5HYLVWD-XGLFLDO&RVWD5LFD16HWLHPEUH (/0(5&$'2(63$&,$//$5(/(9$1&,$'(/ '(5(&+2(63$&,$/(1&267$5,&$ <(/081'2686,03/,&$&,21(6 -85Ë',&2&20(5&,$/(6 /LFGD1DGLD9DQHVVD5RGUtJXH] 6XPDULR , ,QWURGXFFLyQ (OGHUHFKRHVSDFLDO $VSHFWRVKLVWRULFRV\GRFWULQDULRV $QWHFHGHQWHVKLVWyULFRV &RQFHSWXDOL]DFLyQ &ODVL¿FDFLyQIXQGDPHQWRV\IXHQWHVGHOGHUHFKRHVSDFLDO ÈPELWRGHDFFLyQVXMHWR\REMHWRGHOGHUHFKRHVSDFLDO 3UREOHPiWLFDGHODGHOLPLWDFLyQGHOHVSDFLRH[WHULRU $VSHFWRVQRUPDWLYRVHOFRUSXVLXULVVSDWLDOLV 3ULQFLSLRV 1RUPDWLYDHVSDFLDOYLJHQFLD ([SORWDFLyQGHOHVSDFLRH[WHULRU 3ULYDWL]DFLyQGHODVDFWLYLGDGHVHVSDFLDOHVHOPHUFDGRHVSDFLDO &RPHUFLDOL]DFLyQ\SULYDWL]DFLyQGHODVDFWLYLGDGHVHVSDFLDOHV (OPHUFDGRHVSDFLDO 'LYHUVL¿FDFLyQGHODVDFWLYLGDGHVHVSDFLOHV (OPHUFDGR\HOGHUHFKRHVSDFLDOHQFRVWDULFD ³(O PRWRU GH SODVPD´ FRKHWH GH PDJQHWRSODVPD GH LPSXOVR HVSHFt¿FR YDULDEOH RYDVLPUEHQH¿FLRVSDUDFRVWDULFD 'HUHFKRHVSDFLDOHQFRVWDULFDFRVWDULFDFRPRHVWDGRGHUHJLVWUR (QWLGDGHVHVWDWDOHV\QRJXEHUQDPHQWDOHVTXHSURPXHYHQHOPHUFDGRHVSDFLDO 3URSXHVWDVQRUPDWLYDV\FRQVLGHUDFLRQHVMXUtGLFDV &RQFOXVLRQHV %LEOLRJUDItD 5HVXPHQ 6RQYDULDGDVHQODDFWXDOLGDGODVSUHUURJDWLYDVHLPSOLFDFLRQHV-XUtGLFR&RPHUFLDOHVGHO'HUHFKR (VSDFLDO HQ &RVWD 5LFD \ HO PXQGR FRQVHFXHQFLD GHO IHQyPHQR FRQRFLGR FRPR ³(O 0HUFDGR (VSDFLDO´XQHMHPSORGHVXSUHVHQFLDHQQXHVWURWHUULWRULRHVHOHVWDEOHFLPLHQWRGHXQD¿OLDOGH $G$VWUD5RFNHW&RPSDQ\FRPSDxtDTXHGHVDUUROODXQSUR\HFWRFRPHUFLDOGHWHFQRORJtDHVSDFLDO FRQRFLGRFRPR³HO0RWRUGH3ODVPD´ 3DODEUDV FODYHV PHUFDGR HVSDFLDO LQGXVWULD HVSDFLDO GHUHFKR HVSDFLDO FRUSXV LXULV VSDWLDOLV PRWRUGHSODVPD&RKHWHGH0DJQHWRSODVPDGH,PSXOVR(VSHFt¿FR9DULDEOH 6XPPDU\ $UHYDULHGWKHSUHURJDWLYHVDQGWKHFRPPHUFLDODQGOHJDOLPSOLFDWLRQVRI6SDFH/DZLQ&RVWD5LFD DQGWKHZRUOGWRGD\FRQVHTXHQFHRIWKHSKHQRPHQRQNQRZQDV³0DUNHW6SDFH´DQH[DPSOHRI WKHLUSUHVHQFHLQRXUWHUULWRU\LVWKHHVWDEOLVKPHQWRIDVXEVLGLDU\RI$G$VWUD5RFNHW&RPSDQ\D FRPSDQ\WKDWGHYHORSVDFRPPHUFLDOVSDFHSURMHFWNQRZQDV³3ODVPD(QJLQH´ .H\ZRUGVVSDFH PDUNHW VSDFH LQGXVWU\ VSDFH ODZ FRUSXV MXULV VSDWLDOLV SODVPD HQJLQH WKH 9DULDEOH6SHFL¿F,PSXOVH0DJQHWRSODVPD5RFNHW 5HVXPH 6RQW YDULpHV OHV SUpURJDWLYHV HW OHV LPSOLFDWLRQV MXULGLTXHFRPPHUFLDOHV GX GURLW GH O¶HVSDFHDX &RVWD5LFDHWOHPRQGHDFWXHOOHPHQWFRQVpTXHQFHGXSKpQRPqQHFRQQXVRXVOHQRP©0DUFKp 6SDWLDOªXQH[HPSOHGHOHXUSUpVHQFHVXUQRWUHWHUULWRLUHHVWODFUpDWLRQG¶XQH¿OLDOHG¶$G$VWUD 5RFNHW &RPSDQ\ XQH FRPSDJQLH TXL GpYHORSSH OH SURMHW VSDWLDO FRPPHUFLDO FRQQX FRPPH ©PRWHXUjSODVPDª 0RWVFOpV PDUFKp VSDWLDO O¶LQGXVWULH VSDWLDOH GURLW GH O¶HVSDFH FRUSXV MXULV VSDWLDOLV PRWHXU j SODVPDIXVpHGHPDJQpWRSODVPDGH,PSXOVHYDULDEOHVSpFL¿TXH 5HYLVWD-XGLFLDO&RVWD5LFD16HWLHPEUH (/0(5&$'2(63$&,$//$5(/(9$1&,$ '(/'(5(&+2(63$&,$/(1&267$5,&$ <(/081'2686,03/,&$&,21(6 -85Ë',&2&20(5&,$/(6 /LFGD1DGLD9DQHVVD5RGUtJXH] ,QWURGXFFLyQ 6H KDUi XQ DQiOLVLV GHO 'HUHFKR (VSDFLDO HQ HO PXQGR \ &RVWD 5LFD D OD YH] TXH SXQWXDOL]DUHPRVODVSULQFLSDOHVLPSOLFDFLRQHV -XUtGLFR &RPHUFLDOHV TXH VH KDQ GHVDWDGR HQ OD DFWXDOLGDG \ HOOR FHQWUiQGRVH HQ HO IHQyPHQR FRQRFLGR FRPR ³(O 0HUFDGR (VSDFLDO´ FRQ XQD HVTXHPDWL]DFLyQ GH OD SUHVHQFLD GHO PLVPR HQ QXHVWUR WHUULWRULR QDFLRQDO FRQ HO SUR\HFWR FRPHUFLDO GH WHFQRORJtDHVSDFLDOFRQRFLGRFRPR³HO0RWRU GH3ODVPD´>@DOHVWDEOHFHUVHXQD¿OLDOGH$G $VWUD5RFNHW&RPSDQ\>@HQ*XDQDFDVWH 8Q 0HUFDGR (VSDFLDO TXH GHPDQGD XQD JDPDGHMXULVWDVHVSHFLDOL]DGRV\HVWXGLRVRV GHO 'HUHFKR (VSDFLDO ,QWHUQDFLRQDO FRPR GHO ³'HUHFKR (VSDFLDO ,QWHUQR´ GH ODV SRWHQFLDVTXH\DORKDQGHVDUUROODGR\HOOR FRQOD¿QDOLGDGGHXVDUORDPDQHUDGHJXtD SDUD LPSOHPHQWDUOR HQ HO SDtV H LQVHUWDUVH DSURSLDGDPHQWHDOPLVPR 6RQ P~OWLSOHV ODV DOWHUQDWLYDV FRPHUFLDOHV TXHVHOHDEUHQDOSDtV>@SRUTXHHOSODQGHO 'U )UDQNOLQ &KDQJ 'tD] HV VLWXDU PXFKRV RWURV ODERUDWRULRV GH LQYHVWLJDFLyQ HQ HO SDtV DGHPiV GH RIUHFHU D OD FRPXQLGDG LQWHUQDFLRQDO FRQ³(O 0RWRU GH 3ODVPD´>@ XQ VHUYLFLR VLPLODU DO GHO FDQDO GH 3DQDPi GH PRGR TXH VL HO VDWpOLWH R OD QDYH HVSDFLDO TXH UHTXLHUD ORV VHUYLFLRV GHO PRWRU WLHQHQ EDQGHUD QDFLRQDO VH DSOLFDUtD XQ FRQVLGHUDEOH GHVFXHQWR OR TXH VLJQL¿FDUtD XQ HVWtPXOR SDUD TXH ODV FRPSDxtDV WHFQROyJLFRHVSDFLDOHVPXQGLDOHVVHLQVWDOHQ \ RSHUHQ HQ HO SDtV GH DKt OD LQGXGDEOH UHOHYDQFLDGHODYDQFHGHHVWHGHUHFKR 6LHQGR TXH SRU OR WDQWR FRQ HO DXJH WHFQROyJLFRFRPHUFLDO GH OD LQGXVWULD HVSDFLDO VH UHTXHULUi VHJ~Q HV H[LJLGR SRU HO PLVPR 'HUHFKR (VSDFLDO LGHQWL¿FDU ORV REMHWRVODQ]DGRVDOHVSDFLR\DHVWHUHVSHFWR DO (VWDGR UHVSRQVDEOH GHO ODQ]DPLHQWR \ SRU FRQVLJXLHQWH GH XQ UHJLVWUR QDFLRQDO GH &RQVXOWRUD-XUtGLFD\$ERJDGD8QLYHUVLGDGGH&RVWD5LFD ³&RKHWHGH0DJQHWRSODVPDGH,PSXOVR(VSHFt¿FR9DULDEOH´R9$6,05SRUVXVVLJODVHQLQJOpV 4XHVLJQL¿FDHQODWtQHPSUHVDGHFRKHWHVKDFLDODVHVWUHOODV 5RQDOG&KDQJ'tD](OPHUFDGRHVSDFLDO8QLYHUVLGDG\6RFLHGDG8QLYHUVLGDG(VWDWDOD'LVWDQFLD³GHVGHDSDUDWLWRV TXH HQIUtHQ VLVWHPDV HOHFWUyQLFRV HQ HO HVSDFLR KDVWD KDFHU FRPLGD HVSDFLDO GRQGH XQ ORPLWR HQFHEROODGR SXHGH FRVWDUFRORQHVHQODWLHUUDDOOiFXHVWDKDVWDGyODUHVGRQGHHOYDORUDJUHJDGRGHOFRQRFLPLHQWRGHFyPR SURFHVDUDOLPHQWRVDOHVSDFLRHVORTXHKDFHYLDEOHDXQSDtVFRPRHOQXHVWUR´ (O ~QLFR HQ OD DFWXDOLGDG FRQ OD WHFQRORJtD TXH KDJD VRVWHQLEOH XQD DFWLYLGDG WDO \ FRPR HO UHPROTXH GH REMHWRV HVSDFLDOHV<HVWRSRUTXHH[LVWHQHQyUELWDDOUHGHGRUGHOD7LHUUDJUDQFDQWLGDGGHVDWpOLWHVPXFKRVHQPDOHVWDGR\ DQWLJXRVSULYDGRVHQVXPD\RUtDJHQHUDQGRXQDJUDQFDQWLGDGGHEDVXUDHVSDFLDOpVWHHVVLVHTXLHUHHOSULPHUJUDQ QHJRFLRDQLYHOHVSDFLDOTXHVHDEUHSDUDOLEHUDUSRVLFLRQHVDRWURVVDWpOLWHV REMHWRVHVSDFLDOHV\WRGRHOORFRQODUHFLHQWH DSUREDFLyQ\UDWL¿FDFLyQGHOFRQYHQLRVREUH HOUHJLVWURGHREMHWRVHVSDFLDOHV>@ 3RU OR TXH HV LQFXHVWLRQDEOH OD YDOtD GH ODV FXHVWLRQHVTXHVHDEDUFDUiQWDOHV\FRPR ¢3XHGH HO 'HUHFKR (VSDFLDO ,QWHUQDFLRQDO DEDUFDUDSURSLDGDPHQWHHOPHUFDGRHVSDFLDO DFWXDO" ¢4Xp HVWi KDFLHQGR OD OHJLVODFLyQ FRVWDUULFHQVH FRPR QHUYLR GH JHVWLyQ HQ OD JHQHUDFLyQ GH GHUHFKR \ HVSHFt¿FDPHQWH GH 'HUHFKR (VSDFLDO TXH YHQJD KDFHU IUHQWH D HVWH PHUFDGR HQ LQFUHPHQWR \ DXJH TXH DPHQD]D FRQ WUDQVIRUPDU ODV DFWLYLGDGHVHVSDFLDOHVHQXQDHPSUHVDTXH HVWDUtD OLGHUDQGR SUHSRQGHUDQWHPHQWH OD LQGXVWULDSULYDGD" < ¿QDOPHQWH PDQLIHVWiQGRVH D PRGR GH KLSyWHVLV FRPR LQHOXGLEOHV ODV QXPHURVDV FRQWLQJHQFLDV QRUPDWLYDV GHO 'HUHFKR (VSDFLDOIUXWRGHHVWHPHUFDGRWDQWRDQLYHO QDFLRQDOFRPRLQWHUQDFLRQDO (O'HUHFKR(VSDFLDO $VSHFWRVKLVWRULFRV\GRFWULQDULRV $QWHFHGHQWHVKLVWyULFRV ³/DFRQTXLVWDGHOHVSDFLR´HVVLQGXGDXQRGH ORVPiVH[WUDRUGLQDULRVDFRQWHFLPLHQWRVTXH PDUFDURQVXLQLFLRHQHOVLJOR;;~QLFDPHQWH FRPSDUDEOH³DOGHVFXEULPLHQWRGH$PpULFD´ <D GHVGH DQWLJXD GDWD VRQ LQQXPHUDEOHV ORVDQWHFHGHQWHVOLWHUDULRV\¿ORVy¿FRVGHOD HUD HVSDFLDO \D TXH pVWD IXH SUHSDUDGD QR VyOR SRU ORV QXPHURVRV ORJURV FLHQWt¿FRV \ WHFQROyJLFRV HQ TXH VH EDVDURQ ODV QDYHV HVSDFLDOHV \ ORV FRKHWHV VLQR WDPELpQ JUDFLDV D ORV VXHxRV KXPDQRV H[SUHVDGRV HQ DQKHORV \ SHQVDPLHQWRV D WUDYpV GH OD FLHQFLD¿FFLyQ\ODFRQVWUXFFLyQ¿ORVy¿FDTXH HQGH¿QLWLYDVHOOHJyDXQLUFRQODWDQJLELOLGDG GHODFLHQFLD $VtSRUHMHPSORDODYHULJXDUORVJULHJRV>@\ ORV URPDQRV TXH ORV SXQWRV EULOODQWHV HQ HO FLHORHUDQSODQHWDV\HVWUHOODV\DGHVHDEDQ YLDMDU KDVWD HOODV 8QR GH ORV SULPHURV GRFXPHQWRV HQ HVWD GLUHFFLyQ HV HO GHO UHWyULFRJULHJR6DPRVDWD>@,QFOXVR\DGHVGH HO VLJOR ,, GH QXHVWUD (UD &ULVWLDQD H[LVWtDQ KLVWRULDVDFHUFDGHYLDMHVWULSXODGRVD/XQD <DSDUDODFLYLOL]DFLyQFOiVLFDDSDUHFLyHOOLEUR 6RPQLXP 6FLSLRQLV GH &LFHUyQ PiV WDUGH -XOLR9HUQHHVFULELy³'HOD7LHUUDDOD/XQD´ \(GJDU$OODQ3RH³9LDMHD9HQXV´HQ DVLPLVPRKDQGHVWDFDGR³'H)DFLHLQ2UEH /XQDH´ GH /XFLDQR GH 6DPRV ³6RPQLXP´ GH.HSOHU\GHOIDPRVR&\UDQRGH%HUJHUDF ³+LVWRULDV &yPLFDV GH ORV (VWDGRV GH OD /XQD \ HO 6RO´6LHQGR TXH ¿QDOPHQWH ODV XWRStDV IXHURQ VXSHUDGDV SRU OD UHDOLGDG \ SRVLEOHPHQWHORFRQWLQXDUiQVLHQGR 'HO PLVPR PRGR ORV DQWHFHGHQWHV WHFQROyJLFRVGH³ODFRQTXLVWDGHHVSDFLR´VRQ (OGHMXQLRGHOOD$VDPEOHD/HJLVODWLYDDSUREy¿QDOPHQWHODDGKHVLyQDOFRQYHQLRVREUHHOUHJLVWURGHREMHWRV ODQ]DGRVDOHVSDFLRXOWUDWHUUHVWUHGHXQFRQYHQLRVXVFULWRHOGHHQHURGH 9HU*yPH]+HUW]9S³(OPLVPR6HQDGR5RPDQRSUHJXQWiQGRVHFXDOHUDHOOtPLWHGH5RPDSDUDVXV FRQTXLVWDVVHUHVSRQGLy³(O&LHORHVHO/tPLWH´´ *yPH]+HUW]9S³HOFXDOXWLOL]DODLGHDGHXQYLDMHDOD/XQDFRPRKHUUDPLHQWDVDWtULFDSDUDFULWLFDUORV SUREOHPDVGHODVRFLHGDGJULHJDGHHVHPRPHQWR´ QXPHURVRVGRQGHHOYHUGDGHURFRPLHQ]RGH ³OD HUD HVSDFLDO´ QR VH GD HQ HIHFWR FRQ HO ORJUR GHO YXHOR HVSDFLDO VLQR PiV ELHQ FRQ WRGDXQDVXFHVLyQGHLQYHQFLRQHVTXHIXHURQ SURFXUiQGRVHDORODUJRGHPXFKtVLPRVDxRV SDUDFRQFUHWDUXQDVXPDGHHOHPHQWRVTXH FRQMXQWDPHQWH OD KLFLHURQ SRVLEOH $Vt SRU VyOR PHQFLRQDU XQ HMHPSOR HO SURFHVR GH FUHDFLyQ\GHVFXEULPLHQWRGHODSyOYRUD>@ 3HUR QR HV VLQR FRQ OD SXHVWD HQ yUELWD HQ GHO SULPHU VDWpOLWH VRYLpWLFR 6SXWQLN TXH VH PDUFy XQ KLWR KLVWyULFR GH OD OODPDGD ³&RQTXLVWD GHO (VSDFLR´ (Q FRPR UHVSXHVWD (VWDGRV 8QLGRV FUHD OD $GPLQLVWUDFLyQ 1DFLRQDO GH $HURQiXWLFD \ (VSDFLR>@HQDGHODQWH1$6$ /RVVRYLpWLFRVSXVLHURQDVXYH]XQVHJXQGR VDWpOLWH HQ yUELWD HO GH QRYLHPEUH GH HO 6SXWQLN FRQ /DLND>@DERUGR \ VH HQFRQWUDED WRGDYtD HQ yUELWD FXDQGR HO SULPHUVDWpOLWHQRUWHDPHULFDQRHO([SORUHU GHVSHJyGHO&DER&DxDYHUDOHOGHHQHUR GH /RV YHKtFXORV HVSDFLDOHV KLFLHURQ YLDMHV FDGD YH] PiV ODUJRV \ UHDOL]DURQ KD]DxDV PiV IDVFLQDQWHV DFRQWHFLPLHQWRV TXH VH GHVHQFDGHQDUtDQ FRPR IUXWR GH TXH OD KXPDQLGDG YROFy VXV HVIXHU]RV HQ KDFHU QR VyOR PiV VROLGD HVWD FRQTXLVWD VLQR HQ EHQH¿FLDUVH GH HOOD SDUD GH XQ PRGR X RWUR$VtHOSULPHUKRPEUHHQRUELWDIXH<XUL $OHNVH\HYLFK*DJDULQTXLHQHOGHDEULOGH LQLFLyXQYLDMHKDFLDHOHVSDFLRH[WHULRU /RV VRYLpWLFRV DOFDQ]DURQ RWUD YLFWRULD HQ OD OODPDGD ³FDUUHUD HVSDFLDO´ DO PDQGDU D *DJDULQ<HQUHVSXHVWDHO3UHVLGHQWH-RKQ ).HQQHG\SURPHWLyTXHORV(VWDGRV8QLGRV GH$PpULFDQRVyORLEDQDLJXDODUDOD8QLyQ 6RYLpWLFD HQ VXV ORJURV VLQR TXH SRQGUtDQ XQ KRPEUH HQ OD /XQD SDUD ¿QDOHV GH ODGpFDGD>@ (O ODQ]DPLHQWR GHO $SROR FX\R PyGXOR OXQDU VH DSUR[LPy D RFKR PLOODV GH OD VXSHU¿FLH GH OD /XQD SUHFHGLy D OD PLVLyQ GHO $SROR TXH FXOPLQy FRQ OD KLVWyULFD OOHJDGDGHOVHUKXPDQRDOD/XQD>@ (VWROHRWRUJyDORV(VWDGRV8QLGRVHOSULPHU OXJDUHQODFDUUHUDHVSDFLDO\HQORVVLJXLHQWHV WUHV DxRV RWUDV FLQFR PLVLRQHV $SROR DWHUUL]DURQHQOD/XQD(QORVDxRVVHVHQWDV ORV VRYLpWLFRV SHVLPLVWDV VREUH VXV FKDQFHV GHSRQHUXQDVWURQDXWDHQOD/XQDVHGLHURQ SRUYHQFLGRVHQHVWDWDUHD\VHFRQFHQWUDURQ HQXQDVHULHGHHVWDFLRQHVHVSDFLDOHV 'XUDQWHORVVLJXLHQWHVDxRVHQODGpFDGDGH ORVVGHOVLJORSDVDGRODFDUUHUDHVSDFLDO EDMyVXQLYHO(QSULPHUOXJDUHQWUHRWURVSRU 4XHHVXQLQJUHGLHQWHHOHPHQWDOGHOFRPEXVWLEOHVyOLGRGHORVFRKHWHV &RPRDJHQFLDJXEHUQDPHQWDOSDUDOOHYDUDFDERHOSURJUDPDHVSDFLDOGH(VWDGRV8QLGRVFRPSOHWDPHQWHGHVYLQFX ODGDGHVXDSDUDWRPLOLWDUSUHFLVDPHQWHSDUDSRGHUDSURYHFKDUHOSRWHQFLDOFRPHUFLDOGHXQSUR\HFWRGHHVWDtQGROH (OSULPHUDQLPDOFDQLQRHQRUELWDSDUDUHFLELULQIRUPDFLyQELRPpGLFDDFHUFDGHORVHIHFWRVGHOYXHORHVSDFLDOVREUH RUJDQLVPRVWHUUHVWUHV 6DODV$S³(OSURJUDPD$SROORVHLQLFLRFRQHVHSURSyVLWR\VHFRQYLUWLyHQHOHMHGHORVHVIXHU]RVGHOD $HURQiXWLFD1DFLRQDO\GHOD$GPLQLVWUDFLyQ(VSDFLDODPHULFDQDGXUDQWHYDULRVDxRV´ /DFKV0DQIUHGS³FRQHOKLVWyULFRPHQVDMHTXHVHHQYLyDOPXQGRGHVGH+RXVWRQHOGHMXOLRGH ©+R\HOKRPEUHGHVHPEDUFyHQOD/XQD'RVH[SORUDGRUHVGHOSODQHWD7LHUUD1HLO$$UPVWURQJ\(GZLQ($OGULQ XVDQGR VX IUiJLO QDYH DWHUUL]DURQ WHPHUDULDPHQWH SHUR FRQ p[LWR D ODV *07ª´ 'HVSXpV GH UHJUHVDU D VX PyGXORGHMDURQOD/XQD\VHDFRSODURQFRQODQDYHGHPDQGR6HUHXQLHURQFRQVXFROHJD0LFKDHO&ROOLQV\MXQWRFRQ pOUHJUHVDURQDOD7LHUUD ODQHFHVLGDGGHUHFXSHUDUVHGHORVHVIXHU]RV GH ORV (VWDGRV 8QLGRV FRPR GH OD 8QLyQ 6RYLpWLFDGHORJUDUDWHUUL]DUHQOD/XQD>@ /D FDUUHUD HVSDFLDO ¿QDOL]y FRQ OD DOLDQ]D VLQ SUHFHGHQWHV HQWUH (VWDGRV 8QLGRV \ OD 8QLyQ6RYLpWLFDHQHOSUR\HFWR$SROR6R\X] HQ HO DxR GH 6XFHVR TXH UHSUHVHQWy XQDQXHYDHUDGHUHODFLRQHVSDFt¿FDVHQORV SURJUDPDVHVSDFLDOHV (Q ORV V \ V GHO VLJOR ;; HQ ODV UHODFLRQHV LQWHUQDFLRQDOHV HQ HVWD PDWHULD SUHGRPLQDURQODVLQLFLDWLYDVGHFRRSHUDFLyQ HMHPSOR GH HOOR IXHURQ ORV SUR\HFWRV LQLFLDOPHQWH GH OD (VWDFLyQ (VSDFLDO 5XVD 0,5 \ SRVWHULRUPHQWH D~Q HQ DYDQFH OD (VWDFLyQ(VSDFLDO,QWHUQDFLRQDO 3HUR VH HPSLH]D D LQFXUVLRQDU PiV GLUHFWD PHQWHHQHOiPELWRMXUtGLFRHVSDFLDOHQ FXDQGRHQHO,,,&RQJUHVR,QWHUQDFLRQDOGH$V WURItVLFDVHWUDWySRUYH]SULPHUDHOiPELWROHJDO GHORVYXHORVHVSDFLDOHVLQFXPELHQGRD$OH[ 0H\HUVHUHOSULPHUMXULVWDHQWUDWDUHOWHPD>@ &RQ HO ODQ]DPLHQWR GHO 6SXWQLN , VH GHWRQy ODOyJLFDH[SHFWDWLYDGHFyPRUHDFFLRQDUtDQ ODVGLVWLQWDVSRWHQFLDVFX\RWHUULWRULRHVWDUtD VLHQGR VREUHYRODGR SRU pVWH 3HUR QDGLH VH RSXVR \ QDGLH LQYRFy OD &RQYHQFLyQ GH&KLFDJRGHTXHQRUPDODVREHUDQtD GH ORV (VWDGRV VREUH VX WHUULWRULR HQ HO HVSDFLR DpUHR QDGLH SUHWHQGLy HMHUFHU VREHUDQtD XVTXH DG FRHORV>@ < HVWR HQ JUDQ PHGLGD SRUTXH SUHYLDPHQWH HQ HO $xR *HRItVLFR ,QWHUQDFLRQDO GH KDEtD H[LVWLGR XQ DFXHUGR HQWUH ODV QDFLRQHV GH TXH OD SXHVWD GH VDWpOLWHV HQ yUELWD HUD GH LQWHUpVSDUDHODYDQFHWpFQLFRQDGLHUHFODPy LQFOXVRORVTXHQRSDUWLFLSDURQR¿FLDOPHQWH DXQTXH ORV REMHWRV WUDQVLWDEDQ VREUH VXV WHUULWRULRVVLQDXWRUL]DFLyQDOJXQD &RQVHFXHQWHPHQWH VH SXHGH GHFLU TXH HO 'HUHFKR (VSDFLDO KD HYROXFLRQDGR GH XQD IRUPDPiVRPHQRVSDUDOHODDOGHVDUUROORGH OD WHFQRORJtD HVSDFLDO \ OHMRV GH JHQHUDUVH UHVLVWHQFLDV HO LQWHUpV WHyULFR \ MXUtGLFR KD DXPHQWDGR\HOPXQGRORKDFHOHEUDGR 6LQ HPEDUJR HVWRV HYHQWRV JHQHUDURQ ³D QLYHO OHJLVODWLYR LQWHUQDFLRQDO XQD VHULH GH FRQÀLFWRVTXHHUDQQHFHVDULRVUHVROYHU3RU HMHPSOR ¢&yPR VH LED D GHWHUPLQDU TXLHQ HUDGXHxRGHFXDOSDUWHGHOHVSDFLR"¢4Xp UHVSRQVDELOLGDG WHQGUtDQ ORV (VWDGRV HQ OD DFWLYLGDG HVSDFLDO" ¢$ SDUWLU GH GyQGH VH FRPLHQ]D D KDEODU GHO (VSDFLR ([WHULRU" ¢&XiOHVODUHODFLyQHQWUHHO(VSDFLR([WHULRU \HO(VSDFLR$pUHR"´>@¢'HEtDODVREHUDQtD GHORV(VWDGRVFRQWLQXDUDODPLVPDDOWXUD" ¢6HGDUtDODPLVPDVLWXDFLyQGHOFRORQLDOLVPR SHUR HQ HO HVSDFLR" ¢6H HPSOHDUtD ODV 6DODV$S´3DUD¿QDOHVGHODVHULHGHPLVLRQHV$SROORORV(VWDGRV8QLGRVVHYLHURQIUHQWHXQGHWULPHQWR GHIRQGRV\GHLQWHUpVHQVXSURJUDPDHVSDFLDO$OPLVPRWLHPSRHOSURJUDPDGHOD8QLyQ6RYLpWLFDVXIULyXQDJUDQ SpUGLGDFRQODPXHUWHGHVXIXQGDGRU6HUJHL.RUROHY,JXDOPHQWHSDUDHVWDpSRFDHOQ~PHURGHSDUWLFLSDQWHVHQOD H[SORUDFLyQHVSDFLDOVHKDEtDDJUDQGDGRSDUDLQFOXLUDODVQDFLHQWHVSRWHQFLDVHVSDFLDOHVGH-DSyQ&KLQD,QGLD\ (XURSDFRQOD$JHQFLD(VSDFLDO(XURSHD(6$«<DHQORVDxRVVHWHQWDVDPERVSDtVHVVLJXLHURQFDPLQRVGLVWLQWRV HQODH[SORUDFLyQHVSDFLDODOFDQ]DGRFDGDXQRSRUVXSDUWHJUDQGHVORJURV´ /D7RUUH(GXDUGR,QWURGXFFLyQDO'HUHFKR(VSDFLDO0RQRJUDItD>HQOtQHD@SDUDFRQVXOWDGLVSRQLEOHHQSiJLQDZHE KWWSSRUHOGHUHFKRHVSDFLDOEORJVSRWFRP -RVp0DQXHO/DFOHWD0XxR]GHDEULO(O'HUHFKRHQHOHVSDFLRXOWUDWHUUHVWUH'RFXPHQWRGH7UDEDMR>HQOtQHD@ 2EWHQLGRHOGHHQHURGHGHVGHGLUHFFLyQKWWSVHDUFK"T FDFKH]U)J6F+:<-ZZZUHDOLQVWLWXWRHO FDQRRUJGRFXPHQWRV/DFOHWDSGISGIGHUHFKRHVSDFLDO\ODHPSUHVDSULYDGDFG KO HVFW FOQNJO FU *yPH]+HUW]9S QXHYDVSRVLELOLGDGHVWHFQROyJLFDVSDUD¿QHV EpOLFRV"¢(QSOHQD*XHUUD)UtDORVSDtVHVGH XQ EORTXH FRQWLQXDUtDQ DXWRUL]DQGR HO OLEUH WUiQVLWRGHVDWpOLWHV" 8QLGDV SRU OR TXH OD$VDPEOHD *HQHUDO GH OD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVHQ FUHDOD&RPLVLyQ(VSHFLDOVREUHOD8WLOL ]DFLyQ3DFt¿FDGHO(VSDFLR8OWUDWHUUHVWUH>@ 3HUR SDUD HVH PRPHQWR GH FDPELR WHFQROyJLFR KLVWyULFR TXH MXVWDPHQWH FRLQFLGtD FRQ OD *XHUUD )UtD \ D VX YH] HUD HQ DOJXQD PHGLGD IUXWR GH OD PLVPD OD KXPDQLGDG SUHIHUtD HQ SULPHU WpUPLQR XQ GHUHFKR HVSDFLDO PiV GH LQMHUHQFLD \ FRPSHWHQFLDULJXURVDPHQWHHVWDWDODVXYH] TXHVHLQWHUHVDEDPiVSRUODFRRSHUDFLyQOD H[SORWDFLyQSDFt¿FDGHOHVSDFLRHLPSHGLUXQD DSURSLDFLyQGHpVWHSRUSDUWHGHORVEORTXHV LGHROyJLFRV PD\RUPHQWH SRU ORV SRVLEOHV FRQÀLFWRV LQWHUQDFLRQDOHV TXH VH SRGUtDQ JHQHUDUHQHOLQWHQWRGHGRPLQDUORPiVTXH SRUXQYHUGDGHURGHVDUUROORMXUtGLFRSUiFWLFR YHUViWLO FRPHUFLDO \ YHUGDGHUDPHQWH GHPRFUiWLFR 3RU HOOR SRFRV VHPDQDV GHVSXpVGHODSXHVWDHQyUELWDGHO6SXWQLN, VHSHGtDHOHVWXGLRHQFRP~QGHXQVLVWHPD GHLQVSHFFLyQSDUDDVHJXUDUTXHHOHQYtRGH REMHWRVDOHVSDFLRVHKDUtD~QLFDPHQWHFRQ ¿QHV SDFt¿FRV \ FLHQWt¿FRV /D FRPXQLGDG LQWHUQDFLRQDO VH SUHRFXSy GH JHQHUDU PHFDQLVPRV GH GLVFXVLyQ HQ ORV FXDOHV ORV WHPDVTXHFRQFHUQtDDODVSRVLELOLGDGHVTXH JHQHUDEDQ ODV DFWLYLGDGHV HQ HO HVSDFLR VH SXGLHUDQWUDWDUVHULDPHQWH &RQFHSWXDOL]DFLyQ 3URQWDPHQWHORV(VWDGRVFRPHQ]DURQDGH OLEHUDU VREUH FXDOHV HUDQ ORV SULQFLSLRV MXUt GLFRV TXH GHEtDQ UHJLU ODV DFWLYLGDGHV GH ORV (VWDGRV HQ HO (VSDFLR GRQGH DGHPiV ODV SRWHQFLDV TXHUtDQ TXH ODV DFWLYLGDGHV HVSDFLDOHVTXHGDUDQFXELHUWDVSRUHO'HUH FKR,QWHUQDFLRQDO\OD&DUWDGHODV1DFLRQHV ³/DFRQTXLVWDGHOHVSDFLR´SURGXMRPD\RUHV FRQVHFXHQFLDV \ WUDQVIRUPDFLRQHV HQ OD YLGD TXH FXDOTXLHU RWUR DFRQWHFLPLHQWR DQWHULRU 'H DKt TXH VXUJLHUD ³OD QHFHVLGDG GH XQD QRUPDWLYD HVSHFLDO SDUD HO HVSDFLR \DTXHVHKDFRQVWLWXLGRHQXQPHGLREiVLFR IXQGDPHQWDO HQ HO TXH VH GHVHQYROYHUiQ JUDQ SDUWH GH ODV DFFLRQHV IXWXUDV GHO KRPEUH GH JUDQ LPSRUWDQFLD H LQMHUHQFLD SDUDODKXPDQLGDGHQWHUD´>@ /D DSHUWXUD GHO iPELWR HVSDFLDO FRORFy DO KRPEUH HQ HO SUREOHPD GH VX XWLOL]DFLyQ \ SRVWHULRUPHQWHHQODODERUGHVXUHJXODFLyQ < HVWR DO HQIUHQWDUVH HO VHU KXPDQR FRQ UHDOLGDGHV PDWHULDOHV \ ItVLFDV UDGLFDOPHQWH GLVWLQWDV SDUD ODV TXH ORV LQVWLWXWRV WUDGLFLRQDOHV GH OD 7LHUUD VH WRUQDURQ LQVXEVLVWHQWHVGHDKtODQHFHVDULDFRQVWDQWH LPSOHPHQWDFLyQIRUWDOHFLPLHQWR\DGDSWDFLyQ GHO³'HUHFKR(VSDFLDO´&RQFXUULHQGRSRUOR WDQWRGHSULPRUGLDOLPSRUWDQFLDGH¿QLUOR 6LHQGR UHOHYDQWH D HVWRV HIHFWRV HQ SULPHU OXJDU VHxDODU TXH KDQ VLGR P~OWLSOHV ODV SRVLFLRQHV DFHUFD GH VX PLVPD GHQRPLQDFLyQGHQRPLQDFLRQHVGHODVFXDOHV HQWUH RWUDV HVWiQ ³'HUHFKR 6DWHOLWDULR 'HUHFKR ,QWHUDVWUDO 'HUHFKR GHO &RVPRV 'HUHFKR GH OD 1DYHJDFLyQ GH ORV (VSDFLRV &HOHVWHV 'HUHFKR ([WUDWHUUHVWUH 'HUHFKR 8OWUDWHUUHVWUH 'HUHFKR GH OD /RFRPRFLyQ &23286SRUVXVVLJODVHQLQJOpVFRPRXQFXHUSRSHUPDQHQWHSDUDDQDOL]DUHOiPELWRGHFRRSHUDFLyQLQWHUQDFLRQDO HQODXWLOL]DFLyQSDFt¿FDGHOHVSDFLRH[WHULRUFRQXQVXEFRPLWpWpFQLFRFLHQWt¿FR\RWURMXUtGLFR 0RQWHMR$\5DPRV0S (VSDFLDO 'HUHFKR ,QWHUSODQHWDULR \ OD PiV FRP~Q'HUHFKR(VSDFLDO´>@ 3DUDGH¿QLUOR0217(-2<5$026LQFOX\HQ HQVXiPELWRGHUHJXODFLyQODVUHODFLRQHVHQWUH (VWDGRV RUJDQLVPRV LQWHUQDFLRQDOHV HQWHV MXUtGLFRV SDUWLFXODUHV \ SHUVRQDV SULYDGDV TXH WLHQGHQ D OD H[SORUDFLyQ \ H[SORWDFLyQ GHO HVSDFLR H[WHULRU>@ 1R REVWDQWH SRGUtD FRQFHSWXDOL]DUVH WDPELpQ FRPR DTXHO FRQMXQWRGHSULQFLSLRV\UHJODVTXHRUGHQDQ ODVFRQGLFLRQHVHQTXHGHEHGHVHQYROYHUVH ODH[SORUDFLyQXVR\H[SORWDFLyQGHOHVSDFLR \ ORV FXHUSRV FHOHVWHV ORV DVWURQDXWDV ORV REMHWRV\YHKtFXORV\ODVUHODFLRQHVMXUtGLFDV TXH VXUMDQ FRPR FRQVHFXHQFLD GH WDOHV DFWLYLGDGHVSHURVLHPSUH\FXDQGRVHWUDWH GH VLWXDFLRQHV \ UHODFLRQHV MXUtGLFDV TXH HVWpQ FRPSUHQGLGDV \ HQFXDGUHQ GHQWUR GH GLFKDVUHJODV\SULQFLSLRVLQWHUQDFLRQDOHV <VXUJLHQGRHQVHJXQGRWpUPLQRXQ³GHUHFKR HVSDFLDOLQWHUQR´FUHDGRSRUORV(VWDGRVSDUD LPSOHPHQWDU HO GH tQGROH LQWHUQDFLRQDO \ HVWR SRUTXH QR HVWi SUHYLVWR XQ RUJDQLVPR GH GHUHFKR LQWHUQDFLRQDO TXH SXHGD REOLJDWRULDPHQWH VRVWHQHU OD MXULVGLFFLyQ \ DVLPLVPR HMHUFHU XQ FRQWURO VREUH XQ FRQÀLFWRSRUHMHPSORHQWUHVXMHWRVSULYDGRV D UDt] GH XQD FRQWUDWDFLyQ FRPHUFLDO GH tQGROH HVSDFLDO D SHVDU GH TXH VHD XQD DFWLYLGDGQHWDPHQWHHVSDFLDO 'HDFXHUGRFRQHOGRFWRU5LFDUGR)RJOLD\DO GRFWRU ÈQJHO 0HUFDGR GH$UJHQWLQD FLWDGRV SRU 6$/$6 ODV FDUDFWHUtVWLFDV GHO 'HUHFKR (VSDFLDOVRQ,QWHUQDFLRQDOLGDGGLQDPLVPR ,QWHJUDOLGDG8QLYHUVDOLGDG\$XWRQRPtD &ODVL¿FDFLyQIXQGDPHQWRV\IXHQWHV GHO'HUHFKR(VSDFLDO ³(O 'HUHFKR (VSDFLDO´ SXHGH FRQVLGHUDUVH FRPRXQWURQFRGHO'HUHFKR,QWHUQDFLRQDO>@ R ELHQ SDUD DOJXQDV SRVLFLRQHV FRPR XQD GLVFLSOLQD LQGHSHQGLHQWH GHO 'HUHFKR ,QWHUQDFLRQDO SHUR LQVSLUDGD VLQ HPEDUJR HQpVWH 6HJ~Q6($5$9È=48(=HOSUREOHPDVXUJH DOWUDWDUGHGHWHUPLQDUVLHO'HUHFKR(VSDFLDO QR WLHQH XQD DPSOLWXG VX¿FLHQWH SDUD TXH SXHGDSHQVDUVHTXHVLQRHQHOSUHVHQWHSRU ORPHQRVSDUDHOIXWXURSXHGDFRQYHUWLUVHHQ XQDUDPDLQGHSHQGLHQWHSHURSXHVWRTXHHV HO'HUHFKR,QWHUQDFLRQDOTXLHQVHRFXSDGH ODVUHODFLRQHVHQWUH(VWDGRVUHVXOWDGHHOOR XQDGHSHQGHQFLD>@ (V PL WHVLV TXH Vt HO 'HUHFKR (VSDFLDO ,QWHUQDFLRQDO VXIULHUD XQD UHHVWUXFWXUDFLyQ SDUD DEDUFDU IRUPDOPHQWH WDPELpQ D QLYHO JOREDO iPELWRV GH VLWXDFLRQHV IiFWLFDV TXH FRPSUHQGDQ HO IHQyPHQR GH OD SULYDWL]DFLyQ \ FRPHUFLDOL]DFLyQ GH ODV DFWLYLGDGHV HVSDFLDOHV ELHQ SRGUtD GHFLUVH TXH OD DPSOLWXG DQWHULRUPHQWH FLWDGD FRPR UHTXLVLWR SDUD VX SOHQD LQGHSHQGHQFLD GHO 'HUHFKR ,QWHUQDFLRQDO VH HVWDUtD GDQGR RFXPSOLHQGR>@ 6DODV$S 0RQWHMR$\5DPRV0SSDUD³LQWHQWDUXQDGH¿QLFLyQGHO'HUHFKR(VSDFLDOGLFLHQGRTXHHVXQDUDPDGH ODVFLHQFLDVMXUtGLFDVTXHUHJXODODVUHODFLRQHVHQWUH(VWDGRVRUJDQLVPRVLQWHUQDFLRQDOHVHQWHVMXUtGLFRVSDUWLFXODUHV \SHUVRQDVSULYDGDVTXHWLHQGHQDODH[SORUDFLyQ\H[SORWDFLyQGHOHVSDFLRH[WHULRU´ $PSOLiQGRVHSRUORWDQWRODYDOLGH]GHO'HUHFKR(VSDFLDOHUTDRPQHVGHOPLVPRPRGRTXHHO'HUHFKR,QWHUQDFLRQDO 6HDUD9i]TXH]0RGHVWRS 0RQWHMR$\5DPRV0S³5HVSHFWRDODSRVLFLyQTXHDYDODODGHIHQVDGHODDXWRQRPtDGHO'HUHFKRGHO (VSDFLR([WHULRUpVWDQRSXHGHVHUGHVHFKDGD3RUHOFRQWUDULRGHEHPDQWHQHUVHODWHQWHSHURSUHVHQWHHQODPHQWH FRQWLQ~DHQODVLJXLHQWHSiJLQD <HVWRSRUTXHHOWHPDHVSDFLDOVXUJHHQXQ FRQWH[WRGHSHOLJURGHFRQÀLFWRVPLOLWDUHVHQ ORV DOERUHV GH OD *XHUUD )UtD DXQDQGR DO WHPRU SRU SDUWH GH ORV SDtVHV PiV GpELOHV GH TXH HVWD QXHYD UHDOLGDG OHV GLHUD XQ SRGHU GHVPHGLGR D OD SRWHQFLDV PiV IXHUWHV VLHQGR SRU HOOR TXH SULQFLSDOPHQWH HO³'HUHFKR(VSDFLDO´VHHPSLH]DDJHVWHDU FRPR XQ QXHYR RUGHQ QRUPDWLYR TXH HQ HIHFWRLQFXPEtDDO'HUHFKR,QWHUQDFLRQDO 5DPD MXUtGLFD TXH LUD SODQWHiQGRVH HQWUH RWURV ¿QHV HO ORJUDU HO PDQWHQLPLHQWR GH OD SD] OD VHJXULGDG LQWHUQDFLRQDO SURPRYHU ODFRRSHUDFLyQ\HOHQWHQGLPLHQWRLQWHUQDFLRQD OHV\JHQHUDUXQHTXLOLEULRHQWUHODVQDFLRQHV /RTXHVLJQL¿FDEDTXHHQWRGDVODVDFWLYLGDGHV UHIHULGDVDOHVSDFLRH[WHULRU\DORVFXHUSRV FHOHVWHV ORV (VWDGRV GHEtDQ HVWDU VXMHWRV DOGHUHFKRLQWHUQDFLRQDOLQFOXLGDODFDUWDGH ODV 1DFLRQHV 8QLGDV WDO \ FRPR HQ HIHFWR VH UHJXOy HQ XQR GH ORV SULQFLSLRV TXH IXH VHQWDGRSRUHOGHUHFKRHVSDFLDO>@ 6LWXDFLyQ TXH VRVWHQJR GHEHUi YDULDU HQ DOJ~Q JUDGR HQ XQ FRQWH[WR WDQ GLVWLQWR FRPR HO DFWXDO HQ TXH ORV DFWRUHV GHO GHYHQLU HVSDFLDO LUUHGXFWLEOHPHQWH VH KDQ GLYHUVL¿FDGR \ HO ³'HUHFKR (VSDFLDO´KD LQJUHVDGR JUDGXDOPHQWH HQ OD HVIHUD GH LQWHUpVGHOKRPEUH>@ 'HO PLVPR PRGR HV LPSRUWDQWH DFRWDU TXH VL VH SDUWH GH TXH LQWHJUD HO 'HUHFKR ,QWHUQDFLRQDO S~EOLFR GH OD PLVPD IDOLELOLGDG GH pVWH DGROHFHUtD WDO \ FRPR TXH QR KD\D XQ PHFDQLVPR GH FRDFFLyQ X RUJDQL]DFLyQ LQWHUQDFLRQDO OR EDVWDQWH SRGHURVDGH'HUHFKR,QWHUQDFLRQDOTXHSRU HVWDUD]yQLQFHQWLYDUDODLQYHUVLyQHVSDFLDO DO IRUWDOHFHUVH OD VHJXULGDG MXUtGLFD \ TXH DO PLVPR WLHPSR SURFXUDUD OD SURWHFFLyQ GH ORV LQWHUHVHV PXQGLDOHV HYLWDQGR FXDOTXLHU DEXVRTXHSXGLHUDJHQHUDUVH 3RURWURODGRHQUHODFLyQDVXVIXQGDPHQWRV ORV OHJLVODGRUHV GHELHURQ FRQVLGHUDU SHUPDQHQWHPHQWHODFRQYHQLHQFLDGHUHFXUULU D DQDORJtDV>@ GH RWUDV UDPDV GHO GHUHFKR LQWHUQDFLRQDO<DTXHHVWDQXHYDGLPHQVLyQ FRPRODVDQWHULRUHVDODVTXHHOVHUKXPDQR WXYRDFFHVRRHOPLVPRFRQFLELyQRSRGtDQ TXHGDUHQXQYDFtROHJDO>@ GHOMXULVWD\DTXHFXDQGRWRGRVORVHOHPHQWRVQHFHVDULRVFRQÀX\DQGHEHUiLQLFLDUVHDWRGDFRVWDHOFDPLQRKDFLD ODLQGHSHQGHQFLD\ODDXWRQRPtD0LHQWUDVHO'HUHFKRGHO(VSDFLR([WHULRUVLJDVLHQGRLPSRUWDQWHVRODPHQWHSRUODV UHJXODFLRQHVTXHGDUHVSHFWRGHODVUHODFLRQHVHQWUH(VWDGRV\QRSURSLDPHQWHSRUODVDFWLYLGDGHVTXHDOOtVHOOHYHQ DFDERSRUVXLPSRUWDQFLDHFRQyPLFDSDUDHOPXQGRSRUHOFDXGDOGHFRQRFLPLHQWRTXHDWHVRUDSRUODVULTXH]DVTXH HQFLHUUDSRUVHUXQD]RQDPiVGHGHVDUUROORGHODFRQWHFHUGHOKRPEUHWHQGUiTXHPDQWHQHUVHDGKHULGRDO'HUHFKR ,QWHUQDFLRQDODODHVSHUDVRODPHQWHGHTXHWRGRHOORVHDXQDUHDOLGDGHQFDPLQDGDDFRQVROLGDUVXSURSLDDXWRQRPtD´ /DFKV0DQIUHGS,PSOLFDQGRQR³VyORDSOLFDUORVRUGHQDPLHQWRVGHOGHUHFKRLQWHUQDFLRQDOFRPRORVGH¿QH HVWD&DUWDVLQRWDPELpQWRGRVDTXHOORVTXHVHKDQFUHDGRFRPRUHVXOWDGRGHOGHVDUUROORGHODV1DFLRQHV8QLGDV\ TXHHVWiQVXMHWRVDXQDQXHYDLQWHUSUHWDFLyQPiVDFWXDO´ 0RQWHMR$\5DPRV0S³\SRUHVWHPRWLYRpVWHKDWHQLGRTXHLUEXVFDQGRDPHGLGDTXHVHSUHVHQWDQ ORVSUREOHPDVODWXWHODPiVDGHFXDGD´ )&DVWEHUJFLWDGRSRU/DFKV0DQIUHGS&XDQGRVH³UHGDFWDQQXHYDVOH\HVVHUHFXUUHFRQIUHFXHQFLDDO PpWRGRFRPSDUDWLYR\DODVH[SHULHQFLDVFRQRFLGDV\VHEXVFDQVLPLOLWXGHVFRQVLWXDFLRQHVTXH\DVHKDQUHVXHOWR 3RUFRQVLJXLHQWHORVOHJLVODGRUHVVHLQFOLQDQDODVVROXFLRQHVDQDOyJLFDV´ /DFKV0DQIUHGS³(OGHVDUUROORGHOWUDQVSRUWHSRUFDUUHWHUDV\SRUIHUURFDUULOHVFUHyQXHYDVOH\HV«/DOH\ DFRPSDxyDOKRPEUHHQVXVH[SORUDFLRQHVFXDQGRFUX]yORVRFpDQRV\GHVHPEDUFyHQQXHYDVWLHUUDV«´ 6LHQGR TXH HQ GH¿QLWLYD HO 'HUHFKR $pUHR \ HO 'HUHFKR 0DUtWLPR>@ IXHURQ FRQVLGHUDGRV SUHSRQGHUDQWHPHQWH DSR\RV MXUtGLFRV FRQFHSWXDOHV \ GRFWULQDULRV GHO 'HUHFKR (VSDFLDO>@ \D TXH FRPR UDPDV GHO GHUHFKR PiV DQWLJXDV HQFRQWUDURQ PiV DVLGHUR \ GHVDUUROOR WDQWR GRFWULQDULR FRPR OHJLVODWLYR $Vt SRU HMHPSOR HQ UHODFLyQ FRQ ODSUREOHPiWLFDGHODVREHUDQtDODWHVLVGHOD SDWULPRQLDOLGDGVREUHXQDIUDQMDGHORFpDQR IXHDGRSWDGDGHO'HUHFKR0DUtWLPRSDUDVHU DSOLFDGDDO'HUHFKR$pUHR\SRVWHULRUPHQWHOD ¿JXUDGHO³PDUHOLEHUXP´>@HQDOJXQDPHGLGD DGDSWDGDDOGHUHFKRGHOHVSDFLRH[WHULRU <HVWR~OWLPRPHSDUHFHDPLSRUHOPLVPR IXQGDPHQWRQRWDQWRMXUtGLFRRQRUPDWLYRVLQR PiVGHWLSRHFRQyPLFRTXHKL]RUHDOPHQWH LQQHJDEOHHOHVWDEOHFLPLHQWRGHOUpJLPHQGH OLEHUWDGGHQDYHJDFLyQHQDOWDPDUTXHHQ SRFDV SDODEUDV SRGUtD GHWHUPLQDUVH FRPR ³HODXJHFRPHUFLDO´8QDXJHTXHVHDFHQW~D D~Q PiV HQ QXHVWURV GtDV HQ OD HPSUHVD HVSDFLDO\TXHHQDTXHOPRPHQWRVLJQL¿Fy ODQHFHVLGDGGHLPSOHPHQWDUXQDOH\HVSHFLDO SDUD HO PDU TXH FRQVROLGDUi XQD OLEHUWDG GH QDYHJDU TXH SHUPLWLHUD GH HVH PRGR HO GHVDUUROORFRQWLQHQWDO\PXQGLDO (Q UHODFLyQ FRQ ODV IXHQWHV GHO ³'HUHFKR (VSDFLDO´\ VXV H[SUHVLRQHV QRUPDWLYDV XQD YH] TXH VH SXVR HQ PDUFKD HO SURJUDPD HVSDFLDO PXQGLDO FRQ HO ODQ]DPLHQWR H[LWRVR GH VDWpOLWHV OD SUREOHPiWLFD MXUtGLFD HVSDFLDO VXUJLUtD HQ OD DJHQGD GH OD 2UJDQL]DFLyQ GH ODV 1DFLRQHV 8QLGDV >@ HQ DGHODQWH OD 218 \ HOOR FRQ OD FUHDFLyQ GH OD &RPLVLyQ VREUH OD 8WLOL]DFLyQ GHO (VSDFLR 8OWUDWHUUHVWUH FRQ )LQHV 3DFt¿FRV HQ DGHODQWH &23286 SRU VXV VLJODV HQ LQJOpV TXH SDUD VXV ¿QHV VH VXEGLYLGLy HQ GRV VXEFRPLVLRQHV /D 6XEFRPLVLyQGH$VXQWRV&LHQWt¿FRV\7pFQLFRV \OD6XEFRPLVLyQGH$VXQWRV-XUtGLFRV 'HO PLVPR PRGR KDQ VLGR JUDQ IXHQWH FUHDGRUD GH HVWH GHUHFKR HQWUH RWURV HQWHV FRPR OD 2UJDQL]DFLyQ ,QWHUQDFLRQDO GH $YLDFLyQ &LYLO OD 2UJDQL]DFLyQ 0XQGLDO GH 0HWHRURORJtD OD RUJDQL]DFLyQ SDUD OD 2EVHUYDFLyQ0XQGLDOGHO&OLPDVHIRUPDURQ SDUD HQIUHQWDU ODV SUREOHPiWLFDV HQ WRUQR D ODV WHOHFRPXQLFDFLRQHV OD PHWHRURORJtD \ WRGRV ORV SUREOHPDV GH OD DFWLYLGDG HVSDFLDO TXH WHQtDQ UHSHUFXVLRQHV HQ OD DYLDFLyQ$Vt PLVPR OD 8QLyQ ,QWHUQDFLRQDO GH 7HOHFRPXQLFDFLRQHV HQ DGHODQWH ,17(/6$7\OD81(6&2>@ (QXQFRPLHQ]RVHSDUWHGHXQLQVWUXPHQWRGH FDUiFWHUQRWDQGH¿QLWLYRTXHSHUPLWLHUDXQD DFHSWDFLyQJUDGXDOWDOFRPRYLHQHDVHUHQ XQSULPHUWpUPLQRODFRVWXPEUHLQWHUQDFLRQDO H[SUHVDGDHQSULQFLSLRVEiVLFRV\PiVWDUGH HQXQDSULPHUDDSUR[LPDFLyQHVFULWD>@ '¶$UPHO .HUUHVW S ³/H GURLW GH OD PHU GHSXLV ORQJWHPSV OH GURLW GH O¶HVSDFH SOXV UpFHPPHQW VRQW OHV ODERUDWRLUHVGHFHGURLWQRXYHDXTXLQHYLVHSOXVHVVHQWLHOOHPHQWjUpJOHUOHVUDSSRUWVHQWUHOHVeWDWVVRXYHUDLQV«´ 6DODV$S$VtSRUHMHPSOR³HOWpUPLQRGHDOWDPDUH[WUDtGRGHO'HUHFKR0DUtWLPRHUDXQFRQFHSWRQDWXUDO VREUHHOFXDOVHSRGtDFRQVWLWXLUXQDDQDORJtDSDUDHOHVSDFLR´ 0RQWHMR$\5DPRV0S³VHWUDMR«DGLVFXVLyQHOSUREOHPD\DFRQRFLGR³PDUHFODXVXUR\PDUHOLEHUXP´ <DOHQFRQWUDUVH³ORVPRWLYRVSRUORVTXHVHGHEDWtDODOLEHUWDGRQRGHOPDUVHTXHUtDWDPELpQHQFRQWUDUUHVSXHVWDD ODVREHUDQtDROLEHUWDGVREUHHO(VSDFLR([WHULRU´ /DFXDOKDVLGRXQDGHODVSULQFLSDOHVIXHU]DVSURGXFWRUDV\FUHDGRUDVDQLYHOOHJLVODWLYRGHO'HUHFKR(VSDFLDO /DFKV 0DQIUHG S TXH KD IRPHQWDGR HO ³LQWHUFDPELR GH LQIRUPDFLyQ KD EULQGDGR D\XGD D ORV (VWDGRV PLHPEURV\DODVRUJDQL]DFLRQHVQRJXEHUQDPHQWDOHVHQODSUHSDUDFLyQGHDVWUyQRPRV\JHRItVLFRV\KDSURPRYLGR SUR\HFWRVFLHQWt¿FRV´ ³/D 'HFODUDFLyQ GH ORV 3ULQFLSLRV -XUtGLFRV TXH ULJHQ ODV$FWLYLGDGHV GH ORV (VWDGRV HQ OD ([SORUDFLyQ \ 8VR GHO (VSDFLR8OWUDWHUUHVWUH´GH $Vt PLVPR VLQ GHMDU GH KDFHU PHQFLyQ GHO FDUiFWHUGHIXHQWHTXHMXHJDQODVLQLFLDWLYDV QRUPDWLYDV HVWDWDOHV \ UHJLRQDOHV TXH VRQ LQVSLUDGDVHQWHVLVGHSULQFLSLRSRUHO'HUHFKR (VSDFLDO HQ VHQWLGR HVWULFWR>@ D OD YH] TXH LQVSLUDQHLPSXOVDQHQDOJ~QJUDGRDDTXHO 6LHQGR TXH SRU OR WDQWR VHUiQ P~OWLSOHV ODV H[SUHVLRQHV QRUPDWLYDV GH HVWDV IXHQWHV GHO³'HUHFKR (VSDFLDO´ HVWiQ HQ SULPHUD LQVWDQFLDODVUHFRPHQGDFLRQHV\UHVROXFLRQHV GH OD 218>@ DVt PLVPR HQ VHJXQGR WpUPLQR HVWDUiQ ORV WUDWDGRV LQWHUQDFLRQDOHV HVSDFLDOHV\DVHDQGHtQGROHPXOWLODWHUDOHV RELODWHUDOHV>@TXHORVKDEUiQUHJLRQDOHV>@ RXQLYHUVDOHV < ¿QDOPHQWH UHYLVWH HO FDUiFWHU GH IXHQWH GHO 'HUHFKR (VSDFLDO OD GRFWULQD>@ \ OD MXULVSUXGHQFLD ODV FXDOHV DGROHFHQ GH XQD DQWLJHGDG VX¿FLHQWH TXH KDJD SRVLEOH XQ FXHUSR WDQWR GRFWULQDULR FRPR MXULVSUXGHQFLDO OR EDVWDQWH VXEVWDQFLDO H LPSRUWDQWH VLHQGR TXH HQ PL RSLQLyQ FXDQGRODHIHFWLYDDUPRQL]DFLyQGHOGHUHFKR HVSDFLDO D ORV H[LJHQFLDV FRPHUFLDOHV VH Gp SRVLEOHPHQWH OD DFWLYLGDG MXULVGLFFLRQDO LQWHUQDFLRQDO FRPR GRFWULQDO FRPHQ]DUi D HQULTXHFHUVH $ HVWH UHVSHFWR GH KHFKR QR H[LVWHQ FRPR UHVXOWD FRQVHFXHQWH SUHFHGHQWHVMXGLFLDOHV>@ ÈPELWR GH DFFLyQ VXMHWR \ REMHWR GHO'HUHFKR(VSDFLDO 3DUDORVHIHFWRVGHHVWDEOHFHUHOiPELWRGH DFFLyQGHOGHUHFKRHVSDFLDOHVHVHQFLDOHQ SULPHU WpUPLQR HVWDEOHFHU TXH OD QDWXUDOH]D MXUtGLFD GHO HVSDFLR H[WHULRU \ HOOR FRQ OD ¿QDOLGDGGHGLVJUHJDUORGHOUpJLPHQMXUtGLFR RiPELWRGHDFFLyQGHOHVSDFLRDpUHRTXHOH HVWDPiVSUy[LPR 6RQYDULDGDV\HTXLYRFDVODVGH¿QLFLRQHVTXH VHOHSXHGDQDVLJQDUDOHVSDFLRH[WHULRUODV FXDOHVSDUWLUiQGHDFXHUGRDODySWLFDGHVGH GRQGHVHFRQWHPSOH>@OOHJDQGRDUHVXOWDGRV TXH QR QHFHVDULDPHQWH FRLQFLGLUiQ $Vt 'DQGRYLGDDXQPX\LQFLSLHQWHHQODDFWXDOLGDG³VHXGRGHUHFKRHVSDFLDOQDFLRQDO´TXHQRQHFHVDULDPHQWHJXDUGDUiQ WRWDODUPRQtDFRQHOTXHULJHDQLYHOLQWHUQDFLRQDO $~Q\FXDQGROD$VDPEOHD*HQHUDOGHOD218QRHVXQyUJDQROHJLVODWLYRSURSLDPHQWHGLFKRSRUORFXDOVXUHFRPHQGDFLRQHV \UHVROXFLRQHVQRYHQGUtDQDFRQVWLWXLUXQDOH\LQWHUQDFLRQDOHQHOHVWULFWRVHQWLGRGHODSDODEUDQRVLHQGRREOLJDWRULRSDUD VXVPLHPEURVGHOD218SHURQRREVWDQWHLQVSLUDQGRSULQFLSLRV\SUiFWLFDVTXHRELHQGHSHQGLHQGRGHODSRVLFLyQTXHVH WRPHVHFRQVWLWXLUtDQHQXQDOH\FRQVXHWXGLQDULDRLQVSLUDUtDQSRVWHULRUHVWH[WRVQRUPDWLYRV (O ³$FXHUGR GH FRRSHUDFLyQ UXVRHVWDGRXQLGHQVH SDUD OD H[SORWDFLyQ \ XWLOL]DFLyQ GHO (VSDFLR FyVPLFR FRQ ¿QHV SDFt¿FRV´GH (O³$FXHUGRVREUHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGH7HOHFRPXQLFDFLRQHVSRU6DWpOLWH´GHFRQRFLGRSRUFUHDUOD ,17(/6$7DVtWDPELpQHOGHOD2UJDQL]DFLyQDQiORJDFUHDGDSRUODRWUDSRWHQFLDWHFQROyJLFDGHODpSRFDGHQRPLQDGR ³$FXHUGRVREUHODFUHDFLyQGHXQVLVWHPDLQWHUQDFLRQDO\RUJDQL]DFLyQGHODVWHOHFRPXQLFDFLRQHV´GDGRHQ0RVF~ HQFRQRFLGDFRPR,17(563871,.<PiVHQODDFWXDOLGDGHOWUDWDGRFRQHOTXHVHFUHDOD(6$ROD$JHQFLD (VSDFLDO(XURSHDHOGHPD\RGH &RFFD$OGR$UPDQGRS³1DGDVHHVFDSDDODPHQWHGHOMXULVWDHVSDFLDOTXHGHEHSRVHHUXQQHFHVDULR YLJRULPDJLQDWLYRSRUTXHVXODERUHVFRQVLGHUDGDPiVFLHQWt¿FD\PiVFUHDGRUDTXHHQODVRWUDVUDPDVGHO'HUHFKR TXHSUHFHGLHURQVXTXHKDFHU´ $OJXQDV GH ODV ~QLFDV SUHYLVLRQHV OHJLVODWLYDV SDUD LPSOHPHQWDU PHFDQLVPRV GH VROXFLyQ GH FRQÀLFWRV D QLYHO LQWHUQDFLRQDOORVFRQVWLWX\HQSRUHMHPSORHOFDVRGHO³$FXHUGRGH,17(/6$7´TXHPHGLDQWHVXDUWtFXORSUHYpOD LPSOHPHQWDFLyQGHXQ7ULEXQDO$UELWUDO\SRURWURODGRORVODXGRVGHOD&RPLVLyQGHUHFODPDFLRQHVGHO³&RQYHQLR VREUHUHVSRQVDELOLGDGLQWHUQDFLRQDOSRUGDxRVFDXVDGRVSRUREMHWRVHVSDFLDOHV´UHJXODGRVHQVXDUWtFXOR $VtSRUHMHPSORVLVHDEDUFDGHVGHHOGHUHFKRRODVFLHQFLDVGHOHVStULWXRVLSRUHOFRQWUDULRHVFRQVLGHUDGRGHVGH FXDOTXLHUDGHODVFLHQFLDVGHODQDWXUDOH]D SRU HMHPSOR GHVDUUROODQGR OD FRQFHSFLyQ PDWHPiWLFD HO HVSDFLR HVWDED UHODFLRQDGR GLUHFWDPHQWH FRQ OD FDQWLGDG ³FRQVLGHUDGD pVWDFRPR25'23$575,80,17272´>@ 3HURDOLQWHQWDUVHXQDSRVLFLyQMXUtGLFDGHEH SDUWLUVHGHTXHHOELHQMXUtGLFRTXHHOGHUHFKR WLHQH OD PLVLyQ GH SURWHJHU HQ HO ³'HUHFKR (VSDFLDO´HVHOHVSDFLRH[WHULRUVLHQGRTXH SRUHOORGHEHFRQFUHWL]DUVHHQXQDGH¿QLFLyQ SDUD FODVL¿FDUOR FRPR FRVD HQ VHQWLGR MXUtGLFR FRQFXUULHQGR TXH DQWH OD IDOWD GH XQLYRFLGDGHLUUHGXFWLELOLGDGDEVROXWDHQWHVLV GH SULQFLSLR GH GLFKD GH¿QLFLyQ \ QR SRGHU FODVL¿FiUVHORFRPRWDOVXGH¿QLFLyQGHEHUtD HQWRQFHVDVXPLUVHGHXQDIRUPDLQFRQFUHWD SDUWLHQGR GH XQ ³FRQFHSWR IXQFLRQDO´>@ ³(V GHFLU UHJXODUOR R LGHQWL¿FDUOR MXUtGLFDPHQWH SHUR FRQ UHIHUHQFLD D ODV DFWLYLGDGHV KXPDQDVUHDOL]DGDVHQpO´>@ HIHFWRVTXHpVWDVGHVSOLHJXHQHQOD7LHUUD>@ \ TXH D VX YH] HVWpQ SUHYLVWDV GHQWUR GHO 'HUHFKR(VSDFLDO>@ 7RGR OR FXDO TXLHUH GHFLU TXH XQD DFWLYLGDG FDWDORJDGDSUHFLVDPHQWHFRPRHVSDFLDOD~Q FXDQGRHVWpVLHQGRUHDOL]DGDGHQWURGHOiPEL WRWHUUHVWUHSRUVHUORHQWRQFHVHVWDUtDFRQYLU WLHQGRDOiPELWRWHUUHVWUHGHFLHUWRPRGRHQ XQiPELWRGHDFFLyQGHO'HUHFKR(VSDFLDO$Vt SRUHMHPSORXQGHVSHJXHGHXQDQDYHHVSD FLDOTXHDXQHVWDHQHODLUH\SRUORWDQWRQR OOHJDDHVWDUHQyUELWD\VXVFLWDXQDFLUFXQV WDQFLDFRPSUHQGLGDHQHOUpJLPHQMXUtGLFRGH UHVSRQVDELOLGDGGHGHUHFKRHVSDFLDO5HVWiQ GRVHOHFLHUWDLPSRUWDQFLDGHHVWDIRUPDDOD LQGHWHUPLQDFLyQ]RQDOLPSHUDQWH>@ < HVWDEOHFHU HVWD GHWHUPLQDFLyQ GH GDUOH UHOHYDQFLDDODWLSRORJtDGHDFWLYLGDGHVFODVL ¿FiQGRODVIXQFLRQDOPHQWHFRPRHVSDFLDOHV VHUiGHSULPRUGLDOLPSRUWDQFLDSRUHMHPSOR DOSUHVHQWDUVHFLHUWDVGL¿FXOWDGHVHQODGHOL PLWDFLyQMXULVGLFFLRQDOGHVXUpJLPHQMXUtGLFR 3RURWUDSDUWHHQUHODFLyQDORVVXMHWRVGHO 'HUHFKR (VSDFLDO HQ SULPHU WpUPLQR pVWH FRPR UDPD GHO 'HUHFKR GHEH RFXSDUVH SUHFLVDPHQWHGHXQDUHODFLyQHQWUHVXMHWRV < HVWDV UHODFLRQHV VH GDQ HQWUH (VWDGRV HQWHV MXUtGLFRV SDUWLFXODUHV>@ RUJDQLVPRV LQWHUQDFLRQDOHV \ RWURV VXMHWRV HVSDFLDOHV QDFLGDV WRGDV HVWDV UHODFLRQHV HQ SULQFLSLR IXHUDGHOiPELWRWHUUHVWUH $KRUDHQHVWULFWRDSHJRDOiPELWRGHDFFLyQ GHO 'HUHFKR (VSDFLDO QR VROR LQFOXLUi ODV DFWLYLGDGHVTXHVHGDQHQHOHVSDFLRH[WHULRU VLQR TXH TXHGDUiQ TXHGDU HVWLPDGRV ORV < HQ ~OWLPR OXJDU HQ UHODFLyQ DO REMHWR GHO 'HUHFKR(VSDFLDOXQSURSyVLWRSULPRUGLDOGH HVWH GHUHFKR DGHPiV GH SURFXUDU OD SD] \ ODVHJXULGDGWUDVWRPDUHQFRQVLGHUDFLyQORV 'H)XHQWHV$OHMDQGURS 8QDDOWHUQDWLYDQRUPDOPHQWHHPSOHDGD\QDGDH[WUDxDHQODVFLHQFLDVMXUtGLFDV 0RQWHMR$\5DPRV0S 6HDUD 9i]TXH] 0RGHVWR S /DV H[SHULHQFLDV \ DGHODQWRV UHDOL]DGRV HQ HO HVSDFLR H[WHULRU ³SHUPLWLUiQ QR VROR PHMRUDU HO PHGLR HVSDFLDO GHO KRPEUH VLQR´ TXH GH VHJXUR VH GHMDUDQ YHU ³VXV HIHFWRV HQ OD WLHUUD VREUH HOKRPEUH\VREUHVXPRGRGHYLGD«´\VLQGHMDUGHODGR³TXHORVGHVFXEULPLHQWRVGHODFLHQFLDHVSDFLDOHQHO WUDQVFXUVRGHFLHUWRQ~PHURGHDxRVWHQGUiQSRVLEOHPHQWHLQÀXHQFLDSURIXQGDTXHPHMRUDUiORVFRQRFLPLHQWRV\HO ELHQHVWDUGHODKXPDQLGDG´ $VtSRUHMHPSORHQWUHRWURVODVDFWLYLGDGHVUHODFLRQDGDVFRQWHOHFRPXQLFDFLyQVHQVRUHVUHPRWRVRWHOHREVHUYDFLRQHV 4XHVHH[SRQGUiHQHOVLJXLHQWHSXQWR $VtSRUHMHPSORHODFFLRQDUGHXQVXMHWRSULYDGRHVWDUHFRQRFLGRHQSULQFLSLRSRUHVWDUORWDPELpQpVWHFRPRVXMHWR GHO'HUHFKR(VSDFLDO\HOORUHSUHVHQWDGRSRUHO(VWDGRDOTXHSHUWHQHFH DQWHFHGHQWHVKLVWyULFRVVRFLRSROtWLFRVGHOD KXPDQLGDG HV UHJXODU HVWH QXHYR iPELWR SDUDTXHODVUHODFLRQHVHQWUHORV(VWDGRV\ GHPiVVXMHWRVGHO'HUHFKR(VSDFLDOGHPRGR TXH HQWUH HVWRV VXMHWRV KD\D XQD HTXLGDG GLVWULEXWLYDHQORVUHFXUVRV\EHQH¿FLRVTXH ODVDFWLYLGDGHVHVSDFLDOHVSXHGDQUHSRUWDU< DVtPLVPRSLHQVRTXHWDPELpQHVWHGHUHFKR HVWDUtDOODPDGRDLPSHGLUTXHODVDFWLYLGDGHV HVSDFLDOHV SXHGDQ GDxDU PDWHULDOPHQWH D ODKXPDQLGDGFDXVDQGRGDxRVHFRQyPLFRV HFROyJLFRV\GDxRVItVLFRV 3UREOHPiWLFDGHODGHOLPLWDFLyQGHO HVSDFLRH[WHULRU /D VREHUDQtD VREUH HO HVSDFLR DpUHR QR VLHPSUH IXH OD PLVPD HV GHFLU TXH HVWH UpJLPHQ QR IXH VLPSOHPHQWH DGPLWLGR VLQ QLQJXQDGL¿FXOWDGHQXQSULQFLSLRODVREHUDQtD VREUH HO HVSDFLR DpUHR HUD DVLPLODGD D GHO HVSDFLRH[WHULRU>@ 3HUR\DHQHO'HUHFKR(VSDFLDOHOFRQFHSWR MXUtGLFR GH OD VREHUDQtD TXH VL RSHUDUtD HQ HO iPELWR DpUHR>@ QR YD D HVWDU SUHVHQWH \HVWRSRUTXHDVtSRUHMHPSORHQHOFDVRGH ORVDVWURQDXWDV³HOKRPEUHQRDFW~D\DHQHO PHGLR DPELHQWH SURSLR« (V XQ HQYLDGR \ DGTXLHUHHVWDUHSUHVHQWDWLYLGDGQRVyORIUHQ WHDORVGHPiV(VWDGRVGHOD7LHUUD²SRUTXH SRVHHODQDFLRQDOLGDGGHXQRGHWHUPLQDGR² VLQR WDPELpQ HQ OXJDUHV DMHQRV DO SODQHWD $VtDOOHJDUDXQFXHUSRFHOHVWHORKDFHHQ HOFDUiFWHUGHHQYLDGRGHOD+XPDQLGDGTXH LQWHJUD\QRSXHGHWRPDUSRVHVLyQGHGLFKR FXHUSR FHOHVWH QL GH XQD SDUWH GHO PLVPR QLUHFODPDUVREHUDQtDSDUDXQDQDFLyQRXQ JUXSRGHWHUPLQDGRGHQDFLRQHVGHOD7LHUUD «LQYHVWLGRFRQHVHDOWRUDQJRSRUOD$VDP EOHD*HQHUDOGHODV1DFLRQHV8QLGDV´>@ (O SUREOHPD VXUJLy FXDQGR GHELy GH WHUPLQDUVH HQ GRQGH WHUPLQDED XQD \ RWUD MXULVGLFFLyQ DVt VXUJLHURQ GLYHUVDV WHRUtDV SDUDKDFHUHVWDGHWHUPLQDFLyQ 6HxDOiQGRVHTXHVLELHQODSUREOHPiWLFDHQ Vt FREUR YLJHQFLD FDVL GHVGH XQ FRPLHQ]R D pVWD QR VH OH SUHVWy VX¿FLHQWH DWHQFLyQ SRUTXH ³HQ HVH PRPHQWR VH UHDOL]DED XQD DFWLYLGDGGHLQYHVWLJDFLyQFRQVLGHUDQGRTXH OD FRPHUFLDOL]DFLyQ GHO HVSDFLR H[LVWLUtD HQ XQ IXWXUR PX\ OHMDQR PRWLYR SRU HO FXDO QR HUD QHFHVDULR HVWDEOHFHU XQD GHOLPLWDFLyQ GH¿QLGD GHO HVSDFLR XOWUDWHUUHVWUH HQ HVRV PRPHQWRV (VWH SHQVDPLHQWR TXHGy SODVPDGRHQHOLQIRUPHGHO&23826HQPLO QRYHFLHQWRVFLQFXHQWD\QXHYH«´>@ (QWUH ODV SULQFLSDOHV WHRUtDV HVWiQ OD GH OD OtQHDMXULVGLFFLRQDOSULPDULDGH9RQ.DUPDQHO FXDOHQHQXQ&RQJUHVRGH%DUFHORQD SUHVHQWyXQGLDJUDPDTXHSUHWHQGtDUHVROYHU 6HDUD9i]TXH]0RGHVWRS$VtSRUHMHPSOR³HQHOGHUHFKRURPDQR\HQHOFDPSRGHOGHUHFKRSULYDGR HQFRQWUDPRVXQDSULPHUDGH¿QLFLyQ«ODFRQFHSFLyQURPDQDGHODSURSLHGDGYHUWLFDO(OSURSLHWDULRGHXQWHUUHQR HUDSRUHVWHVRORKHFKRSURSLHWDULDGHXQDFROXPQDGHWLHUUDKDVWDHOFHQWURGHODWLHUUD\GHXQDFROXPQDGHDLUHTXH VHH[WHQGtDYHUWLFDOPHQWHKDVWDHOLQ¿QLWR«(VGHFLUTXHODSURSLHGDGVHH[WHQGtDXVTXHDGFRHOXPHWDGLQIHUDV´ 6DODV $ S ³OD &RQYHQFLyQ GH &KLFDJR GH PLO QRYHFLHQWRV FXDUHQWD \ FXDWUR VREUH DYLDFLyQ FLYLO LQWHUQDFLRQDOHVWLSXODHQVXDUWtFXORSULPHURTXH«WRGR(VWDGRWLHQHVREHUDQtDSOHQD\H[FOXVLYDHQHOHVSDFLR DpUHRVLWXDGRVREUHVXWHUULWRULR«$ORV¿QHVGHOSUHVHQWH&RQYHQLRVHFRQVLGHUDQFRPRWHUULWRULRGHXQ(VWDGRODV iUHDVWHUUHVWUHVODVDJXDVWHUULWRULDOHVDG\DFHQWHVDHOODVTXHVHHQFXHQWUHQEDMRODVREHUDQtDGRPLQLRSURWHFFLyQR PDQGDWRGHGLFKR(VWDGR«´ &RFFD$OGR$UPDQGRSRSFLW ,QIRUPHGHO&RPLWpDGKRFGHO8VR3DFt¿FRGHO(VSDFLR8OWUDWHUUHVWUH$GHOGHMXOLRGHFLWDGRSRU6DODV $S OD VLWXDFLyQ GH LQGHWHUPLQDFLyQ H[LVWHQWH SURSRQLHQGRXQDDOWXUDFRQVWDQWH>@ 2WUDWHRUtDVHUtDODGHOOtPLWH¿MDGRHQGRQGH WHUPLQD OD DWPyVIHUD SUHVHQWiQGRVH ³OD LPSRVLELOLGDGGHSUHFLVDUODVIURQWHUDVGHOD DWPyVIHUDTXHQRHVXQLIRUPH´>@ 2WUDV WHRUtDV IXHURQ OD GH OD GLYLVLyQ HQ ]RQDV DQiORJDV D ODV GHO PDU>@ OD GHO FRQWUROHIHFWLYR>@ODWHVLVGHODFHVDFLyQGH OD DWUDFFLyQ WHUUHVWUH>@ OD GH OD DOWXUD VLQ OtPLWHV OD GH OD WHVLV GH XQD yUELWD DUWL¿FLDO VDWHOLWDUtD>@ODWHRUtDIXQGDGDHQHO&ULWHULR %LROyJLFRODWHRUtD)XQFLRQDO>@\SRU~OWLPROD WHRUtDFRQYHQFLRQDOODFXDOSRUODUHOHYDQFLD TXH FREUy OD 2UELWD *HRHVWDFLRQDULD SDUD ODV DFWLYLGDGHV VDWHOLWDOHV \ OD GLV\XQWLYD TXH UHSUHVHQWDED HVWDEOHFHU FXDO VHUtD HO GHUHFKRDSOLFDEOHDHOODRVREUHODFXDOWHQGUtD MXULVGLFFLyQ HV TXH DSDUHFH OD LUUHGXFWLEOH QHFHVLGDG GH UHGXFLU GH XQD YH] SRU WRGDV OD SUREOHPiWLFD GH OD LQWHUPLQDFLyQ ]RQDO SRU OR TXH D UDt] GH HOOR HV TXH VXUJH HVWD WHVLV TXH YD KD WRPDU FRPR SXQWR HVHQFLDO GHUHIHUHQFLDHOHOHPHQWRFRQYHQFLRQDOIUXWR GHODFXDOVHYLHQHDHVWDEOHFHU¿QDOPHQWH ³HOOtPLWHGLYLVRULRHQWUHHOHVSDFLRDpUHR\HO H[WHULRUHQDSUR[LPDGDPHQWHFLHQNLOyPHWURV VREUHODVXSHU¿FLHGHOD7LHUUD´>@ $VSHFWRV1RUPDWLYRV(O&RUSXV ,XULV6SDWLDOLV 3ULQFLSLRV /D SXHVWD HQ yUELWD 6SXWQLN GHVDWDUtD OD ³FDUUHUDHVSDFLDO´TXHFRQVLVWLUtDEiVLFDPHQWH HQODOXFKDHQWUHODVSRWHQFLDVSRUVHUODTXH SUHGRPLQDUDHQSOHQD*XHUUD)UtD(QYLUWXG $QGUHZ * +DOH\ FLWDGR SRU ,K0LQJ :DQJ S ³3DUD HVWDEOHFHU EDVHV VHJXUDV SDUD OD GHOLPLWDFLyQ GH OD MXULVGLFFLyQ HQ HO HVSDFLR \ HQ OD DWPyVIHUD HV QHFHVDULR FRQVLGHUDU ODV FRQGLFLRQHV HQ TXH SXHGHQ UHDOL]DUVH ORVYXHORVDpUHRVHVGHFLUSDUDFLUFXODUDXQDDOWXUDFRQVWDQWHTXHSXHGHVHUH[SUHVDGDSRUODHFXDFLyQSHVR DVFHQVLyQDHURGLQiPLFDIXHU]DFHQWUtIXJD´6LHQGRTXHUHVXOWDGRGHORVDYDQFHVWHFQROyJLFRVHVWDPHGLGDGHVGH OXHJRLUtDDFDPELDU 'H)XHQWHV$OHMDQGURS -RKQ & &RRSHU FLWDGR SRU ,K0LQJ :DQJ S ³3DUD &RRSHU OD VREHUDQtD HVWDWDO HQ HO HVSDFLR DpUHR VXE\DFHQWHQRGHEHUtDH[WHQGHUVHPiVGHPLOODVHQFLPDGHODVXSHU¿FLHWHUUHVWUH6HGHVLJQDFRQHOQRPEUH GHHVSDFLRWHUULWRULDODDTXHOOD]RQDDFX\DDOWXUDSRGUtDQYRODUORVDSDUDWRVDpUHRVGHVRSRUWHDWPRVIpULFRHVGHFLU GH VXVWHQWDFLyQ DHURGLQiPLFD (VWD SULPHUD ]RQD GHEHUtD VHU H[FOXVLYD SDUD OD VREHUDQtD HVWDWDO«/D VHJXQGD ]RQD«HVDTXpOODVLWXDGDHQWUHORVOtPLWHVGHOHVSDFLRWHUULWRULDO\XQRVOtPLWHVVLWXDGRVDPLOODVDFRQWDUGHVGH OD VXSHU¿FLH GH OD7LHUUD (Q HVWD « OODPDGD ©HVSDFLR FRQWLJXRª VH GHVDUUROODUiQ ORV GHUHFKRV GH WUiQVLWR SDUD YXHORVSDFt¿FRVRQRPLOLWDUHV´ $OJXQDFUtWLFDTXHVHOHKDFHDHVWDSRVLFLyQ\HVTXHODVREHUDQtDQRGHEHUtDEDVDUVHHQUD]RQHVGHSRGHURGH IXHU]DSRUORTXHGHVHUDVtVHHVWDUtDPLGLHQGRODIXHU]DGHUDFLRFLQLRGHOGHUHFKRSRUODGHODIXHU]DPDWHULDO 6LHQGRHQHVHVHQWLGRH[FHVLYRHVWHFULWHULRSRUTXHYHQGUtDDVLJQL¿FDUODDSOLFDFLyQGHHVWDKLSyWHVLVXQDH[SDQVLyQ GHVFRPXQDO GH OD VREHUDQtD (VWDWDO D HVSDFLRV GRQGH KLVWyULFD \ PDWHULDOPHQWH KD VLGR MXULVGLFFLyQ GHO 'HUHFKR (VSDFLDO <D TXH WDQWR PDWHPiWLFD FRPR ItVLFDPHQWH WUD]DU XQD OtQHD XQLIRUPH HQ HVH VHQWLGR VHUtD LPSHQVDEOH &RQFXUULHQGR TXH HQ HVH VHQWLGR OD IXHU]D JUDYLWDFLRQDO WHUUHVWUH VH LUi GLOX\HQGR FRQIRUPH OD VRODU \ OD GH RWURV FXHUSRVFHOHVWHVKDJDQVXDSDULFLyQ3HURODGHELOLGDGGHHVWDWHRUtDUDGLFDHQTXHDVXPHFRPRXQWRGRHOHVSDFLR DpUHR\HOH[WHULRU ,QRSHUDEOHHVWDWHVLVHQHOWDQWRODGHOLPLWDFLRQHVSRUHOODSURSXHVWDVHVWDUiQHQFRQVWDQWHFDPELR\DTXHHQGDGR PRPHQWRODVDFWLYLGDGHVDpUHDVRVDWHOLWDOHVGHKR\SXHGHQVHUFRQGXFLGDVPDxDQDDDOWXUDVFRQVLGHUDGDVGHXQDX RWUDDFWLYLGDG\HVHWDQWRODFRQVWDQWHYLJLODQFLDGHORV(VWDGRVDHVHUHVSHFWR /DFXDOHVWDEOHFHXQPRGROyJLFRGHGLVWULEXLUFRPSHWHQFLDVDO'HUHFKR$pUHR\DO'HUHFKR(VSDFLDOVHJ~QHOWLSRGH DFWLYLGDGTXHVHUHDOLFH\DQWHODVGH¿FLHQFLDVGHODVTXHODVGHPiVWHRUtDVIXHURQIUXWRVLHQGRTXHHVODTXHPiV DUPRQtDFRQXQFULWHULRFRQYHQFLRQDOSRGUtDWHQHUGDGRGHTXHSDUWHDSULRULGHTXHODGLYLVLyQItVLFDQRHVSRVLEOH 6DODV$S GH TXH ORV DGHODQWRV WHFQROyJLFRV SRGUtDQ GHMDU HQ IUDQFD GHVYHQWDMD D XQD SRWHQFLD GHODRWUDGHVSHUWDQGRJUDQGHVUHFHORVSRU ORVSHOLJURVDORVTXHHYHQWXDOPHQWHSRGUtD VRPHWHUVHDOPXQGRSRUXQDPDODXWLOL]DFLyQ GHpVWDV>@ /DV1DFLRQHV8QLGDVIXHHOSULPHUyUJDQRTXH EXVFy VROXFLRQHV FRQFUHWDV SODQWHiQGRVH HQWUH RWURV WHPDV OD XWLOL]DFLyQ GHO HVSDFLR FRQ ¿QHV SDFt¿FRV \ OD FRRSHUDFLyQ TXH GHEtDGDUVHHQWUHORV(VWDGRV<HQDO FHOHEUDUVHHO³$xR,QWHUQDFLRQDOGH*HRItVLFD´ VH WUDH SRU³SULPHUD YH] D FRODFLyQ HQ HVWH IRURPXQGLDOFXHVWLRQHVUHODFLRQDGDVFRQHO SUREOHPDGHODUHJXODFLyQHQHOHVSDFLR´>@ $UDt]GHWRGRHVWRHVTXHVXUJHQHQ OD &RPLVLyQ (VSHFLDO VREUH OD XWLOL]DFLyQ SDFt¿FD GHO HVSDFLR XOWUDWHUUHVWUH \ HQ OD PiV DUULED PHQFLRQDGD &23286 UHPSOD]DQGR D OD DQWHULRU 'RQGH SURGXFWR GHO WUDEDMR GH HVWD FRPLVLyQ VH OOHJDQ D YLVOXPEUDU ORV SULPLJHQLRV SULQFLSLRV TXH RUGHQDUtDQ ODV DFWLYLGDGHV KXPDQDV HQ HO HVSDFLRH[WHULRU<WDPELpQUREXVWHFLpQGRVH JUDFLDVDTXHORVPLVPRV(VWDGRVORVIXHURQ SURPRYLHQGR IUXWR GH QHJRFLDFLRQHV HQ HO VHQRGHOD218 $Vt SRU OR WDQWR IXHURQ VXUJLHQGR YDULRV FRQMXQWRV GH SULQFLSLRV (O SULPHUR GH HOORV IXHURQ ³ORV SULQFLSLRV EiVLFRV GHO GHUHFKR HVSDFLDO´ ORV FXDOHV HVWiQ FRQWHQLGRV EiVLFDPHQWH HQ GRV FXHUSRV QRUPDWLYRV OD ³'HFODUDFLyQ GH ORV SULQFLSLRV MXUtGLFRV TXH GHEHQ UHJLU ODV DFWLYLGDGHV GH ORV (VWDGRV HQ OD H[SORUDFLyQ \ XWLOL]DFLyQ GHO HVSDFLR XOWUDWHUUHVWUH´>@ \ HQ HO ³7UDWDGR VREUH ORV 3ULQFLSLRV TXH *RELHUQDQ ODV $FWLYLGDGHV GH ORV (VWDGRV HQ OD ([SORUDFLyQ \ 8VR GHO (VSDFLR8OWUDWHUUHVWUHLQFOX\HQGROD/XQD\ RWURVFXHUSRVFHOHVWHV´>@ (QWUHORVSULQFLSDOHVSULQFLSLRVTXHFRQWLHQHQ HVWDV QRUPDV HVWiQ HO SULQFLSLR UHIHUHQWH DO GHUHFKR GH WRGD OD KXPDQLGDG GH EHQH¿FLDUVHGHOXVR\H[SORUDFLyQGHOHVSDFLR H[WHULRU 8QLYHUVDOLGDG>@ HO SULQFLSLR GH FRQIRUPLGDG GH ODV DFWLYLGDGHV HVSDFLDOHV FRQ HO 'HUHFKR ,QWHUQDFLRQDO LQFOXLGD OD &DUWD GH ODV 1DFLRQHV 8QLGDV HO SULQFLSLR GH LJXDOGDG FRPR XQ IXQGDPHQWR GHO OLEUH XVR\H[SORUDFLyQGHOHVSDFLR\ORVFXHUSRV FHOHVWHV HO SULQFLSLR GH QR DSURSLDFLyQ>@ HO SULQFLSLR GH UHVSRQVDELOLGDG SRU REMHWRV \ DFWLYLGDGHV HVSDFLDOHV HO SULQFLSLR GH FRRSHUDFLyQ \ GH DVLVWHQFLD PXWXD>@ HO SULQFLSLR GH UHJLVWUDFLyQ GH REMHWRV 0RQWHMR$\5DPRV0S³HUDXUJHQWHUHJXODUDOUHVSHFWRHVWDEOHFHUODVUHJODVGHFRQGXFWDQHFHVDULDV SDUDHYLWDUTXHVHLPSXVLHUDQWHQGHQFLDVGHVPHGLGDVGHLPSHULDOLVPRRHQHOSHRUGHORVFDVRVTXHVHOOHYDUDQD FDERDFWLYLGDGHVTXHGHVYLUWXDUDQGHPRGRLUUHYRFDEOHHOPHGLRSRQLHQGRHQSHOLJURODYLGDPLVPDGHOKRPEUH´ 0RQWHMR$\5DPRV0S 'HFODUDFLyQTXHIXHDSUREDGDHQPHGLDQWHOD5HVROXFLyQGHOD$VDPEOHD*HQHUDOGHOD218 &RQRFLGRFRPRHO³7UDWDGRGHO(VSDFLR´DSUREDGRHOGHGLFLHPEUHGH\HQWUyHQYLJRUHOGHRFWXEUHGH PHGLDQWHODUHVROXFLyQ;;,GHOD$VDPEOHD*HQHUDOGHOD218 /RFXDOVLJQL¿FDTXHQLQJXQDDFWLYLGDGHQHOHVSDFLRH[WHULRURVXVHIHFWRV\EHQH¿FLRVHQOD7LHUUDSRGUiQKDFHUVHVLQROR HVHQIDYRUHLQWHUpVGHWRGDODKXPDQLGDG&RQVWLWX\pQGRVHSRUORWDQWRHVWHiPELWRHQSDWULPRQLRGHWRGDODKXPDQLGDG (OFXDOLPSOLFDTXHQLHOHVSDFLRH[WHULRUQLORVFXHUSRVFHOHVWHVSXHGHQVHUREMHWRGHOUpJLPHQGHSURSLHGDGSDUWLFXODU RGHUHLYLQGLFDFLyQGHVREHUDQtDHVWDWDOH[FOX\HQGRORVPHWHRULWRVTXHWLHQHQXQUpJLPHQMXUtGLFRTXHVLORVKDFH REMHWRGHOHJtWLPDDSURSLDFLyQ 5HODFLRQDGR FRQ HVWH SULQFLSLR VH HQFXHQWUDQ GRV VXESULQFLSLRV HO 'HUHFKR GH &RQVXOWD \ HO GH ,QVSHFFLyQ 1R REVWDQWHVXVFLWDFRQWURYHUVLDHQUHODFLyQFRQHOFRQÀLFWRGHLQWHUHVHVSRUODJUDQLQYHUVLyQHFRQyPLFDTXHVHKDFH SRUHO(VWDGRHQSULQFLSLRREOLJDGRDDVLVWLUDORWURRSUHVWDUOHLQIRUPDFLyQODFXDOUHVXOWDVHUPX\FRVWRVD\DXQDGR DHOORODLQGH¿QLFLyQHQFXDQWRDOWLHPSROtPLWH\HOJUDGRRWLSRGHLQIRUPDFLyQTXHGHEHSUHVWDUVH HO SULQFLSLR GH H[SORUDFLyQ \ XWLOL]DFLyQ GHO HVSDFLR H[WHULRU FRQ ¿QHV SDFt¿FRV>@ \ HO SULQFLSLRGHUHVFDWHVDOYDPHQWR\GHYROXFLyQ GH$VWURQDXWDV\2EMHWRV(VSDFLDOHV 3RVWHULRUPHQWHVXUJLHURQRWURVFRQMXQWRVGH SULQFLSLRV ORV FXDOHV VRQ³ORV 3ULQFLSLRV TXH KDQ GH UHJLU OD XWLOL]DFLyQ SRU ORV (VWDGRV GH VDWpOLWHV DUWL¿FLDOHV GH OD 7LHUUD SDUD ODV WUDQVPLVLRQHV LQWHUQDFLRQDOHV GLUHFWDV SRU WHOHYLVLyQ´>@³/RV 3ULQFLSLRV UHODWLYRV D OD WHOHREVHUYDFLyQ GH OD 7LHUUD GHVGH HO HVSDFLR´>@ ³/RV 3ULQFLSLRV SHUWLQHQWHV D OD XWLOL]DFLyQ GH IXHQWHV GH HQHUJtD QXFOHDU HQ HO HVSDFLR XOWUDWHUUHVWUH´>@\ SRU ~OWLPR ORV GH ³OD 'HFODUDFLyQ VREUH OD FRRSHUDFLyQ LQWHUQDFLRQDO HQ OD H[SORUDFLyQ \ XWLOL]DFLyQ GHO HVSDFLR XOWUDWHUUHVWUH HQ EHQH¿FLR H LQWHUpV GH WRGRV ORV (VWDGRV WHQLHQGR HVSHFLDOPHQWHHQFXHQWDODVQHFHVLGDGHVGH ORVSDtVHVHQGHVDUUROOR´>@ VHU FDWDORJDGRV FRPR XQD GH ODV PiV LP SRUWDQWHV IXHQWHV QRUPDWLYDV GHO 'HUHFKR (VSDFLDO ORV FXDOHV FRQVWLWX\HQ HO GHQRPL QDGR&RUSXV,XULV6SDWLDOLV>@\TXHVRQSUL PRUGLDOPHQWHFLQFRWUDWDGRVTXHGHVDUUROODQ DOJXQRVGHORVSULQFLSDOHVSULQFLSLRV 1RUPDWLYD(VSDFLDO9LJHQFLD (OSULPHURGHHOORVHVHO\DFLWDGR³7UDWDGR VREUH ORV SULQFLSLRV TXH GHEHQ UHJLU ODV DFWLYLGDGHVGHORV(VWDGRVHQODH[SORWDFLyQ \ XWLOL]DFLyQ GHO HVSDFLR XOWUDWHUUHVWUH LQFOXVR OD /XQD \ RWURV &XHUSRV &HOHVWHV´ HOVHJXQGRGHHOORVHVHO³$FXHUGRVREUHHO VDOYDPHQWR\ODGHYROXFLyQGHDVWURQDXWDV\ ODUHVWLWXFLyQGHREMHWRVODQ]DGRVDO(VSDFLR XOWUDWHUUHVWUH´>@ HO WHUFHUR HV HO ³&RQYHQLR VREUH OD UHVSRQVDELOLGDG LQWHUQDFLRQDO SRU GDxRV FDXVDGRV SRU REMHWRV HVSDFLDOHV´>@ HOFXDUWRHVHO³&RQYHQLRVREUHHOUHJLVWURGH REMHWRVODQ]DGRVDOHVSDFLRXOWUDWHUUHVWUH´>@ \HOTXLQWR\~OWLPRHVHO³$FXHUGRTXHGHEH UHJLU ODV DFWLYLGDGHV GH ORV (VWDGRV HQ OD OXQD\RWURVFXHUSRVFHOHVWHV´>@ /RV WUDWDGRV DFXHUGRV R FRQYHQLRV HVSD FLDOHVLQWHUQDFLRQDOHVPXOWLODWHUDOHVSRGUtDQ (Q UHODFLyQ D LQLFLDWLYDV OHJLVODWLYDV ³(VSD FLDOHV ,QWHUQDV´ SDUWLHQGR GH XQ FULWHULR /DGL¿FXOWDGPiVIXHUWHTXHHQFXHQWUDHVWHSULQFLSLRHQODSUiFWLFDHVODFRQWURYHUVLDTXHSRGUtDGHVFULELUVHFRPROD LQGH¿QLFLyQ R DPELJHGDG HQ FXDQWR D OR TXH SRGUtD HQWHQGHUVH SRU XVR SDFt¿FR \ HVWR SRUTXH SRGUtD HQWHQGHUVH H[FOXVLYDPHQWHFRPRODSUHVFULSFLyQGHODWDTXHRIHQVLYRRXVRGHODIXHU]DSHURGHMDQGRGHODGRODXWLOL]DFLyQGHOiPELWR HVSDFLDOSDUD¿QHVHVWUDWpJLFRVHLQYHVWLJDFLyQGHFDUiFWHUPLOLWDURSRUHOFRQWUDULRELHQSRGUtDQLQWHUSUHWDUVHGHXQD PDQHUDUDGLFDOH[WHQGLHQGRHOFRQFHSWRGH³XVRFRQ¿QHVSDFt¿FRV´DWRGRORTXHWHQJDTXHYHUFRQHOWHPDEpOLFR $SUREDGRVHOGHGLFLHPEUHGH $SUREDGRVHOGHGLFLHPEUHGH $SUREDGRVHOGHGLFLHPEUHGH $SUREDGDHOGHGLFLHPEUHGH ,16$ 'LVSRQLEOH HQ OD SDJLQD ZHE KWWSZZZLQVDRUJQRGH!³FRQMXQWR GH QRUPDV GHO GHUHFKR LQWHUQDFLRQDODSOLFDEOHDODVDFWLYLGDGHVHVSDFLDOHVHOFXDOVHKDLGRFRQIRUPDQGRGHIRUPDJUDGXDO\HYROXWLYDEDMR HOSDWURFLQLRGLUHFWRGH1DFLRQHV8QLGDV´ &RQRFLGRFRPRHO$FXHUGRGH5HVFDWH$SUREDGRHOGHGLFLHPEUHGH\HQWUyHQYLJRUHOGHGLFLHPEUHGH PHGLDQWHUHVROXFLyQ;;,,GHOD$VDPEOHD*HQHUDO &RQRFLGRWDPELpQFRPR&RQYHQLRGH5HVSRQVDELOLGDG$SUREDGRHOGHQRYLHPEUHGH\HQWUyHQYLJRUHO GHVHSWLHPEUHGHPHGLDQWHODUHVROXFLyQ;;9,GHOD$VDPEOHD*HQHUDO (VWHFRQYHQLRIXHDSUREDGRHOGHQRYLHPEUHGH\HQWUyHQYLJRUHOGHVHSWLHPEUHGHPHGLDQWHOD UHVROXFLyQGHOD$VDPEOHD*HQHUDOGHOD218 (VWHDFXHUGRIXHDSUREDGRHOGHGLFLHPEUHGH\HQWUyHQYLJRUHOGHMXOLRGHPHGLDQWHODUHVROXFLyQ GHOD$VDPEOHD*HQHUDO H[WHQVLYR GHO &RUSXV ,XULV 6SDWLDOLV QHFHVDULDPHQWH GHEH OOHJDUVH D OD FRQ FOXVLyQ GH TXH pVWH DEDUFDUi SULQFLSLRV QRUPDV \ SUiFWLFDV GH ORV (VWDGRV D QLYHO QRUPDWLYR HVSDFLDO D~Q FXDQGR QR SXHGDQ VHUFDWDORJDGRVFRPR'HUHFKR,QWHUQDFLRQDO 3~EOLFRVWULFWRVHQVX $GHPiV SRUTXH GHO PLVPR PRGR GHEH DFHSWDUVH TXH HO &RUSXV ,XULV 6SDWLDOLV UHSUHVHQWD XQD EDVH IXQGDPHQWDO SDUD HO VXUJLPLHQWR GH GLFKD OHJLVODFLyQ QDFLRQDO VLWXDFLyQTXHVHDVLPLODDORTXHRFXUUHFRQ ODV UHJODPHQWDFLRQHV GH ODV OH\HV LQWHUQDV GHXQSDtV>@ 6LHQGR TXH GH HQVD\DUVH XQD SRVLEOH FODVL¿FDFLyQSRGUtDFDWDORJDUVHFRPRSDUWH GHO GHUHFKR SULYDGR \R S~EOLFR QDFLRQDO>@ H LQWHUQDFLRQDO SULYDGR HOOR HQ YLUWXG GH OD FUHFLHQWH SULYDWL]DFLyQ \ FRPHUFLDOL]DFLyQ GH ODV DFWLYLGDGHV HVSDFLDOHV FRQ IXHUWHV LQFLGHQFLDVFRQHO'HUHFKR(VSDFLDO³S~EOLFR´ \HOORHQWRGRVDTXHOORViPELWRVHQTXHVXV QRUPDVSXHGDQWUDQVYHUVDUVH>@ 6LHQGRLPSRUWDQWHDFRWDUTXHHQODDFWXDOLGDG VyOR XQRV SRFRV SDtVHV KDQ DGRSWDGR HQ VXV UHVSHFWLYRV GHUHFKRV LQWHUQRV QRUPDV MXUtGLFDV REOLJDWRULDV UHODWLYDV D DFWLYLGDGHV HVSDFLDOHVHIHFWXDGDVSRUVXVQDFLRQDOHVR HQ\GHVGHVXWHUULWRULR>@ < ~OWLPR OXJDU HQ UHODFLyQ D OD WHPiWLFD GH OD YLJHQFLD GH ODV QRUPDV HVSDFLDOHV 8QD FDWHJRUL]DFLyQ MXUtGLFD ³FRPHUFLDODGPLQLVWUDWLYRHVSDFLDO´ OD FXDO HVWDUtD PiV ELHQ FRPSXHVWD SRU XQD FRPELQDFLyQHQWUHORVGHUHFKRVFRPHUFLDO\DGPLQLVWUDWLYRGHORVGLVWLQWRV(VWDGRV 'RQGHODWHQGHQFLDDPLSDUHFHUSRGUtDGHFDQWDUVHSRUODSHUGLGDGHUHOHYDQFLDGHO'HUHFKR(VSDFLDO³S~EOLFR´SDUD FHQWUDUVHHOPD\RUPHQWHHOGHVDUUROORGHODSDUWHSULYDGDHQXQIXWXURPX\FHUFDQR<DTXHGHEHUHFRQRFHUVHTXH VyORHQHOFDVRGHTXHODVDFWLYLGDGHVHVSDFLDOHVFRQWLQ~HQHQPDQRVGHORV(VWDGRVSRGUtDFRQWLQXDUWHQLHQGROD FRPSHWHQFLDH[FOXVLYDHO'HUHFKR,QWHUQDFLRQDO³S~EOLFR´ $VtSRUHMHPSORORV7UDWDGRVLQWHUQDFLRQDOHVGHODPDWHULD(VSDFLDOYHQGUtDQDUHTXHULUGHODLPSOHPHQWDFLyQQDFLRQDO GHQRUPDVSRUFLWDUXQFDVRFRQUHODFLyQDOWHPDGHODVXSHUYLVLyQYLJLODQFLDDXWRUL]DFLyQ\UHJLVWURLQWHUQRGHORV DFWRUHVGHDFWLYLGDGHVHVSDFLDOHV\VXVREMHWRVTXHVRQDOJXQRVGHHOHPHQWRVFRQVHFXHQWHVGHORUHJXODGRSRUHO 7UDWDGRGH5HJLVWURGHREMHWRV(VSDFLDOHV$VXQWRVTXHSRVLEOHPHQWHQRVHUHJXODQGLUHFWDPHQWHHQHO7UDWDGRSRU ODFRPSOLFDFLyQTXHUHSUHVHQWDHQWUDUDUHJXODUiPELWRVTXHSXGLHUDQGHDOJXQDPDQHUDWHUPLQDUSRUH[WUDOLPLWDUOD FRPSHWHQFLDGHO'HUHFKR(VSDFLDODGHPiVGHTXHKDEUiGLYHUVDVYLFLVLWXGHVGHSHQGLHQGRGHO(VWDGRHQGRQGHKD\D GHKDFHUVHHIHFWLYRHO7UDWDGR ,16$ 'LVSRQLEOH GHVGH SDJLQD ZHE KWWSZZZLQVDRUJQRGH! ³(VWDGRV 8QLGRV´ OD ³ 86& &RPPHUFLDO6SDFH´/D³/DXQFK$FWLYLWLHV´/D³&)5,,,&RPPHUFLDO6SDFH7UDQVSRUWDWLRQ´/D³/DQG5HPRWH 6HQVLQJ3ROLF\$FW´/D³&RPPXQLFDWLRQV$FW´/D³&RPPHUFLDO6SDFH/DXQFK$FW«1RUXHJD´/D³$FWRQ/DXQFKLQJ 2EMHFWVIURPWKH1RUZHJLDQWHUULWRU\LQWR2XWHU6SDFH´GH³6XHFLD´/D³$FWRQ6SDFH$FWLYLWLHV´GH³´ /D³'HFUHHRQ6SDFH$FWLYLWLHV´GH³´5HLQR8QLGR´/D³2XWHU6SDFH$FW´GH³6XGiIULFD´/D³6SDFH $IIDLUV$FW´GH³)HGHUDFLyQ5XVD´/D³/DZDERXW6SDFH$FWLYLW\´GH³´(O³6WDWXWH1R/LFHQVLQJ 6SDFH2SHUDWLRQV³8FUDQLD´/D³2UGLQDQFHRQ6SDFH$FWLYLW\´GH³´(O³'HFUHH1RRQ/LFHQVLQJ 3ULYDWH(QWLWLHVXQGHUWDNLQJ6SDFH$FWLYLWLHV´(Q³$XVWUDOLD´/D³6SDFH$FWLYLWLHV$FW´GH³´/D³6SDFH$FWLYLWLHV 5HJXODWLRQV´GH³´(Q³+RQJ.RQJ´/D³2XWHU6SDFH2UGLQDQFH´GH³%UDVLO$GPLQLVWUDWLYH(GLFW1R %pOJLFD/DZRQWKHDFWLYLWLHVRIODXQFKLQJÀLJKWRSHUDWLRQVRUJXLGDQFHRIVSDFHREMHFWV´(Q³&RUHD GHO6XU´/D³6SDFH([SORUDWLRQ3URPRWLRQ$FW´GH³´(QORV³3DtVHV%DMRV´/D³1DWLRQDO6SDFH$FW´GH³´ <³HQ&DQDGiH[LVWHXQDQRUPDWLYDTXHUHJXODSDUFLDOPHQWHFLHUWRVDVSHFWRVUHODFLRQDGRVFRQDXWRUL]DFLRQHVSDUDHO ODQ]DPLHQWRGHREMHWRV«HQ,WDOLD«VHKDQOHJLVODGRDOJXQDVPDWHULDVUHODFLRQDGDVFRQODUHVSRQVDELOLGDG«´ \³¿QDOPHQWHHQODDFWXDOLGDGHVWiQVLHQGRWUDPLWDGRVDOJXQRVSUR\HFWRVOHJLVODWLYRVUHODFLRQDGRVFRQ´HO³GHUHFKRGHO HVSDFLRHQ)UDQFLD$OHPDQLD,WDOLD/X[HPEXUJR,QGRQHVLD,QGLD0DODVLD\.D]DMVWiQHQWUHRWURV´ORTXHHVWDIXHUD GHODVFRPLOODVQRHVGHORULJLQDO SDUD DOJXQDV SRVLFLRQHV GHEH KDEHU XQD YROXQWDG HVWDWDO MXVWDPHQWH H[SUHVDGD HQ OD DGKHVLyQ D GLFKRV FXHUSRV QRUPDWLYRV QR REVWDQWH TXHGiQGROH SDUD DOJXQDV RWUDV SRVLFLRQHVVLHPSUHHOFDUiFWHUMXUtGLFRGHLXV FRJHQV>@\GH³FRVWXPEUHLQWHUQDFLRQDO´>@\ HOORDOKDEHUVLGRSODVPDGRVFRQDQWHULRULGDG HQ SUiFWLFDV \ FRVWXPEUHV \ HVWR D~Q SDUD ORV(VWDGRVTXHQRKD\DVXVFULWRDSUREDGR \ UDWL¿FDGR GLFKRV FXHUSRV QRUPDWLYRV GH DFXHUGR FRQ OD OHJLVODFLyQ LQWHUQD GH FDGD SDtV>@ $Vt HQWRQFHV OD FRQFUHFLyQ GH ORV SULQFLSLRV HQ XQ FRPLHQ]R QR QHFHVLWy GH XQD IXHQWH HVFULWD VLQR ~QLFDPHQWH GH ODSUiFWLFD 0LHQWUDV RWUDV SRVLFLRQHV FRPR OD GH *$5&Ë$ '(/ 32<2 FRQVLGHUDQ TXH ³DO PHQRV KDQ GH VHU FRQVLGHUDGRV FRPR UHFRPHQGDFLRQHV SDUD OD FRPXQLGDG LQWHUQDFLRQDO SXHVWR TXH±GHVGH XQ SXQWR GH YLVWD WpFQLFRMXUtGLFR QR KDQ DOFDQ]DGR OD FDWHJRUtD GH QRUPDV FRQYHQFLRQDOHV FRPR Vt OR VRQ ORV 7UDWDGRV´>@ /R FXDO VLJQL¿FDUtD TXH ~QLFDPHQWH ORV SULQFLSLRV TXH FRQ H[FOXVLYLGDG KDQ VLGR SODVPDGRV HQ ORV FRQYHQLRV HQWUH (VWDGRV R VXMHWRV GH GHUHFKR LQWHUQDFLRQDO \ TXH KDQ VLGR DSUREDGRV \ DGKHULGRV SRU ORV (VWDGRV WHQGUtDQODFDWHJRUtDGHWDOHV>@ 3HUR FRQWUDULDPHQWH VHJ~Q /$1&(7$ 08f2=HQDSR\RDODWHVLVGHODFRQ¿JXUDFLyQ GH OD FRVWXPEUH LQWHUQDFLRQDO HVSDFLDO ³HO 7ULEXQDO ,QWHUQDFLRQDO GH -XVWLFLD HQ VX VHQWHQFLDUHODWLYDDODSODWDIRUPDFRQWLQHQWDO HQHO0DUGHO1RUWHHQD¿UPyTXHXQD QRUPD GH GHUHFKR FRQVXHWXGLQDULR SRGtD FULVWDOL]DUSRUODDFHSWDFLyQGHXQJUXSRPX\ QXPHURVR GH (VWDGRV VLHPSUH \ FXDQGR LQFOX\HUDDORVGLUHFWDPHQWHLQWHUHVDGRV´>@ &UH\HQGRHVWHDXWRUTXHFRQHO7UDWDGRGHO (VSDFLR VREUDGDPHQWH VH YLHQH D FXPSOLU FRQHVWDFRQGLFLyQ 6LHQGR TXH GH WRPDUVH SDUWLGR SRU OD LQQHFHVDULGDG GH OD UDWL¿FDFLyQ YHQGUtD D SRQHUVH HQ HQWUHGLFKR OD LPSRUWDQFLD UHDO GHTXHHVWDVQRUPDWLYDVVHDQHIHFWLYDPHQWH DSUREDGDV\UDWL¿FDGDVSRUORV(VWDGRVTXH WRGDYtDQRORKDQKHFKRWDO\FRPRQXHVWUR SDtVHQHOFDVRGHYDULDVGHHOODV 1RUPDVODVFXDOHVQRVRQVXVFHSWLEOHVGHVHUGHURJDGDVSRUODYROXQWDGGHORV(VWDGRVORTXHTXLHUHGHFLUTXHVRQ QRUPDVGHO'HUHFKR,QWHUQDFLRQDOJHQHUDOREOLJDWRULDVSDUDWRGRVORVHVWDGRVPLHPEURVRQRGHO7UDWDGR $VtSRUHMHPSORHOVLOHQFLRGHORV(VWDGRVTXHFRQHOSDVRGHOWLHPSRKDUHIRU]DGRHVODLGHDGHTXHHO³'HUHFKR GH9XHOR´GHODVQDYHV\REMHWRVHVSDFLDOHVSRUHOSHULJHRPiVEDMRSRVLEOHVHKDHVWDEOHFLGRHQODMXULVGLFFLyQDpUHD \HVSDFLDODQWHODLQGH¿QLFLyQ]RQDOGDQGRDHQWHQGHUTXHKD\DFXHUGRFRQVHQVRRDFHSWDFLyQWiFLWDGHTXHQRKD\ YLRODFLyQGHORVGHUHFKRVGHVREHUDQtDGHQLQJ~Q(VWDGRORTXHDSDUHQWDVXSRQHUTXHVHKDFRQ¿JXUDGRXQDOH\QR HVFULWDRFRVWXPEUHLQWHUQDFLRQDO 'HPRGRTXHVLSDUWHGHHVWDWHVLVORV(VWDGRVTXHKDQVLGRSDUWH\D~QORVTXHQRORVRQGHEHQREOLJDWRULDPHQWH DGDSWDUVXOHJLVODFLyQQDFLRQDODODVGLVSRVLFLRQHVMXUtGLFDVGHLPSOHPHQWDFLyQGHOLQVWUXPHQWRLQWHUQDFLRQDO ,16$3DUDFRQVXOWDGLVSRQLEOHHQSiJLQDZHEKWWSZZZLQVDRUJQRGH! $VtSRUHMHPSORODVSRVLFLRQHVGHSDtVHVGHOD]RQDHFXDWRULDOGHOSODQHWDTXHQRKDQTXHULGRUDWL¿FDUHO7UDWDGR GHO(VSDFLR\DTXHVRVWLHQHQTXHODyUELWDJHRHVWDFLRQDULDHVXQUHFXUVRQDWXUDOSDUWHGHVXVREHUDQtD'HGRQGH HVHQFLDOPHQWH KDQ SDUWLGR GH OD SRVLFLyQ GH TXH VHJ~Q VXV GLVSRVLFLRQHV LQWHUQDV HO 7UDWDGR SDUD VHU OH\ GHEH DSUREDUVH PHGLDQWH HO &RQJUHVR GH OD 1DFLyQ UDWL¿FiQGRVH SRVWHULRUPHQWH SRU HO SRGHU HMHFXWLYR D WUDYpV GHO LQWHUFDPELRRGHSyVLWRGHORVLQVWUXPHQWRVGHUDWL¿FDFLyQSRUORTXHGHWRGDVIRUPDVQREDVWDUtDODVLPSOHVXVFULSFLyQ LQLFLDOGHOWUDWDGRHIHFWXDGDSRUHOSHUVRQDOGLSORPiWLFRGHOSDtV /DQFHWD 0XxR] GH DEULO 'LVSRQLEOH HQ OD SDJLQD ZHE KWWSVHDUFK" T FDFKH]U)J6F+:<-ZZZUHDOLQVWLWXWRHOFDQRRUJGRFXPHQWRV/DFOHWDSGISGIGHUHFKRHVSDFLDO\OD HPSUHVDSULYDGDFG KO HVFW FOQNJO FU 6LQ HPEDUJR HQ WLHPSRV PiV UHFLHQWHV ODV LQLFLDWLYDV SRU SDUWH GHO VXEFRPLWp MXUtGLFR GH OD &23286 KDQ VLGR HQ IXQFLyQ GH SURPRYHU OD DGKHVLyQ \ DSUREDFLyQ GH ORV FLQFR SULQFLSDOHV 7UDWDGRV GHO &RUSXV ,XULV6SDWLDOLV $OPLVPRWLHPSRTXHVHKDDERJDGRSRUSDUWH GH5XVLD8FUDQLD\.D]DMVWiQVREUHSRVLEOHV RSFLRQHV GH HQWDEODU HQ OD VXEFRPLVLyQ MXUtGLFD GH OD &23286 XQ GHEDWH DFHUFD GHODQHFHVLGDGGHHODERUDUXQDFRQYHQFLyQ XQLYHUVDOGH'HUHFKR(VSDFLDOTXHVXVWLWXLUtD DORVWUDWDGRVKR\YLJHQWHVUHIXQGLpQGRORVHQ XQRVRORSHURODVGHOHJDFLRQHVRFFLGHQWDOHV HQHVSHFLDO)UDQFLD-DSyQ\((88ORKDQ UHFKD]DGRH[SUHVDPHQWH>@ <HVWRSRUTXHVHKDFRQVLGHUDGRTXHHOORHV XQSRFRDQWLFLSDGRDGHPiVGHTXHH[LVWHQ SXQWRV iOJLGRV TXH SRGUtDQ GHVSHUWDU JUDQ FDQWLGDG GH GLVFXVLRQHV \ SRFRV DFXHUGRV TXH HQ GH¿QLWLYD SRGUtDQ KDFHU WDPEDOHDU ORV IXQGDPHQWRV GHO 'HUHFKR (VSDFLDO HO FXDO VL ELHQ HVWi D~Q HQ IRUPDFLyQ VHUtD PiV DGHFXDGR TXH VX HYROXFLyQ \ DGDSWDFLyQVHGLHUDHQUHVSXHVWDDFDGDXQD GH ODV GL¿FXOWDGHV TXH VH YD\DQ KDFLHQGR PiVODWHQWHVHQODHVIHUDHVSDFLDO ([SORWDFLyQGHO(VSDFLR([WHULRU 35,9$7,=$&,Ï1'(/$6 $&7,9,'$'(6(63$&,$/(6 (/0(5&$'2(63$&,$/ &RPHUFLDOL]DFLyQ \ SULYDWL]DFLyQ GH ODVDFWLYLGDGHVHVSDFLDOH 6HJ~Q 6($5$ 9È=48(= \D DO OOHJDU HO VHU KXPDQR DO HVSDFLR VH YLVOXPEUDED ³HO QDFLPLHQWRGHXQQXHYRRUGHQGHUHODFLRQHV FRPHUFLDOHV \ SROtWLFDV OD DSHUWXUD GH XQ FDPSRQXHYRHLOLPLWDGRSDUDODVDFWXDFLRQHV GHORVKRPEUHV´>@ 3HUR SDUD .(55(67 OD SUREOHPiWLFD SDUD HOGHUHFKRHVSDFLDOVXUJHPiVELHQGHXQD HYROXFLyQ GH ODV DFWLYLGDGHV HVSDFLDOHV KDFLD OD SULYDWL]DFLyQ GRQGH HO FDPELR GH DFWRUHV \ SRU OR WDQWR GH PRWLYDFLRQHV IXH IXQGDPHQWDO DVt GH PRWLYDFLRQHV GH WLSR HVWUDWpJLFRPLOLWDU \ GH LQYHVWLJDFLyQ FLHQWt¿FD HQ HO FRQWH[WR GH OD JXHUUD IUtD VHSDVDFDGDYH]PiVDXQDRULHQWDFLyQGH VDWLVIDFFLyQGHQHFHVLGDGHVFLYLOHV $Vt SRU HMHPSOR HQ HO FDPSR GH ODV WHOHFRPXQLFDFLRQHVVHGLRODSRVLELOLGDG³GH FUHDU XQ DFFHVR EDUDWR \ FRQ¿DEOH D WRGRV ORVVHUHVKXPDQRVGHOPXQGRDXQVLVWHPD GH FRPXQLFDFLRQHV \ GH WUDQVIHUHQFLD GH GDWRV «´>@ VLHQGR TXH ³HQ XQ SULQFLSLR ORVSDtVHVVRFLDOLVWDVVHRSRQtDQDXQDUHG VDWHOLWDO FRPHUFLDO SRU FXDQWR FRQWUDYHQtD ORV DFXHUGRV GH OD 1DFLRQHV 8QLGDV HQ HO VHQWLGR GHO XVR GHO HVSDFLR SDUD WRGD OD KXPDQLGDG´>@ 'H DKt TXH ODV SUiFWLFDV ,16$'LVSRQLEOHGHVGHSDJLQDZHEKWWSZZZLQVDRUJQRGH! 6HDUD9i]TXH]0RGHVWRS *yPH]+HUW]9S *yPH]+HUW]9S FRQVXHWXGLQDULDV SHUPLVLYDV DSDUHFLHURQ D WUDYpVGHODVFXDOHVODVSRWHQFLDVHVSDFLDOHV VLPSOHPHQWHFRPHQ]DURQDFUHDUHQWLGDGHV LQWHUQDFLRQDOHVFRPR,17(/6$7R&206$7 TXHSHUPLWtDQTXHORVSDtVHVTXHQRWHQtDQ SRVLELOLGDGHV GH OOHJDU DO HVSDFLR WXYLHUDQ DFFHVR D VHUYLFLRV GH WHOHFRPXQLFDFLRQHV VDWHOLWDOHVDXQSUHFLRPHQRU 0iV WDUGH GHQWUR GHO VHFWRU GH OD WHOHYLVLyQ \ GH ODV WHOHFRPXQLFDFLRQHV ORV LQWHUHVHV SULYDGRV FREUDURQ WDO LPSRUWDQFLD TXH SUR YRFDURQ OD SULYDWL]DFLyQ GH ,17(/6$7>@ D~Q \ FXDQGR IXH FRQFHELGD FRPR XQD RU JDQL]DFLyQLQWHUQDFLRQDOLQWHUJXEHUQDPHQWDO TXH KDEtD VLGR FUHDGD RULJLQDOPHQWH SDUD HQFDUJDUVHGHVHUYLFLRVS~EOLFRVLQWHUQDFLR QDOHV>@ 'HO PLVPR PRGR OD WHOHGHWHFFLyQ TXHSULPHURIXHSDUDXVRPLOLWDUVHOHGDXQ XVR FLYLO \ VH SULYDWL]D $Vt ORV SURJUDPDV S~EOLFRV \ ORV LQWHUHVHV SULYDGRV VH IXHURQ DVRFLDQGR¿QDQFLHUDPHQWH>@ $Vt FRQ HO QDFLPLHQWR GH ORV YXHORV GH ORV WUDQVERUGDGRUHV HQ ORV DxRV V HO JRELHUQRQRUWHDPHULFDQRVHSHUFDWyGHTXH ORV EHQH¿FLRV GH LQYHVWLJDFLyQ FLHQWt¿FD QR FRPSHQVDEDQ ORV FRVWHV HQFRQWUiQGRVH UHPHGLR HQWRQFHV FRQ ORV FOLHQWHV GH OD LQGXVWULDVDWHOLWDO>@ 'HOPLVPRPRGRHOIHQyPHQRGHODFRQWUDWD FLyQ S~EOLFD GH XQ RUJDQLVPR JXEHUQDPHQ WDOFRPROD1$6$VHKDDFUHFHQWDGRSDUD UHDOL]DUWDUHDVTXHDQWHVHUDQSURSLDVGHVX SURSLR SHUVRQDO VLWXDFLyQ TXH GHVGH OXHJR VH DFUHFLHQWD FRQ OD WHQGHQFLD DFWXDO GHO JRELHUQR QRUWHDPHULFDQR GH GLVPLQXLU FRQ VLGHUDEOHPHQWH DO SUHVXSXHVWR S~EOLFR SDUD GLFKDV DFWLYLGDGHV>@ VH PRGR WDO DFWXDO PHQWH HVWLPXOD OD LQLFLDWLYD SULYDGD HQ XQ KHFKRVLQSUHFHGHQWHVSULYDWL]DQGRODWDUHD GH GLVHxDU ORV QXHYRV YHKtFXORV HVSDFLDOHV TXHOOHYDUiQFDUJD\WULSXODQWHVDOD,66>@ < UHVSHFWR D HVWH IHQyPHQR 5XVLD QR VH TXHGR DWUiV \D TXH UHVLVWLy OD FULVLV HFRQyPLFD DO SRQHUVH HQ OD YDQJXDUGLD HQ FXDQWRDODFRPHUFLDOL]DFLyQGHVXLQGXVWULD HVSDFLDO GH PRGR WDO HQWUy HQ XQ PHUFDGR FRPSHWLWLYR MXQWR D OD (6$>@\ OD 1$6$ HQ FXDQWRDOODQ]DPLHQWRGHREMHWRVHVSDFLDOHV (MHPSORVGHHVWHIHQyPHQRVRQPXFKRVWDO \FRPRHOGH³'HQLV7LWRTXLHQIXHHOSULPHU WXULVWDHVSDFLDOHOGHO\DPHQFLRQDGR\PX\ ,PSOLFDUtDFDPELRVHQORVFRVWRVGHWHOHFRPXQLFDFLRQHVSROtWLFDVGHOLFLWDFLyQ\DVLJQDFLyQGHyUELWDV .HUUHVW$UPHOS8QDWUDGXFFLyQSURSLDGHOIUDQFpV .HUUHVW$UPHOS8QDWUDGXFFLyQSURSLDGHOIUDQFpV 0RQWHMR$\5DPRV0S$VtSRUHMHPSOR³ODFRORFDFLyQGHVDWpOLWHVGHWHOHFRPXQLFDFLRQHVHQHOHVSDFLR DXQTXHSUiFWLFDPHQWHKLFLHUDQ¿ODGHHVSHUDSDUD«HOLWLQHUDULRGHODQ]DPLHQWRGHOWUDQVERUGDGRU«FRQYLUWLy´OD DFWLYLGDG³«HQYLVWDGHODVH[SHFWDWLYDVHQJUDQQHJRFLRSDUDORVQRUWHDPHULFDQRV\HQXQPHGLRGHKDFHUSRVLEOH VXVQHFHVLGDGHVSDUDORVFOLHQWHVLQWHUHVDGRV´6LHQGRTXH³«/RUHQWDEOHLPSRUWDQWH\QHFHVDULRGHHVWDEOHFHU VDWpOLWHVGHWHOHFRPXQLFDFLRQHV\PHWHRUROyJLFRVSDUDORVSDtVHVTXHWHQtDQ«PHGLRVSDUDKDFHUORKL]RTXHVH DVXPLHUDHOVDFUL¿FLRGHSRUVtQRSHTXHxRTXHVLJQL¿FDEDHOSDJDUOHDOD1$6$ODFRORFDFLyQGHGLFKRVVDWpOLWHV´OR TXHpVWDIXHUDGHODVFRPLOODVQRHVGHORULJLQDO 'HPRGRTXHSRGUtDQVDOLUGHFLUFXODFLyQORVWUDGLFLRQDOHVWUDQVERUGDGRUHVTXHKR\OOHYDQVXPLQLVWURVDOD,66\QR VHUiKDVWDPXFKRVDxRVGHVSXpVDSUR[LPDGDPHQWHFRPRHQHODxRTXHRWUDFODVHGHYHKtFXORVGHSURSLHGDG JXEHUQDPHQWDOYROYHUiQDYLDMDUDOHVSDFLRGHPRGRTXHODLQGXVWULDS~EOLFDHVSDFLDOQRUWHDPHULFDQDGHSHQGHUiGH ORVVHUYLFLRVGHWUDQVSRUWHHVSDFLDOGH(XURSD\-DSyQ 3RUODVVLJODVHQLQJOpVGHOD(VWDFLyQ(VSDFLDO,QWHUQDFLRQDO $JHQFLD(VSDFLDO(XURSHD OXFUDWLYRQHJRFLRGHODLQGXVWULDGHORVVDWpOLWHV GH FRPXQLFDFLRQHV TXH PXHYH PLOORQHV GH GyODUHV GLDULRV HO GH OD VRQGD 1($5 TXH FXDQGR ³YLDMDED KDFLD HO DVWHURLGH (URV «KL]RXQDHVFDODHQHODVWHURLGH0DWLOGH HQ MXQLR GH « \ KDOOy TXH HVWDED FRQVWLWXLGR GH FDUEyQ $SHQDV VH VXSR OD QRWLFLDODVHPSUHVDVGHOVHFWRUFRPHQ]DURQ D´ SHQVDU ³« FRPR H[SORWDU HVH FHUUHMyQ ÀRWDQWH´>@ < HQ HVWH ~OWLPR HMHPSOR SRU HO LQFDOFXODEOH YDORU GH ODV ULTXH]DV TXH HQ XQR VROR GH HVWRV DVWHURLGHV SXHGH KDEHU FRQWHQLGRWDOFRPRKDVWDYHFHVPiVTXH ORTXHVHSXHGHKDEHUH[WUDtGRHQOD7LHUUDD ORODUJRGHODKLVWRULD LQIRUPHGHXQD³FRPLVLyQGHGLFDGDDHYDOXDU VLORVDPELFLRVRVSODQHVGHODDJHQFLDHVSDFLDO VRQ UHDOPHQWH IDFWLEOHV«´ DGYLUWLHQGR D OD 1$6$TXH³SDUDORJUDUORWHQGUiTXHDGRSWDU FDPELRV IXQGDPHQWDOHV HQ VX JRELHUQR \ RUJDQL]DFLyQ « GHGLFDUVH HQ H[FOXVLYD D OD LQYHVWLJDFLyQ GH IXWXURV SUR\HFWRV \ GHMDU HQPDQRVGHODLQGXVWULDWRGRDTXHOORTXHHO VHFWRU SULYDGR SXHGD PDQHMDU SRU Vt PLVPR « (O LQIRUPH « VHxDOD LQFOXVR ODV iUHDV FRQFUHWDV TXH GHEHUtDQ FDHU HQ PDQRV GHO VHFWRU SULYDGR FXDQWR DQWHV FRPR ORV SUR\HFWRV UREyWLFRV \ GH PDQHUD LQPHGLDWD HOODQ]DPLHQWRGHVDWpOLWHV´>@ (O0HUFDGR(VSDFLDO )LQDOPHQWHUHIXHU]RGHWRGRHOOR\HVUHÀHMRGH HVWHIHQyPHQRODSRVLFLyQTXHPDQL¿HVWD3,/ &+(5>@GHTXHHOSULPHUYLDMHWULSXODGRD0DU WHVHUiUHDOL]DGRSRUHPSUHVDVSULYDGDV>@ 6LHQGRTXHOD³1$6$WHQGUiTXHGHVSUHQGHUVH GH VX DQTXLORVDGD EXURFUDFLD \ FRQ¿DU PiV HQ ODV HPSUHVDV SULYDGDV VL TXLHUH TXH VXV DVWURQDXWDVOOHJXHQD0DUWHHQODVSUy[LPDV GpFDGDV«FRQFOXVLyQ´DODTXHDVtPLVPR VH OOHJD HQ OD DGPLQLVWUDFLyQ %XVK WUDV XQ (OPHUFDGRHVSDFLDOVHSXHGHFRQFHSWXDOL]DU SRU OR WDQWR D OD OX] GH WRGD OD GRFWULQD \ OHJLVODFLyQ GHO GHUHFKR HVSDFLDO TXH VH DQDOL]y FRPR WRGD HVD LQLFLDWLYD S~EOLFD R SULYDGDFRQPLUDVDH[SDQGLUODVDFWLYLGDGHV HVSDFLDOHVDXQRUEHFRPHUFLDOTXHUHRUJDQL]D ODVSRVLELOLGDGHVGHODWHFQRORJtDHVSDFLDOHQ HOPXQGRHQJHQHUDO8QPHUFDGRTXHOOHYD PiV DOOi GH ODV IURQWHUDV GH ODV SRWHQFLDV HVSDFLDOHV³ODHUDHVSDFLDO´>@ /D7RUUH(GXDUGR'LVSRQLEOHHQSiJ:HEKWWSSRUHOGHUHFKRHVSDFLDOEORJVSRWFRP 'LUHFWRUGHO,QVWLWXWRGH$VWURELRORJtDGHOD1$6$ %ORJDVWURQRPLD'LVSRQLEOHGHVGHSiJZHEKWWSZZZEORJDVWURQRPLDFRP! 0XQGLQWHUDFWLYRV 6$ 'LVSRQLEOH HQ SiJ ZHE KWWSZZZHOPXQGRHVSDSHOFLHQFLD KWPO! <HQPLRSLQLyQGiQGRVHXQDYHUGDGHUDHMHFXFLyQRFXPSOLPLHQWRGHDOJXQRVGHORVSULQFLSDOHVSULQFLSLRVGHO'HUHFKR (VSDFLDOWDOHVFRPRHQWUHRWURVODFRRSHUDFLyQ\DVLVWHQFLDPXWXDTXHJHQHUDHOHTXLSDUDPLHQWRGHODVQDFLRQHVFRQ PHQRVSRVLELOLGDGHVGHWHQHUDFFHVRDOHVSDFLRH[WHULRU\VLQRGHPDQHUDGLUHFWDDOPHQRVSRUDKRUDGHXQPRGR LQGLUHFWRFRQWRGRORTXHODWHFQRORJtDHVSDFLDO\VXVGLYHUVDVDSOLFDFLRQHVSRGUtDQRIUHFHUOHVFRQFUHWDPHQWHDGLFKDV QDFLRQHV8QIHQyPHQRGHSULYDWL]DFLyQTXHKDGLYHUVL¿FDGRDWDOJUDGRTXHVXVP~OWLSOHVDSOLFDFLRQHVTXHQRSRGtD UHXVDUVHPiVDVHUFRPSDUWLGDVFRQODKXPDQLGDGGHXQDXRWUDIRUPD\HOPHUFDGRLQGXGDEOHPHQWHIXH\HVXQDGH ODVKHUUDPLHQWDPiV~WLOHVTXHHOPXQGRSXGRWHQHUSDUDHOOR 'LYHUVL¿FDFLyQ GH ODV DFWLYLGDGHV HVSDFLOHV HQWUHRWURVKRWHOHVHQHOHVSDFLR>@FHQWURV FRPHUFLDOHV\RWUDVDFWLYLGDGHVVHPHMDQWHV $GHPiV GH OD PX\ ~WLO \ PXOWLPLOORQDULD LQGXVWULDGHORVVDWpOLWHV>@ODGLYHUVL¿FDFLyQ GH ODV DFWLYLGDGHV HVSDFLDOHV YD D VHU HQRUPHGHVGHODLQWHUQHWHOWXULVPRHVSDFLDO KDVWDODHTXLSDUDFLyQGHWHFQRORJtDHVSDFLDO SDUDHOiPELWRWHUUHVWUH < ¿QDOPHQWH HQ UHODFLyQ D ODV DSOLFDFLRQHV WHUUHVWUHV GH OD WHFQRORJtD HVSDFLDO VRQ PX FKRVORVHMHPSORVDVtORVTXHWLHQHTXHYHU FRQ OD HVWUXFWXUD GH OD QDYH ORV FXDOHV SRU VXSDUWLFXODUFDUDFWHUtVWLFDVVHKDQXVDGRHQ VHFWRUHVFRPRHOGHODLQGXVWULDDpUHDFLYLOOD DXWRPRWUL]ODGHODVELFLFOHWDVODPpGLFDFRQ ODV FHUiPLFDV ySWLFDV HWF 'HO PLVPR PRGR ODVDSOLFDFLRQHVSURGXFWRVGHODVFRQGLFLRQHV DPELHQWDOHVGHOHVSDFLRTXHHVWiQHQLQWLPD UHODFLyQFRQHOGHVDUUROORGHODLQGXVWULDIDUPD FpXWLFDGHLQYHVWLJDFLyQDQLYHOHVSDFLDO>@ $VtHOWXULVPRHVSDFLDOHVXQQXHYRQHJRFLR GHOVLJOR;;,TXHVHHQFXHQWUDHYROXFLRQDQGR GHXQPRGRPX\VLPLODUDODDYLDFLyQFLYLOHQHO VLJORDQWHULRUHVGHFLUSULPHURLPSOHPHQWDGR SRU ORV JRELHUQRV \ PLQLVWHULRV GH GHIHQVD KDVWDTXHODHPSUHVDSULYDGDORFRPHUFLDOL]y DEDUDWDQGR VXV FRVWHV ³SDUD TXH RFXUUD HVWR HQ OD DFWXDOLGDG VH GLVHxDQ YHKtFXORV TXH HVWpQ FDSDFLWDGRV SDUD UHDOL]DU YXHORV HVSDFLDOHVGHPDQHUDUHJXODU´>@ <DQiORJRDODRSRUWXQLGDGFRPHUFLDOTXHVH HVWiDEULHQGRFRQHOWXULVPRHVSDFLDOHVWiQ ODLGHDGHLPSOHPHQWDUWRGDXQDLQGXVWULDGH HQWUHWHQLPLHQWR\FRQIRUWHVSDFLDOWDO\FRPR /D WHOHGHWHFFLyQ HVSDFLDO HV XQD WHFQRORJtD D SXQWR GH FRPHUFLDOL]DUVH DO OHYDQWDUVH OD SURKLELFLyQ HQ HVH VHQWLGR D OD SULYDWL]DFLyQ GH OD LQIRUPDFLyQ JHRJUi¿FD (QWUH RWUDV DSOLFDFLRQHV GH HVWD WHFQRORJtD HVWiQ OD GH FDUWRJUDItD 'LJLWDO \ &DWDVWUR TXH VH HVWi LPSOHPHQWDGR HQ QXHVWUR SDtV>@ SDUD HO PHGLRDPELHQWH>@HQODJHVWLyQGH5HFXUVRV 1DWXUDOHV>@SDUDODDJULFXOWXUDHWF *yPH]+HUW]9S/RVVDWpOLWHVDUWL¿FLDOHVVRQXWLOL]DGRVHQWUHRWURVSDUDHVWXGLDUODUDGLDFLyQVRODU ORVUD\RVFyVPLFRVOD7LHUUDWDOHVFRPRODLRQRVIHUDHOFDPSRPDJQpWLFRODSUHFLRDWPRVIpULFDHQHOFDPSRGHODV FRPXQLFDFLRQHV³GHVHxDOHVGHUDGLRWHOHYLVLyQWHOpIRQRWHOHID[HQYtRGHGDWRVHQODFHV«HOHVWXGLRPHWHRUROyJLFR «SDUDHVWXGLDUORVIHQyPHQRVDWPRVIpULFRVHLQWHQWDUVXSUHGLFFLyQ«ORVOODPDGRVVDWpOLWHVDVWURQyPLFRVTXH KDFHQREVHUYDFLRQHVGHOHVSDFLRH[WHULRUGHVGHVXyUELWD´(WF 9LDMHV(VSDFLDOHVFRP'LVSRQLEOHHQSiJ:HEKWWSZZZYLDMHVHVSDFLDOHVFRPYXHORVHVSDFLDOHVKWPO! 3RUHMHPSOR\DVHKDQGDGRGLVHxRVDUTXLWHFWyQLFRVWDO\FRPRHOGHODOHPiQ+DQV-XUJHQ5RPEDXWPLHPEURGHOD $FDGHPLDGH$UTXLWHFWXUDGH5RWWHUGDPGHOFXDOVHWLHQHYLVOXPEUDGDVXFRQVWUXFFLyQHQOD/XQD\VXLQDXJXUDFLyQ SDUDHODxR /DV YHQWDMDV GH OD³SpUGLGD´ SDUFLDO R LQFOXVR WRWDO GHO SHVR OD YHQWDMD GH OD HQHUJtD VRODU DXVHQFLD GH FRUULHQWHV FRQHFWLYDVRYLEUDFLRQHVXQDPELHQWHHVWpULO\FRQGLFLRQHVGHYDFtRHQWUHRWURVSXHGHIDYRUHFHUODLPSOHPHQWDFLyQ GHFULVWDOHVXOWUDSXURVODVHSDUDFLyQGHVXVWDQFLDVODKRPRJHQL]DFLyQGHFRPSXHVWRVODREWHQFLyQGHSURGXFWRV IDUPDFpXWLFRVGHDOWDSXUH]DYLGULRV\VHPLFRQGXFWRUHVHWF &RQODFRPHUFLDOL]DFLyQGHODDFWLYLGDG\FRQVXPRGHUQL]DFLyQSRGUiQDMXVWDUVHPXFKRPiVDODVQHFHVLGDGHVGH HOLPLQDFLyQGHHUURUHV\FUHDFLyQGHPDSDVFRQULTXH]DGHFRQWHQLGR $O SHUPLWLUVH FRQ VXV LPiJHQHV KDFHU XQ VHJXLPLHQWR GH OD HURVLyQ GHIRUHVWDFLyQ OOXYLD iFLGD YHUWLGRV Wy[LFRV GHUUDPHVGHFUXGRHWF 'RQGHODVLPiJHQHVGHDOWDUHVROXFLyQVRQFDSDFHVGHFUHDUDUFKLYRVGHLQIRUPDFLyQUHDOPHQWH¿GHGLJQD\SUHFLVD DVtSRUHMHPSORVLUYLHQGRGHSURYHFKRSDUDODVHPSUHVDVTXHGHGLFDQDOVXPLQLVWURGHDJXD (O0HUFDGR\HO'HUHFKR(VSDFLDO HQ&RVWD5LFD ³(O 0RWRU GH 3ODVPD´ FRKHWH GH PDJQHWRSODVPD GH LPSXOVR HVSHFt¿FR YDULDEOH R 9$6,05 EHQH¿FLRV SDUD &RVWD5LFD (O PRWRU GH SODVPD FRPR HV SRSXODUPHQWH FRQRFLGR HQ OD DFWXDOLGDG HV XQD GH ODV SULQFLSDOHV UD]RQHV SRU ODV TXH HO 'HUHFKR (VSDFLDOGHEHGHVSHUWDUHOVX¿FLHQWHLQWHUpV MXUtGLFRHQQXHVWURSDtV 8QSUR\HFWRGHVDUUROODGRSRUHO'U)UDQNOLQ &KDQJ 'tD]>@ HO FXDO HV ~QLFR HQ VX WLSR HQ FRPSDUDFLyQ FRQ ODV WHFQRORJtDV GH ORV FRKHWHVGHSURSXOVLyQTXtPLFDXVDGRVKDVWD KR\ TXH DGHPiV GH VHU PiV FDUDV QR WLHQHQ ODV FDUDFWHUtVWLFDV GH DFHOHUDFLyQ GH GHVDFHOHUDFLyQGHXQ³PRWRU´ 8QRGHVXVSULQFLSDOHVHQFRPSDUDFLyQFRQ RWURVHVVXYDULDELOLGDGORFXDOTXLHUHGHFLU TXHSHUPLWHGDGDVVXSURSLHGDGHVDXPHQWDU RGLVPLQXLUHOÀXMRGHOSODVPD\ODYHORFLGDG GH OD QDYH HVSDFLDO GH PRGR TXH SRGUtD GHVDFHOHUDU R DFHOHUDU GH IRUPD VLPLODU D XQ FDUUR OR FXDO FRQYLHUWH HVWH FRKHWH HQ DOJR PiV VLPLODU D XQ PRWRU FRQYHQFLRQDO 3RU OR TXH HVWDUtD FDSDFLWDGR DGHPiV SDUD HQIUHQWDUORVFOLPDV\ODVLUUHJXODULGDGHVGHO DPELHQWHHVSDFLDO3XGLpQGRVHSHUPLWLUHQWUH RWURVKDFHUHOYLDMHD0DUWHHQODPLWDGGHO WLHPSRORVUHDEDVWHFLPLHQWRVGHHVWDFLRQHV HVSDFLDOHV \ VDWpOLWHV PiV EDUDWRV \ OD UHFROHFFLyQ GH EDVXUD HVSDFLDO GH PDQHUD HFRQyPLFDPHQWHYLDEOH>@ < SXHVWR OD LGHD RULJLQDO GH OD 1$6$ HUD LPSXOVDUODLQLFLDWLYDSULYDGD\QRHOPRQRSROLR HVWDWDO \ DO GHMDU GH UHSUHVHQWDU XQ SHOLJUR SDUD OD VHJXULGDG QDFLRQDO HQWRQFHV ODV WHFQRORJtDV SRGtDQ VHU FRPSDUWLGDV FRQ HO PXQGR GH XQ PRGR FRPHUFLDO VLHQGR SRU OR WDQWR TXH VH GD OD SRVLELOLGDG GH TXH HO DxRHO'U&KDQJ'tD]VHFRQYLHUWDHQ XQ HPSUHVDULR SULYDGR FRQVWLWX\pQGRVH $G $VWUD5RFNHW&RPSDQ\ (PSUHVDFRQEDVHHQ+RXVWRQ(VWDGRV8QL GRV\FRQXQSRUFLHQWRUDGLFDGRHQHOOD ERUDWRULRUDGLFDGRHQ/LEHULD*XDQDFDVWH>@ SRVLFLRQiQGRQRVGHXQPRGRLQVRVSHFKDGD PHQWHLPSRUWDQWHHQ³HO0HUFDGR(VSDFLDO´ 'RQGH DGHPiV VH GDQ YHQWDMDV MXUtGLFR FRPHUFLDOHV SDUD QXHVWUR SDtV WDOHV FRPR OD SDWHQWDELOLGDG GH LQYHQWRV TXH VH SXGLHUDQ GDU HQ QXHVWUR WHUULWRULR>@ TXH )tVLFRGHO,QVWLWXWR7HFQROyJLFRGH0DVVDFKXVVHWVDVWURQDXWDUHWLUDGRGHOD1$6$HOFXDOKDHVWDGRHQVLHWHPLVLRQHV HQHOHVSDFLR\QDFLGRHQ&RVWD5LFDHQ /LEHUDQGRSRVLFLRQHVRUELWDOHVFRPRODVGHODyUELWDJHRHVWDFLRQDULDDOWDPHQWHOXFUDWLYDVSDUDODLQGXVWULDGHODV WHOHFRPXQLFDFLRQHVSRUVXVFDUDFWHUtVWLFDVFLHQWt¿FDVSDUDFRORFDUXQVDWpOLWHQXHYRHQHOOXJDUGHOTXH\DQRHVWi HQIXQFLRQDPLHQWR&RQODFRQMXQWDSUREOHPiWLFDGHTXHODEDVXUDHVSDFLDOSRQHHQSHOLJURQRVyORHOQHJRFLRGHOD LQGXVWULDVDWHOLWDOVLQRORVSUR\HFWRVGHHVWDFLRQHVHVSDFLDOHVHQWUHRWUDVLQLFLDWLYDVHQHOHVSDFLR (OGLQHURTXHKDFRVWHDGRHOODERUDWRULRSURFHGHGHLQYHUVRUHVYLVLRQDULRVGHORVFXDOHVLQHVSHUDGDPHQWHFDVLHO GHOGLQHURHVGHFDSLWDOFRVWDUULFHQVH/DVSULPHUDVDFFLRQHVVHYHQGLHURQHQIRUPDSULYDGD\WHQtDQHQHOXQ YDORUGHODVTXHSDUDHOWHQtDQXQYDORUGHPiVGH $VtODLQYHQFLyQGH³XQLQIXVRU´IUXWRGHODFRPELQDFLyQGH$G$VWUD5RFNHW\HO,QVWLWXWR7HFQROyJLFRGH&RVWD5LFD FRPRSUR\HFWRGHJUDGXDFLyQGHOD(VFXHODGH,QJHQLHUtD(OHFWURPHFiQLFDUHDOL]DGRSRU-RVXp6RODQR\'DQLHO5R]HQ TXHVHUYLUiSDUDFRODUFDIpHQHOHVSDFLRVLQTXHODEHELGDSLHUGDSURSLHGDGHV\SDUDSURFHVDUVXVWDQFLDVTXHSRUODV FRQGLFLRQHVGHLQJUDYLGH]HVFDSD]GHGHVDUUROODUSURSLHGDGHVGLVWLQWDVDODVTXHVHGDUtDQHQODWLHUUD\TXHSRGUtDQ VHUXWLOL]DGDVDODKRUDGHEXVFDUFXUDVSDUDFLHUWDVHQIHUPHGDGHVRSDUDODLQIXVLyQGHRWURWLSRGHEHELGDVRSODQWDV HYHQWXDOPHQWH QR HVWDUtDQ UHJLGRV SRU ODV OH\HV GH SURSLHGDG LQWHOHFWXDO GH (VWDGRV 8QLGRVTXHVRQEDVWDQWHVPiVIXHUWHVSDUD ODPDWHULDHVSDFLDOGHPRGRTXHPHGLDQWH QHJRFLDFLRQHV GHVGH &RVWD 5LFD ELHQ SRGUtD FRPHUFLDOL]DUVH OD WHFQRORJtD \ VXV DSOLFDFLRQHVDTXtGHVFXELHUWDV /DQ]DGRVDO(VSDFLR8OWUDWHUUHVWUHTXHVHUi DQDOL]DGRHQHOVLJXLHQWHSXQWR 'HUHFKR (VSDFLDO HQ &RVWD 5LFD &RVWD5LFDFRPR(VWDGRGH5HJLVWUR 6RQ PXFKRV ORV HVIXHU]RV SDUD KDFHU YHU D OD$VDPEOHD /HJLVODWLYD GH OD LPSRUWDQFLD GHOGHUHFKRHVSDFLDOHQ&RVWD5LFDDVtSRU HMHPSORHQVHSWLHPEUHGHOHQWUHRWUDV SRQHQFLDV GHO 'RFWRU &KDQJ DQWH OD &RPL VLyQ 3HUPDQHQWH (VSHFLDO GH 5HODFLRQHV ,QWHUQDFLRQDOHV \ &RPHUFLR ([WHULRU GH OD $VDPEOHD /HJLVODWLYDV>@ PDQL¿HVWD OD LP SRUWDQFLD GH OD DSUREDFLyQ GHO 7UDWDGR GHO (VSDFLRHQ&RVWD5LFD>@ 6LHQGR XQD GH ODV SULQFLSDOHV YHQWDMDV OD SRVLELOLGDGGHTXHQXHVWUR3DEHOOyQ1DFLRQDO OOHJXHDHVWDUXELFDGRHQHOHVSDFLRH[WHULRU SRVLFLRQiQGRQRV FRPR XQ YHUGDGHUR SURWD JRQLVWD GH OD LQGXVWULD HVSDFLDO SRUTXH ORV &KDQJKDQSHQVDGRD&RVWD5LFDGHVGHXQ VRFLRGHOD(VWDFLyQ,QWHUQDFLRQDOKDVWDXQD SRWHQFLD WHFQROyJLFD DO LQFHQWLYDUVH D ODV LQGXVWULDV HVSDFLDOHV SDUD TXH VH UDGLTXHQ HQ HO SDtV RIUHFLpQGROHV XQ FRQVLGHUDEOH GHVFXHQWR SRU HO XVR GHO PRWRU DO RVWHQWDU ODEDQGHUDQDFLRQDOGiQGRVHGHHVWHPRGR P~OWLSOHVLQFLGHQFLDVMXUtGLFRSDUDORJUDUTXH ODEDQGHUDFRVWDUULFHQVHHVWpHQVXVREMHWRV HVSDFLDOHV \ WRGR HOOR D UDt] GHO FDUiFWHU ~QLFRGHOPRWRUGHSODVPDFRPRWHFQRORJtD GH VX WLSR < WRGR HVWR GDQGR OXJDU D XQ JUDQFDPELRDPHGLDQRRODUJRSOD]RGHQR VyOR GH OD OtQHD GH SURGXFFLyQ \ HO WLSR GH HFRQRPtDQDFLRQDOVLQRGHORVOLQHDPLHQWRV MXUtGLFRHVSDFLDOHVGHQXHVWURSDtV 6LHQGR TXH ¿QDOPHQWH VH GD OD DSUREDFLyQ GHO SULPHU FRQYHQLR GH 'HUHFKR (VSDFLDO HQ &RVWD 5LFD GHO &RUSXV ,XULV 6SDWLDOLV HO GH MXQLR GHO DXQTXH VL ELHQ QR HO 7UDWDGR GHO (VSDFLR VL HO &RQYHQLR VREUH HO5HJLVWURGH2EMHWRV/DQ]DGRVDO(VSDFLR 8OWUDWHUUHVWUH>@LPSRUWDQWHSRUODQHFHVLGDG GHXQDEDVHQRUPDWLYDTXHEULQGHVHJXULGDG MXUtGLFD D FXDOTXLHU LQGXVWULD HVSDFLDO TXH SUHWHQGD HVWDEOHFHUVH \ RSHUDU HQ HO SDtV \ TXH UHTXLHUD GH OD UHJLVWUDFLyQ GH VXV REMHWRVHVSDFLDOHV 'H DKt OD LPSRUWDQFLD GH OD DGKHVLyQ DO &RQYHQLR VREUH HO 5HJLVWUR GH REMHWRV 'LFKR &RQYHQLR HVWDEOHFH XQ VLVWHPD REOL JDWRULR GH UHJLVWUR PHGLDQWH XQ VLVWHPD GH (QDXGLHQFLDVHQWDGDPHGLDQWHDFWDGHVHVLyQRUGLQDULD1 <DTXHHQXQDUHXQLyQFRQHODGPLQLVWUDGRUGHOD1$6$0LFKDHO*ULI¿QOHSUHVHQWDODLGHD\OHGLFH³¢4XpOHSDUHFH GDGDODFRQWULEXFLyQGHOSDtVHQHOPyGXORHVSDFLDOTXHOOHYDUiDFDERODVSUXHEDVGHO³PRWRUGHSODVPD´HQOD(VWDFLyQ (VSDFLDOVL&RVWD5LFDSXGLHUDLQFRUSRUDUVHFRPRXQRGHORVPLHPEURVGHHVHJUXSRGHQDFLRQHV"´eOGLFH³6L&RVWD 5LFDORSURSRQH\RORLPSXOVR´&RVWD5LFDWHQGUtDTXHSRVWXODUVHIRUPDOPHQWH&RQHVDUHVSXHVWDIXHDFRQYHUVDU FRQHO6HQDGRU%LOO1HOVRQ6HQDGRU\3UHVLGHQWHGHO&RPLWpGHO(VSDFLRGHO6HQDGR1RUWHDPHULFDQR/HSDUHFLyXQD LGHDEULOODQWHOHSDUHFLyXQDIRUPDPX\EXHQDSDUDSRGHUFRPSDUWLUPiVHTXLWDWLYDPHQWHODVDFWLYLGDGHVFLHQWt¿FDVGH ORVSDtVHVULFRVFRQORVSDtVHVHQYtDVGHGHVDUUROOR´$GHPiVSRUTXHSDUWHGHODHVWUXFWXUDTXHYDDOOHYDU³HOPRWRU GHSODVPD´DODHVWDFLyQVHUiGLVHxDGD\FRQVWUXLGDSRULQJHQLHURV\FLHQWt¿FRVFRVWDUULFHQVHVHQ&RVWD5LFD&RQ HVDFRQWULEXFLyQSRGUtDFRQVWLWXLUVHFRPRXQRGHORVPLHPEURVGHOJUHPLRGHQDFLRQHVTXHFRQVWLWX\HQOD(VWDFLyQ (VSDFLDO,QWHUQDFLRQDO6LHQGRTXHDSUREDGRHOWUDWDGRGHOHVSDFLR\DWHQHPRVODLQIUDHVWUXFWXUDOLVWDSDUDHPSH]DUD IRUPXODUHVWDVSURSXHVWDVGHLQFRUSRUDUQRVFRPRSDtVHQOD(VWDFLyQ(VSDFLDO,QWHUQDFLRQDO 0HGLDQWHDSUREDFLyQOHJLVODWLYDGHO3UR\HFWRQGHOKHFKRHQ1XHYD<RUNHOGHHQHURGH LQVFULSFLyQ HQ XQ UHJLVWUR DSURSLDGR TXH VH OOHYDUi D WDO HIHFWR QRWL¿FDQGR DO 6HFUHWDULR *HQHUDOGHODV1DFLRQHV8QLGDVODFUHDFLyQGH GLFKRUHJLVWUR\GHKDEHUGRVRPiV(VWDGRV GHODQ]DPLHQWRFRQUHVSHFWRDFXDOTXLHUREMHWR HVSDFLDOGLFKRV(VWDGRVGHWHUPLQDUiQFRQMXQ WDPHQWH FXiO GH HOORV LQVFULELUi HO REMHWR HOOR FRPR(VWDGRGHUHJLVWURVHJ~QHODUWLFXORGHO FRQYHQLR 'H GRQGH OD MXULVGLFFLyQ QDFLRQDOL GDG \ SURSLHGDG HQWUH RWURV SDUD HIHFWRV GH UHVSRQVDELOLGDGLQWHUQDFLRQDOHVSDFLDOVHFRQ ¿JXUDUiDXWRPiWLFDPHQWHFRQHVWHUHJLVWUR 'HPRGRTXH(VWDGRGHUHJLVWURVHLGHQWL¿FDUi FRQ HO WpUPLQR (VWDGR GH ODQ]DPLHQWR HO FXDO VH GH¿QH ³FRPR DO (VWDGR D TXH ODQFH R SURPXHYD HO ODQ]DPLHQWR GH XQ REMHWR HVSDFLDO E GHVGH FX\R WHUULWRULR R GHVGH FX\DV LQVWDODFLRQHV VH ODQFH XQ REMHWRHVSDFLDO´>@'HGRQGHVHFRQFOX\HOD SRVLELOLGDGGH&RVWD5LFDGHDSDUHFHUFRPR (VWDGRGHUHJLVWURRGHODQ]DPLHQWRDUDt]SRU HMHPSORGHODSURPRFLyQGHOODQ]DPLHQWRSRU ODSDUWLFLSDFLyQGHVXVQDFLRQDOHVHPSUHVDV FRQSUR\HFWRVHVSDFLDOHVHQODFUHDFLyQGH REMHWRV\RODUHJLVWUDFLyQGHORVPLVPRVHQ HOUHJLVWURQDFLRQDOFUHDGRDOHIHFWR>@ (QWLGDGHV (VWDWDOHV \ 1R JXEHUQDPHQWDOHV TXH SURPXHYHQ HO PHUFDGRHVSDFLDO +D\ HQWLGDGHV HVWDWDOHV \ QR JXEHUQDPHQ WDOHVTXHVHHQFXHQWUDQHQFDUJDGDVHQSUR PRYHU OD WHFQRORJtD H LQGXVWULD HVSDFLDO HQ QXHVWURSDtV $Vt HQWUH RWURV HQ HO SODQ GH GHVDUUROOR VHHYLGHQFLDGHOHVWDEOHFLPLHQWR \HQFDUJRGHSROtWLFDVS~EOLFDVUHODFLRQDGDV FRQ HO GHVDUUROOR DHURHVSDFLDO D GLVWLQWRV RUJDQLVPRV>@ DVt DO 0,&,7>@ \ HO &21,&,7>@ VH OH KDQ GRWDGR GH IRQGRV \ GH OD UHVSRQVDELOLGDG GH HVWLPXODU HO SULPHUR SROtWLFDV GH HVWLPXOR D OD LQQRYDFLyQ \ HO VHJXQGR HO IRPHQWR D OD LQYHVWLJDFLyQ 7DPELpQ RWURV UHVSRQVDEOHV GHLPSOHPHQWDFLyQGHSROtWLFDVGHGHVDUUROOR \ GH DSR\R D LQLFLDWLYDV JXEHUQDPHQWDOHV GHO VHFWRU WHFQROyJLFR VRQ HO &21,'$>@ \ HO05(&'HOPLVPRPRGRRWURVHQWHVKDQ VLGR HVWDEOHFLGR OD]RV HVWUDWpJLFRV FRQ OD LQGXVWULD DHURHVSDFLDO DVt SRU HMHPSOR HO 0(3HO,1$HOVLVWHPDEDQFDULRQDFLRQDOHO ,&(\$&$(>@ /DFKV0DQIUHGS 'RQGH HQ HO &RQYHQLR GH 5HJLVWUR GH 2EMHWRV GH VH HVWDEOHFH OD REOLJDFLyQ GH UHJLVWUDU WRGRV ORV REMHWRV LQGLVWLQWDPHQWH\HQHOTXHVHPDQWLHQHODIDOHQFLDGHODQRREOLJDWRULHGDGGHODPDUFDFLyQXQDKHUUDPLHQWD~WLOTXH FRQWULEX\HFRQODSUREOHPiWLFDGHODLGHQWL¿FDFLyQ\HOORHQUHODFLyQFRQODUHVSRQVDELOLGDGSRUXQGDxRSURYRFDGR SRUHOREMHWRGHMDGRGHPDUFDU$VtWDPELpQHQHODUWGHO7UDWDGRGHO(VSDFLRHQDUPRQtDFRQHOHVWDEOHFHTXH HO(VWDGR³HQFX\RUHJLVWUR´¿JXUHHOREMHWRODQ]DGRDOHVSDFLRUHWHQGUiODMXULVGLFFLyQ\FRQWUROVREUHHOREMHWR\HO SHUVRQDOTXHYD\DHQpO -RKDQQLQJ3pUH]$GROIR8(/3 0LQLVWHULRGH&LHQFLD\7HFQRORJtD &RQVHMR1DFLRQDOGH&LHQFLD\7HFQRORJtD &RQVHMR1DFLRQDOGH,QYHVWLJDFLyQ\'HVDUUROOR$HURHVSDFLDO $VRFLDFLyQ&HQWURDPHULFDQDGH$HURQiXWLFD\(VSDFLR 'HPRGRTXHH[LVWH\DXQDPX\ÀRUHFLHQWH LQGXVWULD SULYDGD DHURHVSDFLDO GRQGH VRQ PXFKRVORVDFWRUHVTXHSDUWLFLSDHQGLYHUVRV HVIXHU]RV GH SURPRFLyQ \ IRUWDOHFLPLHQWR UHDOL]DGRVHQWUHRWURVSRU352&20(5DVt SRUHMHPSORHQODRUJDQL]DFLyQGHFRQJUHVRV \FRQIHUHQFLDV 3URSXHVWDV QRUPDWLYDV \ FRQVLGH UDFLRQHVMXUtGLFDV 'H DFXHUGR FRQ /$&+6 HQ XQ FRPLHQ]R VL ELHQODVQDFLRQHVH[SUHVDURQVXLQWHUpVHQHO HVWDEOHFLPLHQWRGHXQUpJLPHQMXUtGLFRSDUDOD H[SORUDFLyQHQHOHVSDFLRGDGRTXHORVEHQH ¿FLRV HFRQyPLFRV QR VH SHUFLEtDQ SDUHFtDQ GLVSXHVWRVDGHMDUHODVXQWRHQPDQRVGHODV VXSHUSRWHQFLDV ³6yOR FRQ HO GHVDUUROOR GH ODVDSOLFDFLRQHVHVSDFLDOHVDODYLGDFLYLOVR EUH OD 7LHUUD \ FRQ HO DSDFLJXDPLHQWR GH OD *XHUUD )UtD XQD JUDQ FDQWLGDG GH (VWDGRV KDQFRPHQ]DGRDGDUVHFXHQWDTXHODGLSOR PDFLDHVSDFLDODIHFWDGLUHFWDPHQWHVXVLQWHUH VHV´>@\TXHORVDFWRUHVGHOiPELWRHVSDFLDO HVWiQDXPHQWDQGR $Vt FRQ OD GLYHUVL¿FDFLyQ GH OD DFWLYLGDGHV HVSDFLDOHV \ FRQ HO FUHFLHQWH IHQyPHQR GH OD SULYDWL]DFLyQ \ FRPHUFLDOL]DFLyQ GH ODV DFWLYLGDGHV HVSDFLDOHV VH HVWiQ YLVOXPEUDQGR GL¿FXOWDGHV MXUtGLFDV D QLYHO LQWHUQDFLRQDO DVt SRU HMHPSOR HQWUH RWUDV FRPR HIHFWR GHO DUWtFXOR GHO 7UDWDGR GHO (VSDFLR TXH GHFODUD DO HVSDFLR H[WHULRU SDWULPRQLR FRP~Q GH OD KXPDQLGDG QR VXVFHSWLEOH GH DSURSLDFLyQ \ GHO TXH SURKtEH OD PLOLWDUL]DFLyQ GHO HVSDFLR UHVHUYiQGRVHOR VyOR SDUD DFWLYLGDGHV SDFt¿FDV VH SLGH VX UHIRUPD XQR SDUD SULYDWL]DUUHFXUVRVQDWXUDOHVHQHOHVSDFLR>@ ³\ HO RWUR SDUD FRQVWUXLU LQVWDODFLRQHV PLOLWDUHVHVSDFLDOHV´>@ 3RU OR TXH HO UHSODQWHDPLHQWR GH DOJXQRV GH ORV SULQFLSLRV PiV EiVLFRV VH KD KHFKR HYLGHQWH QR VXJLULpQGRVH FRQ HOOR TXH GHEHUtDQVHUWUDQVIRUPDGRVGHOWRGRTXL]iV FRQVHUYiQGRVH VX HVHQFLD PiV SXUD WUDGXFLGD FRPR XQ ³'HUHFKR (VSDFLDO´ HQ EHQH¿FLR \ SURWHFFLyQ GH OD KXPDQLGDG SHUR VL VXIULHQGR XQ UHSODQWHDPLHQWR HQ FXDQWR D VX ÀH[LELOL]DFLyQ \ GH HVWH PRGR FRQYLUWLpQGRVH OD HPSUHVD HVSDFLDO HQ XQD GH GLPHQVLRQHV YHUGDGHUDPHQWH XQLYHUVDOHV WDO FRPR HO PLVPR SULQFLSLR GH 8QLYHUVDOLGDGORSUHGLFD 6DODV$S <D TXH HO SULQFLSLR GH 8QLYHUVDOLGDG GHO 'HUHFKR (VSDFLDO OR SURKtEH SHUPLWLpQGROR ~QLFDPHQWH HQ SULQFLSLR SDUD ¿QDQFLDUODVDFWLYLGDGHVGHtQGROHFLHQWt¿FR\HVWRHQPLRSLQLyQHQWpUPLQRVVLPLODUHVDOFRQWUDVHQWLGRHFRQyPLFR GHXQDKLSRWpWLFDLPSRVLFLyQDODVJUDQGHVFRPSDxtDVSHVTXHUDVGHOLPLWDFLRQHVHQHVHVHQWLGRSRUSDUWHGHO'HUHFKR 0DUtWLPR'HDKtTXHFXHVWLRQDPLHQWRVSRUODYLDELOLGDGOHJDOGHH[WUDHUPHWDOHVGHORVFXHUSRVFHOHVWHVKD\DFREUDGR UHOHYDQFLD GRQGH HQ WHVLV GH SULQFLSLR VHJ~Q HO UpJLPHQ MXUtGLFR HVSDFLDO VL VRQ VXVFHSWLEOHV GH DSURSLDFLyQ ORV DVWHURLGHV PHQRUHV \ ORV PHWHRULWRV 3HUR QR REVWDQWH SRVLFLRQiQGRQRV VLHPSUH HQ HO SHQVDPLHQWR GH TXH HV DGHFXDGRHOLQVWLWXWRSODVPDGRHQHVWHSULQFLSLRHQFXDQWRODFRQYHQLHQFLDGHTXHORVEHQH¿FLRVVLHPSUHVHGHEHUtDQ YHUHQDOJ~QJUDGR\GHDOJ~QPRGRWUDQVIHULGRVDOUHVWRGHODKXPDQLGDG\HVWR\DVHDFRQODLPSOHPHQWDFLyQGH DOJ~QFDQRQRLPSXHVWRGHFDUiFWHUXQLYHUVDODODVHPSUHVDVTXHOOHJDUDQDWHQHUODSRVLELOLGDGGHGLFKDH[SORWDFLyQ \HQHVHWDQWRQRGHVLQFHQWLYiQGRVHMXUtGLFDPHQWHODLQLFLDWLYDSULYDGD\FRPHUFLDOL]DFLyQHQHVWHiPELWR(QUHODFLyQ FRQ HVWH WHPD OD PLVPD 218 KD D¿UPDGR TXH OD VROXFLyQ D HVWDV GLV\XQWLYDV GHEH SURFXUDUVH GH IRUPD FUHDWLYD \ ÀH[LEOH VLHQGR TXH OD SRVLELOLGDG GH H[SORWDFLyQ \ DSURSLDFLyQ GH GLFKRV UHFXUVRV WHQGUtD TXH FRQWLQXDU VLHQGR UHH[DPLQDGDGHQWURGHO'HUHFKR,QWHUQDFLRQDO /D7RUUH(GXDUGR,QWURGXFFLyQDO'HUHFKR(VSDFLDO0RQRJUDItD>HQOtQHD@2EWHQLGRHOGHRFWXEUHGHGHVGH GLUHFFLyQKWWSSRUHOGHUHFKRHVSDFLDOEORJVSRWFRP < FRQFUHWDPHQWH HQ QXHVWUR SDtV GHEHUtDQ GDUVH XQ LQHOXGLEOH H LPSHULRVR GHVDUUROOR GH OH\HV TXH YDQ D SHUPLWLU TXH XQ SDtV FRPR &RVWD 5LFD SRU GDU XQ HMHPSOR SXHGD DSURYHFKDU DO Pi[LPR SDUD Vt \ VXV FLXGDGDQRVHO0HUFDGR(VSDFLDO 5HJXODFLRQHV WDOHV FRPR (O WUDVSDVR GH XQD HYHQWXDO UHVSRQVDELOLGDG SRU SDUWH GHO HVWDGR GH UHJLVWUR R ODQ]DQWH D OD HQWLGDG SULYDGD TXH UHDOL]D OD DFWLYLGDG HVSDFLDO GH ODFXDOVHEHQH¿FLDQRUPDVDSURSLDGDVSDUD UHSDUWLUODUHVSRQVDELOLGDGSRUGDxRV>@\HQ VXFDVRREOLJDUDORVDFWXDQWHVDDFUHGLWDUVX FDSDFLGDGGHDFWXDUHQHOHVSDFLR\DFXEULU VXV ULHVJRV PHGLDQWH OD FRQWUDWDFLyQ GH VHJXURVVX¿FLHQWHVVLQROYLGDUODSRVLELOLGDG GH TXH HO (VWDGR VHD UHHPEROVDGR FXDQGR KD\D WHQLGR TXH LQGHPQL]DU D WHUFHURV $GHPiVGHODLPSOHPHQWDFLyQGHODREOLJDFLyQ GH LQVFULELU R QRWL¿FDU FDGD FDPELR GH MXULVGLFFLyQ\SURSLHGDGGHOREMHWRSRUSDUWH GHOHVWDGRGHUHJLVWURGDGRTXHHOFRQYHQLR VREUH HO UHJLVWUR GH REMHWRV ODQ]DGRV DO HVSDFLRXOWUDWHUUHVWUHQRORUHJXOD>@ 7DPELpQ UHJODV TXH GHQ FHUWLGXPEUH DFHUFD GH OD REWHQFLyQ GH ORV GHUHFKRV GH H[SORWDFLyQ SRU SDUWH GH ODV HQWLGDGHV LQYHUVLRQLVWDV DQWH XQ FRQWLQJHQWH LQ FXPSOLPLHQWR GH ORV FRQFHVLRQDULRV R EHQH¿FLDULRVGHXQDOLFHQFLDJXEHUQDPHQWDO GH GHUHFKRV HVSDFLDOHV>@ $VLPLVPR HVWDEOHFHU XQ VLVWHPD GH OLFHQFLDV SDUD DGPLWLU ODV DFWLYLGDGHV HVSDFLDOHV GH HQWHV QR JXEHUQDPHQWDOHV \ OD LQVSHFFLyQ SRU ODV DXWRULGDGHV JXEHUQDPHQWDOHV GH HVDV DFWLYLGDGHV>@ (V GHFLU HO FXPSOLPLHQWR GH ORV UHTXLVLWRV WpFQLFRV \ HFRQyPLFRV WDOHV FRPR XQD FDQWLGDG GHWHUPLQDGD GH ¿QDQFLDFLyQ \ OD REWHQFLyQ GH XQ VHJXURDGHFXDGR < HVWR SRUTXH ELHQ SRGUtD GLDJQRVWLFDUVH TXH DO GDUVH OD SULYDWL]DFLyQ FDVL JHQHUDO GH ODV DFWLYLGDGHV HQ HO HVSDFLR VXUJLUiQ \ \D OR KDQ KHFKR QXHYDV SUREOHPiWLFDV \ VLWXDFLRQHVMXUtGLFDVTXHQHFHVLWDQVROXFLyQ WDOHV FRPR OD GHOLPLWDFLyQ ]RQDO \ SRU OR WDQWR GH OD MXULVGLFFLyQ \ OD FRPSHWHQFLD OD LGHQWL¿FDFLyQ \ UHJLVWUR GH ORV REMHWRV HVSDFLDOHV \ SRU OR WDQWR GHO (VWDGR GH UHJLVWUR R $XWRULGDG GH /DQ]DPLHQWR \ QDFLRQDOLGDG GH ORV REMHWRV HO UpJLPHQ GH UHVSRQVDELOLGDG SRU GDxRV WDQWR D QLYHO LQWHUQR FRPR LQWHUQDFLRQDO FRQ OD <HVWRSRUTXHHO'HUHFKR(VSDFLDODFWXDOSHUPLWHTXHODUHVSRQVDELOLGDGSRUGDxRVGHO(VWDGRGHODQ]DPLHQWRQR HVWpSUHYLVWDGHIRUPDGLUHFWDKDFLDODVHQWLGDGHVSULYDGDVRHQWLGDGHVQRJXEHUQDPHQWDOHVQDFLRQDOHV\RHQWLGDGHV SHUWHQHFLHQWHVD(VWDGRVWHUFHURVTXHLQFXUUHQHQUHVSRQVDELOLGDG (V LPSRUWDQWH OD SRVLELOLGDG GH KDFHU REOLJDWRULR SRU SDUWH GH ORV (VWDGRV GH UHJLVWUDU ODV FRQWLQXDV WUDQVPLVLRQHV GHOWtWXORGHSURSLHGDGTXHGHOREMHWRHVSDFLDOSXGLHUDQYHUL¿FDUVHDORODUJRGHVXYLGDGHIRUPDTXHXQ(VWDGRGH UHJLVWURTXHKD\DSHUGLGRMXULVGLFFLyQ\FRQWUROVREUHHOREMHWRGHELGRDODHMHFXFLyQGHXQDWUDQVDFFLyQFRPHUFLDOQR VLJDVLHQGR³UHVSRQVDEOH´GHOPLVPR 8QUHFLHQWHGHVDUUROORHVODSUHSDUDFLyQSRU81,'52,7RUJDQL]DFLyQLQWHUQDFLRQDOLQWHUJXEHUQDPHQWDOGHXQ3URWRFROR DGLFLRQDODOD&RQYHQFLyQ¿UPDGDHQ(O&DERD¿QDOHVGHUHODWLYDDODV*DUDQWtDV,QWHUQDFLRQDOHVVREUH(TXLSR 0yYLO'RQGHODLGHDEiVLFDHVODGHTXHORVGHUHFKRVGHORVLQYHUVLRQLVWDVTXH¿QDQFLDQODFRQVWUXFFLyQGHHTXLSRV PyYLOHVPDWHULDOIHUURYLDULRPDWHULDODHURQiXWLFR\REMHWRVHVSDFLDOHVVHDQSURWHJLGRVPHGLDQWHODWUDQVIHUHQFLDGH ORVGHUHFKRVGHORVSURSLHWDULRV\H[SORWDGRUHVGHORVREMHWRVFXDQGRHVWRVQRSXHGDQKDFHUIUHQWHDVXVREOLJDFLRQHV \TXHHVDWUDQVIHUHQFLDSXHGDWHQHUOXJDULQFOXVRHQYLUWXGGHXQDGHFLVLyQMXGLFLDOGLFWDGDHQXQWHUFHUSDtVDMHQRDO QDFLRQDOGHORVLQYHUVLRQLVWDV\DOGHORVSURSLHWDULRVGHOREMHWR %DMR HO WpUPLQR³(VWDGR GH /DQ]DPLHQWR´ VHJ~Q HO 7UDWDGR GHO (VSDFLR HO 7UDWDGR GHO 5HJLVWUR HO 7UDWDGR GH 5HVSRQVDELOLGDG SRU 'DxRV \ 5HVROXFLyQ VREUH OD DSOLFDFLyQ GHO FRQFHSWR GH (VWDGR GH ODQ]DPLHQWR ORV (VWDGRV GHEHQDGHPiVGHDVXPLUODUHVSRQVDELOLGDGGLUHFWDHQSULPHUDLQVWDQFLDSRUORVGDxRVTXHVHFDXVHQUHJODPHQWDUOD YLJLODQFLD\FRQWUROGHODVDFWLYLGDGHVHVSDFLDOHVUHDOL]DGDVGHVGHVXWHUULWRULR DSUREDFLyQGHOFRQYHQLRDHVHUHVSHFWR>@ HQWUHRWURV /HJLVODFLyQ LQWHUQD TXH DWLHQGD VXSXHVWRV WDOHV FRPR HQWUH RWURV XQ LQFXPSOLPLHQWR FRQWUDFWXDO GH WUDVIHUHQFLD FRPHUFLDO GH XQ VDWpOLWH XQD FRQFHVLyQ S~EOLFD D XQ FRQWUDWLVWDSULYDGRSDUDUHDOL]DURSHUDFLRQHV VDWHOLWDOHV HVSDFLDOHV HQ XQD SRVLFLyQ HVSDFLDO JXEHUQDPHQWDO XQ DUULHQGR R VXEDUULHQGR GH XQD SRVLFLyQ yUELWD YHQWDV GHVHUYLFLRVFRPRSRUHMHPSORGHWUDQVSRUWH HVSDFLDO ³HO PRWRU GH SODVPD´ HWF SRVLELOLGDGHVWRGDVDODVTXH&RVWD5LFDpVWD SRVLWLYDPHQWHSRUHQIUHQWDUVH 'HDKtTXHDPRGRGHSURSXHVWDQRUPDWLYD GDGD OD HQRUPH SUREOHPiWLFD GH OD ³EDVXUD HVSDFLDO´ \ DO HVFDVR HVIXHU]R QRUPDWLYR ³DPELHQWDO´DQLYHOHVSDFLDO\WRGRHOORVXPDGR DORVOD]RVHVWUDWpJLFRVTXHQRVXQHQFRQXQ SUR\HFWRFRQODVGLPHQVLRQHVGHO³PRWRUGH SODVPD´ ~QLFR HQ VX WLSR ELHQ VH SRGUtD GHVGH XQ SDtV FRPR HO QXHVWUR LPSXOVDU XQD LQLFLDWLYD OHJLVODWLYD TXL]iV SULPHUR D QLYHO LQWHUQR \ SRUTXH QR SRVWHULRUPHQWH D PRGR GH JXtD D XQ QLYHO LQWHUQDFLRQDO R YLFHYHUVD TXH FRPELQHQ OD WHPiWLFD GH OD UHVSRQVDELOLGDG\ODLQFHQWLYDFLyQHVWDWDOGH ODV DFWLYLGDGHV HVSDFLDOHV \ WRGR HVWR HQ XQ iPELWR ³DPELHQWDOLVWD HVSDFLDO´ \ HOOR D WUDYpVGHODSURSXHVWDGHORTXHOODPR³8Q PRGHORLQLFLDOGHXQVLVWHPDGHLQFHQWLYDFLyQ HVWDWDO SXHGH VHU ¿VFDOGH UHVSRQVDELOLGDG PHGLRDPELHQWDOHVSDFLDO´>@ $Vt PLVPR GHO PLVPR PRGR UHFRPLHQGR VH KDJD XQD LQYHVWLJDFLyQ GH GHUHFKR FRPSDUDGR GH ODV QRUPDWLYDV LQWHUQDV GH ODV GLVWLQWDV QDFLRQHV HQ ODV FXDOHV \D KD\ XQGHUHFKRHQHVWDGLUHFFLyQGHPRGRTXH VLUYD GH IXQGDPHQWR MXUtGLFR \ OHJLVODWLYR D ODQHFHVDULDLPSOHPHQWDFLyQGHXQHIHFWLYR GHUHFKR HVSDFLDO LQWHUQR $Vt FRPR XQ DQDOLFHV WpFQLFR VREUH OD LPSOHPHQWDFLyQ GH XQ UHJLVWUR LQWHUQR HQ QXHVWUR SDtV HVSHFt¿FDPHQWHGHREMHWRVHVSDFLDOHV <¿QDOPHQWHODYH]TXHUHVXOWDUtDLQWHUHVDQWH UHDOL]DU XQ H[DPHQ GH OD YLDELOLGDG MXUtGLFD GHOUHFODPRSRUSDUWHGHQXHVWURSDtVHQXQD GH ODV YDOLRVDV SRVLFLRQHV GH OD RUELWD JHR HVWDFLRQDULD>@QRVyORSRUTXHHVXQUHFXUVR OLPLWDGR \ TXH VX FRPSOHWR DFDSDUDPLHQWR < HVWR SRU OD SRVLELOLGDG GH TXH XQ UHFODPDQWH GH UHVSRQVDELOLGDG HVSDFLDO LQWHUQDFLRQDO RSWDUD SRU UHFXUULU D OD OHJLVODFLyQLQWHUQDGHXQ(VWDGRHQSDUWLFXODU\QRGLUHFWDPHQWHFRQWUDHO(VWDGRDORLQWHUQRGHOD218DSR\DGRSRU HO&RQYHQLRGH5HVSRQVDELOLGDGGRQGHGHEHUiHQIUHQWDUVHHQWRQFHVDQWHODSRVLELOLGDGGHTXHQRKD\DXQUpJLPHQ HVSHFt¿FRGHUHFODPDFLyQGHUHVSRQVDELOLGDGHVSDFLDOGHQWURGHGLFKR(VWDGR\HQHVHWDQWRSRUFRQVLJXLHQWHQR UHVWiQGROHHQWRQFHVPDVTXHHVWXGLDUODYLDELOLGDGMXUtGLFDGHUHFXUULUDRWUDVYtDVLQWHUQDV\DVHDQFRQWHQFLRVD DGPLQLVWUDWLYDVHQFRQWUDGHODSDUDWRHVWDWDORFLYLOFRPHUFLDOGLUHFWDPHQWHHQFRQWUDGHOHQWHSULYDGRQDFLRQDOGH HVH(VWDGRTXHRULJLQyHOGDxR <HOORQRVyORWRPDQGRFRPREDVHORVLQVWLWXWRVMXUtGLFRQRUPDWLYRVLPSOHPHQWDGRDQLYHOWHUUHVWUHGHRWUDVUDPDV GHOGHUHFKRGLVWLQWDVGHOGHUHFKRHVSDFLDOVLQRWDPELpQWRPDQGRFRPREDVHHO7UDWDGRGH5HVSRQVDELOLGDG SDUD HVWDEOHFHUXQDODOHJLVODFLyQPiVGHUHVSRQVDELOLGDGGHWLSR³DPELHQWDO´DVtFRPRVHUtDODREOLJDFLyQGHOLPSLDUORV GHVHFKRVHVSDFLDOHVSURSLRVHQXQSULPHUWpUPLQRLGHQWL¿FDEOHV\HVWRSRUTXHHQODDFWXDOLGDGODUHVSRQVDELOLGDG REMHWLYD YLJHQWH QR FXEUH SRU HMHPSOR HO GDxR FDXVDGR HQWUH GRV (VWDGRV TXH WLHQHQ REMHWRV HVSDFLDOHV TXH HYHQWXDOPHQWHVXIUDQXQDFROLVLyQSRVLELOLGDGTXHHQODDFWXDOLGDGHVPiVJUDQGHSRWHQFLDQGRPiVODSUREOHPiWLFD GHODEDVXUDHVSDFLDOSXHVWRTXHORVREMHWRVVHIUDFFLRQDQHQPXFKRVPiVIUXWRGHGLFKDFROLVLyQ\HOORSXHVWRTXH ORVGRV(VWDGRVODDVXPHQSXHVWRTXHDVXPHQHOULHVJRTXHLPSOLFDQODVDFWLYLGDGHVTXHHOORVGHFLGLHURQUHDOL]DUHQ HVHiPELWR6LFRQVWLWX\pQGRVHUHVSRQVDELOLGDGFXDQGRVHOHSURYRFDHOGDxRDXQWHUFHURTXHQRUHDOL]DODDFWLYLGDG 3DUDSRVWHULRUHYHQWXDOPHQWHDUUHQGDUODDXQWHUFHURLQWHUHVDGRSULYDGRRHVWDWDODSDUHFLHQGRFRPRVXMHWRHQXQD FRQWUDWDFLyQHVSDFLDO\RDSURYHFKDUVHGLUHFWDPHQWHGHHOOD SRGUtD HVWDU PX\ SUy[LPR VLQR WDPELpQ SRUTXH VHJ~Q HO SULQFLSLR GHO GHUHFKR HVSDFLDOGHLJXDOGDG\XQLYHUVDOLGDGQXHVWUR SDtVWHQGUtDWRGRHOGHUHFKRGHKDFHUOR &RQFOXVLRQHV 6LQGXGDHOWHPDHVDPSOLR\HOORHQFLHUWD IRUPD VLPLODU DO iPELWR GHVWLQDGR D QRUPDU HO'HUHFKR(VSDFLDO &RQWHQLHQGR XQ FDUiFWHU LQPLQHQWHPHQWH IUDJPHQWDULRGHDKtTXHVHGHEHUHFRQRFHU TXHHODVXQWRTXHGDLQDFDEDGRGDQGRSLHD PXFKtVLPRVPiVDUWtFXORVVREUHODPDWHULD 3XGLpQGRVH LQIHULU GH OR DQDOL]DGR TXH D HVWD LQLFLDWLYD MXUtGLFRQRUPDWLYD WDQWR GHVGH XQD SHUVSHFWLYD QDFLRQDO FRPR LQWHUQDFLRQDO S~EOLFD FRPR SULYDGD D~Q OH IDOWD PXFKR SRU DEDUFDU HQ XQ FRQWH[WR GHO WDQYLJHQWH³0HUFDGR(VSDFLDO´ 6LWXDFLyQ TXH VH DJUDYD DO FRQVLGHUDU TXH HQ&RVWD5LFDDSHVDUTXHH[LVWHQ\DHQWHV HQFDUJDGRVGHLPSXOVDUODLQGXVWULDHVSDFLDO VyOR VH KDQ DSUREDGR XQR GH ORV WUDWDGRV GHO &RUSXV ,XULV 6SDWLDOLV 9LVOXPEUiQGRVH SRU OR WDQWR OD QHFHVLGDG GH LPSOHPHQWDU QRUPDV ³LQWHUQDV HVSDFLDOHV´ \ GH DSUREDU XUJHQWHPHQWH D QLYHO LQWHUQDFLRQDO SRU OR PHQRVHO7UDWDGRGHO(VSDFLRHO7UDWDGRGH 5HVSRQVDELOLGDG\HO7UDWDGRGHOD/XQD>@ <WRGRHOORSDUDSHUPLWLUVHTXHXQSDtVFRPR &RVWD 5LFD SXHGD DSURYHFKDU DO Pi[LPR SDUD Vt \ VXV FLXGDGDQRV HO 0HUFDGR (VSDFLDOHQXQFRQWH[WRLQWHUQDFLRQDOPHQWH WDQUHOHYDQWHFRPRHOGHO³PRWRUGHSODVPD´ %LEOLRJUDItD .HUUHVW$ /H GURLW GH O¶HVSDFH HW OD SULYDWLVDWLRQGHVDFWLYLWpVVSDWLDOHVMRXUQpHV G¶pWXGHV >%UHVW 8QLYHUVLWp GH %UHWDJQH RFFLGHQWDOH @ >RUJDQLVpHV SDU OD@ 6RFLpWpIUDQoDLVHSRXUOHGURLWLQWHUQDWLRQDO VRXV OD GLUHFWLRQ G¶$UPHO .HUUHVW $ 3HGRQH3DULV 0RQWHMR$\5DPRV0'HUHFKRGHO (VSDFLR ([WHULRU 3RVLELOLGDGHV &RQFUHWDV SDUD &RVWD 5LFD7HVLV GH *UDGXDFLyQ SDUD RSWDUSRUHOJUDGRGH/LFHQFLDWXUDHQ'HUHFKR &DPSXV 5RGULJR )DFLR 8QLYHUVLGDG GH &RVWD5LFD /DFKV 0DQIUHG (O 'HUHFKR GHO (VSDFLR 8OWUDWHUUHVWUH )RQGR 'H &XOWXUD (FRQyPLFD (GLFLRQHV ) & ( (VSDxD 6$0p[LFR 6HDUD 9i]TXH] 0RGHVWR ,QWURGXF FLyQ DO 'HUHFKR ,QWHUQDFLRQDO &yVPLFR 'LUHFFLyQJHQHUDOGHSXEOLFDFLRQHV3ULPHUD HGLFLyQ0p[LFR *yPH]+HUW]9&RPHQWDULRVVREUHOD ÏUELWD*HRHVWDFLRQDULD7HOHFRPXQLFDFLRQHV \5HFXUVRV1DWXUDOHV7HVLVSDUDRSWDUSRUHO JUDGR GH /LFHQFLDGR HQ 'HUHFKR &DPSXV 5RGULJR)DFLR8QLYHUVLGDGGH&RVWD5LFD ,K0LQJ :DQJ /D GHOLPLWDFLyQ GH OD 6REHUDQtD 9HUWLFDO 6HFFLyQ GH GHUHFKR DHURQiXWLFR \ GHO HVSDFLR GHO LQVWLWXWR ³)UDQFLVFRGH9LWRULD´0HGLQDFHOL0DGULG 7HVLV GRFWRUDO SUHVHQWDGD HQ OD IDFXOWDG GH GHUHFKRGHODXQLYHUVLGDGGH0DGULG <D TXH DO QR KDEHUVH DSUREDGR QL HO PiV EiVLFR GHUHFKR HVSDFLDO SRGUtD SHUIHFWDPHQWH HVWDUVH GHMDQGR HQ GHVSURWHFFLyQDXQRGHORVQDFLRQDOHVHQDOJXQDVLWXDFLyQMXUtGLFDGHtQGROHHVSDFLDOWDO\SRUHMHPSORODJHQHUDFLyQ GHXQGDxRJHQHUiQGRVHLQVHJXULGDGMXUtGLFD &RFFD $OGR $UPDQGR 'HUHFKR (VSDFLDO3DUD/D*UDQ$XGLHQFLD$VRFLDFLyQ $UJHQWLQD GH &LHQFLDV $HURHVSDFLDOHV %XHQRV$LUHV 6DODV$/D6REHUDQtDHQHO'HUHFKR ([WUD$WPRVIpULFR7HVLVGH*UDGXDFLyQSDUD RSWDUSRUHOJUDGRGH/LFHQFLDWXUDHQ'HUHFKR &DPSXV 5RGULJR )DFLR 8QLYHUVLGDG GH &RVWD5LFD 'H )XHQWHV $OHMDQGUR 5pJLPHQ -XUtGLFR \ WUDQVSRUWH HQ HO (VSDFLR 8O WUDWHUUHVWUH ,QVWLWXWR ,EHURDPHULFDQR GHO (VSDFLR\GHOD$YLDFLyQ0RQWHYLGHR &RFFD$OGR$UPDQGR0DQWHQLPLHQWR GH OD 8WLOL]DFLyQ GHO (VSDFLR 8OWUDWHUUHVWUH FRQ )LQHV 3DFt¿FRV &RQVHMR GH (VWXGLRV ,QWHUQDFLRQDOHV$YDQ]DGRV&yUGRED /RULD 5 /RV SDtVHV HQ 9tDV GH 'HVDUUROOR DQWH OD (UD (VSDFLDO $VSHFWRV -XUtGLFRV HO &DVR GH &RVWD 5LFD 7HVLV GH *UDGXDFLyQ SDUD RSWDU SRU HO JUDGR GH /LFHQFLDWXUD HQ 'HUHFKR &DPSXV 5RGULJR )DFLR8QLYHUVLGDGGH&RVWD5LFD 5RQDOG &KDQJ 'tD] (O PHUFDGR HVSDFLDO 8QLYHUVLGDG\6RFLHGDG8QLYHUVLGDG(VWDWDO D'LVWDQFLD -RUQDGDXQDPP[KWWSZZZMRUQDGD X Q D P P [ D Q F L H S K S ! 0XQGLQWHUDFWLYRV 6$ KWWSZZZ HOPXQGRHVSDSHO FLHQFLDKWPO! %ORJDVWURQRPLD KWWSZZZ E O R J D V W U R Q R P L D F R P ! >&RQVXOWDHQHUR@ ZZZHFRQVXOWDFRP KWWSZZZH FRQVXOWDFRPRD[DFDLQGH[SKS"RSWLRQ FRPB FRQWHQWWDVN YLHZLG ,WHPLG ! ,16$ KWWSZZZLQVDRUJ QRGH!>&RQVXOWDRFWXEUH@ -RVp 0DQXHO /DFOHWD 0XxR] GH DEULO (O 'HUHFKR HQ HO HVSDFLR XOWUDWHUUHVWUH 'RFXPHQWR GH 7UDEDMR >HQ OtQHD@ GHVGH GLUHFFLyQKWWS VHDUFK"T FDFKH]U)J6F+:<-ZZZ UHDOLQVWLWXWRHOFDQRRUJGRFXPHQWRV /DFOHWDSGISGIGHUHFKRHVSDFLDO\OD HPSUHVDSULYDGDFG KO HVFW FOQNJO FU /D 7RUUH (GXDUGR ,QWURGXFFLyQ DO 'HUH FKR (VSDFLDO 0RQRJUDItD >HQ OtQHD@ 'HVGH GLUHFFLyQ KWWSSRUHOGHUHFKRHVSDFLDOEORJ VSRWFRP 9LDMHV (VSDFLDOHVFRP KWWSZZZ YLDMHVHVSDFLDOHVFRPYXHORVHVSDFLDOHV KWPO!>&RQVXOWDHQHUR@