)XQGDFLyQ-DLPH*X]PiQ(3UR\HFWR/RFDO1 º 74 'LFWDPHQGHOD&RQWUDORUtD*HQHUDOGHOD5HS~EOLFD 3DUHQWHVFRDKRQRUDULRFRQ'LUHFWRUGHO'HSDUWDPHQWRGH6DOXG 0HGLDQWH VX RILFLR 1 GH IHFKD GH DEULO GH 96, KD GLVSXHVWR RILFLDUDHVWD&RQWUDORUtD*HQHUDOHQRUGHQDTXHHPLWDXQLQIRUPHHQUHODFLyQFRQ HOHVFULWRGHUHFWLILFDFLyQ\FRPSOHPHQWDFLyQGHOUHFXUVRGHSURWHFFLyQ5RO1 LQWHUSXHVWR SRU GRQ ;; HQ FRQWUD GH HVWD (QWLGDG )LVFDOL]DGRUD SRU KDEHU HPLWLGRHOGLFWDPHQ1GH $O UHVSHFWR GHEH UHFRUGDUVH TXH D WUDYpV GHO DOXGLGR GLFWDPHQ 1 HVWD &RQWUDORUtD *HQHUDO RUGHQy D OD 0XQLFLSDOLGDG GH 3DLQH GHMDU VLQ HIHFWR OD FRQWUDWDFLyQ GHSUHVWDFLyQGH VHUYLFLRVDKRQRUDULRV GHOVHxRU;;IXQGDGR HQTXH VH LQFXUULy HQ OD LQKDELOLGDG FRQWHPSODGD HQ HO DUWtFXOR OHWUD E GH OD /H\ 1 GH OD /H\ GH %DVHV *HQHUDOHV GH OD $GPLQLVWUDFLyQ GHO (VWDGR SRU FXDQWR HUDFyQ\XJHGHXQDIXQFLRQDULDGLUHFWLYDGHHVHPXQLFLSLRGRxD<< $VLPLVPR HV GHO FDVR PHQFLRQDU FRPR FXHVWLyQ SUHYLD TXH HVWH 2UJDQLVPR GH &RQWURO LQIRUPy HQ UHODFLyQ FRQ HO UHFXUVR GH DXWRV PHGLDQWH HO RILFLR 1 GHLQJUHVDGRDHVD,OXVWUtVLPD&RUWHHOGHDEULOGH (QHOSUHVHQWHOLEHORHOUHFXUUHQWHSODQWHDHQVtQWHVLVODVPLVPDVDUJXPHQWDFLRQHV FRQWHQLGDV HQ HO UHFXUVR \D LQIRUPDGR SHUR DJUHJDQGR SRU XQD SDUWH TXH HO UHIHULGR GLFWDPHQ 1 DO DOXGLU D XQ UHFODPR VREUH XQ DFWR GHO DxR QR SXGR DSOLFDU VXV FRQFOXVLRQHV D OD FRQWUDWDFLyQ GHO DxR \ SRU OD RWUD TXH HO FDUJR GLUHFWLYR GH VX FyQ\XJH HQ HVWH DxR HUD HMHUFLGR HQ HO iUHD GH VDOXG PXQLFLSDOTXHWLHQH XQHVWDWXWRGLYHUVRDOUHVWRGHORV IXQFLRQDULRVPXQLFLSDOHV\ VH GHVHPSHxDED SRU WDQWR HQ XQ iUHD PX\ GLVWLQWD \ GLVWDQWH D DTXHOOD HQ TXH SUHVWDEDVXVVHUYLFLRVDKRQRUDULRV $GHPiV HQ HVWD RSRUWXQLGDG HVWLPD TXH VH KDEUtD YXOQHUDGR OD JDUDQWtD FRQVWLWXFLRQDO GH OD OLEHUWDG GH WUDEDMR FRQWHQLGD HQ HO DUWtFXOR 1 GH OD &RQVWLWXFLyQ3ROtWLFDGHOD5HS~EOLFD $OUHVSHFWRFXPSOHFRQPDQLIHVWDUD66,OWPDTXHODVVLWXDFLRQHVUHIHULGDVSRUHO DFWRU HQ QDGD YDUtDQ OR PDQLIHVWDGR HQ HO RILFLR 1 GH SHUR HV QHFHVDULR KDFHU DOJXQDV SUHFLVLRQHV SRU SDUWH GH HVWH 2UJDQLVPR GH &RQWURO SDUD XQD PD\RU FODULGDG VREUH OD PDWHULD D OD OX] GH OD QXHYD LQIRUPDFLyQ SURSRUFLRQDGD SRU HO UHFXUUHQWH HQ VX HVFULWR GH UHFWLILFDFLyQ \ FRPSOHPHQWDFLyQ 1 , (Q SULPHU WpUPLQR VH GHEH SUHFLVDU TXH HO GLFWDPHQ 1 LPSXJQDGR FRUUHVSRQGH D XQ ,QIRUPH )LQDO FRQIHFFLRQDGR HQ HMHUFLFLR GH ODV SRWHVWDGHV LQVSHFWLYDV TXH HVWD &RQWUDORUtD *HQHUDO GHVDUUROOy HQ OD 0XQLFLSDOLGDG GH 3DLQH FRQ PRWLYR GH XQD VLWXDFLyQ RFXUULGD HO DxR SHUR TXH VLJXLy SUHVHQWiQGRVH GXUDQWH HO DxR UD]yQ SRU OD FXDO HO PXQLFLSLR GHEtD DMXVWDU VX SURFHGHU DO FULWHULR FRQVLJQDGR HQ HVH ,QIRUPH UHVSHFWR GH OD LQKDELOLGDG TXH VH SURGXFtD HQWUHHOUHFXUUHQWH\ODVHxRUD<< $Vt ODV FRVDV HO TXH XQR GH ORV VXSXHVWRV GHO UHIHULGR ,QIRUPH )LQDO FRQWHQLGR HQ HO GLFWDPHQ 1 GH FXDO HV TXH OD FyQ\XJH GHO UHFXUUHQWH WHQtD HO FDUJR GH'LUHFWRUDGH'HVDUUROOR&RPXQLWDULRKD\DFDPELDGRGXUDQWHHOGHVDUUROORGHOD LQYHVWLJDFLyQDOKDEHUUHQXQFLDGRD HVHFDUJRSDUDGHVHPSHxDUVH VLQVROXFLyQGH FRQWLQXLGDG FRPR 'LUHFWRUD GHO 'HSDUWDPHQWR GH 6DOXG GH OD PLVPD 0XQLFLSDOLGDGHQQDGDYDUtDORFRQFOXLGRHQHOUHIHULGRGLFWDPHQ (Q HIHFWR GHEH UHFRUGDUVH TXH OD LQKDELOLGDG FRQWHPSODGD HQ HO DUWtFXOR OHWUD E GH OD /H\ 1 QRUPDWLYD SOHQDPHQWH DSOLFDEOH D ORV FRQWUDWDGRV D KRQRUDULRV HQ YLUWXG GH ORV GLVSXHVWR SRU HO DUWtFXOR LQFLVR GH OD /H\ 1 LPSOLFD TXH HO LQJUHVR D FXDOTXLHU GHSHQGHQFLD PXQLFLSDO VH HQFXHQWUD FRQGLFLRQDGR D TXH HO LQWHUHVDGR QR SRVHD FRQ DOJXQD DXWRULGDG R IXQFLRQDULR GLUHFWLYR GHO 0XQLFLSLR DO TXH SRVWXOD DOJXQR GH ORV YtQFXORV VHxDODGRV HQ HO UHIHULGRSUHFHSWRKDVWDHOQLYHOGH-HIHGH'HSDUWDPHQWRRVXHTXLYDOHQWHFRPRHV HO FDVR GH ORV 'LUHFWRUHV GH ORV 'HSDUWDPHQWRV GH 6DOXG QR VLHQGR UHOHYDQWH HO HVWDWXWRTXHULMDDORVUHVSHFWLYRVHPSOHRVFRPRVRQORVFRQWHPSODGRVHQODV/H\HV 1V RSRUHO&yGLJRGHO7UDEDMRDSOLFDFULWHULR FRQWHQLGRHQ GLFWiPHQHV1VGH\GH 3RUORWDQWRDOPDQLIHVWDUHVWH2UJDQLVPRGH&RQWUROHQHOGLFWDPHQ1GHO DxRHQFXUVRTXHOD0XQLFLSDOLGDGGH3DLQHGHEtDGHMDUVLQHIHFWRODFRQWUDWDFLyQD KRQRUDULRV GHO UHFXUUHQWH QR KD KHFKR PiV TXH FXPSOLU FRQ HO PDQGDWR OHJDO FRQWHQLGR HQ HO DUWLFXODGR VHxDODGR SUHFHGHQWHPHQWH D ILQ GH UHVWDEOHFHU HO LPSHULR GHO GHUHFKR HQ HVWD PDWHULD SRU OR TXH VH FRPSOHPHQWD OR TXH VREUH HO SDUWLFXODUVHSODQWHySRUHVWD&RQWUDORUtD*HQHUDOHQHODQWHULRULQIRUPHFRQWHQLGR HQHORILFLR1GH ,, (Q UHODFLyQ FRQ OD JDUDQWtD FRQVWLWXFLRQDO TXH HO UHFXUUHQWH HVWLPD YXOQHUDGD FDEH VHxDODU FRPR \D VH LQGLFDUD HQ HO DQWHULRU LQIRUPH TXH TXLHQ UHFXUUH GH SURWHFFLyQ GHEH SURSRUFLRQDU SRUPHQRUL]DGDPHQWH ORV HOHPHQWRV GH MXLFLR \ GHPiV DQWHFHGHQWHV TXH GHPXHVWUHQ GH PDQHUD IHKDFLHQWH FyPR VH KD SURGXFLGR OD SULYDFLyQ SHUWXUEDFLyQ R DPHQD]D HQ HO OHJtWLPR HMHUFLFLR GH OD JDUDQWtD TXH HVWLPDYXOQHUDGD 2 1R REVWDQWH GH OD VLPSOH OHFWXUD GHO OLEHOR GH DXWRV VH DGYLHUWH TXH HO DFWRU VH OLPLWD D DILUPDU VLQ IXQGDPHQWR VHULR QL SODXVLEOH TXH FRQ OD HPLVLyQ GHO GLFWDPHQ UHFXUULGR VH KDEUtD DIHFWDGR OD JDUDQWtD FRQVWLWXFLRQDO TXH DVHJXUD HO DUWtFXOR 1 \ TXH HVWLPD FRQFXOFDGD VLQ SUHFLVDU FyPR OD DFWXDFLyQ GH HVWD &RQWUDORUtD *HQHUDO SRGUtD VLJQLILFDU XQD DPHQD]D GHO GHUHFKR DQWHV FLWDGR 6LQ SHUMXLFLR GH OR DQWHULRU VH GHEH UHLWHUDU TXH HO UHFXUVR GH SURWHFFLyQ KD VLGR FRQFHELGR SDUD FDXWHODU HO OHJtWLPR HMHUFLFLR GH ORV GHUHFKRV \ JDUDQWtDV TXH VHxDOD HO DUWtFXOR GH OD /H\ 6XSUHPD \ TXH TXLHQ FDUHFH GH XQ WtWXOR YiOLGR QR SXHGH SUHWHQGHU OD SURWHFFLyQ TXH JDUDQWL]D OD &RQVWLWXFLyQ VLWXDFLyQ HQ OD TXH SUHFLVDPHQWH VH HQFXHQWUD HO UHFXUUHQWH D TXLHQ QR VH OH KD DIHFWDGR GLFKD JDUDQWtDDWHQGLGRTXHQRKDSRGLGRDGTXLULUGHUHFKRVSRUPHGLRGHXQFRQWUDWRD KRQRUDULRV TXH LQIULQJLy HO DUWtFXOR OHWUD E GH OD /H\ 1 HQ FRQFRUGDQFLDFRQORGLVSXHVWRHQHODUWtFXORLQFLVRGHOD/H\1 (Q FRQVHFXHQFLD OD DFWXDFLyQ GH HVWH 2UJDQLVPR GH &RQWURO QR SRGUtD KDEHUOH VLJQLILFDGR DO UHFXUUHQWH SULYDFLyQ SHUWXUEDFLyQ R DPHQD]D GH OD JDUDQWtD TXH LQGLFD 3RU FRQVLJXLHQWH HQ DWHQFLyQ D ORV DQWHFHGHQWHV \ FRQVLGHUDFLRQHV DQRWDGDV \ WHQLHQGR HQ FXHQWD ODV GLVSRVLFLRQHV FLWDGDV DVt FRPR ODV DWULEXFLRQHV TXH FRQVWLWXFLRQDO \ OHJDOPHQWH LQFXPEHQ D HVWH 2UJDQLVPR GH &RQWURO VH UHLWHUD TXH HVH OOWPR 7ULEXQDO GHEH GHVHVWLPDU HO UHFXUVR GHGXFLGR HQ HVWRV DXWRV SRU ;; )LQDOPHQWH VH DFRPSDxDQ DO SUHVHQWH LQIRUPH IRWRFRSLDV GH ORV GLFWiPHQHV 1V GH \ GH TXH FRQWLHQHQ OD MXULVSUXGHQFLD DGPLQLVWUDWLYD GH HVWD&RQWUDORUtDHQRUGHQDTXHODVLQKDELOLGDGHVGHODUWtFXOROHWUDEGHOD/H\ 1VRQDSOLFDEOHVDOFDUJRGH'LUHFWRUGHO'HSDUWDPHQWRGH6DOXG\TXHHV LUUHOHYDQWH SDUD TXH WDOHV LQKDELOLGDGHV RSHUHQ HO HVWDWXWR TXH ULMD HVRV HPSOHRV FRPR VRQ ORV FRQWHQLGRV HQ ODV /H\HV 1V \ HO &yGLJR GHO 7UDEDMR 'LFWDPHQ1GHIHFKD 3