Memoria 05 www.ptmmundubat.org 4 6 18 Sumario 24 3 Mayor eficiencia en nuestro 26 esfuerzo solidario 4 Quiénes somos 6 Cooperación para el Desarrollo y Acción humanitaria 18 Nuestro compromiso desde el Norte 24 Informe económico PTM-mundubat es la marca comunicativa de la Fundación Paz y Tercer Mundo-Hirugarren Mundua ta Bakea, Organización No Gubernamental de Cooperación al Desarrollo (ONGD) declarada de utilidad pública en 1998. 1º Premio Europeo de la Solidaridad 1998. CIF: G95204160. 26 Factor humano Sombrerería, 2-3º C.P. 48005. BILBAO. Tel.: + (34) 944 162 325 • Fax:+ (34) 944 794 248 [email protected] www.ptmmundubat.org */Õ`ÕL>Ì 0D\RUHILFLHQFLDHQ QXHVWURHVIXHU]R VROLGDULR 370PXQGXEDWIXHFUHDGDHQ(OLPSXOVRVROLGDULR (OLPSXOVRVROLGDULR (OLPSXOVRVROLGDULR GH XQ FROHFWLYR GH KRPEUHV PEUHV UHV \ PXMHU PXMHUHV SURFHGHQWHV GH GLYHUVDV UHDOLGDGHV HV VRFLDOHV WRP WWRPy FXHUSR RUJDQL]DWLYR DO VHUYLFLRGHSURFHVRVVRFLRSROtWLFRVGHPRFUiWLFRVHQSDtVHV SURFHVRVVRFL RFHVRVVR QSDtVHV \UHJLRQHVHPSREUHFLGRVGHO6XU'HVGHHQWRQFHVQXHVWUD QHVHPSREUH HVHPSRE WRQFHV SUD[LVQRVKDFRQ¿ D[LVQRVKD [LVQRVKD UPDGRHQQXHVWUDVRSFLRQHVGHIRQGR RSFLR \QRVKDXUJLGRDFODUL¿FDUQXHVWURVSULQFLSLRVGHDFFLyQ\ \QRVKDXU \QRVKDX RVSUL JHVWLyQ WLyQ yQ VROLGDULD TXH FRQVWLWX\HQ X\HQ \HQ ODV DXWpQWLFDV UD]RQHV HV GHV HVHUGHQXHVWUDRUJDQL]DFLyQ HV DFLyQ FLyQ + +R\ FRQRFHPRV PHMRU RU U TXH TXH FXDQGR LQLFLiEDPRV V QXHVWUD QX DQGDGXUDSRUORVFDPLQRVGHO6XUHOSRGHUtRGHODVDPHQD DPLQRV PLQRV HODV ODV ]D ]DVGHODJOREDOL]DFLyQQHROLEHUDO$OOtGRQGHFRPSDUWLPRV ]DFLyQQ ]DFLyQ HFRP FRP FRP PSURPLVRFRQTXLHQHVSDGHFHQODVFRQVHFXHQFLDVGHOD P S FRQTXLHQ RQTXLH VHFXH VHFX SREUH]D H]D ]DHVWUXFWXUDOKHPRVGHVDEHUHQIUHQWDUQRVO~FLGD WUXFWXUDO UXFWXUDO HQIUHQ QIUHQ HLQWHOLJHQ HQWHPHQWHDVXJUDYLWDFLyQYRUD]GHORVUHFXUVRV HQ QWHPHQWH QWHPHQW RUD]G GHODYLGD GD$TXt GD$TXt GRQGHVHGRPLFLOLDQXHVWUDRUJDQL]DFLyQ QXHVWU QXHVW KHPRV V GH HPSHxDU HPSHxDU HPSHxD HPS HQHUJtDV \ PHGLRV PHGLRV HQ OD WDUHD GH GHVHQPDVFDUDU HVHQPDVFDUDU VHQPDVFDUDU HQPDVFDUDU QPDVFDUD OD PHQ PHQWLUD PHQW TXH SUHWHQGH SUHWHQG HVWDEOHFHU 1R SUHWHQ HVYHUGDGTXHODSREUH]DHVHOFDVWLJRTXHODLQH¿ YHUGDGTXH YHUGDGTX XHODSREUH]DHV DHVH FDVWLJR FDVWLJR FLHQFLD PHUHFH1RHVYHUGDGTXHSREUHVVRQORTXHQRWUDEDMDQ HUHFH1RH HUHFH1R HVYHUGDGTXHSREUUHVVRQ UHVVRQ QRVRQH¿ RVRQH¿FLH FLHQWHVRQRVDEHQFRPSHWLU/DSREUH]D\VXV F VRQRVDEHQFRPSHWLU/D RQRVDEHQFRPSHWLU/ FRPSHW VHFXHODV VR VRQ FRQVHFXHQFLD V HQFLD FLD GH XQD LQMXVWLFLD HV HVWU HVWUXFWXUDO TXH D WRGR RV ORV FLXGDGDQRV GH ORV SDtVHV S ULFRV QRV FRQ FLHUQHPR RUUDOPHQWH 3HURLJXD DOPHQWHSHUFLELPRVFRQFODULGDGXQQ~PHURQDGD O VFRQFODU VFRQFOD QDGD GHVSUHFLD DEOH GH RSRUWXQLGDGHV DGHV GHV SDU SDUD SDUD DYDQ]DU HQ OD GLUHF FLyQ VHxD DODGD SRU HO SDUDG D GLJPD 2WUR W PXQGR HV SRVLEOH 1XHVWUD H HVWUDWHJLD QR GHEH HEH EH UHGX UHGXF UHGXFLUVH VRODPHQWH D OD UHVLVWHQFLLD D 7DPELpQ QHFHVLWDPRV VLWDPRV LLPSOHPHQWDU QXHVWUDV SURSXHVWD DV SURSRVLWLYDV SURSRVLWLYD \ UHIRU]DU QXHVWUDV DOLDQ]DV FRQ RUJDQL]DFLLRQHV\PRYLPLHQWRVVRFLDOHVDOWHUQDWLYRV R WRVVRFLDOOHV DOWHUQDWLYRV WRVVRFLD OW WL 9LYLPRV WLH LH HPSRV FUXFLDOHV SDUD HO IXWXUR I GH ODV 21*'V HQ JHQHUDOO \ GH 370PXQGXEDW 370 QGXEDW G E W HQ GXEDW HQ SDUWLFXODU 'XUDQWH HO DxR FRQVFLHQWHV GH H WRGR H HOOR HO KHPRV FHQWUDGR SDUWH GH QXH HVWUD DWHQFLyQ \ GH QXHVWURV QXHVWU QXHVW HVIXHU]RV HQ HO IRUWDOHFLPLHQWR IRUWDOHFLPLHQWR RUWDOHFLPLHQW LQVWLWXFLRQDO /DV IRUWDOH]DV IRUWD GHVSOHJDGDV KDVWD DVWD DKRUD F FRKHUHQFLD LGHROyJLFD HROyJLFD ROyJLFD F FR FRPSURPLVR VRFLDO FRQWUDWRGDVODVH[FOXVLRQHVLQWHJULGDGSROtWLFD\PRUDOHQ RQWUDWRGDVODV QWHJULGDGSR QWHJULGDGS QXHVWUDVUHODFLRQHVHWFUHFODPDEDQHOVRVWpQGHXQDRU XHVWUDVUHODFLRQH HVWUDVUHODFLRQ PDEDQHOVR JDQL]DFLyQLQVWLWXFLRQDOPHQWHPHMRUFRQVROLGDGD(QHVWH QL]DFLyQLQVWLWXFL L]DFLyQLQVWLWXF PHMRUFRQVROL PHMRUFRQVRO VHQWLGRTXHUHPRVGHVWDFDUHODPSOLRGHEDWHLQWHUQRUHD LGRTXHUHPRVGH GRTXHUHPRVG PSOLRGHEDWH PSOLRGHEDWH UHD HD OL]DGRHQWRUQRDOD(VWUDWHJLD*HQHUDOHQOD RHQWRUQRDOD(VW HQWRUQRDOD(V QHUDO HQOD HQOD TXHVHLQFOX\HQODVEDVHVLGHROyJLFDVSROtWLFDV\¿ TX LQFOX\HQODVEDVHV LQFOX\HQODVEDVHV DVSROtWLFDV\¿ \¿ORVy¿F FDV MXQWR QWRDODVSURSXHVWDVWpFQLFDVGHSODQL¿ QWR ODVSURSXHVWDVWpFQ DVSURSXHVWDVWpFQ QLFDVGHSODQL¿ QLFDVGHSOD ODQL¿ DQL¿FDFLyQGH FDFLyQGHQXHVWUR FDFLyQGH FDFLyQGHQ WUDEDMR DMR$ R$O¿ $O¿ $O¿ $O¿ O¿QDOL]DUHODxRHOGRFX QDOL]DUHODxRHOGRFXPHQWRVHHQFXHQWUD QDOL]DUHODxR FXPHQWRVHHQFXH XPHQWRVHHQFX DODHVSHUD HUD UDGHVHUGH¿ DGHVHUGH¿ GHVHUGH¿QLWLYDPH QLWLYDPHQ QLWLYDPHQWH HQWH QWHDSUREDGRSRUOD-XQWD UREDGRSRUOD-XQW UREDGRSRUOD-XQ GHO 3DWURQDWR WR R $ $Vt PLVPR KHPRV V DG D DGTXLULGR ULGR FRPSURPLVRV ¿UPHVHQWRUQRDOD DODHYDOXDFLyQ\UHYLV DOD HYLVL YLVLyQ QV QVLVWHPiWLFDGH ODHIHFWLYLGDG\ODH[FHOHQ FHOHQF HOHQFLDGHOFXPSOLPLHQ PLHQW QWR QWRGHQXHVWUR FRPSURPLVRVROLGDULRHQWRGRQX GRQXHV RQXHVWURWUDEDMRDWR RDWRG DWRGRVVXV QLYHOHV /D HODERUDFLyQ GH QXHVWUDV UHIHUHQFLDV UHIHU UHIHUHQFL HQ Q WRUQR DOD DODYLVLyQPLVLyQ\YDORUHVGHQXHVWUDRUJDQL]DFLyQYDD ODYLVLyQPLVLyQ\YDORUHVGHQXHVWUDRUJDQL]DFLyQYDD D\XGDUQR DUQRV UQRVGHPDQHUDQRWDEOHHQHVWHFRPHWLGR (VSHUDPRVTXHW TXHWRGRHOOR XHWRGRHOOR QRVVLUYDSDUDPHMRUDUQXHVWUR UR WUDEDMRHQIDYRUGHXQRUGHQLQWHUQDFLRQDOMXVWR HXQRUGHQLQWHUQDFLRQDOMXVWR QRUGHQLQWHUQDFLRQDOMXVWR 3DWURQDWRGHOD)XQGDFLyQ 3D]\7HUFHU0XQGR +LUXJDUUHQ0XQGXDWD%DNHD ", Óääx Î */Õ`ÕL>Ì 370PXQGXEDWVRPRVXQD21*'GHKRPEUHV\PXMHUHV SURFHGHQWHVGHGLYHUVDVUHDOLGDGHVVRFLDOHVFRPSURPH WLGDSRUXQFDPELRHQHORUGHQPXQGLDO1RVXQH 8Q DQKHOR VROLGDULR SHUVRQDO \ OD FRQYLFFLyQ GH TXH OD SREUH]DHVWUXFWXUDOGHODVPD\RUtDVHVXQDYLRODFLyQGH ORV'HUHFKRV+XPDQRV\ODLGHDGHODVROLGDULGDGED VDGDHQODH[WHQVLyQ\HOGLVIUXWHGHWRGRVORVGHUHFKRV SDUDWRGDVODVSHUVRQDVGHVGHODHTXLGDGGHJpQHUR 7UDEDMDPRVMXQWRFRQFRPXQLGDGHV\RUJDQL]DFLRQHVSR SXODUHVTXHUHLYLQGLFDQGHUHFKRV\DOWHUQDWLYDVVRFLDOHV\ HFRQyPLFDVHLPSXOVDQODGHPRFUDFLDSDUWLFLSDWLYD PLVLRQ 1XHVWUD FRRSHUDFLyQ HVWi DO VHUYLFLR GH ODV SURSLDV RUJDQL]DFLRQHV SRSXODUHV SDUD DSR\DU SURFHVRV VRFLR SROtWLFRVGHWUDQVIRUPDFLyQVRFLDOPHGLDQWHSUR\HFWRV\ SURJUDPDVGHGHVDUUROORHQGyJHQRSDUWLFLSDWLYRGHHFR QRPtDVSRSXODUHV\GHSDUWLFLSDFLyQFLXGDGDQD 3DWURQDWRGHOD)XQGDFLyQ 3D]\7HUFHU0XQGR +LUXJDUUHQ0XQGXDWD%DNHD 3UHVLGHQWH ,xDNL0DUNLHJL&DQGLQD 9LFHSUHVLGHQWH )UDQFLVFR-DYLHU9LWRULD&RUPHQ]DQD 3DWURQDKRQRUt¿FD $VXQFLyQ&DQGLQD$JXLUUHPRWD 9RFDOHV 1pVWRU%DVWHUUHW[HD$U]DGXQ -RVpÈQJHO&XHUGD0RQWR\D 5RVDULR'HO5H\'HO+R\R %HJRxD*DUURV*DUD\ 0LNHO0DQFLVLGRUGHOD)XHQWH .DUPHOH3pUH](UUHJXHUHQD /XLV&pVDU5RGUtJXH]*yQ]DOH] 1LHYHV=DEDOD$UULDJD $OHQWDPRVXQDYLVLyQFUtWLFDGHODFLXGDGDQtDHQQXHVWUD VRFLHGDG\HQODVLQVWLWXFLRQHVS~EOLFDV\SULYDGDV\QRV DSR\DPRVHLPSXOVDPRVHOWUDEDMRHQDOLDQ]DV\UHGHV LQWHUQDFLRQDOHV <WHQHPRVODH¿FLHQFLDFRPRSULQFLSLRGHJHVWLyQGHORV UHFXUVRV \ OD PHMRUD FRQWLQXD FRPR KHUUDPLHQWD SDUD FRQVHJXLUODFDOLGDGGHQXHVWURWUDEDMR YLVLyQ 6HU XQD 21*' TXH D~QH YROXQWDGHV \ UHFXUVRV SDUD IRUWDOHFHUXQDJUDQUHGGHPRYLPLHQWRVVRFLDOHV\TXH FXPSODXQSDSHOFRPSDUWLGR³VXERUGLQDGR´XQLHQGR VLQHUJLDVHQWUHRUJDQL]DFLRQHVVRFLDOHVFRPXQLGDGHV DGPLQLVWUDFLRQHVORFDOHVHVWDGRV\21*'LQWHUQDFLR QDOHV 6HUXQD21*'TXHVHPDQWHQJD¿HODVXLGHDULRFD SDFLGDGHV\VREHUDQtDIUHQWHDOH[WHULRUPHGLDQWHOD GLYHUVL¿FDFLyQGHVXVUHFXUVRVHFRQyPLFRVODVKHUUD PLHQWDVHLQVWUXPHQWRVGHWUDEDMRHQFRRSHUDFLyQHO DXPHQWR GH VX EDVH VRFLDO \ GH VX H[FHOHQFLD HQ OD JHVWLyQGHFDOLGDG 6HUXQD21*'GHUHIHUHQFLDHQSROtWLFDGHJpQHURHQ QXHVWURHQWRUQR YDORUHV 6ROLGDULGDG &RPSURPLVR &RQ¿DQ]D HQ HO HTXLSR KXPDQR \ GLUHFWLYR ,QWHUFXOWXUDOLGDG 3DUWLFLSDFLyQ LQWHUQD 7UDQVSDUHQFLD HQ OD JHVWLyQ *UDQ FDSLWDO +XPDQR5HVSHWRDORVSURFHVRV(TXLGDGGHJpQHUR $XVWHULGDG HQ OD XWLOL]DFLyQ GH ORV UHFXUVRV HFRQyPL FRV,GHRORJtD\¿ORVRItDFRPSDUWLGD 4XLpQHVVRPRV */Õ`ÕL>Ì 370FUHGLW /D$VRFLDFLyQ370FUHGLWHVXQDDVRFLDFLyQVLQDQLPRGHOXFURTXHQDFHHQ'LFLHP EUHGHGHOVHQRGHOD)XQGDFLyQ3D]\7HUFHU0XQGR+LUXJDUUHQ0XQGXDWD %DNHD6HWUDWDGHXQD KHUUDPLHQWDGHFRRSHUDFLyQ TXHDWUDYpVGHO0LFUR FUpGLWREXVFDHOGHVDUUROORGHDFWLYLGDGHVSURGXFWLYDV\GHFUHDFLyQGHSXHVWRVGH WUDEDMRHQ&RPXQLGDGHVGHO6XUHQODVTXHWUDEDMD370PXQGXEDW (O0LFURFUpGLWR (OFUpGLWRHV XQDFWLYR FRPSOHPHQWDULRGHODVDFFLRQHVGHFRRSHUDFLyQFRQIRQGRV DGRQDFLyQSDUDDTXHOORVVHFWRUHVTXHQHFHVLWDQIRQGRVSDUDHPSUHQGHUDFWLYLGD GHVSURGXFWLYDV\TXHQRSXHGHQDFFHGHUDODEDQFDFRQYHQFLRQDO1RHVODSDQD FHD1RORHQWHQGHPRVFRPRODDOWHUQDWLYDSDUDODHUUDGLFDFLyQGHODSREUH]D6LQ HPEDUJRHVXQDRSRUWXQLGDGTXHFRPELQDGDFRQRWUDVDFFLRQHVSXHGHFRQVROLGDU ODVHFRQRPtDVSRSXODUHV\UHGXFLUORVULHVJRV\ODYXOQHUDELOLGDGGHODVSHUVRQDV\ FROHFWLYRVEHQH¿FLDULRV 1XHVWURWUDEDMRYDGHVWLQDGRSUHIHUHQWHPHQWHDPXMHUHVGHVHFWRUHVHPSREUH FLGRVGHOPHGLRUXUDO\GHOXUEDQRGRQGH370PXQGXEDWGHVDUUROODVXWUDEDMRGH &RRSHUDFLyQ /D JHVWLyQ GH ORV SUpVWDPRV VH UHDOL]D D WUDYpV GH 0LFUR¿QDQFLHUDV ORFDOHV R &RQWUDSDUWHVVLQiQLPRGHOXFUR\ORViPELWRVGHDFWXDFLyQVRQDJULFXOWXUDVRV WHQLEOH VREHUDQtD DOLPHQWDULD SRWHQFLDFLyQ GH PLFURHPSUHVDV SRWHQFLDFLyQ GH FRRSHUDWLYDV DXWRHPSOHR FRPHUFLDOL]DFLyQ VHUYLFLRV \ YLYLHQGD (VWRV PLFUR FUpGLWRV FXDQGR ORV GHYXHOYHQ ODVRV EHQH¿FLDULDVRV VRQ DVLJQDGRV GH QXHYR D RWUDVRVEHQH¿FLDULDVRVDWUDYpVGHVXV&RPLWpVGH&UpGLWR (Q GHVGH 370FUHGLW KHPRV GHVWLQDGR FHUFD GH WUHV PLOORQHV GH HXURVDRSHUDFLRQHVGH¿QDQFLDFLyQVROLGDULDFRQPLFUR FUpGLWRVHQ&HQWURDPpULFD u "",t *>À>Ê?ÃÊvÀ>V\ ÜÜÜ°«ÌVÀi`Ì°À} 3HUVSHFWLYDGHJpQHUR 370PXQGXEDWLQLFLyHQHODxRXQSUR FHVRGHLQVWLWXFLRQDOL]DFLyQGHODSHUVSHFWLYD GH JpQHUR DVXPLHQGR XQ FRPSURPLVR FRQ OD FRUULHQWH GHO *pQHUR HQ HO 'HVDUUROOR \ SURSRQLpQGRVHODHODERUDFLyQGHXQDSROtWLFD LQWHUQDGHJpQHURFRQVHQVXDGDSRUWRGDOD RUJDQL]DFLyQ KDVLGRXQDxRHVSHFLDOPHQWHLPSRU WDQWH HQ HO SURFHVR GH LQVWLWXFLRQDOL]DFLyQ GHOJpQHURHQODRUJDQL]DFLyQ\DTXHVHKD GHEDWLGRHQHTXLSRVGHWUDEDMR\HQVHVLRQHV FRQMXQWDV GH WRGDV ODV SHUVRQDV TXH IRUPD PRV370PXQGXEDW\QXHVWUDVVRFLDVORFDOHV PiVUHOHYDQWHV(OSURSyVLWRKDVLGRDOFDQ]DU FRQVHQVRVFRQHO¿QGHTXHODSROtWLFDGHJpQH URIXHUDXQDFRQVWUXFFLyQGHTXLHQHVIRUPDPRV ODRUJDQL]DFLyQ\VXLPSOHPHQWDFLyQXQORJUR FROHFWLYR&RQ¿DPRVGDUEXHQ¿QDHVHREMHWLYR HQ ", Óääx x */ L>Ì OORLQQRYDGRUDV\GHODUJRSOD]RHQEDVHDODHYDOXDFLyQ FRQWLQXDGHODVQHFHVLGDGHVGHODSREODFLyQ\DODFRQFHU WDFLyQGHOFRQMXQWRGHDFWRUHV KDVXSXHVWRXQJUDQHVIXHU]R\UHWRSDUDHOWUDEDMR HQ&RRSHUDFLyQDO'HVDUUROOR\$FFLyQKXPDQLWDULDGH370 PXQGXEDW'HVGHHODQiOLVLVFUtWLFRFRQWLQXRHVWHDxRQRV KD SUR\HFWDGR D OD SUHSDUDFLyQ GH OD (VWUDWHJLD *HQHUDO (VWHUHWRKDVXSXHVWRODQHFHVLGDGGHFHQWUDUHOSDSHOGH 370PXQGXEDWHQOD&RRSHUDFLyQDQWHODVRFLHGDG\VREUH WRGRDQWHORVFROHFWLYRVSDUDORVTXHWUDEDMDPRV(QHVWD UHÀH[LyQFRQMXQWDFRQQXHVWUDVVRFLDVORFDOHV\HQWLGDGHV FRODERUDGRUDVDSRVWDPRVSRUHO'HVDUUROOR(QGyJHQRSDU WLFLSDWLYR FRPR SXQWD GH ODQ]D SDUD HO HPSRGHUDPLHQWR GHODVFRPXQLGDGHVXQGHVDUUROORHQHOTXHHO7HUULWRULR \ODVUHODFLRQHVGHSDUWHQDULDGRFRQODVRUJDQL]DFLRQHVOR FDOHVVHKDQD¿DQ]DGRFRPRHOHPHQWRVFODYHVGHQXHVWUD HVWUDWHJLD (VHQHO7HUULWRULRHQORORFDOGRQGHQXHVWUDRUJDQL]DFLyQ SUHWHQGHDSR\DUODFRQVWUXFFLyQGHHVWUDWHJLDVGHGHVDUUR /DDSXHVWDSRUHO'HVDUUROOR(QGyJHQRSDUWLFLSDWLYRVLJXH HQIUHQWiQGRVHDREVWiFXORVTXHGL¿FXOWDQXQDYDQFHVRV WHQLGR0XFKRVVHFWRUHVVRFLDOHVHQSDtVHVFDGDYH]PiV HPSREUHFLGRV ±ODV PXMHUHV HQ VX FRQMXQWR SREODFLyQ LQGtJHQD SREODFLyQ GHVSOD]DGD HWF VRQ FDGD GtD PiV YXOQHUDEOHV\YHQFDGDGtDPiVOHMDQRHOUHFRQRFLPLHQWR GHVXVGHUHFKRVLQGLYLGXDOHV\FROHFWLYRV (ODxRQRVKDGHMDGRGHQXHYRODSHOHDGHODVFR PXQLGDGHVFDPSHVLQDVFRQWUDORVHOHPHQWRVHQIRUPDGH KXUDFDQHV\XQDFUHFLHQWHYXOQHUDELOLGDGVRFLRHFRQyPLFD HQ $PpULFD &HQWUDO \ HQ &KLDSDV 0p[LFR ODV GHPDQGDV GHODVRFLHGDGFLYLOHQ&RORPELD\%UDVLOSRUHOUHFRQRFL PLHQWRGHVXVGHUHFKRVVREUHODWLHUUDHQXQD6XGDPpULFD HQTXHODVQXHYDVFRUULHQWHVSROtWLFDVDOXPEUDQKLVWyULFDV UHLYLQGLFDFLRQHV H[SHFWDFLyQ \ SUHRFXSDFLyQ HQ WRUQR D XQD VDOLGD MXVWD SDUD ORV FRQÀLFWRV TXH VXIUHQ HO SXHEOR SDOHVWLQR \ HO SXHEOR VDKDUDXL TXH DWLHQGD VXV GHUHFKRV \ OHV SHUPLWD UHFXSHUDU VXV WHUULWRULRV \ ORV LQWHQWRV GH DV¿[LDSROtWLFD\HFRQyPLFDTXHVXIUH&XEDHQODHVFHQD LQWHUQDFLRQDO &RRSHUDFLyQSDUDHO'HVDUUROOR \$FFLyQ+XPDQLWDULD */Õ`ÕL>Ì GyQGHWUDEDMDPRV CSBTJM DPMPNCJB OJDBSBHVB FM!TBMWBEPS HVBUFNBMB IPOEVSBT DVCB NYJDP TèIBSB!PDDJEFOUBM QBMFTUJOB OOXHYHVREUHPRMDGR 7UDVXQDxRHVSHFLDOPHQWHVHYHURHQORPHWHUHROyJL FR FRQ HO SDVR GH VXFHVLYDV WRUPHQWDV \ KXUDFDQHV SRUODUHJLyQFHQWURDPHULFDQD\HO&DULEHHQRFWXEUH GH³6WDQ´RFDVLRQyFLHQWRVGHYtFWLPDVPRUWD OHV\GHFHQDVGHPLOHVGHSHUVRQDVGDPQL¿FDGDVHQ *XDWHPDOD (O 6DOYDGRU \ HO (VWDGR GH &KLDSDV HQ 0p[LFR ,QPHGLDWDPHQWH 370PXQGXEDW HPSUHQGLy XQD DF FLyQKXPDQLWDULDGHHPHUJHQFLDFRQHVSHFLDOLQFLGHQ FLD HQ 6ROROi OD UHJLyQ JXDWHPDOWHFD PiV DIHFWDGD FRQVLVWHQWH HQ HO DSURYLVLRQDPLHQWR GH GRWDFLRQHV DOLPHQWLFLDVHKLJLpQLFDVUHSDUDFLRQHVHQVLVWHPDVGH VXPLQLVWURGHDJXDSRWDEOH\VXPLQLVWURGHDSHURVGH ODEUDQ]D\VHPLOODVSDUDORJUDUODVHJXULGDGDOLPHQWD ULD'LFKDODERUSURVLJXHKR\GtD $OPLVPRWLHPSRUHDOL]DPRVXQDOODPDGDDODFLXGD GDQtDGHO1RUWHSDUDTXHVHVROLGDUL]DUDDFWLYDPHQWH FRQODVFRPXQLGDGHVDIHFWDGDVKDVWDDEULOGH VHKDQUHFDXGDGRHXURV\GHQXQFLDPRVODV GLIHUHQWHVUHVSRQVDELOLGDGHVDQWHODVFDXVDV QRQDWX UDOHVGHHVWHWLSRGHFDWiVWURIHV3XHGHVREWHQHUPiV LQIRUPDFLyQHQ ZZZSWPPXQGXEDWRUJ £$SR\D ODV DFFLRQHV GH HPHUJHQFLD \ UHKDELOLWDFLyQ 7X FRODERUDFLyQ HV LPSUHVFLQGLEOH 6&+ &DMD/DERUDO %%. ", Óääx Ç */Õ`ÕL>Ì $PpULFD PpULF (OSDVRGHODWRUPHQWDWURSLFDO6WDQKDYXHOWRDSR QHUGHUHOLHYHODVLWXDFLyQGHJUDYHYXOQHUDELOLGDGHQ OD TXH VH HQFXHQWUD OD SREODFLyQ LQGtJHQD GHO iUHD UXUDOGHODOWLSODQRJXDWHPDOWHFR$SHVDUGHH[LVWLU PiVGHWUHVPLOORQHVGHSHUVRQDVXQFXDUWRGHOD SREODFLyQ GHO SDtV GDPQL¿FDGDV SRU OD WRUPHQWD ODVFLIUDVPDFURHFRQyPLFDVQRKDQVLGRPRGL¿FDGDV VXVWDQFLDOPHQWH(VWRVHH[SOLFDSRUODVLWXDFLyQGH H[FOXVLyQ VRFLDO HQ OD TXH YLYHQ OD PD\RU SDUWH GH ORV DIHFWDGRV 'LFKD SREODFLyQ VH HQFXHQWUD KLVWy ULFDPHQWH H[FOXLGD GHO VLVWHPD HFRQyPLFR \ GHO VLVWHPDSROtWLFR (O JRELHUQR GH %HUJHU WLHQH XQDV SULRULGDGHV GH SROtWLFD HFRQyPLFD TXH UHVSRQGH PiV D ODV pOLWHV QDFLRQDOHV \ WUDQVQDFLRQDOHV HQ OD OtQHD GH SRQHU ODVEDVHVSDUDIDFLOLWDUODHQWUDGDHQYLJRUGHO7/& TXHDODVGHPDQGDVGHXQDSREODFLyQGHSDXSHUDGD \YLROHQWDGD $ OD IDOWD GH YROXQWDG SROtWLFD GHO JRELHUQR VH OH VXPDQORVDOWRVQLYHOHVGHFRUUXSFLyQ\ODPiVEDMD FDUJDWULEXWDULDGH$PpULFD/DWLQDTXHKDFHQTXHHO *RELHUQRFDUH]FDGHUHFXUVRVSDUDDERUGDUODDJHQ GDVRFLDOSHQGLHQWHVHJXULGDGDOLPHQWDULDH[WUHPD SREUH]D DQDOIDEHWLVPR \ H[FOXVLyQ GH OD SREODFLyQ LQGtJHQD \ HQ HVSHFLDO GH ODV PXMHUHV PRUWDOLGDG PDWHUQDHLQIDQWLOGHVLJXDODFFHVR\GLVWULEXFLyQGH ODWLHUUD\HVFDVDVRSRUWXQLGDGHVGHHPSOHR8QLGR DHVWRORVtQGLFHVGHYLROHQFLDHLQVHJXULGDGFLXGD GDQDDOFDQ]DQFRWDVDODUPDQWHV Àià 370PXQGXEDW WUDEDMDHQ *XDWHPDOD GHVGH ÕiÛ>ÊL Li Ì>` LiÀ >` ` +Õiâ>Ìi>} Õ`>`Ê`i Õ>Ìi>> ÃVÕÌ> 62&,$6/2&$/(6 $',&, &(,%$ &2,1', ,QVWLWXWR$JURHFROyJLFR ³)UD\'RPLQJRGH9LFR´ 0XQLFLSDOLGDGGH,[FiQ 0XQLFLSDOLGDGGH6ROROi 3DVWRUDO6RFLDOGH,[FiQ 6HFWRUGH0XMHUHV 7LHUUDYLYD 81,&$1 1XHVWUDVOtQHDVGHWUDEDMRHQKDQLGRHQFDPL QDGDV D DXPHQWDU ODV FDSDFLGDGHV KXPDQDV HQ HO iPELWRGHODFREHUWXUDGHODVQHFHVLGDGHVVRFLDOHV VREHUDQtD DOLPHQWDULD HGXFDFLyQ DFFHVR D DJXD SRWDEOH\VDQHDPLHQWREiVLFR\DDXPHQWDUODVFD SDFLGDGHVVRFLDOHVHLQVWLWXFLRQDOHVHQHOiPELWRGH ODSDUWLFLSDFLyQFLXGDGDQDIRUWDOHFLPLHQWRGHRUJD QL]DFLRQHV FRPXQLWDULDV \ GH OD JHVWLyQ PXQLFLSDO 7RGDVODVDFFLRQHVVHKDQGHVDUUROODGRHQUHJLRQHV PD\RULWDULDPHQWHLQGtJHQDV\KDQLQFOXLGRDFWLYLGD GHVHVSHFt¿FDVFRQPXMHUHV 352<(&72 62&,$/2&$/ '21$17( 3URJUDPD7DSLVFD 'HVDUUROORVRFLRHFRQyPLFRGH FRPXQLGDGHVGH$PpULFD&HQWUDO &RQVRUFLR6ROROi%RFD&RVWD&(,%$ &2,1',0XQLFLSDOLGDGGH6ROROi,)'9 \$',&, 8QLyQ(XURSHD&RILQDQFLDFLyQ 21* 3URJUDPD7DSLVFD0HMRUDGHFRQGLFLRQHVGHYLGDGH FRPXQLGDGHVUXUDOHVHQ6ROROi &RQVRUFLR6ROROi%RFD&RVWD&(,%$ &2,1',0XQLFLSDOLGDGGH6ROROi (XVNR-DXUODULW]D*RELHUQR 9DVFR (GXFDFLyQFRPXQLWDULDELOLQJHSDUDDGXOWRV 0XQLFLSDOLGDGGH6ROROi 2EUD6RFLDOGH&DMDPDGULG $JXD\VDQHDPLHQWRDPELHQWDOHQFRPXQLGDGHVGHOD FXHQFD$OWDGHO/DJRGH$WLWOiQ 0XQLFLSDOLGDGGH6ROROi $\XQWDPLHQWRGH9LWRULD *DVWHL] &RQVROLGDFLyQGHOSURFHVRGHLQWHJUDFLyQVRFLRHFRQyPLFD GHSREODFLyQGHVDUUDLJDGD 3DVWRUDO6RFLDOGH,[FiQ0XQLFLSDOLGDG GH,[FiQ\&(,%$ 8QLyQ(XURSHD$\XGDDSREOD FLyQ'HVDUUDLJDGD% 3URPRFLyQGHODFFHVR\FRQWUROGHODVPXMHUHVDUHFXU VRVSROtWLFRVHFRQyPLFRVRFLDOHV\FXOWXUDOHVHQORV 0XQLFLSLRV,[FiQ\%DULOODV &(,%$3DVWRUDO6RFLDOGH,[FiQ *RELHUQRGH1DYDUUD 1DIDUURDNR*REHUQXD )RUWDOHFLPLHQWRGHOSRGHUORFDOHQHO0XQLFLSLRGH,[FiQ 3DVWRUDO6RFLDOGH,[FiQ0XQLFLSDOLGDG GH,[FiQ (XVNR-DXUODULW]D*RELHUQR 9DVFR 0HMRUDGHODVFRQGLFLRQHVVDQLWDULDV\GHODJHVWLyQGH ODVDOXG 0XQLFLSDOLGDGGH&DKDEyQ 8QLyQ(XURSHD355$& ,QLFLDWLYDVORFDOHV )RUWDOHFLPLHQWRGHODVFDSDFLGDGHVORFDOHVSURGXFWLYDV\ RUJDQL]DWLYDVGHODVIDPLOLDVFDPSHVLQDVFRQpQIDVLVHQ ODDWHQFLyQDPXMHUHVGH6DQWD0DULDGH&DKDEyQ ,)'9\81,&$1 $\XQWDPLHQWRGH0DGULG HXURVJHVWLRQDGRVHQSUR\HFWRVGH*XDWHPDODHQ ", Óääx */Õ`ÕL>Ì $PpULFD PpULF (O*RELHUQRGH$5(1$KDHPSUHQGLGRODOXFKDFRQWUDODGHOLQFXHQFLD DGRSWDQGRPHGLGDVFRQWURYHUWLGDVFRPROD6XSHU0DQR'XUDFX\DDSOL FDFLyQSDUDGyMLFDPHQWHQRKDWHQLGRUHVXOWDGRVSRVLWLYRV6HKDFRQV WDWDGRXQUHSXQWHGHODFULPLQDOLGDGGXUDQWHHVWHDxRGHPRGRTXHGH PHGLDGLDULDQXHYHSHUVRQDVSLHUGHQODYLGDGHPDQHUDYLROHQWD 2WUDV PHGLGD SRSXOLVWD GH HVWH ³*RELHUQR FRQ 6HQWLGR +XPDQR´ KD VLGR OD5HG6ROLGDULDVXEVLGLR GHGyODUHVPHQVXDOHVDIDPLOLDVHQ UDQJRVGHH[WUHPDSREUH]D1RREVWDQWHGHVGHODHQWUDGDHQYLJHQFLD GHODGRODUL]DFLyQVHKDFRQVWDWDGRXQFODURGHWHULRURHQHOQLYHOGH YLGDGHOSXHEORVDOYDGRUHxR+R\SRUKR\ODHQWUDGDGHUHPHVDVHVHO SLODUIXQGDPHQWDOGHVRVWHQLPLHQWRGHODHFRQRPtDQDFLRQDO\IDPLOLDU 8QSURPHGLRGHSHUVRQDVHPLJUDQGLDULDPHQWHKDFLD(VWDGRV8QL GRVEXVFDQGRPHMRUDUVXVSUHFDULDVFRQGLFLRQHVGHYLGD Ê,i "VÌ> >>Ìi>} >>Ìi> > Õi iÛ>Ê V i Û>Ê Vi«V Û>Ê V Û Vi«V « ->Ì>Ê> Ê*>Ã> i>«> £ÈÊ`iÊÊ>Àâ ->Ê->Û>`À <>À>}â> > ,i}Ê*>À>ViÌÀ> *>À> 370PXQGXEDW WUDEDMDHQ (O6DOYDGRU GHVGH ->Ê6 Ê ViÌi >À> ->Ê}Õi 1ÃÕÕÌ? /DLQYHUVLyQGHO(VWDGRHQPDWHULDVFRPRVDOXG\HGXFDFLyQVRQLQVX¿ FLHQWHV\SHQGHGHXQKLORVXSULYDWL]DFLyQ(OGHVHPSOHRDXPHQWD\HO SRGHUDGTXLVLWLYRGLVPLQX\HDFDXVDGHODLQÀDFLyQ\HOFRQJHODPLHQWR VDODULDO/DLQPLQHQWHHQWUDGDHQYLJHQFLDGHO7UDWDGRGH/LEUH&RPHU FLRFRQ(VWDGRV8QLGRVJHQHUDUiXQDJUDYDPLHQWRGHODVLWXDFLyQFRQ HOLQFUHPHQWRGHOGp¿FLWFRPHUFLDO 370PXQGXEDWKDHODERUDGRXQDHVWUDWHJLDGHDFWXDFLyQ HQPDUFDGDHQHO'HVDUUROOR(QGyJHQR3DUWLFLSDWLYR'(3TXHFHQWUD HOWUDEDMRHQHOSDtVHQFXDWURWHUULWRULRVWUDWDQGRGHWHQGHUDODFRP SOHPHQWDULHGDGHQWUHOtQHDVHVWUDWpJLFDVDQLYHOWHUULWRULDO(QHOiUHD GHSRGHUORFDOVHDSR\DQORVSURFHVRVGHLQWHJUDFLyQGHOPRYLPLHQWR VRFLDOHQFRRUGLQDFLyQFRQPXQLFLSDOLGDGHVDWUDYpVGHRUJDQL]DFLRQHV VRFLDOHVTXHJHQHUHQPRYLPLHQWRVGHUHVLVWHQFLDIUHQWHDOFRQWH[WR (QODHFRQRPtDSRSXODUVHDSR\DQDFFLRQHVGHDJULFXOWXUDVRVWHQLEOH FRPHUFLDOL]DFLyQ D SHTXHxD HVFDOD HQ HO iUHD UXUDO \ DSR\R D PL FURHPSUHVDVGHDXWRHPSOHR\0LFURFUpGLWRDPXMHUHVHQDFWLYLGDGHV FRPHUFLDOHVHQHOiUHDXUEDQD/DSURPRFLyQGHODHTXLGDGGHJpQHUR VHFHQWUDHQDFFLRQHVD¿UPDWLYDVKDFLDODVPXMHUHVFRQFRPSRQHQWHV HQORVSUR\HFWRVSDUDQHFHVLGDGHVSUiFWLFDV\HVWUDWpJLFDV\WDOOHUHVH LQWHUFDPELRVGHJpQHURSHULyGLFRVFRQQXHVWUDVVRFLDVORFDOHV 62&,$6/2&$/(6 $VRFLDFLyQ)XQGDFLyQ3DUDOD&RRSHUDFLyQ\(O 'HVDUUROOR&RPXQDOGH(O6DOYDGRU±&25'(6 $VRFLDFLyQGH3UR\HFWRV&RPXQDOHVGH(O 6DOYDGRU±352&20(6 $VRFLDFLyQ0RYLPLHQWRGH0XMHUHV0pOLGD M $QD\D0RQWHV±/$60e/,'$6 $VRFLDFLyQ6DOYDGRUHxDGH$\XGD+XPDQLWDULD ±3529,'$ )XQGDFLyQ6HJXQGR0RQWHV)60 352<(&72 62&,$/2&$/ '21$17( 3URJUDPD7DSLVFD'HVDUUROORVRFLRHFRQyPLFRGHFRPXQLGDGHVGH $PpULFD&HQWUDO &RUGHV3URFRPHV\ /DV0pOLGDV 8QLyQ(XURSHD&RILQDQFLDFLyQ21* )RUWDOHFLPLHQWR8QLGDGHV$PELHQWDOHVHQ&KDODWHQDQJR &RUGHV (XVNR-DXUODULW]D*RELHUQR9DVFR $SR\RDPXMHUHVGHPLFURUHJLRQHVHQLQLFLDWLYDVHFRQyPLFDV &RUGHV (XVNR-DXUODULW]D*RELHUQR9DVFR *HVWLyQFRPXQLWDULDSDUDODFRQVHUYDFLyQ\XVRVRVWHQLEOHGHO %RVTXHGH&LQTXHUD(O6DOYDGRU &RUGHV 8QLyQ(XURSHDOtQHD0HGLRDPELHQWH \%RVTXHV7URSLFDOHV 0HMRUDGHODQXWULFLyQLQIDQWLO\PDWHUQDGHFRPXQLGDGHVUXUDOHV GH%HUOtQ 3URYLGD $\XQWDPLHQWRGH,UXxD)XQGDFLyQ &DMD0DGULG &RQVWUX\HQGRFLXGDGDQtD\GHPRFUDFLDGHVGHODVPXMHUHV,, /DV0pOLGDV $\XQWDPLHQWRGH=DUDJR]D )RUWDOHFLPLHQWRGHDFWLYLGDGSURGXFWLYDIDPLOLDUHQ$SRSD1HMDSD\ 4XH]DOWHSHTXH(O6DOYDGRU 3URFRPHV $\XQWDPLHQWRGH/DXGLR )RPHQWRGHODSDUWLFLSDFLyQFLXGDGDQDGHDFWRUHVORFDOHVGHO 0XQLFLSLRGH0HUFHGHV8 3URFRPHV $\XQWDPLHQWRGH0yVWROHV )RUWDOHFLPLHQWRVRFLDO\DPELHQWDOFRQIDPLOLDVGH&RPXQLGDG 7LKXDSD &RUGHV $\XQWDPLHQWRGH0yVWROHV )RUWDOHFLPLHQWRGHODLQVWLWXFLRQDOLGDGPXQLFLSDOHQ=DFDWHFROXFD 3URFRPHV $\XQWDPLHQWRGH0yVWROHV $WHQFLyQGH3ULPHUD(PHUJHQFLDD3REODFLyQ'DPQLILFDGDSRUHO +XUDFiQ6WDQHQGRV0XQLFLSDOLGDGHVGH(O6DOYDGRU /DV0pOLGDV\ 3URFRPHV 8QLyQ(XURSHDOtQHD(&+2HPHU JHQFLD 0HMRUDGHFDSDFLGDGHVVRFLRHFRQyPLFDV\RUJDQL]DWLYDVGHPXMHUHV \KRPEUHVSDUDVXSDUWLFLSDFLyQFRQHTXLGDGHQHOGHVDUUROORGHOD 0LFURUHJLyQ2ULHQWHGH&KDODWHQDQJR(O6DOYDGRU &RUGHV *RELHUQRGH1DYDUUD1DIDUURDNR *REHUQXD 0HMRUDQGRODVFDSDFLGDGHVGHPXMHUHV\KRPEUHVSDUDVXLQWHJUD FLyQHQSURFHVRVGHGHVDUUROOR &RUGHV $\XQWDPLHQWRGH(UUHQWHUtD )RUWDOHFLPLHQWRGHODVFDSDFLGDGHVGHPXMHUHV\KRPEUHVSDUDXQ GHVDUUROORVRFLRHFRQyPLFRORFDOFRQHTXLGDGHQFRPXQLGDGHVGH ORVPXQLFLSLRVGH6DQ)HUQDQGR\6DQ)UDQFLVFR0RUD]iQ &RUGHV $\XQWDPLHQWRGH=DUDJR]D 7XWHODGHO)RQGRGH&UpGLWR³3UR\HFWR377´ )XQGDFLyQ6HJXQGR 0RQWHV 8QLyQ(XURSHD £ä ä , Óääx HXURVJHVWLRQDGRVHQSUR\HFWRVGH(O6DOYDGRUHQ */Õ`ÕL>Ì $PpULFD PpULF >Ê iL> ->Ê*i`ÀÊ`iÊ-Õ> - / /V> ->Ì>Ê?ÀL>À> ?ÀL L ÕÌV>«> >Þ>}Õ> >Þ>}Õ> } /i}ÕV}>«> (ODxRKDHVWDGRSURWDJRQL]DGRSRUODVHOHFFLRQHVSUHVLGHQFLDOHV GH1RYLHPEUHTXHWUDVXQODUJRSURFHVRGHUHFXHQWRGLHURQR¿FLDO PHQWHFRPRJDQDGRUDO3DUWLGR/LEHUDO(VQHFHVDULRGHVWDFDUXQDPD \RUSUHVHQFLDGHPXMHUHVHQODVOLVWDVHOHFWRUDOHVTXHKDGHVHPERFDGR HQXQDFRQIRUPDFLyQGHO&RQJUHVRGHOD5HS~EOLFDTXHUHVXOWDKLVWyUL FDSXHVWRTXHHOSRUFHQWDMHGHPXMHUHVGLSXWDGDVDVFLHQGHDOHO PD\RUGHWRGRHOSHUtRGRGHWUDQVLFLyQGHPRFUiWLFDHQHOSDtV'HVWD FDLJXDOPHQWHODDOWDSUHVHQFLDGHGLSXWDGRV\GLSXWDGDVMyYHQHV 370PXQGXEDW WUDEDMDHQ +RQGXUDV GHVGH ÕÌiV> Õ > 'HRWURODGRODVRFLHGDGFLYLOVHGHEDWHHQWUHHOFRQWURODO(VWDGROD UHVLVWHQFLDDODUDWL¿FDFLyQGHO7/&FRQ((88ODYLJLODQFLDDOFXPSOL PLHQWRGHOD(VWUDWHJLDGH5HGXFFLyQGHOD3REUH]D\ODVUHÀH[LRQHVHQ WRUQRDOFDGDYH]PiVLQWHQVRIHQyPHQRPLJUDWRULRKDFLD((88 (QHVWHPDUFR370PXQGXEDWGHVDUUROODXQSURFHVRGHSODQL¿FDFLyQ HVWUDWpJLFDFX\RHMHFHQWUDOGHDFFLyQHVHO'HVDUUROOR(QGyJHQR3DU WLFLSDWLYRHVGHFLUTXHODVOtQHDVHVWUDWpJLFDVGHDVHFHQ WUDQHQODVLQLFLDWLYDVGH(FRQRPtDVSRSXODUHVHQODVSURSXHVWDVGH SRGHUORFDO\HQJpQHUR\GHVDUUROOR(QHVWHVHQWLGRGHVWDFDODIXHU WHSUHVHQFLDGHPXMHUHVHQORVSURFHVRVDSR\DGRVDOPHQRVHO GHODSREODFLyQSDUWLFLSDQWHHQORVSUR\HFWRVHMHFXWDGRVHQ 62&,$6/2&$/(6 21* &HQWURGH&RPXQLFDFLyQ3RSXODUGH +RQGXUDV±&(1&23+ &HQWURGH,QYHVWLJDFLyQ3ODQHDFLyQ\ (YDOXDFLyQ±&,3(&2168/725(6 &RQVXOWRULR-XUtGLFR3RSXODU±&-3 $VRFLDFLyQGH0XMHUHV1XHYD(VSHUDQ]D $01( (VWDGR 0DQFRPXQLGDGGH0XQLFLSLRV&RQVHMR 5HJLRQDO$PELHQWDO'SWR6DQWD%iUEDUD ±&5$ 0DQFRPXQLGDGGH0XQLFLSLRVGHHO6XUGH (O3DUDtVR±0$16853$ 6HUYLFLR$XWyQRPR1DFLRQDOGH$JXD\ $FXHGXFWRV±6$1$$'SWR&KROXWHFD 352<(&72 6DQWD%iUEDUD\&RSiQ 6HFUHWDUtDGH6DOXGÈUHD0HWURSROLWDQD GHO'LVWULWR&HQWUDOGH7HJXFLJDOSD 2WUDV &RPLWp6XEVHFWRULDOGH6DOXGGH(O &DUUL]DO±5HG$SVDF7HJXFLJDOSD 62&,$/2&$/ '21$17( 3URJUDPD7DSLVFD 'HVDUUROORVRFLRHFRQyPLFRGHFRPXQLGDGHVGH $PpULFD&HQWUDO &(1&23+ 0HMRUDLQWHJUDOGHODVFRQGLFLRQHV\VHUYLFLRVGHVDOXG\HGXFDFLyQ HQHO'HSDUWDPHQWRGH(O3DUDtVR 0DQFRPXQLGDGGH0XQLFLSLRVGHO 6XUGH(O3DUDtVR0DQVXUSD &(1&23+ 8QLyQ(XURSHD &RILQDQFLDFLyQ21* 8QLyQ(XURSHD 355$&6DOXG<(GXFDFLyQ +RQGXUDV &(1&23+ 'LSXWDFLyQGH%L]NDLD &(1&23+ 'LSXWDFLyQGH%L]NDLD &(1&23+6HFUHWDUtDGH6DOXG ÈUHD0HWURSROLWDQDGHO'LVWULWR &HQWUDO $JHQFLD(VSDxRODGH &RRSHUDFLyQ,QWHUQDFLRQDO $(&, &(1&23+ %%. &(1&23+ &$,;$*$/,&,$ &(1&23+ 'LSXWDFLyQGH$UDED &(1&23+ *RELHUQRGH&DQWDEULD &LSH&RQVXOWRUHV (XVNR-DXUODULW]D *RELHUQR9DVFR &LSH&RQVXOWRUHV6$1$$ 'LSXWDFLyQGH$UDED )RUWDOHFLPLHQWRGHOD5HGGH$WHQFLyQ3ULPDULDGH6DOXGHQFRORQLDV XUEDQRPDUJLQDOHVGHO6HFWRUGH(O&DUUL]DO7HJXFLJDOSD 5HJXODFLyQGHODWHQHQFLDGHODWLHUUDHQHO6HFWRUGH(O&DUUL]DO 7HJXFLJDOSD )RUWDOHFLPLHQWRGHODUHGGH$WHQFLyQ3ULPDULDGH6DOXGGHO6HFWRU GH(O&DUUL]DO7HJXFLJDOSD )RUPDFLyQSDUDODPHMRUDGHODSURGXFFLyQODJHVWLyQHPSUHVDULDO \FRPHUFLDOL]DFLyQGHSURGXFWRVDJURSHFXDULRV\QRDJURSHFXDULRV GHHPSUHVDVGHFRPXQLGDGHVLQWHJUDGDVSRUKRPEUHV \PXMHUHVGHIRUPDHTXLWDWLYDHQORVPXQLFLSLRVGH6DQ0DWtDV\ 3RWUHULOORV 0HMRUDGHODVFRQGLFLRQHVGH6HJXULGDG$OLPHQWDULD\PDQHMRGHORV 5HFXUVRV1DWXUDOHVGHFRPXQLGDGHVGHORVPXQLFLSLRVGH6DQ 0DWtDV\3RWUHULOORV )RUWDOHFLPLHQWRGHRUJDQL]DFLRQHVFRPXQLWDULDVGHFRPXQLGD GHV\GHODVDGPLQLVWUDFLRQHVPXQLFLSDOHVGHORVPXQLFLSLRVGH6DQ 0DWtDV\3RWUHULOORV &RILQDQFLDFLyQ3URJUDPD7DSLVFD 'HVDUUROORVRFLRHFRQyPLFRGHFRPXQLGDGHVGH$PpULFD&HQWUDO 5HGXFFLyQGHODYXOQHUDELOLGDGVRFLRDPELHQWDOHQHO0XQLFLSLRGH 1DPDVLJH $SR\RDODPHMRUDGHODVIXHQWHVGHLQJUHVR\DODPHMRUD\JHVWLyQ GHVLVWHPDVGHDJXDSRWDEOHHQORV'HSDUWDPHQWRVGH6DQWD%iUEDUD \&RSiQ 0HMRUDGHODVFRQGLFLRQHVVRFLRHFRQyPLFDVSDUDODVHJXULGDGDOL PHQWDULDGHPXMHUHVFDPSHVLQDVRUJDQL]DGDV 0HMRUDGHODVFRQGLFLRQHVGHDFFHVRDOPHUFDGRSDUDJUXSRVGH PXMHUHVGHORVGHSDUWDPHQWRGH&KROXWHFD\(O3DUDtVR+RQGXUDV )RUWDOHFLPLHQWRRUJDQL]DWLYRLQVWLWXFLRQDOGHJUXSRVGHPXMHUHVHQ HO'HSDUWDPHQWRGH6DQWD%iUEDUD &LSH&RQVXOWRUHV &LSH&RQVXOWRUHV $VRFLDFLyQGH0XMHUHVGH/D 1XHYD(VSHUDQ]D$01( HXURVJHVWLRQDGRVHQSUR\HFWRVGH+RQGXUDVHQ (XVNR-DXUODULW]D *RELHUQR9DVFR (XVNR-DXUODULW]D *RELHUQR9DVFR 'LSXWDFLyQGH*LSX]NRD ££ £ ", */Õ`ÕL>Ì $PpULFD PpULF 'XUDQWHODVLWXDFLyQSROtWLFDGHOSDtVKDHVWDGRGHWHUPLQDGDSRU ODVHVFLVLRQHVLQWHUQDVGHORVGRVJUDQGHVSDUWLGRVHO3DUWLGR/LEHUDO &RQVWLWXFLRQDOLVWD3/&\HO)UHQWH6DQGLQLVWDGH/LEHUDFLyQ1DFLRQDO )6/1<DVHHVWiQGDQGRDVtORVSULPHURVSDVRVHQODFDUUHUDSRUOD SUHVLGHQFLDGHOD5HS~EOLFDTXHFXOPLQDUiHQODVHOHFFLRQHVJHQHUD OHVGHQRYLHPEUHGH/DGHSHQGHQFLDSDUWLGDULDGHLQVWLWXFLRQHV FRPRHO&RQVHMR6XSUHPR(OHFWRUDOOD&RUWH6XSUHPDGH-XVWLFLD\OD &RQWUDORUtD*HQHUDOGHOD5HS~EOLFDLQFLGHQHQODGHELOLWDFLyQGHOPR GHORGH(VWDGRQLFDUDJHQVH Ìi}> >`i}> Ì >Ì>}>«> i <i>Þ>Ê iÌÀ> i> > > >>}Õ> Õ> > ,Û ,Û> Û>à Õivi`à ` Ì>ià 370PXQGXEDW WUDEDMDHQ 1LFDUDJXD GHVGH (Q OR HFRQyPLFR VH FRQVXPy OD UDWL¿FDFLyQ GHO 7/& FRQ ((88 '5 &$)7$TXHHQWUDHQYLJRUHQ\VHSURGXMHURQFULVLVGHULYDGDV SRUHOLQFUHPHQWRLQWHUQDFLRQDOGHOSUHFLRGHOFRPEXVWLEOH/DVH[SHF WDWLYDV GHO 3ODQ 1DFLRQDO GH 'HVDUUROOR QR VH HVWiQ FXPSOLHQGR \ ORV SUHFLRVGHORVSURGXFWRVGHODFDQDVWDEiVLFDVLJXHQDXPHQWDQGR/D FULVLVHFRQyPLFDKDGHULYDGRHQSURWHVWDVGHVHFWRUHVSURIHVLRQDOHVGHO SDtVFRPRHOGHORVWUDQVSRUWHVFROHFWLYRVODVDQLGDG\ODHGXFDFLyQ /DODERUGH370PXQGXEDWVHFHQWUDHQHODSR\RDODVHFRQRPtDVOR FDOHVGHO2FFLGHQWH3DFt¿FR=RQD&HQWUDOGHOSDtV\GH0DQDJXDDVt FRPRODSURPRFLyQGHHVSDFLRVGHGHPRFUDFLDSDUWLFLSDWLYDHQORORFDO KDFLHQGRpQIDVLVDODSURPRFLyQGHODHTXLGDGGHJpQHUR 62&,$6/2&$/(6 &ROHFWLYDGH0XMHUHVGH0DVD\D )XQGDFLyQ3RSRO1D $VRFLDFLyQGH7UDEDMDGRUHVGHO&DPSR $7& 6RPRV(FRORJLVWDVHQ/XFKDSRUOD9LGD \HO$PELHQWH6(/9$ ,QVWLWXWR5XUDOGHO7UySLFR,1587 $VRFLDFLyQSDUDHO)RPHQWRGHO 'HVDUUROORHQ1LFDUDJXD$)2'(1,& $VRFLDFLyQSDUDOD3URPRFLyQ\HO 'HVDUUROOR,QWHJUDO&RPXQLWDULR $6352',& $OFDOGtDGH(O9LHMR $OFDOGtDGH-XLJDOSD $OFDOGtDGH/D/LEHUWDG $OFDOGtDGH*UDQDGD 352<(&72 62&,$/2&$/ '21$17( 3URJUDPD7DSLVFD 'HVDUUROORVRFLRHFRQyPLFRGHFRPXQLGDGHVGH $PpULFD&HQWUDO )XQGDFLyQ3RSRO1D$6352',& $)2'(1,&,15876(/9$ 8QLyQ(XURSHD &RILQDQFLDFLyQ21* 3URJUDPD7DSLVFD0HMRUD&RQGLFLRQHV6RFLR(FRQyPLFD)DPLOLDV 8UEDQDV\5XUDOHV(O9LHMR $OFDOGtDGH(O9LHMR6(/9$ (XVNR-DXUODULW]D *RELHUQR9DVFR 3URJUDPD7DSLVFD'HVDUUROORVRFLRHFRQyPLFRGHFRPXQLGDGHVGH &KRQWDOHV $OFDOGtDGH/D/LEHUWDG,1587 $\XQWDPLHQWRGH0DGULG )RPHQWRDLQLFLDWLYDVGHSURGXFFLyQ\FRPHUFLDOL]DFLyQGHSHTXHxRV SURGXFWRUHVDVGH%RDFR&KRQWDOHV\5$$6 $6352',&,1587$)2'(1,& $\XQWDPLHQWRGH0DGULG )RUWDOHFLPLHQWR\PRGHUQL]DFLyQWpFQLFRRUJDQL]DWLYRGHOFHQWURGH SURPRFLyQ\FDSDFLWDFLyQGHORVGHUHFKRVGHORV\ODVWUDEDMDGRUDV ³0DOLQW]LQ´ $7& $\XQWDPLHQWRGH6DQ 6HEDVWLiQ'RQRVWLD )RUWDOHFLPLHQWRRUJDQL]DWLYRHGXFDWLYR\SURGXFWLYRGHJUXSRVGH PXMHUHVGHOGHSDUWDPHQWRGH0DVD\D1LFDUDJXD &ROHFWLYDGH0XMHUHVGH0DVD\D *RELHUQRGH1DYDUUD 1DIDUURDNR*REHUQXD 3URFHVRVGHHPSRGHUDPLHQWRDJUXSRVGHPXMHUHVGHOGHSDUWDPHQWR GH0DVD\D1LFDUDJXD &ROHFWLYDGH0XMHUHVGH0DVD\D *RELHUQRGH1DYDUUD 1DIDUURDNR*REHUQXD ,QFUHPHQWRGHODV&DSDFLGDGHV3URGXFWLYDVGH)DPLOLDV&DPSHVLQDV 2UJDQL]DGDVGHOD&RPDUFDGH0DODFDWR\D $OFDOGtDGH*UDQDGD &RPXQLGDG$XWyQRPD &DVWLOOD/D0DQFKD )RUWDOHFLPLHQWRGHFDSDFLGDGHVLQVWLWXFLRQDOHVGHXQDRUJDQL]DFLyQ GHGHVDUUROORORFDO ,1587 (XVNR-DXUODULW]D *RELHUQR9DVFR )RUWDOHFLPLHQWRGHODFDSDFLGDGGHDXWRJHVWLyQHLQFLGHQFLDGHSREOD GRUHV\SREODGRUDVGHXQEDUULRGH-XLJDOSD&KRQWDOHV $)2'(1,& 'LSXWDFLyQGH%L]NDLD 0HMRUDGHODV&RQGLFLRQHVGHODV2UJDQL]DFLRQHV&RPXQLWDULDVGH 6HLV%DUULRVGH0DQDJXD )XQGDFLyQ%DUFHOy *RELHUQRGH,VODV %DOHDUHV 0LFURFUpGLWRVHQEDUULRVGH0DQDJXD $)2'(1,& 8QLyQ(XURSHD$\WRGH 0DGULG3XFKLWRVVROLGDULRV 0LFURFUpGLWRVSDUDODVHJXULGDGDOLPHQWDULDHQ&KRQWDOHV $)2'(1,& 8QLyQ(XURSHD370FUHGLW )RPHQWRGHODSURGXFFLyQGHFDUQHERYLQDHQHO7UySLFR+~PHGRHQ OD5HJLyQ&HQWUDOGH1LFDUDJXD $)2'(1,& %%. 3UR\HFWRLQPRELOLDULRGHDSR\RDODFRQVWUXFFLyQGHYLYLHQGDVSDUD WUDEDMDGRUHVGHOVHFWRUVDOXGHGXFDFLyQ\VHUYLFLRVGHO0XQLFLSLRGH -XLJDOSD&KRQWDOHV $)2'(1,& )XQGDFLyQ%DUFHOy £Ó Ó , Óääx HXURVJHVWLRQDGRVHQSUR\HFWRVGH1LFDUDJXDHQ */Õ`ÕL>Ì $PpULFD VH FDUDFWHUL]D HQ HO (VWDGR GH &KLDSDV SRU OD SURSXHVWD VXUJLGD HQ OD 6H[WD 'HFODUDFLyQ GH OD 6HOYD/DFDQGRQDGHO(MHUFLWR=DSDWLVWDGH/LEHUDFLyQ 1DFLRQDO(=/1TXHIXHOODPDGDOD³2WUD&DPSDxD´ $ WUDYpV GH OD 2WUD &DPSDxD VH SUHWHQGH DEULU XQ GLiORJR\ODFRQVWUXFFLyQGHDOWHUQDWLYDVGHFDUiFWHU QRHOHFWRUDOFRQODVRFLHGDGFLYLOSRUXQSURJUDPDGH L]TXLHUGD \ SRU XQD QXHYD &RQVWLWXFLyQ /D SULPHUD HWDSDVHGLRGXUDQWHFRQXQDVHULHGHUHXQLRQHV GRQGHGLVWLQWRVFROHFWLYRVRUJDQL]DFLRQHVSHUVRQDV LQGLYLGXDOHV\RWURVDFWRUHVSUHVHQWHVHQOD6HOYD/D FDQGRQDH[SXVLHURQVXVSUREOHPiWLFDV\SURSXHVWDV /DVHJXQGDHWDSDVHLQLFLyHQHQHURGH\UHFR UUHUiHOUHVWRGH&KLDSDV (QHVHFRQWH[WRFRPHQ]yODFDUUHUDSDUDODVHOHFFLR QHV SUHVLGHQFLDOHV GH MXOLR GH FRQ ODV SULQFL SDOHVFDQGLGDWXUDVSUHVHQWDGDVSRUOD$OLDQ]DSRUHO ELHQGHWRGRV35'37\&RQYHUJHQFLDHO3$1\HO 35,\HO3DUWLGR9HUGH(FRORJLVWDGH0p[LFR39(0 (Q HO (VWDGR GH &KLDSDV WDPELpQ UHQXHYD VX JRELHUQR Õ?Àiâ Õ> Õ> Õ Õ> `" Õ`>`Ê"LÀi} Õ iÞ ÀiÞ ÌiÀÀiÞ >â >Ê*>â >Ê*> i `> À`> jÀ`> >>À> >> `>>> Õ>`> iÝ iÝV Õââ 6iÀ>VÀÕâ > //ÕV> L> *ÕiL> > >Û> >Û>V> ÕiÀ>Û ->Ê ÀÃÌL> `iÊ>ÃÊ >Ã>à Ì? V>«ÕV 370PXQGXEDW WUDEDMDHQ &KLDSDV0p[LFR GHVGH 62&,$6/2&$/(6 )2&$)RUPDFLyQ\ &DSDFLWDFLyQ$& 26,0(&+2UJDQL]DFLyQ GH6DOXG&RPXQLWDULDGH ,QGtJHQDV0D\DVGHO(VWDGRGH &KLDSDV &HQWURGH'HUHFKRVGHOD 0XMHUGH&KLDSDV$& -%*0RUHOLD -%*/D*DUUXFKD -%*2YHQWLN (QODFH&RPXQLFDFLyQ\ &DSDFLWDFLyQ$& 2WUDV2UJDQL]DFLRQHV &RPLWpGH'HUHFKRV+XPDQRV )UD\3HGUR/RUHQ]RGHOD1DGD &HQWURGH'HUHFKRV+XPDQRV )UD\%DUWRORPpGH/DV&DVDV &,(3$&&HQWURGH ,QYHVWLJDFLRQHV(FRQyPLFDV \3ROtWLFDVGH$FFLyQ &RPXQLWDULD$& &$3,6(&HQWURGH$QiOLVLV 3ROtWLFRH,QYHVWLJDFLRQHV 6RFLDOHV\(FRQyPLFDV$& /D FDUUHUD D ODV HOHFFLRQHV IHGHUDOHV \ HVWDWDOHV \ OD 2WUD &DPSDxD SURPRYLGD SRU HO (=/1 GLEXMD XQ SDQRUDPD SROtWLFR EDVWDQWH FRPSOHMR HQ HO FXDO VH UHDFWLYDQJUXSRVGHSRGHULQWHUHVDGRVHQODGHVHVWD ELOL]DFLyQVRFLDO 3RUODSDUWHHFRQyPLFDORVWUDWDGRVGHOLEUHFRPHUFLR HO3ODQ3XHEOD3DQDPi\RWURVSURJUDPDV\SUR\HFWRV HFRQyPLFRVJXEHUQDPHQWDOHVLQFLGHQJUDYHPHQWHHQ ODSRVLFLyQ\ODVFRQGLFLRQHVGHYLGDGHODSREODFLyQ GHODVFRPXQLGDGHVUXUDOHVHLQGtJHQDV (QHVWHHVFHQDULRODODERUGH370PXQGXEDWVHKD FHQWUDGR HQ HO IRUWDOHFLPLHQWR GH OD DXWRQRPtD \ SRGHU ORFDO DSR\DQGR D ORV VLVWHPDV GH HGXFDFLyQ \ VDOXG DXWyQRPDV HQ HO UHVSDOGR D ODV HFRQRPtDV SRSXODUHV\HQODGHIHQVDGHORV'HUHFKRV+XPDQRV GHUHFKRVGHODVPXMHUHVFRQFUHWDPHQWH 352<(&72 62&,$/2&$/ '21$17( $XWRJHVWLyQGHVRFLHGDGHVFRRSHUDWLYDV HQOD0LFURUHJLyQ3HxDGHODV&DxDGDVGH 2FRVLQJR&KLDSDV (QODFH&& $\WRGH(W[HEDUUL$\WRGH 3DPSORQD,UXxD 5HFRQRFLPLHQWRGHORV'HUHFKRV(FRQyPLFRV 6RFLDOHV\&XOWXUDOHVHQ&KLDSDV (QODFH&& (XVNR-DXUODULW]D*RELHUQR9DVFR 5HFRQRFLPLHQWRGHORV'HUHFKRV(FRQyPLFRV 6RFLDOHV\&XOWXUDOHVHQ&KLDSDV6DOXG\ (GXFDFLyQ -XQWDGH%XHQ*RELHUQR0RUHOLD (XVNR-DXUODULW]D*RELHUQR9DVFR &HQWURGH$WHQFLyQHQ6DOXG6H[XDO\ )RFD\2VLPHFK 5HSURGXFWLYDGH0XMHUHV,QGtJHQDVHQOD]RQD -%*/D*DUUXFKD 6HOYDGH&KLDSDV 'LSXWDFLyQGH%L]NDLD 6HQVLELOL]DFLyQ\'HIHQVDGHORV'HUHFKRVGH ODV,QGtJHQDVGH&KLDSDV &HQWURGH'HUHFKRVGHOD0XMHUGH $\WR7XGHOD\$\WR%LOEDR &KLDSDV 5HGGHPXMHUHVLQGtJHQDVSURPRWRUDVGH VDOXG\HTXLGDGGHJpQHUR )RFD 'LSXWDFLyQGH%L]NDLD 6LVWHPD(GXFDWLYR$XWyQRPRGHODVFRPX QLGDGHVLQGtJHQDVGHODUHJLyQ$OWRVGH &KLDSDV )RFD\-%*2YHQWLN (XVNR-DXUODULW]D*RELHUQR9DVFR 3URPRFLyQ\GHIHQVDGHORVGHUHFKRVGHODV PXMHUHVGHVGHXQDSHUVSHFWLYDGHJpQHURHQ &KLDSDV &HQWURGH'HUHFKRVGHOD0XMHUGH $\WR7XGHOD$\WR%LOEDR &KLDSDV HXURVJHVWLRQDGRVHQSUR\HFWRVGH&KLDSDV0p[LFRHQ £Î £ ", */Õ`ÕL>Ì $PpULFD PpU D >Ê>L>> ÀÊ`iÊ, , &XEDFHUUyFRQXQFUHFLPLHQWRGHVX3URGXFWR,QWHULRU%UXWRGHO HOPD\RUGH$PpULFD/DWLQD(OPRWRUHFRQyPLFRGHHVWHFUHFL PLHQWRVHHQFXHQWUDGLYHUVL¿FDGR\HQHODSDUHFHHOWXULVPRUHPHVDV IDPLOLDUHVSUHVWDFLyQGHVHUYLFLRVELRWHFQRORJtD\QtTXHO7DPELpQHQ HOSODQRHFRQyPLFRODVUHODFLRQHVFRQ&KLQD\9HQH]XHODVHKDQFRQ YHUWLGRHQODVUHODFLRQHVSULYLOHJLDGDVTXHVHWUDGXFHQHQLPSRUWDQWHV DFXHUGRVFRPHUFLDOHV\GHLQYHUVLyQTXHKDQLQÀXLGRHQHOFUHFLPLHQWR DQWHVVHxDODGR >Ì>â>à ->Ì Ì>Ê >À> Ì> ivÕi}à ivÕi} ,Ê , >>}ØiÞÞ 370PXQGXEDWWUDEDMD HQ&XEDGHVGH -> -> >Ì>} } `iÊ ÕL> (QHOSODQRVRFLDOHVLPSRUWDQWHVHxDODUODSDUWLFLSDFLyQGH&XEDHQOD ³2SHUDFLyQ0LODJUR´TXLHQMXQWRD9HQH]XHODHVWDSHUPLWLHQGRRSHUDU GHODYLVWDDSHUVRQDVGHHVFDVRVUHFXUVRVGHGLVWLQWRVSDtVHVGH$Pp ULFD/DWLQD\RWURVFRQWLQHQWHV 7DPELpQIXHXQDxRGHUHFRUGHQODOODPDGD³WHPSRUDGDFLFOyQLFD´TXH WUDQVFXUUHHQWUHORVPHVHVGH-XQLR\1RYLHPEUH/DVSpUGLGDVHFR QyPLFDVSRUHVWHWLSRGHIHQyPHQRVIXHURQFXDQWLRVDV\MXQWRDORV GDxRVSURYRFDGRVSRUODVHTXtDTXHVXIUHQGLVWLQWDVUHJLRQHVGHOSDtV VHHOHYDURQDORVPLOORQHVGHGyODUHV /DVGLIHUHQFLDVSROtWLFDVHQWUHOD8(VXVSDtVHVPLHPEURV\&XEDKD VHJXLGRHQHOSULPHUSODQRGHODDFWXDOLGDG(OOHYDQWDPLHQWRGHODV VDQFLRQHV DGRSWDGDV SRU SDUWH GH OD 8( QR KD GDGR FRPR UHVXOWDGR XQFDPELRHQODVUHODFLRQHVGHFRRSHUDFLyQFRPRSDUDUHFXSHUDUODV H[LVWHQWHVDQWHVGH0DU]RGH (Q 1RYLHPEUH 370PXQGXEDW FHOHEUy HQ /D +DEDQD VX UHXQLyQ GH FRRUGLQDFLyQ UHJLRQDO TXH SHUPLWLy XQ PD\RU DFHUFDPLHQWR \ FRQR FLPLHQWR D OD UHDOLGDG FXEDQD 6H PDQWXYLHURQ HQFXHQWURV FRQ ORV GLVWLQWRVPLQLVWHULRVTXHDWLHQGHQODVUHODFLRQHVGHFRRSHUDFLyQ\FRQ RUJDQL]DFLRQHVVRFLDVORFDOHVSDUDHYDOXDUFHQWUDU\D¿QDUODVOtQHDV GHQXHVWURWUDEDMRHQODLVOD 62&,$6/2&$/(6 $&3$$VRFLDFLyQ&XEDQDGH3URGXFFLyQ $QLPDO &,(5,&&HQWURGHLQWHUFDPELR\UHIHUHQFLD VREUHLQLFLDWLYDVFRPXQLWDULDV 2¿FLQDGH&RRSHUDFLyQ,QWHUQDFLRQDOGHOD 2¿FLQDGHO+LVWRULDGRUGHOD&LXGDG 3RGHU3RSXODU0XQLFLSLR*XDQDMD\ $1$3$VRFLDFLyQ1DFLRQDOGH$JULFXOWRUHV 3HTXHxRV 'LUHFFLyQGH5HODFLRQHV,QWHUQDFLRQDOHVGHO 3RGHU3RSXODUGH3URYLQFLD+DEDQD )0&)HGHUDFLyQGH0XMHUHV&XEDQDV *UXSR$JURLQGXVWULDO$UUR\R1DUDQMR &iWHGUDGHOD0XMHU8QLYHUVLGDGGH/D+DEDQD 3RGHU3RSXODUGH3DOPLUD&LHQIXHJRV 352<(&72 62&,$/2&$/ '21$17( 'HVDUUROORUXUDOLQWHJUDOGHOD8%3&,JQDFLR$JUDPRQWH $&3$ (XVNR-DXUODULW]D*RELHUQR9DVFR 3URGXFFLyQGH6HPLOODVSDUDOD$OLPHQWDFLyQ$QLPDOHQ 6LVWHPDV6RVWHQLEOHVGH3URGXFFLyQ $&3$ $\XQWDPLHQWRGH$UDQMXH] 'LQDPL]DFLyQVRFLRFXOWXUDOGHO0XQLFLSLR%R\HURV,,IDVH &,(5,& $\XQWDPLHQWRGH$EDQWR=LHUEHQD 'HVDUUROORVRFLRHFRQyPLFRHQFRPXQLGDGHVUXUDOHVGHOVHFWRU $&3$ DJURSHFXDULR0XQLFLSLR7XQDV 8QLyQ(XURSHD 0HMRUDGHVHUYLFLRVEiVLFRV\SURGXFFLyQHQFRPXQLGDGHV UXUDOHVGH/DV7XQDV\&DPDJXH\ $&3$ (XVNR-DXUODULW]D*RELHUQR9DVFR &UHDFLyQGHQXHYDVIXHQWHVGHHPSOHRSDUDPXMHUHV PHGLDQWHHOUHVFDWH\GHVDUUROORGHODMDUGLQHUtDHQHO%DUULR 6DQ,VLGUR+DEDQD9LHMD 2ILFLQDGH&RRSHUDFLyQ ,QWHUQDFLRQDOGHOD2ILFLQDGHO +LVWRULDGRUGHOD&LXGDG (PEDMDGD%ULWiQLFDHQ&XED $VHJXUDPLHQWRWpFQLFRPDWHULDOGH&RQVXOWRULR0pGLFR 0XQLFLSLR*XDQDMD\ 3RGHU3RSXODU0XQLFLSLR *XDQDMD\ $\XQWDPLHQWRGH6DQ)HUQDQGRGH +HQDUHV $VHJXUDPLHQWRPDWHULDOGHO+RJDU0DWHUQR0XQLFLSDO 0XQLFLSLR*XDQDMD\ 3RGHU3RSXODU0XQLFLSLR *XDQDMD\ $\XQWDPLHQWRGH6DQ)HUQDQGRGH +HQDUHV &RQVWUXFFLyQGHOD&DVDGHO$GXOWR0D\RUHQ6DQ,VLGUR 2ILFLQDGH&RRSHUDFLyQ ,QWHUQDFLRQDOGHOD2ILFLQDGHO +LVWRULDGRUGHOD&LXGDG )XQGDFLyQ&DMD0DGULG 'LUHFFLyQGH5HODFLRQHV 5HSRVLFLyQGHHQVHUHVEiVLFRVDIDPLOLDVGDPQLILFDGDVSRUHO ,QWHUQDFLRQDOHVGHO3RGHU +XUDFiQ&KDUOH\HQ3OD\D&DMtR&XED 3RSXODUGH3URYLQFLD+DEDQD 'LSXWDFLyQGH%L]NDLD 5HSDUDFLyQGHYLYLHQGDVGDxDGDVSRUHO+XUDFiQ&KDUOH\ 'LUHFFLyQGH5HODFLRQHV ,QWHUQDFLRQDOHVGHO3RGHU 3RSXODUGH3URYLQFLD+DEDQD $\XQWDPLHQWRGH%LOEDR $\XQWDPLHQWRGH*HW[R 'LSXWDFLyQGH$UDED 3XHVWDHQIXQFLRQDPLHQWRGHXQ&HQWURGHHODERUDFLyQGH IUXWDV\KRUWDOL]DVSDUDQLxRV\QLxDVLQWHUQRVGHO0XQLFLSLR $UUR\R1DUDQMR *UXSR$JURLQGXVWULDO $\XQWDPLHQWRGH5LYDV9DFLDPDGULG 'HVDUUROORGHODSURGXFFLyQGHJDQDGRPHQRUHQOD,VODGHOD $&3$ -XYHQWXGFRPRDOWHUQDWLYDDODDOLPHQWDFLyQGHODSREODFLyQ $\XQWDPLHQWRGH%DUDNDOGR 0XMHUHVHQ$XWRJHVWLyQ&RPXQLWDULD 3RGHU3RSXODU3DOPLUD $\XQWDPLHQWRGH%LOEDR 7UDQVIRUPDFLyQGHXQD8%3&FDxHUDHQDJURSHFXDULD $&3$ (XVNR-DXUODULW]D*RELHUQR9DVFR £{ { , Óääx HXURVJHVWLRQDGRVHQSUR\HFWRVGH&XEDHQ Õ>Ì?> > > */Õ`ÕL>Ì $PpULFD PpUL (Q OD HVIHUD SROtWLFD GXUDQWH GLR FRPLHQ]R OD FDPSDxD HOHFWRUDOGHFDUDDODVHOHFFLRQHVOHJLVODWLYDV\SUHVLGHQFLDOHVGH VHSXVRHQPDUFKDOD/H\GH-XVWLFLD\3D]PX\FULWLFDGD SRUODVIXHU]DVVRFLDOHV\RUJDQL]DFLRQHVSURJUHVLVWDVGHOSDtVHQ WDQWRTXHHQWLHQGHQTXHQRDWDMDHQPRGRDOJXQRODLPSXQLGDG \SURVLJXLHURQODVFRQYHUVDFLRQHVHQWUHHO(MpUFLWRGH/LEHUDFLyQ 1DFLRQDO(/1\HO*RELHUQR (QHOiPELWRHFRQyPLFRHO*RELHUQRKDSULRUL]DGROD¿UPDGHO 7UDWDGR GH /LEUH &RPHUFLR 7/& FRQ ((88 GHVFRQRFLHQGR ODV GHPDQGDV\FDUHQFLDVGHOSHTXHxRFDPSHVLQDGR 'HPRGRJOREDOODVYLRODFLRQHVDORVGHUHFKRVFRQVLGHUDGRVHQ VX LQWHJUDOLGDG KDQ SHUVLVWLGR DIHFWDQGR GH IRUPD JUDYH D ODV PLQRUtDVpWQLFDVGHOSDtV (QHVWHFRQWH[WR370PXQGXEDWDSR\DSURFHVRVRUJDQL]DWLYRV SURGXFWLYRV\UHLYLQGLFDWLYRVGHORVGHUHFKRVSURSLRVGHFRPXQL GDGHVRUJDQL]DGDVQHJUDVHLQGtJHQDVHQHO&KRFy\DVLPLVPR DQLYHOQDFLRQDOVHKDLQLFLDGRXQDFRPSDxDPLHQWRDOPRYLPLHQ WR QDFLRQDO FDPSHVLQR H LQGtJHQD HQ OD E~VTXHGD GH FDPLQRV KDFLD OD UHVROXFLyQ GH SUREOHPDV HVWUXFWXUDOHV HQ HO SDtV FRPR ODWLHUUDUHVSHWR\UHLYLQGLFDFLyQGHORVGHUHFKRVSURSLRVGHORV SXHEORV LQGtJHQDV \ VX DXWRQRPtD H LQFLGHQFLD HQ ODV SROtWLFDV S~EOLFDVQDFLRQDOHV -Ì>°Ê>ÀÌ> >ÀÀ>µÕ> >ÀÌ>}i> ÖVÕÌ> +ÕL` ÕL i`i " "V>> }Ì? > *>ÃÌ 370PXQGXEDW WUDEDMDHQ &RORPELD GHVGH 62&,$6/2&$/(6 $VRFLDFLyQGH&DELOGRV,QGtJHQDV(PEHUD:RXQDDQ .DWtR&KDPt\7XOHGHO'HSDUWDPHQWRGHO&KRFy 25(:$ &RQVHMR&RPXQLWDULR0D\RUGHOD$VRFLDFLyQ &DPSHVLQD,QWHJUDOGHO$WUDWR&2&20$&,$ &RUSRUDFLyQ6,(035(9,9$ &RPLVLyQ,QWHUHFOHVLDOGH-XVWLFLD\3D] $VRFLDFLyQ1DFLRQDOGH8VXDULRVGHO&DPSR±8QLGDG \5HFRQVWUXFFLyQ$18&±85 2UJDQL]DFLyQ1DFLRQDO,QGtJHQDGH&RORPELD21,& 'LyFHVLV4XLEGR &RPLWp/DWLQRDPHULFDQRSDUDOD'HIHQVDGHORV 'HUHFKRVGHODV0XMHUHV&/$'(0 352<(&72 62&,$/2&$/ '21$17( $\XGDGHHPHUJHQFLDDIDPLOLDVUHWRUQDGDVHQFLQFRFRPXQL GDGHVGHO0HGLR$WUDWR&KRFRDQR 25(:$ 'LSXWDFLyQ$ODYD $SR\RDOIRUWDOHFLPLHQWRRUJDQL]DWLYR\FXOWXUDOGHODVPXMHUHV LQGtJHQDVGH-XUDGy 25(:$ $\XQWDPLHQWRGH3DPSORQD,UXxD 'HIHQVD3UHYHQFLyQ\3URWHFFLyQGHORV''++HQODUHJLyQGHO 'LyFHVLVGH4XLEGy &KRFy $\WRGH*HW[R 6HQVLELOFDSDFLWDFLyQ\DFRPSDxDPLHQWRSDUDODGHIHQVDGH ORV''++GHORV3XHEORVLQGtJHQDVGHO%DMR$WUDWR 25(:$ 8QLyQ(XURSHD $SR\RDODUHVLVWHQFLDGHORVSXHEORVLQGtJHQDVGHO&KRFy 25(:$ $\WRGH*HW[R 5HGXFFLyQGHODYXOQHUDELOLGDGVRFLRHFRQRPLFDGHFRPXQL GDGHVGHO0HGLR$WUDWR &2&20$&,$25(:$ (XVNR-DXUODULW]D*RELHUQR9DVFR )RUWDOHFLPLHQWRGHODFDSDFLGDGGHUHVLVWHQFLDGHODVFRPXQL GDGHVLQGtJHQDVHQULHVJRGHGHVSOD]DPLHQWRIRU]DGR 25(:$ $\WRGH3DPSORQD,UXxD 6HQVLELOFDSDFLWDFLyQ\DFRPSDxDPLHQWRSDUDODGHIHQVDGH ORV''++GHORV3XHEORVLQGtJHQDVGHO%DMR$WUDWR 25(:$ ,OXVWUH&ROHJLRGH$ERJDGRVGH %L]NDLD HXURVJHVWLRQDGRVHQSUR\HFWRVGH&RORPELDHQ $PpULFD PpU 370PXQGXEDW WUDEDMDHQ %UDVLOGHVGH 62&,$6/2&$/(6 $1&$$VRFLDoDR1DFLRQDOGH&RRSHUDoDR $JULFROD 352<(&72 62&,$/2&$/ '21$17( 0HMRUDFDSDFLGDGRUJDQL]DWLYD\QLYHOGH IRUPDFLyQHQiUHDVGH5HIRUPD$JUDULD $1&$ (XVNR-DXODULW]D *RELHUQR9DVFR HXURVJHVWLRQDGRVHQSUR\HFWRVGH%UDVLOHQ ii ->Û>`À ` À>Ã> iÊ ÀâÌi ,Ê`iÊ>iÀ -@Ê*>Õ * ÌÊi}Ài *À £x £ ", */Õ` `ÕL>Ì ÉIULFD IULF /RVWLHPSRVFDPELDQODVFDUDYDQDVSRUHOGHVLHUWR \DQRVRQORTXHHUDQORVRDVLVTXHXQRHVSHUDHQ FRQWUDUQRVRQFRPRORVLPDJLQDEDORVQyPDGDV\D QRUHFRUUHQHOGHVLHUWRFRPRDQWDxR<VLQRTXHVH ORSUHJXQWHQDOSXHEORVDKDUDXLDxRVGHROYLGR GHH[LOLRHQPHGLRGHOD+DPDGDDUJHOLQDGHUHVLV WHQFLDDODDGYHUVLGDGDODLJQRUDQFLDJHQHUDOL]DGD GHVXVLWXDFLyQ 1LVLTXLHUDODVDUHQDVGHOJUDQGHVLHUWRGHO6DKDUD KDEtDQFRQRFLGRXQDVLWXDFLyQWDQDWtSLFDFRPROD TXHHVWiYLYLHQGRHOSXHEORVDKDUDXL<VLODVDUH QDVVXSLHUDQGHDOJXQDKDFHWLHPSRTXHHOVLURFR ERUUyVXUHFXHUGR /`Õv Ê>Ö ->À> /v>ÀÌ >«>iÌà « `iÊÀivÕ}>`Jà } Ã> >À>ÕÃ Õ À>> ÕiÌ>Ê<iÕÀ > > -, " / / }ØiÌ 'HVHiEDPRV TXH OR KDELWXDO HQ QR IXHUD OD UHIHUHQFLD GH OD QRUPDOLGDG SDUD < HQ UHDOL GDGKDVLGRXQDxRDQRUPDOPHQWHH[WUDxROD ,QWLIDGDVDKDUDXLHQODV]RQDVRFXSDGDVGHO6DKDUD 2FFLGHQWDOTXHQROXFKDVyORSRUODLQGHSHQGHQFLD VLQR WDPELpQ SRU HO FXPSOLPLHQWR GH ORV 'HUHFKRV +XPDQRV OD \D ROYLGDGD FULVLV GH ORV HPLJUDQWHV HQ&HXWDTXHWHUPLQyHQWHUULWRULRVDKDUDXLFRQXQ HVFHQDULR GH UHIXJLDGRV \ UHIXJLDGDV D\XGDQGR D GHVSRVHtGRV OD DQRUPDOLGDG GH OD SURYLVLRQDOLGDG HQORVFDPSDPHQWRVGRQGHODVGL¿FXOWDGHVVHDFUH FLHQWDQFDGDGtDTXHSDVD < 370PXQGXEDW FRQ HOORV \ HOODV 0DQWHQHPRV QXHVWURWUDEDMRMXQWRFRQHOGHRWUDVPXFKDVJHQ WHVSDUDLQWHQWDUFDPELDUORTXHSDUHFHLQYDULDEOH SDUDDFRPSDxDUDOSXHEORVDKDUDXLFRPROOHYDPRV KDFLpQGROR GHVGH (VIRU]iQGRQRV WRGDV \ WR GRV MXQWRV SDUD TXH VHD KDJD MXVWLFLD D XQ SXHEOR TXHQXQFDPHUHFLyVXIULUWDQWR 370PXQGXEDW WUDEDMDHQ 6DKDUD2FFLGHQWDO 5$6' GHVGH 62&,$6/2&$/(6 0/560HGLD/XQD5RMD6DKDUDXL 81068QLyQ1DFLRQDOGH0XMHUHV6DKDUDXLV 352<(&72 62&,$/2&$/ '21$17( 32%/$&,Ï1 %(1(),&,$5,$ $SR\RDODUHGVDQLWDULDHLQIUDHVWUXFWXUD HGXFDWLYDGHORVFDPSDPHQWRVGHSREOD FLyQUHIXJLDGDVDKDUDXL 0/560HGLD/XQD5RMD 6DKDUDXL 'LSXWDFLyQ)RUDOGH %L]NDLD (GXFDFLyQWRGRVORV FDPSDPHQWRV 6DOXG:LOD\DGH $XVHUG 'RWDFLyQGHHTXLSDPLHQWR\PDWHULDO HGXFDWLYRSDUDORVFHQWURVGHHGXFDFLyQ SULPDULDHQORVFDPSDPHQWRVGHSREOD FLyQUHIXJLDGDVDKDUDXL 0/560HGLD/XQD5RMD 6DKDUDXL $\XQWDPLHQWRGH%LOEDR $OXPQDGRGHWRGDVODV HVFXHODVGHORVFDPSD PHQWRV 0HMRUDGHODLQIUDHVWUXFWXUDGHOD )RUPDFLyQ3URIHVLRQDOHQORVFDPSDPHQ WRVGHSREODFLyQUHIXJLDGDVDKDUDXL 0/560HGLD/XQD5RMD 6DKDUDXL $(&, (VWXGLDQWHVGH)3GHORV FHQWURV³GH2FWXEUH´ \³2ORI3DOPH´ HXURVJHVWLRQDGRVHQSUR\HFWRVGH6DKDUD2FFLGHQWDOHQ £È È , Óääx */Õ`ÕL>Ì $VLD i /Õ>À /ÕL>à >LÖà >Þ> 'XUDQWH\SULQFLSLRVGHODDUHQDSROtWLFD GHOD]RQDKDYDULDGRQRWDEOHPHQWH3RUXQODGRD OD PXHUWH GH <DVVHU $UDIDW \ D OD HOHFFLyQ GH $EX 0D]HQFRPRSUHVLGHQWHVLJXLyHQHQHURGHOD YLFWRULD GH +DPDV HQ ODV HOHFFLRQHV OHJLVODWLYDV OR TXHSURYRFyODDODUPDHQ2FFLGHQWHSRURWURODGR HQ ,VUDHO $ULHO 6KDURQ GHMy HO /LNXG SDUD IRUPDU MXQWR FRQ 6LPRQ 3HUHV XQ QXHYR SDUWLGR OODPDGR .DOLPDSDUWLGRIDYRULWRSDUDODVHOHFFLRQHVKHEUHDV /DJUDYHHQIHUPHGDGGH6KDURQ\VXLPSRVLELOLGDG GH¿QLWLYDSDUDODYLGDS~EOLFDDEUHXQJUDQLQWHUUR JDQWHGHFDUDDOIXWXUR 3HVHDHVRVDYDWDUHVSROtWLFRVODJUDYHVLWXDFLyQGH ODSREODFLyQSDOHVWLQD\VXVXIULPLHQWRQRKDYDULD GR (O PXUR VLJXH HQFHUUDQGR SREODFLRQHV HQWHUDV \DLVODQGRDPLOHVGHSHUVRQDVODVUHVWULFFLRQHVGH PRYLPLHQWR VRQ FDGD YH] PiV H[WUHPDV HO WHMLGR SURGXFWLYRVHVLJXHDV¿[LDQGRODVGHPROLFLRQHVGH FDVDVQRFHVDQHOGHUHFKRDODVDOXGRDODHGXFD FLyQVHVLJXHYXOQHUDQGRVLVWHPiWLFDPHQWHODVGH WHQFLRQHV DGPLQLVWUDWLYDV VLQ QLQJ~Q WLSR GH FDUJR DXPHQWDQODMXGDL]DFLyQGH-HUXVDOpQSURVLJXHDVt FRPR OD LPSODQWDFLyQ GH QXHYRV DVHQWDPLHQWRV GH FRORQRVHQ&LVMRUGDQLD8QFXDGURHVSHOX]QDQWH iÀÕÃ>j iÀV ÀÊ > iLÀ >â> ÕiÀÌ ij ", ,>>> 370PXQGXEDW WUDEDMDHQ 3DOHVWLQD GHVGH (Q HVH FRQWH[WR 370PXQGXEDW DFRPSDxD D XQD SREODFLyQTXHQRVHUHVLJQDDODRFXSDFLyQLVUDHOt\ DYHUFRPRVXVLWXDFLyQHPSHRUDFDGDGtD 62&,$6/2&$/(6 +HDOWK:RUN&RPPLWWHHV +:& $OWHUQDWLYH,QIRUPDWLRQ &HQWHU$,& 3DOHVWLQLDQ3ULVRQHUV¶6RFLHW\ 336 3VLFRVRFLDO&RXQVHOLQJ &HQWHUIRU:RPHQ3&&: 2DVLV:RUNVKRS 8QLRQRI+HDOWK&DUH &RPPLWWHHV ,QWHUQDFLRQDO3DOHVWLQLDQ <RXWK/HDJXH 352<(&72 62&,$/2&$/ '21$17( +HDOWK:RUN&RPPLWWHHV+:& (XVNR-DXUODULW]D*RELHUQR9DVFR 'LSXWDFLyQGH*LSX]NRD +HDOWK:RUN&RPPLWWHHV+:& ±6SDIIRUG&KLOGUHQV&HQWHU $\XQWDPLHQWRGH0XQJLD $\XQWDPLHQWRGH$QGRDLQ 3URJUDPDGHDSR\RVRFLDO\SVLFROyJLFRDODVIDPLOLDV GHORVSULVLRQHURV\SULVLRQHUDVSDOHVWLQRVDVHQFiU FHOHVLVUDHOtHV 3VLFRVRFLDO&RXQVHOOLQJ&HQWHUIRU :RPHQ $\XQWDPLHQWRGH+HUQDQL $\XQWDPLHQWRGH(W[HEDUUL 0HMRUDGHODDWHQFLyQDODSREODFLyQGLVFDSDFLWDGDHQ ODSURYLQFLDGH%HOpQDWUDYpVGHOFHQWUR2$6,6 +HDOWK:RUN&RPPLWWHV+:& $\XQWDPLHQWRGH,UXQ 3ODQGH'HVDUUROOR&RPXQLWDULRSDUDMyYHQHV\PXMH UHVHQHOiUHDGH4DOTLO\D´3DOHVWLQD &DSDFLWDFLyQSDUDLQWHJUDFLyQSOHQDGHSREODFLyQGLV FDSDFLWDGDHQVRFLHGDGSDOHVWLQD &DPSDxDSURPRFLyQMXVWLFLDVRFLDO\VRFLHGDGFLYLOHQ $OWHUQDWLYH,QIRUPDWLRQ&HQWHU $,& 3DOHVWLQD,VUDHO)DVH (XVNR-DXUODULW]D*RELHUQR9DVFR 'LSXWDFLyQGH*LSX]NRD $SR\RDODSREODFLyQGLVFDSDFLWDGDGHSXHEORV DIHFWDGRVSRUODFRQVWUXFFLyQGHO0XURHQ7XONDUHP \4DOTLO\D 8QLRQRI+HDOWK&DUH&RPPLWWHHV 8+&& *RELHUQR&DQWDEULD $PXHEODPLHQWRGH&HQWURHQ5DPDOODK $OFDOGtDGH5DPDOODK $\XQWDPLHQWRGH6DQ)HUQDQGRGH +HQDUHV HXURVJHVWLRQDGRVHQSUR\HFWRVGH3DOHVWLQDHQ £Ç £ ", */Õ`ÕL>Ì 370PXQGXEDW FRQVLGHUD TXH XQD GH VXV SULQFLSDOHV IXQFLRQHV HQ HO 1RUWH HV OD GH FRPXQLFDUVH H LQWHUDFWXDU FRQ HO UHVWR GH ODVRFLHGDGHVFXFKDUDODVRFLHGDG\KDEODU FRQHOODSDUDDVtSRGHUSODVPDUODUHDOLGDG GH OD UHODFLyQ 1RUWH6XU \ FRQWULEXLU D OD FRQVWUXFFLyQ GH XQDV QXHYDV YtDV GH VROLGDULGDG LQWHUQDFLRQDO \ QXHYDV IRUPDV GHFRRSHUDUSDUDHOGHVDUUROOR (QHVDOtQHDKHPRVGDGRXQSDVRRUJDQL]DWLYR LPSRUWDQWH DO LQWHJUDU HQ XQ ~QLFR iPELWR GH WUDEDMR ODV iUHDV GH FRPXQLFDFLyQ VHQVLELOL]DFLyQ\HGXFDFLyQSDUDHOGHVDUUROOR &RQVLGHUDPRV TXH FRPXQLFDU VHQVLELOL]DU \ HGXFDU FXDQGR KDEODPRV GH GHVDUUROOR VRQ WDUHDV LQGLVRFLDEOHV D OD KRUD GH IRUMDU HO HMHUFLFLR GH OD FLXGDGDQtD \ OD SDUWLFLSDFLyQ VRFLDO<HQHVRHVWDPRV 5HGHV\$OLDQ]DV (O WUDEDMR HQ UHG FRDOLJDGRV FRQ RWUDV 21*' \ PRYLPLHQWRV VRFLDOHV HXURSHRV \ GH SDtVHV GHO 6XU FRQVWLWX\HXQDSULRULGDGSDUD370PXQGXEDW 6 RPRV DFWLYRV PLHPEURV GH ODV &RRUGLQDGRUDV GH 21*' GH (VSDxD GH OD &RPXQLGDG $XWyQRPD 9DVFD GH OD &RPXQLGDG )RUDO GH 1DYDUUD GH OD &RPXQLGDG GH &DQWDEULD \ GH OD &RPXQLGDG GH 0DGULG &RQMXQWDPHQWH FRQ 21*' GH %pOJLFD ,WDOLD /X[HPEXUJR*UHFLD)UDQFLD\(VSDxDFRQIRUPDPRV HO *UXSR 6XU SDUD DFRPSDxDU ORV SURFHVRV GH WUDQVIRUPDFLyQ VRFLDO SROtWLFD \ HFRQyPLFD TXH VH SURGXFHQHQ/DWLQRDPpULFD ORV 'HUHFKRV +XPDQRV GH (VSDxD HQWLGDG FRQ HVWDWXWR FRQVXOWLYR HVSHFLDO DQWH HO (&262& GH 1DFLRQHV 8QLGDV (8&2&2 XQ IRUR GH WUDEDMR HXURSHR RULHQWDGR D LQFUHPHQWDU OD FRRSHUDFLyQ FRQ HO 6DKDUD &$3,&8$ XQD SODWDIRUPD GHO (VWDGR HVSDxRO GH VROLGDULGDG FRQ ODV FRPXQLGDGHV GH ODV UHJLRQHV GH 8UDEi \ HO $WUDWR HQ &RORPELD ),$5( UHGGHRUJDQL]DFLRQHVGHO7HUFHU6HFWRUGHO3DtV9DVFR SDUD OD FUHDFLyQ GH XQD %DQFD eWLFD 0HZDQGR UHG GH PRYLPLHQWRV VRFLDOHV SDOHVWLQRV LVUDHOtHV \ HXURSHRV TXH WUDEDMDQ SRU HO ¿Q SDFt¿FR MXVWR \ GXUDGHURGHOFRQÀLFWRSDOHVWLQRLVUDHOt\ODFUHFLHQWH OtQHDGHFRODERUDFLyQFRQ/D9tD&DPSHVLQDWDQWRHQ DFWLYLGDGHVHQHO1RUWHFRPRHQSUR\HFWRVHQHO6XU 6RPRVLQWHJUDQWHVGHOD3ODWDIRUPD\PiVXQD FRDOLFLyQ GH 21*' SURJUHVLVWDV GHO (VWDGR HVSDxRO FRPSURPHWLGDV FRQ HO FXPSOLPLHQWR GH ORV REMHWLYRV GHGHVDUUROORPXQGLDOSDUDHODxR 7DPELpQ SDUWLFLSDPRV HQ RWUDV UHGHV \ DOLDQ]DV GH LPSRUWDQFLD HVWUDWpJLFD HQWUH ODV TXH GHVWDFDQ &,)&$ XQD UHG GH 21*' HXURSHDV TXH FHQWUD VXV HVIXHU]RV HQ &HQWURDPpULFD \ 0p[LFR 2,'+$&2 2 FRRUGLQDFLyQGH21*HXURSHDVTXHWUDEDMDQDIDYRUGH ORV 'HUHFKRV +XPDQRV HQ &RORPELD OD )HGHUDFLyQ GH $VRFLDFLRQHV GH 'HIHQVD \ 3URPRFLyQ GH 1XHVWURFRPSURPLVR GHVGHHO1RUWH */Õ`ÕL>Ì 6HQVLELOL]DFLyQ(GXFDFLyQSDUDHO 'HVDUUROOR\5HGHV\$OLDQ]DV 3ULQFLSDOHVSUR\HFWRVGHVDUUROODGRVHQ 7Ë78/2 72'$6(67$026'(63,(57$6 5(680(1 (O(QFXHQWUR,QWHUQDFLRQDO 7RGDV(VWDPRV'HVSLHUWDV WLHQHFRPR REMHWLYRYLVLELOL]DUODVOXFKDVGHODVPXMHUHVWDQWRGHO6XUFRPR GHO1RUWHVXVLQLFLDWLYDV\ORVORJURVTXHKDQREWHQLGRHQORV iPELWRVHFRQyPLFRSROtWLFR\VRFLDO$VLPLVPRSUHWHQGHVHUXQ OXJDUGHHQFXHQWURHQWUHRUJDQL]DFLRQHVSDUDFUHDUYtQFXORV\ FRPSURPLVRV $&7,9,'$'(6 (QFXHQWUR,QWHUQDFLRQDO 7RGDV(VWDPRV'HVSLHUWDV/XFKDVGLIH UHQWHVREMHWLYRVFRPXQHV%LOEDR2FWXEUH (ODERUDFLyQGHEROHWLQHV7RGDVHVWDPRVGHVSLHUWDV &RQIHUHQFLDVS~EOLFDVFRQSDUWLFLSDQWHVGHO(QFXHQWUR 6LVWHPDWL]DFLyQGHO(QFXHQWUR 7DOOHUHVHGXFDWLYRVHQFHQWURVHGXFDWLYRV *XtDGLGiFWLFDGHJpQHUR (GLFLyQGHOGRFXPHQWDODXGLRYLVXDO 'HVSLHUWDV ([SRVLFLyQIRWRJUiILFD 0XMHUHVGHOPXQGRURVWURVTXHQRVPLUDQ 2EUDGHWHDWUR\FXHQWDFXHQWRVGHJpQHUR 3XEOLFDFLyQGHOOLEUR'HVSLHUWDV (QULTXH3LPRXOLHU1LxDFRQ*DOOR%OXH¿HOGV 1LFDUDJXD ([SRVLFLyQ0XMHUHVGHOPXQGRURVWURVTXH QRVPLUDQ ),1$1&,$1 *RELHUQR9DVFR'LSXWDFLyQ%L]NDLD'LSXWDFLyQ*LSX]NRD$\WR %LOEDR$\WR*HW[R$\WR%DVDXUL$\WR,UXQ%%. 7Ë78/2 '(6&,)5$1'25($/,'$'(6 '(6&8%5,(1'2/26'(5(&+26+80$126 7Ë78/2 5(680(1 */2%$/,&(026/$62/,'$5,'$' /$-867,&,$</$3$= 6XREMHWLYRHVGLIXQGLUHQWUHFROHFWLYRV \PRYLPLHQWRVVRFLDOHVVHFWRUHGXFDWL YR\S~EOLFRHQJHQHUDOODLGHDGHTXHORV 'HUHFKRV+XPDQRVHQWHQGLGRVLQWHJUDOPHQ WHFRPR'HUHFKRV(FRQyPLFRV6RFLDOHV\ &XOWXUDOHV'(6&FRQVWLWX\HQXQKRUL]RQWH pWLFR\HVWUDWpJLFRSDUDUHSHQVDUODVUHOD FLRQHV1RUWH6XU6HGHVDUUROOyGHPDQHUD SDUDOHODSHURDXWyQRPDHQ1DYDUUD\HQ ÈODYD 5(680(1 6HSUHWHQGHWHMHUFRPSURPLVRV VROLGDULRVHQWUHODVRFLHGDGYDVFD\ HOSXHEORSDOHVWLQRDWUDYpVGHOD GHQXQFLDGHO0XURTXH,VUDHOFRQV WUX\HHQORV7HUULWRULRV2FXSDGRV $VLPLVPRVHDERUGDODIRUPDFLyQGH MyYHQHVVREUHFXOWXUDGHSD]DWUDYpV GHXQWDOOHUSHUPDQHQWHTXHFXHQWD FRQFLQFRVHVLRQHV $&7,9,'$'(6 6HQVLELOL]DFLyQ-RUQDGDV'(6&3UHVHQWH \IXWXURGHOFRQIOLFWR3DOHVWLQRHQ(VWHOOD /L]DUUD1DYDUUD\HQ9LWRULD*DVWHL] ÈODYD (GXFDFLyQSDUDHO'HVDUUROOR$FWLYLGDGHV GHDSR\RDOSURIHVRUDGRVREUHORV'(6& HQ1DYDUUD$WDOOHUHV\SURJUDPD FLRQHVHQFHQWURVHGXFDWLYRVVREUHPXO WLFXOWXUDOLGDG\'(6&&RPHUFLR-XVWR (QIRTXHGHJpQHUR\PHGLFLQDLQGtJHQD% 5HSUHVHQWDFLRQHVWHDWUDOHVGHREUDVSHGD JyJLFDVHQFHQWURV&(QWUHJDGHPDWH ULDOHVSHGDJyJLFRV\VHJXLPLHQWRGHVXXVR HQFHQWURVHQODFRPDUFDGH3DPSORQD\ HQ(VWHOOD/L]DUUD /DVPLVPDVDFWLYLGDGHVVHGHVDUUROODURQHQ FHQWURVHGXFDWLYRVGH9LWRULD*DVWHL] $&7,9,'$'(6 ([SRVLFLyQIRWRJUiILFD 3DOHVWLQD TXLHUHYLYLUU HQORFDOLGDGHVGH %L]NDLD\*LSX]NRD 3UR\HFFLRQHVGHOGRFXPHQWDO /DMDXODSDOHVWLQDHQ%L]NDLD\ *LSX]NRD -RUQDGDV /DRFXSDFLyQGHSDOHVWL QDDOWHUQDWLYDVGHVGHODVRFLHGDG FLYLO%LOEDR1RYLHPEUHGH &RQIHUHQFLDVVREUHODVLWXDFLyQGH ''++HQ3DOHVWLQD &XUVRVREUHHVWLORVGHFRRSHUDFLyQ HQVLWXDFLRQHVGHFRQIOLFWRFRQ HQIRTXH''++\(GXFDFLyQSDUD OD3D] ),1$1&,$1 *RELHUQR9DVFR$\WR%LOEDR\$\WR %DVDXUL ),1$1&,$1 *RELHUQRGH1DYDUUD\$\XQWDPLHQWRGH 3DPSORQD<$\XQWDPLHQWRGH9LWRULD *DVWHL] £ £ ", */Õ`ÕL>Ì 7Ë78/2 /26'(5(&+26+80$126+$&,$/$6(*85,'$'+80$1$ 5(680(1 (QWLHPSRVGHGLVFXUVRVUHVWULFWLYRV\XQLODWHUDOHVVREUHODVHJXULGDGVH SUHWHQGHDSRUWDUHOHPHQWRVFRQFHSWXDOHV\ODVH[SHULHQFLDVFRQFUHWDVGH VXMHWRVVRFLDOHVTXHHVWDEOHFHQFRQGLFLRQHVSDUDHOHMHUFLFLRGHORV'HUHFKRV +XPDQRVFRPREDVHGHODVHJXULGDGKXPDQD,QWHQWDPRVSRWHQFLDUXQD YLVLyQFUtWLFD\TXHFRQVWUX\DUHIHUHQWHVSDUDODVROLGDULGDGDFWLYD $&7,9,'$'(6 (VWXGLR'HUHFKRV+XPDQRV\VHJXULGDGKXPDQDHQODHQFUXFLMDGD $SR\RDOD5HGGH$OWHUQDWLYDVDOD,PSXQLGDG\DOD*OREDOL]DFLyQ 1HROLEHUDOLPSXOVDGDSRURUJDQL]DFLRQHVODWLQRDPHULFDQDV 6HPLQDULR,QWHUQDFLRQDO 7HUULWRULR9LGD\6HJXULGDG+XPDQDIUHQWHD SODQHVHFRQyPLFRV\PLOLWDUHV MXQWRFRQRUJDQL]DFLRQHVODWLQRDPHULFD QDVHVSHFLDOPHQWH-XVWLFLD\3D]\FRPXQLGDGHVDIURGHVFHQGLHQWHVGH &RORPELD&RQWyFRQODSUHVHQFLDGHFHUFDGHSHUVRQDVSRQHQWHV\ UHSUHVHQWDQWHVGHSDtVHV0DGULGMXQLR (VWXGLR\GHQXQFLDGHYLRODFLRQHVDORV'HUHFKRV+XPDQRVHQ&RORPELD 6DKDUD2FFLGHQWDO\3DOHVWLQDGHVGHHVSDFLRVFRPROD)HGHUDFLyQGH $VRFLDFLRQHVGH'HIHQVD\3URPRFLyQGHORV'HUHFKRV+XPDQRV(VSDxD HQWUHRWUDVUHGHV 7UDEDMRGHGRFXPHQWDFLyQSDUDHOFDELOGHRFRQUHVSRQVDEOHVSROtWLFRVH LQVWLWXFLRQHV ),1$1&,$1 *RELHUQR9DVFR 7Ë78/2 7Ë78/2 0,5$1'2$/685 029,0,(172662&,$/(6< 18(9$67(&12/2*Ë$6 $32<2$/$6$&7,9,'$'(6'(/*5832'(21* 3253$/(67,1$ 5(680(1 5(680(1 (VWHSUR\HFWREXVFDHVWDEOHFHU HVWUDWHJLDV\KHUUDPLHQWDV SDUDWUDEDMDUODUHODFLyQHQWUH FRPXQLFDFLyQHGXFDFLyQQXH YDVWHFQRORJtDV\PRYLPLHQWRV VRFLDOHV3UHWHQGHFUHDUODV EDVHVSDUDODFRQVWUXFFLyQGH XQDUHGGHWUDEDMR1RUWH6XU TXHLPSOLTXHD21*'PRYL PLHQWRVVRFLDOHVVHFWRUHV HGXFDWLYRVPHGLRVGHFRPX QLFDFLyQ\DGPLQLVWUDFLRQHV S~EOLFDV $SR\RDDOJXQDVGHODVDFWLYLGDGHVGHHVWH*UXSR IRUPDGRSRUODV21*'GHOD3ODWDIRUPD\ PiV\GHOD)HGHUDFLyQSDUDOD'HIHQVD\3UR PRFLyQGHORV''++TXHWUDEDMDQHQ3DOHVWLQD $&68503'/,3$'()XQGDFLyQ&($5370PXQ GXEDW,(3$/$6ROLGDULGDG,QWHUQDFLRQDO$VDPEOHD GH&RRSHUDFLyQSRUOD3D]\$VRFLDFLyQ3UR 'HUHFKRV+XPDQRV $&7,9,'$'(6 2UJDQL]DFLyQGHXQDPLVLyQGHMXULVWDV\H[SHUWRV DORVWHUULWRULRVSDOHVWLQRVRFXSDGRVSDUDKDFHU XQDHYDOXDFLyQWUDVHOSULPHUDxRGHVGHTXHOD &RUWH,QWHUQDFLRQDOGH-XVWLFLDHPLWLHUDVXRSLQLyQ FRQVXOWLYDVREUHORVHIHFWRVGHODFRQVWUXFFLyQGHO PXURHQGLFKRVWHUULWRULRV )UXWRGHGLFKDPLVLyQHGLFLyQGHOOLEUR³/RV GHUHFKRVDODVRPEUDGHOPXUR´ (GLFLyQGHXQGRFXPHQWDOVREUHODVLWXDFLyQHQ ORVWHUULWRULRVRFXSDGRV\SRVWHULRUGLIXVLyQ &UHDFLyQGHXQDSiJLQDZHEGHO*UXSRGH21* SRU3DOHVWLQD $&7,9,'$'(6 (QFXHQWURVSUHSDUDWRULRV SDUDODFHOHEUDFLyQGHO, )RUR,QWHUQDFLRQDOVREUH &RPXQLFDFLyQ(GXFDFLyQ\ &LXGDGDQtDDFHOHEUDUHQ ),1$1&,$1 *RELHUQRGH1DYDUUD\ $\XQWDPLHQWRGH3DPSORQD ),1$1&,$1 $(&,FRQYRFDWRULDDELHUWD\SHUPDQHQWH $VLPLVPRHQWUH RWUDVPXFKDVDFWLYLGDGHVVHSXHGHGHVWDFDUODSDUWLFLSDFLyQGH370PXQGXEDWHQODFDPSDxD 3REUH]D &HUR GH OD &21*'( HQ HO &RQVRUFLR &RORPELD GH *LSX]NRD \ GH ÈODYD HQ HO SURJUDPD 2WUR *ORER HV 3RVLEOH(JLQ%LUD/XUUDULMXQWRFRQRQFH21*'\HO$\WRGH9LWRULD*DVWHL]HQHOSURJUDPD J *HW[RWLN0XQGXUDHQ ODLQLFLDWLYD 0tUDPHFRQ2WURV2MRVGHOD&RRUGLQDGRUDGH21*''HOHJDFLyQGHÈODYDILQDQFLDGRSRUOD'LSXWDFLyQ M J GHÈODYD\HO*RELHUQR9DVFRFKDUODVVREUHFRRSHUDFLyQ\DFWXDFLRQHVGHWHDWURHQGLYHUVRVFHQWURVHGXFDWLYRV FXHQWDFXHQWRV GH JpQHUR H[SRVLFLyQ GH PDSDV '(6& WDOOHU VREUH LQWHUFXOWXUDOLGDG HQ ,UXQ GHQWUR GHO SUR\HFWR 'HVFLIUDQGRUHDOLGDGHVGHVFXEULHQGRGHUHFKRVSUHVHQFLDHQHO3DUTXH,QIDQWLOGH1DYLGDGGH%LOEDR\HQODILHVWD GH%HWL]XGH(7%HQ%LOEDR HXURVJHVWLRQDGRVHQHQDFFLRQHVGH&RPXQLFDFLyQ6HQVLELOL]DFLyQ(GXFDFLyQ SDUDHO'HVDUUROOR\5HGHV\DOLDQ]DV Óä ä , Óääx */Õ`ÕL>Ì 3XEOLFDFLRQHV\3UHQVD (GLFLyQGHOOLEUR 7HQGHQFLDVGHODFRRSHUDFLyQSDUDHOGHVDUUROOR\HO IXWXURGHODV21*'QGHODFROHFFLyQ370PXQGXEDW ' (GLFLyQGHOOLEUR 'HVSLHUWDVYRFHVGHPXMHUHVHQOXFKDQGHOD FROHFFLyQ370PXQGXEDW (GLFLyQGHOGRFXPHQWDO 'HVSLHUWDV (GLFLyQ GH OD SXEOLFDFLyQ 6LVWHPDWL]DFLyQ GH H[SHULHQFLDV GH JpQHUR (GLFLyQ GHO OLEUR GH $)$35('(6$ 6DKDUD 2FFLGHQWDO ¢KDVWD FXiQGR" (GLFLyQGHOOLEUR /DYLGDSRUGHODQWH9RFHVGHVGH\KDFLD3DOHVWLQD (O VLWLR ZHE KWWSZZZSWPPXQGXEDWRUJ DOFDQ]y XQD PHGLD PHQVXDOGHXVXDULRV (OGRFXPHQWDO/DMDXODSDOHVWLQDIXHHPLWLGRSRUYDULDVFDGHQDVGH WHOHYLVLyQ\)HVWLYDOHVGHFLQHGRFXPHQWDO $GHPiVDWUDYpVGHORVPHGLRVGHFRPXQLFDFLyQSXGLPRVDFHUFDU GLIHUHQWHVUHDOLGDGHVGHO6XU\GLIXQGLUPHQVDMHVFRQHO¿QGHORJUDU XQ FDPELR HQ ODV UHODFLRQHV 1RUWH6XU LQWHQWDQGR VLHPSUH OD YLVLELOLGDGGHORVSURWDJRQLVWDVGHORVSURFHVRV Ó£ Ó ", */Õ`ÕL>Ì (QWUHYLVWDD3DXO1LFKROVRQ(+1(9tD&DPSHVLQD ´/D6REHUDQtD$OLPHQWDULDHVODSULQFLSDO DOWHUQDWLYDGHORVPRYLPLHQWRVFDPSHVLQRV S UXUDOHVHLQGtJHQDVDOPRGHORQHROLEHUDOµ 3DXO1LFKROVRQXQEDVHUULWDUUDQDFLGRHQ/RQGUHVSRU³XQHUURUDGPLQLVWUDWLYR´HVHOFRRUGLQDGRU ´ HQ(XURSDGH9tD&DPSHVLQDODPD\RURUJDQL]DFLyQPXQGLDOGHFDPSHVLQRV\FDPSHVLQDV&RQ 3DXODERUGDPRVFXHVWLRQHVFODYHSDUDHOGHVDUUROORFRPROD6REHUDQtD$OLPHQWDULDHOSDSHOGHOD 20&\HOIXWXURGHO)RUR6RFLDO0XQGLDO 3UHJXQWD¢4XHHVOD9tD&DPSHVLQD" 3DXO1LFKROVRQ/D9tD&DPSHVLQDHVODUHVSXHVWDGHVGH ORORFDODQWHHOGHVDVWUHRFDVLRQDGRHQHOPXQGRUXUDOSRU ODLPSRVLFLyQGHSROtWLFDVQHROLEHUDOHV(VXQPRYLPLHQWR GHDJULFXOWRUHVSHTXHxRV\PHGLDQRVGHFDPSHVLQRVVLQ WLHUUD GH WUDEDMDGRUHV UXUDOHV GH SXHEORV LQGtJHQDV XQ PRYLPLHQWR KRUL]RQWDO TXH UHVSRQGH D ORV LPSDFWRV GHO QHROLEHUDOLVPR\SURSRQHODVREHUDQtDDOLPHQWDULD8QDGH ODVFDUDFWHUtVWLFDVIXQGDPHQWDOHVGH9tD&DPSHVLQDHVVX HVSHFLDOVHQVLELOLGDGHQWRUQRDOSDSHOGHODPXMHUGHPRGR TXHH[LVWHSDULGDGHQWUHPXMHUHV\KRPEUHVHQWRGDVODV GHOHJDFLRQHV\SRUWDYRFtDV 6REHUDQtDDOLPHQWDUtD 3 8QDGHODVSULQFLSDOHVDSRUWDFLRQHVGH/D9tD&DPSHVLQD HVHOFRQFHSWRGHVREHUDQtDDOLPHQWDULD¢FyPRVHGH¿QH" 3DXO1 (VODSULQFLSDODOWHUQDWLYDTXHVXUJHGHORVPRYL PLHQWRVFDPSHVLQRVUXUDOHVHLQGtJHQDVDOPRGHORQHROL EHUDO6LJQL¿FDD¿UPDUTXHORVDOLPHQWRVVRQGHUHFKRV\ QRVRQPHUDVPHUFDQFtDV<HVWRVGHUHFKRVUHVLGHQHQORV GHUHFKRVGHOSXHEOR\DTXHVXSRQHHOOLEUHDFFHVRDORV UHFXUVRVQDWXUDOHVDJXDWLHUUD\VHPLOODVVRQGHUHFKRV SROtWLFRVSRUTXHVHWUDWDGHOGHUHFKRDGHWHUPLQDUSROtWLFDV TXHSULRULFHQODSURGXFFLyQDOLPHQWDULDORFDO\VRQGHUH FKRVFLXGDGDQRVHQWDQWRTXHRWRUJDQDORVFLXGDGDQRVOD FDSDFLGDGGHGH¿QLUORTXHFRPHPRVTXLpQORSURGXFH\ FyPRVHSURGXFH6HFRQFUHWL]DHQTXHFDGDSXHEORSXH GD GHVDUUROODU SROtWLFDV GH DJULFXOWXUD ORFDO SROtWLFDV ³GH SUR[LPLGDG´ /D 6REHUDQtD $OLPHQWDULD HV OD DQWtWHVLV GH ODVSROtWLFDVTXHHPDQDQGHOD2UJDQL]DFLyQ0XQGLDOGHO &RPHUFLR20& 3 ¢&yPRYDORUDVHOSDSHOGHOD20&" 3DXO1 /D20&WLHQHTXHGHVDSDUHFHU(VXQRUJDQLVPR VLQ PDQGDWRGHPRFUiWLFR FX\RV REMHWLYRV GHFODUDGRV VRQ OD OLEHUDOL]DFLyQ GHO FRPHUFLR QR VRODPHQWH GHO DJURDOL PHQWDULR SRU HQFLPD GH FXDOTXLHU FRQVLGHUDFLyQ GH GH UHFKRV VRFLDOHV R HFROyJLFRV \ DOLPHQWDU XQ FDSLWDOLVPR VDOYDMH 6H WUDWD GH OD ~QLFD LQVWLWXFLyQ FRQ FDSDFLGDG SXQLWLYDFX\DVGHFLVLRQHVQRSXHGHQVHUDSHODGDV\TXH TXHGDIXHUDGHOFRQWUROSROtWLFR6XVFRPSHWHQFLDVTXHGDQ SRUHQFLPDGHFXDOTXLHU3DUODPHQWRHQFXDOTXLHUSDUWHGHO PXQGR3RUORTXHUHVSHFWDDORVGHUHFKRVKXPDQRVEiVL FRVHVXQDLQVWLWXFLyQTXHQRWLHQHUD]yQGHVHUQLSRUVX FRQVWLWXFLyQQLSRUVXVIRUPDVQLSRUVXVREMHWLYRV ÓÓ Ó , Óääx 0LHPEURGH )RUR6RFLDO0XQGLDO 3¢4XpLPSUHVLRQHVWHKDVWUDtGRGHO)RUR6RFLDO0XQGLDO )60FHOHEUDGRHQ%DPDNR0DOL" 3DXO1 8QDLPSUHVLyQPX\SRVLWLYD\PX\HVSHUDQ]DGR UD (Q HO iUHDGH OD DJULFXOWXUD TXH UHVXOWD IXQGDPHQWDO HQÈIULFDIXHXQHQFXHQWURPX\LQWHUHVDQWH\FRQPXFKD SDUWLFLSDFLyQGHFDPSHVLQRV\FDPSHVLQDV5HVXOWyLQWHUH VDQWH YHU FRPR HQ ÈIULFD OD 6REHUDQtD $OLPHQWDUtD HV XQ HMHSULQFLSDO$VtSRUHMHPSORHOFRQFHSWR\DHVWiLQWHJUD GRHQODSURSLD&RQVWLWXFLyQGH0DOt$GHPiVHQHVWH)RUR VHDEULHURQQXHYRVGHEDWHVFRPRHOGHO6,'$XQDUHDOLGDG TXHDERUGDWRGDVODVFXHVWLRQHVVRFLDOHV */Õ`ÕL>Ì &RQUHVSHFWRDODVLWXDFLyQGHOSDtVUHVXOWDFDWDVWUy¿FD 7RGRVHLPSRUWDVLQDUDQFHOHV(XURSDHVWiH[SRUWDQGRSRU GHEDMR GH ORV FRVWRV GH SURGXFFLyQ ORFDOHV GHVWUX\HQGR DVt WRGD OD HFRQRPtD LQFOXLGD OD DJULFXOWXUD (O SDtV YLYH XQGUDPDKXPDQR\HO~QLFRGHVHRGHMyYHQHV\QRWDQ MyYHQHVHVLUVHD(XURSD 3 ¢&yPRYHVHOIXWXURGHO)RUR6RFLDO0XQGLDO" 3DXO1(VSDUWHGHOGHEDWHDFWXDO8QDYH]GHTXHVRPRV FRQVFLHQWHVGHTXHVHKDFRQVHJXLGRDJOXWLQDUXQHVSDFLR GHGLVFXVLyQLPSRUWDQWHHVQHFHVDULRGHEDWLUSDUDTXp\ SDUDTXLpQHVHVHO)60'HVGHODySWLFDGH9tD&DPSHVL QD HV XUJHQWH FRQVROLGDU DOLDQ]DV \ FRQVROLGDU SODQHV GH DFFLyQFRQFUHWRVTXHDJOXWLQHQODVLQLFLDWLYDVDQLYHOORFDO FRQWUDHOPRGHORQHROLEHUDO([LVWHQIRFDOL]DFLRQHVHQHVWH VHQWLGRFRPRVRQODOXFKDFRQWUDOD20&ODOXFKDFRQWUD OD JXHUUD \ HO LPSHULDOLVPR PLOLWDU \ HFRQyPLFR 'HVGH 9tD&DPSHVLQDDSRVWDPRVSRUXQ)RUR6RFLDOFDGDWUHVR FXDWURDxRV (/3$3(/'(/$621*' &XHVWLRQDGRVREUHHOSDSHOTXHFUHHTXHGHEHQMXJDUODV 21* GH &RRSHUDFLyQ SDUD HO 'HVDUUROOR 3DXO RSLQD TXH ³WLHQHQ TXH DFRPSDxDU D ORV PRYLPLHQWRV VRFLDOHV QR WLHQHQ TXH VXSODQWDUORV /RV PRYLPLHQWRV VRFLDOHV QHFH VLWDPRVHQUHODFLyQDODV21*'HODFRPSDxDPLHQWR\OD FDSDFLWDFLyQ´$VLPLVPRFRQFHGHFDGDYH]PD\RULPSRU WDQFLDDODSR\RGHVGHHOiPELWRDFDGpPLFRGHVGHODV8QL YHUVLGDGHVHQHOVHQWLGRGHIDFLOLWDU³HOGHVDUUROORGHVGH QXHVWURVDQiOLVLV\GHVGHQXHVWUDVHVWUDWHJLDV´ ÓÎ Ó ", */Õ`ÕL>Ì (MHUFLFLRHFRQyPLFR ',675,%8&,Ï1,1*5(626325),1$1&,$'25(6 HXURV $8QLRQ(XURSHD3UR\HFWRV370 /LQHD3URJUDPD&$7$3,6&$ /LQHD(&+2$\XGD+XPDQLWDULD /LQHD%DQWLJXD'*9,,, /LQHD%355$& /LQHD%0HGLR$PELHQWH /LQHD%3REODFLRQ'HVDUUDLJDGD /LQHD%6HJXULGDG$OLPHQWDULD /LQHD''++ %$JHQFLD(VSDxRODGH&RRSHUDFLyQ,QWHUQDFLRQDO &&RUSRUDFLRQHV/RFDOHV '&RPXQLGDGHV$XWyQRPDV *)RQGRV3ULYDGRVRWURV /LQHD(&+2$\XGD+XPDQLWDULD3706,03'/ / /LQHD%DQWLJXD'*9,,,370$&68509096) /LQHD%3REODFLRQ'HVDUUDLJDGD37009096) /LQHD%6HJXULGDG$OLPHQWDULD370090 727$/ ',675,%8&,21'(*$6726 $\XGDV0RQHWDULDVDSUR\HFWRVHQHO685 *DVWRVGH*HVWLRQ HXURV 5HVXOWDGRSRVLWLYRHMHUFLFLR 727$/ *HVWLRQJHQHUDO2QJ 6XE7RWDO *$6726 *HVWLRQGLUHFWDGHSUR\HFWRVLQFOXLGDVGHOHJ *DVWRVHQSUR\HFWRV6HQVLELOL]DFLRQ(GXFDFLRQ *DVWRVHQFDSWDFLRQIRQGRVIHVWLYDO *DVWRVGH$PRUWL]DFLyQ ,1*5(626 $8QLRQ(XURSHD3UR\HFWRVHQ&RQVRUFLR ',675,%8&,Ï1)21'26 ',675,%8&,Ï1'(/26)21'26 3253$Ë6(6<È5($6 3URJUDPD&HQWUR$PpULFD *XDWHPDOD(O6DOYDGRU1LFDUDJXD+RQGXUDV *XDWHPDOD 5$6'6DKDUD2FFLGHQWDO (O6DOYDGRU 0p[LFR&KLDSDV 1LFDUDJXD &XED +RQGXUDV %UDVLO &RORPELD 3DOHVWLQD $FFLRQHVHQHO1RUWH(GXFDFLyQVHQVLELOL]DFLyQ 727$/ HXURV ,QIRUPHHFRQyPLFR */Õ`ÕL>Ì 7UDQVSDUHQFLD JHVWLyQHVODWUDQVSDUHQFLDORFXDOVLJQL¿FDDFWXDUVLHPSUH FRQHOPi[LPRGHGLDIDQLGDGHQWRGDVODVDFFLRQHV\JHV WLRQHVVRPHWLpQGRODVDHYDOXDFLRQHVSHULyGLFDV ([LJHDGHPiVODSXEOLFDFLyQSHULyGLFDGHORVPRYLPLHQWRV HFRQyPLFRV \ GH WRGDV QXHVWUDV DFFLRQHV SDUD HO FRQRFL PLHQWRS~EOLFRGHWRGDODVRFLHGDGGHODVLQVWLWXFLRQHVGH ORVPRYLPLHQWRVVRFLDOHV\GHRWUDV21*' &RQHVWH¿Q\FRPRHVKDELWXDOODVFXHQWDVGHODxR GH 370PXQGXEDW KDQ VLGR DXGLWDGDV SRU OD HPSUHVD $]HWD FRQVXOWRUHV &RQVLGHUDPRV TXH HVWRV LQIRUPHV SURSRUFLRQDQDQXHVWURVFRODERUDGRUHVXQDVyOLGDJDUDQWtD \OD¿HOLPDJHQGHODVLWXDFLyQGH370PXQGXEDW\GHVX UHVXOWDGRHFRQyPLFR VVi`iÊÊÊ>Ê vÀiÊ`iÊ/À>ë>ÀiV> iÊÊÊ Ü Ü Ü°ÊÊÊÊvÕ`>Vi>Ì>`°À} 370PXQGXEDWKDVLGRREMHWRGHXQDHYDOXDFLyQJHQHUDOSRUSDUWHGHOD VREUHHOJUDGRGHFXPSOLPLHQWRGHORV3ULQFLSLRVGH 7UDQVSDUHQFLD\%XHQDV3UiFWLFDV¿MDGRVSRUGLFKD)XQGDFLyQ6HJ~QHO ~OWLPRLQIRUPHUHDOL]DGRFRUUHVSRQGLHQWHDOSHULRGR\GLVSR QLEOHtQWHJUDPHQWHHQZZZIXQGDFLRQOHDOWDGRUJ370PXQGXEDWFXPSOH WRGRVORVSULQFLSLRVGH7UDQVSDUHQFLD\%XHQDV3UiFWLFDV Óx Ó ", */Õ`ÕL>Ì &ULVWLQD/RYR352&20(6(O6DOYDGRU ´/RSULQFLSDOHV S S TTXHODSREODFLyQ S VHUHRUJDQLFHµ &+(0$&$67È1 &ULVWLQD/RYRHVXQFODURHMHPSORGHODHQWUHJD GH PXFKDV PXMHUHV SDUD OD WUDQVIRUPDFLyQ GH ODV FRQGLFLRQHV VRFLDOHV 'XUDQWH DxRV LQWHJUDGD HQ OD JXHUULOOD DKRUD YROFDGD HQ VX WUDEDMR HQ OD $VRFLDFLyQ GH 3UR\HFWRV &RPXQDOHVGH(O6DOYDGRU 6XQRPEUHRULJLQDOHV*UDFLHOD/RYR$OHPiQSHURSRUUD ]RQHVGHVHJXULGDGHQORVDxRVGHFRQÀLFWRDUPDGRRSWy SRU HO VHXGyQLPR GH &ULVWLQD ³&RQ HO WLHPSR HUD PiV FRQRFLGDFRPR&ULVWLQDSRUORTXHGHFLGtOHJDOL]DUPHFRQ HVHQRPEUHWDPELpQ´ $VXVDxRVWLHQHXQKLMR\XQDKLMD(VWiDFRPSDxDGD SHURVXHVSRVRYLYHHQ(VWDGRV8QLGRV³WHQtDGL¿FXOWDGHV HFRQyPLFDV\WXYRTXHHPLJUDUGHIRUPDLOHJDODXQTXHQR OHYDPX\ELHQSRUDOOi´ 7RPDGHFRQFLHQFLDSHUVRQDO 'HODGXUDYLYHQFLDHQVX6XFKLWRWRQDWDOSDUWHODWRPDGH FRQFLHQFLDGH&ULVWLQD³(OFRQÀLFWRDUPDGRHQ(O6DOYDGRUFR PHQ]yHQHO\GRVDxRVGHVSXpVODVLWXDFLyQHQ6XFKLWRWR HUDPX\FRPSOLFDGDUHVXOWDEDPX\GLItFLOYLDMDUGHOFDPSRD ODFLXGDG0LSDGUHVHLQLFLyHQODJXHUULOODQXHVWUDFDVDHUD XQOXJDUGHDSR\RSDUDVXVDFWLYLGDGHVGHHQWUHQDPLHQWR´ (OKHFKRTXHGHWHUPLQyVXGHFLVLyQGHLQFRUSRUDUVHDODV DFWLYLGDGHV GHO )0/1 IXH HO FDVR TXH VXIULy OD IDPLOLD GH XQDDPLJDPX\TXHULGD³(OODDSR\DEDDODJXHUULOODHQXQ FHQWURGHVDOXG8QGtDHOHMpUFLWRVHSUHVHQWyHQVXFDVD SDUDOOHYiUVHODVXKHUPDQROHVVDOLyDOSDVRGLFLHQGRTXH PHMRU TXH VH OR OOHYDUDQ D pO ORV VROGDGRV VH OR OOHYDURQ MXQWRDVXSDGUH\DDPERVORVWRUWXUDURQ\ORVPDWDURQHQ PLWDGGHODFDOOH´ $VXVDxRVGHFLGLyRUJDQL]DUVHHQODJXHUULOOD³$OSULQFLSLR DSR\p HQ DFWLYLGDGHV GH SULPHURV DX[LOLRV 0H WRFy YLYLU HO FHUFRTXHHOHMpUFLWRSXVRDOFHUUR*XD]DSDGXUDQWHGtDV GHERPEDUGHRVLQWHQVRVFRQDYLRQHVDYLVSDV\FRQPRUWHURV´ &RQHOWLHPSROOHJyDVHU-HIDGH+RVSLWDO³DSUHQGtDSRQHU VXHURVDKDFHUVXWXUDV\RWUDVFRVDVTXHDKRUDQRKDUtD´ 7UDEDMyHQOD$VRFLDFLyQGH/LVLDGRVGH*XHUUD\PiVWDUGH VHLQFRUSRUyD3URFRPHV&RPHQ]yFRPRDVLVWHQWHGHODHQ WRQFHVGLUHFWRUD%ODQFD)ORU\OXHJRSDVyDFRRUGLQDUSUR \HFWRV³HOSULPHURIXHFRQMyYHQHVTXHHVWDEDQHQHOYHUWH GHURGH1HMDSDHQDFWLYLGDGHVGHUHFLFODMHGHGHVHFKRV´ (QODDFWXDOLGDGHVODJHUHQWHGHO3URJUDPDGH'HVDUUROOR (PSUHVDULDO \ 0HGLR $PELHQWH '(0$ GH HVD DVRFLDFLyQ FRPXQDO DFWLYLGDG TXH FRPSDUWH FRQ VX SDUWLFLSDFLyQ DFWLYD HQ WUHV UHGHV OD 0HVD GH *HVWLyQ GH 5LHVJRV GH LQFLGHQFLDSROtWLFDOD5HGLQWHUQDFLRQDOSDUDHO'HVDUUROOR (FRQyPLFR\6RFLDO\OD0HVDGH*pQHURGHOSURJUDPD7D SLVFD³&RQ3URFRPHVKHDSUHQGLGRPXFKRHVXQDHVFXHOD SDUDPt\SDUDPXFKDVSHUVRQDV7HQHPRVPXFKRWUDEDMR \YDPRVFUHFLHQGRDXQTXHTXHGDQPXFKDVFRVDVSRUPH MRUDUSDUDIRUWDOHFHUODRUJDQL]DFLyQGHODSREODFLyQ´ &ULVWLQD VH VLHQWH PX\ PRWLYDGD \ IRUWDOHFLGD FRQ 3URFR PHV³H[LVWHDSHUWXUDGHODGLUHFFLyQSDUDIDFLOLWDUHVSDFLRV DODVPXMHUHVSHURKD\TXHPHMRUDUHVWRDORLQWHUQRSXHV ODVPXMHUHVWHQHPRVTXHWUDEDMDUPiVSDUDTXHVHQRVUH FRQR]FDQXHVWUDYDOtDFUHRTXHHVWRPHMRUDUiFRQHOWLHP SR\PHVLHQWRRUJXOORVDGHKDEHUDELHUWREUHFKDSDUDTXH RWUDVPXMHUHVVHLQVHUWHQHQHVSDFLRVGHSRGHUGHGHFLVLyQ GHQWUR GH OD RUJDQL]DFLyQ $GHPiV SUHFLVDPHQWH FRQ HO SURJUDPD 7DSLVFD HVWDPRV VHQVLELOL]DQGR DO SHUVRQDO HQ DVSHFWRV GH JpQHUR OD UHODFLyQ FRQ 370 HV H[FHOHQWH \ GHERUHFRQRFHUTXHHOSHUVRQDOGHODGHOHJDFLyQHQ(O6DO YDGRUWLHQHPXFKDDSHUWXUD\QRVHQWHQGHPRVPX\ELHQ´ 1HFHVLGDGGHPRYLOL]DFLyQ 'HVXVDxRVHQODJXHUULOOD&ULVWLQDJXDUGDUHFXHUGRVGH WRGRWLSR³(OSURFHVRGHJXHUUDQRVVLUYLySDUDWRPDUFRQ FLHQFLDSHUVRQDOVHUGHL]TXLHUGDVVHOOHYDHQODVDQJUHGH PRVWUDPRVFDSDFLGDGSDUDKDFHUWDPEDOHDUHOVLVWHPDSHUR YLPRVTXHHOSURFHVRGHSD]HUDQHFHVDULRVLQHPEDUJRWUDV ORVDFXHUGRVGHSD]PXFKDVFRVDVQRFDPLQDQRKDQUHWUR FHGLGR&UHRTXHHO)0/1GHEHUHWRPDUODEDQGHUDGHODPR YLOL]DFLyQ\DQRQHFHVDULDPHQWHDUPDGDSDUDUHRUJDQL]DUD ODJHQWH\TXHUHFXSHUHODPHPRULDKLVWyULFD(Q(O6DOYDGRU KD\PXFKDSREUH]DODYLGDHVFDUDORVVDODULRVVRQEDMRV\ GHSHQGHPRV GH XQD PRQHGD TXH QR HV QXHVWUD GHEHPRV VHJXLUWUDEDMDQGRHQODWRPDGHFRQFLHQFLD(QGH¿QLWLYDQR PHDUUHSLHQWRQLPHDUUHSHQWLUpQXQFDGHPLSDVDGR´ &ULVWLQD QR SXGR WHUPLQDU OD FDUUHUD GH 2GRQWRORJtD SRU SUREOHPDV HFRQyPLFRV VLQ HPEDUJR HVWi WHUPLQDQGR OD WHVLVSDUDFXOPLQDUODFDUUHUDGH$GPLQLVWUDFLyQGH(PSUH VDV ³7DPELpQ PH KH LQVFULWR HQ GLSORPDGRV HOHFWUyQLFRV GH *pQHUR \ GH *HVWLyQ GH 5LHVJRV SDUD IRUWDOHFHU WDP ELpQHOWUDEDMRFRQ3URFRPHV´ 6XDFWLYLGDGGLDULDHVPX\LQWHQVD³OOHYRXQDYLGDPX\DFH OHUDGD\WHQJRSRFRWLHPSRSDUDHORFLRVXHORYHUODVQRWLFLDV GHWHOHYLVLyQ\ORVGRPLQJRVPL~QLFRGtDVHPDQDOGHGHV FDQVRORDSURYHFKRSDUDODYDUFRFLQDUDOJRD\XGDUDPLKLMD GHDxRVHQODVWDUHDVHVFRODUHV\VDOLUDSDVHDUFRQHOOD´ )DFWRU+XPDQR 4 ¡Muchas gracias! PTM-mundubat desea expresar su agradecimiento a todas las mujeres y hombres colaboradores y voluntarios, ONGD, movimientos sociales, medios de comunicación, entidades y empresas privadas que con su colaboración han hecho posible el desarrollo de nuestros proyectos e iniciativas en 2005. También en el futuro intentaremos responder a su confianza. Por su estrecho apoyo debemos mencionar en concreto a: 18 Fundación FIARE, Caja Laboral, Bilbao Bizkaia Kutxa (BBK), Fundación Caja Madrid, Caja Madrid, Fundación La Caixa, Caixa Galicia, Fundación Barceló, Fundación Gaiker, Troqueles y Derivados, Estructuras y Organización Barcelonesa, S.L., Comercial Gasbe, Viajes Iberia, Ilustre Colegio de Abogados de Bizkaia, Asociación Mundu-Bat de Galdakao, Osakidetza 0,7%, Asociación Hartuemanak. Instituciones públicas financiadoras Asimismo, recogemos a continuación la relación de instituciones públicas que han financiado los proyectos y programas de Cooperación para el Desarrollo, Acción Humanitaria, Sensibilización, y Educación para el Desarrollo, y Alianza y Redes durante 2005: 26 La Unión Europea en lo relacionado a programas de cooperación para el desarrollo y ayuda humanitaria de las siguientes instituciones de la Comisión Europea: Dirección General de Relaciones Exteriores, Europeaid, ECHO, y Dirección General de Desarrollo; diferentes comisiones y miembros del Parlamento Europeo; delegaciones de la Unión Europea en terceros países; Agencia Española de Cooperación Internacional; Gobierno Vasco; Gobierno de Navarra; Gobierno de la Comunidad de Madrid; Gobierno de Cantabria; Gobierno de Aragón; Gobierno de las Islas Baleares; Junta de CastillaLa Mancha; Diputación Foral de Bizkaia; Diputación Foral de Álava; Diputación Foral de Gipuzkoa; Ayuntamientos de Bilbao, Basauri, Barakaldo, Getxo, Etxebarri, Mungia, AbantoZierbena, Vitoria-Gasteiz, Llodio, Pamplona-Iruña, Tudela, Estella-Lizarra, Donostia-San Sebastián, Andoain, Irun, Hernani, Renteria, Madrid, Aranjuez, Móstoles, San Fernando de Henares, Rivas-VaciaMadrid, Getafe, Alcorcón, Zaragoza; Embajada Británica en Cuba. Edita: PTM-mundubat Fotografía: Begoña Garrós, Irantzu Zubiaur, Eneritz Pagalday, Enrique Pimoulier, Antonio González de Tánago. Maquetación: Irantzu Zubiaur Impresión: GERTU (Oñate) Depósito Legal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www.pobrezacero.org ¡Súmate! • 944 162 325 • www.ptmmundubat.org