Freshwater News - Freshwater Action Network
Anuncio
)UHVKZDWHU1HZV
ÓOWLPDVQRWLFLDVGHOD5HGGH$FFLyQGHO$JXD
$JRVWR
1R
&217(1,'2
&HUUDQGRHOFtUFXOR²XQDKRMDGHUXWDHVWUDWpJLFDKDFLDOD
LQGHSHQGHQFLD
(QIRTXHHVSHFLDOHQWHPDVGHJREHUQDELOLGDG
6RUSUHQGHQWHVFRPHQWDULRVGXUDQWHGLiORJRVHQWRUQRDOGHUHFKRDO
DJXD\DOVDQHDPLHQWRHQÉIULFD
,QWURGXFLHQGRODSDUWLFLSDFLyQHQHO3HU~
e[LWRGHLQFLGHQFLDSROtWLFDHQ1LFDUDJXD²£VHDSUREyODOH\GHDJXDV
$JXDHPERWHOODGDDKRJDGHUHFKRDODJXDHQ0p[LFR
/DMDQD0DQDQGKDUHQFRQVXOWDFRQODVRFLHGDGFLYLOVREUH2EMHWLYRVGH
'HVDUUROORGHO0LOHQLR
<PXFKRPiV«
%,(19(1,'26$/$(',&,Ð1'($*2672'()5(6+:$7(51(:6
%LHQYHQLGRV\ELHQYHQLGDVDODHGLFLyQGHDJRVWRGH)UHVKZDWHU1HZV6LJDQOH\HQGRSDUDHQWHUDUVHGHODV~OWLPDVDFWLYLGDGHVGH
)$1*OREDO\ODVUHJLRQHVHVFXFKHQQXHVWUDVYRFHV\RSLQLRQHVYHDQORTXHKHPRVDSUHQGLGR\ORVGHVDItRVTXHHQIUHQWDPRVDVt
FRPRQXHVWUDVSUiFWLFDVLGyQHDV(QHVWHQ~PHURWDPELpQXQHQIRTXHHVSHFLDOVREUHWHPDVGHJREHUQDELOLGDG
3HURSDUDHPSH]DUKHDTXtXQSULPHUYLVWD]RDOWUDEDMRTXHKHPRVUHDOL]DGRHQORV~OWLPRVVHLVPHVHVFRQH[WUDFWRVWRPDGRVGH
QXHVWURVHVSDFLRVHQOtQHD
´6HSRGtDHVFXFKDUHOUXLGRGHXQDOÀOHUDOFDHUFXDQGRHOOD
>/DMDQD0DQDQGKDU@OHSUHJXQWyDOVDOyQFXiQWDVSHUVRQDV
SHQVDEDQTXHKDEtDQGHIHFDGRDODLUHOLEUHHVDPDxDQD
PLOORQHVµ
.DWH1RUJUYH'LUHFWRUDGH&DPSDxDVGH:DWHU$LG
HQUHIHUHQFLDDODLQWHUYHQFLyQGH/DMDQD0DQDQGKDU
²PLHPEURGHO&RPLWpGH&RRUGLQDFLyQGH)$16$\
&RQYRFDQWH1DFLRQDOGH)$11HSDO²HQODFRQVXOWDGHODV
1DFLRQHV8QLGDVFRQODVRFLHGDGFLYLOVREUHORV2EMHWLYRVGH
'HVDUUROORGHO0LOHQLRHQ1XHYD<RUN
´,QFDQVDEOHVGHIHQVRUHVDVFRQWLQ~DQGLVFXWLHQGRODUJDV
KRUDVDOÀQDOGHODMRUQDGDGHODDFWLYLGDGSDUDOHOD«XQDVROD
SDODEUDUHVXHQDVLQSDUDUDJXDDJXDDJXD«µ
.ROOHHQ%RXFKDQH2ÀFLDOGH,QFLGHQFLD\$SUHQGL]DMH
$SOLFDGRGH)$1&RQYHUVDFLRQHVVREUHHO&DPELR
&OLPiWLFRHQ%RQQ$OHPDQLD
´/DVSURPHVDVQRVHWRPDQHQVHULRSRUORWDQWRODYHUGDGHUD
SUXHEDHVWDUiHQVLORVDQXQFLRVTXHVHKDFHQKR\VHWUDGXFHQ
HQDFFLRQHVFRQFUHWDVVREUHHOWHUUHQR7HQHPRVTXHSRQHUOH
FDUQHDORVKXHVRVGHHVWHDFXHUGRFRQSODQHVFODURV\GLQHUR
IUHVFRµ
(GZDUG.DLUX3UHVLGHQWHGHOD5HG$IULFDQDGHOD6RFLHGDG
&LYLOVREUHHO$JXD\HO6DQHDPLHQWR$1(:HQUHIHUHQFLD
DOD5HXQLyQGH$OWR1LYHOVREUH6DQHDPLHQWR\$JXDHQ
:DVKLQJWRQ'&
´(OVDQHDPLHQWRKDVLGRUHOHJDGRPXFKDVYHFHV(VKRUDGH
SUHVWDUOHODDWHQFLyQTXHHVWDQHFHVLGDGTXHHVIXQGDPHQWDO
SDUDODFDOLGDGGHYLGD\ODGLJQLGDGGHOVHUKXPDQRPHUHFH
WRWDOPHQWH3RUHVWHGHUHFKRPHHVWR\XQLHQGRDODFRODµ
0DULQD6LOYDFDQGLGDWDSUHVLGHQFLDOSRUHO3DUWLGR9HUGH
GH%UDVLO\H[0LQLVWUDGHO0HGLR$PELHQWHTXLHQDVLVWLyDOD
FRODGH)$1$6HQ5tRHQFRQPHPRUDFLyQGH´/DFRODPiV
ODUJDGHOPXQGRSDUDLUDOEDxRµ
´¢(O9,)RUR0XQGLDOGHO$JXDHVSDUDHOPXQGRGHVDUUROODGRRHQGHVDUUROOR"µ
IXHXQDGHODVSUHJXQWDVTXHVHSODQWHDURQ&HULGZHQ-RKQVRQOD&RRUGLQDGRUDGHOD5HG\ODV&RPXQLFDFLRQHVGH)$1
+RUDFLR%RQÀOGH)$10H[$QGUpV0RUDGH)$1&$\-DLPH%DVWR1HURGH)$1$6HQODUHXQLyQSUHSDUDWRULDSDUDHO9,)RUR
0XQGLDOGHO$JXDHQ0DUVHOOD)UDQFLD
/HDFRPHQWDULRV\RSLQLRQHVSHUVRQDOHVHQWRUQRDWRGRVHVWRVHYHQWRV\PiVHQHOEORJGH)$1²\FRPXQtTXHQRVORTXHSLHQVD/HVHUi
IiFLOKDFHUFRPHQWDULRV\FRPSDUWLUVXVSXQWRVGHYLVWDFRQRWURVPLHPEURVGH)$1GHWRGDVSDUWHVGHOPXQGRDTXt
KWWSIUHVKZDWHUDFWLRQQHWZRUNZRUGSUHVVFRP
)272*5$)Ì$'(/$3257$'$
)/$0$17(3É*,1$:(%
/DIRWRJUDItDJDQDGRUDGHHVWHQ~PHURVREUHHOWHPDGH
SDUWLFLSDFLyQFRPXQLWDULDIXHSUHVHQWDGDSRU%RQLIDFH
0ZLKDNLGH$1(:\PXHVWUDDHVFRODUHVSDUWLFLSDQGRHQ´OD
FRODPiVODUJDGHOPXQGRSDUDLUDOEDxRµSDUDH[LJLUTXH
VHPHMRUHHOVDQHDPLHQWRHQHODVHQWDPLHQWRKXPDQRGH
.LEHUD1DLUREL/DIRWRIXHWRPDGDGXUDQWHXQDDFWLYLGDG
RUJDQL]DGDHQIRUPDFRQMXQWDSRU$1(:\OD21*GH.HQLD
0DMLQD8IDQLVL
£<DVDOLyODQXHYDSiJLQDZHEGH)$1/DQXHYDHVWUXFWXUD²
TXHHVWiGLYLGLGDHQLPSDFWRDSUHQGDQRWLFLDVFRQpFWHVH
\VHFFLRQHVLQGLYLGXDOHVVREUHODVUHJLRQHV²HVXQDPHMRU
YLWULQDSDUDH[KLELUQXHVWURWUDEDMRIUHQWHDGRQDQWHV
HLQVWDQFLDVGHGHFLVLyQ\DFW~DFRPRXQHVSDFLRGH
DSUHQGL]DMH\FRRUGLQDFLyQSDUDODVDÀOLDGDV6XVQXHYDV
FDUDFWHUtVWLFDVLQFOX\HQHVSDFLRSDUDTXHODVDÀOLDGDV
LQWHUYHQJDQVHFRQHFWHQ\DSUHQGDQXQIRURGHGLVFXVLyQ\
XQPRWRUGHE~VTXHGDGHPLHPEURVVHFFLRQHVLQIRUPDWLYDV
VREUHQXHVWURVSULQFLSDOHVWHPDVHLQFOXVRIDFLOLGDGHVSDUD
TXHFXDOTXLHUDÀOLDGDSXHGDDORMDUVXSURSLREORJ²DVtTXH«
£SDUWLFLSHQZZZIUHVKZDWHUDFWLRQQHW
0D\RUHVGHWDOOHVHQ
KWWSZZZDQHZDIULFDQHWQHZVDUWLFOHSKS"DUWLFOH Ì1',&(
&HUUDQGRHOFtUFXOR²XQDKRMDGHUXWDHVWUDWpJLFDKDFLDOD
LQGHSHQGL]DFLyQ )$1&$ (QIRTXHGH)$1HQWHPDVGHJREHUQDELOLGDGWUDQVSDUHQFLD\
VHJXLPLHQWR )$16$ $1(: )$1$6 )$QPH[ &RQWiFWHQRV 3OHLQVIHX[VXUXQPHPEUH &(55$1'2(/&Ì5&8/2²81$+2-$'(587$(675$7e*,&$
+$&,$/$,1'(3(1',=$&,Ð1
/D6HFUHWDULD(MHFXWLYDGH)$1'DQLHOOH0RUOH\UHJUHVyGHVX
OLFHQFLDGHPDWHUQLGDGHQDEULO&RPSDUWHVXVSHQVDPLHQWRV
VREUHODQXHYDHVWUDWHJLDGHFLQFRDxRV\VXYLVLyQSDUDHO
IXWXURGHODUHG
'HVGHTXHUHJUHVpD)$1DSULQFLSLRVGHDxROXHJRGH
SDVDUPHXQDxRFXLGDQGRDWLHPSRFRPSOHWRDPLKLMR
&RVPR\DPLSHTXHxDKLMD6WHOODQRKHSDUDGR²WRGDYtD
HVWR\WUDWDQGRGHDYHULJXDUFXiOGHORVGRVHVWLORVGHYLGDHV
PiVH[WHQXDQWH£VLHOWUDEDMRRORVKLMRV
5HJUHVpDOWUDEDMRMXVWRDWLHPSRSDUDHOODQ]DPLHQWRGH
QXHVWUDQXHYDHVWUDWHJLDGHFLQFRDxRV3XVLPRVPXFKR
HPSHxRHQFRQVXOWDUFRQWDQWDVDÀOLDGDVFRPRQRVIXHUD
SRVLEOH\ORTXHHPHUJLyGHHVWHSURFHVRIXHXQDHVWUDWHJLD
TXHUHÁHMDODVLQTXLHWXGHV\H[SHULHQFLDVGHQXHVWUDVDÀOLDGDV
/DVFXDWURiUHDVWHPiWLFDVGHIRFDOL]DFLyQGHODSUHVHQWH
HVWUDWHJLDVRQJREHUQDELOLGDGWUDQVSDUHQFLD\VHJXLPLHQWR
JHVWLyQLQWHJUDGDGHORVUHFXUVRVKtGULFRV\FDPELRFOLPiWLFR
UHFXUVRVKtGULFRVWUDQVIURQWHUL]RV\ORVGHUHFKRVDODJXD\DO
VDQHDPLHQWR/DFHUWH]DGHTXHHVWDViUHDVUHYLVWHQODPD\RU
LPSRUWDQFLDSDUDQXHVWUDVDÀOLDGDVQRVSHUPLWLUiIRFDOL]DU
PHMRUHOWUDEDMRGHSURPRFLyQGH)$1*OREDO
)$1*OREDOVHHVIRU]DUiSRUORJUDUVXVREMHWLYRVHVWUDWpJLFRV
DÀQGHPD[LPL]DUHOLPSDFWRHQXQLPSRUWDQWHPRPHQWR
GHQXHVWUDHYROXFLyQ²DOWLHPSRTXHFRQWULEXLPRVDQXHVWUR
REMHWLYRVXSHULRUGHDVHJXUDUTXHORVFHQWURVUHJLRQDOHVGH
ODUHGJOREDOSRVHDQODFDSDFLGDG\ODVGHVWUH]DVQHFHVDULDV
SDUDFXPSOLUFRQVXVREMHWLYRVHVWUDWpJLFRVDQLYHOQDFLRQDO
UHJLRQDOHLQWHUQDFLRQDO
$FWXDOPHQWHHVWDPRVELHQSRVLFLRQDGRVSDUDHPSUHQGHUXQD
LPSRUWDQWHWUDQVIRUPDFLyQDPHGLGDTXHWUDQVLWDPRVKDFLDOD
LQGHSHQGHQFLD
&RPRSDUWHGHQXHVWURGHVDUUROORHVWUXFWXUDODSULQFLSLRV
GHHVWHDxRHO&RPLWp'LUHFWLYRYRWySRUODWUDQVLFLyQ
HVFDORQDGDGH)$1KDFLDODLQGHSHQGHQFLDXQSURFHVR
TXHWRPDUtDHQWUHWUHV\FLQFRDxRV:DWHU$LGDFWXDOPHQWH
ODDQÀWULRQDOHJDOHLQVWLWXFLRQDOGH)$1KDVXJHULGR
GHVGHHQWRQFHVTXH)$1*OREDODFRUWHHOSOD]RKDFLDOD
LQGHSHQGHQFLDDGRVDxRV
'DQLHOOH0RUOH\
/DLQLFLDWLYDSURSXHVWDFHUUDUiHOFtUFXORSDUD)$1\DTXHOD
LQGHSHQGHQFLDHVWiSURJUDPDGDSDUDFRLQFLGLUFRQQXHVWUR
GpFLPRDQLYHUVDULR/DVDFWLYLGDGHVGH)$1HPSH]DURQ
EiVLFDPHQWHHQRFDVLyQGHOD&XPEUH0XQGLDOGHODV
1DFLRQHV8QLGDVVREUHHO'HVDUUROOR6RVWHQLEOHHQHO\
OOHYDURQVXEVLJXLHQWHPHQWHDOQDFLPLHQWRGHODSULPHUDUHG
UHJLRQDOGHOFRQVRUFLR)$1&HQWURDPpULFD)$1&$
'LH]DxRVGHVSXpVFRQFLQFRUHGHVUHJLRQDOHVHQÉIULFD
$VLD\$PpULFD/DWLQD\XQDUHSXWDFLyQFDGDYH]PiVÀUPH
FRPRXQDYR]IXHUWH\FUHtEOHDIDYRUGHODLQÁXHQFLDGHOD
VRFLHGDGFLYLOHQODVSROtWLFDVGHODJXDDQLYHOORFDOUHJLRQDOH
LQWHUQDFLRQDOODUHGHVWiSUHSDUDGDSDUDODLQGHSHQGHQFLD\
ODDXWRQRPtDUHDO
(VSHURTXHFRQORVFUHFLHQWHVLQVXPRV\DSR\RGHQXHVWUDV
DÀOLDGDVHQWRGDVODVUHJLRQHVODUHGFRQWLQXDUiFUHFLHQGR
\GHVDUUROOiQGRVH\YHUHPRVXQDUHGJOREDOIXHUWHGH26&
WUDEDMDQGRSRUXQVHFWRUGHDJXD\VDQHDPLHQWRPHMRU
PDQHMDGR\PiVLQFOX\HQWHHQEHQHÀFLRGHODVJHQHUDFLRQHV
SUHVHQWHV\IXWXUDV
¢4XpRSLQDXVWHG"&RPXQtTXHQRVVXVSXQWRVGHYLVWDHQHO
IRURGHGLVFXVLyQGHQXHVWUDSiJLQDZHE
2EMHWLYRVHVWUDWpJLFRVGH)$1*OREDO
0HGLDQWHHOIRUWDOHFLPLHQWRGHODVFDSDFLGDGHVGHVXVUHGHVUHJLRQDOHV)$1*OREDOIXQJLUiFRPRDPSOLÀFDGRUGHODV
GLYHUVDVYRFHVGHODVRFLHGDGFLYLOGHO6XU\VHHVIRU]DUiSRUFUHDUXQHQWRUQRIDYRUDEOHSDUDODSURPRFLyQ
)$1*OREDOSURPRYHUiYLJRURVDPHQWHODJHQHUDFLyQGHPHQVDMHVEDVDGRVHQWHVWLPRQLRVGHSHUVRQDVWRPDGRVHQFDPSR
GHPRGRWDOTXHORVGHEDWHVHQWRUQRDODVSROtWLFDVGHDJXD\VDQHDPLHQWRVHVXVWHQWHQHQ\UHVSRQGDQDORTXH
QHFHVLWDQGLFKDVSHUVRQDV\ORTXHOHVIXQFLRQD
)$1*OREDOVHHVIRU]DUiSRULQFUHPHQWDUHOQ~PHURGH21*GHIHQVRUDVGHODFDXVDGHODJXDTXHSRVHDQODVGHVWUH]DV
QHFHVDULDVSDUDLQÁXLUHQORVUHVSRQVDEOHVGHGLVHxDUODVSROtWLFDVGHDJXD\VDQHDPLHQWRDQLYHOQDFLRQDOUHJLRQDO\JOREDO
)$1*OREDOIDFLOLWDUiXQSURFHVRSHUPDQHQWHGHWUDQVIHUHQFLDGHFRQRFLPLHQWRDORODUJR\DQFKRGHVXPHPEUHVtDFRQHO
ÀQGHIRUWDOHFHUODVUHGHVUHJLRQDOHV
)$1*OREDOVHWUDQVIRUPDHQXQDUHGIXHUWH\VRVWHQLEOHFRQRFLGDSRUVXHÀFDFLD\HÀFLHQFLD
(1)248('()$1(17(0$6'(*2%(51$%,/,'$'
75$163$5(1&,$<6(*8,0,(172
)$1D\XGDDVXVDÀOLDGDVDPRQLWRUHDUHLQÁXLUDORVJRELHUQRV
/DSDUWLFLSDFLyQHLQÁXHQFLDGHODVRFLHGDGFLYLOHQODV
GHFLVLRQHVHQWRUQRDODJREHUQDELOLGDGGHOVHFWRUGHDJXD\
VDQHDPLHQWRHVIXQGDPHQWDOSDUDTXHORVUHVSRQVDEOHVGH
WRPDUODVGHFLVLRQHVDQLYHOJXEHUQDPHQWDO\GHOVHFWRUSULYDGR
WRPHQHQFXHQWDODVQHFHVLGDGHVGHORVSREUHV3RUHVWDUD]yQ
ODVDÀOLDGDVGH)$1LGHQWLÀFDURQODJREHUQDELOLGDGFRPRXQD
GHQXHVWUDVFXDWURSULRULGDGHVFHQWUDOHVGXUDQWHODUHYLVLyQ
HVWUDWpJLFDGH)$1
´(OSDSHOGHODVRUJDQL]DFLRQHVGHODVRFLHGDGFLYLOHVWi
FDPELDQGRGHODSUHVWDFLyQGHVHUYLFLRVDODLQFLGHQFLD
SROtWLFDDFWLYD²ORFXDOLQFOX\HVHJXLPLHQWR1HFHVLWDPRV
RUJDQL]DUQRVPHMRU\H[LJLUXQHVSDFLRHQORVSURFHVRVGHWRPD
GHGHFLVLRQHVµ$1(:
´/DVOH\HV\HVWUXFWXUDVGHODJXDHVWiQELHQHVWDEOHFLGDVORV
FRQVHMRVGHFXHQFDWLHQHVXEFRPLWpVTXHRIUHFHQXQHVSDFLR
SDUDODVRUJDQL]DFLRQHVGHODVRFLHGDGFLYLOSHURHQODSUiFWLFD
QRSHUPLWHQXQDSDUWLFLSDFLyQUHDOµ)$10H[
´/RVFRPSURPLVRVDGTXLULGRV«QRVRQUHVSHWDGRVHQVX
YHUGDGHURHVStULWX/DLQHÀFLHQFLD\ODFRUUXSFLyQFRQVWLWX\HQ
JUDYHVSUREOHPDVTXHKDFHQTXHODVLQYHUVLRQHVS~EOLFDV
GHYHQJDQLQIUXFWXRVDV/RVLQIRUPHVGHDYDQFHVDQLYHO
QDFLRQDOHLQWHUQDFLRQDODGROHFHQGHIDOWDGHWUDQVSDUHQFLD\QR
FRQWLHQHQODYR]GHODFLXGDGDQtDµ)$16$
(/352*5$0$'(*2%(51$%,/,'$'<75$163$5(1&,$'()$1
(OSURJUDPDGHJREHUQDELOLGDG\WUDQVSDUHQFLDGH)$1²TXH
HVÀQDQFLDGRSRUHO)RQGRGH*REHUQDELOLGDG\7UDQVSDUHQFLD
*7)GHO'HSDUWDPHQWRSDUDHO'HVDUUROOR,QWHUQDFLRQDO
GHO5HLQR8QLGR'),'²HVWiDSR\DQGRODVDFWLYLGDGHV
GHLQFLGHQFLDSROtWLFDGHODVDÀOLDGDVGH)$1HQWRUQRDOD
JREHUQDELOLGDGHQYDULDVUHJLRQHV(QPD\RRUJDQL]DFLRQHV
GHWRGDVODVUHJLRQHVVHUHXQLHURQSRUVHJXQGDYH]SDUD
LQWHUFDPELDUH[SHULHQFLDVHVWXGLRVGHFDVR\DSUHQGL]DMHV
SURJUDPiWLFRVHQPDWHULDGHLQFLGHQFLD
(VWDUSUHSDUDGRVSDUDKDFHUIUHQWHDOGHVDItRGHUHVXOWDGRV
LQHVSHUDGRVHPHUJLyFRPRXQRGHORVDSUHQGL]DMHVFODYHGH
ODUHXQLyQFRPRH[SOLFDOD2ÀFLDOGH,QFLGHQFLD\$SUHQGL]DMH
$SOLFDGRGH)$1.ROOHHQ%RXFKDQH
´&XDQGRWUDEDMDVSDUDPRGLÀFDUHVWUXFWXUDVGHJRELHUQR\
VLVWHPDVGHUHIRUPDVWHHQIUHQWDVDWRGDFODVHGHUHODFLRQHV
\HVWUXFWXUDVGHSRGHU²PXFKDVGHHOODVLQIRUPDOHV&XDQGR
,QWHUFDPELDQGRDSUHQGL]DMHVHQOD´5HXQLyQ*UDQGHµVREUH
JREHUQDELOLGDG\WUDQVSDUHQFLD
WLHQHVp[LWRHQLQIRUPDUHPSRGHUDU\FDSDFLWDUDVHFWRUHV
DQWHULRUPHQWHPDUJLQDGRVSDUDTXHDFFHGDQDODLQIRUPDFLyQ
\IRUPXOHQVXVGHQXQFLDVSRUHMHPSORSXHGHVDOWHUDUHO
EDODQFHGHSRGHUH[LVWHQWH²PXFKDVYHFHVFRQUHVXOWDGRV
EULOODQWHVHLQVSLUDGRUHVSHURSRVLEOHPHQWHWDPELpQGHIRUPDV
SUREOHPiWLFDVRLQHVSHUDGDV
´(Q,QGLDXQDGHQXHVWUDVRUJDQL]DFLRQHVDVRFLDGDVWXYR
TXHHQIUHQWDUDOtGHUHVFRPXQLWDULRVTXHVHQWtDQTXHSRGtDQ
HVWDUSHUGLHQGRFLHUWDLQÁXHQFLDDKRUDTXHORVSREODGRUHV
GHODDOGHDHVWDEDQWUDQVPLWLHQGRVXVFRQVXOWDV\TXHMDV
GLUHFWDPHQWHDOJRELHUQRORFDO/DRUJDQL]DFLyQHVWi
FDSDFLWDGDSDUDPDQHMDUHVWDVLWXDFLyQSRUTXHFRQRFHWRGR
HOFRQWH[WRDVtFRPRDORVDFWRUHVLQYROXFUDGRV\SRVHHXQ
DOWRQLYHOGHSHULFLDORFXDOHVIXQGDPHQWDOSDUDIRUMDUODV
GHOLFDGDVUHODFLRQHVTXHVHUHTXLHUHQSDUDXQDLQFLGHQFLD
H[LWRVDHQWRUQRDODJREHUQDELOLGDGµ
.ROOHHQVDWLVIHFKDFRQORVFRQFHSWRVGHVHJXLPLHQWR\HYDOXDFLyQ
81e;,72'(/352*5$0$&,8'$'$126$6(*85$1686
FDSDFLWDFLyQGHODVRUJDQL]DFLRQHVGHOSURJUDPDSDUD
'(5(&+26(1,1',$
UHDOL]DU´DXGLWRUtDVµGHORVVHUYLFLRVGHDJXD\VDQHDPLHQWR\
$OHPSRGHUDUDODVFRPXQLGDGHVPDUJLQDGDVSDUDTXHH[LMDQ
VXVGHUHFKRVHOPRGHORGH,QIRUPHGH$XGLWRUtD&LXGDGDQD
HQOD,QGLDKDOOHYDGRDXQDPHMRUDGHODFDOLGDGGHODJXDH
LQFUHPHQWDGRHODFFHVRSDUDPiVGHQLxRV\QLxDVGH
VHFWRUHVPDUJLQDGRV
(QXQDVHOHFFLyQGHGLVWULWRVGHOD,QGLDVHFUHDURQFRPLWpV
FRPXQLWDULRVGHDJXD\VDQHDPLHQWRTXHUHFLELHURQ
SUHVHQWDUORVLQIRUPHVFRUUHVSRQGLHQWHVDVXVUHSUHVHQWDQWHV
ORFDOHVHOHJLGRV(VWHPpWRGRSURPXHYHXQSURFHVR
GHSDUWLFLSDFLyQFRPXQLWDULD\SRQHGHPDQLÀHVWRODV
QHFHVLGDGHVEiVLFDVGHODFRPXQLGDG(QHOGLVWULWRGH
$QDQWDSXUFXDQGRORVLQIRUPHVIXHURQGDGRVDFRQRFHUDOD
DXWRULGDGGLVWULWDOHQFDUJDGDHQRFDVLyQGHO'tD0XQGLDOGHO
$JXDVHFUHDURQSXQWRVGHDJXDHLQVWDODFLRQHVVDQLWDULDVHQ
ODVDOGHDV\HVFXHODV
'(/1,9(//2&$/$/*/2%$/&203$57,(1'2,163,5$&,Ð1<
$35(1',=$-(6
3RU5DPLVHWW\0XUDOL&RQYRFDQWHGH)$16$\VRFLRGHO
SURJUDPD
(QORVSURJUDPDVGHJREHUQDELOLGDGKDVWDDKRUDKDEtDPRV
LPSXOVDGRHOSUR\HFWRDQLYHOORFDO3HURHQOD5HXQLyQ*UDQGH
DUULEDPRVDXQHQWHQGLPLHQWRFRQVROLGDGRVREUHFXiOHV
QXHVWUDSRVLFLyQFROHFWLYD$PtPHLQWHUHVDEDHQWHUDUPHGH
ODVSUHVLRQHVTXHORVFROHJDVGH&RVWD5LFDSXGLHURQHMHUFHU
VREUHHOSDUODPHQWRGHVXSDtVSDUDTXHFRQVLGHUDUDXQ
SUR\HFWRGHOH\VREUHHODJXD\ORVUHFXUVRVQDWXUDOHVSDUDOR
FXDOVHUHFROHFWDURQÀUPDV'HOPLVPRPRGRHQFRQWUp
LQWHUHVDQWHHOHQIRTXHTXHSURPXHYHXQGHEDWHPXOWLVHFWRULDO
HQUDGLRVORFDOHVDIULFDQDV
/DVRUJDQL]DFLRQHVWDQWRDIULFDQDVFRPRFHQWURDPHULFDQDV
UHDOPHQWHDSUHFLDURQODLQIRUPDFLyQVREUHHOSURFHVRGH$XGLWRUtD
6RFLDO\$XGLHQFLDV3~EOLFDVTXHYHQLPRVLPSXOVDQGRHQOD,QGLD
FX\RREMHWLYRHVOODPDUODDWHQFLyQVREUHORVSUREOHPDVGHDJXD
\VDQHDPLHQWRHQODVHVFXHODV\H[LJLUDFFLRQHVSDUDUHVROYHUORV
(QFRQVHFXHQFLDPHKDQSHGLGRFRPSDUWLUHVWDH[SHULHQFLDHQ
VXVUHXQLRQHVUHJLRQDOHVGHDSUHQGL]DMH0HDOHJUDTXHHVWHPRV
IRUWDOHFLHQGRQXHVWURHQWHQGLPLHQWRHPSH]DQGRUHDOPHQWH
DFRPSDUWLU\DSUHQGHUGHORVORJURV\GHVDItRVGHODVRWUDV
RUJDQL]DFLRQHV\GLOXFLGDQGRIRUPDVGHWUDEDMDUMXQWRVFRQPD\RU
IUHFXHQFLD\HÀFDFLDHQHOIXWXUR
0XUDOLGHIHQGLHQGRHOSXQWRGHYLVWDGHOOtGHUFRPXQLWDULRHQXQD
VHVLyQGHLQWHUSUHWDFLyQGHUROHVHQOD5HXQLyQ*UDQGH
&21&8562'((6&5,785$¢&8É/(6(/0$<25'(6$)Ì2
'(*2%(51$%,/,'$''(6825*$1,=$&,Ð1"
1HHONDQWK0LVKUDHO&RRUGLQDGRUGHO*7)SDUDODUHJLyQGH$VLD
0HULGLRQDOQRVFXHQWDVREUHXQUHFLHQWHKDOOD]JRHQUHODFLyQ
FRQHOGHVDItRGHHQIUHQWDUXQDJREHUQDELOLGDGGHÀFLHQWH
+DFHSRFRHVWXYHYLVLWDQGRDOJXQDVFRPXQLGDGHVGH
8WWDU3UDGHVKSDUDDYHULJXDUODUD]yQSRUODFXDOSHVH
DORVDODUGHVGHTXHOD&DPSDxDGH6DQHDPLHQWR7RWDO
GHOJRELHUQRLQGLRKDGDGRH[FHOHQWHVUHVXOWDGRVHQOD
FREHUWXUDGHVDQHDPLHQWRODUHDOLGDGVREUHHQFDPSR
KDEODEDGHXQDKLVWRULDPX\GLIHUHQWH0LYLVWDUHYHOyFyPR
FDUHFHUGHXQVLVWHPDGHVHJXLPLHQWRSDUDHYDOXDUORV
UHVXOWDGRVGHORVSURJUDPDVGHOJRELHUQRSXHGHOOHYDUDXQD
VLWXDFLyQGHJREHUQDELOLGDGGHÀFLHQWH²HQHVSHFLDOHQOR
TXHVHUHÀHUHDODDVLJQDFLyQGHORVUHFXUVRV
(OSURJUDPDGH6DQHDPLHQWR7RWDORIUHFHDORVJRELHUQRV
ORFDOHVUXSLDVLQGLDV86SRUSHUVRQDSDUDOD
FRQVWUXFFLyQGHLQRGRURV'HVFXEUtTXHORVIXQFLRQDULRVGH
ORVJRELHUQRVORFDOHVDFHSWDEDQORVIRQGRVDSHVDUGHTXH
VDEtDQTXHHOPRQWRQRFXEUHHOFRVWRUHDOGHXQLQRGRUR
$FWRVHJXLGRFRQVWUX\HQODHVWUXFWXUDSDUDXQDOHWULQDSHUR
VLQLQFOXLUODOHWULQDHQVt
/DVFRPXQLGDGHVDFHSWDQFRQDJUDGRODVHVWUXFWXUDV\D
TXHHVWiQKHFKDVGHODGULOORTXHHVXQPDWHULDOFRVWRVR\
WLHQHPXFKDGHPDQGDDGLIHUHQFLDGHORVLQRGRURVTXH
QRODWLHQHQ'DGRTXHQRKD\XQDHGXFDFLyQHQKLJLHQH
TXHDFRPSDxHODLQLFLDWLYDGHVDQHDPLHQWRGHOJRELHUQR
LQGLRODVFRPXQLGDGHVQRVRQFRQVFLHQWHVGHORVSHOLJURV
TXHHQWUDxDGHIHFDUDODLUHOLEUH$OFDERGHVHLVPHVHV
GHVPDQWHODQODVHVWUXFWXUDV\XWLOL]DQORVODGULOORVSDUD
FRQVWUXLUFRUUDOHVSDUDVXVDQLPDOHV
(VWHLQRGRURGHPXHVWUDODPDODFDOLGDGGHFRQVWUXFFLyQ\FyPRVH
HVWiXWLOL]DGRFRPRXQDFDPDSDUDXQDPDGUH\VXVFDFKRUURV
1RH[LVWHXQVLVWHPDGHVHJXLPLHQWRHVWDEOHFLGRSRU
ORWDQWRXQDYH]TXHVHGHVHPEROVDQORVIRQGRVSDUD
ORV´LQRGRURVµHOJRELHUQRORFDOVLPSOHPHQWHDxDGHD
ORVEHQHÀFLDULRVDVXVFLIUDVGHFREHUWXUD$GHPiVORV
IXQFLRQDULRVORFDOHVDFHSWDQORVIRQGRVFDGDDxR\KD\
FDVRVHQTXHVHORVDVLJQDQDOPLVPRQRPEUHDxRWUDVDxR
/DVFRPXQLGDGHVVLJXHQGHIHFDQGRDODLUHOLEUH\XWLOL]DQORV
ODGULOORVHQFRUUDOHVSDUDDQLPDOHV
/DVLWXDFLyQGHPXHVWUDHOGHVDItRDVtFRPRODLPSRUWDQFLD
GHXQRGHORVSULQFLSDOHVHMHVGHIRFDOL]DFLyQGH)$1
JREHUQDELOLGDGVHJXLPLHQWR\HYDOXDFLyQ&RPRPLHPEURV
GHODUHGHVWDPRVWUDEDMDQGRHQHOIRUWDOHFLPLHQWRGH
QXHVWUDSDUWLFLSDFLyQ\ODGHODVUHGHVHQHOVHJXLPLHQWR
GHODVLQLFLDWLYDVGHDJXD\VDQHDPLHQWR\HQH[LJLUDORV
JRELHUQRVTXHDVXPDQVXUHVSRQVDELOLGDG
$)5,&$1&,9,/62&,(7<1(7:25.21:$7(5$1'
6$1,7$7,21$1(:
REVIEW AND PLANNING
58,'263520(7('25(6'((648,1$662535(1'(17(6
$1(:YLHQHHMHFXWDQGRXQDVHULHGHGLiORJRVQDFLRQDOHV
HQWRUQRDORVGHUHFKRVDODJXD\DOVDQHDPLHQWRFRQHOÀQ
GHD\XGDUDORVDFWRUHVGHOVHFWRUDGHVDUUROODUXQDPHMRU
FRPSUHQVLyQGHOWHPD\FRQYHQFHUORVGHOEHQHÀFLRGH
UHFRQRFHUGLFKRVGHUHFKRV
6LELHQPXFKRVDFWRUHVHQFDPSRUHFRQRFHQODVHULHGDG
GHODFULVLVGHODJXD\HOVDQHDPLHQWRODPD\RUtDGHORV
SDtVHVDIULFDQRVVHUHVLVWHDUHFRQRFHUTXHHODJXD\
HOVDQHDPLHQWRVRQGHUHFKRVKXPDQRV3HURDKRUDD
FRQVHFXHQFLDGHORVGHEDWHVRUJDQL]DGRVSRU$1(:²TXH
UH~QHQDXQDJDPDGHDFWRUHVHQWUHHOORVRUJDQL]DFLRQHV
GHODVRFLHGDGFLYLOIXQFLRQDULRVHVWDWDOHVSURYHHGRUHVGHO
VHUYLFLRPHGLRVGRQDQWHVHLQYHVWLJDGRUHVSDUDH[SORUDU
ODVLPSOLFDFLRQHVGHUHFRQRFHUHOGHUHFKRDODJXD\DO
VDQHDPLHQWRHQORVPDUFRVQRUPDWLYRVQDFLRQDOHV²VHHVWiQ
HVFXFKDQGRDOJXQRVUXLGRVSURPHWHGRUHV
´(Q&KDGQLQJ~QGRFXPHQWROHJDOUHFRQRFHQLHOGHUHFKR
DODJXDQLHOGHUHFKRDOVDQHDPLHQWRµVHxDOD'LRQNR
0DRXQGpXQDERJDGRLQYHVWLJDGRU\DVHVRUGHHO0LQLVWUR
GH6DOXG3~EOLFDTXHIDFLOLWyORVGLiORJRVHQ&KDG3HURVt
VHDOXGHDHOORVHQODFRQVWLWXFLyQGHOSDtVTXHFODVLÀFDHO
GHUHFKRDODVDOXGFRPRXQGHUHFKRVRFLDO\HVWDEOHFH
HOUHFRQRFLPLHQWRFRQVWLWXFLRQDOGHOGHUHFKRDXQPHGLR
DPELHQWHVDOXGDEOHµ
(QODUHXQLyQ'LRQNRVRVWXYRTXHHOQRUHFRQRFLPLHQWR
GHHVWHIXQGDPHQWDOGHUHFKRSHVHDVHUVLJQDWDULRVGH
ORV2EMHWLYRVGH'HVDUUROORGHO0LOHQLR\RWURVFRQYHQLRV
LQWHUQDFLRQDOHVYHUWHUtDVHULDVGXGDVVREUHODFRQVLVWHQFLDGH
ORVFRPSURPLVRVLQWHUQDFLRQDOHVGH&KDG
(QORVGHEDWHVQDFLRQDOHVHQ%XUNLQD)DVRORVIXQFLRQDULRV
GHOJRELHUQRSUHVHQWHVWDPELpQKLFLHURQDOJXQRV
FRPHQWDULRVSURPHWHGRUHV(VWRPRWLYyDODVRUJDQL]DFLRQHV
GHODVRFLHGDGFLYLOHQFRODERUDFLyQFRQRUJDQL]DFLRQHVGH
ODV1DFLRQHV8QLGDV\RWURVVRFLRVHQHOGHVDUUROORDVHJXLU
FDELOGHDQGRFRQORVUHVSRQVDEOHVGHGLVHxDUODVSROtWLFDV
,GULVV$OL0DOORXPHO6HFUHWDULR*HQHUDO$GMXQWRGHO0LQLVWHULRGHO
$JXDFRQYHUVDQGRFRQ'DRXGD(O+DGM$GDPHO3UHVLGHQWHGHOD
5HGGH$JXD\6DQHDPLHQWRGH&KDG
SXEOLFDVSDUDTXHDGRSWHQHOHQIRTXHEDVDGRHQORV
GHUHFKRVKXPDQRVDUWLFXODQGRORVGHUHFKRVKXPDQRVFRQ
HODJXDOLPSLDHOVDQHDPLHQWR\ODKLJLHQH,QGLFDURQTXH
FUHtDQTXHHOJRELHUQRSRGtDVHUFRQYHQFLGRVLODVRFLHGDG
FLYLOHMHUFtDXQDSUHVLyQVRVWHQLGD\VXÀFLHQWH
/D6HFUHWDULD*HQHUDOGH$1(:-DPLOODK0ZDQMLVLFRPHQWy
´6HWUDWDGHXQH[FHOHQWHSULPHUSDVR+DVLGRHVWXSHQGR
PDQWHQHUXQGLiORJRHVWLPXODQWHHQWRUQRDHVWHWHPD
²KHPRVDELHUWRFDQDOHVTXHSRVLELOLWDUiQGLVFXVLRQHV
DGLFLRQDOHV\SHUPLWLUiQDODVGLIHUHQWHVSDUWHVH[SRQHUVXV
DUJXPHQWRV)XHXQDRSRUWXQLGDGSDUDKDFHUSUHJXQWDV
SDUDHQWHQGHU\DKRUDTXHHQWHQGHPRVPHMRUORVGLIHUHQWHV
SXQWRVGHYLVWDSRGHPRVDGHFXDUQXHVWURVPHQVDMHVGH
LQFLGHQFLD\HMHUFHUSUHVLyQHQORVOXJDUHVDGHFXDGRVD
ÀQGHJHQHUDUXQFDPELRGXUDGHUR«GHDTXtHQDGHODQWH
SRGHPRVHPSH]DUUHDOPHQWHDLQÁXLUµ
(1)248('(/352<(&72352*5$0$65$',$/(6&2081,7$5,26(1
8*$1'$
/RVSURJUDPDVGHUDGLRFRPXQLWDULRVFRQVWLWX\HQXQDJUDQRSRUWXQLGDGSDUDODVFRPXQLGDGHVPiVSREUHV\PDUJLQDGDV
GH8JDQGD²SDUDLQIRUPDUVHPHMRUDFHUFDGHVXVGHUHFKRVDODJXD\DOVDQHDPLHQWR\FRPXQLFDUVXVSUHRFXSDFLRQHVDO
UHVSHFWR
/RVSURJUDPDVSHUPLWHQDORVSHULRGLVWDVDFXGLUDODVFRPXQLGDGHVSDUDUHDOL]DUHQWUHYLVWDVRLQIRUPDUVHVREUHORVSUREOHPDV
TXHDTXHMDQDODFRPXQLGDGeVWRVVRQGLIXQGLGRVOXHJRSRUWHOHYLVLyQ\UDGLR\VHLQYLWDDGLIHUHQWHVDFWRUHVHQWUHHOORV
UHSUHVHQWDQWHVGHOJRELHUQR\GHODVHPSUHVDVSURYHHGRUDVGHOVHUYLFLRDORVHVWXGLRVGHODHPLVRUDSDUDGLVFXWLUORVWHPDV
LGHQWLÀFDGRVSRUODFRPXQLGDG&,',\1$3(GRVRUJDQL]DFLRQHVGH)$1DFW~DQFRPRIDFLOLWDGRUDV\OOHYDQDORVSHULRGLVWDV
DODVFRPXQLGDGHVSDUDHQWUHYLVWDU\KDEODUFRQDOJXQRVPLHPEURVGHODFRPXQLGDG(VWROHVSHUPLWHFRPSUREDUSRUVt
PLVPRVORVSUREOHPDVGHDJXD\VDQHDPLHQWRTXHHVWiQYLYLHQGRODVFRPXQLGDGHVHQWUHHOODVORVVHFWRUHVPDUJLQDGRV
(VWHQRYHGRVRHQIRTXHHPSRGHUDDODVFRPXQLGDGHVPiVPDUJLQDGDV\OHVSURSRUFLRQDXQDSODWDIRUPDSDUDH[LJLUPD\RU
UHQGLFLyQGHFXHQWDV\UHFHSWLYLGDGGHORVSURYHHGRUHVGHOVHUYLFLR
81(63$&,23$5$,1)/8,5²/$&80%5('(/$81,Ð1$)5,&$1$
¢4XpVXFHGLy"(QDVRFLDFLyQFRQ:DWHU$LG\RWUDV
RUJDQL]DFLRQHVGHODVRFLHGDGFLYLOODVDÀOLDGDVGH$1(:
GHVDUUROODURQXQDHVWUDWHJLDSDUDLQÁXLUHQORVUHVXOWDGRVGH
OD&XPEUHGHOD8QLyQ$IULFDQDTXHVHFHOHEUyHQ.DPSDOD
8JDQGDGHODOGHMXOLR
¢$TXLpQHVHVWiEDPRVLQÁX\HQGR"$ORVMHIHVGH(VWDGR
GHOD8QLyQ$IULFDQDVHWUDWDGHXQDRUJDQL]DFLyQ
LQWHUJXEHUQDPHQWDOLQWHJUDGDSRU(VWDGRVDIULFDQRV\XQ
EODQFRGHLQFLGHQFLDFODYHSDUD$1(:
¢'yQGH\FXiQGR"'HODOGHMXOLRVHOOHYyDFDER
XQIRURGHODVRFLHGDGFLYLOHQODVHPDQDSUHFHGHQWH
DOD&XPEUHFRQODÀQDOLGDGGHDUPRQL]DUORVPHQVDMHV
GHODVRFLHGDGFLYLOHQXQGRFXPHQWRGHQRPLQDGR´OD
'HFODUDFLyQGH.DPSDODµTXHFRQWLHQHORVSULQFLSDOHV
PHQVDMHVGHODVRFLHGDGFLYLODOD&XPEUHGHOD8$(QOD
FXPEUHUHSUHVHQWDQWHVGHODVRFLHGDGFLYLOSDUWLFLSDURQHQ
GLYHUVDVDFWLYLGDGHVGHLQFLGHQFLDSROtWLFDFRQHOREMHWRGH
SURPRYHUORVPHQVDMHVGHOD'HFODUDFLyQGH.DPSDOD/HD
PD\RUHVGHWDOOHVVREUHGLFKDVDFWLYLGDGHVHQHOVLJXLHQWH
EORJHQOtQHDIUHVKZDWHUDFWLRQQHW$XEORJ
¢3RUTXp"/DVGHFLVLRQHVDGRSWDGDVHQOD&XPEUHGHOD8$
SXHGHQWHQHUXQDLQÁXHQFLDVLJQLÀFDWLYDHQORVUHVXOWDGRVGH
ORVGHEDWHVGHOD´&XPEUHVREUHORV2'0DxRVGHVSXpVµ
HQVHSWLHPEUHGHO(OWHPDGHOD&XPEUHGHOD8$
HVWHDxR²6DOXGPDWHUQDQHRQDWDOHLQIDQWLO\GHVDUUROORHQ
ÉIULFD²VHFHQWUyHQORV2EMHWLYRVGH'HVDUUROORGHO0LOHQLR
\UHGXFLUODPRUWDOLGDGLQIDQWLO\PHMRUDUODVDOXGPDWHUQD
/RVDYDQFHVKDFLDVXFXPSOLPLHQWRVRQLQDFHSWDEOHVKDVWD
DKRUDHVSHFLDOPHQWHHQHOÉIULFDDOVXUGHO6DKDUD
(QWUHORVOODPDGRVGHDFFLyQDORVJRELHUQRVVHHQFRQWUDURQ
ORVVLJXLHQWHV
,QWHJUDUORVFRPSURPLVRVSUHYLRVHQPDWHULDGHDJXD
SRWDEOH\VDQHDPLHQWR$36DODVDOXGPDWHUQRLQIDQWLO
\SULRUL]DUORV\GRWDUORVGHUHFXUVRVDGHFXDGRVDQLYHO
QDFLRQDO
)RUWDOHFHUORVVLVWHPDV\PHFDQLVPRVGHUHQGLFLyQGH
FXHQWDVFRQHOÀQGHLPSXOVDUODSDUWLFLSDFLyQ
FLXGDGDQDPHMRUDQGRFRQHOORODJREHUQDELOLGDGHQHO
VHFWRUGH$36\GHODVDOXGPDWHUQRLQIDQWLOHQÉIULFD
-DPLOODK0ZDQMLVLOD6HFUHWDULD(MHFXWLYDGH$1(:TXLHQ
UHDOL]yXQDSUHVHQWDFLyQHQODUHXQLyQVHxDOyTXHHOSRU
FLHQWRGHODVPXHUWHVGHQLxRV\QLxDVHQÉIULFDVRQFDXVDGDV
SRUODGLDUUHD\QXHYHGHFDGDFDVRVGHGLDUUHDSRGUtDQ
VHUSUHYHQLGRVVLVHWXYLHUDDFFHVRDVDQHDPLHQWR\DJXD
3HVHDHOORDSHQDVFXDWURGHFDGDDIULFDQRVDVWLHQH
DFFHVRDXQLQRGRURVHJXUR\VyORVHLVGHFDGDDXQD
IXHQWHGHDJXDVHJXUD
´(VLPSRUWDQWHTXHORVJRELHUQRVDIULFDQRVUHFRQR]FDQOD
LQWHUUHODFLyQHQWUHODIDOWDGHDJXDOLPSLD\VDQHDPLHQWR
PHMRUDGR\ODVDOXGPDWHUQDQHRQDWDOHLQIDQWLO··GLFH
-DPLOODK
´$GHPiVQHFHVLWDPRVIRUWDOHFHUORVVLVWHPDV\
PHFDQLVPRVGHUHQGLFLyQGHFXHQWDVFRQHOÀQGHLPSXOVDU
ODSDUWLFLSDFLyQFLXGDGDQDPHMRUDQGRFRQHOOROD
JREHUQDELOLGDGHQHOVHFWRUGH$36\GHODVDOXGPDWHUQR
LQIDQWLOµ
:DWHU$LG%HQHGLFWH'HVUXV
DPLOODK0ZDQMLVLKDEODVREUHHOSDSHOIXQGDPHQWDOGHODJXD\HO
VDQHDPLHQWRHQODVDOXGLQIDQWLO\PDWHUQDHQÉIULFD
(QXQDVHQWDPLHQWRKXPDQRGH.DPSDOD8JDQGD=DZHGGHHVWi
VHQWDGDIUHQWHDXQDVFUXFHVTXHVLPEROL]DQDORVQLxRV\QLxDV
TXHIDOOHFHQGHGLDUUHDHQÉIULFDFDGDGtD
3/$1'($&&,Ð1$&25'$'2&210,1,67526$)5,&$126'(/$*8$ $1(:VHUHXQLyHQDEULOFRQHO&RQVHMR0LQLVWHULDO$IULFDQRVREUHHO$JXD$0&2:HQXQDPHVDUHGRQGD
FHOHEUDGDHQ3UHWRULD6XGiIULFDSDUDWUDQVIRUPDUVXUHODFLyQHQXQYHKtFXORSDUDODDFFLyQ6HH[SORUDURQ
LQLFLDWLYDVSDUDDFHOHUDUORVDYDQFHVKDFLDHOFXPSOLPLHQWRGHORV2EMHWLYRVGH'HVDUUROORGHO0LOHQLRHQ
PDWHULDGHDJXD\VDQHDPLHQWR
(GZDUG.DLUXHO3UHVLGHQWHGH$1(:TXLHQHVWXYRSUHVHQWHHQHOHYHQWRPDQLIHVWy´-XQWRVLGHQWLÀFDPRV
DFWLYLGDGHVFRPSDWLEOHVFRQODVHVWUDWHJLDVGHDPEDVSDUWHVeVWDVYDQGHVGHHODSR\RGH$1(:DOSODQ
GHWUDEDMRGH$0&2:DVHJXUDQGRODSDUWLFLSDFLyQGHODVRFLHGDGFLYLOHQORVSURFHVRVGHFRRUGLQDFLyQ\
SODQLÀFDFLyQGH$0&2:\FRRUGLQDQGRORVDSRUWHVGHODVRFLHGDGFLYLOKDVWDDSR\RHQORVLQIRUPHVGHOD8QLyQ
$IULFDQDD$0&2:SDUDODSURPRFLyQ\HOIRUWDOHFLPLHQWRGH$1(:LQYROXFUDQGRDODUHGHQDFRQWHFLPLHQWRV
FHQWUDOHVWDOHVFRPROD6HPDQD$IULFDQDGHO$JXD\SRWHQFLDQGRODVFDSDFLGDGHVGHODVRFLHGDGFLYLOµ
)5(6+:$7(5$&7,211(7:25.²6287+$0(5,&$)$1$6
81$5('1$&,21$/(1(/3(5Ó²813$6248(126$&(5&$$/$
&2162/,'$&,Ð1'()$1$6
(QWUHYLVWDFRQ-RVp*XHYDUDGH)$1$PpULFDGHO6XU)$1$6
3HU~
(QIHEUHURGHOXQDUHXQLyQGLRLQLFLRDODFUHDFLyQ
GH)$1$6HQHO3HU~-RVp*XHYDUDGHOD$VRFLDFLyQ
(VSHFLDOL]DGDSDUDHO'HVDUUROOR6RVWHQLEOH$('(6XQD21*
TXHWUDEDMDHQHOGHVDUUROORVRVWHQLEOHGHOD6XEFXHQFDGHO
&RWDKXDVLHQHOVXUGHO3HU~FRPSDUWHVXVSHQVDPLHQWRV
VREUHHVWHKHFKR\HOIXWXURGHODUHG
+DVLGRDSUREDGDODFUHDFLyQGHXQDUHGHQHO3HU~TXH
VHUiPLHPEURGHODUHGUHJLRQDO\ODUHGJOREDOGH)$1\
FX\DPLVLyQYLVLyQSULQFLSLRV\YDORUHVVHUiQORVPLVPRV
/XHJRGHODUHXQLyQXQFURQRJUDPDGHWUDEDMRHVWDEOHFHUi
ODHVWUXFWXUD\GHÀQLUiORVREMHWLYRVGHODUHGDVtFRPRVXV
HVWUDWHJLDVDFRUWR\PHGLDQRSOD]R
)$1$6HVLPSRUWDQWHSRUTXHSHUPLWLUiFUHDUHVSDFLRVSDUD
ODSDUWLFLSDFLyQ\HOGLiORJRGHPRFUiWLFRVSHQRVDPHQWH
DXVHQWHVHQODDFWXDOLGDG)$1$6HQHO3HU~SURPRYHUi
XQDDFWLYDLQWHJUDFLyQGHODDJHQGDVREUHODWHPiWLFDGHO
GHUHFKRDODJXD\DOVDQHDPLHQWRHQWRGRHOSDtVSRUTXH
FXDQWRPiVDPSOLDPHQWHVH
DSOLTXHHVWHHQIRTXHPD\RU
VHUiODSUHVLyQTXHHMHU]DQ
ODVSHUVRQDV\RUJDQL]DFLRQHV
VREUHORVJRELHUQRVSDUD
TXHKDJDQHIHFWLYRVGLFKRV
GHUHFKRV1RVRORODV21*V
SXHGHQSDUWLFLSDUVLQRTXH
HQHOFXUVRGHVXGHVDUUROORVH
SURPRYHUiHVSDFLRVSDUDOD
LQFLGHQFLDGHODDJHQGDDQLYHO
JXEHUQDPHQWDO
-RVp*XHYDUDGHOD
$VRFLDFLyQ(VSHFLDOL]DGD
SDUDHO'HVDUUROOR6RVWHQLEOH
$('(6
/DUHGVXGDPHULFDQDVHUi
XQHVSDFLRFODYHSDUDHO
LQWHUFDPELRGHLGHDV\FRQRFLPLHQWRVREUHORVGHUHFKRV
DODJXD\DOVDQHDPLHQWRDGHPiVGHDFWXDUFRPRXQ
LPSRUWDQWHFHQWURUHJLRQDOSDUDODHYDOXDFLyQGHODV
SROtWLFDVGHJHVWLyQGHORVUHFXUVRVKtGULFRV)RUPDUSDUWH
GHXQDUHGUHJLRQDOPiVDPSOLDSHUPLWLUiDODV21*\UHGHV
GH21*TXHWUDEDMDQHQHOVHFWRUGHDJXDLQWHUFDPELDU
H[SHULHQFLDVFRQRWURVSDtVHVVXGDPHULFDQRV
&2162/,'$1'2(/3(5),/'()$1$0e5,&$'(/685
/D'LUHFWRUD(MHFXWLYDGHO,QVWLWXWR,SDQHPD1LQRQ0DFKDGR
UHSUHVHQWyD)$1HQODVGLVFXVLRQHVVREUHXQRGHVXV
SULQFLSDOHVWHPDV²ORVGHUHFKRVDODJXD\DOVDQHDPLHQWR
²HQOD,9$VDPEOHDGHO)RQGRSDUDHO0HGLR$PELHQWH
0XQGLDO*()HQ8UXJXD\HQPD\RGHHVWHDxR3DUD)$1$6
UHSUHVHQWyXQDH[FHOHQWHRSRUWXQLGDGSDUDHVWDEOHFHU
YtQFXORVFRQHVWHLPSRUWDQWHPHFDQLVPRÀQDQFLHUR\GDUD
FRQRFHUDODUHG
(O*()HVXQDDVRFLDFLyQPXQGLDOGHSDtVHVLQVWLWXFLRQHV
LQWHUQDFLRQDOHV21*\HOVHFWRUSULYDGRFUHDGDFRQHO
REMHWRGHLQFLGLUHQWHPDVJOREDOHVYLQFXODGRVDOPHGLR
DPELHQWH\DSR\DULQLFLDWLYDVQDFLRQDOHVRULHQWDGDVDO
GHVDUUROORVRVWHQLEOH(VSRUHVRTXHDVLVWLUDXQDGHODV
UHXQLRQHVPiVLPSRUWDQWHVGHODRUJDQL]DFLyQIXHXQD
JUDQRSRUWXQLGDGSDUDFRQVROLGDUHOSHUÀOGHODUHG(O
*()HVWDPELpQXQDLPSRUWDQWHLQVWLWXFLyQGRQDQWH\
RWRUJDGRQDFLRQHVSDUDSUR\HFWRVHQVHLViUHDVIRFDOHV
ELRGLYHUVLGDGFDPELRFOLPiWLFRDJXDVLQWHUQDFLRQDOHV
GHJUDGDFLyQGHWLHUUDVODFDSDGHR]RQR\FRQWDPLQDQWHV
RUJiQLFRVSHUVLVWHQWHV
)$1$6UHFLELyJUDQDWHQFLyQGHODDXGLHQFLD\*HUPiQ
5RFKDHOSXQWRIRFDOGHORVSDtVHVVXGDPHULFDQRVSDUD
,9$VDPEOHDGHO)RQGRSDUDHO0HGLR$PELHQWH0XQGLDO*()HQ
8UXJXD\
HO*()\FRFRQYRFDQWHGHODUHGGH)$1HQ$PpULFDGHO
6XUIDFLOLWyODVHVLyQGHQRPLQDGD'LiORJRLQWHQVLÀFDQGROD
DOLDQ]DFRQODVRFLHGDGFLYLO
/DJHQHUDFLyQGHFDSDFLGDGHV\ODIDOWDGHXQDSHUVSHFWLYD
GHJpQHURHQORVSURJUDPDVIXHURQDVSHFWRVTXHUHVDOWDURQ
DORODUJRGHWRGDODUHXQLyQ/DUHODFLyQGH)$1FRQHO*()
DEUHODSXHUWDSDUDQXHYDVDVRFLDFLRQHV\ÀQDQFLDPLHQWRV
SDUDODVUHGHVUHJLRQDOHVGH)$1
)$1$6<(/9,)252081',$/'(/$*8$
1RGHMHGHYHUHOYLGHRHQHOEORJGH)$1GH-DLPH%DVWRVXQRGHORVGLUHFWRUHVGHO,QVWLWXWR,SDQHPDVREUHODVHVLyQ
LQDXJXUDOGHO9,)RUR0XQGLDOGHO$JXDHQMXQLRHQODFXDOHMHUFLyODUHSUHVHQWDFLyQGH)$1$6
KWWSWLQ\XUOFRPHDQRKJ
)5(6+:$7(5$&7,211(7:25.²&(175$/$0(5,&$)$1&$
81e;,7252781'2)257$/(&,(1'2/$*(67,Ð1&2081,7$5,$'(/$*8$
&21/$35,0(5$)(5,$&(1752$0(5,&$1$
(QPDU]RVHOOHYyDFDERODSULPHUD)HULD&HQWURDPHULFDQD
GHO0DQHMR&RPXQLWDULRGHO$JXD1XHVWUD$JXDHQ
6DQ-RVp&RVWD5LFDFRQHOREMHWRGHSURPRYHUHOPDQHMR
FRPXQLWDULRGHODJXDHQODUHJLyQ
0LHPEURVGH)$1GH&HQWURDPpULFDDVtFRPRGH3DNLVWiQ
0p[LFR$UJHQWLQD%UDVLO+RODQGD\HO3HU~HQWUHRWURV
VHKLFLHURQSUHVHQWHVHOp[LWR\ODUHOHYDQFLDGHOHYHQWR
GHPRVWUDURQFXiQWRPiVIXHUWH\RUJDQL]DGRVHHQFXHQWUDHO
VHFWRU
/DIHULDGLRLQLFLRFRQXQLPSRUWDQWH\FRORULGRDFWR
LQDXJXUDO\VWDQGVGHGLIHUHQWHVSDtVHVTXHSUHVHQWDURQ
SHOtFXODVIRWRV\DUWHIDFWRVGHVXVWUDGLFLRQHVORFXDOPDUFy
ODSDXWDSDUDHOUHVWRGHOHYHQWR
,QÁX\HQWHVDFWRUHVGHOVHFWRULQWHJUDURQODPHVDSULQFLSDO
TXHLQFOX\yHQWUHVXVPLHPEURVD0DXUHHQ%DOOHVWHUROD
9LFHSUHVLGHQWDGHOD$VDPEOHD/HJLVODWLYDGH&RVWD5LFD\
5HQp&DVWURHOQXHYR0LQLVWURGH5HODFLRQHV([WHULRUHVGH
HVHSDtV(QHOPDUFRGHODIHULDVHUHDOL]yDVLPLVPRHOTXLQWR
IRURGHDQiOLVLV3UHVHUYDFLyQ\XVRVRVWHQLEOHGHOUHFXUVR
KtGULFRFRQODSDUWLFLSDFLyQGHSDQHOLVWDVTXHH[SXVLHURQ
VREUHORVVLJXLHQWHVWHPDVJHVWLyQLQWHJUDGDGHORVUHFXUVRV
KtGULFRVJREHUQDELOLGDGFDPELRFOLPiWLFR\ÀQDQFLDPLHQWR
+XERQXPHURVDVDFWLYLGDGHVFXOWXUDOHV\SUHVHQWDFLRQHV
GHODVFRPXQLGDGHVDVtFRPRXQDULFDYDULHGDGGHVWDQGV
GRQGHMXQWDVGHDJXDORFDOHVLQVWLWXFLRQHVYLQFXODGDVDOD
JHVWLyQGHODJXDHPSUHVDV\RUJDQL]DFLRQHVGHODVRFLHGDG
FLYLOSUHVHQWDURQVXWUDEDMRDORVPLOHVGHDVLVWHQWHV
3$1$0É)(5,$&2081$/'(
-817$6'($*8$
-XQWDVGH$JXDORFDOHVMXQWRFRQODDOFDOGtDGHOOXJDU
UHDOL]DURQODSULPHUD)HULDGH0DQHMR&RPXQLWDULRGHO$JXD
HQ%RTXHWH3DQDPiHQMXQLRSDUDTXHHOS~EOLFRSXGLHUD
FRQRFHUFyPRVHDGPLQLVWUDQORVDFXHGXFWRV
$GHPiVHQHOPDUFRGHODIHULDVHUHDOL]yODSULPHUD
$VDPEOHD*HQHUDOGH$FXHGXFWRVGHOOXJDUDODTXH
DVLVWLyODPD\RUtDGHODVMXQWDVGHDJXDORFDOHV$VLPLVPR
VHFRQIRUPyOD$VRFLDFLyQ&RRUGLQDGRUDGH$FXHGXFWRV
&RPXQLWDULRVGH%RTXHWHVLHQGRHOHJLGDODPDHVWUD$GHOD
&DEDOOHURFRPRODSULPHUDSUHVLGHQWDGHHVWHHVSDFLR
)$1&$SURPRYLy\DSR\yHQODFUHDFLyQGHHVWDDVRFLDFLyQ
<DFRPSDxyDODVFRPXQLGDGHVDODKRUDGHHOHJLUVX
GLUHFWLYD
/RVGHOHJDGRVD1XHVWUD$JXD
/DIHULDVHUHDOL]DUiQXHYDPHQWHHQ3DQDPiHOSUy[LPRDxR
\OD$XWRULGDG1DFLRQDOGHO$PELHQWH$1$0DQXQFLyTXH
VXSDtVVHUiHODQÀWULyQ
(OHYHQWRIXHRUJDQL]DGRSRUOD5HG&HQWURDPHULFDQDGH
$FFLyQGHO$JXD)$1&$OD$VRFLDFLyQ&RRUGLQDGRUD
,QGtJHQD\&DPSHVLQDGH$JURIRUHVWHUtD&RPXQLWDULD
$&,&$)2&OD$VRFLDFLyQ0XQGLDOGHO$JXD*:3&$0
OD&RPLVLyQ&HQWURDPHULFDQDGH$PELHQWH\'HVDUUROOR
&&$'OD$JHQFLD(VSDxRODSDUDOD&RRSHUDFLyQ
,QWHUQDFLRQDO\HO'HVDUUROOR$(&,'\OD$VDPEOHD
/HJLVODWLYDGH&RVWD5LFD
18(925(&85629,'$68(f26<
2%5$'((675(//,7$
8QQXHYRDXGLRYLVXDO
SURGXFLGRSRU)$1&$
9LGDVXHxRV\REUDGH
(VWUHOOLWDGHVFULEHORV
GHVDItRVGHODSDUWLFLSDFLyQ
GHODPXMHUGHQWURGH
H[SHULHQFLDVGHPDQHMR
FRPXQLWDULRGHODJXD(O
REMHWLYRHVSURPRYHUOD
SDUWLFLSDFLyQGHODPXMHU
HQODVMXQWDVGHDJXD
ORFDOHVHQXQHVIXHU]RSRULQFOXLUDWRGRVORVVHFWRUHVGHOD
FRPXQLGDGHQODJHVWLyQGHOUHFXUVRKtGULFR
(ODXGLRYLVXDOIXHSURGXFLGRSRU)$1&$FRQDSR\RGHO)RQGRGH
*REHUQDELOLGDG\7UDQVSDUHQFLD*7)GHO'HSDUWDPHQWRSDUDHO
'HVDUUROOR,QWHUQDFLRQDOGHO5HLQR8QLGR'),'\%RWK(1'6XQDGH
ODVLQVWLWXFLRQHVTXHUHVSDOGDQD)$1&$
9HDHODXGLRYLVXDOHQ<RX7XEH
KWWSWLQ\XUOFRPITVGM
)$1&$'(6$552//$6(*81'$(7$3$'(3/$1'()250$&,Ð1
(OSODQGHIRUPDFLyQ\JHQHUDFLyQGHFDSDFLGDGHVVREUHPDQHMRFRPXQLWDULRGHODJXDGH)$1&$KDFXOPLQDGRVXVGRV
SULPHUDVHWDSDVH[LWRVDPHQWH/DUHGFDSDFLWyDODVFRPXQLGDGHV\SURGXMRXQYLGHRVREUHJHVWLyQLQWHJUDGDGHORVUHFXUVRV
KtGULFRV*,5+)$1&$HVWiEXVFDQGRDSR\RDKRUDSDUDGHVDUUROODUODVFDSDFLGDGHVGH*,5+GHODVMXQWDVGHDJXDGHODV
FXHQFDVWUDQVIURQWHUL]DV
(QODVHJXQGDHWDSDFRPXQLGDGHVKDQVLGR
FDSDFLWDGDVHQODLPSOHPHQWDFLyQGHXQDJHVWLyQLQWHJUDGD
GHORVUHFXUVRVKtGULFRVHQODUHJLyQHOHYDQGRHOQ~PHUR
WRWDOGHFRPXQLGDGHVFDSDFLWDGDVSRUHOSURJUDPDD
2WURSURGXFWRGHOSURJUDPDIXHODUHDOL]DFLyQGHXQ
LQYHQWDULRGHMXQWDVGHDJXDHQODVFXHQFDVWUDQVIURQWHUL]DV
GH&HQWURDPpULFD
VHSURPXHYHHOLQWHUFDPELRGHH[SHULHQFLDVGHPDQHMR
GHODJXDDQLYHOFRPXQLWDULR\HODSUHQGL]DMHGHSUiFWLFDV
LGyQHDVHQXQDJDPDGHUXEURV²GHVGHHOLQWHUFDPELR
GHFRQRFLPLHQWRVREUHWHFQRORJtDV\IRUPDVGHOLGLDUFRQ
IHQyPHQRVFOLPDWROyJLFRVH[WUHPRVWDOHVFRPRKXUDFDQHV
KDVWDODGLYXOJDFLyQGHH[SHULHQFLDVFRQGLIHUHQWHV
KHUUDPLHQWDVMXUtGLFDV\ÀQDQFLHUDV
/DVMXQWDVGHDJXDWUDQVIURQWHUL]DVFRQVWLWX\HQODSLH]D
FHQWUDOSDUDODJHVWLyQFRQFHUWDGDGHOUHFXUVRKtGULFR
)$1&$HVWiQHJRFLDQGRFRQRWUDVHQWLGDGHVUHJLRQDOHV
ODFDSDFLWDFLyQGHMXQWDVGHDJXDGHFXHQFDV
ELQDFLRQDOHVSDUDPHMRUDUVXVKDELOLGDGHVGHJHVWLyQ
GHUHFXUVRVDVtFRPRVXFREHUWXUDGHDJXDSRWDEOH\
VDQHDPLHQWR\HODFFHVRDGLFKRVVHUYLFLRVHQODV]RQDV
UHIHULGDV
9HDHOYLGHRHQ<RX7XEH
KWWSWLQ\XUOFRP
(O3ODQGH)RUPDFLyQ\*HQHUDFLyQGH&DSDFLGDGHVVREUH0DQHMR
&RPXQLWDULRGHO$JXDHQ&HQWURDPpULFDIXHGHVDUUROODGRSRUOD
$VRFLDFLyQ&RRUGLQDGRUD,QGtJHQD\&DPSHVLQDGH$JURIRUHVWHUtD
&RPXQLWDULD&HQWURDPHULFDQD$&,&$)2&\)$1&$FRQHODSR\R
GHOD&RPLVLyQGH$PELHQWH\'HVDUUROOR&&$'\OD$JHQFLD
(VSDxRODSDUDOD&RRSHUDFLyQ,QWHUQDFLRQDO\HO'HVDUUROOR$(&,'
(QODFDSDFLWDFLyQVHH[DPLQDODHVWUDWHJLD\HOSODQGHO
SURJUDPD\VXDSOLFDFLyQDQLYHOORFDO\QDFLRQDO$VLPLVPR
&267$5,&$)$1&$$32<$$&&,21(6'(,1&,'(1&,$3$5$,03(',5
2UJDQL]DFLRQHVGH)$1&$&RVWD5LFDHVWiQDSR\DQGRXQDFDPSDxDTXHSUHWHQGHIUHQDUHOSUR\HFWRPLQHUR/DV
&UXFLWDVHLPSHGLUODPLQHUtDDFLHORDELHUWRDFWLYLGDGPLQHUDHQRFHUFDGHODVXSHUÀFLHGHXQDYH]SRUWRGDV
/DFRPSDxtDFDQDGLHQVH,QGXVWULDV,QÀQLWRHVWiKDFLHQGR
WRGRORTXHHVWiHQVXVPDQRVSDUDVDFDUDGHODQWHVX
SUR\HFWRFXDQGRHVDPSOLDPHQWHFRQRFLGRTXH&UXFLWDV
DOXELFDUVHDSRFRVNLOyPHWURVGHOIURQWHUL]RUtR6DQ-XDQ
FDXVDUtDXQGHVDVWUHHFROyJLFRHQ&RVWD5LFDHLQFOXVR
1LFDUDJXD
/DVDFWLYLGDGHVGHODFDPSDxDLQFOX\HQ
$FFLRQHVOHJDOHVHQFRQWUDGHOSUR\HFWR
$FFLRQHVFROHFWLYDVGHSURWHVWDEDMRHOHVWDQGDUWHGH
ODFDPSDxDGHO)UHQWH1RUWHGH2SRVLFLyQDOD0LQHUtD
\OD)HGHUDFLyQ(FRORJLVWDGH&RVWD5LFD
8QDFDPSDxDLQIRUPDWLYDGHPHGLRVSDUDFRQWUDUUHVWDU
ODSURSDJDQGDGHODFRPSDxtDPLQHUD
8QDFDPSDxDGH
LQFLGHQFLD\OREE\
TXH\DFRQVLJXLy
TXHOD3UHVLGHQWD
/DXUD&KLQFKLOOD
GHFODUDUDXQD
PRUDWRULDPLQHUD
\VHFRPSURPHWLHUD
DDSR\DUXQSUR\HFWR
GHOH\TXHSURKtEH
ODPLQHUtDDFLHOR
DELHUWR
%XVFDUODFDQFHODFLyQGHWRGRVORVSHUPLVRVFRQFHGLGRV
DOSUR\HFWR&UXFLWDV
1,&$5$*8$(;,726$$&&,Ð1'(,1&,'(1&,$²$352%$'$/(<'(
&20,7e6'($*8$327$%/(<6$1($0,(172
'HVSXpVGHXQDDUGXDODERUGHLQFLGHQFLD\OREE\HQPD\ROD$VDPEOHD1DFLRQDODSUREyXQDOH\TXHOHJDOL]DUiFHQWHQDUHV
GHFRPLWpVFRPXQLWDULRVGHDXWRJHVWLyQTXHDEDVWHFHQDVXVUHVSHFWLYDVFRPXQLGDGHVGHDJXDSRWDEOH\VDQHDPLHQWR
/D&RDOLFLyQGH2UJDQL]DFLRQHVSRUHO'HUHFKRDO$JXD&2'$\OD5HG1DFLRQDOGH&RPLWpVGH$JXD3RWDEOH\6DQHDPLHQWR
&$36DPERVHVSDFLRVFRQSDUWLFLSDFLyQSURWDJyQLFDGHPLHPEURVGH)$1&$WUDEDMDURQSRUHVWHPRPHQWRPHGLDQWHXQD
FRPELQDFLyQGHDFFLRQHVGHLQFLGHQFLDFRPXQLFDFLyQ\PRYLOL]DFLyQORFXDOOHVSHUPLWLyFRQWULEXLUDODUHGDFFLyQGHODOH\
/DOH\IRUPDSDUWHGHXQPDUFRMXUtGLFRLQWHJUDOHQ1LFDUDJXDTXHDVSLUDDXQDYHUGDGHUDJHVWLyQLQWHJUDGDGHORVUHFXUVRV
KtGULFRV\HPSH]yFRQODDSUREDFLyQGHOD/H\*HQHUDOGH$JXDV
)5(6+:$7(5$&7,211(7:25.²0(;,&2)$10(;
*2%(51$%,/,'$'<021,725(2'26&/$9(63$5$(/'(6$552//2
+80$12</$&216(59$&,Ð1'(/$%,2',9(56,'$'
0p[LFRWLHQHODUHVSRQVDELOLGDGGHFRQVHUYDUODJUDQULTXH]D
QDWXUDOTXHDOEHUJD\HVXQDODERUHQODTXHSDUWLFLSDQ
FDGDYH]PiVVHFWRUHVGHODSREODFLyQ'RVRUJDQL]DFLRQHV
GH)$10p[LFRQRVFRPSDUWHQVXVH[SHULHQFLDVUHFLHQWHV
HQWRUQRDODJREHUQDELOLGDGGHORVUHFXUVRVQDWXUDOHV\OD
FRQVHUYDFLyQGHODVFXHQFDV
(QPDU]RGHO3URQDWXUDSDUWLFLSyHQODFRRUGLQDFLyQGH
XQWDOOHUSDUDGHVWDFDUODQHFHVLGDGGHPRGLÀFDUHOPDUFR
OHJDOHLQVWLWXFLRQDOPH[LFDQRSDUDTXHVHUHFRQR]FDOD
SDUWLFLSDFLyQGHFRPXQLGDGHV\SURSLHWDULRVSULYDGRVHQOD
FRQVHUYDFLyQ
/RVSULQFLSDOHVDSUHQGL]DMHVGHOVLPSRVLRJLUDURQHQWRUQRDOD
QHFHVLGDGGH
5HFRQRFHUOHJDOPHQWHTXHODFRQVHUYDFLyQHVXQDIRUPD
GHXVRGHOVXHORDÀQGHJDUDQWL]DUVXSURWHFFLyQMXUtGLFD
\VXLQFOXVLyQIRUPDOHQODSODQLÀFDFLyQGHOXVRGHOVXHOR²
MXQWRFRQRWURVXVRVWDOHVFRPRODDJULFXOWXUDOD
XUEDQL]DFLyQHWF²ORFXDOEHQHÀFLDUiWDQWRDOVHFWRU
SULYDGRFRPRDODVFRPXQLGDGHV
5HFRQRFHUTXHODFRQVHUYDFLyQGHSHQGHGHODVIRUPDV
GHXVRGHOVXHOR\QRGHODVIRUPDVGHWHQHQFLDGHOD
WLHUUDFRQORFXDOVHSXHGHQUHDOL]DUPRGLÀFDFLRQHVD
ODOHJLVODFLyQVLQDOWHUDUHOVLVWHPDGHWHQHQFLDGHODWLHUUD
SURPRYLHQGRGLUHFWDPHQWHHQODSREODFLyQORFDOHOPDQHMR
LQWHJUDOGHORVUHFXUVRVQDWXUDOHVSDUDVXFRQVHUYDFLyQ
5HFRQRFHUOHJDOPHQWHDSURSLHWDULRVSULYDGRV\
FRPXQLGDGHVFRPRDFWRUHVDFWLYRVHQODFRQVHUYDFLyQGH
ORVUHFXUVRVQDWXUDOHV(VWRLPSOLFDPRGLÀFDUHOPDUFR
OHJDOHLQVWLWXFLRQDOGHDGPLQLVWUDFLyQGHODFRQVHUYDFLyQ
SDUDTXHHVWRVDFWRUHVSXHGDQSDUWLFLSDUHQORVHVSDFLRV
GHWRPDGHGHFLVLRQHV\VHEHQHÀFLHQGHORVHVWtPXORV
ÀVFDOHV\HFRQyPLFRV
*HVWLRQDUHOWHUULWRULREDViQGRVHHQORVVHUYLFLRVTXH
EULQGDQORVHFRVLVWHPDVSDUDSURFXUDUODFRQWLQXLGDGGH
GLFKRVVHUYLFLRV
5HFRQRFHUODGLYHUVLGDGFXOWXUDO\ELROyJLFDGHOWHUULWRULR
SDUDGLVHxDUHOPDUFROHJDOHLQVWLWXFLRQDOGHPDQHMR\
DGPLQLVWUDFLyQGHORVUHFXUVRVQDWXUDOHVDÀQGHLQFOXLU
ORVYDORUHVGHODFLHQFLDDVtFRPRGHORVXVRV\FRVWXPEUHV
ORFDOHVHQODHYDOXDFLyQGHORVHFRVLVWHPDV\ORVUHFXUVRV
QDWXUDOHV(OORJDUDQWL]DTXHODVHVSHFLHV\ORVHFRVLVWHPDV
TXHVHSURWHJHQUHVSRQGHQDQHFHVLGDGHVFXOWXUDOHV\
FLHQWtÀFDVORFDOHV\JOREDOHV
&212&(53$5$&$0%,$5
)$10p[LFRHVWiWUDEDMDQGRHQODHODERUDFLyQGHGRV
SDTXHWHVGHPDWHULDOHVGLGiFWLFRVSDUDXVRGHODV
RUJDQL]DFLRQHVDVRFLDGDV\GHODVSREODFLRQHVFRQODVTXH
WUDEDMDHQHOSDtVSDUDDSXQWDODUVXWUDEDMRHQGHIHQVDGHO
GHUHFKRDODJXD\DOVDQHDPLHQWR
&DGDSDTXHWHFRQWHQGUiXQPDSHRDFWXDOL]DGRGHODV
LQVWLWXFLRQHVTXHLQWHUYLHQHQHQHOVHFWRU\XQDJXtDVREUHHO
PDUFROHJDOPH[LFDQRHQWRUQRDODJXD\DOVDQHDPLHQWR
8QRHVWDUiGLULJLGRDODVFRPXQLGDGHV\HORWURDODV
RUJDQL]DFLRQHVGHODVRFLHGDGFLYLOTXHWUDEDMDQFRQHOODV
9LYHQQH6ROtVGH&RRSH6ROL'DU&RVWD5LFDKDEODQGRHQHOVHPLQDULR
VREUHJREHUQDELOLGDGFRRUGLQDGRSRU3URQDWXUD
0LHQWUDV3URQDWXUDHVWiH[SORUDQGRXQHQIRTXHOHJDO
SDUDPHMRUDUODJREHUQDELOLGDGGHOVHFWRUODDÀOLDGD
GH)$10p[LFR3UR&XHQFDVXJLHUHDSDUWLUGHVXYDVWD
H[SHULHQFLDTXHHOWUDEDMRFRQWLQXRFRQODVFRPXQLGDGHV
GXUDQWHSHUtRGRVODUJRVDXPHQWDODVSUREDELOLGDGHVUHDOHV
GHIRUWDOHFHUODVFDSDFLGDGHVORFDOHVUHYHUWLUORVGDxRV
RFDVLRQDGRVDORVHFRVLVWHPDV\PHMRUDUODVFRQGLFLRQHVGH
YLGDGHODVFRPXQLGDGHV
&RQPiVGHDxRVGHH[SHULHQFLDWUDEDMDQGRFRQ
FRPXQLGDGHVGXUDQWHODUJRVSHUtRGRVHQ9DOOHGH%UDYR
3UR&XHQFDFUHHTXHHOPRQLWRUHR\DSR\RFRQWLQXR
GXUDQWHXQSHUtRGRSURORQJDGRHVODFODYHGHOSURFHVR
3DUDWUDEDMDUFRQODVFRPXQLGDGHVORFDOHV3UR&XHQFDKD
GHVDUUROODGRXQPRGHORGHODERUDQLYHOIDPLOLDUTXHFRQVLVWH
HQODSURPRFLyQGHODFFHVRDODJXD\DOVDQHDPLHQWRHQHO
HVSDFLRGRPpVWLFRPHGLDQWHODLQVWDODFLyQGHHFRWHFQLDV
\FDSDFLWDFLyQIDYRUHFLHQGRFRQHOORODFRQVHUYDFLyQGH
ODFXHQFD\ODFRQWLQXLGDGHQODJHQHUDFLyQGHVHUYLFLRV
DPELHQWDOHV
/DVDFWLYLGDGHVGHPRQLWRUHRTXHVHOOHYDQDFDERGXUDQWH
YDULRVDxRVSHUPLWHQPDQWHQHUXQDUHODFLyQFHUFDQDFRQ
ORVPLHPEURVGHODVIDPLOLDV\SRUORWDQWRVXSDUWLFLSDFLyQ
DFWLYD²ORTXHGDVHJXULGDG\FRQÀDQ]DVREUHORVUHVXOWDGRV
TXHREWHQGUiQGHOSUR\HFWRTXHDWHQGHUiQVXVQHFHVLGDGHV
(VWHHQIRTXHJDUDQWL]DODVRVWHQLELOLGDGGHOSUR\HFWRDODUJR
SOD]R\TXHODFRPXQLGDGHVWpPRWLYDGDSDUDLQYROXFUDUVH
HQQXHYDVDFWLYLGDGHVGHFDSDFLWDFLyQSDUDODFRQVHUYDFLyQ
0$3(2,167,78&,21$/
3DUDDXPHQWDUODHÀFDFLDGHORVSUR\HFWRVGHDJXD\
VDQHDPLHQWRHQODVSREODFLRQHVHVLPSRUWDQWHLQYROXFUDUD
ODVDXWRULGDGHVORFDOHVFRQWUDQVSDUHQFLDDÀQGHJHQHUDUXQ
DPELHQWHGHFRQÀDQ]DHQWUHORVDFWRUHV\DEULUODVSRVLELOLGDGHV
DODFRQWLQXLGDG(QHVWHVHQWLGR)$10H[UHDOL]DUiXQPDSHR
GHWRGDVODVLQVWLWXFLRQHVTXHLQWHUYLHQHQHQODJHVWLyQGHODJXD
\HOVDQHDPLHQWRHQODVUHJLRQHVGRQGHWUDEDMDQORVPLHPEURV
SDUDD\XGDUDODVRUJDQL]DFLRQHVGHODVRFLHGDGFLYLOD
LGHQWLÀFDU\DFXGLUDORVDFWRUHVFODYHGHOVHFWRU
&RQWLQ~DHQODSiJLQD
$*8$(0%27(//$'$$+2*$'(5(&+2$/$*8$
(QPD\R)$10H[SDUWLFLSyHQXQDFRQIHUHQFLDGHSUHQVD
RUJDQL]DGDSRUOD21*GHGHIHQVDGHOFRQVXPLGRU(O3RGHU
GHO&RQVXPLGRU\)RRGDQG:DWHU:DWFKSDUDUHVDOWDUHO
KHFKRGHTXH0p[LFRHVDFWXDOPHQWHHOPD\RUFRQVXPLGRU
GHERWHOODVGHDJXDHQHOPXQGR/DFRQIHUHQFLDH[LJLy
DVLPLVPRTXHHOJRELHUQRWRPHPHGLGDVSDUDPHMRUDUHO
DFFHVRDODJXDSRWDEOH\KDFHUUHDOLGDGORVGHUHFKRVDO
DJXD\DOVDQHDPLHQWR
(QXQSDtVGRQGHPLOORQHVGHPH[LFDQRVVXIUHQGHSREUH]D
DOLPHQWDULDHVWHFRQVXPRUHYHODXQDIDOODJUDYHHQHOVLVWHPD
GHSURYLVLyQGHDJXDSRWDEOH3DUHFHUtDTXHODVDXWRULGDGHV
KDQROYLGDGRVXUHVSRQVDELOLGDGGHGRWDUGHDJXDSRWDEOH
DORVPH[LFDQRVLQFXPSOLHQGRFRQVXVFRPSURPLVRV
DGTXLULGRVFRQODÀUPDGHO3DFWR,QWHUDPHULFDQRGH'HUHFKRV
(FRQyPLFRV6RFLDOHV\&XOWXUDOHV
(ODFFHVRLQVXÀFLHQWHDODJXDGHFDOLGDG\FDQWLGDGTXHHO
JRELHUQRGHEHDVHJXUDUSDUDORVPH[LFDQRVDOPLVPRWLHPSR
TXHVHRWRUJDQFRQFHVLRQHVDSUHFLRVLUULVLEOHVSDUDHPERWHOODU
\FRPHUFLDOL]DUHODJXDGDQFRPRUHVXOWDGRXQGHVOLQGH
QRH[SOtFLWRGHUHVSRQVDELOLGDGHVWUDQVÀULpQGRVHODVDODV
HPSUHVDVHPERWHOODGRUDV$GHPiVODVFRQFHVLRQHVLQFOX\HQ
XQSUHFLRVXPDPHQWHEDMRSRUHODJXD\QRFRQOOHYDQ
VDQFLRQHVQLUHVWULFFLRQHVSDUDODVFRPSDxtDVSRUH[WUDHU
HODJXDRWRUJiQGROHVWRGDVODVYHQWDMDVVREUHORVXVXDULRV
FRPXQHV
'HVGHHOWHUUHPRWRGHPXFKDVGHODVSULQFLSDOHV
WXEHUtDVGHOVLVWHPDGHDJXDFRODSVDURQ\ORVGHVDJHV
FRQWDPLQDURQODVUHVHUYDVGHDJXDSRWDEOH,QFOXVRXQD
YH]TXHKDEtDQVLGRUHSDUDGDVHOS~EOLFRFRQVLGHUyTXHHO
DJXDHQWXEDGDHUDGHSRFDFDOLGDG\VHGLIXQGLyODLGHD
GHTXHHUDQHFHVDULRFRPSUDUDJXDHQJDUUDIyQ'HVGH
HQWRQFHV0p[LFRKDHVFDODGRHQVXFRQVXPRSHUFiSLWDGH
DJXDHPERWHOODGDDOFDQ]DQGRDODIHFKDDOUHGHGRUGH
OLWURVDQXDOHVSRUKDELWDQWHORFXDOORFRORFDFRPRHOPD\RU
FRQVXPLGRUGHDJXDHPERWHOODGDHQHOPXQGR
$HVWHSUREOHPDVHVXPDHODXPHQWRGHODJHQHUDFLyQGH
GHVHFKRVGHHQYDVHVSOiVWLFRV6HFDOFXODTXHFDGDGtDVH
1DWKDOLH6HJXLQ&RRUGLQDGRUDGH)$10H[\$OHMDQGUR&DOYLOOR
'LUHFWRUGH(O3RGHUGHO&RQVXPLGRUHQODFRQIHUHQFLDGHSUHQVD
VREUHHODJXDHPERWHOODGDHQ0p[LFR
GHVHFKDQDOUHGHGRUGHPLOORQHVGHERWHOODVGH3(7GH
ODVFXDOHVVyORHOSRUFLHQWRVHUHFLFOD\HOSRUFLHQWR
UHVWDQWHVHDUURMDHQEDUUDQFRVUtRV\WHUUHQRVEDOGtRV(VWH
YROXPHQHQFDUHFHORVVHUYLFLRVPXQLFLSDOHVGHPDQHMRGH
EDVXUD
/DLQFHUWLGXPEUHVREUHODFDOLGDGGHODJXDGHODUHG
PXQLFLSDOGHVXPLQLVWURDXQDGDDODIDOWDGHDJXDSRWDEOH
HQODVYLYLHQGDVHLQVWDODFLRQHVS~EOLFDV\HQJHQHUDODXQD
SREUHLPSOHPHQWDFLyQGHODVSROtWLFDVS~EOLFDVUHODFLRQDGDV
DOUHFXUVRKtGULFRLPSLGHDORVPH[LFDQRVUHDOL]DUSOHQDPHQWH
VXGHUHFKRDODJXD
0XFKRVGLDULRVLQÁX\HQWHVSXEOLFDURQODKLVWRULDOXHJRGH
ODFRQIHUHQFLDGHSUHQVD(VWDDFWLYLGDGFRPSOHPHQWDODV
DFFLRQHVGHVHQVLELOL]DFLyQGH)$10H[VREUHHOGHUHFKRDO
DJXD\DOVDQHDPLHQWR)$10H[HVWiSURGXFLHQGRDVLPLVPR
PDWHULDOHVVREUHHOPDUFROHJDOHLQVWLWXFLRQDOHQWRUQRDO
GHUHFKRDODJXDSDUDFRQWULEXLUDIRUWDOHFHUODFDSDFLGDG
GHDFFLyQFLXGDGDQD6LJDOH\HQGRSDUDHQWHUDUVHGHPiV
GHWDOOHV
9LHQHGHODSiJLQD
(/0$5&2/(*$/(172512$/$*(67,Ð1'(/$*8$<(/6$1($0,(172
(OPDUFROHJDOHQWRUQRDODJXD\DOVDQHDPLHQWRSUHVHQWD
WRGDYtDFRQWUDGLFFLRQHV\DTXHQRDERUGDORVWHPDV
FHQWUDOHV\HQRFDVLRQHVFRQGXFHDLQLFLDWLYDVQHJDWLYDV
SDUDHOS~EOLFRFRPRODSULYDWL]DFLyQ$GHPiVFDGDHVWDGR
SUHVHQWDSDUWLFXODULGDGHVHQVXOHJLVODFLyQTXHUHTXLHUHQGH
HVSHFLDODWHQFLyQFXDQGRVHWUDWDGHLPSOHPHQWDUSUR\HFWRV
GHDFFHVRDODJXD
SHUPLWLUiQDORVXVXDULRV\XVXDULDVGHODJXDUHFRQRFHUVH
FRPRVXMHWRVGHOGHUHFKRKXPDQRDODJXD\ORVD\XGDUiQ
DHMHUFHUGLFKRGHUHFKR$VLPLVPROHVSHUPLWLUiQFRQRFHU
ODVUHVSRQVDELOLGDGHVTXHWLHQHQIUHQWHDOFXLGDGRGHHVWH
UHFXUVRFXiOHVVRQODVLQVWLWXFLRQHVDODVTXHSXHGHQUHFXUULU
\FXiOHVHOPDUFROHJDOHQWRUQRDODJHVWLyQGHODJXDTXH
ORVDPSDUD\ORVREOLJD
6LHQGRXQDUHGFRPSURPHWLGDFRQHODFFHVRDOD
LQIRUPDFLyQFRPRSULPHUSDVRSDUDIRUWDOHFHUODV
FDSDFLGDGHVGHODVSHUVRQDVSDUDGHIHQGHUVXVGHUHFKRV
)$10H[HVWiSURGXFLHQGRPDWHULDOHVGLGiFWLFRVTXH
(VWDPRVVHJXURVGHTXHFRQHVWRVPDWHULDOHVODFLXGDGDQtD
PH[LFDQDVHYHUiIDYRUHFLGD\FRPRUHG)$10p[LFR
FRQWDUiFRQPiVKHUUDPLHQWDVSDUDIRUWDOHFHUVXWUDEDMR
)5(6+:$7(5$&7,211(7:25.²6287+$6,$)$16$
68635(*817$6$Ó15(68(1$1(10,62Ì'26
/DMDQD0DQDQGKDUHQFRQVXOWDFRQODVRFLHGDGFLYLOHQWRUQRDORV2EMHWLYRVGH'HVDUUROORGHO
0LOHQLR2'0
(QMXQLR/DMDQD0DQDQGKDUPLHPEURGHOFRPLWpGHFRRUGLQDFLyQGH)$16$\&RQYRFDQWH
1DFLRQDOGH)$11HSDOSURQXQFLyXQDSDVLRQDGRGLVFXUVRDQWHXQDDXGLHQFLDUHERVDQWHGH
UHSUHVHQWDQWHVJXEHUQDPHQWDOHVHQOD$VDPEOHD*HQHUDOGHODV1DFLRQHV8QLGDVHQ1XHYD<RUN
GRQGHVHUHÀULyDODLPSRUWDQFLDGHOVDQHDPLHQWR\HODJXDSDUDHOGHVDUUROORGXUDQWHODFRQVXOWD
FRQODVRFLHGDGFLYLOHQWRUQRDORV2EMHWLYRVGH'HVDUUROORGHO0LOHQLR3UDNDVK$PDW\DHO2ÀFLDO
5HJLRQDOGH&RPXQLFDFLRQHVGH)$16$FRQYHUVyFRQHOODVREUHVXVH[SHULHQFLDV
¢&yPRVHHQWHUyGHODVDXGLHQFLDVGHODV1DFLRQHV8QLGDV
FRQRUJDQL]DFLRQHVGHODVRFLHGDGFLYLO"
0HHQWHUpGHODRSRUWXQLGDGSDUD)$16$GHQRPLQDUDXQD
UHSUHVHQWDQWHDWUDYpVGHODUHGJOREDO1RORSRGtDFUHHU
<RIXLXQRGHORVSRVWXODQWHVVHOHFFLRQDGRVGHHQWUH
QRPLQDFLRQHV
¢&yPRVHSUHSDUy"
(O6HUYLFLRGH(QODFHFRQODV2UJDQL]DFLRQHV1R
*XEHUQDPHQWDOHVGHODV1DFLRQHV8QLGDVPHLQIRUPyTXH
QRSRGUtDQÀQDQFLDUHOFRVWRGHPLYLDMHD1XHYD<RUNSDUD
HVWHHYHQWR\DIRUWXQDGDPHQWH)$1*OREDOLQWHUYLQRSDUD
DSR\DUPLSDUWLFLSDFLyQ'DGRTXHPLLQWHUYHQFLyQGXUDUtD
VRORWUHVPLQXWRVUHGDFWpXQDVQRWDV\ODVFLUFXOpHQWUHORV
PLHPEURVGHODUHGSDUDTXHSUHVHQWDUDQVXVFRPHQWDULRV\
UHFLEtDOJXQDVPDJQtÀFDVVXJHUHQFLDVTXHPHSHUPLWLHURQ
UHÁHMDUFRQYHUDFLGDGODVLQTXLHWXGHVPiVDPSOLDVGHOD
UHG
&XpQWHQRVGHVXSDUWLFLSDFLyQHQODDVDPEOHD
'HVSXpVGHPLVHVLyQSUiFWLFDPHQWHWRGDVODVSHUVRQDVTXH
VHPHDFHUFDURQPHGLMHURQORPLVPRTXHKDEtDSXHVWRXQ
LPSRUWDQWHWHPDVREUHHOWDSHWHTXHORVRWURVH[SRVLWRUHV
RPLWLHURQPHQFLRQDUHODJXD\HOVDQHDPLHQWR'HERKDEHU
WHQLGRXQLPSDFWRSRUTXHXQRGHHOORVPHGLMR´6XVGRV
SUHJXQWDVD~QUHVXHQDQHQPLVRtGRVµ6LPSOHPHQWHOHV
SUHJXQWpDORVSDUWLFLSDQWHVVLWHQtDQDOJXQDLGHDGHFXiQWDV
SHUVRQDVHQWRGRHOPXQGRKDEtDQGHIHFDGRDODLUHOLEUHHVD
PDxDQD\FXiQWRVQLxRV\QLxDVIDOOHFHQDOUHGHGRUGHOPXQGR
FDGDDxRGHELGRDODIDOWDGHVDQHDPLHQWRDSURSLDGR
¢4XpDVSHFWRVGHVXSDUWLFLSDFLyQGHVHDFRPSDUWLU"
/DH[SHULHQFLDPHKL]RSHUFDWDUPHGHTXHHVQHFHVDULR
LPSXOVDUODLQFLGHQFLDSROtWLFDDQLYHOLQWHUQDFLRQDOGH
PDQHUDSHUPDQHQWH1HFHVLWDPRVWHQHUXQDJUDQFODULGDG
UHVSHFWRGHQXHVWURREMHWLYRGHGHVDUUROORQXHVWUDV
GHPDQGDV\QXHVWUDHVWUDWHJLD$VLPLVPRVLUHDOPHQWH
GHVHDPRVLQÁXLUHQODVSROtWLFDVJOREDOHV)$1\)$16$WLHQHQ
TXHFRQYHUWLUVHHQPLHPEURVDFWLYRVGHDOJXQDVGHODV
JUDQGHVUHGHVGHODVRFLHGDGFLYLOHVWDEOHFLGDV+D\PXFKR
TXHKDFHUDKRUDTXHHVWiWDQFHUFDODFXPEUHVREUHORV
2'0\QRVRORHVODFXPEUHORTXHQRVGHEHSUHRFXSDUVLQR
WDPELpQRWURVWHPDVTXHWUDVFLHQGHQHVWHHYHQWR
/HDODYHUVLyQFRPSOHWDGHVXGLVFXUVRHQIUHVKZDWHUDFWLRQ
QHWODMDQDVSHHFK
0,(175$6/$61(*2&,$&,21(662%5((/&$0%,2&/,0É7,&26(
(67$1&$1/$6&2081,'$'(66($'$37$1
(OPLHPEURGH)$16$GRFWRU6HHWKDUDPDSURYHFKDXQD
RSRUWXQLGDGSDUDVDFDUDGHODQWHODHVWUDWHJLDGH)$16$
VREUHHOFDPELRFOLPiWLFRHODERUDGDDSULQFLSLRVGHDxR
GHIHQGLHQGRORVSUREOHPDVGHDJXDTXHHQIUHQWDQODV
EDVHVHQODVQHJRFLDFLRQHVGHODV1DFLRQHV8QLGDVVREUHHO
FDPELRFOLPiWLFR
(OGRFWRU6HHWKDUDPDSURYHFKyXQDRSRUWXQLGDGSDUD
LQÁXLUHQODV1HJRFLDFLRQHVVREUHOD$GDSWDFLyQDO&DPELR
&OLPiWLFR\GDUDFRQRFHUODVLQTXLHWXGHVGHODUHGHQWRUQR
DOFOLPDDOSDUWLFLSDUHQXQDDFWLYLGDGTXHVHGHVDUUROOy
SDUDOHODPHQWHDODVQHJRFLDFLRQHVRÀFLDOHVGHODV1DFLRQHV
8QLGDVFRQHOREMHWRGHSRQHUGHUHOLHYHHOUROGHODJXDHQHO
FDPELRFOLPiWLFRXQLPSRUWDQWHHMHGHIRFDOL]DFLyQGHODUHG
(QVXSUHVHQWDFLyQVHUHÀULyDORVLPSDFWRVGHOFDPELR
FOLPiWLFRHQODVFRPXQLGDGHVSRQLHQGRHVSHFLDOpQIDVLVHQ
HODJXD\HOVDQHDPLHQWR\OODPyODDWHQFLyQVREUHODIDOWD
JHQHUDOL]DGDGHUHIHUHQFLDVDODJXDHQODVQHJRFLDFLRQHV
RÀFLDOHV$VLPLVPRKDEOyFRQDOJXQRVSHUVRQDMHVLQÁX\HQWHV
FRPRHO0LQLVWURGHO$PELHQWHGH3DNLVWiQTXLHQPDQLIHVWy
LQWHUpVHQHOWUDEDMRGH)$16$\GHVGHHQWRQFHVKDDFFHGLGR
DWUDEDMDUFRQODVRFLHGDGFLYLOHQODLPSOHPHQWDFLyQGH
SUR\HFWRV\HOLQWHUFDPELRGHLQIRUPDFLyQ
0LHQWUDVTXHODVQHJRFLDFLRQHVJOREDOHVQRKDQOOHJDGR
DQLQJXQDGHFLVLyQFRQFUHWD\HODJXDVHHQFXHQWUD
PD\RULWDULDPHQWHDXVHQWHHQODVFRQYHUVDFLRQHVDOJXQDV
GHODVSHUVRQDVPiVSREUHVGHOPXQGR\DKDQWHQLGRTXH
DGDSWDUVHDORVLPSDFWRVGHOFDPELRFOLPiWLFR3RUHVWD
UD]yQ)$16$RUJDQL]yXQWDOOHUVREUHHOFDPELRFOLPiWLFR
HQPDU]RSDUDJHQHUDUFRQFLHQFLDVREUHODYXOQHUDELOLGDG
GHODVFRPXQLGDGHVDORVFDPELRVGHOFOLPD\GLVHxDUXQD
HVWUDWHJLDGHLQFLGHQFLDSROtWLFD\XQSODQGHDFFLyQD
QLYHOGHFDPSR/DVHVLyQSHUPLWLyDODUHGHVWDEOHFHUFRQ
PD\RUFODULGDGORVYtQFXORVHQWUHHOFDPELRFOLPiWLFR\
HODJXD\HOVDQHDPLHQWRHQHO$VLD0HULGLRQDO\FXOPLQy
FRQODHODERUDFLyQGHXQSODQGHDFFLyQGHWDOODGRTXH
LQFOX\HDFWLYLGDGHVGHVHQVLELOL]DFLyQ\FDSDFLWDFLyQGH
WRGDVODVSDUWHVLQYROXFUDGDVFDPSDxDVHQORVPHGLRV
LQYHVWLJDFLRQHV\GLVFXVLRQHVFRQORVJRELHUQRV\HOGHVDUUROOR
GHODFDSDFLGDGGHDGDSWDFLyQGHODVFRPXQLGDGHV
$3817$1'2$/7292&(6'(/$6%$6(668(1$1)8(57((1)252
,17(51$&,21$/
<DNXE+RVVDLQHO&RQYRFDQWH1DFLRQDOGH)$16$%DQJODGHVKUHSUHVHQWyDOD5HGGH$FFLyQGHO$JXD$VLD0HULGLRQDOHQ
DEULOHQODKLVWyULFD5HXQLyQGH$OWR1LYHOVREUH6DQHDPLHQWR\$JXDHQ:DVKLQJWRQ'&TXHRIUHFLyDPLQLVWURV\UHVSRQVDEOHV
GHGLVHxDUODVSROtWLFDVGHPiVGHSDtVHVXQDRSRUWXQLGDGSDUDFRPSURPHWHUVHDWRPDUPHGLGDVHQHOSODQRÀQDQFLHUR\
SROtWLFRWUDVODUJRVDxRVGHGHVFXLGDUHODVXQWR
&RPRSDQHOLVWDPDQLIHVWpPLFRQVWHUQDFLyQDQWHHOKHFKR
GHTXHQRVRODPHQWHVRQLQVXÀFLHQWHVORVUHFXUVRVTXHVH
LQYLHUWHQHQDJXD\VDQHDPLHQWRVLQRTXHORVUHFXUVRVTXHVt
VHHVWiQLQYLUWLHQGRQRHVWiQVLHQGRXWLOL]DGRVFRQHÀFLHQFLD
²WDOFRPRORGHPXHVWUDHOLQIRUPHGHOD(YDOXDFLyQ*OREDO
GHO6DQHDPLHQWR\$EDVWHFLPLHQWRGH$JXD*/$$6GH
218$JXD
/DUHXQLyQIXHH[WUHPDGDPHQWHLPSRUWDQWHDOORJUDUVH
FRPSURPLVRVSROtWLFRV\ÀQDQFLHURVSDUDHOVHFWRUGH
VDQHDPLHQWR\DJXDGHSDUWHGHORV0LQLVWURVGH)LQDQ]DV
\GH&RRSHUDFLyQDO'HVDUUROORSUHVHQWHV0iVD~QHQ
PLRSLQLyQIXHXQDJUDQRSRUWXQLGDGSDUDFRQYHQFHUD
GRQDQWHVFODYHGHDXPHQWDUODDVLVWHQFLDSDUDDJXD\
VDQHDPLHQWRIRFDOL]DUPHMRUGLFKDDVLVWHQFLDHQORVSDtVHV
TXHQRHVWiQDYDQ]DQGRKDFLDHOFXPSOLPLHQWRGHORV2'0
\PHMRUDUODDUPRQL]DFLyQ\ODDOLQHDFLyQHQWUHLQVWLWXFLRQHV
GRQDQWHV
8QDJUDQQRWLFLDIXHTXH%DQJODGHVKVHFRPSURPHWLyHQ
ODUHXQLyQDLQYHUWLUPLOORQHVGHGyODUHVDGLFLRQDOHVHQ
HOVHFWRUGXUDQWHORVSUy[LPRVFLQFRDxRV2WURVSDtVHVTXH
SDUWLFLSDURQHQODUHXQLyQWDPELpQVHFRPSURPHWLHURQD
UHDOL]DUXQGHEDWHQDFLRQDOHQWUHUHSUHVHQWDQWHVGHORV
PLQLVWHULRVFRPSHWHQWHV\RUJDQL]DFLRQHVGHODVRFLHGDG
FLYLOSDUDGDUDFRQRFHUODVPHGLGDVTXHWRPDUiQSDUD
PRYLOL]DUUHFXUVRVPHMRUDUODWRPDGHGHFLVLRQHVEDVDGDHQ
HYLGHQFLD\PHMRUDUODHÀFDFLDGHODDVLVWHQFLD
1HFHVLWiEDPRVTXHORVSDtVHVVHSXVLHUDQGHDFXHUGR\
HOHYDUDQODYDOODGHVXVH[SHFWDWLYDVSRUORTXHVHWUDWDGH
XQLPSRUWDQWHSULPHUSDVRHQODSURYLVLyQGHVHUYLFLRVTXH
WLHQHQHOSRWHQFLDOGHSUHYHQLUPLOORQHVGHPXHUWHVGH
QLxRV\QLxDVFDGDDxR
<DNXE+RVVDLQHQODVHVLyQGHOSDQHOVREUHHOODQ]DPLHQWRGHOLQIRUPH
GH*/$$6
6LQHPEDUJRFRPRORPDQLIHVWy(GZDUG.DLUXXQEXHQ
DPLJRPtR\HOSUHVLGHQWHGHOD5HG$IULFDQDGHOD6RFLHGDG
&LYLOVREUHHO$JXD\HO6DQHDPLHQWR$1(:´ODYHUGDGHUD
SUXHEDHVWDUiHQVLORVDQXQFLRVTXHVHKDFHQKR\VH
WUDGXFHQHQDFFLRQHVFRQFUHWDVVREUHHOWHUUHQRVROR
HQWRQFHVHVTXHHPSH]DUHPRVDYHUDYDQFHVUHDOHVHQ
IRUPDGHPHQRVPXHUWHVLQIDQWLOHVPiVQLxDVHQODHVFXHOD\
FRPXQLGDGHVFDSDFHVGHVDOLUSRUVtPLVPDVGHODSREUH]Dµ
*(1(5$1'2&21&,(1&,$62%5(/26'(5(&+26$/$*8$<$/
6$1($0,(172(1/$&2081,'$'
/DVDÀOLDGDVGH)$11HSDOYLHQHQWUDEDMDQGRSURDFWLYDPHQWHFRQPLHPEURVGHODFRPXQLGDGSDUDLQIRUPDUOHVDFHUFDGHVXV
GHUHFKRVDODJXD\DOVDQHDPLHQWR
´*UDFLDVDOÀQDQFLDPLHQWRGHO'),'KHPRVSRGLGROOHJDU
PXFKRPiVDOOiGHODVRUJDQL]DFLRQHVVRFLDVGH:DWHU$LG\
UHXQLUQRVFRQFRPXQLGDGHVGHEDVHµGLFHHOPLHPEURGHO
FRPLWpQDFLRQDOGH)$11HSDO5DWDQ%XGKDWKRNLTXLHQHV
WDPELpQXQRGHORVFDSDFLWDGRUHV
´9HQLPRVFDSDFLWDQGRDQXHVWURVPLHPEURVHQ]RQDVUHPRWDV
DFHUFDGHOWUDEDMRGHFDELOGHRTXHYHQLPRVKDFLHQGR
FRQQXHVWURJRELHUQRSDUDLPSXOVDUHOGHUHFKRDODJXD\DO
VDQHDPLHQWRHQODQXHYDFRQVWLWXFLyQGHOSDtV\KDFLpQGROHV
VDEHUTXHSXHGHVHUXQDYDOLRVDKHUUDPLHQWDSDUDREWHQHUXQ
PD\RUDFFHVRDODJXDSRWDEOH\DOVDQHDPLHQWRµDÀUPDOD
&RQYRFDQWH1DFLRQDOGH)$11HSDO/DMDQD0DQDQGKDU
/DVFDSDFLWDFLRQHVKDQVLGRXQYHUGDGHURp[LWR+DQ
FRQFLWDGRODDWHQFLyQGHOJRELHUQRORFDO\UHFLELGRDEXQGDQWH
FREHUWXUDHQORVPHGLRV
´0HHPRFLRQDPXFKRYHUORVFDPELRVGHPHQWDOLGDGHQ
UHODFLyQFRQORVGHUHFKRVGHODVSREODFLRQHVGHEDVHOXHJR
GHHVWDFDSDFLWDFLyQµFRPHQWy$QLO6WKDSLWRWURPLHPEUR\
FDSDFLWDGRU´$KRUDHVWiQOLVWDVSDUDLQÁXHQFLDU\HGXFDUDORV
PLHPEURVGHVXFRPXQLGDG\FDELOGHDUDORVOHJLVODGRUHVGH
VXVMXULVGLFFLRQHVµ
/XHJRGHODFDSDFLWDFLyQ0D\D7DPDQJXQDSDUWLFLSDQWH
GHOFDStWXORVXEQDFLRQDOFHQWUDOH[SOLFyORLPSRUWDQWHTXHHV
SDUDHOODTXHVHUHFRQR]FDHODJXD\HOVDQHDPLHQWRFRPRXQ
GHUHFKRIXQGDPHQWDOHQODFRQVWLWXFLyQQDFLRQDO´7RGRVORV
FLXGDGDQRV\FLXGDGDQDVGHEHUtDQWHQHUDVHJXUDGRHODFFHVR
DODJXDSRWDEOH$KRUDPHKHFRPSURPHWLGRDFDELOGHDUSRU
PLGHUHFKR6LHOJRELHUQRQRUHVSRQGHSRVLEOHPHQWHQRYRWH
SRUHOORVHQODVVLJXLHQWHVHOHFFLRQHVµ
8QIRURGHLQWHUFDPELRGH
DSUHQGL]DMHV\H[SHULHQFLDV
8QDSODWDIRUPD
SDUDHOGLiORJR
\ODLQÁXHQFLD
8QHQODFHHQWUHHO
QLYHOORFDO\JOREDO
XQDUHGGHJHQHUDGRUHV
GHFDPELRV
)UHVKZDWHU$FWLRQ1HWZRUNR5HGGH$FFLyQGHO$JXD)$1
',6(f26%LOO&URRNV
)UHVKZDWHU$FWLRQ1HWZRUN,QWHUQDWLRQDO)$1
'DQLHOOH0RUOH\
6HFUHWDULR(MHFXWLYR
&HULGZHQ-RKQVRQ
&RRUGLQDGRUDGHOD5HG\ODV
&RPXQLFDFLRQHVGH)$1
0DUF)DX[
2ÀFLDOGH)LQDQFLDPLHQWR
.ROOHHQ%RXFKDQH
2ÀFLDOGH$FFLRQHVGH,QFLGHQFLD
\$SUHQGL]DMH
5HGGH$FFLyQGHO$JXD0p[LFR)$10H[
1DWKDOLH6HJXLQ
&RRUGLQDGRUD5HJLRQDO
%HDWUL]5XL]SDODFLRV
2ÀFLDOGH&RPXQLFDFLRQHV\
)LQDQFLDPLHQWR
)UHVKZDWHU$FWLRQ1HWZRUNQG)ORRU'XUKDP6WUHHW
/RQGRQ6(-'8QLWHG.LQJGRP
IDQ#IUHVKZDWHUDFWLRQQHW
ZZZIUHVKZDWHUDFWLRQQHW
1XHYR/HRQ&RORQLD(VFDQGyQ&30p[LFR')
0p[LFR
LQIR#IDQPH[LFRQHW
ZZZIDQPH[LFRQHW
5HGGH$FFLyQGHO$JXD$PpULFDGHO6XU$PHULFDGR6XO
)$1$6
*HUPDQ5RFKD
&RRUGLQDGRUHV5HJLRQDOHV
1LQRQ0DFKDGR
-RDQD&DUORV%H]HUUD
2ÀFLDO5HJLRQDOGH
&RPXQLFDFLRQHV
5HG$IULFDQDGHOD6RFLHGDG&LYLOVREUHHO$JXD\HO6DQHDPLHQWR
$1(:
-DPLOODK0ZDQMLVL
6HFUHWDULD(MHFXWLYD
-RVHSKLQH0XNDQGDQJD
2ÀFLDO5HJLRQDOGH
&RPXQLFDFLRQHV
FR,QVWLWXWR,SDQHPD5XD6HUDÀP9DODQGURQ²%RWDIRJR
&(35LRGH-DQHULR%UD]LO
&R0DMLQD8IDQLVL7KHWD/DQHRII/HQDQD5RDG+XUOLQJKDP
32%R[1DLUREL.HQ\D
5HGGH$FFLyQGHO$JXD²$VLD0HULGLRQDO)$16$
5DPLVHWW\0XUDOL
&RQYRFDQWH
3UDNDVK$PDW\D
2ÀFLDO5HJLRQDOGH&RPXQLFDFLRQHV
1HHONDQWK0LVUD
&RRUGLQDGRUGHO*7)
6N\SH
MDPLOODK#DQHZDIULFDQHW
DQHZDIULFDFRPPV
ZZZDQHZDIULFDQHW
5HGGH$FFLyQGHO$JXD²&HQWURDPpULFD)$1&$
-RUJH0RUD
&RRUGLQDGRU5HJLRQDO
$QGUpV0RUD
2ÀFLDO5HJLRQDOGH
&RPXQLFDFLRQHV
32%R[&RVWD5LFD
IDQFDUHJLRQDO#JPDLOFRP
ZZZIDQFDFRQU
IDQDV#IUHVKZDWHUDFWLRQQHW
6HFUHWDULDGRGHOD5HGGH$FFLyQGHO$JXD²$VLD0HULGLRQDO
)$16$&R0RGHUQ$UFKLWHFWVIRU5XUDO,QGLD0$5,+1R
3ORW1R(DVW.DO\DQSXUL8SSDO+\GHUDEDG$3
,1',$
FRQYHQRU#IDQVDVLDQHW &HOOXODU
SUDNDVKD#PRVFRPQS &HOOXODU
JWI#IDQVDVLDQHW
&HOOXODU
ZZZIDQVDVLDQHWZZZIDFHERRNFRPIDQVRXWKDVLD
)UHVKZDWHU1HZVHOEROHWtQGHQRWLFLDVHQYHUVLyQLPSUHVDGH
)$1HVSURGXFLGRGRVYHFHVDODxR\FRQWLHQHQRWLFLDVGHO
6HFUHWDULDGRODVDÀOLDGDV\ODVUHGHVUHJLRQDOHVGH)$1(QYLDPRV
XQDFRSLDSRUFRUUHRDWRGRVQXHVWURVPLHPEURVWLWXODUHV\
DVRFLDGRVSHURWDPELpQHVSRVLEOHGHVFDUJDUODVYHUVLRQHVHQ3')
HQLQJOpVIUDQFpVHVSDxRO\DKRUDSRUWXJXpVGHQXHVWUDSiJLQD
ZHEZZZIUHVKZDWHUDFWLRQQHW
(GLFLyQ,VDEHOOD0RQWJRPHU\&RUUHFFLyQGHHVWLOR'DYLG0DWWKHZV
&RODERUDGRUHVDV3UDNDVK$PDW\D-RDQD%H]HUUD$QGUHV0RUD&HULGZHQ-RKQVRQ1DWKDOLH6HJXLQ-RVHSKLQH0XNDQGDQJD
.ROOHHQ%RXFKDQH'DQLHOOH0RUOH\%RQLIDFH0ZLKDNL%HDWUL]5XL]SDODFLRV
1XHVWURDJUDGHFLPLHQWRDO'HSDUWDPHQWR0LQLVWHULRSDUDHO'HVDUUROOR,QWHUQDFLRQDO'),'GHO5HLQR8QLGRSRUDSR\DUHVWDDFWXDOL]DFLyQ
%$-2/265()/(&725(6
$9('(&²6,59,(1'2$/$6&2081,'$'(6(1%8581',
$9('(&OD$VRFLDFLyQGH'HVDUUROORGH$OGHDV\
&RPXQLGDGHVXQDRUJDQL]DFLyQVRFLDGH$1(:GHODUJD
GDWDWUDEDMDGHVGHKDFHPiVGHDxRVHQHOPHMRUDPLHQWR
GHODVFRQGLFLRQHVGHYLGDGHODSREODFLyQGH%XUXQGL,QFLGH
HQQXPHURVDViUHDVGHOGHVDUUROORFRPXQLWDULRGHVGHOD
FRQVWUXFFLyQGHREUDVGHLQIUDHVWUXFWXUDWDOHVFRPRSXQWRVGH
DJXD\HVFXHODVSDVDQGRSRUODFDSDFLWDFLyQGHDUWHVDQRV
\WpFQLFRVORFDOHV\ODSURPRFLyQGHODJREHUQDELOLGDGORFDO
KDVWDODSURWHFFLyQGHOPHGLRDPELHQWHEDVDGDHQODJHVWLyQ
LQWHJUDGDGHORVUHFXUVRVKtGULFRV
$WUDYpVGH$1(:$9('(&KDUHSUHVHQWDGRDODVRFLHGDGFLYLO
GH%XUXQGLHQGLYHUVRVHYHQWRVLQWHUQDFLRQDOHV\DFWLYLGDGHV
GHFDELOGHRHLQFLGHQFLD(QHOSDUWLFLSyHQODUHXQLyQ
SUHSDUDWRULDGHODVRFLHGDGFLYLOGHFDUDDODUHXQLyQGHMHIHV
GH(VWDGRGHOD8QLyQ$IULFDQDVREUHDJULFXOWXUD\FUHFLPLHQWR
HFRQyPLFRHQ/LELDGHODFXDOHPHUJLyXQDGHFODUDFLyQ
FRQMXQWDGHODVRFLHGDGFLYLOXUJLHQGRDORVJRELHUQRV\VXV
LQVWLWXFLRQHVVRFLDVHQHOGHVDUUROORDFRPSURPHWHUVHDFXPSOLU
FRQODPHWDGHVDQHDPLHQWRGHORV2'0
7DPELpQHQHOFRQYHQFLGRVGHODQHFHVLGDGGHWUDEDMDU
HQVLQHUJLDFRQRWUDVLQVWLWXFLRQHVSHVHDOUHGXFLGRQ~PHUR
GHDFWRUHVTXHWLHQHQSUHVHQFLDHQHOVHFWRUGHDJXD\
VDQHDPLHQWR$9('(&OLGHUyORVHVIXHU]RVSDUDFUHDUXQDUHG
QDFLRQDOHQ%XUXQGLFRQHODSR\RGH$1(:
(QDVRFLDFLyQFRQRWURVDFWRUHVORFDOHVHQWUHHOORVHOJRELHUQR
ORFDOODHPSUHVDPXQLFLSDOGHDJXD\GLUHFWRUHVGHHVFXHOD
$9('(&KDUHKDELOLWDGRVLVWHPDVGHDJXDSRWDEOH\FRQVWUXLGR
QXPHURVRVSXQWRVGHDJXD\OHWULQDVHQODVHVFXHODVUXUDOHVGH
%XJHQGDQD+DDSR\DGRDODFRPXQLGDGHQODJHVWLyQGHVXV
UHVHUYDVGHDJXDFDSDFLWDGRDOtGHUHVFRPXQLWDULRVUHDOL]DGR
VHVLRQHVGHVHQVLELOL]DFLyQ\²XQDLQLFLDWLYD~QLFDHQ%XUXQGL²
FRQVWUXLGRXQFHQWURGHFDSDFLWDFLyQSDUDODSURPRFLyQGH
ODKLJLHQH\HOVDQHDPLHQWR$9('(&FUHHTXHVRORXQHQIRTXH
LQWHJUDOFRPRHOTXHDFDEDPRVGHGHVFULELUSHUPLWLUiXQ
GHVDUUROORUHDODODUJRSOD]R
(VSHFLDOL]DGDHQHOVHFWRUGHDJXDVDQHDPLHQWRHKLJLHQH
$9('(&HMHUFHXQUROGHLQWHUPHGLDFLyQHQWUHODVGHPDQGDV
GHODVFRPXQLGDGHVGH%XUXQGLORVVHUYLFLRVGHO(VWDGR\ODV
LQVWLWXFLRQHVGRQDQWHV'HVGHVXFUHDFLyQKDKHFKRKLQFDSLp
HQHOHQIRTXHGHSDUWLFLSDFLyQFRPXQLWDULDHQWRGDVODV
HWDSDVGHOFLFORGHORVSUR\HFWRV²GHVGHVXFRQFHSFLyQKDVWD
VXHYDOXDFLyQÀQDOFRQHOREMHWRGHSURPRYHUODDSURSLDFLyQ
GHORVUHVXOWDGRVSRUSDUWHGHODSREODFLyQEHQHÀFLDULD\
JDUDQWL]DUFRQHOORODVRVWHQLELOLGDG
(GXFDFLyQHQKLJLHQHFRPXQLWDULDHQDFFLyQ
DEDVWHFLPLHQWRGHORVPDWHULDOHVLPSRUWDGRVSHURHVOD
FRPXQLGDGODTXHGHFLGHTXpREUDVGHLQIUDHVWUXFWXUD
GHVDUUROODU\SRQHORVPDWHULDOHVORFDOHVDUHQDSLHGUDDVt
FRPRODPDQRGHREUDQRFDOLÀFDGD&DGDSUR\HFWRLQFOX\H
DVLPLVPRDFWLYLGDGHVGHFDSDFLWDFLyQ\FDPSDxDVGH
VHQVLELOL]DFLyQ
8QRGHVXVHQIRTXHV²HOHQIRTXHGHOQLxRDFDSDFLWDGRU
R´QLxRDQLxRµUHFRQRFHHOUROIXQGDPHQWDOTXHSXHGHQ
FXPSOLUORVQLxRV\QLxDVHQODSURPRFLyQGHORVPHQVDMHVGH
KLJLHQHGLIXQGLpQGRORVHQWUHRWURVQLxRVDVDVtFRPRHQHOVHQR
GHVXVIDPLOLDV
/DVPXMHUHVWDPELpQHMHUFHQXQSDSHOGHFLVLYRGDGRTXH
QRUPDOPHQWHVRQODVUHVSRQVDEOHVGHDFDUUHDUDJXD\
DGPLQLVWUDUHODJXD\HOVDQHDPLHQWRHQVXVKRJDUHV6LQ
HPEDUJRODPHQWDEOHPHQWHDPHQXGRHVWiQLQVXÀFLHQWHPHQWH
UHSUHVHQWDGDVHQODVDVDPEOHDV\ORVSXHVWRVFRPXQLWDULRV
UHODFLRQDGRVFRQHODJXDTXHHVODUD]yQSRUODFXDO$9('(&
OHSUHVWDODPD\RUDWHQFLyQDODSURPRFLyQGHODSDUWLFLSDFLyQ
GHPXMHUHVHQVXVDFWLYLGDGHV\VHDVHJXUDGHTXHODVMXQWDVGH
DJXDLQFRUSRUHQDSRUORPHQRVGRVPXMHUHVSRUFDGDWUHVD
FLQFRGHVXVPLHPEURV
$9('(&EULQGDDVLVWHQFLDWpFQLFD\RUJDQL]DFLRQDO
HVSHFLDOL]DGDHQUHFDXGDFLyQGHIRQGRV\PDQHMDHO
(/$*8$(1%8581',
%XUXQGLXQSHTXHxRSDtVHQHOFRUD]yQGHORV*UDQGHV
/DJRVGHÉIULFDHVXQSDtVHQUHFRQVWUXFFLyQWUDVPiV
GHDxRVGHFULVLV/DSREODFLyQHVPX\SREUH\HO
DFFHVRDODJXDRDVHUYLFLRVEiVLFRVHVPX\OLPLWDGR
GHELGRDODIDOWDGHLQIUDHVWUXFWXUDVRFLDOODPD\RU
SDUWHGHODFXDOIXHGHVWUXLGDGXUDQWHODJXHUUD&RQ
SUHFLSLWDFLRQHVSURPHGLRGHFHUFDGHPPDO
DxR\PLOHVGHPDQDQWLDOHVUHSDUWLGRVSRUWRGRHOSDtV
%XUXQGLQRVXIUHGHHVFDVH]GHDJXD6LQHPEDUJRODV
HQIHUPHGDGHVPLFURELDQDV\WUDQVPLWLGDVSRUHODJXD
VRQODVSULQFLSDOHVFDXVDVGHPRUWDOLGDGHVSHFLDOPHQWH
HQWUHORVQLxRV\QLxDVPHQRUHVGHFLQFRDxRV
(OHTXLSRGH$9('(&
