Diario de los Debates - Archivo Digital de la Legislación del Perú

Anuncio
(VWDPRVSDUDVHUYLUORGHOXQHVDYLHUQHVGHDKRUDV
-U-XQtQVQFXDGUD
7HOpIRQRDQH[RVID[
KWWSZZZFRQJUHVRJRESH
(PDLOGLDULRGHEDWHV#FRQJUHVRJRESH
(VWDVHVLyQKDVLGRSXEOLFDGDHQHO3RUWDOGHO&RQJUHVRDODVKRUDVGHO
MXHYHVGHQRYLHPEUHGH
35,0(5$/(*,6/$785$25',1$5,$'(
35,0(5$/(*,6/$785$25',1$5,$'(
(
6(6,Ð1
6(6,Ð1
0DWLQDO
0DWLQDO
7H[WR%RUUDGRU
-8(9(6'(129,(0%5('(
-8(9(6'(129,(0%5('(
35(6,'(1&,$'(/266(f25(6'$1,(/$%8*$77É60$-/8)
35(6,'(1&,$'(/266(f25(6'$1,(/$%8*$77É60$-/8)
<(+8'(6,021081$52
<(+8'(6,021081$52
<
0,&+$(/857(&+20(',1$
0,&+$(/857(&+20(',1$
680$5,2
680$5,2
6HSDVDOLVWD³
6HSDVDOLVWD³6HDEUHODVHVLyQ³
6HDEUHODVHVLyQ³
³$ ODV KRUDV \ PLQXWRV EDMR OD 3UHVLGHQFLD GHO VHxRU 'DQLHO $EXJDWWiV 0DMOXI H
LQWHJUDQGR OD 0HVD 'LUHFWLYDHO VHxRU <HKXGH6LPRQ 0XQDURHO 5HODWRU SDVD OLVWD D OD
TXHFRQWHVWDQORVVHxRUHV0LJXHO*UDX6HPLQDULR
0LJXHO*UDX6HPLQDULR
3RU5HV/HJ1ƒVHGLVSRQHSHUPDQHQWHPHQWHXQDFXUXOHQHO+HPLFLFORGHO&RQJUHVRFRQHOQRPEUHGHO'LSXWDGR
0LJXHO*UDX6HPLQDULR/DOLVWDGHDVLVWHQFLDFRPHQ]DUiFRQHOQRPEUHGHO+pURHGHOD3DWULD0,*8(/*5$86(0,1$5,2WUDVFX\R
HQXQFLDGROD5HSUHVHQWDFLyQ1DFLRQDOGLUi£35(6(17(
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³%XHQRVGtDVVHxRULWDVVHxRUDV\
VHxRUHVFRQJUHVLVWDV
6HYDDSDVDUOLVWDSDUDFRPSXWDUHOTXyUXP
(O5(/$725SDVDOLVWD
(O5(/$725SDVDOLVWD
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ 5HJLVWUDU DVLVWHQFLD SRU PHGLR GHO
VLVWHPDGLJLWDO
³$GHPiV GH FRQWHVWDU D OD OLVWD ORV VHxRUHV FRQJUHVLVW
FRQJUHVLVWDV
DV UHJLVWUDQ VX DVLVWHQFLD SRU
PHGLRGHOVLVWHPDGLJLWDOSDUDYHULILFDUHOTXyUXP
PHGLRGHOVLVWHPDGLJLWDOSDUDYHULILFDUHOTXyUXP
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ +DQ UHJLVWUDGR VX DVLVWHQFLD VHxRULWDVVHxRUDV\VHxRUHVFRQJUHVLVWDV
(OTXyUXPSDUDODSUHVHQWHVHVLyQHVGH
&RQHOTXyUXPUHJODPHQWDULRVHLQLFLDODVHVLyQ
6H SRQH HQ FRQRFLPLHQWR GHO 3OHQR TXH OD &RPLVLyQ GH 3UHVXSXHVWR KD VROLFLWDGR
DXWRUL]DFLyQSDUDVHVLRQDUVLPXOWiQHDPHQWHDODSUHVHQWHVHVLyQSOHQDULD
6HLQIRUPDWDPELpQDSURYHFKDPRVHOPRPHQWRGHTXHODVHPDQDTXHYLHQHHVVHPDQD
GH UHSUHVHQWDFLyQ D H[FHSFLyQ GH ORV LQWHJUDQWHV GH OD &RPLVLyQ GH 3UHVXSXHVWR TXH
HVWiQHQVHVLyQSHUPDQHQWH\DH[FHSFLyQGHOD&RPLVLyQGHeWLFDTXHKDVROLFLWDGR\D
GHVGHODVHPDQDDQWHULRUPDQWHQHUVHHQVHVLyQSHUPDQHQWH
7LHQHHOXVRGHODSDODEUDHOFRQJUHVLVWD9HOiVTXH]4XHVTXpQ
(OVHxRU9(/É648(=48(648e1*3&3³
(OVHxRU9(/É648(=48(648e1*3&3³ 3UHVLGHQWHVtKHPRVUHFLELGRIRUPDOPHQWH
GHSDUWHGHOD2ILFLDO 0D\RUHVWDFRPXQLFDFLyQHQHOVHQWLGRGHTXHOD3UHVLGHQFLDGHO
&RQJUHVRKDEUtDGHFLGLGRDGHODQWDUODIHFKDGHODVHPDQDGHUHSUHVHQWDFLyQ
/DV DFWLYLGDGHV SDUODPHQWDULDV VRQ SUHGHFLEOHV ORV SDUODPHQWDULRV VDEHPRV FXDQGR
WHQHPRV QXHVWUDV FRPLVLRQHV RUGLQDULDV VDEHPRV FXDQGR HV HO 3OHQR VDEHPRV ODV
REOLJDFLRQHV TXH WHQHPRV FRQ QXHVWURV UHSUHVHQWDGRV GH WDO PDQHUD TXH D\HU QRV KD
VRUSUHQGLGRGHTXHVHKDDGHODQWDGRXQDVHPDQDODVDFWLYLGDGHVGHUHSUHVHQWDFLyQ
4XLVLpUDPRVSRUORPHQRVSRUFRQVLGHUDFLyQDOD5HSUHVHQWDFLyQ3DUODPHQWDULD\DTXH
KHPRVVLGRLQIRUPDGRVGHTXHpVWDKDVLGRXQDGHFLVLyQVRODPHQWHGHOD3UHVLGHQFLDQR
GH OD 0HVD \ PHQRV FRRUGLQDGD FRQ OD -XQWD GH 3RUWDYRFHV TXH QRV GLHUDQ XQD
H[SOLFDFLyQ SRU TXp UD]RQHV VH KD DGHODQWDGR OD VHPDQD GH UHSUHVHQWDFLyQ 3RUTXH
DOJXQRVGHQRVRWURVWHQHPRVWDPELpQFRPSURPLVRV\DFWLYLGDGHVTXHKHPRVSURJUDPDGR
GXUDQWHWRGRHOPHV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³&RQPXFKRJXVWRVHxRUFRQJUHVLVWD
(Q SULPHU OXJDU QR VH KD DGHODQWDGR DEVROXWDPHQWH QDGD 1R H[LVWH XQD VHPDQD
GHWHUPLQDGD HQ HO PHV TXH HVWp ILMDGD FRPR VHPDQD GH UHSUHVHQWDFLyQ 6t KD KDELGR
FLHUWDWHQGHQFLDDTXHVHDQODV~OWLPDVVHPDQDVGHOPHVSHURQRHVWiHQHO5HJODPHQWR
TXHVHDDVt(O5HJODPHQWRLQGLFDFLQFRGtDVDODVHPDQD
&UHR TXH SRU WRGRV HV FRQRFLGR TXH HVWH PHV HV XQ PHV GHILQLWLYR SDUD WRGDV ODV
UHJLRQHV\WRGRVORVGLVWULWRVTXHHVWiQHVSHUDQGRTXHVHUHVXHOYDHOWHPDSUHVXSXHVWDO
(QWRQFHV WHQHPRV TXH DERFDU ORV ~OWLPRV TXLQFH GtDV GHO PHV D OD ODERU SUHVXSXHVWDO
TXH HV OD ODERU SULRULWDULD HQ HO PHV GH QRYLHPEUH \ HVR HVWi GH DFXHUGR D OD
&RQVWLWXFLyQ
(VDHVODUD]yQIXQGDPHQWDO
&RQJUHVLVWD6DOJDGR
/DVHxRUD6$/*$'258%,$1(6*3)³
/DVHxRUD6$/*$'258%,$1(6*3)³*UDFLDV3UHVLGHQWH
&DVXDOPHQWH SRU HO WHPD SUHVXSXHVWDULR PH HQFXHQWUR SUHRFXSDGD SRUTXH QRV KDQ
GLFKRTXHHVWDVHPDQDTXHYLHQHYDDVHUXWLOL]DGDSDUDUHSUHVHQWDFLyQ6LQHPEDUJRHO
DUWtFXOR ƒ GHO 5HJODPHQWR LQFLVR F SiUUDIR VHLV GLFH TXH HO GHEDWH GH OD /H\ GH
3UHVXSXHVWR VH LQLFLD HO GH QRYLHPEUH 2 VHD OD VHPDQD TXH HVWDPRV GH
UHSUHVHQWDFLyQ
(VWDUtDPRVLQFXPSOLHQGRHO5HJODPHQWRDOQRLQLFLDUHOGHEDWHGHOD/H\GH3UHVXSXHVWRHO
GtD9DPRVDHVWDUHQUHSUHVHQWDFLyQVLQRPHHTXLYRFRKDVWDHOGtDR
(QWRQFHV VHxRU 3UHVLGHQWH QR GHEHPRV DFRVWXPEUDUQRV D LQIULQJLU HO 5HJODPHQWR
3RUTXHKR\LQIULQJLPRV XQLQFLVR\PDxDQDLQIULQJLPRVRWURDUWtFXOR\ RWURDUWtFXOR(VWR
VLHPSUH VH KD UHVSHWDGR +DVWD GRQGH \R WHQJR FRQRFLPLHQWR WRGDV ODV OH\HV GH
SUHVXSXHVWRHPSH]DEDQHQODIHFKDSUHFLVDTXHHVWDEOHFHHO5HJODPHQWR
3RURWURODGRVHxRUFUHRTXHVHUtDPX\VDOXGDEOHSDUDHOPDQHMRGHWRGDVODVEDQFDGDV
TXHHQUHXQLyQGHSRUWDYRFHVRHQUHXQLyQGH&RQVHMR'LUHFWLYRVHKLFLHVHHVWDFRQVXOWD
SDUDSRGHULQLFLDUODVHPDQDGHUHSUHVHQWDFLyQVLYDQDFDPELDUGHIHFKD6HDOWHUDOD
SURJUDPDFLyQODDJHQGDGHFXDOTXLHUFRQJUHVLVWD
$OJXQRVPHGHFtDQ$FDERGHUHJUHVDUGHPLWLHUUD\DKRUDQRWHQJRSURJUDPDSDUDOD
VLJXLHQWHVHPDQD3RUTXHKDEtDPRVDFRVWXPEUDGRKDFHUORHQOD~OWLPDVHPDQD
(QWRQFHVSDUDODSUy[LPDVHxRU3UHVLGHQWHOHLQYRFRDTXHOODPHDQXHVWURVSRUWDYRFHV
SDUD TXH SXHGDQ WRPDU XQD LQLFLDWLYD GH FRQMXQWR \ OOHYDU OD H[SHFWDWLYD GH WRGRV ORV
SDUODPHQWDULRV<QRVpFyPRKDFHPRVSDUDQRLQIULQJLUHO5HJODPHQWR
*UDFLDV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³/HUHVSRQGRFRQJUHVLVWD6DOJDGR
'HVGH HO DxR OD SUHVHQWDFLyQ GHO GLFWDPHQ KD VLGR HO GH QRYLHPEUH GH
QRYLHPEUH GH QRYLHPEUH GH QRYLHPEUH 6RODPHQWH VH UHVSHWDURQ ORV GH
QRYLHPEUH HQ HO DxR \ +HPRV FRQYHUVDGR FRQ OD &RPLVLyQ GH
3UHVXSXHVWR\QRYDQDWHQHUHOGLFWDPHQOLVWRDQWHVGHO
3RUHVRHVTXHVHKDWRPDGRODGHFLVLyQ
< OD IHFKD SDUD HO GHEDWH \D HVWi SURJUDPDGD (O \D HVWi OD VXVWHQWDFLyQ GHO
SUHVXSXHVWR \ HO LQLFLR GHO GHEDWH SDUD SRGHU WHQHU SRU OR PHQRV VLHWH GtDV OLEUHV SDUD
GHEDWLUOR
&RQJUHVLVWD0HVtDV
(OVHxRU*8(9$5$$0$6,)8(1$3³
(OVHxRU*8(9$5$$0$6,)8(1$3³*UDFLDVVHxRU3UHVLGHQWH
'HILQLWLYDPHQWH HVWRV WHPDV GH ORV UHJODPHQWRV VRQ GLVFXVLRQHV PX\ EXHQDV 6LQ
HPEDUJRYHQJRHQHVWDPDxDQDFRQRWUDSUHRFXSDFLyQ
(QORV~OWLPRVSOHQRVVHxRU3UHVLGHQWHKHPRVSHUGLGRHOWLHPSRHQGLVFXWLUPRFLRQHVTXH
QRWLHQHQQDGDTXHYHUFRQHOGHVDUUROORGHOSDtV
(QHVWDPDxDQDTXLHUROODPDUDUHIOH[LyQDWRGDODUHSUHVHQWDFLyQQDFLRQDO
(O SXHEOR SHUXDQR QHFHVLWD GH QRVRWURV ORV FRQJUHVLVWDV GH OD 5HS~EOLFD TXH HVWHPRV
VLQWRQL]DGRVGHYHUGDGFRQHOSXHEORSHUXDQR\VXVQHFHVLGDGHV
/RVWLWXODUHVDWUDYpVGHORVSHULyGLFRVDWUDYpVGHODVUDGLRVPiVLPSRUWDQWHVGHOSDtV\
WDPELpQ ORV PHGLRV GHFRPXQLFDFLyQ WHOHYLVLYRV VH KDQ FRQYHUWLGRHQOD WHQWDFLyQ GH OD
PD\RU FDQWLGDG GH FRQJUHVLVWDV 9HPRV TXH OD &RPLVLyQ GH eWLFD OD &RPLVLyQ GH
)LVFDOL]DFLyQ EXVFDQ SHUPDQHQWHPHQWH WLWXODUHV VHxRU 3UHVLGHQWH VHJXUDPHQWH OOHYDGRV
SRUODWHQWDFLyQGHSRQHUVXQRPEUHVLPSOHPHQWHHQORVWLWXODUHVSHURVHROYLGDQTXHHO
PDQGDWRFRQVWLWXFLRQDOGHODUHS~EOLFD\DVLPLVPRHOPDQGDWRLPSHUDWLYRGHODVFDOOHV\
GHO SXHEOR SHUXDQR H[LJHQ D OD 5HSUHVHQWDFLyQ 1DFLRQDO TXH GLVFXWDPRV ODV OH\HV
QDFLRQDOHV
6HxRU 3UHVLGHQWH HQ HVWRV PRPHQWRV HQ QXHVWUR SDtV OD HPSUHVD PiV LPSRUWDQWH GH
WHOHFRPXQLFDFLRQHV 7HOHIyQLFD GHO 3HU~ VXV FRQFHVLRQHV KDQ YHQFLGR ¢GLFH DOJR HO
&RQJUHVRGHOD5HS~EOLFD"
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³&RQWLQ~HSRUIDYRU
(OVHxRU*8(9$5$$0$6,)8(1$3³
(OVHxRU*8(9$5$$0$6,)8(1$3³*UDFLDVVHxRU3UHVLGHQWH
(O WHPD GH ODV WHOHFRPXQLFDFLRQHVHQ HVWRVPRPHQWRV QXHVWUR SDtV HVWi PHWLpQGRVH HQ
XQSUREOHPDDQLYHOQDFLRQDOHOHVSLUDOGHODYLROHQFLDHVWiDSXQWRGHDWUDSDUQRVSRUORV
WHPDVPLQHURV¢\VHKDSXHVWRDSHQVDUODFRPLVLyQGH(QHUJtD\0LQDVVLGHYHUGDGHV
QHFHVDULRTXHWUDEDMHPRVHOWHPDGHODSURIXQGDUHYLVLyQGHOD/H\GH0LQHUtD"
6HxRU3UHVLGHQWHORVMyYHQHVWDPELpQQHFHVLWDQWUDEDMR¢QRVKHPRVSXHVWRDSHQVDUHQ
FRQVWUXLUXQSDtVGRQGHKD\DRSRUWXQLGDGHVSDUDWRGRV"1RVHxRU3UHVLGHQWHHVDHVOD
SUHRFXSDFLyQ TXH WUDLJR QR FRPR FRQJUHVLVWD VLQR GHO SXHEOR HQ ODV FDOOHV < WDPELpQ
GLJR TXH WHQJR XQD VHULD VRVSHFKD TXH KD\ IXHU]DV RVFXUDV HQ HO 3HU~ TXH TXLHUHQ
JROSHDU DO &RQJUHVR GH OD 5HS~EOLFD TXH TXLHUHQ GHVSUHVWLJLDUQRV PiV DXQ \ HVH
GHVSUHVWLJLR ODPHQWDEOHPHQWH SURYLHQH GH QRVRWURV PLVPRV SRU QXHVWUD LQDFFLyQ VHxRU
3UHVLGHQWH
0XFKDVJUDFLDV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDVFRQJUHVLVWD0HVtDV
7LHQHHOXVRGHODSDODEUDHOFRQJUHVLVWD$SD]D
(OVHxRU$3$=$25'Ðf(=1*3³
(OVHxRU$3$=$25'Ðf(=1*3³0XFKDVJUDFLDVVHxRU3UHVLGHQWH
&ROHJDVSDUODPHQWDULRVWHQJDQXVWHGHVPX\EXHQRVGtDV
6H HVWi KDFLHQGR FRVWXPEUH \D TXH FLHUWRV SDUODPHQWDULRV YLHQHQ DSURYHFKDQGR HVWH
SUHiPEXORGHORVSOHQRVSDUDKDFHUSHURUDWDGHDOJXQRVDVSHFWRVIXQGDPHQWDOPHQWHHQ
REVHUYDUDOJXQDVGHFLVLRQHVGHOFRPLWpHMHFXWLYRGHQXHVWUR&RQJUHVR
1R Vp OD LQWHQFLyQ SRUTXH GHVSXpV SRU DOJXQRV VHFWRUHV GH OD SUHQVD WDPELpQ VH GLFH
TXHQRVHHVWiKDFLHQGRQDGDSURGXFWLYRHQHO&RQJUHVR
1RVGHGLFDPRVSUHFLVDPHQWHDVHUPX\UHJODPHQWDULVWDVHQKDFHUREVHUYDFLRQHVFRQOR
FXDOSHUGHPRVWLHPSR
&ROHJDV SDUODPHQWDULRV TXLHUR KDFHUOHV XQD LQYRFDFLyQ PX\ SURIXQGD WHQHPRV
SUR\HFWRVXUJHQWHV\RMDOiVHWUDWHQORPiVSURQWRSRVLEOHSRUHMHPSORODQRSUHVFULSFLyQ
GHORVGHOLWRVWHPDVWDQXUJHQWHVTXHFRQFLWDQODDWHQFLyQGHOSXHEORSHUXDQR
(VWDLQYRFDFLyQYDDFDGDXQRGHQRVRWURVVLTXHUHPRVSODQWHDUREVHUYDFLRQHVTXHVHDQ
SURGXFWLYDV QR HVSHFXODFLRQHV REVHUYDFLRQHV VXSHUIOXDV SRU TXp QR VH KD KHFKR OD
VHPDQDSDVDGDSRUTXpQRVHSXHGHKDFHUODRWUDVHPDQD(VGHFLUORVSDUODPHQWDULRV
GHSURYLQFLDVFRWLGLDQDPHQWHHVWDPRVFRQSUREOHPDVHQQXHVWUDVUHJLRQHVORVTXHHVWiQ
HQ/LPDFUHHQTXHHO3HU~HV/LPD
<HVRFRPSDxHURGHFRPSDxHURV³FRPRVHSXHGHOODPDUDQXHVWURFROHJD9HOiVTXH]³
KD\TXHHVWDUWRGRVORVGtDVFRQHOSXHEORKD\TXHYLYLUVXVSUREOHPDV\XVWHGFRPRH[
3ULPHU0LQLVWUR6LORSHUPLWHOD3UHVLGHQFLD
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ &RQFpGDOH OD LQWHUUXSFLyQ DO FROHJD
9HOiVTXH]
(O VHxRU 9(/É648(= 48(648e1 *3&3
*3&3³ %UHYHPHQWH \R OH KH SHGLGR XQD
H[SOLFDFLyQ DO 3UHVLGHQWH GHO &RQJUHVR PH OD KD GDGR \ KH FRQVLGHUDGR TXH OD
H[SOLFDFLyQ HV VDWLVIDFWRULD D SHVDU TXH FRPR GLFH HO UHJODPHQWR ELHQ OR KD GLFKR /X]
6DOJDGR HO GHEDWH GHO SUHVXSXHVWR FRPLHQ]DHO SHUR FRPR OD FRPLVLyQ QR OR YD D
WHUPLQDU PH SDUHFH FRUUHFWR GH TXH KD\DQ DGHODQWDGR OD VHPDQD GH UHSUHVHQWDFLyQ
SHUR KDFHU XQD SUHJXQWD QR WLHQH SRUTXH VHQWLUVH \ QR KD\ TXH KDFHU DODUGH GH TXH
QRVRWURV(OWHPDVHYHHQORVUHVXOWDGRV
<RVR\XQSDUODPHQWDULRSURYLQFLDQR\QRORGLJRSRUVDWLVIDFHUPLHJRKHVLGRHOHJLGR
FXDWURYHFHVSRU/DPED\HTXHDK\RYLYRHQ/DPED\HTXH\WUDEDMRHQ/LPD\ODYRWDFLyQ
HVORTXHOHGDPHMRUOHJLWLPLGDGDORVTXHKDEODPRVDQRPEUHGHOSXHEOR
*UDFLDV
(O VHxRU 35(6,'(17(
35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ 0XFKDV JUDFLDV FRQJUHVLVWD
9HOiVTXH]
&RQJUHVLVWD$SD]DFRQWLQ~HSRUIDYRU
(O VHxRU $3$=$ &21'25, 1*3³
1*3³ 6L XVWHG PH SHUPLWH VHxRU 3UHVLGHQWH FRQ HO
UHVSHWRTXHVHPHUHFHPHSLGHXQDLQWHUUXSFLyQODFROHJD-XOLD
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³&yPRQR
&RQJUHVLVWD-XOLD7HYHV
/D VHxRUD 7(9(6 48,63( 1*3³
1*3³ %XHQRV GtDV VHxRU 3UHVLGHQWH \ OD H[WHQVLyQ GHO
VDOXGRSDUDWRGRVPLVFROHJDV
(Q HIHFWR VHxRU 3UHVLGHQWH PLHQWUDV PXFKRV VH GHGLFDQ D HVWDU FRPR ILJXUHWLV HQ ORV
WLWXODUHV ODV UHJLRQHV QRV HVWiQ SLGLHQGR VROXFLyQ D VXV SUREOHPD 1RVRWURV VRPRV
UHSUHVHQWDQWHVGHODVGLIHUHQWHVUHJLRQHVTXHUHPRVWUDWDUWHPDVUHDOPHQWHGHUHDOFH\GH
LQWHUpV QDFLRQDO SDUD QXHVWUR SDtV 1R KHPRV YHQLGR SDUD HVWDU FRPR ILJXUHWLV HQ ORV
WLWXODUHV SRUTXH QRVRWURV KHPRV YHQLGR D UHVROYHU UHSUHVHQWDPRV D OD JUDQ HOHFFLyQ
SRSXODU GH WRGR HO SXHEOR \ HQ HVH VHQWLGR QR HV QXHVWUR WUDEDMR QR QRV KHPRV
FDUDFWHUL]DGRSRUHVWDUHQORVGLDULRVHQORVPHGLRVGHSUHQVDUDGLDORWHOHYLVLYR1XHVWUR
SURSyVLWRHVDTXtUHVROYHUHOSUREOHPDTXHWDQWRQHFHVLWDHOSDtV
(Q HVWH PRPHQWR XVWHG FRQRFH WRGRV ORV SUREOHPDV TXH HVWiQ SDVDQGR HQ &DMDPDUFD
TXHHVWiQSDVDQGRHQHVWHPRPHQWRHQ$UHTXLSDTXHHVWiQSDVDQGRHQ&XVFR\ELHQ
TXHDKRUDWHQJDPRVODVHPDQDGHUHSUHVHQWDFLyQWDPELpQSDUDSRGHUHVWDUMXQWRDHOORV
\ SRGHU OXHJR SRVWHULRUPHQWH YHQLU D GLVFXWLU HO SUHVXSXHVWR TXH HV XQ WHPD WDQ
LPSRUWDQWH SDUD VROXFLRQDU ORV JUDQGHV SUREOHPDV \ HVSHFLDOPHQWH HO GHVDUUROOR
HFRQyPLFR\VRFLDOGHQXHVWURSDtV
0XFKDVJUDFLDV\JUDFLDVSRUODLQWHUUXSFLyQ
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ &RQWLQ~H FRQJUHVLVWD $SD]D SRU
IDYRU
(O VHxRU $3$=$ &21'25, 1*3³
1*3³ +DFLHQGR YRWRV GH TXH QXHVWUR FROHJD 9HOiVTXH]
VLJXH VLHQGR SDUODPHQWDULR ELHQ GHO SDtV 4XLHUR UHLWHUDU HVWD LQYRFDFLyQ
GHGLTXpPRQRV D OHJLVODU GHMHPRV GH SRVHV REVHUYDWLYDV VLQ UHVXOWDGR SRVLWLYR D ORV
JUDQGHVSUREOHPDVTXHWLHQHHOSDtV
<R FUHR TXH OD 3UHVLGHQFLD GHO &RQJUHVR WLHQH OD SRWHVWDG \ OD IDFXOWDG VXILFLHQWH SDUD
SRGHUGHWHUPLQDUDOJXQRVFDVRVGHXUJHQFLD
(QHVHVHQWLGRVHxRU3UHVLGHQWHTXLHURUHLWHUDUODLQYRFDFLyQDODUHIOH[LyQSDUDTXHQRV
GHGLTXHPRV D OHJLVODU \ GHMHPRV DOJXQRV DVSHFWRV SHUVRQDOHV R GH ILJXUDFLyQ +HPRV
YHQLGRDWUDEDMDUQRDILJXUDU
*UDFLDVVHxRU
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDV
&RQJUHVLVWD/D\WLHQHHOXVRGHODSDODEUD
(OVHxRU/$<681$3*&³
(OVHxRU/$<681$3*&³*UDFLDVVHxRU3UHVLGHQWH
4XLVLHUD DFODUDU TXH OD &RPLVLyQ GH eWLFD HQ QLQJ~Q PRPHQWR KD HVWDGR EXVFDQGR
SUHQVDRDSDULFLRQHVPHGLiWLFDVSRUHOFRQWUDULRKHPRVHVWDGRUHKX\HQGRDODSUHQVDHQ
ORSRVLEOH\ODVHPDQDSDVDGDHQORVWUHV~OWLPRVGtDVLQFOXVLYHQHJXpWRGDHQWUHYLVWDD
ORV PHGLRV GH FRPXQLFDFLyQ QR KH FRQWHVWDGR HO WHOpIRQR QR KH DFHSWDGR HQWUHYLVWD
0iV ELHQ OD &RPLVLyQ GH eWLFD HVWi VXIULHQGR XQD SHUVHFXFLyQ PHGLiWLFD \ HVR HV OR
KHPRVHVWDGRWUDWDQGRGHHYLWDU
'HWDOPDQHUDTXH\RTXLHURGHVYLUWXDUSRUFRPSOHWRODDILUPDFLyQTXHKDKHFKRQXHVWUR
FROHJD
/DPHQWRTXHQRHVWpDTXtHOFRQJUHVLVWD-DYLHU'LH]&DQVHFRTXLHQKL]RXQDGHFODUDFLyQ
HQ XQ PHGLR GH FRPXQLFDFLyQ TXH +XPEHUWR /D\ SUHVLGHQWH GH OD &RPLVLyQ GH eWLFD
WHQtDGHQXQFLDVSRUKXUWRDJUDYDGR\FRVDVSRUHOHVWLOR
4XLHURDFODUDUTXHHQMXQLRGHHVWHDxRHQ3HU~VDOLyMXVWDPHQWHHVDQRWDTXHWUHV
GtDVGHVSXpVHOPLVPR3HU~³\RORWHQJRDTXt³GHVPLQWLyRDFODUyTXHHVRQRHUD
YHUGDG \ TXH HQ QRYLHPEUH HQ HVWH PHV KD YXHOWR D SXEOLFDU TXH +XPEHUWR /D\ HVWi
OLPSLRGHSROYR\SDMD
< HQ OR TXH VH UHILHUH HV D XQD GHQXQFLD TXH Vt KXER HQ PL FRQWUD SRU SHUVRQDV PDO
LQWHQFLRQDGDV TXH HO 3RGHU -XGLFLDO HQ SULPHUD LQVWDQFLD GHFODUy TXH QR KDEtD OXJDU
DEULU LQVWUXFFLyQ (O ILVFDO DSHOy \ HQ VHJXQGD LQVWDQFLD WDPELpQ IXH GHFODUDGR TXH QR
KDEtDOXJDU1HWDPHQWHTXHQXQFDKXERXQSURFHVRSHQDOFRQWUDPLSHUVRQD\\RWHQJR
DTXtHOUHSRUWHXQDFRSLDGHODSiJLQDZHEGHOVLVWHPDGHH[SHGLHQWHVGHO3RGHU-XGLFLDO
GRQGHGLFHTXHHVWiDUFKLYDGRHQIRUPDGHILQLWLYDHVHH[SHGLHQWH
'H WDO PDQHUD TXH HO FRPHQWDULR TXH KL]R HO FRQJUHVLVWD 'LH] &DQVHFR HV WRWDOPHQWH
IXHUDGHOXJDU(VRQRPiVTXHUtDDFODUDUVHxRU3UHVLGHQWH
0XFKDVJUDFLDV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDVFRQJUHVLVWD/D\
&RQJUHVLVWD6LPRQ0XQDURWLHQHHOXVRGHODSDODEUD
(OVHxRU6,021081$52$3*&
(OVHxRU6,021081$52$3*&³
HxRU6,021081$52$3*&³*UDFLDVVHxRU3UHVLGHQWH
5RJDUtDTXHVHGpOHFWXUDDODUWtFXORƒGHOD&RQVWLWXFLyQ\HODUWtFXORƒSRUIDYRU
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
&RQVWLWXFLyQ3ROtWLFDGHO3HU~
&RQVWLWXFLyQ3ROtWLFDGHO3HU~
$UWtFXORƒ³
$UWtFXORƒ³/DLQYHUVLyQQDFLRQDO\ODH[WUDQMHUDVHVXMHWDQDODVPLVPDVFRQGLFLRQHV
ODSURGXFFLyQGHELHQHV\VHUYLFLRV\HOFRPHUFLRH[WHULRUVRQOLEUHV6LRWURSDtVRSDtVHV
DGRSWDQPHGLGDVSURWHFFLRQLVWDVRGLVFULPLQDWRULDVTXHSHUMXGLTXHQHOLQWHUpVQDFLRQDOHO
(VWDGRSXHGHHQGHIHQVDGHpVWHDGRSWDUPHGLGDVDQiORJDV
(Q WRGR FRQWUDWR GHO (VWDGR \ GH ODV SHUVRQDV GH GHUHFKR S~EOLFR \ FRQ H[WUDQMHURV
GRPLFLOLDGRVFRQVWDHOVRPHWLPLHQWRGHHVWRVDODVOH\HV\yUJDQRVMXULVGLFFLRQDOHVGHOD
5HS~EOLFD \ VX UHQXQFLD D WRGD UHFODPDFLyQ GLSORPiWLFD 3XHGHQ VHU H[FHSWXDGRV GH OD
MXULVGLFFLyQQDFLRQDOORVFRQWUDWRVGHFDUiFWHUILQDQFLHUR(O(VWDGR\ODVGHPiVSHUVRQDV
GHGHUHFKRS~EOLFRSXHGHQVRPHWHUODVFRQWURYHUVLDVGHULYDGDVGHUHODFLyQFRQWUDFWXDOD
WULEXQDOHV FRQVWLWXLGRV HQ YLUWXG GH WUDWDGRV HQ YLJRU 3XHGHQ WDPELpQ VRPHWHUODV D
DUELWUDMHQDFLRQDORLQWHUQDFLRQDOHQODIRUPDHQTXHORGLVSRQJDODOH\
>@
$UWtFXOR ƒ³
ƒ³ (O (VWDGR DSR\D SUHIHUHQWHPHQWH HO GHVDUUROOR DJUDULR *DUDQWL]D HO
GHUHFKR GH SURSLHGDGVREUH OD WLHUUD HQ IRUPD SULYDGD R FRPXQDO R HQ FXDOTXLHUD RWUD
IRUPD DVRFLDWLYD /D OH\ SXHGH ILMDU ORV OtPLWHV \ OD H[WHQVLyQ GH OD WLHUUD VHJ~Q ODV
SHFXOLDULGDGHVGHFDGD]RQD
/DV WLHUUDV DEDQGRQDGDV VHJ~Q SUHYLVLyQ OHJDO SDVDQ DO GRPLQLR GHO (VWDGR SDUD VX
DGMXGLFDFLyQHQYHQWD
(OVHxRU6,021081$52$3*&
(OVHxRU6,021081$52$3*&³
HxRU6,021081$52$3*&³*UDFLDVVHxRU3UHVLGHQWH
4XHUtD KDFHU XQ OODPDGR GH DWHQFLyQ DO &RQJUHVR TXH HQ HIHFWR FRPR KDQ GLFKR ORV
FRQJUHVLVWDVTXHPHDQWHFHGLHURQHQHOXVRGHODSDODEUDHQHO3HU~KD\WHPDVGHIRQGR
TXH KD\ TXH WUDWDUORV GH PDQHUD VHULD ORV HVFiQGDORV QR QRV LQWHUHVD D OD PD\RUtD GH
FRQJUHVLVWDV\ODVFRPLVLRQHVUHVSHFWLYDVGHEHQDFWXDU
<R UHLWHUR PL DSR\R D OD &RPLVLyQ GH )LVFDOL]DFLyQ \ HVSHUR TXH ORV FDVRV TXH HVWiQ
YLHQGRVHDFHOHUHQSDUDWHQHUUHVXOWDGRV3HURHVWRQRGHEHPDQFKDUDO&RQJUHVRQLDORV
FRQJUHVLVWDV\GHEHPRVVHJXLUYLHQGRHOWHPDIXQGDPHQWDO\HQHVWHFDVRSRUHMHPSORHO
WHPDGHODJUR
1RVRODPHQWHVRQORVFRQIOLFWRVTXHWHQHPRVHQ&DMDPDUFDXRWUDVUHJLRQHVVLQRTXH\D
FRPHQ]DPRVDWHQHURWURWLSRGHFRQIOLFWRHQWHPDGHIRQGRSRUHMHPSORHOFDVRGHOD
DJULFXOWXUDTXHHOHVFHQDULRHVWRWDOPHQWHGHYDVWDGRU
8Q WHPD IXQGDPHQWDO HV OR TXH HVWi VXFHGLHQGR FRQ HO DOJRGyQ 1R HV SRVLEOH VHxRU
3UHVLGHQWHGHTXHHVWHJRELHUQRDTXLHQQRVRWURVDSR\DPRV\TXHUHPRVTXHVHDH[LWRVR
KD\DKHFKRXQDFDPSDxDLQWHQVDFRQUHVSHFWRDODDJULFXOWXUDLQWHQVDFRQUHVSHFWRDOR
TXHGHEHVLJQLILFDUODLQGXVWULDQDFLRQDO\VLQHPEDUJRVLJDPRVSURWHJLHQGRHVWHLQJUHVR
GHKLODGRVGHOD,QGLDTXHHVWiQKDFLHQGRXQGDxRWHUULEOHDORVDJULFXOWRUHVWDQWRGHOVXU
FRPRGHOQRUWHFRQXQSURGXFWREDQGHUDHQHOFDVRQXHVWURTXHHVHOWDQJXLVTXHHVXQ
SURGXFWREDQGHUDSDUDQRVRWURV
(VWi HQWUDQGR HO KLODGR LQGLR D SUHFLRV LQFUHtEOHV JUDWLV SUiFWLFDPHQWH )tMHVH XVWHG VH
RIHUWDDO3HU~DHONLORORTXHVLJQLILFDTXHHOSUHFLRGHODILEUDLQGLDWHQGUtDTXH
KDEHUVLGRYHQGLGDDGyODUHVTXLQWDOFXDQGRHODxRTXHKDSDVDGRVHYHQGtDHQHO
PHUFDGRDGyODUHVHOTXLQWDO
¢4XpKDVXFHGLGRSRUTXpWHQHPRVHOSUREOHPD"/D,QGLDFRPHWLyXQJUDYHHUURUTXLVR
SURWHJHU \ SURKLELy OD H[SRUWDFLyQ GH VXV SURGXFWRV VH GLHURQ FXHQWD TXH QR SRGtDQ
DEDVWHFHUHOPHUFDGRQDFLRQDOQRWHQtDODFDSDFLGDGSDUDKDFHUORTXHHOORVSHQVDEDQ\
WXYLHURQXQVWRFNGHPLOORQHVGHNLORV
7RGD VX SROtWLFD GHO IUDFDVy ¢\ TXLpQHV SDJDQ HO SDWR GH HVWR" &LHUWDPHQWH
SDtVHVFRPRHOQXHVWURTXHQRVLQYDGHQFRQORVKLODGRVTXHQRSRGHPRVFRPSHWLUSRU
OD IRUPD FyPR YLHQHQ SRUTXH OD ,QGLFD SURWHJH VX DJULFXOWXUD SRUTXH OD ,QGLD GD
VHPLOODSRUTXHGDQIHUWLOL]DQWHVSRUTXHGDQFRVWRGHULHVJR\HQHO3HU~HVRQRVXFHGH
(Q HO 3HU~ QR WHQHPRV QL OD WHFQRORJtD QR WHQHPRV ORV IHUWLOL]DQWHV D ORV SUHFLRV TXH
GHEHUtDPRVGDUORVQRWHQHPRVHOPHUFDGR\ HQWRQFHVODFRPSHWHQFLDGHVOHDOWHUPLQD
DQLTXLODQGRDODLQGXVWULDGHODOJRGyQ
(VPiVODSUHJXQWDHV¢TXpYDQDKDFHUHVWRVDJULFXOWRUHV"6DELHQGRVHxRU3UHVLGHQWH
TXH DTXt HO DxR SDVDGR VH VHPEUy KHFWiUHDV GH DOJRGyQ \ VH HVWDED
SURPRFLRQDQGR FRQVWDQWHPHQWH HVH WLSR GH FXOWLYRV 6H OH GLFH D ORV FDPSHVLQRV
VLHPEUHQ KDFHQ HO HVIXHU]R QR WLHQHQ EDQFR QR WLHQHQ VHPLOOD QR WLHQHQ QDGD
VLHPEUDQPLOKHFWiUHDV\WLHQHTXHFRPSHWLUHQXQPHUFDGRFRPSOHWDPHQWHGHVOHDO
&RUUH SHOLJUR HO 7/& VH GLFH TXH SDUD H[SRUWDU QXHVWURV SURGXFWRV WLHQH TXH VHU FRQ
SURGXFWRVSHUXDQRVHQHVWHFDVRFRQHOWDQJLV\VLQHPEDUJRVHHVWiXWLOL]DQGRHOKLOR
LQGLR SDUD SRGHU H[SRUWDU QXHVWURV SURGXFWRV FDVWLJDQGR OD FDOLGDG GH ORV SURGXFWRV
SHUXDQRV
3DUDXQDLQWHUUXSFLyQ3UHVLGHQWHVLXVWHGORSHUPLWH
(O VHxRU 35(6,'(17(
35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ &RQJUHVLVWD /HyQ KDJD XVR GH OD
LQWHUUXSFLyQ
(OVHxRU/(Ð15,9(5$$3³
(OVHxRU/(Ð15,9(5$$3³*UDFLDV3UHVLGHQWHJUDFLDVFRQJUHVLVWD<HKXGH6LPRQ
4XLVLHUD3UHVLGHQWHSODQWHDUDUDt]GHODLQWHUYHQFLyQGHOFRQJUHVLVWD6LPRQODQHFHVLGDG
GHTXH,QGHFRSLFXPSODFRQVXIXQFLyQTXH,QGHFRSLQRGHPRUHXQDxRSDUDHVWDEOHFHU
HVWDVSUiFWLFDVGHGXPSLQJ\GHDEXVRGHGRPLQLRGHSRVLFLyQGHPHUFDGRTXHJHQHUD
HVWD LPSRUWDFLyQ GH KLODGRV GH SpVLPD FDOLGDG TXH YLHQH D FRPSHWLU FRQ OD SURGXFFLyQ
DJUDULD QDFLRQDO FRQ HO DJUDYDQWH DPLJRV GH OD 5HSUHVHQWDFLyQ 1DFLRQDO TXH HQ GtDVWHQHPRVODFDPSDxDGHWRGR,FDHQFRVHFKD\TXHHVWRD~QPiVYDDHVWRTXHDU\
FUHDU XQD ILFWLFLD VREUH SURGXFFLyQ SUiFWLFDPHQWH SRQLHQGR DO ERUGH GH OD TXLHEUD D
WRGDODSURGXFFLyQGHODJURHQHOWHPDGHDOJRGyQ
<ILQDOPHQWH3UHVLGHQWHDSURSyVLWR
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³'pOHWLHPSRSDUDFXOPLQDU
(OVHxRU/(Ð15,9(5$$3³
(OVHxRU/(Ð15,9(5$$3³*UDFLDV3UHVLGHQWH
$ SURSyVLWR GH OD OHFWXUD GHO DUWtFXOR GH OD &RQVWLWXFLyQ TXH KDEOD GH DWHQFLyQ
SUHIHUHQWH DO VHFWRU GHO $JUR SDUD KDFHUOH UHFRUGDU DO (MHFXWLYR \ DO VHxRU PLQLVWUR GH
(FRQRPtDTXHHVWiSHQGLHQWHXQSHGLGRTXHVHOHKL]RDTXtHQVXSUHVHQWDFLyQFXDQGR
GLVFXWLPRV OD SULPHUD HVWDFLyQ GH OD /H\ GH 3UHVXSXHVWR TXH GHEH UHSRQHU \
VREUHSDVDU UHEDOVDU HVH TXH KD VLGR GLVPLQXLGR HQ HO VHFWRU SDUD OD DJULFXOWXUD
&DVR FRQWUDULR HO (MHFXWLYR HVWDUtD GH HVSDOGDV D OD QHFHVLGDG GH DWHQGHU XQ VHFWRU
GRQGHFRQFHQWUDHOGHODSREUH]DTXHHVODSREUH]DUXUDOGHO3HU~
*UDFLDV3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDV
&RQJUHVLVWD6LPRQFRQWLQ~HSRUIDYRU
(OVHxRU6,021081$52$3*&³
(OVHxRU6,021081$52$3*&³*UDFLDV3UHVLGHQWH
3LGHXQDLQWHUUXSFLyQHOFRQJUHVLVWD
(O VHxRU 35(6,'(17(
35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ <D FRQFHGLy VXV GRV LQWHUUXSFLRQHV
FRQJUHVLVWD
(O VHxRU 6,021 081$52 $3*&³
$3*&³ 8QD LQWHUUXSFLyQ VRODPHQWH XQD LQWHUUXSFLyQ
3UHVLGHQWH
(VWiSLGLHQGRXQDLQWHUUXSFLyQ
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³¢4XLpQ"
(OVHxRU6,021081$52$3*&³
(OVHxRU6,021081$52$3*&³6FKDHIHU&XDOTXLHUD3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³3ULPHURODVGDPDV
(OVHxRU6,021081$52$3*&³
(OVHxRU6,021081$52$3*&³3ULPHURODVGDPDV\GHVSXpVHOFRQJUHVLVWD
/DVHxRUD6&+$()(5&8&8/,=$*3)³
/DVHxRUD6&+$()(5&8&8/,=$*3)³*UDFLDV3UHVLGHQWHJUDFLDVVHxRU<HKXGH
(IHFWLYDPHQWHPHD~QRDWUDWDUORDQWHVSRVLEOHGHSURWHJHUDQXHVWURVDJULFXOWRUHV<R
FRPR UHSUHVHQWDQWH GHO GHSDUWDPHQWR GH 3LXUD SLGR TXH HO (VWDGR VH SURQXQFLH
SURQWDPHQWH SDUD SURWHJHU D XQR GH ORV SRFRV SURGXFWRV GH RUtJHQHV TXH WHQHPRV HQ
HVWHFDVRHQPLGHSDUWDPHQWRHODOJRGyQSLPDXQRUJXOORGHO3HU~\GHOGHSDUWDPHQWR
*UDFLDV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³*UDFLDV
&RQWLQ~HFRQJUHVLVWD6LPRQ
(OVHxRU6,021081$52$3*&³
(OVHxRU6,021081$52$3*&³ 3UHVLGHQWH HQ OR TXH VH UHILHUH DO DOJRGyQ VL HV
TXH QR DFWXDPRV GH LQPHGLDWR \ HV XQD REOLJDFLyQ WDQWR GHO PLQLVWUR GH $JULFXOWXUD
FRPRGHOPLQLVWURGH(FRQRPtDHQWHQGHUSRUTXHHVDKDVLGRODEDVHGHODFDPSDxDGHO
SDUWLGR GH JRELHUQR VL QR DFWXDPRV GH LQPHGLDWR VH YD D DIHFWDU D GRV PLOORQHV GH
SHUXDQRV\VHYDDSHUGHUHQHVHVHFWRUPLOORQHVGHMRUQDOHV
¢3HURTXpFRVDVHSODQWHDDSDUWHGHORTXHKDKDEODGRHOFRQJUHVLVWD3HSHR-RVp"
3ULPHURUHVSDOGDUORTXHKL]RHOPLQLVWURGH$JULFXOWXUDHOHYDUDOGHORVDUDQFHOHV
GHSDUWLGDVGHODFDGHQDGHDOJRGyQWH[WLO\FRQIHFFLRQHV
5HLWHUDU TXH VH H[LMD D ,QGHFRSL TXH DFHOHUH OD VROLFLWXG GH OD &RPLVLyQ $JUDULD GHO
&RQJUHVRGHOD5HS~EOLFDSDUDTXHSXHGDDFWXDOL]DUVXLQIRUPHHODxRGRQGHVH
GHWHUPLQD OD H[LVWHQFLD GHO GDxR JUDYH \ OD QHFHVLGDG GH DSOLFDFLyQ GH PHGLGD GH
VDOYDJXDUGDQDFLRQDO
6HxRU SRU HO HVWDEOHFLPLHQWR GHO )RQGR GH &RPSHQVDFLRQHV D ORV 3URGXFWRUHV
$OJRGRQHURV TXH IXH ILUPDGR GHQWUR GHO 7UDWDGR GH /LEUH &RPHUFLR KD\ TXH UHVWLWXLU
GHILQLWLYDPHQWH OD /H\ TXH FUHy HO 3URJUDPD 1DFLRQDO GH 3URPRFLyQ GH OD
IRUPDOL]DFLyQGHOFRPHUFLRDOJRGRQHUR
<WHUPLQRGLFLHQGRGRVFRVDV
3ULPHURWHQHPRVTXHLQYHVWLJDUSRUTXpVHHVWiHWLTXHWDQGR\GHPDQHUDLQGLVFULPLQDGD
DO DOJRGyQ SHUXDQR D SUHQGDV FRQIHFFLRQDGDV FRQ KLODGRV GH PHQRU FDOLGDG
LPSRUWDGRV(VWRSHUMXGLFDODLPDJHQGHODOJRGyQ3LPDR7DQJLV
<ILQDOPHQWHQRVRWURVKHPRVDSR\DGRHOSUR\HFWRTXHXVWHGKDSUHVHQWDGR\ORTXH\R
QRHQWLHQGRHVFyPRVLHQGRXVWHG3UHVLGHQWHGHO&RQJUHVR\VLHQGRXVWHGXQSHUVRQDMH
LPSRUWDQWH GHO JRELHUQR WRGDYtD QR VH GLVFXWH HO SUR\HFWR SUHVHQWDGR D IDYRU GH OD
FDGHQDWH[WLOSRUFRQVLGHUDUODHIHFWRGHODFRPSHWHQFLDGHVOHDO
<ROHSLGR3UHVLGHQWHTXHHQIXQFLyQDODOWRFDUJRTXHRFXSDOHH[LMDDODFRPLVLyQOH
H[LMDDTXLHQFRUUHVSRQGDTXHHVWHSUR\HFWRGHOH\VHDGHEDWLGRHQORLQPHGLDWR
0XFKDVJUDFLDV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDVFRQJUHVLVWD6LPRQ
&RQJUHVLVWD7DSLDWLHQHHOXVRGHODSDODEUD
(OVHxRU7$3,$%(51$/*3)
(OVHxRU7$3,$%(51$/*3)³
U7$3,$%(51$/*3)³*UDFLDV3UHVLGHQWH
(IHFWLYDPHQWHKDOOHJDGRHOPRPHQWRGHWRFDUORVWHPDVQDFLRQDOHV\XQRGHORVWHPDV
QDFLRQDOHV HV OD VDOXG (Q HVWD RSRUWXQLGDG TXLHUR YHU HQ UHODFLyQ DO SUHVXSXHVWR HQ
6DOXG
6HxRU 3UHVLGHQWH QR SRGHPRV KDEODU GH LQFOXVLyQ VRFLDO VL WHQHPRV DO VHFWRU 6DOXG HQ
GpILFLW SUHVXSXHVWDO UHVSHFWR D ORV PtQLPRV UHTXHULPLHQWRV TXH QHFHVLWD SDUD PHMRUDU HO
VLVWHPD GH VDOXG 1R SRGHPRV KDEODU GH LQFOXVLyQ VRFLDO VL FRQWLQXDPRV FRQ OD
SUHFDULHGDG GH ORV FHQWURV GH VDOXG \ KRVSLWDOHV HQ JHQHUDO VLQ HTXLSDPLHQWR FRQ
PpGLFRV \ WUDEDMDGRUHV GH VDOXG PDO SDJDGRV IDOWD GH SURIHVLRQDOHV HQ OD ]RQD PiV
SREUHGHQXHVWURSDtV\XQSUHVXSXHVWRHOPiVEDMRGH/DWLQRDPpULFD
(VLPSRUWDQWHPHQFLRQDUTXHHOJDVWRHQVDOXGHQHO3HU~HVGHO3%,(OSURPHGLR
ODWLQRDPHULFDQRHVHO&RQVLGHUDPRVTXHGHVGHHOSULQFLSLRHQOD&RPLVLyQGH6DOXG
GHVGH DJRVWR \D DFRUGDPRV SRU XQDQLPLGDG TXH VH YD\D DXPHQWDQGR GH PDQHUD
SURJUHVLYD HO SUHVXSXHVWR HQ VDOXG KDVWD OOHJDU D XQ FRPSURPLVR DVXPLGR SRU HO
SUHVLGHQWH2OODQWD+XPDODTXHVHGHEHDXPHQWDUHOSUHVXSXHVWRHQ6DOXGHQDQXDO
KDVWDOOHJDUDO
6LQHPEDUJRGHERGHFLUOHTXHVHJ~QHOSUR\HFWRGH3UHVXSXHVWR*HQHUDOGHOD5HS~EOLFD
SDUD HO HO SUHVXSXHVWR SDUD 6DOXG VRODPHQWH VH DXPHQWDUtD HO DVt OR
PHQFLRQy HO SUHPLHU /HUQHU \ HO PLQLVWUR &DVWLOOD $QWH OR FXDO KHPRV VROLFLWDGR HQ
UHLWHUDGDVRFDVLRQHVWDQWRDO0LQLVWHULRGH6DOXGFRPRDOD3UHVLGHQFLDGHOD&RPLVLyQ
GH 6DOXG SDUD TXH VH DXPHQWH HO SUHVXSXHVWR < HV DVt TXH VHJ~Q 2ILFLR GHO
0LQLVWHULR GH (FRQRPtD \ )LQDQ]DV QRV PDQLILHVWDQ TXH FRPR GDWR FRUUHFWR HV PLOORQHVSDUDHOVHFWRU6DOXG/RTXHFRQFOX\HHQTXHUHDOPHQWHVHUtDHOSUHVXSXHVWRHQ
6DOXGHODXPHQWRGHO3%,WRGRORFXDOQRYDDSHUPLWLUQLVLTXLHUDFXPSOLUFRQOD
JUDQUHIRUPDTXHQRVKDKDEODGRHOSUHVLGHQWH2OODQWD+XPDODHLQFOXVRQRKD\QLXQ
VRORVROSDUDORTXHHVHODVHJXUDPLHQWRXQLYHUVDOQLPXFKRPHQRVSDUDGHPDQGDVFRPR
QRPEUDPLHQWRGHSURIHVLRQDOHVPpGLFRV\ODV$HWDV
3RUWDQWRVHxRU3UHVLGHQWHTXLHURPDQLIHVWDUOHTXHHQFRQYHUVDFLRQHVTXHKHPRVWHQLGR
WDPELpQ FRQ HO PLQLVWUR GH 6DOXG OR FXDO FRPSDUWH WRWDOPHQWH HVWD SURSXHVWD HV TXH
KHPRVHOHYDGRKHPRVVROLFLWDGRHODXPHQWRGHSUHVXSXHVWRSDUDHOVHFWRU6DOXGHQPLO
PLOORQHV6LQHPEDUJRHO0LQLVWHULRGH(FRQRPtD\)LQDQ]DVQRVKDPDQLIHVWDGRHQ
VX ~OWLPD LQWHUYHQFLyQ TXH HVWR SUiFWLFDPHQWH HVWi HQ PDQRV GHO &RQJUHVR GH OD
5HS~EOLFD
(QWRQFHV TXLHUR FRQFOXLU HQ OR VLJXLHQWH HO GtD GH D\HU OD &RPLVLyQ GH 6DOXG VH KD
UHXQLGR\SRUXQDQLPLGDGKHPRVFRQFOXLGRHQODVLJXLHQWHPRFLyQTXHVHYDDLQJUHVDU
DFiDO&RQJUHVRGHOD5HS~EOLFDTXHFRQFOX\HHQORVLJXLHQWH
,QYRFDUDOD&RPLVLyQGH3UHVXSXHVWR\&XHQWD*HQHUDOGHOD5HS~EOLFDVHLQFOX\DHQHO
GLFWDPHQ GH OD /H\ *HQHUDO GH 3UHVXSXHVWR GHO 6HFWRU 3~EOLFR SDUD HO DxR HO
DGLFLRQDODVFHQGHQWHDPLOPLOORQHVGHVROHVVROLFLWDGRVSRUOD&RPLVLyQGH6DOXG\
3REODFLyQUHVSDOGDGRSRUHOPLQLVWURGH6DOXGSDUDDWHQGHUODVGHPDQGDVXUJHQWHVGHO
VHFWRU6DOXGHQHOPDUFRGHODSROtWLFDGHLQFOXVLyQVRFLDOH[SUHVDGDUHLWHUDGDPHQWHSRU
HODFWXDOJRELHUQR
0XFKDVJUDFLDVDQWHVGHWHUPLQDUXQDLQWHUUXSFLyQDODFRQJUHVLVWD6FKDHIHU
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³ &RQJUHVLVWD6FKDHIHUKDJDXVRGHOD
LQWHUUXSFLyQ
/DVHxRUD6&+$()(5&8&8/,=$*3)³
/DVHxRUD6&+$()(5&8&8/,=$*3)³*UDFLDVVHxRU3UHVLGHQWH
5HDOPHQWH HV XQD SUHRFXSDFLyQ PtD \ TXLHUR FRPXQLFDUOH DO UHVWR GH PLV FROHJDV
FRQJUHVLVWDVDSR\DUODOXFKDSRUHOLQFUHPHQWRGHOSUHVXSXHVWRGHOVHFWRU6DOXGWXYHOD
VXHUWHGHFRQWDUFRQHOPLQLVWURGH6DOXGHOGtDOXQHVHQHOGHSDUWDPHQWRGH3LXUDLUDODV
SURYLQFLDVGH6XOODQD3DLWD\YHUHOFRODSVRTXHWLHQHHOVHFWRU6DOXGHVSHFtILFDPHQWHHQ
HO 0LQVD (VWR HV D FRQVHFXHQFLD GH OD GHVLGLD \ HO ROYLGR GXUDQWH DxRV VHxRU
3UHVLGHQWHGHODVDXWRULGDGHVTXHQRVpTXHSDVyQRVpTXHSDVyVLIXHURQSUREOHPDV
LQWHUQRVGHORVTXHPDQHMDEDQHOJRELHUQRSHURKXERXQDGHVLGLD\XQROYLGRTXHpOHO
PLQLVWUR GH 6DOXG VH TXHGy VRUSUHQGLGR GHO HVWDGR HQ TXH VH HQFXHQWUDQ ORV KRVSLWDOHV
GHO0LQVDHQ3LXUDHQFXHVWLyQWpFQLFDLQIUDHVWUXFWXUDHQLQPRELOLDULRHVWHUULEOH
<R DFi OH SLGR D PLV FROHJDV pO PH GLMR TXH QL VLTXLHUD HO GHSDUWDPHQWR GH
+XDQFDYHOLFDWLOGDGRFRPRHOGHSDUWDPHQWRPiVSREUHSHURSDUDPtHVULFRHQUHFXUVRV
HVWDEDHQODVLWXDFLyQTXHVHHQFXHQWUDHOGHSDUWDPHQWRGH3LXUDHOGHSDUWDPHQWRFRQ
VHJXQGDSREODFLyQPiVJUDQGHGHQXHVWUR3HU~SRUIDYRU
*UDFLDV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDV
&RQWLQ~HFRQJUHVLVWD7DSLD
(OVHxRU7$3,$%(51$/*3)³
(OVHxRU7$3,$%(51$/*3)³JUDFLDV3UHVLGHQWH
0HSLGHXQDVHJXQGDLQWHUUXSFLyQHOFRQJUHVLVWD(QULTXH:RQJ
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ &RQJUHVLVWD :RQJ KDJD XVR GH OD
LQWHUUXSFLyQ
(O VHxRU :21* 38-$'$ $3*&³
$3*&³ *UDFLDV VHxRU 3UHVLGHQWH JUDFLDV FRQJUHVLVWD
6HJXQGR7DSLD
,QGXGDEOHPHQWH TXH QHFHVLWDPRV PD\RU SUHVXSXHVWR VHxRU 3UHVLGHQWH SRUTXH ORV
SUREOHPDV FDyWLFRV TXH WHQHPRV HQ QXHVWUD SREODFLyQ FRPR HV HO LQFUHPHQWR GH OD
GHVQXWULFLyQ LQIDQWLO UXUDO HO SUREOHPD TXH WHQHPRV GHO DXPHQWR GH ORV FDVRV GH
WXEHUFXORVLVHODXPHQWRGHODVFRPSOLFDFLRQHVSDUDSRGHUKDFHUORVGLDJQyVWLFRVSRUTXH
WRGRVORVKRVSLWDOHVGHO0LQLVWHULRGH6DOXGHVWiQFRPSOHWDPHQWHREVROHWRV7HQHPRVXQD
VHULH GH SUREOHPDV \ OD ~QLFD IRUPD GH SRGHU HTXLSDU \ SRGHU WDPELpQ IRUPDU
SURIHVLRQDOHV\HVSHFLDOLGDGHVHVTXHVHLQFUHPHQWHHOSUHVXSXHVWR
*UDFLDVFRQJUHVLVWD
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ &RQWLQ~H FRQJUHVLVWD 7DSLD SDUD
FXOPLQDUSRUIDYRU
(OVHxRU7$3,$%(51$/*3)³
(OVHxRU7$3,$%(51$/*3)³*UDFLDV3UHVLGHQWH
6RODPHQWHPHTXHGDSDUDWHUPLQDUGHFLUOHTXHHVHOLQWHUpVSHUPDQHQWHGHOD&RPLVLyQ
GH 6DOXG \ 3REODFLyQ GHO &RQJUHVR GH OD 5HS~EOLFD YHODU SDUD TXH ORV PiV SREUHV GHO
SDtV HVWpQ HQ HVWH PDUFR GH OD LQFOXVLyQ VRFLDO \ WHQJDQ XQD DWHQFLyQ GH VDOXG FRQ
FDOLGDG\FRQFDOLGH]
0XFKDVJUDFLDV3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDV
&RQJUHVLVWDÉQJHO1H\UDWLHQHHOXVRGHODSDODEUD
(OVHxRU1(<5$2/$<&+($*3)³
(OVHxRU1(<5$2/$<&+($*3)³0XFKDVJUDFLDVVHxRU3UHVLGHQWH
(Q WHPDV QDFLRQDOHV HQ HVD OtQHD VHxRU 3UHVLGHQWH \ D ORV FROHJDV FRQJUHVLVWDV HQ OD
OtQHDGHUHFODPR\ODSDODEUDGHOFRQJUHVLVWD6LPRQ\GHPXFKRGHQXHVWURVFROHJDV
(VWDPRV GHVFXLGDQGR DFFLRQHV PX\ LPSRUWDQWHV GLJDPRV DWUDVDGDV \ DEDQGRQDGDV
SRGHPRVGHFLUH[FOXLGDV
(O3HU~HVWiILUPDQGR\DWLHQH7UDWDGRV/LEUHGH&RPHUFLR\KDVWDDKRUDHO(VWDGR
WRGDYtDQRHVWiLPSOHPHQWDQGRQLVLTXLHUDODGH(VWDGRV8QLGRV\MXVWDPHQWHHOWHPDGH
KLODGR \ HO WHPD GH ORV SURGXFWRV GH DOJRGyQ GH EDQGHUD TXH GHEHUtDQ HVWDU HQ XQ
DQiOLVLV HQ XQD SURSXHVWDV HQ XQD SURPRFLyQ GH OD FRPSHWLWLYLGDG GHO SDtV
ODPHQWDEOHPHQWH WHQHPRV DO &RQVHMR 1DFLRQDO GH OD &RPSHWLWLYLGDG HQ XQ HVSDFLR WDQ
SHTXHxRHVFULWRULRV\XQRVIXQFLRQDULRVTXHQROHVKDQGDGRODLPSRUWDQFLDGHELGD\QR
HVWDPRVDSURYHFKDQGRHO7UDWDGRGH/LEUH&RPHUFLRSDUDODLQFOXVLyQGHVHFWRUHVFRPR
DJUDULRV DUWHVDQRV LQGtJHQDV \ 0\SHV LQFOXVLYH OD LQIRUPDOLGDG TXH HVWiQ WRWDOPHQWH
H[FOXLGDVGHHVWDVRSRUWXQLGDGHVTXHSRGUtDGDUHO7UDWDGRGH/LEUH&RPHUFLR¢SRUTXp"
3RUTXHWHQHPRV3ODQ1DFLRQDOGH&RPSHWLWLYLGDGHQWH[WRV\DEDQGRQDGRVDOODGRGHXQ
HVFULWRULR\MXQWRDOWDFKR
7HQHPRV HO &RQVHMR 1DFLRQDO GH &RPSHWLWLYLGDG TXH SHGLPRV TXH HO 0LQLVWUR GH
(FRQRPtDHOHQWHTXHPDQWLHQHHVWH&RQVHMRGHEHUtDPLUDUOR\DSR\DUOR\SODQWHDUHQVX
SUHVXSXHVWR SRWHQFLDUOR \ HPSH]DU D WUDEDMDU \ HYLWDU OR TXH HVWi SDVDQGR FRQ HO
DOJRGyQGHOD,QGLDSRUTXHVLPSOHPHQWHVRQDVSHFWRVGHLQWHUHVHVGHJUXSRVPiVQRGH
LQWHUpVQDFLRQDOSDUDODFRPSHWLWLYLGDGGHHVWHJUDQVHFWRU
1RHVSRVLEOHTXHDOJRGyQDPHULFDQRVHPH]FOHFRQODDOWDFDOLGDGGHDOJRGyQSHUXDQR
\ FRQ XQD SXEOLFLGDG HQJDxRVD HQ VX SDtV GH SURFHGHQFLD GLJDQ TXH HV DOJRGyQ
SHUXDQR XWLOL]DQGR HO SUHVWLJLR GHO 3HU~ \ PH]FODQGR KDFLHQGR XQD SXEOLFLGDG
HQJDxRVDXWLOL]DQGRHOQRPEUHGHO3HU~<HVRHVUHVSRQVDELOLGDGGHO&RQVHMR1DFLRQDO
GH OD &RPSHWLWLYLGDG SHUR QR HV FXOSD SRUTXH OR WLHQHQ HVFRQGLGR DUULQFRQDGR VLQ
GDUOH OD LPSRUWDQFLD GHELGD \ VL QRVRWURV TXHUHPRV KRQUDU HVRV 7UDWDGRV GH /LEUH
&RPHUFLR SDUD HO EHQHILFLR GH OD SURGXFFLyQ LQWHJUDO GH ODV PLFUR SHTXHxDV HPSUHVDV
HQWRQFHV WHQHPRV TXH FRQVLGHUDU HQ VX SUHVXSXHVWR \ GDUOH HO YDORU OD IRUWDOH]D SDUD
TXHH[LVWDXQDLQFOXVLyQSURGXFWLYD
< FRQ HVWR TXLHUR FRQFOXLU TXH OD LQFOXVLyQ HFRQyPLFD OD LQFOXVLyQWDQWR GH OD PLFUR
SHTXHxD \ JUDQ HPSUHVD HV TXH D WUDYpV TXH HO PHUFDGR WH DFHSWD OD LQFOXVLyQ QR HV
SRUYROXQWDGSROtWLFDODLQFOXVLyQQRHVSRUXQDOH\ODLQFOXVLyQQRHVSRUXQ0LQLVWHULR
GH OD 3URGXFFLyQ QL 0LQFHWXU OD LQFOXVLyQ HV SRUTXH HO PHUFDGR WH LQFOX\H VL WLHQHV
SURGXFWRV FRPSHWLWLYRV \ SURGXFWRV FRPSHWLWLYRV VH ORJUD D WUDYpV GH YHQWDMDV
FRPSHWLWLYDVTXHHO(VWDGRHVWiREOLJDGRDSURPRYHUSRUTXHKDILUPDGR7UDWDGRGH/LEUH
&RPHUFLR
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
HO$EXJDWWiV0DMOXI³'pOHWLHPSRSDUDFXOPLQDUSRUIDYRU
(O VHxRU 1(<5$ 2/$<&+($ *3)³
*3)³ (Q WRGRV ORV WUDWDGRV FRPR HQ (VWDGRV 8QLGRV
H[LVWHQ IRQGRV IRQGRV SDUD OD LPSOHPHQWDFLyQ GH ORV VHFWRUHV PHQRV IDYRUHFLGRV
DIHFWDGRV /DPHQWDEOHPHQWH HVWR HVWi HVFRQGLGR \ VRODPHQWH HO SULYLOHJLR GHO 0LQLVWHULR
GH&RPHUFLR([WHULRU\GHDOJXQRVPLQLVWHULRV
+D\TXHGHVFHQWUDOL]DUHVWRVIRQGRVDODVUHJLRQHVQRSRGHPRVSHUPLWLUTXHHO0LQLVWHULR
GH OD 3URGXFFLyQ JHQHUH IRQGRV LQWHUQDFLRQDOHV SDUD TXH pO GLJLWH \ GLULMD HQ IRUPD
FHQWUDOL]DGD WHQHPRV TXH GHVFHQWUDOL]DU OD DFWLYLGDG GH SURPRFLyQ \ HO &RQVHMR
1DFLRQDOGH&RPSHWLWLYLGDGGHEHVHUXQHQWHPi[LPRVXSUHPR
³$VXPHOD3UHVLGHQFLDHOVHxRU<HKXGH6LPRQ0XQDUR
$VXPHOD3UHVLGHQFLDHOVHxRU<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³0XFKDVJUDFLDVFRQJUHVLVWD
(QHOXVRGHODSDODEUDHOFRQJUHVLVWD$JXVWtQ0ROLQD
(O VHxRU 02/,1$ 0$57Ì1(= 1*3³
1*3³ 0X\ DJUDGHFLGR VHxRU 3UHVLGHQWH \ FROHJDV
EXHQRVGtDV
&RLQFLGR WRWDOPHQWH FRQ ODV H[SUHVLRQHV GH QXHVWURV FROHJDV GHO KHPLFLFOR &RLQFLGR
SRUTXH OD &RPLVLyQ GH eWLFD VLJXH SURWDJRQL]DQGR GDQGR RSLQLRQHV 3DUD OD &RPLVLyQ
GHeWLFDSDUHFLHUDTXHDFiH[LVWHXQDSHUVHFXFLyQSROtWLFD
(OORV \D VDQFLRQDURQ ORV SUREOHPDV TXH YLHQHQ YHQWLOiQGRVH FXDQGR HO IRQGR GHO
SUREOHPDHQHOSDtVHVSHFtILFDPHQWHHQODVLHUUDGHO3HU~HVTXHQXHVWURVDJULFXOWRUHV³
TXH VH HQFXHQWUDQ HQ OD UHFWD ILQDO GH OD VLHPEUD GH SDSD \ GH SURGXFWRV DJUtFRODV
DQGLQRV³HVWiQSUHRFXSDGRVSRUTXHVHKDQLQFUHPHQWDGRORVSUHFLRVGHORVIHUWLOL]DQWHV
(VHHVHOWHPDGHIRQGRVHxRU3UHVLGHQWH
3RUORWDQWRWHQHPRVTXHUHVROYHUHVHWLSRGHSUREOHPDV
,JXDOPHQWH VHxRU 3UHVLGHQWH OD SUHRFXSDFLyQ WDPELpQ HV TXH 6HQDVD HO 6HUYLFLR GH
6DQLGDG $JUDULD KD HPLWLGR XQD UHVROXFLyQ VRODPHQWH VXVSHQGLHQGR XQ SURGXFWR
DOWDPHQWH Wy[LFR HO SURGXFWR yUJDQR IRVIRUDGR TXH GHEH VDFDUVH TXH GHEH VDOLU GHO
PHUFDGR6LQHPEDUJRHVWiQGDQGROX]YHUGHSDUDTXHVHVLJDFRPHUFLDOL]DQGRHQWRGR
HO3HU~
3RU HVR VHxRU 3UHVLGHQWH QXHVWUD SUHRFXSDFLyQ FRPR OHJLVODGRUHV HV UHVROYHU ORV
SUREOHPDV PiV LPSRUWDQWHV ORV SUREOHPDV iOJLGRV GH ORV DJULFXOWRUHV GH QXHVWUD VLHUUD
GHO3HU~'HEHPRVWUDEDMDUHQEHQHILFLRGHHOORVVHxRU3UHVLGHQWH
0XFKDVJUDFLDV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ (QHOXVRGHODSDODEUDHOFRQJUHVLVWD
-DLPH'HOJDGR
1RHVWiHOFRQJUHVLVWD-DLPH'HOJDGR
&RQJUHVLVWD&XFXOL]D
/DVHxRUD&8&8/,=$7255(*3)³
/DVHxRUD&8&8/,=$7255(*3)³3UHVLGHQWHPXFKDVJUDFLDV
&UHR TXH HV KRUD GH SDUDU ORV FRPHQWDULRV VREUH ODV FRPLVLRQHV GH eWLFD \ GH
)LVFDOL]DFLyQ(VXQWHPDTXHGHEHQUHVROYHUHOORV\SXQWR3RUTXHWRGRHOSDtVVHPXHYH
HQHVWDVLWXDFLyQ2FXSpPRQRVGHODVFRVDVSRVLWLYDVSDUDHOSDtV
'HXQDYH]TXHHOVHxRU/D\\OD&RPLVLyQGH)LVFDOL]DFLyQGHQVXVYHUHGLFWRV'pMHQORV
WUDEDMDU<DQRVLJDPRVRSLQDQGRVREUHHVDVLWXDFLyQSRUTXHPiVHVHOSUREOHPDTXHVH
KDFH\QRVHOOHJDDQLQJ~QUHVXOWDGR
&UHRTXHHVKRUDGHTXHHVRVFRPHQWDULRVVREUHODVLWXDFLyQGHOVHxRU&KHKDGHSDUHQ\
TXH UHVXHOYDQ VX SUREOHPD GH XQD YH] SDUD SRGHU VHJXLU WUDEDMDQGR \ QR RFXSDUVH
YHUGDGHUDPHQWHGHVLWXDFLRQHVTXHQRQRVFRUUHVSRQGHQHQHO3OHQR
0XFKDVJUDFLDV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ (QHOXVRGHODSDODEUDODFRQJUHVLVWD
/RXUGHV$OFRUWD
/DVHxRUD$/&257$68(52$3*&³
/DVHxRUD$/&257$68(52$3*&³*UDFLDV3UHVLGHQWH
$FiFDGDXQRSXHGHWHQHUVXHVWLOR\VXVUHVSRQVDELOLGDGHVGHEDQFDGDSDUWLFXODUHV/R
TXH QR VH SXHGH DFHSWDU SRUTXH HV XQD YHUJHQ]D DMHQD HV TXH VH SDUH XQ
SDUODPHQWDULRSDUDGHFLUTXHKD\XQILJXUHWLVPR\TXHOD&RPLVLyQGHeWLFDWRGRHOUDWR
GHFODUD4XpSRFDYHUJHQ]DDMHQDVHWLHQHHQHVHVHQWLGR3UHVLGHQWH
(QWRQFHVQRKDJDPRVQDGD4XHOD&RPLVLyQGHeWLFDFLHUUH3RUMXVWLILFDUODVWRQWHUtDV
TXHGLFHQDOJXQRVFROHJDVQRKD\TXHKDFHUQDGD1RQRVSXHGHQPDQGDUDVtWDPSRFR
DOFDGDOVR7DPELpQWLHQHQTXHWHQHUXQSRFRGHDPRUSURSLR\GLJQLGDGFDGDXQRGH
XVWHGHVFXDQGRYHQJDQDH[SRQHUDFiODVFRVDV
(QHVHVHQWLGR3UHVLGHQWHOR~QLFRTXHVHHVWiKDFLHQGRHVTXHODRSRVLFLyQGHVJDVWDDO
JRELHUQR TXH OD RSRVLFLyQ TXLHUH TXHEUDU DO JRELHUQR TXH OD RSRVLFLyQ GHELOLWD DO
JRELHUQR0HQWLUD$FiKD\XQKHFKRUHDOHQHOTXHVHKDPHWLGRXQVRORFRQJUHVLVWDHQ
XQFXOHEUyQGHORVGLDEORV\TXHpOVRORWLHQHTXHUHVROYHUOR
1R SXHGH VHU SRVLEOH TXH HO 3HU~ HVWp GHWHQLGR SRUTXH KD\ XQ VHxRU TXH
ODPHQWDEOHPHQWH IXH OOHYDGR D XQ FDUJR GH FRQILDQ]D \ TXH VH KD PHWLGR HQ XQ
SUREOHPD<QDGLHORYDDVHQWHQFLDU/RFRUUHFWRORGHFHQWHRORTXHFRUUHVSRQGHDQWH
VHPHMDQWH FXOHEUyQ HV TXH VLQ SHUGHU VXV FDUJRV Gp XQ SDVR DO FRVWDGR SDUD QR
FRQWDPLQDUDOJRELHUQRDVXSURSLDEDQFDGDDOSDtVDODSODQFKDSUHVLGHQFLDO
3HURHOVHxRU&KHKDGHQRQRVSXHGHGHWHQHUHVYHUGDGHQHVWDVLWXDFLyQ3HURGHDKtD
DFXVDU GH SURWDJRQLVPRV D OD &RPLVLyQ GH eWLFD TXp IDUVDQWH HV UHDOPHQWH TXp SRFD
YHUJHQ]D WLHQHQ XVWHGHV &RQ MXVWLILFDU FXDOTXLHU WRQWHUtD SDUD HFKDUVH DEDMR TXLHUHQ
WUDHUVHDEDMRDOPHQVDMHUR(VRQRORYDPRVDSHUPLWLUGHQLQJXQDPDQHUD
< WLHQH PX\ VLQ FXLGDGR OR TXH FDGD XQR GH XVWHGHV RSLQH VREUH HVWH FDVR FRQ WRGR
DSUHFLR\UHVSHWR\VLDOJXLHQVHVLHQWHDIHFWDGRUHWLURORGLFKR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
VHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ (QHOXVRGHODSDODEUDHOFRQJUHVLVWD
%HFHUULO
(OVHxRU%(&(55,/52'5Ì*8(=*3)³
(OVHxRU%(&(55,/52'5Ì*8(=*3)³*UDFLDV3UHVLGHQWH
(Q UHDOLGDG FUHR TXH ORV TXH QXHYDPHQWH KDQ WUDtGR HO WHPD DO KHPLFLFOR HO WHPD GHO
6HJXQGR9LFHSUHVLGHQWHHVQXHYDPHQWHXQFRQJUHVLVWDGH*DQD3HU~\HQUHDOLGDGFUHR
TXHGHEHUtDGDUQRVYHUJHQ]DORTXHHVWiVXFHGLHQGRHQHVWRVPRPHQWRV&UHHPRVTXH
VLHOPLVPR3UHVLGHQWHOHKDSHGLGRDOVHxRU&KHKDGHTXHGpXQSDVRDOFRVWDGR\pOQR
DGPLWHHVHSHGLGR¢TXpHVWiSDVDQGRWLHQHPiVSRGHUTXHHO3UHVLGHQWHRTXpVHHVWi
HVFRQGLHQGRGHWUiVGHHVR"
4XLHURSUHJXQWDUDWRGRVXVWHGHV¢TXpHVORTXHVDEH2PDU&KHKDGHTXHSRUHQFLPD
GHO3UHVLGHQWHVLJXHDVLVWLHQGR\VLJXHFRPR6HJXQGR9LFHSUHVLGHQWH\QRUHQXQFLDDHVH
FDUJR"
(Q WRGRV ORV PHGLRV LQFOXVR KR\ WDPELpQ 1DGLQH +HUHGLD PDQLILHVWD TXH VH YD\D \
DTXt HVWiQ ORV PHGLRV < VHJXLPRV YLHQGR TXH 2PDU &KHKDGH VLJXH KDFLHQGR RtGRV
VRUGRVDHVWHWHPD4XLHURPDQLIHVWDUOHVTXH QRVSDUHFHTXHHVXQDIDOWDGHUHVSHWRD
WRGRVORVFRQJUHVLVWDVHVWDVLWXDFLyQTXHVHKDFHLQPDQHMDEOHHLQVRVWHQLEOH
3RUHOPLVPRELHQGHO*RELHUQRFUHRTXHHVHOPRPHQWR«
3UHVLGHQWHXQDLQWHUUXSFLyQ
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³3DUDXQDLQWHUUXSFLyQFRQJUHVLVWD
(OVHxRU58,=/2$<=$1*3
(OVHxRU58,=/2$<=$1*3³
RU58,=/2$<=$1*3³*UDFLDVVHxRU3UHVLGHQWH
&UHRVLQFHUDPHQWHEDVWD\DGHWDQWRFDUJDPRQWyQTXHVHHVWiKDFLHQGRSRUHVWHWHPD
GHQXHVWURFROHJDFRQJUHVLVWD2PDU&KHKDGH
<R FUHR VHxRU 3UHVLGHQWH FRQ WRGR UHVSHWR WHQHPRV DO 0LQLVWHULR 3~EOLFR WHQHPRV DO
3RGHU -XGLFLDO 6L ODV FRVDV HVWiQ GH HVD PDQHUD SRU IDYRU TXH HO 0LQLVWHULR 3~EOLFR
KDJD OD LQYHVWLJDFLyQ FRUUHVSRQGLHQWH HQ HO FDVR GH WDO PDQHUD TXH VH LQYLWH D ORV
UHSUHVHQWDQWHV GHO *UXSR :RQJ VHxRU 3UHVLGHQWH WDPELpQ TXH VH LQYLWH D ORV TXH KDQ
SDUWLFLSDGRHQHVHWHPD
6HxRU3UHVLGHQWHTXLHURGHMDUFODURTXHKR\KDQWRFDGRQXHYDPHQWHPLQRPEUHSRUTXH
VH LQGLFD TXH SUHVXQWDPHQWH \R FRPHUFLDOL]R DUPDV GH IXHJR <R TXLHUR VHU PX\ FODUR
VHxRU3UHVLGHQWHTXHVHLQYHVWLJXHWRWDOPHQWHGHDFXHUGRSHURTXHVHLQYHVWLJXHFRPR
GHEHVHU
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³3DUDTXHWHUPLQHSRUIDYRU
(OVHxRU58,=/2$<=$1*3³
(OVHxRU58,=/2$<=$1*3³*UDFLDVVHxRU3UHVLGHQWH
(VWR\ WRWDOPHQWH GH DFXHUGR TXH VH KDJDQ ODV LQYHVWLJDFLRQHV FRUUHVSRQGLHQWHV VHxRU
3UHVLGHQWH SHUR UHVSHWDQGR HO GHELGR SURFHVR TXH VH LQYLWH D ODV SDUWHV \ TXH VH
LQYHVWLJXHDSURIXQGLGDG
3HURORVPHGLRVSHULRGtVWLFRVQRSXHGHQVDFDUQRWDVGHSUHQVDGDxDQGRHOKRQRUGHODV
SHUVRQDV HVR MDPiV \ \R FUHR TXH HVWH 3DUODPHQWR WDPSRFR OR SXHGH SHUPLWLU VHxRU
3UHVLGHQWH
3RUORWDQWR\RYR\D SUHVHQWDUWDPELpQPLGHQXQFLDFRUUHVSRQGLHQWHFRQHVWRVPHGLRV
GHFRPXQLFDFLyQ
0XFKDVJUDFLDV
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 3DUD TXH FRQFOX\D VHxRU FRQJUHVLVWD
SRUIDYRU
(OVHxRU%(&(55,/52'5Ì*8(=*3)
(OVHxRU%(&(55,/52'5Ì*8(=*3)³
RU%(&(55,/52'5Ì*8(=*3)³ 6HxRU3UHVLGHQWHWHQHPRVTXHHQWHQGHUTXHOR
TXHKDFHGDxRDO3DUODPHQWR\DO*RELHUQRHVTXH2PDU&KHKDGHVLJDHQWRUQLOODGRDVX
FDUJRDSHVDUGHODVJUDYHVGHQXQFLDV\IDOVHGDGHVTXHKDYHQLGRGLFLHQGRHQWRGRHVWH
SURFHVR
3RU OR WDQWR FUHR TXH HV HO PRPHQWR TXH XVWHGHV FRPR EDQFDGD GH VX 3DUWLGR GH
*RELHUQRWRPHQODGHFLVLyQPiVLPSRUWDQWHTXHHVSHGLUOHXVWHGHVGHXQDYH]SRUWRGDV
TXHGpXQSDVRDOFRVWDGRSRUHOELHQGHOSDtV
*UDFLDV3UHVLGHQWH
(O VHxRU 35(6,'(17(
35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 6HxRUHV FRQJUHVLVWDV DQWHV GH
FRQWLQXDU
(Q DUDV GH OR TXH XVWHGHV PLVPRV HVWiQ GLFLHQGR GH XQD EDQFDGD \ GH RWUD EDQFDGD
VHxRU FRQJUHVLVWD \R OHURJDUtD TXH VLJDPRV GHEDWLHQGR WHPDV GH IRQGR TXH HV OR TXH
TXLHUHHO&RQJUHVR\ORTXHTXLHUHHOSDtV3HUGRQHQVHxRUHVH[DFWDPHQWH
3HUPtWDQPH YDPRV D LQJUHVDU D OD DJHQGD YDPRV D GDU OD LQWHUYHQFLyQ DO FRQJUHVLVWD
'HOJDGRTXHODSLGLy\HQWUDPRVLQPHGLDWDPHQWHDODDJHQGD
6HxRUHVFRQJUHVLVWDVQRYDPRVDVHJXLUHQORPLVPRSRUTXHHVWRDIHFWDDO&RQJUHVRGH
OD 5HS~EOLFD XVWHGHV PLVPRV HVWiQ GLFLHQGR VL YDQ D YHU WHPDV IXQGDPHQWDOHV PX\
FRUWRVYDPRVDFXPSOLUFRQHOWLHPSRTXHVHUHTXLHUH
9DQDLQWHUYHQLUGRVRWUHVFRQJUHVLVWDV\SDVDPRVLQPHGLDWDPHQWHDODDJHQGD
(QHOXVRGHODSDODEUDHOFRQJUHVLVWD'HOJDGR
(OVHxRU'(/*$'2=(*$55$1*3³
(OVHxRU'(/*$'2=(*$55$1*3³ 6HxRU3UHVLGHQWHD\HUOD6XQDWKDSXEOLFDGRHO
UDQNLQJ GH ORV GHXGRUHV WULEXWDULRV PiV JUDQGHV GHO SDtV \ DSDUHFHQ GHXGRUHV FRQ
GHXGDV GH KDVWD PLOORQHV GH VROHV \ DKt DSDUHFHQ GLYHUVDV HQWLGDGHV S~EOLFDV
WDPELpQ
/D SUHJXQWD TXH XQR VH KDFH HV ¢4Xp SDVD FXDQGR XQ ERGHJXHUR GHMD GH SDJDU VXV
LPSXHVWRV" ,QPHGLDWDPHQWH OH FODXVXUDQ HO ORFDO < YHPRV DKt GHXGRUHV WULEXWDULRV FRQ
HQRUPHVFDQWLGDGHVTXHGHEHQDOILVFRGDGRVGHEDMDVX58&RVHD\DODVHPSUHVDVQR
H[LVWHQ'HQWURGHHVDVHPSUHVDVSRUFLHUWRTXHQRHVWi7HOHIyQLFDTXHWLHQHXQDGHXGD
GH PLO PLOORQHV GH VROHV SRUTXH FXDQGR VRQ HPSUHVDV JUDQGHV ILQDOPHQWH OR TXH
KDFHQHVMXGLFLDOL]DUHOWHPD\DODUJDUHOSURFHVRGXUDQWHFXDWURFLQFRRVHLVDxRV
(Q HVWH PRPHQWR HO JRELHUQR SHUXDQR VH HQFXHQWUD HYDOXDQGR OD UHQRYDFLyQ R QR GHO
FRQWUDWR FRQ 7HOHIyQLFD \ HVWD HPSUHVD VRVWLHQH GH TXH HVWR GHEH LU SRU FXHUGDV
VHSDUDGDVHVGHFLUXQWHPDHVODGHXGDWULEXWDULD\RWURWHPDHVODUHQRYDFLyQSRU
DxRVPiVGHVXFRQWUDWR
3RU XQ WHPD GH GLJQLGDG VHxRU 3UHVLGHQWH \R FUHR TXH HO SDtV GHEH SRQHUVH ILUPH HQ
HVWR HQ TXH FXDQGR UHDOL]D FRQWUDWRV FRQ FXDOTXLHU SHUVRQD \ FRQ WHUFHURV
SDUWLFXODUPHQWHHQHVWHWLSRGHQHJRFLRVGHVHUYLFLRVS~EOLFRVWLHQHQTXHHVWDUKRQUDQGR
VXVGHXGDV
6HKDLQYLWDGRDO0LQLVWURGH7UDQVSRUWHV\&RPXQLFDFLRQHVDOD&RPLVLyQGH'HIHQVDGHO
&RQVXPLGRU \ &RPLVLyQ GH 7UDQVSRUWHV \ VH QRV KD LQIRUPDGR GH TXH WDQ SURQWR HO
JRELHUQRSHUXDQRWHQJDXQDSRVLFLyQDOUHVSHFWRVHKDUiFRQRFHUDHVWH&RQJUHVRTXH
FUHRTXHYDOHODSHQDTXHQRVRWURVSRGDPRVRSLQDU
6L ELHQ HV FLHUWR OD WLWXODULGDG GH HVWD FRQFHVLyQ FRUUHVSRQGH DO (MHFXWLYR FUHR TXH HV
LPSRUWDQWHTXHHO&RQJUHVRGHOD5HS~EOLFDHVWpDOWDQWRGHHVWHSURFHVRWDQLPSRUWDQWH
SDUDHOSDtV
0XFKDVJUDFLDV
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 0XFKDV JUDFLDV D XVWHG VHxRU
FRQJUHVLVWD
(OFRQJUHVLVWD*XVWDYR5RQGyQ
(O VHxRU 521'Ð1 )8',1$*$ 61³
61³ 0XFKDV JUDFLDV VHxRU 3UHVLGHQWH EXHQRV GtDV
WDPELpQDWRGRVORVVHUHVKXPDQRVGHO&RQJUHVR
4XLHUR HQ SULPHU OXJDU VLJXLHQGR YXHVWUD OtQHD GHFLU TXH OR XUJHQWH QR PDWH OR
LPSRUWDQWH3UREDEOHPHQWHPXFKDVGHODVFRVDVTXHVHGLFHQDTXtVRQXUJHQWHVSHURHVR
GH XUJHQWH PDWD OR LPSRUWDQWH \ HV TXH OD VDOXG HV XQ DVSHFWR LPSRUWDQWH 7RGRV
QRVRWURVVLDKRULWDQRVHQIHUPiUDPRVKD\SUREOHPDVODVDOXGGHOSDtVHVWiHQIHUPD\KD\
TXHGHFODUDUODHQHPHUJHQFLD\RGLUtDTXHHQFXLGDGRVLQWHQVLYRVSRUTXHUHDOPHQWHQR
VROR VRQ ORV KRVSLWDOHV VRQ ORV FHQWURV ORV SXHVWRV GH VDOXG 4Xp UHJLyQ QR WLHQH \
DGROHFHGHHVWRVSUREOHPDV
(QHVHVHQWLGRVHxRU3UHVLGHQWHHVXQHQJDxDPXFKDFKRVHOSUHVXSXHVWR(OFUHFLPLHQWR
YHJHWDWLYRFRQHOFUHFLPLHQWRSUHVXSXHVWDOGHVDOXGQRHVWiQ\HQGRGHODPDQR\VLDOD
RWUD VHPDQD VH YD D GLVFXWLU HO SUHVXSXHVWR HV LPSRUWDQWH TXH GHVGH HO &RQJUHVR
LQGXGDEOHPHQWH SRQJDPRV GRQGH WHQHPRV TXH SRQHU OR LPSRUWDQWH /D VDOXG HVWi HQ
HPHUJHQFLD\HOSUHVXSXHVWRTXHVHUHTXLHUHSDUDVDOXGHVXUJHQWtVLPR
6L KD\ XQD WRUWD KD\ XQ SUHVXSXHVWR JHQHUDO GH OD 5HS~EOLFD SXHV WHQGUi TXH
UHGLVWULEXLUVH \ OD VDOXG GH DFXHUGR DO $FXHUGR 1DFLRQDO YDOJD OD UHGXQGDQFLD
LQGXGDEOHPHQWHWLHQHTXHSDVDUSRUHVWHSURFHVR
/D VDOXG QR KD LQFUHPHQWDGR XQ VROR VRO PiV \ SDUD HVR HO SUHVXSXHVWR \D QXHVWUR
SUHVLGHQWHGHODFRPLVLyQKDGLFKRTXHHQWRQFHVQRYDPRVDFDPELDUQDGD\YDQD
SDVDUFLQFRDxRVHQORVTXHYDPRVDVHJXLUFRQORVFHQWURVORVSXHVWRVORVKRVSLWDOHVGH
VDOXGUHDOPHQWHHQSDXSpUULPDVFRQGLFLRQHV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
RQ0XQDUR³ 'pOHXQPLQXWRSDUDTXHFXOPLQHSRU
IDYRU
(OVHxRU521'Ð1)8',1$*$61³
(OVHxRU521'Ð1)8',1$*$61³ +D\TXHVHUFRQVFLHQWHVFRQHOGRORUGHOSXHEOR
DVt TXH \R PH SHUPLWR GHFLU D HVWH &RQJUHVR TXH GHFODUHPRV HQ HPHUJHQFLD OD VDOXG
GHFODUHPRV GH QHFHVLGDG S~EOLFD GH TXH HVH SUHVXSXHVWR HQ VDOXG LQGXGDEOHPHQWH VH
LQFUHPHQWH
1RSRGHPRVVHJXLUFRQODLQLTXLGDGPLUHQHVRGHOWRPyJUDIRGH$EDQFD\KDFLD3LXUD
(VWi ELHQ WRGRV QHFHVLWDPRV SHUR QR KD\ TXH YXOQHUDU VROLGDULGDG LQFOXVLyQ VRFLDO
HTXLGDG
3RU IDYRU KDVWD FXDQGR VHxRUHV FRQJUHVLVWDV DVt TXH SLGR TXH OD VDOXG VH GHFODUH HQ
HPHUJHQFLD \ VH GHVWLQH XQ PD\RU SUHVXSXHVWR XQ R PiV GH HVH SUHVXSXHVWR\
FUHRTXHWRGRVYDPRVDSRGHUSDOLDUHQDOJRHVDVDOXGWDQYHQLGDDPHQRV6LODVDOXGHV
LPSRUWDQWHKD\TXHKDFHUODLPSRUWDQWH
0XFKDVJUDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³$XVWHGVHxRUFRQJUHVLVWD\PLVUHVSHWR
SRUORVVHUHVKXPDQRV
&RQJUHVLVWD6SDGDURSXHGHKDFHUXVRGHODSDODEUD
(OVHxRU63$'$523+,/,336*3)³
(OVHxRU63$'$523+,/,336*3)³*UDFLDVVHxRU3UHVLGHQWH
&UHR TXH WRGRV VRPRV ORV OODPDGRV D GHIHQGHU OD LQVWLWXFLRQDOLGDG GHO &RQJUHVR GH OD
5HS~EOLFD HO QLYHO TXH GHEH WHQHU \ \R KDJR XQD LQYRFDFLyQ D WRGRV PLV FROHJDV
SDUODPHQWDULRVDQRGHVFHQGHUHQHVHQLYHO
3HUR OR TXH QR SRGHPRV WROHUDU VHxRU 3UHVLGHQWH HVWR WLHQH TXH QDFHU WDPELpQ GH OD
0HVD 'LUHFWLYD HV TXH HO GtD GH D\HU KD\D YHQLGR XQ PLQLVWUR GH (VWDGR \ SXHGD
H[SUHVDUVHGHODPDQHUDFRPRVHH[SUHVyHQOD&RPLVLyQGH)LVFDOL]DFLyQTXHHOYHQLU
SRUXQDGHQXQFLDTXHOHKDKHFKRXQFRQJUHVLVWDVHDTXHHVXQDSpUGLGDGHWLHPSRHQ
HVWXSLGHFHV\HVRHVORTXHWH[WXDOPHQWHKDGLFKRHOPLQLVWURGH(VWDGR\SRUWDQWRQR
SRGHPRV SHUPLWLU TXH QLQJ~Q PLQLVWUR GH (VWDGR \ QLQJXQD SHUVRQD SXHGD YXOQHUDU HO
GHUHFKRTXHWLHQHQORVFRQJUHVLVWDVSULPHURDKDFHUXQDLQYHVWLJDFLyQ\SRUVXSXHVWRD
UHVSHWDUHVWHPDJQR&RQJUHVR
6HxRU3UHVLGHQWHH[LJLPRVTXHVHOHHQYtHDOVHxRUPLQLVWURXQGRFXPHQWRGHVXUHFKD]R
GHHVWDVGHFODUDFLRQHVHOGtDGHD\HUHQOD&RPLVLyQGH)LVFDOL]DFLyQ
0XFKDVJUDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³$XVWHGPXFKDVJUDFLDV
(OFRQJUHVLVWD6DOD]DUSRUIDYRU
(OVHxRU6$/$=$50,5$1'$*3)³
(OVHxRU6$/$=$50,5$1'$*3)³ 6HxRU3UHVLGHQWHGRVWHPDVLPSRUWDQWHVGHORTXH
DFDEDGHPDQLIHVWDUHOVHxRUFRQJUHVLVWD6SDGDUR
1R HV OD SULPHUD YH] TXH XQ PLQLVWUR GH (VWDGR HVWi YLQLHQGR DFi DO &RQJUHVR D
FXDOTXLHUD GH ODV FRPLVLRQHV \ WLHQH HVH WLSR GH H[SUHVLRQHV TXH QR FRQGLFHQ VX
FRQGLFLyQ\VREUHWRGRTXHIDOWDQHOUHVSHWRDODPDMHVWXRVLGDGGHO&RQJUHVRTXHHVHO
SULPHUSRGHUSROtWLFRGHO(VWDGR
(QRWURWHPDVHxRU3UHVLGHQWHKHPRVYLVWRHOGtDGHKR\SRUODWHOHYLVLyQXQRVHQVD\RV
UHDOL]DGRV HQ &KLOH SUHVLGLGRV SRU HO SURSLR SUHVLGHQWH XQRV HQVD\RV GH OD )XHU]D
$UPDGD FRQ XQD FODUD LQWHQFLRQDOLGDG GH TXHUHU GHPRVWUDU VX SRGHUtR PLOLWDU TXH
LQGXGDEOHPHQWHJXDUGDPXFKDUHODFLyQFRQHOGLIHUHQGRPDUtWLPRTXHWLHQHHO3HU~HQOD
&RUWH,QWHUQDFLRQDOGHOD+D\D
(VWRHVLPSRUWDQWHVHxRU3UHVLGHQWHSRUTXHYHPRVHOGREOHGLVFXUVRTXHVHPDQHMDHQ
HVWH WHPD (Q SULPHU WHPD D QLYHO GLSORPiWLFR HQ OD &RUWH ,QWHUQDFLRQDO GH OD+D\D \ D
QLYHO PLOLWDU PRVWUDQGR VX SRGHUtR \ HVWR LQGXGDEOHPHQWH QRV WUDH D FRODFLyQ D SRGHU
PLUDU TXp HVWi SDVDQGR FRQ HO Q~FOHR EiVLFR GH GHIHQVD TXH KDFH DOJXQRV DxRV VH
LQVWDXUy\TXHQHFHVDULDPHQWHWHQHPRVTXHVDEHUTXHHVWiSDVDQGRFRPRYDDYDQ]DQGR
HVWHQ~FOHREiVLFRGHLQWHOLJHQFLDSRUTXHQRSRGHPRVVHUQRVRWURVWDQLQJHQXRVHQTXH
VRODPHQWH SRGDPRV WHQHU XQD VROD YtD SDUD OD GHIHQVD GHO SDtV TXH HV OD YtD
GLSORPiWLFDVLQRWHQHPRVTXHYHUWDPELpQODYtDPLOLWDUSRUTXHHVLPSRUWDQWHTXHHOSDtV
WHQJD TXH JDUDQWL]DU YtD QXHVWUDV )XHU]DV $UPDGDV QXHVWUD 3ROLFtD 1DFLRQDO HQ WHQHU
TXH SHUWUHFKDUODV WHQHU HO HTXLSDPLHQWR QHFHVDULR OD WHFQRORJtD QHFHVDULD QR SDUD
SRGHUHVWDUEXVFDQGRXQFRQIOLFWREpOLFRVLQRWHQHUXQDIXHU]DGLVXDVLYDLPSRUWDQWHTXH
QRVSHUPLWDDQRVRWURVSRGHUEXVFDUTXHVHDUHVSHWDODGHFLVLyQGHOD&RUWH,QWHUQDFLRQDO
GH/D+D\DHQDOJ~QPRPHQWRVHJXUDPHQWHTXHSXHGDVHU
6HxRU3UHVLGHQWHHQOD&RPLVLyQGH'HIHQVDQRVRWURVYDPRVDVROLFLWDUODSUHVHQFLDGHO
VHxRUPLQLVWURGH'HIHQVDSDUDTXHVHQRVGLJDHQXQDVHVLyQVHFUHWDFyPRHVWDPRVFRQ
HOQ~FOHREiVLFRGHLQWHOLJHQFLD
0HHVWiSLGLHQGRXQDLQWHUUXSFLyQHOVHxRUFRQJUHVLVWD/XLV,EHULFR
*UDFLDVVHxRU3UHVLGHQWH
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 3DUD XQD LQWHUUXSFLyQ HO VHxRU /XLV
,EHULFR
(O VHxRU ,%(5,&2 1Ôf(= $3*&³
$3*&³ 0X\ EUHYH VHxRU 3UHVLGHQWH SDUD FRPSDUWLU HVWD
SUHRFXSDFLyQ
+HPRV YHQLGR UHFLELHQGR LQIRUPDFLyQ HVWLPDGRV FROHJDV HQ OD &RPLVLyQ GH 'HIHQVD
1DFLRQDODFHUFDGHFyPRORVUHFXUVRVTXHVHGHVWLQDQDQXHVWUDGHIHQVDQDFLRQDOFDGD
YH] VH YDQ GHWHULRUDQGR PiV VH YDQ GHWHULRUDQGR PiV +HPRV HVWDGR DFRVWXPEUDGR
GHVGH ODV ~OWLPDV GpFDGDV D WHQHU XQ SUHVXSXHVWR UHDFWLYR SDUD OD GHIHQVD HV GHFLU
UHFLpQ FXDQGR HVWDOOD HO FRQIOLFWR R HO SUREOHPD HVWDPRV EXVFDQGR FyPR DGTXLULU ORV
LPSOHPHQWRV TXH QHFHVLWDPRV SDUD QXHVWUD VHJXULGDG \ QXHVWUD GHIHQVD QDFLRQDO \ HV
DGHPiVXQSUHVXSXHVWRUHFHVLYR
4XLHUHGHFLUFDGDYH]VHYDKXQGLHQGRPiV\PiVSRUTXHQRVHHQWLHQGHHOFRQFHSWRGH
ODGHIHQVD6HFUHHTXHHVXQJDVWRFXDQGRUHDOPHQWHHVXQVHUYLFLRSDUDFDXWHODUQXHVWUD
VREHUDQtDQDFLRQDOGHQXHVWURVUHFXUVRVQDFLRQDOHV
3RU HVR DJUHJR D OR TXH HVWi VHxDODQGR QXHVWUR FRQJUHVLVWD TXH HVWDPRV SURSRQLHQGR
TXHODVHVLyQUHVHUYDGDQRVRODPHQWHFXHQWHFRQODSDUWLFLSDFLyQGHORVLQWHJUDQWHVGHOD
&RPLVLyQ GH 'HIHQVD 1DFLRQDO \ 2UGHQ ,QWHUQR VLQR FRQ QXHVWURV FROHJDV GH OD
&RPLVLyQGH3UHVXSXHVWRSRUTXHKD\TXHDQDOL]DUODVUD]RQHVSRUODVFXDOHVGHPDQHUD
UHVHUYDGD SRU VXSXHVWR QHFHVLWDPRV PHMRUDU VXVWDQWLYDPHQWH HO SUHVXSXHVWR SDUD OD
GHIHQVD\ODVHJXULGDGGHQXHVWURSDtVHO3HU~
0XFKDVJUDFLDV3UHVLGHQWHPXFKDVJUDFLDVFROHJD
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ &RQJUHVLVWD0DUWtQ%HODXQGHSDUDXQD
LQWHUYHQFLyQ
(OVHxRU%(/$81'(025(<5$61³
(OVHxRU%(/$81'(025(<5$61³0XFKDVJUDFLDV3UHVLGHQWH
0L PX\ HVWLPDGR FROHJD 2FWDYLR 6DOD]DU KD DOXGLGR D XQD LQWHUYHQFLyQ GHO PLQLVWUR
&DLOODX[ HQ OD FRPLVLyQ GH LQYHVWLJDFLyQ FXDQGR GDED UHVSXHVWD D XQD GHQXQFLD
IRUPXODGD SRU XQ FRQJUHVLVWD GH OD 5HS~EOLFD \ HQ OD HWDSD SRVWHULRU GH VX UHVSXHVWD
TXL]iVXQSRFRDIHFWDGRSRUODVSUHJXQWDVTXHVHOHKLFLHURQFRPHWLyHOGHVOL]GHKDFHU
XQFRPHQWDULREDVWDQWHGHVDIRUWXQDGD
(QHVHLQVWDQWH\RHVWDEDDOODGRGHpO\ODYHUGDGTXHOHSHGtTXHVHPRGHUDVHTXHGH
QLQJXQDPDQHUDIDOWDUDUHVSHWRDO&RQJUHVR)XHHQHIHFWRXQGHVOL]GHVDIRUWXQDGRXQ
H[DEUXSWRTXL]iVSRUHOKHFKRGHTXHHOPLQLVWURHVWpSRFRDFRVWXPEUDGRDHVWHWLSRGH
DFWRVSDUODPHQWDULRVSHURpOSLGLyGLVFXOSDV\FUHRTXHHODVXQWRWHUPLQyHQHVR
/XHJRWXYRXQDIUDVHUHVSHFWRDXQDDFWLYLGDGTXHpOWLHQHGHFULDQ]DGHJDQDGRGRQGH
WDPELpQGHVOL]yXQDIUDVHGHVDIRUWXQDGDTXL]iVKHFKDVLQQLQJXQDLQWHQFLyQHQHOVHQWLGR
TXHORVFRQJUHVLVWDVWDPELpQSRGUtDQYHUVXJDQDGR/DIUDVHIXHSRFRDIRUWXQDGDSHUR
TXLHURGHFLUTXHWDPELpQSLGLyGLVFXOSDVWHQJRODLPSUHVLyQTXHQRKXERHQpOiQLPRGH
RIHQGHUDQDGLHIXHVLPSOHPHQWHXQDIUDVHGLFKDGHPiV
(Q HVH VHQWLGR FRPR 3UHVLGHQWH GH OD &RPLVLyQ GH )LVFDOL]DFLyQ TXLVLHUD TXH HVWH
SHTXHxR LQFLGHQWH VH WUDWH EDMR HVD SHUVSHFWLYD \ TXH WDPELpQ VH YHD EDMR OD FRUUHFWD
SHUVSHFWLYD GH OR TXH HV OD &RPLVLyQ GH )LVFDOL]DFLyQ HQ GRQGH D YHFHV VH IRUPXODQ
SUHJXQWDV TXH SDUD HO SUHJXQWDGR TXL]iV OH SXHGDQ PRUWLILFDU DOJR SHUR HVD HV OD
HVHQFLD GH OD ILVFDOL]DFLyQ D YHFHV PRUWLILFDU D ILQ GH OOHJDU D OD YHUGDG \ GHEH
LQWHUSUHWDUVHDVtVLQQLQJXQDDOXVLyQRSHQVDPLHQWRDGLFLRQDO\VLQQLQJ~QPRWLYRXOWHULRU
'HHVRTXLHURGHMDUFRQVWDQFLDVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
35(6,'(17(<HKXGH6LPRQ0XQDUR³0XFKDVJUDFLDV
4XHGDQ GRV FRQJUHVLVWDV \D VH FHUUy DO OLVWD KDFH UDWR (O FRQJUHVLVWD $FXxD \ OD
FRQJUHVLVWD(VWKHU
&RQJUHVLVWD$FXxDSRUIDYRU
(O VHxRU $&8f$ 3(5$/7$ 61³
61³ 3UHVLGHQWH \ HVWLPDGRV FROHJDV HIHFWLYDPHQWH \R KH
GHQXQFLDGRHQOD&RPLVLyQGH)LVFDOL]DFLyQORVSRVLEOHVJUDYHVFRQIOLFWRVGHLQWHUHVHVTXH
SXHGH WHQHU HO PLQLVWUR GH $JULFXOWXUD D WUDYpV GH VXV HPSUHVDV HQ HO 3UR\HFWR (VSHFLDO
2OPRVSURGXFWRGHHVWDVSRVLELOLGDGHVGHFRQIOLFWRGHLQWHUHVHVTXHKHGHQXQFLDGR\TXH
VRQ JUDYHV \ PX\ SUHRFXSDQWHV SDUD OD UHJLyQ /DPED\HTXH HO PLQLVWUR KD DVLVWLGR D OD
&RPLVLyQGH)LVFDOL]DFLyQ\OHMRVGHGDUXQDH[SOLFDFLyQGHODVUD]RQHVSRUTXHVHHVWi
SLGLHQGR HVWD LQYHVWLJDFLyQ KD WHUPLQDGR LQVXOWDQGR D WRGR HO &RQJUHVR 1R HV TXH
VLPSOHPHQWH D OD &RPLVLyQ GH )LVFDOL]DFLyQ pO KD WHQLGR XQD DFWLWXG QHJDWLYD DQWH HO
SOHQR GH OD FRPLVLyQ KD GLFKR TXH pO YLHQH D WUDWDU HVWXSLGHFHV < SRU OR WDQWR HVD
IUDVHDFRPSDxDGDFRQRWUDIUDVHLQGLFDQGRTXHVLTXHUHPRVQRVSRGtDLQYLWDUDYHUVXV
YDFDV FUHR TXH GHEH VHU PRWLYR GH XQD UHIOH[LyQ SDUD QXHVWUR &RQJUHVR 3RUTXH HQ OD
SDUWH PiV DOWD GH OD SROtWLFD GRQGH WHQHPRV XQ YLFHSUHVLGHQWH TXH QR OH KDFH FDVR DO
3UHVLGHQWH WHQHPRV XQ PLQLVWUR TXH YLHQH D GHFLU TXH KD\ HVWXSLGHFHV SRU OR WDQWR
FRUUHVSRQGH D HVWH &RQJUHVR SHGLU VHxRU 3UHVLGHQWH VROLFLWR TXH HO 0LQLVWUR GH
$JULFXOWXUD YHQJD DFi DO &RQJUHVR \ TXH DFi S~EOLFDPHQWH QRV SLGD GLVFXOSDV SRU OD
IUDVHTXHKDXWLOL]DGRHQOD&RPLVLyQGH)LVFDOL]DFLyQ
*UDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ (QHOXVRGHODSDODEUDODFRQJUHVLVWD
(VWKHU6DDYHGUD
/D VHxRUD 6$$9('5$ 9(/$ 1*3³
1*3³ 6HxRU 3UHVLGHQWH PX\ EXHQRV GtDV FROHJDV PX\
EXHQRVGtDV
6HxRU 3UHVLGHQWH \R HQ UHDOLGDG PH VLHQWR PX\ SUHRFXSDGD \ WDPELpQ OODPR D OD
UHIOH[LyQDPLVFROHJDV$FiQRKHPRVYHQLGRDSHOHDUHQWUHQRVRWURV&ROHJDVQXHVWUD
UHJLyQ QXHVWUDV SURYLQFLDV QXHVWUR SXHEOR QRV QHFHVLWDQ SDUD WUDEDMDU SRU HOORV $Vt
FRPR ORV KHPRV EXVFDGR HQ WLHPSR GH FDPSDxD DVt WUDEDMHPRV SRU HOORV £4Xp
YHUJHQ]D 1XHVWURV MyYHQHV QXHVWURV QLxRV QRV SUHJXQWDQ FXDQGR YDPRV ¢SRU TXp VH
SHOHDQHQHO&RQJUHVR"
<R OHV OODPR D OD UHIOH[LyQ GH WUDEDMDU 6L KD\ FRUUXSFLyQ KD\ FRUUXSFLyQ KD\ TXH
LQYHVWLJDU\KD\TXHFDVWLJDU
<RHVWR\GHDFXHUGRSRUHMHPSORFRQPLFROHJD&XFXOL]DELHQYHQLGRKD\TXHDFHSWDU
D OD &RPLVLyQ GH eWLFD \ KD\ TXH UHVSDOGDU D HVD FRPLVLyQ TXLHQ OD LQWHJUH 1XHVWURV
SULQFLSLRVQXHVWURVYDORUHVVRQGHXQRPLVPR
(QWRQFHV\RSRUHVROHVOODPRDOD UHIOH[LyQVHxRU3UHVLGHQWH(QYH]GHYHQLUDSHOHDU
HQWUHQRVRWURVWUDEDMHPRVHQODVWUHVIXQFLRQHVSRUODVTXHQRVKDHOHJLGRHOSXHEOR
(QWRQFHVVHxRU3UHVLGHQWH\RWHUPLQRFRQHVWR/XFKDUFRQWUDODFRUUXSFLyQTXHHVWiSRU
WRGRODGRHQQXHVWUDUHJLyQ\HVWDPRVWUDEDMDQGR
<RPHVLHQWRPX\IHOL]GHUHSUHVHQWDUDOD&RPLVLyQGH)LVFDOL]DFLyQ\HVWR\WUDEDMDQGR
SRUYHUDOFRUUXSWRTXHVDOJDFDVWLJDGRVHxRU3UHVLGHQWH
0XFKDVJUDFLDV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³&RQWLQXHPRVSRUIDYRU
680,//$
80,//$
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³6LJXLHQWHHVWDFLyQ
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
$FODUDFLyQ 3UR\HFWRV GH /H\ \ OH\ TXH HVWDEOHFH OD
PRUDWRULDDOLQJUHVR\SURGXFFLyQGHRUJDQLVPRVYLYRVPRGLILFDGRVDOWHUULWRULRQDFLRQDO
SRUXQSHUtRGRGHGLH]DxRV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³6HYDDGDUOHFWXUDDORILFLRUHPLWLGRSRU
ORVSUHVLGHQWHVGHODVFRPLVLRQHVGH3XHEORV$QGLQRV$JUDULD\'HIHQVDGHO&RQVXPLGRU
UHVSHFWRDODDFODUDFLyQGHORVSUR\HFWRVGHOH\DSUREDGRVHQODVHVLyQGHO3OHQRGHOGH
QRYLHPEUH GH SRU HO TXH VH HVWDEOHFH OD PRUDWRULD DO LQJUHVR \ SURGXFFLyQ GH
RUJDQLVPRVYLYRVPRGLILFDGRVDOWHUULWRULRQDFLRQDOSRUXQSHUtRGRGHGLH]DxRV
6HxRU5HODWRU
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
2ILFLR&RQMXQWR61&5&3$$$(&$&'&25&5
6HxRUFRQJUHVLVWD
'DQLHO$EXJDWWiV0DMOXI
3UHVLGHQWHGHO&RQJUHVRGHOD5HS~EOLFD
5HI 6ROLFLWD DFODUDFLyQ GHO WH[WR DSUREDGR HQ OD VHVLyQ GHO 3OHQR GHO MXHYHV GH
QRYLHPEUHGH
7HQHPRV HO DJUDGR GH GLULJLUQRV D XVWHG FRQ OD ILQDOLGDG GH H[SUHVDU QXHVWUR FRUGLDO
VDOXGR\DODYH]SDUDTXHVHVLUYDVRPHWHUDFRQVLGHUDFLyQGHO3OHQRGHO&RQJUHVROD
FRUUHFFLyQ GH OD 'LVSRVLFLyQ 'HURJDWRULD ÔQLFD GHO WH[WR VXVWLWXWRULR DSUREDGR VREUH OD
IyUPXOD FRQVHQVXDGD HQWUH OD &RPLVLyQ GH 3XHEORV $QGLQRV &RPLVLyQ $JUDULD \ OD
&RPLVLyQGH'HIHQVDGHO&RQVXPLGRUUHVSHFWRGHORVGLFWiPHQHVDSUREDGRVSRUGLFKDV
FRPLVLRQHV \ TXH HVWDEOHFHQ OD PRUDWRULD DO LQJUHVR \ SURGXFFLyQ GH RUJDQLVPRV YLYRV
PRGLILFDGRVDOWHUULWRULRQDFLRQDOSRUXQSHUtRGRGHWHUPLQDGRSURSXHVWDDSUREDGDHQOD
VHVLyQGHO3OHQRGHOMXHYHVGHQRYLHPEUHGH
'RQGHGLFHÔQLFD³'HURJD\GHMDVLQHIHFWRODVQRUPDV'HURJDQVHODVOH\HVTXHVH
RSRQJDQDODSUHVHQWHOH\\GpMDVHVLQHIHFWRHO'HFUHWR6XSUHPR$*
'HEH GHFLU ÔQLFD³ 'HURJD \ GHMD VLQ HIHFWR ODV QRUPDV 'HURJDQVH ODV OH\HV TXH VH
RSRQJDQDODSUHVHQWHOH\\GpMDVHVLQHIHFWRHO'HFUHWR6XSUHPR$*
6LQ RWUR SDUWLFXODU OH UHLWHUDPRV D XVWHG ORV VHQWLPLHQWRV GH QXHVWUD HVSHFLDO
FRQVLGHUDFLyQ\HVWLPD
$WHQWDPHQWH
$1721,20(',1$257,=
3UHVLGHQWH GH OD &RPLVLyQ GH 3XHEORV $QGLQRV $PD]yQLFRV $IURSHUXDQRV $PELHQWH \
(FRORJtD
-26e/(Ð15,9(5$
3UHVLGHQWHGHOD&RPLVLyQ$JUDULD
-$,0('(/*$'2=(*$55$
3UHVLGHQWHGHOD&RPLVLyQGH'HIHQVDGHO&RQVXPLGRU\2UJDQLVPRV5HJXODGRUHVGHORV
6HUYLFLRV3~EOLFRV
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 6HxRUHV FRQJUHVLVWDV DTXt QR KD\
QLQJXQDLQWHUYHQFLyQVHYDDOYRWRGLUHFWDPHQWHFRQWRGRUHVSHWR
0DUFDUDVLVWHQFLDSRUIDYRU
³/RVVHxRUHVFRQJUHVLVWDVUHJLVWUDQVXDVLVWHQFLDPHGLDQWHHOVLVWHPDGLJLWDOSDUDYHULILFDU
HOTXyUXP
HOTXyUXP
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 1R KD\ QDGD HQ GHEDWH VHxRUD
FRQJUHVLVWDGLVF~OSHPHHVWR\FXPSOLHQGRFRQHO5HJODPHQWR
+DQUHJLVWUDGRDVLVWHQFLDVHxRUHVFRQJUHVLVWDV
9DPRVDKRUDDOYRWR
³/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
³(IHFWXDGD OD YRWDFLyQ VH DSUXHED YtD DFODUDFLyQ SRU YRWRV D IDYRU QLQJXQR HQ
FRQWUD \ QLQJXQD DEVWHQFLyQ OD FRUUHFFLyQ
FRUUHFFLyQ GHO HUURU PDWHULDO HQ OD UHGDFFLyQ GHO WH[WR
VXVWLWXWRULRFRQVHQVXDGRGHOD/H\TXHHVWDEOHFHODPRUDWRULDDOLQJUHVR\SURGXFFLyQGH
RUJDQLVPRVYLYRVPRGLILFDGRVDOWHUULWRULRQDFLRQDOSRUXQSHUtRGRGHDxRVDSUREDGR
HQODVHVLyQSOHQDULDGHOGHQRYLHPEUHGH
HQODVHVLyQSOHQDULDGHOGHQRYLHPEUHGH
GHQRYLHPEUHGH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³+DVLGRDSUREDGR
6H GHMD FRQVWDQFLD GHO YRWR D IDYRU GH ORV FRQJUHVLVWDV *DJy &RUGHUR (OtDV .HQML
)XMLPRUL &KDFyQ 'H 9HWWRUL /ySH] 5DPtUH] 9DFFKHOL +XPEHUWR /D\ /XQD 5LYDV
(VSLQR]D\*DPDUUD
7HQHPRVYRWRVDIDYRUFHURHQFRQWUDFHURDEVWHQFLRQHV
/DDFODUDFLyQKDVLGRDSUREDGD\SRUFRQVLJXLHQWHODDXWyJUDIDGHOH\TXHHVWDEOHFHOD
PRUDWRULDDOLQJUHVR\SURGXFFLyQGHRUJDQLVPRVYLYRVPRGLILFDGRVDOWHUULWRULRQDFLRQDO
SRUXQSHUtRGRGHGLH]DxRVFRQWLQXDUiHOWUiPLWHFRUUHVSRQGLHQWH
³(OWH[WRDSUREDGRHVHOVLJXLHQWH
(OWH[WRDSUREDGRHVHOVLJXLHQWH
&23,$5(/7(;72$352%$'2'(/$&7$
&23,$5(/7(;72$352%$'2'(/$&7$
680,//$
680,//$
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³6LJXLHQWHWHPD
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
$FODUDFLyQ 3UR\HFWR GH 5HVROXFLyQ /HJLVODWLYD TXH PRGLILFD HO DUWtFXOR GHO
&yGLJRGHeWLFD3DUODPHQWDULD
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³6HYDDGDUOHFWXUDDORILFLRUHPLWLGRSRU
HO3UHVLGHQWHGHOD&RPLVLyQGH&RQVWLWXFLyQ\5HJODPHQWRUHVSHFWRDODDFODUDFLyQGHO
3UR\HFWRGH5HVROXFLyQ/HJLVODWLYDDSUREDGRHQODVHVLyQGHO3OHQRGHOGHVHWLHPEUH
GHOSRUHOTXHVHPRGLILFDHODUWtFXORGHO&yGLJRGHeWLFD3DUODPHQWDULD
'pOHFWXUDVHxRU5HODWRU
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
2ILFLR&&<5&5
6HxRUFRQJUHVLVWD
'DQLHO$EXJDWWiV0DMOXI
3UHVLGHQWHGHO&RQJUHVRGHOD5HS~EOLFD
'HPLFRQVLGHUDFLyQ
0HGLULMRDXVWHGSDUD VDOXGDUORFRUGLDOPHQWH \DVXYH]HQUHODFLyQ FRQODDSUREDFLyQ
GHO 3UR\HFWR GH /H\ &5 SUR\HFWR GH UHVROXFLyQ OHJLVODWLYD TXH PRGLILFD HO
DUWtFXOR GHO &yGLJR GH eWLFD 3DUODPHQWDULD KDFHU GH VX FRQRFLPLHQWR TXH HQ OD
UHGDFFLyQ GHO DUWtFXOR XQR GHO WH[WR OHJDO DSUREDGR VH RPLWLy OD UHIHUHQFLD D TXH VH
WUDWDED GH OD PRGLILFDFLyQ GHO SULPHU SiUUDIR GHO DUWtFXOR GHO &yGLJR GH eWLFD
3DUODPHQWDULD
3RUHVWDFRQVLGHUDFLyQVROLFLWRTXHHQYtDGHDFODUDFLyQFRQVXOWHDO3OHQRGHO&RQJUHVROD
FRUUHFFLyQSHUWLQHQWH(OWH[WRGHODUWtFXORTXHGDUtDUHGDFWDGRGHODVLJXLHQWHPDQHUD
$UWtFXOR2EMHWR
0RGLItFDVH HO SULPHU SiUUDIR GHO DUWtFXOR GHO &yGLJR GH pWLFD 3DUODPHQWDULD GHO
&RQJUHVRGHOD5HS~EOLFDHQORVVLJXLHQWHVWpUPLQRV
$UWtFXOR /D &RPLVLyQ GH eWLFD 3DUODPHQWDULD HVWi LQWHJUDGD SRU QR PHQRV GH FRQJUHVLVWDV UHVSHWiQGRVH ORV FULWHULRV GH SOXUDOLGDG \ SURSRUFLRQDOLGDG GH ORV JUXSRV
SDUODPHQWDULRV(O3UHVLGHQWHGHO&RQJUHVRSURSRQGUiDO3OHQRORVFDQGLGDWRVVLHQGROD
GXUDFLyQ GHO PDQGDWR GH ORV FRQJUHVLVWDV GRV DxRV /RV PLHPEURV GH OD &RPLVLyQ
SXHGHQVHUUHHOHFWRVFRQVHFXWLYDPHQWHXQDVRODYH]
6LQRWURSDUWLFXODUDSURYHFKRODRSRUWXQLGDGSDUDUHLWHUDUOHODH[SUHVLyQGHPLPiVDOWD
FRQVLGHUDFLyQ\HVWLPDSHUVRQDO
$WHQWDPHQWH
)5('<27É52/$3(f$5$1'$
3UHVLGHQWHGHOD&RPLVLyQGH&RQVWLWXFLyQ
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ 6HYDDYRWDUHOSHGLGRGHDFODUDFLyQ
SODQWHDGD SRU HO VHxRU 3UHVLGHQWH GH OD &RPLVLyQ GH &RQVWLWXFLyQ FRQJUHVLVWD 2WiUROD
3HxDUDQGD
0DUFDUDVLVWHQFLDSRUIDYRU
³/RVVHxRUHVFRQJUHVLVWDVUHJLVWUDQVXDVLVWHQFLDPHGLDQWHHOVLVWHPDGLJLWDOSDUDYHULILFDU
HOTXyUXP
HOTXyUXP
(O VHxRU
VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ +DQ UHJLVWUDGR DVLVWHQFLD VHxRUHV
FRQJUHVLVWDV
$OYRWR
³/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
³(IHFWXDGD OD YRWDFLyQ VH DSUXHED YtD DFODUDFLyQ SRU YRWRV D IDYRU QLQJXQR HQ
FRQWUD\QLQJXQDDEVWHQFLyQODFRUUHFFLyQGHOWH[WRDSUREDGRTXHPRGLILFDHODUWtFXORƒ
FRQ
WUD\QLQJXQDDEVWHQFLyQODFRUUHFFLyQGHOWH[WRDSUREDGRTXHPRGLILFDHODUWtFXORƒ
GHO&yGLJRGHeWLFD3DUODPHQWDULDGHO&RQJUHVRGHOD5HS~EOLFDHQHOVHQWLGRGHTXHVH
WUDWDGHODPRGLILFDFLyQGHOSULPHUSiUUDIRGHOPHQFLRQDGRDUWtFXOR
WUDWDGHODPRGLILFDFLyQGHOSULPHUSiUUDIRGHOPHQFLRQDGRDUWtFXOR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(6,'(17(<HKXGH6LPRQ0XQDUR³+DVLGRDSUREDGR
6H GHMD FRQVWDQFLD GHO YRWR D IDYRU GH ORV FRQJUHVLVWDV &FDPD /D\PH 7DQ 5RVDV
*XHYDUD0RQWHUROD1H\UD:RQJ9DFFKHOL<UXSDLOOD5XL]\%UXFH
+DQYRWDGRDIDYRUVHxRUHVFRQJUHVLVWDVHQFRQWUDFHURDEVWHQFLRQHVFHUR
/D DFODUDFLyQ KD VLGR DSUREDGD \ SRU FRQVLJXLHQWH OD DXWyJUDID FRQWLQXDUi HO WUiPLWH
FRUUHVSRQGLHQWH
³(OWH[WRDSUREDGRHVHOVLJXLHQWH
(OWH[WRDSUREDGRHVHOVLJXLHQWH
&23,$5(/7(;72$352%$'2'(/$&7$
&23,$5(/7(;72$352%$'2'(/$&7$
680,//$
680,//$
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³6LJXLHQWHWHPDSRUIDYRU
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
'HODFRPLVLyQGH-XVWLFLD3UR\HFWRGH/H\6HSURSRQHHVWDEOHFHUODMXVWLFLDGHSD]
FRPR yUJDQR MXULVGLFFLRQDO GHO 3RGHU -XGLFLDO TXH UHVXHOYD FRQIOLFWRV HQ HO iPELWR
FRPXQDO ORFDO YHFLQDO \ IDPLOLDU IXQGDPHQWDOPHQWH YtD FRQFLOLDFLyQ \ HTXLGDG HQ HO
PDUFRGHOD&RQVWLWXFLyQ3ROtWLFD
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 6H YD D LQLFLDU OD VXVWHQWDFLyQ GHO
SUR\HFWR VXVWLWXWRULR FRQWHQLGR HQ HO GLFWDPHQ HQ PD\RUtD GH OD &RPLVLyQ GH -XVWLFLD \
'HUHFKRV+XPDQRVVREUHHO3UR\HFWRGH/H\TXHSURSRQHXQD/H\GH-XVWLFLDGH3D]
7LHQH HO XVR GH OD SDODEUD HO VHxRU FRQJUHVLVWD %HLQJROHD 'HOJDGR SUHVLGHQWH GH OD
&RPLVLyQGH-XVWLFLDKDVWDSRUXQPi[LPRGHGLH]PLQXWRV
3DUDXQWHPDDSDUWHODFRQJUHVLVWD&XFXOL]D
/DVHxRUD&8&8/,=$7255(*3)³
/DVHxRUD&8&8/,=$7255(*3)³3UHVLGHQWHTXLHUROODPDUODDWHQFLyQDO3OHQRSDUD
TXHSRUPHGLRGHOD&RPLVLyQGH(GXFDFLyQ\DVHWRPHFDUWDVHQHODVXQWR
6HWUDWDGHODJUDYLRTXHUHFLEHQORVHVFRODUHVGHQWURGHVXVFROHJLRVHOIDPRVREXOO\LQJ
8QPHQRVGHDxRVGHOFROHJLR1HZWRQGH6DQ0LJXHOIXHJROSHDGREUXWDOPHQWHSRU
FRPSDxHURV 3UHVLGHQWH /D GLUHFWRUD QR TXLVR DFHSWDU GLMR TXH HUD XQ MXHJR \ WRWDO
KR\HOFKLFRWLHQHXQDOHVLyQHQODPpGXOD
(VWR \D QR VH SXHGH VHJXLU SHUPLWLHQGR KD\ TXH SDVDU OD YR] \ GHFLU TXH
GHVJUDFLDGDPHQWH VXV FRPSDxHURV OR SDWHDURQ HQ HO VXHOR HQ OD FDEH]D \ OR WXYLHURQ
SDWHiQGRORGXUDQWHPiVGHPLQXWRV\QDGLHKDFtDQDGD
<FXDQGRIXHURQGRQGHODGLUHFWRUDODGLUHFWRUDGLMRTXHKDEtDVLGRXQMXHJRHQWUHHOORV
<RFUHRTXHHVWRKD\TXHSDUDUORGHILQLWLYDPHQWHSRUTXHQRSXHGHVHUODDJUHVLyQGHQWUR
GHORVFROHJLRVGHODPDQHUDWDQEUXWDO TXHVHHVWiOOHYDQGRDFDER
3RU IDYRU OD &RPLVLyQ GH (GXFDFLyQ OD 0LQLVWUD GH (GXFDFLyQ TXH WRPH FDUWDV HQ HO
DVXQWR SRUTXH HV DOJR FRP~Q TXH R EDQGROHURV GHO FROHJLR DJDUUHQ D XQR \ OH
PHWDQXQDSDWHDGXUDTXHORGHMHQWLHVR
$VtTXHSRUIDYRUODVLWXDFLyQHQORVFROHJLRVHVPX\JUDYHFRQHVWRVDJUDYLRV
/HDJUDGH]FR3UHVLGHQWHTXHVHWRPHFDUWDVHQHODVXQWR
0XFKDVJUDFLDVJUDFLDVFRQJUHVLVWD%HLQJROHD
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³$XVWHGODVJUDFLDVFRQJUHVLVWD
(QHOXVRGHODSDODEUDHOFRQJUHVLVWD%HLQJROHD
3DUDXQDLQWHUUXSFLyQODFRQJUHVLVWD&HFLOLD&KDFyQ
/DVHxRUD&+$&Ð1'(9(7725,*3)
/DVHxRUD&+$&Ð1'(9(7725,*3)³
Ð1'(9(7725,*3)³*UDFLDVVHxRU3UHVLGHQWH
(Q HO PLVPR VHQWLGR TXLHUR GHFLU TXH HO &RQJUHVR SDVDGR DSUREy OD /H\ $QWLEXOO\LQJ
MXVWDPHQWH SDUD TXH QR KD\D YLROHQFLD KRVWLJDPLHQWR DFRVR HQWUH ORV DOXPQRV VLQ
HPEDUJRKDVWDHOPRPHQWRHO0LQLVWHULRGH(GXFDFLyQWRGDYtDQRKDUHJODPHQWDGRHVWD
OH\\SRUORWDQWRQRKDHQWUDGRHQYLJHQFLD
(QHVHVHQWLGRODOH\VHxRU3UHVLGHQWHH[LJHDWRGRVORVFROHJLRVTXHWHQJDQXQVLFyORJR
MXVWDPHQWHSDUDWUDWDUHVWRVWHPDVSDUDSUHYHQLUHVWRVWHPDV\DGHPiVWDPELpQXQOLEUR
GRQGH VH SXHGDQ UHJLVWUDU SRU SDUWH GH ORV DOXPQRV SURIHVRUHV \ GHPiV SHUVRQDO GHO
FROHJLRWRGRVHVWRVDFWRV
(QHVHVHQWLGRVHxRU3UHVLGHQWHH[LVWHODOH\SHURQRHVWiUHJODPHQWDGD\KDUtDPRVXQ
SHGLGR XUJHQWH DO 0LQLVWHULR GH (GXFDFLyQ SDUD TXH HVWD OH\ SXHGD HQWUDU HQ YLJHQFLD
TXHVHUHJODPHQWHORDQWHVSRVLEOH
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 0XFKDV JUDFLDV FRQJUHVLVWD &HFLOLD
&KDFyQ
&RQWLQ~HFRQJUHVLVWD%HLQJROHDPHMRUGLFKRHPSLHFH
(OVHxRU%(,1*2/($'(/*$'2$3*&
(OVHxRU%(,1*2/($'(/*$'2$3*&³
³*UDFLDV3UHVLGHQWH
/D&RPLVLyQGH-XVWLFLD\'HUHFKRV+XPDQRVWUDHDQWHHO3OHQRXQDSURSXHVWDSDUDWHQHU
XQD OH\ GH MXVWLFLD GH SD] D SURSyVLWR GH HVWRV GtDV HQ ORV TXH VH KDEOD PXFKR GH
LQFOXVLyQVRFLDOODMXVWLFLDGHSD]HVSUHFLVDPHQWHXQDIRUPDGHLQFOXVLyQVRFLDOSRUTXH
HVXQDFFHVRLQPHGLDWRDODMXVWLFLDIXQGDPHQWDOPHQWHGHORVPiVKXPLOGHVGHTXLHQHV
HVWiQPiVOHMRVGHORVFHQWURVGHGHFLVLyQGHOSDtV
<FXULRVDPHQWH3UHVLGHQWHVLHQGRDGHPiVSUREDEOHPHQWHODLQVWDQFLDGHDGPLQLVWUDFLyQ
GHMXVWLFLDTXHPHMRUIXQFLRQDHQHOSDtVHVXQDLQVWDQFLDTXHIXHSRU~OWLPDYH]OHJLVODGD
HQ IRUPD FRPSOHWD HQ HO DxR GH KD\ XQD GHXGD KLVWyULFD ODUJXtVLPD SHQGLHQWH
GHO&RQJUHVRGHOD5HS~EOLFDGHPLUDUODMXVWLFLDGHSD]\GHGDUOHHOPDUFRQRUPDWLYR
TXHODPLVPDPHUHFH
(O $FXHUGR 1DFLRQDO HQ VX SROtWLFD VREUH OD YLJHQFLD SOHQD GH OD &RQVWLWXFLyQ \ ORV
GHUHFKRV KXPDQRV DFFHVR D OD MXVWLFLD LQGHSHQGHQFLD GH VX MXGLFDWXUD HVWDEOHFH HO
FRPSURPLVR GHO (VWDGR SHUXDQR GH JDUDQWL]DU QR VRODPHQWH HO DFFHVR XQLYHUVDO D OD
MXVWLFLDVLQRIXQGDPHQWDOPHQWHGHODSURPRFLyQGHODMXVWLFLDGHSD]
/D RSLQLyQ GH ORV XVXDULRV VREUH OR TXH HV OD MXVWLFLD GH SD] PH SDUHFH TXH HV
VXPDPHQWH LPSRUWDQWH \ DTXt OD SXHGHQ YHU XVWHGHV HQ XQ FXDGUR SRUTXH HV GLItFLO
HQFRQWUDUDVtQDGDPiVXQDDSUREDFLyQWDQPD\RULWDULDGHORVSREODGRUHVVREUHDOJXQD
LQVWDQFLDGHDGPLQLVWUDFLyQGHMXVWLFLD
/D SUHJXQWD HV ¢9ROYHUtDQ D UHFXUULU D ORV VHUYLFLRV GH MXVWLFLD GH SD]" /D UHVSXHVWD HV
DEUXPDGRUDPHQWH JUDQGH FRPRXVWHGHV OR SXHGHQ YHU HO PDQLILHVWD TXH YROYHUtD
JXVWRVDDODMXVWLFLDGHSD]
¢<FXiOHVODRSLQLyQGHHVWRVPLVPRVXVXDULRVVREUHODVFDSDFLGDGHV\VREUHODVROXFLyQ
REWHQLGDHQXQSURFHVRGHMXVWLFLDGHSD]"8QDEXHQDFDSDFLGDGUHJXODU
<VREUHODVROXFLyQDOFDQ]DGDPiVGHODPLWDG3UHVLGHQWHGHTXLHQHVVHKDQVRPHWLGRD
ODMXVWLFLDGHSD]HVWiGHDFXHUGRFRQODGHFLVLyQDOFDQ]DGD\FRQODVROXFLyQREWHQLGD
3RUWRGDVHVWDVUD]RQHV\SDVDQGRSRUVXSXHVWRSRUORTXHLQGLFy&HULDMXVUHFRJLHQGRHO
SODQQDFLRQDOFRPR\DVHKDVHxDODGRHVTXHQRVRWURVQRVSUHVHQWDPRVDQWHDTXtDQWH
XVWHGHVSDUDWUDWDUGHGDUXQDQRUPDTXHSXHGDDGHPiVFRQWHPSODUORVGHUHFKRVGHORV
PiV GH PLO MXHFHV GH SD] TXH H[LVWHQ HQ OD 5HS~EOLFD TXH QR WLHQHQ QLQJ~Q WLSR GH
GHUHFKR FRQVDJUDGR SRU HO (VWDGR PiV DOOi GH DOJXQDV QRUPDV LQFRQH[DV TXH H[LVWHQ
GLVSHUVDVHQODOHJLVODFLyQQDFLRQDO
/DMXVWLFLDGHSD]HVHQWRQFHVODLQVWDQFLDGHMXVWLFLDPiVFHUFDQDHVXQHVSDFLRGRQGH
OD FLXGDGDQtD HMHUFLWD VX GHUHFKR FLXGDGDQR \ HV XQ HVSDFLR DGHPiV DELHUWR D OD
LQWHUFXOWXUDOLGDGSRUTXHHVSUHFLVDPHQWHDTXtHQGRQGHVLQQHFHVLGDG¢QRHVFLHUWR"GH
TXH TXLHQ DGPLQLVWUD MXVWLFLD DSOLTXH GHUHFKR OR TXH DGPLQLVWUH SUHFLVDPHQWH MXVWLFLD
FRQRFLHQGRODVFRVWXPEUHVGHVXSREODFLyQ
/RVSUREOHPDVTXHWHQHPRVKR\IUHQWHDODOHJLVODFLyQGHMXVWLFLDGHSD]TXHORVSXHGHQ
XVWHGHVYHUHQHVWDSDQWDOODHVTXHDFWXDOPHQWHHVWDHVXQDOHJLVODFLyQGLVSHUVDHVWiHQ
GLIHUHQWHVQRUPDVFRQLQWHUSUHWDFLRQHVGHO7ULEXQDO&RQVWLWXFLRQDO
&RPROHVGHFtDOD~OWLPDYH]TXHVHQRUPyHQFRQMXQWRODMXVWLFLDGHSD]IXHHQ
DVt TXH LPDJtQHQVH XVWHGHV FyPR HVWi HO DVXQWR QR VRODPHQWH HV GLVSHUVD HV DGHPiV
FRQIXVD QR WLHQH QLQJXQD RUJDQLFLGDG \ HV DGLFLRQDOPHQWH SRU HVWR PLVPR
FRQWUDGLFWRULD(VLQGLVSHQVDEOHTXHQRVRWURVQRVFHQWUHPRVKR\HQWUDWDUGHDSUREDUHVWD
QRUPDGH-XVWLFLDGH3D]
/R~OWLPRTXHKDEUtDTXHGHFLUPLHQWUDVVHJXLPRVFRPSDUDQGR\FRPSDUWLHQGRDOJXQRV
FXDGURV FRPSDUDWLYRV ELHQ LQWHUHVDQWHV KD\ TXH PLUDU HO VLJXLHQWH SRU HMHPSOR FXiOHV
VRQORVSULQFLSDOHVFDVRVTXHDWLHQGHOD-XVWLFLDGH3D]
/DPD\RUtDGHFDVRVTXHDWLHQGHVRQURERVRSpUGLGDGHELHQHVOXHJRDJUHVLRQHVItVLFDV
OXHJRDJUHVLRQHVYHUEDOHV6RQORVFDVRVTXHPD\RULWDULDPHQWHYHOD-XVWLFLDGH3D]\TXH
QRSRGUtDQVHUUHVXHOWRVVLHVWDLQVWDQFLDQRH[LVWLHVH
6HxRU3UHVLGHQWHHQODPDQRGHORVVHxRUHVFRQJUHVLVWDVH[LVWHXQWH[WRVXVWLWXWRULR'HER
GHFLUSDUDWHUPLQDUHVWDH[SRVLFLyQ\SDUDHVFXFKDUDGHPiVFRQDWHQFLyQODVSURSXHVWDV
TXHWRGRVWHQJDQTXHKDFHUTXHKDFHYDULDVVHPDQDVOD&RPLVLyQGH-XVWLFLDSUHVHQWy
XQGLFWDPHQVREUHHOWHPDGHOD-XVWLFLDGH3D]
'HER GHFLU WDPELpQ TXH XQD YH] TXH HVWR RFXUULy VH QRV DOFDQ]y SRU SDUWH GHO 3RGHU
-XGLFLDO XQ SUR\HFWR GH OH\ VREUH OD PLVPD PDWHULD \ OR TXH KHPRV UHDOL]DGR HV XQD
DFXPXODFLyQGHDPERVUHDOL]DQGRPHVDVGHWUDEDMRWUDWDQGRGHSUHVHQWDUDXVWHGHVHO
PHMRUWH[WRSRVLEOH
+DFHGRVGtDVHQOD&RPLVLyQGH-XVWLFLDUHFLEtHOHQFDUJRGHORVPLHPEURVGHODPLVPD
GHSUHVHQWDUPHDQWHXVWHGHVSDUDVRVWHQHU\GHIHQGHUPiVELHQHOWH[WRVXVWLWXWRULRTXHHV
HOFDGDXQRGHXVWHGHVWLHQHHQVXVPDQRV
&XDQGRHUDSUHVLGHQWH\DTXt\RWHUPLQRPLSUHVHQWDFLyQ\URJDUtDDOD5HSUHVHQWDFLyQ
1DFLRQDOVXYRWRDIDYRUSDUDWHQHUDSDUWLUGHODIHFKDXQDOH\GH-XVWLFLDGH3D]HQHO
WHUULWRULRGHOD5HS~EOLFD
*UDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³*UDFLDVDXVWHGFRQJUHVLVWD%HLQJROHD
(OGtDGHKR\H[DFWDPHQWHDODV\GHODPDxDQDVHKDSUHVHQWDGR\UHSDUWLGRDORV
VHxRUHV FRQJUHVLVWDV XQ WH[WR VXVWLWXWRULR GH OD OH\ GH -XVWLFLD GH 3D] SUHVHQWDGD SRU HO
SUHVLGHQWHGHOD&RPLVLyQFRQODDXWRUL]DFLyQGHVXVLQWHJUDQWHV
&RQFOXLGDODVXVWHQWDFLyQVHGDLQLFLRDOGHEDWHGHOSUR\HFWRVXVWLWXWRULR
7LHQHXVRGHODSDODEUDODFRQJUHVLVWD(VWKHU6DDYHGUD
/DVHxRUD6$$9('5$9(/$1*3³
/DVHxRUD6$$9('5$9(/$1*3³*UDFLDVVHxRU3UHVLGHQWH
<RTXLHURIHOLFLWDUHVWDLQLFLDWLYDGHHVWHSUR\HFWRGHOH\SRUTXHTXLHQKDEODYLHQHGHXQD
]RQD UXUDO PiV OHMDQDV TXH YHQLPRV WUDEDMDQGR FRQ ODV URQGDV FDPSHVLQDV KDFLHQGR
-XH]GH3D]QXHVWUDVURQGDVFDPSHVLQDVQXHVWUDVFRPXQLGDGHVQDWLYDVGRQGHQVLTXLHUD
OOHJDODSROLFtDSHURDKtHVWDPRVQRVRWURVORVGHODV]RQDVUXUDOHVPiVOHMDQDV\SRUHVR
\RIHOLFLWRHVWDLQLFLDWLYDGHHVWHSUR\HFWR
6HxRU 3UHVLGHQWH TXLHUR VHxDODU PL DSR\R D OD SUHVHQWH SURSXHVWD OHJLVODWLYD OD FXDO
UHJXODHOyUJDQRGHMXVWLFLDTXHHVWiPiVFHUFDDODSREODFLyQHQGRQGHDFXGHQPLOHV\
PLOORQHVGHSREODGRUHVSREUHVGHQXHVWURSDtV
/RVMXHFHVGH3D]QROHWUDGRV\OHWUDGRVVRQORVTXHHVWiQDEDMRHQODVFRPXQLGDGHVHQ
ORVGLVWULWRV\SURYLQFLDVTXHVLHPSUHKDQVLGRH[FOXLGDVSRUHO(VWDGR
/D -XVWLFLD GH 3D] VHxRU 3UHVLGHQWH HVWi DOOt GRQGH D YHFHV QR KD\ SROLFtD H LQFOXVR QL
(VWDGRSRUHOORHQHOGLFWDPHQVHVHxDODELHQHQORVDUWtFXORVƒ\ƒTXHORV-XHFHV
GH3D]GHEHQFRRUGLQDUFRQODVURQGDVFDPSHVLQDV\ODVFRPXQLGDGHVQDWLYDV
7DPELpQ VH LQGLFD TXH HQ ORV VLWLRV HQ GRQGH QR H[LVWH SROLFtD ODV URQGDV FDPSHVLQDV
FRPXQLGDGHVQDWLYDVFRODERUDUiQFRQORV-XHFHVGH3D]HQODHMHFXFLyQGHODVVDQFLRQHV
FRPXQLWDULDVHVSRUHVRTXHFRQVLGHURLPSRUWDQWHTXHHQHVWDPLVPDOtQHDVHHVWDEOH]FD
XQDGLVSRVLFLyQFRPSOHPHQWDULDHQODTXHVHLQGLTXHTXHXQDYH]DSUREDGDODSUHVHQWH
OH\ODVURQGDVFDPSHVLQDVFRPXQLGDGHVQDWLYDVVHDFUHGLWHQDQWHORV-XHFHVGH3D]GH
VXUHVSHFWLYDMXULVGLFFLyQ'HHVWDPDQHUDHVWDUHPRVYLDELOL]DQGRHOFDPLQRSDUDTXHORV
-XHFHVGH3D]SXHGDQFRRUGLQDUFRQODVURQGDVFDPSHVLQDV
3DUDWHUPLQDUVHxRU3UHVLGHQWHVROLFLWRSRUHOORTXHVHDJUHJXHODVLJXLHQWHGLVSRVLFLyQ
FRPSOHPHQWDULD 'LVSRVLFLyQ &RPSOHPHQWDULD 6HJXQGD³ /DV URQGDV FDPSHVLQDV
FRPXQLGDGHVQDWLYDVDFUHGLWHQDVXUHSUHVHQWDQWHDQWHORV-XHFHVGH3D]GHVXUHVSHFWLYD
MXULVGLFFLyQ
*UDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³*UDFLDVDXVWHGVHxRUDFRQJUHVLVWD
(QHOXVRGHODSDODEUDODFRQJUHVLVWD0DUtD2PRQWH
/DVHxRUD20217('85$1''('<(5$3³
/DVHxRUD20217('85$1''('<(5$3³*UDFLDVVHxRU3UHVLGHQWH
6RODPHQWHVRQVXJHUHQFLDVGHUHGDFFLyQHVWDPRVSOHQDPHQWHGHDFXHUGRHQHOWHPDGH
IRQGR
(QHODUWtFXORGHEHUtDHOLPLQDUVHODSDODEUDSURKLELFLRQHV/DVSURKLELFLRQHV\DHVWiQ
UHJXODGDV HQ HO DUWtFXOR (Q HO DUWtFXOR UHHPSOD]DU ORV GRV ~OWLPRV SiUUDIRV SRU HO
VLJXLHQWHWH[WR(OPHFDQLVPRGHHOHFFLyQSRSXODUHVUHJXODGRSRUHO&RQVHMR(MHFXWLYR
GHO3RGHU-XGLFLDOVDOYRHQDTXHOORVFDVRVHQORVFXDOHVHQODFRPSHWHQFLDWHUULWRULDOGHO
-X]JDGR GH 3D] VH SUHVHQWD XQD DOWD GHQVLGDG SREODFLRQDO GRQGH GLFKR PHFDQLVPRHV
UHJXODGR SRU ORV RUJDQLVPRV GHO 6LVWHPD (OHFWRUDO 1DFLRQDO (O SURFHVR GH VHOHFFLyQ HV
UHJXODGRSRUHO&RQVHMR(MHFXWLYRGHO3RGHU-XGLFLDO
(QFXDQWRDODUWtFXORLQFLVRUHHPSOD]DUVREUHYLYLHQWHSRUVREUHYLQLHQWH(QFXDQWR
DODUWtFXORLQFLVRQXHYDUHGDFFLyQ7UDQVFXUVRGHOSOD]RGHGHVLJQDFLyQ(O-XH]GH
3D]FRQWLQXDUiHQHOFDUJRHQWDQWRMXUDPHQWHHOQXHYR-XH]GH3D]
(QHODUWtFXORUHHPSOD]DUHQHOTXHVHHQFXHQWUHGHWHQLGRSRUHQHOTXHVHSURGXFH
OD DJUHVLyQ < ILQDOPHQWH HQ HO DUWtFXOR UHHPSOD]DU VH OH GHQRPLQDUi SRU VH OHV
QRPLQDUi
(VWDUpKDFLHQGROOHJDUHVWDVVXJHUHQFLDVDOD3UHVLGHQFLDGHOD0HVD
*UDFLDV
(O VHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
VHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ )LQDOPHQWHHQ HO XVR GH OD SDODEUD HO
FRQJUHVLVWD-XDQ&DUORV(JXUHQ
(OVHxRU(*85(11(8(16&+:$1'(5$3*&³
(OVHxRU(*85(11(8(16&+:$1'(5$3*&³*UDFLDV3UHVLGHQWH
3UHVLGHQWHHVWHHVWXSHQGRSUR\HFWRWLHQHUHDOPHQWHXQQLYHOGHSDUWLFLSDFLyQLPSRUWDQWH
TXHFUHRTXHYDOHODSHQDGHVWDFDUHQODSDUWHGHIRUPDSRUTXHSURYLHQHGHXQWUDEDMR
ODUJR FRQ ORV SURSLRV MXHFHV GH SD] D WUDYpV GH VLHWH WDOOHUHV TXH VH UHDOL]DURQ HQ
&DMDPDUFDHQ6DQ0DUWtQHQ&XVFRHQ-XQtQ\HQ/DPED\HTXH
$GHPiVGHHOORVHxRU3UHVLGHQWHFUHRTXHYDOHODSHQDGHVWDFDUTXHODMXVWLFLDHVXQRGH
ORV YDORUHV IXQGDPHQWDOHV GH XQ VLVWHPD GHPRFUiWLFR \ DGHPiV GH HOOR HV XQD GH ODV
IRUPDV PiV LPSRUWDQWHV GH LQFOXVLyQ VRFLDO /D MXVWLFLD KD\ TXH DFHUFDUOD D WRGDV ODV
]RQDVDOHMDGDVDODV]RQDVH[FOXLGDVSHURKD\TXHDFHUFDUODVFRQODGHELGDIRUPDOLGDG
FRQ OD GHELGD LQVWLWXFLRQDOLGDG FRQ OD GHELGD QRUPDWLYLGDG HQ XQ PDUFR FRQVWLWXFLRQDO
TXHJDUDQWLFHODYLJHQFLDGHORVGHUHFKRVSHURUHVSHWDQGRORVXVRV\ODVFRVWXPEUHVGH
FDGDXQDGHODV]RQDV
(VSRUHVHREMHWLYRVHxRU3UHVLGHQWHTXHDGHPiVGHHOORHO3RGHU-XGLFLDOKDSDUWLFLSDGR
DFWLYDPHQWH HQ HO GHVDUUROOR GH HVWH SUR\HFWR D WUDYpV GH XQD LQLFLDWLYD \ WDPELpQ HO
0LQLVWHULR GH -XVWLFLD HV GHFLU HO 3RGHU (MHFXWLYR KDELpQGRVH DUULEDGR D WUDYpV GH OD
&RPLVLyQ GH -XVWLFLD GLULJLGD SRU $OEHUWR %HLQJROHD D XQ WH[WR TXH UHDOPHQWH ORJUH HO
FRQVHQVRHVSHUDGRSDUDXQDQRUPDWDQUHTXHULGD\WDQQHFHVDULD
7HQHPRVPiVGHMXHFHVGHSD]\HVWRVMXHFHVGHSD]VHxRU3UHVLGHQWHHO
GH VXV UHVROXFLRQHV VH SURGXFHQ HQ HO iPELWR UXUDO JHQWH TXH QR WLHQH DFFHVR
SUREDEOHPHQWHDODMXVWLFLDDWUDYpVGHODXUEHTXHMDPiVOOHJDUiSUREDEOHPHQWHDOD
&RUWH 6XSHULRU D OD &RUWH 6XSUHPD PHQRV DO 7ULEXQDO &RQVWLWXFLRQDO SHUR Vt SXHGH
WHQHU DFFHVR D XQD MXVWLFLD FHUFDQD TXH EXVFD IXQGDPHQWDOPHQWH OD FRQFLOLDFLyQ \ SRU
H[FHSFLyQ UHVXHOYH SHUR HO JUDQ SRUFHQWDMH GH UHVROXFLRQHV HVWiQ RULHQWDGDV D
FRQFLOLDFLyQ
(VSRUHOORVHxRU3UHVLGHQWHTXHFUHRTXHKDUtDPRVPX\ELHQFRPR&RQJUHVRGDUHVH
PHQVDMHDWRGDVODV]RQDVUXUDOHVGHOSDtVGHTXHHVWDPRVSHQVDQGRHQHOODVSDUDWHQHU
XQDMXVWLFLDHILFLHQWH\FHUFDQDDVXVQHFHVLGDGHV
*UDFLDV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
HKXGH6LPRQ0XQDUR³*UDFLDVDXVWHGFRQJUHVLVWD
/DFRQJUHVLVWD/X]6DOJDGRWLHQHODSDODEUD
/DVHxRUD6$/*$'258%,$1(6*3)³
/DVHxRUD6$/*$'258%,$1(6*3)³*UDFLDVVHxRU3UHVLGHQWH
(V XQ EXHQ SUR\HFWR HO WH[WR VXVWLWXWRULR KD PHMRUDGR \ FRUUHJLGR PH SDUHFH D Pt
DOJXQDVGHILFLHQFLDVSHURVLHQGRWDQEXHQSUR\HFWRFUHRTXHORSULPHURTXHWDPELpQVH
GHEHUtDDERFDUODVLQVWLWXFLRQHVTXHKDQFRODERUDGR\OD&RPLVLyQGH-XVWLFLDHQGDUORD
FRQRFHU
<ORGLJRVHxRUSRUTXHHVWDQGRHQORVSXHEORVPX\DOHMDGRVFDVXDOPHQWHHQDTXHOORV
YLOORUULRV HV LPSRUWDQWH TXH HVWD ~QLFD DXWRULGDG HVWD DXWRULGDG FHUFDQD FRQ ODV
FRPXQLGDGHVVHSDTXHDKRUDYDQDHVWDUGHILQLGDVVXVIDOWDVFRPRPX\JUDYHV\VXMHWDVD
VDQFLyQ6LHVWRQRWLHQHGLIXVLyQQRYDDFXPSOLUVXREMHWLYR
3RU HMHPSOR DKRUD \D VDEHPRV \ GHVGH DTXt YD SDUD ORV MXHFHV GH SD] TXH HVWiQ
HVFXFKDQGRGHUHSHQWHHVWDLQWHUYHQFLyQGHO&RQJUHVRTXHHQHODUWtFXORHVWiFRPR
IDOWD PX\ JUDYH GHVHPSHxDU VLPXOWiQHDPHQWH HO FDUJR GH DOFDOGH WHQLHQWH DOFDOGH
UHJLGRUDJHQWHPXQLFLSDOJREHUQDGRURWHQLHQWHJREHUQDGRUSRUTXHHQHVWRVSXHEORV
VREUH WRGR HQ DTXHOOR GRQGH FRPR GLFHQ PX\ ELHQ QR OOHJD QL OD 3ROLFtD \ QR KD\
QLQJXQDDXWRULGDGDYHFHVHOWHQLHQWHDOFDOGHHVOD~QLFDDXWRULGDG\FRQWRGDODIXHU]D
<R KH OOHJDGR D SREODFLRQHV HQ 3XQR SRU HMHPSOR GRQGH HO WHQLHQWH DOFDOGH HV OR
Pi[LPR TXH H[LVWH DOOt \ VH OH UHVSHWD < PX\ SUREDEOH ¢PH HVWi SLGLHQGR XQD
LQWHUUXSFLyQ"
<PX\SUREDEOHTXHHQPXFKRVFDVRVVHHVWpGDQGRHVWRTXHVHDFRPRHVODSHUVRQD
PiV UHVSHWDGD WDPELpQ HO MXH] GH SD] (QWRQFHV KD\ TXH DGYHUWLUOHV TXH QR VH SXHGH
GHVHPSHxDU VLPXOWiQHDPHQWH 7DPSRFR SXHGH VHU XQ MXH] GH SD] XQ PLHPEUR GH ODV
)XHU]DV$UPDGDVRGHOD3ROLFtD1DFLRQDO
(QWRQFHVWRGRVHVWRVDUWLFXODGRVVRQQXHYRV\VLQRWLHQHQXQDDGHFXDGDGLIXVLyQSRU
HVRHVPLLQYRFDFLyQDO3UHVLGHQWHGHOD&RPLVLyQGH-XVWLFLD\DORVRUJDQLVPRVTXHKDQ
FRODERUDGRFRQOD&RPLVLyQGH-XVWLFLDVREUHWRGRDWDQWDV21*TXHKD\TXHUHFLEHQ
UHFXUVRVLQWHUQDFLRQDOHVTXHKDJDQXQDODERUGHSURIXQGL]DFLyQGHFRQRFLPLHQWRVREUH
WRGR HQ ODV ]RQDV PiV DOHMDGDV SDUD HVWRV MXHFHV GH SD] TXH DKRUD WLHQHQ ODV UHJODV
PXFKRPiVFODUDV\TXHHVSHURTXHVHDDVtQLELHQVHDSUXHEHHVWHSUR\HFWR3RUORFXDO
IHOLFLWRWDPELpQDOD&RPLVLyQGH-XVWLFLD\DWRGRVORVTXHKDQFRODERUDGRFRQHOORV
*UDFLDV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³$XVWHGFRQJUHVLVWD6DOJDGR
(QHOXVRGHODSDODEUDHOFRQJUHVLVWD9LFHQWH=HEDOORV
(O VHxRU =(%$//26 6$/,1$6 61³
61³ 0H SLGH XQD LQWHUUXSFLyQ HO FRQJUHVLVWD (JXUHQ
VHxRU3UHVLGHQWH
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 3DUD XQD LQWHUUXSFLyQ HO FRQJUHVLVWD
(JXUHQ
(O VHxRU (*85(1 1(8(16&+:$1'(5 $3*&³
$3*&³ *UDFLDV VHxRU 3UHVLGHQWH JUDFLDV
VHxRUFRQJUHVLVWD
0X\ EUHYH VROR WRPDQGR QRWD GH OR VHxDODGR PX\ LPSRUWDQWH SRU OD FRQJUHVLVWD /X]
6DOJDGR SRUTXH XQR GH ORV SUREOHPDV TXH VH WHQtD HV TXH HO SHUtRGR GH HMHUFLFLR GHO
FDUJR GH MXH] GH SD] HUD GH GRV DxRV (Q FRQVHFXHQFLD HO 3RGHU -XGLFLDO QR WHQtD HO
WLHPSR VXILFLHQWH SDUD SUHSDUDU D ORV MXHFHV GH SD] TXLHQHV REYLDPHQWH QR VRQ
DERJDGRV SHUR Vt UHTXLHUHQ FULWHULRV GH MXVWLFLD GH HTXLGDG \ QRUPDWLYRV GH EDVH \
JDUDQWtD FRQVWLWXFLRQDO (Q FRQVHFXHQFLD PLHQWUDV VH OHV LED SUHSDUDQGR \ FDSDFLWDQGR
YHQFtDQ ORV GRV DxRV \ XQD YH] TXH VH OHV KDEtD FDSDFLWDGR WHUPLQDEDQ \pQGRVH
(QWRQFHVHUDXQFtUFXORYLFLRVR
3RU HVR OR LPSRUWDQWH GH FDSDFLWDU SDUD TXH VH SXHGD GDU D FRQRFHU KR\ HO SUR\HFWR
HVWi SODQWHDQGR SDVDU GH D DxRV (QWRQFHV YDPRV GH DOJXQD PDQHUD D
SURIHVLRQDOL]DUODODERUGHOMXH]GHSD]
*UDFLDV3UHVLGHQWH
(O VHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
VHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ &RPLHQFH VX LQWHUYHQFLyQ FRQJUHVLVWD
9LFHQWH=HEDOORV
(OVHxRU=(%$//266$/,1$661³
(OVHxRU=(%$//266$/,1$661³*UDFLDV
3UHVLGHQWH SULPHUR VDOXGDU D QXHVWUR FROHJD $OEHUWR %HLQJROHD SRU OD UHVSRQVDELOLGDG
FRQTXHKDHPSUHQGLGRHVWHWHPDHQVX&RPLVLyQGH-XVWLFLD
'HFtD/XLV3iVDUDHQXQD\DYLHMDREUD-XH]GHMXVWLFLD\SD]HQHO3HU~TXHHOGHOD
MXVWLFLD TXH VH DGPLQLVWUD HQ HO SDtV MXVWDPHQWH OD DGPLQLVWUDQ ORV MXHFHV GH SD] SHUR
DXVHQWHV GH DSR\R ORJtVWLFR FDSDFLWDFLyQ UHFXUVRV < OD LQTXLHWXG HUD ¢FyPR HV TXH
DYDQ]DED"<PiVD~QHQHVWDGtVWLFDVGHOHJLWLPLGDGHUDODMXVWLFLDTXHPD\RUDFHSWDFLyQ
WHQtDHQHOSDtV
6DOXGR HVWD LQLFLDWLYD \ PiV D~Q ODV FLUFXQVWDQFLDV HQ ODV FXDOHV KD VLGR HODERUDGD
SRUTXH FXDQGR HOORV WHQtDQ XQ SUHGLFWDPHQ OOHJD XQ SUR\HFWR DGLFLRQDO SRU SDUWH GHO
3RGHU-XGLFLDO\KDQWHQLGRTXHFRQFLOLDUOR
6LPSOHPHQWHEULQGDUDSRUWHV8QSULPHUDSRUWHVHxRU3UHVLGHQWHHVUHVSHFWRDODUWtFXOR
LQFLVRTXHGLFHSHUFLELUGHSDUWHGHO(VWDGRHOHTXLYDOHQWHDOSDJRGHODVWDVDVSRU
ORV H[KRUWRV KDVWD HO OtPLWH SHUPLWLGR SRU OD SUHVHQWH OH\ (VH OtPLWH HV XQD XQLGDG GH
UHIHUHQFLD SURFHVDO TXH PiV R PHQRV RVFLOD HQWUH ORV VROHV SHUR KDEODPRV HQ DO
SRVLELOLGDG\FRQOtPLWH3XHGHGHMDUDELHUWDODSRVLELOLGDGGHTXHHOMXH]TXHWHQJDPiV
H[KRUWRVPiVLQJUHVRV WHQGUiVLHPSUHVLQVXSHUDUHOWHFKRGHVROHV3HURDTXHOORV
MXHFHV TXH QR HVWpQ VXMHWRV D QLQJ~Q WLSR GH H[KRUWR QR WHQGUiQ QLQJ~Q LQJUHVR \ DTXt
TXLHURVHUHQFLHUWDIRUPDFRKHUHQWH¢VLVRORHVODMXVWLFLDTXHPiVUHVSRQVDELOLGDGWLHQH
HQVXDGPLQLVWUDFLyQ"¢SRUTXpQRWDPELpQSRUORPHQRVILMDUOHXQWHFKRPtQLPRFRPR
LQJUHVR" TXH VHUtD VROHV \ QR YD D VLJQLILFDU JDVWR DGLFLRQDO DOJXQR SRUTXH HVWR
KDFLHQGR XQD FDMD FRP~Q GH OR TXH VLJQLILFD HO FRVWR GH ORV H[KRUWRV HV PiV TXH
VXILFLHQWH SDUD SRGHU GDUOH XQD UHPXQHUDFLyQ R XQ GLVSHQGLR PtQLPR GH VROHV \
VREUHWRGRSDUDKRPRJHQHL]DU(VGHFLUTXHWRGRVORV-XHFHVGH3D]GHO3HU~WHQJDQXQ
LQJUHVRPtQLPRSRUHVWDGHOLFDGDIXQFLyQ
8QDVHJXQGDREVHUYDFLyQTXHVLHVSUHRFXSDQWHVLJXLHQGRHOWHQRUGHORTXHHVWDEOHFH
HO DUWtFXOR GH OD &RQVWLWXFLyQ TXH D OD OHWUD GLFH /RV -XHFHV GH3D] SURYLHQHQ GH
HOHFFLyQSRSXODU
1RSRGHPRVGLVWLQJXLUGRQGHODOH\QRGLVWLQJXHVLQHPEDUJRDTXtHVWDPRVSHUPLWLHQGR
KDVWDGRVWLSRVRIRUPDVGHHOHFFLRQHV
D³3RUHOHFFLyQSRSXODU\
E³3RUVHOHFFLyQGHO3RGHU-XGLFLDO
3XHGH FDEHU OD MXVWLILFDFLyQ GH TXH KD\ OXJDUHV LQKyVSLWRV R GH UHSHQWH OD HVWUXFWXUD
RUJDQL]DFLRQDO HV PX\ SREUH TXH QR SHUPLWD XQD HOHFFLyQ SRSXODU SHUR VL GHMDPRV
DELHUWD HVWD SRVLELOLGDG GH TXH VHD SRU VHOHFFLyQ OD H[FHSFLyQ OD YDPRV KDFHU UHJOD \
PiVD~QHVWRFRQWUDYLHQHHOH[SUHVRFRQWHQLGRGHODUWtFXORGHOD&RQVWLWXFLyQ
< D HIHFWR GH HOOR YLHQH HO DUWtFXOR HQ HO QRV GLFH TXH HO FDUJR GHO -XH] GH 3D]
WHUPLQDSRUUHYRFDFLyQRUHPRFLyQ
/D/H\GH3DUWLFLSDFLyQ&LXGDGDQD¢TXpQRVGLFHUHVSHFWRDUHPRFLyQ"pVWDVH
DSOLFDDODVDXWRULGDGHVGHVLJQDGDVSRUHOJRELHUQRFHQWUDORUHJLRQDOFRUUHFWR3HUROD
&RQVWLWXFLyQQRKDEODGHGHVLJQDFLyQ
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³3DUDTXHFRQFOX\DVHxRUFRQJUHVLVWD
(OVHxRU=(%$//266$/,1$661³
(OVHxRU=(%$//266$/,1$661³JUDFLDV
(QWRQFHVHVWRVLJQLILFDXQDVHJXQGD³HQFLHUWDIRUPD³GHILFLHQFLD\FRQWUDYHQFLyQDOD
&RQVWLWXFLyQ \ XQ SXQWR KDFLHQGR HFR GH OR TXH GHFtD -XDQ &DUORV (JXUHQ HV FLHUWR
KDFHUHQWpUPLQRVFURQROyJLFRVXQDHOHFFLyQGHXQRRGRVDxRV\HOMXH]HVFDSDFLWDGR
HQHVFDVDPHQWHXQDxRHVFRQWUDSURGXFHQWHXQDHOHFFLyQGHGRVDxRV
3HURGHFLU\DPSOLDUHVWRDFXDWURDxRV\DUHVXOWDSHOLJURVRSRUTXHPLUHODHOHFFLyQD
DOFDOGHV GLVWULWDOHV SURYLQFLDOHV UHJLRQDOHV ODV HOHFFLRQHV GH ODV DXWRULGDGHV GH ORV
FHQWURVSREODGRVVRQFXDWURDxRV\SRGUtDPRVFRUUHUHOULHVJRGHTXHKD\DFRLQFLGHQFLDV
\ HVH WHPRU YLYR GH TXH ODV HOHFFLRQHV GH ORV MXHFHV SXHGDQ SROLWL]DUVH VH SRGUtD
PDQWHQHU
<RVXJHULUtDHQHVWHFDVRTXHVHKDJDXQDIyUPXODQHXWUDTXHODHOHFFLyQVHDSRUWUHV
DxRV
<XQD~OWLPDREVHUYDFLyQ3UHVLGHQWHGRVREVHUYDFLRQHVILQDOHV
/D FRQVLVWHQFLD GH XQ MX]JDGR GLFH HO DUWtFXOR TXH FXDQGR KD\ XQ -XH] GH 3D]
/HWUDGR\XQ-XH]GH3D]HOMXVWLFLDEOHRSWDRXQRXRWURSHURQRROYLGHPRVTXHHVWDPRV
KDEODQGRGHXQyUJDQRMXULVGLFFLRQDOMHUDUTXL]DGRHO-XH]GH3D]/HWUDGRWLHQHPiVQLYHO
TXHHO-XH]GH3D]\QRSRGHPRVGHMDUDOMXVWLFLDEOHHQODGLVFUHFLRQDOLGDGGHTXHRSWH
SRUXQRRSRURWUR<PiVD~QORTXHUHVXHOYDHO-XH]GH3D]
3RUIDYRUOD~OWLPDVLPHSHUPLWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
Q0XQDUR³6tSXHGHUHVXPLUSRUIDYRUFRQWLQ~H
(OVHxRU=(%$//266$/,1$661³
(OVHxRU=(%$//266$/,1$661³ ORTXHUHVXHOYDHO-XH]GH3D]ILQDOPHQWHYDDVHU
DSHODGRDO-XH]GH3D]/HWUDGR\RSLHQVRFRPRVXJHUHQFLDTXHODDOWHUQDWLYDGHEtDVHU
TXH HQ WDO FLUFXQVWDQFLD TXH WLHQH TXH DVXPLU FRPSHWHQFLDV SRU MHUDUTXtD SRU
FRPSHWHQFLD\SRUFDSDFLGDGHVHVHO-XH]GH3D]/HWUDGR
<ILQDOPHQWHXQDREVHUYDFLyQSXQWXDOGLFH
6e7,0$',6326,&,Ð1&203/(0(17$5,$
6HGHURJDOD/H\GH(OHFFLyQGHORV-XHFHVGH3D]
/XHJRGLFH
35,0(5$',6326,&,Ð1&203/(0(17$5,$
/D UHJODPHQWDFLyQ GH ORV SURFHVRV GHHOHFFLyQ \ VHOHFFLyQ GH MXHFHV D TXH VH UHILHUHHO
DUWtFXORSURPHGLD\SULRUL]DPHFDQLVPRVGHHOHFFLyQ
3UHVLGHQWHVL\RGHURJROD/H\GH(OHFFLyQGH-XH]GH3D]HQHVWRVPRPHQWRVFDHPRVHQ
XQYDFtRMXUtGLFR\RVRORSXHGRGHURJDUHQWDQWR\HQFXDQWRKD\DXQDQXHYDQRUPDTXH
HQWUHHQYLJHQFLDHQHVWHFDVRHVWDPRVDFWXDQGRHQVHQWLGRFRQWUDULRSULPHURGHURJR\
HVWR\DODHVSHUDGH TXHVHUHJODPHQWHHOPHFDQLVPRGHHOHFFLyQ0HSDUHFHTXHHVWR
FKRFDFRQWRGDWpFQLFDMXUtGLFD
0XFKDVJUDFLDV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ $XVWHGVHxRUFRQJUHVLVWDJUDFLDVSRU
VXVDSRUWHV
/DFRQJUHVLVWD$QD-DUD
/DVHxRUD-$5$9(/É648(=1*3³
/DVHxRUD-$5$9(/É648(=1*3³*UDFLDV3UHVLGHQWHSRUVXLQWHUPHGLRPLVDOXGRD
OD5HSUHVHQWDFLyQ1DFLRQDO
1RVRWURV ORV GH *DQD 3HU~ 3UHVLGHQWH YDPRV DSR\DU \ OR KHPRV KHFKR DVt HQ OD
&RPLVLyQ GH -XVWLFLD HVWH WH[WR VXVWLWXWRULR GH OD /H\ GH -XVWLFLD GH 3D] SRUTXH QRV
SDUHFH LPSRUWDQWH &RPR \D OR KDQ VHxDODGR QXHVWURV FROHJDV FRQJUHVLVWDV HV
LPSRUWDQWH SRUTXH HV OD SULPHUD LQVWDQFLD GHO 3RGHU -XGLFLDO TXH IRUPDOL]D ODV
FRQFLOLDFLRQHV FRPR PHGLGDV SDUD UHVROYHU ODV FRQWURYHUVLDV R ODV LQFHUWLGXPEUHV
MXUtGLFDV SHUR DGHPiV SRUTXH HVWRV RSHUDGRUHV GHO GHUHFKR VRQ HOHJLGRV SRU
PHFDQLVPRVGHHOHFFLyQSRSXODU\GHPDQHUDH[FHSFLRQDO\FRQHVRTXLHURGDUOHFDOPD
D9LFHQWHSRUVXLQWHUPHGLRD9LFHQWH=HEDOORVGHPDQHUDH[FHSFLRQDOODVHOHFFLyQGH
HVWRV MXHFHV SRU SDUWH GH PHFDQLVPRV D FDUJR GHO &RPLWp (MHFXWLYR GHO 3RGHU -XGLFLDO
SHURHVRORH[FHSFLRQDO\ODH[FHSFLyQQRDQXODODUHJOD
<RTXLVLHUDVLPSOHPHQWHKDFHUOHOOHJDUDO3UHVLGHQWHGHODFRPLVLyQGH-XVWLFLDTXHHQVX
PRPHQWR WDPELpQ OR VHxDOp DO GRFWRU $OEHUWR %HLQJROHD OD PRGLILFDWRULD GH OD SDUWH
LQWURGXFWRULDGHODUWtFXORUHIHULGRGHODIXQFLyQQRWDULDO
(QHVWHDUWtFXORWH[WXDOPHQWHGLFH(QORVFHQWURVSREODGRVGRQGHQRH[LVWD1RWDULRROD
SUHVHQFLD GH pVWH VHD VyOR HVWDFLRQDO HO -XH] GH 3D] HVWi IDFXOWDGR SDUD HMHUFHU ODV
VLJXLHQWHVIXQFLRQHVQRWDULDOHV\VHHQXPHUD
3HUR3UHVLGHQWHHOH[WUHPRGHOWH[WRGRQGHGLFH&XDQGRODSUHVHQFLDGHXQ1RWDULRHQ
XQ FHQWUR SREODGR VHD HVWDFLRQDO QR FRUUHVSRQGH OD OHJLVODFLyQ GH OD DFWXDO /H\ GH
1RWDULDGR SRUTXH H[LVWH SURKLELFLyQ SDUD ORV QRWDULRV GH WHQHU PiV GH XQD RILFLQD
QRWDULDO\ODREOLJDWRULHGDGGHDWHQGHUHQHVDRILFLQDQRWDULDOQRPHQRVGHVLHWHKRUDV
GHOXQHVDYLHUQHV
'HPDQHUDTXHHVWDUtDPRVFRQYDOLGDQGRODILJXUDGHORVQRWDULRVLWLQHUDQWHV\RGHMRPL
RILFLQD PH GR\ XQ SDVHR SRU ORV FHQWURV SREODGRV PiV DOHMDGRV DWLHQGR WUHV R FXDWUR
GtDV\OXHJRUHWRUQRDPLRILFLQD(VXQDILJXUDOHJDO3UHVLGHQWHTXHQRORFRQWHPSODOD
/H\GH1RWDULDGR
'HPDQHUDTXHVXJLHURDO3UHVLGHQWHGHOD&RPLVLyQGH-XVWLFLDTXHHOWHQRUGHHVWHWH[WR
GHO DUWtFXOR TXHGH UHGDFWDGR VLPSOHPHQWH TXH HQ ORV FHQWURV SREODGRV GRQGH QR
H[LVWDQRWDULRHOMXH]GHSD]HVWpIDFXOWDGRSDUDHMHUFHUODVIXQFLRQHVQRWDULDOHVTXHDKtVH
GHVFULEHQ
< SRU RWUR ODGR FHOHEUR TXH HQ ODV GLVSRVLFLRQHV ILQDOHV TXH REYLDPHQWH DQWH FXDOTXLHU
DSUREDFLyQ GH XQD QRUPD VH GLFH GH PDQHUD JHQpULFD TXH HVWD GHURJD WRGDV DTXHOODV
OH\HVRQRUPDVTXHVHFRQWUDSRQJDQDpVWDTXHVHKD\DLQVHUWDGRXQDQXHYDPRGDOLGDG
SDUDREWHQHUODVFHUWLILFDFLRQHVGHFDUiFWHUGRPLFLOLDGR3UHVLGHQWH
3RUTXH KDVWD HO PRPHQWR OD OHJLVODFLyQ VRODPHQWH FRQWHPSODED TXH ORV yUJDQRV
FRPSHWHQWHVSDUDODH[SHGLFLyQGHHVWRVFHUWLILFDGRVHUDQODVPXQLFLSDOLGDGHV\HUDQORV
QRWDULRV S~EOLFRV 'H PDQHUD TXH HVWDPRV OOHYDQGR D ORV SREODGRUHV GH ORV FHQWURV
SREODGRVPHFDQLVPRVTXHIDFLOLWHQSDUDHOORVODH[WHQVLyQGHXQDFRQVWDQFLDGRPLFLOLDULD
QHFHVDULDSDUDPXFKRVWUiPLWHV
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 'pOH WLHPSR SDUD TXH FRQFOX\D SRU
IDYRU
/DVHxRUD-$5$9(/É648(=1*3³
/DVHxRUD-$5$9(/É648(=1*3³*UDFLDV3UHVLGHQWH
&HOHEURODLQFOXVLyQGHHVWDFRQVWDQFLDTXHHVWiLQFOXLGDHQHODUWtFXORDVtFRPRTXH
WDPELpQ ORV MXHFHV GH SD] SXHGDQ FHOHEUDU SURWHVWRV GH WtWXORV YDORUHV SRUTXH
HIHFWLYDPHQWHHQODSUiFWLFDVHGDQHVWDVILJXUDVGRQGHORVSREODGRUHVQRSXHGHQDFXGLU
DQWHXQ1RWDULR3~EOLFR
2MDOiTXHHO3UHVLGHQWHGHOD&RPLVLyQGH-XVWLFLDUHFRMDHVWDVXJHUHQFLD\SRUORGHPiV
HVWDPRVPiVTXHFRPSODFLGRVFRQHVWDQRUPD
*UDFLDV3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³$XVWHGFRQJUHVLVWDPXFKDVJUDFLDV
(QHOXVRGHODSDODEUDHOFRQJUHVLVWD2FWDYLR6DOD]DU
(OVHxRU6$/$=$50,5$1'$*3)³
(OVHxRU6$/$=$50,5$1'$*3)³*UDFLDVVHxRUSUHVLGHQWH
eVWDHVXQDOH\GHVXPDLPSRUWDQFLDSDUDHOSDtV
(VWDOH\GHMXVWLFLDGHSD]DUWLFXODDOSDtVFRQODSDUWHPiVDOHMDGDGHHOODGHQXHVWUDV
SURYLQFLDV GH QXHVWURVGLVWULWRV GH QXHVWUD VLHUUD GH QXHVWUD VHOYD (V XQHVODEyQ PX\
LPSRUWDQWH SDUD TXH VH DUWLFXOH OD MXVWLFLD RUGLQDULD FRQ OD MXVWLFLD FRQVXHWXGLQDULD HV
GHFLU OD MXVWLFLD GH QXHVWURV SXHEORV GH QXHVWUDV URQGD FDPSHVLQDV TXH WHQJDQ TXH
DUWLFXODUFRQODMXVWLFLDRUGLQDULDSHURKD\DOJRPX\LPSRUWDQWHPDQWHQLHQGRVLHPSUHDO
SDtV FRPR XQ (VWDGR XQLWDULR PX\ LPSRUWDQWH XQD VROD MXVWLFLD 3RGHU -XGLFLDO OD
-XVWLFLDRUGLQDULD\ODMXVWLFLDFRQVXHWXGLQDULD
eVWH HV XQ SULPHU DYDQFH LPSRUWDQWtVLPR SRUTXH YD D SHUPLWLU VROXFLRQDU XQD VHULH GH
SUREOHPDV TXH VH GDQ HQ QXHVWURV DQGHV TXH PXFKDV YHFHV VH WRPD OD MXVWLFLD SRU ODV
SURSLDV PDQRV 9D D SHUPLWLU HPSRGHUDU DGHFXDGDPHQWH D QXHVWURV MXHFHV GH SD]
GiQGROH OD SHUVRQHUtD DGHFXDGD GiQGROHV HO OXJDU DGHFXDGR SDUD TXH HOORV SXHGDQ
PDQWHQHU XQ HTXLOLEULR HQ ORV DVSHFWRV GH OD MXVWLFLD \ VREUH WRGR TXH QR VH YLROHQ ORV
GHUHFKRVGHODVSHUVRQDV
6HxRU3UHVLGHQWHPHHVWiSLGLHQGR
6HxRUFRQJUHVLVWDFRQWRGRJXVWR
(O VHxRU 35(6,'(17(
35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ &RQJUHVLVWD 7HMDGD HQ HO XVR GH OD
SDODEUD
(OVHxRU7(-$'$*$/,1'21*3³
(OVHxRU7(-$'$*$/,1'21*3³0XFKDVJUDFLDVSRUSHUPLWLUPHODLQWHUUXSFLyQ
(VWR\ GH DFXHUGR FRQ HVWH SUR\HFWR 7HQJR DOJXQDV SURSXHVWDV TXH PH SDUHFHQ
LPSRUWDQWHV
(Q HO WtWXOR SUHOLPLQDU DUWtFXOR ƒ FXDQGR VH GHILQH OD MXVWLFLD GH SD] VH GLFH TXH OD
MXVWLFLDGHSD]HVXQDLQVWDQFLDGHO3RGHU-XGLFLDO6LQHPEDUJRVLYDPRVDODUWtFXORƒ
GH OD &RQVWLWXFLyQ VH GLFH TXH HO 3RGHU -XGLFLDO HVWi LQWHJUDGR SRU yUJDQRV
MXULVGLFFLRQDOHVTXHDGPLQLVWUDQMXVWLFLDHQQRPEUHGHOD1DFLyQ'HLJXDOPDQHUDHQOD
/H\2UJiQLFDGHO3RGHU-XGLFLDOHVWiQUHFRQRFLGRVORVyUJDQRVMXULVGLFFLRQDOHV
'H PDQHUD TXH DTXt GHEHUtD GHFLU /D MXVWLFLD GH SD] HV XQ yUJDQR MXULVGLFFLRQDO
LQWHJUDQWHGHO3RGHU-XGLFLDO(VHVHUtDXQSXQWR
2WUR SXQWR HV TXH KD\ XQD SUHRFXSDFLyQ SRU WHQHU SDUiPHWURV GHPDVLDGR UtJLGRV 3RU
HMHPSORHQHODUWtFXORƒFXDQGRVHKDEODGHIDOWDVJUDYHVQRVHWRPDHQFXHQWDTXH
HVWDPRV KDEODQGR GH XQD SHUVRQD TXH VHJXUDPHQWH QR VHUi XQ DERJDGR QR VHUi XQ
H[SHUWR\HVXQDSHUVRQDTXHQRFREUDXQVXHOGR
(O VHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
VHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ (V XQD LQWHUUXSFLyQ 6L SXHGH FRQFOXLU
SURQWRSRUIDYRU
(O VHxRU7(-$'$*$/,1'21*3³
VHxRU7(-$'$*$/,1'21*3³ 'H PDQHUD TXH \R SRQGUtD HVR SDUD OD UHIOH[LyQ
(YLWDU TXH KD\DQ HVWRV SDUiPHWURV WDQ UtJLGRV GDGR TXH VH WUDWD GH XQD VLWXDFLyQ
GLIHUHQWHDODGHODMXVWLFLDRUGLQDULD
'HMDUtDHOWHPDDKtVHxRU3UHVLGHQWH
0XFKDVJUDFLDVSRUODLQWHUUXSFLyQ
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³&RQFOX\DFRQJUHVLVWD6DOD]DU
(OVHxRU6$/$=$50,5$1'$*3)³
(OVHxRU6$/$=$50,5$1'$*3)³0XFKDVJUDFLDV3UHVLGHQWH
(VYHUGDGHO3RGHU-XGLFLDOHVHOHQWHPHGLDQWHHOFXDOHVWDMXVWLFLDGHSD]HVWDMXVWLFLD
FRQVXHWXGLQDULDVHDUWLFXODFRQHOOD<YDPRVDHYLWDUORVSUREOHPDVTXHDFDGDLQVWDQWH
QRVRWURVSRGHPRVDSUHFLDUHQQXHVWURVDQGHV(VGHVXPDLPSRUWDQFLD
$KRUD QRV TXHGD XQ WHPD +D\ TXH YHVWLU HVWD MXVWLFLD GH SD] +D\ TXH GDU D QXHVWURV
MXHFHVGHSD]ORVPHGLRVHFRQyPLFRVORVUHFXUVRVHFRQyPLFRVQHFHVDULRVSDUDTXHHOORV
SXHGDQ SRU HMHPSOR GHVSOD]DUVH 4XH WHQJDQ ORV UHFXUVRV QHFHVDULRV SDUD TXH HOORV
SXHGDQ WUDEDMDU 3RGHPRV WHQHU XQD OH\ URPiQWLFD PX\ ERQLWD SHUR VLQ UHFXUVRV GH
QDGDYDOH
9ROYLHQGRDOWHPDVHxRU3UHVLGHQWHHVWDHVXQDPX\EXHQDOH\
(Q OD &RPLVLyQ GH -XVWLFLD KHPRV KHFKR XQRV LPSRUWDQWHV DSRUWHV SHUR KD\ GRV FRVDV
TXHFUHRTXHVHTXHGDURQHQHOWLQWHUR3RUHMHPSORHODUWtFXORƒ
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ 'pOHXQPLQXWRSDUDTXHWHUPLQHSRU
IDYRU
(OVHxRU6$/$=$50,5$1'$*3)
(OVHxRU6$/$=$50,5$1'$*3)³
5$1'$*3)³*UDFLDVVHxRU3UHVLGHQWH
0HGLGDVSDUDODHMHFXFLyQIRU]DGD
1RV KDEOD SRU HMHPSOR GHO HPEDUJR 'LFH (O HPEDUJR GH GHWHUPLQDGRV ELHQHV GHO
REOLJDGR \ GLVSRQHU HO FREUR FRQ GLFKRV ELHQHV R HO YDORU GH VX YHQWD (O H[FHGHQWH GH
YDORUGHEHVHUGHYXHOWRDOREOLJDGR(OHPEDUJRQRSXHGHUHFDHUVREUHELHQHVTXHVHDQ
QHFHVDULRVSDUDODVXEVLVWHQFLDGHOREOLJDGR
3HUR DFi KD\ XQD REVHUYDFLyQ TXH HV LPSRUWDQWH /D PHGLGD GH HPEDUJR \ SRVWHULRU
SDJRFRQORVELHQHVRFRQHOSURGXFWRGHODYHQWDGHHVWRVGHEHWHQHUXQSDVRSUHYLR
TXHHVODYDORUL]DFLyQTXHQRHVWiFRQVLJQDGR\TXHHVLPSRUWDQWHKDFHUORSDUDTXHQR
VHSXHGDQFRPHWHUDEXVRVHQFXDQWRHVWDOH\HQWUHHQHMHFXFLyQ
(O RWUR DVSHFWR LPSRUWDQWH HV TXH VH HVWi FROLVLRQDQGR WDPELpQ FRQ OD DXWRQRPtD
PXQLFLSDO
(Q HO DUWtFXOR ƒ QRV GLFH TXH OD PXQLFLSDOLGDG GH OD FLUFXQVFULSFLyQ FRUUHVSRQGLHQWH
HVWi REOLJDGD D SURSRUFLRQDU XQ ORFDO LGyQHR SDUD HO IXQFLRQDPLHQWR GHO MX]JDGR GH
SD]
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³3DUDTXHFRQFOX\DVHxRU6DOD]DU
(OVHxRU6$/$=$50,5$1'$*3)³
(OVHxRU6$/$=$50,5$1'$*3)³0XFKDVJUDFLDV
(QHOSDtVKD\PiVGHPLOPXQLFLSDOLGDGHVHQWUHSURYLQFLDOHV\GLVWULWDOHV8QDVFRQ
SUHVXSXHVWRVORFDOHVDGHFXDGRVSDUDVXIXQFLRQDPLHQWR\RWUDVTXHQR
/D &RQVWLWXFLyQ HQ VX DUWtFXOR ƒ \ OD /H\ 2UJiQLFD GH 0XQLFLSDOLGDGHV UHFRQRFHQ
TXH HVWDV LQVWLWXFLRQHV HV GHFLU ODV PXQLFLSDOLGDGHV JR]DQ GH DXWRQRPtD SROtWLFD
HFRQyPLFD\DGPLQLVWUDWLYDHQORVDVXQWRVGHVXFRPSHWHQFLD
$O FRQVLJQDU TXH HVWiQ REOLJDGDV ODV PXQLFLSDOLGDGHV D GDUOH DO 3RGHU -XGLFLDO ORFDOHV
DSR\DU HQ ORFDOHV HQWRQFHV VH HVWi FROLVLRQDQGR FRQ OD DXWRQRPtD GH GLFKDV
PXQLFLSDOLGDGHV
0XFKDVJUDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³$XVWHGFRQJUHVLVWD2FWDYLR
(QHOXVRGHODSDODEUDHOFRQJUHVLVWD+HULEHUWR%HQtWH]
(OVHxRU%(1Ì7(=5,9$661³
(OVHxRU%(1Ì7(=5,9$661³*UDFLDV3UHVLGHQWH
6ROR TXLHUR SHUPLWLUPH DOFDQ]DU D OD FRPLVLyQ FXDWUR VXJHUHQFLDV D YHU VL SXHGHQ VHU
UHFRJLGDVDHIHFWRVGHPHMRUDUXQSRFRHOWHPD6XJHUHQFLDVTXHSRUFLHUWRVHGLHURQ
HQ HO GHEDWH GH OD FRPLVLyQ SHUR TXH SDUHFH SRU XQ HUURU LQYROXQWDULR QR VH KDQ
FRQVLGHUDGRVHxRU3UHVLGHQWH
/D SULPHUD GH HOODV HVWi UHIHULGD D DOJR TXH \D VHxDOR HO FROHJD 9LFHQWH =HEDOORV
UHVSHFWR D XQD LQFRQVWLWXFLRQDOLGDG TXH VH SUHVHQWD HQ HO DUWtFXOR UHVSHFWR D ODV
PDQHUDV R IRUPDV FyPR VH SXHGH DFFHGHU DO FDUJR GH MXH] GH SD] /D &RQVWLWXFLyQ
3ROtWLFD HVWDEOHFH TXH ORV MXHFHV GH SD] VRQ HOHJLGRV \ DTXt HQ OD OH\ VH HVWi
GHWHUPLQDQGR TXH DSDUWH GH OD HOHFFLyQ YD D H[LVWLU RWUD PRGDOLGDG TXH VHUtD OD
VHOHFFLyQXQDVHOHFFLyQTXHKDUtDHO&RQVHMRHMHFXWLYRGHO3RGHU-XGLFLDO
1RVRWURVHQODFRPLVLyQVXJHULPRVTXHHVWRHQWRGRFDVRVHSRQJDFRPRXQDGLVSRVLFLyQ
ILQDO \ WUDQVLWRULD TXH GLJD TXH PLHQWUDV VH UHJODPHQWD OD OH\ R PLHQWUDV VH DSUXHED
SRGUtDLUVHOHFFLRQiQGRVHDOJXQRVSRUTXHDFiKD\XQDYDFDWLROHJLVVHxRUGHQRYHQWD
GtDV(VWDOH\QRYDDHQWUDUHQYLJHQFLDVLVHDSUXHEDRVHSXEOLFDHQ(O3HUXDQRDOGtD
VLJXLHQWH WHQHPRV QRYHQWD GtDV SDUD VX DSUREDFLyQ \ OXHJR QRYHQWD GtDV PV SDUD
UHJODPHQWDUOD
(QWRQFHV PLHQWUDV WUDQVFXUUH HVH WLHPSR WDO YH] HO 3RGHU -XGLFLDO SRGUtD LU KDFLHQGR
DOJXQDVHOHFFLyQSRUTXHGHORFRQWUDULRVHUtDLQIULQJLUGLUHFWDPHQWHOD&DUWD3ROtWLFD
/D VHJXQGD REVHUYDFLyQ VHxRU 3UHVLGHQWH HVWi UHIHULGD DO WHPD GH OD LQFDSDFLGDG
&XDQGRGLVFXWLPRVHQODFRPLVLyQYLPRVTXHXQDSHUVRQDTXHWLHQHLQFDSDFLGDGItVLFDQR
SXHGH VHU LPSHGLGD R OLPLWDGD GH VHU PDJLVWUDGR GH GHVHPSHxDU XQ FDUJR GH MXH]
LQFOXVR KD\ VHQWHQFLDV TXH KD GLFWDGR HO 7ULEXQDO &RQVWLWXFLRQDO GH DOJXQDV SHUVRQDV
LQYLGHQWHV TXH ODV KDEtDQ HOLPLQDGR GH H[iPHQHV DQWH HO &RQVHMR 1DFLRQDO GH OD
0DJLVWUDWXUD \ PHGLDQWH IDOORV HQ DFFLRQHV GH DPSDUR RUGHQDURQ TXH ORV FRQVLGHUHQ
SRVWXODQWHVTXHOHWRPHQH[DPHQHLQFOXVRREWXYLHURQODQRWDPiVDOWD
(QWRQFHV OD UHGDFFLyQ DFWXDO GHO DUWtFXOR SHUWLQHQWH GLFH HQ HO DUWtFXOR VREUH OD
LQFDSDFLGDG DUWtFXOR LQFLVR 6HSDUDFLyQ GHO FDUJR SRU LQFDSDFLGDG ItVLFD R PHQWDO
SHUPDQHQWH
7DO YH] OD UHGDFFLyQ SRGUtD VHU ,QFDSDFLGDG ItVLFD SHUPDQHQWH R PHQWDO SRUTXH KD\
LQFDSDFLGDGHV ItVLFDV SHUPDQHQWHV FRPR FXDQGR D XQD SHUVRQD OH SXHGH GDU XQD
SDUiOLVLV JHQHUDO R XQD HPEROLD R GHWHUPLQDGD HQIHUPHGDG TXH OH OLPLWD R LPSLGH
GHVHPSHxDUHOFDUJRGHMXH]HVGHFLUSRGUtDVHULQFDSDFLGDGItVLFDSHUPDQHQWHHQFX\R
FDVRSRGUtDVHUDSDUWDGRGHOFDUJR\ODLQFDSDFLGDGPHQWDOTXHHYLGHQWHPHQWHQRYDD
VHUSHUPDQHQWHSRUTXH\DHVXQDLQFDSDFLGDGPHQWDO
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³'pOHXQPLQXWRSDUDTXHFRQFOX\D
(OVHxRU%(1Ì7(=5,9$661³
(OVHxRU%(1Ì7(=5,9$661³0XFKDVJUDFLDV3UHVLGHQWH
(Q WHUFHU OXJDU OR UHODFLRQDGR DO DUWtFXOR GRQGH VH VHxDOD TXH OD LQWHUYHQFLyQ GHO
DERJDGRQRHVQHFHVDULD<RFUHRTXHDOFRQWUDULRHODERJDGRSDUDHVWDVWUDPLWDFLRQHV
SDUDHVWRVSURFHVRVSDUDHVWRVMXLFLRVTXHVHYDQDOOHYDUDFDERHVEiVLFD\SULPRUGLDO
SRUTXH DTXt VH YDQ D YHU MXLFLRV GH DOLPHQWRV VH SXHGHQ RUGHQDU GHWHQFLRQHV KD\
GHQXQFLDVSHQDOHVTXHVHSXHGHQWUDPLWDUHLQFOXVRODSURSLDOH\HVWDEOHFHTXHHQFDVR
GHDSHODFLyQODVHJXQGDLQVWDQFLDGHEHUHYLVDUVLVHUHVSHWyRQRHOGHUHFKRGHGHIHQVD\
HVWHGHUHFKRGHGHIHQVDORJDUDQWL]DODSUHVHQFLDGHXQDERJDGR
(QWRQFHV FUHR TXH DTXt GHEHUtD HOLPLQDUVH DTXHOOD IUDVH TXH VHxDOD TXH OD LQWHUYHQFLyQ
GHODERJDGRQRHVQHFHVDULD(VRGHEHUtDHOLPLQDUVHGHODUWtFXORSDUDHYLWDUTXHVHGLJD
TXHVHHVWiYLROHQWDQGRHOGHUHFKRGHGHIHQVD
< SRU ~OWLPR OD ~OWLPD REVHUYDFLyQ TXH WHQJR HVWi UHODFLRQDGD D DOJR TXH WDPELpQ VH
KDEOy HQ OD FRPLVLyQ SHUR QR VH KD FRQVLGHUDGR GLFH TXH FRQVLGHUDVH IDOWD JUDYH ³
DUWtFXORLQFLVR«
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³'pOHSRUIDYRUXQPLQXWRPiV
(OVHxRU%(1Ì7(=5,9$661³
(OVHxRU%(1Ì7(=5,9$661³*UDFLDVVHxRU3UHVLGHQWH
6H FRQVLGHUD IDOWD JUDYD DXVHQWDUVH GHO GHVSDFKR SRU WUHV GtDV 'HOGHVSDFKR VH SXHGH
DXVHQWDUORTXHGHEHUtDGHFLUHVDXVHQWDUVHGHODMXULVGLFFLyQSRUWUHVGtDVSRUTXHHOMXH]
QR YD D TXHGDU HQFHUUDGR GHQWUR GH XQ GHVSDFKR \ YD D WHQHU TXH HVWDU SURKLELGR GH
VDOLU(OGHVSDFKRVHHQWLHQGHTXHHVODRILFLQDGRQGHHOMXH]GHVSDFKDDWLHQGHUHVXHOYH
VHQWHQFLDSDUWLFLSDGHDXGLHQFLDVHVFXFKDKDFHFRQFLOLDFLyQ\QROHSXHGHQSURKLELUVL
PiV GH WUHV GtDV VH DXVHQWH GH HVH GHVSDFKR OR GHVWLWX\HQ (Q WRGR FDVR VHUtD OD
MXULVGLFFLyQ TXH HV FRPR KR\ GtD ULJH SDUD ORV PDJLVWUDGRV TXH QR SXHGHQ VDOLU GH OD
MXULVGLFFLyQGRQGHDGPLQLVWUDQMXVWLFLD
&RQ HVD VXJHUHQFLD VHxRU 3UHVLGHQWH HVSHUR TXH HO 3UHVLGHQWH GH OD &RPLVLyQ KD\D
WRPDGRQRWD\ODSXHGDUHFRJHU
0XFKDVJUDFLDV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³$XVWHGFRQJUHVLVWD%HQtWH]
(QHOXVRGHODSDODEUDHOFRQJUHVLVWD0DUWtQ%HODXQGH
(OVHxRU%(/$81'(025(<5$61³
(OVHxRU%(/$81'(025(<5$61³*UDFLDV3UHVLGHQWH
(Q OD PLVPD WyQLFD GH PL FROHJD +HULEHUWR %HQtWH] \R TXHUtD SURSRQHU DOJXQDV
VXJHUHQFLDVDHVWHSUR\HFWRGHOH\TXHSRUORVGHPiVORHQFXHQWUREDVWDQWHUD]RQDEOH
4XLVLHUDGHFLUORVLJXLHQWH
$UWtFXOR³5HTXLVLWRV
6HUSHUXDQRGHQDFLPLHQWR\PD\RUGHDxRVGHHGDG
6HxRU 3UHVLGHQWH SRU TXp SHUXDQR GH QDFLPLHQWR \ ORV SHUXDQRV QDWXUDOL]DGRV \ ORV
SHUXDQRVSRURSFLyQSRUTXHVHOHVWLHQHTXHFRQYHUWLUHQFLXGDGDQRVGHVHJXQGDFODVH
1RKD\QLQJXQDUD]yQSDUDTXHVHDSHUXDQRGHQDFLPLHQWRSDUDHVWHWLSRGHIXQFLyQ
<HVPiVPHSUHJXQWR¢3RUTXpXQH[WUDQMHURTXHUH~QDWRGRVORVGHPiVUHTXLVLWRVGH
ORV LQFLVRV DO SRU TXp QR SXHGH VHU MXH] GH SD]" <R GLJR HVWR SRUTXH KD\ XQD
HVSHFLHGHVtQGURPHXQVtQGURPHQDFLRQDOTXHQRWLHQHPXFKRVHQWLGR
<\RGLJRDXVWHGHVORVLJXLHQWH.LVVLQJHUHODOHPiQGHQDFLPLHQWR/DVHFUHWDULDTXHIXH
VHFUHWDULDGHHVWDGR0DGHOHLQH$OEULJKWFKHFDGHQDFLPLHQWRSDUDGDUOHVGRVHMHPSOR
(OVHxRU$OEHUW(LQVWHLQVHQDWXUDOL]yDPHULFDQR\HVWXYRHQODXQLYHUVLGDGGH3ULQFHWRQ
:HUQKHU YRQ %UDXQ DOHPiQ LQFOXVR TXL]iV DOJR QD]L SHUR WUDEDMy HQ ORV SUR\HFWRV GH
EDOtVWLFD \ GH QDYHJDFLyQ HVWUDWRVIpULFD GH ORV (VWDGRV 8QLGRV SDUD GDUOHV DOJXQRV
HMHPSORV
$KRUDELHQ\RFUHRTXHHVWRGHEHUtDSRUORPHQRVDPSOLDUVHDFLXGDGDQRVSHUXDQRVVL
HVTXHQRVHTXLHUHFRORFDUH[WUDQMHURV
(Q HO DUWtFXOR VH KDEOD GH OD IXQFLyQ QRWDULDO TXH WUDGLFLRQDOPHQWH KDQ WHQLGR ORV
QRWDULRV(VWiELHQTXHODWHQJDQHQPXFKRVVLWLRVDOHMDGRVHVOyJLFRTXHFLHUWRWLSRGH
HVFULWXUDVVHRWRUJXHQDQWHQRWDULR3HURTXLpQVXSHUYLVDHVDIXQFLyQQRWDULDOORGLJR\
FLHUWDPHQWHLQYRFRODPHPRULDGHDTXHOORVFRQJUHVLVWDVTXHWDPELpQVRQQRWDULRV(QPL
RSLQLyQ \ DFi FUHR TXH KD\ XQ YDFtR GH OD OH\ ORV FROHJLRV GH QRWDULRV WLHQHQ TXH
VXSHUYLVDUHVDIXQFLyQQRWDULDOSDUDTXHQRVHSURGX]FDQLQJ~QIUDXGHHQHOGHVHPSHxR
GHODPLVPD
<WDPELpQPHSDUHFHTXHFRQUHVSHFWRDODUWtFXOR\HVWDHVXQDFRVDVLPSOHPHQWHGH
UHGDFFLyQ
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 'pOH XQ PLQXWR SDUD WHUPLQDU SRU
IDYRU
(O VHxRU %(/$81'( 025(<5$ 61³
61³ (Q HO VHJXQGR SiUUDIR GHO DUWtFXOR OD
DSHODFLyQ VROR WLHQH SRU REMHWR UHYLVDU VL VH KD REVHUYDGR HO GHELGR SURFHVR \ HO IRQGR
GHODVXQWR0HSDUHFHTXHODSDODEUDVRORHVWiDKtGHPiVWHQGUtDPiVVHQWLGRTXHVH
GLJDODDSHODFLyQWLHQHSRUREMHWRHVGHFLULUGLUHFWRDDTXHOODPDWHULDVXVWDQFLDOGHOR
TXHHVHOREMHWRGHODDSHODFLyQ
*UDFLDV3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
RU35(6,'(17(<HKXGH6LPRQ0XQDUR³$XVWHGFRQJUHVLVWD
(QHOXVRGHODSDODEUDODFRQJUHVLVWD$QD0DUtD6ROyU]DQR
/DVHxRUD62/Ð5=$12)/25(61*3³
/DVHxRUD62/Ð5=$12)/25(61*3³*UDFLDVVHxRU3UHVLGHQWH
<RVDOXGRODLQLFLDWLYD\GHFLUOHDORVFROHJDVFRQJUHVLVWDVTXHDWUDYpVGHOD&RPLVLyQGH
-XVWLFLD VH KD YHQLGR WUDEDMDQGR PX\ GXUR D WUDYpV GH HVWH SUR\HFWR GH OH\ \ WDPELpQ
WHQHPRV PXFKDV VXJHUHQFLDV GH ODV FXDOHV VH KD WRPDGR HQ FXHQWD FDVL WRGDV PX\
EXHQDV SRU FLHUWR GHO 3RGHU -XGLFLDO DVt TXH VH KD YHQLGR WUDEDMDQGR GH OD PDQR
UHVSRQVDEOHPHQWH KD KDELGR PXFKDV VHVLRQHV GH QXHVWURV DVHVRUHV GH OD PLVPD
&RPLVLyQGH-XVWLFLDLQWHJUDQWHVGHO3RGHU-XGLFLDO\ORWHQHPRVDKtSODVPDGRHQHOWH[WR
VXVWLWXWRULR
+D\ DOJXQDV FRVDV TXH VL KD\ TXH FRUUHJLU OD FXDO FRLQFLGR FRQ PL FROHJD $QD -DUD
UHVSHFWRDOWHPDGHQRWDULDGRSHURWDPELpQHVLPSRUWDQWHUHVDOWDUTXHQRGHEHPRVGH
WRPDUHVWDLQLFLDWLYDHVWHSUR\HFWRHVWHGLFWDPHQGHVGHXQDIRUPDPX\RFFLGHQWDOL]DGD
(VWR DQWH OD LQWHUYHQFLyQ GHO FRQJUHVLVWD +HULEHUWR %HQtWH] HQ OD FXDO KDEOD TXH
QHFHVDULDPHQWH WHQGUtDPRV TXH WHQHU OD SUHVHQFLD GH XQ DERJDGR FRQ OR FXDO \R
GLVFUHSR SRUTXH HVWDUtDPRV SURIHVLRQDOL]DQGR OD MXVWLFLD GH SD] TXH SRU VX SURSLD
QDWXUDOH]D HV XQ PRGHOR GH MXVWLFLD EDVDGD HQ OD FRVWXPEUH GH ORV SXHEORV \ OR GLFH
WDPELpQ XQD SDUWH GHO GLFWDPHQ TXH WHQHPRV D OD PDQR HQ OD TXH VH KDEOD VREUH OD
FRRUGLQDFLyQSDUDODDSOLFDFLyQGHVDQFLRQHVFRPXQLWDULDV
(V XQ FODUR HMHPSOR ODV DXWRULGDGHV GH ODV URQGDV FDPSHVLQDV \ FRPXQLGDGHV QDWLYDV
RUJDQL]DFLRQHV H LQVWLWXFLRQHV TXH EULQGDQ DWHQFLyQ D PXMHUHV QLxRV QLxDV \
DGROHVFHQWHVDVtFRPRODVPXQLFLSDOLGDGHVSRGUiQFRRUGLQDUFRQORV-XHFHVGH3D]SDUD
ODDSOLFDFLyQGHVDQFLRQHVFRPXQLWDULDV\GHVGHHVDSHUVSHFWLYDVHxRU3UHVLGHQWHHVTXH
GHEHPRVWRPDUHVWDMXVWLFLDGHSD]
3RU OR WDQWR VROLFLWR D ORV GHPiV FRQJUHVLVWDV TXH HO WH[WR VXVWLWXWRULR TXH VH SUHVHQWD
YRWDUHPRVDIDYRUGHODPDQHUDFRQVHQVXDGD
*UDFLDV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³$XVWHGVHxRUDFRQJUHVLVWD
4XHGDQ GRV FRQJUHVLVWDV WRGDYtD HQ HO XVR GH OD SDODEUD (O FRQJUHVLVWD *DVWDxDGXL
5DPtUH]SXHGHKDFHUXVRGHODSDODEUD
(OVHxRU*$67$f$'8,5$0Ì5(=1*3³
(OVHxRU*$67$f$'8,5$0Ì5(=1*3³6HxRU3UHVLGHQWHGHILQLWLYDPHQWHHVWHSUR\HFWR
GH OH\ GH -XVWLFLD GH 3D] HV XQD QRUPD LPSRUWDQWH TXH HO SDtV UHFODPDED GHVGH KDFtD
PXFKRWLHPSR
(VLQFRQFHELEOHTXHGHVGHHOVLJOR ;,;QRWHQJDPRVXQDQXHYDOH\GH-XVWLFLDGH3D] \
MXVWDPHQWHODVSREODFLRQHVTXHHVWiQPiVDOHMDGDVGHOHVWDGRFHQWUDOHUDQMXVWDPHQWHODV
TXHUHFODPDEDQ
<RFUHRTXHDWUDYpVGHHVWDQRUPDVHYDDUHJXODUODDFWXDFLyQGHORV-XHFHVGH3D]TXH
JHQHUDOPHQWH DFW~DQ HQ EDVH D ORV XVRV ODV FRVWXPEUHV GH DFXHUGR D VX OHDO VDEHU \
HQWHQGHU
&RPR OD DFWXDFLyQ GH HVWRV -XHFHV GH 3D] QR HVWi FRQVWUHxLGD SRU HO RUGHQDPLHQWR
MXUtGLFR TXH HQ HO SDtV HV QHWDPHQWH RFFLGHQWDO EDMR HO LQIOXMR URPDQRJHUPiQLFR GHO
GHUHFKRHXURSHRFRQWLQHQWDOHVTXHHVWRV-XHFHVGH3D]MXVWDPHQWHQRVRQHVSHFLDOLVWDV
HQGHUHFKRQRKDQVHJXLGRXQDFDUUHUDGHGHUHFKR
(OORVQRDSOLFDQHOGHUHFKRFRPRVLHVWiREOLJDGRDDSOLFDUXQMXH]RUGLQDULR(VSRUHVD
UD]yQVHxRU3UHVLGHQWHTXHQRVRWURVWHQHPRVXQDREVHUYDFLyQHODUWtFXORFODUDPHQWH
VHxDODTXHORV-XHFHVGH3D]GHVSXpVGHHVFXFKDUODVSDUWHVHPLWHQVHQWHQFLDVHJ~QVX
OHDOVDEHU\HQWHQGHU\HVWRVHFRQILUPDWDPELpQFRQHODUWtFXORGHOWtWXORSUHOLPLQDUGH
HVWDLQLFLDWLYDFXDQGRGLFHTXHHO-XH]GH3D]GHEHQPRWLYDUVXVGHFLVLRQHVGHDFXHUGRD
VXOHDOVDEHU\HQWHQGHUQRVLHQGRREOLJDWRULRIXQGDPHQWDUODVMXUtGLFDPHQWH\WLHQHTXH
VHUDVtSRUTXHQRVRQHVSHFLDOLVWDVHQGHUHFKRQRKDQVHJXLGRXQDFDUUHUDMXUtGLFDFRPR
ORKDFHFXDOTXLHUDERJDGR
/RTXHQRVRWURVREVHUYDPRVHVODDSHODFLyQHQHODUWtFXORVHxDODH[SUHVDPHQWHTXH
VHSXHGHUHFXUULUDWUDYpVGHXQUHFXUVRGHDSHODFLyQODVGHFLVLRQHVGHORV-XHFHVGH3D]
QRVRORGHXQWHPDGHGHELGRSURFHVRVLQRWDPELpQXQWHPDGHIRQGRGHODVXQWR
<R PH SUHJXQWR FyPR XQ MXH] GH VHJXQGD LQVWDQFLD TXH SXHGH VHU XQ -XH] GH 3D]
/HWUDGRTXHSXHGHVHUXQMXH]PL[WRRXQMXH]HVSHFLDOL]DGRYDDUHYLVDUHOOHDOVDEHU\
HQWHQGHUGHXQ-XH]GH3D]SRUTXHVHHQWLHQGHTXHHVXQDFXHVWLyQTXHUHVSRQGHDORV
SURSLRVFULWHULRVGHOMXH]
(O -XH] GH 3D] QR KD UHFXUULGR DO GHUHFKR DO RUGHQDPLHQWR MXUtGLFR SDUD EXVFDU XQD
VROXFLyQ DO FDVR eO KD XWLOL]DGR VX SURSLR UD]RQDPLHQWR SDUD UHVROYHU HO FDVR HQ
FRQFUHWRFyPRHOGHVHJXQGDLQVWDQFLDDWUDYpVGHXQUHFXUVRGHDSHODFLyQYDDUHYLVDU
MXVWDPHQWHHVHOHDOVDEHU\HQWHQGHU
(VPX\SUREDEOHTXHHOGHVHJXQGDLQVWDQFLDTXHVtHVXQMXH]IRUPDGRHQOD)DFXOWDGGH
'HUHFKREDMRHOFRQFHSWRRFFLGHQWDOYHDHOFDVRYHDODVROXFLyQGHO-XH]GH3D] EDMR
HVRVFRQFHSWRV
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 'pOH SRU IDYRU XQRV PLQXWRV TXH
VROLFLWHHOFRQJUHVLVWD
(OVHxRU*$67$f$'8,5$0Ì5(=1*3³
(OVHxRU*$67$f$'8,5$0Ì5(=1*3³*UDFLDVVHxRU3UHVLGHQWH\DSDUDWHUPLQDU
(QWRQFHV FyPR YD D UHYLVDU HVWH MXH] OODPpPRVOH RFFLGHQWDO HVH FULWHULR EDVDGR HQ HO
VDEHU OHDO \ HQWHQGHU SRU HVR VHxRU 3UHVLGHQWH D WUDYpV VX\R DO 3UHVLGHQWH GH OD
&RPLVLyQ SURSRQHPRV TXH VH UHYLVH OD UHGDFFLyQ GHO DUWtFXOR \ TXH TXHGH PiV R
PHQRV GH OD VLJXLHQWH PDQHUD /D DSHODFLyQ VROR WLHQH SRU REMHWR UHYLVDU VL VH KD
REVHUYDGR HO GHELGR SURFHVR TXH Vt FUHR TXH HV XQD JDUDQWtD \ DO PDUJHQ TXH VHD
OOHYDGR SRU XQ -XH] GH 3D] R SRU XQ -XH] 2UGLQDULR $FWR VHJXLGR VHUtD /DV DFWDV GH
FRQFLOLDFLyQQRVRQDSHODEOHVVDOYRH[LVWHQFLDGHDOJ~QYLFLRGHQXOLGDG
&UHRTXHFRQHVRVHxRU3UHVLGHQWHUHGRQGHDPRV\VREUHWRGRIRUWDOHFHPRVODMXVWLFLD
GH SD] FRPR XQD MXVWLFLD GH HTXLGDG IXQGDPHQWDGD HQ HO OHDO VDEHU \ HQWHQGHU GH ORV
MXHFHVIXQGDPHQWDGDHQORVXVRV\FRVWXPEUHV
0XFKDVJUDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³$XVWHGVHxRUFRQJUHVLVWD
)LQDOPHQWHHQHOXVRGHODSDODEUDHOFRQJUHVLVWD5XEpQ&RQGRUL
(O VHxRU &21'25, &86, 1*3³
1*3³ 3UHVLGHQWH HIHFWLYDPHQWH HQ XQ DPSOLR SRUFHQWDMH
HVWDPRV GH DFXHUGR FRQ HVWD QRUPD VLQ HPEDUJR SRGUtDPRV PHMRUDU HQ GRV DVSHFWRV
TXHFRQVLGHURSHUWLQHQWHV
(QHODUWtFXORLQFLVRVHKDEODGHOD UHVLGHQFLDSRUPiVGHWUHV DxRV/DUHVLGHQFLD
VLJQLILFDYLYLUSHURHQHOPXQGRDQGLQRSDUWLFXODUPHQWHORTXHH[LVWH\VHOHGDEDVWDQWH
LPSRUWDQFLDHVDODVLWXDFLyQGHQDFLPLHQWR7UDGLFLRQDOPHQWHVLHPSUHHOIRUDVWHURHVHO
TXH JHQHUD SUREOHPDV SRUTXH ORV TXH UHVLGHQ ORV TXH YLYHQ DKt VH HQWLHQGHQ PDO R
EXHQRSHURVHHQWLHQGHQ
,QFOXVLYHHQHOPXQGRDQGLQRHO\HUQRODQXHUDQRWLHQHQORVPLVPRVGHUHFKRVTXHHO
QDFLGRDKtSRUHVRFRQVLGHURTXHDKtFRPRTXLHUDTXHHVWDPRVKDEODQGREiVLFDPHQWH
GH MXVWLFLD GH SD] SDUD SHTXHxDV ORFDOLGDGHV KD\ TXH GDUOH DOWD LPSRUWDQFLD D OD
VLWXDFLyQ GH QDFLPLHQWR \ SRGUtD VHU HO VLJXLHQWH WH[WR +DEHU QDFLGR HQ OD MXULVGLFFLyQ
HQODTXHHMHUFHUiIXQFLRQHVHO-XH]GH3D]
(O VHJXQGR DVSHFWR TXH TXLVLHUD VXVWHQWDU WLHQH TXH YHU FRQ HO DUWtFXOR TXH HO
FRQJUHVLVWD %HQLWH] REVHUYy \ GLFH /D LQWHUYHQFLyQ GHO DERJDGR QR HV QHFHVDULR
-XVWDPHQWHHQHOPHGLRUXUDOSULQFLSDOPHQWHHOUROGHODERJDGRWLHQHTXHYHUPXFKRFRQ
ODFXHVWLyQGHGLVSRQLELOLGDGDSDJDUFRQHOGLQHURTXHXQSREODGRUSXHGHRQRSDJDU
$Kt FUHR TXH OR TXH FRUUHVSRQGH HV GH TXH OD LQWHUYHQFLyQ GHO DERJDGR QR HV
LQGLVSHQVDEOH GHEHUtD VHU HO WH[WR 2 VHD QR VH OH FLHUUD ODV SXHUWDV DO DERJDGR SHUR
WDPSRFRVHOHSXHGHFHUUDUODVSXHUWDVDXQSREODGRUUXUDOTXHQRWLHQHGLQHURSDUDTXH
GHWRGDVPDQHUDVWHQJDTXHSDJDUDXQOHWUDGRVLVRQFRVDVSHTXHxDVVRQDVXQWRVTXH
ORFDOPHQWHVHSXHGHUHVROYHU
(QWRQFHV OD UHGDFFLyQ VHUtD HQ HVH VHQWLGR UHSLWR /D LQWHUYHQFLyQ GHO DERJDGR QR HV
LQGLVSHQVDEOH
0XFKDVJUDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
Q0XQDUR³$XVWHGVHxRUFRQJUHVLVWD
)LQDOPHQWHHOVHxRUFRQJUHVLVWD3RUWXJDO
(O VHxRU 32578*$/ &$7$&25$ $3³
$3³ 6HxRU 3UHVLGHQWH YHPRV TXH HVWD OH\ WUDH
LQQRYDFLRQHV TXH SXHGH PHMRUDU OD DGPLQLVWUDFLyQ GH MXVWLFLD VLQ HPEDUJR TXLVLHUD DO
SRQHQWHDOFDQ]DUORUHIHULGRHQHODUWtFXORVREUHGHEHUHV(O-XH]GH3D]WLHQHHOGHEHU
GH5HVLGLUHQHOOXJDUGRQGHHMHUFHHOFDUJR&UHRTXHGHEHUtDVHUPiVFRQWXQGHQWH
5HVLGLUSHUPDQHQWHPHQWHHQHOOXJDUGRQGHHMHUFHHOFDUJRSRUTXHVHGDHOFDVRVHxRU
3UHVLGHQWH TXH PXFKDV YHFHV KD\ MXHFHV GH SD] TXH UHVLGHQ HQ OD FDSLWDO GH XQD
SURYLQFLD R XQ GHWHUPLQDGR OXJDU HQ GRQGH QR UHVLGH SHUPDQHQWHPHQWH 3RU OR WDQWR
KDEUtDTXHKDFHUHVHDJUHJDGR
,JXDOPHQWHTXLHURPDQLIHVWDUTXHHQHODUWtFXORVREUHIDFXOWDGHVGLFH
(OMXH]GHSD]WLHQHODIDFXOWDGGH
2UGHQDUKDVWDSRUKRUDVODGHWHQFLyQGHXQDSHUVRQDTXHSHUWXUEHJUDYHPHQWHOD
UHDOL]DFLyQ GH XQD GLOLJHQFLD MXGLFLDO 3XHGH DXWRUL]DU OD PLVPD PHGLGD HQ FDVR GH
SURFHVDGRVRFRQGHQDGRVSRUIDOWDVTXHDJUHGDQRLQWHQWHQDJUHGLUItVLFDRYHUEDOPHQWH
DODYtFWLPD(QXQSURFHVRVHxRU3UHVLGHQWHKD\ODVSDUWHVQRVRODPHQWHHVODYtFWLPD
3RUORWDQWRFUHRTXHDFiGHEHKDEHUXQDPRGLILFDFLyQ\GHEHGHFLUILQDOPHQWHHQFDVR
GH SURFHVDGRV R FRQGHQDGRV SRU IDOWDV TXH DJUHGDQ R LQWHQWHQ DJUHGLU ItVLFD R
YHUEDOPHQWHHQWUHODVSDUWHV
<ILQDOPHQWHHODUWtFXORDFFHVRDOFDUJR
(OMXH]GHSD]DFFHGHDOFDUJRDWUDYpVGHORVVLJXLHQWHVPHFDQLVPRV
D 3RU HOHFFLyQ SRSXODU $TXt GHEH DJUHJDUVH VHxRU 3UHVLGHQWH 3RU HOHFFLyQ SRSXODU
FRQ VXMHFLyQ D OD /H\ 2UJiQLFD GH (OHFFLRQHV WRGD YH] TXH HQ HO DUWtFXOR HQ OD
UHYRFDWRULDVHPHQFLRQDTXHGHEHVHUUHYRFDGRSRUOD/H\2UJiQLFDGH(OHFFLRQHV3RU
OR WDQWR WLHQH TXH WDPELpQ VHU HOHJLGR FRQ SDUWLFLSDFLyQ GH OD /H\ 2UJiQLFD GH
(OHFFLRQHV
*UDFLDV
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 1R KDELHQGR SHGLGR HO XVR GH OD
SDODEUDQLQJ~QRWURVHxRUFRQJUHVLVWDVHGDHOSXQWRSRUGHEDWLGR
)LQDOPHQWHWLHQHHOXVRGHODSDODEUDHOFRQJUHVLVWD%HLQJROHDSUHVLGHQWHGHOD&RPLVLyQ
GH-XVWLFLDKDVWDSRUXQPi[LPRGHPLQXWRV
(OVHxRU%(,1*2/($'(/*$'2$3*&³
(OVHxRU%(,1*2/($'(/*$'2$3*&³*UDFLDVVHxRU3UHVLGHQWH
/RSULPHURTXHWHQJRTXHGHFLU3UHVLGHQWHHVTXHHIHFWLYDPHQWHFRPRVHKDGLFKRHQ
HVWHGHEDWHHVWHSUR\HFWRGHOH\HVWHWH[WRVXVWLWXWRULRHVSURGXFWRGHOWUDEDMRGHPXFKDV
SHUVRQDVGHPXFKRVGHORVPLHPEURVGHHVWH&RQJUHVRGHORVPLHPEURVGHOD&RPLVLyQ
GH -XVWLFLD \ WDPELpQ KD\ TXH GHFLUOR GH PLHPEURV GHO &RQJUHVR DQWHULRU TXH
FRPHQ]DURQ FRQ HVWH WUDEDMR SHUR DGHPiV GH PXFKD JHQWH TXH WLHQH TXH YHU FRQ OD
MXVWLFLD GH SD] \ TXH KD WUDEDMDGR HQ PXFKtVLPDV PHVDV GH WUDEDMR HQ HO LQWHULRU GH OD
5HS~EOLFD\GHORVSURSLRVMXHFHVGHSD]\GHORVSURSLRVDGPLQLVWUDGRUHVGHMXVWLFLDHQHO
SDtVDWUDYpVGHO3RGHU-XGLFLDO(VPXFKDJHQWHODTXHKDGDGRVXVDSRUWHVSDUDWHQHU
HVWH WH[WR ILQDO TXH VLHPSUH SXHGH VHU PHMRUDGR TXH VLHPSUH SXHGH VHU HQULTXHFLGR
SHURDGHPiVTXHHQHOGHEDWHGHKR\KDKDELGRDSRUWHVGHWRGDVODVEDQFDGDVGHOR
PiVLQWHUHVDQWHTXHVLJXHQHQULTXHFLHQGRHVWHWH[WR
3HURFUHRVHxRU3UHVLGHQWHTXHWRPDQGRORVPLVPRV\KDUpPHQFLyQDDOJXQRVGHORV
DSRUWHVTXHVHYDQDUHFRJHUHVKRUD\DGHTXHHVWH&RQJUHVRDSUXHEHHVWHWH[WR\TXH
SXHGD GH XQD YH] OD UHS~EOLFD WHQHU XQD OH\ GH OD MXVWLFLD GH SD] TXH VLHPSUH VHUi
SHUIHFWLEOHSHURWHQHPRVTXHWHQHUODGHXQDYH]
'LFLHQGRHVWR3UHVLGHQWHTXLHURKDFHUUHIHUHQFLDDDOJXQRVGHORVDSRUWHVSXQWXDOHV
5HFRJHPRVHODSRUWHGHOFRQJUHVLVWD7HMDGDFRQUHVSHFWRDKDFHUXQDPRGLILFDFLyQHQHO
DUWtFXORGHO7tWXOR3UHOLPLQDUHQGRQGHHIHFWLYDPHQWHHQOXJDUGHGHFLUTXHODMXVWLFLD
GH SD] HV XQD LQVWDQFLD GHO 3RGHU -XGLFLDO GLUi DKRUD OD MXVWLFLD GH SD] HV XQ yUJDQR
LQWHJUDQWHGHO3RGHU-XGLFLDO
7RPDPRV D ELHQ WDPELpQ OD SURSXHVWD GH OD FRQJUHVLVWD 2PRQWH (O DUWtFXOR \D QR
WHQGUi HO WtWXOR GH ,QFRPSDWLELOLGDGHV \ SURKLELFLRQHV VLQR VRODPHQWH
,QFRPSDWLELOLGDGHV
5HFLELPRV HO DSRUWH GHO FRQJUHVLVWD =HEDOORV HQ HO DUWtFXOR LQFLVR \D QR GLUi
VLPSOHPHQWH5HPRFLyQVLQRSDUDHIHFWRVGHVHUFRKHUHQWHVWDOFRPRORSURSRQtDGLUi
5HPRFLyQVRORHQORVFDVRVHQTXHHOMXH]GHSD]KD\DDFFHGLGRDOFDUJRSRUVHOHFFLyQ
(QHVHPLVPRDUWtFXORLQFLVRWRPDPRVHODSRUWHGHODFRQJUHVLVWD2PRQWHGHEHGHFLU
\GLUiHQWRQFHVVREUHYLQLHQWHHQOXJDUGHVREUHYLYLHQWH'HODPLVPDFRQJUHVLVWDHQHO
LQFLVRGLFHWUDQVFXUVRGHOSOD]RGHGHVLJQDFLyQDKRUDGLUiSXQWRVHJXLGR(OMXH]
GHSD]FRQWLQXDUiHQHOFDUJRHQWDQWRMXUDPHQWHHOQXHYRMXH]GHSD]
7RPDPRVHODSRUWHGHODFRQJUHVLVWD-DUDWDPELpQWDOFRPRHOODORKDEtDSODQWHDGRHO
DUWtFXORGLUiDKRUDHQVXSULPHUSiUUDIRORVLJXLHQWH(QORVFHQWURVSREODGRVGRQGH
QR H[LVWD QRWDULR HO MXH] GH SD] HVWi IDFXOWDGR SDUD HMHUFHU ODV VLJXLHQWHV IXQFLRQHV
QRWDULDOHV7DOFXDOHOODORKDSURSXHVWR
3UHVLGHQWHFRQWLQ~RFRQORVDSRUWHVUHFLELGRV
(Q HO DUWtFXOR HQ OXJDU GH GHQRPLQDUi GHEH GHFLU QRPLQDUi HV GHFLU HVWDPRV
WRPDQGRWRGRVORVDSRUWHVGHUHGDFFLyQGHODFRQJUHVLVWD2PRQWH
$UWtFXOR DSRUWH GHO FRQJUHVLVWD %HQtWH] HQ HO LQFLVR WHUFHUR GLFH DXVHQWDUVH
LQMXVWLILFDGDPHQWH GHO GHVSDFKR HVWD UHGDFFLyQ HV LQFRUUHFWD WLHQH UD]yQ YD D GHFLU
DKRUDDXVHQWDUVHLQMXVWLILFDGDPHQWHGHODMXULVGLFFLyQ
)LQDOPHQWHUHFRJHPRVHODSRUWHGHODFRQJUHVLVWD6DDYHGUDHLQFRUSRUDPRVXQD7HUFHUD
'LVSRVLFLyQ&RPSOHPHQWDULDHQORVWpUPLQRVGHUHGDFFLyQTXHHOODPLVPDQRVDOFDQ]y
7(5&(5$',6326,&,Ð1&203/(0(17$5,$
/DV URQGDV FDPSHVLQDV \ FRPXQLGDGHV FDPSHVLQDV DFUHGLWDQ D VXV UHSUHVHQWDQWHV DQWH
ORV-X]JDGRVGH3D]
$EVROYHPRVHQWRQFHVODUHFRPHQGDFLyQGHODFRQJUHVLVWD6DDYHGUD
(VWDV VRQ VHxRU 3UHVLGHQWH ORV DSRUWHV TXH VH KDQ UHFLELGR DTXt HQ OD VDOD \ TXH
KDFHPRVQXHVWURVSDUDVROLFLWDUDWRGRVXVWHGHVTXHVHDSUXHEHHVHWH[WR
'HMRFRQVWDQFLDTXHHVWDVDSUREDFLRQHVHQWLHQGR\RSRUTXHQRKHYLVWRTXHQDGLHPiV
ODVHVWpDSXQWDQGRTXHHVWHVHUYLGRUSHURHQWLHQGR\RHVWiQJUDEDGDVGHPDQHUDTXH
QR WHQJDPRV OXHJR VRUSUHVDV HQ HO WH[WR ILQDO TXH HVWDPRV DSUREDQGR SRUTXH \D KD
SDVDGR DOJXQD YH] \ HQWRQFHV QR TXLVLpUDPRV VRUSUHVDV ODV WHQHPRV WRGDV DSXQWDGDV
(QWLHQGR TXH H[LVWH XQD JUDEDFLyQ \ TXH ORV UHODWRUHV HVWDUiQ SRQLHQGR D YRWDFLyQ HO
WH[WRTXHHVWR\DKRUDVXJLULHQGR
< HQ WRGR FDVR VL PH OR SHUPLWH 3UHVLGHQWH OH SHGLUtD DQWHV GH OD YRWDFLyQ XQ FXDUWR
LQWHUPHGLR D HIHFWR GH KDFHU OD QXHYD UHGDFFLyQ TXH WRPDUi QR PiV GH PLQXWRV
SDViUVHODDWRGRVORVFRQJUHVLVWDV\SRGHUSURFHGHUDODYRWDFLyQVLXVWHGORDFHSWD
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³6tSDUDXQFXDUWRLQWHUPHGLRVHDFHSWD
SRUFLHUWR
680,//$
680,//$
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ 6HxRU5HODWRUVtUYDVHGDUFXHQWDGHODV
PRFLRQHVGHVDOXGR
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
0RFLRQHVGH6DOXGR
0RFLRQHVGH6DOXGR
'HODFRQJUHVLVWD$OFRUWD6XHUR(O&RQJUHVRGHOD5HS~EOLFDDFXHUGDH[SUHVDUQXHVWUR
VDOXGR D WRGDV ODV PXMHUHV GHO 3HU~ HQ HVSHFLDO DTXHOODV TXH KDQ VLGR YtFWLPDV GH
YLROHQFLDDOFRQPHPRUDUVHHOGHQRYLHPEUHGHOSUHVHQWHDxRHO'tD,QWHUQDFLRQDOGH
ODHOLPLQDFLyQGHODYLROHQFLDFRQWUDODPXMHUUHDILUPDQGRQXHVWURFRPSURPLVRGHOXFKD
SDUDVXDWHQFLyQSULRULWDULDSRUSDUWHGHO(VWDGR
'HO FRQJUHVLVWD *XWLpUUH] &yQGRU (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD H[SUHVDU VX
FiOLGR KRPHQDMH \ IHUYLHQWH VDOXGR D OD SURYLQFLD GH $PER GH OD 5HJLyQ +XiQXFR DO
FRQPHPRUDUVH HO GH QRYLHPEUH GHO SUHVHQWH DxR DxRV GH FUHDFLyQ SROtWLFD \
UHFRQRFHORVHVIXHU]RVSRUODVFXDOHVHVWDSUyVSHUDSURYLQFLDYLHQHIRUMDQGRVXIXWXUR
'HOFRQJUHVLVWD(JXUHQ1HXHQVFKZDQGHU(O&RQJUHVRGHOD5HS~EOLFDDFXHUGDVDOXGDU
DOGLVWULWRGH&D\PDXELFDGRHQODSURYLQFLD\GHSDUWDPHQWRGH$UHTXLSDHQODSHUVRQD
GHVXDOFDOGH2VZDOGR0XxL]+XLOOFDFRQPRWLYRGHFHOHEUDUVHHVWHGHQRYLHPEUHXQ
DQLYHUVDULRPiVGHFUHDFLyQ
'HO FRQJUHVLVWD &RQGRUL &XVL (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD H[SUHVDU VX PiV
FiOLGRVDOXGRGHIHOLFLWDFLyQ\UHFRQRFLPLHQWRDODSURYLQFLDGH<XQJX\RFRQPRWLYRGH
FRQPHPRUDUVHHOGHQRYLHPEUHHODQLYHUVDULRGHVXFUHDFLyQSROtWLFD
'HO FRQJUHVLVWD 3RUWXJDO &DWDFRUD (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD ([SUHVDU VX
VDOXGR\IHOLFLWDFLyQHQRFDVLyQGHFHOHEUDUVHHO$QLYHUVDULRGHOD&UHDFLyQ3ROtWLFDGH
ODSURYLQFLDGH<XQJX\R5HJLyQGH3XQRTXHFHOHEUDHOGHQRYLHPEUHGHFDGDDxR
HQ OD SHUVRQD GHO VHxRU $OFDOGH :DOWHU &KDOFR 5RQGyQ $OFDOGH GH OD 0XQLFLSDOLGDG
3URYLQFLDOGH<XQJX\R
680,//$
680,//$
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 6H VROLFLWD D ORV VHxRUHV FRQJUHVLVWDV
TXH VH H[RQHUH GH OD VHPDQD GH UHSUHVHQWDFLyQ D OD &RPLVLyQ GH 3UHVXSXHVWR \ D OD
&RPLVLyQGHeWLFDDPDQRDO]DGDSRUIDYRU
/RVVHxRUHVFRQJUHVLVWDVTXHHVWpQDIDYRUVHVHUYLUiQH[SUHVDUOROHYDQWDQGRHOEUD]R/RV
TXHHVWpQHQFRQWUDGHODPLVPDPDQHUD/RVTXHVHDEVWHQJDQLJXDOPHQWH
³(IHFWXDGD OD YRWDFLyQ VH DFXHUGD H[RQHUDU D ORV LQWHJUDQWHV GH OD &RPLVLyQ GH eWLFD
3DUODPHQWDULD\DORVGHOD&RPLVLyQGH3UHVXSXHVWR\&XHQWD*HQHUDOGHOD5HS~EOLFDGH
3DUODPHQWDULD\DORVGHOD&RPLVLyQGH3UHVXSXHVWR\&XHQWD*HQHUDOGHOD5HS~EOLFDGH
OD VHPDQD GH UHSUHVHQWDFLyQ SUHYLVWD HQ HO LQFLVR I GHO DUWtFXOR GHO 5HJODPHQWR GHO
&RQJUHVR
&RQJUHVR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³+DVLGRDFRUGDGRSRUXQDQLPLGDG
0XFKDVJUDFLDVVHxRUHVFRQJUHVLVWDV
680,//$
680,//$
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ &RQWLQ~HFRQODVPRFLRQHVGHVDOXGR
VHxRU5HODWRU
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
'HOFRQJUHVLVWD6DOD]DU0LUDQGD(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD6DOXGDUDOGLDULR
/D,QGXVWULDGH7UXMLOORDOFRQPHPRUDUVHHODQLYHUVDULRGHVXFUHDFLyQ
'HO FRQJUHVLVWD =HULOOR %D]DODU (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD 'H FRQIRUPLGDG
FRQHODUWtFXORGHO5HJODPHQWRGHOD5HS~EOLFDVDOXGDUDODFLXGDGGH+XDFKRHQVX
$QLYHUVDULRGH(OHYDFLyQDOUDQJRGHFLXGDGFDSLWDOGHODSURYLQFLDGH&KDQFD\KR\
FDSLWDOGHODSURYLQFLDGH+XDXUD\VHGHGHO*RELHUQR5HJLRQDOGH/LPD
'HO FRQJUHVLVWD *DUFtD %HOD~QGH (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD 6DOXGDU DO
FROHJLR GH 6DQWR 7RPiV GH $TXLQR TXH HO GH QRYLHPEUH SUy[LPR FHOHEUD XQ
DQLYHUVDULR PiV GH IXQGDFLyQ HQ XQLyQ GH VXV DXWRULGDGHV SHUVRQDO GRFHQWH DOXPQRV
HPSOHDGRV \ H[DOXPQRV TXLHQHV FRQWLQ~DQ JXDUGDQGR ORV YDORUHV \ WUDGLFLRQHV GH
DTXHOORVTXHWUD]DURQHOGHUURWHURGHHVDFDVDGHHVWXGLR
(O FRQJUHVLVWD &FDPD /D\PH (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD 6DOXGDU DO SXHEOR
GH -RVp 'RPLQJR &KRTXHKXDQFD GH OD SURYLQFLD GH $]iQJDUR 3XQR HQ OD SHUVRQD GH
VXVDXWRULGDGHVSRUODFRQPHPRUDFLyQGHXQDQLYHUVDULRPiVGHFUHDFLyQSROtWLFD
'HO FRQJUHVLVWD 3RUWXJDO &DWDFRUD (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD ([SUHVDU HO
VDOXGR\IHOLFLWDFLyQSRUHODQLYHUVDULRGHOGLVWULWRGH5RVDVSDWDSURYLQFLDGH+XDQFDQp
5HJLyQ3XQRHQODSHUVRQDGHVX$OFDOGHVHxRU$UQDOGR2PDUFKHD$OLDJDVXFXHUSRGH
UHJLGRUHV SHUVRQDO DGPLQLVWUDWLYR DXWRULGDGHV SROtWLFDV PLOLWDUHV \ SXHEOR HQ JHQHUDO
FRQPRWLYRGHXQDQLYHUVDULRPiVGHFUHDFLyQ
'HO FRQJUHVLVWD $SD]D 2UGyxH] (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD ([SUHVDU VX
DIHFWXRVRVDOXGR\IHOLFLWDFLyQDOGLVWULWRGH0LUDIORUHVSURYLQFLDGH$UHTXLSD5HJLyQGH
$UHTXLSD HQ OD SHUVRQD GH VX $OFDOGH VHxRU *HUPiQ 7RUUHV &KDPEL FRQ RFDVLyQ GH
FRQPHPRUDUVHHOSUy[LPRGHQRYLHPEUHVXDQLYHUVDULR
'HOFRQJUHVLVWD(JXUHQ1HXHQVFKZDQGHU(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD6DOXGDU
DOD8QLYHUVLGDG1DFLRQDOGH6DQ$JXVWtQGHODFLXGDGGH$UHTXLSDHQODSHUVRQDGHVX
5HFWRUGRFWRU9DOGHPDU0HGLQD+R\RV\SRUVXLQWHUPHGLRDODFRPXQLGDGHGXFDWLYD\
DGPLQLVWUDWLYD FRQ PRWLYR GH FHOHEUDU HO GtD GH QRYLHPEUH XQ DQLYHUVDULR PiV GH
IXQGDFLyQ
'HO FRQJUHVLVWD &FDPD /D\PH (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD 6DOXGDU DO
SURJUHVLVWD SXHEOR GH <XQJX\R GHSDUWDPHQWR GH 3XQR HQ OD SHUVRQD GH VXV
DXWRULGDGHVSRUODFRQPHPRUDFLyQGHXQDQLYHUVDULRPiVGHFUHDFLyQSROtWLFD
'HOFRQJUHVLVWD5RGUtJXH]=DYDOHWD(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD6DOXGDUDOD
8QLYHUVLGDG 3ULYDGD &pVDU 9DOOHMR FRQ VHGH SULQFLSDO HQ OD FLXGDG GH 7UXMLOOR
GHSDUWDPHQWRGH/D/LEHUWDGSRUVXYLJpVLPRDQLYHUVDULRGHFUHDFLyQTXHORFHOHEUDUiHO
GH QRYLHPEUH GH GHVHiQGROH TXH VLJDQ ORV p[LWRV D IDYRU GH OD MXYHQWXG
XQLYHUVLWDULD
'HO FRQJUHVLVWD 3RUWXDO &DWDFRUD (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD ([SUHVDU HO
VDOXGR\IHOLFLWDFLyQHQRFDVLyQGHFHOHEUDUVHHODQLYHUVDULRGH&UHDFLyQ3ROtWLFDGHO
GLVWULWRGH6DPiQSURYLQFLDGH$]iQJDURUHJLyQ3XQR
'HOFRQJUHVLVWD8UWHFKR0HGLQD(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUVXPiV
FiOLGR VDOXGR \ IHOLFLWDFLyQ D QRPEUH GHO &RQJUHVR GH OD 5HS~EOLFD D OD $FDGHPLD
3UHXQLYHUVLWDULD 0D[ 3ODQFN GH OD FLXGDG GH 7UXMLOOR FRQ PRWLYR GH FHOHEUDU HO GH
QRYLHPEUHGHHOGpFLPRRFWDYRDQLYHUVDULRGHVXFUHDFLyQ
'HOFRQJUHVLVWD8UTXL]R0DJJLD(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUHOPiV
IHUYLHQWH \ HIXVLYR VDOXGR D OD 0XQLFLSDOLGDG 3URYLQFLDO GH 9tFWRU )DMDUGR HQ OD UHJLyQ
$\DFXFKRSRUFRQPHPRUDUVHHVWHGHQRYLHPEUHHO&HQWpVLPR3ULPHU$QLYHUVDULRGH
VX&UHDFLyQ3ROtWLFD
'HOFRQJUHVLVWD+XDLUH&KXTXLFKDLFR(OFRQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUVX
PiVFiOLGRVDOXGR\IHOLFLWDFLyQSRUODFRQPHPRUDFLyQGHODQLYHUVDULRGHUHFRQRFLPLHQWR
RILFLDOGHOD&RRSHUDWLYD,QGXVWULDO0DQXIDFWXUDVGHO&HQWUR
680,//$
680,//$
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ 3DVDPRVDOVLJXLHQWHWHPDPLHQWUDVVH
YDQSRQLHQGRGHDFXHUGRHQHOFXDUWRLQWHUPHGLR
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
'H OD &RPLVLyQ GH &RQVWLWXFLyQ 3UR\HFWRV GH /H\ \ % 6H SURSRQH
PRGLILFDU HO DUWtFXOR ƒ GH OD &RQVWLWXFLyQ 3ROtWLFD GHO 3HU~ UHVSHFWR GH OD
LPSUHVFULSWLELOLGDG GH ORV GHOLWRV FRQWUD HO SDWULPRQLR GHO (VWDGR \ FRUUXSFLyQ GH
IXQFLRQDULRVHLQKDELOLWDFLyQSDUDIXQFLyQS~EOLFD
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 6H YD D LQLFLDU OD VXVWHQWDFLyQ GHO
SUR\HFWR VXVWLWXWRULR FRQWHQLGR HQ HO GLFWDPHQ HQ PD\RUtD GH OD &RPLVLyQ GH
&RQVWLWXFLyQ VREUH ORV 3UR\HFWRV GH /H\ \ PHGLDQWH HO FXDO VH
SURSRQHPRGLILFDUHODUWtFXORƒGHOD&RQVWLWXFLyQ3ROtWLFDVREUHODLPSUHVFULSWLELOLGDG
GH ORV GHOLWRV FRQWUD HO SDWULPRQLR GHO (VWDGR \ OD FRUUXSFLyQ GH IXQFLRQDULRV H
LQKDELOLWDFLyQSDUDODIXQFLyQS~EOLFD
7LHQH HO XVR GH OD SDODEUD HO VHxRU FRQJUHVLVWD 2WiUROD 3HxDUDQGD 3UHVLGHQWH GH OD
&RPLVLyQGH&RQVWLWXFLyQ\5HJODPHQWRKDVWDSRUPLQXWRV
(OVHxRU27É52/$3(f$5$1'$1*3³
(OVHxRU27É52/$3(f$5$1'$1*3³*UDFLDV3UHVLGHQWH
(O GLFWDPHQ WRPD ODV SURSXHVWDV \ GH ORV JUXSRV SDUODPHQWDULRV
$OLDQ]D3DUODPHQWDULD\*DQD3HU~
+D\ XQ KHFKR HYLGHQWH OD QRUPDWLYLGDG HQ PDWHULD GH OXFKD FRQWUD OD FRUUXSFLyQ HV
LQVXILFLHQWH
3RU HOOR WRGRV ORV FDQGLGDWRV VLQ H[FHSFLyQ DOJXQD SODQWHDURQ HQ FDPSDxD OD
QHFHVLGDG GH UHJXODU HQWUH RWURV WHPDV OD LPSUHVFULSWLELOLGDG GH ORV GHOLWRV FRPHWLGRV
SRUIXQFLRQDULRVS~EOLFRV
2EYLDPHQWHH[LJLPRVDODVEDQFDGDVVHDQFRKHUHQWHVFRQHORIUHFLPLHQWRTXHKLFLHURQ
DO SXHEOR \ FRQ HO RIUHFLPLHQWR TXH PRWLYy TXH PXFKRV HOHFWRUHV HPLWDQ ORV YRWRV SRU
HOORV
(O REMHWLYR GH OD SURSXHVWD HV EULQGDU DO (VWDGR KHUUDPLHQWDV FRQVWLWXFLRQDOHV TXH
SHUPLWDQOXFKDUHILFD]PHQWHFRQWUDODFRUUXSFLyQHYLWDUODLPSXQLGDG\JHQHUDUFRQILDQ]D
HQODFLXGDGDQtDHQVXVLQVWLWXFLRQHVGHPRFUiWLFDV\HQVXVUHSUHVHQWDQWHV
'HERDxDGLUTXHHVWHSUR\HFWRRULJLQDOPHQWHIXHSUHVHQWDGRHOHVGHFLUDODIHFKD
PiV GH SUR\HFWRV VH KDQ SUHVHQWDGR DO UHVSHFWR \ KDQ KDELGR PiV GH DxRV GH
GHEDWH\WRGRVHOORVDODVFDOHQGDVJULHJDV
/D FRUUXSFLyQ REYLDPHQWH HV XQ JUDYH SUREOHPD SDUD HO 3HU~ SULPHUR JHQHUD JUDQGHV
SHUMXLFLRV HFRQyPLFRV SROtWLFRV \ FXOWXUDOHV UHODMDPLHQWR GH OD PRUDO VHQVDFLyQ GH
LPSXQLGDG\DFHSWDFLyQGHODVSUiFWLFDVFRQWUDULDVDODVOH\HVFRPRVLIXHVHQQRUPDOHV
6LHPSUHVHHVFXFKyHVHGLFKRQRLPSRUWDTXHUREHFRQWDOTXHKDJDREUDV
/HVLRQD SURIXQGDPHQWH HO VLVWHPD GHPRFUiWLFR ODVWLPD OD FRQILDQ]D HQ ODV LQVWLWXFLRQHV
S~EOLFDV \ VXV IXQFLRQDULRV DO WLHPSR TXH JHQHUD LQHILFLHQFLD H LQMXVWLFLD FRQ OR FXDO
JHQHUD XQ FRVWR H[RUELWDQWH HQ GHWULPHQWR GH OD DWHQFLyQ GHELGD D ORV GHUHFKRV
FLXGDGDQRV
'XUDQWHORVQRYHQWDODFRUUXSFLyQVLJQLILFyPiVGHPLOORQHVGHGyODUHVHQOD~OWLPD
GpFDGD H[LVWH XQ WRWDO GH SURFHVDGRV SRU FRUUXSFLyQ TXH VH DFRJLHURQ D OD
SUHVFULSFLyQ \ DFWXDOPHQWH OD &RQWUDORUtD *HQHUDO GH OD 5HS~EOLFD LQYHVWLJD D PiV GH
GLH]PLOIXQFLRQDULRVSRUDFWRVGHFRUUXSFLyQ
$ JXLVD GH HMHPSOR KHPRV SXHVWR HQ HO FXDGUR OD UHODFLyQ GH DOJXQRV GH TXLHQHV
FRPHWLHURQGHOLWRVHQDJUDYLRGHO(VWDGR\VHEHQHILFLDURQFRQODSUHVFULSFLyQ(OFDVRGH
RILFLDOHV)$3SRUPDOYHUVDFLyQGHIRQGRV*XLGR*XHYDUD\5D~O7DOOHGRHOFDVRGHOD
HPSUHVD%DOHyQ0RUDFKLQRFDVR3H]~D9LYDQFR'HFUHWRGH8UJHQFLDSXHQWH0RQ]yQ\
DFFHVRV IXVLOHV *DOOLO FDVR )UDQN $\EDU &DQFKR FDVR YLVRUHV QRFWXUQRV UHLWHUDGDV
OLFLWDFLRQHV\DVtXQDVXFHVLYDOLVWDGHTXLHQHVDSHVDUGHKDEHURFDVLRQDGRPX\JUDYHV
SHUMXLFLRVDO(VWDGRSHUXDQRVHDPSDUDURQHQODLQVWLWXFLyQGHODSUHVFULSFLyQ
+D\ TXH UHFRUGDU TXH OD QRUPD HV OD SUHVFULSWLELOLGDG GH ORV GHOLWRV OD SUHVFULSFLyQ HV
XQD UHJOD MXUtGLFD TXH OLPLWD OD DFFLyQ SXQLWLYD GHO (VWDGR OH GD SUHHPLQHQFLD D OD
VHJXULGDG MXUtGLFD IUHQWH D OD MXVWLFLD 6LQ HPEDUJR \ SRU HOOR DGPLWH H[FHSFLRQHV
UHODFLRQDGDV FRQ OD JUDYHGDG GH ORV GHOLWRV VXV UHSHUFXVLRQHV HQ OD VRFLHGDG \ HQ OD
QHFHVLGDGGHHYLWDULPSXQLGDG
3RUHMHPSORHQHOVXSXHVWRGHORVGHOLWRVGHOHVDKXPDQLGDGORTXHTXLHUHGHFLUTXHOD
DFFLyQGHOFRQVWLWX\HQWHGHLQFRUSRUDURWUDVFRQGXFWDVDILQGHSRGHUDGHODQWHHOYDORUGH
MXVWLFLDTXHWRGDMXVWLFLDFRQVWLWXFLRQDOUHFODPDKDVLGRDFHSWDGRSRUWRGDODFRPXQLGDG
MXUtGLFD LQWHUQDFLRQDO KD H[LVWH LPSUHVFULSWLELOLGDG HQ HO FDVR GH ORV GHOLWRV GH OHVD
KXPDQLGDG
(Q HO FDVR GH ORV GHOLWRV GH FRUUXSFLyQ GH ORV JUDYHV GHOLWRV GH FRUUXSFLyQ KD\ TXH
PHULWXDUVXQDWXUDOH]DGHGHOLWRVSOXULRIHQVLYRVHVGHFLUTXHDODIHFWDUHOSDWULPRQLRGHO
(VWDGR DIHFWDQ D WRGD OD FRPXQLGDG SXHV LPSDFWDQ QHJDWLYDPHQWH HQ HO GHVDUUROOR
LQWHJUDOGHORVSXHEORVTXHUHFODPDQODGHFODUDWRULDGHLPSUHVFULSWLELOLGDG
(QWRQFHVH[LVWHQFRQVHQVRVDQLYHOPXQGLDOVREUHODQHFHVLGDGHQDOJXQRVFDVRVUHJXODU
ODLPSUHVFULSWLELOLGDG\DGLFLRQDOPHQWHSRUVHUORVJUDYHVGHOLWRVSOXULRIHQVLYRVSRUTXHDO
FRPHWHUVH HOORV VH FRQGHQD D PXFKRV SREUHV D VHJXLU VLHQGR SREUHV D HQIHUPRV D
PRULUVHGHKDPEUHDQLxRVDQRWHQHUOiSLFHV\FXDGHUQRVRDOLPHQWRVSDUDHVWXGLDU3RU
HVRFRQVLGHUDPRVTXHHVWHJUDYHGHOLWRWDPELpQGHEHVHUGHFODUDGRLPSUHVFULSWLEOH
([LVWH XQ FRQVHQVR FRQVWLWXFLRQDO SDUD HO FDPELR OR TXH HQ GRFWULQD VH OODPD XQ
VHQWLPLHQWRFRQVWLWXFLRQDOGHUHIRUPD(OS~EOLFRHOSXHEORKDHQWHQGLGRODQHFHVLGDGGH
UHJXODUODLPSUHVFULSWLELOLGDGGHORVGHOLWRVGHFRUUXSFLyQ\SRUHVRQRVRWURVFUHHPRVTXH
HOGtDGHKR\H[LVWHXQVHQWLPLHQWRFRQVWLWXFLRQDO
/D SURSXHVWD QXHVWUD DGHPiV QR HV WLUDGD GH ORV FDEHOORV HV FRPSDUWLGD SRU MXULVWDV
DFDGpPLFRVUHSUHVHQWDQWHV\OtGHUHVSROtWLFRV\VRFLDOHVGHGLVWLQWDVSRVLFLRQHVSROtWLFDV
(O H[ VHQDGRU GH OD 5HS~EOLFD \ GHVWDFDGR MXULVWD (QULTXH %HUQDOHV GLFH TXH H[LVWH
QHFHVLGDG GH GLVXDGLU D ORV IXQFLRQDULRV GH FXDOTXLHU FRQGXFWD WtSLFD \ GH UHYHUWLU ORV
QLYHOHVGHLPSXQLGDGTXHFRQYLHUWHQDO(VWDGRSHUXDQRHQXQDUHSDUWLMDRXQERWtQ
3RU RWUR ODGR )HUUHUR &RVWD H[ GHFDQR GHO &ROHJLR GH $ERJDGRV GH /LPD LQGLFD TXH
WRGRV HVSHUDPRV TXH HO 3HU~ VHD XQ SDtV HQ GRQGH OD SURELGDG VH GHVWDTXH \ WRGR
DTXHOOR TXH VLJQLILTXHSRQHU HQ ULJRU OD OXFKD FRQWUD OD FRUUXSFLyQ HV ELHQ YLVWR SRU HO
SXHEOR
-DYLHU $OYD 2UODQGLQL HO GLFWDPHQ DSUREDGR HQ OD &RPLVLyQ GH &RQVWLWXFLyQ GHO
&RQJUHVR VH UHILHUH DO GLFWDPHQ GH LPSUHVFULSWLELOLGDG QR YXOQHUD QLQJ~Q GHUHFKR VH
WUDWDGHXQDPRGLILFDFLyQFRQVWLWXFLRQDOTXHVHDSOLFDUiSDUDORVFDVRVTXHVHSUHVHQWDQ
XQDYH]TXHODQRUPDVHFRQYLHUWHHQOH\
9tFWRU *DUFtD 7RPD OD SURSXHVWD GH LPSUHFULSWLELOLGDG HV SHUIHFWDPHQWH FRQVWLWXFLRQDO
SRUTXHPRGLILFDODILJXUDGHODSUHVFULSFLyQSDUDGHWHUPLQDGRVGHOLWRVFRPRVHKL]RHQ
VXPRPHQWRFRQORVGHOHVDKXPDQLGDG
< SDUD QR DEXQGDU PiV WHUPLQDPRV FRQ 0DUFLDO 5XELR VH FRQVLGHUD QHFHVDULR
LQFRUSRUDUODLPSUHVFULSWLELOLGDGGHORVGHOLWRVTXHFRPHWDQORVVHUYLGRUHV\IXQFLRQDULRV
FRQWUD HO SDWULPRQLR GHO (VWDGR FRPR REMHWLYR GH HYLWDU OD LPSXQLGDG < HV HVR OR TXH
TXHUHPRV ORJUDU HYLWDU OD LPSXQLGDG TXH VH IXJXH \ VH HVFRQGDQ \ OXHJR RURQGRV \
OLURQGRVUHFODPHQODLPSUHVFULSWLELOLGDG
+DQKDELGRXQDVHULHGHFUtWLFDV1RVRWURVUHLWHUDPRVTXHQRWLHQHDSOLFDFLyQUHWURDFWLYD
QRFRQWUDYLHQHODVHJXULGDGMXUtGLFDVLQRTXHJDUDQWL]DODMXVWLFLDHYLWDQGRODLPSXQLGDG
5HVSRQGHDXQDYROXQWDGGHPRFUiWLFDGHKDFHUWUDVSDUHQWHODJHVWLyQS~EOLFDSURWHJHOD
LPDJHQ LQVWLWXFLRQDO HO EXHQ QRPEUH \ HO SUHVWLJLR GH OD IXQFLyQ S~EOLFD /RV DFWRV GH
FRUUXSFLyQ WHQGUiQ UHVSRQVDEOHV FRQFUHWRV QR OH DVLJQDQ GHUHFKRV IXQGDPHQWDOHV \
JDUDQWL]DGHUHFKRVLQGLYLGXDOHV\VRFLDOHV
(O WH[WR LQLFLDO TXH PRGLILTXH HO DUWtFXOR GH OD &RQVWLWXFLyQ KD VLGR UHIRUPDGR VH
FRQVDJUD OD LPSUHVFULSWLELOLGDG VROR SDUD ORV GHOLWRV JUDYHV 1R HV FLHUWR TXH HO SREUH
IXQFLRQDULRTXHFRPHWLyXQSHTXHxRDFWRGHWUDVODGDUDVXIDPLOLDHQXQYHKtFXORYDD
VHUVDQFLRQDGRFRQODLPSUHVFULSWLELOLGDGVROR\H[FOXVLYDPHQWHSDUDORVGHOLWRVJUDYHV
¢< TXLpQ YD D FDOLILFDU OD JUDYHGDG GH HVWRV GHOLWRV" 2EYLDPHQWH HVH WHPD OR HVWDPRV
UHVHUYDQGRDODOH\SHQDO
6H FRQVLGHUD TXH OD UHJXODFLyQ GH OD SUHVFULSFLyQ GHEHUi VHU DGHFXDGD FRQ XQD
UHIRUPXODFLyQSRVWHULRUGHORVFyGLJRVSHQDOGHHMHFXFLyQSHQDO\SURFHVDOSHQDO(VWD
IyUPXOD EXVFD HVWDEOHFHU XQ PDUFR IOH[LEOH TXH SHUPLWD DO OHJLVODGRU YDORUDU ORV GHOLWRV
TXHVRQPRUDOPHQWHSHUVHJXLEOHVGHPRGRLQGHILQLGR
$VLPLVPRHVWDEOHFHPRVXQPDUFRFRQVWLWXFLRQDOFRQVHQVXDGRSDUDODKDELOLWDFLyQORTXH
VH OODPD PXHUWH FLYLO 4XLHQ FRPHWLy JUDYHV GHOLWRV HQ DJUDYLR GHO (VWDGR MDPiV SRGUi
YROYHU D FXPSOLU XQD IXQFLyQ S~EOLFD HV GHFLU QR VROR HVWDPRV UHJXODQGR OD
LPSUHVFULSWLELOLGDGVLQRORTXHHQGRFWULQDVHFRQRFHFRPRODPXHUWHFLYLO
(VWR LPSOLFD XQ FDPELR UDGLFDO HQ OD OXFKD FRQWUD OD FRUUXSFLyQ OR TXH HQ GRFWULQD VH
FRQRFH DGHPiV FRPR FHUR WROHUDQFLD 3HUR QR VROR HVWDPRV UHJXODQGR OD
LPSUHVFULSWLELOLGDG QR VROR HVWDPRV UHJXODQGR OD LQKDELOLWDFLyQ GH SRU YLGD SDUD TXLHQ
FRPHWHJUDYHVGHOLWRVVLQRTXHWDPELpQHVWDPRVFUHDQGRODILJXUDGHO([WUDQHXVTXHHQ
GRFWULQD HV FRQRFLGR FRPR HO FRUUXSWRU TXLHQ YDOLpQGRVH GH VX FRQGLFLyQ H[SHFWDQWH
PDQLSXOD HO DSDUDWR S~EOLFR SDUD EHQHILFLDUVH GLUHFWDPHQWH FRQ OD GHFLVLyQ GHO
IXQFLRQDULRGHVOHDO
3RU HMHPSOR XQ PDO FRQWUDWLVWD TXH VRERUQD D XQ DOFDOGH HO GtD GH KR\ SDVD SLROD \
SHUGyQHQPHHOWpUPLQR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ 'pOHPiVWLHPSRSRUIDYRUSDUDTXH
FXOPLQHHOFRQJUHVLVWD
(OVHxRU27É52/$3(f$5$1'$1*3³
(OVHxRU27É52/$3(f$5$1'$1*3³ /HHVWDPRVGDQGRODPLVPDVDQFLyQDTXLHQ
FRUURPSH \ DO TXH HV FRUURPSLGR HV WDQ GHOLQFXHQWH TXLHQ GD FRPR TXLHQ UHFLEH \ HO
TXHGDKR\GtDQDGDRODVVDQFLRQHVHVPXFKRPiVEHQLJQDV
(V WDQ GDxLQR HO DFWR GHO TXH GD FRPR GHO TXH UHFLEH SRU HVR HV TXH WDPELpQ DO
PRGLILFDUHODUWtFXORHVWDPRVUHJXODQGRODVDQFLyQDOFRUUXSWRUSDUDTXHYROYLHQGRDO
WHPDQXQFDPiVYXHOYDDSDVDUSLROD
3RU HOOR VHxRU 3UHVLGHQWH KHPRV PRGLILFDGR R SRGHPRV PRGLILFDU OD SDUWH ILQDO GHO
DUWtFXOR GH OD &RQVWLWXFLyQ EXVFDQGR WUHV FRVDV XQR OD LPSUHVFULSWLELOLGDG GH ORV
JUDYHVGHOLWRVFRPHWLGRVSRUIXQFLRQDULRVS~EOLFRVGRVODPXHUWHFLYLOTXHTXLHQFRPHWLy
JUDYHV GHOLWRV QXQFD PiV YXHOYD DO (VWDGR \ WUHV OD VDQFLyQ DO FRUUXSWRU FRQ OD PLVPD
SHQDTXHDOTXHKDVLGRFRUURPSLGR
3RUHVRVHxRU3UHVLGHQWHUHFRUGDPRVTXHHVWHIXHXQFRPSURPLVRGHWRGRVORVSDUWLGRV
OHVSHGLPRVVHUOHDOHVFRQORTXHVHRIUHFLyHQFDPSDxD\D\XGDUQRVDOXFKDUFRQWUDOD
FRUUXSFLyQ
0XFKDVJUDFLDV\SRQJRHOWHPDHQGHEDWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³0XFKDVJUDFLDVFRQJUHVLVWD
7LHQHHOXVRGHODSDODEUDHOFRQJUHVLVWD$JXVWtQ0ROLQD
(OVHxRU02/,1$0$57Ì1(=1*3³
(OVHxRU02/,1$0$57Ì1(=1*3³0X\DJUDGHFLGRVHxRU3UHVLGHQWH
3DUD GHFLUOH TXH HO GH MXOLR HQ HVWH PLVPR KHPLFLFOR HO VHxRU FRPDQGDQWH 2OODQWD
+XPDOD HQ HO DFWR GH MXUDPHQWDFLyQ FRPR SUHVLGHQWH FRQVWLWXFLRQDO VH KD UHIHULGR
H[DFWDPHQWHDODHUUDGLFDFLyQWRWDOGHDFWRVGHFRUUXSFLyQHQQXHVWURSDtV
(Q HVH VHQWLGR pVWH HV HO PRPHQWR PiV LPSRUWDQWH TXH KR\ VH YLHQH GHEDWLHQGR HVWH
DUWtFXORGHUHIRUPDGHODFRQVWLWXFLyQGHOSDtVSRUHVRWDPELpQHVLPSRUWDQWHUHVDOWDU
GHTXHOD&RQWUDORUtDGHO3HU~KDLQIRUPDGRGHTXHH[LVWHQPLOIXQFLRQDULRVS~EOLFRV
TXHKDQVLGRGHQXQFLDGRVSRUDFWRVGHFRUUXSFLyQSHURORPiVSUHRFXSDQWHHVGHTXH
HVWRVIXQFLRQDULRVVLJXHQODERUDQGRHQHVWDVLQVWLWXFLRQHV
&RQ HVWR TXHUHPRV GHFLU VHxRU 3UHVLGHQWH \ VHxRUHV FRQJUHVLVWDV TXH HVWD FRUUXSWHOD
VLJXHHQTXLVWDGRHQODVLQVWLWXFLRQHVS~EOLFDV\TXpELHQHVWDLQLFLDWLYDGHOH\GHSDUWHGH
OD EDQFDGD 1DFLRQDOLVWD TXH FDVWLJD \ VDQFLRQH \ TXHUHPRV H[WLUSDU HVWH FiQFHU GH OD
FRUUXSFLyQPHGLDQWHVDQFLRQHVGUiVWLFDVFRPRHVODLPSUHVFULSWLELOLGDGSRUHVWRVDFWRV
,JXDOPHQWH VHxRU 3UHVLGHQWH TXLHUR GHFLUOH TXH HVWD FRUUXSWHOD YLHQH HQTXLVWDGD GHVGH
ODVHVIHUDVPiVDOWDVGHO*RELHUQR\GHORVJRELHUQRVTXHSDVDURQGRQGHVHKDQOOHYDGR
D FDER ORV JUDQGHV IDHQRQHV 5HFRUGDPRV FRQ PXFKD SUHRFXSDFLyQ FXDQGR HQ HO
SURFHVR HOHFWRUDO HQ HVWD ~OWLPD FDPSDxD PLHQWUDV QRVRWURV QRV HQFRQWUiEDPRV
DERFDGRV HQ QXHVWUDV FDPSDxDV HO VHxRU SUHVLGHQWH $ODQ *DUFtD YHQtD HQWUHJDQGR ORV
SXHUWRVGHO&DOODR
$FWRV FRPR HVWR HO SDtV \ HO SXHEOR QXQFD PiV GHEH ROYLGDU SRUTXH HO SDtV QR SXHGH
ROYLGDU\QRHV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ &RQFOX\DSRUIDYRUGpOHXQPLQXWRGH
WLHPSR
(OVHxRU02/,1$0$57Ì1(=1*3³
(OVHxRU02/,1$0$57Ì1(=1*3³<TXLHURGHFLUOHWDPELpQTXHHVWRVDFWRVHPDQDQ
MXVWDPHQWH GH ODV HVIHUDV PiV DOWDV \ TXHUHPRV FDVWLJDU FRQ HVWD VDQFLyQ GUiVWLFD GH
LPSUHVFULSWLELOLGDG TXH QXQFD PiV RFXSHQ FDUJRV GH LPSRUWDQFLD HQ ODV LQVWDQFLDV
SROtWLFDV\HQODVLQVWDQFLDVGHO(VWDGR
0LUHVSDOGRWRWDO\FRQWXQGHQWHVHxRU3UHVLGHQWHDHVWHSUR\HFWRGHOH\TXHYDDFDVWLJDU
\GHHVDIRUPDYDPRVDH[WLUSDUHVWHPDOHQGpPLFRTXHYLHQHGHVDUUROOiQGRVHHQQXHVWUR
SDtV
0XFKDVJUDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³$XVWHGVHxRUFRQJUHVLVWD
(QHOXVRGHODSDODEUDODVHxRUDFRQJUHVLVWD(VWKHU6DDYHGUD
/DVHxRUD6$$9('5$9(/$1*3
/DVHxRUD6$$9('5$9(/$1*3³
'5$9(/$1*3³6HxRU3UHVLGHQWHJUDFLDV
6HxRU 3UHVLGHQWH FROHJDV HVWH HV HO SUR\HFWR PiV LPSRUWDQWH TXH HVWDED HVSHUDQGR
GHVGH TXH KH VLGR HOHJLGD SRU PL SXHEOR SRUTXH SRU OD FRUUXSFLyQ SRU OD FXOSD GH
DOJXQRV PDORV IXQFLRQDULRV TXH YLHQHQ UREDQGR OD SODWD GHO SXHEOR HVWDPRV FRQ WDQWD
SREUH]D \ GHVLJXDOGDG \ \R UHVSDOGR HVWR SDUD OXFKDU FHUR FRUUXSFLyQ FRQ QXHVWUR
SUHVLGHQWH2OODQWD+XPDOD7DVVR
6HxRU3UHVLGHQWHORTXHSDVDTXHKD\IXQFLRQDULRVS~EOLFRVTXHHVWiQDFRVWXPEUDGRV\
TXH QXQFD KDQ VLGR ILVFDOL]DGRV SRU ORV JRELHUQRV VDOLHQWHV SHUR DKRUD HVWDPRV HQ XQ
QXHYR *RELHUQR \ TXH QRVRWURV FRPR FRQJUHVLVWDV YDPRV D VDOLU D ILVFDOL]DU D HVRV
FRUUXSWRVTXHHVWiQHQODVLQVWLWXFLRQHVS~EOLFDV
1R HV QHFHVDULR WHQHU FRQRFLPLHQWRV MXUtGLFRV R VHU SURIHVLRQDO GHO GHUHFKR SDUD
HQWHQGHUHOGDxRTXHKDFHODFRUUXSFLyQHQQXHVWURSDtV/RVPHGLRVGHFRPXQLFDFLyQ\
ORV HVSHFLDOLVWDV KDQ VHxDODGR TXH OD FRUUXSFLyQ SURYRFD XQ GDxR GH PiV GH PLOORQHVGHGyODUHVDODQXDOHVODFXDOSRGUtDLPSOLFDUJHQHUDUFHUFDDPLOHPSOHRV
(VWHPDOQDFLRQDOTXHKDOOHJDGRDQLYHOHVLQFDOFXODEOHVUHTXLHUHGHXQHQIUHQWDPLHQWR
VLVWHPiWLFR \ RUGHQDGR 8QD GH ODV PHGLGDV FHQWUDOHV UHFODPDGDV SRU OD PD\RUtD GH OD
FLXGDGDQtD HV TXH ORV FRUUXSWRV QR VH HQFXEUDQ SDUD OD SUHVFULSFLyQ HQ HO SDVR GHO
WLHPSRSDUDOXHJRUHWRUQDUDODDFWLYLGDGS~EOLFD\VHJXLUGHOLQTXLHQGR\FRUURPSLHQGRD
RWURVIXQFLRQDULRV
3RU HOOR HVWDPHGLGD HV LPSRUWDQWH TXHHO &RQJUHVR ODV SHUVRQDV QXHYDV TXHHVWDPRV
HQ HVWH &RQJUHVR FRQ HVWH *RELHUQR OR DSUXHEH /D SURSXHVWD VHxRU 3UHVLGHQWH
SUHVHQWDGDSRUOD&RPLVLyQGH&RQVWLWXFLyQFXHQWDFRQXQDRSLQLyQIDYRUDEOHGHO3RGHU
-XGLFLDO GHO 0LQLVWHULR 3~EOLFR HQ JHQHUDO FRQ XQD RSLQLyQ IDYRUDEOH GH GLYHUVDV
FRQVWLWXFLRQDOLVWDV\H[SHUWRV
6HxRU3UHVLGHQWHQXHVWUDEDQFDGD1DFLRQDOLVWDDSR\DHVWDLQLFLDWLYD\VROLFLWDTXHWRGRV
ORV JUXSRV DSR\HQ HVWD SURSXHVWD OXFKDU FRQWUD HVWD ODFUD VRFLDO TXH DWHQWD FRQWUD OD
JHQWHPiVKXPLOGHGHQXHVWURSDtV(VXQGHEHUFLXGDGDQRTXHGHEHPRVPRVWUDUDOSDtV
DXQ&RQJUHVRXQLGRFRQWUDODFRUUXSFLyQ(QHVWHWHPDQRGHEHQH[LVWLUFRORUHVSROtWLFRV
WRGRV GHEHPRV SRQHUQRV OD EDQGHUD GHO SDtV \ HO HVWDQGDUWH GH OXFKD FRQWUD OD
FRUUXSFLyQ
3DUD WHUPLQDU VHxRU 3UHVLGHQWH ORV IXQFLRQDULRV FRUUXSWRV GHEHQ VHU VDQFLRQDGRV \
FDVWLJDGRV VXV GHOLWRV QR GHEHQ SUHVFULELU \ QXQFD PiV ORV TXH FRPHWLHURQ GHOLWRV GH
FRUUXSFLyQ GHEHQ UHJUHVDU D ODV LQVWLWXFLRQHV S~EOLFDV QL GHEHQ HMHUFHU VXV FDUJRV
S~EOLFRV
3RUHOORVHxRU3UHVLGHQWHWHUPLQRGLFLHQGRTXHYR\DDSR\DUHVWDSURSXHVWD'LFHQTXH
HO SRGHU KDFH SHUGHU OD KXPLOGDG \ OD VHQFLOOH] SRU FDUHQFLD GH XQD pWLFD UHDO (V XQD
WRWDO PHQWLUD FXDQGR VH WLHQH SULQFLSLRV GH KXPLOGH \ OD VDELGXUtD GH 'LRV HO SRGHU WH
VLUYHSDUDDFHUFDUQRVPiVDQXHVWURVKHUPDQRVGHOSXHEOR
0XFKDVJUDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ $QWHVGHGDUHOXVRGHODSDODEUDDOD
FRQJUHVLVWD2PRQWHTXLHURKDFHUXQVDOXGRGHSDUWHGHODFRQJUHVLVWD-XOLD7HYHVDOD
*UDQ 8QLGDG ,QFD *DUFLODVR GH OD 9HJD TXH HVWi DUULED PLUiQGRQRV D WRGRV QRVRWURV
MyYHQHV\VXVSURIHVRUHV
$SODXVRV
0XFKDVJUDFLDV
(QHOXVRGHODSDODEUDODFRQJUHVLVWD0DUtD2PRQWH
/DVHxRUD20217('85$1''('<(5$3³
/DVHxRUD20217('85$1''('<(5$3³ 3UHVLGHQWHPLSDUWLFLSDFLyQHVFRPROD
DXWRUD GHO 3UR\HFWR GH/H\ PHGLDQWH OD FXDO SURSRQJR OD LPSUHVFULSWLELOLGDG
SDUD ORV GHOLWRV FRPHWLGRV SRU ORV IXQFLRQDULRV S~EOLFRV /D SURSRQJR FRQ FLHUWR
VHQWLPLHQWRGHSpUGLGDSRUTXHVHFRQVLGHUDODQRSRVLEOHDSUREDFLyQGHHVWDLQLFLDWLYD
4XHULGRVFROHJDV¢FXiOHVHORULJHQ\HOIXQGDPHQWRGHHVWDSURSXHVWD"/DUHVSXHVWDHV
PX\VLPSOHODFRUUXSFLyQ
/D FRUUXSFLyQ HV XQ IHQyPHQR PXQGLDO UHOHYDQWH TXH DPHQD]D OD LQVWLWXFLRQDOLGDG \ OD
JREHUQDELOLGDG GH ORV HVWDGRV \ ODV H[SHULHQFLDV GH VRERUQR HQ HVWH PXQGR VRQ
DODUPDQWHV
6HJ~QHOEDUyPHWURJOREDOGHFRUUXSFLyQGH7UDQVSDUHQFLD,QWHUQDFLRQDOGHODxR
HO GH ORV FLXGDGDQRV HQWUHYLVWDGRV FRQVLGHUDQ TXH ORV IXQFLRQDULRV \ VHUYLGRUHV
S~EOLFRVVRQORVPiVFRUUXSWRV(QHO3HU~VHJ~Q7UDQVSDUHQFLDHO3RGHU-XGLFLDOVHUtDOD
LQVWLWXFLyQPiVFRUUXSWD
/RV KHFKRV GH VRERUQR PHQRU WDPELpQ VRQ SUHRFXSDQWHV (O GH ORV HQWUHYLVWDGRV
PDQLIHVWDURQ KDEHU SDJDGR VRERUQR GXUDQWH ORV ~OWLPRV PHVHV \ ODPHQWDEOHPHQWH
ORV MyYHQHV VRQ ORV PiV SURFOLYHV D SDJDU ORV LPSXHVWRV \HV DHVWRVMyYHQHV D TXLHQHV
QRVGHEHPRVHVDOSDtVDTXLHQHVQRVGHEHPRV
1RVTXHGDEDVWDQWHFODURTXHODFRUUXSFLyQHVXQPDOHQGpPLFR(O &RQWUDORU*HQHUDO
GHOD5HS~EOLFDKDVHxDODGRTXHODFRUUXSFLyQJHQHUDSpUGLGDVHFRQyPLFDVHQWUHHO
\ HO GH FDGD DxR OR TXH VLJQLILFD SpUGLGDV HQWUH VHLV PLO \ QXHYH PLO PLOORQHV GH
VROHVDQXDOHV
/D FRUUXSFLyQ SHUMXGLFD D ORV PiV SREUHV GLVWRUVLRQD ORV PHUFDGRV FRPSHWLWLYRV
DKX\HQWD D ODV LQYHUVLRQHV UHGXFH HO GHVDUUROOR GHO SDtV JHQHUD GHVFRQILDQ]D HQ HO
VLVWHPDSROtWLFR\ODGHPRFUDFLD
(O&RQJUHVR\ORVSDUWLGRVSROtWLFRVWRGRVQRVRWURVWHQHPRVODJUDQUHVSRQVDELOLGDGGH
DGRSWDU SROtWLFDV GH OXFKD FRQWUD OD FRUUXSFLyQ HVWD HV XQD RSRUWXQLGDG H[WUDRUGLQDULD
(VWDV LQLFLDWLYDV VH KDQ SUHVHQWDGR HQ PXFKDV RSRUWXQLGDGHV \ KDVWD DKRUD QXQFD KDQ
SURVSHUDGR
6HJ~Q7UDQVSDUHQFLD,QWHUQDFLRQDOHO3HU~DFWXDOPHQWHRFXSDHOSXHVWRHQHOUDQNLQJ
GHFRUUXSFLyQHOYHFLQRSDtVGH&KLOHRFXSDHOSXHVWR
+R\ PiV GH OD PLWDG GH ORV FLXGDGDQRV FUHH TXH HO SULQFLSDO SUREOHPD GHO 3HU~ HV OD
FRUUXSFLyQ
/DV GXGDV H[LVWHQWHV FRQ UHVSHFWR D HVWD SURSXHVWD GH LPSUHVFULSWLELOLGDG \D KDQ VLGR
DFODUDGDV /D FRUUXSFLyQ HV XQ GHOLWR SOXULRIHQVLYR TXH QR VROR DWHQWD FRQWUD HO
SDWULPRQLRGHO(VWDGRVLQRDIHFWDORVGHUHFKRVKXPDQRV1RKD\GRFXPHQWRDOJXQRTXH
HQHO3HU~KD\DVXVFULWRTXHSURKtEDODGHFODUDFLyQGHLPSUHVFULSWLELOLGDG/DSUHVFULSFLyQ
QRHVXQGRJPD
(V SRVLEOH HVWDEOHFH H[FHSFLRQHV GHELGR D OD PDJQLWXG GHO GDxR FDXVDGR OD
LPSUHVFULSWLELOLGDGQRDIHFWDDODVHJXULGDGMXUtGLFD
&RPR \D OR FRPHQWDURQ DQWHULRUHV SRQHQWHVH[LVWHQ RSLQLRQHV IDYRUDEOHV GHO 0LQLVWHULR
GH -XVWLFLD GHO FRQVWLWXFLRQDOLVWD (QULTXH %HUQDOHV GH OD &*73 GHO *UXSR GH 7UDEDMR
FRQWUDOD&RUUXSFLyQLQWHJUDGRSRUGLH]RUJDQLVPRVFRPRVRQ)yUXP6ROLGDULGDG3HU~
HO *UXSR 3URSXHVWD &LXGDGDQD OD &RRUGLQDGRUD 1DFLRQDO GH 'HUHFKRV +XPDQRV HO
,QVWLWXWR GH 'HIHQVD /HJDO OD $VRFLDFLyQ 3UR 'HUHFKRV +XPDQRV HO &HQWUR
,QWHUDPHULFDQR GH *REHUQDELOLGDG HO 0RYLPLHQWR &LXGDGDQR 3DUD TXH QR VH 5HSLWD
'HVFR)RYLGD-XELOHR3HU~HQWUHRWURV
/D LPSUHVFULSWLELOLGDG SDUD ORV GHOLWRV FRPHWLGRV SRU IXQFLRQDULRV S~EOLFRV \ VHUYLGRUHV
S~EOLFRV HVWiQ UHFRQRFLGRV HQ SDtVHV YHFLQRV FRPR (FXDGRU %ROLYLD 9HQH]XHOD HQ
$UJHQWLQD\0p[LFRWDPELpQVHHVWiQGHEDWLHQGRVXLQFRUSRUDFLyQ
([LVWHQDOJXQDVSURSXHVWDVGHFRQJUHVLVWDVTXHPHQFLRQDQTXHRFRLQFLGHQFLDTXHHVWD
SURSXHVWD KD\D VLGR DFHSWDGD HQ SDtVHV GHO $/%$ SHUR QR ROYLGHPRV TXH
ODPHQWDEOHPHQWHDORVSDtVHVODWLQRDPHULFDQRVQRVKHUPDQDMXVWDPHQWHHVWHWHPDHOGH
ODFRUUXSFLyQ
3RUORWDQWRTXHULGRVFROHJDVXUJHDSUREDUODUHIRUPDFRQVWLWXFLRQDOSDUDHVWDEOHFHUOD
LPSUHVFULSWLELOLGDG GH ORV GHOLWRV JUDYHV GH FRUUXSFLyQ \ ORV GHOLWRV JUDYHV FRQWUD HO
SDWULPRQLRGHO(VWDGR
0XFKDVJUDFLDV
(O VHxRU 35(6,'(17(
35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ $ XVWHG PXFKtVLPDV JUDFLDV
FRQJUHVLVWD
(QHOXVRGHODSDODEUDHOFRQJUHVLVWD-XVWLQLDQR$SD]D
(OVHxRU$3$=$25'Ðf(=1*3³
(OVHxRU$3$=$25'Ðf(=1*3³*UDFLDVVHxRU3UHVLGHQWH
&ROHJDVSDUODPHQWDULRVHVSHURFRQPLLQWHUYHQFLyQQRKHULUDOJXQDVVXVFHSWLELOLGDGHVGH
SHUVRQDOLGDGHV SROtWLFDV \ DOJXQDV RUJDQL]DFLRQHV WDPELpQ GH tQGROH SROtWLFR SRUTXH
GHVJUDFLDGDPHQWH R IHOL]PHQWH OD KLVWRULD VH HVFULEH OD KLVWRULD QR PLHQWH (V SRU HVR
TXH YR\ D FRPHQ]DU GLFLHQGR TXH VL ELHQ OD FRUUXSFLyQ HV XQ IHQyPHQR SUHVHQWH HQ
QXHVWUD KLVWRULD UHSXEOLFDQD \ UHSUHVHQWD XQD H[SHULHQFLD QHIDVWD PiV D~Q
LQVWLWXFLRQDOL]DGDHQODVJHVWLRQHVJXEHUQDPHQWDOHVTXHQRVSUHFHGHQ
/D FRUUXSFLyQ KD VLGR XQR GH ORV UDVJRV GHILQLWLYRV LQYROXFUDQGR D ORV PiV DOWRV
IXQFLRQDULRVD~QHVWiIUHVFDHQQXHVWUDPHPRULDORVIUHFXHQWHVHVFiQGDORVTXHVHIXHURQ
GHQXQFLDQGR FRPR SRU HMHPSOR OD FRUUXSFLyQ HQ OD DWHQFLyQ D ORV GDPQLILFDGRV HQ HO
WHUUHPRWR GH ,FD FRPR HV SRU HMHPSOR OD FRUUXSFLyQ HQ (V6DOXG OD FRUUXSFLyQ HQ OD
VXVWUDFFLyQ GH GRFXPHQWRV GHO 0LQLVWHULR GH 6DOXG HO WUiILFR GH WLHUUDV D WUDYpV GH
&RIRSUL/DHPLVLyQLOHJDOLQGLVFULPLQDGDGHGHFUHWRVGHXUJHQFLDODVREUHYDOXDFLyQGH
REUDV\HOPiVHPEOHPiWLFRHOGHORVSHWURDXGLRVSRUHOTXHODFLXGDGDQtDUHFXHUGDHVD
JHVWLyQFRPRODHUDGHORVJUDQGHVIDHQRQHV
(ODYDQFHGHODFRUUXSFLyQSRUVXPDJQLWXGQRFRQVWLWX\HHQXQDDPHQD]DVLQRVRFDYD
ODOHJLWLPLGDGGHODVLQVWLWXFLRQHVS~EOLFDV\DPHQD]DODJREHUQDELOLGDG\HOGHVDUUROORGHO
SDtV SRU HOOR GHEHPRV SUHVWDUOH OD Pi[LPD DWHQFLyQ \ HQFDUDUOR GHFLGLGDPHQWH FRQ
LQLFLDWLYDVFRPRHOSUR\HFWRGHOH\GHODUHIRUPDFRQVWLWXFLRQDOTXHHVWDPRVGHEDWLHQGR\
TXHHVGHXUJHQWHQHFHVLGDGDSUREDUOR
/DSUHVFULSFLyQHVXQDLQVWLWXFLyQMXUtGLFDFRQVWLWXWLYDGHO'HUHFKR3HQDOTXHKDVLGRPDO
XWLOL]DGD \ FRQYHUWLGD HQ XQ PHGLR SDUD DOFDQ]DU OD LPSXQLGDG HVSHFLDOPHQWH SRU DOWRV
IXQFLRQDULRV S~EOLFRV \ GHQWUR GH HOORV ORV GH HOHFFLyQ SRSXODU UHLWHUR SRU DOWRV
IXQFLRQDULRVS~EOLFRV\GHQWURGHHOORVGHODHOHFFLyQSRSXODU
&RQRFHPRVLQQXPHUDEOHVFDVRVGHDOFDOGHV\RWUDVDXWRULGDGHVTXHOXHJRGHLQFXUULUHQ
GHOLWRV HQ HO HMHUFLFLR GH VX IXQFLyQ S~EOLFD KDQ ORJUDGR EDMR GLIHUHQWHV PHFDQLVPRV
DFRJHUVH D OD SUHVFULSFLyQ H LQWHQWDURQ \ ORJUDURQ PXFKDV YHFHV HQ DOJXQRV FDVRV
WDPELpQODPHQWDEOHPHQWHFRQp[LWRGHQXHYRVHUHOHFWRV
7DPELpQUHVXOWDHPEOHPiWLFRHQQXHVWURSDtVVHxRU3UHVLGHQWHTXHXQH[SUHVLGHQWHVH
KD\DDFRJLGRDODSUHVFULSFLyQGHORVGHOLWRVLPSXWDGRV\DSHODQGRDODIUiJLO
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
PRQ0XQDUR³'pOHWLHPSRSDUDTXHWHUPLQH
(O VHxRU $3$=$ 25'Ðf(= 1*3³
1*3³ SDUD WHUPLQDU HV WDUHD XUJHQWH \ XQ GHEHU
PRUDOFROHJDVSDUODPHQWDULRVDSUREDUHVWDPRFLyQSRUORPHQRVSDUDUHFWLILFDU\KDFHU
XQDFWRGHFRQWULFLyQGHWRGRVORVHUURUHVTXHVHKDSRGLGRFRPHWHU(VGHEHUXQDYH]
PiV \ TXH HO SDUWLGR 1DFLRQDOLVWD D WUDYpV GH QXHVWUD EDQFDGD VHxRU DSR\DUi OD
DSUREDFLyQGHHVWHJUDQSUR\HFWR
*UDFLDVVHxRU
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ (QHOXVRGHODSDODEUDHOFRQJUHVLVWD
$OHMDQGUR$JXLQDJD
(OVHxRU$*8,1$*$5(&8(1&2*3)³
(OVHxRU$*8,1$*$5(&8(1&2*3)³*UDFLDV3UHVLGHQWH
+D\ XQ SULQFLSLR GH YLGD TXH WLHQH TXH UHJLUQRV QR KD\ SULQFLSLR TXH QR WHQJD ILQ
&XDQGR EXVFDPRV XQD VHULH GH VXEWHUIXJLRV TXH UHDOPHQWH FXDQGR VH VHxDOD TXH VH
EXVFDXQDLPSUHVFULSWLELOLGDGGHORVGHOLWRVGHFRUUXSFLyQHVFLHUWRODFRUUXSFLyQFRUURH
WRGRV ORV VLVWHPDV SHUR GH OD PLVPD PDQHUD WHQHPRV TXH WHQHU ODV LQVWLWXFLRQHV TXH
VHSDQUHVSRQGHUSDUDSRGHUDWHQXDURGHVDSDUHFHUHVWDODFUDTXHWDQWRKDJROSHDGRDO
SDtV
6HQRVVHxDODFRPRHMHPSORVDOJXQRVSDtVHVGHO$/%$GRQGHYHPRVTXHQRKD\DYDQFHV
HQ OD OXFKD FRQWUD OD FRUUXSFLyQ \ Vt KD\ TXH VHxDODU FODUDPHQWH TXH OD
LPSUHVFULSWLELOLGDG VH KD FRQYHUWLGR HQ XQD KHUUDPLHQWD GH SHUVHFXFLyQ SROtWLFD \ TXH
HVR QR TXHUHPRV SDUD HO SDtV SHQVDPRV TXH KD\ VROXFLRQHV TXH HVWiQ PiV
LQPHGLDWDPHQWH D OD PDQR TXH SRGHU HQIUDVFDUQRV HQ HVWD VLWXDFLyQ GH FDPELR
FRQVWLWXFLRQDOTXHQRYDDPHMRUDUHQQDGD
+R\ORVSOD]RVHQORVSURFHVRVMXGLFLDOHVVRQDPSOtVLPRVYHPRVTXHHQSURPHGLRVRQ
DxRVHQODPD\RUtDGH ORVGHOLWRV/RTXHGHEHDIURQWDUVH\ORTXHPHKXELHUDJXVWDGR
HVFXFKDUHVOXFKDUFRQWUDODLQHSWLWXGOXFKDUFRQWUDODFDUJDSURFHVDO\FRQWUDODIDOWDGH
FHOHULGDGTXHKD\HQHO3RGHU-XGLFLDO
(VR¢VDEHFyPRVHUHVXHOYH"3RUTXHHVXQSUREOHPDFRPSOHMRWLHQHTXHYHUMXVWDPHQWH
FRQHGXFDFLyQHQYDORUHVFRQPHMRUDHQHO3RGHUMXGLFLDOFRQPHMRUDHQOD&RQWUDORUtD
GH OD 5HS~EOLFD FRQ PHMRUD HQ OD UHVSXHVWD HTXLOLEUDGD TXH WLHQH TXH GDU HO0LQLVWHULR
3~EOLFR(VDKtHOPHROORGHODVXQWRQRHQODFDQWLGDGGHDxRVTXHVHWLHQHTXHILMDUSDUD
TXHSXHGDWHUPLQDUXQSURFHVRMXGLFLDO
¢3RU TXp QR FDPELDPRV HO DUWtFXOR GHO &yGLJR 3HQDO \ DXPHQWDPRV ODV SHQDV" \
YHPRVTXHSDUDORVGHOLWRVFRPHWLGRVSRUORVIXQFLRQDULRVS~EOLFRVVHGXSOLFDHOWLHPSR
GHSURFHVRV¢HVTXHHQDxRVHQDxRVQRSRGHPRVWHUPLQDUORVSURFHVRV"(VR
UHDOPHQWH HV GLJQR GH WRGR UHFKD]R \ GH TXH KDJDPRV XQD UHIOH[LyQ HQWUH WRGRV
KDJDPRVXQDUHIOH[LyQSDUDORJUDUODVPHMRUDVTXHKHVHxDODGR
6HYXOQHUDWDPELpQHOFULWHULRGHODSURSRUFLRQDOLGDG¢&yPRHVSRVLEOHTXHGHOLWRVSRU
HMHPSOR GH YLRODFLyQ GH VHFXHVWUR DJUDYDGR WHQJDQ DxRV" \ SUHVFULEHQ \ VLQ
HPEDUJRHQORVRWURVGHOLWRVTXHWLHQHQSHQDVPHQRUHV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
Q0XQDUR³'pOHSRUIDYRUXQPLQXWRPiV
(OVHxRU$*8,1$*$5(&8(1&2*3)³
(OVHxRU$*8,1$*$5(&8(1&2*3)³ <SDUDWHUPLQDUYHPRVTXHKD\XQDGREOH
PRUDO 3RU XQ ODGR HO JUXSR SROtWLFR TXH SUHVHQWD HVWD SURSXHVWD GH OH\ VHxDOD
LPSUHVFULSWLELOLGDG\SRUHORWURODGRWLHQHPLQLVWURVHQVX*DELQHWHFRPROD0LQLVWUDGH
OD 0XMHU TXH SLGH MXVWDPHQWH SUHVFULSFLyQ (VWD GREOH PRUDO WDPELpQ WHQHPRV TXH
LQFOXLUOD MXVWDPHQWH HQ ORV SULQFLSLRV \ YDORUHV TXH GHEHQ UHJLU OD FRQGXFWD GH ORV
IXQFLRQDULRVS~EOLFRV
*UDFLDV3UHVLGHQWH
(O VHxRU 35(6,'(17(
35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ (Q HO XVR GH OD SDODEUD HO VHxRU
FRQJUHVLVWD*DPDUUD6DOGtYDU
(OVHxRU*$0$55$6$/'Ì9$51*3³
(OVHxRU*$0$55$6$/'Ì9$51*3³6HxRU3UHVLGHQWHPHVROLFLWDXQDLQWHUUXSFLyQHO
FRQJUHVLVWD2WiURODSRUIDYRU
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³&RQJUHVLVWD2WiUROD
(O VHxRU 27É52/$ 3(f$5$1'$ 1*3³
1*3³ eVH HV HO GREOH GLVFXUVR TXH HO SXHEOR HVWi
FDQVDGR
/D FRQJUHVLVWD .HLNR )XMLPRUL HQ WRGRV VXV PtWLQHV GH FDPSDxD FRPR FDQGLGDWD D OD
3UHVLGHQFLD OD H[FRQJUHVLVWD GHFtD ,PSUHVFULSWLELOLGDG GH ORV GHOLWRV FRPHWLGRV SRU
IXQFLRQDULRVS~EOLFRV
$Fi QR KD\ $/%$ DFi QR KD\ FKDYLVPR DFi HVWDPRV SODQWHDQGR WUHV FRVDV OD
LPSUHVFULSWLELOLGDG OD VDQFLyQ DO FRUUXSWR \ OD PXHUWH FLYLO 2WUD FRVD HV TXH
YHUGDGHUDPHQWHQRKD\DYROXQWDGGHOXFKDUFRQWUDODFRUUXSFLyQ
/HVSLGRTXHUHYLVHQORVGLVFXUVRVGHODOtGHUGHVXSDUWLGR.HLNR)XMLPRUL
*UDFLDV3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³&RQJUHVLVWDFRPLHQFHSRUIDYRU
(OVHxRU*$0$55$6$/'Ì9$51*3³
(OVHxRU*$0$55$6$/'Ì9$51*3³*UDFLDVVHxRU3UHVLGHQWH
&UHR TXH HQ HVWD RSRUWXQLGDG HO &RQJUHVR WLHQH XQD GHXGD FRQ HO SXHEOR SHUXDQR (O
&RQJUHVRWLHQHXQDJUDQUHVSRQVDELOLGDGHOGtDGHKR\GHVDOGDUHVDGHXGDGHPXFKRV
DxRVDWUiV
+DFHPXFKRVDxRVDWUiVVHKDGHPRVWUDGRODJUDQFRUUXSFLyQTXHKDH[LVWLGRDORODUJR
GHODVJHVWLRQHV\ORVJRELHUQRVDQWHULRUHVDOH[WUHPRTXHGHDFXHUGRDORVFiOFXORVTXH
KDKHFKROD&RQWUDORUtD*HQHUDOGHOD5HS~EOLFDDOUHGHGRUGHPLOPLOORQHVSRUDxR
VH YDQ HQ FRUUXSFLyQ (VWR TXLHUH GHFLU TXH DSDUHQWHPHQWH HQ ORV ~OWLPRV FLQFR DxRV
DOUHGHGRU GH PLO PLOORQHV GH VROHV VH KDEUtD LGR SRU HO WXER GH XQ GHVDJH D ORV
EROVLOORVGHJHQWHFRUUXSWDTXHKDHQJRUGDGRVXVFXHQWDVEDQFDULDVHQGLVWLQWRVOXJDUHV\
HQSDUDtVRVILVFDOHVKDQDGTXLULGRPDQVLRQHV\KR\SRUKR\JR]DQGHWRGDXQDYLGDHQ
HOH[WUDQMHUR
(V TXH FRQ HVWR VHxRU 3UHVLGHQWH VH KD SHUMXGLFDGR D PLOHV GH SHUXDQRV 6H KD
SHUMXGLFDGR HQ OD VHJXULGDG VH KD SHUMXGLFDGR HQ OD H[LVWHQFLD GH FROHJLRV VH KD
SHUMXGLFDGRHQODOXFKDFRQWUDODSREUH]D6HKDSHUMXGLFDGRHQORVSURJUDPDVVRFLDOHV
VH KD SHUMXGLFDGR HQ ODV REUDV GH FRQVWUXFFLyQ GH FDUUHWHUDV SXHQWHV HVFXHODV
FRPLVDUtDV
(VTXHODFRUUXSFLyQVHxRU3UHVLGHQWHHQQXHVWUDVQDULFHV\HQODVQDULFHVGHO&RQJUHVR\
GHO JRELHUQR VH KD LGR SRU XQ WXER GHO GHVDJH D HQJRUGDU ODV FXHQWDV EDQFDULDV GH
XQRVFXDQWRVFRUUXSWRVHQHO3HU~
(VR HV OR TXH QR TXLHUH OD SREODFLyQ +R\ SRU KR\ OD SREODFLyQ SHUXDQD TXLHUH TXH HO
DUWtFXORƒGHOD&RQVWLWXFLyQVHDPRGLILFR\VHGHWHUPLQHODLPSUHVFULSWLELOLGDGGHORV
GHOLWRVGHFRUUXSFLyQSDUDTXHORVFRUUXSWRVQRVHOLEUHQSDUDTXHORVFRUUXSWRVDOFDER
GHGLH]DxRVHQHOH[WUDQMHURQRYXHOYDQ\SLGDQODSUHVFULSFLyQSDUDTXHORVFRUUXSWRV
VHDQDMXVWLFLDGRV\SURFHVDGRV
(VDHVODWDUHDTXHWLHQHHQHVWHPRPHQWRVHxRU3UHVLGHQWHHO&RQJUHVRGHHQDUERODU
FRQODWUDQVSDUHQFLDFRQODPD\RUFODULGDGHVWDOXFKDFRQWUDODFRUUXSFLyQPRGLILFDQGR
HO DUWtFXOR ƒ GH OD &RQVWLWXFLyQ \ GHFODUDQGR OD LPSUHVFULSWLELOLGDG GH ORV GHOLWRV GH
FRUUXSFLyQ GHFODUDQGR WDPELpQ OD LQKDELOLWDFLyQ GHILQLWLYD HQ HO FDVR GH ORV GHOLWRV
JUDYHV
)LQDOPHQWH VHxRU UHVSRQVDELOL]iQGROR SHQDOPHQWH WDPELpQ D DTXHOOD SHUVRQD TXH
FRUURPSHQRVRODPHQWHHOFRUUXSWRURHO
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ (QHOXVRGHODSDODEUDODFRQJUHVLVWD
/X]6DOJDGR
/D VHxRUD 6$/*$'2 58%,$1(6 *3)³
*3)³ 6HxRU 3UHVLGHQWH OR TXH GHFLPRV HV TXH
WHQHPRV TXH OXFKDU WRGRV FRQWUD OD FRUUXSFLyQ SHUR OR TXH SHGLPRV HV FRKHUHQFLD
SURSRUFLRQDOLGDG
0HLPDJLQRDKRUDTXHHOFRQJUHVLVWD&KHKDGHQRYDDLQWHUYHQLUSHURpOHVXQRGHORV
SULPHURV TXH FRPR DERJDGR GHEHUtD HVWDU VXVWHQWDGR HVWR SRUTXH KD KDEODGR GH
SUHVXQFLyQGHLQRFHQFLD
6RODPHQWHOHVTXLHUROHHUDOJRTXHKDOHtGRHO3UHVLGHQWHGHOD&RPLVLyQGH&RQVWLWXFLyQ
SRUTXHQRVKDQOOHJDGR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
5(6,'(17(<HKXGH6LPRQ0XQDUR³ /HSLGHXQDLQWHUUXSFLyQHOFRQJUHVLVWD
&KHKDGH
/DVHxRUD6$/*$'258%,$1(6*3)³
/DVHxRUD6$/*$'258%,$1(6*3)³'HVSXpVTXHWHUPLQHXQDSDUWHSXHGRGDUOHOD
LQWHUUXSFLyQ&RQWRGRJXVWR
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 6H KD VHQWLGR DIHFWDGR SRU VX
LQWHUYHQFLyQFRQJUHVLVWD
/D VHxRUD 6$/*$'2 58%,$1(6 *3)³
*3)³ 'HVSXpV TXH DYDQFH YR\ D GDUOH OD
LQWHUUXSFLyQFRQWRGRJXVWRDOFRQJUHVLVWD&KHKDGH
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ &RQJUHVLVWD 6DOJDGR pO VH VLHQWH
DIHFWDGRSRUVXLQWHUYHQFLyQ/HURJDUtDTXHOHSHUPLWDXQDLQWHUYHQFLyQ
/D VHxRUD 6$/*$'2 58%,$1(6 *3)³
*3)³ 6HxRU HVWR\ HQ HO XVR GH OD SDODEUD \ HV HO
TXHFRQFHGHODLQWHUUXSFLyQFRQVXDQXHQFLDHOTXHHVWiH[SRQLHQGR<RKHGLFKRTXH
OHYR\DGDUGHVSXpVTXHPHSHUPLWDDYDQ]DU
<ROHYR\DGDUFRQJUHVLVWD&KHKDGHHVPiVTXLHURTXHKDEOH
6HxRU3UHVLGHQWH\RTXLHURGHFLUOHVTXHDTXtKD\YDULRVLQIRUPHVTXHHVWiQHQFRQWUDGH
OD LPSUHVFULSWLELOLGDG < HVWR QR TXLHUH GHFLU TXH HVWHPRV DYDODQGR OD FRUUXSFLyQ QR
SRUTXH\RHQHVWHPRPHQWRSODQWHRTXHHQFDGDGHOLWRGHFRUUXSFLyQHQHO&yGLJR3HQDO
DXPHQWHPRV OD SHQD GH PRGR WDO TXH VH FRQYLHUWDQ HQ R HQ DxRV VL DVt OR
GLVSRQHQRVHDTXHDOJXLHQTXHKDFRPHWLGRXQGHOLWRGHDxRVLPDJtQHQVHXVWHGHV
KDVWDFXiQGRORYDPRVDWHQHU
3HURDVt\WRGRHVWR\GHDFXHUGRHQTXHVHDXPHQWHQODVSHQDVSRUTXHPHSDUHFHTXHHO
TXH URED HO TXH HVWi HQ FRPSRQHQGDV QR GHEH YROYHU D OD DGPLQLVWUDFLyQ S~EOLFD \
WDPSRFRVXVGHOLWRVGHEHQTXHGDUVHWDQIiFLOPHQWHVLHVTXHVHYD
3HURDTXtKDQRSLQDGRHQFRQWUDFRQVWLWXFLRQDOLVWDVFRPR5D~O)HUUHUR0DUFRV,ED]HWD
HOSURSLR&HVDU6DQ0DUWtQ\WDPELpQXQPLHPEURGHO7ULEXQDO&RQVWLWXFLRQDO
3HUR SDUD TXH QR GLJDQ TXH GH UHSHQWH PH JXtR VRODPHQWH GH HOORV YR\ D FLWDU D XQ
FRQVWLWXFLRQDOLVWD TXH QR OR FRQR]FR SURIHVRU GH OD 8QLYHUVLGDG &DWyOLFD 5REHUWR
3HUH\UD TXH GLFH /RV GHEDWHV VREUH LPSUHVFULSWLELOLGDG VXHOHQ HQFXEULU ORV YHUGDGHURV
SUREOHPDV GH OD SHUVHFXFLyQ SHQDO GH OD FRUUXSFLyQ \ WUDQVPLWHQ XQ PHQVDMH
WUDQTXLOL]DGRU PHUDPHQWH VLPEyOLFR \ SRU HQGH GHPDJyJLFR QXQFD VH DWLHQGHQ ODV
QHFHVLGDGHVGHPD\RUFDSDFLGDGSHUVHFXWRULDGHOVLVWHPDSHQDO
(VWRDXQDGRDWRGRXQHVFULWRTXHKDEODVREUHODVUD]RQHVSRUODVFXDOHVQRGHEHPRV
DSR\DUODLPSUHVFULSWLELOLGDGSRUTXHHVWiOHVLRQDQGRSULQFLSLRV\GHUHFKRVMXUtGLFRV\HVWi
TXLWDQGRWRWDOPHQWHHOVHQWLGRGHSURSRUFLRQDOLGDG
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³3DUDTXHFRQFOX\DFRQJUHVLVWD
/DVHxRUD6$/*$'258%,$1(6*3)³
/DVHxRUD6$/*$'258%,$1(6*3)³7HQJRWLHPSRGHPLEDQFDGDSRUVLDFDVRQR
YDQDLQWHUYHQLUWRGRV
(QWRQFHV VHxRU KD\ FRQVWLWXFLRQDOLVWDV TXH QRV HVWiQ GLFLHQGR FRUUHFWR ¢XVWHGHV
TXLHUHQ OXFKDU FRQWUD OD FRUUXSFLyQ" 6t SXHV SHUR SDUD HVWR WHQHPRV TXH HQWRQFHV
WUDEDMDU FRQ VLVWHPDV GH FRQWUDWDFLyQ GH IXQFLRQDULRV TXH VHDQ PXFKR PiV KRQHVWRV
GRQGHHYLWHPRVXQDVHULHGHWHPDVSUREOHPiWLFRVHQODDGTXLVLFLyQGHELHQHVVHUYLFLRV
SRU SDUWH GHO (VWDGR VLVWHPDV SDUD SURWHJHU D ORV SURSLRV IXQFLRQDULRV S~EOLFRV TXH
GHQXQFLDQ SDUD TXH OD SLWD QR VH URPSD SRU HO ODJR PiV DQJRVWR \ WHQJDPRV D
IXQFLRQDULRVTXHHVWiQFRKLELGRVSRUGHFLUODYHUGDGSRUTXHHOMHIHOHVHVWiGLFLHQGRTXH
QR OD GLJDQ R ORV DPHQD]DQ FRQ VDFDUORV GH VX WUDEDMR PHFDQLVPRV SDUD HVWLPXODU OD
SDUWLFLSDFLyQ GH OD VRFLHGDG FLYLO \ TXH WDPELpQ QRV D\XGH D FRQWURODU RUJDQLVPRV QR
JXEHUQDPHQWDOHV
1RSRGHPRVWDSDUODOHQWLWXGGHO3RGHU-XGLFLDOGHO0LQLVWHULR3~EOLFRGLFLHQGR<DFRQ
HVWD OH\ GH PRGLILFDFLyQ FRQVWLWXFLRQDO VH DFDED 6HxRUHV SDUD PDxDQD QR KD\
FRUUXSFLyQ¢8VWHGHVFUHHQTXHHOSXHEORQRVYDDFUHHU"1RSXHVVHxRUKD\XQDVHULH
GHPHFDQLVPRVTXHWHQHPRVTXHDIURQWDUGHPDQHUDLQWHJUDO
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 'pOH SRU IDYRU PiV WLHPSR D OD
FRQJUHVLVWD
/D VHxRUD 6$/*$'2 58%,$1(6 *3)³
*3)³ /R TXH QR GHEHPRV KDFHU HV LU FRQWUD OD
SURSRUFLRQDOLGDG¢$XVWHGHVOHVSDUHFHOyJLFRTXHXQVHFXHVWURGHPHQRUFRQYLRODFLyQ
VtSUHVFULEDDORVRDxRV"¢OHVSDUHFHOyJLFRTXHXQGHSUDYDGRTXHDEXVDGHVXV
QLxRVWHQJDSUHVFULSFLyQ\HOGHOLWRGHFRUUXSFLyQQR"
$TXt SUHVFULEHQ GHOLWRV GH DVHVLQDWR FULPLQDOHV ODGURQHV QDUFRWUDILFDQWHV Vt SUHVFULEHQ
¢\ORVGHOLWRVGHFRUUXSFLyQ"$XPHQWpPRVOHVSXHVODSHQDSHURQRTXLWHPRVHOSULQFLSLR
MXUtGLFR VHxRU TXH EDVD QXHVWUD &RQVWLWXFLyQ DXPHQWHPRV D SHQD PRGLILTXHPRV HO
&yGLJR 3HQDO SHUR QR PRGLILTXHPRV OD &RQVWLWXFLyQ QRV HVWDPRV \HQGR FRQWUD WRGRV
ORVSULQFLSLRV
6HxRU OH TXLHUR GDU OD LQWHUUXSFLyQ DQWHV GH TXH VH DFDEH HO WLHPSR DO FRQJUHVLVWD
&KHKDGH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ (QHOXVRGHODSDODEUDHOFRQJUHVLVWD
2PDU&KHKDGH
(OVHxRU&+(+$'(02<$1*3³
(OVHxRU&+(+$'(02<$1*3³3UHVLGHQWHPXFKDVJUDFLDV
<R ODPHQWR TXH OD VHxRUD /X] 6DOJDGR FDGD YH] TXH LQWHUYLHQH XWLOL]D PL QRPEUH PL
DSHOOLGR DSDUHQWHPHQWH HVWi REVHVLRQDGD FRQ TXLHQ KDEOD \ WDPELpQ PDOLQIRUPDGD
SRUTXH VHJXUDPHQWH QR FRQRFH R QR WLHQH FRQRFLPLHQWR TXH HVWR\ HQ OD OLVWD GH
RUDGRUHV HQ HO URO GH RUDGRUHV HQ HO WHPD GH OD LPSUHVFULSWLELOLGDG SDUD ORV GHOLWRV GH
FRUUXSFLyQGHIXQFLRQDULRV
<R IXL XQD GH ODV SHUVRQDV MXQWDPHQWH FRQ PXFKRV GH PL EDQFDGD TXH SURSXVH OD
LQKDELOLWDFLyQ SDUD ORV IXQFLRQDULRV S~EOLFRV TXH GHOLQFDQ \ SRU VXSXHVWR OD
LPSUHVFULSWLELOLGDG GH GLFKD QRUPD $Vt TXH DSDUHQWHPHQWH HVWi DEVROXWDPHQWH
PDOLQIRUPDGD
<HQWHUFHUOXJDU\RPHKHVRPHWLGRGHPDQHUDYROXQWDULDSRUTXHWHQJRODFRQFLHQFLD
OLPSLDDOD&RPLVLyQGHeWLFDDOD&RPLVLyQGH)LVFDOL]DFLyQWDPELpQDOD6XEFRPLVLyQ
GH$FXVDFLRQHV&RQVWLWXFLRQDOHV\WDPELpQFyPRQRDOD)LVFDOtDGH OD1DFLyQSRUTXH
HVWR\DEVROXWDPHQWHVHJXURTXHYR\DVDOLUOLEUHGHHVWDVIDOVDVLPSXWDFLRQHV
<RQRPHKHUHIXJLDGRHQODVIDOGDVGH-DSyQ\RQRKHUHQXQFLDGRSRUID[\WDPSRFR
PXFKRPHQRVKHSRVWXODGRDOVHQDGRMDSRQpVSDUDHYLWDUXQDH[WUDGLFLyQ
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³&RQFOX\DFRQJUHVLVWD6DOJDGR
/D VHxRUD 6$/*$'2
6$/*$'2 58%,$1(6 *3)³
*3)³ 3UHVLGHQWH HO FRQJUHVLVWD QR VH KD VRPHWLGR
SXHVORKHPRVVRPHWLGRSRUODVDFXVDFLRQHV
<RWUDFRVDQRHVWR\REVHVLRQDGDFRQpOHQWRGRFDVRODSREODFLyQHVWiHVSHUDQGRXQD
DFWLWXG PiV FRKHUHQWH \ \R VH OD KH VROLFLWDGR \D HQ YDULDV RSRUWXQLGDGHV SRUTXH HV HO
SXHEOR VRQ ORV PHGLRV GH FRPXQLFDFLyQ ORV WZXLWHU D ORV TXH OHV JXVWDQ WDQWR DO
IDFHERRNTXHVHFRPXQLFDQWDQWRSRUDKtORVTXHHVWiQGLFLHQGRStGDQOHXVWHGHVTXp
KDFHQ DKt FRPR VL QR KXELHUD SDVDGR QDGD < HV SRU HVR TXH \R OH LQYLWR D KDEODU \
RMDOiTXHDOKDFHUXVRGHODSDODEUDQRVGpPiVOXFHVVREUHHVWHWHPD
4Xp GLFH +XUWDGR 3R]R 5HVXOWDUtD FRQWUDSURGXFHQWH DFHSWDU FRPR XQ FULWHULR FRPR HO
GH LPSUHVFULSWLELOLGDG TXH SRGUtD FRQGXFLU D XQD FRQWLQ~D SURORQJDFLyQ GH OD
FRPSHWHQFLD GHO (VWDGR SDUD FDVWLJDU GHSRVLWDQGR HQ HVWH XQ SRGHU H[FHVLYR TXH
WHUPLQDUtDGHELOLWDQGRODVHJXULGDGMXUtGLFD
6HxRU\DKDRFXUULGR(FXDGRU\KDRFXUULGRHQ%ROLYLDTXHWLHQHQHVWDQRUPD¢4XLpQHV
WLHQHQHVWDQRUPD"6RODPHQWHORVSDtVHVGHO$OED
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 3RU IDYRU ~OWLPR PLQXWR FRQJUHVLVWD
SDUDWHUPLQDU
/D VHxRUD 6$/*$'2 58%,$1(6 *3)³
*3)³ 3RU HVR TXH GLJR TXH HO &RQVHMR 'LUHFWLYR
GHEHUtDFRORFDUORVWLHPSRVFRQDFXHUGRGHORVSRUWDYRFHVSDUDVDEHUFXDQWRWLHPSRYD
DWHQHUXQRHQHVWRVFDVRVTXHVRQWDQLPSRUWDQWHV\QRGHLUPLQXWRHQPLQXWRHVPX\
LPSRUWDQWHTXHHO&RQVHMR'LUHFWLYRVHUH~QD
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ (VWR\FXPSOLHQGRFRQODQRUPDVHxRUD
FRQJUHVLVWD QDGLH OH HVWi FRUWDQGR HO XVR GH OD SDODEUD FXPSOD FRQ VX PLQXWR \ SRU
IDYRUQRTXHUHPRVHQWUDUHQGHEDWH
3URVLJD
/DVHxRUD6$/*$'258%,$1(6*3)³
/DVHxRUD6$/*$'258%,$1(6*3)³6tSXHVYR\GHPLQXWRHQPLQXWR
0DUFR ,ED]HWD 5D~O )HUUHUR &pVDU 6DQ 0DUWtQ HVWiQ RSLQDQGR HQ FRQWUD \ 5REHUWR
3HUHLUDSURIHVRUGHOD8QLYHUVLGDG&DWyOLFDODTXHXVWHGHVWDQWRFDVROHKDFHQVHxRU
0RGLILTXHPRVHODUWtFXOR\PRGLILTXHPRVHO&yGLJR3URFHVDO3HQDO\DXPHQWHPRVODV
SHQDVSDUDTXHQRUHJUHVHQORVFRUUXSWRVDXPHQWHPRVODSHQD(VRVtYDDVHUYHDPRV
D TXLHQHV FRQWUDWDPRV HQ OD DGPLQLVWUDFLyQ S~EOLFD 1R FRQWUDWHPRV SDULHQWHV \ QR
FDVWLJXHPRV SRU HO ODGR PiV GHOJDGR 6L TXHUHPRV YHUGDGHUDPHQWH FRPEDWLU OD
FRUUXSFLyQKDJiPRVORELHQ\QRFRQSRVLFLRQHVGHPDJyJLFDV
*UDFLDV
(O VHxRU 35(6,'(17(
35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ (Q HO XVR GH OD SDODEUD HO VHxRU
FRQJUHVLVWD2PDU&KHKDGH
(OVHxRU&+(+$'(02<$1*3³
(OVHxRU&+(+$'(02<$1*3³0XFKDVJUDFLDVVHxRU3UHVLGHQWH
6t HIHFWLYDPHQWH OD SUHVFULSFLyQ GH ORV GHOLWRV SRU HO WUDQVFXUVR GHO WLHPSR VRQ
EiVLFDPHQWHODQRUPD\ODH[FHSFLyQHVODLPSUHVFULSWLELOLGDG
+DFHDOJXQRVDxRVOD&RQYHQFLyQ,QWHUDPHULFDQDGH'HUHFKRV+XPDQRVDSUREyFRQOD
JUDQ PD\RUtD \ FRQ OD VXVFULSFLyQ GHO JRELHUQR SHUXDQR HVWD VXVFULSFLyQ D OD
LPSUHVFULSWLELOLGDG SDUD ORV GHOLWRV FRPHWLGRV FRQWUD ORV GHUHFKRV KXPDQRV OOiPHVH
GHVDSDULFLyQ IRU]DGD HQWUH RWURV GHOLWRV HMHFXFLRQHV H[WUDMXGLFLDOHV \ TXH HO &yGLJR
3HQDOHOFyGLJRVXVWDQWLYRORWUDHFRQVLJR
3HURHVHYLGHQWHTXHSRUXQWHPDVHxRU3UHVLGHQWHGHSROtWLFDFULPLQDOQRVRWURVKHPRV
SURSXHVWRKDVLGRQXHVWUDEDQGHUDGHOXFKDQXHVWUDEDQGHUDGHEDWDOODTXHORVGHOLWRV
FRPHWLGRV SRU ORV DOWRV IXQFLRQDULRV S~EOLFRV GHOLWRV GH FRUUXSFLyQ GH IXQFLRQDULRV
S~EOLFRV WDPELpQ VHDQ LPSUHVFULSWLEOHV /DV QRUPDV VRQ YDULDEOHV VHJ~Q ODV QHFHVLGDGHV
GHORVSXHEORV\VHJ~QODVGHPDQGDVSRSXODUHVVHxRU3UHVLGHQWH
<HVSRUHOORTXHHQXQJHVWRTXHQRVRODPHQWHHVGHQXHVWUDEDQFDGDVLQRWDPELpQGH
RWUDVWDPELpQGHODGHPDQGDSRSXODUKDVXJHULGRTXHHVWRVGHOLWRVGHFXHOOR\FRUEDWD
QR VHDQ SUHVFULSWLEOHV SRU HO WUDQVFXUVR GHO WLHPSR \ SRU XQD UD]yQ VHQFLOOD VHxRU
3UHVLGHQWH <R HVWR\ GH DFXHUGR FRQ HO FRQJUHVLVWD $JXLQDJD TXH ODV VROXFLRQHV QR
VRODPHQWH GHPDQGDQ UHSUHVLyQ R OD LPSUHVFULSWLELOLGDG VLQR WDPELpQ DKRQGDU HQ ORV
YDORUHVHGXFDWLYRVpWLFRV\PRUDOHVHQORVFROHJLRV\HQODVXQLYHUVLGDGHVORTXHQRVRWURV
GHQRPLQDPRV GH DOJXQD PDQHUD HO FRQWURO LQIRUPDO GH ORV FLXGDGDQRV FROHJLRV
XQLYHUVLGDGHVFHQWURVUHOLJLRVRV
3HUR HV LPSRUWDQWH GHFLU VHxRU 3UHVLGHQWH TXH OD LPSUHVFULSWLELOLGDG SDUD ORV GHOLWRV GH
FRUUXSFLyQ GH IXQFLRQDULRV WDPELpQ WLHQH XQ EDVDPHQWR HQ HVWH DVSHFWR 6HxRU
3UHVLGHQWHHOFRQJUHVLVWD*DPDUUDPHVROLFLWDXQDSHTXHxDLQWHUUXSFLyQ
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 3DUD XQD LQWHUYHQFLyQ FRQJUHVLVWD
*DPDUUD
(OVHxRU*$0$55$6$/'Ì9$51*3³
(OVHxRU*$0$55$6$/'Ì9$51*3³*UDFLDVVHxRU3UHVLGHQWH
&RPR VH KD YLVWR FUHR TXH KD\ DOJXQRV FRQJUHVLVWDV GH )XHU]D TXH QR HVWiQ GH
DFXHUGRFRQODVROLFLWXGGHLPSUHVFULSWLELOLGDGGHORVGHOLWRVGHFRUUXSFLyQ
<RTXLHURVLPSOHPHQWHKDFHUOHVUHFRUGDU\FUHRTXHGHEHQREHGHFHUDODH[FDQGLGDWDGH
)XHU]DDODVHxRUD.HLNRTXHRIUHFLyHOGHDEULOHQHO&ROHJLR0pGLFRDODV
GHODQRFKHODLPSUHVFULSWLELOLGDGGHORVGHOLWRVGHFRUUXSFLyQ
(Q HVH FRQWH[WR GHEHUtDQ REHGHFHU D VX Pi[LPD OtGHU TXH VROLFLWy HQ DOJ~Q PRPHQWR \
RIUHFLyDOSXHEORODLPSUHVFULSWLELOLGDG<SRURWURODGRDOLJXDOTXHORVFRQJUHVLVWDVGHOD
EDQFDGD GH *DQD 3HU~ VH VRPHWHQ D ODV GLVWLQWDV LQVWDQFLDV SDUD VHU LQYHVWLJDGRV
WDPELpQ GHEHUtDQ VRPHWHUVH ORV FRQJUHVLVWDV GH OD $OLDQ]D )XHU]D D DFXGLU DO
OODPDGRGHO3RGHU-XGLFLDOFXDQGRVRQFLWDGRVSDUDHVFXFKDUVXVHQWHQFLD
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³&RQWLQ~HFRQJUHVLVWD2PDU&KHKDGH
(OVHxRU&+(+$'(02<$1*3³
(OVHxRU&+(+$'(02<$1*3³$FiXQRVPLQXWRVVRODPHQWHSDUDGHFLUORVLJXLHQWH
(OREMHWRGHODLPSUHVFULSWLELOLGDGSDUDORVGHOLWRVGHFRUUXSFLyQGHIXQFLRQDULRVUDGLFDHQ
OR VLJXLHQWH TXH OD PD\RU SDUWH GH OD JHQWH GH ORV IXQFLRQDULRV S~EOLFRV TXH FRPHWHQ
HVWHWLSRGHGHOLWRVVRQJHQWHQRVRODPHQWHGHFXHOOR\FRUEDWDVLQRJHQWHTXHHVSHFXODR
PDOYHUVD PLOORQHV GH GyODUHV \ WLHQH SRU VXSXHVWR XQD UHG GH WUiILFRV GH SHUVRQDV GH
DVRFLDFLyQLOtFLWDGRQGHHVWDJHQWHSXHGHHVFDSDUDRWURVSDtVHVD(XURSDD2FHDQtD\
VRQGLItFLOPHQWHLGHQWLILFDEOHV
(VFRPSOLFDGDODSHUVHFXFLyQMXGLFLDOMXUtGLFD\DVHDYtDH[WUDGLFLyQRYtDSROLFLDORYtD
OD,QWHUSROSDUDSRGHUGHDOJXQDPDQHUDGHWHQHUORV\TXHUHJUHVHQDOSDtVGHRULJHQTXH
KD VROLFLWDGR XQD H[WUDGLFLyQ DFWLYD \ HV SRU HOOR TXH REHGHFLHQGR D HVWH SRGHU
HFRQyPLFR VH KDFH GH WRGDV PDQHUDV LQGHIHFWLEOH TXH OD OH\ GH LPSUHVFULSWLELOLGDG VH
KDJDQHFHVDULDHQFXDQWRDVXDSUREDFLyQ
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 'pOH XQ PLQXWR SRU IDYRU DO VHxRU
&KHKDGHSDUDTXHWHUPLQH
(O VHxRU &+(+$'( 02<$ 1*3³
1*3³ (IHFWLYDPHQWH HVDV SHUVRQDV PLQLVWURV
IXQFLRQDULRV FRQJUHVLVWDV H[ SUHVLGHQWHV GH OD 5HS~EOLFD TXH IXJDQ GHO SDtV WLHQHQ HO
SRGHUHFRQyPLFRORVFRQWDFWRVQHFHVDULRVSDUDSRGHUHVFRQGHUVHSRUHMHPSORHOFDVR
GHOVHxRU0DOFD
8QRTXHKDWUDEDMDGRHQOD3URFXUDGXUtDVDEHTXHKDVWDHOGtDKR\HOJHQHUDOHQUHWLUR
9tFWRU0DOFD9LOODQXHYDHVLQXELFDEOH\VLHVLQXELFDEOHHVSRUTXHFXHQWDFRQPLOORQHV
GH GyODUHV TXH KD GHVIDOFDGR TXH KD PDOYHUVDGR R TXH VH KD HQULTXHFLGR GH PDQHUD
LOtFLWD D WUDYpV GHO (UDULR 1DFLRQDO \ HV SRU HOOR TXH HVWD JHQWH DSURYHFKD HVH GLQHUR
FRPRSDUDSRGHUIXJDU\QRSRGHUVHUGHDOJXQDPDQHUDGHWHQLGRLQWHUFHSWDGR\DVHD
SRU,QWHUSRORYtDXQDH[WUDGLFLyQMXGLFLDO
(VD HV OD SULQFLSDO FDXVD SDUD QRVRWURV SHGLU OD LPSUHVFULSWLELOLGDG GH ORV GHOLWRV GH
FRUUXSFLyQGHIXQFLRQDULRVKDVLGREDQGHUDGHEDWDOODQXHVWUDHQODFDPSDxD\FUHRTXH
HOGtDGHKR\HVKLVWyULFRFXPSOLUOD
0XFKDVJUDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ (QHOXVRGHODSDODEUDHOFRQJUHVLVWD
-DLPH'HOJDGR
(OVHxRU'(/*$'2=(*$55$1*3³
(OVHxRU'(/*$'2=(*$55$1*3³ 6HxRU3UHVLGHQWHHOSDtVHVWiFDQVDGRGHWDQWD
FRUUXSFLyQ/DFRUUXSFLyQHVXQDODFUDHVXQFiQFHUTXHHVWiDIHFWDQGRDODVRFLHGDG\
HVWiDIHFWDQGRSDUWLFXODUPHQWHDORVPiVSREUHVSRUTXHVRQUHFXUVRVTXHGHEHUtDQOOHJDU
D VX GHVWLQR \ QXQFD OOHJD SUHFLVDPHQWH SRU OD VREUHYDORUDFLyQ GH ODV REUDV SRU ODV
FRPLVLRQHVODVFRLPDVHWFpWHUD
(VWHSUR\HFWRORTXHEXVFDHVGDUXQDVHxDOSROtWLFDXQPHQVDMHFODURDOSDtVGHTXHORV
IXQFLRQDULRV S~EOLFRV QR SXHGHQ UHIXJLDUVH HQ OD SUHVFULSWLELOLGDG HV GHFLU QR SXHGHQ
UHIXJLDUVHHQHOWUDQVFXUULUGHOWLHPSRGRQGHODOH\GLFHYDPRVDROYLGDU
6LQRVHMX]JyHVWRHQGHWHUPLQDGRWLHPSRYDPRVDROYLGDUSHURHVWRQRHVWiJHQHUDQGR
LQHVWDELOLGDG MXUtGLFD SDUD QDGLH SRUTXH DTXHOOD SHUVRQD TXH HQ HO SHUtRGR TXH
FRUUHVSRQGtD VH VRPHWLy D OD OH\ \ WLHQH XQD VHQWHQFLD TXH GLJD TXH HV FXOSDEOH R HV
LQRFHQWHSRUVXSXHVWRTXHHVWDPRVKDEODQGR\DGHXQFDVRMX]JDGR\XQDFRVDMX]JDGD
QRSXHGHREYLDPHQWHUHYLYLUVHFRQHOWUDQVFXUULUGHOWLHPSR
/R TXH QRV HVWDPRV UHILULHQGR HV D QR UHIXJLDUVH QR HOXGLU OD MXVWLFLD \ VLPSOHPHQWH
DUJXPHQWDUTXHFRPRWUDQVFXUULyHOWLHPSR\DQDGLHSXHGHMX]JDUHVRVKHFKRV
0HSLGHXQDLQWHUUXSFLyQHOVHxRU)UHG\2WiUROD
(O
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 3DUD XQD LQWHUUXSFLyQ HO FRQJUHVLVWD
2WiUROD
(OVHxRU27É52/$3(f$5$1'$1*3³
(OVHxRU27É52/$3(f$5$1'$1*3³6t3UHVLGHQWHPX\EUHYH
+D\ TXH UHFRUGDU TXH QR VROR VH HVWi YLHQGR OD LPSUHVFULSWLELOLGDG (Q HO GLFWDPHQ
SODQWHDPRVDGHPiV\HVRQRVHHVWiGHEDWLHQGRODVDQFLyQDOFRUUXSWRUFRQODPLVPD
SHQDTXHHOFRUURPSLGRDHVHHPSUHVDULRTXHLOHJDOPHQWHRWRUJDHOGLH]PR\TXHKR\
GtDQRVHOHVDQFLRQDFRQHOSHVRTXHVHOHVDQFLRQDDXQIXQFLRQDULRS~EOLFRHVWDPRV
SODQWHDQGRWDPELpQHVR
$GHPiV HVWDPRV SODQWHDQGR XQD LQKDELOLWDFLyQ PXFKR PiV GXUD SDUD TXLHQHV
FRPHWLHURQ JUDYH GHOLWR HQ DJUDYLR GHO (VWDGR HQWRQFHV VRQ WUHV WHPDV TXH HVWDPRV
YLHQGR3UHVLGHQWH
*UDFLDV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³&RQWLQ~HFRQJUHVLVWDSRUIDYRU
(OVHxRU'(/*$'2=(*$55$1*3³
(OVHxRU'(/*$'2=(*$55$1*3³ /DFRUUXSFLyQHQQXHVWURSDtVVHxRU3UHVLGHQWH
HV WDQ JUDQGH TXH DIHFWD HVWUXFWXUDV WDQ GHOLFDGDV SRU HMHPSOR HQ HO WHPD HGXFDWLYR
7RGRV ORV DxRV YHPRV SRU HMHPSOR TXH ODV HGLWRULDOHV OHV SDJDQ FRLPDV D DOJXQRV
SURIHVRUHV \ D DOJXQRV GLUHFWRUHV SDUD TXH REOLJXHQ D GHWHUPLQDU FLHUWR WLSR GH WH[WRV
REOLJDQGR D ORV SDGUHV D TXH SDJXHQ VROHV SRU XQ WH[WR TXH SRGUtDQ SDJDU
DSHQDVVROHV$HVRVQLYHOHVHVWiOOHJDQGRODFRUUXSFLyQ
(QWRQFHV HIHFWLYDPHQWH QR VROR HV DO IXQFLRQDULR S~EOLFR HV WDPELpQ DO TXH HVWi
FRUURPSLHQGR DO TXH HVWi RIUHFLHQGR HVWDV YHQWDMDV HVWDV GiGLYDV TXH ILQDOPHQWH
WHUPLQDQWUDVODGiQGRVHDORVSDGUHVGHIDPLOLD
0HSLGHXQDVHJXQGDLQWHUUXSFLyQHOFRQJUHVLVWD$JXLQDJD
(O VHxRU
VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 3DUD XQD LQWHUUXSFLyQ HO FRQJUHVLVWD
$JXLQDJD
(OVHxRU$*8,1$*$5(&8(1&2*3)³
(OVHxRU$*8,1$*$5(&8(1&2*3)³*UDFLDVFRQJUHVLVWD'HOJDGR
(IHFWLYDPHQWH OD LPSUHVFULSWLELOLGDG YLROD ORV SULQFLSLRV GH VHJXULGDG MXUtGLFD HVR D
QRVRWURVQRVTXHGDFODURSRUTXHODHVSHUDLQGHILQLGDGHXQDDFWXDFLyQGHOPLQLVWHULRR
GHODMXVWLFLDUHDOPHQWHHVDWHQWDWRULRFRQWUDORVSULQFLSLRVGHVHJXULGDGMXUtGLFD
(OGHUHFKRDODGHIHQVD7RGRVVDEHPRVTXHHQHOWLHPSRODVSUXHEDVVHYDQERUUDQGR\
OXHJRWHQHPRVHOGHUHFKRDVHUMX]JDGRVHQXQSOD]RUD]RQDEOH
(VWDPRVSULYLOHJLDQGRODLQHILFLHQFLDGHO(VWDGRSRQLHQGRXQDLPSUHVFULSWLELOLGDG5HLWHUR
WHQHPRVTXHWUDEDMDUSDUDTXHODVLQVWLWXFLRQHVTXHOXFKDQFRQWUDODFRUUXSFLyQFXPSODQ
QRVRODPHQWHVXIXQFLyQVLQRWDPELpQHQSOD]RVGHILQLGRV
<KDEODQGRGHFXPSOLUWDPELpQOHSXHGRUHFRUGDUDOFROHJDODVSURPHVDVGHFDPSDxD
LQFXPSOLGDVFRPRHVWDTXHGLFH*DVDVROHVSRUIDYRU
0XFKDVJUDFLDV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³&RQWLQ~HFRQJUHVLVWDSRUIDYRU
(OVHxRU'(/*$'2=(*$55$1*3³
(OVHxRU'(/*$'2=(*$55$1*3³ 6HxRU3UHVLGHQWHQRVHSXHGHVLELHQHVFLHUWR
ODSUHVFULSFLyQHVXQDILJXUDMXUtGLFDDSOLFDEOHHQGLYHUVDVLQVWLWXFLRQHVGHOGHUHFKRSDUD
TXH FRQ HO WUDQVFXUULU GHO WLHPSR GLJDPRV HVWR VH ROYLGH R QR SXHGD DSOLFDUVH
GHWHUPLQDGRVMX]JDPLHQWRVDTXtHVWDPRVIUHQWHDXQDVLWXDFLyQH[FHSFLRQDOHVWDPRVHQ
VLWXDFLRQHV HQ ODV TXH SHUVRQDV DFRJLpQGRVH D OD SUHVFULSFLyQ HOXGHQ OD
UHVSRQVDELOLGDGHVOHJDOHVIUHQWHDORTXHHVODDIHFWDFLyQGHOSDWULPRQLRGHO(VWDGR
3HURLQVLVWRHQTXHODMXVWLFLDHIHFWLYDPHQWHWLHQHTXHLQWHUYHQLU\GHPDQHUDRSRUWXQDR
VHDDTXtHVWDPRVKDEODQGRGHVLWXDFLRQHVH[FHSFLRQDOHVGRQGHDOJXLHQDFRJLpQGRVHDO
WUDQVFXUULUGHOWLHPSRRDOWLHPSRWUDQVFXUULGRHVTXHHOXGHHVWDOH\SHURHIHFWLYDPHQWH
HO SDtV \ ODV LQVWLWXFLRQHV WLHQHQ TXH LQWHUYHQLU HQ HO PRPHQWR RSRUWXQR SDUD HYLWDU TXH
FDLJDPRVHQHVWDVLWXDFLyQ
*UDFLDV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³0XFKDVJUDFLDVFRQJUHVLVWD
7LHQHHOXVRGHODSDODEUDHOFRQJUHVLVWD5XEpQ&RQGRUL
(O VHxRU &21'25, &86, 1*3³
1*3³ 6HxRU 3UHVLGHQWH Vt HIHFWLYDPHQWH SDUHFH TXH KD\
EDVWDQWHSUHRFXSDFLyQSDUDTXHORVGHOLWRVGHFRUUXSFLyQVtSUHVFULEDQSHURQRHVDVt(O
SDtV H[LJH TXH ORV GHOLWRV GH FRUUXSFLyQ HV GHFLU ORV GHOLWRV FRPHWLGRV GHVGH HO SRGHU
SULQFLSDOPHQWHSRUORVGHFXHOOR\FRUEDWDHOSDtVQRGHEDROYLGDU
&XDQGRKDEODPRVGHSUHVFULSFLyQRQRSUHVFULSFLyQQRVUHIHULPRVHVHQFLDOPHQWHDTXHVL
HO(VWDGRGHEHRQRROYLGDUSDVDGRXQFLHUWRWLHPSR
2WUD HV OD VLWXDFLyQ GH OHJLVODFLyQ FXDQGR SRGHPRV LQFUHPHQWDU OD SHQD SDUD
GHWHUPLQDGRV GHOLWRV HV RWUD GLVFXVLyQ QR HV HO WHPD (O DVXQWR HVWi DTXt TXH VL HO
(VWDGRGHEHRQRROYLGDUORVGHOLWRVFRPHWLGRVSRUORVFRUUXSWRV
$KRUD HQ OD QRUPD TXH VH SURSRQH VH KDEODGH GHOLWRV JUDYHV 1R VH HVWi UHILULHQGR D
WRGRV ORV GHOLWRV GH FRUUXSFLyQ PHQRUHV VLQR HVHQFLDOPHQWH D ORV JUDYHV SRUTXH HQ HO
SDtV KDQ KDELGR VLQYHUJHQ]DV TXH KDQ UREDGR QR KDQ GHPRVWUDGR VX LQRFHQFLD KDQ
IXJDGR GHO SDtV \ SDVDGR FLHUWR WLHPSR UHWRUQDQ DO SDtV \ GLFHQ VR\ LQRFHQWH KH VLGR
SHUVHJXLGRSROtWLFRHVHHVHOSUREOHPD<PXFKRVIXQFLRQDULRVSRVWXODQDOD3UHVLGHQFLD
GHOD5HS~EOLFDPXFKRVIXQFLRQDULRVVRQQXHYDPHQWHFRQJUHVLVWDVQXHYDPHQWHDOFDOGHV
QXHYDPHQWHSUHVLGHQWHVGHODUHJLyQ(OHMHPSORORWLHQHQTXHGDUODVDXWRULGDGHV
-XVWDPHQWHSDUDHOIXQFLRQDULRS~EOLFRSDUDHOFRUUXSWRGREOHVDQFLyQGREOHSHQDQR
ROYLGR GH HVR VH WUDWD ¢3RU TXp WHQHPRV TXH GHIHQGHU OD SUHVFULSFLyQ" ¢3RU TXp HO
ROYLGR"-XVWDPHQWHFRQRFHPRVODVOLPLWDFLRQHVGHO3RGHU-XGLFLDOGHOVLVWHPDMXGLFLDO\
ODVOLPLWDFLRQHVWLHQHQTXHYHUPXFKRFRQWULTXLxXHODVDUJXPHQWRVDUJXFLDVSDUDHYLWDU
MXVWDPHQWHTXHDVXPDQVXUHVSRQVDELOLGDG
/R TXH VH H[LJH FRQ HVWD QRUPD HVHQFLDOPHQWH HV QR KD\D HVFDSDWRULD TXH DVXPD VX
UHVSRQVDELOLGDGTXHVHSUHVHQWHDQWHHO3RGHU-XGLFLDODQWHODVLQVWDQFLDVMXGLFLDOHV1R
KD\SHUVHFXFLyQSROtWLFD¢TXpWHPRU"¢3RUTXpVHDVXVWDQ"
0XFKDVJUDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³$XVWHGVHxRUFRQJUHVLVWD
(QHOXVRGHODSDODEUDODVHxRUDFRQJUHVLVWD/RXUGHV$OFRUWD
/DVHxRUD$/&257$68(52$3*&³
/DVHxRUD$/&257$68(52$3*&³ <RFUHRTXHODHVWDPSDGHHVWHPRPHQWRHVDO
SDUHFHUTXHHVWDPRVORVXQRVFRQWUDORVRWURV<RFUHRTXHQRHVDVtKD\WHPDVTXHQRV
GHEHQXQLU(QRWUDVFRVDVVtSRGHPRVWHQHUXQREMHWLYRSHURFDPLQRVGLIHUHQWHV
1DGLHHVWiHQFRQWUDGHODSURSXHVWDSHURKD\TXHOHHUXQSRFRODKLVWRULDSRUTXHQRHV
HO JRELHUQR DQWHULRU QL HO DQWHULRU QL HO DQWHULRU QL HO DQWHULRU /DPHQWDEOH SDWpWLFD \
GUDPiWLFDPHQWHHVTXHHVXQKHFKRKLVWyULFR'HVGHOD,QGHSHQGHQFLDWRGDOD5HS~EOLFD
QXHVWUD GHVGH TXH YLQR 6DQ 0DUWtQ OD GHXGD 'UH\IXV SDJDPRV OD ,QGHSHQGHQFLD
WXYLPRVTXHSDJDUOHD(VSDxDOD,QGHSHQGHQFLDOD*XHUUDFRQ&KLOHODPHQWDEOHPHQWH
HV XQD KLVWRULD ODPHQWDEOH WUDXPiWLFD \ SDWpWLFD 3HUR QR VH VHSDUD WDPSRFR OD SDUWH
DQFHVWUDO DPD VXD DPD TXHOOD DPD OOXOOD QR UREDUiV QR PHQWLUiV QR VHUiV RFLRVR
WHQtDQVXUHJODPHQWRHQHOLQFDULRSDtVPLOHQDULRFRPRHO3HU~
1DGLH HVWi HQ FRQWUD GH FRQGHQDU WRGRV ORV GHOLWRV HIHFWLYDPHQWH \ OR KH GLFKR YDULDV
YHFHVFXiQWRVVRQORVTXHOXFKDQDSDVLRQDGDPHQWHFRQWUDODFRUUXSFLyQ7RGRVOXFKDQ
FRQWUDODFRUUXSFLyQORVHQFRUEDWDGRV\ORVQRHQFRUEDWDGRVWRGRHOPXQGR(QXQSDtV
PX\LQIRUPDODGHPiVWRGRVOXFKDQFRQWUDODFRUUXSFLyQ
+D\ PXFKRV DSDVLRQDGRV TXH UHFODPDQ \H[LJHQ VLWXDFLRQHV SHUR TXH VX FRQGXFWD HQ
JHQHUDOGHMDPXFKRTXHGHVHDU
(QWRQFHVQDGLHHVWiHQDFXHUGRSDUDGHFLUFRQIRUPDEDUDWDSRUHMHPSORTXHFyPRQR
VH YD D DSUREDU ¢4XLpQ HVWi HQ FRQWUD" ¢$ TXLpQ VH DSODXGH" ¢(Q TXp PRPHQWR VH
DSODXGH" ¢'HSHQGH TXLpQ HV DO TXH VH DSODXGH" /D FRUUXSFLyQ HV OD FRUUXSFLyQ SDUD
WRGRHOPXQGRDUULEDDOPHGLR\DEDMR
3RU PiV TXH VH DSUXHEH HVWD OH\ HO GtD GH KR\ FRQ OD TXH QDGLH HVWi HQ FRQWUD QR VH
VROXFLRQDHOSUREOHPDSRUTXHHVXQWHPDGHDFWLWXGGHYLGDGHVGHHOQDFLPLHQWRGHVGH
ODFRQFHSFLyQHVFRQGXFWDGHYLGDHODUPDUXQDHVWUXFWXUDGHYLGDFRQGHFHQFLD1RHV
XQ WHPD GH VDOLU DFi DO SURWDJRQLVPR GH VHU XQR ORV FRUUXSWRV \ ORV RWURV ORV
FRUURPSLGRV XQRV ORV GHFHQWHV \ ORV RWURV ORV LQPRUDOHV 1DGLH VH OLEUD
ODPHQWDEOHPHQWH GH HVWD VLWXDFLyQ VLHQGR XQ SDtV FRQ JHQWH GHFHQWH FRUUHFWD SRUTXH
FODURTXHODVKD\\VRPRVPXFKRVJHQWHGHFHQWH\FRUUHFWDPXFKRVGHORVTXHHVWDPRV
DFi $OJXQDV LQFRQGXFWDV GH FXDOTXLHUD GH ODV SDUWHV QR QRV KDFH XQ SDtV FRUUXSWR
WDPSRFR3HURKD\TXHOHHUXQSRFRGHKLVWRULD\VXVWHQWDUFRQDUJXPHQWRV
1R VRPRV ORV XQRV FRQWUD ORV RWURV SHUR HV XQ WHPD GH TXp HV OR TXH WHQHPRV TXH
KDFHU FyPR VROXFLRQDU PiV DOOi GH HVWD SURSXHVWD GH OH\ TXp HV OR TXH WHQHPRV TXH
VROYHQWDU GHVGH GyQGH GHVGH FXiQGR SDUD TXH ODV JHQHUDFLRQHV TXH VH VLHQWHQ DFi
GHVSXpVGHO%LFHQWHQDULRQRHVWpQHQHOPLVPRGLVFXUVR\KDEODQGRHOPLVPRWHPDWUHV
FXDWUR\FLQFRYHFHVPiVFyPRKDFHPRVSDUDTXHODFRQGXFWDGHWRGRVODFRQGXFWDGH
WRGRVQRVRWURVVHDXQDFRQGXFWDGHFHQWHKRQHVWDKRQUDGDFRPR'LRVPDQGDHVRHV
ORTXHWHQHPRVTXHDSXQWDUWRGRV1DGLHHVHQHPLJRGHQDGLH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³3DUDTXHFRQFOX\DVHxRUDFRQJUHVLVWD
/DVHxRUD$/&257$68(52$3*&³
/DVHxRUD$/&257$68(52$3*&³PHSLGHXQDLQWHUUXSFLyQ)UHG\2WiUROD
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 1R WLHQH WLHPSR VRODPHQWH SDUD TXH
GHVSXpVHOFRQJUHVLVWDSXHGDLQWHUYHQLU
/D VHxRUD $/&257$ 68(52
68(52 $3*&³
$3*&³ ORV XQRV SDUD ORV RWURV QDGD SXHGR KDFHU
FRQFOX\R3UHVLGHQWH
<R FUHR TXH KD\ TXH IRUWDOHFHU FRQ FRPSURPLVRV GH UHSHQWH PRUDOHV D LQVWLWXFLRQHV
FRPROD)LVFDOtDFRPRHO3RGHU-XGLFLDOFRPROD3URFXUDGXUtDODDFWLWXGORVFROHJLRV
HVXQFRPEREDVWDQWHJUDQGHSDUD UHVROYHUVRODPHQWHHOGtDGHKR\ DFiHVPiVDWUiV
FRPRHMHPSOR\DFDER
1R HV HO WHPD GHO DERUWR HV WRGD OD SODQLILFDFLyQ IDPLOLDU OD HGXFDFLyQ WRGR QR
SRQJDPRVORVFDEDOORVGHODQWHGHODFDUUHWDWRGRVOXFKDPRVFRQWUDODFRUUXSFLyQ
*UDFLDV3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³$XVWHGFRQJUHVLVWD
(QHOXVRGHODSDODEUDHOFRQJUHVLVWD0DUWtQ%HOD~QGH
(OVHxRU%(/$81'(025(<5$61³
(OVHxRU%(/$81'(025(<5$61³0XFKDVJUDFLDV3UHVLGHQWH
'HER GHFLU TXH KH HVWDGR HVFXFKDQGR PX\ DWHQWDPHQWH WRGDV ODV REVHUYDFLRQHV HQ
WRGDVODVLQWHUYHQFLRQHVHQSDUWLFXODUODSULPHUDLQWHUYHQFLyQGHPLFROHJD)UHG\2WiUROD
\TXLVLHUDGHFLUTXHHVWR\GHDFXHUGRFRQXQDVSHFWRGHODPRGLILFDFLyQSURSXHVWDSRUpO
\ HV OR TXH HVWi FRQWHQLGR HQ OD SDUWH ILQDO GHO WHUFHU SiUUDIR GH OD PRGLILFDFLyQ GHO
DUWtFXOR3DUDHIHFWRVGHODSHQDODVDQFLyQHODXWRUHVLJXDODODGHOSDUWtFLSH
(VWDILJXUDVLPLPHPRULDQRPHWUDLFLRQDHQODGRFWULQDGHO'HUHFKR3HQDOVHGHQRPLQD
H[WUDQHXV\HVDILJXUDH[LVWHHQHO3HU~\H[LVWHHQPXFKRVRWURVSDtVHVFRPRWDPELpQQR
H[LVWHHQRWURVHQWUHHOORV&KLOH<TXLHURGHFLUTXHJUDFLDVDHVDILJXUDVHH[WUDGLWyD
&URXVLOODWSDGUHHKLMRSHUR¢SRUTXpVHOHVH[WUDGLWy"SRUTXHHQOD$UJHQWLQDWDPELpQ
SRU OD YtD MXULVSUXGHQFLDO H[LVWH HVD ILJXUD GH OR FRQWUDULR QR KXELHUDQ SRGLGR VHU
H[WUDGLWDGRV \ SRU HVR GH OD $UJHQWLQD HVFDSDURQ D &KLOH \ HO MXH] DUJHQWLQR FRQ EXHQ
VHQWLGR GH LQPHGLDWR SLGLy VX GHYROXFLyQ D &KLOH \ HO JRELHUQR OR GHYROYLy \ GHVGH
HQWRQFHVHVWiQGHWHQLGRV
(V PX\ LPSRUWDQWH FXDQGR KDEODPRV GH OD SUHVFULSFLyQ WHQHU HQ FXHQWD DGHPiV ORV
GHUHFKRV KXPDQRV \ WHQHU HQ FXHQWD TXH HVWH WLSR GH GHOLWRV TXH VH VXSRQH TXH VRQ
JUDYHVSXHGHRULJLQDUTXHODSHUVRQDKX\DDOH[WUDQMHUR\ORSULPHURTXHYDDGHFLUOD
SHUVRQD TXH KX\H DO H[WUDQMHUR FRPR DVt OR GLMHURQ ORV &URXVLOODW \ WDPELpQ HO VHxRU
6FKXOW] HV TXH VH WUDWD GH XQD SHUVHFXFLyQ SROtWLFD DPSDUDGR HQ XQ DUWtFXOR GH OD
&RQVWLWXFLyQTXHGHFODUDLPSUHVFULSWLEOHODDFFLyQSHQDO\HVRIUXVWUDUtDODH[WUDGLFFLyQ
(QWRQFHV \R FUHR TXH HVWH HV XQ DVSHFWR GH OD &RQVWLWXFLyQ TXH PHUHFH XQD PD\RU
UHIOH[LyQ TXH GHEH LU GH QXHYR D OD &RPLVLyQ GH &RQVWLWXFLyQ R D OD &RPLVLyQ GH
'HUHFKRV +XPDQRV SRUTXH QR HV DGPLVLEOH GHVGH HO SXQWR GH YLVWD OyJLFR QR HV
DGPLVLEOH GHVGH HO SXQWR GH YLVWD OyJLFR TXH HO PLOOyQ GH VHUYLGRUHV S~EOLFRV GH
IXQFLRQDULRVS~EOLFRVGHO3HU~WHQJDQSRUWRGDVXYLGDOD (VSDGDGH'DPyFOHVGHXQD
DFFLyQSHQDO
<R GLJR OR VLJXLHQWH ODV FRQYHQFLRQHV GH OXFKD FRQWUD OD FRUUXSFLyQ OD &RQYHQFLyQ
,QWHUDPHULFDQDGH&DUDFDVGHODxROD&RQYHQFLyQGHODV1DFLRQHV8QLGDVFRQWUDOD
FRUUXSFLyQ GHO DxR QR KDEODQ GH OD LPSUHVFULSWLELOLGDG KDEODQ GHO Pi[LPR
WLHPSR
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 3DUD TXH FRQFOX\D VHxRU FRQJUHVLVWD
0DUWtQ%HOD~QGH
(OVHxRU%(/$81'(025(<5$61³
(OVHxRU%(/$81'(025(<5$61³ KD\TXHWRPDUORHQFXHQWDSRUTXHGHUHSHQWH
HO UHPHGLR SXHGH UHVXOWDU PXFKR SHRU TXH OD FRUUXSFLyQ SRUTXH QR VROR VH WUDWD GH
GHFLUOXFKDPRVFRQWUDODFRUUXSFLyQKD\TXHOXFKDUGHPDQHUDHIHFWLYDUHVSHWDQGRORV
GHUHFKRV KXPDQRV ¢6H UHVSHWDQ HQ HVWH FDVR" ¢+D\ HVD VRPEUD SDUD HVH PLOOyQ GH
VHUYLGRUHVS~EOLFRVGHGHOLWRVJUDYHV"¢4XpGHOLWRVJUDYHVVHxRU"(VWDHVXQDOHJLVODFLyQ
HQEODQFRXQDPRGLILFDFLyQGHOD&RQVWLWXFLyQTXHUHPLWHDXQDOH\SRVWHULRU
6LQFHUDPHQWH \R GLUtD TXH EDMR HVWDV FLUFXQVWDQFLDV HVWH SUR\HFWR GH OH\ WLHQH TXH VHU
UHSHQVDGR\WLHQHTXHYROYHUDOD&RPLVLyQGH&RQVWLWXFLyQ\DOD&RPLVLyQGH'HUHFKRV
+XPDQRV SDUD TXH VH DQDOLFHQ HVWRV DVSHFWRV HQ WRGD VX GLPHQVLyQ LQFOXLGD OD
GLPHQVLyQLQWHUQDFLRQDO
0XFKDVJUDFLDV3UHVLGHQWH
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ $ XVWHG VHxRU FRQJUHVLVWD 0DUWtQ
%HODXQGH
6HxRUHVFRQJUHVLVWDVYDPRVDVXVSHQGHUHVWHGHEDWHSRUDOJXQRVPLQXWRV
680,//$
680,//$
(O VHxRU
VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 9DPRV D GDU HO XVR GH OD SDODEUD DO
FRQJUHVLVWD$OEHUWR%HLQJROHDTXHKDSUHVHQWDGRHOGLFWDPHQGHOWH[WRVXVWLWXWRULRGHOD
/H\GH-XVWLFLD6RFLDO
&RQJUHVLVWD%HLQJROHD
(OVHxRU%(,1*2/($'(/*$'2$3*&³
(OVHxRU%(,1*2/($'(/*$'2$3*&³*UDFLDV3UHVLGHQWH
(IHFWLYDPHQWH\DHVWi\HVSHURTXHKD\DVLGRGLVWULEXLGRDORVGLIHUHQWHVFRQJUHVLVWDVHO
WH[WR VXVWLWXWRULR GH OD /H\ GH -XVWLFLD GH 3D] HQ GRQGH VH KDQ UHFLELGR ORV DSRUWHV GH
WRGRVORVVHxRUHVFRQJUHVLVWDVTXHIXHURQLQGLFDGRVDQWHULRUPHQWH\DGHPiVGHERDxDGLU
ORV DSRUWHV GHO FRQJUHVLVWD 0DUWtQ %HODXQGH HQ FX\D YLUWXG VH HVWi LQFRUSRUDQGR HQ HO
DUWtFXORXQSiUUDIRILQDOTXHGLFHTXHODVDFWXDFLRQHVQRWDULDOHVGHORVMXHFHVGHSD]
VRQVXSHUYLVDGDVSRUHO&RQVHMRGHO1RWDULDGR
<ILQDOPHQWHORVDSRUWHVGHOFRQJUHVLVWD3RUWXJDOHQHOVHQWLGRTXHHQHODUWtFXORGHO
SUR\HFWR LQFLVR GHQWUR GH ORV GHEHUHV GHO MXH] GH SD] VH HVWi SLGLHQGR TXH UHVLGD
SHUPDPHQWHPHQWHVHDxDGHODSDODEUDSHUPDQHQWHPHQWHHQHOOXJDUGRQGHHMHUFHHO
FDUJR
'HODPLVPDPDQHUDXQDSRUWHGHOFRQJUHVLVWD3RUWXJDOHQHOLQFLVR$VHGLFHTXHHO
MXH] GH SD] DFFHGH HO FDUJR D WUDYpV GH ORV VLJXLHQWHV PHFDQLVPRV $ 3RU DFFLyQ
SRSXODU6HDxDGHFRQVXMHFLyQDOD/H\2UJiQLFDGH(OHFFLRQHV
$Vt UHFLELGRV WRGRV ORV DSRUWHV TXH GHWDOODPRV KDFH XQ LQVWDQWH \ HVWRV TXH HVWR\
RIUHFLHQGR HVWi \D HO WH[WR VXVWLWXWRULR TXH GHEH HVWDU HQ PDQR GH FDGD XQR GH ORV
FRQJUHVLVWDV\VROLFLWDUtDDXVWHGVHSRQJDDOYRWR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³0X\ELHQVHxRUFRQJUHVLVWD
+D\ TXH UHFRUGDU D ORV VHxRUHV FRQJUHVLVWDV TXH SRU PRGLILFDFLyQ GH /H\ 2UJiQLFD VH
UHTXLHUH SDUD VX DSUREDFLyQ TXH YRWHQ D IDYRU PiV GH OD PLWDG GHO Q~PHUR OHJDO GH
FRQJUHVLVWDV
3RUIDYRUPDUFDUDVLVWHQFLD
³/RVVHxRUHVFRQJUHVLVWDVUHJLVWUDQVXDVLVWHQFLDPHGLDQWHHOVLVWHPDGLJLWDOSDUDYHULILFDU
/RVVHxRUHVFRQJUHVLVWDVUHJLVWUDQVXDVLVWHQFLDPHGLDQWHHOVLVWHPDGLJLWDOSDUDYHULILFDU
HOTXyUXP
HOTXyUXP
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ +DQ UHJLVWUDGR DVLVWHQFLD VHxRUHV
FRQJUHVLVWDV
$OYRWR
6H HVWi YRWDQGR HO WH[WR VXVWLWXWRULR GH OD /H\ GH -XVWLFLD GH 3D] SUHVHQWDGR HO GH
QRYLHPEUHGHDODV\
³/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRPHGLDQWHHOVLVWHPDGLJLWDO
/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRPHGLDQWHHOVLVWHPDGLJLWDO
³(IHFWXDGDODFRQVXOWDVHDSUXHEDHQSULPHUDYRWDFLyQSRUYRWRVDIDYRUQLQJXQR
HQFRQWUD\QLQJXQDDEVWHQFLyQHOWH[WRVXVWLWXWRULRGHOSUR\HFWRGH/H\GH-XVWLFLDGH3D]
HQFRQWUD\QLQJXQDDEVWHQFLyQHOWH[WRVXVWLWXWRULRGHOSUR\HFWRGH/H\GH-XVWLFLDGH3D]
RULRGHOSUR\HFWRGH/H\GH-XVWLFLDGH3D]
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ +DVLGRDSUREDGRHQSULPHUDYRWDFLyQ
HO3UR\HFWRGH/H\GH-XVWLFLDGH3D]
6HGHMDFRQVWDQFLDGHOYRWRDIDYRUGHORVFRQJUHVLVWDV(JXUHQ*DODUUHWD\8ULEH
YRWRV
'HFRQIRUPLGDGFRQHODUWtFXORƒGHO5HJODPHQWRGHO&RQJUHVRHOSUR\HFWRDSUREDGR
VHUiPDWHULDGHVHJXQGDYRWDFLyQWUDQVFXUULGRVVLHWHGtDVFDOHQGDULR
³(OWH[WRDSUREDGRHVHOVLJXLHQWH
(OWH[WRDSUREDGRHVHOVLJXLHQWH
&23,$5(/7(;72$352%$'2'(/$&7$
&23,$5(/7(;72$352%$'2'(/$&7$
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
H6LPRQ0XQDUR³ &RQJUHVLVWD%HLQJROHDHQHOXVRGHOD
SDODEUD
(OVHxRU%(,1*2/($'(/*$'2$3*&³
(OVHxRU%(,1*2/($'(/*$'2$3*&³*UDFLDV3UHVLGHQWH
6RORSDUDSHGLUGLVSHQVDGHVHJXQGDYRWDFLyQ
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ &RQ OD PLVPD DVLVWHQFLD DO YRWR OD
GLVSHQVDGHODVHJXQGDYRWDFLyQ
³/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
³(IHFWXDGD OD YRWDFLyQ VH DFXHUGD SRU YRWRV D IDYRU QLQJXQR HQ FRQWUD \ XQD
DEVWHQFLyQ H[RQHUDU GH VHJXQGD YRWDFLyQ HO WH[WR VXVWLWXWRULR GHO SUR\HFWR GH /H\ GH
-XVWLFLDGH3D]
-XVWLFLDGH3D]
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³+DVLGRDFRUGDGR
6HGHMDFRQVWDQFLDGHOYRWRDIDYRUGHORVFRQJUHVLVWDV9HOiVTXH]4XHVTXpQ5LPDUDFKtQ
&HQDLGD 8ULEH 2WiUROD 8UTXL]R 5LFKDUG $FXxD 0DUWtQ %HODXQGH *DODUUHWD 7HYHV
$JXLQDJD\5XL]
5HVXOWDGRILQDOFRQJUHVLVWDVDIDYRUFHURHQFRQWUDXQDDEVWHQFLyQ
$QWHV GH VXVSHQGHU HVWD UHXQLyQ VH VROLFLWD D ORV VHxRUHV FRQJUHVLVWDV HO WUiPLWH GH
GLVSHQVDGHDSUREDFLyQGHO$FWDSDUDHMHFXWDUORDFRUGDGRKDVWDHOPRPHQWR
/RVVHxRUHVFRQJUHVLVWDVTXHHVWpQDIDYRUVHUVHUYLUiQH[SUHVDUOROHYDQWDQGRHOEUD]R/RV
TXHHVWpQHQFRQWUDGHODPLVPDPDQHUD/RVTXHVHDEVWHQJDQLJXDOPHQWH
³(IHFWXDGD OD YRWDFLyQ VH DFXHUGD WUDPLWDU WRGRV ORV DVXQWRV WUDWDGRV KDVWD HVWH
PRPHQWRVLQHVSHUDUODDSUREDFLyQGHODFWD
PRPHQWRVLQHVSHUDUODDSUREDFLyQGHODFWD
VLQHVSHUDUODDSUREDFLyQGHODFWD
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³+DVLGRDFRUGDGR
6HVXVSHQGHODVHVLyQH[DFWDPHQWHKDVWDODVKRUDV\PLQXWRV
³6HVXVSHQGHODVHVLyQDODVKRUDV\PLQXWRV
6HVXVSHQGHODVHVLyQDODVKRUDV\PLQXWRV
³6HUHDQXGDODVHVLyQDODVKRUDV\PLQXWRV
6HUHDQXGDODVHVLyQDODVKRUDV\PLQXWRV
\PLQXWRV
³5HDVXPHOD3UHVLGHQFLDHOVHxRU'DQLHO$EXJDWWiV0DMOXI
5HDVXPHOD3UHVLGHQFLDHOVHxRU'DQLHO$EXJDWWiV0DMOXI
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³&RQWLQ~DODVHVLyQ
680,//$
680,//$
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³ 6HxRU5HODWRUVtUYDVHGDUOHFWXUDDODV
PRFLRQHVGHVDOXGR
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
0RFLRQHVGHVDOXGR
0RFLRQHVGHVDOXGR
'H OD FRQJUHVLVWD 6DOJDGR 5XELDQHV (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD 6DOXGDU \
H[SUHVDUVXUHFRQRFLPLHQWRDODSURYLQFLDGH+XDQFD\RHQODSHUVRQDGHVXDOFDOGHVHxRU
'LPDV5XG\$OLDJD&DVWURFRQPRWLYRGHFHOHEUDUHOGHQRYLHPEUHHODQLYHUVDULR
GHFUHDFLyQSROtWLFDGHODSURYLQFLDGH+XDQFD\R
'HO FRQJUHVLVWD 9DOHQFLD 4XLUR] (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD 6DOXGDU D ODV
DXWRULGDGHV\DWRGRVORVKDELWDQWHVGHOGLVWULWRGH&DUXPDVHQRFDVLyQGHFRQPHPRUDUVH
HODQLYHUVDULRGHFUHDFLyQSROtWLFD
'HOFRQJUHVLVWD5HJJLDUGR%DUUHWR/HyQ5RPHUR$JXLQDJD5HFXHQFR0XOGHU%HGR\D(O
&RQJUHVRGHOD5HS~EOLFD$FXHUGD6DOXGDUUHFRQRFHU\IHOLFLWDUDOD2ILFLQDGH&RQWURO
GH OD 0DJLVWUDWXUD 2&0$ HQ OD SHUVRQD GH VX MHIH GRFWRU (QULTXH -DYLHU 0HQGR]D
5DPtUH]FRQPRWLYRGHFRQPHPRUDUHODQLYHUVDULRGHVXFUHDFLyQ
'HOFRQJUHVLVWD&RD$JXLODU(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD6DOXGDU\IHOLFLWDUD
OD SURYLQFLD GH (VSLQDU 5HJLyQ &XVFR DO FRQPHPRUDUVH HO GH QRYLHPEUH HO DQLYHUVDULRGHVXIXQGDFLyQ\DWUDYpVGHVXDOFDOGHHOVHxRU2VFDU$YHOLQR0D\RKXDQFD
&UX]KDFHUH[WHQVLYRHOVDOXGRDWRGRVORVSREODGRUHVHVSLUDQHQFHV
'HO FRQJUHVLVWD 9DOHQFLD 4XLUR] (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD 6DOXGDU D ODV
DXWRULGDGHV \ D WRGRV ORV KDELWDQWHV GHO GLVWULWR GH 6DPHJXD FRQ RFDVLyQ GH
FRQPHPRUDUVHXQDQLYHUVDULRPiVGHFUHDFLyQSROtWLFD
'HOFRQJUHVLVWD)DOFRQt3LFDUGR(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD([SUHVDUVXPiV
FiOLGRVDOXGR\IHOLFLWDFLyQDOD2ILFLQD'HIHQVRULDOGH$UHTXLSDTXHHVWHSUy[LPRGH
QRYLHPEUHFHOHEUDVXGpFLPRTXLQWRDQLYHUVDULRHQVHUYLFLRDIDYRUGHWRGDODFRPXQLGDG
DUHTXLSHxD
'HODFRQJUHVLVWD3pUH]7HOORGH5RGUtJXH]%HLQJROHD'HOJDGR(JXUHQ1HXHQVFKZDQGHU
VLJXHQ ILUPDV (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD ([SUHVDU VX PiV FiOLGR VDOXGR \
IHOLFLWDFLyQ D OD FLXGDG GH +XDFKR DO FHOHEUDUVH HO FHQWpVLPR WULJpVLPR VpSWLPR
DQLYHUVDULRGHVXHOHYDFLyQDODFDWHJRUtDGHFLXGDGFDSLWDOGHODSURYLQFLDGH&KDQFD\
KR\+XDXUD
'HO FRQJUHVLVWD 7DSLD %HUQDO (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD ([SUHVDU HO PiV
IHUYLHQWH VDOXGR \ IHOLFLWDFLRQHV D ORV DFFLRQLVWDV SHUVRQDO DGPLQLVWUDWLYR SHULRGLVWDV \
VHUYLFLRGHOGLDULR/D5HS~EOLFDSRUFRQPHPRUDUVHHOGHQRYLHPEUHVXDQLYHUVDULR
GHIXQGDFLyQ
'HOFRQJUHVLVWD)DOFRQt3LFDUGR(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD([SUHVDUVXPiV
FiOLGR VDOXGR \ IHOLFLWDFLyQ DO GLVWULWR GH OD 9LOOD GH &DLPD $UHTXLSD FRQ RFDVLyQ GH
FRQPHPRUDUVHXQDQLYHUVDULRPiVGHFUHDFLyQSROtWLFD
'H OD FRQJUHVLVWD 2PRQWH 'XUDQG GH '\HU (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD
([SUHVDU VX VDOXGR HIXVLYR D OD SREODFLyQ \ DXWRULGDGHV GHO GLVWULWR GH <DX\DSLFKLV
SURYLQFLDGHO3XHUWR,QFD5HJLyQ+XiQXFRDOFHOHEUDUHVWHGHQRYLHPEUHVXYLJpVLPR
VpSWLPRDQLYHUVDULRGHFUHDFLyQSROtWLFD
'H OD FRQJUHVLVWD 6DOJDGR 5XELDQHV (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD 6DOXGDU \
IHOLFLWDUDOD8QLYHUVLGDG-DLPH%DX]DWH\0H]DHQODSHUVRQDGHOGLUHFWRUJHQHUDOGRFWRU
-RVp&DVLQR&ROOD]RVFRQPRWLYRGHFHOHEUDUVHHOWHUFHUDQLYHUVDULRGHYLGDLQVWLWXFLRQDO
'HO FRQJUHVLVWD 3RUWXJDO &DWDFRUD (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD ([SUHVDU VX
VDOXGR\IHOLFLWDFLyQHQRFDVLyQGHFHOHEUDUVHHODQLYHUVDULRGHFUHDFLyQSROtWLFDGHO
GLVWULWRGH$UDSDSURYLQFLDGH$]iQJDUR5HJLyQ3XQR
'HO FRQJUHVLVWD $SD]D 2UGyxH] (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD ([SUHVDU XQ
DIHFWXRVR VDOXGR \ IHOLFLWDFLyQ D OD SURYLQFLD GH &RQGHVX\RV 5HJLyQ $UHTXLSD HQ OD
SHUVRQD GH VX DOFDOGH VHxRU 0LJXHO ÉQJHO 0DQFKHJR <HUHQD FRQ PRWLYR GH
FRQPHPRUDUVH HO SUy[LPR GH GLFLHPEUH VX DQLYHUVDULR GH FUHDFLyQ SROtWLFD FRPR
SURYLQFLD
'HOFRQJUHVLVWD8UTXL]R0DJJLD(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD([SUHVDUHOPiV
IHUYLHQWH \ HIXVLYR VDOXGR D OD PXQLFLSDOLGDG GLVWULWDO GH 6DUKXD SURYLQFLD GH 9tFWRU
)DMDUGR HQ OD 5HJLyQ $\DFXFKR SRU FRQPHPRUDUVH HVWH GH QRYLHPEUH HO FHQWpVLPR
SULPHUDQLYHUVDULRGHVXFUHDFLyQSROtWLFD
'HOFRQJUHVLVWD+XDLUH&KXTXLFKDLFR(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD([SUHVDUVX
PiVFiOLGRVDOXGR\IHOLFLWDFLyQSRUODFRQPHPRUDFLyQGHXQDQLYHUVDULRPiVGHFUHDFLyQ
SROtWLFD GHO GLVWULWR GH 6LQFRV SXHEOR HPSUHQGHGRU XELFDGR HQ OD EHOOD SURYLQFLD GH
-DXMD-XQtQ
'HOFRQJUHVLVWD8UTXL]R0DJJLD(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD6DOXGDU\IHOLFLWDU
DOD8QLYHUVLGDG-DLPH%DX]DWH\0H]DUHSUHVHQWDGDSRUVXVDXWRULGDGHVGRFWRU5REHUWR
0HMtD$ODUFyQSUHVLGHQWHGHO&RQVHMR6XSHULRUOLFHQFLDGR0DULR*RQ]DOHV5tRVGLUHFWRU
GH *HVWLyQ $FDGpPLFD FRQ PRWLYR GH FHOHEUDUVH HO 7HUFHU $QLYHUVDULR GH FUHDFLyQ
LQVWLWXFLRQDO
'HOFRQJUHVLVWD-XOFD-DUD(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD([SUHVDUHOPiVFRUGLDO
VDOXGR\UHFRQRFLPLHQWRDODHVWXGLDQWH5RFLHOD1RHPt&KRTXHKXDQFD&DKXDVLDOXPQD
GHO ƒ *UDGR GHO QLYHO SULPDULD GH OD ,QVWLWXFLyQ (GXFDWLYD 6DQ 3DEOR GH <XSiQ SRU
KDEHU REWHQLGR HO SULPHU OXJDU HQ HO FRQFXUVR 1DUUDWLYD \ (QVD\R -RVp 0DUtD $UJXHGDV
HQHOGLVWULWRGH<XSiQGHODSURYLQFLDGH&RURQJR$QFDVKUHVDOWDQGRVXWDOHQWR
HQODUHSUHVHQWDFLyQGHVXGLVWULWRHQHO3UHPLR1DFLRQDOUHDOL]DGRHQODFLXGDGGH/LPD
'HOFRQJUHVLVWD<RYHUD)ORUHV(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD$SUREDUODSUHVHQWH
PRFLyQ GH VDOXGR D OD SURYLQFLD GH $PER GHO GHSDUWDPHQWR GH +XiQXFR UHJLyQ
+XiQXFRTXHFHOHEUDHOGHQRYLHPEUHGHOSUHVHQWHDxRVX$QLYHUVDULRGHFUHDFLyQ
SROtWLFD
'HOFRQJUHVLVWD)DOFRQt3LFDUGR(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD([SUHVDUVXPiV
FiOLGRVDOXGR\IHOLFLWDFLyQDOD2ILFLQD'HIHQVRULDOGH$UHTXLSD
'HOFRQJUHVLVWD0RUD=HYDOORV(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD([SUHVDUVXVDOXGR
\ UHFRQRFLPLHQWR D OD (VFXHOD 0LOLWDU GH &KRUULOORV &RURQHO )UDQFLVFR %RORJQHVL SRU VX
&HQWpVLPR'pFLPR7HUFHU$QLYHUVDULRGHYLGDLQVWLWXFLRQDOHQODIRUPDFLyQGHLQWHJUDOGH
RILFLDOHVGHO(MpUFLWR3HUXDQR
'HOFRQJUHVLVWD+XDLUH&KXTXLFKDLFR(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD([SUHVDUVX
PiV FiOLGR VDOXGR \ IHOLFLWDFLyQ SRU OD FRQPHPRUDFLyQ GH ODV %RGDV GH 2UR GH OD
,QVWLWXFLyQ(GXFDWLYD+XDPiQ3RPDGH$\DOD
'HOFRQJUHVLVWD/HyQ5LYHUD(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD([SUHVDUVXVDOXGRDO
GLDULR /D ,QGXVWULD GH 7UXMLOOR DO KDEHUVH FXPSOLGR DxRV GH IXQGDFLyQ HO GHO
SUHVHQWHPHVDXJXUiQGROHVp[LWRVHQVXLPSRUWDQWHODERUGHFRPXQLFDFLyQSHULRGtVWLFD\
GHFXOWXUDHQHOQRUWHGHSDtV\HQHO3HU~HQWHUR
'HOFRQJUHVLVWD+XDLUH&KXTXLFKDLFR(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD([SUHVDUVX
PiVFiOLGRVDOXGR\IHOLFLWDFLyQSRUODFRQPHPRUDFLyQGHXQDQLYHUVDULRPiVGHFUHDFLyQ
SROtWLFD GHO GLVWULWR GH 3DULDKXDQFD SXHEOR SXMDQWH \ SURJUHVLYR XELFDGR HQ OD
LQFRQWUDVWDEOHSURYLQFLDGH+XDQFD\R-XQtQ
'HOFRQJUHVLVWD<RYHUD)ORUHV(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD6DOXGDUDOGLVWULWR
GH 7DPER *UDQGH GHO GHSDUWDPHQWR GH 3LXUD UHJLyQ 3LXUD TXH FHOHEUD HO GH
QRYLHPEUHGHOSUHVHQWHDxRVX$QLYHUVDULRGHFUHDFLyQSROtWLFD
'HO FRQJUHVLVWD 5RGUtJXH] =DYDOHWD (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD ([SUHVDU HO
VDOXGR GH SDUWH GH OD 5HSUHVHQWDFLyQ 1DFLRQDO D OD ,QVWLWXFLyQ (GXFDWLYD 6DQ 0DUWtQ GH
3RUUHVGHOGLVWULWR(O3RUYHQLUSURYLQFLDGH7UXMLOORUHJLyQ/D/LEHUWDGDOFRQPHPRUDUVH
HO GH QRYLHPEUH VXV %RGDV GH 2UR DO VHUYLFLR GH OD VRFLHGDG \ RIUHFLHQGR XQD
IRUPDFLyQHQYDORUHVDODOX]GHOHYDQJHOLR
'HO FRQJUHVLVWD 3RUWXJDO &DWDFRUD (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD ([SUHVDU HO
VDOXGR\IHOLFLWDFLyQHQRFDVLyQGHFHOHEUDUVHHO$QLYHUVDULRGHFUHDFLyQSROtWLFDGHO
GLVWULWRGH$UDSDSURYLQFLDGH$]iQJDURUHJLyQ3XQR
'HO FRQJUHVLVWD $FKD 5RPDQt (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD ([SUHVDU VX PiV
IHUYLHQWHVDOXGRDOGLVWULWRGH6DUKXDSURYLQFLDGH9tFWRU)DMDUGRUHJLyQ$\DFXFKRSRU
FRQPHPRUDUVH HVWH GH QRYLHPEUH HO &HQWpVLPR 3ULPHU $QLYHUVDULR GH FUHDFLyQ
SROtWLFD
'HOFRQJUHVLVWD$FXxD3HUDOWD(O&RQJUHVRGHOD5HS~EOLFD$FXHUGD6DOXGDUDOGLVWULWR
GH3LFVLXELFDGRHQODSURYLQFLDGH&KLFOD\RHQODSHUVRQDGHVXDOFDOGHÉQJHO$OIUHGR
'RDV%DUWXUpQFRQPRWLYRGHFHOHEUDUVHHO$QLYHUVDULRGHFUHDFLyQ
'H OD FRQJUHVLVWD &RQGRUL -DKXLUD (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD 6DOXGDU D OD
,QVWLWXFLyQ (GXFDWLYD 0DULVFDO &iFHUHV FRQ PRWLYR GH FHOHEUDUVH HO SUy[LPR QRYLHPEUH GHO SUHVHQWH DxR HO $QLYHUVDULR GH FUHDFLyQ GH OD ,QVWLWXFLyQ (GXFDWLYD
0DULVFDO&iFHUHV
'HO FRQJUHVLVWD $FXxD 1~xH] (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD ([SUHVDU VX PiV
IHUYLHQWH \ UHVSHWXRVR VDOXGR \ IHOLFLWDFLyQ D OD *HUHQFLD 5HJLRQDO GH (GXFDFLyQ GH /D
/LEHUWDG \ DO HTXLSR GH WUDEDMR RUJDQL]DGRU DO FHOHEUDUVH HVWH \ GH QRYLHPEUH HO
)HVWLYDO 1DFLRQDO GH OD 0DULQHUD 3HUXDQD \ HO 9LJpVLPR 6HJXQGR )HVWLYDO 5HJLRQDO GH
0DULQHUD(VFRODU
'HO FRQJUHVLVWD 'tD] 'LRV (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD 6DOXGDU DO GLVWULWR GH
0iQFRUDTXHFHOHEUDVXVƒ$QLYHUVDULRGH&UHDFLyQ3ROtWLFD
'HO FRQJUHVLVWD 6DUPLHQWR %HWDQFRXUW (O &RQJUHVR GH OD 5HS~EOLFD $FXHUGD 6DOXGDU \
UHQGLUKRPHQDMHDOGLVWULWRGH0iQFRUDTXHHOGHQRYLHPEUHFXPSOHDxRVGHVX
FUHDFLyQSROtWLFDHQODSURYLQFLDGH7DODUDGHSDUWDPHQWRGH3LXUD
'HODFRQJUHVLVWD7DQGH,QDIXNR(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUVXPiV
IHUYLHQWHVDOXGR\IHOLFLWDFLyQDODILGHOtVLPDFLXGDGGH+XDFKRFDSLWDOGHODSURYLQFLDGH
+XDXUDGHOD5HJLyQ/LPD3URYLQFLDVFRQRFDVLyQGHFRQPHPRUDUVHVXVƒ$QLYHUVDULR
GH (OHYDFLyQ D OD &DWHJRUtD GH &LXGDG \ UDWLILFDFLyQ FRPR FDSLWDO GH OD SURYLQFLD GH
&KDQFD\KR\SURYLQFLDGH+XDXUDIHFKDTXHWDPELpQVHFRQPHPRUDHOGHVHPEDUFRGH
ODV+XHVWHV/LEHUWDGRUDVGHO*HQHUDO6DQ0DUWtQHQHO3XHUWRGH+XDFKR
'HO FRQJUHVLVWD 5Xt] /RD\]D (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD ([SUHVDU VX PiV
IHUYLHQWH \ FDOXURVR VDOXGR D OD FLXGDG GH +XDFKR SRU VXV ƒ $QLYHUVDULR GH OD
(OHYDFLyQDOD&DWHJRUtDGH&LXGDG\&DSLWDOGHOD3URYLQFLDGH+XDXUD
'HOFRQJUHVLVWD6SDGDUR3KLOLSSV(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUODPiV
VLQFHUDIHOLFLWDFLyQ\VDOXGRDOGLVWULWRGH&ROiQFRQPRWLYRGHODFHOHEUDFLyQGHORVƒ
$QLYHUVDULRGH)XQGDFLyQGHVX&DSLWDO3XHEOR1XHYRGH&ROiQHOGHQRYLHPEUH
'HO FRQJUHVLVWD *XHYDUD $PDVLIXHQ (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD ([SUHVDU VX
HIXVLYRVDOXGRDOD&RPXQLGDG(GXFDWLYDGHODFLXGDGGH&KLFOD\R\HQSDUWLFXODUDORV
GLUHFWLYRV FXHUSR GRFHQWH SODQD DGPLQLVWUDWLYD \ DOXPQDGR GHO &ROHJLR 0LOLWDU (OtDV
$JXLUUHGH&KLFOD\RTXHFXPSOHDxRVGHH[LVWHQFLD\FHOHEUDHVWHGHQRYLHPEUH
GHVXV%RGDVGH2UR,QVWLWXFLRQDOHV
'HO FRQJUHVLVWD &DVWDJQLQR /HPD (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD 6DOXGDU DO
GLVWULWRGH0LJXHO&KHFDXELFDGRHQODSURYLQFLDGH6XOODQDGHSDUWDPHQWRGH3LXUDHQ
ODSHUVRQDGHVXDOFDOGHVHxRU3HGUR0LJXHO=DSDWD6RFRODFRQPRWLYRGHFHOHEUDUHVWH
GHQRYLHPEUHVXVƒ$QLYHUVDULRGH&UHDFLyQ3ROtWLFD
'HO FRQJUHVLVWD =DPXGLR %ULFHxR (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD 6DOXGDU DO
GLVWULWR GH &DLPD SURYLQFLD GH $UHTXLSD GHSDUWDPHQWR GH $UHTXLSD FRQ PRWLYR GH
FHOHEUDUHVWHGHQRYLHPEUHVXVƒ$QLYHUVDULRGH&UHDFLyQ
'HO FRQJUHVLVWD 5RQGyQ )XGLQDJD (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD 6DOXGDU \
IHOLFLWDUODDFFLyQKHURLFDGHORVVHLVKpURHVQDFLRQDOHVKLMRVGH4XHTXHxD-XDQGH'LRV
$FRVWD 0DQXHO /LQDUHV -RVp 0DULDQR ÉYLOD /LERULR /LQDUHV ÉQJHO )LJXHURD \ /XFLDQR
5Xt] \ D WRGD OD SREODFLyQ PiUWLU HQ JHQHUDO DO FXPSOLU XQ DQLYHUVDULR PiV GH HVWD
*ORULRVD*HVWDRFXUULGDHQOD,QIDXVWD*XHUUDGHO3DFtILFR
'HO FRQJUHVLVWD 5HQQDQ (VSLQR]D (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD ([SUHVDU VX
VDOXGR \ IHOLFLWDFLyQ D OD ,QVWLWXFLyQ (GXFDWLYD (PEOHPiWLFD 1XHVWUD 6HxRUD GH
*XDGDOXSH TXH FRQ JUDQ M~ELOR \ MXVWR RUJXOOR FHOHEUD VXV DxRV GH YLGD
LQVWLWXFLRQDOHVWHGHQRYLHPEUHGH
'HO FRQJUHVLVWD 5LYDV 7H[HLUD (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD ([SUHVDU HO PiV
FRUGLDOVDOXGR\IHOLFLWDFLyQDORVKDELWDQWHVGHODFLXGDGGH&KHSpQHQHOGHSDUWDPHQWR
GH/D/LEHUWDGFRQRFDVLyQGHFHOHEUDUVHHOGHQRYLHPEUHGHVX1RQDJpVLPR
6pSWLPR$QLYHUVDULRGH(OHYDFLyQDOD&DWHJRUtDGH&LXGDGHQODSHUVRQDGHVXDOFDOGH
:LOIUHGR4XHVTXpQ7HUURQHV
'HO FRQJUHVLVWD +XUWDGR =DPXGLR (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD ([SUHVDU VX
PiVVLQFHUDVIHOLFLWDFLyQDOSXHEORGH=LQFRSURYLQFLDGH-DXMDGHSDUWDPHQWRGH-XQtQ
SRUFRQPHPRUDUVHHOGHQRYLHPEUHDxRVGHFUHDFLyQSROtWLFD
'HOFRQJUHVLVWD8UWHFKR0HGLQD(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUVXPiV
FiOLGR VDOXGR \ IHOLFLWDFLyQ D QRPEUH GHO &RQJUHVR GH OD 5HS~EOLFD D OD ,QVWLWXFLyQ
(GXFDWLYD6DQ-XDQGH7UXMLOOR
'H OD FRQJUHVLVWD &DSXxD\ 4XLVSH (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD 6DOXGDU DO
GLVWULWRGH6DQ0DWHRGH2WDRXELFDGRHQODSURYLQFLDGH+XDURFKLUt5HJLyQ/LPDFRQ
RFDVLyQGHFHOHEUDUVHHVWHGHQRYLHPEUHVXƒ$QLYHUVDULRGH&UHDFLyQ3ROtWLFD
'HODFRQJUHVLVWD&RDUL0DPDQL(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUHOPiV
IHUYLHQWHVDOXGRDODSURYLQFLDGH<XQJX\RGHSDUWDPHQWRGH3XQRHQODSHUVRQDGHVX
DOFDOGHSURYLQFLDOGRQ:DOWHU&KDOFR5RQGyQSDUDTXHSRUVXLQWHUPHGLRKDJDH[WHQVLYR
DO FXHUSR GH UHJLGRUHV DXWRULGDGHV SROtWLFDV \ HFOHVLiVWLFDV PLOLWDUHV SROLFLDOHV
RUJDQL]DFLyQGHODVRFLHGDGFLYLO\DWRGRVORVSREODGRUHVFRQPRWLYRGHFHOHEUDUVHHO
GHQRYLHPEUHGHXQDQLYHUVDULRPiVGHFUHDFLyQSROtWLFD
'HOFRQJUHVLVWD0ROLQD0DUWtQH](O&RQJUHVRGHOD5HS~EOLFDDFXHUGDH[SUHVDUHOVDOXGR
\ IHOLFLWDFLyQ GHO &RQJUHVR GH OD 5HS~EOLFD D OD SURYLQFLD GH 8UXEDPED GH OD UHJLyQ
&XVFRFRQPRWLYRGHFRQPHPRUDUVHXQDQLYHUVDULRPiVGHFUHDFLyQ
'HODFRQJUHVLVWD&RDUL0DPDQL(O&RQJUHVR GHOD5HS~EOLFDDFXHUGDH[SUHVDUHOPiV
IHUYLHQWH VDOXGR DO GLVWULWR GH &DPLQDFD SURYLQFLD GH $]iQJDUR GHSDUWDPHQWR \ UHJLyQ
3XQRSRUFHOHEUDUVHHVWHGHQRYLHPEUHVXDQLYHUVDULRGHFUHDFLyQSROtWLFD
'HO FRQJUHVLVWD 'H OD 7RUUH 'XHxDV (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD H[SUHVDU VX
PiVFiOLGRVDOXGR\IHOLFLWDFLyQDOGLVWULWRGH4XHKXHGHODSURYLQFLDGH&DQDVUHJLyQ
&XVFRSRUFRQPHPRUDUVHHOGHQRYLHPEUHXQDQLYHUVDULRPiVGHFUHDFLyQSROtWLFD
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³2ND\
680,//$
680,//$
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
RU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³&RQWLQXDPRVHOGHEDWH
7LHQHHOXVRGHODSDODEUDHOGRFWRU-DYLHU%HGR\D
(OVHxRU%('2<$'(9,9$1&2$3*&³
(OVHxRU%('2<$'(9,9$1&2$3*&³6HxRU3UHVLGHQWHSUHVXPR
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³6LPHSHUPLWHYR\DFXPSOLUORTXH
&RQWLQ~D HO GHEDWH GHO GLFWDPHQ HQ PD\RUtD GH OD &RPLVLyQ GH &RQVWLWXFLyQ VREUH ORV
SUR\HFWRVGH/H\Q~PV\
TXHSURSRQHQPRGLILFDUHODUWtFXORƒGH
OD&RQVWLWXFLyQ3ROtWLFDVREUHODLPSUHVFULSWLELOLGDGGHORVGHOLWRVFRQWUDHOSDWULPRQLRGHO
(VWDGR\FRUUXSFLyQGHIXQFLRQDULRVHLQKDELOLWDFLyQSDUDODIXQFLyQS~EOLFD
7LHQHODSDODEUDFRQJUHVLVWD%HGR\D
(OVHxRU%('2<$'(9,9$1&2$3*&³
(OVHxRU%('2<$'(9,9$1&2$3*&³0XFKDVJUDFLDVVHxRU3UHVLGHQWH
6HxRUFUHRTXHpVWHHVXQRGHORVSRFRVWHPDVHQORVFXDOHVSRGHPRVFRLQFLGLUWRGDVODV
EDQFDGDVSROtWLFDVUHSUHVHQWDGDVHQHO&RQJUHVRHQHODXQTXHGLVFUHSDPRVHQHOFyPR
WRGRVFRLQFLGLPRVHQXQDVHYHUDOXFKDFRQWUDODFRUUXSFLyQ\HQFyPRKDFHUPiVGLItFLOHV
DORVFRUUXSWRVHOTXHSXHGDQHYDGLUHOEUD]RGHODMXVWLFLDUHIXJLiQGRVHHQHOH[WUDQMHUR
RGHVDSDUHFLHQGR\FRQYLUWLpQGRVHHQUHRVFRQWXPDFHVSDUDHOXGLUDODDGPLQLVWUDFLyQGH
MXVWLFLD
(QHVHSURSyVLWRFUHRTXHKD\XQDSOHQDFRLQFLGHQFLD\HVHIXHDGHPiVODSURSXHVWD
TXHODVGLYHUVDVFROHFWLYLGDGHVSROtWLFDV\ORVFDQGLGDWRVSUHVLGHQFLDOHVIRUPXODURQDQWHOD
FLXGDGDQtDFXDQGRH[SXVLHURQVXVUHVSHFWLYRVSODQHVGHJRELHUQR
3HURHQGRQGHHYLGHQWHPHQWHKD\GLVFUHSDQFLDVHVHQHOFyPRORVGLYHUVRVSUR\HFWRVGH
OH\ TXH KDQ VLGR IXVLRQDGRV HQ FXDQWR D VX GLFWDPHQ HQ OD &RPLVLyQ GH &RQVWLWXFLyQ
HVWiQWRGRVHOORVUHIHULGRVDXQDPRGLILFDFLyQGHODUWtFXORƒGHOD&RQVWLWXFLyQDORV
HIHFWRV GH DxDGLU HQ VX SDUWH ILQDO XQ SHTXHxR SiUUDIR TXH HVWLSXOH TXH FXDQGR ORV
GHOLWRV VRQ FRPHWLGRV FRQWUD HO (VWDGR \ SRU ORV GH OD DGPLQLVWUDFLyQ S~EOLFD HQ HVRV
FDVRVODSUHVFULSFLyQUHDOPHQWHQRVHSURGXFH2VHDVRQGHOLWRVLPSUHVFULSWLEOHVHVOD
LPSUHVFULSWLELOLGDG WDQWR UHVSHFWR GH OD DFFLyQ SHQDO FRPR OD LPSUHVFULSWLELOLGDG GH OD
HMHFXFLyQ GH ODV VHQWHQFLDV \ VLPXOWDQHD \ DSDUHMDGR D HVWR VLPXOWiQHDPHQWH D HVWR
VHxRU3UHVLGHQWHVHSODQWHDWDPELpQODLQKDELOLWDFLyQSHUSHWXDRGHILQLWLYDGHTXLHQHVKDQ
LQFXUULGRHQHVWRVGHOLWRVGHIRUPDWDOTXHQXQFDPiVHQVXYLGDSXHGDQUHWRUQDUDXQD
IXQFLyQS~EOLFD
6H KD SHGLGR HO LQIRUPH \ OD RSLQLyQ GH PXFKDV SHUVRQDOLGDGHV HQ WRUQR D HVWR \ PH
SDUHFH ELHQ VHxRU 3UHVLGHQWH < HVWD PDxDQD FXDQGR VXVWHQWDED HVWH GLFWDPHQ HQ
PD\RUtDHOVHxRU3UHVLGHQWHGHOD&RPLVLyQGH&RQVWLWXFLyQFLWyDGLYHUVRVMXULVWDVTXH
VHJ~QpOKDQH[SUHVDGRVXFRQIRUPLGDGVXDQXHQFLDFRQXQWHPDFRPRHOTXHVHHVWi
WUDWDQGR\FLWyHQWUHRWURVDOGRFWRU5D~O)HUUHUR&RVWDHQGRQGHVHJ~QGHFtDHOVHxRU
3UHVLGHQWH GH OD &RPLVLyQ GH &RQVWLWXFLyQ HV XQR GH ORV TXH KDEUtD H[SUHVDGR VX
DGKHVLyQDHVWDPRGLILFDFLyQFRQVWLWXFLRQDO
< QDGD PiV HUUDGR WHQJR DFi ODV GHFODUDFLRQHV TXH PHGLDQWH HQWUHYLVWD HQ HO GLDULR
([SUHVROHKLFLHURQDOVHxRU)HUUHUR&RVWDHOSDVDGRGHRFWXEUHVLQRPHHTXLYRFR
³HVWi XQ SRFR ERUURVD OD IHFKD³ HQ GRQGH VH OH SUHJXQWD (VWD VHPDQD VH YH OD
LPSUHVFULSWLELOLGDG HQ ORV GHOLWRV GH FRUUXSFLyQ < pO FRQWHVWy WH[WXDOPHQWH <R QR VR\
SDUWLGDULR GH TXH ORV GHOLWRV GH FRUUXSFLyQ DXQTXH VHDQ VHULRV \ GH FLHUWD JUDYHGDG
GHMHQGHSUHVFULELUGHVSXpVGHGHWHUPLQDGRVDxRV\FRQWLQ~DVXH[SOLFDFLyQ
(O 3UHVLGHQWH GHO 7ULEXQDO &RQVWLWXFLRQDO GRFWRU 0HVtD HV GHO PLVPR SDUHFHU (O
SHQDOLVWD HO VHxRU $]DEDFKH &pVDU $]DEDFKH &DUDFFLROR WDPELpQ KD HVFULWR HQ OD
PLVPDOtQHD
6LQGXGDYDQDKDEHURWURVPXFKRVTXHHVWpQHQODOtQHDFRQWUDULDSHUR\RFUHRTXHHO
HVWXGLR PiV GHWHQLGR TXH KH OHtGR VHxRU 3UHVLGHQWH HV HO TXH DQWH OD &RPLVLyQ GH
&RQVWLWXFLyQ DOFDQ]y HO 3UHVLGHQWH GH OD &RUWH 6XSUHPD HO GRFWRU &pVDU 6DQ 0DUWtQ
TXLHQKDFHVX\RHOLQIRUPHTXHVXHTXLSRGHDVHVRUHVOHSUHVHQWDQEDMRODILUPDGHOH[
PDJLVWUDGRVXSUHPR\VLQGXGDXQUHSXWDGR\UHFRQRFLGRPDJLVWUDGRGHO3RGHU-XGLFLDO
GRQ(OR\(VSLQRVD6DOGDxD%DUUHUD
$OOt HVWDEOHFHQ \ GHVDUUROODQ VHxRU 3UHVLGHQWH TXH QR HV QHFHVDULR \ QR HV FRQYHQLHQWH
PRGLILFDUHODUWtFXORƒGHOD&RQVWLWXFLyQ\TXHORVPLVPRVREMHWLYRVTXHVHSHUVLJXHQ
VHSXHGHQDOFDQ]DUPHGLDQWHRWURVPHFDQLVPRV
$OOt HVWDEOHFHQ SRU HMHPSOR FyPR HQ OD OHJLVODFLyQ FRPSDUDGD VROR KD\ WUHV SDtVHV HQ
$PpULFD/DWLQDTXHKDQRSWDGRSRUXQDIyUPXODVHPHMDQWHDODTXHSURSRQHODPD\RUtD
GH OD &RPLVLyQ GH &RQVWLWXFLyQ \ VRQ ORV WUHV SDtVHV LQWHJUDQWHV GHO $OED 9HQH]XHOD
(FXDGRU\%ROLYLD6RQORVWUHVSDtVHV~QLFRVHQ$PpULFD/DWLQDTXHKDQRSWDGRSRUHVWD
GHVDSDULFLyQGHODSUHVFULSFLyQ
< VL OR TXH VH EXVFD HV DPSOLDU HO SOD]R SDUD TXH XQ GHOLWR SXHGD FRQWLQXDU VLHQGR
SHUVHJXLGR OR ~QLFR TXH VXJLHUHQ HV VLPSOHPHQWH DPSOLDU R PRGLILFDU ODV QRUPDV GHO
&yGLJR 3HQDO TXH VH UHILHUHQ D OD SUHVFULSFLyQ D ORV HIHFWRV GH HVWLSXODU TXH SDUD
GHWHUPLQDGRV GHOLWRV JUDYHV ³\ VH VHxDODQ FXiOHV VRQ³ HO SOD]R GH SUHVFULSFLyQ VH
LQFUHPHQWD
(QWRQFHV PHGLDQWH HVD VROD PRGLILFDFLyQ GHO &yGLJR 3HQDO \ OD RWUD SHUWLQHQWH DO
DUWtFXORTXHVHUHILHUHDODLQKDELOLWDFLyQVHORJUDH[DFWDPHQWHHOPLVPRILQ
< HQWUH RWUDV UD]RQHV VHxRU HQWUH RWUDV UD]RQHV WDQWR HVWH LQIRUPH FRPR RWUDV
RSLQLRQHV RSLQDQ TXH QR HV FRQYHQLHQWH PRGLILFDU OD &RQVWLWXFLyQ SDUD FRQYHUWLU ORV
GHOLWRVFRQWUDHO(VWDGRFRPRLPSUHVFULSWLEOHVSRUTXHHVHTXLSDUDUHVSRQHUHQHOPLVPR
QLYHOODSHUVHFXFLyQTXHODKXPDQLGDGHQVXFRQMXQWRSHUVLJXHFRQWUDORVGHOLWRVGHOHVD
KXPDQLGDG JHQRFLGLR \ FUtPHQHV GH JXHUUD HQ GRQGH Vt ORV FRQYHQLRV LQWHUQDFLRQDOHV
KDQHVWLSXODGRTXHHQHVRVWUHVGHOLWRVVtFDEHODLPSUHVFULSWLELOLGDG
(QWRQFHVHOORVRSLQDQTXHXQGHOLWRFRQWUDHO(VWDGRSRUPX\JUDYHTXHVHDHTXLSDUDUOR
R HOHYDUOR D OD PLVPD FDWHJRUtD TXH LQWHUQDFLRQDOPHQWH ORV FRQYHQLRV HVWLSXODQ FRPR
SHUVHFXFLyQ D ORV GHOLWRV GH OHVD KXPDQLGDG JHQRFLGLR \ FUtPHQHV GH JXHUUD HV
LQFRQYHQLHQWHHVGLVPLQXLUODLPSRUWDQFLDLQWHUQDFLRQDOTXHVHKDGDGRDODSHUVHFXFLyQ
GH HVWRV WUHV GHOLWRV DO LQFRUSRUDU WDPELpQ D OD LPSUHVFULSWLELOLGDG RWURV GHOLWRV FRPR
FXDOTXLHURWURTXHDWHQWHFRQWUDHOSDWULPRQLRGHO(VWDGR
3RUHVRVHxRU3UHVLGHQWHVRPRVGHODRSLQLyQTXHFRPSDUWLHQGRFRQODVRWUDVEDQFDGDV
³TXH KDQ KHFKR HO XVR GH OD SDODEUD HQ HO FXUVR GH OD PDxDQD \ HQ WRUQR D HVWH
GHEDWH³ FRPSDUWLHQGR HO IRQGR GHO WHPD OD LQWHQFLyQ GH SHUVHJXLU HO GHOLWR \ OD
FRUUXSFLyQ\KDFHUTXHORVFRUUXSWRVQRVHODVYHDQIiFLOHVFRQHOWUDQVFXUVRGHOWLHPSR\
HOHYDU ORV SOD]RV GH SUHVFULSFLyQ FDVL FDVL D OD H[WHQVLyQ GH PiV GH XQD YLGD ³
FRQVLGHUDQGR HO WpUPLQR QRUPDO GH XQD YLGD DxRV³ R VHD H[WHQGHU ORV SOD]RV GH
SUHVFULSFLyQDyDxRVFXPSOH\DOFDQ]DSHUIHFWDPHQWHHOFRPHWLGRTXHHVWDPRV
EXVFDQGR VLQ QHFHVLGDG GH LU D OD PRGLILFDFLyQ FRQVWLWXFLRQDO \ VLQ HTXLSDUDU HVWD
SHUVHFXFLyQ D OD FRUUXSFLyQ FRQ ORV GHOLWRV TXH LQWHUQDFLRQDOPHQWH VRQ ORV TXH KDQ
PHUHFLGR HO TXH VH OHV GHFODUH LPSUHVFULSWLEOH \ TXH UHSLWR VRQ GHOLWRV FRQWUD OHVD
KXPDQLGDG\JHQRFLGLR\FUtPHQHVGHJXHUUD
+DJR PtR HQ FRQVHFXHQFLD VHxRU 3UHVLGHQWH HO GLFWDPHQ R SHUGyQ OD SURSXHVWD OD
VXJHUHQFLDTXHPHGLDQWHRILFLRUHPLWLyHO3UHVLGHQWHGHOD&RUWH6XSUHPDFUHRTXHHVR
HV OR SURFHGHQWH UD]yQ SRU OD FXDO QR SRGHPRV DFRPSDxDU FRQ QXHVWUR YRWR OD
PRGLILFDFLyQ FRQVWLWXFLRQDO TXH VH SURSRQH 6t FRPSDUWLPRV HO IRQGR GHO WHPD \ Vt
HVWDPRV GLVSXHVWRV D DFRPSDxDU D ORV TXH FRLQFLGLHQGR FRQ QRVRWURV RSLQHQ SRU XQD
PRGLILFDFLyQ GH ORV DUWtFXORV SHUWLQHQWHV GHO &yGLJR 3HQDO WRGR OR FXDO HVWi
GHWDOODGDPHQWHGHVDUUROODGRHQHOLQIRUPHGHO3UHVLGHQWHGHOD&RUWH6XSUHPD
0XFKDVJUDFLDVVHxRU
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDVFRQJUHVLVWD%HGR\D
7LHQHXVRGHODSDODEUDHOFRQJUHVLVWD'tD]
(O VHxRU 'Ì$= ',26 *3)³
*3)³ *UDFLDV 3UHVLGHQWH HIHFWLYDPHQWH SDUD VHxDODU DOJXQDV
D\XGDVRDSR\RVSDUDHVWHGHEDWH
(Q SULPHU OXJDU 3UHVLGHQWH HVWDPRV GH DFXHUGR WRGRV HQ OXFKDU FRQWUD OD FRUUXSFLyQ
FyPR QR D WRGRV QRVRWURV QRV LQGLJQD ORV FDVRV TXH FRQRFHPRV GH IXQFLRQDULRV
S~EOLFRV FRQ XQ GHVEDODQFH SDWULPRQLDO FRQ FDVDV FDUURV \ HQWUH RWURV ELHQHV TXH
DSDUHQWHPHQWHQRWLHQHQPD\RUMXVWLILFDFLyQ6LQHPEDUJRDTXtHOWHPDHVDQDOL]DUVtOD
PHGLGDTXHQRVHVWiQSODQWHDQGRDKRUDHQHO3OHQRHVRQRHVFRQVWLWXFLRQDO3HURFUHR
\RTXHWHQHPRVTXHHYDOXDUVtHVFRQVWLWXFLRQDOPDWHULDOPHQWHKDEODQGR\QRVRODPHQWH
IRUPDOPHQWHKDEODQGR<PHH[SOLFR3UHVLGHQWH
6HHQWLHQGHIRUPDOPHQWHDOJRFRQVWLWXFLRQDOSRUHOVRORKHFKRGHHVWDUHQHOWH[WRGHOD
&RQVWLWXFLyQ $Vt SRU HMHPSOR VL HVWXYLHUD HQ OD &RQVWLWXFLyQ OLPLWDU HO GHUHFKR D OD
SUHQVDHVWRVHUtDIRUPDOPHQWHFRQVWLWXFLRQDO3HURHQUHDOLGDGORLPSRUWDQWHDTXtHVYHU
VLODSURSXHVWDHVPDWHULDOPHQWHFRQVWLWXFLRQDO¢4XpTXLHUHGHFLUHVWR"6LHVTXHSURWHJH
ORVGHUHFKRVIXQGDPHQWDOHV\VLVLUYHSDUDOLPLWDUHOSRGHU
(QHVHVHQWLGR3UHVLGHQWHKDFLHQGRXQEUHYHDQiOLVLVSXHGRYHUTXHH[LVWHQGHUHFKRV\
SULQFLSLRV FRQVWLWXFLRQDOHV TXH VH HVWDUtDQ YXOQHUDQGR FRQ OD SURSXHVWD D OD
LPSUHVFULSWLELOLGDGDORGHOLWRVGHFRUUXSFLyQ
0H H[SOLFR HQ SULPHU OXJDU VH WUDWD GH OLPLWDU HO LXV SXQLHQGL \ HO (VWDGR \ FRQ OD
SURSXHVWDTXHQRVHVWiQWUD\HQGRHQHVWHGtDODPHQWDEOHPHQWHHVSRVLEOHTXHVHKDJD
UHDOLGDG XQ VHULH GH SHUVHFXFLRQHV SROtWLFDV FRPR HQ HIHFWR YLHQH VXFHGLHQGR HQ
9HQH]XHODHQ%ROLYLD\HQ(FXDGRU
(O VHJXQGR WHPD HV HO GHUHFKR GH GHIHQVD (Q ODV VHVLRQHV GH OD &RPLVLyQ GH
&RQVWLWXFLyQ WXYH OD RSRUWXQLGDG GH GHEDWLU SRU XQ PRPHQWR FRQ HO FRQJUHVLVWD 'LH]
&DQVHFR\HQHOiQLPRGHH[SOLFDUXQSRTXLWRPLSURSXHVWD\ROHGHFtDXVWHGFRQVXV
DSUR[LPDGDPHQWH DxRV TXp SDVDUtD VL PDxDQD OR QRPEUDQ MHIH GH XQ SURJUDPD
VRFLDO\OXHJRORGHQXQFLDQSRUXQGHWHUPLQDGRPRPHQWRXQGHWHUPLQDGRPRWLYR3XHV
ELHQ VL VH WUDWDUD OD GHQXQFLD VREUH SHFXODGRV VREUH ELHQHV GH SURJUDPDV VRFLDOHV
3UHVLGHQWHODSHQDRHOSOD]RGHSUHVFULSFLyQHVGHDxRVHVGHFLUTXHDOVHxRU'LH]
&DQVHFR SRGUtDQ SURFHVDUOR KDVWD FXDQGR WHQJD DxRV GH HGDG HVWR\ SRQLHQGR XQ
HMHPSOR HQWRQFHV \R OH SUHJXQWDED DO FROHJD ¢VL D VXV DxRV GH HGDG VH SRGUtD
DFRUGDUODVEROHWDVODVIDFWXUDVRWRGDODGRFXPHQWDFLyQTXHHYLGHQWHPHQWHHQXQWHPD
DGPLQLVWUDWLYRWHQGUtDTXHOOHYDU"
(QHOVLJXLHQWHWHPD3UHVLGHQWHHVORUHIHULGRDODVHJXULGDGMXUtGLFD6LQHPEDUJRVL
PHSXGLHUDQGDU3UHVLGHQWHDGHODQWiQGRPHXQSRTXLWRXQSRFRPiVGHWLHPSRDFDUJR
GH PL EDQFDGD H[LVWH D WUDYpV GHO 7ULEXQDO &RQVWLWXFLRQDO XQD KHUUDPLHQWD TXH HV
XWLOL]DGDSRUHOGHUHFKRFRQVWLWXFLRQDOSDUDDQDOL]DUHIHFWLYDPHQWHVLXQDSURSXHVWDHVR
QR HV FRQVWLWXFLRQDO PDWHULDOPHQWH KDEODQGR \ HVWD SURSXHVWD VH OODPD HO SULQFLSLR GH
SURSRUFLRQDOLGDG TXH FRQVLVWH HQ HYDOXDU EiVLFDPHQWH WUHV VXEMXLFLRV \ HVWRV VRQ HO
SULQFLSLR GH LGRQHLGDG HO SULQFLSLR GH QHFHVLGDG \ HO SULQFLSLR GH SURSRUFLRQDOLGDG HQ
VHQWLGRHVWULFWR
9DPRV D DQDOL]DU HQWRQFHV VL OD PHGLGD TXH HV OD LPSUHVFULSWLELOLGDG GH ORV GHOLWRV GH
FRUUXSFLyQFXPSOHFRQODILQDOLGDG\ODILQDOLGDGGHDFXHUGRDORTXHQRVKDVHxDODGR
HOFRQJUHVLVWD-DLPH'HOJDGRVHUtDTXHQRVHHYDGDHOFRQWUROGHODMXVWLFLD
/DLGRQHLGDGHQWRQFHV3UHVLGHQWHDQDOL]DUtDPRVVLHVTXHODPHGLGDFXPSOHRQRFRQOD
ILQDOLGDG$PtPHSDUHFHTXHVtTXHHIHFWLYDPHQWHHOGHFODUDULPSUHVFULSWLEOHORVGHOLWRV
GHFRUUXSFLyQFXPSOHFRQHVWHSULPHUUHTXLVLWRVLQHPEDUJRQRVHUtDQHFHVDULR
(OMXLFLRGHQHFHVLGDGVLJQLILFDDQDOL]DUVLH[LVWHRWUDPHGLGDLJXDOPHQWHVDWLVIDFWRULDDOD
ILQDOLGDGSHURPHQRVUHVWULFWLYRDORVGHUHFKRVIXQGDPHQWDOHV
< HQ HVWH PRPHQWR HO FROHJD %HGR\D KD VHxDODGR RWUD PHGLGD TXH QR HV RWUD TXH
GXSOLFDU HO SOD]R GH SUHVFULSFLyQ FRQ OR FXDO VH HVWDUtD FXPSOLHQGR UHSLWR FRQ OD
ILQDOLGDG
(Q HO FDVR GHO SULQFLSLR GH SURSRUFLRQDOLGDG EDVWD TXH QR VH FXPSOD XQR GH ORV
VXEMXLFLRV SDUD TXH LQPHGLDWDPHQWH OD PHGLGD DQDOL]DGD VH FRQYLHUWD HQ XQD PHGLGD
LQFRQVWLWXFLRQDOPDWHULDOPHQWHKDEODQGR
/RV DUJXPHQWRV 3UHVLGHQWH TXH KDQ VLGR H[SXHVWRV D IDYRU GH OD LPSUHVFULSWLELOLGDG GH
ORVGHOLWRVGHFRUUXSFLyQEiVLFDPHQWHVRQORV VLJXLHQWHVTXHHVWDUtDPRVIUHQWHDGHOLWRV
SOXULRIHQVLYRV<RTXLVLHUDUHFRUGDUTXHORVGHOLWRVFRPRWHUURULVPRRQDUFRWUiILFRWDPELpQ
VRQ GHOLWRV SOXULRIHQVLYRV HQWRQFHV HQ FRKHUHQFLD WHQGUtDPRV TXH GHFODUDU WDPELpQ ORV
GHOLWRV GH QDUFRWUiILFR \ GH WHUURULVPR FRPR GHOLWRV HQ ORV FXDOHV UHJLUtD OD
LPSUHVFULSWLELOLGDG\QRODSUHVFULSWLELOLGDGFRPRHVODUHJODJHQHUDO
0HSLGHXQDLQWHUUXSFLyQHOFRQJUHVLVWD2WiUROD
3UHVLGHQWHPHSLGHXQDLQWHUUXSFLyQHOFRQJUHVLVWD2WiUROD
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI
0DMOXI³
OXI³ 3URVLJD FRQ OD LQWHUUXSFLyQ
FRQJUHVLVWD2WiUROD
(OVHxRU27É52/$3(f$5$1'$1*3³
(OVHxRU27É52/$3(f$5$1'$1*3³6tORTXHKDSODQWHDGRXVWHGVRQPpWRGRVGH
LQWHUSUHWDFLyQ SDUD OD YDOLGH] GH XQD OH\ pVWD HV XQD UHIRUPD FRQVWLWXFLRQDO VRQ FRVDV
WRWDO\DEVROXWDPHQWHGLVWLQWDVHQWRQFHVODVFRVDVFRPRVRQ\QRFRQIXQGDPRV
*UDFLDV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³&RQWLQ~HFRQJUHVLVWD
(OVHxRU'Ì$=',26*3)³
(OVHxRU'Ì$=',26*3)³*UDFLDVFROHJD
/HH[SOLFRFRPROHH[SOLTXpHQOD&RPLVLyQGH&RQVWLWXFLyQpVWDHVXQDKHUUDPLHQWDGH
LQWHUSUHWDFLyQTXHORXVDHO7ULEXQDO&RQVWLWXFLRQDOSDUDVDEHUVLHQXQDPHGLGDOHJDOHV
RQRFRQVWLWXFLRQDO\HVSHUIHFWDPHQWHDSOLFDEOHFRQJUHVLVWDHVWHFDVR\VHxDOiQGROH\R
HPSHFp PL GLVFXUVR FRQJUHVLVWD 2WiUROD GLVWLQJXLHQGR HQWUH VL DOJR HV PDWHULDOPHQWH
FRQVWLWXFLRQDORIRUPDOPHQWHFRQVWLWXFLRQDOSDUHFHTXHXVWHGVHTXHGyVRODPHQWHHQOD
IRUPDOLGDG\QRHVWDPRV\HQGRDOWHPDPDWHULDOTXHHVORTXH\REiVLFDPHQWHTXLVLHUD
DSRUWDUDOGHEDWH
(O RWUR DUJXPHQWR R HQ WRGR FDVR \R OHV SODQWHR FyPR TXHGDPRV FRQ ORV FDVRV SRU
HMHPSOR GH YLRODFLRQHV GH PHQRUHV GH HGDG R ORV FDVRV GH DVHVLQDWR PH SDUHFH
3UHVLGHQWH TXH HVWDPRV DQWH XQD VLWXDFLyQ HQ ODV FXDOHV ELHQHV MXUtGLFRV FRPR YLGD \
VDOXG HVWDUtDQ VLHQGR SXHVWRV HQ XQ QLYHO LQIHULRU D OD SURWHFFLyQ GHO SDWULPRQLR GHO
(VWDGR\HVRSRUVXSXHVWRHVRWUDLQFRKHUHQFLD
)LQDOPHQWH3UHVLGHQWHVRODPHQWHVROLFLWDURSHGLUTXHORVDUJXPHQWRV
6tVRODPHQWHXQVHJXQGRPiV
3UHVLGHQWHVROLFLWDUTXHORVDUJXPHQWRVHQHVWHGHEDWHVHDQWpFQLFRVFRQVWLWXFLRQDOHV\QR
VH GHQ DUJXPHQWRV FRPR TXH HVR IXH SURSXHVWR HQ XQD FDPSDxD R SHRU D~Q TXH
WHQHPRVTXHREHGHFHUSRUTXHVLVHWUDWDUDGHREHGHFHU\RFUHRTXHODYR]SULQFLSDOTXH
WHQGUtDPRVTXHHVFXFKDUWRGRVQRHVRWUDTXHODGHO3UHVLGHQWHGHOD5HS~EOLFD
0XFKDVJUDFLDV3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDVFRQJUHVLVWD'tD]'LRV
&RQJUHVLVWD 0DUWtQ %HODXQGH PH LQIRUPDQ TXH XVWHG SODQWHy XQD FXHVWLyQ SUHYLD TXH
HVWRYD\DDOD&RPLVLyQGH-XVWLFLD¢(VWR\ELHQLQIRUPDGR"¢(VFRUUHFWR"
(OVHxRU%(/$81'(025(<5$61³
(OVHxRU%(/$81'(025(<5$61³6HxRU3UHVLGHQWHDOD&RPLVLyQGH-XVWLFLDSDUD
TXHVHYXHOYDQDH[DPLQDUORVDUJXPHQWRVTXHHQHVHPRPHQWR\RH[SXVH\TXHKDQVLGR
LQGLVFXWLEOHPHQWHIRUPXODGRVSRUHOFRQJUHVLVWD%HGR\D\WDPELpQSRUHOFRQJUHVLVWD'tD]
\ WDPELpQ D OD &RPLVLyQ GH 'HUHFKRV +XPDQRV SRUTXH DFi KD\ XQ WHPD GH GHUHFKRV
KXPDQRVTXHHVPX\LPSRUWDQWH\TXHQRVHGHEHVRVOD\DU
<D TXH XVWHG PH KD IRUPXODGR OD SUHJXQWD VHxRU 3UHVLGHQWH \R TXLVLHUD DSRUWDU FRQ
DOJ~Q
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³ &RQJUHVLVWD%HODXQGHGLVFXOSHTXHOR
LQWHUUXPSD \R OH KDFtD OD SUHJXQWD SDUD LU DO YRWR HQ OD FXHVWLyQ SUHYLD QR PH KD
UHVSRQGLGRVLKDSODQWHDGRODFXHVWLyQSUHYLDRQRODKDSODQWHDGR
(OVHxRU%(/$81'(025(<5$61
(OVHxRU%(/$81'(025(<5$61³
(025(<5$61³/DUHVSXHVWDHVSRVLWLYD6t
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³2ND\0XFKDVJUDFLDV
(QWRQFHVYDPRVDPDUFDUDVLVWHQFLDSDUDLUDOYRWR
³/RVVHxRUHVFRQJUHVLVWDVUHJLVWUDQVXDVLVWHQFLDPHGLDQWHHOVLVWHPDGLJLWDOSDUDYHU
/RVVHxRUHVFRQJUHVLVWDVUHJLVWUDQVXDVLVWHQFLDPHGLDQWHHOVLVWHPDGLJLWDOSDUDYHULILFDU
LILFDU
HOTXyUXP
HOTXyUXP
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³&RQJUHVLVWD2WiUROD
(OVHxRU27É52/$3(f$5$1'$1*3³
(OVHxRU27É52/$3(f$5$1'$1*3³6HxRU3UHVLGHQWHpVWHHVXQWHPDGHUHIRUPD
FRQVWLWXFLRQDO¢TXpWLHQHTXHKDFHUOD&RPLVLyQGH-XVWLFLD"<HVWiFODUtVLPRQRTXLHUHQ
VDQFLRQDUODLPSUHVFULSWLELOLGDGGHORVGHOLWRVFRPHWLGRVSRUIXQFLRQDULRVS~EOLFRV
(O FRQJUHVLVWD %HGR\D KD FXHVWLRQDGR GXUDQWH GLH] PLQXWRV HVWi HO SUR\HFWR GHO
FRQJUHVLVWD%HGR\D\GHOD%DQFDGDGH8QLGDG1DFLRQDOGHOSHUtRGRSDVDGRHQHOTXH
SODQWHDQODLPSUHVFULSWLELOLGDGGHORVGHOLWRVFRPHWLGRVSRUIXQFLRQDULRVS~EOLFRV/RTXH
D\HUHVWXYRELHQKR\GtDQRHVWiELHQ
&RQVLJXLHQWHPHQWH \ DFi RWUD FRVD VH HVWi VDQFLRQDQGR DO H[WUDQHRXV DO FRUUXSWRU
¢WDPSRFR TXLHUHQ HVR" 4XLHUHQ QXHYDPHQWH PDQGDUOR D ODV FDOHQGDV JULHJDV SUR\HFWRVGHOH\GLH]DxRVGHGHEDWH\IDOWDGHEDWLU¢TXpVHHVWiSUHWHQGLHQGRFRQHVWR"
0HSLGHLQWHUUXSFLyQHOFRQJUHVLVWD%HGR\D
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ &RQJUHVLVWD %HGR\D WLHQH XVR GH OD
SDODEUD
(O VHxRU %('2<$ '( 9,9$1&2 $3*&³
$3*&³ 6HxRU 3UHVLGHQWH SDUHFH TXH HO DPLJR
2WiUROD FRQIXQGH \R QR SHUWHQH]FR D OD EDQFDGD GH OD HVFRSHWD GH GRV FDxRQHV \R
WHQJRXQVRORSHQVDPLHQWRXVWHGTXHVHGDSRUDOXGLGRVHxRU0XOGHU
/RTXHVXFHGHVHxRU3UHVLGHQWHHVTXHVtHQHOTXLQTXHQLRDQWHULRU-XDQ&DUORV(JXUHQ
WXYR HVD LQLFLDWLYD \ \R OD VXVFULEt /R TXH VXFHGH HV TXH FRQIRUPH KH DKRQGDGR HQ HO
WHPD KH HYROXFLRQDGR HQ PL IRUPD GH SHQVDU %LHQ GLFH HO UHIUiQ TXH VyOR 'LRV \ ORV
LPEpFLOHVQRFDPELDQ<RQRVR\QLORXQRQLORRWUR
0XFKDVJUDFLDV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³&RQWLQ~HFRQJUHVLVWD2WiUROD
(O VHxRU 27É52/$ 3(f$5$1'$ 1*3³
1*3³ %XHQR 3UHVLGHQWH KD HYROXFLRQDGR PXFKR
HVPX\GLYLQRFUHRSHURHQWRGRFDVRODEDQFDGDHQSOHQRHVDYH]GH8QLGDG1DFLRQDO
SUHVHQWyXQSUR\HFWRGHOH\GHLPSUHVFULSWLELOLGDG
/D VHxRUD .HLNR )XMLPRUL UHLWHUDGDPHQWH HQ FDPSDxD OD LPSUHVFULSWLELOLGDG HO VHxRU
.XF]\QVNL LPSUHVFULSWLELOLGDG -XDQ &DUORV (JXUHQ LPSUHVFULSWLELOLGDG &DVWUR 6WDJxDUR
LPSUHVFULSWLELOLGDG \ OH VDFR WRGD OD UHODFLyQ GH TXLHQHV SODQWHDURQ /RXUGHV $OFRUWD
LPSUHVFULSWLELOLGDG\KR\GtDYLHQHQDGHFLUQRVTXHIDOWDGHEDWHGLH]DxRVSUR\HFWRV
GLH]DxRV\SUR\HFWRVGHOH\
(QWRGRFDVRGLJDQVLPSOHPHQWHTXHQRTXLHUHQTXHVHDSUXHEHHVWR\TXLHUHQPDQGDUOR
D-XVWLFLD4XpWLHQHTXHYHU-XVWLFLDFRQXQWHPDGHUHIRUPDFRQVWLWXFLRQDODKSRUHVR
SXHVORTXLHUHQFRPSDUDUFRQFXDOTXLHUOH\\XWLOL]DQPpWRGRVGHLQWHUSUHWDFLyQGHODOH\
(VWH HV XQ WHPD GH UHIRUPD FRQVWLWXFLRQDO GH FXPSOLPLHQWR GH FRPSURPLVRV GH
FDPSDxDHVXQWHPDPHGLDQWHHOFXDOVHVDQFLRQDFRQODPXHUWHFLYLODOIXQFLRQDULRTXH
RFDVLRQyJUDYHVGDxRVSDUDTXHQXQFDPiVYXHOYDDRFDVLRQDUJUDYHVGDxRVHVXQWHPD
SRU HO FXDO DO PDO HPSUHVDULR TXH VRERUQD WDPELpQ VH OH GD OD PLVPD SHQD TXH DO
IXQFLRQDULRS~EOLFR¢DFDVRQRTXLHUHQHVR"<HVXQWHPDPHGLDQWHHOFXDOQDGLHVHYDD
IXJDUD-DSyQRD)UDQFLD\OXHJRYDYROYHUWUDQTXLORDSRVWXODUSRUHVRTXHQRTXLHUHQ
ODLPSUHVFULSWLELOLGDGRSRUTXHKD\JHQWHTXHWLHQHHVRVSUREOHPDV
&RQVLJXLHQWHPHQWH\ROHVSLGRDFWXDUFRQODPLVPDPDQHUDFRQODTXHSRVWXODURQWRGRV
KDEODURQGHLPSUHVFULSWLELOLGDG\TXpOHYDQDGHFLUDVXVHOHFWRUHVFRUUXSFLyQQRGHEH
SUHVFULELU DFXVDGRV GH FRUUXSFLyQ ¢TXLpQHV SODQWHDQ HVWR" 7RGD OD EDQFDGD GH
8QLGDG1DFLRQDODTXtHVWiQORVYRWRV\VLGHVHDQOHVSXHGROHHU
(QWRQFHV VH QRV KD FLWDGR DXWRUHV QRVRWURV WDPELpQ KHPRV FLWDGR D YDULRV (QULTXH
%HUQDOHV
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ &RQJUHVLVWD 2WiUROD OH SLGH XQD
LQWHUUXSFLyQHOFRQJUHVLVWD%HOD~QGH
(OVHxRU27É52/$3(f$5$1'$1*3³
(OVHxRU27É52/$3(f$5$1'$1*3³&RQJUHVLVWD%HOD~QGH
(O VHxRU %(/$81'( 025(<5$ 61³
61³ 6HxRU 3UHVLGHQWH \D TXH HVWDPRV GLVFXWLHQGR
WRGRHVWHWHPD
<RKHSHGLGRFRPRFXHVWLyQSUHYLDTXHHVWRSDVHDOD&RPLVLyQGH-XVWLFLD\'HUHFKRV
+XPDQRV SRUTXH HQ HVWH WHPD GH OD LPSUHVFULSWLELOLGDG KD\ XQ DVSHFWR GH GHUHFKRV
KXPDQRVTXHHVIXQGDPHQWDOSRUTXHODVFDXVDVRODVVLWXDFLRQHVQRSXHGHQPDQWHQHUVH
DELHUWDV LQGHILQLGDPHQWH \ SRUTXH GH DOJXQD IRUPD FLWDQGR D XQ JUDQ SHQDOLVWD
DUJHQWLQR =DIIDURQL GLFH TXH OD GLPHQVLyQ GHO WLHPSR OR FDPELD WRGR FDPELD DO
GHOLQFXHQWHFDPELDDODJUDYLDGRHQHOFDVRGHTXHYLYDFDPELDODVRFLHGDG\FDPELD
ORVMXHFHVTXHMX]JDQHOGHOLWR
< \R GLUtD VH UHTXLHUH LQPHGLDWH] SDUD LQYHVWLJDU ORV GHOLWRV GH FRUUXSFLyQ VRQ GHOLWRV
HFRQyPLFRV TXH UHTXLHUHQ WHQHU DUFKLYRV DO GtD < GLVFXOSD TXH OHV KDJD XQD GLJUHVLyQ
SHUVRQDO\RKHVLGRGLUHFWRUGHPXFKDVHPSUHVDVGHO(VWDGR
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
DWWiV0DMOXI³'pQOHWLHPSRSDUDFXOPLQDUSRUIDYRU
(OVHxRU%(/$81'(025(<5$61³
(OVHxRU%(/$81'(025(<5$61³0HSHUPLWHWHUPLQDU
<KHPDQWHQLGRDxRVHVRVDUFKLYRVHQPLFDVDTXHPHUHSOHWDEDQGHSDSHOHV\DORV
GLVSXVHGHHOORVSRUTXHHUDQFRVDGHORVDxRVGHKDFHDxRV<\RWHQJRHQPL
HVWXGLRHODUFKLYRPLDUFKLYRFRPR3UHVLGHQWHGHOD&RPLVLyQ1DFLRQDO$QWLFRUUXSFLyQ\
FRPR HPEDMDGRU \ ODV FXHQWDV TXH SRU FLHUWR KDQ VLGR DSUREDGDV SHUR WHQJR TXH
PDQWHQHUODV SRU XQ WLHPSR SUXGHQFLDO OD WHQGUp TXH PDQWHQHU GH DTXt D FXDOTXLHU
PRPHQWRODVFRVDVWHUPLQDQHQHOWLHPSR\HVRKD\TXHHQWHQGHUORSRUTXHHOWLHPSROR
WUDQVIRUPD WRGR \ HVR HV IXQGDPHQWDO \ OD FXHVWLyQ HFRQyPLFD HIHFWLYDPHQWH SXHGH
GHULYDUHQXQDSHUVHFXFLyQ
<TXLHURGHFLUDOJRPiVVLHO3UHVLGHQWHPHORSHUPLWH
&XDQGR \R WXYH D FDUJR GH OD H[WUDGLFLyQ GH ORV &URXVLOODW XQR GH ORV GHOLWRV TXHGy
SUHVFULWR HO PHQRU XQR TXHGy SUHVFULWR QR HO PD\RU HO GHOLWR PHQRU SDUD &URXVLOODW
SDGUHTXHSRUUD]yQTXHWHQtDDxRVVXSOD]RGHSUHVFULSFLyQVHUHGXFtDQDODPLWDG
3HUR\ROHVGLJRDXVWHGHVTXHHQHOFDVRGHODH[WUDGLFLyQVLHQHO3HU~ORVGHOLWRVVRQ
LPSUHVFULSWLEOHV HQ ODV PD\RUtDV GH ODV OHJLVODFLRQHV GHO PXQGR QR OR VRQ \ WLHQH TXH
KDEHUXQDSHUIHFWDFRQFRUGDQFLDHQWUHODOHJLVODFLyQGHDPERVSDtVHV\VLQRODKD\QR
KDEUi H[WUDGLFLyQ FRPR QR VH DGPLWH HO SULQFLSLR GH OD H[WUDQHXV TXH KDFH ELHQ HO
FRQJUHVLVWD2WiURODDOUHIHULUVHDpOSHURTXHSDUDHVREDVWDPRGLILFDUHO&yGLJR3HQDO
FRPR RFXUUH FRQ &KLOH TXH QRV GHQHJy VLVWHPiWLFDPHQWH WRGRV QXHVWURV SHGLGRV GH
H[WUDGLFLyQGHGLYHUVRVGHOLWRVDQWHULRUHVFRPHWLGRVHQHODxR
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDVFRQJUHVLVWD%HODXQGH
&RQWLQ~HFRQJUHVLVWD2WiUROD
(OVHxRU27É52/$3(f$5$1'$1*3³
(OVHxRU27É52/$3(f$5$1'$1*3³3UHVLGHQWH\¢SRUTXpHOWHPRU"DFXVDGRV
GHFRUUXSFLyQYR\DOHHUDOJXQRVTXLHUHQEHQHILFLDUVHFRQODSUHVFULSFLyQ
*XLGR*XHYDUD(GXDUGR&DOPHWGHO6RODU(GPXQGR6LOYD7HMDGD)XMLPRUL)XMLPRULGH
$ULWRPH5RVD$ULWRPH6KLWR9tFWRU<URVKL&DVR/D\HWFpWHUDHWFpWHUDHWFpWHUD
< DGLFLRQDOPHQWH HO SUR\HFWR GH 833 HO SUR\HFWR GH OD %DQFDGD $SULVWD DTXt HVWi OD
%DQFDGD$SULVWDQRVpVLHVWiPLDPLJR-DYLHUPHSDUHFHTXHQRSUHVHQWDGRSRU-RVp
0DFHGR0LJXHO*XHYDUD/XLV1HJUHLURV)UDQNOLQ6iQFKH]:LOVRQHWFpWHUDHWFpWHUD
/RTXHKDFHXQPHVHUDEXHQRKR\GtD
/DFRQJUHVLVWD
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³ &RQFHGDODLQWHUUXSFLyQDOFRQJUHVLVWD
7HYHVXVWHGHVWiDQRWDGRSDUDKDEODUSURFHGDFRQODLQWHUUXSFLyQ
/DVHxRUD7(9(648,63(1*3
/DVHxRUD7(9(648,63(1*3³
1*3³*UDFLDVVHxRU3UHVLGHQWH
(QYHUGDGVLHQHVWHPRPHQWRHVWDPRVFRQHOSUR\HFWRGHOH\GHODLPSUHVFULSWLELOLGDGHV
SUHFLVDPHQWHTXHQRVRWURVQRSRGHPRVDYDODUDORVFRUUXSWRVHVSHFLDOPHQWHFRQVDFR\
FRUEDWD
1R SRGHPRV DYDODU D ORV IXQFLRQDULRV TXH HQ HVWH PRPHQWR HVWiQ HQ ODV LQVWLWXFLRQHV
S~EOLFDVFRQDOWRVJUDGRVGHFRUUXSFLyQTXHUHPRVHUUDGLFDUODFRUUXSFLyQ\QRQRVORV
SHUPLWHQTXHUHPRVHQHVWHPRPHQWROXFKDUSRUTXHHOSDQQRDOFDQ]DDPXFKRVGHORV
SHUXDQRVSRUTXH¢TXLpQHVHVWiQGHQXQFLDGRVSRUFRUUXSFLyQ" ¢DFDVRQRVRQWRGDYtD
ORVIXQFLRQDULRVTXHSHUPDQHFHQHQODVLQVWLWXFLRQHVS~EOLFDV"
/RTXHQRVRWURVTXHUHPRVHVTXHORVGHOLWRVQRSUHVFULEDQQRVRWURVTXHUHPRVTXHKD\D
VDQFLyQ \ OD ~QLFD PDQHUD VHxRU 3UHVLGHQWH TXH KD\D VDQFLyQ D ORV FRUUXSWRV HV
DSUREDQGRHVWHSUR\HFWRGHOH\\\RIHOLFLWRDODSHUVRQDTXHKDHODERUDGRHVWHSUR\HFWR
GHOH\
<DVtFRPRKD\GLJQLGDGSDUDSRGHUGHQXQFLDUDSHUVRQDVTXHHVWiQHQHVWRVPRPHQWRV
OLJDGDVDODFRUUXSFLyQQRKD\SRUTXHWHPHUVLDSUREDPRVHVWHSUR\HFWR\HVHIXHXQD
GH ODV SURSXHVWDV GH QXHVWUR SUHVLGHQWH 2OODQWD +XPDOD HQ OD FDPSDxD HOHFWRUDO \
WDPELpQIXHGHORVRSRVLWRUHV
<RQRVpSRUTXpDKRUDVHRSRQHQDODDSUREDFLyQGHHVWHSUR\HFWRGHOH\\VHJXUDHVWR\
TXH KD\ PXFKRV SROtWLFRV WUiQVIXJDV TXH HVWiQ HQ HVWH PRPHQWR SUHRFXSDGRV SRUTXH
FUHHQDOLUVHDRWURSDUWLGRSROtWLFRWDPELpQYDQDHVWDUOLEUHVGHODFRUUXSFLyQFUHRTXH
HVKRUDTXHWHQHPRVTXHDSOLFDUHVWHSUR\HFWRVHxRU3UHVLGHQWH
*UDFLDVFRQJUHVLVWD
(OVHxRU27É52/$3(f$5$1'$1*3
(OVHxRU27É52/$3(f$5$1'$1*3³
$5$1'$1*3³(OFRQJUHVLVWD9HOiVTXH]4XHVTXpQ
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ &RQJUHVLVWD 9HOiVTXH] 4XHVTXpQ
KDJDXVRGHODLQWHUUXSFLyQ
(OVHxRU9(/É648(=48(648e1*3&3³
(OVHxRU9(/É648(=48(648e1*3&3³ 3UHVLGHQWHHVWHHVXQWHPDPX\VHULRPX\
GHOLFDGRQRPHYR\DSURQXQFLDUVREUHHOIRQGRSRUTXHHQSULPHUOXJDUFUHRTXHQR
KD\ ODV FRQGLFLRQHV )UHG\ \ WRGRV ORV TXH KHPRV HVWXGLDGR DOJR GH 'HUHFKR VDEHPRV
TXHXQDFRVDHVHODPELHQWHOHJLVODWLYR\RWURHVHODPELHQWHFRQVWLWX\HQWH
5HIRUPDUOD&RQVWLWXFLyQQRHVXQWHPDGHWUDWDUORFDGDVHPDQD\PHSDUHFHSRFRVHULR
HQ SULPHU OXJDU OD GLVWULEXFLyQ GH ORV WLHPSRV ¢8VWHG FUHH TXH HQ XQ PLQXWR XQR OH
SXHGH SODQWHDU DO SDtV XQD UHIRUPD GHO FDPELR GH OD QRUPD IXQGDQWH GH XQ SDtV" 0H
SDUHFH HVR SRFR VHULR 3RFR VHULR < HQ VHJXQGR OXJDU ¢FyPR YDPRV D VXVWHQWDU XQD
UHIRUPDFRQVWLWXFLRQDOHQORVFRPSURPLVRVHOHFWRUDOHV"
(OGRPLQJRVLXVWHGQRORKDYLVWR\RVtKHYLVWRGHWHQLGDPHQWHORTXHKDH[SUHVDGRFRQ
PXFKD KRQHVWLGDG \ VLQFHULGDG HQ DFWXDO 3UHVLGHQWH GH OD 5HS~EOLFD FXDQGR KD GLFKR
GHWHUPLQDGRV FRPSURPLVRV QR YR\ D SRGHU FXPSOLU SRUTXH XQD FRVD HV FRQ JXLWDUUD
RWUDFRVDHVFRQFDMyQ<XQRGHORVFRPSURPLVRVTXHKDGLFKRTXHQRYDDFXPSOLUHV
MXVWDPHQWHHOWHPDGHODUHIRUPDGHOD&RQVWLWXFLyQ(QWRQFHV¢GyQGHHVWDPRV"¢'yQGH
HVWDPRV"
6HxRU 3UHVLGHQWH VRODPHQWH OH TXLHUR GHFLU TXH SRU OD VHULHGDG TXH PHUHFH HO SDtV
HVWDPRVSODQWHDQGRXQDUHIRUPDGHOD &RQVWLWXFLyQORSULPHURTXHWLHQHTXHKDFHUXQ
SUHVLGHQWHGHXQDFRPLVLyQTXHSODQWHDXQDUHIRUPDFRQVWLWXFLRQDOHVEXVFDUFRQVHQVRV
¢3RUTXpOD&RQVWLWXFLyQKDGLFKRTXHSDUDTXHVHPRGLILTXHSDUFLDOPHQWHpVWDWLHQHTXH
WHQHU XQD PD\RUtD UHIRU]DGD FDOLILFDGD" -XVWDPHQWH SRUTXH KD\ TXH SURSHQGHU DO
FRQVHQVRQRHVXQDQRUPDFXDOTXLHUD1RSXHGRHVWDUGLFLHQGR$KIXHHOFRPSURPLVR
HOHFWRUDO WX\R \R TXLHUR OXFKDU FRQWUD OD FRUUXSFLyQ TXH ORV GH FXHOOR \ FRUEDWD £3RU
IDYRU
&UHR TXH OR TXH UHPRV HVFXFKDU VRQ DUJXPHQWRV WpFQLFRV 4XH PH H[SOLTXHQ SRU
HMHPSORFyPRKDGLVPLQXLGRODFULPLQDOLGDGRODFRUUXSFLyQHQ%ROLYLDHQ(FXDGRURHQ
9HQH]XHOD GRQGH GtJDVH GH SDVR ODV FRQGLFLRQHV GH ORV VLVWHPDV SROtWLFRV DKt VRQ
GLIHUHQWHVDOQXHVWURLQVWLWXFLRQHVVRPHWLGDV
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ 8VWHG GLFH TXH VRODPHQWH TXH
VRODPHQWHOHKDQGDGRXQPLQXWRVHxRU9HOiVTXH]4XHVTXpQ7RGRHOPXQGRKDWHQLGR
OLEUHHOGtDGHKR\SDUVXLQIRUPDFLyQDQDGLHVHOHKDGDGRXQPLQXWR
&RQWLQ~HFRQJUHVLVWD
(O VHxRU 9(/É648(= 48(648e1 *3&3³
*3&3³ 3UHVLGHQWH QR KHPRV WHQLGR HO
FRQRFLPLHQWRDWUDYpVGHQXHVWURYRFHURSRUWDYR]TXHKDEtDQWLHPSRVDPSOLRVSHUR\ROR
TXHVtTXLHURHVKDFHUPiVTXHXQDFUtWLFDTXLHURKDFHUXQDUHIOH[LyQWLHQHTXHKDEHUXQ
DPELHQWH FRQVWLWX\HQWH \ HVH DPELHQWH WLHQH TXH VHU XQ HVIXHU]R GH FRQFHUWDFLyQ VH
QHFHVLWDQYRWRV
(QWRQFHV SDUD HVR HO IXQGDPHQWR GH XQD UHIRUPD FRQVWLWXFLRQDO SXHGH VHU TXH XVWHG
SUHVHQWy HO TXLQTXHQLR SDVDGR XQ SUR\HFWR GH OH\ ¢\ HVR SXHGH REOLJDU DKRUD D ORV
QXHYRV SDUODPHQWDULRV" <R FUHR TXH KD\ TXH GDUOH XQD FRQVLVWHQFLD MXUtGLFD < OD
YHUGDG TXH HO GHEDWH TXH KH YLVWR HV XQ GHEDWH GH FRQIURQWDFLyQ TXH OR ~QLFR TXH
SHUVLJXHHVTXHTXLHQHVTXLHUHQGHODERFDSDUDDIXHUDKDFHUODUHIRUPDQRODTXLHUHQ
HQHOIRQGR1RODTXLHUHQ
(QWRQFHV SRU IDYRU VHDPRV KRQHVWRV FRQ HO SDtV QR SHUGDPRV HO WLHPSR < VL QR KD\
DPELHQWH QR VH KD SURPRYLGR XQ FRQVHQVR SDUD D KDFHU HVWD UHIRUPD FRQVWLWXFLRQDO
FUHRTXHKD\RWURVSUR\HFWRVTXHHVWiQHVSHUDQGR
1RPHYR\DSURQXQFLDUPHVREUHHOIRQGRVHxRU3UHVLHQWHSRUTXHHQVXPRPHQWRYR\D
LQWHUYHQLU VREUH HVWH WHPD FRQ FLIUDV \ DUJXPHQWRV MXUtGLFRV VL HV TXH VH QRV GD OD
JDUDQWtD GH TXH SRGDPRV LQWHUYHQLU HO WLHPSR VXILFLHQWH SDUD SODQWHDU XQD UHIRUPD
FRQVWLWXFLRQDOTXHHVLPSRUWDQWHSDUDODYLGDSROtWLFDGHOSDtV
*UDFLDVFRQJUHVLVWD2WiUROD
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ *UDFLDV FRQJUHVLVWD 9HOiVTXH]
4XHVTXpQ
&RQWLQ~HFRQJUHVLVWD2WiUROD
(O VHxRU 27É52/$ 3(f$5$1'$ 1*3³
1*3³ 3UHVLGHQWH SHUR DTXt KD\ PXFKD LQMXVWLFLD
UHLWHURSUR\HFWRV\DxRVGHGHEDWH\KD\FRQVHQVRHQODVEDQFDGDVGHDFXHUGRD
ORVSUR\HFWRVTXHSUHVHQWDURQ
(VWHHVXQFDEOHGHOGHVHWLHPEUHGH$QGLQD/RXUGHV)ORUHV/DLPSUHVFULSWLELOLGDGHV
XQLQVWUXPHQWRHILFD]FRQWUDODLPSXQLGDG$SODXGRDO&RQJUHVR³ODPi[LPDOLGHUH]DGH
ODEDQFDGDHVWiDSODXGLHQGRDO&RQJUHVR³TXHKD\DGDGRXQLQVWUXPHQWRTXHVLHQGR
GLVFXWLEOHWHSHUPLWHOXFKDUFRQPiVVHULHGDGFRQWUDODFRUUXSFLyQPDQLIHVWyDODSUHQVD
$OHMDQGUR7ROHGRDTXtVt³FUHR³KD\VXEDQFDGDFRUUHVSRQGHODSRVLFLyQGH7ROHGR
'HOLWRVGHFRUUXSFLyQVHUiQLPSUHVFULSWLEOHV
/D ~OWLPD SDUWH GH OD PRGLILFDFLyQ GHO DUWtFXOR /RV GHOLWRV FRPHWLGRV FRQWUD HO
SDWULPRQLR GHO (VWDGR VRQ LPSUHVFULSWLEOHV < OR UHSLWR /RV GHOLWRV FRPHWLGRV FRQWUD HO
SDWULPRQLRGHO(VWDGRVRQLPSUHVFULSWLEOHV)LUPDGR-XDQ&DUORV(JXUHQ$OFRUWD6XHUR
0DUtD /RXUGHV 3LD /XLVD %HGR\D GH 9LYDQFR -DYLHU $ORQVR &DVWUR 6WDJQDUR 5D~O
*DODUUHWD9HODUGH/XLV0DOOTXL%HDV-RVp(XVHELR(VWRHVGHKDFHSRFRKDQFDPELDGR
PX\UiSLGR
(QWRQFHV QR HV TXH QR KD\D KDELGR GHEDWH KD KDELGR GHEDWH PiV TXH VXILFLHQWH /R
TXHSDVDHVTXHVLHPSUHVHGHEDWLy\QXQFDKXERIXHU]DHQOD&RPLVLyQGH&RQVWLWXFLyQ
SDUD SRQHU HO WHPD HQ HO 3OHQR \ QRVRWURV OR KHPRV ORJUDGR HO 3ODQ 1DFLRQDO
$QWLFRUUXSFLyQVXVFULWRSRUWRGRV(VWiDSUREDGRHQHOSXQWR
6HLQFRUSRUDODLPSUHVFULSWLELOLGDGGHORVGHOLWRVFRPHWLGRVSRUIXQFLRQDULRVS~EOLFRV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³'pOHWLHPSRSDUDFRQFOXLU
(OVHxRU27É52/$3(f$5$1'$1*3³
(OVHxRU27É52/$3(f$5$1'$1*3³&RQVLJXLHQWHPHQWHVHxRU3UHVLGHQWHOHVSLGR
TXHVHDQFRKHUHQWHVFRQVXVSODQWHDPLHQWRV\QRXWLOLFHPRVODHVFRSHWDGHGRVFDxRQHV
TXHFUHRGHXQDEDQFDGD\DVDOWyDWRGDVODVEDQFDGDVGHRSRVLFLyQ
*UDFLDVVHxRU3UHVLGHQWH<DOYRWR
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
OXI³ 9DPRVDPDUFDUDVLVWHQFLDSDUDYRWDU
ODFXHVWLyQSUHYLDSRUIDYRU
8QVHJXQGRSRUIDYRU
9DPRV D SUHVHQWDU QXHVWUR VDOXGR DO DOFDOGH GLVWULWDO GH 6DQWD $QD GH 7XVL TXLHQ YLHQH
DFRPSDxDGR GH DOFDOGHV GH &HQWURV 3REODGRV \ OtGHUHV GH OD &RPXQLGDG &DPSHVLQD
LQWHJUDQWHVGH&RQVHMR'LUHFWLYRGH0XQL5HG3HU~\6HFUHWDUtD7pFQLFDGHOD$VDPEOHD
1DFLRQDOGH*RELHUQRV/RFDOHV
8QFRUGLDOVDOXGRSDUDWRGRV
$SODXVRV
*UDFLDV
+DQUHJLVWUDGRVXDVLVWHQFLDVHxRULWDVVHxRUHV\VHxRUDVFRQJUHVLVWDV
&RQ HVD DVLVWHQFLD DO YRWR SRU IDYRU OD FXHVWLyQ SUHYLD TXH SLGH TXH HO SUR\HFWR HQ
GHEDWHGH5HIRUPD&RQVWLWXFLRQDOGHODUWtFXORGHOD&RQVWLWXFLyQSDVHDOD&RPLVLyQ
GH-XVWLFLD\'HUHFKRV+XPDQRV
$OYRWR
³/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
UDYpVGHOVLVWHPDGLJLWDO
³(IHFWXDGD OD YRWDFLyQ VH DSUXHED SRU YRWRV D IDYRU HQ FRQWUD \ QLQJXQD
DEVWHQFLyQ OD FXHVWLyQ SUHYLD SODQWHDGD HQ HO VHQWLGR GH TXH ORV SUR\HFWRV HQ GHEDWH
SDVHQDHVWXGLRGHOD&RPLVLyQGH-XVWLFLD\'HUHFKRV+XPDQRV
SDVHQDHVWXGLRGHOD&RPLVLyQGH-XVWLFLD\'HUHFKRV+XPDQRV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³+DVLGRDSUREDGD
6H GHMD FRQVWDQFLD GHO YRWR HQ FRQWUD GH ORV FRQJUHVLVWDV -DLPH 'HOJDGR /HVFDQR
(VSLQR]D\$SD]D\GHOYRWRDIDYRUGHORVFRQJUHVLVWDV3pUH]7HOOR/HyQ\%HLQJROHD
5HVXOWDGRILQDOYRWRVDIDYRUHQFRQWUDFHURDEVWHQFLRQHV
(OSUR\HFWRVHUiUHPLWLGRDOD&RPLVLyQGH-XVWLFLDSDUDVXHYDOXDFLyQ
680,//$
680,//$
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³6LJXLHQWHWHPD
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
0RFLyQGH2UGHQGHO'tD1ƒ
6H SURSRQH H[KRUWDU D $JUREDQFR &RILGH \ D ODV ,),6 LQFOXLGD ODV &DMDV 5XUDOHV
5HJLRQDOHV \ /RFDOHV SDUD TXH HQ DSOLFDFLyQ GH ODV OH\HV \ \ HO
'HFUHWRGH8UJHQFLD1ƒUHDOLFHQGHLQPHGLDWRODVDFFLRQHVSHUWLQHQWHVDILQ
GH TXH VH FXPSOD D FDEDOLGDG HO DUWtFXOR ƒ GH OD /H\ 1ƒ VXVSHQGLpQGRVH ORV
UHPDWHV GH SUHGLRV RWRUJDGRV HQ JDUDQWtDV GH FUpGLWRV DJURSHFXDULRV DVt FRPR
HVWDEOHFHU PHFDQLVPRV GH UHLQVHUFLyQ GH ORV SHTXHxRV DJULFXOWRUHV GHXGRUHV DO 6LVWHPD
)LQDQFLHUR1DFLRQDOFRQODILQDOLGDGGHTXHSXHGDQWHQHUVXILFLHQWHILQDQFLDPLHQWRSDUD
VXVDFWLYLGDGHVDJUtFRODV
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ &RQJUHVLVWD 9HOiVTXH] 4XHVTXpQ
WLHQHHOXVRGHODSDODEUDSRUWUHVPLQXWRV
(OVHxRU9(/É648(=48(648e1*3&3
(OVHxRU9(/É648(=48(648e1*3&3³
3³ 6HxRU3UHVLGHQWHVRODPHQWHTXHUtDSHGLUOH
XQSRFRPiVGHIOH[LELOLGDG
$FDERGHSHGLUODYRWDFLyQ~OWLPDVREUHODFXHVWLyQSUHYLDSDUDSRGHUPRVWUDUODHVFDVD
YROXQWDGGHDTXHOORVTXHVXSXHVWDPHQWHHVWiQDIDYRUGHODUHIRUPDFRQVWLWXFLRQDO
6RODPHQWH YRWRV KDQ YRWDGR HQ FRQWUD GH OD FXHVWLyQ SUHYLD 1L OD EDQFDGD TXH
VXSXHVWDPHQWH HVWi OHYDQWDQGR OD EDQGHUD GH OD UHIRUPD FRQVWLWXFLRQDO KD SRGLGR
FRQYRFDUDWRGRVVXVPLHPEURVSDUDDSR\DU(OSDtVGHEHVDEHUORHOSDtVGHEHVDEHUOR
< TXLHUR TXH VH WRPH QRWD GH HVR VHxRU 3UHVLGHQWH &XiQWRV FRQJUHVLVWDV FXiQWRV
FRQJUHVLVWDV GHO 3DUWLGR 1DFLRQDOLVWD KDQ HVWDGR SUHVHQWHV DO PRPHQWR GH OD YRWDFLyQ
SDUDTXHYHDQTXHQRKDEtDYROXQWDG
/RTXHVHKDTXHULGRHVVRODPHQWHGHODERFDSDUDDIXHUDSRUTXHVHTXHGHDTXtORTXH
YDQDTXHUHUGHFLUDODSUHQVDHVTXHODRSRVLFLyQVHRSXVRDXQDUHIRUPDFRQVWLWXFLRQDO
6RODPHQWHH[LJLPRV TXH KD\D VHULHGDG TXH KD\D XQD FRQYRFDWRULDTXH VHHVWDEOH]FDQ
SOD]RV TXH VH HVWDEOH]FDQ WLHPSRV \ TXH HVWp PHMRU IXQGDPHQWDGR HO SUR\HFWR GH
UHIRUPDFRQVWLWXFLRQDO
*UDFLDV3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDV
9DPRVDDEULUHOGHEDWHQXHYDPHQWHVREUHHOWHPDYDPRVDDEULUHOGHEDWH
(VWDPRVHQOD0RFLyQGH2UGHQGHO'tDTXHVHYDDOHHU
&RQWLQ~HFRQJUHVLVWD2WiUROD\DKt
(O VHxRU 27É52/$ 3(f$5$1'$ 1*3³
1*3³ 3UHVLGHQWH KD\ FRQJUHVLVWDV TXH HVWiQ HQ OD
&RPLVLyQGH3UHVXSXHVWR
/R TXH SDVD 3UHVLGHQWH HV TXH HVWiQ FRQ OD FRQFLHQFLD LQWUDQTXLOD KDQ WUDLFLRQDGR OD
OXFKDFRQWUDODFRUUXSFLyQVHHVWiQDXWRSURWHJLHQGR/DSUHQVDORVDEH
(OORVVRQORVPRUDOL]DGRUHVTXHKR\GtDKDQPDUFKDGR£4XpYHUJHQ]D&yPRYRWDURQ
<RKHYRWDGRSRUTXHVHDSUXHEH&yPRYRWDURQXVWHGHV
<QRYHQJDQFRQORTXHHQDUJRWSRSXODUVHOODPDWLQWHULOODGDV8QDJUDQSDWDGDDOD
OXFKDFRQWUDODFRUUXSFLyQ\HOSXHEORQRHVWRQWRHOSXHEORQRHVWRQWR\HOSXHEORVH
YDDGDUFXHQWD
*UDFLDV3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³ 5HODWRUFRQWLQ~HSRUIDYRU&RQWLQ~H
FRQHOWHPDSRUIDYRU
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
0RFLyQGH2UGHQGHO'tD1ƒ
6H SURSRQH H[KRUWDU D $JUREDQFR &RILGH \ D ODV ,),V LQFOXLGDV ODV &DMDV 5XUDOHV
5HJLRQDOHV\/RFDOHVSDUDTXHHQDSOLFDFLyQGHODVOH\HV
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI
0DMOXI³
MOXI³ 3RU IDYRU UHFRMD XVWHG OD YRWDFLyQ
(VWiDVXGLVSRVLFLyQ
1R 6t DKt HVWi D VX GLVSRVLFLyQ /OpYHQVHOD D VX HVFDxR SRU IDYRU OOpYHQVHOD D VX
HVFDxR
&RQWLQXDPRVFRQHOSOHQRSRUIDYRUFRQWLQXDPRVFRQHOSOHQR
2UGHQSRUIDYRU9DPRVDFRQWLQXDUFRQODVHVLyQ
7LHQHODSDODEUDHOFRQJUHVLVWD6LPRQ0XQDURHQQRPEUHGHORVDXWRUHVGHODPRFLyQ
SDUDTXHIXQGDPHQWHKDVWDSRUFLQFRPLQXWRV
(OVHxRU6,021081$52$3*&³
(OVHxRU6,021081$52$3*&³ 3UHVLGHQWH\ROHURJDUtDTXHSRQJDPRVXQSRFR
GHRUGHQ
+D\ WHPDV TXH VRQ GH LPSRUWDQFLD SDUD HO SDtV \ QR SRGHPRV HVWDU DFWXDQGR FRPR
FDOOHMyQQLXQRQLRWURODGR'HDFXHUGR
<D HO GH RFWXEUH GH 3UHVLGHQWH VH SURPXOJD OD /H\ 1ƒ /H\ GH
UHHVWUXFWXUDFLyQ GH OD GHXGD DJUDULD SURGXFWR GHO FDPELR FOLPiWLFR SURGXFWR GH OD
VHTXtD\SURGXFWRGHODSpUGLGDGHORVDJULFXOWRUHV\FyPRLEDFUHFLHQGRODGHXGDSDUD
ORVSHTXHxRV\PHGLDQRVDJULFXOWRUHVGHOSDtV
(O &RQJUHVR SDVDGR GLR OD IDPRVD /H\ 3UHGD TXH IXH PX\ DSODXGLGD SRU WRGRV ORV
DJULFXOWRUHV\DGHPiVPX\SURPRFLRQDGDDWUDYpVGHORVPHGLRVGHFRPXQLFDFLyQ7RGRV
ORVGtDVXQRSUHQGtDODWHOHYLVLyQ\YHtDXQFDQDO\GHFtD/H\3UHGDUHLYLQGLFDFLyQGHORV
FDPSHVLQRV ¢< TXp VXFHGtD 3UHVLGHQWH" 4XH WRGRV ORV GtDV OD EDQFD LQWHUYHQtD D ORV
DJULFXOWRUHVYHQGtDODVWLHUUDV\ORVFDPSHVLQRVVHTXHGDEDQHQODFDOOH
(VWD /H\ 3UHGD TXH DOFDQ]DED ODV GHXGDV YHQFLGDV H LPSDJDV DO GH GLFLHPEUH GH
D ODV GHXGDV GHULYDGDV GH ORV FUpGLWRV FRQWUDtGRV SRU SURGXFWRUHV DJUDULRV
QDFLRQDOHVTXHGHVDUUROODEDQFXOWLYRVFULDQ]DDFXLFXOWXUDTXHVHPDQWHQtDFRQODV,),6
ODV &DMDV 5XUDOHV \ 0XQLFLSDOHV FRRSHUDWLYDV (GS\PHV HPSUHVDV YLQFXODGDV
HFRQyPLFDPHQWH VXEVLGLDULDV SDWULPRQLRV HWFpWHUD HWFpWHUD 3UHVLGHQWH FRQ &RILGH
TXHSUHFLVDEDODVXVSHQVLyQGHUHPDWHVRUGHQDGRVHQHODUWtFXORƒGHOD/H\1ƒ
TXHRUGHQDEDTXHHO0LQLVWHULRGH$JULFXOWXUDODV'LUHFFLRQHV5HJLRQDOHVGH$JULFXOWXUD\
GH $JUREDQFR EDMR UHVSRQVDELOLGDG GLIXQGDQ FRQ OD GHELGD RSRUWXQLGDG HQ ORV
DJULFXOWRUHVORVDOFDQFHVGHHVWD/H\1ƒHO'HFUHWRGH8UJHQFLD1ƒ\
OD/H\1ƒTXHGHEtDFRRUGLQDUDFFLRQHVSDUDTXHQLQJ~QDJULFXOWRUDVtQLQJ~Q
DJULFXOWRU³\VXEUD\R³QLQJ~QDJULFXOWRUHQORVDOFDQFHVGHO3UHGDGHMHGHDFRJHUVHD
VXVEHQHILFLRV
(VWDOH\TXHHVWDEOHFtDTXH$JUREDQFRHQHOSOD]RPi[LPRGHGtDVKiELOHVFXOPLQHHO
SURFHVRGHFRPSUDVGHODVFDUWHUDVPRURVDV
(VWDOH\TXHRUGHQDEDD$JUREDQFR&RILGHDODV$)3LQIRUPHQDOD&RPLVLyQ$JUDULD
VREUH ODV VROLFLWXGHV GH DFRJLPLHQWR DO 35('$ OD FRPSUD GH OD FDUWHUD PRURVD \ HO
FXPSOLPLHQWRGHODVQRUPDVTXHORULJHQSRUSDUWHGHODVHQWLGDGHVILQDQFLHUDV(VWDOH\
TXH IXH WDQ SURPRFLRQDGD HVWD OH\ TXH YROYLy D ORV DJULFXOWRUHV OD FRQILDQ]D HQ HO
(VWDGRVLPSOH\OODQDPHQWHQRVHFXPSOLyRVHFXPSOLySDUFLDOPHQWH
< 3UHVLGHQWH HO JRELHUQR HO (MHFXWLYR HQYLy KDFH SRFR D WUDYpV GHO 0LQLVWHULR GH
(FRQRPtDSRULQVWDQFLDVGHO0LQLVWURGH(FRQRPtDTXHVHGHURJDED\DODOH\35('$VH
FXOPLQDED OD OH\ 35('$ LQFXPSOLHQGR HO FRPSURPLVR GH HVWH JRELHUQR GH SRGHU
SURWHJHUDORVDJULFXOWRUHV
/D&RPLVLyQGH$JULFXOWXUDOD3UHVLGHQFLDGHOD&RPLVLyQGH$JULFXOWXUD\ODFRPLVLyQHQ
SOHQRKDVHVLRQDGRFXDWURFLQFRVHLVGLH]YHFHVKDUHFLELGRDORVDJULFXOWRUHVGHWRGR
HO SDtV 7XYLPRV XQD VHVLyQ GHVFHQWUDOL]DGD HQ OD UHJLyQ /DPED\HTXH \ XQD YH] VH OHV
GLMRDOJRELHUQRHQHVWHFDVRTXHQRVHLEDDGHURJDUODOH\35('$
<HQWRQFHVORVDJULFXOWRUHVGH,FDGH/DPED\HTXHGH3LXUDGH&DMDPDUFDHQILQGH
WRGRV ODGRV VLHQWHQ TXH HO &RQJUHVR FXPSOH SHUR FXPSOH VHxRU HQ HO SDSHO 4XH HO
JRELHUQRFXPSOHSHURFXPSOHHQHOSDSHOSRUTXHVLJXHQORVFDPSHVLQRV¢QRHVFLHUWR"
DIHFWDGRVSRUODEDQFDFRPHUFLDO
+D\TXHSRQHUOHILQVHxRU(VWHSDtVHVSDUDTXHVHUHVSHWHQODVOH\HV/RVHPSUHVDULRV
H[LJHQUHJODVFODUDVGHMXHJR\WRGRHOPXQGRH[LJHUHJODVFODUDVGHMXHJRSHURORVTXH
QR FXPSOHQ FRQ ODV UHJODV FODUDV GH MXHJR VRQ OD EDQFD VRQ LQFOXVR $JUREDQFR HV
LQFOXVR&RILGH
3DUDTXpVHxRUGLDEORVGDPRVOH\HVFXDQGRQRVHYDQDFXPSOLU3DUDTXpVLPXODPRVD
ORVDJULFXOWRUHVFXDQGRQRVHYDQDFXPSOLU4XHOHGLJDQVLPSOHPHQWHDORVDJULFXOWRUHV
TXHOHYHQGDQVXVWLHUUDVTXHUHPDWHQVXVWLHUUDVTXHYHQJDQDODFDSLWDOTXHYHQJDQD
ODFRVWD\GHVSXpVHVWHPRVODPHQWDQGRGHODYLROHQFLDVRFLDOTXHKD\
3UHVLGHQWH\RLQVWRDXVWHGFRPR3UHVLGHQWHGHO&RQJUHVRTXHSXHGDRILFLDUGLUHFWDPHQWH
DO 0LQLVWUR GH (FRQRPtD \ D TXLpQ FRUUHVSRQGD DO 0LQLVWUR GH $JULFXOWXUD SDUD TXH
REOLJXH D TXH VH FXPSOH XQD OH\ SRUTXH ODV OH\HV HVWiQ KHFKDV SDUD FXPSOLUVH VLQR
HVWDPRVGHPiV\TXHPHMRUFLHUUHQHO&RQJUHVR
0XFKDVJUDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDVFRQJUHVLVWD6LPRQ
3DUDRSRQHUVHDODDGPLVLyQDGHEDWHGHODPRFLyQORVJUXSRVSDUODPHQWDULRVWLHQHQXQ
PLQXWRFDGDXQR
6HRIUHFHODSDODEUD
6HRSRQHHOJUXSRSDUODPHQWDULR3HU~3RVLEOHVHHVWiRSRQLHQGR7LHQHXQPLQXWR$K
QRVHRSRQH
6HYDDFRQVXOWDUODDGPLVLyQDGHEDWHGHOD0RFLyQ1ƒ
0DUFDUDVLVWHQFLDSDUDLUDOYRWR
³/RVVHxRUHVFRQJUHVLVWDVUHJLVWUDQVXDVLVWHQFLDPHGLDQWHHOVLVWHPDGLJLWDOSDUDYHULILFDU
/RVVHxRUHVFRQJUHVLVWDVUHJLVWUDQVXDVLVWHQFLDPHGLDQWHHOVLVWHPDGLJLWDOSDUDYHULILFDU
HOTXyUXP
HOTXyUXP
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³ /DDGPLVLyQDGHEDWHUHTXLHUHHOYRWR
D IDYRU GH OD PD\RUtD GH FRQJUHVLVWDV KiELOHV GH FRQIRUPLGDG FRQ HO DUWtFXOR ƒ GHO
5HJODPHQWRGHO&RQJUHVR
(O Q~PHUR GH FRQJUHVLVWDV KiELOHV HO GtD GH KR\ HV VDOYR TXH KD\D YDULDGR HQ OD
WDUGH
(OQ~PHURGHFRQJUHVLVWDVKiELOHVHV6HUHTXLHUHYRWRVSDUDTXHHVWDPRFLyQVHD
DGPLWLGD
5HVXOWDGRGHODDVLVWHQFLDFRQJUHVLVWDVSUHVHQWHV
$OYRWR
³/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
³(IHFWXDGDODYRWDFLyQVHDFXHUGDSRUYRWRVDIDYRUQLQJXQRHQFRQWUD\QLQJXQD
DEVWHQFLyQODDGPLVLyQDGHEDWHGHOD0RFLyQGH2UGHQGHO'tD1ž
DEVWHQFLyQODDGPLVLyQDGHEDWHGHOD0RFLyQGH2UGHQGHO'tD1ž
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
'(17('DQLHO$EXJDWWiV0DMOXI³+DVLGRDGPLWLGDDGHEDWH
6HGHMDFRQVWDQFLDGHOYRWRDIDYRUGHORVFRQJUHVLVWDV9HOiVTXH]4XHVTXpQ%UXFH3pUH]
7HOOR%HLQJROHD(JXUHQ5HiWHJXL&HFLOLD7DLW0RQWHUROD$SD]D2WiUROD\$JXLQDJD
5HVXOWDGRILQDOYRWRVDIDYRU
/DPRFLyQKDVLGRDGPLWLGDDGHEDWH
(QGHEDWHODPRFLyQ
7LHQHODSDODEUDHOFRQJUHVLVWD/HyQ
(OVHxRU/(Ð15,9(5$$3³
(OVHxRU/(Ð15,9(5$$3³*UDFLDV3UHVLGHQWH
&RPRORKDUHIHULGRHOFRQJUHVLVWD<HKXGH6LPRQDOVXVWHQWDUODDGPLVLyQGHHVWDPRFLyQ
TXLHURDPSOLDU6HWUDWDTXHHVWDOH\HVWiWUDWDQGRRKDWUDWDGRFX\RREMHWLYRIXQGDPHQWDO
KDVLGRUHLQFRUSRUDUDORVSHTXHxRVDJULFXOWRUHVTXHKDQLQFXUULGRHQPRUDVSRUGLYHUVRV
PRWLYRV
< UHVXOWD 3UHVLGHQWH TXH OXHJR GH KDEHUVH DSUREDGR HVWD OH\ 3UHGD 3URJUDPD GH
5HILQDQFLDPLHQWR'HXGDV$JUDULDVPiVXQGHFUHWRGHXUJHQFLDSDUDGDUOHODRSRUWXQLGDG
KDVWDHVWHPHVGHGLFLHPEUHGHOSUHVHQWHDxRDTXHSXHGDQDFRJHUVHDOUHILQDQFLDPLHQWR
GH GHXGDV SURGXFWR GH FUpGLWRV GH REOLJDFLRQHV FRQ HO VLVWHPD ILQDQFLHUR HQ JHQHUDO
SURGXFWR GH FUpGLWRV DJUDULRV \ KDELpQGRVH DSUREDGR WRGRV HVWRV PHFDQLVPRV OHJDOHV
UHVXOWDTXHORVEDQFRVODV,),6ODVFDMDVUXUDOHVHQJHQHUDOHVWiQKDFLHQGRFDVRRPLVRD
HVWHPDQGDWRGHOD/H\3UHGD
< QR VRODPHQWH QR HVWiQ FXPSOLHQGR D SHVDU TXH H[SUHVDPHQWH OD OH\ OHV SURKtEH TXH
VLJDQFRQODHMHFXFLyQGHODVJDUDQWtDVIXQGDPHQWDOPHQWHFRQHOUHPDWHGHVXVSUHGLRV
DJUDULRV TXH HV HQ HO IRQGR HO ~QLFR ELHQ TXH WLHQHQ ORV SURGXFWRUHV ORV SHTXHxRV
SURGXFWRUHV\TXHHVWRHVHOSDWULPRQLRGHOLQPRELOLDULRUXUDOGHOFDPSRVLQHPEDUJRODV
,),6 ODV LQVWLWXFLRQHV ILQDQFLHUDV QR VRODPHQWH QR HVWiQ KDFLHQGR FDVR FRQ UHILQDQFLDU
VLQRTXHDGHPiVFRQWLQ~DQFRQODHMHFXFLyQ\HOUHPDWHGHHVWRVSUHGLRVDJUtFRODV
< DOJR PiV WDO YH] HQ HVH SURSyVLWR VRWHUUDGR GH VDFDUORV FRPR SURGXFWRUHV DJUDULRV
HVWiWUDWDQGRDGHPiVGHLPSHGLUOHVSRUWRGRVORVPHGLRVGDUOHVXQQXHYRFUpGLWRSRUTXH
VL VH OHV KD UHILQDQFLDGR VXV GHXGDV KDQ TXHGDGR KDELOLWDGRV FRPR VXMHWR GH FUpGLWR
SHUR ODPHQWDEOHPHQWH \ GH PDQHUD LQH[SOLFDEOH QR VRODPHQWH TXH QR FXPSOHQ VLQR
WDPELpQTXHVLJXHQHMHFXWDQGR\TXHDGHPiVOHVVLJXHQQHJDQGRQXHYRVFUpGLWRV
(QWRQFHV FyPR HV TXH XQ SURGXFWRU DJUDULR SXHGH SDJDU SURGXFWR GH VX H[SORWDFLyQ
SURGXFWRGHVXWUDEDMR
³5HDVXPHOD3UHVLGHQFLDHOVHxRU<HKXGH6LPRQ0XQDUR
5HDVXPHOD3UHVLGHQFLDHOVHxRU<HKXGH6LPRQ0XQDUR
FLDHOVHxRU<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³'pOHSRUIDYRUXQPLQXWRPiV
(O VHxRU /(Ð1 5,9(5$ $3³
$3³ 6L HV TXH QR WHQLHQGR HVWH SULQFLSDO LQVXPR GHO FUpGLWR
WDPSRFR SXHGH KDFHU SURGXFLU WDPSRFR SXHGH JHQHUDU XWLOLGDGHV \ UHFXUVRV \ SRU OR
WDQWRHQWUHHQHVHFtUFXORYLFLRVR\QRSXHGHFXPSOLUFRQODREOLJDFLyQ
(QWRQFHVVHxRU3UHVLGHQWHOHSLGRDOD5HSUHVHQWDFLyQ1DFLRQDOVHSXHGD
0HSLGHXQDLQWHUUXSFLyQ3UHVLGHQWHSRUVXLQWHUPHGLR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
KXGH6LPRQ0XQDUR³3DUDXQDLQWHUUXSFLyQODFRQJUHVLVWD
/DVHxRUD6&+$()(5&8&8/,=$*3)³
/DVHxRUD6&+$()(5&8&8/,=$*3)³*UDFLDV3UHVLGHQWH
<QRVRORHVRQLVLTXLHUDSXHGHQFRQFXUVDUDSURJUDPDVFRPR$JUR,GHDV$JUR5XUDOR
6LHUUD9HUGHVLILJXUDQFRQDOJXQDGHXGDHVRHVWHUULEOH
*UDFLDV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³3XHGHLUFRQFOX\HQGRFRQJUHVLVWD
(OVHxRU/(Ð15,9(5$$3³
(OVHxRU/(Ð15,9(5$$3³*UDFLDVFRQJUHVLVWD
(QWRQFHV 3UHVLGHQWH OH SLGR SXQWXDOPHQWH TXH YRWHPRV D IDYRU GH HVWD PRFLyQ SDUD
H[KRUWDUDORVEDQFRVDODVLQVWLWXFLRQHVILQDQFLHUDVSDUDTXHFXPSODQFRQHOPDQGDWR
GHODOH\SRUTXHVLQRFRPRXVWHGORKDUHIHULGRODVOH\HVORKDFHPRVSDUDTXHUtDQODV
OH\HV OR KDFHPRV SDUD TXH QR FXPSODQ \ HV PiV DFDEDQGR FRQ OD SURSLHGDG HQ HO
FDPSR\FRQHODJUDYDQWH3UHVLGHQWHTXHHVWHUHILQDQFLDPLHQWRWLHQHFRPRFRQWUDSDUWH
KRQUDUHVDGHXGDFRQERQRVGHO(VWDGR
3RUORWDQWRODV,),6\ORVEDQFRVKDQUHVXHOWRVXSUREOHPDGHFDUWHUDSHVDGDSHURKDQ
DJUDYDGRFDGDYH]PiVODVLWXDFLyQGHORVSURGXFWRUHV
0XFKDVJUDFLDV
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ $ XVWHG PXFKDV JUDFLDV VHxRU
FRQJUHVLVWD
(QXVRGHODSDODEUDHOVHxRUFRQJUHVLVWD%HFHUULO
(OVHxRU%(&(55,/52'5Ì*8(=*3)³
(OVHxRU%(&(55,/52'5Ì*8(=*3)³*UDFLDV3UHVLGHQWH
&UHRTXHORVTXHHVWDPRVHQOD&RPLVLyQ$JUDULDSRGHPRVHQWHQGHUHVWHSUREOHPDSRU
ORWDQWRSHUPtWDPHH[SOLFDUHQWpUPLQRVVLPSOHVGHTXpVHWUDWDHVWR
/RV DJULFXOWRUHV SHTXHxRV \ PHGLDQRV HQ XQ PRPHQWR GDGR SRU SUREOHPDV FOLPiWLFRV
OOiPHVH OD VHTXtD ODV KHODGDV HO )HQyPHQR GHO 1LxR VH YLHURQ REOLJDGRV D KDFHU
SUpVWDPRVDODVHQWLGDGHVSULYDGDVSDUDSRGHUVHJXLUVHPEUDQGRVXVWLHUUDV
/DPHQWDEOHPHQWH HVWRV KHFKRV QR OH SHUPLWLHURQ D HVWRV KXPLOGHV DJULFXOWRUHV FXPSOLU
FRQ VXV REOLJDFLRQHV EDQFDULDV HVWR VH DJUDYy FRQ ORV JUDQGHV LQWHUHVHV TXH FREUDQ
HVWDVHQWLGDGHVILQDQFLHUDV\FDGDYH]VHKDFtDPiVLPSRVLEOHTXHVHSXHGDFXPSOLUFRQ
HVWDVGHXGDV
3RUHVRHO(VWDGRHQXQPRPHQWRGDGRGDD$JUREDQFRPLOORQHVGHVROHVSDUDTXH
FRPSUHHVWDGHXGDDODVHQWLGDGHVSULYDGDV\SXHGDDVtD\XGDUHQXQUHILQDQFLDPLHQWRD
HVWRVDJULFXOWRUHV6DEHPRVTXHWRGDYtDGLRPLOORQHVKD\PLOORQHVSHQGLHQWHVSDUD
HODSR\RDHVWRVDJULFXOWRUHV
6LQ HPEDUJR HO (MHFXWLYR GLR XQ SUR\HFWR GH OH\ SDUD H[WLQJXLU HVWD /H\ 3UHGD HV HO
3URJUDPDGH5HHVWUXFWXUDFLyQGHOD'HXGD$JUDULD
3RU HVR HQ OD &RPLVLyQ $JUDULD HYDOXDQGR \ UHXQLpQGRQRV FRQ ORV DJULFXOWRUHV VH
GHWHUPLQy\VHYLRTXHHVWDOH\FRQWLQ~H\DVtVHDSUREyVLQHPEDUJRDFWXDOPHQWHKD\
GHQXQFLDVJUDYHVGHPXFKRVDJULFXOWRUHVVREUHWRGRHQHOLQWHULRUGHOSDtVGRQGHVHVLJXH
UHPDWDQGRVXVSURSLHGDGHV
7HQHPRVTXHHQWHQGHUGHTXHODH[SHQVDGHQRVRWURVGHODFRVWDVRQHVWRVSHTXHxRV\
PHGLDQRV DJULFXOWRUHV \ QR SRGHPRV SHUPLWLU TXH HQ UHDOLGDG OH UHPDWHQ VXV WLHUUDV
SRUTXHHVHO~QLFRVXVWHQWRTXHWLHQHQSDUDYLYLU
3RUHVRSHGLPRVVHxRU3UHVLGHQWHTXHHVWDOH\TXHVHDSUREyHQODFRPLVLyQ$JUDULDVHD
UHVSHWDGD \ DSUREDGD GH OR FRQWUDULR FRPR GLMR HO FRQJUHVLVWD <HKXGH 6LPRQ QDGD
KDUtDPRV VRODPHQWH GDQGR OH\HV SDUD TXH QR OR FXPSODQ ORV JUDQGHV HPSUHVDV
ILQDQFLHUDVFRPRVRQORVEDQFRV
*UDFLDV3UHVLGHQWH
³5HDVXPHOD3UHVLGHQFLDHOVHxRU'DQLHO$EXJDWWiV0DMOXI
5HDVXPHOD3UHVLGHQFLDHOVHxRU'DQLHO$EXJDWWiV0DMOXI
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ 7LHQH HO XVR GH OD SDODEUD HO
FRQJUHVLVWD%HFHUUtOSRUIDYRU¢<DKDEOy"¢12KD\QDGLHPiV"
3HUGyQ0ROLQD,QJDGHVSXpV0ROLQDH,QJD\DKtFHUUDPRV
(OVHxRU02/,1$0$57Ì1(=1*3³
(OVHxRU02/,1$0$57Ì1(=1*3³0XFKDVJUDFLDVVHxRU3UHVLGHQWH
(IHFWLYDPHQWHVHxRU3UHVLGHQWHKHPRVHVWDGRHQXQDVHVLyQGHVFHQWUDOL]DGDHQODUHJLyQ
/DPED\HTXH GRQGH MXVWDPHQWH VH KD DSUREDGR OD YLJHQFLD GH HVWD OH\ VLQ HPEDUJR
HVWDV HQWLGDGHV ILQDQFLHUDV VLJXHQ FRPHWLHQGR DEXVR ¢3RU TXp GLJR HVWR VHxRU
3UHVLGHQWH" 3RUTXH VXV SURSLHGDGHV GH HVWRV SHTXHxRV DJULFXOWRUHV GHO SDtV KDQ VLGR
SXHVHPEDUJDGRVSRUHVWDVHQWLGDGHVILQDQFLHUDV¢SRUTXp"SRUTXHHVWiQDFRJRWDGDV
SRUODGHXGDTXHWLHQHQYLJHQWH
3RUHVRHVWD&RPLVLyQ$JUDULD\ODSURSXHVWDVHxRU3UHVLGHQWHHVTXHGHLQPHGLDWRVH
SDUHHVWRVUHPDWHVGHHVWRVSUHGLRVSRUTXHQXHVWURVDJULFXOWRUHVVXIULGRVSRUTXH\DQR
WLHQHQGLQHURSDUDSRGHUSDJDUSRUHVRHVTXHHOORVVHKDQDFRJLGRDHVWD/H\35('$
QRHVSRUTXHQRTXLHUHQSDJDUVLQRVLPSOHPHQWHSRUTXHKDQWHQLGRSUREOHPDVSRUORV
GHVDVWUHVQDWXUDOHVSRUWRGRVORVSUREOHPDVFOLPDWROyJLFRVTXHVXFHGHHQWRGRHOSDtV
(VDHVODUD]yQVHxRU3UHVLGHQWH
3RUHVRH[KRUWDPRVSRULQWHUPHGLRGHVX3UHVLGHQFLD\TXHELHQTXHKD\FRQVHQVRDFi
TXHGHILQLWLYDPHQWHVHSDUHORVUHPDWHVGHORVSUHGLRVGHQXHVWURVSHTXHxRVDJULFXOWRUHV
0XFKDVJUDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
$EXJDWWiV0DMOXI³0XFKDVJUDFLDVFRQJUHVLVWD0ROLQD
7LHQHXVRGHODSDODEUDHOFRQJUHVLVWD,QJD
(OVHxRU,1*$9É648(=$3³
(OVHxRU,1*$9É648(=$3³6HxRU3UHVLGHQWHHVWDPRFLyQKDQDFLGRHQOD&RPLVLyQ
$JUDULD SRU XQDQLPLGDG SRUTXH D OR ODUJR \ DQFKR GH QXHVWUR SDtV OD JUDQ SREODFLyQ
GHGLFDGDDODSHTXHxDDFWLYLGDGDJURSHFXDULDVHKDHQFRQWUDGRFRQHOSUREOHPDGHORV
FUpGLWRVTXHSRUGLIHUHQWHVPRWLYRVQRKDQSRGLGRVHUKRQUDGRVHQVXRSRUWXQLGDG
< HV LPSRUWDQWH TXH GHVGH HVWH 3RGHU GHO (VWDGR SRGDPRV LQVWDU D ODV LQVWDQFLDV
FRUUHVSRQGLHQWHV SDUD TXH DVXPDQ HO PDQGDWR GH OD /H\ H LQFOXVR OR SXHGR GHFLU FRQ
DEVROXWDDXWRULGDGTXHORVSURGXFWRUHVDJURSHFXDULRVGHODUHJLyQ/RUHWRVHHQFXHQWUDQ
VXPDPHQWH PRUWLILFDGRV SRU FXDQWR QL HO SURSLR *RELHUQR 5HJLRQDO GH /RUHWR TXLHUH
DVXPLUHOFXPSOLPLHQWRGHHVWDOH\
3RU OR WDQWR VHxRUHV FROHJDV SDUODPHQWDULRV FUHR TXH DTXt GHEHPRV GH DFWXDU FRQ
XQDQLPLGDG UHVSDOGDQGR HVWD PRFLyQ SRUTXH YD GLUHFWDPHQWH D IDYRUHFHU D DTXHOORV
KRPEUHV \ PXMHUHV TXH PiV QHFHVLWDQ OD LQFOXVLyQ VRFLDO TXH DKRUD WDQWR VH YLHQH
KDEODQGR
(VSRUHOORTXHTXLHURGHMDUPX\FODURTXHODYROXQWDGGHORVSURGXFWRUHVDJURSHFXDULRV
LQFOXVR FXDQGR HVWXYLPRV HQ OD UHJLyQ ,FD QR HV OD GHO SHUUR PXHUWR HV KRQUDU VXV
FRPSURPLVRVSHURTXLHUHQTXHVHOHVGpODVIDFLOLGDGHVFRUUHVSRQGLHQWHV<FUHRTXHHQ
HVWDOH\HVWiHVWDEOHFLGRHOPDQGDWRFRUUHVSRQGLHQWH
3RU OR WDQWR VHxRU 3UHVLGHQWH FRQItR SOHQDPHQWH TXH WRGD OD 5HSUHVHQWDFLyQ 1DFLRQDO
DSUREDUiDYDODUiHVWDSURSXHVWD
0XFKDVJUDFLDV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
'DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDVVHxRUFRQJUHVLVWD
&RQJUHVLVWD(OtDVWLHQHXVRGHODSDODEUD
(OVHxRU(/Ì$6É9$/26*3)³
(OVHxRU(/Ì$6É9$/26*3)³0XFKDVJUDFLDV
0X\EUHYHVHxRU3UHVLGHQWH
(VWD PRFLyQ HV LQWHUHVDQWH SDUD ORV DJULFXOWRUHV GH ,FD GRQGH QR KD\ DJXD GRQGH
WHQHPRV SUREOHPDV HO DOJRGyQ EDMD GH SUHFLR VXEH GH SUHFLR VH HVWDQFD WRPDQ
FDUUHWHUDV ORV DJULFXOWRUHV ORV DOJRGRQHURV GH &KLQFKD &DxHWH 3LVFR SHUR KD\ DOJR
HVSHFLDO HVWR HV VRODPHQWH XQD H[KRUWDFLyQ HVWR HV VL TXLHUH &RILGH FDMDV UXUDOHV
EDQFRV2VHDDTXtHVWDPRVWUDEDMDQGRDGHFLUDHVDVLQVWLWXFLRQHV3RUIDYRUKD]DOJR
D\~GDPHVXVSHQGH
3HUR FUHR TXH GHEHUtD VHU PHMRU XQ PDQGDWR HQ VX PRPHQWR SDUD TXH ORV DJULFXOWRUHV
WHQJDQSD]RTXHHO(VWDGRHO(MHFXWLYRSXHGDGLVSRQHUTXHVHVXVSHQGDQHVWDVWDUHDV
RSURSRQHUXQSUR\HFWRDFi
*UDFLDV3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKtVLPDVJUDFLDVFRQJUHVLVWD(OtDV
(VRHVPD\RUtDVLPSOHWHQJRHQWHQGLGR
0DUFDUDVLVWHQFLDSDUDLUDOYRWRSRUIDYRU
³/RV
/RV VHxRUHV FRQJUHVLVWDV UHJLVWUDQ VX DVLVWHQFLD PHGLDQWH HO VLVWHPD GLJLWDO SDUD
FRPSXWDUHOTXyUXP
FRPSXWDUHOTXyUXP
(O VHxRU35(6,'(17( 'DQLHO$EXJDWWiV0DMOXI³
'DQLHO$EXJDWWiV0DMOXI³ $QWHV GH FHUUDU YHPRV VL WHQHPRV HO
TXyUXP
9DPRV D GHMDU SHQGLHQWH OD YRWDFLyQ \ SDVDPRV DO VLJXLHQWH WHPD TXH QHFHVLWiEDPRV
TXyUXPSRUTXHHVXQDPRFLyQ(VLJXDORVHDHVWDPRVHQODVPLVPDV
'HWRGDVPDQHUDVYDPRVJDQDQGRWLHPSR
6tKD\TXyUXP
9DPRVDVHJXLUPDUFDQGRDVLVWHQFLDTXHHVWiQUHWRUQDQGRORVFRQJUHVLVWDVGHODEDQFDGD
GH*DQD3HU~
0LHQWUDVWDQWRYDPRVOH\HQGRPRFLRQHVGHVDOXGRSRUIDYRU
&RQWLQXDPRVFRQODDVLVWHQFLD
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
0RFLRQHVGH6DOXGR
0RFLRQHVGH6DOXGR
'H OD FRQJUHVLVWD 2PRQWH 'XUDQG GH '\HU (O FRQJUHVR GH OD 5HS~EOLFD DFXHUGD
([SUHVDU VX VDOXGR HIXVLYR D OD SREODFLyQ \ DXWRULGDGHV GHO GLVWULWR GH &RFKDEDPED
SURYLQFLD GH +XDQFD\EDPED 5HJLyQ +XiQXFR DO FHOHEUDU HVWH GH QRYLHPEUH VX
9LJpVLPR6H[WR$QLYHUVDULRGH&UHDFLyQ3ROtWLFD
'HOFRQJUHVLVWD3DULRQD*DOLQGR(OFRQJUHVRGHOD5HS~EOLFDDFXHUGD6DOXGDU\IHOLFLWDU
DOGLVWULWRGH(O7DPERSURYLQFLDGH+XDQFD\R5HJLyQ-XQtQFRQPRWLYRGHFHOHEUDUVHHO
ƒ$QLYHUVDULRGHVX&UHDFLyQ3ROtWLFD
'HOFRQJUHVLVWD$QJXORÉOYDUH](OFRQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUVXVDOXGR
\IHOLFLWDFLyQDODFLXGDGHODGH&KDQFKiQSHUWHQHFLHQWHDOGLVWULWR\SURYLQFLDGH7UXMLOOR
GHSDUWDPHQWRGH/D/LEHUWDGSRUFRQPHPRUDUVHDxRVGHODGHFODUDFLyQSRUSDUWHGH
OD81(6&2DODPHQFLRQDGDFLXGDGHOD
'H OD FRQJUHVLVWD 2PRQWH 'XUDQG GH '\HU (O FRQJUHVR GH OD 5HS~EOLFD DFXHUGD
([SUHVDU HO VDOXGR GH OD 5HSUHVHQWDFLyQ 1DFLRQDO D OD SURYLQFLD GH $PER 5HJLyQ
+XiQXFR DO FHOHEUDU HVWH GH QRYLHPEUH VX 1RQDJpVLPR 1RYHQR $QLYHUVDULR GH
&UHDFLyQ
'HOFRQJUHVLVWD&DPD/DLPH(OFRQJUHVRGHOD5HS~EOLFDDFXHUGD6DOXGDUDOSXHEORGH
$UDSDGHODSURYLQFLDGH$]iQJDUR3XQRHQODSHUVRQDGHVXVDXWRULGDGHV\GLULJHQWHV
UHSUHVHQWDWLYRV GH VXV RUJDQL]DFLRQHV VRFLDOHV SRU OD FRQPHPRUDFLyQ GHO ƒ
$QLYHUVDULRGHVX&UHDFLyQ3ROtWLFD
'HO FRQJUHVLVWD 'H /D7RUUH 'XHxDV (OFRQJUHVR GH OD 5HS~EOLFD DFXHUGD ([SUHVDU VX
PiVFiOLGRVDOXGR\IHOLFLWDFLyQDODSURYLQFLDGH$QWD5HJLyQ&XVFRSRUFRQPHPRUDUVH
HOGHQRYLHPEUHXQDQLYHUVDULRPiVGH&UHDFLyQ3ROtWLFD
'HOFRQJUHVLVWD$FXxD1~xH](OFRQJUHVRGHOD5HS~EOLFDDFXHUGD6DOXGDUDODFLXGDG
GH &KHSpQ FDSLWDO GH OD SURYLQFLD GH &KHSpQ GHO GHSDUWDPHQWR GH /D /LEHUWDG DO
FRQPHPRUDUVH HO SUy[LPR YLHUQHV GH QRYLHPEUH GH HO 1RQDJpVLPR 6pSWLPR
$QLYHUVDULRGHVX(OHYDFLyQDOD&DWHJRUtDGH&LXGDGPHGLDQWH/H\GH
'HO FRQJUHVLVWD =DPXGLR %ULFHxR (O FRQJUHVR GH OD 5HS~EOLFD DFXHUGD 6DOXGDU D OD
8QLYHUVLGDG 1DFLRQDO GH 6DQ $JXVWtQ GH $UHTXLSD HQ OD SHUVRQD GHO UHFWRU GRFWRU
9DOGHPDU0HGLQD+R\RVFRQPRWLYRGHFHOHEUDUHOSUy[LPRGHQRYLHPEUHVXVƒ
$QLYHUVDULRGH)XQGDFLyQ,QVWLWXFLRQDO
'HO FRQJUHVLVWD 'H /D7RUUH 'XHxDV (OFRQJUHVR GH OD 5HS~EOLFD DFXHUGD ([SUHVDU VX
PiV FiOLGR VDOXGR \ IHOLFLWDFLyQ DO GLVWULWR GH +XDURFRQGR GH OD SURYLQFLD GH $QWD
5HJLyQ &XVFR SRU FRQPHPRUDUVH HO GH QRYLHPEUH HO $QLYHUVDULR GH VX &UHDFLyQ
3ROtWLFD
'HO FRQJUHVLVWD &DVWDJQLQR /HPD (O FRQJUHVR GH OD 5HS~EOLFD DFXHUGD VDOXGDU DO
GLVWULWR GH %HOODYLVWD XELFDGR HQ OD SURYLQFLD GH 6XOODQD GHSDUWDPHQWR GH 3LXUD HQ OD
SHUVRQDGHVXDOFDOGHHOVHxRU-RVp+LOGHEUDQGR&ULVDQWR9LOHODFRQPRWLYRGHFHOHEUDU
HVWHGHQRYLHPEUHVXDQLYHUVDULRGHFUHDFLyQSROtWLFD
'HO FRQJUHVLVWD 'H OD 7RUUH 'XHxDV (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD H[SUHVDU VX
PiV FiOLGR VDOXGR \ IHOLFLWDFLyQ D OD SURYLQFLD GH (VSLQDU UHJLyQ &XVFR SRU
FRQPHPRUDUVHHOGHQRYLHPEUHXQDQLYHUVDULRPiVGHFUHDFLyQSROtWLFD
'HO FRQJUHVLVWD )DOFRQt 3LFDUGR (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD H[SUHVDU VX PiV
FiOLGR VDOXGR \ IHOLFLWDFLyQ DO GLVWULWR GH 9LOOD GH &D\PD $UHTXLSD FRQ RFDVLyQ GH
FRQPHPRUDUVHHOSUy[LPRGHQRYLHPEUHXQDQLYHUVDULRPiVGHFUHDFLyQSROtWLFD
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ +DQ PDUFDGR DVLVWHQFLD FRQJUHVLVWDV
$OYRWR
³/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
³(IHFWXDGD OD YRWDFLyQ
YRWDFLyQ VH DSUXHED SRU YRWRV D IDYRU QLQJXQR HQ FRQWUD \ XQD
DEVWHQFLyQ OD PRFLyQ GH RUGHQ GHO GtD 1 PHGLDQWH HO FXDO VH H[KRUWD D
$JUREDQFR&RILGH\DODV,),VLQFOXLGDVODVFDMDVUXUDOHVUHJLRQDOHV\ORFDOHVSDUDTXHHQ
DSOLFDFLyQ GH ODV /H\HV
/H\HV \ \ HO 'HFUHWR GH 8UJHQFLD UHDOLFHQ GH LQPHGLDWR ODV DFFLRQHV SHUWLQHQWHV D ILQ GH TXH VH FXPSOD D FDEDOLGDG HO
DUWtFXORƒGHOD/H\VXVSHQGLpQGRVHORVUHPDWHVGHSUHGLRVRWRUJDGRVHQJDUDQWtD
GH FUpGLWRV DJURSHFXDULRV
DJURSHFXDULRV DVt FRPR HVWDEOHFHU PHFDQLVPRV GH UHLQVHUFLyQ GH ORV
SHTXHxRV DJULFXOWRUHV GHXGRUHV DO VLVWHPD ILQDQFLHUR QDFLRQDO FRQ OD ILQDOLGDG GH TXH
SXHGDQWHQHUVXILFLHQWHILQDQFLDPLHQWRSDUDVXVDFWLYLGDGHVDJUtFRODV
SXHGDQWHQHUVXILFLHQWHILQDQFLDPLHQWRSDUDVXVDFWLYLGDGHVDJUtFRODV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
DMOXI³+DVLGRDSUREDGD
6HGHMDFRQVWDQFLDGHOYRWRDIDYRUGHORVFRQJUHVLVWDV9DOOH&DUULOOR2PRQWH2VHGD
&RD1D\DS-DUD&RDUL6DDYHGUD\/HVFDQR\GHOFDPELRGHYRWRGHODFRQJUHVLVWD7DLW
GHDEVWHQFLyQSRUYRWRDIDYRU
5HVXOWDGRILQDOYRWRVDIDYRUFHURHQFRQWUDFHURDEVWHQFLRQHV/D0RFLyQ1ƒ
KDVLGRDSUREDGD
³(OWH[WRDSUREDGRHVHOVLJXLHQWH
(OWH[WRDSUREDGRHVHOVLJXLHQWH
&23,$5(/7(;72$352%$'2'(/$&7$
&23,$5(/7(;72$352%$'2'(/$&7$
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³6LJXLHQWHWHPDSRUIDYRU
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
0RFLyQ GH 2UGHQ GHO 'tD 1ƒ TXH SURSRQH FUHDU XQD &RPLVLyQ (VSHFLDO
0XOWLSDUWLGDULD HQFDUJDGD GHO 2UGHQDPLHQWR /HJLVODWLYR \ GH SURSRQHU OtQHDV PDWULFHV
SDUDHOORJURGHXQDOHJLVODFLyQVLPSOLILFDGDVLVWHPDWL]DGD\DFFHVLEOH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
DQLHO$EXJDWWiV0DMOXI³7LHQHODSDODEUDHOFRQJUHVLVWD8UWHFKR
0HGLQD SDUD TXH IXQGDPHQWH OD PRFLyQ HQ QRPEUH GH ORV DXWRUHV KDVWD SRU FLQFR
PLQXWRV
(OVHxRU857(&+20(',1$61³
(OVHxRU857(&+20(',1$61³*UDFLDVVHxRU3UHVLGHQWH
&RQ IHFKD GHO SUHVHQWH PHV VH KD SUHVHQWDGR OD 0RFLyQ GH 2UGHQ GHO 'tD 1ƒ SRU OD FXDO HO *UXSR 3DUODPHQWDULR 6ROLGDULGDG 1DFLRQDO SURSRQH OD FRQIRUPDFLyQ GH
XQD &RPLVLyQ 0XOWLSDUWLGDULD HQFDUJDGD GHO RUGHQDPLHQWR OHJLVODWLYR \ SURSRQHU OtQHDV
PDWULFHVSDUDHOORJURGHXQDOHJLVODFLyQVLPSOLILFDGDVLVWHPDWL]DGD\DFFHVLEOH
(O &RQJUHVR KD VLGR FDUDFWHUL]DGR FRPR HO 3RGHU /HJLVODWLYR DWHQGLHQGR D XQD GH VXV
SULQFLSDOHVIXQFLRQHVTXHHVODGHOHJLVODU
(O GtD GH QRYLHPEUH VH SXEOLFy OD /H\ 1ƒ /H\ TXH DPSOtD OD YLJHQFLD GHO
UpJLPHQ H[WUDRUGLQDULR DO 2UJDQLVPR GH )RUPDOL]DFLyQ GH OD 3URSLHGDG ,QIRUPDO
&RIRSULSUHYLVWDHQ/H\1ƒ
/D SUHJXQWD HV ¢&XiQWDV \ FXiOHV HVWiQ YLJHQWHV" ¢4XLpQ SXHGH GHWHUPLQDUOR" 1RV
SDUHFHTXHHVXQDUHVSRQVDELOLGDGGHO&RQJUHVR
$Vt OR HQWHQGLy HO &RQJUHVR HQ HO SHULRGR OHJLVODWLYR WDPELpQ OR KD
UHFRPHQGDGRHO3DUODPHQWR$QGLQR\DOJXQRVSDtVHVGHODUHJLyQTXHWUDEDMDQVREUHOR
TXHKDQOODPDGRGHVOHJLVODFLyQ
(QHODxRHO3DUODPHQWRDSUREySRUXQDQLPLGDGOD0RFLyQGH2UGHQGHO'tD1ƒ
FRQIRUPDQGR OD &RPLVLyQ (VSHFLDO 0XOWLSDUWLGDULD HQFDUJDGD GHO RUGHQDPLHQWR
OHJLVODWLYR\GHSURSRQHUOtQHDVPDWULFHVSDUDHOORJURGHXQDPD\RUHILFLHQFLDGHGLFKD
IXQFLyQ
$O UHVSHFWR HV QHFHVDULR SUHFLVDU TXH OD FRPLVLyQ UHDOL]y XQ WUDEDMR FRPSOHMR
LGHQWLILFDQGR\VHSDUDQGRWRGRDTXHOORTXHUHVXOWHLQDSOLFDEOHXREVROHWR
&RPRUHVXOWDGRGHHVHWUDEDMRVHORJURGHSXUDUPLOQRUPDVTXHVHHQFRQWUDEDQ
GHURJDGDVGHPDQHUDWiFLWDRTXHKDEtDQDJRWDGRVXVHIHFWRVDWUDYpVGHXQLQYHQWDULR
OHJLVODWLYR
3RU HOOR UHVDOWDPRV HO DYDQFH VLJQLILFDWLYR DOFDQ]DGR FRQ OD /H\ GH SURFHVRV GH
FRQVROLGDFLyQ GHO HVSHFWUR QRUPDWLYR SHUXDQR TXH KD GHMDGR VLQ HIHFWR OH\HV GHFUHWRV
OHJLVODWLYRVRGHXUJHQFLDQRUPDVGHFDUiFWHU SUHVXSXHVWDOQRPEUDPLHQWRVHQWUHRWURV
WHPDV
6LQ HPEDUJR VHJXLPRV D~Q FRQ XQD LQIODFLyQ OHJLVODWLYD FRQVLVWHQWH HQ DEXQGDQFLD GH
OH\HV TXH FRQWLHQH VX RUGHQDPLHQWR MXUtGLFR QDFLRQDO JHQHUiQGRVH FRPR FRQVHFXHQFLD
XQDVREUHSURGXFFLyQOHJLVODWLYD
(V SRU HOOR VHxRU 3UHVLGHQWH TXH HO LQIRUPH ILQDO GH OD &RPLVLyQ KD VHxDODGR TXH HO
SURFHVR GH FRQVROLGDFLyQ GHO HVSHFWUR QRUPDWLYR SHUXDQR KD TXHGDGR LQFRQFOXVR SRU
WDQWR UHVXOWD LQGLVSHQVDEOH FRQWLQXDU FRQ GLFKD WDUHD D ILQ GH ORJUDU PD\RU VHJXULGDG
MXUtGLFDSUHYLVLELOLGDG\HVWDELOLGDGSDUDORVFLXGDGDQRV\DJHQWHVHFRQyPLFRV
2WUR IDFWRU LPSRUWDQWH VHxRU 3UHVLGHQWH HV OD LQFRUSRUDFLyQ GH QXHYDV WHFQRORJtDV DO
WUDEDMR SDUODPHQWDULR $ WUDYpV GH ODV QXHYDV WHFQRORJtDV GHEH ORJUDUVH XQD
VLVWHPDWL]DFLyQ GH QRUPDV TXH SHUPLWDQ XQD EDVH GH GDWRV FRPSOHWD D ILQ TXH VH
UHDOLFHQHVWXGLRVGHDQWHFHGHQWHVOHJLVODWLYRV
/R TXH GHEHPRV SURVFULELU VHxRU 3UHVLGHQWH VRQ ODV FOiXVXODV GHURJDWRULDV WiFLWDV
0LHQWUDVTXHFDGDYH]TXHVHOHJLVOHVHVHxDOHTXHVHGHURJDQWRGDVODVQRUPDVTXHVH
RSRQJDQDOHVIXHU]RGHVLVWHPDWL]DFLyQQDXIUDJD
&RQVHFXHQWHPHQWHHOWUDEDMRGHOD&RPLVLyQ(VSHFLDOWHQGUiFRPRREMHWLYRJHQHUDOTXH
HO(VWDGRSHUXDQRFXHQWHFRQXQVLVWHPDOHJDORUGHQDGR\VLVWHPDWL]DGRTXHFRQOOHYHD
XQDHILFD]DSOLFDFLyQGHODVOH\HVSRUSDUWHGHODVDXWRULGDGHVHQJHQHUDO\DXQPHMRU
DFFHVR\FRPSUHQVLyQGHODFLXGDGDQtDDVtFRPRSURSRQHUOtQHDVPDWULFHVSDUDHOORJUR
GHXQDPD\RUHILFLHQFLDGHODVIXQFLRQHVGHO&RQJUHVRGHOD5HS~EOLFD
/RV UHVXOWDGRV VHxRU 3UHVLGHQWH GH HVWD ODERU SHUPLWLUiQ TXH PDJLVWUDGRV DERJDGRV
OLWLJDQWHV DXWRULGDGHV \ OD FLXGDGDQtD HQ JHQHUDO FXHQWHQ FRQ QRUPDV FODUDV
WUDQVSDUHQWHV\RUGHQDGDVORTXHEULQGDUiDOSDtVODVHJXULGDGMXUtGLFDTXHUHTXLHUHSDUD
VX GHVDUUROOR OD GLVPLQXFLyQ GH OD FDOLILFDFLyQ GH ULHVJR SDtV \ OD DWUDFFLyQ GH OD
LQYHUVLyQSULYDGD\H[WUDQMHUD
3RU ODV UD]RQHV DQWHV H[SXHVWDV VHxRU 3UHVLGHQWH SLGR D OD 5HSUHVHQWDFLyQ 1DFLRQDO
DSUREDU OD FRQIRUPDFLyQ GH HVWD &RPLVLyQ 0XOWLSDUWLGDULD HQFDUJDGD GHO RUGHQDPLHQWR
MXUtGLFR \ SURSRQHU OtQHDV PDWULFHV SDUD HO ORJUR GH XQD OHJLVODFLyQ VLPSOLILFDGD
VLVWHPDWL]DGD\DFFHVLEOH
*UDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDVFRQJUHVLVWD8UWHFKR
3DUDRSRQHUVHDODDGPLVLyQDGHEDWHGHOD0RFLyQORVJUXSRVSDUODPHQWDULRVWLHQHQXQ
PLQXWRFDGDXQR
6HYDDFRQVXOWDUODDGPLVLyQDGHEDWHGHOD0RFLyQ1ƒ6HUHTXLHUHHOYRWRDIDYRU
GH OD PD\RUtD GH FRQJUHVLVWDV KiELOHV GH FRQIRUPLGDG FRQ HO DUWtFXOR ƒ GHO
5HJODPHQWR
(O Q~PHUR GH FRQJUHVLVWDV KiELOHV SDUD OD SUHVHQWH VHVLyQ HV GH /D PD\RUtD TXH VH
UHTXLHUHHVGHYRWRV
3RUIDYRUPDUFDUDVLVWHQFLDSDUDSURFHGHUDYRWDU
³/RVVHxRUHVFRQJUHVLVWDVUHJLVWUDQVXDVLVWHQFLDPHGLDQWHHOVLVWHPDGLJLWDOSDUDYHULILFDU
HOTXyUXP
HOTXyUXP
(O VHxRU 35(6,'(17(
35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ +DQ PDUFDGR DVLVWHQFLD FRQJUHVLVWDV
$OYRWR
³/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
³(IHFWXDGDODYRWDFLyQVHSURQXQFLDQDIDYRUGHODDGPLVLyQDGHEDWHGHODPRFLyQGH
RUGHQGHOGtDVHxRUHVFRQJUHVLVWDVHQFRQWUD\QLQJXQRVHDEVWLHQH
VHxRUHVFRQJUHVLVWDVHQFRQWUD\QLQJXQRVHDEVWLHQH
RUGHQGHOGtDVHxRUHVFRQJUHVLVWDVHQFRQWUD\QLQJXQRVHDEVWLHQH
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ +DQ YRWDGR D IDYRU FRQJUHVLVWDV
HQFRQWUDFHURDEVWHQFLRQHV
6H GHMD FRQVWDQFLD GHO YRWR D IDYRU GH ORV FRQJUHVLVWDV :RQJ 3pUH] 7HOOR \ 7DLW \ GHO
YRWRHQFRQWUDGHORVFRQJUHVLVWDV*DUFtD%HOD~QGH8UTXL]R+XD\DPD\'HOD7RUUH
5HVXOWDGRILQDOYRWRVDIDYRUHQFRQWUD\FHURDEVWHQFLRQHV
1RKDDOFDQ]DGRODYRWDFLyQUHTXHULGDSDUDVHUDGPLWLGDDGHEDWH
680,//$
680,//$
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
6,'(17('DQLHO$EXJDWWiV0DMOXI³6LJXLHQWHWHPD
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
3UR\HFWRGH/H\1ƒ6HSURSRQHPRGLILFDUHODUWtFXORƒGHOD/H\1ƒ/H\
2UJiQLFDGHOD'HIHQVRUtDGHO3XHEOR\HODUWtFXORƒGHOD/H\1ƒ/H\2UJiQLFD
GHO7ULEXQDO&RQVWLWXFLRQDOUHVSHFWRGHORVSURFHGLPLHQWRVGHHOHFFLyQGHO'HIHQVRUGHO
3XHEOR\GH0DJLVWUDGRVGHO7ULEXQDO&RQVWLWXFLRQDO
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³ (QGHEDWHHO3UR\HFWRGH/H\1ƒ
TXHIXHUDGLVSHQVDGRGHOWUiPLWHGHHQYtRDFRPLVLyQSRUOD-XQWDGH3RUWDYRFHVSRUTXH
VH SURSRQH PRGLILFDU OD /H\ 1ƒ /H\ 2UJiQLFD GH OD 'HIHQVRUtD GHO 3XHEOR \ OD
/H\ 1ƒ /H\ 2UJiQLFD GHO 7ULEXQDO &RQVWLWXFLRQDO VREUH ORV SURFHGLPLHQWRV GH
HOHFFLyQGHO'HIHQVRUGHO3XHEOR\GH0DJLVWUDGRVGHO7ULEXQDO&RQVWLWXFLRQDO
7LHQH OD SDODEUD HO FRQJUHVLVWD 2WiUROD 3HxDUDQGD SUHVLGHQWH GH OD &RPLVLyQ GH
&RQVWLWXFLyQKDVWDSRUGLH]PLQXWRV
(OVHxRU27É52/$3(f$5$1'$1*3³
(OVHxRU27É52/$3(f$5$1'$1*3³3UHVLGHQWHHOWHPDHVVHQFLOOR
(VWH SUR\HFWR KD VLGR FRQVHQVXDGR FRQ OD WRWDOLGDG GH 3RUWDYRFHV VH PRWLYD HQ OD
QHFHVLGDGGHIDFLOLWDUODVHOHFFLyQGHFDQGLGDWRVD'HIHQVRUGHO3XHEOR\0DJLVWUDGRVGHO
7ULEXQDO&RQVWLWXFLRQDO
/D&RQVWLWXFLyQHQDPERVVXSXHVWRVKDWUDVODGDGRHOHVWDEOHFLPLHQWRGHOSURFHGLPLHQWR
VHOHFFLyQ \ GHVLJQDFLyQ D ODV OH\HV RUJiQLFDV GH DPERV yUJDQRV FRQVWLWXFLRQDOHV HQ
GLFKDVOH\HVRUJiQLFDVH[LVWHXQSURFHGLPLHQWRGHVHOHFFLyQ\GHVLJQDFLyQTXHFRQVLVWHHQ
SUHVHQWDFLyQ GH SURSXHVWDV \ WDFKDV D ODV FDQGLGDWXUDV DQWH XQD FRPLVLyQ HVSHFLDO OD
FXDO OXHJR GH DJRWDGD GLFKD IDVH VHOHFFLRQD FDQGLGDWRV TXH OXHJR ORV SRQH D
FRQVLGHUDFLyQGHO3OHQRGHO&RQJUHVR
6LQ HPEDUJR OD PRGDOLGDG GH VHOHFFLyQ GH FDQGLGDWRV SRU LQYLWDFLyQ HQ OR TXH
FRUUHVSRQGHDOSURFHGLPLHQWRGHHOHFFLyQGHO'HIHQVRUGHO3XHEORH[LVWHHQGHIHFWRGH
DJRWDUVH HO SURFHGLPLHQWR RUGLQDULR GLFKD PRGDOLGDG IXH LQFRUSRUDGD SRU OD /H\ 1ƒ
SXEOLFDGDHOGHVHWLHPEUHGHQRREVWDQWHHVWHSURFHGLPLHQWRQRVHGD
HQ HO FDVR GH VHOHFFLyQ GH FDQGLGDWRV D PDJLVWUDGRV GHO 7ULEXQDO &RQVWLWXFLRQDO HQ VX
UHVSHFWLYDOH\RUJiQLFD(VWDPRVWUDWDQGRGHGDUOHHOPLVPRWUDWDPLHQWRDDPERVFDVRV
/RVDQWHFHGHQWHVSDUODPHQWDULRVQRVSHUPLWHQDGYHUWLUTXHODH[LVWHQFLDGHOSURFHGLPLHQWR
RUGLQDULR GH VHOHFFLyQ GH FDQGLGDWRV KD GLILFXOWDGR OD HOHFFLyQ KD\ XQ KHFKR TXH HV
HYLGHQWH3UHVLGHQWH
/RV PX\ GHVWDFDGRV MXULVWDV HQ VX JUDQ PD\RUtD VDOYR H[FHSFLRQHV QR VH KDQ
SUHVHQWDGRDHVWRVFRQFXUVRVSXHVQRTXHUtDQVHUEDORWHDGRVLQGHELGDPHQWH(VWRQRKD
SHUPLWLGR TXH SHUXDQRV GH SULPHU QLYHO SXHGDQ R TXH HO &RQJUHVR SXHGD WHQHU D HVD
UHODFLyQGHSHUXDQRVGHSULPHUQLYHOSDUDRFXSDUFDUJRVWDQLPSRUWDQWHV
&LWHPRVDOJXQRVFDVRV(OGHPDU]RGHOODHOHFFLyQGHOGRFWRU-RUJH6DQWLVWHYDQ
GH 1RULHJD FRPR 'HIHQVRU GHO 3XHEOR SRU YRWRV D IDYRU VHLV HQ FRQWUD RFKR HQ
EODQFR\XQRYLFLDGRIXHVDOYDQGRHVWRVSURFHGLPLHQWRV
(O GH VHWLHPEUH GHO HQ HO FDVR GH %HDWUL] 0HULQR IXH SRU LQYLWDFLyQ \ IXH
HOHJLGD SRU XQDQLPLGDG FRPR 'HIHQVRUD GHO 3XHEOR JUDFLDV D XQ SURFHGLPLHQWR PX\
VLPSOLILFDGR
(O &RQJUHVR GH OD 5HS~EOLFD QR SXHGH VRVOD\DU HVWD UHDOLGDG SRU HOOR HV PHQHVWHU
DSUREDU HVWD PRGLILFDFLyQ SDUD TXH SRU FRQVHQVR EXVFDQGR D ORV SHUXDQRV TXH PiV
UHSUHVHQWHQ DO FDUJR TXH SUHWHQGHQ RFXSDU HVWH &RQJUHVR GH OD JUDQ VH VHxDO D OD
FLXGDGDQtD \ HOLMD GRV PDJLVWUDGRV GHO 7ULEXQDO &RQVWLWXFLRQDO GH SULPHU QLYHO \ XQ
GHIHQVRUGHOSXHEORTXHFXEUDODVH[SHFWDWLYDVGHWRGRVORVSHUXDQRV
(Q WDO VHQWLGR 3UHVLGHQWH \ D HIHFWRV TXH OD LQYLWDFLyQ VHD XQ SURFHGLPLHQWR TXH WHQJD
FDUiFWHU DOWHUQDWLYR SDUD OD VHOHFFLyQ \ HOHFFLyQ GH FDQGLGDWRV D 'HIHQVRU GHO 3XHEOR \
PDJLVWUDGRV GHO 7ULEXQDO &RQVWLWXFLRQDO UHVSHFWLYDPHQWH OD SUHVHQWH LQLFLDWLYD OHJLVODWLYD
LQFRUSRUD PRGLILFDFLRQHV D ORV DUWtFXORV ƒ GH OD /H\ 1ƒ \ ƒ GH OD /H\
1ƒ FRQ HO REMHWR GH HVWDEOHFHU GRV PRGDOLGDGHV HQ ORV SURFHGLPLHQWRV GH
VHOHFFLyQGHDOWRVIXQFLRQDULRVFRPRVRQ(OSURFHGLPLHQWRRUGLQDULRHOTXHVLHPSUHOR
KHPRV VHJXLGR \ HO HVSHFLDO TXH FRQVLVWH HQ OD LQYLWDFLyQ \ FX\RV DQWHFHGHQWHV
SDUODPHQWDULRV PXHVWUDQ UHVXOWDGRV IDYRUDEOHV WDO FRPR OR KHPRV H[SXHVWR FRQ
DQWHULRULGDG
&RQORH[SXHVWR3UHVLGHQWHSLGRTXHHOWHPDSDVHDOGHEDWH
0XFKDVJUDFLDV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³6HRIUHFHHOXVRGHODSDODEUD(VWRKD
VLGRDSUREDGRSRU'RFWRU%HQtWH]DGHODQWH
(OVHxRU%(1Ì7(=5,9$661³
(OVHxRU%(1Ì7(=5,9$661³ 3UHVLGHQWHHVWHHVXQWHPDTXHKDFHGRVVHPDQDVVLQR
PHHTXLYRFRVHLQWHQWyXQDFXHUGRGHOD-XQWDGH3RUWDYRFHVSDUDTXHODGHVLJQDFLyQVH
KDJD SRU LQYLWDFLyQ DOJXQRV GH ORV SDUODPHQWDULRV TXH HVWDPRV DFi QRV RSXVLPRV
SRUTXHHIHFWLYDPHQWHOD/H\2UJiQLFDHVWDEOHFHFXiOHVVRQORVSDVRVDVHJXLU
6LQ HPEDUJR FUHR TXH HVWD PRGDOLGDG GH SRQHU D OD YH] GRV IyUPXODV DOWHUQDWLYDV QR
VROXFLRQD HO SUREOHPD QL WDPSRFR FRLQFLGH FRQ ORV SUHFHGHQWHV TXH VH GD XQR DO
&RQJUHVR SRUTXH WDQWR SDUD HO 7ULEXQDO &RQVWLWXFLRQDO FRPR SDUD HO 'HIHQVRU GHO
3XHEORORVDQWHFHGHQWHVQRVUHFXHUGDQTXHSULPHURVHKDFtDODHYDOXDFLyQFDOLILFDFLyQ\
VHOHFFLyQ\VLDKtQRDSDUHFtDQLQJ~QFDQGLGDWRKiELOHQWRQFHVUHFLpQVHSRGtDEXVFDU
XQD LQYLWDFLyQ FRPR XQD IyUPXOD TXH SHUPLWD HOHJLU D UHSUHVHQWDQWHV DQWH HO 7ULEXQDO
&RQVWLWXFLRQDO \ SDUD 'HIHQVRU GHO 3XHEOR SHUR QR HV TXH SRU OH\ HO &RQJUHVR HVFRMD
FXiOHVODPHMRU2VHDDFiORTXHHVWiGLFLHQGRRORKDFHVSRUFRQFXUVRREXVFDVHQWUH
SHUVRQDV TXH WHQJDQ DSHOOLGR FRPSXHVWR R TXH VHDQ IDPRVDV R GHVWDFDGRV MXULVWDV
FRPRGLFHHOFROHJD)UHG\2WiUROD
¢4XLpQFDOLILFDDORVGHVWDFDGRVMXULVWDV"¢4XLpQSXHGHGHFLUODGLIHUHQFLDTXHKD\HQWUH
XQR X RWUR DERJDGR SDUD GHFLU TXH XQR X RWUR WLHQH PiV FRQRFLPLHQWR HQ DVSHFWRV
FRQVWLWXFLRQDOHV SURFHVDOHV R GH GHUHFKRV KXPDQRV" &yPR SRGUtD GHILQLUVH HVWD
VLWXDFLyQ
<RFUHRTXHORLQGLVSHQVDEOHHVTXHVHKDJDXQFRQFXUVRTXHVHSURGX]FDODVHOHFFLyQ
ODHYDOXDFLyQHODQiOLVLVFXUUtFXOXPHVWXGLRYRWDFLyQ\VLSRUDKtQRVHORJUD\DSDUHFH
XQR GH FRQVHQVRHQ HVD VHJXQGD RSFLyQ Vt VH SRGUtD GDU HO FRQVHQVR SHUR QR GH HVWD
PDQHUD GRQGH VH GHMD DELHUWD D HVFRJHU D GRV \ HYLGHQWHPHQWH DO ILQDO KD\ PXFKRV
DERJDGRV SRUTXH HVWRV FDUJRV JHQHUDOPHQWH VH UHILHUHQ SDUD DERJDGRV DO 7ULEXQDO
&RQVWLWXFLRQDO\SDUDHO'HIHQVRUGHO3XHEORVRQEiVLFDPHQWHDERJDGRV
< KD\ DERJDGRV TXH GH UHSHQWH QR VRQ WDQ FRQRFLGRV GH UHSHQWH QR WLHQHQ DSHOOLGRV
FRPSXHVWRVGHUHSHQWHQRWLHQHQDSHOOLGRH[WUDQMHURGHUHSHQWHHVWXGLDURQHQSURYLQFLD
\ VH KDQ SUHSDUDGR ELHQ \ FRQRFHQ WDO YH] PiV TXH PXFKRV RWURV TXH WLHQHQ DSHOOLGRV
JUDQGHVKD\DERJDGRVTXHVHGHGLFDQDOLWLJLRTXHFRQRFHQODGHIHQVDGHORVGHUHFKRV
KXPDQRVTXHFRQRFHQORVWUDWDGRVLQWHUQDFLRQDOHVTXHKDQUHFLELGRSUHSDUDFLyQHQHO
H[WUDQMHUR SHUR FRPR QR VRQ FRQRFLGRV QR SRGUtDQ VHU FRQVLGHUDGRV H[LVWLUtD XQD
HVSHFLH GH GLVFULPLQDFLyQ R GH DOHMDPLHQWR GH DOJXQRV DERJDGRV QR KDEUtD XQD
LJXDOGDGTXHSHUPLWDODSDUWLFLSDFLyQGHWRGRV
3RU HVD UD]yQ VHxRU 3UHVLGHQWH \R FUHR TXH HVWH HV XQ WHPD TXH QR VH SXHGH 0H
SHUPLWHXQDLQWHUUXSFLyQHOFROHJD)UHG\2WiUROD3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³ &RQJUHVLVWD2WiURODKDJDXVRGHOD
LQWHUUXSFLyQ
(O VHxRU27É52/$3(f$5$1'$1*3³
VHxRU27É52/$3(f$5$1'$1*3³ 3UHVLGHQWHTXLHQYDDGHWHUPLQDUILQDOPHQWH
HV HO 3OHQR \ UHTXHULPRV DPSOLR FRQVHQVR GH WRGDV ODV IXHU]DV SRUTXH VH UHTXLHUHQ YRWRV (QWRQFHV WLHQH TXH VHU XQ FDQGLGDWR TXH VHD DFHSWDGR SRU OD JUDQ PD\RUtD GH
EDQFDGDVYRWRVQRHVIiFLOORJUDUOR
(QWRQFHV OR TXH SDVD FRQJUHVLVWD %HQtWH] TXH HQ ORV FDVRV DQWHULRUHV KXELHURQ
SUREOHPDV GHVWDFDGRV MXULVWDV GHFHQDV QR VH SUHVHQWDURQ SRUTXH QR TXLVLHURQ VHU
VRPHWLGRV D XQ EDORWHR HVH HV XQD UHDOLGDG TXH LPSLGLy TXH HO &RQJUHVR GHVLJQH
GHIHQVRUHVGHOSXHEORFRQSURQWLWXGHVDUHDOLGDGQRVHVWiEXVFDQGRDPERVPHFDQLVPRV
TXH KDQ VLGR DSUREDGRV SRU ORV YRFHURV GH WRGDV ODV EDQFDGDV TXH FRQRFtDQ GH OD
H[LVWHQFLDGHOSUREOHPD
*UDFLDV3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
O$EXJDWWiV0DMOXI³&RQWLQ~HFRQJUHVLVWD%HQtWH]
(OVHxRU%(1Ì7(=5,9$661³
(OVHxRU%(1Ì7(=5,9$661³ 3UHVLGHQWHVLVHJXLPRVODOyJLFDGHOFRQJUHVLVWD2WiUROD
\SOD]DVSDUD'HIHQVRUGHO3XHEORKD\XQDTXLHUHGHFLUTXHLQFOXVRDQWHORVGHVWDFDGRV
MXULVWDV VROR KDEUtD TXH HVFRJHU D XQR (QWRQFHV DO ILQDO YD D KDEHU XQD HVSHFLH GH
FRPSHWHQFLDGHUHSHQWHQRKD\DFXHUGR\HOLQYLWDGRSXHGHWHUPLQDUFRQTXHQRORJUHORV
YRWRV\HOLQYLWDGRWHUPLQDUtDSHRUTXHHOTXHFRQFXUVD
$OOtKD\XQWHPDTXHKD\TXHWHQHUFXLGDGRSRUTXHODLQYLWDFLyQLPSOLFDODVHJXULGDGGHO
SRVWXODQWH TXH YD D UHVXOWDU HOHFWR \ VL VH SURGXFH XQ VLVWHPD TXH PXFKDV YHFHV HQ OD
SUiFWLFDSDUODPHQWDULDVHYHTXHDOJXQRVD~OWLPDKRUDRVDOHXQDGHQXQFLDRGHUHSHQWH
VDOHUHWLUiQGRVHHQHOFDUJR\WHUPLQDQSHUMXGLFDQGRDOLQYLWDGRDOTXHFUHtDQTXHHUDHO
GHVWDFDGRMXULVWDDOGHODSHOOLGRPiVIDPRVRPiVFRPSXHVWRWHUPLQDVLHQGRYDSXOHDGR
SRUHO&RQJUHVR
$VtTXH3UHVLGHQWH\RFUHRTXHORPHMRU\ORPiVDGHFXDGR\ORPiVDFRUGHDOH\VHUtDLU
SRUODYtDSULPHURGHODVHOHFFLyQ\OXHJRVLQRKXELHUDHVWD\DSDVDUDODHWDSDGHOD
LQYLWDFLyQ
*UDFLDV3UHVLGHQWH
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ &DUORV %UXFH WLHQH HO XVR GH OD
SDODEUD
(OVHxRU%58&(0217(6'(2&$*3&3³
(OVHxRU%58&(0217(6'(2&$*3&3³*UDFLDV3UHVLGHQWH
3UHVLGHQWHSDUDXQWHPDPX\SXQWXDO(QHODUWtFXORVHJXQGRSiUUDIRVHPHQFLRQDTXH
VHGHVLJQDODFRPLVLyQHVSHFLDOLQWHJUDGDSRUHOPtQLPRGH\Pi[LPRFRQJUHVLVWDV
UHVSHWDQGRODSURSRUFLyQSHURQRVHKDEODQDGDGHODSOXUDOLGDG
(QWRQFHVSLGRTXHHQHVWHDUWtFXORVHLQFOX\DTXHVHUHVSHWDWDPELpQODSOXUDOLGDGDVt
FRPRODSURSRUFLyQ
1R HVWi HO SUHVLGHQWH GH OD &RPLVLyQ TXH GHEH HVWDU DKt WUDEDMDQGR VHJXUR TXH VH KD
LGRDWRPDUXQFDIp
6LSRGUtDQLQFOXLUHVWRTXHHVSDUWHGHO5HJODPHQWRGHO&RQJUHVR
(O VHxRU35(6,'(17( 'DQLHO$EXJDWWiV0DMOXI³
'DQLHO$EXJDWWiV0DMOXI³ 8Q VHJXQGLWRFRQJUHVLVWD %UXFH SRU
IDYRU
6LSXHGHQXELFDUDOFRQJUHVLVWD2WiUROD
(O VHxRU %58&( 0217(6 '( 2&$ *3&3³
*3&3³ &UHR TXH KD WHQLGR XQ OODPDGR GH OD
QDWXUDOH]D
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
QLHO$EXJDWWiV0DMOXI³3XHGHVHUSXHGHVHU
(O VHxRU %58&( 0217(6 '( 2&$ *3&3³
*3&3³ $SURYHFKR TXH \D HVWi HO FRQJUHVLVWD
2WiURODDFi
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³&RQWLQ~HFRQJUHVLVWD%UXFH
(O VHxRU %58&( 0217(6 '( 2&$ *3&3³
*3&3³ (V SDUD VHxDODU TXH HQ HO DUWtFXOR VHJXQGR SiUUDIR VH PHQFLRQH OD FRQIRUPDFLyQ GH OD FRPLVLyQ TXH VH UHVSHWDUi HQ OR
SRVLEOH OD SURSRUFLyQ GH FDGD JUXSR SDUODPHQWDULR SHUR QR VH KDEOD HO FRQFHSWR GH
SOXUDOLGDG(QWRQFHVHVWDPRVSLGLHQGRTXHSRUIDYRUVHLQFOX\DWDPELpQTXHVHUHVSHWH
HOWHPDGHSOXUDOLGDG
0XFKDVJUDFLDV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKtVLPDVJUDFLDVFRQJUHVLVWD%UXFH
1RKDELHQGRSHGLGRHOXVRGHODSDODEUDVLKDQSHGLGRHOXVRGHODSDODEUD
(OFRQJUHVLVWD%HLQJROHD
(O VHxRU %(,1*2/($ '(/*$'2 $3*&³
$3*&³ 6ROR XQD GXGD VHxRU 3UHVLGHQWH \ HVWDQGR
GHDFXHUGRHQJHQHUDOFRQODSURSXHVWDTXHVHQRVDOFDQ]DTXHHVODVLJXLHQWH
6H LQGLFD TXH KDEUtDQ GRV RSFLRQHV HQWRQFHV TXH OD RSFLyQ GH FXDOTXLHUD GH ODV GRV
PRGDOLGDGHVVHUHDOL]DVHJ~QHOWH[WRSRUDFXHUGRGHO3OHQRGHO&RQJUHVRHO&RQVHMR
'LUHFWLYRFRQOD-XQWDGH3RUWDYRFHV
0H TXHGD XQD GXGD GH GHFLU TXLHQ GHFLU TXH FXDOTXLHUD GH ORV WUHV HV GHFLU
HIHFWLYDPHQWH TXH HV FXDOTXLHUD PH SDUHFH TXH HVWH HV XQD IDOWD GH VHULHGDG \ \R
SURSRQGUtD TXH VH ILMHTXLHQ HVHO TXH GHWHUPLQD FXDO PRGDOLGDG SURSRQJR TXH VHD HO
3OHQRGHO&RQJUHVR
'H PDQHUD TXH OD UHGDFFLyQ GHEHUtD VHU OD DGRSFLyQ GH FXDOTXLHUD GH ODV GRV
PRGDOLGDGHV VH UHDOL]D SRU DFXHUGR GHO 3OHQR GHO &RQJUHVR OR TXH OH GD PXFKR PiV
IXHU]D D OD DGRSFLyQ GH OD PHGLGD GH LQYLWDFLyQ TXH HV OD TXH VHJXUDPHQWH WHUPLQDUi
VLHQGRXWLOL]DGDIUHQWHDODV~OWLPDVH[SHULHQFLDV
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ 0XFKtVLPDV JUDFLDV FRQJUHVLVWD
%HLQJROHD
(OFRQJUHVLVWD9HOiVTXH]4XHVTXpQWLHQHXVRGHODSDODEUD
(OVHxRU9(/É648(=48(648e1*3&3³
(OVHxRU9(/É648(=48(648e1*3&3³*UDFLDVVHxRU3UHVLGHQWH
4XLHUR VRODPHQWH FRPSOHPHQWDU OR TXH KD SODQWHDGR HO YRFHUR GH QXHVWUD EDQFDGD \
UHFRJLHQGRODVSDODEUDVGHOFRQJUHVLVWD)UHG\2WiURODSDUDODHOHFFLyQGHO'HIHQVRUGHO
3XHEOR\ORVPLHPEURVGHO7ULEXQDOVHQHFHVLWDXQDPD\RUtDUHIRU]DGD<SDUDORJUDUHVD
PD\RUtDUHIRU]DGDKD\TXHJHQHUDUXQDPSOLRFRQVHQVR
<RVtFUHRHQHOSURFHGLPLHQWRGHLQYLWDFLyQSRUTXHKD\SHUVRQDOLGDGHVTXHQRTXLHUHQ
VRPHWHUVHDYHFHVDORVYDLYHQHVGHXQDHYDOXDFLyQTXHPiVTXHMXUtGLFD\SURIHVLRQDO
HV XQD HYDOXDFLyQ SROtWLFD (VWR YD D PHMRUDU OD UHSUHVHQWDFLyQ GH LQVWLWXFLRQHV
IXQGDPHQWDOHV
3HUR VL WRPDPRV OD SDODEUD HO FRQJUHVLVWD )UHG\ 2WiUROD OD FRPLVLyQ TXH VH YD D
HQFDUJDU GH KDFHU OD SURSXHVWD DO 3OHQRWLHQHTXH FRQIRUPDUVH ³GLFH³ XQ PtQLPR GH
FLQFR\XQPi[LPRGHQXHYHWLHQHTXHFRQIRUPDUVHUHVSHWDQGRHOSULQFLSLRGHSOXUDOLGDG
\QRGHSURSRUFLRQDOLGDG<ORGLJRSRUTXHVHWUDWDGHHYDOXDUORVPHMRUHVSURIHVLRQDOHV\
ORV PHMRUHV WpFQLFRV \ SDUD HVR VH QHFHVLWD TXH WRGDV ODV IXHU]DV SROtWLFDV HVWpQ
FRPSURPHWLGDV
'HWDOPDQHUDTXH\RKDJRHVDVXJHUHQFLDVLQHFHVLWDPRVXQFRQVHQVRVLQHFHVLWDPRV
PD\RUtD FDOLILFDGD QR WLHQH VHQWLGR TXH VH DSOLTXH OD SURSRUFLRQDOLGDG TXH DOJXQDV
EDQFDGDVHVWpQ\RWUDVQRHVWpQ6RODPHQWHORGLJRGHVGHDKRUDSRUTXHGHDKtFXDQGR
YHQJDODHOHFFLyQQRQRVSLGDQTXHQRVRWURV SDUWLFLSHPRVFXDQGRQRVH[FOX\HQGHXQD
SRVLELOLGDGGHSDUWLFLSDUVXJLULHQGRQRPEUHVGHSURIHVLRQDOHVFDOLILFDGRV
0HSLGHXQDLQWHUUXSFLyQHOFRQJUHVLVWD%UXFHFRQPXFKRJXVWR
³$VXPHOD3UHVLGHQFLDHOVHxRU0LFKDHO8UWHFKR0HGLQD
$VXPHOD3UHVLGHQFLDHOVHxRU0LFKDHO8UWHFKR0HGLQD
(O VHxRU 35(6,'(17( 0LFKDHO 8UWHFKR 0HGLQD³
0HGLQD³ SDUD XQD LQWHUUXSFLyQ FRQJUHVLVWD
%UXFH
(O VHxRU %58&( 0217(6 '(
'( 2&$ *3&3³
*3&3³ 3UHVLGHQWH D WUDYpV GH OD 0HVD DO
FRQJUHVLVWD)UHG\2WiURODPHDWUHYRDVXJHULUXQDUHGDFFLyQVLHOFRQJUHVLVWD2WiURODOD
HVWiHVFXFKDQGRUHFRJLHQGRORTXHKDFRPHQWDGRHOFRQJUHVLVWD9HOiVTXH]4XHVTXpQ
HVTXHHQODUHGDFFLyQVHSRQJDGHTXHHVWDFRPLVLyQWHQGUiTXHUHVSHWDUHOSULQFLSLRGH
SOXUDOLGDG\HQORSRVLEOHHOGHSURSRUFLRQDOLGDGGHWDOPDQHUDTXHVHDHOFULWHULRGH
SOXUDOLGDG HQ TXH SULPH SDUD TXH HVWpQ UHSUHVHQWDGDV WRGDV ODV IXHU]DV SROtWLFDV GH OR
FRQWUDULR QR OOHJDPRV D OD FDQWLGDG GH YRWRV TXH VH UHTXLHUH SDUD D VHU DSUREDGRV GH
DFXHUGRDORTXHKDPHQFLRQDGRHOFRQJUHVLVWD9HOiVTXH]4XHVTXpQ
0XFKDVJUDFLDV3UHVLGHQWH
(O VHxRU 35(6,'(17( 0LFKDHO 8UWHFKR 0HGLQD³
0HGLQD³ 3XHGH FRQWLQXDU FRQJUHVLVWD
9HOiVXTH]4XHVTXpQ
(O VHxRU
VHxRU 9(/É648(= 48(648e1 *3&3³
*3&3³ < VLHQGR FRKHUHQWH FRQ OR TXH HVWR\
VRVWHQLHQGR \ FRQ HO REMHWLYR \ HO SURSyVLWR MXVWDPHQWH TXH WUDH HVWH SUR\HFWR GH OH\
GLVSHQVDGRGHOGLFWDPHQGHODFRPLVLyQGHODSXEOLFDFLyQHQHOSRUWDOGHORVVLHWHGtDV
WRGDVODVEDQFDGDVKHPRVILUPDGRHOSUR\HFWRGHOH\
(QWRQFHVVLDSOLFDQHOSULQFLSLRGHODSURSRUFLRQDOLGDGDOJXQDVQRYDPRVDHVWDU\GHOR
TXH VH WUDWD DFi HV HO HVStULWX HV FRQFRUGDPRV GHO IXQGDPHQWR GHO SRUTXp VH OH GD XQ
PDUFRMXUtGLFRDOWHPDGHODLQYLWDFLyQSRUTXHKD\FDOLILFDGRVSURIHVLRQDOHVTXHFRPR
UHSLWR QR TXLHUHQ VRPHWHUVH D XQD HYDOXDFLyQ TXH QR HV SURIHVLRQDO QL MXUtGLFDPHQWH
UHOHYDQWHVLQRTXHVHKDFHGHVGHHOSXQWRSROtWLFR
3RUHVRHVTXH\RSODQWHRTXHVHHVWDEOH]FDHQHOVHJXQGRSiUUDIRGHODPRGLILFDFLyQ
GHODUWtFXORTXHVHSODQWHHTXHHO3OHQRGHO&RQJUHVRGHVLJQHXQDFRPLVLyQHVSHFLDO
LQWHJUDGDSRUXQPtQLPRGHFLQFR\XQPi[LPRGHQXHYHFRQJUHVLVWDVUHVSHWDQGRHQOR
SRVLEOH HO SULQFLSLR GH SOXUDOLGDG ¢< SRU TXp OR GLJR" 3RUTXH QR DVSLUDPRV TXH ODV
EDQFDGDV FKLFDV WHQJDQ GRV PLHPEURV REYLDPHQWH TXH VH DSOLTXH HO SULQFLSLR GH OD
SOXUDOLGDG VLJQLILFD XQ UHSUHVHQWDQWH GH WRGDV ODV EDQFDGDV \ OXHJR VL KD\ TXH
FRPSOHWDUODV VH FRPSOHWDUi FRQ ODV EDQFDGDV PD\RULWDULDV VH DSOLFD HO SULQFLSLR GH OD
SURSRUFLRQDOLGDGVXSOHWRULDPHQWH
(QWRQFHVHVRHVORTXH\RTXLHURSODQWHDU\FUHRVLHQGRFRKHUHQWHFRQODYROXQWDGTXH
KHPRVH[SUHVDGRSRUTXHQXHVWURYRFHURKDILUPDGRODH[RQHUDFLyQGHHVWHSUR\HFWRGH
OH\SRUTXHFUHRTXHHVLPSRUWDQWHTXHVHHOLMDXQ'HIHQVRUGHO3XHEOR\TXHVHFRPSOHWH
WDPELpQODGHVLJQDFLyQGHORVPLHPEURVGHO7ULEXQDO&RQVWLWXFLRQDO
*UDFLDV3UHVLGHQWHRMDOiTXHHO3UHVLGHQWHGHOD&RPLVLyQGH&RQVWLWXFLyQSXHGDWRPDU
HVWDVVXJHUHQFLDV
*UDFLDV
(OVHxRU35(6,'(17(0LFKDHO8UWHFKR0HGLQD
(OVHxRU35(6,'(17(0LFKDHO8UWHFKR0HGLQD³
(0LFKDHO8UWHFKR0HGLQD³*UDFLDVFRQJUHVLVWD
&RQJUHVLVWD/X]6DOJDGRSXHGHKDFHUXVRGHODSDODEUD
/D VHxRUD 6$/*$'2 58%,$1(6 *3)³
*3)³ 6HxRU 3UHVLGHQWH FLHUWDPHQWH OD YH] SDVDGD
QRVRWURVDGYHUWLPRVDOJXQRVFRQJUHVLVWDV\KDEORDWtWXORSHUVRQDOSRUTXHXQSUR\HFWR
GH OH\ TXH VH WUDH DVt WDQ GH VRUSUHVD TXH XQR QR WLHQH WLHPSR QL GH HVWXGLDUOR QL
FRQYRFDUDVXVDVHVRUHVQLSHGLULQIRUPDFLyQVLHPSUHOOHYDVXVSLFDFLD
&UHR TXH VH KDFH FRQ HO PHMRU iQLPR SRUTXH PH H[SOLFDEDQ TXH HO HVStULWX HV GH
FRQYRFDU D ODV PHMRUHV SHUVRQDOLGDGHV TXH QR TXLHUHQ YHUVH PDOWUDWDGDV SRU ORV
DQWHULRUHV SURFHVRV HQ ORV FXDOHV VH OHV KD FRQYRFDGR \ OXHJR VH OHV KD GHMDGR
SUiFWLFDPHQWH FRPR VH GLFH FROJDGRV GH OD SHUFKD < D HVR QR VH YDQ D H[SRQHU
PDJLVWUDGRVGHWDOOD
2VHDODLQWHQFLyQPHSDUHFHEXHQDSHURORTXHWHQHPRVTXHFXLGDUQRVRWURVWDPELpQ
VRQODVIRUPDV<ODVIRUPDVVRQTXHHVWRVHWLHQHTXHYHUHQODFRPLVLyQSHUWLQHQWHVH
WLHQH TXH GLVFXWLU \ VH WLHQH TXH GDU XQ GHEDWH VLTXLHUD SDUD TXH VH SXHGD HVWXGLDU HO
SUR\HFWR\QRVHHQWLHQGDFRPRTXHPiVELHQVHHVWiSROLWL]DQGRPiV
(OVHxRU35(6,'(17(0LFKDHO8UWHFKR0HGLQD³
(OVHxRU35(6,'(17(0LFKDHO8UWHFKR0HGLQD³&RQWLQ~HFRQJUHVLVWD
/D VHxRUD 6$/*$'2 58%,$1(6 *3)³
*3)³ $ Pt PH GD OD LPSUHVLyQ TXH HVWR VH YD D
FRQYHUWLUHQXQDVHOHFFLyQPiVSRUSROtWLFD\ORTXHVHTXLHUHDSDUHQWHPHQWHHVEXVFDUD
ODVPHMRUHVSHUVRQDOLGDGHVSHURHQHOLQWHQWRHVWDPRVKDFLHQGRTXHHVWRVHYHDPXFKR
PiVSROtWLFR
<RFUHRTXHVHKDGHELGRHVWXGLDUPiVHVWR\KDEODQGRDWtWXORSHUVRQDOSRUTXHQRPH
SDUHFHTXHXQDHOHFFLyQWDQLPSRUWDQWHFRPRODGHO'HIHQVRUGHO3XHEOR\PLHPEURVGHO
7ULEXQDO&RQVWLWXFLRQDOWHQJDQTXHWUDWDUVHDVtWDQDODOLJHUD
*UDFLDV
³5HDVXPHOD3UHVLGHQFLDHOVHxRU'DQLHO$EXJDWWiV0DMOXI
5HDVXPHOD3UHVLGHQFLDHOVHxRU'DQLHO$EXJDWWiV0DMOXI
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ &RQFHGLGD OD LQWHUUXSFLyQ DO
FRQJUHVLVWD9HOiVTXH]4XHVTXpQ
(OVHxRU9(/É648(=48(648e1*3&3³
(OVHxRU9(/É648(=48(648e1*3&3³*UDFLDVVHxRU3UHVLGHQWH
<R FUHR TXH OD SUHRFXSDFLyQ GH OD FRQJUHVLVWD 6DOJDGR HV LPSRUWDQWH SHUR HO
SURFHGLPLHQWR GH LQYLWDFLyQ \D VH KD OOHYDGR D OD SUiFWLFD \ HV VDOXGDEOH /D 'HIHQVRUD
GHO 3XHEOR %HDWUL] 0HULQR IXH HOHJLGD YtD HVH PHFDQLVPR SRUTXH KDEtD XQ DPSOLR
FRQVHQVRHQHO3DUODPHQWR\DVtKDVLGRWDPELpQDQWHULRUPHQWH
<RFUHRTXHDOFRQWUDULRHOSURFHGLPLHQWRGHLQYLWDFLyQGHVSROLWL]DODGHFLVLyQ
3RU HVR HV TXH HVWDPRV SODQWHDQGR TXH HO FULWHULR TXH VH WLHQH TXH WRPDU SDUD QR
GHVDLUDUDODSHUVRQDSRUTXHHVWDFRPLVLyQLQYLWDSHURVLQRVHSURPXHYHXQFRQVHQVR
YLHQHDO3OHQR\REYLDPHQWHDKtVLVHOHTXLHUHGDUXQVHVJRDODGHFLVLyQYDDVHUPX\
GLItFLOSDUDDOFDQ]DUORVYRWRV
3ODQWHDODSUHRFXSDFLyQODFRQJUHVLVWDTXHLQYLWD/DQRUPDMXVWDPHQWHDODFXDO\RKH
HOXGLGRSODQWHDTXHHO3OHQRGHVLJQHXQDFRPLVLyQHVSHFLDOSRUXQPtQLPRGHFLQFR\XQ
Pi[LPRGHQXHYHFRQJUHVLVWDV
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ 'pQOH WLHPSR SDUD FRQWLQXDU SRU
IDYRU
(O VHxRU 9(/É648(= 48(648e1 *3&3³
*3&3³ <R KH SODQWHDGR TXH DTXt HQ OD
FRQIRUPDFLyQ GH HVWD FRPLVLyQ TXH YD D HVFRJHU D ODV SHUVRQDOLGDGHV TXH YDQ D VHU
LQYLWDGDV HQ HO VHJXQGR SURFHGLPLHQWR TXH VH HVWi SODQWHDQGR HVWD FRPLVLyQ VHD
FRQIRUPDGD HQ EDVH DO SULQFLSLR GH SOXUDOLGDG \ QR GH SURSRUFLRQDOLGDG SRUTXH OD
SURSRUFLRQDOLGDGVtHVH[FOX\HQWH\FRQVSLUDFRQWUDHOFRQVHQVRTXHQHFHVLWDHVWHWLSRGH
GHFLVLRQHV
3RUHVRHVTXHDOILQDOGHFXHQWDVVLKXELHUDDOJ~QVHVJRHO3OHQRHVHQ~OWLPDLQVWDQFLD
ODSURSXHVWDDHVWDFRPLVLyQYLHQHDO3OHQR\HO3OHQRHVHOTXHWRPDODGHFLVLyQ
<RFUHRTXHIOH[LELOL]DODSRVLELOLGDGGHFRQYRFDUDORVPHMRUHVSURIHVLRQDOHVGHOSDtV³
UHSLWR³SHURVHGHEHHVWDEOHFHUHVWDFRPLVLyQFRQXQFULWHULRDSOLFDGRHQHOSULQFLSLRGH
SOXUDOLVPR \ FUHR TXH VH JDUDQWL]DUi TXH ODV SHUVRQDV TXH VRQ LQYLWDGDV QR VHDQ
GHVDLUDGDVDTXtHQHO3OHQR
*UDFLDVVHxRU3UHVLGHQWHJUDFLDVFRQJUHVLVWD6DOJDGRSRUODLQWHUUXSFLyQ
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³&RQJUHVLVWD2WiUROD
(OVHxRU27É52/$3(f$5$1'$1*3³
(OVHxRU27É52/$3(f$5$1'$1*3³*UDFLDVVHxRU3UHVLGHQWH
(OWHPDHVTXHSDUDODYLDELOLGDGGHORVJUDQGHVWHPDVHQHO&RQJUHVRKD\TXHORJUDU
FRQVHQVRV\HVRVFRQVHQVRVXVXDOPHQWHVHUHDOL]DQDWUDYpVGHOD-XQWDGH3RUWDYRFHV<
VLQFRQORV3RUWDYRFHVOOHJDPRVDFRQVHQVRVTXHQRVHUHVSHWDQOXHJRQRVYDDLPSHGLU
HQHVWRVJUDQGHVWHPDVOOHJDUDVROXFLRQHVSODXVLEOHV
3RUHVR\ROHVLQYLWDUtDQRGHMDUVLQSLGRDVXVYRFHURVSRUWDYRFHV\VLQRVHGLVFXWLyDQWHV
\DHVXQWHPDGHEDQFDGD
/R~QLFRTXHTXLHURTXHTXHGHFODUtVLPRHVTXHVLQRORJUDPRVDPSOLRVFRQVHQVRVVLQR
ORJUDPRVDFXHUGRVUHVSHWDQGRDORVJUXSRVPX\PLQRULWDULRVFRQORVJUXSRVPD\RULWDULRV
QRYDQDVDOLUHOHFWRVGHIHQVRUHVGHOSXHEORQLPLHPEURVGHO7ULEXQDO&RQVWLWXFLRQDO
3RU HQGH SODQWHDPRV DFHSWDQGR OD SURSXHVWD GHO FRQJUHVLVWD %UXFH OD UHGDFFLyQ ILQDO
VHUtD DVt ´5HVSHWDQGR HQ OR SRVLEOH OD SURSRUFLyQ GH FDGD JUXSR SDUODPHQWDULR \ OD
SOXUDOLGDG (V XQ WpUPLQR PHGLR TXH FUHR TXH QRV YD D SHUPLWLU WDPELpQ HQWUDU D OD
SOXUDOLGDG
<DSURSXHVWDGHOFRQJUHVLVWD%HLQJROHDTXHGDUtDODDGRSFLyQGHFXDOTXLHUDGHODVGRV
PRGDOLGDGHVVHUHDOL]DSRUDFXHUGRGHOD-XQWDGH3RUWDYRFHV¢(VWRSRUTXp"3RUTXHVL
ORV SRUWDYRFHV OOHYDQ HO DFXHUGR HVWDPRV VHJXURV TXH YDPRV D FRQWDU FRQ HO YRWR
IDYRUDEOHGHODEDQFDGDSXHVVHVXSRQHTXHHO3RUWDYR]HQHVWHFDVRWLHQHTXHOOHYDUOD
YR]GHODEDQFDGD
6HxRU3UHVLGHQWHPHSLGHXQDLQWHUUXSFLyQHOFRQJUHVLVWD%UXFH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³&RQJUHVLVWD%UXFHWLHQHHOXVRGHOD
SDODEUD
(OVHxRU%58&(0217(6'(2&$*3&3³
(OVHxRU%58&(0217(6'(2&$*3&3³*UDFLDVVHxRU3UHVLGHQWH
6HxRU 3UHVLGHQWH SRU VX LQWHUPHGLR SDUD HO 3UHVLGHQWH GH OD &RPLVLyQ GH &RQVWLWXFLyQ
FRQ HVD UHGDFFLyQ TXH HV OD PLVPD UHGDFFLyQ TXH KD\ HQ HO UHJODPHQWR VH FRUUH HO
ULHVJR GH TXH VH DSOLTXH HO FULWHULR GH SURSRUFLRQDOLGDG \ HO GH SOXUDOLGDG QR DOFDQ]D
SDUDWRGRVORVJUXSRV(VRHVORTXHKDRFXUULGRHQPXFKDVFRPLVLRQHVLQYHVWLJDGRUDV\
GHRWURWLSR
1R VH ROYLGHQ TXH SDUD TXH HVWpQ WRGRV ORV JUXSRV \ VH DSOLFD HO HO FULWHULR GH
SURSRUFLRQDOLGDG\HOFULWHULRGHSOXUDOLGDGVHQHFHVLWDQFRPLVLRQHVGHPLHPEURV3RU
HVRHVTXHQRVRWURVGHFtDPRVTXHFRPRHVWDVYRWDFLRQHVUHTXLHUHQYRWDFLRQHVPX\DOWDV
SULRULFHPRVHQHVWHFDVRQDGDPiVHOFULWHULRGHSOXUDOLGDGVREUHHOGHSURSRUFLRQDOLGDG
3RUHVRHVTXHQRVRWURVVHxDODPRVXQDUHGDFFLyQHQHOFXDOVHHVWDEOH]FDTXHVHUHVSHWD
HOFULWHULRGHSOXUDOLGDG\HOGHSURSRUFLRQDOLGDGHQORSRVLEOH'HHVDPDQHUDHVWDPRV
UHSUHVHQWDGRV WRGRV \ ORV JUXSRV PD\RULWDULRV WHQGUiQ XQ DVLHQWR PiV VHJXUDPHQWH R
GRVDVLHQWRVPiVHQHVDFRPLVLyQ
*UDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³0XFKDVJUDFLDVFRQJUHVLVWD%UXFH
6LPSOHPHQWHUHFRUGDUTXHHOHVStULWXGHODSOXUDOLGDGHVORTXHHVWiSULPDQGRGHVGHXQ
LQLFLRHQHVWHWHPDTXHHVWDPRVYLHQGR¢QR"
&RQJUHVLVWD2WiUROD
(O VHxRU 27É52/$ 3(f$5$1'$ 1*3³
1*3³ 7HQJD SOHQD FHUWH]D TXH VL QR ORJUDPRV
SOXUDOLGDGQRYDPRVDFRQVHJXLUTXH<ORLGHDOVHUtDTXHORVFDQGLGDWRVSRUVXQLYHO
VHDQDFHSWDGRVSRUDFODPDFLyQ
&RQVLJXLHQWHPHQWHPDQWHQJRHOWH[WRVHxRU3UHVLGHQWHSURSRUFLRQDOLGDG\SOXUDOLGDG\
ODPRGLILFDFLyQTXHODGHFLVLyQGHOPRGHORORWRPDUiOD-XQWDGH3RUWDYRFHV\SLGRTXH
HOWHPDSDVHDOYRWR
*UDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³&RQJUHVLVWD9HOiVTXH]4XHVTXpQ
(O VHxRU 9(/É648(= 48(648e1 *3&3³
*3&3³ 6HxRU 3UHVLGHQWH GH YHUGDG TXH OD
YROXQWDG HV TXH TXHUHPRV WHQHU XQ 'HIHQVRU GHO 3XHEOR WLWXODU SRUTXH D YHFHV ORV
FRQJUHVLVWDV QR QRV KHPRV GDGR FXHQWD TXH KD\ XQ DGMXQWR TXH VH GD HO OXMR GH
HPSOD]DU DO &RQJUHVR GH HPSOD]DUQRV \ HV SRUTXH QR WHQHPRV XQ WLWXODU TXH HVWp
OHJLWLPDGR SRUTXH OD &RQVWLWXFLyQ HVWDEOHFH TXH HVD DXWRULGDG HV HOHJLGD SRU HO
3DUODPHQWR1RVRWURVKHPRVHOHJLGRDXQD'HIHQVRUDGHO3XHEORTXH\DQRHVWi\HORWUR
HVXQIXQFLRQDULRGHFRQILDQ]DTXHVHGDHOOXMRGHSHFKDUDO&RQJUHVR
3HUR OR TXH KHPRV TXHULGR VHxRU 3UHVLGHQWH H[SUHVDU D WUDYpV GH HVWD PRGLILFDFLyQ HV
TXH<RQRGHVFRQItRGHODSDODEUDGHOVHxRU)UHG\2WiURODSHURVtFUHRTXHGHEHPRV
GDU PXHVWUDV PX\ FODUDV GH TXH VL TXHUHPRV XQ DPSOLR FRQVHQVR SDUD HOHJLU HVWDV
DXWRULGDGHVODFRPLVLyQTXHVHHQFDUJDGHWRPDUHVWDGHFLVLyQGHWUDHUODSURSXHVWDDO
3OHQR WLHQH TXH VHU FRQIRUPDGD EDMR HO SULQFLSLR GH SOXUDOLVPR FRPR OR KDQ KHFKR
DKRULWDSDUDODH[RQHUDFLyQ+DQWHQLGRTXHFRQWDUFRQODILUPDGHWRGDVODVEDQFDGDV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³'pOHWLHPSRSDUDFXOPLQDUSRUIDYRU
(OVHxRU9(/É648(=48(648e1*3&3³
(OVHxRU9(/É648(=48(648e1*3&3³ 6HxRU3UHVLGHQWHOHGLJRFRQHOPD\RUGH
ORVUHVSHWRVVLHVWDSURSXHVWDGHDSOLFDUHOSULQFLSLRGHSOXUDOLGDGQRVHLQFRUSRUDFRPR
PRGLILFDFLyQ QR OR YDPRV D SRGHU DFRPSDxDU HQ HVWD YRWDFLyQ SDUD KDFHU HVWD
PRGLILFDFLyQ \ TXH OR TXH FRPLHQ]D PDO FRPLHQ]D PDO DOJR TXH D WRGRV QRV
FRPSURPHWH DOFDQ]DU HO Pi[LPR FRQVHQVR ¢4Xp FXHVWD FDPELDU" ¢3RU TXp VH TXLHUH
GHMDU DKt DSOLFDU HO SULQFLSLR GH OD SURSRUFLRQDOLGDG FXDQGR OR TXH VH QHFHVLWD HV XQ
DPSOLRFRQVHQVR"
$TXtQRKD\TXHODEDQFDGDWDOWHQJDFXDWURRFLQFRPLHPEURVODRWUDWUHV\ODRWUDGRV
SRUTXHQRQRVYDQDLPSRQHUVXFULWHULR
6LKXELHUDWUDQVSDUHQFLD\YROXQWDGGHVDFDUDGHODQWHHVWDVFRVDVVHDSOLFDUDHOSULQFLSLR
GHOSOXUDOLVPR
3RUHVROHSLGRXQDUHIOH[LyQD)UHG\DO3UHVLGHQWHGHOD&RPLVLyQSRUTXHFUHRTXHHVWR
JDUDQWL]DUtD GH TXH VH SXHGD HOHJLU ODV DXWRULGDGHV SRUTXH VH QHFHVLWD PD\RUtDV
UHIRU]DGDV
*UDFLDVVHxRU3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³&RQJUHVLVWD$YHUXQVHJXQGLWR
7HQHPRVVROLFLWXGGHOXVRGHODSDODEUDHOFRQJUHVLVWD=HEDOORVHVWDED%UXFH\2WiUROD
9DPRVHQHVHRUGHQ=HEDOORV%UXFH\2WiUROD
(OVHxRU=(%$//266$/,1$661³
(OVHxRU=(%$//266$/,1$661³*UDFLDV3UHVLGHQWH
3ULPHURXQDFXHVWLyQGHRUGHQ3UHVLGHQWH
&RQ WRGR HO UHVSHWR TXH PH PHUHFHQ ORV SRUWDYRFHV OD H[RQHUDFLyQ GH GLFWDPHQ GH
FRPLVLRQHV\GHVHUSXEOLFDGRHQHOSRUWDOWDOFRPRORHVWDEOHFHHO5HJODPHQWRKDVLGR
DFRUGDGRH[DFWDPHQWHDODV\GHODWDUGHGHOGtDGHKR\1RHVWDEDHQODDJHQGD
<R QR Vp VL ORV SRUWDYRFHV KD\DQ WHQLGR HO WLHPSR VXILFLHQWH SDUD SRGHU FRQFLOLDU HVWH
SXQWR GH DJHQGD FRQ VXV PLHPEURV GH EDQFDGD 6RVSHFKR TXH QR TXH KHPRV HVWDGR
WRGRVLQPHUVRVHQODGLVFXVLyQGHVHULRVSXQWRVGHDJHQGD<\RQRTXLHURGHVPHUHFHUQL
IDOWDUDQDGLHSHURFUHRTXH\DHVWDPRVXQSRFRLPSURYLVDQGR
8QWHPDEDVWDQWHGHOLFDGR
+DFHWUHVVHPDQDVDWUiVH[DFWDPHQWHFRQSUHFLVLyQGLVFXWtDPRVDTXtHQHOSOHQRGHTXH
HVWDEDSHQGLHQWHGHHOHFFLyQGRVPDJLVWUDGRVGHO7ULEXQDO&RQVWLWXFLRQDO\FDVLFHUFDGH
GRV DxRV GH PDQHUD LQWHULQD XQ 'HIHQVRU GHO 3XHEOR \ VH DXWRUL]y GH TXH OD -XQWD GH
3RUWDYRFHVDVXPDHVDUHVSRQVDELOLGDG(QWRQFHVORTXHSRGDPRVRQRDSUREDUHOGtDGH
KR\VHUtDSDUDFLUFXQVWDQFLDVIXWXUDV
<\RTXLHURSODQWHDUXQDFXHVWLyQSUHYLDVHxRU3UHVLGHQWH(OWHPDHVEDVWDQWHGHOLFDGR\
FRPSOHMR\QRWDQWRSRUODIRUPDGHVHOHFFLyQVLQRODVFLUFXQVWDQFLDVGHODGHFLVLyQ
3XHGH KDEHU VLGR VHOHFFLRQDGR HO PHMRU SHUVRQDMH HO PHMRU LQWHOHFWXDO HO PDV
FRPSHWHQWH \ FDSDFLWDGR SDUD HMHUFHU OD HQFDUJDWXUD GH PDJLVWUDGR GHO 7ULEXQDO
&RQVWLWXFLRQDOROD'HIHQVRUtDGHO3XHEORSHURHVILQDOPHQWHHOSOHQRTXLHQGHFLGH
(QWRQFHV DFi KD\ XQD FXHVWLyQ GH IRQGR GH UHSHQWH \ GHVGH OD SHUVSHFWLYD MXUtGLFD \
SROtWLFDTXHKD\TXHHYDOXDUOD3HURWDOFRPRHVWDPRVWUD\HQGRHOWHPDDHVWHSOHQRGH
XQDPDQHUDIRU]DGDFUHRTXHQRHVORPiVSUXGHQWHSDUDDSUREDUHVWDVPRGLILFDWRULDV
WDQWRDOD/H\2UJiQLFDGHO7ULEXQDOFRPRGHOD'HIHQVRUtDGHO3XHEOR
3RU FRQVLJXLHQWH TXLHUR SURSRQHU DO SOHQR XQD FXHVWLyQ SUHYLD SDUD TXH HVWR SDVH
SUHYLDPHQWHSRUORTXHVLJQLILFDOD&RPLVLyQGH&RQVWLWXFLyQ
*UDFLDV
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³ 0DUFDUDVLVWHQFLDSDUDSRQHU DOYRWR
ODFXHVWLyQSUHYLD
³/RVVHxRUHVFRQJUHVLVWDVUHJLVWUDQVXDVLVWHQFLDPHGLDQWHHOVLVWHPDGLJLWDOSDUDYHULILFDU
/RVVHxRUHVFRQJUHVLVWDVUHJLVWUDQVXDVLVWHQFLDPHGLDQWHHOVLVWHPDGLJLWDOSDUDYHULILFDU
HOTXyUXP
HOTXyUXP
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ 0LHQWUDV PDUFDQ HO 3UHVLGHQWH GH OD
&RPLVLyQGH&RQVWLWXFLyQ
(OVHxRU27É52/$3(f$5$1'$1*3³
(OVHxRU27É52/$3(f$5$1'$1*3³6t3UHVLGHQWH
(QHOWHPDGHODSOXUDOLGDG\SURSRUFLRQDOLGDGWHQHPRVTXHVHUGHPRFUiWLFRVSDUDTXH
WRGRVSXHGDQSDUWLFLSDU\TXHHVWDVHDXQDVHOHFFLyQHMHPSODU3HURORTXHQRSRGHPRV
SHUPLWLU3UHVLGHQWHHVTXHGRVRWUHVJUXSRVPLQRULWDULRVFRQHOUHVSHWRTXHVHPHUHFHQ
LPSRQJDQ VX YROXQWDG VREUH ODV EDQFDGDV DEVROXWDPHQWH PD\RULWDULDV HVR WDPSRFR HV
PX\GHPRFUiWLFR
&RQVLJXLHQWHPHQWH3UHVLGHQWHYDPRVDKDFHUXQHVIXHU]R\HVWR\VHJXURTXHORYDPRVD
ORJUDU (VWD HOHFFLyQ YD D VHU HMHPSODU SHUR WDPSRFR GLFWDGXUDV *UXSRV PLQRULWDULRV
TXHHVWDYH]VRQPX\SHTXHxRVVREUHORVPD\RULWDULRVQRVHUtDFRUUHFWDQLGHPRFUiWLFD
*UDFLDV3UHVLGHQWH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³(VWDPRV\D¢&yPR"
&RQJUHVLVWD=HEDOORVKDJDXVRGHODSDODEUD
(OVHxRU=(%$//266$/,1$661³
(OVHxRU=(%$//266$/,1$661³*UDFLDV3UHVLGHQWH
$TXtQRVHWUDWDGHJUXSRVPD\RULWDULRVQLPLQRULWDULRV1RHVWR\HMHUFLWDQGRQLXQPtQLPR
GHDXWRULWDULVPRVLPSOHPHQWHHVWR\SHUPLWLpQGRPHXQDUHIOH[LyQGHPRFUiWLFD
3RQHU HQ SXQWR GH DJHQGD GLVFXVLyQ \ YRWDFLyQ XQ SXQWR WDQ LPSRUWDQWH FRPR HV OD
HOHFFLyQ GH ORV PDJLVWUDGRV GHO 7ULEXQDO &RQVWLWXFLRQDO GHIHQVRU GH OD &RQVWLWXFLyQ
¢3RQHUHQDJHQGDXQWHPDGHODIRUPDGHHOHFFLyQGHO'HIHQVRUGHO3XHEORVLJQLILFDVHU
DXWRULWDULR"1R
6HU DXWRULWDULR VHxRU HV DSUREDU D ODV \ XQ QXHYR SXQWR GH DJHQGD < FRQ WRGR
UHVSHWRVRVSHFKRTXHDHVSDOGDVGHOSOHQR
(VR Vt PH SDUHFH XQD PHGLGD IRU]DGD DSUHVXUDGD \ TXH HQ FLHUWD IRUPD QRV DFRUUDOD
SDUDSRGHUSUHGLVSRQHUQRVDQRVRWURVDSRGHUDSUREDUXQSXQWRGHDJHQGD
<RFRQHOPD\RUHVStULWXGHPRFUiWLFR\UHIOH[LYRHVTXHHVWR\SHUPLWLHQGRDOSOHQRGHTXH
HVWR SDVH D &RQVWLWXFLyQ < VXSHUDGR HVWH HVSDFLR UHFLpQ HO SOHQR FRQ WRGD OD
LQIRUPDFLyQ\ODDPSOLWXGTXHQRVSHUPLWHXQGHEDWHSRGDPRVWRPDUODPHMRUGHFLVLyQ
³5HDVXPHOD3UHVLGHQFLDHOVHxRU<HKXGH6LPRQ0XQDUR
5HDVXPHOD3UHVLGHQFLDHOVHxRU<HKXGH6LPRQ0XQDUR
QFLDHOVHxRU<HKXGH6LPRQ0XQDUR
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³7LHQHHOXVRGHODSDODEUDHOFRQJUHVLVWD
'DQLHO$EXJDWWiV
(OVHxRU$%8*$77É60$-/8)1*3³
(OVHxRU$%8*$77É60$-/8)1*3³0XFKDVJUDFLDVVHxRU3UHVLGHQWH
<R VLPSOHPHQWH TXLHUR DFODUDU TXH OD GHFLVLyQ GH OD IRUPD GH HOHFFLyQ \D OD WRPy HVWH
SOHQRKDFHGRVVHPDQDV\DGHFLGLyHOSOHQRTXHSXHGHLUHQFRQWUDGHORTXHGLFHXQD
/H\2UJiQLFD/R~QLFRTXHHVWDPRVKDFLHQGRHVTXHUHUGDUOHXQPDUFRMXUtGLFRVHJXUR
SDUD TXH QR YHQJDQ DYHQWXUHURV GHVSXpV D TXHUHU FXHVWLRQDU OD GHFLVLyQ TXH DGRSWD HO
&RQJUHVRGHOD5HS~EOLFD
(QWRQFHVDTXtQRKD\QLQJXQDGHFLVLyQTXHHO&RQJUHVRQRKDEtDWRPDGR(O&RQJUHVR
\D GHFLGLy TXH OD IRUPD DGHFXDGD HV XQD GH HOODV OD LQYLWDFLyQ < OR TXH VH HVWi
KDFLHQGR DFi HV FRUUHJLU XQ GHIHFWR GH OD /H\ 2UJiQLFD SDUD TXH HVH SURFHVR GH
LQYLWDFLyQVHDYiOLGR(VWRGRORTXHVHHVWiKDFLHQGRFXDQGRKD\
0HSLGHXQDLQWHUUXSFLyQHOFRQJUHVLVWD%UXFH
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ 3DUD XQD LQWHUUXSFLyQ HO FRQJUHVLVWD
%UXFH
(O VHxRU %58&( 0217(6 '( 2&$ *3&3³
*3&3³ (VWR\ WRWDOPHQWH GH DFXHUGR FRQ OR TXH
GLFH HO FRQJUHVLVWD $EXJDWWiV 3UHVLGHQWH 3HUR OR TXH SDVD HV TXH OR TXH GLFH HO
3UHVLGHQWH GH OD FRPLVLyQ HV GLVWLQWR GH OR TXH DSUREy HVWH 3OHQR KDFH VHPDQDV DWUiV
SRUTXH KDFH VHPDQDV DWUiV HO 3OHQR DSUREy TXH ORV SRUWDYRFHV FRQIRUPHQ XQD
FRPLVLyQ GH PDQHUD PXOWLSDUWLGDULD \ KR\ GtD HVFXFKDPRV DO FRQJUHVLVWD 2WiUROD GHFLU
GH TXH OD PLQRUtD QR SXHGH WHQHU DVLHQWRV HQ HVD FRPLVLyQ \ SRQHU VX FULWHULR HQ OD
PD\RUtDHQWRQFHVHQTXpTXHGDPRV
(OHVStULWXTXHXVWHGHVWHVWLJRDWUDYpVGHODPHVDFRQJUHVLVWD$EXJDWWiVTXHKXERHQ
OD -XQWD GH 3RUWDYRFHV HV TXH HO FULWHULR GH SOXUDOLGDG LED D HVWDU HQ HVWH FDVR SRU
HQFLPDGHOGHSURSRUFLRQDOLGDG<OR~QLFRTXHHVWDPRVSLGLHQGRHVTXHHVWHWH[WRUHIOHMH
HVHFULWHULRVLQRORTXHVHGLMRHQOD-XQWDGH3RUWDYRFHVQRHVWiVLHQGRUHIOHMDGRHQOR
TXHDTXtVHTXLHUHDSUREDU(VOR~QLFRTXHHVWDPRVSLGLHQGR3UHVLGHQWH
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³*UDFLDVFRQJUHVLVWD%UXFH
6LJDFRQJUHVLVWD$EXJDWWiV
(O VHxRU$%8*$77É60$-/8)1*3³
VHxRU$%8*$77É60$-/8)1*3³ 6LPSOHPHQWH TXHUtD LQVLVWLU TXH VLHQGR OD -XQWD
GH3RUWDYRFHVODTXHGHFLGHODFRQIRUPDFLyQGHODFRPLVLyQHVSHFLDOVHHVWiUHVSHWDQGR
DEVROXWDPHQWHODSOXUDOLGDGTXHHVWiUHFODPDQGRODEDQFDGDGH&RQFHUWDFLyQ1DFLRQDO
(VR\DHVWiDFHSWDGR3RUTXHFXDQGRVHGLMRTXLpQYDDGHFLGLUHQODIRUPDGHYRWDFLyQ
YDDVHUOD-XQWDGH3RUWDYRFHV(VRHVWiUHFRJLGRHQODVPRGLILFDFLRQHVTXHKDDFHSWDGR
HO3UHVLGHQWHGHODFRPLVLyQ
'LFKRHVWR\RSHGLUtDTXHHOWHPDYD\DDOYRWRVHxRU3UHVLGHQWH0XFKDVJUDFLDV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³6HFLHUUDODOLVWDGHDVLVWHQFLD
1RSXHGHKDEHUFXHVWLyQGHRUGHQGHFXHVWLyQGHRUGHQ
+DQFRQWHVWDGROLVWDFRQJUHVLVWDVSUHVHQWH
3DVDPRVDODYRWDFLyQODFXHVWLyQSUHYLDODFXHVWLyQSUHYLDSODQWHDGDSRUHOFRQJUHVLVWD
=HEDOORV
/D FXHVWLyQ SUHYLD HV TXH YD\D OD SDUWH GH OD &RPLVLyQ GH &RQVWLWXFLyQ YD\D D OD
&RPLVLyQGH&RQVWLWXFLyQ
³5HDVXPHODSUHVLGHQFLDHOVHxRU'DQLHO$EXJDWWiV0DMOXI
5HDVXPHODSUHVLGHQFLDHOVHxRU'DQLHO$EXJDWWiV0DMOXI
0DMOXI
³/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
³(IHFWXDGDODFRQVXOWDVHUHFKD]DSRUYRWRVHQFRQWUDWUHVDIDYRU\XQDDEVWHQFLyQ
ODFXHVWLyQSUHYLDSODQWHDGD
ODFXHVWLyQSUHYLDSODQWHDGD
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³+DVLGRUHFKD]DGD
6HGHMDFRQVWDQFLDGHOYRWRDIDYRUGHOFRQJUHVLVWD9HOiVTXH]GHOYRWRHQFRQWUDGHORV
FRQJUHVLVWDV *DJy 7DLW 8UWHFKR 7HMDGD 8ULEH \ =HULOOR \ GH OD DEVWHQFLyQ GHO
FRQJUHVLVWD*UDQGH]
5HVXOWDGRILQDO&XDWURDIDYRUHQFRQWUD\GRVDEVWHQFLRQHV
/DFXHVWLyQSUHYLDKDVLGRUHFKD]DGD
&RQODPLVPDDVLVWHQFLDDOYRWRHOWHPDGHIRQGR
6HUHTXLHUHYRWDFLyQFDOLILFDGD
(O UHODWRU YD D GDU OHFWXUD DO WH[WR FRQ ORV DMXVWHV DSUREDGRV SRU HO 3UHVLGHQWH GH OD
&RPLVLyQSRUIDYRU
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
DOHFWXUD
0RGLILFDFLyQDOD/H\1ƒ/H\2UJiQLFDGHOD'HIHQVRUtDGHO3XHEOR\OD/H\1ƒ
/H\ 2UJiQLFD GHO 7ULEXQDO &RQVWLWXFLRQDO VREUH ORV SURFHGLPLHQWRV GH HOHFFLyQ
GHO'HIHQVRUGHO3XHEOR\GHPDJLVWUDGRVGHO7ULEXQDO&RQVWLWXFLRQDO
$UWtFXOR ƒ³ 0RGLILFDFLyQ GH OD /H\ 1ƒ /H\ 2UJiQLFD GH OD 'HIHQVRUtD GHO
3XHEOR
0RGLItFDVHHODUWtFXORƒGHOD/H\1ƒ/H\2UJiQLFDGHOD'HIHQVRUtDGHO3XHEOR
FRQIRUPHDOWH[WRVLJXLHQWH
$UWtFXORƒ³/DGHVLJQDFLyQGHO'HIHQVRUGHO3XHEORVHHIHFWXDUiGHQWURGHORVGtDV
QDWXUDOHV DQWHULRUHV D OD H[SLUDFLyQ GHO PDQGDWR SDUD WDO HIHFWR HO 3OHQR GHO &RQJUHVR
GHVLJQDUiXQDFRPLVLyQHVSHFLDOLQWHJUDGDSRUXQPtQLPRGHFLQFR\Pi[LPRGHQXHYH
FRQJUHVLVWDV UHVSHWDQGR HQ OR SRVLEOH OD SURSRUFLyQ GH FDGD JUXSR SDUODPHQWDULR \ OD
SOXUDOLGDGSDUDHQFDUJDUVHGHFRQRFHUORVSURFHGLPLHQWRVGHGHVLJQDFLyQHQFXDOTXLHUD
GHODVGRVPRGDOLGDGHVVLJXLHQWHV
2UGLQDULD
/D FRPLVLyQ HVSHFLDO VHOHFFLRQD GH XQR DFLQFR FDQGLGDWRV TXH D VXMXLFLR PHUHFHQ VHU
GHFODUDGRV DSWRV SDUD VHU HOHJLGRV SXEOLFDQ HQ HO GLDULR RILFLDO (O 3HUXDQR OD
FRQYRFDWRULD SDUD OD SUHVHQWDFLyQ GH SURSXHVWDV DVLPLVPR SXEOLFD OD UHODFLyQ GH ODV
SHUVRQDV SURSXHVWDV D ILQ TXH VH SXHGDQ IRUPXODU WDFKDV ODV TXH GHEHQ HVWDU
DFRPSDxDGDVGHSUXHEDGRFXPHQWDO3UHVHQWDGDODSURSXHVWDGHXQRRPiVFDQGLGDWRV
VH FRQYRFDUi HQ WpUPLQR QR LQIHULRU D VLHWH GtDV DO 3OHQR GHO &RQJUHVR SDUD TXH VH
SURFHGDDODHOHFFLyQ
(VSHFLDO
/D FRPLVLyQ HVSHFLDO VHOHFFLRQD GH XQR DFLQFR FDQGLGDWRV TXH D VXMXLFLR PHUHFHQ VHU
GHFODUDGRVDSWRVSDUDVHUHOHJLGRVHIHFWXDQGRODFRQYRFDWRULDSRULQYLWDFLyQ
/DDGRSFLyQGHFXDOTXLHUDGHODVGRVPRGDOLGDGHVVHUHDOL]DSRUDFXHUGRGHOD-XQWDGH
3RUWDYRFHV
&XDOTXLHUDTXHVHDODPRGDOLGDGGHVHOHFFLyQDGRSWDGDODFRPLVLyQHVSHFLDOSUHVHQWDOD
SURSXHVWDGHXQRRPiVFDQGLGDWRVSUHVHQWDGDODSURSXHVWDHO3OHQRGHO&RQJUHVRHV
FRQYRFDGRHQWpUPLQRQRLQIHULRUDVLHWHGtDVSDUDTXHVHSURFHGDDODHOHFFLyQFRQHO
YRWR PD\RULWDULR GH ORV GRV WHUFLRV GH VX Q~PHUR OHJDO /D YRWDFLyQ VH HIHFWXDUi
FDQGLGDWRSRUFDQGLGDWRHQHORUGHQTXHSUHVHQWHODFRPLVLyQHVSHFLDOHQFDVRGHQR
DOFDQ]DUVHODPHQFLRQDGDPD\RUtDODFRPLVLyQSURFHGHUiHQXQSOD]RPi[LPRGHGLH]
GtDVQDWXUDOHVDIRUPXODUVXFHVLYDVSURSXHVWDVXQDYH]FRQVHJXLGDODPD\RUtDGHORVGRV
WHUFLRVGHOQ~PHUROHJDOGHPLHPEURVGHO&RQJUHVRODGHVLJQDFLyQTXHGDUiUHDOL]DGD
$UWtFXOR ƒ³
³ 0RGLILFDFLyQ GH OD /H\ 1ƒ /H\ 2UJiQLFD GHO 7ULEXQDO
&RQVWLWXFLRQDO
0RGLItFDVHHODUWtFXORƒGHOD/H\1ƒ/H\2UJiQLFDGHO7ULEXQDO&RQVWLWXFLRQDO
FRQIRUPHDOWH[WRVLJXLHQWH
$UWtFXORƒ³&RQIRUPDFLyQ
(O 7ULEXQDO HVWi LQWHJUDGR SRU VLHWH PLHPEURV FRQ XQ WtWXOR GH PDJLVWUDGRV GHO 7ULEXQDO
&RQVWLWXFLRQDO
6RQ GHVLJQDGRV SRU HO &RQJUHVR PHGLDQWH UHVROXFLyQ OHJLVODWLYD FRQ HO YRWR GH ORV GRV
WHUFLRVGHOQ~PHUROHJDOGHVXVPLHPEURV
3DUD WDO HIHFWR HO 3OHQR GHO &RQJUHVR GHVLJQD XQD FRPLVLyQ HVSHFLDO LQWHJUDGD SRU XQ
PtQLPR GH FLQFR \ XQ Pi[LPR GH QXHYH FRQJUHVLVWDV UHVSHWDQGR HQ OR SRVLEOH OD
SURSRUFLyQGHFDGDJUXSRSDUODPHQWDULRHQHO&RQJUHVRSDUDHQFDUJDVHGHFRQRFHUHO
SURFHGLPLHQWRGHGHVLJQDFLyQHQFXDOTXLHUDGHODVGRVPRGDOLGDGHVVLJXLHQWHV
8QR RUGLQDULD /D &RPLVLyQ (VSHFLDO VHOHFFLRQD GH XQR D FLQFR FDQGLGDWRV TXH D VX
MXLFLR PHUHFHQ VHU GHFODUDGRV DSWRV SDUD VHU HOHJLGRV 3XEOLFD HQ HO GLDULR RILFLDO (O
3HUXDQR OD FRQYRFDWRULD SDUD OD SUHVHQWDFLyQ GH SURSXHVWDV DVLPLVPR SXEOLFD OD
UHODFLyQGHSHUVRQDVSURSXHVWDVDILQTXHVHSXHGDQIRUPXODUWDFKDVODVTXHGHEHQHVWDU
DFRPSDxDGDVGHSUXHEDGRFXPHQWDO
3UHVHQWDGDODSURSXHVWDGHXQRyPiVFDQGLGDWRVVHFRQYRFDUiHQWpUPLQRQRLQIHULRUD
VLHWHGtDVHO3OHQRGHO&RQJUHVRSDUDTXHVHSURFHGDDODHOHFFLyQ
'RVHVSHFLDO/D&RPLVLyQ(VSHFLDOVHOHFFLRQDGHXQRDFLQFRFDQGLGDWRVTXHDVXMXLFLR
PHUHFHQ VHU GHFODUDGRV DSWRV SDUD VHU HOHJLGRV HIHFWXDQGR OD FRQYRFDWRULD SRU
LQYLWDFLyQ
/D RSFLyQ GH FXDOTXLHUD GH ODV GRV PRGDOLGDGHV VH UHDOL]D SRU DFXHUGR GHO 3OHQR GHO
&RQJUHVR GHO &RQVHMR 'LUHFWLYR R GH OD -XQWD GH 3RUWDYRFHV FXDOTXLHUD TXH VHD OD
PRGDOLGDGGHVHOHFFLyQDGRSWDGDOD&RPLVLyQ(VSHFLDOSUHVHQWDODSURSXHVWDGHXQRy
PiVFDQGLGDWRVSUHVHQWDGDODSURSXHVWDHO3OHQRGHO&RQJUHVRHVFRQYRFDGRHQWpUPLQR
QR LQIHULRU D VLHWH GtDV SDUD TXH VH SURFHGD D OD HOHFFLyQ GHO PDJLVWUDGR R ORV
PDJLVWUDGRV VHJ~Q HO FDVR TXH REWHQJDQ OD PD\RUtD SUHYLVWD HQ HO ~OWLPR SiUUDIR GHO
DUWtFXORƒGHOD&RQVWLWXFLyQ3ROtWLFDVLQRVHREWLHQHODPD\RUtDUHTXHULGDVHSURFHGH
DXQDVHJXQGDYRWDFLyQVLFRQFOXLGRORVFyPSXWRVQRVHORJUDFXEULUODSOD]DVYDFDQWHV
OD FRPLVLyQ SURFHGH HQ XQ SOD]R Pi[LPR GH GLH] GtDV QDWXUDOHV D IRUPXODU VXFHVLYDV
SURSXHVWDV KDVWD TXH VH UHDOLFH OD HOHFFLyQ VH DSOLFDQ DGHPiV ODV GLVSRVLFLRQHV
SHUWLQHQWHVGHO5HJODPHQWRGHO&RQJUHVR
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³$OYRWR
³/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
³(IHFWXDGDODYRWDFLyQVHSURQXQFLDQDIDYRUGHOWH[WRTXHSURSRQH
(IHFWXDGDODYRWDFLyQVHSURQXQFLDQDIDYRUGHOWH[WRTXHSURSRQHODPRGLILFDFLyQ
OWH[WRTXHSURSRQH ODPRGLILFDFLyQGH
ODPRGLILFDFLyQ GH
GH
OD /H\ 1ƒ /H\ 2UJiQLFD GH OD 'HIHQVRUtD GHO 3XHEOR
3XHEOR \ OD /H\ 1ƒ /H\
2UJiQLFDGHO7ULEXQDO&RQVWLWXFLRQDOVREUHORVSURFHGLPLHQWRVGHHOHFFLyQGHO'HIHQVRU
2UJiQLFDGHO7ULEXQDO&RQVWLWXFLRQDOVREUHORVSURFHGLPLHQWRVGHHOHFFLyQGHO'HIHQVRU
GHO3XHEOR\GHPDJLVWUDGRVGHO7ULEXQDO&RQVWLWXFLRQDOVHxRUHVFRQJUHVLVWDV HQ
FRQWUD\QLQJXQRVHDEVWLHQH
FRQWUD\QLQJXQRVHDEVWLHQH
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³6HxRUHVFRQJUHVLVWDVXQPRPHQWRSRU
IDYRU
6H GHMD FRQVWDQFLD GHO YRWR HQ FRQWUD GH ORV FRQJUHVLVWDV 9HOiVTXH] (OtDV \ %DUGDOHV \
GHOYRWRDIDYRUGHORVFRQJUHVLVWDV%HODXQGH0RQWHUROD-XOFD9DOHQFLD7HMDGD=HULOOR
3DUL2WiUROD'HOD7RUUH(VSLQR]D&RDUL+XDLUH\&RQGRUL
5HVXOWDGRILQDOYRWRVDIDYRUHQFRQWUDFHURDEVWHQFLRQHV
(OSUR\HFWRQRKDDOFDQ]DGRHOQ~PHURGHYRWRVGH5HJODPHQWRSDUDVXDSUREDFLyQ
680,//$
680,//$
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ 0RGLILFDFLyQ GHO &XDGUR GH
&RPLVLRQHVSRUIDYRU
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
0RGLILFDFLyQDO&XDGURGH&RPLVLRQHV
&RPLVLyQGH7UDQVSRUWHV\&RPXQLFDFLRQHV
³6DOHGHWLWXODUODFRQJUHVLVWD7HYHV4XLVSHLQJUHVDFRPRWLWXODUHOFRQJUHVLVWD&RQGRUL
&XVL
&RPLVLyQGH&RQVWLWXFLyQ\5HJODPHQWR
³,QJUHVDQ FRPR DFFHVLWDULRV ORV FRQJUHVLVWDV 8ULEH 0HGLQD -DUD 9HOiVTXH] \ 7HYHV
4XLVSH
&RPLVLyQGH3URGXFFLyQ0LFUR\3HTXHxD(PSUHVD
³6DOH FRPR WLWXODU OD FRQJUHVLVWD 8ULEH 0HGLQD H LQJUHVD FRPR WLWXODU OD FRQJUHVLVWD
2VHGD6RWR
&RPLVLyQ(VSHFLDOGH6HJXULGDG&LXGDGDQD
³0LHPEURWLWXODUVDOLHQWHFRQJUHVLVWD:LOGHU5XL]PLHPEURTXHLQJUHVDFRQJUHVLVWD8ULEH
0HGLQD
&RPLVLyQ GH ,QYHVWLJDFLyQ 0XOWLSDUWLGDULD HQFDUJDGD GH LQYHVWLJDU OD JHVWLyQ GH $ODQ
*DEULHO *DUFtD 3pUH] FRPR 3UHVLGHQWH GH OD 5HS~EOLFD \ GH IRUPXODU UHFRPHQGDFLRQHV
SHUWLQHQWHVSDUDDKDFHUHIHFWLYDODVUHVSRQVDELOLGDGHVGHTXLHQHVFRPHWLHURQGXUDQWHVX
PDQGDWR LQIUDFFLRQHV D OD &RQVWLWXFLyQ 3ROtWLFD DVt FRPR SUHVXQWRV DFWRV GH FRUUXSFLyQ
\RGHOLWRVHFRQyPLFRV\ILQDQFLHURVGXUDQWHHOSHUtRGRJXEHUQDPHQWDO
³6DOHGHWLWXODUHOFRQJUHVLVWD'LH]&DQVHFR&LVQHURVLQJUHVDFRPRWLWXODUHOFRQJUHVLVWD
/ODWDV$OWDPLUDQR
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³$OYRWRDPDQRDO]DGD
/RVVHxRUHVFRQJUHVLVWDVTXHHVWpQDIDYRUVHVHUYLUiQH[SUHVDUOROHYDQWDQGRHOEUD]R/RV
TXHHVWpQHQFRQWUDGHODPLVPDPDQHUD/RVVHxRUHVTXHVHDEVWHQJDQLJXDOPHQWH
³(IHFWXDGDODYRWDFLyQVHDSUXHEDODPRGLILFDFLyQDO&XDGURGH&RPLVLRQHV2UGLQDULDV
GHO SHUtRGR DQXDO GH VHVLRQHV D XQD &RPLVLyQ (VSHFLDO \ D XQD &RPLVLyQ
,QYHVWLJDGRUD
,QYHVWLJDGRUD
(O VHxRU 35(6,'(17( 'DQLHO $EXJDWWiV 0DMOXI³
0DMOXI³ +DQ VLGR DSUREDGDV ODV
PRGLILFDFLRQHVSODQWHDGDV
680,//$
680,//$
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³
(OVHxRU35(6,'(17('DQLHO$EXJDWWiV0DMOXI³6LJXLHQWHWHPD
3RU IDYRU KDJDQ OOHJDU OD FRQIRUPDFLyQ GH ORV PLHPEURV SDUD OD &RPLVLyQ
0XOWLSDUWLGDULD HQFDUJDGD GH SUHSDUDU ORV DFWRV FRQPHPRUDWLYRV UHODFLRQDGRV DO
&HQWHQDULRGHOQDWDOLFLRGHOH[SUHVLGHQWH)HUQDQGR%HODXQGH7HUU\(VWiSDUDDSUREDU\R
QHFHVLWRTXHDOJXLHQWUDLJDODUHODFLyQOOHQD
'pOHFWXUDDPRFLRQHVSRUIDYRU
(O5(/$725GDOHFWXUD0RFLRQHV
GHVDOXGR
(O5(/$725GDOHFWXUD
'HOFRQJUHVLVWD'H/D7RUUH'XHxDV(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUVX
PiV FiOLGR VDOXGR \ IHOLFLWDFLyQ DO GLVWULWR GH &DPDQWt 0LO GH OD SURYLQFLD GH
4XLVSLFDQFKL 5HJLyQ &XVFR SRU FRQPHPRUDUVH HO GH VHWLHPEUH XQ DQLYHUVDULR PiV
GH FUHDFLyQ SROtWLFD 7UDVPLWLU OD SUHVHQWH PRFLyQ GH VDOXGR DO VHxRU DOFDOGH $QWRQLR
0HUFDGR 4XLxyQH] \ SRU VX LQWHUPHGLR D ORV UHJLGRUHV DXWRULGDGHV PLOLWDUHV SROtWLFDV
HFOHVLiVWLFDV\SREODFLyQHQJHQHUDO
'H OD FRQJUHVLVWD 2PRQWH 'XUDQG GH '\HU (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD
([SUHVDUHOVDOXGRGHOD5HSUHVHQWDFLyQ1DFLRQDODOGLVWULWRGH&DQFKDEDPEDSURYLQFLD
GH+XDQFD\EDPED5HJLyQ+XiQXFRDOFHOHEUDUHVWHGHQRYLHPEUHVX9LJpVLPR6H[WR
$QLYHUVDULRGHVX&UHDFLyQ
'HO FRQJUHVLVWD 6DUPLHQWR %HWDQFRXUW (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD 6DOXGDU \
UHQGLU KRPHQDMH DO GLVWULWR GH &ROiQ DO FXPSOLUVH DxRV GH FUHDFLyQ SROtWLFD HQ OD
SURYLQFLD GH 3DLWD GHSDUWDPHQWR GH 3LXUD +iJDVH H[WHQVLYR OD SUHVHQWH PRFLyQ GH
VDOXGRDWRGRHOGLVWULWRGH&ROiQDVXVGLVWLQJXLGDVDXWRULGDGHV\HQHVSHFLDODODOFDOGH
GLVWULWDOGH&ROiQSURIHVRU/XLV5D\PXQGR'LRVHV*X]PiQ
'HO FRQJUHVLVWD 'tD] 'LRV (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD 6DOXGDU DO GLVWULWR GH
0LJXHO&KHFDTXHFHOHEUDVXVƒ$QLYHUVDULRGH&UHDFLyQ3ROtWLFD
'HOFRQJUHVLVWD$FXxD3HUDOWD(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD6DOXGDUDOGLVWULWR
GH -RVp /HRQDUGR 2UWL] XELFDGR HQ OD SURYLQFLD GH /DPED\HTXH HQ OD SHUVRQD GH VX
DOFDOGH 5D~O &LH]D 9iVTXH] FRQ PRWLYR GH FHOHEUDU HVWH GH QRYLHPEUH VX ƒ
$QLYHUVDULRGHFUHDFLyQ
'HO FRQJUHVLVWD 'tD] 'LRV (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD 6DOXGDU DO GLVWULWR GH
3XHEOR1XHYR&ROiQTXHFHOHEUDVX$QLYHUVDULRGH&UHDFLyQ3ROtWLFD
'HO FRQJUHVLVWD 6DUPLHQWR %HWDQFRXUW (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD 5HQGLU XQ
PHUHFLGR\UHVSHWXRVRKRPHQDMHDODIHVWLYLGDGGHO6DQWR3DWURQRGH6HFKXUD6DQ0DUWtQ
GH7RXUVHOGHQRYLHPEUHHQ6HFKXUDGHSDUWDPHQWRGH3LXUD\SHGLPRVGHUUDPHVXV
EHQGLFLRQHVVREUHHVWHJUDQSXHEOR
'HODFRQJUHVLVWD&RDUL0DPDQL(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUHOPiV
IHUYLHQWH VDOXGR \ IHOLFLWDFLyQ DO GLVWULWR GH $UDSD SURYLQFLD GH $]iQJDUR GHSDUWDPHQWR
GH3XQRDOFHOHEUDUVHHOGtDGHQRYLHPEUHGHXQDQLYHUVDULRPiVGHFUHDFLyQ
SROtWLFD
'HOFRQJUHVLVWD)DOFRQt3LFDUGR(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUVXPiV
FiOLGR VDOXGR \ IHOLFLWDFLyQ DO GLVWULWR GH 0LUDIORUHV $UHTXLSD FRQ RFDVLyQ GH
FRQPHPRUDUVHHOSUy[LPRGHQRYLHPEUHXQDQLYHUVDULRPiVGHFUHDFLyQ
'HODFRQJUHVLVWD&RDUL0DPDQL(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUHOPiV
IHUYLHQWH VDOXGR DO GLVWULWR GH -RVp 'RPLQJR &KRTXHKXDQFD SURYLQFLD GH $]iQJDUR
GHSDUWDPHQWR\5HJLyQGH3XQRDOFRQPHPRUDUVHHOGHQRYLHPEUHGHVXVƒ
$QLYHUVDULRGH&UHDFLyQ3ROtWLFD
'HO FRQJUHVLVWD 5RGUtJXH] =DYDOHWD (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD ([SUHVDU VX
IHUYLHQWH VDOXGR DO GLVWULWR GH 3DLMiQ GH OD SURYLQFLD GH $VFRSH 5HJLyQ /D /LEHUWDG DO
FRQPHPRUDUVH HO GH QRYLHPEUH GHO SUHVHQWH VXV ƒ $QLYHUVDULR GH )XQGDFLyQ
(VSDxROD
'HODFRQJUHVLVWD&RDUL0DPDQL(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUHOPiV
IHUYLHQWH VDOXGR DO GLVWULWR GH 7LUDSDWD SURYLQFLD GH $]iQJDUR GHSDUWDPHQWR \ 5HJLyQ
3XQRFRQPRWLYRGHFHOHEUDUVHHOGtDGHQRYLHPEUHGHVXƒ$QLYHUVDULRGH
&UHDFLyQ 3ROtWLFD GHVHiQGROH ORV PHMRUHV p[LWRV HQ ORV DxRV YHQLGHURV HQ ELHQ GHO
GHVDUUROORORFDOUHJLRQDO\QDFLRQDO
'HO FRQJUHVLVWD 0ROLQD 0DUWtQH] (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD ([SUHVDU VX
VDOXGR \ IHOLFLWDFLyQ D OD SURYLQFLD GH $QWD GH OD 5HJLyQ &XVFR FRQ PRWLYR GH
FRQPHPRUDUVHHOGHQRYLHPEUHGHOSUHVHQWHDxRVXDQLYHUVDULRGHFUHDFLyQ
'HOFRQJUHVLVWD-XOFD-DUD(O&RQJUHVRGHOD5HS~EOLFDDFXHUGD([SUHVDUHOPiVFRUGLDO
VDOXGR\UHFRQRFLPLHQWRDOHVWXGLDQWH5RVt=HOD1RHPt&KRTXHKXDQFD&DXVLDOXPQDGHO
6H[WR*UDGRGHO1LYHO3ULPDULDGHOD,QVWLWXFLyQ(GXFDWLYD6DQ3DEORGH<XSiQSRUKDEHU
REWHQLGRHO3ULPHU/XJDUHQHO&RQFXUVR1DUUDWLYD\(QVD\R-RVp0DUtD$UJXHGDV
HQHOGLVWULWRGH<XSiQGHODSURYLQFLDGH&RURQJR$QFDVKUHVDOWDQGRVXWDOHQWRHQOD
UHSUHVHQWDFLyQGHVXGLVWULWRHQHO3UHPLR1DFLRQDOUHDOL]DGRHQODFLXGDGGH/LPD
'H OD FRQJUHVLVWD &RQGRUL -DKXLUD (O &RQJUHVR GH OD 5HS~EOLFD DFXHUGD VDOXGDU DO
GLVWULWR GH &LXGDG 1XHYD GHO GHSDUWDPHQWR GH 7DFQD FRQ PRWLYR GH FHOHEUDUVH HO
SUy[LPRGHQRYLHPEUHGHOSUHVHQWHDxRHOGpFLPRQRYHQRDQLYHUVDULRGHVXFUHDFLyQ
SROtWLFD
³5HDVXPHOD3UHVLGHQFLDHOVHxRU<HKXGH6LPRQ0XQDUR
5HDVXPHOD3UHVLGHQFLDHOVHxRU<HKXGH6LPRQ0XQDUR
GHQFLDHOVHxRU<HKXGH6LPRQ0XQDUR
(O VHxRU 35(6,'(17( <HKXGH 6LPRQ 0XQDUR³
0XQDUR³ (O VHxRU 5HODWRU YD D GDU OHFWXUD D OD
&RPLVLyQ (VSHFLDO SDUD UHQGLU KRPHQDMH DO &HQWHQDULR GH 1DFLPLHQWR GHO $UTXLWHFWR
)HUQDQGR%HOD~QGH7HUU\
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
&RPLVLyQ (VSHFLDO 0XOWLSDUWLGDULD HQFDUJDGD GH SUHSDUDU ORV DFWRV FRQPHPRUDWLYRV
UHODFLRQDGRVDO&HQWHQDULRGHO1DWDOLFLRGHOH[3UHVLGHQWH)HUQDQGR%HOD~QGH7HUU\
3RU HO *UXSR 3DUODPHQWDULR 1DFLRQDOLVWD *DQD 3HU~ FRQJUHVLVWD LQWHJUDQWH 'H OD 7RUUH
'XHxDVSRUHO*UXSR3DUODPHQWDULR)XMLPRULVWDFRQJUHVLVWDLQWHJUDQWH2FWDYLR6DOD]DU
SRU HO *UXSR 3DUODPHQWDULR $OLDQ]D 3DUODPHQWDULD FRQJUHVLVWD *XHYDUD $PDVLIXHQ
SRU
HO*UXSR3DUODPHQWDULR$OLDQ]DSRUHO*UDQ&DPELRFRQJUHVLVWD6LPRQ0XQDURSRUHO
*UXSR 3DUODPHQWDULR 6ROLGDULGDG 1DFLRQDO HO FRQJUHVLVWD %HOD~QGH 0RUH\UD SRU HO
*UXSR3DUODPHQWDULR&RQFHUWDFLyQ3DUODPHQWDULDHOFRQJUHVLVWD5RGUtJXH]=DYDOHWD
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³0DUFDUDVLVWHQFLDSDUDYRWDU
³/RVVHxRUHVFRQJUHVLVWDVUHJLVWUDQVXDVLVWHQFLDPHGLDQWHHOVLVWHPDGLJLWDOSDUDYHULILFDU
/RVVHxRUHVFRQJUHVLVWDVUHJLVWUDQVXDVLVWHQFLDPHGLDQWHHOVLVWHPDGLJLWDOSDUDYHULILFDU
HOTXyUXP
HOTXyUXP
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³+DQUHJLVWUDGRVXDVLVWHQFLDVHxRUHV
FRQJUHVLVWDV
$OYRWR
$O YRWR OD SURSXHVWD GH ORV LQWHJUDQWHV GH OD &RPLVLyQ (VSHFLDO GH ORV $FWRV
&RQPHPRUDWLYRV UHODFLRQDGRV DO &HQWHQDULR 1DWDOLFLR GHO H[ SUHVLGHQWH )HUQDQGR
%HOD~QGH7HUU\
1RVHYD\DFRQJUHVLVWD7HQHPRVTXHDUUHJODUDOJXQDVFXHQWDVFRQXVWHG
³/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
/RVVHxRUHVFRQJUHVLVWDVHPLWHQVXYRWRDWUDYpVGHOVLVWHPDGLJLWDO
³(IHFWXDGDODYRWDFLyQVHDSUXHEDSRUYRWRVDIDYRUQLQJXQRHQFRQWUD\QLQJXQD
(IHFWXDGDODYRWDFLyQVHDSUXHEDSRUYRWRVDIDYRUQLQJXQRHQFRQWUD\QLQJXQD
DEVWHQFLyQ OD GHVLJQDFLyQ GH ORV LQWHJUDQWHV GH OD &RPLVLyQ (VSHFLDO 0XOWLSDUWLGDULD
HQFDUJDGDGHSUHSDUDUORVDFWRVFRQPHPRUDWLYRVUHODFLRQDGRVDO&HQWHQDULRGHO1DWDOLFLR
GHOH[3UHVLGHQWH)HUQDQGR%HOD~QGH7HUU\
GHOH[3UHVLGHQWH)HUQDQGR%HOD~QGH7HUU\
[3UHVLGHQWH)HUQDQGR%HOD~QGH7HUU\
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³+DVLGRDSUREDGR
6HGHMDFRQVWDQFLDGHOYRWRDIDYRUGHORVFRQJUHVLVWDV7XELQR'HOJDGR$FKD2PRQWH
8ULEH-XOFD$EXJDWWiV9HOiVTXH]\3DULRQD
5HVXOWDGRILQDOYRWRVDIDYRUFHURHQFRQWUD\QLQJXQDDEVWHQFLyQ
+DTXHGDGRFRQIRUPDGDOD&RPLVLyQ0XOWLSDUWLGDULDHQKRPHQDMHD)HUQDQGR%HOD~QGH
7HUU\
680,//$
680,//$
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³ $QWHVGHOHYDQWDUODVHVLyQVHYDDGDU
OHFWXUD D XQD QXHYD PRGLILFDFLyQ DO &XDGUR GH &RPLVLRQHV TXH DFDED GH OOHJDU D OD
0HVD
6HxRU5HODWRUGHOHFWXUD
(O5(/$725GDOHFWXUD
(O5(/$725GDOHFWXUD
2ILFLR1ƒ
6HxRUFRQJUHVLVWD
'DQLHO$EXJDWWiV0DMOXI
6ROLFLWRLQFOXLUFRPRPLHPEURDFFHVLWDULRGHOD&RPLVLyQGH(FRQRPtD%DQFD)LQDQ]DV
H,QWHOLJHQFLD)LQDQFLHUD
7HQJRHOKRQRUGHGLULJLUPHDXVWHGSDUDVDOXGDUORFRUGLDOPHQWH\DODYH]VROLFLWDUOHTXH
HOFRQJUHVLVWD5HQQDQ(VSLQR]D5RVDOHVLQJUHVHFRPRPLHPEURDFFHVLWDULRGHOD&RPLVLyQ
GH (FRQRPtD %DQFD H ,QWHOLJHQFLD )LQDQFLHUD )XQGDPHQWR PL VROLFLWXG HQ PpULWR D OR
GLVSXHVWRHQHODUWtFXORƒGHO5HJODPHQWR
&$50(120217('85$1'
&RQJUHVLVWDGHOD5HS~EOLFD9RFHUDGHO*UXSR3DUODPHQWDULR$OLDQ]D3DUODPHQWDULD
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³$OYRWRDPDQRDO]DGD
/RVVHxRUHVFRQJUHVLVWDVTXHHVWpQDIDYRUVHVHUYLUiQH[SUHVDUOROHYDQWDQGRHOEUD]R/RV
TXHHVWpQHQFRQWUDGHODPLVPDPDQHUD/RVTXHVHDEVWHQJDQLJXDOPHQWH
³(IHFWXDGDODYRWDFLyQVHDSUXHEDODPRGLILFDFLyQDO&XDGURGH&RPLVLRQHV2UGLQDULDV
(IHFWXDGDODYRWDFLyQVHDSUXHEDODPRGLILFDFLyQDO&XDGURGH&RPLVLRQHV2UGLQDULDV
GHOSHULRGRDQXDOGHVHVLRQHV
GHOSHULRGRDQXDOGHVHVLRQHV
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³+DVLGRDSUREDGRSRUXQDQLPLGDG
6H VROLFLWD OD GLVSHQVD GHO WUiPLWH GH VDQFLyQ DO $FWD SDUD HMHFXWDU OR DFRUGDGR HQ OD
SUHVHQWHVHVLyQ
/RVVHxRUHVFRQJUHVLVWDVTXHHVWpQDIDYRUVHVHUYLUiQH[SUHVDUOROHYDQWDQGRHOEUD]R/RV
TXHHVWpQHQFRQWUDGHODPLVPDPDQHUD/RVTXHVHDEVWHQJDQLJXDOPHQWH
³(IHFWXDGDODYRWDFLyQVHDFXHUGDWUDPLWDUORVDVXQWRVWUDWDGRVHQODSUHVHQWHVHVLyQVLQ
HVSHUDUODDSUREDFLyQGHODFWD
D
HVSHUDUODDSUREDFLyQGHODFW
D
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³
(OVHxRU35(6,'(17(<HKXGH6LPRQ0XQDUR³+DVLGRDFRUGDGRSRUXQDQLPLGDG
6HOHYDQWDODVHVLyQ
³$ODVKRUDV\PLQXWRVVHOHYDQWDODVHVLyQ
$ODVKRUDV\PLQXWRVVHOHYDQWDODVHVLyQ
Descargar