726)2508/(/26
$/(*$72648($68,17(5(6&219(1*$(1862'(
/$3$/$%5$&-$,0(0,*8(/&$67$f('$6$/$60$1,)(672/26,*8,(17((135,0(5
7(50,12 '( /$ 6,03/( /(&785$ '( /$ (6&5,785$ 38%/,&$ &,1&2 0,/ '26&,(1726
75(,17$<2&+2(;3(','$325(/127$5,238%/,&29(,17,'26<2/$1'$62/,62/9(5(6
6('(635(1'($)2-$75(63817248,17248(+$67$(/',$75(&('((1(52'('26
0,/18(9(/$35(6,'(17$'(/$$62&,$&,21&,9,/81,'$')$0,/,$548,17$1$552(16(
325810(-25&$1&81$&(5$0$5<%(/9,//(*$6&$1&+(/248($&5(',7$<'(-$
(1&/$5248(7$172/$35(6,'(17$'(',&+$$62&,$&,21&202/$3(5621$48()8(
35202&,21$'$ (6 /$ 0,60$ $6,0,602 (1 ',&+2 '2&80(172 12 6( $&5(',7$ /$
5$=21 62&,$/ 1, (/ &$3,7$/ 62&,$/ '( ',&+$ $62&,$&,21 /2 48( (1 5(/$&,21 $ /$6
358(%$6&2167,78<(81(/(0(17248(6('(%(7(1(5(1&8(17$'(,*8$/)250$
6($&5(',7$48((/2%-(72'(',&+$$62&,$&,21126(&803/,2&21/$35202&,21
2$87235202&,21'(0$5<%(/9,//(*$6&$1&+(/248(6('(635('('(/$6,03/(
$35(&,$&,21'(/$6358(%$648(2%5$1(1(/(;3(',(17((648(',&+$$62&,$&,21
62/2 6,59,2 3$5$ 35202&,21$5 /$ ,0$*(1 '( 0$5<%(/ 9,//(*$6 &$1&+( '( ,*8$/
)250$ &2175$5,$0(17( $ /2 48( 6(f$/$ (/ 3$57,'2 $&&,21 1$&,21$/ (1 68
(6&5,72 $ )2-$ 75(6 < 79&81 $ )2-$ 9(,17,6,(7( '( 5(63(&7,92 '(%( '(&,56( 48(
&2175$5,$0(17($/2$+,6(f$/$'212(;,67,$81$&217,(1'$,17(51$'(/3$57,'2
$&&,21 1$&,21$/ 38(6 '( &21)250,'$' &21 /$ /(< (/(&725$/ '(/ (67$'2 '(
48,17$1$522(1686$57,&8/26%<8/7,023$55$)2 /$635(&$03$f$6
&21&/8<(521 (/ ',$ 6(,6 '( ',&,(0%5( '( '26 0,/ 6,(7( < /$ 352+,%,&,21
&2167,78&,21$/ (67$ 9,*(17( '(6'( (/ &$725&( '( 129,(0%5( '( '26 0,/ 2&+2
'(%,(1'2 '(&,56( 48( 79&81 12 9(5,),&2 (67$ 6,78$&,21 < 48( 7$172 (1 /26
35202&,21$/(6 ',)81','26 (1 '26 0,/ 6,(7( < '26 0,/ 2&+2 ',&+$ &2175$7$&,21
12 (67$%$ 3(50,7,'$ 6,(1'2 (/ &$62 48( (5$ (9,'(17( 48( 6( (67$%$ $17( 81$
$87235202&,2132/,7,&$<48(6,(5$5(63216$%,/,'$''(/$7(/(9,625$9(5,),&$5
48(126(,0&803/,(5$/2(67$%/(&,'2&21(/$57,&8/2'(/$&2167,78&,21
6,(1'2 72'2 /2 48( '(6($ 0$1,)(67$5 (1 (/ 35(6(17( $68172/$
6(&5(7$5,$ '(/ ,167,7872 )('(5$/ (/(&725$/ +$&( &2167$5 48( 6,(1'2 /$6
'2&( +25$6 &21 ',(&,6(,6 '( /$ )(&+$ (1 48( 6( $&78$ 6( '$ 325 &21&/8,'$ /$
,17(59(1&,21 '(/ & -$,0( 0,*8(/ &$67$f('$ 6$/$6 3$5$ /26 ()(&726 /(*$/(6
&21'8&(17(6 &217,18$1'2 &21 (/
'(6$+2*2 '( /$ 35(6(17( ',/,*(1&,$ &21 )81'$0(172 (1 /2 ',638(672 (1 (/
$57,&8/2 3$55$)2 ,1&,62 ' '(/ &2',*2 )('(5$/ '( ,167,78&,21(6 <
352&(',0,(1726(/(&725$/(66,(1'2/$6'2&(+25$6&21',(&,6,(7('(/$)(&+$
(1 48( 6( $&78$ 6( /( &21&('( (/ 862 '( /$ 3$/$%5$ $ /$ & )5(<'$ 0$5<%(/
9,//(*$6 &$1&+( 3$5$ 48( 81 7,(032 12 0$<25 $ 48,1&( 0,18726 )2508/( /26
$/(*$72648($68,17(5(6&219(1*$1
6( +$&( &2167$5 48( /$ & )5(<'$ 0$5<%(/ 9,//(*$6 &$1&+( 12
'(6($ 5($/,=$5 0$1,)(67$&,21 $/*81$
&217,18$1'2&21(/'(6$+2*2'(/$$8',(1&,$6(&(57,),&$48(6,(1'2/$6'2&(
+25$6&219(,17(0,18726'(/$)(&+$(16($&78$6(&21&('((/862'(/$92=
$/5(35(6(17$17(/(*$/'(7(/(9,625$'(&$1&816$'(&979&81$()(&72'(
48( (1 81 7,(032 12 0$<25 $ 48,1&( 0,1,726 0$1,)(67( /26 $/(*$726 48( $ 68
,17(5(6 &219(1*$1 (1 7(50,126 '( /2 ',638(672 (1 (/ $57,&8/2 3$55$)2
,1&,62''(/&2',*2(/(&725$/)('(5$/
(1 862 '( /$ 92= (/ 5(35(6(17$17( /(*$/ '( (035(6$
7(/(9,6,9$ $17(6 &,7$'$ 0$1,)(672 /2 6,*8,(17( 48( 325 (&2120,$ 352&(6$/
62/,&,726(7(1*$3255(352'8&,'26(/&$3,78/2'($/(*$726+(&+269$/(5325
0, 5(35(6(17$'$ 0(',$17( (6&5,72 35(6(17$'2 $17( (67$ $8725,'$' (1 (67$
0,60$ )(&+$6,(1'2
72'2/248('(6($0$1,)(67$5(1(/35(6(17($68172/$6(&5(7$5,$
'(/ ,167,7872 )('(5$/ (/(&725$/ &(57,),&$ 48( 6,(1'2 /$6 '2&( +25$6 &21
9(,17,&,1&2 0,18726 '( /$ )(&+$ (1 48( 6( $&78$ 6( '$ 325 &21&/8,'$ /$
3$57,&,3$&,21'(/5(35(6(17$17(/(*$/'(/$(035(6$7(/(9,6,9$5()(5,'$
&217,18$1'2 &21 (/ '(6$+2*2 '(
/$ 35(6(17( ',/,*(1&,$ 6( /( &21&('( (/ 862 '( /$ 92= $/ 5(35(6(17$17( '( /$
$62&,$&,21&,9,/81,'$')$0,/,$548,17$1$552(16((17(50,126'(/235(9,672(1
(/ $57,&8/2 3$55$)2 ,1&,62 ' '(/ &2',*2 &20,&,$/ )('(5$/ 3$5$ 48(
0$1,),(67((1$/(*$726/248($68,17(5(6&219(1*$
6,(1'2 /$6 '2&( +25$6 &21 9(,17,2&+2 0,18726 '( /$ )(&+$ (1
48( 6( $&78$ 6( /( &21&('( (/ 862 '( /$ 92= $/ 5(35(6(17$17( (1 &,7$ 48,(1
0$1,),(672 12 +$&(5 862 '( /$ 92= (1 /$ 35(6(17( 020(172 352&(6$//$
6(&5(7$5,$ '(/ ,167,7872 )('(5$/ (/(&725$/ &(57,),&$ 48( 6,(1'2 /$6 '2&(
+25$6 &21 75(,17$ < 81 0,18726 '( /$ )(&+$ (1 48( 6( $&78$ 6( '$ 325
&21&/8,'$ /$ 3$57,&,3$&,21 '(/ 5(35(6(17$17( /(*$/ '( /$ $62&,$&,21 &,9,/
81,'$' )$0,/,$5 48,17$1$552(16(&217,18$1'2 &21 (/
'(6$+2*2 '( /$ 35(6(17( ',/,*(1&,$ 6( /( &21&('( (/ 862 '( /$ 92= $/
5(35(6(17$17( '(/ 3$57,'2 $&&,21 1$&,21$/ (1 7(50,126 '( /2 35(9,672 (1 (/
$57,&8/2 3$55$)2 ,1&,62 ' '(/ &2',*2 &20,&,$/ )('(5$/ 3$5$ 48(
0$1,),(67((1$/(*$726/248($68,17(5(6&219(1*$
6,(1'2/$6'2&(+25$6&2175(,17$<75(60,18726'(
/$)(&+$(148(6($&78$6(/(&21&('((/862'(/$92=$/5(35(6(17$17('(/
3$57,'2 $&&,21 1$&,21$/ 48,(1 0$1,),(67$ /2 6,*8,(17( 81,&$0(17( 3$5$ /26
()(&726 /(*$/(6 $ 48( +$<$ /8*$5 +$&(5 &2167$5 /$ 35(6(1&,$ (1 (67$
$8',(1&,$ '(/ & -8/,$1 /$5$ 0$/'21$'2 48,(1 $&78$/0(17( 6( '(6(03(f$ &202
$/72 )81&,21$5,2 '(/ *2%,(512 081,&,3$/ '( %(1,72 -8$5(= (1 (/ (67$'2 '(
48,17$1$ 522 (1 ',$ < +25$6 +$%,/(66,(1'2 72'2 /2
48( '(6($ 0$1,)(67$5 (1 (/ 35(6(17( $68172/$ 6(&5(7$5,$ +$&(
&2167$548(6,(1'2/$6'2&(+25$6&2175(,17$<2&+20,18726'(/$)(&+$(1
48(6($&78$6('$325&21&/8,'$/$,17(59(1&,21'(/5(35(6(17$17(/(*$/'(/
3$57,'2 $&&,21 1$&,21$//$ 6(&5(7$5,$ '(/ ,167,7872 )('(5$/ (/(&725$/
$&8(5'$7(1*$16($/$63$57(6&217(1',(17(6)2508/$1'2/26$/(*$72648($
686,17(5(6(6&219,1,(521&21/248(6(&,(55$(/3(5,2'2'(,16758&&,21325
/2 48( 352&('$ /$ 6(&5(7$5,$ $ )2508/$5 (/ 352<(&72 '( 5(62/8&,21 '(1752
'(/7(50,12 35(9,672325/$/(<(/&8$/'(%(5$6(535(6(17$'2$/35(6,'(17(
'(/&216(-2*(1(5$/'(/,167,7872)('(5$/(/(&725$/3$5$/26()(&726/(*$/(6
352&('(17(6(1 (67( $&72 6( 0$1),(67$ 48( &21 5(/$&,21 $ /$6 62/,&,78'(6
+(&+$6325/$63$57(6/$60,60$66(5$1$7(1','$6$/ 020(172 '((/$%25$5 (/
352<(&72'(5(62/8&,215(63(&7,92
(19,578''(/2$17(5,25<72'$9(=48(6(+$'(6$+2*$'2(1
686 7(50,126 /$ $8',(1&,$ 25'(1$'$ (1 $8726 6,(1'2 /$6 '2&( +25$6 &21
&8$5(17$0,18726'(/',$21&('(0$<2'('260,/18(9(6('$325&21&/8,'$/$
0,60$),50$1'2$/0$5*(1<$/&$/&(/2648((1(//$,17(59,1,(521&2167(
«´
;;;,(QYLUWXGGHTXHVHKDGHVDKRJDGRHQVXVWpUPLQRVHOSURFHGLPLHQWRHVSHFLDOVDQFLRQDGRUSUHYLVWR
HQORVDUWtFXORVSiUUDIRLQFLVRESiUUDIRV\SiUUDIR\GHO&yGLJR)HGHUDOGH
,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVVHSURFHGLyDHODERUDUHOSUR\HFWRGHUHVROXFLyQSRUORTXH
&216,'(5$1'2
35,0(52 4XH HQ WpUPLQRV GHO DUWtFXOR EDVH ,,, GH OD &RQVWLWXFLyQ 3ROtWLFD GH ORV (VWDGRV 8QLGRV
0H[LFDQRVHQUHODFLyQFRQORVGLYHUVRVSiUUDIRLQFLVRVDEH\I\SiUUDIRGHO&yGLJR
)HGHUDOGH,QVWLWXFLRQHV \3URFHGLPLHQWRV (OHFWRUDOHVHO ,QVWLWXWR)HGHUDO(OHFWRUDOHVXQ RUJDQLVPRS~EOLFR
DXWyQRPR GHSRVLWDULR GH OD IXQFLyQ HVWDWDO GH RUJDQL]DU HOHFFLRQHV LQGHSHQGLHQWH HQ VXV GHFLVLRQHV \
IXQFLRQDPLHQWR\SURIHVLRQDOHQVXGHVHPSHxRFX\RVILQHVIXQGDPHQWDOHVVRQFRQWULEXLUDOGHVDUUROORGHOD
YLGD GHPRFUiWLFD SUHVHUYDU HO IRUWDOHFLPLHQWR GHO UpJLPHQ GH SDUWLGRV SROtWLFRV JDUDQWL]DU OD FHOHEUDFLyQ
SHULyGLFD\SDFtILFDGHODVHOHFFLRQHV\YHODUSRUODDXWHQWLFLGDG\HIHFWLYLGDGGHOVXIUDJLR
6(*81'2 4XH HO DUWtFXOR SiUUDIR GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV
(OHFWRUDOHVHVWDEOHFHFRPRyUJDQRFHQWUDOGHO,QVWLWXWR)HGHUDOHOHFWRUDODO&RQVHMR*HQHUDO\ORIDFXOWDSDUD
YLJLODU HO FXPSOLPLHQWR GH ODV GLVSRVLFLRQHV FRQVWLWXFLRQDOHV \ OHJDOHV HQ PDWHULD HOHFWRUDO DVt FRPR YHODU
SRUTXH ORV SULQFLSLRV GH FHUWH]D OHJDOLGDG LQGHSHQGHQFLD LPSDUFLDOLGDG \ REMHWLYLGDG JXtHQ WRGDV ODV
DFWLYLGDGHVGHO,QVWLWXWR
7(5&(52 4XH OD 6HFUHWDUtD GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO HV OD DXWRULGDG
FRPSHWHQWHSDUDWUDPLWDUHOSURFHGLPLHQWRDGPLQLVWUDWLYRHVSHFLDOVDQFLRQDGRUHQWpUPLQRVGHORGLVSXHVWRHQ
HO DUWtFXOR GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV \ VHUi OD HQFDUJDGD GH
HODERUDU HO SUR\HFWR GH UHVROXFLyQ FRUUHVSRQGLHQWH GHELHQGR SUHVHQWDUOR DQWH HO 3UHVLGHQWH GHO &RQVHMR
*HQHUDOGHpVWH,QVWLWXWRSDUDTXHpVWHFRQYRTXHDORVPLHPEURVGHGLFKR&RQVHMRDXQDVHVLyQHQODTXH
FRQR]FDQ\UHVXHOYDQVREUHHOFLWDGRSUR\HFWR
&8$5724XHWRGDYH]TXHHO5HSUHVHQWDQWHOHJDOGHODSHUVRQDPRUDO³7HOHYLVRUDGH&DQF~Q6$GH
&9´ KL]R YDOHU FDXVDV GH SUHYLR \ HVSHFLDO SURQXQFLDPLHQWR ODV FXDOHV VH GHVSUHQGHQ GH VX HVFULWR
SUHVHQWDGRHORQFHGHPD\RGHODxRHQFXUVRGXUDQWHODDXGLHQFLDGHSUXHEDV\DOHJDWRVORSURFHGHQWHHV
HVWXGLDUODV
(QHVHRUGHQGHLGHDVODVPLVPDVVRQGHOWHQRUVLJXLHQWH
Ŷ )DOWD GH IXQGDPHQWDFLyQ \ PRWLYDFLyQ GHO RILFLR PHGLDQWH HO FXDO VH OH HPSOD]D DO SUHVHQWH
SURFHGLPLHQWR LGHQWLILFDGR FRQ OD FODYH 6&* SRU OR TXH VH UHILHUH D ODV IDFXOWDGHV \
DWULEXFLRQHVGHO6HFUHWDULRGHO&RQVHMR*HQHUDOGHHVWH,QVWLWXWR
6HFRQVLGHUDTXHODFDXVDTXHKDFHYDOHUHVLQRSHUDQWHWRGDYH]TXHVLELHQHQHORILFLRVHxDODGRQRVH
KL]RUHIHUHQFLDSUHFLVDUHVSHFWRGHORVSUHFHSWRVOHJDOHVPHGLDQWHORVFXDOHVHVWDDXWRULGDGORHPSOD]yDOD
DXGLHQFLDGHSUXHEDV\DOHJDWRVDTXHDOXGHHODUWtFXORSiUUDIRGHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\
3URFHGLPLHQWRV(OHFWRUDOHVORFLHUWRHVTXHHQHOPLVPRVHLQVHUWyHODFXHUGRPHGLDQWHHOFXDOHO6HFUHWDULR
(MHFXWLYR HQ VX FDUiFWHU GH 6HFUHWDULR GHO &RQVHMR *HQHUDO GH HVWH ,QVWLWXWR IXQGDPHQWy \ PRWLYy GLFKD
GHWHUPLQDFLyQ
$VLPLVPRQRVHOHGHMyGHQLQJXQDIRUPDHQHVWDGRGHLQGHIHQVLyQDODWHOHYLVRUDGHUHIHUHQFLDWRGDYH]
TXHVX5HSUHVHQWDQWHOHJDOFRPSDUHFLyDODSUHVHQWHDXGLHQFLDHLQFOXVRSUHVHQWyXQHVFULWRDWUDYpVGHFXDO
HQ HO FDStWXOR FRUUHVSRQGLHQWH D DOHJDWRV SUHWHQGLy GH PDQHUD FODUD GHVYLUWXDU ORV KHFKRV TXH VH OH
LPSXWDURQHVGHFLUUHDOL]yGLYHUVDVPDQLIHVWDFLRQHVWHQGHQWHVDVHxDODUHOPRWLYRSRUHOFXDOHVWDDXWRULGDG
QR GHEH FRQVLGHUDU TXH OD FRQWUDWDFLyQ \ GLIXVLyQ GH ORV SURPRFLRQDOHV GHQXQFLDGRV FRQVWLWX\HQ XQD
LQIUDFFLyQDODQRUPDWLYDHOHFWRUDO
(QFRQVHFXHQFLDVHFRQVLGHUDTXHHQHOFDVRQROHDVLVWHODUD]yQDO5HSUHVHQWDQWH/HJDOHQFLWDWRGD
YH]TXHFRPSDUHFLyDODDXGLHQFLDGHSUXHEDV\DOHJDWRVDTXHVHUHILHUHHODUWtFXORGHOFyGLJRFRPLFLDO
IHGHUDOHLQFOXVRPDQLIHVWyORTXHDVXGHUHFKRFRQYLQRDHIHFWRGHHYLGHQFLDUTXHHOODUHDOL]yXQFRQWUDWRGH
SUHVWDFLyQ GH VHUYLFLRV FRQ XQD $VRFLDFLyQ &LYLO TXH VHJ~Q VX GLFKR QR WLHQH QDGD TXH YHU FRQ DFWLYLGDGHV
SROtWLFDV\RHOHFWRUDOHVUD]yQSRUODFXDOQRHUDLQIUDFWRUGHODSURKLELFLyQGHYHQGHUHVSDFLRVWHOHYLVLYRVD
DVSLUDQWHVSUHFDQGLGDWRVFDQGLGDWRV\RSDUWLGRVSROtWLFRV
Ŷ $VLPLVPRKL]RYDOHUTXHGHODFXHUGRHPLWLGRSRUHO6HFUHWDULR(MHFXWLYRHQVXFDUiFWHUGH6HFUHWDULR
GHO&RQVHMR*HQHUDOGHHVWH,QVWLWXWRGHIHFKDGHPD\RGHODxRTXHWUDQVFXUUHQRVHGHVSUHQGH
SRUTXHHOSUHVHQWHSURFHGLPLHQWRVHWUDPLWyYtDHVSHFLDOVDQFLRQDGRU\QRDVtRUGLQDULR
$OUHVSHFWRFDEHVHxDODUTXHGHODFXHUGRHPLWLGRSRUHO6HFUHWDULR(MHFXWLYRHQVXFDUiFWHUGH6HFUHWDULR
GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO GH IHFKD VHLV GH PD\R GHO SUHVHQWH DxR HQ HO FXDO VH
RUGHQDHPSOD]DUDODVSDUWHVDOSURFHGLPLHQWRTXHHQHVWDYtDVHUHVXHOYHVHFLWDURQORVSUHFHSWRVTXHHQHO
FDVRUHVXOWDQDSOLFDEOHVHVGHFLUORVUHODWLYRVDODFRPSHWHQFLDGHGLFKRIXQFLRQDULRS~EOLFRSDUDVXVWDQFLDU
HOSURFHGLPLHQWRGHPDUUDVDVtFRPRHOUHIHUHQWHDODVKLSyWHVLVGHSURFHGHQFLDGHOHVSHFLDOVDQFLRQDGRU
(QHVHRUGHQGHLGHDVFDEHUHIHULUTXHORVKHFKRVTXHGLHURQRULJHQDOSUHVHQWHSURFHGLPLHQWRHVSHFLDO
VDQFLRQDGRU VH HQFXHQWUDQ EDMR ODV KLSyWHVLV D TXH VH UHILHUH HO DUWtFXOR GHO &yGLJR )HGHUDO GH
,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVHQHVSHFLILFRODVSUHYLVWDVHQORVLQFLVRVD\FGHOSiUUDIRGHO
DUWtFXORHQFRPHQWRPLVPDVTXHDODOHWUDHVWDEOHFHQ
³$UWtFXOR
«
D 9LROHQ OR HVWDEOHFLGR HQ OD %DVH ,,, GHO DUWtFXOR R HQ HO VpSWLPR SiUUDIR GHO DUWtFXOR
GHOD&RQVWLWXFLyQ
«
F &RQVWLWX\DQDFWRVDQWLFLSDGRVGHSUHFDPSDxDRFDPSDxD´
$VLPLVPRHVXQKHFKRS~EOLFR\QRWRULRTXHOD6DOD6XSHULRUGHO7ULEXQDO(OHFWRUDOGHO3RGHU-XGLFLDOGH
OD )HGHUDFLyQ DO UHVROYHU HO UHFXUVR GH DSHODFLyQ LGHQWLILFDGR FRQ HO Q~PHUR 6835$3 GH IHFKD
YHLQWLQXHYHGHDEULOGHGRVPLOQXHYHRUGHQyUHSRQHUHOSUHVHQWHSURFHGLPLHQWRDHIHFWRGHOODPDUHQWUHRWURV
VXMHWRV D OD WHOHYLVRUD HQ FRPHQWR D HIHFWR GH TXH HVWD DXWRULGDG GHWHUPLQDUD VL VH DFUHGLWDED DOJXQD
LUUHJXODULGDGSRUSDUWHGHVXUHSUHVHQWDGD\GLFKRyUJDQRMXULVGLFFLRQDOGHMyLQFyOXPHODYtDPHGLDQWHODFXDO
VHWUDPLWyHOPLVPRPRWLYRSRUHOFXDOODVXVWDQFLDFLyQGHOSUHVHQWHSURFHGLPLHQWRVHFRQWLQXyEDMRODVUHJODV
GHGLFKRSURFHGLPLHQWR
(Q HVH RUGHQ GH LGHDV FDEH UHIHULU TXH ODV FRQGXFWDV D TXH VH UHILHUH OD %DVH ,,, GHO DUWtFXOR
FRQVWLWXFLRQDOVHHQFXHQWUDQUHODFLRQDGDVFRQODV FRQGXFWDVSUHFLVDGDVHQHOFyGLJRIHGHUDOHOHFWRUDO HQ HO
DUWtFXOR SiUUDIR LQFLVRV D \ E PRWLYR SRU HO FXDO OD SUHVXQWD LQIUDFFLyQ D GLFKD QRUPD GHEH
GHVDKRJDUVH D WUDYpV GHO SURFHGLPLHQWR VXPDULR TXH HVWDEOHFH HO FyGLJR HQ FLWD HV GHFLU HO SURFHGLPLHQWR
HVSHFLDOVDQFLRQDGRU
(V SRU OR DQWHULRU TXH OD YtD SURFHGHQWH SDUD UHVROYHU OD SUHVXQWD UHVSRQVDELOLGDG GH 7HOHYLVRUD GH
&DQF~Q6$GH&9HVHOHVSHFLDOVDQFLRQDGRU
Ŷ 3RU ~OWLPR HO 5HSUHVHQWDQWH OHJDO HQ FLWD KDFH YDOHU TXH HQ HO GRFXPHQWR PHGLDQWH HO FXDO VH OH
HPSOD]y DO SUHVHQWH SURFHGLPLHQWR QR VH KDFH OD FLWD H[SUHVD GH ORV DUWtFXORV TXH IDFXOWDQ DO
6HFUHWDULR(MHFXWLYRGHHVWH,QVWLWXWRSDUDOODPDUDVXUHSUHVHQWDGDDGLFKRSURFHGLPLHQWR\FLWDUORD
ODDXGLHQFLDGHSUXHEDV\DOHJDWRV
$O UHVSHFWR VH HVWLPD TXH QR OH DVLVWH OD UD]yQ DO GHQXQFLDGR WRGD YH] TXH GH OD VLPSOH OHFWXUD GHO
SURYHtGRGHVHLVGHPD\RGHODxRTXHWUDQVFXUUHVHDGYLHUWHTXHVtIXHURQSUHFLVDGRVORVSUHFHSWRVOHJDOHV
PHGLDQWH ORV FXDOHV HO 6HFUHWDULR (MHFXWLYR HQ VX FDUiFWHU GH 6HFUHWDULR GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR
)HGHUDO(OHFWRUDOHPSOD]y\FLWyDVXUHSUHVHQWDGDDOD DXGLHQFLDGHSUXHEDV\DOHJDWRVDTXHVHUHILHUHHO
DUWtFXOR SiUUDIR GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV WDO FRPR VH
HYLGHQFLDDFRQWLQXDFLyQ
³«
«
9,67$ODFRSLDFHUWLILFDGDGHODVHQWHQFLDGHFXHQWDFRQIXQGDPHQWRHQORHVWDEOHFLGR
HQORVDUWtFXORV\GHOD&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV0H[LFDQRVDVt
FRPRORGLVSXHVWRHQORVDUWtFXORVSiUUDIRLQFLVRVDHLSiUUDIR
\ GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV HQ UHODFLyQ FRQ
ORVQXPHUDOHVSiUUDIRV\LQFLVRF,9SiUUDIR\GHO5HJODPHQWRGH4XHMDV
\'HQXQFLDVGHO,QVWLWXWR)HGHUDO(OHFWRUDO«
«
$Vt OR SURYH\y \ ILUPD HO 6HFUHWDULR (MHFXWLYR HQ VX FDUiFWHU GH 6HFUHWDULR GHO &RQVHMR
*HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO GH FRQIRUPLGDG FRQ OR GLVSXHVWR SRU ORV DUWtFXORV
SiUUDIRLQFLVRVK\ZSiUUDIRLQFLVREHQUHODFLyQFRQORGLVSXHVWRHQHO
DUWtFXOR SiUUDIR LQFLVR F GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV
(OHFWRUDOHV
«´
(Q HVH RUGHQ GH LGHDV HV XQ FULWHULR DSUREDGR SRU OD 6DOD 6XSHULRU GHO 7ULEXQDO (OHFWRUDO GHO 3RGHU
-XGLFLDO GH OD )HGHUDFLyQ TXH ORV DFWRV HPLWLGRV SRU ODV DXWRULGDGHV HOHFWRUDOHV DGPLQLVWUDWLYDV \R
MXULVGLFFLRQDOHV GHEHQ HVWDU GHELGDPHQWH IXQGDGRV \ PRWLYDGRV VLQ TXH VHD QHFHVDULR TXH VH IXQGDPHQWH
FDGDXQDGHODVSDUWHVGHODUHVROXFLyQ\RDFXHUGRHVGHFLUEDVWDTXHHQDOJXQDSDUWHGHGLFKRGRFXPHQWR
VHH[SRQJDQORVIXQGDPHQWRV\PRWLYRVTXHVXVWHQWHQODGHWHUPLQDFLyQGHPDUUDVSDUDTXHHVWDFXPSODFRQ
ORGLVSXHVWRHQHODUWtFXORGHOD&RQVWLWXFLyQIHGHUDO
/DVDQWHULRUHVFRQVLGHUDFLRQHVHQFXHQWUDQVXVWHQWRFRQORDSUREDGRSRUOD+6DOD6XSHULRUGHO7ULEXQDO
(OHFWRUDO GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ HQ OD WHVLV GH -XULVSUXGHQFLD LGHQWLILFDGD FRQ OD FODYH
6(/-PLVPDTXHDOHWUDVHLQVHUWD
³)81'$0(17$&,21 < 027,9$&,216( &803/( 6, (1 &8$/48,(5 3$57( '( /$
5(62/8&,216((;35(6$1/$65$=21(6<)81'$0(172648(/$6867(17$1
/HJLVODFLyQ GH $JXDVFDOLHQWHV \ VLPLODUHV²&RQIRUPH VH GLVSRQH HQ HO DUWtFXOR
IUDFFLyQ ,9 GH OD /H\ GHO 6LVWHPD GH 0HGLRV GH ,PSXJQDFLyQ HQ 0DWHULD (OHFWRUDO GHO
(VWDGR GH $JXDVFDOLHQWHV ORV DFXHUGRV UHVROXFLRQHV R VHQWHQFLDV TXH SURQXQFLHQ HO
&RQVHMR*HQHUDOGHO,QVWLWXWR(OHFWRUDOGHO(VWDGRORVFRQVHMRVGLVWULWDOHV\PXQLFLSDOHVDVt
FRPR HO WULEXQDO ORFDO HOHFWRUDO GHEHQ FRQWHQHU HQWUH RWURV UHTXLVLWRV ORV IXQGDPHQWRV
MXUtGLFRV\UD]RQDPLHQWRVOyJLFRMXUtGLFRVTXHVLUYDQGHEDVHSDUDODUHVROXFLyQRVHQWHQFLD
GH OR TXH VH GHGXFH TXH HV OD VHQWHQFLD UHVROXFLyQ R DFXHUGR HQWHQGLGR FRPR XQ DFWR
MXUtGLFR FRPSOHWR \ QR HQ XQD GH VXV SDUWHV OR TXH GHEH HVWDU GHELGDPHQWH IXQGDGR \
PRWLYDGRSRUORTXHQRH[LVWHREOLJDFLyQSDUDODDXWRULGDGMXULVGLFFLRQDOGHIXQGDU\PRWLYDU
FDGDXQRGHORVFRQVLGHUDQGRVHQTXHSRUUD]RQHVPHWRGROyJLFDVGLYLGHXQDVHQWHQFLDR
UHVROXFLyQ VLQR TXH ODV UHVROXFLRQHV R VHQWHQFLDV GHEHQ VHU FRQVLGHUDGDV FRPR XQD
XQLGDG\HQHVHWHQRUSDUDTXHFXPSODQFRQODVH[LJHQFLDVFRQVWLWXFLRQDOHV\OHJDOHVGHOD
GHELGD IXQGDPHQWDFLyQ \ PRWLYDFLyQ EDVWD TXH D OR ODUJR GH OD PLVPD VH H[SUHVHQ ODV
UD]RQHV \ PRWLYRV TXH FRQGXFHQ D OD DXWRULGDG HPLVRUD D DGRSWDU GHWHUPLQDGD VROXFLyQ
MXUtGLFDDXQFDVRVRPHWLGRDVXFRPSHWHQFLDRMXULVGLFFLyQ\TXHVHxDOHFRQSUHFLVLyQORV
SUHFHSWRVFRQVWLWXFLRQDOHV\OHJDOHVTXHVXVWHQWHQODGHWHUPLQDFLyQTXHDGRSWD
7HUFHUD(SRFD
-XLFLRGHUHYLVLyQFRQVWLWXFLRQDOHOHFWRUDO683-5&²3DUWLGRGHO7UDEDMR²GH
MXOLRGH²8QDQLPLGDGGHYRWRV
-XLFLR GH UHYLVLyQ FRQVWLWXFLRQDO HOHFWRUDO 683-5&²3DUWLGR GH OD 5HYROXFLyQ
'HPRFUiWLFD²GHHQHURGH²8QDQLPLGDGGHYRWRV
-XLFLR GH UHYLVLyQ FRQVWLWXFLRQDO HOHFWRUDO 683-5&²3DUWLGR GH OD 5HYROXFLyQ
'HPRFUiWLFD²GHHQHURGH²8QDQLPLGDGGHYRWRV
5HYLVWD -XVWLFLD (OHFWRUDO VXSOHPHQWR SiJLQDV 6DOD 6XSHULRU WHVLV
6(/-&RPSLODFLyQ2ILFLDOGH-XULVSUXGHQFLD\7HVLV5HOHYDQWHV
SiJLQDV´
&RQ EDVH HQ ODV FRQVLGHUDFLRQHV DQWHV YHUWLGDV VH GHVHVWLPDQ ODV FDXVDV GH SUHYLR \ HVSHFLDO
SURQXQFLDPLHQWRTXHHO5HSUHVHQWDQWHOHJDOGH7HOHYLVRUDGH&DQF~Q6$GH&9KL]RYDOHUDOFRPSDUHFHU
DOSUHVHQWHSURFHGLPLHQWR
48,1724XHXQDYH]TXHKDQVLGRFRQWHVWDGDVODVFDXVDOHVGHLPSURFHGHQFLDORSURFHGHQWHHVUHIHULU
TXHHQHOHVFULWRGHGHQXQFLDHO5HSUHVHQWDQWHGHO3DUWLGRGHOD5HYROXFLyQ'HPRFUiWLFDDQWHHO&RQVHMR
'LVWULWDO GH HVWH ,QVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR KL]R YDOHU FRPR PRWLYRV GH LQFRQIRUPLGDG TXH
OD&)UH\GD0DU\EHO9LOOHJDV&DQFKpKDYHQLGRUHDOL]DQGRDFWRVDQWLFLSDGRVGHSUHFDPSDxD\RFDPSDxDHQ
FRQWUDYHQFLyQ D OR GLVSXHVWR HQ HO DUWtFXOR SiUUDIR LQFLVR D GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV(OHFWRUDOHVDWUDYpVGHODUHDOL]DFLyQGHORVLJXLHQWH
x /D FRORFDFLyQ GH SURSDJDQGD FRQ VX QRPEUH \R LPDJHQ HQ EDUGDV HVSHFWDFXODUHV \ FDPLRQHV GH
WUDQVSRUWHHQORVGLVWULWRVHOHFWRUDOHVIHGHUDOHV\HQ4XLQWDQD5RR
x /D WUDQVPLVLyQ GH XQ SURPRFLRQDO HQ WHOHYLVLyQ TXH VHJ~Q VX GLFKR VH GLIXQGLy HQ HO PHV GH
GLFLHPEUH GH GRV PLO RFKR \ FX\R FRQWHQLGR HV ³+ROD VR\ WX DPLJD 0DU\EHO 9LOOHJDV KR\ HQ
$FFLyQ1DFLRQDOPHKDQDELHUWRODVSXHUWDV\DTXtKHLQLFLDGRRWUDHWDSDGHPLFDUUHUDSROtWLFD
FRQVFLHQWH GHO UHVSDOGR \ DIHFWR TXH KH UHFLELGR QR SRGtD GHMDU SDVDU OD RSRUWXQLGDG SDUD
DJUDGHFHUOH D WRGDV ODV IDPLOLDV HVDV LQQXPHUDEOHV PXHVWUDV GH FDULxR PXFKDV JUDFLDV IHOL]
QDYLGDG\SUyVSHURDxRQXHYR´
x 4XHODFLXGDGDQDUHIHULGDKDUHDOL]DGRDFWRVTXHOHSHUPLWHQREWHQHUXQDYHQWDMDLQGHELGDDOUHDOL]DU
DFWRV DQWLFLSDGRV GH FDPSDxD HQ VX FDOLGDG GH DVSLUDQWH SUHFDQGLGDWD FDQGLGDWD FRPR SHUVRQD
ItVLFDRFRPRSUHVLGHQWDGHXQD$VRFLDFLyQ&LYLO
x 4XHHO3DUWLGR$FFLyQ1DFLRQDOVHHQFRQWUDEDHQODREOLJDFLyQGHDGYHUWLUDODFLXGDGDQDGHQXQFLDGD
\VHxDODUTXHHOGHVSOLHJXHGHDFWLYLGDGHVGHDFWRVDQWLFLSDGRVGHSUHFDPSDxD\FDPSDxDHUDLOHJDO
\GHEtDDEVWHQHUVHGHUHDOL]DUORV
x 4XH FRQ OD GLIXVLyQ GH ORV SURPRFLRQDOHV H[LVWH SRU SDUWH GH OD FLXGDGDQD )UH\GD 0DU\EHO 9LOOHJDV
&DQFKpSURPRFLyQSHUVRQDOL]DGDGHVXLPDJHQ\GHVXSDUWLGR
x 4XH QR VH KDEOD QL GHO REMHWR VRFLDO QL GH ODV IXQFLRQHV R DSDUHFH FRPR HOHPHQWR FHQWUDO OD
$VRFLDFLyQ &LYLO 8QLGDG )DPLOLDU 4XLQWDQDUURHQVH VLQR SRU HO FRQWUDULR WRGR JLUD DOUHGHGRU GH OD
FLXGDGDQD)UH\GD0DULEHO9LOOHJDV&DQFKpTXHVyORSURPRFLRQDVXLPDJHQVLQRWURREMHWLYR
3DUD DSR\DU VXV DILUPDFLRQHV HO TXHMRVR DJUHJy D VX HVFULWR GH TXHMD GLYHUVDV IRWRJUDItDV \ QRWDV
SHULRGtVWLFDV SUHVXQWDPHQWH UHODFLRQDGDV FRQ ORV KHFKRV GHQXQFLDGRV TXH VH OH LPSXWDQ D OD FLXGDGDQD
3RUVXSDUWHODGHQXQFLDGDKL]RYDOHUFRPRGHIHQVDORVLJXLHQWH
x 4XHHOGHQXQFLDQWHDOVHxDODU³GXUDQWHORV~OWLPRVPHVHV\VHPDQDV´QRVHxDODGHPDQHUDFRQFUHWD
ORTXHSUHWHQGHDFUHGLWDUSXHVQRLQGLFDODVFLUFXQVWDQFLDVGHPRGR\WLHPSRTXHSXGLHVHQDIHFWDUVX
LQWHUpVMXUtGLFR
x 4XH UHVSHFWR D OD FRORFDFLyQ GH EDUGDV HO GHQXQFLDQWH QR VHxDOD HO GRPLFLOLR GRQGH VH HQFXHQWUD
FXiQGRIXHSLQWDGD\GHPiVFLUFXQVWDQFLDVGHWLHPSRPRGR\OXJDU
x 4XHFRQODSODFDIRWRJUiILFDGHOWUDQVSRUWHXUEDQRFRQHOQ~PHURHQODGHIHQVDWUDVHUDQRDFUHGLWD
QDGDSXHVQRSUHFLVDUSODFDVGHFLUFXODFLyQOtQHDWUDQVSRUWLVWDDODTXHSHUWHQHFHUXWDGHUHFRUULGR
VLQGHPRVWUDUFXDQGR\GRQGHIXHWRPDGDODIRWRJUDItDUHIHULGD
x 4XHUHVSHFWRGHOSURPRFLRQDOQRVHxDODODWHPSRUDOLGDGGHOPLVPRSXHVQRDFUHGLWDODIHFKDH[DFWD
GHVXWUDQVPLVLyQSRUORTXHHOGLFKRGHOGHQXQFLDQWHHVIDOVRIUDXGXOHQWRWHQGHQFLRVRHLOHJDO\D
TXH GHO HVFULWR GH IHFKD GH IHEUHUR GHO DxR VLJQDGR SRU HO 'LUHFWRU 5HJLRQDO \ DSRGHUDGR
OHJDO GH 7HOHYLVRUD GH &DQF~Q 6$ GH &9 ³WYFXQ´ GHO *UXSR 6LSVH GH 7HOHYLVD VH SUXHED
IHKDFLHQWHPHQWH TXH GLFKR PHQVDMH WHOHYLVLYR Vt VH WUDQVPLWLy SHUR HQ GLFLHPEUH GHO \ QR HQ
GLFLHPEUHGHOSRUORTXHHQODIHFKDHQTXHUHDOPHQWHVHWUDQVPLWLyHOPHQVDMHODGHQXQFLDGD
HVWDED OHJDOPHQWH UHJLVWUDGD FRPR DVSLUDQWH GH OD SUHFDQGLGDWXUD DO FDUJR GH 3UHVLGHQWH 0XQLFLSDO
GH%HQLWR-XiUH]4XLQWDQD5RRHQHOSURFHVRLQWHUQRGHSRVWXODFLyQGHFDQGLGDWRVGHO3DUWLGR$FFLyQ
1DFLRQDO
x 4XH FRQ OR H[SXHVWR SRU HO GHQXQFLDQWH VH FRPSUXHED IHKDFLHQWHPHQWH OD EXUGD IDOVLILFDFLyQ
UHDOL]DGD DO UHSURGXFLU LPiJHQHV FRUUHVSRQGLHQWHV D XQ PHQVDMH QDYLGHxR GHO DxR \
SUHWHQGLHQGR GRORVD H LOHJDOPHQWH HQJDxDU D HVWD DXWRULGDG HOHFWRUDO DO VREUHSRQHU D GLFKDV
LPiJHQHV XQ SHULyGLFR GHQRPLQDGR ³SRU HVWR´ SXEOLFDGR HQ XQD IHFKD QR SUHFLVDGD SRU HO
GHQXQFLDQWH SHUR FRUUHVSRQGLHQWH DO DxR LQWHQWDQGR SHUMXGLFDU \ FUHDU XQ GDxR LUUHSDUDEOH D
VXVGHUHFKRVSROtWLFRVHOHFWRUDOHVIRUPXODQGRSUHWHQVLRQHVTXHQRSXHGHQDOFDQ]DUVHMXUtGLFDPHQWH
GHPDQHUDOHJDOSRUVHUKHFKRVQRWRULDPHQWHLQH[LVWHQWHV
x 4XHQXQFDVHSURPRFLRQyGHPDQHUDSHUVRQDOFRQILQHVSROtWLFRVHOHFWRUDOHV
x 4XHQXQFDPHQFLRQyHOSURFHVRHOHFWRUDOQRVHUHILULyQLDSUHFDPSDxDRFDPSDxDHOHFWRUDODOJXQD
QLVROLFLWyHOYRWRDODFLXGDGDQtDQRH[SUHVySUR\HFWRSROtWLFRDOJXQRQRPHQFLRQyDQLQJ~QSDUWLGR
SROtWLFR QR KDEOy GH PLOLWDQFLD SDUWLGLVWD QR VH GLULJLy D VLPSDWL]DQWHV R HOHFWRUDGR QR UHILULy DO
,QVWLWXWR)HGHUDO(OHFWRUDOQLDO5HJLVWURGH(OHFWRUHVQLXUQDVQLEROHWDVQLFUHGHQFLDOSDUDYRWDUQL
OLVWDVQRPLQDOHVRSDGURQHVPDUFKDVPtWLQHVRFXDOTXLHUDOXVLyQFRQODTXHVHSXGLHUDYXOQHUDUOR
GLVSXHVWRHQHODUWtFXORSiUUDIRLQFLVRD
x 4XHVHUHJLVWUyHQHOSURFHVRLQWHUQRGHSRVWXODFLyQGHFDQGLGDWRVGHO3DUWLGR$FFLyQ1DFLRQDOHOGtD
PLpUFROHV GH IHEUHUR GHO PRPHQWR HQ HO FXDO \D KDEtD VLGR LQWHUSXHVWD OD GHQXQFLD HQ VX
FRQWUD \ TXH VX UHJLVWUR QR VH UHDOL]y DO FDUJR GH FDQGLGDWD D GLSXWDGD IHGHUDO SRU HO 3ULQFLSLR GH
5HSUHVHQWDFLyQ 3URSRUFLRQDO D 'LSXWDGD )HGHUDO FRPR DILUPD HO GHQXQFLDQWH VLQR TXH
HVSHFtILFDPHQWHHOUHJLVWURVHKL]RDQWHODLQVWDQFLDFRPSHWHQWHSDUWLGLVWDFRPRSUHFDQGLGDWDDOFDUJR
GH 'LSXWDGD )HGHUDO 3URSLHWDULD SRU HO 3ULQFLSLR GH 0D\RUtD 5HODWLYD DO 'LVWULWR (OHFWRUDO
8QLQRPLQDO
6(;72 4XH XQD YH] TXH KDQ VLGR UHVHxDGRV ORV PRWLYRV GH DJUDYLR DVt FRPR ODV H[FHSFLRQHV \
GHIHQVDVKHFKDVYDOHUSRUHO3DUWLGRGHOD5HYROXFLyQ'HPRFUiWLFD\OD&)UH\GD0DU\EHO9LOOHJDV&DQFKpOR
SURFHGHQWHHVHVWDEOHFHUODOLWLVGHODFXHVWLyQSODQWHDGDODFXDOFRQVLVWHHQGLOXFLGDUVLODFLXGDGDQDHQFLWD
LQFXUULyHQDOJXQDLQIUDFFLyQDODQRUPDWLYLGDGHOHFWRUDODOFRORFDUSURSDJDQGDHQEDUGDVHVSHFWDFXODUHV\R
FDPLRQHVGHWUDQVSRUWHS~EOLFRDVtFRPRFRQODVXSXHVWDWUDQVPLVLyQGHXQSURPRFLRQDOQDYLGHxRKHFKRV
TXHHQODHVSHFLHSRGUtDQFRQWUDYHQLUORGLVSXHVWRHQHOQXPHUDOSiUUDIRLQFLVRDGHO&yGLJR)HGHUDO
GH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHV
(QHVHVHQWLGRSDUDHOHVWXGLRGHORSODQWHDGRFRQYLHQHWHQHUSUHVHQWHVODVGHILQLFLRQHVFRQWHQLGDVHQ
ODVIXHQWHVOHJDOHV\UHJODPHQWDULDVDSOLFDEOHVUHODWLYDVDORVLJXLHQWH
5HJODPHQWRGH4XHMDV\'HQXQFLDVGHO,QVWLWXWR)HGHUDO(OHFWRUDO
$UWtFXOR
&XHVWLRQHVDSOLFDEOHVDOFDWiORJRGHLQIUDFFLRQHVFRQWHQLGDVHQHO&yGLJR
3RUORTXHKDFHDODVLQIUDFFLRQHVLPSXWDEOHVDORVSDUWLGRVSROtWLFRVGHEHUiDWHQGHUVHD
ORVLJXLHQWH
E 5HVSHFWR DO LQFXPSOLPLHQWR GH ODV REOLJDFLRQHV VHxDODGDV HQ HO DUWtFXOR GHO &yGLJR
DVt FRPR GH ORV VXSXHVWRV VHxDODGRV HQ HO DUWtFXOR GHO PLVPR RUGHQDPLHQWR
HVSHFtILFDPHQWH HQ OR UHODWLYR D OD FRORFDFLyQ ILMDFLyQ R SLQWD GH SURSDJDQGD HOHFWRUDO VH
HVWDUiDORVLJXLHQWH
9, /D SURSDJDQGD SROtWLFD FRQVWLWX\H HO JpQHUR GH ORV PHGLRV D WUDYpV GH ORV FXDOHV ORV
SDUWLGRVFLXGDGDQRV\RUJDQL]DFLRQHVGLIXQGHQVXLGHRORJtDSURJUDPDV\DFFLRQHVFRQHO
ILQGHLQIOXLUHQORVFLXGDGDQRVSDUDTXHDGRSWHQGHWHUPLQDGDVFRQGXFWDVVREUHWHPDVGH
LQWHUpV VRFLDO \ TXH QR VH HQFXHQWUDQ QHFHVDULDPHQWH YLQFXODGDV D XQ SURFHVR HOHFWRUDO
IHGHUDO
9,, 6H HQWHQGHUi SRU SURSDJDQGD HOHFWRUDO DO FRQMXQWR GH HVFULWRV SXEOLFDFLRQHV
LPiJHQHV JUDEDFLRQHV SUR\HFFLRQHV \ H[SUHVLRQHV TXH GXUDQWH OD FDPSDxD HOHFWRUDO
SURGXFHQ \ GLIXQGHQ ORV SDUWLGRV SROtWLFRV ORV FDQGLGDWRV UHJLVWUDGRV \ VXV VLPSDWL]DQWHV
FRQ HO SURSyVLWR GH SUHVHQWDU DQWH OD FLXGDGDQtD ODV FDQGLGDWXUDV UHJLVWUDGDV $VLPLVPR
TXH OD PLVPD FRQWHQJD ODV H[SUHVLRQHV YRWR YRWD YRWDU VXIUDJLR VXIUDJDU
FRPLFLRVHOHFFLyQHOHJLUSURFHVRHOHFWRUDO\FXDOTXLHURWUDVLPLODUYLQFXODGDFRQODV
GLVWLQWDVHWDSDVGHOSURFHVRHOHFWRUDO
7DPELpQVHUHIHULUiDODGLIXVLyQGHPHQVDMHVWHQGHQWHVDODREWHQFLyQGHOYRWRDIDYRUGH
DOJ~QVHUYLGRUS~EOLFRGHDOJ~QWHUFHURRGHDOJ~QSDUWLGRSROtWLFRDVSLUDQWHSUHFDQGLGDWRR
FDQGLGDWR
)LQDOPHQWH TXH FRQWHQJD FXDOTXLHU RWUR PHQVDMH VLPLODU GHVWLQDGR D LQIOXLU HQ ODV
SUHIHUHQFLDV HOHFWRUDOHV GH ORV FLXGDGDQRV D IDYRU R HQ FRQWUD GH DVSLUDQWHV
SUHFDQGLGDWRVFDQGLGDWRVRSDUWLGRVSROtWLFRV
F 5HVSHFWR GH ORV DFWRV DQWLFLSDGRV GH FDPSDxD \ SUHFDPSDxD VH HQWHQGHUi OR
VLJXLHQWH
,, $FWRV DQWLFLSDGRV GH FDPSDxD VH FRQVLGHUDUiQ FRPR WDOHV HO FRQMXQWR GH HVFULWRV
SXEOLFDFLRQHV LPiJHQHV JUDEDFLRQHV SUR\HFFLRQHV H[SUHVLRQHV DVt FRPR ODV UHXQLRQHV
S~EOLFDV DVDPEOHDV PDUFKDV \ HQ JHQHUDO DTXHOORV HQ TXH ORV SDUWLGRV VXV PLOLWDQWHV
YRFHURVRFDQGLGDWRVDXQFDUJRGHHOHFFLyQSRSXODUVHGLULJHQDOHOHFWRUDGRSDUDSURPRYHU
GLFKDV FDQGLGDWXUDV R VROLFLWDU HO YRWR D VX IDYRU DQWHV GH OD IHFKD GH LQLFLR GH ODV
FDPSDxDVHOHFWRUDOHVUHVSHFWLYDV
&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHV
$UWtFXOR
(OSURJUDPDGHDFFLyQGHWHUPLQDUiODVPHGLGDVSDUD
D 5HDOL]DU ORV SRVWXODGRV \ DOFDQ]DU ORV REMHWLYRV HQXQFLDGRV HQ VX GHFODUDFLyQ GH
SULQFLSLRV
E 3URSRQHUSROtWLFDVDILQGHUHVROYHUORVSUREOHPDVQDFLRQDOHV
F )RUPDU LGHROyJLFD \ SROtWLFDPHQWH D VXV DILOLDGRV LQIXQGLHQGR HQ HOORV HO UHVSHWR DO
DGYHUVDULR\DVXVGHUHFKRVHQODOXFKDSROtWLFD\
G 3UHSDUDUODSDUWLFLSDFLyQDFWLYDGHVXVPLOLWDQWHVHQORVSURFHVRVHOHFWRUDOHV
$UWtFXOR
/DFDPSDxDHOHFWRUDOSDUDORVHIHFWRVGHHVWH&yGLJRHVHOFRQMXQWRGHDFWLYLGDGHV
OOHYDGDV DFDERSRU ORVSDUWLGRVSROtWLFRVQDFLRQDOHVODV FRDOLFLRQHV\ORVFDQGLGDWRV
UHJLVWUDGRVSDUDODREWHQFLyQGHOYRWR
6HHQWLHQGHSRUDFWRVGHFDPSDxDODVUHXQLRQHVS~EOLFDVDVDPEOHDVPDUFKDV\HQ
JHQHUDODTXHOORVHQTXHORVFDQGLGDWRVRYRFHURVGHORVSDUWLGRVSROtWLFRVVHGLULJHQDO
HOHFWRUDGRSDUDSURPRYHUVXVFDQGLGDWXUDV
6H HQWLHQGH SRU SURSDJDQGD HOHFWRUDO HO FRQMXQWR GH HVFULWRV SXEOLFDFLRQHV
LPiJHQHVJUDEDFLRQHVSUR\HFFLRQHV\H[SUHVLRQHVTXHGXUDQWHODFDPSDxDHOHFWRUDO
SURGXFHQ \ GLIXQGHQ ORV SDUWLGRV SROtWLFRV ORV FDQGLGDWRV UHJLVWUDGRV \ VXV
VLPSDWL]DQWHV FRQ HO SURSyVLWR GH SUHVHQWDU DQWH OD FLXGDGDQtD ODV FDQGLGDWXUDV
UHJLVWUDGDV
7DQWRODSURSDJDQGDHOHFWRUDOFRPRODVDFWLYLGDGHVGHFDPSDxDDTXHVHUHILHUHHO
SUHVHQWH DUWtFXOR GHEHUiQ SURSLFLDU OD H[SRVLFLyQ GHVDUUROOR \ GLVFXVLyQ DQWH HO
HOHFWRUDGR GH ORV SURJUDPDV \ DFFLRQHV ILMDGRV SRU ORV SDUWLGRV SROtWLFRV HQ VXV
GRFXPHQWRVEiVLFRV\SDUWLFXODUPHQWHHQODSODWDIRUPDHOHFWRUDOTXHSDUDODHOHFFLyQ
HQFXHVWLyQKXELHUHQUHJLVWUDGR
3DUD ORV HIHFWRV GH OR GLVSXHVWR SRU HO SiUUDIR VpSWLPR GHO DUWtFXOR GH OD
&RQVWLWXFLyQ HO LQIRUPH DQXDO GH ODERUHV R JHVWLyQ GH ORV VHUYLGRUHV S~EOLFRV DVt
FRPR ORV PHQVDMHV TXH SDUD GDUORV D FRQRFHU VH GLIXQGDQ HQ ORV PHGLRV GH
FRPXQLFDFLyQ VRFLDO QR VHUiQ FRQVLGHUDGRV FRPR SURSDJDQGD VLHPSUH TXH OD
GLIXVLyQ VH OLPLWH D XQD YH] DO DxR HQ HVWDFLRQHV \ FDQDOHV FRQ FREHUWXUD UHJLRQDO
FRUUHVSRQGLHQWH DO iPELWR JHRJUiILFR GH UHVSRQVDELOLGDG GHO VHUYLGRU S~EOLFR \ QR
H[FHGD GH ORV VLHWH GtDV DQWHULRUHV \ FLQFR SRVWHULRUHV D OD IHFKD HQ TXH VH ULQGD HO
LQIRUPH(QQLQJ~QFDVRODGLIXVLyQGHWDOHVLQIRUPHVSRGUiWHQHUILQHVHOHFWRUDOHVQL
UHDOL]DUVHGHQWURGHOSHULRGRGHFDPSDxDHOHFWRUDO
$OUHVSHFWRFRQYLHQHSUHFLVDUTXHVLELHQODVGHILQLFLRQHVOHJDOHV\UHJODPHQWDULDVFRPRODVWUDQVFULWDV
SURSRUFLRQDQXQSXQWRGHSDUWLGDSDUDGLVWLQJXLUODQDWXUDOH]DGHORVDFWRVTXHUHDOL]DQORVSDUWLGRVSROtWLFRV
QRVHWUDWDGHFODVLILFDFLRQHVWD[DWLYDVVLQRHQXQFLDWLYDVSXHVHQHOODVQRVHSUHWHQGHHVWDEOHFHUXQDHVSHFLH
GHWLSRQRUPDWLYRVLQRGHGHVWDFDUODVFDUDFWHUtVWLFDVTXHDOHVWDUSUHVHQWHVGHXQDPDQHUDSUHSRQGHUDQWH
HQODFRQGXFWDGHQXQFLDGDSHUPLWDQXELFDUODHQDOJXQDGHWDOHVGLYLVLRQHV
3RUHQGHQRHVSRVLEOHSHQVDUTXHODDXVHQFLDHQODSURSDJDQGDTXHHPLWDQORVSDUWLGRVGHH[SUHVLRQHV
HYLGHQWHV UHODFLRQDGDV FRQ HOHPHQWRV IRUPDOHV SURSRUFLRQDGRV SRU ODV GHILQLFLRQHV FLWDGDV LPSOLTXH
QHFHVDULDPHQWHTXHQRVHWUDWHGHDFWRVTXHSXHGDQVHUFRQVLGHUDGRVHQDOJXQDGHWDOHVFODVLILFDFLRQHV\D
TXHODGHWHUPLQDFLyQGHILQLWLYDGHODFODVHGHDFWRDQWHHOTXHVHHVWpVyORHVSRVLEOHPHGLDQWHHODQiOLVLVGH
WRGDVVXVFLUFXQVWDQFLDV\FDUDFWHUtVWLFDVSDUWLFXODUHV(VHH[DPHQHYLGHQWHPHQWHVyORHVSRVLEOHUHDOL]DUOR
IUHQWH D KHFKRV FRQFUHWRV WHQLHQGR VRODPHQWH FRPR SXQWR GH SDUWLGD SHUR QR FRPR ~QLFR HOHPHQWR ODV
GHILQLFLRQHVPHQFLRQDGDV
2WUDPDQHUDGHSHQVDUSRGUtDOOHYDUDODEVXUGRGHDILUPDUSRUHMHPSORTXHVyORVRQDFWRVDQWLFLSDGRV
GHFDPSDxDORVTXHVHUHDOL]DQDQWHVGHOSHUtRGRGHFDPSDxDHOHFWRUDORTXHVyORHVSURSDJDQGDHOHFWRUDO
ODTXHVHHIHFW~HGXUDQWHODHWDSDGHFDPSDxDHOHFWRUDOFRQULHVJRGHFDHUHQXQUHGXFFLRQLVPRFRQFHSWXDO
TXHDQLQJ~QILQ~WLOFRQGXFLUtD
3RU RWUD SDUWH OD 6DOD 6XSHULRU GHO 7ULEXQDO (OHFWRUDO GH 3RGHU -XGLFLDO GH OD )HGHUDFLyQ DO KDFHU XQD
LQWHUSUHWDFLyQIXQFLRQDO\VLVWHPiWLFDGHORVDUWtFXORV\GHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV
\3URFHGLPLHQWRV(OHFWRUDOHVDUULEDDODFRQFOXVLyQGHTXHORVDFWRVDQWLFLSDGRVGHFDPSDxDTXHFRQVWLWX\HQ
XQDLQIUDFFLyQDWULEXLEOHDORVSDUWLGRVSROtWLFRVDVSLUDQWHVSUHFDQGLGDWRVRFDQGLGDWRVDFDUJRVGHHOHFFLyQ
SRSXODU VRQ DTXHOORV TXH WLHQHQ ODV FDUDFWHUtVWLFDV SURSLDV GH ORV DFWRV OHJDOPHQWH DXWRUL]DGRV SDUD ODV
SUHFDPSDxDV\ODVFDPSDxDVSHURTXHVHHPLWHQIXHUDGHORVSHULRGRVOHJDOPHQWHHVWDEOHFLGRV
(O DUWtFXOR GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV HVWDEOHFH TXH VH
HQWLHQGHSRUSUHFDPSDxDHOHFWRUDOHOFRQMXQWRGHDFWRVTXHUHDOL]DQORVSDUWLGRVSROtWLFRVVXVPLOLWDQWHV\ORV
SUHFDQGLGDWRVDFDQGLGDWXUDVDFDUJRVGHHOHFFLyQSRSXODUGHELGDPHQWHUHJLVWUDGRVSRUFDGDSDUWLGR
(O SiUUDIR GHO FLWDGR SUHFHSWR HVWDWX\H TXH VH HQWLHQGH SRU DFWRV GH SUHFDPSDxD HOHFWRUDO ODV
UHXQLRQHVS~EOLFDVDVDPEOHDVPDUFKDV\HQJHQHUDODTXHOORVHQTXHORVSUHFDQGLGDWRVDXQDFDQGLGDWXUDVH
GLULJHQDORVDILOLDGRVVLPSDWL]DQWHVRDOHOHFWRUDGRHQJHQHUDOFRQHOREMHWLYRGHREWHQHUVXUHVSDOGRSDUD
VHUSRVWXODGRFRPRFDQGLGDWRDXQFDUJRGHHOHFFLyQSRSXODU
(Q HO SiUUDIR VH SUHFLVD TXH SRU SURSDJDQGD GH SUHFDPSDxD VH HQWLHQGH HO FRQMXQWR GH HVFULWRV
SXEOLFDFLRQHV LPiJHQHV JUDEDFLRQHV SUR\HFFLRQHV \ H[SUHVLRQHV TXH GXUDQWH HO SHULRGR DXWRUL]DGR SRU HO
&yGLJR \ HO TXH VHxDOH OD FRQYRFDWRULD UHVSHFWLYD GLIXQGHQ ORV SUHFDQGLGDWRV D FDQGLGDWXUDV D FDUJRV GH
HOHFFLyQSRSXODUFRQHOSURSyVLWRGHGDUDFRQRFHUVXVSURSXHVWDV
&RPRVHYHORVDFWRVGHSUHFDPSDxDWLHQHQODVVLJXLHQWHVFDUDFWHUtVWLFDV
6RQ DFWRV UHDOL]DGRV SRU ORV SDUWLGRV SROtWLFRV VXV PLOLWDQWHV \ ORV SUHFDQGLGDWRV D
FDQGLGDWXUDVDFDUJRVGHHOHFFLyQSRSXODUGHELGDPHQWHUHJLVWUDGRVSRUFDGDSDUWLGR
/DV UHXQLRQHV S~EOLFDV DVDPEOHDV PDUFKDV \ HQ JHQHUDO DTXHOORV HQ TXH ORV
SUHFDQGLGDWRVDXQDFDQGLGDWXUDVHGLULJHQDORVDILOLDGRVVLPSDWL]DQWHVRDOHOHFWRUDGR
HQJHQHUDOWLHQHQHOREMHWLYRGHREWHQHUVXUHVSDOGRSDUDVHUSRVWXODGRFRPRFDQGLGDWR
DXQFDUJRGHHOHFFLyQSRSXODU
/DSURSDJDQGDGHSUHFDPSDxDVHHQWLHQGHFRPRHOFRQMXQWRGHHVFULWRVSXEOLFDFLRQHV
LPiJHQHV JUDEDFLRQHV SUR\HFFLRQHV \ H[SUHVLRQHV TXH GXUDQWH HO SHULRGR DXWRUL]DGR
SRU HO &yGLJR \ HO TXH VHxDOH OD FRQYRFDWRULD UHVSHFWLYD GLIXQGHQ ORV SUHFDQGLGDWRV D
FDQGLGDWXUDV D FDUJRV GH HOHFFLyQ SRSXODU FRQ HO SURSyVLWR GH GDU D FRQRFHU VXV
SURSXHVWDV
/RDQWHULRUSHUPLWHFRQFOXLUTXHHOSURSyVLWRGHORVDFWRVGHSUHFDPSDxDHVHOGHREWHQHUHOUHVSDOGRGHOD
FLXGDGDQtDSDUDVHUSRVWXODGRFRPRFDQGLGDWRDXQFDUJRGHHOHFFLyQSRSXODU\GDUDFRQRFHUODVSURSXHVWDV
GHOLQWHUHVDGR
'HORH[SXHVWRVHVLJXHTXHORVDFWRVDQWLFLSDGRVDODSUHFDPSDxDTXHHVWiQSURKLELGRVGHEHQWHQHUODV
FDUDFWHUtVWLFDVSULQFLSDOHVGHORVTXHHVWiQSHUPLWLGRVFRQOD~QLFDGLIHUHQFLDTXHGHORVSURKLELGRVVHHPLWHQ
IXHUDGHOSHULRGROHJDOGHSUHFDPSDxDV
(QHVDVFRQGLFLRQHVORVDFWRVDQWLFLSDGRVGHSUHFDPSDxDVRQWRGRVDTXHOORVTXHWLHQHQHOSURSyVLWRGH
REWHQHU HO UHVSDOGR GH OD PLOLWDQFLD \R FLXGDGDQtD SDUD VHU SRVWXODGR FRPR SUHFDQGLGDWR DO LQWHULRU GH XQ
SDUWLGRRFDQGLGDWRDXQFDUJRGHHOHFFLyQSRSXODU\GDUDFRQRFHUODVSURSXHVWDVGHOLQWHUHVDGR
6LWXDFLyQVLPLODUDFRQWHFHFRQODUHJXODFLyQMXUtGLFDGHORVDFWRVGHODVFDPSDxDVHOHFWRUDOHV
$ SURSyVLWR GH pVWDV HO DUWtFXOR GHO &yGLJR HVWDEOHFH TXH OD FDPSDxD HOHFWRUDO HV HO FRQMXQWR GH
DFWLYLGDGHVOOHYDGDVDFDERSRUORVSDUWLGRVSROtWLFRVQDFLRQDOHVODVFRDOLFLRQHV\ORVFDQGLGDWRVUHJLVWUDGRV
SDUDODREWHQFLyQGHOYRWR
(Q HO SiUUDIR GHO FLWDGR SUHFHSWR VH HVWDEOHFH TXH SRU DFWRV GH FDPSDxD VH HQWLHQGHQ ODV UHXQLRQHV
S~EOLFDVDVDPEOHDVPDUFKDV\HQJHQHUDODTXHOORVHQTXHORVFDQGLGDWRVRYRFHURVGHORVSDUWLGRVSROtWLFRV
VHGLULJHQDOHOHFWRUDGRSDUDSURPRYHUVXVFDQGLGDWXUDV
(OSiUUDIRGHODUWtFXORLQYRFDGRVHxDODTXHVHHQWLHQGHSRUSURSDJDQGDHOHFWRUDOHOFRQMXQWRGHHVFULWRV
SXEOLFDFLRQHV LPiJHQHV JUDEDFLRQHV SUR\HFFLRQHV \ H[SUHVLRQHV TXH GXUDQWH OD FDPSDxD HOHFWRUDO
SURGXFHQ\GLIXQGHQORVSDUWLGRVSROtWLFRVORVFDQGLGDWRVUHJLVWUDGRV\VXVVLPSDWL]DQWHVFRQHOSURSyVLWRGH
SUHVHQWDUDQWHODFLXGDGDQtDODVFDQGLGDWXUDVUHJLVWUDGDV
(Q HO SiUUDIR GHO SUHFHSWR HQ FXHVWLyQ VH HVWDEOHFH OD REOLJDFLyQ GH TXH WDQWR HQ OD SURSDJDQGD
HOHFWRUDO FRPR HQ ODV DFWLYLGDGHV GH FDPSDxD UHVSHFWLYDV VH GHEHUi SURSLFLDU OD H[SRVLFLyQ GHVDUUROOR \
GLVFXVLyQDQWHHOHOHFWRUDGRGHORVSURJUDPDV\DFFLRQHVILMDGRVSRUORVSDUWLGRVSROtWLFRVHQVXVGRFXPHQWRV
EiVLFRV\SDUWLFXODUPHQWHHQODSODWDIRUPDHOHFWRUDOTXHSDUDODHOHFFLyQHQFXHVWLyQKXELHUHQUHJLVWUDGR
/RDQWHULRUSHUPLWHFRQFOXLUGHVLPLODUPDQHUDDODTXHVHKL]RFRQUHVSHFWRDODVFDUDFWHUtVWLFDVGHORV
DFWRVGHSUHFDPSDxDTXHORVDFWRVGHFDPSDxDWLHQHQODVVLJXLHQWHVFDUDFWHUtVWLFDV
6RQHOFRQMXQWRGHDFWLYLGDGHVOOHYDGDVD FDER SRU ORV SDUWLGRV SROtWLFRVQDFLRQDOHVODV
FRDOLFLRQHV\ORVFDQGLGDWRVUHJLVWUDGRVSDUDODREWHQFLyQGHOYRWR
6HHQWLHQGHQODVUHXQLRQHVS~EOLFDVDVDPEOHDVPDUFKDV\HQJHQHUDODTXHOORVHQTXH
ORV FDQGLGDWRV R YRFHURV GH ORV SDUWLGRV SROtWLFRV GLULJLGRV DO HOHFWRUDGR SDUD SURPRYHU
VXVFDQGLGDWXUDV
/D SURSDJDQGD HOHFWRUDO HV HO FRQMXQWR GH HVFULWRV SXEOLFDFLRQHV LPiJHQHV
JUDEDFLRQHV SUR\HFFLRQHV \ H[SUHVLRQHV TXH GXUDQWH OD FDPSDxD HOHFWRUDO SURGXFHQ \
GLIXQGHQ ORV SDUWLGRV SROtWLFRV ORV FDQGLGDWRV UHJLVWUDGRV \ VXV VLPSDWL]DQWHV FRQ HO
SURSyVLWRGHSUHVHQWDUDQWHODFLXGDGDQtDODVFDQGLGDWXUDVUHJLVWUDGDV
([LVWH OD REOLJDFLyQ WDQWR HQ OD SURSDJDQGD HOHFWRUDO FRPR HQ ODV DFWLYLGDGHV GH
FDPSDxDUHVSHFWLYDVGHSURSLFLDUODH[SRVLFLyQGHVDUUROOR\GLVFXVLyQDQWHHOHOHFWRUDGR
GHORVSURJUDPDV\DFFLRQHVILMDGRVSRUORVSDUWLGRVSROtWLFRVHQVXVGRFXPHQWRVEiVLFRV
\ SDUWLFXODUPHQWH HQ OD SODWDIRUPD HOHFWRUDO TXH SDUD OD HOHFFLyQ HQ FXHVWLyQ KXELHUHQ
UHJLVWUDGR
(Q VXPD GH OD LQWHUSUHWDFLyQ FRQMXQWD GH ORV DUWtFXORV \ GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV (OHFWRUDOHV VH HVWDEOHFH TXH XQD SURSDJDQGD SDUWLGLVWD FRQVWLWX\H DFWRV DQWLFLSDGRV GH
SUHFDPSDxD\FDPSDxDFXDQGRVHKDFHQFRQHOREMHWLYRGHSURPRYHUODSUHFDQGLGDWXUDRFDQGLGDWXUDGHXQ
DVSLUDQWHHQFRQFUHWR\VHGDQDFRQRFHUVXVSURSXHVWDV
$KRUD ELHQ HO DUWtFXOR SiUUDIR LQFLVR H GHO &yGLJR HVWDEOHFH TXH FRQVWLWX\H LQIUDFFLyQ GH ORV
SDUWLGRV SROtWLFRV OD UHDOL]DFLyQ DQWLFLSDGD GH DFWRV GH SUHFDPSDxD R FDPSDxD DWULEXLEOH D ORV SURSLRV
SDUWLGRV
(ODUWtFXORSiUUDIRLQFLVRDGHO&yGLJRHVWDEOHFHTXHFRQVWLWX\HQLQIUDFFLRQHVGHORVDVSLUDQWHV
SUHFDQGLGDWRVRFDQGLGDWRVDFDUJRVGHHOHFFLyQSRSXODUODUHDOL]DFLyQGHDFWRVDQWLFLSDGRVGHSUHFDPSDxDR
FDPSDxDVHJ~QVHDHOFDVR
&DEHUHVDOWDU TXH OD6DOD6XSHULRUGHO7ULEXQDO(OHFWRUDO GHO3RGHU-XGLFLDO GH OD)HGHUDFLyQGHPDQHUD
UHLWHUDGD LQFOXVR DQWHV GH ODV UHIRUPDV FRQVWLWXFLRQDOHV \ OHJDOHV GHO TXH UHJXODURQ ODV
SUHFDPSDxDVVRVWXYRTXHORVDFWRVGHpVWDVWLHQHQFRPRREMHWLYRIXQGDPHQWDOSURPRYHUDODVSHUVRQDVTXH
SDUWLFLSDQHQXQDFRQWLHQGDGHVHOHFFLyQLQWHUQDGHGHWHUPLQDGRSDUWLGRSROtWLFRFRQIRUPHDVXVHVWDWXWRVR
UHJODPHQWRV\DFRUGHFRQORVOLQHDPLHQWRVTXHODSURSLDOH\FRPLFLDOHVWDEOHFHDHIHFWRGHREWHQHUHODSR\R
GHORVPLHPEURVSDUWLGLVWDVTXHVHHQFXHQWUDQGLVWULEXLGRVHQODFRPXQLGDGSDUDORJUDUDOJXQDFDQGLGDWXUD\
VHUSRVWXODGRVDXQFDUJRGHHOHFFLyQSRSXODUSRUHOLQVWLWXWRSROtWLFRGHTXHVHWUDWHRELHQGLYXOJDUHQWUHOD
FLXGDGDQtDDODVSHUVRQDVTXHUHVXOWDURQWULXQIDGRUDVHQGLFKRSURFHVRGHVHOHFFLyQ
(VSRUHOORTXHHQFRQFHSWRGHOD6DOD6XSHULRUGHO7ULEXQDO(OHFWRUDOGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQ
ORVDFWRVGHSUHFDPSDxDVHFDUDFWHUL]DQSRUTXHVRODPHQWHVHWUDWDQGHDFWLYLGDGHVOOHYDGDVDFDERSDUDOD
VHOHFFLyQ LQWHUQD GH FDQGLGDWRV R GH OD GLIXVLyQ GH ODV SHUVRQDV TXH IXHURQ HOHFWDV VLQ TXH WHQJDQ FRPR
REMHWRODSURSDJDFLyQGHODSODWDIRUPDHOHFWRUDOGHXQSDUWLGRSROtWLFRQLODREWHQFLyQGHOYRWRGHORVHOHFWRUHV
SDUD OD LQWHJUDFLyQ GH ORV GLVWLQWRV yUJDQRV GH UHSUHVHQWDFLyQ SRSXODU HO GtD GH OD MRUQDGD HOHFWRUDO \D TXH
HVWRV~OWLPRV DFWRVVHUtDQREMHWRGHODVFDPSDxDVHOHFWRUDOHVTXHLQLFLDQXQDYH]TXHORVSDUWLGRV SROtWLFRV
REWLHQHQ HO UHJLVWUR GH VXV FDQGLGDWRV DQWH HO yUJDQR HOHFWRUDO FRUUHVSRQGLHQWH ORV FXDOHV GHELHURQ VHU
SUHYLDPHQWHVHOHFFLRQDGRVSRUHOSDUWLGRSRVWXODQWH
(QHVHVHQWLGRHVHyUJDQRMXULVGLFFLRQDOKDUHLWHUDGRTXHHQODSUHFDPSDxDVHEXVFDODSUHVHQWDFLyQGH
TXLHQHVSDUWLFLSDQHQXQDFRQWLHQGDLQWHUQDGHVHOHFFLyQGHXQSDUWLGRSROtWLFRSDUDREWHQHUHODSR\RGHORV
PLOLWDQWHV\VLPSDWL]DQWHV\ORJUDUODSRVWXODFLyQDXQFDUJRGHHOHFFLyQSRSXODURGHORVSUHFDQGLGDWRVTXH
UHVXOWDURQ HOHFWRV FRQIRUPH DO SURFHVR LQWHUQR GH VHOHFFLyQ VLQ TXH GH PDQHUD DOJXQD VHD GDEOH HO
OODPDPLHQWR GH OD FLXGDGDQtD SDUD OD REWHQFLyQ GHO YRWR HO GtD GH OD HOHFFLyQ PLHQWUDV TXH HQ OD FDPSDxD
HOHFWRUDOVHGLIXQGHDORVFDQGLGDWRVUHJLVWUDGRVSRUORVSDUWLGRVSROtWLFRVSDUDORJUDUODREWHQFLyQGHOYRWRD
IDYRUpVWRVHOGtDGHODMRUQDGDHOHFWRUDO
(Q ORV DFWRV GH SUHFDPSDxD R GH VHOHFFLyQ LQWHUQD GH ORV FDQGLGDWRV GH ORV SDUWLGRV SROtWLFRV WDQWR ORV
GLULJHQWHV PLOLWDQWHV DILOLDGRV \ VLPSDWL]DQWHV GH ORV PLVPRV UHDOL]DQ GH DFXHUGR FRQ VXV HVWDWXWRV
DFWLYLGDGHV TXH QR REVWDQWH WHQHU HO FDUiFWHU GH DFWRV LQWHUQRV VRQ VXVFHSWLEOHV GH WUDVFHQGHU DO
FRQRFLPLHQWR GH WRGD XQD FRPXQLGDG HQ OD TXH VH HQFXHQWUDQ LQPHUVDV VXV EDVHV HOOR D WUDYpV GH ORV
PHGLRV FRQYHQFLRQDOHV GH SXEOLFLGDG FDUWHOHV HVSHFWDFXODUHV HQJRPDGRV UHXQLRQHV HWF WHQGLHQWHV D
ORJUDUHOFRQVHQVRSDUDHOHJLUDODVGLYHUVDVSHUVRQDVTXHUH~QDQORVUHTXLVLWRVOHJDOHVQHFHVDULRVSDUDVHU
FDQGLGDWRV\TXHWHQJDQHOSHUILOTXHVHLGHQWLILTXHFRQODLGHRORJtDVXVWHQWDGDFRQHOSURSLRSDUWLGRORTXH
KDFHQHFHVDULRTXHVHOOHYHDFDERXQDFRQVXOWDFRQODVEDVHVSDUWLGLVWDVFX\RUHVXOWDGRFRQOOHYDDHOHJLUDO
FDQGLGDWR TXH FRQVLGHUDQ LGyQHR SDUD VHU SRVWXODGR SRU HO LQVWLWXWR SROtWLFR FXPSOLpQGRVH FRQ HOOR HO
SURFHGLPLHQWRGHPRFUiWLFRSDUDODVHOHFFLyQGHDTXpO
$ VX YH] ORV DFWRV GH FDPSDxD HOHFWRUDO WLHQHQ OXJDU HQ HO SOD]R OHJDOPHQWH SHUPLWLGR HQ HO &yGLJR
)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHV
&RQEDVHHQHOOROD6DOD6XSHULRUGHO7ULEXQDO(OHFWRUDOGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQHQGLYHUVDV
HMHFXWRULDV KD FRQFOXLGR TXH SDUD TXH XQ DFWR SXHGD FRQVLGHUDUVH FRPR GH FDPSDxD HOHFWRUDO HV
LQGLVSHQVDEOHTXHWHQJDFRPRILQSULPRUGLDOODGLIXVLyQGHODVSODWDIRUPDVHOHFWRUDOHVGHORVSDUWLGRVSROtWLFRV
SDUWLFLSDQWHVHQXQDHOHFFLyQ\ODFRQVHFXHQWHREWHQFLyQGHOYRWR
(Q HVH VHQWLGR FRQVLGHUy TXH WDO DFWLYLGDG SURSDJDQGtVWLFD HVWi GLVHxDGD SDUD OOHYDUVH D FDER HQ XQD
WHPSRUDOLGDGGHWHUPLQDGDODTXHVHHQFXHQWUDDFRWDGDDODFRQWLHQGDHOHFWRUDOSXHVWRTXHQRGHEHSHUGHUVH
GHYLVWDTXHFXDOTXLHUDFWRGHHVHWLSRTXHVHGpIXHUDGHORVSOD]RVTXHFRPSUHQGHODFDPSDxDHOHFWRUDOHQ
SULQFLSLR QR SRGUtD FRQVLGHUDUVH FRPR SURSDJDQGD HOHFWRUDO VLQ HPEDUJR FXDOTXLHU DFWR HQFDPLQDGR D OD
REWHQFLyQGHOYRWRIXHUDGHOSHUtRGRGHVWLQDGRDODOH\HOHFWRUDOSDUDODVFDPSDxDVHOHFWRUDOHVGHEHHVWLPDUVH
SURKLELGR
(OOR SRUTXH HO SURSyVLWR GH OD SURSDJDQGD HOHFWRUDO HV HMHUFHU LQIOXHQFLD VREUH ORV SHQVDPLHQWRV
HPRFLRQHV R DFWRV GH XQ JUXSR GH SHUVRQDV SDUD TXH DFW~HQ GH GHWHUPLQDGD PDQHUD DGRSWHQ FLHUWDV
LGHRORJtDVRYDORUHVFDPELHQPDQWHQJDQRUHIXHUFHQVXVRSLQLRQHVVREUHWHPDVHVSHFtILFRV
6LUYHQ GH DSR\R ODV WHVLV GH MXULVSUXGHQFLD 3- \ 3- VXVWHQWDGDV SRU HO 3OHQR GH OD
6XSUHPD &RUWH GH -XVWLFLD GH OD 1DFLyQ YLVLEOHV UHVSHFWLYDPHQWH HQ ODV SiJLQDV \ 7RPRV ;,;
)HEUHUR GH \ ;; 6HSWLHPEUH GH 1RYHQD (SRFD GHO 6HPDQDULR -XGLFLDO GH OD )HGHUDFLyQ \ 6X
*DFHWD GH UXEURV 35(&$03$f$ (/(&725$/ )250$ 3$57( '(/ 6,67(0$ &2167,78&,21$/
(/(&725$/ \ 35(&$03$f$ (/(&725$/ &21&(372 < )81&,21 &21)250( $ /$ /(<
(/(&725$/'(48,17$1$522
7DPELpQ VLUYH SDUD LOXVWUDU ODV FRQVLGHUDFLRQHV DSXQWDGDV OD WHVLV UHOHYDQWH Q~PHUR 6(/
VXVWHQWDGDSRUHVWD6DOD6XSHULRUYLVLEOHHQODVSiJLQDVGHOD&RPSLODFLyQ2ILFLDOGH-XULVSUXGHQFLD
\7HVLV5HOHYDQWHVEDMRHOHStJUDIH352&(62,17(512'(6(/(&&,21'(&$1','$726<
352&(62 (/(&725$/ 621 ',67,1726 (1 68 (6758&785$ < ),1(6 $81 &8$1'2 38('$1
&2,1&,',57$172(1(/7,(032&202(1$/*8126'(686$&726/HJLVODFLyQGH6DQ/XLV3RWRVt
\VLPLODUHV
'HLJXDOIRUPDVHKDFRQVWUXLGRHOFULWHULRGHTXHSXHGHQDFRQWHFHUDFWRVDQWLFLSDGRVGHFDPSDxDHQHO
ODSVRFRPSUHQGLGRHQWUHODVHOHFFLyQRGHVLJQDFLyQLQWHUQDGHORVFDQGLGDWRV\HOUHJLVWURFRQVWLWXFLRQDOGHVX
FDQGLGDWXUD DQWHOD DXWRULGDGHOHFWRUDO DGPLQLVWUDWLYD GXUDQWHHOGHVDUUROORGHOSURSLR SURFHGLPLHQWR \ DQWHV
GHOLQLFLRGHpVWHFXDQGRGLFKDVFRQGXFWDVVHDQHMHFXWDGDVSRUFXDOTXLHUPLOLWDQWHDVSLUDQWHRSUHFDQGLGDWR
(QRWUDVSDODEUDVORVDFWRVDQWLFLSDGRVGHFDPSDxDUHTXLHUHQXQHOHPHQWRSHUVRQDOSXHVORVHPLWHQORV
PLOLWDQWHV DVSLUDQWHV SUHFDQGLGDWRV R FDQGLGDWRV GH ORV SDUWLGRV SROtWLFRV XQ HOHPHQWR WHPSRUDO SXHV
DFRQWHFHQDQWHVGXUDQWHRGHVSXpVGHOSURFHGLPLHQWRLQWHUQRGHVHOHFFLyQUHVSHFWLYRSUHYLDPHQWHDOUHJLVWUR
FRQVWLWXFLRQDO GH FDQGLGDWRV \ XQ HOHPHQWR VXEMHWLYR SXHV ORV DFWRV WLHQHQ FRPR SURSyVLWR IXQGDPHQWDO
SUHVHQWDUVXSODWDIRUPDHOHFWRUDO\SURPRYHUHOFDQGLGDWRSDUDREWHQHUHOYRWRGHODFLXGDGDQtDHQODMRUQDGD
HOHFWRUDO
&DEH DFODUDU TXH ORV PLVPRV HOHPHQWRV VH SXHGHQ SUHGLFDU JXDUGDGDV ODV GLIHUHQFLDV UHVSHFWR GH ORV
DFWRVDQWLFLSDGRVGHSUHFDPSDxD
/RDQWHULRUVREUHODEDVHGHOYDORUMXUtGLFDPHQWH WXWHODGRPHGLDQWH ODSURKLELFLyQOHJDOGHUHDOL]DU DFWRV
DQWLFLSDGRV GH SUHFDPSDxD \ FDPSDxD FRQVLVWHQWHV HQ PDQWHQHU D VDOYR HO SULQFLSLR GH HTXLGDG HQ OD
FRQWLHQGD ORV FXDOHV QR VH FRQVHJXLUtDQ VL SUHYLDPHQWH DO UHJLVWUR SDUWLGLVWD R FRQVWLWXFLRQDO GH OD
SUHFDQGLGDWXUDRFDQGLGDWXUDVHHMHFXWDQHVHWLSRGHFRQGXFWDVDHIHFWRGHSRVLFLRQDUVHHQWUHORVDILOLDGRVR
OD FLXGDGDQtD SDUD OD REWHQFLyQ GHO YRWR SXHV HQ FXDOTXLHU FDVR VH SURGXFH HO PLVPR UHVXOWDGR D VDEHU
LQHTXLGDG R GHVLJXDOGDG HQ OD FRQWLHQGD SDUWLGLVWD R HOHFWRUDO \D TXH SRU XQD VDQD OyJLFD OD SURPRFLyQ R
GLIXVLyQGHXQSUHFDQGLGDWRRFDQGLGDWRHQXQODSVRPiVSURORQJDGRSURGXFHXQPD\RULPSDFWRRLQIOXHQFLD
HQHOiQLPR\GHFLVLyQGHORVYRWDQWHVHQGHWULPHQWRGHORVGHPiVSDUWLFLSDQWHVTXHLQLFLDQVXSUHFDPSDxDR
FDPSDxD HQ OD IHFKD OHJDOPHQWH SUHYLVWD HV GHFLU FRQ WDO SURKLELFLyQ VH SUHWHQGH HYLWDU TXH XQD RSFLyQ
SROtWLFD VH HQFXHQWUH HQ YHQWDMD HQ UHODFLyQ FRQ VXV RSRVLWRUHV DO LQLFLDU DQWLFLSDGDPHQWH OD SUHFDPSDxD R
FDPSDxD SROtWLFD UHVSHFWLYD OR TXH VH UHIOHMDUtD HQ XQD PD\RU RSRUWXQLGDG GH GLIXVLyQ GH VX SODWDIRUPD
HOHFWRUDO\GHODVSLUDQWHFRUUHVSRQGLHQWH
,QFOXVR UHVSHFWR GH ORV DFWRV DQWLFLSDGRV GH FDPSDxD OD 6DOD 6XSHULRU KD VRVWHQLGR TXH VRQ DTXpOORV
UHDOL]DGRVSRUORVPLOLWDQWHVDVSLUDQWHVSUHFDQGLGDWRVRFDQGLGDWRVGHORVSDUWLGRVSROtWLFRVDQWHVGXUDQWHR
GHVSXpV GHO SURFHGLPLHQWR LQWHUQR GH VHOHFFLyQ UHVSHFWLYR SUHYLDPHQWH DO UHJLVWUR FRQVWLWXFLRQDO GH
FDQGLGDWRV VLHPSUH TXH WDOHV DFWRV WHQJDQ FRPR REMHWLYR IXQGDPHQWDO OD SUHVHQWDFLyQ GH VX SODWDIRUPD
HOHFWRUDO\ODSURPRFLyQGHOFDQGLGDWRSDUDREWHQHUHOYRWRGHODFLXGDGDQtDHQODMRUQDGDHOHFWRUDO
/DV DQWHULRUHV FRQVLGHUDFLRQHV HQFXHQWUDQ VXVWHQWR HQ ORV UHFXUVRV GH DSHODFLyQ UHVXHOWRV SRU OD 6DOD
6XSHULRU GHO 7ULEXQDO (OHFWRUDO GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ LGHQWLILFDGDV FRQ ODV FODYHV
6835$3 \ VX DFXPXODGR 6835$3 \ 6835$3 \ VX DFXPXODGR 6835$3
\683-'&\VXDFXPXODGR683559
(Q HVH RUGHQ GH LGHDV UHVXOWD SURFHGHQWH WHQHU HQ FXHQWD ODV FRQVLGHUDFLRQHV VRVWHQLGDV SRU OD 6DOD
6XSHULRU GHO 7ULEXQDO (OHFWRUDO GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ DO UHVROYHU HO UHFXUVR GH DSHODFLyQ
LGHQWLILFDGRFRQODFODYH6835$3\VXDFXPXODGR6835$3HQHOVHQWLGRGHTXHSDUDTXH
VHDFWXDOLFHXQDFWRDQWLFLSDGRGHFDPSDxDHVVXILFLHQWHUHDOL]DUORFRQHOVRORREMHWLYRGHREWHQHUHOUHVSDOGR
SDUD DOJXQD SRVWXODFLyQ DQWHV GH OD IHFKD GH LQLFLR GH ODV FDPSDxDV VLQ TXH VHD HQ WRGRV ORV FDVRV
QHFHVDULDODGLIXVLyQGHODSURSXHVWDGHDOJ~QFDQGLGDWRRSODWDIRUPDSROtWLFD
$VtSDUDGHWHUPLQDUFXiQGRVHHVWiHQSUHVHQFLDGHDFWRVDQWLFLSDGRVGHFDPSDxDGHEHDWHQGHUVHDVX
QDWXUDOH]D SURSLD TXH HQ HO SODQR IiFWLFR SXHGH DFWXDOL]DUVH GH GLYHUVDV PDQHUDV SRU HMHPSOR FXDQGR VH
GLIXQGHHOQRPEUHRODLPDJHQGHXQDSHUVRQDSDUDEXVFDUSRVLFLRQDUORHQWUHODPLOLWDQFLDGHOSDUWLGRRGHOD
FLXGDGDQtDHQJHQHUDO\VHDGYLHUWHREMHWLYDRH[SUHVDPHQWHODLQWHQFLyQGHSRVLFLRQDUVHSROtWLFDPHQWHSDUD
REWHQHUHOUHVSDOGRSDUDXQDSRVWXODFLyQRGHVDOHQWDUHOYRWRDIDYRUGHRWURSDUWLGR
7DPELpQ SXHGH RFXUULU FXDQGR OD VROLFLWXG GH YRWR HV LPSOtFLWD SXHV HO HOHPHQWR VXEMHWLYR HVSHFtILFR
DGPLWHODSRVLELOLGDGGHDFWXDOL]DUVHDWUDYpVGHFRQGXFWDVYHODGDVRTXHHQFXEUHQODLQWHQFLyQGHOLQIUDFWRU
2WURVXSXHVWRSXHGHSUHVHQWDUVHFXDQGRH[LVWHGLIXVLyQGHOQRPEUHRODLPDJHQGHXQDSHUVRQDVLQTXH
HQHVDSURSDJDQGDDSDUH]FDQPiVGDWRVSHURHVWRVHYLQFXOHHQIRUPDREMHWLYDPHQWHYHULILFDEOHFRQRWURV
PHGLRV TXH Vt FRQVWLWX\HQ DFWRV DQWLFLSDGRV GH FDPSDxD SRU PHGLR GH XQD LPDJHQ ORJRWLSR VORJDQ
UHIHUHQFLDDXGLWLYDXRWURPHGLRGHPDQHUDTXHODSUHVHQFLDRGLIXVLyQGHODLPDJHQ\DQRGHEHVHUYDORUDGD
GH IRUPD LQGLYLGXDO VLQR DGPLQLFXODGD FRQ RWURV DFWRV DQWLFLSDGRV GH FDPSDxD \ SRU WDQWR WDPELpQ GHED
FDOLILFDUVH REMHWLYDPHQWH FRPR XQ PHGLR PiV SDUD REWHQHU HO YRWR FRPR FDQGLGDWR D XQ FDUJR GH HOHFFLyQ
SRSXODUDQWHVGHODIHFKDGHLQLFLRGHODVFDPSDxDVGHPRGRTXHFRQWRGRORDQWHULRUODVRODGLIXVLyQGH
LPDJHQRORJRWLSRWDPELpQFRQVWLWX\DXQDFWRDQWLFLSDGRGHFDPSDxD
(QHVHFRQWH[WRHVGDEOHFRQFOXLUTXHORV DFWRVDQWLFLSDGRVGHSUHFDPSDxD \ FDPSDxDVRQ LOHJDOHVVL
WLHQHQFRPRREMHWRSUHVHQWDU\SRVLFLRQDUDQWHODFLXGDGDQtDXQDFDQGLGDWXUDRSUHFDQGLGDWXUDHQSDUWLFXODU
6(37,024XHVHQWDGRORDQWHULRUORSURFHGHQWHHVDQDOL]DUORVDUJXPHQWRVKHFKRVYDOHUSRUHO3DUWLGR
GH OD 5HYROXFLyQ 'HPRFUiWLFD \ YDORUDU ORV PHGLRV SUREDWRULRV TXH REUDQ HQ DXWRV FRQ HO REMHWLYR GH
GHWHUPLQDU VL FRPR OR DILUPD HVH LQVWLWXWR SROtWLFR OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp UHDOL]y DFWRV
DQWLFLSDGRVGHSUHFDPSDxD\RFDPSDxD
$O UHVSHFWR HO TXHMRVR DJUHJy FRPR PHGLRV GH SUXHED SDUD DFUHGLWDU VX GLFKR GLYHUVDV SODFDV
IRWRJUiILFDV GRQGH VH REVHUYD OD SXEOLFLGDG EDVH GH ORV KHFKRV TXH GHQXQFLD ODV FXDOHV SDUD PHMRU
FRPSUHQVLyQGHODVXQWRVHPXHVWUDQDFRQWLQXDFLyQ


$VLPLVPRDSRUWyXQ&'HOFXDOFRQWLHQHXQSURPRFLRQDOHQHOTXHVHREVHUYDDODGHQXQFLDGDHQYLDQGR
XQ PHQVDMH D OD FLXGDGDQtD FRQ PRWLYR GH ODV ILHVWDV GHFHPEULQDV H LQFOXVR PHQFLRQD DO 3DUWLGR $FFLyQ
1DFLRQDO
&RQ UHODFLyQ D ODV IRWRJUDItDV \ YLGHR DSRUWDGDV SRU HO TXHMRVR VH FRQVLGHUD TXH GDGD VX QDWXUDOH]D
GHEHQFRQVLGHUDUVHFRPRSUXHEDVWpFQLFDVHQDWHQFLyQDORGLVSXHVWRSRUORVDUWtFXORVSiUUDIRLQFLVR
F SiUUDIRV \ &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV HQ UHODFLyQ FRQ ORV
DUWtFXORVSiUUDIRLQFLVRFSiUUDIRV\GHO5HJODPHQWRGH4XHMDV\'HQXQFLDVGHO,QVWLWXWR
)HGHUDO(OHFWRUDO
(Q HVH WHQRU FDEH UHFRUGDU TXH VH FRQVLGHUD TXH ODV SUXHEDV WpFQLFDV KDQ VLGR UHFRQRFLGDV
XQiQLPHPHQWH SRU OD GRFWULQD FRPR GH WLSR LPSHUIHFWR DQWH OD UHODWLYD IDFLOLGDG FRQ TXH VH SXHGHQ
FRQIHFFLRQDU\ODGLILFXOWDGSDUDGHPRVWUDUGHPRGRDEVROXWRHLQGXGDEOHODVIDOVLILFDFLRQHVRDOWHUDFLRQHVTXH
SXGLHUDQKDEHUVXIULGRSXHVHVXQKHFKRQRWRULRTXHDFWXDOPHQWHH[LVWHQDODOFDQFHFRP~QGHODJHQWHXQ
VLQQ~PHUR GH DSDUDWRV LQVWUXPHQWRV \ UHFXUVRV WHFQROyJLFRV \ FLHQWtILFRV SDUD OD REWHQFLyQ GH LPiJHQHV
YLGHRV\GHFDVHWHVGHDXGLRGHDFXHUGRDOGHVHRJXVWRRQHFHVLGDGGHTXLHQODVUHDOL]D\DVHDPHGLDQWHOD
HGLFLyQ WRWDO R SDUFLDO GH ODV UHSUHVHQWDFLRQHV TXH VH TXLHUHQ FDSWDU \R GH OD DOWHUDFLyQ GH ODV PLVPDV
FRORFDQGR D XQD SHUVRQD R YDULDV HQ GHWHUPLQDGR OXJDU \ FLUFXQVWDQFLDV R XELFiQGRODV GH DFXHUGR D ORV
LQWHUHVHVGHOHGLWRUSDUDGDUODLPSUHVLyQ GHTXHHVWiQDFWXDQGRFRQIRUPHDXQDUHDOLGDGDSDUHQWHR HQVX
FDVRFRQODFUHDFLyQGHODVPLVPDVHQODVFLUFXQVWDQFLDVTXHVHQHFHVLWHQ
(Q HVH RUGHQ GH LGHDV VH HVWLPD TXH GH ODV SODFDV IRWRJUiILFDV \ GHO YLGHR DSRUWDGR H[LVWHQ LQGLFLRV
UHVSHFWRD
x 4XH HQ GLYHUVDV EDUGDV SUHVXQWDPHQWH VH HQFXHQWUD FRORFDGR HO QRPEUH GH OD & 0DU\EHO 9LOOHJDV
&DQFKp XWLOL]DQGR ORV FRORUHV D]XO \ QDUDQMD DVt FRPR XQD OH\HQGD TXH GLFH ³325 /(< %(&$6
3$5$72'26/26(678',$17(6'LSXWDGD´$VLPLVPRVHREVHUYDQRWUDVHQODVFXDOHVVHOHHHO
QRPEUH GH OD FLXGDGDQD GH UHIHUHQFLD \ GHEDMR ³3UHVLGHQWD´ \ ³£1XHVWUR REMHWLYR HO ELHQHVWDU GH
WRGRV´ \ HQ XQR GH ORV H[WUHPRV VH LQFRUSRUD HO ORJRWLSR GH OD $VRFLDFLyQ &LYLO ³8QLGDG )DPLOLDU
4XLQWDQDUURHQVH´VHXWLOL]DQORVFRORUHVD]XOEODQFR\QDUDQMD
x 4XH SUHVXQWDPHQWH VH FRORFy HQ HVSHFWDFXODUHV OD LPDJHQ GH OD FLXGDGDQD UHIHULGD DVt FRPR OD
OH\HQGD³)HOL]1DYLGDG\3UyVSHUR$xR1XHYROHVGHVHDVXDPLJD0DU\EHO9LOOHJDV&DQFKp´WDPELpQ
VH REVHUYD HO ORJRWLSR GH OD $VRFLDFLyQ ³8QLGDG )DPLOLDU 4XLQWDQDUURHQVH $& 3UHVLGHQWD 8QLGDG
IDPLOLDU4XLQWDQDUURHQVH´
x 4XH DO SDUHFHU HQ FDPLRQHV GH WUDQVSRUWH VH FRORFy OD IRWRJUDItD \ HO QRPEUH GH OD FLXGDGDQD
UHIHULGDDVtFRPRHOORJRWLSRGHODDVRFLDFLyQ³8QLGDG)DPLOLDU4XLQWDQDUURHQVH$&´
x 4XH UHVSHFWR DO SURPRFLRQDO GHQXQFLDGR VH PXHVWUD D OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp HQ
SULPHUSODQRGLULJLHQGRXQPHQVDMHQDYLGHxRHOFXDOVHxDOD³+RODVR\WXDPLJD0DU\EHO9LOOHJDV
KR\HQ$FFLyQ1DFLRQDOPHKDQDELHUWRODVSXHUWDV\DTXtKHLQLFLDGRRWUDHWDSDGHPLFDUUHUD
SROtWLFDFRQVFLHQWHGHOUHVSDOGR\DIHFWRTXHKHUHFLELGRQRSRGtDGHMDUSDVDUODRSRUWXQLGDG
SDUD DJUDGHFHUOH D WRGDV ODV IDPLOLDV HVDV LQQXPHUDEOHV PXHVWUDV GH FDULxR PXFKDV JUDFLDV
IHOL]QDYLGDG\SUyVSHURDxRQXHYR´
$VLPLVPRHOSDUWLGRSROtWLFRGHQXQFLDQWHDSRUWyFRPRPHGLRVGHSUXHEDSDUDDFUHGLWDUVXGLFKRGLYHUVDV
QRWDVSHULRGtVWLFDVODVFXDOHVVHWUDQVFULEHQDFRQWLQXDFLyQ
1RWD LQWLWXODGD ³$VHJXUD 0DU\EHO 9LOOHJDV TXH QR YLROD OH\HV HOHFWRUDOHV DO SURPRYHUVH´
SXEOLFDGDHQHO³3HULyGLFR´GHIHFKDGHGLFLHPEUHGHSiJLQDPLVPDTXHVHxDOD
³/DH[OHJLVODGRUD0DU\EHO9LOOHJDVDVHJXUyTXHQRYLRODODVOH\HVHOHFWRUDOHVIHGHUDOHVFRQ
ODSURPRFLyQGHVXLPDJHQSRUPHGLRGHODDVRFLDFLyQTXHGLULJHDODYH]TXHDVHJXUyTXH
QR EXVFD XQD GLSXWDFLyQ SRU HO 3$1 \ TXH QR HV YHUGDG TXH KD\D VROLFLWDGR DO &RPLWp
0XQLFLSDOTXHHQFDEH]D9tFWRU6XPRKDQRVHDWRPDGDHQFXHQWDWDOFRPRORGHFODUyKDFH
DOJXQDVVHPDQDVHOOtGHUPXQLFLSDO
(QWDQWR$QWRQLR0HFNOHU$JXLOHUDUHSUHVHQWDQWHGHO35'DQWHOD-XQWD/RFDOGHO,)(GLMR
µ6LFUHHTXHQRYLRODODOH\TXHQRVHSUHRFXSHHQWRQFHVTXHFRQWLQ~HFRQODSURPRFLyQ
1RVRWURVFUHHPRVTXHVtORKDFH\YDPRVDSUHVHQWDUXQH[SHGLHQWHGHVXVDFFLRQHVSDUD
TXHOOHJDGRHOPRPHQWROHQLHJXHQHOUHJLVWURFRPRFDQGLGDWDSRUKDEHUKHFKRFDPSDxD
DQWLFLSDGD¶
6LELHQHVWDEDSUHYLVWRTXH HVH SDUWLGRSUHVHQWDUDODTXHMD D\HUYLHUQHV0HFNOHU$JXLOHUD
GHWDOOyTXHIDOWDURQDOJXQDVHYLGHQFLDVGHODFDPSDxDTXHKDFHODH[OHJLVODGRUDODVFXDOHV
LQWHJUDUtDQ D\HU \ HO SUy[LPR OXQHV SUHVHQWDUiQ HO H[SHGLHQWH DQWH OD DXWRULGDG HOHFWRUDO
IHGHUDO
/RVSHUUHGLVWDVDUJXPHQWDUiQTXHODH[GLSXWDGDYLRODHODUWtFXORGHO&2),3(HQHOTXH
SURKtEH µ/D UHDOL]DFLyQ DQWLFLSDGD GH DFWRV GH SUHFDPSDxD R FDPSDxD¶ DVt FRPR OD
UHDOL]DFLyQGHDFWRVGHSUHFDPSDxDRFDPSDxDHQWHUULWRULRH[WUDQMHURFXDQGRVHDFUHGLWH
TXH VH KL]R FRQ FRQVHQWLPLHQWR GH DTXpOORV VLQ SHUMXLFLR GH TXH VH GHWHUPLQH OD
UHVSRQVDELOLGDGGHTXLHQKXELHVHFRPHWLGRODLQIUDFFLyQ
6HxDOD WDPELpQ OD µFRQWUDWDFLyQ HQ IRUPD GLUHFWR R SRU WHUFHUDV SHUVRQDV GH WLHPSR HQ
FXDOTXLHUPRGDOLGDGHQUDGLRRWHOHYLVLyQ¶
(O PLVPR FyGLJR HQ VX DUWtFXOR PHQFLRQD TXH QLQJXQD SHUVRQD SRGUi SURPRFLRQDUVH
SRU PHGLRGH DJUXSDFLyQ DOJXQD\GLFH &RQVWLWX\HQ LQIUDFFLRQHV DO SUHVHQWH&yGLJRGH
ORVPLQLVWURVGHFXOWRDVRFLDFLRQHVLJOHVLDVRDJUXSDFLRQHVGHFXDOTXLHUUHOLJLyQ
D /DLQGXFFLyQDODDEVWHQFLyQDYRWDUSRUXQFDQGLGDWRRSDUWLGRSROtWLFRRDQRKDFHUOR
SRUFXDOTXLHUDGHHOORVHQORVOXJDUHVGHVWLQDGRVDOFXOWRHQORFDOHVGHXVRS~EOLFRRHQORV
PHGLRVGHFRPXQLFDFLyQ
E 5HDOL]DU R SURPRYHU DSRUWDFLRQHV HFRQyPLFDV D XQ SDUWLGR SROtWLFR DVSLUDQWH R
FDQGLGDWRDFDUJRGHHOHFFLyQSRSXODUH[SOLFD
$\HU 9LOOHJDV &DQFKp DVHJXUy TXH QR YLROD HO &yGLJR )HGHUDO GDGR TXH DVHJXUy QR VH
KDFH FDPSDxD FRQ PLUDV D XQD GLSXWDFLyQ IHGHUDO (V PiV DVHJXUy TXH QR KD SHGLGR DO
GLULJHQWHPXQLFLSDOGHO3$19tFWRU6XPRKDQRVHDFRQVLGHUDGDFRPRDVSLUDQWH
+D\ TXH UHFRUGDU TXH KDFH DOJXQRV GtDV HO PLVPR OtGHU PXQLFLSDO DO GDU D FRQRFHU ORV
QRPEUHV GH ORV DVSLUDQWHV GH VX SDUWLGR D XQD FDQGLGDWXUD IHGHUDO PHQFLRQy D 9LOOHJDV
&DQFKp\D5RGULJR+HUQiQGH]'LUHFWRUGH(FRORJtD0XQLFLSDODVtFRPR*XVWDYR2UWHJD
GH)RQDWXU
$ SUHJXQWD H[SUHVD GH VL SURPRFLRQD VX LPDJHQ \ VL EXVFDUi XQD FDQGLGDWXUD
DVHJXUy µ1R HV HO PRPHQWR GH KDEODU GH FDPSDxDV QR KDEOR GH HVR 1R VRQ ORV
WLHPSRV1RHVDVtQRKHSHGLGRQDGD¶
(QWRQFHV¢SRUTXpFRORFDUWXLPDJHQHQORVFDUWHOHVVLQRHVSURPRFLyQ"¢/DVGLULJHQWHVGH
RWUDVDVRFLDFLRQHVRDJUXSDFLRQHVQRORKDFHQ"6HOHSUHJXQWyDORTXHUHVSRQGLyµ&DGD
TXLHQ WLHQH VX IRUPD GH SURPRYHU VX DVRFLDFLyQ 1RVRWURV PDQGDPRV XQ PHQVDMH GH
1DYLGDGSRUTXHHVHOPRPHQWRDGHFXDGR¶UHSHWtD
$OLJXDOTXHFXDQGRHUDSUHFDQGLGDWDGHO35'DODSUHVLGHQFLDPXQLFLSDOGH%HQLWR-XiUH]
9LOOHJDV&DQFKpQRRWRUJyQRPEUHVGHORVSDWURFLQDGRUHVSDUDSURPRYHUVXLPDJHQ´
1RWD LQWLWXODGD ³%XVFDUi 0DU\EHO 9LOOHJDV OD GLSXWDFLyQ IHGHUDO´ SXEOLFDGD HQ HO SHULyGLFR
³(O4XLQWDQDUURHQVH´GHIHFKDGHIHEUHURGHSiJLQDODFXDOVHxDODORVLJXLHQWH
³0DU\EHO 9LOOHJDV &DQFKp OXHJR GH DEVWHQHUVH HQ KDEODU GH VXV DVSLUDFLRQHV SROtWLFDV DO
LQWHULRU GHO 3$1 DQXQFLy TXH HO GtD GH KR\ VH UHJLVWUDUi DQWH ODV LQVWDQFLDV GH VX SDUWLGR
SDUDEXVFDUXQDFDQGLGDWXUDSRUXQDGLSXWDFLyQIHGHUDOHQHOGLVWULWR,,,
0DU\EHO9LOOHJDV&DQFKpVLPSDWL]DQWHGHOH[DOFDOGH-XDQ*DUFtDDOtDVµ&KDFKR¶SRUTXLpQ
VHDGKLULyDODVILODVGHO35'SDUDGHVSXpVUHQXQFLDU\OXHJRPLOLWDUHQODVILODVGHO3DUWLGR
$FFLyQ 1DFLRQDO VH PRVWUy FRQILDGD GH DOFDQ]DU VXV DVSLUDFLRQHV SROtWLFDV DO WHQHU XQ
WUDEDMRSUHYLRTXHODUHVSDOGD
0HQFLRQy TXH OD GHFLVLyQ GH UHJLVWUDUVH HVWH PLpUFROHV DQWH HO 3DUWLGR $FFLyQ 1DFLRQDO
FRPRSUHFDQGLGDWDDXQDGLSXWDFLyQIHGHUDOSRUHOGLVWULWR,,,VXUJLyGHODSURSXHVWDGHOD
SURSLDPLOLWDQFLDTXHYLRFRQEXHQRVRMRVTXHSXGLHUDUHSUHVHQWDUORVHQHO&RQJUHVRGHOD
8QLyQ
6HGLMRVDWLVIHFKDFRQHOWUDEDMRVRFLDO\SROtWLFRTXHUHDOL]DDOLQWHULRUGHO3$1\TXHHQVX
PRPHQWR VHUi VX PHMRU FDUWD GH SUHVHQWDFLyQ DQWH HO &RPLWp (MHFXWLYR 1DFLRQDO DO VHU OD
LQVWDQFLDTXHGHVLJQDUiDORVDEDQGHUDGRVGHORVGLVWULWRV,\,,,
1HJyTXHVXSDUWLGRSXGLHUDSHUGHUHOGLVWULWR,,,SRUTXHODSREODFLyQ\ORVSDQLVWDVGHVGH
KDFH PHVHV WUDEDMDQ PX\ GH FHUFD HQ GLYHUVRV SURJUDPDV GHO 3$1 TXH VH GHVDUUROODQ D
IDYRUGHODSREODFLyQHQJHQHUDO
([SOLFy TXH WDQWR HOOD FRPR OtGHUHV HIHFWXDURQ OD SDUWH TXH OH WRFD HQ ORV GLIHUHQWHV
VHFWRUHV
5HLWHUyTXHHOEODQTXLD]XOHQODHQWLGDGQRVyORUHWHQGUiHOGLVWULWR,,,VLQRWDPELpQJDQDUi
HO,\,,DOWHQHUDEDQGHUDGRVTXHJR]DQGHODVLPSDWtD\SUHIHUHQFLDGHODSREODFLyQ
3RU ~OWLPR LQIRUPy TXH VH WUDVODGDUi D OD &LXGDG GH 0p[LFR SDUD TXH HO &RPLWp (MHFXWLYR
1DFLRQDO OD &RPLVLyQ 1DFLRQDO GH (OHFFLRQHV \ ORV GLULJHQWHV HQ OD HQWLGDG OH GHQ HO
EDQGHUD]RGHLQLFLRDVXSUHFDPSDxDSROtWLFDSRUXQDGLSXWDFLyQIHGHUDOHQHOGLVWULWR,,,´
1RWDLQWLWXODGD³9D9LOOHJDV&DQFKpSRUHO'LVWULWR´SXEOLFDGDHQHOGLDULR³1RYHGDGHV´GHIHFKD
GHIHEUHURGHSiJLQDTXHUHILHUH
³0DU\EHO9LOOHJDV&DQFKpUHFLELyVXFRQVWDQFLDGHUHJLVWURSDUDODSUHFDQGLGDWXUDGHO3$1
VLHQGROD~QLFDDVSLUDQWHKDVWDHOPRPHQWRSDUDHO'LVWULWRSHURHOSOD]RVHFLHUUDKDVWDHO
GHHVWHPHV
/D DVSLUDQWH UHFKD]y OD SRVLELOLGDG GH TXH VX DFWLYLGDG SUHYLD FRPR SUHVLGHQWD GH OD
$VRFLDFLyQ8QLGDG)DPLOLDU4XLQWDQDUURHQVHYD\DDSURYRFDULPSXJQDFLRQHVIXWXUDVGHVX
FDQGLGDWXUD
6HUJLR %ROLR 5RVDGR SUHVLGHQWH HVWDWDO GHO SDUWLGR WUDV UHFLELU OD GRFXPHQWDFLyQ GHFODUy
TXH9LOOHJDV&DQFKpKDEtDFXPSOLGRHQWLHPSR\IRUPDGHDFXHUGRFRQODFRQYRFDWRULDORV
HVWDWXWRVGHOSDUWLGR\FRQORTXHHVWDEOHFHODOH\
0LHQWUDV WDQWR HO 3DUWLGR GH OD 5HYROXFLyQ 'HPRFUiWLFD GLMR TXH HO OXQHV KDUi OD SULPHUD
YDORUDFLyQGHORVDVSLUDQWHVTXHKDVWDHOPRPHQWRKDQSUHVHQWDGRVXGRFXPHQWDFLyQSDUD
ODGHVLJQDFLyQGHSUHFDQGLGDWXUDV
3RU OR TXH OD GLUHFWLYD HVWDWDO VH UHXQLUi HQ OD &LXGDG GH 0p[LFR FRQ OD PHVD GH
FDQGLGDWXUDVGHO&(1GHOVROD]WHFD
(O OtGHU HVWDWDO SUHYp TXH SRVLEOHPHQWH SDUD OD SULPHUD VHPDQD GH PDU]R HVWpQ GHILQLGRV
TXLHQHVVHUiQORVTXHFRQWHQGHUiQSDUDODVGLSXWDFLRQHVIHGHUDOHV
$XQTXHODIHFKDILMDGDGHSOD]RHVKDVWDHOGHPDU]RSRUTXHDQWHVGHOGHEHUiQKDFHU
ORVUHJLVWURVDQWHHO,)(´
1RWDLQWLWXODGD³7HQJRWRGRSDUDJDQDU0DU\EHO9LOOHJDV´SXEOLFDGDHQHO³'LDULR5HVSXHVWD´GH
IHFKDGHIHEUHURGHSiJLQDODFXDOUHVHxD
³/DH[GLSXWDGDORFDO0DU\EHO9LOOHJDV&DQFKpVHFRQYLUWLyD\HUHQODSULPHUDSDQLVWDTXHVH
UHJLVWUDSDUDVHUSUHFDQGLGDWDDGLSXWDGDIHGHUDOSRUHO7HUFHU'LVWULWR'LMRQRSUHRFXSDUVH
HQ FyPR HQIUHQWDUi DO µPRQVWUXR TXH UHSUHVHQWD OD HVWUXFWXUD \ UHFXUVRV GHO 35, SRUTXH
FXDWUR DxRVGHWUDEDMR SHUPDQHQWHWUHVFRPRGLSXWDGD\XQRFRPRSUHVLGHQWDGH8QLGDG
)DPLOLDU4XLQWDQDUURHQVHOHKDQYDOLGRSDUDJDQDUVHODVLPSDWtDGHPLOHVGHFDQFXQHQVHV
TXHVHJ~QODVHQFXHVWDVµODFRORFDQSXQWRVSRUDUULEDGHVXPiVFHUFDQRFRPSHWLGRU¶
6REUH ORVUHFXUVRVHFRQyPLFRVTXHVHJXUDPHQWHQHFHVLWDUiSDUDHTXLOLEUDUIXHU]DVFRQHO
3DUWLGR 5HYROXFLRQDULR ,QVWLWXFLRQDO 35, GLMR TXH FRQWDUi FRQ OR VXILFLHQWH \D TXH
µVLPSDWL]DQFRQPLJRPXFKRVHPSUHVDULRVKRWHOHURV\VREUHWRGRVLHQWRTXHSXHGRFRQILDU
WRWDOPHQWH HQ PL SDUWLGR $FFLyQ 1DFLRQDO 3$1 TXH HVWR\ VHJXUD PH DSR\DUi HQ WRGR
SXHVWHQJRGHHVWHLQVWLWXWRPXFKDVVLPSDWtDV¶
6REUHVXLQVFULSFLyQFRPRSUHFDQGLGDWDHOGLULJHQWHHVWDWDOGHO3$16HUJLR%ROLR5RVDGR
GLMR TXH OH HQWUHJy OD FRQVWDQFLD HQ YLUWXG GH TXH KDVWD HO PRPHQWR GHO UHJLVWUR SUHVHQWy
WRGD OD GRFXPHQWDFLyQ UHTXHULGD FRPR OR HVWDEOHFH OD SURSLD FRQYRFDWRULD GHO &RPLWp
(MHFXWLYR1DFLRQDO&(1GHOEODQTXLD]XO
(O UHJLVWUy \ OD GRFXPHQWDFLyQ VH HQYtR D\HU PLVPR D OD FRPLVLyQ QDFLRQDO GHO 3$1 SDUD
TXHODUHYLVHQ\ODFRQWHPSOHQ(VSHUDODGLULJHQFLDHVWDWDOGHHVWHRUJDQLVPRSROtWLFRTXHD
PiVWDUGDUHOGHIHEUHURVHGHILQDDODEDQGHUDGRGHO3$1SRUHO'LVWULWR,,,
7LHQHQ KDVWD HO GH HVWH PHV SDUD TXH ORV PLOLWDQWHV SDQLVWDV VH DFHUTXHQ D VX SDUWLGR
SDUD HO UHJLVWUR WUDV HVWD DFFLyQ 0DU\EHO 9LOOHJDV UHFRQRFLy TXH GH DFXHUGR FRQ OR TXH
HVWDEOHFHODSURSLDFRQYRFDWRULDQRSXHGHKDFHUSUHFDPSDxD
/D SDQLVWD TXH HQ VXV RUtJHQHV IXH SHUUHGLVWD KDEOy VREUH XQD HQFXHVWD KHFKD SRU XQD
HPSUHVDTXHODFRORFDSXQWRVSRUHQFLPDGHVXPiVFHUFDQRFRQWULQFDQWHTXHHQHVWH
FDVR VHUtD HO SULtVWD &DUORV -RDTXtQ *RQ]iOH] 6LQ HPEDUJR DO QR DSRUWDU PD\RUHV GDWRV
VREUHODHPSUHVDHQFXHVWDGRUDFRQYLHUWHHQGXGRVDVXGHFODUDFLyQ
'LMRTXHQRWLHQHSUREOHPDVOHJDOHVHQFXDQWRDODSURSDJDQGDTXH\DH[LVWHFRQVXLPDJHQ
HQDOJXQRVSXQWRVGHODFLXGDG\DTXHHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV
(OHFWRUDOHV&RILSHODVDQFLRQDUtDVLIXHUDDFWXDOPHQWHIXQFLRQDULDS~EOLFDDGHPiVGHTXH
HQQLQJXQRGHORVFDUWHOHVHVWDSLGLHQGRHOYRWRGHQDGLH
$ILUPyTXHWLHQHWRGRSDUDJDQDU\DTXHGLFHTXHVXVWUHVDxRVFRPRGLSXWDGDORFDOODV
LQLFLDWLYDVTXHSUHVHQWyODPiVLPSRUWDQWHVREUH9LROHQFLD,QWUDIDPLOLDUDVtFRPRHO~OWLPR
DxR HQ TXH JUDFLDV D VX DVRFLDFLyQ 8QLGDG )DPLOLDU 4XLQWDQDUURHQVH SXGR HVWDU HQ
FRQWDFWRFRQPLOHVGHSHUVRQDVOHSHUPLWHQDGHODQWDUXQEXHQWULXQIRHQHO7HUFHU'LVWULWR
)HGHUDO(OHFWRUDOFRQFDEHFHUDHQODFLXGDGGH&DQF~Q´
1RWDLQWLWXODGD³&RQWHQGHUi0DU\EHO9LOOHJDVSRUHOGLVWULWR´SXEOLFDGDHQHO³(O3HULyGLFR´GH
IHFKDGHIHEUHURGHSiJLQDTXHGLFH
³0DU\EHO 9LOOHJDV &DQFKp VH LQVFULELy D\HU FRPR SUHFDQGLGDWD D GLSXWDGD IHGHUDO SRU HO
GLVWULWR /D SDQLVWD DVHJXUy TXH GH ORJUDU OD FDQGLGDWXUD QR OH VHUi UHYRFDGD SRU
HO7ULEXQDO(OHFWRUDO)HGHUDOGDGRTXHQRVHKL]RFDPSDxDDGHODQWDGDWDOFRPRVHxDODHO
3DUWLGRGHOD5HYROXFLyQ'HPRFUiWLFD35'
(QWUHJDGRFXPHQWDFLyQ
/DSDQLVWDOOHJyDODVKRUDVDODVRILFLQDVGHO&RPLWp(VWDWDOGHO3$1HQ&DQF~Q\OXHJR
GH HQ SULYDGR HQWUHJDU OD GRFXPHQWDFLyQ DO OtGHU HVWDWDO 6HUJLR %ROLR 5RVDGR SDUD VX
UHYLVLyQHQFRQIHUHQFLDGHSUHQVD%ROLR5RVDGRUHFLELyODGRFXPHQWDFLyQ\DVHJXUyTXHOD
H[OHJLVODGRUDFXPSOLyFRQWRGRVORVUHTXLVLWRVSRUORTXHDPiVWDUGDUHOGHHVWHPHVHO
&RPLWp1DFLRQDOGHVLJQDUiDODEDQGHUDGRDODGLSXWDFLyQSRUHOGLVWULWR(OOtGHULQIRUPy
TXH5RGULJR+HUQiQGH]VHUiVXSOHQWHGH*XVWDYR2UWHJD´
/DV QRWDV SHULRGtVWLFDV DQWHV UHVHxDGDV FRQVWLWX\HQ GRFXPHQWDOHV SULYDGDV ODV FXDOHV VHUiQ YDORUDGDV
HQ FXDQWR D VX DOFDQFH \ YDORU SUREDWRULR GH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ ORV DUWtFXORV SiUUDIR
LQFLVRESiUUDIRV\GHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVHQUHODFLyQFRQ
ORV DUWtFXORV SiUUDIR LQFLVR E SiUUDIRV \ GHO 5HJODPHQWR GH 4XHMDV \ 'HQXQFLDV GHO
,QVWLWXWR)HGHUDO(OHFWRUDO
$VLPLVPRVHWHQGUiSUHVHQWHORVRVWHQLGRSRUOD6DOD6XSHULRUGHO7ULEXQDO(OHFWRUDOGHO3RGHU-XGLFLDOGH
OD )HGHUDFLyQ HQ OD 7HVLV GH -XULVSUXGHQFLD 6(/- SXEOLFDGD HQ OD &RPSLODFLyQ 2ILFLDO
GH-XULVSUXGHQFLD\7HVLV5HOHYDQWHVSiJLQDVDEDMRHOUXEUR
³127$63(5,2',67,&$6(/(0(17263$5$'(7(50,1$568)8(5=$,1',&,$5,$
/RVPHGLRVSUREDWRULRVTXHVHKDFHQFRQVLVWLUHQQRWDVSHULRGtVWLFDVVyORSXHGHQDUURMDU
LQGLFLRV VREUH ORV KHFKRV D TXH VH UHILHUHQ SHUR SDUD FDOLILFDU VL VH WUDWD GH LQGLFLRV
VLPSOHV R GH LQGLFLRV GH PD\RU JUDGR FRQYLFWLYR HO MX]JDGRU GHEH SRQGHUDU ODV
FLUFXQVWDQFLDV H[LVWHQWHV HQ FDGD FDVR FRQFUHWR $Vt VH DSRUWDURQ YDULDV QRWDV
SURYHQLHQWHV GH GLVWLQWRV yUJDQRV GH LQIRUPDFLyQ DWULEXLGDV D GLIHUHQWHV DXWRUHV \
FRLQFLGHQWHV HQ OR VXVWDQFLDO \ VL DGHPiV QR REUD FRQVWDQFLD GH TXH HO DIHFWDGR FRQ VX
FRQWHQLGR KD\D RIUHFLGR DOJ~Q PHQWtV VREUH OR TXH HQ ODV QRWLFLDV VH OH DWULEX\H \ HQ HO
MXLFLRGRQGHVHSUHVHQWHQVHFRQFUHWDD PDQLIHVWDU TXHHVRVPHGLRV LQIRUPDWLYRVFDUHFHQ
GH YDORU SUREDWRULR SHUR RPLWH SURQXQFLDUVH VREUH OD FHUWH]D R IDOVHGDG GH ORV KHFKRV
FRQVLJQDGRVHQHOORV DOVRSHVDUWRGDV HVDVFLUFXQVWDQFLDVFRQ OD DSOLFDFLyQ GHODVUHJODV
GH OD OyJLFD OD VDQD FUtWLFD \ ODV Pi[LPDV GH H[SHULHQFLD HQ WpUPLQRV GHO DUWtFXOR
DSDUWDGRGHOD/H\*HQHUDOGHO6LVWHPDGH0HGLRVGH,PSXJQDFLyQHQ0DWHULD(OHFWRUDOR
GH OD OH\ TXH UHVXOWH DSOLFDEOH HVWR SHUPLWH RWRUJDU PD\RU FDOLGDG LQGLFLDULD D ORV FLWDGRV
PHGLRV GH SUXHED \ SRU WDQWR D TXH ORV HOHPHQWRV IDOWDQWHV SDUD DOFDQ]DU OD IXHU]D
SUREDWRULDSOHQDVHDQPHQRUHVTXHHQORVFDVRVHQTXHQRPHGLHQWDOHVFLUFXQVWDQFLDV´
(QHVHRUGHQGHLGHDVVHFRQVLGHUDTXHGHODVQRWDVSHULRGtVWLFDVDSRUWDGDVSRUHOGHQXQFLDQWHH[LVWHQ
LQGLFLRVUHVSHFWRD
x 4XHHQHOPHVGHGLFLHPEUHGHGRVPLORFKRODFLXGDGDQD)UH\GD0DU\EHO9LOOHJDV&DQFKpDVHJXUy
TXHQREXVFDEDODGLSXWDFLyQSRUHO3DUWLGR$FFLyQ1DFLRQDO\TXHDSUHJXQWDH[SUHVDGHVLEXVFDUtD
XQDFDQGLGDWXUDDVHJXUy³1RHVHOPRPHQWRGHKDEODUGHFDPSDxDV´
x 4XH GLFKD FLXGDGDQD HV OD SUHVLGHQWD GH OD $VRFLDFLyQ 8QLGDG )DPLOLDU 4XLQWDQDUURHQVH $& \
PLHPEURDGKHUHQWHGHO3DUWLGR$FFLyQ1DFLRQDO
x 4XH DVHJXUy TXH VX DFWLYLGDG FRPR 3UHVLGHQWD GH OD $VRFLDFLyQ 8QLGDG )DPLOLDU 4XLQWDQDUURHQVH
$&QRSURYRFDDOJXQDYLRODFLyQDODOH\HOHFWRUDO
x 4XHHQHOPHVGHIHEUHURGHODxRHQFXUVRODFLXGDGDQD)UH\GD0DU\EHO9LOOHJDV&DQFKpSUHVHQWy
VXVGRFXPHQWRVFRPRDVSLUDQWHDODSUHFDQGLGDWXUDSRUODGLSXWDFLyQIHGHUDOHQHOGLVWULWRHOHFWRUDO
HQHOHVWDGRGH4XLQWDQD5RRSRUHO3DUWLGR$FFLyQ1DFLRQDO
x 4XHODGHFLVLyQGHUHJLVWUDUVHFRPRSUHFDQGLGDWDDODGLSXWDFLyQSRUHVHGLVWULWRHOHFWRUDOVXUJLyGHOD
SURSXHVWDGHODSURSLDPLOLWDQFLDGHOLQVWLWXWRSROtWLFRDOTXHSHUWHQHFH
x 4XHDOSDUHFHUGLFKDFLXGDGDQDUHFLELyVXFRQVWDQFLDGHUHJLVWURSDUDODSUHFDQGLGDWXUDWRGDYH]TXH
SUHVHQWy WRGD OD GRFXPHQWDFLyQ UHTXHULGD FRPR OR HVWDEOHFtD OD FRQYRFDWRULD GHO &RPLWp (MHFXWLYR
1DFLRQDO GHO 3DUWLGR $FFLyQ 1DFLRQDO \ KDVWD HO GRFH GH IHEUHUR GHO DxR HQ FXUVR HUD OD ~QLFD
DVSLUDQWHSDUDHVHGLVWULWRHOHFWRUDO
3RURWUDSDUWHODFLXGDGDQD)UH\GD0DU\EHO9LOOHJDV&DQFKpHQODDXGLHQFLDGHSUXHEDV\DOHJDWRVDTXH
VH UHILHUH HO DUWtFXOR GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV SUHVHQWy ORV
VLJXLHQWHVPHGLRVGHSUXHED
6ROLFLWXG IRUPDO GH UHJLVWUR FRPR DVSLUDQWH DO FDUJR GH SUHFDQGLGDWD D 3UHVLGHQWH 0XQLFLSDO GH
%HQLWR -XiUH] 4XLQWDQD 5RR HQ HO SURFHVR LQWHUQR GH SRVWXODFLyQ D FDQGLGDWRV GHO 3DUWLGR $FFLyQ
1DFLRQDO
6ROLFLWXGGHSLQWDGHEDUGD\SHUPLVRFRUUHVSRQGLHQWHTXHHQVXFDUiFWHUGHSURSLHWDULDGHOLQPXHEOH
VLJQDHO&6DWXUQLQR&HQ8LFDEFRQUHVSHFWRDOSUHGLRXELFDGRHQHOSUHGLR5HJLyQ0DQ]DQD
/RWH GH IHFKD YHLQWLWUpV GH IHEUHUR GH GRV PLO FLQFR FRQ HO REMHWR GH GLIXQGLU ORV ORJURV GH OD
PLVPDHQOD;,/HJLVODWXUDGHOHVWDGRGH4XLQWDQD5RR
6ROLFLWXGGHSLQWDGHEDUGD\SHUPLVRFRUUHVSRQGLHQWHTXHHQVXFDUiFWHUGHSURSLHWDULDGHOLQPXHEOH
VLJQD OD & 5RVD (OHQD $JXLODU 9pOH] FRQ UHVSHFWR DO SUHGLR XELFDGR HQ 5HJLyQ 6P /
VREUHFDOOHGHIHFKDGLHFLVpLVGHPD\RGHGRVPLOVHLVFRQHOREMHWRGHGLIXQGLUORVORJURVGHOD
PLVPDHQOD;,/HJLVODWXUDGHOHVWDGRGH4XLQWDQD5RR
6ROLFLWXGGHSLQWDGHEDUGD\SHUPLVRFRUUHVSRQGLHQWHTXHHQVXFDUiFWHUGHSRVHVLRQDULDVLJQDOD
&*UDFLHOD&HOD\D2OLYDUHVFRQGRPLFLOLRFRQRFLGR\FRQWLJXRDODHPSUHVD352&216$GH&9
GHOD&RORQLD9DOOH9HUGH0XQLFLSLRGH%HQLWR-XiUH]GHIHFKDGRVGHMXQLRGHGRVPLORFKRFRQHO
REMHWRGHGLIXQGLUORVORJURVGHODPLVPDHQOD;,/HJLVODWXUDGHOHVWDGRGH4XLQWDQD5RR
6ROLFLWXGGHSLQWDGHEDUGD\SHUPLVRFRUUHVSRQGLHQWHTXHHQVXFDUiFWHUGHYLJLODQWHGHOORWHEDOGtR
GRQGHVHHQFXHQWUDODEDUGDXELFDGDHQ0DQ]DQD/RWHGHOD5HJLyQGHIHFKDRFKRGHDEULO
GHGRVPLORFKRFRQHOREMHWRGHGLIXQGLUORVORJURVGHODPLVPDHQOD;,/HJLVODWXUDGHOHVWDGRGH
4XLQWDQD5RR
3RU FXDQWR D ODV VROLFLWXGHV DQWHV PHQFLRQDGDV FRQVWLWX\HQ GRFXPHQWDOHV SULYDGDV ODV FXDOHV VHUiQ
YDORUDGDV HQ FXDQWR D VX DOFDQFH \ YDORU SUREDWRULR GH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ ORV DUWtFXORV
SiUUDIRLQFLVRESiUUDIRV\GHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVHQ
UHODFLyQ FRQ ORV DUWtFXORV SiUUDIR LQFLVR E SiUUDIRV \ GHO 5HJODPHQWR GH 4XHMDV \
'HQXQFLDVGHO,QVWLWXWR)HGHUDO(OHFWRUDO
(Q HVH RUGHQ GH LGHDV VH FRQVLGHUD TXH GH ODV SUXHEDV DSRUWDGDV SRU OD GHQXQFLDGD H[LVWHQ LQGLFLRV
UHVSHFWRD
x 4XHHOWUHLQWDGHQRYLHPEUHGHGRVPLOVLHWHODFLXGDGDQD)UH\GD0DU\EHO9LOOHJDV&DQFKpSUHVHQWy
VROLFLWXG IRUPDO GH UHJLVWUR FRQ HO FDUiFWHU GH FDQGLGDWD H[WHUQD DQWH HO &RPLWp 'LUHFWLYR (VWDWDO GHO
3DUWLGR$FFLyQ1DFLRQDOHQHOHVWDGRGH4XLQWDQD5RRSDUDFRQWHQGHUSRUODFDQGLGDWXUDDOFDUJRGH
3UHVLGHQWD0XQLFLSDOGH%HQLWR-XiUH]HQODHQWLGDGIHGHUDWLYDHQFLWD
x 4XHSDUDODSLQWDGHEDUGDVSUHVXQWDPHQWHVHVROLFLWyXQSHUPLVRSDUDVXUHDOL]DFLyQDSURSLHWDULRV
SRVHVLRQDULRV \ YLJLODQWH GH ORV OXJDUHV HQ GRQGH VH FRORFy OD PLVPD FDEH UHIHULU TXH GH ODV
FRQVWDQFLDVTXHDSRUWyVHGHVSUHQGHTXHHOSHUPLVRUHVSHFWLYRVHUHDOL]yHQORVDxRVGRVPLOFLQFR
GRVPLOVHLV\GRVPLORFKR
$VLPLVPR HVWD DXWRULGDG HQ HO iPELWR GH VXV DWULEXFLRQHV \ D HIHFWR GH DOOHJDUVH GH ORV HOHPHQWRV
QHFHVDULRV SDUD OD UHVROXFLyQ GHO SUHVHQWH DVXQWR VROLFLWy DO 'LUHFWRU (MHFXWLYR GH 3UHUURJDWLYDV \ 3DUWLGRV
3ROtWLFRVDVtFRPRDO5HSUHVHQWDQWH3URSLHWDULRGHO3DUWLGR$FFLyQ1DFLRQDOGLYHUVDLQIRUPDFLyQUHODFLRQDGD
FRQORVKHFKRVTXHVHLQYHVWLJDQHQORVVLJXLHQWHVWpUPLQRV
5HTXHULPLHQWRGHLQIRUPDFLyQDO'LUHFWRU(MHFXWLYRGH3UHUURJDWLYDV\3DUWLGRV3ROtWLFRV
³«
D 6L HO 3DUWLGR $FFLyQ 1DFLRQDO UHJLVWUy SDUD FRQWHQGHU FRPR SUHFDQGLGDWD DO FDUJR GH
'LSXWDGD)HGHUDODOD&0DU\EHO9LOOHJDV&DQFKp\
E 6LHQHOPRQLWRUHRGHPHGLRVTXHVHUHDOL]DSRUHVWH,QVWLWXWRHQHVSHFtILFRHQHOHVWDGR
GH 4XLQWDQD 5RR VH WUDQVPLWLy GXUDQWH HO PHV GH GLFLHPEUH GH GRV PLO RFKR DOJ~Q
SURPRFLRQDOQDYLGHxRTXHSUHVXQWDPHQWHGLFH³+R\HQ$FFLyQ1DFLRQDOPHKDQDELHUWR
ODV SXHUWDV \ DTXt KH LQLFLDGR RWUD HWDSD GH PL FDUUHUD SROtWLFD &RQVLHQWH GHO
UHVSDOGR \ DIHFWR TXH KH UHFLELGR QR SRGtD GHMDU SDVDU OD RSRUWXQLGDG SDUD
DJUDGHFHUOH D WRGDV ODV IDPLOLDV HVDV LQQXPHUDEOHV PXHVWUDV GH FDULxR 0XFKDV
*UDFLDV)HOt]1DYLGDG\SUyVSHUR$xR1XHYR³
«´
5HVSXHVWDDODVROLFLWXGGHLQIRUPDFLyQ
³D &RQ UHVSHFWR DO UHJLVWUR FRPR SUHFDQGLGDWD DO FDUJR GH 'LSXWDGD )HGHUDO GH OD
&0DU\EHO9LOOHJDV&DQFKpSRUHO3DUWLGR$FFLyQ1DFLRQDOVHVHxDODTXHGHVSXpVGHXQD
E~VTXHGD PLQXFLRVDDORVDUFKLYRV TXHREUDQ HQ HVWD'LUHFFLyQ(MHFXWLYDQRVH HQFRQWUy
UHJLVWURDOJXQRDQRPEUHGHOD&0DU\EHO9LOOHJDV&DQFKpFRPRSUHFDQGLGDWDDOFDUJRGH
'LSXWDGD)HGHUDO
E(QUHODFLyQDOPRQLWRUHRGHPHGLRVTXHVHUHDOL]DHQHOHVWDGRGH4XLQWDQD5RRVREUHOD
WUDQVPLVLyQHQHOPHVGHGLFLHPEUHGHGHOSURPRFLRQDOQDYLGHxRTXHSUHVXQWDPHQWH
GLFHµ+R\HQ$FFLyQ1DFLRQDOPHKDQDELHUWRODSXHUWD\DTXtKHLQLFLDGRRWUDHWDSDGHPL
FDUUHUD SROtWLFD&RQVLHQWH GHO UHVSDOGR \ DIHFWR TXH KH UHFLELGR QR SRGUtD GHMDU SDVDU OD
RSRUWXQLGDG SDUD DJUDGHFHUOH D WRGDV ODV IDPLOLDV HVDV LQQXPHUDEOHV PXHVWUDV GH FDULxR
0XFKDV *UDFLDV )HOL] 1DYLGDG \ 3UyVSHUR DxR 1XHYR¶ 6H VHxDOD TXH HO PRQLWRUHR
HIHFWXDGR SRU HO ,QVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR IXH UHDOL]DGR ~QLFDPHQWH HQ HO
0XQLFLSLRGH7XOXPUHVSHFWRGHODVHPLVRUDVHVWDEOHFLGDVHQHO&DWiORJRGH(VWDFLRQHVGH
5DGLR\&DQDOHVGH7HOHYLVLyQTXHLQFLGHQHQHO3URFHVR(OHFWRUDO/RFDO([WUDRUGLQDULRGHO
0XQLFLSLR GH 7XOXP DSUREDGR SRU HO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO HQ VX
VHVLyQ H[WUDRUGLQDULD GH IHFKD GH RFWXEUH GH D WUDYpV GH OD JUDEDFLyQ \
GLJLWDOL]DFLyQ GH ODV VHxDOHV HIHFWXDGDV SRU OD HPSUHVD 2EVLGLDQ 6$ GH &9 GH ODV
FXDOHVQRVHGHVSUHQGHODWUDQVPLVLyQGHOSURPRFLRQDODTXHKDFHUHIHUHQFLDSRUSDUWHGHO
3DUWLGR$FFLyQ1DFLRQDO´
(O FRQWHQLGR GHO GRFXPHQWR DQWHULRU UHYLVWH HO FDUiFWHU GH GRFXPHQWDO S~EOLFD GH FRQIRUPLGDG FRQ OR
GLVSXHVWRHQORVDUWtFXORVSiUUDIRLQFLVRDSiUUDIRV\GHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\
3URFHGLPLHQWRV(OHFWRUDOHVHQUHODFLyQFRQORVDUWtFXORVSiUUDIRLQFLVRDSiUUDIRV\GHO
$OUHVSHFWRGHORDQWHULRUVHGHVSUHQGHORVLJXLHQWH
x 4XH GH OD E~VTXHGD D ORV DUFKLYRV TXH REUDQ HQ OD 'LUHFFLyQ (MHFXWLYD GH 3UHUURJDWLYDV \ 3DUWLGRV
3ROtWLFRVHQHVHPRPHQWRQRVHHQFRQWUyUHJLVWURDQRPEUHGHOD&0DU\EHO9LOOHJDV&DQFKpFRPR
SUHFDQGLGDWDDOFDUJRGH'LSXWDGD)HGHUDO
x 4XHHOPRQLWRUHRHIHFWXDGRSRUHO,QVWLWXWRHQHOHVWDGRGH4XLQWDQD5RR~QLFDPHQWHVHUHDOL]yHQHO
PXQLFLSLR GH 7XOXP GHELGR DO SURFHVR HOHFWRUDO ORFDO GH HVH PXQLFLSLR \ UHVSHFWR GH ODV HPLVRUDV
HVWDEOHFLGDV SRU HO &DWiORJR GH (VWDFLRQHV GH 5DGLR \ &DQDOHV GH 7HOHYLVLyQ DSUREDGR SRU HO
&RQVHMR *HQHUDO \ GH ODV FXDOHV QR VH GHVSUHQGH OD WUDQVPLVLyQ GHO SURPRFLRQDO DO TXH KDFH
UHIHUHQFLDHOTXHMRVRHQVXHVFULWRGHGHQXQFLD
5HTXHULPLHQWRGHLQIRUPDFLyQDO5HSUHVHQWDQWH3URSLHWDULRGHO3DUWLGR$FFLyQ1DFLRQDO
³«
6HVLUYDLQIRUPDUVLOD&0DU\EHO9LOOHJDV&DQFKpHVPLOLWDQWHGHHVHLQVWLWXWRSROtWLFR\VLOD
PLVPD VH HQFXHQWUD UHJLVWUDGD FRPR SUHFDQGLGDWD D FRQWHQGHU SRU HO FDUJR GH 'LSXWDGD
)HGHUDO
«
D (O GRPLFLOLR GH OD FLXGDGDQD UHIHULGD TXH REUD HQ ORV DUFKLYRV GH VXV PLOLWDQWHV
PLHPEURVDGKHUHQWHV\RVLPSDWL]DQWHVGHVHUHOFDVR
E ,QIRUPHODIHFKDHQTXHVHUiGHVLJQDGRVXFDQGLGDWRDOFDUJRGH'LSXWDGR)HGHUDOSRU
HOGLVWULWRHOHFWRUDOHQHOHVWDGRGH4XLQWDQD5RR
F ,QGLTXH VL D OD IHFKD HO &RPLWp (MHFXWLYR (VWDWDO R HO &RPLWp (MHFXWLYR 1DFLRQDO GH VX
SDUWLGR KD UHFLELGR VROLFLWXGHV SRU SDUWH GH DOJ~Q PLOLWDQWH PLHPEUR DGKHUHQWH R
VLPSDWL]DQWH TXH SUHWHQGD REWHQHU OD FDQGLGDWXUD DO FDUJR GH 'LSXWDGR )HGHUDO SRU HO
GLVWULWRHOHFWRUDOFRQFDEHFHUDHQ%HQLWR-XiUH]4XLQWDQD5RR\
G (Q FDVR GH TXH OD UHVSXHVWD DO FXHVWLRQDPLHQWR DQWHULRU VHD DILUPDWLYD VHxDOH ORV
QRPEUHV GH GLFKRV FLXGDGDQRV \ UHPLWD FRSLD GH ODV VROLFLWXGHV UHVSHFWLYDV R GH OD
GRFXPHQWDFLyQTXHDFUHGLWHVXGLFKR
«´
&RQWHVWDFLyQDGLFKDVROLFLWXG
³«
$OUHVSHFWROHLQIRUPRTXHGHODUHYLVLyQGHODEDVHGHGDWRVGHO5HJLVWUR1DFLRQDOGH0LHPEURVGH
QXHVWURSDUWLGRILJXUDHOQRPEUHGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpFRPRPLHPEURDGKHUHQWH
GHVGHHOYHLQWLVLHWHGHQRYLHPEUHGHGRVPLOVLHWH
3RUORTXHVHUHILHUHDOVHJXQGRSXQWRGHODVROLFLWXGGHLQIRUPDFLyQGHPDUUDVOHFRPXQLFRTXHFRQ
IHFKDGHHQHURGHOSUHVHQWHDxRFRQIXQGDPHQWRHQHODUWtFXORSiUUDIRGHO&yGLJR)HGHUDO
GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV VH KL]R HO UHJLVWUR DQWH HVWH ,QVWLWXWR GH OD OLVWD GH
SUHFDQGLGDWRVDGLSXWDGRVIHGHUDOHVGHO3DUWLGR$FFLyQ1DFLRQDOSRUORTXHODHYHQWXDOFRQGLFLyQGH
SUHFDQGLGDWDGHODFLXGDGDQDGHUHIHUHQFLDSRGUiVHUFRQVXOWDGDHQORVDUFKLYRVGHHVWHRUJDQLVPR
«
D (O GRPLFLOLR GH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp TXH REUD HQ OD EDVH GH GDWRV GH
PLOLWDQWHVGHO3DUWLGR$FFLyQ1DFLRQDOHQFDOOH0]D/7&RORQLD5HJLyQ&3
0XQLFLSLRGH%HQLWR-XiUH]HQHOHVWDGRGH4XLQWDQD5RR
E /DIHFKDGHGHVLJQDFLyQGHOFDQGLGDWRDOFDUJRGH'LSXWDGR)HGHUDOSRUHOGLVWULWRHOHFWRUDO
HQ HO HVWDGR GH 4XLQWDQD 5RR HV LQFLHUWR HQ YLUWXG GH TXH QR KD VLGR GHWHUPLQDGR SRU HO
&RPLWp(MHFXWLYR1DFLRQDOGHO3DUWLGR$FFLyQ1DFLRQDO
F 'HULYDGR GH OD LQYLWDFLyQ TXH KLFLHVH HO 3DUWLGR $FFLyQ 1DFLRQDO D VXV PLHPEURV DFWLYRV \
DGKHUHQWHV SDUD SDUWLFLSDU HQ VX SURFHVR GH GHVLJQDFLyQ GLUHFWD GH FDQGLGDWRV D 'LSXWDGRV
)HGHUDOHVSRUHOSULQFLSLRGH5HSUHVHQWDFLyQ3URSRUFLRQDOOHLQIRUPRTXHDOPRPHQWRVHKDQ
UHFLELGRVROLFLWXGHVGHPLHPEURVGHHVWHLQVWLWXWRSROtWLFR
G /DV FLXGDGDQDV VROLFLWDQWHV VRQ 3DWULFLD *XDGDOXSH =~xLJD 'tD] \ )UH\GD 0DU\EHO 9LOOHJDV
&DQFKp/DLQIRUPDFLyQGHUHVSDOGRVHHVWiUHFDEDQGRHQHO&RPLWp(VWDWDOGH4XLQWDQD5RR
SRUORTXHVHHVWDUiUHPLWLHQGRDODEUHYHGDG
«´
(O FRQWHQLGR GHO GRFXPHQWR GH PpULWR UHYLVWH HO FDUiFWHU GH GRFXPHQWDO SULYDGD GH FRQIRUPLGDG FRQ OR
GLVSXHVWRHQORVDUWtFXORVSiUUDIRLQFLVRESiUUDIRV\GHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\
3URFHGLPLHQWRV(OHFWRUDOHVHQUHODFLyQFRQORVDUWtFXORVSiUUDIRLQFLVRESiUUDIRV\GHO
$OUHVSHFWRGHGLFKRGRFXPHQWRVHREWLHQH
x 4XHODFLXGDGDQD)UH\GD0DU\EHO9LOOHJDV&DQFKpHVPLHPEURDGKHUHQWHGHO3DUWLGR$FFLyQ1DFLRQDO
GHVGHHOYHLQWLVLHWHGHQRYLHPEUHGHGRVPLOVLHWH
x 4XH HO WUHLQWD \ XQR GH HQHUR GHO DxR HQ FXUVR VH KL]R HO UHJLVWUR DQWH HO ,QVWLWXWR GH OD OLVWD GH
SUHFDQGLGDWRV D GLSXWDGRV IHGHUDOHV GHO 3DUWLGR $FFLyQ 1DFLRQDO GHO FXDO VH GHVSUHQGH TXH GLFKR
LQVWLWXWR SROtWLFR QR UHJLVWUy QLQJ~Q SUHFDQGLGDWR SRU HO GLVWULWR HOHFWRUDO IHGHUDO GH 4XLQWDQD 5RR
'LFKDLQIRUPDFLyQ SXHGHVHUYHULILFDGD HQODSiJLQD GHO,QVWLWXWR)HGHUDO(OHFWRUDOZZZLIHRUJP[
HQHODSDUWDGRGHQRWLFLDVHQHVSHFtILFRHQ³/LVWDGRGHSUHFDQGLGDWRVDGLSXWDGRVSUHVHQWDGRVDQWHHO
,QVWLWXWR)HGHUDO(OHFWRUDOSRUFDGDXQRGHORVSDUWLGRVSROtWLFRVQDFLRQDOHV
x 4XH D OD IHFKD GHO UHTXHULPLHQWR DQWHV UHIHULGR HO &RPLWp (MHFXWLYR 1DFLRQDO GHO 3DUWLGR $FFLyQ
1DFLRQDO QR KDEtD GHWHUPLQDGR OD GHVLJQDFLyQ GHO FDQGLGDWR D 'LSXWDGR )HGHUDO SRU HO GLVWULWR
HOHFWRUDOHQHOHVWDGRGH4XLQWDQD5RR
x 4XHHOSDUWLGRSROtWLFRKL]RXQDLQYLWDFLyQDVXVPLHPEURVDFWLYRV\DGKHUHQWHVSDUDSDUWLFLSDUHQVX
SURFHVR GH GHVLJQDFLyQ GLUHFWD D HIHFWR GH HOHJLU DO FDQGLGDWR DO FDUJR GH 'LSXWDGR )HGHUDO SRU HO
SULQFLSLR GH UHSUHVHQWDFLyQ SURSRUFLRQDO \ TXH D OD IHFKD VH KDEtDQ UHFLELGR GRV VROLFLWXGHV VLHQGR
pVWDVGHODV&&3DWULFLD*XDGDOXSH=~xLJD'tD]\)UH\GD0DU\EHO9LOOHJDV&DQFKp
$GHPiV VH RUGHQy DO 9RFDO (MHFXWLYR GH OD -XQWD 'LVWULWDO HQ HO HVWDGR GH 4XLQWDQD 5RR UHDOL]DUD
GLYHUVDV GLOLJHQFLDV GH LQYHVWLJDFLyQ D HIHFWR GH FRQWDU FRQ PD\RUHV HOHPHQWRV UHVSHFWR GH ORV KHFKRV
GHQXQFLDGRVGHVSUHQGLpQGRVHGRVDFWDVFLUFXQVWDQFLDGDVODVFXDOHVLQGLFDQORVLJXLHQWH
³$&7$ &,5&8167$1&,$'$ 5()(5(17( $/ '(6$+2*2 '( ',/,*(1&,$6 '(/
(;3(',(17( 180(52 6&*3(-'45 (1 $32<2 $ /$ 6(&5(7$5,$
'(/ &216(-2 *(1(5$/

(Q OD FLXGDG GH &DQF~Q 4XLQWDQD 5RR VLHQGR ODV RQFH KRUDV FRQ FLQFXHQWD PLQXWRV GHO
GtD 'LHFLQXHYH GH )HEUHUR GH 'RV 0LO 1XHYH VH UHXQLHURQ HQ OD VDOD GH -XQWDV GH OD
9RFDOtD (MHFXWLYD GH OD -XQWD 'LVWULWDO (MHFXWLYD GHO ,QVWLWXWR )HGHUDO (OHFWRUDO VLWR HQ
6XSHUPDQ]DQD 0DQ]DQD /RWH $YHQLGD /RPEDUGR 7ROHGDQR &DOOH
3RQLHQWHORVFLXGDGDQRV'HPHWULR&DEUHUD+HUQiQGH]9RFDO(MHFXWLYR/XtV*XLOOHUPR
*DOOHJRV 7RUUHV 9RFDO 6HFUHWDULR -HV~V $UWXUR %DOWD]DU 7UXMDQR 9RFDO GHO 5HJLVWUR
)HGHUDO(OHFWRUDO-RVp/XtV6DOFHGR&DPSX]DQR$X[LOLDU-XUtGLFR

(OOR FRQ OD ILQDOLGDG GH UHDOL]DU OD GLOLJHQFLD GH YHULILFDFLyQ FRQIRUPH DO Q~PHUR GH RILFLR
6&*GHIHFKDGLHFLRFKRGHIHEUHURGHGRVPLOQXHYHUHFLELGRHOGLHFLQXHYH
GH IHEUHUR GH GRV PLO QXHYH D ODV GLH] KRUDV FRQ GLH] PLQXWRV HPLWLGR SRU HO
6HFUHWDULR (MHFXWLYR HQ VX FDUiFWHU GH 6HFUHWDULR GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR
)HGHUDO (OHFWRUDO /LF (GPXQGR -DFRER 0ROLQD \ TXH VH SUDFWLFD FRQ REMHWR GH KDFHU
FRQVWDU OD H[LVWHQFLD GH SURSDJDQGD SUHVXQWDPHQWH FRQFXOFDWRULD GH OD GLVSRVLFLyQ
UHJODPHQWDULD DQWHV DOXGLGD PDWHULDO GHO TXH VH WXYR FRQRFLPLHQWR FRQ PRWLYR GHO
H[SHGLHQWH6&*3(-'45UHODWLYRDOHVFULWRVLJQDGRSRUHO5HSUHVHQWDQWHGH
3DUWLGRGHOD5HYROXFLyQ'HPRFUiWLFDPHGLDQWHHOFXDOSURPRYLyXQDGHQXQFLDHQFRQWUDGH
ODFLXGDGDQD0DU\EHO9LOOHJDV&DQFKpSRUODSUHVXQWDUHDOL]DFLyQGHDFWRVDQWLFLSDGRVGH
SUHFDPSDxD$FWRFRQWLQ~RQRVXELFDPRVHQHOGRPLFLOLR.LOyPHWURVLFFDUUHWHUDD
0pULGD &RORQLD 9DOOH 9HUGH SUHYLDPHQWH FHUFLRUDGR GH TXH QRV FRQVWLWXLPRV HQ HO
GRPLFLOLR FRUUHFWR XELFDGR HQ &DUUHWHUD )HGHUDO 0pULGD&DQF~Q .P &RORQLD 9DOOH
9HUGHDODVGRFHWUHLQWDKRUDVDQH[R\SRUDVtFRQILUPDUORTXLHQGLMROODPDUVH(OHD]DU
0DUWtQH] 0DUURTXtQ SHUVRQD TXH DILUPy VHU HPSOHDGR $OPDFHQLVWD 9LJLODQWH GH OD
(PSUHVD 3URGXFWR GH &RQFUHWR 3HQLQVXODUHV 6 $ GH & 9 µ352&21¶ FRPR HO SHUVRQDO
DFWXDQWHSURFHGLyDLGHQWLILFDUVHHLQIRUPDUHOPRWLYRGHODDFWXDFLyQ(QVHJXLGDVHVROLFLWy
VH LGHQWLILFDUD OR TXH KL]R PHGLDQWH &UHGHQFLDO SDUD 9RWDU FRQ IRWRJUDItD FRQ FODYH GH
HOHFWRU 0505(/+ \ Q~PHUR GH IROLR OD FXDO FRQWLHQH VX
QRPEUH \ XQD IRWRJUDItD TXH FRQFXHUGD FRQ VXV UDVJRV ILVRQyPLFRV PLVPD TXH VH OH
GHYROYLySRUVHULQQHFHVDULDVXUHWHQFLyQ+HFKRORDQWHULRUVHSURFHGLyDSUHJXQWDUOHVREUH
OD SURSDJDQGD TXH VH WLHQH D OD YLVWD FRQVLVWHQWH HQ OD SLQWD GH XQD EDUGD FX\DV
GLPHQVLRQHVVRQGHPHWURVGHDOWXUDSRUPHWURVGHODUJRPLVPDTXHKDFHDOXVLyQ
D 0DULEHO 9LOOHJDV « GRQGH VH DSUHFLD GHO ODGR VXSHULRU L]TXLHUGR HO WH[WR VLJXLHQWH
µ81,'$' )$0,/,$5 48,17$1$552(16( $&¶ HO FXDO FLUFXQGD XQD ILJXUD GH IRUPD
FLUFXODU GHQWUR GH OD FXDO KD\ XQD ILJXUD DO SDUHFHU KXPDQD TXH GLYLGH GLFKR FLUFXOR HQ
FRORUHV URMR \ D]XO MXQWR DO FXDO VH HQFXHQWUDQ RWUDV GRV VLOXHWDV VLPLODUHV GH FRORUHV
EODQFR\URMR\HQODSDUWHLQIHULRUGHOFLUFXORVHDSUHFLDHOWH[WRµ3RUXQPHMRU&DQF~Q¶HQ
OHWUDVEODQFDVGHQWURGHXQDIUDQMDURMDGHLJXDOHQODSDUWHVXSHULRUGHUHFKDVHDSUHFLDFRQ
OHWUDV EODQFDV \ IRQGR D]XO HO VLJXLHQWH WH[WR µ 0DULEHO 9LOOHJDV 3UHVLGHQWD¶ \ HQ OD SDUWH
LQIHULRU XQD IUDQMD URMD FRQ HO VLJXLHQWH WH[WR HQ OHWUDV GH FRORU EODQFR µ£18(6752
2%-(7,92(/%,(1(67$5'(72'26¶'HWDOVXHUWHDODSHUVRQDFRQTXLHQVHHQWLHQGH
ODGLOLJHQFLDGHPpULWRVHOHFXHVWLRQyVLKDEtDDGYHUWLGR¢FXiQGRFRORFDURQODSURSDJDQGD
HQFRPHQWR"DORTXHUHVSRQGLyDSUR[LPDGDPHQWHGRVPHVHV\PHGLR\TXHDVLPLVPRQR
KDEtDQ SHGLGR OD DXWRUL]DFLyQ SDUD VX SLQWD HQVHJXLGD OH IXH FXHVWLRQDGR ¢VL LGHQWLILFy D
ODV SHUVRQDV TXH OD FRORFDURQ" UHVSRQGLHQGR µQR¶ $GHPiV OH IXH VROLFLWDGR H[SUHVDUD VX
UD]yQSRUODFXDODGYLUWLyHOSURPRFLRQDOGHOTXHVHWUDWDVHxDODQGRDOUHVSHFWRTXHµVHGLR
FXHQWDDOGtDVLJXLHQWHHQHOWUDEDMR¶VLF3RUWDQWRVHH[SXVRDOHQWUHYLVWDGRVLWHQtDDOJ~Q
LQFRQYHQLHQWHGHPRVWUDUVXFUHGHQFLDOSDUDYRWDUFRQIRWRJUDItDRDOJ~QRWUDLGHQWLILFDFLyQ
RILFLDO D ILQ GH WRPDUOH XQD IRWRJUDItD D OR FXDO HO HQWUHYLVWDGR DFFHGLy $O UHVSHFWR GLFKD
LPSUHVLyQIRWRJUiILFDREHGHFHDODQH[R
$FWRVLJXLHQWHHOSHUVRQDODFWXDQWHSURFHGLyDHQWUHYLVWDUDTXLHQGLMROODPDUVH*LOEHUWR7HF
3RRO SHUVRQD TXH DILUPy VHU HPSOHDGR &RQWDGRU GH OD PLVPD (PSUHVD 3URGXFWR GH
&RQFUHWR 3HQLQVXODUHV 6 $ GH & 9 ³352&21´ FRPR HO SHUVRQDO DFWXDQWH SURFHGLy D
LGHQWLILFDUVHHLQIRUPDUHOPRWLYRGHODDFWXDFLyQ(QVHJXLGDVHOHVROLFLWRVHLGHQWLILFDUDOR
TXH KL]R PHGLDQWH &UHGHQFLDO SDUD 9RWDU FRQ IRWRJUDItD FRQ FODYH GH HOHFWRU
7&3/*/+ \ Q~PHUR GH IROLR OD FXDO FRQWLHQH VX QRPEUH \
XQDIRWRJUDItDTXHFRQFXHUGDFRQVXVUDVJRVILVRQyPLFRVPLVPDTXHVHOHGHYROYLySRUVHU
LQQHFHVDULDVXUHWHQFLyQ+HFKRORDQWHULRUVHSURFHGLyDSUHJXQWDUOHVREUHODSURSDJDQGD
TXHVHWLHQHDODYLVWDFRQVLVWHQWHHQODSLQWDGHODEDUGDDQWHVPHQFLRQDGD
'HWDOVXHUWHDODSHUVRQDFRQTXLHQVHHQWLHQGHODGLOLJHQFLDGHPpULWRVHOHFXHVWLRQyVL
KDEtD DGYHUWLGR ¢FXiQGR FRORFDURQ OD SURSDJDQGD HQ FRPHQWR" D OR TXH UHVSRQGLy
DSUR[LPDGDPHQWH GRV R WUHV PHVHV \ HV XVDGR SRU OD PLVPD SHUVRQD TXH VDOH HQ OD
SURSDJDQGDHQVHJXLGDOHIXHFXHVWLRQDGR ¢VLLGHQWLILFyDODVSHUVRQDV TXH ODFRORFDURQ"
UHVSRQGLHQGRQRVDEHDTXHKRUD\TXLHQFRORFyODSURSDJDQGD$GHPiVOHIXHVROLFLWDGR
H[SUHVDUi VX UD]yQ SRU OD FXDO DGYLUWLy HO SURPRFLRQDO GHO TXH VH WUDWD VHxDODQGR DO
UHVSHFWRTXHVH³GLRFXHQWDFXDQGROOHJRDWUDEDMDUHQODPDxDQD\TXHSXGRVHUHQODWDUGH
GHVSXpV GH WUDEDMDU R HQ OD PDGUXJDGD OD SXVLHURQ´ QHFHVDULDPHQWH SRU HVD ]RQD GHEH
WUDQVLWDUGDGRTXHHVVXFDPLQRFRWLGLDQRDOWUDEDMR3RUORWDQWRVHH[SXVRDOHQWUHYLVWDGR
VLWHQtDDOJ~QLQFRQYHQLHQWHGHPRVWUDUVXFUHGHQFLDOSDUDYRWDUFRQIRWRJUDItDRDOJ~QRWUD
LGHQWLILFDFLyQ RILFLDO D ILQ GH WRPDUOH XQD IRWRJUDItD D OR FXDO HO HQWUHYLVWDGR DFFHGLy $O
UHVSHFWR GLFKD LPSUHVLyQ IRWRJUiILFD REHGHFH DO DQH[R (Q FXDQWR D ODV FDUDFWHUtVWLFDV
GHOOXJDUGRQGHVHHQFXHQWUDFRORFDGDRSLQWDGDVHJ~QVHDODSURSDJDQGDGHFXHQWDVRQ
HO TXH OD EDUGD D VLPSOH YLVWD IRUPD SDUWH GH OD (PSUHVD 3URGXFWR GH &RQFUHWR
3HQLQVXODUHV6$GH&9µ352&21¶XELFDGDHQSULPHUDHQWUDGDGHODFRORQLD9DOOH9HUGH
\ &DUUHWHUD )HGHUDO 0pULGD&DQF~Q .P &DEH PHQFLRQDU TXH GLFKD XELFDFLyQ
FRUUHVSRQGHDO'LVWULWR(OHFWRUDO)HGHUDOHQHO(VWDGRGH4XLQWDQD5RR

&RQWLQXDQGRFRQHOGHYHQLUGHODGLOLJHQFLDQRVXELFDPRVHQODVHJXQGDGLUHFFLyQVROLFLWDGD
HQODFDOOH\$YHQLGD2D[DFWXQGHOD5HJLyQ1RYHQWD\&LQFRSUHYLDPHQWHFHUFLRUDGRGH
TXHQRVFRQVWLWXLPRVHQHOGRPLFLOLRFRUUHFWRXELFDGRHQODEDUGDXELFDGD5HJLyQ1RYHQWD\
&LQFR 0DQ]DQD /RWH FDOOH \ $YHQLGD 2D[DFWXQ SRU DVt HVWDU DVHQWDGR HQ ODV
SODFDVGHLGHQWLILFDFLyQGHODQRPHQFODWXUDGHODVPLVPDVDODVWUHFHKRUDVFRQFXDUHQWD\
FLQFR PLQXWRV IRWRJUDItD PDUFDGD FRPR DQH[R \ SRU DVt FRQILUPDUOR TXLHQ GLMR
OODPDUVH )DWLPD /DVWUD $OHMR DQH[R \ HO SHUVRQDO DFWXDQWH SURFHGLy D LGHQWLILFDUVH H
LQIRUPDU HO PRWLYR GH OD DFWXDFLyQ OD SHUVRQD DILUPy VHU DPD GH FDVD \ TXH YLYH DO ODGR
L]TXLHUGR GH GRQGH VH HQFXHQWUD OD SLQWD GH OD SURSDJDQGD (QVHJXLGD VH OH VROLFLWR VH
LGHQWLILFDUDORTXHKL]RPHGLDQWH&UHGHQFLDOSDUDYRWDUFRQIRWRJUDItDFRQFODYHGHHOHFWRU
/6$/)70 \ Q~PHUR GH IROLR OD FXDO FRQWLHQH VX QRPEUH \
TXHVHWLHQHDODYLVWDFRQVLVWHQWHHQODSLQWDGHXQDEDUGDFX\DVGLPHQVLRQHVVRQGH
PHWURVGHDOWXUDSRUPHWURVGHODUJRPLVPDTXHKDFHDOXVLyQDOD&LXGDGDQD0DULEHO
9LOOHJDV GRQGH VH DSUHFLD OD SLQWD VREUH XQ IRQGR EODQFR FRQ OHWUDV GH FRORU D]XO OD
VLJXLHQWH OH\HQGD ³0DU\E´ DVt FRPR OR TXH DO SDUHFHU IDOWDQ ODV OHWUDV ³HO´ D OD FXDO OH IXH
VREUHSXHVWD SLQWXUD EODQFD FRQ RWUD OH\HQGD GH RWUR WLSR \ GHO ODGR LQIHULRU L]TXLHUGR VH
HQFXHQWUDQ ODV SDODEUDV VLJXLHQWHV ³325 /(< %(&$6 3$5$ 72'26 /26
(678',$17(6´\GHOODGRLQIHULRUGHUHFKRHQOHWUDVGHFRORUD]XO³9,//(*$6´DVtFRPR
XQD ILJXUD GH FRORU D]XO FRQ XQD IUDQMD QDUDQMD OD FXDO FRPLHQ]D HQ HO ODGR L]TXLHUGR FRQ
XQDIRUPDGH³&´\VHH[WLHQGHHQXQDIUDQMDDODUJDGDSRUGHEDMRGHODSLQWD

'HWDOVXHUWHDODSHUVRQDFRQTXLHQVHHQWLHQGHODGLOLJHQFLDGHPpULWRVHOHFXHVWLRQyVL
KDEtD DGYHUWLGR ¢FXiQGR FRORFDURQ OD SURSDJDQGD HQ FRPHQWR" D OR TXH UHVSRQGLy
DSUR[LPDGDPHQWH XQR R GRV PHVHV HQVHJXLGD OH IXH FXHVWLRQDGR ¢VL LGHQWLILFy D ODV
SHUVRQDV TXH OD FRORFDURQ" UHVSRQGLHQGR QR YLy $GHPiV OH IXH VROLFLWDGR H[SUHVDUi VX
UD]yQSRUODFXDODGYLUWLyHOSURPRFLRQDOGHOTXHVHWUDWDVHxDODQGRDOUHVSHFWRTXH³VHGLR
FXHQWD WUHV GtDV GHVSXpV TXH SXVLHURQ OD SURSDJDQGD´ \D TXH QHFHVDULDPHQWH SRU HVD
]RQD GHEH WUDQVLWDU GDGR TXH HV VX FDPLQR FRWLGLDQR D VX FDVD 3RU WDQWR VH H[SXVR DO
HQWUHYLVWDGRVLWHQtDDOJ~QLQFRQYHQLHQWHGHPRVWUDUVXFUHGHQFLDOSDUDYRWDUFRQIRWRJUDItD
RDOJ~QDRWUDLGHQWLILFDFLyQRILFLDODILQGHWRPDUOHXQDIRWRJUDItDDORFXDOODHQWUHYLVWDGD
DFFHGLy$OUHVSHFWRGLFKDLPSUHVLyQIRWRJUiILFDREHGHFHDODQH[R
$FWRVLJXLHQWHHOSHUVRQDODFWXDQWHSURFHGLyDHQWUHYLVWDUDXQDVHJXQGDSHUVRQDGHOPLVPR
OXJDU TXLHQ GLMR OODPDUVH 0DUtD &ULVWLQD &RFRP 5LYHUR SHUVRQD TXH DILUPy VHU DPD GH
FDVD (QVHJXLGD VH OH VROLFLWR VH LGHQWLILFDUD OR TXH KL]R PHGLDQWH &UHGHQFLDO SDUD YRWDU
FRQIRWRJUDItDFRQFODYHGHHOHFWRU&&59&50\QXPHURGHIROLROD
FXDOFRQWLHQHVXQRPEUH\XQDIRWRJUDItDTXHFRQFXHUGDFRQVXVUDVJRVILVRQyPLFRVPLVPD
TXH VH OH GHYROYLy SRU VHU LQQHFHVDULD VX UHWHQFLyQ +HFKR OR DQWHULRU VH SURFHGLy D
SUHJXQWDUOHVREUHODSURSDJDQGDTXHVHWLHQHDODYLVWDFRQVLVWHQWHHQODSLQWDGHODPLVPD
EDUGDHQPHQFLyQ'HWDOVXHUWHDODSHUVRQDFRQTXLHQVHHQWLHQGHODGLOLJHQFLDGHPpULWR
VHOHFXHVWLRQyVLKDEtDDGYHUWLGR¢FXiQGRFRORFDURQODSURSDJDQGDHQFRPHQWR"DORTXH
UHVSRQGLy DSUR[LPDGDPHQWH WUHV PHVHV HQVHJXLGD OH IXH FXHVWLRQDGR ¢VL LGHQWLILFy D ODV
SHUVRQDV TXH OD FRORFDURQ" UHVSRQGLHQGR TXH ³YLR QDGD PDV SLQWRUHV´ $GHPiV OH IXH
VROLFLWDGRH[SUHVDUiVXUD]yQSRUODFXDODGYLUWLyHOSURPRFLRQDOGHOTXHVHWUDWDVHxDODQGR
DO UHVSHFWR TXH HQ VXV DFWLYLGDGHV GHO KRJDU YLR OD SURSDJDQGD QHFHVDULDPHQWH SRU HVD
]RQDGHEHWUDQVLWDUGDGRTXHHVVXFDPLQRFRWLGLDQRDVXFDVD3RUORWDQWRVHH[SXVRDO
RDOJXQDRWUDLGHQWLILFDFLyQRILFLDODILQGHWRPDUOHXQDIRWRJUDItDDORFXDOODHQWUHYLVWDGD
DFFHGLy$OUHVSHFWRGLFKDLPSUHVLyQIRWRJUiILFDREHGHFHDODQH[R

(QFXDQWRDODVFDUDFWHUtVWLFDVGHOOXJDUGRQGHVHHQFXHQWUDFRORFDGDRSLQWDGDVHJ~QVHD
OD SURSDJDQGD GH FXHQWD VRQ HO TXH OD EDUGD D VLPSOH YLVWD IRUPD SDUWH GH XQD FDVD
KDELWDFLyQDSDUHQWHPHQWHGHXVRSDUWLFXODUSXHVFDUHFHGHWHQHUDOJ~QRWURHOHPHQWRTXHOD
LGHQWLILTXHXELFDGDHQFDOOH\$YHQLGD2D[DFWXQGHOD5HJLyQ1RYHQWD\&LQFR
&DEHGHVWDFDUTXHDOFRQWLQXDUFRQODGLOLJHQFLDQRVHQFRQWUDPRVFRQRWUDEDUGDFRQSLQWD
QRFRQWHPSODGDHQHOUHTXHULPLHQWRXELFDGRHQ5HJLyQ1RYHQWD\&LQFR0DQ]DQD/RWH
&DOOH\&DVL(VTXLQD2D[DFWXQDODVFDWRUFHKRUDVFRQTXLQFHPLQXWRVDQH[R\
SRUDVtFRQILUPDUORTXLHQGLMROODPDUVH5XWK$PH]TXLWD+HUQiQGH]SHUVRQDTXHDILUPyVHU
HPSOHDGD PLQLVXSHU ³(O *DOOR´ FRPR HO SHUVRQDO DFWXDQWH SURFHGLy D LGHQWLILFDUVH H
LQIRUPDUHOPRWLYRGHODDFWXDFLyQ(QVHJXLGDVROLFLWpVHLGHQWLILFDUDORTXHKL]RPHGLDQWH
&UHGHQFLDOSDUDYRWDUFRQIRWRJUDItDFRQFODYHGHHOHFWRU$0+5570\Q~PHUR
GHIROLRODFXDOFRQWLHQHVXQRPEUH\XQDIRWRJUDItDTXHFRQFXHUGDFRQVXV
UDVJRV ILVRQyPLFRV PLVPD TXH VH OH GHYROYLy SRU VHU LQQHFHVDULD VX UHWHQFLyQ +HFKR OR
DQWHULRUVHSURFHGLyDSUHJXQWDUOHVREUHODSURSDJDQGDTXHVHWLHQHDODYLVWDFRQVLVWHQWH
HQODSLQWDGHXQDEDUGDFX\DVGLPHQVLRQHVVRQGHPHWURVGHDOWXUDSRUPHWURV
GHODUJR PLVPDTXHKDFHDOXVLyQDOD0DULEHO9LOOHJDV6HDSUHFLDVREUHXQIRQGREODQFR
ORVVLJXLHQWHVWH[WRVFRQOHWUDVGHFRORUURMR³/$9,2/(1&,$,175$)$0,/,$5+2<<$(6
81 '(/,72 ££'(181&,$/2´ \ HQ OHWUDV GH FRORU QHJUR ³0$5<%(/ 9,//(*$6
',387$'$ 7( $6(625$026 7(/ 2),&,1$ 5(* 0= (',) '
'(372)5$&&/26&2/25,1(6´GHOODGRGHUHFKRGHODSLQWDVHDSUHFLDXQHVFXGRDO
SDUHFHU GHO &RQJUHVR GHO (VWDGR GH 4XLQWDQD 5RR FRQ HO WH[WR + &21*5(62 '(/
(67$'2'(48,17$1$;,/(*,6/$785$\HQVXSDUWHLQIHULRUHOHVFXGRGH
4XLQWDQD5RRGHLJXDOIRUPDVHDSUHFLDXQDILJXUDGHFRORUDPDULOODFRQXQDIUDQMDQDUDQMD
\ XQD OtQHD QHJUD OD FXDO FRPLHQ]D HQ HO ODGR L]TXLHUGR \ VH H[WLHQGH HQ XQD IUDQMD
DODUJDGD SRU GHEDMR GH OD SLQWD 'H WDO VXHUWH D OD SHUVRQD FRQ TXLHQ VH HQWLHQGH OD
GLOLJHQFLDGHPpULWRVHOHFXHVWLRQyVLKDEtDDGYHUWLGR¢FXiQGRFRORFDURQODSURSDJDQGDHQ
FRPHQWR" D OR TXH UHVSRQGLy WUHV DxRV HQVHJXLGD OH IXH FXHVWLRQDGR ¢VL LGHQWLILFy D ODV
SHUVRQDVTXHODFRORFDURQ"UHVSRQGLHQGRSLQWRUHV$GHPiVOHIXHVROLFLWDGRH[SUHVDUiVX
UD]yQSRUODFXDODGYLUWLyHOSURPRFLRQDOGHOTXHVHWUDWDVHxDODQGRDOUHVSHFWRTXHHQHO
PRPHQWR TXH HVWi SLQWDQGR OD EDUGD \D TXH SRU HVD ]RQD GHEH WUDQVLWDU GDGR TXH HV VX
FDPLQRFRWLGLDQRDOWUDEDMR3RUWDQWRVHH[SXVRDOHQWUHYLVWDGRVLWHQtDDOJ~QLQFRQYHQLHQWH
GHPRVWUDUVXFUHGHQFLDOSDUDYRWDUFRQIRWRJUDItDRDOJ~QRWUDLGHQWLILFDFLyQRILFLDODILQGH
WRPDUOH XQD IRWRJUDItD D OR FXDO OD HQWUHYLVWDGD DFFHGLy $O UHVSHFWR GLFKD LPSUHVLyQ
IRWRJUiILFDREHGHFHDODQH[R

$FWR VLJXLHQWH HO SHUVRQDO DFWXDQWH SURFHGLy D HQWUHYLVWDU D TXLHQ GLMR OODPDUVH 0D\UD
1D\HOL&HQ3RRWSHUVRQDTXHDILUPyVHUKLMDGHOSURSLHWDULRGHODFDVDFRPRHOSHUVRQDO
DFWXDQWHSURFHGLyDLGHQWLILFDUVHHLQIRUPDUHOPRWLYRGHODDFWXDFLyQ(QVHJXLGDVROLFLWpVH
LGHQWLILFDUDORTXHKL]RPHGLDQWH&UHGHQFLDOSDUDYRWDUFRQIRWRJUDItDFRQFODYHGHHOHFWRU
&1370<0 \ QXPHUR GH IROLR OD FXDO FRQWLHQH VX QRPEUH \
TXHVHWLHQHDODYLVWDFRQVLVWHQWHHQODSLQWDGHODPLVPDEDUGDHQPHQFLyQ'HWDOVXHUWH
DODSHUVRQDFRQTXLHQVHHQWLHQGHODGLOLJHQFLDGHPpULWRVHOHFXHVWLRQyVLKDEtDDGYHUWLGR
¢FXiQGRFRORFDURQODSURSDJDQGDHQFRPHQWR"DORTXHUHVSRQGLyXQDxR\TXHVLSLGLHURQ
SHUPLVR SHUR VRODPHQWH GH SDODEUD SHUR D VX SDSD HQVHJXLGD OH IXH FXHVWLRQDGR ¢VL
LGHQWLILFy D ODV SHUVRQDV TXH OD FRORFDURQ" UHVSRQGLHQGR QR YLR D QDGLH $GHPiV OH IXH
VROLFLWDGRH[SUHVDUiVXUD]yQSRUODFXDODGYLUWLyHOSURPRFLRQDOGHOTXHVHWUDWDVHxDODQGR
DO UHVSHFWR TXH QHFHVDULDPHQWH SRU HVD ]RQD GHEH WUDQVLWDU GDGR TXH HV VX FDPLQR
FRWLGLDQRDVXFDVD3RUORWDQWRVHH[SXVRDOHQWUHYLVWDGRVLWHQtDDOJ~QLQFRQYHQLHQWHGH
PRVWUDU VX FUHGHQFLDO SDUD YRWDU FRQ IRWRJUDItD R DOJ~Q RWUD LGHQWLILFDFLyQ RILFLDO D ILQ GH
WRPDUOH XQD IRWRJUDItD D OR FXDO OD HQWUHYLVWDGD DFFHGLy $O UHVSHFWR GLFKD LPSUHVLyQ
IRWRJUiILFDREHGHFHDODQH[R

OD SURSDJDQGD GH FXHQWD VRQ HO TXH OD EDUGD D VLPSOH YLVWD IRUPD SDUWH GH OD XQD FDVD
LGHQWLILTXH&RQWLQXDQGRFRQHOGHYHQLUGHODGLOLJHQFLDHQODEDUGDXELFDGD5HJLyQ1RYHQWD
\&LQFR0DQ]DQD/RWH&DOOH\&DVL(VTXLQD2D[DFWXQSRUDVtHVWDUDVHQWDGRHQ
ODV SODFDV GH LGHQWLILFDFLyQ GH OD QRPHQFODWXUD GH OD QRPHQFODWXUD GH ODV PLVPDV
IRWRJUDItDVPDUFDGDVFRPRDQH[R

&RQWLQXDQGRFRQHOGHYHQLUGHODGLOLJHQFLDQRVXELFDPRVHQODWHUFHUDGLUHFFLyQVROLFLWDGD
HQ OD &DOOH \ $ 5HJLyQ 1RYHQWD \ &LQFR SUHYLDPHQWH FHUFLRUDGR GH TXH QRV
FRQVWLWXLPRVHQHOGRPLFLOLRFRUUHFWRXELFDGRHQODEDUGDXELFDGD5HJLyQ1RYHQWD\&LQFR
0DQ]DQD/RWHFDOOH\&DOOH$DODVFDWRUFHKRUDVFRQWUHLQWD\WUHVPLQXWRV
DQH[R\SRUDVtFRQILUPDUORTXLHQGLMROODPDUVH(ULFN5DPtUH]0DUWtQH]SHUVRQDTXH
DILUPy VHU HPSOHDGR YDOHW SDUNLQ FRPR HO SHUVRQDO DFWXDQWH SURFHGLy D LGHQWLILFDUVH H
LQIRUPDU HO PRWLYR GH OD DFWXDFLyQ (QVHJXLGD VH OH VROLFLWR VH LGHQWLILFDUD OR TXH KL]R
PHGLDQWH &UHGHQFLDO SDUD YRWDU FRQ IRWRJUDItD FRQ FODYH GH HOHFWRU
5005(5+\QXPHURGHIROLRODFXDOFRQWLHQHVXQRPEUH\
TXHVHWLHQHDODYLVWDFRQVLVWHQWHHQODSLQWDGHXQDEDUGDFX\DVGLPHQVLRQHVVRQGH
PHWURV GH DOWXUD SRU PHWURV GH ODUJR PLVPD TXH KDFH DOXVLyQ D OD 0DULEHO 9LOOHJDV
'RQGH VH DSUHFLD SLQWDGD VREUH XQ IRQGR EODQFR FRQ OHWUDV GH FRORU D]XO OR VLJXLHQWH
0DULEHO\GHOODGRGHUHFKRGHODSLQWDVHDSUHFLDXQHVFXGRDOSDUHFHUGHO&RQJUHVRGHO
(VWDGR GH 4XLQWDQD 5RR FRQ HO WH[WR + &21*5(62 '(/ (67$'2 '( 48,17$1$ ;,
/(*,6/$785$ \ HQ VX SDUWH LQIHULRU HO HVFXGR GH 4XLQWDQD 5RR \ GHO ODGR
LQIHULRUL]TXLHUGRVHHQFXHQWUDQODVSDODEUDVVLJXLHQWHV³325/(<%(&$63$5$72'26
/26 (678',$17(6´ \ GHO ODGR LQIHULRU GHUHFKR HQ OHWUDV GH FRORU D]XO ³9,//(*$6
',387$'$´DVtFRPRXQDILJXUDGHFRORUD]XOFRQXQDIUDQMDQDUDQMDODFXDOFRPLHQ]DHQ
HOODGRL]TXLHUGRFRQXQDIRUPDGH³&´\VHH[WLHQGHHQXQDIUDQMDDODUJDGDSRUGHEDMRGHOD
SLQWD 'H WDO VXHUWH D OD SHUVRQD FRQ TXLHQ VH HQWLHQGH OD GLOLJHQFLD GH PpULWR VH OH
FXHVWLRQy VL KDEtD DGYHUWLGR ¢FXiQGR FRORFDURQ OD SURSDJDQGD HQ FRPHQWR" D OR TXH
UHVSRQGLy R PHVHV HQVHJXLGD OH IXH FXHVWLRQDGR ¢VL LGHQWLILFy D ODV SHUVRQDV TXH OD
FRORFDURQ" UHVSRQGLHQGR ³QR YLR D QDGLH \ FUHH TXH HO GXHxR GLR SHUPLVR SDUD SLQWDU OD
EDUGD´$GHPiVOHIXHVROLFLWDGRH[SUHVDUiVXUD]yQSRUODFXDODGYLUWLyHOSURPRFLRQDOGHO
TXHVHWUDWDVHxDODQGRDOUHVSHFWRTXH³QRVHDFXHUGD´\DTXHWRGRORVGtDVSDVDSRUHVH
OXJDU\DTXHHVVXFDPLQRDVXFDVD3RUORWDQWRVHH[SXVRDOHQWUHYLVWDGRVLWHQtDDOJ~Q
RILFLDO D ILQ GH WRPDUOH XQD IRWRJUDItD D OR FXDO HO HQWUHYLVWDGR DFFHGLy $O UHVSHFWR GLFKD
LPSUHVLyQIRWRJUiILFDREHGHFHDODQH[R
OD SURSDJDQGD GH FXHQWD VRQ HO TXH OD EDUGD D VLPSOH YLVWD IRUPD SDUWH GH OD XQD FDVD
LGHQWLILTXH

&RQWLQXDQGR FRQ OD GLOLJHQFLD QXHYDPHQWH QRV HQFRQWUDPRV FRQ RWUD EDUGD SLQWDGD QR
FRQWHPSODGD HQ GLFKR UHFRUULGR QRV FRQVWLWXLPRV HQ HO GRPLFLOLR XELFDGR HQ 5HJLyQ
1RYHQWD\6HLV0DQ]DQD/RWHVREUH$YHQLGDLQGXVWULDOHQWUHFDOOH\FDOOH$DODV
FDWRUFH KRUDV FRQ FXDUHQWD \ VLHWH PLQXWRV DQH[R \ SRU DVt FRQILUPDUOR TXLHQ GLMR
OODPDUVH 0LUHOOD %HWHVGD 'tD] $JXLODU SHUVRQD TXH DILUPy VHU HPSOHDGD 2ILFLDO GHO
5HJLVWUR&LYLOFRPRHOSHUVRQDODFWXDQWHSURFHGLyDLGHQWLILFDUVHHLQIRUPDUHOPRWLYRGH
ODDFWXDFLyQ(QVHJXLGDVHOHVROLFLWyVHLGHQWLILFDUDORTXHKL]RPHGLDQWH&UHGHQFLDOSDUD
YRWDU FRQ IRWRJUDItD FRQ FODYH GH HOHFWRU '=$*050 \ Q~PHUR GH IROLR
ODFXDOFRQWLHQHVXQRPEUH\XQDIRWRJUDItDTXHFRQFXHUGDFRQVXVUDVJRV
ILVRQyPLFRVPLVPDTXHVHOHGHYROYLySRUVHULQQHFHVDULDVXUHWHQFLyQ+HFKRORDQWHULRU
VH SURFHGLy D SUHJXQWDUOH VREUH OD SURSDJDQGD TXH VH WLHQH D OD YLVWD FRQVLVWHQWH HQ OD
SLQWD GH XQD EDUGD FX\DV GLPHQVLRQHV VRQ GH PHWURV GH DOWXUD SRU PHWURV GH
ODUJRPLVPDTXHKDFHDOXVLyQDOD&0DULEHO9LOOHJDVGRQGHVHDSUHFLDGHOODGRVXSHULRU
L]TXLHUGR HO WH[WR VLJXLHQWH ³81,'$' )$0,/,$5 48,17$1$552(16( $&´ HO FXDO
FLUFXQGDXQDILJXUD GHIRUPD FLUFXODUGHQWURGHODFXDOKD\XQDILJXUD DOSDUHFHUKXPDQD
TXHGLYLGHGLFKRFLUFXORHQFRORUHVURMR\D]XOMXQWRDOFXDOVHHQFXHQWUDQRWUDVGRVVLOXHWDV
VLPLODUHVGHFRORUHVEODQFR\URMR\HQODSDUWHLQIHULRUGHOFLUFXORVHDSUHFLDHOWH[WR3RU
XQPHMRU&DQF~QHQOHWUDVEODQFDVGHQWURGHXQDIUDQMDURMDGHLJXDOHQODSDUWHVXSHULRU
GHUHFKD VH DSUHFLD FRQ OHWUDV EODQFDV \ IRQGR D]XO HO VLJXLHQWH WH[WR ³ 0DULEHO 9LOOHJDV
3UHVLGHQWD2),&,1$5(*0=(',)''(372)5$&&/26&2/25,1(67(/
´\HQODSDUWHLQIHULRUXQDIUDQMDQDUDQMDFRQHOVLJXLHQWHWH[WRHQOHWUDVGHFRORU
EODQFR18(67522%-(7,92(/%,(1(67$5'(72'26´'HWDOVXHUWHDODSHUVRQD
FRQ TXLHQ VH HQWLHQGH OD GLOLJHQFLD GH PpULWR VH OH FXHVWLRQy VL KDEtD DGYHUWLGR ¢FXiQGR
FRORFDURQ OD SURSDJDQGD HQ FRPHQWR" D OR TXH UHVSRQGLy DSUR[LPDGDPHQWH XQ DxR
HQVHJXLGDOHIXHFXHVWLRQDGR¢VLLGHQWLILFyDODVSHUVRQDVTXHODFRORFDURQ"UHVSRQGLHQGR
³QRYLR´$GHPiVOHIXHVROLFLWDGRH[SUHVDUiVXUD]yQSRUODFXDODGYLUWLyHOSURPRFLRQDOGHO
TXH VH WUDWD VHxDODQGR DO UHVSHFWR TXH ³QR VH DFXHUGD´ 3RU OR WDQWR VH H[SXVR DO
RDOJ~QRWUDLGHQWLILFDFLyQRILFLDODILQGHWRPDUOHXQDIRWRJUDItDDORFXDOODHQWUHYLVWDGDQR
DFFHGLy (Q FXDQWR D ODV FDUDFWHUtVWLFDV GHO OXJDU GRQGH VH HQFXHQWUD FRORFDGD R SLQWDGD
VHJ~QVHDOD SURSDJDQGDGHFXHQWDVRQHOTXH ODEDUGD DVLPSOHYLVWD IRUPD SDUWHGHXQ
SDUTXH DSDUHQWHPHQWH GH XVR S~EOLFR SXHV FDUHFH GH WHQHU DOJ~Q RWUR HOHPHQWR TXH OD
LGHQWLILTXH
&RQWLQXDQGR FRQ HO GHYHQLU GH OD GLOLJHQFLD QRV XELFDPRV HQ OD FXDUWD GLUHFFLyQ VROLFLWDGD
HQ OD 5HJLyQ $Y &RPDOFDOFR SUHYLDPHQWH FHUFLRUDGR GH TXH QRV FRQVWLWXLPRV HQ HO
GRPLFLOLRFRUUHFWRXELFDGRHQODEDUGDXELFDGD5HJLyQ1RYHQWD\6LHWH0DQ]DQD/RWH
HQWUH $YHQLGD &KLFKHQ,W]D \ &DOOH $FDQFKp D ODV TXLQFH KRUDV FRQ YHLQWH PLQXWRV
DQH[R \ SRU DVt FRQILUPDUOR TXLHQ GLMR OODPDUVH 'LHJR $OHMDQGUR &DVWLOOR $JLOORQ
SHUVRQDTXHDILUPyVHUHPSOHDGRPLQLV~SHUXELFDGRHQODDJHQFLDGH&HUYHFHUtD0RFWH]XPD
FRPR HO SHUVRQDO DFWXDQWH SURFHGLy D LGHQWLILFDUVH H LQIRUPDU HO PRWLYR GH OD DFWXDFLyQ
(QVHJXLGD VH OH VROLFLWR VH LGHQWLILFDUD OR TXH KL]R PHGLDQWH 3DVDSRUWH GH 1DFLRQDOLGDG
0H[LFDQDQXPHUR*ODFXDOFRQWLHQHVXQRPEUH\XQDIRWRJUDItDTXHFRQFXHUGD
FRQ VXV UDVJRV ILVRQyPLFRV PLVPD TXH VH OH GHYROYLy SRU VHU LQQHFHVDULD VX UHWHQFLyQ
+HFKR OR DQWHULRU VH SURFHGLy D SUHJXQWDUOH VREUH OD SURSDJDQGD TXH VH WLHQH D OD YLVWD
FRQVLVWHQWH HQ OD SLQWD GH XQD EDUGD FX\DV GLPHQVLRQHV VRQ GH PHWURV GH DQFKR SRU
PHWURVGHODUJRPLVPDTXHKDFHDOXVLyQDOD0DULEHO9LOOHJDV«GRQGHVHDSUHFLDGHO
ODGR VXSHULRU L]TXLHUGR HO WH[WR VLJXLHQWH ³81,'$' )$0,/,$5 48,17$1$552(16( $&´
HO FXDO FLUFXQGD XQD ILJXUD GH IRUPD FLUFXODU GHQWUR GH OD FXDO KD\ XQD ILJXUD DO SDUHFHU
KXPDQD TXH GLYLGH GLFKR FLUFXOR HQ FRORUHV URMR \ D]XO MXQWR DO FXDO VH HQFXHQWUDQ RWUDV
GRVVLOXHWDVVLPLODUHVGHFRORUHVEODQFR\URMR\HQODSDUWHLQIHULRUGHOFLUFXORVHDSUHFLDHO
WH[WR3RUXQPHMRU&DQF~QHQOHWUDVEODQFDVGHQWURGHXQDIUDQMDURMDGHLJXDOHQODSDUWH
VXSHULRU GHUHFKD VH DSUHFLD FRQ OHWUDV EODQFDV \ IRQGR D]XO HO VLJXLHQWH WH[WR ³ 0DULEHO
9LOOHJDV 3UHVLGHQWD 2),&,1$ 5(* 0= (',) ' '(372 )5$&& /26
&2/25,1(67(/´\HQODSDUWHLQIHULRUXQDIUDQMDQDUDQMDFRQHOVLJXLHQWHWH[WR
HQ OHWUDV GH FRORU EODQFR 18(6752 2%-(7,92 (/ %,(1(67$5 '( 72'26 ´ 'H WDO
VXHUWHD ODSHUVRQDFRQ TXLHQVHHQWLHQGHODGLOLJHQFLDGHPpULWRVHOHFXHVWLRQyVLKDEtD
DGYHUWLGR ¢FXiQGR FRORFDURQ OD SURSDJDQGD HQ FRPHQWR" D OR TXH UHVSRQGLy
³DSUR[LPDGDPHQWH XQD VHPDQD \D TXH WLHQH SRFR WLHPSR FRPR HO R GH IHEUHUR´
³TXH QR YLR´ $GHPiV OH IXH VROLFLWDGR H[SUHVDUi VX UD]yQ SRU OD FXDO DGYLUWLy HO
SURPRFLRQDO GHO TXH VH WUDWD VHxDODQGR DO UHVSHFWR TXH ³HQ HVD DYHQLGD VH HQFXHQWUD
WUDEDMRSRUORFXDOSDVDGLDULDPHQWH´3RUORWDQWRVHH[SXVRDOHQWUHYLVWDGRVLWHQtDDOJ~Q
RILFLDODILQGHWRPDUOHXQDIRWRJUDItDDORFXDOHOHQWUHYLVWDGRQRDFFHGLy(QFXDQWRDODV
FDUDFWHUtVWLFDVGHOOXJDUGRQGHVHHQFXHQWUDFRORFDGDRSLQWDGDVHJ~QVHDODSURSDJDQGD
GH FXHQWD VRQ HO TXH OD EDUGD D VLPSOH YLVWD IRUPD SDUWH GH XQD HPSUHVD GH PDTXLQDULD
SHVDGDTXHVHHQFXHQWUDDEDQGRQDGR

&RQWLQXDQGR FRQ HO GHYHQLU GH OD GLOLJHQFLD QRV XELFDPRV HQ OD TXLQWD \ ~OWLPD GLUHFFLyQ
VROLFLWDGDHQ606XSHUPDQ]DQD3DUTXH7RUR9DOHQ]XHODSUHYLDPHQWHFHUFLRUDGRGHTXH
QRV FRQVWLWXLPRV HQ HO GRPLFLOLR FRUUHFWR XELFDGR HQ OD =RQD 'HSRUWLYD 1XPHUR
³)HUQDQGR 9DOHQ]XHOD´ VREUH OD FDOOH HQWUH $YHQLGD )UDQFLVFR , 0DGHUR \ $YHQLGD
0LJXHO \ +LGDOJR D ODV TXLQFH KRUDV FRQ FXDUHQWD \ GRV PLQXWRV DQH[R \ SRU DVt
FRQILUPDUORTXLHQGLMROODPDUVH-RVp0DUWtQ6ROtV$OYDURSHUVRQDTXHDILUPyVHUHPSOHDGR
&KRIHUWD[LVWDFRPRHOSHUVRQDODFWXDQWHSURFHGLyDLGHQWLILFDUVHHLQIRUPDUHOPRWLYRGH
ODDFWXDFLyQ(QVHJXLGDVHOHVROLFLWyVHLGHQWLILFDUDORTXHKL]RPHGLDQWH&UHGHQFLDOSDUD
YRWDU FRQ IRWRJUDItD FRQ FODYH GH HOHFWRU 6/$/05+ \ Q~PHUR GH IROLR
ODFXDOFRQWLHQHVXQRPEUH\XQDIRWRJUDItDTXHFRQFXHUGDFRQVXVUDVJRV
ILVRQyPLFRVPLVPDTXHVHOHGHYROYLySRUVHULQQHFHVDULDVXUHWHQFLyQ+HFKRORDQWHULRU
VH SURFHGLy D SUHJXQWDUOH VREUH OD SURSDJDQGD TXH VH WLHQH D OD YLVWD FRQVLVWHQWH HQ OD
SLQWD GH XQD EDUGD FX\DV GLPHQVLRQHV VRQ GH PHWURV GH DOWXUD SRU PHWURV GH
ODUJRPLVPDTXHKDFH DOXVLyQDOD0DULEHO 9LOOHJDV« GRQGHVHDSUHFLDGHOODGRVXSHULRU
L]TXLHUGR HO WH[WR VLJXLHQWH ³81,'$' )$0,/,$5 48,17$1$552(16( $&´ HO FXDO
FLUFXQGDXQDILJXUD GHIRUPD FLUFXODUGHQWURGHODFXDOKD\XQDILJXUD DOSDUHFHUKXPDQD
TXHGLYLGHGLFKRFLUFXORHQFRORUHVURMR\D]XOMXQWRDOFXDOVHHQFXHQWUDQRWUDVGRVVLOXHWDV
VLPLODUHVGHFRORUHVEODQFR\URMR\HQODSDUWHLQIHULRUGHOFLUFXORVHDSUHFLDHOWH[WR3RU
XQPHMRU&DQF~QHQOHWUDVEODQFDVGHQWURGHXQDIUDQMDURMDGHLJXDOHQODSDUWHVXSHULRU
GHUHFKD VH DSUHFLD FRQ OHWUDV EODQFDV \ IRQGR D]XO HO VLJXLHQWH WH[WR ³ 0DULEHO 9LOOHJDV
3UHVLGHQWD2),&,1$5(*0=(',)''(372)5$&&/26&2/25,1(67(/
´\HQODSDUWHLQIHULRUXQDIUDQMDQDUDQMDFRQHOVLJXLHQWHWH[WRHQOHWUDVGHFRORU
EODQFR18(67522%-(7,92(/%,(1(67$5'(72'26´'HWDOVXHUWHDODSHUVRQD
FRQ TXLHQ VH HQWLHQGH OD GLOLJHQFLD GH PpULWR VH OH FXHVWLRQy VL KDEtD DGYHUWLGR ¢FXiQGR
FRORFDURQ OD SURSDJDQGD HQ FRPHQWR" D OR TXH UHVSRQGLy ³DSUR[LPDGDPHQWH GRV DxRV´
³GRV SHUVRQDV SLQWRUHV HQ XQ DXWRPyYLO FRPSDFWR YZ VHGDQ FRORU EODQFR´ $GHPiV OH
IXH VROLFLWDGR H[SUHVDUi VX UD]yQ SRU OD FXDO DGYLUWLy HO SURPRFLRQDO GHO TXH VH WUDWD
VHxDODQGR DO UHVSHFWR TXH OD SLQWDURQ HQ OD WDUGH QHFHVDULDPHQWH SRU HVD ]RQD GHEH
WUDQVLWDUGDGRTXHHVVXFDPLQRFRWLGLDQRDOWUDEDMR3RUORWDQWRVHH[SXVRDOHQWUHYLVWDGR
VLWHQtDDOJ~QLQFRQYHQLHQWHGHPRVWUDUVXFUHGHQFLDOSDUDYRWDUFRQIRWRJUDItDRDOJ~QRWUD
LGHQWLILFDFLyQRILFLDODILQGHWRPDUOHXQDIRWRJUDItDDORFXDOHOHQWUHYLVWDGRQRDFFHGLy(Q
FXDQWRDODVFDUDFWHUtVWLFDVGHOOXJDUGRQGHVHHQFXHQWUDFRORFDGDRSLQWDGDVHJ~QVHDOD
SURSDJDQGD GH FXHQWD VRQ HO TXH OD EDUGD D VLPSOH YLVWD IRUPD SDUWH GH XQ SDUTXH
DSDUHQWHPHQWHGHXVRS~EOLFRSXHVFDUHFHGHWHQHUDOJ~QRWURHOHPHQWRTXHODLGHQWLILTXH

7HUPLQDQGR HO UHFRUULGR D ODV TXLQFH KRUDV FRQ FLQFXHQWD PLQXWRV GHO GtD 'LHFLQXHYH GH
)HEUHURGHGRVPLOQXHYH

1RKDELHQGRPiVTXHKDFHUFRQVWDUVLHQGRODVGRVKRUDVGHOGtD9HLQWHGHIHEUHURGHGRV
PLOQXHYHGHVXLQLFLRVHGDSRUFRQFOXLGDODSUHVHQWHDFWD\ILUPDQGRDOPDUJHQ\DOFDOFH
HQORTXHHQHOODLQWHUYLHQHQSDUDVXFRQVWDQFLD

«´
$O DFWD FLUFXQVWDQFLDGD WUDQVFULWD VH DJUHJDURQ RQFH IRMDV FRPR DQH[RV HQ ODV FXDOHV DSDUHFHQ ODV
IRWRJUDItDVGHODVEDUGDVTXHVHHQFRQWUDURQ\HOFURTXLVGHORFDOL]DFLyQGHODVPLVPDV
³$&7$ &,5&8167$1&,$'$ 5()(5(17( $/ '(6$+2*2 '( ',/,*(1&,$6 '(/
(;3(',(17( 180(52 6&*3(-'45 (1 $32<2 $ /$ 6(&5(7$5,$
'(/&216(-2*(1(5$/
(QODFLXGDGGH&DQF~Q4XLQWDQD5RRVLHQGRODV'LHFLQXHYHKRUDVFRQ9HLQWHPLQXWRVGHO
GtD9HLQWLFLQFRGH)HEUHURGHODxR'RV0LO1XHYHVHUHXQLHURQHQODVDODGH-XQWDVGHOD
9RFDOtD (MHFXWLYD GH OD -XQWD 'LVWULWDO (MHFXWLYD GHO ,QVWLWXWR )HGHUDO (OHFWRUDO VLWR HQ
6XSHUPDQ]DQD 0DQ]DQD /RWH $YHQLGD /RPEDUGR 7ROHGDQR &DOOH
3RQLHQWHORVFLXGDGDQRV'HPHWULR&DEUHUD+HUQiQGH]9RFDO(MHFXWLYR/XtV*XLOOHUPR
*DOOHJRV7RUUHV9RFDO6HFUHWDULR
(OORFRQODILQDOLGDGGHUHDOL]DUODGLOLJHQFLDGHYHULILFDFLyQFRQIRUPHDOQ~PHURGHRILFLR
6&* GH IHFKD 9HLQWLFLQFR GH )HEUHUR GH 'RV PLO QXHYH UHFLELGR OD PLVPD
IHFKD D ODV 'LHFLRFKR KRUDV FRQ 7UHLQWD \ FLQFR PLQXWRV HPLWLGR SRU HO 6HFUHWDULR
(MHFXWLYR HQ VX FDUiFWHU GH 6HFUHWDULR GHO &RQVHMR *HQHUDO GHO ,QVWLWXWR )HGHUDO
(OHFWRUDO/LF(GPXQGR-DFRER0ROLQD\TXHVHSUDFWLFDHQFXPSOLPLHQWRDORRUGHQDGR
HQ HO H[SHGLHQWH 6&*3(-'45 UHODWLYR DO HVFULWR VLJQDGR SRU HO
5HSUHVHQWDQWH GH 3DUWLGR GH OD 5HYROXFLyQ 'HPRFUiWLFD DQWH HO &RQVHMR 'LVWULWDO GHO
,QVWLWXWR)HGHUDO(OHFWRUDOHQODFLXGDGGH&DQF~QHQHO(VWDGRGH4XLQWDQD5RRPHGLDQWH
HOFXDOSURPRYLy XQDGHQXQFLDHQFRQWUD GHODFLXGDGDQD 0DU\EHO9LOOHJDV&DQFKpSRUOD
SUHVXQWDUHDOL]DFLyQGHDFWRVDQWLFLSDGRVGHSUHFDPSDxD
3RU OR TXH HQ FXPSOLPLHQWR D OR RUGHQDGR DO SXQWR SULPHUR GHO RILFLR HQ FRPHQWR VH
SURFHGHDLQGDJDUFRQ7UHV9HFLQRVFHUFDQRVDODVLQPHGLDFLRQHVTXHRFXSDQODVRILFLQDV
GHOD-XQWD'LVWULWDO(MHFXWLYDODVVLJXLHQWHVSUHJXQWDV
¢6L HQ HO PHV GH 'LFLHPEUH \R D OD IHFKD H[LVWLy SURSDJDQGD FRORFDGD HQ
HVSHFWDFXODUHV\RHQFDPLRQHVGHWUDQVSRUWHS~EOLFRFRQODLPDJHQ\RQRPEUHGH0DU\EHO
9LOOHJDV&DQFKp"
(QFDVRGHUHVSRQGHUDILUPDWLYDPHQWHDODDQWHULRUSUHJXQWD¢5HFXHUGDGyQGHFXiQGR\
FyPRYLRODLPDJHQ\RQRPEUHGH0DU\EHO9LOOHJDV&DQFKp"
¢6DEHGHODH[LVWHQFLDRUHFXHUGDKDEHUYLVWRXQSURPRFLRQDOWUDVPLWLGRSRUWHOHYLVLyQ
HQ HO FXDO 0DU\EHO 9LOOHJDV &DQFKp VHxDOD ³+R\ HQ $FFLyQ 1DFLRQDO PH KDQ DELHUWR ODV
SXHUWDV \ DTXt KH LQLFLDGR RWUD HWDSD GH PL FDUUHUD SROtWLFD &RQVLHQWH VLF GH UHVSDOGR \
DIHFWR TXH KH UHFLELGR QR SRGtD GHMDU SDVDU OD RSRUWXQLGDG SDUD DJUDGHFHUOH D WRGDV ODV
IDPLOLDVHVDVLQQXPHUDEOHVPXHVWUDVGHFDULxR0XFKDV*UDFLDV)HOL]1DYLGDG\3UyVSHUR
$xR1XHYR´"
(QFDVRGHUHVSRQGHUDDILUPDWLYDPHQWHDODDQWHULRUSUHJXQWD¢5HFXHUGDODIHFKD\HO
FDQDOHQTXHYLRHOSURPRFLRQDOPHQFLRQDGR"
¢&yPR\SRUTXpDGYLUWLyORVSURPRFLRQDOHV"
(175(9,67$6&219(&,126<3(5621$/'(/$-817$',675,7$/
$FWRVLJXLHQWHVLHQGRODVGLHFLQXHYHKRUDV\WUHLQWDPLQXWRVGHIHFKDYHLQWLFLQFRGHIHEUHUR
GH GRV PLO QXHYH VH SURFHGH D LQGDJDU FRQ HO SHUVRQDO DGVFULWR D HVWD -XQWD 'LVWULWDO
(MHFXWLYD GHO ,QVWLWXWR )HGHUDO (OHFWRUDO HQ HO (VWDGR GH 4XLQWDQD 5RR HQWUHYLVWDGR
HPSOHDGR,)(TXLHQGLMROODPDUVH5DPyQ&DUGRVR5H\HVFRQGRPLFLOLRHQ5HJLyQ
0DQ]DQD/RWH(GLILFLR'HSDUWDPHQWR)UDFFLRQDPLHQWR%RQDPSDN&yGLJR
3RVWDO TXLHQ VH LGHQWLILFD FRQ FUHGHQFLDO ODERUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO FRQ
Q~PHUR GH HPSOHDGR GH RFXSDFLyQ $X[LOLDU 7pFQLFR ³'´ DGVFULWR D OD 9RFDOtD GH
2UJDQL]DFLyQ (OHFWRUDO HQ OD -XQWD 'LVWULWDO (MHFXWLYD D TXLHQ HO SHUVRQDO DFWXDQWH OH
UHDOL]DODVVLJXLHQWHVSUHJXQWDV
¢6LHQHOPHVGH'LFLHPEUH\RDODIHFKDH[LVWLySURSDJDQGDFRORFDGDHQHVSHFWDFXODUHV
\R HQ FDPLRQHV GH WUDQVSRUWH S~EOLFR FRQ OD LPDJHQ \R QRPEUH GH 0DU\EHO 9LOOHJDV
&DQFKp" $ OR TXH UHVSRQGH 6t (Q FDVR GH UHVSRQGHU DILUPDWLYDPHQWH D OD DQWHULRU
SUHJXQWD¢5HFXHUGDGRQGHFXDQGR\FRPRYLRODLPDJHQ\RQRPEUHGH0DU\EHO9LOOHJDV
&DQFKp" $ OR TXH UHVSRQGH (Q FDPLRQHV $YHQLGD 7XOXP \ $YHQLGD &KLFKpQ ,W]D
¢6DEHGHODH[LVWHQFLDRUHFXHUGDDYHUYLVWRXQSURPRFLRQDOWUDVPLWLGRSRUWHOHYLVLyQHQHO
FXDO0DU\EHO9LOOHJDV&DQFKpVHxDOD³+R\HQ$FFLyQ1DFLRQDOPHKDQDELHUWRODVSXHUWDV\
DTXtKHLQLFLDGRRWUDHWDSDGHPLFDUUHUDSROtWLFD&RQVLHQWHVLFGHUHVSDOGR\DIHFWRTXH
KHUHFLELGRQRSRGtDGHMDUSDVDUODRSRUWXQLGDGSDUDDJUDGHFHUOHDWRGDVODVIDPLOLDVHVDV
LQQXPHUDEOHVPXHVWUDVGHFDULxR0XFKDV*UDFLDV)HOL]1DYLGDG\3URVSHUR$xR1XHYR´"
$ OR TXH UHVSRQGH 1R ¢&yPR \ SRUTXp DGYLUWLy ORV SURPRFLyQDOHV" $ OR TXH UHVSRQGH
3RUTXHHVWDVHxRUDFDPELRYDULDVYHFHVGH3DUWLGR3ROtWLFR
$FWRVLJXLHQWHVLHQGRODVGLHFLQXHYHKRUDV\WUHLQWD\FLQFRPLQXWRVGHIHFKDYHLQWLFLQFRGH
IHEUHUR GH GRV PLO QXHYH HO SHUVRQDO DFWXDQWH SURFHGLy D HQWUHYLVWDU HPSOHDGR ,)(
TXLHQ GLMR OODPDUVH +pFWRU $QGUpV 6RWR /ySH] FRQ GRPLFLOLR HQ $YHQLGD &KLFKpQ ,W]i
1~PHUR /RWH 0DQ]DQD 6XSHUPDQ]DQD &yGLJR 3RVWDO TXLHQ VH
LGHQWLILFD FRQ OLFHQFLD GH PDQHMR WLSR FKRIHU FRQ Q~PHUR && GH RFXSDFLyQ
FDSWXULWDDGVFULWRDOD9RFDOtDGH2UJDQL]DFLyQ(OHFWRUDOHQOD-XQWD'LVWULWDODTXLHQHO
SHUVRQDODFWXDQWHOHUHDOL]DODVVLJXLHQWHVSUHJXQWDV
&DQFKp" $ OR TXH UHVSRQGH (Q FDPLRQHV GH WUDQVSRUWH S~EOLFR XUEDQR FXDQGR
SDVHDEDSRUODFLXGDGHQHOPHVGH'LFLHPEUH¢6DEHGHODH[LVWHQFLDRUHFXHUGDDYHU
YLVWR XQ SURPRFLRQDO WUDVPLWLGR SRU WHOHYLVLyQ HQ HO FXDO 0DU\EHO 9LOOHJDV &DQFKp VHxDOD
³+R\ HQ $FFLyQ 1DFLRQDO PH KDQ DELHUWR ODV SXHUWDV \ DTXt KH LQLFLDGR RWUD HWDSD GH PL
FDUUHUDSROtWLFD&RQVLHQWHVLFGHUHVSDOGR\DIHFWRTXHKHUHFLELGRQRSRGtDGHMDUSDVDU
ODRSRUWXQLGDGSDUDDJUDGHFHUOHDWRGDVODVIDPLOLDVHVDVLQQXPHUDEOHVPXHVWUDVGHFDULxR
0XFKDV*UDFLDV)HOL]1DYLGDG\3URVSHUR$xR1XHYR´"$ORTXHUHVSRQGH1R
$FWR VLJXLHQWH VLHQGR ODV GLHFLQXHYH KRUDV \ FXDUHQWD PLQXWRV GH IHFKD YHLQWLFLQFR GH
IHEUHURGHGRVPLOQXHYHHOSHUVRQDODFWXDQWHSURFHGLyDHQWUHYLVWDUDOHPSOHDGR,)(
TXLHQGLMROODPDUVH3DWULFLD6iQFKH]-DVVRFRQGRPLFLOLRHQ6XSHUPDQ]DQD0DQ]DQD
/RWH &DOOH 5HWRUQR $UERO &yGLJR 3RVWDO TXLHQ VH LGHQWLILFD FRQ FUHGHQFLDO
ODERUDO GHO ,QVWLWXWR )HGHUDO (OHFWRUDO FRQ Q~PHUR GH IROLR GH RFXSDFLyQ
&DSWXULVWDDGVFULWRDOD9RFDOtDGH2UJDQL]DFLyQ(OHFWRUDOHQOD-XQWD'LVWULWDO(MHFXWLYD
DTXLHQHOSHUVRQDODFWXDQWHOHUHDOL]DODVVLJXLHQWHVSUHJXQWDV
&DQFKp"$ORTXHUHVSRQGH6REUHOD$YHQLGD7XOXP\/ySH]3RUWLOORSDVRXQFDPLyQ
FRQ OD 5XWD ¢6DEH GH OD H[LVWHQFLD R UHFXHUGD D YHU YLVWR XQ SURPRFLRQDO WUDVPLWLGR
SRUWHOHYLVLyQHQHOFXDO0DU\EHO9LOOHJDV&DQFKpVHxDOD³+R\HQ$FFLyQ1DFLRQDOPHKDQ
DELHUWR ODV SXHUWDV \ DTXt KH LQLFLDGR RWUD HWDSD GH PL FDUUHUD SROtWLFD &RQVLHQWH VLF GH
UHVSDOGR\ DIHFWRTXH KHUHFLELGRQR SRGtDGHMDU SDVDUODRSRUWXQLGDGSDUD DJUDGHFHUOHD
WRGDVODVIDPLOLDVHVDVLQQXPHUDEOHVPXHVWUDVGHFDULxR0XFKDV*UDFLDV)HOL]1DYLGDG\
3URVSHUR$xR1XHYR´"$ORTXHUHVSRQGH1R¢&yPR\SRUTXpDGYLUWLyORVSURPRFLRQDOHV"
$ORTXHUHVSRQGH3RUTXpWHQtDODIRWRGHODVHxRUD0DU\EHOGHHVSHFWDFXODUHQWRGDV
ODVSDUWHVODWHUDOHV
$FWRVLJXLHQWHVLHQGRODVGLHFLQXHYHKRUDV\FXDUHQWD\FLQFRPLQXWRVGHIHFKDYHLQWLFLQFR
GH IHEUHUR GH GRV PLO QXHYH HO SHUVRQDO DFWXDQWH SURFHGLy D HQWUHYLVWDU DO HPSOHDGR
,)(TXLHQGLMROODPDUVH3HGUR)ORUHV*RQ]iOH]FRQGRPLFLOLRHQ5HJLyQ0DQ]DQD
/RWH &DOOH &LUFXLWR 7XUTXHVD 1~PHUR ,QWHULRU ³$´ )UDFFLRQDPLHQWR 9LOODV &DQF~Q
&yGLJR3RVWDOTXLHQVHLGHQWLILFDFRQFUHGHQFLDOODERUDOGHO,QVWLWXWR)HGHUDO(OHFWRUDO
FRQ Q~PHUR GH IROLR GH RFXSDFLyQ 7pFQLFR $X[LOLDU &DUWyJUDIR DGVFULWR D OD
9RFDOtD GH 5HJLVWUR GH (OHFWRUHV GH OD -XQWD 'LVWULWD D TXLHQ HO SHUVRQDO DFWXDQWH OH
UHDOL]DODVVLJXLHQWHVSUHJXQWDV
&DQFKp" $ OR TXH UHVSRQGH 1R ¢6DEH GH OD H[LVWHQFLD R UHFXHUGD D YHU YLVWR XQ
SURPRFLRQDO WUDVPLWLGR SRU WHOHYLVLyQ HQ HO FXDO 0DU\EHO 9LOOHJDV &DQFKp VHxDOD ³+R\ HQ
$FFLyQ 1DFLRQDO PH KDQ DELHUWR ODV SXHUWDV \ DTXt KH LQLFLDGR RWUD HWDSD GH PL FDUUHUD
SROtWLFD &RQVLHQWH VLF GH UHVSDOGR \ DIHFWR TXH KH UHFLELGR QR SRGtD GHMDU SDVDU OD
0XFKDV*UDFLDV)HOL]1DYLGDG\3URVSHUR$xR1XHYR´"$ORTXHUHVSRQGH6t(QFDVRGH
UHVSRQGHUDILUPDWLYDPHQWHDODDQWHULRUSUHJXQWD¢5HFXHUGDODIHFKD\HOFDQDOHQTXHYLR
HO SURPRFLRQDO PHQFLRQDGR" $ OR TXH UHVSRQGH 9LHQGR 79 HQ FDVD HQ 79FXQ HQ
ODQRFKH
$FWR VLJXLHQWH VLHQGR ODV GLHFLQXHYH KRUDV \ FLQFXHQWD PLQXWRV GH IHFKD YHLQWLFLQFR GH
IHEUHURGHGRVPLOQXHYHHOSHUVRQDODFWXDQWHSURFHGLyDHQWUHYLVWDUDOHPSOHDGR,)(
TXLHQ GLMR OODPDUVH 5XEpQ $ORQVR $UUHROD &RURQD FRQ GRPLFLOLR HQ &LUFXLWR <XFDWiQ
0DQ]DQD /RWH 1~PHUR 6XSHUPDQ]DQD )UDFFLRQDPLHQWR ,]DPDO ,, &yGLJR
3RVWDO TXLHQ VH LGHQWLILFD FRQ FUHGHQFLDO SDUD YRWDU FRQ Q~PHUR GH IROLR
GH RFXSDFLyQ $X[LOLDU 7pFQLFR DGVFULWR D OD YRFDOtD GH RUJDQL]DFLyQ
HOHFWRUDODTXLHQHOSHUVRQDODFWXDQWHOHUHDOL]DODVVLJXLHQWHVSUHJXQWDV
0XFKDV*UDFLDV)HOL]1DYLGDG\3URVSHUR$xR1XHYR´"$ORTXHUHVSRQGH6tUHFXHUGRHO
SURPRFLRQDOHQHOPHVGH'LFLHPEUHGHXQPHQVDMHGHVHDQGR)HOL]1DYLGDG(QFDVR
GHUHVSRQGHUDILUPDWLYDPHQWHDODDQWHULRUSUHJXQWD¢5HFXHUGDODIHFKD\HOFDQDOHQTXH
YLR HO SURPRFLRQDO PHQFLRQDGR" $ OR TXH UHVSRQGH 1R ¢&yPR \ SRUTXp DGYLUWLy ORV
SURPRFLyQDOHV"$ORTXHUHVSRQGH(VWDEDYLHQGROD79
$FWR VLJXLHQWH VLHQGR ODV GLHFLQXHYH KRUDV \ FLQFXHQWD \ FLQFR PLQXWRV GH IHFKD
YHLQWLFLQFR GH IHEUHUR GH GRV PLO QXHYH HO SHUVRQDO DFWXDQWH SURFHGLy D HQWUHYLVWDU DO
HPSOHDGR,)(TXLHQGLMROODPDUVH-HV~V$UWXUR%DOWD]DU7UXMDQRFRQGRPLFLOLRHQ&DOOH
0DQ]DQD/RWH'HSDUWDPHQWR6XSHUPDQ]DQD&yGLJR3RVWDOTXLHQ
VH LGHQWLILFD FRQ FUHGHQFLDO SDUD YRWDU FRQ Q~PHUR GH IROLR GH RFXSDFLyQ
9RFDO GH 5HJLVWUR )HGHUDO GH (OHFWRUHV D TXLHQ HO SHUVRQDO DFWXDQWH OH UHDOL]D ODV
VLJXLHQWHVSUHJXQWDV
&DQFKp" $ OR TXH UHVSRQGH YL XQD PDQWD GH HVWD SHUVRQD TXH WHQtD XQD IHOLFLWDFLyQ
QDYLGHxD \ XQD DVRFLDFLyQ TXLQWDQDUURHQVH GH OD IDPLOLD PH SDUHFH KDEHUOD YLVWR HQ XQ
FDPHOOyQIUHQWHDODWLHQGD³:DO0DUW´VREUHODDYHQLGD$QGUpV4XLQWDQD5RR¢6DEHGHOD
H[LVWHQFLD R UHFXHUGD D YHU YLVWR XQ SURPRFLRQDO WUDVPLWLGR SRU WHOHYLVLyQ HQ HO FXDO
0DU\EHO9LOOHJDV&DQFKpVHxDOD³+R\HQ$FFLyQ1DFLRQDOPHKDQDELHUWRODVSXHUWDV\DTXt
KH LQLFLDGR RWUD HWDSD GH PL FDUUHUD SROtWLFD &RQVLHQWH VLF GH UHVSDOGR \ DIHFWR TXH KH
UHFLELGR QR SRGtD GHMDU SDVDU OD RSRUWXQLGDG SDUD DJUDGHFHUOH D WRGDV ODV IDPLOLDV HVDV
$ OR TXH UHVSRQGH 1R (Q FDVR GH UHVSRQGHU DILUPDWLYDPHQWH D OD DQWHULRU SUHJXQWD
¢5HFXHUGDODIHFKD\HOFDQDOHQTXHYLRHOSURPRFLRQDOPHQFLRQDGR"$ORTXHUHVSRQGH
1R KH YLVWR HO SURPRFLRQDO ¢&yPR \ SRUTXp DGYLUWLy ORV SURPRFLyQDOHV" $ OR TXH
UHVSRQGH1RKHYLVWRHOSURPRFLRQDO
3RU OR DQWHULRU ORV && /XtV *XLOOHUPR *DOOHJRV 7RUUHV \ -HV~V $UWXUR %DOWD]DU 7UXMDQR
9RFDO 6HFUHWDULR \ 9RFDO GHO 5HJLVWUR )HGHUDO (OHFWRUDO UHVSHFWLYDPHQWH DGVFULWRV D OD
-XQWD 'LVWULWDO (OHFWRUDO VH WUDVODGDURQ \ VH FRQVWLWX\HURQ IXHUD GHO FHQWUR FRPHUFLDO
:DOPDUWXELFDGRHQODDYHQLGD$QGUpV4XLQWDQD5RRHVTXLQDFRQDYHQLGD&RPDOFDOFRHQ
OD5HJLyQFHUFLRUDGRVGHVHUHVWDODGLUHFFLyQ SRUDVtHVWDUDVHQWDGRHQODVSODFDV GH
LGHQWLILFDFLyQGHODQRPHQFODWXUDGRQGHHQUHIHUHQFLDDODSURSDJDQGDTXHVHJ~QHOGLFKR
GH-HV~V$UWXUR%DOWD]DU7UXMDQRYLRHQHO PHVGH GLFLHPEUHGHGRVPLORFKRXQD PDQWD
DOXVLYD D OD FLXGDGDQD 0DU\EHO 9LOOHJDV &DQFKp $O HVWDU SUHVHQWHV HQ HO OXJDU \ QR
HQFRQWUDU OD SURSDJDQGD PHQFLRQDGD -HV~V $UWXUR %DOWD]DU 7UXMDQR SURFHGH D LQGLFDU HO
OXJDU GRQGH UHFXHUGD VH HQFRQWUDED OD SURSDJDQGD SRU OR TXH VHxDOD HO FDPHOOyQ TXH VH
XELFDVREUHODDYHQLGD$QGUpV4XLQWDQD5RRHOFXDOWLHQHJXDUQLFLRQHVGHFRQFUHWRFRQXQD
GLVWDQFLDGHVHVHQWD PHWURVGHODWLHQGDHQPHQFLyQHQFRQWUDQGRHQ HOOXJDUGRV SRVWHV
GH ORVFXDOHV -HV~V$UWXUR%DOWD]DU7UXMDQRVHxDODSXGLHURQVHUORV SRVWHVVREUH ORVTXH
HVWDEDQ VRVWHQLGD OD PHQFLRQDGD SURSDJDQGD ORV FXDOHV VRQ GH PDGHUD HQWHUUDGDV D OD
WLHUUDFRQXQDDOWXUDDSUR[LPDGDGHWUHVPHWURV\HQWUHORVSRVWHVVHHQFRQWUDURQSODQWDV
QR VH HQFRQWUy LQGLFLR DOJXQR GH HVWUXFWXUDV ORQDV R PDWHULDOHV TXH FRUUHVSRQGDQ
DODPLVPD
$FWRVHJXLGR\HVWDQGRHQHOOXJDUGHUHIHUHQFLDGLFKRSHUVRQDOVHGLVSXVRDSUHJXQWDUD
GLYHUVDVSHUVRQDVDHIHFWRGHFRQVWDWDUODH[LVWHQFLDGHOHVSHFWDFXODUTXHVXSXHVWDPHQWH
FRQWHQtD OD LPDJHQ GH OD & 0DU\EHO 9LOOHJDV &DQFKp D OR TXH VLHQGR ODV GLHFLVpLV KRUDV
FRQGLH]PLQXWRVGHIHFKDYHLQWLVpLVGHIHEUHURGHGRVPLOQXHYHVHHQWUHYLVWyDTXLHQGLMR
OODPDUVH0DULD,VDEHO7X]6LOYDFRQGRPLFLOLRHQ5HJLyQ0DQ]DQD/RWH&yGLJR
3RVWDOTXLHQVHLGHQWLILFDFRQFUHGHQFLDOSDUDYRWDUFRQQ~PHURGHIROLR
GH RFXSDFLyQ &RQWDGRUD ¢6L HQ HO PHV GH 'LFLHPEUH \R D OD IHFKD H[LVWLy SURSDJDQGD
FRORFDGD HQ HVSHFWDFXODUHV \R HQ FDPLRQHV GH WUDQVSRUWH S~EOLFR FRQ OD LPDJHQ \R
QRPEUH GH 0DU\EHO 9LOOHJDV &DQFKp" $ OR TXH UHVSRQGH 1R 5HFXHUGR (Q FDVR GH
UHVSRQGHU DILUPDWLYDPHQWH D OD DQWHULRU SUHJXQWD ¢5HFXHUGD GRQGH FXDQGR \ FRPR YLR OD
LPDJHQ \R QRPEUH GH 0DU\EHO 9LOOHJDV &DQFKp" $ OR TXH UHVSRQGH 1R ¢6DEH GH OD
$ OR TXH UHVSRQGH 1R 5HFXHUGR (Q FDVR GH UHVSRQGHU DILUPDWLYDPHQWH D OD DQWHULRU
SUHJXQWD ¢5HFXHUGD OD IHFKD \ HO FDQDO HQ TXH YLR HO SURPRFLRQDO PHQFLRQDGR" $ OR TXH
UHVSRQGH1R¢&yPR\SRUTXpDGYLUWLyORVSURPRFLyQDOHV"$ORTXHUHVSRQGH1R
HIHFWRGHFRQVWDWDUODH[LVWHQFLDGHOHVSHFWDFXODUTXHVXSXHVWDPHQWHFRQWHQtDODLPDJHQGH
OD&0DU\EHO 9LOOHJDV&DQFKpDORTXHVLHQGRODV GLHFLVpLVKRUDVFRQYHLQWLFLQFR PLQXWRV
GHIHFKDYHLQWLVpLVGHIHEUHURGHGRVPLOQXHYHVHHQWUHYLVWyTXLHQGLMROODPDUVH7HUHVLWDGH
-HV~V 'HOJDGR .XPXO FRQ GRPLFLOLR HQ 5HJLyQ 0DQ]DQD /RWH &yGLJR 3RVWDO
TXLHQ VH LGHQWLILFD FRQ FUHGHQFLDO SDUD YRWDU FRQ Q~PHUR GH IROLR GH
RFXSDFLyQ 9HQGHGRUD DQWRMLWRV ¢6L HQ HO PHV GH 'LFLHPEUH \R D OD IHFKD H[LVWLy
SURSDJDQGD FRORFDGD HQ HVSHFWDFXODUHV \R HQ FDPLRQHV GH WUDQVSRUWH S~EOLFR FRQ OD
LPDJHQ \R QRPEUH GH 0DU\EHO 9LOOHJDV &DQFKp" $ OR TXH UHVSRQGH 1R (Q FDVR GH
UHVSRQGHU DILUPDWLYDPHQWH D OD DQWHULRU SUHJXQWD ¢5HFXHUGD GRQGH FXDQGR \ FRPR YLR OD
LPDJHQ \R QRPEUH GH 0DU\EHO 9LOOHJDV &DQFKp" $ OR TXH UHVSRQGH 1R ¢6DEH GH OD
$ OR TXH UHVSRQGH 1R 5HFXHUGR (Q FDVR GH UHVSRQGHU DILUPDWLYDPHQWH D OD DQWHULRU
SUHJXQWD ¢5HFXHUGD OD IHFKD \ HO FDQDO HQ TXH YLR HO SURPRFLRQDO PHQFLRQDGR" $ OR TXH
UHVSRQGH1R¢&yPR\SRUTXpDGYLUWLyORVSURPRFLyQDOHV"$ORTXHUHVSRQGH(QQLQJ~Q
PRPHQWR
HIHFWRGHFRQVWDWDUODH[LVWHQFLDGHOHVSHFWDFXODUTXHVXSXHVWDPHQWHFRQWHQtDODLPDJHQGH
OD&0DU\EHO9LOOHJDV&DQFKpDORTXHVLHQGRODVGLHFLVpLVKRUDVFRQFXDUHQWDPLQXWRVGH
IHFKD YHLQWLVpLV GH IHEUHUR GH GRV PLO QXHYH VH HQWUHYLVWy D TXLHQ GLMR OODPDUVH 3HGUR
0DUWtQH]FRQGRPLFLOLRHQ5HJLyQ0DQ]DQD/RWH&yGLJR3RVWDOTXLHQVH
LGHQWLILFD FRQ FUHGHQFLDO SDUD YRWDU FRQ Q~PHUR GH IROLR GH RFXSDFLyQ
(OHFWULFLVWD ¢6L HQ HO PHV GH 'LFLHPEUH \R D OD IHFKD H[LVWLy SURSDJDQGD FRORFDGD HQ
HVSHFWDFXODUHV\RHQFDPLRQHVGHWUDQVSRUWHS~EOLFRFRQODLPDJHQ\RQRPEUHGH0DU\EHO
9LOOHJDV&DQFKp"$ORTXHUHVSRQGH1RORKHYLVWR(QFDVRGHUHVSRQGHUDILUPDWLYDPHQWH
D OD DQWHULRU SUHJXQWD ¢5HFXHUGD GRQGH FXDQGR \ FRPR YLR OD LPDJHQ \R QRPEUH GH
0DU\EHO9LOOHJDV&DQFKp"$ORTXHUHVSRQGH1R¢6DEHGHODH[LVWHQFLDRUHFXHUGDDYHU
YLVWR XQ SURPRFLRQDO WUDVPLWLGR SRU WHOHYLVLyQ HQ HO FXDO 0DU\EHO 9LOOHJDV &DQFKp VHxDOD
³+R\ HQ $FFLyQ 1DFLRQDO PH KDQ DELHUWR ODV SXHUWDV \ DTXt KH LQLFLDGR RWUD HWDSD GH PL
FDUUHUDSROtWLFD&RQVLHQWHVLFGHUHVSDOGR\DIHFWRTXHKHUHFLELGRQRSRGtDGHMDUSDVDU
ODRSRUWXQLGDGSDUDDJUDGHFHUOHDWRGDVODVIDPLOLDVHVDVLQQXPHUDEOHVPXHVWUDVGHFDULxR
0XFKDV*UDFLDV)HOL]1DYLGDG\3URVSHUR$xR1XHYR´"$ORTXHUHVSRQGH1R(QFDVRGH
HO SURPRFLRQDO PHQFLRQDGR" $ OR TXH UHVSRQGH 1R ¢&yPR \ SRUTXp DGYLUWLy ORV
SURPRFLyQDOHV"$ORTXHUHVSRQGH1R
$FWRVLJXLHQWHVLHQGRODVYHLQWHKRUDVGHIHFKDYHLQWLFLQFRGHIHEUHURGHGRVPLOQXHYHHO
SHUVRQDO DFWXDQWH SURFHGLy D HQWUHYLVWDU DO HPSOHDGR ,)( TXLHQ GLMR OODPDUVH &ODXGLD
6DQWRV (VFREHGR 'RPtQJXH] FRQ GRPLFLOLR HQ &DOOH 2ULHQWH 0DQ]DQD /RWH
1~PHUR 6XSHUPDQ]DQD &yGLJR 3RVWDO TXLHQ VH LGHQWLILFD FRQ FUHGHQFLDO
SDUD YRWDU FRQ Q~PHUR GH IROLR GH RFXSDFLyQ 7pFQLFR (OHFWRUDO DGVFULWR D OD
YRFDOtD &DSDFLWDFLyQ (OHFWRUDO \ (GXFDFLyQ &tYLFD D TXLHQ HO SHUVRQDO DFWXDQWH OH UHDOL]D
ODVVLJXLHQWHVSUHJXQWDV
&DQFKp"$ORTXHUHVSRQGH6tHQXQFDPLyQSRUHOFUXFHUR¢6DEHGHODH[LVWHQFLDR
UHFXHUGD D YHU YLVWR XQ SURPRFLRQDO WUDVPLWLGR SRU WHOHYLVLyQ HQ HO FXDO 0DU\EHO 9LOOHJDV
&DQFKpVHxDOD³+R\HQ$FFLyQ1DFLRQDOPHKDQDELHUWRODVSXHUWDV\DTXtKHLQLFLDGRRWUD
HWDSDGHPLFDUUHUDSROtWLFD&RQVLHQWHVLFGHUHVSDOGR\DIHFWRTXHKHUHFLELGRQRSRGtD
GHMDU SDVDU OD RSRUWXQLGDG SDUD DJUDGHFHUOH D WRGDV ODV IDPLOLDV HVDV LQQXPHUDEOHV
PXHVWUDV GH FDULxR 0XFKDV *UDFLDV )HOL] 1DYLGDG \ 3URVSHUR $xR 1XHYR´" $ OR TXH
UHVSRQGH 6t HQ 'LFLHPEUH GHVHDED )HOL] 1DYLGDG (Q FDVR GH UHVSRQGHU
DILUPDWLYDPHQWH D OD DQWHULRU SUHJXQWD ¢5HFXHUGD OD IHFKD \ HO FDQDO HQ TXH YLR HO
SURPRFLRQDO PHQFLRQDGR" $ OR TXH UHVSRQGH (Q 'LFLHPEUH &DQDO /RFDO ¢&yPR \
SRUTXp DGYLUWLy ORV SURPRFLyQDOHV" $ OR TXH UHVSRQGH (VWDED YLHQGR ODV QRWLFLDV HQ OD
79FXDQGRVDOLyHODQXQFLR
$FWRVLJXLHQWHODVYHLQWHKRUDV\FLQFRPLQXWRVGHIHFKDYHLQWLFLQFRGHIHEUHURGHGRVPLO
QXHYHHOSHUVRQDODFWXDQWHSURFHGLyDHQWUHYLVWDUDOHPSOHDGR,)(TXLHQGLMROODPDUVH
(GXDUGR*XDGDOXSH5RGUtJXH]&DVWLOORFRQGRPLFLOLRHQ&DOOH9LOODVGH7LUUHQR0DQ]DQD
/RWH%5HJLyQ&yGLJR3RVWDOTXLHQVHLGHQWLILFDFRQFUHGHQFLDOSDUD
YRWDU FRQ Q~PHUR GH IROLR GH RFXSDFLyQ (PSOHDGR GHO ,QVWLWXWR )HGHUDO
(OHFWRUDODTXLHQHOSHUVRQDODFWXDQWHOHUHDOL]DODVVLJXLHQWHVSUHJXQWDV
0XFKDV*UDFLDV)HOL]1DYLGDG\3URVSHUR$xR1XHYR´"$ORTXHUHVSRQGH12
$FWR VLJXLHQWH ODV YHLQWH KRUDV \ GLH] PLQXWRV GH IHFKD YHLQWLFLQFR GH IHEUHUR GH GRV PLO
QXHYHHOSHUVRQDODFWXDQWHSURFHGLyDHQWUHYLVWDUDOHPSOHDGR,)(TXLHQGLMROODPDUVH
2PDU GH -HV~V 9DOOH )ORUHV FRQ GRPLFLOLR HQ &DOOH 3XQWD 1RKNX 0DQ]DQD /RWH
'HSDUWDPHQWR & 6XSHUPDQ]DQD &yGLJR 3RVWDO TXLHQ VH LGHQWLILFD FRQ
FUHGHQFLDO SDUD YRWDU FRQ Q~PHUR GH IROLR GH RFXSDFLyQ 9RFDO GH
2UJDQL]DFLyQ (OHFWRUDO -XQWD 'LVWULWDO D TXLHQ HO SHUVRQDO DFWXDQWH OH UHDOL]D ODV
VLJXLHQWHVSUHJXQWDV
&DQFKp"$ORTXHUHVSRQGH(QGLYHUVDVEDUGDVGHGRPLFLOLRVSDUWLFXODUHVGHODFLXGDG
GH&DQF~QHQDXWREXVHVXUEDQRVFLUFXODQGRSRUODYLDOLGDGHVGHODFLXGDG¢6DEHGH
OD H[LVWHQFLD R UHFXHUGD D YHU YLVWR XQ SURPRFLRQDO WUDVPLWLGR SRU WHOHYLVLyQ HQ HO FXDO
$ORTXHUHVSRQGH1R
$FWRVLJXLHQWHHOSHUVRQDODFWXDQWHSURFHGLyDHQWUHYLVWDUDOHPSOHDGR,)(TXLHQGLMR
OODPDUVH -RUJH /XtV /DUD 0HUOtQ FRQ GRPLFLOLR HQ $YHQLGD 'RFWRU %HOLVDULR 'RPtQJXH]
1~PHUR &RORQLD &HQWUR &yGLJR 3RVWDO TXLHQ VH LGHQWLILFD FRQ FUHGHQFLDO SDUD
YRWDU FRQ Q~PHUR GH IROLR GH RFXSDFLyQ DX[LOLDU WpFQLFR DGVFULWR D OD
9RFDOtD GH 2UJDQL]DFLyQ (OHFWRUDO HQ OD -XQWD 'LVWULWDO (MHFXWLYD GHO ,QVWLWXWR )HGHUDO
(OHFWRUDO HQ &DQF~Q 4XLQWDQD 5RR D TXLHQ HO SHUVRQDO DFWXDQWH OH UHDOL]D ODV VLJXLHQWHV
SUHJXQWDV
0XFKDV*UDFLDV)HOL]1DYLGDG\3URVSHUR$xR1XHYR´"$ORTXHUHVSRQGH12
$FWRVLJXLHQWHODVQXHYHKRUDV\WUHLQWDPLQXWRVGHIHFKDYHLQWLVpLVGHIHEUHURGHGRVPLO
QXHYHHOSHUVRQDODFWXDQWHSURFHGLyDHQWUHYLVWDUYHFLQRTXLHQGLMROODPDUVH)HUQDQGR
%DXWLVWD $OYDUH] FRQ GRPLFLOLR HQ 5HJLyQ 0DQ]DQD /RWH $YHQLGD /RPEDUGR
7ROHGDQR&yGLJR3RVWDOTXLHQVHLGHQWLILFDFRQFUHGHQFLDOSDUDYRWDUFRQQ~PHURGH
IROLRGHRFXSDFLyQFRPHUFLDQWHDTXLHQHOSHUVRQDODFWXDQWHOHUHDOL]DODV
VLJXLHQWHVSUHJXQWDV
&DQFKp"$ORTXHUHVSRQGH(QXQFDPLyQGHWUDQVSRUWHS~EOLFR¢6DEHGHODH[LVWHQFLD
RUHFXHUGDKDEHUYLVWRXQSURPRFLRQDOWUDVPLWLGRSRUWHOHYLVLyQHQHOFXDO0DU\EHO9LOOHJDV
&DQFKpVHxDOD³+R\HQ$FFLyQ1DFLRQDOPHKDQDELHUWRODVSXHUWDV\DTXtKHLQLFLDGRRWUD
HWDSDGHPLFDUUHUDSROtWLFD&RQVLHQWHVLFGHUHVSDOGR\DIHFWRTXHKHUHFLELGRQRSRGtD
GHMDU SDVDU OD RSRUWXQLGDG SDUD DJUDGHFHUOH D WRGDV ODV IDPLOLDV HVDV LQQXPHUDEOHV
PXHVWUDV GH FDULxR 0XFKDV *UDFLDV )HOL] 1DYLGDG \ 3URVSHUR $xR 1XHYR´" $ OR TXH
UHVSRQGH1R
$FWRVLJXLHQWHODVQXHYHKRUDV\FXDUHQWDPLQXWRVGHIHFKDYHLQWLVpLVGHIHEUHURGHGRVPLO
QXHYHHOSHUVRQDODFWXDQWHSURFHGLyDHQWUHYLVWDUYHFLQRTXLHQGLMROODPDUVH)DXVWLQR
&KDQ\&DDPDOFRQGRPLFLOLRHQ3ULYDGD,[WDE0DQ]DQD1~PHUR6XSHUPDQ]DQD
&yGLJR 3RVWDO TXLHQ VH LGHQWLILFD FRQ FUHGHQFLDO SDUD YRWDU FRQ Q~PHUR GH IROLR
GH RFXSDFLyQ FRPHUFLDQWH D TXLHQ HO SHUVRQDO DFWXDQWH OH UHDOL]D ODV
VLJXLHQWHVSUHJXQWDV
&DQFKp" $ OR TXH UHVSRQGH 'LFLHPEUH 1R SHUR -XOLR 6t (Q FDVR GH UHVSRQGHU
DILUPDWLYDPHQWHDODDQWHULRUSUHJXQWD¢5HFXHUGDGRQGHFXDQGR\FRPRYLRODLPDJHQ\R
QRPEUH GH 0DU\EHO 9LOOHJDV &DQFKp" $ OR TXH UHVSRQGH (Q 79 'LFLHPEUH ¢6DEH GH OD
H[LVWHQFLD R UHFXHUGD KDEHU YLVWR XQ SURPRFLRQDO WUDVPLWLGR SRU WHOHYLVLyQ HQ HO FXDO
$ORTXHUHVSRQGH(Q1DYLGDG\$xR1XHYRSHURFRQQRPEUHGHXQD$&(QFDVRGH
HO SURPRFLRQDO PHQFLRQDGR" $ OR TXH UHVSRQGH 'LFLHPEUH 79FXQ ¢&yPR \ SRUTXp
DGYLUWLyORVSURPRFLyQDOHV"$ORTXHUHVSRQGH(VWDEDYLHQGROD79
$FWR VLJXLHQWH ODV GLH] KRUDV GH IHFKD YHLQWLVpLV GH IHEUHUR GH GRV PLO QXHYH HO SHUVRQDO
DFWXDQWHSURFHGLyDHQWUHYLVWDUYHFLQRTXLHQGLMROODPDUVH2VFDU%HQLJQR=HWLQD3HUHUD
FRQ GRPLFLOLR HQ 6XSHUPDQ]DQD 0DQ]DQD /RWH &DVD &DOOH 1RUWH &yGLJR
3RVWDO TXLHQ VH LGHQWLILFD FRQ FUHGHQFLDO SDUD YRWDU FRQ Q~PHUR GH IROLR
GH RFXSDFLyQ FRPHUFLDQWH D TXLHQ HO SHUVRQDO DFWXDQWH OH UHDOL]D ODV
VLJXLHQWHVSUHJXQWDV
&DQFKp" $ OR TXH UHVSRQGH 1R OR Vp ¢6DEH GH OD H[LVWHQFLD R UHFXHUGD KDEHU YLVWR XQ
0XFKDV*UDFLDV)HOL]1DYLGDG\3URVSHUR$xR1XHYR´"$ORTXHUHVSRQGH6t(QFDVRGH
HOSURPRFLRQDOPHQFLRQDGR"$ORTXHUHVSRQGH/DIHFKD1RSHURIXHHQXQDWHOHYLVRUD
ORFDO79FXQ¢&yPR\SRUTXpDGYLUWLyORVSURPRFLyQDOHV"$ORTXHUHVSRQGH&DVXDOLGDG
&RPR VH SXHGH REVHUYDU GHULYDGR GH ODV HQWUHYLVWDV UHDOL]DGDV D WUHV YHFLQRV GH ODV
LQPHGLDFLRQHV TXH RFXSD OD RILFLQD GH OD -XQWD 'LVWULWDO (MHFXWLYD GHO ,QVWLWXWR )HGHUDO
(OHFWRUDOHQ&DQF~Q4XLQWDQD5RR\DOSHUVRQDODGPLQLVWUDWLYR\RSHUDWLYRGHODSURSLD
-XQWD 'LVWULWDO VH GHVSUHQGH TXH GH GLFKD LQGDJDWRULD VH KDQ LQGLFDGR FLUFXQVWDQFLDV GH
WLHPSR PRGR \ OXJDU GH ORV KHFKRV GH PpULWR OD PD\RUtD GH ODV UHVSXHVWDV KDQ VLGR
DILUPDWLYDVVHKDQGHVSUHQGLGRLQGLFLRVHQODWUDQVPLVLyQGHOSURPRFLRQDOHQWHOHYLVLyQ\HQ
TXp WHOHYLVRUD DVt FRPR OD SURSDJDQGD LPSUHVD HQ WUDQVSRUWH S~EOLFR \ D TXp HPSUHVDV
SHUWHQHFHQSRUWDQWRVHKDDFWXDGRHQFRQVHFXHQFLD
3DUD GDU FXPSOLPLHQWR D ODV GLOLJHQFLDV VROLFLWDGDV HQ UD]yQ GHO WpUPLQR SHUHQWRULR ILMDGR
SRU OD6HFUHWDUtDGHO&RQVHMR*HQHUDO HO9RFDO(MHFXWLYR GH OD -XQWD'LVWULWDO(MHFXWLYD
GHO,QVWLWXWR)HGHUDO(OHFWRUDOHQ&DQF~Q4XLQWDQD5RR'HPHWULR&DEUHUD+HUQiQGH]FRQ
IXQGDPHQWR HQ OR HVWDEOHFLGR HQ HO $UWtFXOR 3iUUDIR GHVLJQD D /XLV *XLOOHUPR
*DOOHJRV 7RUUHV \ -HV~V $UWXUR %DOWD]DU 7UXMDQR 9RFDO 6HFUHWDULR \ 9RFDO GHO 5HJLVWUR
)HGHUDO (OHFWRUDO UHVSHFWLYDPHQWH GH OD SURSLD -XQWD 'LVWULWDO (MHFXWLYD D ILQ GH
FRQVWLWXLUVHHQODVHPSUHVDVHQFDUJDGDVGHOWUDQVSRUWHS~EOLFRHQODFLXGDGGH&DQF~QH
LQGDJDUORFRQFHUQLHQWHDODFRORFDFLyQGHSURSDJDQGDHQFDPLRQHV
3523$*$1'$(175$163257(38%/,&2
(Q UD]yQ GH OR DQWHULRU ORV FLXGDGDQRV /XLV *XLOOHUPR *DOOHJRV 7RUUHV \ -HV~V $UWXUR
%DOWD]DU7UXMDQR9RFDO6HFUHWDULR\9RFDOGHO5HJLVWUR)HGHUDO(OHFWRUDOUHVSHFWLYDPHQWH
ORFDOL]DURQ OD UD]yQ VRFLDO \ ORV GRPLFLOLRV GH ODV HPSUHVDV GHQRPLQDGDV ³&RPXQLFDFLyQ
'LQiPLFD´ \ ³3XEOLFDU SRU OR TXH XQD YH] KHFKR OR DQWHULRU ORV YRFDOHV PHQFLRQDGRV VH
FRQVWLWX\HURQ HQ ORV GRPLFLOLRV GH ODV HPSUHVDV HQFDUJDGDV GH OD SXEOLFLGDG SODVPDGD HQ
ORV YHKtFXORV GHO WUDQVSRUWH S~EOLFR HQ HVWD FLXGDG SDUD LQGDJDU OR FRQFHUQLHQWH D ODV
VLJXLHQWHVSUHJXQWDV
6LHQHODxRVHFRORFySURSDJDQGDHQGRQGHDSDUHFLHUHHOQRPEUH\RLPDJHQGHOD
& 0DU\EHO 9LOOHJDV &DQFKp HQ FDPLRQHV GH WUDQVSRUWH S~EOLFR GH OD HPSUHVD
TXHUHSUHVHQWD
(QFDVRGHTXHODUHVSXHVWDDOSODQWHDPLHQWRDQWHULRUVHDDILUPDWLYDVHxDOHHOPHGLRD
WUDYpV GHO FXDO VH UHDOL]y OD VROLFLWXG R SHUPLVR SDUD OD FRORFDFLyQ GH OD SURSDJDQGD
GHPpULWR
,QIRUPH HO QRPEUH GH OD SHUVRQD ItVLFD R PRUDO TXH VROLFLWy HQ VX FDVR OD DXWRUL]DFLyQ
SDUDFRORFDUODSURSDJDQGDGHQXQFLDGD
,QGLTXHTXLpQVHHQFDUJyGHODFRORFDFLyQ\RHODERUDFLyQGHODSURSDJDQGDUHIHULGD
6HxDOHODWHPSRUDOLGDGHQODTXHKDEUtDGHHVWDUFRORFDGDODPLVPDDVtFRPRODFDQWLGDG
GHFDPLRQHVHQODTXHVHILMyGLFKDSURSDJDQGD
(QWUHJXHDHVWDDXWRULGDGFRSLDGHODVFRQVWDQFLDVTXHDFUHGLWHQVXSHUVRQDOLGDGGHQWUR
GHODHPSUHVDLGHQWLILFDFLyQRILFLDO
'H LJXDO IRUPD OH VROLFLWp SURSRUFLRQH FRSLD GH FRQWUDWRV GH SUHVWDFLyQ GH VHUYLFLRV \R
GRFXPHQWRVTXHVXVWHQWHQODFRORFDFLyQGHODSURSDJDQGD\DPHQFLRQDGD
3RU OR DQWHULRU /XLV *XLOOHUPR *DOOHJRV 7RUUHV \ -HV~V $UWXUR %DOWD]DU 7UXMDQR 9RFDOHV
6HFUHWDULR \ GHO 5HJLVWUR )HGHUDO GH (OHFWRUHV UHVSHFWLYDPHQWH VH FRQVWLWX\HURQ HQ HO
GRPLFLOLR FRUUHFWR XELFDGR HQ $YHQLGD &KLFKpQ ,W]i 6XSHUPDQ]DQD 9HLQWLVLHWH 0DQ]DQD
6LHWH/RWH'RFHFRPRDVtFRLQFLGLUFRQODQRPHQFODWXUDDVtFRPRHOUHFLERGHOD7HVRUHUtD
0XQLFLSDODODYLVWDH[SHGLGDSRUOD'LUHFFLyQGH,QJUHVRV&yGLJR3RVWDODODVWUHFH
KRUDV HO SHUVRQDO DFWXDQWH SURFHGLy D HQWUHYLVWDU D TXLHQ GLMR OODPDUVH 2PDU $OHMDQGUR
1R\D$UJHOOHVFRQGRPLFLOLRHQ6XSHUPDQ]DQD0DQ]DQD/RWH$YHQLGD&KLFKpQ
,W]i&yGLJR3RVWDOTXLHQVHLGHQWLILFDFRQFUHGHQFLDOSDUDYRWDUFRQQ~PHURGHIROLR
GHRFXSDFLyQ&RPHUFLDQWH5HSUHVHQWDQWH/HJDO&RPXQLFDFLyQ'LQiPLFD
GH&DQF~Q6$GH&9785,&81 DTXLHQHOSHUVRQDODFWXDQWHOHUHDOL]D ODVVLJXLHQWHV
SUHJXQWDV
¢6LHQHODxRVHFRORFySURSDJDQGDHQGRQGHDSDUHFLHUDHOQRPEUH\RLPDJHQGHOD
& 0DU\EHO 9LOOHJDV &DQFKp HQ FDPLRQHV GH WUDVSRUWH S~EOLFR GH OD HPSUHVD TXH
UHSUHVHQWD"$ORTXHUHVSRQGH1R$ORTXHFRQWHVWRDODVGHPiVSUHJXQWDV³1R$SOLFD´
6H FRQVWLWX\y HQ HO GRPLFLOLR XELFDGR HQ &DOOH $ PDQ]DQD GLHFLVLHWH \ GLHFLRFKR ORWH
XQR,QWHULRU$5HJLyQ 1RYHQWD\7UHVSRU $YHQLGD/ySH]3RUWLOOR\FDOOHFyGLJR SRVWDO
D ODV WUHFH KRUDV FRQ WUHLQWD \ FLQFR PLQXWRV HO SHUVRQDO DFWXDQWH SURFHGLy D
HQWUHYLVWDU D TXLHQ GLMR OODPDUVH 0DUtD *XDGDOXSH &DUGHxD 7LQWRUp FRQ GRPLFLOLR HQ
6XSHUPDQ]DQD0DQ]DQD/RWH)UDFFLRQDPLHQWR6ROGHO0D\DE&LUFXLWRGHO6RO
1~PHUR&yGLJR3RVWDOTXLHQVHLGHQWLILFDFRQFUHGHQFLDOSDUDYRWDUFRQQ~PHUR
GH IROLR GH RFXSDFLyQ $GPLQLVWUDFLyQ GH 9HQWDV GH OD HPSUHVD 9LVLyQ
,QWHJUDO 8UEDQD 6 $ GH & 9 $872&$5 D TXLHQ HO SHUVRQDO DFWXDQWH OH UHDOL]D ODV
VLJXLHQWHVSUHJXQWDV
UHSUHVHQWD"$ORTXHUHVSRQGH1R$ORTXHFRQWHVWRDODVGHPiVSUHJXQWDV³1R$SOLFD´
&RQWLQXDQGR FRQ HO GHYHQLU GH OD GLOLJHQFLD VH FRQVWLWX\y HQ HO GRPLFLOLR FRUUHFWR XELFDGR
HQ$YHQLGD3XHUWRV1R$6XSHUPDQ]DQD7UHLQWD\8QR0DQ]DQD8QR&yGLJR3RVWDO
D ODV GLHFLVLHWH KRUDV HO SHUVRQDO DFWXDQWH SURFHGLy D HQWUHYLVWDU D TXLHQ GLMR
OODPDUVH -DYLHU 0DUUXIR /HyQ FRQ HO FDUJR GH 'LUHFWRU GH OD HPSUHVD ³(QODFHV 3XEOLFLGDG
,QWHJUDO´ %21),/ FRQ GRPLFLOLR HQ $YHQLGD 3XHUWRV 1~PHUR $ 6XSHUPDQ]DQD
&yGLJR 3RVWDO TXLHQ VH LGHQWLILFD FRQ FUHGHQFLDO SDUD YRWDU FRQ Q~PHUR GH IROLR
GH RFXSDFLyQ (PSUHVDULR D TXLHQ HO SHUVRQDO DFWXDQWH OH UHDOL]D ODV
VLJXLHQWHVSUHJXQWDV
UHSUHVHQWD"$ORTXHUHVSRQGH6t(QFDVRGHTXHODUHVSXHVWD DOSODQWHDPLHQWRDQWHULRU
VHD DILUPDWLYD VHxDOH HO PHGLR D WUDYpV GHO FXDO VH UHDOL]y OD VROLFLWXG R SHUPLVR SDUD OD
FRORFDFLyQ GH OD SURSDJDQGD GH PpULWR $ OR TXH UHVSRQGH 3RU HVFULWR \ XQ FRQWUDWR
,QIRUPHHOQRPEUHGHODSHUVRQDItVLFDRPRUDOTXHVROLFLWyHQVXFDVRODDXWRUL]DFLyQSDUD
FRORFDU OD SURSDJDQGD GHQXQFLDGD $ OR TXH UHVSRQGH 8QLGDG )DPLOLDU 3RU 8Q 0HMRU
&DQF~Q ,QGLTXH TXLpQ VH HQFDUJR GH OD FRORFDFLyQ \R HODERUDFLyQ GH OD SURSDJDQGD
UHIHULGD$ORTXHUHVSRQGH0L(PSUHVD6HxDOHODWHPSRUDOLGDGHQODTXHKDEUtDGHHVWDU
FRORFDGDODPLVPDDVtFRPRODFDQWLGDGGHFDPLRQHVHQODTXHVHILMyGLFKDSURSDJDQGD$
ORTXHUHVSRQGHFDPLRQHVODWHUDOHVSRVWHULRUHVSRUPHVHV(QWUHJXHDHVWD
DXWRULGDG FRSLD GH ODV FRQVWDQFLDV TXH DFUHGLWHQ VX SHUVRQDOLGDG GHQWUR GH OD HPSUHVD
LGHQWLILFDFLyQRILFLDO 5)&±,)('HLJXDOIRUPDOHVROLFLWRSURSRUFLRQH FRSLDGHSUHVWDFLyQ
GHVHUYLFLRV\RGRFXPHQWRVTXHVXVWHQWHQODFRORFDFLyQGHODSURSDJDQGD\DPHQFLRQDGD
$ORTXHUHVSRQGH3RVWHULRUPHQWHWHORVKDUpOOHJDU
3523$*$1'$(17(/(9,6,21
3RU OR TXH HQ FXPSOLPLHQWR D OR RUGHQDGR SRU OD 6HFUHWDUtD *HQHUDO 'HPHWULR &DEUHUD
+HUQiQGH]9RFDO(MHFXWLYRGHOD-XQWD'LVWULWDO(MHFXWLYDGHO,QVWLWXWR)HGHUDO(OHFWRUDO
HQHO(VWDGRGH4XLQWDQD5RRVHFRQVWLWX\yHQHOGRPLFLOLRXELFDGRHQ&DOOH)DUD\yQFDVD
0DQ]DQDGRV/RWHVHLV6XSHUPDQ]DQDTXLQFHGRPLFLOLRSURYLVLRQDOHQYLUWXGGHTXHHO
GRPLFLOLR ILVFDO VH HQFXHQWUD HQ UHPRGHODFLyQ PLVPR TXH VH GHVFULEH D FRQWLQXDFLyQ
$YHQLGD<D[FKLOiQFRQ/DEQi6XSHUPDQ]DQD9HLQWLXQR/RWH8QR&yGLJR3RVWDO
FHUFLRUDGRGHORDQWHULRUSRUDVtFRLQFLGLUFRQODQRPHQFODWXUDDODVWUHFHKRUDVFRQWUHLQWD
PLQXWRV HQ EXVFD GHO 'LUHFWRU 5HJLRQDO GHO HPSUHVD GHQRPLQDGD 7HOHYLVRUD GH &DQF~Q
6$GH&9VLHQGRDWHQGLGRSRU-RUJH6DFUDPHQWR+HUUHUDDTXLHQFRQHOILQGHREWHQHU
PD\RUHV HOHPHQWRV SDUD OD GHELGD LQWHJUDFLyQ GHO UHVSHFWLYR H[SHGLHQWH PHGLDQWH RILFLR
1R,)(-'(9(VHOHVROLFLWyLQIRUPDUDORVVLJXLHQWHVSXQWRV
,QIRUPH VL HQ HO PHV GH GLFLHPEUH GH VH WUDQVPLWLy XQ SURPRFLRQDO HQ HO FXDO
VHJ~Q HO GLFKR GHO GHQXQFLDQWH OD & 0DU\EHO 9LOOHJDV &DQFKp VHxDOD ³+R\ HQ $FFLyQ
1DFLRQDO PH KDQ DELHUWR ODV SXHUWDV \ DTXt KH LQLFLDGR RWUD HWDSD GH PL FDUUHUD SROtWLFD
&RQVLHQWH VLF GH UHVSDOGR \ DIHFWR TXH KH UHFLELGR QR SRGtD GHMDU SDVDU OD RSRUWXQLGDG
SDUD DJUDGHFHUOH D WRGDV ODV IDPLOLDV HVDV LQQXPHUDEOHV PXHVWUDV GH FDULxR 0XFKDV
*UDFLDV)HOL]1DYLGDG\3UyVSHUR$xR1XHYR´
'H LJXDO IRUPD LQIRUPH VL VH WUDQVPLWLy DOJ~Q RWUR SURPRFLRQDO GHQWUR GH VX EDUUD GH
SURJUDPDFLyQHQHOFXDODSDUH]FDODLPDJHQ\RQRPEUHGHOD&0DU\EHO9LOOHJDV&DQFKp
5HPLWDORVFRQWUDWRV\IDFWXUDVTXHDPSDUHQORVFLWDGRVSURPRFLRQDOHVWUDQVPLWLGRVSRU
SDUWHGHVXUHSUHVHQWDGDPLVPRVTXHOHVHUiQGHYXHOWRVSUHYLDUHSURGXFFLyQ\FRWHMRSDUD
VXFHUWLILFDFLyQ\HQVXFDVRSUHFLVHVLVHWUDWDQGHHVSDFLRVSXEOLFLWDULRVFODVLILFDGRVFRPR
³5HSHWLGRUDV´VHxDODQGRGHPDQHUDSRUPHQRUL]DGDFDGDXQRGHORVSURPRFLRQDOHVTXHVH
HQFXHQWUHQEDMRHVWHVXSXHVWR
(OQRPEUHGHODSHUVRQDPRUDORItVLFDTXHFRQWUDWyODWUDVPLVLyQ
6HxDOH ODV KRUDV IHFKDV SHULRGR \ WLHPSR GH WUDQVPLVLyQ GH ORV SURPRFLRQDOHV
PHQFLRQDGRV
GHVXHPSUHVDDVtFRPRLGHQWLILFDFLyQRILFLDOYLJHQWH
'H LJXDO IRUPD HQWUHJXH D HVWD DXWRULGDG FRSLD GH ORV SURPRFLRQDOHV TXH HQ VX FDVR
KXELHVHDSDUHFLGRODLPDJHQ\RQRPEUHGHOD&0DU\EHO9LOOHJDV&DQFKp
$ORTXHHQHVHPRPHQWRUHVSRQGLyHIHFWLYDPHQWHVtVHKDEtDQWUDQVPLWLGRGLFKRVVSRWVHQ
HOPHVGHGLFLHPEUHGHGRVPLORFKR\TXHFRQWDEDFRQHOGRFXPHQWDO\VRSRUWHWpFQLFR\
TXHVXVWHQWDVXGLFKRHOFXDOKDUtDOOHJDUDODEUHYHGDGHQODVRILFLQDVGHO,QVWLWXWR)HGHUDO
(OHFWRUDO3RUORDQWHULRUHOVXVFULWRUHJUHVyDVXUHFLQWRRILFLDO\DODVGLHFLRFKRKRUDVVH
FRPXQLFy YtD WHOHIyQLFD FRQ HO 'LUHFWRU 5HJLRQDO -RUJH 6DFUDPHQWR +HUUHUD TXLHQ
PDQLIHVWyTXH\DFRQWDEDFRQODGRFXPHQWDFLyQDQWHPHQFLRQDGDSRUORTXHQXHYDPHQWH
HOVXVFULWRDFXGLyDODVRILFLQDV\DUHIHULGDVDODWHOHYLVRUDHQFXHVWLyQ\IXHDWHQGLGRSRUHO
&-RUJH6DFUDPHQWR+HUUHUDTXLHQVLHQGRODVGLHFLRFKRWUHLQWDKRUDVPHGLDQWHHVFULWRFRQ
IROLR VLJQDGD \ IHFKDGD YHLQWLVpLV GH IHEUHUR GH GRV PLO QXHYH SRU HO OLFHQFLDGR -RUJH
6DFUDPHQWR+PLVPRTXHVHWUDQVFULEH
³3XQWR1R(QHVWHSXQWROHDFODURTXHHOSURPRFLRQDOVLVHWUDVPLWLySHURHQ'LFLHPEUH
GHO³12´HQ'LFLHPEUHGHO´
³3XQWR 1R (Q HVWH SXQWR IXH GH OD 8QLGDG )DPLOLDU 4XLQWDQDUURHQVH SRU XQ PHMRU
&DQF~QGRQGHVLDSDUHFHOD&/LF0DULEHO9LOOHJDV&DQFKp´
³3XQWR1R$VtPLVPRVHOHHVWiDGMXQWDQGRFRSLDVGHORVFRQWUDWRVFRUUHVSRQGLHQWHV\
IDFWXUDVGHORVPHQFLRQDGRVSURPRFLyQDOHV´
³3XQWR 1R /D SHUVRQD TXH QRV FRQWUDWy HV 81,'$' )$0,/,$5 48,17$1$552(16(
325810(-25&$1&81$&´
³3XQWR1R+RUDV\IHFKDVSHUtRGR\WLHPSRGHWUDQVPLVLyQVHOHHVWiDGMXQWDQGRFRSLD
GHORVUHSRUWHVGHWUDQVPLVLyQ´
³3XQWR1R6HOHDGMXQWD3RGHUHLGHQWLILFDFLyQGHO/LF-RUJH6DFUDPHQWR+HUUHUD´
³3XQWR 1R 6H OH HQWUHJD FRSLD GH ORV SURPRFLyQDOHV GH ODV IHFKDV PHQFLRQDGDV HQ
'9'´
&DEHPHQFLRQDUTXHGHORGLFKRSRUHOVHxRU6DFUDPHQWRVHWUDQVPLWLHURQVSRWVHQHOPHV
GHGLFLHPEUHGHORVDxRV\
$FRQWLQXDFLyQVHGHVJORVDGHWDOODGDPHQWHHOFRQFHSWR\GHVFULSFLyQGHORVGRVFRQWUDWRV
GH SXEOLFLGDG GRV UHSRUWHV GHWDOODGRV GH FRQWUDWRV SDXWDGRV GH ORV VSRWV \ IDFWXUDV
UHDOL]DGDV HQWUH ODV WHOHYLVRUDV \ HO FOLHQWH SHUWHQHFLHQWHV D OD 8QLGDG )DPLOLDU
4XLQWDQDUURHQVHSRUXQ0HMRU&DQF~Q$&
&2175$72'(38%/,&,'$'
&21&(372 '(6&5,3&,21
&RQWUDWRGHSXEOLFLGDG 1R
&RQWUDWDQWH 7HOHYLVRUDGH&DQF~Q6$'(&9
79&81
'20,&,/,2 $Y<D[FKLODQFRQ/DEQi60ORWH
VQ&3&DQF~Q4XLQWDQD5RR
5)& 7&$,;
)(&+$ GHGLFLHPEUHGH
&/,(17( 8QLGDG)DPLOLDU4XLQWDQDUURHQVHSRUXQ
0HMRU&DQF~Q$&
'20,&,/,2),6&$/ $Y+LGDOJR0]DORWHHGLILFLR'
GHSWR5HJLyQ&DQF~Q4XLQWDQD
5RR&3
)250$'(3$*2 &RQWDGR
5)( 8)4)&
*,52 $VRFLDFLyQ&LYLO
1RPEUHGHO$QXQFLR $VRFLDFLyQ&LYLO
$JHQWH $QD/+R\RV
)(&+$,1,&,$/ ',&
)(&+$),1$/ ',&
'(6*/26('(&2175$72 63276
'85$&,21 VHJ
&267281,7$5,2
727$/
&,17,//26
'85$&,21 VHJ
&267281,7$5,2
727$/
68%727$/
,9$
727$/
)250$'()$&785$&,21 0DUFDGDFRQ;,QPHGLDWD
$&(37$'2 /,&-25*(6$&5$0(172
*(5(17(*(1(5$/FRQILUPDR
U~EULFD
/,&5,&$5'20$11,1*
*(5(17(&20(5&,$/VLQILUPD
DOJXQD
$&(37$ &/,(17(VLQQRPEUHQLILUPD
5(3257('(7$//$'2'(&2175$726
632763$87$
&21&(372 '(6&5,3&,21
'(/ ',&
$/ )(%
7,32'(&2175$72 )$&785$%/(%21,),&$%/(27526
7,32'(25,*(1 6,16(/(&&,21'(25,*(1
(67$786'(/2663276 6,16(/(&&,21'(25,*(1
25'(1 6('(6&5,%($'(7$//((/25,*(1
9(56,216,1(//$',$)(&+$
&2175$72,03257(7,32
'85$&,21+25$5,267$786<
18(9$)(&+$+25$6,1'$726'(
/26&,17,//26<63276

'(6&5,3&,21'()$&785$
&21&(372 '(6&5,3&,21
&2175$72
)$&785$1R
&/,(17( 8QLGDG)DPLOLDU4XLQWDQDUURHQVHSRU
XQ0HMRU&DQF~Q$&
',5(&&,21 $Y+LGDOJRP]DORWHHGLILFLR'
5RR&3
5)& 8)4)&
$*(17( +2<26/25(1$
$181&,22352*5$0$ $62&,$&,21&,9,/79&81
&21',&,21(6'(3$*2 &217$'2
&21&(372 63276
7,(0326(*81'26
7$5,)$
75$160,6,21(6
,03257(
&21&(372 &,17,//26
7,(0326(*81'26
7$5,)$
75$160,6,21(6
,03257(
68%727$/
,9$
727$/)$&785$
)250$'(3$*2 3$*2(181$62/$(;+,%,&,21
',$6'(75$160,6,21$/
'(',&,(0%5('(
),50$B &3*(50$1*$//$5'2
*(5(17(*(1(5$/HVWDPSDGD
XQDILUPDRU~EOLFD
2%6(59$&,21(6 &8(17$&21&('8/$'(5)&

&2175$72'(38%/,&,'$'
&21&(372 '(6&5,3&,21
2RUGHQGHSXEOLFLGDG 1R
&RQWUDWDQWH 7HOHYLVD&DQF~Q7(/(9,6$
'20,&,/,2 3URORQJDFLyQ<D[FKLOiQFRQ/DEQi60
ORWHVQ&3&DQF~Q
4XLQWDQD5RR
7HOVID[

5)& 7&$,;
)(&+$ GHGLFLHPEUHGH
&/,(17( 8QLGDG)DPLOLDU4XLQWDQDUURHQVHSRUXQ
0HMRU&DQF~Q$&
'20,&,/,2),6&$/ $Y+LGDOJRP]DORWHHGLILFLR'
5RR&3
)250$'(3$*2 &RQWDGR
5)( 8)4)&
*,52 $VRFLDFLyQ&LYLO
1RPEUHGHO$QXQFLR $VRFLDFLyQ&tYLO
$JHQWH $QD/+R\RV
)(&+$,1,&,$/ ',&
)(&+$),1$/ ',&
'(6*/26('(&2175$72 63276
'85$&,21 VHJ
&267281,7$5,2
727$/
&21&(372 '(6&5,3&,21
&,17,//26
'85$&,21 VHJ
&267281,7$5,2
727$/
68%727$/
,9$
727$/
)250$'()$&785$&,21 0DUFDGDFRQ;,QPHGLDWD
$&(37$'2 /,&-25*(6$&5$0(172
*(5(17(*(1(5$/6LQILUPDR
U~EULFD
/,&5,&$5'20$11,1*
*(5(17(&20(5&,$/6LQILUPD
DOJXQD
$&(37$ &/,(17(6LQQRPEUHQLILUPD

5(3257('(7$//$'2'(&2175$726
632763$87$
&21&(372 '(6&5,3&,21
'(/ ',&
$/ )(%
7,32'(&2175$72 )$&785$%/(%21,),&$%/(27526
7,32'(25,*(1 6,16(/(&&,21'(25,*(1
(67$786'(/2663276 6,16(/(&&,21'(25,*(1
25'(1 6('(6&5,%($'(7$//((/25,*(1
9(56,216,1(//$',$)(&+$
&2175$72,03257(7,32
'85$&,21+25$5,267$786<
18(9$)(&+$+25$6,1'$726'(
/26&,17,//26<63276

'(6&5,3&,21'()$&785$
&21&(372 '(6&5,3&,21
&2175$72
)$&785$1R
&/,(17( 8QLGDG)DPLOLDU4XLQWDQDUURHQVHSRU
XQ0HMRU&DQF~Q$&
',5(&&,21 $Y+LGDOJRP]DORWHHGLILFLR
'GHSWR5HJLyQ&DQF~Q
4XLQWDQD5RR&3
&21&(372 '(6&5,3&,21
5)& 8)4)&
$*(17( +2<26/25(1$
$181&,22352*5$0$ $62&,$&,21&,9,/79&81
&21',&,21(6'(3$*2 &217$'2
&21&(372 63276
7,(0326(*81'26
7$5,)$
75$160,6,21(6
,03257(
&21&(372 &,17,//26
7,(0326(*81'26
7$5,)$
75$160,6,21(6
,03257(
68%727$/
,9$
727$/)$&785$
)250$'(3$*2 3$*2(181$62/$(;+,%,&,21
',$6'(75$160,6,21$/
'(',&,(0%5('(
),50$ &3*(50$1*$//$5'2
*(5(17(*(1(5$/HVWDPSDGD
XQDILUPDRU~EULFD
2%6(59$&,21(6 &8(17$&21&('8/$'(5)&

$VLPLVPR DQH[D FRSLD VLPSOH GHO SRGHU JHQHUDO SDUD SOHLWRV \ FREUDQ]DV SRGHU SDUD
DGPLQLVWUDFLyQGHELHQHVVLQLQFOXVLyQGHWtWXORVGHFUpGLWRV\SRGHUJHQHUDOSDUDUHODFLRQHV
LQGXVWULDOHVH[SHGLGRDVXIDYRUGHO/LFHQFLDGR-RUJH6DFUDPHQWR+HUUHUDDQWHHO1RWDULR
3~EOLFR /LFHQFLDGR -RUJH (QULTXH 3pUH] 6DOD]DU GH PXQLFLSLR GH ,VOD 0XMHUHV GHO
(VWDGRGH4XLQWDQD5RR3RU~OWLPRDQH[DFRSLDVLPSOHGHODLGHQWLILFDFLyQFRUUHVSRQGLHQWH
DO SDVDSRUWH GH RULJHQ PH[LFDQR GH WLSR 3 Q~PHUR D QRPEUH GH -RUJH
6DFUDPHQWR+HUUHUDH[SHGLGRFRQIHFKD\IHFKDGHFDGXFLGDG
1RKDELHQGRPiVTXHKDFHUFRQVWDUVLHQGRODVGRVKRUDVGHOGtDYHLQWLVLHWHGHIHEUHURGH
GRV PLO QXHYHVH GD SRUFRQFOXLGD OD SUHVHQWHDFWD\ILUPDQGRDO PDUJHQ\ DOFDOFHHQOR
TXHHQHOODLQWHUYLHQHQSDUDVXFRQVWDQFLD
«´
$O UHVSHFWR GLFKDV GRFXPHQWDOHV UHYLVWHQ HO FDUiFWHU GH GRFXPHQWDOHV S~EOLFDV WRGD YH] TXH IXHURQ
HODERUDGDV SRU XQ IXQFLRQDULR S~EOLFR HQ HMHUFLFLR GH VXV DWULEXFLRQHV QR REVWDQWH HOOR ODV PLVPDV
~QLFDPHQWHFRQVWLWX\HQLQGLFLRVWRGDYH]TXHUHILHUHQHOWHVWLPRQLRGHGLYHUVRVFLXGDGDQRVUHVSHFWR GHORV
KHFKRVTXHVHOHVSUHJXQWDURQGHFRQIRUPLGDGFRQORGLVSXHVWRHQORVDUWtFXORVSiUUDIRLQFLVRD
SiUUDIRV\GHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVHQUHODFLyQFRQORVDUWtFXORV
SiUUDIRLQFLVRDSiUUDIRV\GHO5HJODPHQWRGH4XHMDV\'HQXQFLDVGHO,QVWLWXWR)HGHUDO
(OHFWRUDO
(QHVHWHQRUGHODVDFWDVFLUFXQVWDQFLDGDVWUDQVFULWDVVHREWLHQHQORVVLJXLHQWHVLQGLFLRV
x 4XHDOGLHFLQXHYHGHIHEUHURGHGRVPLOQXHYHVHHQFRQWUDURQGLYHUVDVSLQWDVGHSURSDJDQGDDOXVLYD
DOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpHQGLYHUVRVSXQWRVGHO0XQLFLSLRGH%HQLWR-XiUH]4XLQWDQD
5RR \ DOJXQDV GH HOODV OD SUHVHQWDEDQ FRPR 'LSXWDGD /RFDO LQWHJUDQWH GH OD ;, /HJLVODWXUD
PLHQWUDV TXH HQ RWUDV DSDUHFH FRPR 3UHVLGHQWD GH OD $VRFLDFLyQ 8QLGDG )DPLOLDU
4XLQWDQDUURHQVH$&
x 4XHGHORVFXHVWLRQDPLHQWRVDORVFLXGDGDQRVUHODFLRQDGRVFRQODSLQWDGHODVEDUGDVPDQLIHVWDURQ
HQWpUPLQRVJHQHUDOHVTXHODVUHODFLRQDGDVFRQODFLXGDGDQDGHQXQFLDGDHQVXFDOLGDGGH'LSXWDGD
/RFDO WHQtDQ XQD WHPSRUDOLGDG TXH LED GH WUHV DxRV D WUHV PHVHV D OD IHFKD HQ TXH VH UHDOL]y OD
GLOLJHQFLD\SRUFXDQWRDODVUHODFLRQDGDVFRQVXFDOLGDGGH3UHVLGHQWDGHOD$VRFLDFLyQ&LYLOHQFLWD
ODWHPSRUDOLGDGHUDGHXQDxRDXQDVHPDQDGHODIHFKDHQTXHVHUHDOL]yODLQYHVWLJDFLyQUHVSHFWLYD
x 4XHFRQUHODFLyQDOFXHVWLRQDPLHQWRDORVFLXGDGDQRVUHVSHFWRDVLKDEtDQDGYHUWLGRODH[LVWHQFLDGH
HVSHFWDFXODUHV HQ ORV TXH DSDUHFLHUD OD LPDJHQ GH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp QLQJXQR
PDQLIHVWy KDEHUOR YLVWR H LQFOXVR GH OD LQVSHFFLyQ UHDOL]DGD SRU ORV IXQFLRQDULRV DGVFULWRV D OD
-XQWD'LVWULWDOGHHVWH,QVWLWXWRHQHOHVWDGRGH4XLQWDQD5RRQRVHHQFRQWUyHVSHFWDFXODUDOJXQR
x 4XH SRU FXDQWR D OD LQGDJDFLyQ VREUH OD H[LVWHQFLD GH OD SURSDJDQGD FRORFDGD HQ FDPLRQHV GH
WUDQVSRUWH S~EOLFR HQ HO PHV GH GLFLHPEUH GH GRV PLO RFKR HQ OD TXH VH REVHUYDED OD LPDJHQ GH OD
FLXGDGDQD )UH\GD 0DU\EHO 9LOOHJDV &DQFKp \ HO ORJRWLSR GH OD $VRFLDFLyQ &LYLO 8QLGDG )DPLOLDU
4XLQWDQDUURHQVH$&VHLVGHORVHQWUHYLVWDGRVPDQLIHVWDURQTXHVLODYLHURQ
x 4XH GHULYDGR GH TXH GLYHUVRV FLXGDGDQRV PDQLIHVWDURQ TXH KDEtDQ YLVWR FRORFDGD SURSDJDQGD HQ
FDPLRQHVGHWUDQVSRUWHS~EOLFRDOXVLYRVDODKR\GHQXQFLDGDHO9RFDO(MHFXWLYRPXOWLUHIHULGRDFXGLyD
HQWUHYLVWDUVHFRQORVFRQFHVLRQDULRVGHOWUDQVSRUWHS~EOLFRVLHQGRHVWRV&RPXQLFDFLyQ'LQiPLFD
GH&DQF~Q6$GH&9785,&819LVLyQ,QWHJUDO8UEDQD6$GH&9$872&$5(QODFHV
3XEOLFLGDG,QWHJUDO%21),/
x 4XH HO & 2PDU $OHMDQGUR 1R\D $UJHOOHV SHUVRQDO GH OD HPSUHVD &RPXQLFDFLyQ 'LQiPLFD GH
&DQF~Q 6$ GH &9 785,&81 PDQLIHVWy TXH QR VH FRORFy SURSDJDQGD DOXVLYD D OD FLXGDGDQD
x 4XH OD & 0DUtD *XDGDOXSH &DUGHxD 7LQWRUH $GPLQLVWUDGRUD GH 9HQWDV GH OD SHUVRQD PRUDO 9LVLyQ
,QWHJUDO 8UEDQD 6$ GH &9 $872&$5 PDQLIHVWy TXH QR VH FRORFy SURSDJDQGD DOXVLYD D OD
FLXGDGDQD)UH\GD0DU\EHO9LOOHJDV&DQFKp
x 4XH HO 'LUHFWRU GH OD HPSUHVD (QODFHV 3XEOLFLGDG ,QWHJUDO %21),/ PDQLIHVWy TXH Vt VH KDEtD
FRORFDGRODSURSDJDQGDGHUHIHUHQFLDHQTXLQFHFDPLRQHVGXUDQWHHOWpUPLQRGHGRVPHVHV
x 4XHSRUORTXHVHUHILHUHDODWUDQVPLVLyQGHXQSURPRFLRQDOHQWHOHYLVLyQHQHOTXHSUHVXQWDPHQWHVH
REVHUYDED DODFLXGDGDQD)UH\GD0DU\EHO 9LOOHJDV&DQFKpGDQGR XQPHQVDMHQDYLGHxRWUHVGHORV
HQWUHYLVWDGRVVHxDODURQKDEHUORYLVWRLQFOXVRGHVXVUHVSXHVWDVVHDGYLHUWHTXHPDQLIHVWDURQTXHVH
WUDQVPLWLySRU³79&XQ´
x 4XHGHULYDGRGHGLFKDVPDQLIHVWDFLRQHVHO9RFDO(MHFXWLYRGHOD-XQWD'LVWULWDOGHHVWH,QVWLWXWRHQ
GLFKR HVWDGR VH FRQVWLWX\y HQ HO GRPLFLOLR TXH RFXSD OD WHOHYLVRUD HQ FLWD HQWUHYLVWiQGRVH FRQ HO
'LUHFWRU 5HJLRQDO TXLHQ PDQLIHVWy TXH HQ GLFLHPEUH GH GRV PLO VLHWH VH WUDQVPLWLy HO SURPRFLRQDO
TXH GHFtD ³+R\ HQ DFFLyQ QDFLRQDO PH KDQ DELHUWR ODV SXHUWDV \ DTXt KH LQLFLDGR RWUD HWDSD GH PL
FDUUHUDSROtWLFDFRQVLHQWHGHOUHVSDOGR\DIHFWRTXHKHUHFLELGRQRSRGtDGHMDUSDVDUODRSRUWXQLGDG
SDUDDJUDGHFHUOHVDWRGDVODVIDPLOLDVHVDVLQQXPHUDEOHVPXHVWUDVGHFDULxRPXFKDVJUDFLDVIHOL]
QDYLGDG\SUyVSHURDxRQXHYR´
$VLPLVPRVHxDOyTXHHQHOPHVGHGLFLHPEUHGHGRVPLORFKRWUDQVPLWLyXQSURPRFLRQDOHQHOTXH
DSDUHFH OD GHQXQFLDGD GDQGR XQ PHQVDMH DOXVLYR D ODV ILHVWDV GHFHPEULQDV HQ HO TXH DSDUHFH XQ
FLQWLOOR TXH GLFH ³8QLGDG )DPLOLDU 4XLQWDQDUURHQVH SRU XQ PHMRU &DQF~Q $&´ H LQFOXVR PDQLIHVWy
TXHGLFKDDVRFLDFLyQIXHTXLHQOHFRQWUDWyVXWUDQVPLVLyQ
x 4XHGHODGRFXPHQWDFLyQFRQODFXDOHO'LUHFWRU5HJLRQDOGH7HOHYLVRUDGH&DQF~QGLRFRQWHVWDFLyQ
DODVROLFLWXGGHLQIRUPDFLyQIRUPXODGDSRUHO9RFDO(MHFXWLYRGHOD-XQWD'LVWULWDOGHHVWH,QVWLWXWR
HQ HO HVWDGR GH 4XLQWDQD 5RR VH DGYLHUWH TXH H[LVWLHURQ DGHPiV GHO GHQXQFLDGR GLYHUVRV
SURPRFLRQDOHVTXHVXSXHVWDPHQWHHVDWHOHYLVRUDWUDQVPLWLyORVFXDOHVVRQORVVLJXLHQWHVD³81,'$'
)$0,/,$5É³9(5681,'$')$0,/,$5´F³81,'$'1$9,'$'´\G³,167,78&,21$/´
7RGD YH] TXH GH ODV FRQVWDQFLDV TXH UHPLWLy HO 'LUHFWRU 5HJLRQDO GH GLFKD HPSUHVD QR HUD SRVLEOH
DGYHUWLU D FXiO GH ODV IDFWXUDV RUGHQ R FRQWUDWR GH SXEOLFLGDG \ SDXWDGRV FRUUHVSRQGtDQ DO
SURPRFLRQDOSRUHOTXHVHSUHJXQWyVHUHDOL]DURQQXHYDVGLOLJHQFLDV
&DEHUHIHULUTXHDVXHVFULWRGHFRQWHVWDFLyQDFRPSDxyXQ&'HQHOTXHVHREVHUYDHOSURPRFLRQDO
UHODWLYRDOPHQVDMHQDYLGHxRGHODFLXGDGDQDGHQXQFLDGDHQHOTXHDSDUHFHHOFLQWLORGHODDVRFLDFLyQ
FLYLOHQFRPHQWR
'HULYDGR GH ODV GLOLJHQFLDV GH LQYHVWLJDFLyQ UHDOL]DGDV SRU HO 9RFDO (MHFXWLYR GH OD -XQWD 'LVWULWDO GH
HVWH ,QVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR PHGLDQWH RILFLRV LGHQWLILFDGRV FRQ ORV Q~PHURV
,)(-'(9(,)(-'(9(VHVROLFLWyDO5HSUHVHQWDQWH/HJDOGH$XWRFDU&DQF~Q6$GH
&9ORVLJXLHQWH
³«
6L HQ HO DxR GRV PLO RFKR VH FRORFy SURSDJDQGD HQ GRQGH DSDUHFLHUH HO QRPEUH \R
LPDJHQGHOD&0DU\EHO9LOOHJDV&DQFKpHQFDPLRQHVGHWUDQVSRUWHS~EOLFRGHODHPSUHVD
TXHUHSUHVHQWD
(QFDVRGHTXHODUHVSXHVWDDOSODQWHDPLHQWRDQWHULRUVHDDILUPDWLYDVHxDOHHOPHGLRD
WUDYpV GHO FXDO VH UHDOL]y OD VROLFLWXG R SHUPLVR SDUD OD FRORFDFLyQ GH OD SURSDJDQGD
GHPpULWR
,QIRUPH HO QRPEUH GH OD SHUVRQD ItVLFD R PRUDO TXH VROLFLWy HQ VX FDVR OD DXWRUL]DFLyQ
SDUDFRORFDUODSURSDJDQGDGHQXQFLDGD
,QGLTXHTXLHQVHHQFDUJyGHODFRORFDFLyQ\RHODERUDFLyQGHODSURSDJDQGDUHIHULGD
6HxDOHODWHPSRUDOLGDGHQODTXHKDEUtDGHHVWDUFRORFDGDODPLVPDDVtFRPRODFDQWLGDG
GHFDPLRQHVHQODTXHVHILMyGLFKDSURSDJDQGD\
GHODHPSUHVD
'HLJXDOIRUPDOHVROLFLWRSURSRUFLRQHFRSLDGHORVFRQWUDWRVGHSUHVWDFLyQGHVHUYLFLRV\R
GRFXPHQWRVTXHVXVWHQWHQODFRORFDFLyQGHODSURSDJDQGD\DPHQFLRQDGD
«´
&RQWHVWDFLyQDOUHTXHULPLHQWRGHLQIRUPDFLyQ
³«
(Q HO DxR GRV PLO RFKR QR IXH FRORFDGD SURSDJDQGD R SXEOLFLGDG UHODFLRQDGD FRQ OD
&0DU\EHO9LOOHJDV&DQFKpHQQLQJXQRGHORVDXWREXVHVSURSLHGDGGHPLUHSUHVHQWDGD
/R DQWHULRU OR DFUHGLWR FRQ OD FRSLD VLPSOH GHO FRQWUDWR GH SUHVWDFLyQ GH VHUYLFLRV
HODERUDGR HQWUH OD & ',387$'$ )5(<'$ 0$5<%(/ 9,//(*$6 &$1&+( \ OD SHUVRQD
PRUDO GHQRPLQDGD 9LVLyQ ,QWHJUDO 8UEDQD 6$ GH &9 HPSUHVD FRQWUDWDGD SRU PL
UHSUHVHQWDGDSDUDODHODERUDFLyQ\FRORFDFLyQGHODSXEOLFLGDGGHDXWREXVHVGHWUDQVSRUWH
S~EOLFR $VLPLVPR DQH[R FRSLD VLPSOH GH OD FDUWD GH FDQFHODFLyQ GH GLFKR FRQWUDWR
HODERUDGD \ VLJQDGD SRU OD & ',387$'$ )5(<'$ 0$5<%(/ 9,//(*$6 &$1&+( GH
IHFKDGHGLFLHPEUHGHIHFKDHQODFXDOTXHGyFDQFHODGRHOFRQWUDWRPHQFLRQDGR
VLHQGR TXH D SDUWLU GHO GtD GH GLFLHPEUH GH IXH UHWLUDGD FXDOTXLHU SXEOLFLGDG
GHULYDGDGHOFRQWUDWRDQWHVVHxDODGD
3RUORH[SXHVWRVHFRQFOX\HTXHHQHODxRGRVPLORFKRQRKXERSXEOLFLGDGGHODSHUVRQD
UHIHULGD HQ HO RILFLR TXH VH FRQWHVWD 0DQLIHVWDFLyQ TXH KDJR SDUD ORV HIHFWRV D TXH KD\D
OXJDU
«´
5HTXHULPLHQWR GH LQIRUPDFLyQ DO 'LUHFWRU *HQHUDO 5HSUHVHQWDQWH /HJDO GH $XWRFDU &DQF~Q 6$
GH&9
³«
,QIRUPHVLHQHOPHVGHGLFLHPEUHGHVLGLIXQGLyODSURSDJDQGDHQORVFDPLRQHVGH
WUDQVSRUWH S~EOLFR GH OD HPSUHVD TXH UHSUHVHQWD VHJ~Q HO GLFKR GHO GHQXQFLDQWH GRQGH
DQH[D IRWRJUDItD HQ HO FXDO DSDUH]FD OD LPDJHQ \R QRPEUH GH OD & 0DU\EHO 9LOOHJDV
&DQFKp
5HPLWDORV FRQWUDWRV\IDFWXUDVTXHDPSDUHQORVFLWDGRVSURPRFLyQDOHVSRUSDUWHGHVX
UHSUHVHQWDGD \ HQ VX FDVR SUHFLVH VL VH WUDWDQ GH HVSDFLRV SXEOLFLWDULRV FODVLILFDGRV
VHxDODQGR GH PDQHUD SRUPHQRUL]DGD FDGD XQR GH ORV SURPRFLyQDOHV TXH VH HQFXHQWUHQ
EDMRHVWHVXSXHVWR
(OQRPEUHGHODSHUVRQDPRUDORItVLFDTXHFRQWUDWyODWUDQVPLVLyQ
6HxDOHODVKRUDVIHFKDVSHULRGR\WLHPSRGHORVSURPRFLyQDOHVPHQFLRQDGRV
GHVXHPSUHVDDVtFRPRLGHQWLILFDFLyQRILFLDOYLJHQWH
'HLJXDOIRUPDHQWUHJXHDHVWDDXWRULGDGIRWRJUDItDVGLJLWDOHVHQPHGLRVPDJQpWLFRVGH
ORV SURPRFLyQDOHV TXH HQ VX FDVR KXELHVH DSDUHFLGR OD LPDJHQ \R QRPEUH GH OD
&0DU\EHO9LOOHJDV&DQFKp
$VLPLVPRVHGHEHUiUHPLWLUWRGDODGRFXPHQWDFLyQUHVSDOGR\HOHPHQWRVGHFRQYLFFLyQTXH
SHUPLWDQ D OD DXWRULGDG HOHFWRUDO FRQVWDWDU R GHVPHQWLU ORV KHFKRV LQYHVWLJDGRV GHQWUR GHO
SURFHGLPLHQWRDGPLQLVWUDWLYRRILFLRVRLGHQWLILFDGRFRQHOH[SHGLHQWHFLWDGR
«´
&RQWHVWDFLyQDODVROLFLWXGGHLQIRUPDFLyQ
³«
(QUHVSXHVWDGHODVROLFLWXGGHIHFKDGHPDU]RGHOSUHVHQWHDxRFRQHOQ~PHURGHRILFLR
,)(-'(9( HQ HO SULPHU SXQWR GRQGH VH PH VROLFLWD ¢VL VH GLIXQGLy OD
SURSDJDQGD HQ ORV FDPLRQHV GH WUDQVSRUWH S~EOLFR GH OD HPSUHVD TXH UHSUHVHQWy HQ
GLFLHPEUHGHHQODFXDODSDUHFHODLPDJHQGH0DULEHO9LOOHJDV&DQFKp"1RVHFRQWUDWy
HVSDFLRV GH SXEOLFLGDG SDUD VX GLIXVLyQ HQ HO WUDQVSRUWH S~EOLFR HQ HO PHV GH GLFLHPEUH
GHO
(Q FRQVHFXHQFLD QR H[LVWH FRQWUDWR QL IDFWXUD DOJXQD GH OR TXH PH VROLFLWR HQ HO PHV GH
GLFLHPEUH GH \D TXH QR VH PH FRQWUDWy VLF HVSDFLRV SXEOLFLWDULRV HQ HO WUDQVSRUWH
S~EOLFR
$ORTXHVHUHILHUHHOSXQWRVHLVQRH[LVWHQIRWRJUDItDVSRUTXpQRVHPHFRQWUDWyQLQJXQD
SXEOLFLGDG SDUD VX GLIXVLyQ GH OD LPDJHQ GH 0DULEHO 9LOOHJDV &DQFKp HQ HO WUDQVSRUWH
S~EOLFRHQHOPHVGHGLFLHPEUHGH
«´
3RU RWUD SDUWH HVWD DXWRULGDG HQ DO iPELWR GH VXV DWULEXFLRQHV VROLFLWy DO 5HSUHVHQWDQWH /HJDO GH
7HOHYLVRUDGH&DQF~Q6$GH&9TXHDFODUDUDODLQIRUPDFLyQUHPLWLGDHQORVVLJXLHQWHVWpUPLQRV
6ROLFLWXGUHDOL]DGDDOUHSUHVHQWDQWHVHxDODGR
³«
D &XiO GH GLFKDV FRQVWDQFLDV VH UHILHUH DO SURPRFLRQDO HQ HO FXDO VH REVHUYD D OD
&0DU\EHO9LOOHJDV&DQFKpGLFLHQGR³+R\HQ$FFLyQ1DFLRQDOPHKDQDELHUWRODVSXHUWDV\
DTXtKHLQLFLDGRRWUDHWDSDGHPLFDUUHUDSROtWLFD&RQVLHQWHVLFGHOUHVSDOGR\DIHFWRTXH
KHUHFLELGRQRSRGtDGHMDUSDVDUODRSRUWXQLGDGSDUDDJUDGHFHUOHDWRGDVODVIDPLOLDVHVDV
LQQXPHUDEOHV PXHVWUDV GH FDULxR 0XFKDV *UDFLDV )HOL] VLF 1DYLGDG \ SUyVSHUR $xR
1XHYR´\
E5HPLWDSRUHVFULWRODGHVFULSFLyQ\HOFRQWHQLGRGHORVSURPRFLRQDOHVTXHVHLGHQWLILFDQ
HQ ORV SDXWDGRV TXH DFRPSDxy D VX UHVSXHVWD \ TXH VH LGHQWLILFDQ EDMR OD VLJXLHQWH
GHQRPLQDFLyQ , ³81,'$' )$0,/,$5´ ,, ³9(56 81,'$' )$0,/,$5´ ,,, ³81,'$'
1$9,'$'´ \ ,9 ³,167,78&,21$/´ DVLPLVPR TXH DFRPSDxH D VX UHVSXHVWD HQ PHGLR
PDJQpWLFRORVSURPRFLRQDOHVGHUHIHUHQFLDWRGDYH]TXHGHO&'TXHDJUHJy~QLFDPHQWHVH
DGYLHUWHXQRGHHOORV
«´
&RQWHVWDFLyQDODVROLFLWXG
³«
38172 $O UHVSHFWR DFODUR FRPR OR KLFLPRV HQ VX PRPHQWR TXH OD YHUVLyQ GHO
3URPRFLRQDO QDYLGHxR FX\R WH[WR GLFH µ+2< (1 $&&,21 1$&,21$/ 0( +$1 $%,(572
/$6 38(57$6 < $48, +( ,1,&,$'2 275$ (7$3$ '( 0, &$55(5$ 32/,7,&$
&216,(17('(/5(63$/'2<$)(&7248(+(5(&,%,'21232',$'(-$53$6$5
/$ 2325781,'$' 3$5$ $*5$'(&(5/( $ 72'$6 /$6 )$0,/,$6 (6$6
,1180(5$%/(6 08(675$6 '( &$5,f2 08&+$6 *5$&,$6 )(/,= 1$9,'$' <
35263(52 $f2 18(92¶ VL IXH WUDQVPLWLGR HQ µ',&,(0%5( '(/ ¶ 12 (1
',&,(0%5('(/
38172,,9HUVLyQ81,'$')$0,/,$5< ,9,167,78&,21$/'(6(*62181$
0,60$ 9(56,21 &$/,),&$'$ &21 '26 ',)(5(17(6 &5,7(5,26 <$ 48( 81$ 6(
75$160,7,2 325 79&81 < /$ 275$ 325 7(/(9,6$ $6,0,602 /$ , 81,'$'
)$0,/,$5 < ,,, 81,'$' 1$9,'$' 621 81$ 62/$ 9(56,21 &$/,),&$'$ &21 '26
',)(5(17(6&5,7(5,266,(1'2(/0,602&$6248((/$17(5,25
Ɣ 7(;72'(63276(*81'260(16$-(1$9,'(f2
µ+$%/$5'(18(675$)$0,/,$(6+$%/$5'(18(67520$<257(6252(1(67$
)(&+$48(/$3$=(/$025</$6$/8'5(,1((1686+2*$5(6325<3$5$
6,(035(¶ &DEH VHxDODU TXH HQ 6SRW DSDUHFH XQD SODFD FRQ HO QRPEUH GH 0DULEHO
9LOOHJDVFXDQGRHOODVDOHHQHVFHQD
Ɣ 7(;72&,17,//26(*81'26
µ)(/,= 1$9,'$' < 35263(52 $f2 18(92 /(6 '(6($ 81,'$' )$0,/,$5
48,17$1$552(16($&68$0,*$0$5,%(/9,//(*$6¶
«´
3RU OR DQWHULRU \ GHO DQiOLVLV D ODV FRQVWDQFLDV UHPLWLGDV SRU HO 5HSUHVHQWDQWH /HJDO GH 7HOHYLVRUD GH
&DQF~QVHGHVSUHQGLyTXHQRFXPSOLPHQWyHQVXWRWDOLGDGODLQIRUPDFLyQUHTXHULGDSRUORTXHVHOHVROLFLWyOR
VLJXLHQWH
³«
D (Q PHGLR PDJQpWLFR ORV SURPRFLRQDOHV , ³81,'$' )$0,/,$5´ ,, ³9(56 81,'$'
)$0,/,$5´,,,³81,'$'1$9,'$'´\,9³,167,78&,21$/´\
E&RSLDGHORVFRQWUDWRV\RIDFWXUDVGHOSURPRFLRQDOTXHVXUHSUHVHQWDGDWUDQVPLWLyHQHO
PHVGHGLFLHPEUHGHGRVPLOVLHWH\HQHOFXDOVHREVHUYDDOD&0DU\EHO9LOOHJDV&DQFKp
GLFLHQGR³+R\HQ$FFLyQ1DFLRQDOPHKDQDELHUWRODVSXHUWDV\DTXtKHLQLFLDGRRWUDHWDSD
GHPLFDUUHUDSROtWLFD&RQVLHQWHVLFGHOUHVSDOGR\DIHFWRTXHKHUHFLELGRQRSRGtDGHMDU
SDVDUODRSRUWXQLGDGSDUDDJUDGHFHUOHDWRGDVODVIDPLOLDVHVDVLQQXPHUDEOHVPXHVWUDVGH
FDULxR 0XFKDV *UDFLDV )HOL] 1DYLGDG \ SUyVSHUR $xR 1XHYR´ DVt FRPR HO PHGLR
PDJQpWLFRTXHFRQWHQJDHOPLVPR
«´
&RQWHVWDFLyQDOUHTXHULPLHQWRGHLQIRUPDFLyQ
³«
38172 &RQ UHVSHFWR DO LQFLVR D UHVSRQGR TXH HQ WLHPSR \ IRUPD HQWUHJDPRV
FRSLDV GH FRQWUDWR VROLFLWDGDV DVt FRPR PDWHULDO YLGHR JUDEDGR GH ORV 6SRWV
UHTXHULGRVµ1R¶DVtGHORVFLQWLOORVWDPELpQGHVFULWRV\DTXHXQDYH]WUDQVPLWLGRV\
ILQLTXLWDGR HO WLHPSR GH WUDQVPLVLyQ FRQWUDWDGR VRQ ERUUDGRV \D TXH QR WHQHPRV OD
FDSDFLGDG GH DOPDFHQDPLHQWR GH WRGRV \ FDGD XQR GH ORV PLVPRV VLQ HPEDUJR
UDWLILFR GH QXHYD FXHQWD ODV YHUVLRQHV \ ORV WH[WRV VROLFLWDGRV ,, 9HUVLyQ 81,'$'
)$0,/,$5 < ,9 ,167,78&,21$/ '( 6(* 621 81$ 0,60$ 9(56,21 &$/,),&$'$
&21'26',)(5(17(6&5,7(5,26<$48(81$6(75$160,7,232579&81</$
275$ 325 7(/(9,6$ $6,0,602 /$ 81,'$' )$0,/,$5 < ,,, 81,'$' 1$9,'$'
621 81$ 62/$ 9(56,21 &$/,),&$'$ &21 '26 ',)(5(17(6 &5,7(5,26 6,(1'2
(/0,602&$6248((/$17(5,25
Ɣ 7(;72'(63276(*81'260(16$-(1$9,'(f2
µ+$%/$5'(18(675$)$0,/,$(6+$%/$5'(18(67520$<257(6252(1(67$
)(&+$48(/$3$=(/$025</$6$/8'5(,1((1686+2*$5(6325<3$5$
6,(035(¶&DEHVHxDODUTXHHQHO6SRWDSDUHFHXQDSODFDFRQHOQRPEUHGH0DULEHO
9LOOHJDVFXDQGRHOODVDOHHQHVFHQD
Ɣ 7(;72&,17,//26(*81'26
µ)(/,= 1$9,'$' < 35263(52 $f2 18(92 /(6 '(6($ 81,'$' )$0,/,$5
48,17$1$552(16($&68$0,*$0$5,%(/9,//(*$6¶
38172 &RQ UHVSHFWR DO LQFLVR E UHVSRQGR \ UDWLILFR TXH HVWH IXH FRQWUDWDGR \
WUDQVPLWLGRHQHODxR\TXHORV~QLFRVGRFXPHQWRVFRQORVTXHHVWD7HOHYLVRUDFXHQWD
HVHOFRQWUDWRFRQIHFKDGHGLFLHPEUHGHOTXHIXHFDQFHODGR\VXVWLWXLGRSRU
HO FRQWUDWR DVLPLVPR FRQWDPRV FRQ OD IDFWXUD GHO GH GLFLHPEUH GHO
WDQWRGHOFRQWUDWR\IDFWXUDDQWHVPHQFLRQDGDDQH[DPRVFRSLDIRWRVWiWLFD+DFHPRV
UHIHUHQFLDTXHHOFRQWUDWRDQWHORVFDPELRVPRWLYDGRVSRUODUHFRQVWUXFFLyQGHQXHVWUD
7HOHYLVRUDVHHQFXHQWUDH[WUDYLDGR\HQHOFDVRGHDSDUHFHUORKDUHPRVOOHJDUDQWHXVWHGHV
(Q OR TXH FRUUHVSRQGH DO PDWHULDO YLGHR JUDEDGR GH GLFKR PHQVDMH QR FRQVHUYDPRV
QLQJXQDFRSLD\DTXHSRUSROtWLFDGHHVWDHPSUHVDDOQRFRQWDUFRQXQDFDMDQHJUDXQDYH]
WHUPLQDGRV ORV WLHPSRV GH FDPSDxD SHUPLWLGRV SRU HO ,)(,(4552 DXWRPiWLFDPHQWH VH
ERUUDFRQHOSURSyVLWRGHQRLQFXUULUHQSRVLEOHVGHOLWRVSRUWUDQVPLVLyQHUUyQHDHQQXHVWUD
SURJUDPDFLyQ VLQ HPEDUJR UDWLILFR FRPR OR KLFLPRV HQ VX PRPHQWR TXH OD YHUVLyQ GHO
3URPRFLRQDO 1DYLGHxR FX\R WH[WR GLFH µ+2< (1 $&&,21 1$&,21$/ 0( +$1 $%,(572
/$6 38(57$6 < $48, +( ,1,&,$'2 275$ (7$3$ '( 0, &$55(5$ 32/,7,&$
&216,(17('(/5(63$/'2<$)(&7248(+(5(&,%,'21232',$'(-$53$6$5
/$ 2325781,'$' 3$5$ $*5$'(&(5/( $ 72'$6 /$6 )$0,/,$6 (6$6
,1180(5$%/(6 08(675$6 '( &$5,f2 08&+$6 *5$&,$6 )(/,= 1$9,'$' <
35263(52 $f2 18(92¶ VL IXH WUDQVPLWLGR HQ µ',&,(0%5( '(/ ¶ 12 (1
',&,(0%5('(/
«´
(OFRQWHQLGRGHORVGRFXPHQWRVDQWHULRUHVUHYLVWHQHOFDUiFWHUGHGRFXPHQWDOHVSULYDGDVGHFRQIRUPLGDG
FRQ OR GLVSXHVWR HQ ORV DUWtFXORV SiUUDIR LQFLVR E SiUUDIRV \ GHO &yGLJR )HGHUDO GH
,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV HQ UHODFLyQ FRQ ORV DUWtFXORV SiUUDIR LQFLVR E
SiUUDIRV\GHO5HJODPHQWRGH4XHMDV\'HQXQFLDVGHO,QVWLWXWR)HGHUDO(OHFWRUDO
'HORVGRFXPHQWRVUHVHxDGRVHQSiUUDIRVDQWHULRUHVVHGHVSUHQGHORVLJXLHQWH
D 4XHODFLXGDGDQDGHQXQFLDGDUHDOL]yXQFRQWUDWRGH SUHVWDFLyQGHVHUYLFLRVFRQ OD HPSUHVD9LVLyQ
,QWHJUDO 8UEDQD 6$ GH &9 $872&$5 OD FXDO VXSXHVWDPHQWH VH HQFDUJD GH OD HODERUDFLyQ \
FRORFDFLyQGHODSXEOLFLGDGGHDXWREXVHVGHWUDQVSRUWHS~EOLFRSURSLHGDGGH$XWRFDU&DQF~Q6$GH
&9HQHODxRGHGRVPLOVLHWH
E 4XHVXSXHVWDPHQWHHOWUHFHGHGLFLHPEUHGHGRVPLOVLHWHODFLXGDGDQDUHIHULGDFDQFHOyHOFRQWUDWR
VHxDODGR HQ HO SXQWR DQWHULRU \ D SDUWLU GHO FDWRUFH VLJXLHQWH VH UHWLUy OD SXEOLFLGDG GHULYDGD GH
HVHFRQWUDWR
F 4XH GXUDQWH HO DxR GRV PLO RFKR QR VH FRQWUDWy OD FRORFDFLyQ GH SURSDJDQGD HQ QLQJXQR GH
ORV DXWREXVHV SURSLHGDG GH OD HPSUHVD $XWRFDU &DQF~Q 6$ GH &9 SRU SDUWH GH OD & 0DU\EHO
9LOOHJDV&DQFKp
G 4XHUHVSHFWRDOSURPRFLRQDOGHQXQFLDGRVHDGYLHUWHTXHODHPSUHVD7HOHYLVRUDGH&DQF~Q6$GH
&9VtORWUDQVPLWLySHURHQGLFLHPEUHGH\QRGHFRPRHOSURPRYHQWHORKDFHYDOHU
H 4XHDGHPiVGHOSURPRFLRQDOGHQXQFLDGRVHWUDQVPLWLHURQHQHOPHVGHGLFLHPEUHGHGRVPLORFKR
SURPRFLRQDOHVHQORVFXDOHVDSDUHFtDODFLXGDGDQD0DU\EHO9LOOHJDV&DQFKpGDQGRXQPHQVDMHGH
IHOLFLWDFLyQ SRU ODV ILHVWDV GHFHPEULQDV \ GXUDQWH VX WUDQVPLVLyQ VH LQFRUSRUD XQ FLQWLOOR HQ GRQGH
DSDUHFHHOORJRWLSRGHOD$VRFLDFLyQ&LYLO8QLGDG)DPLOLDU4XLQWDQDUURHQVH\VHOHH³3UHVLGHQWD´VX
QRPEUH\SRVWHULRUPHQWHVHLQFOX\HHOQRPEUHGHGLFKDDVRFLDFLyQ
I 4XH OD WHOHYLVRUD QR FRQVHUYD FRSLDV GH ODV WUDQVPLVLRQHV WRGD YH] TXH XQD YH] WHUPLQDGRV ORV
WLHPSRVSHUPLWLGRVSRUHO,QVWLWXWR)HGHUDO(OHFWRUDO\R,QVWLWXWR(OHFWRUDOGH4XLQWDQD5RRORVERUUD
FRQHOSURSyVLWRGHQRLQFXUULUHQSRVLEOHVGHOLWRV
J 4XHORVSURPRFLRQDOHVLGHQWLILFDGRVFRPR³)DPLOLDU´H³,QVWLWXFLRQDO´GHVHJXQGRVVRQXQDPLVPD
YHUVLyQFDOLILFDGDFRQGRVGLIHUHQWHVFULWHULRV
8QDYH]TXHKDQTXHGDGRUHVHxDGRVORVKHFKRVGHQXQFLDGRVDVtFRPRODVGHIHQVDV\VHKDQYDORUDGR
ODVSUREDQ]DVTXHREUDQHQDXWRVORSURFHGHQWHHVDQDOL]DUVLOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpUHDOL]y
DFWRV DQWLFLSDGRV GH SUHFDPSDxD \R FDPSDxD SRU OD SUHVXQWD FRORFDFLyQ GH SURSDJDQGD HQ EDUGDV
HVSHFWDFXODUHVFDPLRQHVGHWUDQVSRUWHS~EOLFR\ODWUDQVPLVLyQGHXQSURPRFLRQDO
(VSRUHOORTXHHVWDDXWRULGDGSDUDXQDPHMRUFRPSUHQVLyQGHOSUHVHQWHDVXQWRSURFHGHUiDUHDOL]DUHO
HVWXGLRGHFDGDXQRGHORVKHFKRVVHxDODGRV
D 3LQWDGHEDUGDV
$OUHVSHFWRFDEHVHxDODUTXHFRPRVHGLMRFRQDQWHODFLyQGHODGLOLJHQFLDUHDOL]DGDSRUHO9RFDO(MHFXWLYR
GHOD-XQWD'LVWULWDOGHHVWH,QVWLWXWRHQHOHVWDGRGH4XLQWDQD5RRVHGHVSUHQGHODH[LVWHQFLDGHSLQWDGH
EDUGDVHQODVFXDOHVDSDUHFHHOQRPEUHGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKp
3RUORDQWHULRUVHWLHQHSRUDFUHGLWDGDODH[LVWHQFLDGHODSLQWDGHEDUGDVWRGDYH]TXHHQODIHFKDHQTXH
VHUHDOL]yODGLOLJHQFLDGHLQYHVWLJDFLyQGHIHEUHURGHOSUHVHQWHDxRpVWDVD~QVHHQFRQWUDEDQFRORFDGDV
\DXQFXDQGRODPD\RUtDKDFHDOXVLyQDGLFKDFLXGDGDQDHQVXFDUiFWHUGH'LSXWDGD/RFDOORFLHUWRHVTXH
WDPELpQVHHQFRQWUDURQEDUGDVHQODVTXHVHKDFHUHIHUHQFLDDVXQRPEUH\DODDVRFLDFLyQFLYLOTXHSUHVLGH
³8QLGDG)DPLOLDU4XLQWDQDUURHQVH´
(QHVHVHQWLGRFRQUHODFLyQDODVSLQWDVTXHVHUHILHUHQDGLFKDFLXGDGDQDHQVXFDOLGDGGH'LSXWDGDORFDO
SRU HO HVWDGR GH 4XLQWDQD 5RR HVWD DXWRULGDG HVWLPD TXH ODV PLVPDV QR SXHGHQ VHU WRPDGDV HQ FXHQWD
FRPR LQGLFLRV TXH SXGLHUDQ FRQVWLWXLU DFWRV DQWLFLSDGRV GH SUHFDPSDxD \R FDPSDxD Pi[LPH TXH HV XQ
KHFKRS~EOLFR\QRWRULRTXHODKR\GHQXQFLDGDVtRFXSyHOHQFDUJRDOXGLGR
/D DQWHULRU DILUPDFLyQ WDPELpQ HQFXHQWUD VXVWHQWR HQ HO KHFKR GH TXH OD GHQXQFLDGD DO DFXGLU D OD
DXGLHQFLDGHSUXHEDV\DOHJDWRVDSRUWyDOSUHVHQWHSURFHGLPLHQWRFRQVWDQFLDVHQODVTXHVROLFLWyDGLYHUVRV
FLXGDGDQRVGHO0XQLFLSLRGH%HQLWR-XiUH]4XLQWDQD5RROHSHUPLWLHUDQUHDOL]DUODSLQWDGHSURSDJDQGD\ORV
SHUPLVRV UHVSHFWLYRV VRQ GH ORV DxRV \ SHULRGR GXUDQWH HO FXDO OD & )UH\GD 0DU\EHO
9LOOHJDV &DQFKp RFXSy HO FDUJR GH 'LSXWDGD /RFDO \D TXH HV XQ KHFKR S~EOLFR \ QRWRULR TXH VH LQYRFD GH
FRQIRUPLGDGFRQORGLVSXHVWRHQHO DUWtFXORSiUUDIR GHOFyGLJRHOHFWRUDOIHGHUDOTXHODUHQRYDFLyQGHO
&RQJUHVRGHOHVWDGRVHHIHFWXyHOGHPDU]RGH
3RURWUDSDUWHFRPRVHH[SOLFyFRQDQWHODFLyQGHODVGLOLJHQFLDVGHLQYHVWLJDFLyQUHDOL]DGDVSRUHO9RFDO
(MHFXWLYR GH OD -XQWD 'LVWULWDO GH HVWH LQVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR WDPELpQ VH DFUHGLWy OD
H[LVWHQFLD GH EDUGDV DOXVLYDV D OD GHQXQFLDGD HQ VX FDOLGDG GH 3UHVLGHQWD GH OD $VRFLDFLyQ &LYLO 8QLGDG
)DPLOLDU4XLQWDQDUURHQVHWDOFRPRVHHYLGHQFLDUDGHODIRWRJUDItDTXHVHLQVHUWDDFRQWLQXDFLyQ

$O UHVSHFWR HVWD DXWRULGDG HVWLPD TXH GH OD VLPSOH DSUHFLDFLyQ GHO FRQWHQLGR GH OD SLQWD VH SXHGH
FRQFOXLUTXHODLQWHQFLyQTXHFRQHOODVVHSHUVLJXHHVODGHSURPRFLRQDUHOQRPEUHGHGLFKDFLXGDGDQDFRQHO
ILQ GH SRVLFLRQDUOD DQWH OD FLXGDGDQtD GH %HQLWR -XiUH] 4XLQWDQD 5RR HV GHFLU VH EXVFD TXH GLFKD
FLXGDGDQD FUHH XQ YtQFXOR GH LGHQWLGDG Pi[LPH TXH GLFKDV SLQWDV VH HQFRQWUDURQ HQ &DUUHWHUD &DQF~Q
/HRQD9LFDULR.0&RO9DOOH9HUGH\5HJLyQ1RYHQWD\6HLV0DQ]DQDQXHYH/RWHVREUH$YHQLGD
,QGXVWULDOHQWUHFDOOH\FDOOH$
E 3URSDJDQGDHQHVSHFWDFXODUHV
&RQ UHODFLyQ D GLFKD SURSDJDQGD HO UHSUHVHQWDQWH SURSLHWDULR GHO 3DUWLGR GH OD 5HYROXFLyQ 'HPRFUiWLFD
DQWH HO &RQVHMR 'LVWULWDO GH HVWH ,QVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR GHQXQFLy OD FRORFDFLyQ GH
HVSHFWDFXODUHVHQORVFXDOHVDSDUHFHODLPDJHQHOQRPEUH\XQPHQVDMHQDYLGHxRTXHGLFH³)HOL]1DYLGDG
\3UyVSHUR$xR1XHYR/HVGHVHDVXDPLJD0DU\EHO9LOOHJDV´DSDUHFLHQGRHOORJRWLSR\HOQRPEUHGHOD
$VRFLDFLyQ8QLGDG)DPLOLDU4XLQWDQDUURHQVHWDOFRPRVHDGYLHUWHGHODVLJXLHQWHIRWRJUDItD

1RREVWDQWHTXHHQORVDXWRVTXHLQWHJUDQHOSUHVHQWHH[SHGLHQWHVHFXHQWDFRQLQGLFLRVTXHHQSULQFLSLR
SHUPLWHQ FRQVLGHUDU TXH GLFKRV HVSHFWDFXODUHV Vt IXHURQ FRORFDGRV OR FLHUWR HV TXH GH ODV GLOLJHQFLDV GH
LQYHVWLJDFLyQTXHUHDOL]yHO9RFDO(MHFXWLYRGHOD-XQWD'LVWULWDOGHHVWH,QVWLWXWRHQHOHVWDGRGH4XLQWDQD
5RRQRVHFRPSUREyVXH[LVWHQFLDSRUTXHORVFLXGDGDQRVDORVTXHHQWUHYLVWyDHIHFWRGHTXHOHGLMHUDQVL
KDEtDQYLVWRGLFKDSURSDJDQGDPDQLIHVWDURQTXHQRWHQtDQFRQRFLPLHQWRGHHOORVHLQFOXVRGHODLQVSHFFLyQ
HQFDEH]DGDSRUHVHIXQFLRQDULRQRVHHQFRQWUyHYLGHQFLDDOJXQDGHVXFRORFDFLyQ
(Q FRQVHFXHQFLD QR VH FXHQWD FRQ HOHPHQWRV VXILFLHQWHV TXH SHUPLWDQ FRQRFHU HQ VX FDVR OD
WHPSRUDOLGDGHQODTXHSUHVXQWDPHQWHSHUPDQHFLHURQFRORFDGRVHLQFOXVRWDPSRFRVXXELFDFLyQ
1RSDVDGHVDSHUFLELGRSDUDHVWDDXWRULGDGTXHHOGHQXQFLDQWHDOFRPSDUHFHUDODDXGLHQFLDGHSUXHEDV\
DOHJDWRV TXH VH FHOHEUy HO YHLQWLVLHWH GH PDU]R GH GRV PLO QXHYH SUHVHQWy FRPR SUXHED VXSHUYHQLHQWH HO
RILFLR 60('8 GH IHFKD DQWHULRU VXVFULWR SRU HO 'LUHFWRU GH OD 8QLGDG -XUtGLFD \ 9LQFXODFLyQ
GHSHQGLHQWHVGHOD6HFUHWDUtDGH(FRORJtD\'HVDUUROOR8UEDQRGHO0XQLFLSLRGH%HQLWR-XiUH]HQHOFXDOVH
PHQFLRQDTXHDWLHQGHDVXVROLFLWXGGHGHOPHV\DxRHQFXUVR
$OUHVSHFWRGLFKDSUREDQ]DQRSXHGHVHUWRPDGDHQFXHQWDSRUHVWDDXWRULGDGGDGRTXHQRFRQVWLWX\HGH
QLQJXQD IRUPD XQD SUXHED VXSHUYHQLHQWH WRGD YH] GH FRQIRUPLGDG FRQ OR SUHYLVWR HQ HO DUWtFXOR GHO
5HJODPHQWR GH 4XHMDV \ 'HQXQFLDV GHO ,QVWLWXWR )HGHUDO (OHFWRUDO SDUD TXH XQ PHGLR SUREDWRULR WHQJD HVH
FDUiFWHUGHEHFXPSOLUFRQDOJXQDGHODVVLJXLHQWHVFDUDFWHUtVWLFDV
D 'HEHVXUJLUGHVSXpVGHOSOD]ROHJDOHQTXHGHEDDSRUWDUVH\R
E $QWHVGHTXHIHQH]FDHOSOD]RSDUDDSRUWDUSUXHEDVSXHGHSUHVHQWDUVHVLHPSUH\FXDQGRHORIHUHQWH
ODVKD\DGHVFRQRFLGRRSRUTXHH[LVWLHURQREVWiFXORVTXHQRHVWDEDQDVXDOFDQFHVXSHUDU
(Q HVD WHVLWXUD GH OD VLPSOH OHFWXUD GHO GRFXPHQWR HQ PHQFLyQ VH DSUHFtD TXH OD FRQVXOWD TXH VH
GHVDKRJD PHGLDQWH HO UHIHULGR RILFLR UHILHUH KHFKRV DQWHULRUHV D OD SUHVHQWDFLyQ GH OD TXHMD TXH KR\ VH
UHVXHOYHGHIHEUHURGHHLQFOXVRFRQRFLGRVSRUHOGHQXQFLDQWH
(QFRQVHFXHQFLDODSUXHED GHUHIHUHQFLD QRSXHGHVHU DGPLWLGD \YDORUDGDSRUHVWDDXWRULGDGGHELGR D
TXHQRFXHQWDFRQHOFDUiFWHUTXHOHDWULEX\HHOGHQXQFLDGRHLQFOXVRHOKHFKRGHTXHHOGtDRQFHGHPD\RGHO
SUHVHQWH DxR VH KD\D UHDOL]DGR GH QXHYD FXHQWD OD DXGLHQFLD GH SUXHEDV \ DOHJDWRV D TXH VH UHILHUH HO
DUWtFXORGHOFyGLJRFRPLFLDOIHGHUDOGHDFXHUGRDORRUGHQDGRSRUOD6DOD6XSHULRUGHO7ULEXQDO(OHFWRUDO
GHO3RGHU-XGLFLDOGHOD)HGHUDFLyQHQHOUHFXUVRGHDSHODFLyQLGHQWLILFDGRFRQODFODYH6835$3VH
KL]R SDUD HO ~QLFR HIHFWR GH WUDHU DO SURFHGLPLHQWR D ORV UHSUHVHQWDQWHV GHO 3DUWLGR $FFLyQ 1DFLRQDO
7HOHYLVRUDGH&DQF~Q6$GH&9\8QLGDG)DPLOLDU4XLQWDQDUURHQVH$&
F 3URSDJDQGDHQFDPLRQHVGHWUDQVSRUWHS~EOLFR
7RGD YH] TXH HQ HO HVFULWR GH GHQXQFLD VH VHxDOy TXH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp KDEtD
FRORFDGR SURSDJDQGD HQ FDPLRQHV GH WUDQVSRUWH S~EOLFR HVWD DXWRULGDG HQ HO iPELWR GH VXV DWULEXFLRQHV
VROLFLWy DO 9RFDO (MHFXWLYR GH OD -XQWD 'LVWULWDO GH HVWH ,QVWLWXWR HQ HO HVWDGR GH 4XLQWDQD 5RR UHDOL]DUD
GLYHUVDVGLOLJHQFLDVGHLQYHVWLJDFLyQFRQHOILQGHFRUURERUDUODH[LVWHQFLDGHODPLVPDREWHQLHQGRTXHVtVH
KDEtDFRORFDGRGLFKDSXEOLFLGDGHQGLYHUVRVFDPLRQHVSURSLHGDGGHODHPSUHVD(QODFHV3XEOLFLGDG,QWHJUDO
(QHVHVHQWLGRGHODVSUREDQ]DVDSRUWDGDVSRUHOGHQXQFLDQWHVHDGYLHUWHTXHGLFKDSXEOLFLGDGWHQtDODV
VLJXLHQWHVFDUDFWHUtVWLFDVODLPDJHQ\HOQRPEUHGHODGHQXQFLDGDDVtFRPRHOORJRWLSR\GHQRPLQDFLyQGHOD
$VRFLDFLyQ&LYLOPXOWLUHIHULGDWDOFRPRVHSXHGHREVHUYDUGHODIRWRTXHVHLQVHUWD

$O UHVSHFWR GH OD LQGDJDWRULD UHDOL]DGD SRU GLFKR IXQFLRQDULR VH DGYLHUWH TXH GLYHUVRV FLXGDGDQRV
FRQWHVWDURQ D OD SUHJXQWD ³¢6L HQ HO PHV GH GLFLHPEUH \R D OD IHFKD H[LVWLy SURSDJDQGD FRORFDGD HQ
HVSHFWDFXODUHV \R HQ FDPLRQHV GH WUDQVSRUWH S~EOLFR FRQ OD LPDJHQ \R QRPEUH GH 0DU\EHO 9LOOHJDV
&DQFKp"´TXHHQFDPLRQHVGHWUDQVSRUWHS~EOLFRVtVHFRORFyGLFKDSXEOLFLGDG
(VSRUORDQWHULRUTXHHO9RFDO(MHFXWLYRGHOD-XQWD'LVWULWDOGHHVWH,QVWLWXWRHQHOHVWDGRGH4XLQWDQD
5RR FRQ HO ILQ GH REWHQHU PD\RU LQIRUPDFLyQ UHVSHFWR GH OD SURSDJDQGD FRORFDGD HQ FDPLRQHV DFXGLy DO
GRPLFLOLRGHODVFRQFHVLRQDULDVGHGLFKRVHUYLFLRS~EOLFR
(Q HVH WHQRU DO HQWUHYLVWDUVH FRQ HO 'LUHFWRU GH OD HPSUHVD GHQRPLQDGD ³(QODFHV 3XEOLFLGDG ,QWHJUDO
%21),/´ HVH VHUYLGRU S~EOLFR REWXYR TXH WDO SHUVRQD PRUDO Vt KDEtD FRORFDGR OD SXEOLFLGDG GH PDUUDV HQ
TXLQFH FDPLRQHV \ TXH LQFOXVR HO FRQWUDWR VH UHDOL]y FRQ OD $VRFLDFLyQ &LYLO ³8QLGDG )DPLOLDU
4XLQWDQDUURHQVH´SRUXQSHULRGRGHGRVPHVHVORTXHJHQHUDXQLQGLFLRGHTXHHOPLVPRFRQFOX\yDILQDOHV
GHOPHVGHIHEUHURGHOSUHVHQWHDxR
3RURWUDSDUWHFDEHUHIHULUTXHHO$SRGHUDGR/HJDOGHODHPSUHVD$XWRFDU&DQF~Q6$GH&9VHxDOy
TXH HQ HO DxR GH GRV PLO RFKR QR IXH FRORFDGD QLQJ~Q WLSR GH SURSDJDQGD R SXEOLFLGDG HQ ORV FDPLRQHV
SURSLHGDGGHVXUHSUHVHQWDGDDOXVLYRVDODGHQXQFLDGDQRREVWDQWHHOORPDQLIHVWyTXHHQHODxRGHGRVPLO
VLHWHVtVHFRORFySXEOLFLGDGGHODFLXGDGDQDGHQXQFLDGD
(QHVHVHQWLGRVHDGYLHUWHTXHHQDXWRVREUDQHOHPHQWRVVXILFLHQWHVTXHSHUPLWHQLQIHULUTXHHQHOPHV
GH GLFLHPEUH GH GRV PLO RFKR H[LVWLy SXEOLFLGDG FRORFDGD HQ FDPLRQHV GH WUDQVSRUWH S~EOLFR HQ ORV
TXHDSDUHFtDODLPDJHQ\HOQRPEUHGHODGHQXQFLDGDMXQWRFRQHOQRPEUH\ORJRWLSRGHOD$VRFLDFLyQ&LYLO
TXHSUHVLGH
&RQ EDVH HQ OR H[SXHVWR HVWD DXWRULGDG HVWLPD TXH GH OD VLPSOH DSUHFLDFLyQ GHO FRQWHQLGR GH OD
SXEOLFLGDGEDMRDQiOLVLVVHSXHGHFRQFOXLUTXHODLQWHQFLyQTXHFRQHOODVHSHUVLJXHHVODGHSURPRFLRQDUHO
QRPEUH H LPDJHQ GH GLFKD FLXGDGDQD FRQ HO ILQ GH SRVLFLRQDUOD DQWH OD FLXGDGDQtD GH %HQLWR -XiUH]
4XLQWDQD5RRHV GHFLUVHEXVFD TXHGLFKDFLXGDGDQDFUHH XQYtQFXOR GH LGHQWLGDG Pi[LPHVLVHWRPD HQ
FXHQWD TXH OD SXEOLFLGDG GH UHIHUHQFLD VH FRORFy HQ TXLQFH FDPLRQHV TXH EULQGDQ HO VHUYLFLR S~EOLFR GH
WUDQVSRUWHHQGLFKR$\XQWDPLHQWR
(Q FRQVHFXHQFLD VH FRQVLGHUD TXH OD FRORFDFLyQ GH OD SXEOLFLGDG HQ FRPHQWR DXQ FXDQWR WDPELpQ
FRQWLHQHHOQRPEUHHLPDJHQGHOD$VRFLDFLyQ&LYLO8QLGDG)DPLOLDU4XLQWDQDUURHQVHHQUHDOLGDGWLHQHFRPR
SULQFLSDOREMHWLYRSRVLFLRQDUHOQRPEUHHLPDJHQGHODFLXGDGDQDGHQXQFLDGD\QRDVtHOGHODDVRFLDFLyQ
G 7UDQVPLVLyQGHOSURPRFLRQDO
3RU ~OWLPR HO GHQXQFLDQWH UHILHUH FRPR XQ DFWR DQWLFLSDGR GH SUHFDPSDxD \R FDPSDxD DWULEXLEOH D OD
GHQXQFLDGDODWUDQVPLVLyQGHXQSURPRFLRQDOQDYLGHxRHQHOTXHDSDUHFH\VXSXHVWDPHQWHVHKDFHDOXVLyQ
DO3DUWLGR$FFLyQ1DFLRQDO\TXHVHJ~QVXGLFKRVHWUDQVPLWLyHQGLFLHPEUHGHGRVPLORFKR
$OUHVSHFWRGHULYDGRGHODVGLOLJHQFLDVUHDOL]DGDVSRUHVWDDXWRULGDGVHGHVSUHQGHTXHGLFKRSURPRFLRQDO
VtIXHWUDQVPLWLGRSRUODHPSUHVD³79&XQ´WRGDYH]TXHHO'LUHFWRU5HJLRQDOGHODHPSUHVDHQFRPHQWRDVt
ORPDQLIHVWyVLQHPEDUJRSUHFLVyTXHHOPLVPRIXHWUDQVPLWLGRHQGLFLHPEUHGHGRVPLOVLHWH

&DEH UHIHULU TXH OD HPSUHVD HQ FRPHQWR SHUWHQHFH DO *UXSR 7HOHYLVD WDO FRPR VH GHVSUHQGH GH ODV FRQVWDQFLDV TXH HO 'LUHFWRU 5HJLRQDO GH
7HOHYLVRUDGH&DQF~Q6$GH&9DQH[RDVXHVFULWRGHIHFKDGHIHEUHURGHTXHREUDHQDXWRVDIRMDGHOWRPR,GHOH[SHGLHQWHTXH
VHUHVXOYH
(QFRQVHFXHQFLDGHORVHOHPHQWRVTXHREUDQHQDXWRVQRVHWLHQHSRUDFUHGLWDGRTXHODWUDQVPLVLyQGHO
VSRWTXHDOXGHHOGHQXQFLDQWHVHKD\DKHFKRGHQWURGHOSHULRGRGHOSUHVHQWHSURFHVRHOHFWRUDOIHGHUDOPRWLYR
SRUHOFXDOQRSXHGHVHUREMHWRGHHVWXGLR\PXFKRPHQRVFRQVLGHUDUVHDHIHFWRGHGHFODUDUODH[LVWHQFLDGH
XQDFWRDQWLFLSDGRGHFDPSDxDTXHGHEDVHUFRQRFLGRSRUHVWDDXWRULGDGHVWRHVDVtSRUODWHPSRUDOLGDGHQ
ODTXHIXHFRQWUDWDGRHOSURPRFLRQDOHQFRPHQWR
1R REVWDQWH OR DQWHV H[SXHVWR QR SDVD GHVDSHUFLELGR SDUD HVWD DXWRULGDG TXH GH ODV LQGDJDWRULDV
UHDOL]DGDV DO 'LUHFWRU 5HJLRQDO GH OD 7HOHYLVRUD HQ FXHVWLyQ VH DFUHGLWy OD GLIXVLyQ GH XQ SURPRFLRQDO
QDYLGHxRSRUSDUWHGHODGHQXQFLDGDHQHOPHVGHGLFLHPEUHGHGRVPLORFKRHQHOTXHGDEDXQPHQVDMHFRQ
PRWLYRGHODVILHVWDVGHFHPEULQDVRVWHQWiQGRVHFRQHOFDUiFWHUGH3UHVLGHQWDGHOD$VRFLDFLyQ&LYLO³8QLGDG
)DPLOLDU4XLQWDQDUURHQVH´
(QHVHWHQRUGHORVHOHPHQWRVDSRUWDGRVSRUODWHOHYLVRUDVHDGYLHUWHTXHHQHOSURPRFLRQDODSDUHFHOD
& )UH\GD 0DU\EHO 9LOOHJDV &DQFKp YHVWLGD GH FDPLVD EODQFD FRQ SDQWDOyQ QHJUR \ FDEHOOR UHFRJLGR \ D VX
ODGRVHYHXQiUEROGHQDYLGDG\DOLQLFLRDSDUHFHXQFLQWLOORHQHOTXHVHDSUHFLDHOORJRWLSRGHOD$VRFLDFLyQ
&LYLO ³8QLGDG )DPLOLDU 4XLQWDQDUURHQVH´ \ GHEDMR DSDUHFH OD SDODEUD ³3UHVLGHQWD´ \ FDVL DO ILQDOL]DU HO
SURPRFLRQDO ORV HOHPHQWRV GHO FLQWLOOR VRQ HO ORJRWLSR \ GHQRPLQDFLyQ VRFLDO GH OD DVRFLDFLyQ HQ FLWD \
HOQRPEUHGHODGHQXQFLDGD
$VLPLVPR OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp GLFH ³+DEODU GH QXHVWUD IDPLOLD HV KDEODU GH QXHVWUR
PD\RU WHVRUR (Q HVWD IHFKD TXH OD SD] HO DPRU \ OD VDOXG UHLQH HQ VXV KRJDUHV SRU \ SDUD VLHPSUH )HOL]
1DYLGDG\3URVSHUR$xR1XHYROHVGHVHD8QLGDG)DPLOLDU4XLQWDQDUURHQVH´
(VWDDXWRULGDGFRQVLGHUDTXHGHODVLPSOHDSUHFLDFLyQGHGLFKRSURPRFLRQDOVHDGYLHUWHTXHODYHUGDGHUD
LQWHQVLyQ TXH VH WXYR FRQ VX GLIXVLyQ IXH OD GH SURPRFLRQDU OD LPDJHQ \ QRPEUH GH OD FLXGDGDQD )UH\GD
0DU\EHO 9LOOHJDV &DQFKp SXHVWR TXH HOOD HV HO HOHPHQWR SULQFLSDO GHO SURPRFLRQDO H LQFOXVR VX QRPEUH
DSDUHFHHQWRGRPRPHQWR\GHQLQJXQDIRUPDVHKDFHDOXVLyQDOWUDEDMRTXHGLFKDDVRFLDFLyQUHDOL]D
$PpQGHORH[SXHVWRGHODVFRQVWDQFLDVDSRUWDGDVSRUOD7HOHYLVRUDGH&DQF~Q6$GH&979&81VH
GHVSUHQGH TXH HO SURPRFLRQDO GH UHIHUHQFLD IXH FRQWUDWDGR SRU ³8QLGDG )DPLOLDU 4XLQWDQDUURHQVH $&´ \
GLIXQGLGRGHOVHLVDOGLHFLVLHWHGHGLFLHPEUHGHGRVPLORFKRHQORVFDQDOHV\LGHQWLILFDGRVFRQODVVLJODV
;+452279\;+&&879UHVSHFWLYDPHQWH
&RQEDVHHQORH[SXHVWRVHHVWLPDTXHFRQODGLIXVLyQGHGLFKRVSRWODLPDJHQ\QRPEUHGHODFLXGDGDQD
GHQXQFLDGDWXYRXQPD\RULPSDFWRHQODDXGLHQFLDWHOHYLVLYDHQFRPSDUDFLyQDOQRPEUHGHODDVRFLDFLyQFLYLO
TXHpVWDSUHVLGH\DTXHFRPRVHH[SOLFyFRQDQWHODFLyQHOHOHPHQWRSULQFLSDOGHOSURPRFLRQDOIXHHOOD
(QHVHRUGHQGHLGHDVVHFRQVLGHUDQHFHVDULRSUHFLVDUTXHFDOLGDGGHEHGiUVHOHDODSXEOLFLGDGUHIHULGD
HQ ORV LQFLVRV TXH DQWHFHGHQ HV SRU HOOR TXH GHEHPRV DWHQGHU D OR SUHYLVWR HQ HO DUWtFXOR SiUUDIR
LQFLVR E IUDFFLRQHV 9, \ 9,, GHO 5HJODPHQWR GH 4XHMDV \ 'HQXQFLDV GHO ,QVWLWXWR )HGHUDO (OHFWRUDO PLVPRV
TXHDODOHWUDVHxDODQ
³$UWtFXOR
«
9, /D SURSDJDQGD SROtWLFD FRQVWLWX\H HO JpQHUR GH ORV PHGLRV D WUDYpV GH ORV FXDOHV ORV
SDUWLGRVFLXGDGDQRV\RUJDQL]DFLRQHVGLIXQGHQVXLGHRORJtDSURJUDPDV\DFFLRQHVFRQHO
ILQ GH LQIOXLU HQ ORV FLXGDGDQRV SDUD TXH DGRSWHQ GHWHUPLQDGDV FRQGXFWDV VREUH WHPDV
GHLQWHUpVVRFLDO\TXHQRVHHQFXHQWUDQQHFHVDULDPHQWHYLQFXODGDVDXQSURFHVRHOHFWRUDO
IHGHUDO
9,, 6H HQWHQGHUi SRU SURSDJDQGD HOHFWRUDO DO FRQMXQWR GH HVFULWRV SXEOLFDFLRQHV
LPiJHQHV JUDEDFLRQHV SUR\HFFLRQHV \ H[SUHVLRQHV TXH GXUDQWH OD FDPSDxD HOHFWRUDO
SURGXFHQ \ GLIXQGHQ ORV SDUWLGRV SROtWLFRV ORV FDQGLGDWRV UHJLVWUDGRV \ VXV VLPSDWL]DQWHV
FRQ HO SURSyVLWR GH SUHVHQWDU DQWH OD FLXGDGDQtD ODV FDQGLGDWXUDV UHJLVWUDGDV $VLPLVPR
TXH OD PLVPD FRQWHQJD ODV H[SUHVLRQHV ³YRWR´ ³YRWD´ ³YRWDU´ ³VXIUDJLR´ ³VXIUDJDU´
³FRPLFLRV´³HOHFFLyQ´³HOHJLU´³SURFHVRHOHFWRUDO´\FXDOTXLHURWUDVLPLODUYLQFXODGDFRQODV
GLVWLQWDVHWDSDVGHOSURFHVRHOHFWRUDO
7DPELpQVHUHIHULUiDODGLIXVLyQGHPHQVDMHVWHQGLHQWHVDODREWHQFLyQGHOYRWRDIDYRUGH
DOJ~QVHUYLGRUS~EOLFRGHDOJ~QWHUFHURRGHDOJ~QSDUWLGRSROtWLFRDVSLUDQWHSUHFDQGLGDWR
RFDQGLGDWR
)LQDOPHQWH TXH FRQWHQJD FXDOTXLHU RWUR PHQVDMH VLPLODU GHVWLQDGR D LQIOXLU HQ ODV
SUHIHUHQFLDV HOHFWRUDOHV GH ORV FLXGDGDQRV D IDYRU R HQ FRQWUD GH DVSLUDQWHV
SUHFDQGLGDWRVFDQGLGDWRVRSDUWLGRVSROtWLFRV
«´
8QDYH]TXHKDQVLGRH[SXHVWDVWDQWRODVFDUDFWHUtVWLFDVGHODSXEOLFLGDGHQFRPHQWRDVtFRPRORSUHYLVWR
HQ HO UHJODPHQWR DQWHV UHIHULGR HVWD DXWRULGDG HVWLPD TXH HQ SULQFLSLR OD PLVPD QR SRGUtD FDWDORJDUVH GH
SURSDJDQGDSROtWLFDRHOHFWRUDO\DTXHHQUHDOLGDGHQHOOD~QLFDPHQWHDSDUHFHODIRWRJUDItD\HOQRPEUHGHOD
& )UH\GD 0DU\EHO 9LOOHJDV &DQFKp \ HO ORJRWLSR \R QRPEUH GH OD $VRFLDFLyQ &LYLO ³8QLGDG )DPLOLDU
4XLQWDQDUURHQVH´ \ HQ HO FDVR GHO SURPRFLRQDO GLIXQGLGR HQ GLFLHPEUH GH WLHQH XQ FRQWHQLGR
UHODFLRQDGRFRQODVILHVWDVGHFHPEULQDV
(QHVHVHQWLGRGHODSXEOLFLGDGHQFRPHQWRQRVHGHVSUHQGHTXHVHGLIXQGDLGHRORJtDSURJUDPDRDOJXQD
DFFLyQ WHQGHQWH D LQIOXLU HQ ORV FLXGDGDQRV SDUD TXH DGRSWHQ GHWHUPLQDGDV FRQGXFWDV VREUH DOJ~Q WHPD GH
LQWHUpV VRFLDO PXFKR PHQRV VH DGYLHUWH DOJ~Q HOHPHQWR TXH OD YLQFXOH FRQ HO SURFHVR HOHFWRUDO IHGHUDO R D
DOJ~Q SDUWLGR SROtWLFR MRUQDGD HOHFWRUDO R TXH VH LQFOX\D DOJXQD SDODEUD TXH WUDLJD FRPR FRQVHFXHQFLD XQD
UHODFLyQGLUHFWDDOSURFHVRHQPHQFLyQ
0i[LPHTXHHQHOODQRVHDGYLHUWHODGLIXVLyQGHDOJ~QPHQVDMHWHQGHQWHDODREWHQFLyQGHOYRWRDIDYRUGH
DOJ~QVHUYLGRUS~EOLFRSDUWLGRSROtWLFRDVSLUDQWHSUHFDQGLGDWRRFDQGLGDWR
H 1RWDVSHULRGtVWLFDV
3RUVXSDUWHHVWDDXWRULGDGQRSDVDLQDGYHUWLGRTXHHOGHQXQFLDQWHDHIHFWRGHDSRUWDUPD\RUHVLQGLFLRV
TXH VRSRUWHQ OD UD]yQ GH VX GLFKR DSRUWy GLYHUVDV QRWDV SHULRGtVWLFDV GH ODV FXDOHV FRPR VH SUHFLVy HQ HO
DSDUWDGR UHVSHFWLYR VH SXHGH REWHQHU TXH HQ HO PHV GH IHEUHUR GHO DxR HQ FXUVR OD GHQXQFLDGD DFXGLy D
HQWUHJDUVXVSDSHOHVDHIHFWRGHVHUWRPDGDHQFXHQWDSDUDHOSURFHVRGHVHOHFFLyQGLUHFWDTXHUHDOL]DUtDHO
3DUWLGR$FFLyQ1DFLRQDOFRQHOILQGHGHVLJQDUDVXVFDQGLGDWRVDOFDUJRGH'LSXWDGRV)HGHUDOHV
(VGHUHIHULUVHTXHHOLQGLFLRGHUHIHUHQFLDFREUDPD\RUIXHU]DFRQYLFWLYDFRQEDVHHQODLQIRUPDFLyQTXH
DSRUWyHOUHSUHVHQWDQWHSURSLHWDULRGHOSDUWLGRHQFRPHQWRDQWHHOPi[LPRyUJDQRGHHVWH,QVWLWXWRWRGDYH]
TXHDOYHLQWLVLHWHGHIHEUHURGHOSUHVHQWHDxRVHxDOyTXHHQHO&RPLWp'LUHFWLYR(VWDWDOGH4XLQWDQD5RRVH
KDEtDQUHFLELGRGRVVROLFLWXGHVUHODFLRQDGDVFRQODGHVLJQDFLyQGHFDQGLGDWRVDOFDUJRGH'LSXWDGR)HGHUDO
HQ GLFKR HVWDGR \ TXH ODV FLXGDGDQDV VROLFLWDQWHV HUDQ ODV && 3DWULFLD *XDGDOXSH =~xLJD 'tD] \ )UH\GD
0DU\EHO9LOOHJDV&DQFKp
(QHVHRUGHQGHLGHDVDXQFXDQGRHVWDDXWRULGDGHQOtQHDVTXHDQWHFHGHQSUHFLVyTXHODSXEOLFLGDGTXH
VH FRORFy HQ EDUGDV FDPLRQHV \ HO SURPRFLRQDO GLIXQGLGR HQ WHOHYLVLyQ QR SRGUtD VHU FRQVLGHUDGD
SURSDJDQGDSROtWLFD\RHOHFWRUDOQRSXHGHGHVFRQRFHUVHHOKHFKRGHTXHHQDXWRVH[LVWHQFRQVWDQFLDVTXH
SUXHEDQODLQWHQFLyQGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpGHVHUUHJLVWUDGDFRPRFDQGLGDWDDOFDUJRGH
'LSXWDGD)HGHUDOSRUHOGLVWULWRHOHFWRUDOHQHOHVWDGRGH4XLQWDQD5RRSRUHO3DUWLGR$FFLyQ1DFLRQDO
(QHVHVHQWLGRGHORH[SXHVWRVHSXHGHLQIHULUTXHODGHQXQFLDGDDOGHVSOHJDUGLFKDVDFWLYLGDGHVWHQtDOD
LQWHQVLyQGHREWHQHUXQDFDQGLGDWXUDDOFDUJRGH'LSXWDGD)HGHUDOSRUHO3DUWLGR$FFLyQ1DFLRQDOKHFKRTXH
D OD IHFKD VH KD FRQFUHWDGR WDO \ FRPR VH SXHGH DGYHUWLU GHO ³$&8(5'2 '(/ &216(-2 *(1(5$/ '(/
,167,7872 )('(5$/ (/(&725$/ 325 (/ 48( (1 (-(5&,&,2 '( /$ )$&8/7$' 683/(725,$ 6(
5(*,675$1/$6&$1','$785$6$',387$'26$/&21*5(62'(/$81,21325(/35,1&,3,2'(
0$<25,$ 5(/$7,9$ 35(6(17$'$6 325 /26 3$57,'26 32/,7,&26 1$&,21$/(6 $&&,21
1$&,21$/ 5(92/8&,21$5,2 ,167,78&,21$/ '( /$ 5(92/8&,21 '(02&5$7,&$ 9(5'(
(&2/2*,67$ '( 0(;,&2 18(9$ $/,$1=$ < 62&,$/'(02&5$7$ $6, &202 325 /$6
&2$/,&,21(6 ³35,0(52 0(;,&2´ < ³6$/9(026 $ 0(;,&2´ < /$6 &$1','$785$6 $ ',387$'26
325(/35,1&,3,2'(5(35(6(17$&,21352325&,21$/35(6(17$'$6325',&+263$57,'26
325 (/ 3$57,'2 '(/ 75$%$-2 < &219(5*(1&,$ &21 (/ ),1 '( 3$57,&,3$5 (1 (/ 352&(62
(/(&725$/)('(5$/´TXHIXHDSUREDGRHQ6HVLyQ(VSHFLDOGHGHPD\RGH
3RU OR H[SXHVWR HVWD DXWRULGDG GHWHUPLQD TXH GH OD DGPLQLFXODFLyQ GH ODV SUXHEDV DSRUWDGDV SRU ODV
SDUWHV DVt FRPR GH ODV REWHQLGDV SRU ODV GLYHUVDV GLOLJHQFLDV GH LQYHVWLJDFLyQ TXH VH UHDOL]DURQ HQ HO
SUHVHQWHSURFHGLPLHQWRODVPLVPDVVRQVXILFLHQWHVSDUDGHWHUPLQDUODYLRODFLyQDORGLVSXHVWRHQHODUWtFXOR
SiUUDIR LQFLVR D GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV WRGD YH] TXH VX
FRQWHQLGR FRQVWLWX\H GH PDQHUD HYLGHQWH TXH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp WXYR OD LQWHQFLyQ GH
SURPRFLRQDU VX LPDJHQ \ QRPEUH GHVGH HO PHV GH GLFLHPEUH GH GRV PLO RFKR D HIHFWR GH REWHQHU OD
FDQGLGDWXUD DO FDUJR GH 'LSXWDGD )HGHUDO SRU HO GLVWULWR HOHFWRUDO IHGHUDO HQ HO HVWDGR GH 4XLQWDQD 5RR
SRVWXODGR SRU HO 3DUWLGR $FFLyQ 1DFLRQDO VLWXDFLyQ TXH DFWXDOL]D OD UHDOL]DFLyQ GH DFWRV DQWLFLSDGRV
GHSUHFDPSDxD
$PpQTXHGHODVFRQVWDQFLDVTXHREUDQHQDXWRVVHGHVSUHQGHTXHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKp
HVXQDFLXGDGDQDTXHJXDUGDYLQFXODFLyQGLUHFWDFRQ HO3DUWLGR$FFLyQ 1DFLRQDO \TXHWLHQHXQDWUD\HFWRULD
SROtWLFDWRGDYH]TXHKDVLGR'LSXWDGD/RFDOHQHOHVWDGRGH4XLQWDQD5RRHLQFOXVRHQHODxRGRVPLOVLHWH
SUHVHQWy VX VROLFLWXG DQWH HO UHIHULGR LQVWLWXWR SROtWLFR FRQ HO ILQ GH REWHQHU OD FDQGLGDWXUD D OD 3UHVLGHQFLD
0XQLFLSDOGH%HQLWR-XiUH]
(QHVHRUGHQGHLGHDVVHSXHGHFRQFOXLUTXHODKR\GHQXQFLDGDFXHQWDFRQXQUHFRQRFLPLHQWRS~EOLFRHQ
HOiPELWRSROtWLFRSRUSDUWHGHODFLXGDGDQtDGH4XLQWDQD5RRSRUHOFDUJR\ODVDFWLYLGDGHVTXHKDYHQLGR
GHVHPSHxDQGR H LQFOXVR VX LQWHUpV HQ GLFKR iPELWR VH FRUURERUD FRQ HO KHFKR GH TXH OD GHQXQFLDGD HV
PLHPEUR DGKHUHQWH GHO 3DUWLGR $FFLyQ 1DFLRQDO GHVGH HO DxR GRV PLO VLHWH H LQFOXVR FRQ HO KHFKR GH TXH
DVLVWLy DO &RPLWp 'LUHFWLYR (VWDWDO GHO UHIHULGR SDUWLGR SROtWLFR HQ 4XLQWDQD 5RR FRQ HO ILQ GH HQWUHJDU VX
VROLFLWXGFRPR DVSLUDQWH DOD FDQGLGDWXUD DO FDUJR GH'LSXWDGD)HGHUDO SRUHOGLVWULWRHOHFWRUDOIHGHUDO HQ
GLFKDHQWLGDGIHGHUDWLYD
(QHVHWHQRUFRPRVHKDVRVWHQLGRHQODVOtQHDVTXHDQWHFHGHQGHORVHOHPHQWRVTXHREUDQHQDXWRVHV
HYLGHQWHTXHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpGHVSOHJyODSLQWDGHEDUGDVODFRORFDFLyQGHSURSDJDQGD
HQFDPLRQHVGHWUDQVSRUWHS~EOLFR\ODGLIXVLyQGHXQSURPRFLRQDOWRGRVHOORVFRQORVHOHPHQWRVFRLQFLGHQWHV
GHVXQRPEUH\RLPDJHQDFRPSDxDGRVGHODGHQRPLQDFLyQ\ORJRWLSRGHODDVRFLDFLyQFLYLOTXHSUHVLGHFRQ
HO REMHWR GH UHSUHVHQWDU XQD PHMRU RSFLyQ SDUD VX SDUWLGR HV GHFLU HOOD UHDOL]y DFWLYLGDGHV FRQ HO ILQ GH
GLIXQGLUVXLPDJHQDHIHFWRGHTXHDOLQWHULRUGHO3DUWLGR$FFLyQ1DFLRQDOIXHUDGHVLJQDGDFRPRFDQGLGDWDDO
FDUJRGH'LSXWDGD)HGHUDOVLWXDFLyQTXHHQHOFDVRVHDFWXDOL]yWDOFRPRVHGHVSUHQGHGHODFXHUGRUHIHULGR
HQOtQHDVTXHDQWHFHGHQ
(VWRHVDVtSRUTXHVLELHQHOFRQWHQLGRGHODSURSDJDQGDGHQXQFLDGDQRFRQVWLWX\HGHPDQHUDH[SUHVDXQ
OODPDGR D OD PLOLWDQFLD SDQLVWD FRQ HO REMHWR GH REWHQHU OD FDQGLGDWXUD D XQ FDUJR GH HOHFFLyQ SRSXODU OD
SXEOLFLGDGTXHUHDOL]y\TXHIXHDQDOL]DGDHQOtQHDVTXHDQWHFHGHQFRPR3UHVLGHQWDGHXQD$VRFLDFLyQ&LYLO
OHSXGRVLJQLILFDUPD\RURSRUWXQLGDGGHGLIXVLyQ\SURPRFLyQ\SRUWDQWRXQDYHQWDMDHQODOXFKDSRUFRQVHJXLU
HOUHJLVWURFRPRFDQGLGDWDDOFDUJRGH'LSXWDGD)HGHUDOSRVWXODGDSRUHO3DUWLGR$FFLyQ1DFLRQDO
(VSRUORH[SXHVWRTXHHVWDDXWRULGDGFRQVLGHUDTXHHVSRVLEOHFRQFDWHQDUODVSUXHEDVDILQGHVRVWHQHU
TXH FRQ ODV DFWLYLGDGHV GHVSOHJDGDV SRU OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp H[LVWH XQD YLRODFLyQ D OR
SUHYLVWRHQHOQXPHUDOSiUUDIRLQFLVRDGHOFyGLJRHOHFWRUDOIHGHUDO\DTXHFRPRVHKDHYLGHQFLDGRD
ORODUJRGHOSUHVHQWHSUR\HFWRH[LVWHXQYtQFXORWHPSRUDOTXHODVUHODFLRQDWRGDYH]TXHODSURSDJDQGDTXH
VHFRORFyWDQWRHQEDUGDVFDPLRQHVGHWUDQVSRUWH\ODTXHFRQWLHQHHOSURPRFLRQDOWUDQVPLWLGRHQGLFLHPEUH
GH DVt FRPR OR UHVHxDGR HQ ODV QRWDV SHULRGtVWLFDV DSRUWDGDV SRU HO GHQXQFLDQWH WLHQHQ HOHPHQWRV
VLPLODUHV HQ FXDQWR D OD GLIXVLyQ GHO QRPEUH H LPDJHQ GH OD KR\ GHQXQFLDGD H LQFOXVR HQ DXWRV VH WLHQH
SUREDGRTXHODPLVPDVtWHQtDODLQWHQFLyQGHVHUGHVLJQDGDODFDQGLGDWDDOFDUJRGH'LSXWDGD)HGHUDOSRUHO
GLVWULWR HOHFWRUDO HQ 4XLQWDQD 5RR SRU HO 3DUWLGR $FFLyQ 1DFLRQDO KHFKR TXH FRPR VH FRPHQWy FRQ
DQWHULRULGDGLQFOXVRVHFRQFUHWyFRQHOUHJLVWURTXHGLFKRLQVWLWXWRSROtWLFRHIHFWXyWDOFRPRVHHYLGHQFLDGHO
FRQWHQLGRGHODFXHUGR&*
&RQ EDVH HQ OR DQWHV H[SXHVWR HVWD DXWRULGDG HVWLPD TXH OD UHDOL]DFLyQ GH ODV DFFLRQHV GH UHIHUHQFLD
FRQVWLWX\HQDFWRVDQWLFLSDGRVGHSUHFDPSDxDHVSRUHOORTXHUHVXOWDYiOLGRVRVWHQHUTXHODFLXGDGDQD)UH\GD
0DU\EHO9LOOHJDV&DQFKpYLROHQWyORVHxDODGRHQORSUHYLVWRHQHODUWtFXORSiUUDIRLQFLVRDGHOFyGLJR
IHGHUDO HOHFWRUDO HV SRU WRGR OR H[SXHVWR TXH OR SURFHGHQWH HV GHFODUDU IXQGDGR HO SUHVHQWH SURFHGLPLHQWR
HVSHFLDOVDQFLRQDGRULQFRDGRHQFRQWUDGHODFLXGDGDQD)UH\GD0DU\EHO9LOOHJDV&DQFKp
2&7$924XHWRGDYH]TXHHQDFDWDPLHQWRDORRUGHQDGRSRUOD6DOD6XSHULRUGHO7ULEXQDO(OHFWRUDOGHO
3RGHU -XGLFLDO GH OD )HGHUDFLyQ DO UHVROYHU HO UHFXUVR GH DSHODFLyQ 6835$3 VH HPSOD]y D OD
$VRFLDFLyQ &LYLO ³8QLGDG )DPLOLDU 4XLQWDQDUURHQVH´ UHVXOWD SURFHGHQWH GHWHUPLQDU VL FRQ OD FRQWUDWDFLyQ GH
SXEOLFLGDG HQ WHOHYLVLyQ HV UHVSRQVDEOH GH OD FRPLVLyQ GH DOJXQD LQIUDFFLyQ D OR GLVSXHVWR HQ HO FyGLJR
FRPLFLDOIHGHUDO
(Q HVH WHQRU HO UHSUHVHQWDQWH GH OD $VRFLDFLyQ &LYLO HQ FRPHQWR DO PRPHQWR GH FRPSDUHFHU D OD
DXGLHQFLDGHSUXHEDV\DOHJDWRVKL]RYDOHUFRPRH[FHSFLRQHVODVVLJXLHQWHV
(O5HSUHVHQWDQWH/HJDOGHOD$VRFLDFLyQ&LYLO8QLGDG)DPLOLDU4XLQWDQDUURHQVHPDQLIHVWy
x 4XH UHVSHFWR D OD SLQWD GH EDUGDV FRUUHVSRQGH D SURPRFLRQDU OD DFWLYLGDG GH OD DVRFLDFLyQ FLYLO
8QLGDG )DPLOLDU 4XLQWDQDUURHQVH \D TXH HQ OD PLVPD EDUGD VH DGYLHUWH TXH HO REMHWLYR GH GLFKD
DVRFLDFLyQHVHOELHQHVWDUGHWRGRV\QRVHPHQFLRQDSURSyVLWRRLQWHQFLyQSROtWLFDHOHFWRUDODOJXQD
x 4XH ORV HVSHFWDFXODUHV SRU Vt PLVPRV QR FRQVWLWX\HQ DFWRV HQ ORV TXH VH DGYLHUWD H[SUHVD R
LPSOtFLWDPHQWH XQOODPDGR DORVDILOLDGRVVLPSDWL]DQWHVR DOHOHFWRUDGR HQJHQHUDOFRQHOREMHWRGH
REWHQHU VX UHVSDOGR SDUD VHU SRVWXODGD FRPR FDQGLGDWD D XQ FDUJR GH HOHFFLyQ SRSXODU DQWHV GH OD
IHFKDGHLQLFLRGHODVSUHFDPSDxDV
x 4XH OD SUHVXQFLyQ GH TXH ORV HVSHFWDFXODUHV VH HPLWLHURQ FRQ OD LQWHQFLyQ GH SRVLFLRQDUVH HQWUH HO
HOHFWRUDGRDSURYHFKDQGRHODUUDLJRGHVXILJXUD\YHQWDMRVDPHQWHUHVSHFWRGHRWURVDVSLUDQWHVQRVH
FRUURERUDFRQSUXHEDDOJXQD
x 4XH QR VH FRQWUDWy SURSDJDQGD HQ WHOHYLVLyQ FRQ ILQHV SROtWLFRV R HOHFWRUDOHV QL D LQIOXLU HQ ODV
SUHIHUHQFLDVHOHFWRUDOHVGHORVFLXGDGDQRVRDIDYRURHQFRQWUDGHSDUWLGRVSROtWLFRVRGHFDQGLGDWRV
D FDUJRV GH HOHFFLyQ SRSXODU \D TXH VH KDFH UHIHUHQFLD D XQD RUJDQL]DFLyQ FRQ XQ SURSyVLWR
DSROtWLFRHVGHFLUGDUIHOLFLWDFLRQHVGHXQDDVRFLDFLyQFLYLOSRUPHGLRGHXQDSHUVRQD
(QHVHVHQWLGR\FRQUHODFLyQDODVH[FHSFLRQHVTXHKDFHYDOHUHOUHSUHVHQWDQWHGHODUHIHULGDDVRFLDFLyQ
FLYLOGHODVFRQVWDQFLDVTXHREUDQHQDXWRVVHWLHQHQSRUDFUHGLWDGDVODVFRQGXFWDVTXHUHILHUHVLWXDFLyQTXH
LQFOXVRUHFRQRFHQRREVWDQWHTXHSUHFLVDTXHVHKLFLHURQHQHOFRQWH[WRGHODVDFWLYLGDGHVGHODDVRFLDFLyQ
FLYLO TXH KR\ UHSUHVHQWD HVWD DXWRULGDG FRQVLGHUD TXH WXYLHURQ FRPR ILQ OD GH SXEOLFLWDU OD LPDJHQ GH OD
& )UH\GD 0DU\EHO 9LOOHJDV &DQFKp FRQ HO REMHWR GH TXH REWXYLHUD OD FDQGLGDWXUD DO FDUJR GH 'LSXWDGD
)HGHUDOSRUHOGLVWULWRHOHFWRUDOHQHOHVWDGRGH4XLQWDQD5RRFRQVLGHUDFLRQHVTXHKDQVLGRYHUWLGDVHQHO
FRQVLGHUDQGRTXHDQWHFHGH\DHIHFWRGHHYLWDUUHSHWLFLRQHVLQQHFHVDULDVODVPLVPDVQRVHUiQUHSURGXFLGDV
%DMR HVD ySWLFD HQ HO SUHVHQWH DSDUWDGR HVWD DXWRULGDG ~QLFDPHQWH VH SURQXQFLDUi UHVSHFWR GH OD
FRQWUDWDFLyQGHOSURPRFLRQDOGLIXQGLGRHQHOPHVGHGLFLHPEUHGHGRVPLORFKRSRUOD7HOHYLVRUDGH&DQF~Q
6$GH&9
(Q HVH RUGHQ GH LGHDV WDO FRPR VH DFUHGLWy GH ODV FRQVWDQFLDV TXH REUDQ HQ DXWRV VH GHVSUHQGH TXH
GLFKD $VRFLDFLyQ &LYLO FRQWUDWy FRQ 7HOHYLVRUD GH &DQF~Q 6$ GH &9 OD GLIXVLyQ GH XQ SURPRFLRQDO
QDYLGHxR HQ GRV PLO RFKR HQ HO TXH GDED XQ PHQVDMH FRQ PRWLYR GH ODV ILHVWDV GHFHPEULQDV HQ HO TXH
DSDUHFtD OD FLXGDGDQD KR\ GHQXQFLDGD RVWHQWiQGRVH FRQ HO FDUiFWHU GH 3UHVLGHQWD GH OD $VRFLDFLyQ &LYLO
³8QLGDG)DPLOLDU4XLQWDQDUURHQVH´
(QHVHWHQRUGHORVHOHPHQWRVHQYLGDGRVSRUODWHOHYLVRUDVHDGYLHUWHTXHHQHOSURPRFLRQDODSDUHFHOD
SURPRFLRQDO ORV HOHPHQWRV GHO FLQWLOR VRQ HO ORJRWLSR \ GHQRPLQDFLyQ VRFLDO GH OD DVRFLDFLyQ HQ FLWD \ HO
$VtGHODVFRQVWDQFLDVDSRUWDGDVSRUOD7HOHYLVRUDGH&DQF~Q6$GH&979&81VHGHVSUHQGHTXH
HOSURPRFLRQDOGHUHIHUHQFLDIXHGLIXQGLGRGHOVHLVDOGLHFLVLHWHGHGLFLHPEUHGHGRVPLORFKRHQORVFDQDOHV
\LGHQWLILFDGRVFRQODVVLJODV;+452279\;+&&879UHVSHFWLYDPHQWH
&RQ EDVH HQ OR H[SXHVWR HVWD DXWRULGDG FRQVLGHUD TXH GDGRV ORV KHFKRV DQWHV QDUUDGRV HQ HO FDVR OR
SURFHGHQWH HV GHWHUPLQDU VL OD $VRFLDFLyQ &LYLO HQ FLWD LQIULQJLy OR GLVSXHVWR HQ HO DUWtFXOR SiUUDIR HQ
UHODFLyQ FRQ HO DUWtFXOR SiUUDIR LQFLVR E GHO FyGLJR HOHFWRUDO IHGHUDO HQ HO VHQWLGR GH TXH QLQJXQD
SHUVRQD ItVLFD R PRUDO VHD D WtWXOR SURSLR R SRU FXHQWD GH WHUFHURV SRGUi FRQWUDWDU SURSDJDQGD HQ UDGLR \
WHOHYLVLyQGLULJLGDDLQIOXLUHQODVSUHIHUHQFLDVHOHFWRUDOHVGHORVFLXGDGDQRV
4XHSUHYLR DODUHVROXFLyQGHOSUHVHQWHDSDUWDGRUHVXOWDFRQYHQLHQWHUHDOL]DUDOJXQDV FRQVLGHUDFLRQHV
GH RUGHQ JHQHUDO UHVSHFWR DO PDUFR QRUPDWLYR TXH UHVXOWD DSOLFDEOH DO WHPD WRUDO GHO SURFHGLPLHQWR
DGPLQLVWUDWLYR VDQFLRQDGRU TXH QRV RFXSD DVt FRPR D ODV UHODFLRQDGDV FRQ ODV REOLJDFLRQHV TXH GHEHQ
REVHUYDU ORV SDUWLGRV SROtWLFRV \ FRDOLFLRQHV HQ OD GLIXVLyQ GH VX SURSDJDQGD DVt FRPR UHVSHFWR GH OD
SURKLELFLyQSDUDFRQWUDWDUGLIXVLyQGHSURSDJDQGDHOHFWRUDOSRUSDUWHGHWHUFHURV
(Q SULQFLSLR HV PHQHVWHU UHFRUGDU TXH HO DUWtFXOR GH OD &RQVWLWXFLyQ 3ROtWLFD GH ORV (VWDGRV 8QLGRV
0H[LFDQRVFRQFUHWDPHQWHHQVX%DVH,,,HVWDEOHFHORVLJXLHQWH
³$UWtFXOR(OSXHEORHMHUFHVXVREHUDQtDSRUPHGLRGHORV3RGHUHVGHOD8QLyQHQORV
FDVRVGHFRPSHWHQFLDGHpVWRV\SRUORVGHORV(VWDGRVHQORTXHWRFDDVXVUHJtPHQHV
LQWHULRUHV HQ ORV WpUPLQRV UHVSHFWLYDPHQWH HVWDEOHFLGRV SRU OD SUHVHQWH &RQVWLWXFLyQ
)HGHUDO \ ODV SDUWLFXODUHV GH ORV (VWDGRV ODV TXH HQ QLQJ~Q FDVR SRGUiQ FRQWUDYHQLU ODV
HVWLSXODFLRQHVGHO3DFWR)HGHUDO
/DUHQRYDFLyQGHORVSRGHUHV/HJLVODWLYR\(MHFXWLYRVHUHDOL]DUiPHGLDQWHHOHFFLRQHVOLEUHV
DXWpQWLFDV\SHULyGLFDVFRQIRUPHDODVVLJXLHQWHVEDVHV
>«@
,,,/RVSDUWLGRVSROtWLFRVQDFLRQDOHVWHQGUiQGHUHFKRDOXVRGHPDQHUDSHUPDQHQWHGHORV
PHGLRVGHFRPXQLFDFLyQVRFLDO
$SDUWDGR $ (O ,QVWLWXWR )HGHUDO (OHFWRUDO VHUi DXWRULGDG ~QLFD SDUD OD DGPLQLVWUDFLyQ GHO
WLHPSR TXH FRUUHVSRQGD DO (VWDGR HQ UDGLR \ WHOHYLVLyQ GHVWLQDGR D VXV SURSLRV ILQHV \ DO
HMHUFLFLRGHOGHUHFKRGHORVSDUWLGRVSROtWLFRVQDFLRQDOHVGHDFXHUGRFRQORVLJXLHQWH\DOR
TXHHVWDEOH]FDQODVOH\HV
D $SDUWLUGHOLQLFLRGHODVSUHFDPSDxDV\KDVWDHOGtDGHODMRUQDGDHOHFWRUDOTXHGDUiQD
GLVSRVLFLyQ GHO ,QVWLWXWR )HGHUDO (OHFWRUDO FXDUHQWD \ RFKR PLQXWRV GLDULRV TXH VHUiQ
GLVWULEXLGRVHQGRV\KDVWDWUHVPLQXWRVSRUFDGDKRUDGHWUDQVPLVLyQHQFDGDHVWDFLyQGH
UDGLR\FDQDOGHWHOHYLVLyQHQHOKRUDULRUHIHULGRHQHOLQFLVRGGHHVWHDSDUWDGR
E 'XUDQWHVXVSUHFDPSDxDVORVSDUWLGRVSROtWLFRVGLVSRQGUiQHQFRQMXQWR GHXQPLQXWR
SRU FDGD KRUD GH WUDQVPLVLyQ HQ FDGD HVWDFLyQ GH UDGLR \ FDQDO GH WHOHYLVLyQ HO WLHPSR
UHVWDQWHVHXWLOL]DUiFRQIRUPHDORTXHGHWHUPLQHODOH\
F 'XUDQWH ODV FDPSDxDV HOHFWRUDOHV GHEHUi GHVWLQDUVH SDUD FXEULU HO GHUHFKR GH ORV
SDUWLGRVSROtWLFRVDOPHQRVHORFKHQWD\FLQFRSRUFLHQWRGHOWLHPSRWRWDOGLVSRQLEOHDTXHVH
UHILHUHHOLQFLVRDGHHVWHDSDUWDGR
G /DVWUDQVPLVLRQHVHQFDGDHVWDFLyQGHUDGLR\FDQDOGHWHOHYLVLyQVHGLVWULEXLUiQGHQWUR
GHOKRUDULRGHSURJUDPDFLyQFRPSUHQGLGRHQWUHODVVHLV\ODVYHLQWLFXDWURKRUDV
H (O WLHPSR HVWDEOHFLGR FRPR GHUHFKR GH ORV SDUWLGRV SROtWLFRV VH GLVWULEXLUi HQWUH ORV
PLVPRV FRQIRUPH D OR VLJXLHQWH HO WUHLQWD SRU FLHQWR HQ IRUPD LJXDOLWDULD \ HO VHWHQWD SRU
FLHQWR UHVWDQWH GH DFXHUGR D ORV UHVXOWDGRV GH OD HOHFFLyQ SDUD GLSXWDGRV IHGHUDOHV
LQPHGLDWDDQWHULRU
I $ FDGD SDUWLGR SROtWLFR QDFLRQDO VLQ UHSUHVHQWDFLyQ HQ HO &RQJUHVR GH OD 8QLyQ VH OH
DVLJQDUiSDUDUDGLR\WHOHYLVLyQVRODPHQWHODSDUWHFRUUHVSRQGLHQWHDOSRUFHQWDMHLJXDOLWDULR
HVWDEOHFLGRHQHOLQFLVRDQWHULRU\
J &RQLQGHSHQGHQFLDGHORGLVSXHVWRHQORVDSDUWDGRV$\%GHHVWDEDVH\IXHUDGHORV
SHULRGRVGHSUHFDPSDxDV\FDPSDxDVHOHFWRUDOHVIHGHUDOHVDO,QVWLWXWR)HGHUDO(OHFWRUDOOH
VHUiDVLJQDGRKDVWDHOGRFHSRUFLHQWRGHOWLHPSRWRWDOGHTXHHO(VWDGRGLVSRQJDHQUDGLR\
WHOHYLVLyQ FRQIRUPH D ODV OH\HV \ EDMR FXDOTXLHU PRGDOLGDG GHO WRWDO DVLJQDGR HO ,QVWLWXWR
GLVWULEXLUiHQWUHORVSDUWLGRVSROtWLFRVQDFLRQDOHVHQIRUPDLJXDOLWDULDXQFLQFXHQWDSRUFLHQWR
HO WLHPSR UHVWDQWH OR XWLOL]DUi SDUD ILQHV SURSLRV R GH RWUDV DXWRULGDGHV HOHFWRUDOHV WDQWR
IHGHUDOHV FRPR GH ODV HQWLGDGHV IHGHUDWLYDV &DGD SDUWLGR SROtWLFR QDFLRQDO XWLOL]DUi HO
WLHPSRTXHSRUHVWHFRQFHSWROHFRUUHVSRQGDHQXQSURJUDPDPHQVXDOGHFLQFRPLQXWRV\HO
UHVWDQWH HQ PHQVDMHV FRQ GXUDFLyQ GH YHLQWH VHJXQGRV FDGD XQR (Q WRGR FDVR ODV
WUDQVPLVLRQHVDTXHVHUHILHUHHVWHLQFLVRVHKDUiQHQHOKRUDULRTXHGHWHUPLQHHO,QVWLWXWR
FRQIRUPHDORVHxDODGRHQHOLQFLVRGGHOSUHVHQWH$SDUWDGR(QVLWXDFLRQHVHVSHFLDOHVHO
,QVWLWXWRSRGUiGLVSRQHUGHORVWLHPSRVFRUUHVSRQGLHQWHVDPHQVDMHVSDUWLGLVWDVDIDYRUGH
XQSDUWLGRSROtWLFRFXDQGRDVtVHMXVWLILTXH
/RVSDUWLGRVSROtWLFRVHQQLQJ~QPRPHQWRSRGUiQFRQWUDWDURDGTXLULUSRUVtRSRUWHUFHUDV
SHUVRQDVWLHPSRVHQFXDOTXLHUPRGDOLGDGGHUDGLR\WHOHYLVLyQ
1LQJXQD RWUD SHUVRQD ItVLFD R PRUDO VHD D WtWXOR SURSLR R SRU FXHQWD GH WHUFHURV SRGUi
FRQWUDWDUSURSDJDQGDHQUDGLR\WHOHYLVLyQGLULJLGDDLQIOXLUHQODVSUHIHUHQFLDVHOHFWRUDOHVGH
ORV FLXGDGDQRV QL D IDYRU R HQ FRQWUD GH SDUWLGRV SROtWLFRV R GH FDQGLGDWRV D FDUJRV GH
HOHFFLyQ SRSXODU 4XHGD SURKLELGD OD WUDQVPLVLyQ HQ WHUULWRULR QDFLRQDO GH HVWH WLSR GH
PHQVDMHVFRQWUDWDGRVHQHOH[WUDQMHUR
/DV GLVSRVLFLRQHV FRQWHQLGDV HQ ORV GRV SiUUDIRV DQWHULRUHV GHEHUiQ VHU FXPSOLGDV HQ HO
iPELWRGHORVHVWDGRV\HO'LVWULWR)HGHUDOFRQIRUPHDODOHJLVODFLyQDSOLFDEOH
$SDUWDGR % 3DUD ILQHV HOHFWRUDOHV HQ ODV HQWLGDGHV IHGHUDWLYDV HO ,QVWLWXWR )HGHUDO
(OHFWRUDODGPLQLVWUDUi ORVWLHPSRVTXHFRUUHVSRQGDQ DO(VWDGR HQUDGLR\WHOHYLVLyQ HQODV
HVWDFLRQHV\FDQDOHVGHFREHUWXUDHQODHQWLGDGGHTXHVHWUDWHFRQIRUPHDORVLJXLHQWH\D
ORTXHGHWHUPLQHODOH\
>«@´
&RPRVHREVHUYDGHODUWtFXORWUDQVFULWRVHDGYLHUWHTXHODDXWRULGDGHQPDWHULDGHDGPLQLVWUDFLyQHQUDGLR
\WHOHYLVLyQGHOWLHPSRTXHFRUUHVSRQGDDO(VWDGRUHVSHFWRGHORVSDUWLGRVSROtWLFRVDVtFRPRODVDXWRULGDGHV
HOHFWRUDOHV HV HO ,QVWLWXWR )HGHUDO (OHFWRUDO $OJXQRV GH ORV REMHWLYRV EXVFDGRV SRU HO &RQVWLWX\HQWH FRQ OD
UHIRUPD DO DUWtFXOR DQWHV FLWDGR FRQVLVWHQ HQ D 'LVPLQXLU HQ IRUPD VLJQLILFDWLYD HO JDVWR GH FDPSDxDV
HOHFWRUDOHV E 'LVHxDU XQ QXHYR PRGHOR GH FRPXQLFDFLyQ HQWUH OD VRFLHGDG \ SDUWLGRV F 5HGXFFLyQ HQ
WLHPSRV GH FDPSDxDV HOHFWRUDOHV \ UHJXODFLyQ GH SUHFDPSDxDV \ G 3URKLELFLyQ SDUD TXH DFWRUHV DMHQRV DO
SURFHVRHOHFWRUDOLQFLGDQHQODVFDPSDxDVHOHFWRUDOHV\VXVUHVXOWDGRV
3RUHOORXQDGHODVPHGLGDVPiVLPSRUWDQWHVVHLQVWLWX\yPHGLDQWHODSURKLELFLyQWRWDOWDQWRDORVSDUWLGRV
SROtWLFRV FRPR D WHUFHURV SHUVRQDV ItVLFDV \ PRUDOHV SDUD DGTXLULU HQ FXDOTXLHU PRGDOLGDG SURSDJDQGD
SROtWLFDRHOHFWRUDOHQUDGLR\WHOHYLVLyQ(QFRQVHFXHQFLD~QLFDPHQWHORVSDUWLGRVSROtWLFRVSRGUiQDFFHGHUD
GLFKRVPHGLRVDWUDYpVGHOWLHPSRGHTXHHO(VWDGRGLVSRQH
%DMRHVWDVSUHPLVDVVHDGYLHUWHTXHHQHOSUHFHSWRFRQVWLWXFLRQDOGHUHIHUHQFLDVHHVWDEOHFHQODVQRUPDV
SDUDODDVLJQDFLyQGHOWLHPSRGHUDGLR\WHOHYLVLyQDO,QVWLWXWR)HGHUDO(OHFWRUDOSDUDTXHpVWHHQVXFDOLGDGGH
DXWRULGDGQDFLRQDO~QLFDSDUDWDOHVILQHVDGPLQLVWUHHVRVWLHPSRVWDQWRSDUDVXVSURSLRVILQHVORVGHRWUDV
DXWRULGDGHV HOHFWRUDOHV IHGHUDO \ ORFDOHV FRPR SDUD DWHQGHU OD SUHUURJDWLYD GH ORV SDUWLGRV SROtWLFRV SDUD
DFFHGHUDODUDGLR\ODWHOHYLVLyQ
'H HVWD IRUPD QRV HQFRQWUDPRV HQ SUHVHQFLD GH XQ QXHYR PRGHOR QDFLRQDO GH FRPXQLFDFLyQ TXH SRU
WDQWR FRPSUHQGH HQ VX UHJXODFLyQ ORV SURFHVRV GH SUHFDPSDxDV \ FDPSDxDV HOHFWRUDOHV WDQWR IHGHUDOHV
FRPR ORFDOHV HQ FDGD XQD GH ODV HQWLGDGHV IHGHUDWLYDV 5HVSHFWR D ORV SURFHVRV FRPLFLDOHV IHGHUDOHV
UHJXODGRV SRU HO $SDUWDGR $ GH OD %DVH HQ FRPHQWR \ SRU OR TXH KDFH D ORV SURFHVRV HOHFWRUDOHV ORFDOHV
UHJXODGRVSRUHO$SDUWDGR%
(Q HVWD WHVLWXUD OD SURKLELFLyQ FRQVWLWXFLRQDO UHVSHFWR D TXH FXDOTXLHU SHUVRQD \D VHD ItVLFD R PRUDO
FRQWUDWHSURSDJDQGDHQUDGLR\WHOHYLVLyQGLULJLGDDLQIOXLUHQODVSUHIHUHQFLDVHOHFWRUDOHVDIDYRURHQFRQWUD
GHFXDOTXLHUSDUWLGRSROtWLFRRFDQGLGDWRDFDUJRGHHOHFFLyQSRSXODUVHHQFXHQWUDUHJXODGDSRUODOHJLVODFLyQ
FRPLFLDOIHGHUDOGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQHODUWtFXORSiUUDIRV\GHO&yGLJR)HGHUDOGH
,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVPLVPRTXHHQODSDUWHTXHLQWHUHVDHVWDEOHFHORVLJXLHQWH
³$57,&8/2
/RV SDUWLGRV SROtWLFRV WLHQHQ GHUHFKR DO XVR GH PDQHUD SHUPDQHQWH GH ORV PHGLRV GH
FRPXQLFDFLyQVRFLDO
/RV SDUWLGRV SROtWLFRV SUHFDQGLGDWRV \ FDQGLGDWRV D FDUJRV GH HOHFFLyQ SRSXODU
DFFHGHUiQ D OD UDGLR \ OD WHOHYLVLyQ D WUDYpV GHO WLHPSR TXH OD &RQVWLWXFLyQ RWRUJD FRPR
SUHUURJDWLYDDORVSULPHURVHQODIRUPD\WpUPLQRVHVWDEOHFLGRVSRUHOSUHVHQWHFDStWXOR
/RV SDUWLGRV SROtWLFRV SUHFDQGLGDWRV \ FDQGLGDWRV D FDUJRV GH HOHFFLyQ SRSXODU HQ
QLQJ~Q PRPHQWR SRGUiQ FRQWUDWDU R DGTXLULU SRU Vt R SRU WHUFHUDV SHUVRQDV WLHPSRV HQ
FXDOTXLHU PRGDOLGDG GH UDGLR \ WHOHYLVLyQ 7DPSRFR SRGUiQ FRQWUDWDU ORV GLULJHQWHV \
DILOLDGRVDXQSDUWLGRSROtWLFRRFXDOTXLHUFLXGDGDQRSDUDVXSURPRFLyQSHUVRQDOFRQILQHV
HOHFWRUDOHV /D YLRODFLyQ D HVWD QRUPD VHUi VDQFLRQDGD HQ ORV WpUPLQRV GLVSXHVWRV HQ HO
/LEUR6pSWLPRGHHVWH&yGLJR
1LQJXQDSHUVRQDItVLFDRPRUDOVHDDWtWXORSURSLRRSRUFXHQWDGHWHUFHURVSRGUi
FRQWUDWDU SURSDJDQGD HQ UDGLR \ WHOHYLVLyQ GLULJLGD D LQIOXLU HQ ODV SUHIHUHQFLDV
HOHFWRUDOHV GH ORV FLXGDGDQRV QL D IDYRU R HQ FRQWUD GH SDUWLGRV SROtWLFRV R GH
FDQGLGDWRVDFDUJRVGHHOHFFLyQSRSXODU4XHGDSURKLELGDODWUDQVPLVLyQHQWHUULWRULR
QDFLRQDOGHHVWHWLSRGHSURSDJDQGDFRQWUDWDGDHQHOH[WUDQMHUR/DVLQIUDFFLRQHVDOR
HVWDEOHFLGRHQHVWHSiUUDIRVHUiQVDQFLRQDGDVHQORVWpUPLQRVGLVSXHVWRVHQHO/LEUR
6pSWLPRGHHVWH&yGLJR´
&RPR VH DSUHFLD OD OHJLVODFLyQ HOHFWRUDO UHVWULQJH WDQWR D ORV SDUWLGRV SROtWLFRV FRPR D ORV WHUFHURV OD
FRQWUDWDFLyQHQPHGLRVHOHFWUyQLFRVGHSURSDJDQGDHOHFWRUDOPi[LPHVLODPLVPDHVFRQWUDULDREHQHILFLDD
DOJ~QSDUWLGRRFRDOLFLyQ
/D JpQHVLV GH OD UHVWULFFLyQ DQWHV FLWDGD GHYLHQH GHO SULQFLSLR GH LJXDOGDG TXH SUHFRQL]D HO DUWtFXOR
IUDFFLyQ,,GHQXHVWUD&RQVWLWXFLyQ)HGHUDOSUHFHSWRTXHJDUDQWL]DDORVSDUWLGRVSROtWLFRVFRQWDUGHPDQHUD
HTXLWDWLYDFRQORVHOHPHQWRVQHFHVDULRVSDUDOOHYDUDFDERVXVDFWLYLGDGHVGHQWURGHODVTXHVHHQFXHQWUDOD
GLIXVLyQGHVXSURSDJDQGDHOHFWRUDOHQORVPHGLRVHOHFWUyQLFRV
(QHVWHVHQWLGRFDEHFLWDUHODUWtFXORIUDFFLyQ,,GHQXHVWUD&DUWD0DJQDHOFXDOTXHDODOHWUDGLVSRQH
ORVLJXLHQWH
³,, /D OH\ JDUDQWL]DUi TXH ORV SDUWLGRV SROtWLFRV QDFLRQDOHV FXHQWHQ GH PDQHUD HTXLWDWLYD
FRQHOHPHQWRVSDUDOOHYDUDFDERVXVDFWLYLGDGHV\VHxDODUiODVUHJODVDTXHVHVXMHWDUiHO
ILQDQFLDPLHQWRGHORVSURSLRVSDUWLGRV\VXVFDPSDxDVHOHFWRUDOHVGHELHQGRJDUDQWL]DUTXH
ORVUHFXUVRVS~EOLFRVSUHYDOH]FDQVREUHORVGHRULJHQSULYDGR
>«@´
(Q HIHFWR OD /H\ )XQGDPHQWDO GH QXHVWUR SDtV RWRUJD D ORV SDUWLGRV SROtWLFRV ODV PLVPDV RSRUWXQLGDGHV
SDUDODGLIXVLyQGHVXSURSXHVWDSROtWLFDHQORVPHGLRVGHFRPXQLFDFLyQHQDUDVGHJDUDQWL]DUXQDFRQWLHQGD
HTXLWDWLYD FX\R REMHWLYR SULQFLSDO HV SHUPLWLU D ORV LQVWLWXWRV SROtWLFRV FRPSHWLU HQ FRQGLFLRQHV GH LJXDOGDG
SURFXUDQGR HYLWDU DFWRV FRQ ORV TXH SXGLHUDQ REWHQHU XQD YHQWDMD LQGHELGD IUHQWH DO UHVWR GH ORV
SDUWLFLSDQWHV HQ OD FRQWLHQGD HOHFWRUDO FRPR SXGLHUD VHU OD GLIXVLyQ GH SURSDJDQGD HPLWLGD SRU
WHUFHURVDMHQRVDORVFRQWHQGLHQWHVHOHFWRUDOHVDWUDYpVGHODFXDOVHEHQHILFLHRSHUMXGLTXHDDOJXQDGHODV
IXHU]DVSROtWLFDV
$O UHVSHFWR FRQYLHQH WHQHU SUHVHQWH HO FULWHULR VRVWHQLGR SRU OD 6XSUHPD &RUWH GH -XVWLFLD GH OD 1DFLyQ
GHQWURGHODVLJXLHQWHHMHFXWRULDSXEOLFDGDHQHO6HPDQDULR-XGLFLDOGHOD)HGHUDFLyQ\VX*DFHWDPLVPDTXH
HVWDEOHFHORVLJXLHQWH
³35(&$03$f$6 (/(&725$/(6 /26$57,&8/26 < )5$&&,21 ,,, '( /$
/(< (/(&725$/ '(/ (67$'2 '( %$-$ &$/,)251,$ 685 $/ ,0321(5 /,0,7(6
3$5$ 68 ,1,&,2 12 &2175$9,(1(1 /26 $57,&8/26 R R R <
)5$&&,21(6 , ,, < ,,, '( /$ &2167,78&,21 )('(5$/ /RV DUWtFXORV \
IUDFFLyQ,,,GHOD/H\(OHFWRUDOGHO(VWDGRGH%DMD&DOLIRUQLD6XUHQFXDQWRUHJXODQHOLQLFLR
GH OD SUHFDPSDxD HOHFWRUDO \ OD VDQFLyQ SRU VX LQREVHUYDQFLD FRQVLVWHQWH HQ OD SRVLEOH
SpUGLGDGHOUHJLVWURGHFDQGLGDWRQRYLROHQWDQORVDUWtFXORVRRR\IUDFFLRQHV,,,
\,,,FRQVWLWXFLRQDOHVHQORVTXHVHFRQVDJUDQODVJDUDQWtDV\SUHUURJDWLYDVTXHVHWUDGXFHQ
HQOLEHUWDGGHH[SUHVLyQHVFULELU\SXEOLFDUHVFULWRVGHUHFKRGHDVRFLDFLyQGHYRWDU\VHU
YRWDGRSDUDRFXSDUXQFDUJRGHHOHFFLyQSRSXODUDVtFRPRGHDVRFLDUVHSDUDWRPDUSDUWH
HQDVXQWRVSROtWLFRVGHOSDtV/RDQWHULRU\DTXHORVDUWtFXORVIUDFFLyQ,\IUDFFLyQ
,9 GH OD &RQVWLWXFLyQ )HGHUDO HVWDEOHFHQ HQWUH RWURV ORV SULQFLSLRV GH HTXLGDG \
FHUWH]D FRQ HO REMHWR GH JDUDQWL]DU FRQGLFLRQHV GH HTXLGDG TXH SURSLFLHQ OD
SDUWLFLSDFLyQ GH ORV SDUWLGRV SROtWLFRV HQ LJXDOGDG GH FRQGLFLRQHV $Vt FXDQGR ORV
UHIHULGRVSUHFHSWRVOHJDOHVLPSRQHQXQOtPLWHGHQRYHQWDGtDVSUHYLRVDOSURFHVRHOHFWRUDO
SDUD HO LQLFLR GH SUHFDPSDxDV SROtWLFDV WLHQHQ FRPR ILQ FRQWURODU HQWUH RWUDV FRVDV HO
RULJHQHOPRQWR\HOGHVWLQRGHORVUHFXUVRVHFRQyPLFRVTXHVHXWLOLFHQFRQHOREMHWRGH
TXH HQ LJXDOGDG GH FLUFXQVWDQFLDV WRGRV ORV DVSLUDQWHV D FDUJRV S~EOLFRV GH
HOHFFLyQSRSXODU\ORVSDUWLGRVSROtWLFRVFXHQWHQFRQODVPLVPDVRSRUWXQLGDGHVSDUD
ODSURPRFLyQGHFDQGLGDWRV
$FFLyQGHLQFRQVWLWXFLRQDOLGDG3DUWLGRGHO7UDEDMRGHIHEUHURGH0D\RUtD
GHRFKRYRWRV'LVLGHQWHV*HQDUR'DYLG*yQJRUD3LPHQWHO\-RVpGH-HV~V*XGLxR3HOD\R
3RQHQWH +XPEHUWR 5RPiQ 3DODFLRV 6HFUHWDULRV 3HGUR $OEHUWR 1DYD 0DODJyQ \ 9tFWRU
0LJXHO%UDYR0HOJR]D´
&RPRVHREVHUYDOD HTXLGDGHVXQR GH ORVSULQFLSLRVJDUDQWHV GHO GHVDUUROORGHWRGR SURFHVRHOHFWRUDO
SULQFLSLR UHFRJLGR SRU OD QRUPDWLYLGDG HOHFWRUDO DO OLPLWDU OD FRQWUDWDFLyQ GH ORV HVSDFLRV WHOHYLVLYRV \
UDGLRIyQLFRV SDUD OD GLIXVLyQ GH SURSDJDQGD D ORV FRQWHQGLHQWHV HOHFWRUDOHV H[FOX\HQGR D ORV WHUFHURV
SRQGHUDQGR OD FRPSHWHQFLD GH ORV DFWRUHV SROtWLFRV HQ LJXDOGDG GH FLUFXQVWDQFLDV JDUDQWL]DQGR TXH DOJXQR
GHHOORVREWXYLHUDXQDYHQWDMDHQUHODFLyQFRQORVGHPiVSDUWLFLSDQWHV
(Q HVWD WHVLWXUD ORV SDUWLGRV SROtWLFRV FRPR HQWLGDGHV GH LQWHUpV S~EOLFR HVWiQ REOLJDGRV D HYLWDU
DFFLRQHV TXH GHPHULWHQ ODV FRQGLFLRQHV GH LJXDOGDG TXH GHEHQ SUHYDOHFHU HQ WRGR SURFHVR HOHFWRUDO
EULQGiQGROHVODRSRUWXQLGDGGHSUHVHQWDUVXVSURSXHVWDVHQWUHHOHOHFWRUDGRHQFRQGLFLRQHVGHWLHPSR\IRUPD
UHFtSURFDV
2EOLJDFLyQ TXH VH KDFH H[WHQVLYD D ODV SHUVRQDV ItVLFDV \ PRUDOHV TXLHQHV DO LJXDO TXH ORV SDUWLGRV
SROtWLFRV VH HQFXHQWUDQ REOLJDGRV D UHVSHWDU OD QRUPD MXUtGLFD DWHQGLHQGR DO SULQFLSLR GH HTXLGDG HQ OD
FRQWLHQGDTXHHVWDEOHFHQORVPHQFLRQDGRVDUWtFXORVFRQVWLWXFLRQDOHVVLHPSUH\DQWHFXDOTXLHUFLUFXQVWDQFLD
HQFDVRFRQWUDULRVHUiQVDQFLRQDGRVSRUODYLRODFLyQDHVDREOLJDFLyQGHUHVSHWRDODOH\(QHVWHWHQRUQR
VRORORVSDUWLGRVSROtWLFRVVHHQFXHQWUDQFRQVWUHxLGRVDJDUDQWL]DUHOFRUUHFWRGHVHPSHxRGHVXIXQFLyQ\OD
GHVXVPLOLWDQWHVVLQRTXHDGHPiVORVWHUFHURVTXHQRQHFHVDULDPHQWHVHXELFDQGHQWURGHVXRUJDQLJUDPD
GHVLPSDWL]DQWHVGHEHQWRPDUODVPHGLGDVVXILFLHQWHVTXHVHHQFXHQWUHQDVXDOFDQFHSDUDHYLWDULQFXUULUHQ
LQIUDFFLyQDODOH\
8QDYH]H[SXHVWRVORVKHFKRVTXHVHOHLPSXWDQDOD$VRFLDFLyQ&LYLO8QLGDG)DPLOLDU4XLQWDQDUURHQVH
DVt FRPR ODV FRQVLGHUDFLRQHV JHQHUDOHV OR SURFHGHQWH HV GHWHUPLQDU VL FRQ OD FRQWUDWDFLyQ GH ORV
SURPRFLRQDOHV GH GLFLHPEUH GH GRV PLO RFKR HQ ORV TXH DSDUHFH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp VH
LQFXUULyHQDOJXQDLQIUDFFLyQHQPDWHULDHOHFWRUDO
$VtGHODFRPSDUHFHQFLDGHOUHSUHVHQWDQWHGHODDVRFLDFLyQFLYLOHQFLWDQRVHDGYLHUWHTXHVHGHVYLQFXOH
GHODFRQWUDWDFLyQGHGLFKRVSURPRFLRQDOHVHLQFOXVRFRPRVHHYLGHQFLyHQHOFDStWXORGHSUXHEDVHQDXWRV
VHHQFXHQWUDDFUHGLWDGRTXH8QLGDG)DPLOLDU4XLQWDQDUURHQVHFRQWUDWyHVSDFLRVGHWHOHYLVLyQFRQODHPSUHVD
7HOHYLVRUD GH &DQF~Q 6$ GH &9 FRQ HO REMHWR GH TXH GXUDQWH HO PHV GH GRV PLO RFKR VH GLIXQGLHUD HO
SURPRFLRQDOHQHOTXHDSDUHFtDOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpGLFLHQGR³+DEODUGHQXHVWUDIDPLOLDHV
KDEODUGHQXHVWURPD\RUWHVRUR(QHVWDIHFKDTXHODSD]HODPRU\ODVDOXGUHLQHHQVXVKRJDUHVSRU\SDUD
VLHPSUH)HOL]1DYLGDG\3URVSHUR$xR1XHYROHVGHVHD8QLGDG)DPLOLDU4XLQWDQDUURHQVH´
(QHVHRUGHQGHLGHDVWDOFRPRVHHYLGHQFLyHQHODSDUWDGRTXHDQWHFHGHHQSULQFLSLRHOSURPRFLRQDOGH
UHIHUHQFLD VL HV DQDOL]DGR GH IRUPD DLVODGD GH QLQJXQD IRUPD SXHGH VHU FRQVLGHUDGR FRPR SURSDJDQGD
SROtWLFR R HOHFWRUDO WRGD YH] TXH QR FXHQWD FRQ XQ VROR HOHPHQWR TXH SHUPLWD HVWLPDU TXH WLHQH FRPR ILQ
JHQHUDUXQDLQIOXHQFLDHQODDXGLHQFLDUHVSHFWRDVXSXQWRGHYLVWDHQDOJ~QWHPDHQSDUWLFXODUPXFKRPHQRV
VHSXEOLFLWDDOJ~QSDUWLGRSROtWLFRRDOJ~QWHPDYLQFXODGRFRQODSROtWLFD
1RREVWDQWHORDQWHULRUHVWDDXWRULGDGQRSXHGHGHMDUGHODGRHOKHFKRDFUHGLWDGRGHTXHDODIHFKDGH
FRQWUDWDFLyQGHGLFKDSXEOLFLGDGOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpHUDOD3UHVLGHQWDGHOD$VRFLDFLyQ&LYLO
³8QLGDG )DPLOLDU 4XLQWDQDUURHQVH´ HV GHFLU HVWD VLWXDFLyQ VH GHEH DGPLQLFXODU FRQ HO UHVWR GHO FDXGDO
SUREDWRULR TXH REUD HQ DXWRV HQ HO VHQWLGR GH TXH WDPELpQ VH HQFXHQWUD DFUHGLWDGD OD LQWHQFLyQ GH GLFKD
FLXGDGDQDGHTXHHO3DUWLGR$FFLyQ1DFLRQDOODUHJLVWUDUDFRPRVXFDQGLGDWDDOFDUJRGH'LSXWDGD)HGHUDOSRU
HOGLVWULWRHOHFWRUDOHQHOHVWDGRGH4XLQWDQ5RRWDOFRPRDODIHFKDDFRQWHFLy
(Q HVH VHQWLGR VH HVWLPD TXH H[LVWHQ HOHPHQWRV VXILFLHQWHV TXH SHUPLWHQ DILUPDU TXH GLFKD FLXGDGDQD
DSURYHFKDQGR HO FDUiFWHU GH 3UHVLGHQWD GH OD DVRFLDFLyQ FLYLO HQ FLWD RUGHQy OD FRQWUDWDFLyQ GH GLFKRV
SURPRFLRQDOHV FRQ HO ~QLFR REMHWR GH REWHQHU XQD SRVLFLyQ GH SULYLOHJLR IUHQWH HO UHVWR GH ORV PLOLWDQWHV
SDQLVWDVDHIHFWRGHTXHHO3DUWLGR$FFLyQ1DFLRQDOODUHJLVWUDUDFRPRVXFDQGLGDWDDOFDUJRDQWHVDOXGLGR
$PpQ GH OR H[SXHVWR FDEH SUHFLVDU TXH HV XQ KHFKR FRQRFLGR TXH ODV SHUVRQDV PRUDOHV DXQ FXDQGR
FXHQWDQFRQSHUVRQDOLGDGMXUtGLFDLQGHSHQGLHQWHGHVXVVRFLRVODUHDOL]DFLyQGHVXREMHWRRILQSRUHMHPSOR
VHUHDOL]DDWUDYpVGHSHUVRQDVItVLFDVSXHVQRVHSXHGHROYLGDUTXHVRQXQHQWHDEVWUDFWRTXHQRVHSXHGH
PDQHMDUSRUVtPLVPR
6LJXLHQGR HVD OtQHD DUJXPHQWDWLYD DXQ FXDQGR HQ SULQFLSLR OD LGHD GH FRQWUDWDU HO SURPRFLRQDO GH
UHIHUHQFLD WHQtD FRPR ~QLFR REMHWLYR SXEOLFLWDU D OD $VRFLDFLyQ &LYLO 8QLGDG )DPLOLDU 4XLQWDQDUURHQVH HVWD
DXWRULGDGDGYLHUWHTXHGHODDGPLQLFXODFLyQGHORVHOHPHQWRVTXHREUDQHQDXWRVGLFKDSXEOLFLGDGHQUHDOLGDG
WXYR FRPR REMHWLYR TXH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp SXEOLFLWDUD VX LPDJHQ GH XQD IRUPD LQGHELGD
IUHQWH DO UHVWR GH ORV DVSLUDQWHV DO FDUJR GH 'LSXWDGR IHGHUDO SRU HO GLVWULWR HOHFWRUDO HQ HO HVWDGR GH
4XLQWDQD5RRSRUHO3DUWLGR$FFLyQ1DFLRQDOFRQHO~QLFRILQGHVHUHOODTXLHQIXHUDUHJLVWUDGD
(VWRHVDVtSRUTXHWDOFRPRVHGHVSUHQGHGHORVHOHPHQWRVDSRUWDGRVSRUHO5HSUHVHQWDQWH/HJDOGHOD
HPSUHVDWHOHYLVLYDFRQRFLGDFRPR³79&81´VHGHVSUHQGHTXHODGLIXVLyQGHGLFKRSURPRFLRQDOVHUHDOL]yHQ
HOPHVGHGLFLHPEUHGHGRVPLORFKRHVGHFLUDQWHVGHTXHLQLFLDUDQODVSUHFDPSDxDVHOHFWRUDOHVWRGDYH]
TXHGHFRQIRUPLGDGFRQQXPHUDOVH[WRGHO$FXHUGRGHO&RQVHMR*HQHUDOGHO,QVWLWXWR)HGHUDO(OHFWRUDOSRUHO
TXH VH HVWDEOHFHQ ORV FULWHULRV UHODWLYRV DO LQLFLR GH SUHFDPSDxDV ODV PLVPDV GLHURQ LQLFLR HO GH HQHUR
GH
7RPDQGR HQ FXHQWD OR H[SXHVWR VH HVWLPD TXH HQ DXWRV REUDQ HOHPHQWRV VXILFLHQWHV TXH YLQFXODQ GH
IRUPDGLUHFWDDOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpUHVSHFWRDODFRPLVLyQGHODFRQGXFWDTXHVHOHDWULEX\H
DOD$VRFLDFLyQ&LYLO8QLGDG)DPLOLDU4XLQWDQDUURHQVH
(Q HVH WHQRU FDEH UHIHULU TXH OD SURKLELFLyQ WDQWR FRQVWLWXFLRQDO FRPR OHJDO TXH HQ HO FDVR UHVXOWD
DSOLFDEOH UHILHUH TXH HVWi SURKLELGR FRQWUDWDU SURSDJDQGD HQ UDGLR \ WHOHYLVLyQ WDQWR HQ WHUULWRULR QDFLRQDO
FRPR HQ HO H[WUDQMHUR GLULJLGD D OD SURPRFLyQ SHUVRQDO FRQ ILQHV SROtWLFRV R HOHFWRUDOHV D LQIOXLU HQ ODV
SUHIHUHQFLDV HOHFWRUDOHV GH ORV FLXGDGDQRV R D IDYRU R HQ FRQWUD GH SDUWLGRV SROtWLFRV R GH FDQGLGDWRV D
FDUJRVGHHOHFFLyQSRSXODU
$PpQ GH OR H[SXHVWR VH FRQFOX\H TXH HQ DXWRV REUDQ HOHPHQWRV VXILFLHQWHV SDUD HVWLPDU TXH OD
$VRFLDFLyQ &LYLO 8QLGDG )DPLOLDU 4XLQWDQDUURHQVH YLROHQWy OR SUHYLVWR HQ HO DUWtFXOR SiUUDIR GHO FyGLJR
FRPLFLDOIHGHUDODOKDEHUFRQWUDWDGRSXEOLFLGDGHQWHOHYLVLyQTXHWHQtDFRPRILQDOLGDGSURPRFLRQDUGHIRUPD
SHUVRQDODOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpFRQILQHVSROtWLFRVWRGDYH]TXHFRPRVHKDFRQVLGHUDGRD
OR ODUJR GHO SUHVHQWH SUR\HFWR GLFKD FLXGDGDQD WHQtD OD LQWHQFLyQ GH TXH HO 3DUWLGR $FFLyQ 1DFLRQDO OD
UHJLVWUDUD FRPR FDQGLGDWD DO FDUJR GH 'LSXWDGD IHGHUDO SRU HO GLVWULWR HOHFWRUDO HQ HO HVWDGR GH 4XLQWDQD
5RRKHFKRTXHDODIHFKDVHHQFXHQWUDDFUHGLWDGR
%DMRHVWDOyJLFDHQHOFDVRVHWLHQHDFUHGLWDGRTXHODFLXGDGDQDGHUHIHUHQFLDLQGHELGDPHQWHDSURYHFKy
OD LPDJHQ GH OD $VRFLDFLyQ &LYLO HQ FLWD FRQ HO ILQ GH REWHQHU XQD YHQWDMD LQGHELGD H LQFOXVR DQWLFLSDGD
UHVSHFWRDORVGHPiVDVSLUDQWHVSDQLVWDVDOFDUJRGH'LSXWDGRIHGHUDOSRUHOGLVWULWRHOHFWRUDOIHGHUDOHQHO
HVWDGRGH4XLQWDQD5RR
(VWRHVDVtSRUTXHGHORVHOHPHQWRVTXHREUDQHQDXWRVVHGHVSUHQGHTXHODFRQWUDWDFLyQSDUDODGLIXVLyQ
GHORVSURPRFLRQDOHVTXHIXHURQWUDQVPLWLGRVSRUOD7HOHYLVRUDGH&DQF~Q6$GH&9VHKL]RHQHOPHVGH
GLFLHPEUH GH H LQFOXVR ORV PLVPRV VH GLIXQGLHURQ HQ ;+452279 FDQDO \ ;+&&8 FDQDO HQ HO
HVWDGRGH4XLQWDQD5RRGXUDQWHHOSHULRGRFRPSUHQGLGRGHODOGHOPHV\DxRHQFLWDWHQLHQGRXQWRWDO
GHFLQFXHQWDLPSDFWRV
(VSRUORDQWHULRUTXHVLELHQHVFLHUWRHQHOSURPRFLRQDOGHUHIHUHQFLDVHGDXQPHQVDMHSRUODVILHVWDV
GHFHPEULQDVDQRPEUHGHOD$VRFLDFLyQ&LYLO³8QLGDG)DPLOLDU4XLQWDQDUURHQVHÓRFLHUWRHVTXHHOILQ~OWLPR
GHGLFKR SXEOLFLGDGHUD SURPRFLRQDUODLPDJHQGH ODKR\GHQXQFLDGDFRQXQILQSROtWLFRTXHOHWUDMHUD FRPR
FRQVHFXHQFLDTXHHOLQVWLWXWRSROtWLFRGHOFXDOHOODHVPLHPEURDGKHUHQWHODUHJLVWUDUDFRPRVXFDQGLGDWD
(QFRQVHFXHQFLDODSHUVRQD PRUDOGHQXQFLDGDQRGLR FXPSOLPLHQWRDODREOLJDFLyQTXHOHHVH[LJLEOHGH
DEVWHQHUVHGHFRQWUDWDUSURSDJDQGDHQUDGLR\WHOHYLVLyQGLULJLGDDLQIOXLUHQODVSUHIHUHQFLDVHOHFWRUDOHVGHORV
FLXGDGDQRVQLDIDYRURHQFRQWUDGHSDUWLGRVSROtWLFRVRGHFDQGLGDWRVDFDUJRVGHHOHFFLyQSRSXODU
(Q PpULWR GH OR DQWHULRU VH GHFODUD IXQGDGD OD GHQXQFLD SODQWHDGD HQ FRQWUD GH 8QLGDG )DPLOLDU
4XLQWDQDUURHQVH$&UHVSHFWRGHODYLRODFLyQDORGLVSXHVWRHQHODUWtFXORSiUUDIRHQUHODFLyQFRQHO
DUWtFXOR SiUUDIR LQFLVR E GHO FyGLJR HOHFWRUDO IHGHUDO FRQ EDVH HQ ORV KHFKRV VLQWHWL]DGRV HQ HO
SUHVHQWHDSDUWDGR
129(124XHXQDYH]TXHKDQVLGRDQDOL]DGDVODVFRQVWDQFLDVORVPRWLYRVGHDJUDYLR\H[FHSFLyQFRQ
UHODFLyQ D ODV FRQGXFWDV TXH VH OH DWULEXtDQ D OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp H LQFOXVR VH KD
GHWHUPLQDGR OD YLRODFLyQ D OR GLVSXHVWR SRU ORV DUWtFXORV SiUUDIR \ \ SiUUDIR LQFLVR D GHO
FyGLJR IHGHUDO HOHFWRUDO SRU VX SDUWH DVt FRPR OD YLRODFLyQ D OR GLVSXHVWR HQ HO DUWtFXOR SiUUDIR HQ
UHODFLyQ FRQ HO DUWtFXOR SiUUDIR LQFLVR E GHO FyGLJR HOHFWRUDO IHGHUDO SRU SDUWH GH 8QLGDG )DPLOLDU
4XLQWDQDUURHQVH$&VHFRQVLGHUDTXHORSURFHGHQWHHVGHWHUPLQDUVLHQHOFDVRH[LVWHUHVSRQVDELOLGDGGHO
3DUWLGR $FFLyQ 1DFLRQDO UHVSHFWR GH ODV FRQGXFWDV FRPHWLGDV SRU OD UHIHULGD FLXGDGDQD \ DVRFLDFLyQ FLYLO
UHVSHFWLYDPHQWH
(Q HVH VHQWLGR HO 3DUWLGR $FFLyQ 1DFLRQDO DO FRPSDUHFHU DO SUHVHQWH SURFHGLPLHQWR KL]R YDOHU ODV
VLJXLHQWHVH[FHSFLRQHV
x 4XHGHODQiOLVLVGHWRGRV\FDGDXQRGHORVKHFKRVGHQXQFLDGRV\GHORVHOHPHQWRVLQYHVWLJDGRVSRU
ODDXWRULGDGHOHFWRUDO~QLFDPHQWHIRUPXODUiDOHJDWRVUHVSHFWRGHOKHFKRHQHOTXHVHKDFHDOXVLyQDO
SDUWLGR
x 4XH OD ODERU GH YLJLODQFLD VH FLUFXQVFULEH D SURFXUDU TXH ODV DFWLYLGDGHV SDUWLGLVWDV \ ODV GH VXV
PLOLWDQWHV VH UHDOLFHQ HQ DSHJR D OD QRUPDWLYLGDG HOHFWRUDO GHQWUR GH ODV HWDSDV OHJDOHV GH
SDUWLFLSDFLyQ DFWLYD GH ORV SDUWLGRV HQ SURFHVRV HOHFWRUDOHV SHUR IXHUD GH GLFKDV HWDSDV QR HV
DWULEXLEOH D XQ SDUWLGR OD UHVSRQVDELOLGDG GH OOHYDU D FDER SHUVHFXFLRQHV GH DFWLYLGDGHV TXH VH
HQFXHQWUDQIXHUDGHODHVIHUDGHVXFRPSHWHQFLD
x 4XH HO SURPRFLRQDO TXH SUHVXQWDPHQWH IXH FRQWUDWDGR HQ HO DxR GRV PLO VLHWH IXH SDUWH GH ODV
DFWLYLGDGHVUHDOL]DGDVGHQWURGHXQSURFHVRGHVHOHFFLyQLQWHUQRGHO3DUWLGR$FFLyQ1DFLRQDOSDUDOD
HOHFFLyQGHFDQGLGDWRVTXHKDEUtDQGHFRQWHQGHUHQHOSURFHVRHOHFWRUDOORFDOGHOHVWDGRGH4XLQWDQD
5RR
x 4XHODDXWRULGDGHOHFWRUDOORFDOWHQtDFRQRFLPLHQWRGHORVWLHPSRVUHJLVWUDGRVSDUDOOHYDUDFDERORV
SURFHVRV LQWHUQRV GH HOHFFLyQ GH FDQGLGDWRV GH ORV GLIHUHQWHV SDUWLGRV FRPR GH TXH OD FLXGDGDQD
)UH\GD 0DU\EHO 9LOOHJDV &DQFKp VH HQFRQWUDED UHJLVWUDGD FRPR SUHFDQGLGDWD GHO 3DUWLGR $FFLyQ
1DFLRQDO\FRPSLWLHQGRSDUDVHUSRVWXODGDFRPRFDQGLGDWDDO$\XQWDPLHQWRGH%HQLWR-XiUH]
x 4XH ORV KHFKRV TXH VH GHQXQFLDQ \ TXH IXHURQ UHDOL]DGRV HQ HO DxR GRV PLO VLHWH SRU OD FLXGDGDQD
UHIHULGDVRQOHJtWLPRVHQWDQWRTXHODPLVPDVHHQFRQWUDEDFRPSLWLHQGRSRUXQDSUHFDQGLGDWXUDSRU
OR TXH GLFKRV KHFKRV FRUUHVSRQGLHURQ D XQ SURFHVR HOHFWRUDO GH FDUiFWHU ORFDO SRU OR TXH UHVXOWD
HUUyQHRSUHWHQGHUDGPLQLFXODUORFRQHOSURFHVRIHGHUDOHOHFWRUDOIHGHUDOTXHDOPRPHQWRDFRQWHFH
x 4XH HV DEVXUGR SUHWHQGHU TXH HO SDUWLGR SROtWLFR TXH UHSUHVHQWD UHDOL]DUD DOJ~Q WLSR GH DFFLyQ GH
YLJLODQFLDVREUHWDOHVKHFKRV\DTXHORVPLVPRVVHGLHURQHQXQDHWDSDHQODTXHVXVSUHFDQGLGDWRV
VHHQFRQWUDEDQDXWRUL]DGRVSDUDOOHYDUORVDFDER
x 4XH UHVSHFWR D OD UHIRUPD FRQVWLWXFLRQDO SXEOLFDGD HQ HO PHV GH QRYLHPEUH GH GRV PLO VLHWH FDEH
UHIHULU TXH OD PLVPD HQ VXV WUDQVLWRULRV RWRUJy D ODV /HJLVODWXUDV GH ORV (VWDGRV HO SOD]R GH XQ DxR
SDUDDGHFXDUVXVOHJLVODFLRQHVDODUHIRUPDFRQVWLWXFLRQDOSRUORTXHDOPRPHQWRHQTXHVHGLHURQORV
KHFKRVGHQXQFLDGRVGLFKRVPDQGDPLHQWRVVHHQFRQWUDEDQEDMRODILJXUDGH³YDFDWLROHJLV´SRUORTXH
QRHUDH[LJLEOHDGLFKRLQVWLWXWRSROtWLFRDFFLRQDUPHFDQLVPRVGHYLJLODQFLDSDUDHYLWDUODUHDOL]DFLyQGH
DFWRV TXH HQ HVH PRPHQWR QR VH HQFRQWUDEDQ UHJODPHQWDGRV SRU ODV OH\HV ORFDOHV QL SRU OD OH\
HOHFWRUDOIHGHUDO
x 4XHQRHVH[LJLEOHDXQSDUWLGRSROtWLFRTXHDGRSWHPHGLGDVRDFFLRQHVVXPDULDVVREUHODUHDOL]DFLyQ
GH DFWLYLGDGHV IXHUD GHO SODQR GHO SDUWLGR \ GH XQ SURFHVR HOHFWRUDO FRQ OD VLPSOH EDVH GH
HVSHFXODFLyQRODEDVHGHUHDOL]DFLyQGHDFWRVIXWXURVGHUHDOL]DFLyQLQFLHUWD
x 4XHQRVHGHVSUHQGHXQVRORHOHPHQWRTXHSHUPLWDVXSRQHUQLVLTXLHUDFRPRLQGLFLRTXHHO3DUWLGR
$FFLyQ 1DFLRQDO UHDOL]y R FRQVLQWLy OD UHDOL]DFLyQ GH DOJXQD FRQGXFWD DQWLMXUtGLFD R TXH HQ IRUPD
DOJXQD IDOWy D VX ODERU GH SUHVHUYDU HO HVWULFWR FXPSOLPLHQWR GH OD OH\ SRU VX SDUWH R GH ODV ODERUHV
UHDOL]DGDVSRUVXVLQWHJUDQWHV
(QHVHRUGHQGHLGHDVFRPRVHH[SXVRDOLQLFLRGHOSUHVHQWHDSDUWDGRHOSURSyVLWRGHpVWHHVGHWHUPLQDU
VL HO 3DUWLGR $FFLyQ 1DFLRQDO HV UHVSRQVDEOH UHVSHFWR GH ODV FRQGXFWDV DWULEXLEOHV D OD & )UH\GD 0DU\EHO
9LOOHJDV&DQFKp\DOD$VRFLDFLyQ&LYLO³8QLGDG)DPLOLDU4XLQWDQDUURHQVH´VLQHPEDUJRFDEHUHFRUGDUTXHHQ
DSDUWDGRVTXHDQWHFHGHQVHGHWHUPLQyTXHHOSURPRFLRQDOTXHIXHGLIXQGLGRHQQRWLHQHLQMHUHQFLDHQ
ORVKHFKRVTXHHQHVWDYtDVHUHVXHOYHWRGDYH]TXHHOPLVPRIXHWUDQVPLWLGRHQHOFRQWH[WRGHXQSURFHVR
HOHFWRUDOORFDOHLQFOXVRDXQFXDQGRDODIHFKD\DVHHQFRQWUDEDYLJHQWHODUHIRUPDFRQVWLWXFLRQDODODUWtFXOR
FRQVWLWXFLRQDOORFLHUWRHVTXHQRH[LVWtDQRUPDWLYDOHJDOTXHUHJODPHQWDUDGLFKDSURKLELFLyQ
8QD YH] SUHFLVDGR OR DQWHULRU D HIHFWR GH UHVROYHU OR TXH HQ HO SUHVHQWH DSDUWDGR QRV DWDxH HVWD
DXWRULGDGHVWLPDQHFHVDULRUHIHULUODVFRQVLGHUDFLRQHVTXHIXHURQYHUWLGDVHQHO'LFWDPHQGHOD&RPLVLyQGH
*REHUQDFLyQ UHVSHFWR GHO 3UR\HFWR GH 'HFUHWR TXH H[SLGH HO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV (OHFWRUDOHV PLVPR TXH IXH SXEOLFDGR HQ OD *DFHWD 3DUODPHQWDULD GH OD &iPDUD GH
'LSXWDGRVQ~PHUR9GHIHFKDPDUWHVGHGLFLHPEUHGH
³«
*3URFHGLPLHQWRVDQFLRQDGRU\VDQFLRQHVDSOLFDEOHV
8QD GH ORV YDFtRV GHO &2),3( YLJHQWH HV OD GHELOLGDG R LPSHUIHFFLyQ GH ODV QRUPDV HQ
PDWHULD GH VDQFLRQHV DSOLFDEOHV D FRQGXFWDV YLRODWRULDV GH OD QRUPD (VD GHELOLGDG YHQtD
VLHQGR FXELHUWD SDUFLDOPHQWH SRU OD HPLVLyQ GH UHJODPHQWRV GH QDWXUDOH]D DGPLQLVWUDWLYD
DSUREDGRV SRU HO &RQVHMR *HQHUDO 6LQ HPEDUJR WDOHV UHJODPHQWRV FDUHFHQ GH VXVWHQWR
HVSHFtILFR HQ OD QRUPD MXUtGLFD SRU OR TXH HQ PXFKRV FDVRV VX DSOLFDFLyQ VH DSR\D HQ OD
MXULVSUXGHQFLDGHO7ULEXQDO(OHFWRUDO
/DSURSXHVWDGHQXHYR&23,)(OOHQDHOYDFtRH[LVWHQWHDOHVWDEOHFHUGHPDQHUDLQWHJUDO\
DUPyQLFD ORV VXMHWRV FRQGXFWDV VDQFLRQHV \ SURFHGLPLHQWRV PLVPRV TXH FRQVWLWX\HQ OD
PDWHULDGHO/LEUR6pSWLPRGHORUGHQDPLHQWRHOHFWRUDOSURSXHVWR
/DV VDQFLRQHV SURSXHVWDV SDUD FDGD WLSR GH SRWHQFLDO LQIUDFWRU DWLHQGHQ OD QDWXUDOH]D GH
FDGD XQR GH HOORV HO ELHQ MXUtGLFR WXWHODGR SRU OD QRUPD OD JUDYHGDG GH ODV IDOWDV ODV
FRQGLFLRQHVVRFLRHFRQyPLFDVGHORVLQIUDFWRUHV\RWURFRQMXQWRGHFULWHULRVTXHSHUPLWLUiQD
OD DXWRULGDGHOHFWRUDODFWXDU FRQ RSRUWXQLGDG\ HILFDFLD\ WDPELpQFRQ SOHQRUHVSHWR D ORV
GHUHFKRVGHWHUFHURV
«
/LEUR6pSWLPR
(QHVWHQXHYROLEURVHHVWDEOHFHQODVUHJODVHQPDWHULDGHOUpJLPHQVDQFLRQDGRUHOHFWRUDO\
HODSOLFDEOHHQPDWHULDGLVFLSOLQDULDLQWHUQDGHO,QVWLWXWR)HGHUDO(OHFWRUDO
(QHOWtWXORSULPHURVHUHJXODWDQWRODVIDOWDVHOHFWRUDOHVFRPRHOSURFHGLPLHQWRVDQFLRQDGRU
HOHFWRUDO
&RPR VH DSXQWD SiJLQDV DUULED XQR GH ORV YDFtRV GHO &2),3( YLJHQWH HV OD GHELOLGDG R
LPSHUIHFFLyQGHODVQRUPDVHQPDWHULDGHVDQFLRQHVDSOLFDEOHVDFRQGXFWDVYLRODWRULDVGHOD
QRUPD(VDGHELOLGDGYHQtDVLHQGRFXELHUWDSDUFLDOPHQWHSRUODHPLVLyQGHUHJODPHQWRVGH
QDWXUDOH]D DGPLQLVWUDWLYD DSUREDGRV SRU HO &RQVHMR *HQHUDO 6LQ HPEDUJR WDOHV
UHJODPHQWRVFDUHFHQHQDOJXQDVGHVXVSDUWHVGHVXVWHQWRHQODOH\SRUORTXHHQPXFKRV
FDVRVVXDSOLFDFLyQVHDSR\DEDHQODMXULVSUXGHQFLDGHOWULEXQDOHOHFWRUDO
/DSURSXHVWDGHQXHYR&23,)(OOHQDHOYDFtRH[LVWHQWHDOHVWDEOHFHUGHPDQHUDLQWHJUDO\
DUPyQLFDORVVXMHWRVFRQGXFWDVVDQFLRQHV\SURFHGLPLHQWRVTXHFRQVWLWX\HQODPDWHULDGHO
/LEUR6pSWLPRGHORUGHQDPLHQWRHOHFWRUDOSURSXHVWR
(Q HO &DStWXOR 3ULPHUR VH HVWDEOHFH TXLHQHV SXHGHQ VHU VXMHWRV GH UHVSRQVDELOLGDG SRU
LQIUDFFLRQHV FRPHWLGDV D ODV QRUPDV GHO &yGLJR ODV FRQGXFWDV VDQFLRQDEOHV \ ODV
VDQFLRQHV TXH SXHGHQ VHU LPSXHVWDV 6H LQFRUSRUDQ FRPR VXMHWRV VDQFLRQDEOHV D ORV
DVSLUDQWHVDFDUJRVGHHOHFFLyQSRSXODUORVFLXGDGDQRVRFXDOTXLHUSHUVRQDItVLFDRPRUDO
ODVDXWRULGDGHVRORVVHUYLGRUHVS~EOLFRVGHFXDOTXLHUDGHORV SRGHUHV GHOD8QLyQ GHORV
SRGHUHVORFDOHVyUJDQRVGHJRELHUQRPXQLFLSDOHVyUJDQRVGHJRELHUQRGHO'LVWULWR)HGHUDO
yUJDQRV DXWyQRPRV \ FXDOTXLHU RWUR HQWH S~EOLFR ORV FRQFHVLRQDULRV \ SHUPLVLRQDULRV GH
UDGLRRWHOHYLVLyQODVRUJDQL]DFLRQHVGHFLXGDGDQRVTXHSUHWHQGDQIRUPDUSDUWLGRSROtWLFR
ODV RUJDQL]DFLRQHV VLQGLFDOHV ODERUDOHV R SDWURQDOHV R GH FXDOTXLHU RWUD DJUXSDFLyQ FRQ
REMHWR VRFLDO GLIHUHQWH D OD FUHDFLyQ GH SDUWLGRV SROtWLFRV DVt FRPR VXV LQWHJUDQWHV R
GLULJHQWHV
(ODSDUWDGRGHLQIUDFFLRQHVVHKDVLVWHPDWL]DGRSDUDDJUXSDUHVWHWLSRGHIDOWDVGHDFXHUGR
DOVXMHWRLQIUDFWRU'HHVWDPDQHUDVHHQOLVWDQODVLQIUDFFLRQHVGHORVSDUWLGRVSROtWLFRVGH
ORV DVSLUDQWHV SUHFDQGLGDWRV R FDQGLGDWRV D FDUJRV GH HOHFFLyQ SRSXODU GH ODV SHUVRQDV
ItVLFDV R PRUDOHV 7DPELpQ VH LQFRUSRUDQ DO WH[WR GHO &yGLJR QXHYDV LQIUDFFLRQHV TXH
SXHGHQVHUFRPHWLGDVSRUODVDXWRULGDGHVRORVVHUYLGRUHVS~EOLFRVVHJ~QVHDHOFDVRGH
FXDOTXLHUD GH ORV SRGHUHV GH OD 8QLyQ GH ORV SRGHUHV ORFDOHV yUJDQRV GH JRELHUQR
PXQLFLSDOHVyUJDQRVGHJRELHUQRGHO'LVWULWR)HGHUDOyUJDQRVDXWyQRPRV\FXDOTXLHURWUR
HQWH S~EOLFR ODV LQIUDFFLRQHV GH ORV QRWDULRV S~EOLFRV ORV FRQFHVLRQDULRV R SHUPLVLRQDULRV
GH UDGLR \ WHOHYLVLyQ ODV FRQGXFWDV LQIUDFWRUDV GH ODV RUJDQL]DFLRQHV GH FLXGDGDQRV TXH
SUHWHQGDQFRQVWLWXLUSDUWLGRVSROtWLFRVDVtFRPRGHODVRUJDQL]DFLRQHVVLQGLFDOHVODERUDOHV
R SDWURQDOHV R GH FXDOTXLHU RWUD DJUXSDFLyQ FRQ REMHWR VRFLDO GLIHUHQWH D OD FUHDFLyQ GH
SDUWLGRV SROtWLFRV (Q UHODFLyQ FRQ ORV PLQLVWURV GH FXOWR DVRFLDFLRQHV LJOHVLDV R
DJUXSDFLRQHVGHFXDOTXLHUUHOLJLyQVHSHUIHFFLRQyODUHGDFFLyQGHODQRUPDSUHFHGHQWH
(O FDWiORJR GH VDQFLRQHV D LPSRQHU SRU OD LQIUDFFLyQ GH ODV QRUPDV GHO &yGLJR VH
UHRUJDQL]yWRPDQGRFRPRFULWHULRDOVXMHWRLQIUDFWRU$VLPLVPRDOILQDOGHOFDStWXORVHILMDQ
UHJODVSDUDODLQGLYLGXDOL]DFLyQGHODVDQFLyQ
«´
(QHVDOtQHDDUJXPHQWDWLYDFDEHUHIHULUHOFRQWHQLGRGHODVLQIUDFFLRQHVTXHSXHGHQVHUFRPHWLGDVSRUORV
SDUWLGRVSROtWLFRVPLVPDVTXHVHHQFXHQWUDQHQXQFLDGDVGHIRUPDHQXQFLDWLYDPiVQROLPLWDWLYDHQHODUWtFXOR
GHOFyGLJRIHGHUDOHOHFWRUDOPLVPRTXHDODOHWUDVHxDOD
³$UWtFXOR
&RQVWLWX\HQLQIUDFFLRQHVGHORVSDUWLGRVSROtWLFRVDOSUHVHQWH&yGLJR
D (O LQFXPSOLPLHQWR GH ODV REOLJDFLRQHV VHxDODGDV HQ HO DUWtFXOR \ GHPiV
GLVSRVLFLRQHVDSOLFDEOHVGHHVWH&yGLJR
E (OLQFXPSOLPLHQWRGHODVUHVROXFLRQHVRDFXHUGRVGHO,QVWLWXWR)HGHUDO(OHFWRUDO
F (OLQFXPSOLPLHQWRGHODVREOLJDFLRQHVRODLQIUDFFLyQGHODVSURKLELFLRQHV\WRSHVTXHHQ
PDWHULDGHILQDQFLDPLHQWR\ILVFDOL]DFLyQOHVLPSRQHHOSUHVHQWH&yGLJR
G 1R SUHVHQWDU ORV LQIRUPHV WULPHVWUDOHV DQXDOHV GH SUHFDPSDxD R GH FDPSDxD R QR
DWHQGHUORVUHTXHULPLHQWRVGHLQIRUPDFLyQGHOD8QLGDGGH)LVFDOL]DFLyQGHORV5HFXUVRVGH
ORV3DUWLGRV3ROtWLFRVHQORVWpUPLQRV\SOD]RVSUHYLVWRVHQHVWH&yGLJR\VXVUHJODPHQWRV
H /D UHDOL]DFLyQ DQWLFLSDGD GH DFWRV GH SUHFDPSDxD R FDPSDxD DWULEXLEOH D ORV
SURSLRVSDUWLGRV
I ([FHGHUORVWRSHVGHJDVWRVGHFDPSDxD
J /D UHDOL]DFLyQ GH DFWRV GH SUHFDPSDxD R FDPSDxD HQ WHUULWRULR H[WUDQMHUR FXDQGR VH
DFUHGLWH TXH VH KL]R FRQ FRQVHQWLPLHQWR GH DTXpOORV VLQ SHUMXLFLR GH TXH VH GHWHUPLQH OD
UHVSRQVDELOLGDGGHTXLHQKXELHVHFRPHWLGRODLQIUDFFLyQ
K (O LQFXPSOLPLHQWR GH ODV GHPiV GLVSRVLFLRQHV SUHYLVWDV HQ HO SUHVHQWH &yGLJR HQ
PDWHULDGHSUHFDPSDxDV\FDPSDxDVHOHFWRUDOHV
L /DFRQWUDWDFLyQHQIRUPDGLUHFWDRSRUWHUFHUDVSHUVRQDVGHWLHPSRHQFXDOTXLHU
PRGDOLGDGHQUDGLRRWHOHYLVLyQ
M /DGLIXVLyQGHSURSDJDQGDSROtWLFDRHOHFWRUDOTXHFRQWHQJDH[SUHVLRQHVTXHGHQLJUHQ
DODVLQVWLWXFLRQHV\DORVSURSLRVSDUWLGRVRTXHFDOXPQLHQDODVSHUVRQDV
N (O LQFXPSOLPLHQWR GH ODV REOLJDFLRQHV HVWDEOHFLGDV SRU HO SUHVHQWH &yGLJR HQ PDWHULD
GHWUDQVSDUHQFLD\DFFHVRDVXLQIRUPDFLyQ
O (O LQFXPSOLPLHQWR GH ODV UHJODV HVWDEOHFLGDV SDUD HO PDQHMR \ FRPSUREDFLyQ GH VXV
UHFXUVRVRSDUDODHQWUHJDGHODLQIRUPDFLyQVREUHHORULJHQPRQWR\GHVWLQRGHORVPLVPRV
P /DRPLVLyQRHOLQFXPSOLPLHQWRGHODREOLJDFLyQ GHSURSRUFLRQDUHQWLHPSR\IRUPDOD
LQIRUPDFLyQTXHOHVVHDVROLFLWDGDSRUORVyUJDQRVGHO,QVWLWXWR)HGHUDO(OHFWRUDO\
Q /DFRPLVLyQGHFXDOTXLHURWUDIDOWDGHODVSUHYLVWDVHQHVWH&yGLJR´
'HORDQWHVH[SXHVWRVHGHVSUHQGHTXHFRQODUHIRUPD&RQVWLWXFLRQDO\HQHVSHFtILFRFRQODOHJDOTXHVH
UHDOL]DURQHQORVDxRV\UHVSHFWLYDPHQWHHOOHJLVODGRUSUHWHQGLyTXHHQPDWHULDGHSURFHGLPLHQWRV
DGPLQLVWUDWLYRVVDQFLRQDGRUHVODQRUPDIXHUDPXFKR PiVFODUD \VREUH WRGRTXHVHOOHQDUDQORVYDFLRVTXH
H[LVWtDQ \ TXH VH IXHURQ FXEULHQGR FRQ EDVH HQ ORV DFXHUGRV HPLWLGRV SRU HO &RQVHMR *HQHUDO GHO ,QVWLWXWR
)HGHUDO(OHFWRUDO
(VSRUHOORTXHHQHOQXHYR&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVVHHVWDEOHFLyGH
PDQHUD LQWHJUDO \ DUPyQLFD ORV VXMHWRV FRQGXFWDV LQIUDFWRUDV DVt FRPR ODV VDQFLRQHV D ODV TXH VH SRGUtDQ
KDFHUVHDFUHHGRUHVGHDFWXDOL]DUVHODFRQFXOFDFLyQDODQRUPDHVGHFLUHQGLFKRRUGHQDPLHQWRVHHQOLVWDGH
IRUPDFODUDTXLHQHVSXHGHQVHUVXMHWRVGHUHVSRQVDELOLGDGSRULQIUDFFLRQHVFRPHWLGDVDORUGHQDPLHQWROHJDO
HQFRPHQWR
(Q HVH RUGHQ GH LGHDV VH LQFRUSRUDQ FRPR VXMHWRV VDQFLRQDEOHV D ORV DVSLUDQWHV D FDUJRV GH HOHFFLyQ
SRSXODU ORV FLXGDGDQRV R FXDOTXLHU SHUVRQD ItVLFD R PRUDO ODV DXWRULGDGHV R ORV VHUYLGRUHV S~EOLFRV GH
FXDOTXLHUDGHORVSRGHUHVDHIHFWRGHTXHFDGDXQRVHKDJDUHVSRQVDEOHGHODVFRQGXFWDVTXHHQHOFRQWH[WR
GH OD PDWHULD HOHFWRUDO UHDOLFH VREUH WRGR GXUDQWH HO WLHPSR TXH XQ SURFHVR HOHFWRUDO VH HQFXHQWUD
WUDQVFXUULHQGR
8QDYH]H[SXHVWRORDQWHULRUHVWDDXWRULGDGFRQVLGHUDTXHODVFRQGXFWDVTXHHQVXFDVRVHOHSRGUtDQ
LPSXWDUDO3DUWLGR$FFLyQ1DFLRQDOVRQODVLQIUDFFLRQHVSUHYLVWDVHQHODUWtFXORSiUUDIRLQFLVRVHXL
GHOFyGLJRFRPLFLDOIHGHUDOUHODWLYRVDODFRPLVLyQGHDFWRVDQWLFLSDGRVGHSUHFDPDSDxDRFDPSDxDDVtFRPR
OD FRQWUDWDFLyQ GH IRUPD GLUHFWD R SRU FRQGXFWR GH WHUFHURV GH WLHPSR HQ FXDOTXLHU PRGDOLGDG GH UDGLR
\RWHOHYLVLyQ
(QHVHVHQWLGRFRQEDVHHQORH[SXHVWRHQODVFRQVLGHUDFLRQHVTXHGLHURQOXJDUDOQXHYRFyGLJRFRPLFLDO
IHGHUDO DVt FRPR OR SUHYLVWR HQ HO LQFLVR H GHO QXPHUDO HQ FRPHQWR HV YiOLGR DUJXPHQWDU TXH XQ SDUWLGR
SROtWLFR VHUi UHVSRQVDEOH GH OD FRPLVLyQ GH GLFKDV FRQGXFWDV FXDQGR pVWDV OH VHDQ DWULEXLEOHV HV GHFLU
FXDQGRHQDXWRVH[LVWDXQHOHPHQWRREMHWLYRTXHSHUPLWDGHVSUHQGHUOD YLQFXODFLyQGLUHFWDGHOSDUWLGR HQOD
FRPLVLyQGHODFRQGXFWD
(Q HVD OyJLFD VH FRQVLGHUD TXH HO 3DUWLGR $FFLyQ 1DFLRQDO QR SXHGH VHU UHVSRQVDEOH GH ODV FRQGXFWDV
GHQXQFLDGDVSRUTXHHQDXWRVQRREUDXQVRORHOHPHQWRREMHWLYRTXHSHUPLWDYLQFXODUORGHIRUPDGLUHFWDHV
GHFLU QR VH DFUHGLWD GH IRUPD DOJXQD TXH WXYR DOJXQD LQMHUHQFLD R SDUWLFLSDFLyQ HQ OD FRQWUDWDFLyQ GH OD
SXEOLFLGDG GHQXQFLDGD SRU HO 3DUWLGR GH OD 5HYROXFLyQ 'HPRFUiWLFD SXHV FRPR VH H[SXVR HQ HO DSDUWDGR
UHODWLYR\WDOFRPRVHGHVSUHQGHGHODVFRQVWDQFLDVTXHREUDQHQDXWRVODFRQWUDWDFLyQGHODSXEOLFLGDGHQOD
TXH DSDUHFH HO QRPEUH \R LPDJHQ GH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKH \ HO ORJRWLSR GH OD $VRFLDFLyQ
&LYLO8QLGDG)DPLOLDU4XLQWDQDUURQHVHHV~QLFDPHQWHDWULEXLEOHDHVRVVXMHWRV
(VSRUHOORTXHHVWDDXWRULGDGFRQWUDULRDORTXHVRVWLHQHHO3DUWLGRGHOD5HYROXFLyQ'HPRFUiWLFDHVWLPD
TXHHO3DUWLGR$FFLyQ1DFLRQDOQRSXHGHVHUUHVSRQVDEOHGHGLFKDVFRQGXFWDVYtD³FXOSDLQYLJLODQGR´SXHV
QR VH FXHQWD FRQ DOJ~Q HOHPHQWR QL VL TXLHUD GH FDUiFWHU LQGLFLDULR TXH SHUPLWD FRQVLGHUDU TXH HQ HO FDVR
GLFKR LQVWLWXWR SROtWLFR RVWHQWDED XQD FDOLGDG GH JDUDQWH UHVSHFWR GH ODV FRQGXFWDV GHVSOHJDGDV SRU ODV
SHUVRQDV DQWHV UHIHULGDV SXHV FRPR VH SUHFLVy HQ HO DSDUWDGR UHVSHFWLYR ODV PLVPDV HQ SULQFLSLR VH
KLFLHURQHQHOPDUFRGHODGLULJHQFLDGHXQD$VRFLDFLyQ&LYLO
(VSRUORDQWHULRUTXHVHFRQVLGHUDTXHQRSXHGHH[LVWLUXQDUHVSRQVDELOLGDGGHO3DUWLGR$FFLyQ1DFLRQDO
HQODFRPLVLyQGHODVFRQGXFWDV\DTXHSDUDTXHHOUHVXOWDUDUHVSRQVDEOHYtD³FXOSDLQYLJLODQGR´VHQHFHVLWD
TXHODVPLVPDVVHUHDOLFHQHQHOFRQWH[WRGHVXVDFWLYLGDGHVVLWXDFLyQTXHGHQLQJXQDIRUPDIXHDVtSXHV
FRPRVHGHVSUHQGHGHODVGLYHUVDVFRQVWDQFLDVTXHREUDQHQDXWRVODFRQWUDWDFLyQ\RSLQWDGHODSXEOLFLGDG
GH OD LPDJHQ GH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp FRPR 3UHVLGHQWH GH OD $VRFLDFLyQ &LYLO 8QLGDG
)DPLOLDU 4XLQWDQDUURHQVH VH UHDOL]y HQ HO PHV GH GLFLHPEUH GH HV GHFLU IXHUD GHO WLHPSR HQ HO TXH
LQFOXVRVHGHEtDQUHDOL]DUODVDFWLYLGDGHVSUHYLDVDODVSUHFDPSDxDV
$OHIHFWRGHEHUHFRUGDUVHTXHHQHO'HUHFKR$GPLQLVWUDWLYR6DQFLRQDGRU(OHFWRUDOH[LVWHODILJXUDGHOD
FXOSDLQYLJLODQGR HVGHFLUODUHVSRQVDELOLGDGTXHVXUJHHQFRQWUDGHXQDSHUVRQDItVLFDRMXUtGLFD SRUOD
FRPLVLyQGHXQKHFKRLQIUDFWRUGHOPDUFRMXUtGLFRPLVPDTXHOHHVLPSXWDEOHSRUHOLQFXPSOLPLHQWRGHOGHEHU
GHFXLGDGRTXHODOH\OHLPSRQH
(VWD ILJXUD HVWi UHFRQRFLGD HQ HO DUWtFXOR SiUUDIR LQFLVR D GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV (OHFWRUDOHV YLJHQWH HO FXDO LPSRQH D ORV SDUWLGRV SROtWLFRV OD REOLJDFLyQ GH FRQGXFLU VXV
DFWLYLGDGHV GHQWUR GH ORV FDXFHV OHJDOHV \ DMXVWDU VX FRQGXFWD \ OD GH VXV PLOLWDQWHV D ORV SULQFLSLRV GHO
(VWDGR'HPRFUiWLFRUHVSHWDQGRODOLEUHSDUWLFLSDFLyQSROtWLFDGHORVGHPiVSDUWLGRVSROtWLFRV\ORVGHUHFKRV
GHORVFLXGDGDQRV
(Q GLFKR SUHFHSWR VH UHFRJH HO SULQFLSLR GH ³UHVSHWR DEVROXWR GH OD QRUPD OHJDO´ HO FXDO LPSOLFD TXH
WRGDSHUVRQDGHEHUHVSHWDUHOPDQGDWROHJDOSRUVtPLVPR\DTXHHORUGHQDPLHQWRMXUtGLFRIXHGDGRSRUTXLHQ
HQFDUQD OD VREHUDQtD HO /HJLVODGRU TXLHQ SDUD HPLWLU HVH FXHUSR QRUPDWLYR WRPy HQ FXHQWD HO ELHQHVWDU
VRFLDO GH OD FROHFWLYLGDG (Q FRQVHFXHQFLD VL HO OHJLVODGRU HVWDEOHFLy GHWHUPLQDGRV SUHFHSWRV SDUD OD
FRQYLYHQFLD VRFLDO HO VLPSOH KHFKR GH YLRODU WDOHV GLVSRVLFLRQHV DIHFWD ORV GHUHFKRV HVHQFLDOHV GH OD
FRPXQLGDG
/D LQFRUSRUDFLyQ GHO SULQFLSLR DQWHV PHQFLRQDGR DO FLWDGR DUWtFXOR SiUUDIR LQFLVR D GHO FyGLJR
HOHFWRUDOIHGHUDOHVGHFDSLWDOLPSRUWDQFLDSRUGRVUD]RQHVIXQGDPHQWDOHV
x 3RUTXHHVWDEOHFHXQDREOLJDFLyQGHUHVSHWRDODOH\SDUDXQDSHUVRQDMXUtGLFDSDUWLGRSROtWLFRORFXDO
HVDFRUGHFRQORHVWDEOHFLGRHQORVDUWtFXORVSiUUDIRLQFLVRD\SiUUDIRGHO&yGLJR
)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVGHFX\DLQWHUSUHWDFLyQFRQMXQWDVHDGYLHUWHTXH
XQSDUWLGRSROtWLFRQDFLRQDOFRPRWDOVHUiVDQFLRQDGRSRUODYLRODFLyQDHVDREOLJDFLyQGHUHVSHWRD
OD OH\ FRQ LQGHSHQGHQFLD GH ODV UHVSRQVDELOLGDGHV HQ ODV TXH LQFXUUDQ VXV GLULJHQWHV PLHPEURV R
VLPSDWL]DQWHV
x 3RUTXH FRQ WDO GLVSRVLFLyQ HO VLVWHPD OHJDO SRVLWLYR VH DSDUWD GHO FRQFHSWR FOiVLFR GH FXOSDELOLGDG
HOHPHQWRTXHWUDGLFLRQDOPHQWHVyORSRGtDH[LVWLUVLVHFRPSUREDEDXQQH[RFDXVDOHQWUHGHWHUPLQDGD
FRQGXFWD\XQUHVXOWDGR\VLHPSUHVREUHODEDVHGHOGRORRGHODFXOSDLPSUXGHQFLDHQVXIRUPDGH
H[SUHVLyQFOiVLFD(QHOSUHFHSWRHQH[DPHQVHUHVDOWDFRPRYLRODFLyQHVHQFLDOODVLPSOHWUDVJUHVLyQ
DODQRUPDSRUVtPLVPDFRPREDVHGHODUHVSRQVDELOLGDG
$KRUD ELHQ XQR GH ORV DVSHFWRV UHOHYDQWHV GHO SUHFHSWR TXH VH DQDOL]D HV OD ILJXUD GH JDUDQWH TXH
SHUPLWHH[SOLFDUVDWLVIDFWRULDPHQWHODUHVSRQVDELOLGDGGHOSDUWLGRSROtWLFRHQFXDQWRTXHpVWHGHEHJDUDQWL]DU
TXH OD FRQGXFWD GH VXV PLOLWDQWHV VH DMXVWH D ORV SULQFLSLRV GHO (VWDGR 'HPRFUiWLFR HQWUH FX\RV HOHPHQWRV
GHVWDFDHOUHVSHWRDEVROXWRDODOHJDOLGDGGHWDOPDQHUDTXHODVLQIUDFFLRQHVSRUHOORVFRPHWLGDVFRQVWLWX\HQ
HOFRUUHODWLYRLQFXPSOLPLHQWRGHODREOLJDFLyQGHOJDUDQWHSDUWLGRSROtWLFRTXHGHWHUPLQDVXUHVSRQVDELOLGDG
SRU KDEHU DFHSWDGR R DO PHQRV WROHUDGR ODV FRQGXFWDV UHDOL]DGDV GHQWUR GH ODV DFWLYLGDGHV SURSLDV GHO
LQVWLWXWRSROtWLFRORTXHLPSOLFDHQ~OWLPRFDVRODDFHSWDFLyQGHVXVFRQVHFXHQFLDV\SRVLELOLWDODVDQFLyQDO
SDUWLGRVLQSHUMXLFLRGHODUHVSRQVDELOLGDGLQGLYLGXDO
'H HVWD IRUPD VL HO SDUWLGR SROtWLFR QR UHDOL]D ODV DFFLRQHV GH SUHYHQFLyQ QHFHVDULDV VHUi UHVSRQVDEOH
ELHQSRUTXHDFHSWDODVLWXDFLyQGRORRELHQSRUTXHODGHVDWLHQGHFXOSD
/RDQWHULRUSHUPLWHHYLGHQFLDUHQSULQFLSLRODUHVSRQVDELOLGDGGHORVSDUWLGRVSROtWLFRV\GHVXVPLOLWDQWHV
VLQHPEDUJRODVSHUVRQDVMXUtGLFDVH[FHSFLRQDOPHQWHSRGUtDQYHUVHDIHFWDGDVFRQHODFWXDUGHWHUFHURVTXH
QRQHFHVDULDPHQWHVHHQFXHQWUDQGHQWURGHVXRUJDQLJUDPDVXSXHVWRHQHOFXDOWDPELpQDVXPHQODSRVLFLyQ
GH JDUDQWH VREUH OD FRQGXFWD GH WDOHV VXMHWRV (VWR VH GHPXHVWUD SRUTXH GH ODV SUHVFULSFLRQHV TXH ORV
SDUWLGRVSROtWLFRVGHEHQREVHUYDUHQPDWHULDGHFDPSDxDV\SURSDJDQGDHOHFWRUDOHVVHDGYLHUWHTXHSXHGHQ
VHULQFXPSOLGDVDWUDYpVGHVXVGLULJHQWHVPLHPEURVDVtFRPRHQFLHUWRVFDVRVVLPSDWL]DQWHV\WHUFHURVGH
ORFXDOWHQGUiQUHVSRQVDELOLGDG
(Q HIHFWR SXHGHQ H[LVWLU SHUVRQDV TXH DXQ FXDQGR QR WHQJDQ DOJ~Q FDUiFWHU SDUWLGDULR R QH[R FRQ HO
LQVWLWXWRSROtWLFRVLQHPEDUJROOHYHQDFDERDFFLRQHVXRPLVLRQHVTXHWHQJDQFRQVHFXHQFLDVHQHOiPELWRGH
DFFLyQGHORVSDUWLGRV\HVRGDOXJDUDTXHVREUHWDOHVFRQGXFWDVHOSDUWLGRGHVHPSHxHWDPELpQHOSDSHOGH
JDUDQWH
(QHVDYLUWXGODVFRQGXFWDVGHFXDOTXLHUDGHORVGLULJHQWHVPLHPEURVVLPSDWL]DQWHVWUDEDMDGRUHVGHXQ
SDUWLGR SROtWLFR R LQFOXVR GH SHUVRQDV GLVWLQWDV VLHPSUH TXH VHDQ HQ LQWHUpV GH HVD HQWLGDG R GHQWUR GHO
iPELWRGHDFWLYLGDGGHOSDUWLGRFRQODVFXDOHVVHFRQILJXUHXQDWUDVJUHVLyQDODVQRUPDVHVWDEOHFLGDV\VH
YXOQHUHQ R SRQJDQ HQ SHOLJUR ORV YDORUHV TXH WDOHV QRUPDV SURWHJHQ HV UHVSRQVDELOLGDG GHO SURSLR SDUWLGR
SROtWLFRSRUTXHHQWRQFHVKDEUiLQFXPSOLGRVXGHEHUGHYLJLODQFLD
&DEH GHVWDFDU TXH ORV DQWHULRUHV UD]RQDPLHQWRV VRQ FRQVLVWHQWHV FRQ ORV FULWHULRV GHO 7ULEXQDO (OHFWRUDO
GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ YHUWLGRV GHQWUR GH OD UHVROXFLyQ UHFDtGD DO UHFXUVR GH DSHODFLyQ
6835$3HPLWLGDSRUOD6DOD6XSHULRUGHHVHyUJDQRMXULVGLFFLRQDO\TXHDODSRVWUHVLUYLyFRPR
EDVHSDUDODHPLVLyQGHODVLJXLHQWHWHVLVUHOHYDQWH
³3$57,'2632/,7,&26621,0387$%/(6325/$&21'8&7$'(6860,(0%526
< 3(5621$6 5(/$&,21$'$6 &21 686 $&7,9,'$'(6 /D LQWHUSUHWDFLyQ GH ORV
DUWtFXORVVHJXQGRSiUUDIREDVHV,\,,GHOD&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV
0H[LFDQRV DSDUWDGR LQFLVR D \ GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV (OHFWRUDOHV SHUPLWH FRQFOXLU TXH ORV SDUWLGRV SROtWLFRV VRQ SHUVRQDV
MXUtGLFDV TXH SXHGHQ FRPHWHU LQIUDFFLRQHV D GLVSRVLFLRQHV HOHFWRUDOHV D WUDYpV GH VXV
GLULJHQWHV PLOLWDQWHV VLPSDWL]DQWHV HPSOHDGRV H LQFOXVR SHUVRQDV DMHQDV DO SDUWLGR
SROtWLFR3DUDDUULEDUDHVWDFRQFOXVLyQVHWLHQHHQFXHQWDTXHODVSHUVRQDVMXUtGLFDVHQWUH
ODVTXHVHFXHQWDQORVSDUWLGRVSROtWLFRVSRUVXQDWXUDOH]DQRSXHGHQDFWXDUSRUVtVRODV
SHUR VRQ VXVFHSWLEOHV GH KDFHUOR D WUDYpV GH DFFLRQHV GH SHUVRQDV ItVLFDV UD]yQ SRU OD
FXDOODFRQGXFWDOHJDORLOHJDOHQTXHLQFXUUDXQDSHUVRQDMXUtGLFDVyORSXHGHUHDOL]DUVHD
WUDYpVGHODDFWLYLGDGGHDTXpOODV(OOHJLVODGRUPH[LFDQRUHFRQRFHDORVSDUWLGRVSROtWLFRV
FRPR HQWHV FDSDFHV GH FRPHWHU LQIUDFFLRQHV D ODV GLVSRVLFLRQHV HOHFWRUDOHV D WUDYpV GH
SHUVRQDV ItVLFDV WDQWR HQ OD &RQVWLWXFLyQ IHGHUDO DO HVWDEOHFHU HQ HO DUWtFXOR TXH ORV
SDUWLGRVSROtWLFRVVHUiQVDQFLRQDGRVSRUHOLQFXPSOLPLHQWRGHODVGLVSRVLFLRQHVUHIHULGDVHQ
HO SUHFHSWR FRPR HQ HO iPELWR OHJDO HQ HO DUWtFXOR TXH SUHYp FRPR REOLJDFLyQ GH ORV
SDUWLGRV SROtWLFRV FRQGXFLU VXV DFWLYLGDGHV GHQWUR GH ORV FDXFHV OHJDOHV \ DMXVWDU VX
FRQGXFWD \ OD GH VXV PLOLWDQWHV D ORV SULQFLSLRV GHO (VWDGR GHPRFUiWLFR HVWH SUHFHSWR
UHJXODDHOSULQFLSLRGHUHVSHWRDEVROXWRGHODQRUPDTXHGHVWDFDODPHUDWUDQVJUHVLyQD
ODQRUPDFRPREDVHGHODUHVSRQVDELOLGDGGHOSDUWLGRORTXHHVDFRUGHFRQHODUWtFXOR
PHQFLRQDGRHOFXDOGLVSRQHTXHDOSDUWLGRVHOHLPSRQGUiXQDVDQFLyQSRUODYLRODFLyQDOD
OH\\EODSRVLFLyQGHJDUDQWHGHOSDUWLGRSROtWLFRUHVSHFWRGHODFRQGXFWDGHVXVPLHPEURV
\VLPSDWL]DQWHVDOLPSRQHUOHODREOLJDFLyQGHYHODUSRUTXHpVWDVHDMXVWHDORVSULQFLSLRVGHO
(VWDGRGHPRFUiWLFRHQWUHORVFXDOHVGHVWDFDHOUHVSHWRDEVROXWRDODOHJDOLGDGGHPDQHUD
TXHODVLQIUDFFLRQHVTXHFRPHWDQGLFKRVLQGLYLGXRVFRQVWLWX\HQHOFRUUHODWLYRLQFXPSOLPLHQWR
GHODREOLJDFLyQGHOJDUDQWH ±SDUWLGR SROtWLFR±TXH GHWHUPLQDVXUHVSRQVDELOLGDG SRUKDEHU
DFHSWDGRRDOPHQRVWROHUDGRODVFRQGXFWDVUHDOL]DGDVGHQWURGHODVDFWLYLGDGHVSURSLDVGHO
LQVWLWXWR SROtWLFR HVWR FRQOOHYD HQ ~OWLPR FDVR OD DFHSWDFLyQ GH ODV FRQVHFXHQFLDV GH OD
FRQGXFWDLOHJDO\SRVLELOLWDODVDQFLyQDOSDUWLGRVLQSHUMXLFLRGHODUHVSRQVDELOLGDGLQGLYLGXDO
(O SDUWLGR SROtWLFR SXHGH VHU UHVSRQVDEOH WDPELpQ GH OD DFWXDFLyQ GH WHUFHURV TXH QR
QHFHVDULDPHQWH VH HQFXHQWUDQ GHQWUR GH VX HVWUXFWXUD LQWHUQD VL OH UHVXOWD OD FDOLGDG GH
JDUDQWH GH OD FRQGXFWD GH WDOHV VXMHWRV /R DQWHULRU VREUH OD EDVH GH TXH WDQWR HQ OD
&RQVWLWXFLyQ FRPR HQ OD OH\ HOHFWRUDO VHFXQGDULD VH HVWDEOHFH TXH HO LQFXPSOLPLHQWR D
FXDOTXLHUDGHODVQRUPDVTXHFRQWLHQHQORVYDORUHVTXHVHSURWHJHQFRQHOHVWDEOHFLPLHQWR
D QLYHO FRQVWLWXFLRQDO GH ORV SDUWLGRV SROtWLFRV DFDUUHD OD LPSRVLFLyQ GH VDQFLRQHV HVWRV
YDORUHVFRQVLVWHQHQODFRQIRUPDFLyQGHODYROXQWDGJHQHUDO\ODUHSUHVHQWDWLYLGDGDWUDYpV
GHOFXPSOLPLHQWRGHODIXQFLyQS~EOLFDFRQIHULGDDORVSDUWLGRVSROtWLFRVODWUDQVSDUHQFLDHQ
HOPDQHMRGHORVUHFXUVRVHVSHFLDOPHQWHORVGHRULJHQS~EOLFRDVtFRPRVXLQGHSHQGHQFLD
LGHROyJLFD\IXQFLRQDOUD]yQSRUODFXDOHVSRVLEOHHVWDEOHFHUTXHHOSDUWLGRHVJDUDQWHGHOD
FRQGXFWDWDQWRGHVXVPLHPEURVFRPRGHODVSHUVRQDVUHODFLRQDGDVFRQVXVDFWLYLGDGHV
VLWDOHVDFWRVLQFLGHQHQHOFXPSOLPLHQWRGHVXVIXQFLRQHVDVtFRPRHQODFRQVHFXFLyQGH
VXVILQHV/RDQWHULRUVHYHUHIRU]DGRFRQORHVWDEOHFLGRHQODGRFWULQDHQHOVHQWLGRGHTXH
ORVDFWRVTXHORVyUJDQRVHVWDWXWDULRV HMHFXWDQHQ HOGHVHPSHxRGHODV IXQFLRQHVTXH OHV
FRPSHWHQVHFRQVLGHUDQFRPRDFWRVGHODSURSLDSHUVRQDMXUtGLFD\GHOGHEHUGHYLJLODQFLD
GHODSHUVRQDMXUtGLFDFXOSDLQYLJLODQGRVREUHODVSHUVRQDVTXHDFW~DQHQVXiPELWR
5HFXUVR GH DSHODFLyQ 6835$3 3DUWLGR 5HYROXFLRQDULR ,QVWLWXFLRQDO GH
PD\R GH 0D\RUtD GH YRWRV (QJURVH /HRQHO &DVWLOOR *RQ]iOH] \ 0DXUR 0LJXHO
5H\HV =DSDWD /RV 0DJLVWUDGRV $OIRQVLQD %HUWD 1DYDUUR +LGDOJR -RVp )HUQDQGR 2MHVWR
0DUWtQH] 3RUFD\R \ (OR\ )XHQWHV &HUGD QR VH SURQXQFLDURQ VREUH HO WHPD GH OD WHVLV
6HFUHWDULD%HDWUL]&ODXGLD=DYDOD3pUH]
6DOD6XSHULRUWHVLV6(/
&RPSLODFLyQ 2ILFLDO GH -XULVSUXGHQFLD \ 7HVLV 5HOHYDQWHV SiJLQDV
´
1RREVWDQWHORDQWHVH[SXHVWRHVWDDXWRULGDGQRSXHGHGHVFRQRFHUTXHHOPRWLYRSULQFLSDOGHODUHIRUPD
IXH HVWDEOHFHU XQ FDWDORJR GH VXMHWRV DVt FRPR GH SRVLEOHV LQIUDFFLRQHV D OD QRUPDWLYLGDG HOHFWRUDO FRQ HO
~QLFRHIHFWRGHTXHFDGDXQRGHHOORVIXHUDUHVSRQVDEOHGHODFRQGXFWDTXHUHDOL]DUD
(Q HVH RUGHQ GH LGHDV FRQ EDVH HQ OD OHJLVODFLyQ DFWXDO VH FRQVLGHUD QHFHVDULR WHQHU XQ HOHPHQWR
REMHWLYRTXHSHUPLWDUHVSRQVDELOL]DUGHIRUPDGLUHFWDDOSDUWLGRSROtWLFRFRQODFRPLVLyQGHODFRQGXFWDTXHHQ
VXFDVRKDJDXQDVSLUDQWHSUHFDQGLGDWRFDQGLGDWRRSHUVRQDItVLFD\RPRUDOHVGHFLUHVQHFHVDULRTXHVH
FXHQWHFRQXQHOHPHQWRTXHSHUPLWDHYLGHQFLDUTXHHOSDUWLGRSROtWLFR TXH RVWHQWDODILJXUDGHJDUDQWHYDD
UHFLELUXQEHQHILFLRSRUODUHDOL]DFLyQGHODFRQGXFWD
(V SRU OR DQWHULRU TXH VH FRQVLGHUD TXH OD GLIXVLyQ GH OD LPDJHQ \ HO QRPEUH GH OD & )UH\GD 0DU\EOH
9LOOHJDV&DQFKpDQWHVGHORVWLHPSRVSHUPLWLGRVSDUDUHDOL]DUDFWRVDQWLFLSDGRVGHSUHFDPSDxDQROHSXHGHQ
VHULPSXWDEOHVDO3DUWLGR$FFLyQ1DFLRQDOHQHOVHQWLGRGHTXHGLFKRLQVWLWXWRSROtWLFRQRGHVSOHJyVXGHEHU
GH YLJLODQFLD FRQ HO ILQ GH TXH QR VH YLROHQWDUD OD QRUPD FRPLFLDO \D TXH FRPR VH DFUHGLWy HQ DXWRV OD
FRQWUDWDFLyQ GH OD SXEOLFLGDG GHQXQFLDGD VH UHDOL]y HQ HO FRQWH[WR GH SUHVXQWDPHQWH GLIXQGLU HO QRPEUH \
ORJRWLSRGHXQD$VRFLDFLyQ&LYLO
(Q FRQVHFXHQFLD \ HQ FRQFRUGDQFLD FRQ OR DQWHV H[SXHVWR VH GHFODUD LQIXQGDGD OD SUHVHQWH TXHMD
UHVSHFWRGHO3DUWLGR$FFLyQ1DFLRQDO
3RU ~OWLPR FRQ UHODFLyQ D TXH HO UHSUHVHQWDQWH GHO 3DUWLGR $FFLyQ 1DFLRQDO VROLFLWy HQ OD DXGLHQFLD GH
SUXHEDV \ DOHJDWRV TXH VH UHDOL]y HO GtD RQFH GH PD\R GH GRV PLO QXHYH TXH VH DVHQWDUD HQ HO DFWD
FRUUHVSRQGLHQWHODSUHVHQFLDGHXQIXQFLRQDULRGHDOWRQLYHOSHUWHQHFLHQWHDO$\XQWDPLHQWRGH%HQLWR-XiUH]
4XLQWDQ5RRVHGHMDQDVDOYRVXVGHUHFKRSDUDTXHUHDOLFHORTXHDVXLQWHUpVFRQYHQJDWRGDYH]TXHGLFKD
VLWXDFLyQQRHQFXHQWUDXQDUHODFLyQGLUHFWDFRQORVKHFKRVTXHHQHVWDYtDVHUHVXHOYHQ
'(&,02 4XH XQD YH] TXH HVWD DXWRULGDG VH KD SURQXQFLDGR UHVSHFWR GH ODV FRQGXFWDV DWULEXLGDV D OD
& )UH\GD 0DU\EHO 9LOOHJDV &DQFKp $VRFLDFLyQ &LYLO 8QLGDG )DPLOLDU 4XLQWDQDUURHQVH HO 3DUWLGR $FFLyQ
1DFLRQDOORSURFHGHQWHVHVHVWXGLDUODFRQGXFWDUHODFLRQDGDFRQODHPSUHVD7HOHYLVLyQGH&DQF~Q6$GH
&9 UHODFLRQDGD FRQ OD WUDQVPLVLyQ GH SURPRFLRQDOHV HQ ORV TXH DSDUHFH OD & )UH\GD 0DU\EHO 9LOOHJDV
&DQFKp
$O UHVSHFWR HO 5HSUHVHQWDQWH /HJDO GH OD HPSUHVD WHOHYLVRUD GH &DQF~Q 6$ '( &9 ³79&81´ HQ HO
HVFULWRTXHSUHVHQWyHORQFHGHPD\RGHGRVPLOQXHYHDVtFRPRORVDOHJDWRVKHFKRVYDOHUHQODDXGLHQFLDGH
SUXHEDV\DOHJDWRVTXHVHFHOHEUyHQPLVPDIHFKDUHDOL]yODVVLJXLHQWHVPDQLIHVWDFLRQHV
x 4XH HO FRQWUDWR FHOHEUDGR SDUD OD WUDQVPLVLyQ GH GLYHUVRV SURPRFLRQDOHV \ FLQWLOORV HQ GLFLHPEUH GH
GRVPLORFKRIXHFRQOD$VRFLDFLyQ&LYLO8QLGDG)DPLOLDU4XLQWDQDUURHQVHSRUXQ0HMRU&DQF~Q
x 4XH VX LQWHQFLyQ QR IXH UHDOL]DU HO FRQWUDWR FRQ OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp VLQR FRQ OD
$VRFLDFLyQ&LYLOTXLHQUHDOL]yORVSDJRVUHVSHFWLYRV
x 4XHHVDHPSUHVDQRFRQRFtDHOFRQWHQLGRGHORVSURPRFLRQDOHV\FLQWLOORVTXHVHFRQWUDWDURQSXHV
QRFRUUHVSRQGHKDFHUXQDFHQVXUDSUHYLDGHORVSURPRFLRQDOHVTXHVHHQWUHJDQSDUDVXWUDQVPLVLyQ
SXHV HOOR LPSOLFDUtD GHVFRQRFHU HO GHUHFKR D OD OLEHUWDG GH H[SUHVLyQ FRQVDJUDGR HQ HO DUWtFXOR R
FRQVWLWXFLRQDO
x 4XHDODIHFKDHQTXHVHFRQWUDWDURQ\WUDQVPLWLHURQORVSURPRFLRQDOHV\FLQWLOORVSRU8QLGDG)DPLOLDU
4XLQWDQDUURHQVH $& OD FLXGDGDQD )UH\GD 0DULEH\ 9LOOHJDV &DQFKp QR HUD SUHFDQGLGDWD QL
FDQGLGDWDGHDOJ~QSDUWLGRSROtWLFRDFDUJRGHHOHFFLyQSRSXODU
x 4XHVLKXELHVHFRQRFLGRHOFRQWHQLGRGHOSURPRFLRQDOGHPDQHUDSUHYLDDVXGLIXVLyQWDPSRFROHHUD
H[LJLEOH D VX UHSUHVHQWDGD VDEHU VL OD SDUWLFLSDFLyQ GH OD FLXGDGDQD UHIHULGD HQ ORV SURPRFLRQDOHV
FRQWUDWDGRV SRU OD DVRFLDFLyQ FLYLO 8QLGDG )DPLOLDU 4XLQWDQDUURHQVH VH HQFRQWUDEDQ IXHUD GH ORV
FDXFHV OHJDOHV SXHV OD FRQWUDWDFLyQ QR VH YLQFXODED FRQ SUHFDQGLGDWRV FDQGLGDWRV QL SDUWLGRV
SROtWLFRVVLWXDFLyQTXHHVWiFODUDPHQWHHQODOH\
x 4XH HQ VX UHSUHVHQWDGD \D KDEtD SUHVWDGR HO VHUYLFLR GH WUDQVPLVLyQ GH SURPRFLRQDOHV \
FLQWLOORV D 8QLGDG )DPLOLDU 4XLQWDQDUURHQVH SRU XQ 0HMRU &DQF~Q VLQ TXH ORV PLVPRV OH IXHUDQ
REVHUYDGRVSRUODDXWRULGDGSRUORTXHQRFRQWDEDFRQHOHPHQWRVTXHOHKLFLHUDQVXSRQHUTXHGLFKD
FRQGXFWD SXGLHUD HVWLPDUVH YLRODWRULD GH OD QRUPDWLYLGDG HOHFWRUDO Pi[LPH VL HO VHUYLFLR VH SUHVWy D
HVD$VRFLDFLyQ&LYLO
x 4XH OD FRQWUDWDFLyQ GH ORV SURPRFLRQDOHV \ FLQWLOORV QR IXH FRQ HO REMHWR GH SRQHU D GLVSRVLFLyQ GHO
FOLHQWH WLHPSR WHOHYLVLYR SDUD SURSDJDQGD HOHFWRUDO R SROtWLFD D IDYRU GH SDUWLGRV SROtWLFRV
SUHFDQGLGDWRV R FDQGLGDWRV VL QR TXH VyOR FRQVLVWLy HQ XQD PHUD SUHVWDFLyQ GH VHUYLFLRV SDUD XQD
DVRFLDFLyQFLYLO
8QD YH] TXH KDQ VLGR H[SXHVWRV ORV PRWLYRV GH H[FHSFLyQ KHFKRV YDOHU SRU HO UHSUHVHQWDQWH GH OD
WHOHYLVRUDHQFLWDVHFRQVLGHUDQHFHVDULRSUHFLVDUFXiOHVODLQIUDFFLyQTXHHQVXFDVRVHOHSRGUtDLPSXWDUDO
VXMHWRHQFRPHQWRPRWLYRSRUHOFXDOUHVXOWDFRQYHQLHQWHFLWDUHOFRQWHQLGRGHODUWtFXORSiUUDIRLQFLVRV
D\EGHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVDVDEHU
³$UWtFXOR
&RQVWLWX\HQLQIUDFFLRQHVDOSUHVHQWH&yGLJRGHORVFRQFHVLRQDULRVRSHUPLVLRQDULRVGH
UDGLR\WHOHYLVLyQ
D /D YHQWD GH WLHPSR GH WUDQVPLVLyQ HQ FXDOTXLHU PRGDOLGDG GH SURJUDPDFLyQ D ORV
SDUWLGRVSROtWLFRVDVSLUDQWHVSUHFDQGLGDWRVRFDQGLGDWRVDFDUJRVGHHOHFFLyQSRSXODU
E /D GLIXVLyQ GH SURSDJDQGD SROtWLFD R HOHFWRUDO SDJDGD R JUDWXLWD RUGHQDGD SRU
SHUVRQDVGLVWLQWDVDO,QVWLWXWR)HGHUDO(OHFWRUDO
«
$O UHVSHFWR \ FRPR VH GHMy SUHFLVDGR FRQ DQWHODFLyQ HO GHQXQFLDQWH UHILULy OD WUDQVPLVLyQ GH XQ
SURPRFLRQDOQDYLGHxRHQHOTXHDSDUHFtDOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpHQHOTXHVXSXHVWDPHQWHVH
KDFHDOXVLyQDO3DUWLGR$FFLyQ1DFLRQDO\TXHVHJ~QVXGLFKRVHWUDQVPLWLyHQGLFLHPEUHGHGRVPLORFKR
$VtGHULYDGRGHODVGLOLJHQFLDVUHDOL]DGDVSRUHVWDDXWRULGDGDVtFRPRSRUHOGLFKRGHOUHSUHVHQWDQWHGHOD
HPSUHVD 7HOHYLVLyQ GH &DQF~Q 6$ GH &9 ³79&81´ VH GHVSUHQGH TXH GLFKR SURPRFLRQDO Vt IXH
WUDQVPLWLGRVLQHPEDUJRSUHFLVyTXHHOPLVPRIXHWUDQVPLWLGRHQGLFLHPEUHGHGRVPLOVLHWH
(QFRQVHFXHQFLDGHORVHOHPHQWRVTXHREUDQHQDXWRVQRVHWLHQHSRUDFUHGLWDGRTXHODWUDQVPLVLyQGHO
VSRW TXH DOXGH HO GHQXQFLDQWH VH KD\D UHDOL]DGR GHQWUR GHO SHULRGR GHO SUHVHQWH SURFHVR HOHFWRUDO IHGHUDO
PRWLYR SRU HO FXDO QR SXHGH VHU REMHWR GH HVWXGLR WDO FRPR VH KD VRVWHQLGR D OR ODUJR GH OD SUHVHQWH
GHWHUPLQDFLyQ
1R REVWDQWH OR DQWHV H[SXHVWR QR SDVD GHVDSHUFLELGR SDUD HVWD DXWRULGDG TXH GH ODV LQGDJDWRULDV
UHDOL]DGDV DO 'LUHFWRU 5HJLRQDO GH OD 7HOHYLVRUD HQ FXHVWLyQ VH DFUHGLWy OD GLIXVLyQ GH XQ SURPRFLRQDO
QDYLGHxRSRUSDUWHGHODGHQXQFLDGDHQHOPHVGHGLFLHPEUHGHGRVPLORFKRHQHOTXHGDEDXQPHQVDMHFRQ
PRWLYRGHODVILHVWDVGHFHPEULQDVRVWHQWiQGRVHFRQHOFDUiFWHUGH3UHVLGHQWDGHOD$VRFLDFLyQ&LYLO³8QLGDG
)DPLOLDU4XLQWDQDUURHQVH´
(QHVHWHQRUGHORVHOHPHQWRVDSRUWDGRVSRUODWHOHYLVRUDVHDGYLHUWHTXHHQHOSURPRFLRQDODSDUHFHOD
SURPRFLRQDO ORV HOHPHQWRV GHO FLQWLOR VRQ HO ORJRWLSR \ GHQRPLQDFLyQ VRFLDO GH OD DVRFLDFLyQ HQ FLWD \ HO
$PpQGHORH[SXHVWRGHODVFRQVWDQFLDVDSRUWDGDVSRUOD7HOHYLVRUDGH&DQF~Q6$GH&979&81VH
GHVSUHQGH TXH HO SURPRFLRQDO GH UHIHUHQFLD IXH FRQWUDWDGR SRU ³8QLGDG )DPLOLDU 4XLQWDQDUURHQVH $&´ \
GLIXQGLGRGHOVHLVDOGLHFLVLHWHGHGLFLHPEUHGHGRVPLORFKRHQORVFDQDOHV\LGHQWLILFDGRVFRQODVVLJODV
;+452279\;+&&879UHVSHFWLYDPHQWH
(QHVHVHQWLGRVLELHQHVFLHUWRTXHODYHQWDGHWLHPSRDLUHSDUDODGLIXVLyQGHORVDQXQFLRVGHPpULWRSRU
SDUWHGHODWHOHYLVRUDDOXGLGDSXGLHUDFRQVLGHUDUVHHQSULQFLSLRLQIUDFWRUDGHODKLSyWHVLVUHVWULFWLYDSUHYLVWD
HQHODUWtFXORSiUUDIRLQFLVRDGHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVHVWD
DXWRULGDGFRQVLGHUDTXHQRVHFXHQWDFRQHOHPHQWRVVXILFLHQWHVSDUDSRGHUHVWDEOHFHUXQMXLFLRGHUHSURFKH
HQFRQWUDGHODFRQFHVLRQDULDGHUHIHUHQFLD
/RDQWHULRUSRUTXHOD7HOHYLVRUDGH&DQF~Q6$GH&9³79&81ÚHDOL]yODFRQWUDWDFLyQUHVSHFWLYDFRQ
XQD DVRFLDFLyQ FLYLO HV GHFLU XQD SHUVRQD PRUDO GH GHUHFKR SULYDGR FX\R REMHWR VRFLDO QR JXDUGD UHODFLyQ
DOJXQDFRQORVILQHVTXHFRQVWLWXFLRQDO\OHJDOPHQWHFRUUHVSRQGHQDORVSDUWLGRVSROtWLFRV
(QHIHFWRODFRPSUDYHQWDGHOWLHPSRDLUHSDUDODGLIXVLyQGHODSURSDJDQGDGHQXQFLDGDIXHUHDOL]DGDSRU
OD $VRFLDFLyQ &LYLO 8QLGDG )DPLOLDU 4XLQWDQDUURHQVH SRU OR TXH UHVXOWDUtD MXUtGLFDPHQWH LQYLDEOH SUHWHQGHU
UHVSRQVDELOL]DU D OD WHOHYLVRUD VHxDODGD FXDQGR OD PLVPD REUy GH EXHQD IH UHDOL]DQGR XQD RSHUDFLyQ GH
FDUiFWHUFRPHUFLDO
$KRUD ELHQ GHEH GHFLUVH TXH WDPSRFR HV SRVLEOH UHVSRQVDELOL]DU D GLFKD WHOHYLVRUD HQ UD]yQ GH TXH OD
PLVPD SHU VH QR SXHGH FXHVWLRQDU \ PXFKR PHQRV FHQVXUDU HO FRQWHQLGR TXH OH HV SURSRUFLRQDGR SDUD VX
GLIXVLyQ SXHV DVXPLU HVD SRVWXUD SRGUtD LPSOLFDU LU HQ FRQWUD GH XQD GH ODV JDUDQWtDV LQGLYLGXDOHV TXH
FRQVDJUDOD/H\)XQGDPHQWDOODOLEHUWDGGHH[SUHVLyQ
)LQDOPHQWH HQ DXWRV QR VH FXHQWD FRQ HOHPHQWRV VXILFLHQWHV TXH GHPXHVWUHQ OD LQWHQFLyQ GH ORV
FRQFHVLRQDULRVGHPpULWRGHLQIULQJLUODQRUPDWLYDFRPLFLDOIHGHUDOGDGRTXHFRPR\DVHPHQFLRQyREUDURQ
GH EXHQD IH DO HQDMHQDU HO WLHPSR DLUH UHIHULGR HO FXDO IXH DGTXLULGR SRU XQD DVRFLDFLyQ FLYLO \ HQ
FXPSOLPLHQWRDODVDFWLYLGDGHVLQKHUHQWHVDVXWtWXORGHFRQFHVLyQ
$VLPLVPR HV SUHFLVR VHxDODU TXH GHO FRQWHQLGR GHO DUWtFXOR GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV (OHFWRUDOHV QR VH GHVSUHQGH SURKLELFLyQ H[SUHVD GH TXH ORV FRQFHVLRQDULRV FRQWUDWHQ R
SXHGDQYHQGHUWLHPSRHQWHOHYLVLyQFRQSHUVRQDVPRUDOHVHQHOFDVRFRQDOJXQDDVRFLDFLyQFLYLOSRUORTXH
ODIDOWDGHGLVSRVLFLyQH[SUHVDHQHOFyGLJRFRPLFLDOIHGHUDOUHVSHFWRDODH[FHSFLyQVHxDODGDDWLHQGHDTXH
HVWD DXWRULGDG HOHFWRUDO VyOR HV FRPSHWHQWH FXDQGR ODV FRQGXFWDV HQ HVWH FDVR GH SHUVRQDV PRUDOHV
LQFLGDQHQHOiPELWRHOHFWRUDOHVGHFLUTXHHOFRQWHQLGRTXHVHGLIXQGDVHDSURSDJDQGDSROtWLFDHOHFWRUDOVyOR
GHHVWDIRUPDVHUiFRPSHWHQWHSDUDLQWHUYHQLUFRUUHJLU\VDQFLRQDUGLFKDFRQGXFWD
0i[LPH VL VH WRPD HQ FXHQWD TXH HO FRQWHQLGR GHO SURPRFLRQDO TXH FRQWUDWy OD DVRFLDFLyQ FLYLO 8QLGDG
)DPLOLDU 4XLQWDQDUURHQVH FRQ OD 7HOHYLVRUD GH &DQF~Q 6$ GH &9 VL HV DQDOL]DGR GH IRUPD DLVODGD QR
SXHGHVHUFRQVLGHUDGRSURSDJDQGDSROtWLFD\RHOHFWRUDOWDOFRPRVHSUHFLVyHQHOFRQVLGHUDQGRVpSWLPRGHOD
SUHVHQWH GHWHUPLQDFLyQ SXHVGHOPLVPRVyORVH GHVSUHQGH OD LQWHQFLyQGHPDQGDUXQPHQVDMHUHODFLRQDGR
FRQODVILHVWDVGHFHPEULQDV
(QHVDWHVLWXUDDXQFXDQGRHVWDDXWRULGDGFRQFOX\yTXHGHODDGPLQLFXODFLyQGHODGLYHUVDSURSDJDQGD
GHVSOHJDGDSRUOD&)UH\GD0DU\EHO9LOOHJDV&DQFKHODPLVPDWHQtDFRPRREMHWLYRTXHHOODIXHUDUHJLVWUDGD
FRPR FDQGLGDWD DO FDUJR GH HOHFFLyQ SRSXODU PXOWLUHIHULGR SRU HO 3DUWLGR $FFLyQ 1DFLRQDO OR FLHUWR HV TXH
FRPR VH GLMR HQ HO SiUUDIR TXH DQWHFHGH FXDQGR HO SURPRFLRQDO HV YLVWR GH IRUPD LQGLYLGXDO QR KD\ XQ
HOHPHQWR TXH OH SHUPLWLHUD D OD HPSUHVD WHOHYLVLYD VDEHU FXiO HUD OD LQWHQFLyQ UHDO GH OD GLIXVLyQ GH GLFKR
SURPRFLRQDO
3RUORDQWHULRUVHHVWLPDTXHVLELHQODVFRQFHVLRQDULDVGHEHQREVHUYDULUUHVWULFWDPHQWHHOFXPSOLPLHQWR
GHODQRUPDWLYLGDGHOHFWRUDOORFLHUWRHVTXHQRFXHQWDQFRQIDFXOWDGDOJXQDSDUDVRPHWHUDLQYHVWLJDFLyQODV
DILUPDFLRQHVTXHHQVXFDVROHVIRUPXOHQODVSHUVRQDVTXHFRQWUDWDQVXVVHUYLFLRVHVSHFLDOPHQWHVLFRPRHQ
HO DVXQWR TXH VH WUDWD IXH XQD DVRFLDFLyQ FLYLO OR TXH LQFOXVR SXGR JHQHUDU FRQIXVLyQ HQ HO iQLPR GH ODV
SHUVRQDVTXHVXVFULELHURQODFRQWUDWDFLyQGHORVSURPRFLRQDOHV
&RPR VH REVHUYD HQ HO SUHVHQWH DVXQWR QR REUD HQ SRGHU GH HVWD DXWRULGDG HOHPHQWR GH FRQYLFFLyQ
DOJXQR TXH SHUPLWD HVWDEOHFHU TXH OD FRQFHVLRQDULD GHQXQFLDGD DO PRPHQWR GH FRQWUDHU ODV REOLJDFLRQHV
FRPHUFLDOHV SDUD GLIXQGLU ORV SURPRFLRQDOHV PDWHULD GHO DFWXDO SURFHGLPLHQWR VH HQFRQWUy HQ DSWLWXG GH
FRQRFHUODLOHJDOLGDGRQRGHODFRQGXFWDGHVSOHJDGDSRUODDVRFLDFLyQFLYLO8QLGDG)DPLOLDU4XLQWDQDUURHQVH
TXHFRQWUDWyGLFKDGLIXVLyQ
(QFRQVHFXHQFLDVHFRQVLGHUDTXH7HOHYLVRUDGH&DQF~Q6$GH&9QRSXHGHFRQVLGHUDUVHLQIUDFWRUD
GHODQRUPDWLYLGDGHOHFWRUDOIHGHUDOPRWLYRSRUHOFXDOHQHOFDVRUHVXOWDDSOLFDEOHHOSULQFLSLRGHSUHVXQFLyQ
GHLQRFHQFLD
$O UHVSHFWR FDH UHIHULU OD WHVLV UHOHYDQWH HPLWLGD SRU OD 6DOD 6XSHULRU GHO 7ULEXQDO (OHFWRUDO GHO 3RGHU
-XGLFLDOGHOD)HGHUDFLyQFX\RUXEUR\WH[WRHVHOVLJXLHQWH
³35(681&,21 '( ,12&(1&,$ 68 1$785$/(=$ < $/&$1&( (1 (/ '(5(&+2
$'0,1,675$7,926$1&,21$'25(/(&725$/²/DSUHVXQFLyQGHLQRFHQFLDHVXQD
JDUDQWtDGHODFXVDGRGHXQDLQIUDFFLyQDGPLQLVWUDWLYDGHODFXDOVHJHQHUDHOGHUHFKRDVHU
WHQLGR\WUDWDGRFRPRLQRFHQWHPLHQWUDVQRVHSUXHEHORFRQWUDULR\WLHQHSRUREMHWRHYLWDU
TXH ODV DXWRULGDGHV MXULVGLFFLRQDOHV R DGPLQLVWUDWLYDV FRQ OD GHWHQWDFLyQ GHO SRGHU
LQYROXFUHQ IiFLOPHQWH D ORV JREHUQDGRV HQ SURFHGLPLHQWRV VDQFLRQDWRULRV FRQ HOHPHQWRV
VLPSOHV \ VLQ IXQGDPHQWR HQ XQ MXLFLR UD]RQDEOH VREUH VX DXWRUtD R SDUWLFLSDFLyQ HQ ORV
KHFKRV LPSXWDGRV $ WUDYpV GH HVWD JDUDQWtD VH H[LJH TXH ODV DXWRULGDGHV VDQFLRQDGRUDV
UHFLEDQRUHFDEHQSUXHEDVLGyQHDVDSWDV\VXILFLHQWHVFRQUHVSHWRLUUHVWULFWRGHWRGDVODV
IRUPDOLGDGHV \ UHTXLVLWRV GHO GHELGR SURFHVR OHJDO VLQ DIHFWDFLyQ QR DXWRUL]DGD GH ORV
GHUHFKRV IXQGDPHQWDOHV \ PHGLDQWH LQYHVWLJDFLRQHV H[KDXVWLYDV \ VHULDV GLULJLGDV D
FRQRFHU OD YHUGDG REMHWLYD GH ORV KHFKRV GHQXQFLDGRV \ GH ORV UHODFLRQDGRV FRQ HOORV
UHVSHFWRDOREMHWRGHODLQYHVWLJDFLyQPLHQWUDVQRVHFXHQWHFRQORVHOHPHQWRVFRQJUDGR
VXILFLHQWHGHFRQYLFFLyQVREUHODDXWRUtDRSDUWLFLSDFLyQHQORVPLVPRVGHOLQGLFLDGRSDUDOR
FXDO GHEHUiQ UHDOL]DUVH WRGDV ODV GLOLJHQFLDV SUHYLVLEOHV RUGLQDULDPHQWH D VX DOFDQFH FRQ
DWHQFLyQ D ODV UHJODV GH OD OyJLFD \ D ODV Pi[LPDV GH H[SHULHQFLD GHQWUR GH OD VLWXDFLyQ
FXOWXUDO \ GH DSWLWXG PHGLD UHTXHULGD SDUD RFXSDU HO FDUJR GHVHPSHxDGR SRU OD DXWRULGDG
LQYHVWLJDGRUD\TXHHVWRVHKDJDDWUDYpVGHPHGLRVDGHFXDGRVFRQORVFXDOHVVHDJRWHQ
ODV SRVLELOLGDGHV UDFLRQDOHV GH OD LQYHVWLJDFLyQ GH PRGR TXH PLHQWUDV OD DXWRULGDG
VDQFLRQDGRUD QR UHDOLFH WRGDV ODV GLOLJHQFLDV QHFHVDULDV HQ ODV FRQGLFLRQHV GHVFULWDV HO
DFXVDGR VH PDQWLHQH SURWHJLGR SRU OD SUHVXQFLyQ GH LQRFHQFLD OD FXDO GHVHQYXHOYH VX
SURWHFFLyQ GH PDQHUD DEVROXWD VLQ YHUVH HO LQGLFLDGR HQ OD QHFHVLGDG GH GHVSOHJDU
DFWLYLGDGHV SUREDWRULDV HQ IDYRU GH VX LQRFHQFLD PiV DOOi GH OD HVWULFWD QHJDFLyQ GH ORV
KHFKRV LPSXWDGRV VLQ SHUMXLFLR GHO GHUHFKR GH KDFHUOR SHUR FXDQGR OD DXWRULGDG
UHVSRQVDEOH FXPSOH DGHFXDGDPHQWH FRQ VXV GHEHUHV \ HMHUFH HQ IRUPD DSURSLDGD VXV
SRGHUHV GH LQYHVWLJDFLyQ UHVXOWD IDFWLEOH VXSHUDU OD SUHVXQFLyQ GH LQRFHQFLD FRQ OD
DSUHFLDFLyQ FXLGDGRVD \ H[KDXVWLYD GH ORV LQGLFLRV HQFRQWUDGRV \ VX HQODFH GHELGR \
GHWHUPLQDQGRHQVXFDVRODDXWRUtDRSDUWLFLSDFLyQGHOLQFXOSDGRFRQHOPDWHULDOREWHQLGR
TXHSURGX]FDHOFRQYHQFLPLHQWRVXILFLHQWHHOFXDOGHEHLPSHOHUDOSURFHVDGRDDSRUWDUORV
HOHPHQWRV GH GHVFDUJR FRQ TXH FXHQWH R D FRQWULEXLU FRQ OD IRUPXODFLyQ GH LQIHUHQFLDV
GLYHUJHQWHVSDUDFRQWUDUUHVWDUHVRVIXHUWHVLQGLFLRVVLQTXHORDQWHULRULQGLTXHGHVSOD]DUHO
RQXV SUREDQGL FRUUHVSRQGLHQWH D OD DXWRULGDG \ VL HO LQGLFLDGR QR OR KDFH OH SXHGHQ
UHVXOWDU LQGLFLRV DGYHUVRV GHULYDGRV GH VX VLOHQFLR R DFWLWXG SDVLYD SRUTXH OD UHDFFLyQ
QDWXUDO \ RUGLQDULD GH XQD SHUVRQD LPSXWDGD FX\D VLWXDFLyQ VH SRQH HQ SHOLJUR FRQ OD
DFXPXODFLyQGHSUXHEDVLQFULPLQDWRULDVHQHOFXUVRGHOSURFHVRFRQVLVWHHQODDGRSFLyQGH
XQDFRQGXFWDDFWLYDGHFRODERUDFLyQFRQODDXWRULGDGHQSURGHVXVLQWHUHVHVHQFDPLQDGD
D GHVYDQHFHU ORV LQGLFLRV SHUQLFLRVRV FRQ H[SOLFDFLRQHV UDFLRQDOHV HQFDPLQDGDV D
GHVWUXLUORV R GHELOLWDUORV R FRQ OD DSRUWDFLyQ GH PHGLRV SUREDWRULRV SDUD DFUHGLWDU VX
LQRFHQFLD
5HFXUVR GH DSHODFLyQ 6835$3²3DUWLGR 5HYROXFLRQDULR ,QVWLWXFLRQDO² GH
VHSWLHPEUH GH ²8QDQLPLGDG HQ HO FULWHULR²3RQHQWH /HRQHO &DVWLOOR *RQ]iOH]²
6HFUHWDULD0yQLFD&DFKR0DOGRQDGR
6DOD6XSHULRUWHVLV6(/
&RPSLODFLyQ 2ILFLDO GH -XULVSUXGHQFLD \ 7HVLV 5HOHYDQWHV SiJLQDV
´
(QUD]yQGHWRGROR DQWHULRUPHQWHH[SXHVWRHOSUHVHQWH SURFHGLPLHQWR HVSHFLDOVDQFLRQDGRUSRU OR TXH
KDFHDOD7HOHYLVRUDGH&DQF~Q6$GH&9³79&81´GHEHUiGHFODUDUVHLQIXQGDGR
'(&,02 35,0(52 4XH XQD YH] TXH KD TXHGDGR GHPRVWUDGD SOHQDPHQWH OD FRPLVLyQ GHO LOtFLWR \ OD
UHVSRQVDELOLGDGGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpVHSURFHGHDLPSRQHUODVDQFLyQFRUUHVSRQGLHQWH
(O DUWtFXOR SiUUDIR LQFLVR F GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV
YLJHQWH D SDUWLU GHO TXLQFH GH HQHUR GH GRV PLO RFKR HVWDEOHFH ODV VDQFLRQHV DSOLFDEOHV D ORV DVSLUDQWHV
SUHFDQGLGDWRVRFDQGLGDWRVDFDUJRVGHHOHFFLyQSRSXODU
(O 7ULEXQDO (OHFWRUDO GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ GHQWUR GH ODV 7HVLV GH -XULVSUXGHQFLD
LGHQWLILFDGDVFRQORVUXEURV³$5%,75,23$5$/$,0326,&,21'(6$1&,21(6/27,(1((/&216(-2
*(1(5$/ '(/ ,167,7872 )('(5$/ (/(&725$/´ \ ³6$1&,21(6 $'0,1,675$7,9$6 (1 0$7(5,$
(/(&725$/ (/(0(1726 3$5$ 68 ),-$&,21 ( ,1',9,'8$/,=$&,21´ FRQ FODYHV 6(/- \
6(/- UHVSHFWLYDPHQWH VHxDOD TXH UHVSHFWR D OD LQGLYLGXDOL]DFLyQ GH OD VDQFLyQ TXH VH GHEH
LPSRQHUDXQSDUWLGRSROtWLFRQDFLRQDOSRUODFRPLVLyQGHDOJXQDLUUHJXODULGDGHO&RQVHMR*HQHUDOGHO,QVWLWXWR
)HGHUDO (OHFWRUDO SDUD ILMDU OD VDQFLyQ FRUUHVSRQGLHQWH GHEH WRPDU HQ FXHQWD ORV HOHPHQWRV REMHWLYRV \
VXEMHWLYRVTXHFRQFXUULHURQHQODFRPLVLyQGHODIDOWD
(OWLSRGHLQIUDFFLyQ
(QSULPHUWpUPLQRHVQHFHVDULRSUHFLVDUTXHODVQRUPDVWUDQVJUHGLGDVSRUOD&)UH\GD0DU\EHO9LOOHJDV
&DQFKpTXLHQDOPRPHQWR GHODSUHVHQWDFLyQGHODTXHMDTXHSRUHVWDGHWHUPLQDFLyQ VHUHVXHOYHGHEHVHU
FRQVLGHUDGD FRPR DVSLUDQWH D OD FDQGLGDWXUD DO FDUJR GH 'LSXWDGD )HGHUDO SRVWXODGD SRU HO 3DUWLGR $FFLyQ
1DFLRQDO HIHFW~R DFWRV DQWLFLSDGRV GH SUHFDPSDxD FRQ OD GLIXVLyQ GH SURSDJDQGD DOXVLYD D VX QRPEUH H
LPDJHQTXHVHFRORFyWDQWRHQEDUGDVFDPLRQHVGHWUDQVSRUWHS~EOLFR\ODWUDQVPLVLyQGHXQSURPRFLRQDOHQ
GLFLHPEUHGHWRGRHOORHQHO0XQLFLSLRGH%HQLWR-XiUH]4XLQWDQD5RRORTXHFRQWUDYLHQHORGLVSXHVWR
HQHODUWtFXORSiUUDIRLQFLVRDGHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHV
(Q HO FDVR FRQFUHWR OD ILQDOLGDG SHUVHJXLGD SRU HO OHJLVODGRU DO HVWDEOHFHU OD REOLJDFLyQ GH LQKLELU OD
UHDOL]DFLyQGHDFWRVDQWLFLSDGRVGHSUHFDPSDxDHVHYLWDUSUHFLVDPHQWHTXHKD\DLQHTXLGDGHQODFRQWLHQGD
LQWHUQDGHVHOHFFLyQHVWRHVDVtSRUTXHGHUHDOL]DUVHGLFKRVDFWRVpVWRVVHWUDGXFLUtDHQXQEHQHILFLRGLUHFWR
SDUD HO DVSLUDQWH TXH SUHWHQGH VHU UHJLVWUDGR FRPR FDQGLGDWR DO LQWHULRU GHO SDUWLGR SROtWLFR GHO TXH IRUPD
SDUWHHQGHWULPHQWRGHORVGHPiVSDUWLFLSDQWHVGHODFRQWLHQGDLQWHUQDGHVHOHFFLyQ
(Q HO SUHVHQWH DVXQWR TXHGy DFUHGLWDGR TXH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp HIHFWLYDPHQWH
FRQWUDYLQR OR GLVSXHVWR HQ ODV QRUPDV OHJDOHV HQ FRPHQWR PHGLDQWH OD FRORFDFLyQ \ GLIXVLyQ GH GLYHUVD
SURSDJDQGDHQHO0XQLFLSLRGH%HQLWR-XiUH]4XLQWDQD5RRTXHWHQtDFRPRILQDOLGDGSURPRFLRQDUVXQRPEUH
H LPDJHQ FRQ DQWHULRULGDG D OD IHFKD SHUPLWLGD SDUD HOOR FRQ HO ILQ GH TXH HO 3DUWLGR $FFLyQ 1DFLRQDO OD
UHJLVWUDUDFRPRVXFDQGLGDWDDOFDUJRGH'LSXWDGD)HGHUDOSRUHOGLVWULWRHOHFWRUDOIHGHUDOHQGLFKDHQWLGDG
IHGHUDWLYD
(Q FRQVHFXHQFLD OD KLSyWHVLV SUHYLVWD HQ HO DUWtFXOR SiUUDIR LQFLVR D GHO RUGHQDPLHQWR OHJDO HQ
FLWDWLHQGHDSUHVHUYDUHOGHUHFKRGHORVDVSLUDQWHVSUHFDQGLGDWRVRFDQGLGDWRVGHDFFHGHUHQODVPLVPDV
FRQGLFLRQHV\DVHDDOSURFHVRLQWHUQRGHVHOHFFLyQRDODFRQWLHQGDHOHFWRUDOFRQHOILQGHTXHVHUHVJXDUGHHO
SULQFLSLRGHHTXLGDG
$OUHVSHFWRFDEHVHxDODUTXHQRREVWDQWHKDEHUVHDFUHGLWDGRODYLRODFLyQDORGLVSXHVWRHQHODUWtFXOR
SiUUDIRLQFLVRDGHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHVSRUSDUWHGHOD&)UH\GD
0DU\EHO9LOOHJDV&DQFKpHOORQRLPSOLFDTXHHVWHPRVHQSUHVHQFLDGHXQDSOXUDOLGDGGHLQIUDFFLRQHVRIDOWDV
DGPLQLVWUDWLYDV \D TXH DXQ FXDQGR VH UHDOL]DURQ GLYHUVDV IRUPDV GH SURPRFLRQDU VX QRPEUH H LPDJHQ OR
FLHUWRHVTXHFRQHOORVHYLRODHOPLVPRELHQMXUtGLFRWXWHODGRTXHHQHOFDVRHVHOSULQFLSLRGHHTXLGDG
/DV GLVSRVLFLRQHV HQ FRPHQWR WLHQGH D SUHVHUYDU HO GHUHFKR GH ORV DVSLUDQWHV SUHFDQGLGDWRV R
FDQGLGDWRVGHFRPSHWLUHQVLWXDFLyQGHHTXLGDGGHQWURGHORVSURFHVRVLQWHUQRVGHVHOHFFLyQRORVSURFHVRV
HOHFWRUDOHV OR FXDO OHV SHUPLWH FRQWDU FRQ ODV PLVPDV RSRUWXQLGDGHV D HIHFWR GH UHVXOWDU JDQDGRU GH OD
SUHFDQGLGDWXUD FDQGLGDWXUD R FDUJR GH HOHFFLyQ SRSXODU TXH VH SUHWHQGH HYLWDQGR TXH HQWHV DMHQRV D OD
FRQWLHQGD LQFOX\DQ HOHPHQWRV GLVWRUVLRQDGRUHV GH OD YROXQWDG HQ EHQHILFLR R SHUMXLFLR GH DOJ~Q DVSLUDQWH
SUHFDQGLGDWRRFDQGLGDWRVHJ~QVHDHOPRPHQWR
(QHOFDVRWDOGLVSRVLWLYRVHDIHFWyFRQODGLIXVLyQGHODLPDJHQ\QRPEUHGHOD&)UH\GD0DU\EHO9LOOHJDV
&DQFKpDQWHVGHOWLHPSRSHUPLWLGRSDUDHOOR\DTXHFRPRTXHGyHYLGHQFLDGRHQODSDUWHFRQVLGHUDWLYDGHOD
SUHVHQWH UHVROXFLyQ OD UHDOL]DFLyQ GH OD SLQWD GH EDUGDV OD FRORFDFLyQ GH SURSDJDQGD HQ ORV FDPLRQHV GHO
WUDQVSRUWH S~EOLFR \ OD WUDQVPLVLyQ GH XQ SURPRFLRQDO HQ HO PHV GH GLFLHPEUH GH OH VLJQLILFy PD\RU
RSRUWXQLGDGGHSRVLFLRQDUVHDOLQWHULRUGHVXSDUWLGRSROtWLFRDHIHFWRGHFRQVHJXLUHOUHJLVWURFRPRFDQGLGDWD
DOFDUJRGH'LSXWDGD)HGHUDOSRUHOGLVWULWRHOHFWRUDOHQHOHVWDGRGH4XLQWDQD5RRWDOFRPRDFRQWHFLyHQ
ODHVSHFLH
$KRUD ELHQ SDUD OOHYDU D FDER OD LQGLYLGXDOL]DFLyQ GH OD VDQFLyQ OD FRQGXFWD GHEH YDORUDUVH
D 0RGR (Q HO FDVR D HVWXGLR OD LUUHJXODULGDG DWULEXLEOH D OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp
FRQVLVWLy HQ OD UHDOL]DFLyQ GH DFWRV DQWLFLSDGRV GH SUHFDPSDxD PHGLDQWH OD FRORFDFLyQ GH
SURSDJDQGD HQ EDUGDV FDPLRQHV GHO WUDQVSRUWH S~EOLFR \ OD GLIXVLyQ GH XQ SURPRFLRQDO HQ HO
0XQLFLSLRGH%HQLWR-XiUH]4XLQWDQD5RRTXHWHQtDQFRPRSULQFLSDOREMHWLYRGLIXQGLU\SRVLFLRQDUOD
FRPRPHMRURSFLyQDHIHFWRGHORJUDUTXHHO3DUWLGR$FFLyQ1DFLRQDOODUHJLVWUDUDFRPRFDQGLGDWDDO
FDUJRGH'LSXWDGD)HGHUDOSRUHOGLVWULWRHOHFWRUDOIHGHUDOWDOFRPRDFRQWHFHHQODHVSHFLH
$OUHVSHFWRQRSDVDGHVDSHUFLELGRSDUDHVWDDXWRULGDGTXHGHODVFRQVWDQFLDVTXHREUDQHQDXWRV
HQ HVSHFtILFR GHO GLFKR GHO UHSUHVHQWDQWH GH OD FRQFHVLRQDULD GH WUDQVSRUWH S~EOLFR GHQRPLQDGR
³(QODFHV 3XEOLFLGDG ,QWHJUDO´ DVt FRPR GH OR PDQLIHVWDGR SRU HO 'LUHFWRU 5HJLRQDO GH OD HPSUHVD
7HOHYLVRUD GH &DQF~Q 6$ GH &9 VH FXHQWD FRQ HOHPHQWRV SDUD VDEHU TXH TXLHQ FRQWUDWy OD
FRORFDFLyQ\GLIXVLyQGHGLFKDSURSDJDQGDIXHOD$VRFLDFLyQ&LYLO³8QLGDG)DPLOLDU4XLQWDQDUURQHVH´
ORFXDOUHVXOWDOyJLFRWRGDYH]TXHFRPRFRQVWDHQODSURSDJDQGDGHPDUUDVODKR\GHQXQFLDGDHUD
VX3UHVLGHQWD
E 7LHPSR 'H FRQIRUPLGDG FRQ ODV FRQVWDQFLDV TXH REUDQ HQ DXWRV HVWD DXWRULGDG FRQVLGHUD TXH OD
LQIUDFFLyQ HQ FRPHQWR VH PDWHULDOL]y GHVGH HO PHV GH GLFLHPEUH GH (VWR HV DVt SRUTXH HO
GHQXQFLDQWHHQVXHVFULWRGHTXHMDORPDQLIHVWyGHHVDIRUPDHLQFOXVRGLFKDVLWXDFLyQVHFRUURERUy
GH ODV GLOLJHQFLDV GH LQYHVWLJDFLyQ TXH UHDOL]y HO 9RFDO (MHFXWLYR GH OD -XQWD 'LVWULWDO GH HVWH
,QVWLWXWRHQHOHVWDGRGH4XLQWDQD5RR\DTXHGLYHUVRVFLXGDGDQRVSUHFLVDURQKDEHUYLVWRODVSLQWDV
GH EDUGDV R OD SURSDJDQGD FRORFDGD HQ FDPLRQHV GHO WUDQVSRUWH S~EOLFR R OD WUDQVPLVLyQ GHO
SURPRFLRQDOHQFRPHQWRHQHVHWLHPSRHLQFOXVRSRUORTXHKDFHDOSURPRFLRQDOFDEHUHIHULUTXH
GHODLQIRUPDFLyQUHPLWLGDSRUODWHOHYLVRUDTXHORGLIXQGLyVHDGYLHUWHTXHVXWUDQVPLVLyQVHKL]RGHO
DOGHGLFKRPHV\DxR
F /XJDU/DLUUHJXODULGDGDWULEXLEOHDOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpDFRQWHFLyHQHO0XQLFLSLR
GH%HQLWR-XiUH]&DQF~Q
,QWHQFLRQDOLGDG
6HFRQVLGHUDTXHHQHOFDVRVtH[LVWLySRUSDUWHGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpODLQWHQFLyQGH
LQIULQJLU OR SUHYLVWR HQ HO QXPHUDO SiUUDIR LQFLVR D GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
/R DQWHULRU HV DVt \D TXH GH ODV FRQVWDQFLDV TXH REUDQ HQ DXWRV GHO H[SHGLHQWH HQ TXH VH DFW~D VH
REWLHQHQHOHPHQWRVVXILFLHQWHVTXHFRQGXFHQDGHWHUPLQDUTXHFRPRVHSUHFLVyHQODSDUWHFRQVLGHUDWLYDGH
OD SUHVHQWH UHVROXFLyQ ODV DFWLYLGDGHV GHQXQFLDGDV WHQtDQ FRPR SULQFLSDO REMHWLYR GLIXQGLU HO QRPEUH H
LPDJHQ GH OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp FRQ HO ILQ GH SRVLFLRQDUOD GH PHMRU PDQHUD IUHQWH D ORV
KDELWDQWHVGHO0XQLFLSLRGH%HQLWR-XiUH]4XLQWDQD5RRDHIHFWRGHTXHHVWROHLPSOLFDUDXQPHMRUGHUHFKRD
VHU SRVWXODGD FRPR OD FDQGLGDWD DO FDUJR GH 'LSXWDGD )HGHUDO SRU HO GLVWULWR HOHFWRUDO HQ OD HQWLGDG
IHGHUDWLYDHQFLWD\SRVWXODGDSRUHO3DUWLGR$FFLyQ1DFLRQDO
$OUHVSHFWRHOKHFKRGHTXHODFRQWUDWDFLyQGHODSURSDJDQGDKR\GHQXQFLDGDQRVHKD\DKHFKRGHIRUPD
SHUVRQDO SRU OD FLXGDGDQD )UH\GD 0DU\EHO 9LOOHJDV &DQFKp HVR QR LPSOLFD TXH HOOD QR KD\D WHQLGR OD
LQWHQFLyQ GH UHDOL]DU DFWRV DQWLFLSDGRV GH SUHFDPSDxD \D TXH FRPR VH HYLGHQFLy HQ ODV FLUFXQVWDQFLDV GH
PRGR HO KHFKR GH TXH ODV IDFWXUDV SRU HMHPSOR KD\DQ VLGR H[SHGLGDV D IDYRU GH OD DVRFLDFLyQ FLYLO TXH
SUHVLGtD FRQVWLWX\H XQ HOHPHQWR GH UHVSRQVDELOLGDG GLUHFWD Pi[LPH VL VH WRPD HQ FXHQWD TXH HO HOHPHQWR
FRLQFLGHQWHHQWRGDODSURSDJDQGDTXHIXHREMHWRGHDQiOLVLVHQHOSUHVHQWHSURFHGLPLHQWRHVVXQRPEUHH
LPDJHQ
&RQUHODFLyQDOSUHVHQWHDSDUWDGRHVWDDXWRULGDGHVWLPDTXHHVQHFHVDULRHVWDEOHFHUTXHGHDFXHUGRFRQ
HOGLFFLRQDULRGHOD5HDO$FDGHPLDGHOD/HQJXD(VSDxROD³UHLWHUDU´VLJQLILFD³YROYHUDGHFLURKDFHUDOJRÓR
FXDO VyOR LPSOLFD TXH DOJR VXFHGD HQ PiV GH XQD RFDVLyQ OR PLVPR VXFHGH FRQ HO YRFDEOR ³VLVWHPiWLFD´
SRUTXH GH DFXHUGR FRQ OD PLVPD IXHQWH ³HVD YR] DWDxH D SURFHGHU FRQIRUPH D XQ VLVWHPD´ \ HO ³VLVWHPD´
LPSOLFDXQ³FRQMXQWRGHFRVDVTXHUHODFLRQDGDVHQWUHVtRUGHQDGDPHQWHFRQWULEX\HQDGHWHUPLQDGRREMHWR´
(QHVHWHQRUVHHVWLPDTXHODFRQGXFWDLQIUDFWRUDVtVHFRPHWLyGHPDQHUDUHLWHUDGD\VLVWHPiWLFDSXHV
GHODVSUXHEDVTXHREUDQHQDXWRVVHWLHQHSOHQDPHQWHDFUHGLWDGDODUHDOL]DFLyQGHODSLQWDGHEDUGDVGHOD
FRORFDFLyQGHSURSDJDQGDHQFDPLRQHVGHOWUDQVSRUWHS~EOLFR\ODGLIXVLyQGHXQSURPRFLRQDOWHOHYLVLYRTXH
WHQtDQFRPRILQDOLGDGFRPRVHKDH[SXHVWRDORODUJRGHODSUHVHQWHUHVROXFLyQGLIXQGLUIXHUDGHORVWLHPSRV
SHUPLWLGRVSDUDHOORHOQRPEUH\ODLPDJHQGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKp
(VWR HV DVt SRUTXH DO WRPDU HQ FXHQWD HO FRQWHQLGR GH ODV QRWDV SHULRGtVWLFDV DSRUWDGDV SRU HO
GHQXQFLDQWH \ UHODFLRQDUODV FRQ ORV KHFKRV DQWHV GHVFULWRV VH GHPXHVWUD HO FRPSRUWDPLHQWR UHLWHUDGR \
VLVWHPiWLFRTXHVHOHLPSXWDDODKR\GHQXQFLDGDPi[LPHTXHHQDXWRVTXHGyDFUHGLWDGRTXHODVFRQGXFWDV
GHUHIHUHQFLDDFRQWHFLHURQHQVLPLODUWHPSRUDOLGDG\WHQtDQHOPLVPRILQHVGHFLUSURPRFLRQDUODDQWHVGHORV
WLHPSRVSHUPLWLGRVSDUDHOOR
&RPRVHH[SUHVyFRQDQWHODFLyQHQHVWHIDOORHODFWXDUGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpHVWXYR
LQWHQFLRQDOPHQWHHQFDPLQDGRDLQIULQJLUODQRUPDWLYDFRPLFLDOHQGHWULPHQWRGHOSULQFLSLRGHHTXLGDGTXHGHEH
LPSHUDUHQWRGRPRPHQWRGHQWURGHOSURFHVRHOHFWRUDOIHGHUDO
/RDQWHULRUHVDVtHQYLUWXGGHTXHHQHOPRPHQWRHQTXHDFRQWHFLHURQORVKHFKRVGHQXQFLDGRV\DKDEtD
GDGRLQLFLRHOSURFHVRHOHFWRUDOIHGHUDOQRREVWDQWHHOORFDEHUHIHULUTXHORVDFWRVTXHVHOHLPSXWDQDODKR\
GHQXQFLDGD VH UHDOL]DURQ FRQ DQWHODFLyQ LQFOXVR DO LQLFLR GHO SHULRGR GH SUHFDPSDxDV \D TXH FRPR VH KD
H[SOLFDGRORVPLVPRVDFRQWHFLHURQHQHOPHVGHGLFLHPEUHGH
0HGLRVGHHMHFXFLyQ
(QHVHVHQWLGRHVGHVHxDODUVHTXHODFRQGXFWDTXHVHOHLPSXWDDOD&)UH\GD0DU\EHO9LOOHJDV&DQFKp
VHUHDOL]yDWUDYpVGHODSLQWDGHEDUGDVFRORFDFLyQGH SURSDJDQGD HQ FDPLRQHVGHWUDQVSRUWHS~EOLFR \OD
GLIXVLyQGHXQSURPRFLRQDOWHOHYLVLYRWRGRHOORHQHO0XQLFLSLRGH%HQLWR-XiUH]4XLQWDQD5RR
,, 8QD YH] VHQWDGDV ODV DQWHULRUHV FRQVLGHUDFLRQHV \ D HIHFWR GH LQGLYLGXDOL]DU DSURSLDGDPHQWH OD
VDQFLyQHVWDDXWRULGDGSURFHGHDWRPDUHQFXHQWDORVVLJXLHQWHVHOHPHQWRV
(Q HO SUHVHQWH FDVR DWHQGLHQGR D ORV HOHPHQWRV REMHWLYRV DQWHULRUPHQWH SUHFLVDGRV OD FRQGXFWD GHEH
FDOLILFDUVHFRQXQDJUDYHGDGRUGLQDULD\DTXHODPLVPDFRPRVHH[SOLFyHQHODSDUWDGRGHLQWHQFLRQDOLGDG
WXYR FRPR ILQDOLGDG LQIULQJLU GH IRUPD GLUHFWD OR GLVSXHVWR HQ HO DUWtFXOR SiUUDIR LQFLVR D GHO FyGLJR
HOHFWRUDOIHGHUDOSXHVWRTXHODGLIXVLyQ\FRORFDFLyQGHSURSDJDQGDDOXVLYDDODKR\GHQXQFLDGDWHQtDQFRPR
SULQFLSDO REMHWLYR GLIXQGLU VX QRPEUH H LPDJHQ FRQ HO ILQ GH SRVLFLRQDUOD GH PHMRU PDQHUD IUHQWH D ORV
KDELWDQWHVGHO0XQLFLSLRGH%HQLWR-XiUH]4XLQWDQD5RRDHIHFWRGHTXHHVWROHLPSOLFDUDXQPHMRUGHUHFKRD
VHU SRVWXODGD FRPR OD FDQGLGDWD DO FDUJR GH 'LSXWDGD )HGHUDO SRU HO GLVWULWR HOHFWRUDO HQ OD HQWLGDG
IHGHUDWLYDHQFLWD\SRVWXODGDSRUHO3DUWLGR$FFLyQ1DFLRQDOORFXDOSRGUtDLQIULQJLUHOSULQFLSLRGHHTXLGDGTXH
GHEHUHJLUHQWRGRPRPHQWRHQHOSURFHVRFRPLFLDO
5HLQFLGHQFLD
(Q ORV DUFKLYRV TXH REUDQ HQ SRGHU GH HVWD DXWRULGDG QR REUD DQWHFHGHQWH DOJXQR UHODFLRQDGR FRQ
LQIUDFFLRQHVGHHVWHWLSRFRPHWLGDVSRUOD&)UH\GD0DU\EHO9LOOHJDV&DQFKp
6DQFLyQDLPSRQHU
3RU WRGR OR DQWHULRU HVSHFLDOPHQWH ORV ELHQHV MXUtGLFRV SURWHJLGRV \ ORV HIHFWRV GH OD LQIUDFFLyQ OD
FRQGXFWDUHDOL]DGDSRUOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpGHEHVHUREMHWRGHXQDVDQFLyQTXHWHQJDHQ
FXHQWD ODV FLUFXQVWDQFLDV SDUWLFXODUHV TXH VH SUHVHQWDURQ HQ HO FDVR FRQFUHWR PRGR WLHPSR \ OXJDU \ VLQ
TXHHOORLPSOLTXHTXHpVWDLQFXPSODFRQXQDGHVXVILQDOLGDGHVTXHHVODGHGLVXDGLUODSRVLEOHFRPLVLyQGH
IDOWDVVLPLODUHVTXHWDPELpQ SXGLHUDQDIHFWDUORVYDORUHVSURWHJLGRVSRUODQRUPDWUDQVJUHGLGD \TXHVHKDQ
SUHFLVDGRSUHYLDPHQWH
3DUD GHWHUPLQDU HO WLSR GH VDQFLyQ D LPSRQHU GHEH UHFRUGDUVH TXH HO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV (OHFWRUDOHV FRQILHUH D OD DXWRULGDG HOHFWRUDO DUELWULR SDUD HOHJLU GHQWUR GHO FDWiORJR GH
FRUUHFWLYRV DSOLFDEOHVDTXHO TXHVH DMXVWH DODFRQGXFWD GHVSOHJDGDSRUHOVXMHWRLQIUDFWRU \TXH D VXYH]
VHDEDVWDQWH\VXILFLHQWHSDUDSUHYHQLUTXHFXDOTXLHURWUDSHUVRQDHQODHVSHFLHDVSLUDQWHVSUHFDQGLGDWRV
\RFDQGLGDWRVUHDOLFHXQDIDOWDVLPLODU
(V LPSRUWDQWH GHVWDFDU TXH VL ELHQ OD VDQFLyQ DGPLQLVWUDWLYD GHEH WHQHU FRPR XQD GH VXV ILQDOLGDGHV HO
UHVXOWDUXQDPHGLGDHMHPSODUWHQGHQWHDGLVXDGLUODSRVLEOHFRPLVLyQGHLQIUDFFLRQHVVLPLODUHVHQHOIXWXURQR
PHQRVFLHUWRHVTXHHQFDGDFDVRGHEHSRQHUVHSDUWLFXODUDWHQFLyQHQODVFLUFXQVWDQFLDVREMHWLYDVGHPRGR
WLHPSR\OXJDUDVtFRPRHQODVFRQGLFLRQHVVXEMHWLYDVDHIHFWRGHTXHODVVDQFLRQHVQRUHVXOWHQLQXVLWDGDV
WUDVFHQGHQWDOHVH[FHVLYDVGHVSURSRUFLRQDGDVRLUUDFLRQDOHVRSRUHOFRQWUDULRLQVLJQLILFDQWHVRLUULVRULDV
(IHFWLYDPHQWH PLHQWUDV TXH XQD GHWHUPLQDGD FRQGXFWD SXHGH QR UHVXOWDU JUDYH HQ GHWHUPLQDGR FDVR
DWHQGLHQGR D WRGRV ORV HOHPHQWRV \ FLUFXQVWDQFLDV DQWHV SUHFLVDGDV HQ RWURV FDVRV OD PLVPD FRQGXFWD
SXHGHHVWDUUHODFLRQDGDFRQRWURVDVSHFWRVFRPRSXHGHVHUXQEHQHILFLRROXFURLOHJDOPHQWHORJUDGRRH[LVWLU
XQ GHWHUPLQDGR PRQWR HFRQyPLFR LQYROXFUDGR HQ OD LUUHJXODULGDG GH WDO IRUPD TXH WDOHV HOHPHQWRV VHD
QHFHVDULRWHQHUORVWDPELpQHQFRQVLGHUDFLyQSDUDTXHODLQGLYLGXDOL]DFLyQGHODVDQFLyQVHDDGHFXDGD
(QHOFDVRDHVWXGLRODVVDQFLRQHVTXHVHSXHGHQLPSRQHUDOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpSRU
LQFXPSOLU FRQ OD SURKLELFLyQ HVWDEOHFLGD HQ HO DUWtFXOR SiUUDIR LQFLVR F GHO &yGLJR )HGHUDO GH
,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV VRQ ODV SUHYLVWDV HQ HO LQFLVR F SiUUDIR GHO DUWtFXOR GHO
PLVPRRUGHQDPLHQWROHJDOPLVPDVTXHHVWDEOHFHQ
³$UWtFXOR
VLJXLHQWH
«
F5HVSHFWRGHORVDVSLUDQWHVSUHFDQGLGDWRVRFDQGLGDWRVDFDUJRVGHHOHFFLyQSRSXODU
,, &RQ PXOWD GH KDVWD FLQFR PLO GtDV GH VDODULR PtQLPR JHQHUDO YLJHQWH SDUD HO 'LVWULWR
)HGHUDO\
,,,&RQODSpUGLGDGHOGHUHFKRGHOSUHFDQGLGDWRLQIUDFWRUDVHUUHJLVWUDGRFRPRFDQGLGDWRR
HQ VX FDVR VL \D HVWi KHFKR HO UHJLVWUR FRQ OD FDQFHODFLyQ GHO PLVPR &XDQGR ODV
LQIUDFFLRQHVFRPHWLGDVSRUDVSLUDQWHVRSUHFDQGLGDWRVDFDUJRVGHHOHFFLyQSRSXODUFXDQGR
VHDQ LPSXWDEOHV H[FOXVLYDPHQWH D DTXpOORV QR SURFHGHUi VDQFLyQ DOJXQD HQ FRQWUD GHO
SDUWLGRSROtWLFRGHTXHVHWUDWH&XDQGRHOSUHFDQGLGDWRUHVXOWHHOHFWRHQHOSURFHVRLQWHUQR
HOSDUWLGRSROtWLFRQRSRGUiUHJLVWUDUORFRPRFDQGLGDWR
«´
8QDYH] SUHFLVDGRORDQWHULRUHQ HOFDVRD HVWXGLR HVWDDXWRULGDG HVWLPDTXHODKLSyWHVLV SUHYLVWDHQOD
IUDFFLyQ , GHO FDWiORJR VDQFLRQDGRU DPRQHVWDFLyQ S~EOLFD FXPSOH FRQ OD ILQDOLGDG VHxDODGD SDUD LQKLELU OD
UHDOL]DFLyQ GH FRQGXFWDV FRPR OD GHVSOHJDGD SRU OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp WRGD YH] TXH ODV
FRQGXFWDVUHDOL]DGDV~QLFDPHQWHFDXVDURQHQVXFDVRXQPHQRVFDERDORVPLOLWDQWHVPLHPEURVDGKHUHQWHV
GHO 3DUWLGR $FFLyQ 1DFLRQDO TXH SUHWHQGtDQ VHU UHJLVWUDGRV SRU GLFKR LQVWLWXWR SROtWLFR DO FDUJR GH 'LSXWDGR
)HGHUDOSRUHOGLVWULWRHOHFWRUDOHQHOHVWDGRGH4XLQWDQD5RRSRUORTXHODVFRQWHPSODGDVHQODIUDFFLRQHV
,,\,,,UHVXOWDUtDQH[FHVLYDV\SRUHQGHQRDSOLFDEOHVDOFDVRFRQFUHWR
$Vt ODV FRVDV WHQLHQGR HQ FXHQWD OD JUDYHGDG RUGLQDULD GH OD IDOWD DVt FRPR ODV FLUFXQVWDQFLDV
SDUWLFXODUHVTXHVHGLHURQHQHOFDVRFRQFUHWRODVDQFLyQTXHGHEHDSOLFDUVHDODFLXGDGDQDLQIUDFWRUDHQHO
FDVR FRQFUHWR HV OD SUHYLVWD HQ HO DUWtFXOR SiUUDIR LQFLVR F IUDFFLyQ , GHO &yGLJR )HGHUDO GH
,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV FRQVLVWHQWH HQ XQD DPRQHVWDFLyQ S~EOLFD PLVPD TXH QR HV
JUDYRVD\VtHVVLJQLILFDWLYDDHIHFWRGHGLVXDGLUODSRVLEOHFRPLVLyQGHFRQGXFWDVVLPLODUHVHQHOIXWXUR
6REUH HVWH SDUWLFXODU FRQYLHQH SUHFLVDU TXH OD FRQGXFWD FRPHWLGD QR SXHGH VHU FXDQWLILFDEOH GH IRUPD
HFRQyPLFDUHVSHFWRHOQLYHORJUDGRGHDIHFWDFLyQFDXVDGRDORVPLOLWDQWHVGHO3DUWLGR$FFLyQ1DFLRQDOFRQOD
GLIXVLyQGHODSURSDJDQGDGHQXQFLDGDHQHOSUHVHQWHDVXQWR
(Q HVH PLVPR VHQWLGR VH FRQVLGHUD TXH ODV FRQGXFWDV GHVSOHJDGDV SRU OD & )UH\GD 0DU\EHO 9LOOHJDV
&DQFKp SRVLEOHPHQWH LPSDFWDURQ HQ OD GHWHUPLQDFLyQ GHO SDUWLGR SROtWLFR DQWHV UHIHULGR GH UHJLVWUDUOD FRPR
VXFDQGLGDWDSRUHOGLVWULWRHOHFWRUDOIHGHUDOHQHOHVWDGRGH4XLQWDQD5RR
/DVFRQGLFLRQHVVRFLRHFRQyPLFDVGHOLQIUDFWRUHLPSDFWRHQODVDFWLYLGDGHVGHOVXMHWRLQIUDFWRU
$GLFLRQDOPHQWH HV PHQHVWHU SUHFLVDU TXH HQ FRQFHSWR GH HVWD DXWRULGDG OD VDQFLyQ LPSXHVWD D OD KR\
GHQXQFLDGD HQ PRGR DOJXQR DIHFWD VX SDWULPRQLR WRGD YH] TXH FRPR VH SUHFLVy FRQ DQWHODFLyQ OD PLVPD
FRQVLVWH HQ XQD DPRQHVWDFLyQ S~EOLFD HQ WDO YLUWXG VH HVWLPD TXH HV LQQHFHVDULR FRQRFHU OD FDSDFLGDG
VRFLRHFRQyPLFDGHOLQIUDFWRU\DTXHODVDQFLyQLPSXHVWDGHQLQJXQDIRUPDSXHGHFRQVLGHUDUVHH[FHVLYD
'(&,02 6(*81'2 4XH XQD YH] TXH KD TXHGDGR GHPRVWUDGD SOHQDPHQWH OD FRPLVLyQ GHO LOtFLWR \ OD
UHVSRQVDELOLGDG GH OD SHUVRQD PRUDO GHQRPLQDGD ³8QLGDG )DPLOLDU 4XLQWDQDUURHQVH´ $VRFLDFLyQ &LYLO VH
SURFHGHDLPSRQHUODVDQFLyQFRUUHVSRQGLHQWH
(O DUWtFXOR SiUUDIR LQFLVR G GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV
YLJHQWH D SDUWLU GHO TXLQFH GH HQHUR GH GRV PLO RFKR HVWDEOHFH ODV VDQFLRQHV DSOLFDEOHV D ODV SHUVRQDV
PRUDOHVDVDEHU
³$UWtFXOR
VLJXLHQWH
G 5HVSHFWR GH ORV FLXGDGDQRV GH ORV GLULJHQWHV \ DILOLDGRV D ORV SDUWLGRV SROtWLFRV R GH
FXDOTXLHUSHUVRQDItVLFDRPRUDO
,, 5HVSHFWR GH ORV FLXGDGDQRV R GH ORV GLULJHQWHV \ DILOLDGRV D ORV SDUWLGRV SROtWLFRV FRQ
PXOWDGHKDVWDTXLQLHQWRVGtDVGHVDODULRPtQLPRJHQHUDOYLJHQWHSDUDHO'LVWULWR)HGHUDOHQ
HOFDVRGHDSRUWDFLRQHVTXHYLROHQORGLVSXHVWRHQHVWH&yGLJRRWUDWiQGRVHGHODFRPSUD
GH WLHPSR HQ UDGLR \ WHOHYLVLyQ SDUD OD GLIXVLyQ GH SURSDJDQGD SROtWLFD R HOHFWRUDO FRQ HO
GREOHGHOSUHFLRFRPHUFLDOGHGLFKRWLHPSR\
,,,5HVSHFWRGHODVSHUVRQDVPRUDOHVSRUODVFRQGXFWDVVHxDODGDVHQODIUDFFLyQDQWHULRU
FRQPXOWDGHKDVWDFLHQPLOGtDVGHVDODULRPtQLPRJHQHUDOYLJHQWHSDUDHO'LVWULWR)HGHUDO
HQ HO FDVR GH DSRUWDFLRQHV TXH YLROHQ OR GLVSXHVWR HQ HVWH &yGLJR R WUDWiQGRVH GH OD
FRPSUDGHWLHPSRHQUDGLR \WHOHYLVLyQSDUDODGLIXVLyQGHSURSDJDQGD SROtWLFDR HOHFWRUDO
FRQHOGREOHGHOSUHFLRFRPHUFLDOGHGLFKRWLHPSR>«@´
(O 7ULEXQDO (OHFWRUDO GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ GHQWUR GH ODV 7HVLV GH -XULVSUXGHQFLD
LGHQWLILFDGDVFRQORVUXEURV³$5%,75,23$5$/$,0326,&,21'(6$1&,21(6/27,(1((/&216(-2
*(1(5$/ '(/ ,167,7872 )('(5$/ (/(&725$/´ \ ³6$1&,21(6 $'0,1,675$7,9$6 (1 0$7(5,$
(/(&725$/ (/(0(1726 3$5$ 68 ),-$&,21 ( ,1',9,'8$/,=$&,21´ FRQ FODYHV 6(/- \
6(/- UHVSHFWLYDPHQWH VHxDOD TXH UHVSHFWR D OD LQGLYLGXDOL]DFLyQ GH OD VDQFLyQ TXH VH GHEH
LPSRQHUDXQSDUWLGRSROtWLFRQDFLRQDOSRUODFRPLVLyQGHDOJXQDLUUHJXODULGDGHO&RQVHMR*HQHUDOGHO,QVWLWXWR
)HGHUDO (OHFWRUDO SDUD ILMDU OD VDQFLyQ FRUUHVSRQGLHQWH GHEH WRPDU HQ FXHQWD ORV HOHPHQWRV REMHWLYRV \
VXEMHWLYRVTXHFRQFXUULHURQHQODFRPLVLyQGHODIDOWD
(OWLSRGHLQIUDFFLyQ
(Q SULPHU WpUPLQR HV QHFHVDULR SUHFLVDU TXH ODV QRUPDV WUDQVJUHGLGDV SRU ³8QLGDG )DPLOLDU
4XLQWDQDUURHQVH´$VRFLDFLyQ&LYLOIXHURQORVDUWtFXORVEDVH,,,$SDUWDGR$LQFLVRJWHUFHUSiUUDIRGHOD
&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV0H[LFDQRVDVtFRPRHQHODUWtFXORSiUUDIRHQUHODFLyQFRQHO
DUWtFXORSiUUDIRLQFLVREGHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHV&RQEDVH
HQORDQWHULRUPHQWHH[SXHVWRSXHGHHVWDEOHFHUVHODILQDOLGDGRYDORUSURWHJLGRHQODVQRUPDVYLROHQWDGDVDVt
FRPRODWUDVFHQGHQFLDGHODLQIUDFFLyQFRPHWLGD
/DILQDOLGDGSHUVHJXLGDSRUHO/HJLVODGRUDOHVWDEOHFHUFRPRLQIUDFFLyQGHFXDOTXLHUSHUVRQDItVLFDRPRUDO
ODFRQWUDWDFLyQHQUDGLR\WHOHYLVLyQWDQWRHQWHUULWRULRQDFLRQDOFRPRHQHOH[WUDQMHURGHSURSDJDQGDGLULJLGDD
LQIOXLU HQ ODV SUHIHUHQFLDV HOHFWRUDOHV GH ORV FLXGDGDQRV R D IDYRU R HQ FRQWUD GH SDUWLGRV SROtWLFRV R
FDQGLGDWRV D FDUJRV GH HOHFFLyQ SRSXODU JXDUGD UHODFLyQ FRQ OD SUHWHQVLyQ GHO OHJLVODGRU GH HYLWDU TXH
DJHQWHVDMHQRVDODFRQWLHQGDHOHFWRUDOLQWHUYHQJDQGHIRUPDLQGHELGDPHQRVFDEDQGRHOSULQFLSLRGHHTXLGDG
TXHGHEHUHJLUGLFKDFRQWLHQGD
(QHVDWHVLWXUDODKLSyWHVLVSUHYLVWDHQHOFLWDGRDUWtFXORSiUUDIRLQFLVREGHORUGHQDPLHQWROHJDO
HQ FLWD WLHQGH D SUHVHUYDU HO GHUHFKR GH ORV SUHFDQGLGDWRV FDQGLGDWRV \ SDUWLGRV SROtWLFRV GH FRPSHWLU HQ
VLWXDFLyQ GH HTXLGDG GHQWUR GH ORV SURFHVRV LQWHUQRV GH VHOHFFLyQ R HOHFWRUDOHV OR FXDO HQ HO FDVR GH ORV
SDUWLGRV SROtWLFRV OHV SHUPLWH FXPSOLU FRQ ORV ILQHV TXH FRQVWLWXFLRQDO \ OHJDOPHQWH OHV KDQ VLGR
HQFRPHQGDGRV
(Q HO SUHVHQWH DVXQWR TXHGy DFUHGLWDGR TXH ³8QLGDG )DPLOLDU 4XLQWDQDUURHQVH´ $VRFLDFLyQ &LYLO
FRQWUDYLQRORGLVSXHVWRHQODQRUPDOHJDOHQFRPHQWRDOKDEHUFRQWUDWDGRHQHOPHVGHGLFLHPEUHGHGRVPLO
RFKRODGLIXVLyQGHSURPRFLRQDOHVWHOHYLVLYRVFRQFRQWHQLGRDOXVLYRDOD&)UH\GD0DU\EHO9LOOHJDV&DQFKp
KR\FDQGLGDWDDOFDUJRGH'LSXWDGDIHGHUDOSRUHOGLVWULWRHOHFWRUDOIHGHUDOSRUHO3DUWLGR$FFLyQ1DFLRQDO
ORVFXDOHVIXHURQWUDQVPLWLGRVHQFLQFXHQWDRFDVLRQHVYHUVLyQWHOHYLVLYDHQHOSHULRGRFRPSUHQGLGRGHODO
GHOPHV\DxRDQWHVUHIHULGR
$OUHVSHFWRFDEHVHxDODUTXHQRREVWDQWHKDEHUVHDFUHGLWDGRODYLRODFLyQDORGLVSXHVWRHQHODUWtFXOR
SiUUDIR LQFLVR E GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV SRU SDUWH GH ³³8QLGDG
)DPLOLDU 4XLQWDQDUURHQVH´ $VRFLDFLyQ &LYLO HOOR QR LPSOLFD TXH HVWHPRV HQ SUHVHQFLD GH XQD SOXUDOLGDG GH
LQIUDFFLRQHVRIDOWDVDGPLQLVWUDWLYDV\DTXHVHWUDWDGHXQDVRODFRQGXFWDTXHYLRODXQGLVSRVLWLYROHJDO
(O GLVSRVLWLYR OHJDO DQWHV UHIHULGR WLHQGH D SUHVHUYDU HO GHUHFKR GH ORV SUHFDQGLGDWRV FDQGLGDWRV \
SDUWLGRV SROtWLFRV GH FRPSHWLU HQ VLWXDFLyQ GH HTXLGDG GHQWUR GH ORV SURFHVRV LQWHUQRV GH VHOHFFLyQ
\HOHFWRUDOHVORFXDOHQHOFDVRGHORVSDUWLGRVSROtWLFRVOHVSHUPLWHFXPSOLUFRQORVILQHVTXHFRQVWLWXFLRQDO\
OHJDOPHQWH OHV KDQ VLGR HQFRPHQGDGRV HYLWDQGR TXH HQWHV DMHQRV D OD FRQWLHQGD LQFOX\DQ HOHPHQWRV
GLVWRUVLRQDGRUHVGHODYROXQWDGFLXGDGDQD\HQEHQHILFLRRHQFRQWUDGHDOJ~QSDUWLGRSROtWLFRRFDQGLGDWR
(Q HO FDVR WDO GLVSRVLWLYR VH DIHFWy FRQ HO LQFXPSOLPLHQWR GH ³8QLGDG )DPLOLDU 4XLQWDQDUURHQVH´
$VRFLDFLyQ &LYLO DO KDEHU FRQWUDWDGR OD GLIXVLyQ GH SURPRFLRQDOHV FRQ FRQWHQLGR DOXVLYR D OD & )UH\GD
0DU\EHO9LOOHJDV&DQFKpGXUDQWHHOPHVGHGLFLHPEUHGHHQHVSHFtILFRHOSHULRGRFRPSUHQGLGRGHODO
GHHVHPHV\DxRFRQXQWRWDOGHLPSDFWRV
$KRUD ELHQ SDUD OOHYDU D FDER OD LQGLYLGXDOL]DFLyQ GH OD VDQFLyQ OD FRQGXFWD GHEH YDORUDUVH
D 0RGR (Q HO FDVR D HVWXGLR ODV LUUHJXODULGDGHV DWULEXLEOHV D ³8QLGDG )DPLOLDU 4XLQWDQDUURHQVH´
$VRFLDFLyQ &LYLO FRQVLVWLHURQ HQ KDEHU FRQWUDWDGR OD GLIXVLyQ GH SURPRFLRQDOHV WHOHYLVLYRV FRQ
FRQWHQLGR DOXVLYR D OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp HQWRQFHV 3UHVLGHQWH GH GLFKD SHUVRQD
PRUDO FRQ 7HOHYLVRUD GH &DQF~Q 6$ GH &9 TXLHQ ORV WUDQVPLWLy HQ ORV FDQDOHV \
LGHQWLILFDGRV FRQ ODV VLJODV ;+452279 \ ;+&&879 UHVSHFWLYDPHQWH WHQLHQGR XQ WRWDO GH
LPSDFWRV
E 7LHPSR 'H FRQIRUPLGDG FRQ ODV FRQVWDQFLDV TXH REUDQ HQ DXWRV HVWD DXWRULGDG FRQVLGHUD TXH OD
LQIUDFFLyQHQFRPHQWRVHPDWHULDOL]yGHOVHLVDOGLHFLVLHWHGHGLFLHPEUHGHOGRVPLORFKR
(V GH WRPDUVH HQ FRQVLGHUDFLyQ TXH ODV FRQGXFWDV LUUHJXODUHV DWULEXLGDV D 8QLGDG )DPLOLDU
4XLQWDQDUURHQVH´$VRFLDFLyQ&LYLOVHFRPHWLHURQGHQWURGHOSURFHVRHOHFWRUDOIHGHUDOTXHDODIHFKD
VH GHVDUUROOD HQ HO PHV GH GLFLHPEUH GHO DxR SUy[LPR SDVDGR HV GHFLU DQWHV GHO LQLFLR GH ODV
SUHFDPSDxDV
F /XJDU/DLUUHJXODULGDGDWULEXLEOHD³8QLGDG)DPLOLDU4XLQWDQDUURHQVH´$VRFLDFLyQ&LYLODFRQWHFLyHQ
HOPXQLFLSLRGH%HQLWR-XiUH]4XLQWDQD5RR
,QWHQFLRQDOLGDG
6HFRQVLGHUDTXHHQHOFDVRVtH[LVWLySRUSDUWHGH³8QLGDG)DPLOLDU4XLQWDQDUURHQVH´$VRFLDFLyQ&LYLOOD
LQWHQFLyQ GH LQIULQJLU OR SUHYLVWR HQ HO DUWtFXOR SiUUDIR LQFLVR E GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
/R DQWHULRU HV DVt \D TXH GH ODV FRQVWDQFLDV TXH REUDQ HQ DXWRV GHO H[SHGLHQWH HQ TXH VH DFW~D VH
REWLHQHQ HOHPHQWRV VXILFLHQWHV TXH FRQGXFHQ D GHWHUPLQDU TXH OD WUDQVPLVLyQ GH ORV SURPRFLRQDOHV
GHQXQFLDGRVDVtFRPRGHOUHVWRGHODSURSDJDQGDGHVSOHJDGDSRUOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpVH
UHDOL]yHQHOFRQWH[WRGHXQDDFWLYLGDGLQWHOHFWXDOPHWyGLFD\SODQLILFDGD
6LUYH GH DSR\R D OR DQWHULRU HO FULWHULR VRVWHQLGR SRU OD 6DOD 6XSHULRU GHO 7ULEXQDO (OHFWRUDO GHO 3RGHU
-XGLFLDOGHOD)HGHUDFLyQGHQWURGHODUHVROXFLyQUHFDtGDDOUHFXUVRGHDSHODFLyQLGHQWLILFDGRFRQHOQ~PHURGH
H[SHGLHQWH6835$3PLVPRTXHHQORTXHLQWHUHVDHVWDEOHFHORVLJXLHQWH
³F(OFRQWH[WRHQHOTXHVHSURGXFHQODVPDQLIHVWDFLRQHVTXHHVWpQVXMHWDVDOHVFUXWLQLRGH
ODDXWRULGDGDGPLQLVWUDWLYDHOHFWRUDORGHOyUJDQRMXULVGLFFLRQDOSXHVQRFDEHGDUHOPLVPR
WUDWDPLHQWR D H[SUHVLRQHV HVSRQWiQHDV H LPSURYLVDGDV VXUJLGDV FRQ PRWLYR GH OD
FHOHEUDFLyQ GH XQD HQWUHYLVWD GH XQ GHEDWH GH XQD GLVFXVLyQ ODV HPDQDGDV GH XQD
LQWHUYHQFLyQ RUDO HQ XQ HYHQWR R DFWR SROtWLFR R LQFOXVR HQ XQD VLWXDFLyQ FRQIOLFWLYD TXH
DTXHOODV SURGXFWR GH XQ QDWXUDO VRVLHJR SODQLILFDFLyQ R HQ ODV TXH FDEH SUHVXPLU XQD
UHIOH[LyQSUHYLD\PHWyGLFDFRPRODVFRQWHQLGDVHQEROHWLQHVGHSUHQVDGHVSOHJDGRVRHQ
DOJ~QRWURFRPXQLFDGRRILFLDODVtFRPRHQODVGHVSOHJDGDVHQODSURSDJDQGDSDUWLGLVWDOD
FXDO VHJ~Q HQVHxDQ ODV Pi[LPDV GH OD H[SHULHQFLD KR\ HQ GtD REHGHFH D HVTXHPDV
FXLGDGRVDPHQWHGLVHxDGRVLQFOXVRHQQRSRFDVRFDVLRQHVVRQFRQVHFXHQFLDGHHVWXGLRV
PHUFDGROyJLFRV DOWDPHQWH WHFQLILFDGRV HQ ORV TXH VH GHILQH FRQ DSR\R HQ DVHVRUtDV R
PHGLDQWHODFRQWUDWDFLyQGHDJHQFLDVHVSHFLDOL]DGDVFRQFODULGDGHOS~EOLFRDOTXHVHGLULJH
ODSURSDJDQGD\HOWLSRGHPHQVDMHTXHUHVXOWDPiVDItQRDWUDFWLYRSDUDGLFKRVHFWRUGHOD
SREODFLyQ´
&RQUHODFLyQDOSUHVHQWHDSDUWDGRHVWDDXWRULGDGHVWLPDTXHHVQHFHVDULRHVWDEOHFHUTXHGHDFXHUGRFRQ
HOGLFFLRQDULRGHOD5HDO$FDGHPLDGHOD/HQJXD(VSDxROD³UHLWHUDU´VLJQLILFD³YROYHUDGHFLURKDFHUDOJRÓR
FXDO VyOR LPSOLFD TXH DOJR VXFHGD HQ PiV GH XQD RFDVLyQ OR PLVPR VXFHGH FRQ HO YRFDEOR ³VLVWHPiWLFD´
SRUTXH GH DFXHUGR FRQ OD PLVPD IXHQWH ³HVD YR] DWDxH D SURFHGHU FRQIRUPH D XQ VLVWHPD´ \ HO ³VLVWHPD´
LPSOLFDXQ³FRQMXQWRGHFRVDVTXHUHODFLRQDGDVHQWUHVtRUGHQDGDPHQWHFRQWULEX\HQDGHWHUPLQDGRREMHWR´
(QHVHWHQRUVHHVWLPDTXHODFRQGXFWDLQIUDFWRUDQRVHFRPHWLyGHPDQHUDUHLWHUDGD\VLVWHPiWLFDSXHV
GHODVSUXHEDVTXHREUDQHQDXWRVVHWLHQHDFUHGLWDGDODFRQWUDWDFLyQGHODGLIXVLyQGHORVSURPRFLRQDOHVHQ
ODPLVPDWHPSRUDOLGDGFRQHOPLVPRFRQFHVLRQDULRSRUSDUWHGHOD$VRFLDFLyQ&LYLOKR\UHVSRQVDEOH
&RPR VH H[SUHVy FRQ DQWHODFLyQ HQ HVWH IDOOR HO DFWXDU GH 8QLGDG )DPLOLDU 4XLQWDQDUURHQVH $& D
WUDYpVGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpHVWXYRLQWHQFLRQDOPHQWHHQFDPLQDGRDLQIULQJLUODQRUPDWLYD
FRPLFLDO HQ GHWULPHQWR GHO SULQFLSLR GH HTXLGDG TXH GHEH LPSHUDU HQ WRGR PRPHQWR GHQWUR GHO SURFHVR
HOHFWRUDOIHGHUDO
/RDQWHULRUHVDVtHQYLUWXGGHTXHHQHOPRPHQWRHQTXHDFRQWHFLHURQORVKHFKRVGHQXQFLDGRV\DKDEtD
GDGRLQLFLRHOSURFHVRHOHFWRUDOIHGHUDOQRREVWDQWHHOORFDEHUHIHULUTXHORVDFWRVTXHVHOHLPSXWDQDODKR\
GHQXQFLDGD VH UHDOL]DURQ FRQ DQWHODFLyQ LQFOXVR DO LQLFLR GHO SHULRGR GH SUHFDPSDxDV \D TXH FRPR VH KD
H[SOLFDGRORVPLVPRVDFRQWHFLHURQHQHOPHVGHGLFLHPEUHGH
,, 8QD YH] VHQWDGDV ODV DQWHULRUHV FRQVLGHUDFLRQHV \ D HIHFWR GH LQGLYLGXDOL]DU DSURSLDGDPHQWH OD
VDQFLyQHVWDDXWRULGDGSURFHGHDWRPDUHQFXHQWDORVVLJXLHQWHVHOHPHQWRV
(Q HO SUHVHQWH FDVR DWHQGLHQGR D ORV HOHPHQWRV REMHWLYRV DQWHULRUPHQWH SUHFLVDGRV OD FRQGXFWD GHEH
FDOLILFDUVHFRQXQDJUDYHGDGRUGLQDULD\DTXHODPLVPDFRPRVHH[SOLFyHQHODSDUWDGRGHLQWHQFLRQDOLGDG
WXYR FRPR ILQDOLGDG LQIULQJLU GH IRUPD GLUHFWD OD SURKLELFLyQ GH FRQWUDWDU SURSDJDQGD HQ UDGLR \ WHOHYLVLyQ
GLULJLGDDLQIOXLUHQODVSUHIHUHQFLDVHOHFWRUDOHVGHORVFLXGDGDQRVDIDYRURHQFRQWUDGHSDUWLGRVSROtWLFRVR
FDQGLGDWRVDFDUJRVGHHOHFFLyQSRSXODUFRQHOILQGHTXHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpREWXYLHUDHO
UHJLVWURFRPRFDQGLGDWDDOFDUJRGH'LSXWDGDIHGHUDOSRUHOGLVWULWRHOHFWRUDOHQHOHVWDGRGH4XLQWDQD5RR
SRUHO3DUWLGR$FFLyQ1DFLRQDO
5HLQFLGHQFLD
(Q ORV DUFKLYRV TXH REUDQ HQ SRGHU GH HVWD DXWRULGDG QR REUD DQWHFHGHQWH DOJXQR UHODFLRQDGR FRQ
LQIUDFFLRQHV GH HVWH WLSR FRPHWLGDV SRU OD SHUVRQD PRUDO GHQRPLQDGD ³8QLGDG )DPLOLDU 4XLQWDQDUURHQVH
$&
6DQFLyQDLPSRQHU
3RU WRGR OR DQWHULRU HVSHFLDOPHQWH ORV ELHQHV MXUtGLFRV SURWHJLGRV \ ORV HIHFWRV GH OD LQIUDFFLyQ OD
FRQGXFWDUHDOL]DGDSRU³8QLGDG)DPLOLDU4XLQWDQDUURHQVH´$&GHEHVHUREMHWRGHXQDVDQFLyQTXHWHQJDHQ
FXHQWD ODV FLUFXQVWDQFLDV SDUWLFXODUHV TXH VH SUHVHQWDURQ HQ HO FDVR FRQFUHWR PRGR WLHPSR \ OXJDU \ VLQ
TXHHOORLPSOLTXHTXHpVWDLQFXPSODFRQXQDGHVXVILQDOLGDGHVTXHHVODGHGLVXDGLUODSRVLEOHFRPLVLyQGH
IDOWDVVLPLODUHVTXHWDPELpQ SXGLHUDQDIHFWDUORVYDORUHVSURWHJLGRVSRUODQRUPDWUDQVJUHGLGD \TXHVHKDQ
SUHFLVDGRSUHYLDPHQWH
3DUD GHWHUPLQDU HO WLSR GH VDQFLyQ D LPSRQHU GHEH UHFRUGDUVH TXH HO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \
3URFHGLPLHQWRV (OHFWRUDOHV FRQILHUH D OD DXWRULGDG HOHFWRUDO DUELWULR SDUD HOHJLU GHQWUR GHO FDWiORJR GH
FRUUHFWLYRV DSOLFDEOHVDTXHO TXHVH DMXVWH DODFRQGXFWD GHVSOHJDGDSRUHOVXMHWRLQIUDFWRU \TXH D VXYH]
VHD EDVWDQWH \ VXILFLHQWH SDUD SUHYHQLU TXH FXDOTXLHU RWUD SHUVRQD HQ OD HVSHFLH FRQFHVLRQDULRV R
SHUPLVLRQDULRVGHPHGLRVHOHFWUyQLFRVUHDOLFHXQDIDOWDVLPLODU
(V LPSRUWDQWH GHVWDFDU TXH VL ELHQ OD VDQFLyQ DGPLQLVWUDWLYD GHEH WHQHU FRPR XQD GH VXV ILQDOLGDGHV HO
UHVXOWDUXQDPHGLGDHMHPSODUWHQGHQWHDGLVXDGLUODSRVLEOHFRPLVLyQGHLQIUDFFLRQHVVLPLODUHVHQHOIXWXURQR
PHQRVFLHUWRHVTXHHQFDGDFDVRGHEHSRQHUVHSDUWLFXODUDWHQFLyQHQODVFLUFXQVWDQFLDVREMHWLYDVGHPRGR
WLHPSR\OXJDUDVtFRPRHQODVFRQGLFLRQHVVXEMHWLYDVDHIHFWRGHTXHODVVDQFLRQHVQRUHVXOWHQLQXVLWDGDV
WUDVFHQGHQWDOHVH[FHVLYDVGHVSURSRUFLRQDGDVRLUUDFLRQDOHVRSRUHOFRQWUDULRLQVLJQLILFDQWHVRLUULVRULDV
(IHFWLYDPHQWH PLHQWUDV TXH XQD GHWHUPLQDGD FRQGXFWD SXHGH QR UHVXOWDU JUDYH HQ GHWHUPLQDGR FDVR
DWHQGLHQGR D WRGRV ORV HOHPHQWRV \ FLUFXQVWDQFLDV DQWHV SUHFLVDGDV HQ RWURV FDVRV OD PLVPD FRQGXFWD
SXHGHHVWDUUHODFLRQDGDFRQRWURVDVSHFWRVFRPRSXHGHVHUXQEHQHILFLRROXFURLOHJDOPHQWHORJUDGRRH[LVWLU
XQ GHWHUPLQDGR PRQWR HFRQyPLFR LQYROXFUDGR HQ OD LUUHJXODULGDG GH WDO IRUPD TXH WDOHV HOHPHQWRV VHD
QHFHVDULRWHQHUORVWDPELpQHQFRQVLGHUDFLyQSDUDTXHODLQGLYLGXDOL]DFLyQGHODVDQFLyQVHDDGHFXDGD
(QHOFDVRDHVWXGLRODVVDQFLRQHVTXHVHSXHGHQLPSRQHUD³8QLGDG)DPLOLDU4XLQWDQDUURHQVH´$&SRU
LQFXPSOLUFRQODSURKLELFLyQHVWDEOHFLGDHQORVDUWtFXORVEDVH,,,$SDUWDGR$LQFLVRJWHUFHUSiUUDIRGHOD
&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV0H[LFDQRVDVtFRPRHQHODUWtFXORSiUUDIRHQUHODFLyQFRQHO
DUWtFXOR SiUUDIR LQFLVR E GHO &yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV VRQ ODV
SUHYLVWDVHQHOGLVSRVLWLYRSiUUDIRLQFLVRGPLVPRTXHDODOHWUDHVWDEOHFH
³$UWtFXOR
VLJXLHQWH
>«@
G 5HVSHFWRGHORVFLXGDGDQRVGHORVGLULJHQWHV\DILOLDGRVDORVSDUWLGRVSROtWLFRV
RGHFXDOTXLHUSHUVRQDItVLFDRPRUDO
, &RQDPRQHVWDFLyQS~EOLFD
,, 5HVSHFWRGHORVFLXGDGDQRVRGHORVGLULJHQWHV\DILOLDGRVDORVSDUWLGRVSROtWLFRVFRQ
PXOWDGHKDVWDTXLQLHQWRVGtDVGHVDODULRPtQLPRJHQHUDOYLJHQWHSDUDHO'LVWULWR)HGHUDOHQ
HOFDVRGHDSRUWDFLRQHVTXHYLROHQORGLVSXHVWRHQHVWH&yGLJRRWUDWiQGRVHGHODFRPSUD
GH WLHPSR HQ UDGLR \ WHOHYLVLyQ SDUD OD GLIXVLyQ GH SURSDJDQGD SROtWLFD R HOHFWRUDO FRQ HO
GREOHGHOSUHFLRFRPHUFLDOGHGLFKRWLHPSR\
,,, 5HVSHFWRGHODVSHUVRQDVPRUDOHVSRUODVFRQGXFWDVVHxDODGDVHQODIUDFFLyQDQWHULRU
FRQPXOWDGHKDVWDFLHQPLOGtDVGHVDODULRPtQLPRJHQHUDOYLJHQWHSDUDHO'LVWULWR)HGHUDO
HQ HO FDVR GH DSRUWDFLRQHV TXH YLROHQ OR GLVSXHVWR HQ HVWH &yGLJR R WUDWiQGRVH GH OD
FRPSUDGHWLHPSRHQUDGLR \WHOHYLVLyQSDUDODGLIXVLyQGHSURSDJDQGD SROtWLFDR HOHFWRUDO
FRQHOGREOHGHOSUHFLRFRPHUFLDOGHGLFKRWLHPSR
«´
6REUHHOSDUWLFXODUHVSUHFLVRVHxDODUTXHFRQIHFKDRFKRGHMXOLRGHGRVPLORFKRHO3OHQRGHOD6XSUHPD
&RUWHGH-XVWLFLDGHOD1DFLyQUHVROYLyOD$FFLyQGH,QFRQVWLWXFLRQDOLGDG\VXVDFXPXODGDV
\DWUDYpVGHODFXDOHO$OWR7ULEXQDOHVWDEOHFLyORVLJXLHQWH
³35,0(526RQSURFHGHQWHV\SDUFLDOPHQWHIXQGDGDVODVDFFLRQHVGHLQFRQVWLWXFLRQDOLGDG
\VXVDFXPXODGDV\
>«@
6(;726HGHFODUDODLQYDOLGH]GHODVIUDFFLRQHV,,\,,,LQFLVRGSiUUDIRGHODUWtFXOR
GHO&yGLJR)HGHUDOGH,QVWLWXFLRQHV\3URFHGLPLHQWRV(OHFWRUDOHV~QLFDPHQWHHQODSRUFLyQ
QRUPDWLYD FRQWHQLGD HQ DPEDV IUDFFLRQHV TXH D OD OHWUD GLFH µFRQ HO GREOH GHO SUHFLR
FRPHUFLDOGHGLFKRWLHPSR¶
6(37,02 /D GHFODUDWRULD GH LQYDOLGH] GHFUHWDGD VXUWLUi HIHFWRV HQ WpUPLQRV GHO ~OWLPR
FRQVLGHUDQGRGHHVWDHMHFXWRULD
2&7$92 3XEOtTXHVH HVWD UHVROXFLyQ HQ HO 'LDULR 2ILFLDO GH OD )HGHUDFLyQ \ HQ HO
6HPDQDULR-XGLFLDOGHOD)HGHUDFLyQ\VX*DFHWD´
(QHVWHVHQWLGRFDEHPHQFLRQDUTXHHOSURSLRPi[LPRyUJDQRMXULVGLFFLRQDOGHHVWHSDtVGHWHUPLQyTXHD
HIHFWR GH QR KDFHU LQDSOLFDEOHV ODV GLVSRVLFLRQHV QRUPDWLYDV D TXH QRV YHQLPRV UHILULHQGR UHVXOWDED
SURFHGHQWH SDUD HVWH ,QVWLWXWR )HGHUDO (OHFWRUDO DSOLFDU ODV VDQFLRQHV FRQVLVWHQWHV HQ ODV PXOWDV D TXH VH
UHILHUHQODVSULPHUDVSDUWHVGHGLFKRVGLVSRVLWLYRVOHJDOHV
8QDYH] SUHFLVDGRORDQWHULRUHQ HOFDVRD HVWXGLR HVWDDXWRULGDG HVWLPDTXHODKLSyWHVLV SUHYLVWDHQOD
IUDFFLyQ , GHO FDWiORJR VDQFLRQDGRU DPRQHVWDFLyQ S~EOLFD FXPSOH FRQ OD ILQDOLGDG VHxDODGD SDUD LQKLELU OD
UHDOL]DFLyQGHFRQGXFWDVFRPRODGHVSOHJDGDSRUOD$VRFLDFLyQ&LYLO³8QLGDG)DPLOLDU4XLQWDQDUURHQVH´WRGD
YH]TXHODVFRQGXFWDVUHDOL]DGDV~QLFDPHQWHFDXVDURQHQVXFDVRXQPHQRVFDERDORVPLOLWDQWHVPLHPEURV
DGKHUHQWHVGHO3DUWLGR$FFLyQ1DFLRQDOTXHSUHWHQGtDQVHUUHJLVWUDGRVSRUGLFKRLQVWLWXWRSROtWLFRDOFDUJRGH
'LSXWDGR)HGHUDOSRUHOGLVWULWRHOHFWRUDOHQHOHVWDGRGH4XLQWDQD5RRSRUORTXHODVFRQWHPSODGDVHQOD
IUDFFLRQHV,,\,,,UHVXOWDUtDQH[FHVLYDV\SRUHQGHQRDSOLFDEOHVDOFDVRFRQFUHWR
$Vt ODV FRVDV WHQLHQGR HQ FXHQWD OD JUDYHGDG RUGLQDULD GH OD IDOWD DVt FRPR ODV FLUFXQVWDQFLDV
SDUWLFXODUHVTXHVHGLHURQHQHOFDVRFRQFUHWRODVDQFLyQTXHGHEHDSOLFDUVHDODFLXGDGDQDLQIUDFWRUDHQHO
FDVR FRQFUHWR HV OD SUHYLVWD HQ HO DUWtFXOR SiUUDIR LQFLVR F IUDFFLyQ , GHO &yGLJR )HGHUDO GH
,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV FRQVLVWHQWH HQ XQD DPRQHVWDFLyQ S~EOLFD PLVPD TXH QR HV
JUDYRVD\VtHVVLJQLILFDWLYDDHIHFWRGHGLVXDGLUODSRVLEOHFRPLVLyQGHFRQGXFWDVVLPLODUHVHQHOIXWXUR
6REUH HVWH SDUWLFXODU FRQYLHQH SUHFLVDU TXH OD FRQGXFWD FRPHWLGD QR SXHGH VHU FXDQWLILFDEOH GH IRUPD
HFRQyPLFDUHVSHFWRHOQLYHORJUDGRGHDIHFWDFLyQFDXVDGRDORVPLOLWDQWHVGHO3DUWLGR$FFLyQ1DFLRQDOFRQOD
GLIXVLyQGHODSURSDJDQGDGHQXQFLDGDHQHOSUHVHQWHDVXQWR

(MHFXWRULDTXHIXHSXEOLFDGDHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQHOGtDGHRFWXEUHGH
(Q HVH PLVPR VHQWLGR VH FRQVLGHUD TXH ODV FRQGXFWDV GHVSOHJDGDV SRU OD $VRFLDFLyQ &LYLO ³8QLGDG
)DPLOLDU4XLQWDQDUURHQVH´SRVLEOHPHQWHLPSDFWDURQHQODGHWHUPLQDFLyQGHOSDUWLGRSROtWLFRDQWHVUHIHULGRGH
UHJLVWUDUODFRPRVXFDQGLGDWDSRUHOGLVWULWRHOHFWRUDOIHGHUDOHQHOHVWDGRGH4XLQWDQD5RR
/DVFRQGLFLRQHVVRFLRHFRQyPLFDVGHOLQIUDFWRUHLPSDFWRHQODVDFWLYLGDGHVGHOVXMHWRLQIUDFWRU
$GLFLRQDOPHQWH HV PHQHVWHU SUHFLVDU TXH HQ FRQFHSWR GH HVWD DXWRULGDG OD VDQFLyQ LPSXHVWD D OD
$VRFLDFLyQ&LYLO³8QLGDG)DPLOLDU4XLQWDQDUURHQVH´HQPRGRDOJXQRDIHFWDVXSDWULPRQLRWRGDYH]TXHFRPR
VH SUHFLVy FRQ DQWHODFLyQ OD PLVPD FRQVLVWH HQ XQD DPRQHVWDFLyQ S~EOLFD HQ WDO YLUWXG VH HVWLPD TXH HV
LQQHFHVDULRFRQRFHUODFDSDFLGDGVRFLRHFRQyPLFDGHOLQIUDFWRU\DTXHODVDQFLyQLPSXHVWDGHQLQJXQDIRUPD
SXHGHFRQVLGHUDUVHH[FHVLYD
'(&,02 7(5&(52 4XH WRGD YH] TXH HQ HO FDVR VH DFWXDOL]y OD UHDOL]DFLyQ GH DFWRV DQWLFLSDGRV GH
SUHFDPSDxDSRUSDUWHGHOD&)UH\GD0DU\EHO9LOOHJDV&DQFKpKR\FDQGLGDWDDOFDUJRGH'LSXWDGDIHGHUDO
SRUHOGLVWULWRHOHFWRUDOHQHOHVWDGRGH4XLQWDQD5RRSRUHO3DUWLGR$FFLyQ1DFLRQDOORSURFHGHQWHHVGDU
YLVWD D OD 8QLGDG GH )LVFDOL]DFLyQ GH ORV 5HFXUVRV GH ORV 3DUWLGRV 3ROtWLFRV SDUD TXH GHWHUPLQH OR TXH HQ
GHUHFKRSURFHGD
'(&,02&8$5724XHHQDWHQFLyQDORVDQWHFHGHQWHV\FRQVLGHUDFLRQHVYHUWLGRVFRQIXQGDPHQWRHQOR
GLVSXHVWR HQ ORV DUWtFXORV SiUUDIRV \ SiUUDIR \ SiUUDIR GHO &yGLJR )HGHUDO GH
,QVWLWXFLRQHV \ 3URFHGLPLHQWRV (OHFWRUDOHV \ HQ HMHUFLFLR GH ODV DWULEXFLRQHV FRQIHULGDV HQ HO QXPHUDO
SiUUDIRLQFLVRVKZ\]GHORUGHQDPLHQWROHJDOHQFLWDHVWH&RQVHMR*HQHUDOHPLWHODVLJXLHQWH
5(62/8&,21
35,0(52 6H GHFODUD IXQGDGR HO SURFHGLPLHQWR HVSHFLDO VDQFLRQDGRU SURPRYLGR SRU HO 3DUWLGR GH OD
5HYROXFLyQ 'HPRFUiWLFD HQ FRQWUD GH OD & 0DU\EHO 9LOOHJDV &DQFKp HQ WpUPLQRV GH OR GLVSXHVWR HQ HO
FRQVLGHUDQGRVpSWLPRGHODSUHVHQWHGHWHUPLQDFLyQ
6(*81'2 6H GHFODUD IXQGDGR HO SURFHGLPLHQWR HVSHFLDO VDQFLRQDGRU SRU FXDQWR KDFH D OD FRQGXFWD
LPSXWDGD D OD $VRFLDFLyQ &LYLO ³8QLGDG )DPLOLDU 4XLQWDQDUURHQVH´ GH FRQIRUPLGDG FRQ OR SUHFLVDGR HQ HO
FRQVLGHUDQGRRFWDYRGHODSUHVHQWH5HVROXFLyQ
7(5&(526HGHFODUDLQIXQGDGRHOSUHVHQWHSURFHGLPLHQWRUHVSHFWRGHODFRQGXFWDLPSXWDGDDO3DUWLGR
$FFLyQ1DFLRQDOHQWpUPLQRVGHORSUHYLVWRHQHOFRQVLGHUDQGRQRYHQRGHODSUHVHQWHGHWHUPLQDFLyQ
&8$572 6H GHFODUD LQIXQGDGR HO SUHVHQWH SURFHGLPLHQWR UHVSHFWR GH OD FRQGXFWD LPSXWDGD D
7HOHYLVRUDGH&DQF~Q6$GH&9³79&81´GHFRQIRUPLGDGFRQORH[SXHVWRHQHOFRQVLGHUDQGRGpFLPRGH
ODSUHVHQWH5HVROXFLyQ
48,172 6H LPSRQH D OD & )UH\GD 0DU\EHO 9LOOHJDV &DQFKp XQD VDQFLyQ FRQVLVWHQWH HQ XQD
DPRQHVWDFLyQS~EOLFDHQWpUPLQRVGHORSUHYLVWRHQHOFRQVLGHUDQGRGpFLPRSULPHURGHOSUHVHQWHIDOOR
6(;726HLPSRQHD³8QLGDG)DPLOLDU4XLQWDQDUURHQVH´$VRFLDFLyQ&LYLOXQDVDQFLyQFRQVLVWHQWHHQXQD
DPRQHVWDFLyQ S~EOLFD HQ WpUPLQRV GH OR SUHYLVWR HQ HO FRQVLGHUDQGR GpFLPR VHJXQGR GH OD SUHVHQWH
5HVROXFLyQ
6(37,02'HVHYLVWDDOD8QLGDGGH)LVFDOL]DFLyQGHORV5HFXUVRVGHORVSDUWLGRVSROtWLFRVHQWpUPLQRVGH
ORSUHYLVWRHQHOFRQVLGHUDQGRGpFLPRWHUFHURGHODSUHVHQWHGHWHUPLQDFLyQ
2&7$923XEOtTXHVHHQHO'LDULR2ILFLDOGHOD)HGHUDFLyQODSUHVHQWHGHWHUPLQDFLyQ
129(12 $ HIHFWR GH GDU GHELGR FXPSOLPLHQWR D OR RUGHQDGR SRU OD + 6DOD 6XSHULRU GHO 7ULEXQDO
(OHFWRUDOGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQHQODHMHFXWRULDGLFWDGDHQHOUHFXUVRGHDSHODFLyQLGHQWLILFDGR
FRQ OD FODYH 6835$3 QRWLItTXHVHOH OD SUHVHQWH GHWHUPLQDFLyQ DVLPLVPR D ODV SDUWHV HQ WpUPLQRV
GHOH\
'(&,02 (Q VX RSRUWXQLGDG DUFKtYHVH HO SUHVHQWH H[SHGLHQWH FRPR DVXQWR WRWDO \ GHILQLWLYDPHQWH
FRQFOXLGR
/D SUHVHQWH 5HVROXFLyQ IXH DSUREDGD HQ VHVLyQ H[WUDRUGLQDULD GHO &RQVHMR *HQHUDO FHOHEUDGD HO GH
PD\R GH GRV PLO QXHYH SRU YRWDFLyQ XQiQLPH GH ORV &RQVHMHURV (OHFWRUDOHV 0DHVWUR 9LUJLOLR $QGUDGH
0DUWtQH] 0DHVWUR 0DUFR $QWRQLR %DxRV 0DUWtQH] 'RFWRUD 0DUtD 0DFDULWD (OL]RQGR *DVSHUtQ 0DHVWUR
$OIUHGR )LJXHURD )HUQiQGH] /LFHQFLDGR 0DUFR $QWRQLR *yPH] $OFiQWDU 'RFWRU )UDQFLVFR -DYLHU *XHUUHUR
$JXLUUH'RFWRU%HQLWR1DFLI+HUQiQGH]0DHVWUR$UWXUR6iQFKH]*XWLpUUH]\HO&RQVHMHUR3UHVLGHQWH'RFWRU
/HRQDUGR9DOGpV=XULWD
(O &RQVHMHUR 3UHVLGHQWH GHO &RQVHMR *HQHUDO /HRQDUGR 9DOGpV =XULWD 5~EULFD (O 6HFUHWDULR GHO
&RQVHMR*HQHUDO(GPXQGR-DFRER0ROLQD5~EULFD

7RPR'&/, 1R 0P (LFR') Oxqhvghmxqlrgh

Cargado por

Información del documento

Título original

Derechos de autor

Formatos disponibles

Compartir este documento

Compartir o incrustar documentos

Opciones para compartir

¿Le pareció útil este documento?

¿Este contenido es inapropiado?

Copyright:

Formatos disponibles

7RPR'&/, 1R 0P (LFR') Oxqhvghmxqlrgh

Cargado por

Copyright:

Formatos disponibles

7RPR'&/;,; 1R 0p[LFR')OXQHVGHMXQLRGH

3(5)(&&,21$0,(172 '(/ &8562 683(5,25 '( /$6 $50$6 < 

&85626 683(5,25(6 '( 0$1'2 < (67$'2 0$<25 0e',&2 

&8562 0,/,7$5 (1 (/ (;75$1-(52 '( 3(5)(&&,21$0,(172 '( 

&8562 0,/,7$5 683(5,25 (1 (/ (;75$1-(52 '( /,&(1&,$785$ 

7(5&(5 /8*$5 (1 (/ &8562 0,/,7$5 683(5,25 (1 (/ 

&85626 '( (63(&,$/,=$&,Ï1 &8562 683(5,25 '( *8(55$ 

(678',26 &,9,/(6 3$5$ &$3$&,7$&,Ï1 $&78$/,=$&,Ï1 7e&1,&26 

&8562 '( $'0,1,675$&,Ï1 3$5$ /$ 6(*85,'$' < '()(16$ 

*(1(5$/ '( %5,*$'$ 2 '( $/$ &21 6(17(1&,$ 

'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,*5$17(6 $7(1&,21$-251$/(526$*5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

0(7$6 0(7$6 0(7$6 0(7$6 0(7$6

'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,*5$17(6 $7(1&,21$-251$/(526$*5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

352<(&72 352<(&72 3(5621$ -251$/ (03/(2 352<(&72 3(5621$

'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,*5$17(6 $7(1&,21$-251$/(526$*5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

0(7$6 0(7$6 0(7$6 0(7$6 0(7$6

  6DQ%DUWROR7XWRWHSHF   +XDVWHFD

  +XHKXHWOD   +XDVWHFD

  7HSHKXDFiQGH*XHUUHUR   +XDVWHFD

  ;RFKLDWLSDQ   +XDVWHFD

  <DKXDOLFD   +XDVWHFD

  7LDQJXLVWHQJR   +XDVWHFD

  3DFXOD  

  /D0LVLyQ  

  3LVDIORUHV  

  7ODKXLOWHSD  

  +XD]DOLQJR   +XDVWHFD

  $FD[RFKLWOiQ  

  7ODQFKLQRO  

  $WODSH[FR   +XDVWHFD

  7HQDQJRGH'RULD  

  +XDXWOD   +XDVWHFD

  &KDSXOKXDFiQ  

  6DQ)HOLSH2UL]DWOiQ   +XDVWHFD

  $JXD%ODQFDGH,WXUELGH  

  1LFROiV)ORUHV  

  /RORWOD  

  &DOQDOL  

  -DOWRFiQ   +XDVWHFD

  0HW]WLWOiQ  

  0LQHUDOGHO&KLFR  

  +XHMXWODGH5H\HV   +XDVWHFD

  ;RFKLFRDWOiQ  

  $FDWOiQ  

  0RODQJRGH(VFDPLOOD  

  -DFDODGH/HGH]PD  

  $OIDMD\XFDQ  

  7HFR]DXWOD  

  &KDSDQWRQJR  

  (OR[RFKLWOiQ  

  &DUGRQDO  

  -XiUH]+LGDOJR  

  +XDVFDGH2FDPSR  

  1RSDODGH9LOODJUiQ  

&ODYHGHO 3REODFLyQ /XJDUTXHRFXSDHQHO

  6LQJXLOXFDQ  

  6DQ$JXVWtQ0HW]TXLWLWOiQ  

  $WRWRQLOFRHO*UDQGH  

  2PLWOiQGH-XiUH]  

  $OPROR\D  

  7DVTXLOOR  

  6DQWLDJRGH$QD\D  

  0HWHSHF  

7RPR'&/;,; 1R 0p[LFR')OXQHVGHMXQLRGH

3(5)(&&,21$0,(172 '(/ &8562 683(5,25 '( /$6 $50$6 <

&85626 683(5,25(6 '( 0$1'2 < (67$'2 0$<25 0e',&2

&8562 0,/,7$5 (1 (/ (;75$1-(52 '( 3(5)(&&,21$0,(172 '(

&8562 0,/,7$5 683(5,25 (1 (/ (;75$1-(52 '( /,&(1&,$785$

7(5&(5 /8*$5 (1 (/ &8562 0,/,7$5 683(5,25 (1 (/

&85626 '( (63(&,$/,=$&,Ï1 &8562 683(5,25 '( *8(55$

(678',26 &,9,/(6 3$5$ &$3$&,7$&,Ï1 $&78$/,=$&,Ï1 7e&1,&26

&8562 '( $'0,1,675$&,Ï1 3$5$ /$ 6(*85,'$' < '()(16$

(1(5$/ '( %5,$'$ 2 '( $/$ &21 6(17(1&,$

'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,5$17(6 $7(1&,21$-251$/(526$5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,5$17(6 $7(1&,21$-251$/(526$5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,5$17(6 $7(1&,21$-251$/(526$5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

6DQ%DUWROR7XWRWHSHF +XDVWHFD

+XHKXHWOD +XDVWHFD

7HSHKXDFiQGH*XHUUHUR +XDVWHFD

;RFKLDWLSDQ +XDVWHFD

<DKXDOLFD +XDVWHFD

7LDQJXLVWHQJR +XDVWHFD

3DFXOD

/D0LVLyQ

3LVDIORUHV

7ODKXLOWHSD

+XD]DOLQJR +XDVWHFD

$FD[RFKLWOiQ

7ODQFKLQRO

$WODSH[FR +XDVWHFD

7HQDQJRGH'RULD

+XDXWOD +XDVWHFD

&KDSXOKXDFiQ

6DQ)HOLSH2UL]DWOiQ +XDVWHFD

$JXD%ODQFDGH,WXUELGH

1LFROiV)ORUHV

/RORWOD

&DOQDOL

-DOWRFiQ +XDVWHFD

0HW]WLWOiQ

0LQHUDOGHO&KLFR

+XHMXWODGH5H\HV +XDVWHFD

;RFKLFRDWOiQ

$FDWOiQ

0RODQJRGH(VFDPLOOD

-DFDODGH/HGH]PD

$OIDMD\XFDQ

7HFR]DXWOD

&KDSDQWRQJR

(OR[RFKLWOiQ

&DUGRQDO

-XiUH]+LGDOJR

+XDVFDGH2FDPSR

1RSDODGH9LOODJUiQ

6LQJXLOXFDQ

6DQ$JXVWtQ0HW]TXLWLWOiQ

$WRWRQLOFRHO*UDQGH

2PLWOiQGH-XiUH]

$OPROR\D

7DVTXLOOR

6DQWLDJRGH$QD\D

0HWHSHF

(O$UHQDO

=LPDSiQ

&XDXWHSHFGH+LQRMRVD

&KLOFXDXWOD

7H]RQWHSHFGH$OGDPD

(SD]R\XFDQ

7HSHWLWOiQ

6DQ$JXVWtQ7OD[LDFD

+XLFKDSDQ

6DQ6DOYDGRU

=DFXDOWLSiQGH$QJHOHV

,9 (ODUWtFXORIUDFFLyQ,,GHO 'HFUHWR GH3UHVXSXHVWR GH (JUHVRV GH OD )HGHUDFLyQSDUDHO(MHUFLFLR

/D HMHFXFLyQGHORV SURJUDPDVGHVXEVLGLRVHVWDUi VXVWHQWDGDHQ SURSXHVWDV GHLQYHUVLyQ TXHGHEHUiQ

'(&,0$6(;7$³(/(67$'2´DXWRUL]D PHGLDQWHHVWH LQVWUXPHQWRMXUtGLFRDOD6HFUHWDUtDGH)LQDQ]DV

'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,5$17(6 $7(1&,21$-251$/(526$5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

727$/

'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,5$17(6 $7(1&,21$-251$/(526$5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

727$/

'(6$552//2'(=21$635,25,7$5,$6 [3$5$0,5$17(6 $7(1&,21$-251$/(526$5,&2/$6 (03/(27(0325$/ 23&,21(6352'8&7,9$6

727$/

$3257$&,21)('(5$/