Obra completa - Biblioteca Valenciana Digital

/$%,%/,27(&$9$/(1&,$1$
/$%,%/,27(&$9$/(1&,$1$
C O N S E L L E R I A
D E
C U LT U R A
I
E S P O RT
&216(//(5,$ '(&8/785$
,(63257
!
"#!
$
$
%
&
'()
)*+,-./0
1233 & &
4
5
'+,+
5
5
!
,
'+,+&.
6!7!
18!
&!4
6"-9(:():)(':),'(:;
<
:2452-2010
C
2
D
!!7
!
E!F!
E!!GF
<!
F
E<
!.
!H
FRS\ULJKW&
/D%LEOLRWHFD
9DOHQFLDQD
3UyORJRLQVWLWXFLRQDO
7ULQLGDG0DUtD0LUy0LUD
&RQVHOOHUDGH&XOWXUDL(VSRUW
Ì1',&(
/D%LEOLRWHFD9DOHQFLDQD
(VWXGLRLQWURGXFWRULR
/D%LEOLRWHFD9DOHQFLDQDDxRVGHVSXpV
)HUQDQGR/OLVR%DUWXDO\)UDQFLVFD&HUGi9DUD
/DIRUPDFLyQGHODFROHFFLyQ
/D%LEOLRWHFD9DOHQFLDQDXQDELEOLRWHFDGHELEOLRWHFDV
6DOYDGRU&KDSD9LOODOED
%LEOLRJUDItD9DOHQFLDQD(OSDWULPRQLRELEOLRJUiÀFRSURFHGHQWHGHO'HSyVLWR/HJDO
)HUUDQ6DQWRQMD&HUGj
&ROHFFLyQ9DOHQFLDQDODVFRPSUDVHQOD%LEOLRWHFD9DOHQFLDQD
&DUPLQD$OFDxL]%XFHWD
/RVGHSDUWDPHQWRV
3URFHVR7pFQLFR
(YHULOGD)HUULROV6HJUHOOHV
/DVSXEOLFDFLRQHVSHULyGLFDV\VHULDGDVYDOHQFLDQDV
HQOD+HPHURWHFDGHOD%LEOLRWHFD9DOHQFLDQD
(QULF1RJXpV3DVWRUFRRUG0HUFKH5RMDV1pVWRU0LU
0LJXHOÉQJHO6ROVRQD3HSD%RUUXOO\1XULD6ROHU
(OIRQGRDQWLJXRLPSUHVRGHOD%LEOLRWHFD9DOHQFLDQD
(PPD*yPH]6HQHQW/ySH]
(O)RQGR*UiÀFRGHOD%LEOLRWHFD9DOHQFLDQD
5RVD2OPHGR5X]DID\)HGHULFR5RPHUR0DUWtQH]
(OGHSDUWDPHQWRGH0DQXVFULWRV\$UFKLYRV3HUVRQDOHV
GHOD%LEOLRWHFD9DOHQFLDQD
;DYLHU$VLQV5LGDXUD
(OGHSDUWDPHQWRGH&RQVHUYDFLyQ\5HVWDXUDFLyQ
GHOD%LEOLRWHFD9DOHQFLDQD
-RVp9HUJDUD3HULV\0DU%HQVDFK*DOD
3URGXFWRV\VHUYLFLRV
,QIRUPDFLyQ%LEOLRJUiÀFDVHUYLFLRVDOXVXDULRSUHVHQFLDO\QRSUHVHQFLDO
0ÉQJHOHV0DUWtQH]4XpV\0LJXHO&0XxR])HOLX
/D%LEOLRWHFD9DOHQFLDQD'LJLWDO%,9$/',
1XULD5RVD0DUWtQH])HUQiQGH]
(O&DWiORJR&ROHFWLYRGH3DWULPRQLR%LEOLRJUiÀFR
(PPD*yPH]6HQHQW/ySH]
/DGLIXVLyQHQOD%LEOLRWHFD9DOHQFLDQD
([SRVLFLRQHV\DFWLYLGDGHVFXOWXUDOHV
0LJXHO&0XxR])HOLX\1XULD6ROHU9HUGHMR
$QH[RV
,'DWRVHVWDGtVWLFRV
,,1RUPDWLYDOHJDO
/D%LEOLRWHFD
9DOHQFLDQD
35Ð/2*2
/D*HQHUDOLWDWFUHyHQOD%LEOLRWHFD9DOHQFLDQD&HQWURVXSHULRUELEOLRWHFDULRGH
OD*HQHUDOLWDW\GHSyVLWREiVLFRGHOD&RPXQLWDW9DOHQFLDQDODLQVWLWXFLyQFHOHEUDHQHVWH
DxRGHVXVYHLQWLFLQFRDxRVGHH[LVWHQFLDMXUtGLFD
6LHPSUHÀHODVXVSULQFLSLRVIXQGDFLRQDOHVOD%LEOLRWHFD9DOHQFLDQDKDH[SHULPHQWDGR
GXUDQWHHVWRVDxRVFDPELRVFXDQWLWDWLYRV\FXDOLWDWLYRVGHHQRUPHWUDVFHQGHQFLDVXFROHF
FLyQKDSDVDGRGHWUHLQWDPLOGRFXPHQWRVDPiVGHXQPLOOyQVHODKDGRWDGRGHXQDVHGH
SURSLDHOPRQDVWHULRGH6DQ0LJXHOGHORV5H\HVXQHGLÀFLRGHHQRUPHYDORUKLVWyULFR\
DUWtVWLFRSHURSURYLVWRWDPELpQGHODVPiVPRGHUQDVWHFQRORJtDVODVRFLHGDGGHODLQIRUPDFLyQ
VHKDKHFKRUHDOLGDGHQVXWUDEDMRGLDULR\HQORVSURGXFWRV\VHUYLFLRVTXHRIUHFH\VHKD
FRQYHUWLGRHQXQIRFRFXOWXUDOGHSULPHURUGHQPHGLDQWHXQSURJUDPDFRQWLQXRGHH[SR
VLFLRQHVUHFLWDOHVWDOOHUHVHQFXHQWURVFRQHVFULWRUHVRSUHVHQWDFLRQHVGHOLEURV
7UDVYHLQWLFLQFRDxRVHUDFRQYHQLHQWHKDFHUXQDOWRHQHOFDPLQRSDUDDQDOL]DUHO
SDVDGR\HOSUHVHQWHGHOD%LEOLRWHFD9DOHQFLDQD\PLUDUDOIXWXUR$VLPLVPRTXHUtDPRV
DSURYHFKDUODRFDVLyQSDUDUHQGLUKRPHQDMHDWDQWRV\WDQWRVYDOHQFLDQRVLOXVWUHVTXH
VLJXLHQGRHOHMHPSORGH1LFRODX3ULPLWLXKDQTXHULGRHQULTXHFHUHVWHSUR\HFWRFROHFWLYR
(VSHUHPRVTXHWDQWRHVWHOLEURFRPRODH[SRVLFLyQGHODTXHIRUPDSDUWHD\XGHQD
FRQVHJXLUHVWRVREMHWLYRV\SHUPLWDQFRQRFHUPiV\PHMRUHOSULPHUFHQWURELEOLRJUiÀFR
GHOD&RPXQLWDW9DOHQFLDQD
7ULQL0LUy
&RQVHOOHUDGH&XOWXUDL(VSRUW
/D%LEOLRWHFD
9DOHQFLDQD
/$%,%/,27(&$9$/(1&,$1$$f26'(638e6
)HUQDQGR/OLVR%DUWXDO\)UDQFLVFD&HUGi9DUD
/D%LEOLRWHFD9DOHQFLDQDVHFUHyKDFHDKRUDYHLQWLFLQFRDxRVPHGLDQWHHO'HFUHWR
GHO&RQVHOOGHOD*HQHUDOLWDW9DOHQFLDQD1RREVWDQWHVXVRUtJHQHVVHUHWURWUDHQ
DODJHQHURVDGRQDFLyQGHODELEOLRWHFDSDUWLFXODUGH'1LFRODX3ULPLWLXSRUSDUWHGHVXV
KHUHGHURVHQ\DTXHDQWHFHGHQWHVFRPROD%LEOLRWHFDGHO3DtV9DOHQFLjFUHDGDHQ
SRUXQGHFUHWRGHO&RQVHOO3URYLQFLDOGH9DOqQFLDDSURSXHVWDGHOFRQVHOOHUGH&XOWXUD
)UDQFHVF%RVFK0RUDWDQXQFDOOHJDURQDFXDMDU
3RUPHGLRGHO5HDO'HFUHWRGHGHDEULOVHDFHSWyODGRQDFLyQDO(VWDGR
GHXQDFROHFFLyQGHOLEURVFRPSXHVWDSRUHMHPSODUHVLQFXQDEOHVUDURV\HGLFLRQHVGHORV
VLJORV;9,;9,,\;9,,,LQWHJUDQWHVWRGRVHOORVGHO3DWULPRQLR+LVWyULFR(VSDxROSDUDTXH
VHLQVWDODUDHQXQDELEOLRWHFDGHQRPLQDGD©1LFRODX3ULPLWLXªHQODFLXGDGGH9DOHQFLD$Vt
PLVPRORVGRQDQWHVDXWRUL]DEDQDO0LQLVWHULRGH&XOWXUDSDUDTXHWUDQVPLWLHUDODSURSLHGDG
\DGPLQLVWUDFLyQGHOREMHWRGHVXGRQDFLyQVLVHOOHJDEDDFRQVWLWXLU©XQRUJDQLVPRSROtWLFR
RDGPLQLVWUDWLYRGHFDUiFWHUUHJLRQDOFRQHOQRPEUHGHPDQFRPXQLGDGJHQHUDOLGDGXRWUD
VHPHMDQWHª
0HGLDQWHOD2UGHQGHGHIHEUHURGHGHO0LQLVWHULRGH&XOWXUDVHFRQVWLWX\y
XQDELEOLRWHFDS~EOLFDSDUDHOVHUYLFLRGHODFXOWXUDYDOHQFLDQDFRQODGHQRPLQDFLyQ©1LFRODX
3ULPLWLXªHQOD%LEOLRWHFD3~EOLFD3URYLQFLDOGHO(VWDGRHQ9DOHQFLD
7UDVODDSUREDFLyQGHO(VWDWXWG·$XWRQRPLDGHOD&RPXQLWDW9DOHQFLDQDHQHO
0LQLVWHULRGH&XOWXUDFRQVLGHUyGHLQWHUpVJHQHUDOODWUDQVPLVLyQGHORVIRQGRVELEOLRJUiÀFRV
GHOD%LEOLRWHFD1LFRODX3ULPLWLXDOD*HQHUDOLWDW9DOHQFLDQD(VWDWUDQVPLVLyQVHPDWHULDOL]y
HQHO5HDO'HFUHWR
(VWDELEOLRWHFDGHLQFDOFXODEOHYDORUUHVXPHORVSULQFLSLRVEiVLFRVGHXQDELEOLRWHFD
QDFLRQDODOUHXQLUREUDVGHDXWRUYDOHQFLDQRWHPiWLFDYDOHQFLDQDRSURGXFLGDVHQOD&R
PXQLWDW9DOHQFLDQD\SXVRORVFLPLHQWRVVREUHORVTXHVHKDOHYDQWDGRODDFWXDO%LEOLRWHFD
9DOHQFLDQD
$HVWDGRQDFLyQLQLFLDOVHKDQLGRLQFRUSRUDQGRRWUDVPXFKDVTXHKDQYHQLGRD
HQULTXHFHU\FRPSOHWDUHVWRVLPSRUWDQWHVIRQGRVDGHPiVGHORVLQJUHVRVSURFHGHQWHVGHO
'HSyVLWR/HJDO\GHODVFRPSUDVUHDOL]DGDVSRUODSURSLDLQVWLWXFLyQ
/DSXEOLFDFLyQGHO'HFUHWRVXSRQHXQKLWRLPSRUWDQWH\DTXHGHVGHHVH
PRPHQWRVHGLVSRQHGHODQRUPDTXHUHJXODVXH[LVWHQFLD\TXHGDQGHÀQLGRVVXVÀQHV\
IXQFLRQHV
/D%LEOLRWHFD9DOHQFLDQDVHFUHDSRUWDQWRFRPRFHQWURVXSHULRUELEOLRWHFDULRGHOD
*HQHUDOLWDW\GHSyVLWRELEOLRJUiÀFREiVLFRGHOD&RPXQLWDW9DOHQFLDQDGHSHQGLHQWHGHOD
FRQVHOOHULDFRPSHWHQWHHQPDWHULDGHFXOWXUD
/D%LEOLRWHFDIXHXELFDGDLQLFLDOPHQWHHQHOPLVPRHGLÀFLRGHOD%LEOLRWHFD3~EOLFD
3URYLQFLDOGH9DOHQFLD(OORVXSRQtDXQDLPSRUWDQWHOLPLWDFLyQHQFXDQWRDODVSRVLELOLGDGHV
GHFUHFLPLHQWR\DTXHQRVHGLVSRQtDGHXQJUDQHVSDFLRSDUDHOGHSyVLWRGHORVIRQGRV\
DGHPiVVyORFRQWDEDFRQXQDSHTXHxDVDODGHFRQVXOWD6LXQLPRVDHVWRODJUDQDÁXHQFLD
GHS~EOLFRTXHUHFLEHOD%LEOLRWHFD3URYLQFLDOVHHQWLHQGHQODVGLÀFXOWDGHVSDUDDIURQWDUOD
RUJDQL]DFLyQ\HOVHUYLFLRQRUPDOL]DGRHQODUHFLpQFUHDGDELEOLRWHFD
(ODxRPDUFyXQDLQÁH[LyQHQHOGHVDUUROORGHOD%LEOLRWHFD9DOHQFLDQD\DTXH
VHLQDXJXUyVXVHGHDFWXDOHQHOPRQDVWHULRGH6DQ0LJXHOGHORV5H\HVWUDVQXPHURVRV
LQWHQWRVIDOOLGRVSDUDXELFDUODHQHGLÀFLRVKLVWyULFRVYDOHQFLDQRVFRPRHODVLORGH6DQ-XDQ
%DXWLVWDHOFRQYHQWRGHO&DUPHQHLQFOXVRHQXQSULPHUPRPHQWRHOSURSLRPRQDVWHULR
GH6DQ0LJXHOGHORV5H\HVTXHIXHGHVHVWLPDGRHQHVDLQVWDQFLD
$SDUWLUGHHVWHPRPHQWROD%LEOLRWHFD9DOHQFLDQDSDVyDGLVSRQHUGHXQDVPRGHUQDV
LQVWDODFLRQHVGRWDGDVGHORV~OWLPRVDYDQFHVWHFQROyJLFRVFRPRSRUHMHPSORORVURERWV
TXHWUDQVSRUWDQORVGRFXPHQWRVGHVGHORVGHSyVLWRVKDVWDODVVDODVGHFRQVXOWDXQQXHYR
SURJUDPDGHJHVWLyQGHELEOLRWHFDVSDUDODDXWRPDWL]DFLyQGHORVIRQGRV\VHUYLFLRVHWF
$VLPLVPRVHPHMRUyHOVHUYLFLRGHDWHQFLyQDOS~EOLFRDOGLVSRQHUGHGRVDPSOLDVVDODVGH
FRQVXOWDFRQSXHVWRVGHOHFWXUD\GRWDGDVGHORVPHGLRVQHFHVDULRVFRQH[LyQD,QWHUQHW
FRQVXOWDGHOFDWiORJRHQOtQHDDFFHVRDEDVHVGHGDWRVREUDVGHUHIHUHQFLDHQOLEUHDFFHVR
HWF\GHXQVHUYLFLRGHDWHQFLyQSHUVRQDOL]DGDDORVLQYHVWLJDGRUHV\XVXDULRV
(OQXHYRHGLÀFLRFXHQWDFRQYHLQWHVDODVGHGHSyVLWRGRWDGDVGHDUPDULRVFRPSDFWRV
TXHVXSRQHQXQWRWDOGHPGHDOPDFHQDPLHQWR\GHPHWURVOLQHDOHVGHHVWDQWH
UtDVORTXHSHUPLWHVXSHUDUODVOLPLWDFLRQHVGHFUHFLPLHQWRGHODFROHFFLyQHQODDQWLJXDVHGH
(OGHVDUUROORGHODFROHFFLyQVHKDUHDOL]DGRVLJXLHQGRORVÀQHVHVWDEOHFLGRVSRUHO
SURSLR'HFUHWRGHFUHDFLyQREUDVGHDXWRUYDOHQFLDQRGHWHPiWLFDYDOHQFLDQDRSURGXFLGDV
HQOD&RPXQLWDW9DOHQFLDQD/DVYtDVGHLQJUHVRKDQVLGRODVGRQDFLRQHV\ORVGHSyVLWRV
ODVFRPSUDV\HO'HSyVLWR/HJDO
(ODxRPDUFyWDPELpQXQFDPELRUHOHYDQWHHQORTXHUHVSHFWDDOFUHFLPLHQWR
GHODFROHFFLyQ$VtGHORVWUHVFLHQWRVPLOGRFXPHQWRVTXHFRQIRUPDEDQODFROHFFLyQGH
OD%LEOLRWHFDHQDTXHODxRVHSDVDDPiVGHXQPLOOyQHQODDFWXDOLGDG
0HQFLyQHVSHFLDOPHUHFHQODVGRQDFLRQHV\ORVOHJDGRV\DTXHKDQSHUPLWLGRTXH
GLVSRQJDPRVGHXQDFROHFFLyQQXPHURVD\FRPSOHWDFRQREUDVEiVLFDV\GHLQFDOFXODEOH
YDORUTXHODFRQYLHUWHQHQXQDFROHFFLyQGHUHIHUHQFLDEiVLFDSDUDORVLQYHVWLJDGRUHV6LQ
HVWDYtDGHFUHFLPLHQWROD%LEOLRWHFD9DOHQFLDQDGHRULJHQUHFLHQWHQRKDEUtDSRGLGRUHXQLU
XQDFROHFFLyQWDQLPSRUWDQWH(QWUH\OD%LEOLRWHFDKDEtDUHFLELGRGRQDFLRQHV
GHIRQGRVPLHQWUDVTXHHQWUHORVDxRV\KDQLQJUHVDGR(QWUHHVWRVIRQGRV
GHVWDFDQDGHPiVGHODGRQDFLyQLQLFLDOGH1LFRODX3ULPLWLXORVGH3HUH0DULD2UWV3HGUR
/D%LEOLRWHFD
9DOHQFLDQD
1iFKHU$OPHODL9LYHV,JQDFLR6ROGHYLOD-HV~V0DUWtQH]*XHUULFDEHLWLD*XLOOHUPLQD
0HGUDQR\5DIDHO6XSHUYtDGHO([LOLR5HSXEOLFDQR9DOHQFLDQRHWFGHORVTXHVHKDEODUi
GHWHQLGDPHQWHHQHOFDStWXORGHGLFDGRDODFROHFFLyQ
7DPELpQUHVXOWDIXQGDPHQWDOHOLQJUHVRGHREUDVSURFHGHQWHVGHO'HSyVLWR/HJDO
\DTXHHOORSHUPLWHTXHFRQVHUYHPRVXQDPXHVWUDGHQXHVWUDSURGXFFLyQHGLWRULDOTXHHV
XQRGHORVÀQHVTXHGHEHFXPSOLUHVWD%LEOLRWHFDVREUHODEDVHGHORUHJXODGRSRUHOSURSLR
'HFUHWRGHFUHDFLyQ
(OUHVXOWDGRKDVLGRXQDFROHFFLyQYDULDGDHQFXDQWRDVXWHPiWLFD\DORVIRUPDWRV
GHORVGRFXPHQWRV
'HVXVIRQGRVSRGHPRVGHVWDFDUODLPSRUWDQWHFROHFFLyQGHPDQXVFULWRVHQWUHORV
TXHVHHQFXHQWUDHOGRFXPHQWRPiVDQWLJXRFRQVHUYDGRHQOD%LEOLRWHFD9DOHQFLDQDXQD
FDUWDSDUWLGDSRU$%&GHODxRTXHFRQWLHQHODFRQÀUPDFLyQGHODSULPHUDFDUWD
SXHEODGH6DQW0DWHX7DPELpQGHVWDFDSRUVXEHOOH]DHOHMHPSODUGHO6SHFWDFXODOXFUHWLDQD
GDWDGRDSUR[LPDGDPHQWHHQGHGLFDGRSRUVXDXWRU-XDQ%DXWLVWD&DQWDOLFLRDOSDSD
$OHMDQGUR9,FRQRFDVLyQGHODVERGDVGH/XFUHFLD%RUMDFRQ$OIRQVRGH$UDJyQ7DPELpQ
FRQWDPRVFRQXQDPDJQtÀFDFROHFFLyQGHREUDVGHIRQGRDQWLJXRHQWUHODVTXHGHVWDFDQ
ORVLQFXQDEOHV\HQWUHHOORVODHGLFLyQSUtQFLSHGH9LWD&KULVWLGHVRU,VDEHOGH9LOOHQD
LPSUHVDHQ9DOHQFLDHQ5HJLPHQWSUHVHUYDWLXLFXUDWLXGHODSHVWLOHQFLDGH/OXtV$OFDQ\tV
LPSUHVRHQ9DOHQFLDHQYDULRVHMHPSODUHVGHVHUPRQHVGHVDQ9LFHQWH)HUUHUHQWUH
ORVTXHSRGHPRVFLWDUHOLPSUHVRHQ&RORQLDHQTXHHVHOHMHPSODUPiVDQWLJXRTXH
OD%LEOLRWHFD9DOHQFLDQDWLHQHGHOSUHGLFDGRUYDOHQFLDQRODSULPHUDHGLFLyQLPSUHVDGH
ORV)XUVGHO5HJQHGH9DOHQFLDIHWVSHUOR5H\GRQ)HUUDQGRLPSUHVRHQ3UDFWLFDPHGLFLQHGH
$UQDXGH9LODQRYDLPSUHVRHQHWF$pVWRVKD\TXHDxDGLUXQDQXWULGDFROHFFLyQGH
REUDVGHORVVLJORV;9,D;9,,,
/D&ROHFFLyQ&HUYDQWLQDGH)UDQFHVF0DUWtQH]L0DUWtQH]GHSRVLWDGDHQOD%LEOLR
WHFD9DOHQFLDQDSRUOD'LSXWDFLyGH9DOqQFLD\IXHUWHPHQWHLQFUHPHQWDGDSRUFRPSUDVGH
OD*HQHUDOLWDWFRQVWLWX\HXQDGHODVSULQFLSDOHVUHFRSLODFLRQHVGHHGLFLRQHVGHODREUDGH
&HUYDQWHVDHVFDODPXQGLDO(VWD&ROHFFLyQIXHHQVXGtDODTXHVHHVWDEOHFLyFRPREDVH
SDUDODPDORJUDGD%LEOLRWHFDGHO3DtV9DOHQFLjGH
3RURWURODGRGHEHPRVUHVDOWDUODLPSRUWDQFLDGHODFROHFFLyQGH+HPHURWHFDFRQPiV
GHFDWRUFHPLOWtWXORVTXHDEDUFDQGHVGHSUHQVDHVFULWDKDVWDKLVWRULHWDVJUiÀFDVOLEURVGH
ÀHVWDVDQXDULRVFDWiORJRVGHOLEUHURV\UHYLVWDVGHGLYHUVDVWHPiWLFDV\WHQGHQFLDV(QWUHODV
REUDVFRQVHUYDGDVSRGHPRVGHVWDFDU'LDULRGH9DOHQFLDODFROHFFLyQGHUHYLVWDV
GHODpSRFDGHOD,,5HS~EOLFD\GHOD*XHUUD&LYLOODVSXEOLFDFLRQHVVHPLFODQGHVWLQDVODFR
OHFFLyQGHOOLEUHWVGHIDOODHWF7DPELpQVRQGHJUDQLPSRUWDQFLDSDUDOD&RPXQLWDW9DOHQFLDQD
ORVIRQGRVSURYHQLHQWHVGH(GLWRUD9DOHQFLDQDTXHHGLWyEXHQDSDUWHGHORVWHEHRV\GH
ODVQRYHODVSRSXODUHVTXHVHOH\HURQHQOD(VSDxDGHORVGRVVHJXQGRVWHUFLRVGHOVLJOR;;
$GHPiVGHVWDFDODLPSRUWDQWHFROHFFLyQGH)RQGR*UiÀFRUHXQLGDSRUHVWD%LEOLR
WHFDHQODTXHVHSXHGHQHQFRQWUDUIRWRJUDItDVWDUMHWDVSRVWDOHVGLEXMRVJUDEDGRVPDSDV
SODQRVFURPRVHWFGHVGHHOVLJOR;9,KDVWDODDFWXDOLGDG(QWUHORVIRQGRVTXHLQWHJUDQ
HVWDFROHFFLyQGHVWDFDQORVGH-RVp+XJXHW9LFHQWH3H\GUy-RDTXtQ6DQFKLV6HUUDQR0DULR
*XLOODPyQ)UDQFHVF-DUTXH/i]DUR'HVÀOLV\ODFROHFFLyQGHIRWRJUDItDVDpUHDVGH(VSDxD
TXHVRQXQDPXHVWUDGHODYLGD\ODVFRVWXPEUHVYDOHQFLDQDVGHQXHVWUDKLVWRULDGHQXHVWURV
SXHEORV\SDLVDMHV\UHSUHVHQWDQXQWHVWLPRQLRGHYDORULQFDOFXODEOH
(QGHÀQLWLYDODGLVSRQLELOLGDGGHXQDVHGHSURSLDGRWDGDGHPHGLRVDGHFXDGRVKD
SHUPLWLGRXQQRWDEOHFUHFLPLHQWR\XQDHYLGHQWHFRQVROLGDFLyQGHOD%LEOLRWHFD9DOHQFLDQD
(OULFRSDWULPRQLRELEOLRJUiÀFRTXHFXVWRGLDHVWDLQVWLWXFLyQGHEHFRQVHUYDUVHHQFRQGL
FLRQHVDGHFXDGDVTXHJDUDQWLFHQVXSUHVHUYDFLyQ3RUHOORODGRFXPHQWDFLyQVHJXDUGDHQ
XQRVGHSyVLWRVGHELGDPHQWHDFRQGLFLRQDGRV\FRQHVWULFWDVPHGLGDVGHVHJXULGDG
/D%LEOLRWHFD9DOHQFLDQDSRVHHXQGHSDUWDPHQWRGH5HVWDXUDFLyQTXHVHHQFDUJDGH
ÀMDUODVFRQGLFLRQHVPiVDGHFXDGDVSDUDODFRQVHUYDFLyQGHORVGLVWLQWRVWLSRVGHGRFX
PHQWRV\GHUHDOL]DUFRQWUROHVSHULyGLFRVGHWHPSHUDWXUD\KXPHGDGWDQWRHQODVVDODVGH
FRQVXOWDFRPRHQORVGHSyVLWRVWDPELpQVHRFXSDGHVXSHUYLVDUWRGRHOPDWHULDOTXHHQWUD
HQOD%LEOLRWHFDHQHVSHFLDOHOSURFHGHQWHGHGRQDFLRQHV\GHSyVLWRVSDUDJDUDQWL]DUTXH
ODGRFXPHQWDFLyQTXHVHLQVWDODHQHVWRVGHSyVLWRVHVWiHQODVGHELGDVFRQGLFLRQHV2WUD
GHVXVIXQFLRQHVHVSODQLÀFDUODVWDUHDVGHGHVLQIHFFLyQ\GHVLQVHFWDFLyQ\SRUVXSXHVWR
UHFXSHUDUHOPDWHULDOGDxDGRRGHWHULRUDGR(VWHHVXQWUDEDMRDUWHVDQDOTXHUHTXLHUHXQD
JUDQSHULFLD\TXHKDSHUPLWLGRUHFXSHUDUDXWpQWLFDVMR\DVELEOLRJUiÀFDV/DIRUPDFLyQ\OD
GLIXVLyQTXHOOHYDDFDERHVWHGHSDUWDPHQWRHQWUHODVELEOLRWHFDVYDOHQFLDQDVVRQWDUHDVGH
JUDQLPSRUWDQFLDSRUORFXDOKDFHH[WHQVLYDVVXVEXHQDVSUiFWLFDVPHGLDQWHHODVHVRUDPLHQWR
\ODVSXEOLFDFLRQHVHVSHFLDOL]DGDV
3HUROD%LEOLRWHFDQRVyORGHEHFXVWRGLDU\SUHVHUYDUHO3DWULPRQLR%LEOLRJUiÀFR
9DOHQFLDQRVLQRTXHFRPR\DVHKDGLFKRWDPELpQGHEHJDUDQWL]DUVXGLIXVLyQ3DUDHOOR
KDVLGRIXQGDPHQWDOODLQIRUPDWL]DFLyQGHOFDWiORJR\VXSXHVWDDGLVSRVLFLyQGHOS~EOLFR
DWUDYpVGH,QWHUQHW/DUHGDFFLyQGHORVUHJLVWURVELEOLRJUiÀFRVVHKDUHDOL]DGRFRQVXPR
FXLGDGRVLJXLHQGRODQRUPDWLYD\ORVHVWiQGDUHVQDFLRQDOHVHLQWHUQDFLRQDOHV$VLPLVPR
HVGHGHVWDFDUHOJUDQHVIXHU]RUHDOL]DGRHQODQRUPDOL]DFLyQGHODVHQWUDGDVGHDXWRULGDG
HQHVSHFLDOODVGHDXWRUHVHQWLGDGHV\WRSyQLPRVYDOHQFLDQRV
/DUiSLGDFDWDORJDFLyQGHORVIRQGRVHVXQDWDUHDEiVLFDSDUDIDFLOLWDUODFRQVXOWDGH
ORVPLVPRV(QODDFWXDOLGDGVHHQFXHQWUDSHQGLHQWHGHFDWDORJDU~QLFDPHQWHHOGHORV
IRQGRVFXVWRGLDGRVDORTXHKD\TXHDxDGLUHOLQJUHVRRUGLQDULRGHGRFXPHQWRVDWUDYpVGH
ODVFRPSUDV\GHO'HSyVLWR/HJDO3RUHOORDFHOHUDUHVWHWUDEDMRHVXQDSULRULGDGSDUDTXH
WRGDODGRFXPHQWDFLyQHVWpDFFHVLEOHORDQWHVSRVLEOH
/DDGTXLVLFLyQSRUSDUWHGHOD%LEOLRWHFD9DOHQFLDQDGHXQSURJUDPDGHJHVWLyQ
ELEOLRWHFDULDKDUHVXOWDGRGHJUDQD\XGD\DTXHKDSHUPLWLGRLQIRUPDWL]DUODVWDUHDVEi
VLFDVFDWDORJDFLyQJHVWLyQGHXVXDULRVSUpVWDPRVHVWDGtVWLFDVHODERUDFLyQGHWHMXHORV
\GHFyGLJRVGHEDUUDVJHVWLyQGHSXEOLFDFLRQHVVHULDGDVHWF\KDFHSRVLEOHXQDPD\RU
UDFLRQDOL]DFLyQ\FRQWUROGHOWUDEDMR$GHPiVHVXQSURJUDPDTXHXWLOL]DORVHVWiQGDUHV
/D%LEOLRWHFD
9DOHQFLDQD
LQWHUQDFLRQDOHV²FRPRODQRUPD,62²SDUDODLQIRUPDWL]DFLyQGHORVUHJLVWURVELEOLR
JUiÀFRVDVSHFWRIXQGDPHQWDOSDUDHOLQWHUFDPELRGHLQIRUPDFLyQFRQRWUDVELEOLRWHFDV
TXHWDPELpQORVXWLOL]DQ'HHVWDPDQHUDVHSXHGHSDUWLFLSDUHQSUR\HFWRVGHFDWDORJDFLyQ
FRRSHUDWLYD\HQFDWiORJRVFROHFWLYRV\FRPSDUWLUODLQIRUPDFLyQ%XHQHMHPSORGHHOORHV
ODFRODERUDFLyQFRQHO0LQLVWHULRGH&XOWXUDSDUDODUHDOL]DFLyQGHO&DWiORJR&ROHFWLYRGHO
3DWULPRQLR%LEOLRJUiÀFR(VSDxRO\FRQOD5HG(OHFWUyQLFDGH/HFWXUD3~EOLFD9DOHQFLDQD
SDUDODUHDOL]DFLyQGHO&DWiORJR&ROHFWLYR9DOHQFLDQR
$GHPiVFRPRFDEHFHUDGHO6LVWHPD%LEOLRWHFDULR9DOHQFLDQR\SXQWRGHUHIHUHQFLD
SDUDHOUHVWRGHODVELEOLRWHFDVIDFLOLWDODH[SRUWDFLyQGHUHJLVWURVELEOLRJUiÀFRVSRUSDUWH
GHRWUDVELEOLRWHFDVPHGLDQWHHOSURWRFRORGHFRPXQLFDFLRQHV=(VWRUHSUHVHQWD
XQDKRUURGHWUDEDMRSDUDHOSHUVRQDOFDWDORJDGRUSXHVORVGRFXPHQWRVTXHFDWDORJDHVWD
LQVWLWXFLyQ\DQRWLHQHQTXHVHUFDWDORJDGRVSRURWURVFHQWURV
(OSURJUDPDLQFOX\HWDPELpQODRSFLyQGHGLVSRQHUGHXQFDWiORJRFRQVXOWDEOHHQ
OtQHDDWUDYpVGH,QWHUQHW/DELEOLRWHFDIDFLOLWDODFRQVXOWDGHHVWHFDWiORJRDWUDYpVGHVX
SiJLQDZHE\GHHVWHPRGRFXPSOHFRQODREOLJDFLyQGHJDUDQWL]DUODGLIXVLyQGHORVIRQ
GRVTXHFXVWRGLD
/D%LEOLRWHFD9DOHQFLDQDHVDVXYH]ODHQFDUJDGDGHHODERUDUHO&DWiORJR&ROHFWLYR
GH3DWULPRQLR%LEOLRJUiÀFRGHOD&RPXQLWDW9DOHQFLDQD\GHSURSLFLDUVXLQWHJUDFLyQHQ
FXDQWRVFDWiORJRVFROHFWLYRVGHOUHVWRGH(VSDxDRLQWHUQDFLRQDOHVHVWpQHQIRUPDFLyQR
SXGLHUDQSURPRYHUVHHQXQIXWXUR(OFDWiORJRWDO\FRPRYHUHPRVPiVDGHODQWHVHLQLFLy
HQHQFRODERUDFLyQFRQHO0LQLVWHULRGH&XOWXUD\VXVUHJLVWURVVHLQWHJUDQWDPELpQ
HQHO&DWiORJR&ROHFWLYRGHO3DWULPRQLR%LEOLRJUiÀFR(VSDxRO
(VWHFDWiORJRLQFOX\HGHVFULSFLRQHVELEOLRJUiÀFDVGHREUDVLPSUHVDVHQWUHORVVLJORV
;9\;,;FRQVHUYDGRVHQELEOLRWHFDVS~EOLFDV\SULYDGDVGHOD&RPXQLWDW9DOHQFLDQDDVt
FRPRORVIRQGRVGHOD%LEOLRWHFD9DOHQFLDQD(QODDFWXDOLGDGODEDVHGHGDWRVLQFOX\H
HMHPSODUHV
3RURWURODGRFRQHOWUDVODGRGHODLQVWLWXFLyQDOPRQDVWHULRGH6DQ0LJXHOGHORV5H\HV
VHSXVRHQPDUFKDHOGHSDUWDPHQWRGH'LIXVLyQ(OORKDSHUPLWLGRGHVDUUROODUXQDVHULH
GHOtQHDVGHDFWXDFLyQTXHWLHQHQFRPRREMHWLYRGDUDFRQRFHUHVWDLPSRUWDQWH%LEOLRWHFD
\DFHUFDUODDWRGRVORVFLXGDGDQRV(QWUHODVDFWLYLGDGHVGHVDUUROODGDVSRGHPRVGHVWDFDUHO
&LFORGH$QLPDFLyQ/HFWRUD\ORVHQFXHQWURVFRQHVFULWRUHVTXHVHYLHQHQFHOHEUDQGRWRGRV
ORVDxRV$VLPLVPRVHSURJUDPDQLQWHUHVDQWHVH[SRVLFLRQHVTXHSHUPLWHQGDUDFRQRFHUORV
YDOLRVRVIRQGRVFRQVHUYDGRVSRUHVWDLQVWLWXFLyQRTXHVHFHQWUDQHQWHPDVIXQGDPHQWDOHV
GHQXHVWUDKLVWRULD\QXHVWUDFXOWXUD
7DPELpQHQHVWHVHQWLGRVHHQWLHQGHODODERUGHOVHUYLFLRGH3XEOLFDFLRQHVGHOD
%LEOLRWHFD9DOHQFLDQDTXHOOHYDDFDERXQDODERUHGLWRULDOUHODFLRQDGDFRQODVDFWLYL
GDGHVSURSLDVGHHVWHFHQWURSHURFRQHFWDGDDOPLVPRWLHPSRFRQODUHDOLGDGFXOWXUDO
YDOHQFLDQDPXFKDVYHFHVIUXWRGHLQYHVWLJDFLRQHVUHDOL]DGDVHQHOPRQDVWHULRGH6DQ
0LJXHOGHORV5H\HV
(VWHFDPLQRKDFLDXQDELEOLRWHFDPRGHUQDDOFDQ]yXQDQXHYDHWDSDFRQODFUHDFLyQ
GHVXSiJLQDZHEHQORTXHSHUPLWLyDUWLFXODUVHUYLFLRVQRSUHVHQFLDOHV\FRQYHUWLUOD
HQXQPHGLREiVLFRGHGLIXVLyQGHODPLVPD
/DSiJLQDZHEHVDEVROXWDPHQWHLPSUHVFLQGLEOHKR\HQGtDSDUDXQVHUYLFLRGHLQ
IRUPDFLyQHVHOHVFDSDUDWHGHODLQVWLWXFLyQKDFLDHOH[WHULRU\XQDKHUUDPLHQWDGHWUDEDMR
PX\~WLO$WUDYpVGHODPLVPDSURSRUFLRQDPRVODLQIRUPDFLyQEiVLFDGHQXHVWUD%LEOLR
WHFDORFDOL]DFLyQKRUDULRV\VHUYLFLRVKLVWRULDFROHFFLRQHVSHURWDPELpQQRVSHUPLWH
LQFRUSRUDUVHUYLFLRVGHYDORUDxDGLGRFRPRVRQODFRQVXOWDHQOtQHDGHORVFDWiORJRVOD
DJHQGDFRQODVDFWLYLGDGHVSURJUDPDGDVODSRVLELOLGDGGHUHDOL]DUWUDQVDFFLRQHVFRQVXOWDV
VREUHIRQGRVRVHUYLFLRVODSHWLFLyQGHOFDUQpGHLQYHVWLJDGRUODVROLFLWXGGHXQSUpVWDPR
LQWHUELEOLRWHFDULRHOHQFDUJRGHXQDUHSURJUDItDRHOSUpVWDPRSDUDXQDH[SRVLFLyQ$GH
PiVODVQXHYDVWHFQRORJtDVQRVSHUPLWHQLQFRUSRUDUQXHYRVVHUYLFLRVTXHIDFLOLWDQODPD\RU
LQWHUDFFLyQFRQQXHVWURVXVXDULRV
7DPELpQHQYLRODOX]XQSUR\HFWRIXQGDPHQWDOSDUDODSUHVHUYDFLyQ\GLIXVLyQ
GHQXHVWURULFRSDWULPRQLRELEOLRJUiÀFROD%LEOLRWHFD9DOHQFLDQD'LJLWDO%,9$/',(Q
HVWHSUR\HFWRKDQWHQLGRFDELGDODVREUDVOLWHUDULDV\FLHQWtÀFDVYDOHQFLDQDVPiVUHOHYDQWHV
\VLJQLÀFDWLYDVDVtFRPRDTXHOODVRWUDVTXHKDQVLGRFRQVLGHUDGDVGHXQPD\RULQWHUpVSDUD
HOGHVDUUROORGHODLQYHVWLJDFLyQFLHQWtÀFDVREUHHOSDWULPRQLRELEOLRJUiÀFR\FXOWXUDOGHOD
&RPXQLWDW9DOHQFLDQD3RUHOORHQOD%LEOLRWHFD9DOHQFLDQD'LJLWDO%,9$/',VHSXHGHQ
HQFRQWUDUREUDVQRVyORFRQVHUYDGDVHQELEOLRWHFDV\HQWLGDGHVGHQXHVWUD&RPXQLWDW
VLQRWDPELpQRWUDVTXHSHUWHQHFHQDODFHUYRFXOWXUDOGHWRGRVORVYDOHQFLDQRVSHURTXHVH
HQFXHQWUDQHQGLIHUHQWHVLQVWLWXFLRQHVELEOLRWHFDULDV\GHSyVLWRVGRFXPHQWDOHVOD+LVSDQLF
6RFLHW\OD$EDGLDGH0RQWVHUUDWOD%LEOLRWHFD1DFLRQDOGH(VSDxDHWF
%,9$/',VHWUDQVIRUPyHQHQXQUHSRVLWRULR2$,2SHQ$UFKLYHV,QLWLDWLYH
VLJXLHQGRODVGLUHFWULFHV\HVWiQGDUHVLQWHUQDFLRQDOHVORTXHKDSHUPLWLGRVXSDUWLFLSDFLyQ
HQSUR\HFWRVQDFLRQDOHVFRPROD%LEOLRWHFD9LUWXDOGH3DWULPRQLR%LEOLRJUiÀFRRLQWHUQD
FLRQDOHVFRPROD%LEOLRWHFD'LJLWDO(XURSHD(XURSHDQD
(Q%,9$/',HQFRQWUDPRVGHVGHLQFXQDEOHVKDVWDPDQXVFULWRVGHREUDVFRVWXPEULVWDV
SRSXODUHVDORVOLWHUDWRVFOiVLFRVYDOHQFLDQRVGHPRQRJUDItDVGHWHPiWLFDKLVWyULFDDWUDWDGRV
GHGHUHFKRIRUDO/DGLJLWDOL]DFLyQGHWRGDVHVWDVREUDV\VXLQFOXVLyQHQ%,9$/',SHUPLWHQ
DOHFWRUHVGHWRGRHOPXQGRDFFHGHUDHOODVOLEUHPHQWH\GHIRUPDySWLPD$VLPLVPRVHLQFOX
\HQWDPELpQHQ%,9$/',WUDQVFULSFLRQHVWUDGXFFLRQHVELEOLRJUDItDVHVWXGLRVHVSHFLDOL]DGRV
VREUHODVREUDVGLJLWDOL]DGDV\VXVLPSUHVRUHVELRJUDItDVGHVXVDXWRUHVHWF
/DDSXHVWDSRUODGLJLWDOL]DFLyQSHUPLWHFXPSOLUFRQGRVREMHWLYRVIXQGDPHQWDOHVSRU
XQODGRODSUHVHUYDFLyQ\DTXHVHHYLWDTXHVHWHQJDQTXHFRQVXOWDUYDOLRVRVGRFXPHQWRV
TXHSXHGHQGHWHULRUDUVHSRUHOXVRSRURWURODGLIXVLyQDOSRQHUDODOFDQFHGHWRGRVHVWH
ULFRSDWULPRQLRELEOLRJUiÀFR
$KRUDELHQORVWUDVFHQGHQWDOHVFDPELRVTXHVHSURGXFHQHQQXHVWUDVRFLHGDGSODQ
WHDQQXHYRVUHWRVSDUDORVVHUYLFLRVGHLQIRUPDFLyQTXHGHEHQDGDSWDUVHDODVGHPDQGDV
/D%LEOLRWHFD
9DOHQFLDQD
\RIUHFHUQXHYDVSRVLELOLGDGHV$GHPiVORVUiSLGRVDYDQFHVWHFQROyJLFRVREOLJDQDUHDOL]DU
DGDSWDFLRQHV\PHMRUDVSDUDTXHQRVHTXHGHQREVROHWRV
(QWUHORVUHWRVPiVLQPHGLDWRVTXHWHQHPRVTXHDIURQWDUQRVHQFRQWUDPRVFRQOD
QHFHVLGDGGHDPSOLDUORVHVSDFLRVGHDOPDFHQDPLHQWRSDUDHYLWDUTXHVXSRQJDQXQIUHQRDODV
SRVLELOLGDGHVGHFUHFLPLHQWRGHOD%LEOLRWHFD(QODDFWXDOLGDGORVGHSyVLWRVVHHQFXHQWUDQ
DOGHVXFDSDFLGDGSRUORTXHHQXQIXWXURSUy[LPRKDEUiTXHKDELOLWDUQXHYDV]RQDV
GHGHSyVLWRHQODVSUR[LPLGDGHVRXQGHSyVLWRFRPSOHPHQWDULRWDO\FRPRKDQKHFKRRWUDV
LQVWLWXFLRQHVGHFDUDFWHUtVWLFDVVLPLODUHV
$VLPLVPRHVWDPRVHQXQPRPHQWRHQTXHVHHVWiQGHVDUUROODQGRP~OWLSOHVUHSRVLWR
ULRVGHGRFXPHQWRVGLJLWDOHVRGLJLWDOL]DGRV(QHVWHWHUUHQRVHSRWHQFLDUiQORVPHFDQLVPRV
GHFRRSHUDFLyQHQWUHODVGLVWLQWDVELEOLRWHFDVSDUDHYLWDUGXSOLFLGDGHV\DSURYHFKDUPHMRU
ORVHVFDVRVUHFXUVRVGLVSRQLEOHV&RQVLGHUDPRVTXHOD%LEOLRWHFD9DOHQFLDQDGHEHMXJDUXQ
SDSHOFODYH\TXH%,9$/',GHEHVHUXQUHSRVLWRULRGHUHIHUHQFLDHQHOiPELWRGHQXHVWUD
&RPXQLWDW\DTXHVXUJHQRVyORSDUDLQFRUSRUDUORVIRQGRVGHHVWD%LEOLRWHFDVLQRSDUD
DJOXWLQDUGRFXPHQWRVGHLQWHUpVUHODFLRQDGRVFRQQXHVWUDFXOWXUD
)LQDOPHQWHWHQGUHPRVTXHDERUGDUHOLPSRUWDQWHUHWRGHFRQVHUYDUWDPELpQHOSDWUL
PRQLRGLJLWDOTXH\DVHHVWiJHQHUDQGR\TXHFRUUHHOSHOLJURGHGHVDSDUHFHU
(QHVWDFR\XQWXUDOD%LEOLRWHFD9DOHQFLDQDGHEHUHDOL]DUXQHVIXHU]RSDUDUHVSRQGHU
GHPDQHUDDGHFXDGDDWRGRVHVWRVUHWRVGHPDQHUDTXHOHSHUPLWDFRQWLQXDUVLHQGROD
LQVWLWXFLyQGRFXPHQWDO\ELEOLRWHFDULDGHUHIHUHQFLDSDUDHOFRQMXQWRGHORVYDOHQFLDQRV
/D%LEOLRWHFD
9DOHQFLDQD
/$%,%/,27(&$9$/(1&,$1$
81$%,%/,27(&$'(%,%/,27(&$6
6DOYDGRU&KDSD9LOODOED
,QWURGXFFLyQ
(QVXEUHYHH[LVWHQFLDOD%LEOLRWHFD9DOHQFLDQDKDLGRGDQGRFXHUSR\IRUPDDVX
FROHFFLyQGHOSDWULPRQLRELEOLRJUiÀFR\GRFXPHQWDOYDOHQFLDQRSRUGLYHUVRVFDXFHV(Q
SHUVSHFWLYDKLVWyULFDORVPiVGHVWDFDGRVVRQODGRQDFLyQ\ODFRPSUDGHODVELEOLRWHFDV
UHXQLGDVSRUSHUVRQDV\HQWLGDGHVFX\RVFRQWHQLGRVFXPSOHQELHQORVFULWHULRVHVWDEOHFLGRV
HQODIRUPDFLyQGHODFROHFFLyQ(OKHFKRGHGLVSRQHUODVHQRUGHQFURQROyJLFRGHUHFHSFLyQ
HVXQDIRUPDGHVHJXLUODKLVWRULDGHODELEOLRWHFD
1LFRODX3ULPLWLX*yPH]6HUUDQR
)UDQFHVF%DGHQHVL'DOPDX
-RVHS(VSDVD
6DOYDGRU3DOODUpV
(PLOLR0XxR]2UWV
/OXtV*XDUQHU
0DQXHO6DQFKLV*XDUQHU
$GROI 3L]FXHWD
6HFFLyQ)HPHQLQD
/XLV*DUFtD(MDUTXH
5DIDHO3pUH]&RQWHO
-RVp)HUUHU2OPRV
0DUtDÉQJHOHV%HOGD6ROHU
)LQH]DV
-RVp+XJXHW
9LFHQWH3H\GUy0DU]DO
&RPSDxtD(VSDxRODGH7UDEDMRV)RWRJUDPpWULFRV
&(7)$
0DULR*XLOODPyQ9LGDO
0HGUDQR6XSHUYtD
(GXDUGR/ySH]&KDYDUUL
9LFHQWH/ORUHQV
)UDQFHVF$OPHODL9LYHV
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
)UDQFHVF-DUTXH
-RVp/i]DUR%D\DUUL
%LEOLRWHFD&DUUHUHV
,QVSHFFLyQ(GXFDWLYD
,QVWLWXW9DOHQFLjG·(FRQRPLD,9(
-RVp5RGUtJXH]2OD]iEDO
0DQXHO%DV&DUERQHOO
$QGUpVGH6DOHV)HUUL&KXOLR
%LEOLRWHFD&HUYDQWLQD
&ROHJLRGHO$UWH0D\RUGHOD6HGD
'RPLQJR*DUFtD)RUFDGD
)UDQFLVFR6HPSHUH0DVLi
-XDQ*LO$OEHUW
9LFHQWH*LQHU%RLUD
&DVD5HJLRQDO9DOHQFLDQDGH0p[LFR
'LHJR6HYLOOD$QGUpV
,QVWLWXW9DOHQFLjGHOD0~VLFD,90
-RVp$LEDU*XHUUD
5DIDHO/DSHVD
$OHMDQGUR)HUUDQW9i]TXH]
$PHOLD&RPED
ÉQJHO/DFDOOH
$WHQHR(VSDxROGH0p[LFR
%HUWD6LQJHUPDQ
(PLOLR$WWDUG$ORQVR
)DPLOLD9HQWXUD
/DXUHDQR5REOHV&DUFHGR
0DQXHO7DUDQFyQ)DQGRV
3XEOLSUHVV
$JXVWt$ODPDQL5RGULJR
&RQVHOO9DOHQFLjGH&XOWXUD
)HOLSH*DUtQ
-HV~V0DUWtQH]*XHUULFDEHLWLD
3HUH0DULD2UWVL%RVFK
$OWRV+RUQRVGH6DJXQWR
)DPLOLD6DDYHGUD5RGULJR
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
&HVLyQWHPSRUDO
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
&HVLyQWHPSRUDO
&HVLyQWHPSRUDO
'RQDFLyQFRPSUD
&HVLyQWHPSRUDO
&HVLyQWHPSRUDO
&HVLyQWHPSRUDO
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
&HVLyQWHPSRUDO
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
&HVLyQWHPSRUDO
'RQDFLyQFRPSUD
&HVLyQWHPSRUDO
&HVLyQWHPSRUDO
&HVLyQWHPSRUDO
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
&HVLyQWHPSRUDO
&HVLyQWHPSRUDO
/D%LEOLRWHFD
9DOHQFLDQD
)UDQFLVFRGH$%RVFK$ULxR
)XQGDFLyQ3UHPLRV5H\-DLPH,
-HV~V$ORQVR6HQWDQGUHX
/OXtV&HEULDQL0H]TXLWD
$U[LX+LVWzULFGHO·(VFROWLVPH9DOHQFLj
,JQDFLR6ROGHYLOD
0LJXHO$VLQV$UEy
3HGUR1iFKHU6ROHU
3LODU)DXV6HYLOOD
-XDQ-RVp%DUFLD*R\DQHV
-XOLiQ6DQ9DOHUR$SDULVL
'HVÀOLV
-XDQ&RGLQD
&HVLyQWHPSRUDO
&HVLyQWHPSRUDO
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
&HVLyQWHPSRUDO
'RQDFLyQFRPSUD
&HVLyQWHPSRUDO
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
'RQDFLyQFRPSUD
/DVFROHFFLRQHV
(QHVWHDSDUWDGRVHSUHVHQWDQODVELEOLRWHFDVPiVGHVWDFDGDVFRQXQDEUHYHQRWLFLD
GHORVPDWHULDOHVTXHODVFRPSRQHQ
1LFRODX3ULPLWLX*yPH]6HUUDQR
(OFRQMXQWRGHHVWDLPSRUWDQWHGRQDFLyQJHUPHQGHODDFWXDO%LEOLRWHFD9DOHQFLDQD
UHVSRQGHDOFRQFHSWRGHXQDELEOLRWHFDQDFLRQDOREUDVLPSUHVDVRHGLWDGDVHQOD&RPXQL
WDW9DOHQFLDQDHVFULWDVSRUYDOHQFLDQRVRGHPDWHULDHVSHFLDOPHQWHYLQFXODGDDODFXOWXUD
\ODKLVWRULDYDOHQFLDQDVFRPSOHPHQWDGDVFRQSXEOLFDFLRQHVGHFRQVXOWD\UHIHUHQFLDDVt
FRPRWRGDVDTXHOODVGHFXDOTXLHUpSRFDOXJDU\OHQJXDQHFHVDULDVSDUDFRQRFHUDQDOL]DU
\HVWXGLDUFRQXQDSHUVSHFWLYDJHQHUDOQXQFDORFDOLVWDHOQ~FOHREiVLFRGHODFROHFFLyQ
IRUPDGRSRUODVSULPHUDV
/DELEOLRWHFDFRPSUHQGHLQFXQDEOHVPDQXVFULWRVYDOLRVDVHGLFLRQHVGHORVVLJORV;9,
;9,,\;9,,,SXEOLFDFLRQHVSHULyGLFDVKRMDVVXHOWDV\XQLPSUHVLRQDQWHFRQMXQWRGHREUDV
YDOHQFLDQDVGHORVVLJORV;,;\;;KDVWDVXSHUDUORVFXDUHQWDPLOYRO~PHQHVVLHPSUHGHQWUR
GHODVOtQHDVPDHVWUDVHVWDEOHFLGDVSRU1LFRODX3ULPLWLX
(VWDFROHFFLyQSUHWHQGHVHUH[KDXVWLYD\VXFRQWHQLGRWHPiWLFRDEDUFDWRGDVODVUD
PDVGHOFRQRFLPLHQWR&LHQFLDVVRFLDOHVOLWHUDWXUDÀORORJtDÀORVRItDUHOLJLyQWRSRQLPLD
DUTXHRORJtD\DUWHVHHQFXHQWUDQPiV\PHMRUUHSUHVHQWDGDVSRUYDULDVUD]RQHVVXPD\RU
YLQFXODFLyQFRQORVLQWHUHVHV\WUDEDMRVSHUVRQDOHVGH1LFRODX3ULPLWLXVXUHODFLyQFRQ
9DOHQFLDGHVGHXQDSHUVSHFWLYDFXOWXUDO\VXPD\RUSUHVHQFLDHQODSURGXFFLyQLPSUHVDHQ
DTXHOWLHPSR
5HFUHDFLyQGHOGHVSDFKRGH1LFRODX3ULPLWLX%LEOLRWHFD9DOHQFLDQD1LFRODX3ULPLWLX
/D%LEOLRWHFD
9DOHQFLDQD
([OLEULVGH1LFRODX3ULPLWLX
/DFDQWLGDGFDOLGDG\UDUH]DGHORVIRQGRVSURFHGHQGHVXVHQVLELOLGDGH[TXLVLWDGH
VXVSUHRFXSDFLRQHVLQTXLHWXGHV\FRQRFLPLHQWRVDODKRUDGHUHXQLUIXHQWHVGHLQIRUPDFLyQ
HLQVWUXPHQWRVGHWUDEDMR
7UDVVXIDOOHFLPLHQWRIXHVXYLXGD0DUtD$QWRQLD6HQHQW,EixH]TXLHQLQLFLyHO
H[SHGLHQWHSDUDODGRQDFLyQGHODELEOLRWHFDVLELHQIXHURQÀQDOPHQWHVXVKLMRV\QLHWRV
ORVTXHÀUPDURQHQIHEUHURGHODHVFULWXUDGHGRQDFLyQHQODTXHVHHVWDEOHFtDQODV
GHELGDVJDUDQWtDVHQODVFRQGLFLRQHVGHFRQVHUYDFLyQWUDWDPLHQWRWpFQLFR\FRQVXOWDGH
ORVOLEURV
)UDQFHVF%DGHQHVL'DOPDX
/DELEOLRWHFDIXHGRQDGDHQIHEUHURGHSRUVXQLHWD7HUHVD&HEULDQ%DGHQHV
MXQWRFRQORVFXDGURV\REMHWRVGHYDORUSHUVRQDOTXHFRQVHUYDEDQHOUHFXHUGRGHOSRHWD
(VXQDELEOLRWHFDHPLQHQWHPHQWHOLWHUDULDGHHGLFLRQHVGHOVLJOR;,;TXHPXHVWUDHOPXQGR
LQWHOHFWXDO\SHUVRQDOGHOSRHWD%DGHQHV
-RVHS(VSDVD6LJQHV
(VWDELEOLRWHFDGRQDGDHQPDU]RGHHVWiIRUPDGDSUHIHUHQWHPHQWHSRUOLEURV
GHWHPiWLFDUHOLJLRVDFXHVWLRQHVGHWHRORJtDGHSDVWRUDOHWF&RPSOHWDQODELEOLRWHFDOLEURV
GHÀORVRItD\SVLFRORJtDHLQFOXVRREUDVGHFUHDFLyQOLWHUDULDFRQVWUXLGDVDOUHGHGRUGHOD
SUHRFXSDFLyQpWLFD
6RQHGLFLRQHVGHVGHORV~OWLPRVDxRVFLQFXHQWDKDVWDORVVHWHQWDGHOVLJOR;;FRQXQD
LQWHUHVDQWHIUHFXHQFLDGHREUDVHQIUDQFpVTXHPXHVWUDQQXHYDVOtQHDVHQHOSHQVDPLHQWR
ÀORVyÀFR\WHROyJLFRGHDTXHOPRPHQWR
6DOYDGRU3DOODUpV&tVFDU
(QMXQLRGHGRQyDOD%LEOLRWHFD9DOHQFLDQDVXELEOLRWHFDSHUVRQDOUHXQLGD
FRQHVIXHU]RDORODUJRGHPXFKRVDxRV(QHOODDEXQGDQPDJQtÀFDVHGLFLRQHVGHREUDV
GHWHRORJtDGRJPiWLFDDSRORJpWLFDSDWUtVWLFDKLVWRULDGHOD,JOHVLDFDWyOLFD\DUTXHRORJtD
SDOHRFULVWLDQDLQFOX\HQGRPDQXVFULWRVSHUJDPLQRV\HGLFLRQHVGHORVVLJORV;9D;9,,,
6RQPXFKRVORVYRO~PHQHVGHGLFDGRVDWHPDVFRPRODVKHUHMtDVODVSHUVHFXFLRQHV
UHOLJLRVDVODVyUGHQHV\FRQJUHJDFLRQHVUHOLJLRVDVDGHPiVGHSXEOLFDFLRQHVGHGHUHFKR
FDQyQLFR\MXULVSUXGHQFLDHFOHVLiVWLFDFDVLWRGDVGHODVWUHVSULPHUDVGpFDGDVGHOVLJOR;;
$XQTXHPiVGHODPLWDGGHODVREUDVHVWiQHQFDVWHOODQRKD\EXHQQ~PHURGHHGLFLR
QHVHQLWDOLDQRODWtQIUDQFpV\DOHPiQ&RQWLHQHDGHPiVELEOLRJUDItDVGHPXQLFLSLRVGH
$OLFDQWH\REUDVSHGDJyJLFDVGHSULQFLSLRVGHOVLJOR;;+DVLGRFRPSOHPHQWDGDFRQORV
OLEURVGHVXKHUPDQD(QFDUQDFLyQ3DOODUpV
/OXtV*XDUQHU
'RQyVXELEOLRWHFDHQDOD%LEOLRWHFD9DOHQFLDQDFRQVWLWXLGDSRUPRQR
JUDItDV
(VXQDFROHFFLyQHVSHFLDOL]DGDHQODOLWHUDWXUDYDOHQFLDQDGHOVLJOR;,;HQFDVWHOODQR
\YDOHQFLDQR7DPELpQLQFOX\HOLEURVGHOLWHUDWXUDHVSDxRODGHFRQWHQLGRKLVWyULFR\GH
FLHQFLDVVRFLDOHV
/DPD\RUSDUWHVRQSXEOLFDFLRQHVGHOVLJOR;;DXQTXHWDPELpQODVKD\GHORVVLJORV
;9,,;9,,,\;,;
(PLOLR0XxR]2UWV
(QHVWDELEOLRWHFDDGTXLULGDHQSUHGRPLQDQODOLWHUDWXUDODKLVWRULD\ODVFLHQ
FLDVVRFLDOHVDGHPiVGHELRJUDItDVDXWRELRJUDItDVELRJUDItDVFROHFWLYDVGLDULRVOLEURVGH
PHPRULDVHWFGHHVFULWRUHVSROtWLFRV\RWURVSHUVRQDMHVKLVWyULFRV
'HVWDFDQODVREUDVGHÀFFLyQPD\RULWDULDPHQWHGHDXWRUHVHVSDxROHVFRQSUHVHQFLD
WDPELpQGHIUDQFHVHVDOHPDQHVHKLVSDQRDPHULFDQRV
7LHQHGRVFHQWHQDUHVGHYRO~PHQHVGHOVLJOR;,;DXQTXHODPD\RUtDGHSXEOLFDFLRQHV
VRQGHORVDxRVYHLQWH\WUHLQWDGHOVLJOR;;
0DQXHO6DQFKLV*XDUQHU
6XELEOLRWHFDDGTXLULGDHQHVODGHXQLQYHVWLJDGRU/DVHGLFLRQHVYDOLRVDVTXH
FRQWLHQHHMHPSODUHVGHORVVLJORV;9,,\;9,,,SURFHGHQGHVXWtRHOFDQyQLJR-RVHS6DQ
FKLV6LYHUD(VXQDELEOLRWHFDGHHVWXGLRPX\HVSHFLDOL]DGDHQÀORORJtD\OLQJtVWLFD$PXFKD
GLVWDQFLDVLJXHQORVWHPDVKLVWyULFRVOLWHUDULRV\DUWtVWLFRV&RQVHUYDVHSDUDWDVPX\GLItFLOHV
GHFRQVHJXLUGHORVWUDEDMRVSXEOLFDGRVSRUÀOyORJRVHPLQHQWHVHQYDULRVSDtVHVHXURSHRV
/DVFDMDVGHVXDUFKLYRSHUVRQDO\SURIHVLRQDODGTXLULGRHQHODxRFRQWLHQHQ
GRFXPHQWDFLyQVREUHHOSDWULPRQLRIDPLOLDUFRUUHVSRQGHQFLDPDQXVFULWRV\QRWDVGHVXV
WUDEDMRVUHFRUWHVGHSUHQVDHWF
$GROI 3L]FXHWDL$OIRQVR
(QMXOLRGHGRQyVXELEOLRWHFDDOD%LEOLRWHFD9DOHQFLDQD0RYLGRSRUVXFX
ULRVLGDGLQWHOHFWXDOLQVDFLDEOHVLJXLyFRPSUDQGROLEURVVREUHWHPDVGHDFWXDOLGDGTXH
LQFUHPHQWDURQODSULPHUDGRQDFLyQ
/D%LEOLRWHFD
9DOHQFLDQD
&RQVWLWXLGDSRUPRQRJUDItDV\WtWXORVGHSXEOLFDFLRQHVSHULyGLFDVODELEOLR
WHFDUHÁHMDFODUDPHQWHODSHUVRQDOLGDGGHTXLHQODUHXQLy$XQFRQHOSUHGRPLQLRGHOR
OLWHUDULRODELEOLRWHFDPDQWLHQHHOHTXLOLEULRFRQORVWHPDVVRFLROyJLFRVSROtWLFRVDUWtVWLFRV
HKLVWyULFRV\SUHVHQWDXQHOHYDGRSRUFHQWDMHGHOLEURVHQYDOHQFLDQR
+D\XQFHQWHQDUGHREUDVGHOVLJOR;,;²DXQTXHODPD\RUtDVRQSXEOLFDFLRQHVGHO;;²
FRQXQDFHSWDEOHHVWDGRGHFRQVHUYDFLyQ
6HFFLyQ)HPHQLQD
/DELEOLRWHFDGHOD6HFFLyQ)HPHQLQDGH)DODQJH(VSDxRODHQ9DOHQFLDVHLQFRUSRUy
DOD%LEOLRWHFD9DOHQFLDQDHQ&RQPRQRJUDItDV\DOJXQDVUHYLVWDVFRPSOHWDV
&RQVLJQD7HUHVDHVXQDLQWHUHVDQWHFROHFFLyQTXHUH~QHODELEOLRWHFDGHOD'HOHJDFLyQ
3URYLQFLDOGHOD6HFFLyQ)HPHQLQDHQ9DOHQFLDFRQODGHO&tUFXOR0HGLQD
)XQGDPHQWDOPHQWHVRQSXEOLFDFLRQHVHQFDVWHOODQRTXHYDQGHVGHORVDxRVFXDUHQWDD
ORVDxRVVHWHQWDGHOVLJOR;;$EXQGDQODVREUDVGHOLWHUDWXUDDUWHKLVWRULDGH(VSDxDSHQ
VDPLHQWRSROtWLFR\PRUDOFULVWLDQDFRQXQSDSHOGHVWDFDGRSDUDODVSULPHUDVWUDGXFFLRQHV
DOFDVWHOODQRGH%UHFKW\&DPXV
'HXQLQGXGDEOHLQWHUpVVRFLROyJLFRPXHVWUDHOPRGHORGHHGXFDFLyQIHPHQLQDSUR
SXHVWRSRUOD6HFFLyQ)HPHQLQD\OD,JOHVLDFDWyOLFD\VXHYROXFLyQDWUDYpVGHORVDxRVHQ
HVSHFLDOGXUDQWHHOUpJLPHQGH)UDQFROLEURVGHWH[WRGHIRUPDFLyQIDPLOLDU\VRFLDO\ELRJUD
ItDVGHÀJXUDVHMHPSODUHVPDGUHVVDQWDV\UHLQDVTXHGHEtDQVHUYLUSDUDODPXMHUGHODpSRFD
/XLV*DUFtD(MDUTXH
(QGRQyVXELEOLRWHFDDOD%LEOLRWHFD9DOHQFLDQD\FRQWLQXyLQFUHPHQWiQGROD
UHJXODUPHQWHKDVWDVXIDOOHFLPLHQWR3UHGRPLQDQODVREUDVGHELEOLRWHFRQRPtD\GRFX
PHQWDFLyQVHJXLGDVSRUODVGHFRQWHQLGRKLVWyULFRDUWtVWLFR\OLWHUDULR$GHPiVLQFOX\HXQ
FHQWHQDUGHSDUWLWXUDVGHFRPSRVLWRUHVQRUWHDPHULFDQRV(QWUHODVREUDVGHDUTXHRORJtD
GHVWDFDQODVSXEOLFDFLRQHVGHO6HUYHLG·,QYHVWLJDFLy3UHKLVWzULFDGHOD'LSXWDFLyGH9DOqQFLD
(VGHLQHVWLPDEOHYDORUSDUDODLQYHVWLJDFLyQHQKLVWRULDGHODELEOLRWHFRQRPtDHVSDxROD
5DIDHO3pUH]&RQWHO
6HWUDWDGHXQOHJDGRGHHVWDPSDVTXHDEDUFDFURQROyJLFDPHQWHGHVGHPHGLDGRV
GHOVLJOR;9,,KDVWDHOSULPHUFXDUWRGHOVLJOR;;(VXQDFROHFFLyQPX\FRPSOHWDWDQWRSRU
VXDPSOLDFREHUWXUDFURQROyJLFDFRPRSRUHORULJHQGLYHUVRGHORVJUDEDGRUHV\VREUH
WRGRSRUODULFDJDPDGHWpFQLFDVGHOJUDEDGRSUHVHQWHVHQHOOD
/RVDXWRUHVGHODVHVWDPSDVVRQHVSDxROHVFRPR7HRGRUR%ODVFR6ROHU0DULDQR
%UDQGL7RPiV5RFDIRUWR0HOFKLRU*XDVS\H[WUDQMHURVFRPR(XJqQH$QGUp&KDPSROOLRQ
-DFTXHV3KLOLSSH/H%DV7KRPDV*DLQVERURXJKR3LHWUR)RQWDQD
(QFXDQWRDODVWpFQLFDVGHOJUDEDGRHQFRQWUDPRVGHVGHOD[LORJUDItD\ODFDOFRJUDItD
HQVXVGLIHUHQWHVPRGDOLGDGHVGHEXULODJXDIXHUWHDJXDWLQWDRPH]]RWLQWDKDVWDODOLWRJUDItD
\HOIRWRJUDEDGR
(QLQJUHVDURQSRUGRQDFLyQGHVXQLHWR3DEOR3pUH]*DUFtDXQFRQMXQWRGH
YRO~PHQHVTXHWUDWDQHQVXPD\RUtDGHWHPDVDUWtVWLFRV
-RVp)HUUHU2OPRV
(VWDELEOLRWHFDVHLQFRUSRUyHQGRQDGDSRUVXIDPLOLD(VXQDLQWHUHVDQWHFR
OHFFLyQGHOLWHUDWXUDSRSXODUIHVWLYD\VDWtULFDHVFULWDHQYDOHQFLDQRFRQOOLEUHWVGHIDOOD
TXHDEDUFDQHOSHULRGRGHDDVtFRPRXQFHQWHQDUGHUHYLVWDVIDOOHUDV
0DUtDÉQJHOHV%HOGD6ROHU
6XELEOLRWHFDIXHOHJDGDDOD%LEOLRWHFD9DOHQFLDQDHQHQHURGH&RQ
YRO~PHQHVSUHGRPLQDQODVREUDVGHFRQWHQLGRKLVWyULFRHQVXPD\RUtDVREUHOD&R
PXQLWDW9DOHQFLDQDVHJXLGDVSRUODVGHFLHQFLDVVRFLDOHVOLWHUDWXUD\DUWHSXEOLFDGDV
GHVGH
-RDTXtQ6DQFKLV6HUUDQR)LQH]DV
(VWDLQWHUHVDQWHFROHFFLyQLQFOX\HQHJDWLYRVDGTXLULGRVHQTXHPXHVWUDQ
ODYLGDFRWLGLDQDGHORVYDOHQFLDQRVGXUDQWHOD*XHUUD&LYLO6HUHFRJHHODPELHQWHHQOD
UHWDJXDUGLDHYDFXDGRVKRVSLWDOHVHVFXHODVFRPEDWLHQWHVODVFDOOHVORVIHVWLYDOHVORVDFWRV
SROtWLFRVHWF
9LFHQWH3H\GUy0DU]DO
/RVQHJDWLYRVHQVXPD\RUtDGHYLGULRLQJUHVDGRVHQOD%LEOLRWHFD9DOHQFLDQD
HQSUHVHQWDQHVFHQDVSRSXODUHVSHUVRQDMHVWtSLFRVDQLPDOHV\SDLVDMHVYDOHQFLDQRV
GHVGHORVSULPHURVDxRVGHOVLJOR;;KDVWD
-RVp+XJXHW&KDQ]i
/DFROHFFLyQGH-RVp+XJXHWDGTXLULGDHQIXHODEDVHGHOGHSDUWDPHQWRJUiÀFR
GHOD%LEOLRWHFD9DOHQFLDQD\FXHQWDFRQSRVWDOHVQHJDWLYRVHQVXPD\RUtDGH
YLGULR\IRWRJUDItDVHQSDSHO
/DVIRWRJUDItDV\ORVQHJDWLYRVVRQPD\RULWDULDPHQWHGHOVLJOR;,;\SHUPLWHQGLVSR
QHUGHXQDSDQRUiPLFDJUiÀFDGHOD&RPXQLWDW9DOHQFLDQD\GHREUDVUHSUHVHQWDWLYDVGH
IRWyJUDIRVTXHKDQWUDEDMDGRHQHOOD
+D\TXHGHVWDFDUODLPSRUWDQWHFROHFFLyQGHFDUWHVGHYLVLWH\ODFROHFFLyQGHYLVWDV
HVWHUHRVFySLFDVWDQWRHQSDSHOFRPRHQFULVWDO
/DHYROXFLyQGHODWDUMHWDSRVWDOGHVGHVXVLQLFLRVKDVWDSXHGHDQDOL]DUVHDWUDYpV
GHODVWDUMHWDVSRVWDOHV'HVWDFDQORVHMHPSODUHVGH9DOHQFLDFLXGDG\ORV
GHOUHVWRGHSREODFLRQHVGHOD&RPXQLWDW9DOHQFLDQDDXQTXHWDPELpQHQFRQWUDPRVDOJXQDV
GHIXHUDGHOD&RPXQLWDW\H[WUDQMHUDV
/D%LEOLRWHFD
9DOHQFLDQD
/DPD\RUtDGHHVWDVWDUMHWDVSRVWDOHVIXHURQLPSUHVDVHQIRWRWLSLDRHQFRORWLSRDXQTXH
WDPELpQVHXWLOL]DURQODOLWRJUDItD\VXVYDULDQWHVFRPRODFURPROLWRJUDItDHOIRWRJUDEDGR
RPHGLRWRQRHOKXHFRJUDEDGR
&RPSDxtD(VSDxRODGH7UDEDMRV)RWRJUDPpWULFRV$pUHRV
/DFROHFFLyQGHQHJDWLYRVSRVLWLYRV\IRWRSODQRVDGTXLULGDDOD&RPSD
xtD(VSDxRODGH7UDEDMRV)RWRJUDPpWULFRV$pUHRVHQFRQWLHQHGRFXPHQWRVUHDOL]DGRV
HQHOSHULRGRFRPSUHQGLGRHQWUHODGpFDGDGH\HODxRORTXHSHUPLWHDSUHFLDU
ELHQODHYROXFLyQGHOSDLVDMHGHOD&RPXQLWDW9DOHQFLDQD
0DULR*XLOODPyQ9LGDO
/DFROHFFLyQDGTXLULGDHQUH~QHLPiJHQHVGHWRGRVORVULQFRQHVGHOD
&RPXQLWDW9DOHQFLDQDFDSWDGDVFRQHQRUPHVHQVLELOLGDGSRUHVWHDPDQWHGHODIRWRJUDItD
GHOH[FXUVLRQLVPR\GHOSDLVDMHDGHPiVGHiOEXPHV\UHFRUWHVJUiÀFRVGHODSUHQVDYDOHQ
FLDQDGHODpSRFD
(VWDVLPiJHQHVUHDOL]DGDVHQWUH\SHUPLWHQREVHUYDUODHYROXFLyQGHSXH
EORV\OXJDUHVGHVXVPRQXPHQWRVHGLÀFLRV\SDLVDMHV\DTXHVXHOHQDSDUHFHUIRWRJUDÀDGRV
HQDxRVGLVWLQWRV
%LEOLRWHFD0HGUDQR6XSHUYtD
/DGRQDFLyQUHDOL]DGDHQSRU*XLOOHUPLQD0HGUDQRGHODELEOLRWHFDUHXQLGD
MXQWRFRQVXPDULGR5DIDHO6XSHUYtDSHUPLWHFRQWDUDOD%LEOLRWHFD9DOHQFLDQDFRQXQD
LQWHUHVDQWHFROHFFLyQGHREUDVVREUHHOH[LOLRUHSXEOLFDQRYDOHQFLDQR
'HVWDFDODSUHVHQFLDGHSXEOLFDFLRQHVPX\GLItFLOHVGHHQFRQWUDUDVtFRPRQXPHURVRV
WUDEDMRVFRQODGHGLFDWRULDDXWyJUDIDGHORVLQWHOHFWXDOHVSROtWLFRV\DUWLVWDVGHOH[LOLR&RQ
WLHQHLJXDOPHQWHGRFXPHQWDFLyQVREUHODVDFWLYLGDGHVGHVDUUROODGDVHQ(VWDGRV8QLGRVD
IDYRUGHODGHPRFUDFLDHQ(VSDxD\FRUUHVSRQGHQFLDFRQOtGHUHVSROtWLFRVGHOH[LOLRFRPR
,QGDOHFLR3ULHWR
/DVREUDVOOHYDQHOH[OLEULVGHVXVSURSLHWDULRV\IUHFXHQWHVDQRWDFLRQHVGHpVWRV
+D\OLEURVSXEOLFDGRVHQ$UJHQWLQD\0p[LFRHQWUH\HGLFLRQHVHVSDxRODVGH
ORVDxRVYHLQWHWUHLQWD\FXDUHQWDGHOVLJOR;;SXEOLFDFLRQHVGHORVH[LOLDGRV\VREUHORV
DxRVGHH[LOLRHWF'HVWDFDQODVPHPRULDV\ORVWH[WRVVREUHOLWHUDWXUDHKLVWRULDGH(VSDxD
9LFHQWH/ORUHQV&DVWLOOR
%LEOLRWHFDGRQDGDSRUVXYLXGD$PDOLD*DUFtDHQFRQORPiVYDOLRVRGHVXWUD
EDMRLQWHOHFWXDOGHKLVWRULDGRUGHODOLWHUDWXUDHQWRUQRDTXLQLHQWRVOLEURVPiVGHVHLVFLHQWDV
VHSDUDWDVFDUSHWDVFRQVXGRFXPHQWDFLyQ\FRUUHVSRQGHQFLDFRQORVLQWHOHFWXDOHVPiV
LPSRUWDQWHV\ÀFKHURVGHWUDEDMR
+D\DOJXQDVREUDVGHOVLJOR;,;HGLFLRQHVLQJOHVDVQRUWHDPHULFDQDVHKLVSDQRDPHULFD
QDVFRQSUHGRPLQLRGHORVOLEURVVREUHOLWHUDWXUDHKLVWRULDGH(VSDxD\GHSRHVtDHVSDxROD
HKLVSDQRDPHULFDQDGHOVLJOR;;DGHPiVGHXQLPSRUWDQWHQ~PHURGHVHSDUDWDVGHUHYLVWDV
OLWHUDULDVHVSDxRODVLQJOHVDV\DPHULFDQDVPXFKDVFRQGHGLFDWRULDVDXWyJUDIDV
(GXDUGR/ySH]&KDYDUUL0DUFR
(VWDFROHFFLyQELEOLRJUiÀFD\GRFXPHQWDOHVWiIRUPDGDSRUYRO~PHQHVPRQR
JUiÀFRVVREUHGLYHUVDWHPiWLFDFRQXQQ~FOHRLPSRUWDQWHGHREUDVGHPXVLFRORJtD
SDUWLWXUDVLPSUHVDV\PDQXVFULWDVPiVGHPLOGLVFRVDUWtFXORVGHSUHQVD\FUtWLFDVTXH
FXEUHQHOSHULRGRFRPSUHQGLGRHQWUH\SURJUDPDVGHLQWHUSUHWDFLyQUHYLVWDV
\FDWiORJRVGHWHPDVDUWtVWLFRV\PXVLFDOHVXQDFROHFFLyQGHIRWRJUDItDV\SRVWDOHV\HO
DUFKLYRSHUVRQDOGHFRUUHVSRQGHQFLDFRQODVPiVLPSRUWDQWHVSHUVRQDOLGDGHVFXOWXUDOHV
GHODpSRFD
(QOD*HQHUDOLWDW9DOHQFLDQDDGTXLULySDUDOD%LEOLRWHFD9DOHQFLDQDHVWHFRQMXQWR
UHXQLGRSRU(GXDUGR/ySH]&KDYDUUL0DUFR&DUPHQ$QG~MDU\(GXDUG/ySH]&KDYDUUL
$QG~MDU
)UDQFHVF$OPHODL9LYHV
(QVHLQFRUSRUyDOD%LEOLRWHFD9DOHQFLDQDHVWDFROHFFLyQIRUPDGDSRUXQDVH
OHFFLyQGHORVOLEURVIXQGDPHQWDOHVHQODLQYHVWLJDFLyQFXOWXUDOYDOHQFLDQD(VXQIRQGRGH
SXEOLFDFLRQHVYDOHQFLDQDV\VREUHWHPDVYDOHQFLDQRVHQORVTXHSUHGRPLQDQORVGHOLWHUDWXUD
KLVWRULDDUWH\FLHQFLDVVRFLDOHV'HVWDFDQODVHGLFLRQHVHQYDOHQFLDQRGHORVDxRVWUHLQWD
FXDUHQWD\FLQFXHQWDGHOVLJOR;;
/DVFDMDVGHVXDUFKLYRSHUVRQDO\SURIHVLRQDODGTXLULGRHQFRQWLHQHQ
DEXQGDQWHGRFXPHQWDFLyQPDQXVFULWDLPSUHVD\JUiÀFDVREUHELEOLRJUDItDOLWHUDWXUDDUWHH
KLVWRULDORFDOGHOD&RPXQLWDW9DOHQFLDQDDGHPiVGHVXFRUUHVSRQGHQFLDSHUVRQDO(Q
LQJUHVDURQSRUGRQDFLyQFDMDVGHIRQGRVELEOLRJUiÀFRV\GRFXPHQWDOHVUHODFLRQDGRV
FRQVXYLGD\VXWUDEDMR
)UDQFHVF-DUTXHL%D\R
6HWUDWDGHXQDUFKLYRIRWRJUiÀFRFRPSXHVWRSRUFLHQWRWUHLQWDPLOGRFXPHQWRVSRV
WDOHVVHULJUDItDVQHJDWLYRVGLDSRVLWLYDV\SRVLWLYRVFRUUHVSRQGLHQWHDOSHULRGRTXHDEDUFD
ORVDxRVD(VXQLQYHQWDULRJUiÀFRFRPSOHWRGHODUHDOLGDGYDOHQFLDQDODVÀHVWDV
ODVJHQWHVODDUTXLWHFWXUDODYLGDFRWLGLDQDORVSDLVDMHVODJDVWURQRPtDHWF&RPSUHQGH
WDPELpQPDJQtÀFRVWUDEDMRVVREUHWRGD(VSDxD\RWURVSDtVHV
/D%LEOLRWHFD
9DOHQFLDQD
-RVp/i]DUR%D\DUUL
/DPD\RUSDUWHGHORVFDVLFLQFRPLOGRFXPHQWRVTXHFRQWLHQHHVWHIRQGRVRQQHJD
WLYRVHQSODFDGHFULVWDO&RQWLHQHDGHPiVDOUHGHGRUGHTXLQLHQWRVQHJDWLYRVHQFHOXORLGH
\RWURVWDQWRVSRVLWLYRVRULJLQDOHV
(VWHIRQGRHVGHWHPiWLFDPX\YDULDGD8QQ~PHURFRQVLGHUDEOHGHODVIRWRJUDItDV
TXHFRQWLHQHSHUWHQHFHQDIHVWHMRVWDXULQRVSULQFLSDOPHQWHGHFRUULGDVGHWRURVUHDOL]DGDV
HQOD3OD]DGH9DOHQFLD$GHPiVFRQWLHQHIRWRJUDItDVGHODDFWLYLGDGSROtWLFDHQ9DOHQFLD
GXUDQWHORVDxRVGHOD*XHUUD&LYLOIRWRJUDItDVGHODPELHQWHVRFLDO\FXOWXUDOYDOHQFLDQRGH
ODpSRFDHVFHQDVFRVWXPEULVWDVIRWRJUDItDVGHHYHQWRVGHSRUWLYRVIRWRJUDItDVGHÀHVWDV\
DpUHDVGHODFLXGDGGH9DOHQFLD\GHSXHEORVGHOD&RPXQLWDW9DOHQFLDQD
0DQXHO%DV&DUERQHOO
(VWHIRQGRDGTXLULGRHQHODxRFRPSUHQGHREUDVGHWHPDYDOHQFLDQRELEOLRJUD
ItDVGHDXWRUHVYDOHQFLDQRVWH[WRVHQYDOHQFLDQRSURGXFFLyQLPSUHVDHQ9DOHQFLDHVFULWRUHV
GHOLWHUDWXUDYDOHQFLDQD(VSHFLDOUHOHYDQFLDPHUHFHQODVREUDVGHOWHDWURGHORVVLJORV;,;
\;;HQFXDQWRVXSRQHQODUHFXSHUDFLyQGHOYDOHQFLDQRFRPROHQJXDOLWHUDULDDGHPiVGH
SXEOLFDFLRQHVUHODFLRQDGDVFRQHOPXQGRGHOOLEURGHORVDxRVWUHLQWD\FXDUHQWDGHOVLJOR
;;7DPELpQHVLPSRUWDQWHHOIRQGRDQWLJXRGHHVWDFROHFFLyQFRQHMHPSODUHV
&RPSUHQGHWDQWRHVWXGLRVPRQRJUiÀFRVVREUHFXHVWLRQHVFRQFUHWDVFRPRREUDV
JHQHUDOHV\GHUHIHUHQFLDHVHQFLDOHVSDUDFRQRFHUODFXOWXUDYDOHQFLDQD
%LEOLRWHFD&DUUHUHV
/D%LEOLRWHFD9DOHQFLDQDFRPSUyHVWDLQWHUHVDQWHFROHFFLyQGHPDQXVFULWRVPRQRJUD
ItDVSXEOLFDFLRQHVSHULyGLFDVIROOHWRV\JUDEDGRVGHGLFDGDDODWHPiWLFDYDOHQFLDQD$GHPiV
GHHMHPSODUHVGHIRQGRDQWLJXRGHVWDFDQODVREUDVHQYDOHQFLDQRVREUHOLWHUDWXUDH
KLVWRULDGH(VSDxDDUWHÀHVWDV\WUDGLFLRQHVHWF
(VXQDGRFXPHQWDFLyQIXQGDPHQWDOSDUDHOHVWXGLRGHODKLVWRULDGHOD&RPXQLWDW
9DOHQFLDQDHQODTXHVHMXQWDQFOiVLFRVGHODKLVWRULRJUDItDKRMDVYRODQWHVUHFRUWHVGHSUHQVD
SLH]DV~QLFDVRUDUtVLPDVHGLFLRQHVGHELEOLyÀORVHWF
,QVSHFFLyQ(GXFDWLYD
(VWDFROHFFLyQGRQDGDSRUHO6HUYLFLGHOD,QVSHFFLy(GXFDWLYDGHOD&RPXQLWDW9DOHQ
FLDQDHVWiIRUPDGDSRUXQQ~PHURDSUR[LPDGRGHGRVPLOVHWHFLHQWRVOLEURVGHSHGDJRJtD
OLWHUDWXUDKLVWRULDUHOLJLyQÀORVRItDOHJLVODFLyQHGXFDWLYD\SVLFRORJtD
-RVp5RGUtJXH]2OD]iEDO
(VWHIRQGRHVWiIRUPDGRSRUGRVFHQWHQDUHVGHGRFXPHQWRVFDUWDVLQIRUPHVWUD
EDMRVSDUDODSUHQVDHWFGHVXDUFKLYRSHUVRQDOGRQDGRSRUVXYLXGD'RORUHV9i]TXH]
([OLEULVGHGLIHUHQWHVPLHPEURVGHODIDPLOLD&DUUHUHV'HL]TXLHUGDDGHUHFKDDEXHOR)UDQFHVF&DUUH
UHV9D\RSDGUH6DOYDGRU&DUUHUHV=DFDUpVHKLMR)UDQFHVF&DUUHUHVLGH&DODWD\XG
$QGUpVGH6DOHV)HUUL&KXOLR
(VXQDELEOLRWHFDHVSHFLDOL]DGDHQDUWHUHOLJLRVRHLWDOLDQRHQODTXHGHVWDFDQSXEOLFD
FLRQHVLWDOLDQDVVREUHDUTXLWHFWXUDUHOLJLRVD\XQDLPSRUWDQWHFROHFFLyQGHFDWiORJRVGHODV
H[SRVLFLRQHVFHOHEUDGDVHQ(XURSDGHVGHORVDxRVRFKHQWDGHOVLJOR[[
'RPLQJR/*DUFtD)RUFDGD
(VXQIRQGRHVSHFLDOL]DGRGHPRQRJUDItDVSXEOLFDFLRQHVSHULyGLFDVHQFLFORSHGLDV
\PDQXDOHVVREUHKLVWRULDWRUQHRVWpFQLFDVRFXUVRVSUiFWLFRVGHDMHGUH]TXHLQFOX\HHGL
FLRQHVGHOVLJOR[L[\HQRWUDVOHQJXDVFRPRIUDQFpVDOHPiQLWDOLDQRRUXVR\TXHGLVSRQH
GHÀFKHURVGHDXWRUHVUHYLVWDVREUDV\WRUQHRV
3XHGHFRQVLGHUDUVHODSULPHUDFROHFFLyQS~EOLFDGHOLEURVGHDMHGUH]PRGHUQRHQ
(VSDxD
&DVD5HJLRQDO9DOHQFLDQDGH0p[LFR
,QFOX\HFDMDVGHDUFKLYR\YRO~PHQHVVREUHOD5HS~EOLFDHVSDxROD\ORVH[LOLDGRV
DGHPiVGHODVSXEOLFDFLRQHVGHO*RELHUQRYDVFRVREUHHOH[LOLR
'HVWDFDQODVDSRUWDFLRQHVGH-XDQ%DXWLVWD&OLPHQW%HOWUiQ)UDQFLVFR$OFDOi/ORUHQWH
$OHJUtD-XVW3HOOLFHU-$3pUH]$OIDUR+HOHQ&OLPHQW6PRODQR'RURWHD3DVFXDO0RQMH\
)UDQFLVFR4XHURO$PRUyV
-RVp$LEDU*XHUUD
(VWDGRQDFLyQFRPSUHQGHXQDLPSRUWDQWHFROHFFLyQKHPHURJUiÀFDGHSUHQVDGLDULD
QDFLRQDOGHVGHKDVWDPDU]RGHTXHDVRPEUDSRUODFXLGDGRVD\RUGHQDGDFRQ
/D%LEOLRWHFD
9DOHQFLDQD
VHUYDFLyQGHPDWHULDOHVWDQIUiJLOHVFRPRHOSDSHOGHSHULyGLFR\SRUODH[KDXVWLYLGDGGHODV
FROHFFLRQHV/RVWtWXORVGHODVSXEOLFDFLRQHVGHWRGDVODVWHQGHQFLDVRIUHFHQXQSDQRUDPD
PX\DPSOLRGHODSUHQVDHVSDxRODGHVGHORVDxRVVHWHQWD$%&(O3DtV0XQGR'HSRUWLYR
'LDULR/D9DQJXDUGLD0DUFD<DHWF
5DIDHO/DSHVD0HOJDU
/DELEOLRWHFDGH5DIDHO/DSHVDDGTXLULGDHQSRUOD*HQHUDOLWDW9DOHQFLDQDHVWi
FRPSXHVWDDSUR[LPDGDPHQWHSRUTXLQFHPLOOLEURVIROOHWRV\SXEOLFDFLRQHVSHULyGLFDVHQVX
PD\RUtDVREUHÀORORJtDHVSDxROD6HWUDWDGHREUDVGHGLFDGDVSRUVXVDPLJRVSRUFRPSDxH
URVGHOD5HDO$FDGHPLD(VSDxROD\SRUGLVFtSXORVGRQDGDVSRULQVWLWXFLRQHV\HGLWRULDOHV
DGTXLULGDVHQVXVYLDMHVLQWHUFDPELDGDVFRQDOJXQDVELEOLRWHFDVFRPHQWDGDVFRUUHJLGDV\
VXEUD\DGDVSRUHOHVSHFLDOLVWDHQKLVWRULDGHOHVSDxRO\HQODOLWHUDWXUDGHORVVLJORV;9\;9,
KHFKRTXHODVFRQYLHUWHHQHMHPSODUHV~QLFRVFRQXQFRQWHQLGRPX\VXSHULRUDOGHODPHUD
SURGXFFLyQLPSUHVDSXHVQRVDFHUFDGHXQDPDQHUDGLUHFWDDODYLGDGHORVLQWHOHFWXDOHVGHO
VLJORSDVDGR\DVXVUHODFLRQHVHLQÁXHQFLDVPXWXDV
/DFROHFFLyQSXHGHRUJDQL]DUVHHQYDULRViPELWRVWHPiWLFRVREUDVOLWHUDULDVWHVLV
GRFWRUDOHV\PHPRULDVGHOLFHQFLDWXUDFROHFFLRQHVGRFXPHQWDOHVGHORVVLJORV;,,;,9PR
QRJUDItDVVREUHGLDOHFWRORJtDVLQWD[LVOp[LFR\JUDPiWLFDGHOHVSDxROWH[WRVGHKLVWRULDGH
ODOLWHUDWXUD\GHFUtWLFDOLWHUDULDREUDVIXQGDPHQWDOHVGHOSHQVDPLHQWRHVSDxROGHOVLJOR;;
/DVFDMDVGHDUFKLYRSHUVRQDO\SURIHVLRQDOFRQWLHQHQUHFRUWHVGHSUHQVDÀFKDV
PDQXVFULWRV\JDOHUDGDVGHVXVWUDEDMRVÀOROyJLFRVDGHPiVGHVXFRUUHVSRQGHQFLDSDUWLFXODU
\DFDGpPLFD
'LHJR6HYLOOD$QGUpV
6HWUDWDGHXQDELEOLRWHFDSHUVRQDOGHYRO~PHQHVFRQREUDVVREUHKLVWRULDGH
(VSDxDKLVWRULDFRQVWLWXFLRQDOGHUHFKRSROtWLFR\FRQVWLWXFLRQDOÀORVRItD\RWUDVPDWHULDV
DÀQHVWDPELpQLQFOX\HDOJXQDVHGLFLRQHVGHORVVLJORV;9,;9,,;9,,,\;,;3UHGRPLQDQODV
SXEOLFDFLRQHVHVSDxRODVGHOVLJOR;;DXQTXHWDPELpQKD\REUDVIUDQFHVDVHLWDOLDQDV
$WHQHR(VSDxROGH0p[LFR
2EUDVGHGLFDGDVDOD*XHUUD&LYLODOD5HS~EOLFDHVSDxROD\DOH[LOLRDGHPiVGHWH[WRV
GHOLWHUDWXUDHQVXPD\RUtDSXEOLFDGRVHQ0p[LFRGHVGHORVDxRVFXDUHQWDGHOVLJOR;;\
DOJXQRVHQ3DUtVSRU5XHGR,EpULFR
(PLOLR$WWDUG$ORQVR
(VWHIRQGRLQFOX\HSXEOLFDFLRQHVSHULyGLFDVGHGHUHFKR\FDMDVGHDUFKLYRSROtWLFR
\SHUVRQDO/DGRFXPHQWDFLyQPiVGHVWDFDGDGHpVWDV~OWLPDVVRQORVJXLRQHVGHODVVHVLR
QHVGHODVFRPLVLRQHVSDUODPHQWDULDVTXHSUHVLGLyGXUDQWHODVOHJLVODWXUDVGH\
$PHOLD&RPED\&RPED
(VWDFROHFFLyQODFRPSRQHQGLYHUVDVSXEOLFDFLRQHVSHULyGLFDVYRO~PHQHV\
FDMDVGHDUFKLYR/RVOLEURVVHGHGLFDQHQVXPD\RUSDUWHDWHPDVGHDUWHSHGDJRJtD
KLVWRULDORFDOP~VLFD\UHOLJLyQ
$OHMDQGUR)HUUDQW9i]TXH]
(VWHIRQGRLQFOX\HSXEOLFDFLRQHVSHULyGLFDV\FDMDVFRUUHVSRQGLHQWHVDVXDUFKLYR
SURIHVLRQDOFHQWUDGRHQHOWUDEDMRGHFRQVHUYDFLyQ\UHVWDXUDFLyQGHOSDWULPRQLRDUTXL
WHFWyQLFR
ÉQJHO/DFDOOH)HUQiQGH]
(VWDFROHFFLyQODIRUPDQYRO~PHQHV\SXEOLFDFLRQHVSHULyGLFDVGHGLFDGRVHQVX
PD\RUSDUWHDODFUtWLFDOLWHUDULD\DODOHQJXD\ODOLWHUDWXUDHVSDxRODV
/DVFDMDVGHDUFKLYR\ORVGRVVLHUVUHFRJHQODGRFXPHQWDFLyQTXHHPSOHySDUD
VXVSXEOLFDFLRQHV\ODFRUUHVSRQGHQFLDTXHPDQWXYRFRQHVFULWRUHV\HGLWRULDOHV
3XEOLSUHVV
(VWHLQWHUHVDQWHIRQGRFRPSUHQGHQHJDWLYRVGLDSRVLWLYDV\IRWROLWRVGHODV
FDPSDxDVSXEOLFLWDULDVVREUHSURGXFWRVFRPHUFLDOHVUHVLGHQFLDVEDQFRVHPSUHVDVHWF
TXH3XEOLSUHVVUHDOL]yHQWUHORVDxRV\
/DXUHDQR5REOHV&DUFHGR
%LEOLRWHFDGHGLFDGDDODÀORVRItDODWHRORJtD\DOSHQVDPLHQWRHVSDxROFRQJUDQFDQ
WLGDGGHOLEURVIUDQFHVHVHLWDOLDQRV\GHREUDVHQODWtQ
%HUWD6LQJHUPDQ
6HWUDWDGHYRO~PHQHV\FDMDVGHDUFKLYRFRQODVREUDVGHSRHWDVGHOVLJOR;;HQ
HVSHFLDOGHORVHVSDxROHVH[LOLDGRVMXQWRFRQXQFRQMXQWRGHIRWRJUDItDV\ODFRUUHVSRQGHQFLD
TXHPDQWXYRFRQDTXHOORVFX\DVREUDVLQWHUSUHWy
9HQWXUD
(VWDELEOLRWHFDHVHOUHÁHMRGHODVWDUHDVSURIHVLRQDOHV\GHORVJXVWRV\DÀFLRQHVSHU
VRQDOHVGHODVVXFHVLYDVJHQHUDFLRQHVTXHFRPSRQHQODVDJD9HQWXUD
(QWUHODVREUDVGHVWDFDQWUDGXFFLRQHVGHORVSDGUHVJULHJRVHVWXGLRVVREUH9LOODVDQGL
QR\&HUYDQWHVGLFFLRQDULRV\JUDPiWLFDVGHUXVRODWtQWXUFRRMDSRQpVXQDFUHVWRPDWtD
iUDEHRYRFDEXODULRV\OLEURVGHFRQYHUVDFLyQHQLQJOpVDORTXHKD\TXHDxDGLUXQQXWUL
GRIRQGRHVSHUDQWLVWD$GHPiVSRGHPRVHQFRQWUDUREUDVGHFLHQFLDVQDWXUDOHVFLHQFLDV
H[DFWDVEHOODVDUWHVOLWHUDWXUDKLVWRULDRHWQRORJtD'HVWDFDQDVtPLVPRODVJXtDVGHYLDMHV
/D%LEOLRWHFD
9DOHQFLDQD
%DHGHFNHU²GHODVTXHVHKDGLFKRTXHQRHUDQJXtDVSDUDWXULVWDVVLQRGHYLDMHURV²MXQWR
FRQPDWHULDOHVGLGiFWLFRVSURSLRVGHXQDIDPLOLDGHGRFHQWHVFLQH3DWKp%DE\YLVRUHVWH
UHRVFySLFRPRGHORVGHFULVWDORJUDItDHQPDGHUD\GHDQDWRPtD\GHPDTXLQDUtDHQSDSHO
7RGRHVWHDFHUYRELEOLRJUiÀFRIXHOHJDGRDOD%LEOLRWHFD9DOHQFLDQDSRU&DUPHQ
*XWLpUUH]*RQ]iOH]HQ
-HV~V0DUWtQH]*XHUULFDEHLWLD
6HWUDWDGHXQDGRQDFLyQGHXQRVYHLQWHPLOYRO~PHQHVGHSXEOLFDFLRQHVSHULyGLFDV
PRQRJUDItDViOEXPHVGHSUHQVDSXEOLFDFLRQHVGHODHGLWRULDO5XHGR,EpULFROLEURVGHDUWH
\FDWiORJRVGHH[SRVLFLRQHV
(VWiFRPSXHVWDIXQGDPHQWDOPHQWHSRUREUDVGHVRFLRORJtDKLVWRULDGHOSHQVDPLHQWR
ÀORVRItDWHRUtDHFRQyPLFDDUWH\SROtWLFDPXFKDVHQLQJOpVHGLWDGDVSRUXQLYHUVLGDGHV
DPHULFDQDVHLQJOHVDV
2WURiPELWRLPSRUWDQWHFRUUHVSRQGHDODVREUDVGHOLQJtVWLFDÀORORJtD\OLWHUDWXUD
FRQHQVD\RVGHORVWHyULFRVPiVLQQRYDGRUHVGLFFLRQDULRVFOiVLFRVGHODOLWHUDWXUDXQLYHUVDO
HQOHQJXDLQJOHVDHVWXGLRVHWLPROyJLFRVREUDVGHFRQVXOWD\UHIHUHQFLDDOJXQDVHGLWDGDV
HQHOVLJOR;,;HWF
'HVWDFDQSRUVXUDUH]DODHGLFLyQLQJOHVDGHOD(QFLFORSHGLDVRYLpWLFD\ODVSXEOLFDFLRQHV
HQFDVWHOODQRUHDOL]DGDVHQSDtVHVGH(XURSDRULHQWDOHQORVDxRVRFKHQWD
$HVWRKD\TXHDxDGLUXQIRQGRGRFXPHQWDOIRUPDGRSRUFDMDVVREUH-RVp0DUWtQH]
*XHUULFDEHLWLD\5XHGR,EpULFR
3HUH0DULD2UWVL%RVFK
(VFULWRUYDOHQFLDQRLQYHVWLJDGRU\FROHFFLRQLVWD6XREUDVHKDFHQWUDGRVREUHWRGR
HQHOHVWXGLRGHODKHUiOGLFD\ODJHQHDORJtDDXQTXHWDPELpQVHKDLQWHUHVDGRSRURWUDV
GLVFLSOLQDVFRPRODKLVWRULDODJHRJUDItDODHFRQRPtDRODVRFLRORJtD$ORODUJRGHVXYLGD
KDUHXQLGRXQDLPSRUWDQWHFROHFFLyQGHREUDVTXHHQGRQyDOD%LEOLRWHFD9DOHQFLDQD
(QWUHORVRQFHPLOYRO~PHQHVTXHLQWHJUDQHVWDFROHFFLyQGHVWDFDQLQFXQDEOHVFRPR
SRUHMHPSORXQDKLVWRULDGH5RPDGH7LWR/LYLRDOJXQDVHGLFLRQHVGHORVVHUPRQHVGHVDQ
9LFHQWH)HUUHURXQD%LEOLDODWLQD$GHPiVWDPELpQFXHQWDFRQXQRVPLOHMHPSODUHVGHORV
VLJORV;9,D;9,,,DVtFRPRFRQQXPHURVDVSXEOLFDFLRQHVGHOVLJOR;,;
-HV~V$ORQVR6HQWDQGUHX
'RQDGDDOD%LEOLRWHFD9DOHQFLDQDHQVHFRPSRQHGHVXDUFKLYRSHUVRQDOHQ
FDMDV\GHYRO~PHQHVGHGLFDGRVHQVXPD\RUSDUWHDODOLWHUDWXUDODSHGDJRJtD\
ODVJXtDV\OLEURVGHYLDMHV
/OXtV&HEULDQL0H]TXLWD
6HWUDWDGHQXHYHFDMDVGHDUFKLYRFRQVXFRUUHVSRQGHQFLDSHUVRQDO
3LODU)DXV6HYLOOD
(VWDGRQDFLyQHVWiFRPSXHVWDSRUXQQ~PHURDSUR[LPDGRGHRFKRFLHQWDVPRQRJUD
ItDVHGLWDGDVHQHOVLJOR;;GHGLFDGDVSULQFLSDOPHQWHDOLWHUDWXUDKLVWRULDELEOLRWHFRQRPtD\
GRFXPHQWDFLyQ&XHQWDWDPELpQFRQSXEOLFDFLRQHVRÀFLDOHVGHO&RQVHOO9DOHQFLjGH&XOWXUD
\GHOD&RQVHOOHULDGH&XOWXUD(GXFDFLyL(VSRUWGLFFLRQDULRVELEOLRJUDItDVFDWiORJRVH
LQYHQWDULRVGHDUFKLYRV\ELEOLRWHFDV
3HGUR1iFKHU6ROHU
(VWDLQWHUHVDQWHGRQDFLyQLQFOX\HSXEOLFDFLRQHVSHULyGLFDV\XQQ~PHURDSUR[LPDGR
GHRFKRPLOYRO~PHQHVGHGLFDGRVSULQFLSDOPHQWHDODUWHODKLVWRULDODHJLSWRORJtD\OD
FLQHPDWRJUDItD
,JQDFLR6ROGHYLOD'XUDQWH
/DGRQDFLyQUHDOL]DGDHQVHFRPSRQHGHVXELEOLRWHFD\VXDUFKLYRSHUVRQDOHV
/DELEOLRWHFDHVWiFRQVWLWXLGDVREUHWRGRSRUQRYHODVHVSDxRODVGHOVLJOR;;DGHPiVGH
REUDFUtWLFD\WHyULFDVREUHODVPLVPDVTXHVXPDQXQRVFLQFRPLOTXLQLHQWRVYRO~PHQHV
&RQWLHQHWDPELpQOLEURVGHOHQJXDHVSDxRODOLQJtVWLFDKLVWRULDÀORVRItDGLFFLRQDULRV\
HMHPSODUHVGHSXEOLFDFLRQHVFRPR5HYLVWDGH/LWHUDWXUD$/(&(VSDxD&RQWHPSRUiQHD'LD
EORWH[WR7XULD\5HYLVWDGH2FFLGHQWH
(ODUFKLYRHVWiLQWHJUDGRSRUPiVGHFXDUHQWDPLOUHVHxDVUHFRUWHVGHSUHQVDDUWtFXORV
HVSHFLDOL]DGRVÀFKDVPDQXVFULWDVGRFXPHQWRVGHGLFDGRVDGLVWLQWRVDXWRUHVPRYLPLHQWRV
OLWHUDULRV\pSRFDVKLVWyULFDV5HFRJHLJXDOPHQWHHQWUHYLVWDVDHVFULWRUHVFRQWHPSRUiQHRV
HQFLQWDVJUDEDGDVODVFXDOHVSHUPLWLUiQHODERUDUXQDUFKLYRVRQRUR
6HWUDWDGHPDWHULDOHVIXQGDPHQWDOHVSDUDHOGHVDUUROORGHHVWXGLRVHLQYHVWLJDFLRQHV
GHGLFDGRVDQXHVWUDQRYHODFRQWHPSRUiQHD
-XDQ-RVp%DUFLD*R\DQHV
(VWiIRUPDGDSRUFDMDVGHDUFKLYRSXEOLFDFLRQHVSHULyGLFDV\YRO~PHQHV
(QHVWDFROHFFLyQSUHGRPLQDQORVOLEURVGHPHGLFLQDHLGLRPDV
-XOLiQ6DQ9DOHUR$SDULVL
%LEOLRWHFDGRQDGDSRUORVKHUHGHURVGH-XOLiQ6DQ9DOHUR$SDULVLFRPSXHVWDSRUXQ
Q~PHURDSUR[LPDGRGHFXDWURPLOPRQRJUDItDVHGLWDGDVHQHOVLJOR;;GHGLFDGDVSULQFL
SDOPHQWHDKLVWRULDDUTXHRORJtDHWQRJUDItDSUHKLVWRULDDQWURSRORJtDFXOWXUDOKLVWRULDGHO
DUWHFXOWXUDYDOHQFLDQDOLWHUDWXUDHVSDxROD\XQLYHUVDOELRJUDItDV\UHOLJLyQ
$GHPiVKD\TXHDxDGLUFDMDVGHDUFKLYRTXHLQFOX\HQODVPHPRULDVGHVXVH[FD
YDFLRQHVPDQXVFULWRV\PDWHULDOHVGHWUDEDMRGHVXVSXEOLFDFLRQHVDGHPiVGHVXVWtWXORV
DFDGpPLFRV\XQDUHSURGXFFLyQGHOSODQRGHODFLXGDGGH9DOHQFLDUHDOL]DGRSRUHOSDGUH
7RVFD\XQDFRSLDGHOEXVWRGHOD'DPDGH(OFKH
/D%LEOLRWHFD
9DOHQFLDQD
-XDQ%DXWLVWD&RGLQD%DV
(VWiIRUPDGDSRUWtWXORVGHSXEOLFDFLRQHVSHULyGLFDVGHFDUiFWHUHGXFDWLYR\SVL
FRSHGDJyJLFRHGLWDGDVHQHOVLJOR;;
'HVÀOLV
(VWHLPSRUWDQWHDUFKLYRJUiÀFRDGTXLULGRSRUOD%LEOLRWHFD9DOHQFLDQDHQHVWi
IRUPDGRSRUSODFDVGHFULVWDO\QHJDWLYRV\GLDSRVLWLYDV6XSRQHXQDDSRUWD
FLyQPX\LPSRUWDQWHSDUDHOGHSDUWDPHQWRGH)RQGR*UiÀFRGHOD%LEOLRWHFD\DTXHUHFRJH
HOWUDEDMRGHWRGDXQDVDJDGHSURIHVLRQDOHVGHODIRWRJUDItDTXHQRVSHUPLWHQUHFRQVWUXLU
ODKLVWRULDJUiÀFDGH9DOHQFLD
(VWHIRQGRQRHVVRODPHQWHHODUFKLYRGHXQIRWyJUDIRVLQRTXHUHFRJHHOWUDEDMR
GHWRGDXQDVDJDGHSURIHVLRQDOHVGHODIRWRJUDItDTXHGHVDUUROODURQVXODERUHQODFLXGDG
GH9DOHQFLDGHVGHKDVWDFRQOD~QLFDLQWHUUXSFLyQGHOSHULRGR
HQWUHHOIDOOHFLPLHQWRGH(QULTXH'HVÀOLV\HOLQLFLRGHODDFWLYLGDGSURIHVLRQDOGHVX
KLMR-XOLR
(VWDPRVDQWHWUHVJHQHUDFLRQHVGHSURIHVLRQDOHVTXHDFWXDURQFRPRIRWyJUDIRV
RILFLDOHVGHGLIHUHQWHVLQVWLWXFLRQHVYDOHQFLDQDV$\XQWDPLHQWRGH9DOHQFLD'LSXWD
FLyQ3URYLQFLDOGH9DOHQFLD*HQHUDOLWDW&RQIHGHUDFLyQ+LGURJUiILFDGHO-~FDU\
WDPELpQFRODERUDURQFRQLPSRUWDQWHVPHGLRVGHFRPXQLFDFLyQYDOHQFLDQRV3XHEOR
/DV3URYLQFLDV\FRQDJHQFLDVGHSUHQVD$VVRFLDWHG3UHVV(XURSD3UHVV$Vt
PLVPRLQFOX\HIRWRJUDItDVGHSHUVRQDMHVUHOHYDQWHVFRPR%ODVFR,EixH]6RUROOD
7HRGRUR/ORUHQWH%HQOOLXUHHWFGHLPSRUWDQWHVHPSUHVDVYDOHQFLDQDVDOJXQDV\D
GHVDSDUHFLGDVFRPR/ODGUy&OHRS$VWLOOHURV(VSDxROHVGH0DQLVHVHWFMXQWRFRQ
RWUDVPXFKDVLPiJHQHVTXHVRQXQDPXHVWUDJUiILFDGHXQYDORULQFDOFXODEOHVREUHOD
YLGD\ODKLVWRULDYDOHQFLDQDV
$OJXQRVH[OLEULVUHSUHVHQWDWLYRVGHODYDULHGDGGHIRQGRV
&HVLRQHVWHPSRUDOHV
(OGHSyVLWRWHPSRUDOGHODVELEOLRWHFDVSRUVXVSURSLHWDULRVHVXQDIRUPDSURYLVLRQDO
GHGHVDUUROORGHODFROHFFLyQSODQWHDGDFRPRXQSDVRSUHYLRDODGRQDFLyQGHHVWRVIRQGRV
GHORVTXHVLJXHXQDEUHYHLQIRUPDFLyQ
$JXVWt$ODPDQL5RGULJR
)RQGRIRUPDGRSRUFDMDVGHDUFKLYR\DSUR[LPDGDPHQWHXQPLOODUGHYRO~PHQHV
HQORVTXHSUHGRPLQDQODVSDUWLWXUDV\ODVREUDVVREUHP~VLFD\GHUHFKR
)RQGR$OWRV+RUQRVGH6DJXQWR
(VWiQUHSUHVHQWDGRVORVGLIHUHQWHVGHSDUWDPHQWRVGHORV$OWRV+RUQRVGH6DJXQWR
HQWUHORVDxRV\+RUQRVGH&RTXH+RUQRV$OWRV6LQWHULQJ+RUQRVGH$FHUR
/DPLQDFLyQ&HQWUDOGH)XHU]D7DOOHUHV\)XQGLFLyQ3XHUWR6DQDWRULR(VFXHODGH$SUHQ
GLFHV\&ROHJLRV$GHPiVFRQWLHQHIRWRJUDItDVGHGLIHUHQWHVDFWRVUHODFLRQDGRVFRQORV
$OWRV+RUQRVFRPRYLVLWDVGHSHUVRQDMHVLOXVWUHVDFWRVFXOWXUDOHV\RWURV
)XQGDFLy6DQW-RUGLSHUDO·(VFROWLVPH9DOHQFLj
(ODUFKLYRHVWiIRUPDGRSRUPiVGHGRVFLHQWRVOLEURVVREUHHVFXOWLVPRSURFHGHQWHV
GHGLIHUHQWHVSDUWHVGHOPXQGRPXFKRVGHHOORVFRQXQDDQWLJHGDGVXSHULRUDVHWHQWD
DxRV(QWUHHVWHPDWHULDOVHHQFXHQWUDQDOJXQRVHMHPSODUHVGHOLEURVSDWUXOODHVFULWRVSRU
HVFXOWLVWDVYDOHQFLDQRVGXUDQWHOD*XHUUD&LYLO
0LJXHO$VLQV$UEy
6HWUDWDGHXQIRQGRGHSDUWLWXUDVGHJUDQYDORUHLQWHUpVSDUDHOFRQRFLPLHQWRGHO
SDWULPRQLRPXVLFDOYDOHQFLDQR
%LEOLRWHFD&HUYDQWLQD
'HVGHHVWiFHGLGDHQFRPRGDWRDOD%LEOLRWHFD9DOHQFLDQD
(OIRQGRGHOD&HUYDQWLQDFRQVWDGHPiVGHIROOHWRV\PiVGHREUDVPR
QRJUiÀFDVDORTXHKD\TXHDxDGLUODVFRPSUDVTXHUHDOL]DOD%LEOLRWHFD9DOHQFLDQDSDUD
LQFUHPHQWDUORORTXHQRVSHUPLWHFRQWDUHQODDFWXDOLGDGFRQPiVGHREUDV
'HVWDFDQODVPiVGHTXLQLHQWDVHGLFLRQHVGH(OLQJHQLRVRKLGDOJR'RQ4XLMRWHGHOD0DQFKD
/D*DODWHD3HUVLOHV\6LJLVPXQGD/DVQRYHODVHMHPSODUHV(QWUHPHVHV\FRPHGLDV9LDMHGHO3DUQDVR
6RODPHQWHGHO4XLMRWHVHSXHGHQHQFRQWUDUHQHVWDFROHFFLyQSULPHUDVHGLFLRQHVGHOD
SULPHUDSDUWHGHODREUDFRPRODGH9DOHQFLDGH3HUH3DWULFL0H\GHRODGH%UXVHODV
GH5RJHU9HOSLXVGH(OSULPHUJUDEDGRDSDUHFHHQODHGLFLyQORQGLQHQVHGH%ORXQWH
GH
3RUORTXHUHVSHFWDDODVREUDVLOXVWUDGDVWHQHPRVDOJXQDVGHODVSULPHUDVFRPROD
GH%UXVHODVGH-HDQ0RPPDHUWGHFRQOiPLQDVGH6DYU\\GH%RXWWDWV
/D%LEOLRWHFD
9DOHQFLDQD
$VtPLVPRLQFOX\HQXPHURVDVWUDGXFFLRQHVGHO4XLMRWHDRWURVLGLRPDVFRPRHOKHEUHR
HOFLUtOLFRHOJULHJRRHOMDSRQpVWDPELpQKD\HGLFLRQHVHQWRGRVORVLGLRPDVHXURSHRV
DGHPiVGHHGLFLRQHVSROtJORWDV
3RURWURODGRHQFRQWUDPRVDGDSWDFLRQHVSDUDHOS~EOLFRLQIDQWLO\MXYHQLOIDFVtPLOHV
QXPHURVDVHGLFLRQHVFUtWLFDVODVVHJXQGDVSDUWHVGHO4XLMRWHDSyFULIDVFRPRODGH$YHOOD
QHGDHWF
+D\FXULRVLGDGHVFRPRP~VLFDLPSUHVDGH5LFKDUG6WUDXVVPLQLDWXUDVWDSDVGHFDMDV
GHFHULOODVFRQUHSURGXFFLRQHVGHJUDEDGRVGHHVFHQDVGHO4XLMRWHHQFXDGHUQDGDVFRPRXQ
OLEURXQOLEURLPSUHVRFRQODVSiJLQDVGHFRUFKRHWF
(QGHÀQLWLYDHVWDELEOLRWHFDLQFOX\HDEXQGDQWHPDWHULDOSDUDHOHVWXGLR\IXHQWHVGH
LQIRUPDFLyQVREUH&HUYDQWHV\VXREUD
)UDQFLVFRGH$%RVFK$ULxR
6HFRPSRQHGHFDMDVGHDUFKLYR\XQQ~PHURDSUR[LPDGRGHFXDWURFLHQWRVYRO~
PHQHVGHGLFDGRVHQVXPD\RUSDUWHDIDUPDFLDTXtPLFD\PHGLFLQD
&ROHJLRGHO$UWH0D\RUGHOD6HGD
6HWUDWDGHFDMDV\SHUJDPLQRVTXHIRUPDQHODUFKLYRGHO&ROHJLRKXHOOD\PH
PRULDGHVXKLVWRULDGHVGHHOVLJOR;9KDVWDHO;,;
&RQVHOO9DOHQFLjGH&XOWXUD
(VWHIRQGRORFRQIRUPDQFDMDVFRQORVDUFKLYRVSHUVRQDOHVGHDOJXQRVGHVXV
PLHPEURVDFWXDOHV\DQWLJXRV
)XQGDFLyQ3UHPLRV5H\-DLPH,
(ODFXHUGRHQWUHOD&RQVHOOHULDGH&XOWXUDL(VSRUW\OD)XQGDFLyQ9DOHQFLDQDGH
(VWXGLRV$YDQ]DGRVKDSHUPLWLGRHOGHSyVLWRHQOD%LEOLRWHFD9DOHQFLDQDGHFDMDV
GHDUFKLYRFRQGRFXPHQWDFLyQUHIHULGDDORVFDQGLGDWRVDORVSUHPLRVGHVGHVXFUHDFLyQ
HQ6HLQFOX\HHOFXUUtFXORGHORVSUHPLDGRV\VXVSXEOLFDFLRQHVPiVUHOHYDQWHV
)HOLSH*DUtQ
(VWDFROHFFLyQHVWiFRPSXHVWDSRUXQRVVHLVPLOYRO~PHQHV\WUHVFLHQWDVVHSDUDWDV
WHVLVGRFWRUDOHVSXEOLFDFLRQHVSHULyGLFDV\FDMDVGHDUFKLYR(OIRQGRELEOLRJUiÀFRHVWi
GHGLFDGRFDVLH[FOXVLYDPHQWHDODKLVWRULDGHODUWHYDOHQFLDQR
-XDQ*LO$OEHUW
(VXQIRQGRGHYRO~PHQHV\SXEOLFDFLRQHVSHULyGLFDVGHWHPiWLFDOLWHUDULDHQWUH
ORVTXHGHVWDFDODREUDSRpWLFDGHDXWRUHVHVSDxROHVSXEOLFDGDGHVSXpVGH/RVOLEURV
HVWiQGHGLFDGRVSRUVXVDXWRUHV\OOHYDQPXFKDVDQRWDFLRQHVVXEUD\DGRV\FRPHQWDULRV
GH-XDQ*LO$OEHUW
(QXQVHJXQGRQLYHOKD\TXHUHVHxDUORVOLEURVGHÀORVRItDDUWHHKLVWRULDpVWRV
~OWLPRVFHQWUDGRVHQODUHYROXFLyQVRYLpWLFD\ODVYLFLVLWXGHVGHODIDPLOLDLPSHULDOUXVD
/DFROHFFLyQTXHVHFXVWRGLDEDHQHOGRPLFLOLRGH&pVDU6LPyQ\(OHQD$XUDLQJUHVy
HQOD%LEOLRWHFD9DOHQFLDQDMXQWRFRQFDMDVFRQPDQXVFULWRVEORFVGHQRWDVFDUWDV
\RWURVGRFXPHQWRVTXHIRUPDQHODUFKLYRSHUVRQDOGHOHVFULWRU
9LFHQWH*LQHU%RLUD
6HWUDWDGHFDMDVGHDUFKLYRGHGRFXPHQWDFLyQSHUVRQDODVRFLDWLYDSURIHVLRQDO
GHJHVWLyQGHELHQHV\FRUUHVSRQGHQFLDTXHPXHVWUDQHQWUHRWUDVIDFHWDVVXWUDEDMRHQHO
7ULEXQDOGHODV$JXDV\HQRWUDVHQWLGDGHVGHUHJDQWHV
,QVWLWXWR9DOHQFLDQRGH(FRQRPtD
(VWHELEOLRWHFDLQFOX\HXQRVFLQFRPLOYRO~PHQHVGHPRQRJUDItDVIROOHWRV\SXEOL
FDFLRQHVSHULyGLFDV
(OGREOHREMHWLYRGHO,QVWLWXWRHUDHPLWLULQIRUPHVVREUHORVWHPDVTXHDIHFWDEDQ
DORVYDOHQFLDQRV\FUHDU\GLIXQGLUXQDFXOWXUDHFRQyPLFDHQWUHODVFODVHVGLULJHQWHVHMH
SULQFLSDODODKRUDGHFRQÀJXUDUHOFRQWHQLGRGHODELEOLRWHFD3RUXQODGRVHQHFHVLWDEDXQD
LQIRUPDFLyQUiSLGD\H[KDXVWLYDVREUHORVDFRQWHFLPLHQWRVHFRQyPLFRVORTXHVHUHVROYLy
FRQXQ$UFKLYR*HQHUDOGH(FRQRPtD9DOHQFLDQDIRUPDGRSRUQRWLFLDVGHSUHQVD\FRQOD
DGTXLVLFLyQGHODVSXEOLFDFLRQHVPiVDGHFXDGDVSRURWURVHIRUPyXQIRQGRELEOLRJUiÀFR
FRQORVSULQFLSDOHVWUDWDGRVHFRQyPLFRV
)UDQFLVFR6HPSHUH0DVLi
6HWUDWDGHFDMDVGHDUFKLYRFRQODVFDUWDVGHODFRUUHVSRQGHQFLDTXH9LFHQWH
%ODVFR,EixH]PDQWXYRFRQVXVHGLWRUHV)UDQFLVFR6HPSHUH\)HUQDQGR/ORUFDHQWUH
\
0DQXHO7DUDQFyQ)DQGRV
(VXQDELEOLRWHFDFRQXQQ~PHURDSUR[LPDGRGHVLHWHPLOYRO~PHQHVGHPRQRJUDItDV
\SXEOLFDFLRQHVSHULyGLFDVVREUHWHPDVYDOHQFLDQRVHQODTXHGHVWDFDQODVREUDVGH%ODVFR
,EixH]\VREUHHVWHDXWRUWDQWRHQHVSDxROFRPRHQWUDGXFFLRQHVDOLQJOpVIUDQFpVLWDOLD
QRUXVRFKLQR\RWURVLGLRPDV&XHQWDFRQPiVGHTXLQLHQWRVHMHPSODUHVGHODFROHFFLyQ
©/DERUªGHVGHODGpFDGDGHORVYHLQWHDODGHORVVHWHQWDGHOVLJOR;;FRQUHSUHVHQWDFLyQ
GHWRGDVODVVHFFLRQHVGHHVWDFROHFFLyQ
/D%LEOLRWHFD
9DOHQFLDQD
%,%/,2*5$)Ì$9$/(1&,$1$
(/3$75,021,2%,%/,2*5É),&2352&('(17('(/'(3Ð6,72/(*$/
)HUUDQ6DQWRQMD&HUGj
'HÀQLFLyQ
/D%LEOLRJUDItD9DOHQFLDQDHVHOFRQMXQWRGHUHJLVWURVELEOLRJUiÀFRVFRUUHVSRQGLHQ
WHVDORVGRFXPHQWRVLPSUHVRVVRQRURVJUiÀFRVRGLJLWDOHVVXMHWRVDGHSyVLWROHJDOHQOD
&RPXQLWDW9DOHQFLDQD
(VWHHVHOFRQFHSWRGHELEOLRJUDItDHQHOVHQWLGRGHELEOLRJUDItDQDFLRQDOFRUULHQWH
GHORVGRFXPHQWRVSURGXFLGRVHQOD&RPXQLWDW9DOHQFLDQDSRUWDQWRTXHGDQIXHUDGH
OD%LEOLRJUDItD9DOHQFLDQDODVREUDVGHWHPiWLFDYDOHQFLDQDRGHDXWRUYDOHQFLDQRTXHQR
KDQVLGRLPSUHVDVRSURGXFLGDVHQOD&RPXQLWDW7DPSRFRVHLQFOX\HHQHVWHFRQFHSWROD
ELEOLRJUDItDQDFLRQDOUHWURVSHFWLYD
/RVUHJLVWURVGHOD%LEOLRJUDItD9DOHQFLDQDKDQVLGRFUHDGRVGHDFXHUGRFRQODVHV
SHFLÀFDFLRQHVGHODYHUVLyQ,%(50$5&GHOIRUPDWR0$5&0DFKLQH5HDGDEOH&DWDOR
JLQJ\VHDGHFXDQDORVSULQFLSLRVGHORTXHXQGtDVHGHQRPLQyHO&RQWURO%LEOLRJUiÀFR
8QLYHUVDOHVWDEOHFLGRSRUOD)HGHUDFLyQ,QWHUQDFLRQDOGH$VRFLDFLRQHVGH%LEOLRWHFDULRV
\GH%LEOLRWHFDV,)/$
/D%LEOLRJUDItD9DOHQFLDQDGHVGHODWUDQVIHUHQFLDGHODVFRPSHWHQFLDVDXWRQyPLFDV
/D%LEOLRWHFD9DOHQFLDQDFRPRLQVWLWXFLyQUHVSRQVDEOHGHOSDWULPRQLRELEOLRJUiÀFR\
GRFXPHQWDOYDOHQFLDQRUHFLELyPHGLDQWHHO'HFUHWRTXHODFUHDEDODVFRPSHWHQFLDVQHFHVD
%($8',48(=0DUFHOOH©/HVELEOLRJUDÀHVQDFLRQDOVFRUUHQWVLUHWURVSHFWLYHVGLQVHOPDUFGHOFRQWURO
ELEOLRJUjÀFXQLYHUVDOª,WHPUHYLVWDGHELEOLRWHFRQRPLDLGRFXPHQWDFLyMXOLRGLFLHPEUHQ~PS>(Q
OtQHD@KWWSZZZUDFRFDWLQGH[SKS,WHPDUWLFOHYLHZ!>&RQVXOWDQRYLHPEUH@
/RVHVIXHU]RVGHQRUPDOL]DFLyQELEOLRJUiÀFDGHOD,)/$FRPHQ]DURQDGDUVXVIUXWRVHQHODxRFRQHO
SURJUDPD8%&8QLYHUVDO%LEOLRJUDSKLF&RQWUROTXHHVWDEOHFLyORVHVWiQGDUHVGHGHVFULSFLyQ\GHLQWHUFDPELR
ELEOLRJUiÀFRPHGLDQWHODFUHDFLyQGHODVUHJODV,6%'\HOIRUPDWR81,0$5&(QVHFUHyHOSURJUDPD
8'78QLYHUVDO'DWDÁRZDQG7HOHFRPPXQLFDWLRQVFRQHOREMHWLYRGHIDFLOLWDUHOLQWHUFDPELRGLJLWDOGHGDWRV
\ODFUHDFLyQGHOSURWRFROR=GHUHFXSHUDFLyQGHLQIRUPDFLyQ(QVHFRQVWLWX\yOD,&$%6,)/$
&'1/$OOLDQFHIRU%LEOLRJUDSKLF6WDQGDUGV\FRQHOODODDSOLFDFLyQGHQXHYDVDSRUWDFLRQHVFRPRHOOHQJXDMH
GHPDUFDGR;0/RODHVWUXFWXUDGHPHWDGDWRV'XEOLQ&RUHHQWUHRWUDV'HVGHDJRVWRGHODDOLDQ]DKD
SDVDGRDGHQRPLQDUVH,&$'6,)/$&'1/$OOLDQFHIRU'LJLWDO6WUDWHJLHV\HVWiFHQWUDGDHQSUR\HFWRVGH
QRUPDOL]DFLyQSDUDHOWUDWDPLHQWRGHODLQIRUPDFLyQGLJLWDOKWWSZZZLÁDRUJHQLFDGV!
'HFUHWRGHGHHQHURGHO&RQVHOOGHOD*HQHUDOLWDW9DOHQFLDQDSRUHOTXHVHFUHDOD%LEOLRWHFD9D
OHQFLDQD\TXHHVWDEOHFH©>@FX\DÀQDOLGDGSULQFLSDOHVVDOYDJXDUGDU\FRQWULEXLUDOLQFUHPHQWRGHOSDWULPRQLR
ELEOLRJUiÀFR\GRFXPHQWDOYDOHQFLDQRHQHOUHVSHWRDODOHJLVODFLyQYLJHQWH\FRQIRUPHDORTXHHQVXGtDGLV
SRQJDQODVGLVSRVLFLRQHVOHJDOHVTXHUHJXOHQHOSDWULPRQLRFXOWXUDOGHOD*HQHUDOLGDG9DOHQFLDQDª(QHOSXQWR
ULDVSDUDFRQYHUWLUVHHQHOSULPHUUHIHUHQWHELEOLRJUiÀFRGHOD&RPXQLWDW9DOHQFLDQD3RURWUD
SDUWHOD/H\GH2UJDQL]DFLyQ%LEOLRWHFDULDGHOD&RPXQLWDW9DOHQFLDQDHVWDEOHFtDHOHQFDUJR
DOD%LEOLRWHFD9DOHQFLDQDGHHODERUDU\GLIXQGLUODELEOLRJUDItDGHODSURGXFFLyQHGLWRULDO
YDOHQFLDQDGHODTXHHVUHFHSWRUDGHXQHMHPSODUSRU'HSyVLWR/HJDO
'HDFXHUGRFRQHVWDPLVLyQOD%LEOLRWHFD9DOHQFLDQDFRPHQ]yHQODSXEOLFDFLyQ
GHOD%LEOLRJUDItD9DOHQFLDQD\ORKL]RFRQODVPRQRJUDItDVLQJUHVDGDVSRU'HSyVLWR/HJDO
GHODxR(VWDSULPHUDHGLFLyQHVWDEDHQFDEH]DGDSRUODSUHVHQWDFLyQGHTXLHQHUDHQ
WRQFHVHOFRQVHOOHUGH&XOWXUD(GXFDFLyQ\&LHQFLD&HEULj&LVFDU\FRQWHQtDORVUHJLVWURV
FDWDORJUiÀFRVRUGHQDGRVSRUORVQ~PHURVJHQHUDOHVGHOD&'8&ODVLÀFDFLyQ'HFLPDO8QL
YHUVDODVtFRPRORVtQGLFHVDOIDEpWLFRVGHDXWRUWtWXORPDWHULDHLPSUHVRUHVDGHPiVGHXQ
LQWHUHVDQWHDQiOLVLVELEOLRPpWULFRGHYDULRVSDUiPHWURVFRPRODOHQJXDHOOXJDUGHLPSUHVLyQ
HOWLSRGHHGLWRULDORHOWLSRGHDXWRUtD'HVGHHQWRQFHVWRGRVORVDxRVVHKDSXEOLFDGRXQD
RPiVHGLFLRQHVFRQHOPLVPRHVTXHPDGHGDWRV3RURWUDSDUWHHQHODxRVHHGLWyOD
ELEOLRJUDItDYDOHQFLDQDGHFDUWHOHVFRUUHVSRQGLHQWHDO'HSyVLWR/HJDOGHORVDxRV
\(QVHSXEOLFyODELEOLRJUDItDGHSXEOLFDFLRQHVSHULyGLFDVGHOD%LEOLRWHFD9DOHQ
FLDQD/DELEOLRJUDItDGHPRQRJUDItDVFRUUHVSRQGLHQWHDODxROOHYDSRUSULPHUDYH]HO
SUyORJRHQYDOHQFLDQR/D~OWLPDHGLFLyQGHODVHULHDSDUHFLyHQHODxR\FRUUHVSRQGHD
ODVPRQRJUDItDVUHFLELGDVHQ
(QHVWRVPRPHQWRVODLQIRUPDFLyQGHOD%LEOLRJUDItD9DOHQFLDQDHVDFFHVLEOHHQOtQHD
PHGLDQWHHO&DWiORJR*HQHUDOGHOSRUWDOGHOD%LEOLRWHFD9DOHQFLDQD
(O'HSyVLWR/HJDOHQOD&RPXQLWDW9DOHQFLDQD
'HÀQLFLyQ\REMHWLYRV
(OGHSyVLWROHJDOHVODREOLJDFLyQHVWDEOHFLGDSRURUGHQDGPLQLVWUDWLYDGHUDQJRHV
WDWDOGHORVLPSUHVRUHVRGHORVSURGXFWRUHVYDOHQFLDQRVGHKDFHUGHSyVLWRS~EOLFRGHXQ
GHODUWtFXORVHHVSHFLÀFDODIXQFLyQGHOD%LEOLRWHFD9DOHQFLDQD©(ODERUDU\GLIXQGLULQIRUPDFLyQELEOLRJUiÀFD
VREUHODSURGXFFLyQHGLWRULDOGHOD&RPXQLWDW9DOHQFLDQDª
/D/H\GHGHGLFLHPEUHGH2UJDQL]DFLyQ%LEOLRWHFDULDGHOD&RPXQLWDW9DOHQFLDQDHQHODUWtFXOR
HVWDEOHFH©/D%LEOLRWHFD9DOHQFLDQDFRPRSULPHUFHQWURELEOLRJUiÀFRGHOD&RPXQLGDGWLHQHFRPRPLVLyQ
UHXQLUFRQVHUYDU\GLIXQGLUHO3DWULPRQLR%LEOLRJUiÀFR9DOHQFLDQR\WRGDODSURGXFFLyQLPSUHVDVRQRUD\YLVXDOGH
\VREUHOD&RPXQLGDG9DOHQFLDQDFRQVWLWX\pQGRVHFRQFDUiFWHUREOLJDWRULRHQUHFHSWRUDGHXQRGHORVHMHPSODUHV
SURFHGHQWHVGHODVRÀFLQDVGHO'HSyVLWR/HJDO(VWDUiHQFDUJDGDFRPRFHQWUDOWpFQLFDGHORVWUDEDMRVELEOLRWHFD
ULRVFRPXQHVGHO6LVWHPD%LEOLRWHFDULR9DOHQFLDQRGHHODERUDU\GHGLIXQGLUODLQIRUPDFLyQELEOLRJUiÀFDVREUHOD
SURGXFFLyQHGLWRULDOYDOHQFLDQD\GHPDQWHQHUODFRRSHUDFLyQFRQORVVHUYLFLRVELEOLRWHFDULRVGHGLVWLQWRViPELWRVª
/DRWUDIXHQWHGHLQIRUPDFLyQGHODSURGXFFLyQELEOLRJUiÀFDYDOHQFLDQDOD%LEOLRJUDItD(VSDxRODLQLFLyOD
SXEOLFDFLyQLPSUHVDHQFRQODUHIHUHQFLDGHODVPRQRJUDItDVSXEOLFDGDVHQ(VSDxD(QVHFUHyHO
,QVWLWXWR%LEOLRJUiÀFR+LVSiQLFR'HFUHWRFRQHOREMHWLYRGHUHDOL]DUHOFRQWUROELEOLRJUiÀFRHVSD
xRO&RQODGHVDSDULFLyQGHOPHQFLRQDGRLQVWLWXWRHQODIXQFLyQGHHODERUDUODELEOLRJUDItDIXHDVXPLGD
GLUHFWDPHQWHSRUOD%LEOLRWHFD1DFLRQDOGH(VSDxDUDGLFDGDHQ0DGULG/DHGLFLyQLPSUHVDGHOD%LEOLRJUDItD
(VSDxRODFRQWLQXyKDVWDGLFLHPEUHGH$VLPLVPRODVHGLFLRQHVHQ&'520LQLFLDGDVHQVHGLHURQ
SRUDFDEDGDVHQVHSWLHPEUHGH
/D%LEOLRWHFD
9DOHQFLDQD
Q~PHURGHFRSLDVGHORVGRFXPHQWRVSURGXFLGRVHQVXVWDOOHUHVDQWHVGHTXHpVWRVVHDQ
SXHVWRVDODOLEUHGLVWULEXFLyQRDODYHQWD
/DÀQDOLGDGGHO'HSyVLWR/HJDOVHEDVDHQFXDWURREMHWLYRVIXQGDPHQWDOHV
²/DSUHVHUYDFLyQGHORVGRFXPHQWRVSXEOLFDGRVHQXQSDtV
²/DSXHVWDDGLVSRVLFLyQS~EOLFDGHODELEOLRJUDItDQDFLRQDOVLJXLHQGRHOSUR\HFWR\D
FLWDGRGHO8%&8QLYHUVDO%LEOLRJUDSKLF&RQWURO
²(OFRQRFLPLHQWRHVWDGtVWLFRGHODSURGXFFLyQHGLWRULDO
²/DSUXHEDGHDQWHULRULGDGRGHRULJLQDOLGDGSDUDUHVROYHUFDVRVGHSODJLR
&RPR\DKHPRVFLWDGRPiVDUULEDHODUWtFXORGHO'HFUHWRSRUHOTXHVH
FUHDEDOD%LEOLRWHFD9DOHQFLDQDGLFH©6HHVWDEOHFHODREOLJDFLyQGHGHSyVLWRHQOD%LEOLRWHFD
9DOHQFLDQDGHXQRGHORVHMHPSODUHVSURFHGHQWHVGHO'HSyVLWR/HJDOHQODIRUPD\FRQODV
H[FHSFLRQHVTXHUHJODPHQWDULDPHQWHVHGHWHUPLQHQª
+LVWRULDGHODUHJXODFLyQ\QRUPDWLYDYLJHQWH
(OHVWDEOHFLPLHQWRGHO'HSyVLWR/HJDOWDO\FRPRORHQWHQGHPRVHQODDFWXDOLGDG
VHLQLFLyHQ)UDQFLDHQHQWLHPSRVGH)UDQFLVFR,FRQODFRQRFLGD2UGRQQDQFHGH
0RQWSHOOLHU
(VWDSUiFWLFDGHFRQVHUYDFLyQSDWULPRQLDOWLHQHYDULRVSUHFHGHQWHVHQODKLVWRULD
+D\TXHFLWDUSRUHMHPSORTXHODJUDQ%LEOLRWHFDGH$OHMDQGUtDHOPiVLPSRUWDQWHFHQWUR
GRFXPHQWDOGHODDQWLJHGDG\DGHVDUUROOyGRVHVWUDWHJLDVPX\DFHUWDGDVGHUHFRJLGDGH
OLEURVSDUHFLGDVDOPRGHUQR'HSyVLWR/HJDO\GHDOFDQFHFXULRVDPHQWHXQLYHUVDOSRUXQD
SDUWHVROLFLWDEDOLEURVDORVSDtVHVFRQORVTXHKDEtDDOJ~QWLSRGHUHODFLyQORVWUDGXFtDDO
JULHJR\JXDUGDEDFRSLDVSRURWUDUHTXHUtDDFDGDQDYHTXHKDFtDHVFDODHQVXSXHUWRTXH
PRVWUDUDORVOLEURVTXHOOHYDEDDERUGRGHODVREUDVGHLQWHUpVODELEOLRWHFDVHDSURSLDED
GHORULJLQDO\GHYROYtDDOEDUFRXQDFRSLD
(Q(VSDxDODSULPHUDUHJXODFLyQVHUHPRQWDDOUHLQDGRGH)HOLSH9OD5HDO&pGXOD
GHGHRFWXEUHGHTXHHVWDEOHFtDHOSULYLOHJLRSDUDOD%LEOLRWHFD5HDOGHUHFLELUXQ
HMHPSODUGHFDGDXQRGHORVGRFXPHQWRVTXHVHLPSULPtDQHQHO5HLQRGH(VSDxD
/DUHJXODFLyQDFWXDOGHO'HSyVLWR/HJDOHQ(VSDxDVHULJHSRUGRVQRUPDWLYDVHVWDWDOHV
²2UGHQGHGHRFWXEUHGHGHO0LQLVWHULRGH(GXFDFLyQ\&LHQFLDSRUOD
TXHVHDSUXHEDHO5HJODPHQWRGHO,QVWLWXWR%LEOLRJUiÀFR+LVSiQLFR%2(GH
QRYLHPEUHGH
²2UGHQGHGHIHEUHURGHGHO0LQLVWHULRGH(GXFDFLyQ\&LHQFLDSRUODTXH
VHPRGLÀFDQDOJXQRVDUWtFXORVGHO5HJODPHQWRGHO,QVWLWXWR%LEOLRJUiÀFR+LVSiQLFR
%2(GHPDU]RGH
&25'Ð1*$5&Ì$-RVp$QWRQLR(OUHJLVWURGHODPHPRULDODVELEOLRJUDItDVQDFLRQDOHV\HOGHSyVLWROHJDO*LMyQ
7UHD
$SDUWLUGHSULQFLSLRVGHORVDxRVRFKHQWDGHOVLJORSDVDGRFRQODFRQVWLWXFLyQGHO
(VWDGRGHODV$XWRQRPtDV\ODVFRQVLJXLHQWHVWUDQVIHUHQFLDVFDGDFRPXQLGDGDXWyQRPDKD
LGRGHVDUUROODQGRQRUPDWLYDVSURSLDV(QOD&RPXQLWDW9DOHQFLDQDODVQRUPDVUHJXODGRUDV
VREUHHO'HSyVLWR/HJDOKDQVHJXLGRHOVLJXLHQWHGHVSOLHJXHFURQROyJLFR
²5HDO'HFUHWRGHGHHQHURVREUHWUDQVIHUHQFLDGHFRPSHWHQFLDVGHOD
$GPLQLVWUDFLyQGHO(VWDGRDO&RQVHOOGHO3DtV9DOHQFLDQRHQPDWHULDGHDFWLYLGDGHV
PROHVWDVLQVDOXEUHVQRFLYDV\SHOLJURVDVFXOWXUD\VDQLGDG%2(Q~PGH
IHEUHURGH(VWH5HDO'HFUHWRWUDQVIHUtDODWUDPLWDFLyQGHODVVROLFLWXGHVGH
DVLJQDFLyQGHOQ~PHURGHO'HSyVLWR/HJDOGHOLEURV\HVWDEOHFtDODUHWHQFLyQGHXQR
GHORVHMHPSODUHVGHSRVLWDGRVDIDYRUGHO&RQVHOOGHO3DtV9DOHQFLDQR
²2UGHQGHGHRFWXEUHGHSRUODTXHVHUHJXODHOGHVWLQRGHORVHMHPSODUHV
HQWUHJDGRVHQHO'HSyVLWR/HJDOGH/LEURV\VHHVWDEOHFHHOKRUDULRGHOVHUYLFLRDO
S~EOLFRGHODVRÀFLQDVGH$OLFDQWH&DVWHOOyQ\9DOHQFLD'2*9Q~PGH
QRYLHPEUHGH
²2UGHQGHGHQRYLHPEUHGHSRUODTXHVHDPSOLDHQPDWHULDGHSUR
GXFFLRQHVDXGLRYLVXDOHVORHVWDEOHFLGRHQOD2UGHQGHGHRFWXEUHGH
UHIHUHQWHDOHMHUFLFLRGHODVFRPSHWHQFLDVWUDQVIHULGDVHQPDWHULDGHGHSyVLWR
OHJDODO&RQVHOOGHOD&RPXQLWDW9DOHQFLDQD'2*9Q~PGHGLFLHPEUH
GH
$HVWDVWUHVGLVSRVLFLRQHVIXQGDPHQWDOHVKD\TXHDxDGLUODUHJXODFLyQHVSHFtÀFDYD
OHQFLDQDHQFXDQWRDSDWULPRQLR\RUGHQDFLyQELEOLRWHFDULD
²'HFUHWRGHGHHQHURGHO&RQVHOOGHOD*HQHUDOLWDW9DOHQFLDQDSRUHOTXH
VHFUHDOD%LEOLRWHFD9DOHQFLDQD'2*9Q~PGHIHEUHURGH
²/H\GHGHGLFLHPEUHGHO&RQVHOOGHOD*HQHUDOLWDW9DOHQFLDQDGH
2UJDQL]DFLyQ%LEOLRWHFDULDGHOD&RPXQLWDW9DOHQFLDQD'2*9Q~PGH
HQHURGH
²/H\GHGHMXQLRGHOD*HQHUDOLWDW9DOHQFLDQDGHO3DWULPRQLR&XOWXUDO
9DOHQFLDQR'2*9Q~PGHMXQLRGH
²/H\GHGHMXQLRGHOD*HQHUDOLWDW9DOHQFLDQDGHO/LEUR'2*9Q~P
GHMXQLRGH
²/H\GHGHRFWXEUHGHOD*HQHUDOLWDWGH0RGLÀFDFLyQGHOD/H\
GHGHMXQLRGHO3DWULPRQLR&XOWXUDO9DOHQFLDQR'2*9Q~PGH
RFWXEUHGH
²/H\GHGHIHEUHURGHOD*HQHUDOLWDWGH0RGLÀFDFLyQGHOD/H\
GHGHMXQLRGHO3DWULPRQLR&XOWXUDO9DOHQFLDQR'2&9Q~PGH
IHEUHURGH
/D%LEOLRWHFD
9DOHQFLDQD
/DMHUDUTXtDQRUPDWLYDUHFRJHDGHPiVODVUHFRPHQGDFLRQHVLQWHUQDFLRQDOHVGHULYDGDV
GHODVGLUHFWULFHVGHOD81(6&2\GHODVUHVROXFLRQHVGHO&RQVHMRGH(XURSD\GH(%/,'$
(XURSHDQ%XUHDXRI /LEUDU\,QIRUPDWLRQDQG'RFXPHQWDWLRQ$VVRFLDWLRQV
'RFXPHQWRVREMHWRGHGHSyVLWROHJDO\Q~PHURGHHMHPSODUHV
/DOLVWDGHPDWHULDOHVTXHOOHJDQDOD%LEOLRWHFD9DOHQFLDQDSRUODUHJXODFLyQGHO'HSy
VLWR/HJDO\TXHSRUWDQWRHQWUDQDIRUPDUSDUWHGHO3DWULPRQLR%LEOLRJUiÀFR9DOHQFLDQR
HVODVLJXLHQWH
/LEURVHVWpQRQRDODYHQWDLQGHSHQGLHQWHPHQWHGHOFRQWHQLGR\GHOWLSRGHLPSUHVLyQ
)ROOHWRVLPSUHVRVGHPiVGHFXDWURSiJLQDV\PHQRVGHFLQFXHQWDFRQODVPLVPDV
FDUDFWHUtVWLFDVTXHODVGHOSiUUDIRDQWHULRU6HLQFOX\HQODVVHSDUDWDVGHDUWtFXORVGHUHYLVWD
FRQGLFKDH[WHQVLyQ
+RMDVLPSUHVDVGHGLIXVLyQQRFRPHUFLDO6HGHSRVLWDUiQWDPELpQODVKRMDVFRPHU
FLDOHVFXDQGROOHYDQJUDEDGRVRFRQWHQLGRVGHFDUiFWHUWpFQLFR
3XEOLFDFLRQHVSHULyGLFDVUHYLVWDVGLDULRVDQXDULRVSURJUDPDVGHÀHVWDHWF
3DUWLWXUDVPXVLFDOHV
*UDEDGRVOiPLQDVVXHOWDVFDOHQGDULRVHVWDPSDVFURPRV\SRVWDOHV
0DSDV\SODQRV
&DUWHOHVDQXQFLDGRUHVGHDFWRVS~EOLFRVHVSHFWiFXORV\ÀHVWDVFDUWHOHVDQXQFLDGRUHV
GHSURGXFWRVFRPHUFLDOHVVLpVWRVOOHYDQJUDEDGRVDUWtVWLFRVRWH[WRVH[SOLFDWLYRVWpFQLFRV
ROLWHUDULRVEDQGRV\HGLFWRV
1DLSHV
'LDSRVLWLYDVGHVWLQDGDVDODGLIXVLyQ\YHQWD
*UDEDFLRQHVVRQRUDVUHDOL]DGDVPHGLDQWHFXDOTXLHUSURFHGLPLHQWR
3URGXFFLRQHVFLQHPDWRJUiÀFDV\YLGHRJUiÀFDVWDQWRGHWLSRDUJXPHQWDOFRPR
GRFXPHQWDO\SXEOLFLWDULR
3URJUDPDVGHRUGHQDGRU
3XEOLFDFLRQHVHOHFWUyQLFDVTXHVHGLVWULEX\HQHQ,QWHUQHWPRQRJUDItDVUHYLVWDV
EDVHVGHGDWRVHWF
3HURQRWRGRVORVGRFXPHQWRVSURGXFLGRVHQODVLPSUHQWDVHVWiQVXMHWRVDGHSyVLWR
OHJDO+D\XQDVHULHGHPDWHULDOHVTXHSRUVXQDWXUDOH]DRSRUKDEHUVLGRFRQVLGHUDGRVGH
PHQRULQWHUpVHVWiQH[FOXLGRVGHODREOLJDFLyQGHFRQVWLWXLUHOGHSyVLWROHJDO
²6HOORVGHFRUUHRV
²3XEOLFDFLRQHVGHXVRLQWHUQRGHLQVWLWXFLRQHVGHRUJDQL]DFLRQHVRGHyUGHQHVUHOL
JLRVDV6HLQFOX\HQHQHVWHDSDUWDGRORVLPSUHVRVGHRÀFLQDIRUPXODULRVFLUFXODUHV
LQVWUXFFLRQHVRPDQXDOHVGHSURFHGLPLHQWR
/$5,9,Ë5(-XOHV/HJLVODFLyQVREUHGHSyVLWROHJDOGLUHFWULFHV(GUHYDPSO\DFWGHODSXEOLFDFLyQGHGHOD
'UD-HDQ/XQQ3DUtV2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD
²,PSUHVRVGHFDUiFWHUVRFLDOFRPRLQYLWDFLRQHVGHERGDRGHEDXWL]RHVTXHODVWDUMHWDV
GHYLVLWDFDUQpVGHLGHQWLGDGWtWXORVGLSORPDVHWF
²,PSUHVRVGHFDUiFWHUFRPHUFLDOTXHQROOHYDQJUDEDGRVDUWtVWLFRVQLWH[WRVWpFQLFRV
ROLWHUDULRV
²&DOHQGDULRV
²&DWiORJRVFRPHUFLDOHV
²2EMHWRVWULGLPHQVLRQDOHVDXQTXHDFRPSDxHQDXQGRFXPHQWRSULQFLSDO
²0DQXDOHVGHLQVWUXFFLRQHVGHREMHWRV\DSDUDWRV
(ODUWtFXORGHOD2UGHQGHGHRFWXEUHGHMXQWRDOD2UGHQGHGHQRYLHP
EUHGHHVWDEOHFHHOQ~PHURGHHMHPSODUHVGH'HSyVLWR/HJDO\ORVFRUUHVSRQGLHQWHV
GHVWLQRV
²&LQFRHMHPSODUHVGHODVREUDVVXMHWDVDO,6%1GHORVFXDOHVWUHVVHUHPLWHQDOD%L
EOLRWHFD1DFLRQDOGH(VSDxDXQRDODELEOLRWHFDS~EOLFDSURYLQFLDOFRUUHVSRQGLHQWH
GH$OLFDQWH&DVWHOOyQR9DOHQFLD\XQRDOD%LEOLRWHFD9DOHQFLDQD
²&XDWURHMHPSODUHVGHODVREUDVVLQ,6%1HQWUHODVTXHVHHQFXHQWUDQODVSXEOLFDFLR
QHVSHULyGLFDV(QHVWHFDVRVHUHPLWHQVyORGRVDOD%LEOLRWHFD1DFLRQDOGH(VSDxD
²7UHVHMHPSODUHVGHODVSURGXFFLRQHVDXGLRYLVXDOHVGHORVFXDOHVXQRVHUiUHPLWLGR
DOD%LEOLRWHFD1DFLRQDOGH(VSDxDRWURDODELEOLRWHFDS~EOLFDFRUUHVSRQGLHQWH\
HOWHUFHURVHGHSRVLWDUiHQOD%LEOLRWHFD9DOHQFLDQD
²7UHVFRSLDVHQIRUPDWR3')3RUWDEOH'RFXPHQW)RUPDWGHODVSXEOLFDFLRQHV
GLJLWDOHVFRQ'HSyVLWR/HJDOGHODVTXHXQDVHUiUHPLWLGDDOD%LEOLRWHFD1DFLRQDO
GH(VSDxDRWUDDODELEOLRWHFDS~EOLFDFRUUHVSRQGLHQWH\ODWHUFHUDVHGHSRVLWDUi
HQOD%LEOLRWHFD9DOHQFLDQD
²'HORVJXLRQHVGHODVSURGXFFLRQHVFLQHPDWRJUiÀFDVVHGHSRVLWDUiQGRVHMHPSODUHV
XQRGHHOORVFRQÀFKDDUWtVWLFD\ORVGLH]SULPHURVIRWRJUDPDVHQOD%LEOLRWHFD
1DFLRQDOGH(VSDxD\RWURFRQHOJXLyQVRODPHQWHHQOD%LEOLRWHFD9DOHQFLDQD
²8QHMHPSODUGHODVREUDVLPSUHVDVHQVLVWHPD%UDLOOHTXHVHUHPLWLUiDOD%LEOLRWHFD
1DFLRQDOGH(VSDxD
(/,6%1HVRWURLGHQWLÀFDGRULPSRUWDQWHSDUDODVSXEOLFDFLRQHVPRQRJUiÀFDVeVWHMXQWRFRQHO,661SDUDODV
SXEOLFDFLRQHVSHULyGLFDVHVXQLQVWUXPHQWRIDFLOLWDGRUGHODGLVWULEXFLyQHGLWRULDO(O,6%1HVXQFyGLJRVHQFLOOR
OHJLEOHSRUPiTXLQDTXHGLVWLQJXHODHGLFLyQGHPRQRJUDItDV'HVSXpVGHODVPRGLÀFDFLRQHVLQWURGXFLGDVHO
GHHQHURGHHO,6%1HVWiIRUPDGRSRUGtJLWRV(VSDxDDGRSWyHOFRQWUROGHO,6%1HQHODxRFRQ
ODFUHDFLyQGHOD$JHQFLD(VSDxRODGHO,6%1PHGLDQWHHO'HFUHWR\ODUHIRUPD\UHJXODFLyQGHODxR
(O,661TXHLGHQWLÀFDODVSXEOLFDFLRQHVSHULyGLFDVVHXWLOL]DHQ(VSDxDGHVGH
/D%LEOLRWHFD
9DOHQFLDQD
&DUDFWHUtVWLFDVGHODFROHFFLyQGHOD%LEOLRJUDItD9DOHQFLDQD
(YROXFLyQFXDQWLWDWLYDGHOLQJUHVRGHPRQRJUDItDV
/DFROHFFLyQGH'HSyVLWR/HJDOGHOD%LEOLRWHFD9DOHQFLDQDHPSH]y\DLQLFLDGR
GHDFXHUGRFRQODWUDQVIHUHQFLDGHFRPSHWHQFLDVGHDTXHODxR$FWXDOPHQWH\GHVSXpVGH
YHLQWLRFKRDxRVGHFUHFLPLHQWRHO'HSyVLWR/HJDOGHPRQRJUDItDVKDOOHJDGRDORV
YRO~PHQHV
/DUHSUHVHQWDFLyQJUiÀFDGHORVGDWRVDFXPXODGRVGHHVWHSHULRGRGHFDVLWUHLQWD
DxRVUHYHODXQLQFUHPHQWRFRQWLQXDGRGHOLQJUHVRGHYRO~PHQHVHQODFROHFFLyQ/DWDEOD
VLJXLHQWHPXHVWUDODHYROXFLyQGHODVGDWRVDJUXSDGRVSRUGpFDGDV
Bibliografía Valenciana
Media anual de ingreso de volúmenes
periodos
2000-2009
1990-1999
1982-1989
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
5.000
volúmenes
/DPHGLDGHOGHSyVLWRGXUDQWHODGpFDGDGHORVRFKHQWDIXHGHYRO~PHQHV
DQXDOHV'XUDQWHORVDxRVQRYHQWDVHSURGXMRXQLQFUHPHQWRGHOHQODHQWUDGDGH
GHSyVLWRKDVWDOOHJDUDXQDPHGLDGHYRO~PHQHVSRUDxR(VWDWHQGHQFLDDVFHQGHQWH
KDFRQWLQXDGRGXUDQWHODSULPHUDGpFDGDGHSHULRGRHQTXHVHKDDOFDQ]DGRXQ
LQFUHPHQWRGHOUHVSHFWRGHORVDxRVDQWHULRUHVFRQXQDPHGLDGHYRO~PHQHV
DQXDOHV
(OFUHFLPLHQWRKDVLGRFRQWLQXDGRKDVWDÀQDOHVGHORVDxRVQRYHQWD'HVGHHQWRQFHV
ODHQWUDGDGHOLEURVVHPDQWLHQHHVWDEOHWDO\FRPRVHSXHGHREVHUYDUHQODVLJXLHQWHWDEOD
4.391
2006
4.501
4.370
2005
4.356
2003
4.563
4.420
4.452
4.404
2000
2002
4.406
1999
4.223
3.872
3.402
1992
3.308
2.928
2.876
1991
2.172
2.125
1990
1.959
1989
2004
2001
1997
1996
1995
1994
1993
1988
1.605
1.181
948
1.498
1987
1986
1985
1984
0
1983
1.000
696
2.000
1.417
3.000
1982
volúmenes
4.000
3.834
5.000
1998
Bibliografía Valenciana
Depósito legal anual de monografías
1982-2006
año
'LVWULEXFLyQGHODSURFHGHQFLDSURYLQFLDOGHO'HSyVLWR/HJDO
/D&RPXQLWDW9DOHQFLDQDHVODFXDUWDFRPXQLGDGDXWyQRPDHQWUDPLWDFLyQGH'H
SyVLWR/HJDOHQHO(VWDGRHVSDxROSRUGHWUiVGHODVGRVJUDQGHVFRQFHQWUDFLRQHVGHOD
SURGXFFLyQFRUUHVSRQGLHQWHVD&DWDOXxD\DOD&RPXQLGDGGH0DGULG\FRQXQYROXPHQ
VLPLODUDOGH$QGDOXFtD
Bibliografía Valenciana
Depósito legal de monografías por provincias
Alicante 17%
Castellón 7%
Valencia 76%
/D%LEOLRWHFD
9DOHQFLDQD
'HQWURGHOD&RPXQLWDW9DOHQFLDQDODGLVWULEXFLyQJHRJUiÀFDGHODSURGXFFLyQHVWi
ELHQGLIHUHQFLDGDHO'HSyVLWR/HJDOGHPRQRJUDItDVSURFHGHQWHGHODSURYLQFLDGH&DVWHOOyQ
VHVLW~DDOUHGHGRUGHOGHOWRWDOGHOD&RPXQLWDWHOGHODSURYLQFLDGH$OLFDQWHVXSRQHHO
\HOGHODGH9DOHQFLDHVWiDOUHGHGRUGHOGHODSURGXFFLyQWRWDO
(OHQFDUJRGHODSURGXFFLyQLPSUHVDSURYLHQHGHODVHPSUHVDVHGLWRULDOHV(OPXQGR
HGLWRULDOYDOHQFLDQRKDPDQWHQLGRDORODUJRGHOWLHPSRXQDULFDGLYHUVLGDGHPSUHVDULDOTXH
KDUHSHUFXWLGRHQHOVHFWRUGHODVDUWHVJUiÀFDV/DWLWXODULGDGGHORVSUR\HFWRVHGLWRULDOHV
GHOD&RPXQLWDW9DOHQFLDQDHVELHQYDULDGD
²(QWLGDGHVS~EOLFDVUHSUHVHQWDGDVSRUODVXQLYHUVLGDGHVORVD\XQWDPLHQWRV\ODV
GLIHUHQWHVFRQVHOOHULHVGHOD$GPLQLVWUDFLyQDXWRQyPLFD
²(GLWRULDOHVFRPHUFLDOHVTXHJDUDQWL]DQODUHFRQRFLGDFDOLGDGDOFDQ]DGDHQODKLVWRULD
GHOOLEURYDOHQFLDQR
²$VRFLDFLRQHVIHVWHUDVTXHKDFHQHOHVIXHU]RDQXDOGHSXEOLFDUORVOLEURV\ORVSUR
JUDPDVGHÀHVWD
²(PSUHVDVGHORVGLIHUHQWHVVHFWRUHVHFRQyPLFRVTXHSXEOLFDQFDWiORJRV\OLEURV
FRQÀQDOLGDGHVSXEOLFLWDULDV
²$VRFLDFLRQHVVLQGLFDOHV
²,QVWLWXFLRQHV\FRQJUHJDFLRQHVUHOLJLRVDV
²$XWRHGLFLRQHVGHSDUWLFXODUHVFRQFRQWHQLGRVGHFDUiFWHUDXWRELRJUiÀFR\WH[WRV
GHFUHDFLyQIXQGDPHQWDOPHQWH
+D\TXHVHxDODUWDPELpQTXHODVLPSUHQWDVYDOHQFLDQDVUHDOL]DQHQDOJXQDVRFDVLRQHV
HQFDUJRVSDUDHGLWRULDOHVGHIXHUDGHOD&RPXQLWDW9DOHQFLDQD1RHVH[WUDxRSRUWDQWR
HQFRQWUDUHQOD%LEOLRJUDItD9DOHQFLDQDREUDVHGLWDGDVHQ0XUFLD$QGDOXFtD&DVWLOOD$UDJyQ
&DWDOXxD&RPXQLGDGGH0DGULGRLQFOXVRHQHOH[WUDQMHUR
8QDSDUWHLPSRUWDQWHGHODSURGXFFLyQHGLWRULDOYDOHQFLDQDWLHQHPX\GLItFLOODSUH
VHQFLDHQORVFDQDOHVGHGLVWULEXFLyQFRPHUFLDOD~QPiVFRQHOSURFHVRGHFRQFHQWUDFLyQ
GHORVSXQWRVGHYHQWDGHOLEURVTXHVHKDSURGXFLGRHQORV~OWLPRVDxRV(VWDVFLUFXQV
WDQFLDVKDFHQPiVLPSRUWDQWHODPLVLyQGHSUHVHUYDFLyQGHOSDWULPRQLRELEOLRJUiÀFRGHOD
%LEOLRWHFD9DOHQFLDQD
/DVOHQJXDVGHSXEOLFDFLyQ
(QODFROHFFLyQGHOD%LEOLRJUDItD9DOHQFLDQDSRGHPRVHQFRQWUDUSXEOLFDFLRQHVHQ
PiVGHYHLQWHOHQJXDVGLIHUHQWHV3RUVXSXHVWRODVPiVLPSRUWDQWHVVRQODVGRVRÀFLDOHV
GHOD&RPXQLWDW9DOHQFLDQDHOFDVWHOODQR\HOYDOHQFLDQR\HQPXFKDPHQRUPHGLGDHO
LQJOpV\HOODWtQ
Bibliografía Valenciana
Lenguas
valenciano 22%
inglés 2%
latín 1%
otras lenguas 1%
castellano
valenciano
inglés
castellano
74%
latín
otras
lenguas
(OGHORVYRO~PHQHVGHOD%LEOLRJUDItD9DOHQFLDQDFRUUHVSRQGHDHGLFLRQHVHQ
FDVWHOODQRHOVRQSXEOLFDFLRQHVHQYDOHQFLDQR\HOHQLQJOpV(OUHVWRGHOHQJXDV
FRQXQDSURGXFFLyQVLJQLÀFDWLYDVRQHQHVWHRUGHQHOODWtQHOIUDQFpVHOLWDOLDQRHOJDOOHJR
HODOHPiQHOYDVFRHOSRUWXJXpV\HOHVSHUDQWR
(OQ~PHURGHHGLFLRQHVELOLQJHVHVUHOHYDQWHORTXHWLHQHPXFKRTXHYHUFRQOD
PHQFLRQDGDFLUFXQVWDQFLDGHODFRRÀFLDOLGDGGHOYDOHQFLDQR\HOFDVWHOODQRHQOD&RPXQLWDW
9DOHQFLDQD
Bibliografía Valenciana
Porcentaje de publicaciones biling es en castellano y valenciano
periodos
2000-2009
10,20 %
2,34 %
1990-1999
1982-1989
0
1,47 %
2
4
6
porcentaje
8
10
12
/D%LEOLRWHFD
9DOHQFLDQD
&RPRVHSXHGHREVHUYDUODSXEOLFDFLyQGHREUDVTXHXWLOL]DQODVGRVOHQJXDVRÀFLDOHV
VHDHQODPRGDOLGDGGHWH[WRVELOLQJHVRHQODGHDOWHUQDQFLDOLEUHGHWH[WRVKDDOFDQ]DGR
XQYROXPHQLPSRUWDQWHHQOD~OWLPDGpFDGD
(OFRQWHQLGRWHPiWLFRGHOD%LEOLRJUDItD9DOHQFLDQD
/DGLYHUVLGDGGHPDWHULDVGHODVREUDVTXHIRUPDQSDUWHGHOD%LEOLRJUDItD9DOHQFLDQDHV
XQUHÁHMRGHODVQHFHVLGDGHVELEOLRJUiÀFDVGHODVRFLHGDGYDOHQFLDQD(VRH[SOLFDHODEDQLFR
WHPiWLFRTXHVHSXHGHHQFRQWUDU
Bibliografía Valenciana
mbitos temáticos por periodos
25.000
2000-2009
1990-1999
volúmenes
20.000
1982-1989
15.000
10.000
5.000
0
Obras
generales
Religión
Ciencias
sociales
Ciencias Ciencias
exactas y aplicadas
naturales
Artes
Ling ística Geografía
y literatura e historia
materias
(VHYLGHQWHTXHHOLQGLFDGRUPiVLPSRUWDQWHGHOIRQGRGHOD%LEOLRJUDItD9DOHQFLDQD
FRUUHVSRQGHDODVREUDVOLWHUDULDVHQWUHODVTXHGHVWDFDQORVOLEURVGHOLWHUDWXUDLQIDQWLO\
MXYHQLO\HQJHQHUDOODVREUDVGHJpQHURQDUUDWLYR$EXQGDQWDPELpQORVWH[WRVUHODFLR
QDGRVFRQODVFLHQFLDVVRFLDOHVHVSHFLDOPHQWHORVGHWHPiWLFDMXUtGLFD\SHGDJyJLFD(V
GHVWDFDEOHLJXDOPHQWHODFROHFFLyQGHREUDVTXHWLHQHQTXHYHUFRQHODUWHFRPRORV
FDWiORJRVGHH[SRVLFLRQHVDVtFRPRXQDULFDFROHFFLyQGHSDUWLWXUDVPXVLFDOHVIUXWRGH
ODSURGXFFLyQGHODVHGLWRULDOHVYDOHQFLDQDVHVSHFLDOL]DGDV(QWUHHOIRQGRUHODFLRQDGRFRQ
ODVFLHQFLDVDSOLFDGDVGHVWDFDQORVFRQWHQLGRVFRUUHVSRQGLHQWHVDODVFLHQFLDVGHODVDOXG\
DODVGLIHUHQWHVLQJHQLHUtDV
(QHOJUiÀFRGHODSiJLQDVLJXLHQWHVHSXHGHREVHUYDUODHYROXFLyQHQODSURGXFFLyQ
GHOLEURVGHODVJUDQGHViUHDVWHPiWLFDVGXUDQWHORVWUHVGHFHQLRVGH%LEOLRJUDItD9DOHQFLDQD
/DVPDWHULDVUHODFLRQDGDVFRQODVFLHQFLDVVRFLDOHVKDQDXPHQWDGRGHPDQHUDFRQVWDQWH
DORODUJRGHORVDxRV/RPLVPRVHSXHGHGHFLUGHORVFRQWHQLGRVDUWtVWLFRV6HREVHUYD
SRURWUDSDUWHXQDWHQGHQFLDDODGLVPLQXFLyQHQODSURGXFFLyQGHOLEURVGHOLWHUDWXUD\GH
JHRJUDItDHKLVWRULD
Bibliografía Valenciana
Porcentaje por materias y periodos
35
1982-1989
1990-1999
30
2000-2009
porcentaje
25
20
15
10
5
0
Obras
generales
Religión
Ciencias
sociales
Ciencias Ciencias
exactas y aplicadas
naturales
Artes
Ling ística Geografía
y literatura e historia
materias
(OIXWXURGHOD%LEOLRJUDItD9DOHQFLDQD
/D%LEOLRWHFD9DOHQFLDQDHVODGHSRVLWDULDGHO3DWULPRQLR%LEOLRJUiÀFR9DOHQFLDQR
\WLHQHFRPRÀQDOLGDGSULQFLSDOFRQVHUYDUHVWHSDWULPRQLRSURWHJHUOR\FRQWULEXLUD
LQFUHPHQWDUOR
/DFROHFFLyQIRUPDGDSRUOD%LEOLRJUDItD9DOHQFLDQDHVODELEOLRJUDItDQDFLRQDOYD
OHQFLDQDFRUULHQWHSRUTXHDVtORHVWDEOHFHODQRUPDWLYDGHGHVDUUROORELEOLRWHFDULRGHOD
&RPXQLWDW9DOHQFLDQD6HWUDWDSRUWDQWRGHXQRGHORVIRQGRVTXHGDQOHJLWLPLGDGDOD
IXQFLyQSDUDODTXHIXHFUHDGDOD%LEOLRWHFD9DOHQFLDQD
/DYLVLyQGHIXWXURGHOD%LEOLRJUDItD9DOHQFLDQDVHWLHQHTXHFHQWUDUHQVXPLVLyQ
SDWULPRQLDO\FRQHVWDÀQDOLGDGGHEHDVXPLUWUHVREMHWLYRVPX\FODURV
9HODUSRUODLQWHJULGDGHQODUHFHSFLyQGHORVGRFXPHQWRVGHO'HSyVLWR/HJDO\SRU
HOPDQWHQLPLHQWRDGHFXDGRGHORVPHGLRVQHFHVDULRVSDUDFXVWRGLDUORV\GLIXQGLUORV
&XPSOLUHOPDQGDWRGHOD5HIRUPDGHO(VWDWXWRGH$XWRQRPtDGHOD&RPXQLWDW
9DOHQFLDQD\ODOHWUDGHO'HFUHWRGHFUHDFLyQGHOD%LEOLRWHFD9DOHQFLDQD\GHODV
OH\HVGH2UJDQL]DFLyQ%LEOLRWHFDULD\GHO/LEURGHXWLOL]DUODOHQJXDSURSLD
/D/H\2UJiQLFDGHGHDEULOGH5HIRUPDGHO(VWDWXWRGH$XWRQRPtDGHOD&RPXQLWDW9DOHQFLDQD
HQHODUWtFXORHVWDEOHFHTXHODOHQJXDSURSLDGHOD&RPXQLWDW9DOHQFLDQDHVHOYDOHQFLDQR8QRGHORVREMHWLYRV
GHHVWDUHIRUPDHV©HOLPSXOVR\GHVDUUROORGHOXVRGHODOHQJXDYDOHQFLDQDª
(O'HFUHWRGHGHHQHURGHO&RQVHOOGHOD*HQHUDOLWDW9DOHQFLDQDSRUHOTXHVHFUHDOD%LEOLRWHFD
9DOHQFLDQDDÀUPDTXHODFUHDFLyQGHpVWDGHEHVHUYLUSDUD©ODUHFXSHUDFLyQ\HOGHVDUUROORGHODVSHFXOLDULGDGHV
GHOSXHEORYDOHQFLDQRª/D/H\GHGHGLFLHPEUHGH2UJDQL]DFLyQ%LEOLRWHFDULDGHOD&RPXQLWDW
9DOHQFLDQDUHFRQRFHORVPLVPRVSULQFLSLRVGHVDOYDJXDUGLDGHOSDWULPRQLROLQJtVWLFR
/D/H\GHGHMXQLRGHOD*HQHUDOLWDW9DOHQFLDQDGHO/LEURHVWDEOHFH©ODHVSHFLDOSURWHFFLyQGHO
OLEURHVFULWRHQYDOHQFLDQRYHUGDGHURVRSRUWHSDUDTXHQXHVWUDOHQJXDGLVIUXWHGHLJXDOGDGHQUHODFLyQFRQHO
/D%LEOLRWHFD
9DOHQFLDQD
GHORVYDOHQFLDQRVFRPROHQJXDWpFQLFDGHFDWDORJDFLyQ6LDOJXQDELEOLRWHFDSD
WULPRQLDOGHEHHPSOHDUHOYDOHQFLDQRpVWDHVOD%LEOLRWHFD9DOHQFLDQDVLDOJXQD
ELEOLRJUDItDDXWRQyPLFDVHKDGHFDWDORJDUHQYDOHQFLDQRpVWDHVOD%LEOLRJUDItD
9DOHQFLDQD
3URWHJHUHOSDWULPRQLRGLJLWDOGHOD&RPXQLWDW9DOHQFLDQD
/DVRFLHGDGGHODLQIRUPDFLyQGHPDQGDUHYLVDUHOFRQFHSWRGHSDWULPRQLRELEOLRJUiÀFRHLU
PiVDOOiGHVXVHQWLGRHVWULFWR'HVGHODDSDULFLyQGHODHVFULWXUDHOSDWULPRQLRGRFXPHQWDO
KDOOHJDGRDQRVRWURVJUDFLDVDODVXSHUYLYHQFLDGHODVFRSLDVPDQXVFULWDVRLPSUHVDVGHORV
GRFXPHQWRV/DSLHGUDHOSHUJDPLQRRHOSDSHOKDQGHPRVWUDGRVHUXQRVDSR\RVÀHOHV\
GXUDGHURVHQHOWLHPSR&RQODOOHJDGDGH,QWHUQHWODFUHDFLyQ\ODSURGXFFLyQGHODVLGHDVVH
UHSUHVHQWDFDGDYH]PiVHQHOHVSDFLRGLJLWDOHQIRUPDWRGHZHEGHEORJGHIRURGHFRUUHR
HOHFWUyQLFRFRQWH[WRFRQVRQLGRRFRQLPDJHQ\WRGRELHQHQVDPEODGRFRQHOKLSHUWH[WR
¢4XpSRGHPRVKDFHUSRUJHVWLRQDUHVWDDYDODQFKDGHLQIRUPDFLyQ"¢'yQGHSR
GHPRVHQFRQWUDUSRUHMHPSORORTXHVHSXEOLFyHQ,QWHUQHWKDFHGLH]DxRVRKDFHXQ
DxRRKDFHWDQVyORXQPHV"¢'yQGHHVWiQODVFRSLDV"¢&XiQWDVKD\\FyPRSRGHPRV
VDEHUFXiOHVVRQODVDXWpQWLFDV"(VWDHVODSDUDGRMDODOODPDPRVVRFLHGDGGHODLQIRUPDFLyQ
SHURFXDQGRXQGtDQXHVWURVKHUHGHURVTXLHUDQVDEHUGHQRVRWURVVyORHQFRQWUDUiQ
DOJXQRVIUDJPHQWRVGHXQDDXWHQWLFLGDGGXGRVD\HOORVOODPDUiQDODQXHVWUDOD©HGDG
RVFXUDGLJLWDOª/D%LEOLRWHFD9DOHQFLDQDFRPRLQVWLWXFLyQUHVSRQVDEOHGHODKHUHQFLD
FXOWXUDOLQIRUPDFLRQDOKDGHSRQHUHQPDUFKDHOSUR\HFWRGHFRQVHUYDFLyQGHOSDWUL
PRQLRGLJLWDOXQHVSDFLRLQHVWDEOHFDPELDQWH\HItPHUR(QHVWHiPELWRQRVHSXHGH
DVSLUDUDODH[KDXVWLYLGDGSHURVtDXQDPXHVWUDFRQYHQLHQWHPHQWHVHOHFFLRQDGDGHHVWH
SDWULPRQLR'HODSULPHUDHGLFLyQGHO7LUDQWOR%ODQFKUHDOL]DGDHQ9DOHQFLDHQVH
KDQFRQVHUYDGRWUHVFRSLDV¢&XiQWDVWHQHPRVGHODVSULPHUDVSiJLQDVZHEYDOHQFLDQDV
GHKDFHTXLQFHDxRV"
FDVWHOODQR\DFUHFHQWDQGRVXFRQGLFLyQGHOHQJXDOLWHUDULDDFWLYDDXPHQWHODHVWLPD\HOUHVSHWRGHWRGRVORV
YDOHQFLDQRV\SXHGDFDQDOL]DUODVH[LJHQFLDVFXOWXUDOHVFRPROHQJXDPDWHUQD\SURSLDª
+,//,6'DQQ\'LJLWDOFRQWLQXLW\/RV$QJHOHV*HWW\&HQWHU
6$1721-$&(5'­)HUUDQ©3DWULPRQLGLJLWDOª(O3XQWPDLJS
/D%LEOLRWHFD
9DOHQFLDQD
&2/(&&,Ð19$/(1&,$1$
/$6&2035$6(1/$%,%/,27(&$9$/(1&,$1$
&DUPLQD$OFDxL]%XFHWD
,QWURGXFFLyQ
/DVDGTXLVLFLRQHVGHXQDELEOLRWHFDHVWiQOLJDGDVDORVÀQHV\REMHWLYRVGHODPLVPD
\GHWHUPLQDGDVSRUpVWRV/D%LEOLRWHFD9DOHQFLDQDDOVHUXQDELEOLRWHFDGHLQYHVWLJDFLyQ
GHWLSRSDWULPRQLDOWLHQHXQDÀQDOLGDGPX\FRQFUHWDUHXQLUFRQVHUYDU\GLIXQGLUHO3D
WULPRQLR%LEOLRJUiÀFR9DOHQFLDQRHQFXDQWRDSURGXFFLyQHGLWRULDOHVYDOHQFLDQDVWHPDV
YDOHQFLDQRV\REUDVYDOHQFLDQDV/DSROtWLFDGHDGTXLVLFLRQHVGHOD%LEOLRWHFDWUDWDGHFXPSOLU
WRGRVHVWRVREMHWLYRV
/DVFRPSUDVUHDOL]DGDVDFDUJRGHOSUHVXSXHVWRTXHWLHQHDVLJQDGROD%LEOLRWHFD9D
OHQFLDQDFRPSUHQGHQXQFRQMXQWRGHPDWHULDOHVGHGLVWLQWDWLSRORJtDOLEURVSXEOLFDFLRQHV
SHULyGLFDVPDWHULDOIRWRJUiÀFRSRVWDOHVFDUWHOHVJUDEDGRVHLPSUHVRVHItPHURVWRGDVHOODV
FRQVLGHUDGDVFRPSUDVSDWULPRQLDOHV
3DUDODDGTXLVLFLyQVHDSOLFDQVLHPSUHORVPLVPRVFULWHULRVODLQH[LVWHQFLDGHRWUDREUD
LJXDOHQOD%LEOLRWHFD9DOHQFLDQDHOHVWDGRGHOPDWHULDO\VXSUHVHQFLDHQRWUDVELEOLRWHFDV
GHOD&RPXQLWDW9DOHQFLDQDRHQHOiPELWRHVWDWDO
3DUDHOORHVQHFHVDULRUHDOL]DUODFRQVXOWDHQORVVLJXLHQWHVFDWiORJRV
²&DWiORJRGHOD%LEOLRWHFD9DOHQFLDQD
²&DWiORJRGHO3DWULPRQLR%LEOLRJUiÀFR(VSDxROSDUDFRPSUDVGH)RQGR$QWLJXR
²&DWiORJR&ROHFWLYRGH3XEOLFDFLRQHV3HULyGLFDVSDUDFRPSUDVGHPDWHULDOKHPH
URJUiÀFRSDWULPRQLDO
²&DWiORJRVFROHFWLYRVHQUHGSDUDHO)RQGR0RGHUQR5(%,80&&8&
²&DWiORJRGHODVFROHFFLRQHVHVSHFLDOHVGHOD%LEOLRWHFD1DFLRQDOGH&DWDOXQ\D\GH
OD%LEOLRWHFD1DFLRQDOGH(VSDxDSDUDFRPSUDVGH)RQGR*UiÀFR
/DVFRPSUDVHQOD%LEOLRWHFD9DOHQFLDQDVHUHDOL]DQPHGLDQWHHVWRVSURFHGLPLHQWRV
D/DFRQVXOWDGHFDWiORJRVQDFLRQDOHVHLQWHUQDFLRQDOHVGHOLEUHUtDVGHFDWiORJRVGH
VXEDVWDV\GH,QWHUQHW
E/DFRQVXOWDGHOLEUHUtDVHVSHFLDOL]DGDVGHYLHMR\GHODQFH\ODVGHDQWLFXDULRV$O
KDFHUXQSHGLGRKD\TXHWHQHUHQFXHQWDODVGLIHUHQFLDVHQWUHHOOLEUHURGHYLHMR\GHODQFH
SRUXQDSDUWH\HOOLEUHURDQWLFXDULRSRURWUD/DOLEUHUtDGHYLHMR\GHODQFHHVXQDOLEUHUtD
HVSHFLDOL]DGDHQODYHQWDGHOLEURVGHVHJXQGDPDQRGHVDOGR\GHUHVWRVGHHGLFLRQHVFRQ
XQDDQWLJHGDGPtQLPDGHWUHLQWDDxRVWDPELpQVHGHQRPLQDOLEUHUtDGHRFDVLyQ/DOLEUHUtD
DQWLFXDULDHVODHVSHFLDOL]DGDHQODYHQWDGHOLEURVDQWLJXRVGHFLHUWRYDORUHVGHFLUGHOLEURV
GHPiVGHFLHQDxRV
F/DVVXEDVWDV(OWLSRGHPDWHULDOTXHVHFRPSUDSRUHVWHVLVWHPDVXHOHVHUOLEURV
UHYLVWDVRPDWHULDOIRWRJUiÀFRDQWLJXRVHVSHFLDOPHQWHUDURV\SULPHUDVHGLFLRQHV\REUDV
TXHHQJHQHUDOQRVHHQFXHQWUDQSRUORVPHGLRVKDELWXDOHVGHDGTXLVLFLyQ
/DFRPSUDGHREUDVHQHVWHWLSRGHHPSUHVDVWLHQHXQDVFDUDFWHUtVWLFDVPX\HVSHFt
ÀFDV$VtDQWHVGHODVXEDVWDHVDEVROXWDPHQWHLPSUHVFLQGLEOHODUHYLVLyQItVLFDGHODREUD
TXHVHSUHWHQGHELHQSHUVRQDOPHQWHELHQPHGLDQWHXQDSHUVRQDGHDEVROXWDFRQÀDQ]D
3RVWHULRUPHQWH\\DGXUDQWHODVXEDVWDVHSXHGHSDUWLFLSDUGHWUHVIRUPDVGLIHUHQWHV
3UHVHQFLDOHQODVDODGHVXEDVWDV\SXMDQGRGLUHFWDPHQWHSRUORVORWHVTXHLQWHUHVHQ
3RURUGHQHQYLDQGRXQDRSFLyQGHFRPSUDHQODTXHVHLQGLFDODFDQWLGDGPi[LPD
SRUODTXHVHHVWiGLVSXHVWRDSXMDU&RQHVWHVLVWHPDHOGLUHFWRUGHODVXEDVWD²R
XQDSHUVRQDGHVLJQDGD²SXMDHQQXHVWURQRPEUH
3RUWHOpIRQRVHJ~QODHPSUHVDGHVXEDVWDVGHTXHVHWUDWHVHUHTXLHUHXQLPSRUWH
PtQLPRGHVDOLGDSUHYLRFRQWDFWRFRQODHPSUHVDVXEDVWDGRUDSDUDLQGLFDUOHOD
LQWHQFLyQGHSDUWLFLSDU(VLPSUHVFLQGLEOHSURSRUFLRQDUXQQ~PHURGHWHOpIRQR\
HVWDUGLVSRQLEOHGXUDQWHHOWLHPSRTXHGXUHODVXEDVWD&XDQGRIDOWDQDOJXQRVORWHV
SDUDTXHOOHJXHHOQXHVWURXQUHSUHVHQWDQWHGHODRUJDQL]DFLyQQRVOODPDDOWHOpIR
QRTXHKHPRVSURSRUFLRQDGR\QRVLQIRUPDGHOHVWDGRGHODVSXMDVQRVRWURVOH
LQGLFDPRVODVQXHVWUDVTXHpOKDFHS~EOLFDVHQQXHVWURQRPEUHKDVWDODUHVROXFLyQ
GHODVXEDVWD\DVHDFRQODDGTXLVLFLyQGHOORWHRFRQODUHQXQFLDDOPLVPRSRU
UHEDVDUVHHOSUHFLR
)LQDOPHQWH\GHVSXpVGHODVXEDVWDGHEHPRVWHQHUPX\FODURXQGHWDOOHGHOIXQFLR
QDPLHQWRGHODVHPSUHVDVVXEDVWDGRUDVHVWDVHPSUHVDVVRQLQWHUPHGLDULDVHQWUHHOFHGHQWH
SURSLHWDULRGHODREUD\HODGMXGLFDGRFRPSUDGRU\WLHQHQHOFRPSURPLVRFRQHOFHGHQWH
GHSDJDUOHHOSUHFLRGHODDGMXGLFDFLyQPHQRVVXFRPLVLyQHQXQSOD]RPi[LPRGHGtDV
GHVGHODIHFKDGHODVXEDVWD
3RUHOORHOSDJRGHOORWHDGMXGLFDGRPiVVXFRUUHVSRQGLHQWHFRPLVLyQVHGHEHKDFHU
GHLQPHGLDWR\DQWHVGHODUHFRJLGDGHOPLVPRHQXQSOD]RPi[LPRGHGtDVGHVGHOD
DGMXGLFDFLyQ
(O(VWDGRQRUPDOPHQWHDWUDYpVGHOD%LEOLRWHFD1DFLRQDOGH(VSDxDSXHGHHMHUFHU
HOGHUHFKRGHWDQWHR\UHWUDFWRSRUHOFXDOVHOHDGMXGLFDODREUDSRUHOSUHFLRGHUHPDWH
(O/LEUR$QWLJXR
&XDQGRQRVUHDOL]DQXQDRIHUWDGHFRPSUDHQOLEURDQWLJXRHVQHFHVDULRWHQHUHQ
FXHQWDORVVLJXLHQWHVDVSHFWRV
/D%LEOLRWHFD
9DOHQFLDQD
²,GHQWLÀFDFLyQ\DXWHQWLFLGDGGHODREUDTXHQRVOOHYDUiDFRQRFHUODHGLFLyQ\VX
YDORUDFLyQELEOLRJUiÀFD
²$QiOLVLVGHOHMHPSODUVXHVWDGRGHFRQVHUYDFLyQVLVHWUDWDGHXQHMHPSODUFRPSOHWR
RPXWLODGRVLWLHQHH[OLEULVDQRWDFLRQHVHWF
(VWDVFRQVLGHUDFLRQHVVRQQHFHVDULDV\DTXHHOYDORUHFRQyPLFRGHOOLEURSXHGHRVFLODU
PXFKRQRHVORPLVPRHOSUHFLRGHXQLQFXQDEOHTXHHOGHXQSRVWLQFXQDEOHRHOGHXQ
OLEURGHOVLJOR;9,
&RPRHMHPSORFLWDUHPRVXQDGHODVREUDVUHFLHQWHPHQWHDGTXLULGDVSRUOD%LEOLR
WHFD9DOHQFLDQD,QFLSLWWUDFWDWXVGHYLUWXWLEXVKHUEDUXPDWULEXLGDD$UQDXGH9LODQRYD(QHO
YROXPHQTXHFRQWLHQH[LORJUDItDVRUGHQDGDVDOIDEpWLFDPHQWHVHGHVFULEHQODVSUR
SLHGDGHVGHODVSODQWDV6XHVWDGRGHFRQVHUYDFLyQHVPX\EXHQRSHURHOHMHPSODUHVWi
IDOWRGHO~OWLPRFXDGHUQLOORGHOFRORIyQGRQGHÀJXUDQORVGDWRVGHODHGLFLyQ6LQHVWRV
GDWRVHUDGLItFLODVXPLUHOSUHFLRTXHQRVSXGLHUDQÀMDUSRUORTXHDFHSWDPRVHOOLEURD
H[DPHQSDUDLQWHQWDUGDWDUOR(QSULPHUOXJDUFRQVXOWDPRVHOUHSHUWRULRELEOLRJUiÀFR
0DQXDOGHOOLEUHURKLVSDQRDPHULFDQRGH$QWRQL3DODXL'XOFHWSDUDFRPSUREDUODVGLVWLQWDV
HGLFLRQHVSRVLEOHVy3RVWHULRUPHQWHXWLOL]DPRVHO*HVDPWNDWDORJ
GHU:LHJHQGUXFNHUHSHUWRULRPXQGLDOGHLQFXQDEOHVGRQGHVHYHULÀFyTXHQRVHWUDWDED
GHXQLQFXQDEOH)LQDOPHQWHFRQVXOWDPRVHOFDWiORJR(',7&HQVLPHQWRQD]LRQDOHGHOOH
HGL]LRQLLWDOLDQHGHO;9,VHFROR1XHVWURHMHPSODUFRLQFLGtDFRQODGHVFULSFLyQGHWUHVHGLFLRQHV
GLVWLQWDVWtWXORSDJLQDFLyQVLJQDWXUDWLSRJUiÀFDSHURVyORXQDGHHOODVWHQtDODPLVPD
LGHQWLGDGWLSRJUiÀFD(OVLJXLHQWHSDVRIXHVROLFLWDUIRWRFRSLDVSDUDFRWHMDUODVFRQQXHVWUR
HMHPSODU8QDYH]GDWDGROOHJDPRVDXQDFXHUGRFRQHOSURYHHGRU\DGTXLULPRVHOOLEUR
,OXVWUDFLyQGH,QFLSLWWUDFWDWXV
(QWUHRWUDVFRPSUDVODVPiVLPSRUWDQWHVUHDOL]DGDVUHFLHQWHPHQWHSDUD)RQGR$Q
WLJXRKDQVLGR
²6HUPRQHVGHWHPSRUHHWGHVDQFWLV6DQW9LFHQW)HUUHU&RORQLD+HLQULFK4XHQWHOO
²6HUPRQHVGHWHPSRUHHWGHVDQFWLV6DQW9LFHQW)HUUHU/XJGXQ>L@-HDQGH9LQJOH
²$LQZXQGHUEDUOLFK%XHFKOLQXQG6DQW9LFHQW)HUUHU0XQLFK$QGUHDV6FKREVHU
(VWHWH[WRDWULEXLGRDVDQ9LFHQWH)HUUHUHVODVHJXQGDHGLFLyQDOHPDQD\IRUPD
SDUWHGHORVVHUPRQHVVREUHODYHQLGDGHO$QWLFULVWR
²3UDFWLFDPHGLFLQDHGH$UQDXGH9LODQRYD
²/LEURGHORVLQVWUXPHQWRVQXHYRVGHJHRPHWUtDGH$QGUpV*DUFtD&pVSHGHV0DGULG
-XDQGHOD&XHVWD
6HUPRQHVGHVDQ9LFHQWH
/D%LEOLRWHFD
9DOHQFLDQD
&ROHFFLyQ&HUYDQWLQD
/D&ROHFFLyQ&HUYDQWLQDWLHQHVXRULJHQHQODFROHFFLyQGHOJUDQFHUYDQWLVWDYDOHQFLDQR
)UDQFHVF0DUWtQH]L0DUWtQH](QHODxRVHÀUPyXQFRPRGDWRHQWUHOD'LSXWDFLy
GH9DOqQFLD\OD*HQHUDOLWDW9DOHQFLDQDSRUODTXHTXHGDEDGHSRVLWDGDHQOD%LEOLRWHFD
9DOHQFLDQDFRQHOFRPSURPLVRGHPDQWHQHU\FXVWRGLDUODFROHFFLyQHLQFUHPHQWDUOD3HUR
IXHHQFRQPRWLYRGHODFRQPHPRUDFLyQGHOFXDUWRFHQWHQDULRGHODSULPHUDHGLFLyQ
GH(O4XLMRWHFXDQGRVHUHDOL]yXQYHUGDGHURHVIXHU]RDOFRPSUDUODFROHFFLyQFHUYDQWLQD
GHXQELEOLyÀORYDOHQFLDQR(QHOODVHLQFOXtDQREUDVGHHGLFLRQHVHVSHFLDOHVLOXVWUDGDVSRU
DXWRUHVFRQWHPSRUiQHRVFRPR7HRGRUR0LFLDQRRHOPLQLDWXULVWD+HQU\/HPDULHGLItFL
OHVGHHQFRQWUDUHQHOPHUFDGR7DPELpQDWUDYpVGHXQOLEUHURDQWLFXDULRORQGLQHQVHVH
DGTXLULHURQYDULDVHGLFLRQHVGLVWLQWDVGHORVVLJORV;9,,,\;,;HVFULWDVHQGLVWLQWDVOHQJXDV
LQJOpVIUDQFpVSRUWXJXpVDOHPiQHWF<SRUVXSXHVWRVHIXHURQDxDGLHQGRWRGDVDTXHOODV
QRYHGDGHVTXHFRQPRWLYRGHOFLWDGRFXDUWRFHQWHQDULRLEDQDSDUHFLHQGRHQHOPHUFDGR
(QODDFWXDOLGDGOD&ROHFFLyQ&HUYDQWLQDFXHQWDFRQHMHPSODUHVODPLWDGGHHOORV
DGTXLULGRVSRUOD%LEOLRWHFD9DOHQFLDQD
'RQ4XLMRWHGHOD0DQFKD-DSRQpV
3XEOLFDFLRQHVSHULyGLFDV
/RVFULWHULRVSDUDODDGTXLVLFLyQGHSXEOLFDFLRQHVSHULyGLFDVVRQTXHFXPSODQORV
REMHWLYRVGHOD%LEOLRWHFD9DOHQFLDQDSURGXFFLyQHGLWRULDOWHPD\DXWRUYDOHQFLDQRVTXH
QRVHHQFXHQWUHQ\DHQOD%LEOLRWHFD9DOHQFLDQDTXHFRPSOHWHQFROHFFLyQTXHIRUPHQDxRV
FRPSOHWRV\TXHFXPSODXQRVUHTXLVLWRVHQORTXHFRQFLHUQHDODDQWLJHGDG
/DV~OWLPDVFRPSUDVUHDOL]DGDVSDUDHOIRQGRSDWULPRQLDOGH+HPHURWHFDKDQLGR
GLULJLGDVDFRPSOHWDUFROHFFLRQHV/DVPiVUHSUHVHQWDWLYDVVRQ
²5HYLVWDGH$OFR\6HPDQDULRFDWyOLFR\OLWHUDULRH[SRQHQWHGHOFDWROLFLVPROLEHUDOGH
ÀQDOHVGHOVLJOR;,;\SULQFLSLRVGHO;;
²*DFHWDGHO/HYDQWH'LDULRLQGHSHQGLHQWHGH$OFR\TXHFRPHQ]yDSXEOLFDUVHHQHQHUR
GHGHRULHQWDFLyQFRQVHUYDGRUD\FDWyOLFD
²/D7UDFD6HPDQDULRVDWtULFRDQWLFOHULFDO\GHLGHDVUHSXEOLFDQDV6XGLUHFWRU\SUR
SLHWDULRIXH9LFHQW0LTXHO&DUFHOOHU
/D7UDFDDxR
²/D,OXVWUDFLyQ3RSXODU(FRQyPLFD5HYLVWDGHFDUiFWHUFDWyOLFRGHSHULRGLFLGDGGHFHQDO
TXHFRQWHQtDYDULDVVHFFLRQHVUHOLJLRVDOLWHUDULDYDULHGDGHVHWF\DGHPiVIROOHWLQHV
QRYHOHVFRV(OSULPHUQ~PHURDSDUHFLyHQ9DOHQFLDHQ
²%ODQFR\1HJUR$XQTXHHVXQDUHYLVWDHGLWDGDHQ0DGULGVHKDQFRPSUDGRORVQ~
PHURVFRUUHVSRQGLHQWHVDORV~OWLPRVDxRVGHOVLJOR;,;\SULQFLSLRVGHO;;HQORV
TXHDSDUHFHQYDULRVDUWtFXORVUHIHULGRVD9DOHQFLDRVREUHWHPDVYDOHQFLDQRV
/D%LEOLRWHFD
9DOHQFLDQD
2WUDOtQHDGHFRPSUDVKDHVWDGRGLULJLGDDFRPSOHWDUODFROHFFLyQGHÀHVWDVFRPSXHVWD
SRUOOLEUHWVGH)DOODVGH)RJXHUHVGH*DLDWHVGH0RURV\&ULVWLDQRV\GHÀHVWDVSDWURQDOHV
GHORVGLVWLQWRVSXHEORVGHOD&RPXQLWDW9DOHQFLDQD
8QEORTXHLPSRUWDQWHGHODVDGTXLVLFLRQHVGHOD%LEOLRWHFD9DOHQFLDQDORIRUPDQODV
VXVFULSFLRQHVDUHYLVWDVTXHWUDWDQVREUHWRGRGHWHPDVVRFLDOHVKXPDQtVWLFRV\SURIHVLR
QDOHV/DPD\RUtDGHODVVXVFULSFLRQHVVHUHDOL]DQSRUFRPSUDDWUDYpVGHXQGLVWULEXLGRU
\DTXHGHHVWDIRUPDVHFRQVLJXHXQDPD\RUÁH[LELOLGDGHQODIRUPDGHSDJR\DGHPiV
SHUPLWHXQDPD\RUDJLOLGDGDODKRUDGHUHFODPDUORVHMHPSODUHVTXHQRKDQVLGRUHFLELGRV
HQOD+HPHURWHFD2WUDIRUPDGHJHVWLRQDUODVVXVFULSFLRQHVHVWUDWDUGLUHFWDPHQWHFRQHO
GHSDUWDPHQWRFRPHUFLDOGHODUHYLVWDWDPELpQVHKDFHSHURGHIRUPDPiVSXQWXDO(MHPSORV
GHVXVFULSFLRQHVVRQ1XHYR0LOLDULR/·$YHQo)RQDPHQWV$QDOHVGH'RFXPHQWDFLyQ%ROHWtQGHOD
$1$%$'(GXFDFLyQ\%LEOLRWHFD3URIHVLRQDOGHOD,QIRUPDFLyQHQWUHRWURV
3URIHVLRQDOGHOD,QIRUPDFLyQ
0DWHULDOJUiÀFRIRWRJUDItDVSRVWDOHVFDUWHOHVPDSDVGLEXMRV
$GHPiVGHORVFULWHULRVDQWHULRUPHQWHH[SXHVWRVHQODVDGTXLVLFLRQHVGH)RQGR*Ui
ÀFRDOVHUXQDFROHFFLyQWDQKHWHURJpQHDKD\TXHFRQVLGHUDURWUDVFXHVWLRQHVGHSHQGLHQGR
GHOWLSRGHPDWHULDO$VtHQODIRWRJUDItDHOREMHWLYRHVWHQHU\FRPSOHWDUODVGLVWLQWDVWpFQLFDV
XWLOL]DGDV\UHFRQVWUXLUGHHVWDIRUPDODKLVWRULDGHODIRWRJUDItDYDOHQFLDQD\UHFXSHUDUORV
GRFXPHQWRVGHORVIRWyJUDIRVYDOHQFLDQRVPiVUHSUHVHQWDWLYRV
/DDGTXLVLFLyQGHOD&ROHFFLyQ'HVÀOLVTXHKDVXSXHVWRXQJUDQHVIXHU]RHVPX\
LPSRUWDQWHGHFDUDDUHFRQVWUXLUODKLVWRULDJUiÀFDGH9DOHQFLD(VWiIRUPDGDSRUSODFDVGH
FULVWDOFDUUHWHVGHSDVRXQLYHUVDOHQEODQFR\QHJURQHJDWLYRVHQFRORU\GLDSRVLWLYDVPD\R
ULWDULDPHQWHGHSDVRXQLYHUVDODXQTXHWDPELpQGHIRUPDWRVPD\RUHVSDUDXVROLWRJUiÀFR
(VWDFLyQGHO1RUWHSULQFLSLRVGHOVLJOR[[&ROHFFLyQ'HVÀOLV
2WUDVFRPSUDVUHFLHQWHVGHIRWRJUDItDPiVPRGHVWDVHQFXDQWRDFDQWLGDG\SUHFLR
KDQVLGRXQORWHGHIRWRJUDItDVHVWHUHRVFySLFDVGHOIRWyJUDIR6DQWRQMDTXHWUDWDGHODYLGD
\FRVWXPEUHVGH$OFR\\XQDIRWRJUDItDGHODIDFKDGDGH6DQ0LJXHOGHORV5H\HVGHODxR
GHOFpOHEUHIRWyJUDIRIUDQFpV/pY\
'HPDWHULDOFDUWRJUiÀFRVHKDQDGTXLULGRWUHVPDSDVGHOVLJOR;9,,UHIHULGRVDOD&R
PXQLWDW9DOHQFLDQDHLPSUHVRVHQ+RODQGD
(QFXDQWRDORVGLEXMRV\JUDEDGRVVHWUDWDGHUHXQLUORVGLEXMRVRULJLQDOHVUHDOL]DGRV
SRULPSRUWDQWHVDXWRUHVYDOHQFLDQRV5HFLHQWHPHQWHVHKDQDGTXLULGRODVREUDVVLJXLHQWHV
8QYLDMHIUXVWUDGRGH-RVHS3ODTXHLQFOX\HDJXDIXHUWHVRULJLQDOHVUHDOL]DGRVSRU-XDQ
5LSROOpVSLQWRU\HVFXOWRUFDVWHOORQHQVHLQWHUQDFLRQDOFX\DVSLH]DVVHHQFXHQWUDQHQFR
OHFFLRQHVSXEOLFDV\SULYDGDVSRUWRGRHOPXQGR\/·HVSDUGHQ\DIDFVtPLOGHODVVLWLDGDVGHO
*UHPLG·(VSDUGHQ\HUVL6DEDWHUVGH(OFKHGHOGHRFWXEUHGHFRQRFKRJUDEDGRV
RULJLQDOHVGH-RVHS'tD]$]RUtQSLQWRUJUDEDGRU\HVFXOWRUYDOHQFLDQR
(QORV~OWLPRVDxRVVHKDSURFHGLGRDODFRPSUDGHFROHFFLRQHVGHHItPHUDXQWLSRGH
PDWHULDOOODPDGRDVtSRUVXYDORUHItPHURRSRUVXFRUWDYLGDLPSUHVRHQFDQWLGDGHVOLPLWDGDV
\JHQHUDOPHQWHGHLQWHUpVORFDORWHPSRUDOFRPSUHQGHSURJUDPDVHWLTXHWDVSURVSHFWRV
UHFRUWHVFURPRVHWF'HVWDFDHQWUHRWUDVFRPSUDVXQDFROHFFLyQGHXQRVRFKRFLHQWRV
SURJUDPDVGHPDQRGHFLQHTXHDEDUFDGHVGHKDVWDODGpFDGDGH/DLPSRUWDQ
FLDGHHVWDFROHFFLyQUDGLFDHQTXHXQSRUFHQWDMHHOHYDGRGHGRFXPHQWRVKDVLGRLPSUHVR
/D%LEOLRWHFD
9DOHQFLDQD
SRULPSUHVRUHVYDOHQFLDQRVDGHPiVORVWHDWURV\ORVFLQHVHQTXHVHFRPHUFLDOL]DURQHVWiQ
ORFDOL]DGRVHQOD&RPXQLWDW9DOHQFLDQD3DWHUQD$O]LUD9DOHQFLD$OERUD\DHWF
%LEOLRWHFD3URIHVLRQDO
'HVGHHOSXQWRGHYLVWDGHVXFRQWHQLGRDEDUFDXQFULWHULRPX\DPSOLRKLVWRULDGHO
OLEURDQLPDFLyQDODOHFWXUDGRFXPHQWDFLyQDGHPiVGHRWUDVPDWHULDVPiVHVSHFLÀFDV
FRPRVRQODELEOLRWHFRQRPtDODDUFKLYtVWLFDRODPXVHRORJtD
(QHVWD%LEOLRWHFDSRGHPRVHQFRQWUDUGHVGHELEOLRJUDItDV\REUDVGHUHIHUHQFLDFOi
VLFDVDOJXQDVVyORPHQFLRQDGDVHQORVPDQXDOHVKDVWDODV~OWLPDVWHQGHQFLDVGHFDGDXQD
GHODVVHFFLRQHVREUDVHQYDULDVOHQJXDVSXEOLFDGDVGHVGHÀQDOHVGHOVLJOR;,;KDVWD
/DVSXEOLFDFLRQHVSHULyGLFDVGHHVWDWHPiWLFDIRUPDQSDUWHGH+HPHURWHFD
(QODDFWXDOLGDGHVVHJXUDPHQWHODELEOLRWHFDSURIHVLRQDOPiVH[WHQVDVREUHELEOLR
WHFRQRPtD\DUFKLYtVWLFDH[LVWHQWHHQQXHVWUD&RPXQLWDWFRQFDVLFLQFRPLOYRO~PHQHV\
VHPDQWLHQHDOGtDPHGLDQWHODDGTXLVLFLyQVLVWHPiWLFDGHQRYHGDGHVFRPSUDGDVDOLEUHUtDV
HVSHFLDOL]DGDVYtDFRUUHRHOHFWUyQLFRR,QWHUQHW
*XtDSDUDXQSODQGHSURWHFFLyQGHFROHFFLRQHV
DQWHHPHUJHQFLDV5
,QGL]DFLyQ\FODVLÀFDFLyQ
HQELEOLRWHFDV%3
/LEUR0RGHUQR\VDODVGHFRQVXOWD
(VWiFRPSXHVWRSRUREUDVSRVWHULRUHVD/DÀQDOLGDGHVFRPSUDUREUDVGHFRQ
VXOWDJHQHUDOGHPDWHULDVHVSHFLDOPHQWHYLQFXODGDVDODFXOWXUD\ODKLVWRULDYDOHQFLDQDVR
GHDXWRUYDOHQFLDQR\QRLPSUHVDVHQOD&RPXQLWDWFRQHVSHFLDOLQWHUpVSRUODVSULPHUDV
HGLFLRQHVHGLFLRQHVDXWyJUDIDVRDQRWDGDVSRUHODXWRU
ÓOWLPDPHQWHVHDGTXLHUHQWDPELpQFROHFFLRQHVVLQJXODUHVFRPRODGHFXHQWRVMX
JXHWHERQLWDFROHFFLyQGHSXEOLFDFLRQHVUHFUHDWLYDVGLULJLGDVDOS~EOLFRLQIDQWLO\MXYHQLO
&RPSUHQGHFXHQWRVWURTXHODGRVPXFKRVGHHOORVPyYLOHVFRQGLRUDPDVGHWHDWURVHQORV
TXHDSDUHFHQSHUVRQDMHVSDUDODUHSUHVHQWDFLyQGHRWURVFXHQWRVFRQUHFRUWDEOHV&URQR
OyJLFDPHQWHDEDUFDGHORVDxRVFXDUHQWDDORVRFKHQWDGHOVLJOR;;SRUORTXHLQFOX\HXQD
PXHVWUDGHODHGLFLyQLQIDQWLOGHVGHODSRVJXHUUDKDVWDODGpFDGDGHORVRFKHQWDGHOVLJOR
;;FRQUHSUHVHQWDFLyQGHHGLWRULDOHVGHODpSRFDFRPR5RPD)KHU0ROLQR%UXJXHUDHWF
2WUDFROHFFLyQLPSRUWDQWHHVODIRUPDGDSRUOLEURVGHYLDMHVSRUOD&RPXQLWDW9DOHQ
FLDQDGHOVLJOR;,;\SULQFLSLRVGHO;;6HWUDWDHQJHQHUDOGHREUDVFOiVLFDVELHQFRQRFLGDV
HQHVWHFDPSR/RTXHVHSUHWHQGHHVFRQVWUXLUXQDFROHFFLyQVyOLGDHQHVWDWHPiWLFD
/DREWHQFLyQGHXQFRQMXQWRGHEXHQDVHGLFLRQHVIDFVtPLOHVHVRWUDOtQHDGHDGTXLVLFLR
QHVGHOD%LEOLRWHFD9DOHQFLDQD/DSHUIHFFLyQDFWXDOGHODWpFQLFDGHUHSURGXFFLyQIDFVLPLODU
SHUPLWHUHXQLUXQDFROHFFLyQFDSD]GHFXPSOLUXQDIXQFLyQLQIRUPDWLYD\GLGiFWLFD\DTXH
VREUHHOODVHSXHGHHVWXGLDUODHYROXFLyQGHODHVFULWXUDODVFDUDFWHUtVWLFDVGHODVPDWHULDV
HVFULSWRULDVODVWpFQLFDVGHLOXPLQDFLyQHWF
8QDGHODV~OWLPDVDGTXLVLFLRQHVHQHVWHFDPSRKDVLGRHO/LEURGHKRUDVGH0HQFtDGH
0HQGR]DTXHFRPRWRGRVORVOLEURVGHKRUDVFRQWLHQHORVUH]RV\SOHJDULDVSDUDWRGRV
ORVGtDVGHODxR\WRGDVODVKRUDVGHOGtD(UDGHXVRSULYDGR6XSURSLHWDULD0HQFtDGH
0HQGR]DFDVDGDHQVHJXQGDVQXSFLDVFRQHOGXTXHGH&DODEULDIXHXQDPXMHUTXHVXSR
DSURYHFKDUVXSULYLOHJLDGDSRVLFLyQVRFLDO\HFRQyPLFDSDUDDGTXLULUXQDYDVWDFXOWXUD\
TXHWXYRFRPRWXWRUSULQFLSDOD-RDQ/OXtV9LYHV(ORULJLQDOVHHQFXHQWUDHQHO,QVWLWXWR
9DOHQFLDGH'RQ-XDQHQ0DGULG
/LEURGHKRUDVGH0HQFtDGH0HQGR]D)DFVtPLO
3RU~OWLPR\DPRGRGHFRQFOXVLyQFDEHLQGLFDUTXHODOtQHDGHFRPSUDVGHOD%L
EOLRWHFD9DOHQFLDQDDGHPiVGHFXPSOLUFRQORVREMHWLYRVGHODLQVWLWXFLyQLQWHQWDRIUHFHU
ORVPHGLRVQHFHVDULRVSDUDTXHORVXVXDULRVSXHGDQHIHFWXDUWRGRWLSRGHHVWXGLRVGHQWUR
GHOiPELWRFXOWXUDOYDOHQFLDQR
/D%LEOLRWHFD
9DOHQFLDQD
352&(627e&1,&2
(YHULOGD)HUULROV6HJUHOOHV
/RVGRFXPHQWRVTXHLQJUHVDQHQOD%LEOLRWHFD9DOHQFLDQDVRQGHWLSRV\PDWHULDOHVPX\
YDULDGRVHQFRQWUDPRVREUDVPDQXVFULWDVHQSDSHO\YLWHODREUDVLPSUHVDVGHVGHHOVLJOR;9
JUDEDGRVIRWRJUDItDVFDUWHOHVPLFURÀFKDV&'520(VWDGLYHUVLGDGH[LJHTXHHOWUDWDPLHQ
WRWpFQLFRTXHUHFLEHQWDQWRHQORTXHVHUHÀHUHDVXGHVFULSFLyQHQHOFDWiORJRFRPRDVX
FRQVHUYDFLyQ\XVRVHDGLIHUHQWH(QFDGDFDVRKD\TXHDGDSWDUVHDODVFDUDFWHUtVWLFDVGHORV
VRSRUWHV\DODWLSRORJtDGHOGRFXPHQWR/DSULPHUDWDUHDTXHVHOOHYDDFDERWUDVVXHQWUDGDHQ
HOFHQWURHVODGLVWULEXFLyQDORVGLVWLQWRVGHSDUWDPHQWRVDWHQGLHQGRDORVVLJXLHQWHVFULWHULRV
²0RQRJUDItDVLPSUHVDVDQWHVGH)RQGR$QWLJXR
²0RQRJUDItDVLPSUHVDVGHVGH)RQGR0RGHUQR
²3XEOLFDFLRQHVVHULDGDV+HPHURWHFD
²)RWRJUDItDVSRVWDOHVFDUWHOHVJUDEDGRVHSKHPHUDHWF)RQGR*UiÀFR
²'RFXPHQWRVPDQXVFULWRV\IRQGRVGHDUFKLYR0DQXVFULWRV\$UFKLYRV3HUVRQDOHV
/RVPDWHULDOHVHVSHFLDOHVGLVFRVGHYLQLOR'9'FDVHWHV&'520VHFRQVHUYDQ
HQXQGHSyVLWRHVSHFtÀFR
&DGDGHSDUWDPHQWRFDWDORJDORVPDWHULDOHVTXHUHFLEHSDUDKDFHUORVDFFHVLEOHVDORV
XVXDULRV\OHVDVLJQDXQDVLJQDWXUDWRSRJUiÀFDTXHSHUPLWHVXORFDOL]DFLyQHQORVGHSyVLWRV
(OFDWiORJRELEOLRJUiÀFRRIUHFHDORVXVXDULRVLQIRUPDFLyQVREUHPiVGHHMHPSODUHV
GHGRFXPHQWRVTXHVHJXDUGDQHQHVWHFHQWUR/DVFLIUDVSRUGHSDUWDPHQWRVVRQODVVLJXLHQWHV
²)RQGR$QWLJXRHMHPSODUHV
²)RQGR*UiÀFRHMHPSODUHV
²)RQGR0RGHUQRHMHPSODUHV
²+HPHURWHFDHMHPSODUHV
²0DQXVFULWRVHMHPSODUHV
3DUDODUHGDFFLyQGHORVUHJLVWURVHQHOFDWiORJRVHREVHUYDODVLJXLHQWHQRUPDWLYD
D5HJLVWURVELEOLRJUiÀFRV
²,6%'FRQVROLGDGD
²)RUPDWR,%(50$5&SDUDUHJLVWURVELEOLRJUiÀFRVHG0DGULG
²&ODVLÀFDFLyQ'HFLPDO8QLYHUVDO&'8HGLWDGDSRU$(125
²(QORVUHJLVWURVFRUUHVSRQGLHQWHVDOD%LEOLRJUDItD9DOHQFLDQDVHLQFOX\HQHOQ~PHUR
GH'HSyVLWR/HJDOHOOXJDUGHLPSUHVLyQ\HOQRPEUHGHOLPSUHVRUGHHVWRVGRV
~OWLPRVGDWRVVHHODERUDQDVLHQWRVVHFXQGDULRV
E5HJLVWURVGHDXWRULGDG
²&DStWXORV\GHODV5HJODVGHFDWDORJDFLyQ
²)RUPDWR,%(50$5&SDUDUHJLVWURVGHDXWRULGDG0DGULG
²0DQXDOGHDXWRULGDGHVGHOD%LEOLRWHFD1DFLRQDOGH(VSDxD%1(
(QHOSURFHGLPLHQWRGHWUDEDMRHVWDEOHFLGRSDUDORVFDWDORJDGRUHVVHLQVLVWHHQOD
LPSRUWDQFLDGHFRQVXOWDUSUHYLDPHQWHHQODEDVHGHGDWRVODH[LVWHQFLDGHOUHJLVWURWDQWR
GHDXWRULGDGFRPRELEOLRJUiÀFRTXHVHYDDJUDEDUSDUDQRGXSOLFDU
6LHQFXHQWUDDOJ~QHUURUHQHOUHJLVWURELEOLRJUiÀFRRUHJLVWURVGXSOLFDGRVHOFDWDOR
JDGRUORVFRUULJHVLHQFXHQWUDHUURUHVRGXSOLFDGRVHQORVUHJLVWURVGHDXWRULGDGHQYtDXQD
LQFLGHQFLDDOSHUVRQDOHQFDUJDGRGHOFRQWUROGHDXWRULGDGHVSDUDTXHVHVXEVDQH
6LJXLHQGRODVUHFRPHQGDFLRQHVGHOD%1(VHHVWiHVWXGLDQGRHOSDVRGHOIRUPDWR
,%(50$5&D0$5&6LQHPEDUJRODHODERUDFLyQGHUHJLVWURVGHHMHPSODUWRGDYtDQR
VLJXHHOIRUPDWR0$5&SDUDIRQGRVDXQDVtUHFRJHGDWRVFRPRVXFXUVDOORFDOL]DFLyQ
WLSRGHHMHPSODUVRSRUWHVLWXDFLyQVLJQDWXUD\QRWDV
(OVLVWHPDGHJHVWLyQELEOLRWHFDULDTXHVRSRUWDQXHVWURFDWiORJRHV$EV\V(VWHFD
WiORJRHVWiFRPSXHVWRSRUYDULDVEDVHVGHGDWRVUHODFLRQDGDVGHHOODVODVPiVLPSRUWDQWHV
VRQ&$7$²UHJLVWURVELEOLRJUiÀFRV²\$872²UHJLVWURVGHDXWRULGDG²(QHVWDVEDVHVGH
GDWRVVHLQFOX\HQWDPELpQORVUHJLVWURVELEOLRJUiÀFRV\GHDXWRULGDGGHO&DWiORJR&ROHFWLYR
GH3DWULPRQLRGHOD&RPXQLWDW9DOHQFLDQD
/D6HFFLyQGH&RQWURO%LEOLRJUiÀFR\1RUPDOL]DFLyQOOHYDDFDERODVVLJXLHQWHVWDUHDV
D/DRUJDQL]DFLyQGHODFDWDORJDFLyQGH)RQGR0RGHUQR
E(OFRQWUROELEOLRJUiÀFRGHORVUHJLVWURVGH)RQGR0RGHUQR\HOFRQWUROGHDXWR
ULGDGHVGHOFDWiORJR
F/DIRUPDFLyQGHOSHUVRQDOFDWDORJDGRU
(OFRQWUROGHODFDOLGDGGHORVUHJLVWURVHVIXQGDPHQWDOHQXQDELEOLRWHFDFRPRpVWD
HQFXDGUDGDGHQWURGHOJUXSRGHELEOLRWHFDVQDFLRQDOHV(VWDWDUHDVXSRQHODHODERUDFLyQGH
SDXWDVGHWUDEDMRODUHYLVLyQGHORVQXHYRVUHJLVWURV\HOGLVHxRGHHVWUDWHJLDVGHFRUUHFFLyQ
GHHUURUHVHQHOIRQGRFDWDORJDGRFRQDQWHULRULGDG
D2UJDQL]DFLyQGHODFDWDORJDFLyQGH)RQGR0RGHUQR
(QHVWHPRPHQWRHQOD6HFFLyQWUDEDMDQVHLVFDWDORJDGRUHVTXHVHOODQORVOLEURV\
HODERUDQORVFRUUHVSRQGLHQWHVUHJLVWURVELEOLRJUiÀFRVGHDXWRULGDG\GHHMHPSODUHQHO
FDWiORJRGHOD%LEOLRWHFD/DGLVWULEXFLyQGHOWUDEDMRGHFDWDORJDFLyQVHKDFHWHQLHQGRHQ
FXHQWDGLYHUVRVIDFWRUHVHOLQWHUpVGHODFROHFFLyQHQUHODFLyQFRQHOFRQMXQWRGHOIRQGRGH
OD%LEOLRWHFD9DOHQFLDQDODIHFKDGHHQWUDGDHQHOFHQWURHOQ~PHURGHYRO~PHQHVSHUR
/D%LEOLRWHFD
9DOHQFLDQD
VLHPSUHVHLQWHQWDGDUSULRULGDGDOD%LEOLRJUDItD9DOHQFLDQD&DGDFDWDORJDGRUVHHQFDUJD
GHXQIRQGRHVSHFtÀFRRGHYDULRV6HFRQVHUYDODXQLGDGGHODVELEOLRWHFDVSHUVRQDOHV\
ODVTXHSURFHGHQGHLQVWLWXFLRQHV\VHPDQWLHQHHQODVLJQDWXUDWRSRJUiÀFDHOQRPEUHGHO
SURSLHWDULRDQWHULRU(QORVPDWHULDOHVSURFHVDGRVSRURWURVGHSDUWDPHQWRVODXQLGDGGH
ODFROHFFLyQVHPDQWLHQHJUDFLDVDOGDWRGHORFDOL]DFLyQGHOUHJLVWURGHHMHPSODU7RGRVORV
GRFXPHQWRVTXHSURFHGHQGHXQDPLVPDFROHFFLyQVHDFXDOVHDVXWLSRORJtD\HOGHSDUWD
PHQWRTXHORVKDSURFHVDGRFRPSDUWHQHOPLVPRWpUPLQRHQHOGDWR©/RFDOL]DFLyQªGHO
UHJLVWURGHHMHPSODU(VSRVLEOHSRUWDQWRKDFHUE~VTXHGDVHQHOFDWiORJRGHFDGDXQDGH
ODVFROHFFLRQHV$GHPiVGHODVELEOLRWHFDVSHUVRQDOHVKD\TXHGHVWDFDUHOIRQGRGH%LEOLR
JUDItD9DOHQFLDQDTXHHVWiFRPSXHVWRSRUODVREUDVLPSUHVDVHQOD&RPXQLWDW9DOHQFLDQD
\VXMHWDVD'HSyVLWR/HJDO/DLPSRUWDQFLDGHHVWDFROHFFLyQH[LJHTXHVHGHGLTXHQGRV
FDWDORJDGRUHVDSURFHVDUODGHPDQHUDTXHVHUHGX]FDDOPtQLPRHOWLHPSRTXHWUDQVFXUUH
HQWUHODHQWUDGDGHOGRFXPHQWRHQHOFHQWUR\VXSXHVWDDGLVSRVLFLyQGHOXVXDULRGHHVWD
PDQHUDVHLQWURGXFHQVLPXOWiQHDPHQWHORVGRFXPHQWRVFRUUHVSRQGLHQWHVDDxRVFRQVHFX
WLYRVDPHGLGDTXHOOHJDQDOFHQWUR
E&RQWUROELEOLRJUiÀFRGHORVUHJLVWURVGH)RQGR0RGHUQR\GHOFRQWUROGHDXWRULGDGHV
/RVFDWDORJDGRUHVVHJ~QVXH[SHULHQFLDVRQDXWRUL]DGRVHQQLYHOHVGLVWLQWRVGHWUD
EDMRHQHOFDWiORJRWRGRVHOORVSXHGHQFUHDUUHJLVWURVELEOLRJUiÀFRV\GHDXWRULGDGSHUR
QRWRGRVSXHGHQPRGLÀFDUUHJLVWURV(VWDVDXWRUL]DFLRQHVVHYDQGDQGRDPHGLGDTXHHO
SHUVRQDODGTXLHUHH[SHULHQFLD\GHVWUH]DHQHOVLVWHPDRSHUDWLYR\HQHOPpWRGRGHWUDEDMR
HVWDEOHFLGR/RVUHJLVWURVGHDXWRULGDGVyORSXHGHQVHUPRGLÀFDGRVWUDQVIHULGRVRHOLPL
QDGRVSRUHOSHUVRQDOTXHUHDOL]DHOFRQWUROGHDXWRULGDGHV
(OFDWiORJRGHOD%LEOLRWHFD9DOHQFLDQDFXHQWDDKRUDPLVPRFRQPiVGH
UHJLVWURVELEOLRJUiÀFRVGHPRQRJUDItDVSRVWHULRUHVDTXHFRUUHVSRQGHQDPiVGH
UHJLVWURVGHHMHPSODU
/RVUHJLVWURVELEOLRJUiÀFRVVHHODERUDQHQHOVHJXQGRQLYHOGHÀQLGRHQODV5HJODV
GHFDWDORJDFLyQ(QORVUHJLVWURVGH%LEOLRJUDItD9DOHQFLDQDVHLQFOX\HQORVVLJXLHQWHVGDWRV
Q~PHURGH'HSyVLWR/HJDOLPSUHVRU\OXJDUGHLPSUHVLyQ
(QORTXHUHVSHFWDDOFRQWUROGHDXWRULGDGHVFDEHUHVHxDUTXHGHVGHMXOLRGHOD
%LEOLRWHFD9DOHQFLDQDKDHVWDEOHFLGRODVVLJXLHQWHVSDXWDVGHWUDEDMR
(QORVFDVRVGHDXWRUHVLQVWLWXFLRQHV\QRPEUHVJHRJUiÀFRVYDOHQFLDQRVHVHVWH
FHQWURHOTXHHVWDEOHFHODIRUPDDFHSWDGDGHORVPLVPRVEDViQGRVHHQORVFULWH
ULRVH[SUHVDGRVHQODV5HJODVGHFDWDORJDFLyQSHURGDQGRSUHIHUHQFLDDODVIRUPDV
YDOHQFLDQDVGHORVQRPEUHVVLH[LVWHQ\VRQXWLOL]DGDVKDELWXDOPHQWH3DUDHOORVH
XWLOL]DQFRPRIXHQWHVORVGRFXPHQWRVTXHGHGLFKRVDXWRUHV²RVREUHHOORV²WLHQH
HOFDWiORJRGHOD%LEOLRWHFD9DOHQFLDQD\ODVREUDVGHUHIHUHQFLDFRUUHVSRQGLHQWHV
(QHOFDVRGHORVQRPEUHVJHRJUiÀFRVGHOD&RPXQLWDW9DOHQFLDQDVHXWLOL]DFRPR
IXHQWHODEDVHGHGDWRV&,9,6DFWXDOL]DGDPHGLDQWHHOVHUYLFLR'6,GHO&,'$-
(QORVGHPiVFDVRVVHDFXGHSRUHVWHRUGHQDODEDVHGHGDWRVGHDXWRULGDGHVGH
OD%1(DOFDWiORJRGHOD%1(\DODVEDVHVGHGDWRVGHOD%LEOLRWHFDGHO&RQJUHVR
GH:DVKLQJWRQ2WUDVIXHQWHVFRQVXOWDGDVVRQOD%LEOLRWHFD1DFLRQDOGH&DWDOXQ\D
%&/(127,%&/(0$&OD%LEOLRWKqTXH1DWLRQDOHGH)UDQFH%1)OD8QLR
QH5RPDQD%LEOLRWHFKH6FLHQWLÀFKH85%6OD5HGGH%LEOLRWHFDV8QLYHUVLWDULDV
(VSDxRODV5(%,81HWF(QORVUHJLVWURVGHQXHYDFUHDFLyQVHLQFOX\HSRU
SDUWHGHOFDWDORJDGRUWRGDODLQIRUPDFLyQTXHFRQVLGHUHQHFHVDULDHQWRGRFDVR
ODLQIRUPDFLyQPtQLPDTXHVHFRQVLJQDLQFOX\HODVIRUPDVQRDFHSWDGDVVLVHKDQ
HQFRQWUDGR\ODVIXHQWHV(QORVFDVRVHQTXHVHFRQVLGHUDQHFHVDULRHOSHUVRQDO
TXHOOHYDDFDERHOFRQWUROGHDXWRULGDGHVFRPSOHWDHOUHJLVWURFRQPiVLQIRUPDFLyQ
/RVUHJLVWURVGHPDWHULDHQQXHVWURFDWiORJRDSDUHFHQHQFDVWHOODQR\YDOHQFLDQROR
TXHQRVH[LJHDGHPiVTXHFDGDXQRGHHOORVYD\DYLQFXODGRDVXWUDGXFFLyQDORWUR
LGLRPD(QODFUHDFLyQGHUHJLVWURVGHPDWHULDHQFDVWHOODQRVHXWLOL]DFRPRIXHQWH
ODEDVHGHGDWRVGHDXWRULGDGHVGHOD%1(\HOFDWiORJRELEOLRJUiÀFRGHODPLVPD
3DUDHIHFWXDUODFRUUHVSRQGLHQWHWUDGXFFLyQDOYDOHQFLDQRVHXWLOL]DHOSURJUDPD
6$/7\HQFDVRGHGXGDVHFRQVXOWDDOWUDGXFWRUGHOFHQWUR&DGDFDWDORJDGRU
FXDQGRFUHDXQQXHYRUHJLVWURGHPDWHULDHQYtDXQDLQFLGHQFLDSDUDTXHVHDWUDGX
FLGRDOYDOHQFLDQR\VHYLQFXOHQDPERVUHJLVWURV(VWDGLVSRVLFLyQSHUPLWHTXHORV
FDWDORJDGRUHVFXDQGRDVLJQDQODPDWHULDDXQUHJLVWURELEOLRJUiÀFRHQFXHQWUHQOD
WUDGXFFLyQYLQFXODGDGHIRUPDDXWRPiWLFD
1RYHODKLVWyULFD
1RYHOăODKLVWzULFD
9pDVHDGHPiVHOHQFDEH]DPLHQWR1RYHODKLVWyULFDVHJXLGRGHDGMHWLYRTXHLQGLTXH
QDFLRQDOLGDGROHQJXD1RYHODKLVWyULFDKLVSDQRDPHULFDQD1RYHODKLVWyULFDHVSDxROD\HO
VXEHQFDEH]DPLHQWR1RYHODVEDMRQRPEUHVJHRJUiÀFRVDFRQWHFLPLHQWRVKLVWyULFRVRSHU
VRQDV(VSDxD+LVWRULD*XHUUDGHOD,QGHSHQGHQFLDOOO1RYHODV$OIRQVR;,,5H\GH
(VSDxD1RYHODV&UX]DGDV1RYHODVZZZ$%1(1RYHODKLVWyULFD
ÓVDVHSDUDREUDVVREUHHVWHJpQHUROLWHUDULR3DUDFROHFFLRQHVDQWRORJtDVFRQFXUVRV
HWFYpDVH1RYHODVKLVWyULFDV(69D%,%
6DWLVIDFFLyHQHOWUHEDOO
6DWLVIDFFLyQHQHOWUDEDMR
ZZZ%&/(0$&>6DWLVIDFFLyHQHOWUHEDOOHQFDEH]DPLHQWR@(69D%,%
'LDULDPHQWHVHUHYLVDODFUHDFLyQGHQXHYRVUHJLVWURVGHDXWRULGDGSDUDHYLWDUHQOD
PHGLGDGHORSRVLEOHTXHVHLQWURGX]FDQHUURUHVRUHJLVWURVGXSOLFDGRV
/D%LEOLRWHFD
9DOHQFLDQD
/DJUDQFDQWLGDGGHUHJLVWURVGHHVWHWLSRGHQXHVWURFDWiORJRKL]RTXHQRVSODQWHi
UDPRVSRQHUHQPDUFKDXQDLPSRUWDQWHPRGLÀFDFLyQHQODIRUPDGHWUDEDMRTXHIDFLOLWDUD
HOFRQWUROHQHOFUHFLPLHQWRGHHVWRVUHJLVWURV(OVLVWHPD$EV\VSHUPLWHHOXVRGHUHJLVWURV
GHDXWRULGDGGHHQFDEH]DPLHQWRV\VXEHQFDEH]DPLHQWRVTXHVHVXPDQHQORVFDPSRVFR
UUHVSRQGLHQWHVGH&$7$FDPSRV;;
/HFWXUHVG·$XVLjV0DUFKGHJHQHUGHGHVHPEUHGH>DXWRUV/OXtV&DEUp
HWDO@>0DGULG@)XQGDFLy%DQFDL[D'/
SLOFP
,6%1
0DUFK$XVLjVFD&UtWLFDHLQWHUSUHWDFLyQ
0DUFK$XVLjVFD&UtWLFDLLQWHUSUHWDFLy
&DEUp/OXtV
0DUFK$XVLjV
©0DUFK$XVLjVFD&UtWLFDHLQWHUSUHWDFLyQªHQQXHVWURFDWiORJRQRHV
XQUHJLVWURFRPSXHVWRVLQRODVXPDGHXQUHJLVWURGHHQFDEH]DPLHQWR\RWURGHVXEHQFD
EH]DPLHQWR
(QXQFDPSRGH&$7$DVLJQDUtDPRVGRVUHJLVWURVGH$872
(OUHJLVWURGHDXWRUVHFRPELQDFRPRPDWHULDFRQHOVXEHQFDEH]DPLHQWRFRUUHVSRQ
GLHQWHHQFDVWHOODQR\YDOHQFLDQRWDO\FRPRSRGHPRVREVHUYDUHQORVGRVHMHPSORVVLJXHQWHV
0DUFK$XVLjVFD
830DUFK$FD
830DUFK$X]LDVFD
830DUFR2VLDVFD
ZZZ$%1(0DUFK$XVLjVFD0DUFK$XVLjVSRHWDYDOHQ
FLDQR¢*DQGLD"K9DOHQFLD
1RX'LFFLRQDUL0DUFK$XVLjV9DOqQFLD"9DOqQFLD
(69D%,%
²&UtWLFDHLQWHUSUHWDFLyQ
²&UtWLFDLLQWHUSUHWDFLy
9pDVHDGHPiVHOVXEHQFDEH]DPLHQWR+LVWRULD\FUtWLFDEDMRORVQRPEUHVGHODVGLV
WLQWDVOLWHUDWXUDV\JpQHURVOLWHUDULRV/LWHUDWXUDHVSDxROD+LVWRULD\FUtWLFD1RYHOD+LVWRULD
\FUtWLFD
9pDVHDGHPiVHOHQFDEH]DPLHQWR&UtWLFDOLWHUDULD
ZZZ$%1(1RWDGH©&UtWLFDOLWHUDULDª
ÓVDVHEDMRORVQRPEUHVGHORVGLVWLQWRVDXWRUHVOLWHUDULRV&HUYDQWHV6DDYHGUD0LJXHO
&UtWLFDHLQWHUSUHWDFLyQ
(69D%,%
²&UtWLFDLLQWHUSUHWDFLy
²&UtWLFDHLQWHUSUHWDFLyQ
6$/7%&/(0$&
(69D%,%
(OSULPHUFDVRVHSRGUtDFRPELQDUFRQHOUHVWRGHVXEHQFDEH]DPLHQWRVSDUDQRPEUHV
GHSHUVRQDVELRJUDItDVKRPHQDMHVJHQHDORJtD\HOVHJXQGRFRQWRGRVORVUHJLVWURVGH
QRPEUHVGHSHUVRQD
$VtVHKDQFUHDGRFRQODLQIRUPDFLyQQHFHVDULDSDUDVXXWLOL]DFLyQVXEHQFDEH]D
PLHQWRVJHQHUDOHVFURQROyJLFRVJHRJUiÀFRV\GHIRUPD/DFUHDFLyQGHHVWRVUHJLVWURV
VXEHQFDEH]DPLHQWRVFRUUHVSRQGHH[FOXVLYDPHQWHDOSHUVRQDOHQFDUJDGRGHOFRQWUROGH
DXWRULGDGHVGHPDQHUDTXHVLORVFDWDORJDGRUHVQHFHVLWDQXQRQXHYRWLHQHQTXHVROLFLWDUOR
\VHUHGXFHQDVtODVQHFHVLGDGHVGHFUHDFLyQGHQXHYRVUHJLVWURV/RVUHVXOWDGRVKDVWDDKR
UDVRQVDWLVIDFWRULRVDXQTXHTXHGDSHQGLHQWHODWDUHDGHUHFRQYHUWLUORVDQWLJXRVUHJLVWURV
FRPSXHVWRVGH$872HQODVXPDGHUHJLVWURVGHHQFDEH]DPLHQWRV\VXEHQFDEH]DPLHQWRV
+DVWDDKRUDQRKDSRGLGRUHDOL]DUVHHVWDFRQYHUVLyQGHIRUPDDXWRPiWLFD\VHKDQLGR
FRUULJLHQGRUHJLVWURVDPHGLGDTXHODVQHFHVLGDGHVGHOWUDEDMRGLDULRORKDQSHUPLWLGR
F)RUPDFLyQGHSHUVRQDO
/DVFDUDFWHUtVWLFDVGHOSHUVRQDOFDWDORJDGRUGHXQFHQWURFRPRpVWHHQHOTXHVH
SURGXFHQFRQIUHFXHQFLDFDPELRVEHFDVSHUVRQDOHQSUiFWLFDVQRVKDQOOHYDGRD
HODERUDUGRFXPHQWRVGHWUDEDMRTXHUHFRMDQODVSDXWDV\ODVROXFLyQGHORVSUREOHPDV
PiVIUHFXHQWHVTXHVHSUHVHQWDQDOSHUVRQDOPHQRVH[SHULPHQWDGR$KRUDPLVPRKD\
HODERUDGRVYHLQWLGyVGRFXPHQWRVGHHVWHWLSRTXHDEDUFDQGLVWLQWRVDVSHFWRV\SURFHGL
PLHQWRVFRQFUHWRVGHOWUDEDMRGHFDWDORJDFLyQ\GHFUHDFLyQGHUHJLVWURVGHDXWRULGDG(O
FRQWHQLGRGHGLFKRVGRFXPHQWRVHVPX\YDULDGR\FRPSUHQGHGHVGHHOHVWDEOHFLPLHQWR
GHHTXLYDOHQFLDVHQWUHOD&'8\ODVPDWHULDVTXHKD\TXHDVLJQDUHQODVREUDVOLWHUDULDVR
ODVVLJODVTXHGHEHQXWLOL]DUVHSDUDFLWDUODVIXHQWHVKDVWDORVSURFHGLPLHQWRVGHFDSWXUD
GHVXEHQFDEH]DPLHQWRV
/D%LEOLRWHFD
9DOHQFLDQD
¢&yPRFDSWXUDUVXEHQFDEH]DPLHQWRVJHRJUiÀFRV"
4XHUHPRVFDSWXUDUODPDWHULD©)HUURFDUULOHV&RPXQLWDW9DOHQFLDQDª
(Q$872ORVVXEHQFDEH]DPLHQWRV
WRSRJUiÀFRVYDQHQXQFDPSR7
ODVUHIHUHQFLDVHQRWURVLGLRPDVVL
ODVKD\HQHO7ODVQRDGPLWLGDV
HQXQ7\DVtVXFHVLYDPHQWH(O
FyGLJRFRUUHVSRQGLHQWHHV©]ª
(Q&$7$GHVGHHO
UHJLVWURELEOLRJUiÀFR
SLQFKDPRVDTXt
¢&yPRFDSWXUDUVXEHQFDEH]DPLHQWRVGHIRUPD"
4XHUHPRVFDSWXUDUODPDWHULD©0DWHPiWLFDV7UDWDGRVPDQXDOHVªHWF
(Q$872ORVVXEHQFDEH]D
PLHQWRVGHIRUPDYDQHQXQFDPSR
7ODVUHIHUHQFLDVHQRWURVLGLR
PDVHQHO7ODVQRDGPLWLGDV
HQXQ7\DVtVXFHVLYDPHQWH(O
FyGLJRFRUUHVSRQGLHQWHHV©Mª
(Q&$7$GHVGHHO
UHJLVWURELEOLRJUiÀFR
SLQFKDPRVDTXt
/D%LEOLRWHFD
9DOHQFLDQD
3DUDFRPSOHWDUHVWDWDUHDVHKDHODERUDGRXQPDQXDOTXHUHFRJHGHIRUPDJHQHUDO
WRGRHOSURFHVRGHFDWDORJDFLyQ\UHPLWHDORVGRFXPHQWRVHODERUDGRVDQWHULRUPHQWHHQ
ORVSURFHGLPLHQWRVHVSHFtÀFRV
0$18$/'(&$7$/2*$&,Ð1
Ì1',&(
1RUPDV
5HJLVWURVELEOLRJUiÀFRV
7
7
7
7
7
7
7;;
7
7
7
7
7;;
7;;
)DFWLFLRV
2EUDVHQYDULRVYRO~PHQHV
'XSOLFDGRV
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
5HJLVWURVGHDXWRULGDG
1RPEUHVGHSHUVRQDVHQWLGDGHV\WtWXORVXQLIRUPHV (QFDEH]DPLHQWRVGHPDWHULD\JHRJUiÀFRV
6XEHQFDEH]DPLHQWRV
S
S
S
S
(MHPSODUHV
7LSRGHHMHPSODU
(VWDGR
&yGLJR
6RSRUWH
3URFHGHQFLD
6LWXDFLyQ
6LJQDWXUDVXS
1RWDV0$5&
S
S
S
S
S
S
S
S
S
$SpQGLFHV
S
7RGRVHVWRVGRFXPHQWRVLQFOXLGRHOPDQXDOVHPDQWLHQHQHQXQDFDUSHWDOODPDGD
©&DWDORJDFLyQªDFFHVLEOHDWRGRHOSHUVRQDOGHGLFDGRDHVWDVIXQFLRQHVWDQWRHQHOFHQWUR
FRPRHQDTXHOODVELEOLRWHFDVHQODVTXHVHUHGDFWDQORVUHJLVWURVGHO&DWiORJR&ROHFWLYR
GH3DWULPRQLR%LEOLRJUiÀFRHQOD%LEOLRWHFDGHOD&DVD)XVWHU6XHFD\HQHODUFKLYRGH
IRQGRVGHP~VLFDGHO&ROHJLRGHO&RUSXV&KULVWL
/D%LEOLRWHFD9DOHQFLDQDSDUWLFLSDDGHPiVHQHO*UXSRGH7UDEDMRGH1RUPDOL]DFLyQ
FRRUGLQDGRSRUOD%LEOLRWHFD1DFLRQDOGH(VSDxDFX\RSULQFLSDOSUR\HFWRHVODFUHDFLyQGH
XQFDWiORJRGHDXWRULGDGHVFRRSHUDWLYR
/D%LEOLRWHFD
9DOHQFLDQD
/$638%/,&$&,21(63(5,Ð',&$6<6(5,$'$69$/(1&,$1$6
(1/$+(0(527(&$'(/$%,%/,27(&$9$/(1&,$1$
(QULF1RJXpV3DVWRUFRRUG
0HUFKH5RMDV1pVWRU0LU0LJXHOÉQJHO6ROVRQD3HSD%RUUXOO\1XULD6ROHU
,QWURGXFFLyQ
8QDKHPHURWHFDQDFLRQDOFRPRODGHOD%LEOLRWHFD9DOHQFLDQDWLHQHODUHVSRQVDELOLGDG
GHSRQHUDODOFDQFHGHODVRFLHGDGODVSXEOLFDFLRQHVJHQHUDGDVHQHOSURFHVRGHODFRPXQL
FDFLyQVRFLDOHQSDUWLFXODUDTXHOODVTXHPHGLDQWHXQWLSRGHGRFXPHQWRVHVSHFLDOHV²ODV
SXEOLFDFLRQHVSHULyGLFDV\VHULDGDV²WLHQHQSRUÀQDOLGDGFRPXQLFDUUiSLGDPHQWHORVDYDQFHV
HQODLQIRUPDFLyQ\HQORVFRQRFLPLHQWRV
6LODLQIRUPDFLyQ\ORVFRQRFLPLHQWRVVRQVLHPSUHSHUIHFWLEOHVORVTXHWUDQVPLWHQ
HVWDVSXEOLFDFLRQHVORVRQD~QPiV$GLIHUHQFLDGHODVPRQRJUDItDVORVPDQXDOHVORV
GLFFLRQDULRV\ODVHQFLFORSHGLDVTXHUHWUDWDQORVFRQFHSWRV\ODVLGHDVGHXQDIRUPDUH
ODWLYDPHQWHFRPSOHWD\DFDEDGDODVSXEOLFDFLRQHVREMHWRGHXQDKHPHURWHFDVRQODVTXH
GLIXQGHQLQIRUPDFLRQHVGHQDWXUDOH]DFDPELDQWHQRWLFLDVRSLQLRQHVSDUDHOGHEDWHKL
SyWHVLV\SURSXHVWDV0HGLDQWHpVWDVODVRFLHGDGUHÁH[LRQDDQWHVGHÀMDUPiVÀUPHPHQWH
VXVRSLQLRQHV\FRQRFLPLHQWRV7LHQHQSRUHOORXQJUDGRGHREVROHVFHQFLDPD\RUTXHORV
OLEURVHQFDPELRJR]DQGHODYLWDOLGDG\HOGLQDPLVPRGHOFRQRFLPLHQWRHQJHVWDFLyQGHOD
FRQWURYHUVLDHQHOGHEDWH/DFRQVHUYDFLyQGHHVWDGRFXPHQWDFLyQDSRUWDDORVKLVWRULDGRUHV
\VRFLyORJRVLQIRUPDFLyQGHODGLDOpFWLFDVRFLDO
'HODQiOLVLVGHORVPiVGHFDWRUFHPLOWtWXORVTXHLQWHJUDQHOIRQGRGHQXHVWUD
KHPHURWHFDSRGHPRVREWHQHUXQDDPSOLDSDQRUiPLFDGHORVPHGLRVGHFRPXQLFDFLyQ
LPSUHVRVHQOD&RPXQLWDW9DOHQFLDQD/RVKHPRVHVWXGLDGRDJUXSiQGRORVGHVGHYDULRV
SXQWRVGHYLVWD
(QFXDQWRDORULJHQHO'HSyVLWR/HJDOORVOHJDGRVORVFRQYHQLRV\ODVDGTXLVLFLRQHV
VRQODVYtDVGHHQWUDGDGHODGRFXPHQWDFLyQTXHOOHQDQXHVWUDVHVWDQWHUtDV6RQDOPLVPR
WLHPSRXQDSULPHUDJUDQFODVLÀFDFLyQHO'HSyVLWR/HJDOQXWUHODGRFXPHQWDFLyQFRQWHP
SRUiQHDPLHQWUDVTXHORVOHJDGRVPXFKDVYHFHVSURSRUFLRQDQSXEOLFDFLRQHVTXHDEDUFDQ
SHULRGRVPiVDQWLJXRVORVFRQYHQLRVQRVDSRUWDQIRQGRVDQWLJXRVRGHiPELWRORFDO
KDVWDKDFHSRFRPLFURÀOPDGRV\DKRUDHQVRSRUWHHOHFWUyQLFRFX\RRULJLQDOVHTXHGDHQ
ODLQVWLWXFLyQGHRULJHQTXHDGHPiVREWLHQHXQDFRSLD
/DVDGTXLVLFLRQHVFRPSOHWDQORVYDFtRV\ODJXQDVGHWHFWDGRV/DFRPSUDSRUSDUWH
GHOD%LEOLRWHFD9DOHQFLDQDGHXQLPSRUWDQWHIRQGRGHKLVWRULHWDVJUiÀFDVRWHEHRVHVXQ
HMHPSORGHVWDFDEOH7DPELpQHQWUDSRUHVWDYtDODPD\RUSDUWHGHODGRFXPHQWDFLyQELEOLR
WHFDULDSURIHVLRQDO
$QDOL]DUHPRVDFWRVHJXLGRGHVGHODSHUVSHFWLYDTXHQRVRIUHFHQORVHVWXGLRVKH
PHURJUiÀFRVODULTXH]DGHQXHVWURVIRQGRVPXFKRVLQJUHVDGRVSRUFRQYHQLRV\OHJDGRV
GHVSXpVHVWXGLDUHPRVODVSXEOLFDFLRQHVGHO'HSyVLWR/HJDO\ÀQDOPHQWHFRQORVOLEURVGH
ÀHVWDVFRPSOHWDUHPRVXQUHFRUULGRTXHOOHJDKDVWDQXHVWURVGtDV
3DQRUDPDKLVWyULFRGHODSUHQVDYDOHQFLDQD
(OVLJOR;9,,,\OD,OXVWUDFLyQYDOHQFLDQD
(OIHQyPHQRGHODSUHQVDHVFODUDPHQWHEXUJXpVDXQTXHKD\DQWHFHGHQWHVHQHO
DQWLJXRUpJLPHQORVSDSHOHVVXHOWRVHQFLXGDGHVLPSRUWDQWHVEDMRGHQRPLQDFLRQHVFRPR
UHODFLRQHVJDFHWDV\GLDULRVQRVHJHQHUDOL]DUiQ\FRQVROLGDUiQKDVWDODVSRVWULPHUtDVGHO
;9,,,'HVGHHOSULQFLSLRGRVVRQORVPyYLOHVTXHORVLPSXOVDQODLQIRUPDFLyQFRPHUFLDO
\ODLOXVWUDFLyQGHOSXHEOR
'LDULRGH9DOHQFLD9DOHQFLD(QODRÀFLQD
GH-RVHSK(VWHYDQ&HUYHUD
1MXO%LEOLRWHFD1LFRODX3ULPLWLX
&RUUHRGH9DOHQFLD9DOHQFLD,PSUHQWDGH0LJXHO
(VWHYDQ>"@1MXQ
%LEOLRWHFD1LFRODX3ULPLWLX
5HFRUULGRKLVWyULFRSRUODVSULQFLSDOHVSXEOLFDFLRQHVHQODSURYLQFLDGH9DOHQFLD'HODPD\RUtDGHORVFDVRV
FLWDGRVGLVSRQHPRVGHHMHPSODUHVHQOD%LEOLRWHFD9DOHQFLDQD
75$02<(5(6%/$6&2/XLV&DWiORJRGHORVSHULyGLFRVGH9DOHQFLDHGIDFV9DOHQFLD3DUtV9DOHQFLD
/D%LEOLRWHFD
9DOHQFLDQD
(O'LDULRGH9DOHQFLDQRHVXQDH[FHSFLyQ/HKDEtDQSUHFHGLGRHO0HUFXULR
6DFURSRpWLFRXQDHVSHFLHGHUHYLVWDDQXDOOLWHUDULDSXEOLFDGDHQHO6HPLQDULRGH1R
EOHVGH6DQ,JQDFLR\HO'LDULR9DOHQWLQRGHODV&XDUHQWD+RUDVTXHSXEOLFDED
DQXDOPHQWHQRWLFLDV\HIHPpULGHVKLVWyULFRUHOLJLRVDV
(OGHMXQLRGHVDOLyGHODLPSUHQWDGH0LJXHO(VWHYDQHQ9DOHQFLDXQSHULyGLFR
FRPSHWLGRUGHO'LDULRGH9DOHQFLD6HWUDWDGHO&RUUHRGH9DOHQFLDTXHFHUUyHOGHDJRVWR
GHGHVSXpVGHSXEOLFDUQ~PHURV
/DSULPHUDPLWDGGHOVLJOR;,;*XHUUDUHYROXFLyQ\UHDFFLyQLQÁX\HQ
GLUHFWDPHQWHHQHOGHVDUUROORGHQXHVWUDSUHQVD
&RQOD*XHUUDGHOD,QGHSHQGHQFLD\ODVWUDQVIRUPDFLRQHVVRFLDOHVTXHVHGHVHQ
FDGHQDQVHSURGXFHODJUDQH[SORVLyQGHOIHQyPHQRSHULRGtVWLFRYDOHQFLDQRODDSDUL
FLyQGHXQDJUDQFDQWLGDGGHSXEOLFDFLRQHVSHURFDVLVLHPSUHGHYLGDHItPHUD(QHOODV
SRGHPRVHQFRQWUDULQIRUPDFLyQVREUHODJXHUUDRORVGHEDWHVGHODV&RUWHVDGHPiV
GHODVGLVSXWDVTXHVHHVWDEOHFtDQFRQSXEOLFDFLRQHVGHRWUDVWHQGHQFLDV(QVDOH
HQ9DOHQFLDHOSULPHUSHULyGLFRRÀFLDOGHODFLXGDG*D]HWDGH9DOHQFLD3RFRWLHPSR
GHVSXpVHOGHMXOLRGHOHDFRPSDxy2EVHUYDGRU3ROtWLFR\0LOLWDUGH(VSDxDyUJDQR
GHOD-XQWD6XSUHPD
/DUHDFFLyQDEVROXWLVWDGHODxRDFDEDUiFRQORVSHULyGLFRVOLEHUDOHV\VyORTXHGD
UiQORVRÀFLDOHV\DEVROXWLVWDV'LDULRGH9DOHQFLDVHHQWUHJyWRWDOPHQWHDGDUDSR\RDOSRGHU
DEVROXWRLJXDOTXHRWUDVSXEOLFDFLRQHVFRPR/XFLQGR\(O)HUQDQGLQR
'XUDQWHHO7ULHQLR/LEHUDOVXUJLHURQHQ9DOHQFLDYHLQWLVpLVQXHYRVSHULyGLFRV+D\
SXEOLFDFLRQHVGHWHQGHQFLDOLEHUDOFRPR(O5HGDFWRU&RQVWLWXFLRQDO\&HQWLQHODFRQWUD6HUYLOHV
DEVROXWLVWDVVHUiQ(O9HVSHUWLQRGHO7XULD\(O'LDEOR3UHGLFDGRUUHEDXWL]DGRVGHVSXpVFRPR/D
&LPLWDUUDGHO6ROGDGR0XVXOPiQ\/DV(VSDELODGHUDV+DEtDWDPELpQSXEOLFDFLRQHVGHFDUiFWHU
FLHQWtÀFROLWHUDULRUHOLJLRVRPLOLWDUDJUtFROD
/DUHVWDXUDFLyQGHOSRGHUDEVROXWRUHGXFLUiRWUDYH]ODVSXEOLFDFLRQHVDODVGHFDUiFWHU
RÀFLDO\DEVROXWLVWD(QWUHORVDxRV\DSDUHFHQORVEROHWLQHVRÀFLDOHVGHODVWUHV
SURYLQFLDV
'HVSXpVGHODPXHUWHGH)HUQDQGR9,,VDOGUiXQQXHYRSHULyGLFR(O7XULD
6HWUDWDEDGHXQDSXEOLFDFLyQTXHKDFtDWDPELpQXQSHULRGLVPRLOXVWUDGRGHWHQ
GHQFLDVPRGHUDGDVFRQWUDHOFDUOLVPR\DIDYRUGH,VDEHO,,/DFRUULHQWHFRQVHUYDGRUD
YDOHQFLDQDHQFRQWUDUtDDOFHVDU(O7XULD\KDVWDRFWXEUHGHXQQXHYRSRUWDYR]HQ/D
9HUGDGGHSHULRGLFLGDGGLDULD
%/$6&25LFDUG/DSUHPVDGHO3DtV9DOHQFLjFDWjOHJELEOLRJUjÀFGHOHVSXEOLFDFLRQVSHULzGLTXHVDSDUHJXGHVDO
3DtV9DOHQFLjGHVGHÀQVHOVQRVWUHVGLHV9DOqQFLD,QVWLWXFLy$OIRQVHO0DJQjQLP
/$*81$3/$7(52$QWRQLR+LVWRULDGHOSHULRGLVPRYDOHQFLDQRGRVFLHQWRVDxRVHQSULPHUDSODQD9DOHQFLD*HQHUDOLWDW
9DOHQFLDQD
7DPELpQHQHVWDpSRFDHPSH]yDSXEOLFDUVH'LDULR0HUFDQWLOGH9DOHQFLD
HQHOTXHSUHGRPLQDEDXQFRQWHQLGRPHUFDQWLOTXHUHOHJDEDORVDVXQWRVSROtWLFRVDXQ
VHJXQGRSODQR
'XUDQWHORVDxRVFRQORVSURJUHVLVWDVHQHOSRGHUVHDEROLyODREOL
JDFLyQGHVRPHWHUODVSXEOLFDFLRQHVDFHQVXUDSUHYLD'HHVWDpSRFDVRQORVSULPHURV
WHVWLPRQLRVGHOYDOHQFLDQLVPRSHULRGtVWLFRHQORVTXHODDFWXDOLGDGHUDWUDWDGDHQWRQR
VDWtULFR\KXPRUtVWLFR(VHOFDVRGH(O0ROH7DPELpQHVWHHVHOSHULRGRGHFUHDFLyQ
GHORVOLFHRV\DWHQHRVLQVWLWXFLRQHVGHVGHGRQGHVHSRWHQFLDQODVDUWHVODVFLHQFLDV\
ODVOHWUDV)UXWRGHHVWDDFWLYLGDGQDFHQSXEOLFDFLRQHVFRPR/LFHR9DOHQFLDQR\
%ROHWtQ(QFLFORSpGLFRGH$PLJRVGHO3DtV'HVWDFDQDGHPiV(O&LVQHSRUODSHUIHF
FLyQGHORVJUDEDGRV/D(VPHUDOGD(O)pQL[(O(FR/LWHUDULR\/D3VLTXLVXQDGHODV
SULPHUDVGHGLFDGDVH[FOXVLYDPHQWHDOS~EOLFRIHPHQLQR5HDSDUHFHHO'LDULRGH9DOHQFLD
DKRUDGHODPDQRGHOLPSUHVRU-RVpGH2UJDFRQXQDRULHQWDFLyQH[FOX
VLYDPHQWHLQIRUPDWLYD
/RVDxRVFHQWUDOHVGHOVLJOR;,;/DUHYROXFLyQLQLFLDXQDYtDPRGHUDGD
(QVHLQLFLDXQODUJRSHULRGRGRPLQDGRSRUJRELHUQRVPRGHUDGRVFLUFXQVWDQFLD
SROtWLFDIDYRUDEOHSDUDHOVXUJLPLHQWRGHSHULyGLFRVFRPR(O9DOHQFLDQRR/D'RQ
VD\QDTXHVHLQWHJUDQHQXQDWUD\HFWRULDLQLFLDGDSRU(O0ROHHQODTXHSUHYDOHFHHOWUDWD
PLHQWRFUtWLFRGHODDFWXDOLGDGGHVGHODLURQtD&RPSOHWDQODPLVPDOtQHD(O7DEDOHW\(O6XHFR
(OGHMXOLRGHDSDUHFLyXQDQXHYDOH\GHSUHQVDFRQRFLGDFRPR/H\1RFHGDO
6HWUDWDEDGHXQDOH\PX\UHVWULFWLYDTXHWUDWDEDGHGLÀFXOWDUDOPi[LPRODODERUGHORVSH
ULyGLFRVGHRSRVLFLyQSURJUHVLVWD(QODSUHQVDGRPLQDEDODLQIRUPDFLyQQRFRPSURPHWLGD
\ORVDVXQWRVQRSROtWLFRVFRPRVHSXHGHFRPSUREDUHQORVVHPDQDULRVOLWHUDULRV6LOYLQD
(O5XEt0XVHR/LWHUDULRR/D,OXVWUDFLyQ3RSXODUWDPELpQ(O)RUR
9DOHQFLDQRUHYLVWDGHOHJLVODFLyQ\MXULVSUXGHQFLD\$JULFXOWXUD9DOHQFLDQD
7UHVSHULyGLFRVVHSXEOLFDEDQHQ9DOHQFLDHQHVWDpSRFD(QXQSULPHUPRPHQWRORV
WUHV²(O9DOHQFLDQR/D2SLQLyQ\HO'LDULR0HUFDQWLOGH9DOHQFLD²HUDQDYDODGRVSRUOD6RFLH
GDGGH&UpGLWR9DOHQFLDQR\SURJUHVLVWDV(QFRQODFRPSUDGH/D2SLQLyQSRU-RVp
&DPSRHOSHULyGLFRFDPELyVXRULHQWDFLyQDPRGHUDGD\GHVGHHQWRQFHVHVWHSHULyGLFR
\HO'LDULR0HUFDQWLOGH9DOHQFLDVHHQIUHQWDUiQHQWUHVtFRPRSURORQJDFLyQGHODSXJQDGH
LQWHUHVHVHFRQyPLFRÀQDQFLHURVGHVXVDYDOLVWDV/D2SLQLyQSRUHOJUXSRPRQiUTXLFR
FRQVWLWXFLRQDOGHOD8QLyQ/LEHUDO\'LDULR0HUFDQWLOSRUHO5HVHOODPLHQWR3URJUHVLVWD
IUDFFLyQGHQWURGHOPLVPRSDUWLGR
(OGHDJRVWRGH/RV'RV5HLQRVGLULJLGRSRU3HULV\9DOHURSURJUHVLVWDH[SOt
FLWRHVGHQXQFLDGRUHSHWLGDPHQWHKDVWDTXHFHVDSRUGLVSRVLFLyQJXEHUQDWLYD
/$*81$3/$7(52$QWRQLR0$57Ì1(=*$//(*2)UDQFHVF$QGUHXFRRUG+LVWRULDGH/HYDQWH(O0HUFDQWLO
9DOHQFLDQR9DOHQFLD(GLWRULDO3UHQVD9DOHQFLDQD
/D%LEOLRWHFD
9DOHQFLDQD
%(51$7,%$/'29Ì-RVHS>(O7DEDOHW9DOqQFLD@(O7DEDOHWVHPDQDULYDOHQFLjGHGLFDWDODFKHQW
GHERQKXPRU\HVSHFLDOPHQWDOVVXVFULWRUV9DOHQFLD,PSGH0DQXHO/RSH]1~PPDFK
%LEOLRWHFD0DQXHO6DQFKLV*XDUQHU
(O0XVHR/LWHUDULRSHULyGLFRVHPDQDOGHFLHQFLDVOLWHUDWXUDDUWHVLQGXVWULD\FRQRFLPLHQWRV~WLOHV
9DOHQFLD>VQ@9DOHQFLD,PS-RVp5LXV$xRQQRY
%LEOLRWHFD1LFRODX3ULPLWLX
'HQWURGHODIUDFFLyQFRQVHUYDGRUD/D2SLQLyQVHFRQYHUWLUiGHVSXpVGHVHUDGTXLULGD
SRU7HRGRU/ORUHQWH\SRUHOLPSUHVRU'RPpQHFKHQHQ/DV3URYLQFLDV
(OIUDFDVRGH¶/D*ORULRVD·\HOSDFWRFRQORVUHVWRVGHODQWLJXRUpJLPHQ
'XUDQWHODUHYROXFLyQGH\KDVWDOD5HVWDXUDFLyQERUEyQLFDORVSHULyGLFRVVH
DOLQHDQHQSDUWLGDULRVGHODUHS~EOLFDRGHODPRQDUTXtD/RVUHSUHVHQWDQWHVGHOJUXSRGLQiV
WLFRVRQ(O'LDULR0HUFDQWLO/DV3URYLQFLDV\(O(FRGH9DOHQFLDVXVWLWXWRGH(O9DOHQFLDQRORV
UHSXEOLFDQRVSRUVXSDUWHVRQ/D/LEHUWDG\VXFRQWLQXDFLyQ(O)HGHUDODGHPiVGH/D5HS~EOLFD
)HGHUDO(O3ROLFHUR(O%XWRQL(O7tR0LQJROR-XYHQWXG5HSXEOLFDQDR(O&DQWyQ9DOHQFLDQR-XQWR
DODVDQWHULRUHVKD\WDPELpQSXEOLFDFLRQHVFDUOLVWDV/D9HUGDG/·$PHWUDOODGRUD&DUOLVWD\/D
&RUQHWD&DUOLVWD$GHPiVVDOHQHQHVWDpSRFDVHPDQDULRVFRQWHPiWLFDPRQRJUiÀFDFRPR/D
)UDWHUQLGDGVREUHWHPDVGHPHGLFLQDDSDUHFHWDPELpQ/D,OXVWUDFLyQ3RSXODU(FRQyPLFDUHYLVWD
TXLQFHQDOFDWyOLFD\-XJXHWHXQDGHODVSULPHUDVSXEOLFDFLRQHVHVSHFtÀFDVSDUDQLxRV
(QVHSURGXFHXQDFXHUGRHQWUH'LDULR0HUFDQWLOGH9DOHQFLD\/DV3URYLQFLDVSDUD
ODGHVDSDULFLyQGHOSULPHURSHURORVUHGDFWRUHVGHDTXpORSXHVWRVDODFXHUGRIXQGDQ(O
0HUFDQWLO9DOHQFLDQR
(OSHULyGLFRPiVFRPSURPHWLGRFRQODUHVWDXUDFLyQGHOUpJLPHQPRQiUTXLFRHQ
9DOHQFLDIXH/DV3URYLQFLDVSRUHOFRQWUDULRODSUHQVDGHPRFUiWLFDSXEOLFDXQQXHYR'LDULR
GH9DOHQFLDTXHSUHVHQWyHOSULPHUQ~PHURHOGHHQHURGH0iVDODL]TXLHUGD(O
0HUFDQWLO9DOHQFLDQRFRQWLQXyGDQGRDSR\RDOUHSXEOLFDQLVPR
8QYHVSHUWLQR/D&RUUHVSRQGHQFLDGH9DOHQFLDVDOLyDPLWDGGHSUHFLRTXH
VXVFRPSHWLGRUHV&LQFRDxRVGHVSXpVVXSHUDEDHQYHQWDVD/DV3URYLQFLDV\(O0HUFDQWLO
(QODSUHQVDSROtWLFDGHVWDFDQWUHVSXEOLFDFLRQHV/D%DQGHUD)HGHUDO/D
$QWRUFKD9DOHQWLQD\(O3XHEOR(QHOSULPHURVHLQLFLy9LFHQWH
%ODVFR,EixH]HQHOSHULRGLVPReVWRVMXQWRD(O5DGLFDOFRPSHWtDQSRUORV
OHFWRUHVUHSXEOLFDQRVYDOHQFLDQRV
$GHPiVGHHVWRVSHULyGLFRVGHJUDQDFHSWDFLyQ\WLUDGDKD\PXFKRVRWURVPLQRUL
WDULRV\QRUPDOPHQWHGHYLGDFRUWDHQWUHORVTXHKD\TXHPHQFLRQDUODUHYLVWD6ROXFLRQHV
&DWyOLFDV\ODVVDWtULFDVFRPRODSULPHUDpSRFDGH/D7UDFD/D0RPD
9DOHQFLD&yPLFD\/D'HJROOj
'HD(OVLJOR;;TXHD~QSDUHFH;,;
'XUDQWHHOSULPHUFXDUWRGHOVLJOR;;/DV3URYLQFLDVFRQWLQXDUiVLHQGRHOPi[LPRGH
IHQVRUGHOD5HVWDXUDFLyQ(QHVWHSHULRGRVXFRPSHWLGRUPiVÀUPHVHUi'LDULRGH9DOHQFLD
TXHUHDSDUHFHFRPRGLDULRFDUOLVWD2WURGLDULRFRQVHUYDGRUHGLWDGRSRUORV
FDWyOLFRVYDOHQFLDQRVVHUi/D9R]GH9DOHQFLD
/$*81$3/$7(52$QWRQLR(O3XHEORKLVWRULDGHXQGLDULRUHSXEOLFDQR9DOHQFLD,QVWLWXFLy$OIRQVHO
0DJQjQLP
/D%LEOLRWHFD
9DOHQFLDQD
/D3ULPHUD*XHUUD0XQGLDOGLYLGLUiORVGLDULRVHQWUHJHUPDQyÀORV\DOLDGyÀORV(Q
HOSULPHUJUXSRHQFRQWUDPRVSHULyGLFRVFRPR/DV3URYLQFLDV\/D9R]GH9DOHQFLD\HQHO
VHJXQGR(O3XHEORR(O0HUFDQWLO9DOHQFLDQR
(OGHVDUUROORGHODSUHQVDUHJLRQDOLVWDDSRUWDWtWXORVFRPR/D'HJROOj\9DOqQFLD
1RYDGRQGHHQFRQWUDPRVQRVyORODGHIHQVDGHODFXOWXUDYDOHQFLDQDVLQRWDPELpQ
ODVSULPHUDVUHLYLQGLFDFLRQHVGHXQDDXWRQRPtDSROtWLFD'HHVDOtQHDVRQ7HUUD9DOHQFLDQD
\3jWULD1RYD2WURVUHYLVWDVHVFULWDVHQYDOHQFLDQRVRQ(O0LFDOHW/D
%DUUDFD\(O&XHQWRGH'XPHQFKH
(O&XHQWRGHO'XPHQFKHVHPLQDULLOXVWUDW9DOqQFLD1~PDJ
%LEOLRWHFD9DOHQFLDQD
/DGLFWDGXUDGH3ULPRGH5LYHUDFRQHO5HDO'HFUHWRGHGHHQHURGHTXH
SURKLEtDWUDEDMDUDORVSHULyGLFRVDSDUWLUGHODPHGLDQRFKHGHOViEDGRFUHyODVFRQGLFLRQHV
DGHFXDGDVSDUDKDFHUVDOLUORVOXQHV/D+RMD2ÀFLDOSUHFHGHQWHGHODIXWXUD+RMDGHO/XQHV
'HHVWDpSRFDVRQUHYLVWDVWDQLPSRUWDQWHVFRPR9DOHQFLDUHYLVWDLOXVWUDGD\/D6HPDQD
*UiÀFDWDPELpQYHQODOX]&XOWXUD9DOHQFLDQD\7DXODGH/OHWUHV9DOHQFLDQHV
3RU~OWLPRHQODSUHQVDVDWtULFDHQFRQWUDPRVODVUHYLVWDV/D&KDOD\/D7UDFD
/D&KDODVHPDQDULIHVWLXVHSXEOLFDWRWVHOVGLVDSWHV9DOqQFLD>VQ@>"@
$xQDEULO
/RVDxRVFHQWUDOHVGHOVLJOR;;5HS~EOLFDUHYROXFLyQ\FRQWUDUUHYROXFLyQ
'XUDQWHOD,,5HS~EOLFDVXUJLHURQSXEOLFDFLRQHVFRPR$YDQW\(O3REOH9DOHQFLjDPEDV
GH(O3DtV9DOHQFLj7LPyGH\ÀQDOPHQWH/·+RUDHQMXQLRGH
WRGDVFRQGHPDQGDVDXWRQRPLVWDV
'XUDQWHOD*XHUUD&LYLOSUiFWLFDPHQWHGHVDSDUHFLHURQWRGRVORVSHULyGLFRV\UHYLVWDV
FRQVHUYDGRUHVRUHOLJLRVRVWDQVyORVREUHYLYHQ\FRQGLÀFXOWDGHVORVUHSXEOLFDQRVGHL]
TXLHUGD(OSUHGRPLQLRDEVROXWRIXHGHODSUHQVDREUHUD/DV3URYLQFLDVVHFRQYHUWtDDSDUWLU
GHOGHMXOLRGHHQ8*7&17$SDUWLUGHOGHDJRVWRVHSXEOLFDUiHQORVPLVPRV
WDOOHUHVHOSULPHUGLDULRDQDUTXLVWDGH9DOHQFLD)UDJXD6RFLDOTXHGXUDUiKDVWD'HOD
PLVPDLGHRORJtDIXHHOGLDULR1RVRWURVGHVGHHOGHIHEUHURGH(O'LDULRGH9DOHQFLD
FHVyHOGHMXOLRGH\HQVXVWDOOHUHVVHSXEOLFy9HUGDGyUJDQRGHH[SUHVLyQXQLÀFDGR
GHORVSDUWLGRVFRPXQLVWD\VRFLDOLVWD(OGHHQHURGHORVFRPXQLVWDVYDOHQFLDQRV
SXEOLFDEDQDGHPiV)UHQWH5RMRXQSHULyGLFRYHVSHUWLQRDOTXHFRPSOHPHQWDHOUHFRQYHUWLGR
9HUGDGTXHGHVGHHOGHMXOLRVHSXEOLFDHQORVWDOOHUHVGH/D9R]9DOHQFLDQD/RVVRFLDOLVWDV
DKRUDHQVROLWDULRGHVGHODVURWDWLYDVGH'LDULRGH9DOHQFLDHGLWDURQ$GHODQWH
/D%LEOLRWHFD
9DOHQFLDQD
(OUHVWRGHSHULyGLFRVSXEOLFDGRVHQ9DOHQFLDSURJUHVLVWDV\UHSXEOLFDQRVFRQWLQXDUiQ
SHURSDVDUiQDVHUSRUWDYRFHVGHGLIHUHQWHVIXHU]DVVLQGLFDOHVRSROtWLFDV/D&RUUHVSRQGHQFLD
GH9DOHQFLDVHFRQYLUWLyHQUHSUHVHQWDQWHGH8*7GHVGHHOGHDJRVWRGH(O0HUFDQ
WLO9DOHQFLDQRSDVDDVHUSULPHUyUJDQRGHYDULRVVLQGLFDWRV\GH,]TXLHUGD5HSXEOLFDQD(O
3XHEORVHWUDQVIRUPDUiHQHQYR]GHO3DUWLGR6LQGLFDOLVWDPLHQWUDV/D9R]9DOHQFLDQD
SDVDUiDUHSUHVHQWDUDOSDUWLGR,]TXLHUGD5HSXEOLFDQDGH9DOHQFLD&XDQGRHO*RELHUQR
GHOD5HS~EOLFDWUDVODGHODVHGHD9DOHQFLDVDOGUi/D+RUDFRQWLQXDGRUGHOGLDULR$KRUD
HGLWDGRKDVWDHQWRQFHVHQ0DGULG
&RQODYLFWRULDGH)UDQFR\HOLQLFLRGHODGLFWDGXUDYROYtDDFDPELDUHOSDQRUDPDSHULR
GtVWLFR/DV3URYLQFLDVUHDQXGDEDODSXEOLFDFLyQHOGHDEULOPLHQWUDVTXH'LDULRGH9DOHQFLD
QRFRQVHJXtDSHUPLVRSDUDYROYHUDHGLWDU7RGDORVRWURVSHULyGLFRVPRUtDQVLQUHPHGLR
DODFDEDUODJXHUUD(OGHPDU]RORVWDOOHUHVGH(O0HUFDQWLO9DOHQFLDQRVRQFRQÀVFDGRV
SRUOD,,,&RPSDxtDGH5DGLRGLIXVLyQ\3URSDJDQGDGHORV)UHQWHVTXHHGLWDUtDKDVWDHO
GHDEULOHOSHULyGLFR$YDQFH(OGtDGHOPLVPRPHVHPSH]DUiODSXEOLFDFLyQGH/HYDQWH
yUJDQRGHOSDUWLGR~QLFRTXHVHUiFRPSOHPHQWDGRFRQHOYHVSHUWLQR-RUQDGDDSDUHFLGRHQ
9DOHQFLDHOGHRFWXEUHGH/DUHHVWUXFWXUDGD$VRFLDFLyQGH3UHQVDVHUiODHQFDUJDGD
GHSXEOLFDUOD+RMDGHO/XQHV
/HYDQWHGLDULRGH)DODQJH(VSDxROD7UDGLFLRQDOLVWD\GHODV-2169DOHQFLD
>)(7-216HWF@9DOHQFLD5RWDWLYDGH/HYDQWH1DEU
'HODVPXFKtVLPDVSXEOLFDFLRQHVTXHVXUJLHURQGXUDQWHODGLFWDGXUDSRGHPRVGHVWDFDU
DOJXQDVFRPRSRUHMHPSOR7ULXQIRUHYLVWDVHPDQDOTXHVHFRQYHUWLUiHQXQDGHODVUHYLVWDV
PiVFUtWLFDVFRQHOUpJLPHQIUDQTXLVWD&DUWHOHUD7XULD\XQSHULyGLFRGHLQIRUPDFLyQ
HFRQyPLFDGHFRUWDYLGD$OGtD&RQHVWHGLDULRVHSXEOLFDEDHOVXSOHPHQWR9DOHQFLD
)UXLWVTXHVHHGLWDD~QKR\
(O7XULDVHPDQDULRLQIRUPDWLYRGHHVSHFWiFXORV9DOHQFLD=DPLW
1HQ
7DPELpQKD\TXHFRQVLGHUDUODLPSRUWDQFLDTXHDGTXLHUHQHQHVWHSHULRGRODVKLV
WRULHWDVJUiÀFDVRWHEHRV(QWUHODVHGLWRULDOHVPiVHPEOHPiWLFDVGHOPRPHQWRHVWiQODV
YDOHQFLDQDV0DJD\(GLWRUD9DOHQFLDQDFRQWtWXORVWDQLPSRUWDQWHVFRPR(OJXHUUHURGHO
DQWLID]5REHUWR$OFi]DU\3HGUtQ\3XPE\
/HJDGRV\FRQYHQLRV(OSDVRGHOWLHPSRWDPELpQHQQREOHFHODVSXEOLFDFLRQHV
$XQTXHHVHQHODxRFXDQGRVHSRQHHQPDUFKDHQ(VSDxDODOHJLVODFLyQGH
'HSyVLWR/HJDOQRVHUiKDVWDODSXEOLFDFLyQGHOD2UGHQGHGHRFWXEUHGHGH
OD&RQVHOOHULDGH&XOWXUDGHOD*HQHUDOLWDW9DOHQFLDQDTXHVHGLVSRQGUiTXHOD%LEOLRWHFD
9DOHQFLDQDUHFLEDXQHMHPSODUGHHVWH'HSyVLWR(VQHFHVDULDSRUWDQWRXQDSROtWLFDGH
DGTXLVLFLyQRGHFRSLDGHIRQGRVELEOLRJUiÀFRVYDOHQFLDQRVDQWHULRUHVDHVDIHFKD(VWD
SROtWLFDGHEHSHUPLWLUDGHPiVGHODUHFRQVWUXFFLyQGHOSHULRGRDEDUFDUWRGDOD
KLVWRULDGHODVSXEOLFDFLRQHVYDOHQFLDQDV
/D%LEOLRWHFD
9DOHQFLDQD
(VWDDFWXDFLyQKDGDGRFRPRIUXWRHOLQJUHVRHQQXHVWUDVLQVWDODFLRQHVGHGRFXPHQWD
FLyQSURFHGHQWHGHLPSRUWDQWHVOHJDGRVGHELEOLyÀORVSDUWLFXODUHVDVtFRPRGHRWUDSURFH
GHQWHGHFRQYHQLRVGHFRODERUDFLyQFRQDOJXQDVHQWLGDGHVELEOLRJUiÀFDVS~EOLFDV\SULYDGDV
/HJDGRV
(OOHJDGRGH1LFRODX3ULPLWLX*yPH]6HUUDQRHVODFROXPQDYHUWHEUDOGH+HPHURWHFD
QRVyORSRUODFDQWLGDGGHWtWXORVVLQRWDPELpQSRUVXVLJQLÀFDFLyQ(QFRQFUHWRDSRUWDORV
GLDULRVPiVDQWLJXRV'LDULRGH9DOHQFLD(O&RUUHRGH9DOHQFLD/D
*D]HWDGH9DOHQFLDSXEOLFDFLRQHVUHSUHVHQWDWLYDVGHODVGLIHUHQWHVFRUULHQWHV
HQIUHQWDGDVHQODVOXFKDVSROtWLFDVGHO;,;/D&LPLWDUUDGHO6ROGDGR0XVXOPiQ\/DV
(VSDELODGHUDVHMHPSORVGHODFRUULHQWHDEVROXWLVWDHQHO7ULHQLR/LEHUDOGHFDUiFWHUFLHQWtÀ
FRDUWtVWLFRROLWHUDULR(O&LVQH(O5XEtR(O0XVHR/LWHUDULRODV
SULPHUDVGHHVWHWLSRFyPLFRVDWtULFDV/D'RQVD\QD/D/LWHUQD0iJLFD
(O6XHFR\9DOHQFLD&yPLFDGHRULHQWDFLyQYDOHQFLDQLVWDRFRQSUHRFX
SDFLRQHVSRUODOHQJXD%ROOHWtGHO'LFFLRQDULGHOD/OHQJXD&DWDODQD3jWULD1RYD
(O3REOH9DOHQFLjR&XOWXUD9DOHQFLDQDGHOSHULRGRUHSXEOLFDQR
\UHYROXFLRQDULR8*7&171RVRWURV)UDJXD6RFLDO)UHQWH5RMR$GHODQWHR/D+RUD\GHO
SHQVDPLHQWRVRWHUUDGREDMRHOIUDQTXLVPR6LFDQLD/D&DxD*ULV
RHOHItPHURGLDULR$O'tD
(OOHJDGR&DUUHUHV=DFDUpVFRPSOHPHQWDHQPXFKRVDVSHFWRVHODQWHULRUFRQODDSRUWD
FLyQGHSXEOLFDFLRQHVVDWtULFDVFRPR(O0ROH/D5LVD/D*DLWD(O
6DOWDPDUWtR(O7LR1HORWDPELpQKD\OLWHUDULDVFRPR/LFHR9DOHQFLDQR/D
(VPHUDOGD(O)pQL[R9DOHQFLD,OXVWUDGD\GHFDUiFWHUHUXGLWR
FRPR0HPRULDV%ROHWtQGHOD5HDO$FDGHPLDGHOD+LVWRULD%ROHWtQ(QFLFORSpGLFR
\$QDOHVGHOD6RFLHGDG(FRQyPLFDGH$PLJRVGHO3DtV
'HOOHJDGRGH$GROI 3L]FXHWDGHVWDFDPRVWtWXORVFRPR3DSHOHVGH6RQ$UPDGDQV
9DOHQFLD\5HYLVWDGH2FFLGHQWH
/DVLVWHPiWLFDLQFRUSRUDFLyQGHQXHYRVOHJDGRVHQULTXHFHSHUPDQHQWHPHQWHOD+H
PHURWHFDFRQODVSXEOLFDFLRQHVSHULyGLFDV\VHULDGDVTXHVHLQWHJUDQHQHOOD
4XHUHPRVKDFHUPHQFLyQHVSHFLDOGHORVIRQGRVOHJDGRVSRU-RVp$LEDUFRQODULTXtVLPD
DSRUWDFLyQGHFyPLFVUHYLVWDVGHFLQH\SUHQVDGHOSHULRGRGHOD7UDQVLFLyQGHPRFUiWLFD\GH
ODPiVUHFLHQWHLQFRUSRUDFLyQGHORVIRQGRVGH-HV~V0DUWtQH]*XHUULFDEHLWLD/DELEOLRWHFDGH
HVWH~OWLPR\HQHVSHFLDOODVSXEOLFDFLRQHVSHULyGLFDVTXHODFRPSRQHQVRQODSODVPDFLyQGH
XQDLGHRORJtD\GHXQDPDQHUDGHYLYLUSHQVDPLHQWRFUtWLFRFXOWXUD\FRPSURPLVRSROtWLFRVRQ
ORVWUHVHMHVWHPiWLFRVHQORVTXHVHEDVDODFROHFFLyQ(OWHPDPiVGHVWDFDGRHVHOPRYLPLHQWR
REUHURUHSUHVHQWDQGRSRUSXEOLFDFLRQHVSHULyGLFDVFRPR5HWKLQNLQJ0DU[LVP$FWXHO0DU[
7HRUtD\3UiFWLFD&DO'LU1XHVWUD%DQGHUD:RUOG0DU[LVW5HYLHZ1XHYR5XPER0XQGR2EUHUR(O
0DFKHWH&DSLWDODQG&ODVV00HQVXHO0DU[LVPH0RXYHPHQW0RQWKO\5HYLHZHWF
$FWXHO0DU[3DULVeGLWLRQ/·+DUPDWWDQ1SUHPLHUVHPHVWUH
%LEOLRWHFD0DUWtQH]*XHUULFDEHLWLD
'HVWDFDQSRUVXSDUWLFXODULGDGODVSXEOLFDFLRQHVTXHDSRUWDQXQDYLVLyQGHOPXQGR
GHVGHODSHUVSHFWLYDGHOEORTXHVRYLpWLFRDORWURODGRGHOWHOyQGHDFHUR3ULVPD/DWLQRDPHUL
FDQR&XED,QWHUQDFLRQDO6RFLDOLVPRWHRUtD\SUiFWLFD$PpULFD/DWLQD7LHPSRV1XHYRV\GHOD
LQWHUSUHWDFLyQFRPXQLVWDFKLQD%HLMLQJ,QIRUPD
7DPELpQKD\XQDPSOLRDEDQLFRGHSXEOLFDFLRQHVTXHSHUPLWHQSURIXQGL]DUHQHO
FRQRFLPLHQWRGHODFRQWUDFXOWXUD5HYLVWD6LHVWD%D]DDU5HYLVWD$MREODQFR6WXGLR,QWHUQDWLRQDO
2EOLTXHV2]RQR$UWH3UHVV$UWH3UHVV,QWHUQDWLRQDO/LEUH$UFKLSLpODJRÉUHD&UtWLFD5HYLVWD
+LSHULyQ2UtJHQHV(YHUJUHHQHWF
/D%LEOLRWHFD
9DOHQFLDQD
8QDFDUDFWHUtVWLFDIXQGDPHQWDOGHWRGRHOIRQGRHVODLQWHUQDFLRQDOLGDGGHVXSHUVSHF
WLYDHOLQYHVWLJDGRUHVSHFLDOL]DGRSRGUiHQFRQWUDUWHVRURVKHPHURJUiÀFRVGHGLItFLODFFHVR
HQRWUDVELEOLRWHFDVSXEOLFDFLRQHVSUHFLRVDVSRUVXYDORUVRFLROyJLFR
&RQYHQLRV
&RQWLHQHGRFXPHQWDFLyQLQFRUSRUDGDFRPRUHVXOWDGRGHORVFRQYHQLRVGHFRODERUD
FLyQ(VWHGHSDUWDPHQWRWLHQHUROORVGHPLFURÀOPFRQSXEOLFDFLRQHVSURFHGHQWHVGHYDULRV
OXJDUHVFRQLQWHUpVHVSHFLDOSRUORVFLQFRVLJXLHQWHV
'HOD+HPHURWHFD0XQLFLSDOGH9DOHQFLD
(VWDULTXtVLPDFROHFFLyQKDDSRUWDGRXQDFRSLDPLFURÀOPDGDGHORVSULQFLSDOHVGLDULRV
GHODFLXGDGFRPR$GHODQWH)UHQWH5RMR(O(VSDxRO'LDULRGH9DOHQFLD/D&RUUHVSRQGHQFLDGH
9DOHQFLD(O3XHEOR(O&RUUHR'LDULRGH$YLVRVGHOD&LXGDGGH9DOHQFLD)UDJXDVRFLDO/D+RUD
(O5DGLFDO8*7&17/D9R]GH9DOHQFLD'LDULR0HUFDQWLOGH9DOHQFLD(O0HUFDQWLO9DOHQFLDQR
+RMDGHO/XQHV/D$QWRUFKD9DOHQWLQD/D&RQFLHQFLD/LEUH'LDULRGHOD&LXGDGGH9DOHQFLD
'HO&HQWUR0XQLFLSDOGH&XOWXUDGH&DVWHOOyQ
&RQFLHQWRWUHVWtWXORVGHSXEOLFDFLRQHVGHODVTXHKHPRVH[WUDtGRODPXHVWUDVLJXLHQWH
0HGLWHUUiQHR(O%DWDOODGRU(O%OXD(O&DQDUL(O&HQWLQHOD(O&ULWHULR&UyQLFD&DVWHOORQHQVH/D
&UX]GH&DVWHOOyQ(O&UX]DGR/D'HIHQVD'LDULRGH&DVWHOOyQ'LDULRGHOD0DxDQD'LDULRGHOD
3ODQD'LDULRGH&DVWHOOyQ(O(FRGHO0LMDUHV(O)DUR(O)UDUH(O&ODPRUGH&DVWHOOyQ(O&ODPRU
GHOD'HPRFUDFLD\(O+HUPDQR%DUWROR
'HOD%LEOLRWHFDGHOD&DMDGH$KRUURVGH$OLFDQWH\0XUFLD
&RQRFKHQWD\RFKRWtWXORVGHSXEOLFDFLRQHVGHYDULDVORFDOLGDGHVDOLFDQWLQDVGHWRGRV
WLSR\WHQGHQFLDVGRQGHSUHGRPLQDQODVSROtWLFDVGHOSHULRGRFRPR$FHURGH
0RQyYHU&XOWXUD\$FFLyQ&ULVRO(O0XQGR2EUHUR
'HOD%LEOLRWHFD0XQLFLSDOGH;jWLYD
&RQODVSXEOLFDFLRQHV(O$JUDULR(O&ODPRU6HWDEHQVH(O'HPyFUDWD(O+HUDOGRGH-iWLYD
-iWLYD,]TXLHUGD-XYHQWXG(O2EUHUR6HWDEHQVH(O3URJUHVR(O5DGLFDO5HS~EOLFD7UDEDMR7LHPSRV
1XHYRV8QLyQ&XOWXUDO6HWDEHQVH
'HOD%LEOLRWHFD0XQLFLSDOGH$O]LUD
&RQSXEOLFDFLRQHVFRPR(O'HIHQVRU(FRVGHOD5LEHUD)UDWHUQLGDG(O+HUDOGRGH$OFLUD
(O+HUDOGRGHOD5LEHUD0XUWD3DWULD&KLFD5LEHUD$OWD/D9HUGDG/D9R]GHO-~FDU;XFDU
3XEOLFDFLRQHVVHULDGDVLQJUHVDGDVPHGLDQWHHO'HSyVLWR/HJDO0DWHULDOHVSDUD
HODQiOLVLVGHODVRFLHGDGFLYLOYDOHQFLDQDDFWXDO
/D+HPHURWHFDUHFLEH\JHVWLRQDODVSXEOLFDFLRQHVVHULDGDVTXHLQJUHVDQHQOD%LEOLR
WHFD9DOHQFLDQDFRPRFRQVHFXHQFLDGHODQRUPDWLYDGHO'HSyVLWR/HJDO(VWHPHFDQLVPR
DSRUWDXQDFDQWLGDGLQPHQVD²\FUHFLHQWH²GHLQIRUPDFLyQGHWRGRWLSRTXHXQDYH]WUDWDGD
SHUPLWHODVDWLVIDFFLyQGHQHFHVLGDGHVLQIRUPDWLYDVFRQFUHWDVDGHPiVGHRIUHFHUHOUHÁHMR
GHOPRYLPLHQWRVRFLRFXOWXUDOGHOSDtV
'LDULRV\UHYLVWDVEROHWLQHVDQXDULRV\PHPRULDVQRVDSRUWDQ²VLDQDOL]DPRVYDULD
EOHVFRPRFDQWLGDGGLYHUVLGDGLGHROyJLFDVHJPHQWRVVRFLDOHVLPSXOVRUHV\RUHFLELGRUHV
SHULRGLFLGDGWLUDGDSHULRGRGHYLGD²XQDLQIRUPDFLyQPX\YDOLRVDGHOFXHUSRVRFLDOTXH
ORVKDFHSRVLEOHV\QRVPXHVWUDQDVtXQDSDUWLFXODUYLVLyQGHQXHVWUDVRFLHGDG
3DUDREWHQHUXQDYLVWDSDQRUiPLFDVREUHHOFRQMXQWRGHOD+HPHURWHFDDYDQ]DUHPRV
XQDFLIUDGHORVPiVGHFDWRUFHPLOWtWXORVGHSXEOLFDFLRQHVTXHFRQVHUYDPRVDOUHGHGRU
GHOVHKDLQFRUSRUDGRDFDXVDGHODQRUPDWLYDGH'HSyVLWR/HJDO
(VWHFRQMXQWRGHSXEOLFDFLRQHVWLHQHFRPRSULQFLSDOFDUDFWHUtVWLFDHOKHFKRGHVHUXQ
IRQGRPRGHUQR²ODLPSODQWDFLyQGHO'HSyVLWR/HJDOHVGH²\GLQiPLFRHQHOVHQWLGR
GHTXHUHÁHMDVLHPSUHHOQDFLPLHQWRGHXQDSXEOLFDFLyQ\ORVQ~PHURVGHpVWDDPHGLGD
TXHVRQSXEOLFDGRV0XFKDVYHFHVVHLQWHUUXPSLUiQRWUDVFHVDUiQGHVSXpVGHSXEOLFDUSR
FRVQ~PHURVRXQRVyORWDPELpQFDPELDUiQGHQRPEUHVHHVFLQGLUiQRVHUHIXQGLUiQGH
DFXHUGRFRQODVFLUFXQVWDQFLDVSRUODVTXHSDVDQODVLQVWLWXFLRQHVTXHODVHGLWDQHWF(QHVWH
VHQWLGRHVWXGLiQGRODVSRGHPRVGLVIUXWDUGHXQREVHUYDWRULRSULYLOHJLDGRTXHQRVPXHVWUD
ODVLQTXLHWXGHVGHODVRFLHGDG\PiVDOOiGHODSXEOLFDFLyQHQVtREWHQGUHPRVLQIRUPDFLyQ
GHODVHQWLGDGHVTXHODVFUHDQGHVXDXWRULGDGFUpGLWR\HVWDELOLGDGGHORVREMHWLYRVTXHVH
SODQWHDQ\GHOp[LWRTXHFRQVLJXHQ
3DUDIDFLOLWDUHOHVWXGLRKHPRVGLYLGLGRHOIRQGRGH'HSyVLWR/HJDOHQOD+HPHURWHFD
HQWUHVJUDQGHVJUXSRVGHDFXHUGRFRQODSHULRGLFLGDGORVGLDULRVODVUHYLVWDVJUXSRHQ
HOTXHLQFOXLUHPRVWRGDVODVGHSHULRGLFLGDGVHPDQDORVXSHULRU\ORVDQXDULRVGRQGHLQ
FOXLUHPRVODVGHHVDSHULRGLFLGDGRVXSHULRU\ORVOLEURVGHÀHVWDVTXHDXQTXHQRVLHPSUH
HQWUDQSRUHO'HSyVLWR/HJDOVRQWDPELpQDQXDOHVHQODPD\RUtDGHORVFDVRV
/RVGLDULRV
6RQXQWLSRGHSXEOLFDFLyQTXHQHFHVLWDPRYLOL]DUFDQWLGDGHVLQJHQWHVGHUHFXUVRV
SDUDSRGHUH[LVWLUWDQWRGHWLSRHFRQyPLFRFRPRKXPDQR\RUJDQL]DWLYR(VRKDFHTXHOD
FDQWLGDGGHGLDULRVTXHKD\HQXQPRPHQWRGDGRHQXQWHUULWRULRVHDXQtQGLFHPX\VLJQL
ÀFDWLYRGHGHVDUUROOR/RVYDOHQFLDQRVKHPRVVLGRPXFKDVYHFHVSLRQHURVHQORVtQGLFHVGH
GLDULRVSRUKDELWDQWH'HVGHODWHPSUDQDDSDULFLyQGHO'LDULRGH9DOHQFLDHQHODxRVyOR
SUHFHGLGRHQGRVDxRVSRUHO'LDULRGH0DGULGKDVWDHOPRPHQWRDFWXDOHQTXHFRPSLWHQ
/D%LEOLRWHFD
9DOHQFLDQD
DOUHGHGRUGHYHLQWHFDEHFHUDVODLPSRUWDQFLDGHQXHVWUD&RPXQLWDWSRUORTXHUHVSHFWDD
ODSUHQVDGLDULDHV\KDVLGRPX\VLJQLÀFDWLYD
$OJXQRVGDWRVGHDQiOLVLV\DOJXQDVREVHUYDFLRQHV
²(QORTXHUHVSHFWDDSHULyGLFRVGHWHPiWLFDHVSHFtÀFDWHQHPRVGHGHSRUWHV6~SHU
'HSRUWH\GHLQIRUPDFLyQRÀFLDO\DGPLQLVWUDWLYDORVEROHWLQHVRÀFLDOHVSURYLQFLDOHV
\HO'2&9\XQRGHDFWLYLGDGSRUWXDULD'LDULRGHO3XHUWR
%ROHWtQ2ÀFLDOGHOD3URYLQFLDGH9DOHQFLD %XWOOHWt2ÀFLDOGHOD3URYtQFLDGH9DOqQFLD
9DOHQFLD'LSXWDFLyQ3URYLQFLDO>@9DOHQFLD,PSUHQWD3URYLQFLDO
1MXO
²/DOHQJXDHQTXHHVWiQHVFULWRVHVPD\RULWDULDPHQWHHOFDVWHOODQRDXQTXHWHQHPRV
XQRHQKRODQGpV7HOH([SUHVVLPSUHVRHQORVWDOOHUHVGH&DQIDOLGXUDQWHODGpFDGD
GHORVVHWHQWD(OYDOHQFLDQRVyORDSDUHFHHQDTXHOORVGLDULRVTXHSRUVXFDUiFWHU
RÀFLDOVHWLHQHQTXHUHGDFWDUHQODVGRVOHQJXDV
²'RVIHQyPHQRVQXHYRVLUUXPSHQFRQIXHU]DHQODDFWXDOLGDGSHULRGtVWLFD3RUXQD
SDUWHODH[SDQVLyQDSDUWLUGHHGLFLRQHVORFDOHVGHFDEHFHUDVGHiPELWRWUDGLFLRQDO
PHQWHHVWDWDO²(O3DtV$%&²RSURYLQFLDO²/HYDQWH\/DV3URYLQFLDV²KHFKRTXH
DFHOHUDODFRQFHQWUDFLyQGHORVPHGLRVHQXQSXxDGRGHJUDQGHVFRUSRUDFLRQHV
LQIRUPDWLYDV<SRURWUDORVQXHYRVSHULyGLFRVGHGLIXVLyQJUDWXLWDPXFKRVRULHQ
WDGRV\RLPSXOVDGRVSRUORVLQWHUHVHVGHODSXEOLFLGDG\TXHRSWLPL]DQWDQWRODV
QXHYDVWHFQRORJtDVGHHGLFLyQ\WHOHFRPXQLFDFLyQFRPRORVHVWXGLRVGHPHUFDGR
SDUDHODERUDUXQSURGXFWRLQIRUPDWLYRRULHQWDGRHVSHFtÀFDPHQWHDXQRVVHJPHQWRV
GHSREODFLyQKRPRJpQHRV\FRQFUHWRV(O0LFDOHW0HWUR'LUHFWR$OLFDQWH+R\
0HWUR'LUHFWR9DOHQFLD+R\0LQXWRV
²)LQDOPHQWHGHVWDFDPRVODDSDULFLyQGHHGLFLRQHVSDUD,QWHUQHWGHORVSULQFLSDOHV
GLDULRV\RWURVTXHXWLOL]DQHVWHPHGLRHQH[FOXVLYDUHDOLGDGH[WUHPDGDPHQWHFDP
ELDQWH\GHGLItFLOFRQWUROFRQODVKHUUDPLHQWDVELEOLRWHFDULDVFOiVLFDV
/DVUHYLVWDV
/DVUHYLVWDVHQJHQHUDOUHVXOWDQPiVIiFLOHVGHSXEOLFDUTXHORVGLDULRV\VRQODH[
SUHVLyQSRUH[FHOHQFLDGHODSOXUDOLGDGLQIRUPDWLYD\GHODULTXH]DFXOWXUDOKDVWDHOSXQWR
GHTXHODPD\RUtDGHDVRFLDFLRQHV\HQWLGDGHVHQDOJ~QPRPHQWRGHVXYLGDVHSODQWHDQ
WHQHUXQDELHQFRPRFDQDOGHFRPXQLFDFLyQPiVRPHQRVLQWHUQREROHWLQHVKRMDVSDSH
OHVELHQFRQREMHWLYRVPiVDPELFLRVRVH[SUHVDU\GHIHQGHUHOSXQWRGHYLVWDSURSLRHQ
HQWRUQRVVRFLDOHVPiVDPSOLRV
'HOSHULRGRFXELHUWRSRUHO'HSyVLWR/HJDOWHQHPRVFRQSHULRGLFLGDGHQWUHXQD
VHPDQD\XQDxRPiVGHFXDWURPLOUHYLVWDVTXHKHPRVFODVLÀFDGRSDUDHVWHHVWXGLRFRQ
ORVVLJXLHQWHVUyWXORVGHLQIRUPDFLyQORFDOSROtWLFDVVLQGLFDOHVGHHPSUHVDULRVUHOLJLRVDV
GHSRUWLYDVFXOWXUDOHV\SDUDFRORQLDVGHUHVLGHQWHVH[WUDQMHURV
/DVUHYLVWDVGHFDUiFWHUORFDO
/OHJDQFDVLDOPLOODU\SUHVHQWDQSHULRGLFLGDGGLYHUVD6HSXHGHREVHUYDUDODQDOL
]DUODVTXHPXFKDVVRQFRQVHFXHQFLDGHODSHQHWUDFLyQGHHPSUHVDVHGLWRUDVGHLPSODQ
WDFLyQQDFLRQDORLQWHUQDFLRQDO8QFDVRSDUDGLJPiWLFRHVHOGHO*UXSR=SURSLHWDULR
GH0HGLWHUUiQHRGH&DVWHOOyQTXHFRQODHGLFLyQGH&DVWHOOyQ,QIRUPDFLyQVHJXLGDGH
ODHGLFLyQGHGRFHSXEOLFDFLRQHVORFDOHVFRQODFDEHFHUDFRP~QGH&UyQLFDGHSXVRHQ
PDUFKDXQDDWUHYLGDHVWUDWHJLDGHSHQHWUDFLyQHQODSURYLQFLD
(QODSURYLQFLDGH$OLFDQWHVHKDGDGRHOPLVPRIHQyPHQRHVWDYH]FRQODFRPSUD
GHODKLVWyULFDFDEHFHUD&LXGDGGH$OFR\SRUODHPSUHVDSURSLHWDULDGHO3HULyGLFRGH&DWDOXQ\D
TXHDGHPiVKDSXHVWRHQFLUFXODFLyQWUHFHSHULyGLFRVWRGRVFRQODFDEHFHUDQRUPDOL]DGD
GH&UyQLFDGHHQ(OGD'RORUHV&UHYLOOHQW$OPRUDGt$OEDWHUD%HQLVVDHWF&RPSOHWDQOD
RIHUWD(O3HULyGLFRGH$OLFDQWH\(O3HULyGLFRGH(OFKH3HURHVWDIXHUWHH[SDQVLyQKDGHULYDGR
ÀQDOPHQWHHQXQDFULVLVSRUODFXDO3ULPHUD3ODQDKDWHQLGRTXHUHGXFLUVXSUHVHQFLDHQ
ODSURYLQFLDDOGLDULR&LXGDGGH$OFR\\DODVSXEOLFDFLRQHVVLJXLHQWHVGH2QWLQ\HQW(GLFLR
QHVGHOPLVPRJUXSR/D&UzQLFDGHO·2OOHULD/D&UzQLFDGH%LDU\(O3HULzGLF
G·2QWLQ\HQW
(QODSURYLQFLDGH9DOHQFLDIXH/HYDQWH*UXSRGH3UHQVD\$XGLRYLVXDOHVHOTXH
GHVGHLQLFLyXQDDYHQWXUDVLPLODUFRQODSXEOLFDFLyQGHYDULDVFDEHFHUDVFLQFRFRPR
/D%LEOLRWHFD
9DOHQFLDQD
7ULEXQDGHHQ;jWLYD7RUUHQW*DQGLD$OEDO\$ODTXjVDGHPiVGH'LDULR([SUHVV9DOHQFLD
6LJOR;;,\3XHEORHO0HWURSROLWDQR9DOHQFLDQR
2WUDVHPSUHVDVORFDOHVIXHUWHPHQWHDUUDLJDGDVDXQTXHFRQPHQRVSUR\HFFLyQJHRJUi
ÀFDVRQ3UHQVD\1RWLFLDVGH%HQLGRUPTXHSXEOLFD1RWLFLDV/D9LOD-RLRVD1RWLFLDV
$OWHD$OWHD1HZV\HOFRPDUFDO1RWLFLDVGH$OLFDQWH\HO&DPSHOOR3UHQVD
9LOOHQDTXHSXEOLFD&DQIDOL(GGH-XPLOOD\3HGDQtDV&DQIDOL<HFOD\
&DQIDOL$OWR9LQDORSy3RUVXSDUWH*UiÀFDV&LXGDGORKDFHFRQ/D&UyQLFDGH0XUR
/D&UyQLFDGH&RFHQWDLQD\*DFHWDGH$OFR\
(VWDVSXEOLFDFLRQHVVXHOHQVHUVHPDQDOHVDXQTXHWDPELpQKD\FRQRWUDVSHULRGLFL
GDGHV3RUORTXHUHVSHFWDDODOHQJXDPD\RULWDULDPHQWHHPSOHDQHOFDVWHOODQRVHJXLGRGHO
YDOHQFLDQRHOLQJOpV\RWURVLGLRPDVFRPXQLWDULRVDGHPiVGHOUXVR/RVWtWXORVPiVVLJQL
ÀFDWLYRVVRQHQOD0DULQD&DQIDOL0DULQD$OWD9LYDOD&RVWD%ODQFD\&RVWD
GHO6RO1HZVHQHO9LQDORSy&DQIDOL9LOOHQD(O3HULyGLFR&RPDUFDO\
$TXt/OHJDHQOD5LEHUD/D5LEHUD'tDV\/D9HXGHOD5LEHUDHQ9DOHQFLj
HQO·+RUWD7ULEXQD\(O&UHVRO\HQHO&DPSGH7~ULD1RVWUD&RPDUFD
\5XPER&DPSGH7~ULD
(QFXDQWRDORVEROHWLQHVGHLQIRUPDFLyQPXQLFLSDO\DVLPLODEOHVWHQHPRVXQFHQWHQDU
GHORVTXHHQHVWRVPRPHQWRVKD\DFWLYRVPiVGHWUHLQWD
/DVSXEOLFDFLRQHVTXHVRQH[SUHVLyQGHXQDWHQGHQFLDSROtWLFRLGHROyJLFD
3RGHPRVHQFRQWUDUDQDUTXLVWDVFRPR7LHUUD\/LEHUWDGFRPXQLVWDVFRPR
'H9HUGDGFRQVHUYDGRUDVVRFLDOLVWDVFRPR5DVFDxDGHO3639362(GH1DYDMDV
HFRORJLVWDVFRPR/D0DWUXFDR/D&DVD9HUGDGHH[WUHPDGHUHFKDFRPR
%ODX'LYLVLRQQDFLRQDOLVWDVFRPR(O&DQWyGHOD3ODoDUHJLRQDOLVWDV
6LQGLFDOHV
+D\PiVGHXQFHQWHQDUGHWtWXORVGH&&22GH&6,&6,)GH$13(GH-yYHQHV
$JULFXOWRUHVGH$9$GHO67(,YGH8*7GH&17$,7GHSURIHVLRQDOHVGHSROLFtD\
RWURVGHLQGHSHQGLHQWHVXQRGHFHODGRUHV\HORWURGHHQVHxDQ]DSULYDGD
'HRUJDQL]DFLRQHVGHHPSUHVDULRV
&LWDPRVVyORODPiVDQWLJXD\ODPiVMRYHQ*HUHQWV\7KH2ULHQWDOEXVLQHVV&OXE
UHVSHFWLYDPHQWHGHODVPiVGHODVFDVLGRVFLHQWDVGHTXHGLVSRQHPRV
5HOLJLRVDV
+D\/DPiVDQWLJXDFRQPiVGHXQVLJORHV(O(FR%DXWLVWDDODFXDO
VLJXH%ROHWtQ2ÀFLDOGHO$U]RELVSDGRGH9DOHQFLDWDPELpQFHQWHQDULD8QFDVRFXULRVR
HV%DUDNDUHYLVWDGHDUWH\SHQVDPLHQWRVXIt
'HSRUWLYDV
+D\PiVGHWUHVFLHQWDVHQWUHODPiVDQWLJXD9DOOHGH(OGD\ODPiVPRGHUQD
$UDJyQHVPRWRU
&XOWXUDOHV
(QFRQWUDPRV/DPiVDQWLJXDHV%ROHWtQGHOD6RFLHGDG&DVWHOORQHQVHGH&XOWXUD
\ODPiVMRYHQ/OXQjWLFV'HVWDFDPRVHQFDVWHOODQR$OMLEH1XHYR0LOHQLR
1i\DGH(PSLUHXPD3DVDMHVHQYDOHQFLDQR$IHUV3DSHUVGH
O·+RUWD/OHWUDIHULW(O%ROOHWtGHOD7DXOD9DOHQFLDQDG·$XWRUV7HDWUDOVHWF
3DUDUHVLGHQWHVH[WUDQMHURVHQVXVLGLRPDV
+D\PiVGHUHJLVWUDGDVWUHVHQKRODQGpVGLHFLVLHWHHQLQJOpVXQDHQIUDQFpVGLH]
HQDOHPiQGRVHQQRUXHJRXQDHQUXPDQRWUHVHQUXVRXQDHQVXHFR\VHLVTXHFRPELQDQ
HOFDVWHOODQRFRQYDULDVOHQJXDVH[WUDQMHUDV$OJXQRVHMHPSORVVRQ&RVWD%ODQFD1DFKULFKWHQ
&%16SDQLVK3URSHUW\*D]HWWH7HOHJD]HWWH+DOOR(O3HULyGLFR
,QPRELOLDULRHWF
+DOOR1HGHUODQGVWDOLJZHHNEODGLQ6SDQMH&DOSH9HURQLTXH$QQH$OOR
&DOSH*UiÀFDV&DOSH-DDUJDQJQUDSU
/D%LEOLRWHFD
9DOHQFLDQD
/RVDQXDULRV
'HSXEOLFDFLRQHVFRQSHULRGLFLGDGDQXDORVXSHULRUWHQHPRVFHUFDGHQRYHFLHQ
WDV6RQHOUHÁHMRGHHQWLGDGHVPiVHVWDEOHV\DTXHFRQpVWDVVHKDFHS~EOLFRHOEDODQFH
GHXQDxRGHDFWLYLGDG7DPELpQODVKD\SURGXFWRGHXQDDFWLYLGDGHGLWRULDOHVSHFtÀFD
FRPRODVJXtDV
'HFDUiFWHUS~EOLFRWHQHPRVGHWRGDVODVDGPLQLVWUDFLRQHVDXQTXHFRPRHVQDWXUDO
SUHGRPLQDQODVGHOD$GPLQLVWUDFLyQDXWRQyPLFD\ODVORFDOHVWDPELpQKD\GHRUJDQLVPRV
GHOD$GPLQLVWUDFLyQLQVWLWXFLRQDOHQORVTXHKHPRVLQWHJUDGRODVXQLYHUVLWDULDV\GH
RUJDQLVPRVGHODVDGPLQLVWUDFLRQHVFHQWUDOHVHOUHVWRVRQGHRUJDQL]DFLRQHV\HPSUHVDV
SULYDGDV5HSDVHPRVODVPiVVLJQLÀFDWLYDV
3~EOLFDVGHOD$GPLQLVWUDFLyQDXWRQyPLFD
0HPRULDVDQXDOHVGHLQVWLWXFLRQHVS~EOLFDVGHKRVSLWDOHVHLQVWLWXFLRQHVVDQLWDULDV
\GHGLVWLQWDVLQVWLWXFLRQHV\RUJDQLVPRVFRPRODVFRQVHOOHULHVORVFRQVHMRVGHOD-XYHQWXG
GH5HODFLRQHV/DERUDOHVHWFHPSUHVDVS~EOLFDVFRPR)HUURFDUULOVGHOD*HQHUDOLWDW
6(3,9$&,(*6$HWFLQVWLWXWRVFRPRHOGHOD(QHUJtDOD0XMHUOD)LOPRWHFDHO,QV
WLWXWR9DOHQFLDQRGH)LQDQ]DVDGHPiVGHUHYLVWDVDQXDOHVGHLQVWLWXWRVGH6HFXQGDULD
+D\HQWUHORVDQXDULRVDOJXQRVWtWXORVHVSHFLDOPHQWHYDOLRVRVGHVGHHOSXQWRGHYLVWDGH
ODLQIRUPDFLyQHVWDGtVWLFDTXHDSRUWDQHO$QXDUL(VWDGtVWLFGHOD&RPXQLWDW9DOHQFLDQDGH
OD&RQVHOOHULDG·(FRQRPLDL+LVHQGDOD(VWDGtVWLFDGH&RPHUo([WHULRU'DWRV(VWDGtVWLFRV
GHOD&RPXQLGDG9DOHQFLDQDGHOD&RQVHOOHULDG·,QG~VWULD&RPHUoL7XULVPHHO$QXDUL
(VWDGtVWLF0XQLFLSDOL&RPDUFDOOD(VWDGtVWLFDGH9DULDFLRQV5HVLGHQFLDOVOD(VWDGtVWLFD,QGXVWULDO
GHOD&RPXQLWDW9DOHQFLDQD
$GPLQLVWUDFLRQHVORFDOHV
,QFOX\HQSXEOLFDFLRQHVYDULDGDVFRPRORVSUHVXSXHVWRVPXQLFLSDOHVGHDOJXQRV
SXHEORVODVPHPRULDVDQXDOHVGHODVGLSXWDFLRQHV\GHD\XQWDPLHQWRVRGHGHWHUPL
QDGRVVHUYLFLRVTXHGHSHQGHQGHpVWRVFRPR6HUYLFLRV6RFLDOHV3ROLFtD/RFDOHWF
WDPELpQDOJXQRVEROHWLQHVLQIRUPDWLYRVPXQLFLSDOHVFRQSHULRGLFLGDGDQXDO\DOJXQDV
SXEOLFDFLRQHVFXOWXUDOHVHGLWDGDVSRUIXQGDFLRQHVLQVWLWXWRVRGLUHFWDPHQWHSRUORV
D\XQWDPLHQWRV
$GPLQLVWUDFLyQLQVWLWXFLRQDO
+D\HQHVWHDSDUWDGRSXEOLFDFLRQHVGHODVGLVWLQWDVXQLYHUVLGDGHV8QLYHUVLWDW3ROL
WqFQLFDGH9DOqQFLD8QLYHUVLWDW/LWHUjULD(VWXGL*HQHUDO8QLYHUVLWDWG·$ODFDQW8QLYHUVLWDW
-DXPH,\81('$GHPiVHVWiQODVSXEOLFDFLRQHVGHODVFiPDUDVRÀFLDOHVGH&RPHUFLR
GHORVFROHJLRVSURIHVLRQDOHV\GHLQVWLWXWRV\IXQGDFLRQHVS~EOLFDV
$GPLQLVWUDFLRQHVFHQWUDOHV
6RQWtWXORVGHPHPRULDV\DQXDULRVGHORVSXHUWRVGH9DOHQFLD$OLFDQWH\&DVWHOOyQ
DGHPiVGHODVGHOHJDFLRQHVGHOD7HVRUHUtD*HQHUDOGHOD6HJXULGDG6RFLDORHO,QVWLWXWRGH
(VWXGLRVGH$GPLQLVWUDFLyQORFDO
$QXDULRVGHHPSUHVDVHQWLGDGHVIXQGDFLRQHVRDVRFLDFLRQHVSULYDGDV
'HVWDFDUHPRVXQDJUDQFDQWLGDG²PiVGHXQFHQWHQDU²GHPHPRULDVGHFDMDV\IH
GHUDFLRQHVGHFDMDVGHDKRUURGHFDMDVUXUDOHV\EDQFRVGHHPSUHVDVLPSRUWDQWHVFRPR
3DVFXDO+HUPDQRV2PQLXP,EpULFD0HUFDYDOHQFLD0HUFDOLFDQWH&RQVXP3RUFHODQRVD
&OHRS&HJDV&HPHQWRV3RUWODQGHWFGHDVRFLDFLRQHVFXOWXUDOHV$JUXSDFLy%RUULDQHQFD
GH&XOWXUD$VVRFLDFLy7UDPHV%RFDLUHQW&HQWURGH(VWXGLRV5HTXHQHQVH$VVRFLDFLy
&XOWXUDO2FWXEUHOD)RLDGH&DVWDOODUHOLJLRVDV)DFXOWDGGH7HRORJtD6DQ9LFHQWH)HUUHU
9DOHQFLD&iULWDV'LRFHVDQD9DOHQFLDHWFGHIXQGDFLRQHVSULYDGDV)XQGDFLyQSDUD
HO'HVDUUROORGH$FFLRQHV6RFLDOHV\&XOWXUDOHVGHOD&RPXQLGDG9DOHQFLDQD)XQGDFLyQ
GHOD&RPXQLGDG9DOHQFLDQD(VWXGLR\&XOWXUD9DOHQFLD)XQGDFLyQ9DOHQFLDQDGH
(VWXGLRV$YDQ]DGRV9DOHQFLD&$0)XQGDFLyQ&XOWXUDO$OLFDQWH)XQGDFLyQ&262
SDUDHO'HVDUUROORGHOD&RPXQLFDFLyQ\OD6RFLHGDG9DOHQFLDGHSRUWLYDV9DOHQFLD
&OXEGH)~WERO&HQWUH(VSRUWLXL&XOWXUDO$QWHOODDQXDULRVSXEOLFDGRVSRUORVSULQ
FLSDOHVGLDULRV$OPDQDTXHGH/DV3URYLQFLDVSDUDHODxR0HGLWHUUiQHRDQXDULRHOGLDULRGH
&DVWHOOyQ$OFR\DQXDULR'LDULRGHO3XHUWR$QXDULR$QXDULREDODQFHHFRQyPLFRGHOD&RPXQLGDG
9DOHQFLDQDGH(PSUHVD\)LQDQ]DV3HULyGLFR(FRQyPLFRSURIHVLRQDOHV$VRFLDFLyQ3URYLQFLDOGH
(PSUHVDULRVGHOD0DGHUD$ÀQHV\'HULYDGRV&DVWHOOyQ$QXDULRKRUWRIUXWtFRODHVSDxRO
GH6XFUR(QWUHODVJXtDVGHVWDFDPRV/DJXtDGH9DOHQFLD%D\DUUL
/LEURVGHÀHVWDV
8QWLSRPX\HVSHFtÀFRGHSXEOLFDFLyQVHULDGDVRQORVOLEURVGHÀHVWDV/DVHULDOLGDG
GHHVWDVSXEOLFDFLRQHVVHRULJLQDHQHOFDUiFWHUFtFOLFR²FDVLVLHPSUHDQXDO²GHODVFHOHEUD
FLRQHVUHOLJLRVDVRSDJDQDVFRQPHPRUDWLYDVGHKHFKRVKLVWyULFRVRDVWURQyPLFRVGHVGH
ODSURFHVLyQGHO&RUSXVTXHGDWDGHKDVWDODVGH6HPDQD6DQWDHO0LVWHULG·(O[ODV
)DOODVODV)RJXHUHVODV*DLDWHV\ORV0RURV\&ULVWLDQRVRGHSHUHJULQDFLRQHVFRPRODGH
OHV8VHUHVHQTXHHQFRQWUDPRVP~VLFD\SyOYRUDFRPELQDGDVTXHFUHDQVRUSUHQGHQWHV
PDQLIHVWDFLRQHVDUWtVWLFDV$ORVELEOLRWHFDULRVQRVFRUUHVSRQGHODVLVWHPiWLFDUHFRSLODFLyQ
\GLIXVLyQGHHVWDGRFXPHQWDFLyQFRQODHVSHUDQ]DGHTXHHOHVWXGLRDSRUWHXQDPD\RU
FRPSUHQVLyQGHODKXPDQLGDGPHGLDQWHODFXOWXUDGHVXVSXHEORV/DVÀHVWDVHOHPHQWR
LPSRUWDQWtVLPRGHOIROFORUHVHJXUDPHQWHHVFRQGHQHQWUHEDLOHV\MXHJRVPXFKDVGHODV
OODYHVSDUDHQWHQGHUFyPRVRPRVKR\\SRUTXpFDPLQRVKHPRVOOHJDGRDTXt
/D%LEOLRWHFD
9DOHQFLDQD
$ODFDQW>)RJXHUHV6DQW-RDQ@+RJXHUD&DUROLQDV$OWDV©QRIHPUHVªVHFWRUVXU
&RPLVLyQGH)LHVWDV$OLFDQWH&RPLVLyQGH)LHVWDV+RJXHUD&DUROLQDV$OWDV
6HFWRU6XU>@$OLFDQWH9LGDO/HXND$xR
)DOODV*DLDWHV)RJXHUHV\0RURV\&ULVWLDQRV
/D+HPHURWHFDSRVHHFDWDORJDGDVDFWXDOPHQWHPiVGHPLOSXEOLFDFLRQHVGHRUJDQL]D
FLRQHVIDOOHUDVGHPXFKRVSXHEORVGHWRGRHOSDtVDVtFRPRGHHQWLGDGHVGHRWURVOXJDUHV
LQWHUHVDGDVHQGDUDFRQRFHUODÀHVWDGHORVYDOHQFLDQRV\TXHKDELWXDOPHQWH²RHQHO
SDVDGR²KDQSXEOLFDGROLEUHWRVRVXSOHPHQWRVHVSHFLDOHVGHGLFDGRVDHVWDÀHVWD*XWLpUUH]
)DOODVGH9DOHQFLD0DGULG0XQGR*UiÀFRQ~PHURGHGLFDGRDODVIDOODVYDOHQFLDQDV0DGULG
>@ÉOEXP)DOOHURGHGLFDGRDSURSDJDUODVWtSLFDVÀHVWDVGHODVIDOODV\JUDQGH]DVYDOHQFLDQDV
0DGULG7DPELpQKD\GHOXJDUHVGHIXHUDGHOD&RPXQLWDWGRQGHVHKDFHQRVHKDQ
KHFKRIDOODV([SOLFDFLyL5HODFLyGHOD)DOODGHO3RUW7DUUDJRQD([SOLFDFLyGHOD)DOOD
5DPEOD$EULO7DUUDJRQDHWF
/DVÀHVWDVGHOD0DJGDOHQDHQ&DVWHOOyQKDQJHQHUDGRKDVWDFDVLPHGLRFHQWHQDUGH
UHJLVWURVLQGLFDWLYRVGHRWUDVWDQWDVVHULHVGHSXEOLFDFLRQHVTXHVHHGLWDQFRQPRWLYRGHODV
ÀHVWDGHODV*DLDWHV(O$\XQWDPLHQWROD&DMDGH$KRUURVGH&DVWHOOyQOD-XQWD&HQWUDOR
ORVGLIHUHQWHVJUXSRV\FRPLVLRQHVODVKDFHQSRVLEOHV
7HQHPRVPiVGHFLHQWRWUHLQWDWtWXORVVREUHODV)RJXHUHVGH6DQW-RDQ'HHVHO
SURJUDPDPiVDQWLJXRHOGHOD)RJXHUDGHO'LVWULW$OIRQVRHO6DELR4XLQWDQD7DPELpQWHQHPRV
XQDWUHLQWHQDGHSXEOLFDFLRQHVGHRWUDVWDQWDVEDUUDFDV\PiVGHFLHQGHFRPLVLRQHVGH
)RJXHUHVFDVLWRGDVGHVGHORVDxRVRFKHQWD/D'LSXWDFLyHO$\XQWDPLHQWRHOGLDULR/D
9HUGDGRODFDVD%D\DUULGHGLFDQWDPELpQDQXDOPHQWHSXEOLFDFLRQHVDODÀHVWD
'HPRURV\FULVWLDQRVVRQFDVLGRVFLHQWRVORVUHJLVWURVH[LVWHQWHVHQOD+HPHURWHFD
ODPD\RUtDFRPRQRGHORVSXHEORVGHODSURYLQFLDGH$OLFDQWHDXQTXHWDPELpQGHRWURV
FRPR$OPDQVD$QWHOOD%HQHW~VVHUOD)RQWGHOD)LJXHUD)RQWDQDUV/OXW[HQWO·2OOHULD
2QWLQ\HQW3DWHUQD5LEDURMDGH7~ULD7RUUHQW&DXGHWH\0RQWDYHUQHU
)LHVWDVSDWURQDOHV
+D\PiVGHTXLQLHQWRVUHJLVWURVGHOLEURVGHÀHVWDVSDWURQDOHV\SRSXODUHVGHFDVLWRGRVORV
SXHEORV\GHPXFKRVEDUULRVGHGLFDGDVDVDQWRVYtUJHQHVDSyVWROHVRFRQPRWLYRGHIHULDVR
SRUFHOHEUDUHQFRPXQLGDGODWUDGLFLyQFtFOLFDGHURPSHUFRQHOWUDEDMR\ODYLGDFRWLGLDQD8QD
UHFRSLODFLyQVLVWHPiWLFDSHUPLWLUiHOHVWXGLRH[KDXVWLYRGHHVWDGRFXPHQWDFLyQ\VHREWHQGUi
DVtXQDSHUVSHFWLYDJHQXLQDGHODFXOWXUDORFDO/RVKDELWXDOHVHVFULWRVGHODVDXWRULGDGHVFXUD
DOFDOGHDSRUWDQWDQWRORVWHPDVGHLPSRUWDQFLDSDUDHOSXHEORFRPRHOLPSDFWRGHRWURV
DFRQWHFLPLHQWRVPiVJHQHUDOHVOD7UDQVLFLyQGHPRFUiWLFDSRUHMHPSOR7DPELpQFRQODVFROD
ERUDFLRQHVGHSHUVRQDOLGDGHVRGHDVRFLDFLRQHVVHWUDWDQFDPSRVFRPRODOLWHUDWXUDODSRHVtDOD
KLVWRULDODFXOWXUDORFDOHQGHÀQLWLYD1LTXHGHFLUWLHQHTXHODVHFFLyQSXEOLFLWDULDQRVSURPHWH
ULFDLQIRUPDFLyQSDUDHOHVWXGLRVRFLROyJLFR\HFRQyPLFRGHHVWRViPELWRV
6HPDQD6DQWD\DOWDUHVGH6DQ9LFHQWH
$OLFDQWH$OEDWHUD$OERUD\DO·$OFRUD2ULKXHOD9DOHQFLDFRQOD6HPDQD6DQWD0D
ULQHUD(OFKHFRQHO'RPLQJRGH5DPRV$O]LUDGHFODUDGDGHLQWHUpVQDFLRQDO%HQHW~VVHU
&DOORVD&UHYLOOHQW5RMDOHV6XHFDKDVWDFHUFDGHFLHQFRIUDGtDVQRVDSRUWDQDQXDOPHQWH
VXVSURJUDPDV
0X\LQWHUHVDQWHVSDUHFHQORVWtWXORVTXHORVDOWDUHVGHGLFDGRVHQ9DOHQFLDDVDQ9LFHQWH
)HUUHUKDQJHQHUDGRDOJXQRVWDQDQWLJXRVFRPR(O$OWDUGHO0HUFDWFRQQ~PHURVGHVGH
RFRPR*ORULDV9LFHQWLQDV$VRFLDFLyQ3LOD%DXWLVPDOGH6DQ9LFHQWH)HUUHU,JOHVLD3DUURTXLDO
GH6DQ(VWHEDQFRQXQDQRWDEOHFRQWLQXLGDGGHQ~PHURVHQWUHORVDxRV\
2WUDVÀHVWDV
)LHVWDVGHLQWHUpVFXOWXUDORGHHVSHFLDOUHOHYDQFLDTXHJHQHUDQGRFXPHQWDFLyQVRQ
HQWUHRWUDVHO0LVWHULG·(O[ODHQWUDGDGHWRURVGH6HJRUEHODÀHVWDGHODYHQGLPLDGH
5HTXHQDODFDEDOJDWDGHORV5H\HV0DJRVGH$OFR\OD6DJUDGD)DPLOLD\6DQWtVLPR&ULVWR
GHOD9DOOG·8L[yOD6HPDQD6DQWDGH6DJXQWRORVFDUQDYDOHVGH9LQDUzVOD*UDQ6HPDQD
7DXULQDRODV)LHVWDVGH1XHVWUD6HxRUDGHOD6DOXGGH$OJHPHVtWRGDVFRQGRFXPHQWDFLyQ
HQQXHVWUDVHVWDQWHUtDV
/D%LEOLRWHFD
9DOHQFLDQD
%LEOLRJUDItD
$85$085&,$)HGHULFR0,//É1//,19LFHQWH6DQW9LFHQWGHO5DVSHLJLODSUHPVDHVFULWD
HQYDOHQFLjHO7LR&XF6DQW9LFHQWGHO5DVSHLJ&8QLYHUVLWDULR
%$//(67(57HUHVD(63,1Ð6$QWRQL025(12)UDQFLVFR/DSUHPVDDOD0DULQD$OWD
$ODFDQW,QVWLWXWGH&XOWXUD-XDQ*LO$OEHUW
%(/75É1$GROI©'LDULVLFLXWDGDQVDO3DtV9DOHQFLjª/·$YHQoQ~P
S
%,/%$2$/'$0,=(&+(9(55Ì$-HV~V0DUtD(OGLDULRGH9DOHQFLDOXFHV\VRPEUDV9DOHQFLD
)XQGDFLyQ8QLYHUVLWDULD6DQ3DEOR&(8
%25'(5Ì$257,=(QULF/DSUHQVDGXUDQWHHOIUDQTXLVPRUHSUHVLyQFHQVXUD\QHJRFLR9DOHQFLD
9DOHQFLD)XQGDFLyQ8QLYHUVLWDULD6DQ3DEOR&(8
%25'(5Ì$257,=(QULF/$*81$3/$7(52$QWRQLR0$57Ì1(=*$//(*2)UDQFHVF
$QGUHX+LVWRULDGHODFRPXQLFDFLyQVRFLDO0DGULG6tQWHVLV
%5,1(6,%/$6&2-RDQ©/DGLIXVLyQGHOSHULRGLVPRHQHO3DtV9DOHQFLDQRª
$QDOHVGH+LVWRULD&RQWHPSRUiQHDQ~PS
)8(17(6-XDQ)UDQFLVFR©(O6DWDQiV\HO3XHEORª7ULHQLR,OXVWUDFLyQ\/LEHUDOLVPR
5HYLVWDGH+LVWRULD
*$5&Ì$$1'5(80DULDQR6$17$&5(862/(5-RVp0LJXHO©3UHQVDVRFLHGDG\SROtWLFD
SURYLQFLDQDHOFDVRGH$OLFDQWHª$QDOHVGH+LVWRULD&RQWHPSRUiQHD
*$5&Ì$)5$648(7*DEULHO©7UHWVJHQHUDOVGHODSUHPVDDODFRPDUFDGHOD6DIRU
ª$IHUVIXOOVGHUHFHUFDLSHQVDPHQW
*87,e55(=//25(75RVD$QD©)HGHUDORXQLWDULD3URSDJDQGD\GHEDWHHQORVRUt
JHQHVGHODSUHQVDUHSXEOLFDQD$OLFDQWHª$QDOHVGH+LVWRULD&RQ
WHPSRUiQHD
/$*81$3/$7(52$QWRQLR+LVWzULDGHODFRPXQLFDFLy9DOqQFLD%DUFHORQD
8QLYHUVLWDW$XWzQRPD
²²²²/DFRPXQLFDFLyQHQORV¶HOPHUFDGRYDOHQFLDQR9DOHQFLD)XQGDFLyQ8QLYHUVLWDULD
6DQ3DEOR&(8
²²²²+LVWRULDGHOSHULRGLVPRYDOHQFLDQRDxRVHQSULPHUDSODQD9DOHQFLD*HQHUDOLWDW
9DOHQFLDQD
²²²²(OSXHEORKLVWRULDGHXQGLDULRUHSXEOLFDQR9DOHQFLD,QVWLWXFLy$OIRQVHO
0DJQjQLP'LSXWDFLyGH9DOqQFLD
/$*81$3/$7(52$QWRQLR/Ð3(=$HG'RVFHQWVDQ\VGHSUHPVDYDOHQFLDQD9DOqQFLD
*HQHUDOLWDW9DOHQFLDQD
0$57Ì1(=*$//(*2)5$1&(6&$QGUHX/$*81$3/$7(52$QWRQLR9$//(6&23(,
52'(/9,//$5$QWRQLR©(YROXFLyGHOVHVWXGLVG·KLVWzULDGHODSUHPVDDO3DtV
9DOHQFLjª$QjOLVLTXDGHUQVGHFRPXQLFDFLyLFXOWXUDQ~PS
0$57,1(=)UDQFHVF5$026$OIUHG/DSUHPVDORFDOLFRPDUFDOGHO·+RUWD6XG
9DOqQFLD,'(&2
0$57Ì1(=*$//(*2)UDQFHVF$QGUHX3UHQVD\SDUWLGRHQHOSURJUHVLVPRYDOHQFLDQR-RVp
3HULV\9DOHUR9DOHQFLD$WHQHXGH3HULRGLVWHV
025(126É(=)UDQFLVFRHG/DSUHQVDHQODFLXGDGGH$OLFDQWHGHVGHVXVRUtJHQHVKDVWD
$OLFDQWH,QVWLWXWGH&XOWXUD-XDQ*LO$OEHUW
²²²²/DSUHQVDHQODFLXGDGGH$OLFDQWHGXUDQWHOD5HVWDXUDFLyQ$OLFDQWH,QVWLWXW
GH&XOWXUD-XDQ*LO$OEHUW
²²²²/DSUHQVDHQODFLXGDGGH$OLFDQWHGXUDQWHOD'LFWDGXUDGH3ULPRGH5LYHUD
$OLFDQWH,QVWLWXWGH&XOWXUD-XDQ*LO$OEHUW
²²²²/DSUHQVDHQODSURYLQFLDGH$OLFDQWHGXUDQWHOD*XHUUD&LYLO$OLFDQWH
,QVWLWXWGH&XOWXUD-XDQ*LO$OEHUW
²²²²/DSUHQVDHQODSURYLQFLDGH$OLFDQWHGXUDQWHOD6HJXQGD5HS~EOLFD$OL
FDQWH,QVWLWXWGH&XOWXUD-XDQ*LO$OEHUW
1$9$5523$6725$OEHUWR/DSUHQVDSHULyGLFDHQ(OGD$OLFDQWH,QVWLWXWGH
&XOWXUD-XDQ*LO$OEHUW
5,866$1&+,6,QPDFXODGD(O3HULRGLVWDHQWUHODRUJDQL]DFLyQ\ODUHSUHVLyQSDUD
XQDKLVWRULDGHOD$VRFLDFLyQGHOD3UHQVD9DOHQFLDQ9DOHQFLD)XQGDFLyQ8QLYHUVLWDULD
6DQ3DEOR&(8
6$1&+,6&$5%21(//-RVHS©(O7HQGXUXQDUHYLVWD¶GHSDtV·2QWLQ\HQWª
$OED5HYLVWDG·(VWXGLV&RPDUFDOV
6(9,//$12&$/(52)UDQFLVFR3URSDJDQGD\PHGLRVGHFRPXQLFDFLyQHQHOIUDQTXLVPR
$OLFDQWH8QLYHUVLGDGGH$OLFDQWH
;$0%Ð2/0265DIDHO'LHVGHSUHPVDODFRPXQLFDFLyDO3DtV9DOHQFLjGHVGHODWUDQVLFLy
SROtWLFD7DYHUQHV%ODQTXHV/·(L[DP
/D%LEOLRWHFD
9DOHQFLDQD
(/)21'2$17,*82,035(62'(/$%,%/,27(&$9$/(1&,$1$
(PPD*yPH]6HQHQW/ySH]
,QWURGXFFLyQ
3RUOLEURDQWLJXRHQWHQGHPRVHOOLEURLPSUHVRFX\DFRQIHFFLyQWpFQLFDVHKD
UHDOL]DGRtQWHJUDPHQWHGHIRUPDPDQXDO$XQTXHVXiPELWRFURQROyJLFRVHH[WLHQGH
KDVWDORVSULPHURVDxRVGHOVLJOR ;,;QRKD\XQDQLPLGDGHQORVFULWHULRVGHGLYLVLyQ
FURQROyJLFD'HVGHHOSXQWRGHYLVWDELEOLRWHFDULRODIHFKDQRUPDWLYDPiVFRP~QHV
ODGH5HJODVGHFDWDORJDFLyQDXQTXHODV,6%'$HVWDEOHFHQODIHFKDGH\HO
&(5/ODGH
(OIRQGRDQWLJXRVHFRQVHUYDVHSDUDGRGHOIRQGRPRGHUQR\DTXHUHTXLHUHXQRVFXL
GDGRV\XQDVPHGLGDVGHSURWHFFLyQHVSHFLDOHVGHELGRDVXIUDJLOLGDG\UDUH]DHQWHQGLHQGR
SRUUDUH]DODHVFDVH]GHHMHPSODUHVH[LVWHQWHV
3RUUD]RQHVRUJDQL]DWLYDVGHOD%LEOLRWHFD9DOHQFLDQDIRUPDQSDUWHGHODVHFFLyQGH
)RQGR$QWLJXRORVLPSUHVRVODVPRQRJUDItDV\ORVIROOHWRVGHORVVLJORV;9D;9,,,\VH
GLVWULEX\HQFURQROyJLFDPHQWHGHODVLJXLHQWHPDQHUD
²LQFXQDEOHVREUDV
²REUDVGHOVLJOR;9,REUDV
²REUDVGHOVLJOR;9,,REUDV\
²REUDVGHOVLJOR;9,,,REUDV
,QFXQDEOHVGHODVHFFLyQGH)RQGR$QWLJXR
5HJLPrWS>UH@VHUXDWLXHFXUDWLXGHODSHVWLOrFLDF{SRVWSHUPHVWUH/X\V$OFDQ\LV
>9DOqQFLD1LFRODX6SLQGHOHUFD@
%LEOLRWHFD1LFRODX3ULPLWLX
6DOXWLIHUDSUHSDUDFLRS>HU@DOLQFHUWGLDHKRUDGHODPRUW9DOqQFLD"VLJOR;9,
%LEOLRWHFD1LFRODX3ULPLWLX
/D%LEOLRWHFD
9DOHQFLDQD
/DFROHFFLyQ
&RPRSDVDHQHOUHVWRGHVHFFLRQHVGHOD%LEOLRWHFD9DOHQFLDQDHOSXQWRGHSDUWLGD
GH)RQGR$QWLJXRIXHODELEOLRWHFDGH1LFRODX3ULPLWLX\VREUHHOODVHKDLGRIRUPDQGRHO
DFWXDOIRQGRJUDFLDVDODVDGTXLVLFLRQHVUHDOL]DGDVSRUODSURSLD%LEOLRWHFD\DODVGRQDFLRQHV
GHGLYHUVDVSHUVRQDOLGDGHVYLQFXODGDVDODFXOWXUDYDOHQFLDQD
'HWRGDVODVGRQDFLRQHVTXHIRUPDQSDUWHGHOIRQGRDQWLJXRPHUHFHHVSHFLDODWHQFLyQ
OD%LEOLRWHFD1LFRODX3ULPLWLXQRVyORSRUHOQ~PHURYDORU\FRQWHQLGRGHVXVREUDVVLQR
SRUTXHPDUFyHOFULWHULRTXHKDEtDTXHVHJXLUHQODVVLJXLHQWHVDGTXLVLFLRQHVGHHVWDVHFFLyQ
REUDVGHDXWRUHVYDOHQFLDQRVHQFXDOTXLHUOHQJXDODVSURGXFLGDVHQFXDOTXLHUOXJDUGHOD
&RPXQLWDW9DOHQFLDQD\ODVTXHWUDWHQDVXQWRVYLQFXODGRVDODKLVWRULD\ODFXOWXUDYDOHQFLD
QDV/RVHMHPSODUHVTXHSHUWHQHFHQDHVWD%LEOLRWHFDVHHQFXHQWUDQHQVXJUDQPD\RUtDHQ
H[FHOHQWHHVWDGRGHFRQVHUYDFLyQ\DTXHHQSDODEUDVGHVXKLMR©1LFRODX3ULPLWLXFXLGy
GHHOORVFRQDPRURVDGHOLFDGH]DKDFLHQGRUHVWDXUDUSRUORVPiVH[SHUWRVSURIHVLRQDOHVODV
REUDVPDOWUHFKDVSRUHOXVRRSRUHOSDVRGHOWLHPSR\PDQGyHQFXDGHUQDUHQODVSDVWDV
SURSLDVGHFDGDpSRFDORVHMHPSODUHVTXHORQHFHVLWDEDQª$XQTXHKD\H[FHOHQWHVHQFXD
GHUQDFLRQHVQRDEXQGDQODVGHOXMRQLODVRVWHQWRVDVVLQRTXHSUHGRPLQDQODVUHDOL]DGDV
HQSHUJDPLQRGHFDOLGDG
(QORVPDQXVFULWRV\OLEURVDQWLJXRV1LFRODX3ULPLWLXHVFULEHVLHPSUHQRWDVD
OiSL]TXHQRVLQGLFDQORVUHSHUWRULRVELEOLRJUiÀFRVFRQVXOWDGRV\QRVVLUYHQWDPELpQ
SDUDUHFRQVWUXLUODKLVWRULDGHOHMHPSODU\DTXHUHFRJHQORVGDWRVGHVXVDQWLJXRVSR
VHHGRUHV\DTXLpQ\FXiQGRIXHDGTXLULGR(QODVHGLFLRQHVYDOLRVDVGHMDEDFRQVWDQFLD
WDPELpQGHOQ~PHURGHHMHPSODUHVFRQRFLGRVFRQLQGLFDFLyQGHODVELEOLRWHFDVGRQGH
VHHQFRQWUDEDQ3UiFWLFDPHQWHWRGRVVXVOLEURVHVWiQUHIHUHQFLDGRVHVWXGLDGRVRUHVX
PLGRVSRUpOPLVPR8QHMHPSORGHHVWRHVODGRFXPHQWDFLyQTXHDFRPSDxDDODREUD
6DOXWLIHUDSUHSDUDFLRS>HU@DO·LQFHUWGLDHKRUDGHODPRUWLPSUHVRYDOHQFLDQRGHOVLJOR;9,$O
QRORFDOL]DUODREUDHQORVUHSHUWRULRVELEOLRJUiÀFRVKDELWXDOHVFRPR+DHEOHU9LQGHO
3DODX%UXQHWHWFQLHQQLQJ~QFDWiORJRVHGHGLFyGXUDQWHFDVLGRVDxRVDHVFULELU
FDUWDVDODVJUDQGHVELEOLRWHFDV\DH[SHUWRVHQODPDWHULDSDUDORFDOL]DURWURHMHPSODU
SHURQRWXYRp[LWR
'HORVLQFXQDEOHVGHVWDFDPRVHOUDUtVLPROLEURGH/OXtV$OFDQ\tVWLWXODGR5HJLPHQW
SUHVHUXDWLXHFXUDWLXGHODSHVWLOHQFLD9DOHQFLD1LFROiV6SLQGHOHUODSULPHUDHGLFLyQ
LPSUHVDGH)XUVGHOUHJQHGH9DOHQFLDIHWVSHUOR5H\GRQ)HUUDQGRGH\ODHGLFLyQSUtQFLSH
GH9LWD&KULVWLGH,VDEHOGH9LOOHQD
(QVXELEOLRWHFDHQFRQWUDPRVREUDVKLVWyULFDVIHVWLYDVOHJLVODWLYDVOLWHUDULDV\VREUH
WRGRREUDVLPSUHVDVHQ9DOHQFLDRGHDXWRUYDOHQFLDQR5KHWRULFHSUROHJRPHQDGH-RDQ/ORUHQo
3DOPLUHQR9DOHQFLD/DIpQL[WUR\DQDGH9LFHQWH0DUpV9DOHQFLD/LEURGHO
MXHJRGHODVGDPDVGH/RUHQ]R9DOOV9DOHQFLD,QVWUXFWLRQGHODPXMHUFULVWLDQDGH-RDQ
/OXtV9LYHV$OFDOiGH+HQDUHV3KLVRQRPLD\YDULRVVHFUHWRVGHQDWXUDOH]DGH-HURQL&RUWpV
%DUFHORQDR6DQLGDGGHOFDEDOOR\RWURVDQLPDOHVVXMHWRVDODUWHGHDOEH\WHULDGH6DOYDGRU
0RQWy\5RFD9DOHQFLDSRUFLWDUDOJXQDV
6DOYDGRU3DOODUpV&LVFDUGRQyWDPELpQDOD%LEOLRWHFD9DOHQFLDQDVXELEOLRWHFDSHUVR
QDOHQODTXHDEXQGDQPDJQtÀFDVHGLFLRQHVGHREUDVGHWHRORJtDFRPR6XPDWKHRORJLFDGH
VDQWR7RPiVGH$TXLQR9HQHFLDR2SHUDGHVDQ$JXVWtQHQWRPRV$PEHUHV
&ULVWRSKH3ODQWLQGHKLVWRULDGHOD,JOHVLDFRPR9LWDHSRQWLÀFXPGH%DUWRORPHR
3ODWLQD1XUHPEHUJ\GHDUTXHRORJtDSDOHRFULVWLDQDFRPR5RPDVXEWHUUDQHDQRXLVVLPD
GH$QWRQLR%RVLR3DUtV(QWUHWRGRVGHVWDFD'HSRHQLWHQWLLVHWUHPLVVLRQXEXVGH-DFREXV
GH=RFKLLVHOLQFXQDEOHPiVDQWLJXRTXHSRVHHOD%LEOLRWHFDSXEOLFDGRHQ3DGXDHQ
HOPLVPRDxRHQTXHVHHVWDEOHFLyODLPSUHQWDHQHVDFLXGDG(OPLVPR6DOYDGRU3DOODUpV
QRVDGYLHUWHGHHVWRFRQXQDQRWDPDQXVFULWDHQODFXELHUWD©$WHQFLyQFRQHVWHYROXPHQ
(VXQLQFXQDEOHSDGXDQRGHODxRGHODLPSUHQWDHQ3DGRYDª
6XGRQDFLyQFRQWLHQHWDPELpQEXODVEUHYHVFRQVWLWXFLRQHVVLQRGDOHVDFWDVGHFRQ
FLOLRVEUHYLDULRVPLVDOHVFDWHFLVPRVREUDVGHDXWRUHVFOiVLFRV\GHORVSDGUHVGHOD,JOHVLD
GHORVVLJORV;9D;9,,,ODPD\RUtDGHHOODVLPSUHVDVHQ,WDOLD\HQPXFKRVFDVRVHMHPSODUHV
~QLFRVHQOD&RPXQLWDW9DOHQFLDQD(QVXVOLEURVHQODSULPHUDSiJLQDGHJXDUGDDSDUHFH
JHQHUDOPHQWHXQDQRWDPDQXVFULWDFRQHOOXJDU\HODxRGHVXDGTXLVLFLyQ
8QRGHORVUDVJRVFDUDFWHUtVWLFRVGHODELEOLRWHFDGH3HUH0DULD2UWVGRQDGDDOD
%LEOLRWHFD9DOHQFLDQDHQHODxRHVVXH[FHOHQWHHVWDGRGHFRQVHUYDFLyQ$OJXQDVGH
VXVREUDVPiVDQWLJXDVFRPRORVLQFXQDEOHVYHQHFLDQRV6XSSOHPHQWXPFKURQLFDUXPGH-DFR
EXV3KLOLSSXV%HUJRPHQVLVLPSUHVRHQR&RQIHVVLRQDOHGHIHFHUXQWGHVDQ$QWRQLQRGH
)ORUHQFLDUHDOL]DGRHQPDQWLHQHQODHQFXDGHUQDFLyQRULJLQDOFRQWDSDVGHPDGHUD
UHFXELHUWDVFRQSLHOQDWXUDO\HVWDPSDGDVHQVHFR'HVWDFDWDPELpQXQD%LEOLDDOHPDQDGH
HQFXDGHUQDGDHQPDGHUDFRQUHFXEULPLHQWRGHSHUJDPLQRHVWDPSDGRHQVHFRFRQ
FDQWRQHUDVEXOORQHV\FLHUUHVPHWiOLFRV
-DFREXV3KLOLSSXV%HUJRPHQVLV6XSSOHPHQWXPFKURQLFDUXPRUELVDELQLWLRPXQGL
9HQHFLD%HUQDUGLQR5L]]R
%LEOLRWHFD2UWV%RVFK
/D%LEOLRWHFD
9DOHQFLDQD
5HSHWLWLRFDS¶2PQLVXWULXVTXHVH[XV·'HFUHWDO'HSRHQLWHQWLLVHWUHPLVVLRQLEXV>-DFREXVGH=RFKLLV@
3DGXD
%LEOLRWHFD6DOYDGRU3DOODUpV
(VWDFROHFFLyQWLHQHDGHPiVODYLUWXGGHKDEHUVHIRUPDGRFRQHOFULWHULRGHFXEULU
KXHFRVWDQWRHQORVIRQGRVGHELEOLRWHFDVS~EOLFDVFRPRSULYDGDVGHOD&RPXQLWDW9DOHQFLD
QDFRPRSRUHMHPSORORVFXDWURWRPRVGH9LWD&KULVWLGH/XGROSKXVGH6D[RQLD6HYLOOD
RHOWUDWDGR'HDUFKLWHFWXUDGH9LWUXELRLPSUHVRHQ9HQHFLDHQ
/RVOLEURVDQWLJXRVGH3HUH0DULD2UWVDOLJXDOTXHHOUHVWRGHVXELEOLRWHFDVRQHO
UHÁHMRGHWRGDXQDYLGDGHGLFDGDDOHVWXGLRGHODKLVWRULDGHODJHQHDORJtD\GHODKHUiOGLFD
3UXHEDGHHOORVRQREUDVFRPR3URJUHVVRVGHODKLVWRULDHQHO5H\QRGH$UDJRQ\HORJLRVGH*HURQLPR
=XULWDVXSULPHUFRURQLVWD=DUDJR]D+LVWRULDGHODYLGD\KHFKRVGHOHPSHUDGRU&DUORV9
/RJURxRR&DWDORJRUHDO\JHQHDORJLFRGH(VSDxD0DGULG
(QVXELEOLRWHFDSRGHPRVHQFRQWUDUFROHFFLRQHVFRPSOHWDVVREUHKLVWRULD+LVWRULDFULWLFD
GH(VSDxD\GHODFXOWXUDHVSDxRODHQWRGRJHQHURHVFULWDHQLWDOLDQRSRU'-XDQ)UDQFLVFRGH0DVGHX
UHFRSLODFLRQHVGHOH\HVWDQWRGHO5HLQRGH&DVWLOODFRPRGHOD&RURQDGH$UDJyQ5HSRUWRULR
XQLYHUVDOGHWRGDVODVOH\HVGHVWRVUH\QRVGH&DVWLOOD0HGLQDGHO&DPSRR0RGRGHSURFHGHUHQ
&RUWHVGH$UDJRQ=DUDJR]DREUDVGHWHRORJtD\VHUPRQHV9LGDGHO3,JQDFLRGH/R\ROD
0DGULGKLVWRULDGHODVyUGHQHVUHOLJLRVDV\PLOLWDUHV+LVWRULDGHODVRUGHQHVPLOLWDUHVGH
6DQWLDJR&DODWUDYD\$OFDQWDUD0DGULGDGHPiVGHEHOODVHGLFLRQHVLOXVWUDGDVGHHQFL
FORSHGLDVWUDWDGRVGHDUWHERWiQLFDHWFFRPRSRUHMHPSOR$QWLTXLWpVG·+HUFXODQXPJUDYpHVSDU
)$'DYLGDYHFOHXUVH[SOLFDWLRQVSDU36\OYDLQ0DUpFKDO3DUtV/HSLWWXUHDQWLFKHG·(UFRODQR
1iSROHV*DOHULHGX3DODLVUR\DOJUDYpHG·DSUqVOHVWDEOHDX[GHVGLIIpUHQWHVpFROHVTXLODFRPSRVHQW
3DUtV\)DEOHVFKRLVLHVPLVHVHQYHUVSDU-GH/D)RQWDLQH3DUtV
'H-HV~V0DUWtQH]*XHUULFDEHLWLDWDPELpQVHFRQVHUYDQHQODVHFFLyQODVHGLFLRQHV
DQWLJXDVTXHIRUPDEDQSDUWHGHVXELEOLRWHFDSDUWLFXODU$OJXQDVGHHOODVVRQ(ORJLRVRYLGDV
EUHXHVGHORV&DXDOOHURVDQWLJXRVRPRGHQRVGH3DXOR,RXLR*UDQDGD/DDUDXFDQDSULPHUD
VHJXQGD\WHUFHUDSDUWHGH$ORQVRGH(UFLOOD\=~QLJD0DGULG7KHDWURGHOPRQGRGL
$EUDDPR2UWHOLRQHOTXDOHGLVWLQWDPHQWHVLGLPRVWUDPRLQWDXROHWXWWHOHSURXLQFLHUHJQLSDHVLGHO
PRQGR9HQHFLD6XPD\FRPSHQGLRGHWRGDVODVFKURQLFDVGHOPXQGR0HGLQDGHO&DPSR
&-XOLXV&DHVDU·V&RPPHQWDULHVRI KLVZDUVLQ*DXODQGFLYLOZDUZLWK3RPSH\/RQGUHV
HWF
'HPHQRUYROXPHQSHURLJXDOGHYDOLRVRVVRQORVLPSUHVRVDQWLJXRVGHORVOHJDGRVGH
$GROI 3L]FXHWD/OXtV*XDUQHU0DQXHO6DQFKLV*XDUQHUSURFHGHQWHVGHVXWtRHOFDQyQLJR
-RVp6DQFKLV6LYHUD/DXUHDQR5REOHV\'LHJR6HYLOOD
$GHPiVGHODVGRQDFLRQHVHOIRQGRDQWLJXRGHOD%LEOLRWHFD9DOHQFLDQDVHKDLGR
LQFUHPHQWDQGRFRQODVDGTXLVLFLRQHVGHELEOLRWHFDVSHUWHQHFLHQWHVDELEOLyÀORVYDOHQFLDQRV
\FRQODFRPSUDGHHMHPSODUHVHQFDVDVGHVXEDVWDV\HQOLEUHUtDVGHODQFH
/D%LEOLRWHFD
9DOHQFLDQD
)DEOHVFKRLVLHVPLVHVHQYHUVSDU-GHOD)RQWDLQH3DUtV
%LEOLRWHFD2UWV%RVFK
7KHDWURGHOPRQGRGL$EUDDPR2UWHOLR9HQHFLD
%LEOLRWHFD0DUWtQH]*XHUULFDEHLWLD
/DELEOLRWHFDGH0DQXHO%DV&DUERQHOODGTXLULGDHQHODxRFRQVWDGHXQDV
FXDWURFLHQWDVREUDVGHORVVLJORV;9,D;9,,,ODPD\RUtDHGLFLRQHVYDOHQFLDQDVHQWUHODVTXH
HQFRQWUDPRVFUyQLFDVUHDOHVWUDWDGRVMXUtGLFRVREUDVGHWHRORJtDGHHUXGLFLyQ\GHFLHQFLD
²VREUHWRGRGHFLHQWtÀFRV\HUXGLWRVYDOHQFLDQRVFRPR-XDQ%DXWLVWD&RUDFKiQ$QGUpV
3LTXHUR7RPiV9LFHQWH7RVFD²VHUPRQHVUHODFLRQHVGHÀHVWDVHWF&RPRHMHPSORFDEH
GHVWDFDUODVREUDV6XPPDXQLYHUVDHWKHRORJLDHVLYHTXDHVWLRQHVVXSHUTXDWWXRUOLEURVVHQWHQWLDUXPGH
$OH[DQGHUGH+DOHV1XUHPEHUJ/LEURGHORVGLFKRV\KHFKRVGHO5H\GRQ$ORQVR9DOHQFLD
%LEOLRWKHFDH+LVSDQDHVLYHVFULSWRUYP+LVSDQDHJHQWLVGH1LFROiV$QWRQLR5RPD
'LDORJLVWLFDOLQJXDHODWLQDHH[HUFLWDWLRGH-RDQ/OXtV9LYHV*LURQDR$JULFXOWXUDJHQHUDO\
JRELHUQRGHOD&DVDGH&DPSRGH-RVp$QWRQLR9DOFiUFHO9DOHQFLD
2WUDDGTXLVLFLyQLQWHUHVDQWHIXHODFRPSUDGHSDUWHGHOIRQGRGHODELEOLRWHFDRULJL
QDULDGH*UHJRULR0D\DQV\6LVFDU2OLYD9DOHQFLDHUXGLWRMXULVWDHVFULWRU\
GXUDQWHDOJXQRVDxRVELEOLRWHFDULRUHDO6XELEOLRWHFDUHÁHMDODIRUPDFLyQ\ODVWHQGHQFLDV
GHVXVSRVHHGRUHVDVtFRPRODFXOWXUDLOXVWUDGDGHOD(XURSDGHOVLJOR;9,,,
(OIRQGRELEOLRJUiÀFRRULJLQDOHVWiGLYLGLGRHQYDULDVSDUWHVXQDVHFRQVHUYDHQOD5HDO
%LEOLRWHFDGH3DODFLRRWUDHQHO&ROHJLRGHO&RUSXV&KULVWLRWUDHQOD8QLYHUVLWDWGH9DOqQFLD
\RWUDHQHVWDVHFFLyQ%XHQDSDUWHGHORVIRQGRVXQRVQRYHFLHQWRVYRO~PHQHVTXHKDQ
OOHJDGRDOD%LEOLRWHFD9DOHQFLDQDQRVHHQFXHQWUDQHQEXHQHVWDGRGHFRQVHUYDFLyQSRU
ORTXHQRVHSXHGHQFRQVXOWDUDOJXQRVRULJLQDOHVDXQTXHVtVXUHSURGXFFLyQHQPLFURÀOP
&RPRHQDOJXQRVFDVRVVHWUDWDGHHMHPSODUHV~QLFRVHQOD&RPXQLWDW9DOHQFLDQDVHHVWi
SURFHGLHQGRDVXUHVWDXUDFLyQ
/DVREUDVGHVXELEOLRWHFDWUDWDQVREUHWRGRGHJUDPiWLFDÀORVRItDMXULVSUXGHQFLD
HKLVWRULD$OJXQDVGHHOODVVRQ0HGLWDWLRQLVYLWDH&KULVWLGH/XGROSKXVGH6D[RQLD3DUtV
/DVREUDVGHOIDPRVLVVLPRSKLORVRIR\SRHWD0RVVHQ2VLDV0DUFRLPSUHVDHQ9DOHQFLDSRU
-RDQ1DYDUURHQ5HLJOHVJHQHUDOHVGHO·DUFKLWHFWXUHGH6HEDVWLDQR6HUOLR$PEHUHV
*UDPPDWLFD$QWRQLL1HEULVHQVLV=DUDJR]D/OLEUHGH&RQVRODWGHOVIHWVPDULWLPV%DUFHORQD
$UWHGHQDYHJDUQDYHJDFLRQDVWURQRPLFDWKHRULFD\SUDFWLFD0DGULG,QVWUXFFLRQFKULVWLDQD
GHSULQFLSHV\UH\HV3DOHUPR0RQXPHQWDW\SRJUDSKLFD+DPEXUJR\'LVFXUVRVGH
ODDQWLJXHGDGGHODOHQJXDFDQWDEUDEDVFRQJDGDFRPSXHVWRVSRU%DOWKDVDUGH(FKDXHUDURHMHPSODU
LPSUHVRHQ0pMLFRHQ
/DELEOLRWHFDGHODIDPLOLD&DUUHUHVUHVXOWDGRGHWUHVJHQHUDFLRQHVGHELEOLyÀORVHQXQD
PLVPDIDPLOLDIXHDGTXLULGDHQHODxR(OIRQGRDQWLJXRFRPSXHVWRSRUFHUFDGHPLO
GRVFLHQWRVYRO~PHQHVHVXQDELEOLRWHFDGHELEOLyÀORTXHUHÁHMDHODPRUGHVXVGXHxRVKDFLD
ODVREUDVTXHFRQWLHQH(VXQDFROHFFLyQPX\FXLGDGD\DTXHPXFKDVGHODVREUDVIXHURQ
UHVWDXUDGDV\UHHQFXDGHUQDGDVFRQPDWHULDOHVGHFDOLGDGSRUVXVDQWLJXRVSURSLHWDULRV
'HODVREUDVTXHIRUPDURQSDUWHGHVXELEOLRWHFDSRGUtDPRVGHVWDFDUORVGRVLQFXQD
EOHVYDOHQFLDQRVFRQODVREUDVGHORELVSR-DLPH3HUH]([SRVLWLRvFkWLFDFDQWLF>RUXP@VDORPRQLV
/D%LEOLRWHFD
9DOHQFLDQD
UHDOL]DGDHQHOWDOOHUGH/DPEHUW3DOPDUWHQHODxR\2SXVFXODWUDFWDWXVFRQWUD,XGDHRV
([SRVLWLRFDQWLFRUXPIHULDOLXP([SRVLWLRFDQWLFL¶7H'HXP/DXGDPXV·([SRVLWLRVXSHUFDQWLFDHYDQJHOLFD
LPSUHVDSRU$OIRQVR)HUQiQGH]GH&RUGREDHQ
(QFRQWUDPRVWDPELpQREUDVOLWHUDULDVFRPR(OFRQGH/XFDQRUFRPSXHVWRSRUGRQ,XDQ
0DQXHO6HYLOOD/DIDPRVDFRPHGLDGHO3UDGRGH9DOHQFLDFRPSXHVWDSRUHOFDQRQLJR7DUUHJD
SRHWDYDOHQFLDQR/DXUHOGH$SRORFRQRWUDVULPDVGH/RSHGH9HJD0DGULG3DUDGLVH5HJDLQ·G
DSRHPLQIRXUERRNVGH-RKQ0LOWRQ/RQGUHVR2XYUHVGH-%3RTXHOLQGH0ROLHUH3DUtV
REUDVKLVWyULFDV/RVFLQFROLEURVSRVWUHURVGHODSULPHUDSDUWHGHORV$QDOHVGHOD&RURQDGH
$UDJRQFRPSXHVWRVSRU*HURQ\PRdXULWD=DUDJR]DR9UD\HHWQRWDEOHUHODFLRQGHODJUDQGH
WUDKLVRQTXHOHVPRUHVGX5R\DXPHGH9DOHQFHHWODjO·HQWRXUDXRLHQWSUDFWLTXpFRQWUHOHV&KUHWLHQV
5RXHQREUDVÀOROyJLFDV,QVWLWXWLRQHVJUDPPDWLFDHOLQJXDHJUDHFDHGH3HUH-RDQ1~xH]
9DOHQFLD5HJODVGHRUWRJUDÀDHQODOHQJXDFDVWHOODQDFRPSXHVWDVSRU$QWRQLRGH1HEULMD
9DOHQFLDELRJUDItDV/DYLWDGL&HVDUH%RUJLDGHWWRSRLLO'XFD9DOHQWLQRGHVFULWWDGD
7RPDVR7RPDVL0RQWHFKLDURG·$VWLREUDVGHPHGLFLQD3HGDFLR'LRVFRULGHVDFHUFDGHOD
PDWHULDPHGLFLQDO\GHORVYHQHQRVPRUWtIHURV6DODPDQFDFD\FRPRFXULRVLGDGXQOLEUR
VDWtULFRGHOVLJOR;9,,,WLWXODGR(OOLEURDODPRGDLPSUHVRFRQWLQWDGHFRORUYHUGH
/D&ROHFFLyQ&HUYDQWLQDWLHQHVXRULJHQHQODDGTXLVLFLyQTXHHQUHDOL]yOD'L
SXWDFLyQ3URYLQFLDOGH9DOHQFLDGHODELEOLRWHFDGHOJUDQFHUYDQWLVWDYDOHQFLDQR)UDQFHVF
0DUWtQH]L0DUWtQH]$SDUWLUGHODxR\JUDFLDVDXQFRPRGDWRÀUPDGRFRQOD'LSX
WDFLyOD*HQHUDOLWDW9DOHQFLDQDVHFRPSURPHWLyDFXVWRGLDUHVWD&ROHFFLyQHQOD%LEOLRWHFD
9DOHQFLDQDDFRQVHUYDUOD\DPDQWHQHUODDGHFXDGDPHQWH
)UDQFHVF0DUWtQH]L0DUWtQH]$OWHD9DOHQFLDLQLFLyOD&ROHFFLyQ&HU
YDQWLQDHQ3DUHFHVHUTXHORVSUHSDUDWLYRVSDUDFRQPHPRUDUHQ9DOHQFLDHOWHUFHU
FHQWHQDULRGHODSXEOLFDFLyQGHO4XLMRWHGHVSHUWDURQVXDGPLUDFLyQ\VXLQWHUpVSRUODREUD
LQWHUpVTXHQRDEDQGRQyKDVWDHODxRGHVXPXHUWH(Q\DSRVHtDODVGRVHGLFLRQHV
LPSUHVDVHQ9DOHQFLDSRU3HGUR3DWULFLR0H\HQODGH%UXVHODVLPSUHVDSRU5RJHU
9HOSLXV\+XEHUWR$QWRQLRHQ\ODGH$PEHUHVGHGHODLPSUHQWDGH(QULFR
\&RUQHOLR9HUGXVVHQ'HVGHHOSULQFLSLRVXELEOLRWHFDVHFDUDFWHUL]ySRUODFDQWLGDGGH
HGLFLRQHVDQWLJXDV\UDUDV<DHQHVFULELyORVLJXLHQWH©'HOVLJOR;9,,QRWHQJRPiV
GHHGLFLRQHVGHOVLJOR;9,,,7HQJRODHGLFLyQSUtQFLSHGHODVRFKRFRPHGLDV\RFKR
HQWUHPHVHV7HQJRHGLFLRQHVGH$YHOODQHGD\GHRWURVWDQWRVLPLWDGRUHVKDVWD,JXDO
Q~PHURGHSLH]DVGHWHDWUR'HHQVD\RV\RUDFLRQHVI~QHEUHV>@$OODGRGHODGH%RQVRPV
GHODGHO%ULWLVK0XVHXP\ODGHOD1DFLRQDO>@ODGH&OHPHQWH&RUWHMyQHVPiVQXPHURVD
\PHMRUTXHODPtDSHURHQDOJXQRVH[WUHPRVODDYHQWDMRª
$FWXDOPHQWHGHODVFDVLFXDWURPLOREUDVTXHIRUPDQOD%LEOLRWHFD&HUYDQWLQDDOUH
GHGRUGHGRVPLOVRQDGTXLVLFLRQHVUHDOL]DGDVSRUOD%LEOLRWHFD9DOHQFLDQD/DSRVLELOLGDG
GHUHXQLUWRGDVODVHGLFLRQHVGHO4XLMRWHGHVGHODSULPHUDLPSUHVLyQKDVWDODXOWLPDGHODV
SXEOLFDGDVHQVXOHQJXDRULJLQDO\ODVWUDGXFLGDVDGLYHUVRVLGLRPDV\GLDOHFWRVDVtFRPR
(OLQJHQLRVR'RQ4XL[RWHGHOD0DQFKDFRPSXHVWRSRU0LJXHOGH&HUYDQWHV6DDYHGUD
9DOHQFLD3HGUR3DWULFLR0H\
&ROHFFLyQ&HUYDQWLQD
ODVGHPiVREUDVGH&HUYDQWHV\GHWRGRORTXHVHKDHVFULWRUHIHUHQWHDVXYLGD\REUDHV
SUiFWLFDPHQWHQXOD1RREVWDQWHOD&HUYDQWLQDGHOD%LEOLRWHFD9DOHQFLDQDHVXQDPXHVWUD
YDULDGD\ULFDQRVyORGHWRGDVODVREUDVGH&HUYDQWHVVLQRGHORVHVWXGLRVVREUHpVWDV
(O4XLMRWHHVXQRGHORVSRFRVOLEURVTXHKD\TXHOHHUHQVXSURSLDOHQJXD\HVXQR
GHORVSRFRVWH[WRVFDVWHOODQRVTXHVHKDQHGLWDGRHQHOPXQGRHQWHURHQVXLGLRPDGH
RULJHQ'HODVSULPHUDVHGLFLRQHVHQVXOHQJXDRULJLQDODGHPiVGHODVFLWDGDVHGLFLRQHVGH
9DOHQFLD$PEHUHV\%UXVHODVWRGDVHOODVGHOVLJOR;9,,HQOD&HUYDQWLQDVHHQFXHQWUDQSRU
FLWDUDOJXQDVODSXEOLFDGDHQ0LOiQSRU3HGURPiUWLU/RFDUQLHQODGH/RQGUHVGH
/D%LEOLRWHFD
9DOHQFLDQD
7RQVRQGHRODGH/\RQGH'HELGRDOJUDQp[LWRGHODQRYHODGHVGHHOPLVPR
PRPHQWRGHVXSXEOLFDFLyQHQDSHQDVFLQFXHQWDDxRVKDEtDVLGRWUDGXFLGDDOLQJOpVIUDQFpV
DOHPiQLWDOLDQR\KRODQGpVHQHOVLJOR;9,,,VHWUDGXFHDOUXVRGDQpVSRODFR\SRUWXJXpV
DXQTXHVHUiHQHO;,;FXDQGRVHGpODGHÀQLWLYDXQLYHUVDOL]DFLyQGHODREUDFRQQXHYDV
WUDGXFFLRQHVDOFDWDOiQFURDWDJULHJRMDSRQpVVHUELR'HWRGDVHOODVKD\HQOD&HUYDQWLQD
XQDSHTXHxDPXHVWUD
(QWUHODVWUDGXFFLRQHVPiVDQWLJXDVTXHSRVHHOD&ROHFFLyQSRGHPRVPHQFLRQDUOD
+LVWRLUHGHO·DGPLUDEOH'RQ4XL[RWWHGHOD0DQFKH$3DULV&KH]&ODXGH%DUELQ/·LQJHJQRVR
&LWWDGLQR'RQ&KLVFLRWWHGHOOD0DQFLD,Q5RPD1HOOD6WDPSHULDGL*LXVHSSH&RUXRH%DUWRORPHR/X
SDUGL\'RQNLFKRWHGHOD0DQWVFKD)UDQFNIXUW,Q9HUOHJXQJ7KRPDH0DWWKLDH*|W]HQ
'HVGHTXHDSDUHFLyHQODSULPHUDWUDGXFFLyQHQOHQJXDDOHPDQDDGRUQDGDFRQ
FLQFROiPLQDVVHKDQSXEOLFDGRQXPHURVDVHGLFLRQHVLOXVWUDGDVXQDVYHFHVFRQWRVFDV
HVWDPSDV\RWUDVFRQKHUPRVDVOiPLQDV\DUWtVWLFRVJUDEDGRVUHDOL]DGRVSRUUHFRQRFLGRV
DUWLVWDVHVSDxROHV\H[WUDQMHURV'HHQWUHWRGDODYDULHGDGGHHGLFLRQHVLOXVWUDGDVTXHSRVHH
ODFROHFFLyQDGHPiVGHODHGLFLyQGH%UXVHODVGHFRQOiPLQDVGH6DYU\\GH%RXWDWV\
GHODVGLVWLQWDVHGLFLRQHVLOXVWUDGDVSRU&KDUOHV$QWRLQH&R\SHOGHVWDFDODSULPHUDHGLFLyQ
GHOXMRGHO4XLMRWHLPSUHVDHQ/RQGUHVSRU-\57RQVRQHQ\ODHGLFLyQGHOD5HDO
$FDGHPLD(VSDxRODUHDOL]DGDSRU-RDTXtQ,EDUUDHQFRQVLGHUDGDXQRGHORVPiV
KHUPRVRV\SHUIHFWRVWUDEDMRVGHODWLSRJUDItDQDFLRQDO(QHVWD~OWLPDSDUWLFLSDURQORV
DUWLVWDV\JUDEDGRUHVPiVUHOHYDQWHVGHODpSRFDFRPR$QWRQLR&DUQLFHUR-RVpGHO&DVWLOOR
)HUQDQGR6HOPD0DQXHO6DOYDGRU&DUPRQDHWF0iVPRGHUQDVSHURLJXDOGHDSUHFLDEOHV
VRQODVLOXVWUDFLRQHVGH-RVp5LEHOOHV%DUWRORPHR3LQHOOL7RQ\-RKDQQRW*XVWDYH'RUp
-RVp6HJUHOOHV3LFDVVRR'DOt
(OKHFKRGHTXHHQVHFRQPHPRUDUDHOWHUFHUFHQWHQDULRGHODSXEOLFDFLyQGHO
4XLMRWHKL]RTXHODVHGLFLRQHVVHPXOWLSOLFDUDQ'HHVWHDxRVRQSRUHMHPSORODHGLFLyQ
IDFVtPLOTXHKL]ROD+LVSDQLF6RFLHW\GH1XHYD<RUNGHODVSULPHUDVHGLFLRQHVGH-XDQGH
OD&XHVWDODVHGLFLRQHVGH2FWDYL9LDGHUVREUHGLIHUHQWHVWLSRVGHSDSHO\HO4XLMRWHGHO
&HQWHQDULRHGLWDGRSRU&DEUHUDFRQLOXVWUDFLRQHVGHJUDQGHVDUWLVWDV/D5HDO2UGHQSXEOL
FDGDHVHPLVPRDxRTXHREOLJDEDDOHHUHO4XLMRWHHQODVHVFXHODVVXSXVRODSXEOLFDFLyQGH
QXPHURVDVYHUVLRQHVDGDSWDGDVSDUDQLxRVFRPR/RVFpOHEUHVFRQVHMRVGH'4XLMRWHi6DQFKR
3DQ]DSXHVWRVDODOFDQFHGHODPHPRULDGHORVQLxRVGHODV(VFXHODVSULPDULDV+RPHQDMHi&HUYDQWHVHQHO
WHUFHUFHQWHQDULRGHO4XLMRWHGHGLFDGRiORVQLxRV\PDHVWURVGHODVHVFXHODV(O4XLMRWHGHORVQLxRV«HWF
/DELEOLRWHFDFHUYDQWLQDFRQWLHQHWDPELpQRWUDVHGLFLRQHVPX\LQWHUHVDQWHVGHODVREUDV
GH&HUYDQWHVODSULPHUDHGLFLyQGHODVFRPHGLDV\ORVHQWUHPHVHVXQDHGLFLyQUDUtVLPDGH
/RVWUDEDMRVGH3HUVLOHV\6HJLVPXQGDHVODHGLFLyQFODQGHVWLQDUHDOL]DGDSRU-XDQGHOD&XHVWDHQ
ODHGLFLyQGH3DUtVGHGH/D*DODWHDHGLFLRQHVPX\UDUDVGHODV1RYHODVHMHPSODUHV
\WRGDVODVHGLFLRQHVH[FHSWXDQGRODSULPHUDGHO4XLMRWHGH$YHOODQHGD
7LSRORJtDGHORVLPSUHVRV
(QHOIRQGRDQWLJXRGHOD%LEOLRWHFD9DOHQFLDQDHQFRQWUDPRVXQDJUDQYDULHGDGGH
LPSUHVRVTXHFXEULHURQODVQHFHVLGDGHVGHODVRFLHGDGHQODTXHVHHODERUDURQ
3UHGRPLQDQODVREUDVGHWHPDUHOLJLRVRJHQHUDOPHQWHHVFULWDVSRUPLHPEURVGH
yUGHQHVUHOLJLRVDV\SRUVDFHUGRWHVDOJXQDVGHHOODVLOXVWUDGDVHQWUHODVTXHGHVWDFDQHO
FXOWRDOD9LUJHQODHXFDULVWtD\ODVYLGDVGHVDQWRV6ROHQHVÀHVWDVTXHFHOHEUR9DOHQFLDDOD
,PPDFXODGD&RQFHSFLRQGHOD9LUJHQ0DULD(VFULXHODVGHRUGHQGHODPLVPD&LXGDG,XDQ%DXWLVWD
GH9DOGD9DOHQFLD$xRYLUJLQHRFXLRVGLDVVRQÀQH]DVGHODJUDQ5H\QDGHOFLHOR0DULD
6DQWLVVLPDDXWRUHO'RWRU(VWHYDQ'RO]GHO&DVWHOODU9DOHQFLDR9LGDGHO3,JQDFLR
GH/R\RODIXQGDGRUGHODUHOLJLRQGHODFRPSDxLDGH,HVXVGH3HGURGH5LEDGHQHLUD0DGULG
7DPELpQSRVHHOLEURVWHROyJLFRVFRPROD6XPPDXQLXHUVDHWKHRORJLDHVLXHTXDHVWLRQHV
VXSHUTXDWWXRUOLEURVVHQWHQWLDUXPGH$OH[DQGHUGH+DOHV9HQHFLDGHKLVWRULDHFOH
VLiVWLFD+LVWRULD(FOHVLiVWLFDHVFULWDHQOHQJXDIUDQFHVDSRUHO533HGUR*DXWUXFKH0DGULG
GHPHGLWDFLyQ\GHGRFWULQDFULVWLDQD'RFWULQDFULVWLDQDFRPSXHVWDSRU)UD\/XLVGH
*UDQDGDGHUHJODVGHKHUPDQGDGHV\FRIUDGtDV/LEURGHOD&RIUDGLDGHOD0LQHUXDHQHOTXDO
VHHVFULXHQPDVGHGR]LHQWRV\FLQTXHQWDPLODJURVGHO6DQWLVVLPR6DFUDPHQWRGHO$OWDUFRPSXHVWRSRU
HO3),D\PH%OHGD9DOHQFLD7DPSRFRIDOWDHOLPSUHVRPiVHGLWDGROD%LEOLDFRQ
LQWHUpVHVSHFLDOSRUOD%LEOLDSROtJORWDFRPSOXWHQVH$OFDOiGH+HQDUHVSULPHUD
%LEOLDPXOWLOLQJHTXHVHSXEOLFyHQHOPXQGR\REUDFXPEUHGHODWLSRJUDItDHVSDxROD
$GHPiVGHREUDVGHKLVWRULDRGHJHRJUDItDHQFRQWUDPRVODVH[LJLGDVSRUORVHVWXGLRV
XQLYHUVLWDULRVÀORVRItDWHRORJtDHVWXGLRVGHOHQJXDVFOiVLFDVQRUPDOPHQWHHQODWtQ\
ORVFRQYHQLHQWHVSDUDHOGRPLQLRGHRÀFLRVFRPRODDJULFXOWXUDODUHORMHUtDODWpFQLFDGHO
JUDEDGRHWF/LEURGHUHORJHVVRODUHV&RPSXHVWRSRU3HGUR5RL]HQHOTXDOPXHVWUDDKD]HU
UHORJHV9DOHQFLD
'HHVWRVVLJORVVHFRQVHUYDQWDPELpQHGLFLRQHVUHDOL]DGDVSDUDPD\RUJORULDGHOD
PRQDUTXtD\GHOD,JOHVLDFRPRYLDMHV\HQWUDGDVUHDOHVHQFLXGDGHVFHOHEUDFLyQGHYLFWR
ULDVPLOLWDUHVIXQHUDOHVERGDVQDWDOLFLRVRWUDVODGRVGHLPiJHQHVWRGRSDUDTXHTXHGDUD
HOUHFXHUGRGHORVJUDQGHVDGRUQRVGHXQDDUTXLWHFWXUDHItPHUDPRQXPHQWRVGHPDGHUD
SLQWDGDDUFRVGHELHQYHQLGDW~PXORV\PDXVROHRVHWF
-XQWRDODVJUDQGHVREUDVGHFRQWHQLGRWHROyJLFROHJDOKLVWyULFRRFLHQWtÀFRFDEH
GHVWDFDUHQHOIRQGRDQWLJXRGHOD%LEOLRWHFD9DOHQFLDQDODFROHFFLyQGHIROOHWRVGHORVVLJORV
;9,;9,,\;9,,,TXHSURFHGHQHQVXPD\RUtDGHODVELEOLRWHFDVGH1LFRODX3ULPLWLX&DUUHUHV
\%DV&DUERQHOO6HUPRQHVRUDFLRQHVUHIUDQHVYLOODQFLFRVFRPHGLDVVXHOWDVSXEOLFDFLRQHV
GHDFDGHPLDVHLQVWLWXFLRQHVHWFVRQYHUGDGHURVWHVWLPRQLRVGHODYLGDFRWLGLDQDYDOHQFLDQD
0XFKRVGHHOORVHVWiQHQFXDGHUQDGRVIRUPDQGRYRO~PHQHVIDFWLFLRV\DJUXSDGRVVLJXLHQGR
GLIHUHQWHVFULWHULRVELHQSRUVXWDPDxRELHQSRUVXWHPiWLFDELHQSRUVXFURQRORJtDSDUD
VXPHMRUFRQVHUYDFLyQ\SDUDDEDUDWDUORVFRVWHVGHHQFXDGHUQDFLyQ
0HQFLyQDSDUWHPHUHFHQODVUHODFLRQHVGHVXFHVRV\ODOLWHUDWXUDGHFRUGHOPX\DEXQ
GDQWHVHQOD%LEOLRWHFD9DOHQFLDQD/DVUHODFLRQHVGHVXFHVRVWUDWDQGHPX\GLYHUVRVWHPDV
/D%LEOLRWHFD
9DOHQFLDQD
&ROHFFLyQGHIROOHWRVGHOIRQGRDQWLJXR
DFRQWHFLPLHQWRVKLVWyULFRSROtWLFRVVXFHVRVPRQiUTXLFRVÀHVWDVUHOLJLRVDV\FRUWHVDQDV
YLDMHVVXFHVRVH[WUDRUGLQDULRVFRPRFDWiVWURIHVQDWXUDOHVPLODJURVHWFFRPROD5HODFLyQ
YHUGDGHUDGHODWRPDGH/DUDFKHHQ%HUEHULD\GHVXVIXHUoDVTXHVHHQFXHQWURDGHQRXLHPEUHR
OD5HODFLRQSXQWXDOGHODJORULRVDUHFXSHUDFLRQGHODFLXGDGGH9DOHQFLDSRUODVDUPDVGHO5H\PDQGDGDV
SRUHOVHxRU'XTXHGH2UOHDQV\HOVHxRU0DULVFDO'XTXHGH%HUYLFN
/RVIROOHWRVGHQRPLQDGRV©SOLHJRVGHFRUGHOªR©OLWHUDWXUDGHFRUGHOªFRQVWDQGHSRFDV
KRMDVFRPSXHVWDVHLPSUHVDVGHIRUPDGHVFXLGDGD6XHOHQOOHYDUXQJUDEDGRHQODSULPHUD
KRMDSDUDOODPDUODDWHQFLyQGHORVSRVLEOHVFRPSUDGRUHV\HUDQRIUHFLGRVJHQHUDOPHQWH
FROJDGRVHQXQRVFRUGHOHVHQIHULDV\PHUFDGRVSRUEXKRQHURV\FLHJRV6RQFRPSRVL
FLRQHVVDWtULFRKXPRUtVWLFDVGRQGHVHUHODWDQHQYHUVRQRWLFLDVGHÀHVWDVDFRQWHFLPLHQWRV
H[WUDRUGLQDULRV\FUtWLFDGHFRVWXPEUHVVREUHWRGRHQODVFRQYHUVDFLRQHVTXHPDQWLHQHQ
VXVSHUVRQDMHVJHQHUDOPHQWHJHQWHGHOSXHEORTXHKDEODVHQFLOODPHQWHHQXQYDOHQFLDQR
FDVWHOODQL]DGR5DKRQDPHQW\FRORTXLQRXKRQVHUHFLWHQOHVIDWLJXHV\WUHEDOOVTXHSDVVHQORVFDVDWV
FXUWVGHKDYHUVGHFODUDQWTXDQW\DTXLQDHWDWVHSRGHQFDVDUORVSREUHVTXHSHUDOVULFKVWRWDKRUDHVERQD
GH&DUOHV5RV&RORTXLQRXHQTXH7LWR%XIDODPSROOD\6HQWRHO)RUPDOUHIHUL[HQHOVMDVFRVTXHKDQ
WHQJXWHOV)RUDVWHUV\HOVGHOD7HUUDSHUKDYHUVHDOODUJDWOHV)HVWHVGHOD5HDO3URFODPDFLRGHO5H\'
&DUORV4XDUWGH&DUORV/HyQ
6RQGRFXPHQWRVGHLQHVWLPDEOHYDORUQRVyORSRUVXWHPiWLFDVLQRSRUTXHKDQOOHJDGR
DQXHVWURVGtDVPX\SRFRVHMHPSODUHVGHELGRDVXFDUiFWHUSRSXODU\DVXXVR
7DPELpQDEXQGDQORVWH[WRVOHJDOHVYDOHQFLDQRVHQWUHORVTXHGHVWDFDQODVQXPHURVDV
SUDJPiWLFDVFpGXODVUHDOHVFULGDVHGLFWRV\EDQGRVGHWRGRWLSRLPSUHVFLQGLEOHVSDUDHO
HVWXGLRGHQXHVWUDFXOWXUD
(OIRQGRDQWLJXRGHOD%LEOLRWHFD9DOHQFLDQDDGHPiVGHVHUXQDIXHQWHSDUDODLQYHV
WLJDFLyQKLVWyULFDOLWHUDULD\FLHQWtÀFDHVVREUHWRGRXQÀHOUHÁHMRGHODHYROXFLyQGHOOLEUR
\GHODLPSUHQWDYDOHQFLDQRV
(QGHÀQLWLYDHVXQIRQGRH[FHSFLRQDOHQPDWHULDVUHODWLYDVDODOLWHUDWXUDDODUWH\HQ
JHQHUDODODFXOWXUDYDOHQFLDQDGHORVVLJORV;9D;9,,,2EUDVDODVTXHVHSXHGHDFFHGHUD
WUDYpVGHO23$&GHOFDWiORJRGHOD%LEOLRWHFD9DOHQFLDQD
/D%LEOLRWHFD
9DOHQFLDQD
%LEOLRJUDItD
$/(,;$1'5(7(1$)UDQFLVFD©8QDSDVVLyHOOOLEUH/DVHXDELEOLRWHFDXQPyQGH
VDYLHVDª(Q(OVRPQLGH1LFRODX3ULPLWLX8QDUHDOLWDW9DOqQFLD%LEOLRWHFD9DOHQ
FLDQDS
*$5&Ì$$PSDURÉ1*(/-RVp0DUtD*$//(*2&DUPHQ&HUYDQWHVFXDWURVLJORVHQOD
OLWHUDWXUDXQLYHUVDO9DOHQFLD'LSXWDFLyQ3URYLQFLDO
*Ð0(=*$5&Ì$)HUQDQGR/(Ð1$5&26-XDQ$QWRQLR5,(5$*8$5',$(OLVD©/D
FROHFFLyQGH3HUH0DULD2UWVª5HYLVWDGHOD%LEOLRWHFD9DOHQFLDQDHQHUR
Q~PS
*Ð0(=6(1(170$57Ì1(=&DUPHQ©8QDYLGDVHUYLQW9DOqQFLDLODIDPtOLDª(Q(OVRP
QLGH1LFRODX3ULPLWLX8QDUHDOLWDW9DOqQFLD%LEOLRWHFD9DOHQFLDQDS
0$56É9,/$0DUtD(OOLEURDQWLJXRHQODELEOLRWHFD*LMyQ(GLFLRQHV7UHD
3('5$=$*5$&,$0DQXHO-RVp&/(0(17(6$1520É1<RODQGD5(<(6*Ð0(=)HUPtQ
GHORV(OOLEURDQWLJXR0DGULG6tQWHVLV
6É1&+(=&87,//$6&DUPHOLQD)UDQFLVFR0DUWtQH]\0DUWtQH]XQKXPDQLVWDDOWHDQR$OL
FDQWH&DMDGH$KRUURV3URYLQFLDO
/D%LEOLRWHFD
9DOHQFLDQD
(/)21'2*5É),&2'(/$%,%/,27(&$9$/(1&,$1$
5RVD2OPHGR5X]DID\)HGHULFR5RPHUR0DUWtQH]
,QWURGXFFLyQ
(OGHSDUWDPHQWRGH)RQGR*UiÀFRUH~QHXQDDPSOLDYDULHGDGGHPDWHULDOHVFRPR
JUDEDGRVGLEXMRVIRWRJUDItDVFDUWHOHVWDUMHWDVSRVWDOHVPDSDVSODQRVFURPRVFDOHQGDULRV
HWLTXHWDVGHSURGXFWRVFRPHUFLDOHVH[OLEULVHWFTXHGDWDQGHVGHHOVLJOR;9,KDVWDQXHVWURV
GtDV\SURFHGHQWDQWRGHO'HSyVLWR/HJDOFRPRGHGRQDFLRQHVOHJDGRV\FRPSUDV
(QHVWHGHSDUWDPHQWRGHVWDFDQODVVLJXLHQWHVFROHFFLRQHV
²JUDEDGRV\GLEXMRV
²IRWRJUDItDV
²FDUWHOHV
²WDUMHWDVSRVWDOHV
²PDSDV\SODQRV\
²PDWHULDOHItPHUR
/D%LEOLRWHFD9DOHQFLDQDFXHQWDWDPELpQFRQXQDFROHFFLyQGHREUDVGHUHIHUHQFLD
VREUHORVPDWHULDOHVJUiÀFRV\FDUWRJUiÀFRV
/DVFLIUDVGHOGHSDUWDPHQWRVRQODVVLJXLHQWHV
²9ROXPHQWRWDOGHGRFXPHQWRVFRQVHUYDGRV
²2EUDVGHUHIHUHQFLD
(ORULJHQGHODFROHFFLyQ
(QHODxRFRQODGRQDFLyQGHODELEOLRWHFDGH1LFRODX3ULPLWLX*yPH]6HUUDQR
LQJUHVDURQORVSULPHURVPDWHULDOHVJUiÀFRVHQOD%LEOLRWHFD9DOHQFLDQD
$SDUWLUGHODxRFRQORVGHFUHWRVGHWUDQVIHUHQFLDVDOD*HQHUDOLWDW9DOHQFLDQDVH
HVWDEOHFLyODREOLJDFLyQGHGHSRVLWDUDOPHQRVXQHMHPSODUSURFHGHQWHGHO'HSyVLWR/HJDO
HQOD%LEOLRWHFD9DOHQFLDQD(VWDREOLJDFLyQVXSRQHUHVSHFWRDORVPDWHULDOHVJUiÀFRVHO
LQJUHVRHQOD%LEOLRWHFD9DOHQFLDQDGHFDUWHOHVPDSDVSODQRVWDUMHWDVSRVWDOHVFDOHQGDULRV
HWFLPSUHVRVDQXDOPHQWHHQOD&RPXQLWDW9DOHQFLDQD
3HURVHUiQSRUXQDSDUWHOD/H\GHGHGLFLHPEUHGH2UJDQL]DFLyQ
%LEOLRWHFDULDGHOD&RPXQLGDG9DOHQFLDQDHQHODUWtFXORRFWDYRDOHVWDEOHFHUTXH©OD%L
EOLRWHFD9DOHQFLDQDFRPRSULPHUFHQWURELEOLRJUiÀFRGHOD&RPXQLGDG9DOHQFLDQDWLHQH
FRPRPLVLyQUHXQLUFRQVHUYDU\GLIXQGLUHO3DWULPRQLR%LEOLRJUiÀFR9DOHQFLDQR\WRGDOD
SURGXFFLyQLPSUHVDVRQRUD\YLVXDOGH\VREUHOD&RPXQLGDG9DOHQFLDQDª\SRURWUDHQ
HOLQJUHVRGHODFROHFFLyQGH-RVp+XJXHWORVGRVKHFKRVPiVLPSRUWDQWHVSDUDOD
IRUPDFLyQGHOGHSDUWDPHQWRJUiÀFR
3RVWHULRUPHQWHKDQLQJUHVDGRLPSRUWDQWHVGRQDFLRQHVOHJDGRV\FRPSUDVGHPDWH
ULDOHVJUiÀFRVTXHKDQD\XGDGRDTXHHVWDLQVWLWXFLyQFXHQWHDFWXDOPHQWHFRQDOUHGHGRUGH
VHLVFLHQWRVPLOGRFXPHQWRV(OREMHWLYRHVTXHOD%LEOLRWHFD9DOHQFLDQDWDPELpQHQHVWH
FDPSRVHDHOSULPHUFHQWURGHGRFXPHQWDFLyQJUiÀFDGHOD&RPXQLWDW9DOHQFLDQD\XQD
IXHQWHGHLQYHVWLJDFLyQ\HVWXGLRFRPRORPXHVWUDVXSDUWLFLSDFLyQDORODUJRGHHVWRVDxRV
HQSXEOLFDFLRQHVLQYHVWLJDFLRQHVH[SRVLFLRQHVGRFXPHQWDOHVSHOtFXODVHWF
&ROHFFLRQHV
*UDEDGRV\GLEXMRV
&URQRORJtDVLJOR;9,DFWXDOLGDG
9ROXPHQDSUR[
)RUPDGHLQJUHVRGRQDFLyQFRPSUD\'HSyVLWR/HJDO
/DFROHFFLyQGHJUDEDGRVHVWiIRUPDGDSRUODVFROHFFLRQHVGH1LFRODX3ULPLWLX5DIDHO
3pUH]&RQWHO&DUUHUHV$OPHODL9LYHV6DOYDGRU3DOODUpV\%HUWD6LQJHUPDQOD~OWLPDHQ
LQFRUSRUDUVH\ORVLQJUHVDGRVSRUFRPSUD\SRU'HSyVLWR/HJDO
&RQFHUFDGHWUHVPLOGRFXPHQWRVHVWDFROHFFLyQDEDUFDHOSHULRGRTXHYDGHVGHHO
VLJOR;9,KDVWDODDFWXDOLGDGORTXHSHUPLWHFRQWHPSODUOD©FRPSOHMDWUDPDGHSURFHGL
PLHQWRVTXHDOVHUYLFLRGHODFUHDFLyQDUWtVWLFDKDJHQHUDGRHOPXQGROOHQRGHVXWLOH]DV
TXHFRQIRUPDQODHVWDPSD>@TXHHVHOUHVXOWDGRÀQDOGHODLPSUHVLyQGHXQJUDEDGRªOD
[LORJUDItDODFDOFRJUDItDHQVXVPRGDOLGDGHVGHEXULODJXDIXHUWHDJXDWLQWDRPH]]RWLQWD\OD
OLWRJUDItDODFURPROLWRJUDItDRHOIRWRJUDEDGRFRPRWpFQLFDVPiVPRGHUQDV
(QHVWDFROHFFLyQKD\HVWDPSDVGHPXFKRVJUDEDGRUHVYDOHQFLDQRVHQWUHORVTXH
GHVWDFDQ-RDQ%DSWLVWD5DYDQDOV7RPiV5RFDIRUW9LFHQWH&DSLOOD*LO0DQXHO%UX7RPiV
/ySH](QJXtGDQRV7HRGRUR%ODVFR6ROHUR-XDQ(VWUXFK$GHPiVFRQWLHQHHVWDPSDVGH
RWURVJUDEDGRUHVFRPRHOPDGULOHxR$QWRQLR3DVFXDO$EDGTXLHQWUDEDMyHQODFLXGDG
GH9DOHQFLD\HQ$OFR\HOFDWDOiQ-XDQ$PLOOVRHOEDOHDU0HOFKRU*XDVS$VLPLVPR
FRQWLHQHHVWDPSDVGHJUDEDGRUHVH[WUDQMHURVFRPRHODOHPiQ&KDUOHV-RVHSK+XOOPDQGHO
HOEHOJD/RXLV+DJKHRHOIUDQFpV*RGHIUR\(QJHOPDQQFRQVLGHUDGRHOLQYHQWRUGHOD
FURPROLWRJUDItD
(QFXDQWRDOFRQWHQLGRLFRQRJUiÀFRKD\XQJUDQQ~PHURGHHVWDPSDVGHWHPiWLFD
YDOHQFLDQDYLVWDVGHSREODFLRQHVFRPR$OLFDQWH(OFKH&DVWHOOyQGHOD3ODQD0RUHOOD9D
9,9(63,48e5RVD*XtDSDUDODLGHQWLÀFDFLyQGHJUDEDGRV0DGULG$UFR/LEURVS
/D%LEOLRWHFD
9DOHQFLDQD
OHQFLD5HTXHQDPRQXPHQWRVWLSRVUHJLRQDOHVKHFKRVKLVWyULFRVGHWHPiWLFDUHOLJLRVD
HVFHQDVEtEOLFDVHLFRQRJUDItDFULVWLDQDRUHODFLRQDGDVFRQHOPXQGRFOiVLFRHVFHQDV
PLWROyJLFDV\UHWUDWRVGHSHUVRQDMHVGH*UHFLD\5RPDUHWUDWRVGHSHUVRQDMHVKLVWyULFRV
HOSDSD&OHPHQWH;,9/RSHGH9HJDR-XDQ%DXWLVWD3pUH]RELVSRGH6HJRUEH
&DEHGHVWDFDUODSUHVHQFLDGHDOJXQDVHVWDPSDVTXH7RPiV/ySH](QJXtGDQRV\0LJXHO
*DPERULQRUHDOL]DURQSDUDODV2EVHUYDFLRQHVGHKLVWRULDQDWXUDOGH$QWRQLR-RVp&DYDQLOOHV\
SDUDHO9R\DJHSLWWRUHVTXHHWKLVWRULTXHGHO·(VSDJQHGH$OH[DQGUHGH/DERUGH
$JXDIXHUWH
3OD]DGHO0HUFDGRGH9DOHQFLDGH-HDQ%DSWLVWH5HYLOOH
)RUPySDUWHGHODREUDGH$OH[DQGUHGH/DERUGH9R\DJHSLWWRUHVTXHHWKLVWRULTXHGHO·(VSDJQH
3DULV3LHUUH'LGRWO·$vQp&ROHFFLyQ9DOHQFLDQD
&$9$1,//(6$QWRQLR-RVp2EVHUYDFLRQHVVREUHKLVWRULDQDWXUDOJHRJUDItDDJULFXOWXUDSREODFLyQ\IUXWRVGHO5H\QRGH
9DOHQFLD0DGULGHQOD,PSUHQWD5HDO7DPELpQUHHGLWDGDHQ&'5209DOHQFLD)D[tPLO(GLFLRQHV
'LJLWDOHV%LEOLRWHFD9DOHQFLDQD
/$%25'($OH[DQGUHGH9R\DJHSLWWRUHVTXHHWKLVWRULTXHGHO·(VSDJQH3DULV3LHUUH'LGRWO·$vQp
'HQWURGHHVWDFROHFFLyQKD\TXHKDFHUPHQFLyQHVSHFLDOSRURULJLQDUVHHQ9DOHQFLD
DXQJUXSRGHDSUR[LPDGDPHQWHGRVFLHQWDVDXTXHV
(ODXFDWLHQHVXRULJHQHQHOPXQGRDQWLJXR DXQTXHHVDSDUWLUGHOVLJOR ;9
FXDQGRFRPLHQ]DDDGTXLULUVXFDUiFWHUGHÀQLWLYRSRULQÁXHQFLDGHODHQWRQFHVUHFLpQ
DSDUHFLGDD]XOHMHUtDYDOHQFLDQD(QVXHVWXGLR$XFRORJtDYDOHQFLDQD5DIDHO*D\DQRGLFH
©>@XQDDÀUPDFLyQFRQFUHWDTXHGLFKDSRUXQFDWDOiQQRVGDHOUHOLHYHPHUHFLGROD
GHTXHHODXFDQDFHFRQWRGRVXHVSOHQGRUGHODD]XOHMHUtDYDOHQFLDQDª(VWRTXLHUH
GHFLUTXHHVWDPRVDQWHXQWLSRGHGRFXPHQWRGHPDQLIHVWDFLyQIROFOyULFDSXUDPHQWH
YDOHQFLDQR/DSULPHUDDXFDWDO\FRPRKR\ODVFRQRFHPRVHVODGHQRPLQDGD/RVRÀFLV
GHÀQDOHVGHOVLJOR;9,
(ODXFDVHFDUDFWHUL]DJURVVRPRGRSRUVHUODQDUUDFLyQGHXQKHFKRSRUPHGLRGH
YLxHWDVQXPHUDGDVFRUUHODWLYDPHQWH\FRQXQDH[SOLFDFLyQFRQYHUVRVDOSLHGHFDGDXQD
(VWiQLPSUHVDVHQXQSOLHJRGHFRORUGHGREOHIROLR\WXYLHURQXQJUDQYDORUSHGDJyJLFR
SRUWUDWDUVHGHXQGRFXPHQWRPX\DSURSLDGRSDUDLQVWUXLUGHOHLWDQGRSRUORTXHHQFRQWUy
HQHOQLxRXQÀHODOLDGR
'HHQWUHODYDULHGDGGHDXTXHVH[LVWHQWHVODVGHHVWDFROHFFLyQVRQQDUUDWLYDV\ULPD
GDVHVGHFLUFRQYLxHWDVDFRPSDxDGDVGHWH[WRH[SOLFDWLYRHQSURVDRJORVDGDVFRQYHUVRV
$OJXQRVGHORVDUWLVWDVTXHÀUPDQODVYLxHWDVVRQ$QWRQL9HUFKHU0LJXHO09HUFKLOL
$OEHUWR3HULV*UHJRULR0DQXHO$QWyQ0ixH]\DOJXQDVGHODVFDVDVHGLWRUDVYDOHQFLDQDV
-RVHS0HOLj9DOHQFLDQLVWDR/DJXDUGD
&DEHGHVWDFDUODSUHVHQFLDGHGRVHMHPSODUHVGHODXFDSUHPLDGDHQHOFRQFXUVR©FRQ
YRFDWSHUHO*UHPLWGH&RQÀWHUVGH9DOHQFLDHQO·DQ\DPEPRWLXGHODIHVWDGH6HQW
'RQLVªFRQYLxHWDVGH-RVp0DWHX\WH[WRGH0D[LPLOLj7KRXVL/ORUHQVRHODXFDGHOD
9LGDLPLUDFOHVGHVDQW9LFHQW)HUUHUFRQTXDUWHWHVGH$OPHODL9LYHV\UDMROHWHVGH5DIDHO5DJD
/DFROHFFLyQGHGLEXMRVRULJLQDOHVGHOD%LEOLRWHFD9DOHQFLDQDUH~QHPiVGHWUHLQWD
PLOREUDVSULQFLSDOPHQWHGHGLEXMDQWHVYDOHQFLDQRVRYLQFXODGRVDOD&RPXQLWDW9D
OHQFLDQD
(QVXPD\RUtDVRQGLEXMRVSDUDFyPLFVUHDOL]DGRVSRUDXWRUHVTXHWUDEDMDEDQSDUDOD
HGLWRULDO0DJDFRPR0DQXHO*DJRFX\DIDPLOLDHUDODSURSLHWDULDGHODHPSUHVD0LJXHO
4XHVDGD9LFHQWH,EixH]6DQFKLV(XVWDTXLR6HJUHOOHV-RVp2UWL]5RMDVGHOD&iPDUD-RVp
/DQ]yQ3LHUD5DIDHO%ROXGD/XLV%HUPHMRHWF(VWHJUXSRGHGLEXMDQWHVUHDOL]yHQWUH
RWUDVPXFKDVODVVLJXLHQWHVDYHQWXUDV(OGHIHQVRUGHODFUX](OFUX]DGRQHJUR$SDFKH%HQJDOD
3DQWHUDQHJUD)OHFKDURMD7RQ\\$QLWD
3DUDORVDQWHFHGHQWHVGHODXFDYpDVH*$<$12//8&+5DIDHO$XFRORJtDYDOHQFLDQDHVWXGLRIRONOyULFR9DOHQFLD>9LYHV
0RUD@%LEOLRWHFD9DOHQFLDQDGH'LYXOJDFLyQ+LVWyULFD9RO,,S
2SFLWS
3DUDODYDULHGDG\QRUPDVJHQHUDOHVGHODXFDYpDVHRSFLWS
/D%LEOLRWHFD
9DOHQFLDQD
$XFDGH9LGDLPLUDFOHVGH6DQW9LFHQW)HUUHUFRQTXDUWHWHVGH$OPHODL9LYHV\UDMROHWHVGH5DIDHO5DJD
9DOHQFLD*UDÀTXHV9DOHQFLD>FD@
&DUUHUHV
)RWRJUDItDV
&URQRORJtDFDDFWXDOLGDG
9ROXPHQJOREDODSUR[
)RUPDGHLQJUHVRGRQDFLyQOHJDGR\FRPSUD
/D%LEOLRWHFD9DOHQFLDQDUH~QHXQDFROHFFLyQGHGRFXPHQWRVIRWRJUiÀFRVTXH
DEDUFDQSUiFWLFDPHQWHWRGRHOSHULRGRTXHYDGHVGHHOLQLFLRGHODIRWRJUDItDKDVWDQXHV
WURVGtDV
/DVIRWRJUDItDVPiVDQWLJXDVVRQGDJXHUURWLSRVSURFHVRIRWRJUiÀFRTXHGHEHHO
QRPEUHDVXLQYHQWRU/RXLV-DFTXHV0DQGp'DJXHUUHHQHQ3DUtV\TXHFRQVLVWH
HQXQDLPDJHQ~QLFDVREUHXQDSODQFKDGHFREUHFXELHUWDGHSODWDTXHSXHGHDSDUHFHU
SRVLWLYDRQHJDWLYDGHSHQGLHQGRGHOiQJXORGHLOXPLQDFLyQ\GHREVHUYDFLyQ(QOD%L
EOLRWHFDVHFRQVHUYDQGRVHVWXFKHVFRQWUHVGDJXHUURWLSRVDOJXQRVFRORUHDGRVKHFKRV
HQWUH\DxRVHQORVTXHVHUHDOL]DQGDJXHUURWLSRVHQ(VSDxD
'DJXHUURWLSR
>5HWUDWRGHQLxDV@$QyQLPR>FD@
&ROHFFLyQ9DOHQFLDQD
'HVWDFDQHQODFROHFFLyQGHIRWRJUDItDVFXDWURFDORWLSRVUHDOL]DGRVHQFRQYLVWDV
GHODFLXGDGGH9DOHQFLDÀUPDGRV©3DEORª\HGLWDGRVSRUORVKHUPDQRV%LVVRQ©3DEORªVH
WUDWDSUREDEOHPHQWHGH3DXO0DUqVPpGLFRIUDQFpVTXHHQODSULPHUDPLWDGGHORVDxRV
FLQFXHQWDUHDOL]yYLVWDVGH(VSDxDVHJ~QFRQVWDHQHO5pSHUWRLUHGHVSKRWRJUDSKHVGH)UDQFHDX
/D%LEOLRWHFD
9DOHQFLDQD
GL[QHXYLqPHVLqFOH\TXHDSDUHFHFLWDGRHQODUHYLVWD/D/XPLqUHGHFRPRXQJUDQIRWy
JUDIRMXQWRD&OLIIRUG(VWHSURFHGLPLHQWRSHUPLWHSRUSULPHUDYH]PXOWLSOLFDUODVLPiJHQHV
IRWRJUiÀFDVDSDUWLUGHXQQHJDWLYRGHSDSHOHVGHFLUREWHQHUUHSURGXFFLRQHVGHXQDPLVPD
WRPD6LQHPEDUJRORVFDORWLSRVQRORJUDURQDOFDQ]DUODQLWLGH]GHOGDJXHUURWLSR\DTXH
SUHVHQWDEDQXQHIHFWRGHJUDQR
&DORWLSR
>/D%RXUVHGH9DOHQFH@3DEOR>0DUqV@%,6621)5(5(63+272*5$3+(6
­3DULV,PS3KRWRJUDÀTXH/HPHUFLHUFD
&ROHFFLyQ9DOHQFLDQD
/DLPSRUWDQFLDGHHVWRVFDORWLSRVVHGHEHDTXHVRQODVSULPHUDVIRWRJUDItDVGHOD
FLXGDGGH9DOHQFLDTXHFRQVHUYDOD%LEOLRWHFD9DOHQFLDQD
7DPELpQGHODGpFDGDGHORVFLQFXHQWDFRQFUHWDPHQWHGHHVHOSDSHOVDODGRTXH
FRQVHUYDOD%LEOLRWHFD9DOHQFLDQDWLWXODGR&ODXVWURGH6DQ*UHJRULR9DOODGROLGGH&KDUOHV&OLIIRUG
(QVHLQYHQWyHOIHUURWLSRTXHVHGLVWLQJXHGHOGDJXHUURWLSRSRUTXHHOVRSRUWH
GHODLPDJHQHVGHKRMDODWDODFDGD(QOD%LEOLRWHFDVHFRQVHUYDQYDULRVHMHPSODUHV
)HUURWLSRFRORUHDGR
>5HWUDWRGHPXMHU@$QyQLPR>FD@
&ROHFFLyQ9DOHQFLDQD
(QGHÀQLWLYD\HQSDODEUDVGH,VDEHO2UWHJD©'HIRUPDVXFLQWDVHSXHGHFRQVLGHUDU
TXHDWHQGLHQGRDORVPDWHULDOHVSUHGRPLQDQWHVDORODUJRGHOWLHPSRVHGHWHFWDQFXDWUR
JUDQGHVSHULRGRVHQODKLVWRULDGHODIRWRJUDItD>@3RGHPRVGHÀQLUXQSULPHUSHULRGR
FDHQHOTXHSUHYDOHFHQHOGDJXHUURWLSR\HOFDORWLSR/HVLJXHXQVHJXQGRSHULRGR
HQHOTXHSUHGRPLQDHOFRORGLyQK~PHGRFRPRPHGLRSDUDJHQHUDUQHJDWLYRV\HOSDSHO
DOE~PLQDSDUDJHQHUDUSRVLWLYRV(QWRUQRD>@VHHPSLH]DDGHÀQLUXQWHUFHUSHULRGR
FRQODDSDULFLyQHQODHVFHQDIRWRJUiÀFDGHODVSODFDVVHFDVGHJHODWLQREURPXUR8QFXDUWR
SHULRGRGDUiFRPLHQ]RKDFLDÀQHVGHVLJORDXQTXHWLHQHVXRULJHQWpFQLFRWDPELpQHQ
SHURQRHVKDVWDÀQDOHVGHVLJORFXDQGRVHFRQFUHWDFXDQGRFRPLHQ]DDDÀDQ]DUVHODSUH
VHQFLDGHODVSHOtFXODVÁH[LEOHVHQHOSDQRUDPDIRWRJUiÀFR6LPXOWiQHDPHQWH\HQSDUDOHOR
HQWUHFUX]iQGRVHORVFDPLQRVGHDPERVWUDQVLWDODKLVWRULDGHOGHVDUUROORGHORVSURFHVRVGH
HVWDPSDFLyQIRWRPHFiQLFDTXHJHQHUDQUHJLVWURVIRWRJUiÀFRVTXHKDQGHIRUPDUSDUWHGH
WRGRVLVWHPDGHGHQRPLQDFLyQGHSURFHVRVIRWRJUiÀFRVSXHVHVWULFWDPHQWHKDEODQGRODV
LPiJHQHVDVtSURGXFLGDVVRQSDUWHLQWHJUDQWHGHOPLVPtVLPRPHGLRIRWRJUiÀFRª
&DVLWRGRVORVVRSRUWHVIRUPDWRV\SURFHGLPLHQWRVIRWRJUiÀFRVH[LVWHQWHVHQODKLVWR
ULDGHODIRWRJUDItDVHFRQVHUYDQHQORVIRQGRVGHOD%LEOLRWHFD9DOHQFLDQDGRQGHVHSXHGHQ
HQFRQWUDUGHVGHGDJXHUURWLSRVFDORWLSRVIHUURWLSRVDOE~PLQDVFLDQRWLSRVSODWLQRWLSRV
HWFKDVWDORVVRSRUWHVDFWXDOHV
'Ì(=&$55(5$&DUPHQ/RVPDWHULDOHVHVSHFLDOHVHQODVELEOLRWHFDV*LMyQ7UHDS
/D%LEOLRWHFD
9DOHQFLDQD
/D&ROHFFLyQ-RVp+XJXHWHVWiIRUPDGDSRUYHLQWLFLQFRPLOIRWRJUDItDVGLHFLRFKRPLO
SRVLWLYRVHQSDSHO\VLHWHPLOSODFDVGHYLGULR/DPD\RUtDGHHOODVFRUUHVSRQGHQDOVLJOR;,;
\IXHURQUHDOL]DGDVSRUIRWyJUDIRVYDOHQFLDQRVRTXHWUDEDMDURQHQOD&RPXQLWDW9DOHQFLDQD
(QWUHHOORVGHVWDFDQIRWyJUDIRVFRPR$QWRQLR*DUFtD3HULVHOPHMRUIRWyJUDIRYDOHQFLDQR
GHOVLJOR;,;TXHHQ\DFRQWDEDFRQHVWXGLRHQ9DOHQFLDDVXPXHUWHHQVH
KL]RFDUJRGHOWDOOHU6DOYDGRU3DVFXDO%ROG~QTXHÀUPDEDFRPR©&DVD*DUFtD%ROG~Qª
-XOLR'HUUH\IRWyJUDIRIUDQFpVTXHVHLQVWDOyHQ9DOHQFLDKDFLD\DEULyVXFXUVDOHQ
6HJRUEHWDO\FRPRFRQVWDHQORVUHYHUVRVGHVXVREUDV-HDQ/DXUHQWWDPELpQIUDQFpV\
DÀQFDGRHQ0DGULGVRQPX\FRQRFLGDVVXVIRWRJUDItDVVREUHRÀFLRV\WLSRVSRSXODUHV
-*HRUJHV/pY\GHOTXHVHFRQVHUYDQLPSRUWDQWHVIRWRJUDItDVGHYLVWDVGHODFLXGDGGH
9DOHQFLD\HVFHQDVFRPRODGHORVEDUEHURVHQHOSXHQWHGHORV6HUUDQRVKDFLD$QWRQL
(VSOXJDVTXHHQYLDMyD9DOHQFLD\WDPELpQKL]RYLVWDVGHODFLXGDG\WLSRVYDOHQFLDQRV
9LFHQWH%DUEHUi0DVLSIRWyJUDIRYDOHQFLDQRFRQVLGHUDGRFRPRXQRGHORVSUHFXUVRUHVGHO
UHSRUWDMH\TXHDOMXELODUVHGHMyHOQHJRFLRDVXVREULQR(QULTXH'HVÀOLV9LFHQWH3H\GUy
GHVWDFDGRSLFWRULDOLVWD9LFHQWH*yPH]1RYHOODFX\DHVSHFLDOLGDGIXHURQORVUHWUDWRVSHUR
TXHWDPELpQXWLOL]yODVWpFQLFDVSLFWRULDOLVWDVHWF2WURVIRWyJUDIRVWDPELpQLQFOXLGRVHQ
HVWDFROHFFLyQVRQ-RVp$UD9LFHQWH&UHVSR-RVp*UROOR)UDQFLVFR6DQFKLV2UDZ5DII
-RVp9LFHQWH3pUH]9DOHQWtQ3Oi0DWDUUHGRQD9LFHQWH6DQWRQMD-'DYLG-RVp$VRUt-DLPH
%HOGD*HQLVFDQV7RPiV&ROXEL/XGRYLVL\VHxRUD-RVp&DEUHOOHV6LJHQ]D-RVp0DUVDO
ÉQJHO*DUFtD&DUGRQD'LVGpUL-RXOLi)HGHULFR9HODHWF
>0XOWLWXGHQHOSXHQWHGH6DQ-RVpYLHQGRODFUHFLGDGHOUtR7XULDGXUDQWHODULDGDGH@
$QWRQLR*DUFtD&ROHFFLyQ-RVp+XJXHW
+D\TXHGHVWDFDUODLPSRUWDQWHFROHFFLyQGHFDUWHVGHYLVLWHIRWRJUDItDVGH[FHQWtPH
WURVDSUR[LPDGDPHQWHTXHVHREWHQtDQPHGLDQWHXQDFiPDUDGHFXDWUROHQWHV\XQDSODFD
GLYLGLGDHQGRVPLWDGHVODFXDOSURSRUFLRQDEDRFKRUHWUDWRVTXHVHPRQWDEDQHQSHTXHxRV
FDUWRQHVSDUDUHJDODUJXDUGDUHWF
)LQDOPHQWHKD\TXHPHQFLRQDUODFROHFFLyQGHYLVWDVHVWHUHRVFySLFDVTXHVHFRPHU
FLDOL]DURQKDVWDSULQFLSLRVGHOVLJOR;;\TXHOD%LEOLRWHFD9DOHQFLDQDFRQVHUYDWDQWRHQ
VRSRUWHSDSHOFRPRHQFULVWDO
(QFXDQWRDOFRQWHQLGRLFRQRJUiÀFRGHHVWDFROHFFLyQGHVWDFDHOUHWUDWRGHHVWXGLRSHUR
WDPELpQHQFRQWUDPRVYLVWDVGHODVFLXGDGHVHVFHQDVUHOLJLRVDV\SRSXODUHVRÀFLRVPHGLRVGH
WUDQVSRUWH(QGHÀQLWLYDHVWDVLPiJHQHVUHFRJHQGHVGHÀQDOHVGHOVLJOR;,;KDVWD²DXQ
TXHKD\WDPELpQGRFXPHQWRVSRVWHULRUHV²HOUHSRUWDMHKXPDQR\VRFLDOHUDIUHFXHQWHUHDOL]DU
IRWRJUDItDVHQHOOHFKRGHPXHUWH\ODGRFXPHQWDFLyQXUEDQDDUTXLWHFWyQLFD\SDLVDMtVWLFD
(O)RQGR9LFHQWH3H\GUyHVWiIRUPDGRSRUVLHWHPLOTXLQLHQWRVQHJDWLYRV²HQVX
PD\RUtDGHYLGULR²\WDPELpQSRVLWLYRVHQSDSHO)XQGDGRUGHO)RWR&OXE9DOHQFLDHQ
IRWRJUDÀyHVFHQDVYDOHQFLDQDVSHUVRQDMHVWtSLFRVSDLVDMHVHWFKDVWD\XWLOL]yWRGDV
ODVWpFQLFDVSLJPHQWDULDV
'H-RDTXtQ6DQFKLV6HUUDQRIXQGDGRUGHODVDJD)LQH]DVOD%LEOLRWHFDFRQVHUYDPLO
QHJDWLYRVVREUHOD*XHUUD&LYLOHQ9DOHQFLDTXHPXHVWUDQHYDFXDGRVFRPEDWLHQWHVKRVSLWD
OHVIHVWLYDOHVHVFXHODV\TXHFRQVWLWX\HQXQRGHORVWHVWLPRQLRVJUiÀFRVPiVLPSRUWDQWHV
GHODFRQWLHQGDHQ9DOHQFLD
(O)RQGR-RVp/i]DUR%D\DUULIRWyJUDIRGHSUHQVDFRPSUHQGHFXDWURPLOSODFDVGH
FULVWDOFXDWURFLHQWRVVHVHQWDQHJDWLYRV\FLQFRFDUUHWHVGDWDGRVWRGRVHOORVHQWUH\
(QHOORVHQFRQWUDPRVGHVGHUHSRUWDMHVWDXULQRVKDVWDYLVWDVDpUHDVGHSXHEORVYD
OHQFLDQRVHVFHQDVFRVWXPEULVWDVRGLVFXUVRVGHOtGHUHVSROtWLFRVHQGHÀQLWLYDHODPELHQWH
VRFLDO\FXOWXUDOYDOHQFLDQRGHODpSRFD
0DULR*XLOODPyQDÀFLRQDGRDODIRWRJUDItDGHODKLVWRULD\JHRJUDItDYDOHQFLDQDVHV
HODXWRUGHXQIRQGRGHWUHLQWDPLOQHJDWLYRV\VXVFRUUHVSRQGLHQWHVSRVLWLYRVHQSDSHOHQ
ORVTXHPXHVWUDORVPRQXPHQWRVHGLÀFLRV\SDLVDMHVGHOD&RPXQLWDW9DOHQFLDQDGHVGHHO
DxRKDVWD
(O)RQGR)UDQFHVF-DUTXHHVWiFRPSXHVWRSRUFLHQWRWUHLQWDPLOGRFXPHQWRVHQWUH
QHJDWLYRVGLDSRVLWLYDV\SRVLWLYRVFRUUHVSRQGLHQWHVDOSHULRGR/DLPSRUWDQFLD
GHHVWH)RQGRUDGLFDHQTXHVXSRQHXQLQYHQWDULRJUiÀFRFDVLFRPSOHWRGHODUHDOLGDGYD
OHQFLDQDODVÀHVWDVODVJHQWHVODDUTXLWHFWXUDODYLGDFRWLGLDQDORVSDLVDMHVODJDVWURQRPtD
ODVPDQLIHVWDFLRQHVORVLQFHQGLRV
/D%LEOLRWHFD9DOHQFLDQDKDUHFLELGRODGRQDFLyQGHORVIRQGRVGHODHPSUHVDGH
SXEOLFLGDG3XEOLSUHVVIRUPDGDSRUDSUR[LPDGDPHQWHYHLQWLQXHYHPLORFKRFLHQWRVGR
FXPHQWRVEiVLFDPHQWHGLDSRVLWLYDV\QHJDWLYRV(OFRQWHQLGRGHHVWDFROHFFLyQVRQODV
FDPSDxDVSXEOLFLWDULDVUHDOL]DGDVHQWUHORVDxRV\VREUHSURGXFWRVFRPHUFLDOHV
UHVLGHQFLDVEDQFRVHPSUHVDVHWF
/D%LEOLRWHFD
9DOHQFLDQD
'LDSRVLWLYDGH)UDQFHVF-DUTXHGHODSURFHVLyQGHO&RUSXV&KULVWLGH9DOHQFLD
)UDQFHVF-DUTXH
5HFLHQWHPHQWHVHKDUHDOL]DGRODLPSRUWDQWHDGTXLVLFLyQGHO)RQGR'HVÀOLVIRUPDGR
SRUVHLVPLOGRVFLHQWDVSODFDVGHYLGULR\GRVFLHQWRVVLHWHPLOQHJDWLYRV\GLDSRVLWLYDVHO
SHULRGRFURQROyJLFRTXHDEDUFDHVGHD\GHVGHÀQDOGHODGpFDGDGHKDVWD
HODxR(OIXQGDGRUGHOHVWXGLRHV9LFHQWH%DUEHUi0DVLSIRWyJUDIRGHOSHULyGLFR/DV
3URYLQFLDV\GHO$\XQWDPLHQWRGH9DOHQFLDVXVREULQR(QULTXH'HVÀOLV%DUEHUiFRPHQ]yD
WUDEDMDUHQVXHVWXGLRFRQDxRV\HQFXDQGRIDOOHFLy9LFHQWH%DUEHUi\DHUDXQ
IRWyJUDIRUHFRQRFLGRDOTXHVXFHGLyVXKLMR-XOLR'HVÀOLV(ODUFKLYRIRWRJUiÀFRHVGHXQ
YDORUH[WUDRUGLQDULRSRUHOSHULRGRFURQROyJLFRTXHDEDUFD\SRUTXHDGHPiVFRPSDJLQD
EDQHOWUDEDMRHQHOHVWXGLRFRQODVFRODERUDFLRQHVHQORVGLDULRV3XHEOR\/DV3URYLQFLDVODV
DJHQFLDVGHSUHQVD$VVRFLDWHG3UHVV\(XURSD3UHVVUHYLVWDVGHSRUWLYDV\FXOWXUDOHVHWF
7DUMHWDVSRVWDOHV
&URQRORJtDDFWXDOLGDG
9ROXPHQJOREDODSUR[
)RUPDGHLQJUHVRGRQDFLyQOHJDGRFRPSUD\'HSyVLWR/HJDO
(OGHSDUWDPHQWRGH)RQGR*UiÀFRGHOD%LEOLRWHFD9DOHQFLDQDFXHQWDFRQXQDLPSRU
WDQWHFROHFFLyQGHWDUMHWDVSRVWDOHVTXHFRQVWDGHXQRVFXDUHQWD\FLQFRPLOGRFXPHQWRV
(QHOODVHUHFRJHODHYROXFLyQGHODWDUMHWDSRVWDOGHVGHVXVLQLFLRVKDVWDQXHVWURVGtDV$TXt
VHHQFXHQWUDXQHMHPSODUGHODSULPHUDWDUMHWDSRVWDORÀFLDOHVSDxROD
(OGtDGHRFWXEUHGHHQ9LHQDVHDXWRUL]yHOXVRGHODVSULPHUDVWDUMHWDVSRV
WDOHVEDMRODIRUPDGHHQWHURSRVWDOHVGHFLUFRQHOVHOORGH&RUUHRVLPSUHVRHQHODQYHUVR
\HGLWDGDVSRUOD'LUHFFLyQ*HQHUDOGH&RUUHRVFRQODÀQDOLGDGGHHVWDEOHFHUXQPHGLRPiV
HFRQyPLFRTXHODVFDUWDVSDUDODFRPXQLFDFLyQGHPHQVDMHVFRUWRV\FLUFXODUDOGHVFXELHUWR
HVGHFLUVLQVREUH(QOD%LEOLRWHFD9DOHQFLDQDVHFRQVHUYDQHMHPSODUHVGHHQWUHRWUDVOD
SULPHUDHGLFLyQIUDQFHVDDXVWULDFDLQJOHVD\VREUHWRGRHVSDxROD
(Q(VSDxDVHDSUXHEDQODVWDUMHWDVSRVWDOHVPHGLDQWHOD5HDO2UGHQGHGHPD\RGH
\GHODPLVPDIHFKDHVOD,QVWUXFFLyQTXHUHJXODHOXVR\ODFLUFXODFLyQGHODVPLVPDV
SHURQRVHUiKDVWDHOGHGLFLHPEUHGHTXHOD,5HS~EOLFDHPLWLUiHOSULPHUHQWHUR
SRVWDO(OHMHPSODUTXHFRQVHUYDOD%LEOLRWHFD9DOHQFLDQDHVWiPDWDVHOODGRHQGLFLHPEUH
GHHVWHPLVPRDxR
/DSULPHUDWDUMHWDSRVWDORÀFLDOHVSDxRODSUHVHQWDODLQVFULSFLyQ©5HS~EOLFDHVSDxRODª
HLPSUHVRVHQD]XOHOVHOORGHFLQFRFpQWLPRVFRQODHÀJLHGHOD5HS~EOLFD\ODRUODHOUHYHUVR
VHGHMDEDOLEUHSDUDHVFULELU
3RVWHULRUPHQWHHOGHGLFLHPEUHGHOD'LUHFFLyQ*HQHUDOGH&RUUHRVDXWR
UL]yHQ(VSDxDODFLUFXODFLyQGHWDUMHWDVSRVWDOHVLOXVWUDGDV\HODERUDGDVSRUSDUWLFXODUHV
<FRPRH[SOLFD&DUORV7HL[LGRU©(OSHUIHFFLRQDPLHQWRGHODVWpFQLFDVGHLPSUHVLyQGH
LPiJHQHVSHUPLWLyODHGLFLyQGHSRVWDOHVLOXVWUDGDVFRQYLVWDVGHFLXGDGHVXRWURVPRWLYRV
/RVLPSUHVRUHVGHOiUHDJHUPiQLFD$OHPDQLD6XL]D\$XVWULDGRPLQDURQORVPHUFDGRV
HQORVSULPHURVDxRVª
/DJUDQPD\RUtDGHODVWDUMHWDVSRVWDOHVGHOD%LEOLRWHFD9DOHQFLDQDVRQLOXVWUDGDV(QWUH
ODVPiVDQWLJXDVGHVWDFDQODVSRVWDOHV*UDXVVDXVV©6DOXGRVGHVGHªGHRULJHQJHUPiQLFR\
TXHUiSLGDPHQWHDGRSWDURQWRGRVORVSDtVHV6HFRQVHUYDQHMHPSODUHVGHOWLSR©5HFXHUGR
GHªVHJXLGRGHOQRPEUHGHODFLXGDGFRQFXDWURRFLQFRSHTXHxDVYLVWDVGHOOXJDU\HVSDFLR
OLEUHSDUDHVFULELUDOJXQDVSDODEUDVGHVDOXGRHQHODQYHUVR\DTXHHOUHYHUVRVHUHVHUYDED
SDUDODGLUHFFLyQ/DPiVDQWLJXDGHHOODVUHODWLYDDOD&RPXQLWDW9DOHQFLDQDHVXQ©5HFXHUGR
GH9DOHQFLDªLPSUHVDSRU0DQHV&RHQ%HUOtQ\TXHVHJ~Q&DUORV7HL[LGRUVHHGLWyKDFLD
HODxRSRUHO*UDQG+{WHOFRPRREVHTXLRDVXVFOLHQWHV
(QHOVLJOR;,;UHDOL]DURQHGLFLRQHVVREUHOD&RPXQLWDW9DOHQFLDQD0DQHV&RGH
%HUOtQ5DPyQ2UWHJDGH9DOHQFLDORVVXL]RV+DXVHU\0HQHW3KRWRJOREGH=~ULFKOD
)RWRWLSLD/DXUHQWOXHJR)RWRWLSLD/DFRVWH9LFHQWH%RLUD$OSXHQWH5RPR\)VVHOHWF
/D%LEOLRWHFD9DOHQFLDQDUH~QHDOUHGHGRUGHTXLQLHQWDVWDUMHWDVSRVWDOHV\OiPLQDVGH
2VFDU+DXVHU0XOOHU\$GROIR0HQHW.XUVWHLQHU©TXHIXQGDURQHQ0DGULGHQHODxR
XQDJUDQHPSUHVDGHDUWHVJUiÀFDV6XHVSHFLDOLGDGIXHODLPSUHVLyQIRWRPHFiQLFDSRUHO
SURFHGLPLHQWROODPDGR¶IRWRWLSLD·R¶IRWRFRORJUDItD·FDSD]GHUHSURGXFLUODVIRWRJUDItDVFRQ
JUDQQLWLGH]\ULTXH]DGHWRQRV(GLWDURQOiPLQDVGHYLVWDVGHFLXGDGHV\PRQXPHQWRVTXH
VRUSUHQGLHURQSRUVXSHUIHFFLyQª
7(,;,'25&DUORV/DWDUMHWDSRVWDOHQ(VSDxD0DGULG(VSDVDS
2SFLWS
/D%LEOLRWHFD
9DOHQFLDQD
(QOD8QLyQ3RVWDO8QLYHUVDORUJDQLVPRFUHDGRHQGXUDQWHODFHOHEUDFLyQ
GHO&RQJUHVR3RVWDOGH%HUQDDXWRUL]yODGLYLVLyQHQGRVSDUWHVGHOUHYHUVRGHIRUPDTXHOD
PLWDGGHUHFKDVHUHVHUYySDUDHVFULELUODGLUHFFLyQ\FRORFDUHOVHOORPLHQWUDVTXHODL]TXLHUGD
VHGHMDEDOLEUHSDUDODHVFULWXUDWDO\FRPRVHKDFHHQODDFWXDOLGDG(VWDPHGLGDIXHDGRSWDGD
SRUWRGRVORVSDtVHVHQWUHHOORV(VSDxDTXHPHGLDQWHOD5HDO2UGHQGHGLFLHPEUHGH
GHO0LQLVWHULRGHOD*REHUQDFLyQODDXWRUL]y*UDFLDVDHVWDGLVSRVLFLyQHVSRVLEOHGDWDU
DSUR[LPDGDPHQWHODVWDUMHWDVSRVWDOHVDQWHULRUHVDHQODVTXHQRDSDUHFHLPSUHVRHODxR
3RUORTXHVHUHÀHUHDODGDWDFLyQGHODLPDJHQKD\TXHWHQHUHQFXHQWDTXHVHXWL
OL]DEDQFRPRVHxDODHQVXHVWXGLR0DUWtQ&DUUDVFRUHVSHFWRDORVVXFHVRUHVGH/DXUHQW
©IRWRJUDItDVGHDUFKLYRTXHKDEtDQVLGRREWHQLGDVKDVWDWUHLQWDDxRVDQWHVSRUHOIRWyJUDIR-
/DXUHQW\VXVVRFLRV\D\XGDQWHVª(VGHFLUODIHFKDGHOFRQWHQLGRLFRQRJUiÀFRQRVLHPSUH
FRLQFLGHFRQODIHFKDGHLPSUHVLyQGHOGRFXPHQWR
/D%LEOLRWHFD9DOHQFLDQDFXHQWDFRQYDULRVPLOHVGHHVWDVWDUMHWDVSRVWDOHVLOXVWUDGDV
KDVWDHODxR/DJUDQPD\RUtDGHHOODVSURFHGHGHODFROHFFLyQGH-RVp+XJXHWIRUPDGD
SRUYHLQWLGyVPLOWDUMHWDVSRVWDOHVFDWRUFHPLOHMHPSODUHVGH9DOHQFLDFLXGDG\RFKRPLOGHO
UHVWRGHSREODFLRQHVGHOD&RPXQLWDW9DOHQFLDQD$~QDVtWDPELpQHQFRQWUDPRVDOJXQDVGH
IXHUDGHOD&RPXQLWDW\H[WUDQMHUDV\DTXHVXREMHWLYRHUDIRUPDUXQDFROHFFLyQTXHUHXQLHUD
ODHYROXFLyQGHODWDUMHWDSRVWDOGHVGHVXVLQLFLRVKDVWDDSUR[LPDGDPHQWH(QDOJXQRV
FDVRVVRQFROHFFLRQHVFRPSOHWDVGHODVVHULHVTXHVREUHOD&RPXQLWDW9DOHQFLDQDKLFLHURQ
/DXUHQW+DXVHU\0HQHW3KRWRJOREHWFRODVUHDOL]DGDVSRUIRWyJUDIRVYDOHQFLDQRVFRPR
ÉQJHO*DUFtD&DUGRQD$QWRQLR*DUFtD'RPLQJR9DYDUyPiVFRQRFLGRFRPR2UDZ5DII
9LFHQWH%DUEHUi0DVLSHWF
(QFXDQWRDOFRQWHQLGRLFRQRJUiÀFRODVWDUMHWDVPXHVWUDQYLVWDVGHODVFLXGDGHVFD
OOHVPRQXPHQWRVSOD]DVHGLÀFLRV\SDODFLRVWDQWRLQWHULRUHVFRPRH[WHULRUHVDOPLVPR
WLHPSRHQHVDVLPiJHQHVYHPRVODYLGD\PRGDVGHODJHQWHORVFRPHUFLRVHODVIDOWDGRR
QRGHODVFDOOHVHODOXPEUDGRORVPHGLRVGHWUDQVSRUWHHOJDQDGRSDVDQGRSRUODVWRUUHV
GHORV6HUUDQRVRHQHOFDXFHGHO7XULDHWF7DPELpQDSDUHFHQVHULHVGHODVÀHVWDV\DFRQ
WHFLPLHQWRVTXHVHFHOHEUDEDQFRPRSRUHMHPSORORVVHWHFLHQWRVGRFXPHQWRVVREUHOD
([SRVLFLyQ5HJLRQDO9DOHQFLDQDGHGHRÀFLRVTXHPXHVWUDQDODVJHQWHVHQHOFDPSR
HQODSOD\DFRQORVGLIHUHQWHVWLSRVGHSHVFDORVSDLVDMHVHWF6HUHDOL]DEDQWDUMHWDVGHFDVL
WRGRVORVWHPDVGHUHSURGXFFLRQHVGHSLQWXUDVLOXVWUDGDVSRUGLEXMDQWHVFRQFDULFDWXUDV
YLxHWDVDQXQFLRVRODVHULHUHDOL]DGDSRU2UDZ5DII GXUDQWHOD)HULDGHFRQUHSURGXF
FLRQHVGHORVFDUWHOHVGHOD)HULDGH9DOHQFLDGHVGHVXVLQLFLRVHQKDVWDODDFWXDOLGDG
/DPD\RUtDGHHVWDVWDUMHWDVSRVWDOHVIXHURQLPSUHVDVHQIRWRWLSLDRFRORWLSRDXQTXH
WDPELpQVHXWLOL]DURQODOLWRJUDItD\VXVYDULDQWHVFRPRODFURPROLWRJUDItDHOKXHFRJUDEDGR\
HOIRWRJUDEDGRRPHGLRWRQRHQWUHRWURV(QGHÀQLWLYDFRPRVHxDOD0DULH/RXS6RXJH]©/D
IRWRJUDItDDKRUDLPSHUDQWHHQHOPHGLRLPSUHVRFRQODIRWRPHFiQLFD\ODIRWRFRPSRVLFLyQ
&$55$6&20$548e60DUWtQ&DWiORJRGHODVSULPHUDVWDUMHWDVSRVWDOHVGH(VSDxDLPSUHVDVSRU+DXVHU\0HQHW
0DGULG&DVD3RVWDOS
KDLGRJDQDQGRSUHSRQGHUDQFLDHQVLJOR\PHGLR$SDUWHGHOOLEUR\GHODSUHQVDUHLQDWDPELpQ
GRQGHHVWpQORVFDUWHOHVODVSRVWDOHVODVHWLTXHWDVGHSURGXFWRVPDQXIDFWXUDGRVHVGHFLUSUiF
WLFDPHQWHHQWRGRHOPHGLRLPSUHVR/DIRWRJUDItDQRKXELHVHOOHJDGRDOSXQWRGHGLYXOJDFLyQ
TXHFRQRFHGHQRKDEHUFRQWDGRFRQHODSR\RGHODIRWRPHFiQLFD/DDSRUWDFLyQGHDPEDV
HQODGLYXOJDFLyQGHODVREUDVGHDUWHHQWUHRWUDVQXPHURVDVDSOLFDFLRQHVHVFRQVLGHUDEOHª
2WUDFROHFFLyQGHWDUMHWDVSRVWDOHVLQJUHVDGDUHFLHQWHPHQWHHVODGHOOHJDGRGHORV
9HQWXUDIRUPDGDSRUGRFXPHQWRVDSDUWLUGH\VREUHWRGRGHYLVWDVGHFLXGDGHV
HVSDxRODV\H[WUDQMHUDV
3RUORTXHVHUHÀHUHDORVIRUPDWRVOD8QLyQ3RVWDO8QLYHUVDOXQLIRUPyHOWDPDxRGH
ODVSRVWDOHVD[FHQWtPHWURVXQSRFRPiVSHTXHxDVTXHODVDFWXDOHVFX\DVPHGLGDVPiV
IUHFXHQWHVVRQ[FHQWtPHWURVSHURWDPELpQUHDOL]DQHGLFLRQHVHQGLIHUHQWHVIRUPDWRV
FRPRODV[R[ODVPiVJUDQGHVTXHQRUPDOPHQWHYDQSOHJDGDV
)LQDOPHQWH\FRQSDODEUDVGH-RVHS2OLYHUDVSRGHPRVFRQFOXLUTXH©OHVWDUJHWHV
SRVWDOVFRQWULEXwUHQ>@DGLYXOJDUHOFRQHL[HPHQWGHOORFVLSDLVDWJHV>@'HWDOPDQHUD
TXHDEDQVGHOVDQ\VWUHQWDG·DTXHVWVHJOHHVGLVSRVDMDGHQRWDEOHVVqULHVIRWRJUjÀTXHVGH
SDLVDWJHVUXUDOVLXUEDQV­OEXPVGHIRWRJUDÀHVGHGLIHUHQWVDXWRUVVREUHXQPDWHL[OORF
LÀQVLWRWSHUOHVSREODFLRQVLSDLVDWJHVGHPpVLQWHUqVG·jOEXPVGLVWLQWVHQLQWHUYDOV
G·DSUR[LPDGDPHQWXQDGHVHQDRPHQ\VDQ\Vª
&DUWHOHV
&URQRORJtDDFWXDOLGDG
9ROXPHQDSUR[
)RUPDGHLQJUHVRGRQDFLyQFRPSUD\'HSyVLWR/HJDO
(OQDFLPLHQWRGHOFDUWHODÀQDOHVGHOVLJOR;,;VXSXVRXQ©IHQyPHQRPXQGLDOªVHJ~Q
5DIDHO&RQWUHUDV-XHVDVTXLHQWDPELpQDÀUPDTXH©KDVWDKDFHUHODWLYDPHQWHSRFRVDxRV
HOFDUWHOVHKDFRQVLGHUDGRFRPRREUDPHQRUVLQUHFRQRFHUOHODLPSRUWDQFLDDUWtVWLFDH
KLVWyULFDTXHPHUHFHª
/D%LEOLRWHFD9DOHQFLDQDGHVGHHOPRPHQWRGHVXFUHDFLyQKDGHGLFDGRDOFDUWHOXQ
HVSDFLRHQVXFROHFFLyQKDFLHQGRKRQRUDODJUDQWUDGLFLyQFDUWHOtVWLFDTXHKDWHQLGROD&RPX
QLWDW9DOHQFLDQDGHVGHSRFRGHVSXpVGHODDSDULFLyQGHORVSULPHURVFDUWHOHV(OUHVXOWDGRHV
ODDFWXDOFROHFFLyQTXHFRQPiVGHRQFHPLOFDUWHOHVFHUFDGHVHLVPLOTXLQLHQWRVLQJUHVDGRV
%LEOLRWHFD1DFLRQDO0DGULG$xRVGHIRWRJUDItDHQOD%LEOLRWHFD1DFLRQDOJXtDLQYHQWDULRGHORVIRQGRVIRWRJUiÀFRV
GHOD%LEOLRWHFD1DFLRQDO0DGULG'LUHFFLyQ*HQHUDOGHO/LEUR\%LEOLRWHFDVS
2/,9(5$66$0,7,(5-RVHS/DIRWRJUDÀDLHOVHVWXGLVGHSDLVDWJHSRVVLELOLWDWVSHUDODLQYHVWLJDFLy(Q/DLPDWJHLODUHFHUFD
KLVWzULFDSRQqQFLHVLFRPXQLFDFLRQV,9-RUQDGHV$QWRQL9DUHV*LURQD$MXQWDPHQWS
'HÀQLFLyQGHFDUWHOGHODV5HJODVGHFDWDORJDFLyQ(GUHIXQGLGD\UHY>0DGULG@'LUHFFLyQ*HQHUDOGHO/LEUR
$UFKLYRV\%LEOLRWHFDVS©3LH]DGHSDSHOGHWHODRGHFXDOTXLHURWURPDWHULDOFRQLQVFULSFLRQHVR
ÀJXUDVTXHVLUYHGHDQXQFLRSURSDJDQGDDYLVRHWFª
&2175(5$6-8(6$65DIDHO/RVFDUWHOHVGHIDOODVGH9DOHQFLD9DOHQFLD$\XQWDPLHQWRGH9DOHQFLDS
/D%LEOLRWHFD
9DOHQFLDQD
SRU'HSyVLWR/HJDOPiVGHGRVPLOSRUFRPSUD\FHUFDGHGRVPLOTXLQLHQWRVSRUGRQDFLyQ
DEDUFDHOSHULRGRTXHYDGHVGHHO~OWLPRFXDUWRGHOVLJOR;,;KDVWDODDFWXDOLGDG
&DUWHOGH9LFHQWH&OLPHQW3ULPHUSUHPLRHQOD([SRVLFLyQ5HJLRQDO9DOHQFLDQDGH
9DOHQFLD/LW6'XUi&ROHFFLyQ9DOHQFLDQD
/D&RPXQLWDW9DOHQFLDQDKDVLGRFXQDGHSUHVWLJLRVRVFDUWHOLVWDVDVtFRPRGHLP
SRUWDQWtVLPDVLPSUHQWDVGHFDUWHOHV8QRV\RWUDVWLHQHQVXHVSDFLRHQHVWDFROHFFLyQ$Vt
SXHGHQHQFRQWUDUVHFDUWHOHVGH-RVp\GH%DUWRORPp0RQJUHOO&DUORV5XDQR/ORSLV©HO
FDUWHOLVWDYDOHQFLDQRPiVLQWHUQDFLRQDO\SRVHHGRUGHXQHVWLORSHUVRQDOtVLPR²GHQWURGH
ODWHPiWLFDWDXULQD²TXHDEDUFDODPD\RU\PiVFRQRFLGDSDUFHODGHVXREUDª-RVp6HJUH
OOHV$UWXUR%DOOHVWHUTXH©HVXQRGHORVJUDQGHVPDHVWURV\UHQRYDGRUHVGHODFDUWHOtVWLFD
YDOHQFLDQDHQJHQHUDOª/XLV'XEyQ5DIDHO5DJDUHFRQRFLGRFDUWHOLVWDGHIDOODV\GHFLQH
TXHWDPELpQÀUPyVXVREUDVFRPR©5DPyQª\TXHWXYRXQDJUDQDPLVWDGFRQ-RVHS5HQDX
RWURJUDQFDUWHOLVWDSUHVHQWHHQHVWDFROHFFLyQ$VLPLVPRFXHQWDFRQREUDVGHFDUWHOLVWDV
HQDFWLYRFRPR5DIDHO&RQWUHUDV-XHVDV0DQXHO%RL[R$UWXU+HUDVHQWUHRWURVPXFKRV
TXHVHUtDPX\SUROLMRHQXPHUDU,JXDOPHQWHSXHGHHQFRQWUDUVHXQEXHQQ~PHURGHFDU
WHOHVLPSUHVRVSRUGRVGHODVOLWRJUDItDVPiVDFUHGLWDGDVGH9DOHQFLDOD/LWRJUDItD2UWHJD
IXQGDGDHQSRU-RVp2UWHJD%RQHW\ORVWDOOHUHVOLWRJUiÀFRVIXQGDGRVSRU6LPHyQ
2SFLWS
2SFLWS
'XUiHQTXHHVWXYLHURQHQIXQFLRQDPLHQWRKDVWDODGpFDGDGH2WUDVLPSUHQWDV
YDOHQFLDQDVLPSRUWDQWHVTXHWLHQHQVXHVSDFLRHQHVWDFROHFFLyQVRQ$UOLW*UiÀFDV9DOHQFLD
$UPHQJRWR3HQWDJUDIHQWUHRWUDV
/DWHPiWLFDGHORVFDUWHOHVSHUWHQHFLHQWHVDHVWDFROHFFLyQHVPX\YDULDGDDXQTXHSUH
GRPLQDODYDOHQFLDQDFDUWHOHVIHVWLYRUHOLJLRVRVGHH[SRVLFLRQHVGHODV)DOODVGH9DOHQFLD
GHODV+RJXHUDVGH6DQ-XDQGH$OLFDQWHGHODVÀHVWDVGHOD0DJGDOHQDGH&DVWHOOyQGHOD
)HULDGH9DOHQFLD\GHOD)HULD0XHVWUDULR,QWHUQDFLRQDOGHO'tDGHO/LEURGHFRUULGDVGH
WRURVGHOD,,5HS~EOLFD\GHOD*XHUUD&LYLOHVSDxRODVGHFLQHHWF
'HORVFDUWHOHVGHHVWDFROHFFLyQFDEHGHVWDFDUODSUHVHQFLDGHXQJUDQQ~PHUR
GHOLWRJUDItDV\GHDOJXQDVFURPROLWRJUDItDVGHDOJXQRVFDUWHOHVDQWLJXRVFRPRHOTXH
DQXQFLDOD)HULDGH-XOLRGH9DOHQFLDGHODxRFXDQGRpVWDFHOHEUDEDWDQVyORVX
FXDUWDHGLFLyQGHORVFDUWHOHVTXHREWXYLHURQHOSULPHU\VHJXQGRSUHPLRHQOD([SRVL
FLyQ5HJLRQDO9DOHQFLDQDGHGH9LFHQWH&OLPHQW\5DPyQ6WRO]UHVSHFWLYDPHQWH
RGHOTXHDQXQFLDHOEDOQHDULRGHODV$UHQDVGH-RVHS5HQDXXQRGHVXVFDUWHOHVPiV
FRQRFLGRV
8QDGHODVFDUDFWHUtVWLFDVPiVUHOHYDQWHVGHHVWDFROHFFLyQHVVXFDUiFWHUVHULDGR
GHQRPLQDGRDVtSRUODSUHVHQFLDGHFDUWHOHVDQXQFLDGRUHVGHHVSHFWiFXORVTXHVHUHDOL]DQ
DQXDOPHQWH$VtSRUHMHPSORFXHQWDFRQVHULHVDXQTXHQRFRPSOHWDVGHFDUWHOHVGHOD
)HULDGH-XOLRGHVGHGHOD)HULD0XHVWUDULR,QWHUQDFLRQDOGHVGHRGHODV)DOODV
GH9DOHQFLDGHVGHDxRHQTXH-RVp6HJUHOOHVUHDOL]yHOSULPHUFDUWHOIDOOHUR
0DSDV\SODQRV
&URQRORJtDFDDFWXDOLGDG
9ROXPHQDSUR[
)RUPDGHLQJUHVRGRQDFLyQOHJDGRFRPSUD\'HSyVLWR/HJDO
/DVFROHFFLRQHVFDUWRJUiÀFDVGHOD%LEOLRWHFD9DOHQFLDQDHVWiQIRUPDGDVSRUPDSDV
DWODVSODQRVFDUWDVQiXWLFDVIRWRJUDItDVDpUHDV\HQGHÀQLWLYDWRGRVDTXHOORVGRFXPHQWRV
©TXHUHSUHVHQWDQHQVXWRWDOLGDGRHQSDUWHODWLHUUDRORVFXHUSRVFHOHVWHVDFXDOTXLHUHVFDODª
5HVSHFWRDOD&RPXQLWDW9DOHQFLDQDHQWUHORVPDSDVVXHOWRV\DWODVPiVDQWLJXRVFRQ
VHUYDGRVHQOD%LEOLRWHFD9DOHQFLDQDGHVWDFDQODREUDGH$EUDKDP2UWHOLXV9DOHQWLDUHJQXP
VHSDUDGRGH,OWKHDWURGHOPRQGRHO$WODVPLQRUGH*HUDUGXV0HUFDWRUFRQ5HJQL9DOHQWLDH
W\SXVSXEOLFDGRHQWUH\RODREUDGH-RKDQQ-DQVVRQ$WODVQRYXVSXEOLFDGDHQ
ÉPVWHUGDPHQGHOTXHOD%LEOLRWHFD9DOHQFLDQDFRQVHUYDXQHMHPSODUFRUUHVSRQGLHQWH
DVXPDSDGHOUHLQRGH9DOHQFLD9DOHQWLD5HJQXPFRQWHVWDQL3WROHGHQWDQL3OLQ\9DOHQWLD5HJQXP
GH-DQ%ODHX\&RUQHO%ODHXVHSDUDGRGH1RYXVDWODVÉPVWHUGDP
5HJODVGHFDWDORJDFLyQ(GUHIXQGLGD\UHY>0DGULG@'LUHFFLyQ*HQHUDOGHO/LEUR$UFKLYRV\%LEOLRWHFDV
S
/D%LEOLRWHFD
9DOHQFLDQD
9DOHQWLD5HJQXPFRQWHVWDQL3WROHGHQWDQL3OLQ
$PVWHUGDP-RKDQQHV-DQVVRQLXV&ROHFFLyQ9DOHQFLDQD
'HOVLJOR;9,,,GHVWDFDHOPDSDGHOUHLQRGH9DOHQFLDVHSDUDGRGHO$WODVFRQWUDFWXVGH
3HWHU6FKHQNHO0DSDJHRJUiÀFRGHO5H\QRGH9DOHQFLDGLYLGLGRHQVXVWUHFHJREHUQDFLRQHVRSDUWLGRV
GH7RPiV/ySH]GHHO0DSDGHO5H\QRGH9DOHQFLDSXEOLFDGRSRUHOERWiQLFRYDOHQ
FLDQR$QWRQLR-RVp&DYDQLOOHV\JUDEDGRSRU7RPiV/ySH](QJXtGDQRVHQHO0DSD
GHO$U]RELVSDGRGH9DOHQFLDGLVSXHVWRGHRUGHQGHO,OPR6U$U]RELVSR\&DELOGRGHVX6WD,JOHVLD
0HWURSROLWDQD+\SROLWR5LFDUWHODHVFXOSLyHQ9DOHQFLD7KRPiV9LOODQRYDODFRUULJLySXEOLFDGRHQ
R/L5HJQLGL9DOHQ]DH0XUFLDFRQO·,VROH%DOHDULH3LWLXVHSXEOLFDGRSRU$QWRQLR=DWWD
HQ9HQHFLDHQ
(QHOVLJOR;,;GHVWDFDQHOPDSDGHOUHLQRGH9DOHQFLDIRUPDGRSRU$+'XIRXU\
SXEOLFDGRHQ3DUtVHQORVGHODVSURYLQFLDVGH9DOHQFLD\$OLFDQWHJUDEDGRVSRU-RVp
5HLQRVRORVGH$OLFDQWH9DOHQFLD\&DVWHOOyQJUDEDGRVSRU$ODEHUQ\0DERQ\HOGHOD
SURYLQFLDGH$OLFDQWHGH)UDQFLVFR&RHOORFRQQRWDVGH3DVFXDO0DGR]
3LH]DLPSRUWDQWHWDPELpQHQODFROHFFLyQFDUWRJUiÀFDHVXQHMHPSODUGHOSODQRGH
7RVFDLPSUHVRHQHOVLJOR;9,,,9DOHQWLDHGHWDQRUXPYXOJRGHO&LG'HOLQHDWDD'UH7KRPD9LQ
FHQWLR7RVFD&RQJU2UDWRULMSUHVE\WHUR-SK)RUWHDIHWVFXOS
/DFROHFFLyQGHFDUWDVQiXWLFDVHVWiIRUPDGDSRUYDULRVFHQWHQDUHVGHGRFXPHQWRV
HQWUHORVTXHGHVWDFDQOD&DUWDHVIHULFDGHODFRVWDGH(VSDxDGHVGHFDERGH*DWDKDVWDFDERGH
2URSHVDGHRHO3ODQRGHOSXHUWR\UDGDGH9DOHQFLDOHYDQWDGRHQSRUOD&RPLVLyQKL
GURJUiÀFDDOPDQGRGHOFDSLWiQGHIUDJDWD'5DIDHO3DUGRGH)LJXHURDDVtFRPRXQDLPSRUWDQWH
FROHFFLyQGHGRFXPHQWRVSXEOLFDGRVHQ/RQGUHVSRUHO$GPLUDOW\
&DUWDQiXWLFD0RXLOODJHGH3HxLVFROD
)UDQFLD'pS{WGHV&DUWHVHW3ODQVGHOD0DULQHHQWUH\&ROHFFLyQ9DOHQFLDQD
(QOD%LEOLRWHFD9DOHQFLDQDWDPELpQVHFRQVHUYDHODUFKLYRGHIRWRJUDItDVDpUHDVYHUWL
FDOHVUHDOL]DGDVSRUODHPSUHVD&(7)$&RPSDxtD(VSDxRODGH7UDEDMRV)RWRJUDPpWULFRV
$pUHRVHPSUHVDIXQGDGDHQHODxRSRUXQJUXSRGHVRFLRVYLQFXODGRVFRQORVSULPH
URVWLHPSRVGHODDYLDFLyQPLOLWDUHVSDxROD\FRQODVSULPHUDVH[SHULHQFLDVHQODUHDOL]DFLyQ
GHOHYDQWDPLHQWRVFDUWRJUiÀFRVDSDUWLUGHIRWRJUDItDVDpUHDV(VWDFROHFFLyQHVWiIRUPDGD
SRUHOPDWHULDORULJLQDOVREUHHOWHUULWRULRGHOD&RPXQLWDW9DOHQFLDQD\TXHDVFLHQGHDGLH
FLVLHWHPLOVHLVFLHQWDVIRWRJUDItDV\GRVFLHQWRVVHVHQWDJUiÀFRVFRUUHVSRQGLHQWHVDOSHULRGR
TXHYDGHVGHODGpFDGDGHKDVWDIHFKDHQODTXHODHPSUHVDFHVDVXSURGXFFLyQ
6HWUDWDGHXQDFROHFFLyQGHGRFXPHQWRVRULJLQDOHVPX\LPSRUWDQWHVSDUDHOHVWXGLR
GHORVHVSDFLRVFXOWLYDGRVORVWLSRVGHFXOWLYRVODVYtDVGHFRPXQLFDFLyQ\ODXWLOL]DFLyQGHO
VXHORHQGHÀQLWLYDSDUDHOHVWXGLRGHODWUDQVIRUPDFLyQGHOSDLVDMH
/D%LEOLRWHFD
9DOHQFLDQD
)RWRJUDItDDpUHD$OLFDQWH&(7)$
&RPSDxtD(VSDxRODGH7UDEDMRV)RWRJUDPpWULFRV$pUHRV
(QODDFWXDOLGDGOD%LEOLRWHFD9DOHQFLDQDFRQVHUYDXQDYDOLRVDFROHFFLyQGHGRFXPHQ
WRVFDUWRJUiÀFRVDQWLJXRV\PRGHUQRVGHGLYHUVRVOXJDUHVGHOPXQGR²DXQTXHHOPD\RU
Q~PHURFRUUHVSRQGHDOD&RPXQLWDW9DOHQFLDQD²\TXHVHYDHQULTXHFLHQGRWDQWRSRUODV
FRPSUDVGRQDFLRQHV\OHJDGRVFRPRSRUODJUDQYDULHGDGGHGRFXPHQWRVLQJUHVDGRVSRU
HO'HSyVLWR/HJDO
0DWHULDOHItPHUR
&URQRORJtDDFWXDOLGDG
9ROXPHQDSUR[
)RUPDGHLQJUHVRGRQDFLyQFRPSUD\'HSyVLWR/HJDO
(VWDFROHFFLyQHVGHQWURGHOPDWHULDOJUiÀFRLPSUHVRODGHPiVUHFLHQWHIRUPDFLyQ
)RUPDGDSRUXQODGRDSDUWLUGHORVLPSUHVRVHItPHURVLQJUHVDGRVFRPRSDUWHLQWHJUDQWH
GHDOJXQRVOHJDGRV\FROHFFLRQHVGHOD%LEOLRWHFD9DOHQFLDQD\SRURWURSRUORVLQJUHVDGRV
SRUFRPSUD\SRU'HSyVLWR/HJDOFXHQWD\DFRQPiVGHSLH]DV$EDUFDHOSHULRGR
TXHYDGHVGHSULQFLSLRVGHOVLJOR;;KDVWDODDFWXDOLGDG\FRQWLHQH©GRFXPHQWRVTXHKDQ
VLGRSURGXFLGRVHQUHODFLyQFRQXQDFRQWHFLPLHQWRGHWHUPLQDGRRXQDUWtFXORGHLQWHUpV
DFWXDO\TXHQRSUHWHQGHQVREUHYLYLUDODDFWXDOLGDGGHVXPHQVDMHª-RKQ(3HPEHUWRQ
(OPDWHULDOHItPHURHVXQPDWHULDO©TXHVHUHVLVWHDVHJXLUORVFDQDOHVQRUPDOHVGH
DGTXLVLFLyQDOPDFHQDPLHQWR\FRQWUROELEOLRJUiÀFRª(VWDFLUFXQVWDQFLDDODKRUDGHOOHYDU
DFDERVXJHVWLyQREOLJDDWHQHUHQFXHQWDGLIHUHQWHVSXQWRVGHYLVWDTXHFRQGLFLRQDQWDQWR
ODLQVWDODFLyQGHORVGRFXPHQWRVFRPRVXFDWDORJDFLyQODWLSRORJtDHWLTXHWDVQDUDQMHUDV
OLEULWRVGHSDSHOGHIXPDUDOPDQDTXHVH[OLEULVELOOHWHVGHYLDMHODVWpFQLFDVGHLPSUHVLyQ
OLWRJUDItDVFURPROLWRJUDItDVKXHFRJUDEDGRVRORVWDPDxRV\IRUPDWRVUHFWDQJXODUHV
FXDGUDGRVFLUFXODUHVWULDQJXODUHVWURTXHODGRV/DFDWDORJDFLyQTXHVHHVWiUHDOL]DQGR
KDWRPDGRFRPRFULWHULRUHFWRUODDJUXSDFLyQGHORVPDWHULDOHVHQSHTXHxDVFROHFFLRQHV
VLJXLHQGRODVWLSRORJtDVGRFXPHQWDOHVTXHHQXPHUDPRVDFRQWLQXDFLyQ
D(WLTXHWDVQDUDQMHUDV
6HWUDWDGHXQDSHTXHxDFROHFFLyQGHGRFXPHQWRVTXHDEDUFDHOSHULRGRFRP
SUHQGLGRHQWUHODGpFDGDGH\ODGH
$ÀQDOHVGHOVLJOR;,;ORVHPSUHVDULRVYDOHQFLDQRVH[SRUWDGRUHVGHQDUDQMDVFR
PHQ]DURQDLGHQWLÀFDUVXSURGXFWRSDUDGLIHUHQFLDUORGHOUHVWRGHORVFtWULFRVGHOPHUFDGR
LQWHUQDFLRQDO$VtDSDUHFHFRPRHOHPHQWRLGHQWLÀFDGRUODPDUFDHVWDPSDGDHQODPDGHUD
GHODVFDMDV$SULQFLSLRVGHOVLJOR;;\JUDFLDVDODVWpFQLFDVGHLPSUHVLyQOLWRJUiÀFDOD
RULJLQDOPDUFDHYROXFLRQyKDVWDODVHWLTXHWDVQDUDQMHUDVFRQORTXHpVWDVVHFRQYLUWLHURQ
SRFRGHVSXpVHQXQPHGLRSXEOLFLWDULRGHOSURGXFWRGHJUDQLQWHUpVSDUDORVHPSUHVDULRV
)XHHVWHXQPHGLRHQHOTXHSUHVWLJLRVRVGLVHxDGRUHV\DUWLVWDVFRPR$OEHUWR3HULV5DPyQ
R-XDQLQRGHMDURQVXLPSURQWD
E(WLTXHWDVGHYLQRV\OLFRUHV
(VWDHVXQDFROHFFLyQGHHWLTXHWDVGHYLQRV\OLFRUHVGHGLIHUHQWHVIDEULFDQWHV
EiVLFDPHQWHYDOHQFLDQRVFRPR'LRQLVH+LMRV/RV/HRQHV9LOODUH]\&7RSRUUH]\&tD
\-XDQ*LVEyQ\&tD/RVQRPEUHVGHORVIDEULFDQWHV\ODVPDUFDVGHORVYLQRV\OLFRUHV
DSDUHFHQHQODVHWLTXHWDVGHVWDFDGRVWLSRJUiÀFDPHQWHMXQWRFRQPRWLYRVJUiÀFRV/DVIRU
PDVGHODVHWLTXHWDVVRQPX\YDULDGDVODVKD\FXDGUDGDVFRQRVLQORVFDQWRVUHGRQGHDGRV
UHFWDQJXODUHVWURTXHODGDVFRQIRUPDGHERWHOODRHQIRUPDGHURPER
F([OLEULV
(QHOOLEURGHODH[SRVLFLyQ©'HODPDUFDPDQXVFULWDDO·DFWXDOH[OLEULVª(QULF%HOO
YHVHUGHÀQHHOH[OLEULVFRPR©WRWDPDUFDGHSURSLHWDWDSOLFDGDRDSOLFDEOHDOOOLEUHª(Q
%LEOLRWHFD1DFLRQDO0DGULG5$0263e5(=526$5,2(SKHPHUDODYLGDVREUHSDSHO&ROHFFLyQGHOD%LEOLRWHFD
1DFLRQDO0DGULG%LEOLRWHFD1DFLRQDOS
2SFLWS
'HODPDUFDPDQXVFULWDDO·DFWXDOH[OLEULV9DOqQFLD$MXQWDPHQWS
/D%LEOLRWHFD
9DOHQFLDQD
GHÀQLWLYDRWUDPDUFDTXHHVFRPRHQHOFDVRGHODVHWLTXHWDVXQHVSDFLRPX\SURSLFLR
SDUDORVDUWLVWDVJUiÀFRV(VWDFROHFFLyQFRQWLHQHFHUFDGHRFKRFLHQWRVH[OLEULVTXHSXHGHQ
DJUXSDUVHHQH[OLEULVGHOJUDEDGRU\GLEXMDQWH-XOLR)HUQiQGH]6iH]QDFLGRHQ0LVODWDHQ
\GHVGHGHGLFDGRDOH[OLEULVPRH[OLEULVGHGLVWLQWRVDXWRUHVSDUDSURSLHWDULRV
GHELEOLRWHFDVÀQODQGHVDVH[OLEULVFX\RFRQWHQLGRLFRQRJUiÀFRHVWiUHODFLRQDGRFRQOD
P~VLFDFRQHOPXQGRDQLPDOODQDWXUDOH]DRHOPDUH[OLEULVKHUiOGLFRV\H[OLEULVHUyWLFRV
G/LEULWRVGHSDSHOGHIXPDU
6HWUDWDGHXQDFROHFFLyQGHOLEULWRVGHSDSHOGHIXPDUGHOSHULRGRTXHDEDUFDHO
VHJXQGR\HOWHUFHUFXDUWRGHOVLJOR;;(OIDEULFDQWHGHODPD\RUSDUWHGHORVOLEULWRVHVOD
)iEULFDGH3DSHO-RVp/DSRUWD9DORUGH$OFR\RWURVIDEULFDQWHVVRQ3DSHOHUDV5HXQLGDV
GH$OFR\+LMRGH&*LVEHUW7HUROGH$OFR\R3D\i0LUDOOHVGH9DOHQFLD&DVLWRGRVORV
OLEULWRVHVWiQLOXVWUDGRVFRQLPiJHQHVTXHUHSUHVHQWDQLFRQRJUiÀFDPHQWHODVPDUFDVGHO
SDSHOSRUHMHPSORXQKRPEUH\XQDPXMHUHQXQVLGHFDUSDUDHOSDSHOGHODPDUFD(O
VLGHFDURXQEDUFRSDUDHOSDSHOGHODPDUFD(OEDUFR2WUDVPDUFDVGHSDSHOVRQ/D
EiVFXOD(OJDYLOiQ(OVLQULYDO/DLPSHULDO\=LJ]DJ/DLQIRUPDFLyQWH[WXDOTXHDSDUHFH
KDFHUHIHUHQFLDDOSUHFLRGHOSDSHODODFDOLGDG\DORVFRPSRQHQWHV&RPRFXULRVLGDGFDEH
VHxDODUODSUHVHQFLDGHXQOLEULWRTXHOOHYDHQHOLQWHULRUXQDWDEODGHHTXLYDOHQFLDVGH©NLORV
DDUUREDVFDVWHOODQDV\YDOHQFLDQDVª(QFXDQWRDODVIRUPDVXQRVWLHQHQIRUPDGHOLEUR
RWURVFRQVLVWHQHQXQDOiPLQDLOXVWUDGDGREODGDHQWUHVSDUWHVTXHHQYXHOYHQODVKRMDV\
KD\RWURVHQIRUPDGHHVWXFKHFRQXQDUDQXUDSRUODTXHVHH[WUDHQODVKRMDVGHSDSHO
H3URJUDPDVGHPDQRGHFLQH
$OLJXDOTXHSDVDFRQODVHWLTXHWDVQDUDQMHUDVUHVSHFWRDODVQDUDQMDVHOFDUWHOGHFLQH
HVXQYHKtFXORGHGLIXVLyQ\SURPRFLyQUHVSHFWRGHOSURGXFWRTXHDQXQFLDODVSHOtFXODV\
GHVXVFUHDGRUHVHLQWpUSUHWHV(OFDUWHOGHFLQHWDPELpQIXHXQPHGLRSXEOLFLWDULRHQHOTXH
WUDEDMDURQ\WUDEDMDQJUDQGHVFDUWHOLVWDV'HQWURGHOFDUWHOGHFLQHHOSURJUDPDGHPDQRHV
XQDWLSRORJtDTXHVHFDUDFWHUL]DIXQGDPHQWDOPHQWHSRUVXWDPDxRUHGXFLGRPiVRPHQRV
[FP(VWDFROHFFLyQFRQWLHQHSURJUDPDVGHPDQRLPSUHVRVHQWUHODGpFDGDGH
\ODGH$OJXQRVGHORVDXWRUHVGHODVLOXVWUDFLRQHVVRQ0DF²VHXGyQLPRGH
0DFDUL*yPH]4XLEXVTXHIXHXQRGHORVFDUWHOLVWDVGHFLQHPiVSUROtÀFRVHQODVHJXQGD
PLWDGGHOVLJOR;;FRQFHUFDGHWUHVPLOFDUWHOHV\VHLVPLOSURJUDPDVGHPDQR²ÉOYDUR
$PR+HUPLGD-DQR0RQWDOEiQ$OEHUWR3HULV*UHJRUL5DPyQ\6ROLJy(QHOUHYHUVR
GHXQDJUDQSDUWHGHORVSURJUDPDVFRQVWDQORVOXJDUHVHQORVTXHIXHURQSUR\HFWDGDVODV
SHOtFXODVTXHDQXQFLDEDQHQHOFDVRGH9DOHQFLDHO&LQH*UDQ9tDHO&LQH&ULVWLQDRHO
&LQH$YHQLGD$OJXQRVGHORVWDOOHUHVWLSRJUiÀFRVHQORVTXHVHLPSULPLHURQVRQ&DUYLOOH
*UiÀFDV%REHV+LMRGH%%Dxy,*9LODGRW-XDQ%DUJXxR\&tD7*/ODXJHUR0DUWt
L0DUtWRGRVGH%DUFHORQDR*UiÀFDV9DOHQFLD-/$JXLODU\&ž/LW0LUDEHWR/LW-
$YLxyGH9DOHQFLD
I%DQGHULQHV
6HWUDWDGHXQDFROHFFLyQGHEDQGHULQHVFRQYLVWDVGHODFLXGDGGH9DOHQFLDD
PHGLDGRVGHOVLJOR;;HQWUHORVTXHHQFRQWUDPRVODSOD]DGHO$\XQWDPLHQWRLOXPLQDGD
GXUDQWHODQRFKHRGHGtDFRQSXHVWRVGHÁRUHVRFRQODIDOODGHODxRDOJXQDVFDOOHV
FRPRODGHO%DUyQGH&iUFHURODDYHQLGDGHO0DUTXpVGHO7XULDODLPDJHQGHOD9LUJHQGH
ORV'HVDPSDUDGRVODVWRUUHVGHORV6HUUDQRV\GH4XDUWROD3OD]DGH7RURVGXUDQWHXQD
FRUULGD7DPELpQKD\DOJXQRVHQORVTXHDSDUHFHQUHSUHVHQWDGDVHVFHQDVWtSLFDVYDOHQFLDQDV
J%ROHWRVGHWyPEROD
(VWDFROHFFLyQFRQWLHQHDSUR[LPDGDPHQWHPLOVHLVFLHQWRVFLQFXHQWDEROHWRVGHOD
7yPEROD9DOHQFLDQDGHOD&DULGDGGHODxR6RQGRFXPHQWRVGHXQWDPDxRPX\
SHTXHxR[FP(QHOUHFWROOHYDQLPSUHVDXQDLPDJHQGHYLVWDVDpUHDVPRQXPHQWRV
ROXJDUHVGHOD&RPXQLWDW9DOHQFLDQDWLSRVUHJLRQDOHVEDLOHVSRSXODUHV\HQHOYHUVR
SURSDJDQGDGHFRPHUFLRVGH9DOHQFLDFRQGHVFXHQWRVGHSURGXFWRVTXHSXHGHQDGTXLULUVH
HQGLFKRVFRPHUFLRV\XQWH[WRTXHLGHQWLÀFDORTXHUHSUHVHQWDODLPDJHQ$OJXQRVEROHWRV
FRQWLHQHQWDPELpQXQQ~PHURTXHHQFDVRGHVHUSUHPLDGRUHSRUWDEDXQSUHPLRSDUD
TXLHQORKDEtDFRPSUDGR
K&URPRV
6HWUDWDGHXQDFROHFFLyQGHDSUR[LPDGDPHQWHYHLQWLRFKRPLOFURPRVSXEOLFDGRV
GHVGHKDVWDQXHVWURVGtDV(QWUHHOORVGHVWDFDXQiOEXPFRQIRWRWLSLDVGH
UH\HVSROtWLFRVPLOLWDUHVSLQWRUHVWRUHURVHWFLPSUHVRHQ%DUFHORQDDSUR[LPDGDPHQWH
HQSRUORVKHUPDQRV6DPVRW\0LVVp\-7KRPDV8QDGHODVHPSUHVDVHGLWRUDVFRQ
PiVUHSUHVHQWDFLyQGHQWURGHHVWDFROHFFLyQHVODYDOHQFLDQD0DJD(VWDHGLWRULDOFUHDGD
SRUHOSDGUH\ORVKHUPDQRVGHOGLEXMDQWH\JXLRQLVWD0DQXHO*DJRHPSH]yDWUDEDMDUHQ
\VHGHGLFyDODHGLFLyQGHFURPRVGHVGHHODxRKDVWDVXGHVDSDULFLyQHQ
)RUPDQSDUWHGHODFROHFFLyQGHOD%LEOLRWHFD9DOHQFLDQDiOEXPHVFRPR=RRORJtD\ERWiQLFD
(OJXHUUHURGHODQWLID]iOEXPSDUDFURPRVR+LVWRULDÀFFLyQ
2WUDVFROHFFLRQHVGHPDWHULDOHItPHURTXHFDEHQRPEUDUVRQODGHELOOHWHVGHYLDMH
SDSHOWLPEUDGRHQWUDGDVGHWHDWURHWFFRQXQRVWUHVPLOTXLQLHQWRVGRFXPHQWRVODGH
DOPDQDTXHVODGHHVWDPSDVGHYRFLRQDOHVODGHUHFRUWDEOHV\RWUDVPXFKDVTXHKDFHQGH
HVWDFROHFFLyQXQDGHODVPiVULFDV\YDULDGDVGHQWURGHOPDWHULDOJUiÀFRLPSUHVRDSHVDU
GHOFDUiFWHUHItPHURGHORVGRFXPHQWRVTXHODFRPSRQHQ
$*5$0817/$&58=)UDQFLVFR'LFFLRQDULRGHDUWLVWDVYDOHQFLDQRVGHOVLJOR;;9DOHQFLD$OEDWURV7,,S
/D%LEOLRWHFD
9DOHQFLDQD
(/'(3$57$0(172'(0$186&5,726<$5&+,9263(5621$/(6
'(/$%,%/,27(&$9$/(1&,$1$
;DYLHU$VLQV5LGDXUD
'HVGHODSULPHUDGRQDFLyQUHDOL]DGDDOD%LEOLRWHFD9DOHQFLDQDSRU1LFRODX3ULPLWLX
*yPH]6HUUDQRHQHODxRVHLQFRUSRUDQMXQWRFRQORVIRQGRELEOLRJUiÀFRVIRQGRV
GRFXPHQWDOHVTXHVRQHOJHUPHQGHOGHSDUWDPHQWRGH0DQXVFULWRV\$UFKLYRV3HUVRQDOHV
(VWHGHSDUWDPHQWRHVHOTXHVHHQFDUJDGHSURFHVDUWpFQLFDPHQWHWRGRHOPDWHULDOQRHGLWDGR
TXHUH~QHOD%LEOLRWHFD9DOHQFLDQD
/RVPDQXVFULWRV
'HQWURGHOWpUPLQRPDQXVFULWRVHLQFOX\HFXDOTXLHUWH[WRHVFULWRDPDQRRPHFDQRVFULWR
&XDQGRVHWUDWDGHGRFXPHQWRVOLWHUDULRVQRVHQFRQWUDPRVFRQRULJLQDOHVDXWyJUDIRVRFRQ
FRSLDVPDQXVFULWDVGHREUDVGHRWURVDXWRUHV7DPELpQVHLQFOX\HQODVSDUWLWXUDVPXVLFDOHV
RULJLQDOHVTXHSURYLHQHQGHORVDUFKLYRVSHUVRQDOHVGHP~VLFRVTXHVHKDQLQFRUSRUDGRD
OD%LEOLRWHFD9DOHQFLDQD
$VtSXHVODFROHFFLyQGHPDQXVFULWRVGHOD%LEOLRWHFD9DOHQFLDQDHVWiFRPSXHVWD
KDVWDODDFWXDOLGDGSRUGRFXPHQWRVODPD\RUSDUWHSURYHQLHQWHVGHODVGRQDFLRQHV
GH1LFRODX3ULPLWLX*yPH]6HUUDQR\GH6DOYDGRU3DOODUpV&LVFDU\GHODDGTXLVLFLyQSRU
SDUWHGHOD*HQHUDOLWDWGHODVELEOLRWHFDV%DV&DUERQHOO\)DPLOLD&DUUHUHVSHURWDPELpQGH
ODVELEOLRWHFDVSDUWLFXODUHVGHSHUVRQDOLGDGHVFRPR0DQXHO6DQFKLV*XDUQHU'LHJR6HYLOOD
/DXUHDQR5REOHVR3HUH0DULD2UWV$GHPiVKD\TXHDxDGLUSDUWLWXUDVPDQXVFULWDVGH
0LJXHO$VLQV$UEy\GH(GXDUGR/ySH]&KDYDUUL0DUFR
/DLPSRVLELOLGDGHQPXFKRVFDVRVGHUHDOL]DUODFDWDORJDFLyQSRUFRSLD²\DTXHVH
WUDWDGHPDWHULDOHV~QLFRV²VXSRQHTXHHOSURFHVRWpFQLFRVHDPiVODERULRVR0XFKRVGH
HVWRVPDWHULDOHVPDQXVFULWRVVRQVXVFHSWLEOHVGHUHFLELUXQWUDWDPLHQWRDUFKLYtVWLFRPRWLYR
SRUHOTXHHVQHFHVDULRSHUVRQDOHVSHFLDOL]DGR(QHOFDVRGHODVSDUWLWXUDVPDQXVFULWDVVH
KDFRQWDGRFRQODD\XGDGHSHUVRQDOGHO,QVWLWXW9DOHQFLjGHOD0~VLFDSDUDFDWDORJDUODV
'HQWURGHOFDWiORJRGHPDQXVFULWRVVHFRQVHUYDQQXPHURVRVSHUJDPLQRV(VHOFDVR
GHOGRFXPHQWRPiVDQWLJXRTXHVHFRQVHUYDHQOD%LEOLRWHFD9DOHQFLDQDXQDFDUWDSDUWLGD
SRU$%&GHODxRTXHFRQWLHQHODFRQÀUPDFLyQGHODSULPHUDFDUWDSXHEODGH6DQW
0DWHX
&DUWDSDUWLGDSRU$%&FRQODFRQÀUPDFLyQGHODFDUWDSXHEODGH6DQW0DWHX
/D%LEOLRWHFD
9DOHQFLDQD
(QWUHORVSHUJDPLQRVWDPELpQHQFRQWUDPRVEXODVSDSDOHVIHFKDGDVHQWUHORVDxRV
\
%XODGHOSDSD3tR9,GHODxRHQODTXHQRPEUDD)UDQFHVFR3LJQDWHOOL
SDUDHODUFHGLDQDWRGHO$PSXUGiQ
2WURVPDQXVFULWRVLQWHUHVDQWHVSRUODEHOOH]DGHVXGHFRUDFLyQPLQLDGDVRQOD6SHF
WDFXODOXFUHWLDQDGHGLFDGRSRUVXDXWRU-RDQ%DSWLVWD&DQWDOLFLRDOSDSD$OHMDQGUR9,FRQ
RFDVLyQGHODVQXSFLDVGHVXKLMD/XFUHFLD%RUMDFRQ$OIRQVRGH$UDJyQORV&RPHQWDULRV
DOD+LVWRULD1DWXUDOGH3OLQLRTXHSHUWHQHFLyDODDQWLJXDELEOLRWHFDGHOPRQDVWHULRGH6DQ
0LJXHOGHORV5H\HVRXQOLEURGHKRUDVPDQXVFULWRHQSRUHOFDUWXMDQRGH9DOOGH
&ULVW1DGDO,EixH]
6SHFWDFXODOXFUHWLDQD
3ULPHUDSiJLQDGHORV&RPHQWDULRVDOD+LVWRULD1DWXUDOGH3OLQLR
/D%LEOLRWHFD
9DOHQFLDQD
(OFRQMXQWRGHOLEURVGHFDStWXORV\RUGHQDQ]DVGHORVJUHPLRVYDOHQFLDQRVFRPR
HO*UHPLGH7HL[LGRUVL7LQWRUHUVFRQRUGHQDQ]DVGHVGHHODxRHOGHORV(VSDVHUV
GHODxRRORVGHORVJUHPLRVGHORV7UDJLQHUV$UPHUVL3DVVDPDQHUV\&RUGRQHUV
DSDUWHGHVXLQWHUpVKLVWyULFRGHVWDFDSRUTXHOXFHQOHWUDVFDSLWDOHVEHOODPHQWHGHFRUDGDVR
UHSUHVHQWDFLRQHVGHVXVVDQWRVSDWURQHV
'RVOLEURVGHJUHPLRV
(QHODSDUWDGRGHGRFXPHQWRVPHFDQRVFULWRVGHVWDFDODUHGDFFLyQPHFDQRJUDÀDGD
UHDOL]DGDSRU/OXtV5HYHVW&RU]RGHODVUHJODVRUWRJUiÀFDVYDOHQFLDQDVDFHSWDGDV\ÀUPDGDV
SRUORVUHSUHVHQWDQWHVGHODPD\RUtDGHODVLQVWLWXFLRQHVFXOWXUDOHVYDOHQFLDQDVGHOPRPHQWR
PiVFRQRFLGDVFRPRODV1RUPHVGH&DVWHOOyGH
/RVDUFKLYRV
/RVIRQGRVTXHVHGHSRVLWDQHQOD%LEOLRWHFD9DOHQFLDQDUHFLEHQXQFXLGDGRVRWUD
WDPLHQWRDUFKLYtVWLFR\VHLQYHQWDUtDQ\FDWDORJDQVLJXLHQGRODQRUPDWLYDLQWHUQDFLRQDO
DUFKLYtVWLFDSDUDODGHVFULSFLyQGHORVIRQGRVHO,6$'*\GHORVSURGXFWRUHV,6$$5
&3)$ODKRUDGHFODVLÀFDUORVIRQGRVVHXWLOL]DXQFXDGURGHFODVLÀFDFLyQSDUDDUFKLYRV
SHUVRQDOHVGHWLSRJHQpULFRTXHVHSXHGHDGDSWDUIiFLOPHQWHDODVSHFXOLDULGDGHVGHFDGD
IRQGR(QHOFDVRGHORVDUFKLYRVGHLQVWLWXFLRQHVVLQRWLHQHQVHHODERUDXQFXDGURGH
FODVLÀFDFLyQHVSHFtÀFRSDUDFDGDXQRGHHOORV
/DGRFXPHQWDFLyQGHORVDUFKLYRVGHSRVLWDGRVHQOD%LEOLRWHFD9DOHQFLDQDVHSXHGH
FRQVXOWDUVLHPSUHTXHVHKD\DQSURFHVDGRWpFQLFDPHQWH\GLVSRQJDQGHLQVWUXPHQWRVGH
GHVFULSFLyQVDOYRDTXHOORVGRFXPHQWRVTXHHVWpQVXMHWRVDUHVWULFFLRQHVGHDFFHVRUHJXODGDV
SRUODQRUPDWLYDYLJHQWHRSRUGHVHRGHORVWLWXODUHVGHORVDUFKLYRV
/RVIRQGRVGRFXPHQWDOHVTXHVHLQFRUSRUDQDOD%LEOLRWHFD9DOHQFLDQDSURFHGHQGH
WUHVYtDVODGRQDFLyQODDGTXLVLFLyQ\HOGHSyVLWRWHPSRUDO(VWH~OWLPRFDVRHVUHÁHMRGHO
FRPSURPLVRGHOD%LEOLRWHFD9DOHQFLDQDSRUODFRQVHUYDFLyQGHOSDWULPRQLRGRFXPHQWDOYD
OHQFLDQRTXHVHPDQLÀHVWDHQHODUWtFXORFXDUWRGHO'HFUHWRTXHODFUHDHQHOTXHVHHVWDEOHFH
TXHORVSURSLHWDULRVGHORVIRQGRVTXHVRQGHLQWHUpVSXHGHQGHSRVLWDUORVHQOD%LEOLRWHFDSRU
HOWLHPSRTXHVHDFXHUGHHQWUHDPEDVSDUWHV(VWDLQVWLWXFLyQVHKDFHFDUJRGHORVJDVWRVGH
LQVWDODFLyQPDQWHQLPLHQWR\HODERUDFLyQGHLQYHQWDULRVRFDWiORJRVVLQRWUDFRQWUDSDUWLGD
SRUSDUWHGHOSURSLHWDULRTXHODGHDXWRUL]DUHQHOPRPHQWRGHKDFHUHOGHSyVLWRTXHORV
IRQGRVSXHGDQVHUFRQVXOWDGRVSRUORVLQYHVWLJDGRUHV(VWRVDFXHUGRVVHIRUPDOL]DQPHGLDQWH
FRQWUDWRVGHFRPRGDWRHQWUHORVSURSLHWDULRVGHORVDUFKLYRV\OD*HQHUDOLWDW
3RUHVWHPRWLYRHQOD%LEOLRWHFD9DOHQFLDQDVHFRQVHUYDQIRQGRVGRFXPHQWDOHVHQ
GHSyVLWRTXHWDPELpQSXHGHQVHUFRQVXOWDGRVSRUORVLQYHVWLJDGRUHVTXHORGHVHHQ7RGRV
ORVIRQGRVVRQGHJUDQYDORUSDUDODLQYHVWLJDFLyQ\DTXHFRQWLHQHQPDWHULDOHV~QLFRVH
LUUHSHWLEOHV
$FWXDOPHQWHKD\GHSRVLWDGRVHQOD%LEOLRWHFD9DOHQFLDQDDUFKLYRVTXHFLWDPRVD
FRQWLQXDFLyQ
$UFKLYRVLQVWLWXFLRQDOHV
²$UFKLYRGHOD%LEOLRWHFD9DOHQFLDQD
²$UFKLYRGHOD&DVD5HJLRQDO9DOHQFLDQDGH0p[LFR
²$UFKLYRGHO&ROÃOHJLGHO·$UW0DMRUGHOD6HGD
²$UFKLYRGHO&ROHJLR,PSHULDOGH1LxRV+XpUIDQRVGH6DQ9LFHQWH)HUUHU
²$UFKLYRGHOD&RQIHGHUDFLy6LQGLFDOGH&RPLVVLRQV2EUHUHVGHO3DtV9DOHQFLj
²$UFKLYRGHOD)XQGDFLyQ3UHPLRV5H\-DLPH,
²$UFKLYRGHOD)XQGDFLy6DQW-RUGLSHUDO·(VFROWLVPH9DOHQFLj
²$UFKLYRGHO·,QVWLWXW9DOHQFLjG·(FRQRPLD
²$UFKLYRGHORVPLHPEURV\H[PLHPEURVGHO&RQVHOO9DOHQFLjGH&XOWXUD\
/D%LEOLRWHFD
9DOHQFLDQD
²$UFKLYRGHOD$UFKLFRIUDGtDGH1XHVWUD6HxRUDGHORV,QRFHQWHV0iUWLUHV\'HVDP
SDUDGRV5HDO%DVtOLFDGH1XHVWUD6HxRUDGHORV'HVDPSDUDGRVGH9DOHQFLD
$UFKLYRVSHUVRQDOHV
²$UFKLYRGH$GROI 3L]FXHWDL$OIRQVR
²$UFKLYRGH$JXVWtQ$ODPiQ5RGULJR
²$UFKLYRGH$OHMDQGUR)HUUDQW9i]TXH]
²$UFKLYRGH$PHOLD&RPED&RPED
²$UFKLYRGHÉQJHO/DFDOOH)HUQiQGH]
²$UFKLYRGH%HUWD6LQJHUPDQ
²$UFKLYRGH'LHJR6HYLOOD$QGUpV
²$UFKLYRGH'RPLQJR*DUFtD)RUFDGD
²$UFKLYRGH(GXDUGR(VFDODQWH0DWHX
²$UFKLYRGH(PLOLR$WWDUG$ORQVR
²$UFKLYRGHODIDPLOLD/DVVDOD
²$UFKLYRGHODIDPLOLD/ySH]&KDYDUUL$QG~MDU
²$UFKLYRGHODIDPLOLD6DDYHGUD5RGULJR
²$UFKLYRGHODIDPLOLD9HQWXUD
²$UFKLYRGH)HOLSH0DUtD*DUtQ2UWL]GH7DUDQFR
²$UFKLYRGH)UDQFHVF$OPHODL9LYHV
²$UFKLYRGH)UDQFLVFR%RVFK$ULxR
²$UFKLYRGH)UDQFLVFR6HPSHUH0DVLi
²$UFKLYRGH*XLOOHUPLQD0HGUDQR5DIDHO6XSHUYtD
²$UFKLYRGH,JQDFLR6ROGHYLOD'XUDQWH
²$UFKLYRGH-HV~V$ORQVR6HQWDQGUHX
²$UFKLYRGH-HV~V0DUWtQH]*XHUULFDEHLWLD
²$UFKLYRGH-RVp5RGUtJXH]2OD]iEDO
²$UFKLYRGH-XDQ-RVp%DUFLD*R\DQHV
²$UFKLYRGH-XDQ*LO$OEHUW6LPyQ
²$UFKLYRGH-XOLiQ6DQ9DOHUR$SDULVL
²$UFKLYRGH/DXUHDQR5REOHV&DUFHGR
²$UFKLYRGH/OXtV&HEULDQL0H]TXLWD
²$UFKLYRGH/XLV*D\5DPRV
²$UFKLYRGH/XLV6iQFKH])HUQiQGH]
²$UFKLYRGH0DQXHO6DQFKLV*XDUQHU
²$UFKLYRGH0DQXHO7DUDQFyQ)DQGRV
²$UFKLYRGH0DUtD&RQVXHOR5H\QD'RPpQHFK
²$UFKLYRGH0LJXHO$VLQV$UEy
²$UFKLYRGH1LFRODX3ULPLWLX*yPH]6HUUDQR
²$UFKLYRGH3HGUR*LO0RUHQRGH0RUD
²$UFKLYRGH3HUH0DULD2UWV%RVFK
²$UFKLYRGH5DIDHO/DSHVD0HOJDU
²$UFKLYRGH9LFHQWH*LQHU%RLUD\
²$UFKLYRGH9LFHQWH/ORUHQV&DVWLOOR
/D6HFFLyQGHO([LOLR5HSXEOLFDQR9DOHQFLDQR
/RVDUFKLYRVGHOD&DVD5HJLRQDO9DOHQFLDQDGH0p[LFR*XLOOHUPLQD0HGUDQR5DIDHO
6XSHUYtD-HV~V0DUWtQH]*XHUULFDEHLWLD-RVp5RGUtJXH]2OD]iEDO-XDQ*LO$OEHUW6LPyQ\
9LFHQWH/ORUHQV&DVWLOORIRUPDQOD6HFFLyQGHO([LOLR5HSXEOLFDQR9DOHQFLDQR/DIXQFLyQ
GHHVWD6HFFLyQHVDJUXSDUORVDUFKLYRVGHORVYDOHQFLDQRVH[LOLDGRVGHVSXpVGHOD*XHUUD
&LYLOHVSDxRODHLQWHQWDUUHFXSHUDUODVYLYHQFLDVSHUGLGDVGHTXLHQHVSRUPRWLYRVSROtWLFRV
WXYLHURQTXHDEDQGRQDUVXWLHUUD
/RVDUFKLYRVLQVWLWXFLRQDOHV
(QOD%LEOLRWHFD9DOHQFLDQDVHHQFXHQWUDQGHSRVLWDGRVIRQGRVGHLQVWLWXFLRQHVTXH
SRUGLYHUVDVFDXVDVFRPRODUHKDELOLWDFLyQGHVXVHGHRVLPSOHPHQWHSRUIDOWDGHHVSDFLR
QRSXHGHQFRQVHUYDUHQODVPHMRUHVFRQGLFLRQHVVXDUFKLYR$OJXQRVGHHVWRVDUFKLYRVHVWiQ
GHSRVLWDGRVWHPSRUDOPHQWHPHGLDQWHXQFRPRGDWR
$UFKLYRGHOD%LEOLRWHFD9DOHQFLDQD
6HFRPSRQHGHODGRFXPHQWDFLyQJHQHUDGDSRUORVGLIHUHQWHVGHSDUWDPHQWRVGH
OD%LEOLRWHFD\TXHHVWUDQVIHULGDDODUFKLYRFXDQGRODWUDPLWDFLyQKDDFDEDGR\\DQRHV
FRQVXOWDGDIUHFXHQWHPHQWH
$UFKLYRGHOD&DVD5HJLRQDO9DOHQFLDQDGH0p[LFR
/DGRQDFLyQGHHVWHIRQGRHPSH]yDJHVWLRQDUODOD~OWLPDMXQWDGLUHFWLYDGHODHQWLGDG
HQHODxRODFXDOHVWDEOHFLyXQSHULRGRGHFDXWHODGHFLQFRDxRVGHVGHHOPRPHQWRGH
ODGRQDFLyQKDVWDTXHVHSXVLHUDDGLVSRVLFLyQGHORVLQYHVWLJDGRUHV'HVGHHODxRVH
SXHGHFRQVXOWDUHVWHIRQGRTXHUHÁHMDODYLGDGHORVLQWHOHFWXDOHVUHSXEOLFDQRVYDOHQFLDQRV
H[LOLDGRVHQ0p[LFR(VWiIRUPDGRSRUGRFXPHQWDFLyQUHODWLYDDORVyUJDQRVGHJRELHUQR
\GHOD6HFUHWDUtDGHODLQVWLWXFLyQDODJHVWLyQHFRQyPLFDDODVDFWLYLGDGHVFXOWXUDOHVRUJD
QL]DGDV\DORVGRFXPHQWRVJUiÀFRV\DXGLRYLVXDOHV
$UFKLYRGHO&ROÃOHJLGHO·$UW0DMRUGHOD6HGD
(QHODxRVHÀUPyHOFRPRGDWRHQWUHHO&ROÃOHJLGHO·$UW0DMRUGHOD6HGDGH
9DOHQFLD\OD*HQHUDOLWDWPHGLDQWHHOFXDOpVWHGHSRVLWDEDGHVGHHQWRQFHVVXDUFKLYRHQOD
%LEOLRWHFD9DOHQFLDQD(VWHIRQGRFRQWLHQHGRFXPHQWDFLyQPX\LPSRUWDQWHGHVGHHOVLJOR
;9VREUHODLQGXVWULDGHODVHGDHQOD&RPXQLWDW9DOHQFLDQD
/D%LEOLRWHFD
9DOHQFLDQD
$UFKLYRGHO&ROHJLR,PSHULDOGH1LxRV+XpUIDQRVGH6DQ9LFHQWH)HUUHU
'HVGHHODxRVHHQFXHQWUDGHSRVLWDGRHQOD%LEOLRWHFD9DOHQFLDQDHODUFKLYR
GHHVWDLQVWLWXFLyQTXHWLHQH\DDxRVGHH[LVWHQFLD(ODUFKLYRFRQWLHQHODVSULPHUDV
FRQVWLWXFLRQHVGHO&ROHJLROLEURVGHDFWDVOLEURVGHFRQWDELOLGDGFRUUHVSRQGHQFLDFRQOD
&DVD5HDO\FRQOD6DQWD6HGHDVtFRPRORVOLEURVGHLQJUHVRV\GHEDMDVGHORVFROHJLDOHV
$UFKLYRGHOD&RQIHGHUDFLy6LQGLFDOGH&RPLVVLRQV2EUHUHVGHO3DtV9DOHQFLj
6HFRQVHUYDQHQVLHWHFDMDVGHDUFKLYRIROOHWRVFLUFXODUHV\FRUUHVSRQGHQFLDGHVGHHO
DxRKDVWDHODxR7DPELpQHQFRQWUDPRVDOJXQDVDFWDVGHDVDPEOHDVGHO6LQGLFDW
GHO&RPHUoGH&RPLVVLRQV2EUHUHVGHO3DtV9DOHQFLj\PDWHULDOGHO,&RQJUHVRGH&&22
39FHOHEUDGRHQPD\RGHHQ&DVWHOOyGHOD3ODQD
$UFKLYRGHOD)XQGDFLyQ3UHPLRV5H\-DLPH,
)RQGRIRUPDGRSRUODGRFXPHQWDFLyQGHSRVLWDGDSRUHOVHFUHWDULRVLQHGLHGHODIXQ
GDFLyQ6DQWLDJR*ULVROtD*DUFtD9DOHQFLD
$UFKLYRGHOD)XQGDFLy6DQW-RUGLSHUDO·(VFROWLVPH9DOHQFLj
(ODUFKLYRHVWiIRUPDGRSRUODGRFXPHQWDFLyQJHQHUDGDSRUODVDJUXSDFLRQHVGH
HVFXOWLVPRGH9DOHQFLDGXUDQWHODV~OWLPDVGpFDGDV\SXEOLFDFLRQHVVREUHHVWRVJUXSRV
GHGLIHUHQWHVSDUWHVGHOPXQGR'HVWDFDODGRFXPHQWDFLyQSURFHGHQWHGHODGRQDFLyQGH
(PLOLR%H~W%HOHQJXHUVREUHODWURSDGH/RVH[SORUDGRUHVGH(VSDxDHQ9DOHQFLDTXHGDWDGH
ORVDxRV\
$UFKLYRGHO·,QVWLWXW9DOHQFLjG·(FRQRPLD
6HFRQVHUYDHQFLQFRFDMDVGHDUFKLYRGRFXPHQWDFLyQGLYHUVDGHHVWDHQWLGDGGHORV
DxRVD
$UFKLYRGHORVPLHPEURV\H[PLHPEURVGHO&RQVHOO9DOHQFLjGH&XOWXUD
(O&RQVHOO9DOHQFLjGH&XOWXUDHVXQDLQVWLWXFLyQFRQVXOWLYD\DVHVRUDGHOD*HQHUD
OLWDWHQODVPDWHULDVHVSHFtÀFDVUHIHUHQWHVDODFXOWXUDYDOHQFLDQD6DQWLDJR*ULVROtD*DUFtD
DFWXDOSUHVLGHQWH\$PDQGR*DUFtD5RGUtJXH]PLHPEURGHO&RQVHOO9DOHQFLjGH&XOWXUD
HQWUHORVDxRV\KDQGHSRVLWDGRGRFXPHQWDFLyQUHIHUHQWHDVXIXQFLRQDPLHQWR
$UFKLYRGHOD$UFKLFRIUDGtDGH1XHVWUD6HxRUDGHORV,QRFHQWHV0iUWLUHV\
'HVDPSDUDGRV5HDO%DVtOLFDGH1XHVWUD6HxRUDGHORV'HVDPSDUDGRVGH9DOHQFLD
'HVGHHODxRVHHQFXHQWUDGHSRVLWDGRWHPSRUDOPHQWHHQOD%LEOLRWHFD9DOHQFLDQD
HVWHDUFKLYRTXHFRQVHUYDGRFXPHQWDFLyQGHVGHHODxRKDVWDODDFWXDOLGDG
/RVDUFKLYRVSHUVRQDOHV
/D%LEOLRWHFD9DOHQFLDQDGHVGHHOPRPHQWRGHVXFUHDFLyQVHKDSUHRFXSDGRGH
UHXQLUPHGLDQWHGLVWLQWDVYtDVDUFKLYRVSHUVRQDOHVFRQVFLHQWHGHTXHSRUVXYDORUSDWUL
PRQLDOHVWHHVXQPDWHULDOEiVLFRSDUDODLQYHVWLJDFLyQDFDGpPLFDHQODVKXPDQLGDGHV\ODV
FLHQFLDVVRFLDOHV
/RVDUFKLYRVSHUVRQDOHVVRQFRQIUHFXHQFLDHOUDVWURGRFXPHQWDOGHWRGDXQDYLGDTXH
D\XGDDORVLQYHVWLJDGRUHVDFRQRFHUPXFKRPHMRU\DHVWXGLDUPiVIiFLOPHQWHODVLQÁXHQFLDV
\ODVYLYHQFLDVTXHKDQPDUFDGRODSHUVRQDOLGDG\SRUWDQWRODREUDGHVXVSURGXFWRUHV
(QDOJXQRVFDVRVDSDUWHGHVXGRFXPHQWDFLyQVHGHSRVLWDQWDPELpQHQHOGHSDUWD
PHQWRREMHWRVSHUVRQDOHVPRELOLDULRSUHPLRV\UHFRQRFLPLHQWRVLQVWLWXFLRQDOHVUHFLELGRV
GXUDQWHVXYLGD-XQWRDORVDUFKLYRVGHSHUVRQDOLGDGHVFRPR(GXDUGR/ySH]&KDYDUUL
-XDQ-RVp%DUFLD*R\DQHVR$PHOLD&RPEDVHFRQVHUYDQREMHWRVSHUVRQDOHVTXHQRVORV
DFHUFDQPiV\ORVKXPDQL]DQ
&XDGURVSURFHGHQWHVGHORVDUFKLYRVSHUVRQDOHVGHSRVLWDGRVHQOD%LEOLRWHFD9DOHQFLDQD
/D%LEOLRWHFD
9DOHQFLDQD
9LWULQDH[SRVLWRUDGHODVPHGDOODV\GLVWLQFLRQHVGH-XDQ-RVp%DUFLD*R\DQHV
$FRQWLQXDFLyQKDFHPRVXQDUHODFLyQVXPDULDGHORVDUFKLYRVSHUVRQDOHV\IDPLOLDUHV
TXHVHFRQVHUYDQHQOD%LEOLRWHFD9DOHQFLDQD
$UFKLYRGH$GROI 3L]FXHWDL$OIRQVR
(VWHDUFKLYRHVHVHQFLDOPHQWHXQDUHFRSLODFLyQGHUHFRUWHVGHSUHQVDDJUXSDGRVSRU
WHPDVIUDQTXLVPR3RPSHX)DEUD&DPEy$]DxD9DOHQFLDELRJUDItDV\FUtWLFDOLWHUDWXUD
H[WUDQMHUDHWF
$UFKLYRGH$JXVWtQ$ODPiQ5RGULJR
6HWUDWDGHXQDUFKLYRHVWULFWDPHQWHSURIHVLRQDO\DTXHVREUHWRGRKD\GRFXPHQWD
FLyQODERUDOGH$ODPiQWDQWRHQVXIDFHWDGHSURIHVRUGHP~VLFD²FRPRWLWXODUGHOD&iWHGUD
-XDQ%DXWLVWD&DEDQLOOHV²FRPRHQODGHP~VLFRSURIHVLRQDO²IXQGDGRU\GLUHFWRUGHOD&RUDO
3ROLIyQLFD\GHOD&RUDO1RUPDOLVWDGH9DOHQFLD²+D\TXHVHxDODUTXHQRVHQFRQWUDPRV
DQWHXQDUFKLYRPXVLFDOGRQGHVHSODVPDODHYROXFLyQGHODVHQVHxDQ]DVGHODP~VLFDHQ
9DOHQFLDGXUDQWHSUiFWLFDPHQWHWRGDODVHJXQGDPLWDGGHOVLJOR;;
$UFKLYRGH$OHMDQGUR)HUUDQW9i]TXH]
)XHDUTXLWHFWRFRQVHUYDGRUGHPRQXPHQWRVGHOD,=RQD$VWXULDV*DOLFLD&DQWDEULD
\=DPRUDHQWUHDJRVWRGH\DEULOGH\GHOD,9=RQD%DOHDUHV&DWDOXxD\&R
PXQLWDW9DOHQFLDQDHQWUH\'HVXVHJXQGRSHULRGRGHDUTXLWHFWRFRQVHUYDGRU
WLHQHQQRWDEOHLQWHUpVORVSUR\HFWRV\ODGLUHFFLyQGHUHVWDXUDFLRQHVHQODVFDWHGUDOHVGH
&LXWDWGH3DOPD/OHLGD6ROVRQD7DUUDJRQD9DOHQFLD\2ULKXHOD(VWHDUTXLWHFWRPRVWUy
XQDJUDQPLQXFLRVLGDGDODKRUDGHGRFXPHQWDUVHVXVPHPRULDVHLQIRUPHVVHLOXVWUDQ
FRQQXPHURVRVSODQRV\IRWRJUDItDVTXHIRUPDQXQDUFKLYRGHVXPDLPSRUWDQFLDSDUDHO
FRQRFLPLHQWRGHOSDWULPRQLRDUTXLWHFWyQLFRYDOHQFLDQRPRWLYRSRUHOTXHIXHDGTXLULGR
SRUOD%LEOLRWHFD9DOHQFLDQDHQHODxR
$UFKLYRGH$PHOLD&RPED&RPED
$OPRULUVLQWHVWDU\VLQKHUHGHURVWRGDODGRFXPHQWDFLyQ\DOJXQRVREMHWRVSHUVR
QDOHVGH$PHOLD&RPEDSDVDURQDVHUSURSLHGDGGHOD*HQHUDOLWDWTXHGHSRVLWyVXDUFKLYR
SHUVRQDOHQHODxRHQOD%LEOLRWHFD9DOHQFLDQD$PHOLD&RPEDHUDODFURQLVWDRÀFLDO
GH$OJDUGH3DODQFLD\KDVLGROD~QLFDPXMHUJDQDGRUDGHOD)ORU1DWXUDOHQORV&,,,-RFV
)ORUDOVFHOHEUDGRVSRU/R5DW3HQDWHQ6XDUFKLYRFRQWLHQHORVRULJLQDOHVPDQXVFULWRV
SUHVHQWDGRVDORVSUHPLRVGHSRHVtDGH/R5DW3HQDW\GHVXVHVWXGLRVVREUHODKLVWRULD
YDOHQFLDQD
$UFKLYRGHÉQJHO/DFDOOH)HUQiQGH]
(ODUFKLYRGHOSURIHVRU/DFDOOHUHFRJHODGRFXPHQWDFLyQTXHUHFRSLOySDUDVXVSXEOL
FDFLRQHVDQWRORJtDVOLWHUDULDVPDQXDOHVGHOHQJXDHVSDxROD\OLWHUDWXUDSDUDHVWXGLDQWHVGH
%DFKLOOHUDWR/DGRFXPHQWDFLyQVHIHFKDHQWUHODVGpFDGDVGHORVDxRVFXDUHQWD\VHVHQWDGHO
VLJOR;;TXHHVVXSHULRGRPiVFUHDWLYR3RGHPRVHQFRQWUDUORVRULJLQDOHVPHFDQRVFULWRV
GHVXVREUDVSXEOLFDGDVGHORVPDQXDOHV\GHORVDUWtFXORVSXEOLFDGRVHQORVGLDULRV/HYDQWH
\/DV3URYLQFLDV7DPELpQHVLQWHUHVDQWHVXFRUUHVSRQGHQFLDFRQHVFULWRUHVLPSRUWDQWHV
FRPR'iPDVR$ORQVR9LFHQWH$OHL[DQGUH&DPLOR-RVp&HOD*HUDUGR'LHJRR3HGUR/DtQ
(QWUDOJRHQWUHRWURV
$UFKLYRGH%HUWD6LQJHUPDQ
6XDUFKLYRHVWiIRUPDGRSRUXQFRQMXQWRGRFXPHQWDOPX\HVSHFLDO\DTXHUHFR
JHGRFXPHQWRVVXUJLGRVGHODDPLVWDG\GHODVUHODFLRQHVSHUVRQDOHVFDUWDVSRHPDV
GHGLFDGRVIRWRJUDItDVJUDEDGRVHWFTXHPDQWXYRODGLYDGHODUHFLWDFLyQSRpWLFDFRQ
ORVSHUVRQDMHVPiVUHOHYDQWHVGHODFXOWXUD\GHODVRFLHGDGKLVSDQRDPHULFDQDEUDVLOHxD
\HVSDxRODGHODpSRFD(OIRQGRVHFRQVHUYDHQWUHVFDMDVGHDUFKLYRTXHFRQWLHQHQOD
FRUUHVSRQGHQFLDORVYHUVRVORVSRHPDV\ODVGHGLFDWRULDVDODUHFLWDGRUDSURJUDPDV
\IROOHWRVLPSUHVRVFDUWHOHVDQXQFLDGRUHVGHODVDFWXDFLRQHV\UHSUHVHQWDFLRQHVWHDWUD
OHVTXHKL]RGXUDQWHWRGDVXYLGDHQ,EHURDPpULFD\(VSDxDDVtFRPRGRVSyVWHUVGH
JUDQWDPDxRUHDOL]DGRVSRUGRVIDPRVRVDUWLVWDVEUDVLOHxRVFRPR'L&DYDOFDQWL\/DVDU
6HJDOO+D\TXHGHVWDFDUWDPELpQHOIRQGRJUiÀFRGHHVWHDUFKLYRFRPSXHVWRSRU
IRWRJUDItDVODPD\RUSDUWHGHHVWXGLRHQEODQFR\QHJURRFRORUVHSLD(QDOJXQDVDSDUHFH
%HUWD6LQJHUPDQMXQWRDFRQRFLGRVSHUVRQDMHVFRQWHPSRUiQHRVFRPR0DQXHOGH)DOOD
*DEULHOD0LVWUDO$OIRQVR;,,,-XDQ&DUORV,\ODUHLQD6RItD0LJXHOGH8QDPXQR-XDQ
5DPyQ-LPpQH]HWF
$UFKLYRGH'LHJR6HYLOOD$QGUpV
6HFRPSRQHGHXQDFDMDGHDUFKLYRFRQGRFXPHQWDFLyQSHUVRQDOFRUUHVSRQGHQFLD\
UHFRUWHVGHSUHQVDDSDUHFLGDHQWUHVXVOLEURVGRQDGRVDOD%LEOLRWHFD9DOHQFLDQDHQ
$UFKLYRGH'RPLQJR*DUFtD)RUFDGD
7UHVFDMDVGHDUFKLYRTXHFRQWLHQHQFXDGHUQRVFRQVXVMXJDGDVGHDMHGUH]FRQWUD
DPLJRVFRQRFLGRVRMXJDGRUHVDQyQLPRVGHVGHTXHWHQtDDxRVDxR\FRQWUDODV
/D%LEOLRWHFD
9DOHQFLDQD
PiTXLQDV6XSHUVWDU.\0RUSK\(GLWLRQDSDUWLUGHORVDxRVRFKHQWD7DPELpQHQFRQ
WUDPRVDOJXQDOLEUHWDGHDSUHQGL]DMHGHUXVR
$UFKLYRGH(GXDUGR(VFDODQWH0DWHX
(OIRQGRGH(GXDUGR(VFDODQWHIXHGRQDGRSRUVXIDPLOLDHQHODxR6HWUDWDGH
XQDFDMDGHDUFKLYRFRQFHUFDGHGRVFLHQWRVGRFXPHQWRVHQWUHORVTXHHQFRQWUDPRVXQD
]DU]XHODYDULRVSRHPDV\DOJXQRVIUDJPHQWRVRHQVD\RVGHGLiORJRV\GHREUDV7DPELpQ
KD\UHFRUWHVGHSUHQVDVREUHHOSHUVRQDMH\FRUUHVSRQGHQFLD
$UFKLYRGH(PLOLR$WWDUG$ORQVR
(ODUFKLYRGH(PLOLR$WWDUGIXHGRQDGRSRUVXKHUHGHUR9LFHQWH1DYDUURGH/XMiQ
HQ6HWUDWDGHXQFRQMXQWRGRFXPHQWDOIRUPDGRSRUORVPDWHULDOHVGHWUDEDMRGHTXLHQ
IXHSUHVLGHQWHGHOD&RPLVLyQ&RQVWLWXFLRQDO\GHO&RQJUHVRGHORV'LSXWDGRVDVtFRPR
LPSRUWDQWHSROtWLFRYDOHQFLDQRGHOJUXSRSDUODPHQWDULRGHOD8QLyQGH&HQWUR'HPRFUiWLFR
8&'$VtSXHVQRVHQFRQWUDPRVDQWHXQDUFKLYRTXHYHUVDVREUHODDFWXDOLGDGSROtWLFD
GHODpSRFDGRQGHVHSODVPDQSUiFWLFDPHQWHWRGRVORVDFRQWHFLPLHQWRVVRFLDOHVYLYLGRV
GXUDQWHOD7UDQVLFLyQHVSDxROD
'HODUFKLYRGH(PLOLR$WWDUGSRGHPRVGHVWDFDUODGRFXPHQWDFLyQVREUHHOGHEDWH\
ODDSUREDFLyQGHOD&RQVWLWXFLyQHVSDxROD\GHYDULRVSUR\HFWRVGHHVWDWXWRVGHDXWRQRPtD
GHODVFRPXQLGDGHVDXWyQRPDVHVSDxRODVRVREUHHOGHEDWHODDSUREDFLyQ\ODUHIRUPDGH
YDULDVOH\HVFRPRODGH/LEHUWDG5HOLJLRVDODGHO'HUHFKRDO$ERUWRODGHO'LYRUFLRHWF
7DPELpQHVLQWHUHVDQWHODFRUUHVSRQGHQFLDPDQWHQLGDFRQLPSRUWDQWHVHLQÁX\HQWHV
SHUVRQDMHVGHODVRFLHGDGGHODpSRFDHQWUHORVTXHGHVWDFDUtDPRV/HRSROGR&DOYR6RWHOR
$GROIR6XiUH]$OIRQVR*XHUUD0LJXHO+HUUHURGH0LxyQ-RVp/XLV$OELxDQD0DQXHO
%URVHWDHWF
$UFKLYRGHODIDPLOLD/DVVDOD
(QHODxRORVKHUHGHURVGH%HUQDUGR/DVVDOD*RQ]iOH]ÀUPDURQHOFRPRGDWR
SRUHOTXHODELEOLRWHFD\ODGRFXPHQWDFLyQTXHKDVWDHQWRQFHVHVWDEDHQHOFDVWLOORGH$OD
TXjVVHGHSRVLWDEDWHPSRUDOPHQWHHQOD%LEOLRWHFD9DOHQFLDQD
$UFKLYRGHODIDPLOLD/ySH]&KDYDUUL$QG~MDU
(VWHDUFKLYRHVWiLQWHJUDGRSRUORVIRQGRVGHOPDWULPRQLR(GXDUGR/ySH]&KDYDUUL
0DUFR\&DUPHQ$QG~MDU\HOGHVXKLMR(GXDUG\TXHFRPHQWDPRVDFRQWLQXDFLyQ
(GXDUGR/ySH]&KDYDUUL0DUFR
6XIRQGRFRQVHUYDGHVGHODGRFXPHQWDFLyQDFDGpPLFDFRPRHOWtWXORGHDERJD
GRORVSURJUDPDVGHFRQFLHUWRVSUHPLRV\QRPEUDPLHQWRVUHFRUWHVGHSUHQVD
HWFKDVWDORVRULJLQDOHVGHVXVGLVFXUVRV\WUDEDMRVGHLQYHVWLJDFLyQ7RGDVVXV
SDUWLWXUDVHVWiQFDWDORJDGDV\SXHGHQFRQVXOWDUVHHQHOFDWiORJRGHOD%LEOLRWHFD
9DOHQFLDQD
&DUPHQ$QG~MDU6RWRV
'H&DUPHQ$QG~MDUVyORHQFRQWUDPRVORVUHFRUWHVGHSUHQVDORVSURJUDPDV\
ODVSDUWLWXUDVGHVXVUHFLWDOHVFRPRFDQWDQWHVRSUDQR
(GXDUG/ySH]&KDYDUUL$QG~MDU
(VWHIRQGRHVWiIRUPDGRSRUGRFHFDMDVGHDUFKLYRFRQORVWUDEDMRVGHVXVDOXP
QRVGHOFRQVHUYDWRULRPDWHULDOJUiÀFR\DUWtFXORVFUtWLFRVSXEOLFDGRVSRUpOHQ
HOGLDULR/DV3URYLQFLDV
$UFKLYRGHODIDPLOLD6DDYHGUD5RGULJR
(QFRPRGDWRGHVGHHODxRHVWiGHSRVLWDGRHODUFKLYRGHXQDGHODVIDPLOLDVGH
ODQREOH]DYDOHQFLDQD(QFLQFXHQWDFDMDVGHDUFKLYRHQFRQWUDPRVODWUD\HFWRULDKLVWyULFD
GHORVEDURQHVGH&DQHWG·(Q%HUHQJXHU
$UFKLYRGHODIDPLOLD9HQWXUD
6RQFXDWURFDMDVGHDUFKLYRFRQGRFXPHQWDFLyQGH-RVp9HQWXUD*RQ]iOH]\)HU
QDQGR9HQWXUD&DUUDVFR'HOSULPHURVHFRQVHUYDQFXDGHUQRVGHHVWXGLR\WUDGXFFLRQHV
HQYDULDVOHQJXDVUXVRDOHPiQJULHJRiUDEH\HVSHUDQWRVREUHJHRPHWUtD\PDWHPiWLFDV
6RQLQWHUHVDQWHVGRVOLEURVFRQODVLPSUHVLRQHVGHÀQGHFXUVRGHORVDOXPQRVGHFLHQFLDV
\PDWHPiWLFDVGH-RVp9HQWXUDGHORVFXUVRVGRQGHSRGHPRVREVHUYDUTXHKD\
DOXPQRVGHVSOD]DGRVGHRWURVOXJDUHVGHODSHQtQVXODDFDXVDGHOD*XHUUD&LYLOHVSDxROD
$UFKLYRGH)HOLSH0DUtD*DUtQ2UWL]GH7DUDQFR
/DVFHUFDGHQRYHQWDFDMDVGHDUFKLYRTXHFRQWLHQHQORVGRVVLHUVORVDUWtFXORV\ORV
RULJLQDOHVGHORVWUDEDMRVGHLQYHVWLJDFLyQKDFHQGHODUFKLYRGHTXLHQIXHGLUHFWRUGHOD5HDO
$FDGHPLDGH%HOODV$UWHVGH6DQ&DUORV\DXWRUGHO&DWiORJRPRQXPHQWDOGHODFLXGDGGH9DOHQFLD
XQUHIHUHQWHHQHOPXQGRGHODKLVWRULDGHODUWHGHOD&RPXQLWDW9DOHQFLDQD
$UFKLYRGH)UDQFHVF$OPHODL9LYHV
1RVHQFRQWUDPRVDQWHXQDVVHVHQWDFDMDVGHXQDUFKLYRVXPDPHQWHRUJDQL]DGRSRUVX
SURGXFWRU\TXHIXQFLRQDFRPRXQYHUGDGHURFHQWURGRFXPHQWDOGHGRQGH$OPHODH[WUDtD
WRGDODLQIRUPDFLyQQHFHVDULDSDUDVXVWUDEDMRV\SXEOLFDFLRQHV/DLQIRUPDFLyQVHUHFRJH\
FODVLÀFDSRUWHPiWLFDHQOHJDMRV\FDMDVTXHFRQWLHQHQUHFRUWHVGHSUHQVD\GHSXEOLFDFLRQHV
ORFDOHV+D\LQIRUPDFLyQVREUHODPD\RUSDUWHGHODVSREODFLRQHVGHOD&RPXQLWDW9DOHQ
/D%LEOLRWHFD
9DOHQFLDQD
FLDQD\VREUHORVSHUVRQDMHV\ODVIDPLOLDVPiVUHOHYDQWHVRUGHQDGRVDOIDEpWLFDPHQWHSRUVX
SULPHUDSHOOLGRSHURWDPELpQLQIRUPDFLyQVREUHYDULRVWHPDVVREUHORVTXHHVFULELy(Q
ORVIRQGRVVHFRQVHUYDQORVPDQXVFULWRVGHDOJXQDVGHVXVREUDVSXEOLFDGDV(QGHÀQLWLYD
HVHVWHXQIRQGRHVHQFLDOSDUDHOHVWXGLRGHODKLVWRULDGHOD&RPXQLWDW9DOHQFLDQD
$UFKLYRGH)UDQFLVFR%RVFK$ULxR
(ODUFKLYRGH)UDQFLVFRGH$VtV%RVFK$ULxRVRQFDMDVGHDUFKLYRTXHHVWiQGHSR
VLWDGDVHQFRPRGDWRHQOD%LEOLRWHFD9DOHQFLDQDGHVGHHODxR(QWUHVXGRFXPHQWDFLyQ
SHUVRQDOHQFRQWUDPRVDSXQWHV\PDWHULDOHV\DTXHIXHODGRFHQFLDVXSULQFLSDOGHGLFDFLyQ
6XODERUGRFHQWHXQLYHUVLWDULDVHGHVDUUROODHQWUH\DxRGHVXMXELODFLyQ(QWUH
\HMHUFLyFRPRWLWXODUIDUPDFpXWLFRGHXQDIDUPDFLDHQ9DOHQFLD\VHFRQVHUYDQ
ODVIyUPXODVPDJLVWUDOHVHODERUDGDVSRUpOPLVPR'HODpSRFDHQTXHIXHSUHVLGHQWHGHO0X\
,OXVWUH&ROHJLRGH)DUPDFpXWLFRVGH9DOHQFLDVHFRQVHUYDGRFXPHQWDFLyQUHODFLRQDGDFRQ
HVWDFRUSRUDFLyQ7DPELpQHQFRQWUDPRVGRFXPHQWRVUHODFLRQDGRVFRQVXVDÀFLRQHVFRPR
ODSRHVtD'HVGHMRYHQHPSH]yDHVFULELUSRHVtDVGHODVFXDOHVVHFRQVHUYDQORVRULJLQDOHV
$UFKLYRGH)UDQFLVFR6HPSHUH0DVLi
6HFRPSRQHGHODFRUUHVSRQGHQFLDGH9LFHQWH%ODVFR,EixH]FRQ)UDQFLVFR6HPSHUH
0DVLi\)HUQDQGR/ORUFDHGLWRUHVGHOD(GLWRULDO3URPHWHR6RQXQWRWDOGHFDUWDV\
WDUMHWDVSRVWDOHV
$UFKLYRGH*XLOOHUPLQD0HGUDQR5DIDHO6XSHUYtD
(ODUFKLYRGHHVWHPDWULPRQLRIXHGRQDGRGHVLQWHUHVDGDPHQWHSRU*XLOOHUPLQD0H
GUDQR$UDQGDHQHODxRORTXHVXSXVRODIXQGDFLyQGHOD6HFFLyQGHO
([LOLR5HSXEOLFDQR9DOHQFLDQR3RUHVWHPRWLYRHODUFKLYR0HGUDQR6XSHUYtDWLHQHXQD
HVWUHFKDUHODFLyQFRQHOUHVWRGHDUFKLYRVSHUVRQDOHVGHORVH[LOLDGRVYDOHQFLDQRV'HHVWH
DUFKLYRGHVWDFDQORVGLVFXUVRV\ODVFRQIHUHQFLDVSURQXQFLDGRVSRU*XLOOHUPLQD0HGUDQR
\5DIDHO6XSHUYtDDFHUFDGHODVDFWLYLGDGHVHMHUFLGDVHQORV(VWDGRV8QLGRVD
IDYRUGHODGHPRFUDFLDHQ(VSDxD
6HFRQVHUYDFRUUHVSRQGHQFLDGHVGHHODxRKDVWDODGpFDGDGHORVVHWHQWDFRQ
SHUVRQDOLGDGHVFRPR,QGDOHFLR3ULHWR-XDQ0DULFKDOR9tFWRU6DOD]DU
$UFKLYRGH,JQDFLR6ROGHYLOD'XUDQWH
$UFKLYRFRPSXHVWRPD\RULWDULDPHQWHSRUFDUSHWDV\ÀFKHURVFRQGRFXPHQWDFLyQ
UHFRJLGDSRU,JQDFLR6ROGHYLODDOUHGHGRUIXQGDPHQWDOPHQWHGHWUHVHMHVQDUUDGRUHV
HVSDxROHVFRQWHPSRUiQHRVOLWHUDWXUDHVSDxRODGHOVLJOR;;\GRFXPHQWDFLyQUHODFLRQDGD
FRQ0D[$XEODWHVLVGRFWRUDOGH6ROGHYLODHVWiGHGLFDGDDVXREUD(VWRLQGLFDTXHHVWH
DUFKLYRVHFRPSRQHHVHQFLDOPHQWHGHGRFXPHQWDFLyQGHWUDEDMRGHOSURGXFWRU\TXHOD
GRFXPHQWDFLyQSHUVRQDO\IDPLOLDUHVSUiFWLFDPHQWHQXOD+D\TXHGHVWDFDUHVSHFLDOPHQWH
HOPDWHULDODXGLRYLVXDOSRUTXHKD\XQDFDQWLGDGFRQVLGHUDEOHGHpVWHUHFRJLGRSRU6ROGH
YLODGXUDQWHPXFKRWLHPSRFDVHWHVJUDEDFLRQHVHWFFRQHQWUHYLVWDV\FRQIHUHQFLDVGH
QDUUDGRUHVHVSDxROHV
$UFKLYRGH-HV~V$ORQVR6HQWDQGUHX
3ULQFLSDOPHQWHVHFRPSRQHGHODFRUUHVSRQGHQFLDSHUVRQDOGH6HQWDQGUHXUHFRUWHV
GHSUHQVDPDWHULDOSDUDVXWUDEDMR\DOJXQDVJDOHUDGDVGHVXVSXEOLFDFLRQHV
$UFKLYRGH-HV~V0DUWtQH]*XHUULFDEHLWLD
6RQYHLQWLXQDFDMDVGHDUFKLYRGRQGHVHFRQVHUYDQVREUHWRGRGRFXPHQWDFLyQVREUH
ODVREUDVGHDUWHTXHDGTXLULy\FRSLDVGHODFRUUHVSRQGHQFLDUHODFLRQDGDFRQODHGLWRULDO
5XHGR,EpULFRIXQGDGDSRUVXKHUPDQR-RVp
$UFKLYRGH-RVp5RGUtJXH]2OD]iEDO
/DGRQDFLyQGHODUFKLYRIXHHIHFWXDGDSRUODYLXGDGHOH[PDJLVWUDGR'RORUHV$QWRQLD
9i]TXH]5HWDPRVRHQHODxR(ODUFKLYRSHUVRQDOGH-RVp5RGUtJXH]2OD]iEDOFRP
SUHQGHXQDPSOLRDUFRFURQROyJLFR\DTXHFRQWLHQHGRFXPHQWRVIHFKDGRVHQWUHORVDxRV
\3RUVXLQWHUpVGHVWDFDODFRUUHVSRQGHQFLDPDQWHQLGDSRU5RGUtJXH]2OD]iEDO
FRQGLIHUHQWHVSHUVRQDOLGDGHVGHOH[LOLRUHSXEOLFDQRFRPR,QGDOHFLR3ULHWR-XDQ1HJUtQR
)HUQDQGR9DOHUDVREUHODDGPLQLVWUDFLyQGHORVELHQHVVDFDGRVGH(VSDxDSRUHO*RELHUQR
UHSXEOLFDQR\TXHTXHGDURQHQPDQRVGHSDUWLFXODUHV
7DPELpQQRVKDQOOHJDGRGRFXPHQWRVTXHKDFHQUHIHUHQFLDDODYLGDODERUDOGH-RVp
5RGUtJXH]2OD]iEDOFRPRSRUHMHPSORORVUHODWLYRVDODVGLIHUHQWHVLQVWLWXFLRQHVHQTXH
WUDEDMyHQWUHODVTXHSRGUtDPRVGHVWDFDUHO0LQLVWHULRGH+DFLHQGDGHOD5HS~EOLFDHVSD
xRODHO7ULEXQDOGH-XVWLFLDGH9DOHQFLDHO0LQLVWHULRGH,QIRUPDFLyQEULWiQLFR\OD218
$UFKLYRGH-XDQ-RVp%DUFLD*R\DQHV
(QHODxRODIDPLOLD%DUFLDKL]RGRQDFLyQGHODUFKLYRSHUVRQDO\GHXQDJUDQ
FDQWLGDGGHREMHWRVSHUVRQDOHVFRQGHFRUDFLRQHV\GLVWLQFLRQHVGHOQHXURFLUXMDQR-XDQ-RVp
%DUFLD*R\DQHV
(VXQIRQGRHQHOTXHSUHGRPLQDODGRFXPHQWDFLyQUHODWLYDDVXWUD\HFWRULDSURIHVLR
QDOHQFRQWUDPRVGRVVLHUVFRQORVPDWHULDOHVGHVXWUDEDMR\GHODVLQYHVWLJDFLRQHVWDPELpQ
ORVRULJLQDOHVGHVXVGLVFXUVRV\FRQIHUHQFLDV\GHVXVQXPHURVRVWUDEDMRVGHLQYHVWLJDFLyQ
3RUORTXHUHVSHFWDDVXYHUWLHQWHGRFHQWHVHFRQVHUYDQORVDSXQWHVGHDOJXQRVGHVXV
DOXPQRV\GHODVWHVLVGLULJLGDVSRUpO
*UDQDÀFLRQDGRDODSRHVtDVHFRQVHUYDQORVRULJLQDOHVGHDOJXQRVGHVXVSRHPDV
MXQWRDORVRULJLQDOHVGHVXVOLEURVUHFRSLODWRULRVGHSRHPDV&DQWRGHFLVQH\$~QQRVHKD
PXHUWRHOFLVQHSXEOLFDGRVORVDxRV\UHVSHFWLYDPHQWH
/D%LEOLRWHFD
9DOHQFLDQD
$UFKLYRGH-XDQ*LO$OEHUW6LPyQ
(ODUFKLYRGH-XDQ*LO$OEHUWIXHGHSRVLWDGRHQHODxRHQOD%LEOLR
WHFD9DOHQFLDQDSRUODIDPLOLD$XUD*LO
6HFRPSRQHGHFDMDVGHDUFKLYRGHODVTXHVRQGHFRUUHVSRQGHQFLDSHUVRQDO
\XQDGHIRWRJUDItDV(VHVWHXQDUFKLYRIXQGDPHQWDOPHQWHOLWHUDULR\DTXHFRQWLHQHFDVL
WRGDODSURGXFFLyQOLWHUDULDGH*LO$OEHUW
/DGRFXPHQWDFLyQFRQWHQLGDHQHODUFKLYRHQJOREDWRGDODYLGDGHVXSURGXFWRUH
LQFOXVRODVREUHSDVD\DTXHLQFOX\HGRFXPHQWRVGHVXVDQWHSDVDGRVFRPRSRUHMHPSOR
HOGRFXPHQWRHQHOTXHVXDEXHORPDWHUQRDVXPHHOUHOHYRHQHOQHJRFLRIDPLOLDUTXHHV
HOGRFXPHQWRPiVDQWLJXRGHODUFKLYR\GDWDGH7DPELpQHQFRQWUDPRVGRFXPHQWD
FLyQUHIHUHQWHDXQWtRGH*LO$OEHUW-XOLR6LPyQFDQWDQWHOtULFRYDOHQFLDQR/RV~OWLPRV
GRFXPHQWRVGHODUFKLYRSHUWHQHFHQDODHWDSDÀQDOGHODYLGDGHODXWRUTXHQRGHMyQXQFD
GHHVFULELUHQHVWHFDVRVHWUDWDGHQRWDVVXHOWDV\GHDSXQWHVVLQÀQDOL]DU
$UFKLYRGH-XOLiQ6DQ9DOHUR$SDULVL
(ODUFKLYRGHODUTXHyORJR-XOLiQ6DQ9DOHURIXHGRQDGRSRUVXIDPLOLDHQHODxR
MXQWRDVXELEOLRWHFD(ODUFKLYRHVWiIRUPDGRSRUXQDVFLQFXHQWDFDMDVGHDUFKLYRTXH
FRQWLHQHQORVRULJLQDOHVGHVXVWUDEDMRVGHLQYHVWLJDFLyQGRFXPHQWDFLyQGHH[FDYDFLRQHV
DUWtFXORVHWF
$UFKLYRGH/DXUHDQR5REOHV&DUFHGR
(ODUFKLYRGRQDGRSRU/DXUHDQR5REOHVHVWiIRUPDGRSRUVXFRUUHVSRQGHQFLDSHU
VRQDOORVPDQXVFULWRVGHVXVOLEURVHGLFLRQHVFUtWLFDVDUWtFXORV\HVWXGLRVDGHPiVGHODV
ÀFKDVGHWUDEDMR\GRFXPHQWDFLyQUHFRJLGDGXUDQWHVXVLQYHVWLJDFLRQHV
$UFKLYRGH/OXtV&HEULDQ0H]TXLWD
/D%LEOLRWHFD9DOHQFLDQDDGTXLULyHQHODxRFHUFDGHVHWHFLHQWRVGRFXPHQWRV
GH/OXtV&HEULDQ+D\FRUUHVSRQGHQFLDFRQODVSHUVRQDOLGDGHVHLQVWLWXFLRQHVFXOWXUDOHV
YDOHQFLDQDVGHODpSRFD\SRHPDVSURSLRV\GHVXVDPLVWDGHV(VWHIRQGRHVLQWHUHVDQWH
SDUDFRQRFHUODVUHODFLRQHVFXOWXUDOHVHQWUHLQVWLWXFLRQHVTXHGHIHQGtDQHOXVRGHOYDOHQFLDQR
GXUDQWHODVSULPHUDVGpFDGDVGHOVLJOR;;
$UFKLYRGH/XLV*D\5DPRV
'HOIRQGRDUFKLYtVWLFRGHSRVLWDGRSRUODIDPLOLD*D\HQOD%LEOLRWHFD9DOHQFLDQD
GHVWDFDPRVVXLPSRUWDQFLDQRVyORHQFXDQWRDOYROXPHQGRFXPHQWDOTXHFRQVWDGH
FDMDVGHDUFKLYRVLQRDVXYDORUFRPRIXHQWHGHHVWXGLRHLQYHVWLJDFLyQSDUDWRGRVORVTXH
TXLHUDQFRQRFHUXQDSDUWHGHODDUTXLWHFWXUDYDOHQFLDQDGHOVLJOR;;
(OIRQGRHVWiFRQVWLWXLGRIXQGDPHQWDOPHQWHSRUVXDUFKLYRGHWUDEDMRHQHOTXH
HQFRQWUDPRVGRFXPHQWDFLyQGHORVGLIHUHQWHVSUR\HFWRVUHDOL]DGRVGXUDQWHVXGLODWDGD
FDUUHUDSURIHVLRQDO6XVREUDVVHGLVWULEX\HQGHSXQWDDSXQWDGHOD&RPXQLWDW9DOHQ
FLDQDSHURHVSHFLDOPHQWHHQ6HJRUEH\2QWLQ\HQW(Q6HJRUEH/XLV*D\IXHGHVGH
DUTXLWHFWRGHOD'LUHFFLyQ*HQHUDOGH5HJLRQHV'HYDVWDGDV\SRVWHULRUPHQWH
HQDUTXLWHFWRPXQLFLSDOGRQGHSDUWLFLSyHQODPD\RUSDUWHGHODVLQWHUYHQFLRQHV
DUTXLWHFWyQLFDVUHDOL]DGDVVREUHHGLÀFLRVUHOLJLRVRV\S~EOLFRV(QIXHQRPEUDGR
DUTXLWHFWRPXQLFLSDOGHO$\XQWDPLHQWRGH2QWLQ\HQWGRQGHUHDOL]yYDULDVREUDVS~EOLFDV
\YLYLHQGDVSULYDGDV
(QODFLXGDGGH9DOHQFLDUHVDOWDUHPRVODUHDOL]DFLyQGHYDULDVREUDV\UHVWDXUDFLRQHV
TXHPRGHODQODÀVRQRPtDGHOFHQWURGHODFLXGDGWDO\FRPRODFRQRFHPRVKR\FRPROD
UHIRUPDGHO+RWHO,QJOpVODVFRQVWUXFFLRQHVGHORVKRWHOHV$VWRULD([FHOVLRU\5R\DO\GHO
UHVWDXUDQWHGH9LYHURVODUHFRQVWUXFFLyQGHOWHPSORGH6DQWD&DWDOLQDODUHVWDXUDFLyQGH
ODFDWHGUDOGH9DOHQFLD\GHOFRQYHQWRGH6DQWR'RPLQJRODUHPRGHODFLyQGHOFRQYHQWRGH
6DQWDÓUVXODODUHVWDXUDFLyQGHOFRQYHQWRGHODV&DUPHOLWDVGH6DQ-RVpODFRQVWUXFFLyQ
GHOD&DMDGH$KRUURVGH9DOHQFLDRODUHIRUPD\DPSOLDFLyQGHO%DQFR8UTXLMRHQODFDOOH
GHO3LQWRU6RUROODHQWUHRWURV'HWRGDVHOODVVHFRQVHUYDQHQHODUFKLYRORVSUR\HFWRV\ORV
SODQRVRULJLQDOHVPiVGHGRVFLHQWRVSUR\HFWRV7DPELpQHQFRQWUDPRVGRFXPHQWDFLyQ
JUiÀFDFRPRODVIRWRJUDItDVGHVXVREUDVGLEXMRV\OiPLQDV
$UFKLYRGH/XLV6iQFKH])HUQiQGH]
*UDFLDVDOFRQWUDWRGHFRPRGDWRÀUPDGRHQHODxRHQWUHORVKHUHGHURVGHOP~
VLFR\OD*HQHUDOLWDWPHGLDQWHHO,QVWLWXW9DOHQFLjGHOD0~VLFD\OD%LEOLRWHFD9DOHQFLDQD
VHHQFXHQWUDGHSRVLWDGRHQHVWD~OWLPDHODUFKLYRGH/XLV6iQFKH]6XDUFKLYRFRQWLHQH
SDUWLWXUDVRULJLQDOHVPDQXVFULWDVGH/XLV6iQFKH]\GH0DQXHO3DODX%RL[WDPELpQKD\
UHFRUWHVGHSUHQVD\PDWHULDOGRFHQWH\GHFRQIHUHQFLDVLPSDUWLGDVSRUHOP~VLFR
$UFKLYRGH0DQXHO6DQFKLV*XDUQHU
(VWHDUFKLYRVHLQFRUSRUyHQHODxRDORVIRQGRVGHOD%LEOLRWHFD9DOHQFLDQD6RQ
XQWRWDOGHYHLQWHFDMDVGHDUFKLYRGLHFLRFKRGH0DQXHO6DQFKLV*XDUQHU\GRVGHVXWtR
-RVHS6DQFKLV6LYHUD/DGRFXPHQWDFLyQGH-RVHS6DQFKLV6LYHUDHVWiFRPSUHQGLGDHQWUHORV
DxRV\\FRUUHVSRQGHDGLIHUHQWHVGRFXPHQWRVUHODWLYRVDELHQHVSDWULPRQLDOHV
GHODIDPLOLDFRPRHVFULWXUDVGHSURSLHGDGRKHUHQFLDV,QFOX\HDGHPiVGLYHUVDFRUUHV
SRQGHQFLDIDPLOLDU\SHUVRQDOGH6DQFKLV6LYHUDFRQGLIHUHQWHVSHUVRQDOLGDGHVGHODFXOWXUD
YDOHQFLDQDWDPELpQKD\GRFXPHQWDFLyQUHODWLYDDVXWUDEDMRFRPRLQYHVWLJDGRU\HUXGLWR
'HOIRQGRGH0DQXHO6DQFKLV*XDUQHUODGRFXPHQWDFLyQPiVLPSRUWDQWHHVODUHOD
FLRQDGDFRQVXVHVFULWRV'HQWURGHHVWDVHULHHQFRQWUDPRVWH[WRVPDQXVFULWRV\PHFDQR
JUDÀDGRVUHODWLYRVDREUDVVX\DV\DWUDEDMRVOLWHUDULRVSXEOLFDGRVSRUpO\DVHDQERUUDGRUHV
XRULJLQDOHVHQWUHORVTXHGHVWDFDUtDPRVHORULJLQDOPDQXVFULWRGHVXFRQRFLGDREUD/D
FLXWDWGH9DOqQFLD
/D%LEOLRWHFD
9DOHQFLDQD
(QWUHODGRFXPHQWDFLyQIDPLOLDU\SHUVRQDOWHQHPRVGRFXPHQWRVTXHKDFHQUHIHUHQFLD
DODYLGDGH0DQXHO6DQFKLV*XDUQHUGHVGHVXQDFLPLHQWRFRPRODSDUWLGD\HOFHUWLÀFDGR
GHQDFLPLHQWRKDVWDODVGLIHUHQWHVHWDSDVGHVXYLGDFRPRSRUHMHPSORODGRFXPHQWDFLyQ
DFDGpPLFDGHVXVDxRVGHHVWXGLDQWHWDPELpQKD\GRFXPHQWDFLyQGHOVHUYLFLRPLOLWDURGH
VXFRQGLFLyQGHPLOLFLDQRGHOHMpUFLWRUHSXEOLFDQR
6XGRFXPHQWDFLyQODERUDOKDFHUHIHUHQFLDDVXDFWLYLGDGSURIHVLRQDOGHODTXHFRQ
VHUYDPRVODUHODWLYDDORVFXUVRVUHDOL]DGRVFRPRHVWXGLDQWH\FRPRGRFHQWH
&RPRSDVDFRQFDVLWRGRVORVDUFKLYRVSHUVRQDOHVWDPELpQKD\GRFXPHQWDFLyQJUiÀFD
IRWRJUDItDVVX\DV\GHVXVDPLJRV\IDPLOLDUHV\GLEXMRVHQWUHORVTXHKD\TXHGHVWDFDUXQD
VHULHGHGLEXMRVGHVROGDGLWRVGHSORPRKHFKRVSRU0DQXHO6DQFKLV*XDUQHUHQVXLQIDQFLD
/DVHULHGRFXPHQWDOGHFRUUHVSRQGHQFLDWDPELpQHVEDVWDQWHLPSRUWDQWH\FXHQWDFRQ
PiVGHPLOFDUWDVGHPLHPEURVGHVXIDPLOLD\GHWUDEDMRFRQODVÀJXUDVPiVUHSUHVHQWDWLYDV
GHOYDOHQFLDQLVPRGHODpSRFDFRPR-RDQ)XVWHU&DUOHV6DOYDGRUR;DYLHU&DVS
$SDUWHGHODGRFXPHQWDFLyQWDPELpQKD\GLIHUHQWHVSLH]DV\REMHWRVGHOSHUVRQDMH
FRPRVXPiTXLQDGHHVFULELUODVJDIDV\ORVUHORMHV
(ODUFKLYRGH0DQXHO6DQFKLV*XDUQHUGHVSXpVGHVXPXHUWHSDVyDPDQRVGHVXKLMR
0DQXHO6DQFKLV&DEDQLOOHVTXLHQLQFRUSRUyQXHYDGRFXPHQWDFLyQTXHGHDOJXQDPDQHUD
WHQtDTXHYHUFRQVXVSDGUHV%XHQDPXHVWUDGHHVWRHVODGRFXPHQWDFLyQUHODWLYDDOHQWLHUUR
GHVXPDGUH\PXMHUGH0DQXHO6DQFKLV*XDUQHU5RVD&DEDQLOOHV0DUWt
$UFKLYRGH0DQXHO7DUDQFyQ)DQGRV
(QVHSWLHPEUHGHHOH[FRQVHOOHUGH&XOWXUD0DQXHO7DUDQFyQ\VXPXMHU
(QFDUQD6HUUDQRGHSRVLWDURQHQOD%LEOLRWHFD9DOHQFLDQDVXELEOLRWHFDSDUWLFXODU7DPELpQ
VHFRQVHUYDHQHOGHSDUWDPHQWRXQDFDMDGHDUFKLYRFRQGRFXPHQWDFLyQDSDUHFLGDHQWUHORV
OLEURVGRQDGRV\ORTXHHVPiVLQWHUHVDQWHWUHVFDUWDVGH9LFHQWH%ODVFR,EixH]
$UFKLYRGH0DUtD&RQVXHOR5H\QD'RPpQHFK
'RVFDMDVTXHFRQWLHQHQGRFXPHQWDFLyQIDPLOLDUDGHPiVGHGRFXPHQWRVGHORVDxRV
VHWHQWDUHODFLRQDGRVFRQHOGLDULR/DV3URYLQFLDV\XQPDQXVFULWRRULJLQDOGH+LVWRULDGH6DQ
9LFHQWH)HUUHUGH-RVHS6DQFKLV6LYHUDHGLWDGRHQHODxR
$UFKLYRGH0LJXHO$VLQV$UEy
/DYLXGDGH$VLQV$UEy-RVHÀQD&HEULiQGHSRVLWyHQHQOD%LEOLRWHFD9DOHQFLDQD
HOOHJDGRPXVLFDOGHOFRPSRVLWRUTXHFRPSUHQGHHOJpQHURLQVWUXPHQWDO\YRFDOODP~VLFD
GHFiPDUD\ODVSLH]DVTXHFRPSXVRSDUDVHULHVGHWHOHYLVLyQFRPR/DFDVDGHORV0DUWtQH]\
SDUDODVSHOtFXODVGH/XLV*DUFtD%HUODQJD(OYHUGXJR\3OiFLGR
$UFKLYRGH1LFRODX3ULPLWLX*yPH]6HUUDQR
(ODUFKLYRGH1LFRODX3ULPLWLX*yPH]6HUUDQRIXHGRQDGRMXQWRDVXIRQGRELEOLR
JUiÀFRHQHODxRSRUVXVKLMRVDO0LQLVWHULRGH(GXFDFLyQ\&XOWXUD(ODxR
FRQODFUHDFLyQGHOD%LEOLRWHFD9DOHQFLDQDHO(VWDGRHVSDxROWUDQVÀULyDOD*HQHUDOLWDW
9DOHQFLDQDODSURSLHGDG\ODDGPLQLVWUDFLyQGHOD%LEOLRWHFD1LFRODX3ULPLWLX
(ODUFKLYRHVWiIRUPDGRSRUXQFRQMXQWRGRFXPHQWDOTXHLQFOX\HODGRFXPHQWD
FLyQGHULYDGDGHODJHVWLyQGHODVGLYHUVDVHPSUHVDVGHVXSURSLHGDG²(GLWRULDO6LFDQLD
H,QGXVWULDV0HFDQR$JUtFRODV'RPLQJyPH]²\VXGRFXPHQWDFLyQSHUVRQDOHQODTXH
HQFRQWUDPRVWRGRVORVWHVWLPRQLRVGRFXPHQWDOHVUHFRJLGRVGXUDQWHWRGDXQDYLGDGHGLFD
GDDODLQYHVWLJDFLyQ\SUHVHUYDFLyQGHOSDWULPRQLRELEOLRJUiÀFRDUWtVWLFR\FXOWXUDOGHOD
&RPXQLWDW9DOHQFLDQD
/DPiVGHVWDFDGDSDUWLFXODULGDGGHHVWHIRQGRGRFXPHQWDOUHVLGHHQTXHVHWUDWDGH
XQDUFKLYRSHUVRQDOPRGpOLFR\DTXHHQFRQWUDPRVGRFXPHQWDFLyQTXHFRPSUHQGHWRGRV
ORVDVSHFWRVGHODYLGDGHOFpOHEUHELEOLyÀORYDOHQFLDQR$VtVHLQLFLDODGRFXPHQWDFLyQGHO
DUFKLYRFRQVXVDSXQWHV\WtWXORVDFDGpPLFRVREWHQLGRVHQVXVSULPHURVDxRVGHHVWXGLDQWH
IHFKDGRVHQWUHORVDxRV\\ÀQDOL]DFRQXQDVFDUSHWDVFRQGLYHUVDGRFXPHQWD
FLyQUHODWLYDDODFRQWDELOLGDGGHVXHPSUHVD,QGXVWULDV0HFDQR$JUtFRODV'RPLQJyPH]
$UFKLYRGH3HGUR*LO0RUHQRGH0RUD
(OSLQWRU-RDTXtQ6RUROODUHPLWLyD3HGUR*LO0RUHQRGH0RUDDPLJR
tQWLPREDQTXHURPHFHQDV\SLQWRUDÀFLRQDGRXQDVWUHVFLHQWDVFDUWDVHQWUHORVDxRV
\(OHSLVWRODULRUHYHODODLPSRUWDQFLDTXH3HGUR*LOWXYRHQODWUD\HFWRULDGHOSLQWRU
YDOHQFLDQR\RIUHFHXQDYLVLyQtQWLPDGHODUWLVWDTXHQRVSHUPLWHSURIXQGL]DUHQVXWUDEDMR
*UDFLDVDHVWDVFDUWDVGHVFXEULPRVODVGRVSUHRFXSDFLRQHVSULQFLSDOHVGHOSLQWRUVXIDPLOLD
\VXSLQWXUD'HVWDFDQDOJXQDVFDUWDVTXHFRQWLHQHQGLEXMRVGHOSLQWRUTXHUHSURGXFHQVXV
FXDGURVFRQYDULDQWHVGHODREUDGHÀQLWLYDFRPRHVHOFDVRGH7UDWDGHEODQFDVGRQGHDSDUHFH
XQSHUVRQDMHTXHSRVWHULRUPHQWHIXHHOLPLQDGR
$UFKLYRGH3HUH0DULD2UWV%RVFK
8QDVFXDUHQWDFDMDVGHDUFKLYRHQODVTXHSRGHPRVHQFRQWUDUFRUUHVSRQGHQFLD\GR
FXPHQWDFLyQGHWUDEDMRGRQDGDHODxRSRUHVWHDFDGpPLFRGHOD$FDGqPLD9DOHQFLDQD
GHOD/OHQJXD
$UFKLYRGH5DIDHO/DSHVD0HOJDU
(ODUFKLYRGH5DIDHO/DSHVDIXHDGTXLULGRHQHODxR\KDVWDODDFWXDOLGDGHV
HOPiVJUDQGHTXHVHFRQVHUYDHQOD%LEOLRWHFD9DOHQFLDQDFRQPiVGHGRVFLHQWDVFDMDV
6HWUDWDGHXQFRQMXQWRGRFXPHQWDOIRUPDGRSRUORVPDWHULDOHVGHWUDEDMRGHTXLHQIXHUD
FDWHGUiWLFRGH*UDPiWLFD+LVWyULFDGHOD/HQJXD(VSDxRODHQOD8QLYHUVLGDGGH0DGULG\
DFDGpPLFRGHOD5HDO$FDGHPLD(VSDxROD
6HWUDWDGHXQDUFKLYRHVWULFWDPHQWHSURIHVLRQDO\DTXHODJUDQPD\RUtDGHODGRFX
PHQWDFLyQTXHVHFRQVHUYDKDFHUHIHUHQFLDDORVPDWHULDOHVGHHVWXGLRHLQYHVWLJDFLyQXVDGRV
/D%LEOLRWHFD
9DOHQFLDQD
SRU5DIDHO/DSHVDSDUDVXVWUDEDMRVVREUHODKLVWRULDGHODOHQJXD\ODOLWHUDWXUDHVSDxRODV
\ODFUtWLFDOLWHUDULD
&RQUHVSHFWRDODWHPiWLFDGHODUFKLYRKD\TXHVHxDODUTXHYHUVDVREUHODKLVWRULDGH
ODOHQJXD\OLWHUDWXUDHVSDxRODVPDWHULDVHQODVTXH5DIDHO/DSHVDIXHXQDHPLQHQFLD/D
GRFXPHQWDFLyQODERUDO\SURIHVLRQDOHVODSDUWHPiVYROXPLQRVDGHODUFKLYRDOJXQRVDSXQWHV
GHFODVHFUHDGRVFRPRJXLyQSDUDLPSDUWLUODGRFHQFLDHQODVGLIHUHQWHVXQLYHUVLGDGHVHQTXH
WUDEDMyWUDEDMRV\H[iPHQHVGHDOXPQRVVX\RVOLVWDGRVGHDOXPQRVDORVTXHLPSDUWLyFODVH
ERUUDGRUHVGHORVWH[WRVXVDGRVSDUDSURQXQFLDUFRQIHUHQFLDV\SDUWLFLSDUHQFRQJUHVRV
FDUSHWDVFRQHOPDWHULDOGHWUDEDMR\ODVFRPXQLFDFLRQHVSUHVHQWDGDVHQORVFXUVRVDORVTXH
DVLVWLyQRWDVGHWUDEDMRSDUDVXSRVWHULRUXWLOL]DFLyQHQODGRFHQFLD
7DPELpQVHFRQVHUYDWRGDODGRFXPHQWDFLyQUHODWLYDDODVSXEOLFDFLRQHVUHDOL]DGDV
SRU5DIDHO/DSHVDFRPRDOJXQRVPDQXVFULWRVRULJLQDOHVGHVXVREUDVQRWDVGHWUDEDMR\
GHOHFWXUDXVDGDVSDUDFRPSOHWDUVXVWUDEDMRVGHLQYHVWLJDFLyQHWF
'HQWURGHODFRUUHVSRQGHQFLDGH5DIDHO/DSHVDKD\FDUWDVGHDOJXQRVGHORVPiVLP
SRUWDQWHVHLQÁX\HQWHVOLQJLVWDVGHODpSRFDRGHORVPiVUHOHYDQWHVSHUVRQDMHVGHODpOLWH
FXOWXUDO\SROtWLFDGHOPRPHQWRHQWUHORVTXHGHVWDFDUtDPRV3HGUR/DtQ(QWUDOJR'iPDVR
$ORQVR5DPyQ0HQpQGH]3LGDO7RPiV1DYDUUR7RPiV3HGUR6DOLQDV-RUJH*XLOOpQ
$PpULFR&DVWUR)HUQDQGR/i]DUR&DUUHWHU-RDQ&RURPLQHVHWF
(QWUHODGRFXPHQWDFLyQGH/DSHVDKD\FXDWURFDMDVGHGRFXPHQWDFLyQUHODWLYDDVX
HVSRVD3LODU/DJR
$UFKLYRGH9LFHQWH*LQHU%RLUD
(VWHDUFKLYRHVWiGHSRVLWDGRGHVGHPD\RGH\FRQVWDGHGRVIRQGRVHOSURGX
FLGRSRU9LFHQWH*LQHU%RLUDFDMDVGHDUFKLYR\HOIRQGRGHVXSDGUH9LFHQWH*LQHU
*XLOORWFDMDV(QHOIRQGRGH*LQHU%RLUDVHHQFXHQWUDWRGDODGRFXPHQWDFLyQUHIHUHQWH
DODFRQVWLWXFLyQ\DOIXQFLRQDPLHQWRGH$,'$$VRFLDFLyQ,QWHUQDFLRQDOGHO'HUHFKRGH
$JXDVODVDFWDVGHO6LQGLFDWR&HQWUDOGH5LHJRVGHO5tR7XULD\ODVRUGHQDQ]DVH[SHGLHQWHV
FRQVXOWDV\SOHLWRVTXHWHQtDQODVFRPXQLGDGHVGHUHJDQWHVYDOHQFLDQDV\TXH9LFHQWH*LQHU
VHHQFDUJDEDGHGLULPLURGHVROXFLRQDU(VSRUHVWHPRWLYRTXHHQHODUFKLYRKD\RUGHQDQ]DV
GHULHJRRULJLQDOHVGHORVVLJORV;9,,,\;,;TXH9LFHQWH*LQHUXWLOL]DEDSDUDIXQGDPHQWDU
VXVGHFLVLRQHV(QHOIRQGRGH9LFHQWH*LQHU*XLOORWHVWiODGRFXPHQWDFLyQSURYHQLHQWH
GHOEXIHWHGHDERJDGRV*LQHU$OEDO%RLUD
9LFHQWH/ORUHQV&DVWLOOR
(VWHIRQGRVHHQFXHQWUDHQOD%LEOLRWHFD9DOHQFLDQDJUDFLDVDODJHQWLOH]DGHODYLXGD
GH9LFHQWH/ORUHQV$PDOLD*DUFtD*DVFy\GHVXVVREULQDVTXHGHVLQWHUHVDGDPHQWHKDQ
KHFKRGRQDFLyQGHVXGRFXPHQWDFLyQIDPLOLDU
/DGRFXPHQWDFLyQFRQVHUYDGDHQHODUFKLYRVHLQLFLDHQPRPHQWRHQTXH9LFHQ
WH/ORUHQVSDUWHSDUDHOH[LOLR\OOHJDKDVWDVXPXHUWHDFDHFLGDHQ/DGRFXPHQWDFLyQ
GHODpSRFDDQWHULRUDOH[LOLRHVPX\UHGXFLGD(ODUFKLYRVHFRPSRQHGHFDMDVGHDUFKLYR
GHODVFXDOHVVRQGHFRUUHVSRQGHQFLDSHUVRQDO3RUODSURIHVLyQGHVXSURGXFWRUVHWUDWD
GHXQDUFKLYRÀOROyJLFRTXHSRUXQDSDUWHFRQWLHQHHOPDWHULDOXWLOL]DGRSDUDSUHSDUDUVXV
OHFFLRQHV\FODVHV\SRURWUDHOPDWHULDOGHGLFDGRDVXVLQYHVWLJDFLRQHVSHUVRQDOHV
8QWHPDHVWXGLDGRSRU/ORUHQVGHPDQHUDSURIXVD\TXHFRPSRQHXQDSDUWHIXQ
GDPHQWDOGHVXVWUDEDMRV\HVWXGLRVHVODHPLJUDFLyQ'HQWURGHHVWDWHPiWLFDGHGLFDXQD
SDUWHFRQVLGHUDEOHGHVXVHVWXGLRVDODHPLJUDFLyQUHSXEOLFDQDGHGHODTXHpOPLVPR
IRUPySDUWH(VWDGRFXPHQWDFLyQUHFRJHWRGRHOPDWHULDOTXHSXGRFRQVHJXLUSDUDXQIX
WXURWUDEDMR\FRQWLHQHGDWRVGHORVSDtVHVUHFHSWRUHV\GHORVHPLJUDQWHVTXHVHDFRJLHURQ
DVXSURWHFFLyQ3DUDHVWHWUDEDMR/ORUHQVFRQWDEDFRQORVFXUULFXODTXHORVHPLJUDQWHVOH
HQYLDEDQ\DGHPiVFRQORVÀFKHURVHQTXHLEDDFXPXODQGRLQIRUPDFLyQVREUHFDGDXQR
GHHOORV$VLPLVPRVHRFXSyGHOWHPDGHODHPLJUDFLyQOLEHUDOGHOVLJOR;,;HVSHFLDOPHQWH
HQVXLQYHVWLJDFLyQVREUHHOHVSDxROHPLJUDGRD,QJODWHUUD\QDFLRQDOL]DGRLQJOpV-RVp0DUtD
%ODQFR:KLWH(QFRQFUHWRHVWDHVXQDGHODVSDUWHVPiVLPSRUWDQWHVGHODUFKLYRGH9LFHQWH
/ORUHQVTXLHQHQHOPRPHQWRGHVXPXHUWHVHHQFRQWUDEDWUDEDMDQGRHQODELRJUDItDGH
HVWHSHUVRQDMHROYLGDGR
6XFRUUHVSRQGHQFLDGHVGHKDVWDVXPXHUWHHQSRQHGHPDQLÀHVWRHO
DPSOLRQ~PHURGHDPLVWDGHVTXHFXOWLYy9LFHQWH/ORUHQVGXUDQWHVXYLGD(OFRQMXQWRGH
FRUUHVSRQVDOHVGH9LFHQWH/ORUHQVHVDPSOtVLPR\FRPSUHQGHSRHWDVFRPR3HGUR6DOLQDV
\-RUJH*XLOOpQSLQWRUHVFRPR(XJHQLR)HUQiQGH]*UDQHOO\-RVp9HOD=DQHWWLP~VLFRV
FRPR(QULTXH&DVDO&KDStQRYHOLVWDVFRPR)UDQFLVFR$\DODKLVWRULDGRUHVFRPR$PpULFR
&DVWURSURIHVRUHVHLQYHVWLJDGRUHVFRPR7RPiV1DYDUUR7RPiV-XDQ0DULFKDO&ODXGLR
*XLOOpQR-RVp)HUQiQGH]0RQWHVLQRVHWF
$PRGRGHFRQFOXVLyQ
(ODVSHFWRPiVH[WUDRUGLQDULRGHWRGRHVWHFRQMXQWRGRFXPHQWDOHVTXHVLHPSUH
SRGHPRVHQFRQWUDUXQDUHODFLyQHQWUHORVSURGXFWRUHVGHORVDUFKLYRVSHUVRQDOHVTXH
VHFRQVHUYDQHQOD%LEOLRWHFD9DOHQFLDQD$VtSRGHPRVREVHUYDUTXHVLQRVHFRQRFtDQ
SHUVRQDOPHQWHVtTXHKDQPDQWHQLGRFRUUHVSRQGHQFLDKDQFRPSDUWLGRDPLVWDGHVRKDQ
IRUPDGRSDUWHGHXQPLVPRSUR\HFWR
$GROI 3L]FXHWDIXHDPLJR\FRPSDxHURGHHVWXGLRVGH9LFHQWH/ORUHQV)UDQFHVF
$OPHODL9LYHV-XDQ*LO$OEHUW\(GXDUGR/ySH]&KDYDUUL0DUFR$GHPiVPDQWXYRXQD
HVWUHFKDUHODFLyQFRQ0DQXHO6DQFKLV*XDUQHU1LFRODX3ULPLWLX*yPH]HUDHOSUHVLGHQWH
GHODFRPLVLyQYDOHQFLDQDSDWURFLQDGRUDGHO'LFFLRQDULFDWDOjYDOHQFLjEDOHDUTXHLQLFLy$QWRQL
0DULD$OFRYHU\FRQWLQXDURQ)UDQFHVFGH%RUMD0ROO\0DQXHO6DQFKLV*XDUQHU\$JXVWtQ
$ODPiQ5RGULJR0DQXHO3DODX\$GROI 3L]FXHWDHUHQPLHPEURVGHODFLWDGD&RPLVLyQ
-RDTXtQ6RUROOD)RQGR3HGUR*LO0RUHQRGH0RUD\9LFHQWH%ODVFR,EixH]WXYLHURQXQD
JUDQDPLVWDG1LFRODX3ULPLWLX*yPH]IXHFRPR/OXtV&HEULDQ0H]TXLWDSUHVLGHQWHGH/R
5DW3HQDW\FRQ(GXDUGR/ySH]&KDYDUUL0DUFRÀUPDURQODV1RUPHVGH&DVWHOOyHQHODxR
/D%LEOLRWHFD
9DOHQFLDQD
$JXVWtQ$ODPiQIXHDOXPQRGH(GXDUGR/ySH]&KDYDUUL0DUFR\GH0DQXHO3DODX
ÉQJHO/DFDOOHIXHSURIHVRUGH,JQDFLR6ROGHYLOD\FRODERUyFRPR0DQXHO6DQFKLV*XDUQHU
\5DIDHO/DSHVDHQODHODERUDFLyQGHO$WODVOLQJtVWLFRGHODSHQtQVXOD,EpULFD$/3,,JQDFLR
6ROGHYLODVLHPSUHVHKDFRQVLGHUDGRGLVFtSXORGHOÀOyORJR5DIDHO/DSHVD
&RPRVHSXHGHREVHUYDUVRQP~OWLSOHVORVSXQWRVGHFRQWDFWRTXHUHODFLRQDQORV
SURGXFWRUHVGHORVGLIHUHQWHVDUFKLYRVDFRJLGRVHQOD%LEOLRWHFD9DOHQFLDQD
3RGHPRVSHQVDUTXHJUDFLDVDODODERUGHHVWDLQVWLWXFLyQGHUHFRJHUSDWULPRQLRGRFX
PHQWDOORVYLHMRVDPLJRV\FRPSDxHURVVHUHHQFXHQWUDQ\VHPDQWLHQHQXQLGRVSDUDVLHPSUH
/RTXHHVHYLGHQWHHVTXHPLHQWUDVVHFRQVHUYHQVXVDUFKLYRVSHUVRQDOHVVLHPSUHTXHGDUi
VXUDVWURLQGHOHEOH\KDUiSRVLEOHHOHVWXGLRGHVXVYLGDV\REUDVDQXHYDVJHQHUDFLRQHVGH
LQYHVWLJDGRUHV\HVWXGLRVRVKDFLHQGRYHUGDGHUDVODVSDODEUDVTXH,JQDFLR6ROGHYLODGHFtDD
VXVGLVFtSXORV©1DGLHVHPXHUHGHOWRGRPLHQWUDVKD\TXLHQORUHFXHUGHª
/D%LEOLRWHFD
9DOHQFLDQD
(/'(3$57$0(172'(&216(59$&,Ð1<5(67$85$&,Ð1
'(/$%,%/,27(&$9$/(1&,$1$
-RVp9HUJDUD3HULV\0DU%HQVDFK*DOD
,QWURGXFFLyQ
/D%LEOLRWHFD9DOHQFLDQDXELFDGDHQHODQWLJXRPRQDVWHULRGH6DQ0LJXHOGHORV5H\HV
DOEHUJDHQODWHUFHUDSODQWDGHODWRUUHVXUHVWHGHOHGLÀFLRHOGHSDUWDPHQWRGH5HVWDXUDFLyQ
(QHOFODXVWURQRUWHVHHQFXHQWUDQORVGHSyVLWRVGRQGHVHDOPDFHQDODFROHFFLyQ/RV
GHSyVLWRVHVWiQDPXHEODGRVFRQPyGXORVTXHVXPDQDSUR[LPDGDPHQWHTXLQLHQWDV
FLQFXHQWDHVWDQWHUtDVFRPSDFWDV\FLHQPyGXORVWLSRSODQHURVGRQGHVHDOPDFHQDQWRGRV
ORVREMHWRVTXHFRQIRUPDQODFROHFFLyQTXHVHFRQWURODQHLQWHUYLHQHQHQFDVRQHFHVDULR
SRUHOGHSDUWDPHQWR
/DFROHFFLyQHVWiFRPSXHVWDSRUPiVGHXQPLOOyQGHSLH]DVREUDVGH)RQGR
$QWLJXRHMHPSODUHVGH)RQGR0RGHUQRGH+HPHURWHFDREUDV
HQ0DQXVFULWRV\$UFKLYRV3HUVRQDOHV\PiVGHHMHPSODUHVHQHO)RQGR*UiÀFR
HQWUHFDUWHOHVSODQRVGLEXMRVHVWDPSDVRULJLQDOHVIRWRJUDItDVQHJDWLYRVGLDSRVLWLYDV
HWF(OYROXPHQWRWDODXPHQWDDULWPRDFHOHUDGRGHELGRDODVGRQDFLRQHVFRPSUDV\SRU
VXSXHVWRDO'HSyVLWR/HJDO
/DFRQVHUYDFLyQ\ODUHVWDXUDFLyQGHORVIRQGRVTXHSHUWHQHFHQDXQDELEOLRWHFDUHTXLHUHQ
TXHVHGLVSRQJDGHSHUVRQDOWpFQLFRDGHFXDGR\FRPSHWHQWH/D%LEOLRWHFD9DOHQFLDQDGLVSRQH
GHGRVWpFQLFRVTXHVRQORVUHVSRQVDEOHVGHODFRQVHUYDFLyQGHVXVIRQGRV\GHODUHVWDXUDFLyQ
GHORVPLVPRVFXDQGRHOHVWDGRItVLFRGHDOJXQRGHORVREMHWRVORUHTXLHUH
/RVWUDEDMRVTXHVHUHDOL]DQ\ODVUHVSRQVDELOLGDGHVHMHUFLGDVSRUHOGHSDUWDPHQWR
GH5HVWDXUDFLyQ\GHVGHpVWHHVWiQGLULJLGRVDFXVWRGLDU\SUHVHUYDUWRGRHOPDWHULDOTXH
LQWHJUDODFROHFFLyQGHOD%LEOLRWHFD9DOHQFLDQDTXHVHFRQVLGHUDXQELHQFXOWXUDO\SRUOR
WDQWRSDUDWRGRVORVHIHFWRV3DWULPRQLR&XOWXUDO9DOHQFLDQR(VWRFRQOOHYDHOGHUHFKR²\DO
PLVPRWLHPSRODREOLJDFLyQ²GHSURWHJHUHQULTXHFHU\FRQVHUYDUGLFKRSDWULPRQLRFRQHOÀQ
GHTXHSXHGDVHUWUDVPLWLGRDJHQHUDFLRQHVIXWXUDV
3DUDOOHYDUDFDERHVWDODERUFRQp[LWR\HYLWDUODGHJUDGDFLyQ\HOGHWHULRURVHKDFUHDGR
XQSODQGHSUHYHQFLyQ'HHVWDPDQHUDVHSXHGHQWRPDUODVPHGLGDVQHFHVDULDVTXHSHUPLWDQ
DFWXDUUiSLGDPHQWHSDUDQRUPDOL]DUODVFRQGLFLRQHV\HYLWDUFXDOTXLHUSURFHVRGHGHWHULRUR
GHHVWRVPDWHULDOHVWDQWRItVLFRFRPRELROyJLFR
'HSDUWDPHQWRGH5HVWDXUDFLyQGHOD%LEOLRWHFD9DOHQFLDQD
/DSUHVHUYDFLyQGHOSDWULPRQLRGHOD%LEOLRWHFD9DOHQFLDQDGHSHQGHSULQFLSDOPHQWH
GHWUHVIDFWRUHVHOPDWHULDOTXHORFRPSRQHHOPpWRGRGHIDEULFDFLyQ\ODVFRQGLFLRQHV
GHOPHGLRDPELHQWHDOTXHKDVLGRVRPHWLGR'HVJUDFLDGDPHQWHSRFRVHSXHGHKDFHUSDUD
FRUUHJLUORVSUREOHPDVGHFRQVHUYDFLyQFDXVDGRVSRUXQPDWHULDOSREUHGHRULJHQSHURVt
TXHSRGHPRVDODUJDUVXH[LVWHQFLDFRQWURODQGRHOPHGLRDPELHQWH\PDQWHQLHQGRORVSD
UiPHWURVGHKXPHGDGUHODWLYD\WHPSHUDWXUDGHQWURGHORVQLYHOHVH[LJLGRVSDUDXQDEXHQD
FRQVHUYDFLyQ6RQGHVXPDLPSRUWDQFLDHOPDQWHQLPLHQWR\ODOLPSLH]DGHOOXJDUHQTXHVH
HQFXHQWUDHOPDWHULDODOPDFHQDGR
/DFRQVHUYDFLyQSUHYHQWLYD
/DEXHQDSUHVHUYDFLyQHVWiEDVDGDHQODULJXURVLGDGGHOFXPSOLPLHQWRGHXQSUR
\HFWRDGHFXDGRGHFRQVHUYDFLyQSUHYHQWLYDWDUHDTXHVLQGXGDDOJXQDHVODDFWLYLGDG
PiVLPSRUWDQWHTXHUHDOL]DHOGHSDUWDPHQWR(OFRQWUROGHODVFRQGLFLRQHVGHDOPDFHQDMH
GHPDQLSXODFLyQ\ORTXHHVPiVUHOHYDQWHGHODVFRQGLFLRQHVPHGLRDPELHQWDOHVGHORV
GHSyVLWRVHVGHFLUTXHODKXPHGDGUHODWLYD\ODWHPSHUDWXUDDPELHQWHHQORVGHSyVLWRVVH
HQFXHQWUHQGHQWURGHORVSDUiPHWURVUHFRPHQGDGRVHYLWDUiODGHJUDGDFLyQWDQWRItVLFD
FRPRTXtPLFDGHHVWRVPDWHULDOHV3DUDHOORHVLPSUHVFLQGLEOHFXPSOLUODVVLJXLHQWHVUHJODV
²&RQWUROGHOHVWDGRPHGLRDPELHQWDOGHORVGHSyVLWRV/DKXPHGDGUHODWLYD\ODWHP
SHUDWXUDVHGHEHQPDQWHQHUGHQWURGHORVSDUiPHWURVUHFRPHQGDGRVeVWRVVRQ
/D%LEOLRWHFD
9DOHQFLDQD
XQDWHPSHUDWXUDDPELHQWDOGHDSUR[LPDGDPHQWHž&ž&\XQDKXPHGDG
UHODWLYDGH/RPiVLPSRUWDQWHHVHYLWDUODVJUDQGHVRVFLODFLRQHVDOJR
PX\FRP~QHQHVWDSDUWHGHODSHQtQVXODGRQGHODKXPHGDGUHODWLYDHVPX\DOWD\
ODVWHPSHUDWXUDVVRQPX\YDULDEOHV
²&RQWUROGHODLOXPLQDFLyQ/DOX]HQWRGRVVXVHVWDGRV\FRQGLFLRQHVHVSHUMXGLFLDO
SDUDODPD\RUtDGHOPDWHULDOFXOWXUDOVREUHWRGRSDUDDTXHOTXHVHHQFXHQWUDVREUH
XQVRSRUWHGHSDSHORFXDOTXLHURWURPDWHULDORUJiQLFR(OQLYHORIXHU]DGHODOX]VH
PLGHHQOX[HVOX[HVHVHTXLYDOHQWHDODOX]SURGXFLGDSRUXQDYHOD3DUDPDWHULDO
VHQVLEOHFRPRHOSDSHOVHUHTXLHUHXQPi[LPRGHOX[HV/DUDGLDFLyQXOWUDYLROHWD
JHQHUDGDSRUODOX]GHOGtD\ODHPLWLGDHOpFWULFDPHQWHVRQPX\SHUMXGLFLDOHVSDUDHO
SDSHOSRUORTXHGHEHHYLWDUVHODOX]VRODUHQORVDOPDFHQHV\ORVWXERVÁXRUHVFHQWHV
\ODVOiPSDUDVKDOyJHQDVGHEHQVHUFXELHUWDVFRQÀOWURV/RVGHSyVLWRVGRQGHVH
DOPDFHQDWRGRHOPDWHULDOGHOD%LEOLRWHFD9DOHQFLDQDVHPDQWLHQHQDXQRVQLYHOHV
PX\EDMRVGHOXPLQRVLGDG\FXDQGRORVFRPSDFWRVHVWiQFHUUDGRVORVHIHFWRVGH
ODOX]VRQSUiFWLFDPHQWHQXORV
²5HYLVLyQSHULyGLFDGHORVIRQGRVSDUDFRQWURODUFXDOTXLHUSRVLEOHLQIHVWDFLyQR
LQYDVLyQGHLQVHFWRV&RPRPHGLGDGHSUHFDXFLyQHOGHSDUWDPHQWRUHDOL]DXQD
GHVLQVHFWDFLyQDQXDO3RUUD]RQHVGHVHJXULGDGWDPELpQVHUHDOL]DQGHVLQVHFWDFLR
QHVSXQWXDOHVFRPRSRUHMHPSORFXDQGRVHUHFLEHXQDGRQDFLyQRXQDFRPSUD
GHXQDELEOLRWHFDSDUWLFXODU\VHGHVFRQRFHQODVFRQGLFLRQHVGHDOPDFHQDMHHQ
TXHVHHQFRQWUDEDDQWHULRUPHQWH7DPELpQH[LVWHXQSURJUDPDGHPDQWHQLPLHQWR
UHJXODU\DTXHHVLPSUHVFLQGLEOHTXHORVGHSyVLWRVGHDOPDFHQDMHVHHQFXHQWUHQ
OLEUHVGHSROYR\GHRWUDVSDUWtFXODVTXHSXHGHQHQFRQWUDUVHHQHODLUH+D\TXH
UHFRUGDUTXHHOSROYRHVDEUDVLYRDWUDHLQVHFWRV\FRQWLHQHHVSRUDVGHPRKR
PLFURRUJDQLVPRV\RWUDVPXFKDVSDUWtFXODVTXHSXHGHQVHUSHUMXGLFLDOHVSDUDHO
PDWHULDODUFKLYDGR
²3RWHQFLDFLyQGHOFXPSOLPLHQWRGHXQSURWRFRORGHPDQHMRDGHFXDGR/DPDQLSX
ODFLyQGHODGRFXPHQWDFLyQVHOOHYDDFDERSRUSHUVRQDOSUHSDUDGRSDUDUHDOL]DU
HVWDVODERUHV/DVQRUPDVSUHWHQGHQHYLWDUFXDOTXLHUGDxRDOREMHWRGXUDQWHVXXVR
\VRQODVVLJXLHQWHV
‡1LQJ~QREMHWRGHEHVHUPRYLGRGHXQOXJDUDRWURKDVWDTXHHOVHJXQGRQRVH
KD\DSUHSDUDGRGHELGDPHQWHSDUDVXUHFHSFLyQ
‡/RVREMHWRVSHVDGRVQRGHEHQVHUPRYLGRVSRUXQDVRODSHUVRQD\VLHPSUHTXHVHD
SRVLEOHGLFKRPRYLPLHQWRVHUHDOL]DUiFRQFDUULWRVGLVHxDGRVHVSHFLDOPHQWHSDUDHOOR
‡6HGHEHXVDUJXDQWHVRWHQHUODVPDQRVOLPSLDVFXDQGRVHPDQHMDHVWHPDWHULDO
XWLOL]DUODVGRVPDQRV\WHQHUHOPi[LPRFXLGDGRSRVLEOH
²%~VTXHGD\FRQIHFFLyQGHVROXFLRQHVPDWHULDOHVSUHYHQWLYDVSDUDPHMRUDUODFRQ
VHUYDFLyQGHWRGRHOPDWHULDOTXHVHHQFXHQWUDDOPDFHQDGR
‡(VWXFKHVFDMDVRFDUSHWDVHVSHFLDOHVUHDOL]DGRVFRQFDUWRQHVGHFRQVHUYDFLyQ
SDUDDTXHOORVPDWHULDOHVTXHSRUVXHVWDGRGHFRQVHUYDFLyQRSRUVXVFRQGLFLRQHV
HVSHFLDOHVUHTXLHUHQPD\RUHVJDUDQWtDVGHFRQVHUYDFLyQ
‡6REUHV\FDPLVDVGH0\ODU\SDSHOEDUUHUDSDUDIDFLOLWDUODPDQLSXODFLyQGHOPDWH
ULDOQRVyORSDUDOLEURV\IROOHWRVVLQRWDPELpQSDUDIRWRJUDItDVQHJDWLYRVFDUWHOHV
DQWLJXRVGHWDPDxRVHVSHFLDOHVPDWHULDOGHDUFKLYRVSHUVRQDOHVHWF
5HFXSHUDFLyQ\UHVWDXUDFLyQGHPDWHULDOFRQVRSRUWHGHSDSHO
/DPD\RUSDUWHGHOPDWHULDOTXHLQWHJUDORVIRQGRVGHOD%LEOLRWHFD9DOHQFLDQDHVWi
FRPSXHVWRIXQGDPHQWDOPHQWHSRUSDSHOXRWURVPDWHULDOHVRUJiQLFRV$XQTXHWRGRHO
PDWHULDODOPDFHQDGRHQXQDELEOLRWHFDWLHQHVXYDORUKLVWyULFRGRFXPHQWDOHQDOJXQRV
FDVRVVXLPSRUWDQFLDHVPD\RUSRUFRQVLGHUDUTXHHOSURSLRFRQWHQHGRUWLHQHYDORUSRU
XQODGRODUHOHYDQFLDGHODLQIRUPDFLyQFRQWHQLGDHQHOWH[WRLPSUHVRRPDQXVFULWR\SRU
RWURODHQFXDGHUQDFLyQeVWDWUDWiQGRVHGHOLEURVDQWLJXRVTXHD~QFRQVHUYDQVXHQFXD
GHUQDFLyQRULJLQDOKDFHTXHVHDQFRQVLGHUDGRVREMHWRVDUTXHROyJLFRV2WURVHMHPSODUHV
SURGXFLGRVFRQPDWHULDOHVSREUHV\SRUWDQWRPXFKRPiVHItPHURVFRPRSXHGHQVHU
HGLFLRQHVUHDOL]DGDVHQSDSHOIDEULFDGRFRQSXOSDGHPDGHUDFRQSDSHOGHSUHQVDHWF
SDVDQDVHUVLQJXODUHVSRUFRQWHQHULQIRUPDFLyQPDQXVFULWDDxDGLGDSRVWHULRUPHQWH6RQ
HMHPSORVGHHOORORVOLEURVÀUPDGRVSRUHODXWRU\GHGLFDGRVDRWURVHUXGLWRVRWDPELpQ
ODJUDQYDULHGDGGHREMHWRVTXHVHSXHGHQHQFRQWUDUHQORVDUFKLYRVSHUVRQDOHVFRPR
SHTXHxRVGLEXMRV\ERFHWRVSDUDIXWXURVSUR\HFWRVUHDOL]DGRVVREUHWUR]RVGHSDSHOLGHDV
PDQXVFULWDVVREUHVHUYLOOHWDVGHSDSHO\RWURVREMHWRVLQVyOLWRVTXHIRUPDQSDUWHGHOD
KLVWRULDLQGLYLGXDOGHXQGHWHUPLQDGRSHUVRQDMHKLVWyULFR
(VWHGHSDUWDPHQWRGHGLFDJUDQFDQWLGDGGHWLHPSRDODUHVWDXUDFLyQGHYRO~PHQHV
GHO)RQGR$QWLJXRWDQWRLPSUHVRFRPRPDQXVFULWRTXHVHHQFXHQWUDQHQPDOHVWDGRGH
FRQVHUYDFLyQ'HVJUDFLDGDPHQWHDOJXQRVGHHVWRVWUDEDMRVVRQOHQWRV\FRVWRVRVORFXDO
SURYRFDTXHQRVHSXHGDQUHDOL]DUWRGRVORVSUR\HFWRVGHUHVWDXUDFLyQTXHODFROHFFLyQ
UHTXLHUH\TXHVHEXVTXHXQRUGHQGHSULRULGDGOyJLFR\HVWXGLDGRVHJ~QODVQHFHVLGDGHV
GHFDGDREMHWR
(OGHSDUWDPHQWRGH5HVWDXUDFLyQWUDWDGHGLYHUVLÀFDUVXODERUGHQWURGHWRGDVODV
QHFHVLGDGHVTXHH[LVWHQFRPELQDQGRODUHVWDXUDFLyQGHGRFXPHQWDFLyQSHUWHQHFLHQWHDFDGD
XQRGHORVIRQGRVGH)RQGR$QWLJXROLEURVLPSUHVRV0DQXVFULWRV\$UFKLYRV3HUVRQDOHV
UHFRUWHVREMHWRVYDULRVDQRWDFLRQHV)RQGR*UiÀFRFDUWHOHVSDQÁHWRViOEXPHVGHSRV
WDOHVIRWRJUDItDV\FURPRV+HPHURWHFDGLDULRV\UHYLVWDV\PDWHULDOFRQWHPSRUiQHR/D
UHVWDXUDFLyQGHHVWHPDWHULDOVHVROLFLWDWDQWRGHVGHODVHFFLyQSHUWLQHQWHFRPRGHVGHODVDOD
GHFRQVXOWDTXHWLHQHPDWHULDOTXHVHXWLOL]DFRQPXFKDIUHFXHQFLD\UHTXLHUHUHSDUDFLRQHV
XUJHQWHV(QHVWRV~OWLPRVODWDUHDIXQGDPHQWDOVXHOHVHUODFRQVROLGDFLyQUHSDUDFLRQHVHQ
FRVLGRV\HQFXDGHUQDFLRQHVGHWHULRUDGDV
/D%LEOLRWHFD
9DOHQFLDQD
0DQXVFULWR2UGHQDQ]DVGHOJUHPLRGHWHMHGRUHVVLJOR;,9;9,
HQPX\PDOHVWDGRGHFRQVHUYDFLyQSRUYDULDVFDXVDVH[FHVRGHKXPHGDG
LQFRUUHFWDPDQLSXODFLyQ\DOPDFHQDPLHQWRHWF
3URFHVRGHUHVWDXUDFLyQ
8QDYH]VHOHFFLRQDGRHOPDWHULDOFRQSUREOHPDVGHFRQVHUYDFLyQ\WHQLHQGRHQFXHQWD
VXVFRQGLFLRQHVGHGHJUDGDFLyQVHSURFHGHDXQDVHJXQGDFODVLÀFDFLyQGHDFXHUGRFRQVX
YDORUKLVWyULFR\VXLPSRUWDQFLDDUWtVWLFD(QWUHODVSDXWDVTXHKD\TXHVHJXLUHQHOSURFHVR
GHVHOHFFLyQGHOPDWHULDOQHFHVLWDGRGHUHVWDXUDFLyQVRQSULRULWDULRVHO)RQGR$QWLJXR\
0DQXVFULWRVHQHVSHFLDOORVFyGLFHV\WDPELpQWRGRDTXHOPDWHULDOTXHVHFRQVLGHUD~QLFR
\FRQXQYDORUKLVWyULFRVLQJXODU
$QWHVGHWRPDUDOJXQDGHFLVLyQVREUHODUHVWDXUDFLyQGHXQREMHWRVHGHEHHV
WXGLDUODFRPSDWLELOLGDGHQWUHHOSUREOHPD\VXVROXFLyQ1RHVDSURSLDGRUHDOL]DUXQ
WUDWDPLHQWRFRVWRVRRFRPSOLFDGRVREUHXQHMHPSODUGHSRFRYDORUKLVWyULFRFXOWXUDO
RORTXHHVSHRUTXHGLFKRSURFHVRGHUHVWDXUDFLyQWHQJDXQHIHFWRSHUMXGLFLDOHQHO
IXWXURGHOREMHWR
8QDYH]WRPDGDODGHFLVLyQGHUHVWDXUDUHOREMHWRVHUHDOL]DXQLQIRUPHHQHOFXDO
VHGHVFULEHQODVFRQGLFLRQHVHQTXHVHHQFXHQWUDHOREMHWR&XDQGRVHWUDWDGHSDSHOVH
UHDOL]DXQH[KDXVWLYRDQiOLVLVGHOHVWDGRGHGHJUDGDFLyQGHVXVÀEUDV\VXQLYHOGHDFLGH]
$OLQWHUYHQLUVREUHPDQXVFULWRVSRUHMHPSORGHEHPRVWHQHUPX\HQFXHQWDODVROXELOLGDG
GHVXVWLQWDV6RQPXFKRVORVIDFWRUHVTXHGHEHQHVWXGLDUVH\DQDOL]DUVHDQWHVGHLQWHUYHQLU
VREUHHOREMHWR
(OLQIRUPHVLHPSUHYDDFRPSDxDGRGHLPiJHQHVIRWRJUiÀFDVTXHPXHVWUDQHOHVWDGR
GHGHJUDGDFLyQ\TXHHQDOJXQDVRFDVLRQHVQRVDVLVWLUiQHQHOSURFHVRGHUHFRQVWUXFFLyQ
,QFOX\HXQDSURSXHVWDGHLQWHUYHQFLyQFRPRSUHYLVLyQLQLFLDOGHORVWUDEDMRVTXHKD\TXH
UHDOL]DUXQDYH]DQDOL]DGRHOSUREOHPD
/DSULPHUDWDUHDFXDQGRVHLQWHUYLHQHHQXQREMHWRHVH[WUDHUODVXFLHGDGVXSHUÀFLDO
PHGLDQWHXQDPLQXFLRVDOLPSLH]DHQVHFR\DFRQWLQXDFLyQFXDQGRHOREMHWRORUHTXLHUH\
SHUPLWHXQDUHGXFFLyQGHPDQFKDVXQODYDGR\XQDGHVDFLGLÀFDFLyQ
5HDOL]DFLyQGHXQDOLPSLH]DVXSHUÀFLDOHQVHFRXWLOL]DQGRJRPDGHERUUDUVXDYH\ELVWXUt
/DYDGR\GHVDFLGLÀFDFLyQGHXQGRFXPHQWR
/D%LEOLRWHFD
9DOHQFLDQD
5HSDUDFLyQGHOVRSRUWH
([LVWHQGRVSURFHGLPLHQWRVSDUDUHDOL]DUUHSDUDFLRQHVVREUHVRSRUWHGHSDSHOGHQR
PLQDGRV©HQVHFRª\©HQK~PHGRª
&XDQGRXQREMHWRGHSDSHOQRSHUPLWHXQWUDWDPLHQWRDFXRVRSRUTXHpVWHSXHGHDOWHUDU
ODHVWDELOLGDGGHDOJXQRVGHVXVFRPSRQHQWHVFRPRWLQWDVVHOORVKLVWyULFRVHWFODVUHSDUD
FLRQHVVHUHDOL]DQHQVHFR$VtQRVyORVHHYLWDUiPRMDUHOREMHWRVLQRTXHWDPELpQVHXVDUiQ
DGKHVLYRVFRQHOPtQLPRDSRUWHGHKXPHGDGSRVLEOHSDUDQRFDXVDUPDQFKDVGHDJXDVREUH
HOREMHWR/RVDGKHVLYRVHPSOHDGRVHQHVWDVUHSDUDFLRQHVVRQÁH[LEOHV\UHYHUVLEOHV
'HQRPLQDPRV©UHSDUDFLRQHVHQK~PHGRªDWRGDVDTXHOODVTXHUHDOL]DPRVQRUPDOPHQWH
GHVSXpVGHOSURFHVRGHUHGXFFLyQGHPDQFKDVGHGHVDFLGLÀFDFLyQRGHODYDGR$QWHVGHFR
PHQ]DUDUHDOL]DUODVUHSDUDFLRQHVVHH[WUDHHOH[FHVRGHDJXDGHOREMHWRSRUPHGLRGHVHFDQWHV
/DUHSDUDFLyQGHURWRV\GHGHVJDUURVFRQVLVWHHQUHVWDEOHFHUODFRKHVLyQGHODVSDUWHV
OHVLRQDGDVGHOGRFXPHQWRRGHFXDOTXLHURWURPDWHULDOFRQVRSRUWHGHSDSHO/DVUHSDUD
FLRQHVVHUHDOL]DQFRQODD\XGDGHXQWLV~ÀQRTXHDFW~DFRPRUHIXHU]RGHODV]RQDVTXH
VHTXLHUHQXQLU
5HSDUDFLRQHVUHDOL]DGDVFRQODD\XGDGHXQWLV~ÀQRSUHSDUDGRFRQDGKHVLYRWpUPLFR
TXHDFW~DFRPRUHIXHU]RGHODV]RQDVTXHVHTXLHUHQXQLU
5HLQWHJUDFLyQGHOVRSRUWH
/DVUHLQWHJUDFLRQHVHQXQVRSRUWHGHSDSHOFRQVLVWHQHQUHOOHQDUODV]RQDVSHUGLGDV
XWLOL]DQGRPDWHULDOHVGHFDUDFWHUtVWLFDVVLPLODUHVDOREMHWRTXHKD\TXHUHVWDXUDU/DVUHLQWH
JUDFLRQHVDOLJXDOTXHODVUHSDUDFLRQHVSXHGHQUHDOL]DUVHHQVHFRRHQK~PHGR\VHJ~QOD
H[WHQVLyQGHODSpUGLGDVHUHDOL]DQGHPDQHUDPDQXDORPHFiQLFD
/DViUHDVIDOWDQWHVVHUHLQWHJUDQXWLOL]DQGRJHQHUDOPHQWHSDSHOMDSRQpVGHVLPLODU
JURVRU\WRQDOLGDGDOREMHWRTXHVHWLHQHTXHUHLQWHJUDU\HPSOHDQGRFRPRDGKHVLYRPH
WLOFHOXORVDFRQXQDSHTXHxtVLPDSURSRUFLyQGH39$6LODViUHDVIDOWDQWHVVRQGHJUDQGHV
SURSRUFLRQHVODVUHLQWHJUDFLRQHVVHUHDOL]DQPHFiQLFDPHQWH
/DVUHLQWHJUDFLRQHVPDQXDOHVVHUHDOL]DQFRORFDQGRXQLQMHUWRGHSDSHOGHVLPLOD
UHVFDUDFWHUtVWLFDVDOGRFXPHQWRRDOREMHWRTXHKD\TXHUHVWDXUDU(OLQMHUWRVHSUHSDUD
FRORFDQGRHOREMHWRVREUHXQQHJDWRVFRSLR\HQFLPDXQDSLH]DGH0HOLQH[SDUDSURWHJHU
HOREMHWRÀQDOPHQWH\VREUHpVWDVHSRQHHOSDSHOTXHVHXWLOL]DUiSDUDUHLQWHJUDUHOiUHD
IDOWDQWH&RQXQSLQFHOÀQR\DJXDVHPDUFDHOiUHDIDOWDQWH\FRQXQELVWXUtRFRQXQ
SXQ]yQVHH[WUDHQODVSDUWHVVREUDQWHVGHOPDWHULDOTXHKD\TXHLQMHUWDU\VHGHMDQORV
FRUWHVGHVÀEUDGRV
0DUFDGR\FRUWHGHXQDSLH]DSDUDUHLQWHJUDUHQHOGRFXPHQWR
/D%LEOLRWHFD
9DOHQFLDQD
/DVSHTXHxDViUHDVTXHVHWLHQHQTXHUHLQWHJUDURULÀFLRVVHSXHGHQUHVROYHUFRQXQD
DSOLFDFLyQGHSDVWDGHSDSHO
/DVUHLQWHJUDFLRQHVPHFiQLFDVVHUHDOL]DQSRUPHGLRGHXQDUHLQWHJUDGRUDGHSXOSD
EDVDGDHQHOSULQFLSLRGHODIDEULFDFLyQGHSDSHO6HFRORFDHOREMHWRVREUHXQDUHMLOODIRU
PDGRUDGHKRMDVVHUHFXEUHHOUHVWRGHODPLVPDFRQXQPDWHULDOQRSRURVR\VHKDFHSDVDU
VREUHpVWDSRUPHGLRGHVXFFLyQXQDFROXPQDGHDJXDFRQSXOSDGLVSHUVD/DFDQWLGDGGH
SXOSDGLVXHOWDHQHODJXDVHUiODHTXLYDOHQWHDOYROXPHQGHOPDWHULDOTXHKD\DTXHUHSRQHU
$OSURGXFLUVHODVXFFLyQGHODJXDSRUODPiTXLQDVHGLVWULEX\HODSXOSDHQODViUHDVIDOWDQWHV
GHPDQHUDHTXLYDOHQWH
$QWHVGHUHDOL]DUHVWHSURFHVRHQFXDOTXLHUGRFXPHQWRPDQXVFULWRVHUHDOL]DQSUXHEDV
GHVROXELOLGDGGHODVWLQWDVSDUDFRPSUREDUVXHVWDELOLGDGRSRVLEOHVDOWHUDFLRQHV
5HLQWHJUDFLyQPHFiQLFDGHXQGRFXPHQWRFRQJUDYHVSpUGLGDVGHVRSRUWH
$GKHVLyQGHXQVRSRUWHDX[LOLDURODPLQDGR
&XDQGRXQGRFXPHQWRXRWUDREUDGHDUWHVREUHSDSHOVHHQFXHQWUDQPX\GHELOLWDGRV
\VXPDQHMRSXHGHFDXVDUGDxRVLUUHSDUDEOHVVHUHIXHU]DQSRUHOUHYHUVRSDUDSRGHUSUR
SRUFLRQDUODFRQVLVWHQFLDQHFHVDULDSDUDVXPHMRUPDQLSXODFLyQ\FRQVHUYDFLyQ6LODODPL
QDFLyQHVPDQXDOVHXWLOL]DXQWLV~MDSRQpVGHFDUDFWHUtVWLFDVHVSHFtÀFDVSDUDHVWHÀQ²DOWD
WUDQVSDUHQFLD\PX\EDMRJUDPDMH²XQLGRFRQXQDGKHVLYRDFXRVRFRPRODPHWLOFHOXORVD
&XDQGRVHWUDWDGHODPLQDUGRFXPHQWRVDQWLJXRVPX\GHWHULRUDGRVDFDXVDGHOD
R[LGDFLyQGHODVWLQWDV\TXHSUHVHQWDQODLPSRVLELOLGDGGHUHVLVWLUHODSRUWHGHKXPHGDGOD
ODPLQDFLyQVHUHDOL]DPHFiQLFDPHQWH(OVLVWHPDPHFiQLFRGHODPLQDFLyQHVWiEDVDGRHQOD
DSOLFDFLyQGHXQWLV~SUHSDUDGRFRQXQDGKHVLYRWpUPLFRTXHDGHWHUPLQDGDWHPSHUDWXUD
VHIXQGHDOPLVPRWLHPSRTXHVHSURGXFHODSUHVLyQQHFHVDULDSDUDVXDGKHVLyQ
(QFDSVXODGR
8QDDOWHUQDWLYDDOODPLQDGRHQDOJXQRVFDVRVHVODHQFDSVXODFLyQ(VXQVLVWHPDGH
SURWHFFLyQFRQÁH[LELOLGDG\WUDQVSDUHQFLDUHFRPHQGDEOHSDUDDOPDFHQDUWUDVODGDURH[
KLELUPDWHULDOHQPX\PDOHVWDGRGHFRQVHUYDFLyQ&RQVLVWHHQLQVWDODUHOGRFXPHQWRHQWUH
GRVOiPLQDVGH0HOLQH[R0\ODU\SUHFLQWDUGRVRWUHVODWHUDOHVFRQORTXHVHSURSRUFLRQDQ
XQDLVODPLHQWRGHORVIDFWRUHVDJUHVLYRVH[WHULRUHV\XQDFRQVLVWHQFLDDOGRFXPHQWRTXH
SHUPLWHQODPDQLSXODFLyQGHOPLVPRVLQGDxDUOR
/DPLQDGRGHXQGRFXPHQWRTXHVHHQFXHQWUDHQHVWDGRGHFRQVHUYDFLyQPX\IUiJLO
5HVWDXUDFLyQGHOLEURV
(OHVWXGLRDUTXHROyJLFRGHXQOLEURDQWLJXRGHODHVWUXFWXUD\GHORVPDWHULDOHVTXH
ORFRPSRQHQSXHGHD\XGDUDPHMRUDUODVFRQGLFLRQHVJHQHUDOHVGHVXFRQVHUYDFLyQ\D
UHDOL]DUFRQPiVIDFLOLGDGORVSRVWHULRUHVWUDEDMRVGHUHVWDXUDFLyQ3DUDHVWDWDUHDQRVyOR
/D%LEOLRWHFD
9DOHQFLDQD
HVQHFHVDULRXQFRQRFLPLHQWRPHWLFXORVRGHORVPDWHULDOHVRULJLQDOHVVLQRWDPELpQHOFRP
SRUWDPLHQWRGHORVTXHIXHURQLQWURGXFLGRVSRVWHULRUPHQWH
$QWHVGHLQWHUYHQLUHQXQOLEURVREUHWRGRHQDTXHOORVTXHIRUPDQHO)RQGR$Q
WLJXRKD\TXHUHGDFWDUXQLQIRUPHFRQDPSOLRPDWHULDOJUiÀFR\IRWRJUiÀFRGHOHVWDGR
GHFRQVHUYDFLyQ(VFRQYHQLHQWHTXHHQHOLQIRUPHKD\DFRQVWDQFLDGHOHVWLOR\GHOD
WpFQLFDGHODHQFXDGHUQDFLyQFRQDPSOLDGHVFULSFLyQGHORVPDWHULDOHV\GHOHVWDGRGH
FRQVHUYDFLyQGHORVPLVPRV'HEHKDFHUVHPHQFLyQHVSHFtÀFDGHDTXHOORVYRO~PHQHV
TXHFRQVHUYHQDOJXQRVGHVXVHOHPHQWRVRULJLQDOHVLQWDFWRVWDQWRHVWUXFWXUDOHVFRPR
GHFRUDWLYRVSDUDSRGHUDVtUHFRQVWUXLUODKLVWRULDWHFQROyJLFDGHODHQFXDGHUQDFLyQHQOD
UHVWDXUDFLyQGHORVPLVPRV
&XDQGRVHWUDWDGHPDWHULDOGHFRQVXOWDJHQHUDOGHWHULRUDGRSRUHOH[FHVLYRRLQDGH
FXDGRPDQHMRVyORVHUHDOL]DQODVFRQVROLGDFLRQHVRUHSDUDFLRQHVQHFHVDULDVSDUDVHJXLU
XWLOL]DQGRHVWHPDWHULDOVLQTXHVXHVWUXFWXUD\VXFRQVLVWHQFLDFRUUDQSHOLJUR
5HVWDXUDFLyQGHLQFXQDEOHVGHOD%LEOLRWHFD9DOHQFLDQD
/D%LEOLRWHFD9DOHQFLDQDSRVHHXQSHTXHxRWHVRURGHYRO~PHQHVLQFXQDEOHVSDUDVHU
H[DFWRVFLQFXHQWD\XQHMHPSODUHV6XHVWDGRGHFRQVHUYDFLyQHVPX\YDULDGR\SUHVHQWDQ
SUREOHPDVPX\GLYHUVRVSHURVLWHQHPRVHQFXHQWDTXHODPHGLDGHYLGDGHFXDOTXLHUDGH
HOORVHVGHPiVGHTXLQLHQWRVDxRVHQJHQHUDOSRGUtDPRVGHFLUTXHVXVFRQGLFLRQHVVRQ
PX\EXHQDV$OJXQRVVXIULHURQDWDTXHVGHLQVHFWRVELEOLyIDJRVTXHFDXVDURQJUDYHVSpUGL
GDVGHVRSRUWHRWURVHVWXYLHURQH[SXHVWRVSRUODUJRVSHULRGRVGHWLHPSRDXQDKXPHGDG
UHODWLYDPX\DOWDODFXDOSURYRFyJUDQGHVPDQFKDV\HQDOJXQRVFDVRVGHVFRPSRVLFLyQ\
SXGULPLHQWRGHOSURSLRSDSHOKD\HMHPSODUHVTXHVHHQFXHQWUDQLQFRPSOHWRVRFRQJUDYHV
GHWHULRURVGHVXHQFXDGHUQDFLyQRULJLQDO\RWURVIXHURQUHVWDXUDGRV\UHHQFXDGHUQDGRV
GHPDQHUDHTXtYRFD
$WRGRVORVHMHPSODUHVLQFXQDEOHVDOLJXDOTXHDXQLPSRUWDQWHYROXPHQGHPDWHULDO
FRQWHQLGRHQHO)RQGR$QWLJXRDODHVSHUDGHOPRPHQWRGHVHULQWHUYHQLGRVHQPD\RU
SURIXQGLGDGVHOHVKDEXVFDGRXQDVROXFLyQSUHYHQWLYDHQFRQMXQWR6HOHVUHDOL]DXQSUR
FHVRGHOLPSLH]DVXSHUÀFLDOFRQSHTXHxDVUHSDUDFLRQHVSDUDHYLWDUGDxRVPD\RUHV\VH
FRQIHFFLRQDQFDPLVDVGH0HOLQH[\FDMDVSURWHFWRUDVSDUDFDGDXQRGHHOORV
/DPHWRGRORJtDTXHVHDGRSWDHQHOSURFHVRGHUHVWDXUDFLyQGHHVWRVHMHPSODUHV
WHQLHQGRHQFXHQWDTXHKR\HQGtDVHFRQVLGHUDQREMHWRVDUTXHROyJLFRVHVODVLJXLHQWHVL
HOHMHPSODUKDVXIULGRDWDTXHVGHLQVHFWRV\HOGDxRHVJUDYHGHVSXpVGHKDEHUUHDOL]DGR
XQLQIRUPHTXHUHÁHMDVXHVWDGRGHFRQVHUYDFLyQVHGHVPRQWD(QSULPHUOXJDUVHVHSDUD
HOFXHUSRGHODHQFXDGHUQDFLyQVHGHVFRVHQORVFXDGHUQLOORV\VHGHVPRQWDQ\VHSDUDQORV
GREOHVIROLRVTXHORFRPSRQHQ8QDYH]VHSDUDGRVVHUHDOL]DQORVSURFHVRVGHOLPSLH]D
\ODYDGR\VHUHLQWHJUDQPHFiQLFDPHQWHODVKRMDVFRQSpUGLGDVGHVRSRUWH7RGRVHVWRV
SURFHVRVVHUHDOL]DQLJXDOTXHHQFXDOTXLHURWURGRFXPHQWRGHSDSHOFRPRVHKDH[SOLFDGR
DQWHULRUPHQWH8QDYH]UHLQWHJUDGDVODVKRMDVVHYXHOYHQDFRPSRQHUORVFXDGHUQLOORV\VH
FRVHQJHQHUDOPHQWHVREUHWUHVRFXDWURQHUYLRVVHJ~QHOWDPDxRGHOOLEUR\VLHPSUHTXH
VHDSRVLEOHWDOFRPRIXHFRVLGRRULJLQDOPHQWH7UDVHOFRVLGRVHUHDOL]DQODVFDEH]DGDV6L
H[LVWtDQLQGLFLRVGHpVWDVVHFRQIHFFLRQDQXQDVVLPLODUHVVLQRH[LVWtDQKXHOODVGHFyPR
HUDQODVRULJLQDOHVVHUHDOL]DQXQDVGHOHVWLORGHODpSRFD
6LODHQFXDGHUQDFLyQRULJLQDOVHHQFXHQWUDHQHVWDGRUHFXSHUDEOHVHUHVWDXUD\VH
HQPX\PDOHVWDGRVHFRQIHFFLRQDXQDGHFDUDFWHUtVWLFDVVLPLODUHVDODRULJLQDORDODGH
ODpSRFD
/RVHMHPSODUHVTXHKDQVXIULGRDWDTXHVGHLQVHFWRVELEOLyIDJRVSHURTXHSUHVHQWDQ
GDxRVPHQRUHV\XQHVWDGRGHFRQVHUYDFLyQQRPX\PDORQRVRQGHVPRQWDGRVSDUDUH
LQWHJUDUODViUHDVIDOWDQWHV\DTXHHVWRVGDxRVVRQGHPHQRULPSRUWDQFLD\QRFDXVDQSUR
EOHPDVGHFRQVHUYDFLyQ'HHVWDPDQHUDFRQVHJXLUHPRVPDQWHQHUHOFRVLGRODVFDEH]DGDV
\ODHQFXDGHUQDFLyQHQVXPi[LPRHVWDGRRULJLQDO$VtSXHVQRVOLPLWDUHPRVDFRQVROLGDU
\UHSDUDUHVWRVPDWHULDOHVRULJLQDOHV
(VWDGRGHFRQVHUYDFLyQGHGRVSiJLQDVGHXQLQFXQDEOHFRQSpUGLGDVGHVRSRUWH
DQWHV\GHVSXpVGHVXUHLQWHJUDFLyQ
(VWDGRGHFRQVHUYDFLyQGHODVWDSDVGHXQLQFXQDEOH
DQWHV\GHVSXpVGHVXUHVWDXUDFLyQ
/D%LEOLRWHFD
9DOHQFLDQD
&XDQGRORVHMHPSODUHVKDQVLGRUHHQFXDGHUQDGRVDORODUJRGHVXH[LVWHQFLDVHSXH
GHQHQFXDGUDUHQGRVJUXSRVPD\RULWDULRVORVWHUPLQDGRVHQHQFXDGHUQDFLRQHVGHOXMR\
ORVTXHSUHVHQWDQXQDHQFXDGHUQDFLyQGHWLSRFDUWRQpXKRODQGHVD/RVSULPHURVTXHQR
WLHQHQQDGDTXHYHUFRQODVHQFXDGHUQDFLRQHVRULJLQDOHVGHODpSRFD\FX\RGHVPRQWDMH\
UHFRQVWUXFFLyQSRGUtDQFDXVDUPiVGDxRHVWUXFWXUDOTXHEHQHÀFLRHVWpWLFRVHGHMDUiQHQ
VXHVWDGRDFWXDOFRQGLFKDHQFXDGHUQDFLyQ(QFXDQWRDORVVHJXQGRVVtTXHVHGHVPRQWD
ODHQFXDGHUQDFLyQJHQHUDOPHQWH\VHUHDOL]DXQDQXHYDFXELHUWDPiVDFRUGHFRQODpSRFD
GHOHMHPSODU
(QFXDGHUQDFLyQGHOXMRHQXQLQFXQDEOHQRH[LVWHQWHHQVLJOR;9\SRUWDQWRLQDGHFXDGD
(QFXDGHUQDFLyQKRODQGHVDQRDSURSLDGDSDUDXQLQFXQDEOH
$TXHOORVTXHD~QPDQWLHQHQSDUWHGHVXHQFXDGHUQDFLyQRULJLQDOVHUHVWDXUDUiQ\
UHFXSHUDQDVtODPi[LPDDXWHQWLFLGDGDORVTXHSHUGLHURQSRUFRPSOHWRVXHQFXDGHUQDFLyQ
RVHHQFXHQWUDQHQXQHVWDGRLUUHFXSHUDEOHVHOHVFRQIHFFLRQDXQDFXELHUWDQXHYDDOHVWLOR
GHODpSRFD
$QWHV\GHVSXpVGHODUHVWDXUDFLyQGHXQLQFXQDEOHFRQWDSDVRULJLQDOHV
$QWHV\GHVSXpVGHODUHVWDXUDFLyQGHXQLQFXQDEOHFRQWDSDVÁH[LEOHVGHSHUJDPLQR
TXHVHKDEtDQHQFRJLGRSRUGLVPLQXFLyQGHVXKXPHGDGLQWHUQD
5HVWDXUDFLyQGHPDQXVFULWRV\FyGLFHVLOXPLQDGRVGHOD%LEOLRWHFD9DOHQFLDQD
/D%LEOLRWHFD9DOHQFLDQDSRVHHXQDVHOHFFLyQGHPDQXVFULWRVEDVWDQWHDPSOLDHQWUH
ORVTXHGHVWDFDQDOJXQRVWDQDQWLJXRVFRPROD&DUWDSXHEODGH6DQ0DWHRGHO0DHVWUD]JRGHO
DxRHO6SHFWDFXODOXFUHWLDQDGH-XDQ%DXWLVWD&DQWDOLFLRGHRHO%UHYLDULXP2UGR
&DUWXVLHQVLVXQPDQXVFULWRTXHVHFRQVLGHUDODMR\DGHODLQVWLWXFLyQ\TXHGDWDGH
0XFKRVGHHOORVKDQVLGRLQWHUYHQLGRVHQHOGHSDUWDPHQWRGH5HVWDXUDFLyQGHOD%LEOLRWHFD
9DOHQFLDQDSHURD~QH[LVWHXQDJUDQFDQWLGDGGHHMHPSODUHVTXHUHTXLHUHQVHUUHVWDXUDGRV
/DPD\RUtDGHORVPDQXVFULWRVGHODFROHFFLyQPXHVWUDQFODUDPHQWHORVGHWHULRURVSURYR
FDGRVSRUKDEHUSHUPDQHFLGRODUJRVSHULRGRVGHWLHPSRHQLQVWDODFLRQHVGHVFXLGDGDVXQD
PDQLSXODFLyQLQDGHFXDGDUHSDUDFLRQHVGHVDIRUWXQDGDVFRQWLQXRVFDPELRVWHUPRKLJURPp
/D%LEOLRWHFD
9DOHQFLDQD
WULFRVDWDTXHVGHLQVHFWRVELEOLyIDJRV\ORPiVGHVWUXFWLYRGHWRGRGHVDVWUHVSURGXFLGRV
SRUHOIXHJRRHODJXD
/RVGDxRVPiVFRPXQHVVRQODVSpUGLGDVGHVRSRUWHSHUJDPLQRRSDSHOORTXH
FRQOOHYDODGHVDSDULFLyQGHWH[WR/DVFDXVDVPiVFRPXQHVTXHRFDVLRQDURQHVWDVSpUGLGDV
IXHURQHOIXHJRRHODJXD/DVURWXUDV\SpUGLGDVGHVRSRUWHUHVSRQGHQDFDXVDVGLIHUHQWHV
FRPRODLQFRUUHFWDPDQLSXODFLyQORVDWDTXHGHLQVHFWRV\ODVPiVFRPXQHVHQPDQXVFULWRV
DQWLJXRVVREUHSDSHOODR[LGDFLyQGHODVWLQWDVPHWDORiFLGDV
$QWHV\GHVSXpVGHODUHLQWHJUDFLyQFRQSDSHOGHXQPDQXVFULWRVREUHSHUJDPLQR
$GHPiVVHSURGXFHQPDQFKDVGHGLYHUVDVSURFHGHQFLDVIR[LQJGHFRORUDFLyQSRU
PLJUDFLyQGHODVWLQWDVKRQJRVGHSRVLFLRQHVGHLQVHFWRVHWF/DVPDQFKDVPiVFRPXQHV
VRQODVSURGXFLGDVSRUHOH[FHVRGHKXPHGDG
'HVPRQWDMHGHODHQFXDGHUQDFLyQSDUDVXVWLWXLUODVWDSDVGHPDGHUD
TXHHVWDEDQJUDYHPHQWHDIHFWDGDVSRUDWDTXHVGHLQVHFWRV
&RPRHOUHVWDXUDGRUHVWDPELpQDUWLVWDVLHPSUHKDPRVWUDGRXQDHVSHFLDOVHQVLELOLGDG
HQHOSURFHVRGHUHVWDXUDFLyQGHORVPDQXVFULWRVHVSHFLDOPHQWHGHORVFyGLFHVLOXPLQDGRV
\DTXHQRVyORSRVHHQLQIRUPDFLyQKLVWyULFD\FXOWXUDOPX\LPSRUWDQWHVLQRTXHWDPELpQ
VRQYHUGDGHUDVREUDVGHDUWHTXHFRQWLHQHQLQLFLDOHVGHFRUDGDVRLOXPLQDGDVKLVWRULDGDV
PLQLDGDV\HQDOJXQDVRFDVLRQHVRUODVGHJUDQYDORUDUWtVWLFR
3RGUtDPRVGHVWDFDUDOJXQRVGHORVHMHPSODUHVGHODFROHFFLyQTXHVREUHVDOHQSRUVX
LPSRUWDQFLDKLVWyULFD\DOPLVPRWLHPSRSRUVXYDORUDUWtVWLFR(QWUHHOORVVHHQFXHQWUD
&RPHQWDULRVDOD+LVWRULD1DWXUDOGH3OLQLRVXSXHVWDPHQWHGHOVLJOR;9,FRPSXHVWRSRUGLHFLVpLV
IROLRVGHYLWHODFRQODSULPHUDLQLFLDOGHFRUDGD\XQLGDDXQDRUODHQHOPDUJHQL]TXLHUGR\
FRQXQDLOXPLQDFLyQHQHOPDUJHQLQIHULRUFRQODLPDJHQGHOHVFXGRGH6DQ0LJXHOGHORV
5H\HV6XHQFXDGHUQDFLyQHVSRVLEOHPHQWHRULJLQDO\HQHOSURFHVRGHUHVWDXUDFLyQSXGR
UHFXSHUDUVHHQVXPD\RUSDUWH
(O6SHFWDFXODOXFUHWLDQDGH-XDQ%DXWLVWD&DQWDOLFLRGHODxRHVXQPDQXVFULWRUHDOL
]DGRVREUHYLWHODFRQODVFDUDFWHUtVWLFDVVLJXLHQWHVSiJLQDVFRQWH[WRRUODGRHLQLFLDOHVHQ
RURODSULPHUDSDJLQDFRQPLQLDWXUDHLQLFLDOKLVWRULDGD\ODHQFXDGHUQDFLyQGHWDSDVGXUDV
FRQUHFXEULPLHQWRGHSLHOQDWXUDOFRQGLVHxRGHODpSRFDFRPELQDQGRGRUDGR\JRIUDGR
3RUFRQVLGHUDUTXHXQDQXHYDLQWHUYHQFLyQVREUHODVSiJLQDVGHYLWHODTXH\DKDEtDQ
VLGRUHVWDXUDGDVDOJXQRVDxRVDQWHVSRGUtDSHUMXGLFDUHOHVWDGRRULJLQDOGHODREUDVHGH
FLGLyLQWHUYHQLUVyORHQODHQFXDGHUQDFLyQ/DPDGHUDGHODVWDSDVKDEtDUHFLELGRXQJUDYH
DWDTXHGHLQVHFWRV[LOyIDJRV\GHMDGRODVWDEODVGHODVWDSDVFRPSOHWDPHQWHGHELOLWDGDV(O
UHFXEULPLHQWRGHSLHOKDEtDSHUGLGRWRGDHOiUHDGHOORPR\ODVWDSDVVHHQFRQWUDEDQGHV
FDUQDGDVDGHPiVKDEtDQSHUGLGRSDUWHGHOJRIUDGR\GHOGRUDGRGHOGLVHxRGHODVPLVPDV
7UDVGHVPRQWDUSRUFRPSOHWRODVWDSDVVHFRQVROLGDURQODVPDGHUDVGHpVWDVVHOLPSLy
FRQVROLGy\UHLQWHJUyODSLHO\VHUHKL]RGHQXHYRODHQFXDGHUQDFLyQ
$QWHV\GHVSXpVGHVXVWLWXLUODVWDSDVGHPDGHUD\UHVWDXUDUHOUHFXEULPLHQWRGHSLHO
/D%LEOLRWHFD
9DOHQFLDQD
2WURLQWHUHVDQWHHMHPSODUHVHOPDQXVFULWRLOXVWUDGRDPDQR&RPSHQGLRGHDVWURQRPtD
\DVWURORJtDUHDOL]DGRSRUXQDÀFLRQDGRDODXUDQRORJtDHQ(VWiUHDOL]DGRVREUHSDSHO
FRQDWUDFWLYRVGLEXMRVWpFQLFRVGHDOWDFDOLGDG6XHVWDGRGHFRQVHUYDFLyQHUDPX\PDOR
GHELGRDODVR[LGDFLRQHVGHODVWLQWDVPHWDORiFLGDVTXHKDEtDQSURGXFLGRSHUIRUDFLRQHV\
URWXUDV\FDXVDGRJUDYHVSpUGLGDVGHSDSHO\JUDQIUDJLOLGDG
&XDWURSiJLQDVGHOPDQXVFULWR&RPSHQGLRGHDVWURQRPtDGHGHVSXpVGHVXUHVWDXUDFLyQ
1RSRGHPRVGHMDUGHPHQFLRQDUHOFyGLFHTXHVHFRQVLGHUDODMR\DSULQFLSDOGHOD
%LEOLRWHFDSRVLEOHPHQWHHOPiVSUHFLDGRGHWRGRVHO%UHYLDULXP2UGR&DUWXVLHQVLVPDQXVFULWR
UHDOL]DGRVREUHYLWHODTXHFRQWLHQHXQDHVSHFWDFXODULQLFLDOPLQLDGDDOWDPHQWHGHFRUDGD\
RUODGD(VWiHMHFXWDGRVREUHYLWHODGHJUDQFDOLGDG\VHHQFXHQWUDHQEXHQDVFRQGLFLRQHV
GHFRQVHUYDFLyQDH[FHSFLyQGHODHQFXDGHUQDFLyQTXHVHHQFRQWUDEDEDVWDQWHGHWHULRUDGD
²FRQSpUGLGDGHSDUWHGHODPLVPDLQFOX\HQGRORVFLHUUHV²\WXYRTXHVHUUHVWDXUDGDSDUD
GHYROYHUOHVXHVSOHQGRU\XWLOLGDG
3iJLQDDOWDPHQWHGHFRUDGDFRQLQLFLDOPLQLDGD
/D%LEOLRWHFD
9DOHQFLDQD
(OSURFHVRGHUHVWDXUDFLyQFRQVLVWLyHQXQDOLPSLH]DVXSHUÀFLDOGHODVSiJLQDVGHYLWHOD
HQFXDQWRDOFXHUSRGHOOLEUR/DHQFXDGHUQDFLyQIXHGHVPRQWDGD\VHUHDOL]yODOLPSLH]D\
FRQVROLGDFLyQGHORVUHVWRVGHSLHO6HDxDGLyODSDUWHIDOWDQWHGHODVWDSDVGHPDGHUD\VH
UHFXEULHURQFRQSLHOVLPLODUDODRULJLQDOÀQDOPHQWHVHVXSHUSXVRHQODViUHDVFRUUHVSRQ
GLHQWHVODSLHOUHFXSHUDGDGHODHQFXDGHUQDFLyQRULJLQDO
(VWDGRGHFRQVHUYDFLyQGHODVWDSDVDQWHV\GHVSXpVGHVXUHVWDXUDFLyQ
$OJXQRVPDQXVFULWRVHVWiQHQFXDGHUQDGRVFRQWDSDVÁH[LEOHVGHSHUJDPLQRUHXWLOL
]DGRTXHHQVXWLHPSRIXHURQGRFXPHQWRVHQVtPLVPRV(QHOSURFHVRGHUHVWDXUDFLyQ
ODVWDSDVYXHOYHQDVXHVWDGRRULJLQDOFRPRGRFXPHQWRV\DOOLEURVHOHFRQIHFFLRQDXQD
FXELHUWDQXHYDFRQPDWHULDO\HVWLORVLPLODUHVDODRULJLQDO
(OSHUJDPLQRXWLOL]DGRSDUDUHDOL]DUODHQFXDGHUQDFLyQGHHVWHPDQXVFULWRHUDHQVtPLVPRXQGRFXPHQWR
PDQXVFULWR6HUHFXSHUyHOGRFXPHQWR\VHUHDOL]DURQWDSDVQXHYDVSDUDHOOLEURPDQXVFULWR
/DFDUHQFLDGHSHUJDPLQRHQORVVLJORV;9,\;9,,REOLJDEDDXWLOL]DU
SHUJDPLQRVPDQXVFULWRVSDUDFRQIHFFLRQDUWDSDVGHPDQXVFULWRVUHDOL]DGRVHQSDSHO
(OSHUJDPLQRXWLOL]DGRSDUDUHDOL]DUODHQFXDGHUQDFLyQGHHVWHPDQXVFULWRXQDYH]UHFXSHUDGR\UHVWDXUDGR
/D%LEOLRWHFD
9DOHQFLDQD
&RODERUDFLyQHQH[SRVLFLRQHV\FRQWUROGHSUpVWDPRV
8QDGHODVWDUHDVGHOGHSDUWDPHQWRGH5HVWDXUDFLyQGHOD%LEOLRWHFD9DOHQFLDQDHVOD
FRODERUDFLyQHQODRUJDQL]DFLyQFRRUGLQDFLyQPRQWDMH\GHVPRQWDMHGHOPDWHULDOH[KLELGR
HQODVVDODVGHH[SRVLFLyQGHHVWDLQVWLWXFLyQ7DQWRVLVHUHDOL]DFRQPDWHULDOSURSLRFRPR
SUHVWDGRSRURWUDVLQVWLWXFLRQHVODFRQVHUYDFLyQGHpVWHXQDYH]VHHQFXHQWUDHQOD%LEOLR
WHFDHVUHVSRQVDELOLGDGGHODPLVPD
&XDQGRVHSODQLÀFD\GLVHxDXQDH[SRVLFLyQVHHVWDEOHFHXQFRPLWpRUJDQL]DGRU
FRPSXHVWRSRUKLVWRULDGRUHVFRQVHUYDGRUHV\ELEOLRWHFDULRVTXHGHFLGHQ\FODVLÀFDQHO
PDWHULDOTXHKD\TXHH[SRQHU
(VUHVSRQVDELOLGDGGHHVWHGHSDUWDPHQWRUHDOL]DULQIRUPHVGHOHVWDGRGHFRQVHUYD
FLyQGHWRGRHOPDWHULDOTXHOD%LEOLRWHFDSUHVWDDRWUDVHQWLGDGHVSDUDH[SRVLFLRQHVXRWURV
VHUYLFLRV\GHWHUPLQDUVLVHHQFXHQWUDHQFRQGLFLRQHVSDUDVHUH[SXHVWR(OPDWHULDOTXHVH
SUHVWDHVDFRQGLFLRQDGR\VLOD'LUHFFLyQGHFLGHTXHVHGHEHUHDOL]DUGLFKRSUpVWDPRDXQ
FXDQGRVHHQFXHQWUHHQPDOHVWDGRGHFRQVHUYDFLyQHOGHSDUWDPHQWRORUHVWDXUDSHURVLHO
GHSDUWDPHQWRGHFLGHTXHHOPDWHULDOUHTXLHUHUHVWDXUDFLyQ\QRKD\WLHPSRVXÀFLHQWHSDUD
HOORpVWHKDELWXDOPHQWHQRVHH[SRQH
(OGHSDUWDPHQWRWDPELpQFRQWURODHOHVWDGRGHFRQVHUYDFLyQGHOPDWHULDOSUHVWDGR
HQHOPRPHQWRGHVXGHYROXFLyQ
2WUDGHODVIXQFLRQHVGHHVWDVHFFLyQHVGHWHUPLQDUEDViQGRVHHQORVSDUiPHWURV
HVWDEOHFLGRVLQWHUQDFLRQDOPHQWHODVFRQGLFLRQHVHQTXHVHH[KLELUiHOPDWHULDO\FRQWURODU
ODVFRQGLFLRQHVPHGLRDPELHQWDOHVGHODVVDODV\YLWULQDVGRQGHVHH[SRQGUiHOPDWHULDO\D
TXHH[LVWHQXQDVFRQGLFLRQHV\XQSURWRFRORTXHVHWLHQHQTXHVHJXLU\TXHJDUDQWL]DQOD
VHJXULGDG\HOEXHQHVWDGRGHFRQVHUYDFLyQGHOPDWHULDOGXUDQWHHOSHULRGRGHWLHPSRTXH
VHSUHVWDSDUDVXH[KLELFLyQ
3RUHOORHOGHSDUWDPHQWRGLVSRQHGHXQUHJODPHQWRSDUDJDUDQWL]DUODVHJXULGDG
GHOPDWHULDOGXUDQWHHOSHULRGRGHSUpVWDPRTXHFRQVLVWHHQH[LJLUXQVHJXURGHODREUD
WDQWRSDUDHOWUDQVSRUWHFRPRSRUHOWLHPSRTXHVHUiH[SXHVWRFRQRFLGRFRPR©GHFODYR
DFODYRªR©GHSXHUWDDSXHUWDª(VWHVHJXURJDUDQWL]DTXHHOWUDQVSRUWHVHUiUHDOL]DGRSRU
XQDDJHQFLDHVSHFLDOL]DGDHQHOPDQHMR\WUDQVSRUWHGHPDWHULDOFXOWXUDO\TXHODVDODGH
H[SRVLFLRQHVUHXQLUiODVFRQGLFLRQHVUHTXHULGDVWDQWRGHVHJXULGDGFRPRGHFRQGLFLRQHV
PHGLRDPELHQWDOHVHLOXPLQDFLyQGHORVH[SRVLWRUHV*HQHUDOPHQWHHOSHULRGRGHH[SRVLFLyQ
QRGHEHH[FHGHUGHGtDV
,PSDUWLFLyQGHFXUVRV
(OGHSDUWDPHQWRGH5HVWDXUDFLyQGHOD%LEOLRWHFD9DOHQFLDQDFRODERUDHQODIRUPD
FLyQGHSURIHVLRQDOHVPHGLDQWHODLPSDUWLFLyQGHFXUVRVGHFRQVHUYDFLyQSDUDDUFKLYHURV
\ELEOLRWHFDULRV\GHVHPLQDULRVVREUHODSUHYHQFLyQGHLQFHQGLRVHQFRRUGLQDFLyQFRQ
HO&XHUSRGH%RPEHURVGHOD&RPXQLWDW9DOHQFLDQD7DPELpQKDSDUWLFLSDGR\SDUWLFLSD
DFWLYDPHQWHHQHOVDOYDPHQWR\ODUHFXSHUDFLyQGHPDWHULDOFXOWXUDOHQFDVRGHFDWiVWURIH
2FDVLRQDOPHQWHHOGHSDUWDPHQWRUHFLEHJUXSRVGHDOXPQRVTXHHVWiQUHDOL]DQGR
HVWXGLRVHQPDWHULDVUHODFLRQDGDVFRQDUFKLYRV\ELEOLRWHFDVRFRQHOSDWULPRQLRHQJHQH
UDO(QHVWDVYLVLWDVDOWDOOHUVHPXHVWUDFyPRVHUHDOL]DQODVODERUHVGHFRQVHUYDFLyQORV
PDWHULDOHVUHFRPHQGDGRVSDUDXQWUDEDMRDGHFXDGR\GHPDQHUDGLGiFWLFD\VHQFLOODFyPR
KD\TXHDFWXDUHQORVGLIHUHQWHVSURFHVRVGHUHVWDXUDFLyQ
/D%LEOLRWHFD
9DOHQFLDQD
,1)250$&,Ð1%,%/,2*5É),&$
6(59,&,26$/868$5,235(6(1&,$/<1235(6(1&,$/
0ÉQJHOHV0DUWtQH]4XpV\0LJXHO&0XxR])HOLX
/DLQIRUPDFLyQELEOLRJUiÀFDHQXQDELEOLRWHFDQDFLRQDOGHOVLJOR;;,
(OGHSDUWDPHQWRGH,QIRUPDFLyQ%LEOLRJUiÀFDWLHQHFRPRÀQDOLGDGRULHQWDUDWHQGHU
\UHVROYHUODVQHFHVLGDGHVGHLQIRUPDFLyQGHORVXVXDULRV7UDGLFLRQDOPHQWHGLFKDIXQFLyQ
KDHVWDGRFLUFXQVFULWDDORVXVXDULRVSUHVHQFLDOHVDTXHOORVTXHVHSHUVRQDEDQHQHOORFDO
GHODELEOLRWHFD\GHPDQGDEDQRULHQWDFLyQVREUHDOJ~QWHPDRFXHVWLyQ$FWXDOPHQWHVLQ
HPEDUJRQREDVWDFRQDWHQGHUODVGHPDQGDVH[SOtFLWDVGHXVXDULRVSUHVHQFLDOHVH[LVWHRWUR
WLSRGHXVXDULRVFX\DVQHFHVLGDGHVGHLQIRUPDFLyQWDPELpQGHEHQVHUFXELHUWDV
(QSULPHUOXJDUSRUTXHODVQXHYDVWHFQRORJtDVH,QWHUQHWKDQGDGRDODVELEOLRWHFDV
GHQXHVWURWLHPSRXQDQXHYDGLPHQVLyQVLQPXURVQLIURQWHUDV&RQHOODKDQDFLGRXQ
QXHYRWLSRGHXVXDULRHOXVXDULRUHPRWRTXHQRQHFHVLWDSLVDUODELEOLRWHFDSDUDFRQVXOWDU
VXVFDWiORJRVRVROLFLWDUVXVVHUYLFLRV
'HVSXpVSRUTXHODELEOLRWHFDQRGHEHOLPLWDUVHDDWHQGHUSDVLYDPHQWHODVGHPDQGDV
GHTXLHQHVVHDFHUFDQDHOOD8QDELEOLRWHFDPRGHUQDGHEHVDOLUDOHQFXHQWURGHVXVXVXDULRV
SRWHQFLDOHVDTXHOORVDORVTXHVXVIRQGRV\VHUYLFLRVOHVVHUiQGHXWLOLGDGSHURTXHPXFKDV
YHFHVSRUGHVFRQRFLPLHQWRQRORVDEHQ
)LQDOPHQWHSRUTXHXQDELEOLRWHFDQDFLRQDOQRGHEHOLPLWDUVHDODDWHQFLyQGHFLXGD
GDQRVLQGLYLGXDOHV1XHVWUD%LEOLRWHFDFRPRFDEHFHUDGHO6LVWHPD%LEOLRWHFDULR9DOHQFLDQR
GHEHWDPELpQDWHQGHUQHFHVLGDGHVLQIRUPDWLYDVGHRWUDVELEOLRWHFDVYDOHQFLDQDV
$GHPiVVHDQXVXDULRVSUHVHQFLDOHVUHPRWRVRSRWHQFLDOHVVHDQLQGLYLGXRVRHQWLGDGHV
WHQHPRVTXHVHUFDSDFHVGHUHFRJHU\DQDOL]DUVXVGHPDQGDVSDUDDVtSRGHUDQWLFLSDUQRV
DHOODV
(QFRQVRQDQFLDFRQHVWDQXHYDYLVLyQGHOGHSDUWDPHQWRGH,QIRUPDFLyQ%LEOLRJUiÀFD
GHSHQGHQWDQWRORVUHFXUVRV\VHUYLFLRVGLUHFWDPHQWHYLQFXODGRVDODDWHQFLyQGHOXVXDULR
HQHOHGLÀFLRVDODVGHFRQVXOWDEDVHVGHGDWRVHWFFRPRODFRRUGLQDFLyQGHOSRUWDOZHE
GHOD%LEOLRWHFD9DOHQFLDQD
/H\GHGHGLFLHPEUHGH2UJDQL]DFLyQ%LEOLRWHFDULDGHOD&RPXQLWDW9DOHQFLDQD'2*9Q~P
GHGHHQHURGH
(OXVXDULRSUHVHQFLDO
&RQGLFLRQHVGHDFFHVR
3DUDSRGHUDFFHGHUDOD%LEOLRWHFD9DOHQFLDQDHVQHFHVDULRGLVSRQHUGHODWDUMHWDGH
LQYHVWLJDGRURHQVXGHIHFWRGHOFRUUHVSRQGLHQWHSDVHWHPSRUDO
+R\HQGtDHVWHPDGHGHEDWHODVFRQGLFLRQHVGHDFFHVRDODVELEOLRWHFDVQDFLRQDOHV
¢GHEHUHVWULQJLUVHDLQYHVWLJDGRUHVSURSLDPHQWHGLFKRVRDEULUVHDWRGDODFRPXQLGDG"
/D%LEOLRWHFD9DOHQFLDQDKDRSWDGRSRUXQDUHJXODFLyQJHQHURVDSXHGHREWHQHUODWDUMHWD
FXDOTXLHUSHUVRQDPD\RUGHDxRVSUHYLDDFUHGLWDFLyQGHVXLGHQWLGDGFXPSOLPHQWDFLyQ
GHOLPSUHVR\DERQRGHODWDVDFRUUHVSRQGLHQWH6yORVHUHVWULQJHODFRQVXOWDGHORVRULJL
QDOHVGHOIRQGRGHUHVHUYDJUiÀFRDQWLJXRRYDOLRVRSDUDORFXDOVHUiQHFHVDULRDFUHGLWDU
XQUHTXLVLWRDGLFLRQDOVHUWLWXODGRXQLYHUVLWDULRRHVWDUUHDOL]DQGRXQDLQYHVWLJDFLyQFRQ
ÀQDOLGDGDFDGpPLFD/DYDOLGH]GHODWDUMHWDWLHQHXQDGXUDFLyQGHGRVDxRV
&RQVXOWDVSRUPDWHULDVHQHURGHMXQLRGH
&'8
1~PHUR
*HQHUDOLGDGHV%LEOLRWHFRQRPtD
)LORVRItD
5HOLJLyQ
&LHQFLDV6RFLDOHV
&LHQFLDV7HFQRORJtD
$UWH
/HQJXD\/LWHUDWXUD
*HRJUDItDH+LVWRULD
=
2WURV,QGHWHUPLQDGR
$FFHVR\VHUYLFLRVGHOXVXDULRSUHVHQFLDO\GHOXVXDULRUHPRWR
8VXDULRSUHVHQFLDO
8VXDULRUHPRWR
7DUMHWDGHLQYHVWLJDGRU
RSDVHWHPSRUDO
$FFHVRD,QWHUQHW
&RUUHRHOHFWUyQLFRHLGHQWLÀFDFLyQ
HQDOJXQRVVHUYLFLRV
$FFHVR
5HTXLVLWRV
)8(17(6-XDQ-RVp/DVELEOLRWHFDVQDFLRQDOHVXQHVWDGRGHODFXHVWLyQ*LMyQ7UHDS
/D%LEOLRWHFD
9DOHQFLDQD
8VXDULRSUHVHQFLDO
8VXDULRUHPRWR
'HVGHRUGHQDGRUHV23$&
GHVDODV
'HVGHFXDOTXLHURUGHQDGRU
FRQHFWDGRD,QWHUQHW
7RWDO
3DUFLDO
/HFWXUDHQVDOD
RULJLQDOHVYHUVLRQHV
PLFURÀOPDGDVRGLJLWDOHV
,QWHUQHW
YHUVLRQHVGLJLWDOHV
6ROLFLWXG
(QVDOD
3UHIHUHQWHPHQWHSRUFRUUHR
HOHFWUyQLFR
5HFHSFLyQ
(QVDOD
3UHIHUHQWHPHQWHSRUFRUUHR
HOHFWUyQLFR
)RUPXODULRHQSDSHO
)RUPXODULRHOHFWUyQLFR
1RUPDOPHQWH
HQOD%LEOLRWHFD
1RUPDOPHQWHSRUFRUUHR
FRQWUDUHHPEROVR
&RPSUDV
)RUPXODULRHQSDSHO
)RUPXODULRHOHFWUyQLFR
3UpVWDPRLQWHUELEOLRWHFDULR
)RUPXODULRHQSDSHO
³
6XJHUHQFLDV
)RUPXODULRHQSDSHO
)RUPXODULRHOHFWUyQLFR
6HUYLFLRV
&RQVXOWDGHFDWiORJRV
&RQVXOWDGHGRFXPHQWRV
3DUWHGHODFROHFFLyQ
)RUPD
,QIRUPDFLyQELEOLRJUiÀFD
5HSURJUDItD
6ROLFLWXG
5HFHSFLyQ
2WUDVVROLFLWXGHV
$VLPLVPRODVSHUVRQDVTXHGHIRUPDRFDVLRQDOFRQVXOWHQHOFDWiORJRRORVIRQGRV
GHUHIHUHQFLDRFX\RSDVRSRUOD%LEOLRWHFD9DOHQFLDQDVHDWUDQVLWRULRRGHFDUiFWHUSXQWXDO
SXHGHQREWHQHUXQSDVHWHPSRUDOH[HQWRGHWDVDVFRQYDOLGH]SDUDXQPHV
/DHQWUDGDDOHGLÀFLRVHKDFHQHFHVDULDPHQWHSRU,QIRUPDFLyQ(VDTXtGRQGHHO
XVXDULRGHEHDFUHGLWDUVHRHQVXFDVRREWHQHUODFRUUHVSRQGLHQWHWDUMHWDRSDVHWHPSRUDO
&RPRRFXUUHHQRWURVFHQWURVVLPLODUHVHOXVXDULRQRSXHGHDFFHGHUDODVVDODVFRQFDUWH
UDVFDUSHWDVRSDFDVSDTXHWHVPRFKLODVRVLPLODUHVQLWDPSRFRFRQOLEURVDSXQWHVXRWUR
PDWHULDOLPSUHVR2EYLDPHQWHQRHVWiSHUPLWLGRHODFFHVRFRQEHELGDRFRPLGD'LFKRV
REMHWRVGHEHQVHUGHSRVLWDGRVHQODFRQVLJQDHQDOJXQDGHODVWDTXLOODVGLVSRQLEOHV
+DVWDHODxR,QIRUPDFLyQHVWDEDVLWXDGDHQXQD]RQDGHVGHODTXHHUDLPSRVLEOHHOFRQWUROHIHFWLYRGHO
DFFHVRDOHGLÀFLR/DPDUFKDGHXQDVXFXUVDOGHOD/OLEUHULDGHOD*HQHUDOLWDW9DOHQFLDQD/OLJSHUPLWLyUHPRGHODU
WRGDOD]RQDGHDFFHVR
6DODVGHFRQVXOWD
/D%LEOLRWHFD9DOHQFLDQDGLVSRQHDFWXDOPHQWHGHGRVVDODVDPEDVVLWXDGDVHQHO
SULPHUSLVRGHO&ODXVWUR6XU
/D6DOD1LFRODX3ULPLWLXUHFLEHVXQRPEUHGHOELEOLyÀORFX\RJHQHURVROHJDGR
SXVRODSLHGUDDQJXODUGHQXHVWUD%LEOLRWHFD(VODVDODGHFRQVXOWDJHQHUDO\GH+H
PHURWHFD\HQHOODVHSXHGHQFRQVXOWDUODVPRQRJUDItDV\SXEOLFDFLRQHVSHULyGLFDVGH
ORVVLJORV;,;;;\;;,
,QWHULRUGHXQDGHODVVDODV
/D6DOD*UHJRUL0DLDQVUHFLEHVXQRPEUHHQKRQRUGHHVWHELEOLyJUDIRYDOHQFLDQR
GHOD,OXVWUDFLyQTXHIXHUDELEOLRWHFDULRHQOD%LEOLRWHFD5HDO(QHVWDVDODVHFRQVXOWDQ
ORVPDQXVFULWRVODVHGLFLRQHVGHORVVLJORV;9;9,;9,,\;9,,,DVtFRPRWRGDVDTXHOODVGH
HVSHFLDOUDUH]D\YDORUELEOLRJUiÀFR\WRGRVORVGRFXPHQWRVSHUWHQHFLHQWHVDO)RQGR*Ui
ÀFR$VLPLVPRHQHVWD6DODVHKDOOD,QIRUPDFLyQ%LEOLRJUiÀFD\HVHOOXJDULQGLFDGRSDUD
ODUHDOL]DFLyQGHFRQVXOWDV\E~VTXHGDVELEOLRJUiÀFDVRGRFXPHQWDOHV
/DVVDODVGLVSRQHQGHPHVDVGHOHFWXUDLQGLYLGXDOFRQWRPDVGHFRQH[LyQSDUDRUGH
QDGRUHVSRUWiWLOHVRUGHQDGRUHVFRQOHFWRUGHGLVFRVFRPSDFWRV\DFFHVRD,QWHUQHWSDUD
FRQVXOWDVGHOFDWiORJRGHOD%LEOLRWHFD9DOHQFLDQD\DRWURVUHFXUVRVHOHFWUyQLFRVOHFWRUHV
GHPLFURÀOP\PLFURÀFKDVDVtFRPRPHGLRVGHUHSURGXFFLyQGHGRFXPHQWRVIRWRFRSLD
(QHOPRPHQWRGHVXLQDXJXUDFLyQHQHODxROD%LEOLRWHFD9DOHQFLDQDGLVSRQtDGHFLQFRVDODV/DLQVWD
ODFLyQHQHOHGLÀFLRGHOD$FDGqPLD9DOHQFLDQDGHOD/OHQJXDDVtFRPRUD]RQHVGHtQGROHIXQFLRQDOREOLJDURQ
DFRQFHQWUDUORVVHUYLFLRVHQGRVVDODV
/D%LEOLRWHFD
9DOHQFLDQD
GRUDHVFiQHU7DPELpQGLVSRQHQGHXQDFROHFFLyQGHUHIHUHQFLDJHQHUDO\HVSHFLDOL]DGD
GHOLEUHDFFHVR/DVGRVVDODVHVWiQGRWDGDVGHWpFQLFRVELEOLRWHFDULRVTXHRIUHFHQDWHQFLyQ
SHUVRQDOL]DGD\HVSHFLDOL]DGDSDUDFDGDIRQGR
(ODSURYHFKDPLHQWRGHXQHGLÀFLRDQWLJXRFRPRVHGHGHXQDELEOLRWHFDVLHPSUHFRQ
OOHYDFLHUWRVSUREOHPDV(Q6DQ0LJXHOGHORV5H\HVGLYHUVDVUD]RQHVOOHYDURQDDSURYHFKDU
ODVIDFKDGDVQRUWH\RHVWHGHO&ODXVWUR1RUWHFRPRGHSyVLWRVPLHQWUDVTXHODVVDODVVH
FRQFHQWUDURQHQHO&ODXVWUR6XUHOGHPD\RUYDORUDUTXLWHFWyQLFR(OORKDVXSXHVWRJUDQGHV
GLVWDQFLDVHQWUHORVGHSyVLWRV\ODVVDODVSDUDFX\DVDOYDFLyQVHKDUHFXUULGRDXQVLVWHPD
GHURERWV
5RERWHQHO&ODXVWUR
/RVURERWVIDEULFDGRVSRU6LHPHQVVRQFDUURVDXWyQRPRVGHWUDFFLyQHOpFWULFDFRQ
PDQGRGHUDGLRIUHFXHQFLD6XSDUWHVXSHULRUHVXQFRPSDUWLPHQWRFHUUDGRGRQGHVHFROR
FDQORVGRFXPHQWRV/RVURERWVFLUFXODQVREUHUXWDVSUHHVWDEOHFLGDVTXHIXQFLRQDQFRPR
SLVWDVPDJQpWLFDV\WLHQHQSOHQDDXWRQRPtDHQWUHHOSXQWRGHSDUWLGD\HOGHOOHJDGD6RQ
FDSDFHVGHDEULUSXHUWDVFDOFXODUHOLWLQHUDULRPiVDGHFXDGRVXELUREDMDUHQDVFHQVRUHVR
LUSRUVtVRORVDSXHVWRVGHUHFDUJD$GHPiVGDGRTXHFLUFXODQSRU]RQDVGRQGHWDPELpQ
WUDQVLWDQSHUVRQDVWLHQHQPHFDQLVPRVGHUHVSXHVWDLQWHOLJHQWHDQWHODDSDULFLyQGHREVWi
FXORVHQVXUXWD
(67(%$1&+$3$35Ì$-XOLiQ©/DUHVWDXUDFLyQ\UHKDELOLWDFLyQGHOPRQDVWHULRGH6DQ0LJXHOGHORV5H\HVª(Q
6DQ0LJXHOGHORV5H\HVGH%LEOLRWHFD5HDOD%LEOLRWHFD9DOHQFLDQD9DOHQFLD'LUHFFLyQ*HQHUDOGHO/LEUR\&RRUGLQDFLyQ
%LEOLRWHFDULDS$/(,;$1'5(7(1$)UDQFLVFD©/D%LEOLRWHFD9DOHQFLDQDª%ROHWtQGH$1$%$'
MXOLRGLFLHPEUH/S
62/(59(5'(-21XULD0$57Ì1(=48e60ÉQJHOHV08f2=)(/,80LJXHO&©%LEOLRWHFDVQDFLRQDOHV\
UREyWLFD(OVLVWHPDGHURERWVGHOD%LEOLRWHFD9DOHQFLDQDª(Q6RFLHGDGGHODLQIRUPDFLyQHLQIRUPDFLyQGHODVRFLHGDG
&ROHFFLyQGHUHIHUHQFLD
2EUDVLPSUHVDV
/DUHVROXFLyQGHSUREOHPDVGHLQIRUPDFLyQH[LJHFRQWDUFRQIXHQWHVDGHFXDGDVTXH
VHDQGHIiFLOPDQHMR\TXHHVWpQDFFHVLEOHV3RUGLFKRPRWLYRODVVDODVGHFRQVXOWDKDQVLGR
GRWDGDVGHXQDDPSOLDFROHFFLyQGHUHIHUHQFLDIRUPDGDSRUDWODVJHRJUiÀFRVHKLVWyULFRV
ELEOLRJUDItDVJHQHUDOHV\HVSHFLDOL]DGDVFRPSLODFLRQHVOHJLVODWLYDVGLFFLRQDULRVHQFLFOR
SHGLDVIXHQWHVHVWDGtVWLFDVJXtDVLQYHQWDULRVFDWiORJRV\RWUDVREUDVTXHDXQTXHQRVRQ
SURSLDPHQWHGHUHIHUHQFLDVRQGHXVRIUHFXHQWH
&RPRQRSRGtDVHUGHRWUDPDQHUDVHKDSUHVWDGRHVSHFLDODWHQFLyQDODVGHWHPiWLFD
YDOHQFLDQD'HVWDFDHVSHFLDOPHQWHODVHFFLyQGHELEOLRJUDItDVYDOHQFLDQDVGRQGHVHSXHGHQ
FRQVXOWDUHQHGLFLyQIDFVtPLOXRULJLQDOORVUHSHUWRULRVGHQXHVWURVPiVGHVWDFDGRVELEOLyJUD
IRV5RGUtJXH];LPHQR3DVWRU)XVWHU/ORPEDUW*HQRYpVR5LEHOOHVHQWUHRWURVPXFKRV
5HFXUVRVHOHFWUyQLFRV
+R\SRUKR\QRVHSXHGHFRQFHELUXQVHUYLFLRGHLQIRUPDFLyQELEOLRJUiÀFDVLQHOXVR
GHUHFXUVRVHOHFWUyQLFRV(QSULPHUOXJDUDSURYHFKDQGRODLQJHQWHPDVDGHLQIRUPDFLyQ
TXHKD\GLVSRQLEOHHQ,QWHUQHWSHURWDPELpQGLVSRQLHQGRGHDFFHVRDRWURVUHFXUVRVTXH
QRUPDOPHQWHQRVRQJUDWXLWRVQLS~EOLFRVODVEDVHVGHGDWRV(OHQRUPHYROXPHQGHLQ
IRUPDFLyQTXHUHFRJHQODVKDFHQKHUUDPLHQWDVGHFRQVXOWDREOLJDGD6LQHPEDUJRWDPELpQ
WLHQHQXQSUREOHPDVXHOHYDGRSUHFLR
3DUDSDOLDUHVWHSUREOHPDOD%LEOLRWHFD9DOHQFLDQDKDUHDOL]DGRVXVFULSFLRQHVHQFRRSH
UDFLyQFRQRWUDVLQVWLWXFLRQHV\KDUHVWULQJLGRODVFRPSUDVRVXVFULSFLRQHVDODVHVWULFWDPHQWH
QHFHVDULDVHVGHFLUDODVYLQFXODGDVGLUHFWDPHQWHFRQVXSDSHOFRPRSULPHUFHQWURELEOLR
JUiÀFRRFRPRFHQWURGRFXPHQWDOOLJDGRDLQYHVWLJDFLRQHVHQHOFDPSRGHODVKXPDQLGDGHV
$FWXDOPHQWHHVSRVLEOHDFFHGHUGHVGHOD%LEOLRWHFD9DOHQFLDQDDXQDPSOLRHOHQFRGH
EDVHVGHGDWRV(QWUHODVELEOLRJUDItDVFRQWDPRVFRQODVQDFLRQDOHVDFXPXODWLYDVHVSDxROD
IUDQFHVDLQJOHVDLWDOLDQDSRUWXJXHVD\ODWLQDWDPELpQGLVSRQHPRVGHODVELEOLRJUDItDV
LQWHUQDFLRQDOHVGHPDSDV\DWODV\GHP~VLFDSDUWLWXUDVPDQXVFULWRV\JUDEDFLRQHVVRQR
UDV(QWUHODVIXHQWHVGHMXULVSUXGHQFLD\OHJLVODFLyQGLVSRQHPRVGHDFFHVRDORVJUDQGHV
UHSHUWRULRVFRPR$UDQ]DGL3DUDODSURGXFFLyQFLHQWtÀFDFRQWDPRVFRQODVEDVHVGHGDWRV
GHO&6,&\FRQHO3HULRGLFDO&RQWHQWV,QGH[HVSDxRO(QFXDQWRDLQIRUPDFLyQELRJUiÀFD
FRQWDPRVFRQ:RUOG%LRJUDSKLFDO,QGH[
6HUYLFLRV
/HFWXUDHQVDOD
/DFRQVXOWDGHODVREUDVVHUHDOL]DHQODVVDODVGHFRQVXOWD(QWRGRVORVFDVRVHO
XVXDULRGHEHORFDOL]DUSUHYLDPHQWHDWUDYpVGHQXHVWURVFDWiORJRVORVGDWRVEiVLFRVGHO
9&RORTXLR,QWHUQDFLRQDOGH&LHQFLDVGHOD'RFXPHQWDFLyQ6DODPDQFD\GHQRYLHPEUH>6DODPDQFD@8QLYHUVLGDG
GH6DODPDQFD&'520
/D%LEOLRWHFD
9DOHQFLDQD
GRFXPHQWRDXWRUWtWXOR\VLJQDWXUD6LHOOLEURIRUPDSDUWHGHORVIRQGRVTXHVHKDOODQ
HQODVVDODVHOXVXDULRSXHGHWRPDUODREUD\XVDUODGLUHFWDPHQWHVLHOGRFXPHQWRVHHQ
FXHQWUDHQORVGHSyVLWRVGHEHUiFXPSOLPHQWDUXQLPSUHVRGRQGHKDUiFRQVWDUVXVGDWRV
SHUVRQDOHV\ORVGDWRVEiVLFRVGHOGRFXPHQWRVROLFLWDGR\ORHQWUHJDUiHQHOPRVWUDGRU
MXQWRFRQODWDUMHWDGHLQYHVWLJDGRURHOSDVHWHPSRUDOGHOD%LEOLRWHFD$XQTXHHOQ~PHUR
GHGRFXPHQWRVVROLFLWDGRVSXHGHVHUPD\RUQXQFDVHHQWUHJDQVLPXOWiQHDPHQWHPiVGH
WUHV0LHQWUDVGXUDODFRQVXOWDHOLQYHVWLJDGRUHVUHVSRQVDEOHGHOGRFXPHQWR/DWDUMHWD
VHGHYXHOYHDOLQYHVWLJDGRUFXDQGRpVWHUHWRUQDORVOLEURV7RGRHOSURFHVRGHSUpVWDPR\
GHYROXFLyQVDOYRODFXPSOLPHQWDFLyQGHOLPSUHVRHVDXWRPDWL]DGR
(QXQDELEOLRWHFDSDWULPRQLDOFRPRODQXHVWUDHVGHHVSHFLDOLPSRUWDQFLDSRGHUFRQ
MXJDUODFRQVHUYDFLyQGHODFROHFFLyQFRQVXFRUUHFWRXVR(VSRUHOORTXHJUDQSDUWHGHO
IRQGR+HPHURWHFD\)RQGR$QWLJXRHVSHFLDOPHQWHVHHQFXHQWUDPLFURÀOPDGRRGLJLWD
OL]DGR$VLPLVPRSDUWHGHO)RQGR*UiÀFRHVWiGLJLWDOL]DGR(QWRGRVHVRVFDVRV\VDOYR
H[FHSFLRQHVMXVWLÀFDGDVODFRQVXOWDQRVHUHDOL]DVREUHORVRULJLQDOHVVLQRVREUHFRSLDVHQ
PLFURÀOPRVREUHYHUVLRQHVGLJLWDOHV
5HSURJUDItD
(OFDUiFWHUSDWULPRQLDOGHOD%LEOLRWHFD9DOHQFLDQDREOLJDDVHUH[WUHPDGDPHQWHFXL
GDGRVRFRQHOXVRGHODVREUDVSXHVDOJXQDVVRQGHGLItFLOUHSRVLFLyQHQFDVRGHSpUGLGD
'LFKRFDUiFWHUKDDFRQVHMDGRHOLPLQDUORVVLVWHPDVGHDXWRVHUYLFLRGHUHSURJUDItD
HQHOTXHORVXVXDULRVKDFHQSHUVRQDOPHQWHODVIRWRFRSLDVTXHGHVHDQFRQHOFRQVLJXLHQWH
ULHVJRSDUDORVRULJLQDOHV7RGDVODVIRWRFRSLDVVRQUHDOL]DGDVSRUSHUVRQDOGHOD%LEOLRWHFD
RGHODHPSUHVDHQFDUJDGD'LFKRDXWRVHUYLFLRVyORHVSRVLEOHSDUDORVXVXDULRVTXHHVWpQ
FRQVXOWDQGRPLFURÀOPHVRPLFURÀFKDVTXHSXHGHQUHSURGXFLUKDVWDFXDUHQWDFRSLDVSRU
VtPLVPRVHQORVSURSLRVOHFWRUHVUHSURGXFWRUHV
(QFXDQWRDODVFRSLDVVREUHRULJLQDOHVHQWRGRVORVFDVRVHOSHUVRQDOWpFQLFRGHOD
%LEOLRWHFDKDGHYDORUDUWDQWRHOHVWDGRItVLFRGHFDGDREUDFRPRODDGHFXDFLyQGHODVROL
FLWXGDODVQRUPDVYLJHQWHVHQPDWHULDGHSURSLHGDGLQWHOHFWXDO6LHOQ~PHURGHFRSLDVHV
LQIHULRUDGLH]VHUHDOL]DGHPDQHUDLQPHGLDWD\JUDWXLWDHQORVRWURVFDVRVVHKDGHUHOOHQDU
XQDVROLFLWXGTXHXQDYH]DSUREDGDSRUHOSHUVRQDOGHOD%LEOLRWHFDSDVDDXQDHPSUHVD
HQFDUJDGDGHODUHDOL]DFLyQFREUR\HQWUHJDGHODVUHSURGXFFLRQHV1RUPDOPHQWHHOSOD]R
GHHQWUHJDHVLQIHULRUDXQDVHPDQD
%~VTXHGDVELEOLRJUiÀFDV
/DE~VTXHGDELEOLRJUiÀFDHVLPSUHVFLQGLEOHDQWHVGHUHDOL]DUFXDOTXLHUWUDEDMRGH
LQYHVWLJDFLyQ(QWRGRSURFHVRKD\TXHSHUÀODUFRQHOXVXDULRODE~VTXHGDGHÀQLHQGRORV
7H[WR5HIXQGLGRGHOD/H\GH3URSLHGDG,QWHOHFWXDODSUREDGRSRUHO5HDO'HFUHWR/HJLVODWLYRPR
GLÀFDGRSRUOD/H\GHGHMXOLRTXHUHJXODUL]DDFODUD\DUPRQL]DODVGLVSRVLFLRQHVOHJDOHVYLJHQWHV
VREUHODPDWHULD
REMHWLYRVTXHSHUVLJXH\ODXWLOL]DFLyQ\ODÀQDOLGDGGHpVWDWDPELpQKD\TXHFRQFUHWDUOR
TXH\DVDEHSRUTXHDVtHYLWDPRVHVIXHU]RVLQ~WLOHVLQGLFDUORVDVSHFWRVFRQFUHWRVTXHLQ
WHUHVDQ\ORVTXHKD\TXHH[FOXLU\VHxDODUFXDOTXLHUGDWRTXHD\XGHDHYLWDUFRQIXVLRQHV
1XHVWURGHSDUWDPHQWRGH,QIRUPDFLyQ%LEOLRJUiÀFDSUHWHQGHUHVROYHUODVQHFHVLGDGHV
GHLQIRUPDFLyQGHORVXVXDULRVHQWHQGLGDVHQXQVHQWLGRDPSOLRORTXHYDPiVDOOiGHOD
VLPSOHORFDOL]DFLyQGHGRFXPHQWRVHQODFROHFFLyQGHOD%LEOLRWHFD9DOHQFLDQD3RUHOORVH
RIUHFHXQDDPSOLDJDPDGHVHUYLFLRV
²$VHVRUDPLHQWRVREUHIXHQWHVGHLQIRUPDFLyQDXWRPDWL]DGD
²5HDOL]DFLyQGHE~VTXHGDVELEOLRJUiÀFDVUHWURVSHFWLYDVHQEDVHVGHGDWRV\RWURV
UHFXUVRVHOHFWUyQLFRVRLPSUHVRV
²(ODERUDFLyQGHOLVWDGRVELEOLRJUiÀFRVHQGLYHUVRVVRSRUWHV\DVHDSRUHOSURSLR
XVXDULRRSRUHOSHUVRQDOGHODVDOD
²5HVSXHVWDVDFRQVXOWDVVREUHWRGRWLSRGHLQIRUPDFLyQUHIHUHQFLDOGDWRVELRJUiÀFRV
HVWDGtVWLFRVMXUtGLFRVHWF
²/RFDOL]DFLyQ\VXPLQLVWURGHGRFXPHQWRVHOHFWUyQLFRVDWH[WRFRPSOHWRGHOLEUH
DFFHVRHQ,QWHUQHW
²/RFDOL]DFLyQGHGRFXPHQWRVHQRWUDVELEOLRWHFDVDUFKLYRVRFHQWURVGHGRFXPHQWDFLyQ
/DIRUPDGHSHWLFLyQGHLQIRUPDFLyQSXHGHVHUSUHVHQFLDORQRSUHVHQFLDOSRUWHOpIRQR
ID[FRUUHRRUGLQDULRRFRUUHRHOHFWUyQLFREY#JYDHV!(QFDVRGHE~VTXHGDVELEOLRJUi
ÀFDVHVFRQYHQLHQWHFRQFHUWDUSUHYLDPHQWHXQDYLVLWDFRQLQGLFDFLyQGHODIHFKD\ODKRUD
3UpVWDPRDGRPLFLOLR
/D%LEOLRWHFD9DOHQFLDQDWLHQHFRPRPLVLyQUHXQLUFRQVHUYDU\RUJDQL]DUODSURGXFFLyQ
ELEOLRJUiÀFDYDOHQFLDQD'LFKDPLVLyQKDFHSRFRDFRQVHMDEOHHOSUpVWDPRDGRPLFLOLRGH
PXFKDVGHVXVREUDVDOJXQDVGHGLItFLOUHSRVLFLyQHQFDVRGHSpUGLGD(VWDHVODFDXVDSRU
ODTXHQXHVWUD%LEOLRWHFDQRRIUHFHVHUYLFLRGHSUpVWDPRDGRPLFLOLRSDUDLQYHVWLJDGRUHV
3RUHOFRQWUDULRVtTXHVHUHDOL]DQSUpVWDPRVDLQVWLWXFLRQHVQRUPDOPHQWHSRUPRWLYRV
FXOWXUDOHVSRUHMHPSORH[SRVLFLRQHVWHPSRUDOHV\SUHYLDDXWRUL]DFLyQGHOGHSDUWDPHQWR
GH5HVWDXUDFLyQ\GHOD'LUHFFLyQGHOD%LEOLRWHFD
3UpVWDPR,QWHUELEOLRWHFDULR
8QDGHODVSDUWHVGHODE~VTXHGDELEOLRJUiÀFDHVODORFDOL]DFLyQGHGRFXPHQWRVHQ
RWURVFHQWURV(VWHVHUYLFLRVHFRPSOHPHQWDFRQODSRVLELOLGDGGHFRQVXOWDUWHPSRUDOPHQWH
GLFKRVIRQGRVHQOD%LEOLRWHFD9DOHQFLDQDRHQVXGHIHFWRREWHQHUXQDFRSLDGHORVPLVPRV
&25'Ð1*$5&Ì$-RVp$QWRQLR/Ð3(=/8&$6-HV~V9$48(5238/,'2-RVp5D~O0DQXDOGHLQYHVWLJDFLyQELEOLR
JUiÀFD\GRFXPHQWDOWHRUtD\SUiFWLFD0DGULG3LUiPLGHS
'HFUHWRGHGHHQHURGHO&RQVHOOGHOD*HQHUDOLWDW9DOHQFLDQDSRUHOTXHVHFUHDOD%LEOLRWHFD9D
OHQFLDQD'2*9Q~PGHGHIHEUHURGH
/D%LEOLRWHFD
9DOHQFLDQD
3DUDKDFHUXVRGHHVWHVHUYLFLRKD\TXHFXPSOLPHQWDUSUHYLDPHQWHXQLPSUHVR$VL
PLVPRHVUHTXLVLWRLQGLVSHQVDEOHTXHHOGRFXPHQWRQRHVWpGLVSRQLEOHHQRWUDELEOLRWHFDGH
ODFLXGDGGH9DOHQFLD/DWUDPLWDFLyQ\ODJHVWLyQGHODVROLFLWXGODVUHDOL]DHOGHSDUWDPHQWR
GH$GTXLVLFLRQHV\3UpVWDPR,QWHUELEOLRWHFDULR
)RUPDFLyQGHXVXDULRV
(QHVWRV~OWLPRVDxRVVHKDQUHDOL]DGRDFWLYLGDGHVGHIRUPDFLyQFRQJUXSRVLQWHUH
VDGRVHQFRQRFHUHOIXQFLRQDPLHQWRGHOD%LEOLRWHFD\ODVKHUUDPLHQWDVIXQGDPHQWDOHVGH
E~VTXHGDSDUDORFDOL]DUODLQIRUPDFLyQ
(QXQIXWXURSUy[LPRXQDYH]KDELOLWDGDXQDXODGHIRUPDFLyQVHKDSUHYLVWRGDU
XQFDUiFWHUPiVSHUPDQHQWHDGLFKDVDFWLYLGDGHV3DUDHOORVHRUJDQL]DUiQFXUVRVSUHVHQ
FLDOHVHQVHVLRQHVGHWUHLQWDRFXDUHQWDPLQXWRV\HQKRUDULRGHPDxDQDRWDUGHGLULJLGRV
DFLXGDGDQRVTXHDFFHGDQSRUSULPHUDYH]DOD%LEOLRWHFDRDLQYHVWLJDGRUHVLQWHUHVDGRVHQ
SURIXQGL]DUHQHOFRQRFLPLHQWRGHOPDQHMRGHODVKHUUDPLHQWDVGHE~VTXHGD6XSHULRGLFLGDG
GHSHQGHUiGHODGHPDQGDH[LVWHQWH
(OXVXDULRUHPRWRRQRSUHVHQFLDO(OSRUWDOZHEGHOD%LEOLRWHFD9DOHQFLDQD
+R\HQGtDQRHVQHFHVDULRTXHXQXVXDULRVHSHUVRQHHQHOOXJDUGRQGHWLHQHVXVHGH
ODELEOLRWHFD0XFKRVVHUYLFLRVSXHGHQVHURIUHFLGRVDWUDYpVGH,QWHUQHW\QRHVSRUHOOR
H[WUDxRTXHODPD\RUtDGHODVELEOLRWHFDVQDFLRQDOHVLQFOX\DQHQVXVSODQHVHVWUDWpJLFRVHO
WUDVODGRGHVXRIHUWDWUDGLFLRQDOGHVHUYLFLRVDVXVZHEV
(QQXHVWURFDVRHVDSRVLELOLGDGVHFRQYLHUWHHQQHFHVLGDG(OPRQDVWHULRGH6DQ
0LJXHOGHORV5H\HVHVWiVLWXDGRHQODVDIXHUDVGH9DOHQFLDHQXQHQWRUQRHQSURFHVRGH
UHKDELOLWDFLyQ\UHODWLYDPHQWHPDOFRPXQLFDGRWDQWRFRQHOFHQWURGHODFLXGDGFRPRFRQ
ORVFHQWURVXQLYHUVLWDULRV$GHPiVVRQPXFKRVORVXVXDULRVTXHYLYHQ\GHVDUUROODQVX
DFWLYLGDGIXHUDGHQXHVWUDFLXGDGHLQFOXVRGHQXHVWURSDtV
/DIRUPDGHTXHHOXVXDULRUHPRWRSXHGDFRQRFHUQXHVWURVIRQGRV\VROLFLWDUQXHVWURV
VHUYLFLRVHVDWUDYpVGHOSRUWDOZHEGHOD%LEOLRWHFD9DOHQFLDQDKWWSEYJYDHV!
1XHVWURSRUWDOFRQXQDSUHVHQWDFLyQIXQFLRQDO\JUiÀFDKRPRJpQHDFRQHOUHVWRGH
ORVSRUWDOHVGHOD'LUHFFLyQ*HQHUDOGHO/LEUR$UFKLYRV\%LEOLRWHFDVGHOD*HQHUDOLWDW
SHUPLWHDFFHGHUDODWRWDOLGDGGHVHUYLFLRVSURGXFWRV\FRQWHQLGRVGHQXHVWUDLQVWLWXFLyQ
1XHVWURSRUWDOZHEHVWiRULHQWDGRDOFLXGDGDQRPHGLR\HQVXGLVHxRVHKDQWHQLGR
HQFXHQWDORVPRGHUQRVFULWHULRVGHDFFHVLELOLGDG\XVDELOLGDG
(QFXDQWRDODDFFHVLELOLGDGVHDMXVWDDODVGLUHFWULFHVGDGDVSRUODLQLFLDWLYD:&
:RUOG:LGH:HE&RQVRUWLXPFRQXQJUDGRGHFRQIRUPLGDGGHQLYHO©$$ªWDO\FRPR
(VHOFDVRHQWUHRWUDVGHOD%ULWLVK/LEUDU\\GHOD%LEOLRWqTXH1DWLRQDOH)UDQoDLVH)8(17(6-XDQ-RVp/DV
ELEOLRWHFDVQDFLRQDOHVXQHVWDGRGHODFXHVWLyQ*LMyQ7UHDS
H[LJHDORVSRUWDOHVGHODVDGPLQLVWUDFLRQHVS~EOLFDVHO5HDO'HFUHWRRGHQLYHO
VHJ~QODQRUPD81(
(QFXDQWRDODXVDELOLGDGODZHEGLVSRQHGHXQDLQWHUID]KRPRJpQHD\FRKHUHQWHTXH
SHUPLWHXQXVRIiFLODWRGRWLSRGHXVXDULRV\TXHHVFRPSDWLEOHFRQORVSULQFLSDOHVQDYH
JDGRUHVGHOPHUFDGR(QWRGRPRPHQWRVHGLVSRQHGHSDQWDOODVGHD\XGD\GHLQGLFDFLRQHV
GHODORFDOL]DFLyQDFWXDO\GHODUXWDVHJXLGD
0HQFLyQDSDUWHPHUHFHQORVQXPHURVRVPHGLRVLQWHUDFWLYRVTXHSHUPLWHQODSDUWLFL
SDFLyQGHOXVXDULRUHPRWRSRUPHGLRGHIRUPXODULRVHQFXHVWDVEX]RQHVGHVXJHUHQFLDV\
FXDOTXLHURWUDIXQFLRQDOLGDGGHODZHE
(OSRUWDOSXHGHVHUFRQVXOWDGRWDQWRHQFDVWHOODQRFRPRHQYDOHQFLDQR\HVWiSUHYLVWD
XQDYHUVLyQHQLQJOpV
/DLQIRUPDFLyQVHHVWUXFWXUDHQJUDQGHVDSDUWDGRVTXHFRPHQWDUHPRVVHJXLGDPHQWH
GHPDQHUDUHVXPLGD
,QIRUPDFLyQEiVLFDGHOD%LEOLRWHFD9DOHQFLDQD
(QHVWDVHFFLyQVHKDFHXQDSUHVHQWDFLyQGHOD%LEOLRWHFD9DOHQFLDQDVXKLVWRULDORFDOL
]DFLyQ\DFFHVRKRUDULRGLUHFWRULRIXQFLRQHV\QRUPDWLYD7DPELpQUHFRJHXQVXEDSDUWDGR
GHGLFDGRDOHGLÀFLRDVXKLVWRULD\DODVSULQFLSDOHVHWDSDVFRQVWUXFWLYDVDVtFRPRDORV
FULWHULRVDGRSWDGRVHQVXUHVWDXUDFLyQ\UHKDELOLWDFLyQ
&ROHFFLyQ
6HGHVFULEHQORVIRQGRV\ODVFROHFFLRQHVLQWHJUDGRVHQOD%LEOLRWHFD9DOHQFLDQD
&DWiORJRV
²%LEOLRWHFD9DOHQFLDQD$WUDYpVGHHVWH23$&VHSXHGHFRQVXOWDUHOFDWiORJRGHORV
IRQGRVSURSLRVGHQXHVWUD%LEOLRWHFD6HJ~QVXGHVWUH]DHOXVXDULRSXHGHXWLOL]DU
WUHVWLSRVGHIRUPXODULRGHE~VTXHGDDVLVWLGDDYDQ]DGDRH[SHUWD(VGHHVSHFLDO
LQWHUpVODSRVLELOLGDGGHYLVXDOL]DUDSDUWLUGHORVUHJLVWURVYHUVLRQHVGLJLWDOHVGH
ORVRULJLQDOHV
²&DWiORJR&ROHFWLYRGH3DWULPRQLR%LEOLRJUiÀFR'HVWLQDGRDODFRQVXOWDGHREUDV
LQFOXLGDVHQHO3DWULPRQLR%LEOLRJUiÀFR9DOHQFLDQRVLWDVHQFXDOTXLHUDGHODVEL
EOLRWHFDVGHOD&RPXQLWDW9DOHQFLDQD
²%LEOLRWHFD1LFRODX3ULPLWLX0HGLDQWHHVWDRSFLyQVHSXHGHKDFHUXQDE~VTXHGD
OLPLWiQGRODDORVGRFXPHQWRVGHHVWHJUDQELEOLyÀORYDOHQFLDQRUHFRSLODGRUGHXQD
JUDQFROHFFLyQ
5HDO'HFUHWRGHGHQRYLHPEUHSRUHOTXHVHDSUXHEDHOUHJODPHQWRVREUHODVFRQGLFLRQHV
EiVLFDVSDUDHODFFHVRGHODVSHUVRQDVFRQGLVFDSDFLGDGDODVRFLHGDGGHODLQIRUPDFLyQ%2(Q~PGH
GHQRYLHPEUHGH
$(1251RUPD81(DSOLFDFLRQHVLQIRUPiWLFDVSDUDSHUVRQDVFRQGLVFDSDFLGDG5HTXLVLWRVGHDFFHVLELOLGDG
SDUDFRQWHQLGRVHQODZHE
/D%LEOLRWHFD
9DOHQFLDQD
²%LEOLRWHFD9DOHQFLDQD'LJLWDO%,9$/',HVQXHVWUDELEOLRWHFDGLJLWDOTXHSUHWHQGH
UHFRJHU\RIUHFHUHQVRSRUWHGLJLWDOORVWH[WRVFRPSOHWRVGHQXHVWURSDWULPRQLR
ELEOLRJUiÀFR
²&DWiORJR&ROHFWLYR9DOHQFLDQR(VXQSURGXFWRGHOD'LUHFFLyQ*HQHUDOGHO/LEUR
$UFKLYRV\%LEOLRWHFDVGHOD&RQVHOOHULDGH&XOWXUDL(VSRUWTXHSHUPLWHFRQVXOWDUHQ
OtQHD\GHPDQHUDFRQMXQWDGRVGHODVEDVHVGHGDWRVELEOLRWHFDULDVPiVLPSRUWDQWHV
GHOD&RPXQLWDW9DOHQFLDQDODGHOD5HGGH/HFWXUD3~EOLFD\ODGHOD%LEOLRWHFD
9DOHQFLDQD
²(QRWURVFDWiORJRVVHKDFHXQDDPSOLDVHOHFFLyQGHFDWiORJRVFROHFWLYRV\FDWiORJRV
GHRWUDVELEOLRWHFDVGRQGHSRGHUFRPSOHPHQWDUODE~VTXHGD\ORFDOL]DFLyQGHGR
FXPHQWRV6HUHFRJHQDTXtODSUiFWLFDWRWDOLGDGGHELEOLRWHFDVYDOHQFLDQDV\XQEXHQ
Q~PHURGHODVELEOLRWHFDVHVSDxRODV\QDFLRQDOHVH[WUDQMHUDVPiVVLJQLÀFDWLYDVDVt
FRPRDOJXQDVELEOLRWHFDVGLJLWDOHVGHQXHVWURHQWRUQR
6HUYLFLRV
(QHVWDVHFFLyQVHGHWDOODQODVFRQGLFLRQHVGHDFFHVR\ORVSULQFLSDOHVVHUYLFLRVRIUHFL
GRVDLQYHVWLJDGRUHV\FLXGDGDQRVFRQVXOWDHQVDODSUpVWDPRLQWHUELEOLRWHFDULRLQIRUPDFLyQ
ELEOLRJUiÀFDUHSURJUDItDHWF
1yWHVHTXHPXFKRVGHQXHVWURVXVXDULRVSRGUiQKDFHUXVRGHHVWRVVHUYLFLRVGHVGH
VXVSURSLRVGRPLFLOLRV\DWUDYpVGH,QWHUQHWKDFHUVROLFLWXGHVGHFRPSUDHPLWLUTXHMDV
\VXJHUHQFLDVHQFRPHQGDUE~VTXHGDVELEOLRJUiÀFDVRVROLFLWDUUHSURJUDItD(VWH~OWLPR
VHUYLFLRHVHVSHFLDOPHQWHYDORUDGRSRUORVXVXDULRVGHDFFHVRUHPRWRTXHSXHGHQKDFHU
VXVVROLFLWXGHVSRU,QWHUQHW\UHFLELUORVGRFXPHQWRVTXHGHVHHQSRUFRUUHRFRQWUDUHHP
EROVRVLQQHFHVLGDGGHSLVDUHOHGLÀFLRHQWRGRHOSURFHVR
5HFXUVRVSURIHVLRQDOHV
(QHVWDVHFFLyQVHUHFRJHQUHFXUVRV\VHUYLFLRVGLULJLGRVHVSHFtÀFDPHQWHDELEOLRWH
FDULRVDUFKLYHURV\GRFXPHQWDOLVWDV
$VLPLVPRVHRIUHFHXQDVHOHFFLyQGHORVSRUWDOHVZHEFRQVLGHUDGRVPiV~WLOHVFOD
VLÀFDGRVHQODVVLJXLHQWHVFDWHJRUtDV%XVFDGRUHV'LFFLRQDULRV(VWDGtVWLFDV/HJLVODFLyQ
/LEUR$QWLJXR3URGXFFLyQ&LHQWtÀFD\3URGXFFLyQ,PSUHVD
$FWLYLGDGHVFXOWXUDOHV
(VWDVHFFLyQSUHWHQGHIDFLOLWDUHOFRQRFLPLHQWRGHODVDFWLYLGDGHVFXOWXUDOHVUHDOL]DGDV
HQ\SRUQXHVWUD%LEOLRWHFD([SRVLFLRQHVSUHVHQWDFLRQHVGHOLEURVFXUVRVHQFXHQWURV
WDOOHUHVRYLVLWDVSXHGHQVHUVHJXLGRVIiFLOPHQWHGHVGHHVWDVHFFLyQ(VWDHVXQDSDUWHGHOD
ZHEHQRUPHPHQWHGLQiPLFDTXHH[LJHODJHQHUDFLyQDPSOLDFLyQ\ERUUDGRGHFRQWHQLGRV
GHPDQHUDUiSLGD\HÀFLHQWH
(VWHGLQDPLVPRH[LJLyODFUHDFLyQGHXQSURJUDPDTXHIDFLOLWDUDVXJHVWLyQ7DPELpQ
VHHODERUyXQPDQXDOGHHVWLORSDUDQRUPDOL]DUODSUHVHQWDFLyQGHFRQWHQLGRVGHOD$JHQGD
DVtFRPRPRGHORVGHIROOHWRVHOHFWUyQLFRV\IRUPXODULRVGHSUHLQVFULSFLyQ
$GHPiVGHVXSRVLEOHFRQVXOWDHQHVWDVHFFLyQORVDFWRVGHHVSHFLDOUHOHYDQFLDWDPELpQ
VHSXEOLFLWDQHQODSiJLQDSULQFLSDOGHODZHE
3XEOLFDFLRQHV
7DQWRHOFDWiORJRGHSXEOLFDFLRQHVGHOD%LEOLRWHFD9DOHQFLDQDFRPRORVQ~PHURV
FRPSOHWRVGHOD5HYLVWDGHOD%LEOLRWHFD9DOHQFLDQDSXHGHQVHUVHJXLGRVVLQGLÀFXOWDGGHVGH
HVWDVHFFLyQ
(OXVXDULRSRWHQFLDO
(QXQSDtVFRPR(VSDxDFRQLQIUDHVWUXFWXUDVELEOLRWHFDULDVGHÀFLHQWHVHOQ~PHURGH
ORVXVXDULRVUHDOHVHVPX\LQIHULRUDOGHORVXVXDULRVSRWHQFLDOHVDTXHOORVFX\DVQHFHVLGDGHV
GHLQIRUPDFLyQSXHGHQVHUFXELHUWDVSRUORVIRQGRV\VHUYLFLRVTXHRIUHFHQORVFHQWURVGH
GRFXPHQWDFLyQSHURTXHQRORVXWLOL]DQSRUTXHORVGHVFRQRFHQ
/DVELEOLRWHFDVGHEHQDGRSWDUSROtWLFDVGHJHVWLyQ\GHPDUNHWLQJDGHFXDGDVSDUDFRQ
YHUWLUDHVWRVXVXDULRVSRWHQFLDOHVHQXVXDULRVUHDOHVPiVD~QVLHOFHQWURHVUHODWLYDPHQWH
QXHYR²FRPRQXHVWUD%LEOLRWHFD²\H[LJHXQDODERUGLIXVRUDPiVLQWHQVD
(VDQHFHVLGDGGLIXVRUDFKRFDVLQHPEDUJRFRQODUHDOLGDGSUHVXSXHVWDULDODVFDPSD
xDVSXEOLFLWDULDVWUDGLFLRQDOHVVRQFDUDV\UDUDPHQWHSXHGHQVHUDVXPLGDVSRULQVWLWXFLRQHV
VLQiQLPRGHOXFURFRPRODVQXHVWUDV$IRUWXQDGDPHQWHODVQXHYDVWHFQRORJtDVHOFRUUHR
HOHFWUyQLFR\ODXQLYHUVDOL]DFLyQGH,QWHUQHWSHUPLWHQDGRSWDUHVWUDWHJLDVGHEDMRFRVWR(Q
HVDOtQHDYDULDVKDQVLGRODVHVWUDWHJLDVTXHKDVHJXLGRQXHVWURFHQWUR
(QSULPHUOXJDUVHKDSRWHQFLDGRQXHVWUDZHEPHGLDQWHGLYHUVDVWpFQLFDVGHSR
VLFLRQDPLHQWRFRPRDOWDVHQEXVFDGRUHVGLUHFWRULRVXRWURVSRUWDOHV/DPD\RUtDGHODV
ELEOLRWHFDV\GHORVGLUHFWRULRVVREUHUHFXUVRVHQELEOLRWHFRQRPtDLQFOX\HQDOD%LEOLRWHFD
9DOHQFLDQDHQWUHVXVHQODFHVGHLQWHUpV$VLPLVPRVHKDQLQFOXLGRHOORJRWLSR\HOHQODFH
GHOD%LEOLRWHFDHQODVHGLFLRQHVGLJLWDOHVGHGLDULRVFRPR/DV3URYLQFLDVHQZHEVGHGLFDGDV
DOOLEURDQWLJXRFRPR/OLEUHPDQLDHLQFOXVRHQODSiJLQDSULQFLSDOGHOD%LEOLRWHFD9LUWXDO
0LJXHOGH&HUYDQWHV
(QVHJXQGROXJDUVHKDHODERUDGRXQGLUHFWRULRSURSLRTXHSHUPLWHFDPSDxDVLQ
IRUPDWLYDVDFROHFWLYRVFRQFUHWRVELEOLRWHFDULRVRSURIHVRUHVGHXQLYHUVLGDGSRUHMHPSOR
PHGLDQWHHOFRUUHRHOHFWUyQLFRXQPHGLRUiSLGR\EDUDWR
)LQDOPHQWHVHKDOOHYDGRDFDERXQDSROtWLFDGHGLIXVLyQVREUHODDGTXLVLFLyQGHQXHYRV
IRQGRVRODRIHUWDGHQXHYRVSURGXFWRV\VHUYLFLRVWDQWRHQORVPHGLRVGHFRPXQLFDFLyQ
DWUDYpVGHODXQLGDGGHSUHQVDGHOD&RQVHOOHULDGH&XOWXUDL(VSRUWFRPRHQOLVWDVGH
6$1=&$6$'2(OtDV0DQXDOGHHVWXGLRVGHXVXDULRV0DGULG)XQGDFLyQ*HUPiQ6iQFKH]5XLSpUH]S
/D%LEOLRWHFD
9DOHQFLDQD
GLVWULEXFLyQ$FWXDOPHQWHOD%LEOLRWHFD9DOHQFLDQDHVWiVXVFULWDHQWUHRWUDVD$U[LIRUXP
%LEFDW,ZHWHO)LGHO3XEOLFDV+DUWHO1RUPDZHE&LEHUFXOWXUD\5HGHU'HSHQGLHQGRGH
ODWHPiWLFDGHOPHQVDMHVHSXEOLFLWDHQODVOLVWDVPiVDGHFXDGDV
(YDOXDFLyQ\PHMRUDFRQWLQXDV
6LGHEHPRVUHVROYHUODVQHFHVLGDGHVGHLQIRUPDFLyQGHQXHVWURVXVXDULRVQHFHVLWDUH
PRVFRQRFHUpVWDVSDUDSRGHUGLVSRQHUGHODVKHUUDPLHQWDV\GHORVUHFXUVRVDGHFXDGRV3RU
HVDUD]yQHOGHSDUWDPHQWRGH,QIRUPDFLyQ%LEOLRJUiÀFDKDHODERUDGRGLYHUVRVLQVWUXPHQWRV
TXHSHUPLWHQUHFRJHU\DQDOL]DUGLFKDLQIRUPDFLyQ
8QRGHHOORVHVXQDKRMDGHFRQVXOWDV/DVFRQVXOWDVGLDULDVVHUHFRJHQ\FRGLÀFDQHQ
XQDKRMDGHWRPDGHGDWRV'HFDGDFRQVXOWDVHWRPDODIRUPDGHDFFHVRFRUUHRVFRUUHR
HOHFWUyQLFRID[WHOpIRQRVDODODVFDUDFWHUtVWLFDVGHOXVXDULRVH[RHGDGHVWXGLRVSUR
FHGHQFLDWHPiWLFD\KHUUDPLHQWDV\WLHPSRXVDGRVHQUHVROYHUOD'LFKDLQIRUPDFLyQVH
YXHOFDHQXQDEDVHGHGDWRVGHPRGRTXHGLVSRQHPRVGHVHULHVFRPSOHWDVGHVGHSULQFLSLRV
GH
2WUDIXHQWHGHGDWRVUHPDUFDEOHVRQODVHVWDGtVWLFDVGHODZHE9LVLWDVDFFHVRVNLOR
ELWVGHVFDUJDGRVSiJLQDVPiVFRQVXOWDGDVROXJDUHVGHVGHGRQGHVHFRQHFWDQVRQWDPELpQ
XQDIXHQWHPX\LPSRUWDQWHGHLQIRUPDFLyQVREUHWRGRHQUHODFLyQFRQHOXVXDULRUHPRWR
/DH[SORWDFLyQGHODLQIRUPDFLyQUHFRJLGDHVGHYLWDOLPSRUWDQFLDSDUDODWRPDGH
GHFLVLRQHV(QWUHRWUDVPXFKDVDSOLFDFLRQHVSRGUHPRVFRQRFHUTXpWHPDVLQWHUHVDQPiV
HYDOXDUHOXVRGHXQDGHWHUPLQDGDEDVHGHGDWRVGHFDUDDODUHQRYDFLyQGHXQDVXVFULSFLyQ
RDJUXSDUQXHVWURVXVXDULRVHQSHUÀOHVFROHFWLYRV$VLPLVPRWDPELpQSRGHPRVREVHUYDU
HOJUDGRGHLPSDFWRTXHWLHQHODSXEOLFLGDGGHDOJ~QQXHYRUHFXUVRRVHUYLFLRHQODVOLVWDV
GHGLVWULEXFLyQRHQORVPHGLRVGHFRPXQLFDFLyQ
(QVXPDODHYDOXDFLyQGHORVLQGLFDGRUHVDVtREWHQLGRVHVXQSDVRQHFHVDULRVLTXHUH
PRVXQD%LEOLRWHFD9DOHQFLDQDPRGHUQD\HÀFD]HQODTXHODPHMRUDFRQWLQXDVHDXQKHFKR
3RUTXHWDO\FRPRSURFODPDOD,)/$©ODVELEOLRWHFDV\ORVVHUYLFLRVGHLQIRUPDFLyQ
VRQLQVWLWXFLRQHVYLYDVTXHFRQHFWDQDODJHQWHFRQORVUHFXUVRVJOREDOHVGHLQIRUPDFLyQODV
LGHDV\ODVREUDVGHFUHDFLyQOLWHUDULDTXHHOORVEXVFDQª'HVGH,QIRUPDFLyQ%LEOLRJUiÀFD
LQWHQWDUHPRVKDFHUORUHDOLGDGSDUDWRGRV\FDGDXQRGHQXHVWURVXVXDULRV
0DQLÀHVWRVREUH,QWHUQHWGHOD,)/$/D+D\D,)/$
/D%LEOLRWHFD
9DOHQFLDQD
/$%,%/,27(&$9$/(1&,$1$',*,7$/%,9$/',
1XULD5RVD0DUWtQH])HUQiQGH]
/DVELEOLRWHFDVGLJLWDOHV
/RVFDPELRVHQODSUiFWLFDELEOLRWHFDULDMXQWRFRQODVQXHYDVWHFQRORJtDVKDQDELHUWR
XQDSHUVSHFWLYDWRWDOPHQWHGLIHUHQWHDODVELEOLRWHFDVWUDGLFLRQDOHV/DVELEOLRWHFDVGLJLWD
OHVVRQXQDGHODVUHVSXHVWDVDHVWRVFDPELRV\DTXHSHUPLWHQXQDSURIXQGL]DFLyQGHORV
VHUYLFLRVGHODVELEOLRWHFDVHQHOFRQWH[WRGHODVRFLHGDGGHODLQIRUPDFLyQ\XQDPHMRUD6X
REMHWLYRHVSURSRUFLRQDUXQDFFHVRXQLYHUVDODORVVHUYLFLRVGHOFRQRFLPLHQWRDFRUGHVFRQ
ODVQXHYDVGHPDQGDVGHORVXVXDULRV
3DUDHOSURIHVRU-HV~V7UDPXOODV©XQDELEOLRWHFDGLJLWDOHVXQVLVWHPDGHWUDWDPLHQWR
WpFQLFRDFFHVR\WUDQVIHUHQFLDGHLQIRUPDFLyQGLJLWDOHVWUXFWXUDGRDOUHGHGRUGHXQFLFOR
GHYLGDGHXQDFROHFFLyQGHGRFXPHQWRVGLJLWDOHVVREUHORVFXDOHVVHRIUHFHQVHUYLFLRV
LQWHUDFWLYRVGHYDORUDxDGLGRSDUDHOXVXDULRª
(VLPSRUWDQWHGHVWDFDUTXHODVELEOLRWHFDVGLJLWDOHVRIUHFHQXQQXHYRPRGHORGH
SUHVHUYDFLyQGHOSDWULPRQLRGRFXPHQWDODOSHUPLWLUVDOYDJXDUGDUHOGRFXPHQWRRULJLQDO\
SURSRUFLRQDUXQDFFHVRDOVXVWLWXWRGLJLWDO/DFDOLGDGGHODVUHSURGXFFLRQHVGLJLWDOHVMXQWR
FRQODFRPRGLGDGGHODFFHVRHQOtQHDVDWLVIDFHORVUHTXLVLWRVGHLQYHVWLJDFLyQGHOXVXDULR\
DVHJXUDXQDPHQRUPDQLSXODFLyQGHOPDWHULDORULJLQDO
/D%LEOLRWHFD9DOHQFLDQD'LJLWDO%,9$/',
/D/H\GH2UJDQL]DFLyQ%LEOLRWHFDULDGHOD&RPXQLWDW9DOHQFLDQDRWRUJDDOD%LEOLR
WHFD9DOHQFLDQDHQVXFDOLGDGGHFDEHFHUDGHO6LVWHPD%LEOLRWHFDULR9DOHQFLDQRODVPLVLRQHV
GHUHXQLUFRQVHUYDU\GLIXQGLUHO3DWULPRQLR%LEOLRJUiÀFR9DOHQFLDQRDVtFRPRGHHODERUDU
VXFDWiORJRFROHFWLYR
(QFXPSOLPLHQWRGHHVWDVFRPSHWHQFLDV\FRQHOÀQGHFRQVHJXLUODPi[LPDGLIX
VLyQGHHVWHULFRSDWULPRQLRGRFXPHQWDOVHFUHyHQHODxROD%LEOLRWHFD9DOHQFLDQD
'LJLWDO%,9$/',6XREMHWLYRSULQFLSDOHVRIUHFHU\GLYXOJDUODVREUDVOLWHUDULDV\
FLHQWtÀFDVYDOHQFLDQDVPiVUHOHYDQWHV\VLJQLÀFDWLYDVDVtFRPRDTXHOODVTXHSXHGDQVHU
FRQVLGHUDGDVGHLQWHUpVSDUDODLQYHVWLJDFLyQFLHQWtÀFDVREUHOD&RPXQLWDW9DOHQFLDQD
75$08//$66$=-HV~V©3URSXHVWDVGHFRQFHSWR\GHÀQLFLyQGHODELEOLRWHFDGLJLWDOª>(QOtQHD@'2,6'RFX
'2,6'RFX
PHQWVLQ,QIRUPDWLRQ6FLHQFH,-RUQDGDVGH%LEOLRWHFDV'LJLWDOHVKWWSPDULDFKLGVLFXSYHVMELGL
MELGL&DPHUDUHDG\6HVLRQ6SGI!>&RQVXOWDGLFLHPEUH@
/H\GHGHGLFLHPEUHGH2UJDQL]DFLyQ%LEOLRWHFDULDGHOD&RPXQLWDW9DOHQFLDQD'2*9Q~P
GHGHHQHURGH
:HEGH%,9$/',3iJLQDGHLQLFLR
%,9$/',SURSRUFLRQDXQDFFHVRHQOtQHD\DWH[WRFRPSOHWRGHOIRQGRGRFXPHQWDO
GHOD%LEOLRWHFD9DOHQFLDQDDWUDYpVGHVXSiJLQDZHEKWWSEYJYDHV!\GHVX85/
GLUHFWDKWWSELYDOGLJYDHV!
/D%LEOLRWHFD9DOHQFLDQD'LJLWDOFRODERUDHQSUR\HFWRVWDQLQWHUHVDQWHVFRPROD%L
EOLRWHFD9LUWXDO0LJXHOGH&HUYDQWHV\OD%LEOLRWHFD'LJLWDO(XURSHD(XURSHDQD$GHPiV
RIUHFHODFRQVXOWDGLJLWDOGHHMHPSODUHVTXHDXQIRUPDQGRSDUWHGHO3DWULPRQLR&XOWXUDO
9DOHQFLDQRVHHQFXHQWUDQFRQVHUYDGRVHQRWUDVHQWLGDGHVFRPRSRUHMHPSOROD8QLYHUVLWDW
GH9DOqQFLDHO$\XQWDPLHQWRGH9DOHQFLDOD$EDGLDGH0RQWVHUUDWOD%LEOLRWHFD1DFLRQDO
GH(VSDxD\OD+LVSDQLF6RFLHW\GH1XHYD<RUN
%,9$/',RIUHFHDSDUWHGHODFFHVRDODVREUDVGLJLWDOL]DGDVGLIHUHQWHVVHUYLFLRVGH
YDORUDxDGLGRFRPRVRQWUDQVFULSFLRQHV\WUDGXFFLRQHVELEOLRJUDItDV\HVWXGLRVHVSHFLDOL
]DGRVVREUHODVREUDVGLJLWDOL]DGDV\ELRJUDItDVGHVXVDXWRUHVHLPSUHVRUHV
0HWDGDWRV
%,9$/',VLJXHODVEXHQDVSUiFWLFDV\HVWiQGDUHVLQWHUQDFLRQDOHV\SUHVWDDWHQFLyQD
ODSUHVHUYDFLyQGLJLWDODORVSUREOHPDVGHDFFHVR\DODGHVFULSFLyQDWUDYpVGHPHWDGDWRV
\DTXHVXXVRVHSODQWHDFRPRXQDVROXFLyQSDUDPHMRUDUODUHOHYDQFLDHQODUHFXSHUDFLyQ
GHODLQIRUPDFLyQ
(QXQDELEOLRWHFDGLJLWDOHVIXQGDPHQWDOTXHVXVUHFXUVRVGLJLWDOHVVHHQFXHQWUHQELHQ
RUJDQL]DGRV\FODUDPHQWHLGHQWLÀFDGRVFRQWDOÀQVHXWLOL]DQORVPHWDGDWRV6HWUDWDGHGDWRV
HVWUXFWXUDGRVTXHGHVFULEHQODVLPiJHQHVGLJLWDOHVUHFRJLHQGRLQIRUPDFLyQIXQGDPHQWDO
PHQWHGHVFULSWLYDFRPRSRUHMHPSORHODXWRUHOWtWXORHWF/RVGRFXPHQWRVGLJLWDOHVVH
/D%LEOLRWHFD
9DOHQFLDQD
HWLTXHWDQFDWDORJDQ\GHVFULEHQ\GDQOXJDUDXQDLQIRUPDFLyQHVWUXFWXUDGDGHWDOIRUPD
TXHVHSXHGDQSURFHVDUDOPDFHQDUFRQVHUYDUUHFXSHUDUHLQWHUFDPELDUDWUDYpVGHOZHE
(QHOiPELWRGHODVELEOLRWHFDVGLJLWDOHVORVPHWDGDWRVVHFRQRFHQFRPRHVWiQGDUHVGH
FDWDORJDFLyQ(Q%,9$/',VHXWLOL]DOD,QLFLDWLYDGH0HWDGDWRV'XEOLQ&RUH,62
TXHSHUPLWHGHVFULELUHVHWLSRGHLQIRUPDFLyQELEOLRJUiÀFDGHXQDIRUPDVLPSOH\ÁH[LEOH
$GHPiVGHODDSOLFDFLyQGHHVWDQRUPDWDPELpQVHDVLJQDQORV0(760HWDGDWD7UDQV
PLVVLyQDQG(QFRGLQJ6WDQGDUG(OHVTXHPD0(76HVXQHVWiQGDUSDUDODFRGLÀFDFLyQ
GHVFULSWLYDGHPHWDGDWRVH[SUHVDGRPHGLDQWHHOOHQJXDMHGHHVTXHPD;0/GHO:RUOG:LGH
:HE&RQVRUWLXP/RV0(76VHXWLOL]DQSDUDFRGLÀFDUORVPHWDGDWRVQHFHVDULRVSDUDOD
JHVWLyQGHREMHWRVGLJLWDOHV\SDUDVXLQWHUFDPELRHQWUHUHSRVLWRULRVRHQWUHUHSRVLWRULRV\
VXVXVXDULRV*UDFLDVDODDSOLFDFLyQGHHVWRVHVWiQGDUHV%,9$/',SURSRUFLRQDXQDFFHVR
IiFLO\GLUHFWRDVtFRPRODPi[LPDYLVLELOLGDGDFDGDXQDGHODVREUDVGLJLWDOL]DGDV
5HSRVLWRULR2$,
(QHODxROD'LUHFFLyQ*HQHUDOGHO/LEUR$UFKLYRV\%LEOLRWHFDVGHO0LQLVWHULR
GH&XOWXUDFRQFHGLyXQDVXEYHQFLyQD%,9$/',SDUDODFUHDFLyQ\WUDQVIRUPDFLyQGH
UHFXUVRVGLJLWDOHV\VXGLIXVLyQ\SUHVHUYDFLyQPHGLDQWHUHSRVLWRULRV2$,2SHQ$UFKLYHV
,QLWLDWLYH'HHVWDIRUPD%,9$/',VHFRQYLHUWHHQXQUHSRVLWRULR2$,TXHVLJXHODV
GLUHFWULFHVPDUFDGDVSRUHO0LQLVWHULRGH&XOWXUD\VHGHVDUUROODVLJXLHQGRHVWHHVTXHPD
(OUHSRVLWRULR2$,IDFLOLWDHODFFHVRODFRQVXOWD\ODUHFXSHUDFLyQPiVH[WHQVRVSR
VLEOHVGHORVUHFXUVRVGLJLWDOHV6HWUDWDGHXQDQRUPDWLYDDPSOLDPHQWHGHVDUUROODGDTXHVH
DSR\DHQXQSURWRFRORGHPHQVDMHVGHLQWHUFDPELRPX\VHQFLOORV\HQODFRGLÀFDFLyQGH
ORVUHJLVWURVVHJ~QHOHVTXHPDGHPHWDGDWRV'XEOLQ&RUH(OGHVDUUROORGHHVWHUHSRVLWRULR
SHUPLWHVXSDUWLFLSDFLyQHQSUR\HFWRVQDFLRQDOHVFRPROD%LEOLRWHFD9LUWXDOGHO3DWULPRQLR
%LEOLRJUiÀFRHLQWHUQDFLRQDOHVFRPROD%LEOLRWHFD'LJLWDO(XURSHD(XURSHDQD
/DFROHFFLyQ
%,9$/',UH~QHXQUHSHUWRULRGHGRFXPHQWRV\UHFXUVRVGLJLWDOHVHVWUXFWXUDGRV\
RUJDQL]DGRVGHGLIHUHQWHVIRUPDWRVTXHDEDUFDGHVGHHOVLJOR;,,,KDVWDHO;;,(OFDWiORJR
GH%,9$/',HVWiLQWHJUDGRHQHOGHOD%LEOLRWHFD9DOHQFLDQD\DSURYHFKDSRUORWDQWR
WRGDVVXVSRVLELOLGDGHVGHUHFXSHUDFLyQGHODLQIRUPDFLyQ
%,9$/',FXHQWDHQODDFWXDOLGDGFRQPiVGHREUDVGLJLWDOL]DGDV\PiVGH
LPiJHQHVTXHSHUWHQHFHQHQJUDQSDUWHDOIRQGRGHOD%LEOLRWHFD9DOHQFLDQD\FX\D
FRQVXOWDHQIRUPDWRLPSUHVRHVJHQHUDOPHQWHGLItFLOSHURSRVLEOHJUDFLDVDVXDFFHVRGLJLWDO
7RGRVHVWRVGRFXPHQWRVGLJLWDOHVREVHUYDQODOHJLVODFLyQYLJHQWHHQPDWHULDGHGH
UHFKRVGHDXWRU\DTXHRELHQFXHQWDQFRQODDXWRUL]DFLyQGHODXWRURVRQREUDVGHGR
2SHQ$UFKLYHV,QLWLDWLYH>(QOtQHD@KWWSZZZRSHQDUFKLYHVRUJ!>&RQVXOWDGLFLHPEUH@
/H\GHGHMXOLRSRUODTXHVHPRGLÀFDHO7H[WR5HIXQGLGRGHOD/H\GH3URSLHGDG,QWHOHFWXDO
DSUREDGRSRUHO5HDO'HFUHWR/HJLVODWLYRGHGHDEULO
PLQLRS~EOLFRDOKDEHUH[SLUDGRODGXUDFLyQGHVXVUHVSHFWLYRVGHUHFKRVGHH[SORWDFLyQ
3DUDDTXHOODVREUDVVXMHWDVDGHUHFKRVGHDXWRUOD~QLFDXWLOL]DFLyQSHUPLWLGDSRUODOH\HV
ODFRUUHVSRQGLHQWHDODREWHQFLyQGHXQDFRSLDSDUDXVRSULYDGR
(QHOSURFHVRGHVHOHFFLyQSDUDIRUPDUSDUWHGHODFROHFFLyQGH%LEOLRWHFD9D
OHQFLDQD'LJLWDOVHVLJXHQGRVYtDVSULQFLSDOPHQWHSRUXQODGRVHGLJLWDOL]DQODVREUDV
OLWHUDULDV\FLHQWtÀFDVYDOHQFLDQDVPiVUHOHYDQWHV\VLJQLÀFDWLYDVTXHVHFRQVLGHUDQ
GHVWDFDGDV\GHHVSHFLDOLQWHUpVSRURWURODVREUDVSURFHGHQWHVGHO)RQGR$QWLJXRGH
OD%LEOLRWHFD9DOHQFLDQDFRQHOÀQGHSRGHURIUHFHUODVGLJLWDOPHQWH\JDUDQWL]DUDVtVX
FRQVHUYDFLyQ
&ROHFFLRQHVWHPiWLFDV
&RQHOREMHWRGHPHMRUDUODE~VTXHGDHQHOFDWiORJRGH%,9$/',WRGDVODVREUDV
GLJLWDOL]DGDVVHHQFXHQWUDQDJUXSDGDVHQGRFHFROHFFLRQHVWHPiWLFDV²GLYLGLGDVDVXYH]
HQGLIHUHQWHVVXEFROHFFLRQHV²\TXHVRQODVVLJXLHQWHV
²©%LEOLRWHFD+LVWyULFDª3UHVHQWDODVVLJXLHQWHVVXEFROHFFLRQHV©%LRJUDItDV+LVWy
ULFDVª©9DULD+LVWyULFDª©&OiVLFRV+LVWRULRJUiÀFRVª©+LVWRULD/RFDO9DOHQFLDQD
VLJORV;9,;;ª©+LVWRULD9DOHQFLDQD&RQWHPSRUiQHDVLJORV;9,,,;;ª©+LVWRULD
9DOHQFLDQD)RUDOVLJORV ;9;9,,ª\©0HPRULDOHV\'LHWDULRVª5H~QHXQJUDQ
Q~PHURGHREUDVTXHDEDUFDQORVVLJORV ;9D ;;GHVGHODpSRFDIRUDOKDVWDOD
FRQWHPSRUiQHD
²©%LEOLRWHFDGH5HOLJLRVLGDGªTXHVHGLYLGHHQGRVDSDUWDGRV©5HOLJLRVLGDG9D
OHQFLDQDª\©9DULD5HOLJLRVLGDGª,QWHJUDPiVGHGRVFLHQWRVFLQFXHQWDHMHPSODUHV
SULQFLSDOPHQWHGHORVVLJORV;9,,\;9,,,3RGHPRVGHVWDFDUODUHSURGXFFLyQGHODV
GRV~QLFDVKRMDVFRQVHUYDGDVGHOD%LEOLDYDOHQFLDQDTXHVHHQFXHQWUDQHQOD+LVSDQLF
6RFLHW\LPSUHVDHQ\DWULEXLGDD%RQLIDFLR)HUUHUKHUPDQRGHVDQ9LFHQWH
)HUUHU\HOLQFXQDEOH%LEOLDODWLQDGHODxR
²©%LEOLRWHFDGH/LWHUDWXUDªFRQVHLVGLYLVLRQHV©9DULD/LWHUDWXUDª©+LVWRULDGHOD/L
WHUDWXUDª©/LWHUDWXUD3RSXODU9DOHQFLDQDª©/LWHUDWXUD9DOHQFLDQD&RQWHPSRUiQHDª
©/LWHUDWXUD9DOHQFLDQD)RUDOª\©9DULD&HUYDQWLQD9DOHQFLDQDª(QFRQWUDPRVHQHVWD
FROHFFLyQREUDVGHJUDQLQWHUpVSDUDHOHVWXGLRGHODKLVWRULDGHODOLWHUDWXUDFRPRSRU
HMHPSORODVREUDVGH$XVLjV0DUFKMXQWRFRQXQDELRJUDItDELEOLRJUDItD\HVWXGLRVHQ
IRUPDWR3')VREUHODÀJXUDGHHVWHJUDQSRHWDYDOHQFLDQRGHODHGDGPHGLD
²©%LEOLRWHFD%LEOLRJUiÀFD9DOHQFLDQDªFRQGRVJUXSRV©5HSHUWRULRV%LEOLRJUiÀ
FRV*HQHUDOHVªTXHUHFRJHODREUDGH-XDQ6HPSHUH\*XDULQRV\©%LEOLRJUDItDH
+LVWRULDGHO/LEUR9DOHQFLDQRªGRQGHSRGHPRVHQFRQWUDUELEOLRJUDItDVGH9LFHQWH
;LPHQR&RQVWDQWt/ORPEDUW6HUUDQR0RUDOHV\1DYDUUR&DEDQHVHQWUHRWURV
$UWtFXORVDGHODFLWDGD/H\
$UWtFXORGHODFLWDGD/H\
/D%LEOLRWHFD
9DOHQFLDQD
%LEOLDODWLQDHQ%,9$/',
²©%LEOLRWHFD9DOHQFLD$QWLJXD\0RGHUQDªFRQWUHVDSDUWDGRV©$UWH\$UTXHROR
JtD9DOHQFLDQRVª©'HVFULSFLRQHV*XtDV\/LEURVGH9LDMHVª\©)RONORUH)LHVWDV\
&RVWXPEUHV9DOHQFLDQDVª'HQWURGHODVHFFLyQ©)RONORUH)LHVWDV\&RVWXPEUHV
9DOHQFLDQDVªGHVWDFDPRVRFKRREUDVVREUHODSURFHVLyQGHO&RUSXVODSULQFLSDO
ÀHVWDFtYLFDGHODFLXGDGGH9DOHQFLDKDVWDSULQFLSLRVGHOVLJOR;;GDWDGDVHQWUHORV
DxRV\$GHPiVVHSXHGHSURIXQGL]DUHQHOWHPDFRQVXOWDQGRGLIHUHQWHV
ELRJUDItDVGHVXVDXWRUHV\XQDELEOLRJUDItDVREUHHO&RUSXVHQ9DOHQFLD
²©%LEOLRWHFD)LOROyJLFDª6HGLYLGHHQ©)LORORJtD&OiVLFDª©)LORORJtD+LVSiQLFDª\
©)LORORJtD9DOHQFLDQDª(QHVWDFROHFFLyQSRGHPRVHQFRQWUDUHORULJLQDOPHFDQR
JUDÀDGRGHODV1RUPHVGH&DVWHOOyGH\HOIROOHWR1RUPHVG·RUWRJUDÀDYDOHQFLDQD
TXHHQHODxRSXEOLFyHO$\XQWDPLHQWRGH9DOHQFLDSDUDGLYXOJDUHVWDVQRUPDV
²©'HUHFKRH,QVWLWXFLRQHV9DOHQFLDQDVªFRQODVVXEFROHFFLRQHV©'HUHFKRH+LVWRULD
9DOHQFLDQD)RUDOVLJORV;9;9,,ª©'HUHFKR9DOHQFLDQR3RVWIRUDOªH©,QVWLWXFLRQHV\
(QWLGDGHV+LVWyULFDV9DOHQFLDQDVª5H~QHREUDVMXUtGLFDVGHJUDQLPSRUWDQFLDSDUD
HOFRQRFLPLHQWRGHQXHVWUDKLVWRULDFRPRHVHOFDVRGH$XUHXPRSXVGHHQOD
TXHHOQRWDULR/OXtV$ODQ\jUHFRJHORV3ULYLOHJLRVGHO5HLQRGH9DOHQFLDRWRUJDGRV
SRUORVGLIHUHQWHVUH\HVGHVGHHOVLJOR;,,,
²©*HQHDORJtD\+HUiOGLFDª(QHVWDFROHFFLyQVHHQFXHQWUDQREUDVTXHGHVGHHO
VLJOR;9,KDVWDHO;;YHUVDQVREUHODQREOH]DYDOHQFLDQDHVFXGRVGHDUPDVSUL
YLOHJLRVHWF
$XUHXPRSXVUHJDOLXPSULXLOHJLRUXPFLXLWDWLVHWUHJQL9DOHQWLHHQ%,9$/',
²©+LVWRULDGHOD&LHQFLD\7pFQLFDª(VODVHULHTXHPiVDSDUWDGRVSUHVHQWD\DTXH
DEDUFDPXOWLWXGGHGLVFLSOLQDV©%RWiQLFDª©(MpUFLWR\7pFQLFD0LOLWDUª©(GXFDFLyQ
\3HGDJRJtDª©$JULFXOWXUD\*DQDGHUtDª©)LORVRItDª©*HRJUDItDª©0DWHPiWLFDV
$VWURQRPtD\$VWURORJtDª©0HGLFLQD\)DUPDFLDª\©7pFQLFD\=RRORJtDª(QWUH
RWUDVHQFRQWUDPRVODREUDGH$QWRQLR-RVp&DYDQLOOHV,FRQHVHWGHVFULSWLRQHVSODQWDUXP
TXDHDXWVSRQWHLQ+LVSDQLD&UHVFXQWDXWLQKRUWLVKRVSLWDQWXU
²©,QFXQDEOHVª(QHVWDFROHFFLyQSRGHPRVHQFRQWUDUGLJLWDOL]DGRVWRGRVORVLQFXQD
EOHVSURFHGHQWHVGHOD%LEOLRWHFD9DOHQFLDQDDGHPiVGHRWURVLQFXQDEOHVYDOHQFLD
QRVTXHVHFRQVHUYDQHQRWUDVLQVWLWXFLRQHV/D8QLYHUVLWDWGH9DOqQFLDKDIDFLOLWDGR
ODGLJLWDOL]DFLyQGHORVLQFXQDEOHV/HVREUHVRWUREHVHQODRUVGHOD9HUJH0DULDGHDXWRU
DQyQLPR\7LUDQWOR%ODQFKGH-RDQRW0DUWRUHOOHQWUHRWURV/D+LVSDQLF6RFLHW\
DGHPiVGHOD%LEOLDYDOHQFLDQDKDIDFLOLWDGRODVSiJLQDVGHVDSDUHFLGDVGHO7LUDQWOR
%ODQFKGHODHGLFLyQSUtQFLSHGHOD8QLYHUVLWDWGH9DOqQFLD/D$EDGLDGH0RQWVHUUDW
KDSHUPLWLGRODGLJLWDOL]DFLyQGHOHMHPSODUTXHFRQVHUYDGH$QWLGRWDULXPFODULÀFDWXP
GH$UQDXGH9LODQRYDLPSUHVRHQSRU1LFROiV6SLQGHOHU%,9$/',WDPELpQ
FXHQWDFRQLQFXQDEOHVFRQVHUYDGRVHQHO$\XQWDPLHQWRGH9DOHQFLDFRPR/RTXDUW
GHO&DUWR[jWUDGXFFLyQUHDOL]DGDSRU-RDQ5RtVGH&RUHOODGHODREUD0HGLWDWLRQHVYLWDH
&KULVWLGH/XGROSKXVGH6D[RQLD/D%LEOLRWHFD1DFLRQDOGH(VSDxDKDFRODERUDGR
FRQ%,9$/',DOSHUPLWLUODGLJLWDOL]DFLyQHQWUHRWURVGH9LWD&KULVWLGHVRU,VDEHO
GH9LOOHQDREUDGHODFXDOH[LVWHHQOD%LEOLRWHFD9DOHQFLDQDXQHMHPSODULQFRPSOHWR
/D%LEOLRWHFD
9DOHQFLDQD
(QWUHORVLQFXQDEOHVFRQVHUYDGRVHQOD%LEOLRWHFD9DOHQFLDQDSRGHPRVHQFRQWUDUHO
6XSSOHPHQWXPVXPPDHSLVDQHOODHGH1LFROiVGH$VXPRLPSUHVRHQ9HQHFLDHQ
6HWUDWDGHXQDDFWXDOL]DFLyQGHOD6XPPDSLVDQHOODHVFULWDHQSRU%DUWRORPpGH
6DQWR&RQFRUGLRFRPRUHSHUWRULRGHFDVRVGHFRQFLHQFLD(OWH[WRDSDUHFHGLYLGLGR
HQGRVFROXPQDVFRQOHWUDJyWLFDHLQLFLDOHVRUODGDVGHJUDQEHOOH]D
6XSSOHPHQWXPVXPPDHSLVDQHOODHHQ%,9$/',
²©0DQXVFULWRVª$FWXDOPHQWHVHSXHGHQFRQVXOWDUGLJLWDOPHQWHPiVGHWUHLQWDPDQXV
FULWRVFROHFFLyQTXHHQXQIXWXURVHSUHWHQGHDPSOLDUFRQVLGHUDEOHPHQWH'HVWDFD
HOGRFXPHQWRPiVDQWLJXRTXHFRQVHUYDOD%LEOLRWHFD9DOHQFLDQDXQDFDUWDSDUWLGD
SRU$%&GHODxRTXHFRQWLHQHODFRQÀUPDFLyQGHODSULPHUDFDUWDSXHEODGH
6DQW0DWHX\&RPHQWDULRVDOD+LVWRULD1DWXUDOGH3OLQLRHVFULWDSRUHOLWDOLDQR-XDQ
5DLQDOGR\TXHSHUWHQHFLyDODELEOLRWHFDGHOGXTXHGH&DODEULD\TXHHVODLPDJHQ
TXHDSDUHFHHQODSDQWDOODGHSUHVHQWDFLyQGHOZHEGH%,9$/',
²©3XEOLFDFLRQHVGHOD%LEOLRWHFD9DOHQFLDQDªFRQGRVGLYLVLRQHV©0RQRJUDItDVª\©5H
YLVWDGHOD%LEOLRWHFD9DOHQFLDQDªHQIRUPDWR3')TXHIDFLOLWDVXOHFWXUDHLPSUHVLyQ
%LEOLRWHFDVGHDXWRU
(ODSDUWDGROODPDGR©%LEOLRWHFDVGHDXWRUªWLHQHHOREMHWLYRGHUHXQLUODVREUDV\HVWXGLRV
UHIHUHQWHVDDXWRUHVYDOHQFLDQRVGHJUDQUHOHYDQFLD\GHGLPHQVLyQLQWHUQDFLRQDO$FWXDOPHQWH
HQFRQWUDPRVD-RDQ/OXtV9LYHV*UHJRULR0D\DQV\6LVFDU\9LFHQWH%ODVFR,EixH]
3DQWDOODGHODSDUWDGR©%LEOLRWHFDVGHDXWRUªHQ%,9$/',
/DVELEOLRWHFDVGH-RDQ/OXtV9LYHV\GH*UHJRULR0D\DQV\6LVFDURIUHFHQODYHUVLyQ
GLJLWDOGHODPD\RUtDGHVXVREUDVLQFOX\HQGRHSLVWRODULRV\ELEOLRJUDItDUHIHUHQWHVDHOORV
*UDFLDVDOWUDWDPLHQWR2&5GHODVLPiJHQHVHOXVXDULRSXHGHUHDOL]DUE~VTXHGDVDWH[WR
OLEUHVREUHWRGDVODVREUDVGLJLWDOL]DGDV$GHPiVVHLQFOX\HXQDFFHVRHQHOTXHVHSXHGHQ
FRQVXOWDUHGLFLRQHVGHHVWRVDXWRUHVHQOD%LEOLRWHFD9DOHQFLDQD'LJLWDO
6LJXLHQGRHQHVWDOtQHDUHFLHQWHPHQWHVHKDFUHDGRODELEOLRWHFDGH9LFHQWH%ODVFR
,EixH]TXHSURSRUFLRQDXQHQODFHDORVWH[WRVGLJLWDOL]DGRVHQ%,9$/',GHHVWHDXWRUSDUD
IDFLOLWDUHODFFHVRDVXLPSRUWDQWHREUD(QXQIXWXURSUy[LPRVHHVWDEOHFHUiODELEOLRWHFD
GH$XVLjV0DUFKTXHLQFOXLUiDGHPiVGHORVREMHWRVGLJLWDOHVRWURVGRFXPHQWRVGHLQWHUpV
VREUHHOIDPRVRSRHWDYDOHQFLDQR
&RQVXOWDV
$GHPiVGHODFFHVRDWUDYpVGHODVFROHFFLRQHVWHPiWLFDV\ELEOLRWHFDVGHDXWRUODOR
FDOL]DFLyQGHODVREUDVVHSXHGHUHDOL]DUSRUPHGLRGHODVVLJXLHQWHVRSFLRQHVGHE~VTXHGD
²%~VTXHGDVHQFLOOD3HUPLWHODFRQVXOWDPHGLDQWHODLQWURGXFFLyQGHSDODEUDVFODYH
HQWRGRVORVFDPSRVTXHVHGHÀQDQFRPRUHFXSHUDEOHVWtWXORDXWRUPDWHULDDxR
GHHGLFLyQHWF
²%~VTXHGDDYDQ]DGD(OXVXDULRSXHGHDÀQDUPiVODFRQVXOWD\DTXHSHUPLWHEXVFDU
XQRRYDULRVWpUPLQRVHQGLIHUHQWHVFDPSRVDXWRUWtWXOROXJDUGHSXEOLFDFLyQHWF
HQOD]DGRVSRURSHUDGRUHVERROHDQRV©<ª©2ª\©12ª(QORVFDPSRVFRQWURODGRV
/D%LEOLRWHFD
9DOHQFLDQD
SRUUHJLVWURVGHDXWRULGDGPXOWLOLQJHVVHSHUPLWHODE~VTXHGDWDQWRHQYDOHQFLDQR
FRPRHQFDVWHOODQR
²$FFHVRVGLUHFWRV(VWHPpWRGRSHUPLWHODE~VTXHGDDWUDYpVGHODFFHVRGLUHFWRD
XQDVHULHGHFDPSRVRUGHQDGRVDOIDEpWLFDPHQWHTXHVRQWtWXORVDXWRUHVOXJDUHV
GHLPSUHVLyQHGLWRUHV\PDWHULDV
/RVVLVWHPDVGHE~VTXHGDVSHUPLWHQWUXQFDPLHQWRVFRQORVFDUDFWHUHV\"HQDTXHOORV
WpUPLQRVTXHFRPSDUWHQXQDPLVPDUDt]\HQSDODEUDVGHRUWRJUDItDGXGRVD6HSXHGHQ
UHDOL]DUFRQVXOWDVWDQWRHQPD\~VFXODVFRPRHQPLQ~VFXODVSHURVtTXHKD\TXHWHQHUHQ
FXHQWDORVDFHQWRV\DTXHHVWHKHFKRGLIHUHQFLDDOJXQDVSDODEUDVGHOYDOHQFLDQR\FDVWHOODQR
/RVUHVXOWDGRVGHODVE~VTXHGDVVHSUHVHQWDQGHIRUPDUHVXPLGDFRQORVFDPSRV
\VXEFDPSRVHVHQFLDOHVHQODLGHQWLÀFDFLyQGHODVREUDVWtWXORDXWRU\IHFKDGHHGLFLyQ
ORVUHJLVWURVUHFXSHUDGRVVHSXHGHQRUGHQDUSRUFXDOTXLHUDGHHVWRVFDPSRV(QHOODGR
L]TXLHUGRVHLQGLFDQODVPDWHULDVUHODFLRQDGDVFRQHOUHJLVWURMXQWRFRQODFROHFFLyQDODTXH
SHUWHQHFHQ&DGDGHVFULSFLyQELEOLRJUiÀFDRIUHFHXQHQODFHTXHFRQGXFHGLUHFWDPHQWHDO
PLVPRUHJLVWURGHOFDWiORJRGHOD%LEOLRWHFD9DOHQFLDQD
3DQWDOODGH©%~VTXHGDªHQ%,9$/',
$SDUWLUGHHVWRVUHVXOWDGRVVHSXHGHDFFHGHUDODÀFKDGHVFULSWLYDFRPSOHWD/DYLVXD
OL]DFLyQVHSXHGHVHOHFFLRQDUHQGLIHUHQWHVIRUPDWRV,6%''XEOLQ&RUH2QL[0$5&
\;0/0$5&6FKHPD/DDSOLFDFLyQWDPELpQSHUPLWHODH[SRUWDFLyQGHORVUHJLVWURVSRU
FRUUHRHOHFWUyQLFRHLQFOXVRVXGHVFDUJDGLUHFWD(QODSDUWHLQIHULRUGHOUHJLVWURDSDUHFHHO
HQODFH©2EMHWRVGLJLWDOHVªTXHQRVOOHYDGLUHFWDPHQWHDOGRFXPHQWRGLJLWDOL]DGR
*HVWLyQGRFXPHQWDO
%,9$/',XWLOL]DHOSURJUDPD'LJLELE6HWUDWDGHXQVLVWHPDGLJLWDOGHJHVWLyQEL
EOLRWHFDULDEDVDGRHQODJHVWLyQGHPHWDGDWRVQRUPDOL]DGRVGHUHJLVWURVELEOLRJUiÀFRV\
UHFXUVRVHOHFWUyQLFRVHQORVIRUPDWRV0$5&0$5&;0/'XEOLQ&RUH\0(76TXH
SHUPLWHHOLQWHUFDPELRGHLQIRUPDFLyQHQ,QWHUQHW&XHQWDFRQGLIHUHQWHVPyGXORVTXH
VRQDGTXLVLFLRQHVDXWRULGDGHVFDWDORJDFLyQFLUFXODFLyQHLPiJHQHV
(OSURJUDPDSHUPLWHODLPSRUWDFLyQGHUHJLVWURVELEOLRJUiÀFRVGHOFDWiORJRGHOD
%LEOLRWHFD9DOHQFLDQD
$SOLFDFLRQHVWpFQLFDV
(OZHE
/DSiJLQDZHEGH%,9$/',SUHVHQWDXQFRQWHQLGRÀDEOH\DFWXDOL]DGRFRQXQDLQ
WHUID]GHXVXDULRIiFLOHLQWXLWLYD\DTXHPXHVWUDHOFRQWHQLGRGHXQDIRUPDFODUD\VHQFLOOD
GHHQWHQGHUWDQWRSDUDLQYHVWLJDGRUHVFRPRSDUDHOS~EOLFRHQJHQHUDO$GHPiVSHUPLWH
ODFRQVXOWDHQYDOHQFLDQRHQFDVWHOODQR\HQLQJOpV
(QHOPDUFRGHODL]TXLHUGDDSDUHFHQGLIHUHQWHVDSDUWDGRVTXHVHPDQWLHQHQÀMRV
GXUDQWHODQDYHJDFLyQSRUHOZHE(VWRVHQODFHVSHUPLWHQGLIHUHQWHVE~VTXHGDVHODFFHVR
DODVFROHFFLRQHVODVH[SRVLFLRQHVYLUWXDOHVODVHVWDGtVWLFDVORVFUpGLWRVHOPDSDZHE\XQ
HQODFHDOD%LEOLRWHFD9DOHQFLDQD
'LJLWDOL]DFLyQ
(OSURFHVRGHGLJLWDOL]DFLyQVHUHDOL]DFRQFiPDUDIRWRJUiÀFD\FRQHVFiQHUDpUHR\VH
HIHFW~DGHOYROXPHQFRPSOHWRWDSDVFXELHUWDVORPR\JXDUGDV/RVGRFXPHQWRVRULJLQDOHV
VHWUDQVIRUPDQHQLPiJHQHVFRQXQDUHVROXFLyQGHSSSHQFRORU\HQIRUPDWR7,))
VLQFRPSULPLUTXHVHFRQVHUYDFRPRFRSLDPiVWHUSDUDVXSUHVHUYDFLyQ'HELGRDTXH
HVWRVÀFKHURVFRQLPiJHQHVGHDOWDUHVROXFLyQVRQPX\JUDQGHVHVQHFHVDULRFRPSULPLUORV
SDUDKDFHUORVPiVPDQHMDEOHVWDQWRSDUDODDSOLFDFLyQFRPRSDUDHOXVXDULRSRUORTXHVH
FRQYLHUWHQHQIRUPDWR-3*SDUDSHUPLWLUVXFRUUHFWDYLVLyQHQ,QWHUQHW
$GHPiVVHUHDOL]DXQSURFHVRGHRSWLPL]DFLyQGHODLPDJHQFRQXQSURJUDPDHVSH
FtÀFRSDUDPRGLÀFDURPHMRUDUODFRSLDFDSWDGDTXHSHUPLWHFDPELDUHOWDPDxRHOFRORUHO
FRQWUDVWH\HOEULOOR(QRFDVLRQHVODVLPiJHQHVUHVXOWDQWHVWDPELpQVRQWUDWDGDVGLJLWDOPHQWH
SDUDHOLPLQDUPDQFKDVGHKXPHGDGUHVWRVGHR[LGDFLyQGHODVWLQWDVHWFTXHDSDUHFHQHQ
HORULJLQDO\TXHSXHGHQGLÀFXOWDUODOHFWXUDGHOWH[WR
/DVXELGD\HOWUDWDPLHQWRGHORVREMHWRVGLJLWDOHVVHUHDOL]DQFRQHOSURJUDPD'LJLELE
\DFRPHQWDGR/RVGRFXPHQWRVWH[WXDOHVTXHQRSUHFLVDQXQDGLJLWDOL]DFLyQ²\DTXHVRQ
HOHFWUyQLFRV²WLHQHQXQIRUPDWR3')TXHSHUPLWHVXQDYHJDFLyQ\GHVFDUJD
/RVÀFKHURVGLJLWDOHVUHVXOWDQWHVVHIRUPDWHDQ\HWLTXHWDQFRQORVPHWDGDWRVTXH
FRPRKHPRVYLVWRIDFLOLWDQHODOPDFHQDPLHQWR\ODUHFXSHUDFLyQ
&UHDGRFRPHUFLDOL]DGR\GLVWULEXLGRSRU'LJLELV6/KWWSZZZGLJLELVFRP!
/D%LEOLRWHFD
9DOHQFLDQD
3URFHVRGHGLJLWDOL]DFLyQHQ%,9$/',
9LVXDOL]DFLyQ\QDYHJDFLyQGHORVGRFXPHQWRVGLJLWDOL]DGRV
/DYLVXDOL]DFLyQGHODVREUDVH[LVWHQWHVHQ%,9$/',SXHGHUHDOL]DUVHGHWUHVIRUPDV
GLIHUHQWHV\HOXVXDULRSXHGHFDPELDUGHXQDDRWUDHQFXDOTXLHUPRPHQWR
²SUHVHQWDFLyQGHSiJLQDFRPSOHWD
²SUHVHQWDFLyQGHP~OWLSOHVLPiJHQHVGHODREUDOODPDGDVPLQLDWXUDVRWKXPEQDLOV
²SUHVHQWDFLyQHQIRUPDGHOLVWD
/DLPDJHQVHSXHGHYLVXDOL]DUHQWDPDxRRULJLQDODMXVWDGDDOPDUFR\WDPELpQUHGXFLU
DPSOLDU\URWDUDL]TXLHUGDRDGHUHFKD(QODSDUWHVXSHULRUGHODSiJLQDZHEVHREVHUYDQ
YDULRVLFRQRVTXHSHUPLWHQODGHVFDUJD\ODLPSUHVLyQGHLPiJHQHV\ODH[SRUWDFLyQGHORV
0(76$GHPiVHOSURJUDPDRIUHFHODRSFLyQGHYLVXDOL]DFLyQFRQSOXJLQTXHDGPLWHUHWRFDU
HOFRQWUDVWHGHEULOOR\ODYLVXDOL]DFLyQHQQHJDWLYR
%,9$/',SHUPLWHXQDQDYHJDFLyQVHFXHQFLDO\P~OWLSOHHQWUHODVGHVFULSFLRQHVEL
EOLRJUiÀFDV\ODFRSLDGLJLWDOHQWUHODVSiJLQDVGHFDGDREUD\HQWUHORVFDStWXORVRVHFFLRQHV
GHXQDREUDPHGLDQWHODFUHDFLyQGHWDEODVGHFRQWHQLGR
/RVXVXDULRVGH%,9$/',
/D%LEOLRWHFD9DOHQFLDQD'LJLWDODFW~DFRPRXQYHKtFXORSDUDGLIXQGLUODFXOWXUD
YDOHQFLDQDHOLPLQDQGRODVEDUUHUDVItVLFDV\JHRJUiÀFDV
%,9$/',GDVHUYLFLRDORVXVXDULRVGHOD%LEOLRWHFD9DOHQFLDQDHQIXQFLyQGHOD
PLVLyQGHHVWDLQVWLWXFLyQ\VHFRQYLHUWHHQXQDKHUUDPLHQWD~WLOSDUDORVHVWXGLRVRVGH
ODKLVWRULD\ODOLWHUDWXUDYDOHQFLDQDV(OSHUÀOGHOXVXDULRGH%,9$/',HVEDVWDQWHKHWH
URJpQHRDXQTXHHQJUDQSDUWHVRQLQYHVWLJDGRUHVHUXGLWRV\HVWXGLDQWHV/DPD\RUtDGH
ODVYLVLWDVD%,9$/',SURFHGHQGHO(VWDGRHVSDxROSHURWDPELpQDFFHGHQXVXDULRVGH
QXPHURVRVSDtVHVGH(XURSD\GHOUHVWRGHOPXQGR$OWHQHUHOSRUWDOXQIRUPDWRPXOWLOLQ
JHHQFDVWHOODQRYDOHQFLDQRHLQJOpVSHUPLWHHODFFHVRDSHUVRQDVGHGLIHUHQWHVOXJDUHV
/DDSOLFDFLyQJHQHUDXQDH[SORWDFLyQHVWDGtVWLFDGRQGHVHUHFRJHQGLIHUHQWHVGDWRV
VREUHOD%LEOLRWHFD9DOHQFLDQD'LJLWDOHQWUHHOORVHOQ~PHURGHSHUVRQDVTXHKDQFRQVXOWDGR
%,9$/',HOQ~PHURGHYLVLWDVORVDUFKLYRVYLVWRVHODFFHVRDOZHEHWF(QHODxR
KDUHFLELGRPiVGHRFKHQWD\GRVPLOYLVLWDV
&XDGURKLVWRULFRHVWDGtVWLFRGHODxRHQ%,9$/',
'HQWURGHODSDUWDGR©(VWDGtVWLFDVªGHODSiJLQDZHEGH%,9$/',ORVXVXDULRVSXHGHQ
FRQVXOWDULQIRUPDFLyQVREUHHOQ~PHURGHGRFXPHQWRVGLJLWDOL]DGRVGLVSRQLEOHVVXWLSR
ORJtDODVIHFKDVH[WUHPDVGHODVREUDV\HOQ~PHURGHÀFKHURV\GHUHJLVWURVGHDXWRULGDG
HQWUHRWURVGDWRV
/D%LEOLRWHFD
9DOHQFLDQD
%,9$/',FXPSOHFRQODVUHFRPHQGDFLRQHVHVWDEOHFLGDVSRUODVGLUHFWULFHV:&:$,
TXHSHUPLWHQKDFHUHOFRQWHQLGRZHEPiVDFFHVLEOHSDUDODVSHUVRQDVFRQGLVFDSDFLGDG
$GHPiVRIUHFHHOVHUYLFLR566TXHHQYtDGHIRUPDDXWRPiWLFDDXQSURJUDPDOHFWRUR
DJUHJDGRUODV~OWLPDVQRYHGDGHVTXHVHKDQDxDGLGRDOFDWiORJRGH%,9$/',6XLPSOH
PHQWDFLyQSHUPLWHTXHORVXVXDULRVFRQR]FDQDOLQVWDQWHORVQXHYRVWtWXORVGLVSRQLEOHV
%,9$/',HVXQDKHUUDPLHQWDLQGLVSHQVDEOHSDUDHODSUHQGL]DMHODGRFHQFLD\ODLQ
YHVWLJDFLyQGHO3DWULPRQLR&XOWXUDO9DOHQFLDQRDOWLHPSRTXHSURPXHYHVXGLIXVLyQ\
SUHVHUYDFLyQ
/D%LEOLRWHFD
9DOHQFLDQD
(/&$7É/2*2&2/(&7,92'(/3$75,021,2
%,%/,2*5É),&29$/(1&,$12
(PPD*yPH]6HQHQW/ySH]
(O&DWiORJR&ROHFWLYRGHO3DWULPRQLR%LEOLRJUiÀFR(VSDxRO
/DHODERUDFLyQGHO&DWiORJR&ROHFWLYRGHO3DWULPRQLR%LEOLRJUiÀFRHVXQSUR\HFWR
FXOWXUDOGHJUDQDOFDQFHFHQWUDGRHQHOLQYHQWDULR\ODGHVFULSFLyQGHWRGDVODVFROHFFLRQHV
\IRQGRVELEOLRJUiÀFRVGHSRVLWDGRVHQELEOLRWHFDVHVSDxRODVS~EOLFDVRSULYDGDVTXHSRU
VXDQWLJHGDGULTXH]DRVLQJXODULGDGIRUPDQSDUWHGHO3DWULPRQLR+LVWyULFR(VSDxRO(VHO
LQVWUXPHQWREiVLFRGHOTXHGLVSRQHQODVDGPLQLVWUDFLRQHVS~EOLFDVSDUDFRQRFHUORHYDOXDUOR
\DUELWUDUORVPHGLRVSDUDVXSURWHFFLyQ\GLIXVLyQ
/DEDVHOHJDOODSURSRUFLRQDOD/H\GHGHMXQLRGHO3DWULPRQLR+LVWy
ULFR(VSDxROHQODTXHVHHVWDEOHFHQORVELHQHVTXHIRUPDQSDUWHGHpO\VHGHWHUPLQDOD
HODERUDFLyQGHO&DWiORJR&ROHFWLYRGHO3DWULPRQLR%LEOLRJUiÀFRFRPRSULPHUQLYHOGH
FRQRFLPLHQWRSURWHFFLyQ\GLIXVLyQGHHVWH3DWULPRQLR\FRPRLQVWUXPHQWRTXHSRVLEL
OLWDUiODVHOHFFLyQGHORVELHQHVTXHSRUVXLPSRUWDQFLDGHEDQLQVFULELUVHHQHO,QYHQWDULR
*HQHUDOGH%LHQHV0XHEOHV
/D/H\GHÀQHWDPELpQORVELHQHVTXHGHEHQVHUREMHWRGHGLFKR&DWiORJR
²7RGDVODVELEOLRWHFDV\FROHFFLRQHVELEOLRJUiÀFDVGHWLWXODULGDGS~EOLFDGHFXDOTXLHUD
GHODVDGPLQLVWUDFLRQHV
²/DVREUDVTXHSHUWHQHFHQDSURSLHWDULRVSULYDGRVRSDUWLFXODUHVGHODVTXHQRFRQV
WHQDOPHQRVWUHVHMHPSODUHVHQODVELEOLRWHFDVRVHUYLFLRVS~EOLFRV
(O5HDO'HFUHWRGHGHHQHURGH'HVDUUROOR3DUFLDOGHOD/H\
HVSHFLÀFDTXHVHUiHO0LQLVWHULRGH&XOWXUDHQFRODERUDFLyQFRQODVFRPXQLGDGHVDXWyQR
PDVHORUJDQLVPRTXHFRQIHFFLRQDUiGLFKR&DWiORJR(O0LQLVWHULRVHHQFDUJDGHGLVHxDU
ORVPRGHORVGHGHVFULSFLyQ\IRUPXODODVLQVWUXFFLRQHVWpFQLFDVGHUHFRJLGDWUDWDPLHQWR\
UHPLVLyQGHODLQIRUPDFLyQ
(O&DWiORJR&ROHFWLYRGHO3DWULPRQLR%LEOLRJUiÀFR9DOHQFLDQR
(VWHSUR\HFWRWXYRVXDUUDQTXHHQHODxRFXDQGRODHQWRQFHV'LUHFFLyQ*HQH
UDOGH3DWULPRQLR&XOWXUDORUJDQL]yXQFXUVRVREUHFDWiORJRFROHFWLYRFRQODÀQDOLGDGGH
FRRUGLQDUHOWUDEDMR\FRQVHJXLUODLQFRUSRUDFLyQDOSUR\HFWRGHOPD\RUQ~PHURSRVLEOHGH
FHQWURVELEOLRWHFDULRV
(QDTXHOPRPHQWRVHGHWHUPLQyHODERUDUHO&DWiORJR&ROHFWLYRGHO3DWULPRQLR%LEOLR
JUiÀFRGHOD&RPXQLWDW9DOHQFLDQDFRQHOREMHWLYRGHIDFLOLWDUODLQIRUPDFLyQGHORVIRQGRV
ELEOLRJUiÀFRVFRQVHUYDGRVHQODVELEOLRWHFDVGHHVWD&RPXQLWDWSURPRYHUVXLQYHVWLJDFLyQ
\HYLWDUVXH[SROLDFLyQ
(VWHSUR\HFWRVHKL]RHIHFWLYRHQHODxRPHGLDQWHODÀUPDGHXQFRQYHQLRFRQ
HO0LQLVWHULRGH(GXFDFLyQ&XOWXUD\'HSRUWH
0DUFROHJDO
(QOD&RPXQLWDW9DOHQFLDQDVRQGRVODVOH\HVTXHKDQSURSRUFLRQDGRODEDVHOHJDOSDUD
ODUHDOL]DFLyQGHO&DWiORJR&ROHFWLYRGHO3DWULPRQLR%LEOLRJUiÀFR9DOHQFLDQR
²/H\GHGHGLFLHPEUHGH2UJDQL]DFLyQ%LEOLRWHFDULDGHOD&RPXQLGDG
9DOHQFLDQDTXHHVWDEOHFHTXHOD%LEOLRWHFD9DOHQFLDQDDGHPiVGHUHXQLUFRQVHU
YDU\GLIXQGLUHO3DWULPRQLR%LEOLRJUiÀFR9DOHQFLDQR©HODERUDUi\VHUiGHSRVLWDULD
GHO&DWiORJR&ROHFWLYRGHOD&RPXQLGDG9DOHQFLDQDGHPRGRTXHVHSURSLFLHOD
LQWHJUDFLyQGHOPLVPRHQFXDQWRVFDWiORJRVFROHFWLYRVGHOUHVWRGH(VSDxDRLQWHU
QDFLRQDOHVHVWpQHQIRUPDFLyQRSXGLHUDQSURPRYHUVHHQXQIXWXURª
²/H\GHGHMXQLRGHO3DWULPRQLR&XOWXUDO9DOHQFLDQRTXHFRQVWLWX\H
HOPDUFROHJDOGHODDFFLyQS~EOLFD\SULYDGDGLULJLGDDODFRQVHUYDFLyQGLIXVLyQ
IRPHQWR\DFUHFHQWDPLHQWRGHOSDWULPRQLRFXOWXUDOHQHOiPELWRGHOD&RPXQLWDW
9DOHQFLDQD(VWDQRUPDHVWDEOHFHORVELHQHVTXHLQWHJUDQHO3DWULPRQLR%LEOLRJUi
ÀFR9DOHQFLDQR
D/RVIRQGRVGHELEOLRWHFDV\KHPHURWHFDV\ODVFROHFFLRQHVELEOLRJUiÀFDV\KH
PHURJUiÀFDVGHWLWXODULGDGS~EOLFDTXHKD\HQOD&RPXQLWDW9DOHQFLDQD
E/DVREUDVOLWHUDULDVKLVWyULFDVFLHQWtÀFDVRDUWtVWLFDVGHFDUiFWHUXQLWDULRRVHULDGR
HQHVFULWXUDPDQXVFULWDRLPSUHVDTXHKD\HQOD&RPXQLWDW9DOHQFLDQD\GHODV
TXHQRFRQVWHQDOPHQRVWUHVHMHPSODUHVHQEXHQHVWDGRGHFRQVHUYDFLyQHQ
ODVELEOLRWHFDVRHQORVVHUYLFLRVS~EOLFRVUDGLFDGRVHQHOOD
(O&DWiORJR&ROHFWLYRHVHOSULPHUQLYHOTXHOD/H\HVWDEOHFHSDUDODORFDOL]DFLyQ\OD
SURWHFFLyQGHO3DWULPRQLR\DVtDSDUWLUGHpVWH©ORVIRQGRV\REUDVGHOSDWULPRQLRGRFX
PHQWDOELEOLRJUiÀFR\DXGLRYLVXDOYDOHQFLDQRTXHSRVHDQUHOHYDQWHYDORUFXOWXUDO\HVWpQ
LQFOXLGRVHQVXVFRUUHVSRQGLHQWHVFHQVRRFDWiORJRVHUiQLQVFULWRV>@HQOD6HFFLyQGHO
,QYHQWDULR*HQHUDOGHO3DWULPRQLR&XOWXUDO9DOHQFLDQR\JR]DUiQGHOUpJLPHQGHSURWHFFLyQ
TXHHVWD/H\SUHYpSDUDORVELHQHVPXHEOHVLQYHQWDULDGRVª
/D%LEOLRWHFD
9DOHQFLDQD
(YROXFLyQ\IDVHVGHO&DWiORJR
+DVWDOOHJDUDODVLWXDFLyQDFWXDOHO&DWiORJR&ROHFWLYRKDSDVDGRSRUGLIHUHQWHVIDVHV
GHSHQGLHQGRGHODRUJDQL]DFLyQORVREMHWLYRVÀMDGRV\ODPHWRGRORJtDXWLOL]DGD
8QSDVRSUHYLRIXHODUHFRSLODFLyQGHLQIRUPDFLyQGHORVHMHPSODUHVGHOVLJOR;9,,
TXHH[LVWtDQHQELEOLRWHFDVGHSRVLWDULDVGHREUDVDQWLJXDVGHOD&RPXQLWDW9DOHQFLDQDWDOHV
FRPRODVELEOLRWHFDVS~EOLFDVGH$OLFDQWH&DVWHOOyQ\2ULKXHODOD%LEOLRWHFD9DOHQFLDQDHO
$\XQWDPLHQWR\OD'LSXWDFLyGH9DOqQFLD\OD8QLYHUVLWDWGH9DOqQFLD(QWRWDOVHUHXQLHURQ
FDVLWUHFHPLOIRWRFRSLDVGHVXVÀFKDV
3ULPHUDIDVH
6HGHFLGLyFRPHQ]DUHO&DWiORJR&ROHFWLYRFRQODHODERUDFLyQGHUHJLVWURVELEOLRJUiÀ
FRVGHORVLPSUHVRVGHOVLJOR;9,,SRUYDULDVUD]RQHVSRUHOPDOHVWDGRGHFRQVHUYDFLyQGH
ORVLPSUHVRVGHHVWDpSRFDSRUODUDUH]DELEOLRJUiÀFDGHPXFKRVHMHPSODUHV\VREUHWRGR
SRUHOFRPSURPLVRGHFRODERUDFLyQFRQHO&DWiORJR&ROHFWLYRHVWDWDOTXH\DFRQWDEDFRQ
FDWiORJRVLPSUHVRVGHLQFXQDEOHV\REUDVGHOVLJOR;9,H[LVWHQWHVHQELEOLRWHFDVHVSDxRODV
&DWiORJR&ROHFWLYRGH3DWULPRQLR%LEOLRJUiÀFR9DOHQFLDQR7UDEDMRWpFQLFR
3DUDFRQVHJXLUODPi[LPDHIHFWLYLGDG\ODPHQRUGXSOLFDFLyQGHHVIXHU]RVVHRSWySRU
ODHODERUDFLyQGHXQFDWiORJREDVHFRQODGHVFULSFLyQGHOIRQGRGHOD%LEOLRWHFD9DOHQFLDQD
$SDUWLUGHHVWHFDWiORJRORVGLYHUVRVFHQWURVDxDGLHURQORVGDWRVUHODWLYRVDODVHGLFLRQHV
QRGHVFULWDVSUHYLDPHQWH\DORVHMHPSODUHVGHHGLFLRQHV\DGHVFULWDV(QSULPHUOXJDUVH
FRWHMDURQODVIRWRFRSLDVGHODVÀFKDVRUGHQDGDVDOIDEpWLFDPHQWH\SRVWHULRUPHQWHVHDxDGLy
ODORFDOL]DFLyQGHORVHMHPSODUHVÀQDOPHQWHVHGHVFULELHURQODVHGLFLRQHVTXHQRHVWDEDQ
LQFOXLGDVHQHOFDWiORJRVLHPSUHTXHVHSXGRDODYLVWDGHOHMHPSODUHQVXFRUUHVSRQGLHQWH
ELEOLRWHFD
6HJXQGDIDVH
(QHVWDVHJXQGDHWDSDVHPRGLÀFyHOVLVWHPDGHWUDEDMRGHELGRDGRVFLUFXQVWDQFLDV
²/DRSRUWXQLGDGGHDFWXDUSRUSDUWHGHOD$GPLQLVWUDFLyQHQGHWHUPLQDGDVELEOLR
WHFDVSULYDGDVSULQFLSDOPHQWHGHOD,JOHVLD'HELGRDODJUDQULTXH]DGHVXVIRQGRV
\HQDOJXQRVFDVRVDODIDOWDGHFRQGLFLRQHVLGyQHDVGHFRQVHUYDFLyQVHGHFLGLy
FDWDORJDUODVHQWHUDVSDUDIDFLOLWDUVXFRQWURO\GLIXVLyQ(VHOFDVRSRUHMHPSORGH
ODELEOLRWHFDGHODV(VFXHODV3tDVGRQGHDGHPiVVHPHMRUDURQODVLQVWDODFLRQHV\
GHODELEOLRWHFDGHO&ROHJLRGH&RUSXV&KULVWL
²/DOLEUHFLUFXODFLyQGHELHQHVFXOWXUDOHVREOLJyDSDUWLUGHDODGHVFULSFLyQH
LQFRUSRUDFLyQXUJHQWHDO&DWiORJRGHODPD\RUSDUWHGHODVREUDVTXHLQWHJUDEDQHO
3DWULPRQLR%LEOLRJUiÀFR
7RGRHVWRVXSXVRODLQFOXVLyQHQHO&DWiORJR&ROHFWLYRGHREUDVLPSUHVDVGHORV
VLJORV;9,\;9,,,\DGHPiVODUHGXFFLyQGHOQLYHOGHGHVFULSFLyQELEOLRJUiÀFDPHGLDQWHOD
VXSUHVLyQGHDOJXQDViUHDVTXHVXSRQtDQXQJUDQFRVWHDGLFLRQDOGHWLHPSR
7HUFHUDIDVH
'HELGRDODSXEOLFDFLyQGHO&DWiORJR&ROHFWLYRGHO3DWULPRQLR%LEOLRJUiÀFR9DOHQ
FLDQRHQFHGHUUyQVHSURFHGLyDODGHSXUDFLyQ\QRUPDOL]DFLyQGHODEDVHGHGDWRV6HYLR
HQWRQFHVFODUDPHQWHTXHODGHVFULSFLyQEUHYHHLQFRPSOHWDQRSHUPLWtDXQDEXHQDLGHQWLÀ
FDFLyQGHODVHGLFLRQHV\VHRSWyGHQXHYRSRUXQWUDWDPLHQWRFDWDORJUiÀFRPiVFRPSOHWR
6LJXLHURQLQFRUSRUiQGRVHDO&DWiORJRQXPHURVDVELEOLRWHFDVTXHSHUWHQHFtDQDLQVWLWX
FLRQHVSULYDGDVFRPRHO$WHQHR0HUFDQWLOGH9DOHQFLDOD&DMDGH$KRUURVGHO0HGLWHUUiQHR
HWF\HFOHVLiVWLFDVFRPROD)DFXOWDGGH7HRORJtDGH9DOHQFLDRGHyUGHQHVUHOLJLRVDVFRPR
SRUHMHPSORORVGRPLQLFRV\ORVFDSXFKLQRV
)DVHDFWXDO
(QODDFWXDOLGDGHOQ~PHURGHUHJLVWURVLQFOXLGRVHQHO&DWiORJR&ROHFWLYRUHIHUHQWHD
HMHPSODUHVVXSHUDORVFLHQWRRQFHPLO\VHFRUUHVSRQGHQFRQXQWRWDOGHUHJLVWURVGH
HGLFLyQ$GHPiVKD\XQRVGLH]PLOUHJLVWURVHQSURFHVRGHLQFRUSRUDFLyQDODEDVHGHGDWRV
$OPLVPRWLHPSRTXHVHLQWURGXFHQQXHYRVUHJLVWURVVHHVWiQUHYLVDQGRORVUHJLVWURV
ELEOLRJUiÀFRVH[LVWHQWHVORVFXDOHVGHELGRDODVGLIHUHQWHVIDVHVHQODVTXHVHKDGHVDUUROODGR
HO&DWiORJRVRQGHGLYHUVDFDOLGDG(QFRODERUDFLyQFRQOD6HFFLyQGH1RUPDOL]DFLyQ\
&RQWURO%LEOLRJUiÀFRGHOD%LEOLRWHFD9DOHQFLDQDVHHVWiQQRUPDOL]DQGRODVDXWRULGDGHV
HQODVTXHVHLQFOX\HQORVLPSUHVRUHV\ORVHGLWRUHVORVOXJDUHVGHLPSUHVLyQ\ODVPDWHULDV
(QHVWRVPRPHQWRVVHHVWiQLQFRUSRUDQGRDO&DWiORJR&ROHFWLYRORVLPSUHVRVGHOVLJOR
;,;\ORVLQFXQDEOHVWHQLHQGRFRPRFDWiORJREDVHORVUHJLVWURVGHOD%LEOLRWHFD9DOHQFLDQD
/D%LEOLRWHFD
9DOHQFLDQD
)RQGRVELEOLRJUiÀFRV
$EDUFDWRGRVDTXHOORVIRQGRV©ELEOLRJUiÀFRVªTXHSXHGDQHVWDUGHSRVLWDGRVHQXQD
ELEOLRWHFD$XQTXHHO&DWiORJR&ROHFWLYRGHO3DWULPRQLR%LEOLRJUiÀFR(VSDxROWLHQHFRPR
IHFKDWRSHHODxRPRPHQWRDSDUWLUGHOFXDOSRUKDEHUVHUHJXODUL]DGRHO'HSRVLWR
/HJDOVHWLHQHODJDUDQWtDGHTXHH[LVWHQDOPHQRVWUHVHMHPSODUHVHQODVELEOLRWHFDVYLQ
FXODGDVDOD$GPLQLVWUDFLyQHQOD&RPXQLWDW9DOHQFLDQDVHKDRSWDGRSRUDKRUDSRUQR
LQFOXLUODVREUDVGHOVLJOR;;\DTXHDFDXVDGHOJUDQYROXPHQGHSDWULPRQLRELEOLRJUiÀFR
TXHKD\HQQXHVWUD&RPXQLWDWQRVHKDFRQVLGHUDGRSULRULWDULR
$OJXQRVGHORVLPSUHVRVLQFRUSRUDGRVVRQPiVELHQGRFXPHQWDFLyQGHDUFKLYR
SHURFRPRHVWiQGHSRVLWDGRVHQELEOLRWHFDVVHKDSUHIHULGRLQFOXLUORVSDUDTXHQRTXHGHQ
IXHUDGHORVFDQDOHVGHLQIRUPDFLyQ(VHOFDVRGHODVSUDJPiWLFDVUHDOHVODVFHGXODVODV
RUGHQDQ]DVODVDOHJDFLRQHVMXUtGLFDVODVFULGDVHWFWDQIUHFXHQWHVHQQXHVWUDVELEOLRWHFDV
\WDQLQWHUHVDQWHVSDUDHOHVWXGLRGHODKLVWRULDYDOHQFLDQD
1RUPDWLYDWpFQLFD
(VQRUPDLQGLVSHQVDEOHSDUDODGHVFULSFLyQGHLPSUHVRVDQWHULRUHVDODFRQVXO
WDGLUHFWDGHORVHMHPSODUHVFRQODGLVWLQFLyQVLHPSUHTXHVHKDSRGLGRGHODVGLIHUHQWHV
HPLVLRQHVGHQWURGHXQDPLVPDHGLFLyQHLQFOXVRGHORVGLIHUHQWHVHVWDGRV/RVYRO~PHQHV
GHHVWRVVLJORVVHGHVFULEHQGHIRUPDLQGLYLGXDOHVGHFLUDFDGDYROXPHQOHFRUUHVSRQGH
XQUHJLVWUR(VWRVHGHEHDORVSUREOHPDVTXHVXUJHQHQODFDWDORJDFLyQGHODVREUDVFRQ
YDULRVYRO~PHQHVTXHHQRFDVLRQHVQRSHUWHQHFHQDODPLVPDHGLFLyQ
3DUDODGHVFULSFLyQVHXWLOL]DQODVQRUPDV,6%'$SDUDORVLPSUHVRVDQWHULRUHVD
/RVGDWRVPtQLPRVLQGLVSHQVDEOHVGHORVTXHKD\TXHGHMDUFRQVWDQFLDSDUDODFRUUHFWD
LGHQWLÀFDFLyQGHORVHMHPSODUHVVRQORVVLJXLHQWHV
²$XWRURDXWRUHV\RWURVUHVSRQVDEOHVTXHKDQFRQWULEXLGRDODREUDLPSUHVRU
HGLWRUHWF
²7tWXORTXHVHPDQWLHQHWDO\FRPRDSDUHFHHQODSRUWDGD
²'DWRVGHHGLFLyQ
²'DWRVGHSXEOLFDFLyQ
²/HQJXDGHOWH[WR
²'HVFULSFLyQItVLFDKRMDVRSiJLQDVLOXVWUDFLyQIRUPDWR
²1RWDVLQFOXLGDVODVVLJQDWXUDVWLSRJUiÀFDV
²0DWHULDV
3DUDODDXWRPDWL]DFLyQGHORVUHJLVWURVVHKDRSWDGRSRUHOIRUPDWR,%(50$5&(O
0LQLVWHULRGH&XOWXUDHQYtDSHULyGLFDPHQWHDWRGDVODVFRPXQLGDGHVDXWyQRPDVTXHSDUWL
FLSDQHQHOSUR\HFWRXQPDQXDOGHXVRGHOIRUPDWR,%(50$5&SDUDPRQRJUDItDVDQWLJXDV
(QORVUHJLVWURVGHHMHPSODUVHKDFHFRQVWDUODELEOLRWHFDDODTXHSHUWHQHFHQVXVLJ
QDWXUDWRSRJUiÀFDHOHVWDGRGHFRQVHUYDFLyQODHQFXDGHUQDFLyQODVPDUFDVGHSURFHGHQFLD
\FXDOTXLHULQIRUPDFLyQ~WLOSDUDODFRUUHFWDLGHQWLÀFDFLyQGHOHMHPSODU
%LEOLRWHFDV\FHQWURVSDUWLFLSDQWHV
(QHO&DWiORJRSDUWLFLSDQWRGRWLSRGHFHQWURVS~EOLFRVRSULYDGRVHQGHÀQLWLYD
FXDOTXLHUHQWLGDGRSHUVRQDSDUWLFXODUTXHSRVHDFROHFFLRQHVTXHSXHGDQFRQVLGHUDUVHSD
WULPRQLRKLVWyULFR$FWXDOPHQWHHVWiQLQFOXLGRVHQHOFDWiORJRORVIRQGRVGHFXDUHQWD\VHLV
ELEOLRWHFDVGH$OLFDQWH&DVWHOOyQ\9DOHQFLD$OJXQDVELEOLRWHFDVSULYDGDVQRKDQGDGRDX
WRUL]DFLyQSDUDGLIXQGLUS~EOLFDPHQWHVXVGDWRVSRUORWDQWRHQODFRQVXOWDGHOFDWiORJRHQ
,QWHUQHWQRDSDUHFHLQIRUPDFLyQVREUHHVRVHMHPSODUHVDXQTXHVtVHPHQFLRQDVXH[LVWHQFLD
/DVELEOLRWHFDVTXHSDUWLFLSDQHQHO&DWiORJR&ROHFWLYRGHO3DWULPRQLR%LEOLRJUiÀFR
9DOHQFLDQRVRQODVVLJXLHQWHV
$OLFDQWH
²$UFKLYR0XQLFLSDOGH$OLFDQWH
²$UFKLYR0XQLFLSDOGH&DVWDOOD&DVDGHOD&XOWXUD
²%LEOLRWHFDGHO0DUTXpVGH5DIDO2ULKXHOD
²%LEOLRWHFD*DEULHO0LUy&$02EUD6RFLDO&DMDGH$KRUURVGHO0HGLWHUUiQHR
²%LEOLRWHFD3~EOLFDGHO(VWDGR$OLFDQWH
²%LEOLRWHFD3~EOLFDGHO(VWDGR2ULKXHOD
²%LEOLRWHFD3~EOLFD0XQLFLSDO3HUH,EDUUD(OFKH
²%LEOLRWHFD5LFR$\XQWDPLHQWRGH&DVWDOOD
²&DVLQRGH$OLFDQWH
²6HPLQDULR'LRFHVDQRGH6DQ0LJXHO2ULKXHOD
&DVWHOOyQ
²$UFKLYRGHOD'LSXWDFLyQGH&DVWHOOyQ
²$UFKLYR+LVWyULFR0XQLFLSDOGH&DVWHOOyQ
²$UFKLYR0XQLFLSDOGH9LODUHDO
²%LEOLRWHFD0XQLFLSDOGH%XUULDQD
²%LEOLRWHFD0XQLFLSDOGH9LODUHDO
²%LEOLRWHFD3~EOLFDGHO(VWDGR&DVWHOOyQ
²&RQYHQWRGHORV&DUPHOLWDV'HVFDO]RVGHO'HVHUWGHOHV3DOPHV%HQLFDVLP
²&RQYHQWR1XHVWUD6HxRUDGHOD(VSHUDQ]D2QGD3DGUHV&DUPHOLWDV
²6HPLQDULR'LRFHVDQR&RQFLOLDU6DQWtVLPD7ULQLGDG6HJRUEH
²8QLYHUVLWDW-DXPH,&DVWHOOyQ
9DOHQFLD
²$UFKLYRGHOD&DWHGUDOGH9DOHQFLD
²$U[LXGHO5HJQHGH9DOqQFLD
/D%LEOLRWHFD
9DOHQFLDQD
²$WHQHR0HUFDQWLOGH9DOHQFLD
²%LEOLRWHFDGHOD5HDO6RFLHGDG(FRQyPLFDGH$PLJRVGHO3DtV9DOHQFLD
²%LEOLRWHFD+LVWRULFRPqGLFD9LFHQW3HVHW/ORUFD9DOHQFLD
²%LEOLRWHFD0XQLFLSDO&HQWUDO9DOHQFLD
²%LEOLRWHFD0XQLFLSDOGH&DUFDL[HQW
²%LEOLRWHFD0XQLFLSDO6HUUDQR0RUDOHV9DOHQFLD
²%LEOLRWHFD9DOHQFLDQD
²&ROHJLDWDGH6DQWD0DULD;jWLYD$UFKLYR\ELEOLRWHFDKLVWyULFRV
²&ROHJLRGHOD&RQFHSFLyQ2QWLQ\HQW3DGUHV)UDQFLVFDQRV
²&ROHJLRGHO&RUSXV&KULVWL9DOHQFLD
²&ROHJLR0D\RU6HPLQDULRGHOD3UHVHQWDFLyQ\6DQWR7RPiVGH9LOODQXHYD9DOHQFLD
²&XULD3URYLQFLDOGHORV&DSXFKLQRV9DOHQFLD
²)DFXOWDGGH7HRORJtD6DQ9LFHQWH)HUUHU9DOHQFLD6HFFLyQ'LyFHVLV
²)DFXOWDGGH7HRORJtD6DQ9LFHQWH)HUUHU7RUUHQW6HFFLyQ'RPLQLFRV
²)UDWHUQLGDG6DQWD0DUtD0DJGDOHQD0DVVDPDJUHOO+HUPDQRV0HQRUHV&DSXFKLQRV
²,QVWLWXWRGH%DFKLOOHUDWR/OXtV9LYHV9DOHQFLD
²0XVHR1DFLRQDOGH&HUiPLFD*RQ]iOH]0DUWt9DOHQFLD
²0XVHX9DOHQFLjGHOD,OÃOXVWUDFLyLOD0RGHUQLWDW089,09DOHQFLD
²3DUURTXLDGHOD$VXQFLyQGH1XHVWUD6HxRUD$\RUD$UFKLYRKLVWyULFR
²3DUURTXLDGH6DQW%DUWRPHXGH9DOODGD9DOHQFLD%LEOLRWHFDGHO$UFKLYR
²5HDO$FDGHPLDGH&XOWXUD9DOHQFLDQD9DOHQFLD
²5HDO&ROHJLRGHODV(VFXHODV3tDV9DOHQFLD
²8QLYHUVLWDWGH9DOqQFLD%LEOLRWHFDGH&LqQFLHV6RFLDOV*UHJRUL0D\DQV9DOHQFLD
²8QLYHUVLWDWGH9DOqQFLD%LEOLRWHFD+LVWzULFD9DOHQFLD
%LEOLRJUDItD
'(;(860HUFHGHV(ODFFHVRDORVPDWHULDOHVDQWLJXRVRHVSHFLDOPHQWHYDOLRVRV%ROHWtQGH$1$
%$'9RO;/,
/Ð3(=%(51$/'2'(48,5Ð60-HV~V(GLFLyQHQ,QWHUQHWGHO&DWiORJR&ROHFWLYRGHO3DWUL
PRQLR%LEOLRJUiÀFR0DGULG3OLHJRVGH%LEOLRÀOLD
0$56É9,/$0DUtD(OIRQGRDQWLJXRHQODELEOLRWHFD0DGULG7UHD
7$0$5,75,865RVDULR(O&DWiORJR&ROHFWLYRGH3DWULPRQLR%LEOLRJUiÀFRGHOD&RPXQLGDG
9DOHQFLDQD(Q)RQVELEOLRJUjÀFDQWLFDOD&RPXQLWDW9DOHQFLDQD9DOHQFLD&RQVHOOHULD
GH&XOWXUD(GXFDFLyL&LqQFLD
/D%LEOLRWHFD
9DOHQFLDQD
/$',)86,Ð1(1/$%,%/,27(&$9$/(1&,$1$
(;326,&,21(6<$&7,9,'$'(6&8/785$/(6
0LJXHO&0XxR])HOLX\1XULD6ROHU9HUGHMR
/DGLIXVLyQHQXQDELEOLRWHFDQDFLRQDOGHOVLJOR;;,
0XFKDVELEOLRWHFDVQDFLRQDOHVGHOSDVDGRIXHURQFRQFHELGDVFRPRPHURVUHFHSWiFXORV
GHGRFXPHQWDFLyQJUDQGHVDOPDFHQHVTXHDWHVRUDEDQLPSUHVRV\PDQXVFULWRVYDOLRVRVLQDF
FHVLEOHVDOFLXGDGDQRPHGLR\DOVHUYLFLRH[FOXVLYRGHXQDVHOHFWDPLQRUtDGHLQYHVWLJDGRUHV
$IRUWXQDGDPHQWHHVDYLVLyQGHFLPRQyQLFDGHORTXHGHEHVHUXQDELEOLRWHFDQDFLRQDO
KDFDPELDGRHQRUPHPHQWH+R\HQGtDXQDELEOLRWHFDQDFLRQDOHVXQDLQVWLWXFLyQGLQiPLFD
DELHUWDDOVHUYLFLRGHWRGDODVRFLHGDG6LQUHQXQFLDUDVXSDSHOVHFXODUFRPRHQWLGDGTXH
FXVWRGLDHOSDWULPRQLRELEOLRJUiÀFRODVELEOLRWHFDVQDFLRQDOHVGHOVLJOR;;,VRQHVSDFLRVGH
SHUPDQHQWHDFWLYLGDGFXOWXUDOTXHKDQGHDSURYHFKDUSDUDVXODERUGHGLIXVLyQODVSRVLEL
OLGDGHVTXHRIUHFHODQXHYDVRFLHGDGGHODLQIRUPDFLyQ
(VHHVHOFDVRGHOD%LEOLRWHFD9DOHQFLDQDHVSHFLDOPHQWHGHVGHTXHQXHVWUDLQVWLWXFLyQ
IXHGRWDGDGHXQDVHGHSURSLDHQHOPRQDVWHULRGH6DQ0LJXHOGHORV5H\HV
&XDWURHMHVDUWLFXODQODODERUGLIXVRUDGHOD%LEOLRWHFD9DOHQFLDQD
²'LIXQGLUORVIRQGRVFXVWRGLDGRVHQOD%LEOLRWHFD9DOHQFLDQDELHQVHDPHGLDQWHH[SRVL
FLRQHVHQQXHVWUDVSURSLDVLQVWDODFLRQHVELHQPHGLDQWHHOSUpVWDPRWHPSRUDOGHSLH]DV
SDUDPXHVWUDV\H[SRVLFLRQHVRUJDQL]DGDVHQHOUHVWRGH(VSDxDRHQHOH[WUDQMHUR
²&RQYHUWLUOD%LEOLRWHFD9DOHQFLDQDHQXQHVSDFLRGHSHUPDQHQWHDFWLYLGDGFXOWXUDO
XQIRURGHLQLFLDWLYDV\GHEDWHVVLHPSUHGHDOWRQLYHOTXHMXQWRDODFRQVHUYDFLyQ
GHOOHJDGRGHQXHVWURSDVDGRUHÁHMHODFRQGLFLyQGHLQVWLWXFLyQFHQWUDO\YLYDGHOD
FXOWXUDYDOHQFLDQDGHD\HU\GHKR\
²'DUDFRQRFHUODLPSRUWDQFLDTXHMXHJDQODVELEOLRWHFDVHQQXHVWUDVRFLHGDG\
HVSHFLDOPHQWHODIXQFLyQGHOD%LEOLRWHFD9DOHQFLDQDFRPRFDEHFHUDGHO6LVWHPD
%LEOLRWHFDULR9DOHQFLDQR\GHSRVLWDULDGHODPHPRULDFXOWXUDOKLVWyULFDFLHQWtÀFD\
DUWtVWLFDGHOD&RPXQLWDW9DOHQFLDQD
3DUDYHUODHYROXFLyQGHOFRQFHSWRGHELEOLRWHFDQDFLRQDOYpDVH)8(17(6520(52-XDQ-RVp/DVELEOLRWHFDV
QDFLRQDOHVXQHVWDGRGHODFXHVWLyQ*LMyQ7UHD
'HVGHVXFUHDFLyQMXUtGLFDHQ\KDVWDHODxROD%LEOLRWHFD9DOHQFLDQDQRGLVSRQtDGHXQHGLÀFLR
SURSLR&RPSDUWtDVHGHFRQOD%LEOLRWHFD3~EOLFD3URYLQFLDOGH9DOHQFLDHQHODQWLJXRHGLÀFLRGHO+RVSLWDO*HQHUDO
GH9DOHQFLDFRQODVOLPLWDFLRQHVHVSDFLDOHV\SUiFWLFDVTXHHOORFRQOOHYDED
²)DFLOLWDUHOFRQRFLPLHQWRGHQXHVWUDVHGHHOPRQDVWHULRGH6DQ0LJXHOGHORV5H\HV
MR\DGHQXHVWUDDUTXLWHFWXUD\GHQXHVWURSDVDGRTXHKDVLGRKDVWDKDFHSRFRXQ
JUDQGHVFRQRFLGRSDUDODLQPHQVDPD\RUtDGHORVFLXGDGDQRV
)LQDOPHQWHQRSRGHPRVROYLGDUTXHOD%LEOLRWHFD9DOHQFLDQDHVXQDELEOLRWHFDGH
ELEOLRWHFDV%XHQDSDUWHGHVXFROHFFLyQSURYLHQHGHGRQDFLRQHV\OHJDGRVDOJXQRVPX\
YDOLRVRV1RVHUtDFRQFHELEOHHOHVSHFWDFXODUULWPRGHFUHFLPLHQWRYLYLGRHQWUHORVDxRV
\VLQXQDDFWLYDSROtWLFDGHGLIXVLyQTXHKLFLHUDYHU\VHQWLUVXXWLOLGDGVRFLDO
/RVPHGLRV
(OHVSDFLRItVLFR
/D%LEOLRWHFD9DOHQFLDQDGHGLFDODSODQWDEDMDGHO&ODXVWUR6XUDODVDFWLYLGDGHVFXOWXUD
OHV(VODSDUWHGHOPRQDVWHULRGHPD\RUEHOOH]D\ODGHPiVIiFLODFFHVR$TXtVHHQFXHQWUDQ
ODVVDODVGHH[SRVLFLRQHVHOVDOyQGHDFWRV\ODHQWUDGDODWHUDODODLJOHVLD
(OHGLÀFLRGLVSRQHGHGRVVDODVGHH[SRVLFLRQHV/D6DOD&DSLWXODUPDJQtÀFDVDODGHO
VLJOR;9,FRQXQSUHFLRVRWHFKRGHSLHGUDGHFRUDGRVHGHGLFDDODVJUDQGHVH[SRVLFLRQHV
6XWRUUHDQH[DVHXWLOL]DSDUDORVWDOOHUHVGLGiFWLFRV/DRWUDVDODOODPDGDSDUDGyMLFDPHQWH
6DOD3HUPDQHQWHH[KLEHH[SRVLFLRQHVWHPSRUDOHVGHPHQRUHQYHUJDGXUD
/D%LEOLRWHFD9DOHQFLDQDFXHQWDFRQXQVDOyQGHDFWRVFRQFDSDFLGDGSDUDXQFHQWHQDUGH
SHUVRQDV3RURWURODGRODLJOHVLDDFWXDOPHQWHGHVDFUDOL]DGD\FRQFDSDFLGDGSDUDFDVLTXLQLHQWDV
SHUVRQDVVHXWLOL]DSDUDHQFXHQWURVPXOWLWXGLQDULRVTXHH[LMDQXQDIRURPD\RUTXHHOVDOyQGH
DFWRVSDUDFRQFLHUWRVGHP~VLFDRSDUDDFWRVGHIXHUWHFRQWHQLGRSURWRFRODULRHLQVWLWXFLRQDO
,QWHUQHW\ORVQXHYRVPHGLRVWHOHPiWLFRV
)UHQWHDOXVRPDVLYRGHOSDSHOLQYLWDFLRQHVFDUWHOHVFLUFXODUHVHWFOD%LEOLRWHFD
9DOHQFLDQDKDGDGRSUHIHUHQFLDSRUVXPD\RUUDSLGH]\EDMRFRVWRD,QWHUQHW\DOFRUUHR
HOHFWUyQLFRFRPRYHKtFXORVGHFRPXQLFDFLyQGHQXHVWUDVDFWLYLGDGHV
$VtQXHVWURSRUWDOZHEGLVSRQHGHXQDVHFFLyQFRPSOHWDGHGLFDGDDODVDFWLYLGDGHV
FXOWXUDOHVFRQODSRVLELOLGDGGHFRQVXOWDUQXHVWUDSURJUDPDFLyQPHQVXDODWUDYpVGHOD
$JHQGD\GHKDFHUE~VTXHGDVSRUWLSRVGHDFWLYLGDG$VLPLVPRFRQWDPRVFRQXQ0DQXDO
GHHVWLORSDUDODLQVHUFLyQ\HGLFLyQQRUPDOL]DGDGHODLQIRUPDFLyQUHODWLYDDORVGLVWLQWRV
WLSRVGHDFWRVHQQXHVWUDZHE
'HVGHHODxROD%LEOLRWHFDKDSXHVWRHQPDUFKDXQGLUHFWRULRHOHFWUyQLFRHQHO
TXHFXDOTXLHUFLXGDGDQRTXHORGHVHHSXHGHGDUVHGHDOWDSDUDUHFLELULQIRUPDFLyQSHULyGLFD
GHODVDFWLYLGDGHVTXHRUJDQL]D$FWXDOPHQWHFRQWDPRVFRQFDVLFXDWURPLOGLUHFFLRQHVGH
FRUUHRLQVFULWDV
0DQXDOGHHVWLORGHODZHEGHOD%LEOLRWHFD9DOHQFLDQD6HFFLyQDJHQGD9HUVLyQ(QWUHRWURVVHKDQWHQLGRHQ
FXHQWDHOXVRGHXQOHQJXDMHQRVH[LVWD\ODVGLUHFWULFHVTXHPDUFDHOOHQJXDMHDGPLQLVWUDWLYRDFWXDO(OPDQXDO
VHUHYLVD\DFWXDOL]DSHULyGLFDPHQWH
/D%LEOLRWHFD
9DOHQFLDQD
(QWLGDGHVSDWURFLQDGRUDV\FRODERUDGRUDV
/DRUJDQL]DFLyQGHH[SRVLFLRQHVVLPSRVLRVLQWHUQDFLRQDOHV\RWUDVDFWLYLGDGHVFXOWXUD
OHVGHDOWRQLYHOH[LJHHOHPSOHRGHFXDQWLRVRVUHFXUVRV3RUHOORGRVGHODVSUHPLVDVEiVLFDV
GHODJHVWLyQS~EOLFDDFWXDOVRQODFRODERUDFLyQHQWUHGLVWLQWDVHQWLGDGHV\ODE~VTXHGDGH
SDWURFLQDGRUHV
'HVGHHVDVSUHPLVDVODVKDKHFKRVX\DVOD%LEOLRWHFD9DOHQFLDQD(QWUHRWURVVH
KDOOHJDGRDDFXHUGRVGHFRODERUDFLyQFRQHO0LQLVWHULRGH&XOWXUDDWUDYpVGHOD6RFLHGDG
(VWDWDOGH&RQPHPRUDFLRQHV&XOWXUDOHVFRQODVXQLYHUVLGDGHVYDOHQFLDQDVFRQOD'LSXWDFLy
GH9DOqQFLD\FRQHO$\XQWDPLHQWRGH9DOHQFLD(QWUHORVSDWURFLQDGRUHVKD\HQWLGDGHVGH
WRGRWLSRFRPROD&DMDGH$KRUURVGHO0HGLWHUUiQHR&$0&DMD0DGULG,EHUGUROD(O
&RUWH,QJOpV)HGHUDFLyQ)DUPDFpXWLFD\RWUDVPXFKDV
0DUFDVHLPDJHQ
(QXQDVRFLHGDGFRPRODQXHVWUDODLPDJHQODPDUFDLGHQWLÀFDWLYDHVIXQGDPHQWDO
+DVWDKDFHSRFRODVELEOLRWHFDVKDQYLYLGRDOPDUJHQGHHVWDVQXHYDVWpFQLFDVGHFRPX
QLFDFLyQVRFLDO1RHVHVHHOFDVRGHOD%LEOLRWHFD9DOHQFLDQDODFXDOGHVGHVXLQVWDODFLyQ
HQ6DQ0LJXHOGHORV5H\HVGLVSRQHGHVXSURSLRORJRWLSR\GHXQFRQMXQWRGHHOHPHQWRV
LGHQWLÀFDWLYRVFRUSRUDWLYRVFRORUHVIXHQWHVHWF
/DOHWUD9HQFXUVLYD\FRQWUD]RVFXUYRVVLQWHWL]DODLGLRVLQFUDVLDGHXQDELEOLRWHFD
QDFLRQDOFRPRODQXHVWUDHQODTXHORYDOHQFLDQRHVIXQGDPHQWDO(OWUD]RFXUYRVREUHYR
ODGRHVXQVtPERORGHDEUHYLDWXUDXVDGRIUHFXHQWHPHQWHHQODFXOWXUDHVFULWDGHOSDVDGR
$GHPiVHVWHWLSRGHUHFXUVRIRUPDSDUWHGHODKLVWRULDGHOHGLÀFLR\VHKDOODSUHVHQWHWDOODGR
HQSLHGUDHQODSDUWHVXSHULRUGHODVFHOGDVTXHGDQDO&ODXVWUR6XU
&RPRHQWLGDGGHSHQGLHQWHGHOD*HQHUDOLWDWDFWXDOPHQWHQXHVWURORJRWLSRGHEHLU
VLHPSUHDFRPSDxDGRGHOGHDTXpOODGHQWURGHOOODPDGRSDUpQWHVLVLQVWLWXFLRQDO\VXXVRGHEH
VHJXLUODVGLUHFWULFHVHPDQDGDVSRUOD'LUHFFLyQGH3URPRFLyQ,QVWLWXFLRQDOGHOD*HQHUDOLWDW
%LOLQJLVPR
)LQDOPHQWHXQDVSHFWRTXHQRGHEHPRVGHVFXLGDUHQODGLIXVLyQHVHOOLQJtVWLFR
/D&RPXQLWDW9DOHQFLDQDGLVSRQHGHGRVOHQJXDVRÀFLDOHV\SRUWDQWRDPEDVGHEHQHVWDU
SUHVHQWHVHQORVSURGXFWRV\VHUYLFLRVTXHVHRIUH]FDQ
$GHPiVGHWHUPLQDGRVFDVRVDFRQVHMDQODLQFOXVLyQGHYHUVLRQHVHQRWURVLGLRPDV
FRPRHOLQJOpVRHOIUDQFpV
6$25Ì13e5(=7RPiV*Ð0(=+(51É1'(=-RVp$©3URPRFLyQ\SXEOLFLGDGODSUR\HFFLyQGHPHQVDMHVSRVL
WLYRVVREUHODOHFWXUD\ODVELEOLRWHFDVª(Q/DLQIRUPDFLyQ\ODVELEOLRWHFDVHQODFXOWXUDGHPDVDV9DOHQFLD%LEOLRWHFD
9DOHQFLDQDS
(OORJRWLSRGHOD%LEOLRWHFD9DOHQFLDQDHVWiGHELGDPHQWHUHJLVWUDGRHQOD2ÀFLQD(VSDxRODGH3DWHQWHV\
0DUFDVKWWSZZZRHSPHV!
([SRVLFLRQHV\RWUDVDFWLYLGDGHVFXOWXUDOHV
([SRVLFLRQHVGHSURGXFFLyQSURSLD
8QRGHORVHMHVGHQXHVWUDSURJUDPDFLyQORKDQFRQVWLWXLGRODVH[SRVLFLRQHVGH
SURGXFFLyQSURSLD%iVLFDPHQWHODVH[SRVLFLRQHVTXHRUJDQL]DOD%LEOLRWHFD9DOHQFLDQD
SUHWHQGHQGDUDFRQRFHUORVIRQGRV\VHUYLFLRVTXHFRQVHUYDQXHVWUDLQVWLWXFLyQ$VLPLVPR
HOPRPHQWRHOHJLGRJXDUGDUHODFLyQFRQHIHPpULGHVLPSRUWDQWHVTXHVHFHOHEUDQHQHVD
IHFKDFDVRSRUHMHPSORGHORFKRFLHQWRVDQLYHUVDULRGHOQDFLPLHQWRGH-DXPH,HQR
GHOTXLQLHQWRVFLQFXHQWDDQLYHUVDULRGHODPXHUWHGH$XVLjV0DUFKHQ
$OJXQDVGHODVH[SRVLFLRQHVUHFLHQWHPHQWHSURGXFLGDVSRUOD%LEOLRWHFD9DOHQFLDQD
/D%LEOLRWHFD
9DOHQFLDQD
0HQFLyQDSDUWHPHUHFHQORVFHQWHQDULRVGHSHUVRQDVFX\RVIRQGRVELEOLRWHFDV\
DUFKLYRVSHUVRQDOHVFXVWRGLDQXHVWUDLQVWLWXFLyQ(QHVHFDVRODH[SRVLFLyQVXHOHYHQLU
DFRPSDxDGDGHVLPSRVLRVLQWHUQDFLRQDOHV\SXEOLFDFLRQHVGHREUDVGHGLFKRVDXWRUHVFRQ
ORTXHORVFHQWHQDULRVVHFRQYLHUWHQHQXQDIRUPDGHUHQGLUKRPHQDMHDTXLHQHVKDQFRQWUL
EXLGRDOHQJUDQGHFLPLHQWRGHQXHVWUDFROHFFLyQ(QWUHORV~OWLPRVFHQWHQDULRVTXHSUHVHQWDQ
HVWDVFDUDFWHUtVWLFDVFDEHFLWDUHOGH9LFHQWH/ORUHQVRHOGH5DIDHO/DSHVD
,PiJHQHVGHORVFHQWHQDULRVGH9LFHQW/ORUHQV\GH5DIDHO/DSHUD
8QJUDQPRWLYRGHSUHRFXSDFLyQSDUDQRVRWURVKDVLGRGRWDUDODVH[SRVLFLRQHVGHXQD
GLPHQVLyQGLGiFWLFD\IDFLOLWDUVXDFFHVRDWRGRVORVFLXGDGDQRV3DUDHOORVHKDVHJXLGRXQD
VHULHGHOtQHDVGHDFWXDFLyQ(QSULPHUOXJDUVHKDQPDQWHQLGRODJUDWXLGDG\HODFFHVROLEUH
DODH[SRVLFLyQWRGRVORVGtDGHODVHPDQDGHVSXpVVHKDQLQFRUSRUDGRWDOOHUHVGLGiFWLFRV\
YLVLWDVJXLDGDVGLULJLGRVDGLVWLQWRWLSRGHS~EOLFRQLxRVMyYHQHVDGXOWRVPD\RUHVIDPLOLDV
HWFTXHKDJDQDWUDFWLYRHODFWR\TXHPXFKDVYHFHVVHFRPELQDQFRQYLVLWDVJXLDGDVDOPR
QDVWHULRGH6DQ0LJXHOGHORV5H\HVÀQDOPHQWHVHKDIDFLOLWDGRXQDSROtWLFDGHLWLQHUDQFLD
SDUDTXHODVH[SRVLFLRQHVSXHGDQVHUH[KLELGDVHQRWURVPXFKRVOXJDUHV
/RVUHVXOWDGRVVRQFODURVDQWHVGHFDVLQLQJXQDGHODH[SRVLFLRQHVUHDOL]DGDV
DOFDQ]DEDHOPLOODUGHYLVLWDQWHVWUDVHVWDIHFKDODVFLIUDVVHKDQPXOWLSOLFDGRSRUGLH]\
KHPRVSDVDGRGHXQSURPHGLRGHDSHQDVQXHYHYLVLWDQWHVSRUGtDDPiVGHQRYHQWDHQ
)LQDOPHQWHODLWLQHUDQFLDKDFREUDGRXQDLPSRUWDQFLDFDSLWDOFRPRPHGLRGHGLIX
VLyQ\KDGDGRIUXWRVFXDQWLWDWLYRV\FXDOLWDWLYRVQDGDGHVGHxDEOHV3RUVyORFLWDUDOJXQRV
HMHPSORVODH[SRVLFLyQ©7HEHRV9DOHQFLDQRVªVHFRQYLUWLyHQXQDGHODVH[
SRVLFLRQHVFHQWUDOHVGHO;;96DOy,QWHUQDFLRQDOGHO&zPLFGH%DUFHORQDXQRGHORVPiV
LPSRUWDQWHVGH(XURSD\GXUDQWHJUDFLDVDXQFRQYHQLRFRQOD&$0SXGRYHUVHHQ
XQDYHLQWHQDGHORFDOLGDGHVYDOHQFLDQDVODH[SRVLFLyQVREUH5DIDHO/DSHVDYLDMyD0DGULG
\DFRPSDxyDODLQDXJXUDFLyQHQHO,QVWLWXWR&HUYDQWHVGHODELEOLRWHFDGHGLFDGDDHVWH
LQVLJQHÀOyORJRYDOHQFLDQR\ODH[SRVLFLyQGHGLFDGDD9LFHQWH/ORUHQVSXGRYHUVHHQ0DGULG
HQOD,QVWLWXFLyQ/LEUHGH(QVHxDQ]D
([SRVLFLRQHVGHSURGXFFLyQDMHQD
8QDVSHFWRIXQGDPHQWDOSDUDSURPRYHUODFRQFLHQFLDVRFLDOGHOYDORUGHORVIRQGRV
FXVWRGLDGRVHQOD%LEOLRWHFD9DOHQFLDQD\FRQWULEXLUDVXGLIXVLyQHVHOSUpVWDPRGHPDWH
ULDOHVELEOLRJUiÀFRVSDUDIRUPDUSDUWHGHODVH[SRVLFLRQHVGHSURGXFFLyQDMHQD
(QHOFDVRGHHVWDVH[SRVLFLRQHVH[WHUQDVVHHVWDEOHFHXQDVHULHGHFRQYHQLRVGHFRODER
UDFLyQHQWUHODVHQWLGDGHVLPSOLFDGDVODLQVWLWXFLyQSHWLFLRQDULDGHXQODGR\ODSUHVWDGRUD²OD
%LEOLRWHFD9DOHQFLDQD²GHRWURTXHSHUPLWHQOOHYDUDFDERHVWDFHVLyQWHPSRUDOJDUDQWL]DUOD
QHFHVDULDLQWHJULGDGGHORVPDWHULDOHVELEOLRJUiÀFRV\SURSRUFLRQDUFREHUWXUDIRUPDODODJUDQ
YDULHGDGGHDFWXDFLRQHVTXHFRQOOHYDODRUJDQL]DFLyQGHXQDH[SRVLFLyQWHPSRUDO
&RPRQRUPDGHSURFHGLPLHQWR\FRQHOREMHWRGHVROXFLRQDUORVSRVLEOHVULHVJRV
TXHWRGDH[SRVLFLyQVXSRQHSDUDODFRQVHUYDFLyQ\SUHVHUYDFLyQGHORVELHQHVFXOWXUDOHV
QRVEDVDPRVHQODVSDXWDVTXHHVWDEOHFHHO0LQLVWHULRGH&XOWXUD\HQODSURSLDQRUPDWLYD
GHOD%LEOLRWHFD9DOHQFLDQD
/D%LEOLRWHFD9DOHQFLDQDHVWDEOHFHTXHODVROLFLWXGGHSUpVWDPRVHGHEHFXUVDUFRQVHLV
PHVHVGHDQWHODFLyQDODIHFKDGHODH[SRVLFLyQGHPDQHUDTXHVHSXHGDQUHDOL]DUODVWDUHDV
GHUHVWDXUDFLyQUHSURGXFFLyQ\DFRQGLFLRQDPLHQWRGHORVPDWHULDOHVTXHVHFRQVLGHUHQ
QHFHVDULDV$VLPLVPRVHGHEHLQFOXLUXQLQIRUPHTXHGHVFULEDHOREMHWR\HOFRQWHQLGRGH
ODH[SRVLFLyQORVGDWRVELEOLRJUiÀFRVGHORVGRFXPHQWRVTXHVHH[SRQGUiQODVHGHODV
IHFKDVGHLQDXJXUDFLyQ\FODXVXUDDVtFRPRODLGHQWLGDGGHORVFRPLVDULRVFRRUGLQDGRUHVR
SHUVRQDVUHVSRQVDEOHVGHOSUR\HFWRH[SRVLWLYR$ODVROLFLWXGVHGHEHUiDQH[DUDGHPiVODV
FDUDFWHUtVWLFDVGHODVVDODVGHH[SRVLFLyQWHPSRUDOORVSODQRVGHODVPLVPDV\XQLQIRUPH
VREUHODVFRQGLFLRQHVDPELHQWDOHVKXPHGDGQLYHOHVGHWHPSHUDWXUDLQWHQVLGDGGHODOX]
HWF\GHVHJXULGDGPDWHULDOHVGHFRQVWUXFFLyQVLVWHPDVGHDODUPDYLJLODQFLDFDUDFWHUtV
WLFDVGHODVYLWULQDVGHPDQHUDTXHTXHGHFRQVWDQFLDGHODLGRQHLGDGGHOHVSDFLRGRQGH
ORVPDWHULDOHVVHUiQH[SXHVWRV
8QDYH]UHFLELGDODVROLFLWXGODVRSFLRQHVSRVLEOHVVRQ
²$FHSWDFLyQGHOSUpVWDPRRDFHSWDFLyQFRQGLFLRQDGDDODUHVWDXUDFLyQ
²'HQHJDFLyQGHOSUpVWDPRRGHQHJDFLyQFRQSURSXHVWDDOWHUQDWLYDGHRWUDVSLH]DV
1RUPDVGHSUpVWDPRGHREUDVGHODELEOLRWHFDSDUDH[SRVLFLRQHV>0DGULG@0LQLVWHULRGH&XOWXUD6XEGLUHFFLyQ*HQHUDO
GH,QIRUPDFLyQ\3XEOLFDFLRQHV>@7DPELpQOD6XEGLUHFFLyQ*HQHUDOGH3URPRFLyQGHODV%HOODV$UWHVRIUHFH
XQPDQXDODFFHVLEOHSRU,QWHUQHW([SRVLFLRQHVWHPSRUDOHVRUJDQL]DFLyQJHVWLyQFRRUGLQDFLyQ>(QOtQHD@KWWSZZZ
PFXHVSURPR$UWH0&([SR7HPS!>&RQVXOWDMXOLR@
/D%LEOLRWHFD
9DOHQFLDQD
(VLPSRUWDQWHUHYLVDUODVFRQGLFLRQHVSDUWLFXODUHVGHODVGRQDFLRQHV\DVHJXUDUVHGH
TXHQRH[LVWHQLQJ~QLQFRQYHQLHQWHSDUDODVDOLGDGHODVREUDVGDGRTXHDOJXQDVFROHFFLRQHV
LQFOX\HQFOiXVXODVUHVWULFWLYDVDOUHVSHFWR\HQRFDVLRQHVKD\TXHVROLFLWDUORVRSRUWXQRV
SHUPLVRV
7UDVODHQXPHUDFLyQGHODVREUDVTXHLQWHJUDUiQODH[SRVLFLyQVHHQYtDDODLQVWLWXFLyQ
VROLFLWDQWHODGRFXPHQWDFLyQTXHKDGHFXPSOLPHQWDU
)LFKDGHSUpVWDPRGHOD%LEOLRWHFD9DOHQFLDQD
1RUPDVGHOD%LEOLRWHFD9DOHQFLDQDTXHGHEHUiQVHUÀUPDGDVFRPRPXHVWUDGHOD
FRQIRUPLGDGQHFHVDULDSDUDFRQWLQXDUHOSURFHVRGHSUpVWDPR
6ROLFLWXGGHUHSURJUDItDWHQLHQGRHQFXHQWDTXHVyORVHSHUPLWHQODVUHSURGXFFLRQHV
SDUDHOFDWiORJRGHODH[SRVLFLyQ\TXHKD\TXHPHQFLRQDUODSURFHGHQFLDGHORVIRQGRV
'XUDQWHWRGRHOSURFHVRGHRUJDQL]DFLyQGHXQDH[SRVLFLyQHVPX\LPSRUWDQWHOD
FRODERUDFLyQHVWUHFKDHQWUHHOSHUVRQDOWpFQLFRGHFRRUGLQDFLyQ\HOSHUVRQDOWpFQLFRGH
UHVWDXUDFLyQ/RVUHVWDXUDGRUHVGHOD%LEOLRWHFD9DOHQFLDQDVXSHUYLVDQHOHVWDGRGHORV
GRFXPHQWRVUHSDUDQ\SURWHJHQORVTXHORSUHFLVDQRHVFRJHQGHHQWUHYDULRVHMHPSODUHV
GHXQDPLVPDREUDHOTXHRIUHFHODVFRQGLFLRQHVItVLFDVPiVDGHFXDGDVSDUDVHUH[SXHVWR
6LHPSUHTXHVHFRQVLGHUHSRVLEOHODPRYLOLGDGGHODVSLH]DVVLQULHVJRVDxDGLGRVDORVSUR
SLRVGHVXPDQLSXODFLyQ\WUDVODGRVHHPLWLUiXQLQIRUPHWpFQLFRÀUPDGRFRQMXQWDPHQWH
SRUODVSHUVRQDVUHVSRQVDEOHVGHORVGHSDUWDPHQWRVGH5HVWDXUDFLyQ\GH&RRUGLQDFLyQ
%LEOLRJUiÀFDHQHOTXHVHLQGLTXHTXHQRH[LVWHQUD]RQHVTXHGHVDFRQVHMDQHOSUpVWDPRGH
GLFKRVPDWHULDOHV(VWHLQIRUPHSDVDÀQDOPHQWHDOD'LUHFFLyQGHOD%LEOLRWHFDTXHFRQFHGH
HOSHUPLVRQHFHVDULRSDUDODVDOLGDGHODVREUDV
7RGRGRFXPHQWRREMHWRGHSUpVWDPRH[WHUQRGHEHKDEHUVLGRYDORUDGRHFRQy
PLFDPHQWHDHIHFWRVGHODFRQWUDWDFLyQGHODVSyOL]DVGHVHJXUR(OWLSRGHSyOL]DPiV
KDELWXDOHQODVH[SRVLFLRQHVHQODVTXHSDUWLFLSDOD%LEOLRWHFD9DOHQFLDQDHOGHQRPLQDGR
©FODYRDFODYRªFXEUHODFXDQWtDHFRQyPLFDTXHVHGHWHUPLQHSDUDFDGDSLH]D\QRVH
OLPLWDDOSHULRGRGHH[KLELFLyQS~EOLFDVLQRTXHDVXPHORVULHVJRVGHVGHHOPRPHQWR
HQTXHVHSURGXFHHOGHVPRQWDMHHQODELEOLRWHFDKDVWDTXHVHUHVWLWX\HGHQXHYRDVX
HPSOD]DPLHQWRRULJLQDO
+HPRVGHDVHJXUDUQRVGHTXHODVREUDVTXHYDQDVHUH[SXHVWDVKDQVLGRUHSURGXFLGDV
²PLFURÀOPDGDVGLJLWDOL]DGDVRIRWRFRSLDGDV²SRUHOPpWRGRPiVDGHFXDGRDODWLSRORJtD
GHOPDWHULDOGHPDQHUDTXHTXHGHXQDFRSLDGHVHJXULGDGHQOD%LEOLRWHFD
/DVRSHUDFLRQHVGHPRQWDMHHPEDODMH\WUDVODGRVHUiQUHDOL]DGDVSRUODHPSUHVDHV
SHFLDOL]DGDHQHOWUDQVSRUWHGHELHQHVFXOWXUDOHVTXHKD\DVLGRGHVLJQDGDSDUDWDOÀQ\VH
KDUiQEDMRODVXSHUYLVLyQGHXQFRUUHRGHOD%LEOLRWHFD9DOHQFLDQDHOFXDOFRPSUREDUiTXH
VHFXPSOHQODVFRQGLFLRQHVGHVHJXULGDG\FRQVHUYDFLyQSDFWDGDVDVtFRPRODFRQYHQLHQWH
UHIHUHQFLDHQODVFDUWHODVDODSURSLHGDGGHORVIRQGRVELEOLRJUiÀFRV
/OHJDGRHOPRPHQWRGHDEDQGRQDUOD%LEOLRWHFDFRQGHVWLQRDODH[SRVLFLyQODVREUDV
VHOHFFLRQDGDVVRQUHWLUDGDVSRUSHUVRQDODFUHGLWDGRPHGLDQWHODÀUPDGHXQDFWDGHHQWUHJD
TXHFHGHODUHVSRQVDELOLGDGGHODFXVWRGLD\ODFRQVHUYDFLyQDODHQWLGDGRUJDQL]DGRUDHQHO
SOD]RGHWHUPLQDGRSDUDODH[SRVLFLyQ\TXHQRVXHOHH[FHGHUGHWUHVPHVHV
(QHOFDWiORJRGHOD%LEOLRWHFD9DOHQFLDQDTXHGDUiFRQVWDQFLDGHOHVWDGRGHHVWDVREUDV
FRPR©1RGLVSRQLEOHªFRQORTXHVHDGYLHUWHDVtDORVLQYHVWLJDGRUHVGHODLPSRVLELOLGDGGH
FRQVXOWDUODVGXUDQWHHOSHULRGRTXHSHUPDQHFHQIXHUDGHOFHQWUR(QHOPyGXORGHWUDEDMR
LQWHUQRVHSRGUiQYLVXDOL]DUORVGDWRVFRPSOHWRVGHODH[SRVLFLyQGRQGHVHHQFXHQWUDQ
XELFDGDV
8QDYH]FODXVXUDGDODH[SRVLFLyQODVREUDVVHUiQGHYXHOWDVDOD%LEOLRWHFDWUDVXQ
UD]RQDEOHSOD]RSDUDHOGHVPRQWDMH\HOWUDVODGR/DGHYROXFLyQGHODVREUDVFRQOOHYDOD
UHYLVLyQGHOFRUUHFWRHVWDGRGHODVSLH]DV\ODÀUPDGHODFWDTXHGDIHGHOUHWRUQRGHODV
REUDVDOD%LEOLRWHFD
'HOFDWiORJRFRQPHPRUDWLYRTXHVHSXEOLFDOD%LEOLRWHFD9DOHQFLDQDKDGHUHFLELU
WUHVHMHPSODUHV
$QLPDFLyQDODOHFWXUD
/DSURPRFLyQGHODOHFWXUDKDVLGRRWUDGHODVOtQHDVSULRULWDULDVVHJXLGDVGXUDQWHHVWRV
DxRV1RROYLGHPRVORVEDMRVtQGLFHVGHOHFWXUDGHQXHVWURSDtV\ODLPSHULRVDQHFHVLGDGGH
DXPHQWDUORV/D%LEOLRWHFD9DOHQFLDQDKDRUJDQL]DGRFLFORVGHDQLPDFLyQOHFWRUDGLULJLGRV
DGLVWLQWRWLSRGHS~EOLFRQLxRV\MyYHQHVPXMHUHV\PD\RUHVHQHVWH~OWLPRFDVRHQFR
ODERUDFLyQFRQOD&RQVHOOHULDGH%HQHVWDU6RFLDO
(OPiVDQWLJXRHLPSRUWDQWHHVHO&LFORSDUD1LxRV\-yYHQHVFX\RQ~FOHRIXQGD
PHQWDOVRQORVHQFXHQWURVTXHVHFHOHEUDQHQWUHORVDXWRUHV\ORVHVFRODUHV$OUHGHGRUGH
FXDWURFLHQWRVHVWXGLDQWHVSRUVHVLyQWLHQHQODRSRUWXQLGDGGHFRQYHUVDUFRQXQHVFULWRU
FX\DREUDKDQHVWXGLDGRSUHYLDPHQWHHQVXHVFXHODRLQVWLWXWR
0iVGHXQFHQWHQDUGHDXWRUHVKDQSDVDGRGXUDQWHHVWRVDxRVSRUQXHVWUD%LEOLRWHFD
(QWUHHOORVDOJXQRVWDQUHFRQRFLGRVFRPRÉQJHOD%HFHUUD-RUJH%XFD\ÉQJHO*RQ]iOH]
,VDEHO&ODUD6LPyR-XDQ-RVp0LOOiV
6LPSRVLRVFRQJUHVRVFXUVRV\MRUQDGDV
/D%LEOLRWHFD9DOHQFLDQDKDVLGRSDUWLFLSDQWHDFWLYDGHQXPHURVRVVLPSRVLRVFRQJUH
VRVFXUVRVRMRUQDGDVHQDOJXQRVFDVRVVyORKHPRVVLGRDQÀWULRQHVGHRWUDVLQVWLWXFLRQHV
TXHKDQXWLOL]DGRQXHVWUDVLQVWDODFLRQHVSDUDORVPLVPRVHQRWURVOD%LEOLRWHFD9DOHQFLDQD
KDMXJDGRXQSDSHOGHSULPHURUGHQFRPRRUJDQL]DGRUDRFRRUJDQL]DGRUDGHODDFWLYLGDG
)$/*É60$5Ì10DTXH/$7255(=$&$5e69tFWRU0$57Ì16(*29,$6ROHGDG©(VFULSWRUVHQOD%LEOLRWHFD9D
OHQFLDQDª>(QOtQHD@5HYLVWDGHOD%LEOLRWHFD9DOHQFLDQD>9DOqQFLD@Q~PSKWWSEYJYDHV!>&RQVXOWD
MXQLR@,QFOX\HODUHODFLyQFRPSOHWDGHORVHVFULWRUHVTXHKDQLQWHUYHQLGRKDVWDMXQLRGH
1RSRGHPRVROYLGDUODODERUGHOSURIHVRUDGRTXHKDFRODERUDGRHVWRVDxRVFRQOD%LEOLRWHFD9DOHQFLDQD
FRPR0DULR0ixH]0DEHO$EHOOD9tFWRU/DWRUUH6ROHGDG0DUWtQR&ULVWLQD*DUFtDDGHPiVGHQXHVWUDH[FHOHQWH
IRWyJUDID0DTXH)DOJiV
/D%LEOLRWHFD
9DOHQFLDQD
&DUWHOGHO&LFORGH$QLPDFLyQDOD/HFWXUD
'HVGHHOSXQWRGHYLVWDWHPiWLFRKHPRVGHGHVWDFDUDTXHOORVTXHKDQVLGRIUXWRGHO
SDSHOTXHMXHJDOD%LEOLRWHFD9DOHQFLDQDFRPRFDEHFHUDGHO6LVWHPD%LEOLRWHFDULR9DOHQFLDQR
6RQGHUHFRUGDUODV-RUQDGDVVREUH%LEOLRWHFDV1DFLRQDOHVRHO6HPLQDULR,QWHUQDFLRQDO/D
0HPRULD4XHPDGDTXHUHXQLHURQDQXPHURVRVSURIHVLRQDOHVGHSULPHURUGHQ
7DPSRFRSRGHPRVROYLGDUORVVLPSRVLRVGHGLFDGRVDÀJXUDVFX\RVIRQGRVFXVWRGLD
OD%LEOLRWHFD9DOHQFLDQDUHDOL]DGRVFRQRFDVLyQGHVXFHQWHQDULR(QWUHORV~OWLPRVGHVWD
TXHPRVODVMRUQDGDVLQWHUQDFLRQDOHVGHGLFDGDVHQD9LFHQWH/ORUHQVRHOVLPSRVLR
LQWHUQDFLRQDOVREUH5DIDHO/DSHVDHQ
)(55,2/6(YHULOGD08f2=)(/,80LJXHO&6(*8Ì5RPjFRRUG-RUQDGDVVREUHELEOLRWHFDVQDFLRQDOHVODVELEOLRWHFDV
QDFLRQDOHVGHOVLJOR;;,9DOHQFLD%LEOLRWHFD9DOHQFLDQD
9(5*$5$3(5,6-RVpFRRUG/DPHPRULDTXHPDGD9DOHQFLD%LEOLRWHFD9DOHQFLDQD
/DVDFWDVVHKDQSXEOLFDGRHQ/DEHULQWRVUHYLVWDGHHVWXGLRVVREUHORVH[LOLRVFXOWXUDOHVHVSDxROHVQ~P
6$7255(*5$8-DYLHU0$57Ì1(=$/&$/'(0-RVpFRRUG$FWDVGHO6LPSRVLR,QWHUQDFLRQDO(O/HJDGRGH5DIDHO
/DSHVD9DOHQFLD0DGULG9DOHQFLD%LEOLRWHFD9DOHQFLDQD0DGULG6RFLHGDG(VWDWDOGH&RQPHPR
UDFLRQHV&XOWXUDOHV
3XEOLFDFLRQHV
)LQDOPHQWHOD%LEOLRWHFD9DOHQFLDQDGLVSRQHGHOD8QLGDGGH3XEOLFDFLRQHV'HVGH
HOODVHKDQHGLWDGRPiVGHXQFHQWHQDUGHREUDVFX\DWHPiWLFDJLUDQRUPDOPHQWHDOUHGHGRU
GHODVKXPDQLGDGHV\GHODFXOWXUDYDOHQFLDQD$FWXDOPHQWHKD\DELHUWDVVHLVVHULHVRFR
OHFFLRQHV©&ROÃOHFFLy'XFGH&DOjEULDª©&ROÃOHFFLy3URIHVVLRQDOª©&ROÃOHFFLy(SLVWRODULVª
©&ROÃOHFFLy(IHPqULGHVª©&ROÃOHFFLy3UHPLVª\©&ROÃOHFFLy2EUHV&RPSOHWHVª(VWDVREUDV
IRUPDQSDUWHGHO)RQGRGH3XEOLFDFLRQHVGHOD*HQHUDOLWDW\VXDGTXLVLFLyQSXHGHKDFHUVH
DWUDYpVGHOD/OLEUHULDGHOD*HQHUDOLWDW/OLJ
$VLPLVPRVHKDFRODERUDGR\VHFRODERUDFRQHGLWRULDOHVSULYDGDVSDUDODFRHGLFLyQGH
REUDV(OHPSOHRGHODIyUPXODGHODFRHGLFLyQVHKDPRVWUDGRPX\EHQHÀFLRVRSXHVSHUPLWH
FRPSDUWLUFRVWRVGHSURGXFFLyQ\DSURYHFKDUORVPHFDQLVPRVGHGLVWULEXFLyQSULYDGRV
9LVLWDVDOPRQDVWHULR\DOD%LEOLRWHFD9DOHQFLDQD
/D%LEOLRWHFD9DOHQFLDQDVLJXHXQDDFWLYDSROtWLFDGHGLIXVLyQTXHSUHWHQGHGDUDFR
QRFHUWDQWRHOPRQDVWHULRGH6DQ0LJXHOGHORV5H\HVHOHGLÀFLRFRPRODVLQVWDODFLRQHV
IRQGRV\VHUYLFLRVTXHRIUHFHHOSULPHUFHQWURELEOLRJUiÀFRGHOD&RPXQLWDW9DOHQFLDQD
7RGRHOORVLQPHQRVFDEDUODVGHELGDVFRQGLFLRQHVGHVHJXULGDGTXHGHEDQFRQWHPSODUVH
(OPRQDVWHULRGH6DQ0LJXHOGHORV5H\HVSXHGHVHUGHÀQLGRFRPRXQPXVHRHQ
VtPLVPR(QHOSURFHVRGHUHKDELOLWDFLyQGHOHGLÀFLRQXQFDVHROYLGyHOGHVHRGHTXHORV
IXWXURVXVXDULRV\YLVLWDQWHVSXGLHUDQFRPSUHQGHUIiFLOPHQWHORVGLYHUVRVXVRV\PRPHQWRV
SRUORVTXHSDVy3RURWURODGRVHGHVHDEDHYLWDUXQD~QLFDOHFWXUDLQWHUSUHWDWLYDGHOHGLÀFLR
FRPRPHURSUHVLGLR²WDO\FRPRORUHFXHUGDQWRGDYtDPXFKRVYDOHQFLDQRV²\FRQVHJXLU
PRVWUDUORVFXDWURJUDQGHVPRPHQWRVGHVXKLVWRULDHOSHTXHxRPRQDVWHULRFLVWHUFLHQVH
GH6DQW%HUQDWGH5DVFDQ\DHOJUDQPRQDVWHULRMHUyQLPRGH6DQ0LJXHOGHORV5H\HVHO
SUHVLGLRQDFLRQDO\OD%LEOLRWHFD9DOHQFLDQD
3RUHOORHOHGLÀFLRHVWiGRWDGRGHXQFRQMXQWRGHPDTXHWDV\GHSDQHOHVSHUPDQHQ
WHVH[SOLFDWLYRVTXHSHUPLWHQDFXDOTXLHUYLVLWDQWHXQDIiFLOFRPSUHQVLyQGHOSDVDGR\GHO
SUHVHQWHGHODGHSHQGHQFLDHQTXHVHHQFXHQWUDQ$GHPiVFLHUWDVGHFLVLRQHVWRPDGDVHQ
HOSURFHVRGHODUHKDELOLWDFLyQD\XGDQHQRUPHPHQWHDHVDIXQFLyQGLGiFWLFD$VtORVUHVWRV
GHOFODXVWURGH6DQW%HUQDWGH5DVFDQ\DSXHGHQVHUREVHUYDGRVGHVGHXQD]RQDPLUDGRU
SRUWRGRVORVYLVLWDQWHV
6HSXHGHFRQVXOWDUHOFDWiORJRFRPSOHWRGH3XEOLFDFLRQHVDWUDYpVGHOSRUWDOZHEGHOD%LEOLRWHFD9DOHQFLDQD
KWWSEYJYDHV!HQHODSDUWDGRTXHOOHYDHVWHQRPEUH
8QEXHQHMHPSORHVODUHHGLFLyQHQFRODERUDFLyQFRQ&DVWDOLDGH/LEHUDOHV\URPiQWLFRVODREUDFXPEUHGH
9LFHQWH/ORUHQV
(67(%$1&+$3$35Ì$-XOLiQ©/DUHVWDXUDFLyQ\UHKDELOLWDFLyQGHODQWLJXR0RQDVWHULRGH6DQ0LJXHOGHORV
5H\HVSDUDVHGHGHOD%LEOLRWHFD9DOHQFLDQDª(Q6DQ0LJXHOGHORV5H\HVGH%LEOLRWHFD5HDOD%LEOLRWHFD9DOHQFLDQD
9DOHQFLD%LEOLRWHFD9DOHQFLDQDS
/D%LEOLRWHFD
9DOHQFLDQD
8QDPSOLRKRUDULRGHYLVLWDVJXLDGDVSHUPLWHTXHFXDOTXLHUFLXGDGDQRSXHGDFRQRFHU
6DQ0LJXHOGHORV5H\HV/RVPDUWHVSRUODPDxDQDVHGHGLFDQDYLVLWDVGHJUXSRVFRQFHU
WDGRVORVViEDGRVGRPLQJRV\PXFKRVIHVWLYRVDODVK\DODVKKD\YLVLWDV
JXLDGDVSDUDSDUWLFXODUHV\IDPLOLDV(QHVWHFDVRQRHVQHFHVDULRKDFHUXQDUHVHUYDEDVWD
SUHVHQWDUVHHQODSXHUWDGHOPRQDVWHULRHLQFRUSRUDUVHDOJUXSRHVSRQWiQHDPHQWHIRUPDGR
3RURWURODGRHOUHVWRGHODVDFWLYLGDGHVSURJUDPDGDVDQLPDFLyQOHFWRUDWDOOHUHVGLGiFWLFRV
HWFVXHOHQLUSUHFHGLGDVGHXQDYLVLWDJXLDGDSRUHOHGLÀFLR(QWUHXQDV\RWUDVHQHODxR
KHPRVVXSHUDGRODFLIUDGHVHVHQWDPLOYLVLWDQWHV
3UR\HFWRVH[SRVLWLYRV
YLVLWDQWHV
)RUPDFLyQGHXVXDULRV\WDOOHUHVGLGiFWLFRV
JUXSRV
$QLPDFLyQOHFWRUD
YLVLWDQWHV
3UHVHQWDFLRQHVGHOLEURV
DVLVWHQWHV
&RQJUHVRV\VLPSRVLRV
SDUWLFLSDQWHV
9LVLWDVFXOWXUDOHV
YLVLWDQWHV
2WUDVDFWLYLGDGHVGHGLIXVLyQ
D,,-RUQDGDGH3XHUWDV$ELHUWDV
SDUWLFLSDQWHV
E5HYLVWDGHOD%LEOLRWHFD9DOHQFLDQD
Q~PHURVHMHPSODUHV
F:HEGHOD%LEOLRWHFD9DOHQFLDQD
YLVLWDVPHQVXDOHV
7DEODHVWDGtVWLFDGHYLVLWDQWHV
$KRUDELHQVLLPSRUWDQWHHVGDUDFRQRFHUHOHGLÀFLRQRPHQRVLPSRUWDQWHHVGDU
DFRQRFHUORVVHUYLFLRVIRQGRV\IXQFLRQHVGHODSURSLD%LEOLRWHFD9DOHQFLDQD3RUHOOR\
HVSHFLDOPHQWHHQORV~OWLPRVDxRVVHKDUHIRU]DGRRWURWLSRGHYLVLWDVHQODVTXHHOFRQWH
QLGRELEOLRWHFDULRHVIXQGDPHQWDO\TXHFRUUHDFDUJRQRUPDOPHQWHGHSHUVRQDOWpFQLFR
$UFKLYHURV\ELEOLRWHFDULRVH[WUDQMHURVPLHPEURVGHDVRFLDFLRQHVSURIHVLRQDOHVGHOVHFWRU
RHVWXGLDQWHVGHODVGLVWLQWDVWLWXODFLRQHVUHODFLRQDGDVPyGXORVGH)RUPDFLyQ3URIHVLRQDO
GLSORPDWXUDHQ%LEOLRWHFRQRPtD\'RFXPHQWDFLyQOLFHQFLDWXUDHQ'RFXPHQWDFLyQVHKDQ
FRQYHUWLGRHQDVLGXRVYLVLWDQWHVGHQXHVWUDVLQVWDODFLRQHV
0HQFLyQDSDUWHPHUHFHQODVMRUQDGDVGHSXHUWDVDELHUWDVTXHGHVGHRUJDQL]D
OD%LEOLRWHFD9DOHQFLDQDHOGHVHSWLHPEUH(OGtDGH6DQ0LJXHOXQUD\RGHVROLQFLGH
VREUHHOSXQWRGHODFULSWDGRQGHUHSRVDQORVUHVWRVPRUWDOHVGH*HUPDQDGH)RL[&RQ
YHQtDDSURYHFKDUFRPRUHFODPRHVWHFXULRVRIHQyPHQRWDQDWUDFWLYRSDUDHOJUDQS~EOLFR
GHPDQHUDTXHORVSURSLRVSURIHVLRQDOHVSXGLHUDQGDUDFRQRFHUOD%LEOLRWHFD\PRVWUDUOD
ODERUTXHUHDOL]DQ
)ROOHWRGHOD,,,-RUQDGDGH3XHUWDV$ELHUWDVGHOD%LEOLRWHFD9DOHQFLDQD
(QODVWUHVMRUQDGDVUHDOL]DGDVKDVWDDKRUDHOp[LWRDOFDQ]DGRHVQRWDEOH\DTXHPiV
GHWUHVPLOSHUVRQDVYLVLWDURQHOHGLÀFLR\VXVGHSHQGHQFLDV
/D¶5HYLVWDGHOD%LEOLRWHFD9DOHQFLDQD·
)LQDOPHQWH\FRQLQGHSHQGHQFLDGHOHPSOHRGHRWURVPHGLRVGHGLIXVLyQOD%LEOLRWHFD
9DOHQFLDQDSXEOLFDGHVGHXQDUHYLVWDYHKtFXORGHFRPXQLFDFLyQGHVXVDFWLYLGDGHV/D
5HYLVWDGHOD%LEOLRWHFD9DOHQFLDQDFRQQ~PHURVVHUHDOL]DHQSDSHO\FXHQWDFRQXQDYHUVLyQ
GLJLWDO/DYHUVLyQHQSDSHOVHUHPLWHDELEOLRWHFDVDUFKLYRVFHQWURVGHGRFXPHQWDFLyQ
PXVHRV\SHUVRQDOLGDGHVGHOPXQGRSROtWLFR\FXOWXUDO6XYHUVLyQHOHFWUyQLFDDFFHVLEOHGH
PDQHUDOLEUH\JUDWXLWDDWUDYpVGH,QWHUQHWSXHGHGHVFDUJDUVHHQIRUPDWR3')GHVGHHO
SRUWDOZHEGHOD%LEOLRWHFD9DOHQFLDQD
/DGLUHFFLyQZHEHVKWWSEYJYDHV!
/D%LEOLRWHFD
9DOHQFLDQD
$1(;26
$QH[R,'DWRVHVWDGtVWLFRVDGHGLFLHPEUHGH
,)21'26
0DWHULDOHVLPSUHVRV
/LEURV
/LEURDQWLJXR
)ROOHWRV
+HPHURWHFD
3XEOLFDFLRQHVVHULDGDV7tWXORV
3XEOLFDFLRQHVVHULDGDV(MHPSODUHV
)RQGRJUiÀFR
&DUWHOHV
'LEXMRV\JUDEDGRV
)RWRJUDItDV\GLDSRVLWLYDV
0DSDV\SODQRV
7DUMHWDVSRVWDOHV
0DWHULDOHItPHUR
0DQXVFULWRV\DUFKLYRVSHUVRQDOHV
0DQXVFULWRV
'RFXPHQWRVGHDUFKLYR
2WURVPDWHULDOHV
'RFXPHQWRVDXGLRYLVXDOHV
'RFXPHQWRVHOHFWUyQLFRV
'RFXPHQWRVVRQRURV
0LFURIRUPDV
0~VLFDLPSUHVD
,,,167$/$&,21(6
1~PHURGHVDODV
3XHVWRVGHOHFWXUD
0HWURVOLQHDOHVGHHVWDQWHVOLEUHDFFHVR
0HWURVOLQHDOHVGHHVWDQWHVGHSyVLWRV
1~PHURGHWHUPLQDOHVGHJHVWLyQLQWHUQD
1~PHURGHWHUPLQDOHVGHXVRS~EOLFR
,,,868$5,26
9LVLWDQWHV
8VXDULRVSUHVHQFLDOHVLQVFULWRVFRQFDUQHW
8VXDULRVQRSUHVHQFLDOHV,QWHUQHW
,9352'8&726<6(59,&,26
&RQVXOWDVHQVDOD
&RQVXOWDVGHUHIHUHQFLDHLQIRUPDFLyQELEOLRJUiÀFD
3UpVWDPRVLQWHUELEOLRWHFDULRV
+RUDVGHDSHUWXUDDODVHPDQD
/D%LEOLRWHFD
9DOHQFLDQD
$QH[R,,1RUPDWLYDOHJDO
'HFUHWRGHGHHQHURGHO&RQVHOOGHOD*HQHUDOLGDG9DOHQFLDQDSRU
HOTXHVHFUHDOD%LEOLRWHFD9DOHQFLDQD
(O*RELHUQR9DOHQFLDQRDVXPHFRPRXQDGHVXVWDUHDVSULRULWDULDVODDWHQFLyQKDFLD
HOSDWULPRQLRFXOWXUDOGHOD&RPXQLGDG9DOHQFLDQD
/DUHFXSHUDFLyQ\HOGHVDUUROORGHODVSHFXOLDULGDGHVGHOSXHEORYDOHQFLDQRUHTXLHUHQ
TXHODSURWHFFLyQGHHVWHSDWULPRQLRVHDFRPSDxHGHXQDSROtWLFDDGHFXDGDTXHFRQWULEX\D
DGLYXOJDUVXFRQWHQLGRHQWUHFXDQWRVKDELWDQHQOD&RPXQLGDGSDUDTXHDWUDYpVGHOD
SURIXQGL]DFLyQHQQXHVWUDFXOWXUDVHDOFDQFHXQPHMRUFRQRFLPLHQWRGHDTXHOORVFDUDFWHUHV
TXHLGHQWLÀFDQ\GHÀQHQDORVYDOHQFLDQRVHQWUHORVGHPiVSXHEORVGH(VSDxD
$HOORVHRULHQWDODFUHDFLyQGHOD%LEOLRWHFD9DOHQFLDQDFX\RÀQSULQFLSDOHVVDOYDJXDU
GDU\FRQWULEXLUDOLQFUHPHQWRGHOSDWULPRQLRELEOLRJUiÀFR\GRFXPHQWDOYDOHQFLDQRHQHO
UHVSHWRDODOHJLVODFLyQYLJHQWH\FRQIRUPHDORTXHHQVXGtDGLVSRQJDQODVGLVSRVLFLRQHV
OHJDOHVTXHUHJXOHQHOSDWULPRQLRFXOWXUDOGHOD*HQHUDOLGDG9DOHQFLDQD
/DFUHDFLyQGHOD%LEOLRWHFD9DOHQFLDQDUHSUHVHQWDWDPELpQHOUHFRQRFLPLHQWRKDFLD
HOJHVWRGHTXLHQHVFRQYROXQWDGH[SUHVDGHTXHHQVXGtDIRUPDUDQSDUWHGHHOODKLFLHURQ
GRQDFLyQGHIRQGRVGRFXPHQWDOHV\ELEOLRJUiÀFRVOOHJDGRVKDVWDQRVRWURVPHUFHGDVX
HVIXHU]R\FRQFLHQFLDFtYLFD
(QFRQVHFXHQFLDGHFRQIRUPLGDGFRQORGLVSXHVWRHQHODUWtFXORGHO(VWDWXWR
GH$XWRQRPtDGHOD&RPXQLGDG9DOHQFLDQD\5HDO'HFUHWRGHGHRFWXEUH
VREUHWUDVSDVRGHIXQFLRQHV\VHUYLFLRVGHO(VWDGRDOD*HQHUDOLGDG9DOHQFLDQDHQ0DWHULD
GH&XOWXUDDQH[R,%$VtFRPRHQHO'HFUHWRGHO3UHVLGHQWHGHOD*HQHUDOLGDG9DOHQ
FLDQDGHGHGLFLHPEUH\'HFUHWRGHO&RQVHOOGHGHDEULOHQVX
DUWtFXORDSDUWDGRPHGLDQWHHOSUHVHQWH'HFUHWRVHFUHDOD%LEOLRWHFD9DOHQFLDQD\
VHHVWDEOHFHQVXVÀQHV\DWULEXFLRQHV
3RUWRGRHOORDSURSXHVWDGHO+RQRUDEOH6U&RQVHOOHUGH&XOWXUD(GXFDFLyQ\&LHQFLD
\SUHYLDGHOLEHUDFLyQGHO&RQVHOOHQVXUHXQLyQGHGHHQHURGH
',6321*2
$UWtFXOR
6HFUHDOD%LEOLRWHFD9DOHQFLDQDTXHWHQGUiODGHQRPLQDFLyQGH%LEOLRWHFD9DOHQFLDQD
1LFRODX3ULPLWLXFRPRFHQWURVXSHULRUELEOLRWHFDULRGHOD*HQHUDOLWDW\GHSyVLWRELEOLR
JUiÀFREiVLFRGHOD&RPXQLWDW9DOHQFLDQDGHSHQGLHQWHGHODFRQVHOOHULDFRPSHWHQWHHQ
PDWHULDGHFXOWXUD
$UWtFXOR
6RQÀQHVGHOD%LEOLRWHFD9DOHQFLDQD
5HXQLUFRQVHUYDU\RUJDQL]DUORVVLJXLHQWHVIRQGRVFRQLQGHSHQGHQFLDGHVXVR
SRUWHPDWHULDO
D&XDQWDSURGXFFLyQHGLWRULDOLPSUHVDVRQRUD\YLVXDOVHKD\DHIHFWXDGR\HIHFW~H
HQOD&RPXQLGDG9DOHQFLDQD\WRGDDTXHOODRWUDUHDOL]DGDIXHUDGHODPLVPD\TXHVHUHÀHUD
DHOOD
E/DSURGXFFLyQGHDXWRUHVRULJLQDULRVGHOD&RPXQLGDG9DOHQFLDQD
F&XDOHVTXLHUDRWURVIRQGRVGRFXPHQWDOHV\ELEOLRJUiÀFRVTXHVHFRQVLGHUHQGH
LQWHUpVFXOWXUDO
(ODERUDU\GLIXQGLULQIRUPDFLyQELEOLRJUiÀFDVREUHODSURGXFFLyQHGLWRULDOGHOD
&RPXQLGDG9DOHQFLDQD
6HUYLUFRPRIXHQWHGHGRFXPHQWDFLyQSDUDODV,QVWLWXFLRQHVGHOD&RPXQLGDG\
yUJDQRVGHVX*RELHUQR
$UWtFXOR
6HHVWDEOHFHODREOLJDFLyQGHGHSyVLWRHQOD%LEOLRWHFD9DOHQFLDQDGHXQRGHORV
HMHPSODUHVSURFHGHQWHVGHO'HSyVLWR/HJDOHQODIRUPD\FRQODVH[FHSFLRQHVTXHUHJOD
PHQWDULDPHQWHVHGHWHUPLQHQ
$UWtFXOR
/D%LEOLRWHFD9DOHQFLDQDJR]DUiGHSUHIHUHQFLDHQORVFDVRVGHUHDVHQWDPLHQWRGH
IRQGRVGHELEOLRWHFDVTXHVHDQGHSURSLHGDGGHOD*HQHUDOLGDG9DOHQFLDQDRGHSyVLWRD
IDYRUGHOD*HQHUDOLGDGGHIRQGRVSURFHGHQWHVGHRWUDVELEOLRWHFDV
/RVSURSLHWDULRVGHDTXHOORVIRQGRVTXHUHVXOWHQGHLQWHUpVSDUDVXLQFOXVLyQHQOD
%LEOLRWHFD9DOHQFLDQDSRGUiQGHSRVLWDUHQHOODSRUHOWLHPSRTXHGHPXWXRDFXHUGRVH
HVWDEOH]FDORVIRQGRVELEOLRJUiÀFRVRGRFXPHQWDOHVGHVXSURSLHGDGFRUULHQGRDFDUJR
GHOD%LEOLRWHFD9DOHQFLDQDORVJDVWRVGHLQVWDODFLyQPDQWHQLPLHQWR\UHGDFFLyQGHLQYHQ
WDULRVRFDWiORJRVVLQPiVFRQWUDSDUWLGDSRUSDUWHGHOSURSLHWDULRTXHODGHDXWRUL]DUHQHO
PRPHQWRGHKDFHUHOGHSyVLWRTXHORVIRQGRVGHUHIHUHQFLDSXHGDQVHUFRQVXOWDGRVFRQ
ÀQHVGHLQYHVWLJDFLyQKLVWyULFDHQODVPLVPDVFRQGLFLRQHV\FRQLGpQWLFDVJDUDQWtDVTXHORV
GHPiVGHOD%LEOLRWHFD9DOHQFLDQDFRQODVVDOYHGDGHVTXHUHJODPHQWDULDPHQWHVHHVWDEOH]FDQ
$UWtFXOR
6HFUHDHO&RQVHMR$VHVRUGHOD%LEOLRWHFD9DOHQFLDQDTXHEDMROD3UHVLGHQFLDGHO
&RQVHOOHUGH&XOWXUD(GXFDFLyQ\&LHQFLDHVWDUiLQWHJUDGDSRU
D(O'LUHFWRU*HQHUDOGH&XOWXUDFRPR9LFHSUHVLGHQWH
E(O'LUHFWRUGHOD%LEOLRWHFD9DOHQFLDQD
/D%LEOLRWHFD
9DOHQFLDQD
F(OQ~PHURGH9RFDOHVTXHUHJODPHQWDULDPHQWHVHGHWHUPLQHFX\DGHVLJQDFLyQ
FRUUHVSRQGHUiDO&RQVHOOHUGH&XOWXUD(GXFDFLyQ\&LHQFLDGHELHQGRUHFDHUORVQRPEUD
PLHQWRVHQSHUVRQDVGHUHOHYDQFLDFXOWXUDOHQHOiPELWRGHQXHVWUD&RPXQLGDG
/DVIXQFLRQHVGHO&RQVHMR$VHVRUVHGHWHUPLQDUiQUHJODPHQWDULDPHQWH
$UWtFXOR
6HHQFRPLHQGDDOD&RQVHOOHUtDGH&XOWXUD(GXFDFLyQ\&LHQFLDHOGHVDUUROORUHJOD
PHQWDULRGHOSUHVHQWH'HFUHWR
',6326,&,21(675$16,725,$6
3ULPHUD
(QWDQWRQRVHHVWUXFWXUHUHJODPHQWDULDPHQWHOD%LEOLRWHFD9DOHQFLDQDVHFRQVLGHUD
DGVFULWDDWRGRVORVHIHFWRVDOD'LUHFFLyQ*HQHUDOGH&XOWXUDFRPRXQLGDGLQWHJUDGDHQ
HO6HUYLFLRGHO/LEUR$UFKLYRV\%LEOLRWHFDV
6HJXQGD
3DUDHOHMHUFLFLRSUHVXSXHVWDULRGHOD%LEOLRWHFD9DOHQFLDQDGLVSRQGUiGHORV
FUpGLWRVFRQVLJQDGRVHQORV3UHVXSXHVWRVGHOD&RQVHOOHUtDGH&XOWXUD(GXFDFLyQ\&LHQFLD
HQHO3URJUDPDGH/LEUR$UFKLYRV\%LEOLRWHFDVGHOD'LUHFFLyQ*HQHUDOGH&XOWXUD
',6326,&,21),1$/
(OSUHVHQWH'HFUHWRHQWUDUiHQYLJRUHOPLVPRGtDGHVXSXEOLFDFLyQHQHO'LDULR2ÀFLDO
GHOD*HQHUDOLGDG9DOHQFLDQD
9DOHQFLDGHHQHURGH
(O3UHVLGHQWHGHOD*HQHUDOLGDG
-2$1/(50$,%/$6&2
(O&RQVHOOHUGH&XOWXUD(GXFDFLyQ\&LHQFLD
&(%5,$&,6&$5,&$6$%$1
'HFUHWRGHGHIHEUHURGHO&RQVHOOGHPRGLÀFDFLyQGHO'HFUHWR
GHGHHQHURGHO&RQVHOOSRUHOTXHVHFUHyOD%LEOLRWHFD9DOHQFLDQD
35(É0%8/2
(O'HFUHWRGHGHHQHURGHO&RQVHOOFUHyOD%LEOLRWHFD9DOHQFLDQDFRQOD
ÀQDOLGDGGHVDOYDJXDUGDU\FRQWULEXLUDOLQFUHPHQWRGHOSDWULPRQLRELEOLRJUiÀFR\GRFX
PHQWDOYDOHQFLDQR
/DFUHDFLyQGHOD%LEOLRWHFD9DOHQFLDQDWDPELpQUHSUHVHQWDHOUHFRQRFLPLHQWRKDFLDHO
JHVWRGHTXLHQHVFRQODYROXQWDGH[SUHVDGHTXHHQVXGtDIRUPDUDQSDUWHGHHOODKLFLHURQ
GRQDFLyQGHIRQGRVGRFXPHQWDOHV\ELEOLRJUiÀFRVOOHJDGRVKDVWDQRVRWURVPHUFHGDVX
HVIXHU]R\FRQFLHQFLDFtYLFD
3RUHO5HDO'HFUHWRGHGHDEULO\GHFRQIRUPLGDGFRQHODUWtFXOR
GHOD/H\GH3DWULPRQLRGHO(VWDGRVHDFHSWyODGRQDFLyQDO(VWDGRGHXQDFROHFFLyQGH
OLEURVFRPSXHVWDSRUHMHPSODUHVLQFXQDEOHVUDURV\HGLFLRQHVGHORVVLJORV;9,;9,,\
;9,,,LQWHJUDQWHVWRGRVHOORVGHO3DWULPRQLR+LVWyULFR(VSDxROSDUDTXHVHLQVWDODUDHQ
XQDELEOLRWHFDGHQRPLQDGD1LFRODX3ULPLWLXHQODFLXGDGGH9DOHQFLD
(QODHVFULWXUDS~EOLFDRWRUJDGDHQFXPSOLPLHQWRGHO5HDO'HFUHWRGH
GHDEULOVHKDFtDFRQVWDUH[SUHVDPHQWHTXHVLOOHJDUDDFRQVWLWXLUVHXQRUJDQLVPRSROt
WLFRRDGPLQLVWUDWLYRGHFDUiFWHUUHJLRQDOFRQHOQRPEUHGHPDQFRPXQLGDG*HQHUDOLWDWX
RWURVHPHMDQWHORVGRQDQWHVDXWRUL]DEDQDO0LQLVWHULRGH&XOWXUDSDUDTXHWUDQVPLWLHUDOD
SURSLHGDG\DGPLQLVWUDFLyQGHOREMHWRGHVXGRQDFLyQDGLFKDHQWLGDGWUDQVPLVLyQTXHVH
OOHYyDFDERPHGLDQWHHO5HDO'HFUHWRGHGHPDU]R
1LFRODX3ULPLWLXUHXQLyDORODUJRGHVXYLGDXQDH[WUDRUGLQDULDELEOLRWHFDHQODTXH
KL]RUHDOLGDGHOFRQFHSWRGHXQDELEOLRWHFDQDFLRQDOREUDVSURGXFLGDVHQ9DOHQFLDGHDXWRU
YDOHQFLDQRRGHPDWHULDHVSHFLDOPHQWHYLQFXODGDDODFXOWXUD\ODKLVWRULDYDOHQFLDQDV,QFOX\H
LQFXQDEOHVPDQXVFULWRVYDOLRVDVHGLFLRQHVGHORVVLJORV;9,;9,,\;9,,,SXEOLFDFLRQHV
SHULyGLFDVKRMDVVXHOWDV\XQLPSUHVLRQDQWHFRQMXQWRGHREUDVYDOHQFLDQDVGHORVVLJORV
;,;\;;KDVWDVXSHUDUORVYRO~PHQHVVHQWiQGRVHFRQVXGRQDFLyQORVFLPLHQWRV
GHODDFWXDO%LEOLRWHFD9DOHQFLDQD
'HELGRDODLPSRUWDQFLDGHHVWDGRQDFLyQDSURSXHVWDGHODFRQVHOOHUDGH&XOWXUD
\'HSRUWH\SUHYLDGHOLEHUDFLyQGHO&RQVHOOHQODUHXQLyQGHOGtDGHIHEUHURGH
'(&5(72
$UWtFXOR~QLFR0RGLÀFDFLyQGHO'HFUHWRGHGHHQHURGHO&RQVHOO
6HPRGLÀFDHODUWtFXORGHO'HFUHWRGHGHHQHURGHO&RQVHOOSRUHOTXHVH
FUHyOD%LEOLRWHFD9DOHQFLDQDTXHTXHGDUHGDFWDGRHQODIRUPDUHVHxDGDHQHODQH[RPRGL
/D%LEOLRWHFD
9DOHQFLDQD
ÀFiQGRVHHQHOWtWXOR\HQWRGRHOWH[WRGHOFLWDGRGHFUHWRODGHQRPLQDFLyQGHOD%LEOLRWHFD
9DOHQFLDQDTXHWHQGUiODGH%LEOLRWHFD9DOHQFLDQD1LFRODX3ULPLWLX
',6326,&,Ð1),1$/
ÓQLFD(QWUDGDHQYLJRU
(OSUHVHQWHGHFUHWRHQWUDUiHQYLJRUHOGtDVLJXLHQWHDOGHVXSXEOLFDFLyQHQHO'LDUL
2ÀFLDOGHOD&RPXQLWDW9DOHQFLDQD
9DOHQFLDGHIHEUHURGH
(OSUHVLGHQWGHOD*HQHUDOLWDW
)5$1&,6&2&$036257,=
/DFRQVHOOHUDGH&XOWXUD\'HSRUWH
75,1,'$'0$5Ì$0,5Ð0,5$
$1(;2
1XHYDUHGDFFLyQGHODUWtFXORGHO'HFUHWRGHGHHQHURGHO&RQVHOOSRUHOTXHVHFUHy
OD%LEOLRWHFD9DOHQFLDQD
©6HFUHDOD%LEOLRWHFD9DOHQFLDQDTXHWHQGUiODGHQRPLQDFLyQGH%LEOLRWHFD9DOHQ
FLDQD1LFRODX3ULPLWLXFRPRFHQWURVXSHULRUELEOLRWHFDULRGHOD*HQHUDOLWDW\GHSyVLWR
ELEOLRJUiÀFREiVLFRGHOD&RPXQLWDW9DOHQFLDQDGHSHQGLHQWHGHODFRQVHOOHULDFRPSHWHQWH
HQPDWHULDGHFXOWXUDª
(VWHOLEURVHDFDEyGHLPSULPLUHQYHLQWLFLQFRDxRVGHVSXpVGHODSXEOLFDFLyQ
HQHO'2*9GHO'HFUHWRIXQGDFLRQDOGHOD%LEOLRWHFD9DOHQFLDQD