l$ import$nci$ de implement$r el est$do de origen y $plic$ción de

/$,03257$1&,$'(,03/(0(17$5(/(67$'2'(
25,*(1<$3/,&$&,Ï1'()21'26(1/$*(67,Ï1'(
/$3<0(&267$55,&(16(
6WHYH$OHMDQGUR/ySH]&DOGHUyQ
5(680(1
(ODUWtFXORDQDOL]DODVFDUDFWHUtVWLFDVGHOD3\0(FRVWDUULFHQVHGHVGHHOSXQWRGH
YLVWDILQDQFLHURFRQVLGHUDQGRODLPSRUWDQFLDGHLPSOHPHQWDUHO(VWDGRGH2ULJHQ\
$SOLFDFLyQ GH )RQGRV HQ OD JHVWLyQ GH OD PLVPD /D LPSOHPHQWDFLyQ GH HVWD
KHUUDPLHQWDILQDQFLHUDVHFHQWUDHQODXWLOLGDGTXHWLHQHSDUDHYDOXDUHORULJHQ\HO
XVRGHORVIRQGRVORTXHSHUPLWLUiDODQDOLVWDILQDQFLHURGHOD3\0(SODQLILFDUGH
PDQHUD FRQJUXHQWH ORV UHTXHULPLHQWRV IXWXURV GH IRQGRV HQ HO PHGLDQR \ ODUJR
SOD]RPi[LPHFXDQGRODUHVWULFFLyQSULQFLSDOTXHDIURQWDOD3\0(HQ&RVWD5LFD
HV HO DFFHVR DO FUpGLWR 7DPELpQ UHODFLRQD HO (VWDGR GH 2ULJHQ \ $SOLFDFLyQ GH
)RQGRVFRQHO3UHVXSXHVWRGH(IHFWLYRFRQHOILQGHHQWHQGHUPHMRUORVIOXMRVGH
IRQGRV\FRPELQDUDPEDVKHUUDPLHQWDVHQODJHVWLyQILQDQFLHUD GHOD3\0(
3$/$%5$6&/$9(
3\0()OXMRGH)RQGRV)OXMRGH&DMD3ODQHDFLyQ)LQDQFLHUD*HVWLyQ
)LQDQFLHUD
$%675$&7
7KH DUWLFOH DQDO\]HV WKH FKDUDFWHULVWLFV RI WKH &RVWD 5LFDQ 6PDOO DQG 0HGLXP
%XVLQHVV IURP WKH ILQDQFLDO SRLQW RI YLHZ FRQVLGHULQJ WKH LPSRUWDQFH RI
LPSOHPHQWLQJ WKH 6WDWH RI 2ULJLQ DQG $SSOLFDWLRQ RI)XQGVLQ WKH PDQDJHPHQW RI
WKHFRPSDQ\7KHLPSOHPHQWDWLRQRIWKLVILQDQFLDOWRROLVFHQWHUHGLQWKHXWLOLW\WKDW
LWKDVWRHYDOXDWHWKHRULJLQDQGXVHRIIXQGVZKLFKZLOODOORZWKHILQDQFLDODQDO\VW
WRSODQDOOWKHUHTXLUHPHQWVRIIXWXUHIXQGVLQWKHPHGLXPDQGORQJWHUPHVSHFLDOO\
ZKHQWKHPDLQUHVWULFWLRQWKDWFRQIURQWVWKH6PDOODQG0HGLXP%XVLQHVVLQ&RVWD
5LFD LV WKH DFFHVV WR FUHGLW $OVR LW UHODWHV WKH 6WDWH RI 2ULJLQ DQG $SSOLFDWLRQ RI
)XQGV WR WKH &DVK %XGJHW ZLWK WKH SXUSRVH RI XQGHUVWDQGLQJ EHWWHU WKH IORZV RI
IXQGV DQG FRPELQLQJ ERWK WRROV LQ WKH ILQDQFLDO PDQDJHPHQW RI WKH 6PDOO DQG
0HGLXP%XVLQHVV
.(<:25'6
6PDOODQG0HGLXP%XVLQHVV)ORZRI)XQGV&DVK)ORZ)LQDQFLDO3ODQQLQJ
)LQDQFLDO0DQDJHPHQW
/LFHQFLDGRHQ$GPLQLVWUDFLyQGH(PSUHVDV&DQGLGDWRD0DVWHUHQ$GPLQLVWUDFLyQGH(PSUHVDV
eQIDVLV)LQDQ]DV8/$&,7&RUUHR(OHFWUyQLFRVWHYHDB#\DKRRFRP
,,QWURGXFFLyQ
(Q HO VLVWHPD HFRQyPLFR GH XQ SDtV \ HQ HO GHVDUUROOR GH OD VRFLHGDG HQ VX
FRQMXQWRODVSHTXHxDV\PHGLDQDVHPSUHVDVKDQWHQLGR\WLHQHQXQDLPSRUWDQFLD
PX\ GHVWDFDGD FRQVWLWX\HQGR HVWH KHFKR XQ IHQyPHQR XQLYHUVDO 8Q UiSLGR
UHFRUULGRSRUHOPXQGRQRVPXHVWUDODLPSRUWDQFLDGHODDFWLYLGDGGHODV3\0HV
HQHOTXHKDFHUHFRQyPLFRGHFDGDSDtV9HDPRVDOJXQRVHMHPSORV(Q$OHPDQLD
ODV 3\0HV FRPSUHQGHQ HO GH ODV HPSUHVDV FRQ HO GHO YROXPHQ GH
QHJRFLRV\HOGHODIXHU]DODERUDO(Q(VWDGRV8QLGRVFRQVWLWX\HQHO
GHODVHPSUHVDV\HPSOHDQGHFDGDWUDEDMDGRUHV(Q-DSyQVRQHOGH
ODV HPSUHVDV FRQ HO GHO HPSOHR \ JHQHUDQ HO GHO DJUHJDGR WRWDO (Q
0p[LFR HO GH ODV HPSUHVDV VRQ 3\0HV JHQHUDQ PiV GHO GH ORV
HPSOHRV\FRQVWLWX\HQHOGHOSURGXFWRLQGXVWULDO
/D SHTXHxD \ PHGLDQD HPSUHVD GHELGDPHQWH GLULJLGD \ RUJDQL]DGD \
ILQDQFLHUDPHQWH SODQLILFDGD VH FRQYLHUWH HQJHQHUDGRUDGHO GHVDUUROORHFRQyPLFR
GH XQ SDtV SRU HOOR OD LPSRUWDQFLD GH LPSOHPHQWDU KHUUDPLHQWDV GH DQiOLVLV \
SODQHDFLyQILQDQFLHUD
(O SUHVHQWH DUWtFXOR SXQWXDOL]D HQODV FDUDFWHUtVWLFDV \ GHILFLHQFLDV GHODV 3\0HV
FRVWDUULFHQVHV \ GHWHUPLQD OD LPSRUWDQFLD GH LPSOHPHQWDU HO (VWDGR GH 2ULJHQ \
$SOLFDFLyQGH)RQGRVHQODJHVWLyQGHODVPLVPDV
,, )XQFLyQ 6RFLRHFRQyPLFD GH OD 3\0( &RVWDUULFHQVH \
VXV&DUDFWHUtVWLFDV $)XQFLyQ6RFLRHFRQyPLFDGHOD3\0(HQ&RVWD5LFD
/D LPSRUWDQFLD GH ODV 3\0HV UDGLFD HQ OD FDQWLGDG GH HVWDEOHFLPLHQWRV GH pVWH
WLSRTXHH[LVWHQHQ&RVWD5LFD8QGHODVHPSUHVDVTXHFRQVWLWX\HQHO
VHFWRU LQGXVWULDO IRUPDO HQ &RVWD 5LFD VH FDOLILFDQ FRPR SHTXHxDV \ PHGLDQDV
HPSUHVDV FRQ PHQRV GH HPSOHDGRV &DMD &RVWDUULFHQVH GHO 6HJXUR 6RFLDO
'HDFXHUGRFRQDOJXQRVHVWXGLRVUHFLHQWHVHVWDV3\0HVUHSUHVHQWDQXQGHO
3,%GH &RVWD 5LFD GHO WRWDO GHODV HPSUHVDV GH PDQXIDFWXUD \JHQHUDQ XQ
GHORVVDODULRV\XQGHORVWUDEDMRVHQHOVHFWRUGHPDQXIDFWXUD)XHQWH
)XQGDFLyQSDUDHO'HVDUUROOR6RVWHQLEOH
(O ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD LQGLFD TXH ORV WUDEDMDGRUHV FRQWUDWDGRV SRU
3\0HV FRQ PHQRV GH HPSOHDGRV UHSUHVHQWDQ XQ GHO WRWDO GH ORV
WUDEDMDGRUHV GHO SDtV $GHPiV LQGLFD TXH ODV HPSUHVDV SULYDGDV FRQ PHQRV GH
HPSOHDGRVSURSRUFLRQDQHOGHORVSXHVWRVGHWUDEDMRGHOVHFWRUSULYDGR
%&DUDFWHUtVWLFDVGHOD3\0(&RVWDUULFHQVH
3RGHPRV WHQHU XQD PX\ H[WHQVD OLVWD GH FDUDFWHUtVWLFDV GH ODV 3\0HV SHUR
WRPDUHPRV ODV UHODFLRQDGDV FRQ OD RUJDQL]DFLyQ DGPLQLVWUDWLYRFRQWDEOH \
ILQDQFLHUD
D(VWUXFWXUD2UJDQL]DWLYD
/DFRQGXFFLyQDGPLQLVWUDWLYDVHFDUDFWHUL]DSRUODILJXUDGHO~QLFRGXHxRRGXHxR
IXQGDGRU 3UHVHQWD XQ HVTXHPD PX\ LQIRUPDO \ FDUHFH GH XQD
GHSDUWDPHQWDOL]DFLyQFRQDGHFXDGRVQLYHOHVGHDXWRULGDG6HGDODFRQFHQWUDFLyQ
GH OD SURSLHGDG \ OD GH OD HPSUHVD HQ XQD SHUVRQD FRQ VXSHUSRVLFLyQ GH
IXQFLRQHVGHJHUHQFLDPLHQWRGHODVGLVWLQWDViUHDVHQXQDRPX\SRFDVSHUVRQDV
(O HPSUHVDULR FRQFHQWUD WDUHDV PX\ GLIHUHQWHV HV D OD YH] DGPLQLVWUDGRU
WHVRUHUR FRPSUDGRU YHQGHGRU MHIH GH SHUVRQDOHLQGXVWULDO &XDQGR OD HPSUHVD
DOFDQ]D FLHUWR JUDGR GH FUHFLPLHQWR SODQWHD GLILFXOWDGHV GH GHOHJDFLyQ 5HVHUYD
SDUD Vt ODV IXQFLRQHV FUtWLFDV HMHUFLHQGR XQ IXHUWH JUDGR GH VXSHUYLVLyQ VREUH HO
UHVWR$GDSWDFLyQSURSLD)XHQWH5RGUtJXH]
(VWDLQIRUPDOLGDGWDPELpQVHSRQHGHPDQLILHVWRFXDQGRVHDQDOL]DHOFRQWH[WRHQ
HO TXH RSHUDQ ODV 3\0HV HQ &RVWD 5LFD GRQGH H[LVWHQ FHUFD GH HPSUHVDV GH ODV FXDOHV VRQ 3\0HV IRUPDOHV HV GHFLU TXH FRWL]DQ D OD
&DMD &RVWDUULFHQVH GH 6HJXUR 6RFLDO )XQGHV ,QWHUQDFLRQDO 6HJ~Q FLIUDV
GH )XQGHV ,QWHUQDFLRQDO VH HVWLPD TXH KD\ PiV HPSUHVDV GH HVWH WLSR
SHURTXHQRVHKDQIRUPDOL]DGR\TXHODFLIUDSXHGHVREUHSDVDUODV
E)XQFLRQHVGHOD$GPLQLVWUDFLyQ (O XVR GH FULWHULRV LQWXLWLYRV R GH LPLWDFLyQ KDFH TXH QR VH YLQFXOH OD HVWUXFWXUD
RUJDQL]DWLYDFRQHOSODQHDPLHQWRHVWUDWpJLFR/DGLUHFFLyQILQDQFLHUDVHEDVDHQOD
FR\XQWXUDHOHQWRUQRGHWHUPLQDODQDWXUDOH]DGHODFRQGXFFLyQQRH[LVWLHQGRODV
GHFLVLRQHV SURJUDPDGDV HQ QLQJ~Q QLYHO $GDSWDFLyQ SURSLD )XHQWH 5RGUtJXH]
F&RQWURO,QWHUQR /RV FRQWUROHV VXHOHQ VHU HVFDVRV \ HVWiQ UHODFLRQDGRV SULQFLSDOPHQWH FRQ HO
PDQHMR GH IRQGRV \ GH ELHQHV VLHQGR VX REMHWLYR OD VDOYDJXDUGD GH ORV DFWLYRV
$GDSWDFLyQSURSLD)XHQWH5RGUtJXH]
G6LVWHPD&RQWDEOH)LQDQFLHUR (VLPSRUWDQWHGHVWDFDUTXHODV3\0HVUHTXLHUHQIRUWDOHFHUDVSHFWRVWDOHVFRPROD
FRQWDELOLGDG 0ROLQD /D 1DFLyQ /D HVFDVD IRUPDFLyQ DGPLQLVWUDWLYD GHO
HPSUHVDULR 3\0( \ ORV HVFDVRV UHFXUVRV TXH VH OH GHGLFDQ KDFH TXH OD
FRQWDELOLGDG VHD XWLOL]DGD SDUD FXEULU QHFHVLGDGHV ILVFDOHV R OHJDOHV \ HQ
RFDVLRQHV SDUD FXPSOLPHQWDU IRUPDOLGDGHV GH EDQFRV SURYHHGRUHV SHUR QR HV
XWLOL]DGD SDUD ILMDU SROtWLFDV GH SUHFLRV DQiOLVLV GH UHQWDELOLGDG UHWRUQR GH OD
LQYHUVLyQXRWURWLSRGHDQiOLVLVILQDQFLHURFRPRHO(VWDGRGH2ULJHQ\$SOLFDFLyQ
GH)RQGRV
3RU RWUR ODGR HO PXQGR GH ORV QHJRFLRV FDGD YH] PiV FRPSOHMR H[LJH PiV
SURIHVLRQDOLVPR HQ OD DGPLQLVWUDFLyQ GH ODV HPSUHVDV Vt HV TXH ODV
RUJDQL]DFLRQHV KDQ GH DOFDQ]DU XQ OXJDU GHVWDFDGR GHQWUR GHO GHVDUUROOR
HFRQyPLFR GHO SDtV SDUD ORJUDU HVWD PHWD VH UHTXLHUH HQWUH RWURV HOHPHQWRV
FRQWDU FRQ XQ VLVWHPD GH LQIRUPDFLyQ UHOHYDQWH RSRUWXQR \ FRQILDEOH JHQHUDGR
PHGLDQWHXQEXHQVLVWHPDGHFRQWDELOLGDG
&DEHUHVDOWDUTXHODPD\RUtDGHORVHVWXGLRVVREUH3\0HVHQ&RVWD5LFDLQGLFDQ
\GHPDQGDQODQHFHVLGDGGHDSR\DUFRQPD\RUtPSHWXHVWHVHFWRUGHHPSUHVDV
$OJXQDV SURSXHVWDV GHODVLQVWLWXFLRQHV GH DSR\R DODV 3\0HV HQ &RVWD 5LFD VH
KDQRULHQWDGRDODFDSDFLWDFLyQ\DVHVRUtDFRQSRFRLPSDFWRVREUHODJHVWLyQ(V
DTXt GRQGH H[LVWH OD RSRUWXQLGDG GH LPSOHPHQWDU KHUUDPLHQWDV GH DQiOLVLV
ILQDQFLHUR FRPR HO (VWDGR GH 2ULJHQ \ $SOLFDFLyQ GH )RQGRV TXH SHUPLWDQ
JHVWLRQDUOD3\0(HILFLHQWHPHQWHHQODFRQVHFXFLyQGHVXVREMHWLYRVHVWUDWpJLFRV
,,, (O (VWDGR GH 2ULJHQ \ $SOLFDFLyQ GH )RQGRV \ OD
,PSRUWDQFLDGHVX,PSOHPHQWDFLyQ
(VWDKHUUDPLHQWDGHDQiOLVLVILQDQFLHURGLVWLQJXHRUtJHQHVTXHKDFHUHIHUHQFLD
D ODV IXHQWHV GH GRQGH SURYLHQHQ ORV IRQGRV GH XQD HPSUHVD \ DSOLFDFLRQHV
TXHVRQHOXVRTXHVHOHVGDDGLFKRVIRQGRV3RUWDQWRWHQHPRVTXH
(ODXPHQWRGHFXHQWDVGHOSDVLYRRFDSLWDOFRQWDEOH\ODGLVPLQXFLyQGHFXHQWDV
GHO DFWLYR VRQ RUtJHQHV HV GHFLU OD 3\0( FRVWDUULFHQVH SXHGH JHQHUDU IRQGRV
DXPHQWDQGR VXV IRQGRV SURSLRV DSRUWH GH ORV VRFLRV R UHFXUULHQGR DO
HQGHXGDPLHQWR DXPHQWRV GHO SDVLYR R ELHQ YHQGLHQGR XQ LQPXHEOH
GLVPLQXFLRQHVGHODFWLYR
(ODXPHQWRGHFXHQWDVGHODFWLYR\ODGLVPLQXFLyQGHFXHQWDVGHOSDVLYRRFDSLWDO
FRQWDEOH VRQ DSOLFDFLRQHV HV GHFLU OD 3\0( FRVWDUULFHQVH SXHGH XWLOL]DU HVWRV
IRQGRV DGTXLULHQGR XQ LQPXHEOH DXPHQWR GHO DFWLYR R ELHQ FDQFHODQGR XQ
FUpGLWRGLVPLQXFLyQGHOSDVLYR
/RVDQDOLVWDVILQDQFLHURVWRPDQGHFLVLRQHVSDUDDVHJXUDUVHGHTXHODVHPSUHVDV
WHQJDQVXILFLHQWHVIRQGRVFRQHOILQGHFXPSOLUFRQVXVREOLJDFLRQHVILQDQFLHUDV\
DSURYHFKDU ODV RSRUWXQLGDGHV GH LQYHUVLyQ 3DUD TXH pVWRV SXHGDQ HYDOXDU \
WRPDUHVWDVGHFLVLRQHVHVQHFHVDULRTXHLPSOHPHQWHQFRPRSDUWHGHVXVLVWHPD
FRQWDEOHILQDQFLHURHO(VWDGRGH2ULJHQ\$SOLFDFLyQGH)RQGRVWDPELpQOODPDGR
(VWDGR GH )OXMR GH )RQGRV SXHVWR TXH UHIOHMD ORV FDPELRV QHWRV HQWUH GRV
EDODQFHV JHQHUDOHV FRPSDUDEOHV GH GLIHUHQWHV SHULRGRV SHULRGR DFWXDO FRQWUD
SHULRGRDQWHULRU\GHWDOODORVUHFXUVRVTXHKDQHQWUDGRHQODHPSUHVDGXUDQWHHO
HMHUFLFLR ILVFDO \ OD XWLOL]DFLyQ TXH VH OHV KD GDGR DVt FRPR HO HIHFWR TXH HVWH
PRYLPLHQWRGHHQWUDGD\DSOLFDFLyQGHUHFXUVRVKDWHQLGRHQHODFWLYRFLUFXODQWH
(VWD LQIRUPDFLyQ HV UHOHYDQWH SRUTXH SHUPLWH FRQRFHU VL ORV UHFXUVRV JHQHUDGRV
HQODDFWLYLGDGKDQVLGRVXILFLHQWHVSDUDDWHQGHUODVREOLJDFLRQHVILQDQFLHUDVRVL
KDWHQLGRTXHUHFXUULUDIXHQWHVDGLFLRQDOHVGHILQDQFLDPLHQWR
(OXVRGHO(VWDGRGH2ULJHQ\$SOLFDFLyQGH)RQGRVFREUDJUDQLPSRUWDQFLDSDUD
ODV 3\0HV SXHVWR TXH VHJ~Q :RQJ /D 1DFLyQ HO SUREOHPD SULQFLSDO GH
HVHVHFWRUHVHODFFHVRDOFUpGLWRGHODEDQFDGHGHVDUUROOR$GHPiVpVWDVVXHOHQ
HQFRQWUDUJUDQGHVGLILFXOWDGHVSDUDDFFHGHUDODVIXHQWHVGHILQDQFLDFLyQH[WHUQD
GHELGR D ODV IXHUWHV H[LJHQFLDV TXH HVWDV LPSRQHQ HQ FXDQWR D VROYHQFLD \
FDSDFLGDGGHSDJR5RGUtJXH]
6HJ~QOD&(3$/&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQDHODFFHVRDUHFXUVRV
ILQDQFLHURV SRU SDUWH GH ODV 3\0HV FRVWDUULFHQVHV VH YH OLPLWDGR HQ GLYHUVRV
IUHQWHV /DV 3\0HV QR WLHQHQ DFFHVR D UHFXUVRV GHO PHUFDGR GH FDSLWDOHV FX\R
GHVDUUROORHVWRGDYtDOLPLWDGR\FRQFHQWUDGRHQHPSUHVDVJUDQGHV3HURPXFKDV
GH ODV HPSUHVDV WDPSRFR GLVSRQHQ GH DFFHVR DO PHUFDGR GH FUpGLWR R VL OR
WLHQHQHQIUHQWDQFRQGLFLRQHVGHFRVWR\RSRUWXQLGDGUHODWLYDPHQWHHOHYDGRV(OOR
KDFH TXH DFXGDQ D VLVWHPDV QR IRUPDOHV GH FUpGLWR FRQ HO FRQVLJXLHQWH FRVWR
VRFLDOGHXQDDVLJQDFLyQLQHILFLHQWHGHORVUHFXUVRV
(OKHFKRGHLPSOHPHQWDUHO(VWDGRGH2ULJHQ\$SOLFDFLyQGH)RQGRVHQODJHVWLyQ
GH ODV 3\0HV QR PHMRUDUi ODV FRQGLFLRQHV HQ FXDQWR DO DFFHVR DO FUpGLWR HQ Vt
SHURSHUPLWLUiGLDJQRVWLFDUHQTXpVLWXDFLyQILQDQFLHUDVHHQFXHQWUDQ\HQEDVHD
HVWD LQIRUPDFLyQ WRPDU PHGLGDV SUHYHQWLYDV R FRUUHFWLYDV (VH GLDJQRVWLFR VH
EDVDHQWUHVHWDSDVDVDEHU
(WDSDGH&UHFLPLHQWR6DQR VXFHGHFXDQGRPiVGHOGHORVIRQGRVVRQ
RULJLQDGRV SRU PHGLR GH UHFXUVRV SURSLRV \ pVWRV VRQ XWLOL]DGRV SDUD OD
DGTXLVLFLyQRFRPSUDGHDFWLYRVHQVXWRWDOLGDG:RQJ
(WDSD GH (VWDQFDPLHQWR VXFHGH FXDQGR PiV GHO GH ORV IRQGRV VRQ
RULJLQDGRV SRU SDVLYRV \ pVWRV VRQ XWLOL]DGRV SDUD OD DGTXLVLFLyQ R FRPSUD GH
DFWLYRVHQPXFKRVGHORVFDVRVLQQHFHVDULRV:RQJ
(WDSD GH 7UDWDPLHQWR GH OD 'HXGD VXFHGH FXDQGR PiV GHO GH ORV
IRQGRVVRQRULJLQDGRVSRUUHFXUVRVSURSLRV\pVWRVVRQXWLOL]DGRVSULQFLSDOPHQWH
SDUD HO SDJR GH OD GHXGD \ SDUD FLHUWD LQYHUVLyQ HQ DFWLYRV UHQWDEOHV :RQJ
/DLPSOHPHQWDFLyQGHHVWDKHUUDPLHQWDSHUPLWLUiDODGPLQLVWUDGRUILQDQFLHURGHOD
3\0(FRVWDUULFHQVHGHWHUPLQDUFRQSUHFLVLyQVLODVGHFLVLRQHVWRPDGDVUHVXOWDURQ
HQ XQ IOXMR GH IRQGRV UD]RQDEOH R HQ IOXMRV FXHVWLRQDEOHV OR FXDO H[LJH XQD
LQVSHFFLyQSRVWHULRU(VWRREOLJDDODGPLQLVWUDGRUILQDQFLHURDFRQVHJXLUORVIRQGRV
ILQDQFLHURVPiVDGHFXDGRVSDUDODDFWLYLGDGGHODHPSUHVDDSRUWDQGRHVWDELOLGDG
D OD FRPSDxtD JDUDQWL]DQGR OD YLDELOLGDG RSWLPL]DQGR HO FRVWH GH ORV UHFXUVRV
ILQDQFLHURV\PD[LPL]DQGRHOUHQGLPLHQWRGHORVUHFXUVRVSURSLRV
,9 'LIHUHQFLD \ 5HODFLyQ HQWUH HO (VWDGR GH 2ULJHQ \
$SOLFDFLyQGH)RQGRV\HO3UHVXSXHVWRGH(IHFWLYR
(O(VWDGRGH2ULJHQ\$SOLFDFLyQGH)RQGRVVHUHILHUHDOIOXMRGHIRQGRVRGHTXp
UXEURV GHO EDODQFH JHQHUDO REWXYR XQD HPSUHVD UHFXUVRV ILQDQFLHURV \ TXH
GHVWLQDFLyQ OH GLR D WDOHV UHFXUVRV VH UHDOL]D DO ILQDO GHO HMHUFLFLR ILVFDO HQ
FRPSDUDFLyQ FRQ HO SHULRGR DQWHULRU (O IOXMR GH IRQGRV QR QHFHVDULDPHQWH VH
FHQWUDHQHOHIHFWLYRDXQTXHIRUPHSDUWHGHVXDQiOLVLV
(O3UHVXSXHVWRGH(IHFWLYRVHUHILHUHDOSURQyVWLFRGHORVIOXMRVGHFDMDRHIHFWLYR
GH XQD HPSUHVD FRQ EDVH HQ ORV FREURV \ SDJRV SRU OR JHQHUDO VH UHDOL]D
PHQVXDOPHQWH7LHQHTXHYHUHVWULFWDPHQWHFRQODDGPLQLVWUDFLyQGHOHIHFWLYR
3DUD HQWHQGHU OD UHODFLyQ TXH WLHQHQ HQWUH Vt DPEDV KHUUDPLHQWDV ILQDQFLHUDV VH
SURFHGH D H[SOLFDU HO SURFHGLPLHQWR SDUD OD HODERUDFLyQ GHO (VWDGR GH )OXMR GH
)RQGRV\VHJXLGDPHQWHVHH[SRQHXQHMHUFLFLRSUiFWLFRGHXQDHPSUHVDILFWLFLD
(OSURFHGLPLHQWRSDUDVXHODERUDFLyQFRQVWDGHORVVLJXLHQWHVSDVRV
6HSUHVHQWDQORVEDODQFHVGHO~OWLPRHMHUFLFLR\GHODQWHULRU \VHFDOFXODQ
ODVGLIHUHQFLDVTXHVHKDQSURGXFLGRHQODVGLVWLQWDVSDUWLGDV
6H FDOFXODQ ODV YDULDFLRQHV TXH KDQ DIHFWDGR DO FLUFXODQWH $FWLYR \
3DVLYRRORTXHHVORPLVPRODYDULDFLyQTXHKDH[SHULPHQWDGRHOIRQGRGH
PDQLREUD
6HFDOFXODHOPRYLPLHQWRGHRUtJHQHV\DSOLFDFLRQHVGHIRQGRVGHOUHVWR
GHFXHQWDV H[FOXLGDV\DODVGHOFLUFXODQWH
6HHODERUDXQFXDGURGHUHVXPHQ GLVWLQJXLHQGR
•
•
•
•
)RQGRVJHQHUDGRVHQODDFWLYLGDGGHODHPSUHVDUHVXOWDGRV
2WURVIRQGRVJHQHUDGRV
$SOLFDFLRQHVTXHVHKDQGDGRDHVWRVIRQGRV
9DULDFLyQGHOIRQGRGHPDQLREUD
&XDGUR(MHUFLFLRSUiFWLFR(PSUHVD/D1DFLRQDOSDUDORVSHULRGRV
(PSUHVD/D1DFLRQDO
%DODQFH
0LOORQHVGHFRORQHV
,QPRYLOL]DGRPDWHULDO
([LVWHQFLDV
&OLHQWHV
&DMDEDQFRV
2WUDVFXHQWDGHO$FWLYR
7RWDO$FWLYR
)RQGRVSURSLRV
5HVXOWDGRV
%DQFRV/3
2WURVGHXGRUHV/3
%DQFRV&3
3URYHHGRUHV
2WURVGHXGRUHV&3
7RWDO3DVLYR
)XHQWH(ODERUDFLyQSURSLDFRQEDVHHQGDWRVGHZZZDXODIDFLOFRP/HFFLyQ
&XDGUR&iOFXORGHO(VWDGRGH2ULJHQ\$SOLFDFLyQGH)RQGRV
(PSUHVD/D1DFLRQDO
0LOORQHVGH
FRORQHV
,QPRYLOL]DGR
PDWHULDO
([LVWHQFLDV
&OLHQWHV
&DMDEDQFRV
2WUDVFXHQWDGHO
$FWLYR
7RWDO$FWLYR
%DODQFH 'LIHUHQFLDV
&LUFXODQWH
7RWDO
$XPHQWR 'LVPLQXFLyQ 2ULJHQ $SOLFDFLyQ
)RQGRVSURSLRV
5HVXOWDGRV
%DQFRV/3
2WURVGHXGRUHV/3
%DQFRV&3
3URYHHGRUHV
2WURVGHXGRUHV&3
7RWDO3DVLYR
7RWDO
&XDGUR5HVXPHQ
2UtJHQHVGHIRQGRV
5HVXOWDGRV
2WURVRUtJHQHV
7RWDORUtJHQHV
$SOLFDFLRQHVGH
IRQGRV
2WUDVDSOLFDFLRQHV
9DU&LUFXODQWHIRQGRGH
PDQLREUD
7RWDODSOLFDFLRQHV
)XHQWH(ODERUDFLyQSURSLDFRQEDVHHQGDWRVGHZZZDXODIDFLOFRP/HFFLyQ
'HOFiOFXORVHSXHGHUHDOL]DUHOVLJXLHQWHDQiOLVLV
•
(PSUHVD/D1DFLRQDOKDREWHQLGRHQHOHMHUFLFLRUHVXOWDGRVRXWLOLGDGHVSRU
PLOORQHVGHFRORQHV
•
$GHPiV KD JHQHUDGR UHFXUVRV DGLFLRQDOHV SRU RWURV PLOORQHV GH
FRORQHVPLOORQHVGHFRORQHVSRULQFUHPHQWRGHORVIRQGRVSURSLRV\
PLOORQHVGHFRORQHVSRUDXPHQWRGHVXGHXGDFRQRWURVGHXGRUHVD/3
•
(QWRWDOHVWDHPSUHVDKDJHQHUDGRHQHOHMHUFLFLRUHFXUVRVSRULPSRUWHGH
PLOORQHV GH FRORQHV 6LQ HPEDUJR KD XWLOL]DGR IRQGRV VLQ LQFOXLU HO
FLUFXODQWHSRULPSRUWHGHPLOORQHVGHFRORQHV,QYHUVLyQHQ$FWLYR)LMR
SRUPLOORQHVGHFRORQHVFDQFHODFLyQGHFUpGLWRD/3FRQODEDQFDSRU
LPSRUWHGHPLOORQHVGHFRORQHV
•
(VWDJHVWLyQOHKDJHQHUDGRXQGpILFLWGHPLOORQHVGHFRORQHVTXHKD
FXELHUWRGLVPLQX\HQGRFRQVLGHUDEOHPHQWHVXIRQGRGHPDQLREUD
•
6X FLUFXODQWH KD JHQHUDGR IRQGRV SRULPSRUWH GH PLOORQHV GH FRORQHV
PLOORQHVGHFRORQHVDXPHQWDQGRVXHQGHXGDPLHQWRDFRUWRSOD]R\
PLOORQHVGHFRORQHVUHGXFLHQGRDOJXQDVSDUWLGDVGHVXDFWLYRFLUFXODQWH
•
'H HVWRV PLOORQHV GH FRORQHV WDQ VyOR KD GHVWLQDGR PLOORQHV GH
FRORQHV DRWUDVSDUWLGDV GHO FLUFXODQWH LQYHQWDULR \ FOLHQWHV PLHQWUDV TXH
HOUHVWRORKDGHGLFDGRDFXEULUVXGpILFLWGHILQDQFLDFLyQ
•
&RQ HOOR HO IRQGR GH PDQLREUD KD VXIULGR HQ HO ~OWLPR HMHUFLFLR XQ JUDYH
GHWHULRURGLVPLQX\HQGRHQPLOORQHVGHFRORQHVFRQORTXHKDSDVDGR
DVHUQHJDWLYR
•
/DVLWXDFLyQDFWXDOGHODHPSUHVD/D1DFLRQDOHVSUHRFXSDQWHSUHVHQWDQGR
XQ VHULR SUREOHPD GH OLTXLGH] TXH GHEHUtD GH VROXFLRQDU D OD PD\RU
EUHYHGDGSRVLEOH
•
/D SROtWLFD ILQDQFLHUD VHJXLGD HV PX\ SRFR UHFRPHQGDEOH QR VH SXHGHQ
UHDOL]DU IXHUWHV LQYHUVLRQHV HQ DFWLYR ILMR VLQ GLVSRQHU GH ORV UHFXUVRV
QHFHVDULRV\WHQLHQGRTXHXWLOL]DUUHFXUVRVDFRUWRSOD]R\UHGXFLUSDUWLGDV
GHODFWLYRFLUFXODQWH
/D LQIRUPDFLyQ TXH DUURMD HO (VWDGR GH )OXMR GH )RQGRV GH OD HPSUHVD /D
1DFLRQDO FRQ UHVSHFWR DO SUREOHPD GH OLTXLGH] VH GHEH FRPSOHPHQWDU
QHFHVDULDPHQWHFRQODHODERUDFLyQGHO3UHVXSXHVWRGH(IHFWLYRSXHVWRTXHGLFKD
KHUUDPLHQWD VH FHQWUD HQ OD DGPLQLVWUDFLyQ GHO HIHFWLYR (VWD KHUUDPLHQWD
ILQDQFLHUDHVEiVLFDVLVHSUHWHQGHPHMRUDUODVLWXDFLyQGHOLTXLGH]GHODHPSUHVD
\DTXHSHUPLWHYHULILFDUODVLWXDFLyQGHOLTXLGH]VLQQHFHVLGDGGHLQ\HFWDUFDSLWDO\
SRUHQGHVHSXHGHDSUHFLDUHOPRQWRTXHUHTXLHUHODHPSUHVDSDUDDWHQXDUIOXMRV
QHJDWLYRV(VLPSRUWDQWHGHVWDFDUTXHODFDXVDILQDOGHOIUDFDVRGHXQDHPSUHVD
HVODIDOWDGHOLTXLGH]LQDGHFXDGRXVRGHOHIHFWLYR\QRODIDOWDGHUHQWDELOLGDG\D
TXHVLVHWLHQHXQDDGHFXDGDOLTXLGH]XQDHPSUHVDSXHGHVREUHYLYLUDXQDFULVLV
GHFRUWRSOD]RSHURGLItFLOPHQWHORKDUiVLQRWLHQHOLTXLGH]DXQTXHVXUHQWDELOLGDG
VHDDGHFXDGD
&XDQGR VH XWLOL]D FRQ RWURV HVWDGRV ILQDQFLHURV HQ HVWH FDVR FRQ HO (VWDGR GH
)OXMR GH )RQGRV HO (VWDGR GH )OXMR GH (IHFWLYR D\XGD D ORV DGPLQLVWUDGRUHV
ILQDQFLHURV D HYDOXDU OD FDSDFLGDG GH ODV HPSUHVDV GH JHQHUDU HIHFWLYR SDUD
GLYLGHQGRV H LQYHUVLRQHV LGHQWLILFDU ODV QHFHVLGDGHV GH ILQDQFLDPLHQWR H[WHUQR \
HQWHQGHUODVGLIHUHQFLDVHQWUHLQJUHVRQHWR\IOXMRGHHIHFWLYRQHWRGHULYDGRVGHODV
DFWLYLGDGHVRSHUDWLYDV9DQ+RUQH
(O 3UHVXSXHVWR GH (IHFWLYR HV XQD KHUUDPLHQWD GH FRQWURO ILQDQFLHUR \ WLHQH ODV
VLJXLHQWHVLPSOLFDFLRQHV
3HUPLWHYLVXDOL]DUDQWLFLSDGDPHQWHODFLUFXODFLyQGHORVIRQGRVRGHOGLQHURHQ
XQWLHPSRGHWHUPLQDGR
3HUPLWH D OD HPSUHVD SURJUDPDU LQYHUVLRQHV D FRUWR SOD]R FXDQGR H[LVWHQ
VREUDQWHVRVXSHUiYLWGHHIHFWLYR
3HUPLWHGHWHUPLQDUODVQHFHVLGDGHVGHILQDQFLDPLHQWRDQWLFLSDGDPHQWHFXDQGR
H[LVWDQIDOWDQWHVRKD\DGpILFLWGHHIHFWLYR
3HUPLWHUHDOL]DVHVWDGRVILQDQFLHURVSURIRUPDRSUR\HFWDGRV
/D SUHSDUDFLyQ GH XQ 3UHVXSXHVWR GH (IHFWLYR GHEH KDFHUVH GH IRUPD PX\
FXLGDGRVD \D TXH SRU HVWDU WDQ tQWLPDPHQWH OLJDGR FRQ ORV GDWRV GH SURQyVWLFR
VRQ pVWRV ORV TXH SHUPLWLUiQ WRPDU GHFLVLRQHV DGHFXDGDV SRU ORV DQDOLVWDV \
DGPLQLVWUDGRUHVILQDQFLHURVGHODV3\0HV
9$GPLQLVWUDFLyQGHO(IHFWLYR
(OSULPHUUHTXLVLWRSDUDSRGHUDGPLQLVWUDUHOHIHFWLYRHVFRQRFHUWDQWRODIRUPDHQ
TXH pVWH VH JHQHUD FRPR OD PDQHUDHQ TXH VH DSOLFD R HO GHVWLQRTXH VHOH GD
(VWDLQIRUPDFLyQODSURSRUFLRQDHOHVWDGRGHIOXMRGHHIHFWLYR(VWHHVWDGRLQIRUPD
SRUXQDSDUWHFXiOHVKDQVLGRODVSULQFLSDOHVIXHQWHVGHGLQHURGHODHPSUHVDHQ
GRQGHKDFRQVHJXLGRHOGLQHURGXUDQWHXQSHUtRGRGHWHUPLQDGRGHWLHPSR\SRU
RWUDSDUWHTXHKDKHFKRFRQpOHQTXpORKDDSOLFDGR
(O GLQHUR JHQHUDGR EiVLFDPHQWH SRU FREURV D FOLHQWHV GHULYDGRV GH OD YHQWD GH
LQYHQWDULRVRGHODSUHVWDFLyQGHVHUYLFLRVPHQRVORVSDJRVDSURYHHGRUHV\ODV
HURJDFLRQHV SDUD FXEULU ORV FRVWRV QHFHVDULRV SDUD SRGHU YHQGHU FRPSUDU \
SURGXFLUORVDUWtFXORVYHQGLGRVGXUDQWHHOSHUtRGRFXELHUWRSRUODLQIRUPDFLyQHVHO
HIHFWLYRQHWRJHQHUDGRSRUODRSHUDFLyQ
/DFDSDFLGDGSDUDJHQHUDUHIHFWLYRSRUPHGLRGHODRSHUDFLyQSHUPLWHGHWHUPLQDU
HQWUHRWUDVFRVDVHOFUHFLPLHQWRSRWHQFLDOGHODHPSUHVD\VXVDOXGILQDQFLHUD
$GHPiVGHHVWDIXHQWHH[LVWHQRWUDV
• 3DVLYRV
• $SRUWDFLRQHVGHORVVRFLRVDXPHQWRVGHFDSLWDO
• 9HQWDGHLQYHUVLRQHV
(QDGLFLyQDODRSHUDFLyQHOHIHFWLYRVHSXHGHDSOLFDUD
• 3DJDUGHXGDV
• 5HSDUWLUGLYLGHQGRV
• 5HHPEROVDUFDSLWDODORVDFFLRQLVWDV
• ,QYHUWLU
/DLQYHUVLyQHQDFWLYRVFOLHQWHVLQYHQWDULRDFWLYRILMRHVGLQHURDOPDFHQDGR'H
DTXt SXHV TXH HQ ILQDQ]DV H[LVWH HO D[LRPD TXH GLFH $QWHV GH TXH YD\D D
VROLFLWDU XQ SUpVWDPR DO EDQFR EXVTXH HO GLQHUR TXH WLHQH DPDUUDGR HQ
FDUWHUDHQLQYHQWDULRVRHQRWURVDFWLYRV (Q UHVXPHQ HO IOXMR GH HIHFWLYR HV XQD FRUULHQWH GH HQWUDGDV \ VDOLGDV SRU XQ
SHUtRGRGHWLHPSRGHWHUPLQDGR*HQHUDOPHQWHVHUHDOL]DSRUXQDxRVLQHPEDUJR
VH SXHGH GLYLGLU HQ ELPHVWUHV WULPHVWUHV FXDWULPHVWUHV VHPHVWUHV \ HQ IRUPD
PHQVXDO
([LVWHQ FXDWUR SULQFLSLRV EiVLFRV FX\D DSOLFDFLyQ HQ OD SUiFWLFD FRQGXFHQ D XQD
DGPLQLVWUDFLyQ FRUUHFWD GHO IOXMR GH HIHFWLYR HQ XQD HPSUHVD GHWHUPLQDGD (VWRV
SULQFLSLRV HVWiQ RULHQWDGRV D ORJUDU XQ HTXLOLEULR HQWUH ORV IOXMRV SRVLWLYRV
HQWUDGDVGHGLQHUR\ORVIOXMRVQHJDWLYRVVDOLGDVGHGLQHURGHWDOPDQHUDTXHOD
HPSUHVD SXHGD FRQVFLHQWHPHQWH LQIOXLU VREUH HOORV SDUD ORJUDU HO Pi[LPR
SURYHFKR /RV GRV SULPHURV SULQFLSLRV VH UHILHUHQ D ODV HQWUDGDV GH GLQHUR \ ORV
RWURVGRVDODVHURJDFLRQHVGHGLQHUR
3ULPHU3ULQFLSLR 6LHPSUHTXHVHDSRVLEOHVHGHEHQLQFUHPHQWDU
ODVHQWUDGDVGHHIHFWLYR
•
•
•
•
,QFUHPHQWDUHOYROXPHQGHYHQWDV
,QFUHPHQWDUHOSUHFLRGHYHQWDV
0HMRUDU OD PH]FOD GH YHQWDV LPSXOVDQGR ODV GH PD\RU PDUJHQ GH
FRQWULEXFLyQ
(OLPLQDUGHVFXHQWRV
6HJXQGR 3ULQFLSLR 6LHPSUH TXH VHD SRVLEOH VH GHEHQ DFHOHUDU
ODVHQWUDGDVGHHIHFWLYR
•
•
•
,QFUHPHQWDUODVYHQWDVDOFRQWDGR
3HGLUDQWLFLSRVDFOLHQWHV
5HGXFLUSOD]RVGHFUpGLWR
7HUFHU3ULQFLSLR 6LHPSUHTXHVHDSRVLEOHVHGHEHQGLVPLQXLUODV
VDOLGDVGHGLQHUR
•
•
•
1HJRFLDUPHMRUHVFRQGLFLRQHVUHGXFFLyQGHSUHFLRVFRQORVSURYHHGRUHV
5HGXFLUGHVSHUGLFLRVHQODSURGXFFLyQ\GHPiVDFWLYLGDGHVGHODHPSUHVD
+DFHUELHQODVFRVDVGHVGHODSULPHUDYH]GLVPLQXLUORVFRVWRVGHQRWHQHU
FDOLGDG
&XDUWR3ULQFLSLR 6LHPSUHTXHVHDSRVLEOHVHGHEHQGHPRUDUODV
VDOLGDVGHGLQHUR
•
•
1HJRFLDUFRQORVSURYHHGRUHVORVPD\RUHVSOD]RVSRVLEOHV
$GTXLULU ORV LQYHQWDULRV \ RWURV DFWLYRV HQ HO PRPHQWR PiV SUy[LPR D
FXDQGRVHYDQDQHFHVLWDU
+D\TXHKDFHUQRWDUTXHODDSOLFDFLyQGHXQSULQFLSLRSXHGHFRQWUDGHFLUDRWURSRU
HMHPSOR VL VH YHQGH VyOR DO FRQWDGR FDQFHODQGR YHQWDV D FUpGLWR VH ORJUD
DFHOHUDU ODV HQWUDGDV GH GLQHUR SHUR VH FRUUH HO ULHVJR GH TXH GLVPLQX\D HO
YROXPHQGHYHQWD&RPRVHSXHGHREVHUYDUH[LVWHXQFRQIOLFWRHQWUHODDSOLFDFLyQ
GHOVHJXQGRSULQFLSLRFRQHOSULPHUR(QHVWRVFDVRV\RWURVVHPHMDQWHVKD\TXH
HYDOXDUQRVyORHOHIHFWRGLUHFWRHQODDSOLFDFLyQGHXQSULQFLSLRVLQRWDPELpQODV
FRQVHFXHQFLDVDGLFLRQDOHVTXHSXHGHQLQFLGLUVREUHHOIOXMRGHOHIHFWLYR
9, ,QIRUPDFLyQ GHO (VWDGR GH )OXMRV GH (IHFWLYR 3DUD OD
7RPDGH'HFLVLRQHVHQOD3\0(&RVWDUULFHQVH
$(OYDORUGHODLQIRUPDFLyQ /DLQIRUPDFLyQGDGDSRUHO(VWDGRGHO)OXMR
GH (IHFWLYR ()( UHGXFH OD LQFHUWLGXPEUH \ UHVSDOGD HO SURFHVR GH WRPD GH
GHFLVLRQHV HQ XQD 3\0( HV SRU HOOR TXH OD LQIRUPDFLyQ TXH EULQGD HVWH HVWDGR
ILQDQFLHUREiVLFRVHFDUDFWHUL]DSRUVXH[DFWLWXG
% 'HFLVLRQHV JHUHQFLDOHV HQ JHVWLyQ HPSUHVDULDO (O ()( SUHWHQGH
EULQGDULQIRUPDFLyQIUHVFDTXHSHUPLWDDODVUHVSHFWLYDVLQVWDQFLDVSURVHJXLUHQOD
E~VTXHGDGHORVREMHWLYRVWUD]DGRVSUHYHUVLWXDFLRQHV\HQIUHQWDUSUREOHPDVTXH
SXHGDQSUHVHQWDUVHDSHVDUGHTXHWRGRHVWpSHUIHFWDPHQWHFDOFXODGR
& $SOLFDFLRQHV GHO (VWDGR GH )OXMRV GH (IHFWLYR 8QD GH ODV
SULQFLSDOHVDSOLFDFLRQHVTXHVHGDDO()(HVWiRULHQWDGDDJDUDQWL]DUHOGLQHURGH
ORV DFFLRQLVWDV SDUD GH HVWD IRUPD GDU OD LQIRUPDFLyQ GH FyPR VH PXHYHQ ORV
LQJUHVRV \ HJUHVRV GH GLQHUR (O ()( SHUPLWH D OD 3\0( JDUDQWL]DU XQD OLTXLGH]
HVWDEOH \ SHUPDQHQWH SDUD TXH OD HPSUHVD SXHGD GHVDUUROODU VX JHVWLyQ
DGHFXDGDPHQWH &DEH VHxDODU TXH XQD FRUUHFWD DSOLFDFLyQ GHO ()( \ XQ ySWLPR
PDQHMRGHODLQIRUPDFLyQTXHEULQGDSHUPLWHQJDUDQWL]DUVROLGH]FRPSHWLWLYLGDG\
FRQILDELOLGDG D ORV GLYHUVRV XVXDULRV GH OD LQIRUPDFLyQ GH OD HPSUHVD DVt FRPR
GDUHVWDELOLGDGDOVLVWHPDHFRQyPLFRGHOSDtV
' (O FRQWURO GHO IOXMR GH HIHFWLYR 8QD HPSUHVD EXVFD EHQHILFLRV \
UHQWDELOLGDGSHURGHEHJDUDQWL]DUDVXVDFFLRQLVWDV\FOLHQWHVODLQYHUVLyQKHFKD\
OD FRQILDQ]D GHSRVLWDGD (V SRU HOOR TXH VL OD 3\0( QR WLHQH XQ FRQWURO
SHUPDQHQWH \ HILFLHQWH GH VXV HQWUDGDV \ VDOLGDV GH GLQHUR FDMD HIHFWLYR \ GH
VXV LQYHUVLRQHV HQ JHQHUDO VLPSOHPHQWH YLYLUi XQD OHQWD DJRQtD \ SRU ~OWLPR VH
H[WLQJXLUi6LSRUHOFRQWUDULRFXLGDQ\YHODQSRUFRQVHJXLUVXVREMHWLYRV\PHWDV
HVWiQ DVHJXUDQGR VX VXSHUYLYHQFLD UHQWDELOLGDG D VXV FOLHQWHV \ HVWDELOLGDG DO
VLVWHPDHPSUHVDULDO\DODHFRQRPtDGHOSDtV
&RPR VH SXHGHDSUHFLDUOD SODQHDFLyQHQOD JHVWLyQ GHODV 3\0HV HV QHFHVDULD
SRUGRVPRWLYRVSULQFLSDOHV
•
•
3DUDSUHYHQLUORVFDPELRVGHOHQWRUQRFDPELDQWHTXHDQWLFLSiQGRVHDHOORV
VHD PiV IiFLO WRPDU DFFLRQHV SUHYHQWLYDV HQ ODV RUJDQL]DFLRQHV \ GH HVD
PDQHUDLQWHJUDUVHDORVREMHWLYRV\ODVGHFLVLRQHVGHODRUJDQL]DFLyQ
$O UHDOL]DU XQD DGHFXDGD SODQHDFLyQ GH ODV 3\0HV VH ORJUDUi PD\RU
HIHFWLYLGDG\HILFLHQFLDHQODVRSHUDFLRQHV\XQDPHMRUDGPLQLVWUDFLyQ
9,,&RQFOXVLRQHV
&DEHUHVDOWDUTXHODPD\RUtDGHORVHVWXGLRVVREUH3\0HVHQ&RVWD5LFDLQGLFDQ
\GHPDQGDQODQHFHVLGDGGHDSR\DUFRQPD\RUtPSHWXHVWHVHFWRUGHHPSUHVDV
$OJXQDV SURSXHVWDV GHODVLQVWLWXFLRQHV GH DSR\R DODV 3\0HV HQ &RVWD 5LFD VH
KDQRULHQWDGRDODFDSDFLWDFLyQ\DVHVRUtDFRQSRFRLPSDFWRVREUHODJHVWLyQ(V
DTXt GRQGH H[LVWH OD RSRUWXQLGDG GH LPSOHPHQWDU KHUUDPLHQWDV GH DQiOLVLV
ILQDQFLHUR FRPR HO (VWDGR GH 2ULJHQ \ $SOLFDFLyQ GH )RQGRV TXH SHUPLWDQ
JHVWLRQDUOD3\0(HILFLHQWHPHQWHHQODFRQVHFXFLyQGHVXVREMHWLYRVHVWUDWpJLFRV
(OKHFKRGHLPSOHPHQWDUHO(VWDGRGH2ULJHQ\$SOLFDFLyQGH)RQGRVHQODJHVWLyQ
GH ODV 3\0HV QR PHMRUDUi ODV FRQGLFLRQHV HQ FXDQWR DO DFFHVR DO FUpGLWR HQ Vt
SHURSHUPLWLUiGLDJQRVWLFDUHQTXpVLWXDFLyQILQDQFLHUDVHHQFXHQWUDQ\HQEDVHD
HVWDLQIRUPDFLyQWRPDU PHGLGDVSUHYHQWLYDVRFRUUHFWLYDVVHJ~QVHDHOFDVR/D
LPSOHPHQWDFLyQ GH HVWD KHUUDPLHQWD SHUPLWLUi DO DGPLQLVWUDGRU ILQDQFLHUR GH OD
3\0( FRVWDUULFHQVH GHWHUPLQDU FRQ PiV SUHFLVLyQ VL ODV GHFLVLRQHV WRPDGDV
UHVXOWDURQHQXQIOXMRGHIRQGRVUD]RQDEOHRHQIOXMRVFXHVWLRQDEOHVORFXDOH[LJH
XQD LQVSHFFLyQ SRVWHULRU (VWR REOLJD DO DGPLQLVWUDGRU ILQDQFLHUR D FRQVHJXLU ORV
IRQGRV ILQDQFLHURV PiV DGHFXDGRV SDUD OD DFWLYLGDG GH OD HPSUHVD DSRUWDQGR
HVWDELOLGDGDOD FRPSDxtD JDUDQWL]DQGROD YLDELOLGDG RSWLPL]DQGR HO FRVWH GHORV
UHFXUVRVILQDQFLHURV\PD[LPL]DQGRHOUHQGLPLHQWRGHORVUHFXUVRVSURSLRV
7DPELpQHVUHYHODGRUDQDOL]DUODPH]FODGHILQDQFLDPLHQWRDFRUWR\ODUJRSOD]RHQ
UHODFLyQ FRQ ODV QHFHVLGDGHV GH IRQGRV GH OD 3\0( 6L WDOHV QHFHVLGDGHV VRQ
EiVLFDPHQWH SDUD DFWLYR ILMR H LQFUHPHQWRV SHUPDQHQWHV GH DFWLYR FLUFXODQWH HO
DQDOLVWD ILQDQFLHUR VH SXHGH OOHYDU XQD VRUSUHVD VL XQD SDUWH LPSRUWDQWH GHO
ILQDQFLDPLHQWRWRWDOSURYLQRGHIXHQWHVGHFRUWRSOD]RWDOHVHOFDVRGHOHMHUFLFLR
SUiFWLFRGH(PSUHVD/D1DFLRQDO
3RU~OWLPRHVQRWRULRTXHHOSULQFLSDORULJHQGHODLOHJDOLGDGGHODPD\RUtDGHODV
3\0HVFRVWDUULFHQVHVORFRQVWLWX\HODHYDVLyQGHODVSULQFLSDOHVFRQWULEXFLRQHVD
OD VHJXULGDG VRFLDO FRPR VRQ HO SDJR GH OD REOLJDFLyQ SDWURQDO DO VHJXUR GH
ULHVJRV GH WUDEDMR ODV FRQWULEXFLRQHV DO UpJLPHQ FRQWULEXWLYR GH OD &DMD
&RVWDUULFHQVH GH 6HJXUR 6RFLDO \HO DSRUWHSDWURQDO DO %DQFR 3RSXODU 3RU WDQWR
HVLPSRUWDQWHSURFHGHUFRQXQDUHIRUPDLQWHJUDOSDUDLQFHQWLYDUDODV3\0HVDTXH
VHIRUPDOLFHQ\FRUULMDQVXVGHILFLHQFLDV
9,,,5HFRPHQGDFLRQHV
$OJXQRVSURSLHWDULRVGH3\0HVFRQVHUYDQVXVSURSLRVPLWRVHOPD\RUGHHOORVHV
TXH FUHHQ TXH VXV SUREOHPDV VRQ SURYRFDGRV SRU OD IDOWD GH FUpGLWR H LQFOXVR
SLHQVDQTXHHVVX~QLFRSUREOHPD3HURQRHVDVtODPD\RUSDUWHUDGLFDHQXQD
GHILFLHQWH JHVWLyQ (V SRU HOOR TXH HVWH DUWtFXOR SURSRQH KHUUDPLHQWDV SDUD OD
JHVWLyQHPSUHVDULDOTXHFRQVWLWX\HQXQDUHDOD\XGDSDUDHOFUHFLPLHQWRLQWHUQR\
HOp[LWRVRVWHQLEOHGHHVDVHPSUHVDV
6L VH SDUWH GH TXH ODV 3\0HV HQIUHQWDQ EiVLFDPHQWH FXDWUR UHVWULFFLRQHV HO
HOHYDGRQLYHOGHODVFDUJDVVRFLDOHVODLOHJDOLGDGGHRWUDVHPSUHVDVTXHRFXUUH
FRPR FRQVHFXHQFLD GH OD SULPHUD UHVWULFFLyQ ODV FRQGLFLRQHV SDUD DFFHVR DO
FUpGLWR\ODDXVHQFLDGHSROtWLFDVJXEHUQDPHQWDOHVGHDSR\RDIDYRUGHODV3\PHV
HV YLDEOH SURSRQHU DOWHUQDWLYDV GH VROXFLyQ 6LQ HPEDUJR HV WRGR XQ GHVDItR
HODERUDUPHWRGRORJtDV\SURGXFWRVGHGHVDUUROORHPSUHVDULDOHVSHFLDOL]DGRVHQOD
3\0(TXHFRUULMDQVXVGHILFLHQFLDV3DUDHOORVHUHTXLHUHXQDSR\RLQWHJUDOHQGRV
IUHQWHVHOIRPHQWRGHXQDFXOWXUDHPSUHVDULDO\ODFRQVWUXFFLyQGHXQDSROtWLFDGH
(VWDGRGHODUJRSOD]R
(QHVHVHQWLGRODSURSXHVWDGHHVWHDUWtFXORHVTXHVHSURFHGDDOIRPHQWRGHXQD
FXOWXUD HPSUHVDULDO \ D OD FRQVWUXFFLyQ GH SROtWLFDV GH (VWDGR GH ODUJR SOD]R D
VDEHU
3ROtWLFDVSDUDIRUPDOL]DUODV3\0HV
• )LVFDOORTXHSXHGHLQFOXLUXQDSROtWLFDGHLQFHQWLYRVWULEXWDULRVDDTXHOODV
RUJDQL]DFLRQHVTXHVHIRUPDOLFHQ
• 0RQHWDULD D WUDYpV GH SURJUDPDV GH DFFHVR DO FUpGLWR \ WDVDV GH LQWHUpV
FRPSHWLWLYDV
• /DERUDO TXH LQFOX\D DOJXQDV DFFLRQHV HQ PDWHULD GH FDSDFLWDFLyQ
IRUPDFLyQ\GHSRVLELOLGDGGHSDJRGHFDUJDVVRFLDOHV
3DUDOHODPHQWH HV QHFHVDULR TXH VH ILMHQ SROtWLFDV GH FDSDFLWDFLyQ HQ ODV
VLJXLHQWHViUHDV
•
•
•
$GPLQLVWUDWLYD SULQFLSDOPHQWH SDUD IRUWDOHFHU OD VLWXDFLyQ GH OD FDSDFLGDG
RUJDQL]DWLYDGHODV3\0HV
)LQDQFLHUD\DTXHHVWDHVXQDGHODVSULQFLSDOHVGHELOLGDGHVTXHPXHVWUDQ
HVWH WLSR GH HPSUHVDV SRU OR TXH HV LPSRUWDQWH SURIXQGL]DU HQ
KHUUDPLHQWDV WDOHV FRPR HO (VWDGR GH 2ULJHQ \ $SOLFDFLyQ GH )RQGRV HO
3UHVXSXHVWR GH (IHFWLYR \ RWUDV KHUUDPLHQWDV GH DQiOLVLV \ SODQHDFLyQ
ILQDQFLHUD
7HFQROyJLFD SULQFLSDOPHQWH HQ OR TXH VH UHILHUH D OD XWLOL]DFLyQ GH
KHUUDPLHQWDVWHFQROyJLFDVTXHOHSHUPLWDQPHMRUDUODJHVWLyQRSHUDFLRQDO\
DGPLQLVWUDWLYD
•
1HJRFLRVPiVTXHQDGDHQORTXHVHUHILHUHDODHODERUDFLyQGHSODQHVGH
QHJRFLRV DVt FRPR GH DVSHFWRV HQ PDWHULD GH SODQHDFLyQ HVWUDWpJLFD \
WpFQLFDVGHQHJRFLDFLyQ
(QWRGDVODViUHDVGHFDSDFLWDFLyQVHSRGUtDRIUHFHUXQVHUYLFLRGHFRQVXOWRULDR
DVHVRULDPHGLDQWHORVWDOHQWRVGHODVXQLYHUVLGDGHVWDQWRS~EOLFDVFRPRSULYDGDV
&RPRWHUFHUSXQWRHVLPSRUWDQWHGHVDUUROODUDOLDQ]DVHVWUDWpJLFDVFRQ
•
•
•
•
&iPDUDGH,QGXVWULDGH&RVWD5LFD
8QLYHUVLGDGHV
21*¶V
,QVWLWXFLRQHV)LQDQFLHUDV
&RPRSDUWHGHODVDOLDQ]DVHVWUDWpJLFDVVHUHFRPLHQGDDODV3\0HVDSURYHFKDUOD
SRVLFLyQ GH )XQGHV FRPR SURYHHGRU GH IRUPDFLyQ HPSUHVDULDO LQIRUPDFLyQ \
FRQVXOWRUtD SDUD JHQHUDU HVSDFLRV GRQGH VH SXHGD LQIOXLU HQ ODV FRQGLFLRQHV GH
HQWRUQRGHODSHTXHxD\PHGLDQDHPSUHVD(QODWDUHDTXHIDOWDSRUKDFHUKD\XQ
JUDQHVSDFLRSDUDHO(VWDGRORTXHKDFHIDOWDHVYROXQWDGSRUHOORHOSDSHOGHODV
XQLYHUVLGDGHVSXHGHFRQYHUWLUVHHQSURWDJyQLFR¢4XpHVSHUDQODVXQLYHUVLGDGHV
HQWRQFHV"
,;*ORVDULR
$VHVRULD 'HQWUR GHOD HPSUHVD HV HO yUJDQR FX\R REMHWR EiVLFR HV RULHQWDU
DFRQVHMDU VXJHULU DFFLRQHV GH FDUiFWHU HVSHFtILFR DO HOHPHQWR TXH GLULJH OD
RUJDQL]DFLyQ /RV DVHVRUHV DFW~DQ FRPR FRQVHMHURV GH ORV GLUHFWLYRV \ GHO
SHUVRQDO VXERUGLQDGR \ HQ YLUWXG GH HOOR QR WLHQH DXWRULGDG GLUHFWD VREUH
QLQJ~Q PLHPEUR GH ORV GHSDUWDPHQWRV HQ ORV TXH KDFHQ VXV LQYHVWLJDFLRQHV
(O DVHVRU HV XQD SHUVRQD PX\ SUHSDUDGD FRQ XQD YLVLyQ PX\ DPSOLD GH
PXFKDVPDWHULDVGHFDUiFWHUJHQHUDO
&RQVXOWRULD6HUYLFLRSURIHVLRQDOSRUPHGLRGHOFXDOVHSURSRQHQVROXFLRQHVD
SUREOHPDVLGHQWLILFDGRVFRQHOSURSyVLWRGHFRQWULEXLUDORJUDUORVREMHWLYRVGH
ODRUJDQL]DFLyQ
&DSDFLWDFLyQ (V FRPSOHPHQWDU OD HGXFDFLyQ DFDGpPLFD GHO HPSOHDGR R
SUHSDUDUOR SDUD HPSUHQGHU WUDEDMRV GH PiV UHVSRQVDELOLGDG 2WUDV WHRUtDV
PDQLILHVWDQ TXH OD FDSDFLWDFLyQ HV HO FRQMXQWR GH FRQRFLPLHQWRV VREUH pO
SXHVWRTXHVHGHEHGHVHPSHxDUGHPDQHUDHILFLHQWH\HILFD]&XDQGRVHWUDWD
GHPHMRUDUODVKDELOLGDGHVPDQXDOHVRODGHVWUH]DGHORVLQGLYLGXRVHQWUDPRV
DO FDPSR GHO DGLHVWUDPLHQWR HO FRQMXQWR FDSDFLWDFLyQ \ DGLHVWUDPLHQWR VH
FRQRFHFRQHOQRPEUHGHHQWUHQDPLHQWRHQHOWUDEDMR
(VWDGR GH 2ULJHQ \ $SOLFDFLyQ GH )RQGRV (V XQD KHUUDPLHQWD GH DQiOLVLV
TXH PXHVWUD GHVGH HO SXQWR GH YLVWD ILQDQFLHUR HO RULJHQ GH ORV IRQGRV \ VX
DSOLFDFLyQ (V LPSRUWDQWH SRU FXDQWR SHUPLWH HYDOXDU OD FDSDFLGDG GH OD
HPSUHVD SDUD JHQHUDU UHFXUVRV ILQDQFLHURV TXH OH SHUPLWDQ FXPSOLU FRQ VXV
REOLJDFLRQHV
3UHVXSXHVWR GH (IHFWLYR (V XQD KHUUDPLHQWD GH SODQHDFLyQ ILQDQFLHUD TXH
PXHVWUD ORV IOXMRV GH HIHFWLYR HQWUDGDV VDOLGDV \ HIHFWLYR QHWR GH XQD
HPSUHVDGXUDQWHXQSHUtRGRHVSHFtILFR
3ULQFLSLRGH8QLGDGGH0DQGR(VWHSULQFLSLRHVWDEOHFHODQHFHVLGDGGHTXH
FDGD VXERUGLQDGR QR UHFLED yUGHQHV VREUH XQD PLVPD PDWHULD GH GRV
SHUVRQDVGLVWLQWDV (VWRHV HVHQFLDO SDUDHORUGHQ \OD HILFLHQFLD TXH H[LJHOD
RUJDQL]DFLyQ /D HVSHFLDOL]DFLyQ SDUD REWHQHU PD\RU HILFLHQFLD HVWDEOHFLy OD
GLYLVLyQ SRU IXQFLRQHV OD XQLGDG GH PDQGR SDUD ORJUDU WDPELpQ HVD PD\RU
HILFLHQFLD HVWDEOHFH VX FRRUGLQDFLyQ D WUDYpV GH XQ VROR MHIH TXH ILMH HO
REMHWLYRFRP~Q\GLULMDDWRGRVDORJUDUOR
3<0(6LJODVTXHFRUUHVSRQGHD3HTXHxD\0HGLDQD(PSUHVD(VLPSRUWDQWH
GHVWDFDU TXH HO FRQFHSWR 3<0( QR LQFOX\H ODV 0LFURHPSUHVDV pVWDV HQ
WpUPLQRVJHQHUDOHVVHWUDWDQGHHPSUHVDVFRQPHQRVGHFLQFRHPSOHDGRV
;5HIHUHQFLDV%LEOLRJUiILFDV
5RGUtJXH] - &yPR $GPLQLVWUDU 3HTXHxDV \ 0HGLDQDV (PSUHVDV
0p[LFR7KRPVRQ(GLWRUHV
9DQ +RUQH - \ :DFKRZLF] - )XQGDPHQWRV GH $GPLQLVWUDFLyQ
)LQDQFLHUD0p[LFR3UHQWLFH+DOO
:RQJ-0yGXORGH$QiOLVLV)LQDQFLHUR6DQ-RVp8/$&,7
&RPLVLyQ (FRQyPLFD SDUD $PpULFD /DWLQD (O ILQDQFLDPLHQWR GH OD
SHTXHxD \ PHGLDQD HPSUHVD HQ &RVWD 5LFD $QiOLVLV GHO FRPSRUWDPLHQWR
UHFLHQWH \ SURSXHVWDV GH UHIRUPD 5HFXSHUDGR HO GH DJRVWR GH GH
KWWSZZZHFODFFOSXEOLFDFLRQHV[POOFOHSGI
$XOD )DFLOFRP /HFFLyQ  (VWDGRGH RULJHQ \DSOLFDFLyQ GH IRQGRV
5HFXSHUDGR
HO
GH
DJRVWR
GH
GH
KWWSZZZDXODIDFLOFRP$QDEDOD/HFFKWP
/D1DFLyQGHIHEUHUR(OHVSHFLDOLVWD/DVS\PHV\ORVFDSLWDOHVGH
ULHVJR 5HFXSHUDGR HO GH VHSWLHPEUH GH GH
KWWSZZZQDFLRQFRPOQBHHIHEUHURHFRQRPLDKWPO
/D1DFLyQGHPDU]R'HVDUUROORGHODVS\PHV5HFXSHUDGRHOGH
VHSWLHPEUH
GH
GH
KWWSZZZQDFLRQFRPOQBHHPDU]RRSLQLRQKWPO
/D1DFLyQGHMXQLR3\PHVYLVOXPEUDQEHQHILFLRVFRQPD\RUDSHUWXUD
FRPHUFLDO 5HFXSHUDGR HO GH VHSWLHPEUH GH GH
KWWSZZZQDFLRQFRPOQBHHMXQLRHFRQRPLDKWPO