/DGLVWLQFLyQHQWUHWHRUtDLGHDO\QR
LGHDODGHEDWH$UJXPHQWRVDIDYRU
GHXQDSHUVSHFWLYDUHIOH[LYD 
1LFROiV(PDQXHO2OLYDUHV

5HVXPHQ

/DUHHGLFLyQFRQWHPSRUiQHDGHODQWLJXRGHEDWHVREUHODUHODFLyQTXH
GHEHPHGLDUHQWUHORVLGHDOHVSROtWLFRV\ODUHDOLGDGFRQFUHWDWLHQHSRU
HSLFHQWURXQDSUHJXQWDIXQGDPHQWDO¢TXpHQWHQGHPRVSRUWHRUtDLGHDO\
WHRUtDQRLGHDO"(VWDLQFyJQLWDKDUHFLELGR²DOPHQRV²WUHVWLSRVGH
UHVSXHVWDVJHQHUDOHVODVFXDOHVSXHGHQVHUFDOLILFDGDVGHLGHDOLVWDVUHD
OLVWDVRUHIOH[LYDVVHJ~QRWRUJXHQSULRULGDGOyJLFD\WHPSRUDODODWHRUtD
LGHDOSRUVREUHODQRLGHDODVXPDQODHFXDFLyQQRUPDWLYDLQYHUVDRELHQ
GHQSULRULGDGWHPSRUDODODWHRUtDQRLGHDO\SULRULGDGOyJLFDDODWHRUtD

 $JUDGH]FRD-/0DUWL5*DUJDUHOOD06OHDW*6FLYROHWWR\/9LOODYLFHQFLR0L

UDQGDSRUVXVJHQHURVRVFRPHQWDULRVHIHFWXDGRVDXQDYHUVLyQSUHOLPLQDUGHHVWHDUWtFX
ORGHLQYHVWLJDFLyQFLHQWtILFD
$ERJDGR3URIHVRU8QLYHUVLWDULRGHOD8QLYHUVLGDG&DWyOLFDGH&yUGRED8&&%H
FDULR3RVGRFWRUDO&RQVHMR1DFLRQDOGH,QYHVWLJDFLRQHV&LHQWtILFDV\7pFQLFDV8QLYHU
VLGDG1DFLRQDOGH&yUGRED&21,&(781&

&yGLJRGH5HIHUDWR63;/9,,,
KWWSG[GRLRUJVS

678',$32/,7,& 1~PHURLQYLHUQR±SiJ
3XEOLFDGDSRUOD)DFXOWDGGH&LHQFLD3ROtWLFD\5HODFLRQHV,QWHUQDFLRQDOHV
GHOD8QLYHUVLGDG&DWyOLFDGH&yUGRED&yUGRED5HS~EOLFD$UJHQWLQD
678',$32/,7,&  LQYLHUQR 

LGHDO(QHVWHWUDEDMRRIUHFHUHPRVDUJXPHQWRVFUtWLFRVGHFLHUWDVSHUV
SHFWLYDVLGHDOLVWDV\UHDOLVWDVDVtFRPRDUJXPHQWRVGHIHQVLYRVGHXQD
SHUVSHFWLYDUHIOH[LYDODFXDOUHVXOWDFRQVLVWHQWHFRQXQPRGHORGHPR
FUiWLFRGHOLEHUDWLYR\UHSXEOLFDQR

3DODEUDVFODYHWHRUtDQRLGHDO±SHUVSHFWLYDUHIOH[LYD±LGHDOHVUHJXODWL
YRV±GHPRFUDFLDGHOLEHUDWLYD\UHSXEOLFDQD

$EVWUDFW

7KHFRQWHPSRUDU\UHHGLWLRQRIWKHROGGHEDWHRQWKHUHODWLRQVKLSWKDW
VKRXOGPHGLDWHEHWZHHQSROLWLFDOLGHDOVDQGFRQFUHWHUHDOLW\KDVDVLWV
HSLFHQWHUDIXQGDPHQWDOTXHVWLRQZKDWGRZHXQGHUVWDQGE\LGHDOWKHRU\
DQGQRQLGHDOWKHRU\"7KLVTXHVWLRQKDVUHFHLYHGDWOHDVWWKUHHW\SHVRI
JHQHUDO UHVSRQVHV ZKLFK FDQ EH TXDOLILHG DV LGHDOLVWLF UHDOLVWLF RU
UHIOH[LYHDFFRUGLQJWRJUDQWORJLFDODQGWHPSRUDOSULRULW\WRWKHLGHDO
WKHRU\RYHUWKHQRQLGHDODVVXPHWKHLQYHUVHQRUPDWLYHHTXDWLRQRU
JLYHWHPSRUDU\SULRULW\WRWKHQRQLGHDOWKHRU\DQGORJLFDOSULRULW\WRWKH
LGHDOWKHRU\,QWKLVSDSHUZHZLOORIIHUFULWLFDODUJXPHQWVIURPFHUWDLQ
LGHDOLVWLFDQGUHDOLVWLFSHUVSHFWLYHVDVZHOODVGHIHQVLYHDUJXPHQWVIURP
D UHIOH[LYH SHUVSHFWLYH ZKLFK LV FRQVLVWHQW ZLWK D UHSXEOLFDQ
GHOLEHUDWLYHGHPRFUDWLFPRGHO

.H\ZRUGVQRQLGHDOWKHRU\±UHIOH[LYHSHUVSHFWLY±UHJXODWLYHLGHDOV±
UHSXEOLFDQDQGGHOLEHUDWLYHGHPRFUDF\

,QWURGXFFLyQ

¢
'
(%(1ODVWHRUtDVSROtWLFDVQRUPDWLYDVVHUVHQVLEOHVDORVKH
FKRV"¢GHEHQQXHVWUDVWHRUtDVSROtWLFDVQRUPDWLYDVVHUFRQV
WUXLGDVDWHQGLHQGRDFLHUWRVGDWRVGHODUHDOLGDGFRQWHPSRUi
QHDRPiVELHQGHEHQFRQVWUXLUVHFRQGDWRVDSULRUL\DSOLFDUVHGHGXFWL
YDPHQWHDQXHVWUDUHDOLGDGQRLGHDO"(VWDV\RWUDVQXPHURVDVLQFyJQLWDV
VRQODVTXHVHGHVSUHQGHQGHODGLVFXVLyQWHyULFDPiVHVSHFtILFDDFHUFDGH
ODLQWHUSUHWDFLyQGHORVWpUPLQRVWHRUtDQRUPDWLYDLGHDO\WHRUtDQRUPDWL
YDQRLGHDO
'HVGHODSXEOLFDFLyQGH$7KHRU\RI-XVWLFHD\PiVD~QWUDV7KH
/DZRI3HRSOHVEGH-5DZOVUHQRPEUDGRVILOyVRIRVSROtWLFRVFRQ
WHPSRUiQHRVHQWUHHOORV&61LQRKDQGHEDWLGRIHUYLHQWHPHQWHDFHUFD
GHTXpGHEHHQWHQGHUVHSRULGHDOHVSROtWLFRVFRQGLFLRQHVQRLGHDOHVWHR
UtDLGHDO\WHRUtDQRLGHDO(VWDUHHGLFLyQFRQWHPSRUiQHDGHODQWLJXRGHED
 1,&2/È6(0$18(/2/,9$5(6 

WHVREUHORVLGHDOHVSROtWLFRV\VXDSOLFDFLyQFRQFUHWDWLHQHSRUHSLFHQWUR
XQDSUHJXQWDIXQGDPHQWDO¢TXpUHODFLyQGHEHPHGLDUHQWUHORVWpUPLQRV
QRUPDWLYRVWHRUtDLGHDO\WHRUtDQRLGHDO"
(QHVWHWUDEDMRUHFRSLODUHPRVDOJXQDVGHODVSULQFLSDOHVWHRUL]DFLRQHV
FRQWHPSRUiQHDVDFHUFDGHTXpGHEHHQWHQGHUVHSRUWHRUtDLGHDO\WHRUtD
QRLGHDODVtFRPRDFHUFDGHTXpUHODFLyQGHEHPHGLDUHQWUHHOODVFRQFHQ
WUiQGRQRV~QLFDPHQWHHQODVGLVWLQWDVSRVWXUDVGHIHQVLYDVRFUtWLFDVGHOD
WHRUtDOLEHUDOLJXDOLWDULDUDZOVLDQD
(QHVWHVHQWLGRWUDVXQDQiOLVLVSRUPHQRUL]DGRGHODELEOLRJUDItDHVSHFLD
OL]DGDFDEHVHxDODUTXHODGHILQLFLyQGHOFRQWHQLGR\DOFDQFHGHORVWpU
PLQRVQRUPDWLYRVWHRUtDLGHDO\WHRUtDQRLGHDOSXHGHDVXPLUDQXHVWUR
HQWHQGHUDOPHQRVWUHVSHUVSHFWLYDVGLVtPLOHVDLGHDOLVWDEUHDOLVWD\F
UHIOH[LYD(QSULPHUOXJDUDOJXQRVDXWRUHVFRQVLGHUDQTXHODVWHRUtDVQRU
PDWLYDVGHEHQVHUSOHQDPHQWHLGHDOHVHVGHFLUTXHGHEHRWRUJDUVHSULRUL
GDGOyJLFD\WHPSRUDODODWHRUtDLGHDOSRUVREUHODQRLGHDOSHUVSHFWLYDV
LGHDOLVWDV(QVHJXQGROXJDURWURVSHQVDGRUHVHQWLHQGHQTXHODHFXDFLyQ
QRUPDWLYDGHEHVHUDODLQYHUVDGHPRGRTXHODWHRUtDQRLGHDOGHEHWHQHU
SULRULGDGOyJLFD\WHPSRUDOVREUHODLGHDOSHUVSHFWLYDVUHDOLVWDV(QWHU
FHUOXJDUQXPHURVRVWHyULFRVFRQVLGHUDQTXHWRGDWHRUtDQRUPDWLYDGHEH
GDUSULRULGDGWHPSRUDODODWHRUtDQRLGHDO\SULRULGDGOyJLFDDODWHRUtD
LGHDOSHUVSHFWLYDVUHIOH[LYDV
(QFXDQWRDODFDGHQDDUJXPHQWDWLYDGHODTXHVHQXWUHHVWHHQVD\RFDEH
VHxDODUTXHWUDVH[SOLFLWDUHO SUREOHPD GHLQYHVWLJDFLyQHQHO SUHVHQWH
SULPHUDSDUWDGRSURFHGHUHPRVHQHOSUy[LPRDUHFRQVWUXLUORV
SUHVXSXHVWRV \DUJXPHQWRV GHORV SULQFLSDOHVGHIHQVRUHV GHHVWDV WUHV
SHUVSHFWLYDVWUDWDQGRGHSUHVHUYDUDO Pi[LPRODHVSHFLILFLGDG GH VXV
SODQWHRV/XHJRWUDVUHFRQVWUXLU\HYDOXDUGLFKDVWUHVSHUVSHFWLYDV
EULQGDUHPRVDUJXPHQWRVHQGHIHQVDGHOPD\RUDWUDFWLYRGHDTXHOODWHUFH
UDSHUVSHFWLYDVLQGLFDGDFRPRUHIOH[LYD)LQDOPHQWHRIUHFHUHPRV
XQDVHULHOLPLWDGDSHURQRSRUHOORPHQRVUHOHYDQWHGHUHIOH[LRQHVILQD
OHVODVFXDOHVSUHWHQGHQRILFLDUFRPRHQ]LPDVFDWDOL]DGRUDVGHIXWXURV\
FRQH[RVGHEDWHV

7HRUtDVSROtWLFDVQRUPDWLYDVWUHVSHUVSHFWLYDVULYDOHV

(QHVWHVHJXQGRDSDUWDGRGHVDUUROODUHPRVHOFRQWHQLGR\DOFDQFHGHODV
SULQFLSDOHVIRUPXODFLRQHVGHODVSHUVSHFWLYDVLGHDOLVWDVUHDOLVWDV\UH
IOH[LYDV(OOHFWRUQRWDUiTXHODFODVLILFDFLyQWULSDUWLWDDTXtHPSOHDGDHVWi
678',$32/,7,&  LQYLHUQR 

HQIUDQFDRSRVLFLyQDRWUDVGRVKDELWXDOPHQWHFLWDGDVHQODELEOLRJUDItD
HVSHFLDOL]DGD3RUXQODGRVHGLVWDQFLDGHODFRQVWUXLGDSRU/9DOHQWLQL
FRQIRUPHODFXDOGHEHGLIHUHQFLDUVHHQWUHWHRUtDVQRUPDWLYDVVHQ
VLEOHVHLQVHQVLEOHVDORVKHFKRV3RUHORWURVHGLIHUHQFLDGHODGLVWLQFLyQ
HIHFWXDGD HQWUH WHRUtD GH ORV LGHDOHV \ FRQWLQXXP QRUPDWLYR LGHDOQR
LGHDOGHIHQGLGDSRU$+DPOLQ\=6WHPSORZVND$OUHV
SHFWRFRQVLGHUDPRVTXHH[LVWHQFXDQWRPHQRVGRVUD]RQHVSDUDHPSOHDU
DTXHOODFODVLILFDFLyQWULSDUWLWD
(QSULPHUOXJDUODGLVWLQFLyQHQWUHWHRUtDVLGHDOHVUHDOLVWDV\UHIOH[LYDV
HVUHVSHWXRVDGHODVGLYHUVDVWUDGLFLRQHVILORVyILFDVSROtWLFDVRFFLGHQWDOHV
GHVGHODVFXDOHVVHKDLQWHQWDGRGDUUHVSXHVWDDODLQFyJQLWDVREUHODDGH
FXDGDLQWHOHFFLyQGHODGLVWLQFLyQWHRUtDLGHDOQRLGHDODVDEHUOLEHUDOHV
pWLFDVGLVFXUVLYDVUHSXEOLFDQDVSOXUDOLVWDVDJRQLVWDVUHDOLVWDVQRUPDWL
YLVWDVHQWUHRWUDVDODSDUTXHWRPDQRWDGHTXHWRGDVODVSRVWXUDVGH
PXHVWUDQFLHUWDPtQLPD²RELHQH[WUHPD²VHQVLELOLGDGDORVKHFKRVWDO
FRPRVRQVLQUHQXQFLDUDFLHUWRVSUHVXSXHVWRVQRUPDWLYRVHYDOXDWLYRV
TXHFRQVLGHUDQLUUHQXQFLDEOHV\VLQGHVILJXUDUFXiOHVUROHVLQWXLWLYRVFDEH
DVLJQDUDFDGDIDFHWDLGHDORQRLGHDOGHODQRUPDWLYLGDGSROtWLFD'HHVWH
PRGRHVWDFODVLILFDFLyQHVORVXILFLHQWHPHQWHIOH[LEOH\VHQVLEOHDODPL
UtDGDGHSRVWXUDVGHVDUUROODGDV\QROHVLPSRQHXQFRUVpPHWRGROyJLFRQL
FRQFHSWXDOGHVGHHOFXDOSRGUtDDQXODUVHJUDQSDUWHGHVXULTXH]DDUJX
PHQWDWLYD(QVHJXQGROXJDUHVWDGLVWLQFLyQWULSDUWLWDWLHQHSRUFULWHULR
FODVLILFDWRULRQRGDOXQDVSHFWRUHODFLRQDO\GLQiPLFRSHURTXHUHVXOWDHV
WDEOH\FRQVWDQWHDODVSULQFLSDOHVWHRUL]DFLRQHVH[LVWHQWHVDOLQWHULRUGH
HVWHGHEDWHILORVyILFRSROtWLFRHVSHFtILFR(QRWUDVSDODEUDVWRGRVORVDX
WRUHVTXHKDQLQWHUYHQLGRHQODGLVFXVLyQVHKDQSURQXQFLDGRGHIRUPD
H[SOtFLWDORVPiVGHPDQHUDLPSOtFLWDORVPHQRVDFHUFDGHOJUDGR\WLSR
GHMHUDUTXtDTXHGHELHUDPHGLDUHQWUHDTXHOORTXHHQWLHQGHQSRUWHRUtD
LGHDO\QRLGHDO0iVDOOiGHODJUDQYDULHGDGGHORVDUJXPHQWRV\SRVLFLR
QDPLHQWRVSXHGHQRUGHQDUVHHQIXQFLyQGHODSULRULGDGOyJLFD\RFRQ
FHSWXDO\RWHPSRUDOTXHDVLJQDQDXQDWHRUtDVREUHRWUDVHDHOORGHIRUPD
SHUPDQHQWH\JHQHUDORELHQSURYLVRULD\SDUWLFXODU
+DELHQGRGDGRUD]RQHVSRUODVFXDOHVDGRSWDUXQDGHWHUPLQDGDFDUWRJUD
ItDQRUPDWLYDHQODPDWHULDHVTXHSURFHGHUHPRVDUHFRQVWUXLUWUHVSHUV
SHFWLYDV JHQHUDOHV\ IOH[LEOHVVREUH TXp \FyPR GHEHQHQWHQGHUVHORV
WpUPLQRVQRUPDWLYRVWHRUtDLGHDO\WHRUtDQRLGHDO&RORFDGDVFRPRHQ
ORVH[WUHPRVGHXQDLPDJLQDULDOtQHDWHyULFDFRQWHPSRUiQHDXELFDUHPRV
SRUXQODGRDDTXHOODVSHUVSHFWLYDVWHyULFDVLGHDOLVWDVODVFXDOHV DILU
PDQTXHHOSODQRQRUPDWLYRLGHDOSRVHHSULRULGDGOyJLFD\WHPSRUDOHQ
 1,&2/È6(0$18(/2/,9$5(6 

UHODFLyQDOSODQRQR LGHDO\ SRUHORWUR DTXHOODVSHUVSHFWLYDVUHDOLVWDV

ODVFXDOHVDVXPHQODSRVWXUDRSXHVWDDILUPDQGRTXHHOSODQRQRUPDWLYR
QR LGHDOGHEH WHQHU SULRULGDGWHPSRUDO \OyJLFDFRQ UHODFLyQDOLGHDO
&RPRSXQWRLQWHUPHGLR DDPERVH[WUHPRVHVWXGLDUHPRVXQWHUFHU WLSR
GH SHUVSHFWLYDV GH WLSR UHIOH[LYDV ODV FXDOHV HVWDEOHFHQ XQ FRPSOHMR
SHURDWUDFWLYRUHSDUWRGHSULRULGDGHVDOVHxDODUTXHHOSODQR QRUPDWLYR
QRLGHDOGHEHSRVHHUSULRULGDGWHPSRUDOVREUHHOSODQRQRUPDWLYRLGHDO
PLHQWUDVTXHHVWH~OWLPRVHUHVHUYDODSULRULGDGOyJLFD\FRQFHSWXDOVR
EUHHOSULPHUR

7HRUtDVLGHDOLVWDV

-5DZOVHQVXREUD$7KHRU\RI-XVWLFHDSULPHUR\HQ7KH/DZ

RI3HRSOHV EOXHJRVHxDOD TXHWRGDWHRUtD QRUPDWLYDFRQVWDGH
GRVSDUWHVQHFHVDULDV\VXILFLHQWHVXQDLGHDO\RWUD QRLGHDO(QSDOD
EUDVGH-5DZOV³/DSULPHUDSDUWHRWHRUtDLGHDOSUHVXSRQHHOFXPSOL
PLHQWRHVWULFWRGHORVHVWiQGDUHVGHFRUUHFFLyQPRUDOSRUSDUWHGHODJH
QHUDOLGDG RWRWDOLGDG GHORVFLXGDGDQRV \SUHVFULEHORVSULQFLSLRV TXH
FDUDFWHUL]DQDXQDVRFLHGDGELHQRUGHQDGDHQFLUFXQVWDQFLDVIDYRUDEOHV
(VWDSDUWHLGHDOSUHVHQWDXQDFRQFHSFLyQGHXQDVRFLHGDGMXVWDTXHTXH
UHPRVORJUDUGHVHUSRVLEOH/DVLQVWLWXFLRQHVH[LVWHQWHVKDQGHVHUMX]
JDGDV DODOX] GHHVWD FRQFHSFLyQ´5DZOV DWUDG SUR
SLD 3RURWURODGRFRQIRUPH -5DZOV³/DWHRUtDQR LGHDOVHSUHJXQWD
FyPR SRGUtD ORJUDUVH DTXHO REMHWLYR D ODUJR SOD]R R FyPR SRGHPRV
DFHUFDUQRV DOFXPSOLPLHQWR GHDTXHO LGHDO PHGLDQWHSDVRVJUDGXDOHV
(VWDWHRUtDQRLGHDOEXVFDFXUVRVGHDFFLyQTXHVHDQPRUDOPHQWHSHUPL
VLEOHVSROtWLFDPHQWHSRVLEOHV\SUREDEOHPHQWHHILFDFHV´5DZOVE
WUDGSURSLD
&RPRSXHGHDSUHFLDUVH-5DZOVFRQVLGHUDTXHHQHOSURFHVRGHFRQV
WUXFFLyQGHXQDWHRUtDILORVyILFDSROtWLFDODWHRUtDLGHDOGHEHFRQVHUYDU
VXSULRULGDGOyJLFD\WHPSRUDOSRUVREUHODWHRUtDQRLGHDOODSULPHUDHV
GH WLSRIXQGDPHQWDO\OD VHJXQGD GHYDORUVHFXQGDULR5DZOV D
6LPPRQV'HHVWHPRGRSRUWHRUtDLGHDO-5DZOVHQ
WLHQGHXQHVWDGRGHFRVDVGHVHDEOHHQHOFXDOVHFXPSOHQ²GHPDQHUD
FRPSOHWD²ORVSULQFLSLRVGHULYDGRVGHXQDFRQFHSFLyQGHMXVWLFLDHQWHQ
GLGD FRPRHTXLGDG\H[LVWHQFRQGLFLRQHVPDWHULDOHV\VLPEyOLFDVSDUD
TXHHOORVHDDVt(QFXDQWRDOFRQWHQLGRGHVXWHRUtDQRUPDWLYDLGHDO-
5DZOV VHxDODTXHFRQWLHQHGRV SDUWHV8QDSULPHUDSDUWHLQFOX\HORV
SULQFLSLRVTXHGHEHQJREHUQDUHOIXQFLRQDPLHQWRLQWHUQRRGRPpVWLFRGH
678',$32/,7,&  LQYLHUQR 

XQDVRFLHGDGGHPRFUiWLFDHTXLWDWLYD8QDVHJXQGDSDUWHHVDTXHOODTXH
HVWDEOHFHORVSULQFLSLRVRHVWiQGDUHVQRUPDWLYRVTXHGHEHQJREHUQDUHO
DVSHFWRH[WHUQRRLQWHUQDFLRQDOHQHOFXDOORVSXHEORVLQWHUDFW~DQHQWUH
Vt6LPPRQV
6LQHPEDUJR$-6LPPRQVVHxDODTXHGHELHUDLQFOXLUVHXQDWHUFHUDSDU
WHGHODWHRUtDLGHDODWLQHQWHDORVSULQFLSLRVTXHJRELHUQDQODFRQGXFWD
LQGLYLGXDOGHORVFLXGDGDQRV(QSDODEUDVGH$-6LPPRQV³HVDWHU
FHUDSDUWHLQFOXLUtDHOFRQMXQWRGHSULQFLSLRVSDUDODVSHUVRQDVGHULYDGRV
GHIRUPDVHSDUDGDWDQWRGHORVSULQFLSLRVSDUDODVLQVWLWXFLRQHVQDFLRQD
OHVMXVWDVFRPRGHORVDSOLFDEOHVDORVSXHEORVHQXQRUGHQLQWHUQDFLRQDO
MXVWR/RVSULQFLSLRVSDUDODVSHUVRQDVPHQFLRQDGDVHQ$7KHRU\RI-XV
WLFHVRQHOSULQFLSLRGHHTXLGDG\ORVGLYHUVRVSULQFLSLRVGH©GHUHFKR
QDWXUDOª´6LPPRQVWUDGSURSLD(QVtQWHVLVEDMRODLQWHU
SUHWDFLyQGH$-6LPPRQVVLDxDGLPRVXQDWHUFHUDSDUWHGHODWHRUtDQR
LGHDO UDZOVLDQDHQWRQFHVODWHRUtDUDZOVLDQDHQJHQHUDOSXHGHVHUGHV
DJUHJDGDHQQXHYHDSDUWDGRVGRQGHWUHVGHHOORVVRQSDUWHGHXQDWHRUtD
QRUPDWLYDLGHDO\ORVUHVWDQWHVVHLVGHXQDWHRUtDQRUPDWLYDQRLGHDO6L
PPRQV
'LFKRORFXDOFDEHSUHJXQWDUVH¢TXpHVWiQGDUHVGHEHVDWLVIDFHUXQDWHR
UtDQRUPDWLYDLGHDOTXHSUHWHQGDVHUDGHFXDGD\R UD]RQDEOHGHVGHXQD
SHUVSHFWLYDOLEHUDOUDZOVLDQD"$OUHVSHFWR$-6LPPRQVVHxDODTXH³/D
WHRUtDQRLGHDOQRVREOLJDDWUDEDMDUSDUDWHQGHUKDFLDHOORJURGHODHV
WUXFWXUDEiVLFDSHUIHFWDPHQWHMXVWDTXHUHVXOWDUtDGHOFXPSOLPLHQWRHV
WULFWRGHODWHRUtDLGHDOGHODMXVWLFLD/DVSROtWLFDV\FXUVRVGHDFFLyQHV
SHFtILFRV D DGRSWDU HQ HO SODQR QR LGHDO GHEHQ VHU L PRUDOPHQWH
DFHSWDEOHVLLSROtWLFDPHQWHSRVLEOHV\LLLSUREDEOHPHQWHHILFDFHVHQ
FXDQWRDOPRYLPLHQWRTXHGHEHHIHFWXDUVHGHVGHODVRFLHGDGUHDOKDFLDHO
LGHDOGHMXVWLFLDSHUIHFWD-5DZOVQRH[SOLFDFyPRHVWRVWUHVUHTXLVL
WRVVHEDODQFHDUiQXQRFRQWUDHORWUR´6LPPRQVWUDGSURSLD
$HVWRVWUHVUHTXLVLWRV$-6LPPRQVDxDGHXQFXDUWRUHODWLYRDOJUDGR
GH UHOHYDQFLD JUDYHGDG R SHUMXLFLR TXH FRQOOHYD FLHUWD VLWXDFLyQ QR
LGHDO(QVXVSDODEUDV³VLQHPEDUJRDOJRHVWiFODUDPHQWHDXVHQWHGH
ODOLVWDGHORVWUHVUHTXLVLWRVDDSOLFDUVREUHORVFXUVRVGHDFFLyQSROtWLFRV
QRLGHDOHVGH-5DZOV&RPR\DKHPRV YLVWR WDPELpQQHFHVLWDPRVXQ
FXDUWRUHTXLVLWRTXHLPSRQJDHOGHEHUGHTXHODVLQMXVWLFLDVPiVJUDYHV
GHEHQVHUWUDWDGDVDQWHVTXH DTXHOODVTXHFRQVLGHUDPRVPHQRV JUDYHV
8QDYH]PiVVLQHPEDUJRQRHVWiFODURFXiOHVMXLFLRVGHJUDYHGDGGH
EHQVHUORVDGRSWDGRVHQHOPDUFRGHODWHRUtDOLEHUDOUDZOVLDQD´6LP
PRQVWUDGSURSLD
 1,&2/È6(0$18(/2/,9$5(6 

3RUVXSDUWH$+DPOLQ\=6WHPSORZVNDWDPELpQDILUPDQTXHGHEHSUH
GLFDUVHODSULRULGDGWHPSRUDOOyJLFD\FRQFHSWXDOGHODWHRUtDLGHDOSRUVR
EUHODQRLGHDO(QVXSDUWLFXODULQWHUSUHWDFLyQGHHVWDGLVFXVLyQODWHRUtD
LGHDO\QRLGHDOFRQVWLWX\HQSDUWHVSODQRVRIDFHWDVGHXQPLVPRWRGRGL
QiPLFRHVGHFLUVRQSURSRUFLRQHVLQFRPSOHWDVQHFHVDULDV\FRPSOHPHQ
WDULDV\DTXHGLFKRFRQWLQXXPQRUPDWLYRVHRSRQHDXQSODQRPD\RUGH
DEVWUDFFLyQTXHHVHOGHODWHRUtDGHORVLGHDOHV9HDPRVFRQPD\RUGHWD
OOHFXiOHVVRQORVSUHVXSXHVWRVGHHVWDSHUVSHFWLYDSRFRRUWRGR[D/DWHR
UtDGHORVLGHDOHVVHUtDHOSDVRQRUPDWLYROyJLFRDQWHULRU\QHFHVDULRDOD
SURPRFLyQGHXQLGHDOHOFXDOFRQVLVWLUtDHQODLGHQWLILFDFLyQGHXQLGHDO
\VXVLPSOLFDQFLDV/DWHRUtDGHORVLGHDOHVFXPSOHXQDIXQFLyQHSLVWHPR
OyJLFDHVSHFtILFDTXHQRSXHGHVHUUHHPSOD]DGDSRUODGLVWLQFLyQLGHDOQR
LGHDO'LFKDIXQFLyQHVSHFtILFDHVODGHLGHQWLILFDUH[SOLFLWDUUHFRQVWUXLU
XQLGHDODXQTXHWDPELpQLQFOXLUtDODIXQFLyQGHMXVWLILFDUODDGRSFLyQGH
GLFKRLGHDO8QDYH]LGHQWLILFDGD\MXVWLILFDGDODDGRSFLyQGH XQLGHDO
QRUPDWLYRFDEHDKRUDHIHFWXDUXQVHJXQGRSDVR$TXtLQJUHVDUtDHOFRQWL
QXXPQRUPDWLYRLGHDOQRLGHDOHOFXDOWLHQHSRUIXQFLyQLGHQWLILFDUDUUH
JORVVRFLDOHVFRQFUHWRVTXHSHUPLWDQSURPRYHUXQHVWDGRGHFRVDVORPiV
FHUFDQRSRVLEOHDOLGHDOGHIHQGLGRHQHOSDVRDQWHULRU+DPOLQ\6WHPSOR
ZVND(QGHILQLWLYD$+DPOLQ\=6WHPSORZVNDVHxDODQTXH
ODWHRUtDGHORVLGHDOHVHVSULRULWDULDHQWpUPLQRVOyJLFRV\WHPSRUDOHVDOD
WHRUtDGHOFRQWLQXXPQRUPDWLYRPXOWLGLPHQVLRQDOLGHDOQRLGHDO6LQHP
EDUJRDFWRVHJXLGRVHxDODQTXHODVWHRUtDVPiVLGHDOHV\ODVWHRUtDVPH
QRVLGHDOHVSRVHHQHQVXHVTXHPDFRQFHSWXDOXQDPLVPDMHUDUTXtDWHPSR
UDO\QRUPDWLYD+DPOLQ\6WHPSORZVND

7HRUtDVUHDOLVWDV

)UHQWHDODSHUVSHFWLYDLGHDOLVWDOLEHUDOODFXDOWLHQHSRUHSLFHQWURXQDGH
ILQLFLyQFRQVHQVXDOFRRSHUDWLYDGHOWpUPLQRSROtWLFDFLHUWRVDXWRUHVKDQ
PDQLIHVWDGRTXHHOODUHVXOWDLQDWUDFWLYDHLPSUDFWLFDEOHGDGRTXHLQFXUUH
HQVHQGDV\H[FHVLYDVLGHDOL]DFLRQHVORTXHVRPHWHDODUHDOLGDGSROtWLFD
EDMRHOLPSHULRVXE\XJDQWHGHODPRUDOLGDG(QOXJDUGHLQWURGXFLUHQOD
WHRUtDOLEHUDOFLHUWDVPRGLILFDFLRQHVTXHODYXHOYDQPiVVHQVLEOHDODUHD
OLGDGGHEHDGRSWDUVHXQDWHRUtDSROtWLFDGLVWLQWDTXHGHILQDDODSROtWLFD
DGHFXDGDPHQWH(QRWUDVSDODEUDVTXLHQHVDVXPHQHVWDVHJXQGDSHUVSHF
WLYDODFXDOFDOLILFDPRVFRPRUHDOLVWDDILUPDQHQWpUPLQRVJHQHUDOHVOD
SULRULGDGOyJLFDFRQFHSWXDO\WHPSRUDOGHODWHRUtDQRLGHDOSRUVREUHOD
WHRUtDLGHDO(QWUHGLFKRVDXWRUHVFDEHGHVWDFDUODVWHRUL]DFLRQHVGH0
6OHDW\(5RVVL
678',$32/,7,&  LQYLHUQR 

06OHDWVHxDODTXH³(OUHDOLVPRVHSUHVHQWDDPHQXGRFRPRXQDHV
SHFLHGHWHRUtDQRLGHDOQRREVWDQWHHOORHVHUUyQHR\SDUWHGHXQDREMH
WDEOH FRQIXVLyQ0LHQWUDV TXHHOGHEDWHVREUH ODWHRUtDLGHDOQR LGHDO
FRQVLVWHHQXQDVHULHGH FXHVWLRQHVPHWRGROyJLFDVTXHWLHQHQOXJDUGL
UHFWDPHQWHGHQWURGHOPDUFROLEHUDO\SRUORWDQWRFRQVHUYDPXFKRVVL
QRWRGRVVXVSUHVXSXHVWRVVREUHHOSURSyVLWRGHODSROtWLFD\ODVDPEL
FLRQHVGHODWHRUtDSROtWLFDHOUHDOLVPRFRQVWLWX\HXQDWHRUtDFRPSHWLWLYD
GHODSROtWLFDSRUGHUHFKRSURSLRTXHSUHVHQWDXQGHVDItRUDGLFDODHVRV
SUHVXSXHVWRV OLEHUDOHV(Q HOFRQWH[WRGH ODVSUHRFXSDFLRQHV DFWXDOHV
DFHUFDGHODUHODFLyQHQWUHWHRUtD\SUiFWLFDSROtWLFDLQFOXLGDODFXHVWLyQ
GHFXiQUHDOLVWDHVQXHVWUDWHRUL]DFLyQGHODSROtWLFDHVLPSRUWDQWHTXH
HVWRVUHODWRVVHDQSHQVDGRVFRPR VLJQLILFDWLYDPHQWHGLIHUHQWHV´6OHDW

(Q HVWHFRQWH[WR ³3DUD OD WHRUtD QRLGHDOHO SUREOHPD FRQ OD WHRUtD OL
EHUDO FRQWHPSRUiQHD HV TXH VX LQVXILFLHQWH DWHQFLyQ D ORV KHFKRV KD
LPSHGLGR VX FDSDFLGDGSDUD FXPSOLU FRQ VXV DPELFLRQHV QRUPDWLYDV GH
SURSRUFLRQDU RULHQWDFLyQ SDUD OD DFFLyQ \ UHIRUPDSROtWLFD 4XLHQHV GH
ILHQGHQFLHUWDSULRULGDGWHPSRUDOGHODWHRUtDQRLGHDOUHFODPDQXQDPD
\RUSUHRFXSDFLyQSRUORVKHFKRV\DVHDHQUHODFLyQFRQODDSOLFDFLyQGH
ODV UHFRPHQGDFLRQHV GH OD WHRUtD LGHDO HQ HO PXQGR UHDO QR LGHDO R
PHGLDQWHODLQFRUSRUDFLyQGHHVRVKHFKRVDODWHRUL]DFLyQQRUPDWLYDOR
TXHSURGXFLUiXQDWHRUtDPiVDGHFXDGDSDUDJXLDUODDFFLyQDTXt\DKR
UD&XDQWRVPiVKHFKRVVHLQFRUSRUHQPiVUHDOLVWDVHUiODWHRUtD6OHDW
(QHVWHVHQWLGR06OHDWDILUPDTXH³(VLPSRUWDQWH UHFRQR
FHU TXHQLODSROtWLFDQLODWHRUtDOLEHUDO HVWiQHQ MXHJR HQ HOGHEDWH VR
EUHODWHRUtDLGHDOQRLGHDO(VWHGHEDWHHVFRQVFLHQWHPHQWH PHWRGROyJL
FR \ HVWi GLULJLGR H[FOXVLYDPHQWH D OD FXHVWLyQ GH FyPR VH KDFH OD
WHRUtDOLEHUDOGHWDOPDQHUDTXHSXHGDFXPSOLUPHMRUVXDPELFLyQQRU
PDWLYDGHJXLDUODDFFLyQSROtWLFD\ODUHIRUPD´6OHDW 
1RREVWDQWH06OHDWDILUPDTXHHOUHDOLVPRFRQVWLWX\HXQDFRQFHSFLyQ
SROtWLFDGLVtPLOGHOOLEHUDOLVPRHQODFXDOGHEHLQFOXLUVHDDXWRUHVGHOD
WDOODGH7XFtGLGHV6DQ$JXVWtQ0DTXLDYHOR+REEHV+XPH1LHW]VFKH
:HEHU\6FKPLWW6OHDW%DMRHVWDSHUVSHFWLYDUHDOLVWD06OHDW
LQFOX\H³WHRUtDVSROtWLFDVUDGLFDOPHQWHGLIHUHQWHVDOOLEHUDOLVPREDVDGDV
HQFRPSURPLVRV\VXSRVLFLRQHVPX\GLIHUHQWHVVREUHODQDWXUDOH]DGHOD
SROtWLFD'HVGHODSHUVSHFWLYDUHDOLVWDHOpQIDVLVQRVHFRORFDHQODYLDEL
OLGDGRDSOLFDFLyQGHODWHRUtDSROtWLFDHQHOPXQGRUHDO'HKHFKRPX
FKRVGHHVWRVSHQVDGRUHVUHDOLVWDVVHUtDQFXOSDEOHVGHDOJXQDVGHODVPLV
PDVDFXVDFLRQHVGHVHU³LUUHDOLVWDV´KHFKDVSRUORVWHyULFRVQRLGHDOHV
 1,&2/È6(0$18(/2/,9$5(6 

KDFLDODWHRUtDOLEHUDOVXVWHRUtDVDPHQXGRWLHQHQOXJDUHQQLYHOHVPX\
DOWRVGHDEVWUDFFLyQTXHQRDQDOL]DQQXHVWUDVYHUGDGHUDVFXHVWLRQHVSROt
WLFDV\UDUDYH]VHWUDGXFHQHQUHODWRVSODXVLEOHVGHWDOODGRVGHORTXHVH
GHEHKDFHURUHFRPHQGDFLRQHVSDUDJXLDUODDFFLyQSROtWLFDHQODSUiFWLFD
DFWXDO6OHDW
'HVGHXQDSHUVSHFWLYDDJRQDOUHDOLVWD06OHDWVHxDODTXH³ODUDFLRQDOL
GDGVyORSURSRUFLRQDXQDH[SOLFDFLyQSDUFLDOGHODVPRWLYDFLRQHV\UD]R
QHVTXHPXHYHQDORVVHUHVKXPDQRVDODDFFLyQ/DFRQILDQ]DHQODFDSD
FLGDGGHODUD]yQSUiFWLFDSDUDUHVWULQJLUVLJQLILFDWLYDPHQWHHOLQWHUpV
SURSLR\GLULJLUQRVKDFLDREMHWLYRVFRPXQHVSDUHFHHVWDUHTXLYRFDGDDOD
OX]GHORVOLPLWDGRVSRGHUHVPRWLYDFLRQDOHVGHODUD]yQ\SDUHFHH[FOXLU
FRPSOHWDPHQWH HO LPSRUWDQWH SDSHO GH ODV SDVLRQHV \ HPRFLRQHV TXH
VLHPSUH WLHQHQ HO SRWHQFLDO GH LQWHUUXPSLU FXDOTXLHU DUUHJOR X RUGHQ
&XDOTXLHULQWHQWRGHUHVROYHUFXHVWLRQHVSROtWLFDVUHHPSOD]DQGRRWHP
SODQGRHVDVHPRFLRQHVFRQODUD]yQRLJQRUiQGRODVFRPSOHWDPHQWHHV
SUREDEOHTXHIUDFDVHSUHFLVDPHQWHSRUTXHODSROtWLFDQRHVXQUHLQRGRPL
QDGR SRU OD UD]yQ R SREODGR SRU DFWRUHV FRPSOHWDPHQWH UDFLRQDOHV´
6OHDW
06OHDWVHxDODTXHFRQIRUPHXQD³FRQFHSFLyQUHDOLVWDGHODSROtWLFDOD
WHRUtDOLEHUDOQRHVVXILFLHQWHPHQWHSROtWLFDWDPSRFRUHFRQRFHDGHFXDGD
PHQWHKDVWDTXpSXQWRODSROtWLFDHVXQDDFWLYLGDGKXPDQDDXWyQRPDR
SDVDSRUDOWRHOJUDGRHQTXHODSROtWLFDVHFDUDFWHUL]DSRUGHVDFXHUGRV\
FRQIOLFWRVSROtWLFRV3RUORWDQWRORVGHVDFXHUGRVGHOUHDOLVPRFRQHOOLEH
UDOLVPRVHHQWLHQGHQPHMRUFRPRFRQFHSWXDOHVTXHFRPRPHWRGROyJLFRV
(OORVUHFXUUHQDVXVUHODWRVDOWHUQDWLYRVGHODQDWXUDOH]DHO FRQWHQLGR\
ORVOtPLWHVGHODSROtWLFD1RVRQGLIHUHQFLDVPHWRGROyJLFDVTXHWLHQHQOX
JDUGHQWURGHXQUHODWROLEHUDOFRPSDUWLGRGHORSROtWLFR6HSUHVHQWDQ
FRPRFRQFHSFLRQHVULYDOHVGHORSROtWLFR(VWRVLJQLILFDTXHHOUHDOLVPR
QRSXHGHVHUVLQyQLPRGHWHRUtDQRLGHDOSRUTXHHVWD~OWLPDLQFOX\HXQ
FRQMXQWRGHSUHRFXSDFLRQHVTXHVHVLW~DQGHQWURGHODWHRUtDOLEHUDO7DP
SRFRVHSXHGHHQWHQGHUHOUHDOLVPRFRPRXQFRUUHFWLYRGHORVH[FHVRVGH
ODWHRUL]DFLyQLGHDOSRUTXHGHQXHYRHOUHDOLVPRHVXQDFRQFHSFLyQGLV
WLQWDGHODSROtWLFDSRUGHUHFKRSURSLR´6OHDW
3RUVXSDUWH(5RVVLGLEXMDHOFRQWUDVWHHQWUHVXHQIRTXHUHDOLVWD\ODIL
ORVRItDSROtWLFDDQJOyIRQDGRPLQDQWHGHWLSRPRUDOLVWDLGHDOLVWDSDUWLHQGR
GHOSHQVDPLHQWRGHTXHODWHRUtDSROtWLFDQRGHEHFRQVLVWLUHQODDSOLFD
FLyQDODSROtWLFDGHXQFRQMXQWRGHSULQFLSLRVPRUDOHVDEVWUDFWRV\DKLVWy
ULFRVVLQRTXHSULPHURGHEHGHILQLUVHXQDWHRUtDLGHDOGHFyPRGHEHPRV
DFWXDUODFXDOWHQJDHQFXHQWDODVFRQGLFLRQHVQRUPDWLYDVQRLGHDOHVDF
678',$32/,7,&  LQYLHUQR 

WXDOHV\OXHJRDSOLFDUHVDWHRUtDLGHDODODDFFLyQGHORVDJHQWHVSROtWLFRV
'HHVWHPRGR(5RVVLFRQVLGHUDTXHODILORVRItDSROtWLFDGHEHHPSH]DU
SRUWHQHUHQFXHQWDORVYHUGDGHURVIDFWRUHVPRWLYDGRUHVGHORVDJHQWHV
SROtWLFRVHQOXJDUGHSDUWLUGHODVSUHIHUHQFLDVGHUHSUHVHQWDQWHVKLSRWpWL
FRVHQXQFRQWH[WRPRUDOLGHDOL]DGR5RVVL(QHVWHVHQWLGR
VLELHQ(5RVVLVHQLHJDH[SOtFLWDPHQWHDGLVWLQJXLUWDMDQWHPHQWHHQWUH
XQDWHRUtDSROtWLFDSXUDPHQWHGHVFULSWLYD\XQDWHRUtDSROtWLFDSXUDPHQWH
QRUPDWLYDQRUHQXQFLDDODLGHDGHXQDILORVRItDSROtWLFDTXHJXtHODDF
FLyQUHDOHQDOJXQRVDVSHFWRV'HHVWHPRGR(5RVVLDVXPHHOGHVDItRGH
IRUPXODUXQDWHRUtDSROtWLFDQRUPDWLYDUHDOLVWDVLQFDHUHQHOPRUDOLVPR
SROtWLFR5RVVL/DSRVWXUDUHDOLVWDGH(5RVVLSXHGHGHVFRP
SRQHUVHHQWUHVWHVLVWHyULFDVSULQFLSDOHVDSURPXHYHXQDWHRUtDLGHDOHQ
ODTXHVHLQFRUSRUHQGDWRVGHODUHDOLGDGQRUPDWLYDHVGHFLUGHOSODQR
QRUPDWLYRQRLGHDOEQRUHQXQFLDDXQDWHRUtDLGHDOFRQEDVHVILORVyIL
FDVDXQTXHFODWHRUtDLGHDOGHEHVXERUGLQDUVHDORHQIDWL]DGRSRUODWHR
UtDQRLGHDOHQWDQWRTXHODSROtWLFDGHEHHQWHQGHUVHFRPRXQSODQRDXWy
QRPRGHODPRUDOLGDG5RVVL
(5RVVLLQWHQWDGHVFRPSULPLU\VLVWHPDWL]DUORTXHFRQVLGHUDGRVLGHDV
FHQWUDOHV\UHODFLRQDGDVDOUHDOLVPRSROtWLFRDODRSLQLyQGHTXHODILOR
VRItDSROtWLFDQRGHEHVHUXQDUDPDGHODpWLFD\EODFRQVLJXLHQWHFRQ
FHSFLyQHPStULFDGHODOHJLWLPLGDG(5RVVLDILUPDTXHHVWDSHUVSHFWLYD
UHDOLVWDSXHGHFRQVWUXLUVHVREUHODEDVHGHODVWHRUL]DFLRQHVHVER]DGDVSRU
7+REEHVVREUHODVQRFLRQHVGHDXWRUL]DFLyQ\OHJLWLPLGDGSROtWLFD5RV
VL(5RVVLVHxDOD³KDELHQGRDGPLWLGRTXHQXHVWUDVLQFOL
QDFLRQHVPRUDOHVSHUVRQDOHVQRVRQDGHFXDGDVSDUDODUHJXODFLyQGHODHV
IHUDSROtWLFD\TXHQRSRGHPRVSUHVFLQGLUGHXQDHVIHUDSROtWLFDHVTXH
GHEHPRVHQWRQFHVUHQXQFLDUDUHJXODUQXHVWURVDVXQWRVSROtWLFRVVREUHED
VHVpWLFDV\DXWRUL]DPRVHQWDQWRFLXGDGDQRVDXQVREHUDQRDLPSOHPHQWDU
\KDFHUFXPSOLUODVQRUPDVSROtWLFDV(OSXQWRFODYHHVTXHpVWDVQRUPDV
QRKDQVLGRKLSRWpWLFDPHQWHGHILQLGDVSRUORVFLXGDGDQRVFRPRSURSRQHQ
PXFKRVPRUDOLVWDVSROtWLFRVVLQRTXHHVWDVQRUPDVVRQYLQFXODQWHVSUHFL
VDPHQWHSRUTXHUHFRQRFHPRVTXHQHFHVLWDPRVXQDDXWRULGDGSROtWLFDSDUD
VXSHUDUORVULHVJRVGHULYDGRVGHODLPSRVLELOLGDGGHDXWRJREHUQDUQRVPH
GLDQWHSUHPLVDVpWLFDV´5RVVL

7HRUtDVUHIOH[LYDV

5)RUVWFULWLFDODSHUVSHFWLYDLJXDOLWDULDOLEHUDO\ODUHDOLVWDSROtWLFD\VH
xDODTXHGHEHDGRSWDUVHXQDWHUFHUDSHUVSHFWLYDGHWLSRpWLFDGLVFXUVLYD
 1,&2/È6(0$18(/2/,9$5(6 

ODFXDOHVVXSHUDGRUDGHDTXHOODVGRV$OUHVSHFWRVHxDODTXHODSHUVSHF
WLYDLJXDOLWDULDOLEHUDOUHFXUUHDILJXUDVGHMXVWLILFDFLyQTXHLQYHQWDQFRQ
VHQVRVVXSHUSXHVWRVXRWURWLSRGHUHFRQFLOLDFLyQHQORVTXHQRSDUWLFLSD
QLQJ~QVXMHWRUHDO3RURWURODGRDILUPDTXHODSHUVSHFWLYDUHDOLVWDSROtWL
FDGHPDQGDXQSURIXQGRDQiOLVLVGHODVUHODFLRQHVGHSRGHUSHURDOPLV
PRWLHPSRGHVDWLHQGHFLHUWRVFULWHULRVGHHYDOXDFLyQQRUPDWLYRVTXHUH
VXOWDQ QHFHVDULRV SDUD VXSHUDU DTXHOODV VLWXDFLRQHV QR LGHDOHV )RUVW

5 )RUVW DGYLHUWH TXH XQD WHRUtD FUtWLFD GH WLSR pWLFD GLVFXUVLYD DFHUFD
GHOSRGHUSROtWLFRTXHYHUVDVREUHODOHJLWLPDFLyQGHPRFUiWLFDSHQVDGD
GHVGH ODVUHODFLRQHV GH MXVWLILFDFLyQH[LVWHQWHV HQWUH FLXGDGDQRV QR ID
EULFD QLQJXQD QRUPD DEVROXWD R LGHDO VLQR TXH YLQFXOD FRQVHFXHQWH
PHQWH WRGD SUHWHQVLyQGH YDOLGH] FRQ OD SRVLELOLGDG GH TXH ORV VRPHWL
GRV DODV QRUPDV ODV DSUXHEHQ (VWHSULQFLSLRHVLPSUHVFLQGLEOH SDUDOD
FUtWLFD\WDPELpQSDUDODFUtWLFDGHODFUtWLFD)RUVW(VWHDX
WRU VHxDODTXH GHVGH XQD SHUVSHFWLYD pWLFD GLVFXUVLYD³(OSHQVDPLHQWR
FUtWLFR SRU FRQVLJXLHQWH QR GHSHQGH QL GH OR UHDO QL GH OR LGHDO FR
PLHQ]D DQWHV ELHQ FRQ OD QRFLyQ GH OD DXWRQRPtD FRPR XQD WDUHD GHO
FRQIOLFWR\GHODFUHDWLYLGDG´)RUVW(VWDDILUPDFLyQGHOILOy
VRIR DOHPiQ DTXtUHVHxDGR UHVXPH VX SUHWHQVLyQ WHyULFD GH IXQGDU XQD
WHUFHUD YtD R HQIRTXH VXSHUDGRU GH ODV KDELWXDOPHQWH HQIUHQWDGDV HQ
PDWHULD GH ILORVRItD SROtWLFD TXH VHUtDQ HOODV OD SRVWXUD LGHDOLVWD \ OD
UHDOLVWD
(VWHSULQFLSLRGHDXWRQRPtDHVHQWHQGLGRSRUHVWHILOyVRIRDOHPiQFRPR
HOSULQFLSLRGHODUD]yQSUiFWLFDHQHOPXQGRSROtWLFR\HVXQSULQFLSLR
WDQWRKLVWyULFRFRPRDSULRULSXHVWRTXHVHEDVDHQHOSULQFLSLRJHQHUDO
GHODMXVWLILFDFLyQTXHLQGLFDTXHODVQRUPDVVLHPSUHKDQGHVHUIXQGD
PHQWDGDVVHJ~QVXSUHWHQVLyQGHYDOLGH])RUVW'HHVWHPRGR
HODXWRUVRVWLHQHTXHODGHPDQGDIXQGDPHQWDOTXHSXHGHKDFHUXQDSHUVR
QDHQHOPXQGRSROtWLFRHVODGHVHUHOODPLVPDXQDDXWRULGDGMXVWLILFDWR
ULD\HQLJXDOGDGGHFRQGLFLRQHVUHVSHFWRGHORVGHPiVHQORTXHVHUHILH
UHDDTXHOORVTXHKDGHYDOHUSDUDHOOD)RUVW 

 3RUVXSDUWH-+$%(50$6GHILHQGHXQDFRQFHSFLyQGHOWpUPLQRDXWRQRPtDVLPLODU

SHURGLVtPLODODGH5)RUVW3RUXQODGR-+DEHUPDVDDXQTXHDWLHQGHDFLHUWRVSUH
VXSXHVWRVDQWURSROyJLFRVSDUWHGHXQPRGHORGLVFXUVLYRLGHDOHOFXDOGHEHDSOLFDUVHGH
IRUPDGHGXFWLYDDODUHDOLGDGSROtWLFDESURSRQHHPSOHDUFULWHULRVHYDOXDWLYRVIRUPD
OHVSURFHGLPHQWDOHVWDOHVFRPRLPSDUFLDOLGDGUD]RQDELOLGDG\QRFRHUFLWLYLGDG\UHFKD
]DHOHPSOHRGHFULWHULRVVXVWDQWLYRVTXHSXHGDQFRPSURPHWHUORFRQXQDSDUWLFXODUWHR
678',$32/,7,&  LQYLHUQR 

3RUVXSDUWH&)DUUHOO\FULWLFDIXHUWHPHQWHODDGRSFLyQGHXQDSHUVSHF
WLYDQRUPDWLYDLGHDOHQILORVRItDSROtWLFDHQJHQHUDO\HQPDWHULDGHMXV
WLFLDSROtWLFDLJXDOLWDULDHQHVSHFLDO)DUUHOO\&)DUUH
OO\VHxDODTXHLQFOXVRDTXHOODVWHRUtDVQRUPDWLYDV LGHDOHVPRGHUDGDVR
SDUFLDOPHQWHVHQVLEOHVDORVKHFKRVSHURTXHWHRUL]DQHQXQSULPHURU
GHQQRUPDWLYRGHEHQVHUFRQVLGHUDGDVFRPRLQVWDQFLDVWHyULFDVTXHH[
FHGHQ ODDEVWUDFFLyQ \ HQWUDQGH OOHQRHQ OD FDWHJRUtDGH LGHDOL]DFLyQ
)DUUHOO\  (Q HVWHVHQWLGR &)DUUHOO\QRVFRPSHOHDQR
LJQRUDUORVGHVDFXHUGRVSROtWLFRV\DFRQVWUXLUWHRUtDVGHODMXVWLFLDTXH
DGRSWHQXQDDFWLWXGFUtWLFDUHIOH[LYDFRQUHVSHFWRDVXVSURSLRVVXSXHV
WRV HPStULFRV VREUH OR TXH HV SRVLEOH GH PDQHUD UHDOLVWD /DV WHRUtDV
LGHDOHVPRGHUDGDVGH-5DZOV\5'ZRUNLQQRORJUDQLQWHUQDOL]DUXQD
DFWLWXGUHIOH[LYD&)DUUHOO\DILUPDTXH³HQOXJDUGHDYDQ]DU KDFLDXQD
SRVLFLyQLGHDOL]DGDPiVH[WUHPDORVILOyVRIRVSROtWLFRVGHEHUtDQ WRPDU
PiVHQVHULRODWHRUtDQRLGHDO(VWRD\XGDUiDHTXLSDUVHFRQXQDWHRUtD
GHODMXVWLFLDTXHSXHGHSURSRUFLRQDUDOJXQDRULHQWDFLyQQRUPDWLYDSDUD
ODVVRFLHGDGHVUHDOHVHVGHFLUQRLGHDOHV´)DUUHOO\'HHVWH
PRGROXHJRGHHIHFWXDUQXPHURVDVFUtWLFDVD ODVWHRUtDVGH -5DZOV\
GH 5'ZRUNLQ&)DUUHOO\VHxDODXQDSRVLEOH VDOLGDHVSHUDQ]DGRUD \
GHVFULEHXQDQXHYDPHWRGRORJtD\SHUVSHFWLYDWHyULFDGHVGHODFXDOWHR
UL]DUHQPDWHULDGHILORVRItDSROtWLFD/DSURSXHVWDFHQWUDOGH&)DUUHOO\
FRQVLVWHHQFRQVWUXLUWHRUtDVQRUPDWLYDVGHVHJXQGRRUGHQTXHLQFRUSR
UHQFULWHULRVQRUPDWLYRVLGHDOHVTXHSXHGDQVHUUHIRUPDGRVUHYLVDGRV\
DGDSWDGRVGHVGHORVFRQWH[WRVGHGLVFXVLyQFRQFUHWRVTXHVHGLVSRQJDQ
HQFDGDVRFLHGDGSROtWLFDUHDO(VWHQXHYRHQIRTXHPHWRGROyJLFR\WHy
ULFRKDVLGRHODGRSWDGR²HQWUHRWURV²SRUDXWRUHVFRPR$*XWPDQQ
\'7KRPSVRQTXLHQHVSURSRQHQODDGRSFLyQGHXQDWHRUtDQRUPDWLYD
GHVHJXQGRRUGHQ GHQRPLQDGDGHPRFUDFLD GHOLEHUDWLYDTXHLQFRUSRUD
SULQFLSLRVGHSURFHGLPLHQWRGHFRQWHQLGRGHDFRPRGDFLyQ\GHSUHFOX

UtDGHMXVWLFLD\FVXMHWDHOSURFHVRGHMXVWLILFDFLyQSROtWLFDDXQVLVWHPDGLVFXUVLYRMXUL
GLFLVWDGHGRVHVFDODVHQGRQGHODFLXGDGDQtDRSLQD\ORVIXQFLRQDULRVGHFLGHQ+$%(5
0$63RURWURODGR5)2567DSDUWHGHXQPRGHORQRU
PDWLYR QR LGHDO TXH DWLHQGH QR VROR HQ VXV SUHVXSXHVWRV VLQR HQ VXV FULWHULRV
HYDOXDWLYRVPLVPRVDORVFRQWH[WRVSROtWLFRVUHDOHVFRQFUHWRVESURSRQHHPSOHDUFULWH
ULRVHYDOXDWLYRVQRVRORIRUPDOHVSURFHGLPHQWDOHVVLQRWDPELpQVXVWDQWLYRV\DVXPHXQD
SDUWLFXODUWHRUtDGHMXVWLFLDUDGLFDOVXVWHQWDGDHQORVFRQFHSWRVGHGLJQLGDGKXPDQD
HPDQFLSDFLyQ\GHUHFKRVKXPDQRV\FQRVXMHWDHOSURFHVRGHMXVWLILFDFLyQSROtWLFDDXQ
VLVWHPDGLVFXUVLYRMXULGLFLVWDGHGRVHVFDODVVLQRTXHLQFOX\HWDPELpQRWUDVPRGDOLGDGHV
GHMXVWLILFDFLyQIRUPDOHVHLQIRUPDOHVTXHUHGXQGDQHQPD\RURPHQRUOLEHUWDGSROtWLFD
GHORVFLXGDGDQRV)2567
 1,&2/È6(0$18(/2/,9$5(6 

VLyQUHYLVDEOHV\²SRUHOOR²QRGHILQLWLYRVHVGHFLUPRUDO\SROtWLFD
PHQWHSURYLVLRQDOHV*XWPDQQ\7KRPSVRQ)DUUHOO\

3RURWURODGR/7HVVPDQFRQVLGHUDTXHWRGDWHRUtDQRUPDWLYDGHEHOOHYDU
DGHODQWHGRVIXQFLRQHVSULQFLSDOHVDGHPiVGHODGHJXtDPRUDOGHQXHV
WUDVFRQGXFWDVJUXSDOHVHLQGLYLGXDOHV(QSULPHUOXJDUGHIRUPDJHQHUDO
GHEHSHUPLWLULGHQWLILFDUH[SOLFDUSUHVHQFLDU\FRPSUHQGHUHQOXJDUGH
HYDGLUORVIUDFDVRVGHODPRUDOHVGHFLUORVJHQXLQRVGLOHPDVPRUDOHV
TXHHQIUHQWDPRVDFRWLGLDQRHQFLUFXQVWDQFLDVQRUPDWLYDVQRLGHDOHV(Q
VHJXQGROXJDUGHIRUPDSDUWLFXODUGHEHSHUPLWLUQRVLGHQWLILFDUFULWLFDU
DWHQGHUUHFRQRFHUEULQGDUUHVSXHVWDVIUHQWHDOKHFKRGHODRSUHVLyQGH
XQRVDJHQWHVVREUHRWURV/DSUHRFXSDFLyQGHHVWDDXWRUDHVTXHODVWHR
UtDVQRUPDWLYDVSXUDPHQWHQRLGHDOHVUHFKD]DQODH[LVWHQFLD\RQHFHVLGDG
GHUHFXUULUDXQSODQRQRUPDWLYRLGHDODVtFRPRDTXHOODVTXHFRPHWHQHO
GHIHFWRLQYHUVR\VHxDODTXHVRORGHEHPRVFRQWDUFRQXQSODQRQRUPDWL
YRLGHDO\HYLWDUWRGRURFHFRQHOSODQRQRLGHDOQRFRQVWLWX\HQHQIRTXHV
WHyULFRVORVXILFLHQWHPHQWHFDSDFLWDGRVSDUDGHVHPSHxDUDTXHOODVGRV
IXQFLRQHVFHQWUDOHVGHODWHRUtDQRUPDWLYDSROtWLFD(QHVWHPDUFRWHyULFR
ORVILOyVRIRVSROtWLFRVUHDOLVWDV\XWySLFRVQRSHUPLWHQUHVROYHURVLTXLHUD
DWHQGHUDOIHQyPHQRGHOIUDFDVRPRUDOHVSHFLDOPHQWHUHODFLRQDGRFRQOD
RSUHVLyQRFXOWDQHVWHDVSHFWRGHODYHUGDG\ODWDSDQFRQGRVLVH[DJHUD
GDVGHQLKLOLVPRXRSWLPLVPR7HVVPDQ
/7HVVPDQVHxDODTXHODWHRUtDQRLGHDOQRVSHUPLWHKDFHUIUHQWHDODGR
PLQDFLyQ SROtWLFDDWHQWR UHTXLHUH²FRPR SULPHUSDVR²GHVFULELU ODV
FRQGLFLRQHVQRLGHDOHVSDUDOXHJRSUHVFULELUODPHMRUDFFLyQSRVLEOHR
IDFWLEOHGDGDHVDVFRQGLFLRQHV7HVVPDQ6LQHPEDUJRHVWD
ILOyVRIDSROtWLFDQRUWHDPHULFDQDVHxDODTXHQRSRGHPRVUHGXFLU WRGDOD
ILORVRItDSROtWLFDQRUPDWLYDDOSODQRQRLGHDO(QWpUPLQRVJHQHUDOHV/
7HVVPDQVHQWHQFLDTXHWRGDDGHFXDGDWHRUtDQRUPDWLYDGHEHVHUFDSD]GH
HPLWLUXQMXLFLRHYDOXDWLYRTXHYD\DPiVDOOiGHODIXQFLyQGHJXtDSDUD
OD DFFLyQ PRUDO \ TXH QRV SHUPLWD VRVWHQHU TXH DTXHOOD VLWXDFLyQQR
LGHDOPiVDFHSWDEOHSRVLEOHHQFRQGLFLRQHVGHRSUHVLyQVLJXHVLHQGRLQ
VXILFLHQWHPHQWHDGHFXDGD\EXHQD\QRGHEHGHMDUGHVHxDODUVHFRPRXQD
VLWXDFLyQLPSHUIHFWDHLQGHVHDGD3DUDSRGHUOOHYDUDGHODQWHHVWDVHJXQGD
IXQFLyQ FUtWLFDGH ODILORVRItDSROtWLFDHV VXPDPHQWHQHFHVDULRFRQWDU
FRQXQDDGHFXDGDFRQVWUXFFLyQWHyULFDHQHOSODQRQRUPDWLYRLGHDO(VWD
VHJXQGDIXQFLyQGHWLSRFUtWLFDWLHQHSRUREMHWLYRSULPRUGLDOHYDOXDUODV
QRUPDV PHGLGDVHLQVWLWXFLRQHVUHDOHVDODOX]GHFULWHULRVQRUPDWLYRV
LGHDOHV7HVVPDQ
678',$32/,7,&  LQYLHUQR 

3RUVXSDUWH&:0LOOVHVJULPHXQRGHORVHPEDWHVPiVSRWHQWHVHIHF
WXDGRVFRQWUDODFRQFHSFLyQUDZOVLDQDGHODGLFRWRPtDLGHDOQR LGHDODO
VRVWHQHUTXHDTXHOODYHUVLyQ GHOD WHRUtDLGHDO²HQUHDOLGDG²HVXQD
HVWUXFWXUDQRUPDWLYDPHUDPHQWHLGHROyJLFDHQHOVHQWLGRSH\RUDWLYRGH
FRQVWLWXLUXQFRQMXQWRGHLGHDVTXHFRQWULEX\HQDSHUSHWXDUORVSULYLOH
JLRVGHXQJUXSRPLQRULWDULRGHKRPEUHV3RUHOORHQRSLQLyQGH&:
0LOOVODPHMRUPDQHUDGHUHDOL]DUWRGRLGHDOQRUPDWLYRFRQVLVWHHQSDU
WLU GHVGHXQHQIRTXHWHyULFR QRLGHDO 0LOOV(QHVWDOtQHD
GHSHQVDPLHQWR&:0LOOVVRVWLHQHTXHODVSHUVRQDVTXHWUDEDMDQHQOD
WHRUtDQRLGHDOGHEHQFRORFDUVX WUDEDMRHQUHODFLyQFRQ XQDWHRUtDGHO
SRGHU \TXH HOPRGHORIRXFDXOWLDQRGHOSRGHU GDUD]RQHV SDUDTXH ORV
WHyULFRVDFDGpPLFRVGHVFRQILHPRV GHQXHVWURVSURSLRVMXLFLRVSROtWLFRV
\ PRUDOHV(Q VtQWHVLV&:0LOOV H[DPLQDVLDODOX]GHORV SHOLJURV
TXHLPSOLFDHOSURFHVRGHLGHDOL]DFLyQDFDVRQRVHUtDPHMRUDGRSWDUXQD
YLVLyQPiVOLPLWDGDGHODUHODFLyQHQWUHODWHRUtDLGHDO\QRLGHDOHQHO
TXH OD WHRUtD LGHDOFRQVHUYDVXSULRULGDG OyJLFDSHUR QR VX SULRULGDG
WHPSRUDO0LOOV
$VXWXUQR&61LQRFULWLFDODVWHRUtDVUHDOLVWDV\ODVLGHDOLVWDVHQPD
WHULDSROtWLFD\GLULJHIXHUWHVREMHFLRQHVFRQWUDHOORV3RUXQODGRFRQWUD
ODVSHUVSHFWLYDVUHDOLVWDVVHxDODXQDIXHUWHFUtWLFDDODSHUVSHFWLYDSROt
WLFDUHDOLVWDRHQVXVWpUPLQRVKLSHUUHDOLVWDODFXDOMXVWLILFDHOYDORUGH
OD GHPRFUDFLDPHGLDQWH XQDUJXPHQWR FRQVHFXHQFLDOLVWDFRQIRUPH HO
FXDOODGHPRFUDFLDFRQVWLWX\HXQSURFHVRRULHQWDGRKDFLDFLHUWRVUHVXOWD
GRVFRQFUHWRVTXHUHVXOWDRVWHQVLEOHPHQWHHMHPSOLILFDGRSRUFLHUWDVLQV
WLWXFLRQHV\DOJXQRV SDtVHVGHVDUUROODGRV & 61LQRVHxDODTXHGLFKD
SHUVSHFWLYDSROtWLFDUHVXOWDLQDWUDFWLYD\IDOVDGDGRTXHHOFRQFHSWR GH
GHPRFUDFLD HVSRU GHILQLFLyQ QRUPDWLYR\ QRSXHGHVHU UHGXFLGRD XQ
VLVWHPDLQVWLWXFLRQDOUHDO1LQR 3RURWURODGRHQ RSRVL
FLyQDFLHUWRVHQIRTXHVQRUPDWLYRVLGHDOLVWDVORVFXDOHVVRVWLHQHQTXHOD
SUiFWLFD \RKLVWRULD SROtWLFDHV H[WHUQD DO IHQyPHQR QRUPDWLYR&6
1LQRVHxDODTXHODQRUPDWLYLGDGSROtWLFDHVWiFRQVWLWXLGDLQWHUQD\GLDOp
FWLFDPHQWH SRU ODV SUiFWLFDV H KLVWRULDV SROtWLFDV 1LQR  >@
 (QSDUWLFXODU&61LQRVH PXHVWUDDIDYRU GHXQDSHUVSHFWLYD

 3RGUtDVHxDODUVHTXHODSHUVSHFWLYDUHIOH[LYDDVXPLGDSRU&61LQRSRVHHGRVSDUWL
FXODULGDGHV(QSULPHUOXJDUODPLVPDGHILQLFLyQGHFRQVWLWXFLRQDOLVPRGHPRFUiWLFRLQ
FRUSRUDODID]SUiFWLFDRUHDOGHPDQHUDTXHODWHRUtDQRLGHDOHVSDUWHLQPDQHQWHGHpO
PLVPRFRQORFXDOUHVXOWD²DVXHQWHQGHUGHVDFHUWDGR²SHQVDUODKLVWRULD\SUiFWLFD
FRQVWLWXFLRQDOFRPRXQFRPSRQHQWHLUUHOHYDQWHRELHQH[WHUQRDODQRUPDWLYLGDGSROtWL
 1,&2/È6(0$18(/2/,9$5(6 

QRUPDWLYDUHIOH[LYDFRQVLVWHQWHFRQXQPRGHORGHPRFUiWLFRGHOLEHUDWLYR
MXVWLILFDGRHQUD]RQHVHSLVWpPLFDVFtYLFDV\SUDJPiWLFDV0LHQWUDVTXH
HQVXVSULPHUDVYHUVLRQHV&61LQRVHLQWHUHVDGHVREUHPDQHUDHQORV
DUJXPHQWRVHSLVWpPLFRVHQODV~OWLPDVYHUVLRQHVRIRUPXODFLRQHVGHVX
WHRUtDGHPRFUiWLFDEULQGDHVSHFLDOUHOHYDQFLDDORVDUJXPHQWRVFtYLFRV\
SUDJPiWLFRV\VHxDODTXHHQFRQGLFLRQHVQRUPDWLYDVQRLGHDOHVGHDQR
PLDLQHTXLGDGSURIXQGD\GRPLQDFLyQSROtWLFDUHVXOWDQHFHVDULRYDORUDU
LQVWUXPHQWDOPHQWHFLHUWDVYLUWXGHV FtYLFDVHQIXQFLyQ GHOD SURPRFLyQ
GHXQDPD\RU\PHMRUOLEHUWDGSROtWLFD1LQR

(QGHIHQVDGHXQDSHUVSHFWLYDQRUPDWLYDUHIOH[LYD

(QHVWHWHUFHUDSDUWDGRVRVWHQGUHPRVTXHODFRQFHSFLyQQRUPDWLYDTXH
RWRUJDSULRULGDGOyJLFDDOSODQRLGHDO\SULRULGDGWHPSRUDODOSODQRQR
LGHDOHQWHQGLHQGRDDPEDVFRPRGRVSODQRVRIDFHWDVGHXQDPLVPDWHR
UtDILORVyILFDSROtWLFDDODFXDOGHQRPLQDPRVSHUVSHFWLYDUHIOH[LYDHV
FRQFHSWXDO\QRUPDWLYDPHQWHPiVDWUDFWLYDTXHODVFRQFHSFLRQHVULYDOHV
GHVFULSWDVLGHDOLVWDVUHDOLVWDVGDGRTXHHQWpUPLQRVFRPSDUDWLYRVQR
VHUtDSDVLEOHGHFXDWURREMHFLRQHV\VtRVWHQWDUtDFXDWURDWUDFWLYRVTXHOD
GLVWDQFLDUtDQQRWRULDPHQWHGHDTXHOODVGRV'HHVWHPRGRDORVILQHVGH
SURPRYHUDTXHOODFRQFHSFLyQUHIOH[LYDGHODGLVWLQFLyQWHRUtDLGHDOQR
LGHDOOOHYDUHPRVDGHODQWHGRVHVWUDWHJLDVDUJXPHQWDWLYDVXQDGHWLSR
FUtWLFD\RWUDGHIHQVLYD/DSULPHUDGHWLSRFUtWLFDHVWiGLULJLGDDVHxDODU
FLHUWDVREMHFLRQHVHVSHFtILFDVGHODVFXDOHVVHUtDQSDVLEOHVODVSRVWXUDV
LGHDOLVWDV\UHDOLVWDV/DVHJXQGDGHWLSRGHIHQVLYDWLHQHSRUPHWDHQVD
\DUFLHUWDVUD]RQHVSRVLWLYDVJHQHUDOHVTXHGHPXHVWUHQODDFHSWDELOLGDGGH
QXHVWUDSHUVSHFWLYDUHIOH[LYD
&RQUHODFLyQDODSULPHUDHVWUDWHJLDDUJXPHQWDWLYDGHWLSRFUtWLFDFRQVL
GHUDPRVTXHSXHGHQHVER]DUVHFLHUWDVREMHFLRQHVHVSHFtILFDVFRQWUDODV
SHUVSHFWLYDVLGHDOLVWDV\UHDOLVWDV
3RUXQODGR FDEHVHxDODUQXHVWUDGLVFRUGDQFLDFRQ ORVRVWHQLGRSRUOD
SHUVSHFWLYDLGHDOLVWDGHIHQGLGDSRU-5DZOV$-6LPPRQV$+DPOLQ

FD(QVHJXQGROXJDUODUDFLRQDOLGDGHVSHFtILFDGHOiPELWRSROtWLFRHVGHWLSRLQWHUVXEMH
WLYDFRQORFXDOQRVHSXHGHDSOLFDUXQLGHDODEVWUDFWRPHGLDQWHLQWHUYHQFLRQHVLQGLYL
GXDOHVDLVODGDVVLQRTXHVHGHEHSDUWLUGHOKHFKRGHTXHODSROtWLFDHVXQDSUiFWLFDFR
OHFWLYD1,12
678',$32/,7,&  LQYLHUQR 

\=6WHPSORZVNDHQWUHRWURVGHPDQHUDTXHHYDOXDPRVFUtWLFDPHQWHHO
SURFHVRILFFLRQDOLGHDOL]DGRKLSRWpWLFR\GHVSHJDGRGHODUHDOLGDGPH
GLDQWHHOFXDO-5DZOVKDFHQDFHUORVSULQFLSLRVGHMXVWLFLD(OFRQFHSWR
GHFRQVWUXFWLYLVPRPRQROyJLFRDGRSWDGRSRU-5DZOV$VXYH] FRQVL
GHUDPRVTXH-5DZOV\$-6LPPRQVFRORFDQXQH[FHVLYRDFHQWRHQHO
DVSHFWRLQVWLWXFLRQDO\XQLQVXILFLHQWHpQIDVLVHQODVDFWLWXGHV\FLUFXQV
WDQFLDV QRLGHDOHVGH ORVFLXGDGDQRVDVXYH] UHVXOWDQFULWLFDEOHVORV
SULQFLSLRVUDZOVLDQRVLGHDOHVH[WUDSRODGRVSRU$-6LPPRQVSDUDORV
FLXGDGDQRV &RQVLGHUDPRVTXH$-6LPPRQVUHSURGXFHHOFXDGURGH
DSOLFDFLyQGHGLFKRVSULQFLSLRVGHIHQGLGRSRU-5DZOVHVGHFLUOLPLWD
ODDSOLFDFLyQGHORVSULQFLSLRV GHSUREDELOLGDGHILFDFLD\DKRUDJUDYH
GDGDOiPELWRHPStULFRHOFXDO²DVXHQWHQGHU²GHELHUDVHUREMHWRGH
HVWXGLRGHODVFLHQFLDVSROtWLFDV\TXHGDIXHUDGHODILORVRItDSROtWLFDVX
DQiOLVLV
(QFXDQWRDODSDUWLFXODUWHRUtDLGHDOLVWD HVER]DGDSRU$+DPOLQ\ =
6WHPSORZVNDVHxDODQTXHODWHRUtDGHORVLGHDOHVHVSULRULWDULDHQWpUPL
QRVOyJLFRV\WHPSRUDOHVD OD WHRUtDGHO FRQWLQXXPQRUPDWLYRPXOWLGL
PHQVLRQDO LGHDOQR LGHDO 6LQHPEDUJR DFWR VHJXLGR VHxDODQ TXH ODV
WHRUtDV PiVLGHDOHV\ ODVWHRUtDVPHQRVLGHDOHV SRVHHQHQVXHVTXHPD
FRQFHSWXDOXQDPLVPDMHUDUTXtDWHPSRUDO\QRUPDWLYD+DPOLQ\6WHP
SORZVND)UHQWHDODSDUWLFXODUSHUVSHFWLYDLGHDOLVWDIRUPXOD
GDSRU$+DPOLQ\=6WHPSORZVNDFRQVLGHUDPRVTXHOXFHPXFKRPiV
DWUDFWLYDDGHFXDGD\HIHFWLYDODGLVWLQFLyQUHDOL]DGDSRU-/0DUWtHQ
WUHSULQFLSLRVQRUPDWLYRVLGHDOHVTXHLQWHJUDQXQLGHDOJHQpULFRLQWHJUDO
GHEXHQJRELHUQR (QHVWH FDVR QRVHUHTXLHUH TXHHO HVWDGRLGHDO GH
FRVDV TXHVHSURPXHYHVHD HPStULFDPHQWHDOFDQ]DEOH VLQRGHVHDEOH \
OyJLFDPHQWHSRVLEOH<SRUHORWURSULQFLSLRVQRUPDWLYRVQRLGHDOHVGH
ULYDGRVHLQWHUPHGLRVTXHVHHPSOHDQHQHOPXQGRQRLGHDOORVFXDOHV
VRQDGDSWDWLYRV$TXtVtVHUHTXLHUHTXHHOHVWDGRGHFRVDVTXHSURPXH
YHQVHDHPStULFDPHQWHDOFDQ]DEOH3RUVXSDUWHODQRFLyQGHLGHDOUHJX
ODWLYRQRQHFHVLWDLQFRUSRUDUGRVVHQWLGRVGHLGHDOXQRDOFDQ]DEOHRWUR
LQDOFDQ]DEOHVLQRTXHXVDXQDVRODODGHLQDOFDQ]DEOH(QODWHFQRORJtD
FRQFHSWXDOGH$+DPOLQ\=6WHPSORZVNDXQRGHELHUDGHFLUTXHHVWD
LQVWLWXFLyQ HV LGHDO SDUD XQ GHWHUPLQDGR SDtV HQ XQ HVFHQDULR DFWXDO
DXQTXH QRVDWLVIDFHSOHQDPHQWHHOLGHDODEVROXWRGHIHQGLGR(VWRWDP

 $OUHVSHFWRODVREVHUYDFLRQHVFUtWLFDVHIHFWXDGDVSRU%0DQLQFRQWUDODQRFLyQUDZO

VLDQDGH³SRVLFLyQRULJLQDO´SRGUtDQVHUFRQVLGHUDGDVFRPRFRPSOHPHQWDULDVDQXHVWUDV
REMHFLRQHV0$1,1
 1,&2/È6(0$18(/2/,9$5(6 

ELpQOHTXLWDUHOHYDQFLDDODQRFLyQGHQRLGHDO\DTXHSDVDDVHUXQWHU
FHUSDVR
&RPRSXHGHDSUHFLDUVHODVREMHFLRQHVHVSHFtILFDVGLULJLGDVFRQWUDODV
SHUVSHFWLYDVLGHDOLVWDVFRLQFLGHQFRQFXDWURFDUDFWHUHVLGHDOL]DFLyQ
FRQVWUXFWLYLVPRPRQROyJLFRGLVIXQFLRQDOLGDGHLUUHIOH[LYLGDGTXHD
QXHVWUDFRQVLGHUDFLyQGHVGHXQDSHUVSHFWLYDUHIOH[LYDQRGHELHUDWHQHUOD
FRQVWUXFFLyQ\DSOLFDFLyQGHODGLVWLQFLyQHQWUHWHRUtDQRUPDWLYDLGHDO\
QRLGHDO
3RURWURODGRFRQWUDODSHUVSHFWLYDUHDOLVWDDVXPLGDSRU06OHDW\(
5RVVLHQWUHRWURVGHVHDPRVDGYHUWLUTXHODVWHVLVFHQWUDOHVGHOUHDOLVPR
SXHGHQVHUGHIHQGLGDVVLQFDHUHQORVGHIHFWRVGHODSHUVSHFWLYDUHDOLVWD
(QSDUWLFXODUFRQVLGHUDPRVTXHHOUHSXEOLFDQLVPRFtYLFRHQWDQWRSHUV
SHFWLYDQRUPDWLYDUHIOH[LYDVREUHODOHJLWLPLGDGSROtWLFD\MXVWLFLDVRFLDO
HVGHFLUHQWHQGLGDFRPRFRQFHSFLyQSROtWLFDDXWyQRPDFRQVWLWX\HXQD
SHUVSHFWLYDPiV DWUDFWLYD TXH VXVULYDOHVOLEHUDOHV \ UHDOLVWDV 3RU XQ
ODGR HVWDSHUVSHFWLYD UHIOH[LYDUHSXEOLFDQD FtYLFD DGPLWH TXHHO GHV
DFXHUGRSROtWLFRHVSURIXQGRSHUPDQHQWHHLQHUUDGLFDEOH3RURWURODGR
DILUPDTXHHOSRGHUSROtWLFRYHUVDVREUHODGRPLQDFLyQ\TXHGHEHQORV
FLXGDGDQRVDXWRGRPLQDUVHSDUDHYLWDUODKHWHURQRPtD'HHVWHPRGRHO
UHDOLVPRSHFDHQGRVVHQWLGRVRSXHVWRVSHURFRUUHODWLYRV 
(Q SULPHU OXJDU SRUXQ ODGR OD SHUVSHFWLYD UHDOLVWD GH06OHDW \ (
5RVVLSHFDSRUGHIHFWR\DTXHQRHVWDQUHDOLVWDFRPRVXSRQH\VRVWLHQH
VREUHXQDVHULHGHVLPSOLILFDFLRQHV\RLGHDOL]DFLRQHVWHyULFDVPX\FRQ
WURYHUWLGDV 3RURWURODGRSHFDSRUH[FHVR GHELGRDTXHVHxDODTXHOD
~QLFDYHUGDGHVODUHDOLGDGGHVFRQRFHFRQHOORTXHODVVLWXDFLRQHVSROt
WLFDVFRQWHPSRUiQHDVVRQXQRGHORVSRVLEOHVHVFHQDULRVQRLGHDOHVSHUR
QRHO~QLFR\FRQFHGHTXHDTXHOORTXHHIHFWLYDPHQWHRFXUUHRVHGHFLGH
HVORDGHFXDGR\RHIHFWLYR
(Q VHJXQGR OXJDU FRQVLGHUDPRV TXH ORV WHyULFRVVLQGLFDGRV FRPR UHD
OLVWDV QR VH YHUtDQ D Vt PLVPRV FRPR UHDOLVWDV (VSHFLDOPHQWH &
0RXIIH\-:DOGURQQRDVXPHQXQDSHUVSHFWLYDUHDOLVWDVLQRTXHDGPL

 06OHDW\(5RVVLDILUPDQTXHVXFRQFHSFLyQUHDOLVWDGHEHVHUWRPDGDFRPRLGHROy

JLFDPHQWHQHXWUDORELHQFRQVLVWHQWHFRQQXPHURVRVSXQWRVGHYLVWDILORVyILFRVSROtWLFRV
1RREVWDQWHFRQVLGHUDPRVTXHWDOQHXWUDOLGDGHVIDOVD\HQFXEUHXQDSHUVSHFWLYDSROtWL
FDWDQWRSURFHGLPHQWDOFRPRVXVWDQWLYDTXHGLILHUHHQQXPHURVRVDVSHFWRVGHRWUDVFRQ
FHSFLRQHVSROtWLFDVWDOHVFRPRODQXHVWUDODFXDOHVGHWLSRQRLGHDOQHRUHSXEOLFDQD
GHOLEHUDWLYD\UHIOH[LYD
678',$32/,7,&  LQYLHUQR 

WHQ SUHVXSXHVWRV QRUPDWLYRV SDUFLDOPHQWH GLIHUHQWHV D ORV OLEHUDOHV

LJXDOLWDULRV (VWR GHPXHVWUD TXH HO UHDOLVPR KD SUHWHQGLGR QR VROR IRU
]DU FLHUWRV DUJXPHQWRV GH VXV FRQWDULRV D VX IDYRUVLQR TXH KD WRUFLGR
LQFOXVR OD HWLTXHWD R HQIRTXH GHVGH HO FXDO DOJXQRV WHyULFRV SUR\HFWDQ
VXVWHRUtDV
(QWHUFHUOXJDUODHVWUDWHJLDPHWRGROyJLFDGHODSRVLFLyQRULJLQDO\ODVQR
FLRQHVGHFRQVHQVRVXSHUSXHVWR\XQDQLPLGDGQRVRQUHSUHVHQWDWLYDVGH
WRGRHOOLEHUDOLVPRLJXDOLWDULR\PXFKRPHQRVGHOGHEDWHLGHDOQRLGHDO
HOFXDOVHDOLPHQWDGHSHUVSHFWLYDVPHWRGROyJLFDV\FRQFHSWXDOHVpWLFDV
GLVFXUVLYDV\UHSXEOLFDQDVWDPELpQ 
(QFXDUWROXJDUGHVGHXQDSHUVSHFWLYDDJRQDOUHDOLVWDVHVHxDODTXH³OD
UDFLRQDOLGDGVyORSURSRUFLRQDXQDH[SOLFDFLyQSDUFLDOGHODVPRWLYDFLRQHV
\UD]RQHVTXHPXHYHQDORVVHUHVKXPDQRVDODDFFLyQ\SDUHFHH[
FOXLUFRPSOHWDPHQWHHOLPSRUWDQWHSDSHOGHODVSDVLRQHV\HPRFLRQHV´
6OHDW&RQVLGHUDPRVTXHHOUHFKD]RDODDSHODFLyQGHXQD
UD]yQSUiFWLFDHVPX\FRQWURYHUVLDOHLPSOLFDDVXPLUXQDSRVWXUDpWLFDHV
FpSWLFDGHGXGRVDVEDVHVHLPSOLFDQFLDVHQHOPHMRUGHORVFDVRV\VRQ
GHQRVWDQOHV\UHFKD]DEOHVHQHOSHRU$VXYH]FDEHDGYHUWLUTXHHOUHSX
EOLFDQLVPRFtYLFR\ODWHRUtDUHIOH[LYDUHFXUUHQDODVHPRFLRQHV\SDVLRQHV
WDQWRFRPRDODVUD]RQHVHLQFRUSRUDQDGHFXDGDPHQWHDTXHOORVXRWURV
IDFWRUHVHPStULFRV
(QVtQWHVLVLGHQWLILFDPRVFLHUWDVREMHFLRQHVDODSRVWXUDUHDOLVWDDVH
DGRSWDXQDFRQFHSFLyQDEVROXWDGHORVLGHDOHVSROtWLFRV\QRXQDFRQFHS
FLyQUHJXODWLYDEQRDSUHFLDHOOXJDUGHSULYLOHJLRTXHXQDDGHFXDGD
FRQFHSFLyQGHUDFLRQDOLGDGSUiFWLFDGHEHWHQHUHQHVWHSUREOHPDFQRVH
WLHQHQHQFXHQWDORVFULWHULRVGHDFHSWDELOLGDG\VXVWHQWDELOLGDGGHWLSR
GLVFXUVLYRV\UHIOH[LYRV\GQRVHDGRSWDXQDFRQFHSFLyQQRUPDWLYDGH
VHJXQGRRUGHQVLQRTXH²DVDELHQGDV²VHDGRSWDXQDFRQFHSFLyQQRU
PDWLYDGHSULPHURUGHQQRUPDWLYRULYDOFRQODVDQWHULRUHV'HHVWHPRGR
ODVREMHFLRQHVHVSHFtILFDVGLULJLGDVFRQWUDODVSHUVSHFWLYDVUHDOLVWDVFRLQ
FLGHQFRQFXDWURFDUDFWHUHVHPSLULVPRFRQVWUXFWLYLVPRUDGLFDOGLVIXQ
FLRQDOLGDGHLUUHIOH[LYLGDGTXHDQXHVWUDFRQVLGHUDFLyQGHVGHXQDSHUV
SHFWLYD UHIOH[LYD QR GHELHUD WHQHU OD FRQVWUXFFLyQ \ DSOLFDFLyQ GH OD
GLVWLQFLyQHQWUHWHRUtDQRUPDWLYDLGHDO\QRLGHDO

 9DOHDFODUDUTXHHQVXREUD/LEHUDO5HDOLVP06/($7UHYLVDSDUFLDOPHQWHORV

WpUPLQRVPHGLDQWHORVFXDOHVFULWLFDODSHUVSHFWLYDOLEHUDOLJXDOLWDULDHQJHQHUDO\UDZO
VLDQDHQSDUWLFXODU\PDWL]DDOJXQDVGHVXVREMHFLRQHV
 1,&2/È6(0$18(/2/,9$5(6 

(QFXDQWRDODVHJXQGDHVWUDWHJLDDUJXPHQWDWLYDGHWLSRGHIHQVLYDFRQ
VLGHUDPRVTXHSXHGHQH[SOLFLWDUVHDOPHQRVFXDWURDUJXPHQWRVJHQHUD
OHVDIDYRUGHODDGRSFLyQGHXQDSHUVSHFWLYDUHIOH[LYDGHODGLVWLQFLyQ
LGHDOQRLGHDOTXHYDOHQFRPRREMHFLRQHVJHQHUDOHVFRQWUDODVSHUVSHFWL
YDV LGHDOLVWDV\UHDOLVWDV(Q HVWHHQWHQGLPLHQWR FRQVLGHUDPRVTXH OD
SHUVSHFWLYDUHIOH[LYDRVWHQWD ORVVLJXLHQWHVFXDWURDWUDFWLYRVDDVXPH
XQDGHILQLFLyQDWUDFWLYDGHODQRFLyQLGHDOUHJXODWLYR\RWRUJDXQDLQWHU
SUHWDFLyQDGHFXDGDD ODPi[LPDNDQWLDQD ³GHEHLPSOLFDSXHGH´EHV
FRQVLVWHQWHFRQXQDSHUVSHFWLYDPHWDpWLFDFRQVWUXFWLYLVWDPRGHUDGD\VH
FRORFDHQXQ SXQWRLQWHUPHGLRHQWUHGRVSHUVSHFWLYDVPHWDpWLFDVH[WUH
PDV XQD FRQVWUXFWLYLVWD PRQROyJLFD \ RWUD FRQVWUXFWLYLVWD UDGLFDO F
GHVOLQGDGHXQDIRUPDSUHFLVD\UD]RQDEOHODIXQFLyQHVSHFtILFDTXHFXP
SOHFDGDID]QRUPDWLYDGHORVLGHDOHVSROtWLFRV\GVDWLVIDFH DGHFXDGD
PHQWHODSUHWHQVLyQQRUPDWLYDGHUHIOH[LYLGDGHQWHQGLGDHVWDFRPRXQD
LPEULFDFLyQGLDOpFWLFDDGHFXDGDPHQWHHTXLOLEUDGDHQWUH WHRUtD\SUD[LV
SROtWLFD
(OSULPHUDUJXPHQWRHVWiFRQHFWDGRFRQODQRFLyQGHLGHDOUHJXODWLYR
$O UHVSHFWR- /0DUWt ODGHILQH FRPR ³XQ KRUL]RQWHQRUPDWLYR KD
FLDHO TXHGHEHPRVWHQGHU HQ OD PHGLGD GH ORSRVLEOH'LFKR KRUL]RQ
WH QRUPDWLYR HV XQ HVWDGR GH FRVDV TXH HYDOXDPRV FRPR GHVHDEOH R
FRUUHFWR<HQHVWHVHQWLGRSRUHOKHFKRGHGHILQLUXQHVWDGRGHFRVDV
ORV LGHDOHV UHJXODWLYRV WLHQHQ TXH YHU PiV FRQ VHU TXH FRQ KDFHU´
0DUWt 
$WHQGLHQGRDHVWHSDUWLFXODUFRQFHSWRQRUPDWLYRODSUHJXQWDSRUODIDF
WLELOLGDGGHORVLGHDOHVRDFHUFDGHODFRQH[LyQHQWUHORVLGHDOHVSROtWL
FRV\ODUHDOLGDGFRQFUHWDUHTXLHUHGHFLHUWDVLPSRUWDQWHVFODULILFDFLRQHV
FRQFHSWXDOHVDFHUFDGHTXpHVXQLGHDOUHJXODWLYRDVtFRPRTXpLPSOLFD
VHJXLU XQLGHDOUHJXODWLYR(VWDV UHIOH[LRQHVFRQIOX\HQ HQOD VLJXLHQWH
LQFyJQLWD¢GHEHLPSOLFDSXHGH"(VWDSUHJXQWDIXH IRUPXODGDRULJLQDO
PHQWHSRU,.DQWDODSDUTXHHQVD\yXQDUHVSXHVWDSRVLWLYD(QRWUDV
SDODEUDVXQLGHDOUHJXODWLYRHVWDOVLSXHGHVHUUHDOL]DGRHQODUHDOLGDG
FDVRFRQWUDULRGHMDGHVHUWDO(QRWUDVSDODEUDVODLQWHUSUHWDFLyQNDQWLD
QD GH OD FOiXVXOD ³GHEH LPSOLFDSXHGH´VHxDOD TXH GDGDVFLHUWDV FLU
FXQVWDQFLDVRUGLQDULDVRH[WUDRUGLQDULDVTXHLPSLGDQJHQXLQDPHQWHHQ
WpUPLQRVHPStULFRVHVGHFLUSUiFWLFRVODUHDOL]DFLyQGHOLGHDOFRQOOHYD
VXDEDQGRQR(QRWUDVSDODEUDVVLHODJHQWHHVLQFDSD]JHQXLQDPHQWHGH
OOHYDUDODSUiFWLFDHOLGHDOHQWRQFHV\DQRWLHQHODREOLJDFLyQGHFXP
SOLUOR5HVFKHU1LQR>@1RREVWDQWH
FDEHFXHVWLRQDUVH¢HVWDLQWHUSUHWDFLyQHVOD~QLFDSRVLEOH"¢FRQVWLWX\H
678',$32/,7,&  LQYLHUQR 

ODLQWHUSUHWDFLyQPiVDGHFXDGD"¢TXpLQWHUSUHWDFLyQGHELHUDHIHFWXDUVH
GHHVWHVLQWDJPD"¢FXiOHVVRQODVLPSOLFDQFLDVQRUPDWLYDVGHGLFKDVLQ
WHUSUHWDFLRQHV"
(QUHVSXHVWDDHVWRVLQWHUURJDQWHVWDQWR15HVFKHUFRPR-/
0DUWt\&61LQR>@LQWHUSUHWDQTXHHOVLQWDJPDNDQ
WLDQR³GHEHLPSOLFDSXHGH´GHEHVHUDSOLFDGRVRORDOSODQRLGHDOSHURQR
DOQRLGHDO(QRWUDVSDODEUDVGLFKRVWUHVDXWRUHVVHxDODQTXHHQySWLPDV
FRQGLFLRQHVQRUPDWLYDVHQHOSODQRQRUPDWLYRLGHDOHVGHFLUFXPSOLGRV
WRGRVORVHVWiQGDUHVSROtWLFRVUHVXOWDFLHUWRTXHDTXHOORTXHFRQVWLWX\HHV
WULFWDPHQWHXQGHEHUHVDTXHOORTXH²DVXYH]²SXHGHHPStULFDPHQWH
VHUFXPSOLGR1RREVWDQWHGDGRTXHODVLQVWLWXFLRQHVSROtWLFDVSHUWHQHFHQ
DOSODQRQRUPDWLYRQRLGHDOHVGHFLUTXHQXHVWUDVVRFLHGDGHVSROtWLFDVQR
FXPSOHQDFDEDGDPHQWH²RQLVLTXLHUDUHPRWDPHQWH²FRQWRGRVORVHV
WiQGDUHVSROtWLFRVQRUPDWLYRVHVSRUHOORTXHODFOiXVXOD³GHEHLPSOLFD
SXHGH´QRVHVRVWLHQHHQ GLFKDVFLUFXQVWDQFLDVQRUPDWLYDVQRLGHDOHV
5HVFKHU1LQR>@
$KRUDELHQ¢HQTXpVHQWLGRUHVXOWDPiVDWUDFWLYDODSRVWXUDUHIOH[LYDTXH
ODVGHQRPLQDGDVLGHDOLVWD\UHDOLVWD"(QSULPHUOXJDUODLQWHUSUHWDFLyQ
RIUHFLGDSRUOD SHUVSHFWLYDLGHDOLVWD SDUHFLHUDVHxDODUTXHOD FOiXVXOD
³GHEHLPSOLFDSXHGH´WLHQHTXHVHUDSOLFDGDWDQWRHQHOSODQRLGHDOFRPR
HQHOQRLGHDOGHPRGRTXHQRUHVXOWDSRVLEOHDQWHSRQHUHQHOSODQRQR
LGHDOFLUFXQVWDQFLDVH[FXOSDWRULDVRDWHQXDQWHV(QVHJXQGROXJDUODSHUV
SHFWLYDUHDOLVWDSDUHFLHUDVHxDODUTXHODFOiXVXODGHEHVHULQYHUWLGDHQWDQ
WR³VLSXHGHHQWRQFHVGHEH´FRQORFXDOHOVLQWDJPDNDQWLDQRQRVHDSOLFD
DQLQJXQRGHORVSODQRVQRUPDWLYRV\VHDVXPHXQVLQWDJPDFRPSOHWD
PHQWHGLVWLQWRGHWLSRJHXVVLDQRFRQIRUPHHOFXDOODPRUDOLGDGGHORV
DFWRVVRORSXHGHVHUSUHGLFDGDXQDYH]TXHVHHYDO~DODHILFDFLDQRUPDWL
YDGHXQGHWHUPLQDGRHVWDGRGHFRVDVSROtWLFR'HHVWHPRGRUHVXOWDUHOH
YDQWHSUHJXQWDUVH¢HQTXpVHQWLGRUHVXOWDUtDQREMHWDEOHVODVSHUVSHFWLYDV
LGHDOLVWDV\UHDOLVWDV"
3RUXQODGRODSHUVSHFWLYDLGHDOLVWDKDFHSURSLDODLQWHUSUHWDFLyQNDQWLD
QDRWUDGLFLRQDOGHODFOiXVXOD³GHEHLPSOLFDSXHGH´DODILUPDUTXHVX
DSOLFDFLyQGHEHHIHFWXDUVHWDQWRDOSODQRLGHDOFRPRDOQRLGHDO(VWD
SHUVSHFWLYDUHVXOWDVREUHH[LJHQWH\DTXHREOLJDDORVVXMHWRVDFRPSRUWDU
VHFRQIRUPHDOLGHDOHQWRGRV\FDGDXQRGHORVFDVRVVLQPLUDPLHQWRVD
ODVSRVLEOHV\SDUWLFXODUHVFLUFXQVWDQFLDVQRLGHDOHVFRQWH[WXDOHVYLJHQWHV
GHPRGRTXHORVFRQFHSWRVGHIDFWLELOLGDG\GHVHDELOLGDGVH\X[WDSRQHQ
(VWDHVXQDSHUVSHFWLYDLQDWUDFWLYDGHODPRUDOLGDGTXHLPSRVLELOLWDHO
SURJUHVRPRUDOHQWHQGLGRFRPRHODYDQFHHQHOSURFHVRGHDSUHQGL]DMH
 1,&2/È6(0$18(/2/,9$5(6 

QRUPDWLYRFLXGDGDQR\QRHVVHQVLEOHDODID]WUiJLFDLQHYLWDEOHGHODPR
UDOLGDGKXPDQD
3RURWURODGRODSHUVSHFWLYDUHDOLVWDDVXPHODYHUVLyQLQYHUVDGHODLQWHU
SUHWDFLyQNDQWLDQDRWUDGLFLRQDOODUHIRUPXOD\JHQHUDXQDQXHYDFOiXVX
OD³SXHGHHQWRQFHVGHEH´FRQIRUPHODFXDOODH[LVWHQFLDPLVPDGHJH
QXLQRV GHEHUHV HVWi VXSHGLWDGD D OD SUHVHQFLD GH FLHUWDV FRQGLFLRQHV
IDYRUDEOHVSDUDHOORVLQODVFXDOHV QRSXHGHDILUPDUVHTXHKD\REOLJD
FLyQPRUDO(VWDSHUVSHFWLYDUHVXOWDLQIUDH[LJHQWHGDGRTXHVRORREOLJDD
ORVVXMHWRVDFXPSOLUXQFLHUWR\SURYLVRULRLGHDOQRUPDWLYRHPHUJHQWHGH
ODSUiFWLFDPLVPDVL\VRORVLODVFRQGLFLRQHVQRUPDWLYDVQRLGHDOHVDF
WXDOHVORYXHOYHQIDFWLEOHGHPRGRTXHODGHVHDELOLGDGHVSHQVDGDFRPR
XQDSpQGLFHGHODIDFWLELOLGDG
3RU FRQWUDSRVLFLyQDGLFKDVSHUVSHFWLYDVLGHDOLVWDV\UHDOLVWDVODSHUV
SHFWLYDUHIOH[LYDUHVXOWDDGHFXDGDPHQWHH[LJHQWH\DTXHREOLJDDORVVX
MHWRV D VHJXLUVLHPSUH HO LGHDOUHJXODWLYR WHQLGRSRU QRUWH QRUPDWLYR
DXQTXHDGPLWHFLHUWDV\SUHFLVDVFDXVDOHVGHH[FXOSDELOLGDG\RDWHQXD
FLyQPRULJHUDPLHQWR\RMXVWLILFDFLyQVL\VRORVLODVFLUFXQVWDQFLDVQR
LGHDOHVKRGHULDQDVLPSLGHQVXFRPSOHWR\HVWULFWRFXPSOLPLHQWRORTXH
PHQWD²HQWRQFHV²DODGHVHDELOLGDGFRPRXQIDFWRUSDUFLDOPHQWH GH
SHQGLHQWHGHODIDFWLELOLGDG\DODIDFWLELOLGDGFRPRXQUHTXLVLWRFRPSOH
WDPHQWHGHSHQGLHQWHGHODGHVHDELOLGDG(QRWURVWpUPLQRVHVWDWHUFHUD
SHUVSHFWLYDGHWLSRUHIOH[LYDSHUPLWHGLIHUHQFLDUDGHFXDGDPHQWHXQSOD
QRSROtWLFRQRUPDWLYRGHVHJXQGRRUGHQGRQGHKDELWDQLGHDOHVUHJXODWL
YRV\XQSODQRQRUPDWLYRGHSULPHURUGHQGRQGHULJHQORVLGHDOHVDEVR
OXWRVFRQODVLPSOLFDQFLDVTXHGLFKDGLIHUHQFLDFLyQFRQOOHYD
$QXHVWUDFRQVLGHUDFLyQODSHUVSHFWLYDUHIOH[LYDDTXtGHIHQGLGDSHUPLWH
UHFRQVWUXLUGHRWUDPDQHUDODGHILQLFLyQGHOWpUPLQRLGHDOUHJXODWLYRDO
GLIHUHQFLDUORGHDTXHOORVLGHDOHVTXHSRGUtDQGHQRPLQDUVHDEVROXWRV
3RUXQODGRORVLGHDOHVDEVROXWRVVHUtDQDTXHOORVLGHDOHVTXHSXHGHQVHU
FXPSOLGRVSRUHOWRGRRODQDGDTXHQRDGPLWHQVXFXPSOLPLHQWRSDUFLDO
\TXH²SRUORWDQWR²GHPDUFDQ]RQDVGHODPRUDOLGDGLQH[SXJQDEOHVHQ
ODVFXDOHVXQFXPSOLPLHQWRLQDFDEDGRSDUFLDOHLPSHUIHFWRQRHVELHQYH
QLGR/RVLGHDOHVDEVROXWRVVRQDTXHOORVHQORVTXHHOYDORU~OWLPRKDFLD
HOFXDOQRVJXtDQHVGHWLSRGHRQWROyJLFR/RVYDORUHVRHVWiQGDUHVGHRQ
WROyJLFRVVRQDTXHOORVTXHVHFXPSOHQRQRVHFXPSOHQTXHSRVHHQYDORU
LQWUtQVHFRHVGHFLUVXSHUVHFXFLyQHVYDOLRVDHQVtPLVPD\²SRUORWDQ
WR²QRHVWiQVXMHWRVDXQDOyJLFDLQVWUXPHQWDOGHLQWHUDFFLyQFRQRWURV
LGHDOHV$TXtSRGUtDQFRORFDUVHSRUHMHPSORDORVYDORUHVGHUHVSHWR
YLGDGLJQLGDGHWF
678',$32/,7,&  LQYLHUQR 

/RVLGHDOHVDEVROXWRVFRQVWLWX\HQLGHDOHVPRUDOHVTXHQRDGPLWHQVHU
FXPSOLGRVSDUFLDOPHQWHHVGHFLUVRQLGHDOHVGRQGHODIRUPXODNDQWLDQD
³GHEHLPSOLFDSXHGH´VLJQLILFDTXHWDQWRHQHOSODQRLGHDOFRPRHQHOQR
LGHDOODREOLJDFLyQGHFXPSOLUHOLGHDOVHFRUUHVSRQGHQHFHVDULDPHQWH
FRQHOKHFKRGHTXHVHORFXPSOD\DTXHQRH[LVWHODSRVLELOLGDGOyJLFDR
FRQFHSWXDOGHTXHVHORVFXPSODGHPDQHUDSDUFLDO(QRWUDVSDODEUDVQR
H[LVWHQFLUFXQVWDQFLDVRUGLQDULDVQLH[WUDRUGLQDULDVTXHSXHGDQRILFLDUGH
FDXVDOHVGHDWHQXDFLyQMXVWLILFDFLyQRPRULJHUDPLHQWRGHOLQFXPSOLPLHQ
WRGHOLGHDOHQFXHVWLyQ/RVLGHDOHVDEVROXWRVVHFXPSOHQSRUHOWRGRRVH
LQFXPSOHQ
3RURWURODGRORVLGHDOHVUHJXODWLYRVVHUtDQDTXHOORVLGHDOHVTXHSXHGHQ
VHU FXPSOLGRVSRU SDUWHVTXHDGPLWHQ VXFXPSOLPLHQWR SDUFLDO\ TXH
²SRUORWDQWR²GHPDUFDQ]RQDVGHODPRUDOLGDGGRQGHVHUHTXLHUHLQ
IRUPDFLyQDGLFLRQDOSURYHQLHQWHGHOPXQGRUHDO/RVLGHDOHVUHJXODWLYRV
VRQDTXHOORVFX\RYDORU~OWLPRKDFLDHOFXDOQRVJXtDQHVGHWLSRFRQVH
FXHQFLDOLVWD /RVYDORUHVRHVWiQGDUHV FRQVHFXHQFLDOLVWDVVRQ DTXHOORV
TXHDGPLWHQVHUFXPSOLGRVJUDGDWLYDPHQWHTXHSRVHHQYDORULQVWUXPHQ
WDOHVGHFLUVXSHUVHFXFLyQHVYDOLRVDHQWDQWRLQVWUXPHQWRPHGLRRFD
PLQRSDUDDFHUFDUQRVDOFXPSOLPLHQWR GHXQILQ~OWLPR\²SRUORWDQ
WR² HVWiQ VXMHWRV D XQD OyJLFD LQVWUXPHQWDO GH LQWHUDFFLyQ FRQ RWURV
LGHDOHV$TXtSRGUtDQFRORFDUVH²SRUHMHPSOR²DORVYDORUHVGH LJXDO
GDGSROtWLFDOLEHUWDGSROtWLFD\UHFLSURFLGDGSROtWLFDHWF
/RVLGHDOHVUHJXODWLYRVFRQVWLWX\HQLGHDOHVPRUDOHVTXHDGPLWHQVHUFXP
SOLGRVSDUFLDOPHQWHHVGHFLUVRQLGHDOHVHQORVTXHODIyUPXODNDQWLDQD
³GHEHLPSOLFDSXHGH´VLJQLILFDTXHWDQWR²VRORHQHOSODQRLGHDO²OD
REOLJDFLyQGHFXPSOLUFRQHOLGHDOVHFRUUHVSRQGHQHFHVDULDPHQWHFRQHO
KHFKRGHTXHVHORFXPSOD\DTXHQRH[LVWHODSRVLELOLGDGOyJLFDRFRQ
FHSWXDOGHTXHVHORVFXPSODGHPDQHUDSDUFLDOHQGLFKRSODQR(QRWUDV
SDODEUDVHQHOSODQRQRUPDWLYRQRLGHDOVHDGPLWHQFLUFXQVWDQFLDVRUGL
QDULDVRH[WUDRUGLQDULDVTXHSXHGHQRILFLDUGHFDXVDOHVGHDWHQXDFLyQ
MXVWLILFDFLyQRPRULJHUDPLHQWRGHOLQFXPSOLPLHQWRGHOLGHDOHQFXHVWLyQ
/RVLGHDOHVUHJXODWLYRVVHFXPSOHQHQPiVRHQPHQRV
&RPRSXHGHDSUHFLDUVHHVWDVHJXQGDPDQHUDGHHQWHQGHURGHILQLUDORV
LGHDOHVUHJXODWLYRVFRQOOHYDGRVFRQVHFXHQFLDVUHOHYDQWHV(QSULPHUOX
JDULPSOLFDDVXPLUXQDWHVLVPiVKXPLOGHPHQRVH[LJHQWHPHQRVDPEL
FLRVDTXHODDVXPLGDSRU15HVFKHU\-/0DUWt\PiVFHUFDQDDODGH
IHQGLGDSRU&61LQR\DTXHQRWRGRVORVLGHDOHVPRUDOHVSRGUtDQVHU
FDOLILFDGRVGHUHJXODWLYRVVLQRVRORDOJXQRVGHHOORVHVSHFLDOPHQWHORV
LGHDOHVSROtWLFRVTXHGDDIXHUDGHHVWDFDWHJRUtDDTXHOORVLGHDOHVTXHVRQ
 1,&2/È6(0$18(/2/,9$5(6 

GHWLSRGHRQWROyJLFR\VXVRODSHUVHFXFLyQLPSOLFDFXPSOLURLQFXPSOLU
FRQXQYDORUPRUDOFRPSUHKHQVLYR(QVHJXQGROXJDUFRQOOHYDXQDUHV
SXHVWDFRPSOHMDRGXDODQWHODLQFyJQLWDSRUFyPRGHEHLQWHUSUHWDUVHOD
FOiXVXODNDQWLDQD³GHEHLPSOLFDSXHGH´3RUXQODGRHQHOFDVRGHORV
LGHDOHVDEVROXWRVHO³GHEHLPSOLFDSXHGH´VLJQLILFDTXHWDQWRHQFRQGL
FLRQHVLGHDOHVRQRLGHDOHVHOLGHDOVHFXPSOHRVHLQFXPSOHSRUHOWRGRR
ODQDGD3RURWURODGRHQHOFDVRGHORVLGHDOHVUHJXODWLYRVHO³GHEHLP
SOLFDSXHGH´VLJQLILFDTXHVRORHQFRQGLFLRQHVLGHDOHVHOLGHDOVHFXPSOH
RVHLQFXPSOHSRUHOWRGRRODQDGDPLHQWUDVTXHHQHOSODQRQRUPDWLYR
QRLGHDOVHDGPLWHHOFXPSOLPLHQWRSDUFLDO\QRHV²SRUWDQWR²DSOLFD
EOHODIyUPXOD³GHEHLPSOLFDSXHGH´
(QFXDQWRDOVHJXQGRDUJXPHQWRDWLQHQWHDODGHIHQVDGHXQDSHUVSHFWLYD
PHWDpWLFDFRQVWUXFWLYLVWDPRGHUDGDFDEHVHxDODUTXHHQSULPHUOXJDUFR
QHFWDPRVODFRQFHSFLyQSROtWLFDLGHDOLVWDFRQXQDFRQFHSFLyQPHWDpWLFD
FRQVWUXFWLYLVWDPRQROyJLFDFRQIRUPHODFXDOORVFULWHULRVGHFRUUHFFLyQ\
HYDOXDFLyQVXUJHQGHXQVROLORTXLRKLSRWpWLFRGHPRGRTXHQREULQGDXQD
GHVFULSFLyQDGHFXDGDGHOSURFHVRSROtWLFRGHGHOLEHUDFLyQ\GHFLVLyQDVt
FRPRLPSRQHFULWHULRVQRUPDWLYRVVREUHH[LJHQWHVSDUDHVFHQDULRVQRWRULD
PHQWHGHILFLWDULRVHQHOSODQRPRUDO
(QVHJXQGROXJDUWUD]DPRVXQD QRWRULDFRQH[LyQGH VHQWLGRHQWUHXQD
FRQFHSFLyQSROtWLFDUHDOLVWD\XQDFRQFHSFLyQPHWDpWLFDFRQVWUXFWLYLVWD
UDGLFDODWHQWRVRVWLHQHQTXHORVFULWHULRVGHFRUUHFFLyQ\HYDOXDFLyQDVt
FRPRODVSUHIHUHQFLDVHLQWHUHVHVSROtWLFRVGHORVFLXGDGDQRVVHFRQVWLWX
\HQGHIRUPDFRPSOHWDPHQWHGHSHQGLHQWHGHOSURFHVRGHOLEHUDWLYRUHDO
GH GLVFXVLyQ :DWNLQV \ )LW]SDWULFN   GH PDQHUD TXH
DSRUWDKHUUDPLHQWDVLQVXILFLHQWHVSDUDWRUFHUHOVHQGHURGHOD GHSHQGHQ
FLDSDWKGHSHQGHQF\\DILMDGRHQFDGDVRFLHGDG SROtWLFDD ODSDUTXH
KDFHGHSHQGHUVXVFULWHULRVHYDOXDWLYRVFRPSOHWDPHQWHGHODFXOWXUDSROt
WLFDYLJHQWH
(QWHUFHUOXJDUKHPRVSUHVHQWDGR\MXVWLILFDGRODDGRSFLyQGHXQDFRQ
FHSFLyQSROtWLFDUHIOH[LYDGHVDUUROODGDVREUHXQDSHUVSHFWLYDPHWDpWLFD
FRQVWUXFWLYLVWDPRGHUDGDEDMRXQDMXVWLILFDFLyQGHOLEHUDWLYDUHSXEOLFDQD
FRQIRUPHODFXDOORVFULWHULRVQRUPDWLYRVGHHYDOXDFLyQVRQSDUFLDOPHQWH
GHSHQGLHQWHVGHODGHOLEHUDFLyQ\GHFLVLyQFLXGDGDQDUHDO\SDUFLDOPHQWH
GHSHQGLHQWHVGHORVSULQFLSLRVGHULYDGRVGHOLGHDOUHJXODWLYRTXHVHWLHQH
SRUKRUL]RQWHQRUPDWLYRGHVHQWLGR2OLYDUHV(VWDWHUFH
UDSHUVSHFWLYDGHPXHVWUDXQDDGHFXDGD\SURSRUFLRQDGDVHQVLELOLGDGDODV
FRQGLFLRQHVSROtWLFDVUHDOHVDODSDUTXHQRUHQXQFLDDVHJXLUXQLGHDO
QRUPDWLYRH[LJHQWHDXQTXHDFHSWDGRH[SOtFLWDRLPSOtFLWDPHQWH SRUORV
678',$32/,7,&  LQYLHUQR 

FLXGDGDQRVDIHFWDGRVSRUODQRUPDLQVWLWXFLyQRPHGLGDFRQFUHWDPHQWH
VXMHWDDGLVFXVLyQ
(Q UHODFLyQDO WHUFHUDUJXPHQWRGH WLSRFRQFHSWXDOFDEHVHxDODU TXH
ODSHUVSHFWLYDUHIOH[LYDGHODWHRUtDSROtWLFDDVXPLGDSHUPLWHGHVOLQGDU
GH XQD IRUPD SUHFLVD \ UD]RQDEOH OD IXQFLyQ HVSHFtILFD TXH FXPSOH
FDGDID]QRUPDWLYDGHORVLGHDOHV SROtWLFRV$OUHVSHFWRFDEH LQWHUUR
JDUVH¢FXiOHVVRQODVIXQFLRQHVTXHFDGDSHUVSHFWLYDDWULEX\HDODWHR
UtD QRUPDWLYDLGHDO \QRLGHDO"(QHVWHVHQWLGRODVSHUVSHFWLYDVLGHD
OLVWD\UHDOLVWDDVXPHQSRVWXUDVDQWDJyQLFDVH[WUHPDV\GHIRUPDQ²HQ
JUDQPHGLGD²HOURO RIXQFLyQ WpFQLFDTXH GHEHGHVHPSHxDUFDGD ID]
QRUPDWLYDLGHDO\QRLGHDOHQHOPDUFRGHODWHRUtDSROtWLFDQRUPDWLYD
PiVJHQHUDO3RUXQODGRODSHUVSHFWLYDLGHDOLVWDDQXODFRPSOHWDPHQWH
ROLPLWDQRWRULDPHQWHHOFDPSRGHDFFLyQGHODID]QRUPDWLYDQRLGHDO
PLHQWUDVTXHSRUHORWUR ODSHUVSHFWLYDUHDOLVWDHIHFW~DHOSURFHVRLQ
YHUVR TXHDQXOD ROLPLWDHO IXQFLRQDPLHQWRGHOD ID]QRUPDWLYDLGHDO
/DWHUFHUDSHUVSHFWLYDGHWLSRUHIOH[LYDGHILQHFRQSUHFLVLyQHOUROGH
FDGDXQDGHODVQHFHVDULDV\VXILFLHQWHVIDFHWDVGHODPRUDOLGDGSROtWL
FD \HQWLHQGH TXHODV WHRUtDV SROtWLFDVQRUPDWLYDV VRQHQWLGDGHV FRP
SOHMDVRELIiVLFDV\QRHQWLGDGHVPRQROtWLFDVXQLWDULDVRVLPSOHV7HV
VPDQ
(QDERQRGHQXHVWUDSRVWXUD&61LQRVHxDODTXHGHVGHXQDSHUVSHF
WLYDQRUPDWLYDUHIOH[LYDODUDFLRQDOLGDGSROtWLFDGHEHVHUWHQLGDSRULQ
WHUVXEMHWLYD\DTXHSDUDJXLDUDGHFXDGD\HILFD]PHQWHODSUiFWLFDSROtWL
FD \ MXUtGLFD VH UHTXLHUH GH XQD UDFLRQDOLGDG FDSD] GH HQFDXVDU
FRQGXFWDVLQGLYLGXDOHVHQPDUFDGDV HQXQD SUiFWLFDKLVWyULFD FROHFWLYD
1LQR>@'HVGHGLFKDSHUVSHFWLYDQRUPDWLYDUHIOH[LYD
ODSROtWLFDFXPSOHGRVIXQFLRQHVSULPRUGLDOHVDFRQVLGHUDFLyQ GH&6
1LQRSRUXQODGRSHUPLWHVXSHUDUFRQIOLFWRV\²SRUHORWUR²IDFLOLWDOD
FRRSHUDFLyQ1LQR>@(VWRGHPXHVWUDTXHORVDUJXPHQ
WRVRIUHFLGRVHQGHIHQVDGHXQDSHUVSHFWLYDGHOLEHUDWLYDUHSXEOLFDQDFtYL
FDQRVRQVRORPRUDOHVVLQRWDPELpQSUDJPiWLFRVGDGRTXHUHVXOWDIXQ
GDPHQWDOSDUD ODHVWDELOLGDG \HILFDFLDGHOVLVWHPDSROtWLFRFRQWDUFRQ
DFFLRQHVSURFOLYHVDUHVROYHUFRQIOLFWRV\JHQHUDULQWHUDFFLRQHVFRRSHUD
WLYDVORFXDOQRSRGUtDKDFHUVHGHVGHXQDSHUVSHFWLYDUHDOLVWDRLGHDOLVWD
/DSHUVSHFWLYDUHDOLVWDHQHVSHFLDOODFHQWUDGDHQHODXWRLQWHUpVRHQXQ
HQIRTXH DJUHJDWLYRGHODVYROXQWDGHV LQGLYLGXDOHVHQFRQGLFLRQHVQRU
PDWLYDVQRLGHDOHVFRPRODVYLJHQWHVSURPXHYHXQJHQXLQRSURFHVRGH
DXWRIUXVWUDFLyQ GH ORV LQWHUHVHV SHUVHJXLGRV /D SHUVSHFWLYD LGHDOLVWD
YXHOYHLUUHDOL]DEOHVORVPLVPRVLGHDOHVSHUVHJXLGRVGDGRTXHQRLQFRUSR
 1,&2/È6(0$18(/2/,9$5(6 

UDHQVXFRQVLGHUDFLyQORVLPSHGLPHQWRVTXHODSUiFWLFDSROtWLFDRIUHFH
SDUDVXFRQVHFXFLyQ1LQR>@
)LQDOPHQWHHQUHODFLyQDOFXDUWRDUJXPHQWRSXHGHDILUPDUVHTXHODSHUV
SHFWLYDGHILQLGDFRPRUHIOH[LYDSHUPLWHVDWLVIDFHUXQUHTXLVLWRIXQGDPHQ
WDOGHULYDGRGHXQDDGHFXDGDLQWHOHFFLyQGHODLGHDGHUD]yQSUiFWLFDD
VDEHUHOGHUHIOH[LYLGDGQRUPDWLYD'HHVWHPRGRFRUUHVSRQGHSUHJXQWDU
VH¢TXpGHEHHQWHQGHUVHDTXtSRUUHIOH[LYLGDGQRUPDWLYD"¢FXiOHVHO
FRQWHQLGR\DOFDQFHGHHVWHWpUPLQR"
(QFXDQWRDOFRQWHQLGRGHOWpUPLQRUHIOH[LYLGDGQRUPDWLYDHQWHQGHPRVOD
SRVLELOLGDGGHUHVLJQLILFDFLyQ\GHUURWDELOLGDGGHORVLGHDOHVSROtWLFRV/DV
SUHJXQWDVHPHUJHQWHVDTXtVHUtDQ²DOPHQRV²GHGRVWLSRVD¢VRQORV
LGHDOHVPRUDOHVGHUURWDEOHV"\E¢VRQORVLGHDOHVUHIRUPXODEOHV"
(QFXDQWRDODGHUURWDELOLGDG5HVFKHU&DUDFFLROR\
UHIRUPXODFLyQ R UHIOH[LYLGDG GH ORV LGHDOHV PRUDOHV )RUVW  GLV
WLQJXLUHPRV GRV DGMHWLYRV FDOLILFDWLYRV TXH FRQVLGHUDPRV DSOLFDEOHV D
GLFKDV HQWLGDGHV\VRQORV GH GHUURWDEOH \UHIRUPXODEOH3RUXQODGRVL
QRV DFRJHPRV D OD GLVWLQFLyQ HQWUH LGHDOHV PRUDOHVDEVROXWRV H LGHDOHV
PRUDOHV UHJXODWLYRV SRGUtDPRVDUURMDU DOJR GH OX] VREUH HVWD GLVFXVLyQ
FRQH[D3RU XQ ODGRORV LGHDOHV DEVROXWRVSRGUtDQ VHU HQWHQGLGRVFRPR
FULWHULRV PRUDOHV QRGHUURWDEOHV \ QR UHIRUPXODEOHV 1R GHUURWDEOHV HQ
HO VHQWLGR GHTXH QR H[LVWH RWUR LGHDO ²RSULQFLSLRV GH pO GHULYDGRV²
TXHWHQJDODSRWHVWDGGHLPSRQHUVHHQVXOXJDUQLWDPSRFRSXHGHFHGHU
ODDSOLFDFLyQGHOLGHDODQWHFLUFXQVWDQFLDVQRLGHDOHVSDUWLFXODUHV1RUH
IRUPXODEOHV HQ HO VHQWLGR GH TXH OD H[LJHQFLD JHQpULFDR HVSHFtILFD OD
PDQGD R GLFWDPHQPRUDO TXH HPDQD GHO LGHDO DEVROXWR QR VH PRGLILFD
QLDFWXDOL]DHQVXDSOLFDFLyQLPSOHPHQWDFLyQRLQWHUDFFLyQFRQHOPXQ
GRUHDO
3RURWURODGRORVLGHDOHVUHJXODWLYRVSRGUtDQVHUHQWHQGLGRVFRPRFULWH
ULRVPRUDOHVGHUURWDEOHV\UHIRUPXODEOHV'HUURWDEOHVHQHOVHQWLGRGHTXH
VLSXHGHRSRGUtDH[LVWLURWURLGHDORFRQMXQWRGHSULQFLSLRVTXHWHQJDOD
SRWHVWDGGHLPSRQHUVHHQVXOXJDUGDGRTXHODDSOLFDFLyQGHOLGHDOUHJX
ODWLYRSXHGHFHGHUDQWHFLUFXQVWDQFLDVQRLGHDOHVSDUWLFXODUHVTXHYXHO
YDQLQGHVHDEOHVXFRQFUHFLyQ$OUHVSHFWRORVLGHDOHVUHJXODWLYRVVHUtDQ
GHVDILDEOHVHVQHFHVDULREULQGDUUD]RQHVGHSHVRTXHMXVWLILTXHODDGRS
FLyQHQXQFRQWH[WRHVSHFtILFRGHHVWHLGHDORGHVXVSULQFLSLRVHQGHWUL
PHQWRGHRWURXRWURV&DEHVHxDODUTXHORVRVWHQLGRDTXtHVFRKHUHQWH\
FRQVLVWHQWHFRQORVRVWHQLGRSRU15HVFKHU\-/0DUWtVREUHHO
YDORULQVWUXPHQWDOGHORVLGHDOHVQRUPDWLYRV\VXVLPSOLFDQFLDVHQFDVRV
678',$32/,7,&  LQYLHUQR 

H[WUHPRV5HIRUPXODEOHVHQHOVHQWLGRGHTXHODH[LJHQFLDHVSHFtILFDOD
PDQGDRGLFWDPHQPRUDOTXHHPDQDGHOLGHDOUHJXODWLYRVHPRGLILFD\DF
WXDOL]DHQVXDSOLFDFLyQLPSOHPHQWDFLyQRLQWHUDFFLyQFRQODVFRQGLFLR
QHVQRUPDWLYDVQRLGHDOHVHVSHFtILFDVGHODVRFLHGDGFRQFUHWDGRQGHVH
GHVHDDSOLFDU(QHVWHVHQWLGRORVLGHDOHVUHJXODWLYRVVRQDXWRUUHJXODEOHV
DWHQWRHVWiQHOORVPLVPRVVXMHWRVDDMXVWH\DFWXDOL]DFLyQHQIXQFLyQGH
ORVDYDQFHVRUHWURFHVRVTXHJHQHUDVXSXHVWDHQIXQFLRQDPLHQWRHQHO
PXQGRUHDO(QHVWHDVSHFWRSXHGHWUDHUVHDFRODFLyQODGLVWLQFLyQH[SOL
FLWDGDSRU15HVFKHUHQWUHGHEHUHVPRUDOHV\PDQGDWRVPRUDOHV/RVGH
EHUHVPRUDOHVSHUPDQHFHUiQLQDOWHUDGRVSHURORVPDQGDWRVPRUDOHVGH
EHQDMXVWDUVHRDGDSWDUVHDODVFLUFXQVWDQFLDVGHOFDVR5HVFKHU
0DUWt
(QFXDQWRDODOFDQFHGHOWpUPLQRUHIOH[LYLGDGFDEHVHxDODUTXHODUHIOH[L
YLGDGQRUPDWLYDSXHGHSUHGLFDUVHWDQWRGHVGHHOSODQRPHWDpWLFRFRPR
GHOpWLFRQRUPDWLYR(QHOSODQRPHWDpWLFRODUHIOH[LYLGDGVHUHILHUHDOD
UHODFLyQGLDOyJLFDTXHPHGLDHQWUHODVQRFLRQHVGHWHRUtD\SUD[LVHVGH
FLUHQWUHWHRUtDLGHDO\WHRUtDQRLGHDO(QHOSODQRpWLFRQRUPDWLYRODUH
IOH[LYLGDGVXSRQHFLHUWDVFDUDFWHUtVWLFDVHQGLOJDEOHVGHOFRQFHSWRGHOHJL
WLPLGDGGHPRFUiWLFD
(QHOSODQRPHWDpWLFRFDEHIRUPXODUWUHVSUHFLVLRQHV3RUXQODGROD
SHUVSHFWLYDLGHDOLVWDDWHQWDFRQWUDODUHIOH[LYLGDGGHORVLGHDOHVSROtWLFRV
GDGRTXHLPSRQHXQPROGHVREUHODUHDOLGDG\FRQVLGHUDLQQHFHVDULRUH
VLJQLILFDUORVLGHDOHVSROtWLFRVHQIXQFLyQGHODVYDULDFLRQHV\SDUWLFXODUL
GDGHVH[LVWHQWHVHQODVFRQGLFLRQHVQRUPDWLYDVQRLGHDOHV3RURWURODGR
ODSHUVSHFWLYDUHDOLVWDWDPELpQDWHQWDFRQWUDODUHIOH[LYLGDGGHORVLGHDOHV
SROtWLFRVDWHQWRDILUPDODSRVWXUDLQYHUVDHVGHFLUVHxDODTXHORVLGHDOHV
SROtWLFRVGHEHQVRPHWHUVHFRPSOHWDPHQWHDODVYDULDFLRQHV\SDUWLFXODUL
GDGHVH[LVWHQWHVHQODVFRQGLFLRQHVQRUPDWLYDVQRLGHDOHV'HVGHODSHUV
SHFWLYDUHIOH[LYDODUHIOH[LYLGDGVHSURPXHYHDGHFXDGDPHQWHGDGDODUH
ODFLyQHTXLOLEUDGDH[LVWHQWHHQWUHORVUHTXLVLWRVQRUPDWLYRVLGHDOHV\ODV
YDULDFLRQHV\SDUWLFXODULGDGHVH[LVWHQWHVHQODVFRQGLFLRQHVQRUPDWLYDVQR
LGHDOHVORFXDOVHHYLGHQFLDHQODUHVLJQLILFDFLyQ\GHUURWDELOLGDGGHORV
LGHDOHVSROtWLFRVDVtFRPRGHODVLQVWLWXFLRQHVQRUPDV\PHGLGDVSROtWL
FDVFRQFUHWDV
(QHOSODQRpWLFRQRUPDWLYRODUHIOH[LYLGDGQRUPDWLYDVHSUR\HFWDVREUH
HOFRQFHSWRGHOHJLWLPLGDGSROtWLFD'HHVWHPRGRDORVILQHVGHGLVHxDU
XQDSDUDWRGHMXVWLILFDFLyQ\HYDOXDFLyQILORVyILFRVHQVLEOHDODVUHDOLGD
GHV SROtWLFDVFRQVLGHUDPRV QHFHVDULRQR VRORFRQVWUXLUQXHVWUD WHRUtD
QRUPDWLYD²DWHQGLHQGRDOJUDGRGHUHIOH[LYLGDGTXHH[LVWHHQWUHODVID
 1,&2/È6(0$18(/2/,9$5(6 

FHWDVLGHDO\QRLGHDO²VLQRTXHGLFKDUHIOH[LYLGDGGHEHWDPELpQJHQH
UDUXQSULQFLSLRGHOHJLWLPLGDGSROtWLFDDFRUGHTXHSHUPLWDHYDOXDUODUH
IOH[LYLGDGH[LVWHQWHHQWUH ODVFRQGLFLRQHVQRUPDWLYDVQR LGHDOHV \ ODV
QRUPDVLQVWLWXFLRQHV\PHGLGDVSROtWLFDVHIHFWLYDPHQWHGHOLEHUDGDV\GH
FLGLGDV
3RUXQODGRVRQGHVWDFDEOHVODVWHRUL]DFLRQHVHIHFWXDGDVSRU35RVDQYD
OOyQUHODWLYDVDIXQGDUXQDFRQFHSFLyQUHIOH[LYDGHODOHJLWLPLGDGSROtWL
FDODFXDOUHSRVDVREUHWUHVFDUDFWHUHVDODYROXQWDGSROtWLFDHVSHQVDGD
GHIRUPDSOXUDOHQHOVHQWLGRGHDVXPLUTXHODVSUHIHUHQFLDVSROtWLFDVVRQ
FRPSOHMDVQRKRPRJpQHDVVRQFRQVWUXLGDVGXUDQWHHOGHEDWH\QRSUH
FRQFHELGDVDOPLVPREODQRFLyQGHSXHEORHVPXOWtYRFD\QRXQtYRFD
HQWDQWRUHILHUH²DOPHQRV²DWUHVDFHSFLRQHVFRPSOHPHQWDULDVSXHEOR
HOHFWRUDOSXHEORVRFLDO\SXHEORSULQFLSLR\FODWHPSRUDOLGDGSROtWLFDQR
VHFODXVXUDHQHOPRPHQWRHOHFFLRQDULRVLQRTXHLQFOX\H²SULQFLSDOPHQ
WH²HOPRPHQWRGHOLEHUDWLYRHQWUHUHSUHVHQWDQWHV\FLXGDGDQRV5RVDQ
YDOORQ
3RURWURODGR&61LQRHQHOPDUFRGHVXWHRUtDQRUPDWLYDUHIOH[LYDSR
OtWLFDVHxDODTXHODUDFLRQDOLGDGQRUPDWLYDQRLGHDOVHMXVWLILFDHQODPX
WXDGHSHQGHQFLDHQWUHFLXGDGDQRVTXHLPSRQHODSROtWLFD(QHVWHVHQWLGR
DILUPDTXHODUDFLRQDOLGDGSROtWLFDHV²SRUGHILQLFLyQ²QRLGHDOGHELGR
DTXHHODSRUWHGHFDGDLQGLYLGXRIRUPDSDUWHGHXQWUDEDMRFROHFWLYRVR
EUHFX\RSURGXFWRILQDOQRSRVHHFRQWUROWRWDO'HHVWHPRGR³HVWHWLSR
GHUDFLRQDOLGDGOLPLWDGDSRUHOHFFLRQHVKHFKDVSRURWURVHQXQWUDEDMR
FROHFWLYRSXHGHVHUOODPDGD©VHJXQGRPHMRUªSRUTXHHOODDFDUUHD²D
PHQXGR²XQDEDQGRQRSURJUHVLYRGHOPRGHORLGHDOFRQHOGHVHRGHPH
MRUDUODDFFLyQFROHFWLYDRHOWUDEDMRFRPRXQWRGR´1LQR 
1LQR>@
$WHQGLHQGRDODSDUWLFXODUVHQVLELOLGDGTXHSRVHHVXPRGHORSROtWLFRUH
IOH[LYRSDUDFRQODVSDUWLFXODUHVFRQGLFLRQHVQRUPDWLYDVQRLGHDOHVYLJHQ
WHVHVTXH&61LQRHQXQFLDXQLQWHUHVDQWHDUJXPHQWRSUDJPiWLFRRFRQ
VHFXHQFLDOLVWDFRQIRUPHHOFXDOODDGRSFLyQGHGLFKRPRGHORSURPRYHUtD
PiV\PHMRUHVFRQGLFLRQHVSDUDTXHORVLQGLYLGXRVVHDQDXWyQRPRV\OL
EUHV'HHVWHPRGRGHVGHXQDSHUVSHFWLYDJOREDORVLVWpPLFDODFRQVHU
YDFLyQGHFLHUWRVUDVJRVGHODSUD[LVSROtWLFDSRVHHXQYDORULQVWUXPHQWDO
GDGDVXSURPRFLyQGHFXUVRVPRUDOHVGHDFFLyQPiVFHUFDQRVDOFXPSOL
PLHQWRGHOLGHDOUHJXODWLYRSUHILMDGR(QRWUDVSDODEUDVHQFLHUWDVFRQGL
FLRQHVQRUPDWLYDVQRLGHDOHVWDOHVFRPRDQRPtDFRUUXSFLyQGHFLVLRQLV
PR\GRPLQDFLyQSROtWLFDODSHUVHFXFLyQGLUHFWDGHXQGHWHUPLQDGRLGHDO
UHJXODWLYRSROtWLFRRIUHFHUtDUHVXOWDGRVPHQRVVDWLVIDFWRULRVRFRQWUDGLFWR
678',$32/,7,&  LQYLHUQR 

ULRVFRQHOFXPSOLPLHQWRDFDEDGRGHDTXHOLGHDOUHJXODWLYRTXHVLVHRS
WDVHSRUFXUVRVPRUDOHVGHDFFLyQLQGLYLGXDOPHQWHPHQRVYDOLRVRVSHUR
JOREDOPHQWHPHMRURULHQWDGRVDOFXPSOLPLHQWRGHDTXHOHVWiQGDUSROtWLFR
1LQR
&RPRSRGUiDSUHFLDUVHQXHVWURVFXDWURDUJXPHQWRVSRVLWLYRVFRLQFLGHQ
FRQFXDWURFDUDFWHUHVJUDGXDOLVPRFRQVWUXFWLYLVPRPRGHUDGRIXQFLRQD
OLGDG\UHIOH[LYLGDGTXHDQXHVWUDFRQVLGHUDFLyQGHVGHXQDSHUVSHFWLYD
UHIOH[LYDGHELHUDWHQHUODFRQVWUXFFLyQ\DSOLFDFLyQGHODGLVWLQFLyQHQWUH
WHRUtDQRUPDWLYDLGHDO\QRLGHDO

&RQFOXVLyQ

(QHVWHDUWtFXORGHLQYHVWLJDFLyQFLHQWtILFDKHPRVUHFRQVWUXLGR\HYDOXD
GRWUHVSHUVSHFWLYDVGLVtPLOHVDFHUFDGHFyPRGHEHHQWHQGHUVHODGLVWLQ
FLyQWHRUtDLGHDOQRLGHDO\KDFHPRVIRFR²SULQFLSDOPHQWH²HQVXVLP
SOLFDQFLDV SROtWLFDV D OD SDU GH TXH KHPRV EULQGDGR DUJXPHQWRV HQ
GHIHQVDGHXQDGHHVWDVSHUVSHFWLYDVDODFXDOGHQRPLQDPRVUHIOH[LYD
(OFULWHULRFODVLILFDWRULRHPSOHDGRSDUDGLIHUHQFLDUODVSRVWXUDVKDVLGRHO
TXHGLVWLQJXHHQWUHGLYHUVRVWLSRVGHSULRULGDGWHPSRUDOFRQFHSWXDOOy
JLFDSUHGLFDEOHVGHXQDWHRUtDVREUHRWUD(QHVWHPDUFRSULPHUDPHQWH
UHFRQVWUXLPRVWUHVSHUVSHFWLYDVGLVtPLOHVDLGHDOLVWDVTXHRWRUJDQSULR
ULGDGWHPSRUDOOyJLFD\FRQFHSWXDODODWHRUtDLGHDOSRUVREUHODWHRUtDQR
LGHDO ODVFXDOHV KHPRV UHSUHVHQWDGR PHGLDQWH ODVWHRUL]DFLRQHV GH -
5DZOV$-6LPPRQV$+DPOLQ\=6WHPSORZVNDEUHDOLVWDVTXHGH
ILHQGHQODSULRULGDGWHPSRUDOOyJLFD\FRQFHSWXDOGHODWHRUtDQRLGHDOVR
EUHODWHRUtDLGHDOH[SOLFLWDGDVHQODVWHRUL]DFLRQHVGH06OHDW\(5RVVL
\FUHIOH[LYDVODVFXDOHVRWRUJDQSULRULGDGOyJLFD\QRUPDWLYDDOSODQR
LGHDODODYH]TXHGDQSULRULGDGWHPSRUDODOSODQRQRLGHDOVLHQGRDTXt
VRQGHIHQGLGDVSRUILOyVRIRVGHODWDOODGH5)RUVW&)DUUHOO\/7HVV
PDQ&:0LOOV\&61LQR
)LQDOPHQWHSURFHGLPRVDHYDOXDUGLFKDVSHUVSHFWLYDVIRUPXODPRVVHQ
GDVREMHFLRQHVHVSHFtILFDV\JHQHUDOHVDODVSHUVSHFWLYDVLGHDOLVWDV\UHD
OLVWDV\HQIDWL]DPRVQRWDEOHVDWUDFWLYRVSRUSDUWHGHXQDSDUWLFXODUSHUV
SHFWLYD UHIOH[LYD VXVWHQWDGD HQ EDVHV PHWDpWLFDV FRQVWUXFWLYLVWDV
PRGHUDGDV\pWLFDVQRUPDWLYDVGHOLEHUDWLYDV\UHSXEOLFDQDV(QHVWHSUR
FHVRLQWHOHFWLYRKHPRVSURFXUDGRUHVFDWDUORPHMRUGHODVSHUVSHFWLYDV
LGHDOLVWDV\UHDOLVWDVFULWLFDGDVDVtFRPRGHODVYHUVLRQHVUHIOH[LYDVUH
FRQVWUXLGDV
 1,&2/È6(0$18(/2/,9$5(6 

%LEOLRJUDItD

&$5$&&,2/25³8QDGLVFXVLyQVREUHQRUPDVGHUURWDEOHV´HQ'LVFXVLRQHV>RQ

OLQH@1ƒSS
²²²³1RUPDVGHUURWDEOHV/D&RQFHSFLyQGH&DUORV$OFKRXUUyQ´(Q$QiOL
VLV)LORVyILFR9RO;;9,1žSS
':25.,15/DZV¶V(PSLUH&DPEULGJH+DUYDUG83
)$55(//<&³-XVWLFHLQLGHDOWKHRU\$UHIXWDWLRQ´(Q3ROLWLFDO6WXGLHV
SS
)25675-XVWLILFDFLyQ\&UtWLFD3HUVSHFWLYDVGHXQDWHRUtDFUtWLFDGHODSROtWL
FD%XHQRV$LUHV.DW]
*5(33,$/DGHPRFUDFLD\VXFRQWUDULR0DGULG7URWWD
²²²³&RQFHSFLRQHVHSLVWpPLFDV\FRQFHSFLRQHVGR[iVWLFDVGHODGHPRFUD
FLD(Q(XQRPtD1ƒSS
*870$11$\7+203621''HPRFUDF\DQG'LVDJUHHPHQW+DUYDUG+DU
YDUG83
²²²:K\GHOLEHUDWLYHGHPRFUDF\"3ULQFHWRQ3ULQFHWRQ83
+$%(50$6-%HWZHHQ)DFWVDQG1RUPV&RQWULEXWLRQVWRD'LVFRXUVH7KHRU\
RI/DZDQG'HPRFUDF\&DPEULGJH0,73UHVV
+$0/,1$\67(03/2:6.$=³7KHRU\LGHDOWKHRU\DQGWKHWKHRU\RILGHDOV´
(Q3ROLWLFDO6WXGLHV5HYLHZ9RO1ƒSS
+(1'5,; % $  ³¢:KHUH 6KRXOG :H ([SHFW 6RFLDO &KDQJH LQ 1RQ,GHDO
7KHRU\"´(Q3ROLWLFDO7KHRU\9RO1ƒSS
0$1,1%³2QOHJLWLPDF\DQGSROLWLFDOGHOLEHUDWLRQ´(Q3ROLWLFDOWKHRU\9RO
1ƒSS
0$57Ë-/³/DQR]LRQHGLLGHDOHUHJRODWLYLQRWHSUHOLPLQDULSHUXQDWHRULDGH
JOLLGHDOLUHJRODWLYLQHOGLULWWR´(Q5DJLRQSUDWLFD1žSS
²²²D/D5HS~EOLFD'HOLEHUDWLYD8QDWHRUtDGHODGHPRFUDFLD0DGULG
0DUFLDO3RQV
²²²E³7KH(SLVWHPLF&RQFHSWLRQRI'HOLEHUDWLYH'HPRFUDF\'HIHQGHG´(Q
%(66216\0$57Ë-/HGV'HOLEHUDWLYH'HPRFUDF\DQG,WV'LVFRQWHQWV1D
WLRQDODQG3RVW1DWLRQDO&KDOOHQJHV/RQGUHV$VKJDWHSS
²²²³5HSXEOLFDQLVPR\'HPRFUDFLD3ULQFLSLRVEiVLFRVGHXQD5HS~EOLFD
'HOLEHUDWLYD´(Q$5$1*25HG)LORVRItDGHOD'HPRFUDFLD)XQGDPHQWRV&RQ
FHSWXDOHV%RJRWi6LJORGHO+RPEUH(GLWRUHVSS
0 ,//6&:³,GHDOWKHRU\DVLGHRORJ\´(Q+\SDWLD9RO1ƒSS

028))(&³'HOLEHUDWLYH'HPRFUDF\RU$JRQLVWLF3OXUDOLVP´(Q3ROLWLFDO
6FLHQFH6HULHVSS
1,12&6)XQGDPHQWRVGH'HUHFKR&RQVWLWXFLRQDO%XHQRV$LUHV$VWUHD
678',$32/,7,&  LQYLHUQR 

1,12&6/DFRQVWLWXFLyQGHODGHPRFUDFLDGHOLEHUDWLYD%DUFHORQD*HGLVD

²²²>@'HUHFKRPRUDO\SROtWLFD8QDUHYLVLyQGHODWHRUtDJHQHUDOGHO
'HUHFKR%XHQRV$LUHV6LJOR;;,
3$5.,1621-\0$16%5,'*(-HGV'HOLEHUDWLYH6\VWHPV&DPEULGJH&DP
EULGJH83
5$:/6-3ROLWLFDO/LEHUDOLVP2[IRUG2[IRUG83
²²²D$7KHRU\RI-XVWLFH(GLFLyQ5HYLVDGD&DPEULGJH+DUYDUG83
²²² E7KH /DZ RI 3HRSOHV :LWK7KH ,GHD2I 3XEOLF 5HDVRQ 5HYLVLWHG
2[IRUG2[IRUG83
5(6&+(51 (WKLFDO,GHDOLVP$Q,QTXLU\LQWRWKH 1DWXUHDQG)XQFWLRQRI
,GHDOV%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD3UHVV
526$19$//Ï13/DFRQWUDGHPRFUDFLD/DSROtWLFDHQODHUDGHODGHVFRQILDQ
]D%XHQRV$LUHV0DQDQWLDO
²²²/DOHJLWLPLGDGGHPRFUiWLFDLPSDUFLDOLGDGUHIOH[LYLGDGSUR[LPLGDG
%XHQRV$LUHV0DQDQWLDO
5266,(\6/($70³5HDOLVPLQ1RUPDWLYH3ROLWLFDO7KHRU\´(Q3KLORVRSK\
&RPSDVV1ƒSS
5266,(³5HDOLW\DQGLPDJLQDWLRQLQSROLWLFDOWKHRU\DQGSUDFWLFH2Q5D\PRQG
*HXVV¶VUHDOLVP´(Q(XURSHDQ-RXUQDORI3ROLWLFDO7KHRU\9RO1ƒSS

6,00216 -$  ³,GHDO DQG 1RQ,GHDO 7KHRU\´ (Q 3KLORVRSK\ DQG 3XEOLF
$IIDLUV9RO1ƒSS
6/($70³/HJLWLPDF\LQD1RQ,GHDO.H\$&ULWLFDO5HVSRQVHWR$QGUHZ0D
VRQ´(Q3ROLWLFDO7KHRU\9RO1ƒSS
²²²/LEHUDOUHDOLVP$UHDOLVWWKHRU\RIOLEHUDOSROLWLFV2[IRUG2[IRUG83
²²²³5HDOLVP/LEHUDOLVPDQG1RQ,GHDO7KHRU\RU$UH7KHUH7ZR:D\VWR
'R5HDOLVWLF3ROLWLFDO7KHRU\"´(Q3ROLWLFDO6WXGLHV9RO1ƒSS
6/($7  0 \ +$// (  ³(WKLFV 0RUDOLW\ DQG WKH &DVH IRU 5HDOLVW 3ROLWLFDO
7KHRU\´(Q&ULWLFDO5HYLHZRI,QWHUQDWLRQDO6RFLDODQG3ROLWLFDO3KLORVRSK\9RO
1ƒSS
67(03/2:6.$=³:KDW¶V,GHDO$ERXW,GHDO7KHRU\"´(Q6RFLDO7KHRU\DQG
3UDFWLFH9RO1žSS
67(03/2:6.$=\6:,)7$³,GHDODQG1RQ,GHDO7KHRU\´(Q7KH2[IRUG
+DQGERRNRI3ROLWLFDO3KLORVRSK\SS
67(03/2:6.$=³1RQ,GHDO7KHRU\´(Q.$63(5/,33(575$60866(1.%
DQG'&2$'<(GV$&RPSDQLRQWR$SSOLHG3KLORVRSK\:LOH\%ODFNZHOOSS

7(660$1/³,GHDOL]LQJ0RUDOLW\´(Q+\SDWLDYRO1ƒSS
9$/(17,1,/³,GHDOYV1RQ,GHDO7KHRU\$&RQFHSWXDO0DS´(Q3KLORVRSK\
&RPSDVV9RO1ƒSS
 1,&2/È6(0$18(/2/,9$5(6 

:$/'521-/DZDQGGLVDJUHHPHQW2[IRUG2[IRUG83

:$7.,16(\:),7=3$75,&.³2¶1HLOODQG.RUVJDDUGRQWKH&RQVWUXFWLRQRI
1RUPDWLYLW\´(Q7KH-RXUQDORI9DOXH,QTXLU\1ƒSS±

)HFKDGHUHFHSFLyQ
)HFKDGHDFHSWDFLyQ